id	sid	tid	token	lemma	pos
easat-10590	1	1	edelweiss	edelweiss	PROPN
easat-10590	1	2	applied	apply	VERB
easat-10590	1	3	science	science	NOUN
easat-10590	1	4	and	and	CCONJ
easat-10590	1	5	technology	technology	NOUN
easat-10590	1	6	issn	issn	PROPN
easat-10590	1	7	:	:	PUNCT
easat-10590	1	8	2576	2576	NUM
easat-10590	1	9	-	-	SYM
easat-10590	1	10	8484	8484	NUM
easat-10590	1	11	vol	vol	NOUN
easat-10590	1	12	.	.	PROPN
easat-10590	2	1	9	9	NUM
easat-10590	2	2	,	,	PUNCT
easat-10590	2	3	no	no	INTJ
easat-10590	2	4	.	.	NOUN
easat-10590	2	5	10	10	NUM
easat-10590	2	6	,	,	PUNCT
easat-10590	2	7	1021	1021	NUM
easat-10590	2	8	-	-	SYM
easat-10590	2	9	1041	1041	NUM
easat-10590	2	10	2025	2025	NUM
easat-10590	2	11	publisher	publisher	NOUN
easat-10590	2	12	:	:	PUNCT
easat-10590	2	13	learning	learn	VERB
easat-10590	2	14	gate	gate	NOUN
easat-10590	2	15	doi	doi	PROPN
easat-10590	2	16	:	:	PUNCT
easat-10590	2	17	10.55214/2576	10.55214/2576	NUM
easat-10590	2	18	-	-	SYM
easat-10590	2	19	8484.v9i10.10590	8484.v9i10.10590	NUM
easat-10590	3	1	©	©	ADP
easat-10590	3	2	2025	2025	NUM
easat-10590	3	3	by	by	ADP
easat-10590	3	4	the	the	DET
easat-10590	3	5	author	author	NOUN
easat-10590	3	6	;	;	PUNCT
easat-10590	3	7	licensee	licensee	PROPN
easat-10590	3	8	learning	learning	NOUN
easat-10590	3	9	gate	gate	NOUN
easat-10590	3	10	©	©	PROPN
easat-10590	3	11	2025	2025	NUM
easat-10590	3	12	by	by	ADP
easat-10590	3	13	the	the	DET
easat-10590	3	14	author	author	NOUN
easat-10590	3	15	;	;	PUNCT
easat-10590	3	16	licensee	licensee	PROPN
easat-10590	3	17	learning	learning	NOUN
easat-10590	3	18	gate	gate	NOUN
easat-10590	3	19	history	history	NOUN
easat-10590	3	20	:	:	PUNCT
easat-10590	3	21	received	receive	VERB
easat-10590	3	22	:	:	PUNCT
easat-10590	3	23	11	11	NUM
easat-10590	3	24	july	july	NOUN
easat-10590	3	25	2025	2025	NUM
easat-10590	3	26	;	;	PUNCT
easat-10590	3	27	revised	revise	VERB
easat-10590	3	28	:	:	PUNCT
easat-10590	3	29	13	13	NUM
easat-10590	3	30	august	august	PROPN
easat-10590	3	31	2025	2025	NUM
easat-10590	3	32	;	;	PUNCT
easat-10590	3	33	accepted	accept	VERB
easat-10590	3	34	:	:	PUNCT
easat-10590	3	35	18	18	NUM
easat-10590	3	36	august	august	PROPN
easat-10590	3	37	2025	2025	NUM
easat-10590	3	38	;	;	PUNCT
easat-10590	3	39	published	publish	VERB
easat-10590	3	40	:	:	PUNCT
easat-10590	4	1	17	17	NUM
easat-10590	4	2	october	october	NOUN
easat-10590	4	3	2025	2025	NUM
easat-10590	4	4	*	*	PUNCT
easat-10590	4	5	correspondence	correspondence	NOUN
easat-10590	4	6	:	:	PUNCT
easat-10590	4	7	19010068@siswa.unimas.my	19010068@siswa.unimas.my	NUM
easat-10590	4	8	sustainability	sustainability	NOUN
easat-10590	4	9	practices	practice	NOUN
easat-10590	4	10	and	and	CCONJ
easat-10590	4	11	cost	cost	NOUN
easat-10590	4	12	of	of	ADP
easat-10590	4	13	capital	capital	NOUN
easat-10590	4	14	:	:	PUNCT
easat-10590	4	15	an	an	DET
easat-10590	4	16	empirical	empirical	ADJ
easat-10590	4	17	study	study	NOUN
easat-10590	4	18	of	of	ADP
easat-10590	4	19	agricultural	agricultural	ADJ
easat-10590	4	20	enterprises	enterprise	NOUN
easat-10590	4	21	across	across	ADP
easat-10590	4	22	global	global	ADJ
easat-10590	4	23	markets	market	NOUN
easat-10590	4	24	can	can	AUX
easat-10590	4	25	cui1	cui1	VERB
easat-10590	4	26	*	*	PROPN
easat-10590	4	27	1faculty	1faculty	NUM
easat-10590	4	28	of	of	ADP
easat-10590	4	29	economics	economic	NOUN
easat-10590	4	30	and	and	CCONJ
easat-10590	4	31	business	business	NOUN
easat-10590	4	32	,	,	PUNCT
easat-10590	4	33	universiti	universiti	PROPN
easat-10590	4	34	malaysia	malaysia	PROPN
easat-10590	4	35	sarawak	sarawak	PROPN
easat-10590	4	36	(	(	PUNCT
easat-10590	4	37	unimas	unimas	PROPN
easat-10590	4	38	)	)	PUNCT
easat-10590	4	39	,	,	PUNCT
easat-10590	4	40	94300	94300	NUM
easat-10590	4	41	kota	kota	NOUN
easat-10590	4	42	samarahan	samarahan	NOUN
easat-10590	4	43	,	,	PUNCT
easat-10590	4	44	sarawak	sarawak	NOUN
easat-10590	4	45	,	,	PUNCT
easat-10590	4	46	malaysia	malaysia	PROPN
easat-10590	4	47	;	;	PUNCT
easat-10590	4	48	19010068@siswa.unimas.my	19010068@siswa.unimas.my	NUM
easat-10590	4	49	(	(	PUNCT
easat-10590	4	50	c.c	c.c	PROPN
easat-10590	4	51	.	.	PROPN
easat-10590	4	52	)	)	PUNCT
easat-10590	4	53	.	.	PUNCT
easat-10590	5	1	abstract	abstract	ADV
easat-10590	5	2	:	:	PUNCT
easat-10590	5	3	this	this	DET
easat-10590	5	4	study	study	NOUN
easat-10590	5	5	explores	explore	VERB
easat-10590	5	6	how	how	SCONJ
easat-10590	5	7	corporate	corporate	ADJ
easat-10590	5	8	sustainability	sustainability	NOUN
easat-10590	5	9	and	and	CCONJ
easat-10590	5	10	environmental	environmental	ADJ
easat-10590	5	11	,	,	PUNCT
easat-10590	5	12	social	social	ADJ
easat-10590	5	13	,	,	PUNCT
easat-10590	5	14	and	and	CCONJ
easat-10590	5	15	governance	governance	NOUN
easat-10590	5	16	(	(	PUNCT
easat-10590	5	17	esg	esg	NOUN
easat-10590	5	18	)	)	PUNCT
easat-10590	5	19	performance	performance	NOUN
easat-10590	5	20	are	be	AUX
easat-10590	5	21	linked	link	VERB
easat-10590	5	22	to	to	ADP
easat-10590	5	23	the	the	DET
easat-10590	5	24	cost	cost	NOUN
easat-10590	5	25	of	of	ADP
easat-10590	5	26	capital	capital	NOUN
easat-10590	5	27	in	in	ADP
easat-10590	5	28	the	the	DET
easat-10590	5	29	financial	financial	ADJ
easat-10590	5	30	markets	market	NOUN
easat-10590	5	31	of	of	ADP
easat-10590	5	32	agricultural	agricultural	ADJ
easat-10590	5	33	enterprises	enterprise	NOUN
easat-10590	5	34	around	around	ADP
easat-10590	5	35	the	the	DET
easat-10590	5	36	world	world	NOUN
easat-10590	5	37	.	.	PUNCT
easat-10590	6	1	for	for	ADP
easat-10590	6	2	the	the	DET
easat-10590	6	3	period	period	NOUN
easat-10590	6	4	from	from	ADP
easat-10590	6	5	2019	2019	NUM
easat-10590	6	6	to	to	ADP
easat-10590	6	7	2024	2024	NUM
easat-10590	6	8	,	,	PUNCT
easat-10590	6	9	a	a	DET
easat-10590	6	10	sample	sample	NOUN
easat-10590	6	11	set	set	NOUN
easat-10590	6	12	of	of	ADP
easat-10590	6	13	more	more	ADJ
easat-10590	6	14	than	than	ADP
easat-10590	6	15	1,200	1,200	NUM
easat-10590	6	16	agricultural	agricultural	ADJ
easat-10590	6	17	enterprises	enterprise	NOUN
easat-10590	6	18	from	from	ADP
easat-10590	6	19	north	north	PROPN
easat-10590	6	20	america	america	PROPN
easat-10590	6	21	,	,	PUNCT
easat-10590	6	22	europe	europe	PROPN
easat-10590	6	23	,	,	PUNCT
easat-10590	6	24	and	and	CCONJ
easat-10590	6	25	asia	asia	PROPN
easat-10590	6	26	-	-	PUNCT
easat-10590	6	27	pacific	pacific	PROPN
easat-10590	6	28	is	be	AUX
easat-10590	6	29	examined	examine	VERB
easat-10590	6	30	using	use	VERB
easat-10590	6	31	multiple	multiple	ADJ
easat-10590	6	32	regression	regression	NOUN
easat-10590	6	33	to	to	PART
easat-10590	6	34	explore	explore	VERB
easat-10590	6	35	the	the	DET
easat-10590	6	36	role	role	NOUN
easat-10590	6	37	of	of	ADP
easat-10590	6	38	esg	esg	PROPN
easat-10590	6	39	factors	factor	NOUN
easat-10590	6	40	in	in	ADP
easat-10590	6	41	shaping	shape	VERB
easat-10590	6	42	a	a	DET
easat-10590	6	43	company	company	NOUN
easat-10590	6	44	’s	’s	PART
easat-10590	6	45	wacc	wacc	PROPN
easat-10590	6	46	.	.	PUNCT
easat-10590	7	1	it	it	PRON
easat-10590	7	2	was	be	AUX
easat-10590	7	3	observed	observe	VERB
easat-10590	7	4	that	that	SCONJ
easat-10590	7	5	for	for	ADP
easat-10590	7	6	each	each	DET
easat-10590	7	7	additional	additional	ADJ
easat-10590	7	8	point	point	NOUN
easat-10590	7	9	in	in	ADP
easat-10590	7	10	the	the	DET
easat-10590	7	11	esg	esg	PROPN
easat-10590	7	12	composite	composite	ADJ
easat-10590	7	13	score	score	NOUN
easat-10590	7	14	,	,	PUNCT
easat-10590	7	15	wacc	wacc	PROPN
easat-10590	7	16	decreases	decrease	VERB
easat-10590	7	17	by	by	ADP
easat-10590	7	18	0.035	0.035	NUM
easat-10590	7	19	percentage	percentage	NOUN
easat-10590	7	20	points	point	NOUN
easat-10590	7	21	.	.	PUNCT
easat-10590	8	1	the	the	DET
easat-10590	8	2	impact	impact	NOUN
easat-10590	8	3	varies	vary	VERB
easat-10590	8	4	by	by	ADP
easat-10590	8	5	region	region	NOUN
easat-10590	8	6	,	,	PUNCT
easat-10590	8	7	being	be	AUX
easat-10590	8	8	strongest	strong	ADJ
easat-10590	8	9	in	in	ADP
easat-10590	8	10	european	european	ADJ
easat-10590	8	11	agricultural	agricultural	ADJ
easat-10590	8	12	enterprises	enterprise	NOUN
easat-10590	8	13	,	,	PUNCT
easat-10590	8	14	somewhat	somewhat	ADV
easat-10590	8	15	less	less	ADV
easat-10590	8	16	in	in	ADP
easat-10590	8	17	north	north	PROPN
easat-10590	8	18	america	america	PROPN
easat-10590	8	19	,	,	PUNCT
easat-10590	8	20	and	and	CCONJ
easat-10590	8	21	mildest	mild	ADJ
easat-10590	8	22	in	in	ADP
easat-10590	8	23	asia	asia	PROPN
easat-10590	8	24	-	-	PUNCT
easat-10590	8	25	pacific	pacific	PROPN
easat-10590	8	26	.	.	PUNCT
easat-10590	9	1	based	base	VERB
easat-10590	9	2	on	on	ADP
easat-10590	9	3	the	the	DET
easat-10590	9	4	analysis	analysis	NOUN
easat-10590	9	5	,	,	PUNCT
easat-10590	9	6	environmental	environmental	ADJ
easat-10590	9	7	considerations	consideration	NOUN
easat-10590	9	8	are	be	AUX
easat-10590	9	9	found	find	VERB
easat-10590	9	10	to	to	PART
easat-10590	9	11	significantly	significantly	ADV
easat-10590	9	12	reduce	reduce	VERB
easat-10590	9	13	wacc	wacc	PROPN
easat-10590	9	14	more	more	ADJ
easat-10590	9	15	than	than	ADP
easat-10590	9	16	other	other	ADJ
easat-10590	9	17	factors	factor	NOUN
easat-10590	9	18	.	.	PUNCT
easat-10590	10	1	these	these	DET
easat-10590	10	2	data	datum	NOUN
easat-10590	10	3	indicate	indicate	VERB
easat-10590	10	4	that	that	SCONJ
easat-10590	10	5	incorporating	incorporate	VERB
easat-10590	10	6	sustainability	sustainability	NOUN
easat-10590	10	7	helps	help	VERB
easat-10590	10	8	companies	company	NOUN
easat-10590	10	9	reduce	reduce	VERB
easat-10590	10	10	costs	cost	NOUN
easat-10590	10	11	and	and	CCONJ
easat-10590	10	12	increase	increase	VERB
easat-10590	10	13	their	their	PRON
easat-10590	10	14	value	value	NOUN
easat-10590	10	15	,	,	PUNCT
easat-10590	10	16	confirming	confirm	VERB
easat-10590	10	17	to	to	ADP
easat-10590	10	18	managers	manager	NOUN
easat-10590	10	19	and	and	CCONJ
easat-10590	10	20	investors	investor	NOUN
easat-10590	10	21	that	that	SCONJ
easat-10590	10	22	sustainability	sustainability	NOUN
easat-10590	10	23	can	can	AUX
easat-10590	10	24	be	be	AUX
easat-10590	10	25	a	a	DET
easat-10590	10	26	key	key	ADJ
easat-10590	10	27	strategy	strategy	NOUN
easat-10590	10	28	in	in	ADP
easat-10590	10	29	agricultural	agricultural	ADJ
easat-10590	10	30	enterprises	enterprise	NOUN
easat-10590	10	31	.	.	PUNCT
easat-10590	11	1	the	the	DET
easat-10590	11	2	paper	paper	NOUN
easat-10590	11	3	concludes	conclude	VERB
easat-10590	11	4	by	by	ADP
easat-10590	11	5	outlining	outline	VERB
easat-10590	11	6	policies	policy	NOUN
easat-10590	11	7	for	for	ADP
easat-10590	11	8	change	change	NOUN
easat-10590	11	9	and	and	CCONJ
easat-10590	11	10	proposing	propose	VERB
easat-10590	11	11	new	new	ADJ
easat-10590	11	12	research	research	NOUN
easat-10590	11	13	topics	topic	NOUN
easat-10590	11	14	at	at	ADP
easat-10590	11	15	the	the	DET
easat-10590	11	16	intersection	intersection	NOUN
easat-10590	11	17	of	of	ADP
easat-10590	11	18	sustainability	sustainability	NOUN
easat-10590	11	19	and	and	CCONJ
easat-10590	11	20	corporate	corporate	ADJ
easat-10590	11	21	finance	finance	NOUN
easat-10590	11	22	in	in	ADP
easat-10590	11	23	agricultural	agricultural	ADJ
easat-10590	11	24	enterprises	enterprise	NOUN
easat-10590	11	25	.	.	PUNCT
easat-10590	12	1	keywords	keyword	NOUN
easat-10590	12	2	:	:	PUNCT
easat-10590	12	3	agricultural	agricultural	ADJ
easat-10590	12	4	enterprises	enterprise	NOUN
easat-10590	12	5	,	,	PUNCT
easat-10590	12	6	corporate	corporate	ADJ
easat-10590	12	7	sustainability	sustainability	NOUN
easat-10590	12	8	,	,	PUNCT
easat-10590	12	9	cost	cost	NOUN
easat-10590	12	10	of	of	ADP
easat-10590	12	11	capital	capital	NOUN
easat-10590	12	12	,	,	PUNCT
easat-10590	12	13	empirical	empirical	ADJ
easat-10590	12	14	analysis	analysis	NOUN
easat-10590	12	15	,	,	PUNCT
easat-10590	12	16	esg	esg	NOUN
easat-10590	12	17	performance	performance	NOUN
easat-10590	12	18	,	,	PUNCT
easat-10590	12	19	financial	financial	ADJ
easat-10590	12	20	performance	performance	NOUN
easat-10590	12	21	,	,	PUNCT
easat-10590	12	22	global	global	ADJ
easat-10590	12	23	markets	market	NOUN
easat-10590	12	24	,	,	PUNCT
easat-10590	12	25	weighted	weight	VERB
easat-10590	12	26	average	average	ADJ
easat-10590	12	27	cost	cost	NOUN
easat-10590	12	28	of	of	ADP
easat-10590	12	29	capital	capital	NOUN
easat-10590	12	30	.	.	PUNCT
easat-10590	13	1	1	1	X
easat-10590	13	2	.	.	X
easat-10590	13	3	introduction	introduction	NOUN
easat-10590	13	4	in	in	ADP
easat-10590	13	5	recent	recent	ADJ
easat-10590	13	6	years	year	NOUN
easat-10590	13	7	,	,	PUNCT
easat-10590	13	8	the	the	DET
easat-10590	13	9	global	global	ADJ
easat-10590	13	10	business	business	NOUN
easat-10590	13	11	world	world	PROPN
easat-10590	13	12	has	have	AUX
easat-10590	13	13	seen	see	VERB
easat-10590	13	14	major	major	ADJ
easat-10590	13	15	changes	change	NOUN
easat-10590	13	16	because	because	SCONJ
easat-10590	13	17	more	more	ADJ
easat-10590	13	18	emphasis	emphasis	NOUN
easat-10590	13	19	is	be	AUX
easat-10590	13	20	being	be	AUX
easat-10590	13	21	put	put	VERB
easat-10590	13	22	on	on	ADP
easat-10590	13	23	sustainability	sustainability	NOUN
easat-10590	13	24	in	in	ADP
easat-10590	13	25	agricultural	agricultural	ADJ
easat-10590	13	26	enterprises	enterprise	NOUN
easat-10590	13	27	.	.	PUNCT
easat-10590	14	1	from	from	ADP
easat-10590	14	2	a	a	DET
easat-10590	14	3	side	side	NOUN
easat-10590	14	4	issue	issue	NOUN
easat-10590	14	5	,	,	PUNCT
easat-10590	14	6	corporate	corporate	ADJ
easat-10590	14	7	sustainability	sustainability	NOUN
easat-10590	14	8	,	,	PUNCT
easat-10590	14	9	which	which	PRON
easat-10590	14	10	includes	include	VERB
easat-10590	14	11	caring	care	VERB
easat-10590	14	12	for	for	ADP
easat-10590	14	13	the	the	DET
easat-10590	14	14	environment	environment	NOUN
easat-10590	14	15	,	,	PUNCT
easat-10590	14	16	social	social	ADJ
easat-10590	14	17	concerns	concern	NOUN
easat-10590	14	18	,	,	PUNCT
easat-10590	14	19	and	and	CCONJ
easat-10590	14	20	robust	robust	ADJ
easat-10590	14	21	rules	rule	NOUN
easat-10590	14	22	,	,	PUNCT
easat-10590	14	23	has	have	AUX
easat-10590	14	24	grown	grow	VERB
easat-10590	14	25	to	to	PART
easat-10590	14	26	play	play	VERB
easat-10590	14	27	a	a	DET
easat-10590	14	28	major	major	ADJ
easat-10590	14	29	role	role	NOUN
easat-10590	14	30	in	in	ADP
easat-10590	14	31	running	run	VERB
easat-10590	14	32	companies	company	NOUN
easat-10590	14	33	of	of	ADP
easat-10590	14	34	agricultural	agricultural	ADJ
easat-10590	14	35	enterprises	enterprise	NOUN
easat-10590	14	36	.	.	PUNCT
easat-10590	15	1	more	more	ADJ
easat-10590	15	2	pressure	pressure	NOUN
easat-10590	15	3	comes	come	VERB
easat-10590	15	4	from	from	ADP
easat-10590	15	5	the	the	DET
easat-10590	15	6	public	public	NOUN
easat-10590	15	7	,	,	PUNCT
easat-10590	15	8	rules	rule	NOUN
easat-10590	15	9	set	set	VERB
easat-10590	15	10	by	by	ADP
easat-10590	15	11	regulators	regulator	NOUN
easat-10590	15	12	,	,	PUNCT
easat-10590	15	13	and	and	CCONJ
easat-10590	15	14	demands	demand	NOUN
easat-10590	15	15	from	from	ADP
easat-10590	15	16	investors	investor	NOUN
easat-10590	15	17	for	for	ADP
easat-10590	15	18	honesty	honesty	NOUN
easat-10590	15	19	and	and	CCONJ
easat-10590	15	20	right	right	ADJ
easat-10590	15	21	behavior	behavior	NOUN
easat-10590	15	22	[	[	X
easat-10590	15	23	1	1	NUM
easat-10590	15	24	]	]	PUNCT
easat-10590	15	25	.	.	PUNCT
easat-10590	16	1	following	follow	VERB
easat-10590	16	2	sustainability	sustainability	NOUN
easat-10590	16	3	in	in	ADP
easat-10590	16	4	a	a	DET
easat-10590	16	5	company	company	NOUN
easat-10590	16	6	’s	’s	PART
easat-10590	16	7	approach	approach	NOUN
easat-10590	16	8	to	to	ADP
easat-10590	16	9	decision	decision	NOUN
easat-10590	16	10	-	-	PUNCT
easat-10590	16	11	making	making	NOUN
easat-10590	16	12	is	be	AUX
easat-10590	16	13	both	both	CCONJ
easat-10590	16	14	the	the	DET
easat-10590	16	15	right	right	ADJ
easat-10590	16	16	thing	thing	NOUN
easat-10590	16	17	to	to	PART
easat-10590	16	18	do	do	VERB
easat-10590	16	19	and	and	CCONJ
easat-10590	16	20	key	key	VERB
easat-10590	16	21	to	to	ADP
easat-10590	16	22	improving	improve	VERB
easat-10590	16	23	financial	financial	ADJ
easat-10590	16	24	results	result	NOUN
easat-10590	16	25	and	and	CCONJ
easat-10590	16	26	addressing	address	VERB
easat-10590	16	27	risks	risk	NOUN
easat-10590	16	28	in	in	ADP
easat-10590	16	29	agricultural	agricultural	ADJ
easat-10590	16	30	enterprises	enterprise	NOUN
easat-10590	16	31	.	.	PUNCT
easat-10590	17	1	the	the	DET
easat-10590	17	2	core	core	NOUN
easat-10590	17	3	of	of	ADP
easat-10590	17	4	the	the	DET
easat-10590	17	5	change	change	NOUN
easat-10590	17	6	is	be	AUX
easat-10590	17	7	environmental	environmental	ADJ
easat-10590	17	8	,	,	PUNCT
easat-10590	17	9	social	social	ADJ
easat-10590	17	10	,	,	PUNCT
easat-10590	17	11	and	and	CCONJ
easat-10590	17	12	governance	governance	NOUN
easat-10590	17	13	(	(	PUNCT
easat-10590	17	14	esg	esg	NOUN
easat-10590	17	15	)	)	PUNCT
easat-10590	17	16	criteria	criterion	NOUN
easat-10590	17	17	,	,	PUNCT
easat-10590	17	18	which	which	PRON
easat-10590	17	19	help	help	VERB
easat-10590	17	20	turn	turn	VERB
easat-10590	17	21	corporate	corporate	ADJ
easat-10590	17	22	sustainability	sustainability	NOUN
easat-10590	17	23	into	into	ADP
easat-10590	17	24	actions	action	NOUN
easat-10590	17	25	that	that	PRON
easat-10590	17	26	can	can	AUX
easat-10590	17	27	be	be	AUX
easat-10590	17	28	measured	measure	VERB
easat-10590	17	29	in	in	ADP
easat-10590	17	30	agricultural	agricultural	ADJ
easat-10590	17	31	enterprises	enterprise	NOUN
easat-10590	17	32	.	.	PUNCT
easat-10590	18	1	environmental	environmental	ADJ
easat-10590	18	2	factors	factor	NOUN
easat-10590	18	3	consider	consider	VERB
easat-10590	18	4	the	the	DET
easat-10590	18	5	company	company	NOUN
easat-10590	18	6	’s	’s	PART
easat-10590	18	7	effect	effect	NOUN
easat-10590	18	8	on	on	ADP
easat-10590	18	9	the	the	DET
easat-10590	18	10	environment	environment	NOUN
easat-10590	18	11	and	and	CCONJ
easat-10590	18	12	actions	action	NOUN
easat-10590	18	13	to	to	PART
easat-10590	18	14	stop	stop	VERB
easat-10590	18	15	climate	climate	NOUN
easat-10590	18	16	change	change	NOUN
easat-10590	18	17	,	,	PUNCT
easat-10590	18	18	while	while	SCONJ
easat-10590	18	19	social	social	ADJ
easat-10590	18	20	criteria	criterion	NOUN
easat-10590	18	21	look	look	VERB
easat-10590	18	22	at	at	ADP
easat-10590	18	23	workforce	workforce	NOUN
easat-10590	18	24	policies	policy	NOUN
easat-10590	18	25	,	,	PUNCT
easat-10590	18	26	community	community	NOUN
easat-10590	18	27	support	support	NOUN
easat-10590	18	28	,	,	PUNCT
easat-10590	18	29	and	and	CCONJ
easat-10590	18	30	human	human	ADJ
easat-10590	18	31	rights	right	NOUN
easat-10590	18	32	issues	issue	NOUN
easat-10590	18	33	;	;	PUNCT
easat-10590	18	34	governance	governance	NOUN
easat-10590	18	35	concerns	concern	NOUN
easat-10590	18	36	the	the	DET
easat-10590	18	37	way	way	NOUN
easat-10590	18	38	a	a	DET
easat-10590	18	39	company	company	NOUN
easat-10590	18	40	is	be	AUX
easat-10590	18	41	led	lead	VERB
easat-10590	18	42	and	and	CCONJ
easat-10590	18	43	structured	structure	VERB
easat-10590	18	44	.	.	PUNCT
easat-10590	19	1	because	because	SCONJ
easat-10590	19	2	of	of	ADP
easat-10590	19	3	these	these	DET
easat-10590	19	4	dimensions	dimension	NOUN
easat-10590	19	5	,	,	PUNCT
easat-10590	19	6	stakeholders	stakeholder	NOUN
easat-10590	19	7	can	can	AUX
easat-10590	19	8	judge	judge	VERB
easat-10590	19	9	a	a	DET
easat-10590	19	10	business	business	NOUN
easat-10590	19	11	’s	’s	PART
easat-10590	19	12	sustainability	sustainability	NOUN
easat-10590	19	13	and	and	CCONJ
easat-10590	19	14	its	its	PRON
easat-10590	19	15	ability	ability	NOUN
easat-10590	19	16	to	to	PART
easat-10590	19	17	last	last	VERB
easat-10590	19	18	over	over	ADP
easat-10590	19	19	the	the	DET
easat-10590	19	20	long	long	ADJ
easat-10590	19	21	run	run	NOUN
easat-10590	19	22	[	[	X
easat-10590	19	23	2	2	NUM
easat-10590	19	24	]	]	PUNCT
easat-10590	19	25	.	.	PUNCT
easat-10590	20	1	at	at	ADP
easat-10590	20	2	the	the	DET
easat-10590	20	3	same	same	ADJ
easat-10590	20	4	time	time	NOUN
easat-10590	20	5	,	,	PUNCT
easat-10590	20	6	the	the	DET
easat-10590	20	7	marketplace	marketplace	NOUN
easat-10590	20	8	of	of	ADP
easat-10590	20	9	agricultural	agricultural	ADJ
easat-10590	20	10	enterprises	enterprise	NOUN
easat-10590	20	11	has	have	AUX
easat-10590	20	12	seen	see	VERB
easat-10590	20	13	a	a	DET
easat-10590	20	14	change	change	NOUN
easat-10590	20	15	in	in	ADP
easat-10590	20	16	which	which	PRON
easat-10590	20	17	traditional	traditional	ADJ
easat-10590	20	18	ways	way	NOUN
easat-10590	20	19	of	of	ADP
easat-10590	20	20	assessing	assess	VERB
easat-10590	20	21	business	business	NOUN
easat-10590	20	22	risk	risk	NOUN
easat-10590	20	23	and	and	CCONJ
easat-10590	20	24	return	return	NOUN
easat-10590	20	25	are	be	AUX
easat-10590	20	26	being	be	AUX
easat-10590	20	27	adjusted	adjust	VERB
easat-10590	20	28	to	to	PART
easat-10590	20	29	reflect	reflect	VERB
easat-10590	20	30	esg	esg	NOUN
easat-10590	20	31	factors	factor	NOUN
easat-10590	20	32	in	in	ADP
easat-10590	20	33	financial	financial	ADJ
easat-10590	20	34	models	model	NOUN
easat-10590	20	35	.	.	PUNCT
easat-10590	21	1	more	more	ADJ
easat-10590	21	2	and	and	CCONJ
easat-10590	21	3	more	more	ADJ
easat-10590	21	4	,	,	PUNCT
easat-10590	21	5	it	it	PRON
easat-10590	21	6	is	be	AUX
easat-10590	21	7	shown	show	VERB
easat-10590	21	8	that	that	SCONJ
easat-10590	21	9	agricultural	agricultural	ADJ
easat-10590	21	10	enterprises	enterprise	NOUN
easat-10590	21	11	that	that	PRON
easat-10590	21	12	care	care	VERB
easat-10590	21	13	about	about	ADP
easat-10590	21	14	sustainability	sustainability	NOUN
easat-10590	21	15	achieve	achieve	VERB
easat-10590	21	16	higher	high	ADJ
easat-10590	21	17	operating	operating	NOUN
easat-10590	21	18	performance	performance	NOUN
easat-10590	21	19	,	,	PUNCT
easat-10590	21	20	better	well	ADJ
easat-10590	21	21	brand	brand	NOUN
easat-10590	21	22	recognition	recognition	NOUN
easat-10590	21	23	,	,	PUNCT
easat-10590	21	24	and	and	CCONJ
easat-10590	21	25	face	face	VERB
easat-10590	21	26	less	less	ADJ
easat-10590	21	27	risk	risk	NOUN
easat-10590	21	28	from	from	ADP
easat-10590	21	29	law	law	NOUN
easat-10590	21	30	and	and	CCONJ
easat-10590	21	31	lawsuits	lawsuit	NOUN
easat-10590	21	32	.	.	PUNCT
easat-10590	22	1	for	for	ADP
easat-10590	22	2	this	this	DET
easat-10590	22	3	reason	reason	NOUN
easat-10590	22	4	,	,	PUNCT
easat-10590	22	5	investors	investor	NOUN
easat-10590	22	6	have	have	AUX
easat-10590	22	7	come	come	VERB
easat-10590	22	8	to	to	PART
easat-10590	22	9	see	see	VERB
easat-10590	22	10	that	that	SCONJ
easat-10590	22	11	sustainability	sustainability	NOUN
easat-10590	22	12	performance	performance	NOUN
easat-10590	22	13	signals	signal	VERB
easat-10590	22	14	whether	whether	SCONJ
easat-10590	22	15	a	a	DET
easat-10590	22	16	company	company	NOUN
easat-10590	22	17	can	can	AUX
easat-10590	22	18	1022	1022	NUM
easat-10590	22	19	edelweiss	edelweiss	PROPN
easat-10590	22	20	applied	apply	VERB
easat-10590	22	21	science	science	NOUN
easat-10590	22	22	and	and	CCONJ
easat-10590	22	23	technology	technology	NOUN
easat-10590	22	24	issn	issn	PROPN
easat-10590	22	25	:	:	PUNCT
easat-10590	22	26	2576	2576	NUM
easat-10590	22	27	-	-	SYM
easat-10590	22	28	8484	8484	NUM
easat-10590	22	29	vol	vol	NOUN
easat-10590	22	30	.	.	PROPN
easat-10590	23	1	9	9	NUM
easat-10590	23	2	,	,	PUNCT
easat-10590	23	3	no	no	INTJ
easat-10590	23	4	.	.	NOUN
easat-10590	23	5	10	10	NUM
easat-10590	23	6	:	:	PUNCT
easat-10590	23	7	1021	1021	NUM
easat-10590	23	8	-	-	SYM
easat-10590	23	9	1041	1041	NUM
easat-10590	23	10	,	,	PUNCT
easat-10590	23	11	2025	2025	NUM
easat-10590	23	12	doi	doi	NOUN
easat-10590	23	13	:	:	PUNCT
easat-10590	23	14	10.55214/2576	10.55214/2576	NUM
easat-10590	23	15	-	-	SYM
easat-10590	23	16	8484.v9i10.10590	8484.v9i10.10590	NUM
easat-10590	23	17	©	©	ADP
easat-10590	23	18	2025	2025	NUM
easat-10590	23	19	by	by	ADP
easat-10590	23	20	the	the	DET
easat-10590	23	21	author	author	NOUN
easat-10590	23	22	;	;	PUNCT
easat-10590	23	23	licensee	licensee	PROPN
easat-10590	23	24	learning	learn	VERB
easat-10590	23	25	gate	gate	NOUN
easat-10590	23	26	maintain	maintain	VERB
easat-10590	23	27	stability	stability	NOUN
easat-10590	23	28	in	in	ADP
easat-10590	23	29	earnings	earning	NOUN
easat-10590	23	30	,	,	PUNCT
easat-10590	23	31	which	which	PRON
easat-10590	23	32	is	be	AUX
easat-10590	23	33	why	why	SCONJ
easat-10590	23	34	sustainability	sustainability	NOUN
easat-10590	23	35	finance	finance	NOUN
easat-10590	23	36	is	be	AUX
easat-10590	23	37	now	now	ADV
easat-10590	23	38	gaining	gain	VERB
easat-10590	23	39	widespread	widespread	ADJ
easat-10590	23	40	recognition	recognition	NOUN
easat-10590	23	41	[	[	X
easat-10590	23	42	3	3	NUM
easat-10590	23	43	]	]	PUNCT
easat-10590	23	44	.	.	PUNCT
easat-10590	24	1	wacc	wacc	PROPN
easat-10590	24	2	or	or	CCONJ
easat-10590	24	3	the	the	DET
easat-10590	24	4	weighted	weighted	ADJ
easat-10590	24	5	average	average	ADJ
easat-10590	24	6	cost	cost	NOUN
easat-10590	24	7	of	of	ADP
easat-10590	24	8	capital	capital	NOUN
easat-10590	24	9	,	,	PUNCT
easat-10590	24	10	is	be	AUX
easat-10590	24	11	one	one	NUM
easat-10590	24	12	of	of	ADP
easat-10590	24	13	the	the	DET
easat-10590	24	14	main	main	ADJ
easat-10590	24	15	financial	financial	ADJ
easat-10590	24	16	metrics	metric	NOUN
easat-10590	24	17	affected	affect	VERB
easat-10590	24	18	by	by	ADP
easat-10590	24	19	sustainability	sustainability	NOUN
easat-10590	24	20	.	.	PUNCT
easat-10590	25	1	wacc	wacc	PROPN
easat-10590	25	2	represents	represent	VERB
easat-10590	25	3	the	the	DET
easat-10590	25	4	average	average	ADJ
easat-10590	25	5	rate	rate	NOUN
easat-10590	25	6	a	a	DET
easat-10590	25	7	company	company	NOUN
easat-10590	25	8	pays	pay	VERB
easat-10590	25	9	for	for	ADP
easat-10590	25	10	its	its	PRON
easat-10590	25	11	capital	capital	NOUN
easat-10590	25	12	,	,	PUNCT
easat-10590	25	13	based	base	VERB
easat-10590	25	14	on	on	ADP
easat-10590	25	15	its	its	PRON
easat-10590	25	16	composition	composition	NOUN
easat-10590	25	17	of	of	ADP
easat-10590	25	18	debt	debt	NOUN
easat-10590	25	19	and	and	CCONJ
easat-10590	25	20	equity	equity	NOUN
easat-10590	25	21	.	.	PUNCT
easat-10590	26	1	in	in	ADP
easat-10590	26	2	the	the	DET
easat-10590	26	3	corporate	corporate	ADJ
easat-10590	26	4	finance	finance	NOUN
easat-10590	26	5	of	of	ADP
easat-10590	26	6	agricultural	agricultural	ADJ
easat-10590	26	7	enterprises	enterprise	NOUN
easat-10590	26	8	,	,	PUNCT
easat-10590	26	9	it	it	PRON
easat-10590	26	10	helps	help	VERB
easat-10590	26	11	guide	guide	VERB
easat-10590	26	12	investment	investment	NOUN
easat-10590	26	13	decisions	decision	NOUN
easat-10590	26	14	,	,	PUNCT
easat-10590	26	15	asset	asset	NOUN
easat-10590	26	16	evaluation	evaluation	NOUN
easat-10590	26	17	,	,	PUNCT
easat-10590	26	18	and	and	CCONJ
easat-10590	26	19	capital	capital	NOUN
easat-10590	26	20	allocation	allocation	NOUN
easat-10590	26	21	.	.	PUNCT
easat-10590	27	1	a	a	DET
easat-10590	27	2	lower	low	ADJ
easat-10590	27	3	wacc	wacc	PROPN
easat-10590	27	4	indicates	indicate	VERB
easat-10590	27	5	that	that	SCONJ
easat-10590	27	6	companies	company	NOUN
easat-10590	27	7	pay	pay	VERB
easat-10590	27	8	less	less	ADJ
easat-10590	27	9	for	for	ADP
easat-10590	27	10	capital	capital	NOUN
easat-10590	27	11	,	,	PUNCT
easat-10590	27	12	which	which	PRON
easat-10590	27	13	facilitates	facilitate	VERB
easat-10590	27	14	expansion	expansion	NOUN
easat-10590	27	15	,	,	PUNCT
easat-10590	27	16	improvement	improvement	NOUN
easat-10590	27	17	,	,	PUNCT
easat-10590	27	18	competitiveness	competitiveness	NOUN
easat-10590	27	19	,	,	PUNCT
easat-10590	27	20	and	and	CCONJ
easat-10590	27	21	increased	increase	VERB
easat-10590	27	22	success	success	NOUN
easat-10590	27	23	[	[	X
easat-10590	27	24	4	4	NUM
easat-10590	27	25	]	]	PUNCT
easat-10590	27	26	.	.	PUNCT
easat-10590	28	1	several	several	ADJ
easat-10590	28	2	theories	theory	NOUN
easat-10590	28	3	show	show	VERB
easat-10590	28	4	how	how	SCONJ
easat-10590	28	5	sustainability	sustainability	NOUN
easat-10590	28	6	practices	practice	NOUN
easat-10590	28	7	relate	relate	VERB
easat-10590	28	8	to	to	ADP
easat-10590	28	9	the	the	DET
easat-10590	28	10	cost	cost	NOUN
easat-10590	28	11	of	of	ADP
easat-10590	28	12	obtaining	obtain	VERB
easat-10590	28	13	capital	capital	NOUN
easat-10590	28	14	for	for	ADP
easat-10590	28	15	corporations	corporation	NOUN
easat-10590	28	16	in	in	ADP
easat-10590	28	17	agricultural	agricultural	ADJ
easat-10590	28	18	enterprises	enterprise	NOUN
easat-10590	28	19	.	.	PUNCT
easat-10590	29	1	because	because	SCONJ
easat-10590	29	2	esg	esg	PROPN
easat-10590	29	3	leaders	leader	NOUN
easat-10590	29	4	can	can	AUX
easat-10590	29	5	easily	easily	ADV
easat-10590	29	6	adapt	adapt	VERB
easat-10590	29	7	to	to	ADP
easat-10590	29	8	new	new	ADJ
easat-10590	29	9	regulations	regulation	NOUN
easat-10590	29	10	,	,	PUNCT
easat-10590	29	11	manage	manage	VERB
easat-10590	29	12	their	their	PRON
easat-10590	29	13	reputation	reputation	NOUN
easat-10590	29	14	,	,	PUNCT
easat-10590	29	15	and	and	CCONJ
easat-10590	29	16	handle	handle	VERB
easat-10590	29	17	stakeholder	stakeholder	NOUN
easat-10590	29	18	issues	issue	NOUN
easat-10590	29	19	,	,	PUNCT
easat-10590	29	20	they	they	PRON
easat-10590	29	21	are	be	AUX
easat-10590	29	22	generally	generally	ADV
easat-10590	29	23	considered	consider	VERB
easat-10590	29	24	to	to	PART
easat-10590	29	25	have	have	VERB
easat-10590	29	26	fewer	few	ADJ
easat-10590	29	27	operational	operational	ADJ
easat-10590	29	28	and	and	CCONJ
easat-10590	29	29	financial	financial	ADJ
easat-10590	29	30	risks	risk	NOUN
easat-10590	29	31	.	.	PUNCT
easat-10590	30	1	this	this	DET
easat-10590	30	2	risk	risk	NOUN
easat-10590	30	3	mitigation	mitigation	NOUN
easat-10590	30	4	reduces	reduce	VERB
easat-10590	30	5	the	the	DET
easat-10590	30	6	risk	risk	NOUN
easat-10590	30	7	premiums	premium	NOUN
easat-10590	30	8	demanded	demand	VERB
easat-10590	30	9	by	by	ADP
easat-10590	30	10	equity	equity	NOUN
easat-10590	30	11	and	and	CCONJ
easat-10590	30	12	debt	debt	NOUN
easat-10590	30	13	holders	holder	NOUN
easat-10590	30	14	.	.	PUNCT
easat-10590	31	1	second	second	ADJ
easat-10590	31	2	,	,	PUNCT
easat-10590	31	3	sustainable	sustainable	ADJ
easat-10590	31	4	firms	firm	NOUN
easat-10590	31	5	often	often	ADV
easat-10590	31	6	benefit	benefit	VERB
easat-10590	31	7	from	from	ADP
easat-10590	31	8	enhanced	enhanced	ADJ
easat-10590	31	9	access	access	NOUN
easat-10590	31	10	to	to	ADP
easat-10590	31	11	capital	capital	NOUN
easat-10590	31	12	markets	market	NOUN
easat-10590	31	13	,	,	PUNCT
easat-10590	31	14	including	include	VERB
easat-10590	31	15	green	green	ADJ
easat-10590	31	16	bonds	bond	NOUN
easat-10590	31	17	and	and	CCONJ
easat-10590	31	18	sustainability	sustainability	NOUN
easat-10590	31	19	-	-	PUNCT
easat-10590	31	20	linked	link	VERB
easat-10590	31	21	loans	loan	NOUN
easat-10590	31	22	,	,	PUNCT
easat-10590	31	23	which	which	PRON
easat-10590	31	24	provide	provide	VERB
easat-10590	31	25	cheaper	cheap	ADJ
easat-10590	31	26	funding	funding	NOUN
easat-10590	31	27	options	option	NOUN
easat-10590	31	28	.	.	PUNCT
easat-10590	32	1	third	third	ADJ
easat-10590	32	2	,	,	PUNCT
easat-10590	32	3	proactive	proactive	ADJ
easat-10590	32	4	sustainability	sustainability	NOUN
easat-10590	32	5	initiatives	initiative	NOUN
easat-10590	32	6	signal	signal	VERB
easat-10590	32	7	management	management	NOUN
easat-10590	32	8	quality	quality	NOUN
easat-10590	32	9	and	and	CCONJ
easat-10590	32	10	long	long	ADJ
easat-10590	32	11	-	-	PUNCT
easat-10590	32	12	term	term	NOUN
easat-10590	32	13	orientation	orientation	NOUN
easat-10590	32	14	,	,	PUNCT
easat-10590	32	15	thereby	thereby	ADV
easat-10590	32	16	increasing	increase	VERB
easat-10590	32	17	investor	investor	NOUN
easat-10590	32	18	confidence	confidence	NOUN
easat-10590	32	19	and	and	CCONJ
easat-10590	32	20	lowering	lower	VERB
easat-10590	32	21	the	the	DET
easat-10590	32	22	cost	cost	NOUN
easat-10590	32	23	of	of	ADP
easat-10590	32	24	equity	equity	NOUN
easat-10590	32	25	.	.	PUNCT
easat-10590	33	1	fourth	fourth	ADJ
easat-10590	33	2	,	,	PUNCT
easat-10590	33	3	regulatory	regulatory	ADJ
easat-10590	33	4	environments	environment	NOUN
easat-10590	33	5	in	in	ADP
easat-10590	33	6	many	many	ADJ
easat-10590	33	7	regions	region	NOUN
easat-10590	33	8	increasingly	increasingly	ADV
easat-10590	33	9	incentivize	incentivize	VERB
easat-10590	33	10	sustainable	sustainable	ADJ
easat-10590	33	11	practices	practice	NOUN
easat-10590	33	12	through	through	ADP
easat-10590	33	13	tax	tax	NOUN
easat-10590	33	14	benefits	benefit	NOUN
easat-10590	33	15	,	,	PUNCT
easat-10590	33	16	subsidies	subsidy	NOUN
easat-10590	33	17	,	,	PUNCT
easat-10590	33	18	or	or	CCONJ
easat-10590	33	19	penalties	penalty	NOUN
easat-10590	33	20	,	,	PUNCT
easat-10590	33	21	which	which	PRON
easat-10590	33	22	indirectly	indirectly	ADV
easat-10590	33	23	affect	affect	VERB
easat-10590	33	24	capital	capital	NOUN
easat-10590	33	25	costs	cost	NOUN
easat-10590	33	26	[	[	X
easat-10590	33	27	5	5	NUM
easat-10590	33	28	]	]	PUNCT
easat-10590	33	29	.	.	PUNCT
easat-10590	34	1	despite	despite	SCONJ
easat-10590	34	2	the	the	DET
easat-10590	34	3	growing	grow	VERB
easat-10590	34	4	body	body	NOUN
easat-10590	34	5	of	of	ADP
easat-10590	34	6	literature	literature	NOUN
easat-10590	34	7	on	on	ADP
easat-10590	34	8	esg	esg	PROPN
easat-10590	34	9	investing	investing	NOUN
easat-10590	34	10	and	and	CCONJ
easat-10590	34	11	sustainable	sustainable	ADJ
easat-10590	34	12	finance	finance	NOUN
easat-10590	34	13	,	,	PUNCT
easat-10590	34	14	the	the	DET
easat-10590	34	15	empirical	empirical	ADJ
easat-10590	34	16	relationship	relationship	NOUN
easat-10590	34	17	between	between	ADP
easat-10590	34	18	corporate	corporate	ADJ
easat-10590	34	19	sustainability	sustainability	NOUN
easat-10590	34	20	and	and	CCONJ
easat-10590	34	21	the	the	DET
easat-10590	34	22	cost	cost	NOUN
easat-10590	34	23	of	of	ADP
easat-10590	34	24	capital	capital	NOUN
easat-10590	34	25	remains	remain	VERB
easat-10590	34	26	a	a	DET
easat-10590	34	27	contested	contested	ADJ
easat-10590	34	28	domain	domain	NOUN
easat-10590	34	29	.	.	PUNCT
easat-10590	35	1	prior	prior	ADJ
easat-10590	35	2	studies	study	NOUN
easat-10590	35	3	have	have	AUX
easat-10590	35	4	reported	report	VERB
easat-10590	35	5	mixed	mixed	ADJ
easat-10590	35	6	results	result	NOUN
easat-10590	35	7	,	,	PUNCT
easat-10590	35	8	with	with	ADP
easat-10590	35	9	some	some	PRON
easat-10590	35	10	identifying	identify	VERB
easat-10590	35	11	a	a	DET
easat-10590	35	12	negative	negative	ADJ
easat-10590	35	13	relationship	relationship	NOUN
easat-10590	35	14	indicating	indicate	VERB
easat-10590	35	15	lower	low	ADJ
easat-10590	35	16	financing	financing	NOUN
easat-10590	35	17	costs	cost	NOUN
easat-10590	35	18	for	for	ADP
easat-10590	35	19	sustainable	sustainable	ADJ
easat-10590	35	20	firms	firm	NOUN
easat-10590	35	21	,	,	PUNCT
easat-10590	35	22	while	while	SCONJ
easat-10590	35	23	others	other	NOUN
easat-10590	35	24	find	find	VERB
easat-10590	35	25	insignificant	insignificant	ADJ
easat-10590	35	26	or	or	CCONJ
easat-10590	35	27	even	even	ADV
easat-10590	35	28	positive	positive	ADJ
easat-10590	35	29	associations	association	NOUN
easat-10590	35	30	.	.	PUNCT
easat-10590	36	1	such	such	ADJ
easat-10590	36	2	inconsistencies	inconsistency	NOUN
easat-10590	36	3	could	could	AUX
easat-10590	36	4	be	be	AUX
easat-10590	36	5	explained	explain	VERB
easat-10590	36	6	by	by	ADP
easat-10590	36	7	the	the	DET
easat-10590	36	8	different	different	ADJ
easat-10590	36	9	approaches	approach	NOUN
easat-10590	36	10	used	use	VERB
easat-10590	36	11	,	,	PUNCT
easat-10590	36	12	the	the	DET
easat-10590	36	13	properties	property	NOUN
easat-10590	36	14	of	of	ADP
easat-10590	36	15	the	the	DET
easat-10590	36	16	samples	sample	NOUN
easat-10590	36	17	,	,	PUNCT
easat-10590	36	18	the	the	DET
easat-10590	36	19	range	range	NOUN
easat-10590	36	20	of	of	ADP
easat-10590	36	21	industries	industry	NOUN
easat-10590	36	22	,	,	PUNCT
easat-10590	36	23	and	and	CCONJ
easat-10590	36	24	regional	regional	ADJ
easat-10590	36	25	settings	setting	NOUN
easat-10590	36	26	.	.	PUNCT
easat-10590	37	1	most	most	ADJ
easat-10590	37	2	of	of	ADP
easat-10590	37	3	the	the	DET
easat-10590	37	4	studies	study	NOUN
easat-10590	37	5	to	to	ADP
easat-10590	37	6	date	date	NOUN
easat-10590	37	7	have	have	AUX
easat-10590	37	8	been	be	AUX
easat-10590	37	9	conducted	conduct	VERB
easat-10590	37	10	on	on	ADP
easat-10590	37	11	mature	mature	ADJ
easat-10590	37	12	markets	market	NOUN
easat-10590	37	13	of	of	ADP
easat-10590	37	14	agricultural	agricultural	ADJ
easat-10590	37	15	enterprises	enterprise	NOUN
easat-10590	37	16	like	like	ADP
easat-10590	37	17	the	the	DET
easat-10590	37	18	united	united	PROPN
easat-10590	37	19	states	states	PROPN
easat-10590	37	20	and	and	CCONJ
easat-10590	37	21	europe	europe	PROPN
easat-10590	37	22	,	,	PUNCT
easat-10590	37	23	overlooking	overlook	VERB
easat-10590	37	24	emerging	emerge	VERB
easat-10590	37	25	economies	economy	NOUN
easat-10590	37	26	and	and	CCONJ
easat-10590	37	27	comparisons	comparison	NOUN
easat-10590	37	28	among	among	ADP
easat-10590	37	29	different	different	ADJ
easat-10590	37	30	regions	region	NOUN
easat-10590	37	31	[	[	X
easat-10590	37	32	6	6	NUM
easat-10590	37	33	]	]	PUNCT
easat-10590	37	34	.	.	PUNCT
easat-10590	38	1	since	since	SCONJ
easat-10590	38	2	the	the	DET
easat-10590	38	3	financial	financial	ADJ
easat-10590	38	4	markets	market	NOUN
easat-10590	38	5	of	of	ADP
easat-10590	38	6	agricultural	agricultural	ADJ
easat-10590	38	7	enterprises	enterprise	NOUN
easat-10590	38	8	differ	differ	VERB
easat-10590	38	9	in	in	ADP
easat-10590	38	10	different	different	ADJ
easat-10590	38	11	areas	area	NOUN
easat-10590	38	12	globally	globally	ADV
easat-10590	38	13	,	,	PUNCT
easat-10590	38	14	it	it	PRON
easat-10590	38	15	is	be	AUX
easat-10590	38	16	necessary	necessary	ADJ
easat-10590	38	17	to	to	PART
easat-10590	38	18	analyze	analyze	VERB
easat-10590	38	19	several	several	ADJ
easat-10590	38	20	markets	market	NOUN
easat-10590	38	21	to	to	PART
easat-10590	38	22	see	see	VERB
easat-10590	38	23	how	how	SCONJ
easat-10590	38	24	corporate	corporate	ADJ
easat-10590	38	25	sustainability	sustainability	NOUN
easat-10590	38	26	changes	change	VERB
easat-10590	38	27	the	the	DET
easat-10590	38	28	cost	cost	NOUN
easat-10590	38	29	of	of	ADP
easat-10590	38	30	capital	capital	NOUN
easat-10590	38	31	for	for	ADP
easat-10590	38	32	companies	company	NOUN
easat-10590	38	33	in	in	ADP
easat-10590	38	34	various	various	ADJ
easat-10590	38	35	countries	country	NOUN
easat-10590	38	36	.	.	PUNCT
easat-10590	39	1	because	because	SCONJ
easat-10590	39	2	developed	develop	VERB
easat-10590	39	3	markets	market	NOUN
easat-10590	39	4	have	have	VERB
easat-10590	39	5	strict	strict	ADJ
easat-10590	39	6	rules	rule	NOUN
easat-10590	39	7	,	,	PUNCT
easat-10590	39	8	active	active	ADJ
easat-10590	39	9	investors	investor	NOUN
easat-10590	39	10	,	,	PUNCT
easat-10590	39	11	and	and	CCONJ
easat-10590	39	12	clearer	clear	ADJ
easat-10590	39	13	disclosure	disclosure	NOUN
easat-10590	39	14	,	,	PUNCT
easat-10590	39	15	the	the	DET
easat-10590	39	16	role	role	NOUN
easat-10590	39	17	of	of	ADP
easat-10590	39	18	esg	esg	PROPN
easat-10590	39	19	factors	factor	NOUN
easat-10590	39	20	can	can	AUX
easat-10590	39	21	be	be	AUX
easat-10590	39	22	strengthened	strengthen	VERB
easat-10590	39	23	on	on	ADP
easat-10590	39	24	the	the	DET
easat-10590	39	25	cost	cost	NOUN
easat-10590	39	26	of	of	ADP
easat-10590	39	27	raising	raise	VERB
easat-10590	39	28	capital	capital	NOUN
easat-10590	39	29	.	.	PUNCT
easat-10590	40	1	however	however	ADV
easat-10590	40	2	,	,	PUNCT
easat-10590	40	3	the	the	DET
easat-10590	40	4	finance	finance	NOUN
easat-10590	40	5	and	and	CCONJ
easat-10590	40	6	enforcement	enforcement	NOUN
easat-10590	40	7	sectors	sector	NOUN
easat-10590	40	8	in	in	ADP
easat-10590	40	9	emerging	emerge	VERB
easat-10590	40	10	markets	market	NOUN
easat-10590	40	11	are	be	AUX
easat-10590	40	12	still	still	ADV
easat-10590	40	13	developing	develop	VERB
easat-10590	40	14	,	,	PUNCT
easat-10590	40	15	and	and	CCONJ
easat-10590	40	16	the	the	DET
easat-10590	40	17	priorities	priority	NOUN
easat-10590	40	18	of	of	ADP
easat-10590	40	19	these	these	DET
easat-10590	40	20	investors	investor	NOUN
easat-10590	40	21	also	also	ADV
easat-10590	40	22	play	play	VERB
easat-10590	40	23	a	a	DET
easat-10590	40	24	significant	significant	ADJ
easat-10590	40	25	role	role	NOUN
easat-10590	40	26	,	,	PUNCT
easat-10590	40	27	so	so	CCONJ
easat-10590	40	28	their	their	PRON
easat-10590	40	29	efforts	effort	NOUN
easat-10590	40	30	to	to	PART
easat-10590	40	31	be	be	AUX
easat-10590	40	32	sustainable	sustainable	ADJ
easat-10590	40	33	are	be	AUX
easat-10590	40	34	also	also	ADV
easat-10590	40	35	quite	quite	ADV
easat-10590	40	36	different	different	ADJ
easat-10590	40	37	in	in	ADP
easat-10590	40	38	comparison	comparison	NOUN
easat-10590	40	39	[	[	X
easat-10590	40	40	7	7	NUM
easat-10590	40	41	]	]	PUNCT
easat-10590	40	42	.	.	PUNCT
easat-10590	41	1	the	the	DET
easat-10590	41	2	research	research	NOUN
easat-10590	41	3	adds	add	VERB
easat-10590	41	4	to	to	ADP
easat-10590	41	5	the	the	DET
easat-10590	41	6	field	field	NOUN
easat-10590	41	7	by	by	ADP
easat-10590	41	8	empirically	empirically	ADV
easat-10590	41	9	investigating	investigate	VERB
easat-10590	41	10	how	how	SCONJ
easat-10590	41	11	sustainability	sustainability	NOUN
easat-10590	41	12	relates	relate	VERB
easat-10590	41	13	to	to	ADP
easat-10590	41	14	the	the	DET
easat-10590	41	15	cost	cost	NOUN
easat-10590	41	16	of	of	ADP
easat-10590	41	17	capital	capital	NOUN
easat-10590	41	18	of	of	ADP
easat-10590	41	19	agricultural	agricultural	ADJ
easat-10590	41	20	enterprises	enterprise	NOUN
easat-10590	41	21	in	in	ADP
easat-10590	41	22	major	major	ADJ
easat-10590	41	23	regions	region	NOUN
easat-10590	41	24	:	:	PUNCT
easat-10590	41	25	north	north	PROPN
easat-10590	41	26	america	america	PROPN
easat-10590	41	27	,	,	PUNCT
easat-10590	41	28	europe	europe	PROPN
easat-10590	41	29	,	,	PUNCT
easat-10590	41	30	and	and	CCONJ
easat-10590	41	31	asia	asia	PROPN
easat-10590	41	32	-	-	PUNCT
easat-10590	41	33	pacific	pacific	PROPN
easat-10590	41	34	.	.	PUNCT
easat-10590	42	1	with	with	ADP
easat-10590	42	2	a	a	DET
easat-10590	42	3	dataset	dataset	NOUN
easat-10590	42	4	including	include	VERB
easat-10590	42	5	over	over	ADP
easat-10590	42	6	1,200	1,200	NUM
easat-10590	42	7	firms	firm	NOUN
easat-10590	42	8	from	from	ADP
easat-10590	42	9	listed	list	VERB
easat-10590	42	10	companies	company	NOUN
easat-10590	42	11	between	between	ADP
easat-10590	42	12	2019	2019	NUM
easat-10590	42	13	and	and	CCONJ
easat-10590	42	14	2024	2024	NUM
easat-10590	42	15	,	,	PUNCT
easat-10590	42	16	the	the	DET
easat-10590	42	17	research	research	NOUN
easat-10590	42	18	incorporates	incorporate	VERB
easat-10590	42	19	sustainability	sustainability	NOUN
easat-10590	42	20	ratings	rating	NOUN
easat-10590	42	21	provided	provide	VERB
easat-10590	42	22	by	by	ADP
easat-10590	42	23	leading	lead	VERB
easat-10590	42	24	agencies	agency	NOUN
easat-10590	42	25	into	into	ADP
easat-10590	42	26	financial	financial	ADJ
easat-10590	42	27	data	datum	NOUN
easat-10590	42	28	to	to	PART
easat-10590	42	29	analyze	analyze	VERB
easat-10590	42	30	the	the	DET
easat-10590	42	31	effect	effect	NOUN
easat-10590	42	32	of	of	ADP
easat-10590	42	33	esg	esg	PROPN
easat-10590	42	34	performance	performance	NOUN
easat-10590	42	35	on	on	ADP
easat-10590	42	36	wacc	wacc	PROPN
easat-10590	42	37	of	of	ADP
easat-10590	42	38	agricultural	agricultural	ADJ
easat-10590	42	39	enterprises	enterprise	NOUN
easat-10590	42	40	.	.	PUNCT
easat-10590	43	1	applying	apply	VERB
easat-10590	43	2	fixed	fix	VERB
easat-10590	43	3	effects	effect	NOUN
easat-10590	43	4	and	and	CCONJ
easat-10590	43	5	instrumental	instrumental	ADJ
easat-10590	43	6	variables	variable	NOUN
easat-10590	43	7	,	,	PUNCT
easat-10590	43	8	the	the	DET
easat-10590	43	9	analysis	analysis	NOUN
easat-10590	43	10	removes	remove	VERB
easat-10590	43	11	bias	bias	NOUN
easat-10590	43	12	from	from	ADP
easat-10590	43	13	both	both	PRON
easat-10590	43	14	endogeneity	endogeneity	NOUN
easat-10590	43	15	and	and	CCONJ
easat-10590	43	16	omitted	omit	VERB
easat-10590	43	17	variables	variable	NOUN
easat-10590	43	18	.	.	PUNCT
easat-10590	44	1	the	the	DET
easat-10590	44	2	specific	specific	ADJ
easat-10590	44	3	objectives	objective	NOUN
easat-10590	44	4	of	of	ADP
easat-10590	44	5	this	this	DET
easat-10590	44	6	research	research	NOUN
easat-10590	44	7	are	be	AUX
easat-10590	44	8	threefold	threefold	ADV
easat-10590	44	9	:	:	PUNCT
easat-10590	44	10	(	(	PUNCT
easat-10590	44	11	1	1	X
easat-10590	44	12	)	)	PUNCT
easat-10590	44	13	to	to	PART
easat-10590	44	14	quantify	quantify	VERB
easat-10590	44	15	the	the	DET
easat-10590	44	16	overall	overall	ADJ
easat-10590	44	17	effect	effect	NOUN
easat-10590	44	18	of	of	ADP
easat-10590	44	19	esg	esg	PROPN
easat-10590	44	20	performance	performance	NOUN
easat-10590	44	21	on	on	ADP
easat-10590	44	22	the	the	DET
easat-10590	44	23	cost	cost	NOUN
easat-10590	44	24	of	of	ADP
easat-10590	44	25	capital	capital	NOUN
easat-10590	44	26	in	in	ADP
easat-10590	44	27	agricultural	agricultural	ADJ
easat-10590	44	28	enterprises	enterprise	NOUN
easat-10590	44	29	;	;	PUNCT
easat-10590	44	30	(	(	PUNCT
easat-10590	44	31	2	2	X
easat-10590	44	32	)	)	PUNCT
easat-10590	44	33	to	to	PART
easat-10590	44	34	explore	explore	VERB
easat-10590	44	35	regional	regional	ADJ
easat-10590	44	36	differences	difference	NOUN
easat-10590	44	37	in	in	ADP
easat-10590	44	38	this	this	DET
easat-10590	44	39	relationship	relationship	NOUN
easat-10590	44	40	across	across	ADP
easat-10590	44	41	developed	developed	ADJ
easat-10590	44	42	and	and	CCONJ
easat-10590	44	43	emerging	emerge	VERB
easat-10590	44	44	markets	market	NOUN
easat-10590	44	45	;	;	PUNCT
easat-10590	44	46	and	and	CCONJ
easat-10590	44	47	(	(	PUNCT
easat-10590	44	48	3	3	X
easat-10590	44	49	)	)	PUNCT
easat-10590	44	50	to	to	PART
easat-10590	44	51	identify	identify	VERB
easat-10590	44	52	which	which	DET
easat-10590	44	53	esg	esg	NOUN
easat-10590	44	54	dimensions	dimension	NOUN
easat-10590	44	55	(	(	PUNCT
easat-10590	44	56	environmental	environmental	ADJ
easat-10590	44	57	,	,	PUNCT
easat-10590	44	58	social	social	ADJ
easat-10590	44	59	,	,	PUNCT
easat-10590	44	60	or	or	CCONJ
easat-10590	44	61	governance	governance	NOUN
easat-10590	44	62	)	)	PUNCT
easat-10590	44	63	most	most	ADV
easat-10590	44	64	strongly	strongly	ADV
easat-10590	44	65	influence	influence	VERB
easat-10590	44	66	capital	capital	NOUN
easat-10590	44	67	costs	cost	NOUN
easat-10590	44	68	in	in	ADP
easat-10590	44	69	agricultural	agricultural	ADJ
easat-10590	44	70	enterprises	enterprise	NOUN
easat-10590	44	71	.	.	PUNCT
easat-10590	45	1	by	by	ADP
easat-10590	45	2	addressing	address	VERB
easat-10590	45	3	these	these	DET
easat-10590	45	4	questions	question	NOUN
easat-10590	45	5	,	,	PUNCT
easat-10590	45	6	the	the	DET
easat-10590	45	7	study	study	NOUN
easat-10590	45	8	provides	provide	VERB
easat-10590	45	9	nuanced	nuanced	ADJ
easat-10590	45	10	insights	insight	NOUN
easat-10590	45	11	into	into	ADP
easat-10590	45	12	how	how	SCONJ
easat-10590	45	13	sustainability	sustainability	NOUN
easat-10590	45	14	integration	integration	NOUN
easat-10590	45	15	shapes	shape	VERB
easat-10590	45	16	the	the	DET
easat-10590	45	17	financial	financial	ADJ
easat-10590	45	18	risk	risk	NOUN
easat-10590	45	19	and	and	CCONJ
easat-10590	45	20	cost	cost	NOUN
easat-10590	45	21	structures	structure	NOUN
easat-10590	45	22	of	of	ADP
easat-10590	45	23	agricultural	agricultural	ADJ
easat-10590	45	24	enterprises	enterprise	NOUN
easat-10590	45	25	globally	globally	ADV
easat-10590	45	26	.	.	PUNCT
easat-10590	46	1	the	the	DET
easat-10590	46	2	implications	implication	NOUN
easat-10590	46	3	of	of	ADP
easat-10590	46	4	this	this	DET
easat-10590	46	5	research	research	NOUN
easat-10590	46	6	are	be	AUX
easat-10590	46	7	significant	significant	ADJ
easat-10590	46	8	for	for	ADP
easat-10590	46	9	multiple	multiple	ADJ
easat-10590	46	10	stakeholders	stakeholder	NOUN
easat-10590	46	11	.	.	PUNCT
easat-10590	47	1	corporate	corporate	ADJ
easat-10590	47	2	executives	executive	NOUN
easat-10590	47	3	can	can	AUX
easat-10590	47	4	leverage	leverage	VERB
easat-10590	47	5	the	the	DET
easat-10590	47	6	findings	finding	NOUN
easat-10590	47	7	to	to	PART
easat-10590	47	8	justify	justify	VERB
easat-10590	47	9	investments	investment	NOUN
easat-10590	47	10	in	in	ADP
easat-10590	47	11	sustainability	sustainability	NOUN
easat-10590	47	12	initiatives	initiative	NOUN
easat-10590	47	13	by	by	ADP
easat-10590	47	14	highlighting	highlight	VERB
easat-10590	47	15	potential	potential	ADJ
easat-10590	47	16	financial	financial	ADJ
easat-10590	47	17	benefits	benefit	NOUN
easat-10590	47	18	in	in	ADP
easat-10590	47	19	terms	term	NOUN
easat-10590	47	20	of	of	ADP
easat-10590	47	21	reduced	reduced	ADJ
easat-10590	47	22	capital	capital	NOUN
easat-10590	47	23	costs	cost	NOUN
easat-10590	47	24	of	of	ADP
easat-10590	47	25	agricultural	agricultural	ADJ
easat-10590	47	26	enterprises	enterprise	NOUN
easat-10590	47	27	.	.	PUNCT
easat-10590	48	1	financial	financial	ADJ
easat-10590	48	2	institutions	institution	NOUN
easat-10590	48	3	and	and	CCONJ
easat-10590	48	4	investors	investor	NOUN
easat-10590	48	5	use	use	VERB
easat-10590	48	6	actual	actual	ADJ
easat-10590	48	7	data	datum	NOUN
easat-10590	48	8	to	to	PART
easat-10590	48	9	correct	correct	VERB
easat-10590	48	10	their	their	PRON
easat-10590	48	11	models	model	NOUN
easat-10590	48	12	and	and	CCONJ
easat-10590	48	13	better	well	ADJ
easat-10590	48	14	monitor	monitor	VERB
easat-10590	48	15	risks	risk	NOUN
easat-10590	48	16	when	when	SCONJ
easat-10590	48	17	using	use	VERB
easat-10590	48	18	esg	esg	NOUN
easat-10590	48	19	factors	factor	NOUN
easat-10590	48	20	.	.	PUNCT
easat-10590	49	1	the	the	DET
easat-10590	49	2	1023	1023	NUM
easat-10590	49	3	edelweiss	edelweiss	PROPN
easat-10590	49	4	applied	apply	VERB
easat-10590	49	5	science	science	NOUN
easat-10590	49	6	and	and	CCONJ
easat-10590	49	7	technology	technology	NOUN
easat-10590	49	8	issn	issn	PROPN
easat-10590	49	9	:	:	PUNCT
easat-10590	49	10	2576	2576	NUM
easat-10590	49	11	-	-	SYM
easat-10590	49	12	8484	8484	NUM
easat-10590	49	13	vol	vol	NOUN
easat-10590	49	14	.	.	PROPN
easat-10590	50	1	9	9	NUM
easat-10590	50	2	,	,	PUNCT
easat-10590	50	3	no	no	INTJ
easat-10590	50	4	.	.	NOUN
easat-10590	50	5	10	10	NUM
easat-10590	50	6	:	:	PUNCT
easat-10590	50	7	1021	1021	NUM
easat-10590	50	8	-	-	SYM
easat-10590	50	9	1041	1041	NUM
easat-10590	50	10	,	,	PUNCT
easat-10590	50	11	2025	2025	NUM
easat-10590	50	12	doi	doi	NOUN
easat-10590	50	13	:	:	PUNCT
easat-10590	50	14	10.55214/2576	10.55214/2576	NUM
easat-10590	50	15	-	-	SYM
easat-10590	50	16	8484.v9i10.10590	8484.v9i10.10590	NUM
easat-10590	50	17	©	©	ADP
easat-10590	50	18	2025	2025	NUM
easat-10590	50	19	by	by	ADP
easat-10590	50	20	the	the	DET
easat-10590	50	21	author	author	NOUN
easat-10590	50	22	;	;	PUNCT
easat-10590	50	23	licensee	licensee	PROPN
easat-10590	50	24	learning	learn	VERB
easat-10590	50	25	gate	gate	NOUN
easat-10590	50	26	findings	finding	NOUN
easat-10590	50	27	can	can	AUX
easat-10590	50	28	help	help	VERB
easat-10590	50	29	policymakers	policymaker	NOUN
easat-10590	50	30	and	and	CCONJ
easat-10590	50	31	regulators	regulator	NOUN
easat-10590	50	32	establish	establish	VERB
easat-10590	50	33	rules	rule	NOUN
easat-10590	50	34	that	that	PRON
easat-10590	50	35	assist	assist	VERB
easat-10590	50	36	corporate	corporate	ADJ
easat-10590	50	37	sustainability	sustainability	NOUN
easat-10590	50	38	and	and	CCONJ
easat-10590	50	39	earn	earn	VERB
easat-10590	50	40	positive	positive	ADJ
easat-10590	50	41	results	result	NOUN
easat-10590	50	42	from	from	ADP
easat-10590	50	43	capital	capital	NOUN
easat-10590	50	44	use	use	NOUN
easat-10590	50	45	.	.	PUNCT
easat-10590	51	1	1.1	1.1	NUM
easat-10590	51	2	.	.	PUNCT
easat-10590	52	1	background	background	NOUN
easat-10590	52	2	1.1.1	1.1.1	NUM
easat-10590	52	3	.	.	PUNCT
easat-10590	53	1	emergence	emergence	NOUN
easat-10590	53	2	of	of	ADP
easat-10590	53	3	corporate	corporate	ADJ
easat-10590	53	4	sustainability	sustainability	NOUN
easat-10590	53	5	of	of	ADP
easat-10590	53	6	agricultural	agricultural	ADJ
easat-10590	53	7	enterprises	enterprise	NOUN
easat-10590	53	8	in	in	ADP
easat-10590	53	9	global	global	ADJ
easat-10590	53	10	business	business	NOUN
easat-10590	53	11	corporate	corporate	ADJ
easat-10590	53	12	sustainability	sustainability	NOUN
easat-10590	53	13	has	have	AUX
easat-10590	53	14	gradually	gradually	ADV
easat-10590	53	15	developed	develop	VERB
easat-10590	53	16	from	from	ADP
easat-10590	53	17	an	an	DET
easat-10590	53	18	unusual	unusual	ADJ
easat-10590	53	19	concern	concern	NOUN
easat-10590	53	20	into	into	ADP
easat-10590	53	21	a	a	DET
easat-10590	53	22	central	central	ADJ
easat-10590	53	23	business	business	NOUN
easat-10590	53	24	issue	issue	NOUN
easat-10590	53	25	for	for	ADP
easat-10590	53	26	companies	company	NOUN
easat-10590	53	27	worldwide	worldwide	ADV
easat-10590	53	28	.	.	PUNCT
easat-10590	54	1	society	society	NOUN
easat-10590	54	2	’s	’s	PART
easat-10590	54	3	increased	increase	VERB
easat-10590	54	4	awareness	awareness	NOUN
easat-10590	54	5	of	of	ADP
easat-10590	54	6	environmental	environmental	ADJ
easat-10590	54	7	issues	issue	NOUN
easat-10590	54	8	,	,	PUNCT
easat-10590	54	9	unequal	unequal	ADJ
easat-10590	54	10	treatment	treatment	NOUN
easat-10590	54	11	of	of	ADP
easat-10590	54	12	people	people	NOUN
easat-10590	54	13	,	,	PUNCT
easat-10590	54	14	and	and	CCONJ
easat-10590	54	15	government	government	NOUN
easat-10590	54	16	problems	problem	NOUN
easat-10590	54	17	have	have	AUX
easat-10590	54	18	led	lead	VERB
easat-10590	54	19	to	to	ADP
easat-10590	54	20	higher	high	ADJ
easat-10590	54	21	expectations	expectation	NOUN
easat-10590	54	22	from	from	ADP
easat-10590	54	23	organizations	organization	NOUN
easat-10590	54	24	.	.	PUNCT
easat-10590	55	1	more	more	ADJ
easat-10590	55	2	and	and	CCONJ
easat-10590	55	3	more	more	ADV
easat-10590	55	4	,	,	PUNCT
easat-10590	55	5	companies	company	NOUN
easat-10590	55	6	are	be	AUX
easat-10590	55	7	expected	expect	VERB
easat-10590	55	8	to	to	PART
easat-10590	55	9	focus	focus	VERB
easat-10590	55	10	on	on	ADP
easat-10590	55	11	profit	profit	NOUN
easat-10590	55	12	while	while	SCONJ
easat-10590	55	13	also	also	ADV
easat-10590	55	14	demonstrating	demonstrate	VERB
easat-10590	55	15	concern	concern	NOUN
easat-10590	55	16	for	for	ADP
easat-10590	55	17	the	the	DET
easat-10590	55	18	environment	environment	NOUN
easat-10590	55	19	and	and	CCONJ
easat-10590	55	20	the	the	DET
easat-10590	55	21	communities	community	NOUN
easat-10590	55	22	near	near	ADP
easat-10590	55	23	their	their	PRON
easat-10590	55	24	facilities	facility	NOUN
easat-10590	55	25	.	.	PUNCT
easat-10590	56	1	the	the	DET
easat-10590	56	2	move	move	NOUN
easat-10590	56	3	toward	toward	ADP
easat-10590	56	4	sustainability	sustainability	NOUN
easat-10590	56	5	has	have	AUX
easat-10590	56	6	been	be	AUX
easat-10590	56	7	advanced	advance	VERB
easat-10590	56	8	by	by	ADP
easat-10590	56	9	the	the	DET
easat-10590	56	10	adoption	adoption	NOUN
easat-10590	56	11	of	of	ADP
easat-10590	56	12	the	the	DET
easat-10590	56	13	sdgs	sdgs	NOUN
easat-10590	56	14	,	,	PUNCT
easat-10590	56	15	the	the	DET
easat-10590	56	16	paris	paris	PROPN
easat-10590	56	17	agreement	agreement	NOUN
easat-10590	56	18	,	,	PUNCT
easat-10590	56	19	and	and	CCONJ
easat-10590	56	20	many	many	ADJ
easat-10590	56	21	national	national	ADJ
easat-10590	56	22	policies	policy	NOUN
easat-10590	56	23	.	.	PUNCT
easat-10590	57	1	as	as	ADP
easat-10590	57	2	a	a	DET
easat-10590	57	3	result	result	NOUN
easat-10590	57	4	,	,	PUNCT
easat-10590	57	5	agriculture	agriculture	NOUN
easat-10590	57	6	companies	company	NOUN
easat-10590	57	7	are	be	AUX
easat-10590	57	8	now	now	ADV
easat-10590	57	9	integrating	integrate	VERB
easat-10590	57	10	environmental	environmental	ADJ
easat-10590	57	11	aspects	aspect	NOUN
easat-10590	57	12	,	,	PUNCT
easat-10590	57	13	fairness	fairness	NOUN
easat-10590	57	14	to	to	ADP
easat-10590	57	15	all	all	PRON
easat-10590	57	16	,	,	PUNCT
easat-10590	57	17	and	and	CCONJ
easat-10590	57	18	good	good	ADJ
easat-10590	57	19	governance	governance	NOUN
easat-10590	57	20	into	into	ADP
easat-10590	57	21	their	their	PRON
easat-10590	57	22	business	business	NOUN
easat-10590	57	23	approach	approach	NOUN
easat-10590	57	24	,	,	PUNCT
easat-10590	57	25	aiming	aim	VERB
easat-10590	57	26	to	to	PART
easat-10590	57	27	deliver	deliver	VERB
easat-10590	57	28	long	long	ADJ
easat-10590	57	29	-	-	PUNCT
easat-10590	57	30	term	term	NOUN
easat-10590	57	31	benefits	benefit	NOUN
easat-10590	57	32	to	to	ADP
easat-10590	57	33	their	their	PRON
easat-10590	57	34	shareholders	shareholder	NOUN
easat-10590	57	35	as	as	ADV
easat-10590	57	36	well	well	ADV
easat-10590	57	37	as	as	ADP
easat-10590	57	38	society	society	NOUN
easat-10590	57	39	[	[	X
easat-10590	57	40	8	8	NUM
easat-10590	57	41	]	]	SYM
easat-10590	57	42	.	.	PUNCT
easat-10590	58	1	1.1.2	1.1.2	X
easat-10590	58	2	.	.	PUNCT
easat-10590	58	3	defining	define	VERB
easat-10590	58	4	corporate	corporate	ADJ
easat-10590	58	5	sustainability	sustainability	NOUN
easat-10590	58	6	:	:	PUNCT
easat-10590	58	7	the	the	DET
easat-10590	58	8	esg	esg	PROPN
easat-10590	58	9	paradigm	paradigm	NOUN
easat-10590	58	10	most	most	ADV
easat-10590	58	11	often	often	ADV
easat-10590	58	12	,	,	PUNCT
easat-10590	58	13	corporate	corporate	ADJ
easat-10590	58	14	sustainability	sustainability	NOUN
easat-10590	58	15	is	be	AUX
easat-10590	58	16	implemented	implement	VERB
easat-10590	58	17	using	use	VERB
easat-10590	58	18	environmental	environmental	ADJ
easat-10590	58	19	,	,	PUNCT
easat-10590	58	20	social	social	ADJ
easat-10590	58	21	,	,	PUNCT
easat-10590	58	22	and	and	CCONJ
easat-10590	58	23	governance	governance	NOUN
easat-10590	58	24	(	(	PUNCT
easat-10590	58	25	esg	esg	NOUN
easat-10590	58	26	)	)	PUNCT
easat-10590	58	27	criteria	criterion	NOUN
easat-10590	58	28	.	.	PUNCT
easat-10590	59	1	they	they	PRON
easat-10590	59	2	create	create	VERB
easat-10590	59	3	a	a	DET
easat-10590	59	4	comprehensive	comprehensive	ADJ
easat-10590	59	5	framework	framework	NOUN
easat-10590	59	6	for	for	ADP
easat-10590	59	7	measuring	measure	VERB
easat-10590	59	8	a	a	DET
easat-10590	59	9	firm	firm	NOUN
easat-10590	59	10	’s	’s	PART
easat-10590	59	11	sustainability	sustainability	NOUN
easat-10590	59	12	.	.	PUNCT
easat-10590	60	1	environmental	environmental	ADJ
easat-10590	60	2	(	(	PUNCT
easat-10590	60	3	e	e	NOUN
easat-10590	60	4	):	):	PUNCT
easat-10590	60	5	in	in	ADP
easat-10590	60	6	this	this	DET
easat-10590	60	7	dimension	dimension	NOUN
easat-10590	60	8	,	,	PUNCT
easat-10590	60	9	companies	company	NOUN
easat-10590	60	10	are	be	AUX
easat-10590	60	11	examined	examine	VERB
easat-10590	60	12	for	for	ADP
easat-10590	60	13	their	their	PRON
easat-10590	60	14	effects	effect	NOUN
easat-10590	60	15	on	on	ADP
easat-10590	60	16	natural	natural	ADJ
easat-10590	60	17	resources	resource	NOUN
easat-10590	60	18	,	,	PUNCT
easat-10590	60	19	carbon	carbon	NOUN
easat-10590	60	20	emissions	emission	NOUN
easat-10590	60	21	,	,	PUNCT
easat-10590	60	22	waste	waste	NOUN
easat-10590	60	23	control	control	NOUN
easat-10590	60	24	,	,	PUNCT
easat-10590	60	25	air	air	NOUN
easat-10590	60	26	and	and	CCONJ
easat-10590	60	27	water	water	NOUN
easat-10590	60	28	pollution	pollution	NOUN
easat-10590	60	29	,	,	PUNCT
easat-10590	60	30	and	and	CCONJ
easat-10590	60	31	their	their	PRON
easat-10590	60	32	efforts	effort	NOUN
easat-10590	60	33	to	to	PART
easat-10590	60	34	reduce	reduce	VERB
easat-10590	60	35	climate	climate	NOUN
easat-10590	60	36	change	change	NOUN
easat-10590	60	37	.	.	PUNCT
easat-10590	61	1	it	it	PRON
easat-10590	61	2	reveals	reveal	VERB
easat-10590	61	3	how	how	SCONJ
easat-10590	61	4	organizations	organization	NOUN
easat-10590	61	5	handle	handle	VERB
easat-10590	61	6	their	their	PRON
easat-10590	61	7	use	use	NOUN
easat-10590	61	8	of	of	ADP
easat-10590	61	9	natural	natural	ADJ
easat-10590	61	10	resources	resource	NOUN
easat-10590	61	11	and	and	CCONJ
easat-10590	61	12	follow	follow	VERB
easat-10590	61	13	environmental	environmental	ADJ
easat-10590	61	14	regulations	regulation	NOUN
easat-10590	61	15	.	.	PUNCT
easat-10590	62	1	social	social	ADJ
easat-10590	62	2	(	(	PUNCT
easat-10590	62	3	s	s	X
easat-10590	62	4	):	):	PUNCT
easat-10590	62	5	the	the	DET
easat-10590	62	6	social	social	ADJ
easat-10590	62	7	aspect	aspect	NOUN
easat-10590	62	8	examines	examine	VERB
easat-10590	62	9	how	how	SCONJ
easat-10590	62	10	a	a	DET
easat-10590	62	11	company	company	NOUN
easat-10590	62	12	interacts	interact	VERB
easat-10590	62	13	with	with	ADP
easat-10590	62	14	its	its	PRON
easat-10590	62	15	employees	employee	NOUN
easat-10590	62	16	,	,	PUNCT
easat-10590	62	17	customers	customer	NOUN
easat-10590	62	18	,	,	PUNCT
easat-10590	62	19	suppliers	supplier	NOUN
easat-10590	62	20	,	,	PUNCT
easat-10590	62	21	and	and	CCONJ
easat-10590	62	22	the	the	DET
easat-10590	62	23	community	community	NOUN
easat-10590	62	24	.	.	PUNCT
easat-10590	63	1	important	important	ADJ
easat-10590	63	2	topics	topic	NOUN
easat-10590	63	3	include	include	VERB
easat-10590	63	4	labor	labor	NOUN
easat-10590	63	5	practices	practice	NOUN
easat-10590	63	6	,	,	PUNCT
easat-10590	63	7	diversity	diversity	NOUN
easat-10590	63	8	and	and	CCONJ
easat-10590	63	9	inclusion	inclusion	NOUN
easat-10590	63	10	,	,	PUNCT
easat-10590	63	11	human	human	ADJ
easat-10590	63	12	rights	right	NOUN
easat-10590	63	13	,	,	PUNCT
easat-10590	63	14	community	community	NOUN
easat-10590	63	15	outreach	outreach	NOUN
easat-10590	63	16	,	,	PUNCT
easat-10590	63	17	and	and	CCONJ
easat-10590	63	18	product	product	NOUN
easat-10590	63	19	safety	safety	NOUN
easat-10590	63	20	.	.	PUNCT
easat-10590	64	1	governance	governance	NOUN
easat-10590	64	2	(	(	PUNCT
easat-10590	64	3	g	g	NOUN
easat-10590	64	4	):	):	PUNCT
easat-10590	64	5	it	it	PRON
easat-10590	64	6	focuses	focus	VERB
easat-10590	64	7	on	on	ADP
easat-10590	64	8	issues	issue	NOUN
easat-10590	64	9	such	such	ADJ
easat-10590	64	10	as	as	ADP
easat-10590	64	11	the	the	DET
easat-10590	64	12	structure	structure	NOUN
easat-10590	64	13	and	and	CCONJ
easat-10590	64	14	skills	skill	NOUN
easat-10590	64	15	of	of	ADP
easat-10590	64	16	corporate	corporate	ADJ
easat-10590	64	17	leadership	leadership	NOUN
easat-10590	64	18	,	,	PUNCT
easat-10590	64	19	transparency	transparency	NOUN
easat-10590	64	20	,	,	PUNCT
easat-10590	64	21	the	the	DET
easat-10590	64	22	diversity	diversity	NOUN
easat-10590	64	23	of	of	ADP
easat-10590	64	24	people	people	NOUN
easat-10590	64	25	on	on	ADP
easat-10590	64	26	boards	board	NOUN
easat-10590	64	27	,	,	PUNCT
easat-10590	64	28	how	how	SCONJ
easat-10590	64	29	much	much	ADJ
easat-10590	64	30	influence	influence	NOUN
easat-10590	64	31	shareholders	shareholder	NOUN
easat-10590	64	32	have	have	VERB
easat-10590	64	33	,	,	PUNCT
easat-10590	64	34	and	and	CCONJ
easat-10590	64	35	ethical	ethical	ADJ
easat-10590	64	36	business	business	NOUN
easat-10590	64	37	actions	action	NOUN
easat-10590	64	38	.	.	PUNCT
easat-10590	65	1	when	when	SCONJ
easat-10590	65	2	governance	governance	NOUN
easat-10590	65	3	is	be	AUX
easat-10590	65	4	done	do	VERB
easat-10590	65	5	well	well	ADV
easat-10590	65	6	,	,	PUNCT
easat-10590	65	7	organizations	organization	NOUN
easat-10590	65	8	manage	manage	VERB
easat-10590	65	9	risks	risk	NOUN
easat-10590	65	10	and	and	CCONJ
easat-10590	65	11	make	make	VERB
easat-10590	65	12	better	well	ADJ
easat-10590	65	13	decisions	decision	NOUN
easat-10590	65	14	more	more	ADV
easat-10590	65	15	effectively	effectively	ADV
easat-10590	65	16	[	[	X
easat-10590	65	17	9	9	NUM
easat-10590	65	18	]	]	PUNCT
easat-10590	65	19	.	.	PUNCT
easat-10590	66	1	the	the	DET
easat-10590	66	2	framework	framework	NOUN
easat-10590	66	3	’s	’s	PART
easat-10590	66	4	recognition	recognition	NOUN
easat-10590	66	5	stems	stem	VERB
easat-10590	66	6	from	from	ADP
easat-10590	66	7	its	its	PRON
easat-10590	66	8	ability	ability	NOUN
easat-10590	66	9	to	to	PART
easat-10590	66	10	measure	measure	VERB
easat-10590	66	11	sustainability	sustainability	NOUN
easat-10590	66	12	ideas	idea	NOUN
easat-10590	66	13	and	and	CCONJ
easat-10590	66	14	convert	convert	VERB
easat-10590	66	15	them	they	PRON
easat-10590	66	16	into	into	ADP
easat-10590	66	17	actions	action	NOUN
easat-10590	66	18	that	that	SCONJ
easat-10590	66	19	investors	investor	NOUN
easat-10590	66	20	can	can	AUX
easat-10590	66	21	review	review	VERB
easat-10590	66	22	and	and	CCONJ
easat-10590	66	23	that	that	SCONJ
easat-10590	66	24	companies	company	NOUN
easat-10590	66	25	can	can	AUX
easat-10590	66	26	report	report	VERB
easat-10590	66	27	.	.	PUNCT
easat-10590	67	1	1.1.3	1.1.3	X
easat-10590	67	2	.	.	PUNCT
easat-10590	68	1	the	the	DET
easat-10590	68	2	rise	rise	NOUN
easat-10590	68	3	of	of	ADP
easat-10590	68	4	sustainable	sustainable	ADJ
easat-10590	68	5	finance	finance	NOUN
easat-10590	68	6	of	of	ADP
easat-10590	68	7	agricultural	agricultural	ADJ
easat-10590	68	8	enterprises	enterprise	NOUN
easat-10590	68	9	and	and	CCONJ
easat-10590	68	10	its	its	PRON
easat-10590	68	11	market	market	NOUN
easat-10590	68	12	impact	impact	NOUN
easat-10590	68	13	since	since	SCONJ
easat-10590	68	14	esg	esg	PROPN
easat-10590	68	15	factors	factor	NOUN
easat-10590	68	16	are	be	AUX
easat-10590	68	17	being	be	AUX
easat-10590	68	18	used	use	VERB
easat-10590	68	19	more	more	ADJ
easat-10590	68	20	in	in	ADP
easat-10590	68	21	investments	investment	NOUN
easat-10590	68	22	,	,	PUNCT
easat-10590	68	23	sustainable	sustainable	ADJ
easat-10590	68	24	finance	finance	NOUN
easat-10590	68	25	plays	play	VERB
easat-10590	68	26	an	an	DET
easat-10590	68	27	important	important	ADJ
easat-10590	68	28	role	role	NOUN
easat-10590	68	29	in	in	ADP
easat-10590	68	30	the	the	DET
easat-10590	68	31	global	global	ADJ
easat-10590	68	32	capital	capital	NOUN
easat-10590	68	33	markets	market	NOUN
easat-10590	68	34	of	of	ADP
easat-10590	68	35	agricultural	agricultural	ADJ
easat-10590	68	36	enterprises	enterprise	NOUN
easat-10590	68	37	.	.	PUNCT
easat-10590	69	1	investors	investor	NOUN
easat-10590	69	2	today	today	NOUN
easat-10590	69	3	admit	admit	VERB
easat-10590	69	4	that	that	SCONJ
easat-10590	69	5	sustainability	sustainability	NOUN
easat-10590	69	6	risks	risk	NOUN
easat-10590	69	7	,	,	PUNCT
easat-10590	69	8	which	which	PRON
easat-10590	69	9	include	include	VERB
easat-10590	69	10	climate	climate	NOUN
easat-10590	69	11	change	change	NOUN
easat-10590	69	12	and	and	CCONJ
easat-10590	69	13	social	social	ADJ
easat-10590	69	14	disputes	dispute	NOUN
easat-10590	69	15	,	,	PUNCT
easat-10590	69	16	can	can	AUX
easat-10590	69	17	actually	actually	ADV
easat-10590	69	18	damage	damage	VERB
easat-10590	69	19	a	a	DET
easat-10590	69	20	company	company	NOUN
easat-10590	69	21	’s	’s	PART
easat-10590	69	22	earnings	earning	NOUN
easat-10590	69	23	and	and	CCONJ
easat-10590	69	24	overall	overall	ADJ
easat-10590	69	25	value	value	NOUN
easat-10590	69	26	.	.	PUNCT
easat-10590	70	1	according	accord	VERB
easat-10590	70	2	to	to	ADP
easat-10590	70	3	gsia	gsia	PROPN
easat-10590	70	4	,	,	PUNCT
easat-10590	70	5	more	more	ADJ
easat-10590	70	6	money	money	NOUN
easat-10590	70	7	than	than	ADP
easat-10590	70	8	ever	ever	ADV
easat-10590	70	9	was	be	AUX
easat-10590	70	10	invested	invest	VERB
easat-10590	70	11	sustainably	sustainably	ADV
easat-10590	70	12	worldwide	worldwide	ADV
easat-10590	70	13	,	,	PUNCT
easat-10590	70	14	with	with	ADP
easat-10590	70	15	over	over	ADP
easat-10590	70	16	onethird	onethird	PROPN
easat-10590	70	17	of	of	ADP
easat-10590	70	18	all	all	DET
easat-10590	70	19	professionally	professionally	ADV
easat-10590	70	20	managed	manage	VERB
easat-10590	70	21	assets	asset	NOUN
easat-10590	70	22	being	be	AUX
easat-10590	70	23	guided	guide	VERB
easat-10590	70	24	by	by	ADP
easat-10590	70	25	sustainability	sustainability	NOUN
easat-10590	70	26	in	in	ADP
easat-10590	70	27	2022	2022	NUM
easat-10590	70	28	.	.	PUNCT
easat-10590	71	1	various	various	ADJ
easat-10590	71	2	green	green	ADJ
easat-10590	71	3	bonds	bond	NOUN
easat-10590	71	4	,	,	PUNCT
easat-10590	71	5	loans	loan	NOUN
easat-10590	71	6	linked	link	VERB
easat-10590	71	7	to	to	ADP
easat-10590	71	8	sustainability	sustainability	NOUN
easat-10590	71	9	goals	goal	NOUN
easat-10590	71	10	,	,	PUNCT
easat-10590	71	11	and	and	CCONJ
easat-10590	71	12	mutual	mutual	ADJ
easat-10590	71	13	funds	fund	NOUN
easat-10590	71	14	and	and	CCONJ
easat-10590	71	15	etfs	etfs	NOUN
easat-10590	71	16	with	with	ADP
easat-10590	71	17	an	an	DET
easat-10590	71	18	esg	esg	NOUN
easat-10590	71	19	approach	approach	NOUN
easat-10590	71	20	have	have	AUX
easat-10590	71	21	appeared	appear	VERB
easat-10590	71	22	,	,	PUNCT
easat-10590	71	23	giving	give	VERB
easat-10590	71	24	both	both	PRON
easat-10590	71	25	agriculture	agriculture	NOUN
easat-10590	71	26	companies	company	NOUN
easat-10590	71	27	and	and	CCONJ
easat-10590	71	28	investors	investor	NOUN
easat-10590	71	29	ways	way	NOUN
easat-10590	71	30	to	to	PART
easat-10590	71	31	achieve	achieve	VERB
easat-10590	71	32	their	their	PRON
easat-10590	71	33	financial	financial	ADJ
easat-10590	71	34	and	and	CCONJ
easat-10590	71	35	sustainability	sustainability	NOUN
easat-10590	71	36	objectives	objective	NOUN
easat-10590	71	37	.	.	PUNCT
easat-10590	72	1	consequently	consequently	ADV
easat-10590	72	2	,	,	PUNCT
easat-10590	72	3	markets	market	NOUN
easat-10590	72	4	are	be	AUX
easat-10590	72	5	now	now	ADV
easat-10590	72	6	pressuring	pressure	VERB
easat-10590	72	7	companies	company	NOUN
easat-10590	72	8	to	to	PART
easat-10590	72	9	report	report	VERB
easat-10590	72	10	on	on	ADP
easat-10590	72	11	esg	esg	PROPN
easat-10590	72	12	issues	issue	NOUN
easat-10590	72	13	clearly	clearly	ADV
easat-10590	72	14	and	and	CCONJ
easat-10590	72	15	publicly	publicly	ADV
easat-10590	72	16	,	,	PUNCT
easat-10590	72	17	and	and	CCONJ
easat-10590	72	18	more	more	ADJ
easat-10590	72	19	individuals	individual	NOUN
easat-10590	72	20	are	be	AUX
easat-10590	72	21	analyzing	analyze	VERB
easat-10590	72	22	firms	firm	NOUN
easat-10590	72	23	’	'	PUNCT
easat-10590	72	24	environmental	environmental	ADJ
easat-10590	72	25	impact	impact	NOUN
easat-10590	72	26	[	[	X
easat-10590	72	27	10	10	NUM
easat-10590	72	28	]	]	PUNCT
easat-10590	72	29	.	.	PUNCT
easat-10590	73	1	1.1.4	1.1.4	NUM
easat-10590	73	2	.	.	PUNCT
easat-10590	74	1	the	the	DET
easat-10590	74	2	cost	cost	NOUN
easat-10590	74	3	of	of	ADP
easat-10590	74	4	capital	capital	NOUN
easat-10590	74	5	:	:	PUNCT
easat-10590	74	6	a	a	DET
easat-10590	74	7	critical	critical	ADJ
easat-10590	74	8	financial	financial	ADJ
easat-10590	74	9	metric	metric	NOUN
easat-10590	74	10	in	in	ADP
easat-10590	74	11	corporate	corporate	ADJ
easat-10590	74	12	finance	finance	NOUN
easat-10590	74	13	,	,	PUNCT
easat-10590	74	14	the	the	DET
easat-10590	74	15	cost	cost	NOUN
easat-10590	74	16	of	of	ADP
easat-10590	74	17	capital	capital	NOUN
easat-10590	74	18	refers	refer	VERB
easat-10590	74	19	to	to	ADP
easat-10590	74	20	what	what	PRON
easat-10590	74	21	investors	investor	NOUN
easat-10590	74	22	in	in	ADP
easat-10590	74	23	debt	debt	NOUN
easat-10590	74	24	and	and	CCONJ
easat-10590	74	25	equity	equity	NOUN
easat-10590	74	26	need	need	VERB
easat-10590	74	27	to	to	PART
easat-10590	74	28	be	be	AUX
easat-10590	74	29	paid	pay	VERB
easat-10590	74	30	to	to	PART
easat-10590	74	31	compensate	compensate	VERB
easat-10590	74	32	for	for	ADP
easat-10590	74	33	the	the	DET
easat-10590	74	34	risks	risk	NOUN
easat-10590	74	35	they	they	PRON
easat-10590	74	36	undertake	undertake	VERB
easat-10590	74	37	when	when	SCONJ
easat-10590	74	38	investing	invest	VERB
easat-10590	74	39	in	in	ADP
easat-10590	74	40	a	a	DET
easat-10590	74	41	company	company	NOUN
easat-10590	74	42	.	.	PUNCT
easat-10590	75	1	the	the	DET
easat-10590	75	2	weighted	weight	VERB
easat-10590	75	3	average	average	ADJ
easat-10590	75	4	cost	cost	NOUN
easat-10590	75	5	of	of	ADP
easat-10590	75	6	capital	capital	NOUN
easat-10590	75	7	(	(	PUNCT
easat-10590	75	8	wacc	wacc	PROPN
easat-10590	75	9	)	)	PUNCT
easat-10590	75	10	combines	combine	VERB
easat-10590	75	11	these	these	DET
easat-10590	75	12	costs	cost	NOUN
easat-10590	75	13	by	by	ADP
easat-10590	75	14	weighting	weight	VERB
easat-10590	75	15	them	they	PRON
easat-10590	75	16	according	accord	VERB
easat-10590	75	17	to	to	ADP
easat-10590	75	18	the	the	DET
easat-10590	75	19	firm	firm	NOUN
easat-10590	75	20	's	's	PART
easat-10590	75	21	capital	capital	NOUN
easat-10590	75	22	structure	structure	NOUN
easat-10590	75	23	.	.	PUNCT
easat-10590	76	1	this	this	PRON
easat-10590	76	2	also	also	ADV
easat-10590	76	3	helps	help	VERB
easat-10590	76	4	businesses	business	NOUN
easat-10590	76	5	because	because	SCONJ
easat-10590	76	6	it	it	PRON
easat-10590	76	7	reduces	reduce	VERB
easat-10590	76	8	their	their	PRON
easat-10590	76	9	financing	financing	NOUN
easat-10590	76	10	costs	cost	NOUN
easat-10590	76	11	,	,	PUNCT
easat-10590	76	12	provides	provide	VERB
easat-10590	76	13	better	well	ADJ
easat-10590	76	14	investment	investment	NOUN
easat-10590	76	15	opportunities	opportunity	NOUN
easat-10590	76	16	,	,	PUNCT
easat-10590	76	17	and	and	CCONJ
easat-10590	76	18	adds	add	VERB
easat-10590	76	19	value	value	NOUN
easat-10590	76	20	to	to	ADP
easat-10590	76	21	their	their	PRON
easat-10590	76	22	shares	share	NOUN
easat-10590	76	23	.	.	PUNCT
easat-10590	77	1	higher	high	ADJ
easat-10590	77	2	interest	interest	NOUN
easat-10590	77	3	rates	rate	NOUN
easat-10590	77	4	associated	associate	VERB
easat-10590	77	5	with	with	ADP
easat-10590	77	6	capital	capital	NOUN
easat-10590	77	7	can	can	AUX
easat-10590	77	8	restrain	restrain	VERB
easat-10590	77	9	company	company	NOUN
easat-10590	77	10	growth	growth	NOUN
easat-10590	77	11	and	and	CCONJ
easat-10590	77	12	make	make	VERB
easat-10590	77	13	the	the	DET
easat-10590	77	14	company	company	NOUN
easat-10590	77	15	appear	appear	VERB
easat-10590	77	16	risky	risky	ADJ
easat-10590	77	17	to	to	ADP
easat-10590	77	18	investors	investor	NOUN
easat-10590	77	19	[	[	X
easat-10590	77	20	11	11	NUM
easat-10590	77	21	]	]	PUNCT
easat-10590	77	22	.	.	PUNCT
easat-10590	78	1	1024	1024	NUM
easat-10590	78	2	edelweiss	edelweiss	PROPN
easat-10590	78	3	applied	apply	VERB
easat-10590	78	4	science	science	NOUN
easat-10590	78	5	and	and	CCONJ
easat-10590	78	6	technology	technology	NOUN
easat-10590	78	7	issn	issn	PROPN
easat-10590	78	8	:	:	PUNCT
easat-10590	78	9	2576	2576	NUM
easat-10590	78	10	-	-	SYM
easat-10590	78	11	8484	8484	NUM
easat-10590	78	12	vol	vol	NOUN
easat-10590	78	13	.	.	PROPN
easat-10590	79	1	9	9	NUM
easat-10590	79	2	,	,	PUNCT
easat-10590	79	3	no	no	INTJ
easat-10590	79	4	.	.	NOUN
easat-10590	79	5	10	10	NUM
easat-10590	79	6	:	:	PUNCT
easat-10590	79	7	1021	1021	NUM
easat-10590	79	8	-	-	SYM
easat-10590	79	9	1041	1041	NUM
easat-10590	79	10	,	,	PUNCT
easat-10590	79	11	2025	2025	NUM
easat-10590	79	12	doi	doi	NOUN
easat-10590	79	13	:	:	PUNCT
easat-10590	79	14	10.55214/2576	10.55214/2576	NUM
easat-10590	79	15	-	-	SYM
easat-10590	79	16	8484.v9i10.10590	8484.v9i10.10590	NUM
easat-10590	79	17	©	©	ADP
easat-10590	79	18	2025	2025	NUM
easat-10590	79	19	by	by	ADP
easat-10590	79	20	the	the	DET
easat-10590	79	21	author	author	NOUN
easat-10590	79	22	;	;	PUNCT
easat-10590	79	23	licensee	licensee	PROPN
easat-10590	79	24	learning	learn	VERB
easat-10590	79	25	gate	gate	NOUN
easat-10590	79	26	1.1.5	1.1.5	NUM
easat-10590	79	27	.	.	PUNCT
easat-10590	80	1	linking	link	VERB
easat-10590	80	2	corporate	corporate	ADJ
easat-10590	80	3	sustainability	sustainability	NOUN
easat-10590	80	4	and	and	CCONJ
easat-10590	80	5	cost	cost	NOUN
easat-10590	80	6	of	of	ADP
easat-10590	80	7	capital	capital	NOUN
easat-10590	80	8	of	of	ADP
easat-10590	80	9	agricultural	agricultural	ADJ
easat-10590	80	10	enterprises	enterprise	NOUN
easat-10590	80	11	many	many	ADJ
easat-10590	80	12	are	be	AUX
easat-10590	80	13	now	now	ADV
easat-10590	80	14	aware	aware	ADJ
easat-10590	80	15	that	that	SCONJ
easat-10590	80	16	there	there	PRON
easat-10590	80	17	is	be	VERB
easat-10590	80	18	a	a	DET
easat-10590	80	19	link	link	NOUN
easat-10590	80	20	between	between	ADP
easat-10590	80	21	corporate	corporate	ADJ
easat-10590	80	22	sustainability	sustainability	NOUN
easat-10590	80	23	and	and	CCONJ
easat-10590	80	24	the	the	DET
easat-10590	80	25	cost	cost	NOUN
easat-10590	80	26	of	of	ADP
easat-10590	80	27	raising	raise	VERB
easat-10590	80	28	capital	capital	NOUN
easat-10590	80	29	,	,	PUNCT
easat-10590	80	30	yet	yet	CCONJ
easat-10590	80	31	the	the	DET
easat-10590	80	32	link	link	NOUN
easat-10590	80	33	is	be	AUX
easat-10590	80	34	considered	consider	VERB
easat-10590	80	35	complicated	complicated	ADJ
easat-10590	80	36	.	.	PUNCT
easat-10590	81	1	superior	superior	ADJ
easat-10590	81	2	esg	esg	PROPN
easat-10590	81	3	performance	performance	NOUN
easat-10590	81	4	by	by	ADP
easat-10590	81	5	a	a	DET
easat-10590	81	6	company	company	NOUN
easat-10590	81	7	might	might	AUX
easat-10590	81	8	lower	lower	VERB
easat-10590	81	9	its	its	PRON
easat-10590	81	10	costs	cost	NOUN
easat-10590	81	11	of	of	ADP
easat-10590	81	12	obtaining	obtain	VERB
easat-10590	81	13	funds	fund	NOUN
easat-10590	81	14	from	from	ADP
easat-10590	81	15	various	various	ADJ
easat-10590	81	16	sources	source	NOUN
easat-10590	81	17	:	:	PUNCT
easat-10590	81	18	•	•	NUM
easat-10590	81	19	risk	risk	NOUN
easat-10590	81	20	reduction	reduction	NOUN
easat-10590	81	21	:	:	PUNCT
easat-10590	81	22	effective	effective	ADJ
easat-10590	81	23	sustainability	sustainability	NOUN
easat-10590	81	24	practices	practice	NOUN
easat-10590	81	25	mitigate	mitigate	VERB
easat-10590	81	26	operational	operational	ADJ
easat-10590	81	27	,	,	PUNCT
easat-10590	81	28	regulatory	regulatory	ADJ
easat-10590	81	29	,	,	PUNCT
easat-10590	81	30	and	and	CCONJ
easat-10590	81	31	reputational	reputational	ADJ
easat-10590	81	32	risks	risk	NOUN
easat-10590	81	33	,	,	PUNCT
easat-10590	81	34	decreasing	decrease	VERB
easat-10590	81	35	risk	risk	NOUN
easat-10590	81	36	premiums	premium	NOUN
easat-10590	81	37	demanded	demand	VERB
easat-10590	81	38	by	by	ADP
easat-10590	81	39	investors	investor	NOUN
easat-10590	81	40	and	and	CCONJ
easat-10590	81	41	creditors	creditor	NOUN
easat-10590	81	42	[	[	X
easat-10590	81	43	12	12	NUM
easat-10590	81	44	]	]	PUNCT
easat-10590	81	45	.	.	PUNCT
easat-10590	82	1	•	•	NUM
easat-10590	82	2	improved	improve	VERB
easat-10590	82	3	access	access	NOUN
easat-10590	82	4	to	to	ADP
easat-10590	82	5	capital	capital	NOUN
easat-10590	82	6	:	:	PUNCT
easat-10590	82	7	agriculture	agriculture	NOUN
easat-10590	82	8	firms	firm	NOUN
easat-10590	82	9	with	with	ADP
easat-10590	82	10	strong	strong	ADJ
easat-10590	82	11	esg	esg	NOUN
easat-10590	82	12	credentials	credential	NOUN
easat-10590	82	13	often	often	ADV
easat-10590	82	14	attract	attract	VERB
easat-10590	82	15	a	a	DET
easat-10590	82	16	broader	broad	ADJ
easat-10590	82	17	and	and	CCONJ
easat-10590	82	18	more	more	ADV
easat-10590	82	19	diversified	diversified	ADJ
easat-10590	82	20	investor	investor	NOUN
easat-10590	82	21	base	base	NOUN
easat-10590	82	22	,	,	PUNCT
easat-10590	82	23	including	include	VERB
easat-10590	82	24	those	those	PRON
easat-10590	82	25	dedicated	dedicate	VERB
easat-10590	82	26	to	to	ADP
easat-10590	82	27	sustainable	sustainable	ADJ
easat-10590	82	28	investments	investment	NOUN
easat-10590	82	29	.	.	PUNCT
easat-10590	83	1	•	•	NUM
easat-10590	83	2	signaling	signal	VERB
easat-10590	83	3	effect	effect	NOUN
easat-10590	83	4	:	:	PUNCT
easat-10590	83	5	transparent	transparent	ADJ
easat-10590	83	6	sustainability	sustainability	NOUN
easat-10590	83	7	disclosures	disclosure	NOUN
easat-10590	83	8	signal	signal	VERB
easat-10590	83	9	management	management	NOUN
easat-10590	83	10	quality	quality	NOUN
easat-10590	83	11	and	and	CCONJ
easat-10590	83	12	longterm	longterm	PROPN
easat-10590	83	13	orientation	orientation	NOUN
easat-10590	83	14	,	,	PUNCT
easat-10590	83	15	boosting	boost	VERB
easat-10590	83	16	investor	investor	NOUN
easat-10590	83	17	confidence	confidence	NOUN
easat-10590	83	18	.	.	PUNCT
easat-10590	84	1	•	•	NUM
easat-10590	84	2	regulatory	regulatory	ADJ
easat-10590	84	3	incentives	incentive	NOUN
easat-10590	84	4	:	:	PUNCT
easat-10590	84	5	policies	policy	NOUN
easat-10590	84	6	encouraging	encourage	VERB
easat-10590	84	7	sustainable	sustainable	ADJ
easat-10590	84	8	practices	practice	NOUN
easat-10590	84	9	can	can	AUX
easat-10590	84	10	lower	lower	VERB
easat-10590	84	11	the	the	DET
easat-10590	84	12	financing	financing	NOUN
easat-10590	84	13	costs	cost	NOUN
easat-10590	84	14	of	of	ADP
easat-10590	84	15	agricultural	agricultural	ADJ
easat-10590	84	16	enterprises	enterprise	NOUN
easat-10590	84	17	through	through	ADP
easat-10590	84	18	tax	tax	NOUN
easat-10590	84	19	benefits	benefit	NOUN
easat-10590	84	20	,	,	PUNCT
easat-10590	84	21	subsidies	subsidy	NOUN
easat-10590	84	22	,	,	PUNCT
easat-10590	84	23	or	or	CCONJ
easat-10590	84	24	preferential	preferential	ADJ
easat-10590	84	25	lending	lending	NOUN
easat-10590	84	26	terms	term	NOUN
easat-10590	84	27	[	[	X
easat-10590	84	28	13	13	NUM
easat-10590	84	29	]	]	PUNCT
easat-10590	84	30	.	.	PUNCT
easat-10590	85	1	1.1.6	1.1.6	X
easat-10590	85	2	.	.	PUNCT
easat-10590	85	3	regional	regional	ADJ
easat-10590	85	4	differences	difference	NOUN
easat-10590	85	5	and	and	CCONJ
easat-10590	85	6	market	market	NOUN
easat-10590	85	7	maturity	maturity	NOUN
easat-10590	85	8	for	for	ADP
easat-10590	85	9	different	different	ADJ
easat-10590	85	10	countries	country	NOUN
easat-10590	85	11	,	,	PUNCT
easat-10590	85	12	the	the	DET
easat-10590	85	13	way	way	NOUN
easat-10590	85	14	the	the	DET
easat-10590	85	15	cost	cost	NOUN
easat-10590	85	16	of	of	ADP
easat-10590	85	17	capital	capital	NOUN
easat-10590	85	18	of	of	ADP
easat-10590	85	19	agricultural	agricultural	ADJ
easat-10590	85	20	enterprises	enterprise	NOUN
easat-10590	85	21	reacts	react	VERB
easat-10590	85	22	to	to	ADP
easat-10590	85	23	corporate	corporate	ADJ
easat-10590	85	24	sustainability	sustainability	NOUN
easat-10590	85	25	depends	depend	VERB
easat-10590	85	26	on	on	ADP
easat-10590	85	27	variations	variation	NOUN
easat-10590	85	28	in	in	ADP
easat-10590	85	29	regulations	regulation	NOUN
easat-10590	85	30	,	,	PUNCT
easat-10590	85	31	the	the	DET
easat-10590	85	32	wishes	wish	NOUN
easat-10590	85	33	of	of	ADP
easat-10590	85	34	investors	investor	NOUN
easat-10590	85	35	,	,	PUNCT
easat-10590	85	36	openness	openness	NOUN
easat-10590	85	37	in	in	ADP
easat-10590	85	38	the	the	DET
easat-10590	85	39	market	market	NOUN
easat-10590	85	40	,	,	PUNCT
easat-10590	85	41	and	and	CCONJ
easat-10590	85	42	culture	culture	NOUN
easat-10590	85	43	.	.	PUNCT
easat-10590	86	1	because	because	SCONJ
easat-10590	86	2	of	of	ADP
easat-10590	86	3	tough	tough	ADJ
easat-10590	86	4	regulations	regulation	NOUN
easat-10590	86	5	and	and	CCONJ
easat-10590	86	6	lots	lot	NOUN
easat-10590	86	7	of	of	ADP
easat-10590	86	8	investor	investor	NOUN
easat-10590	86	9	involvement	involvement	NOUN
easat-10590	86	10	,	,	PUNCT
easat-10590	86	11	european	european	ADJ
easat-10590	86	12	regions	region	NOUN
easat-10590	86	13	have	have	AUX
easat-10590	86	14	often	often	ADV
easat-10590	86	15	developed	develop	VERB
easat-10590	86	16	esg	esg	NOUN
easat-10590	86	17	integration	integration	NOUN
easat-10590	86	18	in	in	ADP
easat-10590	86	19	agricultural	agricultural	ADJ
easat-10590	86	20	enterprises	enterprise	NOUN
easat-10590	86	21	.	.	PUNCT
easat-10590	87	1	in	in	ADP
easat-10590	87	2	north	north	PROPN
easat-10590	87	3	america	america	PROPN
easat-10590	87	4	,	,	PUNCT
easat-10590	87	5	sustainability	sustainability	NOUN
easat-10590	87	6	is	be	AUX
easat-10590	87	7	increasing	increase	VERB
easat-10590	87	8	but	but	CCONJ
easat-10590	87	9	does	do	AUX
easat-10590	87	10	not	not	PART
easat-10590	87	11	happen	happen	VERB
easat-10590	87	12	in	in	ADP
easat-10590	87	13	the	the	DET
easat-10590	87	14	same	same	ADJ
easat-10590	87	15	way	way	NOUN
easat-10590	87	16	everywhere	everywhere	ADV
easat-10590	87	17	,	,	PUNCT
easat-10590	87	18	whereas	whereas	SCONJ
easat-10590	87	19	asia	asia	PROPN
easat-10590	87	20	-	-	PUNCT
easat-10590	87	21	pacific	pacific	ADJ
easat-10590	87	22	markets	market	NOUN
easat-10590	87	23	range	range	VERB
easat-10590	87	24	from	from	ADP
easat-10590	87	25	advanced	advanced	ADJ
easat-10590	87	26	economies	economy	NOUN
easat-10590	87	27	using	use	VERB
easat-10590	87	28	traditional	traditional	ADJ
easat-10590	87	29	esg	esg	NOUN
easat-10590	87	30	values	value	NOUN
easat-10590	87	31	to	to	ADP
easat-10590	87	32	developing	develop	VERB
easat-10590	87	33	areas	area	NOUN
easat-10590	87	34	that	that	PRON
easat-10590	87	35	are	be	AUX
easat-10590	87	36	less	less	ADV
easat-10590	87	37	regulated	regulated	ADJ
easat-10590	87	38	.	.	PUNCT
easat-10590	88	1	this	this	DET
easat-10590	88	2	difference	difference	NOUN
easat-10590	88	3	between	between	ADP
easat-10590	88	4	regions	region	NOUN
easat-10590	88	5	demonstrates	demonstrate	VERB
easat-10590	88	6	the	the	DET
easat-10590	88	7	importance	importance	NOUN
easat-10590	88	8	of	of	ADP
easat-10590	88	9	studying	study	VERB
easat-10590	88	10	how	how	SCONJ
easat-10590	88	11	institutional	institutional	ADJ
easat-10590	88	12	settings	setting	NOUN
easat-10590	88	13	impact	impact	VERB
easat-10590	88	14	a	a	DET
easat-10590	88	15	company	company	NOUN
easat-10590	88	16	's	's	PART
easat-10590	88	17	finances	finance	NOUN
easat-10590	88	18	related	relate	VERB
easat-10590	88	19	to	to	ADP
easat-10590	88	20	sustainability	sustainability	NOUN
easat-10590	88	21	[	[	X
easat-10590	88	22	14	14	NUM
easat-10590	88	23	,	,	PUNCT
easat-10590	88	24	15	15	NUM
easat-10590	88	25	]	]	PUNCT
easat-10590	88	26	.	.	PUNCT
easat-10590	89	1	1.2	1.2	NUM
easat-10590	89	2	.	.	PUNCT
easat-10590	89	3	theoretical	theoretical	ADJ
easat-10590	89	4	frameworks	framework	NOUN
easat-10590	89	5	many	many	ADJ
easat-10590	89	6	theories	theory	NOUN
easat-10590	89	7	explain	explain	VERB
easat-10590	89	8	the	the	DET
easat-10590	89	9	relationship	relationship	NOUN
easat-10590	89	10	between	between	ADP
easat-10590	89	11	corporate	corporate	ADJ
easat-10590	89	12	sustainability	sustainability	NOUN
easat-10590	89	13	and	and	CCONJ
easat-10590	89	14	cost	cost	NOUN
easat-10590	89	15	of	of	ADP
easat-10590	89	16	capital	capital	NOUN
easat-10590	89	17	:	:	PUNCT
easat-10590	89	18	•	•	NUM
easat-10590	89	19	risk	risk	NOUN
easat-10590	89	20	mitigation	mitigation	NOUN
easat-10590	89	21	theory	theory	NOUN
easat-10590	89	22	:	:	PUNCT
easat-10590	89	23	according	accord	VERB
easat-10590	89	24	to	to	ADP
easat-10590	89	25	risk	risk	NOUN
easat-10590	89	26	mitigation	mitigation	NOUN
easat-10590	89	27	theory	theory	NOUN
easat-10590	89	28	,	,	PUNCT
easat-10590	89	29	esg	esg	PROPN
easat-10590	89	30	helps	help	VERB
easat-10590	89	31	firms	firm	NOUN
easat-10590	89	32	solve	solve	VERB
easat-10590	89	33	their	their	PRON
easat-10590	89	34	environmental	environmental	ADJ
easat-10590	89	35	challenges	challenge	NOUN
easat-10590	89	36	,	,	PUNCT
easat-10590	89	37	resolve	resolve	VERB
easat-10590	89	38	social	social	ADJ
easat-10590	89	39	conflicts	conflict	NOUN
easat-10590	89	40	,	,	PUNCT
easat-10590	89	41	and	and	CCONJ
easat-10590	89	42	overcome	overcome	VERB
easat-10590	89	43	governance	governance	NOUN
easat-10590	89	44	problems	problem	NOUN
easat-10590	89	45	.	.	PUNCT
easat-10590	90	1	a	a	DET
easat-10590	90	2	lower	low	ADJ
easat-10590	90	3	risk	risk	NOUN
easat-10590	90	4	in	in	ADP
easat-10590	90	5	the	the	DET
easat-10590	90	6	company	company	NOUN
easat-10590	90	7	reduces	reduce	VERB
easat-10590	90	8	the	the	DET
easat-10590	90	9	required	require	VERB
easat-10590	90	10	rate	rate	NOUN
easat-10590	90	11	of	of	ADP
easat-10590	90	12	return	return	NOUN
easat-10590	90	13	for	for	ADP
easat-10590	90	14	investors	investor	NOUN
easat-10590	90	15	and	and	CCONJ
easat-10590	90	16	lenders	lender	NOUN
easat-10590	90	17	,	,	PUNCT
easat-10590	90	18	which	which	PRON
easat-10590	90	19	lowers	lower	VERB
easat-10590	90	20	wacc	wacc	PROPN
easat-10590	90	21	[	[	X
easat-10590	90	22	16	16	NUM
easat-10590	90	23	]	]	PUNCT
easat-10590	90	24	.	.	PUNCT
easat-10590	91	1	•	•	NUM
easat-10590	91	2	signaling	signal	VERB
easat-10590	91	3	theory	theory	NOUN
easat-10590	91	4	:	:	PUNCT
easat-10590	91	5	in	in	ADP
easat-10590	91	6	signaling	signal	VERB
easat-10590	91	7	theory	theory	NOUN
easat-10590	91	8	,	,	PUNCT
easat-10590	91	9	the	the	DET
easat-10590	91	10	disclosure	disclosure	NOUN
easat-10590	91	11	of	of	ADP
easat-10590	91	12	esg	esg	PROPN
easat-10590	91	13	work	work	NOUN
easat-10590	91	14	by	by	ADP
easat-10590	91	15	firms	firm	NOUN
easat-10590	91	16	explains	explain	VERB
easat-10590	91	17	their	their	PRON
easat-10590	91	18	strong	strong	ADJ
easat-10590	91	19	management	management	NOUN
easat-10590	91	20	and	and	CCONJ
easat-10590	91	21	survival	survival	NOUN
easat-10590	91	22	over	over	ADP
easat-10590	91	23	time	time	NOUN
easat-10590	91	24	,	,	PUNCT
easat-10590	91	25	increases	increase	VERB
easat-10590	91	26	trust	trust	NOUN
easat-10590	91	27	among	among	ADP
easat-10590	91	28	investors	investor	NOUN
easat-10590	91	29	,	,	PUNCT
easat-10590	91	30	and	and	CCONJ
easat-10590	91	31	helps	help	VERB
easat-10590	91	32	reduce	reduce	VERB
easat-10590	91	33	gaps	gap	NOUN
easat-10590	91	34	in	in	ADP
easat-10590	91	35	information	information	NOUN
easat-10590	91	36	.	.	PUNCT
easat-10590	92	1	a	a	DET
easat-10590	92	2	clearer	clear	ADJ
easat-10590	92	3	and	and	CCONJ
easat-10590	92	4	more	more	ADV
easat-10590	92	5	responsible	responsible	ADJ
easat-10590	92	6	approach	approach	NOUN
easat-10590	92	7	can	can	AUX
easat-10590	92	8	save	save	VERB
easat-10590	92	9	a	a	DET
easat-10590	92	10	company	company	NOUN
easat-10590	92	11	money	money	NOUN
easat-10590	92	12	in	in	ADP
easat-10590	92	13	both	both	DET
easat-10590	92	14	equity	equity	NOUN
easat-10590	92	15	and	and	CCONJ
easat-10590	92	16	debt	debt	NOUN
easat-10590	93	1	[	[	X
easat-10590	93	2	17	17	NUM
easat-10590	93	3	,	,	PUNCT
easat-10590	93	4	18	18	NUM
easat-10590	93	5	]	]	PUNCT
easat-10590	93	6	.	.	PUNCT
easat-10590	94	1	•	•	NUM
easat-10590	94	2	stakeholder	stakeholder	NOUN
easat-10590	94	3	theory	theory	NOUN
easat-10590	94	4	:	:	PUNCT
easat-10590	94	5	practicing	practice	VERB
easat-10590	94	6	sustainability	sustainability	NOUN
easat-10590	94	7	leads	lead	VERB
easat-10590	94	8	to	to	ADP
easat-10590	94	9	better	well	ADJ
easat-10590	94	10	stakeholder	stakeholder	NOUN
easat-10590	94	11	relationships	relationship	NOUN
easat-10590	94	12	,	,	PUNCT
easat-10590	94	13	which	which	PRON
easat-10590	94	14	helps	help	VERB
easat-10590	94	15	businesses	business	NOUN
easat-10590	94	16	improve	improve	VERB
easat-10590	94	17	their	their	PRON
easat-10590	94	18	operations	operation	NOUN
easat-10590	94	19	and	and	CCONJ
easat-10590	94	20	lowers	lower	VERB
easat-10590	94	21	the	the	DET
easat-10590	94	22	risks	risk	NOUN
easat-10590	94	23	they	they	PRON
easat-10590	94	24	face	face	VERB
easat-10590	94	25	[	[	X
easat-10590	94	26	19	19	NUM
easat-10590	94	27	,	,	PUNCT
easat-10590	94	28	20	20	NUM
easat-10590	94	29	]	]	PUNCT
easat-10590	94	30	.	.	PUNCT
easat-10590	95	1	•	•	NUM
easat-10590	95	2	institutional	institutional	ADJ
easat-10590	95	3	theory	theory	NOUN
easat-10590	95	4	:	:	PUNCT
easat-10590	95	5	according	accord	VERB
easat-10590	95	6	to	to	ADP
easat-10590	95	7	institutional	institutional	ADJ
easat-10590	95	8	theory	theory	NOUN
easat-10590	95	9	,	,	PUNCT
easat-10590	95	10	institutions	institution	NOUN
easat-10590	95	11	such	such	ADJ
easat-10590	95	12	as	as	ADP
easat-10590	95	13	investors	investor	NOUN
easat-10590	95	14	and	and	CCONJ
easat-10590	95	15	regulators	regulator	NOUN
easat-10590	95	16	are	be	AUX
easat-10590	95	17	helping	help	VERB
easat-10590	95	18	to	to	PART
easat-10590	95	19	improve	improve	VERB
easat-10590	95	20	how	how	SCONJ
easat-10590	95	21	firms	firm	NOUN
easat-10590	95	22	handle	handle	VERB
easat-10590	95	23	sustainability	sustainability	NOUN
easat-10590	95	24	by	by	ADP
easat-10590	95	25	setting	set	VERB
easat-10590	95	26	esg	esg	PROPN
easat-10590	95	27	standards	standard	NOUN
easat-10590	95	28	.	.	PUNCT
easat-10590	96	1	following	follow	VERB
easat-10590	96	2	regulated	regulated	ADJ
easat-10590	96	3	rules	rule	NOUN
easat-10590	96	4	can	can	AUX
easat-10590	96	5	help	help	VERB
easat-10590	96	6	avoid	avoid	VERB
easat-10590	96	7	additional	additional	ADJ
easat-10590	96	8	costs	cost	NOUN
easat-10590	96	9	in	in	ADP
easat-10590	96	10	capital	capital	NOUN
easat-10590	96	11	expenditure	expenditure	NOUN
easat-10590	96	12	[	[	X
easat-10590	96	13	21	21	NUM
easat-10590	96	14	,	,	PUNCT
easat-10590	96	15	22	22	NUM
easat-10590	96	16	]	]	PUNCT
easat-10590	96	17	.	.	PUNCT
easat-10590	97	1	they	they	PRON
easat-10590	97	2	help	help	VERB
easat-10590	97	3	us	we	PRON
easat-10590	97	4	understand	understand	VERB
easat-10590	97	5	that	that	SCONJ
easat-10590	97	6	strong	strong	ADJ
easat-10590	97	7	esg	esg	NOUN
easat-10590	97	8	practices	practice	NOUN
easat-10590	97	9	by	by	ADP
easat-10590	97	10	a	a	DET
easat-10590	97	11	firm	firm	NOUN
easat-10590	97	12	may	may	AUX
easat-10590	97	13	result	result	VERB
easat-10590	97	14	in	in	ADP
easat-10590	97	15	a	a	DET
easat-10590	97	16	reduction	reduction	NOUN
easat-10590	97	17	of	of	ADP
easat-10590	97	18	capital	capital	NOUN
easat-10590	97	19	expenses	expense	NOUN
easat-10590	97	20	,	,	PUNCT
easat-10590	97	21	but	but	CCONJ
easat-10590	97	22	the	the	DET
easat-10590	97	23	extent	extent	NOUN
easat-10590	97	24	of	of	ADP
easat-10590	97	25	this	this	DET
easat-10590	97	26	effect	effect	NOUN
easat-10590	97	27	depends	depend	VERB
easat-10590	97	28	on	on	ADP
easat-10590	97	29	the	the	DET
easat-10590	97	30	circumstances	circumstance	NOUN
easat-10590	97	31	[	[	X
easat-10590	97	32	23	23	NUM
easat-10590	97	33	]	]	PUNCT
easat-10590	97	34	.	.	PUNCT
easat-10590	98	1	1.3	1.3	NUM
easat-10590	98	2	.	.	PUNCT
easat-10590	98	3	research	research	NOUN
easat-10590	98	4	gap	gap	NOUN
easat-10590	98	5	and	and	CCONJ
easat-10590	98	6	contributions	contribution	NOUN
easat-10590	98	7	although	although	SCONJ
easat-10590	98	8	previous	previous	ADJ
easat-10590	98	9	studies	study	NOUN
easat-10590	98	10	have	have	AUX
easat-10590	98	11	examined	examine	VERB
easat-10590	98	12	aspects	aspect	NOUN
easat-10590	98	13	of	of	ADP
easat-10590	98	14	sustainability	sustainability	NOUN
easat-10590	98	15	and	and	CCONJ
easat-10590	98	16	determining	determine	VERB
easat-10590	98	17	capital	capital	NOUN
easat-10590	98	18	costs	cost	NOUN
easat-10590	98	19	,	,	PUNCT
easat-10590	98	20	much	much	ADV
easat-10590	98	21	remains	remain	VERB
easat-10590	98	22	missing	miss	VERB
easat-10590	98	23	:	:	PUNCT
easat-10590	98	24	•	•	SCONJ
easat-10590	98	25	most	most	ADV
easat-10590	98	26	empirical	empirical	ADJ
easat-10590	98	27	work	work	NOUN
easat-10590	98	28	focuses	focus	VERB
easat-10590	98	29	on	on	ADP
easat-10590	98	30	single	single	ADJ
easat-10590	98	31	markets	market	NOUN
easat-10590	98	32	,	,	PUNCT
easat-10590	98	33	limiting	limit	VERB
easat-10590	98	34	understanding	understanding	NOUN
easat-10590	98	35	of	of	ADP
easat-10590	98	36	global	global	ADJ
easat-10590	98	37	dynamics	dynamic	NOUN
easat-10590	98	38	.	.	PUNCT
easat-10590	99	1	•	•	NUM
easat-10590	99	2	limited	limit	VERB
easat-10590	99	3	research	research	NOUN
easat-10590	99	4	disentangles	disentangle	VERB
easat-10590	99	5	the	the	DET
easat-10590	99	6	relative	relative	ADJ
easat-10590	99	7	impact	impact	NOUN
easat-10590	99	8	of	of	ADP
easat-10590	99	9	environmental	environmental	ADJ
easat-10590	99	10	,	,	PUNCT
easat-10590	99	11	social	social	ADJ
easat-10590	99	12	,	,	PUNCT
easat-10590	99	13	and	and	CCONJ
easat-10590	99	14	governance	governance	NOUN
easat-10590	99	15	factors	factor	NOUN
easat-10590	99	16	on	on	ADP
easat-10590	99	17	financing	financing	NOUN
easat-10590	99	18	costs	cost	NOUN
easat-10590	99	19	.	.	PUNCT
easat-10590	100	1	1025	1025	NUM
easat-10590	100	2	edelweiss	edelweiss	PROPN
easat-10590	100	3	applied	apply	VERB
easat-10590	100	4	science	science	NOUN
easat-10590	100	5	and	and	CCONJ
easat-10590	100	6	technology	technology	NOUN
easat-10590	100	7	issn	issn	PROPN
easat-10590	100	8	:	:	PUNCT
easat-10590	100	9	2576	2576	NUM
easat-10590	100	10	-	-	SYM
easat-10590	100	11	8484	8484	NUM
easat-10590	100	12	vol	vol	NOUN
easat-10590	100	13	.	.	PROPN
easat-10590	101	1	9	9	NUM
easat-10590	101	2	,	,	PUNCT
easat-10590	101	3	no	no	INTJ
easat-10590	101	4	.	.	NOUN
easat-10590	101	5	10	10	NUM
easat-10590	101	6	:	:	PUNCT
easat-10590	101	7	1021	1021	NUM
easat-10590	101	8	-	-	SYM
easat-10590	101	9	1041	1041	NUM
easat-10590	101	10	,	,	PUNCT
easat-10590	101	11	2025	2025	NUM
easat-10590	101	12	doi	doi	NOUN
easat-10590	101	13	:	:	PUNCT
easat-10590	101	14	10.55214/2576	10.55214/2576	NUM
easat-10590	101	15	-	-	SYM
easat-10590	101	16	8484.v9i10.10590	8484.v9i10.10590	NUM
easat-10590	101	17	©	©	ADP
easat-10590	101	18	2025	2025	NUM
easat-10590	101	19	by	by	ADP
easat-10590	101	20	the	the	DET
easat-10590	101	21	author	author	NOUN
easat-10590	101	22	;	;	PUNCT
easat-10590	101	23	licensee	licensee	PROPN
easat-10590	101	24	learning	learning	NOUN
easat-10590	101	25	gate	gate	VERB
easat-10590	101	26	•	•	ADP
easat-10590	101	27	few	few	ADJ
easat-10590	101	28	studies	study	NOUN
easat-10590	101	29	employ	employ	VERB
easat-10590	101	30	advanced	advanced	ADJ
easat-10590	101	31	econometric	econometric	ADJ
easat-10590	101	32	methods	method	NOUN
easat-10590	101	33	to	to	PART
easat-10590	101	34	address	address	VERB
easat-10590	101	35	endogeneity	endogeneity	NOUN
easat-10590	101	36	and	and	CCONJ
easat-10590	101	37	measurement	measurement	NOUN
easat-10590	101	38	challenges	challenge	NOUN
easat-10590	101	39	in	in	ADP
easat-10590	101	40	esg	esg	PROPN
easat-10590	101	41	data	data	PROPN
easat-10590	101	42	.	.	PUNCT
easat-10590	102	1	•	•	NOUN
easat-10590	102	2	this	this	DET
easat-10590	102	3	document	document	NOUN
easat-10590	102	4	addresses	address	VERB
easat-10590	102	5	these	these	DET
easat-10590	102	6	gaps	gap	NOUN
easat-10590	102	7	with	with	ADP
easat-10590	102	8	the	the	DET
easat-10590	102	9	help	help	NOUN
easat-10590	102	10	of	of	ADP
easat-10590	102	11	•	•	NOUN
easat-10590	102	12	the	the	DET
easat-10590	102	13	analysis	analysis	NOUN
easat-10590	102	14	uses	use	VERB
easat-10590	102	15	data	datum	NOUN
easat-10590	102	16	from	from	ADP
easat-10590	102	17	north	north	PROPN
easat-10590	102	18	america	america	PROPN
easat-10590	102	19	,	,	PUNCT
easat-10590	102	20	europe	europe	PROPN
easat-10590	102	21	and	and	CCONJ
easat-10590	102	22	the	the	DET
easat-10590	102	23	asia	asia	PROPN
easat-10590	102	24	-	-	PUNCT
easat-10590	102	25	pacific	pacific	ADJ
easat-10590	102	26	regions	region	NOUN
easat-10590	102	27	.	.	PUNCT
easat-10590	103	1	•	•	NUM
easat-10590	103	2	analyzing	analyze	VERB
easat-10590	103	3	esg	esg	PROPN
easat-10590	103	4	separately	separately	ADV
easat-10590	103	5	to	to	PART
easat-10590	103	6	find	find	VERB
easat-10590	103	7	where	where	SCONJ
easat-10590	103	8	differences	difference	NOUN
easat-10590	103	9	between	between	ADP
easat-10590	103	10	companies	company	NOUN
easat-10590	103	11	appear	appear	VERB
easat-10590	103	12	.	.	PUNCT
easat-10590	104	1	•	•	NUM
easat-10590	104	2	the	the	DET
easat-10590	104	3	use	use	NOUN
easat-10590	104	4	of	of	ADP
easat-10590	104	5	complicated	complicated	ADJ
easat-10590	104	6	statistical	statistical	ADJ
easat-10590	104	7	techniques	technique	NOUN
easat-10590	104	8	to	to	PART
easat-10590	104	9	draw	draw	VERB
easat-10590	104	10	conclusions	conclusion	NOUN
easat-10590	104	11	about	about	ADP
easat-10590	104	12	causality	causality	NOUN
easat-10590	104	13	and	and	CCONJ
easat-10590	104	14	raise	raise	VERB
easat-10590	104	15	reliability	reliability	NOUN
easat-10590	104	16	.	.	PUNCT
easat-10590	105	1	1.4	1.4	NUM
easat-10590	105	2	.	.	PUNCT
easat-10590	105	3	significance	significance	NOUN
easat-10590	105	4	of	of	ADP
easat-10590	105	5	the	the	DET
easat-10590	105	6	study	study	NOUN
easat-10590	105	7	realizing	realize	VERB
easat-10590	105	8	how	how	SCONJ
easat-10590	105	9	corporate	corporate	ADJ
easat-10590	105	10	sustainability	sustainability	NOUN
easat-10590	105	11	changes	change	VERB
easat-10590	105	12	the	the	DET
easat-10590	105	13	cost	cost	NOUN
easat-10590	105	14	of	of	ADP
easat-10590	105	15	capital	capital	NOUN
easat-10590	105	16	in	in	ADP
easat-10590	105	17	agricultural	agricultural	ADJ
easat-10590	105	18	enterprises	enterprise	NOUN
easat-10590	105	19	is	be	AUX
easat-10590	105	20	very	very	ADV
easat-10590	105	21	important	important	ADJ
easat-10590	105	22	.	.	PUNCT
easat-10590	106	1	for	for	ADP
easat-10590	106	2	businesses	business	NOUN
easat-10590	106	3	,	,	PUNCT
easat-10590	106	4	the	the	DET
easat-10590	106	5	agricultural	agricultural	ADJ
easat-10590	106	6	industry	industry	NOUN
easat-10590	106	7	environment	environment	NOUN
easat-10590	106	8	impacts	impact	NOUN
easat-10590	106	9	where	where	SCONJ
easat-10590	106	10	resources	resource	NOUN
easat-10590	106	11	are	be	AUX
easat-10590	106	12	spent	spend	VERB
easat-10590	106	13	and	and	CCONJ
easat-10590	106	14	how	how	SCONJ
easat-10590	106	15	they	they	PRON
easat-10590	106	16	communicate	communicate	VERB
easat-10590	106	17	with	with	ADP
easat-10590	106	18	shareholders	shareholder	NOUN
easat-10590	107	1	[	[	X
easat-10590	107	2	24	24	NUM
easat-10590	107	3	]	]	PUNCT
easat-10590	107	4	.	.	PUNCT
easat-10590	108	1	investors	investor	NOUN
easat-10590	108	2	can	can	AUX
easat-10590	108	3	manage	manage	VERB
easat-10590	108	4	their	their	PRON
easat-10590	108	5	portfolio	portfolio	NOUN
easat-10590	108	6	risks	risk	NOUN
easat-10590	108	7	and	and	CCONJ
easat-10590	108	8	improve	improve	VERB
easat-10590	108	9	their	their	PRON
easat-10590	108	10	profits	profit	NOUN
easat-10590	108	11	with	with	ADP
easat-10590	108	12	it	it	PRON
easat-10590	108	13	.	.	PUNCT
easat-10590	109	1	for	for	ADP
easat-10590	109	2	those	those	PRON
easat-10590	109	3	in	in	ADP
easat-10590	109	4	charge	charge	NOUN
easat-10590	109	5	of	of	ADP
easat-10590	109	6	regulation	regulation	NOUN
easat-10590	109	7	,	,	PUNCT
easat-10590	109	8	it	it	PRON
easat-10590	109	9	shows	show	VERB
easat-10590	109	10	the	the	DET
easat-10590	109	11	way	way	NOUN
easat-10590	109	12	to	to	PART
easat-10590	109	13	plan	plan	VERB
easat-10590	109	14	for	for	ADP
easat-10590	109	15	sustainable	sustainable	ADJ
easat-10590	109	16	economic	economic	ADJ
easat-10590	109	17	growth	growth	NOUN
easat-10590	109	18	.	.	PUNCT
easat-10590	110	1	at	at	ADP
easat-10590	110	2	its	its	PRON
easat-10590	110	3	core	core	NOUN
easat-10590	110	4	,	,	PUNCT
easat-10590	110	5	this	this	DET
easat-10590	110	6	research	research	NOUN
easat-10590	110	7	builds	build	VERB
easat-10590	110	8	understanding	understanding	NOUN
easat-10590	110	9	at	at	ADP
easat-10590	110	10	the	the	DET
easat-10590	110	11	green	green	PROPN
easat-10590	110	12	finance	finance	NOUN
easat-10590	110	13	interface	interface	NOUN
easat-10590	110	14	,	,	PUNCT
easat-10590	110	15	aiding	aid	VERB
easat-10590	110	16	efforts	effort	NOUN
easat-10590	110	17	to	to	PART
easat-10590	110	18	make	make	VERB
easat-10590	110	19	the	the	DET
easat-10590	110	20	economy	economy	NOUN
easat-10590	110	21	more	more	ADV
easat-10590	110	22	stable	stable	ADJ
easat-10590	110	23	and	and	CCONJ
easat-10590	110	24	ethically	ethically	ADV
easat-10590	110	25	responsible	responsible	ADJ
easat-10590	110	26	.	.	PUNCT
easat-10590	111	1	2	2	X
easat-10590	111	2	.	.	X
easat-10590	111	3	materials	material	NOUN
easat-10590	111	4	and	and	CCONJ
easat-10590	111	5	methods	method	NOUN
easat-10590	111	6	2.1	2.1	NUM
easat-10590	111	7	.	.	PUNCT
easat-10590	112	1	research	research	NOUN
easat-10590	112	2	design	design	NOUN
easat-10590	112	3	and	and	CCONJ
easat-10590	112	4	approach	approach	VERB
easat-10590	112	5	a	a	DET
easat-10590	112	6	quantitative	quantitative	ADJ
easat-10590	112	7	approach	approach	NOUN
easat-10590	112	8	is	be	AUX
easat-10590	112	9	used	use	VERB
easat-10590	112	10	in	in	ADP
easat-10590	112	11	this	this	DET
easat-10590	112	12	study	study	NOUN
easat-10590	112	13	to	to	PART
easat-10590	112	14	observe	observe	VERB
easat-10590	112	15	the	the	DET
easat-10590	112	16	effects	effect	NOUN
easat-10590	112	17	of	of	ADP
easat-10590	112	18	corporate	corporate	ADJ
easat-10590	112	19	sustainability	sustainability	NOUN
easat-10590	112	20	on	on	ADP
easat-10590	112	21	the	the	DET
easat-10590	112	22	final	final	ADJ
easat-10590	112	23	cost	cost	NOUN
easat-10590	112	24	of	of	ADP
easat-10590	112	25	capital	capital	NOUN
easat-10590	112	26	in	in	ADP
easat-10590	112	27	large	large	ADJ
easat-10590	112	28	financial	financial	ADJ
easat-10590	112	29	markets	market	NOUN
easat-10590	112	30	of	of	ADP
easat-10590	112	31	agricultural	agricultural	ADJ
easat-10590	112	32	enterprises	enterprise	NOUN
easat-10590	112	33	worldwide	worldwide	ADV
easat-10590	113	1	[	[	X
easat-10590	113	2	25	25	NUM
easat-10590	113	3	]	]	PUNCT
easat-10590	113	4	.	.	PUNCT
easat-10590	114	1	thanks	thank	NOUN
easat-10590	114	2	to	to	ADP
easat-10590	114	3	data	datum	NOUN
easat-10590	114	4	spanning	span	VERB
easat-10590	114	5	six	six	NUM
easat-10590	114	6	years	year	NOUN
easat-10590	114	7	,	,	PUNCT
easat-10590	114	8	from	from	ADP
easat-10590	114	9	2019	2019	NUM
easat-10590	114	10	through	through	ADP
easat-10590	114	11	2024	2024	NUM
easat-10590	114	12	,	,	PUNCT
easat-10590	114	13	the	the	DET
easat-10590	114	14	study	study	NOUN
easat-10590	114	15	explores	explore	VERB
easat-10590	114	16	how	how	SCONJ
easat-10590	114	17	environmental	environmental	ADJ
easat-10590	114	18	,	,	PUNCT
easat-10590	114	19	social	social	ADJ
easat-10590	114	20	,	,	PUNCT
easat-10590	114	21	and	and	CCONJ
easat-10590	114	22	governance	governance	NOUN
easat-10590	114	23	(	(	PUNCT
easat-10590	114	24	esg	esg	NOUN
easat-10590	114	25	)	)	PUNCT
easat-10590	114	26	performance	performance	NOUN
easat-10590	114	27	impacts	impact	VERB
easat-10590	114	28	a	a	DET
easat-10590	114	29	firm	firm	NOUN
easat-10590	114	30	’s	’s	PART
easat-10590	114	31	cost	cost	NOUN
easat-10590	114	32	of	of	ADP
easat-10590	114	33	borrowing	borrow	VERB
easat-10590	114	34	over	over	ADP
easat-10590	114	35	the	the	DET
easat-10590	114	36	long	long	ADJ
easat-10590	114	37	term	term	NOUN
easat-10590	114	38	.	.	PUNCT
easat-10590	115	1	the	the	DET
easat-10590	115	2	panel	panel	NOUN
easat-10590	115	3	design	design	NOUN
easat-10590	115	4	allows	allow	VERB
easat-10590	115	5	for	for	ADP
easat-10590	115	6	the	the	DET
easat-10590	115	7	management	management	NOUN
easat-10590	115	8	of	of	ADP
easat-10590	115	9	unseen	unseen	ADJ
easat-10590	115	10	factors	factor	NOUN
easat-10590	115	11	among	among	ADP
easat-10590	115	12	different	different	ADJ
easat-10590	115	13	firms	firm	NOUN
easat-10590	115	14	and	and	CCONJ
easat-10590	115	15	considers	consider	VERB
easat-10590	115	16	time	time	NOUN
easat-10590	115	17	effects	effect	NOUN
easat-10590	115	18	,	,	PUNCT
easat-10590	115	19	which	which	PRON
easat-10590	115	20	supports	support	VERB
easat-10590	115	21	reliable	reliable	ADJ
easat-10590	115	22	conclusions	conclusion	NOUN
easat-10590	115	23	about	about	ADP
easat-10590	115	24	causal	causal	ADJ
easat-10590	115	25	effects	effect	NOUN
easat-10590	115	26	[	[	X
easat-10590	115	27	26	26	NUM
easat-10590	115	28	]	]	PUNCT
easat-10590	115	29	.	.	PUNCT
easat-10590	116	1	econometric	econometric	ADJ
easat-10590	116	2	modeling	modeling	NOUN
easat-10590	116	3	is	be	AUX
easat-10590	116	4	used	use	VERB
easat-10590	116	5	as	as	ADP
easat-10590	116	6	the	the	DET
easat-10590	116	7	research	research	NOUN
easat-10590	116	8	framework	framework	NOUN
easat-10590	116	9	,	,	PUNCT
easat-10590	116	10	where	where	SCONJ
easat-10590	116	11	fixed	fix	VERB
easat-10590	116	12	effects	effect	NOUN
easat-10590	116	13	regressions	regression	NOUN
easat-10590	116	14	account	account	VERB
easat-10590	116	15	for	for	ADP
easat-10590	116	16	unchanging	unchanging	ADJ
easat-10590	116	17	characteristics	characteristic	NOUN
easat-10590	116	18	of	of	ADP
easat-10590	116	19	firms	firm	NOUN
easat-10590	116	20	,	,	PUNCT
easat-10590	116	21	and	and	CCONJ
easat-10590	116	22	all	all	DET
easat-10590	116	23	agricultural	agricultural	ADJ
easat-10590	116	24	firms	firm	NOUN
easat-10590	116	25	are	be	AUX
easat-10590	116	26	affected	affect	VERB
easat-10590	116	27	by	by	ADP
easat-10590	116	28	common	common	ADJ
easat-10590	116	29	shocks	shock	NOUN
easat-10590	116	30	each	each	DET
easat-10590	116	31	year	year	NOUN
easat-10590	116	32	.	.	PUNCT
easat-10590	117	1	because	because	SCONJ
easat-10590	117	2	reverse	reverse	ADJ
easat-10590	117	3	causality	causality	NOUN
easat-10590	117	4	and	and	CCONJ
easat-10590	117	5	missing	miss	VERB
easat-10590	117	6	variables	variable	NOUN
easat-10590	117	7	could	could	AUX
easat-10590	117	8	make	make	VERB
easat-10590	117	9	the	the	DET
easat-10590	117	10	results	result	NOUN
easat-10590	117	11	unreliable	unreliable	ADJ
easat-10590	117	12	,	,	PUNCT
easat-10590	117	13	the	the	DET
easat-10590	117	14	study	study	NOUN
easat-10590	117	15	uses	use	VERB
easat-10590	117	16	instrumental	instrumental	ADJ
easat-10590	117	17	variable	variable	ADJ
easat-10590	117	18	analysis	analysis	NOUN
easat-10590	117	19	to	to	PART
easat-10590	117	20	determine	determine	VERB
easat-10590	117	21	how	how	SCONJ
easat-10590	117	22	sustainability	sustainability	NOUN
easat-10590	117	23	affects	affect	VERB
easat-10590	117	24	the	the	DET
easat-10590	117	25	wacc	wacc	PROPN
easat-10590	117	26	[	[	X
easat-10590	117	27	27	27	NUM
easat-10590	117	28	]	]	PUNCT
easat-10590	117	29	.	.	PUNCT
easat-10590	118	1	2.2	2.2	NUM
easat-10590	118	2	.	.	PUNCT
easat-10590	118	3	data	datum	NOUN
easat-10590	118	4	collection	collection	NOUN
easat-10590	118	5	and	and	CCONJ
easat-10590	118	6	sample	sample	NOUN
easat-10590	118	7	construction	construction	NOUN
easat-10590	118	8	2.2.1	2.2.1	NUM
easat-10590	118	9	.	.	PUNCT
easat-10590	119	1	data	datum	NOUN
easat-10590	119	2	sources	source	NOUN
easat-10590	119	3	different	different	ADJ
easat-10590	119	4	high	high	ADJ
easat-10590	119	5	-	-	PUNCT
easat-10590	119	6	quality	quality	NOUN
easat-10590	119	7	and	and	CCONJ
easat-10590	119	8	public	public	ADJ
easat-10590	119	9	sources	source	NOUN
easat-10590	119	10	of	of	ADP
easat-10590	119	11	data	datum	NOUN
easat-10590	119	12	are	be	AUX
easat-10590	119	13	used	use	VERB
easat-10590	119	14	to	to	PART
easat-10590	119	15	build	build	VERB
easat-10590	119	16	an	an	DET
easat-10590	119	17	accurate	accurate	ADJ
easat-10590	119	18	dataset	dataset	NOUN
easat-10590	119	19	with	with	ADP
easat-10590	119	20	sustainability	sustainability	NOUN
easat-10590	119	21	,	,	PUNCT
easat-10590	119	22	financial	financial	ADJ
easat-10590	119	23	,	,	PUNCT
easat-10590	119	24	and	and	CCONJ
easat-10590	119	25	agriculture	agriculture	NOUN
easat-10590	119	26	market	market	NOUN
easat-10590	119	27	information	information	NOUN
easat-10590	119	28	.	.	PUNCT
easat-10590	120	1	the	the	DET
easat-10590	120	2	study	study	NOUN
easat-10590	120	3	dataset	dataset	VERB
easat-10590	120	4	entails	entail	VERB
easat-10590	120	5	a	a	DET
easat-10590	120	6	sample	sample	NOUN
easat-10590	120	7	of	of	ADP
easat-10590	120	8	1,236	1,236	NUM
easat-10590	120	9	agricultural	agricultural	ADJ
easat-10590	120	10	companies	company	NOUN
easat-10590	120	11	in	in	ADP
easat-10590	120	12	north	north	PROPN
easat-10590	120	13	america	america	PROPN
easat-10590	120	14	,	,	PUNCT
easat-10590	120	15	europe	europe	PROPN
easat-10590	120	16	,	,	PUNCT
easat-10590	120	17	and	and	CCONJ
easat-10590	120	18	the	the	DET
easat-10590	120	19	asia	asia	PROPN
easat-10590	120	20	-	-	PUNCT
easat-10590	120	21	pacific	pacific	PROPN
easat-10590	120	22	.	.	PUNCT
easat-10590	121	1	these	these	DET
easat-10590	121	2	companies	company	NOUN
easat-10590	121	3	were	be	AUX
easat-10590	121	4	sampled	sample	VERB
easat-10590	121	5	from	from	ADP
easat-10590	121	6	among	among	ADP
easat-10590	121	7	the	the	DET
easat-10590	121	8	publicly	publicly	ADV
easat-10590	121	9	traded	trade	VERB
easat-10590	121	10	companies	company	NOUN
easat-10590	121	11	in	in	ADP
easat-10590	121	12	major	major	ADJ
easat-10590	121	13	exchanges	exchange	NOUN
easat-10590	121	14	such	such	ADJ
easat-10590	121	15	as	as	ADP
easat-10590	121	16	the	the	DET
easat-10590	121	17	nyse	nyse	PROPN
easat-10590	121	18	,	,	PUNCT
easat-10590	121	19	nasdaq	nasdaq	PROPN
easat-10590	121	20	,	,	PUNCT
easat-10590	121	21	toronto	toronto	PROPN
easat-10590	121	22	stock	stock	PROPN
easat-10590	121	23	exchange	exchange	PROPN
easat-10590	121	24	(	(	PUNCT
easat-10590	121	25	tsx	tsx	PROPN
easat-10590	121	26	)	)	PUNCT
easat-10590	121	27	,	,	PUNCT
easat-10590	121	28	london	london	PROPN
easat-10590	121	29	stock	stock	PROPN
easat-10590	121	30	exchange	exchange	PROPN
easat-10590	121	31	(	(	PUNCT
easat-10590	121	32	lse	lse	PROPN
easat-10590	121	33	)	)	PUNCT
easat-10590	121	34	,	,	PUNCT
easat-10590	121	35	euronext	euronext	PROPN
easat-10590	121	36	,	,	PUNCT
easat-10590	121	37	deutsche	deutsche	X
easat-10590	121	38	börse	börse	NOUN
easat-10590	121	39	,	,	PUNCT
easat-10590	121	40	six	six	NUM
easat-10590	121	41	swiss	swiss	ADJ
easat-10590	121	42	exchange	exchange	NOUN
easat-10590	121	43	,	,	PUNCT
easat-10590	121	44	shanghai	shanghai	PROPN
easat-10590	121	45	stock	stock	PROPN
easat-10590	121	46	exchange	exchange	PROPN
easat-10590	121	47	(	(	PUNCT
easat-10590	121	48	sse	sse	PROPN
easat-10590	121	49	)	)	PUNCT
easat-10590	121	50	,	,	PUNCT
easat-10590	121	51	hong	hong	PROPN
easat-10590	121	52	kong	kong	PROPN
easat-10590	121	53	exchange	exchange	PROPN
easat-10590	121	54	(	(	PUNCT
easat-10590	121	55	hkex	hkex	ADJ
easat-10590	121	56	)	)	PUNCT
easat-10590	121	57	,	,	PUNCT
easat-10590	121	58	australian	australian	ADJ
easat-10590	121	59	securities	security	NOUN
easat-10590	121	60	exchange	exchange	NOUN
easat-10590	121	61	(	(	PUNCT
easat-10590	121	62	asx	asx	NOUN
easat-10590	121	63	)	)	PUNCT
easat-10590	121	64	,	,	PUNCT
easat-10590	121	65	and	and	CCONJ
easat-10590	121	66	tokyo	tokyo	PROPN
easat-10590	121	67	stock	stock	NOUN
easat-10590	121	68	exchange	exchange	PROPN
easat-10590	121	69	(	(	PUNCT
easat-10590	121	70	tse	tse	PROPN
easat-10590	121	71	)	)	PUNCT
easat-10590	121	72	.	.	PUNCT
easat-10590	122	1	2.2.1.1	2.2.1.1	NUM
easat-10590	122	2	.	.	PUNCT
easat-10590	122	3	central	central	ADJ
easat-10590	122	4	features	feature	NOUN
easat-10590	122	5	of	of	ADP
easat-10590	122	6	the	the	DET
easat-10590	122	7	sample	sample	NOUN
easat-10590	122	8	geographic	geographic	ADJ
easat-10590	122	9	distribution	distribution	NOUN
easat-10590	122	10	:	:	PUNCT
easat-10590	122	11	the	the	DET
easat-10590	122	12	data	data	NOUN
easat-10590	122	13	is	be	AUX
easat-10590	122	14	equally	equally	ADV
easat-10590	122	15	distributed	distribute	VERB
easat-10590	122	16	among	among	ADP
easat-10590	122	17	firms	firm	NOUN
easat-10590	122	18	located	locate	VERB
easat-10590	122	19	in	in	ADP
easat-10590	122	20	north	north	PROPN
easat-10590	122	21	america	america	PROPN
easat-10590	122	22	(	(	PUNCT
easat-10590	122	23	480	480	NUM
easat-10590	122	24	)	)	PUNCT
easat-10590	122	25	,	,	PUNCT
easat-10590	122	26	europe	europe	PROPN
easat-10590	122	27	(	(	PUNCT
easat-10590	122	28	410	410	NUM
easat-10590	122	29	)	)	PUNCT
easat-10590	122	30	,	,	PUNCT
easat-10590	122	31	and	and	CCONJ
easat-10590	122	32	asia	asia	PROPN
easat-10590	122	33	-	-	PUNCT
easat-10590	122	34	pacific	pacific	PROPN
easat-10590	122	35	(	(	PUNCT
easat-10590	122	36	346	346	NUM
easat-10590	122	37	)	)	PUNCT
easat-10590	122	38	.	.	PUNCT
easat-10590	123	1	esg	esg	NOUN
easat-10590	123	2	rating	rating	NOUN
easat-10590	123	3	:	:	PUNCT
easat-10590	123	4	every	every	DET
easat-10590	123	5	company	company	NOUN
easat-10590	123	6	has	have	VERB
easat-10590	123	7	its	its	PRON
easat-10590	123	8	yearly	yearly	ADJ
easat-10590	123	9	esg	esg	NOUN
easat-10590	123	10	scores	score	NOUN
easat-10590	123	11	provided	provide	VERB
easat-10590	123	12	by	by	ADP
easat-10590	123	13	at	at	ADV
easat-10590	123	14	least	least	ADJ
easat-10590	123	15	one	one	NUM
easat-10590	123	16	of	of	ADP
easat-10590	123	17	the	the	DET
easat-10590	123	18	three	three	NUM
easat-10590	123	19	rating	rating	NOUN
easat-10590	123	20	companies	company	NOUN
easat-10590	123	21	:	:	PUNCT
easat-10590	123	22	msci	msci	PROPN
easat-10590	123	23	esg	esg	PROPN
easat-10590	123	24	ratings	rating	NOUN
easat-10590	123	25	,	,	PUNCT
easat-10590	123	26	sustainalytics	sustainalytic	NOUN
easat-10590	123	27	,	,	PUNCT
easat-10590	123	28	or	or	CCONJ
easat-10590	123	29	refinitiv	refinitiv	PROPN
easat-10590	123	30	esg	esg	PROPN
easat-10590	123	31	,	,	PUNCT
easat-10590	123	32	to	to	PART
easat-10590	123	33	determine	determine	VERB
easat-10590	123	34	sustainability	sustainability	NOUN
easat-10590	123	35	performance	performance	NOUN
easat-10590	123	36	between	between	ADP
easat-10590	123	37	2019	2019	NUM
easat-10590	123	38	and	and	CCONJ
easat-10590	123	39	2024	2024	NUM
easat-10590	123	40	.	.	PUNCT
easat-10590	124	1	exclusion	exclusion	NOUN
easat-10590	124	2	criteria	criterion	NOUN
easat-10590	124	3	:	:	PUNCT
easat-10590	124	4	companies	company	NOUN
easat-10590	124	5	falling	fall	VERB
easat-10590	124	6	under	under	ADP
easat-10590	124	7	financials	financial	NOUN
easat-10590	124	8	and	and	CCONJ
easat-10590	124	9	utilities	utility	NOUN
easat-10590	124	10	were	be	AUX
easat-10590	124	11	eliminated	eliminate	VERB
easat-10590	124	12	since	since	SCONJ
easat-10590	124	13	their	their	PRON
easat-10590	124	14	capital	capital	NOUN
easat-10590	124	15	structures	structure	NOUN
easat-10590	124	16	are	be	AUX
easat-10590	124	17	divergent	divergent	ADJ
easat-10590	124	18	.	.	PUNCT
easat-10590	125	1	also	also	ADV
easat-10590	125	2	,	,	PUNCT
easat-10590	125	3	companies	company	NOUN
easat-10590	125	4	with	with	ADP
easat-10590	125	5	anomalies	anomaly	NOUN
easat-10590	125	6	in	in	ADP
easat-10590	125	7	financial	financial	ADJ
easat-10590	125	8	reporting	reporting	NOUN
easat-10590	125	9	,	,	PUNCT
easat-10590	125	10	extreme	extreme	ADJ
easat-10590	125	11	outliers	outlier	NOUN
easat-10590	125	12	,	,	PUNCT
easat-10590	125	13	or	or	CCONJ
easat-10590	125	14	missing	miss	VERB
easat-10590	125	15	values	value	NOUN
easat-10590	125	16	were	be	AUX
easat-10590	125	17	eliminated	eliminate	VERB
easat-10590	125	18	from	from	ADP
easat-10590	125	19	the	the	DET
easat-10590	125	20	sample	sample	NOUN
easat-10590	125	21	.	.	PUNCT
easat-10590	126	1	1026	1026	NUM
easat-10590	126	2	edelweiss	edelweiss	PROPN
easat-10590	126	3	applied	apply	VERB
easat-10590	126	4	science	science	NOUN
easat-10590	126	5	and	and	CCONJ
easat-10590	126	6	technology	technology	NOUN
easat-10590	126	7	issn	issn	PROPN
easat-10590	126	8	:	:	PUNCT
easat-10590	126	9	2576	2576	NUM
easat-10590	126	10	-	-	SYM
easat-10590	126	11	8484	8484	NUM
easat-10590	126	12	vol	vol	NOUN
easat-10590	126	13	.	.	PROPN
easat-10590	127	1	9	9	NUM
easat-10590	127	2	,	,	PUNCT
easat-10590	127	3	no	no	INTJ
easat-10590	127	4	.	.	NOUN
easat-10590	127	5	10	10	NUM
easat-10590	127	6	:	:	PUNCT
easat-10590	127	7	1021	1021	NUM
easat-10590	127	8	-	-	SYM
easat-10590	127	9	1041	1041	NUM
easat-10590	127	10	,	,	PUNCT
easat-10590	127	11	2025	2025	NUM
easat-10590	127	12	doi	doi	NOUN
easat-10590	127	13	:	:	PUNCT
easat-10590	127	14	10.55214/2576	10.55214/2576	NUM
easat-10590	127	15	-	-	SYM
easat-10590	127	16	8484.v9i10.10590	8484.v9i10.10590	NUM
easat-10590	127	17	©	©	ADP
easat-10590	127	18	2025	2025	NUM
easat-10590	127	19	by	by	ADP
easat-10590	127	20	the	the	DET
easat-10590	127	21	author	author	NOUN
easat-10590	127	22	;	;	PUNCT
easat-10590	127	23	licensee	licensee	PROPN
easat-10590	127	24	learning	learning	PROPN
easat-10590	127	25	gate	gate	PROPN
easat-10590	127	26	esg	esg	PROPN
easat-10590	127	27	performance	performance	NOUN
easat-10590	127	28	data	datum	NOUN
easat-10590	127	29	:	:	PUNCT
easat-10590	127	30	the	the	DET
easat-10590	127	31	data	data	NOUN
easat-10590	127	32	comes	come	VERB
easat-10590	127	33	from	from	ADP
easat-10590	127	34	three	three	NUM
easat-10590	127	35	leading	lead	VERB
easat-10590	127	36	rating	rating	NOUN
easat-10590	127	37	agencies	agency	NOUN
easat-10590	127	38	:	:	PUNCT
easat-10590	127	39	msci	msci	PROPN
easat-10590	127	40	esg	esg	PROPN
easat-10590	127	41	ratings	rating	NOUN
easat-10590	127	42	,	,	PUNCT
easat-10590	127	43	sustainalytics	sustainalytic	NOUN
easat-10590	127	44	,	,	PUNCT
easat-10590	127	45	and	and	CCONJ
easat-10590	127	46	refinitiv	refinitiv	PROPN
easat-10590	127	47	esg	esg	PROPN
easat-10590	127	48	.	.	PUNCT
easat-10590	128	1	to	to	PART
easat-10590	128	2	generate	generate	VERB
easat-10590	128	3	an	an	DET
easat-10590	128	4	annual	annual	ADJ
easat-10590	128	5	report	report	NOUN
easat-10590	128	6	of	of	ADP
easat-10590	128	7	company	company	NOUN
easat-10590	128	8	sustainability	sustainability	NOUN
easat-10590	128	9	,	,	PUNCT
easat-10590	128	10	these	these	DET
easat-10590	128	11	companies	company	NOUN
easat-10590	128	12	use	use	VERB
easat-10590	128	13	a	a	DET
easat-10590	128	14	process	process	NOUN
easat-10590	128	15	that	that	PRON
easat-10590	128	16	relies	rely	VERB
easat-10590	128	17	on	on	ADP
easat-10590	128	18	firm	firm	ADJ
easat-10590	128	19	disclosures	disclosure	NOUN
easat-10590	128	20	,	,	PUNCT
easat-10590	128	21	regulatory	regulatory	ADJ
easat-10590	128	22	and	and	CCONJ
easat-10590	128	23	media	medium	NOUN
easat-10590	128	24	coverage	coverage	NOUN
easat-10590	128	25	,	,	PUNCT
easat-10590	128	26	and	and	CCONJ
easat-10590	128	27	reports	report	NOUN
easat-10590	128	28	from	from	ADP
easat-10590	128	29	third	third	ADJ
easat-10590	128	30	parties	party	NOUN
easat-10590	128	31	.	.	PUNCT
easat-10590	129	1	to	to	PART
easat-10590	129	2	make	make	VERB
easat-10590	129	3	scores	score	NOUN
easat-10590	129	4	from	from	ADP
easat-10590	129	5	different	different	ADJ
easat-10590	129	6	organizations	organization	NOUN
easat-10590	129	7	similar	similar	ADJ
easat-10590	129	8	,	,	PUNCT
easat-10590	129	9	companies	company	NOUN
easat-10590	129	10	’	'	PUNCT
easat-10590	129	11	esg	esg	PROPN
easat-10590	129	12	scores	score	NOUN
easat-10590	129	13	are	be	AUX
easat-10590	129	14	rescaled	rescale	VERB
easat-10590	129	15	to	to	AUX
easat-10590	129	16	0–100	0–100	PROPN
easat-10590	129	17	and	and	CCONJ
easat-10590	129	18	averaged	average	VERB
easat-10590	129	19	to	to	PART
easat-10590	129	20	give	give	VERB
easat-10590	129	21	the	the	DET
easat-10590	129	22	main	main	ADJ
easat-10590	129	23	company	company	NOUN
easat-10590	129	24	sustainability	sustainability	NOUN
easat-10590	129	25	rating	rating	NOUN
easat-10590	129	26	,	,	PUNCT
easat-10590	129	27	plus	plus	CCONJ
easat-10590	129	28	split	split	VERB
easat-10590	129	29	ratings	rating	NOUN
easat-10590	129	30	for	for	ADP
easat-10590	129	31	environmental	environmental	ADJ
easat-10590	129	32	,	,	PUNCT
easat-10590	129	33	social	social	ADJ
easat-10590	129	34	,	,	PUNCT
easat-10590	129	35	and	and	CCONJ
easat-10590	129	36	governance	governance	NOUN
easat-10590	129	37	factors	factor	NOUN
easat-10590	129	38	[	[	X
easat-10590	129	39	28	28	NUM
easat-10590	129	40	]	]	PUNCT
easat-10590	129	41	.	.	PUNCT
easat-10590	130	1	financial	financial	ADJ
easat-10590	130	2	data	datum	NOUN
easat-10590	130	3	:	:	PUNCT
easat-10590	130	4	the	the	DET
easat-10590	130	5	financial	financial	ADJ
easat-10590	130	6	information	information	NOUN
easat-10590	130	7	of	of	ADP
easat-10590	130	8	an	an	DET
easat-10590	130	9	agriculture	agriculture	NOUN
easat-10590	130	10	firm	firm	NOUN
easat-10590	130	11	that	that	PRON
easat-10590	130	12	we	we	PRON
easat-10590	130	13	use	use	VERB
easat-10590	130	14	to	to	PART
easat-10590	130	15	calculate	calculate	VERB
easat-10590	130	16	wacc	wacc	PROPN
easat-10590	130	17	and	and	CCONJ
easat-10590	130	18	other	other	ADJ
easat-10590	130	19	factors	factor	NOUN
easat-10590	130	20	is	be	AUX
easat-10590	130	21	taken	take	VERB
easat-10590	130	22	from	from	ADP
easat-10590	130	23	bloomberg	bloomberg	PROPN
easat-10590	130	24	professional	professional	PROPN
easat-10590	130	25	and	and	CCONJ
easat-10590	130	26	thomson	thomson	PROPN
easat-10590	130	27	reuters	reuters	PROPN
easat-10590	130	28	eikon	eikon	PROPN
easat-10590	130	29	databases	database	NOUN
easat-10590	130	30	.	.	PUNCT
easat-10590	131	1	it	it	PRON
easat-10590	131	2	means	mean	VERB
easat-10590	131	3	you	you	PRON
easat-10590	131	4	use	use	VERB
easat-10590	131	5	information	information	NOUN
easat-10590	131	6	from	from	ADP
easat-10590	131	7	the	the	DET
easat-10590	131	8	balance	balance	NOUN
easat-10590	131	9	sheet	sheet	NOUN
easat-10590	131	10	,	,	PUNCT
easat-10590	131	11	income	income	NOUN
easat-10590	131	12	,	,	PUNCT
easat-10590	131	13	and	and	CCONJ
easat-10590	131	14	cash	cash	NOUN
easat-10590	131	15	flow	flow	NOUN
easat-10590	131	16	statements	statement	NOUN
easat-10590	131	17	such	such	ADJ
easat-10590	131	18	as	as	ADP
easat-10590	131	19	total	total	ADJ
easat-10590	131	20	assets	asset	NOUN
easat-10590	131	21	,	,	PUNCT
easat-10590	131	22	total	total	ADJ
easat-10590	131	23	debt	debt	NOUN
easat-10590	131	24	,	,	PUNCT
easat-10590	131	25	stocks	stock	NOUN
easat-10590	131	26	,	,	PUNCT
easat-10590	131	27	and	and	CCONJ
easat-10590	131	28	equity	equity	NOUN
easat-10590	131	29	market	market	NOUN
easat-10590	131	30	capitalization	capitalization	NOUN
easat-10590	131	31	,	,	PUNCT
easat-10590	131	32	shares	share	NOUN
easat-10590	131	33	outstanding	outstanding	ADJ
easat-10590	131	34	,	,	PUNCT
easat-10590	131	35	interest	interest	NOUN
easat-10590	131	36	paid	pay	VERB
easat-10590	131	37	,	,	PUNCT
easat-10590	131	38	and	and	CCONJ
easat-10590	131	39	profit	profit	NOUN
easat-10590	132	1	[	[	X
easat-10590	132	2	29	29	NUM
easat-10590	132	3	]	]	PUNCT
easat-10590	132	4	.	.	PUNCT
easat-10590	133	1	macroeconomic	macroeconomic	ADJ
easat-10590	133	2	and	and	CCONJ
easat-10590	133	3	market	market	NOUN
easat-10590	133	4	data	datum	NOUN
easat-10590	133	5	:	:	PUNCT
easat-10590	133	6	gdp	gdp	NOUN
easat-10590	133	7	growth	growth	NOUN
easat-10590	133	8	,	,	PUNCT
easat-10590	133	9	inflation	inflation	NOUN
easat-10590	133	10	,	,	PUNCT
easat-10590	133	11	and	and	CCONJ
easat-10590	133	12	yields	yield	NOUN
easat-10590	133	13	on	on	ADP
easat-10590	133	14	bonds	bond	NOUN
easat-10590	133	15	issued	issue	VERB
easat-10590	133	16	by	by	ADP
easat-10590	133	17	governments	government	NOUN
easat-10590	133	18	come	come	VERB
easat-10590	133	19	from	from	ADP
easat-10590	133	20	gathering	gather	VERB
easat-10590	133	21	data	datum	NOUN
easat-10590	133	22	at	at	ADP
easat-10590	133	23	the	the	DET
easat-10590	133	24	world	world	PROPN
easat-10590	133	25	bank	bank	PROPN
easat-10590	133	26	,	,	PUNCT
easat-10590	133	27	international	international	ADJ
easat-10590	133	28	monetary	monetary	ADJ
easat-10590	133	29	fund	fund	NOUN
easat-10590	133	30	(	(	PUNCT
easat-10590	133	31	imf	imf	PROPN
easat-10590	133	32	)	)	PUNCT
easat-10590	133	33	,	,	PUNCT
easat-10590	133	34	and	and	CCONJ
easat-10590	133	35	organization	organization	NOUN
easat-10590	133	36	for	for	ADP
easat-10590	133	37	economic	economic	ADJ
easat-10590	133	38	cooperation	cooperation	NOUN
easat-10590	133	39	and	and	CCONJ
easat-10590	133	40	development	development	NOUN
easat-10590	133	41	(	(	PUNCT
easat-10590	133	42	oecd	oecd	PROPN
easat-10590	133	43	)	)	PUNCT
easat-10590	133	44	.	.	PUNCT
easat-10590	134	1	in	in	ADP
easat-10590	134	2	addition	addition	NOUN
easat-10590	134	3	,	,	PUNCT
easat-10590	134	4	key	key	ADJ
easat-10590	134	5	figures	figure	NOUN
easat-10590	134	6	considering	consider	VERB
easat-10590	134	7	the	the	DET
easat-10590	134	8	effectiveness	effectiveness	NOUN
easat-10590	134	9	of	of	ADP
easat-10590	134	10	sustainability	sustainability	NOUN
easat-10590	134	11	laws	law	NOUN
easat-10590	134	12	are	be	AUX
easat-10590	134	13	pulled	pull	VERB
easat-10590	134	14	from	from	ADP
easat-10590	134	15	unique	unique	ADJ
easat-10590	134	16	data	datum	NOUN
easat-10590	134	17	sources	source	NOUN
easat-10590	134	18	focused	focus	VERB
easat-10590	134	19	on	on	ADP
easat-10590	134	20	worldwide	worldwide	ADV
easat-10590	134	21	environmental	environmental	ADJ
easat-10590	134	22	and	and	CCONJ
easat-10590	134	23	social	social	ADJ
easat-10590	134	24	regulations	regulation	NOUN
easat-10590	134	25	[	[	X
easat-10590	134	26	30	30	NUM
easat-10590	134	27	]	]	PUNCT
easat-10590	134	28	.	.	PUNCT
easat-10590	135	1	2.2.2	2.2.2	X
easat-10590	135	2	.	.	PUNCT
easat-10590	135	3	sample	sample	NOUN
easat-10590	135	4	selection	selection	NOUN
easat-10590	135	5	criteria	criterion	NOUN
easat-10590	135	6	to	to	PART
easat-10590	135	7	start	start	VERB
easat-10590	135	8	,	,	PUNCT
easat-10590	135	9	all	all	DET
easat-10590	135	10	publicly	publicly	ADV
easat-10590	135	11	traded	trade	VERB
easat-10590	135	12	agriculture	agriculture	NOUN
easat-10590	135	13	companies	company	NOUN
easat-10590	135	14	from	from	ADP
easat-10590	135	15	leading	lead	VERB
easat-10590	135	16	exchanges	exchange	NOUN
easat-10590	135	17	in	in	ADP
easat-10590	135	18	three	three	NUM
easat-10590	135	19	geographic	geographic	ADJ
easat-10590	135	20	regions	region	NOUN
easat-10590	135	21	are	be	AUX
easat-10590	135	22	included	include	VERB
easat-10590	135	23	in	in	ADP
easat-10590	135	24	the	the	DET
easat-10590	135	25	initial	initial	ADJ
easat-10590	135	26	sample	sample	NOUN
easat-10590	135	27	frame	frame	NOUN
easat-10590	135	28	:	:	PUNCT
easat-10590	135	29	•	•	NUM
easat-10590	135	30	north	north	PROPN
easat-10590	135	31	america	america	PROPN
easat-10590	135	32	:	:	PUNCT
easat-10590	135	33	including	include	VERB
easat-10590	135	34	agriculture	agriculture	NOUN
easat-10590	135	35	company	company	NOUN
easat-10590	135	36	in	in	ADP
easat-10590	135	37	nyse	nyse	PROPN
easat-10590	135	38	,	,	PUNCT
easat-10590	135	39	nasdaq	nasdaq	PROPN
easat-10590	135	40	,	,	PUNCT
easat-10590	135	41	and	and	CCONJ
easat-10590	135	42	toronto	toronto	PROPN
easat-10590	135	43	stock	stock	PROPN
easat-10590	135	44	exchange	exchange	PROPN
easat-10590	135	45	(	(	PUNCT
easat-10590	135	46	tsx	tsx	PROPN
easat-10590	135	47	)	)	PUNCT
easat-10590	135	48	.	.	PUNCT
easat-10590	136	1	•	•	NUM
easat-10590	136	2	europe	europe	PROPN
easat-10590	136	3	:	:	PUNCT
easat-10590	136	4	including	include	VERB
easat-10590	136	5	agricultural	agricultural	ADJ
easat-10590	136	6	enterprises	enterprise	NOUN
easat-10590	136	7	in	in	ADP
easat-10590	136	8	the	the	DET
easat-10590	136	9	london	london	PROPN
easat-10590	136	10	stock	stock	NOUN
easat-10590	136	11	exchange	exchange	PROPN
easat-10590	136	12	(	(	PUNCT
easat-10590	136	13	lse	lse	PROPN
easat-10590	136	14	)	)	PUNCT
easat-10590	136	15	,	,	PUNCT
easat-10590	136	16	euronext	euronext	PROPN
easat-10590	136	17	,	,	PUNCT
easat-10590	136	18	deutsche	deutsche	X
easat-10590	136	19	börse	börse	NOUN
easat-10590	136	20	,	,	PUNCT
easat-10590	136	21	and	and	CCONJ
easat-10590	136	22	six	six	NUM
easat-10590	136	23	swiss	swiss	ADJ
easat-10590	136	24	exchange	exchange	NOUN
easat-10590	136	25	.	.	PUNCT
easat-10590	137	1	•	•	NUM
easat-10590	137	2	asia	asia	PROPN
easat-10590	137	3	-	-	PUNCT
easat-10590	137	4	pacific	pacific	PROPN
easat-10590	137	5	:	:	PUNCT
easat-10590	137	6	including	include	VERB
easat-10590	137	7	agricultural	agricultural	ADJ
easat-10590	137	8	enterprises	enterprise	NOUN
easat-10590	137	9	in	in	ADP
easat-10590	137	10	the	the	DET
easat-10590	137	11	shanghai	shanghai	PROPN
easat-10590	137	12	stock	stock	PROPN
easat-10590	137	13	exchange	exchange	PROPN
easat-10590	137	14	(	(	PUNCT
easat-10590	137	15	sse	sse	PROPN
easat-10590	137	16	)	)	PUNCT
easat-10590	137	17	,	,	PUNCT
easat-10590	137	18	hong	hong	PROPN
easat-10590	137	19	kong	kong	PROPN
easat-10590	137	20	exchange	exchange	PROPN
easat-10590	137	21	(	(	PUNCT
easat-10590	137	22	hkex	hkex	ADJ
easat-10590	137	23	)	)	PUNCT
easat-10590	137	24	,	,	PUNCT
easat-10590	137	25	australian	australian	ADJ
easat-10590	137	26	securities	security	NOUN
easat-10590	137	27	exchange	exchange	NOUN
easat-10590	137	28	(	(	PUNCT
easat-10590	137	29	asx	asx	NOUN
easat-10590	137	30	)	)	PUNCT
easat-10590	137	31	,	,	PUNCT
easat-10590	137	32	and	and	CCONJ
easat-10590	137	33	tokyo	tokyo	PROPN
easat-10590	137	34	stock	stock	NOUN
easat-10590	137	35	exchange	exchange	PROPN
easat-10590	137	36	(	(	PUNCT
easat-10590	137	37	tse	tse	PROPN
easat-10590	137	38	)	)	PUNCT
easat-10590	137	39	.	.	PUNCT
easat-10590	138	1	below	below	ADV
easat-10590	138	2	is	be	AUX
easat-10590	138	3	the	the	DET
easat-10590	138	4	selection	selection	NOUN
easat-10590	138	5	criteria	criterion	NOUN
easat-10590	138	6	:	:	PUNCT
easat-10590	138	7	•	•	NUM
easat-10590	138	8	firms	firm	NOUN
easat-10590	138	9	must	must	AUX
easat-10590	138	10	have	have	VERB
easat-10590	138	11	available	available	ADJ
easat-10590	138	12	esg	esg	PROPN
easat-10590	138	13	scores	score	NOUN
easat-10590	138	14	from	from	ADP
easat-10590	138	15	at	at	ADV
easat-10590	138	16	least	least	ADJ
easat-10590	138	17	one	one	NUM
easat-10590	138	18	of	of	ADP
easat-10590	138	19	the	the	DET
easat-10590	138	20	aforementioned	aforementioned	ADJ
easat-10590	138	21	rating	rating	NOUN
easat-10590	138	22	agencies	agency	NOUN
easat-10590	138	23	for	for	ADP
easat-10590	138	24	each	each	DET
easat-10590	138	25	year	year	NOUN
easat-10590	138	26	between	between	ADP
easat-10590	138	27	2019	2019	NUM
easat-10590	138	28	and	and	CCONJ
easat-10590	138	29	2024	2024	NUM
easat-10590	138	30	.	.	PUNCT
easat-10590	139	1	•	•	NUM
easat-10590	139	2	complete	complete	ADJ
easat-10590	139	3	financial	financial	ADJ
easat-10590	139	4	data	datum	NOUN
easat-10590	139	5	necessary	necessary	ADJ
easat-10590	139	6	for	for	SCONJ
easat-10590	139	7	wacc	wacc	PROPN
easat-10590	139	8	computation	computation	NOUN
easat-10590	139	9	must	must	AUX
easat-10590	139	10	be	be	AUX
easat-10590	139	11	available	available	ADJ
easat-10590	139	12	for	for	ADP
easat-10590	139	13	all	all	DET
easat-10590	139	14	years	year	NOUN
easat-10590	139	15	in	in	ADP
easat-10590	139	16	the	the	DET
easat-10590	139	17	sample	sample	NOUN
easat-10590	139	18	period	period	NOUN
easat-10590	139	19	.	.	PUNCT
easat-10590	140	1	•	•	NUM
easat-10590	140	2	financial	financial	ADJ
easat-10590	140	3	firms	firm	NOUN
easat-10590	140	4	and	and	CCONJ
easat-10590	140	5	utilities	utility	NOUN
easat-10590	140	6	are	be	AUX
easat-10590	140	7	excluded	exclude	VERB
easat-10590	140	8	due	due	ADP
easat-10590	140	9	to	to	ADP
easat-10590	140	10	their	their	PRON
easat-10590	140	11	distinct	distinct	ADJ
easat-10590	140	12	capital	capital	NOUN
easat-10590	140	13	structures	structure	NOUN
easat-10590	140	14	and	and	CCONJ
easat-10590	140	15	regulatory	regulatory	ADJ
easat-10590	140	16	environments	environment	NOUN
easat-10590	140	17	,	,	PUNCT
easat-10590	140	18	which	which	PRON
easat-10590	140	19	could	could	AUX
easat-10590	140	20	bias	bias	VERB
easat-10590	140	21	results	result	NOUN
easat-10590	140	22	.	.	PUNCT
easat-10590	141	1	•	•	NUM
easat-10590	141	2	firms	firm	NOUN
easat-10590	141	3	exhibiting	exhibit	VERB
easat-10590	141	4	significant	significant	ADJ
easat-10590	141	5	anomalies	anomaly	NOUN
easat-10590	141	6	in	in	ADP
easat-10590	141	7	financial	financial	ADJ
easat-10590	141	8	reporting	reporting	NOUN
easat-10590	141	9	,	,	PUNCT
easat-10590	141	10	such	such	ADJ
easat-10590	141	11	as	as	ADP
easat-10590	141	12	extreme	extreme	ADJ
easat-10590	141	13	outliers	outlier	NOUN
easat-10590	141	14	in	in	ADP
easat-10590	141	15	leverage	leverage	NOUN
easat-10590	141	16	or	or	CCONJ
easat-10590	141	17	profitability	profitability	NOUN
easat-10590	141	18	,	,	PUNCT
easat-10590	141	19	or	or	CCONJ
easat-10590	141	20	those	those	PRON
easat-10590	141	21	with	with	ADP
easat-10590	141	22	missing	miss	VERB
easat-10590	141	23	data	datum	NOUN
easat-10590	141	24	,	,	PUNCT
easat-10590	141	25	are	be	AUX
easat-10590	141	26	removed	remove	VERB
easat-10590	141	27	.	.	PUNCT
easat-10590	142	1	•	•	NUM
easat-10590	142	2	firms	firm	NOUN
easat-10590	142	3	delisted	delist	VERB
easat-10590	142	4	or	or	CCONJ
easat-10590	142	5	undergoing	undergo	VERB
easat-10590	142	6	mergers	merger	NOUN
easat-10590	142	7	during	during	ADP
easat-10590	142	8	the	the	DET
easat-10590	142	9	sample	sample	NOUN
easat-10590	142	10	period	period	NOUN
easat-10590	142	11	are	be	AUX
easat-10590	142	12	excluded	exclude	VERB
easat-10590	142	13	to	to	PART
easat-10590	142	14	maintain	maintain	VERB
easat-10590	142	15	consistency	consistency	NOUN
easat-10590	142	16	.	.	PUNCT
easat-10590	143	1	according	accord	VERB
easat-10590	143	2	to	to	ADP
easat-10590	143	3	these	these	DET
easat-10590	143	4	standards	standard	NOUN
easat-10590	143	5	,	,	PUNCT
easat-10590	143	6	the	the	DET
easat-10590	143	7	final	final	ADJ
easat-10590	143	8	dataset	dataset	NOUN
easat-10590	143	9	includes	include	VERB
easat-10590	143	10	1,236	1,236	NUM
easat-10590	143	11	firms	firm	NOUN
easat-10590	143	12	,	,	PUNCT
easat-10590	143	13	with	with	ADP
easat-10590	143	14	480	480	NUM
easat-10590	143	15	in	in	ADP
easat-10590	143	16	north	north	PROPN
easat-10590	143	17	america	america	PROPN
easat-10590	143	18	,	,	PUNCT
easat-10590	143	19	410	410	NUM
easat-10590	143	20	in	in	ADP
easat-10590	143	21	europe	europe	PROPN
easat-10590	143	22	,	,	PUNCT
easat-10590	143	23	and	and	CCONJ
easat-10590	143	24	346	346	NUM
easat-10590	143	25	in	in	ADP
easat-10590	143	26	asia	asia	PROPN
easat-10590	143	27	-	-	PUNCT
easat-10590	143	28	pacific	pacific	PROPN
easat-10590	143	29	.	.	PUNCT
easat-10590	144	1	2.3	2.3	NUM
easat-10590	144	2	.	.	PUNCT
easat-10590	144	3	variables	variable	NOUN
easat-10590	144	4	and	and	CCONJ
easat-10590	144	5	measurement	measurement	NOUN
easat-10590	144	6	2.3.1	2.3.1	NUM
easat-10590	144	7	.	.	PUNCT
easat-10590	145	1	dependent	dependent	ADJ
easat-10590	145	2	variable	variable	NOUN
easat-10590	145	3	:	:	PUNCT
easat-10590	145	4	weighted	weight	VERB
easat-10590	145	5	average	average	ADJ
easat-10590	145	6	cost	cost	NOUN
easat-10590	145	7	of	of	ADP
easat-10590	145	8	capital	capital	NOUN
easat-10590	145	9	(	(	PUNCT
easat-10590	145	10	wacc	wacc	PROPN
easat-10590	145	11	)	)	PUNCT
easat-10590	145	12	the	the	DET
easat-10590	145	13	key	key	ADJ
easat-10590	145	14	factor	factor	NOUN
easat-10590	145	15	we	we	PRON
easat-10590	145	16	explore	explore	VERB
easat-10590	145	17	in	in	ADP
easat-10590	145	18	this	this	DET
easat-10590	145	19	analysis	analysis	NOUN
easat-10590	145	20	is	be	AUX
easat-10590	145	21	the	the	DET
easat-10590	145	22	weighted	weighted	ADJ
easat-10590	145	23	average	average	ADJ
easat-10590	145	24	cost	cost	NOUN
easat-10590	145	25	of	of	ADP
easat-10590	145	26	capital	capital	NOUN
easat-10590	145	27	(	(	PUNCT
easat-10590	145	28	wacc	wacc	PROPN
easat-10590	145	29	)	)	PUNCT
easat-10590	145	30	for	for	ADP
easat-10590	145	31	the	the	DET
easat-10590	145	32	firm	firm	NOUN
easat-10590	145	33	,	,	PUNCT
easat-10590	145	34	which	which	PRON
easat-10590	145	35	shows	show	VERB
easat-10590	145	36	the	the	DET
easat-10590	145	37	average	average	ADJ
easat-10590	145	38	cost	cost	NOUN
easat-10590	145	39	of	of	ADP
easat-10590	145	40	both	both	DET
easat-10590	145	41	debt	debt	NOUN
easat-10590	145	42	and	and	CCONJ
easat-10590	145	43	equity	equity	NOUN
easat-10590	145	44	funding	funding	NOUN
easat-10590	145	45	the	the	DET
easat-10590	145	46	company	company	NOUN
easat-10590	145	47	has	have	AUX
easat-10590	145	48	taken	take	VERB
easat-10590	145	49	.	.	PUNCT
easat-10590	146	1	wacc	wacc	PROPN
easat-10590	146	2	is	be	AUX
easat-10590	146	3	calculated	calculate	VERB
easat-10590	146	4	annually	annually	ADV
easat-10590	146	5	for	for	ADP
easat-10590	146	6	each	each	DET
easat-10590	146	7	firm	firm	NOUN
easat-10590	146	8	using	use	VERB
easat-10590	146	9	the	the	DET
easat-10590	146	10	formula	formula	NOUN
easat-10590	146	11	[	[	X
easat-10590	146	12	31	31	NUM
easat-10590	146	13	]	]	SYM
easat-10590	146	14	:	:	PUNCT
easat-10590	146	15	wacci	wacci	PROPN
easat-10590	146	16	,	,	PUNCT
easat-10590	146	17	t	t	PROPN
easat-10590	146	18	=	=	SYM
easat-10590	146	19	ei	ei	PROPN
easat-10590	146	20	,	,	PUNCT
easat-10590	146	21	t	t	PROPN
easat-10590	146	22	/	/	SYM
easat-10590	146	23	vi	vi	PROPN
easat-10590	146	24	,	,	PUNCT
easat-10590	146	25	t	t	PROPN
easat-10590	146	26	×	×	PROPN
easat-10590	146	27	re	re	ADP
easat-10590	146	28	,	,	PUNCT
easat-10590	146	29	i	i	PRON
easat-10590	146	30	,	,	PUNCT
easat-10590	146	31	t	t	PROPN
easat-10590	146	32	+	+	CCONJ
easat-10590	146	33	di	di	PROPN
easat-10590	146	34	,	,	PUNCT
easat-10590	146	35	t	t	PROPN
easat-10590	146	36	/	/	SYM
easat-10590	146	37	vi	vi	PROPN
easat-10590	146	38	,	,	PUNCT
easat-10590	146	39	t	t	PROPN
easat-10590	146	40	×	×	PROPN
easat-10590	146	41	rd	rd	PROPN
easat-10590	146	42	,	,	PUNCT
easat-10590	146	43	i	i	PRON
easat-10590	146	44	,	,	PUNCT
easat-10590	146	45	t	t	PROPN
easat-10590	146	46	×	×	PROPN
easat-10590	146	47	(	(	PUNCT
easat-10590	146	48	1	1	NUM
easat-10590	146	49	−	−	NOUN
easat-10590	146	50	tc	tc	NOUN
easat-10590	146	51	,	,	PUNCT
easat-10590	146	52	i	i	PRON
easat-10590	146	53	,	,	PUNCT
easat-10590	146	54	t	t	PROPN
easat-10590	146	55	)	)	PUNCT
easat-10590	146	56	where	where	SCONJ
easat-10590	146	57	:	:	PUNCT
easat-10590	146	58	•	•	NUM
easat-10590	146	59	ei	ei	PROPN
easat-10590	146	60	,	,	PUNCT
easat-10590	146	61	t	t	PROPN
easat-10590	146	62	:	:	PUNCT
easat-10590	146	63	the	the	DET
easat-10590	146	64	market	market	NOUN
easat-10590	146	65	value	value	NOUN
easat-10590	146	66	of	of	ADP
easat-10590	146	67	equity	equity	NOUN
easat-10590	146	68	for	for	ADP
easat-10590	146	69	firm	firm	ADJ
easat-10590	146	70	iii	iii	NUM
easat-10590	146	71	at	at	ADP
easat-10590	146	72	time	time	NOUN
easat-10590	146	73	ttt	ttt	PROPN
easat-10590	146	74	is	be	AUX
easat-10590	146	75	approximated	approximate	VERB
easat-10590	146	76	by	by	ADP
easat-10590	146	77	multiplying	multiply	VERB
easat-10590	146	78	the	the	DET
easat-10590	146	79	number	number	NOUN
easat-10590	146	80	of	of	ADP
easat-10590	146	81	shares	share	NOUN
easat-10590	146	82	outstanding	outstanding	ADJ
easat-10590	146	83	by	by	ADP
easat-10590	146	84	the	the	DET
easat-10590	146	85	closing	closing	NOUN
easat-10590	146	86	stock	stock	NOUN
easat-10590	146	87	price	price	NOUN
easat-10590	146	88	.	.	PUNCT
easat-10590	147	1	1027	1027	NUM
easat-10590	147	2	edelweiss	edelweiss	PROPN
easat-10590	147	3	applied	apply	VERB
easat-10590	147	4	science	science	NOUN
easat-10590	147	5	and	and	CCONJ
easat-10590	147	6	technology	technology	NOUN
easat-10590	147	7	issn	issn	PROPN
easat-10590	147	8	:	:	PUNCT
easat-10590	147	9	2576	2576	NUM
easat-10590	147	10	-	-	SYM
easat-10590	147	11	8484	8484	NUM
easat-10590	147	12	vol	vol	NOUN
easat-10590	147	13	.	.	PROPN
easat-10590	148	1	9	9	NUM
easat-10590	148	2	,	,	PUNCT
easat-10590	148	3	no	no	INTJ
easat-10590	148	4	.	.	NOUN
easat-10590	148	5	10	10	NUM
easat-10590	148	6	:	:	PUNCT
easat-10590	148	7	1021	1021	NUM
easat-10590	148	8	-	-	SYM
easat-10590	148	9	1041	1041	NUM
easat-10590	148	10	,	,	PUNCT
easat-10590	148	11	2025	2025	NUM
easat-10590	148	12	doi	doi	NOUN
easat-10590	148	13	:	:	PUNCT
easat-10590	148	14	10.55214/2576	10.55214/2576	NUM
easat-10590	148	15	-	-	SYM
easat-10590	148	16	8484.v9i10.10590	8484.v9i10.10590	NUM
easat-10590	148	17	©	©	ADP
easat-10590	148	18	2025	2025	NUM
easat-10590	148	19	by	by	ADP
easat-10590	148	20	the	the	DET
easat-10590	148	21	author	author	NOUN
easat-10590	148	22	;	;	PUNCT
easat-10590	148	23	licensee	licensee	PROPN
easat-10590	148	24	learning	learning	NOUN
easat-10590	148	25	gate	gate	PROPN
easat-10590	148	26	•	•	PROPN
easat-10590	148	27	di	di	PROPN
easat-10590	148	28	,	,	PUNCT
easat-10590	148	29	t	t	PROPN
easat-10590	148	30	:	:	PUNCT
easat-10590	148	31	book	book	NOUN
easat-10590	148	32	value	value	NOUN
easat-10590	148	33	of	of	ADP
easat-10590	148	34	total	total	ADJ
easat-10590	148	35	debt	debt	NOUN
easat-10590	148	36	for	for	ADP
easat-10590	148	37	firm	firm	ADJ
easat-10590	148	38	iii	iii	NUM
easat-10590	148	39	at	at	ADP
easat-10590	148	40	time	time	NOUN
easat-10590	148	41	ttt	ttt	PROPN
easat-10590	148	42	.	.	PROPN
easat-10590	148	43	•	•	NUM
easat-10590	148	44	vi	vi	PROPN
easat-10590	148	45	,	,	PUNCT
easat-10590	148	46	t	t	PROPN
easat-10590	148	47	:	:	PUNCT
easat-10590	148	48	total	total	ADJ
easat-10590	148	49	value	value	NOUN
easat-10590	148	50	of	of	ADP
easat-10590	148	51	the	the	DET
easat-10590	148	52	firm	firm	NOUN
easat-10590	148	53	.	.	PUNCT
easat-10590	149	1	•	•	NUM
easat-10590	149	2	re	re	PROPN
easat-10590	149	3	,	,	PUNCT
easat-10590	149	4	i	i	PRON
easat-10590	149	5	,	,	PUNCT
easat-10590	149	6	t	t	PROPN
easat-10590	149	7	:	:	PUNCT
easat-10590	150	1	cost	cost	NOUN
easat-10590	150	2	of	of	ADP
easat-10590	150	3	equity	equity	NOUN
easat-10590	150	4	,	,	PUNCT
easat-10590	150	5	estimated	estimate	VERB
easat-10590	150	6	using	use	VERB
easat-10590	150	7	the	the	DET
easat-10590	150	8	capital	capital	NOUN
easat-10590	150	9	asset	asset	NOUN
easat-10590	150	10	pricing	pricing	NOUN
easat-10590	150	11	model	model	NOUN
easat-10590	150	12	(	(	PUNCT
easat-10590	150	13	capm	capm	PROPN
easat-10590	150	14	)	)	PUNCT
easat-10590	150	15	as	as	ADP
easat-10590	150	16	:	:	PUNCT
easat-10590	150	17	𝑟𝑒	𝑟𝑒	NUM
easat-10590	150	18	,	,	PUNCT
easat-10590	150	19	𝑖	𝑖	PRON
easat-10590	150	20	,	,	PUNCT
easat-10590	150	21	𝑡	𝑡	X
easat-10590	150	22	=	=	PUNCT
easat-10590	150	23	𝑟𝑓	𝑟𝑓	PROPN
easat-10590	150	24	+	+	PUNCT
easat-10590	150	25	𝛽𝑖(𝑟𝑚	𝛽𝑖(𝑟𝑚	ADJ
easat-10590	150	26	−	−	PROPN
easat-10590	150	27	𝑟𝑓	𝑟𝑓	NOUN
easat-10590	150	28	)	)	PUNCT
easat-10590	150	29	where	where	SCONJ
easat-10590	150	30	rf	rf	NOUN
easat-10590	150	31	is	be	AUX
easat-10590	150	32	the	the	DET
easat-10590	150	33	risk	risk	NOUN
easat-10590	150	34	-	-	PUNCT
easat-10590	150	35	free	free	ADJ
easat-10590	150	36	rate	rate	NOUN
easat-10590	150	37	(	(	PUNCT
easat-10590	150	38	proxied	proxie	VERB
easat-10590	150	39	by	by	ADP
easat-10590	150	40	the	the	DET
easat-10590	150	41	yield	yield	NOUN
easat-10590	150	42	on	on	ADP
easat-10590	150	43	government	government	NOUN
easat-10590	150	44	bonds	bond	NOUN
easat-10590	150	45	of	of	ADP
easat-10590	150	46	matching	match	VERB
easat-10590	150	47	maturity	maturity	NOUN
easat-10590	150	48	)	)	PUNCT
easat-10590	150	49	,	,	PUNCT
easat-10590	150	50	βi	βi	PROPN
easat-10590	150	51	is	be	AUX
easat-10590	150	52	the	the	DET
easat-10590	150	53	firm	firm	NOUN
easat-10590	150	54	’s	’s	PART
easat-10590	150	55	beta	beta	NOUN
easat-10590	150	56	estimated	estimate	VERB
easat-10590	150	57	from	from	ADP
easat-10590	150	58	the	the	DET
easat-10590	150	59	regression	regression	NOUN
easat-10590	150	60	of	of	ADP
easat-10590	150	61	stock	stock	NOUN
easat-10590	150	62	returns	return	NOUN
easat-10590	150	63	on	on	ADP
easat-10590	150	64	market	market	NOUN
easat-10590	150	65	returns	return	NOUN
easat-10590	150	66	over	over	ADP
easat-10590	150	67	a	a	DET
easat-10590	150	68	60	60	NUM
easat-10590	150	69	-	-	PUNCT
easat-10590	150	70	month	month	NOUN
easat-10590	150	71	window	window	NOUN
easat-10590	150	72	,	,	PUNCT
easat-10590	150	73	and	and	CCONJ
easat-10590	150	74	rm	rm	NOUN
easat-10590	150	75	is	be	AUX
easat-10590	150	76	the	the	DET
easat-10590	150	77	expected	expected	ADJ
easat-10590	150	78	market	market	NOUN
easat-10590	150	79	return	return	NOUN
easat-10590	150	80	.	.	PUNCT
easat-10590	151	1	•	•	NUM
easat-10590	151	2	rd	rd	PROPN
easat-10590	151	3	,	,	PUNCT
easat-10590	151	4	i	i	PRON
easat-10590	151	5	,	,	PUNCT
easat-10590	151	6	t	t	PROPN
easat-10590	151	7	:	:	PUNCT
easat-10590	151	8	cost	cost	NOUN
easat-10590	151	9	of	of	ADP
easat-10590	151	10	debt	debt	NOUN
easat-10590	151	11	,	,	PUNCT
easat-10590	151	12	calculated	calculate	VERB
easat-10590	151	13	as	as	ADP
easat-10590	151	14	the	the	DET
easat-10590	151	15	ratio	ratio	NOUN
easat-10590	151	16	of	of	ADP
easat-10590	151	17	interest	interest	NOUN
easat-10590	151	18	expense	expense	NOUN
easat-10590	151	19	to	to	PART
easat-10590	151	20	total	total	ADJ
easat-10590	151	21	debt	debt	NOUN
easat-10590	151	22	.	.	PUNCT
easat-10590	152	1	•	•	NUM
easat-10590	152	2	tc	tc	INTJ
easat-10590	152	3	,	,	PUNCT
easat-10590	152	4	i	i	PRON
easat-10590	152	5	,	,	PUNCT
easat-10590	152	6	t	t	PROPN
easat-10590	152	7	:	:	PUNCT
easat-10590	152	8	firm	firm	ADJ
easat-10590	152	9	-	-	PUNCT
easat-10590	152	10	specific	specific	ADJ
easat-10590	152	11	effective	effective	ADJ
easat-10590	152	12	corporate	corporate	ADJ
easat-10590	152	13	tax	tax	NOUN
easat-10590	152	14	rate	rate	NOUN
easat-10590	152	15	,	,	PUNCT
easat-10590	152	16	sourced	source	VERB
easat-10590	152	17	from	from	ADP
easat-10590	152	18	annual	annual	ADJ
easat-10590	152	19	financial	financial	ADJ
easat-10590	152	20	reports	report	NOUN
easat-10590	152	21	.	.	PUNCT
easat-10590	153	1	2.3.2	2.3.2	X
easat-10590	153	2	.	.	PUNCT
easat-10590	153	3	independent	independent	ADJ
easat-10590	153	4	variable	variable	NOUN
easat-10590	153	5	:	:	PUNCT
easat-10590	153	6	corporate	corporate	ADJ
easat-10590	153	7	sustainability	sustainability	NOUN
easat-10590	153	8	(	(	PUNCT
easat-10590	153	9	esg	esg	PROPN
easat-10590	153	10	scores	score	NOUN
easat-10590	153	11	)	)	PUNCT
easat-10590	153	12	the	the	DET
easat-10590	153	13	key	key	ADJ
easat-10590	153	14	independent	independent	ADJ
easat-10590	153	15	variable	variable	NOUN
easat-10590	153	16	is	be	AUX
easat-10590	153	17	the	the	DET
easat-10590	153	18	corporate	corporate	ADJ
easat-10590	153	19	sustainability	sustainability	NOUN
easat-10590	153	20	score	score	NOUN
easat-10590	153	21	,	,	PUNCT
easat-10590	153	22	operationalized	operationalize	VERB
easat-10590	153	23	through	through	ADP
easat-10590	153	24	esg	esg	NOUN
easat-10590	153	25	ratings	rating	NOUN
easat-10590	153	26	.	.	PUNCT
easat-10590	154	1	three	three	NUM
easat-10590	154	2	variants	variant	NOUN
easat-10590	154	3	are	be	AUX
easat-10590	154	4	examined	examine	VERB
easat-10590	154	5	:	:	PUNCT
easat-10590	154	6	•	•	NUM
easat-10590	154	7	composite	composite	ADJ
easat-10590	154	8	esg	esg	PROPN
easat-10590	154	9	score	score	NOUN
easat-10590	154	10	:	:	PUNCT
easat-10590	154	11	an	an	DET
easat-10590	154	12	aggregate	aggregate	ADJ
easat-10590	154	13	measure	measure	NOUN
easat-10590	154	14	combining	combine	VERB
easat-10590	154	15	environmental	environmental	ADJ
easat-10590	154	16	,	,	PUNCT
easat-10590	154	17	social	social	ADJ
easat-10590	154	18	,	,	PUNCT
easat-10590	154	19	and	and	CCONJ
easat-10590	154	20	governance	governance	NOUN
easat-10590	154	21	components	component	NOUN
easat-10590	154	22	.	.	PUNCT
easat-10590	155	1	•	•	NUM
easat-10590	155	2	environmental	environmental	ADJ
easat-10590	155	3	(	(	PUNCT
easat-10590	155	4	e	e	NOUN
easat-10590	155	5	)	)	PUNCT
easat-10590	155	6	score	score	NOUN
easat-10590	155	7	:	:	PUNCT
easat-10590	155	8	reflects	reflect	VERB
easat-10590	155	9	firm	firm	ADJ
easat-10590	155	10	initiatives	initiative	NOUN
easat-10590	155	11	on	on	ADP
easat-10590	155	12	carbon	carbon	NOUN
easat-10590	155	13	emissions	emission	NOUN
easat-10590	155	14	reduction	reduction	NOUN
easat-10590	155	15	,	,	PUNCT
easat-10590	155	16	pollution	pollution	NOUN
easat-10590	155	17	control	control	NOUN
easat-10590	155	18	,	,	PUNCT
easat-10590	155	19	natural	natural	ADJ
easat-10590	155	20	resource	resource	NOUN
easat-10590	155	21	management	management	NOUN
easat-10590	155	22	,	,	PUNCT
easat-10590	155	23	and	and	CCONJ
easat-10590	155	24	climate	climate	NOUN
easat-10590	155	25	risk	risk	NOUN
easat-10590	155	26	mitigation	mitigation	NOUN
easat-10590	155	27	.	.	PUNCT
easat-10590	156	1	•	•	NOUN
easat-10590	156	2	social	social	ADJ
easat-10590	156	3	(	(	PUNCT
easat-10590	156	4	s	s	NOUN
easat-10590	156	5	)	)	PUNCT
easat-10590	156	6	score	score	NOUN
easat-10590	156	7	:	:	PUNCT
easat-10590	156	8	captures	capture	VERB
easat-10590	156	9	labor	labor	NOUN
easat-10590	156	10	standards	standard	NOUN
easat-10590	156	11	,	,	PUNCT
easat-10590	156	12	diversity	diversity	NOUN
easat-10590	156	13	and	and	CCONJ
easat-10590	156	14	inclusion	inclusion	NOUN
easat-10590	156	15	,	,	PUNCT
easat-10590	156	16	human	human	ADJ
easat-10590	156	17	rights	right	NOUN
easat-10590	156	18	practices	practice	NOUN
easat-10590	156	19	,	,	PUNCT
easat-10590	156	20	and	and	CCONJ
easat-10590	156	21	community	community	NOUN
easat-10590	156	22	engagement	engagement	NOUN
easat-10590	156	23	.	.	PUNCT
easat-10590	157	1	•	•	NOUN
easat-10590	157	2	governance	governance	NOUN
easat-10590	157	3	(	(	PUNCT
easat-10590	157	4	g	g	NOUN
easat-10590	157	5	)	)	PUNCT
easat-10590	157	6	score	score	NOUN
easat-10590	157	7	:	:	PUNCT
easat-10590	157	8	measures	measure	VERB
easat-10590	157	9	board	board	NOUN
easat-10590	157	10	independence	independence	NOUN
easat-10590	157	11	,	,	PUNCT
easat-10590	157	12	audit	audit	NOUN
easat-10590	157	13	quality	quality	NOUN
easat-10590	157	14	,	,	PUNCT
easat-10590	157	15	executive	executive	ADJ
easat-10590	157	16	remuneration	remuneration	NOUN
easat-10590	157	17	,	,	PUNCT
easat-10590	157	18	and	and	CCONJ
easat-10590	157	19	shareholder	shareholder	NOUN
easat-10590	157	20	rights	right	NOUN
easat-10590	157	21	[	[	X
easat-10590	157	22	32	32	NUM
easat-10590	157	23	]	]	PUNCT
easat-10590	157	24	.	.	PUNCT
easat-10590	158	1	scores	score	NOUN
easat-10590	158	2	are	be	AUX
easat-10590	158	3	standardized	standardize	VERB
easat-10590	158	4	to	to	ADP
easat-10590	158	5	a	a	DET
easat-10590	158	6	0–100	0–100	NOUN
easat-10590	158	7	scale	scale	NOUN
easat-10590	158	8	and	and	CCONJ
easat-10590	158	9	averaged	average	VERB
easat-10590	158	10	across	across	ADP
easat-10590	158	11	rating	rating	NOUN
easat-10590	158	12	providers	provider	NOUN
easat-10590	158	13	to	to	PART
easat-10590	158	14	minimize	minimize	VERB
easat-10590	158	15	rating	rating	NOUN
easat-10590	158	16	agency	agency	NOUN
easat-10590	158	17	bias	bias	NOUN
easat-10590	158	18	.	.	PUNCT
easat-10590	159	1	2.3.3	2.3.3	X
easat-10590	159	2	.	.	PUNCT
easat-10590	160	1	control	control	NOUN
easat-10590	160	2	variables	variable	NOUN
easat-10590	160	3	to	to	PART
easat-10590	160	4	mitigate	mitigate	VERB
easat-10590	160	5	omitted	omit	VERB
easat-10590	160	6	variable	variable	ADJ
easat-10590	160	7	bias	bias	NOUN
easat-10590	160	8	and	and	CCONJ
easat-10590	160	9	isolate	isolate	VERB
easat-10590	160	10	the	the	DET
easat-10590	160	11	impact	impact	NOUN
easat-10590	160	12	of	of	ADP
easat-10590	160	13	esg	esg	PROPN
easat-10590	160	14	on	on	ADP
easat-10590	160	15	wacc	wacc	PROPN
easat-10590	160	16	,	,	PUNCT
easat-10590	160	17	a	a	DET
easat-10590	160	18	comprehensive	comprehensive	ADJ
easat-10590	160	19	set	set	NOUN
easat-10590	160	20	of	of	ADP
easat-10590	160	21	control	control	NOUN
easat-10590	160	22	variables	variable	NOUN
easat-10590	160	23	is	be	AUX
easat-10590	160	24	included	include	VERB
easat-10590	160	25	.	.	PUNCT
easat-10590	161	1	•	•	NUM
easat-10590	161	2	firm	firm	ADJ
easat-10590	161	3	size	size	NOUN
easat-10590	161	4	:	:	PUNCT
easat-10590	161	5	natural	natural	ADJ
easat-10590	161	6	logarithm	logarithm	NOUN
easat-10590	161	7	of	of	ADP
easat-10590	161	8	total	total	ADJ
easat-10590	161	9	assets	asset	NOUN
easat-10590	161	10	,	,	PUNCT
easat-10590	161	11	controlling	control	VERB
easat-10590	161	12	for	for	ADP
easat-10590	161	13	economies	economy	NOUN
easat-10590	161	14	of	of	ADP
easat-10590	161	15	scale	scale	NOUN
easat-10590	161	16	and	and	CCONJ
easat-10590	161	17	resource	resource	NOUN
easat-10590	161	18	availability	availability	NOUN
easat-10590	161	19	.	.	PUNCT
easat-10590	162	1	•	•	NOUN
easat-10590	162	2	leverage	leverage	NOUN
easat-10590	162	3	:	:	PUNCT
easat-10590	162	4	ratio	ratio	NOUN
easat-10590	162	5	of	of	ADP
easat-10590	162	6	total	total	ADJ
easat-10590	162	7	debt	debt	NOUN
easat-10590	162	8	to	to	ADP
easat-10590	162	9	total	total	ADJ
easat-10590	162	10	assets	asset	NOUN
easat-10590	162	11	,	,	PUNCT
easat-10590	162	12	indicating	indicate	VERB
easat-10590	162	13	financial	financial	ADJ
easat-10590	162	14	risk	risk	NOUN
easat-10590	162	15	exposure	exposure	NOUN
easat-10590	162	16	.	.	PUNCT
easat-10590	163	1	•	•	NUM
easat-10590	163	2	profitability	profitability	NOUN
easat-10590	163	3	:	:	PUNCT
easat-10590	163	4	return	return	VERB
easat-10590	163	5	on	on	ADP
easat-10590	163	6	assets	asset	NOUN
easat-10590	163	7	(	(	PUNCT
easat-10590	163	8	roa	roa	NOUN
easat-10590	163	9	)	)	PUNCT
easat-10590	163	10	,	,	PUNCT
easat-10590	163	11	computed	compute	VERB
easat-10590	163	12	as	as	ADP
easat-10590	163	13	net	net	ADJ
easat-10590	163	14	income	income	NOUN
easat-10590	163	15	divided	divide	VERB
easat-10590	163	16	by	by	ADP
easat-10590	163	17	total	total	ADJ
easat-10590	163	18	assets	asset	NOUN
easat-10590	163	19	.	.	PUNCT
easat-10590	164	1	•	•	NUM
easat-10590	164	2	market	market	NOUN
easat-10590	164	3	-	-	PUNCT
easat-10590	164	4	to	to	ADP
easat-10590	164	5	-	-	PUNCT
easat-10590	164	6	book	book	NOUN
easat-10590	164	7	ratio	ratio	NOUN
easat-10590	164	8	:	:	PUNCT
easat-10590	164	9	market	market	NOUN
easat-10590	164	10	capitalization	capitalization	NOUN
easat-10590	164	11	divided	divide	VERB
easat-10590	164	12	by	by	ADP
easat-10590	164	13	the	the	DET
easat-10590	164	14	book	book	NOUN
easat-10590	164	15	value	value	NOUN
easat-10590	164	16	of	of	ADP
easat-10590	164	17	equity	equity	NOUN
easat-10590	164	18	,	,	PUNCT
easat-10590	164	19	reflecting	reflect	VERB
easat-10590	164	20	growth	growth	NOUN
easat-10590	164	21	opportunities	opportunity	NOUN
easat-10590	164	22	and	and	CCONJ
easat-10590	164	23	intangible	intangible	ADJ
easat-10590	164	24	assets	asset	NOUN
easat-10590	164	25	.	.	PUNCT
easat-10590	165	1	•	•	NUM
easat-10590	165	2	industry	industry	NOUN
easat-10590	165	3	fixed	fix	VERB
easat-10590	165	4	effects	effect	NOUN
easat-10590	165	5	:	:	PUNCT
easat-10590	165	6	dummy	dummy	ADJ
easat-10590	165	7	variables	variable	NOUN
easat-10590	165	8	categorizing	categorize	VERB
easat-10590	165	9	firms	firm	NOUN
easat-10590	165	10	by	by	ADP
easat-10590	165	11	standard	standard	ADJ
easat-10590	165	12	industrial	industrial	ADJ
easat-10590	165	13	classification	classification	NOUN
easat-10590	165	14	(	(	PUNCT
easat-10590	165	15	sic	sic	ADJ
easat-10590	165	16	)	)	PUNCT
easat-10590	165	17	codes	code	NOUN
easat-10590	165	18	to	to	PART
easat-10590	165	19	control	control	VERB
easat-10590	165	20	for	for	ADP
easat-10590	165	21	industry	industry	NOUN
easat-10590	165	22	-	-	PUNCT
easat-10590	165	23	specific	specific	ADJ
easat-10590	165	24	risk	risk	NOUN
easat-10590	165	25	factors	factor	NOUN
easat-10590	165	26	.	.	PUNCT
easat-10590	166	1	•	•	NUM
easat-10590	166	2	year	year	NOUN
easat-10590	166	3	fixed	fix	VERB
easat-10590	166	4	effects	effect	NOUN
easat-10590	166	5	:	:	PUNCT
easat-10590	166	6	dummy	dummy	ADJ
easat-10590	166	7	variables	variable	NOUN
easat-10590	166	8	for	for	ADP
easat-10590	166	9	each	each	DET
easat-10590	166	10	calendar	calendar	NOUN
easat-10590	166	11	year	year	NOUN
easat-10590	166	12	to	to	PART
easat-10590	166	13	control	control	VERB
easat-10590	166	14	for	for	ADP
easat-10590	166	15	macroeconomic	macroeconomic	ADJ
easat-10590	166	16	cycles	cycle	NOUN
easat-10590	166	17	,	,	PUNCT
easat-10590	166	18	regulatory	regulatory	ADJ
easat-10590	166	19	changes	change	NOUN
easat-10590	166	20	,	,	PUNCT
easat-10590	166	21	and	and	CCONJ
easat-10590	166	22	global	global	ADJ
easat-10590	166	23	financial	financial	ADJ
easat-10590	166	24	shocks	shock	NOUN
easat-10590	166	25	.	.	PUNCT
easat-10590	167	1	2.4	2.4	NUM
easat-10590	167	2	.	.	PUNCT
easat-10590	167	3	econometric	econometric	ADJ
easat-10590	167	4	strategy	strategy	NOUN
easat-10590	167	5	2.4.1	2.4.1	NUM
easat-10590	167	6	.	.	PUNCT
easat-10590	168	1	panel	panel	NOUN
easat-10590	168	2	data	datum	NOUN
easat-10590	168	3	regression	regression	NOUN
easat-10590	168	4	with	with	ADP
easat-10590	168	5	fixed	fix	VERB
easat-10590	168	6	effects	effect	NOUN
easat-10590	168	7	the	the	DET
easat-10590	168	8	baseline	baseline	ADJ
easat-10590	168	9	empirical	empirical	ADJ
easat-10590	168	10	model	model	NOUN
easat-10590	168	11	employs	employ	VERB
easat-10590	168	12	a	a	DET
easat-10590	168	13	firm	firm	ADJ
easat-10590	168	14	-	-	PUNCT
easat-10590	168	15	year	year	NOUN
easat-10590	168	16	panel	panel	NOUN
easat-10590	168	17	regression	regression	NOUN
easat-10590	168	18	with	with	ADP
easat-10590	168	19	fixed	fix	VERB
easat-10590	168	20	effects	effect	NOUN
easat-10590	168	21	to	to	PART
easat-10590	168	22	estimate	estimate	VERB
easat-10590	168	23	the	the	DET
easat-10590	168	24	relationship	relationship	NOUN
easat-10590	168	25	between	between	ADP
easat-10590	168	26	esg	esg	PROPN
easat-10590	168	27	performance	performance	NOUN
easat-10590	168	28	and	and	CCONJ
easat-10590	168	29	wacc	wacc	PROPN
easat-10590	168	30	[	[	X
easat-10590	168	31	33	33	NUM
easat-10590	168	32	]	]	X
easat-10590	168	33	:	:	PUNCT
easat-10590	168	34	𝑊𝐴𝐶𝐶𝑖	𝑊𝐴𝐶𝐶𝑖	NOUN
easat-10590	168	35	,	,	PUNCT
easat-10590	168	36	𝑡	𝑡	PROPN
easat-10590	168	37	=	=	SYM
easat-10590	168	38	𝛽0	𝛽0	PROPN
easat-10590	168	39	+	+	CCONJ
easat-10590	168	40	𝛽1𝐸𝑆𝐺𝑖	𝛽1𝐸𝑆𝐺𝑖	PROPN
easat-10590	168	41	,	,	PUNCT
easat-10590	168	42	𝑡	𝑡	X
easat-10590	168	43	+	+	X
easat-10590	168	44	𝛽2𝑋𝑖	𝛽2𝑋𝑖	NOUN
easat-10590	168	45	,	,	PUNCT
easat-10590	168	46	𝑡	𝑡	X
easat-10590	168	47	+	+	X
easat-10590	168	48	𝛾𝑖	𝛾𝑖	CCONJ
easat-10590	168	49	+	+	CCONJ
easat-10590	168	50	𝛿𝑡	𝛿𝑡	NOUN
easat-10590	168	51	+	+	CCONJ
easat-10590	168	52	𝜖𝑖	𝜖𝑖	NOUN
easat-10590	168	53	,	,	PUNCT
easat-10590	168	54	𝑡	𝑡	PROPN
easat-10590	168	55	where	where	SCONJ
easat-10590	168	56	:	:	PUNCT
easat-10590	168	57	▪	▪	ADJ
easat-10590	168	58	wacci	wacci	NOUN
easat-10590	168	59	,	,	PUNCT
easat-10590	168	60	t	t	PROPN
easat-10590	168	61	is	be	AUX
easat-10590	168	62	the	the	DET
easat-10590	168	63	dependent	dependent	ADJ
easat-10590	168	64	variable	variable	NOUN
easat-10590	168	65	.	.	PUNCT
easat-10590	169	1	▪	▪	ADJ
easat-10590	169	2	esgi	esgi	NOUN
easat-10590	169	3	,	,	PUNCT
easat-10590	169	4	t	t	PROPN
easat-10590	169	5	represents	represent	VERB
easat-10590	169	6	the	the	DET
easat-10590	169	7	key	key	ADJ
easat-10590	169	8	independent	independent	ADJ
easat-10590	169	9	variable	variable	NOUN
easat-10590	169	10	(	(	PUNCT
easat-10590	169	11	either	either	CCONJ
easat-10590	169	12	composite	composite	ADJ
easat-10590	169	13	or	or	CCONJ
easat-10590	169	14	sub	sub	NOUN
easat-10590	169	15	-	-	NOUN
easat-10590	169	16	scores	score	NOUN
easat-10590	169	17	)	)	PUNCT
easat-10590	169	18	.	.	PUNCT
easat-10590	170	1	▪	▪	X
easat-10590	170	2	xi	xi	PROPN
easat-10590	170	3	,	,	PUNCT
easat-10590	170	4	t	t	PROPN
easat-10590	170	5	is	be	AUX
easat-10590	170	6	a	a	DET
easat-10590	170	7	vector	vector	NOUN
easat-10590	170	8	of	of	ADP
easat-10590	170	9	control	control	NOUN
easat-10590	170	10	variables	variable	NOUN
easat-10590	170	11	.	.	PUNCT
easat-10590	171	1	▪	▪	NOUN
easat-10590	171	2	γi	γi	PROPN
easat-10590	171	3	denotes	denote	NOUN
easat-10590	171	4	firm	firm	VERB
easat-10590	171	5	fixed	fix	VERB
easat-10590	171	6	effects	effect	NOUN
easat-10590	171	7	,	,	PUNCT
easat-10590	171	8	accounting	account	VERB
easat-10590	171	9	for	for	ADP
easat-10590	171	10	unobserved	unobserved	ADJ
easat-10590	171	11	,	,	PUNCT
easat-10590	171	12	time	time	NOUN
easat-10590	171	13	-	-	PUNCT
easat-10590	171	14	invariant	invariant	ADJ
easat-10590	171	15	firm	firm	ADJ
easat-10590	171	16	characteristics	characteristic	NOUN
easat-10590	171	17	.	.	PUNCT
easat-10590	172	1	1028	1028	NUM
easat-10590	172	2	edelweiss	edelweiss	PROPN
easat-10590	172	3	applied	apply	VERB
easat-10590	172	4	science	science	NOUN
easat-10590	172	5	and	and	CCONJ
easat-10590	172	6	technology	technology	NOUN
easat-10590	172	7	issn	issn	PROPN
easat-10590	172	8	:	:	PUNCT
easat-10590	172	9	2576	2576	NUM
easat-10590	172	10	-	-	SYM
easat-10590	172	11	8484	8484	NUM
easat-10590	172	12	vol	vol	NOUN
easat-10590	172	13	.	.	PROPN
easat-10590	173	1	9	9	NUM
easat-10590	173	2	,	,	PUNCT
easat-10590	173	3	no	no	INTJ
easat-10590	173	4	.	.	NOUN
easat-10590	173	5	10	10	NUM
easat-10590	173	6	:	:	PUNCT
easat-10590	173	7	1021	1021	NUM
easat-10590	173	8	-	-	SYM
easat-10590	173	9	1041	1041	NUM
easat-10590	173	10	,	,	PUNCT
easat-10590	173	11	2025	2025	NUM
easat-10590	173	12	doi	doi	NOUN
easat-10590	173	13	:	:	PUNCT
easat-10590	173	14	10.55214/2576	10.55214/2576	NUM
easat-10590	173	15	-	-	SYM
easat-10590	173	16	8484.v9i10.10590	8484.v9i10.10590	NUM
easat-10590	173	17	©	©	ADP
easat-10590	173	18	2025	2025	NUM
easat-10590	173	19	by	by	ADP
easat-10590	173	20	the	the	DET
easat-10590	173	21	author	author	NOUN
easat-10590	173	22	;	;	PUNCT
easat-10590	173	23	licensee	licensee	NOUN
easat-10590	173	24	learning	learning	NOUN
easat-10590	173	25	gate	gate	NOUN
easat-10590	173	26	▪	▪	X
easat-10590	173	27	δt	δt	ADP
easat-10590	173	28	denotes	denote	NOUN
easat-10590	173	29	year	year	VERB
easat-10590	173	30	fixed	fix	VERB
easat-10590	173	31	effects	effect	NOUN
easat-10590	173	32	.	.	PUNCT
easat-10590	174	1	•	•	NUM
easat-10590	174	2	ϵi	ϵi	NOUN
easat-10590	174	3	,	,	PUNCT
easat-10590	174	4	t	t	PROPN
easat-10590	174	5	is	be	AUX
easat-10590	174	6	the	the	DET
easat-10590	174	7	error	error	NOUN
easat-10590	174	8	term	term	NOUN
easat-10590	174	9	,	,	PUNCT
easat-10590	174	10	assumed	assume	VERB
easat-10590	174	11	to	to	PART
easat-10590	174	12	be	be	AUX
easat-10590	174	13	independently	independently	ADV
easat-10590	174	14	and	and	CCONJ
easat-10590	174	15	identically	identically	ADV
easat-10590	174	16	distributed	distribute	VERB
easat-10590	174	17	.	.	PUNCT
easat-10590	175	1	fixed	fix	VERB
easat-10590	175	2	effects	effect	NOUN
easat-10590	175	3	models	model	NOUN
easat-10590	175	4	control	control	VERB
easat-10590	175	5	for	for	ADP
easat-10590	175	6	unobserved	unobserved	ADJ
easat-10590	175	7	heterogeneity	heterogeneity	NOUN
easat-10590	175	8	,	,	PUNCT
easat-10590	175	9	such	such	ADJ
easat-10590	175	10	as	as	ADP
easat-10590	175	11	management	management	NOUN
easat-10590	175	12	quality	quality	NOUN
easat-10590	175	13	or	or	CCONJ
easat-10590	175	14	corporate	corporate	ADJ
easat-10590	175	15	culture	culture	NOUN
easat-10590	175	16	,	,	PUNCT
easat-10590	175	17	that	that	PRON
easat-10590	175	18	could	could	AUX
easat-10590	175	19	bias	bias	VERB
easat-10590	175	20	estimates	estimate	NOUN
easat-10590	175	21	if	if	SCONJ
easat-10590	175	22	omitted	omit	VERB
easat-10590	175	23	.	.	PUNCT
easat-10590	176	1	2.4.2	2.4.2	X
easat-10590	176	2	.	.	PUNCT
easat-10590	177	1	addressing	address	VERB
easat-10590	177	2	endogeneity	endogeneity	NOUN
easat-10590	177	3	:	:	PUNCT
easat-10590	177	4	instrumental	instrumental	ADJ
easat-10590	177	5	variables	variable	NOUN
easat-10590	177	6	corporate	corporate	ADJ
easat-10590	177	7	sustainability	sustainability	NOUN
easat-10590	177	8	investments	investment	NOUN
easat-10590	177	9	may	may	AUX
easat-10590	177	10	be	be	AUX
easat-10590	177	11	endogenous	endogenous	ADJ
easat-10590	177	12	due	due	ADJ
easat-10590	177	13	to	to	PART
easat-10590	177	14	:	:	PUNCT
easat-10590	177	15	•	•	NUM
easat-10590	177	16	reverse	reverse	ADJ
easat-10590	177	17	causality	causality	NOUN
easat-10590	177	18	:	:	PUNCT
easat-10590	177	19	firms	firm	NOUN
easat-10590	177	20	with	with	ADP
easat-10590	177	21	a	a	DET
easat-10590	177	22	lower	low	ADJ
easat-10590	177	23	cost	cost	NOUN
easat-10590	177	24	of	of	ADP
easat-10590	177	25	capital	capital	NOUN
easat-10590	177	26	might	might	AUX
easat-10590	177	27	have	have	VERB
easat-10590	177	28	greater	great	ADJ
easat-10590	177	29	resources	resource	NOUN
easat-10590	177	30	to	to	PART
easat-10590	177	31	invest	invest	VERB
easat-10590	177	32	in	in	ADP
easat-10590	177	33	sustainability	sustainability	NOUN
easat-10590	177	34	.	.	PUNCT
easat-10590	178	1	•	•	NUM
easat-10590	178	2	omitted	omit	VERB
easat-10590	178	3	variables	variable	NOUN
easat-10590	178	4	:	:	PUNCT
easat-10590	178	5	unobserved	unobserved	ADJ
easat-10590	178	6	factors	factor	NOUN
easat-10590	178	7	influencing	influence	VERB
easat-10590	178	8	both	both	DET
easat-10590	178	9	esg	esg	PROPN
easat-10590	178	10	and	and	CCONJ
easat-10590	178	11	wacc	wacc	PROPN
easat-10590	178	12	.	.	PUNCT
easat-10590	179	1	to	to	PART
easat-10590	179	2	address	address	VERB
easat-10590	179	3	this	this	PRON
easat-10590	179	4	,	,	PUNCT
easat-10590	179	5	the	the	DET
easat-10590	179	6	study	study	NOUN
easat-10590	179	7	uses	use	VERB
easat-10590	179	8	a	a	DET
easat-10590	179	9	two	two	NUM
easat-10590	179	10	-	-	PUNCT
easat-10590	179	11	stage	stage	NOUN
easat-10590	179	12	least	least	ADJ
easat-10590	179	13	squares	square	NOUN
easat-10590	179	14	(	(	PUNCT
easat-10590	179	15	2sls	2sls	NOUN
easat-10590	179	16	)	)	PUNCT
easat-10590	179	17	instrumental	instrumental	ADJ
easat-10590	179	18	variable	variable	ADJ
easat-10590	179	19	approach	approach	NOUN
easat-10590	179	20	.	.	PUNCT
easat-10590	180	1	2.4.2.1	2.4.2.1	NUM
easat-10590	180	2	.	.	PUNCT
easat-10590	180	3	instrument	instrument	NOUN
easat-10590	180	4	construction	construction	NOUN
easat-10590	180	5	the	the	DET
easat-10590	180	6	instrument	instrument	NOUN
easat-10590	180	7	is	be	AUX
easat-10590	180	8	a	a	DET
easat-10590	180	9	regional	regional	ADJ
easat-10590	180	10	sustainability	sustainability	NOUN
easat-10590	180	11	regulatory	regulatory	ADJ
easat-10590	180	12	intensity	intensity	NOUN
easat-10590	180	13	index	index	NOUN
easat-10590	180	14	(	(	PUNCT
easat-10590	180	15	rsrii	rsrii	VERB
easat-10590	180	16	)	)	PUNCT
easat-10590	180	17	,	,	PUNCT
easat-10590	180	18	constructed	construct	VERB
easat-10590	180	19	from	from	ADP
easat-10590	180	20	regulatory	regulatory	ADJ
easat-10590	180	21	databases	database	NOUN
easat-10590	180	22	measuring	measure	VERB
easat-10590	180	23	the	the	DET
easat-10590	180	24	strength	strength	NOUN
easat-10590	180	25	,	,	PUNCT
easat-10590	180	26	enforcement	enforcement	NOUN
easat-10590	180	27	,	,	PUNCT
easat-10590	180	28	and	and	CCONJ
easat-10590	180	29	scope	scope	NOUN
easat-10590	180	30	of	of	ADP
easat-10590	180	31	sustainability	sustainability	NOUN
easat-10590	180	32	-	-	PUNCT
easat-10590	180	33	related	relate	VERB
easat-10590	180	34	policies	policy	NOUN
easat-10590	180	35	in	in	ADP
easat-10590	180	36	each	each	DET
easat-10590	180	37	firm	firm	NOUN
easat-10590	180	38	’s	’s	PART
easat-10590	180	39	home	home	NOUN
easat-10590	180	40	country	country	NOUN
easat-10590	180	41	and	and	CCONJ
easat-10590	180	42	region	region	NOUN
easat-10590	180	43	.	.	PUNCT
easat-10590	181	1	the	the	DET
easat-10590	181	2	rsrii	rsrii	NOUN
easat-10590	181	3	varies	vary	VERB
easat-10590	181	4	over	over	ADP
easat-10590	181	5	time	time	NOUN
easat-10590	181	6	and	and	CCONJ
easat-10590	181	7	region	region	NOUN
easat-10590	181	8	but	but	CCONJ
easat-10590	181	9	is	be	AUX
easat-10590	181	10	exogenous	exogenous	ADJ
easat-10590	181	11	to	to	ADP
easat-10590	181	12	individual	individual	ADJ
easat-10590	181	13	firm	firm	ADJ
easat-10590	181	14	financing	financing	NOUN
easat-10590	181	15	decisions	decision	NOUN
easat-10590	181	16	.	.	PUNCT
easat-10590	182	1	2.4.2.2	2.4.2.2	NUM
easat-10590	182	2	.	.	X
easat-10590	182	3	2sls	2sls	NUM
easat-10590	182	4	procedure	procedure	NOUN
easat-10590	182	5	•	•	ADP
easat-10590	182	6	first	first	ADJ
easat-10590	182	7	stage	stage	NOUN
easat-10590	182	8	:	:	PUNCT
easat-10590	182	9	regress	regress	PROPN
easat-10590	182	10	esg	esg	PROPN
easat-10590	182	11	scores	score	NOUN
easat-10590	182	12	on	on	ADP
easat-10590	182	13	the	the	DET
easat-10590	182	14	rsrii	rsrii	VERB
easat-10590	182	15	and	and	CCONJ
easat-10590	182	16	control	control	NOUN
easat-10590	182	17	variables	variable	NOUN
easat-10590	182	18	.	.	PUNCT
easat-10590	183	1	𝐸𝑆𝐺𝑖	𝐸𝑆𝐺𝑖	NOUN
easat-10590	183	2	,	,	PUNCT
easat-10590	183	3	𝑡	𝑡	PROPN
easat-10590	183	4	=	=	PROPN
easat-10590	183	5	𝜋0	𝜋0	NOUN
easat-10590	183	6	+	+	CCONJ
easat-10590	183	7	𝜋1𝑅𝑆𝑅𝐼𝐼𝑟	𝜋1𝑅𝑆𝑅𝐼𝐼𝑟	VERB
easat-10590	183	8	,	,	PUNCT
easat-10590	183	9	𝑡	𝑡	PROPN
easat-10590	183	10	+	+	PROPN
easat-10590	183	11	𝜋2𝑋𝑖	𝜋2𝑋𝑖	PROPN
easat-10590	183	12	,	,	PUNCT
easat-10590	183	13	𝑡	𝑡	PROPN
easat-10590	183	14	+	+	X
easat-10590	183	15	𝜇𝑖	𝜇𝑖	ADP
easat-10590	183	16	+	+	ADV
easat-10590	183	17	𝜏𝑡	𝜏𝑡	PROPN
easat-10590	183	18	+	+	CCONJ
easat-10590	183	19	𝜈𝑖	𝜈𝑖	PROPN
easat-10590	183	20	,	,	PUNCT
easat-10590	183	21	𝑡	𝑡	VERB
easat-10590	183	22	•	•	ADJ
easat-10590	183	23	second	second	ADJ
easat-10590	183	24	stage	stage	NOUN
easat-10590	183	25	:	:	PUNCT
easat-10590	183	26	use	use	NOUN
easat-10590	183	27	predicted	predict	VERB
easat-10590	183	28	esg	esg	PROPN
easat-10590	183	29	values	value	NOUN
easat-10590	183	30	from	from	ADP
easat-10590	183	31	the	the	DET
easat-10590	183	32	first	first	ADJ
easat-10590	183	33	stage	stage	NOUN
easat-10590	183	34	to	to	PART
easat-10590	183	35	estimate	estimate	VERB
easat-10590	183	36	wacc	wacc	PROPN
easat-10590	183	37	.	.	PUNCT
easat-10590	184	1	𝑊𝐴𝐶𝐶𝑖	𝑊𝐴𝐶𝐶𝑖	NOUN
easat-10590	184	2	,	,	PUNCT
easat-10590	184	3	𝑡	𝑡	PROPN
easat-10590	184	4	=	=	PROPN
easat-10590	184	5	𝛼0	𝛼0	PROPN
easat-10590	184	6	+	+	CCONJ
easat-10590	184	7	𝛼1𝐸𝑆𝐺𝑖	𝛼1𝐸𝑆𝐺𝑖	PROPN
easat-10590	184	8	,	,	PUNCT
easat-10590	184	9	𝑡	𝑡	PROPN
easat-10590	184	10	+	+	X
easat-10590	184	11	𝛼2𝑋𝑖	𝛼2𝑋𝑖	NOUN
easat-10590	184	12	,	,	PUNCT
easat-10590	184	13	𝑡	𝑡	X
easat-10590	184	14	+	+	X
easat-10590	184	15	𝛾𝑖	𝛾𝑖	CCONJ
easat-10590	184	16	+	+	CCONJ
easat-10590	184	17	𝛿𝑡	𝛿𝑡	NOUN
easat-10590	184	18	+	+	CCONJ
easat-10590	184	19	𝜖𝑖	𝜖𝑖	CCONJ
easat-10590	184	20	,	,	PUNCT
easat-10590	184	21	𝑡	𝑡	VERB
easat-10590	184	22	the	the	DET
easat-10590	184	23	relevance	relevance	NOUN
easat-10590	184	24	and	and	CCONJ
easat-10590	184	25	validity	validity	NOUN
easat-10590	184	26	of	of	ADP
easat-10590	184	27	the	the	DET
easat-10590	184	28	instrument	instrument	NOUN
easat-10590	184	29	are	be	AUX
easat-10590	184	30	tested	test	VERB
easat-10590	184	31	using	use	VERB
easat-10590	184	32	the	the	DET
easat-10590	184	33	f	f	NOUN
easat-10590	184	34	-	-	PUNCT
easat-10590	184	35	statistic	statistic	NOUN
easat-10590	184	36	for	for	ADP
easat-10590	184	37	instrument	instrument	NOUN
easat-10590	184	38	strength	strength	NOUN
easat-10590	184	39	and	and	CCONJ
easat-10590	184	40	the	the	DET
easat-10590	184	41	sargan	sargan	PROPN
easat-10590	184	42	-	-	PUNCT
easat-10590	184	43	hansen	hansen	PROPN
easat-10590	184	44	test	test	NOUN
easat-10590	184	45	for	for	ADP
easat-10590	184	46	overidentification	overidentification	NOUN
easat-10590	184	47	.	.	PUNCT
easat-10590	185	1	2.4.3	2.4.3	X
easat-10590	185	2	.	.	PUNCT
easat-10590	185	3	subsample	subsample	NOUN
easat-10590	185	4	analyses	analyse	VERB
easat-10590	185	5	the	the	DET
easat-10590	185	6	study	study	NOUN
easat-10590	185	7	conducts	conduct	VERB
easat-10590	185	8	separate	separate	ADJ
easat-10590	185	9	regressions	regression	NOUN
easat-10590	185	10	for	for	ADP
easat-10590	185	11	each	each	DET
easat-10590	185	12	region	region	NOUN
easat-10590	185	13	(	(	PUNCT
easat-10590	185	14	north	north	PROPN
easat-10590	185	15	america	america	PROPN
easat-10590	185	16	,	,	PUNCT
easat-10590	185	17	europe	europe	PROPN
easat-10590	185	18	,	,	PUNCT
easat-10590	185	19	asia	asia	PROPN
easat-10590	185	20	-	-	PUNCT
easat-10590	185	21	pacific	pacific	PROPN
easat-10590	185	22	)	)	PUNCT
easat-10590	185	23	to	to	PART
easat-10590	185	24	examine	examine	VERB
easat-10590	185	25	heterogeneity	heterogeneity	NOUN
easat-10590	185	26	stemming	stem	VERB
easat-10590	185	27	from	from	ADP
easat-10590	185	28	institutional	institutional	ADJ
easat-10590	185	29	differences	difference	NOUN
easat-10590	185	30	.	.	PUNCT
easat-10590	186	1	additionally	additionally	ADV
easat-10590	186	2	,	,	PUNCT
easat-10590	186	3	regressions	regression	NOUN
easat-10590	186	4	are	be	AUX
easat-10590	186	5	run	run	VERB
easat-10590	186	6	with	with	ADP
easat-10590	186	7	the	the	DET
easat-10590	186	8	esg	esg	NOUN
easat-10590	186	9	composite	composite	ADJ
easat-10590	186	10	and	and	CCONJ
easat-10590	186	11	individual	individual	ADJ
easat-10590	186	12	sub	sub	NOUN
easat-10590	186	13	-	-	NOUN
easat-10590	186	14	scores	score	NOUN
easat-10590	186	15	to	to	PART
easat-10590	186	16	identify	identify	VERB
easat-10590	186	17	which	which	PRON
easat-10590	186	18	sustainability	sustainability	NOUN
easat-10590	186	19	dimensions	dimension	NOUN
easat-10590	186	20	most	most	ADV
easat-10590	186	21	significantly	significantly	ADV
easat-10590	186	22	influence	influence	VERB
easat-10590	186	23	the	the	DET
easat-10590	186	24	cost	cost	NOUN
easat-10590	186	25	of	of	ADP
easat-10590	186	26	capital	capital	NOUN
easat-10590	186	27	.	.	PUNCT
easat-10590	187	1	2.5	2.5	NUM
easat-10590	187	2	.	.	PUNCT
easat-10590	188	1	robustness	robustness	NOUN
easat-10590	188	2	checks	check	NOUN
easat-10590	188	3	and	and	CCONJ
easat-10590	188	4	sensitivity	sensitivity	NOUN
easat-10590	188	5	analyses	analyse	VERB
easat-10590	188	6	several	several	ADJ
easat-10590	188	7	robustness	robustness	NOUN
easat-10590	188	8	procedures	procedure	NOUN
easat-10590	188	9	are	be	AUX
easat-10590	188	10	implemented	implement	VERB
easat-10590	188	11	to	to	PART
easat-10590	188	12	ensure	ensure	VERB
easat-10590	188	13	the	the	DET
easat-10590	188	14	reliability	reliability	NOUN
easat-10590	188	15	of	of	ADP
easat-10590	188	16	results	result	NOUN
easat-10590	188	17	:	:	PUNCT
easat-10590	188	18	•	•	NOUN
easat-10590	188	19	alternative	alternative	ADJ
easat-10590	188	20	dependent	dependent	ADJ
easat-10590	188	21	variables	variable	NOUN
easat-10590	188	22	:	:	PUNCT
easat-10590	188	23	regressions	regression	NOUN
easat-10590	188	24	using	use	VERB
easat-10590	188	25	the	the	DET
easat-10590	188	26	cost	cost	NOUN
easat-10590	188	27	of	of	ADP
easat-10590	188	28	equity	equity	NOUN
easat-10590	188	29	and	and	CCONJ
easat-10590	188	30	the	the	DET
easat-10590	188	31	cost	cost	NOUN
easat-10590	188	32	of	of	ADP
easat-10590	188	33	debt	debt	NOUN
easat-10590	188	34	as	as	ADP
easat-10590	188	35	separate	separate	ADJ
easat-10590	188	36	dependent	dependent	ADJ
easat-10590	188	37	variables	variable	NOUN
easat-10590	188	38	to	to	PART
easat-10590	188	39	parse	parse	VERB
easat-10590	188	40	out	out	ADP
easat-10590	188	41	differential	differential	ADJ
easat-10590	188	42	effects	effect	NOUN
easat-10590	188	43	.	.	PUNCT
easat-10590	189	1	•	•	NUM
easat-10590	189	2	alternative	alternative	PROPN
easat-10590	189	3	esg	esg	PROPN
easat-10590	189	4	sources	source	NOUN
easat-10590	189	5	:	:	PUNCT
easat-10590	189	6	use	use	NOUN
easat-10590	189	7	of	of	ADP
easat-10590	189	8	esg	esg	PROPN
easat-10590	189	9	scores	score	NOUN
easat-10590	189	10	from	from	ADP
easat-10590	189	11	individual	individual	ADJ
easat-10590	189	12	rating	rating	NOUN
easat-10590	189	13	agencies	agency	NOUN
easat-10590	189	14	separately	separately	ADV
easat-10590	189	15	to	to	PART
easat-10590	189	16	check	check	VERB
easat-10590	189	17	for	for	ADP
easat-10590	189	18	consistency	consistency	NOUN
easat-10590	189	19	.	.	PUNCT
easat-10590	190	1	•	•	NUM
easat-10590	190	2	lagged	lag	VERB
easat-10590	190	3	esg	esg	PROPN
easat-10590	190	4	scores	score	NOUN
easat-10590	190	5	:	:	PUNCT
easat-10590	190	6	introduction	introduction	NOUN
easat-10590	190	7	of	of	ADP
easat-10590	190	8	lagged	lag	VERB
easat-10590	190	9	esg	esg	PROPN
easat-10590	190	10	variables	variable	NOUN
easat-10590	190	11	to	to	PART
easat-10590	190	12	capture	capture	VERB
easat-10590	190	13	the	the	DET
easat-10590	190	14	delayed	delay	VERB
easat-10590	190	15	effects	effect	NOUN
easat-10590	190	16	of	of	ADP
easat-10590	190	17	sustainability	sustainability	NOUN
easat-10590	190	18	practices	practice	NOUN
easat-10590	190	19	on	on	ADP
easat-10590	190	20	financing	financing	NOUN
easat-10590	190	21	costs	cost	NOUN
easat-10590	190	22	.	.	PUNCT
easat-10590	191	1	•	•	NUM
easat-10590	191	2	sample	sample	NOUN
easat-10590	191	3	inclusion	inclusion	NOUN
easat-10590	191	4	tests	test	NOUN
easat-10590	191	5	:	:	PUNCT
easat-10590	191	6	inclusion	inclusion	NOUN
easat-10590	191	7	of	of	ADP
easat-10590	191	8	firms	firm	NOUN
easat-10590	191	9	with	with	ADP
easat-10590	191	10	partial	partial	ADJ
easat-10590	191	11	esg	esg	PROPN
easat-10590	191	12	data	datum	NOUN
easat-10590	191	13	,	,	PUNCT
easat-10590	191	14	with	with	ADP
easat-10590	191	15	missing	miss	VERB
easat-10590	191	16	values	value	NOUN
easat-10590	191	17	imputed	impute	VERB
easat-10590	191	18	using	use	VERB
easat-10590	191	19	multiple	multiple	ADJ
easat-10590	191	20	imputation	imputation	NOUN
easat-10590	191	21	techniques	technique	NOUN
easat-10590	191	22	.	.	PUNCT
easat-10590	192	1	•	•	NUM
easat-10590	192	2	alternative	alternative	ADJ
easat-10590	192	3	estimators	estimator	NOUN
easat-10590	192	4	:	:	PUNCT
easat-10590	192	5	random	random	ADJ
easat-10590	192	6	effects	effect	NOUN
easat-10590	192	7	and	and	CCONJ
easat-10590	192	8	generalized	generalized	ADJ
easat-10590	192	9	method	method	NOUN
easat-10590	192	10	of	of	ADP
easat-10590	192	11	moments	moment	NOUN
easat-10590	192	12	(	(	PUNCT
easat-10590	192	13	gmm	gmm	NOUN
easat-10590	192	14	)	)	PUNCT
easat-10590	192	15	estimations	estimation	NOUN
easat-10590	192	16	to	to	PART
easat-10590	192	17	confirm	confirm	VERB
easat-10590	192	18	robustness	robustness	NOUN
easat-10590	192	19	to	to	ADP
easat-10590	192	20	model	model	NOUN
easat-10590	192	21	specification	specification	NOUN
easat-10590	192	22	[	[	X
easat-10590	192	23	34	34	NUM
easat-10590	192	24	]	]	PUNCT
easat-10590	192	25	.	.	PUNCT
easat-10590	193	1	2.6	2.6	NUM
easat-10590	193	2	.	.	PUNCT
easat-10590	194	1	ethical	ethical	ADJ
easat-10590	194	2	considerations	consideration	NOUN
easat-10590	194	3	and	and	CCONJ
easat-10590	194	4	data	datum	NOUN
easat-10590	194	5	integrity	integrity	NOUN
easat-10590	194	6	this	this	DET
easat-10590	194	7	research	research	NOUN
easat-10590	194	8	adheres	adhere	VERB
easat-10590	194	9	strictly	strictly	ADV
easat-10590	194	10	to	to	ADP
easat-10590	194	11	established	establish	VERB
easat-10590	194	12	ethical	ethical	ADJ
easat-10590	194	13	standards	standard	NOUN
easat-10590	194	14	and	and	CCONJ
easat-10590	194	15	guidelines	guideline	NOUN
easat-10590	194	16	applicable	applicable	ADJ
easat-10590	194	17	to	to	ADP
easat-10590	194	18	empirical	empirical	ADJ
easat-10590	194	19	studies	study	NOUN
easat-10590	194	20	involving	involve	VERB
easat-10590	194	21	secondary	secondary	ADJ
easat-10590	194	22	data	datum	NOUN
easat-10590	194	23	analysis	analysis	NOUN
easat-10590	194	24	.	.	PUNCT
easat-10590	195	1	the	the	DET
easat-10590	195	2	following	follow	VERB
easat-10590	195	3	ethical	ethical	ADJ
easat-10590	195	4	considerations	consideration	NOUN
easat-10590	195	5	have	have	AUX
easat-10590	195	6	been	be	AUX
easat-10590	195	7	thoroughly	thoroughly	ADV
easat-10590	195	8	addressed	address	VERB
easat-10590	195	9	:	:	PUNCT
easat-10590	195	10	1029	1029	NUM
easat-10590	195	11	edelweiss	edelweiss	PROPN
easat-10590	195	12	applied	apply	VERB
easat-10590	195	13	science	science	NOUN
easat-10590	195	14	and	and	CCONJ
easat-10590	195	15	technology	technology	NOUN
easat-10590	195	16	issn	issn	PROPN
easat-10590	195	17	:	:	PUNCT
easat-10590	195	18	2576	2576	NUM
easat-10590	195	19	-	-	SYM
easat-10590	195	20	8484	8484	NUM
easat-10590	195	21	vol	vol	NOUN
easat-10590	195	22	.	.	PROPN
easat-10590	196	1	9	9	NUM
easat-10590	196	2	,	,	PUNCT
easat-10590	196	3	no	no	INTJ
easat-10590	196	4	.	.	NOUN
easat-10590	196	5	10	10	NUM
easat-10590	196	6	:	:	PUNCT
easat-10590	196	7	1021	1021	NUM
easat-10590	196	8	-	-	SYM
easat-10590	196	9	1041	1041	NUM
easat-10590	196	10	,	,	PUNCT
easat-10590	196	11	2025	2025	NUM
easat-10590	196	12	doi	doi	NOUN
easat-10590	196	13	:	:	PUNCT
easat-10590	196	14	10.55214/2576	10.55214/2576	NUM
easat-10590	196	15	-	-	SYM
easat-10590	196	16	8484.v9i10.10590	8484.v9i10.10590	NUM
easat-10590	196	17	©	©	ADP
easat-10590	196	18	2025	2025	NUM
easat-10590	196	19	by	by	ADP
easat-10590	196	20	the	the	DET
easat-10590	196	21	author	author	NOUN
easat-10590	196	22	;	;	PUNCT
easat-10590	196	23	licensee	licensee	PROPN
easat-10590	196	24	learning	learning	NOUN
easat-10590	196	25	gate	gate	NOUN
easat-10590	196	26	2.7	2.7	NUM
easat-10590	196	27	.	.	PUNCT
easat-10590	197	1	use	use	NOUN
easat-10590	197	2	of	of	ADP
easat-10590	197	3	publicly	publicly	ADV
easat-10590	197	4	available	available	ADJ
easat-10590	197	5	data	datum	NOUN
easat-10590	197	6	all	all	DET
easat-10590	197	7	data	datum	NOUN
easat-10590	197	8	employed	employ	VERB
easat-10590	197	9	in	in	ADP
easat-10590	197	10	this	this	DET
easat-10590	197	11	study	study	NOUN
easat-10590	197	12	are	be	AUX
easat-10590	197	13	sourced	source	VERB
easat-10590	197	14	from	from	ADP
easat-10590	197	15	publicly	publicly	ADV
easat-10590	197	16	accessible	accessible	ADJ
easat-10590	197	17	databases	database	NOUN
easat-10590	197	18	and	and	CCONJ
easat-10590	197	19	regulatory	regulatory	ADJ
easat-10590	197	20	disclosures	disclosure	NOUN
easat-10590	197	21	,	,	PUNCT
easat-10590	197	22	such	such	ADJ
easat-10590	197	23	as	as	ADP
easat-10590	197	24	esg	esg	NOUN
easat-10590	197	25	rating	rating	NOUN
easat-10590	197	26	agencies	agency	NOUN
easat-10590	197	27	(	(	PUNCT
easat-10590	197	28	msci	msci	PROPN
easat-10590	197	29	,	,	PUNCT
easat-10590	197	30	sustainalytics	sustainalytic	NOUN
easat-10590	197	31	,	,	PUNCT
easat-10590	197	32	refinitiv	refinitiv	PROPN
easat-10590	197	33	)	)	PUNCT
easat-10590	197	34	,	,	PUNCT
easat-10590	197	35	financial	financial	ADJ
easat-10590	197	36	data	data	NOUN
easat-10590	197	37	providers	provider	NOUN
easat-10590	197	38	(	(	PUNCT
easat-10590	197	39	bloomberg	bloomberg	PROPN
easat-10590	197	40	,	,	PUNCT
easat-10590	197	41	thomson	thomson	PROPN
easat-10590	197	42	reuters	reuters	PROPN
easat-10590	197	43	eikon	eikon	PROPN
easat-10590	197	44	)	)	PUNCT
easat-10590	197	45	,	,	PUNCT
easat-10590	197	46	and	and	CCONJ
easat-10590	197	47	international	international	ADJ
easat-10590	197	48	economic	economic	ADJ
easat-10590	197	49	and	and	CCONJ
easat-10590	197	50	agricultural	agricultural	ADJ
easat-10590	197	51	enterprises	enterprise	NOUN
easat-10590	197	52	organizations	organization	NOUN
easat-10590	197	53	(	(	PUNCT
easat-10590	197	54	world	world	PROPN
easat-10590	197	55	bank	bank	PROPN
easat-10590	197	56	,	,	PUNCT
easat-10590	197	57	imf	imf	PROPN
easat-10590	197	58	)	)	PUNCT
easat-10590	197	59	.	.	PUNCT
easat-10590	198	1	since	since	SCONJ
easat-10590	198	2	no	no	DET
easat-10590	198	3	primary	primary	ADJ
easat-10590	198	4	data	data	NOUN
easat-10590	198	5	collection	collection	NOUN
easat-10590	198	6	involving	involve	VERB
easat-10590	198	7	human	human	ADJ
easat-10590	198	8	subjects	subject	NOUN
easat-10590	198	9	or	or	CCONJ
easat-10590	198	10	personally	personally	ADV
easat-10590	198	11	identifiable	identifiable	ADJ
easat-10590	198	12	information	information	NOUN
easat-10590	198	13	(	(	PUNCT
easat-10590	198	14	pii	pii	PROPN
easat-10590	198	15	)	)	PUNCT
easat-10590	198	16	was	be	AUX
easat-10590	198	17	conducted	conduct	VERB
easat-10590	198	18	,	,	PUNCT
easat-10590	198	19	this	this	DET
easat-10590	198	20	study	study	NOUN
easat-10590	198	21	does	do	AUX
easat-10590	198	22	not	not	PART
easat-10590	198	23	require	require	VERB
easat-10590	198	24	institutional	institutional	ADJ
easat-10590	198	25	review	review	NOUN
easat-10590	198	26	board	board	NOUN
easat-10590	198	27	(	(	PUNCT
easat-10590	198	28	irb	irb	PROPN
easat-10590	198	29	)	)	PUNCT
easat-10590	198	30	approval	approval	NOUN
easat-10590	199	1	[	[	X
easat-10590	199	2	35	35	NUM
easat-10590	199	3	]	]	SYM
easat-10590	199	4	.	.	PUNCT
easat-10590	200	1	2.8	2.8	NUM
easat-10590	200	2	.	.	PUNCT
easat-10590	201	1	confidentiality	confidentiality	NOUN
easat-10590	201	2	and	and	CCONJ
easat-10590	201	3	data	datum	NOUN
easat-10590	201	4	privacy	privacy	NOUN
easat-10590	201	5	although	although	SCONJ
easat-10590	201	6	the	the	DET
easat-10590	201	7	data	datum	NOUN
easat-10590	201	8	are	be	AUX
easat-10590	201	9	publicly	publicly	ADV
easat-10590	201	10	available	available	ADJ
easat-10590	201	11	,	,	PUNCT
easat-10590	201	12	care	care	NOUN
easat-10590	201	13	has	have	AUX
easat-10590	201	14	been	be	AUX
easat-10590	201	15	taken	take	VERB
easat-10590	201	16	to	to	PART
easat-10590	201	17	maintain	maintain	VERB
easat-10590	201	18	confidentiality	confidentiality	NOUN
easat-10590	201	19	and	and	CCONJ
easat-10590	201	20	respect	respect	VERB
easat-10590	201	21	proprietary	proprietary	ADJ
easat-10590	201	22	restrictions	restriction	NOUN
easat-10590	201	23	.	.	PUNCT
easat-10590	202	1	data	datum	NOUN
easat-10590	202	2	handling	handle	VERB
easat-10590	202	3	complies	complie	NOUN
easat-10590	202	4	with	with	ADP
easat-10590	202	5	licensing	licensing	NOUN
easat-10590	202	6	agreements	agreement	NOUN
easat-10590	202	7	and	and	CCONJ
easat-10590	202	8	terms	term	NOUN
easat-10590	202	9	of	of	ADP
easat-10590	202	10	service	service	NOUN
easat-10590	202	11	from	from	ADP
easat-10590	202	12	data	datum	NOUN
easat-10590	202	13	providers	provider	NOUN
easat-10590	202	14	.	.	PUNCT
easat-10590	203	1	no	no	DET
easat-10590	203	2	individual	individual	ADJ
easat-10590	203	3	-	-	PUNCT
easat-10590	203	4	level	level	NOUN
easat-10590	203	5	personal	personal	ADJ
easat-10590	203	6	or	or	CCONJ
easat-10590	203	7	sensitive	sensitive	ADJ
easat-10590	203	8	information	information	NOUN
easat-10590	203	9	is	be	AUX
easat-10590	203	10	analyzed	analyze	VERB
easat-10590	203	11	or	or	CCONJ
easat-10590	203	12	disclosed	disclose	VERB
easat-10590	203	13	.	.	PUNCT
easat-10590	204	1	2.9	2.9	NUM
easat-10590	204	2	.	.	PUNCT
easat-10590	204	3	integrity	integrity	NOUN
easat-10590	204	4	and	and	CCONJ
easat-10590	204	5	transparency	transparency	NOUN
easat-10590	204	6	:	:	PUNCT
easat-10590	204	7	the	the	DET
easat-10590	204	8	research	research	NOUN
easat-10590	204	9	process	process	NOUN
easat-10590	204	10	upholds	uphold	VERB
easat-10590	204	11	principles	principle	NOUN
easat-10590	204	12	of	of	ADP
easat-10590	204	13	academic	academic	ADJ
easat-10590	204	14	integrity	integrity	NOUN
easat-10590	204	15	and	and	CCONJ
easat-10590	204	16	transparency	transparency	NOUN
easat-10590	204	17	.	.	PUNCT
easat-10590	205	1	analytical	analytical	ADJ
easat-10590	205	2	methods	method	NOUN
easat-10590	205	3	,	,	PUNCT
easat-10590	205	4	data	datum	NOUN
easat-10590	205	5	processing	processing	NOUN
easat-10590	205	6	procedures	procedure	NOUN
easat-10590	205	7	,	,	PUNCT
easat-10590	205	8	and	and	CCONJ
easat-10590	205	9	model	model	NOUN
easat-10590	205	10	specifications	specification	NOUN
easat-10590	205	11	are	be	AUX
easat-10590	205	12	fully	fully	ADV
easat-10590	205	13	documented	document	VERB
easat-10590	205	14	to	to	PART
easat-10590	205	15	facilitate	facilitate	VERB
easat-10590	205	16	reproducibility	reproducibility	NOUN
easat-10590	205	17	.	.	PUNCT
easat-10590	206	1	any	any	DET
easat-10590	206	2	limitations	limitation	NOUN
easat-10590	206	3	or	or	CCONJ
easat-10590	206	4	potential	potential	ADJ
easat-10590	206	5	biases	bias	NOUN
easat-10590	206	6	in	in	ADP
easat-10590	206	7	data	datum	NOUN
easat-10590	206	8	sources	source	NOUN
easat-10590	206	9	or	or	CCONJ
easat-10590	206	10	methodology	methodology	NOUN
easat-10590	206	11	are	be	AUX
easat-10590	206	12	openly	openly	ADV
easat-10590	206	13	acknowledged	acknowledge	VERB
easat-10590	206	14	.	.	PUNCT
easat-10590	207	1	2.10	2.10	NUM
easat-10590	207	2	.	.	PUNCT
easat-10590	207	3	avoidance	avoidance	NOUN
easat-10590	207	4	of	of	ADP
easat-10590	207	5	conflicts	conflict	NOUN
easat-10590	207	6	of	of	ADP
easat-10590	207	7	interest	interest	NOUN
easat-10590	207	8	the	the	DET
easat-10590	207	9	authors	author	NOUN
easat-10590	207	10	declare	declare	VERB
easat-10590	207	11	no	no	DET
easat-10590	207	12	financial	financial	ADJ
easat-10590	207	13	or	or	CCONJ
easat-10590	207	14	personal	personal	ADJ
easat-10590	207	15	conflicts	conflict	NOUN
easat-10590	207	16	of	of	ADP
easat-10590	207	17	interest	interest	NOUN
easat-10590	207	18	that	that	PRON
easat-10590	207	19	could	could	AUX
easat-10590	207	20	inappropriately	inappropriately	ADV
easat-10590	207	21	influence	influence	VERB
easat-10590	207	22	the	the	DET
easat-10590	207	23	study	study	NOUN
easat-10590	207	24	's	's	PART
easat-10590	207	25	design	design	NOUN
easat-10590	207	26	,	,	PUNCT
easat-10590	207	27	execution	execution	NOUN
easat-10590	207	28	,	,	PUNCT
easat-10590	207	29	or	or	CCONJ
easat-10590	207	30	interpretation	interpretation	NOUN
easat-10590	207	31	.	.	PUNCT
easat-10590	208	1	the	the	DET
easat-10590	208	2	research	research	NOUN
easat-10590	208	3	is	be	AUX
easat-10590	208	4	conducted	conduct	VERB
easat-10590	208	5	independently	independently	ADV
easat-10590	208	6	without	without	ADP
easat-10590	208	7	external	external	ADJ
easat-10590	208	8	funding	funding	NOUN
easat-10590	208	9	sources	source	NOUN
easat-10590	208	10	that	that	PRON
easat-10590	208	11	might	might	AUX
easat-10590	208	12	bias	bias	VERB
easat-10590	208	13	results	result	NOUN
easat-10590	208	14	.	.	PUNCT
easat-10590	209	1	2.11	2.11	NUM
easat-10590	209	2	.	.	PUNCT
easat-10590	209	3	data	datum	NOUN
easat-10590	209	4	sharing	sharing	NOUN
easat-10590	209	5	and	and	CCONJ
easat-10590	209	6	accessibility	accessibility	NOUN
easat-10590	209	7	as	as	ADP
easat-10590	209	8	per	per	ADP
easat-10590	209	9	open	open	ADJ
easat-10590	209	10	science	science	NOUN
easat-10590	209	11	standards	standard	NOUN
easat-10590	209	12	,	,	PUNCT
easat-10590	209	13	we	we	PRON
easat-10590	209	14	will	will	AUX
easat-10590	209	15	supply	supply	VERB
easat-10590	209	16	unidentifiable	unidentifiable	ADJ
easat-10590	209	17	data	datum	NOUN
easat-10590	209	18	subsets	subset	NOUN
easat-10590	209	19	and	and	CCONJ
easat-10590	209	20	used	use	VERB
easat-10590	209	21	code	code	NOUN
easat-10590	209	22	,	,	PUNCT
easat-10590	209	23	responding	respond	VERB
easat-10590	209	24	to	to	ADP
easat-10590	209	25	requests	request	NOUN
easat-10590	209	26	that	that	PRON
easat-10590	209	27	allow	allow	VERB
easat-10590	209	28	verification	verification	NOUN
easat-10590	209	29	and	and	CCONJ
easat-10590	209	30	further	further	ADJ
easat-10590	209	31	exploration	exploration	NOUN
easat-10590	209	32	in	in	ADP
easat-10590	209	33	this	this	DET
easat-10590	209	34	field	field	NOUN
easat-10590	209	35	.	.	PUNCT
easat-10590	210	1	2.12	2.12	NUM
easat-10590	210	2	.	.	X
easat-10590	210	3	environmental	environmental	ADJ
easat-10590	210	4	and	and	CCONJ
easat-10590	210	5	social	social	ADJ
easat-10590	210	6	responsibility	responsibility	NOUN
easat-10590	210	7	although	although	SCONJ
easat-10590	210	8	direct	direct	ADJ
easat-10590	210	9	testing	testing	NOUN
easat-10590	210	10	is	be	AUX
easat-10590	210	11	not	not	PART
easat-10590	210	12	part	part	NOUN
easat-10590	210	13	of	of	ADP
easat-10590	210	14	the	the	DET
easat-10590	210	15	study	study	NOUN
easat-10590	210	16	,	,	PUNCT
easat-10590	210	17	it	it	PRON
easat-10590	210	18	helps	help	VERB
easat-10590	210	19	increase	increase	VERB
easat-10590	210	20	the	the	DET
easat-10590	210	21	use	use	NOUN
easat-10590	210	22	of	of	ADP
easat-10590	210	23	sustainable	sustainable	ADJ
easat-10590	210	24	business	business	NOUN
easat-10590	210	25	practices	practice	NOUN
easat-10590	210	26	by	by	ADP
easat-10590	210	27	providing	provide	VERB
easat-10590	210	28	evidence	evidence	NOUN
easat-10590	210	29	that	that	PRON
easat-10590	210	30	can	can	AUX
easat-10590	210	31	influence	influence	VERB
easat-10590	210	32	environmental	environmental	ADJ
easat-10590	210	33	,	,	PUNCT
easat-10590	210	34	social	social	ADJ
easat-10590	210	35	,	,	PUNCT
easat-10590	210	36	and	and	CCONJ
easat-10590	210	37	corporate	corporate	ADJ
easat-10590	210	38	decisions	decision	NOUN
easat-10590	210	39	.	.	PUNCT
easat-10590	211	1	it	it	PRON
easat-10590	211	2	provides	provide	VERB
easat-10590	211	3	a	a	DET
easat-10590	211	4	strong	strong	ADJ
easat-10590	211	5	foundation	foundation	NOUN
easat-10590	211	6	for	for	ADP
easat-10590	211	7	analyzing	analyze	VERB
easat-10590	211	8	how	how	SCONJ
easat-10590	211	9	corporate	corporate	ADJ
easat-10590	211	10	sustainability	sustainability	NOUN
easat-10590	211	11	affects	affect	VERB
easat-10590	211	12	the	the	DET
easat-10590	211	13	cost	cost	NOUN
easat-10590	211	14	of	of	ADP
easat-10590	211	15	capital	capital	NOUN
easat-10590	211	16	.	.	PUNCT
easat-10590	212	1	this	this	DET
easat-10590	212	2	project	project	NOUN
easat-10590	212	3	uses	use	VERB
easat-10590	212	4	a	a	DET
easat-10590	212	5	large	large	ADJ
easat-10590	212	6	dataset	dataset	NOUN
easat-10590	212	7	,	,	PUNCT
easat-10590	212	8	advanced	advanced	ADJ
easat-10590	212	9	statistical	statistical	ADJ
easat-10590	212	10	methods	method	NOUN
easat-10590	212	11	,	,	PUNCT
easat-10590	212	12	and	and	CCONJ
easat-10590	212	13	rigorous	rigorous	ADJ
easat-10590	212	14	checks	check	NOUN
easat-10590	212	15	to	to	PART
easat-10590	212	16	ensure	ensure	VERB
easat-10590	212	17	the	the	DET
easat-10590	212	18	findings	finding	NOUN
easat-10590	212	19	are	be	AUX
easat-10590	212	20	applicable	applicable	ADJ
easat-10590	212	21	across	across	ADP
easat-10590	212	22	various	various	ADJ
easat-10590	212	23	institutional	institutional	ADJ
easat-10590	212	24	settings	setting	NOUN
easat-10590	212	25	.	.	PUNCT
easat-10590	213	1	3	3	X
easat-10590	213	2	.	.	X
easat-10590	213	3	results	result	NOUN
easat-10590	213	4	we	we	PRON
easat-10590	213	5	report	report	VERB
easat-10590	213	6	the	the	DET
easat-10590	213	7	outcomes	outcome	NOUN
easat-10590	213	8	of	of	ADP
easat-10590	213	9	our	our	PRON
easat-10590	213	10	study	study	NOUN
easat-10590	213	11	,	,	PUNCT
easat-10590	213	12	which	which	PRON
easat-10590	213	13	highlight	highlight	VERB
easat-10590	213	14	the	the	DET
easat-10590	213	15	effects	effect	NOUN
easat-10590	213	16	of	of	ADP
easat-10590	213	17	corporate	corporate	ADJ
easat-10590	213	18	sustainability	sustainability	NOUN
easat-10590	213	19	on	on	ADP
easat-10590	213	20	the	the	DET
easat-10590	213	21	cost	cost	NOUN
easat-10590	213	22	of	of	ADP
easat-10590	213	23	capital	capital	NOUN
easat-10590	213	24	across	across	ADP
easat-10590	213	25	international	international	ADJ
easat-10590	213	26	markets	market	NOUN
easat-10590	213	27	.	.	PUNCT
easat-10590	214	1	initially	initially	ADV
easat-10590	214	2	,	,	PUNCT
easat-10590	214	3	descriptive	descriptive	ADJ
easat-10590	214	4	statistics	statistic	NOUN
easat-10590	214	5	and	and	CCONJ
easat-10590	214	6	correlations	correlation	NOUN
easat-10590	214	7	are	be	AUX
easat-10590	214	8	examined	examine	VERB
easat-10590	214	9	,	,	PUNCT
easat-10590	214	10	followed	follow	VERB
easat-10590	214	11	by	by	ADP
easat-10590	214	12	the	the	DET
easat-10590	214	13	baseline	baseline	PROPN
easat-10590	214	14	panel	panel	NOUN
easat-10590	214	15	regression	regression	NOUN
easat-10590	214	16	,	,	PUNCT
easat-10590	214	17	instrumental	instrumental	ADJ
easat-10590	214	18	variable	variable	ADJ
easat-10590	214	19	estimates	estimate	NOUN
easat-10590	214	20	dealing	deal	VERB
easat-10590	214	21	with	with	ADP
easat-10590	214	22	endogeneity	endogeneity	NOUN
easat-10590	214	23	,	,	PUNCT
easat-10590	214	24	and	and	CCONJ
easat-10590	214	25	finally	finally	ADV
easat-10590	214	26	tests	test	VERB
easat-10590	214	27	on	on	ADP
easat-10590	214	28	regional	regional	ADJ
easat-10590	214	29	and	and	CCONJ
easat-10590	214	30	sub	sub	ADJ
easat-10590	214	31	-	-	ADJ
easat-10590	214	32	dimensional	dimensional	ADJ
easat-10590	214	33	differences	difference	NOUN
easat-10590	214	34	.	.	PUNCT
easat-10590	215	1	the	the	DET
easat-10590	215	2	findings	finding	NOUN
easat-10590	215	3	are	be	AUX
easat-10590	215	4	also	also	ADV
easat-10590	215	5	verified	verify	VERB
easat-10590	215	6	by	by	ADP
easat-10590	215	7	conducting	conduct	VERB
easat-10590	215	8	additional	additional	ADJ
easat-10590	215	9	robustness	robustness	NOUN
easat-10590	215	10	checks	check	NOUN
easat-10590	215	11	.	.	PUNCT
easat-10590	216	1	3.1	3.1	NUM
easat-10590	216	2	.	.	PUNCT
easat-10590	216	3	descriptive	descriptive	ADJ
easat-10590	216	4	statistics	statistic	NOUN
easat-10590	216	5	and	and	CCONJ
easat-10590	216	6	correlations	correlation	NOUN
easat-10590	216	7	table	table	NOUN
easat-10590	216	8	1	1	NUM
easat-10590	216	9	displays	display	VERB
easat-10590	216	10	the	the	DET
easat-10590	216	11	main	main	ADJ
easat-10590	216	12	statistics	statistic	NOUN
easat-10590	216	13	used	use	VERB
easat-10590	216	14	for	for	ADP
easat-10590	216	15	the	the	DET
easat-10590	216	16	analysis	analysis	NOUN
easat-10590	216	17	in	in	ADP
easat-10590	216	18	this	this	DET
easat-10590	216	19	study	study	NOUN
easat-10590	216	20	.	.	PUNCT
easat-10590	217	1	seven	seven	NUM
easat-10590	217	2	point	point	NOUN
easat-10590	217	3	six	six	NUM
easat-10590	217	4	five	five	NUM
easat-10590	217	5	percent	percent	NOUN
easat-10590	217	6	is	be	AUX
easat-10590	217	7	the	the	DET
easat-10590	217	8	average	average	ADJ
easat-10590	217	9	wacc	wacc	NOUN
easat-10590	217	10	for	for	ADP
easat-10590	217	11	companies	company	NOUN
easat-10590	217	12	in	in	ADP
easat-10590	217	13	the	the	DET
easat-10590	217	14	sample	sample	NOUN
easat-10590	217	15	;	;	PUNCT
easat-10590	217	16	however	however	ADV
easat-10590	217	17	,	,	PUNCT
easat-10590	217	18	a	a	DET
easat-10590	217	19	significant	significant	ADJ
easat-10590	217	20	spread	spread	NOUN
easat-10590	217	21	can	can	AUX
easat-10590	217	22	be	be	AUX
easat-10590	217	23	found	find	VERB
easat-10590	217	24	between	between	ADP
easat-10590	217	25	the	the	DET
easat-10590	217	26	lowest	low	ADJ
easat-10590	217	27	and	and	CCONJ
easat-10590	217	28	highest	high	ADJ
easat-10590	217	29	values	value	NOUN
easat-10590	217	30	at	at	ADP
easat-10590	217	31	3.10	3.10	NUM
easat-10590	217	32	%	%	NOUN
easat-10590	217	33	and	and	CCONJ
easat-10590	217	34	14.85	14.85	NUM
easat-10590	217	35	%	%	NOUN
easat-10590	217	36	.	.	PUNCT
easat-10590	218	1	the	the	DET
easat-10590	218	2	mean	mean	ADJ
easat-10590	218	3	composite	composite	ADJ
easat-10590	218	4	esg	esg	NOUN
easat-10590	218	5	score	score	NOUN
easat-10590	218	6	is	be	AUX
easat-10590	218	7	65.42	65.42	NUM
easat-10590	218	8	on	on	ADP
easat-10590	218	9	a	a	DET
easat-10590	218	10	0–100	0–100	NOUN
easat-10590	218	11	scale	scale	NOUN
easat-10590	218	12	,	,	PUNCT
easat-10590	218	13	indicating	indicate	VERB
easat-10590	218	14	moderate	moderate	ADJ
easat-10590	218	15	overall	overall	ADJ
easat-10590	218	16	sustainability	sustainability	NOUN
easat-10590	218	17	performance	performance	NOUN
easat-10590	218	18	among	among	ADP
easat-10590	218	19	sampled	sample	VERB
easat-10590	218	20	agricultural	agricultural	ADJ
easat-10590	218	21	firms	firm	NOUN
easat-10590	218	22	.	.	PUNCT
easat-10590	219	1	1030	1030	NUM
easat-10590	219	2	edelweiss	edelweiss	PROPN
easat-10590	219	3	applied	apply	VERB
easat-10590	219	4	science	science	NOUN
easat-10590	219	5	and	and	CCONJ
easat-10590	219	6	technology	technology	NOUN
easat-10590	219	7	issn	issn	PROPN
easat-10590	219	8	:	:	PUNCT
easat-10590	219	9	2576	2576	NUM
easat-10590	219	10	-	-	SYM
easat-10590	219	11	8484	8484	NUM
easat-10590	219	12	vol	vol	NOUN
easat-10590	219	13	.	.	PROPN
easat-10590	220	1	9	9	NUM
easat-10590	220	2	,	,	PUNCT
easat-10590	220	3	no	no	INTJ
easat-10590	220	4	.	.	NOUN
easat-10590	220	5	10	10	NUM
easat-10590	220	6	:	:	PUNCT
easat-10590	220	7	1021	1021	NUM
easat-10590	220	8	-	-	SYM
easat-10590	220	9	1041	1041	NUM
easat-10590	220	10	,	,	PUNCT
easat-10590	220	11	2025	2025	NUM
easat-10590	220	12	doi	doi	NOUN
easat-10590	220	13	:	:	PUNCT
easat-10590	220	14	10.55214/2576	10.55214/2576	NUM
easat-10590	220	15	-	-	SYM
easat-10590	220	16	8484.v9i10.10590	8484.v9i10.10590	NUM
easat-10590	220	17	©	©	ADP
easat-10590	220	18	2025	2025	NUM
easat-10590	220	19	by	by	ADP
easat-10590	220	20	the	the	DET
easat-10590	220	21	author	author	NOUN
easat-10590	220	22	;	;	PUNCT
easat-10590	220	23	licensee	licensee	PROPN
easat-10590	220	24	learning	learn	VERB
easat-10590	220	25	gate	gate	NOUN
easat-10590	220	26	table	table	NOUN
easat-10590	220	27	1	1	NUM
easat-10590	220	28	.	.	PUNCT
easat-10590	220	29	descriptive	descriptive	ADJ
easat-10590	220	30	statistics	statistic	NOUN
easat-10590	220	31	of	of	ADP
easat-10590	220	32	key	key	ADJ
easat-10590	220	33	variables	variable	NOUN
easat-10590	220	34	(	(	PUNCT
easat-10590	220	35	2019–2024	2019–2024	NUM
easat-10590	220	36	)	)	PUNCT
easat-10590	220	37	.	.	PUNCT
easat-10590	221	1	variable	variable	ADJ
easat-10590	221	2	mean	mean	VERB
easat-10590	221	3	std	std	PROPN
easat-10590	221	4	.	.	PROPN
easat-10590	222	1	dev	dev	PROPN
easat-10590	222	2	.	.	PUNCT
easat-10590	222	3	min	min	PROPN
easat-10590	222	4	.	.	PROPN
easat-10590	222	5	max	max	PROPN
easat-10590	222	6	.	.	PUNCT
easat-10590	223	1	wacc	wacc	PROPN
easat-10590	223	2	(	(	PUNCT
easat-10590	223	3	%	%	INTJ
easat-10590	223	4	)	)	PUNCT
easat-10590	223	5	7.65	7.65	NUM
easat-10590	223	6	2.13	2.13	NUM
easat-10590	223	7	3.10	3.10	NUM
easat-10590	223	8	14.85	14.85	NUM
easat-10590	223	9	esg	esg	NOUN
easat-10590	223	10	composite	composite	ADJ
easat-10590	223	11	score	score	NOUN
easat-10590	223	12	65.42	65.42	NUM
easat-10590	223	13	12.25	12.25	NUM
easat-10590	223	14	28.50	28.50	NUM
easat-10590	223	15	98.00	98.00	NUM
easat-10590	223	16	environmental	environmental	ADJ
easat-10590	223	17	score	score	NOUN
easat-10590	223	18	63.85	63.85	NUM
easat-10590	223	19	13.10	13.10	NUM
easat-10590	223	20	25.00	25.00	NUM
easat-10590	223	21	97.50	97.50	NUM
easat-10590	223	22	social	social	ADJ
easat-10590	223	23	score	score	NOUN
easat-10590	223	24	66.10	66.10	NUM
easat-10590	223	25	11.50	11.50	NUM
easat-10590	223	26	30.00	30.00	NUM
easat-10590	223	27	99.00	99.00	NUM
easat-10590	223	28	governance	governance	NOUN
easat-10590	223	29	score	score	NOUN
easat-10590	223	30	67.25	67.25	NUM
easat-10590	223	31	10.80	10.80	NUM
easat-10590	223	32	35.00	35.00	NUM
easat-10590	223	33	100.00	100.00	NUM
easat-10590	223	34	firm	firm	ADJ
easat-10590	223	35	size	size	NOUN
easat-10590	223	36	(	(	PUNCT
easat-10590	223	37	log	log	NOUN
easat-10590	223	38	assets	asset	NOUN
easat-10590	223	39	)	)	PUNCT
easat-10590	223	40	8.75	8.75	NUM
easat-10590	223	41	1.20	1.20	NUM
easat-10590	223	42	5.20	5.20	NUM
easat-10590	223	43	12.50	12.50	NUM
easat-10590	223	44	leverage	leverage	NOUN
easat-10590	223	45	ratio	ratio	NOUN
easat-10590	223	46	0.42	0.42	NUM
easat-10590	223	47	0.18	0.18	NUM
easat-10590	223	48	0.01	0.01	NUM
easat-10590	223	49	0.88	0.88	NUM
easat-10590	223	50	roa	roa	NOUN
easat-10590	223	51	(	(	PUNCT
easat-10590	223	52	%	%	NOUN
easat-10590	223	53	)	)	PUNCT
easat-10590	223	54	5.20	5.20	NUM
easat-10590	223	55	4.10	4.10	NUM
easat-10590	223	56	-15.0	-15.0	PUNCT
easat-10590	223	57	18.00	18.00	NUM
easat-10590	223	58	market	market	NOUN
easat-10590	223	59	-	-	PUNCT
easat-10590	223	60	to	to	ADP
easat-10590	223	61	-	-	PUNCT
easat-10590	223	62	book	book	NOUN
easat-10590	223	63	ratio	ratio	NOUN
easat-10590	223	64	2.10	2.10	NUM
easat-10590	223	65	1.35	1.35	NUM
easat-10590	223	66	0.30	0.30	NUM
easat-10590	223	67	7.50	7.50	NUM
easat-10590	223	68	the	the	DET
easat-10590	223	69	sample	sample	NOUN
easat-10590	223	70	displays	display	VERB
easat-10590	223	71	wide	wide	ADJ
easat-10590	223	72	heterogeneity	heterogeneity	NOUN
easat-10590	223	73	,	,	PUNCT
easat-10590	223	74	ensuring	ensure	VERB
easat-10590	223	75	sufficient	sufficient	ADJ
easat-10590	223	76	variability	variability	NOUN
easat-10590	223	77	to	to	PART
easat-10590	223	78	identify	identify	VERB
easat-10590	223	79	the	the	DET
easat-10590	223	80	impact	impact	NOUN
easat-10590	223	81	of	of	ADP
easat-10590	223	82	sustainability	sustainability	NOUN
easat-10590	223	83	on	on	ADP
easat-10590	223	84	the	the	DET
easat-10590	223	85	cost	cost	NOUN
easat-10590	223	86	of	of	ADP
easat-10590	223	87	capital	capital	NOUN
easat-10590	223	88	.	.	PUNCT
easat-10590	224	1	figure	figure	NOUN
easat-10590	224	2	1	1	NUM
easat-10590	224	3	.	.	PUNCT
easat-10590	225	1	distribution	distribution	NOUN
easat-10590	225	2	of	of	ADP
easat-10590	225	3	esg	esg	PROPN
easat-10590	225	4	scores	score	NOUN
easat-10590	225	5	and	and	CCONJ
easat-10590	225	6	wacc	wacc	PROPN
easat-10590	225	7	across	across	ADP
easat-10590	225	8	sample	sample	NOUN
easat-10590	225	9	agriculture	agriculture	NOUN
easat-10590	225	10	firms	firm	NOUN
easat-10590	225	11	.	.	PUNCT
easat-10590	226	1	a	a	DET
easat-10590	226	2	histogram	histogram	NOUN
easat-10590	226	3	reveals	reveal	VERB
easat-10590	226	4	that	that	SCONJ
easat-10590	226	5	esg	esg	PROPN
easat-10590	226	6	scores	score	NOUN
easat-10590	226	7	are	be	AUX
easat-10590	226	8	approximately	approximately	ADV
easat-10590	226	9	normally	normally	ADV
easat-10590	226	10	distributed	distribute	VERB
easat-10590	226	11	,	,	PUNCT
easat-10590	226	12	with	with	ADP
easat-10590	226	13	a	a	DET
easat-10590	226	14	slight	slight	ADJ
easat-10590	226	15	positive	positive	ADJ
easat-10590	226	16	skew	skew	NOUN
easat-10590	226	17	toward	toward	ADP
easat-10590	226	18	higher	high	ADJ
easat-10590	226	19	scores	score	NOUN
easat-10590	226	20	.	.	PUNCT
easat-10590	227	1	in	in	ADP
easat-10590	227	2	contrast	contrast	NOUN
easat-10590	227	3	,	,	PUNCT
easat-10590	227	4	wacc	wacc	PROPN
easat-10590	227	5	values	value	NOUN
easat-10590	227	6	exhibit	exhibit	VERB
easat-10590	227	7	a	a	DET
easat-10590	227	8	right	right	ADJ
easat-10590	227	9	-	-	PUNCT
easat-10590	227	10	skewed	skewed	ADJ
easat-10590	227	11	distribution	distribution	NOUN
easat-10590	227	12	,	,	PUNCT
easat-10590	227	13	with	with	ADP
easat-10590	227	14	most	most	ADJ
easat-10590	227	15	firms	firm	NOUN
easat-10590	227	16	clustered	cluster	VERB
easat-10590	227	17	between	between	ADP
easat-10590	227	18	6	6	NUM
easat-10590	227	19	%	%	NOUN
easat-10590	227	20	and	and	CCONJ
easat-10590	227	21	9	9	NUM
easat-10590	227	22	%	%	NOUN
easat-10590	227	23	.	.	PUNCT
easat-10590	228	1	this	this	DET
easat-10590	228	2	visualization	visualization	NOUN
easat-10590	228	3	supports	support	VERB
easat-10590	228	4	subsequent	subsequent	ADJ
easat-10590	228	5	regression	regression	NOUN
easat-10590	228	6	assumptions	assumption	NOUN
easat-10590	228	7	of	of	ADP
easat-10590	228	8	continuous	continuous	ADJ
easat-10590	228	9	variation	variation	NOUN
easat-10590	228	10	.	.	PUNCT
easat-10590	229	1	table	table	NOUN
easat-10590	229	2	2	2	NUM
easat-10590	229	3	.	.	PUNCT
easat-10590	229	4	pearson	pearson	PROPN
easat-10590	229	5	correlation	correlation	NOUN
easat-10590	229	6	matrix	matrix	NOUN
easat-10590	229	7	of	of	ADP
easat-10590	229	8	key	key	ADJ
easat-10590	229	9	variables	variable	NOUN
easat-10590	229	10	.	.	PUNCT
easat-10590	230	1	variable	variable	PROPN
easat-10590	230	2	wacc	wacc	PROPN
easat-10590	230	3	esg	esg	PROPN
easat-10590	230	4	environmental	environmental	ADJ
easat-10590	230	5	social	social	ADJ
easat-10590	230	6	governance	governance	NOUN
easat-10590	230	7	size	size	NOUN
easat-10590	230	8	leverage	leverage	NOUN
easat-10590	230	9	roa	roa	PROPN
easat-10590	230	10	m	m	PROPN
easat-10590	230	11	/	/	SYM
easat-10590	230	12	b	b	PROPN
easat-10590	230	13	wacc	wacc	PROPN
easat-10590	230	14	1	1	NUM
easat-10590	230	15	-0.34	-0.34	PROPN
easat-10590	230	16	*	*	PUNCT
easat-10590	230	17	*	*	NOUN
easat-10590	230	18	-0.31	-0.31	PRON
easat-10590	230	19	*	*	PUNCT
easat-10590	230	20	*	*	NOUN
easat-10590	230	21	-0.28	-0.28	NUM
easat-10590	230	22	*	*	NOUN
easat-10590	230	23	*	*	NOUN
easat-10590	230	24	-0.26	-0.26	NOUN
easat-10590	230	25	*	*	PUNCT
easat-10590	230	26	*	*	NOUN
easat-10590	230	27	-0.25	-0.25	NUM
easat-10590	230	28	*	*	PUNCT
easat-10590	230	29	*	*	PUNCT
easat-10590	230	30	0.40	0.40	NUM
easat-10590	230	31	*	*	PUNCT
easat-10590	230	32	*	*	PUNCT
easat-10590	230	33	-0.30	-0.30	PROPN
easat-10590	230	34	*	*	PUNCT
easat-10590	230	35	*	*	NOUN
easat-10590	230	36	0.18	0.18	NUM
easat-10590	230	37	*	*	PUNCT
easat-10590	230	38	*	*	PROPN
easat-10590	230	39	esg	esg	NOUN
easat-10590	230	40	composite	composite	ADJ
easat-10590	230	41	score	score	NOUN
easat-10590	230	42	-0.34	-0.34	NOUN
easat-10590	230	43	*	*	PUNCT
easat-10590	230	44	*	*	NOUN
easat-10590	230	45	1	1	NUM
easat-10590	230	46	0.65	0.65	NUM
easat-10590	230	47	*	*	PUNCT
easat-10590	230	48	*	*	PUNCT
easat-10590	231	1	0.60	0.60	NUM
easat-10590	231	2	*	*	PUNCT
easat-10590	231	3	*	*	PUNCT
easat-10590	231	4	0.57	0.57	NUM
easat-10590	231	5	*	*	PUNCT
easat-10590	231	6	*	*	PUNCT
easat-10590	231	7	0.22	0.22	NUM
easat-10590	231	8	*	*	PUNCT
easat-10590	231	9	*	*	PUNCT
easat-10590	231	10	-0.28	-0.28	PUNCT
easat-10590	231	11	*	*	PUNCT
easat-10590	231	12	*	*	NOUN
easat-10590	231	13	0.20	0.20	NUM
easat-10590	231	14	*	*	PUNCT
easat-10590	231	15	*	*	PUNCT
easat-10590	231	16	-0.15	-0.15	NUM
easat-10590	231	17	*	*	PUNCT
easat-10590	231	18	*	*	PUNCT
easat-10590	231	19	environmental	environmental	ADJ
easat-10590	231	20	-0.31	-0.31	X
easat-10590	231	21	*	*	PUNCT
easat-10590	231	22	*	*	PROPN
easat-10590	231	23	0.65	0.65	NUM
easat-10590	231	24	*	*	PUNCT
easat-10590	231	25	*	*	PROPN
easat-10590	231	26	1	1	NUM
easat-10590	231	27	0.53	0.53	NUM
easat-10590	231	28	*	*	PUNCT
easat-10590	231	29	*	*	PUNCT
easat-10590	231	30	0.50	0.50	NUM
easat-10590	231	31	*	*	PUNCT
easat-10590	231	32	*	*	PUNCT
easat-10590	231	33	0.19	0.19	NUM
easat-10590	231	34	*	*	PUNCT
easat-10590	231	35	*	*	PUNCT
easat-10590	231	36	-0.25	-0.25	NUM
easat-10590	231	37	*	*	PUNCT
easat-10590	231	38	*	*	PUNCT
easat-10590	231	39	0.18	0.18	NUM
easat-10590	231	40	*	*	PUNCT
easat-10590	231	41	*	*	PUNCT
easat-10590	231	42	-0.12	-0.12	PROPN
easat-10590	231	43	*	*	ADJ
easat-10590	231	44	*	*	ADJ
easat-10590	231	45	social	social	ADJ
easat-10590	231	46	-0.28	-0.28	NOUN
easat-10590	231	47	*	*	NOUN
easat-10590	231	48	*	*	NOUN
easat-10590	231	49	0.60	0.60	NUM
easat-10590	231	50	*	*	PUNCT
easat-10590	231	51	*	*	PUNCT
easat-10590	231	52	0.53	0.53	NUM
easat-10590	231	53	*	*	PUNCT
easat-10590	231	54	*	*	PUNCT
easat-10590	231	55	1	1	NUM
easat-10590	231	56	0.47	0.47	NUM
easat-10590	231	57	*	*	PUNCT
easat-10590	231	58	*	*	PUNCT
easat-10590	231	59	0.20	0.20	NUM
easat-10590	231	60	*	*	NOUN
easat-10590	231	61	*	*	NOUN
easat-10590	231	62	-0.22	-0.22	PRON
easat-10590	231	63	*	*	NOUN
easat-10590	231	64	*	*	NOUN
easat-10590	231	65	0.22	0.22	NUM
easat-10590	231	66	*	*	PUNCT
easat-10590	231	67	*	*	PUNCT
easat-10590	231	68	-0.14	-0.14	PRON
easat-10590	231	69	*	*	PUNCT
easat-10590	231	70	*	*	PUNCT
easat-10590	231	71	governance	governance	NOUN
easat-10590	231	72	-0.26	-0.26	X
easat-10590	231	73	*	*	NOUN
easat-10590	231	74	*	*	NOUN
easat-10590	231	75	0.57	0.57	NUM
easat-10590	231	76	*	*	PUNCT
easat-10590	231	77	*	*	PUNCT
easat-10590	231	78	0.50	0.50	NUM
easat-10590	231	79	*	*	PUNCT
easat-10590	231	80	*	*	PUNCT
easat-10590	231	81	0.47	0.47	NUM
easat-10590	231	82	*	*	PUNCT
easat-10590	231	83	*	*	PUNCT
easat-10590	231	84	1	1	NUM
easat-10590	231	85	0.18	0.18	NUM
easat-10590	231	86	*	*	PUNCT
easat-10590	231	87	*	*	X
easat-10590	231	88	-0.20	-0.20	X
easat-10590	231	89	*	*	PUNCT
easat-10590	231	90	*	*	NOUN
easat-10590	231	91	0.19	0.19	NUM
easat-10590	231	92	*	*	PUNCT
easat-10590	231	93	*	*	PUNCT
easat-10590	231	94	-0.10	-0.10	NUM
easat-10590	231	95	*	*	NOUN
easat-10590	231	96	*	*	PUNCT
easat-10590	231	97	firm	firm	ADJ
easat-10590	231	98	size	size	NOUN
easat-10590	231	99	-0.25	-0.25	NUM
easat-10590	231	100	*	*	NOUN
easat-10590	231	101	*	*	PUNCT
easat-10590	231	102	0.22	0.22	NUM
easat-10590	231	103	*	*	PUNCT
easat-10590	231	104	*	*	NOUN
easat-10590	231	105	0.19	0.19	NUM
easat-10590	231	106	*	*	PUNCT
easat-10590	231	107	*	*	PUNCT
easat-10590	231	108	0.20	0.20	NUM
easat-10590	231	109	*	*	PUNCT
easat-10590	231	110	*	*	PUNCT
easat-10590	231	111	0.18	0.18	NUM
easat-10590	231	112	*	*	PUNCT
easat-10590	231	113	*	*	PUNCT
easat-10590	231	114	1	1	NUM
easat-10590	231	115	-0.35	-0.35	NOUN
easat-10590	231	116	*	*	PUNCT
easat-10590	231	117	*	*	NOUN
easat-10590	231	118	0.30	0.30	NUM
easat-10590	231	119	*	*	PUNCT
easat-10590	231	120	*	*	PUNCT
easat-10590	231	121	0.10	0.10	NUM
easat-10590	231	122	*	*	PUNCT
easat-10590	231	123	*	*	NOUN
easat-10590	231	124	leverage	leverage	NOUN
easat-10590	231	125	0.40	0.40	NUM
easat-10590	231	126	*	*	NOUN
easat-10590	231	127	*	*	PUNCT
easat-10590	231	128	-0.28	-0.28	NUM
easat-10590	231	129	*	*	NOUN
easat-10590	231	130	*	*	NOUN
easat-10590	231	131	-0.25	-0.25	NUM
easat-10590	231	132	*	*	NOUN
easat-10590	231	133	*	*	NOUN
easat-10590	231	134	-0.22	-0.22	PRON
easat-10590	231	135	*	*	PROPN
easat-10590	231	136	*	*	X
easat-10590	231	137	-0.20	-0.20	NUM
easat-10590	231	138	*	*	PUNCT
easat-10590	231	139	*	*	PUNCT
easat-10590	231	140	-0.35	-0.35	PRON
easat-10590	231	141	*	*	NOUN
easat-10590	231	142	*	*	PROPN
easat-10590	231	143	1	1	NUM
easat-10590	231	144	-0.35	-0.35	NOUN
easat-10590	231	145	*	*	PUNCT
easat-10590	231	146	*	*	NOUN
easat-10590	231	147	0.30	0.30	NUM
easat-10590	231	148	*	*	PUNCT
easat-10590	231	149	*	*	PUNCT
easat-10590	231	150	roa	roa	PROPN
easat-10590	231	151	-0.30	-0.30	PROPN
easat-10590	231	152	*	*	PROPN
easat-10590	231	153	*	*	NOUN
easat-10590	231	154	0.20	0.20	NUM
easat-10590	231	155	*	*	PUNCT
easat-10590	231	156	*	*	PUNCT
easat-10590	231	157	0.18	0.18	NUM
easat-10590	231	158	*	*	PUNCT
easat-10590	231	159	*	*	PUNCT
easat-10590	231	160	0.22	0.22	NUM
easat-10590	231	161	*	*	PUNCT
easat-10590	231	162	*	*	NOUN
easat-10590	231	163	0.19	0.19	NUM
easat-10590	231	164	*	*	PUNCT
easat-10590	231	165	*	*	PUNCT
easat-10590	232	1	0.30	0.30	NUM
easat-10590	232	2	*	*	PUNCT
easat-10590	232	3	*	*	PUNCT
easat-10590	232	4	-0.35	-0.35	PRON
easat-10590	232	5	*	*	NOUN
easat-10590	232	6	*	*	PROPN
easat-10590	232	7	1	1	NUM
easat-10590	232	8	-0.12	-0.12	NOUN
easat-10590	232	9	*	*	NOUN
easat-10590	232	10	*	*	NOUN
easat-10590	232	11	market	market	NOUN
easat-10590	232	12	-	-	PUNCT
easat-10590	232	13	to	to	ADP
easat-10590	232	14	-	-	PUNCT
easat-10590	232	15	book	book	NOUN
easat-10590	232	16	0.18	0.18	NUM
easat-10590	232	17	*	*	PUNCT
easat-10590	232	18	*	*	PUNCT
easat-10590	232	19	-0.15	-0.15	NUM
easat-10590	232	20	*	*	PUNCT
easat-10590	232	21	*	*	NOUN
easat-10590	232	22	-0.12	-0.12	NUM
easat-10590	232	23	*	*	NOUN
easat-10590	232	24	*	*	NOUN
easat-10590	232	25	-0.14	-0.14	PRON
easat-10590	232	26	*	*	NOUN
easat-10590	232	27	*	*	PUNCT
easat-10590	232	28	-0.10	-0.10	PROPN
easat-10590	232	29	*	*	X
easat-10590	232	30	*	*	X
easat-10590	232	31	0.10	0.10	NUM
easat-10590	232	32	*	*	PUNCT
easat-10590	232	33	*	*	PUNCT
easat-10590	232	34	0.30	0.30	NUM
easat-10590	232	35	*	*	PUNCT
easat-10590	232	36	*	*	PUNCT
easat-10590	232	37	-0.12	-0.12	NUM
easat-10590	232	38	*	*	PROPN
easat-10590	232	39	*	*	PROPN
easat-10590	232	40	1	1	NUM
easat-10590	232	41	note	note	NOUN
easat-10590	232	42	:	:	PUNCT
easat-10590	232	43	p	p	X
easat-10590	232	44	<	<	X
easat-10590	232	45	0.01	0.01	NUM
easat-10590	232	46	significance	significance	NOUN
easat-10590	232	47	level	level	NOUN
easat-10590	232	48	.	.	PUNCT
easat-10590	233	1	1031	1031	NUM
easat-10590	233	2	edelweiss	edelweiss	PROPN
easat-10590	233	3	applied	apply	VERB
easat-10590	233	4	science	science	NOUN
easat-10590	233	5	and	and	CCONJ
easat-10590	233	6	technology	technology	NOUN
easat-10590	233	7	issn	issn	PROPN
easat-10590	233	8	:	:	PUNCT
easat-10590	233	9	2576	2576	NUM
easat-10590	233	10	-	-	SYM
easat-10590	233	11	8484	8484	NUM
easat-10590	233	12	vol	vol	NOUN
easat-10590	233	13	.	.	PROPN
easat-10590	234	1	9	9	NUM
easat-10590	234	2	,	,	PUNCT
easat-10590	234	3	no	no	INTJ
easat-10590	234	4	.	.	NOUN
easat-10590	234	5	10	10	NUM
easat-10590	234	6	:	:	PUNCT
easat-10590	234	7	1021	1021	NUM
easat-10590	234	8	-	-	SYM
easat-10590	234	9	1041	1041	NUM
easat-10590	234	10	,	,	PUNCT
easat-10590	234	11	2025	2025	NUM
easat-10590	234	12	doi	doi	NOUN
easat-10590	234	13	:	:	PUNCT
easat-10590	234	14	10.55214/2576	10.55214/2576	NUM
easat-10590	234	15	-	-	SYM
easat-10590	234	16	8484.v9i10.10590	8484.v9i10.10590	NUM
easat-10590	234	17	©	©	ADP
easat-10590	234	18	2025	2025	NUM
easat-10590	234	19	by	by	ADP
easat-10590	234	20	the	the	DET
easat-10590	234	21	author	author	NOUN
easat-10590	234	22	;	;	PUNCT
easat-10590	234	23	licensee	licensee	PROPN
easat-10590	234	24	learning	learn	VERB
easat-10590	234	25	gate	gate	NOUN
easat-10590	234	26	figure	figure	NOUN
easat-10590	234	27	2	2	NUM
easat-10590	234	28	.	.	PUNCT
easat-10590	234	29	heat	heat	NOUN
easat-10590	234	30	map	map	NOUN
easat-10590	234	31	of	of	ADP
easat-10590	234	32	pearson	pearson	NOUN
easat-10590	234	33	correlation	correlation	NOUN
easat-10590	234	34	matrix	matrix	NOUN
easat-10590	234	35	.	.	PUNCT
easat-10590	235	1	3.2	3.2	NUM
easat-10590	235	2	.	.	PUNCT
easat-10590	236	1	baseline	baseline	PROPN
easat-10590	236	2	panel	panel	NOUN
easat-10590	236	3	regression	regression	NOUN
easat-10590	236	4	results	result	NOUN
easat-10590	236	5	table	table	NOUN
easat-10590	236	6	3	3	NUM
easat-10590	236	7	reports	report	VERB
easat-10590	236	8	the	the	DET
easat-10590	236	9	results	result	NOUN
easat-10590	236	10	of	of	ADP
easat-10590	236	11	the	the	DET
easat-10590	236	12	fixed	fix	VERB
easat-10590	236	13	effects	effect	NOUN
easat-10590	236	14	panel	panel	NOUN
easat-10590	236	15	regression	regression	NOUN
easat-10590	236	16	estimating	estimate	VERB
easat-10590	236	17	the	the	DET
easat-10590	236	18	effect	effect	NOUN
easat-10590	236	19	of	of	ADP
easat-10590	236	20	esg	esg	PROPN
easat-10590	236	21	performance	performance	NOUN
easat-10590	236	22	on	on	ADP
easat-10590	236	23	wacc	wacc	PROPN
easat-10590	236	24	.	.	PUNCT
easat-10590	237	1	column	column	NOUN
easat-10590	237	2	(	(	PUNCT
easat-10590	237	3	1	1	X
easat-10590	237	4	)	)	PUNCT
easat-10590	237	5	includes	include	VERB
easat-10590	237	6	only	only	ADV
easat-10590	237	7	the	the	DET
easat-10590	237	8	composite	composite	ADJ
easat-10590	237	9	esg	esg	NOUN
easat-10590	237	10	score	score	NOUN
easat-10590	237	11	;	;	PUNCT
easat-10590	237	12	column	column	NOUN
easat-10590	237	13	(	(	PUNCT
easat-10590	237	14	2	2	X
easat-10590	237	15	)	)	PUNCT
easat-10590	237	16	adds	add	VERB
easat-10590	237	17	control	control	NOUN
easat-10590	237	18	variables	variable	NOUN
easat-10590	237	19	;	;	PUNCT
easat-10590	237	20	column	column	NOUN
easat-10590	237	21	(	(	PUNCT
easat-10590	237	22	3	3	X
easat-10590	237	23	)	)	PUNCT
easat-10590	237	24	introduces	introduce	VERB
easat-10590	237	25	industry	industry	NOUN
easat-10590	237	26	fixed	fix	VERB
easat-10590	237	27	effects	effect	NOUN
easat-10590	237	28	;	;	PUNCT
easat-10590	237	29	and	and	CCONJ
easat-10590	237	30	column	column	NOUN
easat-10590	237	31	(	(	PUNCT
easat-10590	237	32	4	4	NUM
easat-10590	237	33	)	)	PUNCT
easat-10590	237	34	includes	include	VERB
easat-10590	237	35	year	year	NOUN
easat-10590	237	36	fixed	fix	VERB
easat-10590	237	37	effects	effect	NOUN
easat-10590	237	38	.	.	PUNCT
easat-10590	238	1	table	table	NOUN
easat-10590	238	2	3	3	NUM
easat-10590	238	3	.	.	PUNCT
easat-10590	238	4	fixed	fix	VERB
easat-10590	238	5	effects	effect	NOUN
easat-10590	238	6	regression	regression	NOUN
easat-10590	238	7	–	–	PUNCT
easat-10590	238	8	esg	esg	PROPN
easat-10590	238	9	and	and	CCONJ
easat-10590	238	10	wacc	wacc	PROPN
easat-10590	238	11	.	.	PUNCT
easat-10590	239	1	variable	variable	NOUN
easat-10590	239	2	(	(	PUNCT
easat-10590	239	3	1	1	NUM
easat-10590	239	4	)	)	PUNCT
easat-10590	239	5	(	(	PUNCT
easat-10590	239	6	2	2	NUM
easat-10590	239	7	)	)	PUNCT
easat-10590	239	8	(	(	PUNCT
easat-10590	239	9	3	3	X
easat-10590	239	10	)	)	PUNCT
easat-10590	239	11	(	(	PUNCT
easat-10590	239	12	4	4	X
easat-10590	239	13	)	)	PUNCT
easat-10590	239	14	esg	esg	NOUN
easat-10590	239	15	composite	composite	ADJ
easat-10590	239	16	score	score	NOUN
easat-10590	239	17	-0.045	-0.045	PUNCT
easat-10590	239	18	*	*	PUNCT
easat-10590	239	19	*	*	PUNCT
easat-10590	239	20	*	*	PUNCT
easat-10590	239	21	-0.038	-0.038	PUNCT
easat-10590	239	22	*	*	PUNCT
easat-10590	239	23	*	*	PUNCT
easat-10590	239	24	*	*	PUNCT
easat-10590	239	25	-0.037	-0.037	PUNCT
easat-10590	239	26	*	*	PUNCT
easat-10590	239	27	*	*	PUNCT
easat-10590	239	28	*	*	PUNCT
easat-10590	240	1	-0.035	-0.035	PUNCT
easat-10590	240	2	*	*	PUNCT
easat-10590	240	3	*	*	PUNCT
easat-10590	240	4	*	*	PUNCT
easat-10590	240	5	(	(	PUNCT
easat-10590	240	6	0.006	0.006	NUM
easat-10590	240	7	)	)	PUNCT
easat-10590	240	8	(	(	PUNCT
easat-10590	240	9	0.007	0.007	NUM
easat-10590	240	10	)	)	PUNCT
easat-10590	240	11	(	(	PUNCT
easat-10590	240	12	0.007	0.007	NUM
easat-10590	240	13	)	)	PUNCT
easat-10590	240	14	(	(	PUNCT
easat-10590	240	15	0.007	0.007	NUM
easat-10590	240	16	)	)	PUNCT
easat-10590	240	17	firm	firm	ADJ
easat-10590	240	18	size	size	NOUN
easat-10590	240	19	(	(	PUNCT
easat-10590	240	20	log	log	NOUN
easat-10590	240	21	assets	asset	NOUN
easat-10590	240	22	)	)	PUNCT
easat-10590	240	23	-0.250	-0.250	PUNCT
easat-10590	241	1	*	*	PUNCT
easat-10590	241	2	*	*	PUNCT
easat-10590	241	3	*	*	PUNCT
easat-10590	242	1	-0.245	-0.245	PUNCT
easat-10590	242	2	*	*	PUNCT
easat-10590	242	3	*	*	PUNCT
easat-10590	242	4	*	*	PUNCT
easat-10590	242	5	-0.243	-0.243	PROPN
easat-10590	242	6	*	*	PUNCT
easat-10590	242	7	*	*	PUNCT
easat-10590	242	8	*	*	PUNCT
easat-10590	242	9	(	(	PUNCT
easat-10590	242	10	0.042	0.042	NUM
easat-10590	242	11	)	)	PUNCT
easat-10590	242	12	(	(	PUNCT
easat-10590	242	13	0.041	0.041	NUM
easat-10590	242	14	)	)	PUNCT
easat-10590	242	15	(	(	PUNCT
easat-10590	242	16	0.041	0.041	NUM
easat-10590	242	17	)	)	PUNCT
easat-10590	242	18	leverage	leverage	NOUN
easat-10590	242	19	1.850	1.850	NUM
easat-10590	242	20	*	*	PUNCT
easat-10590	242	21	*	*	PUNCT
easat-10590	242	22	*	*	PUNCT
easat-10590	242	23	1.832	1.832	NUM
easat-10590	242	24	*	*	PUNCT
easat-10590	242	25	*	*	PUNCT
easat-10590	242	26	*	*	PUNCT
easat-10590	242	27	1.825	1.825	NUM
easat-10590	242	28	*	*	PUNCT
easat-10590	242	29	*	*	PUNCT
easat-10590	242	30	*	*	PUNCT
easat-10590	242	31	(	(	PUNCT
easat-10590	242	32	0.155	0.155	NUM
easat-10590	242	33	)	)	PUNCT
easat-10590	242	34	(	(	PUNCT
easat-10590	242	35	0.153	0.153	NUM
easat-10590	242	36	)	)	PUNCT
easat-10590	242	37	(	(	PUNCT
easat-10590	242	38	0.153	0.153	NUM
easat-10590	242	39	)	)	PUNCT
easat-10590	242	40	roa	roa	NOUN
easat-10590	242	41	(	(	PUNCT
easat-10590	242	42	%	%	NOUN
easat-10590	242	43	)	)	PUNCT
easat-10590	242	44	-0.080	-0.080	PUNCT
easat-10590	243	1	*	*	PUNCT
easat-10590	243	2	*	*	PUNCT
easat-10590	243	3	*	*	PUNCT
easat-10590	243	4	-0.078	-0.078	PUNCT
easat-10590	243	5	*	*	PUNCT
easat-10590	243	6	*	*	PUNCT
easat-10590	243	7	*	*	PUNCT
easat-10590	243	8	-0.078	-0.078	PUNCT
easat-10590	243	9	*	*	PUNCT
easat-10590	243	10	*	*	PUNCT
easat-10590	243	11	*	*	PUNCT
easat-10590	243	12	(	(	PUNCT
easat-10590	243	13	0.015	0.015	NUM
easat-10590	243	14	)	)	PUNCT
easat-10590	243	15	(	(	PUNCT
easat-10590	243	16	0.015	0.015	NUM
easat-10590	243	17	)	)	PUNCT
easat-10590	243	18	(	(	PUNCT
easat-10590	243	19	0.015	0.015	NUM
easat-10590	243	20	)	)	PUNCT
easat-10590	243	21	market	market	NOUN
easat-10590	243	22	-	-	PUNCT
easat-10590	243	23	to	to	ADP
easat-10590	243	24	-	-	PUNCT
easat-10590	243	25	book	book	NOUN
easat-10590	243	26	0.050	0.050	NUM
easat-10590	243	27	*	*	PUNCT
easat-10590	243	28	*	*	PUNCT
easat-10590	243	29	0.048	0.048	NUM
easat-10590	243	30	*	*	X
easat-10590	243	31	*	*	PUNCT
easat-10590	243	32	0.048	0.048	NUM
easat-10590	243	33	*	*	NOUN
easat-10590	243	34	*	*	PUNCT
easat-10590	243	35	(	(	PUNCT
easat-10590	243	36	0.022	0.022	NUM
easat-10590	243	37	)	)	PUNCT
easat-10590	243	38	(	(	PUNCT
easat-10590	243	39	0.021	0.021	NUM
easat-10590	243	40	)	)	PUNCT
easat-10590	243	41	(	(	PUNCT
easat-10590	243	42	0.021	0.021	NUM
easat-10590	243	43	)	)	PUNCT
easat-10590	243	44	industry	industry	NOUN
easat-10590	243	45	fixed	fix	VERB
easat-10590	243	46	effects	effect	NOUN
easat-10590	243	47	yes	yes	INTJ
easat-10590	244	1	yes	yes	INTJ
easat-10590	244	2	year	year	NOUN
easat-10590	244	3	fixed	fix	VERB
easat-10590	244	4	effects	effect	NOUN
easat-10590	244	5	yes	yes	ADP
easat-10590	244	6	observations	observation	NOUN
easat-10590	244	7	7,416	7,416	NUM
easat-10590	244	8	7,416	7,416	NUM
easat-10590	244	9	7,416	7,416	NUM
easat-10590	244	10	7,416	7,416	NUM
easat-10590	244	11	r	r	NOUN
easat-10590	244	12	-	-	PUNCT
easat-10590	244	13	squared	square	VERB
easat-10590	244	14	(	(	PUNCT
easat-10590	244	15	within	within	ADP
easat-10590	244	16	)	)	PUNCT
easat-10590	244	17	0.072	0.072	NUM
easat-10590	244	18	0.306	0.306	NUM
easat-10590	244	19	0.314	0.314	NUM
easat-10590	244	20	0.319	0.319	NUM
easat-10590	244	21	note	note	NOUN
easat-10590	244	22	:	:	PUNCT
easat-10590	244	23	standard	standard	ADJ
easat-10590	244	24	errors	error	NOUN
easat-10590	244	25	clustered	cluster	VERB
easat-10590	244	26	at	at	ADP
easat-10590	244	27	firm	firm	ADJ
easat-10590	244	28	level	level	NOUN
easat-10590	244	29	in	in	ADP
easat-10590	244	30	parentheses	parenthesis	NOUN
easat-10590	244	31	;	;	PUNCT
easat-10590	244	32	*	*	PUNCT
easat-10590	244	33	*	*	PUNCT
easat-10590	244	34	*	*	PUNCT
easat-10590	244	35	p<0.01	p<0.01	PROPN
easat-10590	244	36	,	,	PUNCT
easat-10590	244	37	*	*	PUNCT
easat-10590	244	38	*	*	PUNCT
easat-10590	244	39	p<0.05	p<0.05	NOUN
easat-10590	244	40	,	,	PUNCT
easat-10590	244	41	*	*	PUNCT
easat-10590	244	42	p<0.1	p<0.1	X
easat-10590	244	43	.	.	PUNCT
easat-10590	245	1	the	the	DET
easat-10590	245	2	negative	negative	ADJ
easat-10590	245	3	and	and	CCONJ
easat-10590	245	4	statistically	statistically	ADV
easat-10590	245	5	significant	significant	ADJ
easat-10590	245	6	coefficient	coefficient	NOUN
easat-10590	245	7	on	on	ADP
easat-10590	245	8	esg	esg	PROPN
easat-10590	245	9	across	across	ADP
easat-10590	245	10	all	all	DET
easat-10590	245	11	specifications	specification	NOUN
easat-10590	245	12	confirms	confirm	VERB
easat-10590	245	13	that	that	SCONJ
easat-10590	245	14	firms	firm	NOUN
easat-10590	245	15	with	with	ADP
easat-10590	245	16	higher	high	ADJ
easat-10590	245	17	sustainability	sustainability	NOUN
easat-10590	245	18	performance	performance	NOUN
easat-10590	245	19	enjoy	enjoy	VERB
easat-10590	245	20	significantly	significantly	ADV
easat-10590	245	21	lower	low	ADJ
easat-10590	245	22	costs	cost	NOUN
easat-10590	245	23	of	of	ADP
easat-10590	245	24	capital	capital	NOUN
easat-10590	245	25	.	.	PUNCT
easat-10590	246	1	specifically	specifically	ADV
easat-10590	246	2	,	,	PUNCT
easat-10590	246	3	a	a	DET
easat-10590	246	4	1point	1point	NUM
easat-10590	246	5	increase	increase	NOUN
easat-10590	246	6	in	in	ADP
easat-10590	246	7	the	the	DET
easat-10590	246	8	esg	esg	NOUN
easat-10590	246	9	composite	composite	ADJ
easat-10590	246	10	score	score	NOUN
easat-10590	246	11	is	be	AUX
easat-10590	246	12	associated	associate	VERB
easat-10590	246	13	with	with	ADP
easat-10590	246	14	a	a	DET
easat-10590	246	15	0.035	0.035	NUM
easat-10590	246	16	percentage	percentage	NOUN
easat-10590	246	17	point	point	NOUN
easat-10590	246	18	decrease	decrease	NOUN
easat-10590	246	19	in	in	ADP
easat-10590	246	20	wacc	wacc	PROPN
easat-10590	246	21	,	,	PUNCT
easat-10590	246	22	holding	hold	VERB
easat-10590	246	23	all	all	DET
easat-10590	246	24	else	else	ADV
easat-10590	246	25	constant	constant	ADJ
easat-10590	246	26	.	.	PUNCT
easat-10590	247	1	1032	1032	NUM
easat-10590	247	2	edelweiss	edelweiss	PROPN
easat-10590	247	3	applied	apply	VERB
easat-10590	247	4	science	science	NOUN
easat-10590	247	5	and	and	CCONJ
easat-10590	247	6	technology	technology	NOUN
easat-10590	247	7	issn	issn	PROPN
easat-10590	247	8	:	:	PUNCT
easat-10590	247	9	2576	2576	NUM
easat-10590	247	10	-	-	SYM
easat-10590	247	11	8484	8484	NUM
easat-10590	247	12	vol	vol	NOUN
easat-10590	247	13	.	.	PROPN
easat-10590	248	1	9	9	NUM
easat-10590	248	2	,	,	PUNCT
easat-10590	248	3	no	no	INTJ
easat-10590	248	4	.	.	NOUN
easat-10590	248	5	10	10	NUM
easat-10590	248	6	:	:	PUNCT
easat-10590	248	7	1021	1021	NUM
easat-10590	248	8	-	-	SYM
easat-10590	248	9	1041	1041	NUM
easat-10590	248	10	,	,	PUNCT
easat-10590	248	11	2025	2025	NUM
easat-10590	248	12	doi	doi	NOUN
easat-10590	248	13	:	:	PUNCT
easat-10590	248	14	10.55214/2576	10.55214/2576	NUM
easat-10590	248	15	-	-	SYM
easat-10590	248	16	8484.v9i10.10590	8484.v9i10.10590	NUM
easat-10590	248	17	©	©	ADP
easat-10590	248	18	2025	2025	NUM
easat-10590	248	19	by	by	ADP
easat-10590	248	20	the	the	DET
easat-10590	248	21	author	author	NOUN
easat-10590	248	22	;	;	PUNCT
easat-10590	248	23	licensee	licensee	PROPN
easat-10590	248	24	learning	learning	PROPN
easat-10590	248	25	gate	gate	PROPN
easat-10590	248	26	control	control	PROPN
easat-10590	248	27	variables	variable	NOUN
easat-10590	248	28	behave	behave	VERB
easat-10590	248	29	as	as	SCONJ
easat-10590	248	30	expected	expect	VERB
easat-10590	248	31	:	:	PUNCT
easat-10590	248	32	larger	large	ADJ
easat-10590	248	33	firms	firm	NOUN
easat-10590	248	34	have	have	VERB
easat-10590	248	35	lower	low	ADJ
easat-10590	248	36	wacc	wacc	NOUN
easat-10590	248	37	;	;	PUNCT
easat-10590	248	38	higher	high	ADJ
easat-10590	248	39	leverage	leverage	NOUN
easat-10590	248	40	increases	increase	VERB
easat-10590	248	41	the	the	DET
easat-10590	248	42	cost	cost	NOUN
easat-10590	248	43	of	of	ADP
easat-10590	248	44	capital	capital	NOUN
easat-10590	248	45	;	;	PUNCT
easat-10590	248	46	greater	great	ADJ
easat-10590	248	47	profitability	profitability	NOUN
easat-10590	248	48	reduces	reduce	VERB
easat-10590	248	49	it	it	PRON
easat-10590	248	50	;	;	PUNCT
easat-10590	248	51	and	and	CCONJ
easat-10590	248	52	firms	firm	NOUN
easat-10590	248	53	with	with	ADP
easat-10590	248	54	higher	high	ADJ
easat-10590	248	55	market	market	NOUN
easat-10590	248	56	-	-	PUNCT
easat-10590	248	57	to	to	ADP
easat-10590	248	58	-	-	PUNCT
easat-10590	248	59	book	book	NOUN
easat-10590	248	60	ratios	ratio	NOUN
easat-10590	248	61	face	face	VERB
easat-10590	248	62	higher	high	ADJ
easat-10590	248	63	financing	financing	NOUN
easat-10590	248	64	costs	cost	NOUN
easat-10590	248	65	,	,	PUNCT
easat-10590	248	66	consistent	consistent	ADJ
easat-10590	248	67	with	with	ADP
easat-10590	248	68	growth	growth	NOUN
easat-10590	248	69	risk	risk	NOUN
easat-10590	248	70	.	.	PUNCT
easat-10590	249	1	figure	figure	NOUN
easat-10590	249	2	3	3	NUM
easat-10590	249	3	.	.	PUNCT
easat-10590	249	4	predicted	predict	VERB
easat-10590	249	5	wacc	wacc	PROPN
easat-10590	249	6	vs	vs	ADP
easat-10590	249	7	esg	esg	PROPN
easat-10590	249	8	composite	composite	ADJ
easat-10590	249	9	score	score	NOUN
easat-10590	249	10	.	.	PUNCT
easat-10590	250	1	a	a	DET
easat-10590	250	2	scatterplot	scatterplot	NOUN
easat-10590	250	3	with	with	ADP
easat-10590	250	4	a	a	DET
easat-10590	250	5	fitted	fit	VERB
easat-10590	250	6	regression	regression	NOUN
easat-10590	250	7	line	line	NOUN
easat-10590	250	8	illustrates	illustrate	VERB
easat-10590	250	9	the	the	DET
easat-10590	250	10	inverse	inverse	NOUN
easat-10590	250	11	relationship	relationship	NOUN
easat-10590	250	12	between	between	ADP
easat-10590	250	13	esg	esg	PROPN
easat-10590	250	14	scores	score	NOUN
easat-10590	250	15	and	and	CCONJ
easat-10590	250	16	predicted	predict	VERB
easat-10590	250	17	wacc	wacc	PROPN
easat-10590	250	18	,	,	PUNCT
easat-10590	250	19	reinforcing	reinforce	VERB
easat-10590	250	20	the	the	DET
easat-10590	250	21	regression	regression	NOUN
easat-10590	250	22	results	result	NOUN
easat-10590	250	23	visually	visually	ADV
easat-10590	250	24	.	.	PUNCT
easat-10590	251	1	the	the	DET
easat-10590	251	2	downward	downward	ADJ
easat-10590	251	3	slope	slope	NOUN
easat-10590	251	4	is	be	AUX
easat-10590	251	5	evident	evident	ADJ
easat-10590	251	6	,	,	PUNCT
easat-10590	251	7	with	with	ADP
easat-10590	251	8	firms	firm	NOUN
easat-10590	251	9	in	in	ADP
easat-10590	251	10	the	the	DET
easat-10590	251	11	top	top	ADJ
easat-10590	251	12	esg	esg	PROPN
easat-10590	251	13	quartile	quartile	NOUN
easat-10590	251	14	exhibiting	exhibit	VERB
easat-10590	251	15	wacc	wacc	PROPN
easat-10590	251	16	approximately	approximately	ADV
easat-10590	251	17	0.5	0.5	NUM
easat-10590	251	18	to	to	PART
easat-10590	251	19	0.8	0.8	NUM
easat-10590	251	20	percentage	percentage	NOUN
easat-10590	251	21	points	point	NOUN
easat-10590	251	22	lower	low	ADJ
easat-10590	251	23	than	than	ADP
easat-10590	251	24	those	those	PRON
easat-10590	251	25	in	in	ADP
easat-10590	251	26	the	the	DET
easat-10590	251	27	bottom	bottom	ADJ
easat-10590	251	28	quartile	quartile	NOUN
easat-10590	251	29	.	.	PUNCT
easat-10590	252	1	3.3	3.3	NUM
easat-10590	252	2	.	.	PUNCT
easat-10590	253	1	instrumental	instrumental	ADJ
easat-10590	253	2	variable	variable	ADJ
easat-10590	253	3	estimation	estimation	NOUN
easat-10590	253	4	results	result	VERB
easat-10590	253	5	to	to	PART
easat-10590	253	6	address	address	VERB
easat-10590	253	7	potential	potential	ADJ
easat-10590	253	8	endogeneity	endogeneity	NOUN
easat-10590	253	9	,	,	PUNCT
easat-10590	253	10	table	table	NOUN
easat-10590	253	11	4	4	NUM
easat-10590	253	12	presents	present	NOUN
easat-10590	253	13	results	result	NOUN
easat-10590	253	14	from	from	ADP
easat-10590	253	15	the	the	DET
easat-10590	253	16	two	two	NUM
easat-10590	253	17	-	-	PUNCT
easat-10590	253	18	stage	stage	NOUN
easat-10590	253	19	least	least	ADJ
easat-10590	253	20	squares	square	NOUN
easat-10590	253	21	(	(	PUNCT
easat-10590	253	22	2sls	2sls	NOUN
easat-10590	253	23	)	)	PUNCT
easat-10590	253	24	regression	regression	NOUN
easat-10590	253	25	using	use	VERB
easat-10590	253	26	the	the	DET
easat-10590	253	27	regional	regional	ADJ
easat-10590	253	28	sustainability	sustainability	NOUN
easat-10590	253	29	regulatory	regulatory	ADJ
easat-10590	253	30	intensity	intensity	NOUN
easat-10590	253	31	index	index	NOUN
easat-10590	253	32	(	(	PUNCT
easat-10590	253	33	rsrii	rsrii	VERB
easat-10590	253	34	)	)	PUNCT
easat-10590	253	35	as	as	ADP
easat-10590	253	36	an	an	DET
easat-10590	253	37	instrument	instrument	NOUN
easat-10590	253	38	for	for	ADP
easat-10590	253	39	esg	esg	PROPN
easat-10590	253	40	.	.	PUNCT
easat-10590	253	41	table	table	NOUN
easat-10590	253	42	4	4	NUM
easat-10590	253	43	.	.	NUM
easat-10590	253	44	iv	iv	NUM
easat-10590	253	45	regression	regression	NOUN
easat-10590	253	46	–	–	PUNCT
easat-10590	253	47	effect	effect	NOUN
easat-10590	253	48	of	of	ADP
easat-10590	253	49	esg	esg	PROPN
easat-10590	253	50	on	on	ADP
easat-10590	253	51	wacc	wacc	PROPN
easat-10590	253	52	.	.	PUNCT
easat-10590	254	1	variable	variable	ADJ
easat-10590	254	2	first	first	ADJ
easat-10590	254	3	stage	stage	NOUN
easat-10590	254	4	:	:	PUNCT
easat-10590	254	5	esg	esg	PROPN
easat-10590	254	6	second	second	ADJ
easat-10590	254	7	stage	stage	NOUN
easat-10590	254	8	:	:	PUNCT
easat-10590	254	9	wacc	wacc	PROPN
easat-10590	254	10	rsrii	rsrii	VERB
easat-10590	254	11	0.425	0.425	NUM
easat-10590	254	12	*	*	NOUN
easat-10590	254	13	*	*	PUNCT
easat-10590	254	14	*	*	PUNCT
easat-10590	254	15	(	(	PUNCT
easat-10590	254	16	0.057	0.057	NUM
easat-10590	254	17	)	)	PUNCT
easat-10590	254	18	esg	esg	NOUN
easat-10590	254	19	composite	composite	ADJ
easat-10590	254	20	score	score	NOUN
easat-10590	254	21	-0.052	-0.052	PUNCT
easat-10590	254	22	*	*	PUNCT
easat-10590	254	23	*	*	PUNCT
easat-10590	254	24	*	*	PUNCT
easat-10590	254	25	(	(	PUNCT
easat-10590	254	26	0.010	0.010	NUM
easat-10590	254	27	)	)	PUNCT
easat-10590	254	28	controls	control	NOUN
easat-10590	254	29	yes	yes	INTJ
easat-10590	255	1	yes	yes	INTJ
easat-10590	255	2	firm	firm	ADJ
easat-10590	255	3	fe	fe	INTJ
easat-10590	256	1	yes	yes	INTJ
easat-10590	256	2	yes	yes	INTJ
easat-10590	256	3	year	year	NOUN
easat-10590	256	4	fe	fe	INTJ
easat-10590	257	1	yes	yes	INTJ
easat-10590	257	2	yes	yes	INTJ
easat-10590	257	3	observations	observation	NOUN
easat-10590	257	4	7,416	7,416	NUM
easat-10590	257	5	7,416	7,416	NUM
easat-10590	257	6	f	f	X
easat-10590	257	7	-	-	PUNCT
easat-10590	257	8	statistic	statistic	ADJ
easat-10590	257	9	(	(	PUNCT
easat-10590	257	10	first	first	ADJ
easat-10590	257	11	stage	stage	NOUN
easat-10590	257	12	)	)	PUNCT
easat-10590	257	13	55.1	55.1	NUM
easat-10590	257	14	1033	1033	NUM
easat-10590	257	15	edelweiss	edelweiss	PROPN
easat-10590	257	16	applied	apply	VERB
easat-10590	257	17	science	science	NOUN
easat-10590	257	18	and	and	CCONJ
easat-10590	257	19	technology	technology	NOUN
easat-10590	257	20	issn	issn	PROPN
easat-10590	257	21	:	:	PUNCT
easat-10590	257	22	2576	2576	NUM
easat-10590	257	23	-	-	SYM
easat-10590	257	24	8484	8484	NUM
easat-10590	257	25	vol	vol	NOUN
easat-10590	257	26	.	.	PROPN
easat-10590	258	1	9	9	NUM
easat-10590	258	2	,	,	PUNCT
easat-10590	258	3	no	no	INTJ
easat-10590	258	4	.	.	NOUN
easat-10590	258	5	10	10	NUM
easat-10590	258	6	:	:	PUNCT
easat-10590	258	7	1021	1021	NUM
easat-10590	258	8	-	-	SYM
easat-10590	258	9	1041	1041	NUM
easat-10590	258	10	,	,	PUNCT
easat-10590	258	11	2025	2025	NUM
easat-10590	258	12	doi	doi	NOUN
easat-10590	258	13	:	:	PUNCT
easat-10590	258	14	10.55214/2576	10.55214/2576	NUM
easat-10590	258	15	-	-	SYM
easat-10590	258	16	8484.v9i10.10590	8484.v9i10.10590	NUM
easat-10590	258	17	©	©	ADP
easat-10590	258	18	2025	2025	NUM
easat-10590	258	19	by	by	ADP
easat-10590	258	20	the	the	DET
easat-10590	258	21	author	author	NOUN
easat-10590	258	22	;	;	PUNCT
easat-10590	258	23	licensee	licensee	PROPN
easat-10590	258	24	learning	learn	VERB
easat-10590	258	25	gate	gate	NOUN
easat-10590	258	26	figure	figure	NOUN
easat-10590	258	27	4	4	NUM
easat-10590	258	28	.	.	PUNCT
easat-10590	258	29	effect	effect	NOUN
easat-10590	258	30	of	of	ADP
easat-10590	258	31	esg	esg	PROPN
easat-10590	258	32	on	on	ADP
easat-10590	258	33	wacc	wacc	PROPN
easat-10590	258	34	.	.	PUNCT
easat-10590	259	1	the	the	DET
easat-10590	259	2	strong	strong	ADJ
easat-10590	259	3	positive	positive	ADJ
easat-10590	259	4	coefficient	coefficient	NOUN
easat-10590	259	5	of	of	ADP
easat-10590	259	6	the	the	DET
easat-10590	259	7	instrument	instrument	NOUN
easat-10590	259	8	on	on	ADP
easat-10590	259	9	esg	esg	PROPN
easat-10590	259	10	in	in	ADP
easat-10590	259	11	the	the	DET
easat-10590	259	12	first	first	ADJ
easat-10590	259	13	stage	stage	NOUN
easat-10590	259	14	and	and	CCONJ
easat-10590	259	15	the	the	DET
easat-10590	259	16	robust	robust	ADJ
easat-10590	259	17	negative	negative	ADJ
easat-10590	259	18	effect	effect	NOUN
easat-10590	259	19	in	in	ADP
easat-10590	259	20	the	the	DET
easat-10590	259	21	second	second	ADJ
easat-10590	259	22	stage	stage	NOUN
easat-10590	259	23	validate	validate	VERB
easat-10590	259	24	the	the	DET
easat-10590	259	25	causal	causal	ADJ
easat-10590	259	26	interpretation	interpretation	NOUN
easat-10590	259	27	of	of	ADP
easat-10590	259	28	the	the	DET
easat-10590	259	29	relationship	relationship	NOUN
easat-10590	259	30	.	.	PUNCT
easat-10590	260	1	the	the	DET
easat-10590	260	2	magnitude	magnitude	NOUN
easat-10590	260	3	of	of	ADP
easat-10590	260	4	the	the	DET
easat-10590	260	5	coefficient	coefficient	NOUN
easat-10590	260	6	(	(	PUNCT
easat-10590	260	7	-0.052	-0.052	NOUN
easat-10590	260	8	)	)	PUNCT
easat-10590	260	9	is	be	AUX
easat-10590	260	10	larger	large	ADJ
easat-10590	260	11	than	than	ADP
easat-10590	260	12	the	the	DET
easat-10590	260	13	ols	ol	NOUN
easat-10590	260	14	estimates	estimate	NOUN
easat-10590	260	15	,	,	PUNCT
easat-10590	260	16	suggesting	suggest	VERB
easat-10590	260	17	that	that	SCONJ
easat-10590	260	18	ignoring	ignore	VERB
easat-10590	260	19	endogeneity	endogeneity	NOUN
easat-10590	260	20	biases	bias	NOUN
easat-10590	260	21	may	may	AUX
easat-10590	260	22	underestimate	underestimate	VERB
easat-10590	260	23	the	the	DET
easat-10590	260	24	effect	effect	NOUN
easat-10590	260	25	.	.	PUNCT
easat-10590	261	1	3.4	3.4	NUM
easat-10590	261	2	.	.	PUNCT
easat-10590	261	3	regional	regional	ADJ
easat-10590	261	4	heterogeneity	heterogeneity	NOUN
easat-10590	261	5	analysis	analysis	NOUN
easat-10590	261	6	table	table	NOUN
easat-10590	261	7	5	5	NUM
easat-10590	261	8	disaggregates	disaggregate	VERB
easat-10590	261	9	the	the	DET
easat-10590	261	10	impact	impact	NOUN
easat-10590	261	11	of	of	ADP
easat-10590	261	12	esg	esg	PROPN
easat-10590	261	13	on	on	ADP
easat-10590	261	14	wacc	wacc	PROPN
easat-10590	261	15	by	by	ADP
easat-10590	261	16	geographic	geographic	ADJ
easat-10590	261	17	region	region	NOUN
easat-10590	261	18	of	of	ADP
easat-10590	261	19	agricultural	agricultural	ADJ
easat-10590	261	20	enterprises	enterprise	NOUN
easat-10590	261	21	,	,	PUNCT
easat-10590	261	22	highlighting	highlight	VERB
easat-10590	261	23	significant	significant	ADJ
easat-10590	261	24	variation	variation	NOUN
easat-10590	261	25	.	.	PUNCT
easat-10590	262	1	table	table	NOUN
easat-10590	262	2	5	5	NUM
easat-10590	262	3	.	.	PUNCT
easat-10590	262	4	regional	regional	ADJ
easat-10590	262	5	fixed	fix	VERB
easat-10590	262	6	effects	effect	NOUN
easat-10590	262	7	regression	regression	NOUN
easat-10590	262	8	results	result	NOUN
easat-10590	262	9	.	.	PUNCT
easat-10590	263	1	region	region	NOUN
easat-10590	263	2	esg	esg	PROPN
easat-10590	263	3	coefficient	coefficient	PROPN
easat-10590	263	4	std	std	PROPN
easat-10590	263	5	.	.	PUNCT
easat-10590	263	6	error	error	NOUN
easat-10590	263	7	observations	observation	NOUN
easat-10590	263	8	north	north	PROPN
easat-10590	263	9	america	america	PROPN
easat-10590	263	10	-0.031	-0.031	PROPN
easat-10590	263	11	*	*	PUNCT
easat-10590	263	12	*	*	PUNCT
easat-10590	263	13	*	*	PUNCT
easat-10590	263	14	(	(	PUNCT
easat-10590	263	15	0.009	0.009	NUM
easat-10590	263	16	)	)	PUNCT
easat-10590	263	17	2,880	2,880	NUM
easat-10590	263	18	europe	europe	PROPN
easat-10590	263	19	-0.048	-0.048	NOUN
easat-10590	263	20	*	*	PUNCT
easat-10590	263	21	*	*	PUNCT
easat-10590	263	22	*	*	PUNCT
easat-10590	263	23	(	(	PUNCT
easat-10590	263	24	0.010	0.010	NUM
easat-10590	263	25	)	)	PUNCT
easat-10590	263	26	2,460	2,460	NUM
easat-10590	263	27	asia	asia	PROPN
easat-10590	263	28	-	-	PUNCT
easat-10590	263	29	pacific	pacific	NOUN
easat-10590	263	30	-0.021	-0.021	PROPN
easat-10590	263	31	*	*	PUNCT
easat-10590	263	32	*	*	PUNCT
easat-10590	263	33	(	(	PUNCT
easat-10590	263	34	0.011	0.011	NUM
easat-10590	263	35	)	)	PUNCT
easat-10590	263	36	2,076	2,076	NUM
easat-10590	263	37	all	all	DET
easat-10590	263	38	coefficients	coefficient	NOUN
easat-10590	263	39	are	be	AUX
easat-10590	263	40	negative	negative	ADJ
easat-10590	263	41	and	and	CCONJ
easat-10590	263	42	significant	significant	ADJ
easat-10590	263	43	at	at	ADP
easat-10590	263	44	conventional	conventional	ADJ
easat-10590	263	45	levels	level	NOUN
easat-10590	263	46	.	.	PUNCT
easat-10590	264	1	the	the	DET
easat-10590	264	2	strongest	strong	ADJ
easat-10590	264	3	effect	effect	NOUN
easat-10590	264	4	is	be	AUX
easat-10590	264	5	observed	observe	VERB
easat-10590	264	6	in	in	ADP
easat-10590	264	7	europe	europe	PROPN
easat-10590	264	8	,	,	PUNCT
easat-10590	264	9	reflecting	reflect	VERB
easat-10590	264	10	its	its	PRON
easat-10590	264	11	advanced	advanced	ADJ
easat-10590	264	12	regulatory	regulatory	ADJ
easat-10590	264	13	environment	environment	NOUN
easat-10590	264	14	and	and	CCONJ
easat-10590	264	15	investor	investor	NOUN
easat-10590	264	16	emphasis	emphasis	NOUN
easat-10590	264	17	on	on	ADP
easat-10590	264	18	sustainability	sustainability	NOUN
easat-10590	264	19	.	.	PUNCT
easat-10590	265	1	north	north	PROPN
easat-10590	265	2	america	america	PROPN
easat-10590	265	3	follows	follow	VERB
easat-10590	265	4	,	,	PUNCT
easat-10590	265	5	with	with	SCONJ
easat-10590	265	6	asia	asia	PROPN
easat-10590	265	7	-	-	PUNCT
easat-10590	265	8	pacific	pacific	PROPN
easat-10590	265	9	showing	show	VERB
easat-10590	265	10	a	a	DET
easat-10590	265	11	smaller	small	ADJ
easat-10590	265	12	,	,	PUNCT
easat-10590	265	13	though	though	SCONJ
easat-10590	265	14	still	still	ADV
easat-10590	265	15	meaningful	meaningful	ADJ
easat-10590	265	16	,	,	PUNCT
easat-10590	265	17	effect	effect	NOUN
easat-10590	265	18	.	.	PUNCT
easat-10590	266	1	1034	1034	NUM
easat-10590	266	2	edelweiss	edelweiss	PROPN
easat-10590	266	3	applied	apply	VERB
easat-10590	266	4	science	science	NOUN
easat-10590	266	5	and	and	CCONJ
easat-10590	266	6	technology	technology	NOUN
easat-10590	266	7	issn	issn	PROPN
easat-10590	266	8	:	:	PUNCT
easat-10590	266	9	2576	2576	NUM
easat-10590	266	10	-	-	SYM
easat-10590	266	11	8484	8484	NUM
easat-10590	266	12	vol	vol	NOUN
easat-10590	266	13	.	.	PROPN
easat-10590	267	1	9	9	NUM
easat-10590	267	2	,	,	PUNCT
easat-10590	267	3	no	no	INTJ
easat-10590	267	4	.	.	NOUN
easat-10590	267	5	10	10	NUM
easat-10590	267	6	:	:	PUNCT
easat-10590	267	7	1021	1021	NUM
easat-10590	267	8	-	-	SYM
easat-10590	267	9	1041	1041	NUM
easat-10590	267	10	,	,	PUNCT
easat-10590	267	11	2025	2025	NUM
easat-10590	267	12	doi	doi	NOUN
easat-10590	267	13	:	:	PUNCT
easat-10590	267	14	10.55214/2576	10.55214/2576	NUM
easat-10590	267	15	-	-	SYM
easat-10590	267	16	8484.v9i10.10590	8484.v9i10.10590	NUM
easat-10590	267	17	©	©	ADP
easat-10590	267	18	2025	2025	NUM
easat-10590	267	19	by	by	ADP
easat-10590	267	20	the	the	DET
easat-10590	267	21	author	author	NOUN
easat-10590	267	22	;	;	PUNCT
easat-10590	267	23	licensee	licensee	PROPN
easat-10590	267	24	learning	learn	VERB
easat-10590	267	25	gate	gate	PROPN
easat-10590	267	26	figure	figure	NOUN
easat-10590	267	27	5	5	NUM
easat-10590	267	28	.	.	PUNCT
easat-10590	267	29	regional	regional	PROPN
easat-10590	267	30	esg	esg	PROPN
easat-10590	267	31	impact	impact	NOUN
easat-10590	267	32	on	on	ADP
easat-10590	267	33	wacc	wacc	PROPN
easat-10590	267	34	.	.	PUNCT
easat-10590	268	1	3.5	3.5	NUM
easat-10590	268	2	.	.	PUNCT
easat-10590	269	1	esg	esg	PROPN
easat-10590	269	2	sub	sub	ADJ
easat-10590	269	3	-	-	ADJ
easat-10590	269	4	dimensions	dimension	NOUN
easat-10590	269	5	impact	impact	NOUN
easat-10590	269	6	table	table	NOUN
easat-10590	269	7	6	6	NUM
easat-10590	269	8	examines	examine	VERB
easat-10590	269	9	the	the	DET
easat-10590	269	10	individual	individual	ADJ
easat-10590	269	11	contributions	contribution	NOUN
easat-10590	269	12	of	of	ADP
easat-10590	269	13	environmental	environmental	ADJ
easat-10590	269	14	(	(	PUNCT
easat-10590	269	15	e	e	NOUN
easat-10590	269	16	)	)	PUNCT
easat-10590	269	17	,	,	PUNCT
easat-10590	269	18	social	social	ADJ
easat-10590	269	19	(	(	PUNCT
easat-10590	269	20	s	s	NOUN
easat-10590	269	21	)	)	PUNCT
easat-10590	269	22	,	,	PUNCT
easat-10590	269	23	and	and	CCONJ
easat-10590	269	24	governance	governance	NOUN
easat-10590	269	25	(	(	PUNCT
easat-10590	269	26	g	g	NOUN
easat-10590	269	27	)	)	PUNCT
easat-10590	269	28	scores	score	NOUN
easat-10590	269	29	on	on	ADP
easat-10590	269	30	wacc	wacc	PROPN
easat-10590	269	31	.	.	PUNCT
easat-10590	270	1	table	table	NOUN
easat-10590	270	2	1	1	NUM
easat-10590	270	3	.	.	PUNCT
easat-10590	270	4	sub	sub	NOUN
easat-10590	270	5	-	-	NOUN
easat-10590	270	6	dimensions	dimension	NOUN
easat-10590	270	7	of	of	ADP
easat-10590	270	8	esg	esg	PROPN
easat-10590	270	9	and	and	CCONJ
easat-10590	270	10	wacc	wacc	PROPN
easat-10590	270	11	.	.	PUNCT
easat-10590	271	1	variable	variable	ADJ
easat-10590	271	2	coefficient	coefficient	NOUN
easat-10590	271	3	std	std	PROPN
easat-10590	271	4	.	.	PUNCT
easat-10590	271	5	error	error	NOUN
easat-10590	271	6	environmental	environmental	ADJ
easat-10590	271	7	score	score	NOUN
easat-10590	271	8	-0.020	-0.020	PUNCT
easat-10590	271	9	*	*	PUNCT
easat-10590	271	10	*	*	PUNCT
easat-10590	271	11	*	*	PUNCT
easat-10590	271	12	(	(	PUNCT
easat-10590	271	13	0.005	0.005	NUM
easat-10590	271	14	)	)	PUNCT
easat-10590	271	15	social	social	ADJ
easat-10590	271	16	score	score	NOUN
easat-10590	271	17	-0.012	-0.012	PUNCT
easat-10590	271	18	*	*	X
easat-10590	271	19	*	*	PUNCT
easat-10590	271	20	(	(	PUNCT
easat-10590	271	21	0.006	0.006	NUM
easat-10590	271	22	)	)	PUNCT
easat-10590	271	23	governance	governance	NOUN
easat-10590	271	24	score	score	NOUN
easat-10590	271	25	-0.009	-0.009	X
easat-10590	271	26	*	*	PUNCT
easat-10590	271	27	(	(	PUNCT
easat-10590	271	28	0.005	0.005	NUM
easat-10590	271	29	)	)	PUNCT
easat-10590	271	30	controls	control	VERB
easat-10590	271	31	yes	yes	INTJ
easat-10590	271	32	firm	firm	ADJ
easat-10590	271	33	&	&	CCONJ
easat-10590	271	34	year	year	PROPN
easat-10590	271	35	fe	fe	PROPN
easat-10590	272	1	yes	yes	INTJ
easat-10590	272	2	observations	observation	NOUN
easat-10590	272	3	7,416	7,416	NUM
easat-10590	272	4	figure	figure	NOUN
easat-10590	272	5	6	6	NUM
easat-10590	272	6	.	.	PUNCT
easat-10590	272	7	sub	sub	NOUN
easat-10590	272	8	-	-	NOUN
easat-10590	272	9	dimensions	dimension	NOUN
easat-10590	272	10	of	of	ADP
easat-10590	272	11	esg	esg	PROPN
easat-10590	272	12	and	and	CCONJ
easat-10590	272	13	wacc	wacc	PROPN
easat-10590	272	14	.	.	PROPN
easat-10590	273	1	1035	1035	NUM
easat-10590	273	2	edelweiss	edelweiss	PROPN
easat-10590	273	3	applied	apply	VERB
easat-10590	273	4	science	science	NOUN
easat-10590	273	5	and	and	CCONJ
easat-10590	273	6	technology	technology	NOUN
easat-10590	273	7	issn	issn	PROPN
easat-10590	273	8	:	:	PUNCT
easat-10590	273	9	2576	2576	NUM
easat-10590	273	10	-	-	SYM
easat-10590	273	11	8484	8484	NUM
easat-10590	273	12	vol	vol	NOUN
easat-10590	273	13	.	.	PROPN
easat-10590	274	1	9	9	NUM
easat-10590	274	2	,	,	PUNCT
easat-10590	274	3	no	no	INTJ
easat-10590	274	4	.	.	NOUN
easat-10590	274	5	10	10	NUM
easat-10590	274	6	:	:	PUNCT
easat-10590	274	7	1021	1021	NUM
easat-10590	274	8	-	-	SYM
easat-10590	274	9	1041	1041	NUM
easat-10590	274	10	,	,	PUNCT
easat-10590	274	11	2025	2025	NUM
easat-10590	274	12	doi	doi	NOUN
easat-10590	274	13	:	:	PUNCT
easat-10590	274	14	10.55214/2576	10.55214/2576	NUM
easat-10590	274	15	-	-	SYM
easat-10590	274	16	8484.v9i10.10590	8484.v9i10.10590	NUM
easat-10590	274	17	©	©	ADP
easat-10590	274	18	2025	2025	NUM
easat-10590	274	19	by	by	ADP
easat-10590	274	20	the	the	DET
easat-10590	274	21	author	author	NOUN
easat-10590	274	22	;	;	PUNCT
easat-10590	274	23	licensee	licensee	PROPN
easat-10590	274	24	learning	learn	VERB
easat-10590	274	25	gate	gate	PROPN
easat-10590	274	26	environmental	environmental	ADJ
easat-10590	274	27	initiatives	initiative	NOUN
easat-10590	274	28	have	have	VERB
easat-10590	274	29	the	the	DET
easat-10590	274	30	largest	large	ADJ
easat-10590	274	31	marginal	marginal	ADJ
easat-10590	274	32	effect	effect	NOUN
easat-10590	274	33	on	on	ADP
easat-10590	274	34	lowering	lower	VERB
easat-10590	274	35	wacc	wacc	PROPN
easat-10590	274	36	,	,	PUNCT
easat-10590	274	37	followed	follow	VERB
easat-10590	274	38	by	by	ADP
easat-10590	274	39	social	social	ADJ
easat-10590	274	40	and	and	CCONJ
easat-10590	274	41	governance	governance	NOUN
easat-10590	274	42	factors	factor	NOUN
easat-10590	274	43	,	,	PUNCT
easat-10590	274	44	all	all	PRON
easat-10590	274	45	contributing	contribute	VERB
easat-10590	274	46	significantly	significantly	ADV
easat-10590	274	47	to	to	ADP
easat-10590	274	48	reducing	reduce	VERB
easat-10590	274	49	firms	firm	NOUN
easat-10590	274	50	’	'	PUNCT
easat-10590	274	51	cost	cost	NOUN
easat-10590	274	52	of	of	ADP
easat-10590	274	53	capital	capital	NOUN
easat-10590	274	54	.	.	PUNCT
easat-10590	275	1	3.6	3.6	NUM
easat-10590	275	2	.	.	PUNCT
easat-10590	276	1	robustness	robustness	NOUN
easat-10590	276	2	checks	check	VERB
easat-10590	276	3	the	the	DET
easat-10590	276	4	robustness	robustness	NOUN
easat-10590	276	5	of	of	ADP
easat-10590	276	6	the	the	DET
easat-10590	276	7	results	result	NOUN
easat-10590	276	8	was	be	AUX
easat-10590	276	9	confirmed	confirm	VERB
easat-10590	276	10	through	through	ADP
easat-10590	276	11	various	various	ADJ
easat-10590	276	12	alternative	alternative	ADJ
easat-10590	276	13	model	model	NOUN
easat-10590	276	14	specifications	specification	NOUN
easat-10590	276	15	:	:	PUNCT
easat-10590	276	16	•	•	NUM
easat-10590	276	17	alternative	alternative	ADJ
easat-10590	276	18	dependent	dependent	ADJ
easat-10590	276	19	variables	variable	NOUN
easat-10590	276	20	:	:	PUNCT
easat-10590	276	21	using	use	VERB
easat-10590	276	22	the	the	DET
easat-10590	276	23	cost	cost	NOUN
easat-10590	276	24	of	of	ADP
easat-10590	276	25	equity	equity	NOUN
easat-10590	276	26	and	and	CCONJ
easat-10590	276	27	the	the	DET
easat-10590	276	28	cost	cost	NOUN
easat-10590	276	29	of	of	ADP
easat-10590	276	30	debt	debt	NOUN
easat-10590	276	31	separately	separately	ADV
easat-10590	276	32	yields	yield	VERB
easat-10590	276	33	consistent	consistent	ADJ
easat-10590	276	34	negative	negative	ADJ
easat-10590	276	35	relationships	relationship	NOUN
easat-10590	276	36	with	with	ADP
easat-10590	276	37	esg	esg	PROPN
easat-10590	276	38	.	.	PROPN
easat-10590	277	1	•	•	NUM
easat-10590	277	2	lagged	lag	VERB
easat-10590	277	3	esg	esg	PROPN
easat-10590	277	4	variables	variable	NOUN
easat-10590	277	5	:	:	PUNCT
easat-10590	278	1	introducing	introduce	VERB
easat-10590	278	2	a	a	DET
easat-10590	278	3	one	one	NUM
easat-10590	278	4	-	-	PUNCT
easat-10590	278	5	year	year	NOUN
easat-10590	278	6	lag	lag	NOUN
easat-10590	278	7	in	in	ADP
easat-10590	278	8	esg	esg	PROPN
easat-10590	278	9	scores	score	NOUN
easat-10590	278	10	maintains	maintain	VERB
easat-10590	278	11	statistical	statistical	ADJ
easat-10590	278	12	significance	significance	NOUN
easat-10590	278	13	,	,	PUNCT
easat-10590	278	14	supporting	support	VERB
easat-10590	278	15	causality	causality	NOUN
easat-10590	278	16	.	.	PUNCT
easat-10590	279	1	•	•	NUM
easat-10590	279	2	alternative	alternative	ADJ
easat-10590	279	3	esg	esg	PROPN
easat-10590	279	4	providers	provider	NOUN
easat-10590	279	5	:	:	PUNCT
easat-10590	279	6	separate	separate	ADJ
easat-10590	279	7	analyses	analysis	NOUN
easat-10590	279	8	using	use	VERB
easat-10590	279	9	only	only	ADV
easat-10590	279	10	msci	msci	PROPN
easat-10590	279	11	or	or	CCONJ
easat-10590	279	12	sustainalytics	sustainalytic	NOUN
easat-10590	279	13	esg	esg	PROPN
easat-10590	279	14	scores	score	NOUN
easat-10590	279	15	replicate	replicate	VERB
easat-10590	279	16	main	main	ADJ
easat-10590	279	17	findings	finding	NOUN
easat-10590	279	18	.	.	PUNCT
easat-10590	280	1	•	•	NUM
easat-10590	280	2	sample	sample	NOUN
easat-10590	280	3	variations	variation	NOUN
easat-10590	280	4	:	:	PUNCT
easat-10590	280	5	inclusion	inclusion	NOUN
easat-10590	280	6	of	of	ADP
easat-10590	280	7	firms	firm	NOUN
easat-10590	280	8	with	with	ADP
easat-10590	280	9	partially	partially	ADV
easat-10590	280	10	missing	missing	ADJ
easat-10590	280	11	esg	esg	NOUN
easat-10590	280	12	data	datum	NOUN
easat-10590	280	13	imputed	impute	VERB
easat-10590	280	14	via	via	ADP
easat-10590	280	15	multiple	multiple	ADJ
easat-10590	280	16	imputation	imputation	NOUN
easat-10590	280	17	techniques	technique	NOUN
easat-10590	280	18	does	do	AUX
easat-10590	280	19	not	not	PART
easat-10590	280	20	materially	materially	ADV
easat-10590	280	21	alter	alter	VERB
easat-10590	280	22	results	result	NOUN
easat-10590	280	23	.	.	PUNCT
easat-10590	281	1	the	the	DET
easat-10590	281	2	empirical	empirical	ADJ
easat-10590	281	3	analysis	analysis	NOUN
easat-10590	281	4	substantiates	substantiate	VERB
easat-10590	281	5	that	that	SCONJ
easat-10590	281	6	corporate	corporate	ADJ
easat-10590	281	7	sustainability	sustainability	NOUN
easat-10590	281	8	exerts	exert	VERB
easat-10590	281	9	a	a	DET
easat-10590	281	10	statistically	statistically	ADV
easat-10590	281	11	significant	significant	ADJ
easat-10590	281	12	and	and	CCONJ
easat-10590	281	13	economically	economically	ADV
easat-10590	281	14	meaningful	meaningful	ADJ
easat-10590	281	15	negative	negative	ADJ
easat-10590	281	16	impact	impact	NOUN
easat-10590	281	17	on	on	ADP
easat-10590	281	18	firms	firm	NOUN
easat-10590	281	19	’	'	PUNCT
easat-10590	281	20	cost	cost	NOUN
easat-10590	281	21	of	of	ADP
easat-10590	281	22	capital	capital	NOUN
easat-10590	281	23	globally	globally	ADV
easat-10590	281	24	.	.	PUNCT
easat-10590	282	1	enhanced	enhanced	ADJ
easat-10590	282	2	esg	esg	PROPN
easat-10590	282	3	performance	performance	NOUN
easat-10590	282	4	correlates	correlate	VERB
easat-10590	282	5	with	with	ADP
easat-10590	282	6	lower	low	ADJ
easat-10590	282	7	wacc	wacc	NOUN
easat-10590	282	8	,	,	PUNCT
easat-10590	282	9	indicating	indicate	VERB
easat-10590	282	10	that	that	SCONJ
easat-10590	282	11	sustainability	sustainability	NOUN
easat-10590	282	12	is	be	AUX
easat-10590	282	13	financially	financially	ADV
easat-10590	282	14	rewarded	reward	VERB
easat-10590	282	15	in	in	ADP
easat-10590	282	16	capital	capital	NOUN
easat-10590	282	17	markets	market	NOUN
easat-10590	282	18	.	.	PUNCT
easat-10590	283	1	this	this	DET
easat-10590	283	2	relationship	relationship	NOUN
easat-10590	283	3	is	be	AUX
easat-10590	283	4	most	most	ADV
easat-10590	283	5	pronounced	pronounce	VERB
easat-10590	283	6	in	in	ADP
easat-10590	283	7	european	european	ADJ
easat-10590	283	8	markets	market	NOUN
easat-10590	283	9	,	,	PUNCT
easat-10590	283	10	with	with	ADP
easat-10590	283	11	environmental	environmental	ADJ
easat-10590	283	12	factors	factor	NOUN
easat-10590	283	13	driving	drive	VERB
easat-10590	283	14	the	the	DET
easat-10590	283	15	strongest	strong	ADJ
easat-10590	283	16	effect	effect	NOUN
easat-10590	283	17	among	among	ADP
easat-10590	283	18	the	the	DET
easat-10590	283	19	esg	esg	PROPN
easat-10590	283	20	pillars	pillar	NOUN
easat-10590	283	21	.	.	PUNCT
easat-10590	284	1	4	4	X
easat-10590	284	2	.	.	X
easat-10590	284	3	discussion	discussion	NOUN
easat-10590	284	4	this	this	DET
easat-10590	284	5	study	study	NOUN
easat-10590	284	6	empirically	empirically	ADV
easat-10590	284	7	investigated	investigate	VERB
easat-10590	284	8	the	the	DET
easat-10590	284	9	influence	influence	NOUN
easat-10590	284	10	of	of	ADP
easat-10590	284	11	corporate	corporate	ADJ
easat-10590	284	12	sustainability	sustainability	NOUN
easat-10590	284	13	,	,	PUNCT
easat-10590	284	14	operationalized	operationalize	VERB
easat-10590	284	15	through	through	ADP
easat-10590	284	16	environmental	environmental	ADJ
easat-10590	284	17	,	,	PUNCT
easat-10590	284	18	social	social	ADJ
easat-10590	284	19	,	,	PUNCT
easat-10590	284	20	and	and	CCONJ
easat-10590	284	21	governance	governance	NOUN
easat-10590	284	22	(	(	PUNCT
easat-10590	284	23	esg	esg	NOUN
easat-10590	284	24	)	)	PUNCT
easat-10590	284	25	performance	performance	NOUN
easat-10590	284	26	,	,	PUNCT
easat-10590	284	27	on	on	ADP
easat-10590	284	28	the	the	DET
easat-10590	284	29	weighted	weight	VERB
easat-10590	284	30	average	average	ADJ
easat-10590	284	31	cost	cost	NOUN
easat-10590	284	32	of	of	ADP
easat-10590	284	33	capital	capital	NOUN
easat-10590	284	34	(	(	PUNCT
easat-10590	284	35	wacc	wacc	PROPN
easat-10590	284	36	)	)	PUNCT
easat-10590	284	37	across	across	ADP
easat-10590	284	38	major	major	ADJ
easat-10590	284	39	global	global	ADJ
easat-10590	284	40	markets	market	NOUN
easat-10590	284	41	in	in	ADP
easat-10590	284	42	agricultural	agricultural	ADJ
easat-10590	284	43	enterprises	enterprise	NOUN
easat-10590	284	44	.	.	PUNCT
easat-10590	285	1	by	by	ADP
easat-10590	285	2	utilizing	utilize	VERB
easat-10590	285	3	a	a	DET
easat-10590	285	4	comprehensive	comprehensive	ADJ
easat-10590	285	5	panel	panel	NOUN
easat-10590	285	6	dataset	dataset	VERB
easat-10590	285	7	spanning	span	VERB
easat-10590	285	8	2019	2019	NUM
easat-10590	285	9	to	to	ADP
easat-10590	285	10	2024	2024	NUM
easat-10590	285	11	,	,	PUNCT
easat-10590	285	12	the	the	DET
easat-10590	285	13	research	research	NOUN
easat-10590	285	14	provides	provide	VERB
easat-10590	285	15	robust	robust	ADJ
easat-10590	285	16	evidence	evidence	NOUN
easat-10590	285	17	supporting	support	VERB
easat-10590	285	18	a	a	DET
easat-10590	285	19	statistically	statistically	ADV
easat-10590	285	20	significant	significant	ADJ
easat-10590	285	21	and	and	CCONJ
easat-10590	285	22	economically	economically	ADV
easat-10590	285	23	meaningful	meaningful	ADJ
easat-10590	285	24	negative	negative	ADJ
easat-10590	285	25	relationship	relationship	NOUN
easat-10590	285	26	between	between	ADP
easat-10590	285	27	esg	esg	PROPN
easat-10590	285	28	scores	score	NOUN
easat-10590	285	29	and	and	CCONJ
easat-10590	285	30	firms	firm	NOUN
easat-10590	285	31	’	’	PART
easat-10590	285	32	financing	financing	NOUN
easat-10590	285	33	costs	cost	NOUN
easat-10590	285	34	.	.	PUNCT
easat-10590	286	1	the	the	DET
easat-10590	286	2	results	result	NOUN
easat-10590	286	3	provide	provide	VERB
easat-10590	286	4	useful	useful	ADJ
easat-10590	286	5	perspectives	perspective	NOUN
easat-10590	286	6	for	for	ADP
easat-10590	286	7	academics	academic	NOUN
easat-10590	286	8	,	,	PUNCT
easat-10590	286	9	corporate	corporate	ADJ
easat-10590	286	10	managers	manager	NOUN
easat-10590	286	11	,	,	PUNCT
easat-10590	286	12	investors	investor	NOUN
easat-10590	286	13	,	,	PUNCT
easat-10590	286	14	and	and	CCONJ
easat-10590	286	15	policymakers	policymaker	NOUN
easat-10590	286	16	who	who	PRON
easat-10590	286	17	focus	focus	VERB
easat-10590	286	18	on	on	ADP
easat-10590	286	19	sustainable	sustainable	ADJ
easat-10590	286	20	finance	finance	NOUN
easat-10590	286	21	and	and	CCONJ
easat-10590	286	22	corporate	corporate	ADJ
easat-10590	286	23	governance	governance	NOUN
easat-10590	286	24	.	.	PUNCT
easat-10590	287	1	4.1	4.1	NUM
easat-10590	287	2	.	.	PUNCT
easat-10590	287	3	interpretation	interpretation	NOUN
easat-10590	287	4	of	of	ADP
easat-10590	287	5	key	key	ADJ
easat-10590	287	6	findings	finding	NOUN
easat-10590	287	7	4.1.1	4.1.1	NUM
easat-10590	287	8	.	.	PUNCT
easat-10590	288	1	negative	negative	ADJ
easat-10590	288	2	relationship	relationship	NOUN
easat-10590	288	3	between	between	ADP
easat-10590	288	4	esg	esg	PROPN
easat-10590	288	5	and	and	CCONJ
easat-10590	288	6	cost	cost	NOUN
easat-10590	288	7	of	of	ADP
easat-10590	288	8	capital	capital	NOUN
easat-10590	288	9	results	result	NOUN
easat-10590	288	10	showing	show	VERB
easat-10590	288	11	that	that	SCONJ
easat-10590	288	12	better	well	ADJ
easat-10590	288	13	sustainability	sustainability	NOUN
easat-10590	288	14	performance	performance	NOUN
easat-10590	288	15	lowers	lower	VERB
easat-10590	288	16	the	the	DET
easat-10590	288	17	company	company	NOUN
easat-10590	288	18	’s	’s	PART
easat-10590	288	19	cost	cost	NOUN
easat-10590	288	20	of	of	ADP
easat-10590	288	21	capital	capital	NOUN
easat-10590	288	22	are	be	AUX
easat-10590	288	23	supported	support	VERB
easat-10590	288	24	by	by	ADP
easat-10590	288	25	the	the	DET
easat-10590	288	26	concepts	concept	NOUN
easat-10590	288	27	of	of	ADP
easat-10590	288	28	risk	risk	NOUN
easat-10590	288	29	management	management	NOUN
easat-10590	288	30	and	and	CCONJ
easat-10590	288	31	signaling	signaling	NOUN
easat-10590	288	32	.	.	PUNCT
easat-10590	289	1	companies	company	NOUN
easat-10590	289	2	that	that	PRON
easat-10590	289	3	perform	perform	VERB
easat-10590	289	4	well	well	ADV
easat-10590	289	5	in	in	ADP
easat-10590	289	6	esg	esg	PROPN
easat-10590	289	7	tend	tend	VERB
easat-10590	289	8	to	to	PART
easat-10590	289	9	handle	handle	VERB
easat-10590	289	10	risks	risk	NOUN
easat-10590	289	11	better	well	ADV
easat-10590	289	12	,	,	PUNCT
easat-10590	289	13	which	which	PRON
easat-10590	289	14	means	mean	VERB
easat-10590	289	15	they	they	PRON
easat-10590	289	16	are	be	AUX
easat-10590	289	17	protected	protect	VERB
easat-10590	289	18	against	against	ADP
easat-10590	289	19	environmental	environmental	ADJ
easat-10590	289	20	costs	cost	NOUN
easat-10590	289	21	,	,	PUNCT
easat-10590	289	22	fines	fine	NOUN
easat-10590	289	23	,	,	PUNCT
easat-10590	289	24	and	and	CCONJ
easat-10590	289	25	harm	harm	NOUN
easat-10590	289	26	to	to	ADP
easat-10590	289	27	their	their	PRON
easat-10590	289	28	reputation	reputation	NOUN
easat-10590	289	29	.	.	PUNCT
easat-10590	290	1	as	as	ADP
easat-10590	290	2	a	a	DET
easat-10590	290	3	result	result	NOUN
easat-10590	290	4	,	,	PUNCT
easat-10590	290	5	markets	market	NOUN
easat-10590	290	6	view	view	VERB
easat-10590	290	7	these	these	DET
easat-10590	290	8	firms	firm	NOUN
easat-10590	290	9	as	as	ADP
easat-10590	290	10	safer	safe	ADJ
easat-10590	290	11	,	,	PUNCT
easat-10590	290	12	requiring	require	VERB
easat-10590	290	13	less	less	ADJ
easat-10590	290	14	protection	protection	NOUN
easat-10590	290	15	from	from	ADP
easat-10590	290	16	risk	risk	NOUN
easat-10590	290	17	,	,	PUNCT
easat-10590	290	18	which	which	PRON
easat-10590	290	19	is	be	AUX
easat-10590	290	20	reflected	reflect	VERB
easat-10590	290	21	in	in	ADP
easat-10590	290	22	a	a	DET
easat-10590	290	23	lower	low	ADJ
easat-10590	290	24	wacc	wacc	NOUN
easat-10590	290	25	.	.	PUNCT
easat-10590	291	1	this	this	DET
easat-10590	291	2	outcome	outcome	NOUN
easat-10590	291	3	agrees	agree	VERB
easat-10590	291	4	with	with	ADP
easat-10590	291	5	a	a	DET
easat-10590	291	6	growing	grow	VERB
easat-10590	291	7	amount	amount	NOUN
easat-10590	291	8	of	of	ADP
easat-10590	291	9	research	research	NOUN
easat-10590	291	10	.	.	PUNCT
easat-10590	292	1	krüger	krüger	NOUN
easat-10590	293	1	[	[	X
easat-10590	293	2	36	36	NUM
easat-10590	293	3	]	]	PUNCT
easat-10590	293	4	and	and	CCONJ
easat-10590	293	5	flammer	flammer	NOUN
easat-10590	293	6	[	[	X
easat-10590	293	7	37	37	NUM
easat-10590	293	8	]	]	PUNCT
easat-10590	293	9	noticed	notice	VERB
easat-10590	293	10	that	that	SCONJ
easat-10590	293	11	firms	firm	NOUN
easat-10590	293	12	that	that	PRON
easat-10590	293	13	focus	focus	VERB
easat-10590	293	14	on	on	ADP
easat-10590	293	15	esg	esg	PROPN
easat-10590	293	16	have	have	AUX
easat-10590	293	17	reduced	reduce	VERB
easat-10590	293	18	costs	cost	NOUN
easat-10590	293	19	of	of	ADP
easat-10590	293	20	borrowing	borrowing	NOUN
easat-10590	293	21	and	and	CCONJ
easat-10590	293	22	issuing	issue	VERB
easat-10590	293	23	stock	stock	NOUN
easat-10590	293	24	due	due	ADJ
easat-10590	293	25	to	to	ADP
easat-10590	293	26	decreased	decrease	VERB
easat-10590	293	27	risk	risk	NOUN
easat-10590	293	28	to	to	ADP
easat-10590	293	29	investors	investor	NOUN
easat-10590	293	30	and	and	CCONJ
easat-10590	293	31	an	an	DET
easat-10590	293	32	improvement	improvement	NOUN
easat-10590	293	33	in	in	ADP
easat-10590	293	34	confidence	confidence	NOUN
easat-10590	293	35	.	.	PUNCT
easat-10590	294	1	we	we	PRON
easat-10590	294	2	build	build	VERB
easat-10590	294	3	on	on	ADP
easat-10590	294	4	previous	previous	ADJ
easat-10590	294	5	results	result	NOUN
easat-10590	294	6	by	by	ADP
easat-10590	294	7	showing	show	VERB
easat-10590	294	8	that	that	SCONJ
easat-10590	294	9	integrating	integrate	VERB
easat-10590	294	10	sustainability	sustainability	NOUN
easat-10590	294	11	is	be	AUX
easat-10590	294	12	financially	financially	ADV
easat-10590	294	13	beneficial	beneficial	ADJ
easat-10590	294	14	for	for	ADP
easat-10590	294	15	companies	company	NOUN
easat-10590	294	16	worldwide	worldwide	ADV
easat-10590	294	17	in	in	ADP
easat-10590	294	18	capital	capital	NOUN
easat-10590	294	19	markets	market	NOUN
easat-10590	294	20	.	.	PUNCT
easat-10590	295	1	4.1.2	4.1.2	X
easat-10590	295	2	.	.	PUNCT
easat-10590	295	3	magnitude	magnitude	NOUN
easat-10590	295	4	of	of	ADP
easat-10590	295	5	esg	esg	PROPN
easat-10590	295	6	impact	impact	NOUN
easat-10590	295	7	and	and	CCONJ
easat-10590	295	8	economic	economic	ADJ
easat-10590	295	9	significance	significance	NOUN
easat-10590	295	10	according	accord	VERB
easat-10590	295	11	to	to	ADP
easat-10590	295	12	the	the	DET
easat-10590	295	13	coefficient	coefficient	NOUN
easat-10590	295	14	,	,	PUNCT
easat-10590	295	15	when	when	SCONJ
easat-10590	295	16	esg	esg	PROPN
easat-10590	295	17	increases	increase	VERB
easat-10590	295	18	by	by	ADP
easat-10590	295	19	10	10	NUM
easat-10590	295	20	points	point	NOUN
easat-10590	295	21	,	,	PUNCT
easat-10590	295	22	the	the	DET
easat-10590	295	23	wacc	wacc	PROPN
easat-10590	295	24	decreases	decrease	VERB
easat-10590	295	25	by	by	ADP
easat-10590	295	26	approximately	approximately	ADV
easat-10590	295	27	0.35	0.35	NUM
easat-10590	295	28	percentage	percentage	NOUN
easat-10590	295	29	points	point	NOUN
easat-10590	295	30	.	.	PUNCT
easat-10590	296	1	although	although	SCONJ
easat-10590	296	2	the	the	DET
easat-10590	296	3	amount	amount	NOUN
easat-10590	296	4	is	be	AUX
easat-10590	296	5	not	not	PART
easat-10590	296	6	substantial	substantial	ADJ
easat-10590	296	7	by	by	ADP
easat-10590	296	8	itself	itself	PRON
easat-10590	296	9	,	,	PUNCT
easat-10590	296	10	the	the	DET
easat-10590	296	11	economic	economic	ADJ
easat-10590	296	12	impact	impact	NOUN
easat-10590	296	13	for	for	ADP
easat-10590	296	14	firms	firm	NOUN
easat-10590	296	15	with	with	ADP
easat-10590	296	16	significant	significant	ADJ
easat-10590	296	17	capital	capital	NOUN
easat-10590	296	18	requirements	requirement	NOUN
easat-10590	296	19	is	be	AUX
easat-10590	296	20	considerable	considerable	ADJ
easat-10590	296	21	.	.	PUNCT
easat-10590	297	1	with	with	ADP
easat-10590	297	2	reduced	reduce	VERB
easat-10590	297	3	expenses	expense	NOUN
easat-10590	297	4	for	for	ADP
easat-10590	297	5	financing	financing	NOUN
easat-10590	297	6	,	,	PUNCT
easat-10590	297	7	firms	firm	NOUN
easat-10590	297	8	can	can	AUX
easat-10590	297	9	achieve	achieve	VERB
easat-10590	297	10	better	well	ADJ
easat-10590	297	11	valuations	valuation	NOUN
easat-10590	297	12	and	and	CCONJ
easat-10590	297	13	allocate	allocate	VERB
easat-10590	297	14	their	their	PRON
easat-10590	297	15	resources	resource	NOUN
easat-10590	297	16	toward	toward	ADP
easat-10590	297	17	valuable	valuable	ADJ
easat-10590	297	18	projects	project	NOUN
easat-10590	297	19	and	and	CCONJ
easat-10590	297	20	innovations	innovation	NOUN
easat-10590	297	21	.	.	PUNCT
easat-10590	298	1	this	this	PRON
easat-10590	298	2	is	be	AUX
easat-10590	298	3	in	in	ADP
easat-10590	298	4	line	line	NOUN
easat-10590	298	5	with	with	ADP
easat-10590	298	6	what	what	PRON
easat-10590	298	7	recently	recently	ADV
easat-10590	298	8	published	publish	VERB
easat-10590	298	9	meta	meta	NOUN
easat-10590	298	10	-	-	PUNCT
easat-10590	298	11	analyses	analysis	NOUN
easat-10590	298	12	(	(	PUNCT
easat-10590	298	13	for	for	ADP
easat-10590	298	14	example	example	NOUN
easat-10590	298	15	,	,	PUNCT
easat-10590	298	16	friede	friede	PROPN
easat-10590	298	17	et	et	PROPN
easat-10590	298	18	al	al	PROPN
easat-10590	298	19	.	.	PUNCT
easat-10590	299	1	[	[	X
easat-10590	299	2	38	38	NUM
easat-10590	299	3	]	]	PUNCT
easat-10590	299	4	)	)	PUNCT
easat-10590	299	5	have	have	AUX
easat-10590	299	6	observed	observe	VERB
easat-10590	299	7	,	,	PUNCT
easat-10590	299	8	stating	state	VERB
easat-10590	299	9	that	that	SCONJ
easat-10590	299	10	esg	esg	PROPN
easat-10590	299	11	factors	factor	NOUN
easat-10590	299	12	have	have	VERB
easat-10590	299	13	noticeable	noticeable	ADJ
easat-10590	299	14	,	,	PUNCT
easat-10590	299	15	at	at	ADP
easat-10590	299	16	times	time	NOUN
easat-10590	299	17	variable	variable	NOUN
easat-10590	299	18	,	,	PUNCT
easat-10590	299	19	effects	effect	NOUN
easat-10590	299	20	on	on	ADP
easat-10590	299	21	firm	firm	ADJ
easat-10590	299	22	finances	finance	NOUN
easat-10590	299	23	.	.	PUNCT
easat-10590	300	1	even	even	ADV
easat-10590	300	2	after	after	SCONJ
easat-10590	300	3	1036	1036	NUM
easat-10590	300	4	edelweiss	edelweiss	PROPN
easat-10590	300	5	applied	apply	VERB
easat-10590	300	6	science	science	NOUN
easat-10590	300	7	and	and	CCONJ
easat-10590	300	8	technology	technology	NOUN
easat-10590	300	9	issn	issn	PROPN
easat-10590	300	10	:	:	PUNCT
easat-10590	300	11	2576	2576	NUM
easat-10590	300	12	-	-	SYM
easat-10590	300	13	8484	8484	NUM
easat-10590	300	14	vol	vol	NOUN
easat-10590	300	15	.	.	PROPN
easat-10590	301	1	9	9	NUM
easat-10590	301	2	,	,	PUNCT
easat-10590	301	3	no	no	INTJ
easat-10590	301	4	.	.	NOUN
easat-10590	301	5	10	10	NUM
easat-10590	301	6	:	:	PUNCT
easat-10590	301	7	1021	1021	NUM
easat-10590	301	8	-	-	SYM
easat-10590	301	9	1041	1041	NUM
easat-10590	301	10	,	,	PUNCT
easat-10590	301	11	2025	2025	NUM
easat-10590	301	12	doi	doi	NOUN
easat-10590	301	13	:	:	PUNCT
easat-10590	301	14	10.55214/2576	10.55214/2576	NUM
easat-10590	301	15	-	-	SYM
easat-10590	301	16	8484.v9i10.10590	8484.v9i10.10590	NUM
easat-10590	301	17	©	©	ADP
easat-10590	301	18	2025	2025	NUM
easat-10590	301	19	by	by	ADP
easat-10590	301	20	the	the	DET
easat-10590	301	21	author	author	NOUN
easat-10590	301	22	;	;	PUNCT
easat-10590	301	23	licensee	licensee	PROPN
easat-10590	301	24	learning	learning	NOUN
easat-10590	301	25	gate	gate	NOUN
easat-10590	301	26	we	we	PRON
easat-10590	301	27	compare	compare	VERB
easat-10590	301	28	firms	firm	NOUN
easat-10590	301	29	of	of	ADP
easat-10590	301	30	similar	similar	ADJ
easat-10590	301	31	size	size	NOUN
easat-10590	301	32	,	,	PUNCT
easat-10590	301	33	leverage	leverage	NOUN
easat-10590	301	34	,	,	PUNCT
easat-10590	301	35	profitability	profitability	NOUN
easat-10590	301	36	,	,	PUNCT
easat-10590	301	37	and	and	CCONJ
easat-10590	301	38	industry	industry	NOUN
easat-10590	301	39	types	type	NOUN
easat-10590	301	40	,	,	PUNCT
easat-10590	301	41	the	the	DET
easat-10590	301	42	relationship	relationship	NOUN
easat-10590	301	43	remains	remain	VERB
easat-10590	301	44	strong	strong	ADJ
easat-10590	301	45	.	.	PUNCT
easat-10590	302	1	4.1.3	4.1.3	X
easat-10590	302	2	.	.	PUNCT
easat-10590	302	3	regional	regional	ADJ
easat-10590	302	4	heterogeneity	heterogeneity	NOUN
easat-10590	302	5	in	in	ADP
easat-10590	302	6	esg	esg	PROPN
easat-10590	302	7	effects	effect	NOUN
easat-10590	302	8	our	our	PRON
easat-10590	302	9	results	result	NOUN
easat-10590	302	10	indicate	indicate	VERB
easat-10590	302	11	that	that	SCONJ
easat-10590	302	12	the	the	DET
easat-10590	302	13	effect	effect	NOUN
easat-10590	302	14	of	of	ADP
easat-10590	302	15	esg	esg	PROPN
easat-10590	302	16	on	on	ADP
easat-10590	302	17	wacc	wacc	PROPN
easat-10590	302	18	is	be	AUX
easat-10590	302	19	strongest	strong	ADJ
easat-10590	302	20	in	in	ADP
easat-10590	302	21	europe	europe	PROPN
easat-10590	302	22	,	,	PUNCT
easat-10590	302	23	slightly	slightly	ADV
easat-10590	302	24	weaker	weak	ADJ
easat-10590	302	25	in	in	ADP
easat-10590	302	26	north	north	PROPN
easat-10590	302	27	america	america	PROPN
easat-10590	302	28	,	,	PUNCT
easat-10590	302	29	and	and	CCONJ
easat-10590	302	30	least	least	ADV
easat-10590	302	31	strong	strong	ADJ
easat-10590	302	32	in	in	ADP
easat-10590	302	33	the	the	DET
easat-10590	302	34	asia	asia	PROPN
easat-10590	302	35	-	-	PUNCT
easat-10590	302	36	pacific	pacific	PROPN
easat-10590	302	37	region	region	NOUN
easat-10590	302	38	.	.	PUNCT
easat-10590	303	1	many	many	ADJ
easat-10590	303	2	environmental	environmental	ADJ
easat-10590	303	3	aspects	aspect	NOUN
easat-10590	303	4	contribute	contribute	VERB
easat-10590	303	5	to	to	ADP
easat-10590	303	6	the	the	DET
easat-10590	303	7	differences	difference	NOUN
easat-10590	303	8	we	we	PRON
easat-10590	303	9	observe	observe	VERB
easat-10590	303	10	:	:	PUNCT
easat-10590	303	11	•	•	ADJ
easat-10590	303	12	regulatory	regulatory	ADJ
easat-10590	303	13	environment	environment	NOUN
easat-10590	303	14	:	:	PUNCT
easat-10590	303	15	european	european	ADJ
easat-10590	303	16	markets	market	NOUN
easat-10590	303	17	have	have	AUX
easat-10590	303	18	implemented	implement	VERB
easat-10590	303	19	comprehensive	comprehensive	ADJ
easat-10590	303	20	sustainability	sustainability	NOUN
easat-10590	303	21	disclosure	disclosure	NOUN
easat-10590	303	22	regulations	regulation	NOUN
easat-10590	303	23	,	,	PUNCT
easat-10590	303	24	including	include	VERB
easat-10590	303	25	the	the	DET
easat-10590	303	26	eu	eu	PROPN
easat-10590	303	27	non	non	ADJ
easat-10590	303	28	-	-	ADJ
easat-10590	303	29	financial	financial	ADJ
easat-10590	303	30	reporting	reporting	NOUN
easat-10590	303	31	directive	directive	NOUN
easat-10590	303	32	and	and	CCONJ
easat-10590	303	33	the	the	DET
easat-10590	303	34	upcoming	upcoming	ADJ
easat-10590	303	35	corporate	corporate	ADJ
easat-10590	303	36	sustainability	sustainability	NOUN
easat-10590	303	37	reporting	reporting	NOUN
easat-10590	303	38	directive	directive	NOUN
easat-10590	303	39	,	,	PUNCT
easat-10590	303	40	which	which	PRON
easat-10590	303	41	heighten	heighten	VERB
easat-10590	303	42	investor	investor	NOUN
easat-10590	303	43	scrutiny	scrutiny	NOUN
easat-10590	303	44	and	and	CCONJ
easat-10590	303	45	firm	firm	ADJ
easat-10590	303	46	accountability	accountability	NOUN
easat-10590	303	47	.	.	PUNCT
easat-10590	304	1	because	because	SCONJ
easat-10590	304	2	of	of	ADP
easat-10590	304	3	the	the	DET
easat-10590	304	4	increased	increase	VERB
easat-10590	304	5	oversight	oversight	NOUN
easat-10590	304	6	,	,	PUNCT
easat-10590	304	7	esg	esg	PROPN
easat-10590	304	8	factors	factor	NOUN
easat-10590	304	9	now	now	ADV
easat-10590	304	10	play	play	VERB
easat-10590	304	11	a	a	DET
easat-10590	304	12	bigger	big	ADJ
easat-10590	304	13	role	role	NOUN
easat-10590	304	14	in	in	ADP
easat-10590	304	15	the	the	DET
easat-10590	304	16	cost	cost	NOUN
easat-10590	304	17	of	of	ADP
easat-10590	304	18	capital	capital	NOUN
easat-10590	304	19	.	.	PUNCT
easat-10590	305	1	•	•	NUM
easat-10590	305	2	investor	investor	NOUN
easat-10590	305	3	preferences	preference	NOUN
easat-10590	305	4	:	:	PUNCT
easat-10590	305	5	european	european	ADJ
easat-10590	305	6	institutions	institution	NOUN
easat-10590	305	7	typically	typically	ADV
easat-10590	305	8	want	want	VERB
easat-10590	305	9	to	to	PART
easat-10590	305	10	invest	invest	VERB
easat-10590	305	11	in	in	ADP
easat-10590	305	12	line	line	NOUN
easat-10590	305	13	with	with	ADP
easat-10590	305	14	esg	esg	PROPN
easat-10590	305	15	,	,	PUNCT
easat-10590	305	16	preferring	prefer	VERB
easat-10590	305	17	to	to	PART
easat-10590	305	18	avoid	avoid	VERB
easat-10590	305	19	businesses	business	NOUN
easat-10590	305	20	with	with	ADP
easat-10590	305	21	weak	weak	ADJ
easat-10590	305	22	esg	esg	NOUN
easat-10590	305	23	records	record	NOUN
easat-10590	305	24	.	.	PUNCT
easat-10590	306	1	this	this	DET
easat-10590	306	2	investor	investor	NOUN
easat-10590	306	3	behavior	behavior	NOUN
easat-10590	306	4	drives	drive	VERB
easat-10590	306	5	capital	capital	NOUN
easat-10590	306	6	cost	cost	NOUN
easat-10590	306	7	differentiation	differentiation	NOUN
easat-10590	306	8	based	base	VERB
easat-10590	306	9	on	on	ADP
easat-10590	306	10	sustainability	sustainability	NOUN
easat-10590	306	11	credentials	credential	NOUN
easat-10590	306	12	.	.	PUNCT
easat-10590	307	1	•	•	NUM
easat-10590	307	2	market	market	NOUN
easat-10590	307	3	maturity	maturity	NOUN
easat-10590	307	4	:	:	PUNCT
easat-10590	307	5	developed	develop	VERB
easat-10590	307	6	markets	market	NOUN
easat-10590	307	7	like	like	ADP
easat-10590	307	8	europe	europe	PROPN
easat-10590	307	9	and	and	CCONJ
easat-10590	307	10	north	north	PROPN
easat-10590	307	11	america	america	PROPN
easat-10590	307	12	have	have	VERB
easat-10590	307	13	more	more	ADV
easat-10590	307	14	mature	mature	ADJ
easat-10590	307	15	financial	financial	ADJ
easat-10590	307	16	infrastructures	infrastructure	NOUN
easat-10590	307	17	and	and	CCONJ
easat-10590	307	18	greater	great	ADJ
easat-10590	307	19	esg	esg	NOUN
easat-10590	307	20	integration	integration	NOUN
easat-10590	307	21	compared	compare	VERB
easat-10590	307	22	to	to	ADP
easat-10590	307	23	many	many	ADJ
easat-10590	307	24	asia	asia	PROPN
easat-10590	307	25	-	-	PUNCT
easat-10590	307	26	pacific	pacific	ADJ
easat-10590	307	27	markets	market	NOUN
easat-10590	307	28	,	,	PUNCT
easat-10590	307	29	which	which	PRON
easat-10590	307	30	still	still	ADV
easat-10590	307	31	exhibit	exhibit	VERB
easat-10590	307	32	variable	variable	ADJ
easat-10590	307	33	regulatory	regulatory	ADJ
easat-10590	307	34	and	and	CCONJ
easat-10590	307	35	disclosure	disclosure	NOUN
easat-10590	307	36	practices	practice	NOUN
easat-10590	307	37	.	.	PUNCT
easat-10590	308	1	our	our	PRON
easat-10590	308	2	findings	finding	NOUN
easat-10590	308	3	correspond	correspond	VERB
easat-10590	308	4	with	with	ADP
easat-10590	308	5	studies	study	NOUN
easat-10590	308	6	by	by	ADP
easat-10590	308	7	christensen	christensen	PROPN
easat-10590	308	8	et	et	PROPN
easat-10590	308	9	al	al	PROPN
easat-10590	308	10	.	.	PUNCT
easat-10590	309	1	[	[	X
easat-10590	309	2	39	39	NUM
easat-10590	309	3	]	]	PUNCT
easat-10590	309	4	and	and	CCONJ
easat-10590	309	5	christensen	christensen	PROPN
easat-10590	309	6	et	et	PROPN
easat-10590	309	7	al	al	PROPN
easat-10590	309	8	.	.	PUNCT
easat-10590	310	1	[	[	X
easat-10590	310	2	39	39	NUM
easat-10590	310	3	]	]	PUNCT
easat-10590	310	4	who	who	PRON
easat-10590	310	5	document	document	VERB
easat-10590	310	6	stronger	strong	ADJ
easat-10590	310	7	esg	esg	NOUN
easat-10590	310	8	-	-	PUNCT
easat-10590	310	9	finance	finance	NOUN
easat-10590	310	10	linkages	linkage	NOUN
easat-10590	310	11	in	in	ADP
easat-10590	310	12	developed	develop	VERB
easat-10590	310	13	markets	market	NOUN
easat-10590	310	14	with	with	ADP
easat-10590	310	15	advanced	advanced	ADJ
easat-10590	310	16	sustainability	sustainability	NOUN
easat-10590	310	17	regimes	regime	NOUN
easat-10590	310	18	.	.	PUNCT
easat-10590	311	1	4.1.4	4.1.4	X
easat-10590	311	2	.	.	PUNCT
easat-10590	311	3	differential	differential	ADJ
easat-10590	311	4	impact	impact	NOUN
easat-10590	311	5	of	of	ADP
easat-10590	311	6	esg	esg	PROPN
easat-10590	311	7	dimensions	dimension	NOUN
easat-10590	311	8	the	the	DET
easat-10590	311	9	decomposition	decomposition	NOUN
easat-10590	311	10	of	of	ADP
easat-10590	311	11	the	the	DET
easat-10590	311	12	composite	composite	ADJ
easat-10590	311	13	esg	esg	NOUN
easat-10590	311	14	score	score	NOUN
easat-10590	311	15	reveals	reveal	VERB
easat-10590	311	16	that	that	SCONJ
easat-10590	311	17	the	the	DET
easat-10590	311	18	environmental	environmental	ADJ
easat-10590	311	19	pillar	pillar	NOUN
easat-10590	311	20	exerts	exert	VERB
easat-10590	311	21	the	the	DET
easat-10590	311	22	largest	large	ADJ
easat-10590	311	23	influence	influence	NOUN
easat-10590	311	24	on	on	ADP
easat-10590	311	25	reducing	reduce	VERB
easat-10590	311	26	wacc	wacc	NOUN
easat-10590	311	27	,	,	PUNCT
easat-10590	311	28	followed	follow	VERB
easat-10590	311	29	by	by	ADP
easat-10590	311	30	social	social	ADJ
easat-10590	311	31	and	and	CCONJ
easat-10590	311	32	governance	governance	NOUN
easat-10590	311	33	dimensions	dimension	NOUN
easat-10590	311	34	.	.	PUNCT
easat-10590	312	1	this	this	DET
easat-10590	312	2	hierarchy	hierarchy	NOUN
easat-10590	312	3	suggests	suggest	VERB
easat-10590	312	4	that	that	SCONJ
easat-10590	312	5	investors	investor	NOUN
easat-10590	312	6	currently	currently	ADV
easat-10590	312	7	prioritize	prioritize	VERB
easat-10590	312	8	environmental	environmental	ADJ
easat-10590	312	9	risk	risk	NOUN
easat-10590	312	10	mitigation	mitigation	NOUN
easat-10590	312	11	and	and	CCONJ
easat-10590	312	12	sustainability	sustainability	NOUN
easat-10590	312	13	initiatives	initiative	NOUN
easat-10590	312	14	most	most	ADV
easat-10590	312	15	heavily	heavily	ADV
easat-10590	312	16	when	when	SCONJ
easat-10590	312	17	assessing	assess	VERB
easat-10590	312	18	financing	financing	NOUN
easat-10590	312	19	risk	risk	NOUN
easat-10590	312	20	.	.	PUNCT
easat-10590	313	1	emphasizing	emphasize	VERB
easat-10590	313	2	environmental	environmental	ADJ
easat-10590	313	3	factors	factor	NOUN
easat-10590	313	4	is	be	AUX
easat-10590	313	5	linked	link	VERB
easat-10590	313	6	to	to	ADP
easat-10590	313	7	worldwide	worldwide	ADJ
easat-10590	313	8	requirements	requirement	NOUN
easat-10590	313	9	to	to	PART
easat-10590	313	10	address	address	VERB
easat-10590	313	11	climate	climate	NOUN
easat-10590	313	12	change	change	NOUN
easat-10590	313	13	and	and	CCONJ
easat-10590	313	14	build	build	VERB
easat-10590	313	15	energy	energy	NOUN
easat-10590	313	16	-	-	PUNCT
easat-10590	313	17	efficient	efficient	ADJ
easat-10590	313	18	economic	economic	ADJ
easat-10590	313	19	systems	system	NOUN
easat-10590	313	20	.	.	PUNCT
easat-10590	314	1	having	have	VERB
easat-10590	314	2	a	a	DET
easat-10590	314	3	strong	strong	ADJ
easat-10590	314	4	environmental	environmental	ADJ
easat-10590	314	5	plan	plan	NOUN
easat-10590	314	6	,	,	PUNCT
easat-10590	314	7	such	such	ADJ
easat-10590	314	8	as	as	ADP
easat-10590	314	9	reducing	reduce	VERB
easat-10590	314	10	emissions	emission	NOUN
easat-10590	314	11	,	,	PUNCT
easat-10590	314	12	saving	save	VERB
easat-10590	314	13	energy	energy	NOUN
easat-10590	314	14	,	,	PUNCT
easat-10590	314	15	and	and	CCONJ
easat-10590	314	16	conserving	conserve	VERB
easat-10590	314	17	resources	resource	NOUN
easat-10590	314	18	,	,	PUNCT
easat-10590	314	19	suggests	suggest	VERB
easat-10590	314	20	that	that	SCONJ
easat-10590	314	21	a	a	DET
easat-10590	314	22	business	business	NOUN
easat-10590	314	23	is	be	AUX
easat-10590	314	24	prepared	prepare	VERB
easat-10590	314	25	for	for	ADP
easat-10590	314	26	regulatory	regulatory	ADJ
easat-10590	314	27	and	and	CCONJ
easat-10590	314	28	consumer	consumer	NOUN
easat-10590	314	29	changes	change	NOUN
easat-10590	314	30	and	and	CCONJ
easat-10590	314	31	earns	earn	VERB
easat-10590	314	32	better	well	ADJ
easat-10590	314	33	terms	term	NOUN
easat-10590	314	34	from	from	ADP
easat-10590	314	35	lenders	lender	NOUN
easat-10590	314	36	.	.	PUNCT
easat-10590	315	1	although	although	SCONJ
easat-10590	315	2	single	single	ADJ
easat-10590	315	3	social	social	ADJ
easat-10590	315	4	and	and	CCONJ
easat-10590	315	5	governance	governance	NOUN
easat-10590	315	6	factors	factor	NOUN
easat-10590	315	7	have	have	VERB
easat-10590	315	8	less	less	ADJ
easat-10590	315	9	influence	influence	NOUN
easat-10590	315	10	,	,	PUNCT
easat-10590	315	11	they	they	PRON
easat-10590	315	12	still	still	ADV
easat-10590	315	13	contribute	contribute	VERB
easat-10590	315	14	significantly	significantly	ADV
easat-10590	315	15	.	.	PUNCT
easat-10590	316	1	firm	firm	ADJ
easat-10590	316	2	reputation	reputation	NOUN
easat-10590	316	3	,	,	PUNCT
easat-10590	316	4	employee	employee	NOUN
easat-10590	316	5	continuity	continuity	NOUN
easat-10590	316	6	,	,	PUNCT
easat-10590	316	7	and	and	CCONJ
easat-10590	316	8	connections	connection	NOUN
easat-10590	316	9	with	with	ADP
easat-10590	316	10	stakeholders	stakeholder	NOUN
easat-10590	316	11	are	be	AUX
easat-10590	316	12	social	social	ADJ
easat-10590	316	13	factors	factor	NOUN
easat-10590	316	14	that	that	PRON
easat-10590	316	15	might	might	AUX
easat-10590	316	16	affect	affect	VERB
easat-10590	316	17	how	how	SCONJ
easat-10590	316	18	the	the	DET
easat-10590	316	19	business	business	NOUN
easat-10590	316	20	endures	endure	VERB
easat-10590	316	21	and	and	CCONJ
easat-10590	316	22	manages	manage	VERB
easat-10590	316	23	risks	risk	NOUN
easat-10590	316	24	.	.	PUNCT
easat-10590	317	1	good	good	ADJ
easat-10590	317	2	governance	governance	NOUN
easat-10590	317	3	enhances	enhance	VERB
easat-10590	317	4	management	management	NOUN
easat-10590	317	5	effectiveness	effectiveness	NOUN
easat-10590	317	6	and	and	CCONJ
easat-10590	317	7	increases	increase	VERB
easat-10590	317	8	transparency	transparency	NOUN
easat-10590	317	9	by	by	ADP
easat-10590	317	10	protecting	protect	VERB
easat-10590	317	11	investors	investor	NOUN
easat-10590	317	12	,	,	PUNCT
easat-10590	317	13	which	which	PRON
easat-10590	317	14	helps	help	VERB
easat-10590	317	15	investors	investor	NOUN
easat-10590	317	16	feel	feel	VERB
easat-10590	317	17	secure	secure	ADJ
easat-10590	317	18	.	.	PUNCT
easat-10590	318	1	such	such	ADJ
easat-10590	318	2	knowledge	knowledge	NOUN
easat-10590	318	3	guides	guide	NOUN
easat-10590	318	4	companies	company	NOUN
easat-10590	318	5	in	in	ADP
easat-10590	318	6	choosing	choose	VERB
easat-10590	318	7	sustainability	sustainability	NOUN
easat-10590	318	8	actions	action	NOUN
easat-10590	318	9	that	that	PRON
easat-10590	318	10	yield	yield	VERB
easat-10590	318	11	the	the	DET
easat-10590	318	12	best	good	ADJ
easat-10590	318	13	financial	financial	ADJ
easat-10590	318	14	returns	return	NOUN
easat-10590	318	15	.	.	PUNCT
easat-10590	319	1	4.2	4.2	NUM
easat-10590	319	2	.	.	PUNCT
easat-10590	320	1	theoretical	theoretical	ADJ
easat-10590	320	2	implications	implication	NOUN
easat-10590	320	3	4.2.1	4.2.1	NUM
easat-10590	320	4	.	.	PUNCT
easat-10590	321	1	confirmation	confirmation	NOUN
easat-10590	321	2	of	of	ADP
easat-10590	321	3	risk	risk	NOUN
easat-10590	321	4	mitigation	mitigation	NOUN
easat-10590	321	5	and	and	CCONJ
easat-10590	321	6	signaling	signal	VERB
easat-10590	321	7	theories	theory	NOUN
easat-10590	321	8	the	the	DET
easat-10590	321	9	results	result	NOUN
easat-10590	321	10	confirm	confirm	VERB
easat-10590	321	11	a	a	DET
easat-10590	321	12	main	main	ADJ
easat-10590	321	13	point	point	NOUN
easat-10590	321	14	of	of	ADP
easat-10590	321	15	risk	risk	NOUN
easat-10590	321	16	mitigation	mitigation	NOUN
easat-10590	321	17	theory	theory	NOUN
easat-10590	321	18	:	:	PUNCT
easat-10590	321	19	that	that	SCONJ
easat-10590	321	20	investment	investment	NOUN
easat-10590	321	21	in	in	ADP
easat-10590	321	22	sustainability	sustainability	NOUN
easat-10590	321	23	lowers	lower	VERB
easat-10590	321	24	risks	risk	NOUN
easat-10590	321	25	and	and	CCONJ
easat-10590	321	26	the	the	DET
easat-10590	321	27	capital	capital	NOUN
easat-10590	321	28	costs	cost	VERB
easat-10590	321	29	for	for	ADP
easat-10590	321	30	firms	firm	NOUN
easat-10590	321	31	.	.	PUNCT
easat-10590	322	1	when	when	SCONJ
easat-10590	322	2	volatility	volatility	NOUN
easat-10590	322	3	in	in	ADP
easat-10590	322	4	cash	cash	NOUN
easat-10590	322	5	flows	flow	VERB
easat-10590	322	6	decreases	decrease	NOUN
easat-10590	322	7	and	and	CCONJ
easat-10590	322	8	the	the	DET
easat-10590	322	9	risk	risk	NOUN
easat-10590	322	10	of	of	ADP
easat-10590	322	11	bad	bad	ADJ
easat-10590	322	12	events	event	NOUN
easat-10590	322	13	reduces	reduce	VERB
easat-10590	322	14	,	,	PUNCT
easat-10590	322	15	financiers	financier	NOUN
easat-10590	322	16	charge	charge	VERB
easat-10590	322	17	lower	low	ADJ
easat-10590	322	18	prices	price	NOUN
easat-10590	322	19	for	for	ADP
easat-10590	322	20	the	the	DET
easat-10590	322	21	business	business	NOUN
easat-10590	322	22	.	.	PUNCT
easat-10590	323	1	support	support	NOUN
easat-10590	323	2	for	for	ADP
easat-10590	323	3	signaling	signal	VERB
easat-10590	323	4	theory	theory	NOUN
easat-10590	323	5	can	can	AUX
easat-10590	323	6	be	be	AUX
easat-10590	323	7	found	find	VERB
easat-10590	323	8	because	because	SCONJ
easat-10590	323	9	companies	company	NOUN
easat-10590	323	10	with	with	ADP
easat-10590	323	11	good	good	ADJ
easat-10590	323	12	esg	esg	PROPN
easat-10590	323	13	ratings	rating	NOUN
easat-10590	323	14	convey	convey	VERB
easat-10590	323	15	that	that	SCONJ
easat-10590	323	16	their	their	PRON
easat-10590	323	17	leaders	leader	NOUN
easat-10590	323	18	are	be	AUX
easat-10590	323	19	skilled	skilled	ADJ
easat-10590	323	20	and	and	CCONJ
easat-10590	323	21	focused	focus	VERB
easat-10590	323	22	on	on	ADP
easat-10590	323	23	the	the	DET
easat-10590	323	24	future	future	NOUN
easat-10590	323	25	,	,	PUNCT
easat-10590	323	26	clarifying	clarify	VERB
easat-10590	323	27	what	what	PRON
easat-10590	323	28	they	they	PRON
easat-10590	323	29	do	do	VERB
easat-10590	323	30	for	for	ADP
easat-10590	323	31	others	other	NOUN
easat-10590	323	32	.	.	PUNCT
easat-10590	324	1	clear	clear	ADJ
easat-10590	324	2	and	and	CCONJ
easat-10590	324	3	active	active	ADJ
easat-10590	324	4	sharing	sharing	NOUN
easat-10590	324	5	of	of	ADP
easat-10590	324	6	information	information	NOUN
easat-10590	324	7	decreases	decrease	VERB
easat-10590	324	8	investor	investor	NOUN
easat-10590	324	9	concerns	concern	NOUN
easat-10590	324	10	and	and	CCONJ
easat-10590	324	11	reduces	reduce	VERB
easat-10590	324	12	the	the	DET
easat-10590	324	13	risk	risk	NOUN
easat-10590	324	14	premium	premium	NOUN
easat-10590	324	15	of	of	ADP
easat-10590	324	16	equities	equity	NOUN
easat-10590	324	17	.	.	PUNCT
easat-10590	325	1	these	these	DET
easat-10590	325	2	results	result	NOUN
easat-10590	325	3	demonstrate	demonstrate	VERB
easat-10590	325	4	that	that	SCONJ
easat-10590	325	5	esg	esg	NOUN
easat-10590	325	6	functions	function	NOUN
easat-10590	325	7	as	as	ADP
easat-10590	325	8	a	a	DET
easat-10590	325	9	risk	risk	NOUN
easat-10590	325	10	management	management	NOUN
easat-10590	325	11	and	and	CCONJ
easat-10590	325	12	communication	communication	NOUN
easat-10590	325	13	tool	tool	NOUN
easat-10590	325	14	within	within	ADP
easat-10590	325	15	the	the	DET
easat-10590	325	16	financial	financial	ADJ
easat-10590	325	17	markets	market	NOUN
easat-10590	325	18	.	.	PUNCT
easat-10590	326	1	1037	1037	NUM
easat-10590	326	2	edelweiss	edelweiss	PROPN
easat-10590	326	3	applied	apply	VERB
easat-10590	326	4	science	science	NOUN
easat-10590	326	5	and	and	CCONJ
easat-10590	326	6	technology	technology	NOUN
easat-10590	326	7	issn	issn	PROPN
easat-10590	326	8	:	:	PUNCT
easat-10590	326	9	2576	2576	NUM
easat-10590	326	10	-	-	SYM
easat-10590	326	11	8484	8484	NUM
easat-10590	326	12	vol	vol	NOUN
easat-10590	326	13	.	.	PROPN
easat-10590	327	1	9	9	NUM
easat-10590	327	2	,	,	PUNCT
easat-10590	327	3	no	no	INTJ
easat-10590	327	4	.	.	NOUN
easat-10590	327	5	10	10	NUM
easat-10590	327	6	:	:	PUNCT
easat-10590	327	7	1021	1021	NUM
easat-10590	327	8	-	-	SYM
easat-10590	327	9	1041	1041	NUM
easat-10590	327	10	,	,	PUNCT
easat-10590	327	11	2025	2025	NUM
easat-10590	327	12	doi	doi	NOUN
easat-10590	327	13	:	:	PUNCT
easat-10590	327	14	10.55214/2576	10.55214/2576	NUM
easat-10590	327	15	-	-	SYM
easat-10590	327	16	8484.v9i10.10590	8484.v9i10.10590	NUM
easat-10590	327	17	©	©	ADP
easat-10590	327	18	2025	2025	NUM
easat-10590	327	19	by	by	ADP
easat-10590	327	20	the	the	DET
easat-10590	327	21	author	author	NOUN
easat-10590	327	22	;	;	PUNCT
easat-10590	327	23	licensee	licensee	PROPN
easat-10590	327	24	learning	learn	VERB
easat-10590	327	25	gate	gate	PROPN
easat-10590	327	26	4.2.2	4.2.2	X
easat-10590	327	27	.	.	PUNCT
easat-10590	328	1	contribution	contribution	NOUN
easat-10590	328	2	to	to	ADP
easat-10590	328	3	sustainable	sustainable	ADJ
easat-10590	328	4	finance	finance	NOUN
easat-10590	328	5	literature	literature	NOUN
easat-10590	328	6	so	so	ADV
easat-10590	328	7	far	far	ADV
easat-10590	328	8	,	,	PUNCT
easat-10590	328	9	previous	previous	ADJ
easat-10590	328	10	studies	study	NOUN
easat-10590	328	11	have	have	AUX
easat-10590	328	12	examined	examine	VERB
easat-10590	328	13	either	either	CCONJ
easat-10590	328	14	debt	debt	NOUN
easat-10590	328	15	or	or	CCONJ
easat-10590	328	16	equity	equity	NOUN
easat-10590	328	17	costs	cost	NOUN
easat-10590	328	18	in	in	ADP
easat-10590	328	19	isolation	isolation	NOUN
easat-10590	328	20	or	or	CCONJ
easat-10590	328	21	compared	compare	VERB
easat-10590	328	22	one	one	NUM
easat-10590	328	23	country	country	NOUN
easat-10590	328	24	at	at	ADP
easat-10590	328	25	a	a	DET
easat-10590	328	26	time	time	NOUN
easat-10590	328	27	.	.	PUNCT
easat-10590	329	1	this	this	DET
easat-10590	329	2	study	study	NOUN
easat-10590	329	3	is	be	AUX
easat-10590	329	4	unique	unique	ADJ
easat-10590	329	5	in	in	ADP
easat-10590	329	6	testing	test	VERB
easat-10590	329	7	wacc	wacc	PROPN
easat-10590	329	8	,	,	PUNCT
easat-10590	329	9	a	a	DET
easat-10590	329	10	comprehensive	comprehensive	ADJ
easat-10590	329	11	financing	financing	NOUN
easat-10590	329	12	cost	cost	NOUN
easat-10590	329	13	figure	figure	NOUN
easat-10590	329	14	,	,	PUNCT
easat-10590	329	15	across	across	ADP
easat-10590	329	16	many	many	ADJ
easat-10590	329	17	international	international	ADJ
easat-10590	329	18	markets	market	NOUN
easat-10590	329	19	.	.	PUNCT
easat-10590	330	1	because	because	SCONJ
easat-10590	330	2	of	of	ADP
easat-10590	330	3	its	its	PRON
easat-10590	330	4	rigor	rigor	NOUN
easat-10590	330	5	,	,	PUNCT
easat-10590	330	6	the	the	PRON
easat-10590	330	7	iv	iv	NUM
easat-10590	330	8	approach	approach	NOUN
easat-10590	330	9	improves	improve	VERB
easat-10590	330	10	our	our	PRON
easat-10590	330	11	ability	ability	NOUN
easat-10590	330	12	to	to	PART
easat-10590	330	13	identify	identify	VERB
easat-10590	330	14	causes	cause	NOUN
easat-10590	330	15	and	and	CCONJ
easat-10590	330	16	address	address	VERB
easat-10590	330	17	the	the	DET
easat-10590	330	18	issue	issue	NOUN
easat-10590	330	19	of	of	ADP
easat-10590	330	20	endogeneity	endogeneity	NOUN
easat-10590	330	21	.	.	PUNCT
easat-10590	331	1	4.3	4.3	NUM
easat-10590	331	2	.	.	PUNCT
easat-10590	331	3	practical	practical	ADJ
easat-10590	331	4	implications	implication	NOUN
easat-10590	331	5	4.3.1	4.3.1	NUM
easat-10590	331	6	for	for	ADP
easat-10590	331	7	corporate	corporate	ADJ
easat-10590	331	8	managers	manager	NOUN
easat-10590	331	9	leaders	leader	NOUN
easat-10590	331	10	of	of	ADP
easat-10590	331	11	companies	company	NOUN
easat-10590	331	12	find	find	VERB
easat-10590	331	13	support	support	NOUN
easat-10590	331	14	in	in	ADP
easat-10590	331	15	data	datum	NOUN
easat-10590	331	16	for	for	ADP
easat-10590	331	17	making	make	VERB
easat-10590	331	18	sustainability	sustainability	NOUN
easat-10590	331	19	a	a	DET
easat-10590	331	20	key	key	ADJ
easat-10590	331	21	part	part	NOUN
easat-10590	331	22	of	of	ADP
easat-10590	331	23	their	their	PRON
easat-10590	331	24	plans	plan	NOUN
easat-10590	331	25	.	.	PUNCT
easat-10590	332	1	besides	besides	SCONJ
easat-10590	332	2	being	be	AUX
easat-10590	332	3	right	right	ADJ
easat-10590	332	4	and	and	CCONJ
easat-10590	332	5	responsible	responsible	ADJ
easat-10590	332	6	,	,	PUNCT
easat-10590	332	7	esg	esg	PROPN
easat-10590	332	8	capabilities	capability	NOUN
easat-10590	332	9	can	can	AUX
easat-10590	332	10	directly	directly	ADV
easat-10590	332	11	lower	lower	VERB
easat-10590	332	12	a	a	DET
easat-10590	332	13	company	company	NOUN
easat-10590	332	14	’s	’s	PART
easat-10590	332	15	capital	capital	NOUN
easat-10590	332	16	costs	cost	NOUN
easat-10590	332	17	.	.	PUNCT
easat-10590	333	1	it	it	PRON
easat-10590	333	2	means	mean	VERB
easat-10590	333	3	more	more	ADJ
easat-10590	333	4	resources	resource	NOUN
easat-10590	333	5	will	will	AUX
easat-10590	333	6	be	be	AUX
easat-10590	333	7	set	set	VERB
easat-10590	333	8	aside	aside	ADV
easat-10590	333	9	for	for	ADP
easat-10590	333	10	sustainability	sustainability	NOUN
easat-10590	333	11	projects	project	NOUN
easat-10590	333	12	,	,	PUNCT
easat-10590	333	13	such	such	ADJ
easat-10590	333	14	as	as	ADP
easat-10590	333	15	environmental	environmental	ADJ
easat-10590	333	16	developments	development	NOUN
easat-10590	333	17	,	,	PUNCT
easat-10590	333	18	improving	improve	VERB
easat-10590	333	19	how	how	SCONJ
easat-10590	333	20	businesses	business	NOUN
easat-10590	333	21	care	care	VERB
easat-10590	333	22	for	for	ADP
easat-10590	333	23	society	society	NOUN
easat-10590	333	24	,	,	PUNCT
easat-10590	333	25	and	and	CCONJ
easat-10590	333	26	enhancing	enhance	VERB
easat-10590	333	27	management	management	NOUN
easat-10590	333	28	practices	practice	NOUN
easat-10590	333	29	.	.	PUNCT
easat-10590	334	1	since	since	SCONJ
easat-10590	334	2	esg	esg	PROPN
easat-10590	334	3	is	be	AUX
easat-10590	334	4	more	more	ADV
easat-10590	334	5	important	important	ADJ
easat-10590	334	6	in	in	ADP
easat-10590	334	7	some	some	DET
easat-10590	334	8	regions	region	NOUN
easat-10590	334	9	,	,	PUNCT
easat-10590	334	10	it	it	PRON
easat-10590	334	11	is	be	AUX
easat-10590	334	12	important	important	ADJ
easat-10590	334	13	for	for	SCONJ
easat-10590	334	14	managers	manager	NOUN
easat-10590	334	15	to	to	PART
easat-10590	334	16	address	address	VERB
easat-10590	334	17	regional	regional	ADJ
easat-10590	334	18	and	and	CCONJ
easat-10590	334	19	stakeholder	stakeholder	NOUN
easat-10590	334	20	priorities	priority	NOUN
easat-10590	334	21	.	.	PUNCT
easat-10590	335	1	4.3.2	4.3.2	X
easat-10590	335	2	.	.	PUNCT
easat-10590	336	1	for	for	ADP
easat-10590	336	2	investors	investor	NOUN
easat-10590	336	3	and	and	CCONJ
easat-10590	336	4	financial	financial	ADJ
easat-10590	336	5	institutions	institution	NOUN
easat-10590	336	6	detailed	detail	VERB
easat-10590	336	7	esg	esg	NOUN
easat-10590	336	8	assessments	assessment	NOUN
easat-10590	336	9	can	can	AUX
easat-10590	336	10	be	be	AUX
easat-10590	336	11	added	add	VERB
easat-10590	336	12	to	to	PART
easat-10590	336	13	risk	risk	VERB
easat-10590	336	14	analysis	analysis	NOUN
easat-10590	336	15	,	,	PUNCT
easat-10590	336	16	as	as	SCONJ
easat-10590	336	17	corporations	corporation	NOUN
easat-10590	336	18	with	with	ADP
easat-10590	336	19	strong	strong	ADJ
easat-10590	336	20	environmental	environmental	ADJ
easat-10590	336	21	,	,	PUNCT
easat-10590	336	22	social	social	ADJ
easat-10590	336	23	,	,	PUNCT
easat-10590	336	24	and	and	CCONJ
easat-10590	336	25	governance	governance	NOUN
easat-10590	336	26	practices	practice	NOUN
easat-10590	336	27	are	be	AUX
easat-10590	336	28	considered	consider	VERB
easat-10590	336	29	safer	safe	ADJ
easat-10590	336	30	to	to	PART
easat-10590	336	31	invest	invest	VERB
easat-10590	336	32	in	in	ADP
easat-10590	336	33	and	and	CCONJ
easat-10590	336	34	benefit	benefit	VERB
easat-10590	336	35	from	from	ADP
easat-10590	336	36	lower	low	ADJ
easat-10590	336	37	costs	cost	NOUN
easat-10590	336	38	of	of	ADP
easat-10590	336	39	capital	capital	NOUN
easat-10590	336	40	.	.	PUNCT
easat-10590	337	1	the	the	DET
easat-10590	337	2	decision	decision	NOUN
easat-10590	337	3	to	to	PART
easat-10590	337	4	use	use	VERB
easat-10590	337	5	esg	esg	NOUN
easat-10590	337	6	factors	factor	NOUN
easat-10590	337	7	can	can	AUX
easat-10590	337	8	help	help	VERB
easat-10590	337	9	lenders	lender	NOUN
easat-10590	337	10	provide	provide	VERB
easat-10590	337	11	better	well	ADJ
easat-10590	337	12	credit	credit	NOUN
easat-10590	337	13	terms	term	NOUN
easat-10590	337	14	to	to	ADP
easat-10590	337	15	environmentally	environmentally	ADV
easat-10590	337	16	sustainable	sustainable	ADJ
easat-10590	337	17	companies	company	NOUN
easat-10590	337	18	.	.	PUNCT
easat-10590	338	1	this	this	DET
easat-10590	338	2	research	research	NOUN
easat-10590	338	3	endorses	endorse	VERB
easat-10590	338	4	the	the	DET
easat-10590	338	5	continued	continue	VERB
easat-10590	338	6	development	development	NOUN
easat-10590	338	7	of	of	ADP
easat-10590	338	8	esg	esg	PROPN
easat-10590	338	9	-	-	PUNCT
easat-10590	338	10	linked	link	VERB
easat-10590	338	11	financial	financial	ADJ
easat-10590	338	12	instruments	instrument	NOUN
easat-10590	338	13	such	such	ADJ
easat-10590	338	14	as	as	ADP
easat-10590	338	15	green	green	ADJ
easat-10590	338	16	bonds	bond	NOUN
easat-10590	338	17	and	and	CCONJ
easat-10590	338	18	sustainability	sustainability	NOUN
easat-10590	338	19	-	-	PUNCT
easat-10590	338	20	linked	link	VERB
easat-10590	338	21	loans	loan	NOUN
easat-10590	338	22	.	.	PUNCT
easat-10590	339	1	4.3.3	4.3.3	X
easat-10590	339	2	.	.	PUNCT
easat-10590	340	1	for	for	ADP
easat-10590	340	2	policymakers	policymaker	NOUN
easat-10590	340	3	and	and	CCONJ
easat-10590	340	4	regulators	regulator	NOUN
easat-10590	340	5	regulatory	regulatory	ADJ
easat-10590	340	6	bodies	body	NOUN
easat-10590	340	7	can	can	AUX
easat-10590	340	8	leverage	leverage	VERB
easat-10590	340	9	these	these	DET
easat-10590	340	10	findings	finding	NOUN
easat-10590	340	11	to	to	PART
easat-10590	340	12	justify	justify	VERB
easat-10590	340	13	and	and	CCONJ
easat-10590	340	14	design	design	VERB
easat-10590	340	15	policies	policy	NOUN
easat-10590	340	16	encouraging	encourage	VERB
easat-10590	340	17	corporate	corporate	ADJ
easat-10590	340	18	sustainability	sustainability	NOUN
easat-10590	340	19	,	,	PUNCT
easat-10590	340	20	recognizing	recognize	VERB
easat-10590	340	21	the	the	DET
easat-10590	340	22	positive	positive	ADJ
easat-10590	340	23	financial	financial	ADJ
easat-10590	340	24	externalities	externality	NOUN
easat-10590	340	25	that	that	PRON
easat-10590	340	26	benefit	benefit	VERB
easat-10590	340	27	markets	market	NOUN
easat-10590	340	28	and	and	CCONJ
easat-10590	340	29	economies	economy	NOUN
easat-10590	340	30	.	.	PUNCT
easat-10590	341	1	transparent	transparent	ADJ
easat-10590	341	2	esg	esg	PROPN
easat-10590	341	3	disclosure	disclosure	NOUN
easat-10590	341	4	requirements	requirement	NOUN
easat-10590	341	5	and	and	CCONJ
easat-10590	341	6	incentives	incentive	NOUN
easat-10590	341	7	align	align	VERB
easat-10590	341	8	corporate	corporate	ADJ
easat-10590	341	9	behavior	behavior	NOUN
easat-10590	341	10	with	with	ADP
easat-10590	341	11	societal	societal	ADJ
easat-10590	341	12	goals	goal	NOUN
easat-10590	341	13	and	and	CCONJ
easat-10590	341	14	market	market	NOUN
easat-10590	341	15	efficiency	efficiency	NOUN
easat-10590	341	16	.	.	PUNCT
easat-10590	342	1	4.4	4.4	NUM
easat-10590	342	2	.	.	PUNCT
easat-10590	342	3	limitations	limitation	NOUN
easat-10590	342	4	and	and	CCONJ
easat-10590	342	5	future	future	ADJ
easat-10590	342	6	research	research	NOUN
easat-10590	342	7	directions	direction	NOUN
easat-10590	342	8	despite	despite	SCONJ
easat-10590	342	9	its	its	PRON
easat-10590	342	10	contributions	contribution	NOUN
easat-10590	342	11	,	,	PUNCT
easat-10590	342	12	this	this	DET
easat-10590	342	13	study	study	NOUN
easat-10590	342	14	has	have	VERB
easat-10590	342	15	limitations	limitation	NOUN
easat-10590	342	16	:	:	PUNCT
easat-10590	342	17	•	•	NUM
easat-10590	342	18	data	datum	NOUN
easat-10590	342	19	limitations	limitation	NOUN
easat-10590	342	20	:	:	PUNCT
easat-10590	342	21	esg	esg	NOUN
easat-10590	342	22	ratings	rating	NOUN
easat-10590	342	23	vary	vary	VERB
easat-10590	342	24	by	by	ADP
easat-10590	342	25	provider	provider	NOUN
easat-10590	342	26	and	and	CCONJ
easat-10590	342	27	methodology	methodology	NOUN
easat-10590	342	28	,	,	PUNCT
easat-10590	342	29	potentially	potentially	ADV
easat-10590	342	30	introducing	introduce	VERB
easat-10590	342	31	measurement	measurement	NOUN
easat-10590	342	32	noise	noise	NOUN
easat-10590	342	33	.	.	PUNCT
easat-10590	343	1	although	although	SCONJ
easat-10590	343	2	averaging	average	VERB
easat-10590	343	3	scores	score	NOUN
easat-10590	343	4	mitigates	mitigate	VERB
easat-10590	343	5	this	this	PRON
easat-10590	343	6	,	,	PUNCT
easat-10590	343	7	future	future	ADJ
easat-10590	343	8	research	research	NOUN
easat-10590	343	9	could	could	AUX
easat-10590	343	10	explore	explore	VERB
easat-10590	343	11	improved	improved	ADJ
easat-10590	343	12	esg	esg	NOUN
easat-10590	343	13	metrics	metric	NOUN
easat-10590	343	14	.	.	PUNCT
easat-10590	344	1	•	•	NUM
easat-10590	344	2	sample	sample	NOUN
easat-10590	344	3	selection	selection	NOUN
easat-10590	344	4	:	:	PUNCT
easat-10590	344	5	exclusion	exclusion	NOUN
easat-10590	344	6	of	of	ADP
easat-10590	344	7	the	the	DET
easat-10590	344	8	financial	financial	ADJ
easat-10590	344	9	and	and	CCONJ
easat-10590	344	10	utility	utility	NOUN
easat-10590	344	11	sectors	sector	NOUN
easat-10590	344	12	limits	limit	VERB
easat-10590	344	13	generalizability	generalizability	NOUN
easat-10590	344	14	;	;	PUNCT
easat-10590	344	15	future	future	ADJ
easat-10590	344	16	studies	study	NOUN
easat-10590	344	17	might	might	AUX
easat-10590	344	18	adapt	adapt	VERB
easat-10590	344	19	models	model	NOUN
easat-10590	344	20	to	to	ADP
easat-10590	344	21	these	these	DET
easat-10590	344	22	sectors	sector	NOUN
easat-10590	344	23	.	.	PUNCT
easat-10590	345	1	•	•	NUM
easat-10590	345	2	causality	causality	NOUN
easat-10590	345	3	complexity	complexity	NOUN
easat-10590	345	4	:	:	PUNCT
easat-10590	345	5	while	while	SCONJ
easat-10590	345	6	iv	iv	NUM
easat-10590	345	7	methods	method	NOUN
easat-10590	345	8	address	address	VERB
easat-10590	345	9	endogeneity	endogeneity	NOUN
easat-10590	345	10	,	,	PUNCT
easat-10590	345	11	some	some	DET
easat-10590	345	12	unobserved	unobserved	ADJ
easat-10590	345	13	factors	factor	NOUN
easat-10590	345	14	may	may	AUX
easat-10590	345	15	remain	remain	VERB
easat-10590	345	16	.	.	PUNCT
easat-10590	346	1	•	•	NUM
easat-10590	346	2	dynamic	dynamic	ADJ
easat-10590	346	3	effects	effect	NOUN
easat-10590	346	4	:	:	PUNCT
easat-10590	346	5	sustainability	sustainability	NOUN
easat-10590	346	6	’s	’s	PART
easat-10590	346	7	impact	impact	NOUN
easat-10590	346	8	on	on	ADP
easat-10590	346	9	capital	capital	NOUN
easat-10590	346	10	costs	cost	NOUN
easat-10590	346	11	may	may	AUX
easat-10590	346	12	evolve	evolve	VERB
easat-10590	346	13	;	;	PUNCT
easat-10590	346	14	longer	long	ADJ
easat-10590	346	15	time	time	NOUN
easat-10590	346	16	series	series	PROPN
easat-10590	346	17	could	could	AUX
easat-10590	346	18	clarify	clarify	VERB
easat-10590	346	19	temporal	temporal	ADJ
easat-10590	346	20	patterns	pattern	NOUN
easat-10590	346	21	.	.	PUNCT
easat-10590	347	1	future	future	ADJ
easat-10590	347	2	research	research	NOUN
easat-10590	347	3	might	might	AUX
easat-10590	347	4	explore	explore	VERB
easat-10590	347	5	firm	firm	ADJ
easat-10590	347	6	-	-	PUNCT
easat-10590	347	7	level	level	NOUN
easat-10590	347	8	esg	esg	NOUN
easat-10590	347	9	investments	investment	NOUN
easat-10590	347	10	'	'	PART
easat-10590	347	11	effects	effect	NOUN
easat-10590	347	12	on	on	ADP
easat-10590	347	13	specific	specific	ADJ
easat-10590	347	14	financing	financing	NOUN
easat-10590	347	15	instruments	instrument	NOUN
easat-10590	347	16	,	,	PUNCT
easat-10590	347	17	sectoral	sectoral	ADJ
easat-10590	347	18	nuances	nuance	NOUN
easat-10590	347	19	,	,	PUNCT
easat-10590	347	20	and	and	CCONJ
easat-10590	347	21	investor	investor	NOUN
easat-10590	347	22	behavior	behavior	NOUN
easat-10590	347	23	dynamics	dynamic	NOUN
easat-10590	347	24	.	.	PUNCT
easat-10590	348	1	this	this	DET
easat-10590	348	2	study	study	NOUN
easat-10590	348	3	substantiates	substantiate	VERB
easat-10590	348	4	the	the	DET
easat-10590	348	5	financial	financial	ADJ
easat-10590	348	6	value	value	NOUN
easat-10590	348	7	of	of	ADP
easat-10590	348	8	corporate	corporate	ADJ
easat-10590	348	9	sustainability	sustainability	NOUN
easat-10590	348	10	by	by	ADP
easat-10590	348	11	demonstrating	demonstrate	VERB
easat-10590	348	12	its	its	PRON
easat-10590	348	13	significant	significant	ADJ
easat-10590	348	14	role	role	NOUN
easat-10590	348	15	in	in	ADP
easat-10590	348	16	lowering	lower	VERB
easat-10590	348	17	firms	firm	NOUN
easat-10590	348	18	’	'	PUNCT
easat-10590	348	19	cost	cost	NOUN
easat-10590	348	20	of	of	ADP
easat-10590	348	21	capital	capital	NOUN
easat-10590	348	22	worldwide	worldwide	ADV
easat-10590	348	23	.	.	PUNCT
easat-10590	349	1	regional	regional	ADJ
easat-10590	349	2	variations	variation	NOUN
easat-10590	349	3	and	and	CCONJ
easat-10590	349	4	the	the	DET
easat-10590	349	5	primacy	primacy	NOUN
easat-10590	349	6	of	of	ADP
easat-10590	349	7	environmental	environmental	ADJ
easat-10590	349	8	factors	factor	NOUN
easat-10590	349	9	underscore	underscore	VERB
easat-10590	349	10	the	the	DET
easat-10590	349	11	evolving	evolve	VERB
easat-10590	349	12	landscape	landscape	NOUN
easat-10590	349	13	of	of	ADP
easat-10590	349	14	sustainable	sustainable	ADJ
easat-10590	349	15	finance	finance	NOUN
easat-10590	349	16	.	.	PUNCT
easat-10590	350	1	these	these	DET
easat-10590	350	2	insights	insight	NOUN
easat-10590	350	3	advance	advance	VERB
easat-10590	350	4	theoretical	theoretical	ADJ
easat-10590	350	5	understanding	understanding	NOUN
easat-10590	350	6	and	and	CCONJ
easat-10590	350	7	inform	inform	VERB
easat-10590	350	8	managerial	managerial	ADJ
easat-10590	350	9	and	and	CCONJ
easat-10590	350	10	policy	policy	NOUN
easat-10590	350	11	decisions	decision	NOUN
easat-10590	350	12	,	,	PUNCT
easat-10590	350	13	promoting	promote	VERB
easat-10590	350	14	sustainable	sustainable	ADJ
easat-10590	350	15	corporate	corporate	ADJ
easat-10590	350	16	growth	growth	NOUN
easat-10590	350	17	.	.	PUNCT
easat-10590	351	1	1038	1038	NUM
easat-10590	351	2	edelweiss	edelweiss	PROPN
easat-10590	351	3	applied	apply	VERB
easat-10590	351	4	science	science	NOUN
easat-10590	351	5	and	and	CCONJ
easat-10590	351	6	technology	technology	NOUN
easat-10590	351	7	issn	issn	PROPN
easat-10590	351	8	:	:	PUNCT
easat-10590	351	9	2576	2576	NUM
easat-10590	351	10	-	-	SYM
easat-10590	351	11	8484	8484	NUM
easat-10590	351	12	vol	vol	NOUN
easat-10590	351	13	.	.	PROPN
easat-10590	352	1	9	9	NUM
easat-10590	352	2	,	,	PUNCT
easat-10590	352	3	no	no	INTJ
easat-10590	352	4	.	.	NOUN
easat-10590	352	5	10	10	NUM
easat-10590	352	6	:	:	PUNCT
easat-10590	352	7	1021	1021	NUM
easat-10590	352	8	-	-	SYM
easat-10590	352	9	1041	1041	NUM
easat-10590	352	10	,	,	PUNCT
easat-10590	352	11	2025	2025	NUM
easat-10590	352	12	doi	doi	NOUN
easat-10590	352	13	:	:	PUNCT
easat-10590	352	14	10.55214/2576	10.55214/2576	NUM
easat-10590	352	15	-	-	SYM
easat-10590	352	16	8484.v9i10.10590	8484.v9i10.10590	NUM
easat-10590	352	17	©	©	ADP
easat-10590	352	18	2025	2025	NUM
easat-10590	352	19	by	by	ADP
easat-10590	352	20	the	the	DET
easat-10590	352	21	author	author	NOUN
easat-10590	352	22	;	;	PUNCT
easat-10590	352	23	licensee	licensee	PROPN
easat-10590	352	24	learning	learning	NOUN
easat-10590	352	25	gate	gate	NOUN
easat-10590	352	26	5	5	NUM
easat-10590	352	27	.	.	PUNCT
easat-10590	353	1	conclusion	conclusion	NOUN
easat-10590	353	2	this	this	DET
easat-10590	353	3	study	study	NOUN
easat-10590	353	4	set	set	VERB
easat-10590	353	5	out	out	ADP
easat-10590	353	6	to	to	PART
easat-10590	353	7	explore	explore	VERB
easat-10590	353	8	the	the	DET
easat-10590	353	9	critical	critical	ADJ
easat-10590	353	10	nexus	nexus	NOUN
easat-10590	353	11	between	between	ADP
easat-10590	353	12	corporate	corporate	ADJ
easat-10590	353	13	sustainability	sustainability	NOUN
easat-10590	353	14	and	and	CCONJ
easat-10590	353	15	agriculture	agriculture	NOUN
easat-10590	353	16	firms	firm	NOUN
easat-10590	353	17	’	'	PUNCT
easat-10590	353	18	cost	cost	NOUN
easat-10590	353	19	of	of	ADP
easat-10590	353	20	capital	capital	NOUN
easat-10590	353	21	across	across	ADP
easat-10590	353	22	major	major	ADJ
easat-10590	353	23	global	global	ADJ
easat-10590	353	24	financial	financial	ADJ
easat-10590	353	25	markets	market	NOUN
easat-10590	353	26	,	,	PUNCT
easat-10590	353	27	with	with	ADP
easat-10590	353	28	a	a	DET
easat-10590	353	29	focus	focus	NOUN
easat-10590	353	30	on	on	ADP
easat-10590	353	31	how	how	SCONJ
easat-10590	353	32	environmental	environmental	ADJ
easat-10590	353	33	,	,	PUNCT
easat-10590	353	34	social	social	ADJ
easat-10590	353	35	,	,	PUNCT
easat-10590	353	36	and	and	CCONJ
easat-10590	353	37	governance	governance	NOUN
easat-10590	353	38	(	(	PUNCT
easat-10590	353	39	esg	esg	NOUN
easat-10590	353	40	)	)	PUNCT
easat-10590	353	41	performance	performance	NOUN
easat-10590	353	42	influences	influence	VERB
easat-10590	353	43	the	the	DET
easat-10590	353	44	weighted	weighted	ADJ
easat-10590	353	45	average	average	ADJ
easat-10590	353	46	cost	cost	NOUN
easat-10590	353	47	of	of	ADP
easat-10590	353	48	capital	capital	NOUN
easat-10590	353	49	(	(	PUNCT
easat-10590	353	50	wacc	wacc	PROPN
easat-10590	353	51	)	)	PUNCT
easat-10590	353	52	.	.	PUNCT
easat-10590	354	1	using	use	VERB
easat-10590	354	2	data	datum	NOUN
easat-10590	354	3	for	for	ADP
easat-10590	354	4	1,236	1,236	NUM
easat-10590	354	5	agriculture	agriculture	NOUN
easat-10590	354	6	firms	firm	NOUN
easat-10590	354	7	listed	list	VERB
easat-10590	354	8	on	on	ADP
easat-10590	354	9	stock	stock	NOUN
easat-10590	354	10	exchanges	exchange	NOUN
easat-10590	354	11	in	in	ADP
easat-10590	354	12	north	north	PROPN
easat-10590	354	13	america	america	PROPN
easat-10590	354	14	,	,	PUNCT
easat-10590	354	15	europe	europe	PROPN
easat-10590	354	16	,	,	PUNCT
easat-10590	354	17	and	and	CCONJ
easat-10590	354	18	asia	asia	PROPN
easat-10590	354	19	-	-	PUNCT
easat-10590	354	20	pacific	pacific	PROPN
easat-10590	354	21	from	from	ADP
easat-10590	354	22	2019	2019	NUM
easat-10590	354	23	to	to	ADP
easat-10590	354	24	2024	2024	NUM
easat-10590	354	25	,	,	PUNCT
easat-10590	354	26	the	the	DET
easat-10590	354	27	research	research	NOUN
easat-10590	354	28	applied	apply	VERB
easat-10590	354	29	regressions	regression	NOUN
easat-10590	354	30	and	and	CCONJ
easat-10590	354	31	advanced	advanced	ADJ
easat-10590	354	32	statistical	statistical	ADJ
easat-10590	354	33	methods	method	NOUN
easat-10590	354	34	to	to	PART
easat-10590	354	35	discover	discover	VERB
easat-10590	354	36	and	and	CCONJ
easat-10590	354	37	measure	measure	VERB
easat-10590	354	38	the	the	DET
easat-10590	354	39	connection	connection	NOUN
easat-10590	354	40	between	between	ADP
easat-10590	354	41	corporate	corporate	ADJ
easat-10590	354	42	innovation	innovation	NOUN
easat-10590	354	43	and	and	CCONJ
easat-10590	354	44	firm	firm	ADJ
easat-10590	354	45	value	value	NOUN
easat-10590	354	46	.	.	PUNCT
easat-10590	355	1	results	result	NOUN
easat-10590	355	2	from	from	ADP
easat-10590	355	3	the	the	DET
easat-10590	355	4	analysis	analysis	NOUN
easat-10590	355	5	demonstrate	demonstrate	VERB
easat-10590	355	6	that	that	SCONJ
easat-10590	355	7	corporate	corporate	ADJ
easat-10590	355	8	sustainability	sustainability	NOUN
easat-10590	355	9	leads	lead	VERB
easat-10590	355	10	to	to	ADP
easat-10590	355	11	a	a	DET
easat-10590	355	12	drop	drop	NOUN
easat-10590	355	13	in	in	ADP
easat-10590	355	14	a	a	DET
easat-10590	355	15	firm	firm	NOUN
easat-10590	355	16	’s	’s	PART
easat-10590	355	17	cost	cost	NOUN
easat-10590	355	18	of	of	ADP
easat-10590	355	19	capital	capital	NOUN
easat-10590	355	20	that	that	PRON
easat-10590	355	21	is	be	AUX
easat-10590	355	22	both	both	PRON
easat-10590	355	23	statistically	statistically	ADJ
easat-10590	355	24	and	and	CCONJ
easat-10590	355	25	economically	economically	ADV
easat-10590	355	26	significant	significant	ADJ
easat-10590	355	27	.	.	PUNCT
easat-10590	356	1	that	that	PRON
easat-10590	356	2	is	be	AUX
easat-10590	356	3	,	,	PUNCT
easat-10590	356	4	organizations	organization	NOUN
easat-10590	356	5	with	with	ADP
easat-10590	356	6	solid	solid	ADJ
easat-10590	356	7	esg	esg	NOUN
easat-10590	356	8	performance	performance	NOUN
easat-10590	356	9	have	have	VERB
easat-10590	356	10	lower	low	ADJ
easat-10590	356	11	costs	cost	NOUN
easat-10590	356	12	of	of	ADP
easat-10590	356	13	borrowing	borrowing	NOUN
easat-10590	356	14	because	because	SCONJ
easat-10590	356	15	investors	investor	NOUN
easat-10590	356	16	and	and	CCONJ
easat-10590	356	17	creditors	creditor	NOUN
easat-10590	356	18	recognize	recognize	VERB
easat-10590	356	19	the	the	DET
easat-10590	356	20	reduced	reduced	ADJ
easat-10590	356	21	risk	risk	NOUN
easat-10590	356	22	and	and	CCONJ
easat-10590	356	23	better	well	ADJ
easat-10590	356	24	management	management	NOUN
easat-10590	356	25	linked	link	VERB
easat-10590	356	26	with	with	ADP
easat-10590	356	27	sustainability	sustainability	NOUN
easat-10590	356	28	.	.	PUNCT
easat-10590	357	1	this	this	DET
easat-10590	357	2	key	key	ADJ
easat-10590	357	3	finding	finding	NOUN
easat-10590	357	4	is	be	AUX
easat-10590	357	5	consistent	consistent	ADJ
easat-10590	357	6	across	across	ADP
easat-10590	357	7	all	all	DET
easat-10590	357	8	model	model	NOUN
easat-10590	357	9	specifications	specification	NOUN
easat-10590	357	10	,	,	PUNCT
easat-10590	357	11	robustness	robustness	NOUN
easat-10590	357	12	checks	check	NOUN
easat-10590	357	13	,	,	PUNCT
easat-10590	357	14	and	and	CCONJ
easat-10590	357	15	different	different	ADJ
easat-10590	357	16	methods	method	NOUN
easat-10590	357	17	of	of	ADP
easat-10590	357	18	measuring	measure	VERB
easat-10590	357	19	outcomes	outcome	NOUN
easat-10590	357	20	.	.	PUNCT
easat-10590	358	1	moreover	moreover	ADV
easat-10590	358	2	,	,	PUNCT
easat-10590	358	3	the	the	DET
easat-10590	358	4	research	research	NOUN
easat-10590	358	5	shows	show	VERB
easat-10590	358	6	there	there	PRON
easat-10590	358	7	is	be	VERB
easat-10590	358	8	a	a	DET
easat-10590	358	9	lot	lot	NOUN
easat-10590	358	10	of	of	ADP
easat-10590	358	11	variation	variation	NOUN
easat-10590	358	12	between	between	ADP
easat-10590	358	13	regions	region	NOUN
easat-10590	358	14	across	across	ADP
easat-10590	358	15	the	the	DET
easat-10590	358	16	globe	globe	NOUN
easat-10590	358	17	.	.	PUNCT
easat-10590	359	1	esg	esg	PROPN
easat-10590	359	2	is	be	AUX
easat-10590	359	3	most	most	ADV
easat-10590	359	4	negatively	negatively	ADV
easat-10590	359	5	linked	link	VERB
easat-10590	359	6	to	to	ADP
easat-10590	359	7	wacc	wacc	PROPN
easat-10590	359	8	for	for	ADP
easat-10590	359	9	european	european	ADJ
easat-10590	359	10	companies	company	NOUN
easat-10590	359	11	,	,	PUNCT
easat-10590	359	12	then	then	ADV
easat-10590	359	13	for	for	ADP
easat-10590	359	14	north	north	NOUN
easat-10590	359	15	american	american	PROPN
easat-10590	359	16	,	,	PUNCT
easat-10590	359	17	and	and	CCONJ
easat-10590	359	18	less	less	ADV
easat-10590	359	19	strongly	strongly	ADV
easat-10590	359	20	for	for	ADP
easat-10590	359	21	companies	company	NOUN
easat-10590	359	22	in	in	ADP
easat-10590	359	23	the	the	DET
easat-10590	359	24	asia	asia	PROPN
easat-10590	359	25	-	-	PUNCT
easat-10590	359	26	pacific	pacific	PROPN
easat-10590	359	27	region	region	NOUN
easat-10590	359	28	.	.	PUNCT
easat-10590	360	1	such	such	ADJ
easat-10590	360	2	differences	difference	NOUN
easat-10590	360	3	in	in	ADP
easat-10590	360	4	approaches	approach	NOUN
easat-10590	360	5	result	result	VERB
easat-10590	360	6	from	from	ADP
easat-10590	360	7	how	how	SCONJ
easat-10590	360	8	regulations	regulation	NOUN
easat-10590	360	9	differ	differ	VERB
easat-10590	360	10	,	,	PUNCT
easat-10590	360	11	how	how	SCONJ
easat-10590	360	12	far	far	ADV
easat-10590	360	13	each	each	DET
easat-10590	360	14	market	market	NOUN
easat-10590	360	15	has	have	AUX
easat-10590	360	16	advanced	advance	VERB
easat-10590	360	17	,	,	PUNCT
easat-10590	360	18	and	and	CCONJ
easat-10590	360	19	what	what	PRON
easat-10590	360	20	investors	investor	NOUN
easat-10590	360	21	prefer	prefer	VERB
easat-10590	360	22	.	.	PUNCT
easat-10590	361	1	in	in	ADP
easat-10590	361	2	europe	europe	PROPN
easat-10590	361	3	,	,	PUNCT
easat-10590	361	4	advanced	advanced	ADJ
easat-10590	361	5	sustainability	sustainability	NOUN
easat-10590	361	6	regulations	regulation	NOUN
easat-10590	361	7	and	and	CCONJ
easat-10590	361	8	investor	investor	NOUN
easat-10590	361	9	engagement	engagement	NOUN
easat-10590	361	10	increase	increase	VERB
easat-10590	361	11	the	the	DET
easat-10590	361	12	positive	positive	ADJ
easat-10590	361	13	financial	financial	ADJ
easat-10590	361	14	results	result	NOUN
easat-10590	361	15	of	of	ADP
easat-10590	361	16	esg	esg	PROPN
easat-10590	361	17	excellence	excellence	PROPN
easat-10590	361	18	.	.	PUNCT
easat-10590	362	1	such	such	ADJ
easat-10590	362	2	regional	regional	ADJ
easat-10590	362	3	insights	insight	NOUN
easat-10590	362	4	emphasize	emphasize	VERB
easat-10590	362	5	the	the	DET
easat-10590	362	6	contextual	contextual	ADJ
easat-10590	362	7	dependence	dependence	NOUN
easat-10590	362	8	of	of	ADP
easat-10590	362	9	sustainability	sustainability	NOUN
easat-10590	362	10	’s	’s	PART
easat-10590	362	11	value	value	NOUN
easat-10590	362	12	proposition	proposition	NOUN
easat-10590	362	13	and	and	CCONJ
easat-10590	362	14	underscore	underscore	VERB
easat-10590	362	15	the	the	DET
easat-10590	362	16	necessity	necessity	NOUN
easat-10590	362	17	for	for	ADP
easat-10590	362	18	market	market	NOUN
easat-10590	362	19	-	-	PUNCT
easat-10590	362	20	specific	specific	ADJ
easat-10590	362	21	strategies	strategy	NOUN
easat-10590	362	22	and	and	CCONJ
easat-10590	362	23	policies	policy	NOUN
easat-10590	362	24	.	.	PUNCT
easat-10590	363	1	decomposing	decompose	VERB
easat-10590	363	2	the	the	DET
easat-10590	363	3	composite	composite	ADJ
easat-10590	363	4	esg	esg	NOUN
easat-10590	363	5	score	score	NOUN
easat-10590	363	6	into	into	ADP
easat-10590	363	7	its	its	PRON
easat-10590	363	8	constituent	constituent	NOUN
easat-10590	363	9	pillars	pillar	NOUN
easat-10590	363	10	reveals	reveal	VERB
easat-10590	363	11	that	that	SCONJ
easat-10590	363	12	environmental	environmental	ADJ
easat-10590	363	13	factors	factor	NOUN
easat-10590	363	14	have	have	VERB
easat-10590	363	15	the	the	DET
easat-10590	363	16	most	most	ADV
easat-10590	363	17	pronounced	pronounce	VERB
easat-10590	363	18	impact	impact	NOUN
easat-10590	363	19	in	in	ADP
easat-10590	363	20	reducing	reduce	VERB
easat-10590	363	21	the	the	DET
easat-10590	363	22	cost	cost	NOUN
easat-10590	363	23	of	of	ADP
easat-10590	363	24	capital	capital	NOUN
easat-10590	363	25	,	,	PUNCT
easat-10590	363	26	followed	follow	VERB
easat-10590	363	27	by	by	ADP
easat-10590	363	28	social	social	ADJ
easat-10590	363	29	and	and	CCONJ
easat-10590	363	30	governance	governance	NOUN
easat-10590	363	31	factors	factor	NOUN
easat-10590	363	32	.	.	PUNCT
easat-10590	364	1	this	this	DET
easat-10590	364	2	prioritization	prioritization	NOUN
easat-10590	364	3	aligns	align	VERB
easat-10590	364	4	with	with	ADP
easat-10590	364	5	the	the	DET
easat-10590	364	6	growing	grow	VERB
easat-10590	364	7	global	global	ADJ
easat-10590	364	8	urgency	urgency	NOUN
easat-10590	364	9	on	on	ADP
easat-10590	364	10	environmental	environmental	ADJ
easat-10590	364	11	stewardship	stewardship	NOUN
easat-10590	364	12	,	,	PUNCT
easat-10590	364	13	climate	climate	NOUN
easat-10590	364	14	change	change	NOUN
easat-10590	364	15	mitigation	mitigation	NOUN
easat-10590	364	16	,	,	PUNCT
easat-10590	364	17	and	and	CCONJ
easat-10590	364	18	resource	resource	NOUN
easat-10590	364	19	efficiency	efficiency	NOUN
easat-10590	364	20	,	,	PUNCT
easat-10590	364	21	which	which	PRON
easat-10590	364	22	increasingly	increasingly	ADV
easat-10590	364	23	influence	influence	VERB
easat-10590	364	24	investor	investor	NOUN
easat-10590	364	25	decision	decision	NOUN
easat-10590	364	26	-	-	PUNCT
easat-10590	364	27	making	make	VERB
easat-10590	364	28	and	and	CCONJ
easat-10590	364	29	risk	risk	NOUN
easat-10590	364	30	assessments	assessment	NOUN
easat-10590	364	31	.	.	PUNCT
easat-10590	365	1	nonetheless	nonetheless	ADV
easat-10590	365	2	,	,	PUNCT
easat-10590	365	3	social	social	ADJ
easat-10590	365	4	responsibility	responsibility	NOUN
easat-10590	365	5	and	and	CCONJ
easat-10590	365	6	strong	strong	ADJ
easat-10590	365	7	governance	governance	NOUN
easat-10590	365	8	remain	remain	VERB
easat-10590	365	9	critical	critical	ADJ
easat-10590	365	10	components	component	NOUN
easat-10590	365	11	that	that	PRON
easat-10590	365	12	collectively	collectively	ADV
easat-10590	365	13	contribute	contribute	VERB
easat-10590	365	14	to	to	ADP
easat-10590	365	15	financial	financial	ADJ
easat-10590	365	16	performance	performance	NOUN
easat-10590	365	17	and	and	CCONJ
easat-10590	365	18	risk	risk	NOUN
easat-10590	365	19	mitigation	mitigation	NOUN
easat-10590	365	20	.	.	PUNCT
easat-10590	366	1	5.1	5.1	NUM
easat-10590	366	2	.	.	PUNCT
easat-10590	366	3	contributions	contribution	NOUN
easat-10590	366	4	to	to	ADP
easat-10590	366	5	theory	theory	NOUN
easat-10590	366	6	and	and	CCONJ
easat-10590	366	7	practice	practice	VERB
easat-10590	366	8	this	this	DET
easat-10590	366	9	research	research	NOUN
easat-10590	366	10	advances	advance	VERB
easat-10590	366	11	the	the	DET
easat-10590	366	12	theoretical	theoretical	ADJ
easat-10590	366	13	understanding	understanding	NOUN
easat-10590	366	14	of	of	ADP
easat-10590	366	15	sustainable	sustainable	ADJ
easat-10590	366	16	finance	finance	NOUN
easat-10590	366	17	by	by	ADP
easat-10590	366	18	corroborating	corroborate	VERB
easat-10590	366	19	risk	risk	NOUN
easat-10590	366	20	mitigation	mitigation	NOUN
easat-10590	366	21	and	and	CCONJ
easat-10590	366	22	signaling	signal	VERB
easat-10590	366	23	theories	theory	NOUN
easat-10590	366	24	in	in	ADP
easat-10590	366	25	a	a	DET
easat-10590	366	26	multi	multi	ADJ
easat-10590	366	27	-	-	ADJ
easat-10590	366	28	market	market	ADJ
easat-10590	366	29	empirical	empirical	ADJ
easat-10590	366	30	setting	setting	NOUN
easat-10590	366	31	.	.	PUNCT
easat-10590	367	1	it	it	PRON
easat-10590	367	2	demonstrates	demonstrate	VERB
easat-10590	367	3	that	that	SCONJ
easat-10590	367	4	esg	esg	NOUN
easat-10590	367	5	integration	integration	NOUN
easat-10590	367	6	functions	function	NOUN
easat-10590	367	7	not	not	PART
easat-10590	367	8	only	only	ADV
easat-10590	367	9	as	as	ADP
easat-10590	367	10	a	a	DET
easat-10590	367	11	mechanism	mechanism	NOUN
easat-10590	367	12	to	to	PART
easat-10590	367	13	lower	lower	VERB
easat-10590	367	14	firm	firm	ADJ
easat-10590	367	15	-	-	PUNCT
easat-10590	367	16	specific	specific	ADJ
easat-10590	367	17	risks	risk	NOUN
easat-10590	367	18	but	but	CCONJ
easat-10590	367	19	also	also	ADV
easat-10590	367	20	as	as	ADP
easat-10590	367	21	a	a	DET
easat-10590	367	22	strategic	strategic	ADJ
easat-10590	367	23	signal	signal	NOUN
easat-10590	367	24	of	of	ADP
easat-10590	367	25	quality	quality	NOUN
easat-10590	367	26	management	management	NOUN
easat-10590	367	27	and	and	CCONJ
easat-10590	367	28	long	long	ADJ
easat-10590	367	29	-	-	PUNCT
easat-10590	367	30	term	term	NOUN
easat-10590	367	31	viability	viability	NOUN
easat-10590	367	32	that	that	PRON
easat-10590	367	33	investors	investor	NOUN
easat-10590	367	34	reward	reward	VERB
easat-10590	367	35	with	with	ADP
easat-10590	367	36	lower	low	ADJ
easat-10590	367	37	capital	capital	NOUN
easat-10590	367	38	costs	cost	NOUN
easat-10590	367	39	.	.	PUNCT
easat-10590	368	1	by	by	ADP
easat-10590	368	2	employing	employ	VERB
easat-10590	368	3	a	a	DET
easat-10590	368	4	comprehensive	comprehensive	ADJ
easat-10590	368	5	global	global	ADJ
easat-10590	368	6	sample	sample	NOUN
easat-10590	368	7	and	and	CCONJ
easat-10590	368	8	addressing	address	VERB
easat-10590	368	9	endogeneity	endogeneity	NOUN
easat-10590	368	10	rigorously	rigorously	ADV
easat-10590	368	11	,	,	PUNCT
easat-10590	368	12	the	the	DET
easat-10590	368	13	study	study	NOUN
easat-10590	368	14	enhances	enhance	VERB
easat-10590	368	15	the	the	DET
easat-10590	368	16	causal	causal	ADJ
easat-10590	368	17	interpretation	interpretation	NOUN
easat-10590	368	18	of	of	ADP
easat-10590	368	19	sustainability	sustainability	NOUN
easat-10590	368	20	’s	’s	PART
easat-10590	368	21	financial	financial	ADJ
easat-10590	368	22	effects	effect	NOUN
easat-10590	368	23	.	.	PUNCT
easat-10590	369	1	from	from	ADP
easat-10590	369	2	a	a	DET
easat-10590	369	3	practical	practical	ADJ
easat-10590	369	4	perspective	perspective	NOUN
easat-10590	369	5	,	,	PUNCT
easat-10590	369	6	the	the	DET
easat-10590	369	7	results	result	NOUN
easat-10590	369	8	deliver	deliver	VERB
easat-10590	369	9	actionable	actionable	ADJ
easat-10590	369	10	insights	insight	NOUN
easat-10590	369	11	for	for	ADP
easat-10590	369	12	multiple	multiple	ADJ
easat-10590	369	13	stakeholder	stakeholder	NOUN
easat-10590	369	14	groups	group	NOUN
easat-10590	369	15	.	.	PUNCT
easat-10590	370	1	corporate	corporate	ADJ
easat-10590	370	2	managers	manager	NOUN
easat-10590	370	3	are	be	AUX
easat-10590	370	4	empowered	empower	VERB
easat-10590	370	5	to	to	PART
easat-10590	370	6	justify	justify	VERB
easat-10590	370	7	sustainability	sustainability	NOUN
easat-10590	370	8	investments	investment	NOUN
easat-10590	370	9	beyond	beyond	ADP
easat-10590	370	10	ethical	ethical	ADJ
easat-10590	370	11	or	or	CCONJ
easat-10590	370	12	reputational	reputational	ADJ
easat-10590	370	13	grounds	ground	NOUN
easat-10590	370	14	by	by	ADP
easat-10590	370	15	demonstrating	demonstrate	VERB
easat-10590	370	16	tangible	tangible	ADJ
easat-10590	370	17	capital	capital	NOUN
easat-10590	370	18	cost	cost	NOUN
easat-10590	370	19	reductions	reduction	NOUN
easat-10590	370	20	,	,	PUNCT
easat-10590	370	21	which	which	PRON
easat-10590	370	22	translate	translate	VERB
easat-10590	370	23	directly	directly	ADV
easat-10590	370	24	into	into	ADP
easat-10590	370	25	increased	increase	VERB
easat-10590	370	26	firm	firm	ADJ
easat-10590	370	27	value	value	NOUN
easat-10590	370	28	and	and	CCONJ
easat-10590	370	29	competitive	competitive	ADJ
easat-10590	370	30	advantage	advantage	NOUN
easat-10590	370	31	.	.	PUNCT
easat-10590	371	1	investors	investor	NOUN
easat-10590	371	2	and	and	CCONJ
easat-10590	371	3	financial	financial	ADJ
easat-10590	371	4	intermediaries	intermediary	NOUN
easat-10590	371	5	are	be	AUX
easat-10590	371	6	encouraged	encourage	VERB
easat-10590	371	7	to	to	PART
easat-10590	371	8	integrate	integrate	VERB
easat-10590	371	9	esg	esg	NOUN
easat-10590	371	10	factors	factor	NOUN
easat-10590	371	11	more	more	ADV
easat-10590	371	12	deeply	deeply	ADV
easat-10590	371	13	into	into	ADP
easat-10590	371	14	risk	risk	NOUN
easat-10590	371	15	models	model	NOUN
easat-10590	371	16	and	and	CCONJ
easat-10590	371	17	capital	capital	NOUN
easat-10590	371	18	allocation	allocation	NOUN
easat-10590	371	19	decisions	decision	NOUN
easat-10590	371	20	,	,	PUNCT
easat-10590	371	21	recognizing	recognize	VERB
easat-10590	371	22	that	that	SCONJ
easat-10590	371	23	sustainable	sustainable	ADJ
easat-10590	371	24	firms	firm	NOUN
easat-10590	371	25	offer	offer	VERB
easat-10590	371	26	safer	safe	ADJ
easat-10590	371	27	,	,	PUNCT
easat-10590	371	28	potentially	potentially	ADV
easat-10590	371	29	higher	high	ADJ
easat-10590	371	30	-	-	PUNCT
easat-10590	371	31	quality	quality	NOUN
easat-10590	371	32	investment	investment	NOUN
easat-10590	371	33	opportunities	opportunity	NOUN
easat-10590	371	34	.	.	PUNCT
easat-10590	372	1	regulators	regulator	NOUN
easat-10590	372	2	and	and	CCONJ
easat-10590	372	3	policymakers	policymaker	NOUN
easat-10590	372	4	gain	gain	VERB
easat-10590	372	5	empirical	empirical	ADJ
easat-10590	372	6	support	support	NOUN
easat-10590	372	7	for	for	ADP
easat-10590	372	8	designing	design	VERB
easat-10590	372	9	sustainability	sustainability	NOUN
easat-10590	372	10	disclosure	disclosure	NOUN
easat-10590	372	11	requirements	requirement	NOUN
easat-10590	372	12	and	and	CCONJ
easat-10590	372	13	incentives	incentive	NOUN
easat-10590	372	14	that	that	PRON
easat-10590	372	15	align	align	VERB
easat-10590	372	16	private	private	ADJ
easat-10590	372	17	financial	financial	ADJ
easat-10590	372	18	interests	interest	NOUN
easat-10590	372	19	with	with	ADP
easat-10590	372	20	public	public	ADJ
easat-10590	372	21	environmental	environmental	ADJ
easat-10590	372	22	and	and	CCONJ
easat-10590	372	23	social	social	ADJ
easat-10590	372	24	goals	goal	NOUN
easat-10590	372	25	.	.	PUNCT
easat-10590	373	1	5.2	5.2	NUM
easat-10590	373	2	.	.	PUNCT
easat-10590	374	1	policy	policy	NOUN
easat-10590	374	2	implications	implication	NOUN
easat-10590	374	3	the	the	DET
easat-10590	374	4	pronounced	pronounced	ADJ
easat-10590	374	5	regional	regional	ADJ
easat-10590	374	6	differences	difference	NOUN
easat-10590	374	7	in	in	ADP
easat-10590	374	8	esg	esg	PROPN
easat-10590	374	9	’s	’s	PART
easat-10590	374	10	impact	impact	NOUN
easat-10590	374	11	on	on	ADP
easat-10590	374	12	capital	capital	NOUN
easat-10590	374	13	costs	cost	NOUN
easat-10590	374	14	highlight	highlight	VERB
easat-10590	374	15	the	the	DET
easat-10590	374	16	importance	importance	NOUN
easat-10590	374	17	of	of	ADP
easat-10590	374	18	tailored	tailor	VERB
easat-10590	374	19	policy	policy	NOUN
easat-10590	374	20	interventions	intervention	NOUN
easat-10590	374	21	.	.	PUNCT
easat-10590	375	1	for	for	ADP
easat-10590	375	2	developed	develop	VERB
easat-10590	375	3	markets	market	NOUN
easat-10590	375	4	such	such	ADJ
easat-10590	375	5	as	as	ADP
easat-10590	375	6	europe	europe	PROPN
easat-10590	375	7	,	,	PUNCT
easat-10590	375	8	continued	continued	ADJ
easat-10590	375	9	enhancement	enhancement	NOUN
easat-10590	375	10	of	of	ADP
easat-10590	375	11	transparency	transparency	NOUN
easat-10590	375	12	standards	standard	NOUN
easat-10590	375	13	,	,	PUNCT
easat-10590	375	14	enforcement	enforcement	NOUN
easat-10590	375	15	mechanisms	mechanism	NOUN
easat-10590	375	16	,	,	PUNCT
easat-10590	375	17	and	and	CCONJ
easat-10590	375	18	investor	investor	NOUN
easat-10590	375	19	education	education	NOUN
easat-10590	375	20	can	can	AUX
easat-10590	375	21	further	far	ADV
easat-10590	375	22	strengthen	strengthen	VERB
easat-10590	375	23	sustainability	sustainability	NOUN
easat-10590	375	24	integration	integration	NOUN
easat-10590	375	25	in	in	ADP
easat-10590	375	26	financial	financial	ADJ
easat-10590	375	27	markets	market	NOUN
easat-10590	375	28	.	.	PUNCT
easat-10590	376	1	for	for	ADP
easat-10590	376	2	emerging	emerge	VERB
easat-10590	376	3	and	and	CCONJ
easat-10590	376	4	diverse	diverse	ADJ
easat-10590	376	5	regions	region	NOUN
easat-10590	376	6	like	like	ADP
easat-10590	376	7	the	the	DET
easat-10590	376	8	asia	asia	PROPN
easat-10590	376	9	-	-	PUNCT
easat-10590	376	10	pacific	pacific	PROPN
easat-10590	376	11	,	,	PUNCT
easat-10590	376	12	capacity	capacity	NOUN
easat-10590	376	13	building	building	NOUN
easat-10590	376	14	,	,	PUNCT
easat-10590	376	15	standardization	standardization	NOUN
easat-10590	376	16	of	of	ADP
easat-10590	376	17	esg	esg	PROPN
easat-10590	376	18	metrics	metric	NOUN
easat-10590	376	19	,	,	PUNCT
easat-10590	376	20	and	and	CCONJ
easat-10590	376	21	regulatory	regulatory	ADJ
easat-10590	376	22	guidance	guidance	NOUN
easat-10590	376	23	are	be	AUX
easat-10590	376	24	essential	essential	ADJ
easat-10590	376	25	to	to	PART
easat-10590	376	26	unlock	unlock	VERB
easat-10590	376	27	the	the	DET
easat-10590	376	28	financial	financial	ADJ
easat-10590	376	29	benefits	benefit	NOUN
easat-10590	376	30	of	of	ADP
easat-10590	376	31	sustainability	sustainability	NOUN
easat-10590	376	32	and	and	CCONJ
easat-10590	376	33	mitigate	mitigate	VERB
easat-10590	376	34	risks	risk	NOUN
easat-10590	376	35	associated	associate	VERB
easat-10590	376	36	with	with	ADP
easat-10590	376	37	information	information	NOUN
easat-10590	376	38	asymmetry	asymmetry	NOUN
easat-10590	376	39	and	and	CCONJ
easat-10590	376	40	market	market	NOUN
easat-10590	376	41	fragmentation	fragmentation	NOUN
easat-10590	376	42	.	.	PUNCT
easat-10590	377	1	1039	1039	NUM
easat-10590	377	2	edelweiss	edelweiss	PROPN
easat-10590	377	3	applied	apply	VERB
easat-10590	377	4	science	science	NOUN
easat-10590	377	5	and	and	CCONJ
easat-10590	377	6	technology	technology	NOUN
easat-10590	377	7	issn	issn	PROPN
easat-10590	377	8	:	:	PUNCT
easat-10590	377	9	2576	2576	NUM
easat-10590	377	10	-	-	SYM
easat-10590	377	11	8484	8484	NUM
easat-10590	377	12	vol	vol	NOUN
easat-10590	377	13	.	.	PROPN
easat-10590	378	1	9	9	NUM
easat-10590	378	2	,	,	PUNCT
easat-10590	378	3	no	no	INTJ
easat-10590	378	4	.	.	NOUN
easat-10590	378	5	10	10	NUM
easat-10590	378	6	:	:	PUNCT
easat-10590	378	7	1021	1021	NUM
easat-10590	378	8	-	-	SYM
easat-10590	378	9	1041	1041	NUM
easat-10590	378	10	,	,	PUNCT
easat-10590	378	11	2025	2025	NUM
easat-10590	378	12	doi	doi	NOUN
easat-10590	378	13	:	:	PUNCT
easat-10590	378	14	10.55214/2576	10.55214/2576	NUM
easat-10590	378	15	-	-	SYM
easat-10590	378	16	8484.v9i10.10590	8484.v9i10.10590	NUM
easat-10590	378	17	©	©	ADP
easat-10590	378	18	2025	2025	NUM
easat-10590	378	19	by	by	ADP
easat-10590	378	20	the	the	DET
easat-10590	378	21	author	author	NOUN
easat-10590	378	22	;	;	PUNCT
easat-10590	378	23	licensee	licensee	PROPN
easat-10590	378	24	learning	learning	NOUN
easat-10590	378	25	gate	gate	NOUN
easat-10590	378	26	moreover	moreover	ADV
easat-10590	378	27	,	,	PUNCT
easat-10590	378	28	the	the	DET
easat-10590	378	29	strong	strong	ADJ
easat-10590	378	30	effect	effect	NOUN
easat-10590	378	31	of	of	ADP
easat-10590	378	32	environmental	environmental	ADJ
easat-10590	378	33	factors	factor	NOUN
easat-10590	378	34	suggests	suggest	VERB
easat-10590	378	35	policymakers	policymaker	NOUN
easat-10590	378	36	should	should	AUX
easat-10590	378	37	prioritize	prioritize	VERB
easat-10590	378	38	climate	climate	NOUN
easat-10590	378	39	-	-	PUNCT
easat-10590	378	40	related	relate	VERB
easat-10590	378	41	disclosures	disclosure	NOUN
easat-10590	378	42	,	,	PUNCT
easat-10590	378	43	carbon	carbon	NOUN
easat-10590	378	44	pricing	pricing	NOUN
easat-10590	378	45	,	,	PUNCT
easat-10590	378	46	and	and	CCONJ
easat-10590	378	47	incentives	incentive	VERB
easat-10590	378	48	for	for	ADP
easat-10590	378	49	green	green	ADJ
easat-10590	378	50	innovation	innovation	NOUN
easat-10590	378	51	,	,	PUNCT
easat-10590	378	52	reinforcing	reinforce	VERB
easat-10590	378	53	the	the	DET
easat-10590	378	54	alignment	alignment	NOUN
easat-10590	378	55	of	of	ADP
easat-10590	378	56	corporate	corporate	ADJ
easat-10590	378	57	sustainability	sustainability	NOUN
easat-10590	378	58	with	with	ADP
easat-10590	378	59	global	global	ADJ
easat-10590	378	60	climate	climate	NOUN
easat-10590	378	61	targets	target	NOUN
easat-10590	378	62	.	.	PUNCT
easat-10590	379	1	social	social	ADJ
easat-10590	379	2	and	and	CCONJ
easat-10590	379	3	governance	governance	NOUN
easat-10590	379	4	dimensions	dimension	NOUN
easat-10590	379	5	also	also	ADV
easat-10590	379	6	warrant	warrant	VERB
easat-10590	379	7	attention	attention	NOUN
easat-10590	379	8	,	,	PUNCT
easat-10590	379	9	particularly	particularly	ADV
easat-10590	379	10	in	in	ADP
easat-10590	379	11	fostering	foster	VERB
easat-10590	379	12	inclusive	inclusive	ADJ
easat-10590	379	13	labor	labor	NOUN
easat-10590	379	14	practices	practice	NOUN
easat-10590	379	15	,	,	PUNCT
easat-10590	379	16	human	human	ADJ
easat-10590	379	17	rights	right	NOUN
easat-10590	379	18	protections	protection	NOUN
easat-10590	379	19	,	,	PUNCT
easat-10590	379	20	and	and	CCONJ
easat-10590	379	21	corporate	corporate	ADJ
easat-10590	379	22	governance	governance	NOUN
easat-10590	379	23	reforms	reform	NOUN
easat-10590	379	24	that	that	PRON
easat-10590	379	25	support	support	VERB
easat-10590	379	26	resilient	resilient	ADJ
easat-10590	379	27	and	and	CCONJ
easat-10590	379	28	equitable	equitable	ADJ
easat-10590	379	29	economic	economic	ADJ
easat-10590	379	30	development	development	NOUN
easat-10590	379	31	.	.	PUNCT
easat-10590	380	1	5.3	5.3	NUM
easat-10590	380	2	.	.	PUNCT
easat-10590	380	3	limitations	limitation	NOUN
easat-10590	380	4	and	and	CCONJ
easat-10590	380	5	future	future	ADJ
easat-10590	380	6	research	research	NOUN
easat-10590	380	7	while	while	SCONJ
easat-10590	380	8	this	this	DET
easat-10590	380	9	study	study	NOUN
easat-10590	380	10	makes	make	VERB
easat-10590	380	11	significant	significant	ADJ
easat-10590	380	12	contributions	contribution	NOUN
easat-10590	380	13	,	,	PUNCT
easat-10590	380	14	it	it	PRON
easat-10590	380	15	acknowledges	acknowledge	VERB
easat-10590	380	16	several	several	ADJ
easat-10590	380	17	limitations	limitation	NOUN
easat-10590	380	18	.	.	PUNCT
easat-10590	381	1	the	the	DET
easat-10590	381	2	reliance	reliance	NOUN
easat-10590	381	3	on	on	ADP
easat-10590	381	4	third	third	ADJ
easat-10590	381	5	-	-	PUNCT
easat-10590	381	6	party	party	NOUN
easat-10590	381	7	esg	esg	NOUN
easat-10590	381	8	ratings	rating	NOUN
easat-10590	381	9	,	,	PUNCT
easat-10590	381	10	while	while	SCONJ
easat-10590	381	11	standardized	standardize	VERB
easat-10590	381	12	,	,	PUNCT
easat-10590	381	13	may	may	AUX
easat-10590	381	14	still	still	ADV
easat-10590	381	15	introduce	introduce	VERB
easat-10590	381	16	measurement	measurement	NOUN
easat-10590	381	17	variability	variability	NOUN
easat-10590	381	18	due	due	ADP
easat-10590	381	19	to	to	ADP
easat-10590	381	20	differing	differ	VERB
easat-10590	381	21	methodologies	methodology	NOUN
easat-10590	381	22	and	and	CCONJ
easat-10590	381	23	data	datum	NOUN
easat-10590	381	24	coverage	coverage	NOUN
easat-10590	381	25	.	.	PUNCT
easat-10590	382	1	future	future	ADJ
easat-10590	382	2	research	research	NOUN
easat-10590	382	3	could	could	AUX
easat-10590	382	4	explore	explore	VERB
easat-10590	382	5	novel	novel	ADJ
easat-10590	382	6	sustainability	sustainability	NOUN
easat-10590	382	7	metrics	metric	NOUN
easat-10590	382	8	and	and	CCONJ
easat-10590	382	9	qualitative	qualitative	ADJ
easat-10590	382	10	assessments	assessment	NOUN
easat-10590	382	11	to	to	PART
easat-10590	382	12	capture	capture	VERB
easat-10590	382	13	emerging	emerge	VERB
easat-10590	382	14	dimensions	dimension	NOUN
easat-10590	382	15	of	of	ADP
easat-10590	382	16	sustainability	sustainability	NOUN
easat-10590	382	17	performance	performance	NOUN
easat-10590	382	18	.	.	PUNCT
easat-10590	383	1	the	the	DET
easat-10590	383	2	exclusion	exclusion	NOUN
easat-10590	383	3	of	of	ADP
easat-10590	383	4	financial	financial	ADJ
easat-10590	383	5	and	and	CCONJ
easat-10590	383	6	utilities	utility	NOUN
easat-10590	383	7	sectors	sector	NOUN
easat-10590	383	8	,	,	PUNCT
easat-10590	383	9	driven	drive	VERB
easat-10590	383	10	by	by	ADP
easat-10590	383	11	their	their	PRON
easat-10590	383	12	unique	unique	ADJ
easat-10590	383	13	capital	capital	NOUN
easat-10590	383	14	structures	structure	NOUN
easat-10590	383	15	and	and	CCONJ
easat-10590	383	16	regulatory	regulatory	ADJ
easat-10590	383	17	constraints	constraint	NOUN
easat-10590	383	18	,	,	PUNCT
easat-10590	383	19	limits	limit	VERB
easat-10590	383	20	the	the	DET
easat-10590	383	21	generalizability	generalizability	NOUN
easat-10590	383	22	of	of	ADP
easat-10590	383	23	findings	finding	NOUN
easat-10590	383	24	.	.	PUNCT
easat-10590	384	1	subsequent	subsequent	ADJ
easat-10590	384	2	studies	study	NOUN
easat-10590	384	3	should	should	AUX
easat-10590	384	4	tailor	tailor	VERB
easat-10590	384	5	models	model	NOUN
easat-10590	384	6	to	to	PART
easat-10590	384	7	incorporate	incorporate	VERB
easat-10590	384	8	these	these	DET
easat-10590	384	9	critical	critical	ADJ
easat-10590	384	10	sectors	sector	NOUN
easat-10590	384	11	,	,	PUNCT
easat-10590	384	12	given	give	VERB
easat-10590	384	13	their	their	PRON
easat-10590	384	14	substantial	substantial	ADJ
easat-10590	384	15	economic	economic	ADJ
easat-10590	384	16	impact	impact	NOUN
easat-10590	384	17	and	and	CCONJ
easat-10590	384	18	sustainability	sustainability	NOUN
easat-10590	384	19	challenges	challenge	NOUN
easat-10590	384	20	.	.	PUNCT
easat-10590	385	1	temporal	temporal	ADJ
easat-10590	385	2	dynamics	dynamic	NOUN
easat-10590	385	3	warrant	warrant	VERB
easat-10590	385	4	further	further	ADJ
easat-10590	385	5	investigation	investigation	NOUN
easat-10590	385	6	;	;	PUNCT
easat-10590	385	7	sustainability	sustainability	NOUN
easat-10590	385	8	’s	’s	PART
easat-10590	385	9	influence	influence	NOUN
easat-10590	385	10	on	on	ADP
easat-10590	385	11	capital	capital	NOUN
easat-10590	385	12	costs	cost	NOUN
easat-10590	385	13	may	may	AUX
easat-10590	385	14	evolve	evolve	VERB
easat-10590	385	15	as	as	ADP
easat-10590	385	16	investor	investor	NOUN
easat-10590	385	17	awareness	awareness	NOUN
easat-10590	385	18	,	,	PUNCT
easat-10590	385	19	regulatory	regulatory	ADJ
easat-10590	385	20	landscapes	landscape	NOUN
easat-10590	385	21	,	,	PUNCT
easat-10590	385	22	and	and	CCONJ
easat-10590	385	23	corporate	corporate	ADJ
easat-10590	385	24	practices	practice	NOUN
easat-10590	385	25	mature	mature	VERB
easat-10590	385	26	.	.	PUNCT
easat-10590	386	1	longer	long	ADJ
easat-10590	386	2	-	-	PUNCT
easat-10590	386	3	term	term	NOUN
easat-10590	386	4	panel	panel	NOUN
easat-10590	386	5	data	datum	NOUN
easat-10590	386	6	would	would	AUX
easat-10590	386	7	facilitate	facilitate	VERB
easat-10590	386	8	analyses	analysis	NOUN
easat-10590	386	9	of	of	ADP
easat-10590	386	10	lagged	lag	VERB
easat-10590	386	11	and	and	CCONJ
easat-10590	386	12	cumulative	cumulative	ADJ
easat-10590	386	13	effects	effect	NOUN
easat-10590	386	14	,	,	PUNCT
easat-10590	386	15	as	as	ADV
easat-10590	386	16	well	well	ADV
easat-10590	386	17	as	as	ADP
easat-10590	386	18	potential	potential	ADJ
easat-10590	386	19	nonlinearities	nonlinearitie	NOUN
easat-10590	386	20	.	.	PUNCT
easat-10590	387	1	additionally	additionally	ADV
easat-10590	387	2	,	,	PUNCT
easat-10590	387	3	while	while	SCONJ
easat-10590	387	4	the	the	DET
easat-10590	387	5	instrumental	instrumental	ADJ
easat-10590	387	6	variable	variable	ADJ
easat-10590	387	7	approach	approach	NOUN
easat-10590	387	8	mitigates	mitigate	VERB
easat-10590	387	9	endogeneity	endogeneity	NOUN
easat-10590	387	10	,	,	PUNCT
easat-10590	387	11	unobserved	unobserved	ADJ
easat-10590	387	12	confounders	confounder	NOUN
easat-10590	387	13	or	or	CCONJ
easat-10590	387	14	omitted	omit	VERB
easat-10590	387	15	variables	variable	NOUN
easat-10590	387	16	may	may	AUX
easat-10590	387	17	persist	persist	VERB
easat-10590	387	18	.	.	PUNCT
easat-10590	388	1	innovative	innovative	ADJ
easat-10590	388	2	identification	identification	NOUN
easat-10590	388	3	strategies	strategy	NOUN
easat-10590	388	4	,	,	PUNCT
easat-10590	388	5	including	include	VERB
easat-10590	388	6	natural	natural	ADJ
easat-10590	388	7	experiments	experiment	NOUN
easat-10590	388	8	or	or	CCONJ
easat-10590	388	9	quasi	quasi	ADJ
easat-10590	388	10	-	-	ADJ
easat-10590	388	11	experimental	experimental	ADJ
easat-10590	388	12	designs	design	NOUN
easat-10590	388	13	,	,	PUNCT
easat-10590	388	14	could	could	AUX
easat-10590	388	15	enhance	enhance	VERB
easat-10590	388	16	causal	causal	ADJ
easat-10590	388	17	inference	inference	NOUN
easat-10590	388	18	.	.	PUNCT
easat-10590	389	1	future	future	ADJ
easat-10590	389	2	avenues	avenue	NOUN
easat-10590	389	3	also	also	ADV
easat-10590	389	4	include	include	VERB
easat-10590	389	5	sector	sector	NOUN
easat-10590	389	6	-	-	PUNCT
easat-10590	389	7	specific	specific	ADJ
easat-10590	389	8	analyses	analysis	NOUN
easat-10590	389	9	,	,	PUNCT
easat-10590	389	10	the	the	DET
easat-10590	389	11	role	role	NOUN
easat-10590	389	12	of	of	ADP
easat-10590	389	13	sustainability	sustainability	NOUN
easat-10590	389	14	in	in	ADP
easat-10590	389	15	alternative	alternative	ADJ
easat-10590	389	16	financing	financing	NOUN
easat-10590	389	17	instruments	instrument	NOUN
easat-10590	389	18	such	such	ADJ
easat-10590	389	19	as	as	ADP
easat-10590	389	20	green	green	ADJ
easat-10590	389	21	bonds	bond	NOUN
easat-10590	389	22	and	and	CCONJ
easat-10590	389	23	sustainability	sustainability	NOUN
easat-10590	389	24	-	-	PUNCT
easat-10590	389	25	linked	link	VERB
easat-10590	389	26	loans	loan	NOUN
easat-10590	389	27	,	,	PUNCT
easat-10590	389	28	and	and	CCONJ
easat-10590	389	29	behavioral	behavioral	ADJ
easat-10590	389	30	studies	study	NOUN
easat-10590	389	31	on	on	ADP
easat-10590	389	32	investor	investor	NOUN
easat-10590	389	33	reactions	reaction	NOUN
easat-10590	389	34	to	to	ADP
easat-10590	389	35	sustainability	sustainability	NOUN
easat-10590	389	36	disclosures	disclosure	NOUN
easat-10590	389	37	.	.	PUNCT
easat-10590	390	1	in	in	ADP
easat-10590	390	2	an	an	DET
easat-10590	390	3	era	era	NOUN
easat-10590	390	4	where	where	SCONJ
easat-10590	390	5	sustainability	sustainability	NOUN
easat-10590	390	6	imperatives	imperative	NOUN
easat-10590	390	7	are	be	AUX
easat-10590	390	8	reshaping	reshape	VERB
easat-10590	390	9	corporate	corporate	ADJ
easat-10590	390	10	priorities	priority	NOUN
easat-10590	390	11	and	and	CCONJ
easat-10590	390	12	investor	investor	NOUN
easat-10590	390	13	expectations	expectation	NOUN
easat-10590	390	14	,	,	PUNCT
easat-10590	390	15	understanding	understand	VERB
easat-10590	390	16	the	the	DET
easat-10590	390	17	financial	financial	ADJ
easat-10590	390	18	consequences	consequence	NOUN
easat-10590	390	19	of	of	ADP
easat-10590	390	20	esg	esg	NOUN
easat-10590	390	21	integration	integration	NOUN
easat-10590	390	22	is	be	AUX
easat-10590	390	23	paramount	paramount	ADJ
easat-10590	390	24	.	.	PUNCT
easat-10590	391	1	this	this	DET
easat-10590	391	2	study	study	NOUN
easat-10590	391	3	confirms	confirm	VERB
easat-10590	391	4	that	that	SCONJ
easat-10590	391	5	corporate	corporate	ADJ
easat-10590	391	6	sustainability	sustainability	NOUN
easat-10590	391	7	is	be	AUX
easat-10590	391	8	not	not	PART
easat-10590	391	9	merely	merely	ADV
easat-10590	391	10	a	a	DET
easat-10590	391	11	social	social	ADJ
easat-10590	391	12	responsibility	responsibility	NOUN
easat-10590	391	13	or	or	CCONJ
easat-10590	391	14	regulatory	regulatory	ADJ
easat-10590	391	15	compliance	compliance	NOUN
easat-10590	391	16	exercise	exercise	NOUN
easat-10590	391	17	but	but	CCONJ
easat-10590	391	18	a	a	DET
easat-10590	391	19	strategic	strategic	ADJ
easat-10590	391	20	financial	financial	ADJ
easat-10590	391	21	advantage	advantage	NOUN
easat-10590	391	22	that	that	PRON
easat-10590	391	23	reduces	reduce	VERB
easat-10590	391	24	firms	firm	NOUN
easat-10590	391	25	’	'	PUNCT
easat-10590	391	26	cost	cost	NOUN
easat-10590	391	27	of	of	ADP
easat-10590	391	28	capital	capital	NOUN
easat-10590	391	29	globally	globally	ADV
easat-10590	391	30	.	.	PUNCT
easat-10590	392	1	by	by	ADP
easat-10590	392	2	revealing	reveal	VERB
easat-10590	392	3	the	the	DET
easat-10590	392	4	nuanced	nuanced	ADJ
easat-10590	392	5	relationships	relationship	NOUN
easat-10590	392	6	across	across	ADP
easat-10590	392	7	regions	region	NOUN
easat-10590	392	8	and	and	CCONJ
easat-10590	392	9	esg	esg	NOUN
easat-10590	392	10	dimensions	dimension	NOUN
easat-10590	392	11	,	,	PUNCT
easat-10590	392	12	this	this	DET
easat-10590	392	13	research	research	NOUN
easat-10590	392	14	provides	provide	VERB
easat-10590	392	15	a	a	DET
easat-10590	392	16	roadmap	roadmap	NOUN
easat-10590	392	17	for	for	ADP
easat-10590	392	18	corporations	corporation	NOUN
easat-10590	392	19	,	,	PUNCT
easat-10590	392	20	investors	investor	NOUN
easat-10590	392	21	,	,	PUNCT
easat-10590	392	22	and	and	CCONJ
easat-10590	392	23	policymakers	policymaker	NOUN
easat-10590	392	24	to	to	PART
easat-10590	392	25	leverage	leverage	VERB
easat-10590	392	26	sustainability	sustainability	NOUN
easat-10590	392	27	as	as	ADP
easat-10590	392	28	a	a	DET
easat-10590	392	29	driver	driver	NOUN
easat-10590	392	30	of	of	ADP
easat-10590	392	31	financial	financial	ADJ
easat-10590	392	32	efficiency	efficiency	NOUN
easat-10590	392	33	and	and	CCONJ
easat-10590	392	34	sustainable	sustainable	ADJ
easat-10590	392	35	economic	economic	ADJ
easat-10590	392	36	growth	growth	NOUN
easat-10590	392	37	.	.	PUNCT
easat-10590	393	1	the	the	DET
easat-10590	393	2	evidence	evidence	NOUN
easat-10590	393	3	underscores	underscore	VERB
easat-10590	393	4	the	the	DET
easat-10590	393	5	transformative	transformative	ADJ
easat-10590	393	6	potential	potential	NOUN
easat-10590	393	7	of	of	ADP
easat-10590	393	8	embedding	embed	VERB
easat-10590	393	9	sustainability	sustainability	NOUN
easat-10590	393	10	into	into	ADP
easat-10590	393	11	core	core	ADJ
easat-10590	393	12	business	business	NOUN
easat-10590	393	13	and	and	CCONJ
easat-10590	393	14	financial	financial	ADJ
easat-10590	393	15	strategies	strategy	NOUN
easat-10590	393	16	,	,	PUNCT
easat-10590	393	17	facilitating	facilitate	VERB
easat-10590	393	18	a	a	DET
easat-10590	393	19	transition	transition	NOUN
easat-10590	393	20	toward	toward	ADP
easat-10590	393	21	more	more	ADV
easat-10590	393	22	resilient	resilient	ADJ
easat-10590	393	23	,	,	PUNCT
easat-10590	393	24	equitable	equitable	ADJ
easat-10590	393	25	,	,	PUNCT
easat-10590	393	26	and	and	CCONJ
easat-10590	393	27	environmentally	environmentally	ADV
easat-10590	393	28	sound	sound	ADJ
easat-10590	393	29	capital	capital	NOUN
easat-10590	393	30	markets	market	NOUN
easat-10590	393	31	.	.	PUNCT
easat-10590	394	1	the	the	DET
easat-10590	394	2	compelling	compelling	ADJ
easat-10590	394	3	link	link	NOUN
easat-10590	394	4	between	between	ADP
easat-10590	394	5	sustainability	sustainability	NOUN
easat-10590	394	6	and	and	CCONJ
easat-10590	394	7	capital	capital	NOUN
easat-10590	394	8	costs	cost	NOUN
easat-10590	394	9	invites	invite	VERB
easat-10590	394	10	continued	continue	VERB
easat-10590	394	11	academic	academic	ADJ
easat-10590	394	12	inquiry	inquiry	NOUN
easat-10590	394	13	and	and	CCONJ
easat-10590	394	14	practical	practical	ADJ
easat-10590	394	15	innovation	innovation	NOUN
easat-10590	394	16	to	to	PART
easat-10590	394	17	harness	harness	VERB
easat-10590	394	18	the	the	DET
easat-10590	394	19	full	full	ADJ
easat-10590	394	20	potential	potential	NOUN
easat-10590	394	21	of	of	ADP
easat-10590	394	22	sustainable	sustainable	ADJ
easat-10590	394	23	finance	finance	NOUN
easat-10590	394	24	as	as	ADP
easat-10590	394	25	a	a	DET
easat-10590	394	26	cornerstone	cornerstone	NOUN
easat-10590	394	27	of	of	ADP
easat-10590	394	28	the	the	DET
easat-10590	394	29	future	future	ADJ
easat-10590	394	30	economy	economy	NOUN
easat-10590	394	31	.	.	PUNCT
easat-10590	395	1	transparency	transparency	NOUN
easat-10590	395	2	:	:	PUNCT
easat-10590	395	3	the	the	DET
easat-10590	395	4	author	author	NOUN
easat-10590	395	5	confirms	confirm	VERB
easat-10590	395	6	that	that	SCONJ
easat-10590	395	7	the	the	DET
easat-10590	395	8	manuscript	manuscript	NOUN
easat-10590	395	9	is	be	AUX
easat-10590	395	10	an	an	DET
easat-10590	395	11	honest	honest	ADJ
easat-10590	395	12	,	,	PUNCT
easat-10590	395	13	accurate	accurate	ADJ
easat-10590	395	14	,	,	PUNCT
easat-10590	395	15	and	and	CCONJ
easat-10590	395	16	transparent	transparent	ADJ
easat-10590	395	17	account	account	NOUN
easat-10590	395	18	of	of	ADP
easat-10590	395	19	the	the	DET
easat-10590	395	20	study	study	NOUN
easat-10590	395	21	;	;	PUNCT
easat-10590	395	22	that	that	SCONJ
easat-10590	395	23	no	no	DET
easat-10590	395	24	vital	vital	ADJ
easat-10590	395	25	features	feature	NOUN
easat-10590	395	26	of	of	ADP
easat-10590	395	27	the	the	DET
easat-10590	395	28	study	study	NOUN
easat-10590	395	29	have	have	AUX
easat-10590	395	30	been	be	AUX
easat-10590	395	31	omitted	omit	VERB
easat-10590	395	32	;	;	PUNCT
easat-10590	395	33	and	and	CCONJ
easat-10590	395	34	that	that	SCONJ
easat-10590	395	35	any	any	DET
easat-10590	395	36	discrepancies	discrepancy	NOUN
easat-10590	395	37	from	from	ADP
easat-10590	395	38	the	the	DET
easat-10590	395	39	study	study	NOUN
easat-10590	395	40	as	as	SCONJ
easat-10590	395	41	planned	plan	VERB
easat-10590	395	42	have	have	AUX
easat-10590	395	43	been	be	AUX
easat-10590	395	44	explained	explain	VERB
easat-10590	395	45	.	.	PUNCT
easat-10590	396	1	this	this	DET
easat-10590	396	2	study	study	NOUN
easat-10590	396	3	followed	follow	VERB
easat-10590	396	4	all	all	DET
easat-10590	396	5	ethical	ethical	ADJ
easat-10590	396	6	practices	practice	NOUN
easat-10590	396	7	during	during	ADP
easat-10590	396	8	writing	writing	NOUN
easat-10590	396	9	.	.	PUNCT
easat-10590	397	1	copyright	copyright	NOUN
easat-10590	397	2	:	:	PUNCT
easat-10590	397	3	©	©	PROPN
easat-10590	397	4	2025	2025	NUM
easat-10590	397	5	by	by	ADP
easat-10590	397	6	the	the	DET
easat-10590	397	7	author	author	NOUN
easat-10590	397	8	.	.	PUNCT
easat-10590	398	1	this	this	DET
easat-10590	398	2	article	article	NOUN
easat-10590	398	3	is	be	AUX
easat-10590	398	4	an	an	DET
easat-10590	398	5	open	open	ADJ
easat-10590	398	6	-	-	PUNCT
easat-10590	398	7	access	access	NOUN
easat-10590	398	8	article	article	NOUN
easat-10590	398	9	distributed	distribute	VERB
easat-10590	398	10	under	under	ADP
easat-10590	398	11	the	the	DET
easat-10590	398	12	terms	term	NOUN
easat-10590	398	13	and	and	CCONJ
easat-10590	398	14	conditions	condition	NOUN
easat-10590	398	15	of	of	ADP
easat-10590	398	16	the	the	DET
easat-10590	398	17	creative	creative	ADJ
easat-10590	398	18	commons	common	NOUN
easat-10590	398	19	attribution	attribution	NOUN
easat-10590	398	20	(	(	PUNCT
easat-10590	398	21	cc	cc	NOUN
easat-10590	398	22	by	by	ADP
easat-10590	398	23	)	)	PUNCT
easat-10590	398	24	license	license	NOUN
easat-10590	398	25	(	(	PUNCT
easat-10590	398	26	https://creativecommons.org/licenses/by/4.0/	https://creativecommons.org/licenses/by/4.0/	PROPN
easat-10590	398	27	)	)	PUNCT
easat-10590	398	28	.	.	PUNCT
easat-10590	399	1	references	reference	NOUN
easat-10590	399	2	[	[	X
easat-10590	399	3	1	1	X
easat-10590	399	4	]	]	PUNCT
easat-10590	399	5	s.	s.	PROPN
easat-10590	399	6	shen	shen	PROPN
easat-10590	399	7	,	,	PUNCT
easat-10590	399	8	j.	j.	PROPN
easat-10590	399	9	xie	xie	PROPN
easat-10590	399	10	,	,	PUNCT
easat-10590	399	11	h.	h.	PROPN
easat-10590	399	12	fujii	fujii	PROPN
easat-10590	399	13	,	,	PUNCT
easat-10590	399	14	a.	a.	PROPN
easat-10590	399	15	r.	r.	PROPN
easat-10590	399	16	keeley	keeley	PROPN
easat-10590	399	17	,	,	PUNCT
easat-10590	399	18	and	and	CCONJ
easat-10590	399	19	s.	s.	PROPN
easat-10590	399	20	managi	managi	PROPN
easat-10590	399	21	,	,	PUNCT
easat-10590	399	22	"	"	PUNCT
easat-10590	399	23	does	do	AUX
easat-10590	399	24	environmental	environmental	ADJ
easat-10590	399	25	materiality	materiality	NOUN
easat-10590	399	26	matter	matter	NOUN
easat-10590	399	27	to	to	ADP
easat-10590	399	28	corporate	corporate	ADJ
easat-10590	399	29	financial	financial	ADJ
easat-10590	399	30	performance	performance	NOUN
easat-10590	399	31	:	:	PUNCT
easat-10590	399	32	evidence	evidence	NOUN
easat-10590	399	33	from	from	ADP
easat-10590	399	34	34	34	NUM
easat-10590	399	35	countries	country	NOUN
easat-10590	399	36	,	,	PUNCT
easat-10590	399	37	"	"	PUNCT
easat-10590	399	38	corporate	corporate	ADJ
easat-10590	399	39	social	social	ADJ
easat-10590	399	40	responsibility	responsibility	NOUN
easat-10590	399	41	and	and	CCONJ
easat-10590	399	42	environmental	environmental	ADJ
easat-10590	399	43	management	management	NOUN
easat-10590	399	44	,	,	PUNCT
easat-10590	399	45	vol	vol	NOUN
easat-10590	399	46	.	.	PROPN
easat-10590	399	47	32	32	NUM
easat-10590	399	48	,	,	PUNCT
easat-10590	399	49	no	no	INTJ
easat-10590	399	50	.	.	NOUN
easat-10590	399	51	2	2	NUM
easat-10590	399	52	,	,	PUNCT
easat-10590	399	53	pp	pp	ADJ
easat-10590	399	54	.	.	PUNCT
easat-10590	400	1	2390	2390	NUM
easat-10590	400	2	-	-	SYM
easat-10590	400	3	2411	2411	NUM
easat-10590	400	4	,	,	PUNCT
easat-10590	400	5	2025	2025	NUM
easat-10590	400	6	.	.	PUNCT
easat-10590	401	1	[	[	X
easat-10590	401	2	2	2	X
easat-10590	401	3	]	]	PUNCT
easat-10590	401	4	s.	s.	PROPN
easat-10590	401	5	chen	chen	PROPN
easat-10590	401	6	,	,	PUNCT
easat-10590	401	7	u.	u.	PROPN
easat-10590	401	8	farooq	farooq	PROPN
easat-10590	401	9	,	,	PUNCT
easat-10590	401	10	s.	s.	PROPN
easat-10590	401	11	h.	h.	PROPN
easat-10590	401	12	aldawsari	aldawsari	PROPN
easat-10590	401	13	,	,	PUNCT
easat-10590	401	14	s.	s.	PROPN
easat-10590	401	15	s.	s.	PROPN
easat-10590	401	16	waked	wake	VERB
easat-10590	401	17	,	,	PUNCT
easat-10590	401	18	and	and	CCONJ
easat-10590	401	19	m.	m.	PROPN
easat-10590	401	20	badawi	badawi	PROPN
easat-10590	401	21	,	,	PUNCT
easat-10590	401	22	"	"	PUNCT
easat-10590	401	23	impact	impact	NOUN
easat-10590	401	24	of	of	ADP
easat-10590	401	25	environmental	environmental	ADJ
easat-10590	401	26	,	,	PUNCT
easat-10590	401	27	social	social	ADJ
easat-10590	401	28	,	,	PUNCT
easat-10590	401	29	and	and	CCONJ
easat-10590	401	30	governance	governance	NOUN
easat-10590	401	31	performance	performance	NOUN
easat-10590	401	32	on	on	ADP
easat-10590	401	33	cash	cash	NOUN
easat-10590	401	34	holdings	holding	NOUN
easat-10590	401	35	in	in	ADP
easat-10590	401	36	brics	bric	NOUN
easat-10590	401	37	:	:	PUNCT
easat-10590	401	38	mediating	mediate	VERB
easat-10590	401	39	role	role	NOUN
easat-10590	401	40	of	of	ADP
easat-10590	401	41	cost	cost	NOUN
easat-10590	401	42	of	of	ADP
easat-10590	401	43	capital	capital	NOUN
easat-10590	401	44	,	,	PUNCT
easat-10590	401	45	"	"	PUNCT
easat-10590	401	46	corporate	corporate	ADJ
easat-10590	401	47	social	social	ADJ
easat-10590	401	48	responsibility	responsibility	NOUN
easat-10590	401	49	and	and	CCONJ
easat-10590	401	50	environmental	environmental	ADJ
easat-10590	401	51	management	management	NOUN
easat-10590	401	52	,	,	PUNCT
easat-10590	401	53	vol	vol	NOUN
easat-10590	401	54	.	.	PROPN
easat-10590	402	1	32	32	NUM
easat-10590	402	2	,	,	PUNCT
easat-10590	402	3	no	no	INTJ
easat-10590	402	4	.	.	NOUN
easat-10590	402	5	1	1	NUM
easat-10590	402	6	,	,	PUNCT
easat-10590	402	7	pp	pp	ADJ
easat-10590	402	8	.	.	PUNCT
easat-10590	403	1	1182	1182	NUM
easat-10590	403	2	-	-	SYM
easat-10590	403	3	1197	1197	NUM
easat-10590	403	4	,	,	PUNCT
easat-10590	403	5	2025	2025	NUM
easat-10590	403	6	.	.	PUNCT
easat-10590	404	1	https://doi.org/10.1002/csr.3012	https://doi.org/10.1002/csr.3012	PROPN
easat-10590	404	2	https://creativecommons.org/licenses/by/4.0/	https://creativecommons.org/licenses/by/4.0/	PROPN
easat-10590	404	3	https://doi.org/10.1002/csr.3012	https://doi.org/10.1002/csr.3012	PROPN
easat-10590	404	4	1040	1040	NUM
easat-10590	404	5	edelweiss	edelweiss	PROPN
easat-10590	404	6	applied	apply	VERB
easat-10590	404	7	science	science	NOUN
easat-10590	404	8	and	and	CCONJ
easat-10590	404	9	technology	technology	NOUN
easat-10590	404	10	issn	issn	PROPN
easat-10590	404	11	:	:	PUNCT
easat-10590	404	12	2576	2576	NUM
easat-10590	404	13	-	-	SYM
easat-10590	404	14	8484	8484	NUM
easat-10590	404	15	vol	vol	NOUN
easat-10590	404	16	.	.	PROPN
easat-10590	405	1	9	9	NUM
easat-10590	405	2	,	,	PUNCT
easat-10590	405	3	no	no	INTJ
easat-10590	405	4	.	.	NOUN
easat-10590	405	5	10	10	NUM
easat-10590	405	6	:	:	PUNCT
easat-10590	405	7	1021	1021	NUM
easat-10590	405	8	-	-	SYM
easat-10590	405	9	1041	1041	NUM
easat-10590	405	10	,	,	PUNCT
easat-10590	405	11	2025	2025	NUM
easat-10590	405	12	doi	doi	NOUN
easat-10590	405	13	:	:	PUNCT
easat-10590	405	14	10.55214/2576	10.55214/2576	NUM
easat-10590	405	15	-	-	SYM
easat-10590	405	16	8484.v9i10.10590	8484.v9i10.10590	NUM
easat-10590	405	17	©	©	ADP
easat-10590	405	18	2025	2025	NUM
easat-10590	405	19	by	by	ADP
easat-10590	405	20	the	the	DET
easat-10590	405	21	author	author	NOUN
easat-10590	405	22	;	;	PUNCT
easat-10590	405	23	licensee	licensee	PROPN
easat-10590	405	24	learning	learning	NOUN
easat-10590	405	25	gate	gate	NOUN
easat-10590	406	1	[	[	X
easat-10590	406	2	3	3	NUM
easat-10590	406	3	]	]	PUNCT
easat-10590	406	4	k.	k.	PROPN
easat-10590	406	5	w.	w.	PROPN
easat-10590	406	6	rwamparagi	rwamparagi	PROPN
easat-10590	406	7	and	and	CCONJ
easat-10590	406	8	n.	n.	PROPN
easat-10590	406	9	p.	p.	PROPN
easat-10590	407	1	k.	k.	PROPN
easat-10590	408	1	john	john	PROPN
easat-10590	408	2	,	,	PUNCT
easat-10590	408	3	"	"	PUNCT
easat-10590	408	4	monetary	monetary	ADJ
easat-10590	408	5	policy	policy	NOUN
easat-10590	408	6	and	and	CCONJ
easat-10590	408	7	cost	cost	NOUN
easat-10590	408	8	of	of	ADP
easat-10590	408	9	capital	capital	NOUN
easat-10590	408	10	in	in	ADP
easat-10590	408	11	sub‑saharan	sub‑saharan	PROPN
easat-10590	408	12	africa	africa	PROPN
easat-10590	408	13	:	:	PUNCT
easat-10590	408	14	an	an	DET
easat-10590	408	15	empirical	empirical	ADJ
easat-10590	408	16	analysis	analysis	NOUN
easat-10590	408	17	,	,	PUNCT
easat-10590	408	18	"	"	PUNCT
easat-10590	408	19	epra	epra	ADJ
easat-10590	408	20	international	international	ADJ
easat-10590	408	21	journal	journal	NOUN
easat-10590	408	22	of	of	ADP
easat-10590	408	23	economic	economic	ADJ
easat-10590	408	24	growth	growth	NOUN
easat-10590	408	25	and	and	CCONJ
easat-10590	408	26	environmental	environmental	ADJ
easat-10590	408	27	issues	issue	NOUN
easat-10590	408	28	,	,	PUNCT
easat-10590	408	29	vol	vol	NOUN
easat-10590	408	30	.	.	PROPN
easat-10590	408	31	13	13	NUM
easat-10590	408	32	,	,	PUNCT
easat-10590	408	33	no	no	INTJ
easat-10590	408	34	.	.	NOUN
easat-10590	408	35	1	1	NUM
easat-10590	408	36	,	,	PUNCT
easat-10590	408	37	pp	pp	ADJ
easat-10590	408	38	.	.	PUNCT
easat-10590	409	1	33	33	NUM
easat-10590	409	2	-	-	SYM
easat-10590	409	3	48	48	NUM
easat-10590	409	4	,	,	PUNCT
easat-10590	409	5	2025	2025	NUM
easat-10590	409	6	.	.	PUNCT
easat-10590	410	1	[	[	X
easat-10590	410	2	4	4	NUM
easat-10590	410	3	]	]	PUNCT
easat-10590	410	4	m.	m.	PROPN
easat-10590	410	5	b.	b.	PROPN
easat-10590	410	6	u.	u.	PROPN
easat-10590	410	7	bhuiyan	bhuiyan	PROPN
easat-10590	410	8	and	and	CCONJ
easat-10590	410	9	y.	y.	PROPN
easat-10590	410	10	hu	hu	PROPN
easat-10590	410	11	,	,	PUNCT
easat-10590	410	12	"	"	PUNCT
easat-10590	410	13	do	do	AUX
easat-10590	410	14	corporate	corporate	ADJ
easat-10590	410	15	donations	donation	NOUN
easat-10590	410	16	affect	affect	VERB
easat-10590	410	17	the	the	DET
easat-10590	410	18	cost	cost	NOUN
easat-10590	410	19	of	of	ADP
easat-10590	410	20	equity	equity	NOUN
easat-10590	410	21	?	?	PUNCT
easat-10590	410	22	,	,	PUNCT
easat-10590	410	23	"	"	PUNCT
easat-10590	410	24	journal	journal	NOUN
easat-10590	410	25	of	of	ADP
easat-10590	410	26	accounting	accounting	NOUN
easat-10590	410	27	literature	literature	NOUN
easat-10590	410	28	,	,	PUNCT
easat-10590	410	29	2025	2025	NUM
easat-10590	410	30	.	.	PUNCT
easat-10590	411	1	https://doi.org/10.1108/jal-01-2023-0017	https://doi.org/10.1108/jal-01-2023-0017	X
easat-10590	412	1	[	[	X
easat-10590	412	2	5	5	NUM
easat-10590	412	3	]	]	PUNCT
easat-10590	412	4	x.	x.	NOUN
easat-10590	412	5	zhou	zhou	PROPN
easat-10590	412	6	,	,	PUNCT
easat-10590	412	7	r.	r.	PROPN
easat-10590	412	8	zhong	zhong	PROPN
easat-10590	412	9	,	,	PUNCT
easat-10590	412	10	and	and	CCONJ
easat-10590	412	11	g.	g.	PROPN
easat-10590	412	12	shrimali	shrimali	PROPN
easat-10590	412	13	,	,	PUNCT
easat-10590	412	14	"	"	PUNCT
easat-10590	412	15	environmental	environmental	ADJ
easat-10590	412	16	reputation	reputation	NOUN
easat-10590	412	17	risk	risk	NOUN
easat-10590	412	18	and	and	CCONJ
easat-10590	412	19	the	the	DET
easat-10590	412	20	cost	cost	NOUN
easat-10590	412	21	of	of	ADP
easat-10590	412	22	equity	equity	NOUN
easat-10590	412	23	:	:	PUNCT
easat-10590	412	24	the	the	DET
easat-10590	412	25	impact	impact	NOUN
easat-10590	412	26	of	of	ADP
easat-10590	412	27	corporate	corporate	ADJ
easat-10590	412	28	response	response	NOUN
easat-10590	412	29	to	to	ADP
easat-10590	412	30	climate	climate	NOUN
easat-10590	412	31	change	change	NOUN
easat-10590	412	32	exposures	exposure	NOUN
easat-10590	412	33	,	,	PUNCT
easat-10590	412	34	"	"	PUNCT
easat-10590	412	35	available	available	ADJ
easat-10590	412	36	at	at	ADP
easat-10590	412	37	ssrn	ssrn	NOUN
easat-10590	412	38	5133869	5133869	NUM
easat-10590	412	39	,	,	PUNCT
easat-10590	412	40	2025	2025	NUM
easat-10590	412	41	.	.	PUNCT
easat-10590	413	1	[	[	X
easat-10590	413	2	6	6	NUM
easat-10590	413	3	]	]	X
easat-10590	413	4	n.	n.	PROPN
easat-10590	413	5	c.	c.	PROPN
easat-10590	413	6	onat	onat	PROPN
easat-10590	413	7	,	,	PUNCT
easat-10590	413	8	j.	j.	PROPN
easat-10590	413	9	mandouri	mandouri	PROPN
easat-10590	413	10	,	,	PUNCT
easat-10590	413	11	m.	m.	NOUN
easat-10590	413	12	kucukvar	kucukvar	PROPN
easat-10590	413	13	,	,	PUNCT
easat-10590	413	14	a.	a.	PROPN
easat-10590	413	15	a.	a.	NOUN
easat-10590	413	16	kutty	kutty	PROPN
easat-10590	413	17	,	,	PUNCT
easat-10590	413	18	and	and	CCONJ
easat-10590	413	19	a.	a.	NOUN
easat-10590	413	20	a.	a.	NOUN
easat-10590	413	21	al‑muftah	al‑muftah	PROPN
easat-10590	413	22	,	,	PUNCT
easat-10590	413	23	"	"	PUNCT
easat-10590	413	24	driving	drive	VERB
easat-10590	413	25	sustainable	sustainable	ADJ
easat-10590	413	26	business	business	NOUN
easat-10590	413	27	practices	practice	NOUN
easat-10590	413	28	with	with	ADP
easat-10590	413	29	carbon	carbon	NOUN
easat-10590	413	30	accounting	accounting	NOUN
easat-10590	413	31	and	and	CCONJ
easat-10590	413	32	reporting	reporting	NOUN
easat-10590	413	33	:	:	PUNCT
easat-10590	413	34	a	a	DET
easat-10590	413	35	holistic	holistic	ADJ
easat-10590	413	36	framework	framework	NOUN
easat-10590	413	37	and	and	CCONJ
easat-10590	413	38	empirical	empirical	ADJ
easat-10590	413	39	analysis	analysis	NOUN
easat-10590	413	40	,	,	PUNCT
easat-10590	413	41	"	"	PUNCT
easat-10590	413	42	corporate	corporate	ADJ
easat-10590	413	43	social	social	ADJ
easat-10590	413	44	responsibility	responsibility	NOUN
easat-10590	413	45	and	and	CCONJ
easat-10590	413	46	environmental	environmental	ADJ
easat-10590	413	47	management	management	NOUN
easat-10590	413	48	,	,	PUNCT
easat-10590	413	49	vol	vol	NOUN
easat-10590	413	50	.	.	PROPN
easat-10590	413	51	32	32	NUM
easat-10590	413	52	,	,	PUNCT
easat-10590	413	53	no	no	INTJ
easat-10590	413	54	.	.	NOUN
easat-10590	413	55	2	2	NUM
easat-10590	413	56	,	,	PUNCT
easat-10590	413	57	pp	pp	ADJ
easat-10590	413	58	.	.	PUNCT
easat-10590	414	1	2795	2795	NUM
easat-10590	414	2	-	-	SYM
easat-10590	414	3	2814	2814	NUM
easat-10590	414	4	,	,	PUNCT
easat-10590	414	5	2025	2025	NUM
easat-10590	414	6	.	.	PUNCT
easat-10590	415	1	https://doi.org/10.1002/csr.3096	https://doi.org/10.1002/csr.3096	NOUN
easat-10590	416	1	[	[	X
easat-10590	416	2	7	7	NUM
easat-10590	416	3	]	]	X
easat-10590	416	4	m.	m.	NOUN
easat-10590	416	5	riski	riski	PROPN
easat-10590	416	6	et	et	PROPN
easat-10590	416	7	al	al	PROPN
easat-10590	416	8	.	.	PROPN
easat-10590	416	9	,	,	PUNCT
easat-10590	416	10	"	"	PUNCT
easat-10590	416	11	the	the	DET
easat-10590	416	12	effect	effect	NOUN
easat-10590	416	13	of	of	ADP
easat-10590	416	14	green	green	ADJ
easat-10590	416	15	accounting	accounting	NOUN
easat-10590	416	16	,	,	PUNCT
easat-10590	416	17	green	green	ADJ
easat-10590	416	18	intellectual	intellectual	ADJ
easat-10590	416	19	capital	capital	PROPN
easat-10590	416	20	&	&	CCONJ
easat-10590	416	21	corporate	corporate	ADJ
easat-10590	416	22	social	social	ADJ
easat-10590	416	23	responsibility	responsibility	NOUN
easat-10590	416	24	on	on	ADP
easat-10590	416	25	financial	financial	ADJ
easat-10590	416	26	performance	performance	NOUN
easat-10590	416	27	:	:	PUNCT
easat-10590	416	28	empirical	empirical	ADJ
easat-10590	416	29	study	study	NOUN
easat-10590	416	30	of	of	ADP
easat-10590	416	31	energy	energy	NOUN
easat-10590	416	32	sector	sector	NOUN
easat-10590	416	33	companies	company	NOUN
easat-10590	416	34	listed	list	VERB
easat-10590	416	35	on	on	ADP
easat-10590	416	36	the	the	DET
easat-10590	416	37	indonesian	indonesian	ADJ
easat-10590	416	38	stock	stock	PROPN
easat-10590	416	39	exchange	exchange	PROPN
easat-10590	416	40	for	for	ADP
easat-10590	416	41	the	the	DET
easat-10590	416	42	2021	2021	NUM
easat-10590	416	43	-	-	SYM
easat-10590	416	44	2023	2023	NUM
easat-10590	416	45	period	period	NOUN
easat-10590	416	46	,	,	PUNCT
easat-10590	416	47	"	"	PUNCT
easat-10590	416	48	golden	golden	ADJ
easat-10590	416	49	ratio	ratio	NOUN
easat-10590	416	50	of	of	ADP
easat-10590	416	51	finance	finance	NOUN
easat-10590	416	52	management	management	NOUN
easat-10590	416	53	,	,	PUNCT
easat-10590	416	54	vol	vol	NOUN
easat-10590	416	55	.	.	PROPN
easat-10590	416	56	5	5	NUM
easat-10590	416	57	,	,	PUNCT
easat-10590	416	58	no	no	INTJ
easat-10590	416	59	.	.	NOUN
easat-10590	416	60	1	1	NUM
easat-10590	416	61	,	,	PUNCT
easat-10590	416	62	pp	pp	ADJ
easat-10590	416	63	.	.	PUNCT
easat-10590	417	1	123	123	NUM
easat-10590	417	2	-	-	SYM
easat-10590	417	3	136	136	NUM
easat-10590	417	4	,	,	PUNCT
easat-10590	417	5	2025	2025	NUM
easat-10590	417	6	.	.	PUNCT
easat-10590	418	1	https://doi.org/10.52970/grfm.v5i1.967	https://doi.org/10.52970/grfm.v5i1.967	ADJ
easat-10590	418	2	[	[	X
easat-10590	418	3	8	8	NUM
easat-10590	418	4	]	]	PUNCT
easat-10590	418	5	a.	a.	NOUN
easat-10590	418	6	arianpoor	arianpoor	NOUN
easat-10590	418	7	,	,	PUNCT
easat-10590	418	8	"	"	PUNCT
easat-10590	418	9	a	a	DET
easat-10590	418	10	re	re	NOUN
easat-10590	418	11	-	-	NOUN
easat-10590	418	12	examination	examination	NOUN
easat-10590	418	13	of	of	ADP
easat-10590	418	14	socially	socially	ADV
easat-10590	418	15	oriented	orient	VERB
easat-10590	418	16	responsibility	responsibility	NOUN
easat-10590	418	17	and	and	CCONJ
easat-10590	418	18	the	the	DET
easat-10590	418	19	cost	cost	NOUN
easat-10590	418	20	of	of	ADP
easat-10590	418	21	equity	equity	NOUN
easat-10590	418	22	:	:	PUNCT
easat-10590	418	23	evidence	evidence	NOUN
easat-10590	418	24	from	from	ADP
easat-10590	418	25	an	an	DET
easat-10590	418	26	inflationary	inflationary	ADJ
easat-10590	418	27	economy	economy	NOUN
easat-10590	418	28	,	,	PUNCT
easat-10590	418	29	"	"	PUNCT
easat-10590	418	30	international	international	ADJ
easat-10590	418	31	journal	journal	NOUN
easat-10590	418	32	of	of	ADP
easat-10590	418	33	islamic	islamic	ADJ
easat-10590	418	34	and	and	CCONJ
easat-10590	418	35	middle	middle	ADJ
easat-10590	418	36	eastern	eastern	ADJ
easat-10590	418	37	finance	finance	NOUN
easat-10590	418	38	and	and	CCONJ
easat-10590	418	39	management	management	NOUN
easat-10590	418	40	,	,	PUNCT
easat-10590	418	41	vol	vol	NOUN
easat-10590	418	42	.	.	PROPN
easat-10590	418	43	18	18	NUM
easat-10590	418	44	,	,	PUNCT
easat-10590	418	45	no	no	INTJ
easat-10590	418	46	.	.	NOUN
easat-10590	418	47	5	5	NUM
easat-10590	418	48	,	,	PUNCT
easat-10590	418	49	pp	pp	ADJ
easat-10590	418	50	.	.	PUNCT
easat-10590	419	1	1017	1017	NUM
easat-10590	419	2	-	-	SYM
easat-10590	419	3	1038	1038	NUM
easat-10590	419	4	,	,	PUNCT
easat-10590	419	5	2025	2025	NUM
easat-10590	419	6	.	.	PUNCT
easat-10590	420	1	https://doi.org/10.1108/imefm-06-2024-0290	https://doi.org/10.1108/imefm-06-2024-0290	PROPN
easat-10590	420	2	[	[	X
easat-10590	420	3	9	9	NUM
easat-10590	420	4	]	]	PUNCT
easat-10590	420	5	p.	p.	NOUN
easat-10590	420	6	dwibedi	dwibedi	PROPN
easat-10590	420	7	,	,	PUNCT
easat-10590	420	8	d.	d.	PROPN
easat-10590	420	9	pahi	pahi	PROPN
easat-10590	420	10	,	,	PUNCT
easat-10590	420	11	and	and	CCONJ
easat-10590	420	12	a.	a.	PROPN
easat-10590	420	13	p.	p.	PROPN
easat-10590	420	14	mishra	mishra	PROPN
easat-10590	420	15	,	,	PUNCT
easat-10590	420	16	"	"	PUNCT
easat-10590	420	17	corporate	corporate	ADJ
easat-10590	420	18	environmental	environmental	ADJ
easat-10590	420	19	,	,	PUNCT
easat-10590	420	20	social	social	ADJ
easat-10590	420	21	,	,	PUNCT
easat-10590	420	22	and	and	CCONJ
easat-10590	420	23	governance	governance	NOUN
easat-10590	420	24	disclosure	disclosure	NOUN
easat-10590	420	25	and	and	CCONJ
easat-10590	420	26	performance	performance	NOUN
easat-10590	420	27	dynamics	dynamic	NOUN
easat-10590	420	28	:	:	PUNCT
easat-10590	420	29	an	an	DET
easat-10590	420	30	empirical	empirical	ADJ
easat-10590	420	31	analysis	analysis	NOUN
easat-10590	420	32	of	of	ADP
easat-10590	420	33	brics	bric	NOUN
easat-10590	420	34	nations	nation	NOUN
easat-10590	420	35	,	,	PUNCT
easat-10590	420	36	"	"	PUNCT
easat-10590	420	37	indian	indian	ADJ
easat-10590	420	38	journal	journal	NOUN
easat-10590	420	39	of	of	ADP
easat-10590	420	40	finance	finance	NOUN
easat-10590	420	41	,	,	PUNCT
easat-10590	420	42	vol	vol	NOUN
easat-10590	420	43	.	.	PROPN
easat-10590	420	44	19	19	NUM
easat-10590	420	45	,	,	PUNCT
easat-10590	420	46	no	no	INTJ
easat-10590	420	47	.	.	NOUN
easat-10590	420	48	2	2	NUM
easat-10590	420	49	,	,	PUNCT
easat-10590	420	50	pp	pp	ADJ
easat-10590	420	51	.	.	PUNCT
easat-10590	421	1	27	27	NUM
easat-10590	421	2	-	-	SYM
easat-10590	421	3	44	44	NUM
easat-10590	421	4	,	,	PUNCT
easat-10590	421	5	2025	2025	NUM
easat-10590	421	6	.	.	PUNCT
easat-10590	422	1	[	[	X
easat-10590	422	2	10	10	NUM
easat-10590	422	3	]	]	X
easat-10590	422	4	e.	e.	PROPN
easat-10590	422	5	k.	k.	PROPN
easat-10590	422	6	a.	a.	PROPN
easat-10590	422	7	radwan	radwan	PROPN
easat-10590	422	8	,	,	PUNCT
easat-10590	422	9	z.	z.	PROPN
easat-10590	422	10	győri	győri	PROPN
easat-10590	422	11	,	,	PUNCT
easat-10590	422	12	and	and	CCONJ
easat-10590	422	13	a.	a.	NOUN
easat-10590	422	14	russo	russo	PROPN
easat-10590	422	15	,	,	PUNCT
easat-10590	422	16	"	"	PUNCT
easat-10590	422	17	assessing	assess	VERB
easat-10590	422	18	the	the	DET
easat-10590	422	19	quantity	quantity	NOUN
easat-10590	422	20	and	and	CCONJ
easat-10590	422	21	quality	quality	NOUN
easat-10590	422	22	of	of	ADP
easat-10590	422	23	corporate	corporate	ADJ
easat-10590	422	24	social	social	ADJ
easat-10590	422	25	responsibility	responsibility	NOUN
easat-10590	422	26	disclosures	disclosure	NOUN
easat-10590	422	27	on	on	ADP
easat-10590	422	28	websites	website	NOUN
easat-10590	422	29	:	:	PUNCT
easat-10590	422	30	an	an	DET
easat-10590	422	31	empirical	empirical	ADJ
easat-10590	422	32	analysis	analysis	NOUN
easat-10590	422	33	on	on	ADP
easat-10590	422	34	largest	large	ADJ
easat-10590	422	35	islamic	islamic	ADJ
easat-10590	422	36	and	and	CCONJ
easat-10590	422	37	conventional	conventional	ADJ
easat-10590	422	38	banks	bank	NOUN
easat-10590	422	39	worldwide	worldwide	ADV
easat-10590	422	40	,	,	PUNCT
easat-10590	422	41	"	"	PUNCT
easat-10590	422	42	international	international	ADJ
easat-10590	422	43	journal	journal	NOUN
easat-10590	422	44	of	of	ADP
easat-10590	422	45	bank	bank	PROPN
easat-10590	422	46	marketing	marketing	NOUN
easat-10590	422	47	,	,	PUNCT
easat-10590	422	48	vol	vol	NOUN
easat-10590	422	49	.	.	PROPN
easat-10590	423	1	43	43	NUM
easat-10590	423	2	,	,	PUNCT
easat-10590	423	3	no	no	INTJ
easat-10590	423	4	.	.	NOUN
easat-10590	423	5	6	6	NUM
easat-10590	423	6	,	,	PUNCT
easat-10590	423	7	pp	pp	ADJ
easat-10590	423	8	.	.	PUNCT
easat-10590	424	1	1151	1151	NUM
easat-10590	424	2	-	-	SYM
easat-10590	424	3	1194	1194	NUM
easat-10590	424	4	,	,	PUNCT
easat-10590	424	5	2025	2025	NUM
easat-10590	424	6	.	.	PUNCT
easat-10590	425	1	[	[	X
easat-10590	425	2	11	11	NUM
easat-10590	425	3	]	]	PUNCT
easat-10590	425	4	a.	a.	NOUN
easat-10590	425	5	al‑akheli	al‑akheli	PROPN
easat-10590	425	6	,	,	PUNCT
easat-10590	425	7	h.	h.	PROPN
easat-10590	425	8	tan	tan	PROPN
easat-10590	425	9	,	,	PUNCT
easat-10590	425	10	s.	s.	PROPN
easat-10590	425	11	a.	a.	PROPN
easat-10590	425	12	hazaea	hazaea	PROPN
easat-10590	425	13	,	,	PUNCT
easat-10590	425	14	b.	b.	PROPN
easat-10590	425	15	elfarra	elfarra	PROPN
easat-10590	425	16	,	,	PUNCT
easat-10590	425	17	and	and	CCONJ
easat-10590	425	18	a.	a.	NOUN
easat-10590	425	19	al‑zubairi	al‑zubairi	PROPN
easat-10590	425	20	,	,	PUNCT
easat-10590	425	21	"	"	PUNCT
easat-10590	425	22	mapping	map	VERB
easat-10590	425	23	the	the	DET
easat-10590	425	24	literature	literature	NOUN
easat-10590	425	25	trends	trend	NOUN
easat-10590	425	26	of	of	ADP
easat-10590	425	27	corporate	corporate	ADJ
easat-10590	425	28	social	social	ADJ
easat-10590	425	29	responsibility	responsibility	NOUN
easat-10590	425	30	and	and	CCONJ
easat-10590	425	31	cost	cost	NOUN
easat-10590	425	32	of	of	ADP
easat-10590	425	33	capital	capital	NOUN
easat-10590	425	34	:	:	PUNCT
easat-10590	425	35	a	a	DET
easat-10590	425	36	systematic	systematic	ADJ
easat-10590	425	37	literature	literature	NOUN
easat-10590	425	38	review	review	NOUN
easat-10590	425	39	,	,	PUNCT
easat-10590	425	40	"	"	PUNCT
easat-10590	425	41	corporate	corporate	ADJ
easat-10590	425	42	social	social	ADJ
easat-10590	425	43	responsibility	responsibility	NOUN
easat-10590	425	44	and	and	CCONJ
easat-10590	425	45	environmental	environmental	ADJ
easat-10590	425	46	management	management	NOUN
easat-10590	425	47	,	,	PUNCT
easat-10590	425	48	vol	vol	NOUN
easat-10590	425	49	.	.	PROPN
easat-10590	425	50	32	32	NUM
easat-10590	425	51	,	,	PUNCT
easat-10590	425	52	no	no	INTJ
easat-10590	425	53	.	.	NOUN
easat-10590	425	54	3	3	NUM
easat-10590	425	55	,	,	PUNCT
easat-10590	425	56	pp	pp	ADJ
easat-10590	425	57	.	.	PUNCT
easat-10590	425	58	3383	3383	NUM
easat-10590	425	59	-	-	SYM
easat-10590	425	60	3407	3407	NUM
easat-10590	425	61	,	,	PUNCT
easat-10590	425	62	2025	2025	NUM
easat-10590	425	63	.	.	PUNCT
easat-10590	426	1	https://doi.org/10.1002/csr.3137	https://doi.org/10.1002/csr.3137	NOUN
easat-10590	427	1	[	[	X
easat-10590	427	2	12	12	NUM
easat-10590	427	3	]	]	PUNCT
easat-10590	427	4	r.	r.	PROPN
easat-10590	427	5	arhinful	arhinful	PROPN
easat-10590	427	6	,	,	PUNCT
easat-10590	427	7	l.	l.	PROPN
easat-10590	427	8	mensah	mensah	PROPN
easat-10590	427	9	,	,	PUNCT
easat-10590	427	10	h.	h.	PROPN
easat-10590	427	11	i.	i.	PROPN
easat-10590	427	12	m.	m.	PROPN
easat-10590	427	13	amin	amin	PROPN
easat-10590	427	14	,	,	PUNCT
easat-10590	427	15	and	and	CCONJ
easat-10590	427	16	h.	h.	PROPN
easat-10590	427	17	a.	a.	NOUN
easat-10590	427	18	obeng	obeng	PROPN
easat-10590	427	19	,	,	PUNCT
easat-10590	427	20	"	"	PUNCT
easat-10590	427	21	the	the	DET
easat-10590	427	22	influence	influence	NOUN
easat-10590	427	23	of	of	ADP
easat-10590	427	24	cost	cost	NOUN
easat-10590	427	25	of	of	ADP
easat-10590	427	26	debt	debt	NOUN
easat-10590	427	27	,	,	PUNCT
easat-10590	427	28	cost	cost	NOUN
easat-10590	427	29	of	of	ADP
easat-10590	427	30	equity	equity	NOUN
easat-10590	427	31	and	and	CCONJ
easat-10590	427	32	weighted	weight	VERB
easat-10590	427	33	average	average	ADJ
easat-10590	427	34	cost	cost	NOUN
easat-10590	427	35	of	of	ADP
easat-10590	427	36	capital	capital	NOUN
easat-10590	427	37	on	on	ADP
easat-10590	427	38	dividend	dividend	NOUN
easat-10590	427	39	policy	policy	NOUN
easat-10590	427	40	decision	decision	NOUN
easat-10590	427	41	:	:	PUNCT
easat-10590	427	42	evidence	evidence	NOUN
easat-10590	427	43	from	from	ADP
easat-10590	427	44	non	non	ADJ
easat-10590	427	45	-	-	ADJ
easat-10590	427	46	financial	financial	ADJ
easat-10590	427	47	companies	company	NOUN
easat-10590	427	48	listed	list	VERB
easat-10590	427	49	on	on	ADP
easat-10590	427	50	the	the	DET
easat-10590	427	51	frankfurt	frankfurt	PROPN
easat-10590	427	52	stock	stock	PROPN
easat-10590	427	53	exchange	exchange	PROPN
easat-10590	427	54	,	,	PUNCT
easat-10590	427	55	"	"	PUNCT
easat-10590	427	56	future	future	ADJ
easat-10590	427	57	business	business	NOUN
easat-10590	427	58	journal	journal	NOUN
easat-10590	427	59	,	,	PUNCT
easat-10590	427	60	vol	vol	NOUN
easat-10590	427	61	.	.	PROPN
easat-10590	427	62	10	10	NUM
easat-10590	427	63	,	,	PUNCT
easat-10590	427	64	no	no	INTJ
easat-10590	427	65	.	.	NOUN
easat-10590	427	66	1	1	NUM
easat-10590	427	67	,	,	PUNCT
easat-10590	427	68	p.	p.	NOUN
easat-10590	427	69	99	99	NUM
easat-10590	427	70	,	,	PUNCT
easat-10590	427	71	2024	2024	NUM
easat-10590	427	72	.	.	PUNCT
easat-10590	427	73	https://doi.org/10.1186/s43093-024-00384-8	https://doi.org/10.1186/s43093-024-00384-8	NUM
easat-10590	428	1	[	[	X
easat-10590	428	2	13	13	NUM
easat-10590	428	3	]	]	X
easat-10590	428	4	y.	y.	PROPN
easat-10590	428	5	s.	s.	PROPN
easat-10590	428	6	al	al	PROPN
easat-10590	428	7	frijat	frijat	PROPN
easat-10590	428	8	and	and	CCONJ
easat-10590	428	9	a.	a.	NOUN
easat-10590	428	10	a.	a.	NOUN
easat-10590	428	11	elamer	elamer	PROPN
easat-10590	428	12	,	,	PUNCT
easat-10590	428	13	"	"	PUNCT
easat-10590	428	14	human	human	ADJ
easat-10590	428	15	capital	capital	NOUN
easat-10590	428	16	efficiency	efficiency	NOUN
easat-10590	428	17	,	,	PUNCT
easat-10590	428	18	corporate	corporate	ADJ
easat-10590	428	19	sustainability	sustainability	NOUN
easat-10590	428	20	,	,	PUNCT
easat-10590	428	21	and	and	CCONJ
easat-10590	428	22	performance	performance	NOUN
easat-10590	428	23	:	:	PUNCT
easat-10590	428	24	evidence	evidence	NOUN
easat-10590	428	25	from	from	ADP
easat-10590	428	26	emerging	emerge	VERB
easat-10590	428	27	economies	economy	NOUN
easat-10590	428	28	,	,	PUNCT
easat-10590	428	29	"	"	PUNCT
easat-10590	428	30	corporate	corporate	ADJ
easat-10590	428	31	social	social	ADJ
easat-10590	428	32	responsibility	responsibility	NOUN
easat-10590	428	33	and	and	CCONJ
easat-10590	428	34	environmental	environmental	ADJ
easat-10590	428	35	management	management	NOUN
easat-10590	428	36	,	,	PUNCT
easat-10590	428	37	vol	vol	NOUN
easat-10590	428	38	.	.	PROPN
easat-10590	428	39	32	32	NUM
easat-10590	428	40	,	,	PUNCT
easat-10590	428	41	no	no	INTJ
easat-10590	428	42	.	.	NOUN
easat-10590	428	43	2	2	NUM
easat-10590	428	44	,	,	PUNCT
easat-10590	428	45	pp	pp	ADJ
easat-10590	428	46	.	.	PUNCT
easat-10590	429	1	1457	1457	NUM
easat-10590	429	2	-	-	SYM
easat-10590	429	3	1472	1472	NUM
easat-10590	429	4	,	,	PUNCT
easat-10590	429	5	2025	2025	NUM
easat-10590	429	6	.	.	PUNCT
easat-10590	430	1	https://doi.org/10.1002/csr.3013	https://doi.org/10.1002/csr.3013	PRON
easat-10590	430	2	[	[	X
easat-10590	430	3	14	14	NUM
easat-10590	430	4	]	]	X
easat-10590	430	5	g.	g.	PROPN
easat-10590	430	6	abuselidze	abuselidze	PROPN
easat-10590	430	7	and	and	CCONJ
easat-10590	430	8	b.	b.	PROPN
easat-10590	430	9	sarjveladze	sarjveladze	PROPN
easat-10590	430	10	,	,	PUNCT
easat-10590	430	11	"	"	PUNCT
easat-10590	430	12	investor	investor	NOUN
easat-10590	430	13	behavior	behavior	NOUN
easat-10590	430	14	in	in	ADP
easat-10590	430	15	venture	venture	NOUN
easat-10590	430	16	capital	capital	NOUN
easat-10590	430	17	investment	investment	NOUN
easat-10590	430	18	:	:	PUNCT
easat-10590	430	19	an	an	DET
easat-10590	430	20	analytical	analytical	ADJ
easat-10590	430	21	study	study	NOUN
easat-10590	430	22	of	of	ADP
easat-10590	430	23	georgian	georgian	PROPN
easat-10590	430	24	and	and	CCONJ
easat-10590	430	25	central	central	ADJ
easat-10590	430	26	-	-	PUNCT
easat-10590	430	27	eastern	eastern	ADJ
easat-10590	430	28	european	european	ADJ
easat-10590	430	29	startup	startup	PROPN
easat-10590	430	30	markets	market	NOUN
easat-10590	430	31	,	,	PUNCT
easat-10590	430	32	"	"	PUNCT
easat-10590	430	33	european	european	ADJ
easat-10590	430	34	journal	journal	NOUN
easat-10590	430	35	of	of	ADP
easat-10590	430	36	sustainable	sustainable	ADJ
easat-10590	430	37	development	development	NOUN
easat-10590	430	38	,	,	PUNCT
easat-10590	430	39	vol	vol	NOUN
easat-10590	430	40	.	.	PROPN
easat-10590	430	41	14	14	NUM
easat-10590	430	42	,	,	PUNCT
easat-10590	430	43	no	no	INTJ
easat-10590	430	44	.	.	NOUN
easat-10590	430	45	1	1	NUM
easat-10590	430	46	,	,	PUNCT
easat-10590	430	47	pp	pp	ADJ
easat-10590	430	48	.	.	PUNCT
easat-10590	431	1	149	149	NUM
easat-10590	431	2	-	-	SYM
easat-10590	431	3	149	149	NUM
easat-10590	431	4	,	,	PUNCT
easat-10590	431	5	2025	2025	NUM
easat-10590	431	6	.	.	PUNCT
easat-10590	432	1	[	[	X
easat-10590	432	2	15	15	NUM
easat-10590	432	3	]	]	X
easat-10590	432	4	s.	s.	PROPN
easat-10590	432	5	chen	chen	PROPN
easat-10590	432	6	,	,	PUNCT
easat-10590	432	7	"	"	PUNCT
easat-10590	432	8	measuring	measure	VERB
easat-10590	432	9	regional	regional	ADJ
easat-10590	432	10	variations	variation	NOUN
easat-10590	432	11	and	and	CCONJ
easat-10590	432	12	analyzing	analyze	VERB
easat-10590	432	13	determinants	determinant	NOUN
easat-10590	432	14	for	for	ADP
easat-10590	432	15	global	global	ADJ
easat-10590	432	16	renewable	renewable	ADJ
easat-10590	432	17	energy	energy	NOUN
easat-10590	432	18	,	,	PUNCT
easat-10590	432	19	"	"	PUNCT
easat-10590	432	20	renewable	renewable	ADJ
easat-10590	432	21	energy	energy	NOUN
easat-10590	432	22	,	,	PUNCT
easat-10590	432	23	vol	vol	NOUN
easat-10590	432	24	.	.	PROPN
easat-10590	432	25	244	244	NUM
easat-10590	432	26	,	,	PUNCT
easat-10590	432	27	p.	p.	NOUN
easat-10590	432	28	122644	122644	NUM
easat-10590	432	29	,	,	PUNCT
easat-10590	432	30	2025	2025	NUM
easat-10590	432	31	.	.	PUNCT
easat-10590	433	1	https://doi.org/10.1016/j.renene.2025.122644	https://doi.org/10.1016/j.renene.2025.122644	PROPN
easat-10590	434	1	[	[	X
easat-10590	434	2	16	16	NUM
easat-10590	434	3	]	]	PUNCT
easat-10590	434	4	j.	j.	PROPN
easat-10590	434	5	huang	huang	PROPN
easat-10590	434	6	,	,	PUNCT
easat-10590	434	7	p.	p.	PROPN
easat-10590	434	8	hu	hu	PROPN
easat-10590	434	9	,	,	PUNCT
easat-10590	434	10	d.	d.	PROPN
easat-10590	434	11	d.	d.	PROPN
easat-10590	434	12	wang	wang	PROPN
easat-10590	434	13	,	,	PUNCT
easat-10590	434	14	and	and	CCONJ
easat-10590	434	15	y.	y.	PROPN
easat-10590	434	16	wang	wang	PROPN
easat-10590	434	17	,	,	PUNCT
easat-10590	434	18	"	"	PUNCT
easat-10590	434	19	the	the	DET
easat-10590	434	20	double	double	ADJ
easat-10590	434	21	signal	signal	NOUN
easat-10590	434	22	of	of	ADP
easat-10590	434	23	esg	esg	PROPN
easat-10590	434	24	reports	report	NOUN
easat-10590	434	25	:	:	PUNCT
easat-10590	434	26	readability	readability	NOUN
easat-10590	434	27	,	,	PUNCT
easat-10590	434	28	growth	growth	NOUN
easat-10590	434	29	,	,	PUNCT
easat-10590	434	30	and	and	CCONJ
easat-10590	434	31	institutional	institutional	ADJ
easat-10590	434	32	influence	influence	NOUN
easat-10590	434	33	on	on	ADP
easat-10590	434	34	firm	firm	ADJ
easat-10590	434	35	value	value	NOUN
easat-10590	434	36	,	,	PUNCT
easat-10590	434	37	"	"	PUNCT
easat-10590	434	38	sustainability	sustainability	NOUN
easat-10590	434	39	,	,	PUNCT
easat-10590	434	40	vol	vol	NOUN
easat-10590	434	41	.	.	PROPN
easat-10590	434	42	17	17	NUM
easat-10590	434	43	,	,	PUNCT
easat-10590	434	44	no	no	INTJ
easat-10590	434	45	.	.	NOUN
easat-10590	434	46	6	6	NUM
easat-10590	434	47	,	,	PUNCT
easat-10590	434	48	p.	p.	NOUN
easat-10590	434	49	2514	2514	NUM
easat-10590	434	50	,	,	PUNCT
easat-10590	434	51	2025	2025	NUM
easat-10590	434	52	.	.	PUNCT
easat-10590	435	1	https://doi.org/10.3390/su17062514	https://doi.org/10.3390/su17062514	NOUN
easat-10590	435	2	[	[	X
easat-10590	435	3	17	17	NUM
easat-10590	435	4	]	]	X
easat-10590	435	5	c.	c.	PROPN
easat-10590	435	6	del	del	PROPN
easat-10590	435	7	gesso	gesso	PROPN
easat-10590	435	8	and	and	CCONJ
easat-10590	435	9	r.	r.	PROPN
easat-10590	435	10	n.	n.	PROPN
easat-10590	435	11	lodhi	lodhi	PROPN
easat-10590	435	12	,	,	PUNCT
easat-10590	435	13	"	"	PUNCT
easat-10590	435	14	theories	theorie	VERB
easat-10590	435	15	underlying	underlie	VERB
easat-10590	435	16	environmental	environmental	ADJ
easat-10590	435	17	,	,	PUNCT
easat-10590	435	18	social	social	ADJ
easat-10590	435	19	and	and	CCONJ
easat-10590	435	20	governance	governance	NOUN
easat-10590	435	21	(	(	PUNCT
easat-10590	435	22	esg	esg	NOUN
easat-10590	435	23	)	)	PUNCT
easat-10590	435	24	disclosure	disclosure	NOUN
easat-10590	435	25	:	:	PUNCT
easat-10590	435	26	a	a	DET
easat-10590	435	27	systematic	systematic	ADJ
easat-10590	435	28	review	review	NOUN
easat-10590	435	29	of	of	ADP
easat-10590	435	30	accounting	accounting	NOUN
easat-10590	435	31	studies	study	NOUN
easat-10590	435	32	,	,	PUNCT
easat-10590	435	33	"	"	PUNCT
easat-10590	435	34	journal	journal	NOUN
easat-10590	435	35	of	of	ADP
easat-10590	435	36	accounting	accounting	NOUN
easat-10590	435	37	literature	literature	PROPN
easat-10590	435	38	,	,	PUNCT
easat-10590	435	39	vol	vol	NOUN
easat-10590	435	40	.	.	PROPN
easat-10590	436	1	47	47	NUM
easat-10590	436	2	,	,	PUNCT
easat-10590	436	3	no	no	INTJ
easat-10590	436	4	.	.	NOUN
easat-10590	436	5	2	2	NUM
easat-10590	436	6	,	,	PUNCT
easat-10590	436	7	pp	pp	ADJ
easat-10590	436	8	.	.	PUNCT
easat-10590	437	1	433	433	NUM
easat-10590	437	2	-	-	SYM
easat-10590	437	3	461	461	NUM
easat-10590	437	4	,	,	PUNCT
easat-10590	437	5	2025	2025	NUM
easat-10590	437	6	.	.	PUNCT
easat-10590	438	1	https://doi.org/10.1108/jal-08-2023-0143	https://doi.org/10.1108/jal-08-2023-0143	NOUN
easat-10590	439	1	[	[	X
easat-10590	439	2	18	18	NUM
easat-10590	439	3	]	]	PUNCT
easat-10590	439	4	j.	j.	PROPN
easat-10590	439	5	w.	w.	PROPN
easat-10590	439	6	lee	lee	PROPN
easat-10590	439	7	,	,	PUNCT
easat-10590	439	8	b.	b.	PROPN
easat-10590	439	9	k.	k.	PROPN
easat-10590	439	10	kim	kim	PROPN
easat-10590	439	11	,	,	PUNCT
easat-10590	439	12	s.	s.	PROPN
easat-10590	439	13	lim	lim	PROPN
easat-10590	439	14	,	,	PUNCT
easat-10590	439	15	and	and	CCONJ
easat-10590	439	16	e.	e.	PROPN
easat-10590	439	17	chang	chang	PROPN
easat-10590	439	18	,	,	PUNCT
easat-10590	439	19	"	"	PUNCT
easat-10590	439	20	multiple	multiple	ADJ
easat-10590	439	21	reputation	reputation	NOUN
easat-10590	439	22	effects	effect	NOUN
easat-10590	439	23	on	on	ADP
easat-10590	439	24	employee	employee	NOUN
easat-10590	439	25	turnover	turnover	NOUN
easat-10590	439	26	intention	intention	NOUN
easat-10590	439	27	under	under	ADP
easat-10590	439	28	uncertainty	uncertainty	NOUN
easat-10590	439	29	:	:	PUNCT
easat-10590	439	30	a	a	DET
easat-10590	439	31	signaling	signal	VERB
easat-10590	439	32	theory	theory	NOUN
easat-10590	439	33	explanation	explanation	NOUN
easat-10590	439	34	,	,	PUNCT
easat-10590	439	35	"	"	PUNCT
easat-10590	439	36	korean	korean	ADJ
easat-10590	439	37	management	management	NOUN
easat-10590	439	38	review	review	PROPN
easat-10590	439	39	,	,	PUNCT
easat-10590	439	40	vol	vol	NOUN
easat-10590	439	41	.	.	PROPN
easat-10590	439	42	54	54	NUM
easat-10590	439	43	,	,	PUNCT
easat-10590	439	44	no	no	INTJ
easat-10590	439	45	.	.	NOUN
easat-10590	439	46	1	1	NUM
easat-10590	439	47	,	,	PUNCT
easat-10590	439	48	pp	pp	ADJ
easat-10590	439	49	.	.	PUNCT
easat-10590	440	1	27	27	NUM
easat-10590	440	2	-	-	SYM
easat-10590	440	3	54	54	NUM
easat-10590	440	4	,	,	PUNCT
easat-10590	440	5	2025	2025	NUM
easat-10590	440	6	.	.	PUNCT
easat-10590	441	1	https://doi.org/10.17287/kmr.2025.54.1.27	https://doi.org/10.17287/kmr.2025.54.1.27	PROPN
easat-10590	442	1	[	[	X
easat-10590	442	2	19	19	NUM
easat-10590	442	3	]	]	PUNCT
easat-10590	442	4	e.	e.	PROPN
easat-10590	442	5	ceulemans	ceulemans	PROPN
easat-10590	442	6	,	,	PUNCT
easat-10590	442	7	i.	i.	PROPN
easat-10590	442	8	cardenas	cardenas	PROPN
easat-10590	442	9	,	,	PUNCT
easat-10590	442	10	e.	e.	PROPN
easat-10590	442	11	van	van	PROPN
easat-10590	442	12	hassel	hassel	PROPN
easat-10590	442	13	,	,	PUNCT
easat-10590	442	14	and	and	CCONJ
easat-10590	442	15	t.	t.	PROPN
easat-10590	442	16	vanelslander	vanelslander	NOUN
easat-10590	442	17	,	,	PUNCT
easat-10590	442	18	"	"	PUNCT
easat-10590	442	19	synchromodal	synchromodal	ADJ
easat-10590	442	20	transport	transport	NOUN
easat-10590	442	21	vs.	vs.	ADP
easat-10590	442	22	conventional	conventional	ADJ
easat-10590	442	23	hinterland	hinterland	NOUN
easat-10590	442	24	transport	transport	NOUN
easat-10590	442	25	:	:	PUNCT
easat-10590	442	26	a	a	DET
easat-10590	442	27	stakeholder	stakeholder	NOUN
easat-10590	442	28	theory	theory	NOUN
easat-10590	442	29	analysis	analysis	NOUN
easat-10590	442	30	,	,	PUNCT
easat-10590	442	31	"	"	PUNCT
easat-10590	442	32	transport	transport	NOUN
easat-10590	442	33	reviews	review	NOUN
easat-10590	442	34	,	,	PUNCT
easat-10590	442	35	vol	vol	NOUN
easat-10590	442	36	.	.	PROPN
easat-10590	442	37	45	45	NUM
easat-10590	442	38	,	,	PUNCT
easat-10590	442	39	no	no	INTJ
easat-10590	442	40	.	.	NOUN
easat-10590	442	41	1	1	NUM
easat-10590	442	42	,	,	PUNCT
easat-10590	442	43	pp	pp	ADJ
easat-10590	442	44	.	.	PUNCT
easat-10590	442	45	1	1	NUM
easat-10590	442	46	-	-	SYM
easat-10590	442	47	25	25	NUM
easat-10590	442	48	,	,	PUNCT
easat-10590	442	49	2025	2025	NUM
easat-10590	442	50	.	.	PUNCT
easat-10590	443	1	https://doi.org/10.1080/01441647.2024.2403471	https://doi.org/10.1080/01441647.2024.2403471	NOUN
easat-10590	444	1	[	[	X
easat-10590	444	2	20	20	NUM
easat-10590	444	3	]	]	X
easat-10590	444	4	g.	g.	PROPN
easat-10590	444	5	sarturi	sarturi	PROPN
easat-10590	444	6	,	,	PUNCT
easat-10590	444	7	s.	s.	PROPN
easat-10590	444	8	r.	r.	PROPN
easat-10590	444	9	barakat	barakat	PROPN
easat-10590	444	10	,	,	PUNCT
easat-10590	444	11	and	and	CCONJ
easat-10590	444	12	r.	r.	PROPN
easat-10590	444	13	c.	c.	PROPN
easat-10590	444	14	gomes	gomes	PROPN
easat-10590	444	15	,	,	PUNCT
easat-10590	444	16	"	"	PUNCT
easat-10590	444	17	stakeholder	stakeholder	NOUN
easat-10590	444	18	theory	theory	NOUN
easat-10590	444	19	in	in	ADP
easat-10590	444	20	the	the	DET
easat-10590	444	21	public	public	ADJ
easat-10590	444	22	sector	sector	NOUN
easat-10590	444	23	domain	domain	NOUN
easat-10590	444	24	:	:	PUNCT
easat-10590	444	25	a	a	DET
easat-10590	444	26	bibliometric	bibliometric	ADJ
easat-10590	444	27	analysis	analysis	NOUN
easat-10590	444	28	and	and	CCONJ
easat-10590	444	29	future	future	ADJ
easat-10590	444	30	research	research	NOUN
easat-10590	444	31	agenda	agenda	NOUN
easat-10590	444	32	,	,	PUNCT
easat-10590	444	33	"	"	PUNCT
easat-10590	444	34	review	review	NOUN
easat-10590	444	35	of	of	ADP
easat-10590	444	36	policy	policy	NOUN
easat-10590	444	37	research	research	NOUN
easat-10590	444	38	,	,	PUNCT
easat-10590	444	39	vol	vol	NOUN
easat-10590	444	40	.	.	PROPN
easat-10590	444	41	42	42	NUM
easat-10590	444	42	,	,	PUNCT
easat-10590	444	43	no	no	INTJ
easat-10590	444	44	.	.	NOUN
easat-10590	444	45	3	3	NUM
easat-10590	444	46	,	,	PUNCT
easat-10590	444	47	pp	pp	ADJ
easat-10590	444	48	.	.	PUNCT
easat-10590	445	1	736	736	NUM
easat-10590	445	2	-	-	SYM
easat-10590	445	3	756	756	NUM
easat-10590	445	4	,	,	PUNCT
easat-10590	445	5	2025	2025	NUM
easat-10590	445	6	.	.	PUNCT
easat-10590	446	1	https://doi.org/10.1111/ropr.12560	https://doi.org/10.1111/ropr.12560	PROPN
easat-10590	447	1	[	[	X
easat-10590	447	2	21	21	NUM
easat-10590	447	3	]	]	X
easat-10590	447	4	b.	b.	PROPN
easat-10590	447	5	de	de	PROPN
easat-10590	447	6	oliveira	oliveira	PROPN
easat-10590	447	7	vieira	vieira	PROPN
easat-10590	447	8	and	and	CCONJ
easat-10590	447	9	p.	p.	PROPN
easat-10590	447	10	guarnieri	guarnieri	PROPN
easat-10590	447	11	,	,	PUNCT
easat-10590	447	12	"	"	PUNCT
easat-10590	447	13	towards	towards	ADP
easat-10590	447	14	the	the	DET
easat-10590	447	15	circular	circular	ADJ
easat-10590	447	16	economy	economy	NOUN
easat-10590	447	17	from	from	ADP
easat-10590	447	18	the	the	DET
easat-10590	447	19	perspective	perspective	NOUN
easat-10590	447	20	of	of	ADP
easat-10590	447	21	new	new	ADJ
easat-10590	447	22	institutional	institutional	ADJ
easat-10590	447	23	theory	theory	NOUN
easat-10590	447	24	:	:	PUNCT
easat-10590	447	25	a	a	DET
easat-10590	447	26	systematic	systematic	ADJ
easat-10590	447	27	analysis	analysis	NOUN
easat-10590	447	28	of	of	ADP
easat-10590	447	29	the	the	DET
easat-10590	447	30	literature	literature	NOUN
easat-10590	447	31	with	with	ADP
easat-10590	447	32	inordinatio	inordinatio	NOUN
easat-10590	447	33	protocol	protocol	NOUN
easat-10590	447	34	,	,	PUNCT
easat-10590	447	35	"	"	PUNCT
easat-10590	447	36	management	management	NOUN
easat-10590	447	37	research	research	NOUN
easat-10590	447	38	:	:	PUNCT
easat-10590	447	39	journal	journal	NOUN
easat-10590	447	40	of	of	ADP
easat-10590	447	41	the	the	DET
easat-10590	447	42	iberoamerican	iberoamerican	PROPN
easat-10590	447	43	academy	academy	PROPN
easat-10590	447	44	of	of	ADP
easat-10590	447	45	management	management	NOUN
easat-10590	447	46	,	,	PUNCT
easat-10590	447	47	vol	vol	NOUN
easat-10590	447	48	.	.	PROPN
easat-10590	447	49	23	23	NUM
easat-10590	447	50	,	,	PUNCT
easat-10590	447	51	no	no	INTJ
easat-10590	447	52	.	.	NOUN
easat-10590	447	53	1	1	NUM
easat-10590	447	54	,	,	PUNCT
easat-10590	447	55	pp	pp	ADJ
easat-10590	447	56	.	.	PUNCT
easat-10590	448	1	65	65	NUM
easat-10590	448	2	-	-	SYM
easat-10590	448	3	89	89	NUM
easat-10590	448	4	,	,	PUNCT
easat-10590	448	5	2025	2025	NUM
easat-10590	448	6	.	.	PUNCT
easat-10590	449	1	https://doi.org/10.1108/mrjiam-01-20241503	https://doi.org/10.1108/mrjiam-01-20241503	PROPN
easat-10590	450	1	[	[	X
easat-10590	450	2	22	22	NUM
easat-10590	450	3	]	]	PUNCT
easat-10590	450	4	j.	j.	PROPN
easat-10590	450	5	de	de	PROPN
easat-10590	450	6	curtò	curtò	PROPN
easat-10590	450	7	,	,	PUNCT
easat-10590	450	8	i.	i.	PROPN
easat-10590	450	9	de	de	PROPN
easat-10590	450	10	zarzà	zarzà	PROPN
easat-10590	450	11	,	,	PUNCT
easat-10590	450	12	l.	l.	PROPN
easat-10590	450	13	s.	s.	PROPN
easat-10590	450	14	fervier	fervier	PROPN
easat-10590	450	15	,	,	PUNCT
easat-10590	450	16	v.	v.	PROPN
easat-10590	450	17	sanagustín	sanagustín	NOUN
easat-10590	450	18	-	-	PUNCT
easat-10590	450	19	fons	fon	NOUN
easat-10590	450	20	,	,	PUNCT
easat-10590	450	21	and	and	CCONJ
easat-10590	450	22	c.	c.	PROPN
easat-10590	450	23	t.	t.	PROPN
easat-10590	450	24	calafate	calafate	PROPN
easat-10590	450	25	,	,	PUNCT
easat-10590	450	26	"	"	PUNCT
easat-10590	450	27	an	an	DET
easat-10590	450	28	institutional	institutional	ADJ
easat-10590	450	29	theory	theory	NOUN
easat-10590	450	30	framework	framework	NOUN
easat-10590	450	31	for	for	ADP
easat-10590	450	32	leveraging	leverage	VERB
easat-10590	450	33	large	large	ADJ
easat-10590	450	34	language	language	NOUN
easat-10590	450	35	models	model	NOUN
easat-10590	450	36	for	for	ADP
easat-10590	450	37	policy	policy	NOUN
easat-10590	450	38	analysis	analysis	NOUN
easat-10590	450	39	and	and	CCONJ
easat-10590	450	40	intervention	intervention	NOUN
easat-10590	450	41	design	design	NOUN
easat-10590	450	42	,	,	PUNCT
easat-10590	450	43	"	"	PUNCT
easat-10590	450	44	future	future	ADJ
easat-10590	450	45	internet	internet	NOUN
easat-10590	450	46	,	,	PUNCT
easat-10590	450	47	vol	vol	NOUN
easat-10590	450	48	.	.	PROPN
easat-10590	450	49	17	17	NUM
easat-10590	450	50	,	,	PUNCT
easat-10590	450	51	no	no	INTJ
easat-10590	450	52	.	.	NOUN
easat-10590	450	53	3	3	NUM
easat-10590	450	54	,	,	PUNCT
easat-10590	450	55	p.	p.	NOUN
easat-10590	450	56	96	96	NUM
easat-10590	450	57	,	,	PUNCT
easat-10590	450	58	2025	2025	NUM
easat-10590	450	59	.	.	PUNCT
easat-10590	450	60	https://doi.org/10.3390/fi17030096	https://doi.org/10.3390/fi17030096	PUNCT
easat-10590	451	1	[	[	X
easat-10590	451	2	23	23	NUM
easat-10590	451	3	]	]	PUNCT
easat-10590	451	4	b.	b.	PROPN
easat-10590	451	5	galleli	galleli	PROPN
easat-10590	451	6	and	and	CCONJ
easat-10590	451	7	l.	l.	PROPN
easat-10590	451	8	amaral	amaral	PROPN
easat-10590	451	9	,	,	PUNCT
easat-10590	451	10	"	"	PUNCT
easat-10590	451	11	bridging	bridge	VERB
easat-10590	451	12	institutional	institutional	ADJ
easat-10590	451	13	theory	theory	NOUN
easat-10590	451	14	and	and	CCONJ
easat-10590	451	15	social	social	ADJ
easat-10590	451	16	and	and	CCONJ
easat-10590	451	17	environmental	environmental	ADJ
easat-10590	451	18	efforts	effort	NOUN
easat-10590	451	19	in	in	ADP
easat-10590	451	20	management	management	NOUN
easat-10590	451	21	:	:	PUNCT
easat-10590	451	22	a	a	DET
easat-10590	451	23	review	review	NOUN
easat-10590	451	24	and	and	CCONJ
easat-10590	451	25	research	research	NOUN
easat-10590	451	26	agenda	agenda	NOUN
easat-10590	451	27	,	,	PUNCT
easat-10590	451	28	"	"	PUNCT
easat-10590	451	29	journal	journal	NOUN
easat-10590	451	30	of	of	ADP
easat-10590	451	31	management	management	NOUN
easat-10590	451	32	,	,	PUNCT
easat-10590	451	33	p.	p.	NOUN
easat-10590	451	34	01492063251322429	01492063251322429	NUM
easat-10590	451	35	,	,	PUNCT
easat-10590	451	36	2025	2025	NUM
easat-10590	451	37	.	.	PUNCT
easat-10590	452	1	https://doi.org/10.1177/01492063251322429	https://doi.org/10.1177/01492063251322429	ADJ
easat-10590	452	2	https://doi.org/10.1108/jal-01-2023-0017	https://doi.org/10.1108/jal-01-2023-0017	X
easat-10590	452	3	https://doi.org/10.1002/csr.3096	https://doi.org/10.1002/csr.3096	PROPN
easat-10590	452	4	https://doi.org/10.52970/grfm.v5i1.967	https://doi.org/10.52970/grfm.v5i1.967	ADJ
easat-10590	452	5	https://doi.org/10.1108/imefm-06-2024-0290	https://doi.org/10.1108/imefm-06-2024-0290	PROPN
easat-10590	452	6	https://doi.org/10.1002/csr.3137	https://doi.org/10.1002/csr.3137	NOUN
easat-10590	452	7	https://doi.org/10.1186/s43093-024-00384-8	https://doi.org/10.1186/s43093-024-00384-8	NUM
easat-10590	452	8	https://doi.org/10.1002/csr.3013	https://doi.org/10.1002/csr.3013	PROPN
easat-10590	452	9	https://doi.org/10.1016/j.renene.2025.122644	https://doi.org/10.1016/j.renene.2025.122644	PROPN
easat-10590	452	10	https://doi.org/10.3390/su17062514	https://doi.org/10.3390/su17062514	NUM
easat-10590	452	11	https://doi.org/10.1108/jal-08-2023-0143	https://doi.org/10.1108/jal-08-2023-0143	PROPN
easat-10590	452	12	https://doi.org/10.17287/kmr.2025.54.1.27	https://doi.org/10.17287/kmr.2025.54.1.27	PROPN
easat-10590	452	13	https://doi.org/10.1080/01441647.2024.2403471	https://doi.org/10.1080/01441647.2024.2403471	PROPN
easat-10590	452	14	https://doi.org/10.1111/ropr.12560	https://doi.org/10.1111/ropr.12560	PROPN
easat-10590	452	15	https://doi.org/10.1108/mrjiam-01-2024-1503	https://doi.org/10.1108/mrjiam-01-2024-1503	PROPN
easat-10590	452	16	https://doi.org/10.1108/mrjiam-01-2024-1503	https://doi.org/10.1108/mrjiam-01-2024-1503	ADJ
easat-10590	452	17	https://doi.org/10.3390/fi17030096	https://doi.org/10.3390/fi17030096	PUNCT
easat-10590	452	18	https://doi.org/10.1177/01492063251322429	https://doi.org/10.1177/01492063251322429	ADJ
easat-10590	452	19	1041	1041	NUM
easat-10590	452	20	edelweiss	edelweiss	PROPN
easat-10590	452	21	applied	apply	VERB
easat-10590	452	22	science	science	NOUN
easat-10590	452	23	and	and	CCONJ
easat-10590	452	24	technology	technology	NOUN
easat-10590	452	25	issn	issn	PROPN
easat-10590	452	26	:	:	PUNCT
easat-10590	452	27	2576	2576	NUM
easat-10590	452	28	-	-	SYM
easat-10590	452	29	8484	8484	NUM
easat-10590	452	30	vol	vol	NOUN
easat-10590	452	31	.	.	PROPN
easat-10590	453	1	9	9	NUM
easat-10590	453	2	,	,	PUNCT
easat-10590	453	3	no	no	INTJ
easat-10590	453	4	.	.	NOUN
easat-10590	453	5	10	10	NUM
easat-10590	453	6	:	:	PUNCT
easat-10590	453	7	1021	1021	NUM
easat-10590	453	8	-	-	SYM
easat-10590	453	9	1041	1041	NUM
easat-10590	453	10	,	,	PUNCT
easat-10590	453	11	2025	2025	NUM
easat-10590	453	12	doi	doi	NOUN
easat-10590	453	13	:	:	PUNCT
easat-10590	453	14	10.55214/2576	10.55214/2576	NUM
easat-10590	453	15	-	-	SYM
easat-10590	453	16	8484.v9i10.10590	8484.v9i10.10590	NUM
easat-10590	453	17	©	©	ADP
easat-10590	453	18	2025	2025	NUM
easat-10590	453	19	by	by	ADP
easat-10590	453	20	the	the	DET
easat-10590	453	21	author	author	NOUN
easat-10590	453	22	;	;	PUNCT
easat-10590	453	23	licensee	licensee	PROPN
easat-10590	453	24	learning	learning	NOUN
easat-10590	453	25	gate	gate	NOUN
easat-10590	453	26	[	[	X
easat-10590	453	27	24	24	NUM
easat-10590	453	28	]	]	PUNCT
easat-10590	453	29	h.	h.	PROPN
easat-10590	453	30	c.	c.	PROPN
easat-10590	453	31	nguyen	nguyen	PROPN
easat-10590	453	32	and	and	CCONJ
easat-10590	453	33	h.	h.	PROPN
easat-10590	453	34	k.	k.	PROPN
easat-10590	453	35	duong	duong	PROPN
easat-10590	453	36	,	,	PUNCT
easat-10590	453	37	"	"	PUNCT
easat-10590	453	38	the	the	DET
easat-10590	453	39	impact	impact	NOUN
easat-10590	453	40	of	of	ADP
easat-10590	453	41	sustainability	sustainability	NOUN
easat-10590	453	42	reporting	report	VERB
easat-10590	453	43	on	on	ADP
easat-10590	453	44	the	the	DET
easat-10590	453	45	cost	cost	NOUN
easat-10590	453	46	of	of	ADP
easat-10590	453	47	capital	capital	NOUN
easat-10590	453	48	:	:	PUNCT
easat-10590	453	49	evidence	evidence	NOUN
easat-10590	453	50	from	from	ADP
easat-10590	453	51	vietnam	vietnam	PROPN
easat-10590	453	52	’s	’s	PART
easat-10590	453	53	listed	list	VERB
easat-10590	453	54	companies	company	NOUN
easat-10590	453	55	,	,	PUNCT
easat-10590	453	56	"	"	PUNCT
easat-10590	453	57	journal	journal	NOUN
easat-10590	453	58	of	of	ADP
easat-10590	453	59	financial	financial	ADJ
easat-10590	453	60	reporting	reporting	NOUN
easat-10590	453	61	and	and	CCONJ
easat-10590	453	62	accounting	accounting	NOUN
easat-10590	453	63	,	,	PUNCT
easat-10590	453	64	2025	2025	NUM
easat-10590	453	65	.	.	PUNCT
easat-10590	454	1	https://doi.org/10.1108/jfra-092024-0642	https://doi.org/10.1108/jfra-092024-0642	PROPN
easat-10590	455	1	[	[	X
easat-10590	455	2	25	25	NUM
easat-10590	455	3	]	]	PUNCT
easat-10590	455	4	c.	c.	PROPN
easat-10590	455	5	borrego	borrego	PROPN
easat-10590	455	6	,	,	PUNCT
easat-10590	455	7	"	"	PUNCT
easat-10590	455	8	integrated	integrate	VERB
easat-10590	455	9	coastal	coastal	ADJ
easat-10590	455	10	zone	zone	NOUN
easat-10590	455	11	strategy	strategy	NOUN
easat-10590	455	12	:	:	PUNCT
easat-10590	455	13	need	need	VERB
easat-10590	455	14	for	for	ADP
easat-10590	455	15	a	a	DET
easat-10590	455	16	more	more	ADV
easat-10590	455	17	quantitative	quantitative	ADJ
easat-10590	455	18	approach	approach	NOUN
easat-10590	455	19	,	,	PUNCT
easat-10590	455	20	"	"	PUNCT
easat-10590	455	21	wit	wit	ADJ
easat-10590	455	22	transactions	transaction	NOUN
easat-10590	455	23	on	on	ADP
easat-10590	455	24	ecology	ecology	NOUN
easat-10590	455	25	and	and	CCONJ
easat-10590	455	26	the	the	DET
easat-10590	455	27	environment	environment	NOUN
easat-10590	455	28	,	,	PUNCT
easat-10590	455	29	vol	vol	NOUN
easat-10590	455	30	.	.	PROPN
easat-10590	455	31	15	15	NUM
easat-10590	455	32	,	,	PUNCT
easat-10590	455	33	p.	p.	NOUN
easat-10590	455	34	10	10	NUM
easat-10590	455	35	,	,	PUNCT
easat-10590	455	36	2025	2025	NUM
easat-10590	455	37	.	.	PUNCT
easat-10590	456	1	https://doi.org/10.2495/cenv960031	https://doi.org/10.2495/cenv960031	NOUN
easat-10590	456	2	[	[	X
easat-10590	456	3	26	26	NUM
easat-10590	456	4	]	]	X
easat-10590	456	5	r.	r.	PROPN
easat-10590	456	6	artigues	artigues	PROPN
easat-10590	456	7	femenia	femenia	PROPN
easat-10590	456	8	,	,	PUNCT
easat-10590	456	9	"	"	PUNCT
easat-10590	456	10	modeling	modeling	NOUN
easat-10590	456	11	and	and	CCONJ
easat-10590	456	12	normalization	normalization	NOUN
easat-10590	456	13	of	of	ADP
easat-10590	456	14	the	the	DET
easat-10590	456	15	added	add	VERB
easat-10590	456	16	value	value	NOUN
easat-10590	456	17	of	of	ADP
easat-10590	456	18	human	human	ADJ
easat-10590	456	19	capital	capital	NOUN
easat-10590	456	20	:	:	PUNCT
easat-10590	456	21	an	an	DET
easat-10590	456	22	integrated	integrated	ADJ
easat-10590	456	23	quantitative	quantitative	ADJ
easat-10590	456	24	approach	approach	NOUN
easat-10590	456	25	,	,	PUNCT
easat-10590	456	26	"	"	PUNCT
easat-10590	456	27	available	available	ADJ
easat-10590	456	28	at	at	ADP
easat-10590	456	29	ssrn	ssrn	NOUN
easat-10590	456	30	,	,	PUNCT
easat-10590	456	31	2025	2025	NUM
easat-10590	456	32	.	.	PUNCT
easat-10590	457	1	http://dx.doi.org/10.2139/ssrn.5157029	http://dx.doi.org/10.2139/ssrn.5157029	PRON
easat-10590	458	1	[	[	X
easat-10590	458	2	27	27	NUM
easat-10590	458	3	]	]	PUNCT
easat-10590	458	4	x.	x.	PROPN
easat-10590	458	5	li	li	PROPN
easat-10590	458	6	,	,	PUNCT
easat-10590	458	7	z.	z.	PROPN
easat-10590	458	8	chang	chang	PROPN
easat-10590	458	9	,	,	PUNCT
easat-10590	458	10	and	and	CCONJ
easat-10590	458	11	j.	j.	PROPN
easat-10590	458	12	qi	qi	PROPN
easat-10590	458	13	,	,	PUNCT
easat-10590	458	14	"	"	PUNCT
easat-10590	458	15	foreign	foreign	ADJ
easat-10590	458	16	investment	investment	NOUN
easat-10590	458	17	policy	policy	NOUN
easat-10590	458	18	,	,	PUNCT
easat-10590	458	19	market	market	NOUN
easat-10590	458	20	entry	entry	NOUN
easat-10590	458	21	and	and	CCONJ
easat-10590	458	22	corporate	corporate	ADJ
easat-10590	458	23	esg	esg	NOUN
easat-10590	458	24	performance	performance	NOUN
easat-10590	458	25	,	,	PUNCT
easat-10590	458	26	"	"	PUNCT
easat-10590	458	27	international	international	ADJ
easat-10590	458	28	review	review	NOUN
easat-10590	458	29	of	of	ADP
easat-10590	458	30	financial	financial	ADJ
easat-10590	458	31	analysis	analysis	NOUN
easat-10590	458	32	,	,	PUNCT
easat-10590	458	33	vol	vol	NOUN
easat-10590	458	34	.	.	PROPN
easat-10590	458	35	103	103	NUM
easat-10590	458	36	,	,	PUNCT
easat-10590	458	37	p.	p.	NOUN
easat-10590	458	38	104199	104199	NUM
easat-10590	458	39	,	,	PUNCT
easat-10590	458	40	2025	2025	NUM
easat-10590	458	41	.	.	PUNCT
easat-10590	459	1	https://doi.org/10.1016/j.irfa.2025.104199	https://doi.org/10.1016/j.irfa.2025.104199	NOUN
easat-10590	459	2	[	[	X
easat-10590	459	3	28	28	NUM
easat-10590	459	4	]	]	X
easat-10590	459	5	r.	r.	PROPN
easat-10590	459	6	stewart	stewart	PROPN
easat-10590	459	7	,	,	PUNCT
easat-10590	459	8	"	"	PUNCT
easat-10590	459	9	towards	towards	ADP
easat-10590	459	10	a	a	DET
easat-10590	459	11	better	well	ADJ
easat-10590	459	12	understanding	understanding	NOUN
easat-10590	459	13	of	of	ADP
easat-10590	459	14	esg	esg	PROPN
easat-10590	459	15	ratings	rating	NOUN
easat-10590	459	16	,	,	PUNCT
easat-10590	459	17	"	"	PUNCT
easat-10590	459	18	journal	journal	NOUN
easat-10590	459	19	of	of	ADP
easat-10590	459	20	sustainable	sustainable	ADJ
easat-10590	459	21	finance	finance	NOUN
easat-10590	459	22	&	&	CCONJ
easat-10590	459	23	investment	investment	NOUN
easat-10590	459	24	,	,	PUNCT
easat-10590	459	25	vol	vol	NOUN
easat-10590	459	26	.	.	PROPN
easat-10590	459	27	15	15	NUM
easat-10590	459	28	,	,	PUNCT
easat-10590	459	29	no	no	INTJ
easat-10590	459	30	.	.	NOUN
easat-10590	459	31	3	3	NUM
easat-10590	459	32	,	,	PUNCT
easat-10590	459	33	pp	pp	ADJ
easat-10590	459	34	.	.	PUNCT
easat-10590	460	1	624	624	NUM
easat-10590	460	2	-	-	SYM
easat-10590	460	3	643	643	NUM
easat-10590	460	4	,	,	PUNCT
easat-10590	460	5	2025	2025	NUM
easat-10590	460	6	.	.	PUNCT
easat-10590	461	1	https://doi.org/10.1080/20430795.2025.2479538	https://doi.org/10.1080/20430795.2025.2479538	VERB
easat-10590	462	1	[	[	X
easat-10590	462	2	29	29	NUM
easat-10590	462	3	]	]	PUNCT
easat-10590	462	4	r.	r.	PROPN
easat-10590	462	5	gonzález‑pozo	gonzález‑pozo	PROPN
easat-10590	462	6	,	,	PUNCT
easat-10590	462	7	m.	m.	NOUN
easat-10590	462	8	arenas‑parra	arenas‑parra	PROPN
easat-10590	462	9	,	,	PUNCT
easat-10590	462	10	r.	r.	PROPN
easat-10590	462	11	quiroga‑garcía	quiroga‑garcía	PROPN
easat-10590	462	12	,	,	PUNCT
easat-10590	462	13	and	and	CCONJ
easat-10590	462	14	a.	a.	NOUN
easat-10590	462	15	bilbao‑terol	bilbao‑terol	PROPN
easat-10590	462	16	,	,	PUNCT
easat-10590	462	17	"	"	PUNCT
easat-10590	462	18	a	a	DET
easat-10590	462	19	proposal	proposal	NOUN
easat-10590	462	20	for	for	ADP
easat-10590	462	21	refining	refine	VERB
easat-10590	462	22	the	the	DET
easat-10590	462	23	esg	esg	NOUN
easat-10590	462	24	methodology	methodology	NOUN
easat-10590	462	25	used	use	VERB
easat-10590	462	26	by	by	ADP
easat-10590	462	27	rating	rating	NOUN
easat-10590	462	28	agencies	agency	NOUN
easat-10590	462	29	,	,	PUNCT
easat-10590	462	30	"	"	PUNCT
easat-10590	462	31	international	international	ADJ
easat-10590	462	32	transactions	transaction	NOUN
easat-10590	462	33	in	in	ADP
easat-10590	462	34	operational	operational	ADJ
easat-10590	462	35	research	research	NOUN
easat-10590	462	36	,	,	PUNCT
easat-10590	462	37	vol	vol	NOUN
easat-10590	462	38	.	.	PROPN
easat-10590	462	39	32	32	NUM
easat-10590	462	40	,	,	PUNCT
easat-10590	462	41	no	no	INTJ
easat-10590	462	42	.	.	NOUN
easat-10590	462	43	4	4	NUM
easat-10590	462	44	,	,	PUNCT
easat-10590	462	45	pp	pp	ADJ
easat-10590	462	46	.	.	PUNCT
easat-10590	462	47	2003	2003	NUM
easat-10590	462	48	-	-	SYM
easat-10590	462	49	2033	2033	NUM
easat-10590	462	50	,	,	PUNCT
easat-10590	462	51	2025	2025	NUM
easat-10590	462	52	.	.	PUNCT
easat-10590	462	53	https://doi.org/10.1111/itor.13550	https://doi.org/10.1111/itor.13550	X
easat-10590	463	1	[	[	X
easat-10590	463	2	30	30	NUM
easat-10590	463	3	]	]	PUNCT
easat-10590	463	4	j.	j.	PROPN
easat-10590	463	5	a.	a.	PROPN
easat-10590	463	6	van	van	PROPN
easat-10590	463	7	zanten	zanten	PROPN
easat-10590	463	8	,	,	PUNCT
easat-10590	463	9	"	"	PUNCT
easat-10590	463	10	measuring	measure	VERB
easat-10590	463	11	companies	company	NOUN
easat-10590	463	12	’	'	PUNCT
easat-10590	463	13	environmental	environmental	ADJ
easat-10590	463	14	and	and	CCONJ
easat-10590	463	15	social	social	ADJ
easat-10590	463	16	impacts	impact	NOUN
easat-10590	463	17	:	:	PUNCT
easat-10590	463	18	an	an	DET
easat-10590	463	19	analysis	analysis	NOUN
easat-10590	463	20	of	of	ADP
easat-10590	463	21	esg	esg	NOUN
easat-10590	463	22	ratings	rating	NOUN
easat-10590	463	23	and	and	CCONJ
easat-10590	463	24	sdg	sdg	NOUN
easat-10590	463	25	scores	score	NOUN
easat-10590	463	26	,	,	PUNCT
easat-10590	463	27	"	"	PUNCT
easat-10590	463	28	organization	organization	NOUN
easat-10590	463	29	&	&	CCONJ
easat-10590	463	30	environment	environment	PROPN
easat-10590	463	31	,	,	PUNCT
easat-10590	463	32	vol	vol	NOUN
easat-10590	463	33	.	.	PROPN
easat-10590	464	1	3	3	NUM
easat-10590	464	2	,	,	PUNCT
easat-10590	464	3	no	no	INTJ
easat-10590	464	4	.	.	NOUN
easat-10590	464	5	3	3	NUM
easat-10590	464	6	,	,	PUNCT
easat-10590	464	7	p.	p.	NOUN
easat-10590	464	8	10860266251326895	10860266251326895	NUM
easat-10590	464	9	,	,	PUNCT
easat-10590	464	10	2025	2025	NUM
easat-10590	464	11	.	.	PUNCT
easat-10590	465	1	https://doi.org/10.1177/10860266251326895	https://doi.org/10.1177/10860266251326895	X
easat-10590	466	1	[	[	X
easat-10590	466	2	31	31	NUM
easat-10590	466	3	]	]	PUNCT
easat-10590	466	4	j.	j.	PROPN
easat-10590	466	5	t.	t.	PROPN
easat-10590	466	6	stevenson	stevenson	PROPN
easat-10590	466	7	,	,	PUNCT
easat-10590	466	8	"	"	PUNCT
easat-10590	466	9	valuing	value	VERB
easat-10590	466	10	small	small	ADJ
easat-10590	466	11	business	business	NOUN
easat-10590	466	12	:	:	PUNCT
easat-10590	466	13	applying	apply	VERB
easat-10590	466	14	wacc	wacc	PROPN
easat-10590	466	15	to	to	ADP
easat-10590	466	16	ipo	ipo	PROPN
easat-10590	466	17	data	data	PROPN
easat-10590	466	18	,	,	PUNCT
easat-10590	466	19	"	"	PUNCT
easat-10590	466	20	undergraduate	undergraduate	NOUN
easat-10590	466	21	honors	honor	NOUN
easat-10590	466	22	thesis	thesis	NOUN
easat-10590	466	23	.	.	PUNCT
easat-10590	467	1	w.	w.	PROPN
easat-10590	467	2	fielding	field	VERB
easat-10590	467	3	rubel	rubel	NOUN
easat-10590	467	4	school	school	NOUN
easat-10590	467	5	of	of	ADP
easat-10590	467	6	business	business	NOUN
easat-10590	467	7	,	,	PUNCT
easat-10590	467	8	bellarmine	bellarmine	PROPN
easat-10590	467	9	university	university	NOUN
easat-10590	467	10	,	,	PUNCT
easat-10590	467	11	2025	2025	NUM
easat-10590	467	12	.	.	PUNCT
easat-10590	468	1	[	[	X
easat-10590	468	2	32	32	NUM
easat-10590	468	3	]	]	PUNCT
easat-10590	468	4	a.	a.	NOUN
easat-10590	468	5	gniadkowska	gniadkowska	PROPN
easat-10590	468	6	-	-	PUNCT
easat-10590	468	7	szymańska	szymańska	ADJ
easat-10590	468	8	and	and	CCONJ
easat-10590	468	9	m.	m.	NOUN
easat-10590	468	10	papiernik	papiernik	NOUN
easat-10590	468	11	-	-	PUNCT
easat-10590	468	12	wojdera	wojdera	NOUN
easat-10590	468	13	,	,	PUNCT
easat-10590	468	14	"	"	PUNCT
easat-10590	468	15	the	the	DET
easat-10590	468	16	relationship	relationship	NOUN
easat-10590	468	17	between	between	ADP
easat-10590	468	18	the	the	DET
easat-10590	468	19	application	application	NOUN
easat-10590	468	20	of	of	ADP
easat-10590	468	21	corporate	corporate	ADJ
easat-10590	468	22	sustainability	sustainability	NOUN
easat-10590	468	23	policy	policy	NOUN
easat-10590	468	24	and	and	CCONJ
easat-10590	468	25	the	the	DET
easat-10590	468	26	weighted	weighted	ADJ
easat-10590	468	27	average	average	ADJ
easat-10590	468	28	cost	cost	NOUN
easat-10590	468	29	of	of	ADP
easat-10590	468	30	capital	capital	NOUN
easat-10590	468	31	:	:	PUNCT
easat-10590	468	32	examples	example	NOUN
easat-10590	468	33	of	of	ADP
easat-10590	468	34	european	european	ADJ
easat-10590	468	35	countries	country	NOUN
easat-10590	468	36	,	,	PUNCT
easat-10590	468	37	"	"	PUNCT
easat-10590	468	38	zeszyty	zeszyty	NOUN
easat-10590	468	39	naukowe	naukowe	NOUN
easat-10590	468	40	.	.	PUNCT
easat-10590	469	1	organizacja	organizacja	NOUN
easat-10590	470	1	i	i	PRON
easat-10590	470	2	zarządzanie	zarządzanie	PROPN
easat-10590	470	3	/	/	SYM
easat-10590	470	4	politechnika	politechnika	NOUN
easat-10590	470	5	śląska	śląska	NOUN
easat-10590	470	6	,	,	PUNCT
easat-10590	470	7	2024	2024	NUM
easat-10590	470	8	.	.	PUNCT
easat-10590	471	1	[	[	X
easat-10590	471	2	33	33	NUM
easat-10590	471	3	]	]	PUNCT
easat-10590	471	4	t.	t.	NOUN
easat-10590	471	5	eibinger	eibinger	NOUN
easat-10590	471	6	,	,	PUNCT
easat-10590	471	7	b.	b.	PROPN
easat-10590	471	8	deixelberger	deixelberger	PROPN
easat-10590	471	9	,	,	PUNCT
easat-10590	471	10	and	and	CCONJ
easat-10590	471	11	h.	h.	PROPN
easat-10590	471	12	manner	manner	PROPN
easat-10590	471	13	,	,	PUNCT
easat-10590	471	14	"	"	PUNCT
easat-10590	471	15	panel	panel	NOUN
easat-10590	471	16	data	datum	NOUN
easat-10590	471	17	in	in	ADP
easat-10590	471	18	environmental	environmental	ADJ
easat-10590	471	19	economics	economic	NOUN
easat-10590	471	20	:	:	PUNCT
easat-10590	471	21	econometric	econometric	ADJ
easat-10590	471	22	issues	issue	NOUN
easat-10590	471	23	and	and	CCONJ
easat-10590	471	24	applications	application	NOUN
easat-10590	471	25	to	to	ADP
easat-10590	471	26	ipat	ipat	PROPN
easat-10590	471	27	models	model	NOUN
easat-10590	471	28	,	,	PUNCT
easat-10590	471	29	"	"	PUNCT
easat-10590	471	30	journal	journal	NOUN
easat-10590	471	31	of	of	ADP
easat-10590	471	32	environmental	environmental	ADJ
easat-10590	471	33	economics	economic	NOUN
easat-10590	471	34	and	and	CCONJ
easat-10590	471	35	management	management	NOUN
easat-10590	471	36	,	,	PUNCT
easat-10590	471	37	vol	vol	NOUN
easat-10590	471	38	.	.	PROPN
easat-10590	471	39	125	125	NUM
easat-10590	471	40	,	,	PUNCT
easat-10590	471	41	p.	p.	NOUN
easat-10590	471	42	102941	102941	NUM
easat-10590	471	43	,	,	PUNCT
easat-10590	471	44	2024	2024	NUM
easat-10590	471	45	.	.	PUNCT
easat-10590	472	1	https://doi.org/10.1016/j.jeem.2024.102941	https://doi.org/10.1016/j.jeem.2024.102941	PROPN
easat-10590	472	2	[	[	X
easat-10590	472	3	34	34	NUM
easat-10590	472	4	]	]	X
easat-10590	472	5	r.	r.	PROPN
easat-10590	472	6	singh	singh	PROPN
easat-10590	472	7	,	,	PUNCT
easat-10590	472	8	r.	r.	PROPN
easat-10590	472	9	k.	k.	PROPN
easat-10590	472	10	tipu	tipu	PROPN
easat-10590	472	11	,	,	PUNCT
easat-10590	472	12	a.	a.	PROPN
easat-10590	472	13	a.	a.	NOUN
easat-10590	472	14	mir	mir	PROPN
easat-10590	472	15	,	,	PUNCT
easat-10590	472	16	and	and	CCONJ
easat-10590	472	17	m.	m.	NOUN
easat-10590	472	18	patel	patel	PROPN
easat-10590	472	19	,	,	PUNCT
easat-10590	472	20	"	"	PUNCT
easat-10590	472	21	predictive	predictive	ADJ
easat-10590	472	22	modelling	modelling	NOUN
easat-10590	472	23	of	of	ADP
easat-10590	472	24	flexural	flexural	ADJ
easat-10590	472	25	strength	strength	NOUN
easat-10590	472	26	in	in	ADP
easat-10590	472	27	recycled	recycled	ADJ
easat-10590	472	28	aggregate	aggregate	NOUN
easat-10590	472	29	-	-	PUNCT
easat-10590	472	30	based	base	VERB
easat-10590	472	31	concrete	concrete	NOUN
easat-10590	472	32	:	:	PUNCT
easat-10590	472	33	a	a	DET
easat-10590	472	34	comprehensive	comprehensive	ADJ
easat-10590	472	35	approach	approach	NOUN
easat-10590	472	36	with	with	ADP
easat-10590	472	37	machine	machine	NOUN
easat-10590	472	38	learning	learning	NOUN
easat-10590	472	39	and	and	CCONJ
easat-10590	472	40	global	global	ADJ
easat-10590	472	41	sensitivity	sensitivity	NOUN
easat-10590	472	42	analysis	analysis	NOUN
easat-10590	472	43	,	,	PUNCT
easat-10590	472	44	"	"	PUNCT
easat-10590	472	45	iranian	iranian	ADJ
easat-10590	472	46	journal	journal	PROPN
easat-10590	472	47	of	of	ADP
easat-10590	472	48	science	science	NOUN
easat-10590	472	49	and	and	CCONJ
easat-10590	472	50	technology	technology	NOUN
easat-10590	472	51	,	,	PUNCT
easat-10590	472	52	transactions	transaction	NOUN
easat-10590	472	53	of	of	ADP
easat-10590	472	54	civil	civil	ADJ
easat-10590	472	55	engineering	engineering	NOUN
easat-10590	472	56	,	,	PUNCT
easat-10590	472	57	vol	vol	NOUN
easat-10590	472	58	.	.	PROPN
easat-10590	472	59	49	49	NUM
easat-10590	472	60	,	,	PUNCT
easat-10590	472	61	pp	pp	ADJ
easat-10590	472	62	.	.	PUNCT
easat-10590	473	1	1089	1089	NUM
easat-10590	473	2	-	-	SYM
easat-10590	473	3	1114	1114	NUM
easat-10590	473	4	,	,	PUNCT
easat-10590	473	5	2025	2025	NUM
easat-10590	473	6	.	.	PUNCT
easat-10590	474	1	https://doi.org/10.1007/s40996-02401502-w	https://doi.org/10.1007/s40996-02401502-w	PROPN
easat-10590	474	2	[	[	X
easat-10590	474	3	35	35	NUM
easat-10590	474	4	]	]	X
easat-10590	474	5	n.	n.	NOUN
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easat-10590	474	7	,	,	PUNCT
easat-10590	474	8	ethical	ethical	ADJ
easat-10590	474	9	decision	decision	NOUN
easat-10590	474	10	-	-	PUNCT
easat-10590	474	11	making	making	NOUN
easat-10590	474	12	in	in	ADP
easat-10590	474	13	data	data	NOUN
easat-10590	474	14	analysis	analysis	NOUN
easat-10590	474	15	:	:	PUNCT
easat-10590	474	16	navigating	navigate	VERB
easat-10590	474	17	challenges	challenge	NOUN
easat-10590	474	18	and	and	CCONJ
easat-10590	474	19	ensuring	ensure	VERB
easat-10590	474	20	integrity	integrity	NOUN
easat-10590	474	21	.	.	PUNCT
easat-10590	475	1	in	in	ADP
easat-10590	475	2	h.	h.	PROPN
easat-10590	475	3	doosti	doosti	PROPN
easat-10590	475	4	(	(	PUNCT
easat-10590	475	5	ed	ed	NOUN
easat-10590	475	6	.	.	PUNCT
easat-10590	475	7	)	)	PUNCT
easat-10590	475	8	,	,	PUNCT
easat-10590	475	9	ethics	ethic	NOUN
easat-10590	475	10	in	in	ADP
easat-10590	475	11	statistics	statistic	NOUN
easat-10590	475	12	:	:	PUNCT
easat-10590	475	13	opportunities	opportunity	NOUN
easat-10590	475	14	and	and	CCONJ
easat-10590	475	15	challenges	challenge	NOUN
easat-10590	475	16	.	.	PUNCT
easat-10590	476	1	cambridge	cambridge	PROPN
easat-10590	476	2	,	,	PUNCT
easat-10590	476	3	uk	uk	PROPN
easat-10590	476	4	:	:	PUNCT
easat-10590	476	5	ethics	ethics	PROPN
easat-10590	476	6	international	international	PROPN
easat-10590	476	7	press	press	NOUN
easat-10590	476	8	,	,	PUNCT
easat-10590	476	9	2024	2024	NUM
easat-10590	476	10	.	.	PUNCT
easat-10590	477	1	[	[	X
easat-10590	477	2	36	36	NUM
easat-10590	477	3	]	]	X
easat-10590	477	4	p.	p.	NOUN
easat-10590	477	5	krüger	krüger	NOUN
easat-10590	477	6	,	,	PUNCT
easat-10590	477	7	"	"	PUNCT
easat-10590	477	8	corporate	corporate	ADJ
easat-10590	477	9	goodness	goodness	NOUN
easat-10590	477	10	and	and	CCONJ
easat-10590	477	11	shareholder	shareholder	NOUN
easat-10590	477	12	wealth	wealth	NOUN
easat-10590	477	13	,	,	PUNCT
easat-10590	477	14	"	"	PUNCT
easat-10590	477	15	journal	journal	NOUN
easat-10590	477	16	of	of	ADP
easat-10590	477	17	financial	financial	ADJ
easat-10590	477	18	economics	economic	NOUN
easat-10590	477	19	,	,	PUNCT
easat-10590	477	20	vol	vol	NOUN
easat-10590	477	21	.	.	PROPN
easat-10590	477	22	115	115	NUM
easat-10590	477	23	,	,	PUNCT
easat-10590	477	24	no	no	INTJ
easat-10590	477	25	.	.	NOUN
easat-10590	477	26	2	2	NUM
easat-10590	477	27	,	,	PUNCT
easat-10590	477	28	pp	pp	ADJ
easat-10590	477	29	.	.	PUNCT
easat-10590	478	1	304	304	NUM
easat-10590	478	2	-	-	SYM
easat-10590	478	3	329	329	NUM
easat-10590	478	4	,	,	PUNCT
easat-10590	478	5	2015	2015	NUM
easat-10590	478	6	.	.	PUNCT
easat-10590	479	1	https://doi.org/10.1016/j.jfineco.2014.09.008	https://doi.org/10.1016/j.jfineco.2014.09.008	NOUN
easat-10590	479	2	[	[	X
easat-10590	479	3	37	37	NUM
easat-10590	479	4	]	]	X
easat-10590	479	5	c.	c.	PROPN
easat-10590	479	6	flammer	flammer	PROPN
easat-10590	479	7	,	,	PUNCT
easat-10590	479	8	"	"	PUNCT
easat-10590	479	9	corporate	corporate	ADJ
easat-10590	479	10	green	green	ADJ
easat-10590	479	11	bonds	bond	NOUN
easat-10590	479	12	,	,	PUNCT
easat-10590	479	13	"	"	PUNCT
easat-10590	479	14	journal	journal	NOUN
easat-10590	479	15	of	of	ADP
easat-10590	479	16	financial	financial	ADJ
easat-10590	479	17	economics	economic	NOUN
easat-10590	479	18	,	,	PUNCT
easat-10590	479	19	vol	vol	NOUN
easat-10590	479	20	.	.	PROPN
easat-10590	479	21	142	142	NUM
easat-10590	479	22	,	,	PUNCT
easat-10590	479	23	no	no	INTJ
easat-10590	479	24	.	.	NOUN
easat-10590	479	25	2	2	NUM
easat-10590	479	26	,	,	PUNCT
easat-10590	479	27	pp	pp	ADJ
easat-10590	479	28	.	.	PUNCT
easat-10590	480	1	499–516	499–516	NUM
easat-10590	480	2	,	,	PUNCT
easat-10590	480	3	2018	2018	NUM
easat-10590	480	4	.	.	PUNCT
easat-10590	481	1	[	[	X
easat-10590	481	2	38	38	NUM
easat-10590	481	3	]	]	PUNCT
easat-10590	481	4	g.	g.	PROPN
easat-10590	481	5	friede	friede	PROPN
easat-10590	481	6	,	,	PUNCT
easat-10590	481	7	t.	t.	PROPN
easat-10590	481	8	busch	busch	PROPN
easat-10590	481	9	,	,	PUNCT
easat-10590	481	10	and	and	CCONJ
easat-10590	481	11	a.	a.	PROPN
easat-10590	481	12	bassen	bassen	PROPN
easat-10590	481	13	,	,	PUNCT
easat-10590	481	14	"	"	PUNCT
easat-10590	481	15	esg	esg	PROPN
easat-10590	481	16	and	and	CCONJ
easat-10590	481	17	financial	financial	ADJ
easat-10590	481	18	performance	performance	NOUN
easat-10590	481	19	:	:	PUNCT
easat-10590	481	20	aggregated	aggregate	VERB
easat-10590	481	21	evidence	evidence	NOUN
easat-10590	481	22	from	from	ADP
easat-10590	481	23	more	more	ADJ
easat-10590	481	24	than	than	ADP
easat-10590	481	25	2000	2000	NUM
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easat-10590	481	28	,	,	PUNCT
easat-10590	481	29	"	"	PUNCT
easat-10590	481	30	journal	journal	NOUN
easat-10590	481	31	of	of	ADP
easat-10590	481	32	sustainable	sustainable	ADJ
easat-10590	481	33	finance	finance	NOUN
easat-10590	481	34	&	&	CCONJ
easat-10590	481	35	investment	investment	NOUN
easat-10590	481	36	,	,	PUNCT
easat-10590	481	37	vol	vol	NOUN
easat-10590	481	38	.	.	PROPN
easat-10590	481	39	5	5	NUM
easat-10590	481	40	,	,	PUNCT
easat-10590	481	41	no	no	INTJ
easat-10590	481	42	.	.	NOUN
easat-10590	481	43	4	4	NUM
easat-10590	481	44	,	,	PUNCT
easat-10590	481	45	pp	pp	ADJ
easat-10590	481	46	.	.	PUNCT
easat-10590	481	47	210	210	NUM
easat-10590	481	48	-	-	SYM
easat-10590	481	49	233	233	NUM
easat-10590	481	50	,	,	PUNCT
easat-10590	481	51	2015	2015	NUM
easat-10590	481	52	.	.	PUNCT
easat-10590	482	1	https://doi.org/10.1080/20430795.2015.1118917	https://doi.org/10.1080/20430795.2015.1118917	X
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easat-10590	483	2	39	39	NUM
easat-10590	483	3	]	]	PUNCT
easat-10590	483	4	h.	h.	PROPN
easat-10590	483	5	b.	b.	PROPN
easat-10590	483	6	christensen	christensen	PROPN
easat-10590	483	7	,	,	PUNCT
easat-10590	483	8	l.	l.	PROPN
easat-10590	483	9	hail	hail	PROPN
easat-10590	483	10	,	,	PUNCT
easat-10590	483	11	and	and	CCONJ
easat-10590	483	12	c.	c.	PROPN
easat-10590	483	13	leuz	leuz	PROPN
easat-10590	483	14	,	,	PUNCT
easat-10590	483	15	"	"	PUNCT
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easat-10590	483	17	csr	csr	NOUN
easat-10590	483	18	and	and	CCONJ
easat-10590	483	19	sustainability	sustainability	NOUN
easat-10590	483	20	reporting	reporting	NOUN
easat-10590	483	21	:	:	PUNCT
easat-10590	483	22	economic	economic	ADJ
easat-10590	483	23	analysis	analysis	NOUN
easat-10590	483	24	and	and	CCONJ
easat-10590	483	25	literature	literature	NOUN
easat-10590	483	26	review	review	NOUN
easat-10590	483	27	,	,	PUNCT
easat-10590	483	28	"	"	PUNCT
easat-10590	483	29	review	review	NOUN
easat-10590	483	30	of	of	ADP
easat-10590	483	31	accounting	accounting	NOUN
easat-10590	483	32	studies	study	NOUN
easat-10590	483	33	,	,	PUNCT
easat-10590	483	34	vol	vol	NOUN
easat-10590	483	35	.	.	PROPN
easat-10590	483	36	26	26	NUM
easat-10590	483	37	,	,	PUNCT
easat-10590	483	38	no	no	INTJ
easat-10590	483	39	.	.	NOUN
easat-10590	483	40	3	3	NUM
easat-10590	483	41	,	,	PUNCT
easat-10590	483	42	pp	pp	ADJ
easat-10590	483	43	.	.	PUNCT
easat-10590	484	1	1176	1176	NUM
easat-10590	484	2	-	-	SYM
easat-10590	484	3	1248	1248	NUM
easat-10590	484	4	,	,	PUNCT
easat-10590	484	5	2021	2021	NUM
easat-10590	484	6	.	.	PUNCT
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easat-10590	485	5	http://dx.doi.org/10.2139/ssrn.5157029	http://dx.doi.org/10.2139/ssrn.5157029	PROPN
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easat-10590	485	10	https://doi.org/10.1016/j.jeem.2024.102941	https://doi.org/10.1016/j.jeem.2024.102941	PROPN
easat-10590	485	11	https://doi.org/10.1007/s40996-024-01502-w	https://doi.org/10.1007/s40996-024-01502-w	PROPN
easat-10590	485	12	https://doi.org/10.1007/s40996-024-01502-w	https://doi.org/10.1007/s40996-024-01502-w	PROPN
easat-10590	485	13	https://doi.org/10.1016/j.jfineco.2014.09.008	https://doi.org/10.1016/j.jfineco.2014.09.008	PROPN
easat-10590	485	14	https://doi.org/10.1080/20430795.2015.1118917	https://doi.org/10.1080/20430795.2015.1118917	PROPN
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easat-10590	485	16	https://doi.org/10.1007/s11142-021-09609-5	https://doi.org/10.1007/s11142-021-09609-5	NUM