id	sid	tid	token	lemma	pos
afbr-193	1	1	australian	australian	ADJ
afbr-193	1	2	finance	finance	NOUN
afbr-193	1	3	&	&	CCONJ
afbr-193	1	4	banking	banking	PROPN
afbr-193	1	5	review	review	PROPN
afbr-193	1	6	;	;	PUNCT
afbr-193	1	7	vol	vol	NOUN
afbr-193	1	8	.	.	NOUN
afbr-193	2	1	2	2	NUM
afbr-193	2	2	,	,	PUNCT
afbr-193	2	3	no	no	INTJ
afbr-193	2	4	.	.	NOUN
afbr-193	2	5	2	2	NUM
afbr-193	2	6	;	;	PUNCT
afbr-193	2	7	2018	2018	NUM
afbr-193	2	8	issn	issn	VERB
afbr-193	2	9	2576	2576	NUM
afbr-193	2	10	-	-	SYM
afbr-193	2	11	1196	1196	NUM
afbr-193	2	12	e	e	NOUN
afbr-193	2	13	-	-	PROPN
afbr-193	2	14	issn	issn	ADJ
afbr-193	2	15	2576	2576	NUM
afbr-193	2	16	-	-	PUNCT
afbr-193	2	17	120x	120x	NUM
afbr-193	2	18	impact	impact	NOUN
afbr-193	2	19	factor	factor	NOUN
afbr-193	2	20	:	:	PUNCT
afbr-193	2	21	2.7	2.7	NUM
afbr-193	2	22	published	publish	VERB
afbr-193	2	23	by	by	ADP
afbr-193	2	24	centre	centre	NOUN
afbr-193	2	25	for	for	ADP
afbr-193	2	26	research	research	NOUN
afbr-193	2	27	on	on	ADP
afbr-193	2	28	islamic	islamic	ADJ
afbr-193	2	29	banking	banking	PROPN
afbr-193	2	30	&	&	CCONJ
afbr-193	2	31	finance	finance	PROPN
afbr-193	2	32	and	and	CCONJ
afbr-193	2	33	business	business	NOUN
afbr-193	2	34	,	,	PUNCT
afbr-193	2	35	usa	usa	PROPN
afbr-193	2	36	7	7	NUM
afbr-193	2	37	micro	micro	NOUN
afbr-193	2	38	determinants	determinant	NOUN
afbr-193	2	39	of	of	ADP
afbr-193	2	40	dividend	dividend	NOUN
afbr-193	2	41	policy	policy	NOUN
afbr-193	2	42	in	in	ADP
afbr-193	2	43	quoted	quote	VERB
afbr-193	2	44	manufacturing	manufacturing	NOUN
afbr-193	2	45	companies	company	NOUN
afbr-193	2	46	in	in	ADP
afbr-193	2	47	nigeria	nigeria	PROPN
afbr-193	2	48	ngozi	ngozi	PROPN
afbr-193	2	49	g.	g.	PROPN
afbr-193	2	50	iheduru	iheduru	PROPN
afbr-193	2	51	1	1	PROPN
afbr-193	2	52	&	&	CCONJ
afbr-193	2	53	charles	charles	PROPN
afbr-193	2	54	u.	u.	PROPN
afbr-193	2	55	okoro	okoro	ADP
afbr-193	2	56	2	2	NUM
afbr-193	2	57	1	1	NUM
afbr-193	2	58	assocaite	assocaite	NOUN
afbr-193	2	59	professor	professor	NOUN
afbr-193	2	60	,	,	PUNCT
afbr-193	2	61	department	department	NOUN
afbr-193	2	62	of	of	ADP
afbr-193	2	63	accountancy	accountancy	NOUN
afbr-193	2	64	,	,	PUNCT
afbr-193	2	65	faculty	faculty	NOUN
afbr-193	2	66	of	of	ADP
afbr-193	2	67	business	business	PROPN
afbr-193	2	68	administration	administration	PROPN
afbr-193	2	69	,	,	PUNCT
afbr-193	2	70	imo	imo	PROPN
afbr-193	2	71	state	state	PROPN
afbr-193	2	72	university	university	PROPN
afbr-193	2	73	,	,	PUNCT
afbr-193	2	74	owerri	owerri	PROPN
afbr-193	2	75	,	,	PUNCT
afbr-193	2	76	nigeria	nigeria	PROPN
afbr-193	2	77	2	2	NUM
afbr-193	2	78	m.sc	m.sc	PROPN
afbr-193	2	79	,	,	PUNCT
afbr-193	2	80	department	department	NOUN
afbr-193	2	81	of	of	ADP
afbr-193	2	82	accountancy	accountancy	NOUN
afbr-193	2	83	,	,	PUNCT
afbr-193	2	84	school	school	NOUN
afbr-193	2	85	of	of	ADP
afbr-193	2	86	management	management	NOUN
afbr-193	2	87	sciences	sciences	PROPN
afbr-193	2	88	,	,	PUNCT
afbr-193	2	89	ken	ken	PROPN
afbr-193	2	90	saro	saro	NOUN
afbr-193	2	91	-	-	PUNCT
afbr-193	2	92	wiwa	wiwa	NOUN
afbr-193	2	93	polytechnic	polytechnic	ADJ
afbr-193	2	94	,	,	PUNCT
afbr-193	2	95	bori	bori	NOUN
afbr-193	2	96	,	,	PUNCT
afbr-193	2	97	rivers	river	NOUN
afbr-193	2	98	state	state	PROPN
afbr-193	2	99	,	,	PUNCT
afbr-193	2	100	nigeria	nigeria	PROPN
afbr-193	2	101	correspondence	correspondence	NOUN
afbr-193	2	102	:	:	PUNCT
afbr-193	3	1	ngozi	ngozi	PROPN
afbr-193	3	2	g.	g.	PROPN
afbr-193	3	3	iheduru	iheduru	PROPN
afbr-193	3	4	,	,	PUNCT
afbr-193	3	5	fca	fca	PROPN
afbr-193	3	6	,	,	PUNCT
afbr-193	3	7	associate	associate	NOUN
afbr-193	3	8	professor	professor	NOUN
afbr-193	3	9	,	,	PUNCT
afbr-193	3	10	department	department	NOUN
afbr-193	3	11	of	of	ADP
afbr-193	3	12	accountancy	accountancy	NOUN
afbr-193	3	13	,	,	PUNCT
afbr-193	3	14	faculty	faculty	NOUN
afbr-193	3	15	of	of	ADP
afbr-193	3	16	business	business	PROPN
afbr-193	3	17	administration	administration	PROPN
afbr-193	3	18	,	,	PUNCT
afbr-193	3	19	imo	imo	PROPN
afbr-193	3	20	state	state	PROPN
afbr-193	3	21	university	university	PROPN
afbr-193	3	22	,	,	PUNCT
afbr-193	3	23	owerri	owerri	PROPN
afbr-193	3	24	,	,	PUNCT
afbr-193	3	25	nigeria	nigeria	PROPN
afbr-193	3	26	received	receive	VERB
afbr-193	3	27	:	:	PUNCT
afbr-193	3	28	october	october	PROPN
afbr-193	3	29	10	10	NUM
afbr-193	3	30	,	,	PUNCT
afbr-193	3	31	2018	2018	NUM
afbr-193	3	32	accepted	accept	VERB
afbr-193	3	33	:	:	PUNCT
afbr-193	3	34	october	october	PROPN
afbr-193	3	35	20	20	NUM
afbr-193	3	36	,	,	PUNCT
afbr-193	3	37	2018	2018	NUM
afbr-193	3	38	online	online	ADV
afbr-193	3	39	published	publish	VERB
afbr-193	3	40	:	:	PUNCT
afbr-193	3	41	november	november	PROPN
afbr-193	3	42	7	7	NUM
afbr-193	3	43	,	,	PUNCT
afbr-193	3	44	2018	2018	NUM
afbr-193	3	45	abstract	abstract	NOUN
afbr-193	3	46	this	this	DET
afbr-193	3	47	study	study	NOUN
afbr-193	3	48	examined	examine	VERB
afbr-193	3	49	the	the	DET
afbr-193	3	50	factors	factor	NOUN
afbr-193	3	51	that	that	PRON
afbr-193	3	52	determine	determine	VERB
afbr-193	3	53	dividend	dividend	NOUN
afbr-193	3	54	policy	policy	NOUN
afbr-193	3	55	of	of	ADP
afbr-193	3	56	quoted	quote	VERB
afbr-193	3	57	manufacturing	manufacturing	NOUN
afbr-193	3	58	firms	firm	NOUN
afbr-193	3	59	in	in	ADP
afbr-193	3	60	nigeria	nigeria	PROPN
afbr-193	3	61	.	.	PUNCT
afbr-193	4	1	the	the	DET
afbr-193	4	2	general	general	ADJ
afbr-193	4	3	purpose	purpose	NOUN
afbr-193	4	4	is	be	AUX
afbr-193	4	5	to	to	PART
afbr-193	4	6	examine	examine	VERB
afbr-193	4	7	factors	factor	NOUN
afbr-193	4	8	that	that	PRON
afbr-193	4	9	affect	affect	VERB
afbr-193	4	10	dividend	dividend	NOUN
afbr-193	4	11	policy	policy	NOUN
afbr-193	4	12	of	of	ADP
afbr-193	4	13	the	the	DET
afbr-193	4	14	quoted	quote	VERB
afbr-193	4	15	firms	firm	NOUN
afbr-193	4	16	.	.	PUNCT
afbr-193	5	1	after	after	ADP
afbr-193	5	2	exhaustive	exhaustive	ADJ
afbr-193	5	3	literature	literature	PROPN
afbr-193	5	4	review	review	PROPN
afbr-193	5	5	,	,	PUNCT
afbr-193	5	6	cross	cross	VERB
afbr-193	5	7	sectional	sectional	ADJ
afbr-193	5	8	data	datum	NOUN
afbr-193	5	9	was	be	AUX
afbr-193	5	10	sourced	source	VERB
afbr-193	5	11	from	from	ADP
afbr-193	5	12	financial	financial	ADJ
afbr-193	5	13	statement	statement	NOUN
afbr-193	5	14	of	of	ADP
afbr-193	5	15	twenty	twenty	NUM
afbr-193	5	16	quoted	quote	VERB
afbr-193	5	17	manufacturing	manufacturing	NOUN
afbr-193	5	18	firms	firm	NOUN
afbr-193	5	19	.	.	PUNCT
afbr-193	6	1	dividend	dividend	NOUN
afbr-193	6	2	payout	payout	NOUN
afbr-193	6	3	rate	rate	NOUN
afbr-193	6	4	was	be	AUX
afbr-193	6	5	proxy	proxy	NOUN
afbr-193	6	6	for	for	ADP
afbr-193	6	7	dividend	dividend	NOUN
afbr-193	6	8	policy	policy	NOUN
afbr-193	6	9	while	while	SCONJ
afbr-193	6	10	growth	growth	NOUN
afbr-193	6	11	opportunities	opportunity	NOUN
afbr-193	6	12	,	,	PUNCT
afbr-193	6	13	liquidity	liquidity	NOUN
afbr-193	6	14	,	,	PUNCT
afbr-193	6	15	management	management	NOUN
afbr-193	6	16	efficiency	efficiency	NOUN
afbr-193	6	17	,	,	PUNCT
afbr-193	6	18	profit	profit	NOUN
afbr-193	6	19	level	level	NOUN
afbr-193	6	20	,	,	PUNCT
afbr-193	6	21	cost	cost	NOUN
afbr-193	6	22	of	of	ADP
afbr-193	6	23	capital	capital	NOUN
afbr-193	6	24	,	,	PUNCT
afbr-193	6	25	company	company	NOUN
afbr-193	6	26	size	size	NOUN
afbr-193	6	27	and	and	CCONJ
afbr-193	6	28	debt	debt	NOUN
afbr-193	6	29	equity	equity	NOUN
afbr-193	6	30	ratio	ratio	NOUN
afbr-193	6	31	were	be	AUX
afbr-193	6	32	proxy	proxy	ADJ
afbr-193	6	33	for	for	ADP
afbr-193	6	34	independent	independent	ADJ
afbr-193	6	35	variables	variable	NOUN
afbr-193	6	36	.	.	PUNCT
afbr-193	7	1	the	the	DET
afbr-193	7	2	study	study	NOUN
afbr-193	7	3	applied	apply	VERB
afbr-193	7	4	the	the	DET
afbr-193	7	5	pooled	pooled	ADJ
afbr-193	7	6	ordinary	ordinary	ADJ
afbr-193	7	7	least	least	ADJ
afbr-193	7	8	square	square	ADJ
afbr-193	7	9	(	(	PUNCT
afbr-193	7	10	ols	ol	NOUN
afbr-193	7	11	)	)	PUNCT
afbr-193	7	12	,	,	PUNCT
afbr-193	7	13	fixed	fix	VERB
afbr-193	7	14	effect	effect	NOUN
afbr-193	7	15	,	,	PUNCT
afbr-193	7	16	and	and	CCONJ
afbr-193	7	17	random	random	ADJ
afbr-193	7	18	effect	effect	NOUN
afbr-193	7	19	regression	regression	NOUN
afbr-193	7	20	models	model	NOUN
afbr-193	7	21	using	use	VERB
afbr-193	7	22	the	the	DET
afbr-193	7	23	e	e	NOUN
afbr-193	7	24	-	-	NOUN
afbr-193	7	25	view	view	ADJ
afbr-193	7	26	statistical	statistical	ADJ
afbr-193	7	27	package	package	NOUN
afbr-193	7	28	.	.	PUNCT
afbr-193	8	1	findings	finding	NOUN
afbr-193	8	2	reveal	reveal	VERB
afbr-193	8	3	that	that	SCONJ
afbr-193	8	4	growth	growth	NOUN
afbr-193	8	5	opportunities	opportunity	NOUN
afbr-193	8	6	,	,	PUNCT
afbr-193	8	7	profit	profit	NOUN
afbr-193	8	8	level	level	NOUN
afbr-193	8	9	,	,	PUNCT
afbr-193	8	10	management	management	NOUN
afbr-193	8	11	efficiency	efficiency	NOUN
afbr-193	8	12	and	and	CCONJ
afbr-193	8	13	debt	debt	NOUN
afbr-193	8	14	equity	equity	NOUN
afbr-193	8	15	ratio	ratio	NOUN
afbr-193	8	16	have	have	VERB
afbr-193	8	17	negative	negative	ADJ
afbr-193	8	18	effect	effect	NOUN
afbr-193	8	19	on	on	ADP
afbr-193	8	20	dividend	dividend	NOUN
afbr-193	8	21	payout	payout	NOUN
afbr-193	8	22	ratio	ratio	NOUN
afbr-193	8	23	while	while	SCONJ
afbr-193	8	24	liquidity	liquidity	NOUN
afbr-193	8	25	,	,	PUNCT
afbr-193	8	26	cost	cost	NOUN
afbr-193	8	27	of	of	ADP
afbr-193	8	28	capital	capital	NOUN
afbr-193	8	29	and	and	CCONJ
afbr-193	8	30	company	company	NOUN
afbr-193	8	31	size	size	NOUN
afbr-193	8	32	have	have	VERB
afbr-193	8	33	positive	positive	ADJ
afbr-193	8	34	effect	effect	NOUN
afbr-193	8	35	on	on	ADP
afbr-193	8	36	dividend	dividend	NOUN
afbr-193	8	37	payout	payout	NOUN
afbr-193	8	38	ratio	ratio	NOUN
afbr-193	8	39	of	of	ADP
afbr-193	8	40	the	the	DET
afbr-193	8	41	manufacturing	manufacturing	NOUN
afbr-193	8	42	firms	firm	NOUN
afbr-193	8	43	.	.	PUNCT
afbr-193	9	1	we	we	PRON
afbr-193	9	2	conclude	conclude	VERB
afbr-193	9	3	that	that	SCONJ
afbr-193	9	4	liquidity	liquidity	NOUN
afbr-193	9	5	cost	cost	NOUN
afbr-193	9	6	of	of	ADP
afbr-193	9	7	capital	capital	NOUN
afbr-193	9	8	and	and	CCONJ
afbr-193	9	9	company	company	NOUN
afbr-193	9	10	size	size	NOUN
afbr-193	9	11	significantly	significantly	ADV
afbr-193	9	12	determine	determine	VERB
afbr-193	9	13	dividend	dividend	NOUN
afbr-193	9	14	policy	policy	NOUN
afbr-193	9	15	while	while	SCONJ
afbr-193	9	16	growth	growth	NOUN
afbr-193	9	17	opportunities	opportunity	NOUN
afbr-193	9	18	,	,	PUNCT
afbr-193	9	19	management	management	NOUN
afbr-193	9	20	efficiency	efficiency	NOUN
afbr-193	9	21	,	,	PUNCT
afbr-193	9	22	profit	profit	NOUN
afbr-193	9	23	level	level	NOUN
afbr-193	9	24	and	and	CCONJ
afbr-193	9	25	debt	debt	NOUN
afbr-193	9	26	equity	equity	NOUN
afbr-193	9	27	ratio	ratio	NOUN
afbr-193	9	28	have	have	VERB
afbr-193	9	29	no	no	DET
afbr-193	9	30	significant	significant	ADJ
afbr-193	9	31	effect	effect	NOUN
afbr-193	9	32	on	on	ADP
afbr-193	9	33	dividend	dividend	NOUN
afbr-193	9	34	policy	policy	NOUN
afbr-193	9	35	.	.	PUNCT
afbr-193	10	1	the	the	DET
afbr-193	10	2	study	study	NOUN
afbr-193	10	3	recommends	recommend	VERB
afbr-193	10	4	among	among	ADP
afbr-193	10	5	others	other	NOUN
afbr-193	10	6	,	,	PUNCT
afbr-193	10	7	that	that	SCONJ
afbr-193	10	8	managers	manager	NOUN
afbr-193	10	9	/	/	SYM
afbr-193	10	10	consultants	consultant	NOUN
afbr-193	10	11	should	should	AUX
afbr-193	10	12	carefully	carefully	ADV
afbr-193	10	13	examine	examine	VERB
afbr-193	10	14	the	the	DET
afbr-193	10	15	economic	economic	ADJ
afbr-193	10	16	factors	factor	NOUN
afbr-193	10	17	within	within	ADP
afbr-193	10	18	a	a	DET
afbr-193	10	19	firm	firm	NOUN
afbr-193	10	20	’s	’s	PART
afbr-193	10	21	operating	operating	NOUN
afbr-193	10	22	environment	environment	NOUN
afbr-193	10	23	when	when	SCONJ
afbr-193	10	24	carrying	carry	VERB
afbr-193	10	25	out	out	ADP
afbr-193	10	26	the	the	DET
afbr-193	10	27	functions	function	NOUN
afbr-193	10	28	of	of	ADP
afbr-193	10	29	developing	develop	VERB
afbr-193	10	30	or	or	CCONJ
afbr-193	10	31	designing	design	VERB
afbr-193	10	32	dividend	dividend	NOUN
afbr-193	10	33	policy	policy	NOUN
afbr-193	10	34	for	for	ADP
afbr-193	10	35	the	the	DET
afbr-193	10	36	firm	firm	NOUN
afbr-193	10	37	.	.	PUNCT
afbr-193	11	1	keywords	keyword	NOUN
afbr-193	11	2	:	:	PUNCT
afbr-193	11	3	dividend	dividend	NOUN
afbr-193	11	4	policy	policy	NOUN
afbr-193	11	5	,	,	PUNCT
afbr-193	11	6	quoted	quote	VERB
afbr-193	11	7	manufacturing	manufacturing	NOUN
afbr-193	11	8	companies	company	NOUN
afbr-193	11	9	,	,	PUNCT
afbr-193	11	10	dividend	dividend	VERB
afbr-193	11	11	payout	payout	NOUN
afbr-193	11	12	ratio	ratio	NOUN
afbr-193	11	13	,	,	PUNCT
afbr-193	11	14	management	management	NOUN
afbr-193	11	15	efficiency	efficiency	NOUN
afbr-193	11	16	.	.	PUNCT
afbr-193	12	1	1	1	X
afbr-193	12	2	.	.	X
afbr-193	12	3	introduction	introduction	NOUN
afbr-193	12	4	the	the	DET
afbr-193	12	5	primary	primary	ADJ
afbr-193	12	6	goal	goal	NOUN
afbr-193	12	7	of	of	ADP
afbr-193	12	8	every	every	DET
afbr-193	12	9	corporate	corporate	ADJ
afbr-193	12	10	organization	organization	NOUN
afbr-193	12	11	is	be	AUX
afbr-193	12	12	to	to	PART
afbr-193	12	13	maximize	maximize	VERB
afbr-193	12	14	shareholders	shareholder	NOUN
afbr-193	12	15	wealth	wealth	NOUN
afbr-193	12	16	.	.	PUNCT
afbr-193	13	1	this	this	PRON
afbr-193	13	2	motivates	motivate	VERB
afbr-193	13	3	management	management	NOUN
afbr-193	13	4	to	to	PART
afbr-193	13	5	formulate	formulate	VERB
afbr-193	13	6	policies	policy	NOUN
afbr-193	13	7	and	and	CCONJ
afbr-193	13	8	make	make	VERB
afbr-193	13	9	decisions	decision	NOUN
afbr-193	13	10	that	that	PRON
afbr-193	13	11	facilitates	facilitate	VERB
afbr-193	13	12	the	the	DET
afbr-193	13	13	achievement	achievement	NOUN
afbr-193	13	14	of	of	ADP
afbr-193	13	15	the	the	DET
afbr-193	13	16	objectives	objective	NOUN
afbr-193	13	17	.	.	PUNCT
afbr-193	14	1	the	the	DET
afbr-193	14	2	policies	policy	NOUN
afbr-193	14	3	and	and	CCONJ
afbr-193	14	4	decisions	decision	NOUN
afbr-193	14	5	will	will	AUX
afbr-193	14	6	include	include	VERB
afbr-193	14	7	(	(	PUNCT
afbr-193	14	8	amongst	amongst	ADP
afbr-193	14	9	others	other	NOUN
afbr-193	14	10	)	)	PUNCT
afbr-193	14	11	investment	investment	NOUN
afbr-193	14	12	,	,	PUNCT
afbr-193	14	13	financing	financing	NOUN
afbr-193	14	14	and	and	CCONJ
afbr-193	14	15	dividend	dividend	NOUN
afbr-193	14	16	policy	policy	NOUN
afbr-193	14	17	decisions	decision	NOUN
afbr-193	14	18	.	.	PUNCT
afbr-193	15	1	dividend	dividend	NOUN
afbr-193	15	2	policy	policy	NOUN
afbr-193	15	3	is	be	AUX
afbr-193	15	4	a	a	DET
afbr-193	15	5	finance	finance	NOUN
afbr-193	15	6	management	management	NOUN
afbr-193	15	7	function	function	NOUN
afbr-193	15	8	that	that	PRON
afbr-193	15	9	determines	determine	VERB
afbr-193	15	10	the	the	DET
afbr-193	15	11	proportion	proportion	NOUN
afbr-193	15	12	of	of	ADP
afbr-193	15	13	company	company	NOUN
afbr-193	15	14	’s	’s	PART
afbr-193	15	15	earnings	earning	NOUN
afbr-193	15	16	that	that	PRON
afbr-193	15	17	is	be	AUX
afbr-193	15	18	to	to	PART
afbr-193	15	19	be	be	AUX
afbr-193	15	20	distributed	distribute	VERB
afbr-193	15	21	to	to	ADP
afbr-193	15	22	the	the	DET
afbr-193	15	23	shareholders	shareholder	NOUN
afbr-193	15	24	and	and	CCONJ
afbr-193	15	25	the	the	DET
afbr-193	15	26	proportion	proportion	NOUN
afbr-193	15	27	that	that	PRON
afbr-193	15	28	is	be	AUX
afbr-193	15	29	to	to	PART
afbr-193	15	30	be	be	AUX
afbr-193	15	31	retained	retain	VERB
afbr-193	15	32	for	for	ADP
afbr-193	15	33	further	further	ADJ
afbr-193	15	34	investment	investment	NOUN
afbr-193	15	35	.	.	PUNCT
afbr-193	16	1	as	as	ADP
afbr-193	16	2	in	in	ADP
afbr-193	16	3	bartlomej	bartlomej	NOUN
afbr-193	16	4	and	and	CCONJ
afbr-193	16	5	jack	jack	PROPN
afbr-193	16	6	(	(	PUNCT
afbr-193	16	7	2015	2015	NUM
afbr-193	16	8	)	)	PUNCT
afbr-193	16	9	,	,	PUNCT
afbr-193	16	10	it	it	PRON
afbr-193	16	11	is	be	AUX
afbr-193	16	12	determined	determine	VERB
afbr-193	16	13	by	by	ADP
afbr-193	16	14	micro	micro	ADJ
afbr-193	16	15	factors	factor	NOUN
afbr-193	16	16	of	of	ADP
afbr-193	16	17	the	the	DET
afbr-193	16	18	firm	firm	NOUN
afbr-193	16	19	such	such	ADJ
afbr-193	16	20	as	as	ADP
afbr-193	16	21	profitability	profitability	NOUN
afbr-193	16	22	,	,	PUNCT
afbr-193	16	23	liquidity	liquidity	NOUN
afbr-193	16	24	,	,	PUNCT
afbr-193	16	25	company	company	NOUN
afbr-193	16	26	size	size	NOUN
afbr-193	16	27	,	,	PUNCT
afbr-193	16	28	capital	capital	NOUN
afbr-193	16	29	structure	structure	NOUN
afbr-193	16	30	,	,	PUNCT
afbr-193	16	31	growth	growth	NOUN
afbr-193	16	32	of	of	ADP
afbr-193	16	33	the	the	DET
afbr-193	16	34	firm	firm	NOUN
afbr-193	16	35	,	,	PUNCT
afbr-193	16	36	and	and	CCONJ
afbr-193	16	37	corporate	corporate	ADJ
afbr-193	16	38	governance	governance	NOUN
afbr-193	16	39	.	.	PUNCT
afbr-193	17	1	dividend	dividend	NOUN
afbr-193	17	2	–	–	PUNCT
afbr-193	17	3	which	which	PRON
afbr-193	17	4	is	be	AUX
afbr-193	17	5	a	a	DET
afbr-193	17	6	reward	reward	NOUN
afbr-193	17	7	for	for	ADP
afbr-193	17	8	investment	investment	NOUN
afbr-193	17	9	in	in	ADP
afbr-193	17	10	equity	equity	NOUN
afbr-193	17	11	can	can	AUX
afbr-193	17	12	be	be	AUX
afbr-193	17	13	made	make	VERB
afbr-193	17	14	in	in	ADP
afbr-193	17	15	the	the	DET
afbr-193	17	16	form	form	NOUN
afbr-193	17	17	of	of	ADP
afbr-193	17	18	cash	cash	NOUN
afbr-193	17	19	dividend	dividend	NOUN
afbr-193	17	20	,	,	PUNCT
afbr-193	17	21	bond	bond	NOUN
afbr-193	17	22	dividend	dividend	NOUN
afbr-193	17	23	,	,	PUNCT
afbr-193	17	24	scrip	scrip	NOUN
afbr-193	17	25	dividend	dividend	NOUN
afbr-193	17	26	and	and	CCONJ
afbr-193	17	27	or	or	CCONJ
afbr-193	17	28	property	property	NOUN
afbr-193	17	29	dividend	dividend	NOUN
afbr-193	17	30	.	.	PUNCT
afbr-193	18	1	it	it	PRON
afbr-193	18	2	can	can	AUX
afbr-193	18	3	also	also	ADV
afbr-193	18	4	be	be	AUX
afbr-193	18	5	in	in	ADP
afbr-193	18	6	a	a	DET
afbr-193	18	7	combination	combination	NOUN
afbr-193	18	8	of	of	ADP
afbr-193	18	9	any	any	PRON
afbr-193	18	10	of	of	ADP
afbr-193	18	11	the	the	DET
afbr-193	18	12	listed	list	VERB
afbr-193	18	13	forms	form	NOUN
afbr-193	18	14	.	.	PUNCT
afbr-193	19	1	in	in	ADP
afbr-193	19	2	the	the	DET
afbr-193	19	3	past	past	NOUN
afbr-193	19	4	some	some	DET
afbr-193	19	5	scholars	scholar	NOUN
afbr-193	19	6	such	such	ADJ
afbr-193	19	7	as	as	ADP
afbr-193	19	8	gordons	gordon	NOUN
afbr-193	19	9	(	(	PUNCT
afbr-193	19	10	1959	1959	NUM
afbr-193	19	11	)	)	PUNCT
afbr-193	19	12	as	as	ADP
afbr-193	19	13	in	in	ADP
afbr-193	19	14	amidu	amidu	NOUN
afbr-193	19	15	and	and	CCONJ
afbr-193	19	16	abor	abor	NOUN
afbr-193	19	17	(	(	PUNCT
afbr-193	19	18	2006	2006	NUM
afbr-193	19	19	)	)	PUNCT
afbr-193	19	20	opined	opine	VERB
afbr-193	19	21	that	that	SCONJ
afbr-193	19	22	micro	micro	ADJ
afbr-193	19	23	forces	force	NOUN
afbr-193	19	24	such	such	ADJ
afbr-193	19	25	as	as	ADP
afbr-193	19	26	profitability	profitability	NOUN
afbr-193	19	27	level	level	NOUN
afbr-193	19	28	of	of	ADP
afbr-193	19	29	a	a	DET
afbr-193	19	30	firm	firm	NOUN
afbr-193	19	31	are	be	AUX
afbr-193	19	32	the	the	DET
afbr-193	19	33	indicators	indicator	NOUN
afbr-193	19	34	that	that	SCONJ
afbr-193	19	35	the	the	DET
afbr-193	19	36	firm	firm	NOUN
afbr-193	19	37	is	be	AUX
afbr-193	19	38	capable	capable	ADJ
afbr-193	19	39	of	of	ADP
afbr-193	19	40	declaring	declare	VERB
afbr-193	19	41	dividend	dividend	NOUN
afbr-193	19	42	.	.	PUNCT
afbr-193	20	1	this	this	PRON
afbr-193	20	2	is	be	AUX
afbr-193	20	3	not	not	PART
afbr-193	20	4	entirely	entirely	ADV
afbr-193	20	5	www.cribfb.com/journal/index.php/afbr	www.cribfb.com/journal/index.php/afbr	ADJ
afbr-193	20	6	australian	australian	ADJ
afbr-193	20	7	finance	finance	NOUN
afbr-193	20	8	&	&	CCONJ
afbr-193	20	9	banking	banking	PROPN
afbr-193	20	10	review	review	PROPN
afbr-193	20	11	vol	vol	NOUN
afbr-193	20	12	.	.	PROPN
afbr-193	21	1	2	2	NUM
afbr-193	21	2	,	,	PUNCT
afbr-193	21	3	no	no	INTJ
afbr-193	21	4	.	.	NOUN
afbr-193	21	5	2	2	NUM
afbr-193	21	6	;	;	PUNCT
afbr-193	21	7	2018	2018	NUM
afbr-193	21	8	8	8	NUM
afbr-193	21	9	true	true	ADJ
afbr-193	21	10	today	today	NOUN
afbr-193	21	11	as	as	SCONJ
afbr-193	21	12	there	there	PRON
afbr-193	21	13	are	be	VERB
afbr-193	21	14	many	many	ADJ
afbr-193	21	15	objectives	objective	NOUN
afbr-193	21	16	which	which	PRON
afbr-193	21	17	an	an	DET
afbr-193	21	18	organization	organization	NOUN
afbr-193	21	19	may	may	AUX
afbr-193	21	20	pursue	pursue	VERB
afbr-193	21	21	such	such	ADJ
afbr-193	21	22	as	as	ADP
afbr-193	21	23	the	the	DET
afbr-193	21	24	growth	growth	NOUN
afbr-193	21	25	opportunities	opportunity	NOUN
afbr-193	21	26	of	of	ADP
afbr-193	21	27	the	the	DET
afbr-193	21	28	firm	firm	NOUN
afbr-193	21	29	–	–	PUNCT
afbr-193	21	30	which	which	PRON
afbr-193	21	31	could	could	AUX
afbr-193	21	32	determine	determine	VERB
afbr-193	21	33	the	the	DET
afbr-193	21	34	dividend	dividend	NOUN
afbr-193	21	35	payout	payout	NOUN
afbr-193	21	36	regime	regime	NOUN
afbr-193	21	37	of	of	ADP
afbr-193	21	38	a	a	DET
afbr-193	21	39	firm	firm	NOUN
afbr-193	21	40	.	.	PUNCT
afbr-193	22	1	understanding	understand	VERB
afbr-193	22	2	the	the	DET
afbr-193	22	3	behavioral	behavioral	ADJ
afbr-193	22	4	aspect	aspect	NOUN
afbr-193	22	5	of	of	ADP
afbr-193	22	6	dividend	dividend	NOUN
afbr-193	22	7	policy	policy	NOUN
afbr-193	22	8	was	be	AUX
afbr-193	22	9	first	first	ADV
afbr-193	22	10	accredited	accredit	VERB
afbr-193	22	11	to	to	PART
afbr-193	22	12	lintner	lintner	VERB
afbr-193	22	13	(	(	PUNCT
afbr-193	22	14	1956	1956	NUM
afbr-193	22	15	)	)	PUNCT
afbr-193	22	16	,	,	PUNCT
afbr-193	22	17	as	as	ADP
afbr-193	22	18	in	in	ADP
afbr-193	22	19	brigham	brigham	PROPN
afbr-193	22	20	and	and	CCONJ
afbr-193	22	21	daves	dave	NOUN
afbr-193	22	22	(	(	PUNCT
afbr-193	22	23	2010	2010	NUM
afbr-193	22	24	)	)	PUNCT
afbr-193	22	25	,	,	PUNCT
afbr-193	22	26	who	who	PRON
afbr-193	22	27	split	split	VERB
afbr-193	22	28	the	the	DET
afbr-193	22	29	reasons	reason	NOUN
afbr-193	22	30	for	for	ADP
afbr-193	22	31	dividend	dividend	NOUN
afbr-193	22	32	policy	policy	NOUN
afbr-193	22	33	into	into	ADP
afbr-193	22	34	two	two	NUM
afbr-193	22	35	:	:	PUNCT
afbr-193	22	36	management	management	NOUN
afbr-193	22	37	sought	seek	VERB
afbr-193	22	38	to	to	PART
afbr-193	22	39	avoid	avoid	VERB
afbr-193	22	40	making	make	VERB
afbr-193	22	41	changes	change	NOUN
afbr-193	22	42	in	in	ADP
afbr-193	22	43	their	their	PRON
afbr-193	22	44	dividend	dividend	NOUN
afbr-193	22	45	rate	rate	NOUN
afbr-193	22	46	that	that	PRON
afbr-193	22	47	might	might	AUX
afbr-193	22	48	reverse	reverse	VERB
afbr-193	22	49	within	within	ADP
afbr-193	22	50	a	a	DET
afbr-193	22	51	year	year	NOUN
afbr-193	22	52	which	which	PRON
afbr-193	22	53	led	lead	VERB
afbr-193	22	54	to	to	ADP
afbr-193	22	55	consistency	consistency	NOUN
afbr-193	22	56	of	of	ADP
afbr-193	22	57	dividend	dividend	NOUN
afbr-193	22	58	policy	policy	NOUN
afbr-193	22	59	and	and	CCONJ
afbr-193	22	60	that	that	PRON
afbr-193	22	61	dividend	dividend	NOUN
afbr-193	22	62	policy	policy	NOUN
afbr-193	22	63	is	be	AUX
afbr-193	22	64	based	base	VERB
afbr-193	22	65	on	on	ADP
afbr-193	22	66	earnings	earning	NOUN
afbr-193	22	67	capacity	capacity	NOUN
afbr-193	22	68	of	of	ADP
afbr-193	22	69	the	the	DET
afbr-193	22	70	firm	firm	NOUN
afbr-193	22	71	.	.	PUNCT
afbr-193	23	1	the	the	DET
afbr-193	23	2	finance	finance	NOUN
afbr-193	23	3	profession	profession	NOUN
afbr-193	23	4	has	have	AUX
afbr-193	23	5	long	long	ADV
afbr-193	23	6	struggled	struggle	VERB
afbr-193	23	7	to	to	PART
afbr-193	23	8	develop	develop	VERB
afbr-193	23	9	a	a	DET
afbr-193	23	10	simple	simple	ADJ
afbr-193	23	11	satisfactory	satisfactory	ADJ
afbr-193	23	12	model	model	NOUN
afbr-193	23	13	of	of	ADP
afbr-193	23	14	dividend	dividend	NOUN
afbr-193	23	15	determination	determination	NOUN
afbr-193	23	16	without	without	ADP
afbr-193	23	17	much	much	ADJ
afbr-193	23	18	success	success	NOUN
afbr-193	23	19	.	.	PUNCT
afbr-193	24	1	according	accord	VERB
afbr-193	24	2	to	to	ADP
afbr-193	24	3	eugene	eugene	NOUN
afbr-193	24	4	and	and	CCONJ
afbr-193	24	5	kenneth	kenneth	PROPN
afbr-193	24	6	(	(	PUNCT
afbr-193	24	7	2011	2011	NUM
afbr-193	24	8	)	)	PUNCT
afbr-193	24	9	,	,	PUNCT
afbr-193	24	10	modigliani	modigliani	PROPN
afbr-193	24	11	and	and	CCONJ
afbr-193	24	12	miller	miller	PROPN
afbr-193	24	13	(	(	PUNCT
afbr-193	24	14	1961	1961	NUM
afbr-193	24	15	)	)	PUNCT
afbr-193	24	16	show	show	VERB
afbr-193	24	17	that	that	SCONJ
afbr-193	24	18	in	in	ADP
afbr-193	24	19	perfect	perfect	ADJ
afbr-193	24	20	capital	capital	NOUN
afbr-193	24	21	market	market	NOUN
afbr-193	24	22	with	with	ADP
afbr-193	24	23	no	no	DET
afbr-193	24	24	information	information	NOUN
afbr-193	24	25	asymmetry	asymmetry	NOUN
afbr-193	24	26	and	and	CCONJ
afbr-193	24	27	predetermined	predetermine	VERB
afbr-193	24	28	investment	investment	NOUN
afbr-193	24	29	decision	decision	NOUN
afbr-193	24	30	,	,	PUNCT
afbr-193	24	31	the	the	DET
afbr-193	24	32	value	value	NOUN
afbr-193	24	33	of	of	ADP
afbr-193	24	34	the	the	DET
afbr-193	24	35	firms	firm	NOUN
afbr-193	24	36	is	be	AUX
afbr-193	24	37	independent	independent	ADJ
afbr-193	24	38	of	of	ADP
afbr-193	24	39	the	the	DET
afbr-193	24	40	financing	financing	NOUN
afbr-193	24	41	decisions	decision	NOUN
afbr-193	24	42	.	.	PUNCT
afbr-193	25	1	hence	hence	ADV
afbr-193	25	2	,	,	PUNCT
afbr-193	25	3	a	a	DET
afbr-193	25	4	firm	firm	NOUN
afbr-193	25	5	’s	’s	PART
afbr-193	25	6	financing	financing	NOUN
afbr-193	25	7	decision	decision	NOUN
afbr-193	25	8	including	include	VERB
afbr-193	25	9	dividends	dividend	NOUN
afbr-193	25	10	,	,	PUNCT
afbr-193	25	11	have	have	VERB
afbr-193	25	12	no	no	DET
afbr-193	25	13	effect	effect	NOUN
afbr-193	25	14	on	on	ADP
afbr-193	25	15	the	the	DET
afbr-193	25	16	value	value	NOUN
afbr-193	25	17	of	of	ADP
afbr-193	25	18	the	the	DET
afbr-193	25	19	firm	firm	NOUN
afbr-193	25	20	,	,	PUNCT
afbr-193	25	21	or	or	CCONJ
afbr-193	25	22	the	the	DET
afbr-193	25	23	distribution	distribution	NOUN
afbr-193	25	24	of	of	ADP
afbr-193	25	25	wealth	wealth	NOUN
afbr-193	25	26	between	between	ADP
afbr-193	25	27	classes	class	NOUN
afbr-193	25	28	of	of	ADP
afbr-193	25	29	security	security	NOUN
afbr-193	25	30	holders	holder	NOUN
afbr-193	25	31	.	.	PUNCT
afbr-193	26	1	however	however	ADV
afbr-193	26	2	,	,	PUNCT
afbr-193	26	3	in	in	ADP
afbr-193	26	4	imperfect	imperfect	ADJ
afbr-193	26	5	settings	setting	NOUN
afbr-193	26	6	,	,	PUNCT
afbr-193	26	7	dividend	dividend	NOUN
afbr-193	26	8	can	can	AUX
afbr-193	26	9	influence	influence	VERB
afbr-193	26	10	shareholders	shareholder	NOUN
afbr-193	26	11	wealth	wealth	NOUN
afbr-193	26	12	by	by	ADP
afbr-193	26	13	providing	provide	VERB
afbr-193	26	14	information	information	NOUN
afbr-193	26	15	to	to	ADP
afbr-193	26	16	investors	investor	NOUN
afbr-193	26	17	or	or	CCONJ
afbr-193	26	18	through	through	ADP
afbr-193	26	19	wealth	wealth	NOUN
afbr-193	26	20	redistribution	redistribution	NOUN
afbr-193	26	21	among	among	ADP
afbr-193	26	22	claimants	claimant	NOUN
afbr-193	26	23	.	.	PUNCT
afbr-193	27	1	it	it	PRON
afbr-193	27	2	can	can	AUX
afbr-193	27	3	be	be	AUX
afbr-193	27	4	argued	argue	VERB
afbr-193	27	5	that	that	SCONJ
afbr-193	27	6	dividends	dividend	NOUN
afbr-193	27	7	provide	provide	VERB
afbr-193	27	8	information	information	NOUN
afbr-193	27	9	about	about	ADP
afbr-193	27	10	the	the	DET
afbr-193	27	11	firm	firm	NOUN
afbr-193	27	12	’s	’s	PART
afbr-193	27	13	future	future	ADJ
afbr-193	27	14	cash	cash	NOUN
afbr-193	27	15	flow	flow	NOUN
afbr-193	27	16	and	and	CCONJ
afbr-193	27	17	as	as	SCONJ
afbr-193	27	18	such	such	ADJ
afbr-193	27	19	decision	decision	NOUN
afbr-193	27	20	bothering	bother	VERB
afbr-193	27	21	on	on	ADP
afbr-193	27	22	dividend	dividend	NOUN
afbr-193	27	23	can	can	AUX
afbr-193	27	24	effect	effect	VERB
afbr-193	27	25	a	a	DET
afbr-193	27	26	change	change	NOUN
afbr-193	27	27	on	on	ADP
afbr-193	27	28	a	a	DET
afbr-193	27	29	firm	firm	NOUN
afbr-193	27	30	’s	’s	PART
afbr-193	27	31	value	value	NOUN
afbr-193	27	32	.	.	PUNCT
afbr-193	28	1	knowledge	knowledge	NOUN
afbr-193	28	2	of	of	ADP
afbr-193	28	3	factors	factor	NOUN
afbr-193	28	4	that	that	PRON
afbr-193	28	5	determine	determine	VERB
afbr-193	28	6	dividend	dividend	NOUN
afbr-193	28	7	policy	policy	NOUN
afbr-193	28	8	is	be	AUX
afbr-193	28	9	crucial	crucial	ADJ
afbr-193	28	10	to	to	ADP
afbr-193	28	11	the	the	DET
afbr-193	28	12	investors	investor	NOUN
afbr-193	28	13	in	in	ADP
afbr-193	28	14	the	the	DET
afbr-193	28	15	equity	equity	NOUN
afbr-193	28	16	market	market	NOUN
afbr-193	28	17	as	as	ADV
afbr-193	28	18	well	well	ADV
afbr-193	28	19	as	as	ADP
afbr-193	28	20	to	to	ADP
afbr-193	28	21	the	the	DET
afbr-193	28	22	policy	policy	NOUN
afbr-193	28	23	makers	maker	NOUN
afbr-193	28	24	.	.	PUNCT
afbr-193	29	1	for	for	ADP
afbr-193	29	2	investors	investor	NOUN
afbr-193	29	3	,	,	PUNCT
afbr-193	29	4	discovering	discover	VERB
afbr-193	29	5	the	the	DET
afbr-193	29	6	economic	economic	ADJ
afbr-193	29	7	variables	variable	NOUN
afbr-193	29	8	could	could	AUX
afbr-193	29	9	help	help	VERB
afbr-193	29	10	them	they	PRON
afbr-193	29	11	to	to	PART
afbr-193	29	12	appropriately	appropriately	ADV
afbr-193	29	13	forecast	forecast	VERB
afbr-193	29	14	fluctuations	fluctuation	NOUN
afbr-193	29	15	in	in	ADP
afbr-193	29	16	stock	stock	NOUN
afbr-193	29	17	prices	price	NOUN
afbr-193	29	18	.	.	PUNCT
afbr-193	30	1	dividend	dividend	NOUN
afbr-193	30	2	policy	policy	NOUN
afbr-193	30	3	was	be	AUX
afbr-193	30	4	just	just	ADV
afbr-193	30	5	concerned	concerned	ADJ
afbr-193	30	6	with	with	ADP
afbr-193	30	7	selecting	selecting	NOUN
afbr-193	30	8	between	between	ADP
afbr-193	30	9	payments	payment	NOUN
afbr-193	30	10	of	of	ADP
afbr-193	30	11	earnings	earning	NOUN
afbr-193	30	12	to	to	PART
afbr-193	30	13	shareholder	shareholder	NOUN
afbr-193	30	14	as	as	ADP
afbr-193	30	15	cash	cash	NOUN
afbr-193	30	16	dividend	dividend	NOUN
afbr-193	30	17	or	or	CCONJ
afbr-193	30	18	retaining	retain	VERB
afbr-193	30	19	the	the	DET
afbr-193	30	20	profit	profit	NOUN
afbr-193	30	21	in	in	ADP
afbr-193	30	22	the	the	DET
afbr-193	30	23	firm	firm	NOUN
afbr-193	30	24	.	.	PUNCT
afbr-193	31	1	it	it	PRON
afbr-193	31	2	only	only	ADV
afbr-193	31	3	determined	determine	VERB
afbr-193	31	4	the	the	DET
afbr-193	31	5	incidence	incidence	NOUN
afbr-193	31	6	of	of	ADP
afbr-193	31	7	dividend	dividend	NOUN
afbr-193	31	8	payments	payment	NOUN
afbr-193	31	9	and	and	CCONJ
afbr-193	31	10	the	the	DET
afbr-193	31	11	amount	amount	NOUN
afbr-193	31	12	of	of	ADP
afbr-193	31	13	dividends	dividend	NOUN
afbr-193	31	14	payable	payable	ADJ
afbr-193	31	15	.	.	PUNCT
afbr-193	32	1	however	however	ADV
afbr-193	32	2	,	,	PUNCT
afbr-193	32	3	in	in	ADP
afbr-193	32	4	today	today	NOUN
afbr-193	32	5	’s	’s	PART
afbr-193	32	6	corporate	corporate	ADJ
afbr-193	32	7	finance	finance	NOUN
afbr-193	32	8	,	,	PUNCT
afbr-193	32	9	dividend	dividend	NOUN
afbr-193	32	10	policy	policy	NOUN
afbr-193	32	11	addresses	address	NOUN
afbr-193	32	12	other	other	ADJ
afbr-193	32	13	issues	issue	NOUN
afbr-193	32	14	such	such	ADJ
afbr-193	32	15	as	as	ADP
afbr-193	32	16	how	how	SCONJ
afbr-193	32	17	firms	firm	NOUN
afbr-193	32	18	can	can	AUX
afbr-193	32	19	attract	attract	VERB
afbr-193	32	20	investors	investor	NOUN
afbr-193	32	21	in	in	ADP
afbr-193	32	22	different	different	ADJ
afbr-193	32	23	tax	tax	NOUN
afbr-193	32	24	brackets	bracket	NOUN
afbr-193	32	25	;	;	PUNCT
afbr-193	32	26	how	how	SCONJ
afbr-193	32	27	the	the	DET
afbr-193	32	28	firm	firm	NOUN
afbr-193	32	29	’s	’s	PART
afbr-193	32	30	market	market	NOUN
afbr-193	32	31	value	value	NOUN
afbr-193	32	32	can	can	AUX
afbr-193	32	33	be	be	AUX
afbr-193	32	34	increased	increase	VERB
afbr-193	32	35	by	by	ADP
afbr-193	32	36	this	this	DET
afbr-193	32	37	policy	policy	NOUN
afbr-193	32	38	and	and	CCONJ
afbr-193	32	39	share	share	NOUN
afbr-193	32	40	repurchases	repurchase	NOUN
afbr-193	32	41	so	so	SCONJ
afbr-193	32	42	as	as	SCONJ
afbr-193	32	43	to	to	PART
afbr-193	32	44	reduce	reduce	VERB
afbr-193	32	45	the	the	DET
afbr-193	32	46	incidence	incidence	NOUN
afbr-193	32	47	of	of	ADP
afbr-193	32	48	paying	pay	VERB
afbr-193	32	49	out	out	ADP
afbr-193	32	50	cash	cash	NOUN
afbr-193	32	51	dividends	dividend	NOUN
afbr-193	32	52	.	.	PUNCT
afbr-193	33	1	despite	despite	SCONJ
afbr-193	33	2	the	the	DET
afbr-193	33	3	various	various	ADJ
afbr-193	33	4	reforms	reform	NOUN
afbr-193	33	5	,	,	PUNCT
afbr-193	33	6	the	the	DET
afbr-193	33	7	performance	performance	NOUN
afbr-193	33	8	of	of	ADP
afbr-193	33	9	the	the	DET
afbr-193	33	10	corporate	corporate	ADJ
afbr-193	33	11	organizations	organization	NOUN
afbr-193	33	12	remains	remain	VERB
afbr-193	33	13	abysmal	abysmal	ADJ
afbr-193	33	14	and	and	CCONJ
afbr-193	33	15	affects	affect	VERB
afbr-193	33	16	the	the	DET
afbr-193	33	17	dividend	dividend	NOUN
afbr-193	33	18	policy	policy	NOUN
afbr-193	33	19	of	of	ADP
afbr-193	33	20	listed	list	VERB
afbr-193	33	21	firms	firm	NOUN
afbr-193	33	22	in	in	ADP
afbr-193	33	23	nigerian	nigerian	ADJ
afbr-193	33	24	stock	stock	NOUN
afbr-193	33	25	exchange	exchange	NOUN
afbr-193	33	26	.	.	PUNCT
afbr-193	34	1	as	as	ADP
afbr-193	34	2	in	in	ADP
afbr-193	34	3	urhoghide	urhoghide	NOUN
afbr-193	34	4	and	and	CCONJ
afbr-193	34	5	ojeme	ojeme	NOUN
afbr-193	34	6	(	(	PUNCT
afbr-193	34	7	2016	2016	NUM
afbr-193	34	8	)	)	PUNCT
afbr-193	34	9	,	,	PUNCT
afbr-193	34	10	there	there	PRON
afbr-193	34	11	have	have	AUX
afbr-193	34	12	been	be	AUX
afbr-193	34	13	fluctuations	fluctuation	NOUN
afbr-193	34	14	in	in	ADP
afbr-193	34	15	the	the	DET
afbr-193	34	16	dividend	dividend	NOUN
afbr-193	34	17	paid	pay	VERB
afbr-193	34	18	in	in	ADP
afbr-193	34	19	the	the	DET
afbr-193	34	20	last	last	ADJ
afbr-193	34	21	three	three	NUM
afbr-193	34	22	years	year	NOUN
afbr-193	34	23	and	and	CCONJ
afbr-193	34	24	they	they	PRON
afbr-193	34	25	also	also	ADV
afbr-193	34	26	observed	observe	VERB
afbr-193	34	27	the	the	DET
afbr-193	34	28	drops	drop	NOUN
afbr-193	34	29	in	in	ADP
afbr-193	34	30	dividend	dividend	NOUN
afbr-193	34	31	payments	payment	NOUN
afbr-193	34	32	,	,	PUNCT
afbr-193	34	33	and	and	CCONJ
afbr-193	34	34	that	that	SCONJ
afbr-193	34	35	some	some	PRON
afbr-193	34	36	have	have	AUX
afbr-193	34	37	not	not	PART
afbr-193	34	38	declared	declare	VERB
afbr-193	34	39	dividend	dividend	NOUN
afbr-193	34	40	over	over	ADP
afbr-193	34	41	the	the	DET
afbr-193	34	42	past	past	ADJ
afbr-193	34	43	three	three	NUM
afbr-193	34	44	decades	decade	NOUN
afbr-193	34	45	.	.	PUNCT
afbr-193	35	1	as	as	SCONJ
afbr-193	35	2	mentioned	mention	VERB
afbr-193	35	3	earlier	early	ADV
afbr-193	35	4	,	,	PUNCT
afbr-193	35	5	dividend	dividend	NOUN
afbr-193	35	6	policy	policy	NOUN
afbr-193	35	7	administration	administration	NOUN
afbr-193	35	8	has	have	AUX
afbr-193	35	9	metamorphose	metamorphose	VERB
afbr-193	35	10	with	with	ADP
afbr-193	35	11	the	the	DET
afbr-193	35	12	intent	intent	NOUN
afbr-193	35	13	to	to	PART
afbr-193	35	14	attract	attract	VERB
afbr-193	35	15	investors	investor	NOUN
afbr-193	35	16	,	,	PUNCT
afbr-193	35	17	reduce	reduce	VERB
afbr-193	35	18	further	further	ADJ
afbr-193	35	19	incidence	incidence	NOUN
afbr-193	35	20	of	of	ADP
afbr-193	35	21	paying	pay	VERB
afbr-193	35	22	out	out	ADP
afbr-193	35	23	cash	cash	NOUN
afbr-193	35	24	,	,	PUNCT
afbr-193	35	25	etc	etc	X
afbr-193	35	26	.	.	X
afbr-193	35	27	urhoghide	urhoghide	ADJ
afbr-193	35	28	and	and	CCONJ
afbr-193	35	29	ojeme	ojeme	NOUN
afbr-193	35	30	(	(	PUNCT
afbr-193	35	31	2016	2016	NUM
afbr-193	35	32	)	)	PUNCT
afbr-193	35	33	also	also	ADV
afbr-193	35	34	opined	opine	VERB
afbr-193	35	35	that	that	SCONJ
afbr-193	35	36	most	most	ADV
afbr-193	35	37	quoted	quote	VERB
afbr-193	35	38	firms	firm	NOUN
afbr-193	35	39	in	in	ADP
afbr-193	35	40	the	the	DET
afbr-193	35	41	nigerian	nigerian	ADJ
afbr-193	35	42	stock	stock	NOUN
afbr-193	35	43	exchange	exchange	NOUN
afbr-193	35	44	have	have	VERB
afbr-193	35	45	no	no	DET
afbr-193	35	46	consistent	consistent	ADJ
afbr-193	35	47	dividend	dividend	NOUN
afbr-193	35	48	policy	policy	NOUN
afbr-193	35	49	over	over	ADP
afbr-193	35	50	the	the	DET
afbr-193	35	51	past	past	ADJ
afbr-193	35	52	three	three	NUM
afbr-193	35	53	decades	decade	NOUN
afbr-193	35	54	.	.	PUNCT
afbr-193	36	1	this	this	DET
afbr-193	36	2	observed	observed	ADJ
afbr-193	36	3	inconsistency	inconsistency	NOUN
afbr-193	36	4	could	could	AUX
afbr-193	36	5	be	be	AUX
afbr-193	36	6	attributed	attribute	VERB
afbr-193	36	7	to	to	ADP
afbr-193	36	8	ignorance	ignorance	NOUN
afbr-193	36	9	and	and	CCONJ
afbr-193	36	10	or	or	CCONJ
afbr-193	36	11	improper	improper	ADJ
afbr-193	36	12	understanding	understanding	NOUN
afbr-193	36	13	of	of	ADP
afbr-193	36	14	the	the	DET
afbr-193	36	15	dynamics	dynamic	NOUN
afbr-193	36	16	in	in	ADP
afbr-193	36	17	dividend	dividend	NOUN
afbr-193	36	18	policy	policy	NOUN
afbr-193	36	19	administration	administration	NOUN
afbr-193	36	20	and	and	CCONJ
afbr-193	36	21	this	this	PRON
afbr-193	36	22	may	may	AUX
afbr-193	36	23	lead	lead	VERB
afbr-193	36	24	to	to	ADP
afbr-193	36	25	loss	loss	NOUN
afbr-193	36	26	of	of	ADP
afbr-193	36	27	opportunities	opportunity	NOUN
afbr-193	36	28	to	to	ADP
afbr-193	36	29	the	the	DET
afbr-193	36	30	corporate	corporate	ADJ
afbr-193	36	31	managers	manager	NOUN
afbr-193	36	32	,	,	PUNCT
afbr-193	36	33	investors	investor	NOUN
afbr-193	36	34	,	,	PUNCT
afbr-193	36	35	governments	government	NOUN
afbr-193	36	36	,	,	PUNCT
afbr-193	36	37	and	and	CCONJ
afbr-193	36	38	the	the	DET
afbr-193	36	39	general	general	ADJ
afbr-193	36	40	public	public	NOUN
afbr-193	36	41	.	.	PUNCT
afbr-193	37	1	the	the	DET
afbr-193	37	2	factors	factor	NOUN
afbr-193	37	3	that	that	PRON
afbr-193	37	4	determinant	determinant	ADJ
afbr-193	37	5	corporate	corporate	ADJ
afbr-193	37	6	dividend	dividend	NOUN
afbr-193	37	7	policy	policy	NOUN
afbr-193	37	8	in	in	ADP
afbr-193	37	9	nigeria	nigeria	PROPN
afbr-193	37	10	has	have	AUX
afbr-193	37	11	well	well	ADV
afbr-193	37	12	been	be	AUX
afbr-193	37	13	examined	examine	VERB
afbr-193	37	14	in	in	ADP
afbr-193	37	15	literature	literature	NOUN
afbr-193	37	16	as	as	ADP
afbr-193	37	17	in	in	ADP
afbr-193	37	18	(	(	PUNCT
afbr-193	37	19	abubakar	abubakar	PROPN
afbr-193	37	20	,	,	PUNCT
afbr-193	37	21	2015	2015	NUM
afbr-193	37	22	;	;	PUNCT
afbr-193	37	23	urhoghide	urhoghide	ADJ
afbr-193	37	24	and	and	CCONJ
afbr-193	37	25	ojeme	ojeme	NOUN
afbr-193	37	26	,	,	PUNCT
afbr-193	37	27	2016	2016	NUM
afbr-193	37	28	;	;	PUNCT
afbr-193	37	29	dada	dada	PROPN
afbr-193	37	30	,	,	PUNCT
afbr-193	37	31	2015	2015	NUM
afbr-193	37	32	)	)	PUNCT
afbr-193	37	33	to	to	PART
afbr-193	37	34	mention	mention	VERB
afbr-193	37	35	but	but	CCONJ
afbr-193	37	36	a	a	DET
afbr-193	37	37	few	few	ADJ
afbr-193	37	38	;	;	PUNCT
afbr-193	37	39	but	but	CCONJ
afbr-193	37	40	the	the	DET
afbr-193	37	41	studies	study	NOUN
afbr-193	37	42	were	be	AUX
afbr-193	37	43	on	on	ADP
afbr-193	37	44	the	the	DET
afbr-193	37	45	banking	banking	NOUN
afbr-193	37	46	industry	industry	NOUN
afbr-193	37	47	.	.	PUNCT
afbr-193	38	1	the	the	DET
afbr-193	38	2	only	only	ADJ
afbr-193	38	3	attempt	attempt	NOUN
afbr-193	38	4	by	by	ADP
afbr-193	38	5	oyinlola	oyinlola	PROPN
afbr-193	38	6	,	,	PUNCT
afbr-193	38	7	oyinlola	oyinlola	PROPN
afbr-193	38	8	and	and	CCONJ
afbr-193	38	9	adeniran	adeniran	NOUN
afbr-193	38	10	(	(	PUNCT
afbr-193	38	11	2014	2014	NUM
afbr-193	38	12	)	)	PUNCT
afbr-193	38	13	on	on	ADP
afbr-193	38	14	the	the	DET
afbr-193	38	15	manufacturing	manufacturing	NOUN
afbr-193	38	16	industry	industry	NOUN
afbr-193	38	17	was	be	AUX
afbr-193	38	18	limited	limit	VERB
afbr-193	38	19	in	in	ADP
afbr-193	38	20	scope	scope	NOUN
afbr-193	38	21	as	as	SCONJ
afbr-193	38	22	it	it	PRON
afbr-193	38	23	centered	center	VERB
afbr-193	38	24	on	on	ADP
afbr-193	38	25	the	the	DET
afbr-193	38	26	breweries	brewery	NOUN
afbr-193	38	27	.	.	PUNCT
afbr-193	39	1	this	this	PRON
afbr-193	39	2	creates	create	VERB
afbr-193	39	3	a	a	DET
afbr-193	39	4	knowledge	knowledge	NOUN
afbr-193	39	5	gap	gap	NOUN
afbr-193	39	6	on	on	ADP
afbr-193	39	7	factors	factor	NOUN
afbr-193	39	8	that	that	PRON
afbr-193	39	9	determine	determine	VERB
afbr-193	39	10	dividend	dividend	NOUN
afbr-193	39	11	policies	policy	NOUN
afbr-193	39	12	in	in	ADP
afbr-193	39	13	the	the	DET
afbr-193	39	14	manufacturing	manufacturing	NOUN
afbr-193	39	15	industry	industry	NOUN
afbr-193	39	16	.	.	PUNCT
afbr-193	40	1	from	from	ADP
afbr-193	40	2	the	the	DET
afbr-193	40	3	above	above	NOUN
afbr-193	40	4	,	,	PUNCT
afbr-193	40	5	this	this	DET
afbr-193	40	6	study	study	NOUN
afbr-193	40	7	intends	intend	VERB
afbr-193	40	8	to	to	PART
afbr-193	40	9	examine	examine	VERB
afbr-193	40	10	factors	factor	NOUN
afbr-193	40	11	that	that	PRON
afbr-193	40	12	determine	determine	VERB
afbr-193	40	13	dividend	dividend	NOUN
afbr-193	40	14	policy	policy	NOUN
afbr-193	40	15	of	of	ADP
afbr-193	40	16	quoted	quote	VERB
afbr-193	40	17	manufacturing	manufacturing	NOUN
afbr-193	40	18	firms	firm	NOUN
afbr-193	40	19	in	in	ADP
afbr-193	40	20	nigeria	nigeria	PROPN
afbr-193	40	21	.	.	PUNCT
afbr-193	41	1	it	it	PRON
afbr-193	41	2	has	have	AUX
afbr-193	41	3	been	be	AUX
afbr-193	41	4	observed	observe	VERB
afbr-193	41	5	that	that	SCONJ
afbr-193	41	6	while	while	SCONJ
afbr-193	41	7	some	some	DET
afbr-193	41	8	organizations	organization	NOUN
afbr-193	41	9	pay	pay	VERB
afbr-193	41	10	dividend	dividend	NOUN
afbr-193	41	11	when	when	SCONJ
afbr-193	41	12	they	they	PRON
afbr-193	41	13	declare	declare	VERB
afbr-193	41	14	profit	profit	NOUN
afbr-193	41	15	but	but	CCONJ
afbr-193	41	16	some	some	DET
afbr-193	41	17	others	other	NOUN
afbr-193	41	18	do	do	AUX
afbr-193	41	19	not	not	PART
afbr-193	41	20	consider	consider	VERB
afbr-193	41	21	profit	profit	NOUN
afbr-193	41	22	as	as	ADP
afbr-193	41	23	a	a	DET
afbr-193	41	24	necessary	necessary	ADJ
afbr-193	41	25	and	and	CCONJ
afbr-193	41	26	sufficient	sufficient	ADJ
afbr-193	41	27	indication	indication	NOUN
afbr-193	41	28	for	for	ADP
afbr-193	41	29	declaring	declare	VERB
afbr-193	41	30	dividend	dividend	NOUN
afbr-193	41	31	.	.	PUNCT
afbr-193	42	1	this	this	PRON
afbr-193	42	2	has	have	AUX
afbr-193	42	3	kept	keep	VERB
afbr-193	42	4	a	a	DET
afbr-193	42	5	lot	lot	NOUN
afbr-193	42	6	of	of	ADP
afbr-193	42	7	investors	investor	NOUN
afbr-193	42	8	wondering	wonder	VERB
afbr-193	42	9	what	what	PRON
afbr-193	42	10	really	really	ADV
afbr-193	42	11	determines	determine	VERB
afbr-193	42	12	when	when	SCONJ
afbr-193	42	13	an	an	DET
afbr-193	42	14	organization	organization	NOUN
afbr-193	42	15	is	be	AUX
afbr-193	42	16	likely	likely	ADJ
afbr-193	42	17	to	to	PART
afbr-193	42	18	declare	declare	VERB
afbr-193	42	19	dividend	dividend	NOUN
afbr-193	42	20	.	.	PUNCT
afbr-193	43	1	1.1	1.1	NUM
afbr-193	43	2	research	research	NOUN
afbr-193	43	3	questions	question	NOUN
afbr-193	43	4	this	this	DET
afbr-193	43	5	study	study	NOUN
afbr-193	43	6	is	be	AUX
afbr-193	43	7	provoked	provoke	VERB
afbr-193	43	8	by	by	ADP
afbr-193	43	9	the	the	DET
afbr-193	43	10	following	follow	VERB
afbr-193	43	11	questions	question	NOUN
afbr-193	43	12	.	.	PUNCT
afbr-193	44	1			PUNCT
afbr-193	44	2	to	to	PART
afbr-193	44	3	what	what	DET
afbr-193	44	4	extent	extent	NOUN
afbr-193	44	5	does	do	VERB
afbr-193	44	6	profit	profit	NOUN
afbr-193	44	7	level	level	NOUN
afbr-193	44	8	determine	determine	NOUN
afbr-193	44	9	dividend	dividend	NOUN
afbr-193	44	10	policy	policy	NOUN
afbr-193	44	11	of	of	ADP
afbr-193	44	12	quoted	quote	VERB
afbr-193	44	13	manufacturing	manufacturing	NOUN
afbr-193	44	14	firms	firm	NOUN
afbr-193	44	15	in	in	ADP
afbr-193	44	16	nigeria	nigeria	PROPN
afbr-193	44	17	?	?	PUNCT
afbr-193	45	1			PUNCT
afbr-193	45	2	to	to	PART
afbr-193	45	3	what	what	DET
afbr-193	45	4	extent	extent	NOUN
afbr-193	45	5	does	do	VERB
afbr-193	45	6	liquidity	liquidity	NOUN
afbr-193	45	7	determine	determine	NOUN
afbr-193	45	8	dividend	dividend	NOUN
afbr-193	45	9	policy	policy	NOUN
afbr-193	45	10	of	of	ADP
afbr-193	45	11	quoted	quote	VERB
afbr-193	45	12	manufacturing	manufacturing	NOUN
afbr-193	45	13	firms	firm	NOUN
afbr-193	45	14	in	in	ADP
afbr-193	45	15	nigeria	nigeria	PROPN
afbr-193	45	16	?	?	PUNCT
afbr-193	46	1			PUNCT
afbr-193	46	2	to	to	PART
afbr-193	46	3	what	what	DET
afbr-193	46	4	extent	extent	NOUN
afbr-193	46	5	does	do	AUX
afbr-193	46	6	company	company	NOUN
afbr-193	46	7	size	size	NOUN
afbr-193	46	8	determine	determine	VERB
afbr-193	46	9	dividend	dividend	NOUN
afbr-193	46	10	policy	policy	NOUN
afbr-193	46	11	of	of	ADP
afbr-193	46	12	quoted	quote	VERB
afbr-193	46	13	manufacturing	manufacturing	NOUN
afbr-193	46	14	firms	firm	NOUN
afbr-193	46	15	in	in	ADP
afbr-193	46	16	nigeria	nigeria	PROPN
afbr-193	46	17	?	?	PUNCT
afbr-193	47	1			PUNCT
afbr-193	47	2	to	to	PART
afbr-193	47	3	what	what	DET
afbr-193	47	4	extent	extent	NOUN
afbr-193	47	5	do	do	AUX
afbr-193	47	6	growth	growth	NOUN
afbr-193	47	7	opportunities	opportunity	NOUN
afbr-193	47	8	determine	determine	VERB
afbr-193	47	9	dividend	dividend	NOUN
afbr-193	47	10	policy	policy	NOUN
afbr-193	47	11	of	of	ADP
afbr-193	47	12	quoted	quote	VERB
afbr-193	47	13	manufacturing	manufacturing	NOUN
afbr-193	47	14	firms	firm	NOUN
afbr-193	47	15	in	in	ADP
afbr-193	47	16	nigeria	nigeria	PROPN
afbr-193	47	17	?	?	PUNCT
afbr-193	48	1			PUNCT
afbr-193	48	2	to	to	PART
afbr-193	48	3	what	what	DET
afbr-193	48	4	extent	extent	NOUN
afbr-193	48	5	does	do	AUX
afbr-193	48	6	management	management	NOUN
afbr-193	48	7	efficiency	efficiency	NOUN
afbr-193	48	8	determine	determine	VERB
afbr-193	48	9	dividend	dividend	NOUN
afbr-193	48	10	policy	policy	NOUN
afbr-193	48	11	of	of	ADP
afbr-193	48	12	quoted	quote	VERB
afbr-193	48	13	manufacturing	manufacturing	NOUN
afbr-193	48	14	firms	firm	NOUN
afbr-193	48	15	in	in	ADP
afbr-193	48	16	nigeria	nigeria	PROPN
afbr-193	48	17	?	?	PUNCT
afbr-193	49	1			PUNCT
afbr-193	49	2	to	to	PART
afbr-193	49	3	what	what	DET
afbr-193	49	4	extent	extent	NOUN
afbr-193	49	5	does	do	AUX
afbr-193	49	6	cost	cost	NOUN
afbr-193	49	7	of	of	ADP
afbr-193	49	8	external	external	ADJ
afbr-193	49	9	financing	financing	NOUN
afbr-193	49	10	determine	determine	NOUN
afbr-193	49	11	dividend	dividend	NOUN
afbr-193	49	12	policy	policy	NOUN
afbr-193	49	13	of	of	ADP
afbr-193	49	14	quoted	quote	VERB
afbr-193	49	15	manufacturing	manufacturing	NOUN
afbr-193	49	16	firms	firm	NOUN
afbr-193	49	17	in	in	ADP
afbr-193	49	18	nigeria	nigeria	PROPN
afbr-193	49	19	?	?	PUNCT
afbr-193	50	1			PUNCT
afbr-193	50	2	to	to	PART
afbr-193	50	3	what	what	DET
afbr-193	50	4	extent	extent	NOUN
afbr-193	50	5	does	do	VERB
afbr-193	50	6	debt	debt	NOUN
afbr-193	50	7	equity	equity	NOUN
afbr-193	50	8	ratio	ratio	NOUN
afbr-193	50	9	determine	determine	VERB
afbr-193	50	10	dividend	dividend	NOUN
afbr-193	50	11	policy	policy	NOUN
afbr-193	50	12	of	of	ADP
afbr-193	50	13	quoted	quote	VERB
afbr-193	50	14	manufacturing	manufacturing	NOUN
afbr-193	50	15	firms	firm	NOUN
afbr-193	50	16	in	in	ADP
afbr-193	50	17	nigeria	nigeria	PROPN
afbr-193	50	18	?	?	PUNCT
afbr-193	51	1	www.cribfb.com/journal/index.php/afbr	www.cribfb.com/journal/index.php/afbr	PROPN
afbr-193	51	2	australian	australian	ADJ
afbr-193	51	3	finance	finance	PROPN
afbr-193	51	4	&	&	CCONJ
afbr-193	51	5	banking	banking	PROPN
afbr-193	51	6	review	review	PROPN
afbr-193	51	7	vol	vol	NOUN
afbr-193	51	8	.	.	PROPN
afbr-193	52	1	2	2	NUM
afbr-193	52	2	,	,	PUNCT
afbr-193	52	3	no	no	INTJ
afbr-193	52	4	.	.	NOUN
afbr-193	52	5	2	2	NUM
afbr-193	52	6	;	;	PUNCT
afbr-193	52	7	2018	2018	NUM
afbr-193	52	8	9	9	NUM
afbr-193	52	9	1.2	1.2	NUM
afbr-193	52	10	research	research	NOUN
afbr-193	52	11	hypotheses	hypothesis	NOUN
afbr-193	52	12			X
afbr-193	52	13	h01	h01	NOUN
afbr-193	52	14	:	:	PUNCT
afbr-193	52	15	there	there	PRON
afbr-193	52	16	is	be	VERB
afbr-193	52	17	no	no	DET
afbr-193	52	18	significant	significant	ADJ
afbr-193	52	19	relationship	relationship	NOUN
afbr-193	52	20	between	between	ADP
afbr-193	52	21	profit	profit	NOUN
afbr-193	52	22	level	level	NOUN
afbr-193	52	23	and	and	CCONJ
afbr-193	52	24	the	the	DET
afbr-193	52	25	dividend	dividend	NOUN
afbr-193	52	26	policy	policy	NOUN
afbr-193	52	27	of	of	ADP
afbr-193	52	28	quoted	quote	VERB
afbr-193	52	29	manufacturing	manufacturing	NOUN
afbr-193	52	30	firms	firm	NOUN
afbr-193	52	31	in	in	ADP
afbr-193	52	32	nigeria	nigeria	PROPN
afbr-193	52	33			PROPN
afbr-193	53	1	h02	h02	PROPN
afbr-193	53	2	:	:	PUNCT
afbr-193	53	3	liquidity	liquidity	NOUN
afbr-193	53	4	does	do	AUX
afbr-193	53	5	not	not	PART
afbr-193	53	6	affect	affect	VERB
afbr-193	53	7	the	the	DET
afbr-193	53	8	dividend	dividend	NOUN
afbr-193	53	9	policy	policy	NOUN
afbr-193	53	10	of	of	ADP
afbr-193	53	11	quoted	quote	VERB
afbr-193	53	12	manufacturing	manufacturing	NOUN
afbr-193	53	13	firms	firm	NOUN
afbr-193	53	14	in	in	ADP
afbr-193	53	15	nigeria	nigeria	PROPN
afbr-193	53	16	.	.	PUNCT
afbr-193	54	1			PROPN
afbr-193	55	1	h03	h03	NOUN
afbr-193	55	2	:	:	PUNCT
afbr-193	55	3	there	there	PRON
afbr-193	55	4	is	be	VERB
afbr-193	55	5	no	no	DET
afbr-193	55	6	significant	significant	ADJ
afbr-193	55	7	relationship	relationship	NOUN
afbr-193	55	8	between	between	ADP
afbr-193	55	9	company	company	NOUN
afbr-193	55	10	size	size	NOUN
afbr-193	55	11	and	and	CCONJ
afbr-193	55	12	the	the	DET
afbr-193	55	13	dividend	dividend	NOUN
afbr-193	55	14	policy	policy	NOUN
afbr-193	55	15	of	of	ADP
afbr-193	55	16	quoted	quote	VERB
afbr-193	55	17	manufacturing	manufacturing	NOUN
afbr-193	55	18	firms	firm	NOUN
afbr-193	55	19	in	in	ADP
afbr-193	55	20	nigeria	nigeria	PROPN
afbr-193	55	21	.	.	PUNCT
afbr-193	56	1			PROPN
afbr-193	56	2	h04	h04	NOUN
afbr-193	56	3	:	:	PUNCT
afbr-193	56	4	growth	growth	NOUN
afbr-193	56	5	opportunities	opportunity	NOUN
afbr-193	56	6	have	have	VERB
afbr-193	56	7	no	no	DET
afbr-193	56	8	significant	significant	ADJ
afbr-193	56	9	impact	impact	NOUN
afbr-193	56	10	on	on	ADP
afbr-193	56	11	the	the	DET
afbr-193	56	12	dividend	dividend	NOUN
afbr-193	56	13	policy	policy	NOUN
afbr-193	56	14	of	of	ADP
afbr-193	56	15	quoted	quote	VERB
afbr-193	56	16	manufacturing	manufacturing	NOUN
afbr-193	56	17	firms	firm	NOUN
afbr-193	56	18	in	in	ADP
afbr-193	56	19	nigeria	nigeria	PROPN
afbr-193	56	20	.	.	PUNCT
afbr-193	57	1			PROPN
afbr-193	58	1	h05	h05	PROPN
afbr-193	58	2	:	:	PUNCT
afbr-193	58	3	here	here	ADV
afbr-193	58	4	is	be	AUX
afbr-193	58	5	no	no	DET
afbr-193	58	6	significant	significant	ADJ
afbr-193	58	7	relationship	relationship	NOUN
afbr-193	58	8	between	between	ADP
afbr-193	58	9	management	management	NOUN
afbr-193	58	10	efficiency	efficiency	NOUN
afbr-193	58	11	and	and	CCONJ
afbr-193	58	12	the	the	DET
afbr-193	58	13	dividend	dividend	NOUN
afbr-193	58	14	policy	policy	NOUN
afbr-193	58	15	of	of	ADP
afbr-193	58	16	quoted	quote	VERB
afbr-193	58	17	manufacturing	manufacturing	NOUN
afbr-193	58	18	firms	firm	NOUN
afbr-193	58	19	in	in	ADP
afbr-193	58	20	nigeria	nigeria	PROPN
afbr-193	58	21	.	.	PUNCT
afbr-193	59	1			PROPN
afbr-193	60	1	h06	h06	NOUN
afbr-193	60	2	:	:	PUNCT
afbr-193	60	3	cost	cost	NOUN
afbr-193	60	4	of	of	ADP
afbr-193	60	5	external	external	ADJ
afbr-193	60	6	financing	financing	NOUN
afbr-193	60	7	do	do	AUX
afbr-193	60	8	not	not	PART
afbr-193	60	9	affect	affect	VERB
afbr-193	60	10	the	the	DET
afbr-193	60	11	dividend	dividend	NOUN
afbr-193	60	12	policy	policy	NOUN
afbr-193	60	13	of	of	ADP
afbr-193	60	14	quoted	quote	VERB
afbr-193	60	15	manufacturing	manufacturing	NOUN
afbr-193	60	16	firms	firm	NOUN
afbr-193	60	17	in	in	ADP
afbr-193	60	18	nigeria	nigeria	PROPN
afbr-193	60	19	.	.	PUNCT
afbr-193	61	1			PROPN
afbr-193	62	1	h07	h07	NOUN
afbr-193	62	2	:	:	PUNCT
afbr-193	62	3	debt	debt	NOUN
afbr-193	62	4	equity	equity	NOUN
afbr-193	62	5	ratio	ratio	NOUN
afbr-193	62	6	does	do	AUX
afbr-193	62	7	not	not	PART
afbr-193	62	8	affect	affect	VERB
afbr-193	62	9	the	the	DET
afbr-193	62	10	dividend	dividend	NOUN
afbr-193	62	11	policy	policy	NOUN
afbr-193	62	12	of	of	ADP
afbr-193	62	13	quoted	quote	VERB
afbr-193	62	14	manufacturing	manufacturing	NOUN
afbr-193	62	15	firms	firm	NOUN
afbr-193	62	16	in	in	ADP
afbr-193	62	17	nigeria	nigeria	PROPN
afbr-193	62	18	.	.	PUNCT
afbr-193	63	1	2	2	X
afbr-193	63	2	.	.	X
afbr-193	63	3	literature	literature	NOUN
afbr-193	63	4	review	review	PROPN
afbr-193	63	5	dividend	dividend	NOUN
afbr-193	63	6	policy	policy	NOUN
afbr-193	63	7	refers	refer	VERB
afbr-193	63	8	to	to	ADP
afbr-193	63	9	a	a	DET
afbr-193	63	10	company	company	NOUN
afbr-193	63	11	’s	’s	PART
afbr-193	63	12	policy	policy	NOUN
afbr-193	63	13	which	which	PRON
afbr-193	63	14	determines	determine	VERB
afbr-193	63	15	the	the	DET
afbr-193	63	16	amount	amount	NOUN
afbr-193	63	17	of	of	ADP
afbr-193	63	18	dividend	dividend	NOUN
afbr-193	63	19	payments	payment	NOUN
afbr-193	63	20	and	and	CCONJ
afbr-193	63	21	the	the	DET
afbr-193	63	22	amounts	amount	NOUN
afbr-193	63	23	of	of	ADP
afbr-193	63	24	retained	retain	VERB
afbr-193	63	25	earnings	earning	NOUN
afbr-193	63	26	for	for	ADP
afbr-193	63	27	reinvesting	reinveste	VERB
afbr-193	63	28	in	in	ADP
afbr-193	63	29	new	new	ADJ
afbr-193	63	30	projects	project	NOUN
afbr-193	63	31	.	.	PUNCT
afbr-193	64	1	this	this	DET
afbr-193	64	2	policy	policy	NOUN
afbr-193	64	3	is	be	AUX
afbr-193	64	4	related	relate	VERB
afbr-193	64	5	to	to	ADP
afbr-193	64	6	dividing	divide	VERB
afbr-193	64	7	the	the	DET
afbr-193	64	8	firm	firm	NOUN
afbr-193	64	9	’s	’s	PART
afbr-193	64	10	earning	earning	NOUN
afbr-193	64	11	between	between	ADP
afbr-193	64	12	payment	payment	NOUN
afbr-193	64	13	to	to	ADP
afbr-193	64	14	shareholders	shareholder	NOUN
afbr-193	64	15	and	and	CCONJ
afbr-193	64	16	reinvestment	reinvestment	NOUN
afbr-193	64	17	in	in	ADP
afbr-193	64	18	new	new	ADJ
afbr-193	64	19	opportunities	opportunity	NOUN
afbr-193	64	20	.	.	PUNCT
afbr-193	65	1	dividend	dividend	NOUN
afbr-193	65	2	policy	policy	NOUN
afbr-193	65	3	involves	involve	VERB
afbr-193	65	4	the	the	DET
afbr-193	65	5	determination	determination	NOUN
afbr-193	65	6	of	of	ADP
afbr-193	65	7	the	the	DET
afbr-193	65	8	payout	payout	NOUN
afbr-193	65	9	,	,	PUNCT
afbr-193	65	10	method	method	NOUN
afbr-193	65	11	of	of	ADP
afbr-193	65	12	payment	payment	NOUN
afbr-193	65	13	and	and	CCONJ
afbr-193	65	14	the	the	DET
afbr-193	65	15	aggregate	aggregate	ADJ
afbr-193	65	16	retention	retention	NOUN
afbr-193	65	17	of	of	ADP
afbr-193	65	18	earnings	earning	NOUN
afbr-193	65	19	policy	policy	NOUN
afbr-193	65	20	that	that	PRON
afbr-193	65	21	management	management	NOUN
afbr-193	65	22	follows	follow	VERB
afbr-193	65	23	in	in	ADP
afbr-193	65	24	determining	determine	VERB
afbr-193	65	25	the	the	DET
afbr-193	65	26	size	size	NOUN
afbr-193	65	27	and	and	CCONJ
afbr-193	65	28	pattern	pattern	NOUN
afbr-193	65	29	of	of	ADP
afbr-193	65	30	cash	cash	NOUN
afbr-193	65	31	distributions	distribution	NOUN
afbr-193	65	32	to	to	ADP
afbr-193	65	33	shareholders	shareholder	NOUN
afbr-193	65	34	over	over	ADP
afbr-193	65	35	time	time	NOUN
afbr-193	65	36	.	.	PUNCT
afbr-193	66	1	profit	profit	NOUN
afbr-193	66	2	level	level	NOUN
afbr-193	66	3	has	have	AUX
afbr-193	66	4	long	long	ADV
afbr-193	66	5	been	be	AUX
afbr-193	66	6	regarded	regard	VERB
afbr-193	66	7	as	as	ADP
afbr-193	66	8	the	the	DET
afbr-193	66	9	primary	primary	ADJ
afbr-193	66	10	indicator	indicator	NOUN
afbr-193	66	11	for	for	ADP
afbr-193	66	12	a	a	DET
afbr-193	66	13	company	company	NOUN
afbr-193	66	14	’s	’s	PART
afbr-193	66	15	capacity	capacity	NOUN
afbr-193	66	16	to	to	PART
afbr-193	66	17	pay	pay	VERB
afbr-193	66	18	dividends	dividend	NOUN
afbr-193	66	19	.	.	PUNCT
afbr-193	67	1	lintner	lintner	NOUN
afbr-193	67	2	(	(	PUNCT
afbr-193	67	3	1956	1956	NUM
afbr-193	67	4	)	)	PUNCT
afbr-193	67	5	surveyed	survey	VERB
afbr-193	67	6	corporate	corporate	ADJ
afbr-193	67	7	chief	chief	ADJ
afbr-193	67	8	executive	executive	ADJ
afbr-193	67	9	officers	officer	NOUN
afbr-193	67	10	and	and	CCONJ
afbr-193	67	11	chief	chief	ADJ
afbr-193	67	12	financial	financial	ADJ
afbr-193	67	13	officers	officer	NOUN
afbr-193	67	14	and	and	CCONJ
afbr-193	67	15	found	find	VERB
afbr-193	67	16	out	out	ADP
afbr-193	67	17	that	that	SCONJ
afbr-193	67	18	dividends	dividend	NOUN
afbr-193	67	19	are	be	AUX
afbr-193	67	20	a	a	DET
afbr-193	67	21	function	function	NOUN
afbr-193	67	22	of	of	ADP
afbr-193	67	23	current	current	ADJ
afbr-193	67	24	and	and	CCONJ
afbr-193	67	25	past	past	ADJ
afbr-193	67	26	profit	profit	NOUN
afbr-193	67	27	levels	level	NOUN
afbr-193	67	28	.	.	PUNCT
afbr-193	68	1	a	a	DET
afbr-193	68	2	firm	firm	NOUN
afbr-193	68	3	’s	’s	PART
afbr-193	68	4	current	current	ADJ
afbr-193	68	5	and	and	CCONJ
afbr-193	68	6	previous	previous	ADJ
afbr-193	68	7	year	year	NOUN
afbr-193	68	8	’s	’s	PART
afbr-193	68	9	profit	profit	NOUN
afbr-193	68	10	are	be	AUX
afbr-193	68	11	an	an	DET
afbr-193	68	12	important	important	ADJ
afbr-193	68	13	factor	factor	NOUN
afbr-193	68	14	in	in	ADP
afbr-193	68	15	influencing	influence	VERB
afbr-193	68	16	the	the	DET
afbr-193	68	17	dividend	dividend	NOUN
afbr-193	68	18	policy	policy	NOUN
afbr-193	68	19	.	.	PUNCT
afbr-193	69	1	dividends	dividend	NOUN
afbr-193	69	2	are	be	AUX
afbr-193	69	3	a	a	DET
afbr-193	69	4	function	function	NOUN
afbr-193	69	5	of	of	ADP
afbr-193	69	6	current	current	ADJ
afbr-193	69	7	and	and	CCONJ
afbr-193	69	8	past	past	ADJ
afbr-193	69	9	profit	profit	NOUN
afbr-193	69	10	levels	level	NOUN
afbr-193	69	11	and	and	CCONJ
afbr-193	69	12	the	the	DET
afbr-193	69	13	future	future	ADJ
afbr-193	69	14	earnings	earning	NOUN
afbr-193	69	15	and	and	CCONJ
afbr-193	69	16	expected	expect	VERB
afbr-193	69	17	future	future	ADJ
afbr-193	69	18	earnings	earning	NOUN
afbr-193	69	19	.	.	PUNCT
afbr-193	70	1	liquidity	liquidity	NOUN
afbr-193	70	2	and	and	CCONJ
afbr-193	70	3	cash	cash	NOUN
afbr-193	70	4	flow	flow	NOUN
afbr-193	70	5	position	position	NOUN
afbr-193	70	6	of	of	ADP
afbr-193	70	7	the	the	DET
afbr-193	70	8	firm	firm	NOUN
afbr-193	70	9	is	be	AUX
afbr-193	70	10	also	also	ADV
afbr-193	70	11	a	a	DET
afbr-193	70	12	vital	vital	ADJ
afbr-193	70	13	consideration	consideration	NOUN
afbr-193	70	14	.	.	PUNCT
afbr-193	71	1	this	this	PRON
afbr-193	71	2	arises	arise	VERB
afbr-193	71	3	from	from	ADP
afbr-193	71	4	the	the	DET
afbr-193	71	5	fact	fact	NOUN
afbr-193	71	6	that	that	SCONJ
afbr-193	71	7	dividend	dividend	NOUN
afbr-193	71	8	payout	payout	NOUN
afbr-193	71	9	entails	entail	VERB
afbr-193	71	10	huge	huge	ADJ
afbr-193	71	11	cash	cash	NOUN
afbr-193	71	12	flows	flow	NOUN
afbr-193	71	13	.	.	PUNCT
afbr-193	72	1	hence	hence	ADV
afbr-193	72	2	,	,	PUNCT
afbr-193	72	3	a	a	DET
afbr-193	72	4	firm	firm	ADJ
afbr-193	72	5	encountering	encounter	VERB
afbr-193	72	6	liquidity	liquidity	NOUN
afbr-193	72	7	challenges	challenge	NOUN
afbr-193	72	8	would	would	AUX
afbr-193	72	9	find	find	VERB
afbr-193	72	10	it	it	PRON
afbr-193	72	11	difficult	difficult	ADJ
afbr-193	72	12	to	to	PART
afbr-193	72	13	pay	pay	VERB
afbr-193	72	14	higher	high	ADJ
afbr-193	72	15	dividend	dividend	NOUN
afbr-193	72	16	.	.	PUNCT
afbr-193	73	1	empirical	empirical	ADJ
afbr-193	73	2	evidence	evidence	NOUN
afbr-193	73	3	from	from	ADP
afbr-193	73	4	ahmed	ahmed	PROPN
afbr-193	73	5	,	,	PUNCT
afbr-193	73	6	imran	imran	ADJ
afbr-193	73	7	,	,	PUNCT
afbr-193	73	8	and	and	CCONJ
afbr-193	73	9	ali	ali	PROPN
afbr-193	73	10	(	(	PUNCT
afbr-193	73	11	2014	2014	NUM
afbr-193	73	12	)	)	PUNCT
afbr-193	73	13	reveal	reveal	VERB
afbr-193	73	14	that	that	SCONJ
afbr-193	73	15	dividend	dividend	NOUN
afbr-193	73	16	payout	payout	NOUN
afbr-193	73	17	depends	depend	VERB
afbr-193	73	18	more	more	ADV
afbr-193	73	19	on	on	ADP
afbr-193	73	20	cash	cash	NOUN
afbr-193	73	21	flow	flow	NOUN
afbr-193	73	22	,	,	PUNCT
afbr-193	73	23	which	which	PRON
afbr-193	73	24	reflect	reflect	VERB
afbr-193	73	25	the	the	DET
afbr-193	73	26	company	company	NOUN
afbr-193	73	27	’s	’s	PART
afbr-193	73	28	ability	ability	NOUN
afbr-193	73	29	to	to	PART
afbr-193	73	30	pay	pay	VERB
afbr-193	73	31	dividend	dividend	NOUN
afbr-193	73	32	rather	rather	ADV
afbr-193	73	33	than	than	ADP
afbr-193	73	34	on	on	ADP
afbr-193	73	35	earnings	earning	NOUN
afbr-193	73	36	which	which	PRON
afbr-193	73	37	are	be	AUX
afbr-193	73	38	often	often	ADV
afbr-193	73	39	influence	influence	NOUN
afbr-193	73	40	by	by	ADP
afbr-193	73	41	accounting	accounting	NOUN
afbr-193	73	42	practices	practice	NOUN
afbr-193	73	43	.	.	PUNCT
afbr-193	74	1	liu	liu	PROPN
afbr-193	74	2	and	and	CCONJ
afbr-193	74	3	hu	hu	PROPN
afbr-193	74	4	(	(	PUNCT
afbr-193	74	5	2005	2005	NUM
afbr-193	74	6	)	)	PUNCT
afbr-193	74	7	in	in	ADP
afbr-193	74	8	their	their	PRON
afbr-193	74	9	study	study	NOUN
afbr-193	74	10	found	find	VERB
afbr-193	74	11	out	out	ADP
afbr-193	74	12	that	that	SCONJ
afbr-193	74	13	cash	cash	NOUN
afbr-193	74	14	dividend	dividend	NOUN
afbr-193	74	15	payment	payment	NOUN
afbr-193	74	16	was	be	AUX
afbr-193	74	17	higher	high	ADJ
afbr-193	74	18	than	than	ADP
afbr-193	74	19	accounting	accounting	NOUN
afbr-193	74	20	profit	profit	NOUN
afbr-193	74	21	.	.	PUNCT
afbr-193	75	1	however	however	ADV
afbr-193	75	2	they	they	PRON
afbr-193	75	3	found	find	VERB
afbr-193	75	4	out	out	ADP
afbr-193	75	5	that	that	SCONJ
afbr-193	75	6	fifty	fifty	NUM
afbr-193	75	7	(	(	PUNCT
afbr-193	75	8	50	50	NUM
afbr-193	75	9	%	%	NOUN
afbr-193	75	10	)	)	PUNCT
afbr-193	75	11	percent	percent	NOUN
afbr-193	75	12	of	of	ADP
afbr-193	75	13	the	the	DET
afbr-193	75	14	sampled	sample	VERB
afbr-193	75	15	companies	company	NOUN
afbr-193	75	16	had	have	VERB
afbr-193	75	17	dividend	dividend	NOUN
afbr-193	75	18	cash	cash	NOUN
afbr-193	75	19	payments	payment	NOUN
afbr-193	75	20	higher	high	ADJ
afbr-193	75	21	than	than	ADP
afbr-193	75	22	free	free	ADJ
afbr-193	75	23	cash	cash	NOUN
afbr-193	75	24	flow	flow	NOUN
afbr-193	75	25	.	.	PUNCT
afbr-193	76	1	company	company	NOUN
afbr-193	76	2	size	size	NOUN
afbr-193	76	3	is	be	AUX
afbr-193	76	4	one	one	NUM
afbr-193	76	5	of	of	ADP
afbr-193	76	6	the	the	DET
afbr-193	76	7	major	major	ADJ
afbr-193	76	8	determinants	determinant	NOUN
afbr-193	76	9	of	of	ADP
afbr-193	76	10	cash	cash	NOUN
afbr-193	76	11	dividend	dividend	NOUN
afbr-193	76	12	payout	payout	NOUN
afbr-193	76	13	.	.	PUNCT
afbr-193	77	1	larger	large	ADJ
afbr-193	77	2	sized	sized	ADJ
afbr-193	77	3	firms	firm	NOUN
afbr-193	77	4	have	have	VERB
afbr-193	77	5	easier	easy	ADJ
afbr-193	77	6	access	access	NOUN
afbr-193	77	7	to	to	ADP
afbr-193	77	8	capital	capital	NOUN
afbr-193	77	9	market	market	NOUN
afbr-193	77	10	.	.	PUNCT
afbr-193	78	1	this	this	PRON
afbr-193	78	2	reduces	reduce	VERB
afbr-193	78	3	their	their	PRON
afbr-193	78	4	rate	rate	NOUN
afbr-193	78	5	of	of	ADP
afbr-193	78	6	dependency	dependency	NOUN
afbr-193	78	7	on	on	ADP
afbr-193	78	8	internally	internally	ADV
afbr-193	78	9	generated	generate	VERB
afbr-193	78	10	revenue	revenue	NOUN
afbr-193	78	11	and	and	CCONJ
afbr-193	78	12	hence	hence	ADV
afbr-193	78	13	,	,	PUNCT
afbr-193	78	14	fosters	foster	VERB
afbr-193	78	15	prompt	prompt	ADJ
afbr-193	78	16	payment	payment	NOUN
afbr-193	78	17	of	of	ADP
afbr-193	78	18	higher	high	ADJ
afbr-193	78	19	rate	rate	NOUN
afbr-193	78	20	of	of	ADP
afbr-193	78	21	dividend	dividend	NOUN
afbr-193	78	22	.	.	PUNCT
afbr-193	79	1	fama	fama	PROPN
afbr-193	79	2	and	and	CCONJ
afbr-193	79	3	french	french	ADJ
afbr-193	79	4	(	(	PUNCT
afbr-193	79	5	2000	2000	NUM
afbr-193	79	6	)	)	PUNCT
afbr-193	79	7	found	find	VERB
afbr-193	79	8	out	out	ADP
afbr-193	79	9	that	that	SCONJ
afbr-193	79	10	payers	payer	NOUN
afbr-193	79	11	and	and	CCONJ
afbr-193	79	12	no	no	DET
afbr-193	79	13	payers	payer	NOUN
afbr-193	79	14	differ	differ	VERB
afbr-193	79	15	in	in	ADP
afbr-193	79	16	terms	term	NOUN
afbr-193	79	17	of	of	ADP
afbr-193	79	18	profitability	profitability	NOUN
afbr-193	79	19	,	,	PUNCT
afbr-193	79	20	investment	investment	NOUN
afbr-193	79	21	opportunities	opportunity	NOUN
afbr-193	79	22	and	and	CCONJ
afbr-193	79	23	size	size	NOUN
afbr-193	79	24	.	.	PUNCT
afbr-193	80	1	three	three	NUM
afbr-193	80	2	fundamentals	fundamental	NOUN
afbr-193	80	3	were	be	AUX
afbr-193	80	4	evident	evident	ADJ
afbr-193	80	5	profitability	profitability	NOUN
afbr-193	80	6	,	,	PUNCT
afbr-193	80	7	investment	investment	NOUN
afbr-193	80	8	opportunity	opportunity	NOUN
afbr-193	80	9	and	and	CCONJ
afbr-193	80	10	size	size	NOUN
afbr-193	80	11	as	as	ADP
afbr-193	80	12	the	the	DET
afbr-193	80	13	key	key	ADJ
afbr-193	80	14	factors	factor	NOUN
afbr-193	80	15	in	in	ADP
afbr-193	80	16	decision	decision	NOUN
afbr-193	80	17	to	to	PART
afbr-193	80	18	pay	pay	VERB
afbr-193	80	19	dividends	dividend	NOUN
afbr-193	80	20	.	.	PUNCT
afbr-193	81	1	dividend	dividend	NOUN
afbr-193	81	2	players	player	NOUN
afbr-193	81	3	tend	tend	VERB
afbr-193	81	4	to	to	PART
afbr-193	81	5	be	be	AUX
afbr-193	81	6	large	large	ADJ
afbr-193	81	7	,	,	PUNCT
afbr-193	81	8	profitable	profitable	ADJ
afbr-193	81	9	firms	firm	NOUN
afbr-193	81	10	with	with	ADP
afbr-193	81	11	earnings	earning	NOUN
afbr-193	81	12	on	on	ADP
afbr-193	81	13	order	order	NOUN
afbr-193	81	14	of	of	ADP
afbr-193	81	15	investment	investment	NOUN
afbr-193	81	16	outlays	outlay	NOUN
afbr-193	81	17	.	.	PUNCT
afbr-193	82	1	small	small	ADJ
afbr-193	82	2	firms	firm	NOUN
afbr-193	82	3	have	have	VERB
afbr-193	82	4	no	no	DET
afbr-193	82	5	easy	easy	ADJ
afbr-193	82	6	access	access	NOUN
afbr-193	82	7	to	to	ADP
afbr-193	82	8	additional	additional	ADJ
afbr-193	82	9	capital	capital	NOUN
afbr-193	82	10	hence	hence	ADV
afbr-193	82	11	they	they	PRON
afbr-193	82	12	retain	retain	VERB
afbr-193	82	13	a	a	DET
afbr-193	82	14	higher	high	ADJ
afbr-193	82	15	proportion	proportion	NOUN
afbr-193	82	16	of	of	ADP
afbr-193	82	17	their	their	PRON
afbr-193	82	18	earnings	earning	NOUN
afbr-193	82	19	,	,	PUNCT
afbr-193	82	20	while	while	SCONJ
afbr-193	82	21	big	big	ADJ
afbr-193	82	22	firms	firm	NOUN
afbr-193	82	23	pay	pay	VERB
afbr-193	82	24	high	high	ADJ
afbr-193	82	25	dividend	dividend	NOUN
afbr-193	82	26	to	to	ADP
afbr-193	82	27	their	their	PRON
afbr-193	82	28	shareholder	shareholder	NOUN
afbr-193	82	29	than	than	ADP
afbr-193	82	30	small	small	ADJ
afbr-193	82	31	firms	firm	NOUN
afbr-193	82	32	.	.	PUNCT
afbr-193	83	1	young	young	ADJ
afbr-193	83	2	firms	firm	NOUN
afbr-193	83	3	prefer	prefer	VERB
afbr-193	83	4	to	to	PART
afbr-193	83	5	retain	retain	VERB
afbr-193	83	6	all	all	DET
afbr-193	83	7	internal	internal	ADJ
afbr-193	83	8	resources	resource	NOUN
afbr-193	83	9	and	and	CCONJ
afbr-193	83	10	do	do	AUX
afbr-193	83	11	not	not	PART
afbr-193	83	12	pay	pay	VERB
afbr-193	83	13	dividends	dividend	NOUN
afbr-193	83	14	.	.	PUNCT
afbr-193	84	1	growth	growth	NOUN
afbr-193	84	2	opportunities	opportunity	NOUN
afbr-193	84	3	of	of	ADP
afbr-193	84	4	a	a	DET
afbr-193	84	5	firm	firm	NOUN
afbr-193	84	6	determine	determine	VERB
afbr-193	84	7	the	the	DET
afbr-193	84	8	dividend	dividend	NOUN
afbr-193	84	9	payout	payout	NOUN
afbr-193	84	10	ratio	ratio	NOUN
afbr-193	84	11	of	of	ADP
afbr-193	84	12	a	a	DET
afbr-193	84	13	firm	firm	NOUN
afbr-193	84	14	.	.	PUNCT
afbr-193	85	1	rapidly	rapidly	ADV
afbr-193	85	2	growing	grow	VERB
afbr-193	85	3	firms	firm	NOUN
afbr-193	85	4	have	have	VERB
afbr-193	85	5	a	a	DET
afbr-193	85	6	substantial	substantial	ADJ
afbr-193	85	7	need	need	NOUN
afbr-193	85	8	for	for	SCONJ
afbr-193	85	9	funds	fund	NOUN
afbr-193	85	10	to	to	PART
afbr-193	85	11	finance	finance	VERB
afbr-193	85	12	the	the	DET
afbr-193	85	13	abundance	abundance	NOUN
afbr-193	85	14	attractive	attractive	ADJ
afbr-193	85	15	investment	investment	NOUN
afbr-193	85	16	opportunity	opportunity	NOUN
afbr-193	85	17	instead	instead	ADV
afbr-193	85	18	of	of	ADP
afbr-193	85	19	paying	pay	VERB
afbr-193	85	20	large	large	ADJ
afbr-193	85	21	amount	amount	NOUN
afbr-193	85	22	as	as	ADP
afbr-193	85	23	dividend	dividend	NOUN
afbr-193	85	24	and	and	CCONJ
afbr-193	85	25	stand	stand	VERB
afbr-193	85	26	a	a	DET
afbr-193	85	27	chance	chance	NOUN
afbr-193	85	28	of	of	ADP
afbr-193	85	29	issuing	issue	VERB
afbr-193	85	30	new	new	ADJ
afbr-193	85	31	shares	share	NOUN
afbr-193	85	32	for	for	ADP
afbr-193	85	33	investment	investment	NOUN
afbr-193	85	34	capital	capital	NOUN
afbr-193	85	35	.	.	PUNCT
afbr-193	86	1	firms	firm	NOUN
afbr-193	86	2	with	with	ADP
afbr-193	86	3	higher	high	ADJ
afbr-193	86	4	dividend	dividend	NOUN
afbr-193	86	5	payout	payout	NOUN
afbr-193	86	6	ratios	ratio	NOUN
afbr-193	86	7	tend	tend	VERB
afbr-193	86	8	to	to	PART
afbr-193	86	9	have	have	VERB
afbr-193	86	10	low	low	ADJ
afbr-193	86	11	growth	growth	NOUN
afbr-193	86	12	rates	rate	NOUN
afbr-193	86	13	all	all	DET
afbr-193	86	14	things	thing	NOUN
afbr-193	86	15	being	be	AUX
afbr-193	86	16	equal	equal	ADJ
afbr-193	86	17	.	.	PUNCT
afbr-193	87	1	management	management	NOUN
afbr-193	87	2	efficiency	efficiency	NOUN
afbr-193	87	3	is	be	AUX
afbr-193	87	4	an	an	DET
afbr-193	87	5	important	important	ADJ
afbr-193	87	6	aspect	aspect	NOUN
afbr-193	87	7	of	of	ADP
afbr-193	87	8	corporate	corporate	ADJ
afbr-193	87	9	strategy	strategy	NOUN
afbr-193	87	10	.	.	PUNCT
afbr-193	88	1	it	it	PRON
afbr-193	88	2	refers	refer	VERB
afbr-193	88	3	to	to	ADP
afbr-193	88	4	the	the	DET
afbr-193	88	5	manager	manager	NOUN
afbr-193	88	6	ability	ability	NOUN
afbr-193	88	7	to	to	PART
afbr-193	88	8	reduce	reduce	VERB
afbr-193	88	9	cost	cost	NOUN
afbr-193	88	10	.	.	PUNCT
afbr-193	89	1	corporate	corporate	ADJ
afbr-193	89	2	efficiency	efficiency	NOUN
afbr-193	89	3	signifies	signify	VERB
afbr-193	89	4	a	a	DET
afbr-193	89	5	level	level	NOUN
afbr-193	89	6	of	of	ADP
afbr-193	89	7	performance	performance	NOUN
afbr-193	89	8	that	that	PRON
afbr-193	89	9	describes	describe	VERB
afbr-193	89	10	a	a	DET
afbr-193	89	11	process	process	NOUN
afbr-193	89	12	that	that	PRON
afbr-193	89	13	uses	use	VERB
afbr-193	89	14	the	the	DET
afbr-193	89	15	lowest	low	ADJ
afbr-193	89	16	amount	amount	NOUN
afbr-193	89	17	of	of	ADP
afbr-193	89	18	inputs	input	NOUN
afbr-193	89	19	to	to	PART
afbr-193	89	20	create	create	VERB
afbr-193	89	21	the	the	DET
afbr-193	89	22	greatest	great	ADJ
afbr-193	89	23	amount	amount	NOUN
afbr-193	89	24	of	of	ADP
afbr-193	89	25	output	output	NOUN
afbr-193	89	26	.	.	PUNCT
afbr-193	90	1	in	in	ADP
afbr-193	90	2	finance	finance	NOUN
afbr-193	90	3	,	,	PUNCT
afbr-193	90	4	the	the	DET
afbr-193	90	5	concept	concept	NOUN
afbr-193	90	6	relates	relate	VERB
afbr-193	90	7	how	how	SCONJ
afbr-193	90	8	well	well	ADV
afbr-193	90	9	the	the	DET
afbr-193	90	10	naira	naira	NOUN
afbr-193	90	11	invested	invest	VERB
afbr-193	90	12	in	in	ADP
afbr-193	90	13	alternative	alternative	NOUN
afbr-193	90	14	produces	produce	VERB
afbr-193	90	15	revenue	revenue	NOUN
afbr-193	90	16	to	to	ADP
afbr-193	90	17	the	the	DET
afbr-193	90	18	firm	firm	NOUN
afbr-193	90	19	.	.	PUNCT
afbr-193	91	1	it	it	PRON
afbr-193	91	2	is	be	AUX
afbr-193	91	3	a	a	DET
afbr-193	91	4	measure	measure	NOUN
afbr-193	91	5	that	that	PRON
afbr-193	91	6	determines	determine	VERB
afbr-193	91	7	the	the	DET
afbr-193	91	8	present	present	ADJ
afbr-193	91	9	value	value	NOUN
afbr-193	91	10	of	of	ADP
afbr-193	91	11	an	an	DET
afbr-193	91	12	investment	investment	NOUN
afbr-193	91	13	.	.	PUNCT
afbr-193	92	1	management	management	NOUN
afbr-193	92	2	efficiency	efficiency	NOUN
afbr-193	92	3	is	be	AUX
afbr-193	92	4	determined	determine	VERB
afbr-193	92	5	by	by	ADP
afbr-193	92	6	the	the	DET
afbr-193	92	7	quality	quality	NOUN
afbr-193	92	8	of	of	ADP
afbr-193	92	9	manpower	manpower	NOUN
afbr-193	92	10	,	,	PUNCT
afbr-193	92	11	risk	risk	NOUN
afbr-193	92	12	management	management	NOUN
afbr-193	92	13	and	and	CCONJ
afbr-193	92	14	corporate	corporate	ADJ
afbr-193	92	15	strategy	strategy	NOUN
afbr-193	92	16	.	.	PUNCT
afbr-193	93	1	management	management	NOUN
afbr-193	93	2	efficiency	efficiency	NOUN
afbr-193	93	3	encourages	encourage	VERB
afbr-193	93	4	cost	cost	NOUN
afbr-193	93	5	effectiveness	effectiveness	NOUN
afbr-193	93	6	and	and	CCONJ
afbr-193	93	7	by	by	ADP
afbr-193	93	8	extension	extension	NOUN
afbr-193	93	9	increase	increase	NOUN
afbr-193	93	10	in	in	ADP
afbr-193	93	11	profitability	profitability	NOUN
afbr-193	93	12	and	and	CCONJ
afbr-193	93	13	this	this	PRON
afbr-193	93	14	can	can	AUX
afbr-193	93	15	affect	affect	VERB
afbr-193	93	16	positively	positively	ADV
afbr-193	93	17	dividend	dividend	VERB
afbr-193	93	18	policy	policy	NOUN
afbr-193	93	19	of	of	ADP
afbr-193	93	20	a	a	DET
afbr-193	93	21	quoted	quote	VERB
afbr-193	93	22	firm	firm	NOUN
afbr-193	93	23	.	.	PUNCT
afbr-193	94	1	transaction	transaction	NOUN
afbr-193	94	2	costs	cost	NOUN
afbr-193	94	3	of	of	ADP
afbr-193	94	4	external	external	ADJ
afbr-193	94	5	financing	financing	NOUN
afbr-193	94	6	:	:	PUNCT
afbr-193	94	7	a	a	DET
afbr-193	94	8	firm	firm	NOUN
afbr-193	94	9	with	with	ADP
afbr-193	94	10	a	a	DET
afbr-193	94	11	higher	high	ADJ
afbr-193	94	12	leverage	leverage	NOUN
afbr-193	94	13	has	have	VERB
afbr-193	94	14	higher	high	ADJ
afbr-193	94	15	dependency	dependency	NOUN
afbr-193	94	16	on	on	ADP
afbr-193	94	17	external	external	ADJ
afbr-193	94	18	finances	finance	NOUN
afbr-193	94	19	.	.	PUNCT
afbr-193	95	1	the	the	DET
afbr-193	95	2	smaller	small	ADJ
afbr-193	95	3	percentage	percentage	NOUN
afbr-193	95	4	of	of	ADP
afbr-193	95	5	the	the	DET
afbr-193	95	6	company	company	NOUN
afbr-193	95	7	is	be	AUX
afbr-193	95	8	held	hold	VERB
afbr-193	95	9	by	by	ADP
afbr-193	95	10	outsiders	outsider	NOUN
afbr-193	95	11	,	,	PUNCT
afbr-193	95	12	the	the	PRON
afbr-193	95	13	higher	high	ADJ
afbr-193	95	14	the	the	DET
afbr-193	95	15	company	company	NOUN
afbr-193	95	16	’s	’s	PART
afbr-193	95	17	dividend	dividend	NOUN
afbr-193	95	18	payout	payout	NOUN
afbr-193	95	19	.	.	PUNCT
afbr-193	96	1	dividend	dividend	NOUN
afbr-193	96	2	payout	payout	NOUN
afbr-193	96	3	ratio	ratio	NOUN
afbr-193	96	4	is	be	AUX
afbr-193	96	5	dependent	dependent	ADJ
afbr-193	96	6	on	on	ADP
afbr-193	96	7	transactions	transaction	NOUN
afbr-193	96	8	of	of	ADP
afbr-193	96	9	external	external	ADJ
afbr-193	96	10	financing	financing	NOUN
afbr-193	96	11	,	,	PUNCT
afbr-193	96	12	financial	financial	ADJ
afbr-193	96	13	constraints	constraint	NOUN
afbr-193	96	14	created	create	VERB
afbr-193	96	15	by	by	ADP
afbr-193	96	16	the	the	DET
afbr-193	96	17	financial	financial	ADJ
afbr-193	96	18	leverage	leverage	NOUN
afbr-193	96	19	and	and	CCONJ
afbr-193	96	20	the	the	DET
afbr-193	96	21	agency	agency	NOUN
afbr-193	96	22	cost	cost	NOUN
afbr-193	96	23	of	of	ADP
afbr-193	96	24	outside	outside	ADJ
afbr-193	96	25	ownership	ownership	NOUN
afbr-193	96	26	.	.	PUNCT
afbr-193	97	1	a	a	DET
afbr-193	97	2	highly	highly	ADV
afbr-193	97	3	leveraged	leverage	VERB
afbr-193	97	4	firm	firm	NOUN
afbr-193	97	5	pays	pay	VERB
afbr-193	97	6	low	low	ADJ
afbr-193	97	7	dividend	dividend	NOUN
afbr-193	97	8	to	to	ADP
afbr-193	97	9	their	their	PRON
afbr-193	97	10	shareholder	shareholder	NOUN
afbr-193	97	11	due	due	ADP
afbr-193	97	12	to	to	ADP
afbr-193	97	13	cash	cash	NOUN
afbr-193	97	14	flow	flow	NOUN
afbr-193	97	15	obligations	obligation	NOUN
afbr-193	97	16	to	to	ADP
afbr-193	97	17	their	their	PRON
afbr-193	97	18	financiers	financier	NOUN
afbr-193	97	19	.	.	PUNCT
afbr-193	98	1	www.cribfb.com/journal/index.php/afbr	www.cribfb.com/journal/index.php/afbr	PROPN
afbr-193	98	2	australian	australian	ADJ
afbr-193	98	3	finance	finance	PROPN
afbr-193	98	4	&	&	CCONJ
afbr-193	98	5	banking	banking	PROPN
afbr-193	98	6	review	review	PROPN
afbr-193	98	7	vol	vol	NOUN
afbr-193	98	8	.	.	PROPN
afbr-193	99	1	2	2	NUM
afbr-193	99	2	,	,	PUNCT
afbr-193	99	3	no	no	INTJ
afbr-193	99	4	.	.	NOUN
afbr-193	99	5	2	2	NUM
afbr-193	99	6	;	;	PUNCT
afbr-193	99	7	2018	2018	NUM
afbr-193	99	8	10	10	NUM
afbr-193	99	9	debttoequity	debttoequity	NOUN
afbr-193	99	10	ratio	ratio	NOUN
afbr-193	99	11	is	be	AUX
afbr-193	99	12	a	a	DET
afbr-193	99	13	financial	financial	ADJ
afbr-193	99	14	ratio	ratio	NOUN
afbr-193	99	15	that	that	PRON
afbr-193	99	16	indicates	indicate	VERB
afbr-193	99	17	the	the	DET
afbr-193	99	18	relative	relative	ADJ
afbr-193	99	19	proportion	proportion	NOUN
afbr-193	99	20	of	of	ADP
afbr-193	99	21	equity	equity	NOUN
afbr-193	99	22	and	and	CCONJ
afbr-193	99	23	debt	debt	NOUN
afbr-193	99	24	used	use	VERB
afbr-193	99	25	to	to	PART
afbr-193	99	26	finance	finance	VERB
afbr-193	99	27	a	a	DET
afbr-193	99	28	company	company	NOUN
afbr-193	99	29	's	's	PART
afbr-193	99	30	assets	asset	NOUN
afbr-193	99	31	.	.	PUNCT
afbr-193	100	1	this	this	DET
afbr-193	100	2	ratio	ratio	NOUN
afbr-193	100	3	is	be	AUX
afbr-193	100	4	also	also	ADV
afbr-193	100	5	known	know	VERB
afbr-193	100	6	as	as	ADP
afbr-193	100	7	risk	risk	NOUN
afbr-193	100	8	,	,	PUNCT
afbr-193	100	9	gearing	gearing	NOUN
afbr-193	100	10	or	or	CCONJ
afbr-193	100	11	leverage	leverage	NOUN
afbr-193	100	12	.	.	PUNCT
afbr-193	101	1	some	some	DET
afbr-193	101	2	scholars	scholar	NOUN
afbr-193	101	3	have	have	AUX
afbr-193	101	4	opined	opine	VERB
afbr-193	101	5	that	that	SCONJ
afbr-193	101	6	risk	risk	NOUN
afbr-193	101	7	affects	affect	VERB
afbr-193	101	8	firms	firm	NOUN
afbr-193	101	9	'	'	PART
afbr-193	101	10	dividend	dividend	NOUN
afbr-193	101	11	policy	policy	NOUN
afbr-193	101	12	.	.	PUNCT
afbr-193	102	1	firms	firm	NOUN
afbr-193	102	2	with	with	ADP
afbr-193	102	3	high	high	ADJ
afbr-193	102	4	growth	growth	NOUN
afbr-193	102	5	rates	rate	NOUN
afbr-193	102	6	and	and	CCONJ
afbr-193	102	7	high	high	ADJ
afbr-193	102	8	dividend	dividend	NOUN
afbr-193	102	9	payout	payout	NOUN
afbr-193	102	10	ratios	ratio	NOUN
afbr-193	102	11	utilize	utilize	VERB
afbr-193	102	12	debt	debt	NOUN
afbr-193	102	13	financing	financing	NOUN
afbr-193	102	14	and	and	CCONJ
afbr-193	102	15	firms	firm	NOUN
afbr-193	102	16	with	with	ADP
afbr-193	102	17	high	high	ADJ
afbr-193	102	18	leverage	leverage	NOUN
afbr-193	102	19	compared	compare	VERB
afbr-193	102	20	to	to	ADP
afbr-193	102	21	their	their	PRON
afbr-193	102	22	respective	respective	ADJ
afbr-193	102	23	industry	industry	NOUN
afbr-193	102	24	.	.	PUNCT
afbr-193	103	1	however	however	ADV
afbr-193	103	2	,	,	PUNCT
afbr-193	103	3	conflicting	conflicting	ADJ
afbr-193	103	4	evidence	evidence	NOUN
afbr-193	103	5	on	on	ADP
afbr-193	103	6	the	the	DET
afbr-193	103	7	relationship	relationship	NOUN
afbr-193	103	8	between	between	ADP
afbr-193	103	9	dividend	dividend	NOUN
afbr-193	103	10	payout	payout	NOUN
afbr-193	103	11	ratios	ratio	NOUN
afbr-193	103	12	and	and	CCONJ
afbr-193	103	13	leverage	leverage	NOUN
afbr-193	103	14	abound	abound	NOUN
afbr-193	103	15	.	.	PUNCT
afbr-193	104	1	in	in	ADP
afbr-193	104	2	some	some	DET
afbr-193	104	3	industries	industry	NOUN
afbr-193	104	4	payout	payout	NOUN
afbr-193	104	5	and	and	CCONJ
afbr-193	104	6	leverage	leverage	NOUN
afbr-193	104	7	ratios	ratio	NOUN
afbr-193	104	8	are	be	AUX
afbr-193	104	9	positively	positively	ADV
afbr-193	104	10	related	relate	VERB
afbr-193	104	11	while	while	SCONJ
afbr-193	104	12	in	in	ADP
afbr-193	104	13	other	other	ADJ
afbr-193	104	14	industries	industry	NOUN
afbr-193	104	15	the	the	DET
afbr-193	104	16	relationship	relationship	NOUN
afbr-193	104	17	is	be	AUX
afbr-193	104	18	negative	negative	ADJ
afbr-193	104	19	.	.	PUNCT
afbr-193	105	1	there	there	PRON
afbr-193	105	2	exist	exist	VERB
afbr-193	105	3	statistically	statistically	ADV
afbr-193	105	4	significant	significant	ADJ
afbr-193	105	5	and	and	CCONJ
afbr-193	105	6	negative	negative	ADJ
afbr-193	105	7	relationship	relationship	NOUN
afbr-193	105	8	between	between	ADP
afbr-193	105	9	firm	firm	NOUN
afbr-193	105	10	’s	’s	PART
afbr-193	105	11	risk	risk	NOUN
afbr-193	105	12	and	and	CCONJ
afbr-193	105	13	the	the	DET
afbr-193	105	14	dividend	dividend	NOUN
afbr-193	105	15	payout	payout	NOUN
afbr-193	105	16	ratios	ratio	NOUN
afbr-193	105	17	.	.	PUNCT
afbr-193	106	1	it	it	PRON
afbr-193	106	2	is	be	AUX
afbr-193	106	3	evident	evident	ADJ
afbr-193	106	4	that	that	SCONJ
afbr-193	106	5	firms	firm	NOUN
afbr-193	106	6	having	have	VERB
afbr-193	106	7	a	a	DET
afbr-193	106	8	higher	high	ADJ
afbr-193	106	9	level	level	NOUN
afbr-193	106	10	of	of	ADP
afbr-193	106	11	risk	risk	NOUN
afbr-193	106	12	will	will	AUX
afbr-193	106	13	pay	pay	VERB
afbr-193	106	14	out	out	ADP
afbr-193	106	15	dividends	dividend	NOUN
afbr-193	106	16	at	at	ADP
afbr-193	106	17	lower	low	ADJ
afbr-193	106	18	rate	rate	NOUN
afbr-193	106	19	.	.	PUNCT
afbr-193	107	1	in	in	ADP
afbr-193	107	2	summary	summary	NOUN
afbr-193	107	3	,	,	PUNCT
afbr-193	107	4	the	the	DET
afbr-193	107	5	literature	literature	NOUN
afbr-193	107	6	review	review	NOUN
afbr-193	107	7	points	point	VERB
afbr-193	107	8	out	out	ADP
afbr-193	107	9	to	to	ADP
afbr-193	107	10	the	the	DET
afbr-193	107	11	fact	fact	NOUN
afbr-193	107	12	that	that	SCONJ
afbr-193	107	13	corporate	corporate	ADJ
afbr-193	107	14	profitability	profitability	NOUN
afbr-193	107	15	,	,	PUNCT
afbr-193	107	16	cash	cash	NOUN
afbr-193	107	17	flow	flow	NOUN
afbr-193	107	18	,	,	PUNCT
afbr-193	107	19	tax	tax	NOUN
afbr-193	107	20	,	,	PUNCT
afbr-193	107	21	sales	sale	NOUN
afbr-193	107	22	growth	growth	NOUN
afbr-193	107	23	,	,	PUNCT
afbr-193	107	24	market	market	NOUN
afbr-193	107	25	-	-	PUNCT
afbr-193	107	26	to	to	ADP
afbr-193	107	27	-	-	PUNCT
afbr-193	107	28	book	book	NOUN
afbr-193	107	29	ratio	ratio	NOUN
afbr-193	107	30	,	,	PUNCT
afbr-193	107	31	and	and	CCONJ
afbr-193	107	32	debt	debt	NOUN
afbr-193	107	33	-	-	PUNCT
afbr-193	107	34	to	to	ADP
afbr-193	107	35	-	-	PUNCT
afbr-193	107	36	equity	equity	NOUN
afbr-193	107	37	ratio	ratio	NOUN
afbr-193	107	38	may	may	AUX
afbr-193	107	39	impact	impact	VERB
afbr-193	107	40	upon	upon	SCONJ
afbr-193	107	41	the	the	DET
afbr-193	107	42	dividend	dividend	NOUN
afbr-193	107	43	payout	payout	NOUN
afbr-193	107	44	ratio	ratio	NOUN
afbr-193	107	45	.	.	PUNCT
afbr-193	108	1	previous	previous	ADJ
afbr-193	108	2	researchers	researcher	NOUN
afbr-193	108	3	concentrated	concentrate	VERB
afbr-193	108	4	on	on	ADP
afbr-193	108	5	the	the	DET
afbr-193	108	6	determinants	determinant	NOUN
afbr-193	108	7	of	of	ADP
afbr-193	108	8	'	'	PUNCT
afbr-193	108	9	standard	standard	ADJ
afbr-193	108	10	ratio	ratio	NOUN
afbr-193	108	11	of	of	ADP
afbr-193	108	12	dividend	dividend	NOUN
afbr-193	108	13	to	to	ADP
afbr-193	108	14	earnings	earning	NOUN
afbr-193	108	15	,	,	PUNCT
afbr-193	108	16	or	or	CCONJ
afbr-193	108	17	the	the	DET
afbr-193	108	18	standard	standard	ADJ
afbr-193	108	19	dividend	dividend	NOUN
afbr-193	108	20	payout	payout	NOUN
afbr-193	108	21	ratio	ratio	NOUN
afbr-193	108	22	.	.	PUNCT
afbr-193	109	1	theoretical	theoretical	ADJ
afbr-193	109	2	framework	framework	NOUN
afbr-193	109	3	relevance	relevance	NOUN
afbr-193	109	4	theory	theory	NOUN
afbr-193	109	5	gordon	gordon	PROPN
afbr-193	109	6	(	(	PUNCT
afbr-193	109	7	1962	1962	NUM
afbr-193	109	8	)	)	PUNCT
afbr-193	109	9	stated	state	VERB
afbr-193	109	10	that	that	SCONJ
afbr-193	109	11	investors	investor	NOUN
afbr-193	109	12	may	may	AUX
afbr-193	109	13	prefer	prefer	VERB
afbr-193	109	14	present	present	ADJ
afbr-193	109	15	dividend	dividend	NOUN
afbr-193	109	16	instead	instead	ADV
afbr-193	109	17	of	of	ADP
afbr-193	109	18	future	future	ADJ
afbr-193	109	19	capital	capital	NOUN
afbr-193	109	20	gains	gain	NOUN
afbr-193	109	21	because	because	SCONJ
afbr-193	109	22	the	the	DET
afbr-193	109	23	future	future	ADJ
afbr-193	109	24	situation	situation	NOUN
afbr-193	109	25	is	be	AUX
afbr-193	109	26	uncertain	uncertain	ADJ
afbr-193	109	27	even	even	ADV
afbr-193	109	28	if	if	SCONJ
afbr-193	109	29	in	in	ADP
afbr-193	109	30	perfect	perfect	ADJ
afbr-193	109	31	capital	capital	NOUN
afbr-193	109	32	market	market	NOUN
afbr-193	109	33	.	.	PUNCT
afbr-193	110	1	this	this	DET
afbr-193	110	2	theory	theory	NOUN
afbr-193	110	3	further	far	ADV
afbr-193	110	4	postulates	postulate	VERB
afbr-193	110	5	that	that	SCONJ
afbr-193	110	6	many	many	ADJ
afbr-193	110	7	investors	investor	NOUN
afbr-193	110	8	may	may	AUX
afbr-193	110	9	prefer	prefer	VERB
afbr-193	110	10	dividend	dividend	NOUN
afbr-193	110	11	in	in	ADP
afbr-193	110	12	hand	hand	NOUN
afbr-193	110	13	in	in	ADP
afbr-193	110	14	order	order	NOUN
afbr-193	110	15	to	to	PART
afbr-193	110	16	avoid	avoid	VERB
afbr-193	110	17	risk	risk	NOUN
afbr-193	110	18	related	relate	VERB
afbr-193	110	19	to	to	ADP
afbr-193	110	20	future	future	ADJ
afbr-193	110	21	capital	capital	NOUN
afbr-193	110	22	gain	gain	NOUN
afbr-193	110	23	.	.	PUNCT
afbr-193	111	1	also	also	ADV
afbr-193	111	2	in	in	ADP
afbr-193	111	3	his	his	PRON
afbr-193	111	4	work	work	NOUN
afbr-193	111	5	,	,	PUNCT
afbr-193	111	6	he	he	PRON
afbr-193	111	7	opined	opine	VERB
afbr-193	111	8	that	that	SCONJ
afbr-193	111	9	there	there	PRON
afbr-193	111	10	is	be	VERB
afbr-193	111	11	a	a	DET
afbr-193	111	12	direct	direct	ADJ
afbr-193	111	13	relationship	relationship	NOUN
afbr-193	111	14	between	between	ADP
afbr-193	111	15	dividend	dividend	NOUN
afbr-193	111	16	policy	policy	NOUN
afbr-193	111	17	and	and	CCONJ
afbr-193	111	18	market	market	NOUN
afbr-193	111	19	value	value	NOUN
afbr-193	111	20	of	of	ADP
afbr-193	111	21	share	share	NOUN
afbr-193	111	22	even	even	ADV
afbr-193	111	23	if	if	SCONJ
afbr-193	111	24	the	the	DET
afbr-193	111	25	internal	internal	ADJ
afbr-193	111	26	rate	rate	NOUN
afbr-193	111	27	of	of	ADP
afbr-193	111	28	return	return	NOUN
afbr-193	111	29	and	and	CCONJ
afbr-193	111	30	the	the	DET
afbr-193	111	31	required	require	VERB
afbr-193	111	32	rate	rate	NOUN
afbr-193	111	33	of	of	ADP
afbr-193	111	34	return	return	NOUN
afbr-193	111	35	will	will	AUX
afbr-193	111	36	be	be	AUX
afbr-193	111	37	the	the	DET
afbr-193	111	38	same	same	ADJ
afbr-193	111	39	and	and	CCONJ
afbr-193	111	40	that	that	SCONJ
afbr-193	111	41	the	the	DET
afbr-193	111	42	share	share	NOUN
afbr-193	111	43	price	price	NOUN
afbr-193	111	44	of	of	ADP
afbr-193	111	45	a	a	DET
afbr-193	111	46	firm	firm	NOUN
afbr-193	111	47	is	be	AUX
afbr-193	111	48	subordinate	subordinate	ADJ
afbr-193	111	49	of	of	ADP
afbr-193	111	50	discounted	discount	VERB
afbr-193	111	51	flow	flow	NOUN
afbr-193	111	52	of	of	ADP
afbr-193	111	53	future	future	ADJ
afbr-193	111	54	dividends	dividend	NOUN
afbr-193	111	55	.	.	PUNCT
afbr-193	112	1	however	however	ADV
afbr-193	112	2	,	,	PUNCT
afbr-193	112	3	this	this	DET
afbr-193	112	4	theory	theory	NOUN
afbr-193	112	5	may	may	AUX
afbr-193	112	6	not	not	PART
afbr-193	112	7	be	be	AUX
afbr-193	112	8	universally	universally	ADV
afbr-193	112	9	applicable	applicable	ADJ
afbr-193	112	10	as	as	ADP
afbr-193	112	11	diamond	diamond	NOUN
afbr-193	112	12	in	in	ADP
afbr-193	112	13	1967	1967	NUM
afbr-193	112	14	selected	select	VERB
afbr-193	112	15	255	255	NUM
afbr-193	112	16	us	us	PROPN
afbr-193	112	17	based	base	VERB
afbr-193	112	18	firms	firm	NOUN
afbr-193	112	19	as	as	ADP
afbr-193	112	20	a	a	DET
afbr-193	112	21	sample	sample	NOUN
afbr-193	112	22	and	and	CCONJ
afbr-193	112	23	studied	study	VERB
afbr-193	112	24	the	the	DET
afbr-193	112	25	association	association	NOUN
afbr-193	112	26	of	of	ADP
afbr-193	112	27	firm	firm	NOUN
afbr-193	112	28	’s	’s	PART
afbr-193	112	29	value	value	NOUN
afbr-193	112	30	with	with	ADP
afbr-193	112	31	dividends	dividend	NOUN
afbr-193	112	32	and	and	CCONJ
afbr-193	112	33	retained	retain	VERB
afbr-193	112	34	earnings	earning	NOUN
afbr-193	112	35	in	in	ADP
afbr-193	112	36	1961	1961	NUM
afbr-193	112	37	and	and	CCONJ
afbr-193	112	38	1962	1962	NUM
afbr-193	112	39	;	;	PUNCT
afbr-193	112	40	and	and	CCONJ
afbr-193	112	41	reported	report	VERB
afbr-193	112	42	that	that	SCONJ
afbr-193	112	43	there	there	PRON
afbr-193	112	44	is	be	VERB
afbr-193	112	45	only	only	ADV
afbr-193	112	46	weak	weak	ADJ
afbr-193	112	47	evidence	evidence	NOUN
afbr-193	112	48	that	that	SCONJ
afbr-193	112	49	investors	investor	NOUN
afbr-193	112	50	prefer	prefer	VERB
afbr-193	112	51	dividends	dividend	NOUN
afbr-193	112	52	to	to	ADP
afbr-193	112	53	future	future	ADJ
afbr-193	112	54	capital	capital	NOUN
afbr-193	112	55	gain	gain	NOUN
afbr-193	112	56	.	.	PUNCT
afbr-193	113	1	his	his	PRON
afbr-193	113	2	findings	finding	NOUN
afbr-193	113	3	also	also	ADV
afbr-193	113	4	showed	show	VERB
afbr-193	113	5	a	a	DET
afbr-193	113	6	negative	negative	ADJ
afbr-193	113	7	association	association	NOUN
afbr-193	113	8	between	between	ADP
afbr-193	113	9	growth	growth	NOUN
afbr-193	113	10	of	of	ADP
afbr-193	113	11	company	company	NOUN
afbr-193	113	12	and	and	CCONJ
afbr-193	113	13	preference	preference	NOUN
afbr-193	113	14	of	of	ADP
afbr-193	113	15	dividend	dividend	NOUN
afbr-193	113	16	.	.	PUNCT
afbr-193	114	1	bird	bird	NOUN
afbr-193	114	2	in	in	ADP
afbr-193	114	3	hand	hand	NOUN
afbr-193	114	4	theory	theory	NOUN
afbr-193	114	5	the	the	DET
afbr-193	114	6	gordon	gordon	PROPN
afbr-193	114	7	and	and	CCONJ
afbr-193	114	8	lintner	lintner	NOUN
afbr-193	114	9	(	(	PUNCT
afbr-193	114	10	1959	1959	NUM
afbr-193	114	11	)	)	PUNCT
afbr-193	114	12	bird	bird	NOUN
afbr-193	114	13	-	-	PUNCT
afbr-193	114	14	in	in	ADP
afbr-193	114	15	-	-	PUNCT
afbr-193	114	16	the	the	DET
afbr-193	114	17	-	-	PUNCT
afbr-193	114	18	hand	hand	NOUN
afbr-193	114	19	theory	theory	NOUN
afbr-193	114	20	states	state	VERB
afbr-193	114	21	that	that	SCONJ
afbr-193	114	22	dividends	dividend	NOUN
afbr-193	114	23	are	be	AUX
afbr-193	114	24	relevant	relevant	ADJ
afbr-193	114	25	.	.	PUNCT
afbr-193	115	1	those	those	DET
afbr-193	115	2	investors	investor	NOUN
afbr-193	115	3	have	have	VERB
afbr-193	115	4	a	a	DET
afbr-193	115	5	preference	preference	NOUN
afbr-193	115	6	for	for	ADP
afbr-193	115	7	a	a	DET
afbr-193	115	8	certain	certain	ADJ
afbr-193	115	9	level	level	NOUN
afbr-193	115	10	of	of	ADP
afbr-193	115	11	income	income	NOUN
afbr-193	115	12	now	now	ADV
afbr-193	115	13	rather	rather	ADV
afbr-193	115	14	than	than	ADP
afbr-193	115	15	the	the	DET
afbr-193	115	16	prospect	prospect	NOUN
afbr-193	115	17	of	of	ADP
afbr-193	115	18	a	a	DET
afbr-193	115	19	higher	high	ADJ
afbr-193	115	20	,	,	PUNCT
afbr-193	115	21	but	but	CCONJ
afbr-193	115	22	less	less	ADV
afbr-193	115	23	certain	certain	ADJ
afbr-193	115	24	,	,	PUNCT
afbr-193	115	25	income	income	NOUN
afbr-193	115	26	at	at	ADP
afbr-193	115	27	some	some	DET
afbr-193	115	28	time	time	NOUN
afbr-193	115	29	in	in	ADP
afbr-193	115	30	the	the	DET
afbr-193	115	31	future	future	NOUN
afbr-193	115	32	.	.	PUNCT
afbr-193	116	1	the	the	DET
afbr-193	116	2	bird	bird	NOUN
afbr-193	116	3	-	-	PUNCT
afbr-193	116	4	in	in	ADP
afbr-193	116	5	-	-	PUNCT
afbr-193	116	6	the	the	DET
afbr-193	116	7	-	-	PUNCT
afbr-193	116	8	hand	hand	NOUN
afbr-193	116	9	may	may	AUX
afbr-193	116	10	sound	sound	VERB
afbr-193	116	11	familiar	familiar	ADJ
afbr-193	116	12	as	as	SCONJ
afbr-193	116	13	it	it	PRON
afbr-193	116	14	is	be	AUX
afbr-193	116	15	taken	take	VERB
afbr-193	116	16	from	from	ADP
afbr-193	116	17	an	an	DET
afbr-193	116	18	old	old	ADJ
afbr-193	116	19	saying	saying	NOUN
afbr-193	116	20	;	;	PUNCT
afbr-193	116	21	a	a	DET
afbr-193	116	22	bird	bird	NOUN
afbr-193	116	23	in	in	ADP
afbr-193	116	24	the	the	DET
afbr-193	116	25	hand	hand	NOUN
afbr-193	116	26	is	be	AUX
afbr-193	116	27	worth	worth	ADJ
afbr-193	116	28	two	two	NUM
afbr-193	116	29	in	in	ADP
afbr-193	116	30	the	the	DET
afbr-193	116	31	bush	bush	NOUN
afbr-193	116	32	.	.	PUNCT
afbr-193	117	1	in	in	ADP
afbr-193	117	2	this	this	DET
afbr-193	117	3	theory	theory	NOUN
afbr-193	117	4	the	the	DET
afbr-193	117	5	bird	bird	NOUN
afbr-193	117	6	in	in	ADP
afbr-193	117	7	the	the	DET
afbr-193	117	8	hand	hand	NOUN
afbr-193	117	9	'	'	PUNCT
afbr-193	117	10	is	be	AUX
afbr-193	117	11	referring	refer	VERB
afbr-193	117	12	to	to	ADP
afbr-193	117	13	dividends	dividend	NOUN
afbr-193	117	14	and	and	CCONJ
afbr-193	117	15	the	the	DET
afbr-193	117	16	bush	bush	PROPN
afbr-193	117	17	is	be	AUX
afbr-193	117	18	referring	refer	VERB
afbr-193	117	19	to	to	ADP
afbr-193	117	20	capital	capital	NOUN
afbr-193	117	21	gains	gain	NOUN
afbr-193	117	22	.	.	PUNCT
afbr-193	118	1	they	they	PRON
afbr-193	118	2	argued	argue	VERB
afbr-193	118	3	that	that	SCONJ
afbr-193	118	4	investors	investor	NOUN
afbr-193	118	5	value	value	VERB
afbr-193	118	6	dividends	dividend	NOUN
afbr-193	118	7	more	more	ADJ
afbr-193	118	8	than	than	ADP
afbr-193	118	9	capital	capital	NOUN
afbr-193	118	10	gains	gain	NOUN
afbr-193	118	11	when	when	SCONJ
afbr-193	118	12	making	make	VERB
afbr-193	118	13	decisions	decision	NOUN
afbr-193	118	14	related	relate	VERB
afbr-193	118	15	to	to	ADP
afbr-193	118	16	stocks	stock	NOUN
afbr-193	118	17	.	.	PUNCT
afbr-193	119	1	as	as	SCONJ
afbr-193	119	2	a	a	DET
afbr-193	119	3	company	company	NOUN
afbr-193	119	4	increases	increase	VERB
afbr-193	119	5	its	its	PRON
afbr-193	119	6	payout	payout	NOUN
afbr-193	119	7	ratio	ratio	NOUN
afbr-193	119	8	,	,	PUNCT
afbr-193	119	9	investors	investor	NOUN
afbr-193	119	10	become	become	VERB
afbr-193	119	11	concerned	concerned	ADJ
afbr-193	119	12	that	that	SCONJ
afbr-193	119	13	the	the	DET
afbr-193	119	14	company	company	NOUN
afbr-193	119	15	's	's	PART
afbr-193	119	16	future	future	ADJ
afbr-193	119	17	capital	capital	NOUN
afbr-193	119	18	gains	gain	NOUN
afbr-193	119	19	will	will	AUX
afbr-193	119	20	dissipate	dissipate	VERB
afbr-193	119	21	since	since	SCONJ
afbr-193	119	22	the	the	DET
afbr-193	119	23	retained	retain	VERB
afbr-193	119	24	earnings	earning	NOUN
afbr-193	119	25	that	that	PRON
afbr-193	119	26	the	the	DET
afbr-193	119	27	company	company	NOUN
afbr-193	119	28	reinvests	reinvest	VERB
afbr-193	119	29	into	into	ADP
afbr-193	119	30	the	the	DET
afbr-193	119	31	business	business	NOUN
afbr-193	119	32	will	will	AUX
afbr-193	119	33	be	be	AUX
afbr-193	119	34	less	less	ADJ
afbr-193	119	35	.	.	PUNCT
afbr-193	120	1	the	the	DET
afbr-193	120	2	essence	essence	NOUN
afbr-193	120	3	of	of	ADP
afbr-193	120	4	the	the	DET
afbr-193	120	5	bird	bird	NOUN
afbr-193	120	6	-	-	PUNCT
afbr-193	120	7	in	in	ADP
afbr-193	120	8	-	-	PUNCT
afbr-193	120	9	the	the	DET
afbr-193	120	10	-	-	PUNCT
afbr-193	120	11	hand	hand	NOUN
afbr-193	120	12	theory	theory	NOUN
afbr-193	120	13	of	of	ADP
afbr-193	120	14	dividend	dividend	NOUN
afbr-193	120	15	policy	policy	NOUN
afbr-193	120	16	is	be	AUX
afbr-193	120	17	that	that	SCONJ
afbr-193	120	18	shareholders	shareholder	NOUN
afbr-193	120	19	are	be	AUX
afbr-193	120	20	riskaverse	riskaverse	ADJ
afbr-193	120	21	and	and	CCONJ
afbr-193	120	22	prefer	prefer	VERB
afbr-193	120	23	to	to	PART
afbr-193	120	24	receive	receive	VERB
afbr-193	120	25	dividend	dividend	NOUN
afbr-193	120	26	payments	payment	NOUN
afbr-193	120	27	rather	rather	ADV
afbr-193	120	28	than	than	ADP
afbr-193	120	29	future	future	ADJ
afbr-193	120	30	capital	capital	NOUN
afbr-193	120	31	gains	gain	NOUN
afbr-193	120	32	.	.	PUNCT
afbr-193	121	1	shareholders	shareholder	NOUN
afbr-193	121	2	consider	consider	VERB
afbr-193	121	3	dividend	dividend	NOUN
afbr-193	121	4	payments	payment	NOUN
afbr-193	121	5	to	to	PART
afbr-193	121	6	be	be	AUX
afbr-193	121	7	more	more	ADV
afbr-193	121	8	certain	certain	ADJ
afbr-193	121	9	that	that	SCONJ
afbr-193	121	10	future	future	ADJ
afbr-193	121	11	capital	capital	NOUN
afbr-193	121	12	gains	gain	VERB
afbr-193	121	13	thus	thus	ADV
afbr-193	121	14	a	a	DET
afbr-193	121	15	bird	bird	NOUN
afbr-193	121	16	in	in	ADP
afbr-193	121	17	the	the	DET
afbr-193	121	18	hand	hand	NOUN
afbr-193	121	19	is	be	AUX
afbr-193	121	20	worth	worth	ADJ
afbr-193	121	21	more	more	ADJ
afbr-193	121	22	than	than	ADP
afbr-193	121	23	two	two	NUM
afbr-193	121	24	in	in	ADP
afbr-193	121	25	the	the	DET
afbr-193	121	26	bush	bush	NOUN
afbr-193	121	27	"	"	PUNCT
afbr-193	121	28	.	.	PUNCT
afbr-193	122	1	gordon	gordon	PROPN
afbr-193	122	2	contended	contend	VERB
afbr-193	122	3	that	that	SCONJ
afbr-193	122	4	the	the	DET
afbr-193	122	5	payment	payment	NOUN
afbr-193	122	6	of	of	ADP
afbr-193	122	7	current	current	ADJ
afbr-193	122	8	dividends	dividend	NOUN
afbr-193	122	9	resolves	resolve	VERB
afbr-193	122	10	investor	investor	NOUN
afbr-193	122	11	uncertainty	uncertainty	NOUN
afbr-193	122	12	.	.	PUNCT
afbr-193	123	1	investors	investor	NOUN
afbr-193	123	2	’	'	PUNCT
afbr-193	123	3	value	value	VERB
afbr-193	123	4	a	a	DET
afbr-193	123	5	naira	naira	NUM
afbr-193	123	6	expected	expect	VERB
afbr-193	123	7	dividend	dividend	NOUN
afbr-193	123	8	more	more	ADV
afbr-193	123	9	highly	highly	ADV
afbr-193	123	10	than	than	ADP
afbr-193	123	11	a	a	DET
afbr-193	123	12	naira	naira	NUM
afbr-193	123	13	expected	expect	VERB
afbr-193	123	14	capital	capital	NOUN
afbr-193	123	15	gain	gain	NOUN
afbr-193	123	16	because	because	SCONJ
afbr-193	123	17	the	the	DET
afbr-193	123	18	dividend	dividend	NOUN
afbr-193	123	19	yields	yield	NOUN
afbr-193	123	20	component	component	NOUN
afbr-193	123	21	is	be	AUX
afbr-193	123	22	less	less	ADV
afbr-193	123	23	risky	risky	ADJ
afbr-193	123	24	than	than	ADP
afbr-193	123	25	the	the	DET
afbr-193	123	26	expected	expect	VERB
afbr-193	123	27	return	return	NOUN
afbr-193	123	28	hence	hence	ADV
afbr-193	123	29	;	;	PUNCT
afbr-193	123	30	it	it	PRON
afbr-193	123	31	is	be	AUX
afbr-193	123	32	believed	believe	VERB
afbr-193	123	33	that	that	SCONJ
afbr-193	123	34	investors	investor	NOUN
afbr-193	123	35	require	require	VERB
afbr-193	123	36	and	and	CCONJ
afbr-193	123	37	prefer	prefer	VERB
afbr-193	123	38	high	high	ADJ
afbr-193	123	39	dividends	dividend	NOUN
afbr-193	123	40	to	to	ADP
afbr-193	123	41	capital	capital	NOUN
afbr-193	123	42	gains	gain	NOUN
afbr-193	123	43	resulting	result	VERB
afbr-193	123	44	to	to	ADP
afbr-193	123	45	a	a	DET
afbr-193	123	46	generous	generous	ADJ
afbr-193	123	47	dividend	dividend	NOUN
afbr-193	123	48	policy	policy	NOUN
afbr-193	123	49	by	by	ADP
afbr-193	123	50	a	a	DET
afbr-193	123	51	firm	firm	NOUN
afbr-193	123	52	.	.	PUNCT
afbr-193	124	1	tax	tax	NOUN
afbr-193	124	2	preference	preference	NOUN
afbr-193	124	3	theory	theory	NOUN
afbr-193	124	4	taxes	taxis	NOUN
afbr-193	124	5	are	be	AUX
afbr-193	124	6	important	important	ADJ
afbr-193	124	7	considerations	consideration	NOUN
afbr-193	124	8	for	for	ADP
afbr-193	124	9	investors	investor	NOUN
afbr-193	124	10	.	.	PUNCT
afbr-193	125	1	this	this	PRON
afbr-193	125	2	is	be	AUX
afbr-193	125	3	because	because	SCONJ
afbr-193	125	4	capital	capital	NOUN
afbr-193	125	5	gains	gain	NOUN
afbr-193	125	6	are	be	AUX
afbr-193	125	7	taxed	tax	VERB
afbr-193	125	8	at	at	ADP
afbr-193	125	9	a	a	DET
afbr-193	125	10	lower	low	ADJ
afbr-193	125	11	rate	rate	NOUN
afbr-193	125	12	than	than	ADP
afbr-193	125	13	dividends	dividend	NOUN
afbr-193	125	14	.	.	PUNCT
afbr-193	126	1	this	this	DET
afbr-193	126	2	theory	theory	NOUN
afbr-193	126	3	states	state	VERB
afbr-193	126	4	that	that	SCONJ
afbr-193	126	5	the	the	DET
afbr-193	126	6	reason	reason	NOUN
afbr-193	126	7	why	why	SCONJ
afbr-193	126	8	investors	investor	NOUN
afbr-193	126	9	prefer	prefer	VERB
afbr-193	126	10	low	low	ADJ
afbr-193	126	11	dividend	dividend	NOUN
afbr-193	126	12	payout	payout	NOUN
afbr-193	126	13	to	to	ADP
afbr-193	126	14	high	high	ADJ
afbr-193	126	15	payout	payout	NOUN
afbr-193	126	16	as	as	ADP
afbr-193	126	17	:	:	PUNCT
afbr-193	126	18			X
afbr-193	126	19	long	long	ADJ
afbr-193	126	20	term	term	NOUN
afbr-193	126	21	capital	capital	NOUN
afbr-193	126	22	gained	gain	VERB
afbr-193	126	23	are	be	AUX
afbr-193	126	24	less	less	ADV
afbr-193	126	25	taxed	tax	VERB
afbr-193	126	26	as	as	ADP
afbr-193	126	27	compared	compare	VERB
afbr-193	126	28	to	to	PART
afbr-193	126	29	dividend	dividend	VERB
afbr-193	126	30	and	and	CCONJ
afbr-193	126	31			VERB
afbr-193	126	32	those	those	DET
afbr-193	126	33	taxes	taxis	NOUN
afbr-193	126	34	on	on	ADP
afbr-193	126	35	capital	capital	NOUN
afbr-193	126	36	gains	gain	NOUN
afbr-193	126	37	are	be	AUX
afbr-193	126	38	not	not	PART
afbr-193	126	39	paid	pay	VERB
afbr-193	126	40	unless	unless	SCONJ
afbr-193	126	41	the	the	DET
afbr-193	126	42	stock	stock	NOUN
afbr-193	126	43	is	be	AUX
afbr-193	126	44	sold	sell	VERB
afbr-193	126	45	.	.	PUNCT
afbr-193	127	1	signaling	signal	VERB
afbr-193	127	2	hypothesis	hypothesis	NOUN
afbr-193	127	3	dividends	dividend	NOUN
afbr-193	127	4	are	be	AUX
afbr-193	127	5	information	information	NOUN
afbr-193	127	6	signals	signal	NOUN
afbr-193	127	7	about	about	ADP
afbr-193	127	8	the	the	DET
afbr-193	127	9	performance	performance	NOUN
afbr-193	127	10	of	of	ADP
afbr-193	127	11	a	a	DET
afbr-193	127	12	company	company	NOUN
afbr-193	127	13	which	which	PRON
afbr-193	127	14	are	be	AUX
afbr-193	127	15	necessary	necessary	ADJ
afbr-193	127	16	for	for	ADP
afbr-193	127	17	the	the	DET
afbr-193	127	18	investors	investor	NOUN
afbr-193	127	19	’	’	PART
afbr-193	127	20	decision	decision	NOUN
afbr-193	127	21	making	making	NOUN
afbr-193	127	22	.	.	PUNCT
afbr-193	128	1	it	it	PRON
afbr-193	128	2	has	have	AUX
afbr-193	128	3	been	be	AUX
afbr-193	128	4	observed	observe	VERB
afbr-193	128	5	that	that	SCONJ
afbr-193	128	6	the	the	DET
afbr-193	128	7	price	price	NOUN
afbr-193	128	8	of	of	ADP
afbr-193	128	9	a	a	DET
afbr-193	128	10	firms	firm	NOUN
afbr-193	128	11	stock	stock	NOUN
afbr-193	128	12	generally	generally	ADV
afbr-193	128	13	rises	rise	VERB
afbr-193	128	14	when	when	SCONJ
afbr-193	128	15	its	its	PRON
afbr-193	128	16	dividend	dividend	NOUN
afbr-193	128	17	is	be	AUX
afbr-193	128	18	increased	increase	VERB
afbr-193	128	19	and	and	CCONJ
afbr-193	128	20	the	the	DET
afbr-193	128	21	price	price	NOUN
afbr-193	128	22	will	will	AUX
afbr-193	128	23	fall	fall	VERB
afbr-193	128	24	when	when	SCONJ
afbr-193	128	25	the	the	DET
afbr-193	128	26	dividend	dividend	NOUN
afbr-193	128	27	drops	drop	VERB
afbr-193	128	28	.	.	PUNCT
afbr-193	129	1	thus	thus	ADV
afbr-193	129	2	,	,	PUNCT
afbr-193	129	3	firms	firm	NOUN
afbr-193	129	4	are	be	AUX
afbr-193	129	5	expected	expect	VERB
afbr-193	129	6	to	to	PART
afbr-193	129	7	raise	raise	VERB
afbr-193	129	8	dividends	dividend	NOUN
afbr-193	129	9	when	when	SCONJ
afbr-193	129	10	the	the	DET
afbr-193	129	11	future	future	ADJ
afbr-193	129	12	earnings	earning	NOUN
afbr-193	129	13	are	be	AUX
afbr-193	129	14	expected	expect	VERB
afbr-193	129	15	to	to	PART
afbr-193	129	16	rise	rise	VERB
afbr-193	129	17	.	.	PUNCT
afbr-193	130	1	this	this	DET
afbr-193	130	2	lead	lead	NOUN
afbr-193	130	3	to	to	ADP
afbr-193	130	4	the	the	DET
afbr-193	130	5	smoothening	smoothen	VERB
afbr-193	130	6	hypothesis	hypothesis	NOUN
afbr-193	130	7	of	of	ADP
afbr-193	130	8	dividends	dividend	NOUN
afbr-193	130	9	by	by	ADP
afbr-193	130	10	management	management	NOUN
afbr-193	130	11	which	which	PRON
afbr-193	130	12	predicts	predict	VERB
afbr-193	130	13	that	that	SCONJ
afbr-193	130	14	dividends	dividend	NOUN
afbr-193	130	15	are	be	AUX
afbr-193	130	16	maintained	maintain	VERB
afbr-193	130	17	at	at	ADP
afbr-193	130	18	a	a	DET
afbr-193	130	19	constant	constant	ADJ
afbr-193	130	20	rate	rate	NOUN
afbr-193	130	21	and	and	CCONJ
afbr-193	130	22	any	any	DET
afbr-193	130	23	increase	increase	NOUN
afbr-193	130	24	are	be	AUX
afbr-193	130	25	carried	carry	VERB
afbr-193	130	26	out	out	ADP
afbr-193	130	27	rather	rather	ADV
afbr-193	130	28	cautiously	cautiously	ADV
afbr-193	130	29	by	by	ADP
afbr-193	130	30	the	the	DET
afbr-193	130	31	firm	firm	NOUN
afbr-193	130	32	to	to	PART
afbr-193	130	33	avoid	avoid	VERB
afbr-193	130	34	significant	significant	ADJ
afbr-193	130	35	dividend	dividend	NOUN
afbr-193	130	36	cuts	cut	NOUN
afbr-193	130	37	even	even	ADV
afbr-193	130	38	when	when	SCONJ
afbr-193	130	39	the	the	DET
afbr-193	130	40	corporate	corporate	ADJ
afbr-193	130	41	earnings	earning	NOUN
afbr-193	130	42	falls	fall	VERB
afbr-193	130	43	.	.	PUNCT
afbr-193	131	1	this	this	PRON
afbr-193	131	2	is	be	AUX
afbr-193	131	3	because	because	SCONJ
afbr-193	131	4	managers	manager	NOUN
afbr-193	131	5	have	have	VERB
afbr-193	131	6	better	well	ADJ
afbr-193	131	7	information	information	NOUN
afbr-193	131	8	of	of	ADP
afbr-193	131	9	the	the	DET
afbr-193	131	10	firm	firm	NOUN
afbr-193	131	11	’s	’s	PART
afbr-193	131	12	performance	performance	NOUN
afbr-193	131	13	than	than	ADP
afbr-193	131	14	the	the	DET
afbr-193	131	15	investors	investor	NOUN
afbr-193	131	16	.	.	PUNCT
afbr-193	132	1	however	however	ADV
afbr-193	132	2	,	,	PUNCT
afbr-193	132	3	some	some	DET
afbr-193	132	4	scholars	scholar	NOUN
afbr-193	132	5	argue	argue	VERB
afbr-193	132	6	that	that	SCONJ
afbr-193	132	7	not	not	PART
afbr-193	132	8	all	all	DET
afbr-193	132	9	investors	investor	NOUN
afbr-193	132	10	are	be	AUX
afbr-193	132	11	the	the	DET
afbr-193	132	12	same	same	ADJ
afbr-193	132	13	as	as	ADP
afbr-193	132	14	some	some	DET
afbr-193	132	15	regard	regard	NOUN
afbr-193	132	16	dividend	dividend	NOUN
afbr-193	132	17	changes	change	NOUN
afbr-193	132	18	as	as	ADP
afbr-193	132	19	a	a	DET
afbr-193	132	20	signal	signal	NOUN
afbr-193	132	21	of	of	ADP
afbr-193	132	22	management	management	NOUN
afbr-193	132	23	earnings	earning	NOUN
afbr-193	132	24	forecasting	forecasting	NOUN
afbr-193	132	25	.	.	PUNCT
afbr-193	133	1	therefore	therefore	ADV
afbr-193	133	2	dividends	dividend	NOUN
afbr-193	133	3	act	act	VERB
afbr-193	133	4	as	as	ADP
afbr-193	133	5	a	a	DET
afbr-193	133	6	signal	signal	NOUN
afbr-193	133	7	to	to	ADP
afbr-193	133	8	investors	investor	NOUN
afbr-193	133	9	on	on	ADP
afbr-193	133	10	the	the	DET
afbr-193	133	11	current	current	ADJ
afbr-193	133	12	and	and	CCONJ
afbr-193	133	13	future	future	ADJ
afbr-193	133	14	performance	performance	NOUN
afbr-193	133	15	of	of	ADP
afbr-193	133	16	the	the	DET
afbr-193	133	17	firm	firm	NOUN
afbr-193	133	18	.	.	PUNCT
afbr-193	134	1	generally	generally	ADV
afbr-193	134	2	a	a	DET
afbr-193	134	3	rise	rise	NOUN
afbr-193	134	4	in	in	ADP
afbr-193	134	5	dividend	dividend	NOUN
afbr-193	134	6	payment	payment	NOUN
afbr-193	134	7	is	be	AUX
afbr-193	134	8	viewed	view	VERB
afbr-193	134	9	as	as	ADP
afbr-193	134	10	a	a	DET
afbr-193	134	11	positive	positive	ADJ
afbr-193	134	12	signal	signal	NOUN
afbr-193	134	13	,	,	PUNCT
afbr-193	134	14	conveying	convey	VERB
afbr-193	134	15	positive	positive	ADJ
afbr-193	134	16	information	information	NOUN
afbr-193	134	17	about	about	ADP
afbr-193	134	18	a	a	DET
afbr-193	134	19	firm	firm	NOUN
afbr-193	134	20	's	's	PART
afbr-193	134	21	future	future	ADJ
afbr-193	134	22	earnings	earning	NOUN
afbr-193	134	23	prospects	prospect	NOUN
afbr-193	134	24	resulting	result	VERB
afbr-193	134	25	in	in	ADP
afbr-193	134	26	an	an	DET
afbr-193	134	27	increase	increase	NOUN
afbr-193	134	28	in	in	ADP
afbr-193	134	29	share	share	NOUN
afbr-193	134	30	price	price	NOUN
afbr-193	134	31	.	.	PUNCT
afbr-193	135	1	conversely	conversely	ADV
afbr-193	135	2	a	a	DET
afbr-193	135	3	reduction	reduction	NOUN
afbr-193	135	4	in	in	ADP
afbr-193	135	5	dividend	dividend	NOUN
afbr-193	135	6	payment	payment	NOUN
afbr-193	135	7	is	be	AUX
afbr-193	135	8	viewed	view	VERB
afbr-193	135	9	as	as	ADP
afbr-193	135	10	negative	negative	ADJ
afbr-193	135	11	signal	signal	NOUN
afbr-193	135	12	about	about	ADP
afbr-193	135	13	future	future	ADJ
afbr-193	135	14	earnings	earning	NOUN
afbr-193	135	15	prospects	prospect	NOUN
afbr-193	135	16	,	,	PUNCT
afbr-193	135	17	resulting	result	VERB
afbr-193	135	18	in	in	ADP
afbr-193	135	19	a	a	DET
afbr-193	135	20	decrease	decrease	NOUN
afbr-193	135	21	in	in	ADP
afbr-193	135	22	share	share	NOUN
afbr-193	135	23	price	price	NOUN
afbr-193	135	24	.	.	PUNCT
afbr-193	136	1	www.cribfb.com/journal/index.php/afbr	www.cribfb.com/journal/index.php/afbr	PROPN
afbr-193	136	2	australian	australian	ADJ
afbr-193	136	3	finance	finance	PROPN
afbr-193	136	4	&	&	CCONJ
afbr-193	136	5	banking	banking	PROPN
afbr-193	136	6	review	review	PROPN
afbr-193	136	7	vol	vol	NOUN
afbr-193	136	8	.	.	PROPN
afbr-193	137	1	2	2	NUM
afbr-193	137	2	,	,	PUNCT
afbr-193	137	3	no	no	INTJ
afbr-193	137	4	.	.	NOUN
afbr-193	137	5	2	2	NUM
afbr-193	137	6	;	;	PUNCT
afbr-193	137	7	2018	2018	NUM
afbr-193	137	8	11	11	NUM
afbr-193	137	9	information	information	NOUN
afbr-193	137	10	asymmetry	asymmetry	NOUN
afbr-193	137	11	and	and	CCONJ
afbr-193	137	12	dividend	dividend	NOUN
afbr-193	137	13	signaling	signal	VERB
afbr-193	137	14	this	this	DET
afbr-193	137	15	model	model	NOUN
afbr-193	137	16	was	be	AUX
afbr-193	137	17	developed	develop	VERB
afbr-193	137	18	by	by	ADP
afbr-193	137	19	bhattacharya	bhattacharya	NOUN
afbr-193	137	20	in	in	ADP
afbr-193	137	21	1979	1979	NUM
afbr-193	137	22	.	.	PUNCT
afbr-193	138	1	the	the	DET
afbr-193	138	2	dividend	dividend	NOUN
afbr-193	138	3	signaling	signal	VERB
afbr-193	138	4	theory	theory	NOUN
afbr-193	138	5	states	state	VERB
afbr-193	138	6	that	that	SCONJ
afbr-193	138	7	,	,	PUNCT
afbr-193	138	8	a	a	DET
afbr-193	138	9	firm	firm	NOUN
afbr-193	138	10	that	that	PRON
afbr-193	138	11	increases	increase	VERB
afbr-193	138	12	its	its	PRON
afbr-193	138	13	dividend	dividend	NOUN
afbr-193	138	14	payouts	payout	NOUN
afbr-193	138	15	is	be	AUX
afbr-193	138	16	signaling	signal	VERB
afbr-193	138	17	that	that	SCONJ
afbr-193	138	18	it	it	PRON
afbr-193	138	19	has	have	AUX
afbr-193	138	20	expected	expect	VERB
afbr-193	138	21	future	future	ADJ
afbr-193	138	22	cash	cash	NOUN
afbr-193	138	23	flows	flow	VERB
afbr-193	138	24	sufficient	sufficient	ADJ
afbr-193	138	25	to	to	PART
afbr-193	138	26	meet	meet	VERB
afbr-193	138	27	expenses	expense	NOUN
afbr-193	138	28	without	without	ADP
afbr-193	138	29	increasing	increase	VERB
afbr-193	138	30	the	the	DET
afbr-193	138	31	probability	probability	NOUN
afbr-193	138	32	of	of	ADP
afbr-193	138	33	bankruptcy	bankruptcy	NOUN
afbr-193	138	34	.	.	PUNCT
afbr-193	139	1	given	give	VERB
afbr-193	139	2	information	information	NOUN
afbr-193	139	3	asymmetry	asymmetry	NOUN
afbr-193	139	4	as	as	ADP
afbr-193	139	5	a	a	DET
afbr-193	139	6	market	market	NOUN
afbr-193	139	7	imperfection	imperfection	NOUN
afbr-193	139	8	,	,	PUNCT
afbr-193	139	9	the	the	DET
afbr-193	139	10	signaling	signal	VERB
afbr-193	139	11	concept	concept	NOUN
afbr-193	139	12	of	of	ADP
afbr-193	139	13	financial	financial	ADJ
afbr-193	139	14	capital	capital	NOUN
afbr-193	139	15	structure	structure	NOUN
afbr-193	139	16	can	can	AUX
afbr-193	139	17	be	be	AUX
afbr-193	139	18	readily	readily	ADV
afbr-193	139	19	applied	apply	VERB
afbr-193	139	20	to	to	PART
afbr-193	139	21	dividend	dividend	VERB
afbr-193	139	22	policy	policy	NOUN
afbr-193	139	23	.	.	PUNCT
afbr-193	140	1	managers	manager	NOUN
afbr-193	140	2	signal	signal	VERB
afbr-193	140	3	investors	investor	NOUN
afbr-193	140	4	because	because	SCONJ
afbr-193	140	5	financial	financial	ADJ
afbr-193	140	6	managers	manager	NOUN
afbr-193	140	7	have	have	VERB
afbr-193	140	8	privileged	privileged	ADJ
afbr-193	140	9	information	information	NOUN
afbr-193	140	10	about	about	ADP
afbr-193	140	11	the	the	DET
afbr-193	140	12	firm	firm	NOUN
afbr-193	140	13	’s	’s	PART
afbr-193	140	14	expected	expect	VERB
afbr-193	140	15	cash	cash	NOUN
afbr-193	140	16	flows	flow	VERB
afbr-193	140	17	that	that	SCONJ
afbr-193	140	18	outside	outside	ADJ
afbr-193	140	19	investors	investor	NOUN
afbr-193	140	20	can	can	AUX
afbr-193	140	21	not	not	PART
afbr-193	140	22	know	know	VERB
afbr-193	140	23	.	.	PUNCT
afbr-193	141	1	this	this	DET
afbr-193	141	2	theory	theory	NOUN
afbr-193	141	3	explains	explain	VERB
afbr-193	141	4	why	why	SCONJ
afbr-193	141	5	firms	firm	NOUN
afbr-193	141	6	pay	pay	VERB
afbr-193	141	7	dividends	dividend	NOUN
afbr-193	141	8	despite	despite	SCONJ
afbr-193	141	9	the	the	DET
afbr-193	141	10	apparent	apparent	ADJ
afbr-193	141	11	tax	tax	NOUN
afbr-193	141	12	disadvantage	disadvantage	NOUN
afbr-193	141	13	.	.	PUNCT
afbr-193	142	1	in	in	ADP
afbr-193	142	2	bhattacharya	bhattacharya	PROPN
afbr-193	142	3	’s	’s	PART
afbr-193	142	4	(	(	PUNCT
afbr-193	142	5	1979	1979	NUM
afbr-193	142	6	)	)	PUNCT
afbr-193	142	7	dividend	dividend	NOUN
afbr-193	142	8	signaling	signal	VERB
afbr-193	142	9	model	model	NOUN
afbr-193	142	10	,	,	PUNCT
afbr-193	142	11	investors	investor	NOUN
afbr-193	142	12	believe	believe	VERB
afbr-193	142	13	that	that	SCONJ
afbr-193	142	14	an	an	DET
afbr-193	142	15	unexpected	unexpected	ADJ
afbr-193	142	16	dividend	dividend	NOUN
afbr-193	142	17	increase	increase	NOUN
afbr-193	142	18	is	be	AUX
afbr-193	142	19	a	a	DET
afbr-193	142	20	favorable	favorable	ADJ
afbr-193	142	21	signal	signal	NOUN
afbr-193	142	22	.	.	PUNCT
afbr-193	143	1	this	this	PRON
afbr-193	143	2	assumes	assume	VERB
afbr-193	143	3	that	that	SCONJ
afbr-193	143	4	the	the	DET
afbr-193	143	5	dividend	dividend	NOUN
afbr-193	143	6	contains	contain	VERB
afbr-193	143	7	information	information	NOUN
afbr-193	143	8	regarding	regard	VERB
afbr-193	143	9	firm	firm	ADJ
afbr-193	143	10	value	value	NOUN
afbr-193	143	11	not	not	PART
afbr-193	143	12	conveyed	convey	VERB
afbr-193	143	13	in	in	ADP
afbr-193	143	14	other	other	ADJ
afbr-193	143	15	public	public	ADJ
afbr-193	143	16	information	information	NOUN
afbr-193	143	17	,	,	PUNCT
afbr-193	143	18	and	and	CCONJ
afbr-193	143	19	that	that	SCONJ
afbr-193	143	20	the	the	DET
afbr-193	143	21	dividend	dividend	NOUN
afbr-193	143	22	is	be	AUX
afbr-193	143	23	a	a	DET
afbr-193	143	24	valid	valid	ADJ
afbr-193	143	25	signal	signal	NOUN
afbr-193	143	26	since	since	SCONJ
afbr-193	143	27	it	it	PRON
afbr-193	143	28	is	be	AUX
afbr-193	143	29	expensive	expensive	ADJ
afbr-193	143	30	for	for	SCONJ
afbr-193	143	31	less	less	ADV
afbr-193	143	32	valuable	valuable	ADJ
afbr-193	143	33	firms	firm	NOUN
afbr-193	143	34	to	to	PART
afbr-193	143	35	mimic	mimic	VERB
afbr-193	143	36	.	.	PUNCT
afbr-193	144	1	then	then	ADV
afbr-193	144	2	the	the	DET
afbr-193	144	3	signaling	signal	VERB
afbr-193	144	4	value	value	NOUN
afbr-193	144	5	of	of	ADP
afbr-193	144	6	dividends	dividend	NOUN
afbr-193	144	7	is	be	AUX
afbr-193	144	8	positive	positive	ADJ
afbr-193	144	9	and	and	CCONJ
afbr-193	144	10	can	can	AUX
afbr-193	144	11	be	be	AUX
afbr-193	144	12	traded	trade	VERB
afbr-193	144	13	off	off	ADP
afbr-193	144	14	against	against	ADP
afbr-193	144	15	the	the	DET
afbr-193	144	16	tax	tax	NOUN
afbr-193	144	17	costs	cost	NOUN
afbr-193	144	18	.	.	PUNCT
afbr-193	145	1	the	the	DET
afbr-193	145	2	implication	implication	NOUN
afbr-193	145	3	of	of	ADP
afbr-193	145	4	such	such	DET
afbr-193	145	5	a	a	DET
afbr-193	145	6	dividend	dividend	NOUN
afbr-193	145	7	signaling	signal	VERB
afbr-193	145	8	model	model	NOUN
afbr-193	145	9	is	be	AUX
afbr-193	145	10	that	that	SCONJ
afbr-193	145	11	it	it	PRON
afbr-193	145	12	suggests	suggest	VERB
afbr-193	145	13	an	an	DET
afbr-193	145	14	optimal	optimal	ADJ
afbr-193	145	15	dividend	dividend	NOUN
afbr-193	145	16	policy	policy	NOUN
afbr-193	145	17	where	where	SCONJ
afbr-193	145	18	the	the	DET
afbr-193	145	19	signaling	signal	VERB
afbr-193	145	20	benefits	benefit	NOUN
afbr-193	145	21	of	of	ADP
afbr-193	145	22	paying	pay	VERB
afbr-193	145	23	dividends	dividend	NOUN
afbr-193	145	24	offsets	offset	VERB
afbr-193	145	25	the	the	DET
afbr-193	145	26	tax	tax	NOUN
afbr-193	145	27	disadvantages	disadvantage	NOUN
afbr-193	145	28	of	of	ADP
afbr-193	145	29	paying	pay	VERB
afbr-193	145	30	dividends	dividend	NOUN
afbr-193	145	31	.	.	PUNCT
afbr-193	146	1	dividend	dividend	NOUN
afbr-193	146	2	policy	policy	NOUN
afbr-193	146	3	and	and	CCONJ
afbr-193	146	4	agency	agency	NOUN
afbr-193	146	5	costs	cost	VERB
afbr-193	146	6	a	a	DET
afbr-193	146	7	wealth	wealth	NOUN
afbr-193	146	8	-	-	PUNCT
afbr-193	146	9	maximizing	maximize	VERB
afbr-193	146	10	firm	firm	NOUN
afbr-193	146	11	will	will	AUX
afbr-193	146	12	seek	seek	VERB
afbr-193	146	13	monitoring	monitor	VERB
afbr-193	146	14	policies	policy	NOUN
afbr-193	146	15	that	that	PRON
afbr-193	146	16	minimize	minimize	VERB
afbr-193	146	17	costs	cost	NOUN
afbr-193	146	18	,	,	PUNCT
afbr-193	146	19	and	and	CCONJ
afbr-193	146	20	it	it	PRON
afbr-193	146	21	is	be	AUX
afbr-193	146	22	likely	likely	ADJ
afbr-193	146	23	that	that	SCONJ
afbr-193	146	24	dividend	dividend	NOUN
afbr-193	146	25	payments	payment	NOUN
afbr-193	146	26	serve	serve	VERB
afbr-193	146	27	as	as	ADP
afbr-193	146	28	a	a	DET
afbr-193	146	29	means	means	NOUN
afbr-193	146	30	of	of	ADP
afbr-193	146	31	monitoring	monitor	VERB
afbr-193	146	32	management	management	NOUN
afbr-193	146	33	performance	performance	NOUN
afbr-193	146	34	.	.	PUNCT
afbr-193	147	1	a	a	DET
afbr-193	147	2	greater	great	ADJ
afbr-193	147	3	dividend	dividend	NOUN
afbr-193	147	4	payment	payment	NOUN
afbr-193	147	5	implies	imply	VERB
afbr-193	147	6	that	that	SCONJ
afbr-193	147	7	the	the	DET
afbr-193	147	8	firm	firm	NOUN
afbr-193	147	9	will	will	AUX
afbr-193	147	10	need	need	VERB
afbr-193	147	11	some	some	DET
afbr-193	147	12	costly	costly	ADJ
afbr-193	147	13	external	external	ADJ
afbr-193	147	14	financing	financing	NOUN
afbr-193	147	15	.	.	PUNCT
afbr-193	148	1	thus	thus	ADV
afbr-193	148	2	the	the	DET
afbr-193	148	3	fact	fact	NOUN
afbr-193	148	4	that	that	SCONJ
afbr-193	148	5	the	the	DET
afbr-193	148	6	firm	firm	NOUN
afbr-193	148	7	must	must	AUX
afbr-193	148	8	obtain	obtain	VERB
afbr-193	148	9	external	external	ADJ
afbr-193	148	10	financing	financing	NOUN
afbr-193	148	11	introduces	introduce	NOUN
afbr-193	148	12	outside	outside	ADP
afbr-193	148	13	suppliers	supplier	NOUN
afbr-193	148	14	of	of	ADP
afbr-193	148	15	capital	capital	NOUN
afbr-193	148	16	that	that	PRON
afbr-193	148	17	help	help	VERB
afbr-193	148	18	monitor	monitor	VERB
afbr-193	148	19	management	management	NOUN
afbr-193	148	20	for	for	ADP
afbr-193	148	21	the	the	DET
afbr-193	148	22	equity	equity	NOUN
afbr-193	148	23	owners	owner	NOUN
afbr-193	148	24	.	.	PUNCT
afbr-193	149	1	some	some	DET
afbr-193	149	2	rational	rational	ADJ
afbr-193	149	3	firm	firm	NOUN
afbr-193	149	4	would	would	AUX
afbr-193	149	5	however	however	ADV
afbr-193	149	6	propose	propose	VERB
afbr-193	149	7	an	an	DET
afbr-193	149	8	optimal	optimal	ADJ
afbr-193	149	9	dividend	dividend	NOUN
afbr-193	149	10	policy	policy	NOUN
afbr-193	149	11	that	that	PRON
afbr-193	149	12	is	be	AUX
afbr-193	149	13	a	a	DET
afbr-193	149	14	trade	trade	NOUN
afbr-193	149	15	-	-	PUNCT
afbr-193	149	16	off	off	NOUN
afbr-193	149	17	between	between	ADP
afbr-193	149	18	the	the	DET
afbr-193	149	19	flotation	flotation	NOUN
afbr-193	149	20	costs	cost	NOUN
afbr-193	149	21	of	of	ADP
afbr-193	149	22	raising	raise	VERB
afbr-193	149	23	external	external	ADJ
afbr-193	149	24	capital	capital	NOUN
afbr-193	149	25	and	and	CCONJ
afbr-193	149	26	the	the	DET
afbr-193	149	27	benefit	benefit	NOUN
afbr-193	149	28	of	of	ADP
afbr-193	149	29	reduced	reduce	VERB
afbr-193	149	30	agency	agency	NOUN
afbr-193	149	31	costs	cost	NOUN
afbr-193	149	32	.	.	PUNCT
afbr-193	150	1	several	several	ADJ
afbr-193	150	2	studies	study	NOUN
afbr-193	150	3	have	have	AUX
afbr-193	150	4	shown	show	VERB
afbr-193	150	5	that	that	SCONJ
afbr-193	150	6	firms	firm	NOUN
afbr-193	150	7	with	with	ADP
afbr-193	150	8	higher	high	ADJ
afbr-193	150	9	growth	growth	NOUN
afbr-193	150	10	potential	potential	NOUN
afbr-193	150	11	have	have	VERB
afbr-193	150	12	lower	low	ADJ
afbr-193	150	13	dividend	dividend	NOUN
afbr-193	150	14	payouts	payout	NOUN
afbr-193	150	15	,	,	PUNCT
afbr-193	150	16	while	while	SCONJ
afbr-193	150	17	firms	firm	NOUN
afbr-193	150	18	with	with	ADP
afbr-193	150	19	diffuse	diffuse	PROPN
afbr-193	150	20	outsider	outsider	NOUN
afbr-193	150	21	holdings	holding	NOUN
afbr-193	150	22	have	have	VERB
afbr-193	150	23	higher	high	ADJ
afbr-193	150	24	dividend	dividend	NOUN
afbr-193	150	25	payouts	payout	NOUN
afbr-193	150	26	.	.	PUNCT
afbr-193	151	1	clearly	clearly	ADV
afbr-193	151	2	,	,	PUNCT
afbr-193	151	3	dividend	dividend	NOUN
afbr-193	151	4	policy	policy	NOUN
afbr-193	151	5	is	be	AUX
afbr-193	151	6	one	one	NUM
afbr-193	151	7	way	way	NOUN
afbr-193	151	8	to	to	PART
afbr-193	151	9	reduce	reduce	VERB
afbr-193	151	10	excessive	excessive	ADJ
afbr-193	151	11	cash	cash	NOUN
afbr-193	151	12	from	from	ADP
afbr-193	151	13	the	the	DET
afbr-193	151	14	firm	firm	NOUN
afbr-193	151	15	,	,	PUNCT
afbr-193	151	16	although	although	SCONJ
afbr-193	151	17	kahle	kahle	X
afbr-193	151	18	(	(	PUNCT
afbr-193	151	19	2002	2002	NUM
afbr-193	151	20	)	)	PUNCT
afbr-193	151	21	indicates	indicate	VERB
afbr-193	151	22	that	that	SCONJ
afbr-193	151	23	share	share	NOUN
afbr-193	151	24	repurchases	repurchase	NOUN
afbr-193	151	25	do	do	AUX
afbr-193	151	26	not	not	PART
afbr-193	151	27	eliminate	eliminate	VERB
afbr-193	151	28	all	all	DET
afbr-193	151	29	agency	agency	NOUN
afbr-193	151	30	costs	cost	NOUN
afbr-193	151	31	.	.	PUNCT
afbr-193	152	1	dividend	dividend	NOUN
afbr-193	152	2	relevance	relevance	NOUN
afbr-193	152	3	theory	theory	NOUN
afbr-193	152	4	the	the	DET
afbr-193	152	5	modigliani	modigliani	NOUN
afbr-193	152	6	and	and	CCONJ
afbr-193	152	7	miller	miller	PROPN
afbr-193	152	8	(	(	PUNCT
afbr-193	152	9	1961	1961	NUM
afbr-193	152	10	)	)	PUNCT
afbr-193	152	11	dividend	dividend	NOUN
afbr-193	152	12	-	-	PUNCT
afbr-193	152	13	irrelevance	irrelevance	NOUN
afbr-193	152	14	theory	theory	NOUN
afbr-193	152	15	says	say	VERB
afbr-193	152	16	that	that	SCONJ
afbr-193	152	17	investors	investor	NOUN
afbr-193	152	18	can	can	AUX
afbr-193	152	19	affect	affect	VERB
afbr-193	152	20	their	their	PRON
afbr-193	152	21	return	return	NOUN
afbr-193	152	22	on	on	ADP
afbr-193	152	23	a	a	DET
afbr-193	152	24	stock	stock	NOUN
afbr-193	152	25	regardless	regardless	ADV
afbr-193	152	26	of	of	ADP
afbr-193	152	27	the	the	DET
afbr-193	152	28	stock	stock	NOUN
afbr-193	152	29	's	's	PART
afbr-193	152	30	dividend	dividend	NOUN
afbr-193	152	31	.	.	PUNCT
afbr-193	153	1	investor	investor	NOUN
afbr-193	153	2	could	could	AUX
afbr-193	153	3	then	then	ADV
afbr-193	153	4	buy	buy	VERB
afbr-193	153	5	more	more	ADJ
afbr-193	153	6	stock	stock	NOUN
afbr-193	153	7	with	with	ADP
afbr-193	153	8	the	the	DET
afbr-193	153	9	dividend	dividend	NOUN
afbr-193	153	10	that	that	PRON
afbr-193	153	11	is	be	AUX
afbr-193	153	12	over	over	ADP
afbr-193	153	13	the	the	DET
afbr-193	153	14	investor	investor	NOUN
afbr-193	153	15	's	's	PART
afbr-193	153	16	expectations	expectation	NOUN
afbr-193	153	17	.	.	PUNCT
afbr-193	154	1	as	as	ADP
afbr-193	154	2	such	such	ADJ
afbr-193	154	3	,	,	PUNCT
afbr-193	154	4	the	the	DET
afbr-193	154	5	dividend	dividend	NOUN
afbr-193	154	6	is	be	AUX
afbr-193	154	7	irrelevant	irrelevant	ADJ
afbr-193	154	8	to	to	ADP
afbr-193	154	9	investors	investor	NOUN
afbr-193	154	10	,	,	PUNCT
afbr-193	154	11	and	and	CCONJ
afbr-193	154	12	it	it	PRON
afbr-193	154	13	can	can	AUX
afbr-193	154	14	be	be	AUX
afbr-193	154	15	further	far	ADV
afbr-193	154	16	interpreted	interpret	VERB
afbr-193	154	17	that	that	SCONJ
afbr-193	154	18	investors	investor	NOUN
afbr-193	154	19	care	care	VERB
afbr-193	154	20	little	little	ADJ
afbr-193	154	21	about	about	ADP
afbr-193	154	22	a	a	DET
afbr-193	154	23	company	company	NOUN
afbr-193	154	24	's	's	PART
afbr-193	154	25	dividend	dividend	NOUN
afbr-193	154	26	policy	policy	NOUN
afbr-193	154	27	since	since	SCONJ
afbr-193	154	28	they	they	PRON
afbr-193	154	29	can	can	AUX
afbr-193	154	30	simulate	simulate	VERB
afbr-193	154	31	their	their	PRON
afbr-193	154	32	own	own	ADJ
afbr-193	154	33	.	.	PUNCT
afbr-193	155	1	their	their	PRON
afbr-193	155	2	theory	theory	NOUN
afbr-193	155	3	was	be	AUX
afbr-193	155	4	built	build	VERB
afbr-193	155	5	on	on	ADP
afbr-193	155	6	a	a	DET
afbr-193	155	7	range	range	NOUN
afbr-193	155	8	of	of	ADP
afbr-193	155	9	key	key	ADJ
afbr-193	155	10	assumptions	assumption	NOUN
afbr-193	155	11	,	,	PUNCT
afbr-193	155	12	similar	similar	ADJ
afbr-193	155	13	to	to	ADP
afbr-193	155	14	those	those	PRON
afbr-193	155	15	on	on	ADP
afbr-193	155	16	which	which	PRON
afbr-193	155	17	they	they	PRON
afbr-193	155	18	based	base	VERB
afbr-193	155	19	their	their	PRON
afbr-193	155	20	theory	theory	NOUN
afbr-193	155	21	of	of	ADP
afbr-193	155	22	capital	capital	NOUN
afbr-193	155	23	structure	structure	NOUN
afbr-193	155	24	irrelevancy	irrelevancy	NOUN
afbr-193	155	25	.	.	PUNCT
afbr-193	156	1	modigliani	modigliani	PROPN
afbr-193	156	2	and	and	CCONJ
afbr-193	156	3	miller	miller	PROPN
afbr-193	156	4	(	(	PUNCT
afbr-193	156	5	1961	1961	NUM
afbr-193	156	6	)	)	PUNCT
afbr-193	156	7	argue	argue	VERB
afbr-193	156	8	that	that	SCONJ
afbr-193	156	9	the	the	DET
afbr-193	156	10	value	value	NOUN
afbr-193	156	11	of	of	ADP
afbr-193	156	12	the	the	DET
afbr-193	156	13	firm	firm	NOUN
afbr-193	156	14	in	in	ADP
afbr-193	156	15	a	a	DET
afbr-193	156	16	perfect	perfect	ADJ
afbr-193	156	17	capital	capital	NOUN
afbr-193	156	18	market	market	NOUN
afbr-193	156	19	depends	depend	VERB
afbr-193	156	20	only	only	ADV
afbr-193	156	21	on	on	ADP
afbr-193	156	22	the	the	DET
afbr-193	156	23	income	income	NOUN
afbr-193	156	24	produced	produce	VERB
afbr-193	156	25	by	by	ADP
afbr-193	156	26	its	its	PRON
afbr-193	156	27	assets	asset	NOUN
afbr-193	156	28	not	not	PART
afbr-193	156	29	on	on	ADP
afbr-193	156	30	how	how	SCONJ
afbr-193	156	31	this	this	DET
afbr-193	156	32	income	income	NOUN
afbr-193	156	33	is	be	AUX
afbr-193	156	34	split	split	VERB
afbr-193	156	35	between	between	ADP
afbr-193	156	36	dividends	dividend	NOUN
afbr-193	156	37	and	and	CCONJ
afbr-193	156	38	the	the	DET
afbr-193	156	39	retained	retain	VERB
afbr-193	156	40	earnings	earning	NOUN
afbr-193	156	41	.	.	PUNCT
afbr-193	157	1	it	it	PRON
afbr-193	157	2	is	be	AUX
afbr-193	157	3	worthy	worthy	ADJ
afbr-193	157	4	of	of	ADP
afbr-193	157	5	note	note	NOUN
afbr-193	157	6	here	here	ADV
afbr-193	157	7	that	that	SCONJ
afbr-193	157	8	in	in	ADP
afbr-193	157	9	a	a	DET
afbr-193	157	10	perfect	perfect	ADJ
afbr-193	157	11	capital	capital	NOUN
afbr-193	157	12	markets	market	NOUN
afbr-193	157	13	,	,	PUNCT
afbr-193	157	14	there	there	PRON
afbr-193	157	15	are	be	VERB
afbr-193	157	16	no	no	DET
afbr-193	157	17	taxes	taxis	NOUN
afbr-193	157	18	both	both	CCONJ
afbr-193	157	19	corporate	corporate	ADJ
afbr-193	157	20	and	and	CCONJ
afbr-193	157	21	personal	personal	ADJ
afbr-193	157	22	taxes	taxis	NOUN
afbr-193	157	23	;	;	PUNCT
afbr-193	157	24	no	no	DET
afbr-193	157	25	transaction	transaction	NOUN
afbr-193	157	26	costs	cost	VERB
afbr-193	157	27	on	on	ADP
afbr-193	157	28	securities	security	NOUN
afbr-193	157	29	;	;	PUNCT
afbr-193	157	30	investors	investor	NOUN
afbr-193	157	31	are	be	AUX
afbr-193	157	32	rational	rational	ADJ
afbr-193	157	33	;	;	PUNCT
afbr-193	157	34	information	information	NOUN
afbr-193	157	35	is	be	AUX
afbr-193	157	36	symmetrical	symmetrical	ADJ
afbr-193	157	37	hence	hence	ADV
afbr-193	157	38	all	all	DET
afbr-193	157	39	investors	investor	NOUN
afbr-193	157	40	have	have	VERB
afbr-193	157	41	access	access	NOUN
afbr-193	157	42	to	to	ADP
afbr-193	157	43	the	the	DET
afbr-193	157	44	same	same	ADJ
afbr-193	157	45	information	information	NOUN
afbr-193	157	46	and	and	CCONJ
afbr-193	157	47	share	share	VERB
afbr-193	157	48	the	the	DET
afbr-193	157	49	same	same	ADJ
afbr-193	157	50	expectations	expectation	NOUN
afbr-193	157	51	about	about	ADP
afbr-193	157	52	the	the	DET
afbr-193	157	53	firm	firm	NOUN
afbr-193	157	54	's	's	PART
afbr-193	157	55	future	future	NOUN
afbr-193	157	56	as	as	ADP
afbr-193	157	57	its	its	PRON
afbr-193	157	58	managers	manager	NOUN
afbr-193	157	59	.	.	PUNCT
afbr-193	158	1	empirical	empirical	ADJ
afbr-193	158	2	review	review	PROPN
afbr-193	158	3	kinfe	kinfe	PROPN
afbr-193	158	4	(	(	PUNCT
afbr-193	158	5	2011	2011	NUM
afbr-193	158	6	)	)	PUNCT
afbr-193	158	7	investigated	investigate	VERB
afbr-193	158	8	the	the	DET
afbr-193	158	9	factors	factor	NOUN
afbr-193	158	10	determining	determine	VERB
afbr-193	158	11	dividend	dividend	NOUN
afbr-193	158	12	payout	payout	ADJ
afbr-193	158	13	policy	policy	NOUN
afbr-193	158	14	of	of	ADP
afbr-193	158	15	banks	bank	NOUN
afbr-193	158	16	in	in	ADP
afbr-193	158	17	ethiopia	ethiopia	PROPN
afbr-193	158	18	from	from	ADP
afbr-193	158	19	20062010	20062010	NUM
afbr-193	158	20	using	use	VERB
afbr-193	158	21	panel	panel	NOUN
afbr-193	158	22	data	datum	NOUN
afbr-193	158	23	set	set	VERB
afbr-193	158	24	of	of	ADP
afbr-193	158	25	their	their	PRON
afbr-193	158	26	audited	audit	VERB
afbr-193	158	27	financial	financial	ADJ
afbr-193	158	28	statement	statement	NOUN
afbr-193	158	29	as	as	ADP
afbr-193	158	30	a	a	DET
afbr-193	158	31	source	source	NOUN
afbr-193	158	32	of	of	ADP
afbr-193	158	33	data	datum	NOUN
afbr-193	158	34	and	and	CCONJ
afbr-193	158	35	ordinary	ordinary	ADJ
afbr-193	158	36	least	least	ADJ
afbr-193	158	37	square	square	ADJ
afbr-193	158	38	as	as	ADP
afbr-193	158	39	a	a	DET
afbr-193	158	40	technique	technique	NOUN
afbr-193	158	41	for	for	ADP
afbr-193	158	42	data	datum	NOUN
afbr-193	158	43	analysis	analysis	NOUN
afbr-193	158	44	.	.	PUNCT
afbr-193	159	1	the	the	DET
afbr-193	159	2	finding	finding	NOUN
afbr-193	159	3	reveal	reveal	VERB
afbr-193	159	4	that	that	SCONJ
afbr-193	159	5	the	the	DET
afbr-193	159	6	main	main	ADJ
afbr-193	159	7	characteristic	characteristic	NOUN
afbr-193	159	8	of	of	ADP
afbr-193	159	9	firm	firm	ADJ
afbr-193	159	10	dividend	dividend	NOUN
afbr-193	159	11	payout	payout	NOUN
afbr-193	159	12	policy	policy	NOUN
afbr-193	159	13	were	be	AUX
afbr-193	159	14	that	that	DET
afbr-193	159	15	dividend	dividend	NOUN
afbr-193	159	16	payment	payment	NOUN
afbr-193	159	17	related	relate	VERB
afbr-193	159	18	strongly	strongly	ADV
afbr-193	159	19	and	and	CCONJ
afbr-193	159	20	directly	directly	ADV
afbr-193	159	21	to	to	ADP
afbr-193	159	22	firm	firm	ADJ
afbr-193	159	23	size	size	NOUN
afbr-193	159	24	and	and	CCONJ
afbr-193	159	25	lagged	lag	VERB
afbr-193	159	26	dividend	dividend	NOUN
afbr-193	159	27	per	per	ADP
afbr-193	159	28	share	share	NOUN
afbr-193	159	29	but	but	CCONJ
afbr-193	159	30	negatively	negatively	ADV
afbr-193	159	31	to	to	ADP
afbr-193	159	32	liquidity	liquidity	NOUN
afbr-193	159	33	ratio	ratio	NOUN
afbr-193	159	34	.	.	PUNCT
afbr-193	160	1	however	however	ADV
afbr-193	160	2	,	,	PUNCT
afbr-193	160	3	the	the	DET
afbr-193	160	4	result	result	NOUN
afbr-193	160	5	further	far	ADV
afbr-193	160	6	revealed	reveal	VERB
afbr-193	160	7	that	that	SCONJ
afbr-193	160	8	there	there	PRON
afbr-193	160	9	is	be	VERB
afbr-193	160	10	no	no	DET
afbr-193	160	11	relationship	relationship	NOUN
afbr-193	160	12	between	between	ADP
afbr-193	160	13	profitability	profitability	NOUN
afbr-193	160	14	,	,	PUNCT
afbr-193	160	15	leverage	leverage	NOUN
afbr-193	160	16	and	and	CCONJ
afbr-193	160	17	growth	growth	NOUN
afbr-193	160	18	with	with	ADP
afbr-193	160	19	dividend	dividend	NOUN
afbr-193	160	20	payout	payout	NOUN
afbr-193	160	21	.	.	PUNCT
afbr-193	161	1	the	the	DET
afbr-193	161	2	study	study	NOUN
afbr-193	161	3	validates	validate	VERB
afbr-193	161	4	the	the	DET
afbr-193	161	5	use	use	NOUN
afbr-193	161	6	of	of	ADP
afbr-193	161	7	panel	panel	NOUN
afbr-193	161	8	data	datum	NOUN
afbr-193	161	9	technique	technique	NOUN
afbr-193	161	10	and	and	CCONJ
afbr-193	161	11	the	the	DET
afbr-193	161	12	ordinary	ordinary	ADJ
afbr-193	161	13	least	least	ADJ
afbr-193	161	14	square	square	ADJ
afbr-193	161	15	regression	regression	NOUN
afbr-193	161	16	model	model	NOUN
afbr-193	161	17	as	as	ADP
afbr-193	161	18	a	a	DET
afbr-193	161	19	tool	tool	NOUN
afbr-193	161	20	appropriate	appropriate	ADJ
afbr-193	161	21	to	to	PART
afbr-193	161	22	engage	engage	VERB
afbr-193	161	23	this	this	DET
afbr-193	161	24	study	study	NOUN
afbr-193	161	25	.	.	PUNCT
afbr-193	162	1	the	the	DET
afbr-193	162	2	time	time	NOUN
afbr-193	162	3	scope	scope	NOUN
afbr-193	162	4	is	be	AUX
afbr-193	162	5	small	small	ADJ
afbr-193	162	6	and	and	CCONJ
afbr-193	162	7	was	be	AUX
afbr-193	162	8	conducted	conduct	VERB
afbr-193	162	9	using	use	VERB
afbr-193	162	10	the	the	DET
afbr-193	162	11	ethiopia	ethiopia	PROPN
afbr-193	162	12	banking	banking	NOUN
afbr-193	162	13	industry	industry	NOUN
afbr-193	162	14	.	.	PUNCT
afbr-193	163	1	hussainey	hussainey	NOUN
afbr-193	163	2	,	,	PUNCT
afbr-193	163	3	mgbame	mgbame	NOUN
afbr-193	163	4	and	and	CCONJ
afbr-193	163	5	mgbame	mgbame	PROPN
afbr-193	163	6	(	(	PUNCT
afbr-193	163	7	2011	2011	NUM
afbr-193	163	8	)	)	PUNCT
afbr-193	163	9	examined	examine	VERB
afbr-193	163	10	the	the	DET
afbr-193	163	11	relationship	relationship	NOUN
afbr-193	163	12	between	between	ADP
afbr-193	163	13	dividend	dividend	NOUN
afbr-193	163	14	policy	policy	NOUN
afbr-193	163	15	and	and	CCONJ
afbr-193	163	16	share	share	NOUN
afbr-193	163	17	price	price	NOUN
afbr-193	163	18	changes	change	NOUN
afbr-193	163	19	in	in	ADP
afbr-193	163	20	the	the	DET
afbr-193	163	21	uk	uk	PROPN
afbr-193	163	22	stock	stock	NOUN
afbr-193	163	23	market	market	NOUN
afbr-193	163	24	.	.	PUNCT
afbr-193	164	1	multiple	multiple	ADJ
afbr-193	164	2	regression	regression	NOUN
afbr-193	164	3	analyses	analysis	NOUN
afbr-193	164	4	were	be	AUX
afbr-193	164	5	used	use	VERB
afbr-193	164	6	to	to	PART
afbr-193	164	7	explore	explore	VERB
afbr-193	164	8	the	the	DET
afbr-193	164	9	association	association	NOUN
afbr-193	164	10	between	between	ADP
afbr-193	164	11	share	share	NOUN
afbr-193	164	12	price	price	NOUN
afbr-193	164	13	changes	change	NOUN
afbr-193	164	14	and	and	CCONJ
afbr-193	164	15	both	both	DET
afbr-193	164	16	dividend	dividend	NOUN
afbr-193	164	17	yield	yield	NOUN
afbr-193	164	18	and	and	CCONJ
afbr-193	164	19	dividend	dividend	VERB
afbr-193	164	20	payout	payout	NOUN
afbr-193	164	21	ratio	ratio	NOUN
afbr-193	164	22	.	.	PUNCT
afbr-193	165	1	a	a	DET
afbr-193	165	2	positive	positive	ADJ
afbr-193	165	3	relationship	relationship	NOUN
afbr-193	165	4	is	be	AUX
afbr-193	165	5	found	find	VERB
afbr-193	165	6	between	between	ADP
afbr-193	165	7	dividend	dividend	NOUN
afbr-193	165	8	yield	yield	NOUN
afbr-193	165	9	and	and	CCONJ
afbr-193	165	10	dividend	dividend	NOUN
afbr-193	165	11	policy	policy	NOUN
afbr-193	165	12	changes	change	NOUN
afbr-193	165	13	and	and	CCONJ
afbr-193	165	14	a	a	DET
afbr-193	165	15	negative	negative	ADJ
afbr-193	165	16	relation	relation	NOUN
afbr-193	165	17	between	between	ADP
afbr-193	165	18	dividend	dividend	NOUN
afbr-193	165	19	payout	payout	NOUN
afbr-193	165	20	ratio	ratio	NOUN
afbr-193	165	21	and	and	CCONJ
afbr-193	165	22	dividend	dividend	NOUN
afbr-193	165	23	policy	policy	NOUN
afbr-193	165	24	changes	change	NOUN
afbr-193	165	25	.	.	PUNCT
afbr-193	166	1	in	in	ADP
afbr-193	166	2	addition	addition	NOUN
afbr-193	166	3	,	,	PUNCT
afbr-193	166	4	it	it	PRON
afbr-193	166	5	is	be	AUX
afbr-193	166	6	shown	show	VERB
afbr-193	166	7	that	that	SCONJ
afbr-193	166	8	a	a	DET
afbr-193	166	9	firm	firm	NOUN
afbr-193	166	10	’s	’s	PART
afbr-193	166	11	growth	growth	NOUN
afbr-193	166	12	rate	rate	NOUN
afbr-193	166	13	,	,	PUNCT
afbr-193	166	14	debt	debt	NOUN
afbr-193	166	15	level	level	NOUN
afbr-193	166	16	,	,	PUNCT
afbr-193	166	17	size	size	NOUN
afbr-193	166	18	and	and	CCONJ
afbr-193	166	19	earnings	earning	NOUN
afbr-193	166	20	explain	explain	VERB
afbr-193	166	21	dividend	dividend	NOUN
afbr-193	166	22	policy	policy	NOUN
afbr-193	166	23	changes	change	NOUN
afbr-193	166	24	.	.	PUNCT
afbr-193	167	1	the	the	DET
afbr-193	167	2	result	result	NOUN
afbr-193	167	3	of	of	ADP
afbr-193	167	4	this	this	DET
afbr-193	167	5	study	study	NOUN
afbr-193	167	6	may	may	AUX
afbr-193	167	7	not	not	PART
afbr-193	167	8	apply	apply	VERB
afbr-193	167	9	completely	completely	ADV
afbr-193	167	10	to	to	ADP
afbr-193	167	11	the	the	DET
afbr-193	167	12	nigerian	nigerian	ADJ
afbr-193	167	13	environment	environment	NOUN
afbr-193	167	14	.	.	PUNCT
afbr-193	168	1	maniagi	maniagi	NOUN
afbr-193	168	2	,	,	PUNCT
afbr-193	168	3	ondiek	ondiek	ADJ
afbr-193	168	4	,	,	PUNCT
afbr-193	168	5	musiega	musiega	ADJ
afbr-193	168	6	,	,	PUNCT
afbr-193	168	7	maokomba	maokomba	ADV
afbr-193	168	8	,	,	PUNCT
afbr-193	168	9	and	and	CCONJ
afbr-193	168	10	egessa	egessa	NOUN
afbr-193	168	11	(	(	PUNCT
afbr-193	168	12	2013	2013	NUM
afbr-193	168	13	)	)	PUNCT
afbr-193	168	14	examined	examine	VERB
afbr-193	168	15	the	the	DET
afbr-193	168	16	determinants	determinant	NOUN
afbr-193	168	17	among	among	ADP
afbr-193	168	18	dividend	dividend	NOUN
afbr-193	168	19	payout	payout	NOUN
afbr-193	168	20	of	of	ADP
afbr-193	168	21	non	non	ADJ
afbr-193	168	22	-	-	ADJ
afbr-193	168	23	financial	financial	ADJ
afbr-193	168	24	firms	firm	NOUN
afbr-193	168	25	listed	list	VERB
afbr-193	168	26	on	on	ADP
afbr-193	168	27	nairobi	nairobi	PROPN
afbr-193	168	28	securities	securities	PROPN
afbr-193	168	29	exchange	exchange	PROPN
afbr-193	168	30	.	.	PUNCT
afbr-193	169	1	dividend	dividend	NOUN
afbr-193	169	2	payout	payout	ADJ
afbr-193	169	3	ratio	ratio	NOUN
afbr-193	169	4	was	be	AUX
afbr-193	169	5	dependent	dependent	ADJ
afbr-193	169	6	variable	variable	NOUN
afbr-193	169	7	while	while	SCONJ
afbr-193	169	8	independent	independent	ADJ
afbr-193	169	9	variables	variable	NOUN
afbr-193	169	10	were	be	AUX
afbr-193	169	11	profitability	profitability	NOUN
afbr-193	169	12	,	,	PUNCT
afbr-193	169	13	growth	growth	NOUN
afbr-193	169	14	,	,	PUNCT
afbr-193	169	15	current	current	ADJ
afbr-193	169	16	earnings	earning	NOUN
afbr-193	169	17	,	,	PUNCT
afbr-193	169	18	and	and	CCONJ
afbr-193	169	19	liquidity	liquidity	NOUN
afbr-193	169	20	.	.	PUNCT
afbr-193	170	1	size	size	NOUN
afbr-193	170	2	and	and	CCONJ
afbr-193	170	3	business	business	NOUN
afbr-193	170	4	risk	risk	NOUN
afbr-193	170	5	was	be	AUX
afbr-193	170	6	taken	take	VERB
afbr-193	170	7	as	as	ADP
afbr-193	170	8	moderating	moderate	VERB
afbr-193	170	9	variables	variable	NOUN
afbr-193	170	10	.	.	PUNCT
afbr-193	171	1	return	return	NOUN
afbr-193	171	2	on	on	ADP
afbr-193	171	3	equity	equity	NOUN
afbr-193	171	4	current	current	ADJ
afbr-193	171	5	earnings	earning	NOUN
afbr-193	171	6	and	and	CCONJ
afbr-193	171	7	firms	firm	NOUN
afbr-193	171	8	‘	'	PUNCT
afbr-193	171	9	growth	growth	NOUN
afbr-193	171	10	activities	activity	NOUN
afbr-193	171	11	were	be	AUX
afbr-193	171	12	found	find	VERB
afbr-193	171	13	to	to	PART
afbr-193	171	14	be	be	AUX
afbr-193	171	15	positively	positively	ADV
afbr-193	171	16	correlated	correlate	VERB
afbr-193	171	17	to	to	PART
afbr-193	171	18	dividend	dividend	VERB
afbr-193	171	19	payout	payout	ADJ
afbr-193	171	20	business	business	NOUN
afbr-193	171	21	risk	risk	NOUN
afbr-193	171	22	and	and	CCONJ
afbr-193	171	23	size	size	NOUN
afbr-193	171	24	,	,	PUNCT
afbr-193	171	25	both	both	CCONJ
afbr-193	171	26	the	the	DET
afbr-193	171	27	two	two	NUM
afbr-193	171	28	taken	take	VERB
afbr-193	171	29	as	as	ADP
afbr-193	171	30	moderating	moderate	VERB
afbr-193	171	31	variables	variable	NOUN
afbr-193	171	32	www.cribfb.com/journal/index.php/afbr	www.cribfb.com/journal/index.php/afbr	PROPN
afbr-193	171	33	australian	australian	ADJ
afbr-193	171	34	finance	finance	PROPN
afbr-193	171	35	&	&	CCONJ
afbr-193	171	36	banking	banking	PROPN
afbr-193	171	37	review	review	PROPN
afbr-193	171	38	vol	vol	NOUN
afbr-193	171	39	.	.	PROPN
afbr-193	172	1	2	2	NUM
afbr-193	172	2	,	,	PUNCT
afbr-193	172	3	no	no	INTJ
afbr-193	172	4	.	.	NOUN
afbr-193	172	5	2	2	NUM
afbr-193	172	6	;	;	PUNCT
afbr-193	172	7	2018	2018	NUM
afbr-193	172	8	12	12	NUM
afbr-193	172	9	increase	increase	NOUN
afbr-193	172	10	the	the	DET
afbr-193	172	11	precision	precision	NOUN
afbr-193	172	12	of	of	ADP
afbr-193	172	13	significant	significant	ADJ
afbr-193	172	14	variables	variable	NOUN
afbr-193	172	15	from	from	ADP
afbr-193	172	16	95	95	NUM
afbr-193	172	17	%	%	NOUN
afbr-193	172	18	to	to	PART
afbr-193	172	19	99	99	NUM
afbr-193	172	20	%	%	NOUN
afbr-193	172	21	hence	hence	ADV
afbr-193	172	22	among	among	ADP
afbr-193	172	23	major	major	ADJ
afbr-193	172	24	determinants	determinant	NOUN
afbr-193	172	25	of	of	ADP
afbr-193	172	26	dividend	dividend	NOUN
afbr-193	172	27	payout	payout	NOUN
afbr-193	172	28	.	.	PUNCT
afbr-193	173	1	here	here	ADV
afbr-193	173	2	again	again	ADV
afbr-193	173	3	the	the	DET
afbr-193	173	4	result	result	NOUN
afbr-193	173	5	of	of	ADP
afbr-193	173	6	this	this	DET
afbr-193	173	7	study	study	NOUN
afbr-193	173	8	may	may	AUX
afbr-193	173	9	not	not	PART
afbr-193	173	10	fit	fit	VERB
afbr-193	173	11	properly	properly	ADV
afbr-193	173	12	to	to	ADP
afbr-193	173	13	the	the	DET
afbr-193	173	14	nigerian	nigerian	ADJ
afbr-193	173	15	environment	environment	NOUN
afbr-193	173	16	.	.	PUNCT
afbr-193	174	1	dada	dada	NOUN
afbr-193	174	2	(	(	PUNCT
afbr-193	174	3	2015	2015	NUM
afbr-193	174	4	)	)	PUNCT
afbr-193	174	5	evaluated	evaluate	VERB
afbr-193	174	6	the	the	DET
afbr-193	174	7	determinants	determinant	NOUN
afbr-193	174	8	of	of	ADP
afbr-193	174	9	dividend	dividend	NOUN
afbr-193	174	10	policy	policy	NOUN
afbr-193	174	11	of	of	ADP
afbr-193	174	12	nigerian	nigerian	ADJ
afbr-193	174	13	banks	bank	NOUN
afbr-193	174	14	.	.	PUNCT
afbr-193	175	1	the	the	DET
afbr-193	175	2	study	study	NOUN
afbr-193	175	3	was	be	AUX
afbr-193	175	4	based	base	VERB
afbr-193	175	5	on	on	ADP
afbr-193	175	6	panel	panel	NOUN
afbr-193	175	7	data	datum	NOUN
afbr-193	175	8	of	of	ADP
afbr-193	175	9	selected	select	VERB
afbr-193	175	10	banks	bank	NOUN
afbr-193	175	11	that	that	PRON
afbr-193	175	12	are	be	AUX
afbr-193	175	13	listed	list	VERB
afbr-193	175	14	on	on	ADP
afbr-193	175	15	the	the	DET
afbr-193	175	16	nigerian	nigerian	ADJ
afbr-193	175	17	stock	stock	NOUN
afbr-193	175	18	exchange	exchange	PROPN
afbr-193	175	19	(	(	PUNCT
afbr-193	175	20	nse	nse	NOUN
afbr-193	175	21	)	)	PUNCT
afbr-193	175	22	having	have	VERB
afbr-193	175	23	financial	financial	ADJ
afbr-193	175	24	data	datum	NOUN
afbr-193	175	25	for	for	ADP
afbr-193	175	26	2008	2008	NUM
afbr-193	175	27	to	to	ADP
afbr-193	175	28	2013	2013	NUM
afbr-193	175	29	that	that	PRON
afbr-193	175	30	was	be	AUX
afbr-193	175	31	covered	cover	VERB
afbr-193	175	32	in	in	ADP
afbr-193	175	33	the	the	DET
afbr-193	175	34	study	study	NOUN
afbr-193	175	35	.	.	PUNCT
afbr-193	176	1	the	the	DET
afbr-193	176	2	study	study	NOUN
afbr-193	176	3	revealed	reveal	VERB
afbr-193	176	4	that	that	SCONJ
afbr-193	176	5	dividend	dividend	NOUN
afbr-193	176	6	payment	payment	NOUN
afbr-193	176	7	is	be	AUX
afbr-193	176	8	positively	positively	ADV
afbr-193	176	9	related	relate	VERB
afbr-193	176	10	with	with	ADP
afbr-193	176	11	leverage	leverage	NOUN
afbr-193	176	12	,	,	PUNCT
afbr-193	176	13	performance	performance	NOUN
afbr-193	176	14	,	,	PUNCT
afbr-193	176	15	corporate	corporate	ADJ
afbr-193	176	16	governance	governance	NOUN
afbr-193	176	17	and	and	CCONJ
afbr-193	176	18	last	last	ADJ
afbr-193	176	19	year	year	NOUN
afbr-193	176	20	dividend	dividend	NOUN
afbr-193	176	21	while	while	SCONJ
afbr-193	176	22	it	it	PRON
afbr-193	176	23	is	be	AUX
afbr-193	176	24	negatively	negatively	ADV
afbr-193	176	25	related	relate	VERB
afbr-193	176	26	with	with	ADP
afbr-193	176	27	firm	firm	NOUN
afbr-193	176	28	's	's	PART
afbr-193	176	29	liquidity	liquidity	NOUN
afbr-193	176	30	.	.	PUNCT
afbr-193	177	1	most	most	ADV
afbr-193	177	2	empirical	empirical	ADJ
afbr-193	177	3	studies	study	NOUN
afbr-193	177	4	on	on	ADP
afbr-193	177	5	this	this	DET
afbr-193	177	6	subject	subject	NOUN
afbr-193	177	7	in	in	ADP
afbr-193	177	8	nigeria	nigeria	PROPN
afbr-193	177	9	bordered	border	VERB
afbr-193	177	10	greatly	greatly	ADV
afbr-193	177	11	on	on	ADP
afbr-193	177	12	the	the	DET
afbr-193	177	13	nigerian	nigerian	ADJ
afbr-193	177	14	banks	bank	NOUN
afbr-193	177	15	.	.	PUNCT
afbr-193	178	1	just	just	ADV
afbr-193	178	2	like	like	ADP
afbr-193	178	3	others	other	NOUN
afbr-193	178	4	,	,	PUNCT
afbr-193	178	5	this	this	DET
afbr-193	178	6	study	study	NOUN
afbr-193	178	7	was	be	AUX
afbr-193	178	8	limited	limit	VERB
afbr-193	178	9	to	to	ADP
afbr-193	178	10	the	the	DET
afbr-193	178	11	banking	banking	NOUN
afbr-193	178	12	industry	industry	NOUN
afbr-193	178	13	and	and	CCONJ
afbr-193	178	14	its	its	PRON
afbr-193	178	15	findings	finding	NOUN
afbr-193	178	16	may	may	AUX
afbr-193	178	17	not	not	PART
afbr-193	178	18	completely	completely	ADV
afbr-193	178	19	define	define	VERB
afbr-193	178	20	what	what	PRON
afbr-193	178	21	happens	happen	VERB
afbr-193	178	22	in	in	ADP
afbr-193	178	23	other	other	ADJ
afbr-193	178	24	sectors	sector	NOUN
afbr-193	178	25	of	of	ADP
afbr-193	178	26	the	the	DET
afbr-193	178	27	economy	economy	NOUN
afbr-193	178	28	such	such	ADJ
afbr-193	178	29	as	as	ADP
afbr-193	178	30	the	the	DET
afbr-193	178	31	manufacturing	manufacturing	NOUN
afbr-193	178	32	industry	industry	NOUN
afbr-193	178	33	.	.	PUNCT
afbr-193	179	1	king’wara	king’wara	PROPN
afbr-193	179	2	(	(	PUNCT
afbr-193	179	3	2015	2015	NUM
afbr-193	179	4	)	)	PUNCT
afbr-193	179	5	investigated	investigate	VERB
afbr-193	179	6	the	the	DET
afbr-193	179	7	determinants	determinant	NOUN
afbr-193	179	8	of	of	ADP
afbr-193	179	9	dividend	dividend	NOUN
afbr-193	179	10	payout	payout	NOUN
afbr-193	179	11	ratios	ratio	NOUN
afbr-193	179	12	in	in	ADP
afbr-193	179	13	kenya	kenya	PROPN
afbr-193	179	14	.	.	PUNCT
afbr-193	180	1	he	he	PRON
afbr-193	180	2	examined	examine	VERB
afbr-193	180	3	the	the	DET
afbr-193	180	4	effect	effect	NOUN
afbr-193	180	5	of	of	ADP
afbr-193	180	6	six	six	NUM
afbr-193	180	7	factors	factor	NOUN
afbr-193	180	8	including	include	VERB
afbr-193	180	9	earnings	earning	NOUN
afbr-193	180	10	of	of	ADP
afbr-193	180	11	the	the	DET
afbr-193	180	12	firm	firm	NOUN
afbr-193	180	13	,	,	PUNCT
afbr-193	180	14	ratio	ratio	NOUN
afbr-193	180	15	of	of	ADP
afbr-193	180	16	retained	retain	VERB
afbr-193	180	17	earnings	earning	NOUN
afbr-193	180	18	to	to	ADP
afbr-193	180	19	total	total	ADJ
afbr-193	180	20	assets	asset	NOUN
afbr-193	180	21	,	,	PUNCT
afbr-193	180	22	firm	firm	ADJ
afbr-193	180	23	size	size	NOUN
afbr-193	180	24	,	,	PUNCT
afbr-193	180	25	growth	growth	NOUN
afbr-193	180	26	opportunities	opportunity	NOUN
afbr-193	180	27	,	,	PUNCT
afbr-193	180	28	leverage	leverage	NOUN
afbr-193	180	29	and	and	CCONJ
afbr-193	180	30	market	market	NOUN
afbr-193	180	31	value	value	NOUN
afbr-193	180	32	on	on	ADP
afbr-193	180	33	dividend	dividend	NOUN
afbr-193	180	34	policy	policy	NOUN
afbr-193	180	35	.	.	PUNCT
afbr-193	181	1	it	it	PRON
afbr-193	181	2	was	be	AUX
afbr-193	181	3	observed	observe	VERB
afbr-193	181	4	that	that	SCONJ
afbr-193	181	5	dividend	dividend	NOUN
afbr-193	181	6	payout	payout	ADJ
afbr-193	181	7	ratio	ratio	NOUN
afbr-193	181	8	is	be	AUX
afbr-193	181	9	impacted	impact	VERB
afbr-193	181	10	negatively	negatively	ADV
afbr-193	181	11	by	by	ADP
afbr-193	181	12	the	the	DET
afbr-193	181	13	growth	growth	NOUN
afbr-193	181	14	rate	rate	NOUN
afbr-193	181	15	,	,	PUNCT
afbr-193	181	16	debt	debt	NOUN
afbr-193	181	17	ratios	ratio	NOUN
afbr-193	181	18	and	and	CCONJ
afbr-193	181	19	firm	firm	ADJ
afbr-193	181	20	size	size	NOUN
afbr-193	181	21	and	and	CCONJ
afbr-193	181	22	positively	positively	ADV
afbr-193	181	23	by	by	ADP
afbr-193	181	24	earnings	earning	NOUN
afbr-193	181	25	,	,	PUNCT
afbr-193	181	26	market	market	NOUN
afbr-193	181	27	-	-	PUNCT
afbr-193	181	28	to	to	ADP
afbr-193	181	29	-	-	PUNCT
afbr-193	181	30	book	book	NOUN
afbr-193	181	31	ratio	ratio	NOUN
afbr-193	181	32	and	and	CCONJ
afbr-193	181	33	retained	retain	VERB
afbr-193	181	34	earnings	earning	NOUN
afbr-193	181	35	to	to	ADP
afbr-193	181	36	total	total	ADJ
afbr-193	181	37	assets	asset	NOUN
afbr-193	181	38	ratio	ratio	NOUN
afbr-193	181	39	.	.	PUNCT
afbr-193	182	1	this	this	DET
afbr-193	182	2	study	study	NOUN
afbr-193	182	3	was	be	AUX
afbr-193	182	4	done	do	VERB
afbr-193	182	5	outside	outside	ADP
afbr-193	182	6	nigeria	nigeria	PROPN
afbr-193	182	7	and	and	CCONJ
afbr-193	182	8	as	as	SCONJ
afbr-193	182	9	such	such	ADJ
afbr-193	182	10	may	may	AUX
afbr-193	182	11	not	not	PART
afbr-193	182	12	apply	apply	VERB
afbr-193	182	13	in	in	ADP
afbr-193	182	14	the	the	DET
afbr-193	182	15	nigerian	nigerian	ADJ
afbr-193	182	16	situation	situation	NOUN
afbr-193	182	17	.	.	PUNCT
afbr-193	183	1	urhoghide	urhoghide	ADJ
afbr-193	183	2	and	and	CCONJ
afbr-193	183	3	ojeme	ojeme	NOUN
afbr-193	183	4	(	(	PUNCT
afbr-193	183	5	2016	2016	NUM
afbr-193	183	6	)	)	PUNCT
afbr-193	183	7	examined	examine	VERB
afbr-193	183	8	the	the	DET
afbr-193	183	9	determinants	determinant	NOUN
afbr-193	183	10	of	of	ADP
afbr-193	183	11	dividend	dividend	NOUN
afbr-193	183	12	payout	payout	NOUN
afbr-193	183	13	by	by	ADP
afbr-193	183	14	nigerian	nigerian	ADJ
afbr-193	183	15	quoted	quote	VERB
afbr-193	183	16	banks	bank	NOUN
afbr-193	183	17	.	.	PUNCT
afbr-193	184	1	they	they	PRON
afbr-193	184	2	stated	state	VERB
afbr-193	184	3	that	that	SCONJ
afbr-193	184	4	they	they	PRON
afbr-193	184	5	observed	observe	VERB
afbr-193	184	6	that	that	PRON
afbr-193	184	7	dividend	dividend	NOUN
afbr-193	184	8	payout	payout	NOUN
afbr-193	184	9	in	in	ADP
afbr-193	184	10	the	the	DET
afbr-193	184	11	banking	banking	NOUN
afbr-193	184	12	industry	industry	NOUN
afbr-193	184	13	witnessed	witness	VERB
afbr-193	184	14	widespread	widespread	ADJ
afbr-193	184	15	drop	drop	NOUN
afbr-193	184	16	during	during	ADP
afbr-193	184	17	the	the	DET
afbr-193	184	18	2008	2008	NUM
afbr-193	184	19	financial	financial	ADJ
afbr-193	184	20	melt	melt	NOUN
afbr-193	184	21	-	-	PUNCT
afbr-193	184	22	down	down	NOUN
afbr-193	184	23	and	and	CCONJ
afbr-193	184	24	the	the	DET
afbr-193	184	25	2011	2011	NUM
afbr-193	184	26	bank	bank	NOUN
afbr-193	184	27	reforms	reform	NOUN
afbr-193	184	28	in	in	ADP
afbr-193	184	29	nigeria	nigeria	PROPN
afbr-193	184	30	motivated	motivate	VERB
afbr-193	184	31	this	this	DET
afbr-193	184	32	research	research	NOUN
afbr-193	184	33	.	.	PUNCT
afbr-193	185	1	the	the	DET
afbr-193	185	2	study	study	NOUN
afbr-193	185	3	covered	cover	VERB
afbr-193	185	4	a	a	DET
afbr-193	185	5	period	period	NOUN
afbr-193	185	6	of	of	ADP
afbr-193	185	7	seven	seven	NUM
afbr-193	185	8	years	year	NOUN
afbr-193	185	9	(	(	PUNCT
afbr-193	185	10	2007	2007	NUM
afbr-193	185	11	-2013	-2013	NUM
afbr-193	185	12	)	)	PUNCT
afbr-193	185	13	and	and	CCONJ
afbr-193	185	14	the	the	DET
afbr-193	185	15	variables	variable	NOUN
afbr-193	185	16	measured	measure	VERB
afbr-193	185	17	were	be	AUX
afbr-193	185	18	liquidity	liquidity	NOUN
afbr-193	185	19	,	,	PUNCT
afbr-193	185	20	growth	growth	NOUN
afbr-193	185	21	,	,	PUNCT
afbr-193	185	22	leverage	leverage	NOUN
afbr-193	185	23	,	,	PUNCT
afbr-193	185	24	profitability	profitability	NOUN
afbr-193	185	25	,	,	PUNCT
afbr-193	185	26	firm	firm	ADJ
afbr-193	185	27	size	size	NOUN
afbr-193	185	28	,	,	PUNCT
afbr-193	185	29	and	and	CCONJ
afbr-193	185	30	previous	previous	ADJ
afbr-193	185	31	year	year	NOUN
afbr-193	185	32	’s	’s	PART
afbr-193	185	33	dividend	dividend	NOUN
afbr-193	185	34	with	with	ADP
afbr-193	185	35	data	datum	NOUN
afbr-193	185	36	collated	collate	VERB
afbr-193	185	37	from	from	ADP
afbr-193	185	38	the	the	DET
afbr-193	185	39	final	final	ADJ
afbr-193	185	40	account	account	NOUN
afbr-193	185	41	of	of	ADP
afbr-193	185	42	all	all	DET
afbr-193	185	43	the	the	DET
afbr-193	185	44	quoted	quote	VERB
afbr-193	185	45	banks	bank	NOUN
afbr-193	185	46	in	in	ADP
afbr-193	185	47	nigeria	nigeria	PROPN
afbr-193	185	48	.	.	PUNCT
afbr-193	186	1	panel	panel	NOUN
afbr-193	186	2	data	data	PROPN
afbr-193	186	3	regression	regression	NOUN
afbr-193	186	4	technique	technique	NOUN
afbr-193	186	5	was	be	AUX
afbr-193	186	6	used	use	VERB
afbr-193	186	7	for	for	ADP
afbr-193	186	8	the	the	DET
afbr-193	186	9	analysis	analysis	NOUN
afbr-193	186	10	of	of	ADP
afbr-193	186	11	data	datum	NOUN
afbr-193	186	12	and	and	CCONJ
afbr-193	186	13	they	they	PRON
afbr-193	186	14	reported	report	VERB
afbr-193	186	15	that	that	SCONJ
afbr-193	186	16	liquidity	liquidity	NOUN
afbr-193	186	17	,	,	PUNCT
afbr-193	186	18	firm	firm	ADJ
afbr-193	186	19	size	size	NOUN
afbr-193	186	20	,	,	PUNCT
afbr-193	186	21	profitability	profitability	NOUN
afbr-193	186	22	and	and	CCONJ
afbr-193	186	23	the	the	DET
afbr-193	186	24	dividend	dividend	NOUN
afbr-193	186	25	paid	pay	VERB
afbr-193	186	26	in	in	ADP
afbr-193	186	27	the	the	DET
afbr-193	186	28	previous	previous	ADJ
afbr-193	186	29	year	year	NOUN
afbr-193	186	30	affected	affect	VERB
afbr-193	186	31	dividend	dividend	NOUN
afbr-193	186	32	payout	payout	NOUN
afbr-193	186	33	positively	positively	ADV
afbr-193	186	34	,	,	PUNCT
afbr-193	186	35	while	while	SCONJ
afbr-193	186	36	growth	growth	NOUN
afbr-193	186	37	and	and	CCONJ
afbr-193	186	38	leverage	leverage	NOUN
afbr-193	186	39	in	in	ADP
afbr-193	186	40	the	the	DET
afbr-193	186	41	capital	capital	NOUN
afbr-193	186	42	structure	structure	NOUN
afbr-193	186	43	affected	affect	VERB
afbr-193	186	44	it	it	PRON
afbr-193	186	45	negatively	negatively	ADV
afbr-193	186	46	.	.	PUNCT
afbr-193	187	1	they	they	PRON
afbr-193	187	2	recommended	recommend	VERB
afbr-193	187	3	that	that	SCONJ
afbr-193	187	4	firms	firm	NOUN
afbr-193	187	5	and	and	CCONJ
afbr-193	187	6	investors	investor	NOUN
afbr-193	187	7	should	should	AUX
afbr-193	187	8	consider	consider	VERB
afbr-193	187	9	the	the	DET
afbr-193	187	10	determinants	determinant	NOUN
afbr-193	187	11	of	of	ADP
afbr-193	187	12	dividend	dividend	NOUN
afbr-193	187	13	payout	payout	NOUN
afbr-193	187	14	in	in	ADP
afbr-193	187	15	their	their	PRON
afbr-193	187	16	dividend	dividend	NOUN
afbr-193	187	17	policy	policy	NOUN
afbr-193	187	18	decision	decision	NOUN
afbr-193	187	19	.	.	PUNCT
afbr-193	188	1	this	this	DET
afbr-193	188	2	study	study	NOUN
afbr-193	188	3	like	like	ADP
afbr-193	188	4	many	many	ADJ
afbr-193	188	5	others	other	NOUN
afbr-193	188	6	on	on	ADP
afbr-193	188	7	this	this	DET
afbr-193	188	8	subject	subject	NOUN
afbr-193	188	9	in	in	ADP
afbr-193	188	10	nigeria	nigeria	PROPN
afbr-193	188	11	concentrated	concentrate	VERB
afbr-193	188	12	on	on	ADP
afbr-193	188	13	the	the	DET
afbr-193	188	14	banking	banking	NOUN
afbr-193	188	15	industry	industry	NOUN
afbr-193	188	16	.	.	PUNCT
afbr-193	189	1	3	3	X
afbr-193	189	2	.	.	X
afbr-193	189	3	literature	literature	NOUN
afbr-193	189	4	gap	gap	NOUN
afbr-193	189	5	existing	exist	VERB
afbr-193	189	6	literature	literature	NOUN
afbr-193	189	7	on	on	ADP
afbr-193	189	8	the	the	DET
afbr-193	189	9	subject	subject	NOUN
afbr-193	189	10	(	(	PUNCT
afbr-193	189	11	using	use	VERB
afbr-193	189	12	the	the	DET
afbr-193	189	13	nigerian	nigerian	ADJ
afbr-193	189	14	business	business	NOUN
afbr-193	189	15	environment	environment	PROPN
afbr-193	189	16	)	)	PUNCT
afbr-193	189	17	has	have	AUX
afbr-193	189	18	focused	focus	VERB
afbr-193	189	19	more	more	ADJ
afbr-193	189	20	on	on	ADP
afbr-193	189	21	the	the	DET
afbr-193	189	22	banking	banking	NOUN
afbr-193	189	23	industry	industry	NOUN
afbr-193	189	24	,	,	PUNCT
afbr-193	189	25	with	with	ADP
afbr-193	189	26	limited	limited	ADJ
afbr-193	189	27	studies	study	NOUN
afbr-193	189	28	of	of	ADP
afbr-193	189	29	citable	citable	ADJ
afbr-193	189	30	significance	significance	NOUN
afbr-193	189	31	that	that	PRON
afbr-193	189	32	incorporate	incorporate	VERB
afbr-193	189	33	other	other	ADJ
afbr-193	189	34	industries	industry	NOUN
afbr-193	189	35	such	such	ADJ
afbr-193	189	36	as	as	ADP
afbr-193	189	37	the	the	DET
afbr-193	189	38	manufacturing	manufacturing	NOUN
afbr-193	189	39	industry	industry	NOUN
afbr-193	189	40	.	.	PUNCT
afbr-193	190	1	therefore	therefore	ADV
afbr-193	190	2	this	this	DET
afbr-193	190	3	study	study	NOUN
afbr-193	190	4	examines	examine	VERB
afbr-193	190	5	the	the	DET
afbr-193	190	6	economic	economic	ADJ
afbr-193	190	7	variables	variable	NOUN
afbr-193	190	8	that	that	PRON
afbr-193	190	9	affect	affect	VERB
afbr-193	190	10	dividend	dividend	NOUN
afbr-193	190	11	policy	policy	NOUN
afbr-193	190	12	in	in	ADP
afbr-193	190	13	the	the	DET
afbr-193	190	14	context	context	NOUN
afbr-193	190	15	of	of	ADP
afbr-193	190	16	the	the	DET
afbr-193	190	17	nigerian	nigerian	ADJ
afbr-193	190	18	manufacturing	manufacturing	NOUN
afbr-193	190	19	industry	industry	NOUN
afbr-193	190	20	.	.	PUNCT
afbr-193	191	1	the	the	DET
afbr-193	191	2	literature	literature	NOUN
afbr-193	191	3	examined	examine	VERB
afbr-193	191	4	in	in	ADP
afbr-193	191	5	this	this	DET
afbr-193	191	6	study	study	NOUN
afbr-193	191	7	did	do	AUX
afbr-193	191	8	not	not	PART
afbr-193	191	9	investigate	investigate	VERB
afbr-193	191	10	direction	direction	NOUN
afbr-193	191	11	of	of	ADP
afbr-193	191	12	causality	causality	NOUN
afbr-193	191	13	between	between	ADP
afbr-193	191	14	the	the	DET
afbr-193	191	15	independent	independent	ADJ
afbr-193	191	16	and	and	CCONJ
afbr-193	191	17	dependent	dependent	ADJ
afbr-193	191	18	variables	variable	NOUN
afbr-193	191	19	that	that	PRON
afbr-193	191	20	determine	determine	VERB
afbr-193	191	21	dividend	dividend	NOUN
afbr-193	191	22	policy	policy	NOUN
afbr-193	191	23	.	.	PUNCT
afbr-193	192	1	studies	study	NOUN
afbr-193	192	2	that	that	PRON
afbr-193	192	3	attempt	attempt	VERB
afbr-193	192	4	to	to	PART
afbr-193	192	5	do	do	VERB
afbr-193	192	6	so	so	ADV
afbr-193	192	7	failed	fail	VERB
afbr-193	192	8	to	to	PART
afbr-193	192	9	establish	establish	VERB
afbr-193	192	10	exact	exact	ADJ
afbr-193	192	11	and	and	CCONJ
afbr-193	192	12	causal	causal	ADJ
afbr-193	192	13	relationship	relationship	NOUN
afbr-193	192	14	between	between	ADP
afbr-193	192	15	the	the	DET
afbr-193	192	16	variables	variable	NOUN
afbr-193	192	17	(	(	PUNCT
afbr-193	192	18	anil	anil	PROPN
afbr-193	192	19	and	and	CCONJ
afbr-193	192	20	kapoor	kapoor	PROPN
afbr-193	192	21	,	,	PUNCT
afbr-193	192	22	2008	2008	NUM
afbr-193	192	23	;	;	PUNCT
afbr-193	192	24	king’wara	king’wara	NOUN
afbr-193	192	25	,	,	PUNCT
afbr-193	192	26	2015	2015	NUM
afbr-193	192	27	;	;	PUNCT
afbr-193	192	28	kinfe	kinfe	NOUN
afbr-193	192	29	,	,	PUNCT
afbr-193	192	30	2011	2011	NUM
afbr-193	192	31	;	;	PUNCT
afbr-193	192	32	maniagiet	maniagiet	NOUN
afbr-193	192	33	at	at	ADP
afbr-193	192	34	.	.	PROPN
afbr-193	192	35	,	,	PUNCT
afbr-193	192	36	2013	2013	NUM
afbr-193	192	37	;	;	PUNCT
afbr-193	192	38	manigagi	manigagi	PROPN
afbr-193	192	39	and	and	CCONJ
afbr-193	192	40	el	el	PROPN
afbr-193	192	41	-	-	PUNCT
afbr-193	192	42	khoury	khoury	PROPN
afbr-193	192	43	,	,	PUNCT
afbr-193	192	44	2014	2014	NUM
afbr-193	192	45	,	,	PUNCT
afbr-193	192	46	ahmed	ahme	VERB
afbr-193	192	47	et	et	PROPN
afbr-193	192	48	at	at	ADP
afbr-193	192	49	,	,	PUNCT
afbr-193	192	50	2014).for	2014).for	ADP
afbr-193	192	51	this	this	DET
afbr-193	192	52	purpose	purpose	NOUN
afbr-193	192	53	,	,	PUNCT
afbr-193	192	54	this	this	DET
afbr-193	192	55	study	study	NOUN
afbr-193	192	56	will	will	AUX
afbr-193	192	57	enhance	enhance	VERB
afbr-193	192	58	the	the	DET
afbr-193	192	59	analysis	analysis	NOUN
afbr-193	192	60	by	by	ADP
afbr-193	192	61	establishing	establish	VERB
afbr-193	192	62	the	the	DET
afbr-193	192	63	causal	causal	ADJ
afbr-193	192	64	dynamic	dynamic	ADJ
afbr-193	192	65	relationship	relationship	NOUN
afbr-193	192	66	that	that	PRON
afbr-193	192	67	exists	exist	VERB
afbr-193	192	68	between	between	ADP
afbr-193	192	69	the	the	DET
afbr-193	192	70	independent	independent	ADJ
afbr-193	192	71	and	and	CCONJ
afbr-193	192	72	dependent	dependent	ADJ
afbr-193	192	73	variables	variable	NOUN
afbr-193	192	74	and	and	CCONJ
afbr-193	192	75	the	the	DET
afbr-193	192	76	extent	extent	NOUN
afbr-193	192	77	to	to	PART
afbr-193	192	78	which	which	PRON
afbr-193	192	79	it	it	PRON
afbr-193	192	80	affect	affect	VERB
afbr-193	192	81	dividend	dividend	NOUN
afbr-193	192	82	policy	policy	NOUN
afbr-193	192	83	of	of	ADP
afbr-193	192	84	nigeria	nigeria	PROPN
afbr-193	192	85	quoted	quote	VERB
afbr-193	192	86	manufacturing	manufacturing	NOUN
afbr-193	192	87	firms	firm	NOUN
afbr-193	192	88	.	.	PUNCT
afbr-193	193	1	the	the	DET
afbr-193	193	2	existing	exist	VERB
afbr-193	193	3	studies	study	NOUN
afbr-193	193	4	also	also	ADV
afbr-193	193	5	did	do	AUX
afbr-193	193	6	not	not	PART
afbr-193	193	7	address	address	VERB
afbr-193	193	8	the	the	DET
afbr-193	193	9	case	case	NOUN
afbr-193	193	10	of	of	ADP
afbr-193	193	11	the	the	DET
afbr-193	193	12	developing	develop	VERB
afbr-193	193	13	financial	financial	ADJ
afbr-193	193	14	market	market	NOUN
afbr-193	193	15	like	like	ADP
afbr-193	193	16	nigeria	nigeria	PROPN
afbr-193	193	17	but	but	CCONJ
afbr-193	193	18	dealt	deal	VERB
afbr-193	193	19	with	with	ADP
afbr-193	193	20	the	the	DET
afbr-193	193	21	financial	financial	ADJ
afbr-193	193	22	market	market	NOUN
afbr-193	193	23	of	of	ADP
afbr-193	193	24	the	the	DET
afbr-193	193	25	developed	develop	VERB
afbr-193	193	26	countries	country	NOUN
afbr-193	193	27	where	where	SCONJ
afbr-193	193	28	it	it	PRON
afbr-193	193	29	is	be	AUX
afbr-193	193	30	considered	consider	VERB
afbr-193	193	31	more	more	ADV
afbr-193	193	32	perfect	perfect	ADJ
afbr-193	193	33	than	than	ADP
afbr-193	193	34	in	in	ADP
afbr-193	193	35	developing	develop	VERB
afbr-193	193	36	countries	country	NOUN
afbr-193	193	37	.	.	PUNCT
afbr-193	194	1	in	in	ADP
afbr-193	194	2	this	this	DET
afbr-193	194	3	study	study	NOUN
afbr-193	194	4	,	,	PUNCT
afbr-193	194	5	we	we	PRON
afbr-193	194	6	will	will	AUX
afbr-193	194	7	examine	examine	VERB
afbr-193	194	8	the	the	DET
afbr-193	194	9	economic	economic	ADJ
afbr-193	194	10	variables	variable	NOUN
afbr-193	194	11	that	that	PRON
afbr-193	194	12	determine	determine	VERB
afbr-193	194	13	dividend	dividend	NOUN
afbr-193	194	14	policy	policy	NOUN
afbr-193	194	15	of	of	ADP
afbr-193	194	16	nigeria	nigeria	PROPN
afbr-193	194	17	manufacturing	manufacture	VERB
afbr-193	194	18	firms.it	firms.it	NUM
afbr-193	194	19	is	be	AUX
afbr-193	194	20	however	however	ADV
afbr-193	194	21	note	note	NOUN
afbr-193	194	22	-	-	PUNCT
afbr-193	194	23	worthy	worthy	ADJ
afbr-193	194	24	that	that	SCONJ
afbr-193	194	25	this	this	DET
afbr-193	194	26	study	study	NOUN
afbr-193	194	27	will	will	AUX
afbr-193	194	28	apply	apply	VERB
afbr-193	194	29	the	the	DET
afbr-193	194	30	gordon	gordon	PROPN
afbr-193	194	31	relevance	relevance	NOUN
afbr-193	194	32	theory	theory	NOUN
afbr-193	194	33	.	.	PUNCT
afbr-193	195	1	gordon	gordon	PROPN
afbr-193	195	2	found	find	VERB
afbr-193	195	3	that	that	SCONJ
afbr-193	195	4	dividend	dividend	NOUN
afbr-193	195	5	policy	policy	NOUN
afbr-193	195	6	affects	affect	VERB
afbr-193	195	7	stocks	stock	NOUN
afbr-193	195	8	even	even	ADV
afbr-193	195	9	in	in	ADP
afbr-193	195	10	the	the	DET
afbr-193	195	11	perfect	perfect	ADJ
afbr-193	195	12	capital	capital	NOUN
afbr-193	195	13	market	market	NOUN
afbr-193	195	14	as	as	SCONJ
afbr-193	195	15	opposed	oppose	VERB
afbr-193	195	16	to	to	ADP
afbr-193	195	17	irrelevance	irrelevance	NOUN
afbr-193	195	18	theory	theory	NOUN
afbr-193	195	19	of	of	ADP
afbr-193	195	20	miller	miller	PROPN
afbr-193	195	21	and	and	CCONJ
afbr-193	195	22	modigliani	modigliani	NOUN
afbr-193	195	23	.	.	PUNCT
afbr-193	196	1	he	he	PRON
afbr-193	196	2	noted	note	VERB
afbr-193	196	3	that	that	SCONJ
afbr-193	196	4	investors	investor	NOUN
afbr-193	196	5	may	may	AUX
afbr-193	196	6	prefer	prefer	VERB
afbr-193	196	7	present	present	ADJ
afbr-193	196	8	dividend	dividend	NOUN
afbr-193	196	9	instead	instead	ADV
afbr-193	196	10	of	of	ADP
afbr-193	196	11	future	future	ADJ
afbr-193	196	12	capital	capital	NOUN
afbr-193	196	13	gains	gain	NOUN
afbr-193	196	14	because	because	SCONJ
afbr-193	196	15	the	the	DET
afbr-193	196	16	future	future	ADJ
afbr-193	196	17	situation	situation	NOUN
afbr-193	196	18	is	be	AUX
afbr-193	196	19	uncertain	uncertain	ADJ
afbr-193	196	20	even	even	ADV
afbr-193	196	21	if	if	SCONJ
afbr-193	196	22	in	in	ADP
afbr-193	196	23	perfect	perfect	ADJ
afbr-193	196	24	capital	capital	NOUN
afbr-193	196	25	market	market	NOUN
afbr-193	196	26	.	.	PUNCT
afbr-193	197	1	empirical	empirical	ADJ
afbr-193	197	2	evidence	evidence	NOUN
afbr-193	197	3	on	on	ADP
afbr-193	197	4	dividend	dividend	NOUN
afbr-193	197	5	policy	policy	NOUN
afbr-193	197	6	and	and	CCONJ
afbr-193	197	7	capital	capital	NOUN
afbr-193	197	8	structure	structure	NOUN
afbr-193	197	9	has	have	AUX
afbr-193	197	10	validated	validate	VERB
afbr-193	197	11	the	the	DET
afbr-193	197	12	relevance	relevance	NOUN
afbr-193	197	13	theory	theory	NOUN
afbr-193	197	14	than	than	ADP
afbr-193	197	15	the	the	DET
afbr-193	197	16	irrelevance	irrelevance	NOUN
afbr-193	197	17	.	.	PUNCT
afbr-193	198	1	this	this	PRON
afbr-193	198	2	is	be	AUX
afbr-193	198	3	based	base	VERB
afbr-193	198	4	on	on	ADP
afbr-193	198	5	the	the	DET
afbr-193	198	6	fact	fact	NOUN
afbr-193	198	7	that	that	SCONJ
afbr-193	198	8	the	the	DET
afbr-193	198	9	assumptions	assumption	NOUN
afbr-193	198	10	of	of	ADP
afbr-193	198	11	irrelevance	irrelevance	NOUN
afbr-193	198	12	theory	theory	NOUN
afbr-193	198	13	such	such	ADJ
afbr-193	198	14	as	as	ADP
afbr-193	198	15	the	the	DET
afbr-193	198	16	perfect	perfect	ADJ
afbr-193	198	17	market	market	NOUN
afbr-193	198	18	are	be	AUX
afbr-193	198	19	not	not	PART
afbr-193	198	20	attainable	attainable	ADJ
afbr-193	198	21	most	most	ADV
afbr-193	198	22	especially	especially	ADV
afbr-193	198	23	in	in	ADP
afbr-193	198	24	the	the	DET
afbr-193	198	25	developing	develop	VERB
afbr-193	198	26	markets	market	NOUN
afbr-193	198	27	and	and	CCONJ
afbr-193	198	28	the	the	DET
afbr-193	198	29	emerging	emerge	VERB
afbr-193	198	30	financial	financial	ADJ
afbr-193	198	31	markets	market	NOUN
afbr-193	198	32	like	like	ADP
afbr-193	198	33	nigeria	nigeria	PRON
afbr-193	198	34	.	.	PUNCT
afbr-193	199	1	4	4	X
afbr-193	199	2	.	.	X
afbr-193	199	3	research	research	NOUN
afbr-193	199	4	methodology	methodology	NOUN
afbr-193	199	5	this	this	DET
afbr-193	199	6	study	study	NOUN
afbr-193	199	7	used	use	VERB
afbr-193	199	8	quasi	quasi	ADJ
afbr-193	199	9	experimental	experimental	ADJ
afbr-193	199	10	research	research	NOUN
afbr-193	199	11	design	design	NOUN
afbr-193	199	12	approach	approach	NOUN
afbr-193	199	13	and	and	CCONJ
afbr-193	199	14	descriptive	descriptive	ADJ
afbr-193	199	15	survey	survey	NOUN
afbr-193	199	16	.	.	PUNCT
afbr-193	200	1	the	the	DET
afbr-193	200	2	quasi	quasi	PROPN
afbr-193	200	3	experimental	experimental	PROPN
afbr-193	200	4	research	research	NOUN
afbr-193	200	5	design	design	NOUN
afbr-193	200	6	approach	approach	NOUN
afbr-193	200	7	combines	combine	VERB
afbr-193	200	8	theoretical	theoretical	ADJ
afbr-193	200	9	consideration	consideration	NOUN
afbr-193	200	10	(	(	PUNCT
afbr-193	200	11	a	a	DET
afbr-193	200	12	prior	prior	ADJ
afbr-193	200	13	criterion	criterion	NOUN
afbr-193	200	14	)	)	PUNCT
afbr-193	200	15	with	with	ADP
afbr-193	200	16	the	the	DET
afbr-193	200	17	empirical	empirical	ADJ
afbr-193	200	18	observation	observation	NOUN
afbr-193	200	19	to	to	PART
afbr-193	200	20	extract	extract	VERB
afbr-193	200	21	maximum	maximum	ADJ
afbr-193	200	22	information	information	NOUN
afbr-193	200	23	from	from	ADP
afbr-193	200	24	the	the	DET
afbr-193	200	25	available	available	ADJ
afbr-193	200	26	data	datum	NOUN
afbr-193	200	27	.	.	PUNCT
afbr-193	201	1	this	this	DET
afbr-193	201	2	study	study	NOUN
afbr-193	201	3	used	use	VERB
afbr-193	201	4	published	publish	VERB
afbr-193	201	5	data	datum	NOUN
afbr-193	201	6	for	for	ADP
afbr-193	201	7	the	the	DET
afbr-193	201	8	10	10	NUM
afbr-193	201	9	years	year	NOUN
afbr-193	201	10	period	period	NOUN
afbr-193	201	11	beginning	begin	VERB
afbr-193	201	12	from	from	ADP
afbr-193	201	13	2007	2007	NUM
afbr-193	201	14	2016	2016	NUM
afbr-193	201	15	.	.	PUNCT
afbr-193	202	1	the	the	DET
afbr-193	202	2	secondary	secondary	ADJ
afbr-193	202	3	data	datum	NOUN
afbr-193	202	4	was	be	AUX
afbr-193	202	5	obtained	obtain	VERB
afbr-193	202	6	from	from	ADP
afbr-193	202	7	the	the	DET
afbr-193	202	8	stock	stock	NOUN
afbr-193	202	9	exchange	exchange	NOUN
afbr-193	202	10	fact	fact	NOUN
afbr-193	202	11	-	-	PUNCT
afbr-193	202	12	book	book	NOUN
afbr-193	202	13	,	,	PUNCT
afbr-193	202	14	the	the	DET
afbr-193	202	15	central	central	ADJ
afbr-193	202	16	bank	bank	PROPN
afbr-193	202	17	of	of	ADP
afbr-193	202	18	nigeria	nigeria	PROPN
afbr-193	202	19	statistical	statistical	ADJ
afbr-193	202	20	bulletin	bulletin	NOUN
afbr-193	202	21	(	(	PUNCT
afbr-193	202	22	and	and	CCONJ
afbr-193	202	23	other	other	ADJ
afbr-193	202	24	publications	publication	NOUN
afbr-193	202	25	)	)	PUNCT
afbr-193	202	26	and	and	CCONJ
afbr-193	202	27	financial	financial	ADJ
afbr-193	202	28	statement	statement	NOUN
afbr-193	202	29	of	of	ADP
afbr-193	202	30	the	the	DET
afbr-193	202	31	quoted	quote	VERB
afbr-193	202	32	firms	firm	NOUN
afbr-193	202	33	.	.	PUNCT
afbr-193	203	1	the	the	DET
afbr-193	203	2	population	population	NOUN
afbr-193	203	3	is	be	AUX
afbr-193	203	4	the	the	DET
afbr-193	203	5	manufacturing	manufacturing	NOUN
afbr-193	203	6	concerns	concern	NOUN
afbr-193	203	7	quoted	quote	VERB
afbr-193	203	8	in	in	ADP
afbr-193	203	9	the	the	DET
afbr-193	203	10	nigerian	nigerian	ADJ
afbr-193	203	11	stock	stock	NOUN
afbr-193	203	12	exchange	exchange	PROPN
afbr-193	203	13	.	.	PUNCT
afbr-193	204	1	as	as	ADP
afbr-193	204	2	at	at	ADP
afbr-193	204	3	december	december	PROPN
afbr-193	204	4	31	31	NUM
afbr-193	204	5	,	,	PUNCT
afbr-193	204	6	2006	2006	NUM
afbr-193	204	7	;	;	PUNCT
afbr-193	204	8	there	there	PRON
afbr-193	204	9	were	be	VERB
afbr-193	204	10	twenty	twenty	NUM
afbr-193	204	11	five	five	NUM
afbr-193	204	12	(	(	PUNCT
afbr-193	204	13	25	25	NUM
afbr-193	204	14	)	)	PUNCT
afbr-193	204	15	publicly	publicly	ADV
afbr-193	204	16	listed	list	VERB
afbr-193	204	17	manufacturing	manufacturing	NOUN
afbr-193	204	18	concerns	concern	NOUN
afbr-193	204	19	in	in	ADP
afbr-193	204	20	nigeria	nigeria	PROPN
afbr-193	204	21	.	.	PUNCT
afbr-193	205	1	there	there	PRON
afbr-193	205	2	is	be	VERB
afbr-193	205	3	however	however	ADV
afbr-193	205	4	sixty	sixty	NUM
afbr-193	205	5	three	three	NUM
afbr-193	205	6	(	(	PUNCT
afbr-193	205	7	63	63	NUM
afbr-193	205	8	)	)	PUNCT
afbr-193	205	9	publicly	publicly	ADV
afbr-193	205	10	listed	list	VERB
afbr-193	205	11	manufacturing	manufacturing	NOUN
afbr-193	205	12	concerns	concern	NOUN
afbr-193	205	13	as	as	ADP
afbr-193	205	14	at	at	ADP
afbr-193	205	15	the	the	DET
afbr-193	205	16	end	end	NOUN
afbr-193	205	17	of	of	ADP
afbr-193	205	18	october	october	PROPN
afbr-193	205	19	2017	2017	NUM
afbr-193	205	20	in	in	ADP
afbr-193	205	21	nigeria	nigeria	PROPN
afbr-193	205	22	.	.	PUNCT
afbr-193	206	1	www.cribfb.com/journal/index.php/afbr	www.cribfb.com/journal/index.php/afbr	PROPN
afbr-193	206	2	australian	australian	ADJ
afbr-193	206	3	finance	finance	PROPN
afbr-193	206	4	&	&	CCONJ
afbr-193	206	5	banking	banking	PROPN
afbr-193	206	6	review	review	PROPN
afbr-193	206	7	vol	vol	NOUN
afbr-193	206	8	.	.	PROPN
afbr-193	207	1	2	2	NUM
afbr-193	207	2	,	,	PUNCT
afbr-193	207	3	no	no	INTJ
afbr-193	207	4	.	.	NOUN
afbr-193	207	5	2	2	NUM
afbr-193	207	6	;	;	PUNCT
afbr-193	207	7	2018	2018	NUM
afbr-193	207	8	13	13	NUM
afbr-193	207	9	apparently	apparently	ADV
afbr-193	207	10	,	,	PUNCT
afbr-193	207	11	20	20	NUM
afbr-193	207	12	manufacturing	manufacturing	NOUN
afbr-193	207	13	firms	firm	NOUN
afbr-193	207	14	that	that	PRON
afbr-193	207	15	are	be	AUX
afbr-193	207	16	listed	list	VERB
afbr-193	207	17	on	on	ADP
afbr-193	207	18	nigeria	nigeria	PROPN
afbr-193	207	19	stock	stock	PROPN
afbr-193	207	20	exchange	exchange	PROPN
afbr-193	207	21	were	be	AUX
afbr-193	207	22	used	use	VERB
afbr-193	207	23	as	as	ADP
afbr-193	207	24	our	our	PRON
afbr-193	207	25	sample	sample	NOUN
afbr-193	207	26	size	size	NOUN
afbr-193	207	27	.	.	PUNCT
afbr-193	208	1	panel	panel	NOUN
afbr-193	208	2	data	datum	NOUN
afbr-193	208	3	structure	structure	NOUN
afbr-193	208	4	allows	allow	VERB
afbr-193	208	5	us	we	PRON
afbr-193	208	6	to	to	PART
afbr-193	208	7	take	take	VERB
afbr-193	208	8	into	into	ADP
afbr-193	208	9	account	account	NOUN
afbr-193	208	10	the	the	DET
afbr-193	208	11	unobservable	unobservable	ADJ
afbr-193	208	12	and	and	CCONJ
afbr-193	208	13	constant	constant	ADJ
afbr-193	208	14	heterogeneity	heterogeneity	NOUN
afbr-193	208	15	,	,	PUNCT
afbr-193	208	16	that	that	ADV
afbr-193	208	17	is	is	ADV
afbr-193	208	18	,	,	PUNCT
afbr-193	208	19	the	the	DET
afbr-193	208	20	specific	specific	ADJ
afbr-193	208	21	features	feature	NOUN
afbr-193	208	22	of	of	ADP
afbr-193	208	23	each	each	DET
afbr-193	208	24	quoted	quote	VERB
afbr-193	208	25	firm	firm	NOUN
afbr-193	208	26	.	.	PUNCT
afbr-193	209	1	the	the	DET
afbr-193	209	2	researcher	researcher	NOUN
afbr-193	209	3	also	also	ADV
afbr-193	209	4	employed	employ	VERB
afbr-193	209	5	pooled	pool	VERB
afbr-193	209	6	ordinary	ordinary	ADJ
afbr-193	209	7	least	least	ADJ
afbr-193	209	8	square	square	ADJ
afbr-193	209	9	(	(	PUNCT
afbr-193	209	10	ols	ol	NOUN
afbr-193	209	11	)	)	PUNCT
afbr-193	209	12	,	,	PUNCT
afbr-193	209	13	fixed	fix	VERB
afbr-193	209	14	effects	effect	NOUN
afbr-193	209	15	and	and	CCONJ
afbr-193	209	16	random	random	ADJ
afbr-193	209	17	effects	effect	NOUN
afbr-193	209	18	regression	regression	NOUN
afbr-193	209	19	models	model	NOUN
afbr-193	209	20	to	to	PART
afbr-193	209	21	test	test	VERB
afbr-193	209	22	the	the	DET
afbr-193	209	23	various	various	ADJ
afbr-193	209	24	hypotheses	hypothesis	NOUN
afbr-193	209	25	.	.	PUNCT
afbr-193	210	1	in	in	ADP
afbr-193	210	2	addition	addition	NOUN
afbr-193	210	3	,	,	PUNCT
afbr-193	210	4	ols	ol	NOUN
afbr-193	210	5	method	method	NOUN
afbr-193	210	6	has	have	AUX
afbr-193	210	7	been	be	AUX
afbr-193	210	8	employed	employ	VERB
afbr-193	210	9	in	in	ADP
afbr-193	210	10	a	a	DET
afbr-193	210	11	wide	wide	ADJ
afbr-193	210	12	range	range	NOUN
afbr-193	210	13	of	of	ADP
afbr-193	210	14	economic	economic	ADJ
afbr-193	210	15	relationships	relationship	NOUN
afbr-193	210	16	with	with	ADP
afbr-193	210	17	fairly	fairly	ADV
afbr-193	210	18	satisfactory	satisfactory	ADJ
afbr-193	210	19	results	result	NOUN
afbr-193	210	20	.	.	PUNCT
afbr-193	211	1	fixed	fix	VERB
afbr-193	211	2	effects	effect	NOUN
afbr-193	211	3	and	and	CCONJ
afbr-193	211	4	random	random	ADJ
afbr-193	211	5	effects	effect	NOUN
afbr-193	211	6	models	model	NOUN
afbr-193	211	7	will	will	AUX
afbr-193	211	8	aid	aid	VERB
afbr-193	211	9	to	to	PART
afbr-193	211	10	observe	observe	VERB
afbr-193	211	11	variations	variation	NOUN
afbr-193	211	12	among	among	ADP
afbr-193	211	13	cross	cross	ADJ
afbr-193	211	14	-	-	ADJ
afbr-193	211	15	sectional	sectional	ADJ
afbr-193	211	16	units	unit	NOUN
afbr-193	211	17	simultaneously	simultaneously	ADV
afbr-193	211	18	with	with	ADP
afbr-193	211	19	variations	variation	NOUN
afbr-193	211	20	within	within	ADP
afbr-193	211	21	individual	individual	ADJ
afbr-193	211	22	units	unit	NOUN
afbr-193	211	23	over	over	ADP
afbr-193	211	24	time	time	NOUN
afbr-193	211	25	.	.	PUNCT
afbr-193	212	1	it	it	PRON
afbr-193	212	2	assumes	assume	VERB
afbr-193	212	3	that	that	SCONJ
afbr-193	212	4	variables	variable	NOUN
afbr-193	212	5	are	be	AUX
afbr-193	212	6	strictly	strictly	ADV
afbr-193	212	7	time	time	NOUN
afbr-193	212	8	disparity	disparity	NOUN
afbr-193	212	9	or	or	CCONJ
afbr-193	212	10	time	time	NOUN
afbr-193	212	11	invariant	invariant	ADJ
afbr-193	212	12	.	.	PUNCT
afbr-193	213	1	this	this	PRON
afbr-193	213	2	undermines	undermine	VERB
afbr-193	213	3	an	an	DET
afbr-193	213	4	exploration	exploration	NOUN
afbr-193	213	5	of	of	ADP
afbr-193	213	6	the	the	DET
afbr-193	213	7	effect	effect	NOUN
afbr-193	213	8	of	of	ADP
afbr-193	213	9	slow	slow	ADJ
afbr-193	213	10	change	change	NOUN
afbr-193	213	11	within	within	ADP
afbr-193	213	12	individual	individual	ADJ
afbr-193	213	13	firms	firm	NOUN
afbr-193	213	14	’	’	PART
afbr-193	213	15	factors	factor	NOUN
afbr-193	213	16	.	.	PUNCT
afbr-193	214	1	hence	hence	ADV
afbr-193	214	2	,	,	PUNCT
afbr-193	214	3	the	the	DET
afbr-193	214	4	rationale	rationale	NOUN
afbr-193	214	5	for	for	ADP
afbr-193	214	6	adopting	adopt	VERB
afbr-193	214	7	fixed	fix	VERB
afbr-193	214	8	effects	effect	NOUN
afbr-193	214	9	and	and	CCONJ
afbr-193	214	10	random	random	ADJ
afbr-193	214	11	effects	effect	NOUN
afbr-193	214	12	models	model	NOUN
afbr-193	214	13	estimator	estimator	NOUN
afbr-193	214	14	as	as	ADP
afbr-193	214	15	additional	additional	ADJ
afbr-193	214	16	test	test	NOUN
afbr-193	214	17	was	be	AUX
afbr-193	214	18	to	to	PART
afbr-193	214	19	enable	enable	VERB
afbr-193	214	20	the	the	DET
afbr-193	214	21	researcher	researcher	NOUN
afbr-193	214	22	control	control	NOUN
afbr-193	214	23	time	time	NOUN
afbr-193	214	24	contrast	contrast	NOUN
afbr-193	214	25	and	and	CCONJ
afbr-193	214	26	time	time	NOUN
afbr-193	214	27	invariant	invariant	ADJ
afbr-193	214	28	variables	variable	NOUN
afbr-193	214	29	,	,	PUNCT
afbr-193	214	30	and	and	CCONJ
afbr-193	214	31	thereby	thereby	ADV
afbr-193	214	32	controls	control	VERB
afbr-193	214	33	the	the	DET
afbr-193	214	34	effect	effect	NOUN
afbr-193	214	35	of	of	ADP
afbr-193	214	36	the	the	DET
afbr-193	214	37	unobserved	unobserved	ADJ
afbr-193	214	38	heterogeneity	heterogeneity	NOUN
afbr-193	214	39	in	in	ADP
afbr-193	214	40	the	the	DET
afbr-193	214	41	dataset	dataset	NOUN
afbr-193	214	42	.	.	PUNCT
afbr-193	215	1	it	it	PRON
afbr-193	215	2	is	be	AUX
afbr-193	215	3	worthy	worthy	ADJ
afbr-193	215	4	of	of	ADP
afbr-193	215	5	note	note	NOUN
afbr-193	215	6	that	that	SCONJ
afbr-193	215	7	,	,	PUNCT
afbr-193	215	8	coefficient	coefficient	NOUN
afbr-193	215	9	of	of	ADP
afbr-193	215	10	estimations	estimation	NOUN
afbr-193	215	11	are	be	AUX
afbr-193	215	12	reliable	reliable	ADJ
afbr-193	215	13	when	when	SCONJ
afbr-193	215	14	regression	regression	NOUN
afbr-193	215	15	parameters	parameter	NOUN
afbr-193	215	16	do	do	AUX
afbr-193	215	17	not	not	PART
afbr-193	215	18	change	change	VERB
afbr-193	215	19	over	over	ADP
afbr-193	215	20	time	time	NOUN
afbr-193	215	21	and	and	CCONJ
afbr-193	215	22	do	do	AUX
afbr-193	215	23	not	not	PART
afbr-193	215	24	differ	differ	VERB
afbr-193	215	25	between	between	ADP
afbr-193	215	26	various	various	ADJ
afbr-193	215	27	cross	cross	ADJ
afbr-193	215	28	-	-	ADJ
afbr-193	215	29	sectional	sectional	ADJ
afbr-193	215	30	units	unit	NOUN
afbr-193	215	31	,	,	PUNCT
afbr-193	215	32	therefore	therefore	ADV
afbr-193	215	33	,	,	PUNCT
afbr-193	215	34	because	because	SCONJ
afbr-193	215	35	the	the	DET
afbr-193	215	36	regression	regression	NOUN
afbr-193	215	37	estimation	estimation	NOUN
afbr-193	215	38	differ	differ	VERB
afbr-193	215	39	widely	widely	ADV
afbr-193	215	40	between	between	ADP
afbr-193	215	41	the	the	DET
afbr-193	215	42	two	two	NUM
afbr-193	215	43	models	model	NOUN
afbr-193	215	44	(	(	PUNCT
afbr-193	215	45	fixed	fix	VERB
afbr-193	215	46	and	and	CCONJ
afbr-193	215	47	random	random	ADJ
afbr-193	215	48	effects	effect	NOUN
afbr-193	215	49	models	model	NOUN
afbr-193	215	50	)	)	PUNCT
afbr-193	215	51	,	,	PUNCT
afbr-193	215	52	the	the	DET
afbr-193	215	53	hausman	hausman	ADJ
afbr-193	215	54	test	test	NOUN
afbr-193	215	55	was	be	AUX
afbr-193	215	56	adopted	adopt	VERB
afbr-193	215	57	and	and	CCONJ
afbr-193	215	58	the	the	DET
afbr-193	215	59	result	result	NOUN
afbr-193	215	60	formed	form	VERB
afbr-193	215	61	the	the	DET
afbr-193	215	62	basis	basis	NOUN
afbr-193	215	63	of	of	ADP
afbr-193	215	64	the	the	DET
afbr-193	215	65	researcher	researcher	NOUN
afbr-193	215	66	’s	’s	PART
afbr-193	215	67	findings	finding	NOUN
afbr-193	215	68	and	and	CCONJ
afbr-193	215	69	recommendations	recommendation	NOUN
afbr-193	215	70	.	.	PUNCT
afbr-193	216	1	panel	panel	NOUN
afbr-193	216	2	data	datum	NOUN
afbr-193	216	3	over	over	ADP
afbr-193	216	4	the	the	DET
afbr-193	216	5	period	period	NOUN
afbr-193	216	6	from	from	ADP
afbr-193	216	7	2007	2007	NUM
afbr-193	216	8	2016	2016	NUM
afbr-193	216	9	was	be	AUX
afbr-193	216	10	used	use	VERB
afbr-193	216	11	.	.	PUNCT
afbr-193	217	1	these	these	DET
afbr-193	217	2	analytical	analytical	ADJ
afbr-193	217	3	techniques	technique	NOUN
afbr-193	217	4	enabled	enable	VERB
afbr-193	217	5	the	the	DET
afbr-193	217	6	researcher	researcher	NOUN
afbr-193	217	7	attain	attain	VERB
afbr-193	217	8	justifiable	justifiable	ADJ
afbr-193	217	9	and	and	CCONJ
afbr-193	217	10	robust	robust	ADJ
afbr-193	217	11	results	result	NOUN
afbr-193	217	12	.	.	PUNCT
afbr-193	218	1			NOUN
afbr-193	218	2			PUNCT
afbr-193	218	3	xity	xity	NOUN
afbr-193	218	4	10	10	NUM
afbr-193	218	5	1	1	NUM
afbr-193	218	6	where	where	SCONJ
afbr-193	218	7	y	y	NOUN
afbr-193	218	8	=	=	PUNCT
afbr-193	218	9	dependent	dependent	ADJ
afbr-193	218	10	variable	variable	NOUN
afbr-193	218	11	xit1	xit1	PROPN
afbr-193	219	1	=	=	PUNCT
afbr-193	219	2	independent	independent	ADJ
afbr-193	219	3	variable	variable	ADJ
afbr-193	219	4	0	0	NOUN
afbr-193	220	1	=	=	NOUN
afbr-193	220	2	regression	regression	NOUN
afbr-193	220	3	intercept	intercept	NOUN
afbr-193	220	4			NOUN
afbr-193	220	5	=	=	NOUN
afbr-193	220	6	error	error	NOUN
afbr-193	220	7	term	term	NOUN
afbr-193	220	8	disaggregating	disaggregate	VERB
afbr-193	220	9	equation	equation	NOUN
afbr-193	220	10	3.1	3.1	NUM
afbr-193	220	11	to	to	PART
afbr-193	220	12	form	form	VERB
afbr-193	220	13	the	the	DET
afbr-193	220	14	multiple	multiple	ADJ
afbr-193	220	15	regression	regression	NOUN
afbr-193	220	16	models	model	NOUN
afbr-193	220	17	,	,	PUNCT
afbr-193	220	18	we	we	PRON
afbr-193	220	19	have	have	VERB
afbr-193	220	20	model	model	NOUN
afbr-193	220	21	specification	specification	NOUN
afbr-193	220	22	pooled	pool	VERB
afbr-193	220	23	regression	regression	NOUN
afbr-193	220	24	specification	specification	NOUN
afbr-193	220	25	ititititititititit	ititititititititit	NOUN
afbr-193	220	26	dercccsplmeliqgopodpr	dercccsplmeliqgopodpr	VERB
afbr-193	220	27	177665544332211	177665544332211	NUM
afbr-193	221	1			PROPN
afbr-193	221	2			VERB
afbr-193	221	3	2	2	NUM
afbr-193	221	4	fixed	fix	VERB
afbr-193	221	5	effect	effect	NOUN
afbr-193	221	6	model	model	NOUN
afbr-193	221	7	specification	specification	NOUN
afbr-193	221	8	itiiitititititititit	itiiitititititititit	PROPN
afbr-193	221	9	idumdercccsplmeliqgopodpr	idumdercccsplmeliqgopodpr	VERB
afbr-193	221	10	119	119	NUM
afbr-193	221	11	77665544332211	77665544332211	NUM
afbr-193	221	12			PROPN
afbr-193	221	13			NOUN
afbr-193	221	14			X
afbr-193	221	15	3	3	NUM
afbr-193	221	16	random	random	ADJ
afbr-193	221	17	effect	effect	NOUN
afbr-193	221	18	model	model	NOUN
afbr-193	221	19	specification	specification	NOUN
afbr-193	221	20	ititititititititit	ititititititititit	NOUN
afbr-193	221	21	idercccsplmeliqgopodpr	idercccsplmeliqgopodpr	VERB
afbr-193	221	22	177665544332211	177665544332211	NUM
afbr-193	221	23			NOUN
afbr-193	221	24			NOUN
afbr-193	221	25	4	4	NUM
afbr-193	221	26	where	where	SCONJ
afbr-193	221	27	dpr	dpr	PROPN
afbr-193	221	28	=	=	PUNCT
afbr-193	221	29	dividend	dividend	NOUN
afbr-193	221	30	payout	payout	NOUN
afbr-193	221	31	rate	rate	NOUN
afbr-193	221	32	gop	gop	PROPN
afbr-193	221	33	=	=	NOUN
afbr-193	221	34	growth	growth	NOUN
afbr-193	221	35	opportunities	opportunity	NOUN
afbr-193	221	36	measured	measure	VERB
afbr-193	221	37	by	by	ADP
afbr-193	221	38	the	the	DET
afbr-193	221	39	percentage	percentage	NOUN
afbr-193	221	40	increase	increase	NOUN
afbr-193	221	41	in	in	ADP
afbr-193	221	42	stock	stock	NOUN
afbr-193	221	43	turnover	turnover	NOUN
afbr-193	221	44	loq	loq	PROPN
afbr-193	221	45	=	=	PROPN
afbr-193	221	46	liquidity	liquidity	NOUN
afbr-193	221	47	measured	measure	VERB
afbr-193	221	48	by	by	ADP
afbr-193	221	49	current	current	ADJ
afbr-193	221	50	asset	asset	NOUN
afbr-193	221	51	less	less	ADJ
afbr-193	221	52	current	current	ADJ
afbr-193	221	53	liabilities	liability	NOUN
afbr-193	221	54	me	i	PRON
afbr-193	221	55	=	=	SYM
afbr-193	221	56	management	management	NOUN
afbr-193	221	57	efficiency	efficiency	NOUN
afbr-193	221	58	measured	measure	VERB
afbr-193	221	59	by	by	ADP
afbr-193	221	60	total	total	ADJ
afbr-193	221	61	revenue	revenue	NOUN
afbr-193	221	62	to	to	ADP
afbr-193	221	63	total	total	ADJ
afbr-193	221	64	expenditure	expenditure	NOUN
afbr-193	221	65	pl	pl	NOUN
afbr-193	221	66	=	=	NOUN
afbr-193	221	67	profit	profit	NOUN
afbr-193	221	68	level	level	NOUN
afbr-193	221	69	measured	measure	VERB
afbr-193	221	70	by	by	ADP
afbr-193	221	71	return	return	NOUN
afbr-193	221	72	on	on	ADP
afbr-193	221	73	investment	investment	NOUN
afbr-193	221	74	cs	cs	X
afbr-193	221	75	=	=	NOUN
afbr-193	221	76	company	company	NOUN
afbr-193	221	77	size	size	NOUN
afbr-193	221	78	measured	measure	VERB
afbr-193	221	79	by	by	ADP
afbr-193	221	80	total	total	ADJ
afbr-193	221	81	asset	asset	NOUN
afbr-193	221	82	divided	divide	VERB
afbr-193	221	83	by	by	ADP
afbr-193	221	84	total	total	ADJ
afbr-193	221	85	liabilities	liability	NOUN
afbr-193	221	86	cc	cc	NOUN
afbr-193	221	87	=	=	PUNCT
afbr-193	221	88	cost	cost	NOUN
afbr-193	221	89	of	of	ADP
afbr-193	221	90	capital	capital	NOUN
afbr-193	221	91	using	use	VERB
afbr-193	221	92	weighted	weight	VERB
afbr-193	221	93	average	average	ADJ
afbr-193	221	94	cost	cost	NOUN
afbr-193	221	95	of	of	ADP
afbr-193	221	96	capital	capital	NOUN
afbr-193	221	97	der	der	NOUN
afbr-193	221	98	=	=	PROPN
afbr-193	221	99	debt	debt	NOUN
afbr-193	221	100	equity	equity	NOUN
afbr-193	221	101	ratio	ratio	NOUN
afbr-193	221	102	measured	measure	VERB
afbr-193	221	103	by	by	ADP
afbr-193	221	104	total	total	ADJ
afbr-193	221	105	equity	equity	NOUN
afbr-193	221	106	divided	divide	VERB
afbr-193	221	107	by	by	ADP
afbr-193	221	108	total	total	ADJ
afbr-193	221	109	debt	debt	NOUN
afbr-193	221	110	et	et	NOUN
afbr-193	221	111	=	=	PUNCT
afbr-193	221	112	stochastic	stochastic	NOUN
afbr-193	221	113	or	or	CCONJ
afbr-193	221	114	disturbance	disturbance	NOUN
afbr-193	221	115	/	/	SYM
afbr-193	221	116	error	error	NOUN
afbr-193	221	117	term	term	NOUN
afbr-193	221	118	.	.	PUNCT
afbr-193	222	1	t	t	NOUN
afbr-193	222	2	=	=	PUNCT
afbr-193	222	3	time	time	NOUN
afbr-193	222	4	dimension	dimension	NOUN
afbr-193	222	5	of	of	ADP
afbr-193	222	6	the	the	DET
afbr-193	222	7	variables	variable	NOUN
afbr-193	222	8	α	α	NOUN
afbr-193	222	9	0	0	X
afbr-193	223	1	=	=	SYM
afbr-193	223	2	constant	constant	ADJ
afbr-193	223	3	or	or	CCONJ
afbr-193	223	4	intercept	intercept	NOUN
afbr-193	223	5	.	.	PROPN
afbr-193	223	6	table	table	NOUN
afbr-193	223	7	showing	show	VERB
afbr-193	223	8	the	the	DET
afbr-193	223	9	proxy	proxy	NOUN
afbr-193	223	10	variables	variable	NOUN
afbr-193	223	11	definition	definition	NOUN
afbr-193	223	12	and	and	CCONJ
afbr-193	223	13	expected	expect	VERB
afbr-193	223	14	result	result	NOUN
afbr-193	223	15	proxy	proxy	ADJ
afbr-193	223	16	variable	variable	ADJ
afbr-193	223	17	definition	definition	NOUN
afbr-193	223	18	expected	expect	VERB
afbr-193	223	19	sign	sign	NOUN
afbr-193	223	20	dividend	dividend	NOUN
afbr-193	223	21	payout	payout	NOUN
afbr-193	223	22	ratio	ratio	NOUN
afbr-193	223	23	dps	dps	NOUN
afbr-193	223	24	/	/	SYM
afbr-193	223	25	eps	eps	PROPN
afbr-193	223	26	dependent	dependent	ADJ
afbr-193	223	27	variable	variable	ADJ
afbr-193	223	28	debt	debt	NOUN
afbr-193	223	29	equity	equity	NOUN
afbr-193	223	30	ratio	ratio	NOUN
afbr-193	223	31	td	td	PROPN
afbr-193	223	32	/	/	SYM
afbr-193	223	33	te	te	PROPN
afbr-193	223	34	+	+	NOUN
afbr-193	223	35	company	company	NOUN
afbr-193	223	36	size	size	NOUN
afbr-193	223	37	lta	lta	PROPN
afbr-193	223	38	/	/	SYM
afbr-193	223	39	ta	ta	PROPN
afbr-193	223	40	return	return	VERB
afbr-193	223	41	on	on	ADP
afbr-193	223	42	investment	investment	NOUN
afbr-193	223	43	(	(	PUNCT
afbr-193	223	44	profitability	profitability	NOUN
afbr-193	223	45	)	)	PUNCT
afbr-193	223	46	pat	pat	PROPN
afbr-193	223	47	/	/	SYM
afbr-193	223	48	ti	ti	NOUN
afbr-193	223	49	+	+	NOUN
afbr-193	223	50	growth	growth	NOUN
afbr-193	223	51	opportunity	opportunity	NOUN
afbr-193	223	52	%	%	NOUN
afbr-193	223	53	st	st	PROPN
afbr-193	223	54	liquidity	liquidity	PROPN
afbr-193	223	55	ca	ca	NOUN
afbr-193	223	56	/	/	SYM
afbr-193	223	57	cl	cl	NOUN
afbr-193	223	58	+	+	CCONJ
afbr-193	223	59	cost	cost	NOUN
afbr-193	223	60	of	of	ADP
afbr-193	223	61	capital	capital	PROPN
afbr-193	223	62	wacc	wacc	PROPN
afbr-193	223	63	management	management	NOUN
afbr-193	223	64	efficiency	efficiency	NOUN
afbr-193	223	65	tr	tr	VERB
afbr-193	223	66	/	/	SYM
afbr-193	223	67	te	te	X
afbr-193	223	68	+	+	CCONJ
afbr-193	223	69	www.cribfb.com/journal/index.php/afbr	www.cribfb.com/journal/index.php/afbr	ADJ
afbr-193	223	70	australian	australian	ADJ
afbr-193	223	71	finance	finance	NOUN
afbr-193	223	72	&	&	CCONJ
afbr-193	223	73	banking	banking	PROPN
afbr-193	223	74	review	review	PROPN
afbr-193	223	75	vol	vol	NOUN
afbr-193	223	76	.	.	PROPN
afbr-193	224	1	2	2	NUM
afbr-193	224	2	,	,	PUNCT
afbr-193	224	3	no	no	INTJ
afbr-193	224	4	.	.	NOUN
afbr-193	224	5	2	2	NUM
afbr-193	224	6	;	;	PUNCT
afbr-193	224	7	2018	2018	NUM
afbr-193	224	8	14	14	NUM
afbr-193	224	9	estimation	estimation	NOUN
afbr-193	224	10	techniques	technique	NOUN
afbr-193	224	11	panel	panel	NOUN
afbr-193	224	12	unit	unit	NOUN
afbr-193	224	13	root	root	PROPN
afbr-193	224	14	test	test	NOUN
afbr-193	224	15	result	result	VERB
afbr-193	224	16	the	the	DET
afbr-193	224	17	data	datum	NOUN
afbr-193	224	18	were	be	AUX
afbr-193	224	19	checked	check	VERB
afbr-193	224	20	for	for	ADP
afbr-193	224	21	the	the	DET
afbr-193	224	22	presence	presence	NOUN
afbr-193	224	23	of	of	ADP
afbr-193	224	24	unit	unit	NOUN
afbr-193	224	25	root	root	NOUN
afbr-193	224	26	using	use	VERB
afbr-193	224	27	the	the	DET
afbr-193	224	28	adf	adf	PROPN
afbr-193	224	29	fisher	fisher	PROPN
afbr-193	224	30	chi	chi	PROPN
afbr-193	224	31	-	-	PUNCT
afbr-193	224	32	square	square	PROPN
afbr-193	224	33	and	and	CCONJ
afbr-193	224	34	philiperon	philiperon	PROPN
afbr-193	224	35	fisher	fisher	PROPN
afbr-193	224	36	chi	chi	PROPN
afbr-193	224	37	-	-	PUNCT
afbr-193	224	38	square	square	NOUN
afbr-193	224	39	,	,	PUNCT
afbr-193	224	40	which	which	PRON
afbr-193	224	41	is	be	AUX
afbr-193	224	42	based	base	VERB
afbr-193	224	43	on	on	ADP
afbr-193	224	44	the	the	DET
afbr-193	224	45	well	well	ADV
afbr-193	224	46	-	-	PUNCT
afbr-193	224	47	known	know	VERB
afbr-193	224	48	dickey	dickey	NOUN
afbr-193	224	49	–	–	PUNCT
afbr-193	224	50	fuller	full	ADJ
afbr-193	224	51	procedure	procedure	NOUN
afbr-193	224	52	.	.	PUNCT
afbr-193	225	1	the	the	DET
afbr-193	225	2	null	null	ADJ
afbr-193	225	3	hypothesis	hypothesis	NOUN
afbr-193	225	4	for	for	ADP
afbr-193	225	5	these	these	DET
afbr-193	225	6	tests	test	NOUN
afbr-193	225	7	is	be	AUX
afbr-193	225	8	that	that	SCONJ
afbr-193	225	9	there	there	PRON
afbr-193	225	10	is	be	VERB
afbr-193	225	11	a	a	DET
afbr-193	225	12	presence	presence	NOUN
afbr-193	225	13	of	of	ADP
afbr-193	225	14	non	non	ADJ
afbr-193	225	15	-	-	ADJ
afbr-193	225	16	stationary	stationary	ADJ
afbr-193	225	17	series	series	NOUN
afbr-193	225	18	against	against	ADP
afbr-193	225	19	the	the	DET
afbr-193	225	20	alternative	alternative	ADJ
afbr-193	225	21	hypothesis	hypothesis	NOUN
afbr-193	225	22	of	of	ADP
afbr-193	225	23	stationary	stationary	ADJ
afbr-193	225	24	series	series	NOUN
afbr-193	225	25	.	.	PUNCT
afbr-193	226	1	the	the	DET
afbr-193	226	2	unit	unit	NOUN
afbr-193	226	3	root	root	NOUN
afbr-193	226	4	test	test	NOUN
afbr-193	226	5	is	be	AUX
afbr-193	226	6	important	important	ADJ
afbr-193	226	7	because	because	SCONJ
afbr-193	226	8	non	non	ADJ
afbr-193	226	9	-	-	ADJ
afbr-193	226	10	stationary	stationary	ADJ
afbr-193	226	11	series	series	NOUN
afbr-193	226	12	regression	regression	NOUN
afbr-193	226	13	estimation	estimation	NOUN
afbr-193	226	14	leads	lead	VERB
afbr-193	226	15	to	to	ADP
afbr-193	226	16	spurious	spurious	ADJ
afbr-193	226	17	regression	regression	NOUN
afbr-193	226	18	estimations	estimation	NOUN
afbr-193	226	19	with	with	ADP
afbr-193	226	20	the	the	DET
afbr-193	226	21	wrong	wrong	ADJ
afbr-193	226	22	magnitude	magnitude	NOUN
afbr-193	226	23	and	and	CCONJ
afbr-193	226	24	sign	sign	NOUN
afbr-193	226	25	of	of	ADP
afbr-193	226	26	the	the	DET
afbr-193	226	27	parameter	parameter	NOUN
afbr-193	226	28	of	of	ADP
afbr-193	226	29	the	the	DET
afbr-193	226	30	regressors	regressor	NOUN
afbr-193	226	31	,	,	PUNCT
afbr-193	226	32	with	with	ADP
afbr-193	226	33	wrongly	wrongly	ADV
afbr-193	226	34	inferred	infer	VERB
afbr-193	226	35	implications	implication	NOUN
afbr-193	226	36	.	.	PUNCT
afbr-193	227	1	the	the	DET
afbr-193	227	2	study	study	NOUN
afbr-193	227	3	assumes	assume	VERB
afbr-193	227	4	an	an	DET
afbr-193	227	5	absence	absence	NOUN
afbr-193	227	6	of	of	ADP
afbr-193	227	7	a	a	DET
afbr-193	227	8	time	time	NOUN
afbr-193	227	9	trend	trend	NOUN
afbr-193	227	10	;	;	PUNCT
afbr-193	227	11	hence	hence	ADV
afbr-193	227	12	it	it	PRON
afbr-193	227	13	is	be	AUX
afbr-193	227	14	tested	test	VERB
afbr-193	227	15	for	for	ADP
afbr-193	227	16	stationarity	stationarity	NOUN
afbr-193	227	17	allowing	allow	VERB
afbr-193	227	18	for	for	ADP
afbr-193	227	19	constant	constant	ADJ
afbr-193	227	20	only	only	ADV
afbr-193	227	21	.	.	PUNCT
afbr-193	228	1	stationarity	stationarity	NOUN
afbr-193	228	2	denotes	denote	VERB
afbr-193	228	3	the	the	DET
afbr-193	228	4	non	non	PROPN
afbr-193	228	5	existence	existence	NOUN
afbr-193	228	6	of	of	ADP
afbr-193	228	7	unit	unit	NOUN
afbr-193	228	8	root	root	NOUN
afbr-193	228	9	.	.	PUNCT
afbr-193	229	1	we	we	PRON
afbr-193	229	2	shall	shall	AUX
afbr-193	229	3	therefore	therefore	ADV
afbr-193	229	4	subject	subject	VERB
afbr-193	229	5	all	all	DET
afbr-193	229	6	the	the	DET
afbr-193	229	7	variables	variable	NOUN
afbr-193	229	8	to	to	ADP
afbr-193	229	9	unit	unit	NOUN
afbr-193	229	10	root	root	NOUN
afbr-193	229	11	test	test	NOUN
afbr-193	229	12	using	use	VERB
afbr-193	229	13	the	the	DET
afbr-193	229	14	augmented	augment	VERB
afbr-193	229	15	dickey	dickey	PROPN
afbr-193	229	16	fuller	full	ADJ
afbr-193	229	17	(	(	PUNCT
afbr-193	229	18	adf	adf	NOUN
afbr-193	229	19	)	)	PUNCT
afbr-193	229	20	test	test	NOUN
afbr-193	229	21	specified	specify	VERB
afbr-193	229	22	in	in	ADP
afbr-193	229	23	gujarati	gujarati	PROPN
afbr-193	229	24	(	(	PUNCT
afbr-193	229	25	2004	2004	NUM
afbr-193	229	26	)	)	PUNCT
afbr-193	229	27	as	as	SCONJ
afbr-193	229	28	follows	follow	VERB
afbr-193	229	29	.	.	PUNCT
afbr-193	230	1	etyiyy	etyiyy	PROPN
afbr-193	230	2	t	t	PROPN
afbr-193	230	3	m	m	VERB
afbr-193	230	4	i	i	PRON
afbr-193	230	5	tt	tt	PROPN
afbr-193	230	6			ADJ
afbr-193	230	7			PROPN
afbr-193	230	8			PROPN
afbr-193	230	9			NOUN
afbr-193	230	10	1	1	NUM
afbr-193	230	11	1	1	NUM
afbr-193	230	12	121	121	NUM
afbr-193	230	13			NOUN
afbr-193	230	14	5	5	NUM
afbr-193	230	15	where	where	SCONJ
afbr-193	230	16	:	:	PUNCT
afbr-193	230	17	ty	ty	NOUN
afbr-193	230	18	=	=	PUNCT
afbr-193	230	19	change	change	NOUN
afbr-193	230	20	time	time	NOUN
afbr-193	230	21	t	t	PROPN
afbr-193	230	22	1	1	NUM
afbr-193	230	23	ty	ty	INTJ
afbr-193	230	24	=	=	PUNCT
afbr-193	230	25	the	the	DET
afbr-193	230	26	lagged	lag	VERB
afbr-193	230	27	value	value	NOUN
afbr-193	230	28	of	of	ADP
afbr-193	230	29	the	the	DET
afbr-193	230	30	dependent	dependent	ADJ
afbr-193	230	31	variables	variable	NOUN
afbr-193	230	32	t	t	ADP
afbr-193	230	33	=	=	PUNCT
afbr-193	230	34	white	white	ADJ
afbr-193	230	35	noise	noise	NOUN
afbr-193	230	36	error	error	NOUN
afbr-193	230	37	term	term	NOUN
afbr-193	230	38	if	if	SCONJ
afbr-193	230	39	in	in	ADP
afbr-193	230	40	the	the	DET
afbr-193	230	41	above	above	ADJ
afbr-193	230	42			PROPN
afbr-193	230	43	=	=	NOUN
afbr-193	230	44	0	0	NUM
afbr-193	230	45	,	,	PUNCT
afbr-193	230	46	then	then	ADV
afbr-193	230	47	we	we	PRON
afbr-193	230	48	conclude	conclude	VERB
afbr-193	230	49	that	that	SCONJ
afbr-193	230	50	there	there	PRON
afbr-193	230	51	is	be	VERB
afbr-193	230	52	a	a	DET
afbr-193	230	53	unit	unit	NOUN
afbr-193	230	54	root	root	NOUN
afbr-193	230	55	.	.	PUNCT
afbr-193	231	1	otherwise	otherwise	ADV
afbr-193	231	2	,	,	PUNCT
afbr-193	231	3	there	there	PRON
afbr-193	231	4	is	be	VERB
afbr-193	231	5	no	no	DET
afbr-193	231	6	unit	unit	NOUN
afbr-193	231	7	root	root	NOUN
afbr-193	231	8	,	,	PUNCT
afbr-193	231	9	which	which	PRON
afbr-193	231	10	means	mean	VERB
afbr-193	231	11	that	that	SCONJ
afbr-193	231	12	it	it	PRON
afbr-193	231	13	is	be	AUX
afbr-193	231	14	stationary	stationary	ADJ
afbr-193	231	15	.	.	PUNCT
afbr-193	232	1	the	the	DET
afbr-193	232	2	choice	choice	NOUN
afbr-193	232	3	of	of	ADP
afbr-193	232	4	lag	lag	NOUN
afbr-193	232	5	will	will	AUX
afbr-193	232	6	be	be	AUX
afbr-193	232	7	determined	determine	VERB
afbr-193	232	8	by	by	ADP
afbr-193	232	9	akaike	akaike	ADJ
afbr-193	232	10	information	information	NOUN
afbr-193	232	11	criteria	criterion	NOUN
afbr-193	232	12	.	.	PUNCT
afbr-193	233	1	decision	decision	NOUN
afbr-193	233	2	rule	rule	NOUN
afbr-193	233	3	t	t	PROPN
afbr-193	233	4	-	-	PUNCT
afbr-193	233	5	adf	adf	PROPN
afbr-193	233	6	(	(	PUNCT
afbr-193	233	7	absolute	absolute	ADJ
afbr-193	233	8	value	value	NOUN
afbr-193	233	9	)	)	PUNCT
afbr-193	233	10	>	>	X
afbr-193	233	11	t	t	PROPN
afbr-193	233	12	-	-	PUNCT
afbr-193	233	13	adf	adf	PROPN
afbr-193	233	14	(	(	PUNCT
afbr-193	233	15	critical	critical	ADJ
afbr-193	233	16	value	value	NOUN
afbr-193	233	17	)	)	PUNCT
afbr-193	233	18	:	:	PUNCT
afbr-193	233	19	reject	reject	VERB
afbr-193	233	20	ho	ho	PROPN
afbr-193	233	21	(	(	PUNCT
afbr-193	233	22	otherwise	otherwise	ADV
afbr-193	233	23	accept	accept	VERB
afbr-193	233	24	h1	h1	PROPN
afbr-193	233	25	)	)	PUNCT
afbr-193	233	26	note	note	VERB
afbr-193	233	27	that	that	SCONJ
afbr-193	233	28	each	each	DET
afbr-193	233	29	variable	variable	NOUN
afbr-193	233	30	will	will	AUX
afbr-193	233	31	have	have	VERB
afbr-193	233	32	its	its	PRON
afbr-193	233	33	own	own	ADJ
afbr-193	233	34	adf	adf	NOUN
afbr-193	233	35	test	test	NOUN
afbr-193	233	36	value	value	NOUN
afbr-193	233	37	.	.	PUNCT
afbr-193	234	1	if	if	SCONJ
afbr-193	234	2	the	the	DET
afbr-193	234	3	variables	variable	NOUN
afbr-193	234	4	are	be	AUX
afbr-193	234	5	stationary	stationary	ADJ
afbr-193	234	6	at	at	ADP
afbr-193	234	7	level	level	NOUN
afbr-193	234	8	,	,	PUNCT
afbr-193	234	9	then	then	ADV
afbr-193	234	10	they	they	PRON
afbr-193	234	11	are	be	AUX
afbr-193	234	12	integrates	integrate	NOUN
afbr-193	234	13	of	of	ADP
afbr-193	234	14	order	order	NOUN
afbr-193	234	15	zero	zero	NUM
afbr-193	234	16	i.e	i.e	PRON
afbr-193	234	17	1(0	1(0	NUM
afbr-193	234	18	)	)	PUNCT
afbr-193	234	19	.	.	PUNCT
afbr-193	235	1	the	the	DET
afbr-193	235	2	unit	unit	NOUN
afbr-193	235	3	root	root	NOUN
afbr-193	235	4	problem	problem	NOUN
afbr-193	235	5	earlier	early	ADV
afbr-193	235	6	mentioned	mention	VERB
afbr-193	235	7	can	can	AUX
afbr-193	235	8	be	be	AUX
afbr-193	235	9	explained	explain	VERB
afbr-193	235	10	using	use	VERB
afbr-193	235	11	the	the	DET
afbr-193	235	12	model	model	NOUN
afbr-193	235	13	:	:	PUNCT
afbr-193	235	14	y=	y=	NUM
afbr-193	235	15	yt-1	yt-1	PUNCT
afbr-193	236	1	+	+	CCONJ
afbr-193	236	2	i	i	PROPN
afbr-193	236	3	6	6	NUM
afbr-193	236	4	where	where	SCONJ
afbr-193	236	5	yt	yt	PROPN
afbr-193	236	6	is	be	AUX
afbr-193	236	7	the	the	DET
afbr-193	236	8	variable	variable	NOUN
afbr-193	236	9	in	in	ADP
afbr-193	236	10	question	question	NOUN
afbr-193	236	11	;	;	PUNCT
afbr-193	236	12	i	i	PROPN
afbr-193	236	13	is	be	AUX
afbr-193	236	14	stochastic	stochastic	ADJ
afbr-193	236	15	error	error	NOUN
afbr-193	236	16	term	term	NOUN
afbr-193	236	17	.	.	PUNCT
afbr-193	237	1	equation	equation	NOUN
afbr-193	237	2	(	(	PUNCT
afbr-193	237	3	a	a	X
afbr-193	237	4	)	)	PUNCT
afbr-193	237	5	is	be	AUX
afbr-193	237	6	termed	term	VERB
afbr-193	237	7	first	first	ADJ
afbr-193	237	8	order	order	NOUN
afbr-193	237	9	regression	regression	NOUN
afbr-193	237	10	because	because	SCONJ
afbr-193	237	11	we	we	PRON
afbr-193	237	12	regress	regress	VERB
afbr-193	237	13	the	the	DET
afbr-193	237	14	value	value	NOUN
afbr-193	237	15	y	y	PROPN
afbr-193	237	16	at	at	ADP
afbr-193	237	17	time	time	NOUN
afbr-193	237	18	“	"	PUNCT
afbr-193	237	19	t	t	PROPN
afbr-193	237	20	”	"	PUNCT
afbr-193	237	21	on	on	ADP
afbr-193	237	22	its	its	PRON
afbr-193	237	23	value	value	NOUN
afbr-193	237	24	at	at	ADP
afbr-193	237	25	time	time	NOUN
afbr-193	237	26	(	(	PUNCT
afbr-193	237	27	t1	t1	NOUN
afbr-193	237	28	)	)	PUNCT
afbr-193	237	29	.	.	PUNCT
afbr-193	238	1	if	if	SCONJ
afbr-193	238	2	the	the	DET
afbr-193	238	3	coefficient	coefficient	NOUN
afbr-193	238	4	of	of	ADP
afbr-193	238	5	yt	yt	PROPN
afbr-193	238	6	-	-	PUNCT
afbr-193	238	7	i	i	PRON
afbr-193	238	8	is	be	AUX
afbr-193	238	9	equal	equal	ADJ
afbr-193	238	10	to	to	ADP
afbr-193	238	11	1	1	NUM
afbr-193	238	12	,	,	PUNCT
afbr-193	238	13	then	then	ADV
afbr-193	238	14	we	we	PRON
afbr-193	238	15	have	have	VERB
afbr-193	238	16	a	a	DET
afbr-193	238	17	unit	unit	NOUN
afbr-193	238	18	root	root	NOUN
afbr-193	238	19	problem	problem	NOUN
afbr-193	238	20	(	(	PUNCT
afbr-193	238	21	non	non	X
afbr-193	238	22	stationary	stationary	ADJ
afbr-193	238	23	situation	situation	NOUN
afbr-193	238	24	)	)	PUNCT
afbr-193	238	25	.	.	PUNCT
afbr-193	239	1	this	this	PRON
afbr-193	239	2	means	mean	VERB
afbr-193	239	3	that	that	SCONJ
afbr-193	239	4	if	if	SCONJ
afbr-193	239	5	the	the	DET
afbr-193	239	6	regression	regression	NOUN
afbr-193	239	7	.	.	PUNCT
afbr-193	240	1	y=	y=	PRON
afbr-193	240	2	yt-1	yt-1	PUNCT
afbr-193	241	1	+	+	CCONJ
afbr-193	241	2	i	i	PROPN
afbr-193	241	3	7	7	NUM
afbr-193	241	4	is	be	AUX
afbr-193	241	5	run	run	VERB
afbr-193	241	6	and	and	CCONJ
afbr-193	241	7	l	l	NOUN
afbr-193	241	8	is	be	AUX
afbr-193	241	9	found	find	VERB
afbr-193	241	10	to	to	PART
afbr-193	241	11	be	be	AUX
afbr-193	241	12	equal	equal	ADJ
afbr-193	241	13	to	to	ADP
afbr-193	241	14	1	1	NUM
afbr-193	241	15	then	then	ADV
afbr-193	241	16	the	the	DET
afbr-193	241	17	variable	variable	ADJ
afbr-193	241	18	yt	yt	NOUN
afbr-193	241	19	has	have	VERB
afbr-193	241	20	a	a	DET
afbr-193	241	21	unit	unit	NOUN
afbr-193	241	22	root	root	NOUN
afbr-193	241	23	(	(	PUNCT
afbr-193	241	24	random	random	ADJ
afbr-193	241	25	work	work	NOUN
afbr-193	241	26	in	in	ADP
afbr-193	241	27	time	time	NOUN
afbr-193	241	28	series	series	PROPN
afbr-193	241	29	econometrics).if	econometrics).if	PROPN
afbr-193	241	30	a	a	DET
afbr-193	241	31	time	time	NOUN
afbr-193	241	32	series	series	NOUN
afbr-193	241	33	has	have	VERB
afbr-193	241	34	a	a	DET
afbr-193	241	35	unit	unit	NOUN
afbr-193	241	36	root	root	NOUN
afbr-193	241	37	,	,	PUNCT
afbr-193	241	38	the	the	DET
afbr-193	241	39	first	first	ADJ
afbr-193	241	40	difference	difference	NOUN
afbr-193	241	41	of	of	ADP
afbr-193	241	42	such	such	ADJ
afbr-193	241	43	time	time	NOUN
afbr-193	241	44	series	series	NOUN
afbr-193	241	45	are	be	AUX
afbr-193	241	46	usually	usually	ADV
afbr-193	241	47	stationary	stationary	ADJ
afbr-193	241	48	.	.	PUNCT
afbr-193	242	1	therefore	therefore	ADV
afbr-193	242	2	to	to	PART
afbr-193	242	3	salve	salve	VERB
afbr-193	242	4	the	the	DET
afbr-193	242	5	problem	problem	NOUN
afbr-193	242	6	,	,	PUNCT
afbr-193	242	7	take	take	VERB
afbr-193	242	8	the	the	DET
afbr-193	242	9	first	first	ADJ
afbr-193	242	10	difference	difference	NOUN
afbr-193	242	11	of	of	ADP
afbr-193	242	12	the	the	DET
afbr-193	242	13	time	time	NOUN
afbr-193	242	14	series	series	NOUN
afbr-193	242	15	.	.	PUNCT
afbr-193	243	1	the	the	DET
afbr-193	243	2	first	first	ADJ
afbr-193	243	3	difference	difference	NOUN
afbr-193	243	4	operation	operation	NOUN
afbr-193	243	5	is	be	AUX
afbr-193	243	6	shown	show	VERB
afbr-193	243	7	in	in	ADP
afbr-193	243	8	the	the	DET
afbr-193	243	9	following	following	ADJ
afbr-193	243	10	model	model	NOUN
afbr-193	243	11	:	:	PUNCT
afbr-193	243	12	y=	y=	NOUN
afbr-193	243	13	(	(	PUNCT
afbr-193	243	14	l-1	l-1	NUM
afbr-193	243	15	)	)	PUNCT
afbr-193	243	16	yt-1	yt-1	PUNCT
afbr-193	244	1	+	+	CCONJ
afbr-193	244	2	i	i	PROPN
afbr-193	244	3	8	8	NUM
afbr-193	244	4	yt-1	yt-1	NOUN
afbr-193	244	5	+	+	CCONJ
afbr-193	244	6	i	i	PROPN
afbr-193	244	7	9	9	NUM
afbr-193	244	8	(	(	PUNCT
afbr-193	244	9	note	note	NOUN
afbr-193	244	10	:	:	PUNCT
afbr-193	244	11			NUM
afbr-193	244	12	=	=	ADJ
afbr-193	244	13	1	1	NUM
afbr-193	244	14	-	-	PUNCT
afbr-193	244	15	1=	1=	NOUN
afbr-193	244	16	0	0	NUM
afbr-193	244	17	;	;	PUNCT
afbr-193	244	18	where	where	SCONJ
afbr-193	244	19	l	l	NOUN
afbr-193	244	20	=	=	NOUN
afbr-193	244	21	1	1	NUM
afbr-193	244	22	;	;	PUNCT
afbr-193	244	23	yt	yt	NOUN
afbr-193	244	24	=	=	PUNCT
afbr-193	244	25	yt	yt	PRON
afbr-193	244	26	yt	yt	PROPN
afbr-193	244	27	-	-	PUNCT
afbr-193	244	28	i	i	NOUN
afbr-193	244	29	)	)	PUNCT
afbr-193	244	30	integrated	integrate	VERB
afbr-193	244	31	of	of	ADP
afbr-193	244	32	order	order	NOUN
afbr-193	244	33	1	1	NUM
afbr-193	244	34	or	or	CCONJ
afbr-193	244	35	i(i	i(i	NUM
afbr-193	244	36	)	)	PUNCT
afbr-193	244	37	given	give	VERB
afbr-193	244	38	that	that	SCONJ
afbr-193	244	39	the	the	DET
afbr-193	244	40	original	original	ADJ
afbr-193	244	41	(	(	PUNCT
afbr-193	244	42	random	random	ADJ
afbr-193	244	43	walk	walk	NOUN
afbr-193	244	44	)	)	PUNCT
afbr-193	244	45	series	series	NOUN
afbr-193	244	46	is	be	AUX
afbr-193	244	47	differenced	difference	VERB
afbr-193	244	48	once	once	ADV
afbr-193	244	49	and	and	CCONJ
afbr-193	244	50	the	the	DET
afbr-193	244	51	differenced	differenced	ADJ
afbr-193	244	52	series	series	NOUN
afbr-193	244	53	becomes	become	VERB
afbr-193	244	54	stationary	stationary	ADJ
afbr-193	244	55	,	,	PUNCT
afbr-193	244	56	then	then	ADV
afbr-193	244	57	the	the	DET
afbr-193	244	58	original	original	ADJ
afbr-193	244	59	series	series	NOUN
afbr-193	244	60	is	be	AUX
afbr-193	244	61	said	say	VERB
afbr-193	244	62	to	to	PART
afbr-193	244	63	be	be	AUX
afbr-193	244	64	integrated	integrate	VERB
afbr-193	244	65	of	of	ADP
afbr-193	244	66	order	order	NOUN
afbr-193	245	1	i	i	PRON
afbr-193	245	2	or	or	CCONJ
afbr-193	245	3	i	i	PRON
afbr-193	245	4	(	(	PUNCT
afbr-193	245	5	1	1	NUM
afbr-193	245	6	)	)	PUNCT
afbr-193	245	7	.	.	PUNCT
afbr-193	246	1	integrated	integrate	VERB
afbr-193	246	2	of	of	ADP
afbr-193	246	3	order	order	NOUN
afbr-193	246	4	2	2	NUM
afbr-193	246	5	or	or	CCONJ
afbr-193	246	6	i	i	PRON
afbr-193	246	7	(	(	PUNCT
afbr-193	246	8	2	2	X
afbr-193	246	9	)	)	PUNCT
afbr-193	246	10	given	give	VERB
afbr-193	246	11	that	that	SCONJ
afbr-193	246	12	the	the	DET
afbr-193	246	13	original	original	ADJ
afbr-193	246	14	series	series	NOUN
afbr-193	246	15	is	be	AUX
afbr-193	246	16	differenced	difference	VERB
afbr-193	246	17	twice	twice	ADV
afbr-193	246	18	before	before	SCONJ
afbr-193	246	19	it	it	PRON
afbr-193	246	20	becomes	become	VERB
afbr-193	246	21	stationary	stationary	ADJ
afbr-193	246	22	(	(	PUNCT
afbr-193	246	23	the	the	DET
afbr-193	246	24	first	first	ADJ
afbr-193	246	25	difference	difference	NOUN
afbr-193	246	26	of	of	ADP
afbr-193	246	27	the	the	DET
afbr-193	246	28	first	first	ADJ
afbr-193	246	29	difference	difference	NOUN
afbr-193	246	30	)	)	PUNCT
afbr-193	246	31	,	,	PUNCT
afbr-193	246	32	then	then	ADV
afbr-193	246	33	the	the	DET
afbr-193	246	34	original	original	ADJ
afbr-193	246	35	series	series	NOUN
afbr-193	246	36	is	be	AUX
afbr-193	246	37	integrated	integrate	VERB
afbr-193	246	38	of	of	ADP
afbr-193	246	39	order	order	NOUN
afbr-193	246	40	2	2	NUM
afbr-193	246	41	or	or	CCONJ
afbr-193	246	42	1(2).therefore	1(2).therefore	NUM
afbr-193	246	43	,	,	PUNCT
afbr-193	246	44	given	give	VERB
afbr-193	246	45	a	a	DET
afbr-193	246	46	time	time	NOUN
afbr-193	246	47	series	series	NOUN
afbr-193	246	48	has	have	VERB
afbr-193	246	49	to	to	PART
afbr-193	246	50	be	be	AUX
afbr-193	246	51	differenced	difference	VERB
afbr-193	246	52	q	q	ADJ
afbr-193	246	53	times	time	NOUN
afbr-193	246	54	before	before	ADP
afbr-193	246	55	becoming	become	VERB
afbr-193	246	56	stationary	stationary	ADJ
afbr-193	246	57	it	it	PRON
afbr-193	246	58	said	say	VERB
afbr-193	246	59	to	to	PART
afbr-193	246	60	be	be	AUX
afbr-193	246	61	integrated	integrate	VERB
afbr-193	246	62	of	of	ADP
afbr-193	246	63	order	order	NOUN
afbr-193	246	64	q	q	NOUN
afbr-193	246	65	or	or	CCONJ
afbr-193	246	66	i	i	PRON
afbr-193	246	67	(	(	PUNCT
afbr-193	246	68	q	q	NOUN
afbr-193	246	69	)	)	PUNCT
afbr-193	246	70	.	.	PUNCT
afbr-193	247	1	hence	hence	ADV
afbr-193	247	2	,	,	PUNCT
afbr-193	247	3	non	non	ADJ
afbr-193	247	4	stationary	stationary	ADJ
afbr-193	247	5	time	time	NOUN
afbr-193	247	6	series	series	PROPN
afbr-193	247	7	are	be	AUX
afbr-193	247	8	those	those	PRON
afbr-193	247	9	that	that	PRON
afbr-193	247	10	are	be	AUX
afbr-193	247	11	integrated	integrate	VERB
afbr-193	247	12	of	of	ADP
afbr-193	247	13	order	order	NOUN
afbr-193	247	14	1	1	NUM
afbr-193	247	15	or	or	CCONJ
afbr-193	247	16	greater.the	greater.the	DET
afbr-193	247	17	null	null	ADJ
afbr-193	247	18	hypothesis	hypothesis	NOUN
afbr-193	247	19	for	for	ADP
afbr-193	247	20	the	the	DET
afbr-193	247	21	unit	unit	NOUN
afbr-193	247	22	root	root	NOUN
afbr-193	247	23	is	be	AUX
afbr-193	247	24	:	:	PUNCT
afbr-193	247	25	ho	ho	ADJ
afbr-193	247	26	:	:	PUNCT
afbr-193	247	27	a	a	DET
afbr-193	247	28	=	=	NOUN
afbr-193	247	29	1	1	NUM
afbr-193	247	30	;	;	PUNCT
afbr-193	247	31	the	the	DET
afbr-193	247	32	alternative	alternative	ADJ
afbr-193	247	33	hypothesis	hypothesis	NOUN
afbr-193	247	34	is	be	AUX
afbr-193	247	35	hi	hi	ADJ
afbr-193	247	36	:	:	PUNCT
afbr-193	247	37	a	a	DET
afbr-193	247	38	<	<	X
afbr-193	247	39	1	1	NUM
afbr-193	247	40	.	.	PUNCT
afbr-193	248	1	we	we	PRON
afbr-193	248	2	shall	shall	AUX
afbr-193	248	3	test	test	VERB
afbr-193	248	4	the	the	DET
afbr-193	248	5	stationarity	stationarity	NOUN
afbr-193	248	6	of	of	ADP
afbr-193	248	7	our	our	PRON
afbr-193	248	8	data	datum	NOUN
afbr-193	248	9	using	use	VERB
afbr-193	248	10	the	the	DET
afbr-193	248	11	adf	adf	PROPN
afbr-193	248	12	test	test	NOUN
afbr-193	248	13	.	.	PUNCT
afbr-193	249	1	granger	granger	PROPN
afbr-193	249	2	causality	causality	PROPN
afbr-193	249	3	test	test	NOUN
afbr-193	249	4	thus	thus	ADV
afbr-193	249	5	,	,	PUNCT
afbr-193	249	6	granger	granger	PROPN
afbr-193	249	7	causality	causality	PROPN
afbr-193	249	8	test	test	NOUN
afbr-193	249	9	helps	help	VERB
afbr-193	249	10	in	in	ADP
afbr-193	249	11	adequate	adequate	ADJ
afbr-193	249	12	specification	specification	NOUN
afbr-193	249	13	of	of	ADP
afbr-193	249	14	model	model	NOUN
afbr-193	249	15	.	.	PUNCT
afbr-193	250	1	in	in	ADP
afbr-193	250	2	granger	granger	PROPN
afbr-193	250	3	causality	causality	PROPN
afbr-193	250	4	,	,	PUNCT
afbr-193	250	5	test	test	NOUN
afbr-193	250	6	,	,	PUNCT
afbr-193	250	7	the	the	DET
afbr-193	250	8	null	null	ADJ
afbr-193	250	9	hypothesis	hypothesis	NOUN
afbr-193	250	10	is	be	AUX
afbr-193	250	11	that	that	SCONJ
afbr-193	250	12	no	no	DET
afbr-193	250	13	causality	causality	NOUN
afbr-193	250	14	between	between	ADP
afbr-193	250	15	two	two	NUM
afbr-193	250	16	variables	variable	NOUN
afbr-193	250	17	.	.	PUNCT
afbr-193	251	1	the	the	DET
afbr-193	251	2	null	null	ADJ
afbr-193	251	3	hypotheses	hypothesis	NOUN
afbr-193	251	4	is	be	AUX
afbr-193	251	5	rejected	reject	VERB
afbr-193	251	6	if	if	SCONJ
afbr-193	251	7	the	the	DET
afbr-193	251	8	probability	probability	NOUN
afbr-193	251	9	of	of	ADP
afbr-193	251	10	f	f	PROPN
afbr-193	251	11	*	*	PROPN
afbr-193	251	12	statistics	statistic	NOUN
afbr-193	251	13	given	give	VERB
afbr-193	251	14	in	in	ADP
afbr-193	251	15	the	the	DET
afbr-193	251	16	granger	granger	PROPN
afbr-193	251	17	causality	causality	PROPN
afbr-193	251	18	result	result	NOUN
afbr-193	251	19	is	be	AUX
afbr-193	251	20	less	less	ADJ
afbr-193	251	21	than	than	ADP
afbr-193	251	22	0.05	0.05	NUM
afbr-193	251	23	.	.	PUNCT
afbr-193	252	1	the	the	DET
afbr-193	252	2	pair	pair	NOUN
afbr-193	252	3	-	-	PUNCT
afbr-193	252	4	wise	wise	ADJ
afbr-193	252	5	granger	granger	PROPN
afbr-193	252	6	causality	causality	NOUN
afbr-193	252	7	test	test	NOUN
afbr-193	252	8	is	be	AUX
afbr-193	252	9	mathematically	mathematically	ADV
afbr-193	252	10	expressed	express	VERB
afbr-193	252	11	as	as	ADP
afbr-193	252	12	:	:	PUNCT
afbr-193	252	13	www.cribfb.com/journal/index.php/afbr	www.cribfb.com/journal/index.php/afbr	ADJ
afbr-193	252	14	australian	australian	ADJ
afbr-193	252	15	finance	finance	PROPN
afbr-193	252	16	&	&	CCONJ
afbr-193	252	17	banking	banking	PROPN
afbr-193	252	18	review	review	PROPN
afbr-193	252	19	vol	vol	NOUN
afbr-193	252	20	.	.	PROPN
afbr-193	253	1	2	2	NUM
afbr-193	253	2	,	,	PUNCT
afbr-193	253	3	no	no	INTJ
afbr-193	253	4	.	.	NOUN
afbr-193	253	5	2	2	NUM
afbr-193	253	6	;	;	PUNCT
afbr-193	253	7	2018	2018	NUM
afbr-193	253	8	15	15	NUM
afbr-193	253	9	111	111	NUM
afbr-193	253	10	1	1	NUM
afbr-193	253	11	11	11	NUM
afbr-193	253	12	1	1	NUM
afbr-193	253	13	uxyxy	uxyxy	NOUN
afbr-193	253	14	t	t	NOUN
afbr-193	253	15	x	x	PUNCT
afbr-193	254	1	n	n	INTJ
afbr-193	254	2	i	i	PRON
afbr-193	254	3	t	t	VERB
afbr-193	255	1	y	y	PROPN
afbr-193	256	1	n	n	INTJ
afbr-193	257	1	i	i	PRON
afbr-193	257	2	ot	ot	VERB
afbr-193	257	3			ADJ
afbr-193	257	4			PROPN
afbr-193	257	5			PROPN
afbr-193	257	6			PROPN
afbr-193	257	7			NOUN
afbr-193	257	8			PROPN
afbr-193	258	1			PROPN
afbr-193	258	2	10	10	NUM
afbr-193	258	3	and	and	CCONJ
afbr-193	258	4	1	1	NUM
afbr-193	258	5	v	v	NUM
afbr-193	258	6	1y	1y	NUM
afbr-193	258	7	xxdp1	xxdp1	PROPN
afbr-193	259	1	n	n	PROPN
afbr-193	259	2	1i	1i	NOUN
afbr-193	259	3	1yt	1yt	NOUN
afbr-193	260	1	y	y	PROPN
afbr-193	260	2	1	1	NUM
afbr-193	260	3	dp	dp	NOUN
afbr-193	260	4	n	n	NUM
afbr-193	260	5	1i	1i	NOUN
afbr-193	260	6	o	o	NOUN
afbr-193	261	1	dp	dp	NOUN
afbr-193	261	2	t	t	PROPN
afbr-193	261	3	x	x	PROPN
afbr-193	261	4			PROPN
afbr-193	261	5			X
afbr-193	261	6			X
afbr-193	261	7			NUM
afbr-193	262	1			X
afbr-193	262	2			NOUN
afbr-193	262	3			SYM
afbr-193	262	4	11	11	NUM
afbr-193	262	5	where	where	SCONJ
afbr-193	262	6	xt	xt	PUNCT
afbr-193	262	7	and	and	CCONJ
afbr-193	262	8	yt	yt	PROPN
afbr-193	262	9	are	be	AUX
afbr-193	262	10	the	the	DET
afbr-193	262	11	variables	variable	NOUN
afbr-193	262	12	to	to	PART
afbr-193	262	13	be	be	AUX
afbr-193	262	14	tested	test	VERB
afbr-193	262	15	white	white	PROPN
afbr-193	262	16	ut	ut	PROPN
afbr-193	262	17	and	and	CCONJ
afbr-193	262	18	vt	vt	PROPN
afbr-193	262	19	are	be	AUX
afbr-193	262	20	the	the	DET
afbr-193	262	21	white	white	ADJ
afbr-193	262	22	noise	noise	NOUN
afbr-193	262	23	disturbance	disturbance	NOUN
afbr-193	262	24	terms	term	NOUN
afbr-193	262	25	.	.	PUNCT
afbr-193	263	1	the	the	DET
afbr-193	263	2	null	null	ADJ
afbr-193	263	3	hypothesis	hypothesis	NOUN
afbr-193	263	4	011	011	NUM
afbr-193	263	5			NUM
afbr-193	263	6	yy	yy	PROPN
afbr-193	263	7	dp	dp	PROPN
afbr-193	263	8	,	,	PUNCT
afbr-193	263	9	for	for	ADP
afbr-193	263	10	all	all	PRON
afbr-193	263	11	i	i	PRON
afbr-193	263	12	’s	’	VERB
afbr-193	263	13	is	be	AUX
afbr-193	263	14	tested	test	VERB
afbr-193	263	15	against	against	ADP
afbr-193	263	16	the	the	DET
afbr-193	263	17	alternative	alternative	ADJ
afbr-193	263	18	hypothesis	hypothesis	NOUN
afbr-193	263	19	01	01	NUM
afbr-193	263	20	x	x	PUNCT
afbr-193	263	21	and	and	CCONJ
afbr-193	263	22	.01	.01	NUM
afbr-193	263	23	ydp	ydp	PROPN
afbr-193	263	24	if	if	SCONJ
afbr-193	263	25	the	the	DET
afbr-193	263	26	co	co	NOUN
afbr-193	263	27	-	-	ADJ
afbr-193	263	28	efficient	efficient	ADJ
afbr-193	263	29	of	of	ADP
afbr-193	263	30	x	x	SYM
afbr-193	263	31	1	1	NUM
afbr-193	263	32	are	be	AUX
afbr-193	263	33	statistically	statistically	ADV
afbr-193	263	34	significant	significant	ADJ
afbr-193	263	35	but	but	CCONJ
afbr-193	263	36	that	that	PRON
afbr-193	263	37	of	of	ADP
afbr-193	263	38	ydp1	ydp1	NOUN
afbr-193	263	39	are	be	AUX
afbr-193	263	40	not	not	PART
afbr-193	263	41	,	,	PUNCT
afbr-193	263	42	then	then	ADV
afbr-193	263	43	x	x	PUNCT
afbr-193	263	44	causes	cause	VERB
afbr-193	263	45	y.	y.	PROPN
afbr-193	263	46	if	if	SCONJ
afbr-193	263	47	the	the	DET
afbr-193	263	48	reverse	reverse	NOUN
afbr-193	263	49	is	be	AUX
afbr-193	263	50	true	true	ADJ
afbr-193	263	51	then	then	ADV
afbr-193	263	52	y	y	PROPN
afbr-193	263	53	causes	cause	VERB
afbr-193	263	54	x.	x.	NOUN
afbr-193	263	55	however	however	ADV
afbr-193	263	56	,	,	PUNCT
afbr-193	263	57	where	where	SCONJ
afbr-193	263	58	both	both	DET
afbr-193	263	59	co	co	ADJ
afbr-193	263	60	-	-	ADJ
afbr-193	263	61	efficient	efficient	ADJ
afbr-193	263	62	of	of	ADP
afbr-193	263	63	x	x	SYM
afbr-193	263	64	1	1	NUM
afbr-193	263	65	and	and	CCONJ
afbr-193	263	66	ydp1	ydp1	NOUN
afbr-193	263	67	are	be	AUX
afbr-193	263	68	significant	significant	ADJ
afbr-193	263	69	then	then	ADV
afbr-193	263	70	causality	causality	NOUN
afbr-193	263	71	is	be	AUX
afbr-193	263	72	bi	bi	ADJ
afbr-193	263	73	–	–	PUNCT
afbr-193	263	74	directional	directional	ADJ
afbr-193	263	75	.	.	PUNCT
afbr-193	264	1	5	5	X
afbr-193	264	2	.	.	X
afbr-193	264	3	data	datum	NOUN
afbr-193	264	4	presentation	presentation	NOUN
afbr-193	264	5	,	,	PUNCT
afbr-193	264	6	analyses	analysis	NOUN
afbr-193	264	7	and	and	CCONJ
afbr-193	264	8	interpretations	interpretation	NOUN
afbr-193	264	9	presentation	presentation	NOUN
afbr-193	264	10	of	of	ADP
afbr-193	264	11	results	result	NOUN
afbr-193	264	12	below	below	ADV
afbr-193	264	13	are	be	AUX
afbr-193	264	14	tables	table	NOUN
afbr-193	264	15	showing	show	VERB
afbr-193	264	16	the	the	DET
afbr-193	264	17	results	result	NOUN
afbr-193	264	18	of	of	ADP
afbr-193	264	19	the	the	DET
afbr-193	264	20	level	level	NOUN
afbr-193	264	21	series	series	NOUN
afbr-193	264	22	result	result	NOUN
afbr-193	264	23	,	,	PUNCT
afbr-193	264	24	significance	significance	NOUN
afbr-193	264	25	of	of	ADP
afbr-193	264	26	the	the	DET
afbr-193	264	27	model	model	NOUN
afbr-193	264	28	(	(	PUNCT
afbr-193	264	29	hausman	hausman	ADJ
afbr-193	264	30	test	test	NOUN
afbr-193	264	31	)	)	PUNCT
afbr-193	264	32	,	,	PUNCT
afbr-193	264	33	stability	stability	NOUN
afbr-193	264	34	test	test	NOUN
afbr-193	264	35	,	,	PUNCT
afbr-193	264	36	causality	causality	NOUN
afbr-193	264	37	test	test	NOUN
afbr-193	264	38	,	,	PUNCT
afbr-193	264	39	and	and	CCONJ
afbr-193	264	40	the	the	DET
afbr-193	264	41	hypothesis	hypothesis	NOUN
afbr-193	264	42	test	test	NOUN
afbr-193	264	43	.	.	PUNCT
afbr-193	265	1	table	table	NOUN
afbr-193	265	2	1	1	NUM
afbr-193	265	3	:	:	PUNCT
afbr-193	265	4	presentation	presentation	NOUN
afbr-193	265	5	of	of	ADP
afbr-193	265	6	level	level	NOUN
afbr-193	265	7	series	series	NOUN
afbr-193	265	8	result	result	VERB
afbr-193	265	9	variable	variable	NOUN
afbr-193	265	10	pooled	pool	VERB
afbr-193	265	11	effect	effect	NOUN
afbr-193	265	12	fixed	fix	VERB
afbr-193	265	13	effect	effect	NOUN
afbr-193	265	14	random	random	ADJ
afbr-193	265	15	effect	effect	NOUN
afbr-193	265	16	coefficient	coefficient	NOUN
afbr-193	265	17	t.	t.	PROPN
afbr-193	265	18	stat	stat	PROPN
afbr-193	265	19	p.	p.	PROPN
afbr-193	265	20	value	value	NOUN
afbr-193	266	1	coefficient	coefficient	NOUN
afbr-193	266	2	t.	t.	PROPN
afbr-193	266	3	stat	stat	PROPN
afbr-193	266	4	p.	p.	PROPN
afbr-193	266	5	value	value	NOUN
afbr-193	266	6	coefficient	coefficient	NOUN
afbr-193	266	7	t.	t.	PROPN
afbr-193	266	8	stat	stat	PROPN
afbr-193	266	9	p.	p.	PROPN
afbr-193	266	10	value	value	NOUN
afbr-193	266	11	gop	gop	PROPN
afbr-193	266	12	-0.030499	-0.030499	NOUN
afbr-193	267	1	0.182884	0.182884	NUM
afbr-193	267	2	0.8551	0.8551	NUM
afbr-193	267	3	-0.009773	-0.009773	NOUN
afbr-193	267	4	0.043160	0.043160	NUM
afbr-193	267	5	0.9656	0.9656	NUM
afbr-193	267	6	-0.117053	-0.117053	NOUN
afbr-193	267	7	0.569806	0.569806	NUM
afbr-193	267	8	0.8550	0.8550	NUM
afbr-193	267	9	liq	liq	NOUN
afbr-193	267	10	0.796832	0.796832	NUM
afbr-193	267	11	3.299509	3.299509	NUM
afbr-193	267	12	0.0004	0.0004	NUM
afbr-193	267	13	1.544558	1.544558	NUM
afbr-193	267	14	4.972520	4.972520	NUM
afbr-193	267	15	0.0002	0.0002	NUM
afbr-193	267	16	0.408731	0.408731	NUM
afbr-193	267	17	1.117045	1.117045	NUM
afbr-193	267	18	0.0050	0.0050	NUM
afbr-193	267	19	me	i	PRON
afbr-193	267	20	0.278481	0.278481	NUM
afbr-193	267	21	4.802463	4.802463	NUM
afbr-193	267	22	0.0000	0.0000	NUM
afbr-193	267	23	0.113972	0.113972	NUM
afbr-193	267	24	0.284487	0.284487	NUM
afbr-193	267	25	0.7764	0.7764	NUM
afbr-193	267	26	0.590341	0.590341	NUM
afbr-193	267	27	0.631148	0.631148	NUM
afbr-193	267	28	0.4229	0.4229	NUM
afbr-193	267	29	pl	pl	NOUN
afbr-193	267	30	-0.238385	-0.238385	NOUN
afbr-193	267	31	0.683799	0.683799	NUM
afbr-193	267	32	0.4950	0.4950	NUM
afbr-193	267	33	-0.080018	-0.080018	NOUN
afbr-193	267	34	0.207835	0.207835	NUM
afbr-193	267	35	0.8356	0.8356	NUM
afbr-193	267	36	-0.116753	-0.116753	NOUN
afbr-193	267	37	0.008359	0.008359	NUM
afbr-193	267	38	0.4946	0.4946	NUM
afbr-193	267	39	cs	cs	PROPN
afbr-193	267	40	1.029037	1.029037	NUM
afbr-193	267	41	4.526383	4.526383	NUM
afbr-193	267	42	0.0000	0.0000	NUM
afbr-193	267	43	2.301552	2.301552	NUM
afbr-193	267	44	2.683141	2.683141	NUM
afbr-193	267	45	0.0080	0.0080	NUM
afbr-193	267	46	1.375980	1.375980	NUM
afbr-193	267	47	2.551107	2.551107	NUM
afbr-193	267	48	0.0003	0.0003	NUM
afbr-193	267	49	cc	cc	NOUN
afbr-193	267	50	-0.366100	-0.366100	NOUN
afbr-193	267	51	3.490270	3.490270	NUM
afbr-193	267	52	0.0079	0.0079	NUM
afbr-193	267	53	-0.364344	-0.364344	NOUN
afbr-193	267	54	3.399826	3.399826	NUM
afbr-193	267	55	0.0034	0.0034	NUM
afbr-193	267	56	-0.654290	-0.654290	NOUN
afbr-193	267	57	2.094724	2.094724	NUM
afbr-193	267	58	0.0075	0.0075	NUM
afbr-193	267	59	der	der	ADJ
afbr-193	267	60	-0.046870	-0.046870	NOUN
afbr-193	267	61	0.537981	0.537981	NUM
afbr-193	267	62	0.5912	0.5912	NUM
afbr-193	267	63	-0.021320	-0.021320	NOUN
afbr-193	267	64	0.224931	0.224931	NUM
afbr-193	267	65	0.8223	0.8223	NUM
afbr-193	267	66	-0.453289	-0.453289	NUM
afbr-193	267	67	0.692466	0.692466	NUM
afbr-193	267	68	0.5909	0.5909	NUM
afbr-193	267	69	c	c	NOUN
afbr-193	267	70	44.10257	44.10257	NUM
afbr-193	267	71	4.198639	4.198639	NUM
afbr-193	267	72	0.0000	0.0000	NUM
afbr-193	267	73	23.80438	23.80438	NUM
afbr-193	267	74	1.886767	1.886767	NUM
afbr-193	267	75	0.0609	0.0609	NUM
afbr-193	267	76	34.76437	34.76437	NUM
afbr-193	267	77	3.432767	3.432767	NUM
afbr-193	267	78	0.0000	0.0000	NUM
afbr-193	267	79	r	r	NOUN
afbr-193	267	80	2	2	NUM
afbr-193	267	81	0.443356	0.443356	NUM
afbr-193	267	82	0.743071	0.743071	NUM
afbr-193	267	83	0.343468	0.343468	NUM
afbr-193	267	84	adjr	adjr	NOUN
afbr-193	267	85	2	2	NUM
afbr-193	267	86	0.307158	0.307158	NUM
afbr-193	267	87	0.408853	0.408853	NUM
afbr-193	267	88	0.117158	0.117158	NUM
afbr-193	267	89	fstatistic	fstatistic	NOUN
afbr-193	267	90	3.197754	3.197754	NUM
afbr-193	267	91	5.065960	5.065960	NUM
afbr-193	267	92	1.568924	1.568924	NUM
afbr-193	267	93	fprob	fprob	ADP
afbr-193	267	94	0.006071	0.006071	NUM
afbr-193	267	95	0.000804	0.000804	NUM
afbr-193	267	96	0.006071	0.006071	NUM
afbr-193	267	97	d	d	X
afbr-193	267	98	w	w	PROPN
afbr-193	267	99	1.844330	1.844330	NUM
afbr-193	267	100	2.000017	2.000017	NUM
afbr-193	267	101	1.844330	1.844330	NUM
afbr-193	267	102	source	source	NOUN
afbr-193	267	103	:	:	PUNCT
afbr-193	267	104	extract	extract	NOUN
afbr-193	267	105	from	from	ADP
afbr-193	267	106	e	e	NOUN
afbr-193	267	107	-	-	NOUN
afbr-193	267	108	view	view	NOUN
afbr-193	267	109	9.0	9.0	NUM
afbr-193	267	110	from	from	ADP
afbr-193	267	111	the	the	DET
afbr-193	267	112	table	table	NOUN
afbr-193	267	113	,	,	PUNCT
afbr-193	267	114	the	the	DET
afbr-193	267	115	pooled	pooled	ADJ
afbr-193	267	116	effect	effect	NOUN
afbr-193	267	117	model	model	NOUN
afbr-193	267	118	found	find	VERB
afbr-193	267	119	that	that	SCONJ
afbr-193	267	120	44.33	44.33	NUM
afbr-193	267	121	%	%	NOUN
afbr-193	267	122	and	and	CCONJ
afbr-193	267	123	30.7	30.7	NUM
afbr-193	267	124	%	%	NOUN
afbr-193	267	125	variation	variation	NOUN
afbr-193	267	126	on	on	ADP
afbr-193	267	127	the	the	DET
afbr-193	267	128	dependent	dependent	ADJ
afbr-193	267	129	variable	variable	NOUN
afbr-193	267	130	which	which	PRON
afbr-193	267	131	is	be	AUX
afbr-193	267	132	dividend	dividend	NOUN
afbr-193	267	133	payout	payout	ADJ
afbr-193	267	134	ratio	ratio	NOUN
afbr-193	267	135	can	can	AUX
afbr-193	267	136	be	be	AUX
afbr-193	267	137	explained	explain	VERB
afbr-193	267	138	by	by	ADP
afbr-193	267	139	variation	variation	NOUN
afbr-193	267	140	on	on	ADP
afbr-193	267	141	the	the	DET
afbr-193	267	142	independent	independent	ADJ
afbr-193	267	143	variables	variable	NOUN
afbr-193	267	144	.	.	PUNCT
afbr-193	268	1	the	the	DET
afbr-193	268	2	f	f	PROPN
afbr-193	268	3	-	-	PUNCT
afbr-193	268	4	statistics	statistic	NOUN
afbr-193	268	5	and	and	CCONJ
afbr-193	268	6	the	the	DET
afbr-193	268	7	f	f	NOUN
afbr-193	268	8	-	-	PUNCT
afbr-193	268	9	probability	probability	NOUN
afbr-193	268	10	proved	prove	VERB
afbr-193	268	11	that	that	SCONJ
afbr-193	268	12	the	the	DET
afbr-193	268	13	model	model	NOUN
afbr-193	268	14	is	be	AUX
afbr-193	268	15	significant	significant	ADJ
afbr-193	268	16	;	;	PUNCT
afbr-193	268	17	the	the	DET
afbr-193	268	18	durbin	durbin	PROPN
afbr-193	268	19	watson	watson	PROPN
afbr-193	268	20	statistics	statistic	NOUN
afbr-193	268	21	of	of	ADP
afbr-193	268	22	1.84	1.84	NUM
afbr-193	268	23	is	be	AUX
afbr-193	268	24	less	less	ADJ
afbr-193	268	25	than	than	ADP
afbr-193	268	26	2.50	2.50	NUM
afbr-193	268	27	but	but	CCONJ
afbr-193	268	28	greater	great	ADJ
afbr-193	268	29	than	than	ADP
afbr-193	268	30	2.00	2.00	NUM
afbr-193	268	31	which	which	PRON
afbr-193	268	32	implies	imply	VERB
afbr-193	268	33	the	the	DET
afbr-193	268	34	absence	absence	NOUN
afbr-193	268	35	of	of	ADP
afbr-193	268	36	serial	serial	ADJ
afbr-193	268	37	autocorrelation	autocorrelation	NOUN
afbr-193	268	38	within	within	ADP
afbr-193	268	39	the	the	DET
afbr-193	268	40	time	time	NOUN
afbr-193	268	41	series	series	NOUN
afbr-193	268	42	.	.	PUNCT
afbr-193	269	1	the	the	DET
afbr-193	269	2	beta	beta	ADJ
afbr-193	269	3	coefficient	coefficient	NOUN
afbr-193	269	4	of	of	ADP
afbr-193	269	5	the	the	DET
afbr-193	269	6	variables	variable	NOUN
afbr-193	269	7	found	find	VERB
afbr-193	269	8	that	that	SCONJ
afbr-193	269	9	growth	growth	NOUN
afbr-193	269	10	opportunities	opportunity	NOUN
afbr-193	269	11	,	,	PUNCT
afbr-193	269	12	profit	profit	NOUN
afbr-193	269	13	level	level	NOUN
afbr-193	269	14	,	,	PUNCT
afbr-193	269	15	cost	cost	NOUN
afbr-193	269	16	of	of	ADP
afbr-193	269	17	capital	capital	NOUN
afbr-193	269	18	and	and	CCONJ
afbr-193	269	19	debt	debt	NOUN
afbr-193	269	20	equity	equity	NOUN
afbr-193	269	21	ratio	ratio	NOUN
afbr-193	269	22	have	have	VERB
afbr-193	269	23	negative	negative	ADJ
afbr-193	269	24	effect	effect	NOUN
afbr-193	269	25	on	on	ADP
afbr-193	269	26	dividend	dividend	NOUN
afbr-193	269	27	policy	policy	NOUN
afbr-193	269	28	while	while	SCONJ
afbr-193	269	29	liquidity	liquidity	NOUN
afbr-193	269	30	,	,	PUNCT
afbr-193	269	31	management	management	NOUN
afbr-193	269	32	efficiency	efficiency	NOUN
afbr-193	269	33	and	and	CCONJ
afbr-193	269	34	cost	cost	NOUN
afbr-193	269	35	of	of	ADP
afbr-193	269	36	capital	capital	NOUN
afbr-193	269	37	have	have	VERB
afbr-193	269	38	positive	positive	ADJ
afbr-193	269	39	effect	effect	NOUN
afbr-193	269	40	on	on	ADP
afbr-193	269	41	the	the	DET
afbr-193	269	42	dependent	dependent	ADJ
afbr-193	269	43	payout	payout	NOUN
afbr-193	269	44	.	.	PUNCT
afbr-193	270	1	the	the	DET
afbr-193	270	2	t	t	PROPN
afbr-193	270	3	-	-	PUNCT
afbr-193	270	4	statistics	statistic	NOUN
afbr-193	270	5	and	and	CCONJ
afbr-193	270	6	probability	probability	NOUN
afbr-193	270	7	coefficient	coefficient	NOUN
afbr-193	270	8	found	find	VERB
afbr-193	270	9	that	that	SCONJ
afbr-193	270	10	liquidity	liquidity	NOUN
afbr-193	270	11	,	,	PUNCT
afbr-193	270	12	management	management	NOUN
afbr-193	270	13	efficiency	efficiency	NOUN
afbr-193	270	14	company	company	NOUN
afbr-193	270	15	size	size	NOUN
afbr-193	270	16	and	and	CCONJ
afbr-193	270	17	cost	cost	NOUN
afbr-193	270	18	of	of	ADP
afbr-193	270	19	capital	capital	NOUN
afbr-193	270	20	have	have	VERB
afbr-193	270	21	significant	significant	ADJ
afbr-193	270	22	impact	impact	NOUN
afbr-193	270	23	on	on	ADP
afbr-193	270	24	the	the	DET
afbr-193	270	25	dependent	dependent	ADJ
afbr-193	270	26	variable	variable	NOUN
afbr-193	270	27	while	while	SCONJ
afbr-193	270	28	growth	growth	NOUN
afbr-193	270	29	opportunities	opportunity	NOUN
afbr-193	270	30	,	,	PUNCT
afbr-193	270	31	profit	profit	NOUN
afbr-193	270	32	level	level	NOUN
afbr-193	270	33	and	and	CCONJ
afbr-193	270	34	debt	debt	NOUN
afbr-193	270	35	equity	equity	NOUN
afbr-193	270	36	ratio	ratio	NOUN
afbr-193	270	37	have	have	VERB
afbr-193	270	38	no	no	DET
afbr-193	270	39	significant	significant	ADJ
afbr-193	270	40	impact	impact	NOUN
afbr-193	270	41	on	on	ADP
afbr-193	270	42	dividend	dividend	NOUN
afbr-193	270	43	payout	payout	NOUN
afbr-193	270	44	rate	rate	NOUN
afbr-193	270	45	of	of	ADP
afbr-193	270	46	the	the	DET
afbr-193	270	47	manufacturing	manufacturing	NOUN
afbr-193	270	48	firms	firm	NOUN
afbr-193	270	49	.	.	PUNCT
afbr-193	271	1	www.cribfb.com/journal/index.php/afbr	www.cribfb.com/journal/index.php/afbr	PROPN
afbr-193	271	2	australian	australian	ADJ
afbr-193	271	3	finance	finance	PROPN
afbr-193	271	4	&	&	CCONJ
afbr-193	271	5	banking	banking	PROPN
afbr-193	271	6	review	review	PROPN
afbr-193	271	7	vol	vol	NOUN
afbr-193	271	8	.	.	PROPN
afbr-193	272	1	2	2	NUM
afbr-193	272	2	,	,	PUNCT
afbr-193	272	3	no	no	INTJ
afbr-193	272	4	.	.	NOUN
afbr-193	272	5	2	2	NUM
afbr-193	272	6	;	;	PUNCT
afbr-193	272	7	2018	2018	NUM
afbr-193	272	8	16	16	NUM
afbr-193	272	9	the	the	DET
afbr-193	272	10	fixed	fix	VERB
afbr-193	272	11	effect	effect	NOUN
afbr-193	272	12	model	model	NOUN
afbr-193	272	13	found	find	VERB
afbr-193	272	14	that	that	SCONJ
afbr-193	272	15	the	the	DET
afbr-193	272	16	independent	independent	ADJ
afbr-193	272	17	variables	variable	NOUN
afbr-193	272	18	can	can	AUX
afbr-193	272	19	explain	explain	VERB
afbr-193	272	20	74.3	74.3	NUM
afbr-193	272	21	%	%	NOUN
afbr-193	272	22	and	and	CCONJ
afbr-193	272	23	40.8	40.8	NUM
afbr-193	272	24	%	%	NOUN
afbr-193	272	25	variation	variation	NOUN
afbr-193	272	26	on	on	ADP
afbr-193	272	27	the	the	DET
afbr-193	272	28	dependent	dependent	ADJ
afbr-193	272	29	variable	variable	NOUN
afbr-193	272	30	.	.	PUNCT
afbr-193	273	1	the	the	DET
afbr-193	273	2	f	f	PROPN
afbr-193	273	3	-	-	PUNCT
afbr-193	273	4	statistics	statistic	NOUN
afbr-193	273	5	and	and	CCONJ
afbr-193	273	6	the	the	DET
afbr-193	273	7	probability	probability	NOUN
afbr-193	273	8	found	find	VERB
afbr-193	273	9	that	that	SCONJ
afbr-193	273	10	the	the	DET
afbr-193	273	11	model	model	NOUN
afbr-193	273	12	is	be	AUX
afbr-193	273	13	statistically	statistically	ADV
afbr-193	273	14	significant	significant	ADJ
afbr-193	273	15	.	.	PUNCT
afbr-193	274	1	the	the	DET
afbr-193	274	2	durbin	durbin	PROPN
afbr-193	274	3	watson	watson	PROPN
afbr-193	274	4	statistics	statistic	NOUN
afbr-193	274	5	of	of	ADP
afbr-193	274	6	2.007	2.007	NUM
afbr-193	274	7	is	be	AUX
afbr-193	274	8	greater	great	ADJ
afbr-193	274	9	than	than	ADP
afbr-193	274	10	2.00	2.00	NUM
afbr-193	274	11	but	but	CCONJ
afbr-193	274	12	less	less	ADJ
afbr-193	274	13	than	than	ADP
afbr-193	274	14	2.00	2.00	NUM
afbr-193	274	15	which	which	PRON
afbr-193	274	16	imply	imply	VERB
afbr-193	274	17	the	the	DET
afbr-193	274	18	absence	absence	NOUN
afbr-193	274	19	of	of	ADP
afbr-193	274	20	serial	serial	ADJ
afbr-193	274	21	autocorrelation	autocorrelation	NOUN
afbr-193	274	22	within	within	ADP
afbr-193	274	23	the	the	DET
afbr-193	274	24	time	time	NOUN
afbr-193	274	25	series	series	NOUN
afbr-193	274	26	.	.	PUNCT
afbr-193	275	1	while	while	SCONJ
afbr-193	275	2	the	the	DET
afbr-193	275	3	beta	beta	ADJ
afbr-193	275	4	coefficient	coefficient	NOUN
afbr-193	275	5	also	also	ADV
afbr-193	275	6	showed	show	VERB
afbr-193	275	7	that	that	SCONJ
afbr-193	275	8	liquidity	liquidity	NOUN
afbr-193	275	9	,	,	PUNCT
afbr-193	275	10	management	management	NOUN
afbr-193	275	11	efficiency	efficiency	NOUN
afbr-193	275	12	,	,	PUNCT
afbr-193	275	13	company	company	NOUN
afbr-193	275	14	size	size	NOUN
afbr-193	275	15	and	and	CCONJ
afbr-193	275	16	cost	cost	NOUN
afbr-193	275	17	of	of	ADP
afbr-193	275	18	capital	capital	NOUN
afbr-193	275	19	have	have	VERB
afbr-193	275	20	significant	significant	ADJ
afbr-193	275	21	impact	impact	NOUN
afbr-193	275	22	on	on	ADP
afbr-193	275	23	the	the	DET
afbr-193	275	24	dependent	dependent	ADJ
afbr-193	275	25	variable	variable	NOUN
afbr-193	275	26	while	while	SCONJ
afbr-193	275	27	growth	growth	NOUN
afbr-193	275	28	opportunities	opportunity	NOUN
afbr-193	275	29	,	,	PUNCT
afbr-193	275	30	profit	profit	NOUN
afbr-193	275	31	level	level	NOUN
afbr-193	275	32	and	and	CCONJ
afbr-193	275	33	debt	debt	NOUN
afbr-193	275	34	equity	equity	NOUN
afbr-193	275	35	ratio	ratio	NOUN
afbr-193	275	36	have	have	VERB
afbr-193	275	37	no	no	DET
afbr-193	275	38	significant	significant	ADJ
afbr-193	275	39	impact	impact	NOUN
afbr-193	275	40	on	on	ADP
afbr-193	275	41	dividend	dividend	NOUN
afbr-193	275	42	payout	payout	NOUN
afbr-193	275	43	rate	rate	NOUN
afbr-193	275	44	of	of	ADP
afbr-193	275	45	the	the	DET
afbr-193	275	46	manufacturing	manufacturing	NOUN
afbr-193	275	47	firms	firm	NOUN
afbr-193	275	48	.	.	PUNCT
afbr-193	276	1	the	the	DET
afbr-193	276	2	results	result	NOUN
afbr-193	276	3	of	of	ADP
afbr-193	276	4	the	the	DET
afbr-193	276	5	cross	cross	NOUN
afbr-193	276	6	sectional	sectional	ADJ
afbr-193	276	7	random	random	ADJ
afbr-193	276	8	effect	effect	NOUN
afbr-193	276	9	found	find	VERB
afbr-193	276	10	that	that	SCONJ
afbr-193	276	11	the	the	DET
afbr-193	276	12	independent	independent	ADJ
afbr-193	276	13	variables	variable	NOUN
afbr-193	276	14	can	can	AUX
afbr-193	276	15	explain	explain	VERB
afbr-193	276	16	34.3	34.3	NUM
afbr-193	276	17	%	%	NOUN
afbr-193	276	18	and	and	CCONJ
afbr-193	276	19	11.7	11.7	NUM
afbr-193	276	20	%	%	NOUN
afbr-193	276	21	variation	variation	NOUN
afbr-193	276	22	on	on	ADP
afbr-193	276	23	the	the	DET
afbr-193	276	24	dependent	dependent	ADJ
afbr-193	276	25	variable	variable	NOUN
afbr-193	276	26	which	which	PRON
afbr-193	276	27	is	be	AUX
afbr-193	276	28	the	the	DET
afbr-193	276	29	dividend	dividend	NOUN
afbr-193	276	30	payout	payout	NOUN
afbr-193	276	31	ratio	ratio	NOUN
afbr-193	276	32	,	,	PUNCT
afbr-193	276	33	while	while	SCONJ
afbr-193	276	34	the	the	DET
afbr-193	276	35	f	f	PROPN
afbr-193	276	36	-	-	PUNCT
afbr-193	276	37	statistics	statistic	NOUN
afbr-193	276	38	and	and	CCONJ
afbr-193	276	39	the	the	DET
afbr-193	276	40	fprobability	fprobability	NOUN
afbr-193	276	41	found	find	VERB
afbr-193	276	42	that	that	SCONJ
afbr-193	276	43	the	the	DET
afbr-193	276	44	model	model	NOUN
afbr-193	276	45	is	be	AUX
afbr-193	276	46	statistically	statistically	ADV
afbr-193	276	47	not	not	PART
afbr-193	276	48	significant	significant	ADJ
afbr-193	276	49	.	.	PUNCT
afbr-193	277	1	the	the	DET
afbr-193	277	2	durbin	durbin	PROPN
afbr-193	277	3	watson	watson	PROPN
afbr-193	277	4	statistics	statistic	NOUN
afbr-193	277	5	of	of	ADP
afbr-193	277	6	1.84	1.84	NUM
afbr-193	277	7	is	be	AUX
afbr-193	277	8	less	less	ADJ
afbr-193	277	9	than	than	ADP
afbr-193	277	10	2.00	2.00	NUM
afbr-193	277	11	but	but	CCONJ
afbr-193	277	12	greater	great	ADJ
afbr-193	277	13	than	than	ADP
afbr-193	277	14	1.50	1.50	NUM
afbr-193	277	15	;	;	PUNCT
afbr-193	277	16	this	this	PRON
afbr-193	277	17	means	mean	VERB
afbr-193	277	18	the	the	DET
afbr-193	277	19	absence	absence	NOUN
afbr-193	277	20	of	of	ADP
afbr-193	277	21	serial	serial	ADJ
afbr-193	277	22	autocorrelation	autocorrelation	NOUN
afbr-193	277	23	within	within	ADP
afbr-193	277	24	the	the	DET
afbr-193	277	25	time	time	NOUN
afbr-193	277	26	series	series	NOUN
afbr-193	277	27	.	.	PUNCT
afbr-193	278	1	it	it	PRON
afbr-193	278	2	shows	show	VERB
afbr-193	278	3	that	that	SCONJ
afbr-193	278	4	liquidity	liquidity	NOUN
afbr-193	278	5	,	,	PUNCT
afbr-193	278	6	management	management	NOUN
afbr-193	278	7	efficiency	efficiency	NOUN
afbr-193	278	8	of	of	ADP
afbr-193	278	9	the	the	DET
afbr-193	278	10	manufacturing	manufacturing	NOUN
afbr-193	278	11	firms	firm	NOUN
afbr-193	278	12	.	.	PUNCT
afbr-193	279	1	table	table	NOUN
afbr-193	279	2	2	2	NUM
afbr-193	279	3	:	:	PUNCT
afbr-193	279	4	testing	test	VERB
afbr-193	279	5	the	the	DET
afbr-193	279	6	significance	significance	NOUN
afbr-193	279	7	of	of	ADP
afbr-193	279	8	the	the	DET
afbr-193	279	9	models	model	NOUN
afbr-193	279	10	test	test	VERB
afbr-193	279	11	:	:	PUNCT
afbr-193	279	12	redundant	redundant	ADJ
afbr-193	279	13	chi	chi	PROPN
afbr-193	279	14	–	–	PUNCT
afbr-193	279	15	sq	sq	INTJ
afbr-193	279	16	stat	stat	PROPN
afbr-193	279	17	df	df	PROPN
afbr-193	279	18	prob	prob	PROPN
afbr-193	279	19	cross	cross	PROPN
afbr-193	279	20	-	-	NOUN
afbr-193	279	21	section	section	NOUN
afbr-193	279	22	f	f	PROPN
afbr-193	279	23	1.016650	1.016650	NUM
afbr-193	279	24	(	(	PUNCT
afbr-193	279	25	19,166	19,166	NUM
afbr-193	279	26	)	)	PUNCT
afbr-193	279	27	0.4447	0.4447	NUM
afbr-193	279	28	cross	cross	ADJ
afbr-193	279	29	-	-	ADJ
afbr-193	279	30	section	section	ADJ
afbr-193	279	31	chi	chi	ADJ
afbr-193	279	32	-	-	PUNCT
afbr-193	279	33	square	square	NOUN
afbr-193	279	34	21.244787	21.244787	NUM
afbr-193	279	35	19	19	NUM
afbr-193	279	36	0.3234	0.3234	NUM
afbr-193	279	37	test	test	NOUN
afbr-193	279	38	:	:	PUNCT
afbr-193	279	39	hausman	hausman	PROPN
afbr-193	279	40	chi	chi	PROPN
afbr-193	279	41	–	–	PUNCT
afbr-193	279	42	sq	sq	INTJ
afbr-193	279	43	stat	stat	PROPN
afbr-193	279	44	df	df	PROPN
afbr-193	279	45	prob	prob	PROPN
afbr-193	279	46	cross	cross	PROPN
afbr-193	279	47	-	-	ADJ
afbr-193	279	48	section	section	ADJ
afbr-193	279	49	random	random	ADJ
afbr-193	279	50	12.815882	12.815882	NUM
afbr-193	279	51	7	7	NUM
afbr-193	279	52	0.0467	0.0467	NUM
afbr-193	279	53	source	source	NOUN
afbr-193	279	54	:	:	PUNCT
afbr-193	279	55	extract	extract	NOUN
afbr-193	279	56	from	from	ADP
afbr-193	279	57	e	e	NOUN
afbr-193	279	58	-	-	NOUN
afbr-193	279	59	view	view	NOUN
afbr-193	279	60	(	(	PUNCT
afbr-193	279	61	9.0	9.0	NUM
afbr-193	279	62	)	)	PUNCT
afbr-193	279	63	in	in	ADP
afbr-193	279	64	testing	test	VERB
afbr-193	279	65	the	the	DET
afbr-193	279	66	validity	validity	NOUN
afbr-193	279	67	of	of	ADP
afbr-193	279	68	the	the	DET
afbr-193	279	69	models	model	NOUN
afbr-193	279	70	,	,	PUNCT
afbr-193	279	71	the	the	DET
afbr-193	279	72	fixed	fix	VERB
afbr-193	279	73	effects	effect	NOUN
afbr-193	279	74	on	on	ADP
afbr-193	279	75	the	the	DET
afbr-193	279	76	cross	cross	NOUN
afbr-193	279	77	section	section	NOUN
afbr-193	279	78	redundant	redundant	VERB
afbr-193	279	79	fixed	fix	VERB
afbr-193	279	80	effectlikelihood	effectlikelihood	NOUN
afbr-193	279	81	ratio	ratio	NOUN
afbr-193	279	82	,	,	PUNCT
afbr-193	279	83	the	the	DET
afbr-193	279	84	pvalue	pvalue	NOUN
afbr-193	279	85	is	be	AUX
afbr-193	279	86	0.000	0.000	NUM
afbr-193	279	87	indicating	indicate	VERB
afbr-193	279	88	that	that	SCONJ
afbr-193	279	89	the	the	DET
afbr-193	279	90	effects	effect	NOUN
afbr-193	279	91	are	be	AUX
afbr-193	279	92	significant	significant	ADJ
afbr-193	279	93	.	.	PUNCT
afbr-193	280	1	select	select	VERB
afbr-193	280	2	the	the	DET
afbr-193	280	3	random	random	ADJ
afbr-193	280	4	effect	effect	NOUN
afbr-193	280	5	and	and	CCONJ
afbr-193	280	6	perform	perform	VERB
afbr-193	280	7	the	the	DET
afbr-193	280	8	correlated	correlate	VERB
afbr-193	280	9	random	random	ADJ
afbr-193	280	10	effectshausman	effectshausman	ADJ
afbr-193	280	11	test	test	NOUN
afbr-193	280	12	,	,	PUNCT
afbr-193	280	13	testing	test	VERB
afbr-193	280	14	the	the	DET
afbr-193	280	15	random	random	ADJ
afbr-193	280	16	effects	effect	NOUN
afbr-193	280	17	model	model	NOUN
afbr-193	280	18	against	against	ADP
afbr-193	280	19	the	the	DET
afbr-193	280	20	fixed	fix	VERB
afbr-193	280	21	effects	effect	NOUN
afbr-193	280	22	model	model	NOUN
afbr-193	280	23	.	.	PUNCT
afbr-193	281	1	the	the	DET
afbr-193	281	2	null	null	ADJ
afbr-193	281	3	hypothesis	hypothesis	NOUN
afbr-193	281	4	in	in	ADP
afbr-193	281	5	that	that	DET
afbr-193	281	6	case	case	NOUN
afbr-193	281	7	is	be	AUX
afbr-193	281	8	that	that	SCONJ
afbr-193	281	9	both	both	DET
afbr-193	281	10	tests	test	NOUN
afbr-193	281	11	are	be	AUX
afbr-193	281	12	consistent	consistent	ADJ
afbr-193	281	13	estimators	estimator	NOUN
afbr-193	281	14	and	and	CCONJ
afbr-193	281	15	the	the	DET
afbr-193	281	16	random	random	ADJ
afbr-193	281	17	effects	effect	NOUN
afbr-193	281	18	model	model	NOUN
afbr-193	281	19	is	be	AUX
afbr-193	281	20	efficient	efficient	ADJ
afbr-193	281	21	.	.	PUNCT
afbr-193	282	1	under	under	ADP
afbr-193	282	2	the	the	DET
afbr-193	282	3	alternative	alternative	ADJ
afbr-193	282	4	hypothesis	hypothesis	NOUN
afbr-193	282	5	,	,	PUNCT
afbr-193	282	6	only	only	ADV
afbr-193	282	7	the	the	DET
afbr-193	282	8	fixed	fix	VERB
afbr-193	282	9	effect	effect	NOUN
afbr-193	282	10	is	be	AUX
afbr-193	282	11	consistent	consistent	ADJ
afbr-193	282	12	.	.	PUNCT
afbr-193	283	1	since	since	SCONJ
afbr-193	283	2	the	the	DET
afbr-193	283	3	pvalue	pvalue	NOUN
afbr-193	283	4	is	be	AUX
afbr-193	283	5	0.000	0.000	NUM
afbr-193	283	6	,	,	PUNCT
afbr-193	283	7	the	the	DET
afbr-193	283	8	null	null	ADJ
afbr-193	283	9	hypothesis	hypothesis	NOUN
afbr-193	283	10	is	be	AUX
afbr-193	283	11	rejected	reject	VERB
afbr-193	283	12	and	and	CCONJ
afbr-193	283	13	,	,	PUNCT
afbr-193	283	14	therefore	therefore	ADV
afbr-193	283	15	,	,	PUNCT
afbr-193	283	16	the	the	DET
afbr-193	283	17	fixed	fix	VERB
afbr-193	283	18	effects	effect	NOUN
afbr-193	283	19	model	model	NOUN
afbr-193	283	20	is	be	AUX
afbr-193	283	21	to	to	PART
afbr-193	283	22	be	be	AUX
afbr-193	283	23	preferred	prefer	VERB
afbr-193	283	24	.	.	PUNCT
afbr-193	284	1	table	table	NOUN
afbr-193	284	2	3	3	NUM
afbr-193	284	3	:	:	PUNCT
afbr-193	284	4	test	test	NOUN
afbr-193	284	5	for	for	ADP
afbr-193	284	6	stability	stability	NOUN
afbr-193	284	7	variables	variable	NOUN
afbr-193	284	8	adf	adf	PROPN
afbr-193	284	9	fisher	fisher	PROPN
afbr-193	284	10	chi	chi	PROPN
afbr-193	284	11	-	-	PUNCT
afbr-193	284	12	square/	square/	PROPN
afbr-193	284	13	pp	pp	PROPN
afbr-193	284	14	fisher	fisher	PROPN
afbr-193	284	15	chi	chi	ADJ
afbr-193	284	16	-	-	PUNCT
afbr-193	284	17	square	square	ADJ
afbr-193	284	18	statistics	statistic	NOUN
afbr-193	284	19	probability	probability	NOUN
afbr-193	284	20	remark	remark	NOUN
afbr-193	284	21	decision	decision	NOUN
afbr-193	284	22	dpr	dpr	PROPN
afbr-193	284	23	adf	adf	PROPN
afbr-193	284	24	fisher	fisher	PROPN
afbr-193	284	25	chi	chi	PROPN
afbr-193	284	26	-	-	PUNCT
afbr-193	284	27	square	square	NOUN
afbr-193	284	28	75.2451	75.2451	NUM
afbr-193	284	29	0.0006	0.0006	NUM
afbr-193	284	30	stationary	stationary	ADJ
afbr-193	284	31	reject	reject	NOUN
afbr-193	284	32	h0	h0	PROPN
afbr-193	284	33	pp	pp	PROPN
afbr-193	284	34	fisher	fisher	PROPN
afbr-193	284	35	chi	chi	PROPN
afbr-193	284	36	-	-	PUNCT
afbr-193	284	37	square	square	ADJ
afbr-193	284	38	90.5138	90.5138	NUM
afbr-193	284	39	0.0000	0.0000	NUM
afbr-193	284	40	stationary	stationary	ADJ
afbr-193	284	41	reject	reject	NOUN
afbr-193	284	42	h0	h0	PROPN
afbr-193	284	43	der	der	PROPN
afbr-193	284	44	adf	adf	PROPN
afbr-193	284	45	fisher	fisher	PROPN
afbr-193	284	46	chi	chi	PROPN
afbr-193	284	47	-	-	PUNCT
afbr-193	284	48	square	square	ADJ
afbr-193	284	49	73.4426	73.4426	NUM
afbr-193	284	50	0.0010	0.0010	NUM
afbr-193	284	51	stationary	stationary	ADJ
afbr-193	284	52	reject	reject	NOUN
afbr-193	284	53	h0	h0	PROPN
afbr-193	284	54	pp	pp	PROPN
afbr-193	284	55	fisher	fisher	PROPN
afbr-193	284	56	chi	chi	PROPN
afbr-193	284	57	-	-	PUNCT
afbr-193	284	58	square	square	ADJ
afbr-193	284	59	178.549	178.549	NUM
afbr-193	284	60	0.0000	0.0000	NUM
afbr-193	284	61	stationary	stationary	ADJ
afbr-193	284	62	reject	reject	NOUN
afbr-193	284	63	h0	h0	PROPN
afbr-193	284	64	cs	cs	PROPN
afbr-193	284	65	adf	adf	PROPN
afbr-193	284	66	fisher	fisher	PROPN
afbr-193	284	67	chi	chi	PROPN
afbr-193	284	68	-	-	PUNCT
afbr-193	284	69	square	square	ADJ
afbr-193	284	70	62.9022	62.9022	NUM
afbr-193	284	71	0.0119	0.0119	NUM
afbr-193	284	72	stationary	stationary	ADJ
afbr-193	284	73	reject	reject	NOUN
afbr-193	284	74	h0	h0	PROPN
afbr-193	284	75	pp	pp	PROPN
afbr-193	284	76	fisher	fisher	PROPN
afbr-193	284	77	chi	chi	PROPN
afbr-193	284	78	-	-	PUNCT
afbr-193	284	79	square	square	ADJ
afbr-193	284	80	88.9974	88.9974	NUM
afbr-193	284	81	0.0000	0.0000	NUM
afbr-193	284	82	stationary	stationary	ADJ
afbr-193	284	83	reject	reject	NOUN
afbr-193	284	84	h0	h0	PROPN
afbr-193	284	85	cc	cc	PROPN
afbr-193	284	86	adf	adf	PROPN
afbr-193	284	87	fisher	fisher	PROPN
afbr-193	284	88	chi	chi	PROPN
afbr-193	284	89	-	-	PUNCT
afbr-193	284	90	square	square	ADJ
afbr-193	284	91	76.1090	76.1090	NUM
afbr-193	284	92	0.0005	0.0005	NUM
afbr-193	284	93	stationary	stationary	ADJ
afbr-193	284	94	reject	reject	NOUN
afbr-193	284	95	h0	h0	PROPN
afbr-193	284	96	pp	pp	PROPN
afbr-193	284	97	fisher	fisher	PROPN
afbr-193	284	98	chi	chi	PROPN
afbr-193	284	99	-	-	PUNCT
afbr-193	284	100	square	square	ADJ
afbr-193	284	101	149.272	149.272	NUM
afbr-193	284	102	0.0000	0.0000	NUM
afbr-193	284	103	stationary	stationary	ADJ
afbr-193	284	104	reject	reject	NOUN
afbr-193	284	105	h0	h0	PROPN
afbr-193	284	106	gop	gop	PROPN
afbr-193	284	107	adf	adf	PROPN
afbr-193	284	108	fisher	fisher	PROPN
afbr-193	284	109	chi	chi	PROPN
afbr-193	284	110	-	-	PUNCT
afbr-193	284	111	square	square	ADJ
afbr-193	285	1	52.0136	52.0136	NUM
afbr-193	285	2	0.0066	0.0066	NUM
afbr-193	285	3	stationary	stationary	ADJ
afbr-193	285	4	reject	reject	NOUN
afbr-193	285	5	h0	h0	PROPN
afbr-193	285	6	pp	pp	PROPN
afbr-193	285	7	fisher	fisher	PROPN
afbr-193	285	8	chi	chi	PROPN
afbr-193	285	9	-	-	PUNCT
afbr-193	285	10	square	square	NOUN
afbr-193	285	11	70.7596	70.7596	NUM
afbr-193	285	12	0.0019	0.0019	NUM
afbr-193	285	13	stationary	stationary	ADJ
afbr-193	285	14	reject	reject	NOUN
afbr-193	285	15	h0	h0	NOUN
afbr-193	285	16	liq	liq	PROPN
afbr-193	285	17	adf	adf	PROPN
afbr-193	285	18	fisher	fisher	PROPN
afbr-193	285	19	chi	chi	PROPN
afbr-193	285	20	-	-	PUNCT
afbr-193	285	21	square	square	ADJ
afbr-193	285	22	72.9358	72.9358	NUM
afbr-193	285	23	0.0011	0.0011	NUM
afbr-193	285	24	stationary	stationary	ADJ
afbr-193	285	25	reject	reject	NOUN
afbr-193	285	26	h0	h0	PROPN
afbr-193	285	27	pp	pp	PROPN
afbr-193	285	28	fisher	fisher	PROPN
afbr-193	285	29	chi	chi	PROPN
afbr-193	285	30	-	-	PUNCT
afbr-193	285	31	square	square	ADJ
afbr-193	285	32	192.340	192.340	NUM
afbr-193	285	33	0.0000	0.0000	NUM
afbr-193	285	34	stationary	stationary	ADJ
afbr-193	285	35	reject	reject	NOUN
afbr-193	285	36	h0	h0	PROPN
afbr-193	285	37	me	i	PRON
afbr-193	285	38	adf	adf	PROPN
afbr-193	285	39	fisher	fisher	PROPN
afbr-193	285	40	chi	chi	PROPN
afbr-193	285	41	-	-	PUNCT
afbr-193	285	42	square	square	ADJ
afbr-193	285	43	85.9849	85.9849	NUM
afbr-193	285	44	0.0000	0.0000	NUM
afbr-193	285	45	stationary	stationary	ADJ
afbr-193	285	46	reject	reject	NOUN
afbr-193	285	47	h0	h0	PROPN
afbr-193	285	48	pp	pp	PROPN
afbr-193	285	49	fisher	fisher	PROPN
afbr-193	285	50	chi	chi	PROPN
afbr-193	285	51	-	-	PUNCT
afbr-193	285	52	square	square	ADJ
afbr-193	285	53	237.332	237.332	NUM
afbr-193	285	54	0.0000	0.0000	NUM
afbr-193	285	55	stationary	stationary	ADJ
afbr-193	285	56	reject	reject	NOUN
afbr-193	285	57	h0	h0	PROPN
afbr-193	285	58	pl	pl	PROPN
afbr-193	285	59	adf	adf	PROPN
afbr-193	285	60	fisher	fisher	PROPN
afbr-193	285	61	chi	chi	PROPN
afbr-193	285	62	-	-	PUNCT
afbr-193	285	63	square	square	ADJ
afbr-193	285	64	78.0410	78.0410	NUM
afbr-193	285	65	0.0003	0.0003	NUM
afbr-193	285	66	stationary	stationary	ADJ
afbr-193	285	67	reject	reject	NOUN
afbr-193	285	68	h0	h0	PROPN
afbr-193	285	69	pp	pp	PROPN
afbr-193	285	70	fisher	fisher	PROPN
afbr-193	285	71	chi	chi	PROPN
afbr-193	285	72	-	-	PUNCT
afbr-193	285	73	square	square	ADJ
afbr-193	285	74	132.574	132.574	NUM
afbr-193	285	75	0.0000	0.0000	NUM
afbr-193	285	76	stationary	stationary	ADJ
afbr-193	285	77	reject	reject	PROPN
afbr-193	285	78	h0	h0	PROPN
afbr-193	285	79	source	source	NOUN
afbr-193	285	80	:	:	PUNCT
afbr-193	285	81	extract	extract	NOUN
afbr-193	285	82	from	from	ADP
afbr-193	285	83	e	e	NOUN
afbr-193	285	84	-	-	NOUN
afbr-193	285	85	view	view	VERB
afbr-193	285	86	9.0	9.0	NUM
afbr-193	285	87	the	the	DET
afbr-193	285	88	table	table	NOUN
afbr-193	285	89	above	above	ADP
afbr-193	285	90	presents	present	VERB
afbr-193	285	91	the	the	DET
afbr-193	285	92	summary	summary	NOUN
afbr-193	285	93	results	result	NOUN
afbr-193	285	94	of	of	ADP
afbr-193	285	95	the	the	DET
afbr-193	285	96	adf	adf	NOUN
afbr-193	285	97	and	and	CCONJ
afbr-193	285	98	pp	pp	PROPN
afbr-193	285	99	panel	panel	NOUN
afbr-193	285	100	unit	unit	NOUN
afbr-193	285	101	root	root	NOUN
afbr-193	285	102	tests	test	NOUN
afbr-193	285	103	.	.	PUNCT
afbr-193	286	1	the	the	DET
afbr-193	286	2	results	result	NOUN
afbr-193	286	3	show	show	VERB
afbr-193	286	4	that	that	SCONJ
afbr-193	286	5	the	the	DET
afbr-193	286	6	null	null	ADJ
afbr-193	286	7	hypotheses	hypothesis	NOUN
afbr-193	286	8	of	of	ADP
afbr-193	286	9	a	a	DET
afbr-193	286	10	unit	unit	NOUN
afbr-193	286	11	root	root	NOUN
afbr-193	286	12	test	test	NOUN
afbr-193	286	13	for	for	ADP
afbr-193	286	14	first	first	ADJ
afbr-193	286	15	difference	difference	NOUN
afbr-193	286	16	series	series	NOUN
afbr-193	286	17	for	for	ADP
afbr-193	286	18	all	all	DET
afbr-193	286	19	the	the	DET
afbr-193	286	20	variables	variable	NOUN
afbr-193	286	21	can	can	AUX
afbr-193	286	22	be	be	AUX
afbr-193	286	23	rejected	reject	VERB
afbr-193	286	24	at	at	ADP
afbr-193	286	25	all	all	DET
afbr-193	286	26	the	the	DET
afbr-193	286	27	critical	critical	ADJ
afbr-193	286	28	values	value	NOUN
afbr-193	286	29	indicating	indicate	VERB
afbr-193	286	30	that	that	SCONJ
afbr-193	286	31	the	the	DET
afbr-193	286	32	level	level	NOUN
afbr-193	286	33	series	series	NOUN
afbr-193	286	34	which	which	PRON
afbr-193	286	35	is	be	AUX
afbr-193	286	36	largely	largely	ADV
afbr-193	286	37	time	time	NOUN
afbr-193	286	38	-	-	PUNCT
afbr-193	286	39	dependent	dependent	ADJ
afbr-193	286	40	and	and	CCONJ
afbr-193	286	41	non	non	ADJ
afbr-193	286	42	-	-	ADJ
afbr-193	286	43	stationary	stationary	ADJ
afbr-193	286	44	can	can	AUX
afbr-193	286	45	be	be	AUX
afbr-193	286	46	made	make	VERB
afbr-193	286	47	stationary	stationary	ADJ
afbr-193	286	48	at	at	ADP
afbr-193	286	49	the	the	DET
afbr-193	286	50	first	first	ADJ
afbr-193	286	51	difference	difference	NOUN
afbr-193	286	52	and	and	CCONJ
afbr-193	286	53	maximum	maximum	ADJ
afbr-193	286	54	lag	lag	NOUN
afbr-193	286	55	of	of	ADP
afbr-193	286	56	one	one	NUM
afbr-193	286	57	.	.	PUNCT
afbr-193	287	1	thus	thus	ADV
afbr-193	287	2	,	,	PUNCT
afbr-193	287	3	the	the	DET
afbr-193	287	4	reduced	reduce	VERB
afbr-193	287	5	form	form	NOUN
afbr-193	287	6	model	model	NOUN
afbr-193	287	7	follows	follow	VERB
afbr-193	287	8	an	an	DET
afbr-193	287	9	integrating	integrating	NOUN
afbr-193	287	10	www.cribfb.com/journal/index.php/afbr	www.cribfb.com/journal/index.php/afbr	ADJ
afbr-193	287	11	australian	australian	ADJ
afbr-193	287	12	finance	finance	NOUN
afbr-193	287	13	&	&	CCONJ
afbr-193	287	14	banking	banking	PROPN
afbr-193	287	15	review	review	PROPN
afbr-193	287	16	vol	vol	NOUN
afbr-193	287	17	.	.	PROPN
afbr-193	288	1	2	2	NUM
afbr-193	288	2	,	,	PUNCT
afbr-193	288	3	no	no	INTJ
afbr-193	288	4	.	.	NOUN
afbr-193	288	5	2	2	NUM
afbr-193	288	6	;	;	PUNCT
afbr-193	288	7	2018	2018	NUM
afbr-193	288	8	17	17	NUM
afbr-193	288	9	order	order	NOUN
afbr-193	288	10	of	of	ADP
afbr-193	288	11	1(1	1(1	NUM
afbr-193	288	12	)	)	PUNCT
afbr-193	288	13	process	process	NOUN
afbr-193	289	1	and	and	CCONJ
afbr-193	289	2	is	be	AUX
afbr-193	289	3	therefore	therefore	ADV
afbr-193	289	4	a	a	DET
afbr-193	289	5	stationary	stationary	ADJ
afbr-193	289	6	process	process	NOUN
afbr-193	289	7	.	.	PUNCT
afbr-193	290	1	it	it	PRON
afbr-193	290	2	also	also	ADV
afbr-193	290	3	reveals	reveal	VERB
afbr-193	290	4	that	that	SCONJ
afbr-193	290	5	the	the	DET
afbr-193	290	6	test	test	NOUN
afbr-193	290	7	of	of	ADP
afbr-193	290	8	stability	stability	NOUN
afbr-193	290	9	in	in	ADP
afbr-193	290	10	the	the	DET
afbr-193	290	11	residuals	residual	NOUN
afbr-193	290	12	from	from	ADP
afbr-193	290	13	the	the	DET
afbr-193	290	14	level	level	NOUN
afbr-193	290	15	series	series	NOUN
afbr-193	290	16	regression	regression	NOUN
afbr-193	290	17	is	be	AUX
afbr-193	290	18	significant	significant	ADJ
afbr-193	290	19	at	at	ADP
afbr-193	290	20	all	all	DET
afbr-193	290	21	lags	lag	NOUN
afbr-193	290	22	.	.	PUNCT
afbr-193	291	1	furthermore	furthermore	ADV
afbr-193	291	2	,	,	PUNCT
afbr-193	291	3	this	this	PRON
afbr-193	291	4	indicates	indicate	VERB
afbr-193	291	5	that	that	SCONJ
afbr-193	291	6	the	the	DET
afbr-193	291	7	regression	regression	NOUN
afbr-193	291	8	is	be	AUX
afbr-193	291	9	no	no	PRON
afbr-193	291	10	more	more	ADV
afbr-193	291	11	spurious	spurious	ADJ
afbr-193	291	12	but	but	CCONJ
afbr-193	291	13	real	real	ADJ
afbr-193	291	14	.	.	PUNCT
afbr-193	292	1	that	that	PRON
afbr-193	292	2	is	be	AUX
afbr-193	292	3	to	to	PART
afbr-193	292	4	say	say	VERB
afbr-193	292	5	,	,	PUNCT
afbr-193	292	6	all	all	DET
afbr-193	292	7	the	the	DET
afbr-193	292	8	variables	variable	NOUN
afbr-193	292	9	are	be	AUX
afbr-193	292	10	individually	individually	ADV
afbr-193	292	11	stationary	stationary	ADJ
afbr-193	292	12	and	and	CCONJ
afbr-193	292	13	stable	stable	ADJ
afbr-193	292	14	.	.	PUNCT
afbr-193	293	1	table	table	NOUN
afbr-193	293	2	4	4	NUM
afbr-193	293	3	:	:	PUNCT
afbr-193	293	4	test	test	NOUN
afbr-193	293	5	for	for	ADP
afbr-193	293	6	causality	causality	NOUN
afbr-193	293	7	hypotheses	hypothese	VERB
afbr-193	293	8	obs	obs	PROPN
afbr-193	293	9	f.	f.	PROPN
afbr-193	293	10	stat	stat	PROPN
afbr-193	293	11	prob	prob	PROPN
afbr-193	293	12	.	.	PUNCT
afbr-193	294	1	decision	decision	NOUN
afbr-193	294	2	gop	gop	PROPN
afbr-193	294	3	does	do	AUX
afbr-193	294	4	not	not	PART
afbr-193	294	5	granger	granger	AUX
afbr-193	294	6	cause	cause	VERB
afbr-193	294	7	dpr	dpr	PROPN
afbr-193	294	8	154	154	NUM
afbr-193	294	9	3.99117	3.99117	NUM
afbr-193	294	10	0.0002	0.0002	NUM
afbr-193	294	11	reject	reject	NOUN
afbr-193	294	12	h0	h0	PROPN
afbr-193	294	13	dpr	dpr	PROPN
afbr-193	294	14	does	do	AUX
afbr-193	294	15	not	not	PART
afbr-193	294	16	granger	granger	AUX
afbr-193	294	17	cause	cause	VERB
afbr-193	294	18	gop	gop	PROPN
afbr-193	294	19	1.88558	1.88558	NUM
afbr-193	294	20	0.1553	0.1553	NUM
afbr-193	294	21	accept	accept	NOUN
afbr-193	294	22	h0	h0	NOUN
afbr-193	294	23	liq	liq	NOUN
afbr-193	294	24	does	do	AUX
afbr-193	294	25	not	not	PART
afbr-193	294	26	granger	granger	AUX
afbr-193	294	27	cause	cause	VERB
afbr-193	294	28	dpr	dpr	PROPN
afbr-193	294	29	160	160	NUM
afbr-193	294	30	0.10405	0.10405	NUM
afbr-193	294	31	0.9012	0.9012	NUM
afbr-193	294	32	accept	accept	VERB
afbr-193	294	33	h0	h0	PROPN
afbr-193	294	34	dpr	dpr	PROPN
afbr-193	294	35	does	do	AUX
afbr-193	294	36	not	not	PART
afbr-193	294	37	granger	granger	AUX
afbr-193	294	38	cause	cause	VERB
afbr-193	294	39	liq	liq	NOUN
afbr-193	294	40	2.74547	2.74547	NUM
afbr-193	294	41	0.0373	0.0373	NUM
afbr-193	294	42	reject	reject	NOUN
afbr-193	294	43	h0	h0	NOUN
afbr-193	294	44	me	i	PRON
afbr-193	294	45	does	do	AUX
afbr-193	294	46	not	not	PART
afbr-193	294	47	granger	granger	AUX
afbr-193	294	48	cause	cause	VERB
afbr-193	294	49	dpr	dpr	PROPN
afbr-193	294	50	160	160	NUM
afbr-193	294	51	1.29596	1.29596	NUM
afbr-193	294	52	0.2766	0.2766	NUM
afbr-193	294	53	accept	accept	VERB
afbr-193	294	54	h0	h0	PROPN
afbr-193	294	55	dpr	dpr	PROPN
afbr-193	294	56	does	do	AUX
afbr-193	294	57	not	not	PART
afbr-193	294	58	granger	granger	AUX
afbr-193	294	59	cause	cause	VERB
afbr-193	294	60	me	i	PRON
afbr-193	294	61	2.28507	2.28507	NUM
afbr-193	294	62	0.0052	0.0052	NUM
afbr-193	294	63	reject	reject	NOUN
afbr-193	294	64	h0	h0	PROPN
afbr-193	294	65	pl	pl	PROPN
afbr-193	294	66	does	do	AUX
afbr-193	294	67	not	not	PART
afbr-193	294	68	granger	granger	AUX
afbr-193	294	69	cause	cause	VERB
afbr-193	294	70	dpr	dpr	PROPN
afbr-193	294	71	146	146	NUM
afbr-193	294	72	0.52234	0.52234	NUM
afbr-193	294	73	0.5943	0.5943	NUM
afbr-193	294	74	accept	accept	NOUN
afbr-193	294	75	h0	h0	PROPN
afbr-193	294	76	dpr	dpr	PROPN
afbr-193	294	77	does	do	AUX
afbr-193	294	78	not	not	PART
afbr-193	294	79	granger	granger	AUX
afbr-193	294	80	cause	cause	VERB
afbr-193	294	81	pl	pl	PROPN
afbr-193	294	82	1.33544	1.33544	NUM
afbr-193	294	83	0.2663	0.2663	NUM
afbr-193	294	84	accept	accept	VERB
afbr-193	294	85	h0	h0	PROPN
afbr-193	294	86	cs	cs	PROPN
afbr-193	294	87	does	do	AUX
afbr-193	294	88	not	not	PART
afbr-193	294	89	granger	granger	AUX
afbr-193	294	90	cause	cause	VERB
afbr-193	294	91	dpr	dpr	PROPN
afbr-193	294	92	160	160	NUM
afbr-193	294	93	1.29760	1.29760	NUM
afbr-193	294	94	0.2761	0.2761	NUM
afbr-193	294	95	accept	accept	NOUN
afbr-193	294	96	h0	h0	NOUN
afbr-193	294	97	cc	cc	PROPN
afbr-193	294	98	does	do	AUX
afbr-193	294	99	not	not	PART
afbr-193	294	100	granger	granger	AUX
afbr-193	294	101	cause	cause	VERB
afbr-193	294	102	dpr	dpr	PROPN
afbr-193	294	103	160	160	NUM
afbr-193	294	104	4.67673	4.67673	NUM
afbr-193	294	105	0.0004	0.0004	NUM
afbr-193	294	106	reject	reject	NOUN
afbr-193	294	107	h0	h0	PROPN
afbr-193	294	108	dpr	dpr	PROPN
afbr-193	294	109	does	do	AUX
afbr-193	294	110	not	not	PART
afbr-193	294	111	granger	granger	VERB
afbr-193	294	112	cause	cause	VERB
afbr-193	294	113	cc	cc	ADP
afbr-193	294	114	0.79315	0.79315	PROPN
afbr-193	294	115	0.4542	0.4542	NUM
afbr-193	294	116	accept	accept	VERB
afbr-193	294	117	h0	h0	ADJ
afbr-193	294	118	der	der	NOUN
afbr-193	294	119	does	do	AUX
afbr-193	294	120	not	not	PART
afbr-193	294	121	granger	granger	AUX
afbr-193	294	122	cause	cause	VERB
afbr-193	294	123	dpr	dpr	PROPN
afbr-193	294	124	160	160	NUM
afbr-193	294	125	0.41274	0.41274	NUM
afbr-193	294	126	0.6626	0.6626	NUM
afbr-193	294	127	accept	accept	PROPN
afbr-193	294	128	h0	h0	PROPN
afbr-193	294	129	dpr	dpr	PROPN
afbr-193	294	130	does	do	AUX
afbr-193	294	131	not	not	PART
afbr-193	294	132	granger	granger	PROPN
afbr-193	294	133	cause	cause	VERB
afbr-193	294	134	der	der	ADJ
afbr-193	294	135	3.61125	3.61125	NUM
afbr-193	294	136	0.0293	0.0293	NUM
afbr-193	294	137	reject	reject	VERB
afbr-193	294	138	h0	h0	PROPN
afbr-193	294	139	source	source	NOUN
afbr-193	294	140	:	:	PUNCT
afbr-193	294	141	extract	extract	NOUN
afbr-193	294	142	from	from	ADP
afbr-193	294	143	e	e	NOUN
afbr-193	294	144	-	-	NOUN
afbr-193	294	145	view	view	NOUN
afbr-193	294	146	9.0	9.0	NUM
afbr-193	294	147	the	the	DET
afbr-193	294	148	objective	objective	NOUN
afbr-193	294	149	of	of	ADP
afbr-193	294	150	causality	causality	NOUN
afbr-193	294	151	test	test	NOUN
afbr-193	294	152	is	be	AUX
afbr-193	294	153	to	to	PART
afbr-193	294	154	examine	examine	VERB
afbr-193	294	155	if	if	SCONJ
afbr-193	294	156	past	past	ADJ
afbr-193	294	157	variation	variation	NOUN
afbr-193	294	158	on	on	ADP
afbr-193	294	159	the	the	DET
afbr-193	294	160	variables	variable	NOUN
afbr-193	294	161	can	can	AUX
afbr-193	294	162	affect	affect	VERB
afbr-193	294	163	significantly	significantly	ADV
afbr-193	294	164	the	the	DET
afbr-193	294	165	present	present	ADJ
afbr-193	294	166	condition	condition	NOUN
afbr-193	294	167	.	.	PUNCT
afbr-193	295	1	the	the	DET
afbr-193	295	2	study	study	NOUN
afbr-193	295	3	found	find	VERB
afbr-193	295	4	that	that	SCONJ
afbr-193	295	5	there	there	PRON
afbr-193	295	6	is	be	VERB
afbr-193	295	7	one	one	NUM
afbr-193	295	8	way	way	NOUN
afbr-193	295	9	relationship	relationship	NOUN
afbr-193	295	10	between	between	ADP
afbr-193	295	11	growth	growth	NOUN
afbr-193	295	12	opportunity	opportunity	NOUN
afbr-193	295	13	and	and	CCONJ
afbr-193	295	14	dividend	dividend	VERB
afbr-193	295	15	payout	payout	NOUN
afbr-193	295	16	ratio	ratio	NOUN
afbr-193	295	17	but	but	CCONJ
afbr-193	295	18	no	no	DET
afbr-193	295	19	causality	causality	NOUN
afbr-193	295	20	between	between	ADP
afbr-193	295	21	dividend	dividend	NOUN
afbr-193	295	22	payout	payout	NOUN
afbr-193	295	23	ratio	ratio	NOUN
afbr-193	295	24	and	and	CCONJ
afbr-193	295	25	growth	growth	NOUN
afbr-193	295	26	opportunity	opportunity	NOUN
afbr-193	295	27	.	.	PUNCT
afbr-193	296	1	liquidity	liquidity	NOUN
afbr-193	296	2	granger	granger	PROPN
afbr-193	296	3	cause	cause	VERB
afbr-193	296	4	dividend	dividend	NOUN
afbr-193	296	5	payout	payout	NOUN
afbr-193	296	6	ratio	ratio	NOUN
afbr-193	296	7	but	but	CCONJ
afbr-193	296	8	dividend	dividend	NOUN
afbr-193	296	9	payout	payout	NOUN
afbr-193	296	10	ratio	ratio	NOUN
afbr-193	296	11	does	do	AUX
afbr-193	296	12	not	not	PART
afbr-193	296	13	granger	granger	AUX
afbr-193	296	14	cause	cause	VERB
afbr-193	296	15	liquidity	liquidity	NOUN
afbr-193	296	16	this	this	PRON
afbr-193	296	17	implies	imply	VERB
afbr-193	296	18	acceptance	acceptance	NOUN
afbr-193	296	19	of	of	ADP
afbr-193	296	20	null	null	ADJ
afbr-193	296	21	hypotheses	hypothesis	NOUN
afbr-193	296	22	.	.	PUNCT
afbr-193	297	1	management	management	NOUN
afbr-193	297	2	efficiency	efficiency	NOUN
afbr-193	297	3	does	do	AUX
afbr-193	297	4	not	not	PART
afbr-193	297	5	granger	granger	AUX
afbr-193	297	6	cause	cause	VERB
afbr-193	297	7	dividend	dividend	NOUN
afbr-193	297	8	payout	payout	NOUN
afbr-193	297	9	ratio	ratio	NOUN
afbr-193	297	10	but	but	CCONJ
afbr-193	297	11	dividend	dividend	NOUN
afbr-193	297	12	payout	payout	NOUN
afbr-193	297	13	ratio	ratio	NOUN
afbr-193	297	14	granger	granger	NOUN
afbr-193	297	15	cause	cause	VERB
afbr-193	297	16	management	management	NOUN
afbr-193	297	17	efficiency	efficiency	NOUN
afbr-193	297	18	.	.	PUNCT
afbr-193	298	1	profit	profit	NOUN
afbr-193	298	2	level	level	NOUN
afbr-193	298	3	does	do	AUX
afbr-193	298	4	not	not	PART
afbr-193	298	5	granger	granger	AUX
afbr-193	298	6	cause	cause	VERB
afbr-193	298	7	dividend	dividend	NOUN
afbr-193	298	8	payout	payout	NOUN
afbr-193	298	9	ratio	ratio	NOUN
afbr-193	298	10	and	and	CCONJ
afbr-193	298	11	dividend	dividend	NOUN
afbr-193	298	12	payout	payout	NOUN
afbr-193	298	13	ratio	ratio	NOUN
afbr-193	298	14	does	do	AUX
afbr-193	298	15	not	not	PART
afbr-193	298	16	granger	granger	AUX
afbr-193	298	17	cause	cause	VERB
afbr-193	298	18	profit	profit	NOUN
afbr-193	298	19	level	level	NOUN
afbr-193	298	20	.	.	PUNCT
afbr-193	299	1	company	company	NOUN
afbr-193	299	2	size	size	NOUN
afbr-193	299	3	granger	granger	PROPN
afbr-193	299	4	cause	cause	VERB
afbr-193	299	5	dividend	dividend	NOUN
afbr-193	299	6	payout	payout	NOUN
afbr-193	299	7	ratio	ratio	NOUN
afbr-193	299	8	but	but	CCONJ
afbr-193	299	9	dividend	dividend	NOUN
afbr-193	299	10	payout	payout	NOUN
afbr-193	299	11	ratio	ratio	NOUN
afbr-193	299	12	does	do	AUX
afbr-193	299	13	not	not	PART
afbr-193	299	14	granger	granger	NOUN
afbr-193	299	15	cause	cause	VERB
afbr-193	299	16	company	company	NOUN
afbr-193	299	17	size	size	NOUN
afbr-193	299	18	.	.	PUNCT
afbr-193	300	1	cost	cost	NOUN
afbr-193	300	2	of	of	ADP
afbr-193	300	3	capital	capital	NOUN
afbr-193	300	4	does	do	AUX
afbr-193	300	5	not	not	PART
afbr-193	300	6	granger	granger	AUX
afbr-193	300	7	cause	cause	VERB
afbr-193	300	8	dividend	dividend	NOUN
afbr-193	300	9	payout	payout	NOUN
afbr-193	300	10	ratio	ratio	NOUN
afbr-193	300	11	and	and	CCONJ
afbr-193	300	12	dividend	dividend	NOUN
afbr-193	300	13	payout	payout	NOUN
afbr-193	300	14	ratio	ratio	NOUN
afbr-193	300	15	does	do	AUX
afbr-193	300	16	not	not	PART
afbr-193	300	17	granger	granger	AUX
afbr-193	300	18	cause	cause	VERB
afbr-193	300	19	cost	cost	NOUN
afbr-193	300	20	of	of	ADP
afbr-193	300	21	capital	capital	NOUN
afbr-193	300	22	.	.	PUNCT
afbr-193	301	1	debt	debt	NOUN
afbr-193	301	2	equity	equity	NOUN
afbr-193	301	3	ratio	ratio	PROPN
afbr-193	301	4	grangers	grangers	PROPN
afbr-193	301	5	cause	cause	VERB
afbr-193	301	6	dividend	dividend	NOUN
afbr-193	301	7	payout	payout	NOUN
afbr-193	301	8	ratio	ratio	NOUN
afbr-193	301	9	and	and	CCONJ
afbr-193	301	10	dividend	dividend	NOUN
afbr-193	301	11	payout	payout	NOUN
afbr-193	301	12	ratio	ratio	NOUN
afbr-193	301	13	granger	granger	PROPN
afbr-193	301	14	cause	cause	VERB
afbr-193	301	15	debt	debt	NOUN
afbr-193	301	16	equity	equity	NOUN
afbr-193	301	17	ratio	ratio	NOUN
afbr-193	301	18	.	.	PUNCT
afbr-193	302	1	test	test	NOUN
afbr-193	302	2	of	of	ADP
afbr-193	302	3	hypotheses	hypothesis	NOUN
afbr-193	302	4	table	table	VERB
afbr-193	302	5	5	5	NUM
afbr-193	302	6	:	:	PUNCT
afbr-193	302	7	showing	show	VERB
afbr-193	302	8	the	the	DET
afbr-193	302	9	test	test	NOUN
afbr-193	302	10	of	of	ADP
afbr-193	302	11	hypotheses	hypothesis	NOUN
afbr-193	302	12	and	and	CCONJ
afbr-193	302	13	results	result	NOUN
afbr-193	302	14	variables	variable	VERB
afbr-193	302	15	t	t	NOUN
afbr-193	302	16	-	-	PUNCT
afbr-193	302	17	test	test	NOUN
afbr-193	302	18	p	p	NOUN
afbr-193	302	19	-	-	PUNCT
afbr-193	302	20	value	value	NOUN
afbr-193	302	21	critical	critical	ADJ
afbr-193	302	22	value	value	NOUN
afbr-193	302	23	decision	decision	NOUN
afbr-193	302	24	gop	gop	PROPN
afbr-193	302	25	-0.043160	-0.043160	NOUN
afbr-193	302	26	0.9656	0.9656	NUM
afbr-193	302	27	0.965>0.05	0.965>0.05	NOUN
afbr-193	302	28	accept	accept	VERB
afbr-193	302	29	h0	h0	NOUN
afbr-193	302	30	liq	liq	NOUN
afbr-193	302	31	4.972520	4.972520	NUM
afbr-193	302	32	0.0002	0.0002	NUM
afbr-193	302	33	0.0002<0.05	0.0002<0.05	NUM
afbr-193	302	34	reject	reject	NOUN
afbr-193	302	35	h0	h0	NOUN
afbr-193	302	36	me	i	PRON
afbr-193	302	37	0.284487	0.284487	NUM
afbr-193	302	38	0.7764	0.7764	NUM
afbr-193	302	39	0.7764>0.05	0.7764>0.05	NUM
afbr-193	302	40	accept	accept	VERB
afbr-193	302	41	h0	h0	PROPN
afbr-193	302	42	pl	pl	PROPN
afbr-193	302	43	-0.207835	-0.207835	PROPN
afbr-193	302	44	0.8356	0.8356	NUM
afbr-193	302	45	0.8356>0.05	0.8356>0.05	NUM
afbr-193	302	46	accept	accept	VERB
afbr-193	302	47	h0	h0	PROPN
afbr-193	302	48	cs	cs	PROPN
afbr-193	302	49	2.683141	2.683141	NUM
afbr-193	302	50	0.0080	0.0080	NUM
afbr-193	302	51	0.0080<0.05	0.0080<0.05	NOUN
afbr-193	302	52	reject	reject	VERB
afbr-193	302	53	h0	h0	PROPN
afbr-193	302	54	cc	cc	PROPN
afbr-193	302	55	-3.399826	-3.399826	PROPN
afbr-193	303	1	0.0034	0.0034	NUM
afbr-193	303	2	0.0034<0.05	0.0034<0.05	NUM
afbr-193	303	3	reject	reject	PROPN
afbr-193	303	4	h0	h0	PROPN
afbr-193	303	5	der	der	NOUN
afbr-193	303	6	-0.224931	-0.224931	ADV
afbr-193	303	7	0.8223	0.8223	NUM
afbr-193	303	8	0.8223	0.8223	NUM
afbr-193	303	9	>	>	SYM
afbr-193	303	10	0.05	0.05	NUM
afbr-193	303	11	accept	accept	PROPN
afbr-193	303	12	h0	h0	PROPN
afbr-193	303	13	source	source	NOUN
afbr-193	303	14	:	:	PUNCT
afbr-193	303	15	computed	compute	VERB
afbr-193	303	16	by	by	ADP
afbr-193	303	17	researcher	researcher	NOUN
afbr-193	303	18	from	from	ADP
afbr-193	303	19	e	e	NOUN
afbr-193	303	20	-	-	NOUN
afbr-193	303	21	view	view	ADJ
afbr-193	303	22	9.0	9.0	NUM
afbr-193	303	23	table	table	NOUN
afbr-193	303	24	6	6	NUM
afbr-193	303	25	:	:	PUNCT
afbr-193	303	26	cross	cross	ADJ
afbr-193	303	27	-	-	ADJ
afbr-193	303	28	sectional	sectional	ADJ
afbr-193	303	29	fixed	fix	VERB
afbr-193	303	30	effect	effect	NOUN
afbr-193	303	31	for	for	ADP
afbr-193	303	32	individual	individual	ADJ
afbr-193	303	33	firm	firm	ADJ
afbr-193	303	34	s	s	PROPN
afbr-193	303	35	/	/	SYM
afbr-193	303	36	n	n	PRON
afbr-193	303	37	company	company	NOUN
afbr-193	303	38	coefficient	coefficient	VERB
afbr-193	303	39	1	1	NUM
afbr-193	303	40	champion	champion	NOUN
afbr-193	303	41	breweries	brewery	NOUN
afbr-193	303	42	7.638369	7.638369	NUM
afbr-193	303	43	2	2	NUM
afbr-193	303	44	seven	seven	NUM
afbr-193	303	45	up	up	ADP
afbr-193	303	46	bottling	bottle	VERB
afbr-193	303	47	company	company	NOUN
afbr-193	303	48	2.885348	2.885348	NUM
afbr-193	303	49	3	3	NUM
afbr-193	303	50	ashaka	ashaka	ADV
afbr-193	303	51	cement	cement	NOUN
afbr-193	303	52	2.806344	2.806344	NUM
afbr-193	303	53	4	4	NUM
afbr-193	303	54	cadbury	cadbury	NOUN
afbr-193	303	55	-3.388142	-3.388142	VERB
afbr-193	303	56	5	5	NUM
afbr-193	303	57	uac	uac	NOUN
afbr-193	303	58	3.275649	3.275649	NUM
afbr-193	303	59	6	6	NUM
afbr-193	303	60	evans	evans	PROPN
afbr-193	303	61	medical	medical	PROPN
afbr-193	303	62	4.668036	4.668036	NUM
afbr-193	303	63	www.cribfb.com/journal/index.php/afbr	www.cribfb.com/journal/index.php/afbr	ADJ
afbr-193	303	64	australian	australian	ADJ
afbr-193	303	65	finance	finance	PROPN
afbr-193	303	66	&	&	CCONJ
afbr-193	303	67	banking	banking	PROPN
afbr-193	303	68	review	review	PROPN
afbr-193	303	69	vol	vol	NOUN
afbr-193	303	70	.	.	PROPN
afbr-193	304	1	2	2	NUM
afbr-193	304	2	,	,	PUNCT
afbr-193	304	3	no	no	INTJ
afbr-193	304	4	.	.	NOUN
afbr-193	304	5	2	2	NUM
afbr-193	304	6	;	;	PUNCT
afbr-193	304	7	2018	2018	NUM
afbr-193	304	8	18	18	NUM
afbr-193	304	9	source	source	NOUN
afbr-193	304	10	:	:	PUNCT
afbr-193	304	11	extract	extract	NOUN
afbr-193	304	12	from	from	ADP
afbr-193	304	13	e	e	NOUN
afbr-193	304	14	-	-	NOUN
afbr-193	304	15	view	view	ADJ
afbr-193	304	16	9.0	9.0	NUM
afbr-193	304	17	coefficient	coefficient	NOUN
afbr-193	304	18	from	from	ADP
afbr-193	304	19	the	the	DET
afbr-193	304	20	individual	individual	ADJ
afbr-193	304	21	companies	company	NOUN
afbr-193	304	22	shows	show	VERB
afbr-193	304	23	that	that	SCONJ
afbr-193	304	24	,	,	PUNCT
afbr-193	304	25	champion	champion	NOUN
afbr-193	304	26	breweries	brewery	NOUN
afbr-193	304	27	,	,	PUNCT
afbr-193	304	28	seven	seven	NUM
afbr-193	304	29	up	up	ADP
afbr-193	304	30	bottling	bottle	VERB
afbr-193	304	31	company	company	NOUN
afbr-193	304	32	,	,	PUNCT
afbr-193	304	33	ashaka	ashaka	ADV
afbr-193	304	34	cement	cement	NOUN
afbr-193	304	35	,	,	PUNCT
afbr-193	304	36	uac	uac	NOUN
afbr-193	304	37	,	,	PUNCT
afbr-193	304	38	evans	evans	PROPN
afbr-193	304	39	medical	medical	PROPN
afbr-193	304	40	,	,	PUNCT
afbr-193	304	41	glaxo	glaxo	NOUN
afbr-193	304	42	,	,	PUNCT
afbr-193	304	43	lafarage	lafarage	NOUN
afbr-193	304	44	,	,	PUNCT
afbr-193	304	45	nestle	nestle	PROPN
afbr-193	304	46	,	,	PUNCT
afbr-193	304	47	nigerian	nigerian	ADJ
afbr-193	304	48	ropes	rope	NOUN
afbr-193	304	49	and	and	CCONJ
afbr-193	304	50	nigerian	nigerian	ADJ
afbr-193	304	51	breweries	brewery	NOUN
afbr-193	304	52	and	and	CCONJ
afbr-193	304	53	pz	pz	NOUN
afbr-193	304	54	cushion	cushion	NOUN
afbr-193	304	55	have	have	VERB
afbr-193	304	56	positive	positive	ADJ
afbr-193	304	57	coefficient	coefficient	NOUN
afbr-193	304	58	while	while	SCONJ
afbr-193	304	59	cadbury	cadbury	NOUN
afbr-193	304	60	,	,	PUNCT
afbr-193	304	61	pabod	pabod	ADJ
afbr-193	304	62	breweries	brewery	NOUN
afbr-193	304	63	,	,	PUNCT
afbr-193	304	64	flour	flour	NOUN
afbr-193	304	65	mills	mill	NOUN
afbr-193	304	66	,	,	PUNCT
afbr-193	304	67	guinness	guinness	PROPN
afbr-193	304	68	,	,	PUNCT
afbr-193	304	69	may	may	AUX
afbr-193	304	70	and	and	CCONJ
afbr-193	304	71	baker	baker	PROPN
afbr-193	304	72	nigerian	nigerian	PROPN
afbr-193	304	73	bags	bag	NOUN
afbr-193	304	74	,	,	PUNCT
afbr-193	304	75	unilever	unilever	PROPN
afbr-193	304	76	,	,	PUNCT
afbr-193	304	77	university	university	NOUN
afbr-193	304	78	press	press	NOUN
afbr-193	304	79	and	and	CCONJ
afbr-193	304	80	vita	vita	PROPN
afbr-193	304	81	foam	foam	NOUN
afbr-193	304	82	have	have	VERB
afbr-193	304	83	negative	negative	ADJ
afbr-193	304	84	effect	effect	NOUN
afbr-193	304	85	.	.	PUNCT
afbr-193	305	1	this	this	PRON
afbr-193	305	2	implies	imply	VERB
afbr-193	305	3	that	that	SCONJ
afbr-193	305	4	an	an	DET
afbr-193	305	5	increase	increase	NOUN
afbr-193	305	6	in	in	ADP
afbr-193	305	7	the	the	DET
afbr-193	305	8	independent	independent	ADJ
afbr-193	305	9	variables	variable	NOUN
afbr-193	305	10	on	on	ADP
afbr-193	305	11	champion	champion	NOUN
afbr-193	305	12	breweries	brewery	NOUN
afbr-193	305	13	,	,	PUNCT
afbr-193	305	14	seven	seven	NUM
afbr-193	305	15	up	up	ADP
afbr-193	305	16	bottling	bottle	VERB
afbr-193	305	17	company	company	NOUN
afbr-193	305	18	,	,	PUNCT
afbr-193	305	19	ashaka	ashaka	ADV
afbr-193	305	20	cement	cement	NOUN
afbr-193	305	21	,	,	PUNCT
afbr-193	305	22	uac	uac	NOUN
afbr-193	305	23	,	,	PUNCT
afbr-193	305	24	evans	evans	PROPN
afbr-193	305	25	medical	medical	PROPN
afbr-193	305	26	,	,	PUNCT
afbr-193	305	27	glaxo	glaxo	NOUN
afbr-193	305	28	,	,	PUNCT
afbr-193	305	29	lafarage	lafarage	NOUN
afbr-193	305	30	,	,	PUNCT
afbr-193	305	31	nestle	nestle	PROPN
afbr-193	305	32	,	,	PUNCT
afbr-193	305	33	nigerian	nigerian	ADJ
afbr-193	305	34	ropes	rope	NOUN
afbr-193	305	35	and	and	CCONJ
afbr-193	305	36	nigerian	nigerian	ADJ
afbr-193	305	37	breweries	brewery	NOUN
afbr-193	305	38	and	and	CCONJ
afbr-193	305	39	pz	pz	NOUN
afbr-193	305	40	cushion	cushion	NOUN
afbr-193	305	41	will	will	AUX
afbr-193	305	42	have	have	VERB
afbr-193	305	43	positive	positive	ADJ
afbr-193	305	44	effect	effect	NOUN
afbr-193	305	45	on	on	ADP
afbr-193	305	46	their	their	PRON
afbr-193	305	47	dividend	dividend	NOUN
afbr-193	305	48	payout	payout	NOUN
afbr-193	305	49	ratio	ratio	NOUN
afbr-193	305	50	;	;	PUNCT
afbr-193	305	51	while	while	SCONJ
afbr-193	305	52	such	such	ADJ
afbr-193	305	53	increase	increase	NOUN
afbr-193	305	54	will	will	AUX
afbr-193	305	55	have	have	VERB
afbr-193	305	56	a	a	DET
afbr-193	305	57	negative	negative	ADJ
afbr-193	305	58	effect	effect	NOUN
afbr-193	305	59	on	on	ADP
afbr-193	305	60	the	the	DET
afbr-193	305	61	dividend	dividend	NOUN
afbr-193	305	62	payout	payout	NOUN
afbr-193	305	63	ratio	ratio	NOUN
afbr-193	305	64	of	of	ADP
afbr-193	305	65	cadbury	cadbury	NOUN
afbr-193	305	66	,	,	PUNCT
afbr-193	305	67	pabod	pabod	ADJ
afbr-193	305	68	breweries	brewery	NOUN
afbr-193	305	69	,	,	PUNCT
afbr-193	305	70	flour	flour	NOUN
afbr-193	305	71	mills	mill	NOUN
afbr-193	305	72	,	,	PUNCT
afbr-193	305	73	guinness	guinness	PROPN
afbr-193	305	74	,	,	PUNCT
afbr-193	305	75	may	may	AUX
afbr-193	305	76	and	and	CCONJ
afbr-193	305	77	baker	baker	PROPN
afbr-193	305	78	nigerian	nigerian	PROPN
afbr-193	305	79	bags	bag	NOUN
afbr-193	305	80	,	,	PUNCT
afbr-193	305	81	unilever	unilever	PROPN
afbr-193	305	82	,	,	PUNCT
afbr-193	305	83	university	university	NOUN
afbr-193	305	84	press	press	NOUN
afbr-193	305	85	and	and	CCONJ
afbr-193	305	86	vita	vita	PROPN
afbr-193	305	87	foam	foam	PROPN
afbr-193	305	88	6	6	NUM
afbr-193	305	89	.	.	PUNCT
afbr-193	305	90	discussion	discussion	NOUN
afbr-193	305	91	of	of	ADP
afbr-193	305	92	findings	finding	NOUN
afbr-193	305	93	the	the	DET
afbr-193	305	94	objective	objective	NOUN
afbr-193	305	95	of	of	ADP
afbr-193	305	96	this	this	DET
afbr-193	305	97	study	study	NOUN
afbr-193	305	98	was	be	AUX
afbr-193	305	99	to	to	PART
afbr-193	305	100	investigate	investigate	VERB
afbr-193	305	101	economic	economic	ADJ
afbr-193	305	102	variables	variable	NOUN
afbr-193	305	103	that	that	PRON
afbr-193	305	104	determine	determine	VERB
afbr-193	305	105	dividend	dividend	NOUN
afbr-193	305	106	policy	policy	NOUN
afbr-193	305	107	of	of	ADP
afbr-193	305	108	selected	select	VERB
afbr-193	305	109	quoted	quote	VERB
afbr-193	305	110	manufacturing	manufacturing	NOUN
afbr-193	305	111	firms	firm	NOUN
afbr-193	305	112	in	in	ADP
afbr-193	305	113	nigeria	nigeria	PROPN
afbr-193	305	114	.	.	PUNCT
afbr-193	306	1	after	after	ADP
afbr-193	306	2	a	a	DET
afbr-193	306	3	cross	cross	NOUN
afbr-193	306	4	examination	examination	NOUN
afbr-193	306	5	of	of	ADP
afbr-193	306	6	the	the	DET
afbr-193	306	7	validity	validity	NOUN
afbr-193	306	8	of	of	ADP
afbr-193	306	9	the	the	DET
afbr-193	306	10	models	model	NOUN
afbr-193	306	11	,	,	PUNCT
afbr-193	306	12	the	the	DET
afbr-193	306	13	fixed	fix	VERB
afbr-193	306	14	effect	effect	NOUN
afbr-193	306	15	model	model	NOUN
afbr-193	306	16	was	be	AUX
afbr-193	306	17	adopted	adopt	VERB
afbr-193	306	18	therefore	therefore	ADV
afbr-193	306	19	discussion	discussion	NOUN
afbr-193	306	20	of	of	ADP
afbr-193	306	21	this	this	DET
afbr-193	306	22	result	result	NOUN
afbr-193	306	23	is	be	AUX
afbr-193	306	24	based	base	VERB
afbr-193	306	25	on	on	ADP
afbr-193	306	26	the	the	DET
afbr-193	306	27	fixed	fix	VERB
afbr-193	306	28	effect	effect	NOUN
afbr-193	306	29	result	result	NOUN
afbr-193	306	30	.	.	PUNCT
afbr-193	307	1	findings	finding	NOUN
afbr-193	307	2	reveal	reveal	VERB
afbr-193	307	3	that	that	SCONJ
afbr-193	307	4	growth	growth	NOUN
afbr-193	307	5	opportunities	opportunity	NOUN
afbr-193	307	6	have	have	VERB
afbr-193	307	7	negative	negative	ADJ
afbr-193	307	8	and	and	CCONJ
afbr-193	307	9	insignificant	insignificant	ADJ
afbr-193	307	10	effect	effect	NOUN
afbr-193	307	11	on	on	ADP
afbr-193	307	12	the	the	DET
afbr-193	307	13	dividend	dividend	NOUN
afbr-193	307	14	policy	policy	NOUN
afbr-193	307	15	of	of	ADP
afbr-193	307	16	the	the	DET
afbr-193	307	17	manufacturing	manufacturing	NOUN
afbr-193	307	18	firms	firm	NOUN
afbr-193	307	19	.	.	PUNCT
afbr-193	308	1	this	this	PRON
afbr-193	308	2	is	be	AUX
afbr-193	308	3	not	not	PART
afbr-193	308	4	too	too	ADV
afbr-193	308	5	surprising	surprising	ADJ
afbr-193	308	6	,	,	PUNCT
afbr-193	308	7	as	as	SCONJ
afbr-193	308	8	a	a	DET
afbr-193	308	9	company	company	NOUN
afbr-193	308	10	that	that	PRON
afbr-193	308	11	has	have	VERB
afbr-193	308	12	opportunity	opportunity	NOUN
afbr-193	308	13	for	for	ADP
afbr-193	308	14	growth	growth	NOUN
afbr-193	308	15	is	be	AUX
afbr-193	308	16	expected	expect	VERB
afbr-193	308	17	to	to	PART
afbr-193	308	18	retain	retain	VERB
afbr-193	308	19	more	more	ADJ
afbr-193	308	20	of	of	ADP
afbr-193	308	21	its	its	PRON
afbr-193	308	22	earnings	earning	NOUN
afbr-193	308	23	for	for	ADP
afbr-193	308	24	reinvestment	reinvestment	NOUN
afbr-193	308	25	on	on	ADP
afbr-193	308	26	the	the	DET
afbr-193	308	27	growth	growth	NOUN
afbr-193	308	28	areas	area	NOUN
afbr-193	308	29	rather	rather	ADV
afbr-193	308	30	than	than	ADP
afbr-193	308	31	engaging	engage	VERB
afbr-193	308	32	in	in	ADP
afbr-193	308	33	such	such	ADJ
afbr-193	308	34	growth	growth	NOUN
afbr-193	308	35	venture	venture	NOUN
afbr-193	308	36	with	with	ADP
afbr-193	308	37	external	external	ADJ
afbr-193	308	38	funding	funding	NOUN
afbr-193	308	39	.	.	PUNCT
afbr-193	309	1	the	the	DET
afbr-193	309	2	negative	negative	ADJ
afbr-193	309	3	effect	effect	NOUN
afbr-193	309	4	of	of	ADP
afbr-193	309	5	growth	growth	NOUN
afbr-193	309	6	opportunity	opportunity	NOUN
afbr-193	309	7	on	on	ADP
afbr-193	309	8	dividend	dividend	NOUN
afbr-193	309	9	payout	payout	NOUN
afbr-193	309	10	rate	rate	NOUN
afbr-193	309	11	confirms	confirm	VERB
afbr-193	309	12	the	the	DET
afbr-193	309	13	a	a	DET
afbr-193	309	14	priori	priori	ADJ
afbr-193	309	15	expectation	expectation	NOUN
afbr-193	309	16	of	of	ADP
afbr-193	309	17	the	the	DET
afbr-193	309	18	result	result	NOUN
afbr-193	309	19	.	.	PUNCT
afbr-193	310	1	growth	growth	NOUN
afbr-193	310	2	companies	company	NOUN
afbr-193	310	3	have	have	VERB
afbr-193	310	4	little	little	ADJ
afbr-193	310	5	incentive	incentive	NOUN
afbr-193	310	6	for	for	ADP
afbr-193	310	7	dividend	dividend	NOUN
afbr-193	310	8	payout	payout	NOUN
afbr-193	310	9	as	as	SCONJ
afbr-193	310	10	the	the	DET
afbr-193	310	11	policy	policy	NOUN
afbr-193	310	12	is	be	AUX
afbr-193	310	13	geared	gear	VERB
afbr-193	310	14	toward	toward	ADP
afbr-193	310	15	reinvestment	reinvestment	NOUN
afbr-193	310	16	of	of	ADP
afbr-193	310	17	the	the	DET
afbr-193	310	18	profits	profit	NOUN
afbr-193	310	19	for	for	ADP
afbr-193	310	20	better	well	ADJ
afbr-193	310	21	growth	growth	NOUN
afbr-193	310	22	opportunity	opportunity	NOUN
afbr-193	310	23	and	and	CCONJ
afbr-193	310	24	greater	great	ADJ
afbr-193	310	25	future	future	ADJ
afbr-193	310	26	yield	yield	NOUN
afbr-193	310	27	.	.	PUNCT
afbr-193	311	1	the	the	DET
afbr-193	311	2	study	study	NOUN
afbr-193	311	3	found	find	VERB
afbr-193	311	4	that	that	SCONJ
afbr-193	311	5	liquidity	liquidity	NOUN
afbr-193	311	6	has	have	VERB
afbr-193	311	7	positive	positive	ADJ
afbr-193	311	8	and	and	CCONJ
afbr-193	311	9	significant	significant	ADJ
afbr-193	311	10	impact	impact	NOUN
afbr-193	311	11	on	on	ADP
afbr-193	311	12	dividend	dividend	NOUN
afbr-193	311	13	policy	policy	NOUN
afbr-193	311	14	of	of	ADP
afbr-193	311	15	the	the	DET
afbr-193	311	16	selected	select	VERB
afbr-193	311	17	manufacturing	manufacturing	NOUN
afbr-193	311	18	firms	firm	NOUN
afbr-193	311	19	.	.	PUNCT
afbr-193	312	1	this	this	DET
afbr-193	312	2	finding	finding	NOUN
afbr-193	312	3	confirms	confirm	VERB
afbr-193	312	4	the	the	DET
afbr-193	312	5	expectation	expectation	NOUN
afbr-193	312	6	of	of	ADP
afbr-193	312	7	the	the	DET
afbr-193	312	8	results	result	NOUN
afbr-193	312	9	and	and	CCONJ
afbr-193	312	10	implies	imply	VERB
afbr-193	312	11	that	that	SCONJ
afbr-193	312	12	management	management	NOUN
afbr-193	312	13	of	of	ADP
afbr-193	312	14	the	the	DET
afbr-193	312	15	manufacturing	manufacturing	NOUN
afbr-193	312	16	firm	firm	NOUN
afbr-193	312	17	has	have	VERB
afbr-193	312	18	optimum	optimum	ADJ
afbr-193	312	19	liquidity	liquidity	NOUN
afbr-193	312	20	management	management	NOUN
afbr-193	312	21	policy	policy	NOUN
afbr-193	312	22	that	that	PRON
afbr-193	312	23	increases	increase	VERB
afbr-193	312	24	the	the	DET
afbr-193	312	25	investment	investment	NOUN
afbr-193	312	26	of	of	ADP
afbr-193	312	27	the	the	DET
afbr-193	312	28	firms	firm	NOUN
afbr-193	312	29	and	and	CCONJ
afbr-193	312	30	also	also	ADV
afbr-193	312	31	made	make	VERB
afbr-193	312	32	the	the	DET
afbr-193	312	33	company	company	NOUN
afbr-193	312	34	meet	meet	VERB
afbr-193	312	35	its	its	PRON
afbr-193	312	36	short	short	ADJ
afbr-193	312	37	term	term	NOUN
afbr-193	312	38	liabilities	liability	NOUN
afbr-193	312	39	.	.	PUNCT
afbr-193	313	1	it	it	PRON
afbr-193	313	2	confirms	confirm	VERB
afbr-193	313	3	the	the	DET
afbr-193	313	4	findings	finding	NOUN
afbr-193	313	5	of	of	ADP
afbr-193	313	6	jensen	jensen	PROPN
afbr-193	313	7	et	et	PROPN
afbr-193	313	8	al	al	PROPN
afbr-193	313	9	.	.	PROPN
afbr-193	314	1	(	(	PUNCT
afbr-193	314	2	1992	1992	NUM
afbr-193	314	3	)	)	PUNCT
afbr-193	314	4	,	,	PUNCT
afbr-193	314	5	rozeff	rozeff	NOUN
afbr-193	314	6	(	(	PUNCT
afbr-193	314	7	1982	1982	NUM
afbr-193	314	8	)	)	PUNCT
afbr-193	314	9	and	and	CCONJ
afbr-193	314	10	easterbrook	easterbrook	NOUN
afbr-193	314	11	(	(	PUNCT
afbr-193	314	12	1984	1984	NUM
afbr-193	314	13	)	)	PUNCT
afbr-193	314	14	.	.	PUNCT
afbr-193	315	1	these	these	DET
afbr-193	315	2	scholars	scholar	NOUN
afbr-193	315	3	argued	argue	VERB
afbr-193	315	4	that	that	SCONJ
afbr-193	315	5	companies	company	NOUN
afbr-193	315	6	liquidity	liquidity	NOUN
afbr-193	315	7	have	have	VERB
afbr-193	315	8	to	to	PART
afbr-193	315	9	pay	pay	VERB
afbr-193	315	10	higher	high	ADJ
afbr-193	315	11	dividends	dividend	NOUN
afbr-193	315	12	in	in	ADP
afbr-193	315	13	order	order	NOUN
afbr-193	315	14	to	to	PART
afbr-193	315	15	reduce	reduce	VERB
afbr-193	315	16	the	the	DET
afbr-193	315	17	agency	agency	NOUN
afbr-193	315	18	conflict	conflict	NOUN
afbr-193	315	19	between	between	ADP
afbr-193	315	20	managers	manager	NOUN
afbr-193	315	21	and	and	CCONJ
afbr-193	315	22	shareholders	shareholder	NOUN
afbr-193	315	23	.	.	PUNCT
afbr-193	316	1	the	the	DET
afbr-193	316	2	result	result	NOUN
afbr-193	316	3	shows	show	VERB
afbr-193	316	4	that	that	SCONJ
afbr-193	316	5	liquidity	liquidity	NOUN
afbr-193	316	6	is	be	AUX
afbr-193	316	7	a	a	DET
afbr-193	316	8	major	major	ADJ
afbr-193	316	9	determinant	determinant	NOUN
afbr-193	316	10	of	of	ADP
afbr-193	316	11	dividend	dividend	NOUN
afbr-193	316	12	payout	payout	NOUN
afbr-193	316	13	rate	rate	NOUN
afbr-193	316	14	.	.	PUNCT
afbr-193	317	1	management	management	NOUN
afbr-193	317	2	efficiency	efficiency	NOUN
afbr-193	317	3	has	have	VERB
afbr-193	317	4	positive	positive	ADJ
afbr-193	317	5	but	but	CCONJ
afbr-193	317	6	insignificant	insignificant	ADJ
afbr-193	317	7	effect	effect	NOUN
afbr-193	317	8	on	on	ADP
afbr-193	317	9	dividend	dividend	NOUN
afbr-193	317	10	policy	policy	NOUN
afbr-193	317	11	of	of	ADP
afbr-193	317	12	the	the	DET
afbr-193	317	13	manufacturing	manufacturing	NOUN
afbr-193	317	14	firms	firm	NOUN
afbr-193	317	15	.	.	PUNCT
afbr-193	318	1	it	it	PRON
afbr-193	318	2	implies	imply	VERB
afbr-193	318	3	that	that	PRON
afbr-193	318	4	increase	increase	NOUN
afbr-193	318	5	in	in	ADP
afbr-193	318	6	management	management	NOUN
afbr-193	318	7	efficiency	efficiency	NOUN
afbr-193	318	8	will	will	AUX
afbr-193	318	9	increase	increase	VERB
afbr-193	318	10	dividend	dividend	NOUN
afbr-193	318	11	payment	payment	NOUN
afbr-193	318	12	but	but	CCONJ
afbr-193	318	13	not	not	PART
afbr-193	318	14	to	to	ADP
afbr-193	318	15	a	a	DET
afbr-193	318	16	large	large	ADJ
afbr-193	318	17	extent	extent	NOUN
afbr-193	318	18	.	.	PUNCT
afbr-193	319	1	management	management	NOUN
afbr-193	319	2	efficiency	efficiency	NOUN
afbr-193	319	3	which	which	PRON
afbr-193	319	4	measures	measure	VERB
afbr-193	319	5	the	the	DET
afbr-193	319	6	percentage	percentage	NOUN
afbr-193	319	7	of	of	ADP
afbr-193	319	8	total	total	ADJ
afbr-193	319	9	costs	cost	NOUN
afbr-193	319	10	to	to	PART
afbr-193	319	11	total	total	VERB
afbr-193	319	12	revenue	revenue	NOUN
afbr-193	319	13	is	be	AUX
afbr-193	319	14	expected	expect	VERB
afbr-193	319	15	to	to	PART
afbr-193	319	16	have	have	VERB
afbr-193	319	17	a	a	DET
afbr-193	319	18	positive	positive	ADJ
afbr-193	319	19	impact	impact	NOUN
afbr-193	319	20	on	on	ADP
afbr-193	319	21	dividend	dividend	NOUN
afbr-193	319	22	policy	policy	NOUN
afbr-193	319	23	.	.	PUNCT
afbr-193	320	1	the	the	DET
afbr-193	320	2	positive	positive	ADJ
afbr-193	320	3	impact	impact	NOUN
afbr-193	320	4	of	of	ADP
afbr-193	320	5	management	management	NOUN
afbr-193	320	6	efficiency	efficiency	NOUN
afbr-193	320	7	on	on	ADP
afbr-193	320	8	dividend	dividend	NOUN
afbr-193	320	9	payout	payout	NOUN
afbr-193	320	10	rate	rate	NOUN
afbr-193	320	11	confirm	confirm	VERB
afbr-193	320	12	and	and	CCONJ
afbr-193	320	13	validates	validate	VERB
afbr-193	320	14	the	the	DET
afbr-193	320	15	empirical	empirical	ADJ
afbr-193	320	16	findings	finding	NOUN
afbr-193	320	17	of	of	ADP
afbr-193	320	18	anyamaobi	anyamaobi	NOUN
afbr-193	320	19	and	and	CCONJ
afbr-193	320	20	lucky	lucky	ADJ
afbr-193	320	21	(	(	PUNCT
afbr-193	320	22	2017).the	2017).the	DET
afbr-193	320	23	positive	positive	ADJ
afbr-193	320	24	impact	impact	NOUN
afbr-193	320	25	implies	imply	VERB
afbr-193	320	26	that	that	SCONJ
afbr-193	320	27	management	management	NOUN
afbr-193	320	28	of	of	ADP
afbr-193	320	29	the	the	DET
afbr-193	320	30	manufacturing	manufacturing	NOUN
afbr-193	320	31	firms	firm	NOUN
afbr-193	320	32	are	be	AUX
afbr-193	320	33	cost	cost	VERB
afbr-193	320	34	efficient	efficient	ADJ
afbr-193	320	35	,	,	PUNCT
afbr-193	320	36	however	however	ADV
afbr-193	320	37	the	the	DET
afbr-193	320	38	insignificant	insignificant	ADJ
afbr-193	320	39	impact	impact	NOUN
afbr-193	320	40	of	of	ADP
afbr-193	320	41	the	the	DET
afbr-193	320	42	variables	variable	NOUN
afbr-193	320	43	can	can	AUX
afbr-193	320	44	be	be	AUX
afbr-193	320	45	traced	trace	VERB
afbr-193	320	46	to	to	ADP
afbr-193	320	47	high	high	ADJ
afbr-193	320	48	cost	cost	NOUN
afbr-193	320	49	of	of	ADP
afbr-193	320	50	operation	operation	NOUN
afbr-193	320	51	and	and	CCONJ
afbr-193	320	52	high	high	ADJ
afbr-193	320	53	operating	operating	NOUN
afbr-193	320	54	leverage	leverage	NOUN
afbr-193	320	55	.	.	PUNCT
afbr-193	321	1	company	company	NOUN
afbr-193	321	2	size	size	NOUN
afbr-193	321	3	have	have	VERB
afbr-193	321	4	positive	positive	ADJ
afbr-193	321	5	and	and	CCONJ
afbr-193	321	6	significant	significant	ADJ
afbr-193	321	7	impact	impact	NOUN
afbr-193	321	8	on	on	ADP
afbr-193	321	9	the	the	DET
afbr-193	321	10	profitability	profitability	NOUN
afbr-193	321	11	of	of	ADP
afbr-193	321	12	the	the	DET
afbr-193	321	13	quoted	quote	VERB
afbr-193	321	14	manufacturing	manufacturing	NOUN
afbr-193	321	15	firms	firm	NOUN
afbr-193	321	16	,	,	PUNCT
afbr-193	321	17	this	this	PRON
afbr-193	321	18	implies	imply	VERB
afbr-193	321	19	that	that	PRON
afbr-193	321	20	increase	increase	NOUN
afbr-193	321	21	in	in	ADP
afbr-193	321	22	corporate	corporate	ADJ
afbr-193	321	23	size	size	NOUN
afbr-193	321	24	will	will	AUX
afbr-193	321	25	significantly	significantly	ADV
afbr-193	321	26	lead	lead	VERB
afbr-193	321	27	to	to	PART
afbr-193	321	28	increase	increase	VERB
afbr-193	321	29	on	on	ADP
afbr-193	321	30	dividend	dividend	NOUN
afbr-193	321	31	policy	policy	NOUN
afbr-193	321	32	of	of	ADP
afbr-193	321	33	the	the	DET
afbr-193	321	34	quoted	quote	VERB
afbr-193	321	35	manufacturing	manufacturing	NOUN
afbr-193	321	36	firms	firm	NOUN
afbr-193	321	37	.	.	PUNCT
afbr-193	322	1	again	again	ADV
afbr-193	322	2	it	it	PRON
afbr-193	322	3	can	can	AUX
afbr-193	322	4	be	be	AUX
afbr-193	322	5	understood	understand	VERB
afbr-193	322	6	that	that	SCONJ
afbr-193	322	7	the	the	DET
afbr-193	322	8	bigger	big	ADJ
afbr-193	322	9	companies	company	NOUN
afbr-193	322	10	would	would	AUX
afbr-193	322	11	want	want	VERB
afbr-193	322	12	to	to	PART
afbr-193	322	13	operate	operate	VERB
afbr-193	322	14	a	a	DET
afbr-193	322	15	consistent	consistent	ADJ
afbr-193	322	16	dividend	dividend	NOUN
afbr-193	322	17	policy	policy	NOUN
afbr-193	322	18	so	so	SCONJ
afbr-193	322	19	as	as	SCONJ
afbr-193	322	20	to	to	PART
afbr-193	322	21	maintain	maintain	VERB
afbr-193	322	22	their	their	PRON
afbr-193	322	23	goodwill	goodwill	NOUN
afbr-193	322	24	and	and	CCONJ
afbr-193	322	25	reputation	reputation	NOUN
afbr-193	322	26	.	.	PUNCT
afbr-193	323	1	this	this	DET
afbr-193	323	2	decision	decision	NOUN
afbr-193	323	3	also	also	ADV
afbr-193	323	4	could	could	AUX
afbr-193	323	5	assist	assist	VERB
afbr-193	323	6	them	they	PRON
afbr-193	323	7	in	in	ADP
afbr-193	323	8	wooing	woo	VERB
afbr-193	323	9	investors	investor	NOUN
afbr-193	323	10	and	and	CCONJ
afbr-193	323	11	stabilize	stabilize	VERB
afbr-193	323	12	the	the	DET
afbr-193	323	13	company	company	NOUN
afbr-193	323	14	share	share	NOUN
afbr-193	323	15	price	price	NOUN
afbr-193	323	16	at	at	ADP
afbr-193	323	17	the	the	DET
afbr-193	323	18	capital	capital	NOUN
afbr-193	323	19	market	market	NOUN
afbr-193	323	20	.	.	PUNCT
afbr-193	324	1	the	the	DET
afbr-193	324	2	positive	positive	ADJ
afbr-193	324	3	impact	impact	NOUN
afbr-193	324	4	of	of	ADP
afbr-193	324	5	corporate	corporate	ADJ
afbr-193	324	6	size	size	NOUN
afbr-193	324	7	implies	imply	VERB
afbr-193	324	8	a	a	DET
afbr-193	324	9	major	major	ADJ
afbr-193	324	10	determinant	determinant	NOUN
afbr-193	324	11	of	of	ADP
afbr-193	324	12	dividend	dividend	NOUN
afbr-193	324	13	policy	policy	NOUN
afbr-193	324	14	which	which	PRON
afbr-193	324	15	is	be	AUX
afbr-193	324	16	consistent	consistent	ADJ
afbr-193	324	17	with	with	ADP
afbr-193	324	18	the	the	DET
afbr-193	324	19	findings	finding	NOUN
afbr-193	324	20	of	of	ADP
afbr-193	324	21	fama	fama	PROPN
afbr-193	324	22	and	and	CCONJ
afbr-193	324	23	french	french	ADJ
afbr-193	324	24	(	(	PUNCT
afbr-193	324	25	2001	2001	NUM
afbr-193	324	26	)	)	PUNCT
afbr-193	325	1	that	that	SCONJ
afbr-193	325	2	the	the	DET
afbr-193	325	3	probability	probability	NOUN
afbr-193	325	4	of	of	ADP
afbr-193	325	5	paying	pay	VERB
afbr-193	325	6	dividends	dividend	NOUN
afbr-193	325	7	increases	increase	NOUN
afbr-193	325	8	with	with	ADP
afbr-193	325	9	the	the	DET
afbr-193	325	10	firm	firm	ADJ
afbr-193	325	11	size	size	NOUN
afbr-193	325	12	.	.	PUNCT
afbr-193	326	1	larger	large	ADJ
afbr-193	326	2	firms	firm	NOUN
afbr-193	326	3	pay	pay	VERB
afbr-193	326	4	higher	high	ADJ
afbr-193	326	5	cash	cash	NOUN
afbr-193	326	6	dividends	dividend	NOUN
afbr-193	326	7	for	for	ADP
afbr-193	326	8	several	several	ADJ
afbr-193	326	9	reasons	reason	NOUN
afbr-193	326	10	.	.	PUNCT
afbr-193	327	1	first	first	ADV
afbr-193	327	2	,	,	PUNCT
afbr-193	327	3	large	large	ADJ
afbr-193	327	4	firms	firm	NOUN
afbr-193	327	5	face	face	VERB
afbr-193	327	6	high	high	ADJ
afbr-193	327	7	agency	agency	NOUN
afbr-193	327	8	cost	cost	NOUN
afbr-193	327	9	as	as	ADP
afbr-193	327	10	a	a	DET
afbr-193	327	11	result	result	NOUN
afbr-193	327	12	of	of	ADP
afbr-193	327	13	ownership	ownership	NOUN
afbr-193	327	14	dispersion	dispersion	NOUN
afbr-193	327	15	.	.	PUNCT
afbr-193	328	1	secondly	secondly	ADV
afbr-193	328	2	,	,	PUNCT
afbr-193	328	3	large	large	ADJ
afbr-193	328	4	7	7	NUM
afbr-193	328	5	pabod	pabod	NOUN
afbr-193	328	6	breweries	brewery	NOUN
afbr-193	328	7	-0.239920	-0.239920	NOUN
afbr-193	328	8	8	8	NUM
afbr-193	328	9	floor	floor	NOUN
afbr-193	328	10	mills	mill	NOUN
afbr-193	328	11	-5.071780	-5.071780	NOUN
afbr-193	328	12	9	9	NUM
afbr-193	328	13	guinness	guinness	PROPN
afbr-193	328	14	-1.018345	-1.018345	PROPN
afbr-193	329	1	10	10	NUM
afbr-193	329	2	glaxo	glaxo	NOUN
afbr-193	329	3	0.716166	0.716166	NUM
afbr-193	329	4	11	11	NUM
afbr-193	329	5	lafarage	lafarage	NOUN
afbr-193	329	6	1.240728	1.240728	NUM
afbr-193	329	7	12	12	NUM
afbr-193	329	8	may	may	AUX
afbr-193	329	9	and	and	CCONJ
afbr-193	329	10	baker	baker	PROPN
afbr-193	329	11	-2.405355	-2.405355	PROPN
afbr-193	330	1	13	13	NUM
afbr-193	330	2	nestle	nestle	PROPN
afbr-193	330	3	1.744464	1.744464	NUM
afbr-193	330	4	14	14	NUM
afbr-193	330	5	nigeria	nigeria	PROPN
afbr-193	330	6	bag	bag	NOUN
afbr-193	330	7	-0.822705	-0.822705	PROPN
afbr-193	330	8	15	15	NUM
afbr-193	330	9	nigeria	nigeria	PROPN
afbr-193	330	10	ropes	rope	VERB
afbr-193	330	11	1.113366	1.113366	NUM
afbr-193	330	12	16	16	NUM
afbr-193	330	13	nigeria	nigeria	PROPN
afbr-193	330	14	breweries	brewerie	VERB
afbr-193	330	15	0.442032	0.442032	NUM
afbr-193	330	16	17	17	NUM
afbr-193	330	17	pz	pz	NOUN
afbr-193	330	18	cushion	cushion	NOUN
afbr-193	330	19	1.543388	1.543388	NUM
afbr-193	330	20	18	18	NUM
afbr-193	330	21	unilever	unilever	PROPN
afbr-193	330	22	-7.485542	-7.485542	PROPN
afbr-193	330	23	19	19	NUM
afbr-193	330	24	university	university	NOUN
afbr-193	330	25	press	press	NOUN
afbr-193	330	26	-4.962050	-4.962050	VERB
afbr-193	330	27	20	20	NUM
afbr-193	330	28	vita	vita	NOUN
afbr-193	330	29	foam	foam	NOUN
afbr-193	330	30	-3.027725	-3.027725	X
afbr-193	330	31	www.cribfb.com/journal/index.php/afbr	www.cribfb.com/journal/index.php/afbr	PROPN
afbr-193	330	32	australian	australian	ADJ
afbr-193	330	33	finance	finance	PROPN
afbr-193	330	34	&	&	CCONJ
afbr-193	330	35	banking	banking	PROPN
afbr-193	330	36	review	review	PROPN
afbr-193	330	37	vol	vol	NOUN
afbr-193	330	38	.	.	PROPN
afbr-193	331	1	2	2	NUM
afbr-193	331	2	,	,	PUNCT
afbr-193	331	3	no	no	INTJ
afbr-193	331	4	.	.	NOUN
afbr-193	331	5	2	2	NUM
afbr-193	331	6	;	;	PUNCT
afbr-193	331	7	2018	2018	NUM
afbr-193	331	8	19	19	NUM
afbr-193	331	9	firms	firm	NOUN
afbr-193	331	10	have	have	VERB
afbr-193	331	11	easier	easy	ADJ
afbr-193	331	12	access	access	NOUN
afbr-193	331	13	to	to	ADP
afbr-193	331	14	capital	capital	NOUN
afbr-193	331	15	markets	market	NOUN
afbr-193	331	16	,	,	PUNCT
afbr-193	331	17	and	and	CCONJ
afbr-193	331	18	they	they	PRON
afbr-193	331	19	are	be	AUX
afbr-193	331	20	able	able	ADJ
afbr-193	331	21	to	to	PART
afbr-193	331	22	raise	raise	VERB
afbr-193	331	23	funds	fund	NOUN
afbr-193	331	24	with	with	ADP
afbr-193	331	25	lower	low	ADJ
afbr-193	331	26	issuance	issuance	NOUN
afbr-193	331	27	costs	cost	NOUN
afbr-193	331	28	for	for	ADP
afbr-193	331	29	external	external	ADJ
afbr-193	331	30	financing	financing	NOUN
afbr-193	331	31	.	.	PUNCT
afbr-193	332	1	consequently	consequently	ADV
afbr-193	332	2	,	,	PUNCT
afbr-193	332	3	large	large	ADJ
afbr-193	332	4	firms	firm	NOUN
afbr-193	332	5	are	be	AUX
afbr-193	332	6	better	well	ADJ
afbr-193	332	7	able	able	ADJ
afbr-193	332	8	to	to	PART
afbr-193	332	9	pay	pay	VERB
afbr-193	332	10	dividend	dividend	NOUN
afbr-193	332	11	than	than	ADP
afbr-193	332	12	small	small	ADJ
afbr-193	332	13	firms	firm	NOUN
afbr-193	332	14	.	.	PUNCT
afbr-193	333	1	cost	cost	NOUN
afbr-193	333	2	of	of	ADP
afbr-193	333	3	capital	capital	NOUN
afbr-193	333	4	was	be	AUX
afbr-193	333	5	found	find	VERB
afbr-193	333	6	to	to	PART
afbr-193	333	7	have	have	VERB
afbr-193	333	8	a	a	DET
afbr-193	333	9	negative	negative	ADJ
afbr-193	333	10	impact	impact	NOUN
afbr-193	333	11	on	on	ADP
afbr-193	333	12	dividend	dividend	NOUN
afbr-193	333	13	payout	payout	NOUN
afbr-193	333	14	ratio	ratio	NOUN
afbr-193	333	15	of	of	ADP
afbr-193	333	16	the	the	DET
afbr-193	333	17	manufacturing	manufacturing	NOUN
afbr-193	333	18	firms	firm	NOUN
afbr-193	333	19	.	.	PUNCT
afbr-193	334	1	the	the	DET
afbr-193	334	2	negative	negative	ADJ
afbr-193	334	3	impact	impact	NOUN
afbr-193	334	4	of	of	ADP
afbr-193	334	5	costs	cost	NOUN
afbr-193	334	6	of	of	ADP
afbr-193	334	7	capital	capital	NOUN
afbr-193	334	8	confirms	confirm	VERB
afbr-193	334	9	the	the	DET
afbr-193	334	10	expected	expect	VERB
afbr-193	334	11	result	result	NOUN
afbr-193	334	12	as	as	ADP
afbr-193	334	13	cost	cost	NOUN
afbr-193	334	14	of	of	ADP
afbr-193	334	15	capital	capital	NOUN
afbr-193	334	16	normally	normally	ADV
afbr-193	334	17	will	will	AUX
afbr-193	334	18	bring	bring	VERB
afbr-193	334	19	the	the	DET
afbr-193	334	20	profit	profit	NOUN
afbr-193	334	21	level	level	NOUN
afbr-193	334	22	down	down	ADV
afbr-193	334	23	.	.	PUNCT
afbr-193	335	1	the	the	DET
afbr-193	335	2	negative	negative	ADJ
afbr-193	335	3	impact	impact	NOUN
afbr-193	335	4	of	of	ADP
afbr-193	335	5	cost	cost	NOUN
afbr-193	335	6	of	of	ADP
afbr-193	335	7	capital	capital	NOUN
afbr-193	335	8	confirms	confirm	VERB
afbr-193	335	9	the	the	DET
afbr-193	335	10	a	a	PRON
afbr-193	335	11	-	-	PUNCT
afbr-193	335	12	priori	priori	ADJ
afbr-193	335	13	expectation	expectation	NOUN
afbr-193	335	14	of	of	ADP
afbr-193	335	15	the	the	DET
afbr-193	335	16	result	result	NOUN
afbr-193	335	17	but	but	CCONJ
afbr-193	335	18	invalidates	invalidate	VERB
afbr-193	335	19	the	the	DET
afbr-193	335	20	trade	trade	NOUN
afbr-193	335	21	-	-	PUNCT
afbr-193	335	22	off	off	ADP
afbr-193	335	23	theory	theory	NOUN
afbr-193	335	24	and	and	CCONJ
afbr-193	335	25	market	market	NOUN
afbr-193	335	26	timing	timing	NOUN
afbr-193	335	27	theory	theory	NOUN
afbr-193	335	28	of	of	ADP
afbr-193	335	29	capital	capital	NOUN
afbr-193	335	30	structure	structure	NOUN
afbr-193	335	31	.	.	PUNCT
afbr-193	336	1	according	accord	VERB
afbr-193	336	2	to	to	ADP
afbr-193	336	3	pandey	pandey	PROPN
afbr-193	336	4	(	(	PUNCT
afbr-193	336	5	2005	2005	NUM
afbr-193	336	6	)	)	PUNCT
afbr-193	336	7	,	,	PUNCT
afbr-193	336	8	increase	increase	VERB
afbr-193	336	9	cost	cost	NOUN
afbr-193	336	10	of	of	ADP
afbr-193	336	11	capital	capital	NOUN
afbr-193	336	12	exposes	expose	VERB
afbr-193	336	13	corporate	corporate	ADJ
afbr-193	336	14	organizations	organization	NOUN
afbr-193	336	15	to	to	ADP
afbr-193	336	16	financial	financial	ADJ
afbr-193	336	17	risk	risk	NOUN
afbr-193	336	18	such	such	ADJ
afbr-193	336	19	as	as	ADP
afbr-193	336	20	leverage	leverage	NOUN
afbr-193	336	21	risk	risk	NOUN
afbr-193	336	22	and	and	CCONJ
afbr-193	336	23	credit	credit	NOUN
afbr-193	336	24	risk	risk	NOUN
afbr-193	336	25	.	.	PUNCT
afbr-193	337	1	the	the	DET
afbr-193	337	2	negative	negative	ADJ
afbr-193	337	3	impact	impact	NOUN
afbr-193	337	4	on	on	ADP
afbr-193	337	5	dividend	dividend	NOUN
afbr-193	337	6	payout	payout	NOUN
afbr-193	337	7	rate	rate	NOUN
afbr-193	337	8	implies	imply	VERB
afbr-193	337	9	that	that	SCONJ
afbr-193	337	10	the	the	DET
afbr-193	337	11	companies	company	NOUN
afbr-193	337	12	are	be	AUX
afbr-193	337	13	highly	highly	ADV
afbr-193	337	14	levered	lever	VERB
afbr-193	337	15	or	or	CCONJ
afbr-193	337	16	have	have	VERB
afbr-193	337	17	more	more	ADJ
afbr-193	337	18	debt	debt	NOUN
afbr-193	337	19	than	than	ADP
afbr-193	337	20	equity	equity	NOUN
afbr-193	337	21	in	in	ADP
afbr-193	337	22	the	the	DET
afbr-193	337	23	capital	capital	NOUN
afbr-193	337	24	structure	structure	NOUN
afbr-193	337	25	.	.	PUNCT
afbr-193	338	1	it	it	PRON
afbr-193	338	2	also	also	ADV
afbr-193	338	3	implies	imply	VERB
afbr-193	338	4	that	that	SCONJ
afbr-193	338	5	significant	significant	ADJ
afbr-193	338	6	proportion	proportion	NOUN
afbr-193	338	7	of	of	ADP
afbr-193	338	8	the	the	DET
afbr-193	338	9	company	company	NOUN
afbr-193	338	10	profits	profit	NOUN
afbr-193	338	11	is	be	AUX
afbr-193	338	12	used	use	VERB
afbr-193	338	13	to	to	PART
afbr-193	338	14	settle	settle	VERB
afbr-193	338	15	external	external	ADJ
afbr-193	338	16	creditors	creditor	NOUN
afbr-193	338	17	than	than	SCONJ
afbr-193	338	18	dividend	dividend	VERB
afbr-193	338	19	payout	payout	ADJ
afbr-193	338	20	rate	rate	NOUN
afbr-193	338	21	.	.	PUNCT
afbr-193	339	1	profit	profit	NOUN
afbr-193	339	2	level	level	NOUN
afbr-193	339	3	was	be	AUX
afbr-193	339	4	found	find	VERB
afbr-193	339	5	to	to	PART
afbr-193	339	6	have	have	VERB
afbr-193	339	7	a	a	DET
afbr-193	339	8	negative	negative	ADJ
afbr-193	339	9	impact	impact	NOUN
afbr-193	339	10	on	on	ADP
afbr-193	339	11	dividend	dividend	NOUN
afbr-193	339	12	payout	payout	NOUN
afbr-193	339	13	ratio	ratio	NOUN
afbr-193	339	14	of	of	ADP
afbr-193	339	15	the	the	DET
afbr-193	339	16	manufacturing	manufacturing	NOUN
afbr-193	339	17	firms	firm	NOUN
afbr-193	339	18	.	.	PUNCT
afbr-193	340	1	the	the	DET
afbr-193	340	2	negative	negative	ADJ
afbr-193	340	3	impact	impact	NOUN
afbr-193	340	4	of	of	ADP
afbr-193	340	5	profitability	profitability	NOUN
afbr-193	340	6	on	on	ADP
afbr-193	340	7	dividend	dividend	NOUN
afbr-193	340	8	payout	payout	NOUN
afbr-193	340	9	rate	rate	NOUN
afbr-193	340	10	is	be	AUX
afbr-193	340	11	contrary	contrary	ADJ
afbr-193	340	12	to	to	ADP
afbr-193	340	13	the	the	DET
afbr-193	340	14	expectation	expectation	NOUN
afbr-193	340	15	of	of	ADP
afbr-193	340	16	the	the	DET
afbr-193	340	17	result	result	NOUN
afbr-193	340	18	as	as	SCONJ
afbr-193	340	19	profitability	profitability	NOUN
afbr-193	340	20	is	be	AUX
afbr-193	340	21	expected	expect	VERB
afbr-193	340	22	to	to	PART
afbr-193	340	23	have	have	VERB
afbr-193	340	24	a	a	DET
afbr-193	340	25	positive	positive	ADJ
afbr-193	340	26	impact	impact	NOUN
afbr-193	340	27	on	on	ADP
afbr-193	340	28	dividend	dividend	NOUN
afbr-193	340	29	payout	payout	NOUN
afbr-193	340	30	rate	rate	NOUN
afbr-193	340	31	.	.	PUNCT
afbr-193	341	1	the	the	DET
afbr-193	341	2	negative	negative	ADJ
afbr-193	341	3	impact	impact	NOUN
afbr-193	341	4	validates	validate	VERB
afbr-193	341	5	the	the	DET
afbr-193	341	6	findings	finding	NOUN
afbr-193	341	7	of	of	ADP
afbr-193	341	8	okpara	okpara	NOUN
afbr-193	341	9	(	(	PUNCT
afbr-193	341	10	2010	2010	NUM
afbr-193	341	11	)	)	PUNCT
afbr-193	341	12	,	,	PUNCT
afbr-193	341	13	which	which	PRON
afbr-193	341	14	concluded	conclude	VERB
afbr-193	341	15	that	that	SCONJ
afbr-193	341	16	when	when	SCONJ
afbr-193	341	17	firms	firm	NOUN
afbr-193	341	18	experience	experience	VERB
afbr-193	341	19	surplus	surplus	NOUN
afbr-193	341	20	earnings	earning	NOUN
afbr-193	341	21	,	,	PUNCT
afbr-193	341	22	they	they	PRON
afbr-193	341	23	allocate	allocate	VERB
afbr-193	341	24	most	most	ADJ
afbr-193	341	25	of	of	ADP
afbr-193	341	26	them	they	PRON
afbr-193	341	27	into	into	ADP
afbr-193	341	28	retention	retention	NOUN
afbr-193	341	29	for	for	ADP
afbr-193	341	30	the	the	DET
afbr-193	341	31	plugging	plugging	NOUN
afbr-193	341	32	back	back	NOUN
afbr-193	341	33	and	and	CCONJ
afbr-193	341	34	growth	growth	NOUN
afbr-193	341	35	of	of	ADP
afbr-193	341	36	the	the	DET
afbr-193	341	37	firm	firm	NOUN
afbr-193	341	38	.	.	PUNCT
afbr-193	342	1	furthermore	furthermore	ADV
afbr-193	342	2	,	,	PUNCT
afbr-193	342	3	ferris	ferris	PROPN
afbr-193	342	4	,	,	PUNCT
afbr-193	342	5	et	et	PROPN
afbr-193	342	6	al	al	PROPN
afbr-193	342	7	.	.	PROPN
afbr-193	342	8	,	,	PUNCT
afbr-193	342	9	(	(	PUNCT
afbr-193	342	10	2013	2013	NUM
afbr-193	342	11	)	)	PUNCT
afbr-193	342	12	found	find	VERB
afbr-193	342	13	that	that	SCONJ
afbr-193	342	14	firms	firm	NOUN
afbr-193	342	15	in	in	ADP
afbr-193	342	16	the	the	DET
afbr-193	342	17	united	united	PROPN
afbr-193	342	18	kingdom	kingdom	PROPN
afbr-193	342	19	pay	pay	NOUN
afbr-193	342	20	dividends	dividend	NOUN
afbr-193	342	21	while	while	SCONJ
afbr-193	342	22	they	they	PRON
afbr-193	342	23	had	have	VERB
afbr-193	342	24	negative	negative	ADJ
afbr-193	342	25	earnings	earning	NOUN
afbr-193	342	26	.	.	PUNCT
afbr-193	343	1	the	the	DET
afbr-193	343	2	studies	study	NOUN
afbr-193	343	3	of	of	ADP
afbr-193	343	4	baker	baker	PROPN
afbr-193	343	5	and	and	CCONJ
afbr-193	343	6	powell	powell	PROPN
afbr-193	343	7	(	(	PUNCT
afbr-193	343	8	2000	2000	NUM
afbr-193	343	9	)	)	PUNCT
afbr-193	343	10	,	,	PUNCT
afbr-193	343	11	aivizian	aivizian	NOUN
afbr-193	343	12	et	et	PROPN
afbr-193	343	13	al	al	PROPN
afbr-193	343	14	.	.	PROPN
afbr-193	343	15	,	,	PUNCT
afbr-193	343	16	(	(	PUNCT
afbr-193	343	17	2003	2003	NUM
afbr-193	343	18	)	)	PUNCT
afbr-193	343	19	and	and	CCONJ
afbr-193	343	20	amindu	amindu	NOUN
afbr-193	343	21	and	and	CCONJ
afbr-193	343	22	abor	abor	NOUN
afbr-193	343	23	(	(	PUNCT
afbr-193	343	24	2006	2006	NUM
afbr-193	343	25	)	)	PUNCT
afbr-193	343	26	also	also	ADV
afbr-193	343	27	confirm	confirm	VERB
afbr-193	343	28	this	this	DET
afbr-193	343	29	finding	finding	NOUN
afbr-193	343	30	.	.	PUNCT
afbr-193	344	1	the	the	DET
afbr-193	344	2	study	study	NOUN
afbr-193	344	3	found	find	VERB
afbr-193	344	4	that	that	SCONJ
afbr-193	344	5	corporate	corporate	ADJ
afbr-193	344	6	size	size	NOUN
afbr-193	344	7	and	and	CCONJ
afbr-193	344	8	management	management	NOUN
afbr-193	344	9	efficiency	efficiency	NOUN
afbr-193	344	10	have	have	VERB
afbr-193	344	11	positive	positive	ADJ
afbr-193	344	12	but	but	CCONJ
afbr-193	344	13	insignificant	insignificant	ADJ
afbr-193	344	14	impact	impact	NOUN
afbr-193	344	15	on	on	ADP
afbr-193	344	16	dividend	dividend	NOUN
afbr-193	344	17	payout	payout	NOUN
afbr-193	344	18	rate	rate	NOUN
afbr-193	344	19	.	.	PUNCT
afbr-193	345	1	debt	debt	NOUN
afbr-193	345	2	equity	equity	NOUN
afbr-193	345	3	ratio	ratio	NOUN
afbr-193	345	4	has	have	VERB
afbr-193	345	5	significant	significant	ADJ
afbr-193	345	6	impact	impact	NOUN
afbr-193	345	7	on	on	ADP
afbr-193	345	8	dividend	dividend	NOUN
afbr-193	345	9	payout	payout	NOUN
afbr-193	345	10	rate	rate	NOUN
afbr-193	345	11	.	.	PUNCT
afbr-193	346	1	the	the	DET
afbr-193	346	2	positive	positive	ADJ
afbr-193	346	3	impact	impact	NOUN
afbr-193	346	4	of	of	ADP
afbr-193	346	5	debt	debt	NOUN
afbr-193	346	6	equity	equity	NOUN
afbr-193	346	7	ratio	ratio	NOUN
afbr-193	346	8	on	on	ADP
afbr-193	346	9	dividend	dividend	NOUN
afbr-193	346	10	payout	payout	NOUN
afbr-193	346	11	rate	rate	NOUN
afbr-193	346	12	implies	imply	VERB
afbr-193	346	13	that	that	SCONJ
afbr-193	346	14	debt	debt	NOUN
afbr-193	346	15	equity	equity	NOUN
afbr-193	346	16	ratio	ratio	NOUN
afbr-193	346	17	have	have	VERB
afbr-193	346	18	significant	significant	ADJ
afbr-193	346	19	impact	impact	NOUN
afbr-193	346	20	in	in	ADP
afbr-193	346	21	determining	determine	VERB
afbr-193	346	22	dividend	dividend	NOUN
afbr-193	346	23	policy	policy	NOUN
afbr-193	346	24	of	of	ADP
afbr-193	346	25	the	the	DET
afbr-193	346	26	firm	firm	NOUN
afbr-193	346	27	.	.	PUNCT
afbr-193	347	1	the	the	DET
afbr-193	347	2	finding	finding	NOUN
afbr-193	347	3	confirms	confirm	VERB
afbr-193	347	4	and	and	CCONJ
afbr-193	347	5	validates	validate	VERB
afbr-193	347	6	corporate	corporate	ADJ
afbr-193	347	7	strategies	strategy	NOUN
afbr-193	347	8	for	for	ADP
afbr-193	347	9	optimal	optimal	ADJ
afbr-193	347	10	capital	capital	NOUN
afbr-193	347	11	combination	combination	NOUN
afbr-193	347	12	.	.	PUNCT
afbr-193	348	1	the	the	DET
afbr-193	348	2	coefficient	coefficient	NOUN
afbr-193	348	3	shows	show	VERB
afbr-193	348	4	that	that	SCONJ
afbr-193	348	5	company	company	NOUN
afbr-193	348	6	like	like	ADP
afbr-193	348	7	champion	champion	NOUN
afbr-193	348	8	breweries	brewery	NOUN
afbr-193	348	9	can	can	AUX
afbr-193	348	10	add	add	VERB
afbr-193	348	11	7.6	7.6	NUM
afbr-193	348	12	%	%	NOUN
afbr-193	348	13	,	,	PUNCT
afbr-193	348	14	seven	seven	NUM
afbr-193	348	15	up	up	ADV
afbr-193	348	16	can	can	AUX
afbr-193	348	17	add	add	VERB
afbr-193	348	18	2.8	2.8	NUM
afbr-193	348	19	%	%	NOUN
afbr-193	348	20	while	while	SCONJ
afbr-193	348	21	ashaka	ashaka	ADJ
afbr-193	348	22	cement	cement	NOUN
afbr-193	348	23	will	will	AUX
afbr-193	348	24	add	add	VERB
afbr-193	348	25	2.8	2.8	NUM
afbr-193	348	26	%	%	NOUN
afbr-193	348	27	to	to	PART
afbr-193	348	28	achieve	achieve	VERB
afbr-193	348	29	a	a	DET
afbr-193	348	30	positive	positive	ADJ
afbr-193	348	31	impact	impact	NOUN
afbr-193	348	32	on	on	ADP
afbr-193	348	33	their	their	PRON
afbr-193	348	34	dividend	dividend	NOUN
afbr-193	348	35	payout	payout	NOUN
afbr-193	348	36	regime	regime	NOUN
afbr-193	348	37	;	;	PUNCT
afbr-193	348	38	while	while	SCONJ
afbr-193	348	39	cadbury	cadbury	NOUN
afbr-193	348	40	will	will	AUX
afbr-193	348	41	reduce	reduce	VERB
afbr-193	348	42	the	the	DET
afbr-193	348	43	pooled	pooled	ADJ
afbr-193	348	44	coefficient	coefficient	NOUN
afbr-193	348	45	by	by	ADP
afbr-193	348	46	3.38	3.38	NUM
afbr-193	348	47	%	%	NOUN
afbr-193	348	48	to	to	PART
afbr-193	348	49	achieve	achieve	VERB
afbr-193	348	50	same	same	ADJ
afbr-193	348	51	.	.	PUNCT
afbr-193	349	1	this	this	PRON
afbr-193	349	2	is	be	AUX
afbr-193	349	3	contrary	contrary	ADJ
afbr-193	349	4	to	to	ADP
afbr-193	349	5	expectation	expectation	NOUN
afbr-193	349	6	and	and	CCONJ
afbr-193	349	7	can	can	AUX
afbr-193	349	8	be	be	AUX
afbr-193	349	9	blamed	blame	VERB
afbr-193	349	10	on	on	ADP
afbr-193	349	11	dividend	dividend	NOUN
afbr-193	349	12	policy	policy	NOUN
afbr-193	349	13	of	of	ADP
afbr-193	349	14	the	the	DET
afbr-193	349	15	companies	company	NOUN
afbr-193	349	16	.	.	PUNCT
afbr-193	350	1	7	7	X
afbr-193	350	2	.	.	X
afbr-193	350	3	conclusion	conclusion	NOUN
afbr-193	350	4	dividend	dividend	NOUN
afbr-193	350	5	policy	policy	NOUN
afbr-193	350	6	has	have	AUX
afbr-193	350	7	been	be	AUX
afbr-193	350	8	one	one	NUM
afbr-193	350	9	of	of	ADP
afbr-193	350	10	the	the	DET
afbr-193	350	11	areas	area	NOUN
afbr-193	350	12	of	of	ADP
afbr-193	350	13	corporate	corporate	ADJ
afbr-193	350	14	finance	finance	NOUN
afbr-193	350	15	that	that	PRON
afbr-193	350	16	has	have	AUX
afbr-193	350	17	attracted	attract	VERB
afbr-193	350	18	more	more	ADJ
afbr-193	350	19	works	work	NOUN
afbr-193	350	20	of	of	ADP
afbr-193	350	21	empirical	empirical	ADJ
afbr-193	350	22	and	and	CCONJ
afbr-193	350	23	theoretical	theoretical	ADJ
afbr-193	350	24	research	research	NOUN
afbr-193	350	25	.	.	PUNCT
afbr-193	351	1	this	this	DET
afbr-193	351	2	study	study	NOUN
afbr-193	351	3	was	be	AUX
afbr-193	351	4	based	base	VERB
afbr-193	351	5	on	on	ADP
afbr-193	351	6	identifying	identify	VERB
afbr-193	351	7	the	the	DET
afbr-193	351	8	determinants	determinant	NOUN
afbr-193	351	9	of	of	ADP
afbr-193	351	10	dividend	dividend	NOUN
afbr-193	351	11	policy	policy	NOUN
afbr-193	351	12	of	of	ADP
afbr-193	351	13	selected	select	VERB
afbr-193	351	14	quoted	quote	VERB
afbr-193	351	15	manufacturing	manufacturing	NOUN
afbr-193	351	16	firms	firm	NOUN
afbr-193	351	17	in	in	ADP
afbr-193	351	18	nigeria	nigeria	PROPN
afbr-193	351	19	and	and	CCONJ
afbr-193	351	20	applied	apply	VERB
afbr-193	351	21	ordinary	ordinary	ADJ
afbr-193	351	22	least	least	ADJ
afbr-193	351	23	square	square	ADJ
afbr-193	351	24	regression	regression	NOUN
afbr-193	351	25	model	model	NOUN
afbr-193	351	26	,	,	PUNCT
afbr-193	351	27	where	where	SCONJ
afbr-193	351	28	the	the	DET
afbr-193	351	29	dependent	dependent	ADJ
afbr-193	351	30	variable	variable	NOUN
afbr-193	351	31	was	be	AUX
afbr-193	351	32	dividend	dividend	NOUN
afbr-193	351	33	payout	payout	ADJ
afbr-193	351	34	ratio	ratio	NOUN
afbr-193	351	35	.	.	PUNCT
afbr-193	352	1	in	in	ADP
afbr-193	352	2	the	the	DET
afbr-193	352	3	researcher	researcher	NOUN
afbr-193	352	4	’s	’s	PART
afbr-193	352	5	opinion	opinion	NOUN
afbr-193	352	6	,	,	PUNCT
afbr-193	352	7	distribution	distribution	NOUN
afbr-193	352	8	of	of	ADP
afbr-193	352	9	profit	profit	NOUN
afbr-193	352	10	in	in	ADP
afbr-193	352	11	the	the	DET
afbr-193	352	12	form	form	NOUN
afbr-193	352	13	of	of	ADP
afbr-193	352	14	dividends	dividend	NOUN
afbr-193	352	15	may	may	AUX
afbr-193	352	16	have	have	VERB
afbr-193	352	17	a	a	DET
afbr-193	352	18	mediating	mediate	VERB
afbr-193	352	19	function	function	NOUN
afbr-193	352	20	of	of	ADP
afbr-193	352	21	conflicts	conflict	NOUN
afbr-193	352	22	between	between	ADP
afbr-193	352	23	investors	investor	NOUN
afbr-193	352	24	and	and	CCONJ
afbr-193	352	25	managers	manager	NOUN
afbr-193	352	26	;	;	PUNCT
afbr-193	352	27	it	it	PRON
afbr-193	352	28	is	be	AUX
afbr-193	352	29	a	a	DET
afbr-193	352	30	way	way	NOUN
afbr-193	352	31	of	of	ADP
afbr-193	352	32	signaling	signal	VERB
afbr-193	352	33	the	the	DET
afbr-193	352	34	market	market	NOUN
afbr-193	352	35	and	and	CCONJ
afbr-193	352	36	attracts	attract	VERB
afbr-193	352	37	investors	investor	NOUN
afbr-193	352	38	.	.	PUNCT
afbr-193	353	1	8	8	X
afbr-193	353	2	.	.	X
afbr-193	353	3	recommendation	recommendation	NOUN
afbr-193	353	4	in	in	ADP
afbr-193	353	5	view	view	NOUN
afbr-193	353	6	of	of	ADP
afbr-193	353	7	the	the	DET
afbr-193	353	8	findings	finding	NOUN
afbr-193	353	9	of	of	ADP
afbr-193	353	10	this	this	DET
afbr-193	353	11	research	research	NOUN
afbr-193	353	12	,	,	PUNCT
afbr-193	353	13	the	the	DET
afbr-193	353	14	following	follow	VERB
afbr-193	353	15	recommendations	recommendation	NOUN
afbr-193	353	16	are	be	AUX
afbr-193	353	17	advanced	advanced	ADJ
afbr-193	353	18	.	.	PUNCT
afbr-193	354	1			VERB
afbr-193	355	1	the	the	DET
afbr-193	355	2	manufacturing	manufacturing	NOUN
afbr-193	355	3	firms	firm	NOUN
afbr-193	355	4	should	should	AUX
afbr-193	355	5	formulate	formulate	VERB
afbr-193	355	6	policies	policy	NOUN
afbr-193	355	7	and	and	CCONJ
afbr-193	355	8	device	device	NOUN
afbr-193	355	9	strategies	strategy	NOUN
afbr-193	355	10	of	of	ADP
afbr-193	355	11	increasing	increase	VERB
afbr-193	355	12	profit	profit	NOUN
afbr-193	355	13	level	level	NOUN
afbr-193	355	14	and	and	CCONJ
afbr-193	355	15	the	the	DET
afbr-193	355	16	structure	structure	NOUN
afbr-193	355	17	of	of	ADP
afbr-193	355	18	corporate	corporate	ADJ
afbr-193	355	19	assets	asset	NOUN
afbr-193	355	20	should	should	AUX
afbr-193	355	21	be	be	AUX
afbr-193	355	22	integrated	integrate	VERB
afbr-193	355	23	with	with	ADP
afbr-193	355	24	the	the	DET
afbr-193	355	25	objective	objective	NOUN
afbr-193	355	26	of	of	ADP
afbr-193	355	27	dividend	dividend	NOUN
afbr-193	355	28	policy	policy	NOUN
afbr-193	355	29	and	and	CCONJ
afbr-193	355	30	liquid	liquid	ADJ
afbr-193	355	31	asset	asset	NOUN
afbr-193	355	32	of	of	ADP
afbr-193	355	33	the	the	DET
afbr-193	355	34	firm	firm	NOUN
afbr-193	355	35	should	should	AUX
afbr-193	355	36	be	be	AUX
afbr-193	355	37	optimal	optimal	ADJ
afbr-193	355	38	;	;	PUNCT
afbr-193	355	39	this	this	PRON
afbr-193	355	40	implies	imply	VERB
afbr-193	355	41	that	that	SCONJ
afbr-193	355	42	the	the	DET
afbr-193	355	43	companies	company	NOUN
afbr-193	355	44	should	should	AUX
afbr-193	355	45	not	not	PART
afbr-193	355	46	be	be	AUX
afbr-193	355	47	too	too	ADV
afbr-193	355	48	liquid	liquid	ADJ
afbr-193	355	49	because	because	SCONJ
afbr-193	355	50	liquid	liquid	ADJ
afbr-193	355	51	assets	asset	NOUN
afbr-193	355	52	such	such	ADJ
afbr-193	355	53	as	as	ADP
afbr-193	355	54	cash	cash	NOUN
afbr-193	355	55	do	do	AUX
afbr-193	355	56	not	not	PART
afbr-193	355	57	add	add	VERB
afbr-193	355	58	any	any	DET
afbr-193	355	59	profit	profit	NOUN
afbr-193	355	60	to	to	ADP
afbr-193	355	61	the	the	DET
afbr-193	355	62	firm	firm	ADJ
afbr-193	355	63	and	and	CCONJ
afbr-193	355	64	corporate	corporate	ADJ
afbr-193	355	65	tax	tax	NOUN
afbr-193	355	66	should	should	AUX
afbr-193	355	67	be	be	AUX
afbr-193	355	68	integrated	integrate	VERB
afbr-193	355	69	with	with	ADP
afbr-193	355	70	the	the	DET
afbr-193	355	71	objective	objective	NOUN
afbr-193	355	72	of	of	ADP
afbr-193	355	73	dividend	dividend	NOUN
afbr-193	355	74	policy	policy	NOUN
afbr-193	355	75	.	.	PUNCT
afbr-193	356	1			PROPN
afbr-193	357	1	management	management	NOUN
afbr-193	357	2	of	of	ADP
afbr-193	357	3	the	the	DET
afbr-193	357	4	manufacturing	manufacturing	NOUN
afbr-193	357	5	firms	firm	NOUN
afbr-193	357	6	should	should	AUX
afbr-193	357	7	ensure	ensure	VERB
afbr-193	357	8	that	that	SCONJ
afbr-193	357	9	adequate	adequate	ADJ
afbr-193	357	10	policies	policy	NOUN
afbr-193	357	11	are	be	AUX
afbr-193	357	12	formulated	formulate	VERB
afbr-193	357	13	for	for	ADP
afbr-193	357	14	the	the	DET
afbr-193	357	15	growth	growth	NOUN
afbr-193	357	16	of	of	ADP
afbr-193	357	17	the	the	DET
afbr-193	357	18	firms	firm	NOUN
afbr-193	357	19	and	and	CCONJ
afbr-193	357	20	the	the	DET
afbr-193	357	21	company	company	NOUN
afbr-193	357	22	size	size	NOUN
afbr-193	357	23	should	should	AUX
afbr-193	357	24	be	be	AUX
afbr-193	357	25	properly	properly	ADV
afbr-193	357	26	managed	manage	VERB
afbr-193	357	27	to	to	PART
afbr-193	357	28	achieve	achieve	VERB
afbr-193	357	29	the	the	DET
afbr-193	357	30	objective	objective	NOUN
afbr-193	357	31	of	of	ADP
afbr-193	357	32	shareholders	shareholder	NOUN
afbr-193	357	33	wealth	wealth	NOUN
afbr-193	357	34	maximization	maximization	NOUN
afbr-193	357	35	through	through	ADP
afbr-193	357	36	dividend	dividend	NOUN
afbr-193	357	37	policy	policy	NOUN
afbr-193	357	38	and	and	CCONJ
afbr-193	357	39	all	all	DET
afbr-193	357	40	strategies	strategy	NOUN
afbr-193	357	41	should	should	AUX
afbr-193	357	42	be	be	AUX
afbr-193	357	43	devised	devise	VERB
afbr-193	357	44	to	to	PART
afbr-193	357	45	increase	increase	VERB
afbr-193	357	46	management	management	NOUN
afbr-193	357	47	efficiency	efficiency	NOUN
afbr-193	357	48	by	by	ADP
afbr-193	357	49	reducing	reduce	VERB
afbr-193	357	50	operating	operating	NOUN
afbr-193	357	51	cost	cost	NOUN
afbr-193	357	52	as	as	SCONJ
afbr-193	357	53	this	this	PRON
afbr-193	357	54	will	will	AUX
afbr-193	357	55	enhance	enhance	VERB
afbr-193	357	56	profitability	profitability	NOUN
afbr-193	357	57	and	and	CCONJ
afbr-193	357	58	dividend	dividend	NOUN
afbr-193	357	59	policy	policy	NOUN
afbr-193	357	60	.	.	PUNCT
afbr-193	358	1	this	this	PRON
afbr-193	358	2	can	can	AUX
afbr-193	358	3	be	be	AUX
afbr-193	358	4	achieved	achieve	VERB
afbr-193	358	5	by	by	ADP
afbr-193	358	6	engaging	engage	VERB
afbr-193	358	7	the	the	DET
afbr-193	358	8	services	service	NOUN
afbr-193	358	9	of	of	ADP
afbr-193	358	10	cost	cost	NOUN
afbr-193	358	11	management	management	NOUN
afbr-193	358	12	accountants	accountant	NOUN
afbr-193	358	13	to	to	PART
afbr-193	358	14	study	study	VERB
afbr-193	358	15	the	the	DET
afbr-193	358	16	operating	operating	NOUN
afbr-193	358	17	system	system	NOUN
afbr-193	358	18	and	and	CCONJ
afbr-193	358	19	develop	develop	VERB
afbr-193	358	20	strategies	strategy	NOUN
afbr-193	358	21	necessary	necessary	ADJ
afbr-193	358	22	to	to	PART
afbr-193	358	23	bring	bring	VERB
afbr-193	358	24	cost	cost	NOUN
afbr-193	358	25	below	below	ADP
afbr-193	358	26	the	the	DET
afbr-193	358	27	budget	budget	NOUN
afbr-193	358	28	.	.	PUNCT
afbr-193	359	1			VERB
afbr-193	360	1	the	the	DET
afbr-193	360	2	finance	finance	NOUN
afbr-193	360	3	manager	manager	NOUN
afbr-193	360	4	should	should	AUX
afbr-193	360	5	ensure	ensure	VERB
afbr-193	360	6	optimal	optimal	ADJ
afbr-193	360	7	capital	capital	NOUN
afbr-193	360	8	combination	combination	NOUN
afbr-193	360	9	and	and	CCONJ
afbr-193	360	10	ensure	ensure	VERB
afbr-193	360	11	lower	low	ADJ
afbr-193	360	12	cost	cost	NOUN
afbr-193	360	13	of	of	ADP
afbr-193	360	14	capital	capital	NOUN
afbr-193	360	15	to	to	PART
afbr-193	360	16	enhance	enhance	VERB
afbr-193	360	17	dividend	dividend	NOUN
afbr-193	360	18	policy	policy	NOUN
afbr-193	360	19	and	and	CCONJ
afbr-193	360	20	there	there	PRON
afbr-193	360	21	is	be	VERB
afbr-193	360	22	need	need	NOUN
afbr-193	360	23	to	to	PART
afbr-193	360	24	reduce	reduce	VERB
afbr-193	360	25	risk	risk	NOUN
afbr-193	360	26	both	both	CCONJ
afbr-193	360	27	internal	internal	ADJ
afbr-193	360	28	and	and	CCONJ
afbr-193	360	29	external	external	ADJ
afbr-193	360	30	within	within	ADP
afbr-193	360	31	the	the	DET
afbr-193	360	32	company	company	NOUN
afbr-193	360	33	’s	’s	PART
afbr-193	360	34	operating	operating	NOUN
afbr-193	360	35	environment	environment	NOUN
afbr-193	360	36	,	,	PUNCT
afbr-193	360	37	all	all	DET
afbr-193	360	38	corporate	corporate	ADJ
afbr-193	360	39	governance	governance	NOUN
afbr-193	360	40	codes	code	NOUN
afbr-193	360	41	should	should	AUX
afbr-193	360	42	be	be	AUX
afbr-193	360	43	properly	properly	ADV
afbr-193	360	44	articulated	articulate	VERB
afbr-193	360	45	and	and	CCONJ
afbr-193	360	46	adhered	adhere	VERB
afbr-193	360	47	to	to	ADP
afbr-193	360	48	and	and	CCONJ
afbr-193	360	49	management	management	NOUN
afbr-193	360	50	should	should	AUX
afbr-193	360	51	ensure	ensure	VERB
afbr-193	360	52	that	that	SCONJ
afbr-193	360	53	corporate	corporate	ADJ
afbr-193	360	54	governance	governance	NOUN
afbr-193	360	55	is	be	AUX
afbr-193	360	56	integrated	integrate	VERB
afbr-193	360	57	as	as	ADP
afbr-193	360	58	corporate	corporate	ADJ
afbr-193	360	59	philosophy	philosophy	NOUN
afbr-193	360	60	of	of	ADP
afbr-193	360	61	the	the	DET
afbr-193	360	62	manufacturing	manufacturing	NOUN
afbr-193	360	63	firms	firm	NOUN
afbr-193	360	64	.	.	PUNCT
afbr-193	361	1			PROPN
afbr-193	361	2	government	government	NOUN
afbr-193	361	3	should	should	AUX
afbr-193	361	4	ensure	ensure	VERB
afbr-193	361	5	hitch	hitch	VERB
afbr-193	361	6	free	free	ADJ
afbr-193	361	7	environment	environment	NOUN
afbr-193	361	8	for	for	SCONJ
afbr-193	361	9	the	the	DET
afbr-193	361	10	manufacturing	manufacture	VERB
afbr-193	361	11	firms	firm	NOUN
afbr-193	361	12	to	to	PART
afbr-193	361	13	operate	operate	VERB
afbr-193	361	14	that	that	PRON
afbr-193	361	15	will	will	AUX
afbr-193	361	16	encourage	encourage	VERB
afbr-193	361	17	them	they	PRON
afbr-193	361	18	to	to	PART
afbr-193	361	19	be	be	AUX
afbr-193	361	20	more	more	ADV
afbr-193	361	21	favourably	favourably	ADV
afbr-193	361	22	disposed	disposed	ADJ
afbr-193	361	23	to	to	PART
afbr-193	361	24	dividend	dividend	VERB
afbr-193	361	25	growth	growth	NOUN
afbr-193	361	26	of	of	ADP
afbr-193	361	27	their	their	PRON
afbr-193	361	28	firm	firm	NOUN
afbr-193	361	29	and	and	CCONJ
afbr-193	361	30	managers	manager	NOUN
afbr-193	361	31	/	/	SYM
afbr-193	361	32	consultants	consultant	NOUN
afbr-193	361	33	should	should	AUX
afbr-193	361	34	carefully	carefully	ADV
afbr-193	361	35	examine	examine	VERB
afbr-193	361	36	the	the	DET
afbr-193	361	37	economic	economic	ADJ
afbr-193	361	38	factors	factor	NOUN
afbr-193	361	39	within	within	ADP
afbr-193	361	40	a	a	DET
afbr-193	361	41	firm	firm	NOUN
afbr-193	361	42	’s	’s	PART
afbr-193	361	43	operating	operate	VERB
afbr-193	361	44	environment	environment	NOUN
afbr-193	361	45	in	in	ADP
afbr-193	361	46	carrying	carry	VERB
afbr-193	361	47	out	out	ADP
afbr-193	361	48	the	the	DET
afbr-193	361	49	function	function	NOUN
afbr-193	361	50	of	of	ADP
afbr-193	361	51	developing	develop	VERB
afbr-193	361	52	or	or	CCONJ
afbr-193	361	53	designing	design	VERB
afbr-193	361	54	dividend	dividend	NOUN
afbr-193	361	55	policy	policy	NOUN
afbr-193	361	56	for	for	ADP
afbr-193	361	57	the	the	DET
afbr-193	361	58	firm	firm	NOUN
afbr-193	361	59	or	or	CCONJ
afbr-193	361	60	client	client	NOUN
afbr-193	361	61	.	.	PUNCT
afbr-193	362	1	www.cribfb.com/journal/index.php/afbr	www.cribfb.com/journal/index.php/afbr	PROPN
afbr-193	362	2	australian	australian	ADJ
afbr-193	362	3	finance	finance	PROPN
afbr-193	362	4	&	&	CCONJ
afbr-193	362	5	banking	banking	PROPN
afbr-193	362	6	review	review	PROPN
afbr-193	362	7	vol	vol	NOUN
afbr-193	362	8	.	.	PROPN
afbr-193	363	1	2	2	NUM
afbr-193	363	2	,	,	PUNCT
afbr-193	363	3	no	no	INTJ
afbr-193	363	4	.	.	NOUN
afbr-193	363	5	2	2	NUM
afbr-193	363	6	;	;	PUNCT
afbr-193	363	7	2018	2018	NUM
afbr-193	363	8	20	20	NUM
afbr-193	363	9	references	reference	NOUN
afbr-193	363	10	abubakar	abubakar	PROPN
afbr-193	363	11	,	,	PUNCT
afbr-193	363	12	n.	n.	PROPN
afbr-193	363	13	(	(	PUNCT
afbr-193	363	14	2011	2011	NUM
afbr-193	363	15	)	)	PUNCT
afbr-193	363	16	.	.	PUNCT
afbr-193	364	1	the	the	DET
afbr-193	364	2	determinants	determinant	NOUN
afbr-193	364	3	of	of	ADP
afbr-193	364	4	dividend	dividend	NOUN
afbr-193	364	5	payout	payout	NOUN
afbr-193	364	6	in	in	ADP
afbr-193	364	7	the	the	DET
afbr-193	364	8	nigeria	nigeria	PROPN
afbr-193	364	9	banking	banking	NOUN
afbr-193	364	10	industry	industry	NOUN
afbr-193	364	11	.	.	PUNCT
afbr-193	365	1	a	a	DET
afbr-193	365	2	thesis	thesis	NOUN
afbr-193	365	3	submitted	submit	VERB
afbr-193	365	4	to	to	ADP
afbr-193	365	5	the	the	DET
afbr-193	365	6	postgraduate	postgraduate	NOUN
afbr-193	365	7	school	school	NOUN
afbr-193	365	8	.	.	PUNCT
afbr-193	366	1	ahmadu	ahmadu	PROPN
afbr-193	366	2	bello	bello	PROPN
afbr-193	366	3	university	university	PROPN
afbr-193	366	4	,	,	PUNCT
afbr-193	366	5	zaria	zaria	PROPN
afbr-193	366	6	.	.	PROPN
afbr-193	366	7	agbadudu	agbadudu	PROPN
afbr-193	366	8	,	,	PUNCT
afbr-193	366	9	a.	a.	PROPN
afbr-193	366	10	b.	b.	PROPN
afbr-193	367	1	(	(	PUNCT
afbr-193	367	2	2009).basic	2009).basic	NUM
afbr-193	367	3	statistics	statistic	NOUN
afbr-193	367	4	for	for	ADP
afbr-193	367	5	management	management	NOUN
afbr-193	367	6	sciences	science	NOUN
afbr-193	367	7	and	and	CCONJ
afbr-193	367	8	practitioners	practitioner	NOUN
afbr-193	367	9	;	;	PUNCT
afbr-193	367	10	benin	benin	PROPN
afbr-193	367	11	,	,	PUNCT
afbr-193	367	12	a.	a.	PROPN
afbr-193	367	13	b.	b.	PROPN
afbr-193	367	14	mudiaga	mudiaga	PROPN
afbr-193	367	15	limited	limit	VERB
afbr-193	367	16	ahmed	ahmed	PROPN
afbr-193	367	17	,	,	PUNCT
afbr-193	367	18	m.	m.	NOUN
afbr-193	367	19	m.	m.	NOUN
afbr-193	367	20	,	,	PUNCT
afbr-193	367	21	imran	imran	PROPN
afbr-193	367	22	,	,	PUNCT
afbr-193	367	23	h.	h.	PROPN
afbr-193	367	24	,	,	PUNCT
afbr-193	367	25	&	&	CCONJ
afbr-193	367	26	ali	ali	PROPN
afbr-193	367	27	,	,	PUNCT
afbr-193	367	28	i.	i.	PROPN
afbr-193	367	29	(	(	PUNCT
afbr-193	367	30	2014	2014	NUM
afbr-193	367	31	)	)	PUNCT
afbr-193	367	32	.	.	PUNCT
afbr-193	368	1	determinants	determinant	NOUN
afbr-193	368	2	of	of	ADP
afbr-193	368	3	dividend	dividend	NOUN
afbr-193	368	4	policy	policy	NOUN
afbr-193	368	5	:	:	PUNCT
afbr-193	368	6	an	an	DET
afbr-193	368	7	empirical	empirical	ADJ
afbr-193	368	8	study	study	NOUN
afbr-193	368	9	of	of	ADP
afbr-193	368	10	banking	banking	NOUN
afbr-193	368	11	sector	sector	NOUN
afbr-193	368	12	of	of	ADP
afbr-193	368	13	pakistan	pakistan	PROPN
afbr-193	368	14	.	.	PUNCT
afbr-193	369	1	interdisciplinary	interdisciplinary	ADJ
afbr-193	369	2	journal	journal	PROPN
afbr-193	369	3	of	of	ADP
afbr-193	369	4	contemporary	contemporary	ADJ
afbr-193	369	5	research	research	NOUN
afbr-193	369	6	in	in	ADP
afbr-193	369	7	business	business	NOUN
afbr-193	369	8	,	,	PUNCT
afbr-193	369	9	5(11	5(11	NUM
afbr-193	369	10	)	)	PUNCT
afbr-193	369	11	,	,	PUNCT
afbr-193	369	12	360	360	NUM
afbr-193	369	13	-	-	SYM
afbr-193	369	14	369	369	NUM
afbr-193	369	15	.	.	PUNCT
afbr-193	370	1	aivazian	aivazian	ADJ
afbr-193	370	2	,	,	PUNCT
afbr-193	370	3	v.	v.	PROPN
afbr-193	370	4	,	,	PUNCT
afbr-193	370	5	booth	booth	NOUN
afbr-193	370	6	,	,	PUNCT
afbr-193	370	7	l.	l.	PROPN
afbr-193	370	8	,	,	PUNCT
afbr-193	370	9	&	&	CCONJ
afbr-193	370	10	cleary	cleary	PROPN
afbr-193	370	11	,	,	PUNCT
afbr-193	370	12	s.	s.	PROPN
afbr-193	370	13	(	(	PUNCT
afbr-193	370	14	2003	2003	NUM
afbr-193	370	15	)	)	PUNCT
afbr-193	370	16	.	.	PUNCT
afbr-193	371	1	do	do	AUX
afbr-193	371	2	emerging	emerge	VERB
afbr-193	371	3	market	market	NOUN
afbr-193	371	4	firms	firm	NOUN
afbr-193	371	5	follow	follow	VERB
afbr-193	371	6	different	different	ADJ
afbr-193	371	7	dividend	dividend	NOUN
afbr-193	371	8	policies	policy	NOUN
afbr-193	371	9	from	from	ADP
afbr-193	371	10	us	us	PROPN
afbr-193	371	11	firms	firm	NOUN
afbr-193	371	12	?	?	PUNCT
afbr-193	372	1	journal	journal	NOUN
afbr-193	372	2	of	of	ADP
afbr-193	372	3	financial	financial	ADJ
afbr-193	372	4	research	research	NOUN
afbr-193	372	5	,	,	PUNCT
afbr-193	372	6	26(3	26(3	NUM
afbr-193	372	7	)	)	PUNCT
afbr-193	372	8	,	,	PUNCT
afbr-193	372	9	371–387	371–387	NUM
afbr-193	372	10	.	.	PUNCT
afbr-193	373	1	amidu	amidu	ADJ
afbr-193	373	2	,	,	PUNCT
afbr-193	373	3	m.	m.	NOUN
afbr-193	373	4	,	,	PUNCT
afbr-193	373	5	&	&	CCONJ
afbr-193	373	6	abor	abor	PROPN
afbr-193	373	7	,	,	PUNCT
afbr-193	373	8	j.	j.	PROPN
afbr-193	373	9	,(2006	,(2006	PUNCT
afbr-193	373	10	)	)	PUNCT
afbr-193	373	11	.	.	PUNCT
afbr-193	374	1	determinants	determinant	NOUN
afbr-193	374	2	of	of	ADP
afbr-193	374	3	dividend	dividend	NOUN
afbr-193	374	4	payout	payout	NOUN
afbr-193	374	5	ratios	ratio	NOUN
afbr-193	374	6	in	in	ADP
afbr-193	374	7	ghana	ghana	PROPN
afbr-193	374	8	.	.	PUNCT
afbr-193	375	1	the	the	DET
afbr-193	375	2	journal	journal	NOUN
afbr-193	375	3	of	of	ADP
afbr-193	375	4	risk	risk	NOUN
afbr-193	375	5	finance	finance	NOUN
afbr-193	375	6	,	,	PUNCT
afbr-193	375	7	7(2	7(2	NUM
afbr-193	375	8	)	)	PUNCT
afbr-193	375	9	,	,	PUNCT
afbr-193	375	10	135	135	NUM
afbr-193	375	11	-	-	SYM
afbr-193	375	12	145	145	NUM
afbr-193	375	13	.	.	PUNCT
afbr-193	376	1	anil	anil	PROPN
afbr-193	376	2	k	k	PROPN
afbr-193	376	3	,	,	PUNCT
afbr-193	376	4	&	&	CCONJ
afbr-193	376	5	kapoor	kapoor	PROPN
afbr-193	376	6	s.	s.	PROPN
afbr-193	376	7	,	,	PUNCT
afbr-193	376	8	(	(	PUNCT
afbr-193	376	9	2008	2008	NUM
afbr-193	376	10	)	)	PUNCT
afbr-193	376	11	.	.	PUNCT
afbr-193	377	1	determinants	determinant	NOUN
afbr-193	377	2	of	of	ADP
afbr-193	377	3	dividend	dividend	NOUN
afbr-193	377	4	payout	payout	NOUN
afbr-193	377	5	ratios	ratio	NOUN
afbr-193	377	6	a	a	DET
afbr-193	377	7	study	study	NOUN
afbr-193	377	8	of	of	ADP
afbr-193	377	9	indian	indian	ADJ
afbr-193	377	10	information	information	NOUN
afbr-193	377	11	technology	technology	NOUN
afbr-193	377	12	sector	sector	NOUN
afbr-193	377	13	.	.	PUNCT
afbr-193	378	1	international	international	ADJ
afbr-193	378	2	resource	resource	NOUN
afbr-193	378	3	journal	journal	NOUN
afbr-193	378	4	of	of	ADP
afbr-193	378	5	finance	finance	NOUN
afbr-193	378	6	and	and	CCONJ
afbr-193	378	7	economics	economic	NOUN
afbr-193	378	8	,	,	PUNCT
afbr-193	378	9	1(5),1	1(5),1	PROPN
afbr-193	378	10	-	-	SYM
afbr-193	378	11	9	9	NUM
afbr-193	378	12	.	.	PUNCT
afbr-193	378	13	anyamaobi	anyamaobi	PROPN
afbr-193	378	14	,	,	PUNCT
afbr-193	378	15	c.	c.	PROPN
afbr-193	378	16	,	,	PUNCT
afbr-193	378	17	&	&	CCONJ
afbr-193	378	18	lucky	lucky	ADJ
afbr-193	378	19	,	,	PUNCT
afbr-193	378	20	a.	a.	PROPN
afbr-193	378	21	l.	l.	PROPN
afbr-193	378	22	,	,	PUNCT
afbr-193	378	23	(	(	PUNCT
afbr-193	378	24	2017	2017	NUM
afbr-193	378	25	)	)	PUNCT
afbr-193	378	26	.	.	PUNCT
afbr-193	379	1	corporate	corporate	ADJ
afbr-193	379	2	characteristics	characteristic	NOUN
afbr-193	379	3	and	and	CCONJ
afbr-193	379	4	value	value	NOUN
afbr-193	379	5	creation	creation	NOUN
afbr-193	379	6	:	:	PUNCT
afbr-193	379	7	a	a	DET
afbr-193	379	8	panel	panel	NOUN
afbr-193	379	9	data	data	VERB
afbr-193	379	10	evidence	evidence	NOUN
afbr-193	379	11	of	of	ADP
afbr-193	379	12	nigeria	nigeria	PROPN
afbr-193	379	13	quoted	quote	VERB
afbr-193	379	14	manufacturing	manufacturing	NOUN
afbr-193	379	15	firms	firm	NOUN
afbr-193	379	16	.	.	PUNCT
afbr-193	380	1	world	world	PROPN
afbr-193	380	2	journal	journal	PROPN
afbr-193	380	3	of	of	ADP
afbr-193	380	4	finance	finance	NOUN
afbr-193	380	5	and	and	CCONJ
afbr-193	380	6	investment	investment	NOUN
afbr-193	380	7	research	research	NOUN
afbr-193	380	8	,	,	PUNCT
afbr-193	380	9	2(1	2(1	NUM
afbr-193	380	10	)	)	PUNCT
afbr-193	380	11	,	,	PUNCT
afbr-193	380	12	3149	3149	NUM
afbr-193	380	13	.	.	PUNCT
afbr-193	381	1	bahaa	bahaa	NOUN
afbr-193	381	2	,	,	PUNCT
afbr-193	381	3	a.	a.	NOUN
afbr-193	381	4	(	(	PUNCT
afbr-193	381	5	2015	2015	NUM
afbr-193	381	6	)	)	PUNCT
afbr-193	381	7	.	.	PUNCT
afbr-193	382	1	determinants	determinant	NOUN
afbr-193	382	2	of	of	ADP
afbr-193	382	3	dividend	dividend	NOUN
afbr-193	382	4	policy	policy	NOUN
afbr-193	382	5	in	in	ADP
afbr-193	382	6	kuwait	kuwait	PROPN
afbr-193	382	7	stock	stock	PROPN
afbr-193	382	8	exchange	exchange	PROPN
afbr-193	382	9	.	.	PUNCT
afbr-193	383	1	international	international	ADJ
afbr-193	383	2	journal	journal	PROPN
afbr-193	383	3	of	of	ADP
afbr-193	383	4	business	business	NOUN
afbr-193	383	5	and	and	CCONJ
afbr-193	383	6	management	management	NOUN
afbr-193	383	7	review	review	NOUN
afbr-193	383	8	,	,	PUNCT
afbr-193	383	9	7	7	NUM
afbr-193	383	10	(	(	PUNCT
afbr-193	383	11	3	3	NUM
afbr-193	383	12	)	)	PUNCT
afbr-193	383	13	,	,	PUNCT
afbr-193	383	14	72	72	NUM
afbr-193	383	15	-	-	SYM
afbr-193	383	16	78	78	NUM
afbr-193	383	17	.	.	PUNCT
afbr-193	384	1	bahrar	bahrar	PROPN
afbr-193	384	2	,	,	PUNCT
afbr-193	384	3	r.	r.	PROPN
afbr-193	384	4	,	,	PUNCT
afbr-193	384	5	&	&	CCONJ
afbr-193	384	6	makiaris	makiaris	PROPN
afbr-193	384	7	a.g	a.g	PROPN
afbr-193	384	8	(	(	PUNCT
afbr-193	384	9	2011	2011	NUM
afbr-193	384	10	)	)	PUNCT
afbr-193	384	11	.	.	PUNCT
afbr-193	385	1	dividend	dividend	NOUN
afbr-193	385	2	,	,	PUNCT
afbr-193	385	3	momentum	momentum	NOUN
afbr-193	385	4	and	and	CCONJ
afbr-193	385	5	macroeconomic	macroeconomic	ADJ
afbr-193	385	6	variables	variable	NOUN
afbr-193	385	7	as	as	ADP
afbr-193	385	8	determinants	determinant	NOUN
afbr-193	385	9	of	of	ADP
afbr-193	385	10	us	us	PROPN
afbr-193	385	11	equity	equity	NOUN
afbr-193	385	12	premium	premium	NOUN
afbr-193	385	13	across	across	ADP
afbr-193	385	14	economic	economic	ADJ
afbr-193	385	15	regimes	regime	NOUN
afbr-193	385	16	.	.	PUNCT
afbr-193	386	1	review	review	NOUN
afbr-193	386	2	of	of	ADP
afbr-193	386	3	behavioural	behavioural	ADJ
afbr-193	386	4	finance	finance	NOUN
afbr-193	386	5	,	,	PUNCT
afbr-193	386	6	3	3	NUM
afbr-193	386	7	(	(	PUNCT
afbr-193	386	8	5	5	NUM
afbr-193	386	9	)	)	PUNCT
afbr-193	386	10	,	,	PUNCT
afbr-193	386	11	27	27	NUM
afbr-193	386	12	–	–	SYM
afbr-193	386	13	53	53	NUM
afbr-193	386	14	.	.	PUNCT
afbr-193	387	1	baker	baker	PROPN
afbr-193	387	2	,	,	PUNCT
afbr-193	387	3	h.	h.	PROPN
afbr-193	387	4	k.	k.	PROPN
afbr-193	387	5	,	,	PUNCT
afbr-193	387	6	&	&	CCONJ
afbr-193	387	7	powell	powell	PROPN
afbr-193	387	8	,	,	PUNCT
afbr-193	387	9	g.	g.	PROPN
afbr-193	387	10	(	(	PUNCT
afbr-193	387	11	2000	2000	NUM
afbr-193	387	12	)	)	PUNCT
afbr-193	387	13	.	.	PUNCT
afbr-193	388	1	determinants	determinant	NOUN
afbr-193	388	2	of	of	ADP
afbr-193	388	3	corporate	corporate	ADJ
afbr-193	388	4	dividend	dividend	NOUN
afbr-193	388	5	policy	policy	NOUN
afbr-193	388	6	:	:	PUNCT
afbr-193	388	7	a	a	DET
afbr-193	388	8	survey	survey	NOUN
afbr-193	388	9	of	of	ADP
afbr-193	388	10	nyse	nyse	PROPN
afbr-193	388	11	firms	firm	NOUN
afbr-193	388	12	.	.	PUNCT
afbr-193	389	1	decisions	decision	NOUN
afbr-193	389	2	of	of	ADP
afbr-193	389	3	major	major	ADJ
afbr-193	389	4	us	us	PROPN
afbr-193	389	5	firms	firm	NOUN
afbr-193	389	6	.	.	PUNCT
afbr-193	390	1	financial	financial	ADJ
afbr-193	390	2	review	review	PROPN
afbr-193	390	3	,	,	PUNCT
afbr-193	390	4	26(33	26(33	NUM
afbr-193	390	5	)	)	PUNCT
afbr-193	390	6	,	,	PUNCT
afbr-193	390	7	409–430	409–430	NUM
afbr-193	390	8	.	.	PUNCT
afbr-193	391	1	bartlomej	bartlomej	PROPN
afbr-193	391	2	,	,	PUNCT
afbr-193	391	3	j.	j.	PROPN
afbr-193	391	4	,	,	PUNCT
afbr-193	391	5	jack	jack	PROPN
afbr-193	391	6	,	,	PUNCT
afbr-193	391	7	k.	k.	PROPN
afbr-193	391	8	,	,	PUNCT
afbr-193	391	9	(	(	PUNCT
afbr-193	391	10	2015	2015	NUM
afbr-193	391	11	)	)	PUNCT
afbr-193	391	12	.	.	PUNCT
afbr-193	392	1	microeconomic	microeconomic	ADJ
afbr-193	392	2	and	and	CCONJ
afbr-193	392	3	macroeconomic	macroeconomic	ADJ
afbr-193	392	4	determinants	determinant	NOUN
afbr-193	392	5	of	of	ADP
afbr-193	392	6	the	the	DET
afbr-193	392	7	dividend	dividend	NOUN
afbr-193	392	8	policy	policy	NOUN
afbr-193	392	9	in	in	ADP
afbr-193	392	10	companies	company	NOUN
afbr-193	392	11	quoted	quote	VERB
afbr-193	392	12	at	at	ADP
afbr-193	392	13	warsaw	warsaw	PROPN
afbr-193	392	14	stock	stock	PROPN
afbr-193	392	15	exchange	exchange	PROPN
afbr-193	392	16	.	.	PUNCT
afbr-193	393	1	research	research	NOUN
afbr-193	393	2	results	result	NOUN
afbr-193	393	3	.	.	PUNCT
afbr-193	394	1	ekonomiaiprawo	ekonomiaiprawo	VERB
afbr-193	394	2	14	14	NUM
afbr-193	394	3	(	(	PUNCT
afbr-193	394	4	4	4	NUM
afbr-193	394	5	)	)	PUNCT
afbr-193	394	6	,	,	PUNCT
afbr-193	394	7	443	443	NUM
afbr-193	394	8	–	–	SYM
afbr-193	394	9	457	457	NUM
afbr-193	394	10	.	.	PUNCT
afbr-193	394	11	basse	basse	PROPN
afbr-193	394	12	,	,	PUNCT
afbr-193	394	13	t.	t.	PROPN
afbr-193	394	14	,	,	PUNCT
afbr-193	394	15	&	&	CCONJ
afbr-193	394	16	reddemann	reddemann	PROPN
afbr-193	394	17	,	,	PUNCT
afbr-193	394	18	s.	s.	PROPN
afbr-193	394	19	(	(	PUNCT
afbr-193	394	20	2011	2011	NUM
afbr-193	394	21	)	)	PUNCT
afbr-193	394	22	.	.	PUNCT
afbr-193	395	1	inflation	inflation	NOUN
afbr-193	395	2	and	and	CCONJ
afbr-193	395	3	the	the	DET
afbr-193	395	4	dividend	dividend	NOUN
afbr-193	395	5	policy	policy	NOUN
afbr-193	395	6	of	of	ADP
afbr-193	395	7	us	us	PROPN
afbr-193	395	8	firms	firm	NOUN
afbr-193	395	9	.	.	PUNCT
afbr-193	396	1	economics	economic	NOUN
afbr-193	396	2	watch	watch	PROPN
afbr-193	396	3	,	,	PUNCT
afbr-193	396	4	6	6	NUM
afbr-193	396	5	(	(	PUNCT
afbr-193	396	6	4	4	NUM
afbr-193	396	7	)	)	PUNCT
afbr-193	396	8	33364	33364	NUM
afbr-193	396	9	blake	blake	PROPN
afbr-193	396	10	taylor	taylor	PROPN
afbr-193	396	11	(	(	PUNCT
afbr-193	396	12	2005	2005	NUM
afbr-193	396	13	)	)	PUNCT
afbr-193	396	14	.	.	PUNCT
afbr-193	397	1	an	an	DET
afbr-193	397	2	empirical	empirical	ADJ
afbr-193	397	3	evaluation	evaluation	NOUN
afbr-193	397	4	of	of	ADP
afbr-193	397	5	the	the	DET
afbr-193	397	6	capital	capital	NOUN
afbr-193	397	7	asset	asset	NOUN
afbr-193	397	8	pricing	pricing	NOUN
afbr-193	397	9	model	model	NOUN
afbr-193	397	10	.	.	PUNCT
afbr-193	398	1	economics	economic	NOUN
afbr-193	398	2	review	review	VERB
afbr-193	398	3	18	18	NUM
afbr-193	398	4	:	:	PUNCT
afbr-193	398	5	373	373	NUM
afbr-193	398	6	-	-	SYM
afbr-193	398	7	399	399	NUM
afbr-193	398	8	.	.	PUNCT
afbr-193	399	1	brealey	brealey	PROPN
afbr-193	399	2	&	&	CCONJ
afbr-193	399	3	meyers	meyers	PROPN
afbr-193	399	4	(	(	PUNCT
afbr-193	399	5	2003	2003	NUM
afbr-193	399	6	)	)	PUNCT
afbr-193	399	7	,	,	PUNCT
afbr-193	399	8	principles	principle	NOUN
afbr-193	399	9	of	of	ADP
afbr-193	399	10	corporate	corporate	ADJ
afbr-193	399	11	finance	finance	NOUN
afbr-193	399	12	,	,	PUNCT
afbr-193	399	13	7th	7th	ADJ
afbr-193	399	14	ed	ed	NOUN
afbr-193	399	15	.	.	PROPN
afbr-193	399	16	,	,	PUNCT
afbr-193	399	17	the	the	DET
afbr-193	399	18	mcgraw−hill	mcgraw−hill	NOUN
afbr-193	399	19	companies	company	NOUN
afbr-193	399	20	.	.	PUNCT
afbr-193	400	1	5(12	5(12	NUM
afbr-193	400	2	)	)	PUNCT
afbr-193	400	3	,	,	PUNCT
afbr-193	400	4	136144	136144	NUM
afbr-193	400	5	.	.	PUNCT
afbr-193	401	1	brigham	brigham	PROPN
afbr-193	401	2	&	&	CCONJ
afbr-193	401	3	houston	houston	PROPN
afbr-193	401	4	2004	2004	NUM
afbr-193	401	5	,	,	PUNCT
afbr-193	401	6	fundamental	fundamental	ADJ
afbr-193	401	7	of	of	ADP
afbr-193	401	8	financial	financial	ADJ
afbr-193	401	9	management	management	NOUN
afbr-193	401	10	,	,	PUNCT
afbr-193	401	11	10th	10th	ADJ
afbr-193	401	12	ed	ed	NOUN
afbr-193	401	13	.	.	PROPN
afbr-193	401	14	,	,	PUNCT
afbr-193	401	15	mcgraw	mcgraw	PROPN
afbr-193	401	16	-	-	PUNCT
afbr-193	401	17	hill	hill	NOUN
afbr-193	401	18	brigham	brigham	PROPN
afbr-193	401	19	,	,	PUNCT
afbr-193	401	20	e	e	PROPN
afbr-193	401	21	,	,	PUNCT
afbr-193	401	22	f.	f.	PROPN
afbr-193	401	23	,	,	PUNCT
afbr-193	401	24	&	&	CCONJ
afbr-193	401	25	daves	daves	PROPN
afbr-193	401	26	,	,	PUNCT
afbr-193	401	27	p.	p.	PROPN
afbr-193	401	28	r.	r.	PROPN
afbr-193	401	29	(	(	PUNCT
afbr-193	401	30	2010	2010	NUM
afbr-193	401	31	)	)	PUNCT
afbr-193	401	32	.	.	PUNCT
afbr-193	402	1	intermediate	intermediate	ADJ
afbr-193	402	2	financial	financial	ADJ
afbr-193	402	3	management	management	NOUN
afbr-193	402	4	(	(	PUNCT
afbr-193	402	5	10th	10th	ADJ
afbr-193	402	6	ed	ed	NOUN
afbr-193	402	7	.	.	PUNCT
afbr-193	402	8	)	)	PUNCT
afbr-193	402	9	.	.	PUNCT
afbr-193	403	1	nature	nature	NOUN
afbr-193	403	2	boulevard	boulevard	PROPN
afbr-193	403	3	:	:	PUNCT
afbr-193	403	4	cengage	cengage	PROPN
afbr-193	403	5	learning	learning	PROPN
afbr-193	403	6	.	.	PUNCT
afbr-193	404	1	brigham	brigham	PROPN
afbr-193	404	2	,	,	PUNCT
afbr-193	404	3	f	f	PROPN
afbr-193	404	4	&	&	CCONJ
afbr-193	404	5	j	j	PROPN
afbr-193	404	6	,	,	PUNCT
afbr-193	404	7	gordon	gordon	PROPN
afbr-193	404	8	(	(	PUNCT
afbr-193	404	9	1968).leverage	1968).leverage	NOUN
afbr-193	404	10	,	,	PUNCT
afbr-193	404	11	dividend	dividend	NOUN
afbr-193	404	12	policy	policy	NOUN
afbr-193	404	13	,	,	PUNCT
afbr-193	404	14	and	and	CCONJ
afbr-193	404	15	the	the	DET
afbr-193	404	16	cost	cost	NOUN
afbr-193	404	17	of	of	ADP
afbr-193	404	18	capital	capital	NOUN
afbr-193	404	19	.	.	PUNCT
afbr-193	405	1	journal	journal	PROPN
afbr-193	405	2	of	of	ADP
afbr-193	405	3	financial	financial	ADJ
afbr-193	405	4	economies	economy	NOUN
afbr-193	405	5	,	,	PUNCT
afbr-193	405	6	23(9),152	23(9),152	NUM
afbr-193	405	7	-	-	SYM
afbr-193	405	8	179	179	NUM
afbr-193	405	9	.	.	PUNCT
afbr-193	406	1	dada	dada	PROPN
afbr-193	406	2	,	,	PUNCT
afbr-193	406	3	f.b	f.b	PROPN
afbr-193	406	4	.	.	PROPN
afbr-193	406	5	,	,	PUNCT
afbr-193	406	6	(	(	PUNCT
afbr-193	406	7	2015	2015	NUM
afbr-193	406	8	)	)	PUNCT
afbr-193	406	9	.	.	PUNCT
afbr-193	407	1	critical	critical	ADJ
afbr-193	407	2	evaluation	evaluation	NOUN
afbr-193	407	3	of	of	ADP
afbr-193	407	4	dividend	dividend	NOUN
afbr-193	407	5	policy	policy	NOUN
afbr-193	407	6	of	of	ADP
afbr-193	407	7	banking	banking	NOUN
afbr-193	407	8	sector	sector	NOUN
afbr-193	407	9	in	in	ADP
afbr-193	407	10	nigeria	nigeria	PROPN
afbr-193	407	11	.	.	PUNCT
afbr-193	408	1	international	international	ADJ
afbr-193	408	2	journal	journal	PROPN
afbr-193	408	3	of	of	ADP
afbr-193	408	4	economics	economic	NOUN
afbr-193	408	5	,	,	PUNCT
afbr-193	408	6	commerce	commerce	NOUN
afbr-193	408	7	and	and	CCONJ
afbr-193	408	8	management	management	NOUN
afbr-193	408	9	,	,	PUNCT
afbr-193	408	10	3(2	3(2	NUM
afbr-193	408	11	)	)	PUNCT
afbr-193	408	12	,	,	PUNCT
afbr-193	408	13	1	1	NUM
afbr-193	408	14	-	-	SYM
afbr-193	408	15	11	11	NUM
afbr-193	408	16	.	.	PUNCT
afbr-193	409	1	eugene	eugene	PROPN
afbr-193	409	2	,	,	PUNCT
afbr-193	409	3	f.	f.	PROPN
afbr-193	409	4	,	,	PUNCT
afbr-193	409	5	and	and	CCONJ
afbr-193	409	6	kenneth	kenneth	PROPN
afbr-193	409	7	,	,	PUNCT
afbr-193	409	8	r.	r.	PROPN
afbr-193	409	9	f.	f.	PROPN
afbr-193	409	10	,	,	PUNCT
afbr-193	409	11	(	(	PUNCT
afbr-193	409	12	2004	2004	NUM
afbr-193	409	13	)	)	PUNCT
afbr-193	409	14	.	.	PUNCT
afbr-193	410	1	the	the	DET
afbr-193	410	2	capital	capital	NOUN
afbr-193	410	3	asset	asset	NOUN
afbr-193	410	4	pricing	pricing	NOUN
afbr-193	410	5	model	model	NOUN
afbr-193	410	6	:	:	PUNCT
afbr-193	410	7	theory	theory	NOUN
afbr-193	410	8	and	and	CCONJ
afbr-193	410	9	evidence	evidence	NOUN
afbr-193	410	10	.	.	PUNCT
afbr-193	411	1	journal	journal	NOUN
afbr-193	411	2	of	of	ADP
afbr-193	411	3	economic	economic	ADJ
afbr-193	411	4	perspectives	perspective	NOUN
afbr-193	411	5	.	.	PUNCT
afbr-193	412	1	18(3	18(3	NUM
afbr-193	412	2	)	)	PUNCT
afbr-193	412	3	,	,	PUNCT
afbr-193	412	4	25	25	NUM
afbr-193	412	5	.	.	PUNCT
afbr-193	412	6	343	343	NUM
afbr-193	412	7	.	.	PUNCT
afbr-193	413	1	easterbrook	easterbrook	PROPN
afbr-193	413	2	,	,	PUNCT
afbr-193	413	3	f.	f.	PROPN
afbr-193	413	4	h.	h.	PROPN
afbr-193	413	5	(	(	PUNCT
afbr-193	413	6	1984	1984	NUM
afbr-193	413	7	)	)	PUNCT
afbr-193	413	8	.	.	PUNCT
afbr-193	414	1	two	two	NUM
afbr-193	414	2	agency	agency	NOUN
afbr-193	414	3	-	-	PUNCT
afbr-193	414	4	cost	cost	NOUN
afbr-193	414	5	explanations	explanation	NOUN
afbr-193	414	6	on	on	ADP
afbr-193	414	7	dividends	dividend	NOUN
afbr-193	414	8	.	.	PUNCT
afbr-193	415	1	american	american	PROPN
afbr-193	415	2	economic	economic	PROPN
afbr-193	415	3	review	review	PROPN
afbr-193	415	4	,	,	PUNCT
afbr-193	415	5	74	74	NUM
afbr-193	415	6	,	,	PUNCT
afbr-193	415	7	650	650	NUM
afbr-193	415	8	–	–	PUNCT
afbr-193	415	9	659	659	NUM
afbr-193	415	10	.	.	PUNCT
afbr-193	416	1	eugene	eugene	PROPN
afbr-193	416	2	,	,	PUNCT
afbr-193	416	3	f.	f.	PROPN
afbr-193	416	4	,	,	PUNCT
afbr-193	416	5	and	and	CCONJ
afbr-193	416	6	kenneth	kenneth	PROPN
afbr-193	416	7	,	,	PUNCT
afbr-193	416	8	r.	r.	PROPN
afbr-193	416	9	f.	f.	PROPN
afbr-193	416	10	,	,	PUNCT
afbr-193	416	11	(	(	PUNCT
afbr-193	416	12	2004	2004	NUM
afbr-193	416	13	)	)	PUNCT
afbr-193	416	14	.	.	PUNCT
afbr-193	417	1	the	the	DET
afbr-193	417	2	capital	capital	NOUN
afbr-193	417	3	asset	asset	NOUN
afbr-193	417	4	pricing	pricing	NOUN
afbr-193	417	5	model	model	NOUN
afbr-193	417	6	:	:	PUNCT
afbr-193	417	7	theory	theory	NOUN
afbr-193	417	8	and	and	CCONJ
afbr-193	417	9	evidence	evidence	NOUN
afbr-193	417	10	.	.	PUNCT
afbr-193	418	1	journal	journal	NOUN
afbr-193	418	2	of	of	ADP
afbr-193	418	3	economic	economic	ADJ
afbr-193	418	4	perspectives	perspective	NOUN
afbr-193	418	5	.	.	PUNCT
afbr-193	419	1	18(3	18(3	NUM
afbr-193	419	2	)	)	PUNCT
afbr-193	419	3	,	,	PUNCT
afbr-193	419	4	25	25	NUM
afbr-193	419	5	.	.	PUNCT
afbr-193	419	6	343	343	NUM
afbr-193	419	7	.	.	PUNCT
afbr-193	420	1	fama	fama	PROPN
afbr-193	420	2	,	,	PUNCT
afbr-193	420	3	e	e	NOUN
afbr-193	420	4	,	,	PUNCT
afbr-193	420	5	&	&	CCONJ
afbr-193	420	6	french	french	PROPN
afbr-193	420	7	,	,	PUNCT
afbr-193	420	8	k	k	PROPN
afbr-193	420	9	.,(1992	.,(1992	PROPN
afbr-193	420	10	)	)	PUNCT
afbr-193	420	11	the	the	DET
afbr-193	420	12	cross	cross	NOUN
afbr-193	420	13	-	-	NOUN
afbr-193	420	14	section	section	NOUN
afbr-193	420	15	of	of	ADP
afbr-193	420	16	expected	expect	VERB
afbr-193	420	17	stock	stock	NOUN
afbr-193	420	18	returns	return	NOUN
afbr-193	420	19	.	.	PUNCT
afbr-193	421	1	journal	journal	NOUN
afbr-193	421	2	of	of	ADP
afbr-193	421	3	finance	finance	NOUN
afbr-193	421	4	.	.	PUNCT
afbr-193	422	1	47(2),427465	47(2),427465	NUM
afbr-193	422	2	.	.	PUNCT
afbr-193	423	1	fama	fama	PROPN
afbr-193	423	2	,	,	PUNCT
afbr-193	423	3	e.	e.	PROPN
afbr-193	423	4	,	,	PUNCT
afbr-193	423	5	&	&	CCONJ
afbr-193	423	6	french	french	PROPN
afbr-193	423	7	,	,	PUNCT
afbr-193	423	8	k.	k.	PROPN
afbr-193	423	9	(	(	PUNCT
afbr-193	423	10	2001	2001	NUM
afbr-193	423	11	)	)	PUNCT
afbr-193	423	12	.	.	PUNCT
afbr-193	424	1	disappearing	disappear	VERB
afbr-193	424	2	dividends	dividend	NOUN
afbr-193	424	3	:	:	PUNCT
afbr-193	424	4	changing	change	VERB
afbr-193	424	5	firm	firm	ADJ
afbr-193	424	6	characteristics	characteristic	NOUN
afbr-193	424	7	or	or	CCONJ
afbr-193	424	8	lower	low	ADJ
afbr-193	424	9	propensity	propensity	NOUN
afbr-193	424	10	to	to	PART
afbr-193	424	11	pay	pay	VERB
afbr-193	424	12	.	.	PUNCT
afbr-193	425	1	journal	journal	NOUN
afbr-193	425	2	of	of	ADP
afbr-193	425	3	financial	financial	ADJ
afbr-193	425	4	economics	economic	NOUN
afbr-193	425	5	,	,	PUNCT
afbr-193	425	6	60	60	NUM
afbr-193	425	7	,	,	PUNCT
afbr-193	425	8	3–43	3–43	PROPN
afbr-193	425	9	.	.	PUNCT
afbr-193	426	1	ferris	ferris	PROPN
afbr-193	426	2	,	,	PUNCT
afbr-193	426	3	s.	s.	PROPN
afbr-193	426	4	,	,	PUNCT
afbr-193	426	5	jagannathan	jagannathan	PROPN
afbr-193	426	6	,	,	PUNCT
afbr-193	426	7	m.	m.	NOUN
afbr-193	426	8	,	,	PUNCT
afbr-193	426	9	&	&	CCONJ
afbr-193	426	10	pritchard	pritchard	PROPN
afbr-193	426	11	,	,	PUNCT
afbr-193	426	12	a.	a.	NOUN
afbr-193	426	13	(	(	PUNCT
afbr-193	426	14	2003	2003	NUM
afbr-193	426	15	)	)	PUNCT
afbr-193	426	16	.	.	PUNCT
afbr-193	427	1	too	too	ADV
afbr-193	427	2	busy	busy	ADJ
afbr-193	427	3	to	to	PART
afbr-193	427	4	mind	mind	VERB
afbr-193	427	5	the	the	DET
afbr-193	427	6	business	business	NOUN
afbr-193	427	7	?	?	PUNCT
afbr-193	428	1	monitoring	monitoring	NOUN
afbr-193	428	2	by	by	ADP
afbr-193	428	3	directors	director	NOUN
afbr-193	428	4	with	with	ADP
afbr-193	428	5	multiple	multiple	ADJ
afbr-193	428	6	board	board	NOUN
afbr-193	428	7	appointments	appointment	NOUN
afbr-193	428	8	.	.	PUNCT
afbr-193	429	1	journal	journal	PROPN
afbr-193	429	2	of	of	ADP
afbr-193	429	3	finance	finance	NOUN
afbr-193	429	4	,	,	PUNCT
afbr-193	429	5	58	58	NUM
afbr-193	429	6	,	,	PUNCT
afbr-193	429	7	1087–1111	1087–1111	NUM
afbr-193	429	8	gordon	gordon	PROPN
afbr-193	429	9	,	,	PUNCT
afbr-193	429	10	m.	m.	PROPN
afbr-193	429	11	j.	j.	PROPN
afbr-193	429	12	&	&	CCONJ
afbr-193	429	13	shapiro	shapiro	PROPN
afbr-193	429	14	e.	e.	PROPN
afbr-193	429	15	(	(	PUNCT
afbr-193	429	16	1956	1956	NUM
afbr-193	429	17	)	)	PUNCT
afbr-193	429	18	,	,	PUNCT
afbr-193	429	19	capital	capital	NOUN
afbr-193	429	20	equipment	equipment	NOUN
afbr-193	429	21	analysis	analysis	NOUN
afbr-193	429	22	:	:	PUNCT
afbr-193	429	23	the	the	DET
afbr-193	429	24	required	require	VERB
afbr-193	429	25	rate	rate	NOUN
afbr-193	429	26	of	of	ADP
afbr-193	429	27	profit	profit	NOUN
afbr-193	429	28	,	,	PUNCT
afbr-193	429	29	management	management	NOUN
afbr-193	429	30	science	science	NOUN
afbr-193	429	31	,	,	PUNCT
afbr-193	429	32	3	3	NUM
afbr-193	429	33	(	(	PUNCT
afbr-193	429	34	1	1	NUM
afbr-193	429	35	)	)	PUNCT
afbr-193	429	36	102	102	NUM
afbr-193	429	37	-	-	SYM
afbr-193	429	38	110	110	NUM
afbr-193	429	39	.	.	PUNCT
afbr-193	430	1	gujarati	gujarati	PROPN
afbr-193	430	2	,	,	PUNCT
afbr-193	430	3	n	n	PROPN
afbr-193	430	4	2004	2004	NUM
afbr-193	430	5	,	,	PUNCT
afbr-193	430	6	basic	basic	ADJ
afbr-193	430	7	econometrics	econometric	NOUN
afbr-193	430	8	,	,	PUNCT
afbr-193	430	9	mcgraw	mcgraw	PROPN
afbr-193	430	10	-	-	PUNCT
afbr-193	430	11	hill	hill	NOUN
afbr-193	430	12	book	book	NOUN
afbr-193	430	13	company	company	NOUN
afbr-193	430	14	,	,	PUNCT
afbr-193	430	15	singapore	singapore	PROPN
afbr-193	430	16	.	.	PUNCT
afbr-193	430	17	hussainey	hussainey	PROPN
afbr-193	430	18	,	,	PUNCT
afbr-193	430	19	k.	k.	PROPN
afbr-193	430	20	,	,	PUNCT
afbr-193	430	21	mgbame	mgbame	PROPN
afbr-193	430	22	.	.	PUNCT
afbr-193	431	1	c.o	c.o	PROPN
afbr-193	431	2	.	.	PROPN
afbr-193	431	3	,	,	PUNCT
afbr-193	431	4	&	&	CCONJ
afbr-193	431	5	mgbame	mgbame	PROPN
afbr-193	431	6	,	,	PUNCT
afbr-193	431	7	a.	a.	PROPN
afbr-193	431	8	m.c	m.c	PROPN
afbr-193	431	9	.	.	PROPN
afbr-193	432	1	(	(	PUNCT
afbr-193	432	2	2011	2011	NUM
afbr-193	432	3	)	)	PUNCT
afbr-193	432	4	.	.	PUNCT
afbr-193	433	1	dividend	dividend	NOUN
afbr-193	433	2	policy	policy	NOUN
afbr-193	433	3	and	and	CCONJ
afbr-193	433	4	share	share	NOUN
afbr-193	433	5	price	price	NOUN
afbr-193	433	6	volatility	volatility	NOUN
afbr-193	433	7	:	:	PUNCT
afbr-193	433	8	uk	uk	PROPN
afbr-193	433	9	evidence	evidence	NOUN
afbr-193	433	10	.	.	PUNCT
afbr-193	434	1	the	the	DET
afbr-193	434	2	journal	journal	NOUN
afbr-193	434	3	of	of	ADP
afbr-193	434	4	risk	risk	NOUN
afbr-193	434	5	finance	finance	NOUN
afbr-193	434	6	,	,	PUNCT
afbr-193	434	7	12	12	NUM
afbr-193	434	8	,	,	PUNCT
afbr-193	434	9	(	(	PUNCT
afbr-193	434	10	1	1	NUM
afbr-193	434	11	)	)	PUNCT
afbr-193	434	12	,	,	PUNCT
afbr-193	434	13	57	57	NUM
afbr-193	434	14	-	-	SYM
afbr-193	434	15	68	68	NUM
afbr-193	434	16	.	.	PUNCT
afbr-193	434	17	iheduru	iheduru	PROPN
afbr-193	434	18	,	,	PUNCT
afbr-193	434	19	n.	n.	PROPN
afbr-193	434	20	g.	g.	PROPN
afbr-193	434	21	(	(	PUNCT
afbr-193	434	22	2011	2011	NUM
afbr-193	434	23	)	)	PUNCT
afbr-193	434	24	,	,	PUNCT
afbr-193	434	25	qualitative	qualitative	VERB
afbr-193	434	26	techniques	technique	NOUN
afbr-193	434	27	for	for	ADP
afbr-193	434	28	business	business	NOUN
afbr-193	434	29	decision	decision	NOUN
afbr-193	434	30	making	making	NOUN
afbr-193	434	31	;	;	PUNCT
afbr-193	434	32	owerri	owerri	PROPN
afbr-193	434	33	,	,	PUNCT
afbr-193	434	34	alphabet	alphabet	PROPN
afbr-193	434	35	nigeria	nigeria	PROPN
afbr-193	434	36	publishers	publisher	NOUN
afbr-193	434	37	.	.	PUNCT
afbr-193	435	1	www.cribfb.com/journal/index.php/afbr	www.cribfb.com/journal/index.php/afbr	PROPN
afbr-193	435	2	australian	australian	ADJ
afbr-193	435	3	finance	finance	PROPN
afbr-193	435	4	&	&	CCONJ
afbr-193	435	5	banking	banking	PROPN
afbr-193	435	6	review	review	PROPN
afbr-193	435	7	vol	vol	NOUN
afbr-193	435	8	.	.	PROPN
afbr-193	436	1	2	2	NUM
afbr-193	436	2	,	,	PUNCT
afbr-193	436	3	no	no	INTJ
afbr-193	436	4	.	.	NOUN
afbr-193	436	5	2	2	NUM
afbr-193	436	6	;	;	PUNCT
afbr-193	436	7	2018	2018	NUM
afbr-193	436	8	21	21	NUM
afbr-193	436	9	jensen	jensen	PROPN
afbr-193	436	10	,	,	PUNCT
afbr-193	436	11	g.	g.	PROPN
afbr-193	436	12	,	,	PUNCT
afbr-193	436	13	solberg	solberg	PROPN
afbr-193	436	14	,	,	PUNCT
afbr-193	436	15	d.	d.	PROPN
afbr-193	436	16	,	,	PUNCT
afbr-193	436	17	&	&	CCONJ
afbr-193	436	18	zorn	zorn	PROPN
afbr-193	436	19	,	,	PUNCT
afbr-193	436	20	t.	t.	PROPN
afbr-193	436	21	(	(	PUNCT
afbr-193	436	22	1992	1992	NUM
afbr-193	436	23	)	)	PUNCT
afbr-193	436	24	.	.	PUNCT
afbr-193	437	1	simultaneous	simultaneous	ADJ
afbr-193	437	2	determination	determination	NOUN
afbr-193	437	3	of	of	ADP
afbr-193	437	4	insider	insider	NOUN
afbr-193	437	5	ownership	ownership	NOUN
afbr-193	437	6	,	,	PUNCT
afbr-193	437	7	debt	debt	NOUN
afbr-193	437	8	,	,	PUNCT
afbr-193	437	9	and	and	CCONJ
afbr-193	437	10	dividend	dividend	NOUN
afbr-193	437	11	policies	policy	NOUN
afbr-193	437	12	.	.	PUNCT
afbr-193	438	1	journal	journal	NOUN
afbr-193	438	2	of	of	ADP
afbr-193	438	3	financial	financial	ADJ
afbr-193	438	4	and	and	CCONJ
afbr-193	438	5	quantitative	quantitative	ADJ
afbr-193	438	6	analysis	analysis	NOUN
afbr-193	438	7	,	,	PUNCT
afbr-193	438	8	27	27	NUM
afbr-193	438	9	,	,	PUNCT
afbr-193	438	10	247–263	247–263	NUM
afbr-193	438	11	jensen	jensen	PROPN
afbr-193	438	12	,	,	PUNCT
afbr-193	438	13	m.c	m.c	PROPN
afbr-193	438	14	.	.	PROPN
afbr-193	438	15	,	,	PUNCT
afbr-193	438	16	and	and	CCONJ
afbr-193	438	17	meckling	meckling	NOUN
afbr-193	438	18	,	,	PUNCT
afbr-193	438	19	w.h	w.h	PROPN
afbr-193	438	20	.	.	PROPN
afbr-193	438	21	,	,	PUNCT
afbr-193	438	22	(	(	PUNCT
afbr-193	438	23	1976	1976	NUM
afbr-193	438	24	)	)	PUNCT
afbr-193	438	25	.	.	PUNCT
afbr-193	439	1	theory	theory	NOUN
afbr-193	439	2	of	of	ADP
afbr-193	439	3	the	the	DET
afbr-193	439	4	firm	firm	NOUN
afbr-193	439	5	:	:	PUNCT
afbr-193	439	6	managerial	managerial	ADJ
afbr-193	439	7	behaviour	behaviour	NOUN
afbr-193	439	8	agency	agency	NOUN
afbr-193	439	9	costs	cost	NOUN
afbr-193	439	10	and	and	CCONJ
afbr-193	439	11	ownership	ownership	NOUN
afbr-193	439	12	structure	structure	NOUN
afbr-193	439	13	.	.	PUNCT
afbr-193	440	1	journal	journal	NOUN
afbr-193	440	2	of	of	ADP
afbr-193	440	3	financial	financial	ADJ
afbr-193	440	4	economics	economic	NOUN
afbr-193	440	5	,	,	PUNCT
afbr-193	440	6	3,305	3,305	NUM
afbr-193	440	7	-	-	SYM
afbr-193	440	8	306	306	NUM
afbr-193	440	9	.	.	PUNCT
afbr-193	441	1	kinfe	kinfe	NOUN
afbr-193	441	2	,	,	PUNCT
afbr-193	441	3	t.	t.	PROPN
afbr-193	441	4	(	(	PUNCT
afbr-193	441	5	2011	2011	NUM
afbr-193	441	6	)	)	PUNCT
afbr-193	441	7	.	.	PUNCT
afbr-193	442	1	determinants	determinant	NOUN
afbr-193	442	2	of	of	ADP
afbr-193	442	3	dividend	dividend	NOUN
afbr-193	442	4	payout	payout	NOUN
afbr-193	442	5	:	:	PUNCT
afbr-193	442	6	an	an	DET
afbr-193	442	7	empirical	empirical	ADJ
afbr-193	442	8	study	study	NOUN
afbr-193	442	9	on	on	ADP
afbr-193	442	10	bank	bank	NOUN
afbr-193	442	11	industry	industry	NOUN
afbr-193	442	12	in	in	ADP
afbr-193	442	13	ethopia	ethopia	PROPN
afbr-193	442	14	.	.	PUNCT
afbr-193	443	1	a	a	DET
afbr-193	443	2	thesis	thesis	NOUN
afbr-193	443	3	submitted	submit	VERB
afbr-193	443	4	to	to	ADP
afbr-193	443	5	the	the	DET
afbr-193	443	6	school	school	NOUN
afbr-193	443	7	of	of	ADP
afbr-193	443	8	gradual	gradual	ADJ
afbr-193	443	9	studies	study	NOUN
afbr-193	443	10	addisababa	addisababa	PROPN
afbr-193	443	11	university	university	PROPN
afbr-193	443	12	ethopia	ethopia	NOUN
afbr-193	443	13	.	.	PUNCT
afbr-193	444	1	king'wara	king'wara	PROPN
afbr-193	444	2	,	,	PUNCT
afbr-193	444	3	r.	r.	PROPN
afbr-193	444	4	(	(	PUNCT
afbr-193	444	5	2015	2015	NUM
afbr-193	444	6	)	)	PUNCT
afbr-193	444	7	.	.	PUNCT
afbr-193	445	1	determinants	determinant	NOUN
afbr-193	445	2	of	of	ADP
afbr-193	445	3	dividend	dividend	NOUN
afbr-193	445	4	payout	payout	NOUN
afbr-193	445	5	ratios	ratio	NOUN
afbr-193	445	6	in	in	ADP
afbr-193	445	7	kenya	kenya	PROPN
afbr-193	445	8	.	.	PUNCT
afbr-193	446	1	research	research	NOUN
afbr-193	446	2	journal	journal	PROPN
afbr-193	446	3	of	of	ADP
afbr-193	446	4	finance	finance	NOUN
afbr-193	446	5	and	and	CCONJ
afbr-193	446	6	accounting	accounting	NOUN
afbr-193	446	7	,	,	PUNCT
afbr-193	446	8	6	6	NUM
afbr-193	446	9	(	(	PUNCT
afbr-193	446	10	1	1	NUM
afbr-193	446	11	)	)	PUNCT
afbr-193	446	12	,	,	PUNCT
afbr-193	446	13	45	45	NUM
afbr-193	446	14	-	-	SYM
afbr-193	446	15	78	78	NUM
afbr-193	446	16	lintner	lintner	NOUN
afbr-193	446	17	,	,	PUNCT
afbr-193	446	18	j.	j.	PROPN
afbr-193	446	19	(	(	PUNCT
afbr-193	446	20	1956	1956	NUM
afbr-193	446	21	)	)	PUNCT
afbr-193	446	22	;	;	PUNCT
afbr-193	446	23	distribution	distribution	NOUN
afbr-193	446	24	of	of	ADP
afbr-193	446	25	income	income	NOUN
afbr-193	446	26	of	of	ADP
afbr-193	446	27	corporation	corporation	NOUN
afbr-193	446	28	among	among	ADP
afbr-193	446	29	dividends	dividend	NOUN
afbr-193	446	30	,	,	PUNCT
afbr-193	446	31	retained	retain	VERB
afbr-193	446	32	earnings	earning	NOUN
afbr-193	446	33	and	and	CCONJ
afbr-193	446	34	taxes	taxis	NOUN
afbr-193	446	35	.	.	PUNCT
afbr-193	447	1	journal	journal	NOUN
afbr-193	447	2	of	of	ADP
afbr-193	447	3	american	american	PROPN
afbr-193	447	4	economics	economics	PROPN
afbr-193	447	5	review	review	PROPN
afbr-193	447	6	,	,	PUNCT
afbr-193	447	7	46	46	NUM
afbr-193	447	8	,	,	PUNCT
afbr-193	447	9	(	(	PUNCT
afbr-193	447	10	2	2	NUM
afbr-193	447	11	)	)	PUNCT
afbr-193	447	12	,	,	PUNCT
afbr-193	447	13	97	97	NUM
afbr-193	447	14	-	-	SYM
afbr-193	447	15	113	113	NUM
afbr-193	447	16	.	.	PUNCT
afbr-193	448	1	liu	liu	PROPN
afbr-193	448	2	,	,	PUNCT
afbr-193	448	3	s.	s.	PROPN
afbr-193	448	4	and	and	CCONJ
afbr-193	448	5	hu	hu	PROPN
afbr-193	448	6	,	,	PUNCT
afbr-193	448	7	y.	y.	PROPN
afbr-193	448	8	(	(	PUNCT
afbr-193	448	9	2005).empirical	2005).empirical	ADJ
afbr-193	448	10	analysis	analysis	NOUN
afbr-193	448	11	of	of	ADP
afbr-193	448	12	cash	cash	NOUN
afbr-193	448	13	dividend	dividend	NOUN
afbr-193	448	14	payment	payment	NOUN
afbr-193	448	15	in	in	ADP
afbr-193	448	16	chinese	chinese	ADJ
afbr-193	448	17	listed	list	VERB
afbr-193	448	18	companies	company	NOUN
afbr-193	448	19	,	,	PUNCT
afbr-193	448	20	nature	nature	NOUN
afbr-193	448	21	and	and	CCONJ
afbr-193	448	22	science	science	NOUN
afbr-193	448	23	,	,	PUNCT
afbr-193	448	24	3	3	NUM
afbr-193	448	25	(	(	PUNCT
afbr-193	448	26	1),145	1),145	NUM
afbr-193	448	27	-	-	SYM
afbr-193	448	28	167	167	NUM
afbr-193	448	29	.	.	PUNCT
afbr-193	449	1	maniagi	maniagi	NOUN
afbr-193	449	2	,	,	PUNCT
afbr-193	449	3	g	g	NOUN
afbr-193	449	4	;	;	PUNCT
afbr-193	449	5	ondiek	ondiek	ADJ
afbr-193	449	6	,	,	PUNCT
afbr-193	449	7	b	b	NOUN
afbr-193	449	8	;	;	PUNCT
afbr-193	449	9	musiega	musiega	ADJ
afbr-193	449	10	,	,	PUNCT
afbr-193	449	11	d	d	NOUN
afbr-193	449	12	;	;	PUNCT
afbr-193	449	13	maokomba	maokomba	ADP
afbr-193	449	14	,	,	PUNCT
afbr-193	449	15	o	o	NOUN
afbr-193	449	16	;	;	PUNCT
afbr-193	449	17	&	&	CCONJ
afbr-193	449	18	egessa	egessa	PROPN
afbr-193	449	19	,	,	PUNCT
afbr-193	449	20	r.	r.	PROPN
afbr-193	449	21	(	(	PUNCT
afbr-193	449	22	2013	2013	NUM
afbr-193	449	23	)	)	PUNCT
afbr-193	449	24	.	.	PUNCT
afbr-193	450	1	determinants	determinant	NOUN
afbr-193	450	2	of	of	ADP
afbr-193	450	3	dividend	dividend	NOUN
afbr-193	450	4	payout	payout	NOUN
afbr-193	450	5	among	among	ADP
afbr-193	450	6	non	non	ADJ
afbr-193	450	7	-	-	ADJ
afbr-193	450	8	financial	financial	ADJ
afbr-193	450	9	firms	firm	NOUN
afbr-193	450	10	on	on	ADP
afbr-193	450	11	nairobi	nairobi	PROPN
afbr-193	450	12	securities	securities	PROPN
afbr-193	450	13	exchange	exchange	PROPN
afbr-193	450	14	,	,	PUNCT
afbr-193	450	15	kenya	kenya	PROPN
afbr-193	450	16	.	.	PUNCT
afbr-193	451	1	international	international	ADJ
afbr-193	451	2	journal	journal	PROPN
afbr-193	451	3	of	of	ADP
afbr-193	451	4	science	science	NOUN
afbr-193	451	5	and	and	CCONJ
afbr-193	451	6	technology	technology	NOUN
afbr-193	451	7	research	research	NOUN
afbr-193	451	8	,	,	PUNCT
afbr-193	451	9	2	2	NUM
afbr-193	451	10	(	(	PUNCT
afbr-193	451	11	10	10	NUM
afbr-193	451	12	)	)	PUNCT
afbr-193	451	13	,	,	PUNCT
afbr-193	451	14	253	253	NUM
afbr-193	451	15	-	-	SYM
afbr-193	451	16	266	266	NUM
afbr-193	451	17	.	.	PUNCT
afbr-193	452	1	manigagi	manigagi	PROPN
afbr-193	452	2	,	,	PUNCT
afbr-193	452	3	g.	g.	PROPN
afbr-193	452	4	m	m	PROPN
afbr-193	452	5	;	;	PUNCT
afbr-193	452	6	&	&	CCONJ
afbr-193	452	7	el	el	PROPN
afbr-193	452	8	khoury	khoury	PROPN
afbr-193	452	9	,	,	PUNCT
afbr-193	452	10	r.	r.	PROPN
afbr-193	452	11	(	(	PUNCT
afbr-193	452	12	2014	2014	NUM
afbr-193	452	13	)	)	PUNCT
afbr-193	452	14	;	;	PUNCT
afbr-193	452	15	determinants	determinant	NOUN
afbr-193	452	16	of	of	ADP
afbr-193	452	17	dividend	dividend	NOUN
afbr-193	452	18	policy	policy	NOUN
afbr-193	452	19	.	.	PUNCT
afbr-193	453	1	international	international	ADJ
afbr-193	453	2	journal	journal	PROPN
afbr-193	453	3	of	of	ADP
afbr-193	453	4	economics	economic	NOUN
afbr-193	453	5	and	and	CCONJ
afbr-193	453	6	finance	finance	NOUN
afbr-193	453	7	,	,	PUNCT
afbr-193	453	8	6	6	NUM
afbr-193	453	9	(	(	PUNCT
afbr-193	453	10	4	4	NUM
afbr-193	453	11	)	)	PUNCT
afbr-193	453	12	,	,	PUNCT
afbr-193	453	13	240	240	NUM
afbr-193	453	14	-	-	SYM
afbr-193	453	15	256	256	NUM
afbr-193	453	16	.	.	PUNCT
afbr-193	454	1	miller	miller	PROPN
afbr-193	454	2	,	,	PUNCT
afbr-193	454	3	m.	m.	PROPN
afbr-193	454	4	h.	h.	PROPN
afbr-193	454	5	,	,	PUNCT
afbr-193	454	6	&	&	CCONJ
afbr-193	454	7	modigliani	modigliani	PROPN
afbr-193	454	8	,	,	PUNCT
afbr-193	454	9	f.	f.	PROPN
afbr-193	454	10	(	(	PUNCT
afbr-193	454	11	1961	1961	NUM
afbr-193	454	12	)	)	PUNCT
afbr-193	454	13	.	.	PUNCT
afbr-193	455	1	dividend	dividend	NOUN
afbr-193	455	2	policy	policy	NOUN
afbr-193	455	3	growth	growth	NOUN
afbr-193	455	4	and	and	CCONJ
afbr-193	455	5	the	the	DET
afbr-193	455	6	valuation	valuation	NOUN
afbr-193	455	7	of	of	ADP
afbr-193	455	8	shares	share	NOUN
afbr-193	455	9	.	.	PUNCT
afbr-193	456	1	the	the	DET
afbr-193	456	2	journal	journal	NOUN
afbr-193	456	3	of	of	ADP
afbr-193	456	4	business	business	NOUN
afbr-193	456	5	,	,	PUNCT
afbr-193	456	6	34	34	NUM
afbr-193	456	7	,	,	PUNCT
afbr-193	456	8	(	(	PUNCT
afbr-193	456	9	4	4	NUM
afbr-193	456	10	)	)	PUNCT
afbr-193	456	11	,	,	PUNCT
afbr-193	456	12	411	411	NUM
afbr-193	456	13	-	-	SYM
afbr-193	456	14	433	433	NUM
afbr-193	456	15	.	.	PUNCT
afbr-193	457	1	mohammed	mohammed	PROPN
afbr-193	457	2	n	n	PROPN
afbr-193	457	3	,	,	PUNCT
afbr-193	457	4	h.	h.	PROPN
afbr-193	457	5	w.	w.	PROPN
afbr-193	457	6	(	(	PUNCT
afbr-193	457	7	2006	2006	NUM
afbr-193	457	8	)	)	PUNCT
afbr-193	457	9	.	.	PUNCT
afbr-193	458	1	empirical	empirical	ADJ
afbr-193	458	2	analysis	analysis	NOUN
afbr-193	458	3	of	of	ADP
afbr-193	458	4	determinant	determinant	ADJ
afbr-193	458	5	of	of	ADP
afbr-193	458	6	dividend	dividend	NOUN
afbr-193	458	7	payment	payment	NOUN
afbr-193	458	8	,	,	PUNCT
afbr-193	458	9	profitability	profitability	NOUN
afbr-193	458	10	and	and	CCONJ
afbr-193	458	11	liquidity	liquidity	NOUN
afbr-193	458	12	.	.	PUNCT
afbr-193	459	1	accounting	accounting	PROPN
afbr-193	459	2	research	research	PROPN
afbr-193	459	3	institute	institute	PROPN
afbr-193	459	4	and	and	CCONJ
afbr-193	459	5	faculty	faculty	NOUN
afbr-193	459	6	of	of	ADP
afbr-193	459	7	accounting	accounting	PROPN
afbr-193	459	8	,	,	PUNCT
afbr-193	459	9	malaysia	malaysia	PROPN
afbr-193	459	10	,	,	PUNCT
afbr-193	459	11	2(1),12	2(1),12	PROPN
afbr-193	459	12	-	-	SYM
afbr-193	459	13	35	35	NUM
afbr-193	459	14	.	.	PUNCT
afbr-193	459	15	ndungu	ndungu	NOUN
afbr-193	459	16	,	,	PUNCT
afbr-193	459	17	a.	a.	NOUN
afbr-193	459	18	(	(	PUNCT
afbr-193	459	19	2009	2009	NUM
afbr-193	459	20	)	)	PUNCT
afbr-193	459	21	.	.	PUNCT
afbr-193	460	1	determinants	determinant	NOUN
afbr-193	460	2	of	of	ADP
afbr-193	460	3	dividend	dividend	NOUN
afbr-193	460	4	policy	policy	NOUN
afbr-193	460	5	:	:	PUNCT
afbr-193	460	6	evidence	evidence	NOUN
afbr-193	460	7	from	from	ADP
afbr-193	460	8	the	the	DET
afbr-193	460	9	nairobi	nairobi	PROPN
afbr-193	460	10	stock	stock	PROPN
afbr-193	460	11	exchange	exchange	PROPN
afbr-193	460	12	,	,	PUNCT
afbr-193	460	13	unpublished	unpublished	ADJ
afbr-193	460	14	mba	mba	NOUN
afbr-193	460	15	project	project	NOUN
afbr-193	460	16	,	,	PUNCT
afbr-193	460	17	university	university	PROPN
afbr-193	460	18	of	of	ADP
afbr-193	460	19	nairobi	nairobi	PROPN
afbr-193	460	20	ochieng	ochieng	PROPN
afbr-193	460	21	,	,	PUNCT
afbr-193	460	22	d.	d.	PROPN
afbr-193	460	23	e.	e.	PROPN
afbr-193	460	24	,	,	PUNCT
afbr-193	460	25	&	&	CCONJ
afbr-193	460	26	kinyua	kinyua	PROPN
afbr-193	460	27	,	,	PUNCT
afbr-193	460	28	w.	w.	PROPN
afbr-193	460	29	h.	h.	PROPN
afbr-193	460	30	,	,	PUNCT
afbr-193	460	31	(	(	PUNCT
afbr-193	460	32	2013	2013	NUM
afbr-193	460	33	)	)	PUNCT
afbr-193	460	34	.	.	PUNCT
afbr-193	461	1	relationship	relationship	NOUN
afbr-193	461	2	between	between	ADP
afbr-193	461	3	inflation	inflation	NOUN
afbr-193	461	4	and	and	CCONJ
afbr-193	461	5	dividend	dividend	NOUN
afbr-193	461	6	payout	payout	NOUN
afbr-193	461	7	for	for	ADP
afbr-193	461	8	companies	company	NOUN
afbr-193	461	9	listed	list	VERB
afbr-193	461	10	at	at	ADP
afbr-193	461	11	the	the	DET
afbr-193	461	12	nairobi	nairobi	PROPN
afbr-193	461	13	securities	securities	PROPN
afbr-193	461	14	exchange	exchange	PROPN
afbr-193	461	15	.	.	PUNCT
afbr-193	462	1	international	international	ADJ
afbr-193	462	2	journal	journal	PROPN
afbr-193	462	3	of	of	ADP
afbr-193	462	4	education	education	NOUN
afbr-193	462	5	and	and	CCONJ
afbr-193	462	6	research	research	NOUN
afbr-193	462	7	1	1	NUM
afbr-193	462	8	(	(	PUNCT
afbr-193	462	9	6	6	NUM
afbr-193	462	10	)	)	PUNCT
afbr-193	462	11	,	,	PUNCT
afbr-193	462	12	78	78	NUM
afbr-193	462	13	102	102	NUM
afbr-193	462	14	.	.	PUNCT
afbr-193	463	1	okpara	okpara	NOUN
afbr-193	463	2	,	,	PUNCT
afbr-193	463	3	g.	g.	PROPN
afbr-193	463	4	c.	c.	PROPN
afbr-193	463	5	(	(	PUNCT
afbr-193	463	6	2010	2010	NUM
afbr-193	463	7	)	)	PUNCT
afbr-193	463	8	.	.	PUNCT
afbr-193	464	1	a	a	DET
afbr-193	464	2	diagnosis	diagnosis	NOUN
afbr-193	464	3	of	of	ADP
afbr-193	464	4	the	the	DET
afbr-193	464	5	determinant	determinant	NOUN
afbr-193	464	6	of	of	ADP
afbr-193	464	7	dividend	dividend	NOUN
afbr-193	464	8	pay	pay	VERB
afbr-193	464	9	-	-	PUNCT
afbr-193	464	10	out	out	ADP
afbr-193	464	11	policy	policy	NOUN
afbr-193	464	12	in	in	ADP
afbr-193	464	13	nigeria	nigeria	PROPN
afbr-193	464	14	:	:	PUNCT
afbr-193	464	15	a	a	DET
afbr-193	464	16	factor	factor	NOUN
afbr-193	464	17	analytical	analytical	ADJ
afbr-193	464	18	approach	approach	NOUN
afbr-193	464	19	.	.	PUNCT
afbr-193	465	1	american	american	PROPN
afbr-193	465	2	journal	journal	PROPN
afbr-193	465	3	of	of	ADP
afbr-193	465	4	scientific	scientific	ADJ
afbr-193	465	5	research	research	NOUN
afbr-193	465	6	,	,	PUNCT
afbr-193	465	7	8	8	NUM
afbr-193	465	8	,	,	PUNCT
afbr-193	465	9	57–67	57–67	NUM
afbr-193	465	10	.	.	PUNCT
afbr-193	466	1	oyinlola	oyinlola	PROPN
afbr-193	466	2	,	,	PUNCT
afbr-193	466	3	o.m	o.m	PROPN
afbr-193	466	4	.	.	PROPN
afbr-193	466	5	,	,	PUNCT
afbr-193	466	6	oyinlola	oyinlola	PROPN
afbr-193	466	7	,	,	PUNCT
afbr-193	466	8	f.o	f.o	PROPN
afbr-193	466	9	.	.	PROPN
afbr-193	466	10	,	,	PUNCT
afbr-193	466	11	&	&	CCONJ
afbr-193	466	12	adeniran	adeniran	PROPN
afbr-193	466	13	,	,	PUNCT
afbr-193	466	14	j.o	j.o	PROPN
afbr-193	466	15	.	.	PROPN
afbr-193	466	16	,	,	PUNCT
afbr-193	466	17	(	(	PUNCT
afbr-193	466	18	2014	2014	NUM
afbr-193	466	19	)	)	PUNCT
afbr-193	466	20	.	.	PUNCT
afbr-193	467	1	the	the	DET
afbr-193	467	2	influence	influence	NOUN
afbr-193	467	3	of	of	ADP
afbr-193	467	4	dividend	dividend	NOUN
afbr-193	467	5	payout	payout	NOUN
afbr-193	467	6	in	in	ADP
afbr-193	467	7	the	the	DET
afbr-193	467	8	performance	performance	NOUN
afbr-193	467	9	of	of	ADP
afbr-193	467	10	nigerian	nigerian	PROPN
afbr-193	467	11	listed	list	VERB
afbr-193	467	12	brewery	brewery	NOUN
afbr-193	467	13	companies	company	NOUN
afbr-193	467	14	.	.	PUNCT
afbr-193	468	1	international	international	ADJ
afbr-193	468	2	journal	journal	PROPN
afbr-193	468	3	of	of	ADP
afbr-193	468	4	economics	economic	NOUN
afbr-193	468	5	and	and	CCONJ
afbr-193	468	6	management	management	NOUN
afbr-193	468	7	science	science	NOUN
afbr-193	468	8	,	,	PUNCT
afbr-193	468	9	3(1	3(1	NUM
afbr-193	468	10	)	)	PUNCT
afbr-193	468	11	,	,	PUNCT
afbr-193	468	12	13	13	NUM
afbr-193	468	13	-	-	SYM
afbr-193	468	14	21	21	NUM
afbr-193	468	15	.	.	PUNCT
afbr-193	469	1	pandey	pandey	PROPN
afbr-193	469	2	,	,	PUNCT
afbr-193	469	3	i.m	i.m	PROPN
afbr-193	469	4	(	(	PUNCT
afbr-193	469	5	2005	2005	NUM
afbr-193	469	6	)	)	PUNCT
afbr-193	469	7	,	,	PUNCT
afbr-193	469	8	financial	financial	ADJ
afbr-193	469	9	management	management	NOUN
afbr-193	469	10	(	(	PUNCT
afbr-193	469	11	9th	9th	NOUN
afbr-193	469	12	ed.).delhi	ed.).delhi	NUM
afbr-193	469	13	:	:	PUNCT
afbr-193	469	14	vikas	vikas	PROPN
afbr-193	469	15	publishing	publishing	PROPN
afbr-193	469	16	house	house	PROPN
afbr-193	469	17	pvt	pvt	PROPN
afbr-193	469	18	ltd	ltd	PROPN
afbr-193	469	19	.	.	PROPN
afbr-193	469	20	rozeff	rozeff	PROPN
afbr-193	469	21	,	,	PUNCT
afbr-193	469	22	m.	m.	NOUN
afbr-193	469	23	s.	s.	PROPN
afbr-193	469	24	(	(	PUNCT
afbr-193	469	25	1992	1992	NUM
afbr-193	469	26	)	)	PUNCT
afbr-193	469	27	.	.	PUNCT
afbr-193	470	1	how	how	SCONJ
afbr-193	470	2	companies	company	NOUN
afbr-193	470	3	set	set	VERB
afbr-193	470	4	their	their	PRON
afbr-193	470	5	dividend	dividend	NOUN
afbr-193	470	6	-	-	PUNCT
afbr-193	470	7	payout	payout	NOUN
afbr-193	470	8	ratios	ratio	NOUN
afbr-193	470	9	.	.	PUNCT
afbr-193	471	1	the	the	DET
afbr-193	471	2	revolution	revolution	NOUN
afbr-193	471	3	in	in	ADP
afbr-193	471	4	corporate	corporate	ADJ
afbr-193	471	5	finance	finance	NOUN
afbr-193	471	6	,	,	PUNCT
afbr-193	471	7	oxford	oxford	PROPN
afbr-193	471	8	:	:	PUNCT
afbr-193	471	9	blackwell	blackwell	NOUN
afbr-193	471	10	publishers	publisher	NOUN
afbr-193	471	11	.	.	PUNCT
afbr-193	472	1	shapiro	shapiro	PROPN
afbr-193	472	2	,	,	PUNCT
afbr-193	472	3	alan	alan	PROPN
afbr-193	472	4	c	c	PROPN
afbr-193	472	5	,	,	PUNCT
afbr-193	472	6	(	(	PUNCT
afbr-193	472	7	1990),’modern	1990),’modern	NUM
afbr-193	472	8	corporate	corporate	ADJ
afbr-193	472	9	finance	finance	NOUN
afbr-193	472	10	.	.	PUNCT
afbr-193	473	1	new	new	PROPN
afbr-193	473	2	york	york	PROPN
afbr-193	473	3	’	'	PUNCT
afbr-193	473	4	macmillan	macmillan	PROPN
afbr-193	473	5	publishing	publishing	PROPN
afbr-193	473	6	co.	co.	PROPN
afbr-193	473	7	sifunjo	sifunjo	PROPN
afbr-193	473	8	k.	k.	PROPN
afbr-193	473	9	(	(	PUNCT
afbr-193	473	10	1999	1999	NUM
afbr-193	473	11	)	)	PUNCT
afbr-193	473	12	.	.	PUNCT
afbr-193	474	1	the	the	DET
afbr-193	474	2	causal	causal	ADJ
afbr-193	474	3	relationship	relationship	NOUN
afbr-193	474	4	between	between	ADP
afbr-193	474	5	exchange	exchange	NOUN
afbr-193	474	6	rates	rate	NOUN
afbr-193	474	7	and	and	CCONJ
afbr-193	474	8	dividend	dividend	NOUN
afbr-193	474	9	policy	policy	NOUN
afbr-193	474	10	in	in	ADP
afbr-193	474	11	kenya	kenya	PROPN
afbr-193	474	12	,	,	PUNCT
afbr-193	474	13	unpublished	unpublished	ADJ
afbr-193	474	14	mba	mba	NOUN
afbr-193	474	15	project	project	NOUN
afbr-193	474	16	,	,	PUNCT
afbr-193	474	17	university	university	NOUN
afbr-193	474	18	of	of	ADP
afbr-193	474	19	nairobi	nairobi	PROPN
afbr-193	474	20	.	.	PUNCT
afbr-193	475	1	urhoghide	urhoghide	PROPN
afbr-193	475	2	,	,	PUNCT
afbr-193	475	3	r.	r.	NOUN
afbr-193	475	4	o	o	PROPN
afbr-193	475	5	and	and	CCONJ
afbr-193	475	6	ojeme	ojeme	NOUN
afbr-193	475	7	,	,	PUNCT
afbr-193	475	8	s.	s.	PROPN
afbr-193	475	9	s.	s.	PROPN
afbr-193	475	10	(	(	PUNCT
afbr-193	475	11	2016	2016	NUM
afbr-193	475	12	)	)	PUNCT
afbr-193	475	13	,	,	PUNCT
afbr-193	475	14	determinants	determinant	NOUN
afbr-193	475	15	of	of	ADP
afbr-193	475	16	dividend	dividend	NOUN
afbr-193	475	17	payout	payout	NOUN
afbr-193	475	18	by	by	ADP
afbr-193	475	19	nigerian	nigerian	ADJ
afbr-193	475	20	quoted	quote	VERB
afbr-193	475	21	banks	bank	NOUN
afbr-193	475	22	.	.	PUNCT
afbr-193	476	1	ican	ican	PROPN
afbr-193	476	2	journal	journal	PROPN
afbr-193	476	3	of	of	ADP
afbr-193	476	4	accounting	accounting	PROPN
afbr-193	476	5	&	&	CCONJ
afbr-193	476	6	finance	finance	NOUN
afbr-193	476	7	,	,	PUNCT
afbr-193	476	8	vol	vol	NOUN
afbr-193	476	9	.	.	PROPN
afbr-193	476	10	5	5	NUM
afbr-193	476	11	no	no	NOUN
afbr-193	476	12	.	.	NOUN
afbr-193	477	1	1	1	X
afbr-193	477	2	.	.	X
afbr-193	477	3	uwuigbe	uwuigbe	PROPN
afbr-193	477	4	,	,	PUNCT
afbr-193	477	5	o.r	o.r	PROPN
afbr-193	477	6	.	.	PROPN
afbr-193	477	7	,	,	PUNCT
afbr-193	477	8	(	(	PUNCT
afbr-193	477	9	2013	2013	NUM
afbr-193	477	10	)	)	PUNCT
afbr-193	477	11	.	.	PUNCT
afbr-193	478	1	determinants	determinant	NOUN
afbr-193	478	2	of	of	ADP
afbr-193	478	3	dividend	dividend	NOUN
afbr-193	478	4	policy	policy	NOUN
afbr-193	478	5	:	:	PUNCT
afbr-193	478	6	a	a	DET
afbr-193	478	7	study	study	NOUN
afbr-193	478	8	of	of	ADP
afbr-193	478	9	selected	select	VERB
afbr-193	478	10	listed	list	VERB
afbr-193	478	11	firms	firm	NOUN
afbr-193	478	12	in	in	ADP
afbr-193	478	13	nigeria	nigeria	PROPN
afbr-193	478	14	.	.	PUNCT
afbr-193	479	1	manager	manager	NOUN
afbr-193	479	2	,	,	PUNCT
afbr-193	479	3	1(7),107	1(7),107	PROPN
afbr-193	479	4	-	-	SYM
afbr-193	479	5	119	119	NUM
afbr-193	479	6	.	.	PUNCT
afbr-193	480	1	van	van	PROPN
afbr-193	480	2	horne	horne	PROPN
afbr-193	480	3	,	,	PUNCT
afbr-193	480	4	j.	j.	PROPN
afbr-193	480	5	c.	c.	PROPN
afbr-193	480	6	&	&	CCONJ
afbr-193	480	7	wachowicz	wachowicz	PROPN
afbr-193	480	8	,	,	PUNCT
afbr-193	480	9	j.	j.	PROPN
afbr-193	480	10	m.	m.	PROPN
afbr-193	480	11	jr	jr	PROPN
afbr-193	480	12	.	.	PROPN
afbr-193	480	13	(	(	PUNCT
afbr-193	480	14	2001	2001	NUM
afbr-193	480	15	)	)	PUNCT
afbr-193	480	16	;	;	PUNCT
afbr-193	480	17	fundamentals	fundamental	NOUN
afbr-193	480	18	of	of	ADP
afbr-193	480	19	financial	financial	ADJ
afbr-193	480	20	management	management	NOUN
afbr-193	480	21	,	,	PUNCT
afbr-193	480	22	11th	11th	ADJ
afbr-193	480	23	edition	edition	NOUN
afbr-193	480	24	.	.	PUNCT
afbr-193	481	1	new	new	PROPN
afbr-193	481	2	york	york	PROPN
afbr-193	481	3	:	:	PUNCT
afbr-193	481	4	prentice	prentice	PROPN
afbr-193	481	5	hall	hall	PROPN
afbr-193	481	6	.	.	PUNCT
afbr-193	482	1	watson	watson	PROPN
afbr-193	482	2	,	,	PUNCT
afbr-193	482	3	d.	d.	PROPN
afbr-193	482	4	and	and	CCONJ
afbr-193	482	5	head	head	PROPN
afbr-193	482	6	,	,	PUNCT
afbr-193	482	7	a.	a.	NOUN
afbr-193	482	8	(	(	PUNCT
afbr-193	482	9	2004	2004	NUM
afbr-193	482	10	)	)	PUNCT
afbr-193	482	11	;	;	PUNCT
afbr-193	482	12	corporate	corporate	ADJ
afbr-193	482	13	finance	finance	NOUN
afbr-193	482	14	:	:	PUNCT
afbr-193	482	15	principles	principle	NOUN
afbr-193	482	16	&	&	CCONJ
afbr-193	482	17	practice	practice	NOUN
afbr-193	482	18	(	(	PUNCT
afbr-193	482	19	3rded	3rded	NUM
afbr-193	482	20	.	.	PUNCT
afbr-193	482	21	)	)	PUNCT
afbr-193	482	22	essex	essex	NOUN
afbr-193	482	23	:	:	PUNCT
afbr-193	482	24	copyrights	copyright	VERB
afbr-193	482	25	copyright	copyright	NOUN
afbr-193	482	26	for	for	ADP
afbr-193	482	27	this	this	DET
afbr-193	482	28	article	article	NOUN
afbr-193	482	29	is	be	AUX
afbr-193	482	30	retained	retain	VERB
afbr-193	482	31	by	by	ADP
afbr-193	482	32	the	the	DET
afbr-193	482	33	author(s	author(s	PROPN
afbr-193	482	34	)	)	PUNCT
afbr-193	482	35	,	,	PUNCT
afbr-193	482	36	with	with	ADP
afbr-193	482	37	first	first	ADJ
afbr-193	482	38	publication	publication	NOUN
afbr-193	482	39	rights	right	NOUN
afbr-193	482	40	granted	grant	VERB
afbr-193	482	41	to	to	ADP
afbr-193	482	42	the	the	DET
afbr-193	482	43	journal	journal	NOUN
afbr-193	482	44	.	.	PUNCT
afbr-193	483	1	this	this	PRON
afbr-193	483	2	is	be	AUX
afbr-193	483	3	an	an	DET
afbr-193	483	4	open	open	ADJ
afbr-193	483	5	-	-	PUNCT
afbr-193	483	6	access	access	NOUN
afbr-193	483	7	article	article	NOUN
afbr-193	483	8	distributed	distribute	VERB
afbr-193	483	9	under	under	ADP
afbr-193	483	10	the	the	DET
afbr-193	483	11	terms	term	NOUN
afbr-193	483	12	and	and	CCONJ
afbr-193	483	13	conditions	condition	NOUN
afbr-193	483	14	of	of	ADP
afbr-193	483	15	the	the	DET
afbr-193	483	16	creative	creative	ADJ
afbr-193	483	17	commons	common	NOUN
afbr-193	483	18	attribution	attribution	NOUN
afbr-193	483	19	license	license	NOUN
afbr-193	483	20	(	(	PUNCT
afbr-193	483	21	http://creativecommons.org/licenses/by/4.0/	http://creativecommons.org/licenses/by/4.0/	PROPN
afbr-193	483	22	)	)	PUNCT