id	sid	tid	token	lemma	pos
ajfa-932	1	1	microsoft	microsoft	PROPN
ajfa-932	1	2	word	word	NOUN
ajfa-932	1	3	932	932	NUM
ajfa-932	1	4	-	-	SYM
ajfa-932	1	5	3843	3843	NUM
ajfa-932	1	6	-	-	PUNCT
ajfa-932	1	7	1	1	NUM
ajfa-932	1	8	-	-	PUNCT
ajfa-932	1	9	sm[1]-newwiter2	sm[1]-newwiter2	NOUN
ajfa-932	1	10	-	-	PUNCT
ajfa-932	1	11	new	new	ADJ
ajfa-932	1	12	-	-	PUNCT
ajfa-932	1	13	final	final	ADJ
ajfa-932	1	14	asian	asian	ADJ
ajfa-932	1	15	journal	journal	NOUN
ajfa-932	1	16	of	of	ADP
ajfa-932	1	17	finance	finance	PROPN
ajfa-932	1	18	&	&	CCONJ
ajfa-932	1	19	accounting	accounting	PROPN
ajfa-932	1	20	issn	issn	PROPN
ajfa-932	1	21	1946	1946	NUM
ajfa-932	1	22	-	-	PUNCT
ajfa-932	1	23	052x	052x	NOUN
ajfa-932	1	24	2011	2011	NUM
ajfa-932	1	25	,	,	PUNCT
ajfa-932	1	26	vol	vol	NOUN
ajfa-932	1	27	.	.	PROPN
ajfa-932	2	1	3	3	NUM
ajfa-932	2	2	,	,	PUNCT
ajfa-932	2	3	no	no	INTJ
ajfa-932	2	4	.	.	NOUN
ajfa-932	2	5	1	1	NUM
ajfa-932	2	6	:	:	PUNCT
ajfa-932	2	7	e2	e2	VERB
ajfa-932	2	8	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NUM
ajfa-932	2	9	26	26	NUM
ajfa-932	2	10	management	management	NOUN
ajfa-932	2	11	entrenchment	entrenchment	NOUN
ajfa-932	2	12	,	,	PUNCT
ajfa-932	2	13	agency	agency	NOUN
ajfa-932	2	14	problem	problem	NOUN
ajfa-932	2	15	and	and	CCONJ
ajfa-932	2	16	audit	audit	NOUN
ajfa-932	2	17	fees	fee	NOUN
ajfa-932	2	18	xinhua	xinhua	PROPN
ajfa-932	2	19	wang	wang	PROPN
ajfa-932	2	20	(	(	PUNCT
ajfa-932	2	21	corresponding	correspond	VERB
ajfa-932	2	22	author	author	NOUN
ajfa-932	2	23	)	)	PUNCT
ajfa-932	2	24	international	international	ADJ
ajfa-932	2	25	business	business	NOUN
ajfa-932	2	26	faculty	faculty	NOUN
ajfa-932	2	27	,	,	PUNCT
ajfa-932	2	28	beijing	beijing	PROPN
ajfa-932	2	29	normal	normal	ADJ
ajfa-932	2	30	university	university	PROPN
ajfa-932	2	31	,	,	PUNCT
ajfa-932	2	32	zhuhai	zhuhai	PROPN
ajfa-932	2	33	campus	campus	PROPN
ajfa-932	2	34	,	,	PUNCT
ajfa-932	2	35	china	china	PROPN
ajfa-932	2	36	&	&	CCONJ
ajfa-932	2	37	school	school	PROPN
ajfa-932	2	38	of	of	ADP
ajfa-932	2	39	accounting	accounting	NOUN
ajfa-932	2	40	and	and	CCONJ
ajfa-932	2	41	finance	finance	VERB
ajfa-932	2	42	the	the	DET
ajfa-932	2	43	hong	hong	PROPN
ajfa-932	2	44	kong	kong	PROPN
ajfa-932	2	45	polytechnic	polytechnic	PROPN
ajfa-932	2	46	university	university	PROPN
ajfa-932	2	47	,	,	PUNCT
ajfa-932	2	48	hung	hang	VERB
ajfa-932	2	49	hom	hom	PROPN
ajfa-932	2	50	,	,	PUNCT
ajfa-932	2	51	kowloon	kowloon	PROPN
ajfa-932	2	52	,	,	PUNCT
ajfa-932	2	53	hong	hong	PROPN
ajfa-932	2	54	kong	kong	PROPN
ajfa-932	2	55	sar	sar	PROPN
ajfa-932	2	56	tel	tel	PROPN
ajfa-932	2	57	:	:	PUNCT
ajfa-932	2	58	(	(	PUNCT
ajfa-932	2	59	852)-2766	852)-2766	NUM
ajfa-932	2	60	-	-	SYM
ajfa-932	2	61	7404	7404	NUM
ajfa-932	2	62	e	e	NOUN
ajfa-932	2	63	-	-	NOUN
ajfa-932	2	64	mail	mail	NOUN
ajfa-932	2	65	:	:	PUNCT
ajfa-932	2	66	lgtbb@inet.polyu.edu.hk	lgtbb@inet.polyu.edu.hk	PROPN
ajfa-932	2	67	bibo	bibo	PROPN
ajfa-932	2	68	yang	yang	PROPN
ajfa-932	2	69	graduate	graduate	PROPN
ajfa-932	2	70	school	school	PROPN
ajfa-932	2	71	of	of	ADP
ajfa-932	2	72	business	business	NOUN
ajfa-932	2	73	the	the	DET
ajfa-932	2	74	hong	hong	PROPN
ajfa-932	2	75	kong	kong	PROPN
ajfa-932	2	76	polytechnic	polytechnic	PROPN
ajfa-932	2	77	university	university	PROPN
ajfa-932	2	78	,	,	PUNCT
ajfa-932	2	79	hung	hang	VERB
ajfa-932	2	80	hom	hom	PROPN
ajfa-932	2	81	,	,	PUNCT
ajfa-932	2	82	kowloon	kowloon	PROPN
ajfa-932	2	83	,	,	PUNCT
ajfa-932	2	84	hong	hong	PROPN
ajfa-932	2	85	kong	kong	PROPN
ajfa-932	2	86	sar	sar	PROPN
ajfa-932	2	87	tel	tel	PROPN
ajfa-932	2	88	:	:	PUNCT
ajfa-932	2	89	(	(	PUNCT
ajfa-932	2	90	852)-2766	852)-2766	NUM
ajfa-932	2	91	-	-	SYM
ajfa-932	2	92	5087	5087	NUM
ajfa-932	2	93	e	e	NOUN
ajfa-932	2	94	-	-	NOUN
ajfa-932	2	95	mail	mail	NOUN
ajfa-932	2	96	:	:	PUNCT
ajfa-932	2	97	bibo.yang@inet.polyu.edu.hk	bibo.yang@inet.polyu.edu.hk	PROPN
ajfa-932	2	98	received	receive	VERB
ajfa-932	2	99	:	:	PUNCT
ajfa-932	2	100	september	september	PROPN
ajfa-932	2	101	5	5	NUM
ajfa-932	2	102	,	,	PUNCT
ajfa-932	2	103	2011	2011	NUM
ajfa-932	2	104	accepted	accept	VERB
ajfa-932	2	105	:	:	PUNCT
ajfa-932	2	106	november	november	PROPN
ajfa-932	2	107	8	8	NUM
ajfa-932	2	108	,	,	PUNCT
ajfa-932	2	109	2011	2011	NUM
ajfa-932	2	110	published	publish	VERB
ajfa-932	2	111	:	:	PUNCT
ajfa-932	2	112	december	december	PROPN
ajfa-932	2	113	1	1	NUM
ajfa-932	2	114	,	,	PUNCT
ajfa-932	2	115	2011	2011	NUM
ajfa-932	2	116	doi:10.5296	doi:10.5296	NOUN
ajfa-932	2	117	/	/	SYM
ajfa-932	2	118	ajfa.v3i1.932	ajfa.v3i1.932	NUM
ajfa-932	2	119	url	url	NOUN
ajfa-932	2	120	:	:	PUNCT
ajfa-932	2	121	http://dx.doi.org/10.5296/ajfa.v3i1.932	http://dx.doi.org/10.5296/ajfa.v3i1.932	ADJ
ajfa-932	2	122	abstract	abstract	NOUN
ajfa-932	2	123	this	this	DET
ajfa-932	2	124	study	study	NOUN
ajfa-932	2	125	examines	examine	VERB
ajfa-932	2	126	the	the	DET
ajfa-932	2	127	association	association	NOUN
ajfa-932	2	128	between	between	ADP
ajfa-932	2	129	audit	audit	NOUN
ajfa-932	2	130	fees	fee	NOUN
ajfa-932	2	131	and	and	CCONJ
ajfa-932	2	132	management	management	NOUN
ajfa-932	2	133	entrenchment	entrenchment	NOUN
ajfa-932	2	134	,	,	PUNCT
ajfa-932	2	135	which	which	PRON
ajfa-932	2	136	is	be	AUX
ajfa-932	2	137	proxied	proxie	VERB
ajfa-932	2	138	by	by	ADP
ajfa-932	2	139	bebchuk	bebchuk	PROPN
ajfa-932	2	140	et	et	PROPN
ajfa-932	2	141	al	al	PROPN
ajfa-932	2	142	.	.	PROPN
ajfa-932	3	1	(	(	PUNCT
ajfa-932	3	2	2005	2005	NUM
ajfa-932	3	3	)	)	PUNCT
ajfa-932	3	4	entrenchment	entrenchment	NOUN
ajfa-932	3	5	index	index	NOUN
ajfa-932	3	6	.	.	PUNCT
ajfa-932	4	1	the	the	DET
ajfa-932	4	2	results	result	NOUN
ajfa-932	4	3	show	show	VERB
ajfa-932	4	4	that	that	SCONJ
ajfa-932	4	5	audit	audit	NOUN
ajfa-932	4	6	fees	fee	NOUN
ajfa-932	4	7	are	be	AUX
ajfa-932	4	8	significantly	significantly	ADV
ajfa-932	4	9	positively	positively	ADV
ajfa-932	4	10	correlated	correlate	VERB
ajfa-932	4	11	with	with	ADP
ajfa-932	4	12	bebchuk	bebchuk	PROPN
ajfa-932	4	13	et	et	PROPN
ajfa-932	4	14	al	al	PROPN
ajfa-932	4	15	.	.	PROPN
ajfa-932	5	1	(	(	PUNCT
ajfa-932	5	2	2005	2005	NUM
ajfa-932	5	3	)	)	PUNCT
ajfa-932	5	4	entrenchment	entrenchment	NOUN
ajfa-932	5	5	index	index	NOUN
ajfa-932	5	6	controlling	control	VERB
ajfa-932	5	7	for	for	ADP
ajfa-932	5	8	other	other	ADJ
ajfa-932	5	9	factors	factor	NOUN
ajfa-932	5	10	.	.	PUNCT
ajfa-932	6	1	further	further	ADJ
ajfa-932	6	2	results	result	NOUN
ajfa-932	6	3	show	show	VERB
ajfa-932	6	4	that	that	SCONJ
ajfa-932	6	5	the	the	DET
ajfa-932	6	6	positive	positive	ADJ
ajfa-932	6	7	relation	relation	NOUN
ajfa-932	6	8	between	between	ADP
ajfa-932	6	9	audit	audit	NOUN
ajfa-932	6	10	fees	fee	NOUN
ajfa-932	6	11	and	and	CCONJ
ajfa-932	6	12	the	the	DET
ajfa-932	6	13	entrenchment	entrenchment	ADJ
ajfa-932	6	14	index	index	NOUN
ajfa-932	6	15	exists	exist	VERB
ajfa-932	6	16	only	only	ADV
ajfa-932	6	17	in	in	ADP
ajfa-932	6	18	firm	firm	NOUN
ajfa-932	6	19	with	with	ADP
ajfa-932	6	20	low	low	ADJ
ajfa-932	6	21	growth	growth	NOUN
ajfa-932	6	22	opportunity	opportunity	NOUN
ajfa-932	6	23	and	and	CCONJ
ajfa-932	6	24	high	high	ADJ
ajfa-932	6	25	free	free	ADJ
ajfa-932	6	26	cash	cash	NOUN
ajfa-932	6	27	flow	flow	NOUN
ajfa-932	6	28	(	(	PUNCT
ajfa-932	6	29	i.e.	i.e.	X
ajfa-932	6	30	firms	firm	NOUN
ajfa-932	6	31	with	with	ADP
ajfa-932	6	32	severe	severe	ADJ
ajfa-932	6	33	jensen	jensen	PROPN
ajfa-932	6	34	agency	agency	PROPN
ajfa-932	6	35	problem	problem	NOUN
ajfa-932	6	36	)	)	PUNCT
ajfa-932	6	37	.	.	PUNCT
ajfa-932	7	1	these	these	DET
ajfa-932	7	2	results	result	NOUN
ajfa-932	7	3	indicate	indicate	VERB
ajfa-932	7	4	that	that	SCONJ
ajfa-932	7	5	firms	firm	NOUN
ajfa-932	7	6	’	'	PUNCT
ajfa-932	7	7	agency	agency	NOUN
ajfa-932	7	8	problems	problem	NOUN
ajfa-932	7	9	moderate	moderate	VERB
ajfa-932	7	10	the	the	DET
ajfa-932	7	11	association	association	NOUN
ajfa-932	7	12	between	between	ADP
ajfa-932	7	13	audit	audit	NOUN
ajfa-932	7	14	fees	fee	NOUN
ajfa-932	7	15	and	and	CCONJ
ajfa-932	7	16	management	management	NOUN
ajfa-932	7	17	entrenchment	entrenchment	NOUN
ajfa-932	7	18	.	.	PUNCT
ajfa-932	8	1	keywords	keyword	NOUN
ajfa-932	8	2	:	:	PUNCT
ajfa-932	8	3	audit	audit	NOUN
ajfa-932	8	4	fee	fee	NOUN
ajfa-932	8	5	,	,	PUNCT
ajfa-932	8	6	management	management	NOUN
ajfa-932	8	7	entrenchment	entrenchment	NOUN
ajfa-932	8	8	,	,	PUNCT
ajfa-932	8	9	agency	agency	NOUN
ajfa-932	8	10	problem	problem	NOUN
ajfa-932	8	11	jel	jel	PROPN
ajfa-932	8	12	classification	classification	PROPN
ajfa-932	8	13	:	:	PUNCT
ajfa-932	8	14	m42	m42	NUM
ajfa-932	8	15	,	,	PUNCT
ajfa-932	8	16	g34	g34	PROPN
ajfa-932	8	17	asian	asian	PROPN
ajfa-932	8	18	journal	journal	PROPN
ajfa-932	8	19	of	of	ADP
ajfa-932	8	20	finance	finance	PROPN
ajfa-932	8	21	&	&	CCONJ
ajfa-932	8	22	accounting	accounting	PROPN
ajfa-932	8	23	issn	issn	PROPN
ajfa-932	8	24	1946	1946	NUM
ajfa-932	8	25	-	-	PUNCT
ajfa-932	8	26	052x	052x	NOUN
ajfa-932	8	27	2011	2011	NUM
ajfa-932	8	28	,	,	PUNCT
ajfa-932	8	29	vol	vol	NOUN
ajfa-932	8	30	.	.	PROPN
ajfa-932	9	1	3	3	NUM
ajfa-932	9	2	,	,	PUNCT
ajfa-932	9	3	no	no	INTJ
ajfa-932	9	4	.	.	NOUN
ajfa-932	9	5	1	1	NUM
ajfa-932	9	6	:	:	PUNCT
ajfa-932	9	7	e2	e2	VERB
ajfa-932	9	8	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NUM
ajfa-932	9	9	27	27	NUM
ajfa-932	9	10	1	1	NUM
ajfa-932	9	11	.	.	PUNCT
ajfa-932	10	1	introduction	introduction	NOUN
ajfa-932	10	2	a	a	DET
ajfa-932	10	3	number	number	NOUN
ajfa-932	10	4	of	of	ADP
ajfa-932	10	5	firms	firm	NOUN
ajfa-932	10	6	adopt	adopt	VERB
ajfa-932	10	7	corporate	corporate	ADJ
ajfa-932	10	8	governance	governance	NOUN
ajfa-932	10	9	provisions	provision	NOUN
ajfa-932	10	10	to	to	PART
ajfa-932	10	11	fight	fight	VERB
ajfa-932	10	12	against	against	ADP
ajfa-932	10	13	takeover	takeover	NOUN
ajfa-932	10	14	.	.	PUNCT
ajfa-932	11	1	although	although	SCONJ
ajfa-932	11	2	these	these	DET
ajfa-932	11	3	governance	governance	NOUN
ajfa-932	11	4	provisions	provision	NOUN
ajfa-932	11	5	provide	provide	VERB
ajfa-932	11	6	possible	possible	ADJ
ajfa-932	11	7	attempts	attempt	NOUN
ajfa-932	11	8	to	to	PART
ajfa-932	11	9	fend	fend	VERB
ajfa-932	11	10	off	off	ADP
ajfa-932	11	11	being	be	AUX
ajfa-932	11	12	targets	target	NOUN
ajfa-932	11	13	of	of	ADP
ajfa-932	11	14	merger	merger	NOUN
ajfa-932	11	15	and	and	CCONJ
ajfa-932	11	16	acquisitions	acquisition	NOUN
ajfa-932	11	17	,	,	PUNCT
ajfa-932	11	18	it	it	PRON
ajfa-932	11	19	is	be	AUX
ajfa-932	11	20	of	of	ADP
ajfa-932	11	21	great	great	ADJ
ajfa-932	11	22	interest	interest	NOUN
ajfa-932	11	23	to	to	PART
ajfa-932	11	24	know	know	VERB
ajfa-932	11	25	whether	whether	SCONJ
ajfa-932	11	26	these	these	DET
ajfa-932	11	27	governance	governance	NOUN
ajfa-932	11	28	provisions	provision	NOUN
ajfa-932	11	29	have	have	VERB
ajfa-932	11	30	any	any	DET
ajfa-932	11	31	negative	negative	ADJ
ajfa-932	11	32	effects	effect	NOUN
ajfa-932	11	33	perceived	perceive	VERB
ajfa-932	11	34	by	by	ADP
ajfa-932	11	35	either	either	CCONJ
ajfa-932	11	36	capital	capital	NOUN
ajfa-932	11	37	markets	market	NOUN
ajfa-932	11	38	or	or	CCONJ
ajfa-932	11	39	external	external	ADJ
ajfa-932	11	40	auditors	auditor	NOUN
ajfa-932	11	41	.	.	PUNCT
ajfa-932	12	1	corporate	corporate	ADJ
ajfa-932	12	2	governance	governance	NOUN
ajfa-932	12	3	provisions	provision	NOUN
ajfa-932	12	4	have	have	AUX
ajfa-932	12	5	attracted	attract	VERB
ajfa-932	12	6	attention	attention	NOUN
ajfa-932	12	7	from	from	ADP
ajfa-932	12	8	both	both	DET
ajfa-932	12	9	academics	academic	NOUN
ajfa-932	12	10	and	and	CCONJ
ajfa-932	12	11	practitioners	practitioner	NOUN
ajfa-932	12	12	.	.	PUNCT
ajfa-932	13	1	prior	prior	ADJ
ajfa-932	13	2	studies	study	NOUN
ajfa-932	13	3	on	on	ADP
ajfa-932	13	4	governance	governance	NOUN
ajfa-932	13	5	provisions	provision	NOUN
ajfa-932	13	6	focus	focus	VERB
ajfa-932	13	7	on	on	ADP
ajfa-932	13	8	the	the	DET
ajfa-932	13	9	effect	effect	NOUN
ajfa-932	13	10	of	of	ADP
ajfa-932	13	11	these	these	DET
ajfa-932	13	12	provisions	provision	NOUN
ajfa-932	13	13	on	on	ADP
ajfa-932	13	14	market	market	NOUN
ajfa-932	13	15	valuation	valuation	NOUN
ajfa-932	13	16	(	(	PUNCT
ajfa-932	13	17	e.g.	e.g.	ADV
ajfa-932	13	18	compers	comper	NOUN
ajfa-932	13	19	et	et	PROPN
ajfa-932	13	20	al	al	PROPN
ajfa-932	13	21	.	.	PUNCT
ajfa-932	14	1	(	(	PUNCT
ajfa-932	14	2	2003	2003	NUM
ajfa-932	14	3	)	)	PUNCT
ajfa-932	14	4	,	,	PUNCT
ajfa-932	14	5	bebchuk	bebchuk	PROPN
ajfa-932	14	6	et	et	PROPN
ajfa-932	14	7	al	al	PROPN
ajfa-932	14	8	.	.	PROPN
ajfa-932	15	1	(	(	PUNCT
ajfa-932	15	2	2005	2005	NUM
ajfa-932	15	3	)	)	PUNCT
ajfa-932	15	4	)	)	PUNCT
ajfa-932	15	5	.	.	PUNCT
ajfa-932	16	1	this	this	DET
ajfa-932	16	2	study	study	NOUN
ajfa-932	16	3	complements	complement	VERB
ajfa-932	16	4	prior	prior	ADJ
ajfa-932	16	5	studies	study	NOUN
ajfa-932	16	6	by	by	ADP
ajfa-932	16	7	investigating	investigate	VERB
ajfa-932	16	8	whether	whether	SCONJ
ajfa-932	16	9	entrenchment	entrenchment	ADJ
ajfa-932	16	10	governance	governance	NOUN
ajfa-932	16	11	provisions	provision	NOUN
ajfa-932	16	12	result	result	VERB
ajfa-932	16	13	in	in	ADP
ajfa-932	16	14	high	high	ADJ
ajfa-932	16	15	level	level	NOUN
ajfa-932	16	16	of	of	ADP
ajfa-932	16	17	risk	risk	NOUN
ajfa-932	16	18	and	and	CCONJ
ajfa-932	16	19	demand	demand	VERB
ajfa-932	16	20	more	more	ADJ
ajfa-932	16	21	audit	audit	NOUN
ajfa-932	16	22	effort	effort	NOUN
ajfa-932	16	23	by	by	ADP
ajfa-932	16	24	external	external	ADJ
ajfa-932	16	25	auditors	auditor	NOUN
ajfa-932	16	26	.	.	PUNCT
ajfa-932	17	1	it	it	PRON
ajfa-932	17	2	is	be	AUX
ajfa-932	17	3	reasonable	reasonable	ADJ
ajfa-932	17	4	to	to	PART
ajfa-932	17	5	assume	assume	VERB
ajfa-932	17	6	that	that	SCONJ
ajfa-932	17	7	auditors	auditor	NOUN
ajfa-932	17	8	assess	assess	VERB
ajfa-932	17	9	entrenchment	entrenchment	ADJ
ajfa-932	17	10	provisions	provision	NOUN
ajfa-932	17	11	in	in	ADP
ajfa-932	17	12	auditing	auditing	NOUN
ajfa-932	17	13	planning	planning	NOUN
ajfa-932	17	14	.	.	PUNCT
ajfa-932	18	1	the	the	DET
ajfa-932	18	2	assumption	assumption	NOUN
ajfa-932	18	3	is	be	AUX
ajfa-932	18	4	valid	valid	ADJ
ajfa-932	18	5	because	because	SCONJ
ajfa-932	18	6	auditors	auditor	NOUN
ajfa-932	18	7	are	be	AUX
ajfa-932	18	8	sensitive	sensitive	ADJ
ajfa-932	18	9	to	to	PART
ajfa-932	18	10	firm	firm	VERB
ajfa-932	18	11	corporate	corporate	ADJ
ajfa-932	18	12	governance	governance	NOUN
ajfa-932	18	13	and	and	CCONJ
ajfa-932	18	14	management	management	NOUN
ajfa-932	18	15	control	control	NOUN
ajfa-932	18	16	in	in	ADP
ajfa-932	18	17	both	both	DET
ajfa-932	18	18	preplanning	preplanning	NOUN
ajfa-932	18	19	and	and	CCONJ
ajfa-932	18	20	planning	planning	NOUN
ajfa-932	18	21	judgment	judgment	NOUN
ajfa-932	18	22	(	(	PUNCT
ajfa-932	18	23	cohen	cohen	NOUN
ajfa-932	18	24	and	and	CCONJ
ajfa-932	18	25	hanno	hanno	NOUN
ajfa-932	18	26	,	,	PUNCT
ajfa-932	18	27	2000	2000	NUM
ajfa-932	18	28	)	)	PUNCT
ajfa-932	18	29	.	.	PUNCT
ajfa-932	19	1	if	if	SCONJ
ajfa-932	19	2	entrenchment	entrenchment	ADJ
ajfa-932	19	3	provisions	provision	NOUN
ajfa-932	19	4	are	be	AUX
ajfa-932	19	5	perceived	perceive	VERB
ajfa-932	19	6	as	as	ADP
ajfa-932	19	7	higher	high	ADJ
ajfa-932	19	8	risk	risk	NOUN
ajfa-932	19	9	,	,	PUNCT
ajfa-932	19	10	auditors	auditor	NOUN
ajfa-932	19	11	would	would	AUX
ajfa-932	19	12	charge	charge	VERB
ajfa-932	19	13	more	more	ADJ
ajfa-932	19	14	audit	audit	NOUN
ajfa-932	19	15	fees	fee	NOUN
ajfa-932	19	16	due	due	ADJ
ajfa-932	19	17	to	to	ADP
ajfa-932	19	18	more	more	ADJ
ajfa-932	19	19	audit	audit	NOUN
ajfa-932	19	20	effort	effort	NOUN
ajfa-932	19	21	exercised	exercise	VERB
ajfa-932	19	22	for	for	ADP
ajfa-932	19	23	high	high	ADJ
ajfa-932	19	24	risk	risk	NOUN
ajfa-932	19	25	clients	client	NOUN
ajfa-932	19	26	(	(	PUNCT
ajfa-932	19	27	other	other	ADJ
ajfa-932	19	28	things	thing	NOUN
ajfa-932	19	29	being	be	AUX
ajfa-932	19	30	equal	equal	ADJ
ajfa-932	19	31	)	)	PUNCT
ajfa-932	19	32	.	.	PUNCT
ajfa-932	20	1	if	if	SCONJ
ajfa-932	20	2	entrenchment	entrenchment	ADJ
ajfa-932	20	3	provisions	provision	NOUN
ajfa-932	20	4	are	be	AUX
ajfa-932	20	5	perceived	perceive	VERB
ajfa-932	20	6	as	as	ADP
ajfa-932	20	7	lower	low	ADJ
ajfa-932	20	8	risk	risk	NOUN
ajfa-932	20	9	,	,	PUNCT
ajfa-932	20	10	auditors	auditor	NOUN
ajfa-932	20	11	would	would	AUX
ajfa-932	20	12	charge	charge	VERB
ajfa-932	20	13	less	less	ADJ
ajfa-932	20	14	audit	audit	NOUN
ajfa-932	20	15	fees	fee	NOUN
ajfa-932	20	16	since	since	SCONJ
ajfa-932	20	17	auditors	auditor	NOUN
ajfa-932	20	18	would	would	AUX
ajfa-932	20	19	exercise	exercise	VERB
ajfa-932	20	20	less	less	ADJ
ajfa-932	20	21	audit	audit	NOUN
ajfa-932	20	22	effort	effort	NOUN
ajfa-932	20	23	on	on	ADP
ajfa-932	20	24	low	low	ADJ
ajfa-932	20	25	risk	risk	NOUN
ajfa-932	20	26	clients	client	NOUN
ajfa-932	20	27	(	(	PUNCT
ajfa-932	20	28	other	other	ADJ
ajfa-932	20	29	things	thing	NOUN
ajfa-932	20	30	being	be	AUX
ajfa-932	20	31	equal	equal	ADJ
ajfa-932	20	32	)	)	PUNCT
ajfa-932	20	33	.	.	PUNCT
ajfa-932	21	1	using	use	VERB
ajfa-932	21	2	audit	audit	NOUN
ajfa-932	21	3	fee	fee	NOUN
ajfa-932	21	4	data	datum	NOUN
ajfa-932	21	5	from	from	ADP
ajfa-932	21	6	u.s	u.s	PROPN
ajfa-932	21	7	.	.	PROPN
ajfa-932	21	8	firms	firm	NOUN
ajfa-932	21	9	,	,	PUNCT
ajfa-932	21	10	we	we	PRON
ajfa-932	21	11	examine	examine	VERB
ajfa-932	21	12	whether	whether	SCONJ
ajfa-932	21	13	auditors	auditor	NOUN
ajfa-932	21	14	charge	charge	VERB
ajfa-932	21	15	higher	high	ADJ
ajfa-932	21	16	or	or	CCONJ
ajfa-932	21	17	lower	low	ADJ
ajfa-932	21	18	audit	audit	NOUN
ajfa-932	21	19	fees	fee	NOUN
ajfa-932	21	20	for	for	ADP
ajfa-932	21	21	firms	firm	NOUN
ajfa-932	21	22	with	with	ADP
ajfa-932	21	23	higher	high	ADJ
ajfa-932	21	24	entrenchment	entrenchment	ADJ
ajfa-932	21	25	index	index	NOUN
ajfa-932	21	26	scores	score	NOUN
ajfa-932	21	27	controlling	control	VERB
ajfa-932	21	28	for	for	ADP
ajfa-932	21	29	other	other	ADJ
ajfa-932	21	30	factors	factor	NOUN
ajfa-932	21	31	.	.	PUNCT
ajfa-932	22	1	we	we	PRON
ajfa-932	22	2	further	far	ADV
ajfa-932	22	3	investigate	investigate	VERB
ajfa-932	22	4	whether	whether	SCONJ
ajfa-932	22	5	the	the	DET
ajfa-932	22	6	association	association	NOUN
ajfa-932	22	7	between	between	ADP
ajfa-932	22	8	audit	audit	NOUN
ajfa-932	22	9	fees	fee	NOUN
ajfa-932	22	10	and	and	CCONJ
ajfa-932	22	11	management	management	NOUN
ajfa-932	22	12	entrenchment	entrenchment	NOUN
ajfa-932	22	13	is	be	AUX
ajfa-932	22	14	contingent	contingent	ADJ
ajfa-932	22	15	on	on	ADP
ajfa-932	22	16	firms	firm	NOUN
ajfa-932	22	17	’	’	PART
ajfa-932	22	18	agency	agency	NOUN
ajfa-932	22	19	problems	problem	NOUN
ajfa-932	22	20	.	.	PUNCT
ajfa-932	23	1	the	the	DET
ajfa-932	23	2	contribution	contribution	NOUN
ajfa-932	23	3	of	of	ADP
ajfa-932	23	4	this	this	DET
ajfa-932	23	5	study	study	NOUN
ajfa-932	23	6	is	be	AUX
ajfa-932	23	7	two	two	NUM
ajfa-932	23	8	-	-	NUM
ajfa-932	23	9	fold	fold	ADJ
ajfa-932	23	10	.	.	PUNCT
ajfa-932	24	1	first	first	ADV
ajfa-932	24	2	,	,	PUNCT
ajfa-932	24	3	this	this	DET
ajfa-932	24	4	study	study	NOUN
ajfa-932	24	5	contributes	contribute	VERB
ajfa-932	24	6	to	to	ADP
ajfa-932	24	7	the	the	DET
ajfa-932	24	8	corporate	corporate	ADJ
ajfa-932	24	9	governance	governance	NOUN
ajfa-932	24	10	provisions	provision	NOUN
ajfa-932	24	11	research	research	NOUN
ajfa-932	24	12	by	by	ADP
ajfa-932	24	13	providing	provide	VERB
ajfa-932	24	14	empirical	empirical	ADJ
ajfa-932	24	15	evidence	evidence	NOUN
ajfa-932	24	16	that	that	SCONJ
ajfa-932	24	17	entrenchment	entrenchment	ADJ
ajfa-932	24	18	provisions	provision	NOUN
ajfa-932	24	19	results	result	VERB
ajfa-932	24	20	in	in	ADP
ajfa-932	24	21	higher	high	ADJ
ajfa-932	24	22	audit	audit	NOUN
ajfa-932	24	23	fees	fee	NOUN
ajfa-932	24	24	,	,	PUNCT
ajfa-932	24	25	suggesting	suggest	VERB
ajfa-932	24	26	entrenchment	entrenchment	ADJ
ajfa-932	24	27	provisions	provision	NOUN
ajfa-932	24	28	lead	lead	VERB
ajfa-932	24	29	to	to	ADP
ajfa-932	24	30	higher	high	ADJ
ajfa-932	24	31	audit	audit	NOUN
ajfa-932	24	32	risk	risk	NOUN
ajfa-932	24	33	.	.	PUNCT
ajfa-932	25	1	this	this	PRON
ajfa-932	25	2	provides	provide	VERB
ajfa-932	25	3	one	one	NUM
ajfa-932	25	4	possible	possible	ADJ
ajfa-932	25	5	explanation	explanation	NOUN
ajfa-932	25	6	why	why	SCONJ
ajfa-932	25	7	management	management	NOUN
ajfa-932	25	8	entrenchment	entrenchment	NOUN
ajfa-932	25	9	index	index	NOUN
ajfa-932	25	10	has	have	VERB
ajfa-932	25	11	a	a	DET
ajfa-932	25	12	negative	negative	ADJ
ajfa-932	25	13	effect	effect	NOUN
ajfa-932	25	14	on	on	ADP
ajfa-932	25	15	firm	firm	ADJ
ajfa-932	25	16	value	value	NOUN
ajfa-932	25	17	.	.	PUNCT
ajfa-932	26	1	to	to	ADP
ajfa-932	26	2	this	this	DET
ajfa-932	26	3	end	end	NOUN
ajfa-932	26	4	,	,	PUNCT
ajfa-932	26	5	this	this	DET
ajfa-932	26	6	study	study	NOUN
ajfa-932	26	7	complements	complement	VERB
ajfa-932	26	8	becheck	becheck	NOUN
ajfa-932	26	9	et	et	PROPN
ajfa-932	26	10	al	al	PROPN
ajfa-932	26	11	.	.	PROPN
ajfa-932	27	1	(	(	PUNCT
ajfa-932	27	2	2005	2005	NUM
ajfa-932	27	3	)	)	PUNCT
ajfa-932	27	4	by	by	ADP
ajfa-932	27	5	providing	provide	VERB
ajfa-932	27	6	evidence	evidence	NOUN
ajfa-932	27	7	that	that	SCONJ
ajfa-932	27	8	entrenchment	entrenchment	ADJ
ajfa-932	27	9	provisions	provision	NOUN
ajfa-932	27	10	result	result	VERB
ajfa-932	27	11	in	in	ADP
ajfa-932	27	12	high	high	ADJ
ajfa-932	27	13	internal	internal	ADJ
ajfa-932	27	14	risk	risk	NOUN
ajfa-932	27	15	,	,	PUNCT
ajfa-932	27	16	and	and	CCONJ
ajfa-932	27	17	consequently	consequently	ADV
ajfa-932	27	18	reduce	reduce	VERB
ajfa-932	27	19	firm	firm	ADJ
ajfa-932	27	20	value	value	NOUN
ajfa-932	27	21	.	.	PUNCT
ajfa-932	28	1	second	second	ADJ
ajfa-932	28	2	,	,	PUNCT
ajfa-932	28	3	this	this	DET
ajfa-932	28	4	study	study	NOUN
ajfa-932	28	5	contributes	contribute	VERB
ajfa-932	28	6	to	to	ADP
ajfa-932	28	7	the	the	DET
ajfa-932	28	8	auditing	auditing	NOUN
ajfa-932	28	9	literature	literature	NOUN
ajfa-932	28	10	by	by	ADP
ajfa-932	28	11	providing	provide	VERB
ajfa-932	28	12	empirical	empirical	ADJ
ajfa-932	28	13	evidence	evidence	NOUN
ajfa-932	28	14	that	that	SCONJ
ajfa-932	28	15	auditors	auditor	NOUN
ajfa-932	28	16	charge	charge	VERB
ajfa-932	28	17	higher	high	ADJ
ajfa-932	28	18	audit	audit	NOUN
ajfa-932	28	19	fees	fee	NOUN
ajfa-932	28	20	for	for	ADP
ajfa-932	28	21	firms	firm	NOUN
ajfa-932	28	22	with	with	ADP
ajfa-932	28	23	more	more	ADJ
ajfa-932	28	24	entrenchment	entrenchment	ADJ
ajfa-932	28	25	governance	governance	NOUN
ajfa-932	28	26	provisions	provision	NOUN
ajfa-932	28	27	.	.	PUNCT
ajfa-932	29	1	this	this	PRON
ajfa-932	29	2	complements	complement	VERB
ajfa-932	29	3	the	the	DET
ajfa-932	29	4	experimental	experimental	ADJ
ajfa-932	29	5	study	study	NOUN
ajfa-932	29	6	of	of	ADP
ajfa-932	29	7	cohen	cohen	PROPN
ajfa-932	29	8	(	(	PUNCT
ajfa-932	29	9	2000	2000	NUM
ajfa-932	29	10	)	)	PUNCT
ajfa-932	29	11	by	by	ADP
ajfa-932	29	12	documenting	document	VERB
ajfa-932	29	13	empirical	empirical	ADJ
ajfa-932	29	14	evidence	evidence	NOUN
ajfa-932	29	15	that	that	SCONJ
ajfa-932	29	16	auditors	auditor	NOUN
ajfa-932	29	17	are	be	AUX
ajfa-932	29	18	sensitive	sensitive	ADJ
ajfa-932	29	19	to	to	ADP
ajfa-932	29	20	the	the	DET
ajfa-932	29	21	corporate	corporate	ADJ
ajfa-932	29	22	governance	governance	NOUN
ajfa-932	29	23	ontrol	ontrol	NOUN
ajfa-932	29	24	of	of	ADP
ajfa-932	29	25	their	their	PRON
ajfa-932	29	26	clients	client	NOUN
ajfa-932	29	27	.	.	PUNCT
ajfa-932	30	1	the	the	DET
ajfa-932	30	2	next	next	ADJ
ajfa-932	30	3	section	section	NOUN
ajfa-932	30	4	develops	develop	VERB
ajfa-932	30	5	testable	testable	ADJ
ajfa-932	30	6	hypotheses	hypothesis	NOUN
ajfa-932	30	7	.	.	PUNCT
ajfa-932	31	1	section	section	NOUN
ajfa-932	31	2	three	three	NUM
ajfa-932	31	3	presents	present	NOUN
ajfa-932	31	4	methodology	methodology	NOUN
ajfa-932	31	5	used	use	VERB
ajfa-932	31	6	in	in	ADP
ajfa-932	31	7	the	the	DET
ajfa-932	31	8	empirical	empirical	ADJ
ajfa-932	31	9	tests	test	NOUN
ajfa-932	31	10	.	.	PUNCT
ajfa-932	32	1	section	section	NOUN
ajfa-932	32	2	four	four	NUM
ajfa-932	32	3	describes	describe	VERB
ajfa-932	32	4	the	the	DET
ajfa-932	32	5	sample	sample	NOUN
ajfa-932	32	6	and	and	CCONJ
ajfa-932	32	7	section	section	NOUN
ajfa-932	32	8	five	five	NUM
ajfa-932	32	9	provides	provide	VERB
ajfa-932	32	10	empirical	empirical	ADJ
ajfa-932	32	11	results	result	NOUN
ajfa-932	32	12	and	and	CCONJ
ajfa-932	32	13	reports	report	VERB
ajfa-932	32	14	sensitivity	sensitivity	NOUN
ajfa-932	32	15	tests	test	NOUN
ajfa-932	32	16	.	.	PUNCT
ajfa-932	33	1	the	the	DET
ajfa-932	33	2	final	final	ADJ
ajfa-932	33	3	section	section	NOUN
ajfa-932	33	4	concludes	conclude	VERB
ajfa-932	33	5	.	.	PUNCT
ajfa-932	34	1	2	2	X
ajfa-932	34	2	.	.	X
ajfa-932	34	3	hypotheses	hypothese	VERB
ajfa-932	34	4	development	development	NOUN
ajfa-932	34	5	2.1	2.1	NUM
ajfa-932	34	6	entrenchment	entrenchment	NOUN
ajfa-932	34	7	index	index	NOUN
ajfa-932	34	8	compers	comper	NOUN
ajfa-932	34	9	et	et	PROPN
ajfa-932	34	10	al	al	PROPN
ajfa-932	34	11	.	.	PUNCT
ajfa-932	35	1	(	(	PUNCT
ajfa-932	35	2	2003	2003	NUM
ajfa-932	35	3	)	)	PUNCT
ajfa-932	35	4	constructed	construct	VERB
ajfa-932	35	5	a	a	DET
ajfa-932	35	6	board	board	NOUN
ajfa-932	35	7	index	index	NOUN
ajfa-932	35	8	based	base	VERB
ajfa-932	35	9	on	on	ADP
ajfa-932	35	10	24	24	NUM
ajfa-932	35	11	corporate	corporate	ADJ
ajfa-932	35	12	governance	governance	NOUN
ajfa-932	35	13	provisions	provision	NOUN
ajfa-932	35	14	and	and	CCONJ
ajfa-932	35	15	show	show	VERB
ajfa-932	35	16	that	that	SCONJ
ajfa-932	35	17	the	the	DET
ajfa-932	35	18	index	index	NOUN
ajfa-932	35	19	is	be	AUX
ajfa-932	35	20	negatively	negatively	ADV
ajfa-932	35	21	associated	associate	VERB
ajfa-932	35	22	with	with	ADP
ajfa-932	35	23	firm	firm	ADJ
ajfa-932	35	24	value	value	NOUN
ajfa-932	35	25	.	.	PUNCT
ajfa-932	36	1	bebchuk	bebchuk	PROPN
ajfa-932	36	2	et	et	PROPN
ajfa-932	36	3	al	al	PROPN
ajfa-932	36	4	.	.	PROPN
ajfa-932	37	1	(	(	PUNCT
ajfa-932	37	2	2005	2005	NUM
ajfa-932	37	3	)	)	PUNCT
ajfa-932	37	4	asian	asian	ADJ
ajfa-932	37	5	journal	journal	NOUN
ajfa-932	37	6	of	of	ADP
ajfa-932	37	7	finance	finance	PROPN
ajfa-932	37	8	&	&	CCONJ
ajfa-932	37	9	accounting	accounting	PROPN
ajfa-932	37	10	issn	issn	PROPN
ajfa-932	37	11	1946	1946	NUM
ajfa-932	37	12	-	-	PUNCT
ajfa-932	37	13	052x	052x	NOUN
ajfa-932	37	14	2011	2011	NUM
ajfa-932	37	15	,	,	PUNCT
ajfa-932	37	16	vol	vol	NOUN
ajfa-932	37	17	.	.	PROPN
ajfa-932	38	1	3	3	NUM
ajfa-932	38	2	,	,	PUNCT
ajfa-932	38	3	no	no	INTJ
ajfa-932	38	4	.	.	NOUN
ajfa-932	38	5	1	1	NUM
ajfa-932	38	6	:	:	PUNCT
ajfa-932	38	7	e2	e2	VERB
ajfa-932	38	8	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NOUN
ajfa-932	38	9	28	28	NUM
ajfa-932	38	10	construct	construct	VERB
ajfa-932	38	11	an	an	DET
ajfa-932	38	12	entrenchment	entrenchment	ADJ
ajfa-932	38	13	index	index	NOUN
ajfa-932	38	14	using	use	VERB
ajfa-932	38	15	six	six	NUM
ajfa-932	38	16	of	of	ADP
ajfa-932	38	17	24	24	NUM
ajfa-932	38	18	corporate	corporate	ADJ
ajfa-932	38	19	governance	governance	NOUN
ajfa-932	38	20	provisions	provision	NOUN
ajfa-932	38	21	,	,	PUNCT
ajfa-932	38	22	and	and	CCONJ
ajfa-932	38	23	provide	provide	VERB
ajfa-932	38	24	empirical	empirical	ADJ
ajfa-932	38	25	evidence	evidence	NOUN
ajfa-932	38	26	that	that	SCONJ
ajfa-932	38	27	the	the	DET
ajfa-932	38	28	negative	negative	ADJ
ajfa-932	38	29	relation	relation	NOUN
ajfa-932	38	30	between	between	ADP
ajfa-932	38	31	governance	governance	NOUN
ajfa-932	38	32	index	index	NOUN
ajfa-932	38	33	and	and	CCONJ
ajfa-932	38	34	firm	firm	ADJ
ajfa-932	38	35	value	value	NOUN
ajfa-932	38	36	documented	document	VERB
ajfa-932	38	37	by	by	ADP
ajfa-932	38	38	gompers	gomper	NOUN
ajfa-932	38	39	et	et	PROPN
ajfa-932	38	40	al	al	PROPN
ajfa-932	38	41	.	.	PROPN
ajfa-932	39	1	(	(	PUNCT
ajfa-932	39	2	2003	2003	NUM
ajfa-932	39	3	)	)	PUNCT
ajfa-932	39	4	is	be	AUX
ajfa-932	39	5	driven	drive	VERB
ajfa-932	39	6	by	by	ADP
ajfa-932	39	7	the	the	DET
ajfa-932	39	8	entrenchment	entrenchment	ADJ
ajfa-932	39	9	provisions	provision	NOUN
ajfa-932	39	10	(	(	PUNCT
ajfa-932	39	11	based	base	VERB
ajfa-932	39	12	on	on	ADP
ajfa-932	39	13	six	six	NUM
ajfa-932	39	14	provisions	provision	NOUN
ajfa-932	39	15	)	)	PUNCT
ajfa-932	39	16	rather	rather	ADV
ajfa-932	39	17	than	than	ADP
ajfa-932	39	18	the	the	DET
ajfa-932	39	19	other	other	ADJ
ajfa-932	39	20	18	18	NUM
ajfa-932	39	21	provisions	provision	NOUN
ajfa-932	39	22	.	.	PUNCT
ajfa-932	40	1	among	among	ADP
ajfa-932	40	2	these	these	DET
ajfa-932	40	3	six	six	NUM
ajfa-932	40	4	provisions	provision	NOUN
ajfa-932	40	5	,	,	PUNCT
ajfa-932	40	6	four	four	NUM
ajfa-932	40	7	“	"	PUNCT
ajfa-932	40	8	constitutional	constitutional	ADJ
ajfa-932	40	9	”	"	PUNCT
ajfa-932	40	10	provisions	provision	NOUN
ajfa-932	40	11	(	(	PUNCT
ajfa-932	40	12	staggered	staggered	ADJ
ajfa-932	40	13	board	board	NOUN
ajfa-932	40	14	,	,	PUNCT
ajfa-932	40	15	limits	limit	VERB
ajfa-932	40	16	to	to	ADP
ajfa-932	40	17	shareholder	shareholder	NOUN
ajfa-932	40	18	bylaw	bylaw	NOUN
ajfa-932	40	19	amendments	amendment	NOUN
ajfa-932	40	20	,	,	PUNCT
ajfa-932	40	21	supermajority	supermajority	NOUN
ajfa-932	40	22	requirements	requirement	NOUN
ajfa-932	40	23	for	for	ADP
ajfa-932	40	24	mergers	merger	NOUN
ajfa-932	40	25	,	,	PUNCT
ajfa-932	40	26	supermajority	supermajority	NOUN
ajfa-932	40	27	requirements	requirement	NOUN
ajfa-932	40	28	for	for	ADP
ajfa-932	40	29	charter	charter	NOUN
ajfa-932	40	30	amendments	amendment	NOUN
ajfa-932	40	31	)	)	PUNCT
ajfa-932	40	32	prevent	prevent	VERB
ajfa-932	40	33	a	a	DET
ajfa-932	40	34	majority	majority	NOUN
ajfa-932	40	35	of	of	ADP
ajfa-932	40	36	shareholders	shareholder	NOUN
ajfa-932	40	37	from	from	ADP
ajfa-932	40	38	having	have	VERB
ajfa-932	40	39	their	their	PRON
ajfa-932	40	40	way	way	NOUN
ajfa-932	40	41	and	and	CCONJ
ajfa-932	40	42	two	two	NUM
ajfa-932	40	43	“	"	PUNCT
ajfa-932	40	44	takeover	takeover	NOUN
ajfa-932	40	45	readiness	readiness	NOUN
ajfa-932	40	46	”	"	PUNCT
ajfa-932	40	47	provisions	provision	NOUN
ajfa-932	40	48	(	(	PUNCT
ajfa-932	40	49	poison	poison	NOUN
ajfa-932	40	50	pills	pill	NOUN
ajfa-932	40	51	and	and	CCONJ
ajfa-932	40	52	golden	golden	ADJ
ajfa-932	40	53	parachutes	parachute	NOUN
ajfa-932	40	54	)	)	PUNCT
ajfa-932	40	55	defend	defend	VERB
ajfa-932	40	56	against	against	ADP
ajfa-932	40	57	a	a	DET
ajfa-932	40	58	hostile	hostile	ADJ
ajfa-932	40	59	takeover	takeover	NOUN
ajfa-932	40	60	.	.	PUNCT
ajfa-932	41	1	the	the	DET
ajfa-932	41	2	entrenchment	entrenchment	ADJ
ajfa-932	41	3	index	index	NOUN
ajfa-932	41	4	ranges	range	VERB
ajfa-932	41	5	from	from	ADP
ajfa-932	41	6	zero	zero	NUM
ajfa-932	41	7	to	to	ADP
ajfa-932	41	8	six	six	NUM
ajfa-932	41	9	given	give	VERB
ajfa-932	41	10	equal	equal	ADJ
ajfa-932	41	11	weight	weight	NOUN
ajfa-932	41	12	on	on	ADP
ajfa-932	41	13	each	each	PRON
ajfa-932	41	14	of	of	ADP
ajfa-932	41	15	the	the	DET
ajfa-932	41	16	six	six	NUM
ajfa-932	41	17	provisions	provision	NOUN
ajfa-932	41	18	.	.	PUNCT
ajfa-932	42	1	higher	high	ADJ
ajfa-932	42	2	entrenchment	entrenchment	ADJ
ajfa-932	42	3	index	index	NOUN
ajfa-932	42	4	score	score	NOUN
ajfa-932	42	5	represents	represent	VERB
ajfa-932	42	6	more	more	ADJ
ajfa-932	42	7	power	power	NOUN
ajfa-932	42	8	for	for	ADP
ajfa-932	42	9	management	management	NOUN
ajfa-932	42	10	and	and	CCONJ
ajfa-932	42	11	places	place	VERB
ajfa-932	42	12	strong	strong	ADJ
ajfa-932	42	13	restriction	restriction	NOUN
ajfa-932	42	14	on	on	ADP
ajfa-932	42	15	shareholder	shareholder	NOUN
ajfa-932	42	16	’s	’s	PART
ajfa-932	42	17	ability	ability	NOUN
ajfa-932	42	18	to	to	PART
ajfa-932	42	19	exercise	exercise	VERB
ajfa-932	42	20	their	their	PRON
ajfa-932	42	21	will	will	NOUN
ajfa-932	42	22	.	.	PUNCT
ajfa-932	43	1	2.2	2.2	NUM
ajfa-932	43	2	competing	compete	VERB
ajfa-932	43	3	views	view	NOUN
ajfa-932	43	4	on	on	ADP
ajfa-932	43	5	governance	governance	NOUN
ajfa-932	43	6	provisions	provision	NOUN
ajfa-932	43	7	there	there	PRON
ajfa-932	43	8	are	be	VERB
ajfa-932	43	9	two	two	NUM
ajfa-932	43	10	opposite	opposite	ADJ
ajfa-932	43	11	views	view	NOUN
ajfa-932	43	12	regarding	regard	VERB
ajfa-932	43	13	these	these	DET
ajfa-932	43	14	governance	governance	NOUN
ajfa-932	43	15	provisions	provision	NOUN
ajfa-932	43	16	.	.	PUNCT
ajfa-932	44	1	one	one	NUM
ajfa-932	44	2	view	view	NOUN
ajfa-932	44	3	is	be	AUX
ajfa-932	44	4	that	that	SCONJ
ajfa-932	44	5	these	these	DET
ajfa-932	44	6	governance	governance	NOUN
ajfa-932	44	7	provisions	provision	NOUN
ajfa-932	44	8	weaken	weaken	VERB
ajfa-932	44	9	discipline	discipline	NOUN
ajfa-932	44	10	mechanism	mechanism	NOUN
ajfa-932	44	11	to	to	PART
ajfa-932	44	12	remove	remove	VERB
ajfa-932	44	13	management	management	NOUN
ajfa-932	44	14	and	and	CCONJ
ajfa-932	44	15	thus	thus	ADV
ajfa-932	44	16	entrench	entrench	VERB
ajfa-932	44	17	management	management	NOUN
ajfa-932	44	18	.	.	PUNCT
ajfa-932	45	1	manne	manne	PROPN
ajfa-932	45	2	(	(	PUNCT
ajfa-932	45	3	1965	1965	NUM
ajfa-932	45	4	)	)	PUNCT
ajfa-932	45	5	argues	argue	VERB
ajfa-932	45	6	that	that	SCONJ
ajfa-932	45	7	the	the	DET
ajfa-932	45	8	entrenchment	entrenchment	ADJ
ajfa-932	45	9	governance	governance	NOUN
ajfa-932	45	10	provisions	provision	NOUN
ajfa-932	45	11	are	be	AUX
ajfa-932	45	12	harmful	harmful	ADJ
ajfa-932	45	13	to	to	ADP
ajfa-932	45	14	shareholders	shareholder	NOUN
ajfa-932	45	15	by	by	ADP
ajfa-932	45	16	weakening	weaken	VERB
ajfa-932	45	17	the	the	DET
ajfa-932	45	18	disciplinary	disciplinary	ADJ
ajfa-932	45	19	threat	threat	NOUN
ajfa-932	45	20	of	of	ADP
ajfa-932	45	21	removal	removal	NOUN
ajfa-932	45	22	and	and	CCONJ
ajfa-932	45	23	consequently	consequently	ADV
ajfa-932	45	24	increase	increase	VERB
ajfa-932	45	25	empire	empire	NOUN
ajfa-932	45	26	building	building	NOUN
ajfa-932	45	27	,	,	PUNCT
ajfa-932	45	28	shirking	shirk	VERB
ajfa-932	45	29	and	and	CCONJ
ajfa-932	45	30	stealing	stealing	NOUN
ajfa-932	45	31	.	.	PUNCT
ajfa-932	46	1	thus	thus	ADV
ajfa-932	46	2	,	,	PUNCT
ajfa-932	46	3	entrenched	entrenched	ADJ
ajfa-932	46	4	management	management	NOUN
ajfa-932	46	5	is	be	AUX
ajfa-932	46	6	more	more	ADV
ajfa-932	46	7	likely	likely	ADJ
ajfa-932	46	8	to	to	PART
ajfa-932	46	9	be	be	AUX
ajfa-932	46	10	associated	associate	VERB
ajfa-932	46	11	with	with	ADP
ajfa-932	46	12	opportunistic	opportunistic	ADJ
ajfa-932	46	13	and	and	CCONJ
ajfa-932	46	14	inefficient	inefficient	ADJ
ajfa-932	46	15	behavior	behavior	NOUN
ajfa-932	46	16	,	,	PUNCT
ajfa-932	46	17	which	which	PRON
ajfa-932	46	18	could	could	AUX
ajfa-932	46	19	reduce	reduce	VERB
ajfa-932	46	20	firm	firm	ADJ
ajfa-932	46	21	value	value	NOUN
ajfa-932	46	22	.	.	PUNCT
ajfa-932	47	1	the	the	DET
ajfa-932	47	2	counterargument	counterargument	NOUN
ajfa-932	47	3	is	be	AUX
ajfa-932	47	4	that	that	SCONJ
ajfa-932	47	5	firms	firm	NOUN
ajfa-932	47	6	adopt	adopt	VERB
ajfa-932	47	7	entrenchment	entrenchment	ADJ
ajfa-932	47	8	governance	governance	NOUN
ajfa-932	47	9	provisions	provision	NOUN
ajfa-932	47	10	to	to	PART
ajfa-932	47	11	attract	attract	VERB
ajfa-932	47	12	and	and	CCONJ
ajfa-932	47	13	retain	retain	VERB
ajfa-932	47	14	good	good	ADJ
ajfa-932	47	15	managers	manager	NOUN
ajfa-932	47	16	(	(	PUNCT
ajfa-932	47	17	i.e.	i.e.	X
ajfa-932	47	18	these	these	DET
ajfa-932	47	19	entrenchment	entrenchment	ADJ
ajfa-932	47	20	provisions	provision	NOUN
ajfa-932	47	21	are	be	AUX
ajfa-932	47	22	adopted	adopt	VERB
ajfa-932	47	23	to	to	PART
ajfa-932	47	24	insulate	insulate	VERB
ajfa-932	47	25	managers	manager	NOUN
ajfa-932	47	26	)	)	PUNCT
ajfa-932	47	27	because	because	SCONJ
ajfa-932	47	28	managers	manager	NOUN
ajfa-932	47	29	who	who	PRON
ajfa-932	47	30	are	be	AUX
ajfa-932	47	31	insulated	insulate	VERB
ajfa-932	47	32	by	by	ADP
ajfa-932	47	33	these	these	DET
ajfa-932	47	34	entrenching	entrench	VERB
ajfa-932	47	35	provisions	provision	NOUN
ajfa-932	47	36	are	be	AUX
ajfa-932	47	37	more	more	ADV
ajfa-932	47	38	likely	likely	ADJ
ajfa-932	47	39	to	to	PART
ajfa-932	47	40	invest	invest	VERB
ajfa-932	47	41	optimally	optimally	ADV
ajfa-932	47	42	in	in	ADP
ajfa-932	47	43	long	long	ADJ
ajfa-932	47	44	-	-	PUNCT
ajfa-932	47	45	term	term	NOUN
ajfa-932	47	46	projects	project	NOUN
ajfa-932	47	47	(	(	PUNCT
ajfa-932	47	48	stein	stein	PROPN
ajfa-932	47	49	1988	1988	NUM
ajfa-932	47	50	;	;	PUNCT
ajfa-932	47	51	bebchuk	bebchuk	NOUN
ajfa-932	47	52	and	and	CCONJ
ajfa-932	47	53	stole	steal	VERB
ajfa-932	47	54	1993	1993	NUM
ajfa-932	47	55	)	)	PUNCT
ajfa-932	47	56	and	and	CCONJ
ajfa-932	47	57	avoid	avoid	VERB
ajfa-932	47	58	inefficient	inefficient	ADJ
ajfa-932	47	59	actions	action	NOUN
ajfa-932	47	60	that	that	PRON
ajfa-932	47	61	otherwise	otherwise	ADV
ajfa-932	47	62	be	be	AUX
ajfa-932	47	63	undertaken	undertake	VERB
ajfa-932	47	64	to	to	PART
ajfa-932	47	65	reduce	reduce	VERB
ajfa-932	47	66	the	the	DET
ajfa-932	47	67	likelihood	likelihood	NOUN
ajfa-932	47	68	of	of	ADP
ajfa-932	47	69	a	a	DET
ajfa-932	47	70	takeover	takeover	NOUN
ajfa-932	47	71	bid	bid	NOUN
ajfa-932	47	72	(	(	PUNCT
ajfa-932	47	73	arlen	arlen	PROPN
ajfa-932	47	74	and	and	CCONJ
ajfa-932	47	75	tally	tally	PROPN
ajfa-932	47	76	2003	2003	NUM
ajfa-932	47	77	)	)	PUNCT
ajfa-932	47	78	.	.	PUNCT
ajfa-932	48	1	thus	thus	ADV
ajfa-932	48	2	,	,	PUNCT
ajfa-932	48	3	corporate	corporate	ADJ
ajfa-932	48	4	governance	governance	NOUN
ajfa-932	48	5	provisions	provision	NOUN
ajfa-932	48	6	are	be	AUX
ajfa-932	48	7	used	use	VERB
ajfa-932	48	8	to	to	PART
ajfa-932	48	9	serve	serve	VERB
ajfa-932	48	10	the	the	DET
ajfa-932	48	11	long	long	ADJ
ajfa-932	48	12	-	-	PUNCT
ajfa-932	48	13	term	term	NOUN
ajfa-932	48	14	interests	interest	NOUN
ajfa-932	48	15	of	of	ADP
ajfa-932	48	16	shareholders	shareholder	NOUN
ajfa-932	48	17	by	by	ADP
ajfa-932	48	18	insulating	insulate	VERB
ajfa-932	48	19	management	management	NOUN
ajfa-932	48	20	from	from	ADP
ajfa-932	48	21	focusing	focus	VERB
ajfa-932	48	22	on	on	ADP
ajfa-932	48	23	short	short	ADJ
ajfa-932	48	24	term	term	NOUN
ajfa-932	48	25	.	.	PUNCT
ajfa-932	49	1	companies	company	NOUN
ajfa-932	49	2	adopt	adopt	VERB
ajfa-932	49	3	entrenchment	entrenchment	ADJ
ajfa-932	49	4	provisions	provision	NOUN
ajfa-932	49	5	to	to	PART
ajfa-932	49	6	attract	attract	VERB
ajfa-932	49	7	good	good	ADJ
ajfa-932	49	8	managers	manager	NOUN
ajfa-932	49	9	to	to	ADP
ajfa-932	49	10	behavior	behavior	NOUN
ajfa-932	49	11	in	in	ADP
ajfa-932	49	12	the	the	DET
ajfa-932	49	13	way	way	NOUN
ajfa-932	49	14	which	which	PRON
ajfa-932	49	15	benefits	benefit	VERB
ajfa-932	49	16	the	the	DET
ajfa-932	49	17	long	long	ADV
ajfa-932	49	18	-	-	PUNCT
ajfa-932	49	19	run	run	NOUN
ajfa-932	49	20	interests	interest	NOUN
ajfa-932	49	21	of	of	ADP
ajfa-932	49	22	shareholders	shareholder	NOUN
ajfa-932	49	23	.	.	PUNCT
ajfa-932	50	1	these	these	DET
ajfa-932	50	2	two	two	NUM
ajfa-932	50	3	different	different	ADJ
ajfa-932	50	4	views	view	NOUN
ajfa-932	50	5	lead	lead	VERB
ajfa-932	50	6	to	to	ADP
ajfa-932	50	7	two	two	NUM
ajfa-932	50	8	opposite	opposite	ADJ
ajfa-932	50	9	effects	effect	NOUN
ajfa-932	50	10	of	of	ADP
ajfa-932	50	11	corporate	corporate	ADJ
ajfa-932	50	12	governance	governance	NOUN
ajfa-932	50	13	provisions	provision	NOUN
ajfa-932	50	14	.	.	PUNCT
ajfa-932	51	1	thus	thus	ADV
ajfa-932	51	2	,	,	PUNCT
ajfa-932	51	3	it	it	PRON
ajfa-932	51	4	is	be	AUX
ajfa-932	51	5	an	an	DET
ajfa-932	51	6	empirical	empirical	ADJ
ajfa-932	51	7	issue	issue	NOUN
ajfa-932	51	8	whether	whether	SCONJ
ajfa-932	51	9	the	the	DET
ajfa-932	51	10	corporate	corporate	ADJ
ajfa-932	51	11	governance	governance	NOUN
ajfa-932	51	12	provisions	provision	NOUN
ajfa-932	51	13	entrench	entrench	VERB
ajfa-932	51	14	management	management	NOUN
ajfa-932	51	15	(	(	PUNCT
ajfa-932	51	16	a	a	DET
ajfa-932	51	17	negative	negative	ADJ
ajfa-932	51	18	effect	effect	NOUN
ajfa-932	51	19	)	)	PUNCT
ajfa-932	51	20	or	or	CCONJ
ajfa-932	51	21	insulate	insulate	VERB
ajfa-932	51	22	management	management	NOUN
ajfa-932	51	23	and	and	CCONJ
ajfa-932	51	24	allow	allow	VERB
ajfa-932	51	25	them	they	PRON
ajfa-932	51	26	to	to	PART
ajfa-932	51	27	pursue	pursue	VERB
ajfa-932	51	28	long	long	ADJ
ajfa-932	51	29	-	-	PUNCT
ajfa-932	51	30	term	term	NOUN
ajfa-932	51	31	projects	project	NOUN
ajfa-932	51	32	(	(	PUNCT
ajfa-932	51	33	a	a	DET
ajfa-932	51	34	positive	positive	ADJ
ajfa-932	51	35	effect	effect	NOUN
ajfa-932	51	36	)	)	PUNCT
ajfa-932	51	37	.	.	PUNCT
ajfa-932	52	1	to	to	PART
ajfa-932	52	2	address	address	VERB
ajfa-932	52	3	this	this	DET
ajfa-932	52	4	issue	issue	NOUN
ajfa-932	52	5	,	,	PUNCT
ajfa-932	52	6	this	this	DET
ajfa-932	52	7	study	study	NOUN
ajfa-932	52	8	uses	use	VERB
ajfa-932	52	9	the	the	DET
ajfa-932	52	10	audit	audit	NOUN
ajfa-932	52	11	fee	fee	NOUN
ajfa-932	52	12	model	model	NOUN
ajfa-932	52	13	empirically	empirically	ADV
ajfa-932	52	14	examines	examine	VERB
ajfa-932	52	15	whether	whether	SCONJ
ajfa-932	52	16	audit	audit	NOUN
ajfa-932	52	17	fees	fee	NOUN
ajfa-932	52	18	are	be	AUX
ajfa-932	52	19	positively	positively	ADV
ajfa-932	52	20	or	or	CCONJ
ajfa-932	52	21	negatively	negatively	ADV
ajfa-932	52	22	correlated	correlate	VERB
ajfa-932	52	23	with	with	ADP
ajfa-932	52	24	bebchuk	bebchuk	PROPN
ajfa-932	52	25	et	et	PROPN
ajfa-932	52	26	al	al	PROPN
ajfa-932	52	27	.	.	PROPN
ajfa-932	53	1	(	(	PUNCT
ajfa-932	53	2	2005	2005	NUM
ajfa-932	53	3	)	)	PUNCT
ajfa-932	53	4	entrenchment	entrenchment	NOUN
ajfa-932	53	5	index	index	NOUN
ajfa-932	53	6	.	.	PUNCT
ajfa-932	54	1	2.3	2.3	NUM
ajfa-932	54	2	audit	audit	NOUN
ajfa-932	54	3	fees	fee	NOUN
ajfa-932	54	4	and	and	CCONJ
ajfa-932	54	5	entrenchment	entrenchment	ADJ
ajfa-932	54	6	provisions	provision	NOUN
ajfa-932	54	7	as	as	SCONJ
ajfa-932	54	8	shown	show	VERB
ajfa-932	54	9	by	by	ADP
ajfa-932	54	10	cohen	cohen	PROPN
ajfa-932	54	11	(	(	PUNCT
ajfa-932	54	12	2000	2000	NUM
ajfa-932	54	13	)	)	PUNCT
ajfa-932	54	14	,	,	PUNCT
ajfa-932	54	15	external	external	ADJ
ajfa-932	54	16	auditors	auditor	NOUN
ajfa-932	54	17	are	be	AUX
ajfa-932	54	18	sensitive	sensitive	ADJ
ajfa-932	54	19	to	to	ADP
ajfa-932	54	20	firms	firm	NOUN
ajfa-932	54	21	’	'	PUNCT
ajfa-932	54	22	corporate	corporate	ADJ
ajfa-932	54	23	governance	governance	NOUN
ajfa-932	54	24	and	and	CCONJ
ajfa-932	54	25	management	management	NOUN
ajfa-932	54	26	control	control	NOUN
ajfa-932	54	27	in	in	ADP
ajfa-932	54	28	their	their	PRON
ajfa-932	54	29	auditing	auditing	NOUN
ajfa-932	54	30	planning	planning	NOUN
ajfa-932	54	31	.	.	PUNCT
ajfa-932	55	1	if	if	SCONJ
ajfa-932	55	2	entrenchment	entrenchment	ADJ
ajfa-932	55	3	provisions	provision	NOUN
ajfa-932	55	4	entrench	entrench	VERB
ajfa-932	55	5	management	management	NOUN
ajfa-932	55	6	and	and	CCONJ
ajfa-932	55	7	induce	induce	VERB
ajfa-932	55	8	non	non	ADJ
ajfa-932	55	9	-	-	ADJ
ajfa-932	55	10	value	value	ADJ
ajfa-932	55	11	maximizing	maximize	VERB
ajfa-932	55	12	behavior	behavior	NOUN
ajfa-932	55	13	,	,	PUNCT
ajfa-932	55	14	external	external	ADJ
ajfa-932	55	15	auditors	auditor	NOUN
ajfa-932	55	16	will	will	AUX
ajfa-932	55	17	perceive	perceive	VERB
ajfa-932	55	18	firms	firm	NOUN
ajfa-932	55	19	with	with	ADP
ajfa-932	55	20	higher	high	ADJ
ajfa-932	55	21	level	level	NOUN
ajfa-932	55	22	of	of	ADP
ajfa-932	55	23	entrenchment	entrenchment	ADJ
ajfa-932	55	24	provision	provision	NOUN
ajfa-932	55	25	as	as	ADP
ajfa-932	55	26	firms	firm	NOUN
ajfa-932	55	27	with	with	ADP
ajfa-932	55	28	higher	high	ADJ
ajfa-932	55	29	risk	risk	NOUN
ajfa-932	55	30	and	and	CCONJ
ajfa-932	55	31	thus	thus	ADV
ajfa-932	55	32	exercise	exercise	VERB
ajfa-932	55	33	more	more	ADJ
ajfa-932	55	34	audit	audit	NOUN
ajfa-932	55	35	effort	effort	NOUN
ajfa-932	55	36	,	,	PUNCT
ajfa-932	55	37	which	which	PRON
ajfa-932	55	38	leads	lead	VERB
ajfa-932	55	39	to	to	ADP
ajfa-932	55	40	higher	high	ADJ
ajfa-932	55	41	audit	audit	NOUN
ajfa-932	55	42	fees	fee	NOUN
ajfa-932	55	43	.	.	PUNCT
ajfa-932	56	1	if	if	SCONJ
ajfa-932	56	2	entrenchment	entrenchment	ADJ
ajfa-932	56	3	provisions	provision	NOUN
ajfa-932	56	4	are	be	AUX
ajfa-932	56	5	adopted	adopt	VERB
ajfa-932	56	6	to	to	PART
ajfa-932	56	7	attract	attract	VERB
ajfa-932	56	8	good	good	ADJ
ajfa-932	56	9	managers	manager	NOUN
ajfa-932	56	10	and	and	CCONJ
ajfa-932	56	11	induce	induce	VERB
ajfa-932	56	12	mangers	manger	NOUN
ajfa-932	56	13	to	to	PART
ajfa-932	56	14	pursue	pursue	VERB
ajfa-932	56	15	long	long	ADJ
ajfa-932	56	16	-	-	PUNCT
ajfa-932	56	17	term	term	NOUN
ajfa-932	56	18	projects	project	NOUN
ajfa-932	56	19	,	,	PUNCT
ajfa-932	56	20	external	external	ADJ
ajfa-932	56	21	auditors	auditor	NOUN
ajfa-932	56	22	asian	asian	ADJ
ajfa-932	56	23	journal	journal	NOUN
ajfa-932	56	24	of	of	ADP
ajfa-932	56	25	finance	finance	PROPN
ajfa-932	56	26	&	&	CCONJ
ajfa-932	56	27	accounting	accounting	PROPN
ajfa-932	56	28	issn	issn	PROPN
ajfa-932	56	29	1946	1946	NUM
ajfa-932	56	30	-	-	PUNCT
ajfa-932	56	31	052x	052x	NOUN
ajfa-932	56	32	2011	2011	NUM
ajfa-932	56	33	,	,	PUNCT
ajfa-932	56	34	vol	vol	NOUN
ajfa-932	56	35	.	.	PROPN
ajfa-932	57	1	3	3	NUM
ajfa-932	57	2	,	,	PUNCT
ajfa-932	57	3	no	no	INTJ
ajfa-932	57	4	.	.	NOUN
ajfa-932	57	5	1	1	NUM
ajfa-932	57	6	:	:	PUNCT
ajfa-932	57	7	e2	e2	PROPN
ajfa-932	57	8	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NOUN
ajfa-932	57	9	29	29	NUM
ajfa-932	57	10	will	will	AUX
ajfa-932	57	11	consider	consider	VERB
ajfa-932	57	12	firms	firm	NOUN
ajfa-932	57	13	with	with	ADP
ajfa-932	57	14	higher	high	ADJ
ajfa-932	57	15	level	level	NOUN
ajfa-932	57	16	of	of	ADP
ajfa-932	57	17	entrenchment	entrenchment	ADJ
ajfa-932	57	18	provisions	provision	NOUN
ajfa-932	57	19	as	as	ADP
ajfa-932	57	20	firms	firm	NOUN
ajfa-932	57	21	with	with	ADP
ajfa-932	57	22	lower	low	ADJ
ajfa-932	57	23	risk	risk	NOUN
ajfa-932	57	24	and	and	CCONJ
ajfa-932	57	25	thereby	thereby	ADV
ajfa-932	57	26	exercise	exercise	VERB
ajfa-932	57	27	less	less	ADJ
ajfa-932	57	28	audit	audit	NOUN
ajfa-932	57	29	effort	effort	NOUN
ajfa-932	57	30	,	,	PUNCT
ajfa-932	57	31	which	which	PRON
ajfa-932	57	32	results	result	VERB
ajfa-932	57	33	in	in	ADP
ajfa-932	57	34	lower	low	ADJ
ajfa-932	57	35	audit	audit	NOUN
ajfa-932	57	36	fees	fee	NOUN
ajfa-932	57	37	.	.	PUNCT
ajfa-932	58	1	these	these	DET
ajfa-932	58	2	two	two	NUM
ajfa-932	58	3	competing	compete	VERB
ajfa-932	58	4	arguments	argument	NOUN
ajfa-932	58	5	predict	predict	VERB
ajfa-932	58	6	different	different	ADJ
ajfa-932	58	7	associations	association	NOUN
ajfa-932	58	8	between	between	ADP
ajfa-932	58	9	audit	audit	NOUN
ajfa-932	58	10	fees	fee	NOUN
ajfa-932	58	11	and	and	CCONJ
ajfa-932	58	12	entrenchment	entrenchment	ADJ
ajfa-932	58	13	provisions	provision	NOUN
ajfa-932	58	14	.	.	PUNCT
ajfa-932	59	1	as	as	ADP
ajfa-932	59	2	a	a	DET
ajfa-932	59	3	result	result	NOUN
ajfa-932	59	4	,	,	PUNCT
ajfa-932	59	5	this	this	DET
ajfa-932	59	6	study	study	NOUN
ajfa-932	59	7	examines	examine	VERB
ajfa-932	59	8	the	the	DET
ajfa-932	59	9	following	follow	VERB
ajfa-932	59	10	two	two	NUM
ajfa-932	59	11	competing	compete	VERB
ajfa-932	59	12	hypotheses	hypothesis	NOUN
ajfa-932	59	13	:	:	PUNCT
ajfa-932	59	14	hypothesis	hypothesis	NOUN
ajfa-932	59	15	1a	1a	NOUN
ajfa-932	59	16	:	:	PUNCT
ajfa-932	59	17	ceteris	ceteris	NOUN
ajfa-932	59	18	paribus	paribus	NOUN
ajfa-932	59	19	,	,	PUNCT
ajfa-932	59	20	audit	audit	NOUN
ajfa-932	59	21	fees	fee	NOUN
ajfa-932	59	22	are	be	AUX
ajfa-932	59	23	positively	positively	ADV
ajfa-932	59	24	associated	associate	VERB
ajfa-932	59	25	with	with	ADP
ajfa-932	59	26	entrenchment	entrenchment	ADJ
ajfa-932	59	27	provisions	provision	NOUN
ajfa-932	59	28	.	.	PUNCT
ajfa-932	60	1	hypothesis	hypothesis	NOUN
ajfa-932	60	2	1b	1b	NUM
ajfa-932	60	3	:	:	PUNCT
ajfa-932	60	4	ceteris	ceteris	NOUN
ajfa-932	60	5	paribus	paribus	NOUN
ajfa-932	60	6	,	,	PUNCT
ajfa-932	60	7	audit	audit	NOUN
ajfa-932	60	8	fees	fee	NOUN
ajfa-932	60	9	are	be	AUX
ajfa-932	60	10	negatively	negatively	ADV
ajfa-932	60	11	associated	associate	VERB
ajfa-932	60	12	with	with	ADP
ajfa-932	60	13	entrenchment	entrenchment	ADJ
ajfa-932	60	14	provisions	provision	NOUN
ajfa-932	60	15	.	.	PUNCT
ajfa-932	61	1	2.4	2.4	NUM
ajfa-932	61	2	agency	agency	NOUN
ajfa-932	61	3	problems	problem	VERB
ajfa-932	61	4	a	a	DET
ajfa-932	61	5	stream	stream	NOUN
ajfa-932	61	6	of	of	ADP
ajfa-932	61	7	empirical	empirical	ADJ
ajfa-932	61	8	research	research	NOUN
ajfa-932	61	9	(	(	PUNCT
ajfa-932	61	10	e.g.	e.g.	ADV
ajfa-932	61	11	harvey	harvey	NOUN
ajfa-932	61	12	et	et	PROPN
ajfa-932	61	13	al	al	PROPN
ajfa-932	61	14	.	.	PROPN
ajfa-932	61	15	2004	2004	NUM
ajfa-932	61	16	;	;	PUNCT
ajfa-932	61	17	gul	gul	PROPN
ajfa-932	61	18	and	and	CCONJ
ajfa-932	61	19	tsui	tsui	PROPN
ajfa-932	61	20	1998	1998	NUM
ajfa-932	61	21	)	)	PUNCT
ajfa-932	61	22	which	which	PRON
ajfa-932	61	23	suggests	suggest	VERB
ajfa-932	61	24	that	that	SCONJ
ajfa-932	61	25	firm	firm	NOUN
ajfa-932	61	26	’s	’s	PART
ajfa-932	61	27	agency	agency	NOUN
ajfa-932	61	28	problem	problem	NOUN
ajfa-932	61	29	as	as	ADP
ajfa-932	61	30	an	an	DET
ajfa-932	61	31	important	important	ADJ
ajfa-932	61	32	moderator	moderator	NOUN
ajfa-932	61	33	.	.	PUNCT
ajfa-932	62	1	in	in	ADP
ajfa-932	62	2	firms	firm	NOUN
ajfa-932	62	3	with	with	ADP
ajfa-932	62	4	severe	severe	ADJ
ajfa-932	62	5	agency	agency	NOUN
ajfa-932	62	6	problems	problem	NOUN
ajfa-932	62	7	,	,	PUNCT
ajfa-932	62	8	management	management	NOUN
ajfa-932	62	9	entrenchment	entrenchment	NOUN
ajfa-932	62	10	is	be	AUX
ajfa-932	62	11	more	more	ADV
ajfa-932	62	12	likely	likely	ADJ
ajfa-932	62	13	to	to	PART
ajfa-932	62	14	result	result	VERB
ajfa-932	62	15	in	in	ADP
ajfa-932	62	16	opportunistic	opportunistic	ADJ
ajfa-932	62	17	and	and	CCONJ
ajfa-932	62	18	inefficient	inefficient	ADJ
ajfa-932	62	19	behavior	behavior	NOUN
ajfa-932	62	20	.	.	PUNCT
ajfa-932	63	1	jensen	jensen	PROPN
ajfa-932	63	2	(	(	PUNCT
ajfa-932	63	3	1986	1986	NUM
ajfa-932	63	4	)	)	PUNCT
ajfa-932	63	5	argues	argue	VERB
ajfa-932	63	6	that	that	SCONJ
ajfa-932	63	7	firms	firm	NOUN
ajfa-932	63	8	with	with	ADP
ajfa-932	63	9	low	low	ADJ
ajfa-932	63	10	growth	growth	NOUN
ajfa-932	63	11	and	and	CCONJ
ajfa-932	63	12	high	high	ADJ
ajfa-932	63	13	level	level	NOUN
ajfa-932	63	14	of	of	ADP
ajfa-932	63	15	free	free	ADJ
ajfa-932	63	16	cash	cash	NOUN
ajfa-932	63	17	flows	flow	NOUN
ajfa-932	63	18	are	be	AUX
ajfa-932	63	19	more	more	ADV
ajfa-932	63	20	likely	likely	ADJ
ajfa-932	63	21	to	to	PART
ajfa-932	63	22	involve	involve	VERB
ajfa-932	63	23	in	in	ADP
ajfa-932	63	24	“	"	PUNCT
ajfa-932	63	25	value	value	NOUN
ajfa-932	63	26	destroying	destroy	VERB
ajfa-932	63	27	activities	activity	NOUN
ajfa-932	63	28	”	"	PUNCT
ajfa-932	63	29	and	and	CCONJ
ajfa-932	63	30	have	have	VERB
ajfa-932	63	31	severe	severe	ADJ
ajfa-932	63	32	agency	agency	NOUN
ajfa-932	63	33	problems	problem	NOUN
ajfa-932	63	34	.	.	PUNCT
ajfa-932	64	1	the	the	DET
ajfa-932	64	2	non	non	ADJ
ajfa-932	64	3	-	-	ADJ
ajfa-932	64	4	value	value	ADJ
ajfa-932	64	5	maximizing	maximize	VERB
ajfa-932	64	6	behavior	behavior	NOUN
ajfa-932	64	7	includes	include	VERB
ajfa-932	64	8	excessive	excessive	ADJ
ajfa-932	64	9	consumption	consumption	NOUN
ajfa-932	64	10	of	of	ADP
ajfa-932	64	11	perquisites	perquisite	NOUN
ajfa-932	64	12	,	,	PUNCT
ajfa-932	64	13	masking	masking	NOUN
ajfa-932	64	14	of	of	ADP
ajfa-932	64	15	non	non	ADJ
ajfa-932	64	16	-	-	ADJ
ajfa-932	64	17	optimal	optimal	ADJ
ajfa-932	64	18	expenditures	expenditure	NOUN
ajfa-932	64	19	,	,	PUNCT
ajfa-932	64	20	misappropriation	misappropriation	NOUN
ajfa-932	64	21	of	of	ADP
ajfa-932	64	22	assets	asset	NOUN
ajfa-932	64	23	,	,	PUNCT
ajfa-932	64	24	and	and	CCONJ
ajfa-932	64	25	salary	salary	NOUN
ajfa-932	64	26	enhancement	enhancement	NOUN
ajfa-932	64	27	(	(	PUNCT
ajfa-932	64	28	amihu	amihu	NOUN
ajfa-932	64	29	and	and	CCONJ
ajfa-932	64	30	lev	lev	NOUN
ajfa-932	64	31	1981	1981	NUM
ajfa-932	64	32	;	;	PUNCT
ajfa-932	64	33	jensen	jensen	PROPN
ajfa-932	64	34	1986	1986	NUM
ajfa-932	64	35	;	;	PUNCT
ajfa-932	64	36	christie	christie	PROPN
ajfa-932	64	37	and	and	CCONJ
ajfa-932	64	38	zimmerman	zimmerman	PROPN
ajfa-932	64	39	1994	1994	NUM
ajfa-932	64	40	;	;	PUNCT
ajfa-932	64	41	rediker	rediker	NOUN
ajfa-932	64	42	and	and	CCONJ
ajfa-932	64	43	seth	seth	PROPN
ajfa-932	64	44	1995	1995	NUM
ajfa-932	64	45	)	)	PUNCT
ajfa-932	64	46	.	.	PUNCT
ajfa-932	65	1	both	both	DET
ajfa-932	65	2	christie	christie	PROPN
ajfa-932	65	3	and	and	CCONJ
ajfa-932	65	4	zimmerman	zimmerman	PROPN
ajfa-932	65	5	(	(	PUNCT
ajfa-932	65	6	1994	1994	NUM
ajfa-932	65	7	)	)	PUNCT
ajfa-932	65	8	and	and	CCONJ
ajfa-932	65	9	gul	gul	PROPN
ajfa-932	65	10	and	and	CCONJ
ajfa-932	65	11	tsui	tsui	PROPN
ajfa-932	65	12	(	(	PUNCT
ajfa-932	65	13	1998	1998	NUM
ajfa-932	65	14	)	)	PUNCT
ajfa-932	65	15	suggest	suggest	VERB
ajfa-932	65	16	that	that	SCONJ
ajfa-932	65	17	managers	manager	NOUN
ajfa-932	65	18	of	of	ADP
ajfa-932	65	19	firms	firm	NOUN
ajfa-932	65	20	with	with	ADP
ajfa-932	65	21	low	low	ADJ
ajfa-932	65	22	growth	growth	NOUN
ajfa-932	65	23	opportunities	opportunity	NOUN
ajfa-932	65	24	and	and	CCONJ
ajfa-932	65	25	high	high	ADJ
ajfa-932	65	26	free	free	ADJ
ajfa-932	65	27	cash	cash	NOUN
ajfa-932	65	28	flows	flow	NOUN
ajfa-932	65	29	are	be	AUX
ajfa-932	65	30	more	more	ADV
ajfa-932	65	31	likely	likely	ADJ
ajfa-932	65	32	to	to	PART
ajfa-932	65	33	mask	mask	VERB
ajfa-932	65	34	non	non	ADJ
ajfa-932	65	35	-	-	ADJ
ajfa-932	65	36	optimal	optimal	ADJ
ajfa-932	65	37	activities	activity	NOUN
ajfa-932	65	38	by	by	ADP
ajfa-932	65	39	accounting	accounting	NOUN
ajfa-932	65	40	manipulation	manipulation	NOUN
ajfa-932	65	41	(	(	PUNCT
ajfa-932	65	42	gul	gul	PROPN
ajfa-932	65	43	&	&	CCONJ
ajfa-932	65	44	tsui	tsui	PROPN
ajfa-932	65	45	1998	1998	NUM
ajfa-932	65	46	,	,	PUNCT
ajfa-932	65	47	221	221	NUM
ajfa-932	65	48	)	)	PUNCT
ajfa-932	65	49	and	and	CCONJ
ajfa-932	65	50	thus	thus	ADV
ajfa-932	65	51	such	such	ADJ
ajfa-932	65	52	firms	firm	NOUN
ajfa-932	65	53	have	have	VERB
ajfa-932	65	54	audit	audit	NOUN
ajfa-932	65	55	implications	implication	NOUN
ajfa-932	65	56	in	in	ADP
ajfa-932	65	57	terms	term	NOUN
ajfa-932	65	58	of	of	ADP
ajfa-932	65	59	higher	high	ADJ
ajfa-932	65	60	inherent	inherent	ADJ
ajfa-932	65	61	audit	audit	NOUN
ajfa-932	65	62	risks	risk	NOUN
ajfa-932	65	63	(	(	PUNCT
ajfa-932	65	64	gul	gul	NOUN
ajfa-932	65	65	and	and	CCONJ
ajfa-932	65	66	tsui	tsui	PROPN
ajfa-932	65	67	2001	2001	NUM
ajfa-932	65	68	)	)	PUNCT
ajfa-932	65	69	.	.	PUNCT
ajfa-932	66	1	consequently	consequently	ADV
ajfa-932	66	2	,	,	PUNCT
ajfa-932	66	3	external	external	ADJ
ajfa-932	66	4	auditors	auditor	NOUN
ajfa-932	66	5	perceive	perceive	VERB
ajfa-932	66	6	these	these	DET
ajfa-932	66	7	firms	firm	NOUN
ajfa-932	66	8	with	with	ADP
ajfa-932	66	9	high	high	ADJ
ajfa-932	66	10	audit	audit	NOUN
ajfa-932	66	11	risk	risk	NOUN
ajfa-932	66	12	and	and	CCONJ
ajfa-932	66	13	exercise	exercise	VERB
ajfa-932	66	14	more	more	ADJ
ajfa-932	66	15	audit	audit	NOUN
ajfa-932	66	16	effort	effort	NOUN
ajfa-932	66	17	,	,	PUNCT
ajfa-932	66	18	which	which	PRON
ajfa-932	66	19	leads	lead	VERB
ajfa-932	66	20	to	to	ADP
ajfa-932	66	21	higher	high	ADJ
ajfa-932	66	22	audit	audit	NOUN
ajfa-932	66	23	fees	fee	NOUN
ajfa-932	66	24	.	.	PUNCT
ajfa-932	67	1	thus	thus	ADV
ajfa-932	67	2	,	,	PUNCT
ajfa-932	67	3	we	we	PRON
ajfa-932	67	4	further	far	ADV
ajfa-932	67	5	investigate	investigate	VERB
ajfa-932	67	6	whether	whether	SCONJ
ajfa-932	67	7	agency	agency	NOUN
ajfa-932	67	8	problems	problem	NOUN
ajfa-932	67	9	within	within	ADP
ajfa-932	67	10	firms	firm	NOUN
ajfa-932	67	11	moderate	moderate	VERB
ajfa-932	67	12	the	the	DET
ajfa-932	67	13	association	association	NOUN
ajfa-932	67	14	between	between	ADP
ajfa-932	67	15	audit	audit	NOUN
ajfa-932	67	16	fees	fee	NOUN
ajfa-932	67	17	and	and	CCONJ
ajfa-932	67	18	management	management	NOUN
ajfa-932	67	19	entrenchment	entrenchment	NOUN
ajfa-932	67	20	.	.	PUNCT
ajfa-932	68	1	two	two	NUM
ajfa-932	68	2	competing	compete	VERB
ajfa-932	68	3	hypotheses	hypothesis	NOUN
ajfa-932	68	4	are	be	AUX
ajfa-932	68	5	composed	compose	VERB
ajfa-932	68	6	in	in	ADP
ajfa-932	68	7	this	this	DET
ajfa-932	68	8	regard	regard	NOUN
ajfa-932	68	9	:	:	PUNCT
ajfa-932	68	10	hypothesis	hypothesis	NOUN
ajfa-932	68	11	2a	2a	NUM
ajfa-932	68	12	:	:	PUNCT
ajfa-932	68	13	ceteris	ceteris	NOUN
ajfa-932	68	14	paribus	paribus	NOUN
ajfa-932	68	15	,	,	PUNCT
ajfa-932	68	16	agency	agency	NOUN
ajfa-932	68	17	problems	problem	NOUN
ajfa-932	68	18	(	(	PUNCT
ajfa-932	68	19	i.e.	i.e.	X
ajfa-932	68	20	low	low	ADJ
ajfa-932	68	21	growth	growth	NOUN
ajfa-932	68	22	and	and	CCONJ
ajfa-932	68	23	high	high	ADJ
ajfa-932	68	24	level	level	NOUN
ajfa-932	68	25	of	of	ADP
ajfa-932	68	26	free	free	ADJ
ajfa-932	68	27	cash	cash	NOUN
ajfa-932	68	28	flows	flow	NOUN
ajfa-932	68	29	)	)	PUNCT
ajfa-932	68	30	moderate	moderate	VERB
ajfa-932	68	31	the	the	DET
ajfa-932	68	32	association	association	NOUN
ajfa-932	68	33	between	between	ADP
ajfa-932	68	34	audit	audit	NOUN
ajfa-932	68	35	fees	fee	NOUN
ajfa-932	68	36	and	and	CCONJ
ajfa-932	68	37	entrenchment	entrenchment	ADJ
ajfa-932	68	38	provisions	provision	NOUN
ajfa-932	68	39	.	.	PUNCT
ajfa-932	69	1	hypothesis	hypothesis	NOUN
ajfa-932	69	2	2b	2b	NOUN
ajfa-932	69	3	:	:	PUNCT
ajfa-932	69	4	ceteris	ceteris	NOUN
ajfa-932	69	5	paribus	paribus	NOUN
ajfa-932	69	6	,	,	PUNCT
ajfa-932	69	7	agency	agency	NOUN
ajfa-932	69	8	problems	problem	NOUN
ajfa-932	69	9	(	(	PUNCT
ajfa-932	69	10	i.e.	i.e.	X
ajfa-932	69	11	low	low	ADJ
ajfa-932	69	12	growth	growth	NOUN
ajfa-932	69	13	and	and	CCONJ
ajfa-932	69	14	high	high	ADJ
ajfa-932	69	15	level	level	NOUN
ajfa-932	69	16	of	of	ADP
ajfa-932	69	17	free	free	ADJ
ajfa-932	69	18	cash	cash	NOUN
ajfa-932	69	19	flows	flow	NOUN
ajfa-932	69	20	)	)	PUNCT
ajfa-932	69	21	do	do	AUX
ajfa-932	69	22	not	not	PART
ajfa-932	69	23	moderate	moderate	VERB
ajfa-932	69	24	the	the	DET
ajfa-932	69	25	association	association	NOUN
ajfa-932	69	26	between	between	ADP
ajfa-932	69	27	audit	audit	NOUN
ajfa-932	69	28	fees	fee	NOUN
ajfa-932	69	29	and	and	CCONJ
ajfa-932	69	30	entrenchment	entrenchment	ADJ
ajfa-932	69	31	provisions	provision	NOUN
ajfa-932	69	32	.	.	PUNCT
ajfa-932	70	1	3	3	X
ajfa-932	70	2	.	.	X
ajfa-932	70	3	methodology	methodology	NOUN
ajfa-932	70	4	the	the	DET
ajfa-932	70	5	ols	ol	NOUN
ajfa-932	70	6	audit	audit	NOUN
ajfa-932	70	7	fee	fee	NOUN
ajfa-932	70	8	regression	regression	NOUN
ajfa-932	70	9	model	model	NOUN
ajfa-932	70	10	is	be	AUX
ajfa-932	70	11	widely	widely	ADV
ajfa-932	70	12	used	use	VERB
ajfa-932	70	13	in	in	ADP
ajfa-932	70	14	prior	prior	ADJ
ajfa-932	70	15	studies	study	NOUN
ajfa-932	70	16	(	(	PUNCT
ajfa-932	70	17	e.g.	e.g.	ADV
ajfa-932	70	18	simunic	simunic	ADJ
ajfa-932	70	19	1980	1980	NUM
ajfa-932	70	20	,	,	PUNCT
ajfa-932	70	21	francis	francis	PROPN
ajfa-932	70	22	and	and	CCONJ
ajfa-932	70	23	simon	simon	PROPN
ajfa-932	70	24	1987	1987	NUM
ajfa-932	70	25	,	,	PUNCT
ajfa-932	70	26	chan	chan	PROPN
ajfa-932	70	27	et	et	PROPN
ajfa-932	70	28	al	al	PROPN
ajfa-932	70	29	.	.	PROPN
ajfa-932	70	30	1983	1983	NUM
ajfa-932	70	31	,	,	PUNCT
ajfa-932	70	32	gul	gul	PROPN
ajfa-932	70	33	and	and	CCONJ
ajfa-932	70	34	tsui	tsui	PROPN
ajfa-932	70	35	(	(	PUNCT
ajfa-932	70	36	2001	2001	NUM
ajfa-932	70	37	)	)	PUNCT
ajfa-932	70	38	,	,	PUNCT
ajfa-932	70	39	ferguson	ferguson	PROPN
ajfa-932	70	40	et	et	PROPN
ajfa-932	70	41	al	al	PROPN
ajfa-932	70	42	.	.	PROPN
ajfa-932	71	1	(	(	PUNCT
ajfa-932	71	2	2003	2003	NUM
ajfa-932	71	3	)	)	PUNCT
ajfa-932	71	4	,	,	PUNCT
ajfa-932	71	5	francis	francis	PROPN
ajfa-932	71	6	et	et	PROPN
ajfa-932	71	7	al	al	PROPN
ajfa-932	71	8	.	.	PROPN
ajfa-932	72	1	(	(	PUNCT
ajfa-932	72	2	2005	2005	NUM
ajfa-932	72	3	)	)	PUNCT
ajfa-932	72	4	)	)	PUNCT
ajfa-932	72	5	.	.	PUNCT
ajfa-932	73	1	the	the	DET
ajfa-932	73	2	model	model	NOUN
ajfa-932	73	3	uses	use	VERB
ajfa-932	73	4	a	a	DET
ajfa-932	73	5	set	set	NOUN
ajfa-932	73	6	of	of	ADP
ajfa-932	73	7	variables	variable	NOUN
ajfa-932	73	8	to	to	PART
ajfa-932	73	9	control	control	VERB
ajfa-932	73	10	for	for	ADP
ajfa-932	73	11	general	general	ADJ
ajfa-932	73	12	cross	cross	ADJ
ajfa-932	73	13	-	-	ADJ
ajfa-932	73	14	sectional	sectional	ADJ
ajfa-932	73	15	differences	difference	NOUN
ajfa-932	73	16	in	in	ADP
ajfa-932	73	17	factors	factor	NOUN
ajfa-932	73	18	that	that	PRON
ajfa-932	73	19	affect	affect	VERB
ajfa-932	73	20	audit	audit	NOUN
ajfa-932	73	21	fees	fee	NOUN
ajfa-932	73	22	.	.	PUNCT
ajfa-932	74	1	prior	prior	ADJ
ajfa-932	74	2	studies	study	NOUN
ajfa-932	74	3	show	show	VERB
ajfa-932	74	4	that	that	SCONJ
ajfa-932	74	5	the	the	DET
ajfa-932	74	6	model	model	NOUN
ajfa-932	74	7	has	have	VERB
ajfa-932	74	8	good	good	ADJ
ajfa-932	74	9	explanatory	explanatory	ADJ
ajfa-932	74	10	power	power	NOUN
ajfa-932	74	11	(	(	PUNCT
ajfa-932	74	12	adjusted	adjust	VERB
ajfa-932	74	13	r2	r2	NOUN
ajfa-932	74	14	is	be	AUX
ajfa-932	74	15	0.70	0.70	NUM
ajfa-932	74	16	or	or	CCONJ
ajfa-932	74	17	higher	high	ADJ
ajfa-932	74	18	)	)	PUNCT
ajfa-932	74	19	and	and	CCONJ
ajfa-932	74	20	are	be	AUX
ajfa-932	74	21	robust	robust	ADJ
ajfa-932	74	22	across	across	ADP
ajfa-932	74	23	different	different	ADJ
ajfa-932	74	24	samples	sample	NOUN
ajfa-932	74	25	,	,	PUNCT
ajfa-932	74	26	time	time	NOUN
ajfa-932	74	27	periods	period	NOUN
ajfa-932	74	28	,	,	PUNCT
ajfa-932	74	29	countries	country	NOUN
ajfa-932	74	30	and	and	CCONJ
ajfa-932	74	31	sensitivity	sensitivity	NOUN
ajfa-932	74	32	analyses	analysis	NOUN
ajfa-932	74	33	for	for	ADP
ajfa-932	74	34	model	model	NOUN
ajfa-932	74	35	misspecification	misspecification	NOUN
ajfa-932	74	36	.	.	PUNCT
ajfa-932	75	1	based	base	VERB
ajfa-932	75	2	on	on	ADP
ajfa-932	75	3	prior	prior	ADJ
ajfa-932	75	4	studies	study	NOUN
ajfa-932	75	5	(	(	PUNCT
ajfa-932	75	6	e.g.	e.g.	ADV
ajfa-932	75	7	ferguson	ferguson	PROPN
ajfa-932	75	8	et	et	PROPN
ajfa-932	75	9	al	al	PROPN
ajfa-932	75	10	.	.	PROPN
ajfa-932	75	11	(	(	PUNCT
ajfa-932	75	12	2003	2003	NUM
ajfa-932	75	13	)	)	PUNCT
ajfa-932	75	14	,	,	PUNCT
ajfa-932	75	15	francis	francis	PROPN
ajfa-932	75	16	et	et	PROPN
ajfa-932	75	17	al	al	PROPN
ajfa-932	75	18	.	.	PROPN
ajfa-932	75	19	(	(	PUNCT
ajfa-932	75	20	2005	2005	NUM
ajfa-932	75	21	)	)	PUNCT
ajfa-932	75	22	,	,	PUNCT
ajfa-932	75	23	gul	gul	PROPN
ajfa-932	75	24	and	and	CCONJ
ajfa-932	75	25	tsui	tsui	PROPN
ajfa-932	75	26	(	(	PUNCT
ajfa-932	75	27	2001	2001	NUM
ajfa-932	75	28	)	)	PUNCT
ajfa-932	75	29	)	)	PUNCT
ajfa-932	75	30	,	,	PUNCT
ajfa-932	75	31	the	the	DET
ajfa-932	75	32	following	follow	VERB
ajfa-932	75	33	audit	audit	NOUN
ajfa-932	75	34	fee	fee	NOUN
ajfa-932	75	35	model	model	NOUN
ajfa-932	75	36	is	be	AUX
ajfa-932	75	37	used	use	VERB
ajfa-932	75	38	to	to	PART
ajfa-932	75	39	examine	examine	VERB
ajfa-932	75	40	the	the	DET
ajfa-932	75	41	association	association	NOUN
ajfa-932	75	42	between	between	ADP
ajfa-932	75	43	audit	audit	NOUN
ajfa-932	75	44	fees	fee	NOUN
ajfa-932	75	45	and	and	CCONJ
ajfa-932	75	46	asian	asian	ADJ
ajfa-932	75	47	journal	journal	NOUN
ajfa-932	75	48	of	of	ADP
ajfa-932	75	49	finance	finance	PROPN
ajfa-932	75	50	&	&	CCONJ
ajfa-932	75	51	accounting	accounting	PROPN
ajfa-932	75	52	issn	issn	PROPN
ajfa-932	75	53	1946	1946	NUM
ajfa-932	75	54	-	-	PUNCT
ajfa-932	75	55	052x	052x	NOUN
ajfa-932	75	56	2011	2011	NUM
ajfa-932	75	57	,	,	PUNCT
ajfa-932	75	58	vol	vol	NOUN
ajfa-932	75	59	.	.	PROPN
ajfa-932	76	1	3	3	NUM
ajfa-932	76	2	,	,	PUNCT
ajfa-932	76	3	no	no	INTJ
ajfa-932	76	4	.	.	NOUN
ajfa-932	76	5	1	1	NUM
ajfa-932	76	6	:	:	PUNCT
ajfa-932	76	7	e2	e2	VERB
ajfa-932	76	8	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NUM
ajfa-932	76	9	30	30	NUM
ajfa-932	76	10	management	management	NOUN
ajfa-932	76	11	entrenchment	entrenchment	NOUN
ajfa-932	76	12	:	:	PUNCT
ajfa-932	77	1	laf	laf	PROPN
ajfa-932	77	2	=	=	SYM
ajfa-932	77	3	α0	α0	PROPN
ajfa-932	77	4	+	+	CCONJ
ajfa-932	77	5	β1size	β1size	PROPN
ajfa-932	77	6	+	+	CCONJ
ajfa-932	77	7	β2	β2	VERB
ajfa-932	77	8	lseg	lseg	VERB
ajfa-932	77	9	+	+	CCONJ
ajfa-932	77	10	β3	β3	VERB
ajfa-932	77	11	current	current	ADJ
ajfa-932	77	12	+	+	CCONJ
ajfa-932	77	13	β4quick	β4quick	PRON
ajfa-932	77	14	+	+	CCONJ
ajfa-932	77	15	β5de	β5de	PUNCT
ajfa-932	77	16	+	+	NUM
ajfa-932	77	17	β6roi	β6roi	PUNCT
ajfa-932	78	1	+	+	CCONJ
ajfa-932	78	2	β7foreign	β7foreign	ADJ
ajfa-932	78	3	+	+	CCONJ
ajfa-932	78	4	β8qopinion	β8qopinion	NOUN
ajfa-932	78	5	+	+	X
ajfa-932	78	6	β9ye	β9ye	PUNCT
ajfa-932	78	7	+	+	CCONJ
ajfa-932	78	8	β10loss	β10loss	ADJ
ajfa-932	78	9	+	+	NOUN
ajfa-932	78	10	β11adjfcf+	β11adjfcf+	ADJ
ajfa-932	78	11	β12e_index	β12e_index	NOUN
ajfa-932	78	12	+	+	CCONJ
ajfa-932	78	13	fixed	fix	VERB
ajfa-932	78	14	effects	effect	NOUN
ajfa-932	78	15	+	+	CCONJ
ajfa-932	78	16	ε	ε	PROPN
ajfa-932	78	17	laf	laf	PROPN
ajfa-932	78	18	=	=	SYM
ajfa-932	78	19	natural	natural	ADJ
ajfa-932	78	20	log	log	NOUN
ajfa-932	78	21	of	of	ADP
ajfa-932	78	22	total	total	ADJ
ajfa-932	78	23	audit	audit	NOUN
ajfa-932	78	24	fees	fee	NOUN
ajfa-932	78	25	;	;	PUNCT
ajfa-932	78	26	size	size	NOUN
ajfa-932	78	27	=	=	SYM
ajfa-932	78	28	natural	natural	ADJ
ajfa-932	78	29	log	log	NOUN
ajfa-932	78	30	of	of	ADP
ajfa-932	78	31	total	total	ADJ
ajfa-932	78	32	assets	asset	NOUN
ajfa-932	78	33	in	in	ADP
ajfa-932	78	34	millions	million	NOUN
ajfa-932	78	35	of	of	ADP
ajfa-932	78	36	dollars	dollar	NOUN
ajfa-932	78	37	;	;	PUNCT
ajfa-932	78	38	lseg	lseg	NOUN
ajfa-932	78	39	=	=	SYM
ajfa-932	78	40	natural	natural	ADJ
ajfa-932	78	41	log	log	NOUN
ajfa-932	78	42	of	of	ADP
ajfa-932	78	43	the	the	DET
ajfa-932	78	44	number	number	NOUN
ajfa-932	78	45	of	of	ADP
ajfa-932	78	46	unique	unique	ADJ
ajfa-932	78	47	business	business	NOUN
ajfa-932	78	48	segments	segment	NOUN
ajfa-932	78	49	;	;	PUNCT
ajfa-932	78	50	current	current	ADJ
ajfa-932	78	51	=	=	NOUN
ajfa-932	78	52	ratio	ratio	NOUN
ajfa-932	78	53	of	of	ADP
ajfa-932	78	54	current	current	ADJ
ajfa-932	78	55	assets	asset	NOUN
ajfa-932	78	56	to	to	ADP
ajfa-932	78	57	total	total	ADJ
ajfa-932	78	58	assets	asset	NOUN
ajfa-932	78	59	;	;	PUNCT
ajfa-932	78	60	quick	quick	ADJ
ajfa-932	78	61	=	=	VERB
ajfa-932	78	62	ratio	ratio	NOUN
ajfa-932	78	63	of	of	ADP
ajfa-932	78	64	current	current	ADJ
ajfa-932	78	65	assets	asset	NOUN
ajfa-932	78	66	less	less	ADJ
ajfa-932	78	67	inventory	inventory	NOUN
ajfa-932	78	68	to	to	ADP
ajfa-932	78	69	current	current	ADJ
ajfa-932	78	70	liability	liability	NOUN
ajfa-932	78	71	;	;	PUNCT
ajfa-932	78	72	de	de	X
ajfa-932	78	73	=	=	SYM
ajfa-932	78	74	ratio	ratio	NOUN
ajfa-932	78	75	of	of	ADP
ajfa-932	78	76	long	long	ADJ
ajfa-932	78	77	-	-	PUNCT
ajfa-932	78	78	term	term	NOUN
ajfa-932	78	79	debt	debt	NOUN
ajfa-932	78	80	divided	divide	VERB
ajfa-932	78	81	by	by	ADP
ajfa-932	78	82	total	total	ADJ
ajfa-932	78	83	assets	asset	NOUN
ajfa-932	78	84	;	;	PUNCT
ajfa-932	78	85	roi	roi	NOUN
ajfa-932	78	86	=	=	SYM
ajfa-932	78	87	ratio	ratio	NOUN
ajfa-932	78	88	of	of	ADP
ajfa-932	78	89	earnings	earning	NOUN
ajfa-932	78	90	before	before	ADP
ajfa-932	78	91	interest	interest	NOUN
ajfa-932	78	92	and	and	CCONJ
ajfa-932	78	93	tax	tax	NOUN
ajfa-932	78	94	to	to	ADP
ajfa-932	78	95	total	total	ADJ
ajfa-932	78	96	assets	asset	NOUN
ajfa-932	78	97	;	;	PUNCT
ajfa-932	78	98	foreign	foreign	ADJ
ajfa-932	78	99	=	=	NOUN
ajfa-932	78	100	proportion	proportion	NOUN
ajfa-932	78	101	of	of	ADP
ajfa-932	78	102	total	total	ADJ
ajfa-932	78	103	sales	sale	NOUN
ajfa-932	78	104	from	from	ADP
ajfa-932	78	105	foreign	foreign	ADJ
ajfa-932	78	106	operations	operation	NOUN
ajfa-932	78	107	;	;	PUNCT
ajfa-932	78	108	qopinion	qopinion	NOUN
ajfa-932	78	109	=	=	SYM
ajfa-932	79	1	indicator	indicator	NOUN
ajfa-932	79	2	variable	variable	NOUN
ajfa-932	79	3	,	,	PUNCT
ajfa-932	79	4	1	1	NUM
ajfa-932	79	5	=	=	NUM
ajfa-932	79	6	qualified	qualified	ADJ
ajfa-932	79	7	audit	audit	NOUN
ajfa-932	79	8	report	report	NOUN
ajfa-932	79	9	;	;	PUNCT
ajfa-932	79	10	ye	ye	NOUN
ajfa-932	79	11	=	=	SYM
ajfa-932	79	12	indicator	indicator	NOUN
ajfa-932	79	13	variable	variable	NOUN
ajfa-932	79	14	,	,	PUNCT
ajfa-932	79	15	1=31/12	1=31/12	PROPN
ajfa-932	79	16	fiscal	fiscal	ADJ
ajfa-932	79	17	year	year	NOUN
ajfa-932	79	18	end	end	NOUN
ajfa-932	79	19	;	;	PUNCT
ajfa-932	79	20	loss	loss	NOUN
ajfa-932	79	21	=	=	SYM
ajfa-932	79	22	indicator	indicator	NOUN
ajfa-932	79	23	variable	variable	NOUN
ajfa-932	79	24	,	,	PUNCT
ajfa-932	79	25	1=	1=	NUM
ajfa-932	79	26	loss	loss	NOUN
ajfa-932	79	27	in	in	ADP
ajfa-932	79	28	current	current	ADJ
ajfa-932	79	29	fiscal	fiscal	ADJ
ajfa-932	79	30	year	year	NOUN
ajfa-932	79	31	;	;	PUNCT
ajfa-932	79	32	adjfcf	adjfcf	NOUN
ajfa-932	79	33	=	=	SYM
ajfa-932	79	34	jensen	jensen	PROPN
ajfa-932	79	35	free	free	ADJ
ajfa-932	79	36	cash	cash	NOUN
ajfa-932	79	37	flow	flow	NOUN
ajfa-932	79	38	;	;	PUNCT
ajfa-932	79	39	defined	define	VERB
ajfa-932	79	40	as	as	ADP
ajfa-932	79	41	cash	cash	NOUN
ajfa-932	79	42	flow	flow	NOUN
ajfa-932	79	43	(	(	PUNCT
ajfa-932	79	44	revenues	revenue	NOUN
ajfa-932	79	45	less	less	ADJ
ajfa-932	79	46	cash	cash	NOUN
ajfa-932	79	47	expenses	expense	NOUN
ajfa-932	79	48	including	include	VERB
ajfa-932	79	49	tax	tax	NOUN
ajfa-932	79	50	and	and	CCONJ
ajfa-932	79	51	interest	interest	NOUN
ajfa-932	79	52	payments	payment	NOUN
ajfa-932	79	53	)	)	PUNCT
ajfa-932	79	54	less	less	ADJ
ajfa-932	79	55	dividends	dividend	NOUN
ajfa-932	79	56	,	,	PUNCT
ajfa-932	79	57	divided	divide	VERB
ajfa-932	79	58	by	by	ADP
ajfa-932	79	59	total	total	ADJ
ajfa-932	79	60	assets	asset	NOUN
ajfa-932	79	61	(	(	PUNCT
ajfa-932	79	62	gul	gul	PROPN
ajfa-932	79	63	&	&	CCONJ
ajfa-932	79	64	tsui	tsui	PROPN
ajfa-932	79	65	2001	2001	NUM
ajfa-932	79	66	;	;	PUNCT
ajfa-932	79	67	chirinko	chirinko	PROPN
ajfa-932	79	68	&	&	CCONJ
ajfa-932	79	69	schaller	schaller	PROPN
ajfa-932	79	70	2004	2004	NUM
ajfa-932	79	71	)	)	PUNCT
ajfa-932	79	72	;	;	PUNCT
ajfa-932	79	73	e_index	e_index	NOUN
ajfa-932	79	74	=	=	SYM
ajfa-932	79	75	entrechment	entrechment	NOUN
ajfa-932	79	76	index	index	NOUN
ajfa-932	79	77	(	(	PUNCT
ajfa-932	79	78	bebchuk	bebchuk	NOUN
ajfa-932	79	79	et	et	PROPN
ajfa-932	79	80	al	al	PROPN
ajfa-932	79	81	.	.	PROPN
ajfa-932	79	82	2005	2005	NUM
ajfa-932	79	83	)	)	PUNCT
ajfa-932	79	84	;	;	PUNCT
ajfa-932	79	85	fixed	fix	VERB
ajfa-932	79	86	effects	effect	NOUN
ajfa-932	79	87	=	=	SYM
ajfa-932	79	88	industry	industry	NOUN
ajfa-932	79	89	dummy	dummy	NOUN
ajfa-932	79	90	variables	variable	NOUN
ajfa-932	79	91	for	for	ADP
ajfa-932	79	92	two	two	NUM
ajfa-932	79	93	-	-	PUNCT
ajfa-932	79	94	digit	digit	NOUN
ajfa-932	79	95	sic	sic	ADJ
ajfa-932	79	96	industry	industry	NOUN
ajfa-932	79	97	classification	classification	NOUN
ajfa-932	79	98	and	and	CCONJ
ajfa-932	79	99	year	year	NOUN
ajfa-932	79	100	dummy	dummy	ADJ
ajfa-932	79	101	variables	variable	NOUN
ajfa-932	79	102	;	;	PUNCT
ajfa-932	79	103	ε	ε	PROPN
ajfa-932	79	104	=	=	SYM
ajfa-932	79	105	error	error	NOUN
ajfa-932	79	106	term	term	NOUN
ajfa-932	79	107	.	.	PUNCT
ajfa-932	80	1	the	the	DET
ajfa-932	80	2	above	above	ADJ
ajfa-932	80	3	model	model	NOUN
ajfa-932	80	4	is	be	AUX
ajfa-932	80	5	similar	similar	ADJ
ajfa-932	80	6	to	to	ADP
ajfa-932	80	7	francis	francis	PROPN
ajfa-932	80	8	et	et	PROPN
ajfa-932	80	9	al	al	PROPN
ajfa-932	80	10	.	.	PROPN
ajfa-932	81	1	(	(	PUNCT
ajfa-932	81	2	2005	2005	NUM
ajfa-932	81	3	)	)	PUNCT
ajfa-932	81	4	except	except	SCONJ
ajfa-932	81	5	for	for	ADP
ajfa-932	81	6	two	two	NUM
ajfa-932	81	7	variables	variable	NOUN
ajfa-932	81	8	:	:	PUNCT
ajfa-932	81	9	adjfcf	adjfcf	ADJ
ajfa-932	81	10	and	and	CCONJ
ajfa-932	81	11	e_index	e_index	NOUN
ajfa-932	81	12	.	.	PUNCT
ajfa-932	82	1	adjfcf	adjfcf	ADJ
ajfa-932	82	2	(	(	PUNCT
ajfa-932	82	3	jensen	jensen	PROPN
ajfa-932	82	4	free	free	ADJ
ajfa-932	82	5	cash	cash	NOUN
ajfa-932	82	6	flow	flow	NOUN
ajfa-932	82	7	)	)	PUNCT
ajfa-932	82	8	is	be	AUX
ajfa-932	82	9	measured	measure	VERB
ajfa-932	82	10	in	in	ADP
ajfa-932	82	11	the	the	DET
ajfa-932	82	12	same	same	ADJ
ajfa-932	82	13	way	way	NOUN
ajfa-932	82	14	as	as	ADP
ajfa-932	82	15	gul	gul	PROPN
ajfa-932	82	16	and	and	CCONJ
ajfa-932	82	17	tsui	tsui	PROPN
ajfa-932	82	18	(	(	PUNCT
ajfa-932	82	19	1998	1998	NUM
ajfa-932	82	20	)	)	PUNCT
ajfa-932	82	21	,	,	PUNCT
ajfa-932	82	22	gul	gul	PROPN
ajfa-932	82	23	and	and	CCONJ
ajfa-932	82	24	tsui	tsui	PROPN
ajfa-932	82	25	(	(	PUNCT
ajfa-932	82	26	2001	2001	NUM
ajfa-932	82	27	)	)	PUNCT
ajfa-932	82	28	and	and	CCONJ
ajfa-932	82	29	chirinkoand	chirinkoand	NOUN
ajfa-932	82	30	schaller	schaller	NOUN
ajfa-932	82	31	(	(	PUNCT
ajfa-932	82	32	2004	2004	NUM
ajfa-932	82	33	)	)	PUNCT
ajfa-932	82	34	.	.	PUNCT
ajfa-932	83	1	e_index	e_index	NOUN
ajfa-932	83	2	is	be	AUX
ajfa-932	83	3	the	the	DET
ajfa-932	83	4	variable	variable	NOUN
ajfa-932	83	5	of	of	ADP
ajfa-932	83	6	interest	interest	NOUN
ajfa-932	83	7	and	and	CCONJ
ajfa-932	83	8	is	be	AUX
ajfa-932	83	9	the	the	DET
ajfa-932	83	10	entrenchment	entrenchment	ADJ
ajfa-932	83	11	index	index	NOUN
ajfa-932	83	12	defined	define	VERB
ajfa-932	83	13	by	by	ADP
ajfa-932	83	14	bebchuk	bebchuk	PROPN
ajfa-932	83	15	et	et	PROPN
ajfa-932	83	16	al	al	PROPN
ajfa-932	83	17	.	.	PROPN
ajfa-932	84	1	(	(	PUNCT
ajfa-932	84	2	2005	2005	NUM
ajfa-932	84	3	)	)	PUNCT
ajfa-932	84	4	entrenchment	entrenchment	NOUN
ajfa-932	84	5	index	index	NOUN
ajfa-932	84	6	.	.	PUNCT
ajfa-932	85	1	the	the	DET
ajfa-932	85	2	positive	positive	ADJ
ajfa-932	85	3	coefficient	coefficient	NOUN
ajfa-932	85	4	on	on	ADP
ajfa-932	85	5	e_index	e_index	NOUN
ajfa-932	85	6	suggests	suggest	VERB
ajfa-932	85	7	that	that	SCONJ
ajfa-932	85	8	entrenchment	entrenchment	ADJ
ajfa-932	85	9	provisions	provision	NOUN
ajfa-932	85	10	entrench	entrench	VERB
ajfa-932	85	11	management	management	NOUN
ajfa-932	85	12	and	and	CCONJ
ajfa-932	85	13	induce	induce	VERB
ajfa-932	85	14	inefficient	inefficient	ADJ
ajfa-932	85	15	or	or	CCONJ
ajfa-932	85	16	opportunistic	opportunistic	ADJ
ajfa-932	85	17	behavior	behavior	NOUN
ajfa-932	85	18	.	.	PUNCT
ajfa-932	86	1	the	the	DET
ajfa-932	86	2	negative	negative	ADJ
ajfa-932	86	3	coefficient	coefficient	NOUN
ajfa-932	86	4	on	on	ADP
ajfa-932	86	5	e_index	e_index	NOUN
ajfa-932	86	6	suggests	suggest	VERB
ajfa-932	86	7	that	that	SCONJ
ajfa-932	86	8	entrenchment	entrenchment	ADJ
ajfa-932	86	9	provisions	provision	NOUN
ajfa-932	86	10	are	be	AUX
ajfa-932	86	11	adopted	adopt	VERB
ajfa-932	86	12	to	to	PART
ajfa-932	86	13	attract	attract	VERB
ajfa-932	86	14	good	good	ADJ
ajfa-932	86	15	managers	manager	NOUN
ajfa-932	86	16	to	to	PART
ajfa-932	86	17	pursue	pursue	VERB
ajfa-932	86	18	long	long	ADJ
ajfa-932	86	19	-	-	PUNCT
ajfa-932	86	20	term	term	NOUN
ajfa-932	86	21	projects	project	NOUN
ajfa-932	86	22	.	.	PUNCT
ajfa-932	87	1	furthermore	furthermore	ADV
ajfa-932	87	2	,	,	PUNCT
ajfa-932	87	3	this	this	DET
ajfa-932	87	4	study	study	NOUN
ajfa-932	87	5	investigates	investigate	VERB
ajfa-932	87	6	whether	whether	SCONJ
ajfa-932	87	7	the	the	DET
ajfa-932	87	8	relation	relation	NOUN
ajfa-932	87	9	between	between	ADP
ajfa-932	87	10	audit	audit	NOUN
ajfa-932	87	11	fees	fee	NOUN
ajfa-932	87	12	and	and	CCONJ
ajfa-932	87	13	entrenchment	entrenchment	ADJ
ajfa-932	87	14	provisions	provision	NOUN
ajfa-932	87	15	is	be	AUX
ajfa-932	87	16	contingent	contingent	ADJ
ajfa-932	87	17	on	on	ADP
ajfa-932	87	18	firms	firm	NOUN
ajfa-932	87	19	’	’	PART
ajfa-932	87	20	agency	agency	NOUN
ajfa-932	87	21	problem	problem	NOUN
ajfa-932	87	22	.	.	PUNCT
ajfa-932	88	1	we	we	PRON
ajfa-932	88	2	expect	expect	VERB
ajfa-932	88	3	that	that	SCONJ
ajfa-932	88	4	the	the	DET
ajfa-932	88	5	association	association	NOUN
ajfa-932	88	6	between	between	ADP
ajfa-932	88	7	audit	audit	NOUN
ajfa-932	88	8	fees	fee	NOUN
ajfa-932	88	9	and	and	CCONJ
ajfa-932	88	10	entrenchment	entrenchment	ADJ
ajfa-932	88	11	provisions	provision	NOUN
ajfa-932	88	12	is	be	AUX
ajfa-932	88	13	stronger	strong	ADJ
ajfa-932	88	14	for	for	ADP
ajfa-932	88	15	firms	firm	NOUN
ajfa-932	88	16	with	with	ADP
ajfa-932	88	17	agency	agency	NOUN
ajfa-932	88	18	problems	problem	NOUN
ajfa-932	88	19	(	(	PUNCT
ajfa-932	88	20	i.e.	i.e.	X
ajfa-932	88	21	firms	firm	NOUN
ajfa-932	88	22	with	with	ADP
ajfa-932	88	23	low	low	ADJ
ajfa-932	88	24	growth	growth	NOUN
ajfa-932	88	25	and	and	CCONJ
ajfa-932	88	26	high	high	ADJ
ajfa-932	88	27	level	level	NOUN
ajfa-932	88	28	of	of	ADP
ajfa-932	88	29	free	free	ADJ
ajfa-932	88	30	cash	cash	NOUN
ajfa-932	88	31	flows	flow	NOUN
ajfa-932	88	32	)	)	PUNCT
ajfa-932	88	33	.	.	PUNCT
ajfa-932	89	1	following	follow	VERB
ajfa-932	89	2	chirinko	chirinko	PROPN
ajfa-932	89	3	&	&	CCONJ
ajfa-932	89	4	schaller	schaller	PROPN
ajfa-932	89	5	(	(	PUNCT
ajfa-932	89	6	2004	2004	NUM
ajfa-932	89	7	)	)	PUNCT
ajfa-932	89	8	and	and	CCONJ
ajfa-932	89	9	gul	gul	PROPN
ajfa-932	89	10	&	&	CCONJ
ajfa-932	89	11	tsui	tsui	PROPN
ajfa-932	89	12	(	(	PUNCT
ajfa-932	89	13	2001	2001	NUM
ajfa-932	89	14	)	)	PUNCT
ajfa-932	89	15	,	,	PUNCT
ajfa-932	89	16	free	free	ADJ
ajfa-932	89	17	cash	cash	NOUN
ajfa-932	89	18	flows	flow	NOUN
ajfa-932	89	19	are	be	AUX
ajfa-932	89	20	defined	define	VERB
ajfa-932	89	21	as	as	ADP
ajfa-932	89	22	cash	cash	NOUN
ajfa-932	89	23	flow	flow	NOUN
ajfa-932	89	24	less	less	ADJ
ajfa-932	89	25	dividends	dividend	NOUN
ajfa-932	89	26	,	,	PUNCT
ajfa-932	89	27	divided	divide	VERB
ajfa-932	89	28	by	by	ADP
ajfa-932	89	29	total	total	ADJ
ajfa-932	89	30	assets	asset	NOUN
ajfa-932	89	31	;	;	PUNCT
ajfa-932	89	32	cash	cash	NOUN
ajfa-932	89	33	flow	flow	NOUN
ajfa-932	89	34	is	be	AUX
ajfa-932	89	35	defined	define	VERB
ajfa-932	89	36	as	as	ADP
ajfa-932	89	37	revenues	revenue	NOUN
ajfa-932	89	38	less	less	ADJ
ajfa-932	89	39	cash	cash	NOUN
ajfa-932	89	40	asian	asian	ADJ
ajfa-932	89	41	journal	journal	NOUN
ajfa-932	89	42	of	of	ADP
ajfa-932	89	43	finance	finance	PROPN
ajfa-932	89	44	&	&	CCONJ
ajfa-932	89	45	accounting	accounting	PROPN
ajfa-932	89	46	issn	issn	PROPN
ajfa-932	89	47	1946	1946	NUM
ajfa-932	89	48	-	-	PUNCT
ajfa-932	89	49	052x	052x	NOUN
ajfa-932	89	50	2011	2011	NUM
ajfa-932	89	51	,	,	PUNCT
ajfa-932	89	52	vol	vol	NOUN
ajfa-932	89	53	.	.	PROPN
ajfa-932	90	1	3	3	NUM
ajfa-932	90	2	,	,	PUNCT
ajfa-932	90	3	no	no	INTJ
ajfa-932	90	4	.	.	NOUN
ajfa-932	90	5	1	1	NUM
ajfa-932	90	6	:	:	PUNCT
ajfa-932	90	7	e2	e2	VERB
ajfa-932	90	8	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NUM
ajfa-932	90	9	31	31	NUM
ajfa-932	90	10	expenses	expense	NOUN
ajfa-932	90	11	including	include	VERB
ajfa-932	90	12	tax	tax	NOUN
ajfa-932	90	13	and	and	CCONJ
ajfa-932	90	14	interest	interest	NOUN
ajfa-932	90	15	payments	payment	NOUN
ajfa-932	90	16	.	.	PUNCT
ajfa-932	91	1	following	follow	VERB
ajfa-932	91	2	prior	prior	ADJ
ajfa-932	91	3	research	research	NOUN
ajfa-932	91	4	(	(	PUNCT
ajfa-932	91	5	chirinko	chirinko	PROPN
ajfa-932	91	6	&	&	CCONJ
ajfa-932	91	7	schaller	schaller	PROPN
ajfa-932	91	8	2004	2004	NUM
ajfa-932	91	9	;	;	PUNCT
ajfa-932	91	10	harvey	harvey	PROPN
ajfa-932	91	11	et	et	PROPN
ajfa-932	91	12	al	al	PROPN
ajfa-932	91	13	.	.	PROPN
ajfa-932	91	14	2004	2004	NUM
ajfa-932	91	15	;	;	PUNCT
ajfa-932	91	16	lang	lang	PROPN
ajfa-932	91	17	et	et	PROPN
ajfa-932	91	18	al	al	PROPN
ajfa-932	91	19	.	.	PROPN
ajfa-932	91	20	1991	1991	NUM
ajfa-932	91	21	)	)	PUNCT
ajfa-932	91	22	,	,	PUNCT
ajfa-932	91	23	tobin	tobin	PROPN
ajfa-932	91	24	’s	’s	PART
ajfa-932	91	25	q	q	X
ajfa-932	91	26	,	,	PUNCT
ajfa-932	91	27	which	which	PRON
ajfa-932	91	28	measures	measure	VERB
ajfa-932	91	29	growth	growth	NOUN
ajfa-932	91	30	opportunities	opportunity	NOUN
ajfa-932	91	31	,	,	PUNCT
ajfa-932	91	32	is	be	AUX
ajfa-932	91	33	computed	compute	VERB
ajfa-932	91	34	as	as	ADP
ajfa-932	91	35	market	market	NOUN
ajfa-932	91	36	value	value	NOUN
ajfa-932	91	37	of	of	ADP
ajfa-932	91	38	equity	equity	NOUN
ajfa-932	91	39	plus	plus	CCONJ
ajfa-932	91	40	book	book	NOUN
ajfa-932	91	41	value	value	NOUN
ajfa-932	91	42	of	of	ADP
ajfa-932	91	43	assets	asset	NOUN
ajfa-932	91	44	minus	minus	ADP
ajfa-932	91	45	book	book	NOUN
ajfa-932	91	46	value	value	NOUN
ajfa-932	91	47	of	of	ADP
ajfa-932	91	48	equity	equity	NOUN
ajfa-932	91	49	,	,	PUNCT
ajfa-932	91	50	and	and	CCONJ
ajfa-932	91	51	then	then	ADV
ajfa-932	91	52	divided	divide	VERB
ajfa-932	91	53	by	by	ADP
ajfa-932	91	54	book	book	NOUN
ajfa-932	91	55	value	value	NOUN
ajfa-932	91	56	of	of	ADP
ajfa-932	91	57	assets	asset	NOUN
ajfa-932	91	58	.	.	PUNCT
ajfa-932	92	1	base	base	NOUN
ajfa-932	92	2	on	on	ADP
ajfa-932	92	3	jensen	jensen	PROPN
ajfa-932	92	4	(	(	PUNCT
ajfa-932	92	5	1986	1986	NUM
ajfa-932	92	6	)	)	PUNCT
ajfa-932	92	7	,	,	PUNCT
ajfa-932	92	8	this	this	DET
ajfa-932	92	9	study	study	NOUN
ajfa-932	92	10	defines	define	VERB
ajfa-932	92	11	firms	firm	NOUN
ajfa-932	92	12	with	with	ADP
ajfa-932	92	13	agency	agency	NOUN
ajfa-932	92	14	problems	problem	NOUN
ajfa-932	92	15	as	as	ADP
ajfa-932	92	16	the	the	DET
ajfa-932	92	17	firms	firm	NOUN
ajfa-932	92	18	with	with	ADP
ajfa-932	92	19	low	low	ADJ
ajfa-932	92	20	growth	growth	NOUN
ajfa-932	92	21	and	and	CCONJ
ajfa-932	92	22	high	high	ADJ
ajfa-932	92	23	level	level	NOUN
ajfa-932	92	24	of	of	ADP
ajfa-932	92	25	free	free	ADJ
ajfa-932	92	26	cash	cash	NOUN
ajfa-932	92	27	flows	flow	NOUN
ajfa-932	92	28	.	.	PUNCT
ajfa-932	93	1	firms	firm	NOUN
ajfa-932	93	2	with	with	ADP
ajfa-932	93	3	tobin	tobin	PROPN
ajfa-932	93	4	’s	’s	PART
ajfa-932	93	5	q	q	X
ajfa-932	93	6	below	below	ADP
ajfa-932	93	7	the	the	DET
ajfa-932	93	8	full	full	ADJ
ajfa-932	93	9	sample	sample	NOUN
ajfa-932	93	10	median	median	NOUN
ajfa-932	93	11	of	of	ADP
ajfa-932	93	12	tobin	tobin	PROPN
ajfa-932	93	13	’s	’s	PART
ajfa-932	93	14	q	q	NOUN
ajfa-932	93	15	are	be	AUX
ajfa-932	93	16	classified	classify	VERB
ajfa-932	93	17	as	as	ADP
ajfa-932	93	18	firms	firm	NOUN
ajfa-932	93	19	with	with	ADP
ajfa-932	93	20	low	low	ADJ
ajfa-932	93	21	growth	growth	NOUN
ajfa-932	93	22	opportunities	opportunity	NOUN
ajfa-932	93	23	;	;	PUNCT
ajfa-932	93	24	while	while	SCONJ
ajfa-932	93	25	firms	firm	NOUN
ajfa-932	93	26	with	with	ADP
ajfa-932	93	27	free	free	ADJ
ajfa-932	93	28	cash	cash	NOUN
ajfa-932	93	29	flows	flow	NOUN
ajfa-932	93	30	above	above	ADP
ajfa-932	93	31	the	the	DET
ajfa-932	93	32	full	full	ADJ
ajfa-932	93	33	sample	sample	NOUN
ajfa-932	93	34	median	median	NOUN
ajfa-932	93	35	free	free	ADJ
ajfa-932	93	36	cash	cash	NOUN
ajfa-932	93	37	flows	flow	NOUN
ajfa-932	93	38	are	be	AUX
ajfa-932	93	39	classified	classify	VERB
ajfa-932	93	40	as	as	ADP
ajfa-932	93	41	high	high	ADJ
ajfa-932	93	42	level	level	NOUN
ajfa-932	93	43	of	of	ADP
ajfa-932	93	44	free	free	ADJ
ajfa-932	93	45	cash	cash	NOUN
ajfa-932	93	46	flows	flow	NOUN
ajfa-932	93	47	.	.	PUNCT
ajfa-932	94	1	4	4	X
ajfa-932	94	2	.	.	X
ajfa-932	94	3	sample	sample	VERB
ajfa-932	94	4	the	the	DET
ajfa-932	94	5	initial	initial	ADJ
ajfa-932	94	6	sample	sample	NOUN
ajfa-932	94	7	consists	consist	VERB
ajfa-932	94	8	of	of	ADP
ajfa-932	94	9	all	all	DET
ajfa-932	94	10	firms	firm	NOUN
ajfa-932	94	11	with	with	ADP
ajfa-932	94	12	data	datum	NOUN
ajfa-932	94	13	available	available	ADJ
ajfa-932	94	14	on	on	ADP
ajfa-932	94	15	compustat	compustat	NOUN
ajfa-932	94	16	between	between	ADP
ajfa-932	94	17	2000	2000	NUM
ajfa-932	94	18	and	and	CCONJ
ajfa-932	94	19	2004	2004	NUM
ajfa-932	94	20	.	.	PUNCT
ajfa-932	95	1	the	the	DET
ajfa-932	95	2	sample	sample	NOUN
ajfa-932	95	3	also	also	ADV
ajfa-932	95	4	meets	meet	VERB
ajfa-932	95	5	the	the	DET
ajfa-932	95	6	following	follow	VERB
ajfa-932	95	7	screens	screen	NOUN
ajfa-932	95	8	:	:	PUNCT
ajfa-932	95	9	1	1	X
ajfa-932	95	10	)	)	PUNCT
ajfa-932	95	11	audited	audit	VERB
ajfa-932	95	12	by	by	ADP
ajfa-932	95	13	big	big	ADJ
ajfa-932	95	14	n	n	CCONJ
ajfa-932	95	15	accounting	accounting	NOUN
ajfa-932	95	16	firms	firm	NOUN
ajfa-932	95	17	;	;	PUNCT
ajfa-932	95	18	2	2	X
ajfa-932	95	19	)	)	PUNCT
ajfa-932	95	20	required	require	VERB
ajfa-932	95	21	financial	financial	ADJ
ajfa-932	95	22	statement	statement	NOUN
ajfa-932	95	23	data	datum	NOUN
ajfa-932	95	24	available	available	ADJ
ajfa-932	95	25	on	on	ADP
ajfa-932	95	26	compustat	compustat	NOUN
ajfa-932	95	27	;	;	PUNCT
ajfa-932	95	28	3	3	X
ajfa-932	95	29	)	)	PUNCT
ajfa-932	95	30	not	not	PART
ajfa-932	95	31	in	in	ADP
ajfa-932	95	32	the	the	DET
ajfa-932	95	33	financial	financial	ADJ
ajfa-932	95	34	services	service	NOUN
ajfa-932	95	35	sector	sector	NOUN
ajfa-932	95	36	(	(	PUNCT
ajfa-932	95	37	sic	sic	ADJ
ajfa-932	95	38	codes	code	NOUN
ajfa-932	95	39	6000	6000	NUM
ajfa-932	95	40	to	to	ADP
ajfa-932	95	41	6999	6999	NUM
ajfa-932	95	42	)	)	PUNCT
ajfa-932	95	43	;	;	PUNCT
ajfa-932	95	44	4	4	X
ajfa-932	95	45	)	)	PUNCT
ajfa-932	95	46	audit	audit	NOUN
ajfa-932	95	47	fees	fee	NOUN
ajfa-932	95	48	data	datum	NOUN
ajfa-932	95	49	available	available	ADJ
ajfa-932	95	50	from	from	ADP
ajfa-932	95	51	standard	standard	ADJ
ajfa-932	95	52	&	&	CCONJ
ajfa-932	95	53	poor	poor	ADJ
ajfa-932	95	54	audit	audit	NOUN
ajfa-932	95	55	fee	fee	NOUN
ajfa-932	95	56	database	database	NOUN
ajfa-932	95	57	;	;	PUNCT
ajfa-932	95	58	5	5	NUM
ajfa-932	95	59	)	)	PUNCT
ajfa-932	95	60	entrenchment	entrenchment	ADJ
ajfa-932	95	61	provision	provision	NOUN
ajfa-932	95	62	index	index	NOUN
ajfa-932	95	63	available	available	ADJ
ajfa-932	95	64	(	(	PUNCT
ajfa-932	95	65	entrenchment	entrenchment	ADJ
ajfa-932	95	66	index	index	NOUN
ajfa-932	95	67	data	datum	NOUN
ajfa-932	95	68	are	be	AUX
ajfa-932	95	69	provided	provide	VERB
ajfa-932	95	70	by	by	ADP
ajfa-932	95	71	professor	professor	NOUN
ajfa-932	95	72	bebchuk	bebchuk	NOUN
ajfa-932	95	73	,	,	PUNCT
ajfa-932	95	74	please	please	INTJ
ajfa-932	95	75	refer	refer	VERB
ajfa-932	95	76	to	to	ADP
ajfa-932	95	77	his	his	PRON
ajfa-932	95	78	website	website	NOUN
ajfa-932	95	79	)	)	PUNCT
ajfa-932	95	80	.	.	PUNCT
ajfa-932	96	1	because	because	SCONJ
ajfa-932	96	2	bebchuk	bebchuk	PROPN
ajfa-932	96	3	et	et	PROPN
ajfa-932	96	4	al	al	PROPN
ajfa-932	96	5	.	.	PROPN
ajfa-932	97	1	(	(	PUNCT
ajfa-932	97	2	2005	2005	NUM
ajfa-932	97	3	)	)	PUNCT
ajfa-932	97	4	get	get	VERB
ajfa-932	97	5	corporate	corporate	ADJ
ajfa-932	97	6	provisions	provision	NOUN
ajfa-932	97	7	data	datum	NOUN
ajfa-932	97	8	from	from	ADP
ajfa-932	97	9	irrc	irrc	PROPN
ajfa-932	97	10	(	(	PUNCT
ajfa-932	97	11	investor	investor	NOUN
ajfa-932	97	12	responsibility	responsibility	NOUN
ajfa-932	97	13	research	research	NOUN
ajfa-932	97	14	center	center	NOUN
ajfa-932	97	15	)	)	PUNCT
ajfa-932	97	16	and	and	CCONJ
ajfa-932	97	17	irrc	irrc	ADJ
ajfa-932	97	18	publications	publication	NOUN
ajfa-932	97	19	are	be	AUX
ajfa-932	97	20	available	available	ADJ
ajfa-932	97	21	only	only	ADV
ajfa-932	97	22	for	for	ADP
ajfa-932	97	23	year	year	NOUN
ajfa-932	97	24	2000	2000	NUM
ajfa-932	97	25	,	,	PUNCT
ajfa-932	97	26	2002	2002	NUM
ajfa-932	97	27	and	and	CCONJ
ajfa-932	97	28	2004	2004	NUM
ajfa-932	97	29	,	,	PUNCT
ajfa-932	97	30	that	that	DET
ajfa-932	97	31	firms	firm	NOUN
ajfa-932	97	32	’	'	PUNCT
ajfa-932	97	33	governance	governance	NOUN
ajfa-932	97	34	provisions	provision	NOUN
ajfa-932	97	35	are	be	AUX
ajfa-932	97	36	assumed	assume	VERB
ajfa-932	97	37	to	to	PART
ajfa-932	97	38	be	be	AUX
ajfa-932	97	39	in	in	ADP
ajfa-932	97	40	place	place	NOUN
ajfa-932	97	41	during	during	ADP
ajfa-932	97	42	the	the	DET
ajfa-932	97	43	period	period	NOUN
ajfa-932	97	44	immediately	immediately	ADV
ajfa-932	97	45	following	follow	VERB
ajfa-932	97	46	the	the	DET
ajfa-932	97	47	publication	publication	NOUN
ajfa-932	97	48	of	of	ADP
ajfa-932	97	49	the	the	DET
ajfa-932	97	50	volume	volume	NOUN
ajfa-932	97	51	until	until	ADP
ajfa-932	97	52	the	the	DET
ajfa-932	97	53	publication	publication	NOUN
ajfa-932	97	54	of	of	ADP
ajfa-932	97	55	the	the	DET
ajfa-932	97	56	subsequent	subsequent	ADJ
ajfa-932	97	57	irrc	irrc	ADJ
ajfa-932	97	58	volume	volume	NOUN
ajfa-932	97	59	,	,	PUNCT
ajfa-932	97	60	which	which	PRON
ajfa-932	97	61	follows	follow	VERB
ajfa-932	97	62	bebchuck	bebchuck	NOUN
ajfa-932	97	63	et	et	PROPN
ajfa-932	97	64	al	al	PROPN
ajfa-932	97	65	.	.	PROPN
ajfa-932	98	1	(	(	PUNCT
ajfa-932	98	2	2005	2005	NUM
ajfa-932	98	3	)	)	PUNCT
ajfa-932	98	4	and	and	CCONJ
ajfa-932	98	5	gompers	gomper	NOUN
ajfa-932	98	6	et	et	PROPN
ajfa-932	98	7	al	al	PROPN
ajfa-932	98	8	.	.	PUNCT
ajfa-932	99	1	(	(	PUNCT
ajfa-932	99	2	2003	2003	NUM
ajfa-932	99	3	)	)	PUNCT
ajfa-932	99	4	.	.	PUNCT
ajfa-932	100	1	the	the	DET
ajfa-932	100	2	final	final	ADJ
ajfa-932	100	3	sample	sample	NOUN
ajfa-932	100	4	meeting	meeting	NOUN
ajfa-932	100	5	the	the	DET
ajfa-932	100	6	above	above	ADJ
ajfa-932	100	7	requirements	requirement	NOUN
ajfa-932	100	8	has	have	VERB
ajfa-932	100	9	2,510	2,510	NUM
ajfa-932	100	10	firm	firm	ADJ
ajfa-932	100	11	-	-	PUNCT
ajfa-932	100	12	year	year	NOUN
ajfa-932	100	13	observations	observation	NOUN
ajfa-932	100	14	from	from	ADP
ajfa-932	100	15	2000	2000	NUM
ajfa-932	100	16	to	to	ADP
ajfa-932	100	17	2004	2004	NUM
ajfa-932	100	18	.	.	PUNCT
ajfa-932	101	1	table	table	NOUN
ajfa-932	101	2	1	1	NUM
ajfa-932	101	3	.	.	PUNCT
ajfa-932	102	1	descriptive	descriptive	ADJ
ajfa-932	102	2	statistics	statistic	NOUN
ajfa-932	102	3	n=2510	n=2510	PROPN
ajfa-932	102	4	variable	variable	ADJ
ajfa-932	102	5	mean	mean	VERB
ajfa-932	102	6	median	median	PROPN
ajfa-932	102	7	std	std	NOUN
ajfa-932	102	8	dev	dev	PROPN
ajfa-932	102	9	q1	q1	PROPN
ajfa-932	102	10	q3	q3	PROPN
ajfa-932	102	11	minimum	minimum	PROPN
ajfa-932	102	12	maximum	maximum	PROPN
ajfa-932	102	13	auditfee	auditfee	PROPN
ajfa-932	102	14	2071.240	2071.240	PROPN
ajfa-932	102	15	931.450	931.450	NUM
ajfa-932	102	16	3702.940	3702.940	NUM
ajfa-932	102	17	474.000	474.000	NUM
ajfa-932	102	18	2132.200	2132.200	NUM
ajfa-932	102	19	2.684	2.684	NUM
ajfa-932	102	20	80593.000	80593.000	NUM
ajfa-932	102	21	laf	laf	PROPN
ajfa-932	102	22	6.947	6.947	NUM
ajfa-932	102	23	6.837	6.837	NUM
ajfa-932	102	24	1.115	1.115	NUM
ajfa-932	102	25	6.161	6.161	NUM
ajfa-932	102	26	7.665	7.665	NUM
ajfa-932	102	27	0.987	0.987	NUM
ajfa-932	102	28	11.297	11.297	NUM
ajfa-932	102	29	assets	asset	NOUN
ajfa-932	103	1	5613.550	5613.550	NUM
ajfa-932	103	2	1368.280	1368.280	NUM
ajfa-932	103	3	13002.970	13002.970	NUM
ajfa-932	103	4	562.101	562.101	NUM
ajfa-932	103	5	4335.000	4335.000	NUM
ajfa-932	103	6	30.531	30.531	NUM
ajfa-932	103	7	174278.000	174278.000	NUM
ajfa-932	103	8	size	size	NOUN
ajfa-932	103	9	7.418	7.418	NUM
ajfa-932	103	10	7.221	7.221	NUM
ajfa-932	103	11	1.512	1.512	NUM
ajfa-932	103	12	6.332	6.332	NUM
ajfa-932	103	13	8.374	8.374	NUM
ajfa-932	103	14	3.419	3.419	NUM
ajfa-932	103	15	12.068	12.068	NUM
ajfa-932	103	16	lseg	lseg	PROPN
ajfa-932	103	17	0.895	0.895	NUM
ajfa-932	103	18	1.099	1.099	NUM
ajfa-932	103	19	0.686	0.686	NUM
ajfa-932	103	20	0.000	0.000	NUM
ajfa-932	103	21	1.386	1.386	NUM
ajfa-932	103	22	0.000	0.000	NUM
ajfa-932	103	23	2.303	2.303	NUM
ajfa-932	103	24	current	current	ADJ
ajfa-932	103	25	0.461	0.461	NUM
ajfa-932	103	26	0.443	0.443	NUM
ajfa-932	103	27	0.201	0.201	NUM
ajfa-932	103	28	0.317	0.317	NUM
ajfa-932	103	29	0.606	0.606	NUM
ajfa-932	103	30	0.028	0.028	NUM
ajfa-932	103	31	0.969	0.969	NUM
ajfa-932	103	32	quick	quick	ADJ
ajfa-932	103	33	1.917	1.917	NUM
ajfa-932	103	34	1.311	1.311	NUM
ajfa-932	103	35	2.346	2.346	NUM
ajfa-932	103	36	0.891	0.891	NUM
ajfa-932	103	37	2.042	2.042	NUM
ajfa-932	103	38	0.044	0.044	NUM
ajfa-932	103	39	35.795	35.795	NUM
ajfa-932	103	40	de	de	ADP
ajfa-932	103	41	0.213	0.213	NUM
ajfa-932	103	42	0.203	0.203	NUM
ajfa-932	103	43	0.182	0.182	NUM
ajfa-932	103	44	0.064	0.064	NUM
ajfa-932	103	45	0.309	0.309	NUM
ajfa-932	103	46	0.000	0.000	NUM
ajfa-932	103	47	1.555	1.555	NUM
ajfa-932	103	48	roi	roi	NOUN
ajfa-932	103	49	0.070	0.070	NUM
ajfa-932	103	50	0.079	0.079	NUM
ajfa-932	103	51	0.132	0.132	NUM
ajfa-932	103	52	0.032	0.032	NUM
ajfa-932	103	53	0.127	0.127	NUM
ajfa-932	103	54	-1.599	-1.599	PUNCT
ajfa-932	103	55	0.858	0.858	NUM
ajfa-932	103	56	for	for	ADP
ajfa-932	103	57	0.333	0.333	NUM
ajfa-932	103	58	0.325	0.325	NUM
ajfa-932	103	59	0.219	0.219	NUM
ajfa-932	103	60	0.154	0.154	NUM
ajfa-932	103	61	0.481	0.481	NUM
ajfa-932	103	62	0.000	0.000	NUM
ajfa-932	103	63	1.286	1.286	NUM
ajfa-932	103	64	qopinion	qopinion	NOUN
ajfa-932	103	65	0.476	0.476	NUM
ajfa-932	103	66	0.000	0.000	NUM
ajfa-932	103	67	0.500	0.500	NUM
ajfa-932	103	68	0.000	0.000	NUM
ajfa-932	103	69	1.000	1.000	NUM
ajfa-932	103	70	0.000	0.000	NUM
ajfa-932	103	71	1.000	1.000	NUM
ajfa-932	103	72	ye	ye	NUM
ajfa-932	103	73	0.653	0.653	NUM
ajfa-932	103	74	1.000	1.000	NUM
ajfa-932	103	75	0.476	0.476	NUM
ajfa-932	103	76	0.000	0.000	NUM
ajfa-932	103	77	1.000	1.000	NUM
ajfa-932	103	78	0.000	0.000	NUM
ajfa-932	103	79	1.000	1.000	NUM
ajfa-932	103	80	loss	loss	NOUN
ajfa-932	103	81	0.083	0.083	NUM
ajfa-932	103	82	0.000	0.000	NUM
ajfa-932	103	83	0.276	0.276	NUM
ajfa-932	103	84	0.000	0.000	NUM
ajfa-932	103	85	0.000	0.000	NUM
ajfa-932	103	86	0.000	0.000	NUM
ajfa-932	103	87	1.000	1.000	NUM
ajfa-932	103	88	adjfcf	adjfcf	ADJ
ajfa-932	103	89	0.069	0.069	NUM
ajfa-932	103	90	0.078	0.078	NUM
ajfa-932	103	91	0.107	0.107	NUM
ajfa-932	103	92	0.043	0.043	NUM
ajfa-932	103	93	0.113	0.113	NUM
ajfa-932	103	94	-1.039	-1.039	NUM
ajfa-932	104	1	0.453	0.453	NUM
ajfa-932	104	2	e_index	e_index	NOUN
ajfa-932	104	3	2.479	2.479	NUM
ajfa-932	104	4	3.000	3.000	NUM
ajfa-932	104	5	1.253	1.253	NUM
ajfa-932	104	6	2.000	2.000	NUM
ajfa-932	104	7	3.000	3.000	NUM
ajfa-932	104	8	0.000	0.000	NUM
ajfa-932	104	9	6.000	6.000	NUM
ajfa-932	104	10	variables	variable	NOUN
ajfa-932	104	11	are	be	AUX
ajfa-932	104	12	defined	define	VERB
ajfa-932	104	13	as	as	ADP
ajfa-932	104	14	the	the	DET
ajfa-932	104	15	following	follow	VERB
ajfa-932	104	16	:	:	PUNCT
ajfa-932	104	17	auditfee	auditfee	PROPN
ajfa-932	104	18	=	=	PUNCT
ajfa-932	104	19	total	total	ADJ
ajfa-932	104	20	audit	audit	NOUN
ajfa-932	104	21	fees	fee	NOUN
ajfa-932	104	22	in	in	ADP
ajfa-932	104	23	thousand	thousand	NUM
ajfa-932	104	24	dollars	dollar	NOUN
ajfa-932	104	25	asian	asian	ADJ
ajfa-932	104	26	journal	journal	NOUN
ajfa-932	104	27	of	of	ADP
ajfa-932	104	28	finance	finance	PROPN
ajfa-932	104	29	&	&	CCONJ
ajfa-932	104	30	accounting	accounting	PROPN
ajfa-932	104	31	issn	issn	PROPN
ajfa-932	104	32	1946	1946	NUM
ajfa-932	104	33	-	-	PUNCT
ajfa-932	104	34	052x	052x	NOUN
ajfa-932	104	35	2011	2011	NUM
ajfa-932	104	36	,	,	PUNCT
ajfa-932	104	37	vol	vol	NOUN
ajfa-932	104	38	.	.	PROPN
ajfa-932	105	1	3	3	NUM
ajfa-932	105	2	,	,	PUNCT
ajfa-932	105	3	no	no	INTJ
ajfa-932	105	4	.	.	NOUN
ajfa-932	105	5	1	1	NUM
ajfa-932	105	6	:	:	PUNCT
ajfa-932	105	7	e2	e2	VERB
ajfa-932	105	8	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NUM
ajfa-932	105	9	32	32	NUM
ajfa-932	105	10	assets	asset	NOUN
ajfa-932	105	11	=	=	SYM
ajfa-932	105	12	total	total	ADJ
ajfa-932	105	13	assets	asset	NOUN
ajfa-932	105	14	in	in	ADP
ajfa-932	105	15	million	million	NUM
ajfa-932	105	16	of	of	ADP
ajfa-932	105	17	dollars	dollar	NOUN
ajfa-932	105	18	laf	laf	PROPN
ajfa-932	105	19	=	=	SYM
ajfa-932	105	20	natural	natural	ADJ
ajfa-932	105	21	log	log	NOUN
ajfa-932	105	22	of	of	ADP
ajfa-932	105	23	total	total	ADJ
ajfa-932	105	24	audit	audit	NOUN
ajfa-932	105	25	fees	fee	NOUN
ajfa-932	105	26	in	in	ADP
ajfa-932	105	27	thousand	thousand	NUM
ajfa-932	105	28	dollars	dollar	NOUN
ajfa-932	105	29	size	size	NOUN
ajfa-932	105	30	=	=	SYM
ajfa-932	105	31	natural	natural	ADJ
ajfa-932	105	32	log	log	NOUN
ajfa-932	105	33	of	of	ADP
ajfa-932	105	34	total	total	ADJ
ajfa-932	105	35	assets	asset	NOUN
ajfa-932	105	36	in	in	ADP
ajfa-932	105	37	millions	million	NOUN
ajfa-932	105	38	of	of	ADP
ajfa-932	105	39	dollars	dollar	NOUN
ajfa-932	105	40	lseg	lseg	ADJ
ajfa-932	105	41	=	=	SYM
ajfa-932	105	42	natural	natural	ADJ
ajfa-932	105	43	log	log	NOUN
ajfa-932	105	44	of	of	ADP
ajfa-932	105	45	the	the	DET
ajfa-932	105	46	number	number	NOUN
ajfa-932	105	47	of	of	ADP
ajfa-932	105	48	unique	unique	ADJ
ajfa-932	105	49	business	business	NOUN
ajfa-932	105	50	segments	segment	NOUN
ajfa-932	105	51	current	current	ADJ
ajfa-932	105	52	=	=	NOUN
ajfa-932	105	53	ratio	ratio	NOUN
ajfa-932	105	54	of	of	ADP
ajfa-932	105	55	current	current	ADJ
ajfa-932	105	56	assets	asset	NOUN
ajfa-932	105	57	to	to	PART
ajfa-932	105	58	total	total	VERB
ajfa-932	105	59	assets	asset	NOUN
ajfa-932	105	60	quick	quick	ADJ
ajfa-932	105	61	=	=	VERB
ajfa-932	105	62	ratio	ratio	NOUN
ajfa-932	105	63	of	of	ADP
ajfa-932	105	64	current	current	ADJ
ajfa-932	105	65	assets	asset	NOUN
ajfa-932	105	66	less	less	ADJ
ajfa-932	105	67	inventory	inventory	NOUN
ajfa-932	105	68	to	to	PART
ajfa-932	105	69	current	current	ADJ
ajfa-932	105	70	liability	liability	NOUN
ajfa-932	105	71	de	de	X
ajfa-932	105	72	=	=	NOUN
ajfa-932	105	73	ratio	ratio	NOUN
ajfa-932	105	74	of	of	ADP
ajfa-932	105	75	long	long	ADJ
ajfa-932	105	76	-	-	PUNCT
ajfa-932	105	77	term	term	NOUN
ajfa-932	105	78	debt	debt	NOUN
ajfa-932	105	79	divided	divide	VERB
ajfa-932	105	80	by	by	ADP
ajfa-932	105	81	total	total	ADJ
ajfa-932	105	82	assets	asset	NOUN
ajfa-932	105	83	roi	roi	NOUN
ajfa-932	105	84	=	=	NOUN
ajfa-932	105	85	ratio	ratio	NOUN
ajfa-932	105	86	of	of	ADP
ajfa-932	105	87	earnings	earning	NOUN
ajfa-932	105	88	before	before	ADP
ajfa-932	105	89	interest	interest	NOUN
ajfa-932	105	90	and	and	CCONJ
ajfa-932	105	91	tax	tax	NOUN
ajfa-932	105	92	to	to	ADP
ajfa-932	105	93	total	total	ADJ
ajfa-932	105	94	assets	asset	NOUN
ajfa-932	105	95	for	for	ADP
ajfa-932	105	96	=	=	SYM
ajfa-932	105	97	proportion	proportion	NOUN
ajfa-932	105	98	of	of	ADP
ajfa-932	105	99	total	total	ADJ
ajfa-932	105	100	sales	sale	NOUN
ajfa-932	105	101	from	from	ADP
ajfa-932	105	102	foreign	foreign	ADJ
ajfa-932	105	103	operations	operation	NOUN
ajfa-932	105	104	qopinion	qopinion	NOUN
ajfa-932	105	105	=	=	PUNCT
ajfa-932	105	106	indicator	indicator	NOUN
ajfa-932	105	107	variable	variable	NOUN
ajfa-932	105	108	,	,	PUNCT
ajfa-932	105	109	1	1	NUM
ajfa-932	105	110	=	=	NUM
ajfa-932	105	111	qualified	qualified	ADJ
ajfa-932	105	112	audit	audit	NOUN
ajfa-932	105	113	report	report	NOUN
ajfa-932	105	114	ye	ye	NOUN
ajfa-932	105	115	=	=	SYM
ajfa-932	105	116	indicator	indicator	NOUN
ajfa-932	105	117	variable	variable	NOUN
ajfa-932	105	118	,	,	PUNCT
ajfa-932	105	119	1=31/12	1=31/12	NUM
ajfa-932	106	1	fiscal	fiscal	ADJ
ajfa-932	106	2	year	year	NOUN
ajfa-932	106	3	end	end	NOUN
ajfa-932	106	4	loss	loss	NOUN
ajfa-932	106	5	=	=	SYM
ajfa-932	106	6	indicator	indicator	NOUN
ajfa-932	106	7	variable	variable	NOUN
ajfa-932	106	8	,	,	PUNCT
ajfa-932	106	9	1=	1=	NUM
ajfa-932	106	10	loss	loss	NOUN
ajfa-932	106	11	in	in	ADP
ajfa-932	106	12	current	current	ADJ
ajfa-932	106	13	fiscal	fiscal	ADJ
ajfa-932	106	14	year	year	NOUN
ajfa-932	106	15	;	;	PUNCT
ajfa-932	106	16	adjfcf	adjfcf	NOUN
ajfa-932	106	17	=	=	SYM
ajfa-932	106	18	jensen	jensen	PROPN
ajfa-932	106	19	free	free	ADJ
ajfa-932	106	20	cash	cash	NOUN
ajfa-932	106	21	flow	flow	NOUN
ajfa-932	106	22	;	;	PUNCT
ajfa-932	106	23	defined	define	VERB
ajfa-932	106	24	as	as	ADP
ajfa-932	106	25	cash	cash	NOUN
ajfa-932	106	26	flow	flow	NOUN
ajfa-932	106	27	(	(	PUNCT
ajfa-932	106	28	revenues	revenue	NOUN
ajfa-932	106	29	less	less	ADJ
ajfa-932	106	30	cash	cash	NOUN
ajfa-932	106	31	expenses	expense	NOUN
ajfa-932	106	32	including	include	VERB
ajfa-932	106	33	tax	tax	NOUN
ajfa-932	106	34	and	and	CCONJ
ajfa-932	106	35	interest	interest	NOUN
ajfa-932	106	36	payments	payment	NOUN
ajfa-932	106	37	)	)	PUNCT
ajfa-932	106	38	less	less	ADJ
ajfa-932	106	39	dividends	dividend	NOUN
ajfa-932	106	40	,	,	PUNCT
ajfa-932	106	41	divided	divide	VERB
ajfa-932	106	42	by	by	ADP
ajfa-932	106	43	total	total	ADJ
ajfa-932	106	44	assets	asset	NOUN
ajfa-932	106	45	e_index	e_index	NOUN
ajfa-932	106	46	=	=	SYM
ajfa-932	106	47	entrechment	entrechment	NOUN
ajfa-932	106	48	index	index	NOUN
ajfa-932	106	49	(	(	PUNCT
ajfa-932	106	50	bebchuk	bebchuk	NOUN
ajfa-932	106	51	et	et	PROPN
ajfa-932	106	52	al	al	PROPN
ajfa-932	106	53	.	.	PROPN
ajfa-932	106	54	2005	2005	NUM
ajfa-932	106	55	)	)	PUNCT
ajfa-932	106	56	table	table	NOUN
ajfa-932	106	57	1	1	NUM
ajfa-932	106	58	provides	provide	VERB
ajfa-932	106	59	descriptive	descriptive	ADJ
ajfa-932	106	60	statistics	statistic	NOUN
ajfa-932	106	61	.	.	PUNCT
ajfa-932	107	1	as	as	SCONJ
ajfa-932	107	2	shown	show	VERB
ajfa-932	107	3	in	in	ADP
ajfa-932	107	4	table	table	NOUN
ajfa-932	107	5	1	1	NUM
ajfa-932	107	6	,	,	PUNCT
ajfa-932	107	7	there	there	PRON
ajfa-932	107	8	is	be	VERB
ajfa-932	107	9	a	a	DET
ajfa-932	107	10	big	big	ADJ
ajfa-932	107	11	difference	difference	NOUN
ajfa-932	107	12	between	between	ADP
ajfa-932	107	13	the	the	DET
ajfa-932	107	14	mean	mean	NOUN
ajfa-932	107	15	and	and	CCONJ
ajfa-932	107	16	median	median	NOUN
ajfa-932	107	17	of	of	ADP
ajfa-932	107	18	audit	audit	NOUN
ajfa-932	107	19	fee	fee	NOUN
ajfa-932	107	20	and	and	CCONJ
ajfa-932	107	21	distribution	distribution	NOUN
ajfa-932	107	22	of	of	ADP
ajfa-932	107	23	audit	audit	NOUN
ajfa-932	107	24	fees	fee	NOUN
ajfa-932	107	25	is	be	AUX
ajfa-932	107	26	skewed	skewed	ADJ
ajfa-932	107	27	.	.	PUNCT
ajfa-932	108	1	in	in	ADP
ajfa-932	108	2	contrast	contrast	NOUN
ajfa-932	108	3	,	,	PUNCT
ajfa-932	108	4	the	the	DET
ajfa-932	108	5	difference	difference	NOUN
ajfa-932	108	6	is	be	AUX
ajfa-932	108	7	much	much	ADV
ajfa-932	108	8	smaller	small	ADJ
ajfa-932	108	9	for	for	ADP
ajfa-932	108	10	natural	natural	ADJ
ajfa-932	108	11	log	log	NOUN
ajfa-932	108	12	of	of	ADP
ajfa-932	108	13	audit	audit	NOUN
ajfa-932	108	14	fees	fee	NOUN
ajfa-932	108	15	and	and	CCONJ
ajfa-932	108	16	the	the	DET
ajfa-932	108	17	distribution	distribution	NOUN
ajfa-932	108	18	of	of	ADP
ajfa-932	108	19	natural	natural	ADJ
ajfa-932	108	20	log	log	NOUN
ajfa-932	108	21	of	of	ADP
ajfa-932	108	22	audit	audit	NOUN
ajfa-932	108	23	fees	fee	NOUN
ajfa-932	108	24	is	be	AUX
ajfa-932	108	25	approximately	approximately	ADV
ajfa-932	108	26	normal	normal	ADJ
ajfa-932	108	27	.	.	PUNCT
ajfa-932	109	1	this	this	PRON
ajfa-932	109	2	provides	provide	VERB
ajfa-932	109	3	support	support	NOUN
ajfa-932	109	4	for	for	ADP
ajfa-932	109	5	natural	natural	ADJ
ajfa-932	109	6	log	log	NOUN
ajfa-932	109	7	-	-	PUNCT
ajfa-932	109	8	transformation	transformation	NOUN
ajfa-932	109	9	of	of	ADP
ajfa-932	109	10	audit	audit	NOUN
ajfa-932	109	11	fee	fee	NOUN
ajfa-932	109	12	and	and	CCONJ
ajfa-932	109	13	total	total	ADJ
ajfa-932	109	14	assets	asset	NOUN
ajfa-932	109	15	.	.	PUNCT
ajfa-932	110	1	asian	asian	ADJ
ajfa-932	110	2	journal	journal	PROPN
ajfa-932	110	3	of	of	ADP
ajfa-932	110	4	finance	finance	PROPN
ajfa-932	110	5	&	&	CCONJ
ajfa-932	110	6	accounting	accounting	PROPN
ajfa-932	110	7	issn	issn	PROPN
ajfa-932	110	8	1946	1946	NUM
ajfa-932	110	9	-	-	PUNCT
ajfa-932	110	10	052x	052x	NOUN
ajfa-932	110	11	2011	2011	NUM
ajfa-932	110	12	,	,	PUNCT
ajfa-932	110	13	vol	vol	NOUN
ajfa-932	110	14	.	.	PROPN
ajfa-932	111	1	3	3	NUM
ajfa-932	111	2	,	,	PUNCT
ajfa-932	111	3	no	no	INTJ
ajfa-932	111	4	.	.	NOUN
ajfa-932	111	5	1	1	NUM
ajfa-932	111	6	:	:	PUNCT
ajfa-932	111	7	e2	e2	VERB
ajfa-932	111	8	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NUM
ajfa-932	111	9	33	33	NUM
ajfa-932	111	10	5	5	NUM
ajfa-932	111	11	.	.	PUNCT
ajfa-932	112	1	empirical	empirical	ADJ
ajfa-932	112	2	results	result	NOUN
ajfa-932	112	3	table	table	NOUN
ajfa-932	112	4	2	2	NUM
ajfa-932	112	5	.	.	PUNCT
ajfa-932	113	1	regressions	regression	NOUN
ajfa-932	113	2	of	of	ADP
ajfa-932	113	3	audit	audit	NOUN
ajfa-932	113	4	fees	fee	NOUN
ajfa-932	113	5	on	on	ADP
ajfa-932	113	6	control	control	NOUN
ajfa-932	113	7	variables	variable	NOUN
ajfa-932	113	8	and	and	CCONJ
ajfa-932	113	9	entrenchment	entrenchment	ADJ
ajfa-932	113	10	index	index	NOUN
ajfa-932	113	11	variable	variable	NOUN
ajfa-932	113	12	estimate	estimate	VERB
ajfa-932	113	13	white	white	ADJ
ajfa-932	113	14	white	white	PROPN
ajfa-932	113	15	t	t	PROPN
ajfa-932	113	16	value	value	NOUN
ajfa-932	113	17	p	p	NOUN
ajfa-932	113	18	value	value	NOUN
ajfa-932	113	19	intercept	intercept	VERB
ajfa-932	113	20	2.186	2.186	NUM
ajfa-932	113	21	16.373	16.373	NUM
ajfa-932	113	22	0	0	NUM
ajfa-932	113	23	size	size	NOUN
ajfa-932	113	24	0.586	0.586	NUM
ajfa-932	113	25	48.661	48.661	NUM
ajfa-932	113	26	0	0	NUM
ajfa-932	113	27	lseg	lseg	PROPN
ajfa-932	113	28	0.163	0.163	NUM
ajfa-932	113	29	8.703	8.703	NUM
ajfa-932	113	30	0	0	NUM
ajfa-932	114	1	current	current	ADJ
ajfa-932	114	2	0.581	0.581	NUM
ajfa-932	114	3	6.6	6.6	NUM
ajfa-932	114	4	0	0	NUM
ajfa-932	115	1	quick	quick	ADJ
ajfa-932	115	2	-0.061	-0.061	PUNCT
ajfa-932	116	1	-6.324	-6.324	X
ajfa-932	117	1	0	0	NUM
ajfa-932	118	1	de	de	PROPN
ajfa-932	118	2	0.166	0.166	NUM
ajfa-932	118	3	2.094	2.094	NUM
ajfa-932	118	4	0.036	0.036	NUM
ajfa-932	118	5	roi	roi	NOUN
ajfa-932	118	6	-0.372	-0.372	PUNCT
ajfa-932	118	7	-1.66	-1.66	NUM
ajfa-932	118	8	0.097	0.097	NUM
ajfa-932	118	9	for	for	ADP
ajfa-932	118	10	0.653	0.653	NUM
ajfa-932	118	11	9.576	9.576	NUM
ajfa-932	118	12	0	0	NUM
ajfa-932	118	13	qopinion	qopinion	NOUN
ajfa-932	118	14	0.121	0.121	NUM
ajfa-932	118	15	4.054	4.054	NUM
ajfa-932	118	16	0	0	NUM
ajfa-932	119	1	ye	ye	NUM
ajfa-932	119	2	0.157	0.157	NUM
ajfa-932	119	3	5.336	5.336	NUM
ajfa-932	119	4	0	0	NUM
ajfa-932	119	5	loss	loss	NOUN
ajfa-932	119	6	0.069	0.069	NUM
ajfa-932	119	7	1.187	1.187	NUM
ajfa-932	119	8	0.235	0.235	NUM
ajfa-932	119	9	adjfcf	adjfcf	ADJ
ajfa-932	119	10	0.055	0.055	NUM
ajfa-932	119	11	0.2	0.2	NUM
ajfa-932	119	12	0.841	0.841	NUM
ajfa-932	119	13	e_index	e_index	NOUN
ajfa-932	119	14	0.021	0.021	NUM
ajfa-932	119	15	2.556	2.556	NUM
ajfa-932	119	16	0.011	0.011	NUM
ajfa-932	119	17	y2000	y2000	NUM
ajfa-932	119	18	-0.773	-0.773	PUNCT
ajfa-932	120	1	-12.914	-12.914	NOUN
ajfa-932	120	2	0	0	PUNCT
ajfa-932	121	1	y2001	y2001	PROPN
ajfa-932	121	2	-0.69	-0.69	NOUN
ajfa-932	121	3	-11.56	-11.56	PUNCT
ajfa-932	121	4	0	0	NUM
ajfa-932	122	1	y2002	y2002	NOUN
ajfa-932	122	2	-0.382	-0.382	PUNCT
ajfa-932	122	3	-6.403	-6.403	NOUN
ajfa-932	122	4	0	0	PUNCT
ajfa-932	123	1	y2003	y2003	NOUN
ajfa-932	124	1	-0.259	-0.259	X
ajfa-932	124	2	-4.279	-4.279	NOUN
ajfa-932	124	3	0	0	NUM
ajfa-932	124	4	n	n	CCONJ
ajfa-932	124	5	2510	2510	NUM
ajfa-932	124	6	r2	r2	PROPN
ajfa-932	124	7	0.7382	0.7382	NUM
ajfa-932	124	8	variables	variable	NOUN
ajfa-932	124	9	in	in	ADP
ajfa-932	124	10	the	the	DET
ajfa-932	124	11	regression	regression	NOUN
ajfa-932	124	12	are	be	AUX
ajfa-932	124	13	defined	define	VERB
ajfa-932	124	14	as	as	ADP
ajfa-932	124	15	the	the	DET
ajfa-932	124	16	following	following	NOUN
ajfa-932	124	17	:	:	PUNCT
ajfa-932	124	18	laf	laf	PROPN
ajfa-932	124	19	=	=	SYM
ajfa-932	124	20	natural	natural	ADJ
ajfa-932	124	21	log	log	NOUN
ajfa-932	124	22	of	of	ADP
ajfa-932	124	23	total	total	ADJ
ajfa-932	124	24	audit	audit	NOUN
ajfa-932	124	25	fees	fee	NOUN
ajfa-932	124	26	in	in	ADP
ajfa-932	124	27	thousand	thousand	NUM
ajfa-932	124	28	dollars	dollar	NOUN
ajfa-932	124	29	size	size	NOUN
ajfa-932	124	30	=	=	SYM
ajfa-932	124	31	natural	natural	ADJ
ajfa-932	124	32	log	log	NOUN
ajfa-932	124	33	of	of	ADP
ajfa-932	124	34	total	total	ADJ
ajfa-932	124	35	assets	asset	NOUN
ajfa-932	124	36	in	in	ADP
ajfa-932	124	37	millions	million	NOUN
ajfa-932	124	38	of	of	ADP
ajfa-932	124	39	dollars	dollar	NOUN
ajfa-932	124	40	lseg	lseg	ADJ
ajfa-932	124	41	=	=	SYM
ajfa-932	124	42	natural	natural	ADJ
ajfa-932	124	43	log	log	NOUN
ajfa-932	124	44	of	of	ADP
ajfa-932	124	45	the	the	DET
ajfa-932	124	46	number	number	NOUN
ajfa-932	124	47	of	of	ADP
ajfa-932	124	48	unique	unique	ADJ
ajfa-932	124	49	business	business	NOUN
ajfa-932	124	50	segments	segment	NOUN
ajfa-932	124	51	current	current	ADJ
ajfa-932	124	52	=	=	NOUN
ajfa-932	124	53	ratio	ratio	NOUN
ajfa-932	124	54	of	of	ADP
ajfa-932	124	55	current	current	ADJ
ajfa-932	124	56	assets	asset	NOUN
ajfa-932	124	57	to	to	PART
ajfa-932	124	58	total	total	VERB
ajfa-932	124	59	assets	asset	NOUN
ajfa-932	124	60	quick	quick	ADJ
ajfa-932	124	61	=	=	VERB
ajfa-932	124	62	ratio	ratio	NOUN
ajfa-932	124	63	of	of	ADP
ajfa-932	124	64	current	current	ADJ
ajfa-932	124	65	assets	asset	NOUN
ajfa-932	124	66	less	less	ADJ
ajfa-932	124	67	inventory	inventory	NOUN
ajfa-932	124	68	to	to	PART
ajfa-932	124	69	current	current	ADJ
ajfa-932	124	70	liability	liability	NOUN
ajfa-932	124	71	de	de	X
ajfa-932	124	72	=	=	NOUN
ajfa-932	124	73	ratio	ratio	NOUN
ajfa-932	124	74	of	of	ADP
ajfa-932	124	75	long	long	ADJ
ajfa-932	124	76	-	-	PUNCT
ajfa-932	124	77	term	term	NOUN
ajfa-932	124	78	debt	debt	NOUN
ajfa-932	124	79	divided	divide	VERB
ajfa-932	124	80	by	by	ADP
ajfa-932	124	81	total	total	ADJ
ajfa-932	124	82	assets	asset	NOUN
ajfa-932	124	83	roi	roi	NOUN
ajfa-932	124	84	=	=	NOUN
ajfa-932	124	85	ratio	ratio	NOUN
ajfa-932	124	86	of	of	ADP
ajfa-932	124	87	earnings	earning	NOUN
ajfa-932	124	88	before	before	ADP
ajfa-932	124	89	interest	interest	NOUN
ajfa-932	124	90	and	and	CCONJ
ajfa-932	124	91	tax	tax	NOUN
ajfa-932	124	92	to	to	ADP
ajfa-932	124	93	total	total	ADJ
ajfa-932	124	94	assets	asset	NOUN
ajfa-932	124	95	for	for	ADP
ajfa-932	124	96	=	=	SYM
ajfa-932	124	97	proportion	proportion	NOUN
ajfa-932	124	98	of	of	ADP
ajfa-932	124	99	total	total	ADJ
ajfa-932	124	100	sales	sale	NOUN
ajfa-932	124	101	from	from	ADP
ajfa-932	124	102	foreign	foreign	ADJ
ajfa-932	124	103	operations	operation	NOUN
ajfa-932	124	104	qopinion	qopinion	NOUN
ajfa-932	124	105	=	=	PUNCT
ajfa-932	124	106	indicator	indicator	NOUN
ajfa-932	124	107	variable	variable	NOUN
ajfa-932	124	108	,	,	PUNCT
ajfa-932	124	109	1	1	NUM
ajfa-932	124	110	=	=	NUM
ajfa-932	124	111	qualified	qualified	ADJ
ajfa-932	124	112	audit	audit	NOUN
ajfa-932	124	113	report	report	NOUN
ajfa-932	124	114	ye	ye	NOUN
ajfa-932	124	115	=	=	SYM
ajfa-932	124	116	indicator	indicator	NOUN
ajfa-932	124	117	variable	variable	NOUN
ajfa-932	124	118	,	,	PUNCT
ajfa-932	124	119	1=31/12	1=31/12	NUM
ajfa-932	124	120	fiscal	fiscal	ADJ
ajfa-932	124	121	year	year	NOUN
ajfa-932	124	122	end	end	NOUN
ajfa-932	124	123	loss	loss	NOUN
ajfa-932	124	124	=	=	SYM
ajfa-932	125	1	indicator	indicator	NOUN
ajfa-932	125	2	variable	variable	NOUN
ajfa-932	125	3	,	,	PUNCT
ajfa-932	125	4	1=	1=	NUM
ajfa-932	125	5	loss	loss	NOUN
ajfa-932	125	6	in	in	ADP
ajfa-932	125	7	current	current	ADJ
ajfa-932	125	8	fiscal	fiscal	ADJ
ajfa-932	125	9	year	year	NOUN
ajfa-932	125	10	;	;	PUNCT
ajfa-932	125	11	adjfcf	adjfcf	NOUN
ajfa-932	125	12	=	=	SYM
ajfa-932	125	13	jensen	jensen	PROPN
ajfa-932	125	14	free	free	ADJ
ajfa-932	125	15	cash	cash	NOUN
ajfa-932	125	16	flow	flow	NOUN
ajfa-932	125	17	;	;	PUNCT
ajfa-932	125	18	defined	define	VERB
ajfa-932	125	19	as	as	ADP
ajfa-932	125	20	cash	cash	NOUN
ajfa-932	125	21	flow	flow	NOUN
ajfa-932	125	22	(	(	PUNCT
ajfa-932	125	23	revenues	revenue	NOUN
ajfa-932	125	24	less	less	ADJ
ajfa-932	125	25	cash	cash	NOUN
ajfa-932	125	26	expenses	expense	NOUN
ajfa-932	125	27	including	include	VERB
ajfa-932	125	28	tax	tax	NOUN
ajfa-932	125	29	and	and	CCONJ
ajfa-932	125	30	interest	interest	NOUN
ajfa-932	125	31	payments	payment	NOUN
ajfa-932	125	32	)	)	PUNCT
ajfa-932	125	33	less	less	ADJ
ajfa-932	125	34	dividends	dividend	NOUN
ajfa-932	125	35	,	,	PUNCT
ajfa-932	125	36	divided	divide	VERB
ajfa-932	125	37	by	by	ADP
ajfa-932	125	38	total	total	ADJ
ajfa-932	125	39	assets	asset	NOUN
ajfa-932	125	40	e_index	e_index	NOUN
ajfa-932	125	41	=	=	SYM
ajfa-932	125	42	entrechment	entrechment	NOUN
ajfa-932	125	43	index	index	NOUN
ajfa-932	125	44	(	(	PUNCT
ajfa-932	125	45	bebchuk	bebchuk	NOUN
ajfa-932	125	46	et	et	PROPN
ajfa-932	125	47	al	al	PROPN
ajfa-932	125	48	.	.	PROPN
ajfa-932	125	49	2005	2005	NUM
ajfa-932	125	50	)	)	PUNCT
ajfa-932	126	1	we	we	PRON
ajfa-932	126	2	control	control	VERB
ajfa-932	126	3	the	the	DET
ajfa-932	126	4	following	follow	VERB
ajfa-932	126	5	34	34	NUM
ajfa-932	126	6	two	two	NUM
ajfa-932	126	7	-	-	PUNCT
ajfa-932	126	8	digit	digit	NOUN
ajfa-932	126	9	sic	sic	ADJ
ajfa-932	126	10	industries	industry	NOUN
ajfa-932	126	11	with	with	ADP
ajfa-932	126	12	more	more	ADJ
ajfa-932	126	13	than	than	ADP
ajfa-932	126	14	ten	ten	NUM
ajfa-932	126	15	firm	firm	ADJ
ajfa-932	126	16	year	year	NOUN
ajfa-932	126	17	observations	observation	NOUN
ajfa-932	126	18	:	:	PUNCT
ajfa-932	126	19	10	10	NUM
ajfa-932	126	20	,	,	PUNCT
ajfa-932	126	21	13	13	NUM
ajfa-932	126	22	,	,	PUNCT
ajfa-932	126	23	16	16	NUM
ajfa-932	126	24	,	,	PUNCT
ajfa-932	126	25	20	20	NUM
ajfa-932	126	26	,	,	PUNCT
ajfa-932	126	27	23	23	NUM
ajfa-932	126	28	,	,	PUNCT
ajfa-932	126	29	24	24	NUM
ajfa-932	126	30	,	,	PUNCT
ajfa-932	126	31	25	25	NUM
ajfa-932	126	32	,	,	PUNCT
ajfa-932	126	33	26	26	NUM
ajfa-932	126	34	,	,	PUNCT
ajfa-932	126	35	27	27	NUM
ajfa-932	126	36	,	,	PUNCT
ajfa-932	126	37	28	28	NUM
ajfa-932	126	38	,	,	PUNCT
ajfa-932	126	39	29	29	NUM
ajfa-932	126	40	,	,	PUNCT
ajfa-932	126	41	30	30	NUM
ajfa-932	126	42	,	,	PUNCT
ajfa-932	126	43	32	32	NUM
ajfa-932	126	44	,	,	PUNCT
ajfa-932	126	45	33	33	NUM
ajfa-932	126	46	,	,	PUNCT
ajfa-932	126	47	34	34	NUM
ajfa-932	126	48	,	,	PUNCT
ajfa-932	126	49	35	35	NUM
ajfa-932	126	50	,	,	PUNCT
ajfa-932	126	51	36	36	NUM
ajfa-932	126	52	,	,	PUNCT
ajfa-932	126	53	37	37	NUM
ajfa-932	126	54	,	,	PUNCT
ajfa-932	126	55	38	38	NUM
ajfa-932	126	56	,	,	PUNCT
ajfa-932	126	57	39	39	NUM
ajfa-932	126	58	,	,	PUNCT
ajfa-932	126	59	42	42	NUM
ajfa-932	126	60	,	,	PUNCT
ajfa-932	126	61	45	45	NUM
ajfa-932	126	62	,	,	PUNCT
ajfa-932	126	63	48	48	NUM
ajfa-932	126	64	,	,	PUNCT
ajfa-932	126	65	49	49	NUM
ajfa-932	126	66	,	,	PUNCT
ajfa-932	126	67	50	50	NUM
ajfa-932	126	68	,	,	PUNCT
ajfa-932	126	69	51	51	NUM
ajfa-932	126	70	,	,	PUNCT
ajfa-932	126	71	54	54	NUM
ajfa-932	126	72	,	,	PUNCT
ajfa-932	126	73	56	56	NUM
ajfa-932	126	74	,	,	PUNCT
ajfa-932	126	75	57	57	NUM
ajfa-932	126	76	,	,	PUNCT
ajfa-932	126	77	58	58	NUM
ajfa-932	126	78	,	,	PUNCT
ajfa-932	126	79	59	59	NUM
ajfa-932	126	80	,	,	PUNCT
ajfa-932	126	81	72	72	NUM
ajfa-932	126	82	,	,	PUNCT
ajfa-932	126	83	asian	asian	ADJ
ajfa-932	126	84	journal	journal	NOUN
ajfa-932	126	85	of	of	ADP
ajfa-932	126	86	finance	finance	PROPN
ajfa-932	126	87	&	&	CCONJ
ajfa-932	126	88	accounting	accounting	PROPN
ajfa-932	126	89	issn	issn	PROPN
ajfa-932	126	90	1946	1946	NUM
ajfa-932	126	91	-	-	PUNCT
ajfa-932	126	92	052x	052x	NOUN
ajfa-932	126	93	2011	2011	NUM
ajfa-932	126	94	,	,	PUNCT
ajfa-932	126	95	vol	vol	NOUN
ajfa-932	126	96	.	.	PROPN
ajfa-932	127	1	3	3	NUM
ajfa-932	127	2	,	,	PUNCT
ajfa-932	127	3	no	no	INTJ
ajfa-932	127	4	.	.	NOUN
ajfa-932	127	5	1	1	NUM
ajfa-932	127	6	:	:	PUNCT
ajfa-932	127	7	e2	e2	VERB
ajfa-932	127	8	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NUM
ajfa-932	127	9	34	34	NUM
ajfa-932	127	10	73	73	NUM
ajfa-932	127	11	and	and	CCONJ
ajfa-932	127	12	87	87	NUM
ajfa-932	127	13	.	.	PUNCT
ajfa-932	128	1	for	for	ADP
ajfa-932	128	2	brevity	brevity	NOUN
ajfa-932	128	3	,	,	PUNCT
ajfa-932	128	4	we	we	PRON
ajfa-932	128	5	do	do	AUX
ajfa-932	128	6	not	not	PART
ajfa-932	128	7	report	report	VERB
ajfa-932	128	8	coefficients	coefficient	NOUN
ajfa-932	128	9	on	on	ADP
ajfa-932	128	10	two	two	NUM
ajfa-932	128	11	-	-	PUNCT
ajfa-932	128	12	digit	digit	NOUN
ajfa-932	128	13	sic	sic	ADJ
ajfa-932	128	14	industry	industry	NOUN
ajfa-932	128	15	dummy	dummy	ADJ
ajfa-932	128	16	variables	variable	NOUN
ajfa-932	128	17	.	.	PUNCT
ajfa-932	129	1	white	white	PROPN
ajfa-932	129	2	t	t	PROPN
ajfa-932	129	3	value	value	NOUN
ajfa-932	129	4	and	and	CCONJ
ajfa-932	129	5	white	white	ADJ
ajfa-932	129	6	p	p	NOUN
ajfa-932	129	7	value	value	NOUN
ajfa-932	129	8	are	be	AUX
ajfa-932	129	9	t	t	NOUN
ajfa-932	129	10	value	value	NOUN
ajfa-932	129	11	and	and	CCONJ
ajfa-932	129	12	p	p	NOUN
ajfa-932	129	13	value	value	NOUN
ajfa-932	129	14	based	base	VERB
ajfa-932	129	15	on	on	ADP
ajfa-932	129	16	white	white	ADJ
ajfa-932	129	17	(	(	PUNCT
ajfa-932	129	18	1980	1980	NUM
ajfa-932	129	19	)	)	PUNCT
ajfa-932	129	20	corrected	correct	VERB
ajfa-932	129	21	for	for	ADP
ajfa-932	129	22	heteroscedasticity	heteroscedasticity	NOUN
ajfa-932	129	23	.	.	PUNCT
ajfa-932	130	1	table	table	NOUN
ajfa-932	130	2	2	2	NUM
ajfa-932	130	3	shows	show	VERB
ajfa-932	130	4	that	that	SCONJ
ajfa-932	130	5	the	the	DET
ajfa-932	130	6	coefficient	coefficient	NOUN
ajfa-932	130	7	on	on	ADP
ajfa-932	130	8	e_index	e_index	NOUN
ajfa-932	130	9	is	be	AUX
ajfa-932	130	10	0.021	0.021	NUM
ajfa-932	130	11	significant	significant	ADJ
ajfa-932	130	12	at	at	ADP
ajfa-932	130	13	0.01	0.01	NUM
ajfa-932	130	14	level	level	NOUN
ajfa-932	130	15	(	(	PUNCT
ajfa-932	130	16	white	white	ADV
ajfa-932	130	17	-	-	PUNCT
ajfa-932	130	18	corrected	correct	VERB
ajfa-932	130	19	p	p	NOUN
ajfa-932	130	20	value	value	NOUN
ajfa-932	130	21	)	)	PUNCT
ajfa-932	130	22	,	,	PUNCT
ajfa-932	130	23	supporting	support	VERB
ajfa-932	130	24	hypothesis	hypothesis	NOUN
ajfa-932	130	25	1a	1a	NOUN
ajfa-932	130	26	.	.	PUNCT
ajfa-932	131	1	based	base	VERB
ajfa-932	131	2	on	on	ADP
ajfa-932	131	3	the	the	DET
ajfa-932	131	4	coefficient	coefficient	NOUN
ajfa-932	131	5	,	,	PUNCT
ajfa-932	131	6	an	an	DET
ajfa-932	131	7	increase	increase	NOUN
ajfa-932	131	8	of	of	ADP
ajfa-932	131	9	corporate	corporate	ADJ
ajfa-932	131	10	governance	governance	NOUN
ajfa-932	131	11	provision	provision	NOUN
ajfa-932	131	12	by	by	ADP
ajfa-932	131	13	one	one	NUM
ajfa-932	131	14	causes	cause	VERB
ajfa-932	131	15	the	the	DET
ajfa-932	131	16	increase	increase	NOUN
ajfa-932	131	17	of	of	ADP
ajfa-932	131	18	audit	audit	NOUN
ajfa-932	131	19	fees	fee	NOUN
ajfa-932	131	20	by	by	ADP
ajfa-932	131	21	around	around	ADP
ajfa-932	131	22	1,020	1,020	NUM
ajfa-932	131	23	dollars	dollar	NOUN
ajfa-932	131	24	.	.	PUNCT
ajfa-932	132	1	this	this	PRON
ajfa-932	132	2	suggests	suggest	VERB
ajfa-932	132	3	that	that	SCONJ
ajfa-932	132	4	entrenchment	entrenchment	ADJ
ajfa-932	132	5	provisions	provision	NOUN
ajfa-932	132	6	entrench	entrench	VERB
ajfa-932	132	7	management	management	NOUN
ajfa-932	132	8	and	and	CCONJ
ajfa-932	132	9	result	result	VERB
ajfa-932	132	10	in	in	ADP
ajfa-932	132	11	high	high	ADJ
ajfa-932	132	12	risk	risk	NOUN
ajfa-932	132	13	perceived	perceive	VERB
ajfa-932	132	14	by	by	ADP
ajfa-932	132	15	external	external	ADJ
ajfa-932	132	16	auditors	auditor	NOUN
ajfa-932	132	17	.	.	PUNCT
ajfa-932	133	1	additionally	additionally	ADV
ajfa-932	133	2	,	,	PUNCT
ajfa-932	133	3	the	the	DET
ajfa-932	133	4	results	result	NOUN
ajfa-932	133	5	on	on	ADP
ajfa-932	133	6	other	other	ADJ
ajfa-932	133	7	control	control	NOUN
ajfa-932	133	8	variables	variable	NOUN
ajfa-932	133	9	are	be	AUX
ajfa-932	133	10	similar	similar	ADJ
ajfa-932	133	11	with	with	ADP
ajfa-932	133	12	francis	francis	PROPN
ajfa-932	133	13	et	et	PROPN
ajfa-932	133	14	al	al	PROPN
ajfa-932	133	15	.	.	PROPN
ajfa-932	134	1	(	(	PUNCT
ajfa-932	134	2	2005	2005	NUM
ajfa-932	134	3	table	table	NOUN
ajfa-932	134	4	4	4	NUM
ajfa-932	134	5	):	):	PUNCT
ajfa-932	134	6	positive	positive	ADJ
ajfa-932	134	7	and	and	CCONJ
ajfa-932	134	8	significant	significant	ADJ
ajfa-932	134	9	coefficient	coefficient	NOUN
ajfa-932	134	10	on	on	ADP
ajfa-932	134	11	size	size	NOUN
ajfa-932	134	12	,	,	PUNCT
ajfa-932	134	13	lseg	lseg	PROPN
ajfa-932	134	14	,	,	PUNCT
ajfa-932	134	15	current	current	ADJ
ajfa-932	134	16	,	,	PUNCT
ajfa-932	134	17	de	de	ADP
ajfa-932	134	18	,	,	PUNCT
ajfa-932	134	19	for	for	ADP
ajfa-932	134	20	and	and	CCONJ
ajfa-932	134	21	qopinion	qopinion	NOUN
ajfa-932	134	22	;	;	PUNCT
ajfa-932	134	23	negative	negative	ADJ
ajfa-932	134	24	and	and	CCONJ
ajfa-932	134	25	significant	significant	ADJ
ajfa-932	134	26	coefficient	coefficient	NOUN
ajfa-932	134	27	on	on	ADP
ajfa-932	134	28	quick	quick	ADJ
ajfa-932	134	29	and	and	CCONJ
ajfa-932	134	30	roi	roi	NOUN
ajfa-932	134	31	.	.	PUNCT
ajfa-932	135	1	the	the	DET
ajfa-932	135	2	coefficient	coefficient	NOUN
ajfa-932	135	3	on	on	ADP
ajfa-932	135	4	ye	ye	PRON
ajfa-932	135	5	is	be	AUX
ajfa-932	135	6	positive	positive	ADJ
ajfa-932	135	7	in	in	ADP
ajfa-932	135	8	this	this	DET
ajfa-932	135	9	study	study	NOUN
ajfa-932	135	10	,	,	PUNCT
ajfa-932	135	11	but	but	CCONJ
ajfa-932	135	12	negative	negative	ADJ
ajfa-932	135	13	in	in	ADP
ajfa-932	135	14	francis	francis	PROPN
ajfa-932	135	15	et	et	PROPN
ajfa-932	135	16	al	al	PROPN
ajfa-932	135	17	.	.	PROPN
ajfa-932	136	1	(	(	PUNCT
ajfa-932	136	2	2005	2005	NUM
ajfa-932	136	3	)	)	PUNCT
ajfa-932	136	4	because	because	SCONJ
ajfa-932	136	5	francis	francis	PROPN
ajfa-932	136	6	et	et	PROPN
ajfa-932	136	7	al	al	PROPN
ajfa-932	136	8	.	.	PROPN
ajfa-932	137	1	(	(	PUNCT
ajfa-932	137	2	2005	2005	NUM
ajfa-932	137	3	)	)	PUNCT
ajfa-932	137	4	define	define	VERB
ajfa-932	137	5	ye	ye	PROPN
ajfa-932	137	6	indicator	indicator	NOUN
ajfa-932	137	7	equals	equal	VERB
ajfa-932	137	8	one	one	NUM
ajfa-932	137	9	if	if	SCONJ
ajfa-932	137	10	non	non	ADJ
ajfa-932	137	11	december	december	PROPN
ajfa-932	137	12	31	31	NUM
ajfa-932	137	13	year	year	NOUN
ajfa-932	137	14	end	end	NOUN
ajfa-932	137	15	and	and	CCONJ
ajfa-932	137	16	this	this	DET
ajfa-932	137	17	study	study	NOUN
ajfa-932	137	18	defines	define	VERB
ajfa-932	137	19	ye	ye	PRON
ajfa-932	137	20	indicator	indicator	NOUN
ajfa-932	137	21	equals	equal	VERB
ajfa-932	137	22	one	one	NUM
ajfa-932	137	23	if	if	SCONJ
ajfa-932	137	24	december	december	PROPN
ajfa-932	137	25	31	31	NUM
ajfa-932	137	26	year	year	NOUN
ajfa-932	137	27	end	end	NOUN
ajfa-932	137	28	.	.	PUNCT
ajfa-932	138	1	inconsistent	inconsistent	ADJ
ajfa-932	138	2	with	with	ADP
ajfa-932	138	3	francis	francis	PROPN
ajfa-932	138	4	et	et	PROPN
ajfa-932	138	5	al	al	PROPN
ajfa-932	138	6	.	.	PROPN
ajfa-932	139	1	(	(	PUNCT
ajfa-932	139	2	2005	2005	NUM
ajfa-932	139	3	table	table	NOUN
ajfa-932	139	4	4	4	NUM
ajfa-932	139	5	)	)	PUNCT
ajfa-932	139	6	,	,	PUNCT
ajfa-932	139	7	we	we	PRON
ajfa-932	139	8	do	do	AUX
ajfa-932	139	9	not	not	PART
ajfa-932	139	10	find	find	VERB
ajfa-932	139	11	significant	significant	ADJ
ajfa-932	139	12	results	result	NOUN
ajfa-932	139	13	on	on	ADP
ajfa-932	139	14	indicator	indicator	NOUN
ajfa-932	139	15	variable	variable	ADJ
ajfa-932	139	16	loss	loss	NOUN
ajfa-932	139	17	.	.	PUNCT
ajfa-932	140	1	after	after	ADP
ajfa-932	140	2	excluding	exclude	VERB
ajfa-932	140	3	firms	firm	NOUN
ajfa-932	140	4	with	with	ADP
ajfa-932	140	5	missing	miss	VERB
ajfa-932	140	6	data	datum	NOUN
ajfa-932	140	7	to	to	PART
ajfa-932	140	8	compute	compute	VERB
ajfa-932	140	9	tobin	tobin	PROPN
ajfa-932	140	10	’s	’s	PART
ajfa-932	140	11	q	q	NOUN
ajfa-932	140	12	,	,	PUNCT
ajfa-932	140	13	the	the	DET
ajfa-932	140	14	sample	sample	NOUN
ajfa-932	140	15	size	size	NOUN
ajfa-932	140	16	drops	drop	VERB
ajfa-932	140	17	from	from	ADP
ajfa-932	140	18	2,510	2,510	NUM
ajfa-932	140	19	to	to	ADP
ajfa-932	140	20	2,444	2,444	NUM
ajfa-932	140	21	.	.	PUNCT
ajfa-932	141	1	among	among	ADP
ajfa-932	141	2	the	the	DET
ajfa-932	141	3	2,444	2,444	NUM
ajfa-932	141	4	firm	firm	ADJ
ajfa-932	141	5	year	year	NOUN
ajfa-932	141	6	observations	observation	NOUN
ajfa-932	141	7	,	,	PUNCT
ajfa-932	141	8	394	394	NUM
ajfa-932	141	9	observations	observation	NOUN
ajfa-932	141	10	are	be	AUX
ajfa-932	141	11	classified	classify	VERB
ajfa-932	141	12	as	as	ADP
ajfa-932	141	13	observations	observation	NOUN
ajfa-932	141	14	with	with	ADP
ajfa-932	141	15	low	low	ADJ
ajfa-932	141	16	growth	growth	NOUN
ajfa-932	141	17	and	and	CCONJ
ajfa-932	141	18	high	high	ADJ
ajfa-932	141	19	level	level	NOUN
ajfa-932	141	20	of	of	ADP
ajfa-932	141	21	free	free	ADJ
ajfa-932	141	22	cash	cash	NOUN
ajfa-932	141	23	flows	flow	NOUN
ajfa-932	141	24	.	.	PUNCT
ajfa-932	142	1	asian	asian	ADJ
ajfa-932	142	2	journal	journal	PROPN
ajfa-932	142	3	of	of	ADP
ajfa-932	142	4	finance	finance	PROPN
ajfa-932	142	5	&	&	CCONJ
ajfa-932	142	6	accounting	accounting	PROPN
ajfa-932	142	7	issn	issn	PROPN
ajfa-932	142	8	1946	1946	NUM
ajfa-932	142	9	-	-	PUNCT
ajfa-932	142	10	052x	052x	NOUN
ajfa-932	142	11	2011	2011	NUM
ajfa-932	142	12	,	,	PUNCT
ajfa-932	142	13	vol	vol	NOUN
ajfa-932	142	14	.	.	PROPN
ajfa-932	143	1	3	3	NUM
ajfa-932	143	2	,	,	PUNCT
ajfa-932	143	3	no	no	INTJ
ajfa-932	143	4	.	.	NOUN
ajfa-932	143	5	1	1	NUM
ajfa-932	143	6	:	:	PUNCT
ajfa-932	143	7	e2	e2	VERB
ajfa-932	143	8	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NUM
ajfa-932	143	9	35	35	NUM
ajfa-932	143	10	table	table	NOUN
ajfa-932	143	11	3	3	NUM
ajfa-932	143	12	.	.	PUNCT
ajfa-932	144	1	effects	effect	NOUN
ajfa-932	144	2	of	of	ADP
ajfa-932	144	3	entrenchment	entrenchment	ADJ
ajfa-932	144	4	index	index	NOUN
ajfa-932	144	5	on	on	ADP
ajfa-932	144	6	audit	audit	NOUN
ajfa-932	144	7	fees	fee	NOUN
ajfa-932	144	8	in	in	ADP
ajfa-932	144	9	two	two	NUM
ajfa-932	144	10	different	different	ADJ
ajfa-932	144	11	subsamples	subsample	NOUN
ajfa-932	144	12	panel	panel	NOUN
ajfa-932	144	13	a	a	DET
ajfa-932	144	14	:	:	PUNCT
ajfa-932	144	15	low	low	ADJ
ajfa-932	144	16	growth	growth	NOUN
ajfa-932	144	17	and	and	CCONJ
ajfa-932	144	18	high	high	ADJ
ajfa-932	144	19	free	free	ADJ
ajfa-932	144	20	cash	cash	NOUN
ajfa-932	144	21	flow	flow	NOUN
ajfa-932	144	22	panel	panel	NOUN
ajfa-932	144	23	b	b	NOUN
ajfa-932	144	24	:	:	PUNCT
ajfa-932	144	25	the	the	DET
ajfa-932	144	26	other	other	ADJ
ajfa-932	144	27	sample	sample	NOUN
ajfa-932	144	28	variable	variable	ADJ
ajfa-932	144	29	estimate	estimate	VERB
ajfa-932	144	30	white	white	ADJ
ajfa-932	144	31	white	white	ADJ
ajfa-932	144	32	estimate	estimate	VERB
ajfa-932	144	33	white	white	PROPN
ajfa-932	144	34	white	white	PROPN
ajfa-932	144	35	t	t	PROPN
ajfa-932	144	36	value	value	NOUN
ajfa-932	144	37	p	p	NOUN
ajfa-932	144	38	value	value	NOUN
ajfa-932	144	39	t	t	NOUN
ajfa-932	144	40	value	value	NOUN
ajfa-932	144	41	p	p	NOUN
ajfa-932	144	42	value	value	NOUN
ajfa-932	144	43	intercept	intercept	VERB
ajfa-932	144	44	2.458	2.458	NUM
ajfa-932	144	45	7.07	7.07	NUM
ajfa-932	144	46	0	0	NUM
ajfa-932	144	47	2.191	2.191	NUM
ajfa-932	144	48	14.831	14.831	NUM
ajfa-932	144	49	0	0	NUM
ajfa-932	145	1	size	size	NOUN
ajfa-932	146	1	0.589	0.589	NUM
ajfa-932	146	2	22.971	22.971	NUM
ajfa-932	146	3	0	0	NUM
ajfa-932	146	4	0.585	0.585	NUM
ajfa-932	146	5	42.943	42.943	NUM
ajfa-932	146	6	0	0	NUM
ajfa-932	146	7	lseg	lseg	NOUN
ajfa-932	146	8	0.158	0.158	NUM
ajfa-932	146	9	3.77	3.77	NUM
ajfa-932	146	10	0	0	NUM
ajfa-932	146	11	0.168	0.168	NUM
ajfa-932	146	12	7.666	7.666	NUM
ajfa-932	146	13	0	0	NUM
ajfa-932	146	14	current	current	ADJ
ajfa-932	146	15	0.701	0.701	NUM
ajfa-932	146	16	2.947	2.947	NUM
ajfa-932	146	17	0.003	0.003	NUM
ajfa-932	146	18	0.612	0.612	NUM
ajfa-932	146	19	6.242	6.242	NUM
ajfa-932	146	20	0	0	NUM
ajfa-932	146	21	quick	quick	ADJ
ajfa-932	146	22	-0.183	-0.183	PRON
ajfa-932	146	23	-4.741	-4.741	NUM
ajfa-932	146	24	0	0	NUM
ajfa-932	147	1	-0.065	-0.065	PUNCT
ajfa-932	148	1	-6.976	-6.976	NOUN
ajfa-932	148	2	0	0	NUM
ajfa-932	148	3	de	de	ADP
ajfa-932	148	4	0.209	0.209	NUM
ajfa-932	148	5	0.631	0.631	NUM
ajfa-932	148	6	0.528	0.528	NUM
ajfa-932	148	7	0.138	0.138	NUM
ajfa-932	148	8	1.636	1.636	NUM
ajfa-932	148	9	0.102	0.102	NUM
ajfa-932	148	10	roi	roi	NOUN
ajfa-932	148	11	-1.789	-1.789	NOUN
ajfa-932	148	12	-2.659	-2.659	NOUN
ajfa-932	148	13	0.008	0.008	NUM
ajfa-932	148	14	-0.153	-0.153	NOUN
ajfa-932	148	15	-0.654	-0.654	NUM
ajfa-932	148	16	0.513	0.513	NUM
ajfa-932	148	17	for	for	ADP
ajfa-932	148	18	0.488	0.488	NUM
ajfa-932	148	19	3.04	3.04	NUM
ajfa-932	148	20	0.003	0.003	NUM
ajfa-932	148	21	0.653	0.653	NUM
ajfa-932	148	22	8.584	8.584	NUM
ajfa-932	148	23	0	0	NUM
ajfa-932	148	24	qopinion	qopinion	NOUN
ajfa-932	148	25	0.181	0.181	NUM
ajfa-932	148	26	3.129	3.129	NUM
ajfa-932	148	27	0.002	0.002	NUM
ajfa-932	148	28	0.117	0.117	NUM
ajfa-932	148	29	3.511	3.511	NUM
ajfa-932	148	30	0	0	NUM
ajfa-932	149	1	ye	ye	NUM
ajfa-932	149	2	0.105	0.105	NUM
ajfa-932	149	3	1.565	1.565	NUM
ajfa-932	149	4	0.119	0.119	NUM
ajfa-932	149	5	0.163	0.163	NUM
ajfa-932	149	6	4.713	4.713	NUM
ajfa-932	149	7	0	0	NUM
ajfa-932	149	8	loss	loss	NOUN
ajfa-932	149	9	0.337	0.337	NUM
ajfa-932	149	10	1.709	1.709	NUM
ajfa-932	149	11	0.088	0.088	NUM
ajfa-932	149	12	0.05	0.05	NUM
ajfa-932	149	13	0.863	0.863	NUM
ajfa-932	149	14	0.388	0.388	NUM
ajfa-932	149	15	adjfcf	adjfcf	ADJ
ajfa-932	149	16	1.067	1.067	NUM
ajfa-932	149	17	1.149	1.149	NUM
ajfa-932	149	18	0.251	0.251	NUM
ajfa-932	149	19	-0.27	-0.27	NUM
ajfa-932	149	20	-0.923	-0.923	NUM
ajfa-932	149	21	0.356	0.356	NUM
ajfa-932	149	22	e_index	e_index	NOUN
ajfa-932	149	23	0.043	0.043	NUM
ajfa-932	149	24	1.921	1.921	NUM
ajfa-932	149	25	0.056	0.056	NUM
ajfa-932	149	26	0.014	0.014	NUM
ajfa-932	149	27	1.455	1.455	NUM
ajfa-932	149	28	0.146	0.146	NUM
ajfa-932	149	29	y2000	y2000	NOUN
ajfa-932	149	30	-0.699	-0.699	PUNCT
ajfa-932	150	1	-5.133	-5.133	NUM
ajfa-932	150	2	0	0	NUM
ajfa-932	150	3	-0.801	-0.801	PUNCT
ajfa-932	150	4	-11.828	-11.828	SYM
ajfa-932	150	5	0	0	NUM
ajfa-932	151	1	y2001	y2001	NUM
ajfa-932	151	2	-0.557	-0.557	PUNCT
ajfa-932	151	3	-4.359	-4.359	PROPN
ajfa-932	151	4	0	0	NUM
ajfa-932	151	5	-0.728	-0.728	NOUN
ajfa-932	152	1	-11.287	-11.287	NOUN
ajfa-932	152	2	0	0	PUNCT
ajfa-932	153	1	y2002	y2002	NOUN
ajfa-932	153	2	-0.291	-0.291	PROPN
ajfa-932	153	3	-2.283	-2.283	PROPN
ajfa-932	153	4	0.023	0.023	NUM
ajfa-932	153	5	-0.414	-0.414	NUM
ajfa-932	153	6	-6.423	-6.423	SYM
ajfa-932	153	7	0	0	NUM
ajfa-932	153	8	y2003	y2003	NOUN
ajfa-932	153	9	-0.205	-0.205	X
ajfa-932	153	10	-1.62	-1.62	NOUN
ajfa-932	153	11	0.106	0.106	NUM
ajfa-932	153	12	-0.28	-0.28	NUM
ajfa-932	153	13	-4.274	-4.274	NOUN
ajfa-932	153	14	0	0	NUM
ajfa-932	153	15	n	n	DET
ajfa-932	153	16	394	394	NUM
ajfa-932	153	17	2050	2050	NUM
ajfa-932	153	18	r2	r2	NOUN
ajfa-932	153	19	0.813	0.813	NUM
ajfa-932	153	20	0.7336	0.7336	NUM
ajfa-932	153	21	variables	variable	NOUN
ajfa-932	153	22	in	in	ADP
ajfa-932	153	23	the	the	DET
ajfa-932	153	24	regression	regression	NOUN
ajfa-932	153	25	are	be	AUX
ajfa-932	153	26	defined	define	VERB
ajfa-932	153	27	as	as	ADP
ajfa-932	153	28	the	the	DET
ajfa-932	153	29	following	following	NOUN
ajfa-932	153	30	:	:	PUNCT
ajfa-932	153	31	laf	laf	PROPN
ajfa-932	153	32	=	=	SYM
ajfa-932	153	33	natural	natural	ADJ
ajfa-932	153	34	log	log	NOUN
ajfa-932	153	35	of	of	ADP
ajfa-932	153	36	total	total	ADJ
ajfa-932	153	37	audit	audit	NOUN
ajfa-932	153	38	fees	fee	NOUN
ajfa-932	153	39	in	in	ADP
ajfa-932	153	40	thousand	thousand	NUM
ajfa-932	153	41	dollars	dollar	NOUN
ajfa-932	153	42	size	size	NOUN
ajfa-932	153	43	=	=	SYM
ajfa-932	153	44	natural	natural	ADJ
ajfa-932	153	45	log	log	NOUN
ajfa-932	153	46	of	of	ADP
ajfa-932	153	47	total	total	ADJ
ajfa-932	153	48	assets	asset	NOUN
ajfa-932	153	49	in	in	ADP
ajfa-932	153	50	millions	million	NOUN
ajfa-932	153	51	of	of	ADP
ajfa-932	153	52	dollars	dollar	NOUN
ajfa-932	153	53	lseg	lseg	ADJ
ajfa-932	153	54	=	=	SYM
ajfa-932	153	55	natural	natural	ADJ
ajfa-932	153	56	log	log	NOUN
ajfa-932	153	57	of	of	ADP
ajfa-932	153	58	the	the	DET
ajfa-932	153	59	number	number	NOUN
ajfa-932	153	60	of	of	ADP
ajfa-932	153	61	unique	unique	ADJ
ajfa-932	153	62	business	business	NOUN
ajfa-932	153	63	segments	segment	NOUN
ajfa-932	153	64	current	current	ADJ
ajfa-932	153	65	=	=	NOUN
ajfa-932	153	66	ratio	ratio	NOUN
ajfa-932	153	67	of	of	ADP
ajfa-932	153	68	current	current	ADJ
ajfa-932	153	69	assets	asset	NOUN
ajfa-932	153	70	to	to	PART
ajfa-932	153	71	total	total	VERB
ajfa-932	153	72	assets	asset	NOUN
ajfa-932	153	73	quick	quick	ADJ
ajfa-932	153	74	=	=	VERB
ajfa-932	153	75	ratio	ratio	NOUN
ajfa-932	153	76	of	of	ADP
ajfa-932	153	77	current	current	ADJ
ajfa-932	153	78	assets	asset	NOUN
ajfa-932	153	79	less	less	ADJ
ajfa-932	153	80	inventory	inventory	NOUN
ajfa-932	153	81	to	to	PART
ajfa-932	153	82	current	current	ADJ
ajfa-932	153	83	liability	liability	NOUN
ajfa-932	153	84	de	de	X
ajfa-932	153	85	=	=	NOUN
ajfa-932	153	86	ratio	ratio	NOUN
ajfa-932	153	87	of	of	ADP
ajfa-932	153	88	long	long	ADJ
ajfa-932	153	89	-	-	PUNCT
ajfa-932	153	90	term	term	NOUN
ajfa-932	153	91	debt	debt	NOUN
ajfa-932	153	92	divided	divide	VERB
ajfa-932	153	93	by	by	ADP
ajfa-932	153	94	total	total	ADJ
ajfa-932	153	95	assets	asset	NOUN
ajfa-932	153	96	roi	roi	NOUN
ajfa-932	153	97	=	=	NOUN
ajfa-932	153	98	ratio	ratio	NOUN
ajfa-932	153	99	of	of	ADP
ajfa-932	153	100	earnings	earning	NOUN
ajfa-932	153	101	before	before	ADP
ajfa-932	153	102	interest	interest	NOUN
ajfa-932	153	103	and	and	CCONJ
ajfa-932	153	104	tax	tax	NOUN
ajfa-932	153	105	to	to	ADP
ajfa-932	153	106	total	total	ADJ
ajfa-932	153	107	assets	asset	NOUN
ajfa-932	153	108	for	for	ADP
ajfa-932	153	109	=	=	SYM
ajfa-932	153	110	proportion	proportion	NOUN
ajfa-932	153	111	of	of	ADP
ajfa-932	153	112	total	total	ADJ
ajfa-932	153	113	sales	sale	NOUN
ajfa-932	153	114	from	from	ADP
ajfa-932	153	115	foreign	foreign	ADJ
ajfa-932	153	116	operations	operation	NOUN
ajfa-932	153	117	qopinion	qopinion	NOUN
ajfa-932	153	118	=	=	PUNCT
ajfa-932	153	119	indicator	indicator	NOUN
ajfa-932	153	120	variable	variable	NOUN
ajfa-932	153	121	,	,	PUNCT
ajfa-932	153	122	1	1	NUM
ajfa-932	153	123	=	=	NUM
ajfa-932	153	124	qualified	qualified	ADJ
ajfa-932	153	125	audit	audit	NOUN
ajfa-932	153	126	report	report	NOUN
ajfa-932	153	127	ye	ye	NOUN
ajfa-932	153	128	=	=	SYM
ajfa-932	153	129	indicator	indicator	NOUN
ajfa-932	153	130	variable	variable	NOUN
ajfa-932	153	131	,	,	PUNCT
ajfa-932	153	132	1=31/12	1=31/12	NUM
ajfa-932	153	133	fiscal	fiscal	ADJ
ajfa-932	153	134	year	year	NOUN
ajfa-932	153	135	end	end	NOUN
ajfa-932	153	136	loss	loss	NOUN
ajfa-932	153	137	=	=	SYM
ajfa-932	154	1	indicator	indicator	NOUN
ajfa-932	154	2	variable	variable	NOUN
ajfa-932	154	3	,	,	PUNCT
ajfa-932	154	4	1=	1=	NUM
ajfa-932	154	5	loss	loss	NOUN
ajfa-932	154	6	in	in	ADP
ajfa-932	154	7	current	current	ADJ
ajfa-932	154	8	fiscal	fiscal	ADJ
ajfa-932	154	9	year	year	NOUN
ajfa-932	154	10	;	;	PUNCT
ajfa-932	154	11	adjfcf	adjfcf	NOUN
ajfa-932	154	12	=	=	SYM
ajfa-932	154	13	jensen	jensen	PROPN
ajfa-932	154	14	free	free	ADJ
ajfa-932	154	15	cash	cash	NOUN
ajfa-932	154	16	flow	flow	NOUN
ajfa-932	154	17	;	;	PUNCT
ajfa-932	154	18	defined	define	VERB
ajfa-932	154	19	as	as	ADP
ajfa-932	154	20	cash	cash	NOUN
ajfa-932	154	21	flow	flow	NOUN
ajfa-932	154	22	(	(	PUNCT
ajfa-932	154	23	revenues	revenue	NOUN
ajfa-932	154	24	less	less	ADJ
ajfa-932	154	25	cash	cash	NOUN
ajfa-932	154	26	expenses	expense	NOUN
ajfa-932	154	27	including	include	VERB
ajfa-932	154	28	tax	tax	NOUN
ajfa-932	154	29	and	and	CCONJ
ajfa-932	154	30	interest	interest	NOUN
ajfa-932	154	31	payments	payment	NOUN
ajfa-932	154	32	)	)	PUNCT
ajfa-932	154	33	less	less	ADJ
ajfa-932	154	34	dividends	dividend	NOUN
ajfa-932	154	35	,	,	PUNCT
ajfa-932	154	36	divided	divide	VERB
ajfa-932	154	37	by	by	ADP
ajfa-932	154	38	total	total	ADJ
ajfa-932	154	39	assets	asset	NOUN
ajfa-932	154	40	e_index	e_index	NOUN
ajfa-932	154	41	=	=	SYM
ajfa-932	154	42	entrechment	entrechment	NOUN
ajfa-932	154	43	index	index	NOUN
ajfa-932	154	44	(	(	PUNCT
ajfa-932	154	45	bebchuk	bebchuk	NOUN
ajfa-932	154	46	et	et	PROPN
ajfa-932	154	47	al	al	PROPN
ajfa-932	154	48	.	.	PROPN
ajfa-932	154	49	2005	2005	NUM
ajfa-932	154	50	)	)	PUNCT
ajfa-932	155	1	we	we	PRON
ajfa-932	155	2	defined	define	VERB
ajfa-932	155	3	firms	firm	NOUN
ajfa-932	155	4	with	with	ADP
ajfa-932	155	5	low	low	ADJ
ajfa-932	155	6	growth	growth	NOUN
ajfa-932	155	7	and	and	CCONJ
ajfa-932	155	8	high	high	ADJ
ajfa-932	155	9	free	free	ADJ
ajfa-932	155	10	cash	cash	NOUN
ajfa-932	155	11	flow	flow	NOUN
ajfa-932	155	12	as	as	ADP
ajfa-932	155	13	firms	firm	NOUN
ajfa-932	155	14	with	with	ADP
ajfa-932	155	15	below	below	ADP
ajfa-932	155	16	full	full	ADJ
ajfa-932	155	17	sample	sample	NOUN
ajfa-932	155	18	median	median	NOUN
ajfa-932	155	19	of	of	ADP
ajfa-932	155	20	tobin	tobin	PROPN
ajfa-932	155	21	’s	’s	PART
ajfa-932	155	22	q	q	NOUN
ajfa-932	155	23	and	and	CCONJ
ajfa-932	155	24	above	above	ADP
ajfa-932	155	25	full	full	ADJ
ajfa-932	155	26	sample	sample	NOUN
ajfa-932	155	27	median	median	NOUN
ajfa-932	155	28	of	of	ADP
ajfa-932	155	29	free	free	ADJ
ajfa-932	155	30	cash	cash	NOUN
ajfa-932	155	31	flow	flow	NOUN
ajfa-932	155	32	(	(	PUNCT
ajfa-932	155	33	adjfcf	adjfcf	ADJ
ajfa-932	155	34	)	)	PUNCT
ajfa-932	155	35	.	.	PUNCT
ajfa-932	156	1	the	the	DET
ajfa-932	156	2	rest	rest	NOUN
ajfa-932	156	3	are	be	AUX
ajfa-932	156	4	in	in	ADP
ajfa-932	156	5	the	the	DET
ajfa-932	156	6	others	other	NOUN
ajfa-932	156	7	sample	sample	NOUN
ajfa-932	156	8	.	.	PUNCT
ajfa-932	157	1	we	we	PRON
ajfa-932	157	2	control	control	VERB
ajfa-932	157	3	the	the	DET
ajfa-932	157	4	following	follow	VERB
ajfa-932	157	5	34	34	NUM
ajfa-932	157	6	two	two	NUM
ajfa-932	157	7	-	-	PUNCT
ajfa-932	157	8	digit	digit	NOUN
ajfa-932	157	9	sic	sic	ADJ
ajfa-932	157	10	industries	industry	NOUN
ajfa-932	157	11	with	with	ADP
ajfa-932	157	12	more	more	ADJ
ajfa-932	157	13	than	than	ADP
ajfa-932	157	14	ten	ten	NUM
ajfa-932	157	15	firm	firm	ADJ
ajfa-932	157	16	year	year	NOUN
ajfa-932	157	17	observations	observation	NOUN
ajfa-932	157	18	:	:	PUNCT
ajfa-932	157	19	10	10	NUM
ajfa-932	157	20	,	,	PUNCT
ajfa-932	157	21	13	13	NUM
ajfa-932	157	22	,	,	PUNCT
ajfa-932	157	23	16	16	NUM
ajfa-932	157	24	,	,	PUNCT
ajfa-932	157	25	asian	asian	ADJ
ajfa-932	157	26	journal	journal	NOUN
ajfa-932	157	27	of	of	ADP
ajfa-932	157	28	finance	finance	PROPN
ajfa-932	157	29	&	&	CCONJ
ajfa-932	157	30	accounting	accounting	PROPN
ajfa-932	157	31	issn	issn	PROPN
ajfa-932	157	32	1946	1946	NUM
ajfa-932	157	33	-	-	PUNCT
ajfa-932	157	34	052x	052x	NOUN
ajfa-932	157	35	2011	2011	NUM
ajfa-932	157	36	,	,	PUNCT
ajfa-932	157	37	vol	vol	NOUN
ajfa-932	157	38	.	.	PROPN
ajfa-932	158	1	3	3	NUM
ajfa-932	158	2	,	,	PUNCT
ajfa-932	158	3	no	no	INTJ
ajfa-932	158	4	.	.	NOUN
ajfa-932	158	5	1	1	NUM
ajfa-932	158	6	:	:	PUNCT
ajfa-932	158	7	e2	e2	VERB
ajfa-932	158	8	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NUM
ajfa-932	158	9	36	36	NUM
ajfa-932	158	10	20	20	NUM
ajfa-932	158	11	,	,	PUNCT
ajfa-932	158	12	23	23	NUM
ajfa-932	158	13	,	,	PUNCT
ajfa-932	158	14	24	24	NUM
ajfa-932	158	15	,	,	PUNCT
ajfa-932	158	16	25	25	NUM
ajfa-932	158	17	,	,	PUNCT
ajfa-932	158	18	26	26	NUM
ajfa-932	158	19	,	,	PUNCT
ajfa-932	158	20	27	27	NUM
ajfa-932	158	21	,	,	PUNCT
ajfa-932	158	22	28	28	NUM
ajfa-932	158	23	,	,	PUNCT
ajfa-932	158	24	29	29	NUM
ajfa-932	158	25	,	,	PUNCT
ajfa-932	158	26	30	30	NUM
ajfa-932	158	27	,	,	PUNCT
ajfa-932	158	28	32	32	NUM
ajfa-932	158	29	,	,	PUNCT
ajfa-932	158	30	33	33	NUM
ajfa-932	158	31	,	,	PUNCT
ajfa-932	158	32	34	34	NUM
ajfa-932	158	33	,	,	PUNCT
ajfa-932	158	34	35	35	NUM
ajfa-932	158	35	,	,	PUNCT
ajfa-932	158	36	36	36	NUM
ajfa-932	158	37	,	,	PUNCT
ajfa-932	158	38	37	37	NUM
ajfa-932	158	39	,	,	PUNCT
ajfa-932	158	40	38	38	NUM
ajfa-932	158	41	,	,	PUNCT
ajfa-932	158	42	39	39	NUM
ajfa-932	158	43	,	,	PUNCT
ajfa-932	158	44	42	42	NUM
ajfa-932	158	45	,	,	PUNCT
ajfa-932	158	46	45	45	NUM
ajfa-932	158	47	,	,	PUNCT
ajfa-932	158	48	48	48	NUM
ajfa-932	158	49	,	,	PUNCT
ajfa-932	158	50	49	49	NUM
ajfa-932	158	51	,	,	PUNCT
ajfa-932	158	52	50	50	NUM
ajfa-932	158	53	,	,	PUNCT
ajfa-932	158	54	51	51	NUM
ajfa-932	158	55	,	,	PUNCT
ajfa-932	158	56	54	54	NUM
ajfa-932	158	57	,	,	PUNCT
ajfa-932	158	58	56	56	NUM
ajfa-932	158	59	,	,	PUNCT
ajfa-932	158	60	57	57	NUM
ajfa-932	158	61	,	,	PUNCT
ajfa-932	158	62	58	58	NUM
ajfa-932	158	63	,	,	PUNCT
ajfa-932	158	64	59	59	NUM
ajfa-932	158	65	,	,	PUNCT
ajfa-932	158	66	72	72	NUM
ajfa-932	158	67	,	,	PUNCT
ajfa-932	158	68	73	73	NUM
ajfa-932	158	69	and	and	CCONJ
ajfa-932	158	70	87	87	NUM
ajfa-932	158	71	.	.	PUNCT
ajfa-932	159	1	for	for	ADP
ajfa-932	159	2	brevity	brevity	NOUN
ajfa-932	159	3	,	,	PUNCT
ajfa-932	159	4	we	we	PRON
ajfa-932	159	5	do	do	AUX
ajfa-932	159	6	not	not	PART
ajfa-932	159	7	report	report	VERB
ajfa-932	159	8	coefficient	coefficient	NOUN
ajfa-932	159	9	on	on	ADP
ajfa-932	159	10	two	two	NUM
ajfa-932	159	11	-	-	PUNCT
ajfa-932	159	12	digit	digit	NOUN
ajfa-932	159	13	sic	sic	ADJ
ajfa-932	159	14	industry	industry	NOUN
ajfa-932	159	15	dummy	dummy	ADJ
ajfa-932	159	16	variables	variable	NOUN
ajfa-932	159	17	.	.	PUNCT
ajfa-932	160	1	white	white	PROPN
ajfa-932	160	2	t	t	PROPN
ajfa-932	160	3	value	value	NOUN
ajfa-932	160	4	and	and	CCONJ
ajfa-932	160	5	white	white	ADJ
ajfa-932	160	6	p	p	NOUN
ajfa-932	160	7	value	value	NOUN
ajfa-932	160	8	are	be	AUX
ajfa-932	160	9	t	t	NOUN
ajfa-932	160	10	value	value	NOUN
ajfa-932	160	11	and	and	CCONJ
ajfa-932	160	12	p	p	NOUN
ajfa-932	160	13	value	value	NOUN
ajfa-932	160	14	based	base	VERB
ajfa-932	160	15	on	on	ADP
ajfa-932	160	16	white	white	ADJ
ajfa-932	160	17	(	(	PUNCT
ajfa-932	160	18	1980	1980	NUM
ajfa-932	160	19	)	)	PUNCT
ajfa-932	160	20	corrected	correct	VERB
ajfa-932	160	21	for	for	ADP
ajfa-932	160	22	heteroscedasticity	heteroscedasticity	NOUN
ajfa-932	160	23	.	.	PUNCT
ajfa-932	161	1	table	table	NOUN
ajfa-932	161	2	3	3	NUM
ajfa-932	161	3	panel	panel	NOUN
ajfa-932	161	4	a	a	DET
ajfa-932	161	5	shows	show	NOUN
ajfa-932	161	6	that	that	SCONJ
ajfa-932	161	7	the	the	DET
ajfa-932	161	8	coefficient	coefficient	NOUN
ajfa-932	161	9	on	on	ADP
ajfa-932	161	10	e_index	e_index	NOUN
ajfa-932	161	11	is	be	AUX
ajfa-932	161	12	0.043	0.043	NUM
ajfa-932	161	13	(	(	PUNCT
ajfa-932	161	14	p=0.044	p=0.044	NOUN
ajfa-932	161	15	)	)	PUNCT
ajfa-932	161	16	significant	significant	ADJ
ajfa-932	161	17	at	at	ADP
ajfa-932	161	18	0.05	0.05	NUM
ajfa-932	161	19	level	level	NOUN
ajfa-932	161	20	(	(	PUNCT
ajfa-932	161	21	white	white	ADJ
ajfa-932	161	22	-	-	PUNCT
ajfa-932	161	23	correct	correct	ADJ
ajfa-932	161	24	p	p	NOUN
ajfa-932	161	25	value=0.056	value=0.056	NUM
ajfa-932	161	26	)	)	PUNCT
ajfa-932	161	27	for	for	ADP
ajfa-932	161	28	the	the	DET
ajfa-932	161	29	sample	sample	NOUN
ajfa-932	161	30	with	with	ADP
ajfa-932	161	31	jensen	jensen	PROPN
ajfa-932	161	32	agency	agency	PROPN
ajfa-932	161	33	problems	problem	NOUN
ajfa-932	161	34	(	(	PUNCT
ajfa-932	161	35	i.e.	i.e.	X
ajfa-932	161	36	low	low	ADJ
ajfa-932	161	37	growth	growth	NOUN
ajfa-932	161	38	and	and	CCONJ
ajfa-932	161	39	high	high	ADJ
ajfa-932	161	40	free	free	ADJ
ajfa-932	161	41	cash	cash	NOUN
ajfa-932	161	42	flow	flow	NOUN
ajfa-932	161	43	)	)	PUNCT
ajfa-932	161	44	.	.	PUNCT
ajfa-932	162	1	table	table	NOUN
ajfa-932	162	2	3	3	NUM
ajfa-932	162	3	panel	panel	NOUN
ajfa-932	162	4	b	b	PROPN
ajfa-932	162	5	reports	report	VERB
ajfa-932	162	6	that	that	SCONJ
ajfa-932	162	7	the	the	DET
ajfa-932	162	8	coefficient	coefficient	NOUN
ajfa-932	162	9	on	on	ADP
ajfa-932	162	10	e_index	e_index	NOUN
ajfa-932	162	11	is	be	AUX
ajfa-932	162	12	0.014	0.014	NUM
ajfa-932	162	13	insignificant	insignificant	ADJ
ajfa-932	162	14	(	(	PUNCT
ajfa-932	162	15	white	white	ADJ
ajfa-932	162	16	corrected	correct	VERB
ajfa-932	162	17	p=0.146	p=0.146	NOUN
ajfa-932	162	18	)	)	PUNCT
ajfa-932	162	19	for	for	ADP
ajfa-932	162	20	other	other	ADJ
ajfa-932	162	21	firms	firm	NOUN
ajfa-932	162	22	.	.	PUNCT
ajfa-932	163	1	the	the	DET
ajfa-932	163	2	coefficient	coefficient	NOUN
ajfa-932	163	3	on	on	ADP
ajfa-932	163	4	e_index	e_index	NOUN
ajfa-932	163	5	is	be	AUX
ajfa-932	163	6	three	three	NUM
ajfa-932	163	7	times	time	NOUN
ajfa-932	163	8	larger	large	ADJ
ajfa-932	163	9	in	in	ADP
ajfa-932	163	10	the	the	DET
ajfa-932	163	11	agency	agency	NOUN
ajfa-932	163	12	problem	problem	NOUN
ajfa-932	163	13	firms	firm	NOUN
ajfa-932	163	14	(	(	PUNCT
ajfa-932	163	15	low	low	ADJ
ajfa-932	163	16	growth	growth	NOUN
ajfa-932	163	17	and	and	CCONJ
ajfa-932	163	18	high	high	ADJ
ajfa-932	163	19	free	free	ADJ
ajfa-932	163	20	cash	cash	NOUN
ajfa-932	163	21	flow	flow	NOUN
ajfa-932	163	22	)	)	PUNCT
ajfa-932	163	23	than	than	ADP
ajfa-932	163	24	in	in	ADP
ajfa-932	163	25	other	other	ADJ
ajfa-932	163	26	firms	firm	NOUN
ajfa-932	163	27	.	.	PUNCT
ajfa-932	164	1	moreover	moreover	ADV
ajfa-932	164	2	,	,	PUNCT
ajfa-932	164	3	r2	r2	PROPN
ajfa-932	164	4	is	be	AUX
ajfa-932	164	5	higher	high	ADJ
ajfa-932	164	6	for	for	ADP
ajfa-932	164	7	the	the	DET
ajfa-932	164	8	test	test	NOUN
ajfa-932	164	9	sample	sample	NOUN
ajfa-932	164	10	(	(	PUNCT
ajfa-932	164	11	r2=0.813	r2=0.813	NOUN
ajfa-932	164	12	)	)	PUNCT
ajfa-932	164	13	than	than	ADP
ajfa-932	164	14	for	for	ADP
ajfa-932	164	15	the	the	DET
ajfa-932	164	16	control	control	NOUN
ajfa-932	164	17	sample	sample	NOUN
ajfa-932	164	18	(	(	PUNCT
ajfa-932	164	19	r2=0.734	r2=0.734	NOUN
ajfa-932	164	20	)	)	PUNCT
ajfa-932	164	21	.	.	PUNCT
ajfa-932	165	1	sensitivity	sensitivity	NOUN
ajfa-932	165	2	tests	test	NOUN
ajfa-932	165	3	we	we	PRON
ajfa-932	165	4	performance	performance	VERB
ajfa-932	165	5	several	several	ADJ
ajfa-932	165	6	robustness	robustness	NOUN
ajfa-932	165	7	tests	test	NOUN
ajfa-932	165	8	and	and	CCONJ
ajfa-932	165	9	robustness	robustness	NOUN
ajfa-932	165	10	tests	test	NOUN
ajfa-932	165	11	show	show	VERB
ajfa-932	165	12	the	the	DET
ajfa-932	165	13	tenor	tenor	NOUN
ajfa-932	165	14	of	of	ADP
ajfa-932	165	15	the	the	DET
ajfa-932	165	16	results	result	NOUN
ajfa-932	165	17	is	be	AUX
ajfa-932	165	18	unchanged	unchanged	ADJ
ajfa-932	165	19	.	.	PUNCT
ajfa-932	166	1	first	first	ADV
ajfa-932	166	2	,	,	PUNCT
ajfa-932	166	3	in	in	ADP
ajfa-932	166	4	order	order	NOUN
ajfa-932	166	5	to	to	PART
ajfa-932	166	6	rule	rule	VERB
ajfa-932	166	7	out	out	ADP
ajfa-932	166	8	the	the	DET
ajfa-932	166	9	results	result	NOUN
ajfa-932	166	10	are	be	AUX
ajfa-932	166	11	not	not	PART
ajfa-932	166	12	driven	drive	VERB
ajfa-932	166	13	by	by	ADP
ajfa-932	166	14	outliers	outlier	NOUN
ajfa-932	166	15	.	.	PUNCT
ajfa-932	167	1	we	we	PRON
ajfa-932	167	2	rerun	rerun	VERB
ajfa-932	167	3	the	the	DET
ajfa-932	167	4	regression	regression	NOUN
ajfa-932	167	5	after	after	ADP
ajfa-932	167	6	winsorizing	winsorize	VERB
ajfa-932	167	7	top	top	ADJ
ajfa-932	167	8	1	1	NUM
ajfa-932	167	9	%	%	NOUN
ajfa-932	167	10	and	and	CCONJ
ajfa-932	167	11	bottom	bottom	ADJ
ajfa-932	167	12	1	1	NUM
ajfa-932	167	13	%	%	NOUN
ajfa-932	167	14	of	of	ADP
ajfa-932	167	15	outliers	outlier	NOUN
ajfa-932	167	16	.	.	PUNCT
ajfa-932	168	1	the	the	DET
ajfa-932	168	2	results	result	NOUN
ajfa-932	168	3	are	be	AUX
ajfa-932	168	4	qualitatively	qualitatively	ADV
ajfa-932	168	5	the	the	DET
ajfa-932	168	6	same	same	ADJ
ajfa-932	168	7	.	.	PUNCT
ajfa-932	169	1	second	second	ADJ
ajfa-932	169	2	,	,	PUNCT
ajfa-932	169	3	we	we	PRON
ajfa-932	169	4	calculate	calculate	VERB
ajfa-932	169	5	vif	vif	NOUN
ajfa-932	169	6	(	(	PUNCT
ajfa-932	169	7	variance	variance	NOUN
ajfa-932	169	8	inflation	inflation	NOUN
ajfa-932	169	9	factors	factor	NOUN
ajfa-932	169	10	)	)	PUNCT
ajfa-932	169	11	for	for	ADP
ajfa-932	169	12	independent	independent	ADJ
ajfa-932	169	13	variables	variable	NOUN
ajfa-932	169	14	and	and	CCONJ
ajfa-932	169	15	all	all	DET
ajfa-932	169	16	vifs	vif	NOUN
ajfa-932	169	17	are	be	AUX
ajfa-932	169	18	less	less	ADJ
ajfa-932	169	19	than	than	ADP
ajfa-932	169	20	ten	ten	NUM
ajfa-932	169	21	,	,	PUNCT
ajfa-932	169	22	which	which	PRON
ajfa-932	169	23	shows	show	VERB
ajfa-932	169	24	that	that	SCONJ
ajfa-932	169	25	multicollinearity	multicollinearity	NOUN
ajfa-932	169	26	is	be	AUX
ajfa-932	169	27	not	not	PART
ajfa-932	169	28	a	a	DET
ajfa-932	169	29	concern	concern	NOUN
ajfa-932	169	30	.	.	PUNCT
ajfa-932	170	1	third	third	ADJ
ajfa-932	170	2	,	,	PUNCT
ajfa-932	170	3	to	to	PART
ajfa-932	170	4	ease	ease	VERB
ajfa-932	170	5	concern	concern	NOUN
ajfa-932	170	6	on	on	ADP
ajfa-932	170	7	omitted	omit	VERB
ajfa-932	170	8	correlated	correlate	VERB
ajfa-932	170	9	variables	variable	NOUN
ajfa-932	170	10	,	,	PUNCT
ajfa-932	170	11	we	we	PRON
ajfa-932	170	12	rerun	rerun	VERB
ajfa-932	170	13	the	the	DET
ajfa-932	170	14	regression	regression	NOUN
ajfa-932	170	15	after	after	ADP
ajfa-932	170	16	controlling	control	VERB
ajfa-932	170	17	for	for	ADP
ajfa-932	170	18	non	non	ADJ
ajfa-932	170	19	-	-	ADJ
ajfa-932	170	20	audit	audit	ADJ
ajfa-932	170	21	fees	fee	NOUN
ajfa-932	170	22	using	use	VERB
ajfa-932	170	23	two	two	NUM
ajfa-932	170	24	stage	stage	NOUN
ajfa-932	170	25	least	least	ADJ
ajfa-932	170	26	square	square	ADJ
ajfa-932	170	27	equation	equation	NOUN
ajfa-932	170	28	models	model	NOUN
ajfa-932	170	29	to	to	PART
ajfa-932	170	30	control	control	VERB
ajfa-932	170	31	for	for	ADP
ajfa-932	170	32	simultaneous	simultaneous	ADJ
ajfa-932	170	33	determination	determination	NOUN
ajfa-932	170	34	for	for	ADP
ajfa-932	170	35	audit	audit	NOUN
ajfa-932	170	36	fees	fee	NOUN
ajfa-932	170	37	and	and	CCONJ
ajfa-932	170	38	non	non	ADJ
ajfa-932	170	39	-	-	ADJ
ajfa-932	170	40	audit	audit	ADJ
ajfa-932	170	41	fees	fee	NOUN
ajfa-932	170	42	.	.	PUNCT
ajfa-932	171	1	the	the	DET
ajfa-932	171	2	unreported	unreported	ADJ
ajfa-932	171	3	results	result	NOUN
ajfa-932	171	4	are	be	AUX
ajfa-932	171	5	qualitatively	qualitatively	ADV
ajfa-932	171	6	unchanged	unchanged	ADJ
ajfa-932	171	7	.	.	PUNCT
ajfa-932	172	1	finally	finally	ADV
ajfa-932	172	2	,	,	PUNCT
ajfa-932	172	3	we	we	PRON
ajfa-932	172	4	also	also	ADV
ajfa-932	172	5	run	run	VERB
ajfa-932	172	6	the	the	DET
ajfa-932	172	7	regressions	regression	NOUN
ajfa-932	172	8	with	with	ADP
ajfa-932	172	9	and	and	CCONJ
ajfa-932	172	10	without	without	ADP
ajfa-932	172	11	controlling	control	VERB
ajfa-932	172	12	for	for	ADP
ajfa-932	172	13	growth	growth	NOUN
ajfa-932	172	14	(	(	PUNCT
ajfa-932	172	15	defined	define	VERB
ajfa-932	172	16	by	by	ADP
ajfa-932	172	17	tobin	tobin	PROPN
ajfa-932	172	18	’s	’s	PART
ajfa-932	172	19	q	q	X
ajfa-932	172	20	)	)	PUNCT
ajfa-932	172	21	and	and	CCONJ
ajfa-932	172	22	results	result	NOUN
ajfa-932	172	23	are	be	AUX
ajfa-932	172	24	similar	similar	ADJ
ajfa-932	172	25	.	.	PUNCT
ajfa-932	173	1	5	5	X
ajfa-932	173	2	.	.	X
ajfa-932	173	3	conclusion	conclusion	NOUN
ajfa-932	173	4	this	this	DET
ajfa-932	173	5	study	study	NOUN
ajfa-932	173	6	investigates	investigate	VERB
ajfa-932	173	7	the	the	DET
ajfa-932	173	8	association	association	NOUN
ajfa-932	173	9	between	between	ADP
ajfa-932	173	10	audit	audit	NOUN
ajfa-932	173	11	fees	fee	NOUN
ajfa-932	173	12	and	and	CCONJ
ajfa-932	173	13	management	management	NOUN
ajfa-932	173	14	entrenchment	entrenchment	NOUN
ajfa-932	173	15	(	(	PUNCT
ajfa-932	173	16	proxied	proxie	VERB
ajfa-932	173	17	by	by	ADP
ajfa-932	173	18	bebchuk	bebchuk	PROPN
ajfa-932	173	19	et	et	PROPN
ajfa-932	173	20	al	al	PROPN
ajfa-932	173	21	.	.	PROPN
ajfa-932	173	22	2005	2005	NUM
ajfa-932	173	23	entrenchment	entrenchment	ADJ
ajfa-932	173	24	index	index	NOUN
ajfa-932	173	25	)	)	PUNCT
ajfa-932	173	26	.	.	PUNCT
ajfa-932	174	1	it	it	PRON
ajfa-932	174	2	further	far	ADV
ajfa-932	174	3	investigates	investigate	VERB
ajfa-932	174	4	whether	whether	SCONJ
ajfa-932	174	5	the	the	DET
ajfa-932	174	6	association	association	NOUN
ajfa-932	174	7	between	between	ADP
ajfa-932	174	8	audit	audit	NOUN
ajfa-932	174	9	fees	fee	NOUN
ajfa-932	174	10	and	and	CCONJ
ajfa-932	174	11	management	management	NOUN
ajfa-932	174	12	entrenchment	entrenchment	NOUN
ajfa-932	174	13	is	be	AUX
ajfa-932	174	14	contingent	contingent	ADJ
ajfa-932	174	15	on	on	ADP
ajfa-932	174	16	firms	firm	NOUN
ajfa-932	174	17	’	’	PART
ajfa-932	174	18	agency	agency	NOUN
ajfa-932	174	19	problems	problem	NOUN
ajfa-932	174	20	.	.	PUNCT
ajfa-932	175	1	the	the	DET
ajfa-932	175	2	results	result	NOUN
ajfa-932	175	3	show	show	VERB
ajfa-932	175	4	that	that	SCONJ
ajfa-932	175	5	audit	audit	NOUN
ajfa-932	175	6	fees	fee	NOUN
ajfa-932	175	7	are	be	AUX
ajfa-932	175	8	positively	positively	ADV
ajfa-932	175	9	associated	associate	VERB
ajfa-932	175	10	with	with	ADP
ajfa-932	175	11	the	the	DET
ajfa-932	175	12	entrenchment	entrenchment	ADJ
ajfa-932	175	13	index	index	NOUN
ajfa-932	175	14	(	(	PUNCT
ajfa-932	175	15	bebchuk	bebchuk	NOUN
ajfa-932	175	16	et	et	PROPN
ajfa-932	175	17	al	al	PROPN
ajfa-932	175	18	.	.	PROPN
ajfa-932	175	19	2005	2005	NUM
ajfa-932	175	20	)	)	PUNCT
ajfa-932	175	21	.	.	PUNCT
ajfa-932	176	1	furthermore	furthermore	ADV
ajfa-932	176	2	,	,	PUNCT
ajfa-932	176	3	results	result	NOUN
ajfa-932	176	4	show	show	VERB
ajfa-932	176	5	that	that	SCONJ
ajfa-932	176	6	the	the	DET
ajfa-932	176	7	positive	positive	ADJ
ajfa-932	176	8	relation	relation	NOUN
ajfa-932	176	9	between	between	ADP
ajfa-932	176	10	audit	audit	NOUN
ajfa-932	176	11	fees	fee	NOUN
ajfa-932	176	12	and	and	CCONJ
ajfa-932	176	13	the	the	DET
ajfa-932	176	14	entrenchment	entrenchment	ADJ
ajfa-932	176	15	index	index	NOUN
ajfa-932	176	16	only	only	ADV
ajfa-932	176	17	exists	exist	VERB
ajfa-932	176	18	for	for	ADP
ajfa-932	176	19	jensen	jensen	PROPN
ajfa-932	176	20	agency	agency	PROPN
ajfa-932	176	21	problem	problem	NOUN
ajfa-932	176	22	firms	firm	NOUN
ajfa-932	176	23	(	(	PUNCT
ajfa-932	176	24	firms	firm	NOUN
ajfa-932	176	25	with	with	ADP
ajfa-932	176	26	low	low	ADJ
ajfa-932	176	27	growth	growth	NOUN
ajfa-932	176	28	and	and	CCONJ
ajfa-932	176	29	high	high	ADJ
ajfa-932	176	30	free	free	ADJ
ajfa-932	176	31	cash	cash	NOUN
ajfa-932	176	32	flow	flow	NOUN
ajfa-932	176	33	)	)	PUNCT
ajfa-932	176	34	.	.	PUNCT
ajfa-932	177	1	these	these	DET
ajfa-932	177	2	results	result	NOUN
ajfa-932	177	3	provide	provide	VERB
ajfa-932	177	4	empirical	empirical	ADJ
ajfa-932	177	5	evidence	evidence	NOUN
ajfa-932	177	6	that	that	SCONJ
ajfa-932	177	7	the	the	DET
ajfa-932	177	8	association	association	NOUN
ajfa-932	177	9	between	between	ADP
ajfa-932	177	10	audit	audit	NOUN
ajfa-932	177	11	fees	fee	NOUN
ajfa-932	177	12	and	and	CCONJ
ajfa-932	177	13	entrenchment	entrenchment	ADJ
ajfa-932	177	14	provisions	provision	NOUN
ajfa-932	177	15	is	be	AUX
ajfa-932	177	16	contingent	contingent	ADJ
ajfa-932	177	17	on	on	ADP
ajfa-932	177	18	firms	firm	NOUN
ajfa-932	177	19	’	’	PART
ajfa-932	177	20	agency	agency	NOUN
ajfa-932	177	21	problems	problem	NOUN
ajfa-932	177	22	.	.	PUNCT
ajfa-932	178	1	acknowledgement	acknowledgement	NOUN
ajfa-932	178	2	we	we	PRON
ajfa-932	178	3	acknowledge	acknowledge	VERB
ajfa-932	178	4	insightful	insightful	ADJ
ajfa-932	178	5	comments	comment	NOUN
ajfa-932	178	6	from	from	ADP
ajfa-932	178	7	professor	professor	PROPN
ajfa-932	178	8	suresh	suresh	PROPN
ajfa-932	178	9	radhakrishnan	radhakrishnan	PROPN
ajfa-932	178	10	from	from	ADP
ajfa-932	178	11	university	university	PROPN
ajfa-932	178	12	of	of	ADP
ajfa-932	178	13	texas	texas	PROPN
ajfa-932	178	14	at	at	ADP
ajfa-932	178	15	dallas	dallas	PROPN
ajfa-932	178	16	.	.	PUNCT
ajfa-932	179	1	we	we	PRON
ajfa-932	179	2	also	also	ADV
ajfa-932	179	3	acknowledge	acknowledge	VERB
ajfa-932	179	4	research	research	NOUN
ajfa-932	179	5	support	support	NOUN
ajfa-932	179	6	from	from	ADP
ajfa-932	179	7	the	the	DET
ajfa-932	179	8	hong	hong	PROPN
ajfa-932	179	9	kong	kong	PROPN
ajfa-932	179	10	polytechnic	polytechnic	PROPN
ajfa-932	179	11	university	university	PROPN
ajfa-932	179	12	.	.	PUNCT
ajfa-932	180	1	references	reference	NOUN
ajfa-932	180	2	bebchuk	bebchuk	PROPN
ajfa-932	180	3	,	,	PUNCT
ajfa-932	180	4	l.	l.	PROPN
ajfa-932	180	5	,	,	PUNCT
ajfa-932	180	6	cohen	cohen	PROPN
ajfa-932	180	7	,	,	PUNCT
ajfa-932	180	8	a.	a.	PROPN
ajfa-932	180	9	,	,	PUNCT
ajfa-932	180	10	and	and	CCONJ
ajfa-932	180	11	ferrell	ferrell	PROPN
ajfa-932	180	12	,	,	PUNCT
ajfa-932	180	13	a.	a.	NOUN
ajfa-932	180	14	(	(	PUNCT
ajfa-932	180	15	2005	2005	NUM
ajfa-932	180	16	)	)	PUNCT
ajfa-932	180	17	.	.	PUNCT
ajfa-932	181	1	what	what	PRON
ajfa-932	181	2	matters	matter	VERB
ajfa-932	181	3	in	in	ADP
ajfa-932	181	4	corporate	corporate	ADJ
ajfa-932	181	5	governance	governance	NOUN
ajfa-932	181	6	?	?	PUNCT
ajfa-932	182	1	asian	asian	ADJ
ajfa-932	182	2	journal	journal	NOUN
ajfa-932	182	3	of	of	ADP
ajfa-932	182	4	finance	finance	PROPN
ajfa-932	182	5	&	&	CCONJ
ajfa-932	182	6	accounting	accounting	PROPN
ajfa-932	182	7	issn	issn	PROPN
ajfa-932	182	8	1946	1946	NUM
ajfa-932	182	9	-	-	PUNCT
ajfa-932	182	10	052x	052x	NOUN
ajfa-932	182	11	2011	2011	NUM
ajfa-932	182	12	,	,	PUNCT
ajfa-932	182	13	vol	vol	NOUN
ajfa-932	182	14	.	.	PROPN
ajfa-932	183	1	3	3	NUM
ajfa-932	183	2	,	,	PUNCT
ajfa-932	183	3	no	no	INTJ
ajfa-932	183	4	.	.	NOUN
ajfa-932	183	5	1	1	NUM
ajfa-932	183	6	:	:	PUNCT
ajfa-932	183	7	e2	e2	VERB
ajfa-932	183	8	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NUM
ajfa-932	183	9	37	37	NUM
ajfa-932	183	10	harvard	harvard	PROPN
ajfa-932	183	11	law	law	PROPN
ajfa-932	183	12	school	school	NOUN
ajfa-932	183	13	working	working	NOUN
ajfa-932	183	14	paper	paper	NOUN
ajfa-932	183	15	.	.	PUNCT
ajfa-932	184	1	bebchuk	bebchuk	PROPN
ajfa-932	184	2	,	,	PUNCT
ajfa-932	184	3	l.a	l.a	PROPN
ajfa-932	184	4	.	.	PROPN
ajfa-932	184	5	,	,	PUNCT
ajfa-932	184	6	and	and	CCONJ
ajfa-932	184	7	stole	steal	VERB
ajfa-932	184	8	,	,	PUNCT
ajfa-932	184	9	l.	l.	PROPN
ajfa-932	184	10	(	(	PUNCT
ajfa-932	184	11	1993	1993	NUM
ajfa-932	184	12	)	)	PUNCT
ajfa-932	184	13	.	.	PUNCT
ajfa-932	185	1	do	do	AUX
ajfa-932	185	2	short	short	ADJ
ajfa-932	185	3	-	-	PUNCT
ajfa-932	185	4	term	term	NOUN
ajfa-932	185	5	managerial	managerial	ADJ
ajfa-932	185	6	objectives	objective	NOUN
ajfa-932	185	7	lead	lead	VERB
ajfa-932	185	8	to	to	PART
ajfa-932	185	9	underor	underor	VERB
ajfa-932	185	10	over	over	ADP
ajfa-932	185	11	-	-	PUNCT
ajfa-932	185	12	investment	investment	NOUN
ajfa-932	185	13	in	in	ADP
ajfa-932	185	14	long	long	ADJ
ajfa-932	185	15	-	-	PUNCT
ajfa-932	185	16	term	term	NOUN
ajfa-932	185	17	projects	project	NOUN
ajfa-932	185	18	?	?	PUNCT
ajfa-932	186	1	journal	journal	NOUN
ajfa-932	186	2	of	of	ADP
ajfa-932	186	3	finance	finance	PROPN
ajfa-932	186	4	48:719	48:719	PROPN
ajfa-932	186	5	-	-	PUNCT
ajfa-932	186	6	729	729	NUM
ajfa-932	186	7	.	.	PUNCT
ajfa-932	187	1	http://dx.doi.org/10.2307/2328920	http://dx.doi.org/10.2307/2328920	PROPN
ajfa-932	187	2	bolton	bolton	PROPN
ajfa-932	187	3	,	,	PUNCT
ajfa-932	187	4	p.	p.	NOUN
ajfa-932	187	5	,	,	PUNCT
ajfa-932	187	6	and	and	CCONJ
ajfa-932	187	7	scharfstein	scharfstein	PROPN
ajfa-932	187	8	,	,	PUNCT
ajfa-932	187	9	d.	d.	PROPN
ajfa-932	187	10	(	(	PUNCT
ajfa-932	187	11	1990	1990	NUM
ajfa-932	187	12	)	)	PUNCT
ajfa-932	187	13	.	.	PUNCT
ajfa-932	188	1	a	a	DET
ajfa-932	188	2	theory	theory	NOUN
ajfa-932	188	3	of	of	ADP
ajfa-932	188	4	predation	predation	NOUN
ajfa-932	188	5	based	base	VERB
ajfa-932	188	6	on	on	ADP
ajfa-932	188	7	agency	agency	NOUN
ajfa-932	188	8	problems	problem	NOUN
ajfa-932	188	9	in	in	ADP
ajfa-932	188	10	financial	financial	ADJ
ajfa-932	188	11	contracting	contracting	NOUN
ajfa-932	188	12	.	.	PUNCT
ajfa-932	189	1	american	american	ADJ
ajfa-932	189	2	economic	economic	PROPN
ajfa-932	189	3	review	review	NOUN
ajfa-932	189	4	80:93	80:93	NUM
ajfa-932	189	5	-	-	SYM
ajfa-932	189	6	106	106	NUM
ajfa-932	189	7	.	.	PUNCT
ajfa-932	190	1	brush	brush	PROPN
ajfa-932	190	2	,	,	PUNCT
ajfa-932	190	3	t.h	t.h	PROPN
ajfa-932	190	4	.	.	PROPN
ajfa-932	190	5	,	,	PUNCT
ajfa-932	190	6	bromiley	bromiley	PROPN
ajfa-932	190	7	,	,	PUNCT
ajfa-932	190	8	p.	p.	NOUN
ajfa-932	190	9	,	,	PUNCT
ajfa-932	190	10	and	and	CCONJ
ajfa-932	190	11	hendrickx	hendrickx	NOUN
ajfa-932	190	12	,	,	PUNCT
ajfa-932	190	13	m.	m.	NOUN
ajfa-932	190	14	(	(	PUNCT
ajfa-932	190	15	2000	2000	NUM
ajfa-932	190	16	)	)	PUNCT
ajfa-932	190	17	.	.	PUNCT
ajfa-932	191	1	the	the	DET
ajfa-932	191	2	free	free	ADJ
ajfa-932	191	3	cash	cash	NOUN
ajfa-932	191	4	flow	flow	NOUN
ajfa-932	191	5	hypothesis	hypothesis	NOUN
ajfa-932	191	6	for	for	ADP
ajfa-932	191	7	sales	sale	NOUN
ajfa-932	191	8	growth	growth	NOUN
ajfa-932	191	9	and	and	CCONJ
ajfa-932	191	10	firm	firm	ADJ
ajfa-932	191	11	performance	performance	NOUN
ajfa-932	191	12	.	.	PUNCT
ajfa-932	192	1	strategic	strategic	ADJ
ajfa-932	192	2	management	management	NOUN
ajfa-932	192	3	journal	journal	NOUN
ajfa-932	192	4	21:455	21:455	NUM
ajfa-932	192	5	-	-	PUNCT
ajfa-932	192	6	472	472	NUM
ajfa-932	192	7	.	.	PUNCT
ajfa-932	193	1	http://dx.doi.org/10.1002/(sici)1097-0266(200004)21:4<455::aid-smj83>3.0.co;2-p	http://dx.doi.org/10.1002/(sici)1097-0266(200004)21:4<455::aid-smj83>3.0.co;2-p	NOUN
ajfa-932	193	2	chan	chan	PROPN
ajfa-932	193	3	,	,	PUNCT
ajfa-932	193	4	p.	p.	PROPN
ajfa-932	193	5	,	,	PUNCT
ajfa-932	193	6	ezzamel	ezzamel	NOUN
ajfa-932	193	7	,	,	PUNCT
ajfa-932	193	8	m.	m.	NOUN
ajfa-932	193	9	,	,	PUNCT
ajfa-932	193	10	and	and	CCONJ
ajfa-932	193	11	gwilliam	gwilliam	NOUN
ajfa-932	193	12	,	,	PUNCT
ajfa-932	193	13	d.	d.	PROPN
ajfa-932	193	14	(	(	PUNCT
ajfa-932	193	15	1993	1993	NUM
ajfa-932	193	16	)	)	PUNCT
ajfa-932	193	17	.	.	PUNCT
ajfa-932	194	1	determinants	determinant	NOUN
ajfa-932	194	2	of	of	ADP
ajfa-932	194	3	audit	audit	NOUN
ajfa-932	194	4	fees	fee	NOUN
ajfa-932	194	5	for	for	ADP
ajfa-932	194	6	quoted	quote	VERB
ajfa-932	194	7	u.k	u.k	PROPN
ajfa-932	194	8	.	.	PROPN
ajfa-932	194	9	companies	company	NOUN
ajfa-932	194	10	.	.	PUNCT
ajfa-932	195	1	journal	journal	PROPN
ajfa-932	195	2	of	of	ADP
ajfa-932	195	3	business	business	NOUN
ajfa-932	195	4	finance	finance	NOUN
ajfa-932	195	5	and	and	CCONJ
ajfa-932	195	6	accounting	account	VERB
ajfa-932	195	7	20:765	20:765	NUM
ajfa-932	195	8	-	-	SYM
ajfa-932	195	9	786	786	NUM
ajfa-932	195	10	.	.	PUNCT
ajfa-932	196	1	http://dx.doi.org/10.1111/j.1468-5957.1993.tb00292.x	http://dx.doi.org/10.1111/j.1468-5957.1993.tb00292.x	PROPN
ajfa-932	196	2	chirinko	chirinko	PROPN
ajfa-932	196	3	,	,	PUNCT
ajfa-932	196	4	r.s	r.s	PROPN
ajfa-932	196	5	.	.	PROPN
ajfa-932	196	6	,	,	PUNCT
ajfa-932	196	7	and	and	CCONJ
ajfa-932	196	8	schaller	schaller	NOUN
ajfa-932	196	9	,	,	PUNCT
ajfa-932	196	10	h.	h.	PROPN
ajfa-932	196	11	(	(	PUNCT
ajfa-932	196	12	2004	2004	NUM
ajfa-932	196	13	)	)	PUNCT
ajfa-932	196	14	.	.	PUNCT
ajfa-932	197	1	a	a	DET
ajfa-932	197	2	revealed	reveal	VERB
ajfa-932	197	3	approach	approach	NOUN
ajfa-932	197	4	to	to	ADP
ajfa-932	197	5	understanding	understand	VERB
ajfa-932	197	6	corporate	corporate	ADJ
ajfa-932	197	7	governance	governance	NOUN
ajfa-932	197	8	problems	problem	NOUN
ajfa-932	197	9	:	:	PUNCT
ajfa-932	197	10	evidence	evidence	NOUN
ajfa-932	197	11	from	from	ADP
ajfa-932	197	12	canada	canada	PROPN
ajfa-932	197	13	.	.	PUNCT
ajfa-932	198	1	journal	journal	PROPN
ajfa-932	198	2	of	of	ADP
ajfa-932	198	3	financial	financial	ADJ
ajfa-932	198	4	economics	economic	NOUN
ajfa-932	198	5	74:181	74:181	NUM
ajfa-932	198	6	-	-	SYM
ajfa-932	198	7	206	206	NUM
ajfa-932	198	8	.	.	PUNCT
ajfa-932	199	1	http://dx.doi.org/10.1016/j.jfineco.2002.11.001	http://dx.doi.org/10.1016/j.jfineco.2002.11.001	NOUN
ajfa-932	199	2	christie	christie	PROPN
ajfa-932	199	3	,	,	PUNCT
ajfa-932	199	4	a.a	a.a	PROPN
ajfa-932	199	5	.	.	PROPN
ajfa-932	199	6	,	,	PUNCT
ajfa-932	199	7	and	and	CCONJ
ajfa-932	199	8	zimmerman	zimmerman	PROPN
ajfa-932	199	9	j.	j.	PROPN
ajfa-932	199	10	(	(	PUNCT
ajfa-932	199	11	1994	1994	NUM
ajfa-932	199	12	)	)	PUNCT
ajfa-932	199	13	.	.	PUNCT
ajfa-932	200	1	efficient	efficient	ADJ
ajfa-932	200	2	and	and	CCONJ
ajfa-932	200	3	opportunistic	opportunistic	ADJ
ajfa-932	200	4	choices	choice	NOUN
ajfa-932	200	5	of	of	ADP
ajfa-932	200	6	accounting	accounting	NOUN
ajfa-932	200	7	procedures	procedure	NOUN
ajfa-932	200	8	:	:	PUNCT
ajfa-932	200	9	corporate	corporate	ADJ
ajfa-932	200	10	control	control	NOUN
ajfa-932	200	11	contests	contest	NOUN
ajfa-932	200	12	.	.	PUNCT
ajfa-932	201	1	the	the	DET
ajfa-932	201	2	accounting	accounting	NOUN
ajfa-932	201	3	review	review	NOUN
ajfa-932	201	4	69:539	69:539	NUM
ajfa-932	201	5	-	-	SYM
ajfa-932	201	6	566	566	NUM
ajfa-932	201	7	.	.	PUNCT
ajfa-932	201	8	coff	coff	PROPN
ajfa-932	201	9	,	,	PUNCT
ajfa-932	201	10	r.	r.	PROPN
ajfa-932	201	11	(	(	PUNCT
ajfa-932	201	12	2003	2003	NUM
ajfa-932	201	13	)	)	PUNCT
ajfa-932	201	14	.	.	PUNCT
ajfa-932	202	1	bidding	bid	VERB
ajfa-932	202	2	wars	war	NOUN
ajfa-932	202	3	over	over	ADP
ajfa-932	202	4	r&d	r&d	NOUN
ajfa-932	202	5	intensive	intensive	ADJ
ajfa-932	202	6	firms	firm	NOUN
ajfa-932	202	7	:	:	PUNCT
ajfa-932	202	8	knowledge	knowledge	NOUN
ajfa-932	202	9	,	,	PUNCT
ajfa-932	202	10	opportunism	opportunism	NOUN
ajfa-932	202	11	,	,	PUNCT
ajfa-932	202	12	and	and	CCONJ
ajfa-932	202	13	the	the	DET
ajfa-932	202	14	market	market	NOUN
ajfa-932	202	15	for	for	ADP
ajfa-932	202	16	corporate	corporate	ADJ
ajfa-932	202	17	control	control	NOUN
ajfa-932	202	18	.	.	PUNCT
ajfa-932	203	1	academy	academy	PROPN
ajfa-932	203	2	of	of	ADP
ajfa-932	203	3	management	management	PROPN
ajfa-932	203	4	journal	journal	PROPN
ajfa-932	203	5	46:74	46:74	NUM
ajfa-932	203	6	-	-	SYM
ajfa-932	203	7	85	85	NUM
ajfa-932	203	8	.	.	PUNCT
ajfa-932	204	1	http://dx.doi.org/10.2307/30040677	http://dx.doi.org/10.2307/30040677	PROPN
ajfa-932	204	2	cohen	cohen	PROPN
ajfa-932	204	3	,	,	PUNCT
ajfa-932	204	4	j.r	j.r	PROPN
ajfa-932	204	5	.	.	PROPN
ajfa-932	204	6	,	,	PUNCT
ajfa-932	204	7	and	and	CCONJ
ajfa-932	204	8	hanno	hanno	PROPN
ajfa-932	204	9	,	,	PUNCT
ajfa-932	204	10	d.m	d.m	PROPN
ajfa-932	204	11	.	.	PUNCT
ajfa-932	204	12	(	(	PUNCT
ajfa-932	204	13	2000	2000	NUM
ajfa-932	204	14	)	)	PUNCT
ajfa-932	204	15	.	.	PUNCT
ajfa-932	205	1	auditors	auditor	NOUN
ajfa-932	205	2	’	’	PART
ajfa-932	205	3	consideration	consideration	NOUN
ajfa-932	205	4	of	of	ADP
ajfa-932	205	5	corporate	corporate	ADJ
ajfa-932	205	6	governance	governance	NOUN
ajfa-932	205	7	and	and	CCONJ
ajfa-932	205	8	management	management	NOUN
ajfa-932	205	9	control	control	NOUN
ajfa-932	205	10	philosophy	philosophy	NOUN
ajfa-932	205	11	in	in	ADP
ajfa-932	205	12	preplanning	preplanning	NOUN
ajfa-932	205	13	and	and	CCONJ
ajfa-932	205	14	planning	planning	NOUN
ajfa-932	205	15	judgments	judgment	NOUN
ajfa-932	205	16	.	.	PUNCT
ajfa-932	206	1	auditing	auditing	NOUN
ajfa-932	206	2	:	:	PUNCT
ajfa-932	206	3	a	a	DET
ajfa-932	206	4	journal	journal	NOUN
ajfa-932	206	5	of	of	ADP
ajfa-932	206	6	practice	practice	NOUN
ajfa-932	206	7	and	and	CCONJ
ajfa-932	206	8	theory	theory	NOUN
ajfa-932	206	9	19:133	19:133	NUM
ajfa-932	206	10	-	-	SYM
ajfa-932	206	11	146	146	NUM
ajfa-932	206	12	.	.	PUNCT
ajfa-932	207	1	comment	comment	NOUN
ajfa-932	207	2	,	,	PUNCT
ajfa-932	207	3	r.	r.	PROPN
ajfa-932	207	4	,	,	PUNCT
ajfa-932	207	5	and	and	CCONJ
ajfa-932	207	6	jarrell	jarrell	PROPN
ajfa-932	207	7	,	,	PUNCT
ajfa-932	207	8	g.a	g.a	PROPN
ajfa-932	207	9	.	.	PROPN
ajfa-932	208	1	(	(	PUNCT
ajfa-932	208	2	1991	1991	NUM
ajfa-932	208	3	)	)	PUNCT
ajfa-932	208	4	.	.	PUNCT
ajfa-932	209	1	the	the	DET
ajfa-932	209	2	relative	relative	ADJ
ajfa-932	209	3	signaling	signal	VERB
ajfa-932	209	4	power	power	NOUN
ajfa-932	209	5	of	of	ADP
ajfa-932	209	6	dutch	dutch	ADJ
ajfa-932	209	7	-	-	PUNCT
ajfa-932	209	8	auction	auction	NOUN
ajfa-932	209	9	and	and	CCONJ
ajfa-932	209	10	fixed	fix	VERB
ajfa-932	209	11	-	-	PUNCT
ajfa-932	209	12	priced	price	VERB
ajfa-932	209	13	self	self	NOUN
ajfa-932	209	14	-	-	PUNCT
ajfa-932	209	15	tender	tender	NOUN
ajfa-932	209	16	offers	offer	NOUN
ajfa-932	209	17	and	and	CCONJ
ajfa-932	209	18	open	open	ADJ
ajfa-932	209	19	market	market	NOUN
ajfa-932	209	20	shared	share	VERB
ajfa-932	209	21	repurchases	repurchase	NOUN
ajfa-932	209	22	.	.	PUNCT
ajfa-932	210	1	journal	journal	NOUN
ajfa-932	210	2	of	of	ADP
ajfa-932	210	3	finance	finance	PROPN
ajfa-932	210	4	46:1243	46:1243	PROPN
ajfa-932	210	5	-	-	PUNCT
ajfa-932	210	6	1271	1271	NUM
ajfa-932	210	7	.	.	PUNCT
ajfa-932	211	1	http://dx.doi.org/10.2307/2328858	http://dx.doi.org/10.2307/2328858	NOUN
ajfa-932	211	2	compers	comper	NOUN
ajfa-932	211	3	,	,	PUNCT
ajfa-932	211	4	p.	p.	NOUN
ajfa-932	211	5	,	,	PUNCT
ajfa-932	211	6	ishii	ishii	PROPN
ajfa-932	211	7	,	,	PUNCT
ajfa-932	211	8	j.	j.	PROPN
ajfa-932	211	9	,	,	PUNCT
ajfa-932	211	10	and	and	CCONJ
ajfa-932	211	11	metrick	metrick	ADJ
ajfa-932	211	12	,	,	PUNCT
ajfa-932	211	13	a.	a.	NOUN
ajfa-932	211	14	(	(	PUNCT
ajfa-932	211	15	2003	2003	NUM
ajfa-932	211	16	)	)	PUNCT
ajfa-932	211	17	.	.	PUNCT
ajfa-932	212	1	corporate	corporate	ADJ
ajfa-932	212	2	governance	governance	NOUN
ajfa-932	212	3	and	and	CCONJ
ajfa-932	212	4	equity	equity	NOUN
ajfa-932	212	5	prices	price	NOUN
ajfa-932	212	6	.	.	PUNCT
ajfa-932	213	1	the	the	DET
ajfa-932	213	2	quarterly	quarterly	ADJ
ajfa-932	213	3	journal	journal	NOUN
ajfa-932	213	4	of	of	ADP
ajfa-932	213	5	economics	economic	NOUN
ajfa-932	213	6	118:107	118:107	PROPN
ajfa-932	213	7	-	-	SYM
ajfa-932	213	8	155	155	NUM
ajfa-932	213	9	.	.	PUNCT
ajfa-932	214	1	http://dx.doi.org/10.1162/00335530360535162	http://dx.doi.org/10.1162/00335530360535162	PROPN
ajfa-932	214	2	francis	francis	PROPN
ajfa-932	214	3	,	,	PUNCT
ajfa-932	214	4	j.r	j.r	PROPN
ajfa-932	214	5	.	.	PROPN
ajfa-932	214	6	,	,	PUNCT
ajfa-932	214	7	reichelt	reichelt	PROPN
ajfa-932	214	8	,	,	PUNCT
ajfa-932	214	9	k.	k.	PROPN
ajfa-932	214	10	,	,	PUNCT
ajfa-932	214	11	and	and	CCONJ
ajfa-932	214	12	wang	wang	PROPN
ajfa-932	214	13	,	,	PUNCT
ajfa-932	214	14	d.	d.	PROPN
ajfa-932	214	15	(	(	PUNCT
ajfa-932	214	16	2005	2005	NUM
ajfa-932	214	17	)	)	PUNCT
ajfa-932	214	18	.	.	PUNCT
ajfa-932	215	1	the	the	DET
ajfa-932	215	2	pricing	pricing	NOUN
ajfa-932	215	3	of	of	ADP
ajfa-932	215	4	national	national	ADJ
ajfa-932	215	5	and	and	CCONJ
ajfa-932	215	6	city	city	NOUN
ajfa-932	215	7	-	-	PUNCT
ajfa-932	215	8	specific	specific	ADJ
ajfa-932	215	9	reputations	reputation	NOUN
ajfa-932	215	10	for	for	ADP
ajfa-932	215	11	industry	industry	NOUN
ajfa-932	215	12	expertise	expertise	NOUN
ajfa-932	215	13	in	in	ADP
ajfa-932	215	14	the	the	DET
ajfa-932	215	15	u.s	u.s	PROPN
ajfa-932	215	16	.	.	PROPN
ajfa-932	215	17	audit	audit	NOUN
ajfa-932	215	18	market	market	NOUN
ajfa-932	215	19	.	.	PUNCT
ajfa-932	216	1	the	the	DET
ajfa-932	216	2	accounting	accounting	NOUN
ajfa-932	216	3	review	review	NOUN
ajfa-932	216	4	80:113	80:113	NUM
ajfa-932	216	5	-	-	SYM
ajfa-932	216	6	136	136	NUM
ajfa-932	216	7	.	.	PUNCT
ajfa-932	217	1	http://dx.doi.org/10.2308/accr.2005.80.1.113	http://dx.doi.org/10.2308/accr.2005.80.1.113	PROPN
ajfa-932	217	2	gul	gul	PROPN
ajfa-932	217	3	,	,	PUNCT
ajfa-932	217	4	f.	f.	PROPN
ajfa-932	217	5	,	,	PUNCT
ajfa-932	217	6	and	and	CCONJ
ajfa-932	217	7	tsui	tsui	PROPN
ajfa-932	217	8	,	,	PUNCT
ajfa-932	217	9	j.	j.	PROPN
ajfa-932	217	10	(	(	PUNCT
ajfa-932	217	11	1998	1998	NUM
ajfa-932	217	12	)	)	PUNCT
ajfa-932	217	13	.	.	PUNCT
ajfa-932	218	1	a	a	DET
ajfa-932	218	2	test	test	NOUN
ajfa-932	218	3	of	of	ADP
ajfa-932	218	4	the	the	DET
ajfa-932	218	5	free	free	ADJ
ajfa-932	218	6	cash	cash	NOUN
ajfa-932	218	7	flow	flow	NOUN
ajfa-932	218	8	and	and	CCONJ
ajfa-932	218	9	debt	debt	NOUN
ajfa-932	218	10	monitoring	monitoring	NOUN
ajfa-932	218	11	hypothesis	hypothesis	NOUN
ajfa-932	218	12	:	:	PUNCT
ajfa-932	218	13	evidence	evidence	NOUN
ajfa-932	218	14	from	from	ADP
ajfa-932	218	15	audit	audit	NOUN
ajfa-932	218	16	pricing	pricing	NOUN
ajfa-932	218	17	.	.	PUNCT
ajfa-932	219	1	journal	journal	NOUN
ajfa-932	219	2	of	of	ADP
ajfa-932	219	3	accounting	accounting	NOUN
ajfa-932	219	4	and	and	CCONJ
ajfa-932	219	5	economics	economic	NOUN
ajfa-932	219	6	14:219	14:219	NUM
ajfa-932	219	7	-	-	SYM
ajfa-932	219	8	237	237	NUM
ajfa-932	219	9	.	.	PUNCT
ajfa-932	220	1	gul	gul	PROPN
ajfa-932	220	2	,	,	PUNCT
ajfa-932	220	3	f.	f.	PROPN
ajfa-932	220	4	,	,	PUNCT
ajfa-932	220	5	and	and	CCONJ
ajfa-932	220	6	tsui	tsui	PROPN
ajfa-932	220	7	,	,	PUNCT
ajfa-932	220	8	j.	j.	PROPN
ajfa-932	220	9	(	(	PUNCT
ajfa-932	220	10	2001	2001	NUM
ajfa-932	220	11	)	)	PUNCT
ajfa-932	220	12	.	.	PUNCT
ajfa-932	221	1	free	free	ADJ
ajfa-932	221	2	cash	cash	NOUN
ajfa-932	221	3	flow	flow	NOUN
ajfa-932	221	4	,	,	PUNCT
ajfa-932	221	5	debt	debt	NOUN
ajfa-932	221	6	monitoring	monitoring	NOUN
ajfa-932	221	7	,	,	PUNCT
ajfa-932	221	8	and	and	CCONJ
ajfa-932	221	9	audit	audit	NOUN
ajfa-932	221	10	pricing	pricing	NOUN
ajfa-932	221	11	:	:	PUNCT
ajfa-932	221	12	further	further	ADJ
ajfa-932	221	13	evidence	evidence	NOUN
ajfa-932	221	14	on	on	ADP
ajfa-932	221	15	the	the	DET
ajfa-932	221	16	role	role	NOUN
ajfa-932	221	17	of	of	ADP
ajfa-932	221	18	director	director	NOUN
ajfa-932	221	19	equity	equity	NOUN
ajfa-932	221	20	ownership	ownership	NOUN
ajfa-932	221	21	.	.	PUNCT
ajfa-932	222	1	auditing	auditing	NOUN
ajfa-932	222	2	:	:	PUNCT
ajfa-932	222	3	a	a	DET
ajfa-932	222	4	journal	journal	NOUN
ajfa-932	222	5	of	of	ADP
ajfa-932	222	6	theory	theory	NOUN
ajfa-932	222	7	and	and	CCONJ
ajfa-932	222	8	practice	practice	VERB
ajfa-932	222	9	20:71	20:71	NUM
ajfa-932	222	10	-	-	SYM
ajfa-932	222	11	84	84	NUM
ajfa-932	222	12	.	.	PUNCT
ajfa-932	223	1	asian	asian	ADJ
ajfa-932	223	2	journal	journal	PROPN
ajfa-932	223	3	of	of	ADP
ajfa-932	223	4	finance	finance	PROPN
ajfa-932	223	5	&	&	CCONJ
ajfa-932	223	6	accounting	accounting	PROPN
ajfa-932	223	7	issn	issn	PROPN
ajfa-932	223	8	1946	1946	NUM
ajfa-932	223	9	-	-	PUNCT
ajfa-932	223	10	052x	052x	NOUN
ajfa-932	223	11	2011	2011	NUM
ajfa-932	223	12	,	,	PUNCT
ajfa-932	223	13	vol	vol	NOUN
ajfa-932	223	14	.	.	PROPN
ajfa-932	224	1	3	3	NUM
ajfa-932	224	2	,	,	PUNCT
ajfa-932	224	3	no	no	INTJ
ajfa-932	224	4	.	.	NOUN
ajfa-932	224	5	1	1	NUM
ajfa-932	224	6	:	:	PUNCT
ajfa-932	224	7	e2	e2	VERB
ajfa-932	224	8	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NOUN
ajfa-932	224	9	38	38	NUM
ajfa-932	224	10	harvey	harvey	NOUN
ajfa-932	224	11	,	,	PUNCT
ajfa-932	224	12	c.r	c.r	PROPN
ajfa-932	224	13	.	.	PROPN
ajfa-932	224	14	,	,	PUNCT
ajfa-932	224	15	lins	lins	PROPN
ajfa-932	224	16	,	,	PUNCT
ajfa-932	224	17	k.v	k.v	PROPN
ajfa-932	224	18	.	.	PROPN
ajfa-932	224	19	,	,	PUNCT
ajfa-932	224	20	and	and	CCONJ
ajfa-932	224	21	roper	roper	NOUN
ajfa-932	224	22	,	,	PUNCT
ajfa-932	224	23	a.	a.	PROPN
ajfa-932	224	24	h.	h.	PROPN
ajfa-932	224	25	(	(	PUNCT
ajfa-932	224	26	2004	2004	NUM
ajfa-932	224	27	)	)	PUNCT
ajfa-932	224	28	.	.	PUNCT
ajfa-932	225	1	the	the	DET
ajfa-932	225	2	effect	effect	NOUN
ajfa-932	225	3	of	of	ADP
ajfa-932	225	4	capital	capital	NOUN
ajfa-932	225	5	structure	structure	NOUN
ajfa-932	225	6	when	when	SCONJ
ajfa-932	225	7	expected	expect	VERB
ajfa-932	225	8	agency	agency	NOUN
ajfa-932	225	9	costs	cost	NOUN
ajfa-932	225	10	are	be	AUX
ajfa-932	225	11	extreme	extreme	ADJ
ajfa-932	225	12	.	.	PUNCT
ajfa-932	226	1	journal	journal	NOUN
ajfa-932	226	2	of	of	ADP
ajfa-932	226	3	financial	financial	ADJ
ajfa-932	226	4	economics	economic	NOUN
ajfa-932	226	5	74:3	74:3	NUM
ajfa-932	226	6	-	-	SYM
ajfa-932	226	7	30	30	NUM
ajfa-932	226	8	.	.	PUNCT
ajfa-932	227	1	http://dx.doi.org/10.1016/j.jfineco.2003.07.003	http://dx.doi.org/10.1016/j.jfineco.2003.07.003	PROPN
ajfa-932	227	2	hart	hart	PROPN
ajfa-932	227	3	,	,	PUNCT
ajfa-932	227	4	o	o	NOUN
ajfa-932	227	5	,	,	PUNCT
ajfa-932	227	6	and	and	CCONJ
ajfa-932	227	7	moore	moore	PROPN
ajfa-932	227	8	,	,	PUNCT
ajfa-932	227	9	j.	j.	PROPN
ajfa-932	227	10	(	(	PUNCT
ajfa-932	227	11	1998	1998	NUM
ajfa-932	227	12	)	)	PUNCT
ajfa-932	227	13	.	.	PUNCT
ajfa-932	228	1	default	default	NOUN
ajfa-932	228	2	and	and	CCONJ
ajfa-932	228	3	renegotiation	renegotiation	NOUN
ajfa-932	228	4	:	:	PUNCT
ajfa-932	228	5	a	a	DET
ajfa-932	228	6	dynamic	dynamic	ADJ
ajfa-932	228	7	model	model	NOUN
ajfa-932	228	8	of	of	ADP
ajfa-932	228	9	debt	debt	NOUN
ajfa-932	228	10	.	.	PUNCT
ajfa-932	229	1	quarterly	quarterly	ADJ
ajfa-932	229	2	journal	journal	NOUN
ajfa-932	229	3	of	of	ADP
ajfa-932	229	4	economics	economic	NOUN
ajfa-932	229	5	113:1	113:1	NUM
ajfa-932	229	6	-	-	SYM
ajfa-932	229	7	41	41	NUM
ajfa-932	229	8	.	.	PUNCT
ajfa-932	230	1	http://dx.doi.org/10.1162/003355398555496	http://dx.doi.org/10.1162/003355398555496	PROPN
ajfa-932	230	2	jensen	jensen	PROPN
ajfa-932	230	3	,	,	PUNCT
ajfa-932	230	4	m.c	m.c	PROPN
ajfa-932	230	5	.	.	PROPN
ajfa-932	230	6	(	(	PUNCT
ajfa-932	230	7	1986	1986	NUM
ajfa-932	230	8	)	)	PUNCT
ajfa-932	230	9	.	.	PUNCT
ajfa-932	231	1	agency	agency	NOUN
ajfa-932	231	2	costs	cost	NOUN
ajfa-932	231	3	of	of	ADP
ajfa-932	231	4	free	free	ADJ
ajfa-932	231	5	cash	cash	NOUN
ajfa-932	231	6	flow	flow	NOUN
ajfa-932	231	7	,	,	PUNCT
ajfa-932	231	8	corporate	corporate	ADJ
ajfa-932	231	9	finance	finance	NOUN
ajfa-932	231	10	,	,	PUNCT
ajfa-932	231	11	and	and	CCONJ
ajfa-932	231	12	takeovers	takeover	NOUN
ajfa-932	231	13	.	.	PUNCT
ajfa-932	232	1	american	american	ADJ
ajfa-932	232	2	economic	economic	PROPN
ajfa-932	232	3	review	review	NOUN
ajfa-932	232	4	76:323	76:323	NUM
ajfa-932	232	5	-	-	SYM
ajfa-932	232	6	339	339	NUM
ajfa-932	232	7	.	.	PUNCT
ajfa-932	233	1	jensen	jensen	PROPN
ajfa-932	233	2	,	,	PUNCT
ajfa-932	233	3	m.c	m.c	PROPN
ajfa-932	233	4	.	.	PROPN
ajfa-932	233	5	,	,	PUNCT
ajfa-932	233	6	and	and	CCONJ
ajfa-932	233	7	meckling	meckling	NOUN
ajfa-932	233	8	,	,	PUNCT
ajfa-932	233	9	w.h	w.h	PROPN
ajfa-932	233	10	.	.	PROPN
ajfa-932	233	11	(	(	PUNCT
ajfa-932	233	12	1976	1976	NUM
ajfa-932	233	13	)	)	PUNCT
ajfa-932	233	14	.	.	PUNCT
ajfa-932	234	1	theory	theory	NOUN
ajfa-932	234	2	of	of	ADP
ajfa-932	234	3	the	the	DET
ajfa-932	234	4	firm	firm	NOUN
ajfa-932	234	5	:	:	PUNCT
ajfa-932	234	6	managerial	managerial	ADJ
ajfa-932	234	7	behavior	behavior	NOUN
ajfa-932	234	8	,	,	PUNCT
ajfa-932	234	9	agency	agency	NOUN
ajfa-932	234	10	costs	cost	NOUN
ajfa-932	234	11	and	and	CCONJ
ajfa-932	234	12	ownership	ownership	NOUN
ajfa-932	234	13	structure	structure	NOUN
ajfa-932	234	14	.	.	PUNCT
ajfa-932	235	1	journal	journal	NOUN
ajfa-932	235	2	of	of	ADP
ajfa-932	235	3	financial	financial	ADJ
ajfa-932	235	4	economics	economic	NOUN
ajfa-932	235	5	3:305	3:305	NUM
ajfa-932	235	6	-	-	SYM
ajfa-932	235	7	360	360	NUM
ajfa-932	235	8	.	.	PUNCT
ajfa-932	236	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-932	236	2	lang	lang	PROPN
ajfa-932	236	3	,	,	PUNCT
ajfa-932	236	4	l.h.p	l.h.p	PROPN
ajfa-932	236	5	.	.	PROPN
ajfa-932	236	6	,	,	PUNCT
ajfa-932	236	7	stulz	stulz	ADJ
ajfa-932	236	8	,	,	PUNCT
ajfa-932	236	9	r.m	r.m	PROPN
ajfa-932	236	10	.	.	PROPN
ajfa-932	236	11	,	,	PUNCT
ajfa-932	236	12	and	and	CCONJ
ajfa-932	236	13	walking	walking	NOUN
ajfa-932	236	14	,	,	PUNCT
ajfa-932	236	15	r.a	r.a	PROPN
ajfa-932	236	16	.	.	PROPN
ajfa-932	236	17	(	(	PUNCT
ajfa-932	236	18	1991	1991	NUM
ajfa-932	236	19	)	)	PUNCT
ajfa-932	236	20	.	.	PUNCT
ajfa-932	237	1	a	a	DET
ajfa-932	237	2	test	test	NOUN
ajfa-932	237	3	of	of	ADP
ajfa-932	237	4	the	the	DET
ajfa-932	237	5	free	free	ADJ
ajfa-932	237	6	cash	cash	NOUN
ajfa-932	237	7	flow	flow	NOUN
ajfa-932	237	8	hypothesis	hypothesis	NOUN
ajfa-932	237	9	.	.	PUNCT
ajfa-932	238	1	journal	journal	PROPN
ajfa-932	238	2	of	of	ADP
ajfa-932	238	3	financial	financial	ADJ
ajfa-932	238	4	economics	economic	NOUN
ajfa-932	238	5	29:315	29:315	PROPN
ajfa-932	238	6	-	-	SYM
ajfa-932	238	7	355	355	NUM
ajfa-932	238	8	.	.	PUNCT
ajfa-932	239	1	http://dx.doi.org/10.1016/0304-405x(91)90005-5	http://dx.doi.org/10.1016/0304-405x(91)90005-5	NOUN
ajfa-932	239	2	le	le	PROPN
ajfa-932	239	3	s.a	s.a	PROPN
ajfa-932	239	4	.	.	PROPN
ajfa-932	239	5	,	,	PUNCT
ajfa-932	239	6	walters	walters	PROPN
ajfa-932	239	7	,	,	PUNCT
ajfa-932	239	8	b.	b.	PROPN
ajfa-932	239	9	,	,	PUNCT
ajfa-932	239	10	and	and	CCONJ
ajfa-932	239	11	kroll	kroll	PROPN
ajfa-932	239	12	,	,	PUNCT
ajfa-932	239	13	m.	m.	NOUN
ajfa-932	239	14	(	(	PUNCT
ajfa-932	239	15	2006	2006	NUM
ajfa-932	239	16	)	)	PUNCT
ajfa-932	239	17	.	.	PUNCT
ajfa-932	240	1	the	the	DET
ajfa-932	240	2	moderating	moderate	VERB
ajfa-932	240	3	effects	effect	NOUN
ajfa-932	240	4	of	of	ADP
ajfa-932	240	5	external	external	ADJ
ajfa-932	240	6	monitors	monitor	NOUN
ajfa-932	240	7	on	on	ADP
ajfa-932	240	8	the	the	DET
ajfa-932	240	9	relationship	relationship	NOUN
ajfa-932	240	10	between	between	ADP
ajfa-932	240	11	r&d	r&d	NOUN
ajfa-932	240	12	spending	spending	NOUN
ajfa-932	240	13	and	and	CCONJ
ajfa-932	240	14	firm	firm	ADJ
ajfa-932	240	15	performance	performance	NOUN
ajfa-932	240	16	.	.	PUNCT
ajfa-932	241	1	journal	journal	NOUN
ajfa-932	241	2	of	of	ADP
ajfa-932	241	3	business	business	NOUN
ajfa-932	241	4	research	research	NOUN
ajfa-932	241	5	59(2):278	59(2):278	PROPN
ajfa-932	241	6	-	-	SYM
ajfa-932	241	7	287	287	NUM
ajfa-932	241	8	.	.	PUNCT
ajfa-932	242	1	http://dx.doi.org/10.1016/j.jbusres.2005.04.003	http://dx.doi.org/10.1016/j.jbusres.2005.04.003	NUM
ajfa-932	242	2	lev	lev	NOUN
ajfa-932	242	3	,	,	PUNCT
ajfa-932	242	4	b.	b.	PROPN
ajfa-932	242	5	(	(	PUNCT
ajfa-932	242	6	2001	2001	NUM
ajfa-932	242	7	)	)	PUNCT
ajfa-932	242	8	.	.	PUNCT
ajfa-932	243	1	intangible	intangible	ADJ
ajfa-932	243	2	:	:	PUNCT
ajfa-932	243	3	management	management	NOUN
ajfa-932	243	4	,	,	PUNCT
ajfa-932	243	5	measurement	measurement	NOUN
ajfa-932	243	6	and	and	CCONJ
ajfa-932	243	7	reporting	reporting	NOUN
ajfa-932	243	8	.	.	PUNCT
ajfa-932	244	1	brookings	brookings	PROPN
ajfa-932	244	2	institution	institution	PROPN
ajfa-932	244	3	press	press	PROPN
ajfa-932	244	4	.	.	PUNCT
ajfa-932	245	1	lev	lev	PROPN
ajfa-932	245	2	,	,	PUNCT
ajfa-932	245	3	b.	b.	PROPN
ajfa-932	245	4	,	,	PUNCT
ajfa-932	245	5	and	and	CCONJ
ajfa-932	245	6	zarowin	zarowin	PROPN
ajfa-932	245	7	,	,	PUNCT
ajfa-932	245	8	p.	p.	NOUN
ajfa-932	245	9	(	(	PUNCT
ajfa-932	245	10	1999	1999	NUM
ajfa-932	245	11	)	)	PUNCT
ajfa-932	245	12	.	.	PUNCT
ajfa-932	246	1	the	the	DET
ajfa-932	246	2	boundaries	boundary	NOUN
ajfa-932	246	3	of	of	ADP
ajfa-932	246	4	financial	financial	ADJ
ajfa-932	246	5	reporting	reporting	NOUN
ajfa-932	246	6	and	and	CCONJ
ajfa-932	246	7	how	how	SCONJ
ajfa-932	246	8	to	to	PART
ajfa-932	246	9	extend	extend	VERB
ajfa-932	246	10	them	they	PRON
ajfa-932	246	11	.	.	PUNCT
ajfa-932	247	1	journal	journal	PROPN
ajfa-932	247	2	of	of	ADP
ajfa-932	247	3	accounting	accounting	PROPN
ajfa-932	247	4	research	research	NOUN
ajfa-932	247	5	37:353	37:353	NUM
ajfa-932	247	6	-	-	SYM
ajfa-932	247	7	385	385	NUM
ajfa-932	247	8	.	.	PUNCT
ajfa-932	248	1	http://dx.doi.org/10.2307/2491413	http://dx.doi.org/10.2307/2491413	PROPN
ajfa-932	248	2	manne	manne	PROPN
ajfa-932	248	3	,	,	PUNCT
ajfa-932	248	4	h.	h.	PROPN
ajfa-932	248	5	(	(	PUNCT
ajfa-932	248	6	1965	1965	NUM
ajfa-932	248	7	)	)	PUNCT
ajfa-932	248	8	.	.	PUNCT
ajfa-932	249	1	mergers	merger	NOUN
ajfa-932	249	2	and	and	CCONJ
ajfa-932	249	3	the	the	DET
ajfa-932	249	4	market	market	NOUN
ajfa-932	249	5	for	for	ADP
ajfa-932	249	6	corporate	corporate	ADJ
ajfa-932	249	7	control	control	NOUN
ajfa-932	249	8	.	.	PUNCT
ajfa-932	250	1	journal	journal	NOUN
ajfa-932	250	2	of	of	ADP
ajfa-932	250	3	political	political	ADJ
ajfa-932	250	4	economy	economy	NOUN
ajfa-932	250	5	73:110	73:110	NUM
ajfa-932	250	6	-	-	SYM
ajfa-932	250	7	120	120	NUM
ajfa-932	250	8	.	.	PUNCT
ajfa-932	251	1	http://dx.doi.org/10.1086/259000	http://dx.doi.org/10.1086/259000	PROPN
ajfa-932	251	2	shleifer	shleifer	PROPN
ajfa-932	251	3	,	,	PUNCT
ajfa-932	251	4	a.	a.	NOUN
ajfa-932	251	5	,	,	PUNCT
ajfa-932	251	6	and	and	CCONJ
ajfa-932	251	7	vishny	vishny	PROPN
ajfa-932	251	8	,	,	PUNCT
ajfa-932	251	9	r.	r.	PROPN
ajfa-932	251	10	(	(	PUNCT
ajfa-932	251	11	1997	1997	NUM
ajfa-932	251	12	)	)	PUNCT
ajfa-932	251	13	.	.	PUNCT
ajfa-932	252	1	a	a	DET
ajfa-932	252	2	survey	survey	NOUN
ajfa-932	252	3	of	of	ADP
ajfa-932	252	4	corporate	corporate	ADJ
ajfa-932	252	5	governance	governance	NOUN
ajfa-932	252	6	.	.	PUNCT
ajfa-932	253	1	journal	journal	NOUN
ajfa-932	253	2	of	of	ADP
ajfa-932	253	3	finance	finance	NOUN
ajfa-932	253	4	52:737	52:737	NOUN
ajfa-932	253	5	-	-	SYM
ajfa-932	253	6	783	783	NUM
ajfa-932	253	7	.	.	PUNCT
ajfa-932	254	1	http://dx.doi.org/10.2307/2329497	http://dx.doi.org/10.2307/2329497	PROPN
ajfa-932	254	2	simmunic	simmunic	PROPN
ajfa-932	254	3	,	,	PUNCT
ajfa-932	254	4	d.	d.	PROPN
ajfa-932	254	5	(	(	PUNCT
ajfa-932	254	6	1980	1980	NUM
ajfa-932	254	7	)	)	PUNCT
ajfa-932	254	8	.	.	PUNCT
ajfa-932	255	1	the	the	DET
ajfa-932	255	2	pricing	pricing	NOUN
ajfa-932	255	3	of	of	ADP
ajfa-932	255	4	audit	audit	NOUN
ajfa-932	255	5	services	service	NOUN
ajfa-932	255	6	:	:	PUNCT
ajfa-932	255	7	theory	theory	NOUN
ajfa-932	255	8	and	and	CCONJ
ajfa-932	255	9	evidence	evidence	NOUN
ajfa-932	255	10	.	.	PUNCT
ajfa-932	256	1	journal	journal	NOUN
ajfa-932	256	2	of	of	ADP
ajfa-932	256	3	accounting	accounting	PROPN
ajfa-932	256	4	research	research	NOUN
ajfa-932	256	5	18:161	18:161	NUM
ajfa-932	256	6	-	-	SYM
ajfa-932	256	7	190	190	NUM
ajfa-932	256	8	.	.	PUNCT
ajfa-932	257	1	http://dx.doi.org/10.2307/2490397	http://dx.doi.org/10.2307/2490397	PROPN
ajfa-932	257	2	stein	stein	PROPN
ajfa-932	257	3	,	,	PUNCT
ajfa-932	257	4	j.	j.	PROPN
ajfa-932	257	5	(	(	PUNCT
ajfa-932	257	6	1988	1988	NUM
ajfa-932	257	7	)	)	PUNCT
ajfa-932	257	8	.	.	PUNCT
ajfa-932	258	1	takeover	takeover	NOUN
ajfa-932	258	2	threats	threat	NOUN
ajfa-932	258	3	and	and	CCONJ
ajfa-932	258	4	managerial	managerial	ADJ
ajfa-932	258	5	myopia	myopia	NOUN
ajfa-932	258	6	.	.	PUNCT
ajfa-932	259	1	journal	journal	NOUN
ajfa-932	259	2	of	of	ADP
ajfa-932	259	3	political	political	ADJ
ajfa-932	259	4	economy	economy	NOUN
ajfa-932	259	5	96:61	96:61	NUM
ajfa-932	259	6	-	-	SYM
ajfa-932	259	7	80	80	NUM
ajfa-932	259	8	.	.	PUNCT
ajfa-932	260	1	http://dx.doi.org/10.1086/261524	http://dx.doi.org/10.1086/261524	PROPN
ajfa-932	260	2	white	white	PROPN
ajfa-932	260	3	,	,	PUNCT
ajfa-932	260	4	h.	h.	PROPN
ajfa-932	260	5	(	(	PUNCT
ajfa-932	260	6	1980	1980	NUM
ajfa-932	260	7	)	)	PUNCT
ajfa-932	260	8	.	.	PUNCT
ajfa-932	261	1	a	a	DET
ajfa-932	261	2	heteroskedasticity	heteroskedasticity	NOUN
ajfa-932	261	3	-	-	PUNCT
ajfa-932	261	4	consistent	consistent	ADJ
ajfa-932	261	5	covariance	covariance	NOUN
ajfa-932	261	6	matrix	matrix	NOUN
ajfa-932	261	7	estimator	estimator	NOUN
ajfa-932	261	8	and	and	CCONJ
ajfa-932	261	9	a	a	DET
ajfa-932	261	10	direct	direct	ADJ
ajfa-932	261	11	test	test	NOUN
ajfa-932	261	12	for	for	ADP
ajfa-932	261	13	heteroskedasticity	heteroskedasticity	NOUN
ajfa-932	261	14	.	.	PUNCT
ajfa-932	262	1	econometrica	econometrica	PROPN
ajfa-932	262	2	48:817	48:817	PROPN
ajfa-932	262	3	-	-	PUNCT
ajfa-932	262	4	838	838	NUM
ajfa-932	262	5	.	.	PUNCT
ajfa-932	263	1	http://dx.doi.org/10.2307/1912934	http://dx.doi.org/10.2307/1912934	PROPN
ajfa-932	263	2	copyright	copyright	NOUN
ajfa-932	263	3	disclaimer	disclaimer	PROPN
ajfa-932	263	4	copyright	copyright	NOUN
ajfa-932	263	5	reserved	reserve	VERB
ajfa-932	263	6	by	by	ADP
ajfa-932	263	7	the	the	DET
ajfa-932	263	8	author(s	author(s	NOUN
ajfa-932	263	9	)	)	PUNCT
ajfa-932	263	10	.	.	PUNCT
ajfa-932	264	1	this	this	DET
ajfa-932	264	2	article	article	NOUN
ajfa-932	264	3	is	be	AUX
ajfa-932	264	4	an	an	DET
ajfa-932	264	5	open	open	ADJ
ajfa-932	264	6	-	-	PUNCT
ajfa-932	264	7	access	access	NOUN
ajfa-932	264	8	article	article	NOUN
ajfa-932	264	9	distributed	distribute	VERB
ajfa-932	264	10	under	under	ADP
ajfa-932	264	11	the	the	DET
ajfa-932	264	12	terms	term	NOUN
ajfa-932	264	13	and	and	CCONJ
ajfa-932	264	14	conditions	condition	NOUN
ajfa-932	264	15	of	of	ADP
ajfa-932	264	16	the	the	DET
ajfa-932	264	17	creative	creative	ADJ
ajfa-932	264	18	commons	common	NOUN
ajfa-932	264	19	attribution	attribution	NOUN
ajfa-932	264	20	license	license	NOUN
ajfa-932	264	21	(	(	PUNCT
ajfa-932	264	22	http://creativecommons.org/licenses/by/3.0/	http://creativecommons.org/licenses/by/3.0/	PROPN
ajfa-932	264	23	)	)	PUNCT
ajfa-932	264	24	.	.	PUNCT