id	sid	tid	token	lemma	pos
dem-18441	1	1	microsoft	microsoft	PROPN
dem-18441	1	2	word	word	NOUN
dem-18441	1	3	dem_2018_115to127.docx	dem_2018_115to127.docx	PROPN
dem-18441	1	4	©	©	PROPN
dem-18441	1	5	2018	2018	NUM
dem-18441	1	6	nicolaus	nicolaus	PROPN
dem-18441	1	7	copernicus	copernicus	PROPN
dem-18441	1	8	university	university	PROPN
dem-18441	1	9	.	.	PUNCT
dem-18441	2	1	all	all	DET
dem-18441	2	2	rights	right	NOUN
dem-18441	2	3	reserved	reserve	VERB
dem-18441	2	4	.	.	PUNCT
dem-18441	3	1	http://www.dem.umk.pl/dem	http://www.dem.umk.pl/dem	PROPN
dem-18441	4	1	d	d	PUNCT
dem-18441	4	2	y	y	PROPN
dem-18441	4	3	n	n	PROPN
dem-18441	4	4	a	a	PRON
dem-18441	4	5	m	m	VERB
dem-18441	5	1	i	i	NOUN
dem-18441	5	2	c	c	NOUN
dem-18441	5	3	e	e	NOUN
dem-18441	5	4	c	c	NOUN
dem-18441	5	5	o	o	X
dem-18441	6	1	n	n	INTJ
dem-18441	6	2	o	o	NOUN
dem-18441	6	3	m	m	VERB
dem-18441	7	1	e	e	NOUN
dem-18441	7	2	t	t	NOUN
dem-18441	7	3	r	r	NOUN
dem-18441	7	4	i	i	NOUN
dem-18441	7	5	c	c	NOUN
dem-18441	7	6	m	m	VERB
dem-18441	7	7	o	o	NOUN
dem-18441	7	8	d	d	X
dem-18441	7	9	e	e	X
dem-18441	7	10	l	l	NOUN
dem-18441	7	11	s	s	X
dem-18441	7	12	doi	doi	NOUN
dem-18441	7	13	:	:	PUNCT
dem-18441	7	14	http://dx.doi.org/10.12775/dem.2018.007	http://dx.doi.org/10.12775/dem.2018.007	NOUN
dem-18441	7	15	vol	vol	NOUN
dem-18441	7	16	.	.	PROPN
dem-18441	8	1	18	18	NUM
dem-18441	8	2	(	(	PUNCT
dem-18441	8	3	2018	2018	NUM
dem-18441	8	4	)	)	PUNCT
dem-18441	9	1	115−127	115−127	NOUN
dem-18441	9	2	submitted	submit	VERB
dem-18441	9	3	october	october	PROPN
dem-18441	9	4	29	29	NUM
dem-18441	9	5	,	,	PUNCT
dem-18441	9	6	2018	2018	NUM
dem-18441	9	7	issn	issn	PROPN
dem-18441	9	8	(	(	PUNCT
dem-18441	9	9	online	online	ADJ
dem-18441	9	10	)	)	PUNCT
dem-18441	9	11	2450	2450	NUM
dem-18441	9	12	-	-	SYM
dem-18441	9	13	7067	7067	NUM
dem-18441	9	14	accepted	accept	VERB
dem-18441	9	15	december	december	PROPN
dem-18441	9	16	28	28	NUM
dem-18441	9	17	,	,	PUNCT
dem-18441	9	18	2018	2018	NUM
dem-18441	9	19	issn	issn	PROPN
dem-18441	9	20	(	(	PUNCT
dem-18441	9	21	print	print	NOUN
dem-18441	9	22	)	)	PUNCT
dem-18441	9	23	1234	1234	NUM
dem-18441	9	24	-	-	SYM
dem-18441	9	25	3862	3862	NUM
dem-18441	9	26	ewa	ewa	PROPN
dem-18441	9	27	majerowska	majerowska	PROPN
dem-18441	9	28	,	,	PUNCT
dem-18441	9	29	magdalena	magdalena	PROPN
dem-18441	9	30	gostkowska	gostkowska	PROPN
dem-18441	9	31	-	-	PUNCT
dem-18441	9	32	drzewicka	drzewicka	PROPN
dem-18441	9	33	*	*	NOUN
dem-18441	9	34	impact	impact	NOUN
dem-18441	9	35	of	of	ADP
dem-18441	9	36	the	the	DET
dem-18441	9	37	sector	sector	NOUN
dem-18441	9	38	and	and	CCONJ
dem-18441	9	39	of	of	ADP
dem-18441	9	40	internal	internal	ADJ
dem-18441	9	41	factors	factor	NOUN
dem-18441	9	42	on	on	ADP
dem-18441	9	43	profitability	profitability	NOUN
dem-18441	9	44	of	of	ADP
dem-18441	9	45	the	the	DET
dem-18441	9	46	companies	company	NOUN
dem-18441	9	47	listed	list	VERB
dem-18441	9	48	on	on	ADP
dem-18441	9	49	the	the	DET
dem-18441	9	50	warsaw	warsaw	PROPN
dem-18441	9	51	stock	stock	PROPN
dem-18441	9	52	exchange	exchange	PROPN
dem-18441	9	53	a	a	DET
dem-18441	9	54	b	b	PROPN
dem-18441	9	55	s	s	ADP
dem-18441	9	56	t	t	PROPN
dem-18441	9	57	r	r	NOUN
dem-18441	9	58	a	a	DET
dem-18441	9	59	c	c	NOUN
dem-18441	9	60	t.	t.	NOUN
dem-18441	9	61	the	the	DET
dem-18441	9	62	aim	aim	NOUN
dem-18441	9	63	of	of	ADP
dem-18441	9	64	the	the	DET
dem-18441	9	65	article	article	NOUN
dem-18441	9	66	is	be	AUX
dem-18441	9	67	to	to	PART
dem-18441	9	68	assess	assess	VERB
dem-18441	9	69	the	the	DET
dem-18441	9	70	impact	impact	NOUN
dem-18441	9	71	of	of	ADP
dem-18441	9	72	the	the	DET
dem-18441	9	73	sector	sector	NOUN
dem-18441	9	74	environment	environment	NOUN
dem-18441	9	75	and	and	CCONJ
dem-18441	9	76	of	of	ADP
dem-18441	9	77	selected	select	VERB
dem-18441	9	78	internal	internal	ADJ
dem-18441	9	79	factors	factor	NOUN
dem-18441	9	80	on	on	ADP
dem-18441	9	81	the	the	DET
dem-18441	9	82	profitability	profitability	NOUN
dem-18441	9	83	level	level	NOUN
dem-18441	9	84	of	of	ADP
dem-18441	9	85	the	the	DET
dem-18441	9	86	companies	company	NOUN
dem-18441	9	87	listed	list	VERB
dem-18441	9	88	on	on	ADP
dem-18441	9	89	the	the	DET
dem-18441	9	90	warsaw	warsaw	PROPN
dem-18441	9	91	stock	stock	PROPN
dem-18441	9	92	exchange	exchange	NOUN
dem-18441	9	93	in	in	ADP
dem-18441	9	94	1998–2016	1998–2016	NUM
dem-18441	9	95	.	.	PUNCT
dem-18441	10	1	an	an	DET
dem-18441	10	2	increase	increase	NOUN
dem-18441	10	3	in	in	ADP
dem-18441	10	4	the	the	DET
dem-18441	10	5	financial	financial	ADJ
dem-18441	10	6	leverage	leverage	NOUN
dem-18441	10	7	,	,	PUNCT
dem-18441	10	8	financial	financial	ADJ
dem-18441	10	9	liquidity	liquidity	NOUN
dem-18441	10	10	,	,	PUNCT
dem-18441	10	11	non	non	ADJ
dem-18441	10	12	-	-	ADJ
dem-18441	10	13	debt	debt	ADJ
dem-18441	10	14	tax	tax	NOUN
dem-18441	10	15	shield	shield	NOUN
dem-18441	10	16	and	and	CCONJ
dem-18441	10	17	enterprise	enterprise	NOUN
dem-18441	10	18	size	size	NOUN
dem-18441	10	19	cause	cause	VERB
dem-18441	10	20	a	a	DET
dem-18441	10	21	drop	drop	NOUN
dem-18441	10	22	in	in	ADP
dem-18441	10	23	the	the	DET
dem-18441	10	24	roa	roa	NOUN
dem-18441	10	25	.	.	PUNCT
dem-18441	11	1	an	an	DET
dem-18441	11	2	increase	increase	NOUN
dem-18441	11	3	in	in	ADP
dem-18441	11	4	the	the	DET
dem-18441	11	5	ratio	ratio	NOUN
dem-18441	11	6	of	of	ADP
dem-18441	11	7	fixed	fix	VERB
dem-18441	11	8	assets	asset	NOUN
dem-18441	11	9	to	to	ADP
dem-18441	11	10	the	the	DET
dem-18441	11	11	total	total	ADJ
dem-18441	11	12	assets	asset	NOUN
dem-18441	11	13	results	result	NOUN
dem-18441	11	14	in	in	ADP
dem-18441	11	15	an	an	DET
dem-18441	11	16	increase	increase	NOUN
dem-18441	11	17	in	in	ADP
dem-18441	11	18	the	the	DET
dem-18441	11	19	roa	roa	NOUN
dem-18441	11	20	.	.	PUNCT
dem-18441	12	1	similar	similar	ADJ
dem-18441	12	2	results	result	NOUN
dem-18441	12	3	were	be	AUX
dem-18441	12	4	obtained	obtain	VERB
dem-18441	12	5	for	for	ADP
dem-18441	12	6	the	the	DET
dem-18441	12	7	models	model	NOUN
dem-18441	12	8	estimated	estimate	VERB
dem-18441	12	9	for	for	ADP
dem-18441	12	10	the	the	DET
dem-18441	12	11	roe	roe	NOUN
dem-18441	12	12	.	.	PUNCT
dem-18441	13	1	it	it	PRON
dem-18441	13	2	means	mean	VERB
dem-18441	13	3	,	,	PUNCT
dem-18441	13	4	that	that	DET
dem-18441	13	5	profitability	profitability	NOUN
dem-18441	13	6	of	of	ADP
dem-18441	13	7	the	the	DET
dem-18441	13	8	examined	examine	VERB
dem-18441	13	9	companies	company	NOUN
dem-18441	13	10	results	result	VERB
dem-18441	13	11	from	from	ADP
dem-18441	13	12	the	the	DET
dem-18441	13	13	decisions	decision	NOUN
dem-18441	13	14	made	make	VERB
dem-18441	13	15	by	by	ADP
dem-18441	13	16	the	the	DET
dem-18441	13	17	managers	manager	NOUN
dem-18441	13	18	and	and	CCONJ
dem-18441	13	19	from	from	ADP
dem-18441	13	20	the	the	DET
dem-18441	13	21	impact	impact	NOUN
dem-18441	13	22	of	of	ADP
dem-18441	13	23	the	the	DET
dem-18441	13	24	sector	sector	NOUN
dem-18441	13	25	environment	environment	NOUN
dem-18441	13	26	.	.	PUNCT
dem-18441	14	1	k	k	PROPN
dem-18441	14	2	e	e	PROPN
dem-18441	14	3	y	y	PROPN
dem-18441	14	4	w	w	NOUN
dem-18441	14	5	o	o	NOUN
dem-18441	14	6	r	r	NOUN
dem-18441	14	7	d	d	NOUN
dem-18441	14	8	s	s	X
dem-18441	14	9	:	:	PUNCT
dem-18441	14	10	return	return	NOUN
dem-18441	14	11	on	on	ADP
dem-18441	14	12	assets	asset	NOUN
dem-18441	14	13	(	(	PUNCT
dem-18441	14	14	roa	roa	NOUN
dem-18441	14	15	)	)	PUNCT
dem-18441	14	16	,	,	PUNCT
dem-18441	14	17	return	return	VERB
dem-18441	14	18	on	on	ADP
dem-18441	14	19	equity	equity	NOUN
dem-18441	14	20	(	(	PUNCT
dem-18441	14	21	roe	roe	PROPN
dem-18441	14	22	)	)	PUNCT
dem-18441	14	23	,	,	PUNCT
dem-18441	14	24	industry	industry	NOUN
dem-18441	14	25	effect	effect	NOUN
dem-18441	14	26	,	,	PUNCT
dem-18441	14	27	panel	panel	NOUN
dem-18441	14	28	estimation	estimation	NOUN
dem-18441	14	29	.	.	PUNCT
dem-18441	15	1	j	j	PROPN
dem-18441	15	2	e	e	PROPN
dem-18441	15	3	l	l	PROPN
dem-18441	15	4	classification	classification	NOUN
dem-18441	15	5	:	:	PUNCT
dem-18441	16	1	g30	g30	PROPN
dem-18441	16	2	.	.	PUNCT
dem-18441	17	1	introduction	introduction	NOUN
dem-18441	17	2	identification	identification	NOUN
dem-18441	17	3	of	of	ADP
dem-18441	17	4	the	the	DET
dem-18441	17	5	factors	factor	NOUN
dem-18441	17	6	shaping	shape	VERB
dem-18441	17	7	enterprise	enterprise	NOUN
dem-18441	17	8	profitability	profitability	NOUN
dem-18441	17	9	is	be	AUX
dem-18441	17	10	an	an	DET
dem-18441	17	11	important	important	ADJ
dem-18441	17	12	research	research	NOUN
dem-18441	17	13	trend	trend	NOUN
dem-18441	17	14	that	that	PRON
dem-18441	17	15	has	have	AUX
dem-18441	17	16	been	be	AUX
dem-18441	17	17	considered	consider	VERB
dem-18441	17	18	on	on	ADP
dem-18441	17	19	many	many	ADJ
dem-18441	17	20	levels	level	NOUN
dem-18441	17	21	of	of	ADP
dem-18441	17	22	economic	economic	ADJ
dem-18441	17	23	sciences	science	NOUN
dem-18441	17	24	.	.	PUNCT
dem-18441	18	1	in	in	ADP
dem-18441	18	2	the	the	DET
dem-18441	18	3	traditional	traditional	ADJ
dem-18441	18	4	approach	approach	NOUN
dem-18441	18	5	that	that	PRON
dem-18441	18	6	is	be	AUX
dem-18441	18	7	based	base	VERB
dem-18441	18	8	on	on	ADP
dem-18441	18	9	the	the	DET
dem-18441	18	10	s	s	PROPN
dem-18441	18	11	-	-	PUNCT
dem-18441	18	12	c	c	NOUN
dem-18441	18	13	-	-	PUNCT
dem-18441	18	14	p	p	NOUN
dem-18441	18	15	concept	concept	NOUN
dem-18441	18	16	(	(	PUNCT
dem-18441	18	17	structure	structure	NOUN
dem-18441	18	18	-	-	PUNCT
dem-18441	18	19	conduct	conduct	NOUN
dem-18441	18	20	-	-	PUNCT
dem-18441	18	21	performance	performance	NOUN
dem-18441	18	22	)	)	PUNCT
dem-18441	18	23	,	,	PUNCT
dem-18441	18	24	industrial	industrial	ADJ
dem-18441	18	25	economics	economic	NOUN
dem-18441	18	26	focuses	focus	VERB
dem-18441	18	27	on	on	ADP
dem-18441	18	28	the	the	DET
dem-18441	18	29	sectoral	sectoral	ADJ
dem-18441	18	30	factors	factor	NOUN
dem-18441	18	31	shaping	shape	VERB
dem-18441	18	32	the	the	DET
dem-18441	18	33	competitive	competitive	ADJ
dem-18441	18	34	advantage	advantage	NOUN
dem-18441	18	35	.	.	PUNCT
dem-18441	19	1	these	these	DET
dem-18441	19	2	determinants	determinant	NOUN
dem-18441	19	3	entail	entail	VERB
dem-18441	19	4	the	the	DET
dem-18441	19	5	concentration	concentration	NOUN
dem-18441	19	6	,	,	PUNCT
dem-18441	19	7	the	the	DET
dem-18441	19	8	scale	scale	NOUN
dem-18441	19	9	effect	effect	NOUN
dem-18441	19	10	as	as	ADV
dem-18441	19	11	well	well	ADV
dem-18441	19	12	as	as	ADP
dem-18441	19	13	the	the	DET
dem-18441	19	14	entry	entry	NOUN
dem-18441	19	15	and	and	CCONJ
dem-18441	19	16	exit	exit	NOUN
dem-18441	19	17	barriers	barrier	NOUN
dem-18441	19	18	(	(	PUNCT
dem-18441	19	19	porter	porter	NOUN
dem-18441	19	20	1992	1992	NUM
dem-18441	19	21	;	;	PUNCT
dem-18441	19	22	slater	slater	NOUN
dem-18441	19	23	and	and	CCONJ
dem-18441	19	24	*	*	PUNCT
dem-18441	19	25	correspondence	correspondence	NOUN
dem-18441	19	26	to	to	ADP
dem-18441	19	27	:	:	PUNCT
dem-18441	19	28	ewa	ewa	PROPN
dem-18441	19	29	majerowska	majerowska	PROPN
dem-18441	19	30	,	,	PUNCT
dem-18441	19	31	faculty	faculty	NOUN
dem-18441	19	32	of	of	ADP
dem-18441	19	33	management	management	NOUN
dem-18441	19	34	,	,	PUNCT
dem-18441	19	35	university	university	NOUN
dem-18441	19	36	of	of	ADP
dem-18441	19	37	gdańsk	gdańsk	PROPN
dem-18441	19	38	,	,	PUNCT
dem-18441	19	39	ul	ul	INTJ
dem-18441	19	40	.	.	PUNCT
dem-18441	19	41	armii	armii	PROPN
dem-18441	19	42	krajowej	krajowej	VERB
dem-18441	19	43	101	101	NUM
dem-18441	19	44	,	,	PUNCT
dem-18441	19	45	81	81	NUM
dem-18441	19	46	-	-	PUNCT
dem-18441	19	47	824	824	NUM
dem-18441	19	48	sopot	sopot	NOUN
dem-18441	19	49	,	,	PUNCT
dem-18441	19	50	poland	poland	PROPN
dem-18441	19	51	,	,	PUNCT
dem-18441	19	52	e	e	NOUN
dem-18441	19	53	-	-	NOUN
dem-18441	19	54	mail	mail	NOUN
dem-18441	19	55	:	:	PUNCT
dem-18441	19	56	ewa.majerowska@ug.edu.pl	ewa.majerowska@ug.edu.pl	PROPN
dem-18441	19	57	;	;	PUNCT
dem-18441	19	58	magdalena	magdalena	PROPN
dem-18441	19	59	gostkowska	gostkowska	PROPN
dem-18441	19	60	-	-	PUNCT
dem-18441	19	61	drzewicka	drzewicka	PROPN
dem-18441	19	62	,	,	PUNCT
dem-18441	19	63	faculty	faculty	NOUN
dem-18441	19	64	of	of	ADP
dem-18441	19	65	management	management	NOUN
dem-18441	19	66	,	,	PUNCT
dem-18441	19	67	university	university	NOUN
dem-18441	19	68	of	of	ADP
dem-18441	19	69	gdańsk	gdańsk	PROPN
dem-18441	19	70	,	,	PUNCT
dem-18441	19	71	ul	ul	INTJ
dem-18441	19	72	.	.	PUNCT
dem-18441	19	73	armii	armii	PROPN
dem-18441	19	74	krajowej	krajowej	VERB
dem-18441	19	75	101	101	NUM
dem-18441	19	76	,	,	PUNCT
dem-18441	19	77	81	81	NUM
dem-18441	19	78	-	-	PUNCT
dem-18441	19	79	824	824	NUM
dem-18441	19	80	sopot	sopot	NOUN
dem-18441	19	81	,	,	PUNCT
dem-18441	19	82	poland	poland	PROPN
dem-18441	19	83	,	,	PUNCT
dem-18441	19	84	e	e	NOUN
dem-18441	19	85	-	-	NOUN
dem-18441	19	86	mail	mail	NOUN
dem-18441	19	87	:	:	PUNCT
dem-18441	20	1	mgostkowska@wzr.ug.edu.pl	mgostkowska@wzr.ug.edu.pl	PROPN
dem-18441	20	2	.	.	PUNCT
dem-18441	21	1	ewa	ewa	PROPN
dem-18441	21	2	majerowska	majerowska	PROPN
dem-18441	21	3	,	,	PUNCT
dem-18441	21	4	magdalena	magdalena	PROPN
dem-18441	21	5	gostkowska	gostkowska	PROPN
dem-18441	21	6	-	-	PUNCT
dem-18441	21	7	drzewicka	drzewicka	NOUN
dem-18441	21	8	dynamic	dynamic	ADJ
dem-18441	21	9	econometric	econometric	ADJ
dem-18441	21	10	models	model	NOUN
dem-18441	21	11	18	18	NUM
dem-18441	21	12	(	(	PUNCT
dem-18441	21	13	2018	2018	NUM
dem-18441	21	14	)	)	PUNCT
dem-18441	21	15	115–127	115–127	NUM
dem-18441	21	16	116	116	NUM
dem-18441	21	17	olson	olson	NOUN
dem-18441	21	18	,	,	PUNCT
dem-18441	21	19	2002	2002	NUM
dem-18441	21	20	)	)	PUNCT
dem-18441	21	21	.	.	PUNCT
dem-18441	22	1	by	by	ADP
dem-18441	22	2	contrast	contrast	NOUN
dem-18441	22	3	,	,	PUNCT
dem-18441	22	4	in	in	ADP
dem-18441	22	5	accordance	accordance	NOUN
dem-18441	22	6	with	with	ADP
dem-18441	22	7	the	the	DET
dem-18441	22	8	rbv	rbv	NOUN
dem-18441	22	9	concept	concept	NOUN
dem-18441	22	10	(	(	PUNCT
dem-18441	22	11	resourcebased	resourcebased	ADJ
dem-18441	22	12	view	view	NOUN
dem-18441	22	13	)	)	PUNCT
dem-18441	22	14	,	,	PUNCT
dem-18441	22	15	the	the	DET
dem-18441	22	16	role	role	NOUN
dem-18441	22	17	of	of	ADP
dem-18441	22	18	company	company	NOUN
dem-18441	22	19	-	-	PUNCT
dem-18441	22	20	specific	specific	ADJ
dem-18441	22	21	internal	internal	ADJ
dem-18441	22	22	factors	factor	NOUN
dem-18441	22	23	is	be	AUX
dem-18441	22	24	emphasized	emphasize	VERB
dem-18441	22	25	.	.	PUNCT
dem-18441	23	1	according	accord	VERB
dem-18441	23	2	to	to	ADP
dem-18441	23	3	this	this	DET
dem-18441	23	4	approach	approach	NOUN
dem-18441	23	5	,	,	PUNCT
dem-18441	23	6	the	the	DET
dem-18441	23	7	organizational	organizational	ADJ
dem-18441	23	8	structure	structure	NOUN
dem-18441	23	9	and	and	CCONJ
dem-18441	23	10	the	the	DET
dem-18441	23	11	managers	manager	NOUN
dem-18441	23	12	’	’	PART
dem-18441	23	13	managerial	managerial	ADJ
dem-18441	23	14	skills	skill	NOUN
dem-18441	23	15	are	be	AUX
dem-18441	23	16	the	the	DET
dem-18441	23	17	source	source	NOUN
dem-18441	23	18	of	of	ADP
dem-18441	23	19	the	the	DET
dem-18441	23	20	differences	difference	NOUN
dem-18441	23	21	in	in	ADP
dem-18441	23	22	the	the	DET
dem-18441	23	23	level	level	NOUN
dem-18441	23	24	of	of	ADP
dem-18441	23	25	profitability	profitability	NOUN
dem-18441	23	26	of	of	ADP
dem-18441	23	27	individual	individual	ADJ
dem-18441	23	28	companies	company	NOUN
dem-18441	23	29	.	.	PUNCT
dem-18441	24	1	discussion	discussion	NOUN
dem-18441	24	2	has	have	AUX
dem-18441	24	3	been	be	AUX
dem-18441	24	4	continuing	continue	VERB
dem-18441	24	5	in	in	ADP
dem-18441	24	6	the	the	DET
dem-18441	24	7	literature	literature	NOUN
dem-18441	24	8	on	on	ADP
dem-18441	24	9	the	the	DET
dem-18441	24	10	subject	subject	NOUN
dem-18441	24	11	about	about	ADP
dem-18441	24	12	the	the	DET
dem-18441	24	13	impact	impact	NOUN
dem-18441	24	14	of	of	ADP
dem-18441	24	15	both	both	DET
dem-18441	24	16	groups	group	NOUN
dem-18441	24	17	of	of	ADP
dem-18441	24	18	factors	factor	NOUN
dem-18441	24	19	on	on	ADP
dem-18441	24	20	the	the	DET
dem-18441	24	21	financial	financial	ADJ
dem-18441	24	22	results	result	NOUN
dem-18441	24	23	of	of	ADP
dem-18441	24	24	enterprises	enterprise	NOUN
dem-18441	24	25	.	.	PUNCT
dem-18441	25	1	the	the	DET
dem-18441	25	2	attempts	attempt	NOUN
dem-18441	25	3	to	to	PART
dem-18441	25	4	confirm	confirm	VERB
dem-18441	25	5	the	the	DET
dem-18441	25	6	validity	validity	NOUN
dem-18441	25	7	of	of	ADP
dem-18441	25	8	both	both	DET
dem-18441	25	9	approaches	approach	NOUN
dem-18441	25	10	have	have	AUX
dem-18441	25	11	been	be	AUX
dem-18441	25	12	supported	support	VERB
dem-18441	25	13	by	by	ADP
dem-18441	25	14	many	many	ADJ
dem-18441	25	15	empirical	empirical	ADJ
dem-18441	25	16	studies	study	NOUN
dem-18441	25	17	,	,	PUNCT
dem-18441	25	18	the	the	DET
dem-18441	25	19	results	result	NOUN
dem-18441	25	20	of	of	ADP
dem-18441	25	21	which	which	PRON
dem-18441	25	22	,	,	PUNCT
dem-18441	25	23	however	however	ADV
dem-18441	25	24	,	,	PUNCT
dem-18441	25	25	are	be	AUX
dem-18441	25	26	ambiguous	ambiguous	ADJ
dem-18441	25	27	.	.	PUNCT
dem-18441	26	1	the	the	DET
dem-18441	26	2	hypothesis	hypothesis	NOUN
dem-18441	26	3	formulated	formulate	VERB
dem-18441	26	4	assumes	assume	NOUN
dem-18441	26	5	,	,	PUNCT
dem-18441	26	6	therefore	therefore	ADV
dem-18441	26	7	,	,	PUNCT
dem-18441	26	8	that	that	SCONJ
dem-18441	26	9	both	both	CCONJ
dem-18441	26	10	the	the	DET
dem-18441	26	11	sector	sector	NOUN
dem-18441	26	12	environment	environment	NOUN
dem-18441	26	13	and	and	CCONJ
dem-18441	26	14	the	the	DET
dem-18441	26	15	internal	internal	ADJ
dem-18441	26	16	factors	factor	NOUN
dem-18441	26	17	exert	exert	VERB
dem-18441	26	18	specific	specific	ADJ
dem-18441	26	19	impact	impact	NOUN
dem-18441	26	20	on	on	ADP
dem-18441	26	21	the	the	DET
dem-18441	26	22	level	level	NOUN
dem-18441	26	23	of	of	ADP
dem-18441	26	24	a	a	DET
dem-18441	26	25	given	give	VERB
dem-18441	26	26	entity	entity	NOUN
dem-18441	26	27	’s	’s	PART
dem-18441	26	28	profitability	profitability	NOUN
dem-18441	26	29	.	.	PUNCT
dem-18441	27	1	moreover	moreover	ADV
dem-18441	27	2	,	,	PUNCT
dem-18441	27	3	profitability	profitability	NOUN
dem-18441	27	4	is	be	AUX
dem-18441	27	5	the	the	DET
dem-18441	27	6	main	main	ADJ
dem-18441	27	7	pillar	pillar	NOUN
dem-18441	27	8	for	for	SCONJ
dem-18441	27	9	any	any	DET
dem-18441	27	10	company	company	NOUN
dem-18441	27	11	to	to	PART
dem-18441	27	12	survive	survive	VERB
dem-18441	27	13	in	in	ADP
dem-18441	27	14	the	the	DET
dem-18441	27	15	long	long	ADJ
dem-18441	27	16	run	run	NOUN
dem-18441	27	17	.	.	PUNCT
dem-18441	28	1	for	for	ADP
dem-18441	28	2	this	this	DET
dem-18441	28	3	reasons	reason	NOUN
dem-18441	28	4	,	,	PUNCT
dem-18441	28	5	the	the	DET
dem-18441	28	6	aim	aim	NOUN
dem-18441	28	7	of	of	ADP
dem-18441	28	8	the	the	DET
dem-18441	28	9	article	article	NOUN
dem-18441	28	10	is	be	AUX
dem-18441	28	11	to	to	PART
dem-18441	28	12	assess	assess	VERB
dem-18441	28	13	the	the	DET
dem-18441	28	14	impact	impact	NOUN
dem-18441	28	15	of	of	ADP
dem-18441	28	16	the	the	DET
dem-18441	28	17	sector	sector	NOUN
dem-18441	28	18	environment	environment	NOUN
dem-18441	28	19	and	and	CCONJ
dem-18441	28	20	of	of	ADP
dem-18441	28	21	selected	select	VERB
dem-18441	28	22	internal	internal	ADJ
dem-18441	28	23	factors	factor	NOUN
dem-18441	28	24	on	on	ADP
dem-18441	28	25	the	the	DET
dem-18441	28	26	profitability	profitability	NOUN
dem-18441	28	27	level	level	NOUN
dem-18441	28	28	of	of	ADP
dem-18441	28	29	the	the	DET
dem-18441	28	30	companies	company	NOUN
dem-18441	28	31	listed	list	VERB
dem-18441	28	32	on	on	ADP
dem-18441	28	33	the	the	DET
dem-18441	28	34	warsaw	warsaw	PROPN
dem-18441	28	35	stock	stock	PROPN
dem-18441	28	36	exchange	exchange	NOUN
dem-18441	28	37	in	in	ADP
dem-18441	28	38	the	the	DET
dem-18441	28	39	years	year	NOUN
dem-18441	28	40	1998–2016	1998–2016	NUM
dem-18441	28	41	.	.	PUNCT
dem-18441	29	1	implementation	implementation	NOUN
dem-18441	29	2	of	of	ADP
dem-18441	29	3	a	a	DET
dem-18441	29	4	goal	goal	NOUN
dem-18441	29	5	formulated	formulate	VERB
dem-18441	29	6	as	as	ADP
dem-18441	29	7	such	such	ADJ
dem-18441	29	8	and	and	CCONJ
dem-18441	29	9	verification	verification	NOUN
dem-18441	29	10	of	of	ADP
dem-18441	29	11	the	the	DET
dem-18441	29	12	research	research	NOUN
dem-18441	29	13	hypothesis	hypothesis	NOUN
dem-18441	29	14	required	require	VERB
dem-18441	29	15	estimation	estimation	NOUN
dem-18441	29	16	of	of	ADP
dem-18441	29	17	panel	panel	NOUN
dem-18441	29	18	data	datum	NOUN
dem-18441	29	19	models	model	NOUN
dem-18441	29	20	.	.	PUNCT
dem-18441	30	1	to	to	PART
dem-18441	30	2	group	group	VERB
dem-18441	30	3	the	the	DET
dem-18441	30	4	examined	examine	VERB
dem-18441	30	5	enterprises	enterprise	NOUN
dem-18441	30	6	according	accord	VERB
dem-18441	30	7	to	to	ADP
dem-18441	30	8	their	their	PRON
dem-18441	30	9	sectoral	sectoral	ADJ
dem-18441	30	10	affiliation	affiliation	NOUN
dem-18441	30	11	and	and	CCONJ
dem-18441	30	12	to	to	PART
dem-18441	30	13	estimate	estimate	VERB
dem-18441	30	14	the	the	DET
dem-18441	30	15	impact	impact	NOUN
dem-18441	30	16	of	of	ADP
dem-18441	30	17	the	the	DET
dem-18441	30	18	sector	sector	NOUN
dem-18441	30	19	on	on	ADP
dem-18441	30	20	their	their	PRON
dem-18441	30	21	financial	financial	ADJ
dem-18441	30	22	results	result	NOUN
dem-18441	30	23	,	,	PUNCT
dem-18441	30	24	the	the	DET
dem-18441	30	25	sectoral	sectoral	ADJ
dem-18441	30	26	classification	classification	NOUN
dem-18441	30	27	used	use	VERB
dem-18441	30	28	for	for	ADP
dem-18441	30	29	the	the	DET
dem-18441	30	30	needs	need	NOUN
dem-18441	30	31	of	of	ADP
dem-18441	30	32	the	the	DET
dem-18441	30	33	warsaw	warsaw	PROPN
dem-18441	30	34	stock	stock	PROPN
dem-18441	30	35	exchange	exchange	PROPN
dem-18441	30	36	was	be	AUX
dem-18441	30	37	applied	apply	VERB
dem-18441	30	38	.	.	PUNCT
dem-18441	31	1	the	the	DET
dem-18441	31	2	profitability	profitability	NOUN
dem-18441	31	3	(	(	PUNCT
dem-18441	31	4	roa	roa	PROPN
dem-18441	31	5	)	)	PUNCT
dem-18441	31	6	and	and	CCONJ
dem-18441	31	7	the	the	DET
dem-18441	31	8	capital	capital	NOUN
dem-18441	31	9	(	(	PUNCT
dem-18441	31	10	roe	roe	NOUN
dem-18441	31	11	)	)	PUNCT
dem-18441	31	12	ratios	ratio	NOUN
dem-18441	31	13	of	of	ADP
dem-18441	31	14	the	the	DET
dem-18441	31	15	examined	examine	VERB
dem-18441	31	16	entities	entity	NOUN
dem-18441	31	17	were	be	AUX
dem-18441	31	18	adopted	adopt	VERB
dem-18441	31	19	as	as	ADP
dem-18441	31	20	the	the	DET
dem-18441	31	21	dependent	dependent	ADJ
dem-18441	31	22	variables	variable	NOUN
dem-18441	31	23	.	.	PUNCT
dem-18441	32	1	the	the	DET
dem-18441	32	2	sector	sector	NOUN
dem-18441	32	3	environment	environment	NOUN
dem-18441	32	4	(	(	PUNCT
dem-18441	32	5	industry	industry	NOUN
dem-18441	32	6	)	)	PUNCT
dem-18441	32	7	is	be	AUX
dem-18441	32	8	one	one	NUM
dem-18441	32	9	of	of	ADP
dem-18441	32	10	the	the	DET
dem-18441	32	11	independent	independent	ADJ
dem-18441	32	12	variables	variable	NOUN
dem-18441	32	13	.	.	PUNCT
dem-18441	33	1	other	other	ADJ
dem-18441	33	2	exogenous	exogenous	ADJ
dem-18441	33	3	variables	variable	NOUN
dem-18441	33	4	are	be	AUX
dem-18441	33	5	the	the	DET
dem-18441	33	6	internal	internal	ADJ
dem-18441	33	7	factors	factor	NOUN
dem-18441	33	8	.	.	PUNCT
dem-18441	34	1	the	the	DET
dem-18441	34	2	value	value	NOUN
dem-18441	34	3	of	of	ADP
dem-18441	34	4	debt	debt	NOUN
dem-18441	34	5	(	(	PUNCT
dem-18441	34	6	leverage	leverage	NOUN
dem-18441	34	7	)	)	PUNCT
dem-18441	34	8	has	have	AUX
dem-18441	34	9	been	be	AUX
dem-18441	34	10	expressed	express	VERB
dem-18441	34	11	as	as	ADP
dem-18441	34	12	the	the	DET
dem-18441	34	13	total	total	ADJ
dem-18441	34	14	debt	debt	NOUN
dem-18441	34	15	and	and	CCONJ
dem-18441	34	16	total	total	ADJ
dem-18441	34	17	assets	asset	NOUN
dem-18441	34	18	ratio	ratio	NOUN
dem-18441	34	19	,	,	PUNCT
dem-18441	34	20	thus	thus	ADV
dem-18441	34	21	it	it	PRON
dem-18441	34	22	describes	describe	VERB
dem-18441	34	23	the	the	DET
dem-18441	34	24	structure	structure	NOUN
dem-18441	34	25	of	of	ADP
dem-18441	34	26	the	the	DET
dem-18441	34	27	capital	capital	NOUN
dem-18441	34	28	,	,	PUNCT
dem-18441	34	29	which	which	PRON
dem-18441	34	30	is	be	AUX
dem-18441	34	31	identified	identify	VERB
dem-18441	34	32	with	with	ADP
dem-18441	34	33	the	the	DET
dem-18441	34	34	structure	structure	NOUN
dem-18441	34	35	of	of	ADP
dem-18441	34	36	financing	financing	NOUN
dem-18441	34	37	.	.	PUNCT
dem-18441	35	1	the	the	DET
dem-18441	35	2	growth	growth	NOUN
dem-18441	35	3	rate	rate	NOUN
dem-18441	35	4	(	(	PUNCT
dem-18441	35	5	growth	growth	NOUN
dem-18441	35	6	)	)	PUNCT
dem-18441	35	7	has	have	AUX
dem-18441	35	8	been	be	AUX
dem-18441	35	9	described	describe	VERB
dem-18441	35	10	by	by	ADP
dem-18441	35	11	the	the	DET
dem-18441	35	12	percentage	percentage	NOUN
dem-18441	35	13	change	change	NOUN
dem-18441	35	14	in	in	ADP
dem-18441	35	15	the	the	DET
dem-18441	35	16	sales	sale	NOUN
dem-18441	35	17	revenue	revenue	NOUN
dem-18441	35	18	,	,	PUNCT
dem-18441	35	19	relative	relative	ADJ
dem-18441	35	20	to	to	ADP
dem-18441	35	21	the	the	DET
dem-18441	35	22	previous	previous	ADJ
dem-18441	35	23	year	year	NOUN
dem-18441	35	24	.	.	PUNCT
dem-18441	36	1	financial	financial	ADJ
dem-18441	36	2	liquidity	liquidity	NOUN
dem-18441	36	3	(	(	PUNCT
dem-18441	36	4	liq	liq	NOUN
dem-18441	36	5	)	)	PUNCT
dem-18441	36	6	has	have	AUX
dem-18441	36	7	been	be	AUX
dem-18441	36	8	designated	designate	VERB
dem-18441	36	9	as	as	ADP
dem-18441	36	10	the	the	DET
dem-18441	36	11	ratio	ratio	NOUN
dem-18441	36	12	of	of	ADP
dem-18441	36	13	current	current	ADJ
dem-18441	36	14	assets	asset	NOUN
dem-18441	36	15	to	to	ADP
dem-18441	36	16	current	current	ADJ
dem-18441	36	17	liabilities	liability	NOUN
dem-18441	36	18	.	.	PUNCT
dem-18441	37	1	the	the	DET
dem-18441	37	2	non	non	ADJ
dem-18441	37	3	-	-	ADJ
dem-18441	37	4	debt	debt	ADJ
dem-18441	37	5	tax	tax	NOUN
dem-18441	37	6	shield	shield	NOUN
dem-18441	37	7	(	(	PUNCT
dem-18441	37	8	ndts	ndts	PROPN
dem-18441	37	9	)	)	PUNCT
dem-18441	37	10	was	be	AUX
dem-18441	37	11	calculated	calculate	VERB
dem-18441	37	12	as	as	ADP
dem-18441	37	13	the	the	DET
dem-18441	37	14	ratio	ratio	NOUN
dem-18441	37	15	of	of	ADP
dem-18441	37	16	the	the	DET
dem-18441	37	17	depreciation	depreciation	NOUN
dem-18441	37	18	to	to	ADP
dem-18441	37	19	the	the	DET
dem-18441	37	20	total	total	ADJ
dem-18441	37	21	assets	asset	NOUN
dem-18441	37	22	.	.	PUNCT
dem-18441	38	1	the	the	DET
dem-18441	38	2	natural	natural	ADJ
dem-18441	38	3	logarithm	logarithm	NOUN
dem-18441	38	4	of	of	ADP
dem-18441	38	5	the	the	DET
dem-18441	38	6	total	total	ADJ
dem-18441	38	7	assets	asset	NOUN
dem-18441	38	8	’	'	PUNCT
dem-18441	38	9	value	value	NOUN
dem-18441	38	10	has	have	AUX
dem-18441	38	11	been	be	AUX
dem-18441	38	12	assumed	assume	VERB
dem-18441	38	13	as	as	ADP
dem-18441	38	14	the	the	DET
dem-18441	38	15	volume	volume	NOUN
dem-18441	38	16	(	(	PUNCT
dem-18441	38	17	size	size	NOUN
dem-18441	38	18	)	)	PUNCT
dem-18441	38	19	.	.	PUNCT
dem-18441	39	1	the	the	DET
dem-18441	39	2	structure	structure	NOUN
dem-18441	39	3	of	of	ADP
dem-18441	39	4	assets	asset	NOUN
dem-18441	39	5	(	(	PUNCT
dem-18441	39	6	tang	tang	PROPN
dem-18441	39	7	)	)	PUNCT
dem-18441	39	8	,	,	PUNCT
dem-18441	39	9	also	also	ADV
dem-18441	39	10	referred	refer	VERB
dem-18441	39	11	to	to	ADP
dem-18441	39	12	as	as	SCONJ
dem-18441	39	13	asset	asset	NOUN
dem-18441	39	14	flexibility	flexibility	NOUN
dem-18441	39	15	(	(	PUNCT
dem-18441	39	16	tangibility	tangibility	NOUN
dem-18441	39	17	)	)	PUNCT
dem-18441	39	18	,	,	PUNCT
dem-18441	39	19	has	have	AUX
dem-18441	39	20	been	be	AUX
dem-18441	39	21	described	describe	VERB
dem-18441	39	22	by	by	ADP
dem-18441	39	23	the	the	DET
dem-18441	39	24	ratio	ratio	NOUN
dem-18441	39	25	of	of	ADP
dem-18441	39	26	the	the	DET
dem-18441	39	27	tangible	tangible	ADJ
dem-18441	39	28	fixed	fix	VERB
dem-18441	39	29	assets	asset	NOUN
dem-18441	39	30	to	to	ADP
dem-18441	39	31	the	the	DET
dem-18441	39	32	total	total	ADJ
dem-18441	39	33	assets	asset	NOUN
dem-18441	39	34	.	.	PUNCT
dem-18441	40	1	calculations	calculation	NOUN
dem-18441	40	2	were	be	AUX
dem-18441	40	3	carried	carry	VERB
dem-18441	40	4	out	out	ADP
dem-18441	40	5	using	use	VERB
dem-18441	40	6	the	the	DET
dem-18441	40	7	gretl	gretl	ADJ
dem-18441	40	8	package	package	NOUN
dem-18441	40	9	.	.	PUNCT
dem-18441	41	1	the	the	DET
dem-18441	41	2	article	article	NOUN
dem-18441	41	3	consists	consist	VERB
dem-18441	41	4	of	of	ADP
dem-18441	41	5	an	an	DET
dem-18441	41	6	introduction	introduction	NOUN
dem-18441	41	7	,	,	PUNCT
dem-18441	41	8	four	four	NUM
dem-18441	41	9	parts	part	NOUN
dem-18441	41	10	and	and	CCONJ
dem-18441	41	11	an	an	DET
dem-18441	41	12	ending	ending	NOUN
dem-18441	41	13	.	.	PUNCT
dem-18441	42	1	the	the	DET
dem-18441	42	2	first	first	ADJ
dem-18441	42	3	part	part	NOUN
dem-18441	42	4	concerns	concern	VERB
dem-18441	42	5	the	the	DET
dem-18441	42	6	shaping	shaping	NOUN
dem-18441	42	7	of	of	ADP
dem-18441	42	8	the	the	DET
dem-18441	42	9	enterprise	enterprise	NOUN
dem-18441	42	10	performance	performance	NOUN
dem-18441	42	11	results	result	NOUN
dem-18441	42	12	,	,	PUNCT
dem-18441	42	13	in	in	ADP
dem-18441	42	14	the	the	DET
dem-18441	42	15	context	context	NOUN
dem-18441	42	16	of	of	ADP
dem-18441	42	17	the	the	DET
dem-18441	42	18	positional	positional	ADJ
dem-18441	42	19	and	and	CCONJ
dem-18441	42	20	the	the	DET
dem-18441	42	21	resource	resource	NOUN
dem-18441	42	22	-	-	PUNCT
dem-18441	42	23	related	relate	VERB
dem-18441	42	24	concept	concept	NOUN
dem-18441	42	25	of	of	ADP
dem-18441	42	26	the	the	DET
dem-18441	42	27	competitive	competitive	ADJ
dem-18441	42	28	advantage	advantage	NOUN
dem-18441	42	29	.	.	PUNCT
dem-18441	43	1	in	in	ADP
dem-18441	43	2	the	the	DET
dem-18441	43	3	second	second	ADJ
dem-18441	43	4	part	part	NOUN
dem-18441	43	5	,	,	PUNCT
dem-18441	43	6	an	an	DET
dem-18441	43	7	overview	overview	NOUN
dem-18441	43	8	of	of	ADP
dem-18441	43	9	the	the	DET
dem-18441	43	10	studies	study	NOUN
dem-18441	43	11	based	base	VERB
dem-18441	43	12	on	on	ADP
dem-18441	43	13	these	these	DET
dem-18441	43	14	theories	theory	NOUN
dem-18441	43	15	was	be	AUX
dem-18441	43	16	made	make	VERB
dem-18441	43	17	.	.	PUNCT
dem-18441	44	1	the	the	DET
dem-18441	44	2	third	third	ADJ
dem-18441	44	3	part	part	NOUN
dem-18441	44	4	is	be	AUX
dem-18441	44	5	methodical	methodical	ADJ
dem-18441	44	6	.	.	PUNCT
dem-18441	45	1	the	the	DET
dem-18441	45	2	following	follow	VERB
dem-18441	45	3	part	part	NOUN
dem-18441	45	4	presents	present	VERB
dem-18441	45	5	the	the	DET
dem-18441	45	6	results	result	NOUN
dem-18441	45	7	of	of	ADP
dem-18441	45	8	the	the	DET
dem-18441	45	9	research	research	NOUN
dem-18441	45	10	,	,	PUNCT
dem-18441	45	11	which	which	PRON
dem-18441	45	12	have	have	AUX
dem-18441	45	13	been	be	AUX
dem-18441	45	14	summarized	summarize	VERB
dem-18441	45	15	in	in	ADP
dem-18441	45	16	the	the	DET
dem-18441	45	17	final	final	ADJ
dem-18441	45	18	part	part	NOUN
dem-18441	45	19	of	of	ADP
dem-18441	45	20	the	the	DET
dem-18441	45	21	paper	paper	NOUN
dem-18441	45	22	.	.	PUNCT
dem-18441	46	1	impact	impact	NOUN
dem-18441	46	2	of	of	ADP
dem-18441	46	3	the	the	DET
dem-18441	46	4	sector	sector	NOUN
dem-18441	46	5	and	and	CCONJ
dem-18441	46	6	of	of	ADP
dem-18441	46	7	internal	internal	ADJ
dem-18441	46	8	factors	factor	NOUN
dem-18441	46	9	on	on	ADP
dem-18441	46	10	profitability	profitability	NOUN
dem-18441	46	11	…	…	SYM
dem-18441	46	12	dynamic	dynamic	ADJ
dem-18441	46	13	econometric	econometric	ADJ
dem-18441	46	14	models	model	NOUN
dem-18441	46	15	18	18	NUM
dem-18441	46	16	(	(	PUNCT
dem-18441	46	17	2018	2018	NUM
dem-18441	46	18	)	)	PUNCT
dem-18441	47	1	115–127	115–127	NUM
dem-18441	47	2	117	117	NUM
dem-18441	47	3	1	1	NUM
dem-18441	47	4	.	.	PUNCT
dem-18441	47	5	enterprise	enterprise	NOUN
dem-18441	47	6	profitability	profitability	NOUN
dem-18441	47	7	in	in	ADP
dem-18441	47	8	the	the	DET
dem-18441	47	9	light	light	NOUN
dem-18441	47	10	of	of	ADP
dem-18441	47	11	the	the	DET
dem-18441	47	12	positional	positional	ADJ
dem-18441	47	13	and	and	CCONJ
dem-18441	47	14	the	the	DET
dem-18441	47	15	resource	resource	NOUN
dem-18441	47	16	-	-	PUNCT
dem-18441	47	17	related	relate	VERB
dem-18441	47	18	concept	concept	NOUN
dem-18441	47	19	of	of	ADP
dem-18441	47	20	the	the	DET
dem-18441	47	21	competitive	competitive	ADJ
dem-18441	47	22	advantage	advantage	NOUN
dem-18441	47	23	the	the	DET
dem-18441	47	24	factors	factor	NOUN
dem-18441	47	25	shaping	shape	VERB
dem-18441	47	26	enterprise	enterprise	NOUN
dem-18441	47	27	profitability	profitability	NOUN
dem-18441	47	28	can	can	AUX
dem-18441	47	29	be	be	AUX
dem-18441	47	30	classified	classify	VERB
dem-18441	47	31	as	as	ADP
dem-18441	47	32	:	:	PUNCT
dem-18441	47	33	internal	internal	ADJ
dem-18441	47	34	factors	factor	NOUN
dem-18441	47	35	(	(	PUNCT
dem-18441	47	36	specific	specific	ADJ
dem-18441	47	37	for	for	ADP
dem-18441	47	38	a	a	DET
dem-18441	47	39	given	give	VERB
dem-18441	47	40	entity	entity	NOUN
dem-18441	47	41	)	)	PUNCT
dem-18441	47	42	,	,	PUNCT
dem-18441	47	43	those	those	PRON
dem-18441	47	44	related	relate	VERB
dem-18441	47	45	to	to	ADP
dem-18441	47	46	the	the	DET
dem-18441	47	47	sector	sector	NOUN
dem-18441	47	48	environment	environment	NOUN
dem-18441	47	49	and	and	CCONJ
dem-18441	47	50	to	to	ADP
dem-18441	47	51	the	the	DET
dem-18441	47	52	macro	macro	NOUN
dem-18441	47	53	-	-	NOUN
dem-18441	47	54	environment	environment	NOUN
dem-18441	47	55	(	(	PUNCT
dem-18441	47	56	pierścionek	pierścionek	ADJ
dem-18441	47	57	,	,	PUNCT
dem-18441	47	58	1997	1997	NUM
dem-18441	47	59	,	,	PUNCT
dem-18441	47	60	p.	p.	NOUN
dem-18441	47	61	105–107	105–107	NUM
dem-18441	47	62	)	)	PUNCT
dem-18441	47	63	.	.	PUNCT
dem-18441	48	1	impact	impact	NOUN
dem-18441	48	2	of	of	ADP
dem-18441	48	3	the	the	DET
dem-18441	48	4	internal	internal	ADJ
dem-18441	48	5	factors	factor	NOUN
dem-18441	48	6	and	and	CCONJ
dem-18441	48	7	of	of	ADP
dem-18441	48	8	the	the	DET
dem-18441	48	9	sector	sector	NOUN
dem-18441	48	10	environment	environment	NOUN
dem-18441	48	11	on	on	ADP
dem-18441	48	12	the	the	DET
dem-18441	48	13	company	company	NOUN
dem-18441	48	14	's	's	PART
dem-18441	48	15	financial	financial	ADJ
dem-18441	48	16	results	result	NOUN
dem-18441	48	17	can	can	AUX
dem-18441	48	18	be	be	AUX
dem-18441	48	19	considered	consider	VERB
dem-18441	48	20	in	in	ADP
dem-18441	48	21	the	the	DET
dem-18441	48	22	light	light	NOUN
dem-18441	48	23	of	of	ADP
dem-18441	48	24	two	two	NUM
dem-18441	48	25	opposing	oppose	VERB
dem-18441	48	26	concepts	concept	NOUN
dem-18441	48	27	of	of	ADP
dem-18441	48	28	the	the	DET
dem-18441	48	29	competitive	competitive	ADJ
dem-18441	48	30	advantage	advantage	NOUN
dem-18441	48	31	:	:	PUNCT
dem-18441	48	32	the	the	DET
dem-18441	48	33	positional	positional	ADJ
dem-18441	48	34	and	and	CCONJ
dem-18441	48	35	the	the	DET
dem-18441	48	36	resource	resource	NOUN
dem-18441	48	37	-	-	PUNCT
dem-18441	48	38	related	relate	VERB
dem-18441	48	39	school	school	NOUN
dem-18441	48	40	of	of	ADP
dem-18441	48	41	thought	thought	NOUN
dem-18441	48	42	.	.	PUNCT
dem-18441	49	1	supporters	supporter	NOUN
dem-18441	49	2	of	of	ADP
dem-18441	49	3	the	the	DET
dem-18441	49	4	positional	positional	ADJ
dem-18441	49	5	school	school	NOUN
dem-18441	49	6	of	of	ADP
dem-18441	49	7	thought	thought	NOUN
dem-18441	49	8	emphasize	emphasize	VERB
dem-18441	49	9	the	the	DET
dem-18441	49	10	role	role	NOUN
dem-18441	49	11	of	of	ADP
dem-18441	49	12	the	the	DET
dem-18441	49	13	sector	sector	NOUN
dem-18441	49	14	environment	environment	NOUN
dem-18441	49	15	in	in	ADP
dem-18441	49	16	shaping	shape	VERB
dem-18441	49	17	the	the	DET
dem-18441	49	18	results	result	NOUN
dem-18441	49	19	of	of	ADP
dem-18441	49	20	enterprise	enterprise	NOUN
dem-18441	49	21	performance	performance	NOUN
dem-18441	49	22	.	.	PUNCT
dem-18441	50	1	the	the	DET
dem-18441	50	2	classic	classic	ADJ
dem-18441	50	3	research	research	NOUN
dem-18441	50	4	approach	approach	NOUN
dem-18441	50	5	consistent	consistent	ADJ
dem-18441	50	6	with	with	ADP
dem-18441	50	7	this	this	DET
dem-18441	50	8	theory	theory	NOUN
dem-18441	50	9	is	be	AUX
dem-18441	50	10	the	the	DET
dem-18441	50	11	aforementioned	aforementioned	ADJ
dem-18441	50	12	s	s	PROPN
dem-18441	50	13	-	-	PUNCT
dem-18441	50	14	c	c	NOUN
dem-18441	50	15	-	-	PUNCT
dem-18441	50	16	p	p	NOUN
dem-18441	50	17	concept	concept	NOUN
dem-18441	50	18	(	(	PUNCT
dem-18441	50	19	structure	structure	NOUN
dem-18441	50	20	-	-	PUNCT
dem-18441	50	21	conduct	conduct	NOUN
dem-18441	50	22	-	-	PUNCT
dem-18441	50	23	performance	performance	NOUN
dem-18441	50	24	)	)	PUNCT
dem-18441	50	25	,	,	PUNCT
dem-18441	50	26	initiated	initiate	VERB
dem-18441	50	27	by	by	ADP
dem-18441	50	28	bain	bain	PROPN
dem-18441	50	29	(	(	PUNCT
dem-18441	50	30	1951	1951	NUM
dem-18441	50	31	)	)	PUNCT
dem-18441	50	32	.	.	PUNCT
dem-18441	51	1	it	it	PRON
dem-18441	51	2	should	should	AUX
dem-18441	51	3	be	be	AUX
dem-18441	51	4	emphasized	emphasize	VERB
dem-18441	51	5	that	that	SCONJ
dem-18441	51	6	the	the	DET
dem-18441	51	7	sector	sector	NOUN
dem-18441	51	8	structure	structure	NOUN
dem-18441	51	9	determines	determine	VERB
dem-18441	51	10	the	the	DET
dem-18441	51	11	activities	activity	NOUN
dem-18441	51	12	of	of	ADP
dem-18441	51	13	enterprises	enterprise	NOUN
dem-18441	51	14	,	,	PUNCT
dem-18441	51	15	in	in	ADP
dem-18441	51	16	terms	term	NOUN
dem-18441	51	17	of	of	ADP
dem-18441	51	18	price	price	NOUN
dem-18441	51	19	formation	formation	NOUN
dem-18441	51	20	,	,	PUNCT
dem-18441	51	21	research	research	NOUN
dem-18441	51	22	and	and	CCONJ
dem-18441	51	23	development	development	NOUN
dem-18441	51	24	or	or	CCONJ
dem-18441	51	25	investments	investment	NOUN
dem-18441	51	26	,	,	PUNCT
dem-18441	51	27	which	which	PRON
dem-18441	51	28	in	in	ADP
dem-18441	51	29	turn	turn	NOUN
dem-18441	51	30	affect	affect	VERB
dem-18441	51	31	their	their	PRON
dem-18441	51	32	financial	financial	ADJ
dem-18441	51	33	results	result	NOUN
dem-18441	51	34	.	.	PUNCT
dem-18441	52	1	due	due	ADP
dem-18441	52	2	to	to	ADP
dem-18441	52	3	the	the	DET
dem-18441	52	4	superior	superior	ADJ
dem-18441	52	5	role	role	NOUN
dem-18441	52	6	of	of	ADP
dem-18441	52	7	the	the	DET
dem-18441	52	8	sector	sector	NOUN
dem-18441	52	9	,	,	PUNCT
dem-18441	52	10	impact	impact	NOUN
dem-18441	52	11	of	of	ADP
dem-18441	52	12	managerial	managerial	ADJ
dem-18441	52	13	decisions	decision	NOUN
dem-18441	52	14	on	on	ADP
dem-18441	52	15	the	the	DET
dem-18441	52	16	company	company	NOUN
dem-18441	52	17	's	's	PART
dem-18441	52	18	profitability	profitability	NOUN
dem-18441	52	19	is	be	AUX
dem-18441	52	20	thus	thus	ADV
dem-18441	52	21	limited	limit	VERB
dem-18441	52	22	.	.	PUNCT
dem-18441	53	1	in	in	ADP
dem-18441	53	2	his	his	PRON
dem-18441	53	3	pioneering	pioneer	VERB
dem-18441	53	4	work	work	NOUN
dem-18441	53	5	,	,	PUNCT
dem-18441	53	6	bain	bain	PROPN
dem-18441	53	7	(	(	PUNCT
dem-18441	53	8	1951	1951	NUM
dem-18441	53	9	)	)	PUNCT
dem-18441	53	10	proved	prove	VERB
dem-18441	53	11	that	that	SCONJ
dem-18441	53	12	the	the	DET
dem-18441	53	13	average	average	ADJ
dem-18441	53	14	level	level	NOUN
dem-18441	53	15	of	of	ADP
dem-18441	53	16	profitability	profitability	NOUN
dem-18441	53	17	obtained	obtain	VERB
dem-18441	53	18	by	by	ADP
dem-18441	53	19	the	the	DET
dem-18441	53	20	enterprises	enterprise	NOUN
dem-18441	53	21	belonging	belong	VERB
dem-18441	53	22	to	to	ADP
dem-18441	53	23	the	the	DET
dem-18441	53	24	sectors	sector	NOUN
dem-18441	53	25	with	with	ADP
dem-18441	53	26	a	a	DET
dem-18441	53	27	high	high	ADJ
dem-18441	53	28	degree	degree	NOUN
dem-18441	53	29	of	of	ADP
dem-18441	53	30	concentration	concentration	NOUN
dem-18441	53	31	is	be	AUX
dem-18441	53	32	higher	high	ADJ
dem-18441	53	33	than	than	ADP
dem-18441	53	34	in	in	ADP
dem-18441	53	35	dispersed	disperse	VERB
dem-18441	53	36	industries	industry	NOUN
dem-18441	53	37	.	.	PUNCT
dem-18441	54	1	the	the	DET
dem-18441	54	2	greater	great	ADJ
dem-18441	54	3	degree	degree	NOUN
dem-18441	54	4	of	of	ADP
dem-18441	54	5	concentration	concentration	NOUN
dem-18441	54	6	provides	provide	VERB
dem-18441	54	7	these	these	DET
dem-18441	54	8	companies	company	NOUN
dem-18441	54	9	with	with	ADP
dem-18441	54	10	a	a	DET
dem-18441	54	11	bargaining	bargaining	NOUN
dem-18441	54	12	advantage	advantage	NOUN
dem-18441	54	13	and	and	CCONJ
dem-18441	54	14	the	the	DET
dem-18441	54	15	ability	ability	NOUN
dem-18441	54	16	to	to	PART
dem-18441	54	17	put	put	VERB
dem-18441	54	18	pressure	pressure	NOUN
dem-18441	54	19	on	on	ADP
dem-18441	54	20	the	the	DET
dem-18441	54	21	partners	partner	NOUN
dem-18441	54	22	.	.	PUNCT
dem-18441	55	1	in	in	ADP
dem-18441	55	2	contrast	contrast	NOUN
dem-18441	55	3	to	to	ADP
dem-18441	55	4	the	the	DET
dem-18441	55	5	positional	positional	ADJ
dem-18441	55	6	school	school	NOUN
dem-18441	55	7	of	of	ADP
dem-18441	55	8	thought	thought	NOUN
dem-18441	55	9	,	,	PUNCT
dem-18441	55	10	the	the	DET
dem-18441	55	11	rbv	rbv	ADJ
dem-18441	55	12	(	(	PUNCT
dem-18441	55	13	resource	resource	NOUN
dem-18441	55	14	-	-	PUNCT
dem-18441	55	15	based	base	VERB
dem-18441	55	16	view	view	NOUN
dem-18441	55	17	)	)	PUNCT
dem-18441	55	18	approach	approach	NOUN
dem-18441	55	19	exposes	expose	VERB
dem-18441	55	20	the	the	DET
dem-18441	55	21	importance	importance	NOUN
dem-18441	55	22	of	of	ADP
dem-18441	55	23	internal	internal	ADJ
dem-18441	55	24	factors	factor	NOUN
dem-18441	55	25	in	in	ADP
dem-18441	55	26	achieving	achieve	VERB
dem-18441	55	27	a	a	DET
dem-18441	55	28	competitive	competitive	ADJ
dem-18441	55	29	advantage	advantage	NOUN
dem-18441	55	30	.	.	PUNCT
dem-18441	56	1	this	this	PRON
dem-18441	56	2	means	mean	VERB
dem-18441	56	3	that	that	SCONJ
dem-18441	56	4	the	the	DET
dem-18441	56	5	key	key	ADJ
dem-18441	56	6	role	role	NOUN
dem-18441	56	7	in	in	ADP
dem-18441	56	8	shaping	shape	VERB
dem-18441	56	9	a	a	DET
dem-18441	56	10	company	company	NOUN
dem-18441	56	11	's	's	PART
dem-18441	56	12	financial	financial	ADJ
dem-18441	56	13	results	result	NOUN
dem-18441	56	14	is	be	AUX
dem-18441	56	15	the	the	DET
dem-18441	56	16	way	way	NOUN
dem-18441	56	17	of	of	ADP
dem-18441	56	18	managing	manage	VERB
dem-18441	56	19	the	the	DET
dem-18441	56	20	assets	asset	NOUN
dem-18441	56	21	it	it	PRON
dem-18441	56	22	owns	own	VERB
dem-18441	56	23	(	(	PUNCT
dem-18441	56	24	wernerfelt	wernerfelt	ADJ
dem-18441	56	25	,	,	PUNCT
dem-18441	56	26	1984	1984	NUM
dem-18441	56	27	;	;	PUNCT
dem-18441	56	28	barney	barney	NOUN
dem-18441	56	29	,	,	PUNCT
dem-18441	56	30	1991	1991	NUM
dem-18441	56	31	)	)	PUNCT
dem-18441	56	32	.	.	PUNCT
dem-18441	57	1	therefore	therefore	ADV
dem-18441	57	2	,	,	PUNCT
dem-18441	57	3	market	market	NOUN
dem-18441	57	4	success	success	NOUN
dem-18441	57	5	of	of	ADP
dem-18441	57	6	a	a	DET
dem-18441	57	7	company	company	NOUN
dem-18441	57	8	is	be	AUX
dem-18441	57	9	determined	determine	VERB
dem-18441	57	10	by	by	ADP
dem-18441	57	11	the	the	DET
dem-18441	57	12	ability	ability	NOUN
dem-18441	57	13	to	to	PART
dem-18441	57	14	use	use	VERB
dem-18441	57	15	the	the	DET
dem-18441	57	16	available	available	ADJ
dem-18441	57	17	resources	resource	NOUN
dem-18441	57	18	,	,	PUNCT
dem-18441	57	19	owing	owe	VERB
dem-18441	57	20	to	to	ADP
dem-18441	57	21	which	which	PRON
dem-18441	57	22	it	it	PRON
dem-18441	57	23	is	be	AUX
dem-18441	57	24	able	able	ADJ
dem-18441	57	25	to	to	PART
dem-18441	57	26	develop	develop	VERB
dem-18441	57	27	a	a	DET
dem-18441	57	28	highly	highly	ADV
dem-18441	57	29	competitive	competitive	ADJ
dem-18441	57	30	position	position	NOUN
dem-18441	57	31	.	.	PUNCT
dem-18441	58	1	porter	porter	NOUN
dem-18441	58	2	(	(	PUNCT
dem-18441	58	3	1992	1992	NUM
dem-18441	58	4	,	,	PUNCT
dem-18441	58	5	p.	p.	NOUN
dem-18441	58	6	21–23	21–23	NUM
dem-18441	58	7	;	;	PUNCT
dem-18441	58	8	2008	2008	NUM
dem-18441	58	9	)	)	PUNCT
dem-18441	58	10	,	,	PUNCT
dem-18441	58	11	emphasizes	emphasize	VERB
dem-18441	58	12	that	that	SCONJ
dem-18441	58	13	relating	relate	VERB
dem-18441	58	14	a	a	DET
dem-18441	58	15	company	company	NOUN
dem-18441	58	16	to	to	ADP
dem-18441	58	17	its	its	PRON
dem-18441	58	18	environment	environment	NOUN
dem-18441	58	19	constitutes	constitute	VERB
dem-18441	58	20	the	the	DET
dem-18441	58	21	essence	essence	NOUN
dem-18441	58	22	of	of	ADP
dem-18441	58	23	a	a	DET
dem-18441	58	24	competition	competition	NOUN
dem-18441	58	25	strategy	strategy	NOUN
dem-18441	58	26	formulation	formulation	NOUN
dem-18441	58	27	.	.	PUNCT
dem-18441	59	1	the	the	DET
dem-18441	59	2	concept	concept	NOUN
dem-18441	59	3	of	of	ADP
dem-18441	59	4	five	five	NUM
dem-18441	59	5	competitive	competitive	ADJ
dem-18441	59	6	forces	force	NOUN
dem-18441	59	7	developed	develop	VERB
dem-18441	59	8	by	by	ADP
dem-18441	59	9	this	this	DET
dem-18441	59	10	researcher	researcher	NOUN
dem-18441	59	11	refers	refer	VERB
dem-18441	59	12	to	to	ADP
dem-18441	59	13	the	the	DET
dem-18441	59	14	structural	structural	ADJ
dem-18441	59	15	features	feature	NOUN
dem-18441	59	16	of	of	ADP
dem-18441	59	17	a	a	DET
dem-18441	59	18	sector	sector	NOUN
dem-18441	59	19	,	,	PUNCT
dem-18441	59	20	which	which	PRON
dem-18441	59	21	determine	determine	VERB
dem-18441	59	22	the	the	DET
dem-18441	59	23	strength	strength	NOUN
dem-18441	59	24	of	of	ADP
dem-18441	59	25	the	the	DET
dem-18441	59	26	competitive	competitive	ADJ
dem-18441	59	27	forces	force	NOUN
dem-18441	59	28	,	,	PUNCT
dem-18441	59	29	and	and	CCONJ
dem-18441	59	30	therefore	therefore	ADV
dem-18441	59	31	the	the	DET
dem-18441	59	32	level	level	NOUN
dem-18441	59	33	of	of	ADP
dem-18441	59	34	profitability	profitability	NOUN
dem-18441	59	35	.	.	PUNCT
dem-18441	60	1	this	this	PRON
dem-18441	60	2	means	mean	VERB
dem-18441	60	3	that	that	SCONJ
dem-18441	60	4	different	different	ADJ
dem-18441	60	5	sectors	sector	NOUN
dem-18441	60	6	vary	vary	VERB
dem-18441	60	7	,	,	PUNCT
dem-18441	60	8	in	in	ADP
dem-18441	60	9	terms	term	NOUN
dem-18441	60	10	of	of	ADP
dem-18441	60	11	the	the	DET
dem-18441	60	12	ultimate	ultimate	ADJ
dem-18441	60	13	potential	potential	NOUN
dem-18441	60	14	for	for	ADP
dem-18441	60	15	generating	generate	VERB
dem-18441	60	16	profit	profit	NOUN
dem-18441	60	17	.	.	PUNCT
dem-18441	61	1	this	this	DET
dem-18441	61	2	author	author	NOUN
dem-18441	61	3	subjected	subject	VERB
dem-18441	61	4	this	this	DET
dem-18441	61	5	thesis	thesis	NOUN
dem-18441	61	6	to	to	ADP
dem-18441	61	7	verification	verification	NOUN
dem-18441	61	8	in	in	ADP
dem-18441	61	9	his	his	PRON
dem-18441	61	10	later	later	ADJ
dem-18441	61	11	works	work	NOUN
dem-18441	61	12	(	(	PUNCT
dem-18441	61	13	porter	porter	NOUN
dem-18441	61	14	,	,	PUNCT
dem-18441	61	15	1991	1991	NUM
dem-18441	61	16	;	;	PUNCT
dem-18441	61	17	mcgahan	mcgahan	NOUN
dem-18441	61	18	and	and	CCONJ
dem-18441	61	19	porter	porter	NOUN
dem-18441	61	20	,	,	PUNCT
dem-18441	61	21	1997	1997	NUM
dem-18441	61	22	)	)	PUNCT
dem-18441	61	23	.	.	PUNCT
dem-18441	62	1	the	the	DET
dem-18441	62	2	research	research	NOUN
dem-18441	62	3	carried	carry	VERB
dem-18441	62	4	out	out	ADP
dem-18441	62	5	confirmed	confirm	VERB
dem-18441	62	6	,	,	PUNCT
dem-18441	62	7	to	to	ADP
dem-18441	62	8	a	a	DET
dem-18441	62	9	certain	certain	ADJ
dem-18441	62	10	extent	extent	NOUN
dem-18441	62	11	,	,	PUNCT
dem-18441	62	12	previous	previous	ADJ
dem-18441	62	13	observations	observation	NOUN
dem-18441	62	14	.	.	PUNCT
dem-18441	63	1	it	it	PRON
dem-18441	63	2	turned	turn	VERB
dem-18441	63	3	out	out	ADP
dem-18441	63	4	that	that	SCONJ
dem-18441	63	5	both	both	CCONJ
dem-18441	63	6	the	the	DET
dem-18441	63	7	sector	sector	NOUN
dem-18441	63	8	-	-	PUNCT
dem-18441	63	9	related	relate	VERB
dem-18441	63	10	and	and	CCONJ
dem-18441	63	11	the	the	DET
dem-18441	63	12	internal	internal	ADJ
dem-18441	63	13	factors	factor	NOUN
dem-18441	63	14	had	have	VERB
dem-18441	63	15	impact	impact	NOUN
dem-18441	63	16	on	on	ADP
dem-18441	63	17	the	the	DET
dem-18441	63	18	profitability	profitability	NOUN
dem-18441	63	19	of	of	ADP
dem-18441	63	20	the	the	DET
dem-18441	63	21	examined	examine	VERB
dem-18441	63	22	enterprises	enterprise	NOUN
dem-18441	63	23	.	.	PUNCT
dem-18441	64	1	porter	porter	NOUN
dem-18441	64	2	(	(	PUNCT
dem-18441	64	3	1991	1991	NUM
dem-18441	64	4	)	)	PUNCT
dem-18441	64	5	emphasizes	emphasize	VERB
dem-18441	64	6	that	that	SCONJ
dem-18441	64	7	a	a	DET
dem-18441	64	8	company	company	NOUN
dem-18441	64	9	is	be	AUX
dem-18441	64	10	partly	partly	ADV
dem-18441	64	11	under	under	ADP
dem-18441	64	12	the	the	DET
dem-18441	64	13	influence	influence	NOUN
dem-18441	64	14	of	of	ADP
dem-18441	64	15	the	the	DET
dem-18441	64	16	sector	sector	NOUN
dem-18441	64	17	environment	environment	NOUN
dem-18441	64	18	,	,	PUNCT
dem-18441	64	19	however	however	ADV
dem-18441	64	20	,	,	PUNCT
dem-18441	64	21	to	to	ADP
dem-18441	64	22	some	some	DET
dem-18441	64	23	extent	extent	NOUN
dem-18441	64	24	,	,	PUNCT
dem-18441	64	25	it	it	PRON
dem-18441	64	26	can	can	AUX
dem-18441	64	27	also	also	ADV
dem-18441	64	28	affect	affect	VERB
dem-18441	64	29	it	it	PRON
dem-18441	64	30	.	.	PUNCT
dem-18441	65	1	therefore	therefore	ADV
dem-18441	65	2	,	,	PUNCT
dem-18441	65	3	it	it	PRON
dem-18441	65	4	is	be	AUX
dem-18441	65	5	possible	possible	ADJ
dem-18441	65	6	to	to	PART
dem-18441	65	7	determine	determine	VERB
dem-18441	65	8	to	to	ADP
dem-18441	65	9	what	what	DET
dem-18441	65	10	extent	extent	NOUN
dem-18441	65	11	a	a	DET
dem-18441	65	12	company	company	NOUN
dem-18441	65	13	's	's	PART
dem-18441	65	14	financial	financial	ADJ
dem-18441	65	15	results	result	NOUN
dem-18441	65	16	are	be	AUX
dem-18441	65	17	ewa	ewa	PROPN
dem-18441	65	18	majerowska	majerowska	PROPN
dem-18441	65	19	,	,	PUNCT
dem-18441	65	20	magdalena	magdalena	PROPN
dem-18441	65	21	gostkowska	gostkowska	PROPN
dem-18441	65	22	-	-	PUNCT
dem-18441	65	23	drzewicka	drzewicka	NOUN
dem-18441	65	24	dynamic	dynamic	ADJ
dem-18441	65	25	econometric	econometric	ADJ
dem-18441	65	26	models	model	NOUN
dem-18441	65	27	18	18	NUM
dem-18441	65	28	(	(	PUNCT
dem-18441	65	29	2018	2018	NUM
dem-18441	65	30	)	)	PUNCT
dem-18441	66	1	115–127	115–127	NUM
dem-18441	66	2	118	118	NUM
dem-18441	66	3	shaped	shape	VERB
dem-18441	66	4	by	by	ADP
dem-18441	66	5	the	the	DET
dem-18441	66	6	sector	sector	NOUN
dem-18441	66	7	environment	environment	NOUN
dem-18441	66	8	and	and	CCONJ
dem-18441	66	9	to	to	ADP
dem-18441	66	10	which	which	PRON
dem-18441	66	11	by	by	ADP
dem-18441	66	12	the	the	DET
dem-18441	66	13	internal	internal	ADJ
dem-18441	66	14	factors	factor	NOUN
dem-18441	66	15	associated	associate	VERB
dem-18441	66	16	with	with	ADP
dem-18441	66	17	the	the	DET
dem-18441	66	18	decisions	decision	NOUN
dem-18441	66	19	made	make	VERB
dem-18441	66	20	by	by	ADP
dem-18441	66	21	management	management	NOUN
dem-18441	66	22	.	.	PUNCT
dem-18441	67	1	2	2	X
dem-18441	67	2	.	.	X
dem-18441	67	3	overview	overview	NOUN
dem-18441	67	4	of	of	ADP
dem-18441	67	5	the	the	DET
dem-18441	67	6	studies	study	NOUN
dem-18441	67	7	on	on	ADP
dem-18441	67	8	the	the	DET
dem-18441	67	9	factors	factor	NOUN
dem-18441	67	10	shaping	shape	VERB
dem-18441	67	11	the	the	DET
dem-18441	67	12	results	result	NOUN
dem-18441	67	13	of	of	ADP
dem-18441	67	14	enterprise	enterprise	NOUN
dem-18441	67	15	performance	performance	NOUN
dem-18441	67	16	impact	impact	NOUN
dem-18441	67	17	of	of	ADP
dem-18441	67	18	the	the	DET
dem-18441	67	19	sector	sector	NOUN
dem-18441	67	20	environment	environment	NOUN
dem-18441	67	21	and	and	CCONJ
dem-18441	67	22	internal	internal	ADJ
dem-18441	67	23	factors	factor	NOUN
dem-18441	67	24	on	on	ADP
dem-18441	67	25	the	the	DET
dem-18441	67	26	profitability	profitability	NOUN
dem-18441	67	27	of	of	ADP
dem-18441	67	28	enterprises	enterprise	NOUN
dem-18441	67	29	has	have	AUX
dem-18441	67	30	been	be	AUX
dem-18441	67	31	the	the	DET
dem-18441	67	32	subject	subject	NOUN
dem-18441	67	33	of	of	ADP
dem-18441	67	34	numerous	numerous	ADJ
dem-18441	67	35	studies	study	NOUN
dem-18441	67	36	.	.	PUNCT
dem-18441	68	1	their	their	PRON
dem-18441	68	2	results	result	NOUN
dem-18441	68	3	are	be	AUX
dem-18441	68	4	diversified	diversified	ADJ
dem-18441	68	5	,	,	PUNCT
dem-18441	68	6	ambiguous	ambiguous	ADJ
dem-18441	68	7	and	and	CCONJ
dem-18441	68	8	even	even	ADV
dem-18441	68	9	contradictory	contradictory	ADJ
dem-18441	68	10	.	.	PUNCT
dem-18441	69	1	schmalensee	schmalensee	PROPN
dem-18441	69	2	(	(	PUNCT
dem-18441	69	3	1985	1985	NUM
dem-18441	69	4	)	)	PUNCT
dem-18441	69	5	analyzed	analyze	VERB
dem-18441	69	6	the	the	DET
dem-18441	69	7	impact	impact	NOUN
dem-18441	69	8	of	of	ADP
dem-18441	69	9	the	the	DET
dem-18441	69	10	sector	sector	NOUN
dem-18441	69	11	on	on	ADP
dem-18441	69	12	the	the	DET
dem-18441	69	13	financial	financial	ADJ
dem-18441	69	14	results	result	NOUN
dem-18441	69	15	of	of	ADP
dem-18441	69	16	enterprises	enterprise	NOUN
dem-18441	69	17	,	,	PUNCT
dem-18441	69	18	on	on	ADP
dem-18441	69	19	a	a	DET
dem-18441	69	20	sample	sample	NOUN
dem-18441	69	21	of	of	ADP
dem-18441	69	22	456	456	NUM
dem-18441	69	23	us	us	PROPN
dem-18441	69	24	manufacturing	manufacturing	NOUN
dem-18441	69	25	companies	company	NOUN
dem-18441	69	26	,	,	PUNCT
dem-18441	69	27	for	for	ADP
dem-18441	69	28	the	the	DET
dem-18441	69	29	year	year	NOUN
dem-18441	69	30	1975	1975	NUM
dem-18441	69	31	.	.	PUNCT
dem-18441	70	1	the	the	DET
dem-18441	70	2	author	author	NOUN
dem-18441	70	3	stated	state	VERB
dem-18441	70	4	that	that	SCONJ
dem-18441	70	5	the	the	DET
dem-18441	70	6	sectoral	sectoral	ADJ
dem-18441	70	7	effect	effect	NOUN
dem-18441	70	8	is	be	AUX
dem-18441	70	9	the	the	DET
dem-18441	70	10	key	key	ADJ
dem-18441	70	11	factor	factor	NOUN
dem-18441	70	12	shaping	shape	VERB
dem-18441	70	13	the	the	DET
dem-18441	70	14	profitability	profitability	NOUN
dem-18441	70	15	of	of	ADP
dem-18441	70	16	the	the	DET
dem-18441	70	17	examined	examine	VERB
dem-18441	70	18	entities	entity	NOUN
dem-18441	70	19	and	and	CCONJ
dem-18441	70	20	explains	explain	VERB
dem-18441	70	21	about	about	ADV
dem-18441	70	22	19	19	NUM
dem-18441	70	23	%	%	NOUN
dem-18441	70	24	of	of	ADP
dem-18441	70	25	their	their	PRON
dem-18441	70	26	financial	financial	ADJ
dem-18441	70	27	results	result	NOUN
dem-18441	70	28	.	.	PUNCT
dem-18441	71	1	the	the	DET
dem-18441	71	2	same	same	ADJ
dem-18441	71	3	research	research	NOUN
dem-18441	71	4	shows	show	VERB
dem-18441	71	5	that	that	SCONJ
dem-18441	71	6	the	the	DET
dem-18441	71	7	internal	internal	ADJ
dem-18441	71	8	factors	factor	NOUN
dem-18441	71	9	,	,	PUNCT
dem-18441	71	10	affecting	affect	VERB
dem-18441	71	11	profitability	profitability	NOUN
dem-18441	71	12	from	from	ADP
dem-18441	71	13	the	the	DET
dem-18441	71	14	level	level	NOUN
dem-18441	71	15	of	of	ADP
dem-18441	71	16	an	an	DET
dem-18441	71	17	enterprise	enterprise	NOUN
dem-18441	71	18	,	,	PUNCT
dem-18441	71	19	have	have	VERB
dem-18441	71	20	negligible	negligible	ADJ
dem-18441	71	21	impact	impact	NOUN
dem-18441	71	22	on	on	ADP
dem-18441	71	23	it	it	PRON
dem-18441	71	24	.	.	PUNCT
dem-18441	72	1	rumelt	rumelt	PROPN
dem-18441	72	2	(	(	PUNCT
dem-18441	72	3	1991	1991	NUM
dem-18441	72	4	)	)	PUNCT
dem-18441	72	5	conducted	conduct	VERB
dem-18441	72	6	analogous	analogous	ADJ
dem-18441	72	7	analyzes	analyze	NOUN
dem-18441	72	8	for	for	ADP
dem-18441	72	9	the	the	DET
dem-18441	72	10	period	period	NOUN
dem-18441	72	11	of	of	ADP
dem-18441	72	12	1974–1977	1974–1977	NUM
dem-18441	72	13	,	,	PUNCT
dem-18441	72	14	in	in	ADP
dem-18441	72	15	which	which	PRON
dem-18441	72	16	he	he	PRON
dem-18441	72	17	included	include	VERB
dem-18441	72	18	432	432	NUM
dem-18441	72	19	to	to	ADP
dem-18441	72	20	471	471	NUM
dem-18441	72	21	production	production	NOUN
dem-18441	72	22	enterprises	enterprise	NOUN
dem-18441	72	23	for	for	ADP
dem-18441	72	24	each	each	DET
dem-18441	72	25	year	year	NOUN
dem-18441	72	26	.	.	PUNCT
dem-18441	73	1	this	this	DET
dem-18441	73	2	author	author	NOUN
dem-18441	73	3	obtained	obtain	VERB
dem-18441	73	4	opposite	opposite	ADJ
dem-18441	73	5	results	result	NOUN
dem-18441	73	6	.	.	PUNCT
dem-18441	74	1	according	accord	VERB
dem-18441	74	2	to	to	ADP
dem-18441	74	3	him	he	PRON
dem-18441	74	4	,	,	PUNCT
dem-18441	74	5	the	the	DET
dem-18441	74	6	sectoral	sectoral	ADJ
dem-18441	74	7	effect	effect	NOUN
dem-18441	74	8	was	be	AUX
dem-18441	74	9	not	not	PART
dem-18441	74	10	significant	significant	ADJ
dem-18441	74	11	,	,	PUNCT
dem-18441	74	12	it	it	PRON
dem-18441	74	13	explained	explain	VERB
dem-18441	74	14	only	only	ADV
dem-18441	74	15	4	4	NUM
dem-18441	74	16	%	%	NOUN
dem-18441	74	17	of	of	ADP
dem-18441	74	18	the	the	DET
dem-18441	74	19	volatility	volatility	NOUN
dem-18441	74	20	of	of	ADP
dem-18441	74	21	the	the	DET
dem-18441	74	22	profitability	profitability	NOUN
dem-18441	74	23	ratios	ratio	NOUN
dem-18441	74	24	in	in	ADP
dem-18441	74	25	the	the	DET
dem-18441	74	26	examined	examine	VERB
dem-18441	74	27	entities	entity	NOUN
dem-18441	74	28	.	.	PUNCT
dem-18441	75	1	on	on	ADP
dem-18441	75	2	the	the	DET
dem-18441	75	3	other	other	ADJ
dem-18441	75	4	hand	hand	NOUN
dem-18441	75	5	,	,	PUNCT
dem-18441	75	6	internal	internal	ADJ
dem-18441	75	7	factors	factor	NOUN
dem-18441	75	8	were	be	AUX
dem-18441	75	9	shown	show	VERB
dem-18441	75	10	to	to	PART
dem-18441	75	11	have	have	VERB
dem-18441	75	12	significant	significant	ADJ
dem-18441	75	13	impact	impact	NOUN
dem-18441	75	14	on	on	ADP
dem-18441	75	15	the	the	DET
dem-18441	75	16	profitability	profitability	NOUN
dem-18441	75	17	of	of	ADP
dem-18441	75	18	the	the	DET
dem-18441	75	19	examined	examine	VERB
dem-18441	75	20	entities	entity	NOUN
dem-18441	75	21	(	(	PUNCT
dem-18441	75	22	44	44	NUM
dem-18441	75	23	%	%	NOUN
dem-18441	75	24	)	)	PUNCT
dem-18441	75	25	.	.	PUNCT
dem-18441	76	1	however	however	ADV
dem-18441	76	2	,	,	PUNCT
dem-18441	76	3	in	in	ADP
dem-18441	76	4	the	the	DET
dem-18441	76	5	studies	study	NOUN
dem-18441	76	6	carried	carry	VERB
dem-18441	76	7	out	out	ADP
dem-18441	76	8	by	by	ADP
dem-18441	76	9	both	both	DET
dem-18441	76	10	cited	cite	VERB
dem-18441	76	11	authors	author	NOUN
dem-18441	76	12	,	,	PUNCT
dem-18441	76	13	a	a	DET
dem-18441	76	14	very	very	ADV
dem-18441	76	15	short	short	ADJ
dem-18441	76	16	period	period	NOUN
dem-18441	76	17	of	of	ADP
dem-18441	76	18	time	time	NOUN
dem-18441	76	19	was	be	AUX
dem-18441	76	20	analyzed	analyze	VERB
dem-18441	76	21	,	,	PUNCT
dem-18441	76	22	which	which	PRON
dem-18441	76	23	could	could	AUX
dem-18441	76	24	significantly	significantly	ADV
dem-18441	76	25	distort	distort	VERB
dem-18441	76	26	the	the	DET
dem-18441	76	27	results	result	NOUN
dem-18441	76	28	obtained	obtain	VERB
dem-18441	76	29	by	by	ADP
dem-18441	76	30	them	they	PRON
dem-18441	76	31	.	.	PUNCT
dem-18441	77	1	in	in	ADP
dem-18441	77	2	response	response	NOUN
dem-18441	77	3	to	to	ADP
dem-18441	77	4	the	the	DET
dem-18441	77	5	studies	study	NOUN
dem-18441	77	6	carried	carry	VERB
dem-18441	77	7	out	out	ADP
dem-18441	77	8	by	by	ADP
dem-18441	77	9	rumelt	rumelt	PROPN
dem-18441	77	10	(	(	PUNCT
dem-18441	77	11	1991	1991	NUM
dem-18441	77	12	)	)	PUNCT
dem-18441	77	13	and	and	CCONJ
dem-18441	77	14	schmalensee	schmalensee	PROPN
dem-18441	77	15	(	(	PUNCT
dem-18441	77	16	1985	1985	NUM
dem-18441	77	17	)	)	PUNCT
dem-18441	77	18	,	,	PUNCT
dem-18441	77	19	mcgahan	mcgahan	NOUN
dem-18441	77	20	and	and	CCONJ
dem-18441	77	21	porter	porter	NOUN
dem-18441	77	22	(	(	PUNCT
dem-18441	77	23	1997	1997	NUM
dem-18441	77	24	)	)	PUNCT
dem-18441	77	25	analyzed	analyze	VERB
dem-18441	77	26	a	a	DET
dem-18441	77	27	much	much	ADV
dem-18441	77	28	longer	long	ADJ
dem-18441	77	29	period	period	NOUN
dem-18441	77	30	,	,	PUNCT
dem-18441	77	31	covering	cover	VERB
dem-18441	77	32	all	all	DET
dem-18441	77	33	phases	phase	NOUN
dem-18441	77	34	of	of	ADP
dem-18441	77	35	the	the	DET
dem-18441	77	36	business	business	NOUN
dem-18441	77	37	cycle	cycle	NOUN
dem-18441	77	38	,	,	PUNCT
dem-18441	77	39	i.e.	i.e.	X
dem-18441	77	40	1981–1994	1981–1994	NUM
dem-18441	77	41	on	on	ADP
dem-18441	77	42	a	a	DET
dem-18441	77	43	sample	sample	NOUN
dem-18441	77	44	of	of	ADP
dem-18441	77	45	5196	5196	NUM
dem-18441	77	46	us	us	PROPN
dem-18441	77	47	companies	company	NOUN
dem-18441	77	48	from	from	ADP
dem-18441	77	49	all	all	DET
dem-18441	77	50	sectors	sector	NOUN
dem-18441	77	51	,	,	PUNCT
dem-18441	77	52	except	except	SCONJ
dem-18441	77	53	the	the	DET
dem-18441	77	54	finance	finance	NOUN
dem-18441	77	55	sector	sector	NOUN
dem-18441	77	56	.	.	PUNCT
dem-18441	78	1	the	the	DET
dem-18441	78	2	research	research	NOUN
dem-18441	78	3	conducted	conduct	VERB
dem-18441	78	4	showed	show	VERB
dem-18441	78	5	that	that	SCONJ
dem-18441	78	6	the	the	DET
dem-18441	78	7	sectoral	sectoral	ADJ
dem-18441	78	8	effect	effect	NOUN
dem-18441	78	9	explained	explain	VERB
dem-18441	78	10	19	19	NUM
dem-18441	78	11	%	%	NOUN
dem-18441	78	12	of	of	ADP
dem-18441	78	13	the	the	DET
dem-18441	78	14	volatility	volatility	NOUN
dem-18441	78	15	of	of	ADP
dem-18441	78	16	the	the	DET
dem-18441	78	17	profitability	profitability	NOUN
dem-18441	78	18	ratios	ratio	NOUN
dem-18441	78	19	in	in	ADP
dem-18441	78	20	the	the	DET
dem-18441	78	21	examined	examine	VERB
dem-18441	78	22	entities	entity	NOUN
dem-18441	78	23	.	.	PUNCT
dem-18441	79	1	what	what	PRON
dem-18441	79	2	is	be	AUX
dem-18441	79	3	more	more	ADJ
dem-18441	79	4	,	,	PUNCT
dem-18441	79	5	the	the	DET
dem-18441	79	6	strength	strength	NOUN
dem-18441	79	7	of	of	ADP
dem-18441	79	8	this	this	DET
dem-18441	79	9	effect	effect	NOUN
dem-18441	79	10	varied	varied	ADJ
dem-18441	79	11	,	,	PUNCT
dem-18441	79	12	depending	depend	VERB
dem-18441	79	13	on	on	ADP
dem-18441	79	14	the	the	DET
dem-18441	79	15	sector	sector	NOUN
dem-18441	79	16	.	.	PUNCT
dem-18441	80	1	and	and	CCONJ
dem-18441	80	2	so	so	ADV
dem-18441	80	3	,	,	PUNCT
dem-18441	80	4	the	the	DET
dem-18441	80	5	sectoral	sectoral	ADJ
dem-18441	80	6	effect	effect	NOUN
dem-18441	80	7	was	be	AUX
dem-18441	80	8	of	of	ADP
dem-18441	80	9	less	less	ADJ
dem-18441	80	10	significance	significance	NOUN
dem-18441	80	11	in	in	ADP
dem-18441	80	12	the	the	DET
dem-18441	80	13	case	case	NOUN
dem-18441	80	14	of	of	ADP
dem-18441	80	15	manufacturing	manufacturing	NOUN
dem-18441	80	16	enterprises	enterprise	NOUN
dem-18441	80	17	,	,	PUNCT
dem-18441	80	18	and	and	CCONJ
dem-18441	80	19	of	of	ADP
dem-18441	80	20	larger	large	ADJ
dem-18441	80	21	importance	importance	NOUN
dem-18441	80	22	in	in	ADP
dem-18441	80	23	entertainment	entertainment	NOUN
dem-18441	80	24	,	,	PUNCT
dem-18441	80	25	commercial	commercial	ADJ
dem-18441	80	26	and	and	CCONJ
dem-18441	80	27	transportation	transportation	NOUN
dem-18441	80	28	industries	industry	NOUN
dem-18441	80	29	.	.	PUNCT
dem-18441	81	1	in	in	ADP
dem-18441	81	2	turn	turn	NOUN
dem-18441	81	3	,	,	PUNCT
dem-18441	81	4	internal	internal	ADJ
dem-18441	81	5	factors	factor	NOUN
dem-18441	81	6	explained	explain	VERB
dem-18441	81	7	the	the	DET
dem-18441	81	8	financial	financial	ADJ
dem-18441	81	9	results	result	NOUN
dem-18441	81	10	of	of	ADP
dem-18441	81	11	the	the	DET
dem-18441	81	12	surveyed	survey	VERB
dem-18441	81	13	entities	entity	NOUN
dem-18441	81	14	in	in	ADP
dem-18441	81	15	as	as	ADV
dem-18441	81	16	many	many	ADJ
dem-18441	81	17	as	as	ADP
dem-18441	81	18	32	32	NUM
dem-18441	81	19	%	%	NOUN
dem-18441	81	20	.	.	PUNCT
dem-18441	82	1	the	the	DET
dem-18441	82	2	studies	study	NOUN
dem-18441	82	3	conducted	conduct	VERB
dem-18441	82	4	by	by	ADP
dem-18441	82	5	bamiatzi	bamiatzi	NOUN
dem-18441	82	6	and	and	CCONJ
dem-18441	82	7	hall	hall	NOUN
dem-18441	82	8	(	(	PUNCT
dem-18441	82	9	2009	2009	NUM
dem-18441	82	10	)	)	PUNCT
dem-18441	82	11	,	,	PUNCT
dem-18441	82	12	on	on	ADP
dem-18441	82	13	a	a	DET
dem-18441	82	14	sample	sample	NOUN
dem-18441	82	15	of	of	ADP
dem-18441	82	16	as	as	ADV
dem-18441	82	17	many	many	ADJ
dem-18441	82	18	as	as	ADP
dem-18441	82	19	71750	71750	NUM
dem-18441	82	20	entities	entity	NOUN
dem-18441	82	21	operating	operate	VERB
dem-18441	82	22	in	in	ADP
dem-18441	82	23	great	great	ADJ
dem-18441	82	24	britain	britain	PROPN
dem-18441	82	25	in	in	ADP
dem-18441	82	26	the	the	DET
dem-18441	82	27	years	year	NOUN
dem-18441	82	28	2002–2004	2002–2004	NUM
dem-18441	82	29	,	,	PUNCT
dem-18441	82	30	show	show	VERB
dem-18441	82	31	that	that	SCONJ
dem-18441	82	32	the	the	DET
dem-18441	82	33	financial	financial	ADJ
dem-18441	82	34	results	result	NOUN
dem-18441	82	35	of	of	ADP
dem-18441	82	36	micro-	micro-	NOUN
dem-18441	82	37	,	,	PUNCT
dem-18441	82	38	smalland	smalland	NOUN
dem-18441	82	39	mediumas	mediuma	NOUN
dem-18441	82	40	well	well	ADV
dem-18441	82	41	as	as	ADP
dem-18441	82	42	largesized	largesize	VERB
dem-18441	82	43	enterprises	enterprise	NOUN
dem-18441	82	44	during	during	ADP
dem-18441	82	45	the	the	DET
dem-18441	82	46	analyzed	analyze	VERB
dem-18441	82	47	period	period	NOUN
dem-18441	82	48	were	be	AUX
dem-18441	82	49	affected	affect	VERB
dem-18441	82	50	by	by	ADP
dem-18441	82	51	both	both	CCONJ
dem-18441	82	52	the	the	DET
dem-18441	82	53	sectoral	sectoral	ADJ
dem-18441	82	54	factors	factor	NOUN
dem-18441	82	55	,	,	PUNCT
dem-18441	82	56	and	and	CCONJ
dem-18441	82	57	the	the	DET
dem-18441	82	58	internal	internal	ADJ
dem-18441	82	59	ones	one	NOUN
dem-18441	82	60	.	.	PUNCT
dem-18441	83	1	however	however	ADV
dem-18441	83	2	,	,	PUNCT
dem-18441	83	3	the	the	DET
dem-18441	83	4	strength	strength	NOUN
dem-18441	83	5	of	of	ADP
dem-18441	83	6	their	their	PRON
dem-18441	83	7	impact	impact	NOUN
dem-18441	83	8	varied	varied	ADJ
dem-18441	83	9	.	.	PUNCT
dem-18441	84	1	the	the	DET
dem-18441	84	2	reason	reason	NOUN
dem-18441	84	3	for	for	ADP
dem-18441	84	4	this	this	PRON
dem-18441	84	5	lies	lie	NOUN
dem-18441	84	6	in	in	ADP
dem-18441	84	7	the	the	DET
dem-18441	84	8	fact	fact	NOUN
dem-18441	84	9	,	,	PUNCT
dem-18441	84	10	that	that	SCONJ
dem-18441	84	11	entities	entity	NOUN
dem-18441	84	12	of	of	ADP
dem-18441	84	13	various	various	ADJ
dem-18441	84	14	sizes	size	NOUN
dem-18441	84	15	operate	operate	VERB
dem-18441	84	16	in	in	ADP
dem-18441	84	17	different	different	ADJ
dem-18441	84	18	segments	segment	NOUN
dem-18441	84	19	of	of	ADP
dem-18441	84	20	the	the	DET
dem-18441	84	21	market	market	NOUN
dem-18441	84	22	,	,	PUNCT
dem-18441	84	23	which	which	PRON
dem-18441	84	24	can	can	AUX
dem-18441	84	25	be	be	AUX
dem-18441	84	26	distinguished	distinguish	VERB
dem-18441	84	27	within	within	ADP
dem-18441	84	28	individual	individual	ADJ
dem-18441	84	29	sectors	sector	NOUN
dem-18441	84	30	.	.	PUNCT
dem-18441	85	1	the	the	DET
dem-18441	85	2	company	company	NOUN
dem-18441	85	3	size	size	NOUN
dem-18441	85	4	turned	turn	VERB
dem-18441	85	5	out	out	ADP
dem-18441	85	6	to	to	PART
dem-18441	85	7	be	be	AUX
dem-18441	85	8	an	an	DET
dem-18441	85	9	important	important	ADJ
dem-18441	85	10	factor	factor	NOUN
dem-18441	85	11	impacting	impact	VERB
dem-18441	85	12	the	the	DET
dem-18441	85	13	impact	impact	NOUN
dem-18441	85	14	of	of	ADP
dem-18441	85	15	the	the	DET
dem-18441	85	16	sector	sector	NOUN
dem-18441	85	17	and	and	CCONJ
dem-18441	85	18	of	of	ADP
dem-18441	85	19	internal	internal	ADJ
dem-18441	85	20	factors	factor	NOUN
dem-18441	85	21	on	on	ADP
dem-18441	85	22	profitability	profitability	NOUN
dem-18441	85	23	…	…	SYM
dem-18441	85	24	dynamic	dynamic	ADJ
dem-18441	85	25	econometric	econometric	ADJ
dem-18441	85	26	models	model	NOUN
dem-18441	85	27	18	18	NUM
dem-18441	85	28	(	(	PUNCT
dem-18441	85	29	2018	2018	NUM
dem-18441	85	30	)	)	PUNCT
dem-18441	86	1	115–127	115–127	NUM
dem-18441	86	2	119	119	NUM
dem-18441	86	3	financial	financial	ADJ
dem-18441	86	4	results	result	NOUN
dem-18441	86	5	of	of	ADP
dem-18441	86	6	us	we	PRON
dem-18441	86	7	public	public	ADJ
dem-18441	86	8	companies	company	NOUN
dem-18441	86	9	in	in	ADP
dem-18441	86	10	the	the	DET
dem-18441	86	11	years	year	NOUN
dem-18441	86	12	1987–2006	1987–2006	NUM
dem-18441	86	13	.	.	PUNCT
dem-18441	87	1	in	in	ADP
dem-18441	87	2	turn	turn	NOUN
dem-18441	87	3	,	,	PUNCT
dem-18441	87	4	impact	impact	NOUN
dem-18441	87	5	of	of	ADP
dem-18441	87	6	the	the	DET
dem-18441	87	7	sector	sector	NOUN
dem-18441	87	8	environment	environment	NOUN
dem-18441	87	9	on	on	ADP
dem-18441	87	10	the	the	DET
dem-18441	87	11	profitability	profitability	NOUN
dem-18441	87	12	of	of	ADP
dem-18441	87	13	the	the	DET
dem-18441	87	14	examined	examine	VERB
dem-18441	87	15	entities	entity	NOUN
dem-18441	87	16	was	be	AUX
dem-18441	87	17	small	small	ADJ
dem-18441	87	18	(	(	PUNCT
dem-18441	87	19	lee	lee	PROPN
dem-18441	87	20	,	,	PUNCT
dem-18441	87	21	2009	2009	NUM
dem-18441	87	22	)	)	PUNCT
dem-18441	87	23	.	.	PUNCT
dem-18441	88	1	also	also	ADV
dem-18441	88	2	,	,	PUNCT
dem-18441	88	3	ruefli	ruefli	PROPN
dem-18441	88	4	and	and	CCONJ
dem-18441	88	5	wiggins	wiggins	PROPN
dem-18441	88	6	(	(	PUNCT
dem-18441	88	7	2003	2003	NUM
dem-18441	88	8	)	)	PUNCT
dem-18441	88	9	believe	believe	VERB
dem-18441	88	10	that	that	SCONJ
dem-18441	88	11	the	the	DET
dem-18441	88	12	sector	sector	NOUN
dem-18441	88	13	environment	environment	NOUN
dem-18441	88	14	does	do	AUX
dem-18441	88	15	not	not	PART
dem-18441	88	16	have	have	VERB
dem-18441	88	17	any	any	DET
dem-18441	88	18	significant	significant	ADJ
dem-18441	88	19	impact	impact	NOUN
dem-18441	88	20	on	on	ADP
dem-18441	88	21	enterprise	enterprise	NOUN
dem-18441	88	22	performance	performance	NOUN
dem-18441	88	23	.	.	PUNCT
dem-18441	89	1	the	the	DET
dem-18441	89	2	authors	author	NOUN
dem-18441	89	3	emphasize	emphasize	VERB
dem-18441	89	4	that	that	SCONJ
dem-18441	89	5	managers	manager	NOUN
dem-18441	89	6	play	play	VERB
dem-18441	89	7	a	a	DET
dem-18441	89	8	key	key	ADJ
dem-18441	89	9	role	role	NOUN
dem-18441	89	10	in	in	ADP
dem-18441	89	11	formation	formation	NOUN
dem-18441	89	12	of	of	ADP
dem-18441	89	13	the	the	DET
dem-18441	89	14	financial	financial	ADJ
dem-18441	89	15	results	result	NOUN
dem-18441	89	16	and	and	CCONJ
dem-18441	89	17	that	that	SCONJ
dem-18441	89	18	it	it	PRON
dem-18441	89	19	is	be	AUX
dem-18441	89	20	primarily	primarily	ADV
dem-18441	89	21	the	the	DET
dem-18441	89	22	financial	financial	ADJ
dem-18441	89	23	situation	situation	NOUN
dem-18441	89	24	of	of	ADP
dem-18441	89	25	a	a	DET
dem-18441	89	26	company	company	NOUN
dem-18441	89	27	that	that	PRON
dem-18441	89	28	determines	determine	VERB
dem-18441	89	29	its	its	PRON
dem-18441	89	30	performance	performance	NOUN
dem-18441	89	31	.	.	PUNCT
dem-18441	90	1	similar	similar	ADJ
dem-18441	90	2	results	result	NOUN
dem-18441	90	3	were	be	AUX
dem-18441	90	4	obtained	obtain	VERB
dem-18441	90	5	by	by	ADP
dem-18441	90	6	stierwald	stierwald	ADJ
dem-18441	90	7	(	(	PUNCT
dem-18441	90	8	2010	2010	NUM
dem-18441	90	9	)	)	PUNCT
dem-18441	90	10	,	,	PUNCT
dem-18441	90	11	who	who	PRON
dem-18441	90	12	analyzed	analyze	VERB
dem-18441	90	13	961	961	NUM
dem-18441	90	14	large	large	ADJ
dem-18441	90	15	australian	australian	ADJ
dem-18441	90	16	enterprises	enterprise	NOUN
dem-18441	90	17	in	in	ADP
dem-18441	90	18	the	the	DET
dem-18441	90	19	years	year	NOUN
dem-18441	90	20	1995	1995	NUM
dem-18441	90	21	–	–	PUNCT
dem-18441	90	22	2005	2005	NUM
dem-18441	90	23	.	.	PUNCT
dem-18441	91	1	the	the	DET
dem-18441	91	2	author	author	NOUN
dem-18441	91	3	concluded	conclude	VERB
dem-18441	91	4	that	that	SCONJ
dem-18441	91	5	,	,	PUNCT
dem-18441	91	6	in	in	ADP
dem-18441	91	7	contrast	contrast	NOUN
dem-18441	91	8	to	to	ADP
dem-18441	91	9	the	the	DET
dem-18441	91	10	internal	internal	ADJ
dem-18441	91	11	factors	factor	NOUN
dem-18441	91	12	,	,	PUNCT
dem-18441	91	13	impact	impact	NOUN
dem-18441	91	14	of	of	ADP
dem-18441	91	15	the	the	DET
dem-18441	91	16	sectoral	sectoral	ADJ
dem-18441	91	17	effect	effect	NOUN
dem-18441	91	18	on	on	ADP
dem-18441	91	19	the	the	DET
dem-18441	91	20	profitability	profitability	NOUN
dem-18441	91	21	of	of	ADP
dem-18441	91	22	the	the	DET
dem-18441	91	23	analyzed	analyze	VERB
dem-18441	91	24	entities	entity	NOUN
dem-18441	91	25	was	be	AUX
dem-18441	91	26	scant	scant	ADJ
dem-18441	91	27	.	.	PUNCT
dem-18441	92	1	the	the	DET
dem-18441	92	2	authors	author	NOUN
dem-18441	92	3	of	of	ADP
dem-18441	92	4	the	the	DET
dem-18441	92	5	above	above	ADV
dem-18441	92	6	-	-	PUNCT
dem-18441	92	7	cited	cite	VERB
dem-18441	92	8	studies	study	NOUN
dem-18441	92	9	used	use	VERB
dem-18441	92	10	the	the	DET
dem-18441	92	11	return	return	NOUN
dem-18441	92	12	on	on	ADP
dem-18441	92	13	assets	asset	NOUN
dem-18441	92	14	,	,	PUNCT
dem-18441	92	15	and	and	CCONJ
dem-18441	92	16	thus	thus	ADV
dem-18441	92	17	considered	consider	VERB
dem-18441	92	18	enterprise	enterprise	NOUN
dem-18441	92	19	performance	performance	NOUN
dem-18441	92	20	in	in	ADP
dem-18441	92	21	accounting	accounting	NOUN
dem-18441	92	22	terms	term	NOUN
dem-18441	92	23	.	.	PUNCT
dem-18441	93	1	in	in	ADP
dem-18441	93	2	contrast	contrast	NOUN
dem-18441	93	3	,	,	PUNCT
dem-18441	93	4	hawawini	hawawini	X
dem-18441	93	5	,	,	PUNCT
dem-18441	93	6	subramanian	subramanian	NOUN
dem-18441	93	7	and	and	CCONJ
dem-18441	93	8	verdin	verdin	PROPN
dem-18441	93	9	(	(	PUNCT
dem-18441	93	10	2003	2003	NUM
dem-18441	93	11	)	)	PUNCT
dem-18441	93	12	,	,	PUNCT
dem-18441	93	13	applied	apply	VERB
dem-18441	93	14	measures	measure	NOUN
dem-18441	93	15	based	base	VERB
dem-18441	93	16	on	on	ADP
dem-18441	93	17	enterprise	enterprise	NOUN
dem-18441	93	18	value	value	NOUN
dem-18441	93	19	,	,	PUNCT
dem-18441	93	20	i.e.	i.e.	X
dem-18441	93	21	the	the	DET
dem-18441	93	22	economic	economic	ADJ
dem-18441	93	23	value	value	NOUN
dem-18441	93	24	added	add	VERB
dem-18441	93	25	(	(	PUNCT
dem-18441	93	26	eva	eva	PROPN
dem-18441	93	27	)	)	PUNCT
dem-18441	93	28	and	and	CCONJ
dem-18441	93	29	the	the	DET
dem-18441	93	30	market	market	NOUN
dem-18441	93	31	value	value	NOUN
dem-18441	93	32	added	add	VERB
dem-18441	93	33	(	(	PUNCT
dem-18441	93	34	mva	mva	NOUN
dem-18441	93	35	)	)	PUNCT
dem-18441	93	36	,	,	PUNCT
dem-18441	93	37	in	in	ADP
dem-18441	93	38	addition	addition	NOUN
dem-18441	93	39	to	to	ADP
dem-18441	93	40	the	the	DET
dem-18441	93	41	return	return	NOUN
dem-18441	93	42	on	on	ADP
dem-18441	93	43	assets	asset	NOUN
dem-18441	93	44	(	(	PUNCT
dem-18441	93	45	roa	roa	PROPN
dem-18441	93	46	)	)	PUNCT
dem-18441	93	47	.	.	PUNCT
dem-18441	94	1	the	the	DET
dem-18441	94	2	research	research	NOUN
dem-18441	94	3	carried	carry	VERB
dem-18441	94	4	out	out	ADP
dem-18441	94	5	by	by	ADP
dem-18441	94	6	these	these	DET
dem-18441	94	7	authors	author	NOUN
dem-18441	94	8	confirms	confirm	VERB
dem-18441	94	9	that	that	SCONJ
dem-18441	94	10	a	a	DET
dem-18441	94	11	given	give	VERB
dem-18441	94	12	sector	sector	NOUN
dem-18441	94	13	has	have	VERB
dem-18441	94	14	significant	significant	ADJ
dem-18441	94	15	impact	impact	NOUN
dem-18441	94	16	on	on	ADP
dem-18441	94	17	the	the	DET
dem-18441	94	18	financial	financial	ADJ
dem-18441	94	19	results	result	NOUN
dem-18441	94	20	of	of	ADP
dem-18441	94	21	the	the	DET
dem-18441	94	22	enterprises	enterprise	NOUN
dem-18441	94	23	within	within	ADP
dem-18441	94	24	it	it	PRON
dem-18441	94	25	,	,	PUNCT
dem-18441	94	26	while	while	SCONJ
dem-18441	94	27	the	the	DET
dem-18441	94	28	strength	strength	NOUN
dem-18441	94	29	of	of	ADP
dem-18441	94	30	its	its	PRON
dem-18441	94	31	impact	impact	NOUN
dem-18441	94	32	is	be	AUX
dem-18441	94	33	greater	great	ADJ
dem-18441	94	34	than	than	ADP
dem-18441	94	35	that	that	PRON
dem-18441	94	36	of	of	ADP
dem-18441	94	37	the	the	DET
dem-18441	94	38	internal	internal	ADJ
dem-18441	94	39	factors	factor	NOUN
dem-18441	94	40	specific	specific	ADJ
dem-18441	94	41	for	for	ADP
dem-18441	94	42	individual	individual	ADJ
dem-18441	94	43	entities	entity	NOUN
dem-18441	94	44	.	.	PUNCT
dem-18441	95	1	only	only	ADV
dem-18441	95	2	in	in	ADP
dem-18441	95	3	the	the	DET
dem-18441	95	4	case	case	NOUN
dem-18441	95	5	of	of	ADP
dem-18441	95	6	the	the	DET
dem-18441	95	7	enterprises	enterprise	NOUN
dem-18441	95	8	operating	operate	VERB
dem-18441	95	9	as	as	ADP
dem-18441	95	10	market	market	NOUN
dem-18441	95	11	leaders	leader	NOUN
dem-18441	95	12	and	and	CCONJ
dem-18441	95	13	those	those	PRON
dem-18441	95	14	least	least	ADJ
dem-18441	95	15	competitive	competitive	ADJ
dem-18441	95	16	within	within	ADP
dem-18441	95	17	a	a	DET
dem-18441	95	18	given	give	VERB
dem-18441	95	19	sector	sector	NOUN
dem-18441	95	20	,	,	PUNCT
dem-18441	95	21	a	a	DET
dem-18441	95	22	reverse	reverse	ADJ
dem-18441	95	23	relation	relation	NOUN
dem-18441	95	24	was	be	AUX
dem-18441	95	25	observed	observe	VERB
dem-18441	95	26	.	.	PUNCT
dem-18441	96	1	for	for	ADP
dem-18441	96	2	both	both	DET
dem-18441	96	3	groups	group	NOUN
dem-18441	96	4	of	of	ADP
dem-18441	96	5	entities	entity	NOUN
dem-18441	96	6	,	,	PUNCT
dem-18441	96	7	the	the	DET
dem-18441	96	8	strength	strength	NOUN
dem-18441	96	9	of	of	ADP
dem-18441	96	10	the	the	DET
dem-18441	96	11	impact	impact	NOUN
dem-18441	96	12	of	of	ADP
dem-18441	96	13	internal	internal	ADJ
dem-18441	96	14	factors	factor	NOUN
dem-18441	96	15	was	be	AUX
dem-18441	96	16	greater	great	ADJ
dem-18441	96	17	than	than	ADP
dem-18441	96	18	that	that	PRON
dem-18441	96	19	of	of	ADP
dem-18441	96	20	the	the	DET
dem-18441	96	21	sectoral	sectoral	ADJ
dem-18441	96	22	ones	one	NOUN
dem-18441	96	23	.	.	PUNCT
dem-18441	97	1	dragonić	dragonić	NOUN
dem-18441	97	2	(	(	PUNCT
dem-18441	97	3	2014	2014	NUM
dem-18441	97	4	)	)	PUNCT
dem-18441	97	5	conducted	conduct	VERB
dem-18441	97	6	the	the	DET
dem-18441	97	7	study	study	NOUN
dem-18441	97	8	on	on	ADP
dem-18441	97	9	croatian	croatian	ADJ
dem-18441	97	10	fast	fast	ADV
dem-18441	97	11	-	-	PUNCT
dem-18441	97	12	growing	grow	VERB
dem-18441	97	13	small	small	ADJ
dem-18441	97	14	and	and	CCONJ
dem-18441	97	15	medium	medium	ADJ
dem-18441	97	16	businesses	business	NOUN
dem-18441	97	17	.	.	PUNCT
dem-18441	98	1	the	the	DET
dem-18441	98	2	research	research	NOUN
dem-18441	98	3	showed	show	VERB
dem-18441	98	4	that	that	SCONJ
dem-18441	98	5	an	an	DET
dem-18441	98	6	impact	impact	NOUN
dem-18441	98	7	of	of	ADP
dem-18441	98	8	internal	internal	ADJ
dem-18441	98	9	factors	factor	NOUN
dem-18441	98	10	and	and	CCONJ
dem-18441	98	11	sector	sector	NOUN
dem-18441	98	12	on	on	ADP
dem-18441	98	13	company	company	NOUN
dem-18441	98	14	’s	’s	PART
dem-18441	98	15	profitability	profitability	NOUN
dem-18441	98	16	depends	depend	VERB
dem-18441	98	17	on	on	ADP
dem-18441	98	18	the	the	DET
dem-18441	98	19	period	period	NOUN
dem-18441	98	20	,	,	PUNCT
dem-18441	98	21	i.e.	i.e.	X
dem-18441	98	22	life	life	NOUN
dem-18441	98	23	cycle	cycle	NOUN
dem-18441	98	24	stage	stage	NOUN
dem-18441	98	25	of	of	ADP
dem-18441	98	26	a	a	DET
dem-18441	98	27	company	company	NOUN
dem-18441	98	28	and	and	CCONJ
dem-18441	98	29	general	general	ADJ
dem-18441	98	30	state	state	NOUN
dem-18441	98	31	of	of	ADP
dem-18441	98	32	the	the	DET
dem-18441	98	33	economy	economy	NOUN
dem-18441	98	34	.	.	PUNCT
dem-18441	99	1	margaretha	margaretha	PROPN
dem-18441	99	2	and	and	CCONJ
dem-18441	99	3	supartika	supartika	PROPN
dem-18441	99	4	(	(	PUNCT
dem-18441	99	5	2016	2016	NUM
dem-18441	99	6	)	)	PUNCT
dem-18441	99	7	examined	examine	VERB
dem-18441	99	8	internal	internal	ADJ
dem-18441	99	9	factors	factor	NOUN
dem-18441	99	10	affecting	affect	VERB
dem-18441	99	11	profitability	profitability	NOUN
dem-18441	99	12	and	and	CCONJ
dem-18441	99	13	industry	industry	NOUN
dem-18441	99	14	affiliation	affiliation	NOUN
dem-18441	99	15	of	of	ADP
dem-18441	99	16	smes	sme	NOUN
dem-18441	99	17	firm	firm	NOUN
dem-18441	99	18	listed	list	VERB
dem-18441	99	19	in	in	ADP
dem-18441	99	20	indonesia	indonesia	PROPN
dem-18441	99	21	stock	stock	PROPN
dem-18441	99	22	exchange	exchange	PROPN
dem-18441	99	23	.	.	PUNCT
dem-18441	100	1	the	the	DET
dem-18441	100	2	results	result	NOUN
dem-18441	100	3	confirmed	confirm	VERB
dem-18441	100	4	that	that	SCONJ
dem-18441	100	5	firm	firm	ADJ
dem-18441	100	6	size	size	NOUN
dem-18441	100	7	,	,	PUNCT
dem-18441	100	8	growth	growth	NOUN
dem-18441	100	9	,	,	PUNCT
dem-18441	100	10	lagged	lag	VERB
dem-18441	100	11	profitability	profitability	NOUN
dem-18441	100	12	,	,	PUNCT
dem-18441	100	13	productivity	productivity	NOUN
dem-18441	100	14	and	and	CCONJ
dem-18441	100	15	industry	industry	NOUN
dem-18441	100	16	affiliation	affiliation	NOUN
dem-18441	100	17	significantly	significantly	ADV
dem-18441	100	18	effect	effect	VERB
dem-18441	100	19	on	on	ADP
dem-18441	100	20	profitability	profitability	NOUN
dem-18441	100	21	.	.	PUNCT
dem-18441	101	1	the	the	DET
dem-18441	101	2	industry	industry	NOUN
dem-18441	101	3	affiliation	affiliation	NOUN
dem-18441	101	4	has	have	VERB
dem-18441	101	5	a	a	DET
dem-18441	101	6	positive	positive	ADJ
dem-18441	101	7	impact	impact	NOUN
dem-18441	101	8	on	on	ADP
dem-18441	101	9	profitability	profitability	NOUN
dem-18441	101	10	.	.	PUNCT
dem-18441	102	1	the	the	DET
dem-18441	102	2	authors	author	NOUN
dem-18441	102	3	emphasize	emphasize	VERB
dem-18441	102	4	that	that	PRON
dem-18441	102	5	for	for	SCONJ
dem-18441	102	6	further	far	ADV
dem-18441	102	7	improve	improve	VERB
dem-18441	102	8	company	company	NOUN
dem-18441	102	9	’s	’s	PART
dem-18441	102	10	performance	performance	NOUN
dem-18441	102	11	the	the	DET
dem-18441	102	12	manager	manager	NOUN
dem-18441	102	13	should	should	AUX
dem-18441	102	14	define	define	VERB
dem-18441	102	15	a	a	DET
dem-18441	102	16	strategy	strategy	NOUN
dem-18441	102	17	to	to	ADP
dem-18441	102	18	increasing	increase	VERB
dem-18441	102	19	profitability	profitability	NOUN
dem-18441	102	20	with	with	ADP
dem-18441	102	21	focusing	focus	VERB
dem-18441	102	22	on	on	ADP
dem-18441	102	23	productivity	productivity	NOUN
dem-18441	102	24	and	and	CCONJ
dem-18441	102	25	industry	industry	NOUN
dem-18441	102	26	affiliation	affiliation	NOUN
dem-18441	102	27	.	.	PUNCT
dem-18441	103	1	many	many	ADJ
dem-18441	103	2	other	other	ADJ
dem-18441	103	3	studies	study	NOUN
dem-18441	103	4	confirmed	confirm	VERB
dem-18441	103	5	that	that	SCONJ
dem-18441	103	6	industry	industry	NOUN
dem-18441	103	7	affiliation	affiliation	NOUN
dem-18441	103	8	influences	influence	VERB
dem-18441	103	9	company	company	NOUN
dem-18441	103	10	’s	’s	PART
dem-18441	103	11	profitability	profitability	NOUN
dem-18441	103	12	ratio	ratio	NOUN
dem-18441	103	13	.	.	PUNCT
dem-18441	104	1	for	for	ADP
dem-18441	104	2	example	example	NOUN
dem-18441	104	3	,	,	PUNCT
dem-18441	104	4	vijayakumar	vijayakumar	PROPN
dem-18441	104	5	(	(	PUNCT
dem-18441	104	6	2011	2011	NUM
dem-18441	104	7	)	)	PUNCT
dem-18441	104	8	concluded	conclude	VERB
dem-18441	104	9	that	that	SCONJ
dem-18441	104	10	vertical	vertical	ADJ
dem-18441	104	11	integration	integration	NOUN
dem-18441	104	12	is	be	AUX
dem-18441	104	13	significantly	significantly	ADV
dem-18441	104	14	associated	associate	VERB
dem-18441	104	15	with	with	ADP
dem-18441	104	16	profitability	profitability	NOUN
dem-18441	104	17	.	.	PUNCT
dem-18441	105	1	the	the	DET
dem-18441	105	2	studies	study	NOUN
dem-18441	105	3	conducted	conduct	VERB
dem-18441	105	4	by	by	ADP
dem-18441	105	5	salman	salman	PROPN
dem-18441	105	6	and	and	CCONJ
dem-18441	105	7	yazdanfar	yazdanfar	PROPN
dem-18441	105	8	(	(	PUNCT
dem-18441	105	9	2012	2012	NUM
dem-18441	105	10	)	)	PUNCT
dem-18441	105	11	and	and	CCONJ
dem-18441	105	12	yazdanfar	yazdanfar	ADV
dem-18441	105	13	(	(	PUNCT
dem-18441	105	14	2013	2013	NUM
dem-18441	105	15	)	)	PUNCT
dem-18441	105	16	indicate	indicate	VERB
dem-18441	105	17	that	that	DET
dem-18441	105	18	firm	firm	ADJ
dem-18441	105	19	industry	industry	NOUN
dem-18441	105	20	affiliation	affiliation	NOUN
dem-18441	105	21	has	have	VERB
dem-18441	105	22	and	and	CCONJ
dem-18441	105	23	impact	impact	VERB
dem-18441	105	24	on	on	ADP
dem-18441	105	25	its	its	PRON
dem-18441	105	26	profitability	profitability	NOUN
dem-18441	105	27	.	.	PUNCT
dem-18441	106	1	the	the	DET
dem-18441	106	2	influence	influence	NOUN
dem-18441	106	3	of	of	ADP
dem-18441	106	4	internal	internal	ADJ
dem-18441	106	5	factors	factor	NOUN
dem-18441	106	6	on	on	ADP
dem-18441	106	7	company	company	NOUN
dem-18441	106	8	’s	’s	PART
dem-18441	106	9	performance	performance	NOUN
dem-18441	106	10	was	be	AUX
dem-18441	106	11	also	also	ADV
dem-18441	106	12	analyzed	analyze	VERB
dem-18441	106	13	by	by	ADP
dem-18441	106	14	many	many	ADJ
dem-18441	106	15	other	other	ADJ
dem-18441	106	16	authors	author	NOUN
dem-18441	106	17	.	.	PUNCT
dem-18441	107	1	tailab	tailab	NOUN
dem-18441	107	2	(	(	PUNCT
dem-18441	107	3	2014	2014	NUM
dem-18441	107	4	)	)	PUNCT
dem-18441	107	5	analyzed	analyze	VERB
dem-18441	107	6	an	an	DET
dem-18441	107	7	impact	impact	NOUN
dem-18441	107	8	of	of	ADP
dem-18441	107	9	leverage	leverage	NOUN
dem-18441	107	10	,	,	PUNCT
dem-18441	107	11	ewa	ewa	PROPN
dem-18441	107	12	majerowska	majerowska	PROPN
dem-18441	107	13	,	,	PUNCT
dem-18441	107	14	magdalena	magdalena	PROPN
dem-18441	107	15	gostkowska	gostkowska	PROPN
dem-18441	107	16	-	-	PUNCT
dem-18441	107	17	drzewicka	drzewicka	NOUN
dem-18441	107	18	dynamic	dynamic	ADJ
dem-18441	107	19	econometric	econometric	ADJ
dem-18441	107	20	models	model	NOUN
dem-18441	107	21	18	18	NUM
dem-18441	107	22	(	(	PUNCT
dem-18441	107	23	2018	2018	NUM
dem-18441	107	24	)	)	PUNCT
dem-18441	107	25	115–127	115–127	NUM
dem-18441	107	26	120	120	NUM
dem-18441	107	27	liquidity	liquidity	NOUN
dem-18441	107	28	,	,	PUNCT
dem-18441	107	29	inventory	inventory	NOUN
dem-18441	107	30	,	,	PUNCT
dem-18441	107	31	growth	growth	NOUN
dem-18441	107	32	,	,	PUNCT
dem-18441	107	33	size	size	NOUN
dem-18441	107	34	and	and	CCONJ
dem-18441	107	35	firm	firm	NOUN
dem-18441	107	36	’s	’s	PART
dem-18441	107	37	age	age	NOUN
dem-18441	107	38	on	on	ADP
dem-18441	107	39	financial	financial	ADJ
dem-18441	107	40	performance	performance	NOUN
dem-18441	107	41	of	of	ADP
dem-18441	107	42	100	100	NUM
dem-18441	107	43	top	top	ADJ
dem-18441	107	44	non	non	ADJ
dem-18441	107	45	-	-	ADJ
dem-18441	107	46	financial	financial	ADJ
dem-18441	107	47	american	american	ADJ
dem-18441	107	48	firms	firm	NOUN
dem-18441	107	49	listed	list	VERB
dem-18441	107	50	on	on	ADP
dem-18441	107	51	fortune	fortune	NOUN
dem-18441	107	52	500	500	NUM
dem-18441	107	53	in	in	ADP
dem-18441	107	54	2009–2013	2009–2013	NUM
dem-18441	107	55	.	.	PUNCT
dem-18441	108	1	alarussi	alarussi	PROPN
dem-18441	108	2	and	and	CCONJ
dem-18441	108	3	alhaderi	alhaderi	PROPN
dem-18441	108	4	(	(	PUNCT
dem-18441	108	5	2018	2018	NUM
dem-18441	108	6	)	)	PUNCT
dem-18441	108	7	examined	examine	VERB
dem-18441	108	8	the	the	DET
dem-18441	108	9	internal	internal	ADJ
dem-18441	108	10	factors	factor	NOUN
dem-18441	108	11	affecting	affect	VERB
dem-18441	108	12	profitability	profitability	NOUN
dem-18441	108	13	in	in	ADP
dem-18441	108	14	malaysian	malaysian	ADJ
dem-18441	108	15	-	-	PUNCT
dem-18441	108	16	listed	list	VERB
dem-18441	108	17	companies	company	NOUN
dem-18441	108	18	.	.	PUNCT
dem-18441	109	1	this	this	DET
dem-18441	109	2	study	study	NOUN
dem-18441	109	3	applies	apply	VERB
dem-18441	109	4	the	the	DET
dem-18441	109	5	resource	resource	NOUN
dem-18441	109	6	-	-	PUNCT
dem-18441	109	7	based	base	VERB
dem-18441	109	8	theory	theory	NOUN
dem-18441	109	9	.	.	PUNCT
dem-18441	110	1	research	research	NOUN
dem-18441	110	2	is	be	AUX
dem-18441	110	3	based	base	VERB
dem-18441	110	4	on	on	ADP
dem-18441	110	5	five	five	NUM
dem-18441	110	6	independent	independent	ADJ
dem-18441	110	7	variables	variable	NOUN
dem-18441	110	8	that	that	PRON
dem-18441	110	9	were	be	AUX
dem-18441	110	10	empirically	empirically	ADV
dem-18441	110	11	examined	examine	VERB
dem-18441	110	12	for	for	ADP
dem-18441	110	13	their	their	PRON
dem-18441	110	14	relationship	relationship	NOUN
dem-18441	110	15	with	with	ADP
dem-18441	110	16	profitability	profitability	NOUN
dem-18441	110	17	.	.	PUNCT
dem-18441	111	1	the	the	DET
dem-18441	111	2	findings	finding	NOUN
dem-18441	111	3	show	show	VERB
dem-18441	111	4	a	a	DET
dem-18441	111	5	strong	strong	ADJ
dem-18441	111	6	positive	positive	ADJ
dem-18441	111	7	relationship	relationship	NOUN
dem-18441	111	8	between	between	ADP
dem-18441	111	9	firm	firm	ADJ
dem-18441	111	10	size	size	NOUN
dem-18441	111	11	,	,	PUNCT
dem-18441	111	12	working	working	NOUN
dem-18441	111	13	capital	capital	NOUN
dem-18441	111	14	,	,	PUNCT
dem-18441	111	15	company	company	NOUN
dem-18441	111	16	efficiency	efficiency	NOUN
dem-18441	111	17	and	and	CCONJ
dem-18441	111	18	profitability	profitability	NOUN
dem-18441	111	19	.	.	PUNCT
dem-18441	112	1	the	the	DET
dem-18441	112	2	results	result	NOUN
dem-18441	112	3	also	also	ADV
dem-18441	112	4	show	show	VERB
dem-18441	112	5	a	a	DET
dem-18441	112	6	negative	negative	ADJ
dem-18441	112	7	relationship	relationship	NOUN
dem-18441	112	8	between	between	ADP
dem-18441	112	9	leverage	leverage	NOUN
dem-18441	112	10	and	and	CCONJ
dem-18441	112	11	profitability	profitability	NOUN
dem-18441	112	12	.	.	PUNCT
dem-18441	113	1	in	in	ADP
dem-18441	113	2	the	the	DET
dem-18441	113	3	available	available	ADJ
dem-18441	113	4	literature	literature	NOUN
dem-18441	113	5	on	on	ADP
dem-18441	113	6	the	the	DET
dem-18441	113	7	subject	subject	NOUN
dem-18441	113	8	,	,	PUNCT
dem-18441	113	9	few	few	ADJ
dem-18441	113	10	studies	study	NOUN
dem-18441	113	11	can	can	AUX
dem-18441	113	12	be	be	AUX
dem-18441	113	13	found	find	VERB
dem-18441	113	14	regarding	regard	VERB
dem-18441	113	15	the	the	DET
dem-18441	113	16	impact	impact	NOUN
dem-18441	113	17	of	of	ADP
dem-18441	113	18	the	the	DET
dem-18441	113	19	sector	sector	NOUN
dem-18441	113	20	environment	environment	NOUN
dem-18441	113	21	and	and	CCONJ
dem-18441	113	22	the	the	DET
dem-18441	113	23	internal	internal	ADJ
dem-18441	113	24	factors	factor	NOUN
dem-18441	113	25	on	on	ADP
dem-18441	113	26	the	the	DET
dem-18441	113	27	profitability	profitability	NOUN
dem-18441	113	28	of	of	ADP
dem-18441	113	29	polish	polish	ADJ
dem-18441	113	30	enterprises	enterprise	NOUN
dem-18441	113	31	(	(	PUNCT
dem-18441	113	32	matyjas	matyjas	ADJ
dem-18441	113	33	,	,	PUNCT
dem-18441	113	34	2012	2012	NUM
dem-18441	113	35	,	,	PUNCT
dem-18441	113	36	2016	2016	NUM
dem-18441	113	37	)	)	PUNCT
dem-18441	113	38	.	.	PUNCT
dem-18441	114	1	the	the	DET
dem-18441	114	2	author	author	NOUN
dem-18441	114	3	analyzed	analyze	VERB
dem-18441	114	4	companies	company	NOUN
dem-18441	114	5	listed	list	VERB
dem-18441	114	6	on	on	ADP
dem-18441	114	7	the	the	DET
dem-18441	114	8	warsaw	warsaw	PROPN
dem-18441	114	9	stock	stock	PROPN
dem-18441	114	10	exchange	exchange	PROPN
dem-18441	114	11	.	.	PUNCT
dem-18441	115	1	the	the	DET
dem-18441	115	2	research	research	NOUN
dem-18441	115	3	results	result	NOUN
dem-18441	115	4	vary	vary	VERB
dem-18441	115	5	,	,	PUNCT
dem-18441	115	6	depending	depend	VERB
dem-18441	115	7	on	on	ADP
dem-18441	115	8	the	the	DET
dem-18441	115	9	number	number	NOUN
dem-18441	115	10	of	of	ADP
dem-18441	115	11	the	the	DET
dem-18441	115	12	subjects	subject	NOUN
dem-18441	115	13	admitted	admit	VERB
dem-18441	115	14	to	to	ADP
dem-18441	115	15	the	the	DET
dem-18441	115	16	sample	sample	NOUN
dem-18441	115	17	and	and	CCONJ
dem-18441	115	18	the	the	DET
dem-18441	115	19	period	period	NOUN
dem-18441	115	20	covered	cover	VERB
dem-18441	115	21	by	by	ADP
dem-18441	115	22	the	the	DET
dem-18441	115	23	analysis	analysis	NOUN
dem-18441	115	24	.	.	PUNCT
dem-18441	116	1	thus	thus	ADV
dem-18441	116	2	,	,	PUNCT
dem-18441	116	3	during	during	ADP
dem-18441	116	4	the	the	DET
dem-18441	116	5	period	period	NOUN
dem-18441	116	6	of	of	ADP
dem-18441	116	7	2008–2011	2008–2011	NUM
dem-18441	116	8	,	,	PUNCT
dem-18441	116	9	389	389	NUM
dem-18441	116	10	companies	company	NOUN
dem-18441	116	11	were	be	AUX
dem-18441	116	12	examined	examine	VERB
dem-18441	116	13	.	.	PUNCT
dem-18441	117	1	the	the	DET
dem-18441	117	2	author	author	NOUN
dem-18441	117	3	proved	prove	VERB
dem-18441	117	4	that	that	SCONJ
dem-18441	117	5	internal	internal	ADJ
dem-18441	117	6	factors	factor	NOUN
dem-18441	117	7	played	play	VERB
dem-18441	117	8	an	an	DET
dem-18441	117	9	important	important	ADJ
dem-18441	117	10	role	role	NOUN
dem-18441	117	11	in	in	ADP
dem-18441	117	12	shaping	shape	VERB
dem-18441	117	13	those	those	DET
dem-18441	117	14	companies	company	NOUN
dem-18441	117	15	’	’	PART
dem-18441	117	16	profitability	profitability	NOUN
dem-18441	117	17	.	.	PUNCT
dem-18441	118	1	sector	sector	NOUN
dem-18441	118	2	environment	environment	NOUN
dem-18441	118	3	,	,	PUNCT
dem-18441	118	4	in	in	ADP
dem-18441	118	5	turn	turn	NOUN
dem-18441	118	6	,	,	PUNCT
dem-18441	118	7	did	do	AUX
dem-18441	118	8	not	not	PART
dem-18441	118	9	affect	affect	VERB
dem-18441	118	10	it	it	PRON
dem-18441	118	11	(	(	PUNCT
dem-18441	118	12	matyjas	matyjas	ADJ
dem-18441	118	13	,	,	PUNCT
dem-18441	118	14	2012	2012	NUM
dem-18441	118	15	)	)	PUNCT
dem-18441	118	16	.	.	PUNCT
dem-18441	119	1	in	in	ADP
dem-18441	119	2	further	further	ADJ
dem-18441	119	3	studies	study	NOUN
dem-18441	119	4	,	,	PUNCT
dem-18441	119	5	the	the	DET
dem-18441	119	6	same	same	ADJ
dem-18441	119	7	author	author	NOUN
dem-18441	119	8	obtained	obtain	VERB
dem-18441	119	9	different	different	ADJ
dem-18441	119	10	results	result	NOUN
dem-18441	119	11	(	(	PUNCT
dem-18441	119	12	matyjas	matyjas	ADJ
dem-18441	119	13	,	,	PUNCT
dem-18441	119	14	2016	2016	NUM
dem-18441	119	15	)	)	PUNCT
dem-18441	119	16	.	.	PUNCT
dem-18441	120	1	this	this	DET
dem-18441	120	2	time	time	NOUN
dem-18441	120	3	,	,	PUNCT
dem-18441	120	4	the	the	DET
dem-18441	120	5	subject	subject	NOUN
dem-18441	120	6	of	of	ADP
dem-18441	120	7	the	the	DET
dem-18441	120	8	analysis	analysis	NOUN
dem-18441	120	9	entailed	entail	VERB
dem-18441	120	10	221	221	NUM
dem-18441	120	11	companies	company	NOUN
dem-18441	120	12	listed	list	VERB
dem-18441	120	13	on	on	ADP
dem-18441	120	14	the	the	DET
dem-18441	120	15	warsaw	warsaw	PROPN
dem-18441	120	16	stock	stock	PROPN
dem-18441	120	17	exchange	exchange	NOUN
dem-18441	120	18	in	in	ADP
dem-18441	120	19	the	the	DET
dem-18441	120	20	years	year	NOUN
dem-18441	120	21	2007–2012	2007–2012	NUM
dem-18441	120	22	.	.	PUNCT
dem-18441	121	1	it	it	PRON
dem-18441	121	2	turned	turn	VERB
dem-18441	121	3	out	out	ADP
dem-18441	121	4	that	that	SCONJ
dem-18441	121	5	their	their	PRON
dem-18441	121	6	profitability	profitability	NOUN
dem-18441	121	7	was	be	AUX
dem-18441	121	8	impacted	impact	VERB
dem-18441	121	9	by	by	ADP
dem-18441	121	10	both	both	CCONJ
dem-18441	121	11	the	the	DET
dem-18441	121	12	internal	internal	ADJ
dem-18441	121	13	factors	factor	NOUN
dem-18441	121	14	and	and	CCONJ
dem-18441	121	15	the	the	DET
dem-18441	121	16	sector	sector	NOUN
dem-18441	121	17	environment	environment	NOUN
dem-18441	121	18	.	.	PUNCT
dem-18441	122	1	it	it	PRON
dem-18441	122	2	should	should	AUX
dem-18441	122	3	be	be	AUX
dem-18441	122	4	noted	note	VERB
dem-18441	122	5	,	,	PUNCT
dem-18441	122	6	however	however	ADV
dem-18441	122	7	,	,	PUNCT
dem-18441	122	8	that	that	SCONJ
dem-18441	122	9	the	the	DET
dem-18441	122	10	strength	strength	NOUN
dem-18441	122	11	of	of	ADP
dem-18441	122	12	the	the	DET
dem-18441	122	13	company	company	NOUN
dem-18441	122	14	-	-	PUNCT
dem-18441	122	15	specific	specific	ADJ
dem-18441	122	16	factors	factor	NOUN
dem-18441	122	17	was	be	AUX
dem-18441	122	18	,	,	PUNCT
dem-18441	122	19	in	in	ADP
dem-18441	122	20	this	this	DET
dem-18441	122	21	case	case	NOUN
dem-18441	122	22	,	,	PUNCT
dem-18441	122	23	much	much	ADV
dem-18441	122	24	higher	high	ADJ
dem-18441	122	25	than	than	ADP
dem-18441	122	26	that	that	PRON
dem-18441	122	27	of	of	ADP
dem-18441	122	28	the	the	DET
dem-18441	122	29	sector	sector	NOUN
dem-18441	122	30	-	-	PUNCT
dem-18441	122	31	specific	specific	ADJ
dem-18441	122	32	ones	one	NOUN
dem-18441	122	33	.	.	PUNCT
dem-18441	123	1	3	3	X
dem-18441	123	2	.	.	X
dem-18441	123	3	the	the	DET
dem-18441	123	4	research	research	NOUN
dem-18441	123	5	sample	sample	NOUN
dem-18441	123	6	and	and	CCONJ
dem-18441	123	7	description	description	NOUN
dem-18441	123	8	of	of	ADP
dem-18441	123	9	the	the	DET
dem-18441	123	10	research	research	NOUN
dem-18441	123	11	method	method	NOUN
dem-18441	123	12	the	the	DET
dem-18441	123	13	subject	subject	NOUN
dem-18441	123	14	of	of	ADP
dem-18441	123	15	the	the	DET
dem-18441	123	16	analysis	analysis	NOUN
dem-18441	123	17	entails	entail	VERB
dem-18441	123	18	the	the	DET
dem-18441	123	19	companies	company	NOUN
dem-18441	123	20	listed	list	VERB
dem-18441	123	21	on	on	ADP
dem-18441	123	22	the	the	DET
dem-18441	123	23	main	main	ADJ
dem-18441	123	24	market	market	NOUN
dem-18441	123	25	of	of	ADP
dem-18441	123	26	the	the	DET
dem-18441	123	27	warsaw	warsaw	PROPN
dem-18441	123	28	stock	stock	PROPN
dem-18441	123	29	exchange	exchange	NOUN
dem-18441	123	30	in	in	ADP
dem-18441	123	31	the	the	DET
dem-18441	123	32	years	year	NOUN
dem-18441	123	33	1998–2016	1998–2016	NUM
dem-18441	123	34	,	,	PUNCT
dem-18441	123	35	as	as	ADP
dem-18441	123	36	of	of	ADP
dem-18441	123	37	15	15	NUM
dem-18441	123	38	december	december	PROPN
dem-18441	123	39	2017	2017	NUM
dem-18441	123	40	.	.	PUNCT
dem-18441	124	1	to	to	PART
dem-18441	124	2	select	select	VERB
dem-18441	124	3	the	the	DET
dem-18441	124	4	entities	entity	NOUN
dem-18441	124	5	,	,	PUNCT
dem-18441	124	6	the	the	DET
dem-18441	124	7	sector	sector	NOUN
dem-18441	124	8	classification	classification	NOUN
dem-18441	124	9	used	use	VERB
dem-18441	124	10	for	for	ADP
dem-18441	124	11	the	the	DET
dem-18441	124	12	needs	need	NOUN
dem-18441	124	13	of	of	ADP
dem-18441	124	14	the	the	DET
dem-18441	124	15	warsaw	warsaw	PROPN
dem-18441	124	16	stock	stock	PROPN
dem-18441	124	17	exchange	exchange	PROPN
dem-18441	124	18	was	be	AUX
dem-18441	124	19	applied	apply	VERB
dem-18441	124	20	to	to	ADP
dem-18441	124	21	the	the	DET
dem-18441	124	22	sample	sample	NOUN
dem-18441	124	23	.	.	PUNCT
dem-18441	125	1	out	out	ADP
dem-18441	125	2	of	of	ADP
dem-18441	125	3	477	477	NUM
dem-18441	125	4	companies	company	NOUN
dem-18441	125	5	,	,	PUNCT
dem-18441	125	6	companies	company	NOUN
dem-18441	125	7	from	from	ADP
dem-18441	125	8	the	the	DET
dem-18441	125	9	following	follow	VERB
dem-18441	125	10	sectors	sector	NOUN
dem-18441	125	11	and	and	CCONJ
dem-18441	125	12	subsectors	subsector	NOUN
dem-18441	125	13	were	be	AUX
dem-18441	125	14	accepted	accept	VERB
dem-18441	125	15	for	for	ADP
dem-18441	125	16	the	the	DET
dem-18441	125	17	research	research	NOUN
dem-18441	125	18	:	:	PUNCT
dem-18441	125	19	fuels	fuel	NOUN
dem-18441	125	20	and	and	CCONJ
dem-18441	125	21	energy	energy	NOUN
dem-18441	125	22	(	(	PUNCT
dem-18441	125	23	14	14	NUM
dem-18441	125	24	companies	company	NOUN
dem-18441	125	25	)	)	PUNCT
dem-18441	125	26	;	;	PUNCT
dem-18441	126	1	chemistry	chemistry	NOUN
dem-18441	126	2	and	and	CCONJ
dem-18441	126	3	raw	raw	ADJ
dem-18441	126	4	materials	material	NOUN
dem-18441	126	5	(	(	PUNCT
dem-18441	126	6	37	37	NUM
dem-18441	126	7	companies	company	NOUN
dem-18441	126	8	)	)	PUNCT
dem-18441	126	9	;	;	PUNCT
dem-18441	126	10	construction	construction	NOUN
dem-18441	126	11	(	(	PUNCT
dem-18441	126	12	44	44	NUM
dem-18441	126	13	companies	company	NOUN
dem-18441	126	14	)	)	PUNCT
dem-18441	126	15	;	;	PUNCT
dem-18441	126	16	electromechanical	electromechanical	ADJ
dem-18441	126	17	industry	industry	NOUN
dem-18441	126	18	(	(	PUNCT
dem-18441	126	19	24	24	NUM
dem-18441	126	20	companies	company	NOUN
dem-18441	126	21	)	)	PUNCT
dem-18441	126	22	;	;	PUNCT
dem-18441	126	23	transport	transport	NOUN
dem-18441	126	24	and	and	CCONJ
dem-18441	126	25	logistics	logistic	NOUN
dem-18441	126	26	,	,	PUNCT
dem-18441	126	27	business	business	NOUN
dem-18441	126	28	supplies	supply	NOUN
dem-18441	126	29	and	and	CCONJ
dem-18441	126	30	enterprise	enterprise	NOUN
dem-18441	126	31	services	service	NOUN
dem-18441	126	32	(	(	PUNCT
dem-18441	126	33	20	20	NUM
dem-18441	126	34	companies	company	NOUN
dem-18441	126	35	in	in	ADP
dem-18441	126	36	total	total	NOUN
dem-18441	126	37	)	)	PUNCT
dem-18441	126	38	;	;	PUNCT
dem-18441	126	39	consumer	consumer	NOUN
dem-18441	126	40	goods	good	NOUN
dem-18441	126	41	(	(	PUNCT
dem-18441	126	42	39	39	NUM
dem-18441	126	43	companies	company	NOUN
dem-18441	126	44	)	)	PUNCT
dem-18441	126	45	;	;	PUNCT
dem-18441	126	46	wholesale	wholesale	ADJ
dem-18441	126	47	trade	trade	NOUN
dem-18441	126	48	,	,	PUNCT
dem-18441	126	49	retail	retail	ADJ
dem-18441	126	50	chains	chain	NOUN
dem-18441	126	51	and	and	CCONJ
dem-18441	126	52	e	e	NOUN
dem-18441	126	53	-	-	NOUN
dem-18441	126	54	commerce	commerce	NOUN
dem-18441	126	55	(	(	PUNCT
dem-18441	126	56	13	13	NUM
dem-18441	126	57	companies	company	NOUN
dem-18441	126	58	in	in	ADP
dem-18441	126	59	total	total	NOUN
dem-18441	126	60	)	)	PUNCT
dem-18441	126	61	;	;	PUNCT
dem-18441	126	62	recreation	recreation	NOUN
dem-18441	126	63	and	and	CCONJ
dem-18441	126	64	leisure	leisure	NOUN
dem-18441	126	65	,	,	PUNCT
dem-18441	126	66	media	medium	NOUN
dem-18441	126	67	and	and	CCONJ
dem-18441	126	68	games	game	NOUN
dem-18441	126	69	(	(	PUNCT
dem-18441	126	70	26	26	NUM
dem-18441	126	71	companies	company	NOUN
dem-18441	126	72	in	in	ADP
dem-18441	126	73	total	total	NOUN
dem-18441	126	74	)	)	PUNCT
dem-18441	126	75	;	;	PUNCT
dem-18441	126	76	health	health	NOUN
dem-18441	126	77	care	care	NOUN
dem-18441	126	78	(	(	PUNCT
dem-18441	126	79	15	15	NUM
dem-18441	126	80	companies	company	NOUN
dem-18441	126	81	)	)	PUNCT
dem-18441	126	82	and	and	CCONJ
dem-18441	126	83	technologies	technology	NOUN
dem-18441	126	84	(	(	PUNCT
dem-18441	126	85	28	28	NUM
dem-18441	126	86	companies	company	NOUN
dem-18441	126	87	)	)	PUNCT
dem-18441	126	88	.	.	PUNCT
dem-18441	127	1	companies	company	NOUN
dem-18441	127	2	from	from	ADP
dem-18441	127	3	the	the	DET
dem-18441	127	4	financial	financial	ADJ
dem-18441	127	5	sector	sector	NOUN
dem-18441	127	6	were	be	AUX
dem-18441	127	7	impact	impact	NOUN
dem-18441	127	8	of	of	ADP
dem-18441	127	9	the	the	DET
dem-18441	127	10	sector	sector	NOUN
dem-18441	127	11	and	and	CCONJ
dem-18441	127	12	of	of	ADP
dem-18441	127	13	internal	internal	ADJ
dem-18441	127	14	factors	factor	NOUN
dem-18441	127	15	on	on	ADP
dem-18441	127	16	profitability	profitability	NOUN
dem-18441	127	17	…	…	SYM
dem-18441	127	18	dynamic	dynamic	ADJ
dem-18441	127	19	econometric	econometric	ADJ
dem-18441	127	20	models	model	NOUN
dem-18441	127	21	18	18	NUM
dem-18441	127	22	(	(	PUNCT
dem-18441	127	23	2018	2018	NUM
dem-18441	127	24	)	)	PUNCT
dem-18441	128	1	115–127	115–127	NUM
dem-18441	128	2	121	121	NUM
dem-18441	128	3	excluded	exclude	VERB
dem-18441	128	4	from	from	ADP
dem-18441	128	5	the	the	DET
dem-18441	128	6	research	research	NOUN
dem-18441	128	7	.	.	PUNCT
dem-18441	129	1	therefore	therefore	ADV
dem-18441	129	2	,	,	PUNCT
dem-18441	129	3	64	64	NUM
dem-18441	129	4	entities	entity	NOUN
dem-18441	129	5	were	be	AUX
dem-18441	129	6	rejected	reject	VERB
dem-18441	129	7	,	,	PUNCT
dem-18441	129	8	with	with	ADP
dem-18441	129	9	the	the	DET
dem-18441	129	10	exception	exception	NOUN
dem-18441	129	11	of	of	ADP
dem-18441	129	12	the	the	DET
dem-18441	129	13	enterprises	enterprise	NOUN
dem-18441	129	14	included	include	VERB
dem-18441	129	15	in	in	ADP
dem-18441	129	16	the	the	DET
dem-18441	129	17	real	real	ADJ
dem-18441	129	18	-	-	PUNCT
dem-18441	129	19	estate	estate	NOUN
dem-18441	129	20	subsector	subsector	NOUN
dem-18441	129	21	(	(	PUNCT
dem-18441	129	22	20	20	NUM
dem-18441	129	23	companies	company	NOUN
dem-18441	129	24	)	)	PUNCT
dem-18441	129	25	,	,	PUNCT
dem-18441	129	26	which	which	PRON
dem-18441	129	27	carry	carry	VERB
dem-18441	129	28	out	out	ADP
dem-18441	129	29	property	property	NOUN
dem-18441	129	30	development	development	NOUN
dem-18441	129	31	activity	activity	NOUN
dem-18441	129	32	,	,	PUNCT
dem-18441	129	33	consisting	consist	VERB
dem-18441	129	34	in	in	ADP
dem-18441	129	35	the	the	DET
dem-18441	129	36	construction	construction	NOUN
dem-18441	129	37	of	of	ADP
dem-18441	129	38	real	real	ADJ
dem-18441	129	39	estate	estate	NOUN
dem-18441	129	40	and	and	CCONJ
dem-18441	129	41	then	then	ADV
dem-18441	129	42	its	its	PRON
dem-18441	129	43	sale	sale	NOUN
dem-18441	129	44	or	or	CCONJ
dem-18441	129	45	rental	rental	NOUN
dem-18441	129	46	.	.	PUNCT
dem-18441	130	1	the	the	DET
dem-18441	130	2	sector	sector	NOUN
dem-18441	130	3	,	,	PUNCT
dem-18441	130	4	and	and	CCONJ
dem-18441	130	5	more	more	ADV
dem-18441	130	6	generally	generally	ADV
dem-18441	130	7	–	–	PUNCT
dem-18441	130	8	the	the	DET
dem-18441	130	9	real	real	ADJ
dem-18441	130	10	estate	estate	NOUN
dem-18441	130	11	market	market	NOUN
dem-18441	130	12	can	can	AUX
dem-18441	130	13	be	be	AUX
dem-18441	130	14	considered	consider	VERB
dem-18441	130	15	from	from	ADP
dem-18441	130	16	two	two	NUM
dem-18441	130	17	perspectives	perspective	NOUN
dem-18441	130	18	:	:	PUNCT
dem-18441	130	19	the	the	DET
dem-18441	130	20	financial	financial	ADJ
dem-18441	130	21	and	and	CCONJ
dem-18441	130	22	the	the	DET
dem-18441	130	23	material	material	NOUN
dem-18441	130	24	one	one	NUM
dem-18441	130	25	.	.	PUNCT
dem-18441	131	1	in	in	ADP
dem-18441	131	2	the	the	DET
dem-18441	131	3	first	first	ADJ
dem-18441	131	4	case	case	NOUN
dem-18441	131	5	,	,	PUNCT
dem-18441	131	6	it	it	PRON
dem-18441	131	7	should	should	AUX
dem-18441	131	8	be	be	AUX
dem-18441	131	9	perceived	perceive	VERB
dem-18441	131	10	through	through	ADP
dem-18441	131	11	the	the	DET
dem-18441	131	12	prism	prism	NOUN
dem-18441	131	13	of	of	ADP
dem-18441	131	14	the	the	DET
dem-18441	131	15	links	link	NOUN
dem-18441	131	16	with	with	ADP
dem-18441	131	17	the	the	DET
dem-18441	131	18	financial	financial	ADJ
dem-18441	131	19	capital	capital	NOUN
dem-18441	131	20	market	market	NOUN
dem-18441	131	21	,	,	PUNCT
dem-18441	131	22	while	while	SCONJ
dem-18441	131	23	in	in	ADP
dem-18441	131	24	the	the	DET
dem-18441	131	25	second	second	ADJ
dem-18441	131	26	–	–	PUNCT
dem-18441	131	27	in	in	ADP
dem-18441	131	28	terms	term	NOUN
dem-18441	131	29	of	of	ADP
dem-18441	131	30	the	the	DET
dem-18441	131	31	real	real	ADJ
dem-18441	131	32	estate	estate	NOUN
dem-18441	131	33	supply	supply	NOUN
dem-18441	131	34	and	and	CCONJ
dem-18441	131	35	demand	demand	NOUN
dem-18441	131	36	(	(	PUNCT
dem-18441	131	37	wiśniewska	wiśniewska	INTJ
dem-18441	131	38	,	,	PUNCT
dem-18441	131	39	2004	2004	NUM
dem-18441	131	40	,	,	PUNCT
dem-18441	131	41	p.79	p.79	ADP
dem-18441	131	42	)	)	PUNCT
dem-18441	131	43	.	.	PUNCT
dem-18441	132	1	due	due	ADP
dem-18441	132	2	to	to	ADP
dem-18441	132	3	the	the	DET
dem-18441	132	4	presumptions	presumption	NOUN
dem-18441	132	5	resulting	result	VERB
dem-18441	132	6	from	from	ADP
dem-18441	132	7	the	the	DET
dem-18441	132	8	second	second	ADJ
dem-18441	132	9	conceptualization	conceptualization	NOUN
dem-18441	132	10	,	,	PUNCT
dem-18441	132	11	real	real	ADJ
dem-18441	132	12	estate	estate	NOUN
dem-18441	132	13	development	development	NOUN
dem-18441	132	14	companies	company	NOUN
dem-18441	132	15	were	be	AUX
dem-18441	132	16	accepted	accept	VERB
dem-18441	132	17	for	for	ADP
dem-18441	132	18	research	research	NOUN
dem-18441	132	19	.	.	PUNCT
dem-18441	133	1	the	the	DET
dem-18441	133	2	sample	sample	NOUN
dem-18441	133	3	excluded	exclude	VERB
dem-18441	133	4	the	the	DET
dem-18441	133	5	entities	entity	NOUN
dem-18441	133	6	that	that	PRON
dem-18441	133	7	did	do	AUX
dem-18441	133	8	not	not	PART
dem-18441	133	9	submit	submit	VERB
dem-18441	133	10	complete	complete	ADJ
dem-18441	133	11	financial	financial	ADJ
dem-18441	133	12	statements	statement	NOUN
dem-18441	133	13	during	during	ADP
dem-18441	133	14	the	the	DET
dem-18441	133	15	period	period	NOUN
dem-18441	133	16	under	under	ADP
dem-18441	133	17	consideration	consideration	NOUN
dem-18441	133	18	,	,	PUNCT
dem-18441	133	19	i.e.	i.e.	X
dem-18441	133	20	52	52	NUM
dem-18441	133	21	enterprises	enterprise	NOUN
dem-18441	133	22	.	.	PUNCT
dem-18441	134	1	the	the	DET
dem-18441	134	2	companies	company	NOUN
dem-18441	134	3	in	in	ADP
dem-18441	134	4	bankruptcy	bankruptcy	NOUN
dem-18441	134	5	or	or	CCONJ
dem-18441	134	6	under	under	ADP
dem-18441	134	7	restructuring	restructuring	NOUN
dem-18441	134	8	,	,	PUNCT
dem-18441	134	9	i.e.	i.e.	X
dem-18441	134	10	15	15	NUM
dem-18441	134	11	enterprises	enterprise	NOUN
dem-18441	134	12	,	,	PUNCT
dem-18441	134	13	were	be	AUX
dem-18441	134	14	also	also	ADV
dem-18441	134	15	rejected	reject	VERB
dem-18441	134	16	.	.	PUNCT
dem-18441	135	1	moreover	moreover	ADV
dem-18441	135	2	,	,	PUNCT
dem-18441	135	3	only	only	ADV
dem-18441	135	4	the	the	DET
dem-18441	135	5	entities	entity	NOUN
dem-18441	135	6	that	that	PRON
dem-18441	135	7	were	be	AUX
dem-18441	135	8	continuously	continuously	ADV
dem-18441	135	9	listed	list	VERB
dem-18441	135	10	on	on	ADP
dem-18441	135	11	the	the	DET
dem-18441	135	12	warsaw	warsaw	PROPN
dem-18441	135	13	stock	stock	PROPN
dem-18441	135	14	exchange	exchange	PROPN
dem-18441	135	15	for	for	ADP
dem-18441	135	16	a	a	DET
dem-18441	135	17	period	period	NOUN
dem-18441	135	18	of	of	ADP
dem-18441	135	19	at	at	ADV
dem-18441	135	20	least	least	ADV
dem-18441	135	21	5	5	NUM
dem-18441	135	22	years	year	NOUN
dem-18441	135	23	were	be	AUX
dem-18441	135	24	admitted	admit	VERB
dem-18441	135	25	to	to	ADP
dem-18441	135	26	the	the	DET
dem-18441	135	27	study	study	NOUN
dem-18441	135	28	.	.	PUNCT
dem-18441	136	1	therefore	therefore	ADV
dem-18441	136	2	,	,	PUNCT
dem-18441	136	3	66	66	NUM
dem-18441	136	4	companies	company	NOUN
dem-18441	136	5	were	be	AUX
dem-18441	136	6	excluded	exclude	VERB
dem-18441	136	7	from	from	ADP
dem-18441	136	8	the	the	DET
dem-18441	136	9	sample	sample	NOUN
dem-18441	136	10	.	.	PUNCT
dem-18441	137	1	ultimately	ultimately	ADV
dem-18441	137	2	,	,	PUNCT
dem-18441	137	3	280	280	NUM
dem-18441	137	4	enterprises	enterprise	NOUN
dem-18441	137	5	were	be	AUX
dem-18441	137	6	qualified	qualified	ADJ
dem-18441	137	7	for	for	ADP
dem-18441	137	8	the	the	DET
dem-18441	137	9	research	research	NOUN
dem-18441	137	10	,	,	PUNCT
dem-18441	137	11	i.e.	i.e.	X
dem-18441	137	12	almost	almost	ADV
dem-18441	137	13	59	59	NUM
dem-18441	137	14	%	%	NOUN
dem-18441	137	15	of	of	ADP
dem-18441	137	16	the	the	DET
dem-18441	137	17	pre	pre	ADJ
dem-18441	137	18	-	-	ADJ
dem-18441	137	19	selected	select	VERB
dem-18441	137	20	entities	entity	NOUN
dem-18441	137	21	.	.	PUNCT
dem-18441	138	1	to	to	PART
dem-18441	138	2	identify	identify	VERB
dem-18441	138	3	the	the	DET
dem-18441	138	4	impact	impact	NOUN
dem-18441	138	5	of	of	ADP
dem-18441	138	6	selected	select	VERB
dem-18441	138	7	internal	internal	ADJ
dem-18441	138	8	factors	factor	NOUN
dem-18441	138	9	on	on	ADP
dem-18441	138	10	the	the	DET
dem-18441	138	11	profitability	profitability	NOUN
dem-18441	138	12	of	of	ADP
dem-18441	138	13	the	the	DET
dem-18441	138	14	examined	examine	VERB
dem-18441	138	15	companies	company	NOUN
dem-18441	138	16	and	and	CCONJ
dem-18441	138	17	the	the	DET
dem-18441	138	18	dependence	dependence	NOUN
dem-18441	138	19	of	of	ADP
dem-18441	138	20	profitability	profitability	NOUN
dem-18441	138	21	on	on	ADP
dem-18441	138	22	the	the	DET
dem-18441	138	23	sectoral	sectoral	ADJ
dem-18441	138	24	affiliation	affiliation	NOUN
dem-18441	138	25	,	,	PUNCT
dem-18441	138	26	estimation	estimation	NOUN
dem-18441	138	27	of	of	ADP
dem-18441	138	28	an	an	DET
dem-18441	138	29	econometric	econometric	ADJ
dem-18441	138	30	model	model	NOUN
dem-18441	138	31	,	,	PUNCT
dem-18441	138	32	in	in	ADP
dem-18441	138	33	a	a	DET
dem-18441	138	34	panel	panel	NOUN
dem-18441	138	35	approach	approach	NOUN
dem-18441	138	36	,	,	PUNCT
dem-18441	138	37	was	be	AUX
dem-18441	138	38	proposed	propose	VERB
dem-18441	138	39	.	.	PUNCT
dem-18441	139	1	due	due	ADP
dem-18441	139	2	to	to	ADP
dem-18441	139	3	the	the	DET
dem-18441	139	4	fact	fact	NOUN
dem-18441	139	5	that	that	SCONJ
dem-18441	139	6	not	not	PART
dem-18441	139	7	all	all	DET
dem-18441	139	8	companies	company	NOUN
dem-18441	139	9	were	be	AUX
dem-18441	139	10	listed	list	VERB
dem-18441	139	11	on	on	ADP
dem-18441	139	12	the	the	DET
dem-18441	139	13	warsaw	warsaw	PROPN
dem-18441	139	14	stock	stock	PROPN
dem-18441	139	15	exchange	exchange	PROPN
dem-18441	139	16	or	or	CCONJ
dem-18441	139	17	operated	operate	VERB
dem-18441	139	18	since	since	SCONJ
dem-18441	139	19	1998	1998	NUM
dem-18441	139	20	,	,	PUNCT
dem-18441	139	21	it	it	PRON
dem-18441	139	22	was	be	AUX
dem-18441	139	23	an	an	DET
dem-18441	139	24	unbalanced	unbalanced	ADJ
dem-18441	139	25	panel	panel	NOUN
dem-18441	139	26	.	.	PUNCT
dem-18441	140	1	a	a	DET
dem-18441	140	2	linear	linear	ADJ
dem-18441	140	3	model	model	NOUN
dem-18441	140	4	of	of	ADP
dem-18441	140	5	the	the	DET
dem-18441	140	6	dependence	dependence	NOUN
dem-18441	140	7	of	of	ADP
dem-18441	140	8	the	the	DET
dem-18441	140	9	profitability	profitability	NOUN
dem-18441	140	10	level	level	NOUN
dem-18441	140	11	on	on	ADP
dem-18441	140	12	the	the	DET
dem-18441	140	13	affiliation	affiliation	NOUN
dem-18441	140	14	to	to	ADP
dem-18441	140	15	the	the	DET
dem-18441	140	16	sector	sector	NOUN
dem-18441	140	17	and	and	CCONJ
dem-18441	140	18	on	on	ADP
dem-18441	140	19	the	the	DET
dem-18441	140	20	internal	internal	ADJ
dem-18441	140	21	factors	factor	NOUN
dem-18441	140	22	has	have	VERB
dem-18441	140	23	the	the	DET
dem-18441	140	24	following	follow	VERB
dem-18441	140	25	form	form	NOUN
dem-18441	140	26	:	:	PUNCT
dem-18441	140	27	𝑦	𝑦	NOUN
dem-18441	140	28	"	"	PUNCT
dem-18441	140	29	#	#	NOUN
dem-18441	140	30	=	=	SYM
dem-18441	140	31	𝛽	𝛽	PROPN
dem-18441	140	32	&	&	CCONJ
dem-18441	140	33	+	+	PROPN
dem-18441	140	34	(	(	PUNCT
dem-18441	140	35	𝛽)𝑆	𝛽)𝑆	ADJ
dem-18441	140	36	)	)	PUNCT
dem-18441	140	37	+	+	PROPN
dem-18441	140	38	+	+	NUM
dem-18441	140	39	)	)	PUNCT
dem-18441	140	40	,	,	PUNCT
dem-18441	140	41	+	+	PUNCT
dem-18441	140	42	+	+	CCONJ
dem-18441	140	43	𝛼+𝐿𝐴𝑉𝐸𝑅𝐴𝐺𝐸	𝛼+𝐿𝐴𝑉𝐸𝑅𝐴𝐺𝐸	ADJ
dem-18441	140	44	"	"	PUNCT
dem-18441	140	45	#	#	NOUN
dem-18441	140	46	+	+	CCONJ
dem-18441	140	47	𝛼4𝐺𝑅𝑂𝑊𝑇𝐻	𝛼4𝐺𝑅𝑂𝑊𝑇𝐻	ADJ
dem-18441	140	48	"	"	PUNCT
dem-18441	140	49	#	#	NOUN
dem-18441	140	50	+	+	CCONJ
dem-18441	140	51	𝛼9𝐿𝐼𝑄	𝛼9𝐿𝐼𝑄	ADJ
dem-18441	140	52	"	"	PUNCT
dem-18441	140	53	#	#	NOUN
dem-18441	140	54	+	+	NOUN
dem-18441	140	55	𝛼<𝑁𝐷𝑇𝑆	𝛼<𝑁𝐷𝑇𝑆	NOUN
dem-18441	140	56	"	"	PUNCT
dem-18441	140	57	#	#	NOUN
dem-18441	140	58	+	+	NOUN
dem-18441	140	59	𝛼?𝑆𝐼𝑍𝐸	𝛼?𝑆𝐼𝑍𝐸	NOUN
dem-18441	140	60	"	"	PUNCT
dem-18441	140	61	#	#	NOUN
dem-18441	140	62	+	+	CCONJ
dem-18441	140	63	𝛼a𝑇𝐴𝑁𝐺	𝛼a𝑇𝐴𝑁𝐺	PROPN
dem-18441	140	64	"	"	PUNCT
dem-18441	140	65	#	#	NOUN
dem-18441	140	66	+	+	NOUN
dem-18441	140	67	𝜉	𝜉	NOUN
dem-18441	140	68	"	"	PUNCT
dem-18441	140	69	#	#	NOUN
dem-18441	140	70	where	where	SCONJ
dem-18441	140	71	is	be	AUX
dem-18441	140	72	an	an	DET
dem-18441	140	73	endogenous	endogenous	ADJ
dem-18441	140	74	variable	variable	NOUN
dem-18441	140	75	representing	represent	VERB
dem-18441	140	76	the	the	DET
dem-18441	140	77	profitability	profitability	NOUN
dem-18441	140	78	of	of	ADP
dem-18441	140	79	the	the	DET
dem-18441	140	80	i	i	PROPN
dem-18441	140	81	-	-	PUNCT
dem-18441	140	82	th	th	VERB
dem-18441	140	83	company	company	NOUN
dem-18441	140	84	in	in	ADP
dem-18441	140	85	the	the	DET
dem-18441	140	86	period	period	NOUN
dem-18441	140	87	t.	t.	NOUN
dem-18441	140	88	profitability	profitability	NOUN
dem-18441	140	89	is	be	AUX
dem-18441	140	90	defined	define	VERB
dem-18441	140	91	by	by	ADP
dem-18441	140	92	the	the	DET
dem-18441	140	93	relation	relation	NOUN
dem-18441	140	94	of	of	ADP
dem-18441	140	95	the	the	DET
dem-18441	140	96	profit	profit	NOUN
dem-18441	140	97	to	to	ADP
dem-18441	140	98	the	the	DET
dem-18441	140	99	total	total	ADJ
dem-18441	140	100	assets	asset	NOUN
dem-18441	140	101	(	(	PUNCT
dem-18441	140	102	roa	roa	NOUN
dem-18441	140	103	)	)	PUNCT
dem-18441	140	104	or	or	CCONJ
dem-18441	140	105	the	the	DET
dem-18441	140	106	ratio	ratio	NOUN
dem-18441	140	107	of	of	ADP
dem-18441	140	108	the	the	DET
dem-18441	140	109	net	net	ADJ
dem-18441	140	110	profit	profit	NOUN
dem-18441	140	111	to	to	ADP
dem-18441	140	112	the	the	DET
dem-18441	140	113	total	total	ADJ
dem-18441	140	114	equity	equity	NOUN
dem-18441	140	115	(	(	PUNCT
dem-18441	140	116	roe	roe	PROPN
dem-18441	140	117	)	)	PUNCT
dem-18441	140	118	.	.	PUNCT
dem-18441	141	1	the	the	DET
dem-18441	141	2	variables	variable	NOUN
dem-18441	141	3	sj	sj	INTJ
dem-18441	141	4	are	be	AUX
dem-18441	141	5	centered	center	VERB
dem-18441	141	6	dummy	dummy	ADJ
dem-18441	141	7	variables	variable	NOUN
dem-18441	141	8	,	,	PUNCT
dem-18441	141	9	taking	take	VERB
dem-18441	141	10	the	the	DET
dem-18441	141	11	value	value	NOUN
dem-18441	141	12	of	of	ADP
dem-18441	141	13	one	one	NUM
dem-18441	141	14	if	if	SCONJ
dem-18441	141	15	it	it	PRON
dem-18441	141	16	belongs	belong	VERB
dem-18441	141	17	to	to	ADP
dem-18441	141	18	a	a	DET
dem-18441	141	19	given	give	VERB
dem-18441	141	20	sector	sector	NOUN
dem-18441	141	21	,	,	PUNCT
dem-18441	141	22	zero	zero	NUM
dem-18441	141	23	in	in	ADP
dem-18441	141	24	other	other	ADJ
dem-18441	141	25	cases	case	NOUN
dem-18441	141	26	.	.	PUNCT
dem-18441	142	1	while	while	SCONJ
dem-18441	142	2	identifying	identify	VERB
dem-18441	142	3	individual	individual	ADJ
dem-18441	142	4	sectors	sector	NOUN
dem-18441	142	5	,	,	PUNCT
dem-18441	142	6	the	the	DET
dem-18441	142	7	following	follow	VERB
dem-18441	142	8	markings	marking	NOUN
dem-18441	142	9	were	be	AUX
dem-18441	142	10	adopted	adopt	VERB
dem-18441	142	11	:	:	PUNCT
dem-18441	142	12	the	the	DET
dem-18441	142	13	real	real	ADJ
dem-18441	142	14	estate	estate	NOUN
dem-18441	142	15	sector	sector	NOUN
dem-18441	142	16	(	(	PUNCT
dem-18441	142	17	res	re	NOUN
dem-18441	142	18	)	)	PUNCT
dem-18441	142	19	;	;	PUNCT
dem-18441	142	20	the	the	DET
dem-18441	142	21	fuels	fuel	NOUN
dem-18441	142	22	and	and	CCONJ
dem-18441	142	23	energy	energy	NOUN
dem-18441	142	24	(	(	PUNCT
dem-18441	142	25	fe	fe	NOUN
dem-18441	142	26	)	)	PUNCT
dem-18441	142	27	;	;	PUNCT
dem-18441	142	28	chemistry	chemistry	NOUN
dem-18441	142	29	and	and	CCONJ
dem-18441	142	30	raw	raw	ADJ
dem-18441	142	31	materials	material	NOUN
dem-18441	142	32	(	(	PUNCT
dem-18441	142	33	crm	crm	PROPN
dem-18441	142	34	)	)	PUNCT
dem-18441	142	35	;	;	PUNCT
dem-18441	142	36	construction	construction	NOUN
dem-18441	142	37	(	(	PUNCT
dem-18441	142	38	c	c	NOUN
dem-18441	142	39	)	)	PUNCT
dem-18441	142	40	;	;	PUNCT
dem-18441	142	41	electromechanical	electromechanical	ADJ
dem-18441	142	42	industry	industry	NOUN
dem-18441	142	43	(	(	PUNCT
dem-18441	142	44	ei	ei	NOUN
dem-18441	142	45	)	)	PUNCT
dem-18441	142	46	;	;	PUNCT
dem-18441	142	47	transport	transport	NOUN
dem-18441	142	48	and	and	CCONJ
dem-18441	142	49	logistics	logistic	NOUN
dem-18441	142	50	,	,	PUNCT
dem-18441	142	51	business	business	NOUN
dem-18441	142	52	supplies	supply	NOUN
dem-18441	142	53	and	and	CCONJ
dem-18441	142	54	services	service	NOUN
dem-18441	142	55	for	for	ADP
dem-18441	142	56	enterprises	enterprise	NOUN
dem-18441	142	57	(	(	PUNCT
dem-18441	142	58	tls	tls	PROPN
dem-18441	142	59	)	)	PUNCT
dem-18441	142	60	;	;	PUNCT
dem-18441	142	61	consumer	consumer	NOUN
dem-18441	142	62	goods	good	NOUN
dem-18441	142	63	(	(	PUNCT
dem-18441	142	64	cg	cg	NOUN
dem-18441	142	65	)	)	PUNCT
dem-18441	142	66	;	;	PUNCT
dem-18441	142	67	wholesale	wholesale	ADJ
dem-18441	142	68	trade	trade	NOUN
dem-18441	142	69	,	,	PUNCT
dem-18441	142	70	retail	retail	ADJ
dem-18441	142	71	chains	chain	NOUN
dem-18441	142	72	and	and	CCONJ
dem-18441	142	73	e	e	NOUN
dem-18441	142	74	-	-	NOUN
dem-18441	142	75	commerce	commerce	NOUN
dem-18441	142	76	(	(	PUNCT
dem-18441	142	77	trec	trec	PROPN
dem-18441	142	78	)	)	PUNCT
dem-18441	142	79	;	;	PUNCT
dem-18441	142	80	recreation	recreation	NOUN
dem-18441	142	81	and	and	CCONJ
dem-18441	142	82	leisure	leisure	NOUN
dem-18441	142	83	,	,	PUNCT
dem-18441	142	84	media	medium	NOUN
dem-18441	142	85	and	and	CCONJ
dem-18441	142	86	games	game	NOUN
dem-18441	142	87	(	(	PUNCT
dem-18441	142	88	rm	rm	PROPN
dem-18441	142	89	)	)	PUNCT
dem-18441	142	90	;	;	PUNCT
dem-18441	142	91	health	health	NOUN
dem-18441	142	92	care	care	NOUN
dem-18441	142	93	(	(	PUNCT
dem-18441	142	94	hc	hc	NOUN
dem-18441	142	95	)	)	PUNCT
dem-18441	142	96	and	and	CCONJ
dem-18441	142	97	technologies	technology	NOUN
dem-18441	142	98	(	(	PUNCT
dem-18441	142	99	te	te	PROPN
dem-18441	142	100	)	)	PUNCT
dem-18441	142	101	.	.	PUNCT
dem-18441	143	1	ity	ity	PROPN
dem-18441	143	2	ewa	ewa	PROPN
dem-18441	143	3	majerowska	majerowska	PROPN
dem-18441	143	4	,	,	PUNCT
dem-18441	143	5	magdalena	magdalena	PROPN
dem-18441	143	6	gostkowska	gostkowska	PROPN
dem-18441	143	7	-	-	PUNCT
dem-18441	143	8	drzewicka	drzewicka	NOUN
dem-18441	143	9	dynamic	dynamic	ADJ
dem-18441	143	10	econometric	econometric	ADJ
dem-18441	143	11	models	model	NOUN
dem-18441	143	12	18	18	NUM
dem-18441	143	13	(	(	PUNCT
dem-18441	143	14	2018	2018	NUM
dem-18441	143	15	)	)	PUNCT
dem-18441	143	16	115–127	115–127	NUM
dem-18441	143	17	122	122	NUM
dem-18441	143	18	additionally	additionally	ADV
dem-18441	143	19	,	,	PUNCT
dem-18441	143	20	the	the	DET
dem-18441	143	21	remaining	remain	VERB
dem-18441	143	22	exogenous	exogenous	ADJ
dem-18441	143	23	variables	variable	NOUN
dem-18441	143	24	that	that	PRON
dem-18441	143	25	represent	represent	VERB
dem-18441	143	26	the	the	DET
dem-18441	143	27	internal	internal	ADJ
dem-18441	143	28	factors	factor	NOUN
dem-18441	143	29	of	of	ADP
dem-18441	143	30	companies	company	NOUN
dem-18441	143	31	are	be	AUX
dem-18441	143	32	:	:	PUNCT
dem-18441	143	33	leverage	leverage	NOUN
dem-18441	143	34	–	–	PUNCT
dem-18441	143	35	debt	debt	NOUN
dem-18441	143	36	,	,	PUNCT
dem-18441	143	37	the	the	DET
dem-18441	143	38	total	total	ADJ
dem-18441	143	39	debt	debt	NOUN
dem-18441	143	40	and	and	CCONJ
dem-18441	143	41	total	total	ADJ
dem-18441	143	42	assets	asset	NOUN
dem-18441	143	43	ratio	ratio	NOUN
dem-18441	143	44	;	;	PUNCT
dem-18441	143	45	growth	growth	NOUN
dem-18441	143	46	–	–	PUNCT
dem-18441	143	47	increase	increase	NOUN
dem-18441	143	48	,	,	PUNCT
dem-18441	143	49	a	a	DET
dem-18441	143	50	percentage	percentage	NOUN
dem-18441	143	51	change	change	NOUN
dem-18441	143	52	in	in	ADP
dem-18441	143	53	sales	sale	NOUN
dem-18441	143	54	revenues	revenue	NOUN
dem-18441	143	55	in	in	ADP
dem-18441	143	56	relation	relation	NOUN
dem-18441	143	57	to	to	ADP
dem-18441	143	58	the	the	DET
dem-18441	143	59	previous	previous	ADJ
dem-18441	143	60	year	year	NOUN
dem-18441	143	61	;	;	PUNCT
dem-18441	143	62	liq	liq	NOUN
dem-18441	143	63	–	–	PUNCT
dem-18441	143	64	financial	financial	ADJ
dem-18441	143	65	liquidity	liquidity	NOUN
dem-18441	143	66	,	,	PUNCT
dem-18441	143	67	the	the	DET
dem-18441	143	68	relation	relation	NOUN
dem-18441	143	69	of	of	ADP
dem-18441	143	70	current	current	ADJ
dem-18441	143	71	assets	asset	NOUN
dem-18441	143	72	to	to	ADP
dem-18441	143	73	current	current	ADJ
dem-18441	143	74	liabilities	liability	NOUN
dem-18441	143	75	;	;	PUNCT
dem-18441	143	76	ndts	ndts	VERB
dem-18441	143	77	–	–	PUNCT
dem-18441	143	78	investment	investment	NOUN
dem-18441	143	79	tax	tax	NOUN
dem-18441	143	80	shield	shield	NOUN
dem-18441	143	81	,	,	PUNCT
dem-18441	143	82	the	the	DET
dem-18441	143	83	depreciation	depreciation	NOUN
dem-18441	143	84	and	and	CCONJ
dem-18441	143	85	total	total	ADJ
dem-18441	143	86	assets	asset	NOUN
dem-18441	143	87	ratio	ratio	NOUN
dem-18441	143	88	;	;	PUNCT
dem-18441	143	89	size	size	NOUN
dem-18441	143	90	–	–	PUNCT
dem-18441	143	91	size	size	NOUN
dem-18441	143	92	,	,	PUNCT
dem-18441	143	93	natural	natural	ADJ
dem-18441	143	94	logarithm	logarithm	NOUN
dem-18441	143	95	from	from	ADP
dem-18441	143	96	the	the	DET
dem-18441	143	97	value	value	NOUN
dem-18441	143	98	of	of	ADP
dem-18441	143	99	total	total	ADJ
dem-18441	143	100	assets	asset	NOUN
dem-18441	143	101	;	;	PUNCT
dem-18441	143	102	tang	tang	X
dem-18441	143	103	–	–	PUNCT
dem-18441	143	104	the	the	DET
dem-18441	143	105	structure	structure	NOUN
dem-18441	143	106	of	of	ADP
dem-18441	143	107	assets	asset	NOUN
dem-18441	143	108	,	,	PUNCT
dem-18441	143	109	the	the	DET
dem-18441	143	110	ratio	ratio	NOUN
dem-18441	143	111	of	of	ADP
dem-18441	143	112	fixed	fix	VERB
dem-18441	143	113	assets	asset	NOUN
dem-18441	143	114	to	to	ADP
dem-18441	143	115	the	the	DET
dem-18441	143	116	total	total	ADJ
dem-18441	143	117	assets	asset	NOUN
dem-18441	143	118	.	.	PUNCT
dem-18441	144	1	symbols	symbol	NOUN
dem-18441	144	2	are	be	AUX
dem-18441	144	3	the	the	DET
dem-18441	144	4	structural	structural	ADJ
dem-18441	144	5	parameters	parameter	NOUN
dem-18441	144	6	,	,	PUNCT
dem-18441	144	7	while	while	SCONJ
dem-18441	144	8	signifies	signify	VERB
dem-18441	144	9	the	the	DET
dem-18441	144	10	model	model	NOUN
dem-18441	144	11	’s	’s	PART
dem-18441	144	12	random	random	ADJ
dem-18441	144	13	component	component	NOUN
dem-18441	144	14	.	.	PUNCT
dem-18441	145	1	the	the	DET
dem-18441	145	2	proposed	propose	VERB
dem-18441	145	3	model	model	NOUN
dem-18441	145	4	was	be	AUX
dem-18441	145	5	estimated	estimate	VERB
dem-18441	145	6	using	use	VERB
dem-18441	145	7	the	the	DET
dem-18441	145	8	least	least	ADJ
dem-18441	145	9	squares	square	NOUN
dem-18441	145	10	panel	panel	NOUN
dem-18441	145	11	method	method	NOUN
dem-18441	145	12	(	(	PUNCT
dem-18441	145	13	pooled	pool	VERB
dem-18441	145	14	model	model	NOUN
dem-18441	145	15	)	)	PUNCT
dem-18441	145	16	.	.	PUNCT
dem-18441	146	1	then	then	ADV
dem-18441	146	2	,	,	PUNCT
dem-18441	146	3	using	use	VERB
dem-18441	146	4	the	the	DET
dem-18441	146	5	wald	wald	NOUN
dem-18441	146	6	test	test	NOUN
dem-18441	146	7	,	,	PUNCT
dem-18441	146	8	it	it	PRON
dem-18441	146	9	was	be	AUX
dem-18441	146	10	checked	check	VERB
dem-18441	146	11	whether	whether	SCONJ
dem-18441	146	12	estimation	estimation	NOUN
dem-18441	146	13	of	of	ADP
dem-18441	146	14	a	a	DET
dem-18441	146	15	fixed	fix	VERB
dem-18441	146	16	effects	effect	NOUN
dem-18441	146	17	would	would	AUX
dem-18441	146	18	be	be	AUX
dem-18441	146	19	correct	correct	ADJ
dem-18441	146	20	.	.	PUNCT
dem-18441	147	1	4	4	X
dem-18441	147	2	.	.	X
dem-18441	147	3	research	research	NOUN
dem-18441	147	4	results	result	NOUN
dem-18441	147	5	as	as	SCONJ
dem-18441	147	6	already	already	ADV
dem-18441	147	7	mentioned	mention	VERB
dem-18441	147	8	,	,	PUNCT
dem-18441	147	9	the	the	DET
dem-18441	147	10	empirical	empirical	ADJ
dem-18441	147	11	analysis	analysis	NOUN
dem-18441	147	12	aims	aim	VERB
dem-18441	147	13	to	to	PART
dem-18441	147	14	indicate	indicate	VERB
dem-18441	147	15	whether	whether	SCONJ
dem-18441	147	16	internal	internal	ADJ
dem-18441	147	17	factors	factor	NOUN
dem-18441	147	18	and	and	CCONJ
dem-18441	147	19	sectoral	sectoral	ADJ
dem-18441	147	20	affiliation	affiliation	NOUN
dem-18441	147	21	determine	determine	VERB
dem-18441	147	22	the	the	DET
dem-18441	147	23	profitability	profitability	NOUN
dem-18441	147	24	level	level	NOUN
dem-18441	147	25	of	of	ADP
dem-18441	147	26	an	an	DET
dem-18441	147	27	enterprise	enterprise	NOUN
dem-18441	147	28	.	.	PUNCT
dem-18441	148	1	the	the	DET
dem-18441	148	2	above	above	ADV
dem-18441	148	3	-	-	PUNCT
dem-18441	148	4	proposed	propose	VERB
dem-18441	148	5	model	model	NOUN
dem-18441	148	6	was	be	AUX
dem-18441	148	7	estimated	estimate	VERB
dem-18441	148	8	in	in	ADP
dem-18441	148	9	a	a	DET
dem-18441	148	10	panel	panel	NOUN
dem-18441	148	11	approach	approach	NOUN
dem-18441	148	12	.	.	PUNCT
dem-18441	149	1	while	while	SCONJ
dem-18441	149	2	modeling	model	VERB
dem-18441	149	3	the	the	DET
dem-18441	149	4	shaping	shaping	NOUN
dem-18441	149	5	of	of	ADP
dem-18441	149	6	the	the	DET
dem-18441	149	7	roa	roa	NOUN
dem-18441	149	8	variable	variable	NOUN
dem-18441	149	9	,	,	PUNCT
dem-18441	149	10	the	the	DET
dem-18441	149	11	results	result	NOUN
dem-18441	149	12	of	of	ADP
dem-18441	149	13	the	the	DET
dem-18441	149	14	estimations	estimation	NOUN
dem-18441	149	15	of	of	ADP
dem-18441	149	16	the	the	DET
dem-18441	149	17	4	4	NUM
dem-18441	149	18	versions	version	NOUN
dem-18441	149	19	of	of	ADP
dem-18441	149	20	the	the	DET
dem-18441	149	21	model	model	NOUN
dem-18441	149	22	have	have	AUX
dem-18441	149	23	been	be	AUX
dem-18441	149	24	presented	present	VERB
dem-18441	149	25	in	in	ADP
dem-18441	149	26	table	table	NOUN
dem-18441	149	27	1	1	NUM
dem-18441	149	28	.	.	PUNCT
dem-18441	150	1	model	model	NOUN
dem-18441	150	2	(	(	PUNCT
dem-18441	150	3	1	1	NUM
dem-18441	150	4	)	)	PUNCT
dem-18441	150	5	includes	include	VERB
dem-18441	150	6	the	the	DET
dem-18441	150	7	statistically	statistically	ADV
dem-18441	150	8	significant	significant	ADJ
dem-18441	150	9	variables	variable	NOUN
dem-18441	150	10	.	.	PUNCT
dem-18441	151	1	this	this	PRON
dem-18441	151	2	means	mean	VERB
dem-18441	151	3	that	that	SCONJ
dem-18441	151	4	an	an	DET
dem-18441	151	5	increase	increase	NOUN
dem-18441	151	6	in	in	ADP
dem-18441	151	7	the	the	DET
dem-18441	151	8	financial	financial	ADJ
dem-18441	151	9	leverage	leverage	NOUN
dem-18441	151	10	,	,	PUNCT
dem-18441	151	11	the	the	DET
dem-18441	151	12	financial	financial	ADJ
dem-18441	151	13	liquidity	liquidity	NOUN
dem-18441	151	14	,	,	PUNCT
dem-18441	151	15	the	the	DET
dem-18441	151	16	non	non	ADJ
dem-18441	151	17	-	-	ADJ
dem-18441	151	18	debt	debt	ADJ
dem-18441	151	19	tax	tax	NOUN
dem-18441	151	20	shield	shield	NOUN
dem-18441	151	21	and	and	CCONJ
dem-18441	151	22	the	the	DET
dem-18441	151	23	size	size	NOUN
dem-18441	151	24	of	of	ADP
dem-18441	151	25	an	an	DET
dem-18441	151	26	enterprise	enterprise	NOUN
dem-18441	151	27	cause	cause	VERB
dem-18441	151	28	a	a	DET
dem-18441	151	29	decrease	decrease	NOUN
dem-18441	151	30	in	in	ADP
dem-18441	151	31	the	the	DET
dem-18441	151	32	roa	roa	NOUN
dem-18441	151	33	,	,	PUNCT
dem-18441	151	34	while	while	SCONJ
dem-18441	151	35	an	an	DET
dem-18441	151	36	increase	increase	NOUN
dem-18441	151	37	in	in	ADP
dem-18441	151	38	the	the	DET
dem-18441	151	39	share	share	NOUN
dem-18441	151	40	of	of	ADP
dem-18441	151	41	the	the	DET
dem-18441	151	42	fixed	fix	VERB
dem-18441	151	43	assets	asset	NOUN
dem-18441	151	44	in	in	ADP
dem-18441	151	45	the	the	DET
dem-18441	151	46	total	total	ADJ
dem-18441	151	47	assets	asset	NOUN
dem-18441	151	48	,	,	PUNCT
dem-18441	151	49	expressing	express	VERB
dem-18441	151	50	the	the	DET
dem-18441	151	51	structure	structure	NOUN
dem-18441	151	52	of	of	ADP
dem-18441	151	53	assets	asset	NOUN
dem-18441	151	54	,	,	PUNCT
dem-18441	151	55	results	result	VERB
dem-18441	151	56	in	in	ADP
dem-18441	151	57	an	an	DET
dem-18441	151	58	increase	increase	NOUN
dem-18441	151	59	in	in	ADP
dem-18441	151	60	the	the	DET
dem-18441	151	61	roa	roa	NOUN
dem-18441	151	62	.	.	PUNCT
dem-18441	152	1	the	the	DET
dem-18441	152	2	negative	negative	ADJ
dem-18441	152	3	relationship	relationship	NOUN
dem-18441	152	4	between	between	ADP
dem-18441	152	5	the	the	DET
dem-18441	152	6	financial	financial	ADJ
dem-18441	152	7	leverage	leverage	NOUN
dem-18441	152	8	and	and	CCONJ
dem-18441	152	9	the	the	DET
dem-18441	152	10	asset	asset	NOUN
dem-18441	152	11	profitability	profitability	NOUN
dem-18441	152	12	is	be	AUX
dem-18441	152	13	explained	explain	VERB
dem-18441	152	14	by	by	ADP
dem-18441	152	15	the	the	DET
dem-18441	152	16	pecking	pecking	NOUN
dem-18441	152	17	order	order	NOUN
dem-18441	152	18	theory	theory	NOUN
dem-18441	152	19	.	.	PUNCT
dem-18441	153	1	the	the	DET
dem-18441	153	2	most	most	ADV
dem-18441	153	3	profitable	profitable	ADJ
dem-18441	153	4	enterprises	enterprise	NOUN
dem-18441	153	5	are	be	AUX
dem-18441	153	6	in	in	ADP
dem-18441	153	7	low	low	ADJ
dem-18441	153	8	debt	debt	NOUN
dem-18441	153	9	due	due	ADP
dem-18441	153	10	to	to	ADP
dem-18441	153	11	the	the	DET
dem-18441	153	12	fact	fact	NOUN
dem-18441	153	13	that	that	SCONJ
dem-18441	153	14	they	they	PRON
dem-18441	153	15	prefer	prefer	VERB
dem-18441	153	16	internal	internal	ADJ
dem-18441	153	17	financing	financing	NOUN
dem-18441	153	18	first	first	ADV
dem-18441	153	19	(	(	PUNCT
dem-18441	153	20	they	they	PRON
dem-18441	153	21	use	use	VERB
dem-18441	153	22	their	their	PRON
dem-18441	153	23	earned	earn	VERB
dem-18441	153	24	profits	profit	NOUN
dem-18441	153	25	for	for	ADP
dem-18441	153	26	this	this	DET
dem-18441	153	27	purpose	purpose	NOUN
dem-18441	153	28	)	)	PUNCT
dem-18441	153	29	,	,	PUNCT
dem-18441	153	30	not	not	PART
dem-18441	153	31	because	because	SCONJ
dem-18441	153	32	they	they	PRON
dem-18441	153	33	ultimately	ultimately	ADV
dem-18441	153	34	set	set	VERB
dem-18441	153	35	a	a	DET
dem-18441	153	36	low	low	ADJ
dem-18441	153	37	level	level	NOUN
dem-18441	153	38	of	of	ADP
dem-18441	153	39	the	the	DET
dem-18441	153	40	debt	debt	NOUN
dem-18441	153	41	ratio	ratio	NOUN
dem-18441	153	42	.	.	PUNCT
dem-18441	154	1	in	in	ADP
dem-18441	154	2	contrast	contrast	NOUN
dem-18441	154	3	,	,	PUNCT
dem-18441	154	4	enterprises	enterprise	NOUN
dem-18441	154	5	with	with	ADP
dem-18441	154	6	low	low	ADJ
dem-18441	154	7	profitability	profitability	NOUN
dem-18441	154	8	are	be	AUX
dem-18441	154	9	more	more	ADV
dem-18441	154	10	willing	willing	ADJ
dem-18441	154	11	to	to	PART
dem-18441	154	12	use	use	VERB
dem-18441	154	13	debt	debt	NOUN
dem-18441	154	14	,	,	PUNCT
dem-18441	154	15	because	because	SCONJ
dem-18441	154	16	they	they	PRON
dem-18441	154	17	do	do	AUX
dem-18441	154	18	not	not	PART
dem-18441	154	19	have	have	VERB
dem-18441	154	20	sufficient	sufficient	ADJ
dem-18441	154	21	resources	resource	NOUN
dem-18441	154	22	from	from	ADP
dem-18441	154	23	their	their	PRON
dem-18441	154	24	internal	internal	ADJ
dem-18441	154	25	sources	source	NOUN
dem-18441	154	26	.	.	PUNCT
dem-18441	155	1	the	the	DET
dem-18441	155	2	tendencies	tendency	NOUN
dem-18441	155	3	described	describe	VERB
dem-18441	155	4	are	be	AUX
dem-18441	155	5	supported	support	VERB
dem-18441	155	6	by	by	ADP
dem-18441	155	7	the	the	DET
dem-18441	155	8	studies	study	NOUN
dem-18441	155	9	on	on	ADP
dem-18441	155	10	the	the	DET
dem-18441	155	11	capital	capital	NOUN
dem-18441	155	12	structure	structure	NOUN
dem-18441	155	13	of	of	ADP
dem-18441	155	14	polish	polish	ADJ
dem-18441	155	15	enterprises	enterprise	NOUN
dem-18441	155	16	,	,	PUNCT
dem-18441	155	17	carried	carry	VERB
dem-18441	155	18	out	out	ADP
dem-18441	155	19	by	by	ADP
dem-18441	155	20	other	other	ADJ
dem-18441	155	21	authors	author	NOUN
dem-18441	155	22	(	(	PUNCT
dem-18441	155	23	marzec	marzec	PROPN
dem-18441	155	24	,	,	PUNCT
dem-18441	155	25	2010	2010	NUM
dem-18441	155	26	;	;	PUNCT
dem-18441	155	27	janus	janus	PROPN
dem-18441	155	28	,	,	PUNCT
dem-18441	155	29	2006	2006	NUM
dem-18441	155	30	;	;	PUNCT
dem-18441	155	31	lisińska	lisińska	NOUN
dem-18441	155	32	2012	2012	NUM
dem-18441	155	33	;	;	PUNCT
dem-18441	155	34	barburski	barburski	PROPN
dem-18441	155	35	,	,	PUNCT
dem-18441	155	36	2014	2014	NUM
dem-18441	155	37	,	,	PUNCT
dem-18441	155	38	wrońskabukalska	wrońskabukalska	PROPN
dem-18441	155	39	,	,	PUNCT
dem-18441	155	40	2014	2014	NUM
dem-18441	155	41	;	;	PUNCT
dem-18441	155	42	jaworski	jaworski	PROPN
dem-18441	155	43	and	and	CCONJ
dem-18441	155	44	czerwonka	czerwonka	PROPN
dem-18441	155	45	,	,	PUNCT
dem-18441	155	46	2017	2017	NUM
dem-18441	155	47	)	)	PUNCT
dem-18441	155	48	.	.	PUNCT
dem-18441	156	1	the	the	DET
dem-18441	156	2	negative	negative	ADJ
dem-18441	156	3	relationship	relationship	NOUN
dem-18441	156	4	between	between	ADP
dem-18441	156	5	asset	asset	NOUN
dem-18441	156	6	profitability	profitability	NOUN
dem-18441	156	7	of	of	ADP
dem-18441	156	8	and	and	CCONJ
dem-18441	156	9	financial	financial	ADJ
dem-18441	156	10	liquidity	liquidity	NOUN
dem-18441	156	11	is	be	AUX
dem-18441	156	12	justified	justify	VERB
dem-18441	156	13	by	by	ADP
dem-18441	156	14	the	the	DET
dem-18441	156	15	fact	fact	NOUN
dem-18441	156	16	that	that	SCONJ
dem-18441	156	17	purchase	purchase	NOUN
dem-18441	156	18	of	of	ADP
dem-18441	156	19	inventories	inventory	NOUN
dem-18441	156	20	exceeding	exceed	VERB
dem-18441	156	21	current	current	ADJ
dem-18441	156	22	needs	need	NOUN
dem-18441	156	23	generates	generate	VERB
dem-18441	156	24	additional	additional	ADJ
dem-18441	156	25	costs	cost	NOUN
dem-18441	156	26	,	,	PUNCT
dem-18441	156	27	which	which	PRON
dem-18441	156	28	do	do	AUX
dem-18441	156	29	not	not	PART
dem-18441	156	30	bring	bring	VERB
dem-18441	156	31	additional	additional	ADJ
dem-18441	156	32	revenues	revenue	NOUN
dem-18441	156	33	–	–	PUNCT
dem-18441	156	34	it	it	PRON
dem-18441	156	35	provides	provide	VERB
dem-18441	156	36	a	a	DET
dem-18441	156	37	hedge	hedge	NOUN
dem-18441	156	38	,	,	PUNCT
dem-18441	156	39	in	in	ADP
dem-18441	156	40	the	the	DET
dem-18441	156	41	event	event	NOUN
dem-18441	156	42	of	of	ADP
dem-18441	156	43	a	a	DET
dem-18441	156	44	sudden	sudden	ADJ
dem-18441	156	45	increase	increase	NOUN
dem-18441	156	46	in	in	ADP
dem-18441	156	47	the	the	DET
dem-18441	156	48	demand	demand	NOUN
dem-18441	156	49	or	or	CCONJ
dem-18441	156	50	in	in	ADP
dem-18441	156	51	the	the	DET
dem-18441	156	52	611110	611110	NUM
dem-18441	156	53	,	,	PUNCT
dem-18441	156	54	...	...	PUNCT
dem-18441	156	55	,	,	PUNCT
dem-18441	156	56	,	,	PUNCT
dem-18441	156	57	,	,	PUNCT
dem-18441	156	58	...	...	PUNCT
dem-18441	156	59	,	,	PUNCT
dem-18441	156	60	,	,	PUNCT
dem-18441	156	61	aabbb	aabbb	ADJ
dem-18441	156	62	itx	itx	NOUN
dem-18441	156	63	impact	impact	NOUN
dem-18441	156	64	of	of	ADP
dem-18441	156	65	the	the	DET
dem-18441	156	66	sector	sector	NOUN
dem-18441	156	67	and	and	CCONJ
dem-18441	156	68	of	of	ADP
dem-18441	156	69	internal	internal	ADJ
dem-18441	156	70	factors	factor	NOUN
dem-18441	156	71	on	on	ADP
dem-18441	156	72	profitability	profitability	NOUN
dem-18441	156	73	…	…	SYM
dem-18441	156	74	dynamic	dynamic	ADJ
dem-18441	156	75	econometric	econometric	ADJ
dem-18441	156	76	models	model	NOUN
dem-18441	156	77	18	18	NUM
dem-18441	156	78	(	(	PUNCT
dem-18441	156	79	2018	2018	NUM
dem-18441	156	80	)	)	PUNCT
dem-18441	156	81	115–127	115–127	NUM
dem-18441	156	82	123	123	NUM
dem-18441	156	83	prices	price	NOUN
dem-18441	156	84	of	of	ADP
dem-18441	156	85	supplies	supply	NOUN
dem-18441	156	86	and	and	CCONJ
dem-18441	156	87	raw	raw	ADJ
dem-18441	156	88	materials	material	NOUN
dem-18441	156	89	.	.	PUNCT
dem-18441	157	1	on	on	ADP
dem-18441	157	2	the	the	DET
dem-18441	157	3	other	other	ADJ
dem-18441	157	4	hand	hand	NOUN
dem-18441	157	5	,	,	PUNCT
dem-18441	157	6	current	current	ADJ
dem-18441	157	7	assets	asset	NOUN
dem-18441	157	8	and	and	CCONJ
dem-18441	157	9	therefore	therefore	ADV
dem-18441	157	10	liquidity	liquidity	NOUN
dem-18441	157	11	increase	increase	NOUN
dem-18441	157	12	,	,	PUNCT
dem-18441	157	13	while	while	SCONJ
dem-18441	157	14	profitability	profitability	NOUN
dem-18441	157	15	does	do	VERB
dem-18441	157	16	not	not	PART
dem-18441	157	17	.	.	PUNCT
dem-18441	158	1	asset	asset	NOUN
dem-18441	158	2	profitability	profitability	NOUN
dem-18441	158	3	may	may	AUX
dem-18441	158	4	even	even	ADV
dem-18441	158	5	drop	drop	VERB
dem-18441	158	6	,	,	PUNCT
dem-18441	158	7	because	because	SCONJ
dem-18441	158	8	the	the	DET
dem-18441	158	9	value	value	NOUN
dem-18441	158	10	of	of	ADP
dem-18441	158	11	assets	asset	NOUN
dem-18441	158	12	increases	increase	NOUN
dem-18441	158	13	,	,	PUNCT
dem-18441	158	14	while	while	SCONJ
dem-18441	158	15	profits	profit	NOUN
dem-18441	158	16	may	may	AUX
dem-18441	158	17	decrease	decrease	VERB
dem-18441	158	18	,	,	PUNCT
dem-18441	158	19	since	since	SCONJ
dem-18441	158	20	excessive	excessive	ADJ
dem-18441	158	21	stocks	stock	NOUN
dem-18441	158	22	create	create	VERB
dem-18441	158	23	additional	additional	ADJ
dem-18441	158	24	costs	cost	NOUN
dem-18441	158	25	.	.	PUNCT
dem-18441	159	1	table	table	NOUN
dem-18441	159	2	1	1	NUM
dem-18441	159	3	.	.	PUNCT
dem-18441	160	1	estimates	estimate	NOUN
dem-18441	160	2	of	of	ADP
dem-18441	160	3	the	the	DET
dem-18441	160	4	linear	linear	ADJ
dem-18441	160	5	regression	regression	NOUN
dem-18441	160	6	model	model	NOUN
dem-18441	160	7	for	for	ADP
dem-18441	160	8	roa	roa	PROPN
dem-18441	160	9	variable	variable	ADJ
dem-18441	160	10	model	model	NOUN
dem-18441	160	11	(	(	PUNCT
dem-18441	160	12	1	1	NUM
dem-18441	160	13	)	)	PUNCT
dem-18441	160	14	(	(	PUNCT
dem-18441	160	15	2	2	NUM
dem-18441	160	16	)	)	PUNCT
dem-18441	160	17	(	(	PUNCT
dem-18441	160	18	3	3	X
dem-18441	160	19	)	)	PUNCT
dem-18441	160	20	(	(	PUNCT
dem-18441	160	21	4	4	X
dem-18441	160	22	)	)	PUNCT
dem-18441	160	23	pooled	pool	VERB
dem-18441	160	24	fe	fe	X
dem-18441	160	25	pooled	pool	VERB
dem-18441	160	26	fe	fe	X
dem-18441	160	27	const	const	X
dem-18441	160	28	2,4175	2,4175	NOUN
dem-18441	160	29	*	*	PUNCT
dem-18441	160	30	*	*	PUNCT
dem-18441	160	31	*	*	PUNCT
dem-18441	161	1	4,4642	4,4642	NUM
dem-18441	161	2	*	*	PUNCT
dem-18441	161	3	*	*	PUNCT
dem-18441	161	4	*	*	PUNCT
dem-18441	161	5	2,5358	2,5358	NOUN
dem-18441	161	6	*	*	PUNCT
dem-18441	161	7	*	*	PUNCT
dem-18441	161	8	*	*	PUNCT
dem-18441	161	9	4,5556	4,5556	NUM
dem-18441	161	10	*	*	ADJ
dem-18441	161	11	*	*	PUNCT
dem-18441	161	12	*	*	PUNCT
dem-18441	161	13	res	re	NOUN
dem-18441	161	14	–	–	PUNCT
dem-18441	161	15	0,3417	0,3417	NUM
dem-18441	161	16	fe	fe	X
dem-18441	161	17	0,3121	0,3121	NOUN
dem-18441	161	18	*	*	PROPN
dem-18441	161	19	*	*	PROPN
dem-18441	161	20	crm	crm	PROPN
dem-18441	161	21	–	–	PUNCT
dem-18441	161	22	0,0195	0,0195	PROPN
dem-18441	161	23	c	c	PROPN
dem-18441	161	24	–	–	PUNCT
dem-18441	161	25	0,0858	0,0858	NOUN
dem-18441	161	26	ei	ei	X
dem-18441	161	27	–	–	PUNCT
dem-18441	161	28	0,0646	0,0646	PROPN
dem-18441	161	29	tls	tls	PROPN
dem-18441	161	30	–	–	PUNCT
dem-18441	161	31	0,3982	0,3982	PROPN
dem-18441	161	32	*	*	PUNCT
dem-18441	161	33	*	*	PROPN
dem-18441	161	34	*	*	PROPN
dem-18441	161	35	cg	cg	NOUN
dem-18441	161	36	0,0352	0,0352	NOUN
dem-18441	161	37	trec	trec	PROPN
dem-18441	161	38	–	–	PUNCT
dem-18441	161	39	0,0365	0,0365	NUM
dem-18441	161	40	rm	rm	NOUN
dem-18441	161	41	0,2938	0,2938	PROPN
dem-18441	161	42	*	*	PROPN
dem-18441	162	1	*	*	PUNCT
dem-18441	162	2	*	*	PUNCT
dem-18441	162	3	0,4461	0,4461	PRON
dem-18441	162	4	*	*	X
dem-18441	162	5	*	*	PUNCT
dem-18441	162	6	hc	hc	PROPN
dem-18441	162	7	–	–	PUNCT
dem-18441	162	8	0,1665	0,1665	NUM
dem-18441	162	9	–	–	PUNCT
dem-18441	162	10	0,7783	0,7783	NOUN
dem-18441	162	11	*	*	SYM
dem-18441	162	12	*	*	PUNCT
dem-18441	162	13	*	*	VERB
dem-18441	162	14	te	te	ADP
dem-18441	162	15	0,4717	0,4717	NOUN
dem-18441	162	16	*	*	PROPN
dem-18441	162	17	*	*	PUNCT
dem-18441	162	18	*	*	PUNCT
dem-18441	162	19	–	–	PUNCT
dem-18441	162	20	1,0186	1,0186	NUM
dem-18441	162	21	*	*	SYM
dem-18441	162	22	*	*	PUNCT
dem-18441	162	23	*	*	VERB
dem-18441	162	24	leverage	leverage	NOUN
dem-18441	162	25	–	–	PUNCT
dem-18441	162	26	0,1599	0,1599	VERB
dem-18441	162	27	*	*	NOUN
dem-18441	162	28	*	*	PUNCT
dem-18441	162	29	*	*	PUNCT
dem-18441	162	30	–	–	PUNCT
dem-18441	162	31	0,1531	0,1531	NOUN
dem-18441	162	32	*	*	PUNCT
dem-18441	162	33	*	*	PUNCT
dem-18441	162	34	*	*	PUNCT
dem-18441	162	35	–	–	PUNCT
dem-18441	162	36	0,1588	0,1588	NOUN
dem-18441	162	37	*	*	PUNCT
dem-18441	162	38	*	*	PUNCT
dem-18441	162	39	*	*	PUNCT
dem-18441	162	40	–	–	PUNCT
dem-18441	162	41	0,1536	0,1536	NOUN
dem-18441	162	42	*	*	SYM
dem-18441	162	43	*	*	PUNCT
dem-18441	162	44	*	*	PUNCT
dem-18441	162	45	growth	growth	NOUN
dem-18441	162	46	0,0000	0,0000	PRON
dem-18441	162	47	liq	liq	NOUN
dem-18441	162	48	–	–	PUNCT
dem-18441	162	49	0,0064	0,0064	NOUN
dem-18441	162	50	*	*	NOUN
dem-18441	162	51	*	*	PUNCT
dem-18441	162	52	–	–	PUNCT
dem-18441	162	53	0,0099	0,0099	NOUN
dem-18441	162	54	*	*	NOUN
dem-18441	162	55	*	*	PUNCT
dem-18441	162	56	*	*	PUNCT
dem-18441	162	57	–	–	PUNCT
dem-18441	162	58	0,0059	0,0059	NUM
dem-18441	162	59	*	*	PROPN
dem-18441	162	60	*	*	PUNCT
dem-18441	162	61	–	–	PUNCT
dem-18441	162	62	0,0105	0,0105	NOUN
dem-18441	162	63	*	*	PUNCT
dem-18441	162	64	*	*	PUNCT
dem-18441	162	65	*	*	PUNCT
dem-18441	162	66	ndts	ndts	ADJ
dem-18441	162	67	–	–	PUNCT
dem-18441	162	68	37,7074	37,7074	NUM
dem-18441	162	69	*	*	PUNCT
dem-18441	162	70	*	*	PUNCT
dem-18441	162	71	*	*	PUNCT
dem-18441	162	72	–	–	PUNCT
dem-18441	162	73	47,928	47,928	NUM
dem-18441	162	74	*	*	PUNCT
dem-18441	162	75	*	*	PUNCT
dem-18441	162	76	*	*	PUNCT
dem-18441	162	77	–	–	PUNCT
dem-18441	162	78	38,8988	38,8988	NUM
dem-18441	162	79	*	*	PUNCT
dem-18441	162	80	*	*	PUNCT
dem-18441	162	81	*	*	PUNCT
dem-18441	162	82	–	–	PUNCT
dem-18441	162	83	47,6416	47,6416	NUM
dem-18441	162	84	*	*	PUNCT
dem-18441	162	85	*	*	PUNCT
dem-18441	162	86	*	*	NOUN
dem-18441	162	87	size	size	NOUN
dem-18441	162	88	–	–	PUNCT
dem-18441	162	89	0,1476	0,1476	NOUN
dem-18441	162	90	*	*	PUNCT
dem-18441	162	91	*	*	PUNCT
dem-18441	162	92	*	*	PUNCT
dem-18441	162	93	–	–	PUNCT
dem-18441	162	94	0,2990	0,2990	VERB
dem-18441	162	95	*	*	SYM
dem-18441	162	96	*	*	PUNCT
dem-18441	162	97	*	*	PUNCT
dem-18441	162	98	–	–	PUNCT
dem-18441	162	99	0,1574	0,1574	ADJ
dem-18441	162	100	*	*	PUNCT
dem-18441	162	101	*	*	PUNCT
dem-18441	162	102	*	*	PUNCT
dem-18441	162	103	–	–	PUNCT
dem-18441	162	104	0,3086	0,3086	VERB
dem-18441	162	105	*	*	PUNCT
dem-18441	162	106	*	*	PUNCT
dem-18441	162	107	*	*	PROPN
dem-18441	162	108	tang	tang	PROPN
dem-18441	162	109	2,9309	2,9309	NOUN
dem-18441	162	110	*	*	PUNCT
dem-18441	162	111	*	*	PUNCT
dem-18441	162	112	*	*	PUNCT
dem-18441	163	1	3,4679	3,4679	NUM
dem-18441	163	2	*	*	PUNCT
dem-18441	163	3	*	*	PUNCT
dem-18441	163	4	*	*	PUNCT
dem-18441	164	1	3,0362	3,0362	NUM
dem-18441	164	2	*	*	PUNCT
dem-18441	164	3	*	*	PUNCT
dem-18441	164	4	*	*	PUNCT
dem-18441	165	1	3,6041	3,6041	NUM
dem-18441	165	2	*	*	PUNCT
dem-18441	165	3	*	*	PUNCT
dem-18441	165	4	*	*	PUNCT
dem-18441	165	5	joint	joint	ADJ
dem-18441	165	6	significance	significance	NOUN
dem-18441	165	7	test	test	NOUN
dem-18441	166	1	3,7365	3,7365	NUM
dem-18441	166	2	#	#	NOUN
dem-18441	166	3	na	na	NOUN
dem-18441	166	4	3,6960	3,6960	NUM
dem-18441	166	5	#	#	NOUN
dem-18441	166	6	na	na	ADP
dem-18441	166	7	breusch	breusch	ADJ
dem-18441	166	8	-	-	PUNCT
dem-18441	166	9	pagan	pagan	ADJ
dem-18441	166	10	test	test	NOUN
dem-18441	166	11	376,6740	376,6740	NOUN
dem-18441	166	12	#	#	NOUN
dem-18441	166	13	na	na	NOUN
dem-18441	166	14	300,6340	300,6340	NUM
dem-18441	166	15	#	#	NOUN
dem-18441	166	16	na	na	NOUN
dem-18441	166	17	hausman	hausman	ADJ
dem-18441	166	18	test	test	NOUN
dem-18441	166	19	388,53538	388,53538	NUM
dem-18441	166	20	#	#	NOUN
dem-18441	166	21	na	na	NOUN
dem-18441	166	22	429,5220	429,5220	NOUN
dem-18441	166	23	#	#	NOUN
dem-18441	166	24	na	na	PART
dem-18441	166	25	note	note	VERB
dem-18441	166	26	:	:	PUNCT
dem-18441	166	27	*	*	PUNCT
dem-18441	166	28	*	*	PUNCT
dem-18441	166	29	)	)	PUNCT
dem-18441	167	1	*	*	PUNCT
dem-18441	167	2	*	*	PUNCT
dem-18441	167	3	*	*	PUNCT
dem-18441	167	4	)	)	PUNCT
dem-18441	167	5	statistically	statistically	ADV
dem-18441	167	6	significant	significant	ADJ
dem-18441	167	7	at	at	ADP
dem-18441	167	8	the	the	DET
dem-18441	167	9	significance	significance	NOUN
dem-18441	167	10	levels	level	NOUN
dem-18441	167	11	0.05	0.05	NUM
dem-18441	167	12	and	and	CCONJ
dem-18441	167	13	0.01	0.01	NUM
dem-18441	167	14	respectively	respectively	ADV
dem-18441	167	15	;	;	PUNCT
dem-18441	167	16	#	#	X
dem-18441	167	17	)	)	PUNCT
dem-18441	167	18	statistically	statistically	ADV
dem-18441	167	19	significant	significant	ADJ
dem-18441	167	20	at	at	ADP
dem-18441	167	21	the	the	DET
dem-18441	167	22	significance	significance	NOUN
dem-18441	167	23	level	level	NOUN
dem-18441	167	24	of	of	ADP
dem-18441	167	25	0.05	0.05	NUM
dem-18441	167	26	.	.	PUNCT
dem-18441	168	1	the	the	DET
dem-18441	168	2	non	non	ADJ
dem-18441	168	3	-	-	ADJ
dem-18441	168	4	debt	debt	ADJ
dem-18441	168	5	tax	tax	NOUN
dem-18441	168	6	shield	shield	NOUN
dem-18441	168	7	–	–	PUNCT
dem-18441	168	8	expressed	express	VERB
dem-18441	168	9	as	as	ADP
dem-18441	168	10	the	the	DET
dem-18441	168	11	ratio	ratio	NOUN
dem-18441	168	12	of	of	ADP
dem-18441	168	13	the	the	DET
dem-18441	168	14	depreciation	depreciation	NOUN
dem-18441	168	15	to	to	ADP
dem-18441	168	16	the	the	DET
dem-18441	168	17	total	total	ADJ
dem-18441	168	18	assets	asset	NOUN
dem-18441	168	19	,	,	PUNCT
dem-18441	168	20	is	be	AUX
dem-18441	168	21	a	a	DET
dem-18441	168	22	substitute	substitute	NOUN
dem-18441	168	23	for	for	ADP
dem-18441	168	24	an	an	DET
dem-18441	168	25	interest	interest	NOUN
dem-18441	168	26	tax	tax	NOUN
dem-18441	168	27	shield	shield	NOUN
dem-18441	168	28	.	.	PUNCT
dem-18441	169	1	enterprises	enterprise	NOUN
dem-18441	169	2	collecting	collect	VERB
dem-18441	169	3	funds	fund	NOUN
dem-18441	169	4	through	through	ADP
dem-18441	169	5	depreciation	depreciation	NOUN
dem-18441	169	6	do	do	AUX
dem-18441	169	7	not	not	PART
dem-18441	169	8	have	have	VERB
dem-18441	169	9	to	to	PART
dem-18441	169	10	involve	involve	VERB
dem-18441	169	11	debt	debt	NOUN
dem-18441	169	12	in	in	ADP
dem-18441	169	13	their	their	PRON
dem-18441	169	14	investment	investment	NOUN
dem-18441	169	15	financing	financing	NOUN
dem-18441	169	16	.	.	PUNCT
dem-18441	170	1	therefore	therefore	ADV
dem-18441	170	2	,	,	PUNCT
dem-18441	170	3	entities	entity	NOUN
dem-18441	170	4	that	that	PRON
dem-18441	170	5	have	have	VERB
dem-18441	170	6	the	the	DET
dem-18441	170	7	option	option	NOUN
dem-18441	170	8	of	of	ADP
dem-18441	170	9	financing	finance	VERB
dem-18441	170	10	investments	investment	NOUN
dem-18441	170	11	from	from	ADP
dem-18441	170	12	internal	internal	ADJ
dem-18441	170	13	sources	source	NOUN
dem-18441	170	14	,	,	PUNCT
dem-18441	170	15	use	use	VERB
dem-18441	170	16	a	a	DET
dem-18441	170	17	non	non	ADJ
dem-18441	170	18	-	-	ADJ
dem-18441	170	19	debt	debt	ADJ
dem-18441	170	20	tax	tax	NOUN
dem-18441	170	21	shield	shield	NOUN
dem-18441	170	22	.	.	PUNCT
dem-18441	171	1	however	however	ADV
dem-18441	171	2	,	,	PUNCT
dem-18441	171	3	making	make	VERB
dem-18441	171	4	high	high	ADJ
dem-18441	171	5	depreciation	depreciation	NOUN
dem-18441	171	6	charges	charge	NOUN
dem-18441	171	7	applies	apply	VERB
dem-18441	171	8	only	only	ADV
dem-18441	171	9	to	to	ADP
dem-18441	171	10	modern	modern	ADJ
dem-18441	171	11	components	component	NOUN
dem-18441	171	12	of	of	ADP
dem-18441	171	13	the	the	DET
dem-18441	171	14	fixed	fix	VERB
dem-18441	171	15	assets	asset	NOUN
dem-18441	171	16	,	,	PUNCT
dem-18441	171	17	with	with	ADP
dem-18441	171	18	a	a	DET
dem-18441	171	19	high	high	ADJ
dem-18441	171	20	initial	initial	ADJ
dem-18441	171	21	value	value	NOUN
dem-18441	171	22	.	.	PUNCT
dem-18441	172	1	hence	hence	ADV
dem-18441	172	2	,	,	PUNCT
dem-18441	172	3	if	if	SCONJ
dem-18441	172	4	high	high	ADJ
dem-18441	172	5	-	-	PUNCT
dem-18441	172	6	value	value	NOUN
dem-18441	172	7	modern	modern	ADJ
dem-18441	172	8	fixed	fix	VERB
dem-18441	172	9	assets	asset	NOUN
dem-18441	172	10	dominate	dominate	VERB
dem-18441	172	11	in	in	ADP
dem-18441	172	12	the	the	DET
dem-18441	172	13	structure	structure	NOUN
dem-18441	172	14	of	of	ADP
dem-18441	172	15	the	the	DET
dem-18441	172	16	company	company	NOUN
dem-18441	172	17	's	's	PART
dem-18441	172	18	assets	asset	NOUN
dem-18441	172	19	,	,	PUNCT
dem-18441	172	20	the	the	DET
dem-18441	172	21	value	value	NOUN
dem-18441	172	22	of	of	ADP
dem-18441	172	23	the	the	DET
dem-18441	172	24	return	return	NOUN
dem-18441	172	25	on	on	ADP
dem-18441	172	26	assets	asset	NOUN
dem-18441	172	27	may	may	AUX
dem-18441	172	28	be	be	AUX
dem-18441	172	29	lower	low	ADJ
dem-18441	172	30	than	than	ADP
dem-18441	172	31	in	in	ADP
dem-18441	172	32	the	the	DET
dem-18441	172	33	entities	entity	NOUN
dem-18441	172	34	that	that	PRON
dem-18441	172	35	have	have	VERB
dem-18441	172	36	efficient	efficient	ADJ
dem-18441	172	37	but	but	CCONJ
dem-18441	172	38	used	use	VERB
dem-18441	172	39	-	-	PUNCT
dem-18441	172	40	up	up	ADP
dem-18441	172	41	fixed	fix	VERB
dem-18441	172	42	assets	asset	NOUN
dem-18441	172	43	.	.	PUNCT
dem-18441	173	1	the	the	DET
dem-18441	173	2	negative	negative	ADJ
dem-18441	173	3	relationship	relationship	NOUN
dem-18441	173	4	between	between	ADP
dem-18441	173	5	the	the	DET
dem-18441	173	6	size	size	NOUN
dem-18441	173	7	of	of	ADP
dem-18441	173	8	an	an	DET
dem-18441	173	9	enterprise	enterprise	NOUN
dem-18441	173	10	and	and	CCONJ
dem-18441	173	11	the	the	DET
dem-18441	173	12	profitability	profitability	NOUN
dem-18441	173	13	of	of	ADP
dem-18441	173	14	the	the	DET
dem-18441	173	15	assets	asset	NOUN
dem-18441	173	16	can	can	AUX
dem-18441	173	17	be	be	AUX
dem-18441	173	18	justified	justify	VERB
dem-18441	173	19	by	by	ADP
dem-18441	173	20	the	the	DET
dem-18441	173	21	fact	fact	NOUN
dem-18441	173	22	that	that	SCONJ
dem-18441	173	23	there	there	PRON
dem-18441	173	24	are	be	VERB
dem-18441	173	25	components	component	NOUN
dem-18441	173	26	within	within	ADP
dem-18441	173	27	the	the	DET
dem-18441	173	28	asset	asset	NOUN
dem-18441	173	29	structure	structure	NOUN
dem-18441	173	30	that	that	PRON
dem-18441	173	31	do	do	AUX
dem-18441	173	32	not	not	PART
dem-18441	173	33	bring	bring	VERB
dem-18441	173	34	additional	additional	ADJ
dem-18441	173	35	revenues	revenue	NOUN
dem-18441	173	36	over	over	ADP
dem-18441	173	37	a	a	DET
dem-18441	173	38	short	short	ADJ
dem-18441	173	39	period	period	NOUN
dem-18441	173	40	of	of	ADP
dem-18441	173	41	time	time	NOUN
dem-18441	173	42	,	,	PUNCT
dem-18441	173	43	e.g.	e.g.	ADV
dem-18441	173	44	some	some	DET
dem-18441	173	45	long	long	ADJ
dem-18441	173	46	-	-	PUNCT
dem-18441	173	47	term	term	NOUN
dem-18441	173	48	investments	investment	NOUN
dem-18441	173	49	or	or	CCONJ
dem-18441	173	50	stocks	stock	NOUN
dem-18441	173	51	of	of	ADP
dem-18441	173	52	raw	raw	ADJ
dem-18441	173	53	materials	material	NOUN
dem-18441	173	54	and	and	CCONJ
dem-18441	173	55	ewa	ewa	PROPN
dem-18441	173	56	majerowska	majerowska	PROPN
dem-18441	173	57	,	,	PUNCT
dem-18441	173	58	magdalena	magdalena	PROPN
dem-18441	173	59	gostkowska	gostkowska	PROPN
dem-18441	173	60	-	-	PUNCT
dem-18441	173	61	drzewicka	drzewicka	NOUN
dem-18441	173	62	dynamic	dynamic	ADJ
dem-18441	173	63	econometric	econometric	ADJ
dem-18441	173	64	models	model	NOUN
dem-18441	173	65	18	18	NUM
dem-18441	173	66	(	(	PUNCT
dem-18441	173	67	2018	2018	NUM
dem-18441	173	68	)	)	PUNCT
dem-18441	173	69	115–127	115–127	NUM
dem-18441	173	70	124	124	NUM
dem-18441	173	71	supplies	supply	NOUN
dem-18441	173	72	,	,	PUNCT
dem-18441	173	73	providing	provide	VERB
dem-18441	173	74	security	security	NOUN
dem-18441	173	75	in	in	ADP
dem-18441	173	76	the	the	DET
dem-18441	173	77	event	event	NOUN
dem-18441	173	78	of	of	ADP
dem-18441	173	79	a	a	DET
dem-18441	173	80	sudden	sudden	ADJ
dem-18441	173	81	increase	increase	NOUN
dem-18441	173	82	in	in	ADP
dem-18441	173	83	the	the	DET
dem-18441	173	84	demand	demand	NOUN
dem-18441	173	85	or	or	CCONJ
dem-18441	173	86	in	in	ADP
dem-18441	173	87	the	the	DET
dem-18441	173	88	prices	price	NOUN
dem-18441	173	89	of	of	ADP
dem-18441	173	90	supplies	supply	NOUN
dem-18441	173	91	and	and	CCONJ
dem-18441	173	92	raw	raw	ADJ
dem-18441	173	93	materials	material	NOUN
dem-18441	173	94	.	.	PUNCT
dem-18441	174	1	in	in	ADP
dem-18441	174	2	enterprises	enterprise	NOUN
dem-18441	174	3	with	with	ADP
dem-18441	174	4	a	a	DET
dem-18441	174	5	high	high	ADJ
dem-18441	174	6	share	share	NOUN
dem-18441	174	7	of	of	ADP
dem-18441	174	8	such	such	ADJ
dem-18441	174	9	assets	asset	NOUN
dem-18441	174	10	in	in	ADP
dem-18441	174	11	the	the	DET
dem-18441	174	12	total	total	ADJ
dem-18441	174	13	assets	asset	NOUN
dem-18441	174	14	,	,	PUNCT
dem-18441	174	15	profitability	profitability	NOUN
dem-18441	174	16	may	may	AUX
dem-18441	174	17	be	be	AUX
dem-18441	174	18	low	low	ADJ
dem-18441	174	19	,	,	PUNCT
dem-18441	174	20	because	because	SCONJ
dem-18441	174	21	their	their	PRON
dem-18441	174	22	value	value	NOUN
dem-18441	174	23	is	be	AUX
dem-18441	174	24	high	high	ADJ
dem-18441	174	25	,	,	PUNCT
dem-18441	174	26	while	while	SCONJ
dem-18441	174	27	profits	profit	NOUN
dem-18441	174	28	may	may	AUX
dem-18441	174	29	be	be	AUX
dem-18441	174	30	reduced	reduce	VERB
dem-18441	174	31	,	,	PUNCT
dem-18441	174	32	because	because	SCONJ
dem-18441	174	33	a	a	DET
dem-18441	174	34	high	high	ADJ
dem-18441	174	35	level	level	NOUN
dem-18441	174	36	of	of	ADP
dem-18441	174	37	non	non	ADJ
dem-18441	174	38	-	-	ADJ
dem-18441	174	39	production	production	ADJ
dem-18441	174	40	assets	asset	NOUN
dem-18441	174	41	creates	create	VERB
dem-18441	174	42	additional	additional	ADJ
dem-18441	174	43	costs	cost	NOUN
dem-18441	174	44	.	.	PUNCT
dem-18441	175	1	the	the	DET
dem-18441	175	2	positive	positive	ADJ
dem-18441	175	3	relationship	relationship	NOUN
dem-18441	175	4	between	between	ADP
dem-18441	175	5	the	the	DET
dem-18441	175	6	structure	structure	NOUN
dem-18441	175	7	of	of	ADP
dem-18441	175	8	assets	asset	NOUN
dem-18441	175	9	and	and	CCONJ
dem-18441	175	10	the	the	DET
dem-18441	175	11	value	value	NOUN
dem-18441	175	12	of	of	ADP
dem-18441	175	13	roa	roa	NOUN
dem-18441	175	14	should	should	AUX
dem-18441	175	15	be	be	AUX
dem-18441	175	16	explained	explain	VERB
dem-18441	175	17	by	by	ADP
dem-18441	175	18	the	the	DET
dem-18441	175	19	significant	significant	ADJ
dem-18441	175	20	share	share	NOUN
dem-18441	175	21	of	of	ADP
dem-18441	175	22	the	the	DET
dem-18441	175	23	investments	investment	NOUN
dem-18441	175	24	yielding	yield	VERB
dem-18441	175	25	a	a	DET
dem-18441	175	26	high	high	ADJ
dem-18441	175	27	rate	rate	NOUN
dem-18441	175	28	of	of	ADP
dem-18441	175	29	return	return	NOUN
dem-18441	175	30	in	in	ADP
dem-18441	175	31	the	the	DET
dem-18441	175	32	asset	asset	NOUN
dem-18441	175	33	structure	structure	NOUN
dem-18441	175	34	of	of	ADP
dem-18441	175	35	the	the	DET
dem-18441	175	36	companies	company	NOUN
dem-18441	175	37	under	under	ADP
dem-18441	175	38	examination	examination	NOUN
dem-18441	175	39	.	.	PUNCT
dem-18441	176	1	it	it	PRON
dem-18441	176	2	causes	cause	VERB
dem-18441	176	3	an	an	DET
dem-18441	176	4	increase	increase	NOUN
dem-18441	176	5	in	in	ADP
dem-18441	176	6	the	the	DET
dem-18441	176	7	profitability	profitability	NOUN
dem-18441	176	8	level	level	NOUN
dem-18441	176	9	of	of	ADP
dem-18441	176	10	these	these	DET
dem-18441	176	11	entities	entity	NOUN
dem-18441	176	12	.	.	PUNCT
dem-18441	177	1	model	model	NOUN
dem-18441	177	2	(	(	PUNCT
dem-18441	177	3	1	1	X
dem-18441	177	4	)	)	PUNCT
dem-18441	177	5	indicates	indicate	VERB
dem-18441	177	6	predominance	predominance	NOUN
dem-18441	177	7	of	of	ADP
dem-18441	177	8	the	the	DET
dem-18441	177	9	fixed	fix	VERB
dem-18441	177	10	effects	effect	NOUN
dem-18441	177	11	model	model	NOUN
dem-18441	177	12	,	,	PUNCT
dem-18441	177	13	hence	hence	ADV
dem-18441	177	14	the	the	DET
dem-18441	177	15	version	version	NOUN
dem-18441	177	16	(	(	PUNCT
dem-18441	177	17	2	2	NUM
dem-18441	177	18	)	)	PUNCT
dem-18441	177	19	,	,	PUNCT
dem-18441	177	20	which	which	PRON
dem-18441	177	21	is	be	AUX
dem-18441	177	22	an	an	DET
dem-18441	177	23	estimation	estimation	NOUN
dem-18441	177	24	of	of	ADP
dem-18441	177	25	the	the	DET
dem-18441	177	26	model	model	NOUN
dem-18441	177	27	describing	describe	VERB
dem-18441	177	28	the	the	DET
dem-18441	177	29	impact	impact	NOUN
dem-18441	177	30	of	of	ADP
dem-18441	177	31	internal	internal	ADJ
dem-18441	177	32	factors	factor	NOUN
dem-18441	177	33	,	,	PUNCT
dem-18441	177	34	which	which	PRON
dem-18441	177	35	is	be	AUX
dem-18441	177	36	the	the	DET
dem-18441	177	37	fixed	fix	VERB
dem-18441	177	38	effects	effect	NOUN
dem-18441	177	39	one	one	NUM
dem-18441	177	40	.	.	PUNCT
dem-18441	178	1	version	version	NOUN
dem-18441	178	2	(	(	PUNCT
dem-18441	178	3	3	3	X
dem-18441	178	4	)	)	PUNCT
dem-18441	178	5	contains	contain	VERB
dem-18441	178	6	estimations	estimation	NOUN
dem-18441	178	7	of	of	ADP
dem-18441	178	8	the	the	DET
dem-18441	178	9	model	model	NOUN
dem-18441	178	10	with	with	ADP
dem-18441	178	11	sectoral	sectoral	ADJ
dem-18441	178	12	effects	effect	NOUN
dem-18441	178	13	and	and	CCONJ
dem-18441	178	14	factors	factor	NOUN
dem-18441	178	15	,	,	PUNCT
dem-18441	178	16	using	use	VERB
dem-18441	178	17	the	the	DET
dem-18441	178	18	pooled	pooled	ADJ
dem-18441	178	19	model	model	NOUN
dem-18441	178	20	.	.	PUNCT
dem-18441	179	1	the	the	DET
dem-18441	179	2	final	final	ADJ
dem-18441	179	3	version	version	NOUN
dem-18441	179	4	(	(	PUNCT
dem-18441	179	5	4	4	NUM
dem-18441	179	6	)	)	PUNCT
dem-18441	179	7	indicates	indicate	VERB
dem-18441	179	8	the	the	DET
dem-18441	179	9	sectoral	sectoral	ADJ
dem-18441	179	10	effects	effect	NOUN
dem-18441	179	11	,	,	PUNCT
dem-18441	179	12	statistically	statistically	ADV
dem-18441	179	13	significant	significant	ADJ
dem-18441	179	14	,	,	PUNCT
dem-18441	179	15	and	and	CCONJ
dem-18441	179	16	the	the	DET
dem-18441	179	17	internal	internal	ADJ
dem-18441	179	18	factors	factor	NOUN
dem-18441	179	19	of	of	ADP
dem-18441	179	20	the	the	DET
dem-18441	179	21	fixed	fix	VERB
dem-18441	179	22	effects	effect	NOUN
dem-18441	179	23	model	model	NOUN
dem-18441	179	24	.	.	PUNCT
dem-18441	180	1	the	the	DET
dem-18441	180	2	results	result	NOUN
dem-18441	180	3	indicate	indicate	VERB
dem-18441	180	4	in	in	ADP
dem-18441	180	5	which	which	PRON
dem-18441	180	6	sectors	sector	NOUN
dem-18441	180	7	statistically	statistically	ADV
dem-18441	180	8	significant	significant	ADJ
dem-18441	180	9	differences	difference	NOUN
dem-18441	180	10	in	in	ADP
dem-18441	180	11	the	the	DET
dem-18441	180	12	roa	roa	NOUN
dem-18441	180	13	level	level	NOUN
dem-18441	180	14	were	be	AUX
dem-18441	180	15	noted	note	VERB
dem-18441	180	16	,	,	PUNCT
dem-18441	180	17	while	while	SCONJ
dem-18441	180	18	impact	impact	NOUN
dem-18441	180	19	of	of	ADP
dem-18441	180	20	individual	individual	ADJ
dem-18441	180	21	factors	factor	NOUN
dem-18441	180	22	on	on	ADP
dem-18441	180	23	the	the	DET
dem-18441	180	24	roa	roa	NOUN
dem-18441	180	25	level	level	NOUN
dem-18441	180	26	was	be	AUX
dem-18441	180	27	indicated	indicate	VERB
dem-18441	180	28	(	(	PUNCT
dem-18441	180	29	table	table	NOUN
dem-18441	180	30	1	1	NUM
dem-18441	180	31	)	)	PUNCT
dem-18441	180	32	.	.	PUNCT
dem-18441	181	1	table	table	NOUN
dem-18441	181	2	2	2	NUM
dem-18441	181	3	.	.	PUNCT
dem-18441	181	4	estimates	estimate	NOUN
dem-18441	181	5	of	of	ADP
dem-18441	181	6	the	the	DET
dem-18441	181	7	linear	linear	ADJ
dem-18441	181	8	regression	regression	NOUN
dem-18441	181	9	model	model	NOUN
dem-18441	181	10	for	for	ADP
dem-18441	181	11	roe	roe	PROPN
dem-18441	181	12	variable	variable	ADJ
dem-18441	181	13	model	model	NOUN
dem-18441	181	14	(	(	PUNCT
dem-18441	181	15	1	1	NUM
dem-18441	181	16	)	)	PUNCT
dem-18441	181	17	(	(	PUNCT
dem-18441	181	18	2	2	NUM
dem-18441	181	19	)	)	PUNCT
dem-18441	181	20	(	(	PUNCT
dem-18441	181	21	3	3	X
dem-18441	181	22	)	)	PUNCT
dem-18441	181	23	(	(	PUNCT
dem-18441	181	24	4	4	X
dem-18441	181	25	)	)	PUNCT
dem-18441	181	26	pooled	pool	VERB
dem-18441	181	27	fe	fe	X
dem-18441	181	28	pooled	pool	VERB
dem-18441	181	29	fe	fe	X
dem-18441	181	30	const	const	X
dem-18441	181	31	0,2354	0,2354	NOUN
dem-18441	181	32	0,6781	0,6781	NUM
dem-18441	181	33	2,5358	2,5358	NOUN
dem-18441	181	34	*	*	NOUN
dem-18441	181	35	*	*	PUNCT
dem-18441	181	36	*	*	PUNCT
dem-18441	181	37	4,5556	4,5556	NUM
dem-18441	181	38	*	*	ADJ
dem-18441	181	39	*	*	PUNCT
dem-18441	181	40	*	*	PUNCT
dem-18441	181	41	res	re	NOUN
dem-18441	181	42	–	–	PUNCT
dem-18441	181	43	0,3417	0,3417	NUM
dem-18441	181	44	fe	fe	X
dem-18441	181	45	0,3121	0,3121	NOUN
dem-18441	181	46	*	*	PROPN
dem-18441	181	47	*	*	PROPN
dem-18441	181	48	crm	crm	PROPN
dem-18441	181	49	–	–	PUNCT
dem-18441	181	50	0,0195	0,0195	PROPN
dem-18441	181	51	c	c	PROPN
dem-18441	181	52	–	–	PUNCT
dem-18441	181	53	0,0858	0,0858	NOUN
dem-18441	181	54	ei	ei	X
dem-18441	181	55	–	–	PUNCT
dem-18441	181	56	0,0646	0,0646	PROPN
dem-18441	181	57	tls	tls	PROPN
dem-18441	181	58	–	–	PUNCT
dem-18441	181	59	0,3982	0,3982	PROPN
dem-18441	181	60	*	*	PUNCT
dem-18441	181	61	*	*	PROPN
dem-18441	181	62	*	*	PROPN
dem-18441	181	63	cg	cg	NOUN
dem-18441	181	64	0,0352	0,0352	NOUN
dem-18441	181	65	trec	trec	PROPN
dem-18441	181	66	–	–	PUNCT
dem-18441	181	67	0,0365	0,0365	NUM
dem-18441	181	68	rm	rm	NOUN
dem-18441	181	69	0,2938	0,2938	PROPN
dem-18441	181	70	*	*	PROPN
dem-18441	181	71	*	*	PUNCT
dem-18441	181	72	*	*	PUNCT
dem-18441	181	73	0,4461	0,4461	PRON
dem-18441	181	74	*	*	X
dem-18441	181	75	*	*	PUNCT
dem-18441	181	76	hc	hc	PROPN
dem-18441	181	77	–	–	PUNCT
dem-18441	181	78	0,1665	0,1665	NUM
dem-18441	181	79	–	–	PUNCT
dem-18441	181	80	0,7783	0,7783	NOUN
dem-18441	181	81	*	*	SYM
dem-18441	181	82	*	*	PUNCT
dem-18441	181	83	*	*	VERB
dem-18441	181	84	te	te	ADP
dem-18441	181	85	0,4717	0,4717	NOUN
dem-18441	181	86	*	*	PROPN
dem-18441	181	87	*	*	PUNCT
dem-18441	181	88	*	*	PUNCT
dem-18441	181	89	–	–	PUNCT
dem-18441	181	90	1,0186	1,0186	NUM
dem-18441	181	91	*	*	SYM
dem-18441	181	92	*	*	NOUN
dem-18441	181	93	*	*	VERB
dem-18441	181	94	leverage	leverage	NOUN
dem-18441	181	95	–	–	PUNCT
dem-18441	181	96	0,1588	0,1588	NOUN
dem-18441	181	97	*	*	PUNCT
dem-18441	181	98	*	*	PUNCT
dem-18441	181	99	*	*	PUNCT
dem-18441	181	100	–	–	PUNCT
dem-18441	181	101	0,1536	0,1536	NOUN
dem-18441	181	102	*	*	SYM
dem-18441	181	103	*	*	PUNCT
dem-18441	181	104	*	*	PUNCT
dem-18441	181	105	growth	growth	NOUN
dem-18441	181	106	0,0000	0,0000	PRON
dem-18441	181	107	liq	liq	NOUN
dem-18441	181	108	–	–	PUNCT
dem-18441	181	109	0,0059	0,0059	NUM
dem-18441	181	110	*	*	PROPN
dem-18441	181	111	*	*	PUNCT
dem-18441	181	112	–	–	PUNCT
dem-18441	181	113	0,0105	0,0105	NOUN
dem-18441	181	114	*	*	PUNCT
dem-18441	181	115	*	*	PUNCT
dem-18441	181	116	*	*	PUNCT
dem-18441	181	117	ndts	ndts	ADJ
dem-18441	181	118	16,0422	16,0422	NUM
dem-18441	181	119	*	*	SYM
dem-18441	181	120	*	*	NOUN
dem-18441	181	121	17,0020	17,0020	NUM
dem-18441	181	122	*	*	SYM
dem-18441	181	123	–	–	PUNCT
dem-18441	181	124	38,8988	38,8988	NUM
dem-18441	181	125	*	*	PUNCT
dem-18441	181	126	*	*	PUNCT
dem-18441	181	127	*	*	PUNCT
dem-18441	181	128	–	–	PUNCT
dem-18441	181	129	47,6416	47,6416	NUM
dem-18441	181	130	*	*	PUNCT
dem-18441	181	131	*	*	PUNCT
dem-18441	181	132	*	*	NOUN
dem-18441	181	133	size	size	NOUN
dem-18441	181	134	–	–	PUNCT
dem-18441	181	135	0,1574	0,1574	NOUN
dem-18441	181	136	*	*	PUNCT
dem-18441	181	137	*	*	PUNCT
dem-18441	181	138	*	*	PUNCT
dem-18441	181	139	–	–	PUNCT
dem-18441	181	140	0,3086	0,3086	VERB
dem-18441	181	141	*	*	PUNCT
dem-18441	181	142	*	*	PUNCT
dem-18441	181	143	*	*	PROPN
dem-18441	181	144	tang	tang	PROPN
dem-18441	181	145	3,8527	3,8527	NUM
dem-18441	181	146	*	*	NOUN
dem-18441	181	147	*	*	PUNCT
dem-18441	181	148	–	–	PUNCT
dem-18441	181	149	5,8666	5,8666	NOUN
dem-18441	181	150	*	*	PROPN
dem-18441	181	151	*	*	PUNCT
dem-18441	182	1	3,0362	3,0362	NUM
dem-18441	182	2	*	*	PUNCT
dem-18441	182	3	*	*	PUNCT
dem-18441	182	4	*	*	PUNCT
dem-18441	183	1	3,6041	3,6041	NUM
dem-18441	183	2	*	*	PUNCT
dem-18441	183	3	*	*	PUNCT
dem-18441	183	4	*	*	PUNCT
dem-18441	183	5	joint	joint	ADJ
dem-18441	183	6	significance	significance	NOUN
dem-18441	183	7	test	test	NOUN
dem-18441	184	1	1,1625	1,1625	NUM
dem-18441	184	2	#	#	NOUN
dem-18441	184	3	na	na	NOUN
dem-18441	184	4	3,6960	3,6960	NUM
dem-18441	184	5	#	#	NOUN
dem-18441	184	6	na	na	ADP
dem-18441	184	7	breusch	breusch	ADJ
dem-18441	184	8	-	-	PUNCT
dem-18441	184	9	pagan	pagan	ADJ
dem-18441	184	10	test	test	NOUN
dem-18441	184	11	0,1408	0,1408	NOUN
dem-18441	184	12	na	na	ADP
dem-18441	184	13	300,6340	300,6340	NUM
dem-18441	184	14	#	#	NOUN
dem-18441	184	15	na	na	NOUN
dem-18441	184	16	hausman	hausman	ADJ
dem-18441	184	17	test	test	NOUN
dem-18441	184	18	0,4527	0,4527	PROPN
dem-18441	184	19	na	na	ADP
dem-18441	184	20	429,5220	429,5220	NOUN
dem-18441	184	21	#	#	NOUN
dem-18441	184	22	na	na	PART
dem-18441	184	23	note	note	VERB
dem-18441	184	24	:	:	PUNCT
dem-18441	184	25	*	*	PUNCT
dem-18441	184	26	*	*	PUNCT
dem-18441	184	27	)	)	PUNCT
dem-18441	185	1	*	*	PUNCT
dem-18441	185	2	*	*	PUNCT
dem-18441	185	3	*	*	PUNCT
dem-18441	185	4	)	)	PUNCT
dem-18441	185	5	statistically	statistically	ADV
dem-18441	185	6	significant	significant	ADJ
dem-18441	185	7	at	at	ADP
dem-18441	185	8	the	the	DET
dem-18441	185	9	significance	significance	NOUN
dem-18441	185	10	levels	level	NOUN
dem-18441	185	11	0.05	0.05	NUM
dem-18441	185	12	and	and	CCONJ
dem-18441	185	13	0.01	0.01	NUM
dem-18441	185	14	respectively	respectively	ADV
dem-18441	185	15	;	;	PUNCT
dem-18441	185	16	#	#	X
dem-18441	185	17	)	)	PUNCT
dem-18441	185	18	statistically	statistically	ADV
dem-18441	185	19	significant	significant	ADJ
dem-18441	185	20	at	at	ADP
dem-18441	185	21	the	the	DET
dem-18441	185	22	significance	significance	NOUN
dem-18441	185	23	level	level	NOUN
dem-18441	185	24	of	of	ADP
dem-18441	185	25	0.05	0.05	NUM
dem-18441	185	26	.	.	PUNCT
dem-18441	186	1	impact	impact	NOUN
dem-18441	186	2	of	of	ADP
dem-18441	186	3	the	the	DET
dem-18441	186	4	sector	sector	NOUN
dem-18441	186	5	and	and	CCONJ
dem-18441	186	6	of	of	ADP
dem-18441	186	7	internal	internal	ADJ
dem-18441	186	8	factors	factor	NOUN
dem-18441	186	9	on	on	ADP
dem-18441	186	10	profitability	profitability	NOUN
dem-18441	186	11	…	…	SYM
dem-18441	186	12	dynamic	dynamic	ADJ
dem-18441	186	13	econometric	econometric	ADJ
dem-18441	186	14	models	model	NOUN
dem-18441	186	15	18	18	NUM
dem-18441	186	16	(	(	PUNCT
dem-18441	186	17	2018	2018	NUM
dem-18441	186	18	)	)	PUNCT
dem-18441	187	1	115–127	115–127	NUM
dem-18441	187	2	125	125	NUM
dem-18441	187	3	next	next	ADJ
dem-18441	187	4	,	,	PUNCT
dem-18441	187	5	a	a	DET
dem-18441	187	6	model	model	NOUN
dem-18441	187	7	was	be	AUX
dem-18441	187	8	estimated	estimate	VERB
dem-18441	187	9	by	by	ADP
dem-18441	187	10	adopting	adopt	VERB
dem-18441	187	11	the	the	DET
dem-18441	187	12	value	value	NOUN
dem-18441	187	13	of	of	ADP
dem-18441	187	14	roe	roe	NOUN
dem-18441	187	15	as	as	ADP
dem-18441	187	16	a	a	DET
dem-18441	187	17	determinant	determinant	NOUN
dem-18441	187	18	of	of	ADP
dem-18441	187	19	the	the	DET
dem-18441	187	20	profitability	profitability	NOUN
dem-18441	187	21	level	level	NOUN
dem-18441	187	22	.	.	PUNCT
dem-18441	188	1	the	the	DET
dem-18441	188	2	results	result	NOUN
dem-18441	188	3	are	be	AUX
dem-18441	188	4	presented	present	VERB
dem-18441	188	5	in	in	ADP
dem-18441	188	6	table	table	NOUN
dem-18441	188	7	2	2	NUM
dem-18441	188	8	.	.	PUNCT
dem-18441	188	9	similarly	similarly	ADV
dem-18441	188	10	,	,	PUNCT
dem-18441	188	11	as	as	ADP
dem-18441	188	12	in	in	ADP
dem-18441	188	13	the	the	DET
dem-18441	188	14	case	case	NOUN
dem-18441	188	15	of	of	ADP
dem-18441	188	16	the	the	DET
dem-18441	188	17	roa	roa	NOUN
dem-18441	188	18	,	,	PUNCT
dem-18441	188	19	it	it	PRON
dem-18441	188	20	was	be	AUX
dem-18441	188	21	estimated	estimate	VERB
dem-18441	188	22	in	in	ADP
dem-18441	188	23	four	four	NUM
dem-18441	188	24	versions	version	NOUN
dem-18441	188	25	.	.	PUNCT
dem-18441	189	1	generally	generally	ADV
dem-18441	189	2	,	,	PUNCT
dem-18441	189	3	the	the	DET
dem-18441	189	4	results	result	NOUN
dem-18441	189	5	justify	justify	VERB
dem-18441	189	6	using	use	VERB
dem-18441	189	7	the	the	DET
dem-18441	189	8	panel	panel	NOUN
dem-18441	189	9	ols	ol	NOUN
dem-18441	189	10	method	method	NOUN
dem-18441	189	11	(	(	PUNCT
dem-18441	189	12	pooled	pool	VERB
dem-18441	189	13	model	model	NOUN
dem-18441	189	14	)	)	PUNCT
dem-18441	189	15	,	,	PUNCT
dem-18441	189	16	only	only	ADV
dem-18441	189	17	the	the	DET
dem-18441	189	18	model	model	NOUN
dem-18441	189	19	in	in	ADP
dem-18441	189	20	version	version	NOUN
dem-18441	189	21	(	(	PUNCT
dem-18441	189	22	4	4	NUM
dem-18441	189	23	)	)	PUNCT
dem-18441	189	24	contains	contain	VERB
dem-18441	189	25	estimates	estimate	NOUN
dem-18441	189	26	with	with	ADP
dem-18441	189	27	fixed	fix	VERB
dem-18441	189	28	effects	effect	NOUN
dem-18441	189	29	(	(	PUNCT
dem-18441	189	30	within	within	ADP
dem-18441	189	31	group	group	NOUN
dem-18441	189	32	estimator	estimator	NOUN
dem-18441	189	33	)	)	PUNCT
dem-18441	189	34	.	.	PUNCT
dem-18441	190	1	it	it	PRON
dem-18441	190	2	can	can	AUX
dem-18441	190	3	be	be	AUX
dem-18441	190	4	noticed	notice	VERB
dem-18441	190	5	that	that	SCONJ
dem-18441	190	6	the	the	DET
dem-18441	190	7	value	value	NOUN
dem-18441	190	8	of	of	ADP
dem-18441	190	9	roe	roe	NOUN
dem-18441	190	10	statistically	statistically	ADV
dem-18441	190	11	significantly	significantly	ADV
dem-18441	190	12	differs	differ	VERB
dem-18441	190	13	in	in	ADP
dem-18441	190	14	the	the	DET
dem-18441	190	15	consumer	consumer	NOUN
dem-18441	190	16	goods	good	NOUN
dem-18441	190	17	and	and	CCONJ
dem-18441	190	18	services	service	NOUN
dem-18441	190	19	sectors	sector	NOUN
dem-18441	190	20	,	,	PUNCT
dem-18441	190	21	in	in	ADP
dem-18441	190	22	the	the	DET
dem-18441	190	23	case	case	NOUN
dem-18441	190	24	of	of	ADP
dem-18441	190	25	a	a	DET
dem-18441	190	26	model	model	NOUN
dem-18441	190	27	containing	contain	VERB
dem-18441	190	28	only	only	ADV
dem-18441	190	29	sectoral	sectoral	ADJ
dem-18441	190	30	effects	effect	NOUN
dem-18441	190	31	.	.	PUNCT
dem-18441	191	1	the	the	DET
dem-18441	191	2	significance	significance	NOUN
dem-18441	191	3	of	of	ADP
dem-18441	191	4	internal	internal	ADJ
dem-18441	191	5	factors	factor	NOUN
dem-18441	191	6	confirmed	confirm	VERB
dem-18441	191	7	the	the	DET
dem-18441	191	8	results	result	NOUN
dem-18441	191	9	obtained	obtain	VERB
dem-18441	191	10	for	for	ADP
dem-18441	191	11	the	the	DET
dem-18441	191	12	roa	roa	PROPN
dem-18441	191	13	index	index	NOUN
dem-18441	191	14	.	.	PUNCT
dem-18441	192	1	conclusions	conclusion	NOUN
dem-18441	192	2	the	the	DET
dem-18441	192	3	empirical	empirical	ADJ
dem-18441	192	4	analysis	analysis	NOUN
dem-18441	192	5	carried	carry	VERB
dem-18441	192	6	out	out	ADP
dem-18441	192	7	enabled	enable	VERB
dem-18441	192	8	indication	indication	NOUN
dem-18441	192	9	of	of	ADP
dem-18441	192	10	the	the	DET
dem-18441	192	11	dependence	dependence	NOUN
dem-18441	192	12	of	of	ADP
dem-18441	192	13	the	the	DET
dem-18441	192	14	profitability	profitability	NOUN
dem-18441	192	15	level	level	NOUN
dem-18441	192	16	of	of	ADP
dem-18441	192	17	companies	company	NOUN
dem-18441	192	18	on	on	ADP
dem-18441	192	19	their	their	PRON
dem-18441	192	20	sectoral	sectoral	ADJ
dem-18441	192	21	affiliation	affiliation	NOUN
dem-18441	192	22	and	and	CCONJ
dem-18441	192	23	on	on	ADP
dem-18441	192	24	selected	select	VERB
dem-18441	192	25	internal	internal	ADJ
dem-18441	192	26	factors	factor	NOUN
dem-18441	192	27	characterizing	characterize	VERB
dem-18441	192	28	those	those	DET
dem-18441	192	29	companies	company	NOUN
dem-18441	192	30	.	.	PUNCT
dem-18441	193	1	the	the	DET
dem-18441	193	2	model	model	NOUN
dem-18441	193	3	estimated	estimate	VERB
dem-18441	193	4	for	for	ADP
dem-18441	193	5	the	the	DET
dem-18441	193	6	roa	roa	NOUN
dem-18441	193	7	indicates	indicate	VERB
dem-18441	193	8	a	a	DET
dem-18441	193	9	statistically	statistically	ADV
dem-18441	193	10	significant	significant	ADJ
dem-18441	193	11	level	level	NOUN
dem-18441	193	12	of	of	ADP
dem-18441	193	13	this	this	DET
dem-18441	193	14	index	index	NOUN
dem-18441	193	15	,	,	PUNCT
dem-18441	193	16	higher	high	ADJ
dem-18441	193	17	than	than	ADP
dem-18441	193	18	the	the	DET
dem-18441	193	19	average	average	NOUN
dem-18441	193	20	in	in	ADP
dem-18441	193	21	the	the	DET
dem-18441	193	22	service	service	NOUN
dem-18441	193	23	sector	sector	NOUN
dem-18441	193	24	,	,	PUNCT
dem-18441	193	25	and	and	CCONJ
dem-18441	193	26	higher	high	ADJ
dem-18441	193	27	in	in	ADP
dem-18441	193	28	the	the	DET
dem-18441	193	29	sectors	sector	NOUN
dem-18441	193	30	of	of	ADP
dem-18441	193	31	health	health	NOUN
dem-18441	193	32	care	care	NOUN
dem-18441	193	33	and	and	CCONJ
dem-18441	193	34	technology	technology	NOUN
dem-18441	193	35	.	.	PUNCT
dem-18441	194	1	in	in	ADP
dem-18441	194	2	addition	addition	NOUN
dem-18441	194	3	,	,	PUNCT
dem-18441	194	4	an	an	DET
dem-18441	194	5	increase	increase	NOUN
dem-18441	194	6	in	in	ADP
dem-18441	194	7	the	the	DET
dem-18441	194	8	financial	financial	ADJ
dem-18441	194	9	leverage	leverage	NOUN
dem-18441	194	10	,	,	PUNCT
dem-18441	194	11	financial	financial	ADJ
dem-18441	194	12	liquidity	liquidity	NOUN
dem-18441	194	13	,	,	PUNCT
dem-18441	194	14	non	non	ADJ
dem-18441	194	15	-	-	ADJ
dem-18441	194	16	debt	debt	ADJ
dem-18441	194	17	tax	tax	NOUN
dem-18441	194	18	shield	shield	NOUN
dem-18441	194	19	and	and	CCONJ
dem-18441	194	20	enterprise	enterprise	NOUN
dem-18441	194	21	size	size	NOUN
dem-18441	194	22	cause	cause	VERB
dem-18441	194	23	a	a	DET
dem-18441	194	24	drop	drop	NOUN
dem-18441	194	25	in	in	ADP
dem-18441	194	26	the	the	DET
dem-18441	194	27	roa	roa	NOUN
dem-18441	194	28	.	.	PUNCT
dem-18441	195	1	on	on	ADP
dem-18441	195	2	the	the	DET
dem-18441	195	3	other	other	ADJ
dem-18441	195	4	hand	hand	NOUN
dem-18441	195	5	,	,	PUNCT
dem-18441	195	6	an	an	DET
dem-18441	195	7	increase	increase	NOUN
dem-18441	195	8	in	in	ADP
dem-18441	195	9	the	the	DET
dem-18441	195	10	value	value	NOUN
dem-18441	195	11	of	of	ADP
dem-18441	195	12	the	the	DET
dem-18441	195	13	ratio	ratio	NOUN
dem-18441	195	14	of	of	ADP
dem-18441	195	15	fixed	fix	VERB
dem-18441	195	16	assets	asset	NOUN
dem-18441	195	17	to	to	ADP
dem-18441	195	18	the	the	DET
dem-18441	195	19	total	total	ADJ
dem-18441	195	20	assets	asset	NOUN
dem-18441	195	21	results	result	NOUN
dem-18441	195	22	in	in	ADP
dem-18441	195	23	an	an	DET
dem-18441	195	24	increase	increase	NOUN
dem-18441	195	25	in	in	ADP
dem-18441	195	26	the	the	DET
dem-18441	195	27	roa	roa	NOUN
dem-18441	195	28	.	.	PUNCT
dem-18441	196	1	similar	similar	ADJ
dem-18441	196	2	results	result	NOUN
dem-18441	196	3	were	be	AUX
dem-18441	196	4	obtained	obtain	VERB
dem-18441	196	5	for	for	ADP
dem-18441	196	6	the	the	DET
dem-18441	196	7	models	model	NOUN
dem-18441	196	8	estimated	estimate	VERB
dem-18441	196	9	for	for	ADP
dem-18441	196	10	the	the	DET
dem-18441	196	11	roe	roe	NOUN
dem-18441	196	12	.	.	PUNCT
dem-18441	197	1	therefore	therefore	ADV
dem-18441	197	2	,	,	PUNCT
dem-18441	197	3	it	it	PRON
dem-18441	197	4	can	can	AUX
dem-18441	197	5	be	be	AUX
dem-18441	197	6	concluded	conclude	VERB
dem-18441	197	7	that	that	SCONJ
dem-18441	197	8	there	there	PRON
dem-18441	197	9	are	be	VERB
dem-18441	197	10	no	no	DET
dem-18441	197	11	grounds	ground	NOUN
dem-18441	197	12	to	to	PART
dem-18441	197	13	reject	reject	VERB
dem-18441	197	14	the	the	DET
dem-18441	197	15	hypothesis	hypothesis	NOUN
dem-18441	197	16	assumed	assume	VERB
dem-18441	197	17	in	in	ADP
dem-18441	197	18	the	the	DET
dem-18441	197	19	introduction	introduction	NOUN
dem-18441	197	20	,	,	PUNCT
dem-18441	197	21	about	about	ADP
dem-18441	197	22	the	the	DET
dem-18441	197	23	profitability	profitability	NOUN
dem-18441	197	24	of	of	ADP
dem-18441	197	25	companies	company	NOUN
dem-18441	197	26	listed	list	VERB
dem-18441	197	27	on	on	ADP
dem-18441	197	28	the	the	DET
dem-18441	197	29	warsaw	warsaw	PROPN
dem-18441	197	30	stock	stock	PROPN
dem-18441	197	31	exchange	exchange	PROPN
dem-18441	197	32	being	be	AUX
dem-18441	197	33	dependent	dependent	ADJ
dem-18441	197	34	on	on	ADP
dem-18441	197	35	their	their	PRON
dem-18441	197	36	sectoral	sectoral	ADJ
dem-18441	197	37	affiliation	affiliation	NOUN
dem-18441	197	38	and	and	CCONJ
dem-18441	197	39	on	on	ADP
dem-18441	197	40	selected	select	VERB
dem-18441	197	41	factors	factor	NOUN
dem-18441	197	42	.	.	PUNCT
dem-18441	198	1	in	in	ADP
dem-18441	198	2	other	other	ADJ
dem-18441	198	3	words	word	NOUN
dem-18441	198	4	,	,	PUNCT
dem-18441	198	5	profitability	profitability	NOUN
dem-18441	198	6	of	of	ADP
dem-18441	198	7	the	the	DET
dem-18441	198	8	examined	examine	VERB
dem-18441	198	9	enterprises	enterprise	NOUN
dem-18441	198	10	results	result	VERB
dem-18441	198	11	from	from	ADP
dem-18441	198	12	the	the	DET
dem-18441	198	13	decisions	decision	NOUN
dem-18441	198	14	made	make	VERB
dem-18441	198	15	by	by	ADP
dem-18441	198	16	the	the	DET
dem-18441	198	17	managers	manager	NOUN
dem-18441	198	18	and	and	CCONJ
dem-18441	198	19	from	from	ADP
dem-18441	198	20	the	the	DET
dem-18441	198	21	impact	impact	NOUN
dem-18441	198	22	of	of	ADP
dem-18441	198	23	the	the	DET
dem-18441	198	24	sector	sector	NOUN
dem-18441	198	25	environment	environment	NOUN
dem-18441	198	26	.	.	PUNCT
dem-18441	199	1	references	reference	NOUN
dem-18441	199	2	alarussi	alarussi	PROPN
dem-18441	199	3	,	,	PUNCT
dem-18441	199	4	a.	a.	PROPN
dem-18441	199	5	s.	s.	PROPN
dem-18441	199	6	,	,	PUNCT
dem-18441	199	7	alhaderi	alhaderi	PROPN
dem-18441	199	8	,	,	PUNCT
dem-18441	199	9	s.	s.	PROPN
dem-18441	199	10	m.	m.	PROPN
dem-18441	199	11	,	,	PUNCT
dem-18441	199	12	(	(	PUNCT
dem-18441	199	13	2018	2018	NUM
dem-18441	199	14	)	)	PUNCT
dem-18441	199	15	,	,	PUNCT
dem-18441	199	16	factors	factor	NOUN
dem-18441	199	17	affecting	affect	VERB
dem-18441	199	18	profitability	profitability	NOUN
dem-18441	199	19	in	in	ADP
dem-18441	199	20	malaysia	malaysia	PROPN
dem-18441	199	21	,	,	PUNCT
dem-18441	199	22	journal	journal	NOUN
dem-18441	199	23	of	of	ADP
dem-18441	199	24	economic	economic	ADJ
dem-18441	199	25	studies	study	NOUN
dem-18441	199	26	,	,	PUNCT
dem-18441	199	27	45(3	45(3	NUM
dem-18441	199	28	)	)	PUNCT
dem-18441	199	29	,	,	PUNCT
dem-18441	199	30	442–458	442–458	NUM
dem-18441	199	31	,	,	PUNCT
dem-18441	199	32	doi	doi	NOUN
dem-18441	199	33	:	:	PUNCT
dem-18441	200	1	http://dx.doi.org/10.1108/jes-05-2017-0124	http://dx.doi.org/10.1108/jes-05-2017-0124	PROPN
dem-18441	200	2	.	.	PUNCT
dem-18441	200	3	bamiatzi	bamiatzi	PROPN
dem-18441	200	4	,	,	PUNCT
dem-18441	200	5	v.	v.	ADV
dem-18441	200	6	,	,	PUNCT
dem-18441	200	7	hall	hall	PROPN
dem-18441	200	8	,	,	PUNCT
dem-18441	200	9	g.	g.	PROPN
dem-18441	200	10	(	(	PUNCT
dem-18441	200	11	2009	2009	NUM
dem-18441	200	12	)	)	PUNCT
dem-18441	200	13	,	,	PUNCT
dem-18441	200	14	firm	firm	NOUN
dem-18441	200	15	versus	versus	ADP
dem-18441	200	16	sector	sector	NOUN
dem-18441	200	17	effects	effect	NOUN
dem-18441	200	18	on	on	ADP
dem-18441	200	19	profitability	profitability	NOUN
dem-18441	200	20	and	and	CCONJ
dem-18441	200	21	growth	growth	NOUN
dem-18441	200	22	:	:	PUNCT
dem-18441	200	23	the	the	DET
dem-18441	200	24	importance	importance	NOUN
dem-18441	200	25	of	of	ADP
dem-18441	200	26	size	size	NOUN
dem-18441	200	27	and	and	CCONJ
dem-18441	200	28	interaction	interaction	NOUN
dem-18441	200	29	,	,	PUNCT
dem-18441	200	30	international	international	ADJ
dem-18441	200	31	journal	journal	NOUN
dem-18441	200	32	of	of	ADP
dem-18441	200	33	the	the	DET
dem-18441	200	34	economics	economic	NOUN
dem-18441	200	35	of	of	ADP
dem-18441	200	36	business	business	NOUN
dem-18441	200	37	,	,	PUNCT
dem-18441	200	38	16(2	16(2	NUM
dem-18441	200	39	)	)	PUNCT
dem-18441	200	40	,	,	PUNCT
dem-18441	200	41	205–220	205–220	NUM
dem-18441	200	42	,	,	PUNCT
dem-18441	200	43	doi	doi	NOUN
dem-18441	200	44	:	:	PUNCT
dem-18441	200	45	http://dx.doi.org/10.1080/13571510902917517	http://dx.doi.org/10.1080/13571510902917517	PROPN
dem-18441	200	46	.	.	PUNCT
dem-18441	201	1	bain	bain	PROPN
dem-18441	201	2	,	,	PUNCT
dem-18441	201	3	j.	j.	PROPN
dem-18441	201	4	(	(	PUNCT
dem-18441	201	5	1951	1951	NUM
dem-18441	201	6	)	)	PUNCT
dem-18441	201	7	,	,	PUNCT
dem-18441	201	8	relation	relation	NOUN
dem-18441	201	9	of	of	ADP
dem-18441	201	10	profit	profit	NOUN
dem-18441	201	11	rate	rate	NOUN
dem-18441	201	12	to	to	ADP
dem-18441	201	13	industry	industry	NOUN
dem-18441	201	14	concentration	concentration	NOUN
dem-18441	201	15	:	:	PUNCT
dem-18441	201	16	american	american	ADJ
dem-18441	201	17	manufacturing	manufacturing	NOUN
dem-18441	201	18	,	,	PUNCT
dem-18441	201	19	1936–1940	1936–1940	NUM
dem-18441	201	20	,	,	PUNCT
dem-18441	201	21	quarterly	quarterly	ADJ
dem-18441	201	22	journal	journal	NOUN
dem-18441	201	23	of	of	ADP
dem-18441	201	24	economics	economic	NOUN
dem-18441	201	25	,	,	PUNCT
dem-18441	201	26	65	65	NUM
dem-18441	201	27	,	,	PUNCT
dem-18441	201	28	293–324	293–324	NUM
dem-18441	201	29	,	,	PUNCT
dem-18441	201	30	doi	doi	NOUN
dem-18441	201	31	:	:	PUNCT
dem-18441	201	32	http://dx.doi.org/10.2307/1882217	http://dx.doi.org/10.2307/1882217	NOUN
dem-18441	201	33	.	.	PUNCT
dem-18441	202	1	barburski	barburski	PROPN
dem-18441	202	2	,	,	PUNCT
dem-18441	202	3	j.	j.	PROPN
dem-18441	202	4	(	(	PUNCT
dem-18441	202	5	2014	2014	NUM
dem-18441	202	6	)	)	PUNCT
dem-18441	202	7	,	,	PUNCT
dem-18441	202	8	kapitały	kapitały	PROPN
dem-18441	202	9	własne	własne	PROPN
dem-18441	202	10	jako	jako	PROPN
dem-18441	202	11	podstawa	podstawa	PROPN
dem-18441	202	12	bezpieczeństwa	bezpieczeństwa	PROPN
dem-18441	202	13	działalności	działalności	PROPN
dem-18441	202	14	gospodarczej	gospodarczej	VERB
dem-18441	202	15	na	na	PART
dem-18441	202	16	przykładzie	przykładzie	VERB
dem-18441	202	17	przedsiębiorstw	przedsiębiorstw	NOUN
dem-18441	202	18	wig	wig	NOUN
dem-18441	202	19	20	20	NUM
dem-18441	202	20	(	(	PUNCT
dem-18441	202	21	equity	equity	NOUN
dem-18441	202	22	as	as	ADP
dem-18441	202	23	a	a	DET
dem-18441	202	24	basis	basis	NOUN
dem-18441	202	25	for	for	ADP
dem-18441	202	26	business	business	NOUN
dem-18441	202	27	security	security	NOUN
dem-18441	202	28	,	,	PUNCT
dem-18441	202	29	on	on	ADP
dem-18441	202	30	the	the	DET
dem-18441	202	31	example	example	NOUN
dem-18441	202	32	of	of	ADP
dem-18441	202	33	wig	wig	NOUN
dem-18441	202	34	20	20	NUM
dem-18441	202	35	enterprises	enterprise	NOUN
dem-18441	202	36	)	)	PUNCT
dem-18441	202	37	,	,	PUNCT
dem-18441	202	38	finanse	finanse	NOUN
dem-18441	202	39	,	,	PUNCT
dem-18441	202	40	rynki	rynki	NOUN
dem-18441	202	41	finansowe	finansowe	PROPN
dem-18441	202	42	,	,	PUNCT
dem-18441	202	43	ubezpieczenia	ubezpieczenia	PROPN
dem-18441	202	44	(	(	PUNCT
dem-18441	202	45	finance	finance	NOUN
dem-18441	202	46	,	,	PUNCT
dem-18441	202	47	financial	financial	ADJ
dem-18441	202	48	markets	market	NOUN
dem-18441	202	49	,	,	PUNCT
dem-18441	202	50	insurance	insurance	NOUN
dem-18441	202	51	)	)	PUNCT
dem-18441	202	52	,	,	PUNCT
dem-18441	202	53	67	67	NUM
dem-18441	202	54	,	,	PUNCT
dem-18441	202	55	177–136	177–136	NUM
dem-18441	202	56	.	.	PUNCT
dem-18441	203	1	barney	barney	PROPN
dem-18441	203	2	,	,	PUNCT
dem-18441	203	3	j.	j.	PROPN
dem-18441	203	4	b.	b.	PROPN
dem-18441	203	5	(	(	PUNCT
dem-18441	203	6	1991	1991	NUM
dem-18441	203	7	)	)	PUNCT
dem-18441	203	8	,	,	PUNCT
dem-18441	203	9	firm	firm	ADJ
dem-18441	203	10	resources	resource	NOUN
dem-18441	203	11	and	and	CCONJ
dem-18441	203	12	sustained	sustain	VERB
dem-18441	203	13	competitive	competitive	ADJ
dem-18441	203	14	advantage	advantage	NOUN
dem-18441	203	15	,	,	PUNCT
dem-18441	203	16	journal	journal	NOUN
dem-18441	203	17	of	of	ADP
dem-18441	203	18	management	management	NOUN
dem-18441	203	19	,	,	PUNCT
dem-18441	203	20	17(1	17(1	NUM
dem-18441	203	21	)	)	PUNCT
dem-18441	203	22	,	,	PUNCT
dem-18441	203	23	99–120	99–120	NUM
dem-18441	203	24	,	,	PUNCT
dem-18441	203	25	doi	doi	NOUN
dem-18441	203	26	:	:	PUNCT
dem-18441	203	27	http://dx.doi.org/10.1177/014920639101700108	http://dx.doi.org/10.1177/014920639101700108	ADV
dem-18441	203	28	.	.	PUNCT
dem-18441	204	1	ewa	ewa	PROPN
dem-18441	204	2	majerowska	majerowska	PROPN
dem-18441	204	3	,	,	PUNCT
dem-18441	204	4	magdalena	magdalena	PROPN
dem-18441	204	5	gostkowska	gostkowska	PROPN
dem-18441	204	6	-	-	PUNCT
dem-18441	204	7	drzewicka	drzewicka	NOUN
dem-18441	204	8	dynamic	dynamic	ADJ
dem-18441	204	9	econometric	econometric	ADJ
dem-18441	204	10	models	model	NOUN
dem-18441	204	11	18	18	NUM
dem-18441	204	12	(	(	PUNCT
dem-18441	204	13	2018	2018	NUM
dem-18441	204	14	)	)	PUNCT
dem-18441	204	15	115–127	115–127	NUM
dem-18441	204	16	126	126	NUM
dem-18441	204	17	dragonić	dragonić	NOUN
dem-18441	204	18	,	,	PUNCT
dem-18441	204	19	d.	d.	PROPN
dem-18441	204	20	(	(	PUNCT
dem-18441	204	21	2014	2014	NUM
dem-18441	204	22	)	)	PUNCT
dem-18441	204	23	,	,	PUNCT
dem-18441	204	24	impact	impact	NOUN
dem-18441	204	25	of	of	ADP
dem-18441	204	26	internal	internal	ADJ
dem-18441	204	27	and	and	CCONJ
dem-18441	204	28	external	external	ADJ
dem-18441	204	29	factors	factor	NOUN
dem-18441	204	30	on	on	ADP
dem-18441	204	31	the	the	DET
dem-18441	204	32	performance	performance	NOUN
dem-18441	204	33	of	of	ADP
dem-18441	204	34	fast	fast	ADV
dem-18441	204	35	–	–	PUNCT
dem-18441	204	36	growing	grow	VERB
dem-18441	204	37	small	small	ADJ
dem-18441	204	38	and	and	CCONJ
dem-18441	204	39	medium	medium	ADJ
dem-18441	204	40	businesses	business	NOUN
dem-18441	204	41	,	,	PUNCT
dem-18441	204	42	management	management	NOUN
dem-18441	204	43	,	,	PUNCT
dem-18441	204	44	19(1	19(1	NUM
dem-18441	204	45	)	)	PUNCT
dem-18441	204	46	,	,	PUNCT
dem-18441	204	47	119–159	119–159	NUM
dem-18441	204	48	.	.	PUNCT
dem-18441	205	1	hawawini	hawawini	PROPN
dem-18441	205	2	,	,	PUNCT
dem-18441	205	3	g.	g.	PROPN
dem-18441	205	4	,	,	PUNCT
dem-18441	205	5	subramanian	subramanian	PROPN
dem-18441	205	6	,	,	PUNCT
dem-18441	205	7	v.	v.	PROPN
dem-18441	205	8	,	,	PUNCT
dem-18441	205	9	verdin	verdin	NOUN
dem-18441	205	10	,	,	PUNCT
dem-18441	205	11	p.	p.	NOUN
dem-18441	205	12	(	(	PUNCT
dem-18441	205	13	2003	2003	NUM
dem-18441	205	14	)	)	PUNCT
dem-18441	205	15	,	,	PUNCT
dem-18441	205	16	is	be	AUX
dem-18441	205	17	performance	performance	NOUN
dem-18441	205	18	driven	drive	VERB
dem-18441	205	19	by	by	ADP
dem-18441	205	20	industry	industry	NOUN
dem-18441	205	21	–	–	PUNCT
dem-18441	205	22	or	or	CCONJ
dem-18441	205	23	firm	firm	ADJ
dem-18441	205	24	–	–	PUNCT
dem-18441	205	25	specific	specific	ADJ
dem-18441	205	26	factors	factor	NOUN
dem-18441	205	27	?	?	PUNCT
dem-18441	206	1	a	a	DET
dem-18441	206	2	new	new	ADJ
dem-18441	206	3	look	look	NOUN
dem-18441	206	4	at	at	ADP
dem-18441	206	5	the	the	DET
dem-18441	206	6	evidence	evidence	NOUN
dem-18441	206	7	,	,	PUNCT
dem-18441	206	8	strategic	strategic	ADJ
dem-18441	206	9	management	management	NOUN
dem-18441	206	10	journal	journal	NOUN
dem-18441	206	11	,	,	PUNCT
dem-18441	206	12	24(1	24(1	NUM
dem-18441	206	13	)	)	PUNCT
dem-18441	206	14	,	,	PUNCT
dem-18441	206	15	1–16	1–16	NOUN
dem-18441	206	16	,	,	PUNCT
dem-18441	206	17	doi	doi	NOUN
dem-18441	206	18	:	:	PUNCT
dem-18441	206	19	http://dx.doi.org/10.1002/smj.278	http://dx.doi.org/10.1002/smj.278	PROPN
dem-18441	206	20	.	.	PUNCT
dem-18441	207	1	janus	janus	PROPN
dem-18441	207	2	,	,	PUNCT
dem-18441	207	3	a.	a.	NOUN
dem-18441	207	4	(	(	PUNCT
dem-18441	207	5	2006	2006	NUM
dem-18441	207	6	)	)	PUNCT
dem-18441	207	7	,	,	PUNCT
dem-18441	207	8	kapitał	kapitał	VERB
dem-18441	207	9	własny	własny	PROPN
dem-18441	207	10	jako	jako	PROPN
dem-18441	207	11	źródło	źródło	PROPN
dem-18441	207	12	finasowania	finasowania	PROPN
dem-18441	207	13	działalności	działalności	PROPN
dem-18441	207	14	małych	małych	PROPN
dem-18441	207	15	i	i	PRON
dem-18441	207	16	średnich	średnich	VERB
dem-18441	207	17	przedsiębiorstw	przedsiębiorstw	NOUN
dem-18441	207	18	(	(	PUNCT
dem-18441	207	19	equity	equity	NOUN
dem-18441	207	20	as	as	ADP
dem-18441	207	21	a	a	DET
dem-18441	207	22	source	source	NOUN
dem-18441	207	23	of	of	ADP
dem-18441	207	24	financing	financing	NOUN
dem-18441	207	25	of	of	ADP
dem-18441	207	26	small	small	ADJ
dem-18441	207	27	and	and	CCONJ
dem-18441	207	28	medium	medium	ADJ
dem-18441	207	29	enterprise	enterprise	NOUN
dem-18441	207	30	activity	activity	NOUN
dem-18441	207	31	)	)	PUNCT
dem-18441	207	32	,	,	PUNCT
dem-18441	207	33	folia	folia	PROPN
dem-18441	207	34	oeconomica	oeconomica	PROPN
dem-18441	207	35	,	,	PUNCT
dem-18441	207	36	200	200	NUM
dem-18441	207	37	,	,	PUNCT
dem-18441	207	38	69–78	69–78	NUM
dem-18441	207	39	.	.	PUNCT
dem-18441	208	1	jaworski	jaworski	PROPN
dem-18441	208	2	,	,	PUNCT
dem-18441	208	3	j.	j.	PROPN
dem-18441	208	4	,	,	PUNCT
dem-18441	208	5	czerwonka	czerwonka	PROPN
dem-18441	208	6	,	,	PUNCT
dem-18441	208	7	l.	l.	PROPN
dem-18441	208	8	(	(	PUNCT
dem-18441	208	9	2017	2017	NUM
dem-18441	208	10	)	)	PUNCT
dem-18441	208	11	,	,	PUNCT
dem-18441	208	12	determinanty	determinanty	NOUN
dem-18441	208	13	struktury	struktury	NOUN
dem-18441	208	14	kapitału	kapitału	PROPN
dem-18441	208	15	przedsiębiorstw	przedsiębiorstw	PROPN
dem-18441	208	16	notowanych	notowanych	VERB
dem-18441	208	17	na	na	INTJ
dem-18441	208	18	gpw	gpw	PROPN
dem-18441	208	19	w	w	PROPN
dem-18441	208	20	warszawie	warszawie	PROPN
dem-18441	208	21	.	.	PUNCT
dem-18441	209	1	sektor	sektor	PROPN
dem-18441	209	2	usług	usług	PROPN
dem-18441	209	3	(	(	PUNCT
dem-18441	209	4	determinants	determinant	NOUN
dem-18441	209	5	of	of	ADP
dem-18441	209	6	the	the	DET
dem-18441	209	7	capital	capital	NOUN
dem-18441	209	8	structure	structure	NOUN
dem-18441	209	9	of	of	ADP
dem-18441	209	10	enterprises	enterprise	NOUN
dem-18441	209	11	listed	list	VERB
dem-18441	209	12	on	on	ADP
dem-18441	209	13	the	the	DET
dem-18441	209	14	warsaw	warsaw	PROPN
dem-18441	209	15	stock	stock	PROPN
dem-18441	209	16	exchange	exchange	PROPN
dem-18441	209	17	.	.	PUNCT
dem-18441	210	1	the	the	DET
dem-18441	210	2	service	service	NOUN
dem-18441	210	3	sector	sector	NOUN
dem-18441	210	4	)	)	PUNCT
dem-18441	210	5	,	,	PUNCT
dem-18441	210	6	annales	annale	VERB
dem-18441	210	7	h	h	NOUN
dem-18441	210	8	–	–	PUNCT
dem-18441	210	9	oeconomia	oeconomia	NOUN
dem-18441	210	10	,	,	PUNCT
dem-18441	210	11	51(4	51(4	NUM
dem-18441	210	12	)	)	PUNCT
dem-18441	210	13	,	,	PUNCT
dem-18441	210	14	133–142	133–142	NUM
dem-18441	210	15	.	.	PUNCT
dem-18441	211	1	lee	lee	PROPN
dem-18441	211	2	,	,	PUNCT
dem-18441	211	3	j.	j.	PROPN
dem-18441	211	4	(	(	PUNCT
dem-18441	211	5	2009	2009	NUM
dem-18441	211	6	)	)	PUNCT
dem-18441	211	7	,	,	PUNCT
dem-18441	211	8	does	do	VERB
dem-18441	211	9	size	size	NOUN
dem-18441	211	10	matter	matter	NOUN
dem-18441	211	11	in	in	ADP
dem-18441	211	12	firm	firm	ADJ
dem-18441	211	13	performance	performance	NOUN
dem-18441	211	14	?	?	PUNCT
dem-18441	212	1	evidence	evidence	NOUN
dem-18441	212	2	from	from	ADP
dem-18441	212	3	us	we	PRON
dem-18441	212	4	public	public	ADJ
dem-18441	212	5	firms	firm	NOUN
dem-18441	212	6	,	,	PUNCT
dem-18441	212	7	international	international	ADJ
dem-18441	212	8	journal	journal	NOUN
dem-18441	212	9	of	of	ADP
dem-18441	212	10	the	the	DET
dem-18441	212	11	economics	economic	NOUN
dem-18441	212	12	of	of	ADP
dem-18441	212	13	business	business	NOUN
dem-18441	212	14	,	,	PUNCT
dem-18441	212	15	16(2	16(2	NUM
dem-18441	212	16	)	)	PUNCT
dem-18441	212	17	,	,	PUNCT
dem-18441	212	18	189–203	189–203	NUM
dem-18441	212	19	,	,	PUNCT
dem-18441	212	20	doi	doi	NOUN
dem-18441	212	21	:	:	PUNCT
dem-18441	212	22	http://dx.doi.org/10.1080/13571510902917400	http://dx.doi.org/10.1080/13571510902917400	PROPN
dem-18441	212	23	.	.	PUNCT
dem-18441	213	1	lisińska	lisińska	PROPN
dem-18441	213	2	,	,	PUNCT
dem-18441	213	3	k.	k.	PROPN
dem-18441	213	4	(	(	PUNCT
dem-18441	213	5	2012	2012	NUM
dem-18441	213	6	)	)	PUNCT
dem-18441	213	7	,	,	PUNCT
dem-18441	213	8	struktura	struktura	PROPN
dem-18441	213	9	kapitałowa	kapitałowa	PROPN
dem-18441	213	10	przedsiębiorstw	przedsiębiorstw	PROPN
dem-18441	213	11	produkcyjnych	produkcyjnych	PROPN
dem-18441	213	12	w	w	PROPN
dem-18441	213	13	polsce	polsce	PROPN
dem-18441	213	14	,	,	PUNCT
dem-18441	213	15	niemczech	niemczech	NOUN
dem-18441	213	16	i	i	PRON
dem-18441	213	17	portugalii	portugalii	VERB
dem-18441	213	18	(	(	PUNCT
dem-18441	213	19	capital	capital	NOUN
dem-18441	213	20	structure	structure	NOUN
dem-18441	213	21	of	of	ADP
dem-18441	213	22	production	production	NOUN
dem-18441	213	23	enterprises	enterprise	NOUN
dem-18441	213	24	in	in	ADP
dem-18441	213	25	poland	poland	PROPN
dem-18441	213	26	,	,	PUNCT
dem-18441	213	27	germany	germany	PROPN
dem-18441	213	28	and	and	CCONJ
dem-18441	213	29	portugal	portugal	PROPN
dem-18441	213	30	)	)	PUNCT
dem-18441	213	31	,	,	PUNCT
dem-18441	213	32	prace	prace	PROPN
dem-18441	213	33	naukowe	naukowe	PROPN
dem-18441	213	34	uniwersytetu	uniwersytetu	PROPN
dem-18441	213	35	ekonomicznego	ekonomicznego	NOUN
dem-18441	213	36	we	we	PRON
dem-18441	213	37	wrocławiu	wrocławiu	VERB
dem-18441	213	38	(	(	PUNCT
dem-18441	213	39	scientific	scientific	ADJ
dem-18441	213	40	papers	paper	NOUN
dem-18441	213	41	of	of	ADP
dem-18441	213	42	the	the	DET
dem-18441	213	43	university	university	PROPN
dem-18441	213	44	of	of	ADP
dem-18441	213	45	economics	economic	NOUN
dem-18441	213	46	in	in	ADP
dem-18441	213	47	wroclaw	wroclaw	NOUN
dem-18441	213	48	)	)	PUNCT
dem-18441	213	49	,	,	PUNCT
dem-18441	213	50	27	27	NUM
dem-18441	213	51	,	,	PUNCT
dem-18441	213	52	449–458	449–458	NUM
dem-18441	213	53	.	.	PUNCT
dem-18441	214	1	margaretha	margaretha	PROPN
dem-18441	214	2	,	,	PUNCT
dem-18441	214	3	f.	f.	PROPN
dem-18441	214	4	,	,	PUNCT
dem-18441	214	5	supartika	supartika	PROPN
dem-18441	214	6	,	,	PUNCT
dem-18441	214	7	n.	n.	PROPN
dem-18441	214	8	(	(	PUNCT
dem-18441	214	9	2016	2016	NUM
dem-18441	214	10	)	)	PUNCT
dem-18441	214	11	,	,	PUNCT
dem-18441	215	1	factors	factor	NOUN
dem-18441	215	2	affecting	affect	VERB
dem-18441	215	3	profitability	profitability	NOUN
dem-18441	215	4	of	of	ADP
dem-18441	215	5	small	small	ADJ
dem-18441	215	6	medium	medium	ADJ
dem-18441	215	7	enterprises	enterprise	NOUN
dem-18441	215	8	(	(	PUNCT
dem-18441	215	9	smes	sme	NOUN
dem-18441	215	10	)	)	PUNCT
dem-18441	215	11	firm	firm	NOUN
dem-18441	215	12	listed	list	VERB
dem-18441	215	13	in	in	ADP
dem-18441	215	14	indonesia	indonesia	PROPN
dem-18441	215	15	stock	stock	PROPN
dem-18441	215	16	exchange	exchange	PROPN
dem-18441	215	17	,	,	PUNCT
dem-18441	215	18	journal	journal	NOUN
dem-18441	215	19	of	of	ADP
dem-18441	215	20	economics	economic	NOUN
dem-18441	215	21	,	,	PUNCT
dem-18441	215	22	business	business	NOUN
dem-18441	215	23	and	and	CCONJ
dem-18441	215	24	management	management	NOUN
dem-18441	215	25	,	,	PUNCT
dem-18441	215	26	4(2	4(2	NUM
dem-18441	215	27	)	)	PUNCT
dem-18441	215	28	,	,	PUNCT
dem-18441	215	29	132–137	132–137	NUM
dem-18441	215	30	,	,	PUNCT
dem-18441	215	31	doi	doi	NOUN
dem-18441	215	32	:	:	PUNCT
dem-18441	215	33	http://dx.doi.org/10.7763/joebm.2016.v4.379	http://dx.doi.org/10.7763/joebm.2016.v4.379	PROPN
dem-18441	215	34	.	.	PROPN
dem-18441	215	35	marzec	marzec	PROPN
dem-18441	215	36	,	,	PUNCT
dem-18441	215	37	j.	j.	PROPN
dem-18441	215	38	(	(	PUNCT
dem-18441	215	39	2010	2010	NUM
dem-18441	215	40	)	)	PUNCT
dem-18441	215	41	,	,	PUNCT
dem-18441	215	42	złote	złote	PROPN
dem-18441	215	43	reguły	reguły	NOUN
dem-18441	215	44	finansowania	finansowania	PROPN
dem-18441	215	45	w	w	PROPN
dem-18441	215	46	praktyce	praktyce	PROPN
dem-18441	215	47	małych	małych	PROPN
dem-18441	215	48	i	i	PRON
dem-18441	215	49	średnich	średnich	VERB
dem-18441	215	50	przedsiębiorstw	przedsiębiorstw	PROPN
dem-18441	215	51	w	w	PROPN
dem-18441	215	52	polsce	polsce	PROPN
dem-18441	215	53	(	(	PUNCT
dem-18441	215	54	golden	golden	ADJ
dem-18441	215	55	rules	rule	NOUN
dem-18441	215	56	of	of	ADP
dem-18441	215	57	financing	financing	NOUN
dem-18441	215	58	in	in	ADP
dem-18441	215	59	practice	practice	NOUN
dem-18441	215	60	for	for	ADP
dem-18441	215	61	small	small	ADJ
dem-18441	215	62	and	and	CCONJ
dem-18441	215	63	medium	medium	ADJ
dem-18441	215	64	enterprises	enterprise	NOUN
dem-18441	215	65	in	in	ADP
dem-18441	215	66	poland	poland	PROPN
dem-18441	215	67	)	)	PUNCT
dem-18441	215	68	,	,	PUNCT
dem-18441	215	69	ekonomiczne	ekonomiczne	PROPN
dem-18441	215	70	problemy	problemy	PROPN
dem-18441	215	71	usług	usług	NOUN
dem-18441	215	72	(	(	PUNCT
dem-18441	215	73	issues	issue	NOUN
dem-18441	215	74	of	of	ADP
dem-18441	215	75	economic	economic	ADJ
dem-18441	215	76	service	service	NOUN
dem-18441	215	77	)	)	PUNCT
dem-18441	215	78	,	,	PUNCT
dem-18441	215	79	51	51	NUM
dem-18441	215	80	,	,	PUNCT
dem-18441	215	81	143–152	143–152	NUM
dem-18441	215	82	.	.	PUNCT
dem-18441	215	83	matyjas	matyjas	PROPN
dem-18441	215	84	,	,	PUNCT
dem-18441	215	85	z.	z.	PROPN
dem-18441	215	86	(	(	PUNCT
dem-18441	215	87	2012	2012	NUM
dem-18441	215	88	)	)	PUNCT
dem-18441	215	89	,	,	PUNCT
dem-18441	215	90	wpływ	wpływ	PROPN
dem-18441	215	91	czynników	czynników	PROPN
dem-18441	215	92	oddziałujących	oddziałujących	PROPN
dem-18441	215	93	na	na	ADP
dem-18441	215	94	poziomie	poziomie	PROPN
dem-18441	215	95	firmy	firmy	PROPN
dem-18441	215	96	oraz	oraz	PROPN
dem-18441	215	97	czynników	czynników	PROPN
dem-18441	215	98	sektorowych	sektorowych	NOUN
dem-18441	215	99	na	na	PROPN
dem-18441	215	100	wyniki	wyniki	PROPN
dem-18441	215	101	finansowe	finansowe	PROPN
dem-18441	215	102	spółek	spółek	PROPN
dem-18441	215	103	w	w	PROPN
dem-18441	215	104	świetle	świetle	PROPN
dem-18441	215	105	badań	badań	NOUN
dem-18441	215	106	empirycznych	empirycznych	NOUN
dem-18441	215	107	(	(	PUNCT
dem-18441	215	108	impact	impact	NOUN
dem-18441	215	109	of	of	ADP
dem-18441	215	110	the	the	DET
dem-18441	215	111	company	company	NOUN
dem-18441	215	112	-	-	PUNCT
dem-18441	215	113	level	level	NOUN
dem-18441	215	114	and	and	CCONJ
dem-18441	215	115	sectoral	sectoral	ADJ
dem-18441	215	116	factors	factor	NOUN
dem-18441	215	117	affecting	affect	VERB
dem-18441	215	118	the	the	DET
dem-18441	215	119	financial	financial	ADJ
dem-18441	215	120	results	result	NOUN
dem-18441	215	121	of	of	ADP
dem-18441	215	122	companies	company	NOUN
dem-18441	215	123	,	,	PUNCT
dem-18441	215	124	in	in	ADP
dem-18441	215	125	the	the	DET
dem-18441	215	126	light	light	NOUN
dem-18441	215	127	of	of	ADP
dem-18441	215	128	empirical	empirical	ADJ
dem-18441	215	129	research	research	NOUN
dem-18441	215	130	)	)	PUNCT
dem-18441	215	131	,	,	PUNCT
dem-18441	215	132	zarządzanie	zarządzanie	PROPN
dem-18441	215	133	i	i	PRON
dem-18441	215	134	finanse	finanse	NOUN
dem-18441	215	135	(	(	PUNCT
dem-18441	215	136	management	management	NOUN
dem-18441	215	137	and	and	CCONJ
dem-18441	215	138	finance	finance	NOUN
dem-18441	215	139	)	)	PUNCT
dem-18441	215	140	,	,	PUNCT
dem-18441	215	141	4(2	4(2	NUM
dem-18441	215	142	)	)	PUNCT
dem-18441	215	143	,	,	PUNCT
dem-18441	215	144	23–33	23–33	NUM
dem-18441	215	145	.	.	PUNCT
dem-18441	216	1	matyjas	matyjas	PROPN
dem-18441	216	2	,	,	PUNCT
dem-18441	216	3	z.	z.	PROPN
dem-18441	216	4	(	(	PUNCT
dem-18441	216	5	2016	2016	NUM
dem-18441	216	6	)	)	PUNCT
dem-18441	216	7	,	,	PUNCT
dem-18441	216	8	wpływ	wpływ	PROPN
dem-18441	216	9	poziomu	poziomu	PROPN
dem-18441	216	10	sektora	sektora	PROPN
dem-18441	216	11	oraz	oraz	PROPN
dem-18441	216	12	firmy	firmy	PROPN
dem-18441	216	13	na	na	PROPN
dem-18441	216	14	wyniki	wyniki	PROPN
dem-18441	216	15	przedsiębiorstw	przedsiębiorstw	PROPN
dem-18441	216	16	(	(	PUNCT
dem-18441	216	17	impact	impact	NOUN
dem-18441	216	18	of	of	ADP
dem-18441	216	19	the	the	DET
dem-18441	216	20	sector	sector	NOUN
dem-18441	216	21	and	and	CCONJ
dem-18441	216	22	the	the	DET
dem-18441	216	23	company	company	NOUN
dem-18441	216	24	level	level	NOUN
dem-18441	216	25	on	on	ADP
dem-18441	216	26	enterprise	enterprise	NOUN
dem-18441	216	27	results	result	NOUN
dem-18441	216	28	)	)	PUNCT
dem-18441	216	29	,	,	PUNCT
dem-18441	216	30	prace	prace	PROPN
dem-18441	216	31	naukowe	naukowe	PROPN
dem-18441	216	32	uniwersytetu	uniwersytetu	PROPN
dem-18441	216	33	ekonomicznego	ekonomicznego	NOUN
dem-18441	216	34	we	we	PRON
dem-18441	216	35	wrocławiu	wrocławiu	VERB
dem-18441	216	36	(	(	PUNCT
dem-18441	216	37	scientific	scientific	ADJ
dem-18441	216	38	works	work	NOUN
dem-18441	216	39	of	of	ADP
dem-18441	216	40	the	the	DET
dem-18441	216	41	university	university	NOUN
dem-18441	216	42	of	of	ADP
dem-18441	216	43	economics	economic	NOUN
dem-18441	216	44	in	in	ADP
dem-18441	216	45	wroclaw	wroclaw	NOUN
dem-18441	216	46	)	)	PUNCT
dem-18441	216	47	,	,	PUNCT
dem-18441	216	48	444	444	NUM
dem-18441	216	49	,	,	PUNCT
dem-18441	216	50	307–316	307–316	NUM
dem-18441	216	51	,	,	PUNCT
dem-18441	216	52	doi	doi	NOUN
dem-18441	216	53	:	:	PUNCT
dem-18441	217	1	http://dx.doi.org/10.15611/pn.2016.444.28	http://dx.doi.org/10.15611/pn.2016.444.28	NOUN
dem-18441	217	2	.	.	PUNCT
dem-18441	218	1	mcgahan	mcgahan	NOUN
dem-18441	218	2	,	,	PUNCT
dem-18441	218	3	a.	a.	NOUN
dem-18441	218	4	m.	m.	NOUN
dem-18441	218	5	,	,	PUNCT
dem-18441	218	6	porter	porter	NOUN
dem-18441	218	7	,	,	PUNCT
dem-18441	218	8	m.	m.	NOUN
dem-18441	218	9	e.	e.	PROPN
dem-18441	218	10	(	(	PUNCT
dem-18441	218	11	1997	1997	NUM
dem-18441	218	12	)	)	PUNCT
dem-18441	218	13	,	,	PUNCT
dem-18441	218	14	how	how	SCONJ
dem-18441	218	15	much	much	ADJ
dem-18441	218	16	does	do	AUX
dem-18441	218	17	industry	industry	NOUN
dem-18441	218	18	matter	matter	NOUN
dem-18441	218	19	,	,	PUNCT
dem-18441	218	20	really	really	ADV
dem-18441	218	21	?	?	PUNCT
dem-18441	218	22	,	,	PUNCT
dem-18441	218	23	strategic	strategic	ADJ
dem-18441	218	24	management	management	NOUN
dem-18441	218	25	journal	journal	NOUN
dem-18441	218	26	,	,	PUNCT
dem-18441	218	27	18	18	NUM
dem-18441	218	28	,	,	PUNCT
dem-18441	218	29	15–30	15–30	NUM
dem-18441	218	30	,	,	PUNCT
dem-18441	218	31	doi	doi	NOUN
dem-18441	218	32	:	:	PUNCT
dem-18441	218	33	http://dx.doi.org/10.1002/(sici)1097-0266(199707	http://dx.doi.org/10.1002/(sici)1097-0266(199707	NOUN
dem-18441	218	34	)	)	PUNCT
dem-18441	218	35	.	.	PUNCT
dem-18441	219	1	pierścionek	pierścionek	PROPN
dem-18441	219	2	,	,	PUNCT
dem-18441	219	3	z.	z.	PROPN
dem-18441	219	4	(	(	PUNCT
dem-18441	219	5	1997	1997	NUM
dem-18441	219	6	)	)	PUNCT
dem-18441	219	7	,	,	PUNCT
dem-18441	219	8	strategie	strategie	PROPN
dem-18441	219	9	rozwoju	rozwoju	PROPN
dem-18441	219	10	firmy	firmy	PROPN
dem-18441	219	11	(	(	PUNCT
dem-18441	219	12	company	company	NOUN
dem-18441	219	13	development	development	NOUN
dem-18441	219	14	strategies	strategy	NOUN
dem-18441	219	15	)	)	PUNCT
dem-18441	219	16	,	,	PUNCT
dem-18441	219	17	scientific	scientific	ADJ
dem-18441	219	18	publishing	publishing	NOUN
dem-18441	219	19	pwn	pwn	PROPN
dem-18441	219	20	,	,	PUNCT
dem-18441	219	21	warsaw	warsaw	PROPN
dem-18441	219	22	.	.	PUNCT
dem-18441	220	1	porter	porter	PROPN
dem-18441	220	2	,	,	PUNCT
dem-18441	220	3	m.	m.	PROPN
dem-18441	220	4	e.	e.	PROPN
dem-18441	220	5	(	(	PUNCT
dem-18441	220	6	2008	2008	NUM
dem-18441	220	7	)	)	PUNCT
dem-18441	220	8	,	,	PUNCT
dem-18441	220	9	the	the	DET
dem-18441	220	10	five	five	NUM
dem-18441	220	11	competitive	competitive	ADJ
dem-18441	220	12	forces	force	NOUN
dem-18441	220	13	that	that	PRON
dem-18441	220	14	shape	shape	NOUN
dem-18441	220	15	strategy	strategy	NOUN
dem-18441	220	16	,	,	PUNCT
dem-18441	220	17	harvard	harvard	PROPN
dem-18441	220	18	business	business	PROPN
dem-18441	220	19	review	review	PROPN
dem-18441	220	20	,	,	PUNCT
dem-18441	220	21	86(1	86(1	PROPN
dem-18441	220	22	)	)	PUNCT
dem-18441	220	23	,	,	PUNCT
dem-18441	220	24	79–93	79–93	X
dem-18441	220	25	.	.	PUNCT
dem-18441	220	26	porter	porter	PROPN
dem-18441	220	27	,	,	PUNCT
dem-18441	220	28	m.	m.	NOUN
dem-18441	220	29	(	(	PUNCT
dem-18441	220	30	1991	1991	NUM
dem-18441	220	31	)	)	PUNCT
dem-18441	220	32	,	,	PUNCT
dem-18441	220	33	towards	towards	ADP
dem-18441	220	34	a	a	DET
dem-18441	220	35	dynamic	dynamic	ADJ
dem-18441	220	36	theory	theory	NOUN
dem-18441	220	37	of	of	ADP
dem-18441	220	38	strategy	strategy	NOUN
dem-18441	220	39	,	,	PUNCT
dem-18441	220	40	strategic	strategic	ADJ
dem-18441	220	41	management	management	NOUN
dem-18441	220	42	journal	journal	NOUN
dem-18441	220	43	,	,	PUNCT
dem-18441	220	44	winter	winter	NOUN
dem-18441	220	45	special	special	ADJ
dem-18441	220	46	issue	issue	NOUN
dem-18441	220	47	12	12	NUM
dem-18441	220	48	,	,	PUNCT
dem-18441	220	49	95–117	95–117	NUM
dem-18441	220	50	.	.	PUNCT
dem-18441	220	51	porter	porter	NOUN
dem-18441	220	52	,	,	PUNCT
dem-18441	220	53	m.	m.	PROPN
dem-18441	220	54	e.	e.	PROPN
dem-18441	220	55	(	(	PUNCT
dem-18441	220	56	1992	1992	NUM
dem-18441	220	57	)	)	PUNCT
dem-18441	220	58	,	,	PUNCT
dem-18441	220	59	strategia	strategia	PROPN
dem-18441	220	60	konkurencji	konkurencji	NOUN
dem-18441	220	61	.	.	PUNCT
dem-18441	221	1	metody	metody	ADJ
dem-18441	221	2	analizy	analizy	PROPN
dem-18441	221	3	sektorów	sektorów	NOUN
dem-18441	221	4	i	i	PRON
dem-18441	221	5	konkurentów	konkurentów	VERB
dem-18441	221	6	(	(	PUNCT
dem-18441	221	7	competition	competition	NOUN
dem-18441	221	8	strategy	strategy	NOUN
dem-18441	221	9	.	.	PUNCT
dem-18441	222	1	methods	method	NOUN
dem-18441	222	2	for	for	ADP
dem-18441	222	3	analyzing	analyze	VERB
dem-18441	222	4	sectors	sector	NOUN
dem-18441	222	5	and	and	CCONJ
dem-18441	222	6	competitors	competitor	NOUN
dem-18441	222	7	)	)	PUNCT
dem-18441	222	8	,	,	PUNCT
dem-18441	222	9	publishing	publishing	NOUN
dem-18441	222	10	:	:	PUNCT
dem-18441	222	11	polskie	polskie	NOUN
dem-18441	222	12	wydawnictwo	wydawnictwo	PROPN
dem-18441	222	13	ekonomiczne	ekonomiczne	PROPN
dem-18441	222	14	,	,	PUNCT
dem-18441	222	15	warsaw	warsaw	PROPN
dem-18441	222	16	.	.	PUNCT
dem-18441	222	17	ruefli	ruefli	PROPN
dem-18441	222	18	,	,	PUNCT
dem-18441	222	19	t.	t.	PROPN
dem-18441	222	20	w.	w.	PROPN
dem-18441	222	21	,	,	PUNCT
dem-18441	222	22	wiggins	wiggins	PROPN
dem-18441	222	23	,	,	PUNCT
dem-18441	222	24	r.	r.	PROPN
dem-18441	222	25	r.	r.	PROPN
dem-18441	222	26	(	(	PUNCT
dem-18441	222	27	2003	2003	NUM
dem-18441	222	28	)	)	PUNCT
dem-18441	222	29	,	,	PUNCT
dem-18441	222	30	industry	industry	NOUN
dem-18441	222	31	,	,	PUNCT
dem-18441	222	32	corporate	corporate	ADJ
dem-18441	222	33	,	,	PUNCT
dem-18441	222	34	and	and	CCONJ
dem-18441	222	35	segment	segment	NOUN
dem-18441	222	36	effects	effect	NOUN
dem-18441	222	37	and	and	CCONJ
dem-18441	222	38	business	business	NOUN
dem-18441	222	39	performance	performance	NOUN
dem-18441	222	40	:	:	PUNCT
dem-18441	222	41	a	a	DET
dem-18441	222	42	non	non	ADJ
dem-18441	222	43	-	-	ADJ
dem-18441	222	44	parametric	parametric	ADJ
dem-18441	222	45	approach	approach	NOUN
dem-18441	222	46	,	,	PUNCT
dem-18441	222	47	strategic	strategic	ADJ
dem-18441	222	48	management	management	NOUN
dem-18441	222	49	journal	journal	NOUN
dem-18441	222	50	,	,	PUNCT
dem-18441	222	51	24	24	NUM
dem-18441	222	52	,	,	PUNCT
dem-18441	222	53	861–879	861–879	NUM
dem-18441	222	54	,	,	PUNCT
dem-18441	222	55	doi	doi	NOUN
dem-18441	222	56	:	:	PUNCT
dem-18441	222	57	http://dx.doi.org/10.1002/smj.350	http://dx.doi.org/10.1002/smj.350	PROPN
dem-18441	222	58	.	.	PUNCT
dem-18441	222	59	rumelt	rumelt	PROPN
dem-18441	222	60	,	,	PUNCT
dem-18441	222	61	r.	r.	PROPN
dem-18441	222	62	p.	p.	PROPN
dem-18441	222	63	(	(	PUNCT
dem-18441	222	64	1991	1991	NUM
dem-18441	222	65	)	)	PUNCT
dem-18441	222	66	,	,	PUNCT
dem-18441	222	67	how	how	SCONJ
dem-18441	222	68	much	much	ADJ
dem-18441	222	69	does	do	AUX
dem-18441	222	70	industry	industry	NOUN
dem-18441	222	71	matter	matter	NOUN
dem-18441	222	72	?	?	PUNCT
dem-18441	222	73	,	,	PUNCT
dem-18441	222	74	strategic	strategic	ADJ
dem-18441	222	75	management	management	NOUN
dem-18441	222	76	journal	journal	NOUN
dem-18441	222	77	,	,	PUNCT
dem-18441	222	78	12	12	NUM
dem-18441	222	79	,	,	PUNCT
dem-18441	222	80	167–185	167–185	NUM
dem-18441	222	81	,	,	PUNCT
dem-18441	222	82	doi	doi	NOUN
dem-18441	222	83	:	:	PUNCT
dem-18441	222	84	http://dx.doi.org/10.1002/smj.4250120302	http://dx.doi.org/10.1002/smj.4250120302	PROPN
dem-18441	222	85	.	.	PUNCT
dem-18441	223	1	impact	impact	NOUN
dem-18441	223	2	of	of	ADP
dem-18441	223	3	the	the	DET
dem-18441	223	4	sector	sector	NOUN
dem-18441	223	5	and	and	CCONJ
dem-18441	223	6	of	of	ADP
dem-18441	223	7	internal	internal	ADJ
dem-18441	223	8	factors	factor	NOUN
dem-18441	223	9	on	on	ADP
dem-18441	223	10	profitability	profitability	NOUN
dem-18441	223	11	…	…	SYM
dem-18441	223	12	dynamic	dynamic	ADJ
dem-18441	223	13	econometric	econometric	ADJ
dem-18441	223	14	models	model	NOUN
dem-18441	223	15	18	18	NUM
dem-18441	223	16	(	(	PUNCT
dem-18441	223	17	2018	2018	NUM
dem-18441	223	18	)	)	PUNCT
dem-18441	223	19	115–127	115–127	NUM
dem-18441	223	20	127	127	NUM
dem-18441	223	21	salman	salman	PROPN
dem-18441	223	22	,	,	PUNCT
dem-18441	223	23	a.	a.	PROPN
dem-18441	223	24	k.	k.	PROPN
dem-18441	223	25	,	,	PUNCT
dem-18441	223	26	yazdanfar	yazdanfar	PROPN
dem-18441	223	27	,	,	PUNCT
dem-18441	223	28	d.	d.	PROPN
dem-18441	223	29	(	(	PUNCT
dem-18441	223	30	2012	2012	NUM
dem-18441	223	31	)	)	PUNCT
dem-18441	223	32	profitability	profitability	NOUN
dem-18441	223	33	in	in	ADP
dem-18441	223	34	swedish	swedish	ADJ
dem-18441	223	35	sme	sme	PROPN
dem-18441	223	36	firms	firm	NOUN
dem-18441	223	37	:	:	PUNCT
dem-18441	223	38	a	a	DET
dem-18441	223	39	quantile	quantile	ADJ
dem-18441	223	40	regression	regression	NOUN
dem-18441	223	41	approach	approach	NOUN
dem-18441	223	42	,	,	PUNCT
dem-18441	223	43	international	international	ADJ
dem-18441	223	44	business	business	NOUN
dem-18441	223	45	research	research	NOUN
dem-18441	223	46	,	,	PUNCT
dem-18441	223	47	5(8	5(8	NUM
dem-18441	223	48	)	)	PUNCT
dem-18441	223	49	,	,	PUNCT
dem-18441	223	50	94–106	94–106	PROPN
dem-18441	223	51	.	.	PUNCT
dem-18441	224	1	schmalensee	schmalensee	PROPN
dem-18441	224	2	,	,	PUNCT
dem-18441	224	3	r.	r.	PROPN
dem-18441	224	4	(	(	PUNCT
dem-18441	224	5	1985	1985	NUM
dem-18441	224	6	)	)	PUNCT
dem-18441	224	7	,	,	PUNCT
dem-18441	224	8	do	do	AUX
dem-18441	224	9	markets	market	NOUN
dem-18441	224	10	differ	differ	VERB
dem-18441	224	11	much	much	ADJ
dem-18441	224	12	?	?	PUNCT
dem-18441	224	13	,	,	PUNCT
dem-18441	224	14	american	american	PROPN
dem-18441	224	15	economic	economic	PROPN
dem-18441	224	16	review	review	PROPN
dem-18441	224	17	,	,	PUNCT
dem-18441	224	18	75	75	NUM
dem-18441	224	19	,	,	PUNCT
dem-18441	224	20	341–351	341–351	NUM
dem-18441	224	21	.	.	PUNCT
dem-18441	225	1	slater	slater	PROPN
dem-18441	225	2	,	,	PUNCT
dem-18441	225	3	s.	s.	PROPN
dem-18441	225	4	,	,	PUNCT
dem-18441	225	5	olson	olson	PROPN
dem-18441	225	6	,	,	PUNCT
dem-18441	225	7	e.	e.	PROPN
dem-18441	225	8	(	(	PUNCT
dem-18441	225	9	2002	2002	NUM
dem-18441	225	10	)	)	PUNCT
dem-18441	225	11	,	,	PUNCT
dem-18441	225	12	a	a	DET
dem-18441	225	13	fresh	fresh	ADJ
dem-18441	225	14	look	look	NOUN
dem-18441	225	15	at	at	ADP
dem-18441	225	16	industry	industry	NOUN
dem-18441	225	17	and	and	CCONJ
dem-18441	225	18	market	market	NOUN
dem-18441	225	19	analysis	analysis	NOUN
dem-18441	225	20	,	,	PUNCT
dem-18441	225	21	business	business	NOUN
dem-18441	225	22	horizons	horizon	NOUN
dem-18441	225	23	,	,	PUNCT
dem-18441	225	24	45(1	45(1	NOUN
dem-18441	225	25	)	)	PUNCT
dem-18441	225	26	,	,	PUNCT
dem-18441	225	27	15–22	15–22	NUM
dem-18441	225	28	.	.	PUNCT
dem-18441	226	1	stierwald	stierwald	PROPN
dem-18441	226	2	,	,	PUNCT
dem-18441	226	3	a.	a.	PROPN
dem-18441	226	4	(	(	PUNCT
dem-18441	226	5	2010	2010	NUM
dem-18441	226	6	)	)	PUNCT
dem-18441	226	7	,	,	PUNCT
dem-18441	226	8	determinants	determinant	NOUN
dem-18441	226	9	of	of	ADP
dem-18441	226	10	profitability	profitability	NOUN
dem-18441	226	11	:	:	PUNCT
dem-18441	226	12	an	an	DET
dem-18441	226	13	analysis	analysis	NOUN
dem-18441	226	14	of	of	ADP
dem-18441	226	15	large	large	ADJ
dem-18441	226	16	australian	australian	ADJ
dem-18441	226	17	firms	firm	NOUN
dem-18441	226	18	,	,	PUNCT
dem-18441	226	19	melbourne	melbourne	PROPN
dem-18441	226	20	institute	institute	PROPN
dem-18441	226	21	working	working	PROPN
dem-18441	226	22	paper	paper	NOUN
dem-18441	226	23	,	,	PUNCT
dem-18441	226	24	3/10	3/10	NUM
dem-18441	226	25	,	,	PUNCT
dem-18441	226	26	1–23	1–23	PROPN
dem-18441	226	27	,	,	PUNCT
dem-18441	226	28	doi	doi	NOUN
dem-18441	226	29	:	:	PUNCT
dem-18441	226	30	http://dx.doi.org/10.2139/ssrn.1632749	http://dx.doi.org/10.2139/ssrn.1632749	NOUN
dem-18441	226	31	.	.	PUNCT
dem-18441	227	1	tailab	tailab	VERB
dem-18441	227	2	,	,	PUNCT
dem-18441	227	3	m.	m.	NOUN
dem-18441	227	4	,	,	PUNCT
dem-18441	227	5	(	(	PUNCT
dem-18441	227	6	2014	2014	NUM
dem-18441	227	7	)	)	PUNCT
dem-18441	227	8	,	,	PUNCT
dem-18441	227	9	analyzing	analyze	VERB
dem-18441	227	10	factors	factor	NOUN
dem-18441	227	11	effecting	effect	VERB
dem-18441	227	12	profitability	profitability	NOUN
dem-18441	227	13	of	of	ADP
dem-18441	227	14	non	non	ADJ
dem-18441	227	15	-	-	ADJ
dem-18441	227	16	financial	financial	ADJ
dem-18441	227	17	u.s	u.s	PROPN
dem-18441	227	18	.	.	PROPN
dem-18441	227	19	firms	firm	NOUN
dem-18441	227	20	,	,	PUNCT
dem-18441	227	21	research	research	NOUN
dem-18441	227	22	journal	journal	NOUN
dem-18441	227	23	of	of	ADP
dem-18441	227	24	finance	finance	NOUN
dem-18441	227	25	and	and	CCONJ
dem-18441	227	26	accounting	accounting	NOUN
dem-18441	227	27	,	,	PUNCT
dem-18441	227	28	5(22	5(22	NUM
dem-18441	227	29	)	)	PUNCT
dem-18441	227	30	,	,	PUNCT
dem-18441	227	31	17–26	17–26	NUM
dem-18441	227	32	.	.	PUNCT
dem-18441	228	1	vijayakumar	vijayakumar	PROPN
dem-18441	228	2	,	,	PUNCT
dem-18441	228	3	a.	a.	NOUN
dem-18441	228	4	(	(	PUNCT
dem-18441	228	5	2011	2011	NUM
dem-18441	228	6	)	)	PUNCT
dem-18441	228	7	,	,	PUNCT
dem-18441	228	8	an	an	DET
dem-18441	228	9	empirical	empirical	ADJ
dem-18441	228	10	study	study	NOUN
dem-18441	228	11	of	of	ADP
dem-18441	228	12	firm	firm	ADJ
dem-18441	228	13	structure	structure	NOUN
dem-18441	228	14	and	and	CCONJ
dem-18441	228	15	profitability	profitability	NOUN
dem-18441	228	16	relationship	relationship	NOUN
dem-18441	228	17	:	:	PUNCT
dem-18441	228	18	the	the	DET
dem-18441	228	19	case	case	NOUN
dem-18441	228	20	of	of	ADP
dem-18441	228	21	indian	indian	ADJ
dem-18441	228	22	automobile	automobile	NOUN
dem-18441	228	23	firms	firm	NOUN
dem-18441	228	24	,	,	PUNCT
dem-18441	228	25	international	international	ADJ
dem-18441	228	26	journal	journal	NOUN
dem-18441	228	27	of	of	ADP
dem-18441	228	28	research	research	NOUN
dem-18441	228	29	in	in	ADP
dem-18441	228	30	commerce	commerce	NOUN
dem-18441	228	31	and	and	CCONJ
dem-18441	228	32	management	management	NOUN
dem-18441	228	33	,	,	PUNCT
dem-18441	228	34	1(2	1(2	NUM
dem-18441	228	35	)	)	PUNCT
dem-18441	228	36	,	,	PUNCT
dem-18441	228	37	100–108	100–108	NUM
dem-18441	228	38	.	.	PUNCT
dem-18441	229	1	wernerfelt	wernerfelt	PROPN
dem-18441	229	2	,	,	PUNCT
dem-18441	229	3	b.	b.	PROPN
dem-18441	229	4	(	(	PUNCT
dem-18441	229	5	1984	1984	NUM
dem-18441	229	6	)	)	PUNCT
dem-18441	229	7	,	,	PUNCT
dem-18441	229	8	a	a	DET
dem-18441	229	9	resource	resource	NOUN
dem-18441	229	10	-	-	PUNCT
dem-18441	229	11	based	base	VERB
dem-18441	229	12	view	view	NOUN
dem-18441	229	13	of	of	ADP
dem-18441	229	14	the	the	DET
dem-18441	229	15	firm	firm	ADJ
dem-18441	229	16	,	,	PUNCT
dem-18441	229	17	strategic	strategic	ADJ
dem-18441	229	18	management	management	NOUN
dem-18441	229	19	journal	journal	NOUN
dem-18441	229	20	,	,	PUNCT
dem-18441	229	21	5(1	5(1	NUM
dem-18441	229	22	)	)	PUNCT
dem-18441	229	23	,	,	PUNCT
dem-18441	229	24	171–80	171–80	NUM
dem-18441	229	25	.	.	PUNCT
dem-18441	230	1	wiśniewska	wiśniewska	PROPN
dem-18441	230	2	,	,	PUNCT
dem-18441	230	3	e.	e.	PROPN
dem-18441	230	4	(	(	PUNCT
dem-18441	230	5	2004	2004	NUM
dem-18441	230	6	)	)	PUNCT
dem-18441	230	7	,	,	PUNCT
dem-18441	230	8	rynek	rynek	NOUN
dem-18441	230	9	nieruchomości	nieruchomości	VERB
dem-18441	230	10	a	a	DET
dem-18441	230	11	gospodarka	gospodarka	NOUN
dem-18441	230	12	(	(	PUNCT
dem-18441	230	13	real	real	ADJ
dem-18441	230	14	estate	estate	NOUN
dem-18441	230	15	vs.	vs.	X
dem-18441	230	16	and	and	CCONJ
dem-18441	230	17	economy	economy	NOUN
dem-18441	230	18	)	)	PUNCT
dem-18441	230	19	,	,	PUNCT
dem-18441	230	20	(	(	PUNCT
dem-18441	230	21	in	in	ADP
dem-18441	230	22	:)	:)	INTJ
dem-18441	230	23	zachodnie	zachodnie	NOUN
dem-18441	230	24	rynki	rynki	NOUN
dem-18441	230	25	nieruchomości	nieruchomości	NOUN
dem-18441	230	26	(	(	PUNCT
dem-18441	230	27	western	western	ADJ
dem-18441	230	28	real	real	ADJ
dem-18441	230	29	estate	estate	NOUN
dem-18441	230	30	markets	market	NOUN
dem-18441	230	31	)	)	PUNCT
dem-18441	230	32	,	,	PUNCT
dem-18441	230	33	collective	collective	ADJ
dem-18441	230	34	work	work	NOUN
dem-18441	230	35	,	,	PUNCT
dem-18441	230	36	ed	ed	NOUN
dem-18441	230	37	.	.	PUNCT
dem-18441	231	1	by	by	ADP
dem-18441	231	2	:	:	PUNCT
dem-18441	231	3	e.	e.	PROPN
dem-18441	231	4	kucharska	kucharska	PROPN
dem-18441	231	5	-	-	PUNCT
dem-18441	231	6	stasiak	stasiak	PROPN
dem-18441	231	7	,	,	PUNCT
dem-18441	231	8	twigger	twigger	NOUN
dem-18441	231	9	,	,	PUNCT
dem-18441	231	10	warsaw	warsaw	PROPN
dem-18441	231	11	.	.	PUNCT
dem-18441	231	12	wrońska	wrońska	PROPN
dem-18441	231	13	-	-	PUNCT
dem-18441	231	14	bukalska	bukalska	NOUN
dem-18441	231	15	,	,	PUNCT
dem-18441	231	16	e.	e.	PROPN
dem-18441	231	17	(	(	PUNCT
dem-18441	231	18	2014	2014	NUM
dem-18441	231	19	)	)	PUNCT
dem-18441	231	20	,	,	PUNCT
dem-18441	231	21	zróżnicowanie	zróżnicowanie	PROPN
dem-18441	231	22	branżowe	branżowe	NOUN
dem-18441	231	23	poziomu	poziomu	VERB
dem-18441	231	24	i	i	PRON
dem-18441	231	25	struktury	struktury	NOUN
dem-18441	231	26	kapitału	kapitału	PROPN
dem-18441	231	27	własnego	własnego	PROPN
dem-18441	231	28	(	(	PUNCT
dem-18441	231	29	industry	industry	NOUN
dem-18441	231	30	diversification	diversification	NOUN
dem-18441	231	31	of	of	ADP
dem-18441	231	32	the	the	DET
dem-18441	231	33	level	level	NOUN
dem-18441	231	34	and	and	CCONJ
dem-18441	231	35	the	the	DET
dem-18441	231	36	structure	structure	NOUN
dem-18441	231	37	of	of	ADP
dem-18441	231	38	equity	equity	NOUN
dem-18441	231	39	)	)	PUNCT
dem-18441	231	40	,	,	PUNCT
dem-18441	231	41	annales	annale	VERB
dem-18441	231	42	universitatis	universitatis	PROPN
dem-18441	231	43	mariae	mariae	PROPN
dem-18441	231	44	curie	curie	PROPN
dem-18441	231	45	-	-	PUNCT
dem-18441	231	46	skłodowska	skłodowska	PROPN
dem-18441	231	47	,	,	PUNCT
dem-18441	231	48	48(3	48(3	PROPN
dem-18441	231	49	)	)	PUNCT
dem-18441	231	50	,	,	PUNCT
dem-18441	231	51	393–402	393–402	NUM
dem-18441	231	52	.	.	NOUN
dem-18441	231	53	yazdanfar	yazdanfar	PROPN
dem-18441	231	54	,	,	PUNCT
dem-18441	231	55	d.	d.	PROPN
dem-18441	231	56	,	,	PUNCT
dem-18441	231	57	(	(	PUNCT
dem-18441	231	58	2013	2013	NUM
dem-18441	231	59	)	)	PUNCT
dem-18441	231	60	profitability	profitability	NOUN
dem-18441	231	61	determinants	determinant	NOUN
dem-18441	231	62	among	among	ADP
dem-18441	231	63	micro	micro	ADJ
dem-18441	231	64	firms	firm	NOUN
dem-18441	231	65	:	:	PUNCT
dem-18441	231	66	evidence	evidence	NOUN
dem-18441	231	67	from	from	ADP
dem-18441	231	68	swedish	swedish	ADJ
dem-18441	231	69	data	data	PROPN
dem-18441	231	70	,	,	PUNCT
dem-18441	231	71	the	the	DET
dem-18441	231	72	international	international	ADJ
dem-18441	231	73	journal	journal	NOUN
dem-18441	231	74	of	of	ADP
dem-18441	231	75	managerial	managerial	ADJ
dem-18441	231	76	finance	finance	NOUN
dem-18441	231	77	,	,	PUNCT
dem-18441	231	78	9(2	9(2	NUM
dem-18441	231	79	)	)	PUNCT
dem-18441	231	80	,	,	PUNCT
dem-18441	231	81	150–160	150–160	NUM
dem-18441	231	82	.	.	PUNCT
dem-18441	231	83	wpływ	wpływ	PROPN
dem-18441	231	84	sektora	sektora	PROPN
dem-18441	232	1	i	i	PRON
dem-18441	232	2	czynników	czynników	VERB
dem-18441	232	3	wewnętrznych	wewnętrznych	VERB
dem-18441	232	4	na	na	ADP
dem-18441	232	5	rentowność	rentowność	NOUN
dem-18441	232	6	spółek	spółek	PROPN
dem-18441	232	7	notowanych	notowanych	PROPN
dem-18441	232	8	na	na	PROPN
dem-18441	232	9	gpw	gpw	PROPN
dem-18441	232	10	w	w	PROPN
dem-18441	232	11	warszawie	warszawie	PROPN
dem-18441	233	1	z	z	PROPN
dem-18441	234	1	a	a	DET
dem-18441	234	2	r	r	NOUN
dem-18441	234	3	y	y	PROPN
dem-18441	234	4	s	s	PROPN
dem-18441	234	5	t	t	NOUN
dem-18441	234	6	r	r	NOUN
dem-18441	234	7	e	e	PROPN
dem-18441	234	8	ś	ś	PROPN
dem-18441	234	9	c	c	PROPN
dem-18441	234	10	i.	i.	PROPN
dem-18441	234	11	celem	celem	PROPN
dem-18441	234	12	artykułu	artykułu	PROPN
dem-18441	234	13	jest	jest	PROPN
dem-18441	234	14	ocena	ocena	PROPN
dem-18441	234	15	wpływu	wpływu	PROPN
dem-18441	234	16	otoczenia	otoczenia	PROPN
dem-18441	234	17	sektorowego	sektorowego	NOUN
dem-18441	234	18	oraz	oraz	PROPN
dem-18441	234	19	wybranych	wybranych	PROPN
dem-18441	234	20	czynników	czynników	PROPN
dem-18441	234	21	wewnętrznych	wewnętrznych	NOUN
dem-18441	234	22	na	na	ADP
dem-18441	234	23	poziom	poziom	ADJ
dem-18441	234	24	rentowności	rentowności	PROPN
dem-18441	234	25	spółek	spółek	PROPN
dem-18441	234	26	notowanych	notowanych	PROPN
dem-18441	234	27	na	na	PROPN
dem-18441	234	28	gpw	gpw	PROPN
dem-18441	234	29	w	w	PROPN
dem-18441	234	30	warszawie	warszawie	PROPN
dem-18441	234	31	w	w	PROPN
dem-18441	234	32	latach	latach	NOUN
dem-18441	234	33	1998–2016	1998–2016	NUM
dem-18441	234	34	.	.	PUNCT
dem-18441	235	1	wzrost	wzrost	VERB
dem-18441	235	2	dźwigni	dźwigni	PROPN
dem-18441	235	3	finansowej	finansowej	PROPN
dem-18441	235	4	,	,	PUNCT
dem-18441	235	5	płynności	płynności	PROPN
dem-18441	235	6	finansowej	finansowej	PROPN
dem-18441	235	7	,	,	PUNCT
dem-18441	235	8	nieodsetkowej	nieodsetkowej	PROPN
dem-18441	235	9	tarczy	tarczy	PROPN
dem-18441	235	10	podatkowej	podatkowej	PROPN
dem-18441	235	11	oraz	oraz	PROPN
dem-18441	235	12	wielkości	wielkości	PROPN
dem-18441	235	13	przedsiębiorstwa	przedsiębiorstwa	PROPN
dem-18441	235	14	powodują	powodują	PROPN
dem-18441	235	15	spadek	spadek	PROPN
dem-18441	235	16	roa	roa	PROPN
dem-18441	235	17	.	.	PUNCT
dem-18441	236	1	z	z	PROPN
dem-18441	236	2	kolei	kolei	VERB
dem-18441	236	3	wzrost	wzrost	PROPN
dem-18441	236	4	wskaźnika	wskaźnika	PROPN
dem-18441	236	5	rzeczowych	rzeczowych	PROPN
dem-18441	236	6	aktywów	aktywów	NOUN
dem-18441	236	7	trwałych	trwałych	PROPN
dem-18441	236	8	do	do	VERB
dem-18441	236	9	aktywów	aktywów	NOUN
dem-18441	236	10	ogółem	ogółem	NOUN
dem-18441	236	11	powoduje	powoduje	PROPN
dem-18441	237	1	wzrost	wzrost	PROPN
dem-18441	237	2	roa	roa	PROPN
dem-18441	237	3	.	.	PUNCT
dem-18441	238	1	analogiczne	analogiczne	PROPN
dem-18441	238	2	wyniki	wyniki	PROPN
dem-18441	238	3	otrzymano	otrzymano	PROPN
dem-18441	238	4	w	w	PROPN
dem-18441	238	5	przypadku	przypadku	PROPN
dem-18441	238	6	modeli	modeli	PROPN
dem-18441	238	7	oszacowanych	oszacowanych	PROPN
dem-18441	238	8	dla	dla	PROPN
dem-18441	238	9	roe	roe	PROPN
dem-18441	238	10	.	.	PUNCT
dem-18441	239	1	oznacza	oznacza	PROPN
dem-18441	239	2	to	to	ADP
dem-18441	239	3	,	,	PUNCT
dem-18441	239	4	że	że	PROPN
dem-18441	239	5	rentowność	rentowność	NOUN
dem-18441	239	6	badanych	badanych	VERB
dem-18441	239	7	przedsiębiorstw	przedsiębiorstw	PROPN
dem-18441	239	8	jest	jest	PROPN
dem-18441	239	9	wypadkową	wypadkową	PROPN
dem-18441	239	10	decyzji	decyzji	PROPN
dem-18441	239	11	podejmowanych	podejmowanych	PROPN
dem-18441	239	12	przez	przez	NOUN
dem-18441	239	13	menedżerów	menedżerów	NOUN
dem-18441	239	14	i	i	PRON
dem-18441	239	15	wpływu	wpływu	ADJ
dem-18441	239	16	otoczenia	otoczenia	PROPN
dem-18441	239	17	sektorowego	sektorowego	NOUN
dem-18441	239	18	.	.	PUNCT
dem-18441	240	1	s	s	PART
dem-18441	241	1	ł	ł	PROPN
dem-18441	241	2	o	o	X
dem-18441	241	3	w	w	NOUN
dem-18441	241	4	a	a	DET
dem-18441	241	5	k	k	X
dem-18441	241	6	l	l	NOUN
dem-18441	241	7	u	u	NOUN
dem-18441	242	1	c	c	NOUN
dem-18441	242	2	z	z	NOUN
dem-18441	242	3	o	o	X
dem-18441	242	4	w	w	PROPN
dem-18441	242	5	e	e	NOUN
dem-18441	242	6	:	:	PUNCT
dem-18441	242	7	rentowność	rentowność	NOUN
dem-18441	242	8	aktywów	aktywów	PROPN
dem-18441	242	9	roa	roa	PROPN
dem-18441	242	10	,	,	PUNCT
dem-18441	242	11	rentowność	rentowność	NOUN
dem-18441	242	12	kapitału	kapitału	PROPN
dem-18441	242	13	roe	roe	PROPN
dem-18441	242	14	,	,	PUNCT
dem-18441	242	15	efekt	efekt	PROPN
dem-18441	242	16	sektorowy	sektorowy	PROPN
dem-18441	242	17	,	,	PUNCT
dem-18441	242	18	estymacja	estymacja	PROPN
dem-18441	242	19	panelowa	panelowa	NOUN
dem-18441	242	20	.	.	PUNCT