id	sid	tid	token	lemma	pos
easat-11284	1	1	edelweiss	edelweiss	PROPN
easat-11284	1	2	applied	apply	VERB
easat-11284	1	3	science	science	NOUN
easat-11284	1	4	and	and	CCONJ
easat-11284	1	5	technology	technology	NOUN
easat-11284	1	6	issn	issn	PROPN
easat-11284	1	7	:	:	PUNCT
easat-11284	1	8	2576	2576	NUM
easat-11284	1	9	-	-	SYM
easat-11284	1	10	8484	8484	NUM
easat-11284	1	11	vol	vol	NOUN
easat-11284	1	12	.	.	PROPN
easat-11284	2	1	9	9	NUM
easat-11284	2	2	,	,	PUNCT
easat-11284	2	3	no	no	INTJ
easat-11284	2	4	.	.	NOUN
easat-11284	2	5	12	12	NUM
easat-11284	2	6	,	,	PUNCT
easat-11284	2	7	93	93	NUM
easat-11284	2	8	-	-	SYM
easat-11284	2	9	108	108	NUM
easat-11284	2	10	2025	2025	NUM
easat-11284	2	11	publisher	publisher	NOUN
easat-11284	2	12	:	:	PUNCT
easat-11284	2	13	learning	learn	VERB
easat-11284	2	14	gate	gate	NOUN
easat-11284	2	15	doi	doi	PROPN
easat-11284	2	16	:	:	PUNCT
easat-11284	2	17	10.55214/2576	10.55214/2576	NUM
easat-11284	2	18	-	-	SYM
easat-11284	2	19	8484.v9i12.11284	8484.v9i12.11284	NUM
easat-11284	2	20	©	©	PROPN
easat-11284	2	21	2025	2025	NUM
easat-11284	2	22	by	by	ADP
easat-11284	2	23	the	the	DET
easat-11284	2	24	authors	author	NOUN
easat-11284	2	25	;	;	PUNCT
easat-11284	2	26	licensee	licensee	PROPN
easat-11284	2	27	learning	learning	NOUN
easat-11284	2	28	gate	gate	NOUN
easat-11284	3	1	©	©	PROPN
easat-11284	3	2	2025	2025	NUM
easat-11284	3	3	by	by	ADP
easat-11284	3	4	the	the	DET
easat-11284	3	5	authors	author	NOUN
easat-11284	3	6	;	;	PUNCT
easat-11284	3	7	licensee	licensee	PROPN
easat-11284	3	8	learning	learning	NOUN
easat-11284	3	9	gate	gate	NOUN
easat-11284	3	10	history	history	NOUN
easat-11284	3	11	:	:	PUNCT
easat-11284	3	12	received	receive	VERB
easat-11284	3	13	:	:	PUNCT
easat-11284	3	14	2	2	NUM
easat-11284	3	15	october	october	NOUN
easat-11284	3	16	2025	2025	NUM
easat-11284	3	17	;	;	PUNCT
easat-11284	3	18	revised	revise	VERB
easat-11284	3	19	:	:	PUNCT
easat-11284	3	20	10	10	NUM
easat-11284	3	21	november	november	NOUN
easat-11284	3	22	2025	2025	NUM
easat-11284	3	23	;	;	PUNCT
easat-11284	3	24	accepted	accept	VERB
easat-11284	3	25	:	:	PUNCT
easat-11284	3	26	14	14	NUM
easat-11284	3	27	november	november	PROPN
easat-11284	3	28	2025	2025	NUM
easat-11284	3	29	;	;	PUNCT
easat-11284	3	30	published	publish	VERB
easat-11284	3	31	:	:	PUNCT
easat-11284	4	1	2	2	NUM
easat-11284	4	2	december	december	PROPN
easat-11284	4	3	2025	2025	NUM
easat-11284	4	4	*	*	PUNCT
easat-11284	4	5	correspondence	correspondence	NOUN
easat-11284	4	6	:	:	PUNCT
easat-11284	4	7	wybnba@foxmail.com	wybnba@foxmail.com	X
easat-11284	5	1	research	research	NOUN
easat-11284	5	2	on	on	ADP
easat-11284	5	3	the	the	DET
easat-11284	5	4	impact	impact	NOUN
easat-11284	5	5	of	of	ADP
easat-11284	5	6	regional	regional	ADJ
easat-11284	5	7	business	business	NOUN
easat-11284	5	8	environment	environment	NOUN
easat-11284	5	9	on	on	ADP
easat-11284	5	10	corporate	corporate	ADJ
easat-11284	5	11	equity	equity	NOUN
easat-11284	5	12	structure	structure	NOUN
easat-11284	5	13	tian	tian	PROPN
easat-11284	5	14	lu1	lu1	PROPN
easat-11284	5	15	,	,	PUNCT
easat-11284	5	16	yanbo	yanbo	NOUN
easat-11284	5	17	wu2	wu2	PROPN
easat-11284	5	18	*	*	PUNCT
easat-11284	5	19	,	,	PUNCT
easat-11284	5	20	junjia	junjia	PROPN
easat-11284	5	21	zhang3	zhang3	X
easat-11284	6	1	1,2,3college	1,2,3college	NUM
easat-11284	6	2	of	of	ADP
easat-11284	6	3	public	public	ADJ
easat-11284	6	4	finance	finance	NOUN
easat-11284	6	5	and	and	CCONJ
easat-11284	6	6	investment	investment	NOUN
easat-11284	6	7	,	,	PUNCT
easat-11284	6	8	shanghai	shanghai	PROPN
easat-11284	6	9	university	university	PROPN
easat-11284	6	10	of	of	ADP
easat-11284	6	11	finance	finance	NOUN
easat-11284	6	12	and	and	CCONJ
easat-11284	6	13	economics	economic	NOUN
easat-11284	6	14	,	,	PUNCT
easat-11284	6	15	shanghai	shanghai	PROPN
easat-11284	6	16	,	,	PUNCT
easat-11284	6	17	china	china	PROPN
easat-11284	6	18	,	,	PUNCT
easat-11284	6	19	200433	200433	NUM
easat-11284	6	20	;	;	PUNCT
easat-11284	6	21	lutian0131@126.com	lutian0131@126.com	X
easat-11284	6	22	(	(	PUNCT
easat-11284	6	23	t.l	t.l	PROPN
easat-11284	6	24	.	.	PUNCT
easat-11284	6	25	)	)	PUNCT
easat-11284	7	1	wybnba@foxmail.com	wybnba@foxmail.com	X
easat-11284	7	2	(	(	PUNCT
easat-11284	7	3	y.w	y.w	PROPN
easat-11284	7	4	.	.	PROPN
easat-11284	7	5	)	)	PUNCT
easat-11284	8	1	1571816456@qq.com	1571816456@qq.com	NUM
easat-11284	8	2	(	(	PUNCT
easat-11284	8	3	j.z	j.z	PROPN
easat-11284	8	4	.	.	PROPN
easat-11284	8	5	)	)	PUNCT
easat-11284	8	6	.	.	PUNCT
easat-11284	9	1	abstract	abstract	NOUN
easat-11284	9	2	:	:	PUNCT
easat-11284	9	3	based	base	VERB
easat-11284	9	4	on	on	ADP
easat-11284	9	5	resource	resource	NOUN
easat-11284	9	6	dependence	dependence	NOUN
easat-11284	9	7	theory	theory	NOUN
easat-11284	9	8	,	,	PUNCT
easat-11284	9	9	this	this	DET
easat-11284	9	10	study	study	NOUN
easat-11284	9	11	takes	take	VERB
easat-11284	9	12	chinese	chinese	ADJ
easat-11284	9	13	a	a	DET
easat-11284	9	14	-	-	PUNCT
easat-11284	9	15	share	share	NOUN
easat-11284	9	16	listed	list	VERB
easat-11284	9	17	companies	company	NOUN
easat-11284	9	18	from	from	ADP
easat-11284	9	19	2009	2009	NUM
easat-11284	9	20	to	to	ADP
easat-11284	9	21	2023	2023	NUM
easat-11284	9	22	as	as	ADP
easat-11284	9	23	samples	sample	NOUN
easat-11284	9	24	,	,	PUNCT
easat-11284	9	25	adopting	adopt	VERB
easat-11284	9	26	panel	panel	NOUN
easat-11284	9	27	fixed	fix	VERB
easat-11284	9	28	-	-	PUNCT
easat-11284	9	29	effects	effect	NOUN
easat-11284	9	30	models	model	NOUN
easat-11284	9	31	and	and	CCONJ
easat-11284	9	32	mediation	mediation	NOUN
easat-11284	9	33	effect	effect	NOUN
easat-11284	9	34	tests	test	VERB
easat-11284	9	35	to	to	PART
easat-11284	9	36	explore	explore	VERB
easat-11284	9	37	how	how	SCONJ
easat-11284	9	38	the	the	DET
easat-11284	9	39	regional	regional	ADJ
easat-11284	9	40	business	business	NOUN
easat-11284	9	41	environment	environment	NOUN
easat-11284	9	42	impacts	impact	VERB
easat-11284	9	43	corporate	corporate	ADJ
easat-11284	9	44	equity	equity	NOUN
easat-11284	9	45	structure	structure	NOUN
easat-11284	9	46	.	.	PUNCT
easat-11284	10	1	key	key	ADJ
easat-11284	10	2	findings	finding	NOUN
easat-11284	10	3	:	:	PUNCT
easat-11284	10	4	(	(	PUNCT
easat-11284	10	5	1	1	X
easat-11284	10	6	)	)	PUNCT
easat-11284	10	7	optimizing	optimize	VERB
easat-11284	10	8	the	the	DET
easat-11284	10	9	business	business	NOUN
easat-11284	10	10	environment	environment	NOUN
easat-11284	10	11	significantly	significantly	ADV
easat-11284	10	12	reduces	reduce	VERB
easat-11284	10	13	the	the	DET
easat-11284	10	14	proportion	proportion	NOUN
easat-11284	10	15	of	of	ADP
easat-11284	10	16	state	state	NOUN
easat-11284	10	17	-	-	PUNCT
easat-11284	10	18	owned	own	VERB
easat-11284	10	19	enterprises	enterprise	NOUN
easat-11284	10	20	.	.	PUNCT
easat-11284	11	1	for	for	ADP
easat-11284	11	2	every	every	DET
easat-11284	11	3	unit	unit	NOUN
easat-11284	11	4	increase	increase	NOUN
easat-11284	11	5	in	in	ADP
easat-11284	11	6	the	the	DET
easat-11284	11	7	regional	regional	ADJ
easat-11284	11	8	business	business	NOUN
easat-11284	11	9	environment	environment	NOUN
easat-11284	11	10	index	index	NOUN
easat-11284	11	11	(	(	PUNCT
easat-11284	11	12	bhar	bhar	PROPN
easat-11284	11	13	)	)	PUNCT
easat-11284	11	14	,	,	PUNCT
easat-11284	11	15	the	the	DET
easat-11284	11	16	probability	probability	NOUN
easat-11284	11	17	of	of	ADP
easat-11284	11	18	state	state	NOUN
easat-11284	11	19	-	-	PUNCT
easat-11284	11	20	owned	own	VERB
easat-11284	11	21	enterprises	enterprise	NOUN
easat-11284	11	22	decreases	decrease	VERB
easat-11284	11	23	by	by	ADP
easat-11284	11	24	3.16	3.16	NUM
easat-11284	11	25	%	%	NOUN
easat-11284	11	26	,	,	PUNCT
easat-11284	11	27	verifying	verify	VERB
easat-11284	11	28	the	the	DET
easat-11284	11	29	theoretical	theoretical	ADJ
easat-11284	11	30	path	path	NOUN
easat-11284	11	31	of	of	ADP
easat-11284	11	32	"	"	PUNCT
easat-11284	11	33	improving	improve	VERB
easat-11284	11	34	the	the	DET
easat-11284	11	35	institutional	institutional	ADJ
easat-11284	11	36	environment	environment	NOUN
easat-11284	11	37	weakening	weaken	VERB
easat-11284	11	38	resource	resource	NOUN
easat-11284	11	39	dependence	dependence	NOUN
easat-11284	11	40	optimizing	optimize	VERB
easat-11284	11	41	equity	equity	NOUN
easat-11284	11	42	structure	structure	NOUN
easat-11284	11	43	"	"	PUNCT
easat-11284	11	44	;	;	PUNCT
easat-11284	11	45	(	(	PUNCT
easat-11284	11	46	2	2	X
easat-11284	11	47	)	)	PUNCT
easat-11284	11	48	regional	regional	ADJ
easat-11284	11	49	heterogeneity	heterogeneity	NOUN
easat-11284	11	50	exists	exist	VERB
easat-11284	11	51	:	:	PUNCT
easat-11284	11	52	the	the	DET
easat-11284	11	53	effect	effect	NOUN
easat-11284	11	54	is	be	AUX
easat-11284	11	55	significant	significant	ADJ
easat-11284	11	56	in	in	ADP
easat-11284	11	57	eastern	eastern	ADJ
easat-11284	11	58	china	china	PROPN
easat-11284	11	59	but	but	CCONJ
easat-11284	11	60	insignificant	insignificant	ADJ
easat-11284	11	61	in	in	ADP
easat-11284	11	62	central	central	ADJ
easat-11284	11	63	and	and	CCONJ
easat-11284	11	64	western	western	ADJ
easat-11284	11	65	regions	region	NOUN
easat-11284	11	66	,	,	PUNCT
easat-11284	11	67	reflecting	reflect	VERB
easat-11284	11	68	the	the	DET
easat-11284	11	69	synergy	synergy	NOUN
easat-11284	11	70	of	of	ADP
easat-11284	11	71	institutional	institutional	ADJ
easat-11284	11	72	quality	quality	NOUN
easat-11284	11	73	and	and	CCONJ
easat-11284	11	74	market	market	NOUN
easat-11284	11	75	maturity	maturity	NOUN
easat-11284	11	76	;	;	PUNCT
easat-11284	11	77	(	(	PUNCT
easat-11284	11	78	3	3	X
easat-11284	11	79	)	)	PUNCT
easat-11284	11	80	the	the	DET
easat-11284	11	81	business	business	NOUN
easat-11284	11	82	environment	environment	NOUN
easat-11284	11	83	promotes	promote	VERB
easat-11284	11	84	equity	equity	NOUN
easat-11284	11	85	diversification	diversification	NOUN
easat-11284	11	86	by	by	ADP
easat-11284	11	87	reducing	reduce	VERB
easat-11284	11	88	corporate	corporate	ADJ
easat-11284	11	89	financialization	financialization	NOUN
easat-11284	11	90	.	.	PUNCT
easat-11284	12	1	innovatively	innovatively	ADV
easat-11284	12	2	integrating	integrate	VERB
easat-11284	12	3	the	the	DET
easat-11284	12	4	business	business	NOUN
easat-11284	12	5	environment	environment	NOUN
easat-11284	12	6	into	into	ADP
easat-11284	12	7	corporate	corporate	ADJ
easat-11284	12	8	governance	governance	NOUN
easat-11284	12	9	analysis	analysis	NOUN
easat-11284	12	10	,	,	PUNCT
easat-11284	12	11	the	the	DET
easat-11284	12	12	study	study	NOUN
easat-11284	12	13	reveals	reveal	VERB
easat-11284	12	14	external	external	ADJ
easat-11284	12	15	institutional	institutional	ADJ
easat-11284	12	16	impacts	impact	NOUN
easat-11284	12	17	on	on	ADP
easat-11284	12	18	ownership	ownership	NOUN
easat-11284	12	19	arrangements	arrangement	NOUN
easat-11284	12	20	,	,	PUNCT
easat-11284	12	21	providing	provide	VERB
easat-11284	12	22	theoretical	theoretical	ADJ
easat-11284	12	23	and	and	CCONJ
easat-11284	12	24	empirical	empirical	ADJ
easat-11284	12	25	support	support	NOUN
easat-11284	12	26	for	for	ADP
easat-11284	12	27	targeted	target	VERB
easat-11284	12	28	policy	policy	NOUN
easat-11284	12	29	optimization	optimization	NOUN
easat-11284	12	30	and	and	CCONJ
easat-11284	12	31	coordinated	coordinated	ADJ
easat-11284	12	32	reform	reform	NOUN
easat-11284	12	33	,	,	PUNCT
easat-11284	12	34	with	with	ADP
easat-11284	12	35	implications	implication	NOUN
easat-11284	12	36	for	for	ADP
easat-11284	12	37	high	high	ADJ
easat-11284	12	38	-	-	PUNCT
easat-11284	12	39	quality	quality	NOUN
easat-11284	12	40	economic	economic	ADJ
easat-11284	12	41	development	development	NOUN
easat-11284	12	42	.	.	PUNCT
easat-11284	13	1	keywords	keyword	NOUN
easat-11284	13	2	:	:	PUNCT
easat-11284	13	3	business	business	NOUN
easat-11284	13	4	environment	environment	NOUN
easat-11284	13	5	,	,	PUNCT
easat-11284	13	6	equity	equity	NOUN
easat-11284	13	7	structure	structure	NOUN
easat-11284	13	8	,	,	PUNCT
easat-11284	13	9	corporate	corporate	ADJ
easat-11284	13	10	governance	governance	NOUN
easat-11284	13	11	.	.	PUNCT
easat-11284	14	1	1	1	X
easat-11284	14	2	.	.	X
easat-11284	14	3	introduction	introduction	NOUN
easat-11284	14	4	in	in	ADP
easat-11284	14	5	recent	recent	ADJ
easat-11284	14	6	years	year	NOUN
easat-11284	14	7	,	,	PUNCT
easat-11284	14	8	with	with	ADP
easat-11284	14	9	the	the	DET
easat-11284	14	10	continuous	continuous	ADJ
easat-11284	14	11	optimization	optimization	NOUN
easat-11284	14	12	and	and	CCONJ
easat-11284	14	13	differentiated	differentiated	ADJ
easat-11284	14	14	development	development	NOUN
easat-11284	14	15	of	of	ADP
easat-11284	14	16	the	the	DET
easat-11284	14	17	business	business	NOUN
easat-11284	14	18	environment	environment	NOUN
easat-11284	14	19	across	across	ADP
easat-11284	14	20	various	various	ADJ
easat-11284	14	21	regions	region	NOUN
easat-11284	14	22	,	,	PUNCT
easat-11284	14	23	enterprises	enterprise	NOUN
easat-11284	14	24	are	be	AUX
easat-11284	14	25	facing	face	VERB
easat-11284	14	26	increasingly	increasingly	ADV
easat-11284	14	27	complex	complex	ADJ
easat-11284	14	28	and	and	CCONJ
easat-11284	14	29	volatile	volatile	ADJ
easat-11284	14	30	operating	operating	NOUN
easat-11284	14	31	conditions	condition	NOUN
easat-11284	14	32	.	.	PUNCT
easat-11284	15	1	the	the	DET
easat-11284	15	2	business	business	NOUN
easat-11284	15	3	environment	environment	NOUN
easat-11284	15	4	encompasses	encompass	VERB
easat-11284	15	5	various	various	ADJ
easat-11284	15	6	aspects	aspect	NOUN
easat-11284	15	7	,	,	PUNCT
easat-11284	15	8	including	include	VERB
easat-11284	15	9	policies	policy	NOUN
easat-11284	15	10	and	and	CCONJ
easat-11284	15	11	regulations	regulation	NOUN
easat-11284	15	12	,	,	PUNCT
easat-11284	15	13	market	market	NOUN
easat-11284	15	14	access	access	NOUN
easat-11284	15	15	,	,	PUNCT
easat-11284	15	16	infrastructure	infrastructure	NOUN
easat-11284	15	17	,	,	PUNCT
easat-11284	15	18	financial	financial	ADJ
easat-11284	15	19	services	service	NOUN
easat-11284	15	20	,	,	PUNCT
easat-11284	15	21	and	and	CCONJ
easat-11284	15	22	human	human	ADJ
easat-11284	15	23	resources	resource	NOUN
easat-11284	15	24	,	,	PUNCT
easat-11284	15	25	which	which	PRON
easat-11284	15	26	profoundly	profoundly	ADV
easat-11284	15	27	impact	impact	VERB
easat-11284	15	28	corporate	corporate	ADJ
easat-11284	15	29	operating	operating	NOUN
easat-11284	15	30	decisions	decision	NOUN
easat-11284	15	31	,	,	PUNCT
easat-11284	15	32	resource	resource	NOUN
easat-11284	15	33	allocation	allocation	NOUN
easat-11284	15	34	,	,	PUNCT
easat-11284	15	35	and	and	CCONJ
easat-11284	15	36	governance	governance	NOUN
easat-11284	15	37	structures	structure	NOUN
easat-11284	15	38	.	.	PUNCT
easat-11284	16	1	within	within	ADP
easat-11284	16	2	the	the	DET
easat-11284	16	3	corporate	corporate	ADJ
easat-11284	16	4	governance	governance	NOUN
easat-11284	16	5	structure	structure	NOUN
easat-11284	16	6	,	,	PUNCT
easat-11284	16	7	the	the	DET
easat-11284	16	8	equity	equity	NOUN
easat-11284	16	9	structure	structure	NOUN
easat-11284	16	10	not	not	PART
easat-11284	16	11	only	only	ADV
easat-11284	16	12	determines	determine	VERB
easat-11284	16	13	the	the	DET
easat-11284	16	14	distribution	distribution	NOUN
easat-11284	16	15	of	of	ADP
easat-11284	16	16	corporate	corporate	ADJ
easat-11284	16	17	control	control	NOUN
easat-11284	16	18	but	but	CCONJ
easat-11284	16	19	also	also	ADV
easat-11284	16	20	affects	affect	VERB
easat-11284	16	21	the	the	DET
easat-11284	16	22	enterprise	enterprise	NOUN
easat-11284	16	23	's	's	PART
easat-11284	16	24	risk	risk	NOUN
easat-11284	16	25	management	management	NOUN
easat-11284	16	26	and	and	CCONJ
easat-11284	16	27	long	long	ADJ
easat-11284	16	28	-	-	PUNCT
easat-11284	16	29	term	term	NOUN
easat-11284	16	30	development	development	NOUN
easat-11284	16	31	strategy	strategy	NOUN
easat-11284	16	32	.	.	PUNCT
easat-11284	17	1	a	a	DET
easat-11284	17	2	rational	rational	ADJ
easat-11284	17	3	equity	equity	NOUN
easat-11284	17	4	structure	structure	NOUN
easat-11284	17	5	helps	help	VERB
easat-11284	17	6	balance	balance	VERB
easat-11284	17	7	the	the	DET
easat-11284	17	8	interests	interest	NOUN
easat-11284	17	9	of	of	ADP
easat-11284	17	10	various	various	ADJ
easat-11284	17	11	internal	internal	ADJ
easat-11284	17	12	stakeholders	stakeholder	NOUN
easat-11284	17	13	,	,	PUNCT
easat-11284	17	14	promoting	promote	VERB
easat-11284	17	15	stable	stable	ADJ
easat-11284	17	16	development	development	NOUN
easat-11284	17	17	and	and	CCONJ
easat-11284	17	18	continuous	continuous	ADJ
easat-11284	17	19	innovation	innovation	NOUN
easat-11284	17	20	.	.	PUNCT
easat-11284	18	1	however	however	ADV
easat-11284	18	2	,	,	PUNCT
easat-11284	18	3	as	as	ADP
easat-11284	18	4	the	the	DET
easat-11284	18	5	market	market	NOUN
easat-11284	18	6	environment	environment	NOUN
easat-11284	18	7	changes	change	NOUN
easat-11284	18	8	,	,	PUNCT
easat-11284	18	9	the	the	DET
easat-11284	18	10	corporate	corporate	ADJ
easat-11284	18	11	equity	equity	NOUN
easat-11284	18	12	structure	structure	NOUN
easat-11284	18	13	must	must	AUX
easat-11284	18	14	also	also	ADV
easat-11284	18	15	continuously	continuously	ADV
easat-11284	18	16	adapt	adapt	VERB
easat-11284	18	17	and	and	CCONJ
easat-11284	18	18	adjust	adjust	VERB
easat-11284	18	19	to	to	PART
easat-11284	18	20	cope	cope	VERB
easat-11284	18	21	with	with	ADP
easat-11284	18	22	external	external	ADJ
easat-11284	18	23	challenges	challenge	NOUN
easat-11284	18	24	and	and	CCONJ
easat-11284	18	25	seize	seize	VERB
easat-11284	18	26	development	development	NOUN
easat-11284	18	27	opportunities	opportunity	NOUN
easat-11284	18	28	.	.	PUNCT
easat-11284	19	1	therefore	therefore	ADV
easat-11284	19	2	,	,	PUNCT
easat-11284	19	3	an	an	DET
easat-11284	19	4	in	in	ADP
easat-11284	19	5	-	-	PUNCT
easat-11284	19	6	depth	depth	NOUN
easat-11284	19	7	exploration	exploration	NOUN
easat-11284	19	8	of	of	ADP
easat-11284	19	9	the	the	DET
easat-11284	19	10	impact	impact	NOUN
easat-11284	19	11	of	of	ADP
easat-11284	19	12	the	the	DET
easat-11284	19	13	regional	regional	ADJ
easat-11284	19	14	business	business	NOUN
easat-11284	19	15	environment	environment	NOUN
easat-11284	19	16	on	on	ADP
easat-11284	19	17	corporate	corporate	ADJ
easat-11284	19	18	equity	equity	NOUN
easat-11284	19	19	structure	structure	NOUN
easat-11284	19	20	is	be	AUX
easat-11284	19	21	crucial	crucial	ADJ
easat-11284	19	22	.	.	PUNCT
easat-11284	20	1	it	it	PRON
easat-11284	20	2	not	not	PART
easat-11284	20	3	only	only	ADV
easat-11284	20	4	helps	helps	AUX
easat-11284	20	5	reveal	reveal	VERB
easat-11284	20	6	the	the	DET
easat-11284	20	7	internal	internal	ADJ
easat-11284	20	8	logic	logic	NOUN
easat-11284	20	9	and	and	CCONJ
easat-11284	20	10	external	external	ADJ
easat-11284	20	11	drivers	driver	NOUN
easat-11284	20	12	of	of	ADP
easat-11284	20	13	changes	change	NOUN
easat-11284	20	14	in	in	ADP
easat-11284	20	15	corporate	corporate	ADJ
easat-11284	20	16	governance	governance	NOUN
easat-11284	20	17	structure	structure	NOUN
easat-11284	20	18	but	but	CCONJ
easat-11284	20	19	also	also	ADV
easat-11284	20	20	provides	provide	VERB
easat-11284	20	21	theoretical	theoretical	ADJ
easat-11284	20	22	support	support	NOUN
easat-11284	20	23	and	and	CCONJ
easat-11284	20	24	policy	policy	NOUN
easat-11284	20	25	recommendations	recommendation	NOUN
easat-11284	20	26	for	for	SCONJ
easat-11284	20	27	governments	government	NOUN
easat-11284	20	28	to	to	PART
easat-11284	20	29	optimize	optimize	VERB
easat-11284	20	30	the	the	DET
easat-11284	20	31	business	business	NOUN
easat-11284	20	32	environment	environment	NOUN
easat-11284	20	33	and	and	CCONJ
easat-11284	20	34	for	for	SCONJ
easat-11284	20	35	enterprises	enterprise	NOUN
easat-11284	20	36	to	to	PART
easat-11284	20	37	adjust	adjust	VERB
easat-11284	20	38	their	their	PRON
easat-11284	20	39	equity	equity	NOUN
easat-11284	20	40	structure	structure	NOUN
easat-11284	20	41	.	.	PUNCT
easat-11284	21	1	this	this	DET
easat-11284	21	2	study	study	NOUN
easat-11284	21	3	aims	aim	VERB
easat-11284	21	4	to	to	PART
easat-11284	21	5	uncover	uncover	VERB
easat-11284	21	6	the	the	DET
easat-11284	21	7	intrinsic	intrinsic	ADJ
easat-11284	21	8	link	link	NOUN
easat-11284	21	9	between	between	ADP
easat-11284	21	10	the	the	DET
easat-11284	21	11	regional	regional	ADJ
easat-11284	21	12	business	business	NOUN
easat-11284	21	13	environment	environment	NOUN
easat-11284	21	14	and	and	CCONJ
easat-11284	21	15	corporate	corporate	ADJ
easat-11284	21	16	equity	equity	NOUN
easat-11284	21	17	structure	structure	NOUN
easat-11284	21	18	through	through	ADP
easat-11284	21	19	theoretical	theoretical	ADJ
easat-11284	21	20	analysis	analysis	NOUN
easat-11284	21	21	and	and	CCONJ
easat-11284	21	22	empirical	empirical	ADJ
easat-11284	21	23	research	research	NOUN
easat-11284	21	24	,	,	PUNCT
easat-11284	21	25	offering	offer	VERB
easat-11284	21	26	a	a	DET
easat-11284	21	27	new	new	ADJ
easat-11284	21	28	perspective	perspective	NOUN
easat-11284	21	29	and	and	CCONJ
easat-11284	21	30	path	path	NOUN
easat-11284	21	31	for	for	ADP
easat-11284	21	32	corporate	corporate	ADJ
easat-11284	21	33	sustainable	sustainable	ADJ
easat-11284	21	34	development	development	NOUN
easat-11284	21	35	and	and	CCONJ
easat-11284	21	36	regional	regional	ADJ
easat-11284	21	37	economic	economic	ADJ
easat-11284	21	38	prosperity	prosperity	NOUN
easat-11284	21	39	.	.	PUNCT
easat-11284	22	1	in	in	ADP
easat-11284	22	2	the	the	DET
easat-11284	22	3	field	field	NOUN
easat-11284	22	4	of	of	ADP
easat-11284	22	5	academic	academic	ADJ
easat-11284	22	6	research	research	NOUN
easat-11284	22	7	,	,	PUNCT
easat-11284	22	8	the	the	DET
easat-11284	22	9	discussion	discussion	NOUN
easat-11284	22	10	of	of	ADP
easat-11284	22	11	the	the	DET
easat-11284	22	12	business	business	NOUN
easat-11284	22	13	environment	environment	NOUN
easat-11284	22	14	and	and	CCONJ
easat-11284	22	15	corporate	corporate	ADJ
easat-11284	22	16	equity	equity	NOUN
easat-11284	22	17	structure	structure	NOUN
easat-11284	22	18	has	have	AUX
easat-11284	22	19	always	always	ADV
easat-11284	22	20	been	be	AUX
easat-11284	22	21	a	a	DET
easat-11284	22	22	hot	hot	ADJ
easat-11284	22	23	topic	topic	NOUN
easat-11284	22	24	,	,	PUNCT
easat-11284	22	25	and	and	CCONJ
easat-11284	22	26	certain	certain	ADJ
easat-11284	22	27	achievements	achievement	NOUN
easat-11284	22	28	have	have	AUX
easat-11284	22	29	been	be	AUX
easat-11284	22	30	made	make	VERB
easat-11284	22	31	,	,	PUNCT
easat-11284	22	32	but	but	CCONJ
easat-11284	22	33	there	there	PRON
easat-11284	22	34	is	be	VERB
easat-11284	22	35	still	still	ADV
easat-11284	22	36	room	room	NOUN
easat-11284	22	37	https://orcid.org/0000-0001-7935-2225	https://orcid.org/0000-0001-7935-2225	PROPN
easat-11284	22	38	94	94	NUM
easat-11284	22	39	edelweiss	edelweiss	PROPN
easat-11284	22	40	applied	apply	VERB
easat-11284	22	41	science	science	NOUN
easat-11284	22	42	and	and	CCONJ
easat-11284	22	43	technology	technology	NOUN
easat-11284	22	44	issn	issn	PROPN
easat-11284	22	45	:	:	PUNCT
easat-11284	22	46	2576	2576	NUM
easat-11284	22	47	-	-	SYM
easat-11284	22	48	8484	8484	NUM
easat-11284	22	49	vol	vol	NOUN
easat-11284	22	50	.	.	PROPN
easat-11284	23	1	9	9	NUM
easat-11284	23	2	,	,	PUNCT
easat-11284	23	3	no	no	INTJ
easat-11284	23	4	.	.	NOUN
easat-11284	23	5	12	12	NUM
easat-11284	23	6	:	:	PUNCT
easat-11284	23	7	93	93	NUM
easat-11284	23	8	-	-	SYM
easat-11284	23	9	108	108	NUM
easat-11284	23	10	,	,	PUNCT
easat-11284	23	11	2025	2025	NUM
easat-11284	23	12	doi	doi	NOUN
easat-11284	23	13	:	:	PUNCT
easat-11284	23	14	10.55214/2576	10.55214/2576	NUM
easat-11284	23	15	-	-	SYM
easat-11284	23	16	8484.v9i12.11284	8484.v9i12.11284	NUM
easat-11284	23	17	©	©	PROPN
easat-11284	23	18	2025	2025	NUM
easat-11284	23	19	by	by	ADP
easat-11284	23	20	the	the	DET
easat-11284	23	21	authors	author	NOUN
easat-11284	23	22	;	;	PUNCT
easat-11284	23	23	licensee	licensee	NOUN
easat-11284	23	24	learning	learning	NOUN
easat-11284	23	25	gate	gate	NOUN
easat-11284	23	26	for	for	ADP
easat-11284	23	27	improvement	improvement	NOUN
easat-11284	23	28	.	.	PUNCT
easat-11284	24	1	on	on	ADP
easat-11284	24	2	the	the	DET
easat-11284	24	3	one	one	NUM
easat-11284	24	4	hand	hand	NOUN
easat-11284	24	5	,	,	PUNCT
easat-11284	24	6	research	research	NOUN
easat-11284	24	7	on	on	ADP
easat-11284	24	8	the	the	DET
easat-11284	24	9	business	business	NOUN
easat-11284	24	10	environment	environment	NOUN
easat-11284	24	11	is	be	AUX
easat-11284	24	12	fruitful	fruitful	ADJ
easat-11284	24	13	,	,	PUNCT
easat-11284	24	14	mainly	mainly	ADV
easat-11284	24	15	including	include	VERB
easat-11284	24	16	its	its	PRON
easat-11284	24	17	impact	impact	NOUN
easat-11284	24	18	on	on	ADP
easat-11284	24	19	regional	regional	ADJ
easat-11284	24	20	economic	economic	ADJ
easat-11284	24	21	development	development	NOUN
easat-11284	24	22	and	and	CCONJ
easat-11284	24	23	corporate	corporate	ADJ
easat-11284	24	24	development	development	NOUN
easat-11284	24	25	.	.	PUNCT
easat-11284	25	1	however	however	ADV
easat-11284	25	2	,	,	PUNCT
easat-11284	25	3	the	the	DET
easat-11284	25	4	research	research	NOUN
easat-11284	25	5	on	on	ADP
easat-11284	25	6	precise	precise	ADJ
easat-11284	25	7	optimization	optimization	NOUN
easat-11284	25	8	strategies	strategy	NOUN
easat-11284	25	9	and	and	CCONJ
easat-11284	25	10	differentiated	differentiated	ADJ
easat-11284	25	11	impacts	impact	NOUN
easat-11284	25	12	for	for	ADP
easat-11284	25	13	enterprises	enterprise	NOUN
easat-11284	25	14	across	across	ADP
easat-11284	25	15	different	different	ADJ
easat-11284	25	16	industries	industry	NOUN
easat-11284	25	17	and	and	CCONJ
easat-11284	25	18	scales	scale	NOUN
easat-11284	25	19	is	be	AUX
easat-11284	25	20	not	not	PART
easat-11284	25	21	detailed	detail	VERB
easat-11284	25	22	enough	enough	ADV
easat-11284	25	23	.	.	PUNCT
easat-11284	26	1	on	on	ADP
easat-11284	26	2	the	the	DET
easat-11284	26	3	other	other	ADJ
easat-11284	26	4	hand	hand	NOUN
easat-11284	26	5	,	,	PUNCT
easat-11284	26	6	research	research	NOUN
easat-11284	26	7	on	on	ADP
easat-11284	26	8	the	the	DET
easat-11284	26	9	influencing	influence	VERB
easat-11284	26	10	factors	factor	NOUN
easat-11284	26	11	of	of	ADP
easat-11284	26	12	corporate	corporate	ADJ
easat-11284	26	13	equity	equity	NOUN
easat-11284	26	14	structure	structure	NOUN
easat-11284	26	15	primarily	primarily	ADV
easat-11284	26	16	covers	cover	VERB
easat-11284	26	17	internal	internal	ADJ
easat-11284	26	18	and	and	CCONJ
easat-11284	26	19	external	external	ADJ
easat-11284	26	20	factors	factor	NOUN
easat-11284	26	21	,	,	PUNCT
easat-11284	26	22	but	but	CCONJ
easat-11284	26	23	the	the	DET
easat-11284	26	24	integrated	integrate	VERB
easat-11284	26	25	impact	impact	NOUN
easat-11284	26	26	of	of	ADP
easat-11284	26	27	different	different	ADJ
easat-11284	26	28	factor	factor	NOUN
easat-11284	26	29	combinations	combination	NOUN
easat-11284	26	30	in	in	ADP
easat-11284	26	31	complex	complex	ADJ
easat-11284	26	32	external	external	ADJ
easat-11284	26	33	environments	environment	NOUN
easat-11284	26	34	is	be	AUX
easat-11284	26	35	weakly	weakly	ADV
easat-11284	26	36	studied	study	VERB
easat-11284	26	37	.	.	PUNCT
easat-11284	27	1	as	as	ADP
easat-11284	27	2	for	for	ADP
easat-11284	27	3	the	the	DET
easat-11284	27	4	association	association	NOUN
easat-11284	27	5	between	between	ADP
easat-11284	27	6	the	the	DET
easat-11284	27	7	business	business	NOUN
easat-11284	27	8	environment	environment	NOUN
easat-11284	27	9	and	and	CCONJ
easat-11284	27	10	corporate	corporate	ADJ
easat-11284	27	11	equity	equity	NOUN
easat-11284	27	12	structure	structure	NOUN
easat-11284	27	13	,	,	PUNCT
easat-11284	27	14	the	the	DET
easat-11284	27	15	current	current	ADJ
easat-11284	27	16	focus	focus	NOUN
easat-11284	27	17	is	be	AUX
easat-11284	27	18	on	on	ADP
easat-11284	27	19	the	the	DET
easat-11284	27	20	impact	impact	NOUN
easat-11284	27	21	of	of	ADP
easat-11284	27	22	a	a	DET
easat-11284	27	23	single	single	ADJ
easat-11284	27	24	business	business	NOUN
easat-11284	27	25	environment	environment	NOUN
easat-11284	27	26	factor	factor	NOUN
easat-11284	27	27	on	on	ADP
easat-11284	27	28	corporate	corporate	ADJ
easat-11284	27	29	equity	equity	NOUN
easat-11284	27	30	,	,	PUNCT
easat-11284	27	31	and	and	CCONJ
easat-11284	27	32	there	there	PRON
easat-11284	27	33	is	be	VERB
easat-11284	27	34	a	a	DET
easat-11284	27	35	lack	lack	NOUN
easat-11284	27	36	of	of	ADP
easat-11284	27	37	research	research	NOUN
easat-11284	27	38	on	on	ADP
easat-11284	27	39	the	the	DET
easat-11284	27	40	dynamic	dynamic	ADJ
easat-11284	27	41	changes	change	NOUN
easat-11284	27	42	in	in	ADP
easat-11284	27	43	corporate	corporate	ADJ
easat-11284	27	44	equity	equity	NOUN
easat-11284	27	45	structure	structure	NOUN
easat-11284	27	46	under	under	ADP
easat-11284	27	47	the	the	DET
easat-11284	27	48	combined	combine	VERB
easat-11284	27	49	effect	effect	NOUN
easat-11284	27	50	of	of	ADP
easat-11284	27	51	multiple	multiple	ADJ
easat-11284	27	52	factors	factor	NOUN
easat-11284	27	53	in	in	ADP
easat-11284	27	54	the	the	DET
easat-11284	27	55	domestic	domestic	ADJ
easat-11284	27	56	market	market	NOUN
easat-11284	27	57	,	,	PUNCT
easat-11284	27	58	as	as	ADV
easat-11284	27	59	well	well	ADV
easat-11284	27	60	as	as	ADP
easat-11284	27	61	the	the	DET
easat-11284	27	62	adjustment	adjustment	NOUN
easat-11284	27	63	mechanisms	mechanism	NOUN
easat-11284	27	64	of	of	ADP
easat-11284	27	65	different	different	ADJ
easat-11284	27	66	types	type	NOUN
easat-11284	27	67	of	of	ADP
easat-11284	27	68	enterprises	enterprise	NOUN
easat-11284	27	69	in	in	ADP
easat-11284	27	70	varying	vary	VERB
easat-11284	27	71	business	business	NOUN
easat-11284	27	72	environments	environment	NOUN
easat-11284	27	73	.	.	PUNCT
easat-11284	28	1	therefore	therefore	ADV
easat-11284	28	2	,	,	PUNCT
easat-11284	28	3	this	this	DET
easat-11284	28	4	paper	paper	NOUN
easat-11284	28	5	delves	delve	VERB
easat-11284	28	6	into	into	ADP
easat-11284	28	7	the	the	DET
easat-11284	28	8	heterogeneous	heterogeneous	ADJ
easat-11284	28	9	needs	need	NOUN
easat-11284	28	10	of	of	ADP
easat-11284	28	11	enterprises	enterprise	NOUN
easat-11284	28	12	in	in	ADP
easat-11284	28	13	different	different	ADJ
easat-11284	28	14	regions	region	NOUN
easat-11284	28	15	regarding	regard	VERB
easat-11284	28	16	the	the	DET
easat-11284	28	17	optimization	optimization	NOUN
easat-11284	28	18	of	of	ADP
easat-11284	28	19	the	the	DET
easat-11284	28	20	business	business	NOUN
easat-11284	28	21	environment	environment	NOUN
easat-11284	28	22	and	and	CCONJ
easat-11284	28	23	their	their	PRON
easat-11284	28	24	equity	equity	NOUN
easat-11284	28	25	structure	structure	NOUN
easat-11284	28	26	adjustment	adjustment	NOUN
easat-11284	28	27	strategies	strategy	NOUN
easat-11284	28	28	.	.	PUNCT
easat-11284	29	1	it	it	PRON
easat-11284	29	2	comprehensively	comprehensively	ADV
easat-11284	29	3	considers	consider	VERB
easat-11284	29	4	the	the	DET
easat-11284	29	5	interaction	interaction	NOUN
easat-11284	29	6	of	of	ADP
easat-11284	29	7	multiple	multiple	ADJ
easat-11284	29	8	factors	factor	NOUN
easat-11284	29	9	to	to	PART
easat-11284	29	10	construct	construct	VERB
easat-11284	29	11	a	a	DET
easat-11284	29	12	comprehensive	comprehensive	ADJ
easat-11284	29	13	impact	impact	NOUN
easat-11284	29	14	model	model	NOUN
easat-11284	29	15	and	and	CCONJ
easat-11284	29	16	uses	use	VERB
easat-11284	29	17	econometric	econometric	ADJ
easat-11284	29	18	methods	method	NOUN
easat-11284	29	19	to	to	PART
easat-11284	29	20	track	track	VERB
easat-11284	29	21	the	the	DET
easat-11284	29	22	dynamic	dynamic	ADJ
easat-11284	29	23	adjustment	adjustment	NOUN
easat-11284	29	24	of	of	ADP
easat-11284	29	25	equity	equity	NOUN
easat-11284	29	26	structure	structure	NOUN
easat-11284	29	27	,	,	PUNCT
easat-11284	29	28	providing	provide	VERB
easat-11284	29	29	strong	strong	ADJ
easat-11284	29	30	support	support	NOUN
easat-11284	29	31	for	for	ADP
easat-11284	29	32	corporate	corporate	ADJ
easat-11284	29	33	development	development	NOUN
easat-11284	29	34	and	and	CCONJ
easat-11284	29	35	policy	policy	NOUN
easat-11284	29	36	formulation	formulation	NOUN
easat-11284	29	37	.	.	PUNCT
easat-11284	30	1	existing	exist	VERB
easat-11284	30	2	research	research	NOUN
easat-11284	30	3	often	often	ADV
easat-11284	30	4	discusses	discuss	VERB
easat-11284	30	5	the	the	DET
easat-11284	30	6	influencing	influence	VERB
easat-11284	30	7	factors	factor	NOUN
easat-11284	30	8	of	of	ADP
easat-11284	30	9	corporate	corporate	ADJ
easat-11284	30	10	equity	equity	NOUN
easat-11284	30	11	structure	structure	NOUN
easat-11284	30	12	in	in	ADP
easat-11284	30	13	isolation	isolation	NOUN
easat-11284	30	14	or	or	CCONJ
easat-11284	30	15	focuses	focus	VERB
easat-11284	30	16	on	on	ADP
easat-11284	30	17	the	the	DET
easat-11284	30	18	impact	impact	NOUN
easat-11284	30	19	of	of	ADP
easat-11284	30	20	the	the	DET
easat-11284	30	21	business	business	NOUN
easat-11284	30	22	environment	environment	NOUN
easat-11284	30	23	on	on	ADP
easat-11284	30	24	overall	overall	ADJ
easat-11284	30	25	corporate	corporate	ADJ
easat-11284	30	26	operations	operation	NOUN
easat-11284	30	27	.	.	PUNCT
easat-11284	31	1	this	this	DET
easat-11284	31	2	study	study	NOUN
easat-11284	31	3	innovatively	innovatively	ADV
easat-11284	31	4	integrates	integrate	VERB
easat-11284	31	5	the	the	DET
easat-11284	31	6	regional	regional	ADJ
easat-11284	31	7	business	business	NOUN
easat-11284	31	8	environment	environment	NOUN
easat-11284	31	9	and	and	CCONJ
easat-11284	31	10	corporate	corporate	ADJ
easat-11284	31	11	equity	equity	NOUN
easat-11284	31	12	structure	structure	NOUN
easat-11284	31	13	,	,	PUNCT
easat-11284	31	14	two	two	NUM
easat-11284	31	15	relatively	relatively	ADV
easat-11284	31	16	independent	independent	ADJ
easat-11284	31	17	research	research	NOUN
easat-11284	31	18	fields	field	NOUN
easat-11284	31	19	.	.	PUNCT
easat-11284	32	1	it	it	PRON
easat-11284	32	2	deeply	deeply	ADV
easat-11284	32	3	analyzes	analyze	VERB
easat-11284	32	4	the	the	DET
easat-11284	32	5	impact	impact	NOUN
easat-11284	32	6	of	of	ADP
easat-11284	32	7	the	the	DET
easat-11284	32	8	external	external	ADJ
easat-11284	32	9	environment	environment	NOUN
easat-11284	32	10	on	on	ADP
easat-11284	32	11	corporate	corporate	ADJ
easat-11284	32	12	equity	equity	NOUN
easat-11284	32	13	structure	structure	NOUN
easat-11284	32	14	from	from	ADP
easat-11284	32	15	an	an	DET
easat-11284	32	16	external	external	ADJ
easat-11284	32	17	perspective	perspective	NOUN
easat-11284	32	18	,	,	PUNCT
easat-11284	32	19	opening	open	VERB
easat-11284	32	20	up	up	ADP
easat-11284	32	21	a	a	DET
easat-11284	32	22	new	new	ADJ
easat-11284	32	23	avenue	avenue	NOUN
easat-11284	32	24	for	for	ADP
easat-11284	32	25	corporate	corporate	ADJ
easat-11284	32	26	governance	governance	NOUN
easat-11284	32	27	research	research	NOUN
easat-11284	32	28	and	and	CCONJ
easat-11284	32	29	helping	help	VERB
easat-11284	32	30	to	to	PART
easat-11284	32	31	understand	understand	VERB
easat-11284	32	32	the	the	DET
easat-11284	32	33	formation	formation	NOUN
easat-11284	32	34	and	and	CCONJ
easat-11284	32	35	evolution	evolution	NOUN
easat-11284	32	36	mechanism	mechanism	NOUN
easat-11284	32	37	of	of	ADP
easat-11284	32	38	corporate	corporate	ADJ
easat-11284	32	39	equity	equity	NOUN
easat-11284	32	40	structure	structure	NOUN
easat-11284	32	41	more	more	ADV
easat-11284	32	42	comprehensively	comprehensively	ADV
easat-11284	32	43	.	.	PUNCT
easat-11284	33	1	2	2	X
easat-11284	33	2	.	.	NUM
easat-11284	33	3	related	relate	VERB
easat-11284	33	4	concepts	concept	NOUN
easat-11284	33	5	and	and	CCONJ
easat-11284	33	6	research	research	NOUN
easat-11284	33	7	hypotheses	hypothesis	NOUN
easat-11284	33	8	2.1	2.1	NUM
easat-11284	33	9	.	.	PUNCT
easat-11284	33	10	related	relate	VERB
easat-11284	33	11	concepts	concept	NOUN
easat-11284	33	12	2.1.1	2.1.1	NUM
easat-11284	33	13	.	.	PUNCT
easat-11284	34	1	business	business	NOUN
easat-11284	34	2	environment	environment	NOUN
easat-11284	34	3	with	with	ADP
easat-11284	34	4	the	the	DET
easat-11284	34	5	official	official	ADJ
easat-11284	34	6	launch	launch	NOUN
easat-11284	34	7	of	of	ADP
easat-11284	34	8	the	the	DET
easat-11284	34	9	world	world	PROPN
easat-11284	34	10	bank	bank	PROPN
easat-11284	34	11	's	's	PART
easat-11284	34	12	global	global	ADJ
easat-11284	34	13	doing	do	VERB
easat-11284	34	14	business	business	NOUN
easat-11284	34	15	project	project	NOUN
easat-11284	34	16	in	in	ADP
easat-11284	34	17	2002	2002	NUM
easat-11284	34	18	,	,	PUNCT
easat-11284	34	19	the	the	DET
easat-11284	34	20	concept	concept	NOUN
easat-11284	34	21	of	of	ADP
easat-11284	34	22	"	"	PUNCT
easat-11284	34	23	business	business	NOUN
easat-11284	34	24	environment	environment	NOUN
easat-11284	34	25	"	"	PUNCT
easat-11284	34	26	began	begin	VERB
easat-11284	34	27	to	to	PART
easat-11284	34	28	receive	receive	VERB
easat-11284	34	29	widespread	widespread	ADJ
easat-11284	34	30	attention	attention	NOUN
easat-11284	34	31	from	from	ADP
easat-11284	34	32	scholars	scholar	NOUN
easat-11284	34	33	.	.	PUNCT
easat-11284	35	1	in	in	ADP
easat-11284	35	2	the	the	DET
easat-11284	35	3	initial	initial	ADJ
easat-11284	35	4	stage	stage	NOUN
easat-11284	35	5	,	,	PUNCT
easat-11284	35	6	the	the	DET
easat-11284	35	7	world	world	NOUN
easat-11284	35	8	bank	bank	PROPN
easat-11284	35	9	defined	define	VERB
easat-11284	35	10	the	the	DET
easat-11284	35	11	business	business	NOUN
easat-11284	35	12	environment	environment	NOUN
easat-11284	35	13	as	as	ADP
easat-11284	35	14	the	the	DET
easat-11284	35	15	regulatory	regulatory	ADJ
easat-11284	35	16	environment	environment	NOUN
easat-11284	35	17	faced	face	VERB
easat-11284	35	18	by	by	ADP
easat-11284	35	19	enterprises	enterprise	NOUN
easat-11284	35	20	during	during	ADP
easat-11284	35	21	their	their	PRON
easat-11284	35	22	establishment	establishment	NOUN
easat-11284	35	23	and	and	CCONJ
easat-11284	35	24	operation	operation	NOUN
easat-11284	35	25	,	,	PUNCT
easat-11284	35	26	focusing	focus	VERB
easat-11284	35	27	on	on	ADP
easat-11284	35	28	the	the	DET
easat-11284	35	29	time	time	NOUN
easat-11284	35	30	,	,	PUNCT
easat-11284	35	31	cost	cost	NOUN
easat-11284	35	32	,	,	PUNCT
easat-11284	35	33	and	and	CCONJ
easat-11284	35	34	procedures	procedure	NOUN
easat-11284	35	35	required	require	VERB
easat-11284	35	36	for	for	ADP
easat-11284	35	37	business	business	NOUN
easat-11284	35	38	setup1	setup1	PROPN
easat-11284	35	39	.	.	PUNCT
easat-11284	36	1	however	however	ADV
easat-11284	36	2	,	,	PUNCT
easat-11284	36	3	this	this	DET
easat-11284	36	4	definition	definition	NOUN
easat-11284	36	5	was	be	AUX
easat-11284	36	6	relatively	relatively	ADV
easat-11284	36	7	narrow	narrow	ADJ
easat-11284	36	8	,	,	PUNCT
easat-11284	36	9	primarily	primarily	ADV
easat-11284	36	10	focusing	focus	VERB
easat-11284	36	11	on	on	ADP
easat-11284	36	12	regulatory	regulatory	ADJ
easat-11284	36	13	barriers	barrier	NOUN
easat-11284	36	14	during	during	ADP
easat-11284	36	15	the	the	DET
easat-11284	36	16	establishment	establishment	NOUN
easat-11284	36	17	phase2	phase2	PROPN
easat-11284	36	18	.	.	PUNCT
easat-11284	37	1	as	as	SCONJ
easat-11284	37	2	the	the	DET
easat-11284	37	3	field	field	NOUN
easat-11284	37	4	developed	develop	VERB
easat-11284	37	5	,	,	PUNCT
easat-11284	37	6	the	the	DET
easat-11284	37	7	business	business	NOUN
easat-11284	37	8	environment	environment	NOUN
easat-11284	37	9	was	be	AUX
easat-11284	37	10	redefined	redefine	VERB
easat-11284	37	11	as	as	ADP
easat-11284	37	12	the	the	DET
easat-11284	37	13	regulatory	regulatory	ADJ
easat-11284	37	14	environment	environment	NOUN
easat-11284	37	15	faced	face	VERB
easat-11284	37	16	by	by	ADP
easat-11284	37	17	enterprises	enterprise	NOUN
easat-11284	37	18	throughout	throughout	ADP
easat-11284	37	19	their	their	PRON
easat-11284	37	20	entire	entire	ADJ
easat-11284	37	21	life	life	NOUN
easat-11284	37	22	cycle	cycle	NOUN
easat-11284	37	23	,	,	PUNCT
easat-11284	37	24	emphasizing	emphasize	VERB
easat-11284	37	25	regulatory	regulatory	ADJ
easat-11284	37	26	efficiency	efficiency	NOUN
easat-11284	37	27	and	and	CCONJ
easat-11284	37	28	quality3	quality3	NOUN
easat-11284	37	29	.	.	PUNCT
easat-11284	38	1	in	in	ADP
easat-11284	38	2	the	the	DET
easat-11284	38	3	current	current	ADJ
easat-11284	38	4	stage	stage	NOUN
easat-11284	38	5	,	,	PUNCT
easat-11284	38	6	the	the	DET
easat-11284	38	7	world	world	PROPN
easat-11284	38	8	bank	bank	NOUN
easat-11284	38	9	's	's	PART
easat-11284	38	10	definition	definition	NOUN
easat-11284	38	11	remains	remain	VERB
easat-11284	38	12	,	,	PUNCT
easat-11284	38	13	but	but	CCONJ
easat-11284	38	14	in	in	ADP
easat-11284	38	15	addition	addition	NOUN
easat-11284	38	16	to	to	ADP
easat-11284	38	17	focusing	focus	VERB
easat-11284	38	18	on	on	ADP
easat-11284	38	19	regulatory	regulatory	ADJ
easat-11284	38	20	efficiency	efficiency	NOUN
easat-11284	38	21	and	and	CCONJ
easat-11284	38	22	quality	quality	NOUN
easat-11284	38	23	,	,	PUNCT
easat-11284	38	24	it	it	PRON
easat-11284	38	25	places	place	VERB
easat-11284	38	26	greater	great	ADJ
easat-11284	38	27	emphasis	emphasis	NOUN
easat-11284	38	28	on	on	ADP
easat-11284	38	29	regulatory	regulatory	ADJ
easat-11284	38	30	inclusiveness	inclusiveness	NOUN
easat-11284	38	31	and	and	CCONJ
easat-11284	38	32	sustainability4	sustainability4	NOUN
easat-11284	38	33	.	.	PUNCT
easat-11284	39	1	it	it	PRON
easat-11284	39	2	mainly	mainly	ADV
easat-11284	39	3	covers	cover	VERB
easat-11284	39	4	regulatory	regulatory	ADJ
easat-11284	39	5	systems	system	NOUN
easat-11284	39	6	in	in	ADP
easat-11284	39	7	11	11	NUM
easat-11284	39	8	areas	area	NOUN
easat-11284	39	9	affecting	affect	VERB
easat-11284	39	10	the	the	DET
easat-11284	39	11	corporate	corporate	ADJ
easat-11284	39	12	life	life	NOUN
easat-11284	39	13	cycle	cycle	NOUN
easat-11284	39	14	:	:	PUNCT
easat-11284	39	15	starting	start	VERB
easat-11284	39	16	a	a	DET
easat-11284	39	17	business	business	NOUN
easat-11284	39	18	,	,	PUNCT
easat-11284	39	19	dealing	deal	VERB
easat-11284	39	20	with	with	ADP
easat-11284	39	21	construction	construction	NOUN
easat-11284	39	22	permits	permit	NOUN
easat-11284	39	23	,	,	PUNCT
easat-11284	39	24	obtaining	obtain	VERB
easat-11284	39	25	electricity	electricity	NOUN
easat-11284	39	26	,	,	PUNCT
easat-11284	39	27	registering	register	VERB
easat-11284	39	28	property	property	NOUN
easat-11284	39	29	,	,	PUNCT
easat-11284	39	30	obtaining	obtain	VERB
easat-11284	39	31	credit	credit	NOUN
easat-11284	39	32	,	,	PUNCT
easat-11284	39	33	protecting	protect	VERB
easat-11284	39	34	minority	minority	NOUN
easat-11284	39	35	investors	investor	NOUN
easat-11284	39	36	,	,	PUNCT
easat-11284	39	37	paying	pay	VERB
easat-11284	39	38	taxes	taxis	NOUN
easat-11284	39	39	,	,	PUNCT
easat-11284	39	40	trading	trade	VERB
easat-11284	39	41	across	across	ADP
easat-11284	39	42	borders	border	NOUN
easat-11284	39	43	,	,	PUNCT
easat-11284	39	44	enforcing	enforce	VERB
easat-11284	39	45	contracts	contract	NOUN
easat-11284	39	46	,	,	PUNCT
easat-11284	39	47	resolving	resolve	VERB
easat-11284	39	48	insolvency	insolvency	NOUN
easat-11284	39	49	,	,	PUNCT
easat-11284	39	50	and	and	CCONJ
easat-11284	39	51	labor	labor	NOUN
easat-11284	39	52	market	market	NOUN
easat-11284	39	53	regulation	regulation	NOUN
easat-11284	39	54	.	.	PUNCT
easat-11284	40	1	as	as	SCONJ
easat-11284	40	2	research	research	NOUN
easat-11284	40	3	continues	continue	VERB
easat-11284	40	4	to	to	PART
easat-11284	40	5	deepen	deepen	VERB
easat-11284	40	6	,	,	PUNCT
easat-11284	40	7	various	various	ADJ
easat-11284	40	8	scholars	scholar	NOUN
easat-11284	40	9	have	have	AUX
easat-11284	40	10	also	also	ADV
easat-11284	40	11	proposed	propose	VERB
easat-11284	40	12	their	their	PRON
easat-11284	40	13	own	own	ADJ
easat-11284	40	14	insights	insight	NOUN
easat-11284	40	15	into	into	ADP
easat-11284	40	16	the	the	DET
easat-11284	40	17	business	business	NOUN
easat-11284	40	18	environment	environment	NOUN
easat-11284	40	19	.	.	PUNCT
easat-11284	41	1	simeon	simeon	PROPN
easat-11284	41	2	et	et	PROPN
easat-11284	41	3	al	al	PROPN
easat-11284	41	4	.	.	PUNCT
easat-11284	42	1	[	[	X
easat-11284	42	2	1	1	X
easat-11284	42	3	]	]	PUNCT
easat-11284	42	4	believe	believe	VERB
easat-11284	42	5	that	that	SCONJ
easat-11284	42	6	the	the	DET
easat-11284	42	7	business	business	NOUN
easat-11284	42	8	environment	environment	NOUN
easat-11284	42	9	refers	refer	VERB
easat-11284	42	10	to	to	ADP
easat-11284	42	11	the	the	DET
easat-11284	42	12	regulatory	regulatory	ADJ
easat-11284	42	13	burden	burden	NOUN
easat-11284	42	14	that	that	PRON
easat-11284	42	15	enterprises	enterprise	NOUN
easat-11284	42	16	face	face	VERB
easat-11284	42	17	when	when	SCONJ
easat-11284	42	18	interacting	interact	VERB
easat-11284	42	19	with	with	ADP
easat-11284	42	20	the	the	DET
easat-11284	42	21	government	government	NOUN
easat-11284	42	22	.	.	PUNCT
easat-11284	43	1	other	other	ADJ
easat-11284	43	2	scholars	scholar	NOUN
easat-11284	43	3	argue	argue	VERB
easat-11284	43	4	that	that	SCONJ
easat-11284	43	5	the	the	DET
easat-11284	43	6	business	business	NOUN
easat-11284	43	7	environment	environment	NOUN
easat-11284	43	8	encompasses	encompass	VERB
easat-11284	43	9	the	the	DET
easat-11284	43	10	policies	policy	NOUN
easat-11284	43	11	that	that	PRON
easat-11284	43	12	affect	affect	VERB
easat-11284	43	13	corporate	corporate	ADJ
easat-11284	43	14	investment	investment	NOUN
easat-11284	43	15	decisions	decision	NOUN
easat-11284	43	16	and	and	CCONJ
easat-11284	43	17	operating	operating	NOUN
easat-11284	43	18	performance	performance	NOUN
easat-11284	43	19	,	,	PUNCT
easat-11284	43	20	as	as	ADV
easat-11284	43	21	well	well	ADV
easat-11284	43	22	as	as	ADP
easat-11284	43	23	the	the	DET
easat-11284	43	24	institutional	institutional	ADJ
easat-11284	43	25	and	and	CCONJ
easat-11284	43	26	environmental	environmental	ADJ
easat-11284	43	27	factors	factor	NOUN
easat-11284	43	28	that	that	PRON
easat-11284	43	29	create	create	VERB
easat-11284	43	30	a	a	DET
easat-11284	43	31	fair	fair	ADJ
easat-11284	43	32	market	market	NOUN
easat-11284	43	33	atmosphere	atmosphere	NOUN
easat-11284	43	34	[	[	X
easat-11284	43	35	2	2	NUM
easat-11284	43	36	]	]	PUNCT
easat-11284	43	37	.	.	PUNCT
easat-11284	44	1	furthermore	furthermore	ADV
easat-11284	44	2	,	,	PUNCT
easat-11284	44	3	the	the	DET
easat-11284	44	4	business	business	NOUN
easat-11284	44	5	environment	environment	NOUN
easat-11284	44	6	is	be	AUX
easat-11284	44	7	also	also	ADV
easat-11284	44	8	considered	consider	VERB
easat-11284	44	9	to	to	PART
easat-11284	44	10	be	be	AUX
easat-11284	44	11	a	a	DET
easat-11284	44	12	series	series	NOUN
easat-11284	44	13	of	of	ADP
easat-11284	44	14	external	external	ADJ
easat-11284	44	15	conditions	condition	NOUN
easat-11284	44	16	faced	face	VERB
easat-11284	44	17	by	by	ADP
easat-11284	44	18	enterprises	enterprise	NOUN
easat-11284	44	19	during	during	ADP
easat-11284	44	20	their	their	PRON
easat-11284	44	21	establishment	establishment	NOUN
easat-11284	44	22	,	,	PUNCT
easat-11284	44	23	operation	operation	NOUN
easat-11284	44	24	,	,	PUNCT
easat-11284	44	25	and	and	CCONJ
easat-11284	44	26	market	market	NOUN
easat-11284	44	27	exit	exit	NOUN
easat-11284	44	28	,	,	PUNCT
easat-11284	44	29	covering	cover	VERB
easat-11284	44	30	factors	factor	NOUN
easat-11284	44	31	such	such	ADJ
easat-11284	44	32	as	as	ADP
easat-11284	44	33	the	the	DET
easat-11284	44	34	doing	do	VERB
easat-11284	44	35	business	business	NOUN
easat-11284	44	36	2004	2004	NUM
easat-11284	44	37	:	:	PUNCT
easat-11284	44	38	understanding	understand	VERB
easat-11284	44	39	regulation1	regulation1	NOUN
easat-11284	44	40	doing	do	VERB
easat-11284	44	41	business	business	NOUN
easat-11284	44	42	2006	2006	NUM
easat-11284	44	43	:	:	PUNCT
easat-11284	44	44	creating	create	VERB
easat-11284	44	45	jobs2	jobs2	PROPN
easat-11284	44	46	size	size	NOUN
easat-11284	44	47	enterprises	enterprise	NOUN
easat-11284	44	48	-	-	PUNCT
easat-11284	44	49	doing	do	VERB
easat-11284	44	50	business	business	NOUN
easat-11284	44	51	2014	2014	NUM
easat-11284	44	52	:	:	PUNCT
easat-11284	44	53	understanding	understand	VERB
easat-11284	44	54	regulation	regulation	NOUN
easat-11284	44	55	for	for	ADP
easat-11284	44	56	small	small	ADJ
easat-11284	44	57	and	and	CCONJ
easat-11284	44	58	medium3	medium3	NOUN
easat-11284	44	59	business	business	NOUN
easat-11284	44	60	2020	2020	NUM
easat-11284	44	61	:	:	PUNCT
easat-11284	44	62	comparing	compare	VERB
easat-11284	44	63	business	business	NOUN
easat-11284	44	64	regulation	regulation	NOUN
easat-11284	44	65	in	in	ADP
easat-11284	44	66	190	190	NUM
easat-11284	44	67	economiesdoing	economiesdoe	VERB
easat-11284	44	68	4	4	NUM
easat-11284	44	69	95	95	NUM
easat-11284	44	70	edelweiss	edelweiss	PROPN
easat-11284	44	71	applied	apply	VERB
easat-11284	44	72	science	science	NOUN
easat-11284	44	73	and	and	CCONJ
easat-11284	44	74	technology	technology	NOUN
easat-11284	44	75	issn	issn	PROPN
easat-11284	44	76	:	:	PUNCT
easat-11284	44	77	2576	2576	NUM
easat-11284	44	78	-	-	SYM
easat-11284	44	79	8484	8484	NUM
easat-11284	44	80	vol	vol	NOUN
easat-11284	44	81	.	.	PROPN
easat-11284	45	1	9	9	NUM
easat-11284	45	2	,	,	PUNCT
easat-11284	45	3	no	no	INTJ
easat-11284	45	4	.	.	NOUN
easat-11284	45	5	12	12	NUM
easat-11284	45	6	:	:	PUNCT
easat-11284	45	7	93	93	NUM
easat-11284	45	8	-	-	SYM
easat-11284	45	9	108	108	NUM
easat-11284	45	10	,	,	PUNCT
easat-11284	45	11	2025	2025	NUM
easat-11284	45	12	doi	doi	NOUN
easat-11284	45	13	:	:	PUNCT
easat-11284	45	14	10.55214/2576	10.55214/2576	NUM
easat-11284	45	15	-	-	SYM
easat-11284	45	16	8484.v9i12.11284	8484.v9i12.11284	NUM
easat-11284	45	17	©	©	PROPN
easat-11284	45	18	2025	2025	NUM
easat-11284	45	19	by	by	ADP
easat-11284	45	20	the	the	DET
easat-11284	45	21	authors	author	NOUN
easat-11284	45	22	;	;	PUNCT
easat-11284	45	23	licensee	licensee	PROPN
easat-11284	45	24	learning	learn	VERB
easat-11284	45	25	gate	gate	PROPN
easat-11284	45	26	government	government	PROPN
easat-11284	45	27	affairs	affairs	PROPN
easat-11284	45	28	environment	environment	NOUN
easat-11284	45	29	,	,	PUNCT
easat-11284	45	30	market	market	NOUN
easat-11284	45	31	environment	environment	NOUN
easat-11284	45	32	,	,	PUNCT
easat-11284	45	33	and	and	CCONJ
easat-11284	45	34	infrastructure	infrastructure	NOUN
easat-11284	45	35	environment	environment	NOUN
easat-11284	45	36	,	,	PUNCT
easat-11284	45	37	which	which	PRON
easat-11284	45	38	collectively	collectively	ADV
easat-11284	45	39	form	form	VERB
easat-11284	45	40	a	a	DET
easat-11284	45	41	comprehensive	comprehensive	ADJ
easat-11284	45	42	environmental	environmental	ADJ
easat-11284	45	43	system	system	NOUN
easat-11284	45	44	affecting	affect	VERB
easat-11284	45	45	corporate	corporate	ADJ
easat-11284	45	46	development	development	NOUN
easat-11284	45	47	.	.	PUNCT
easat-11284	46	1	this	this	DET
easat-11284	46	2	paper	paper	NOUN
easat-11284	46	3	draws	draw	VERB
easat-11284	46	4	on	on	ADP
easat-11284	46	5	the	the	DET
easat-11284	46	6	research	research	NOUN
easat-11284	46	7	of	of	ADP
easat-11284	46	8	zhang	zhang	PROPN
easat-11284	46	9	et	et	PROPN
easat-11284	46	10	al	al	PROPN
easat-11284	46	11	.	.	PUNCT
easat-11284	47	1	[	[	X
easat-11284	47	2	3	3	X
easat-11284	47	3	]	]	PUNCT
easat-11284	47	4	and	and	CCONJ
easat-11284	47	5	summarizes	summarize	VERB
easat-11284	47	6	four	four	NUM
easat-11284	47	7	primary	primary	ADJ
easat-11284	47	8	indicators	indicator	NOUN
easat-11284	47	9	and	and	CCONJ
easat-11284	47	10	twelve	twelve	NUM
easat-11284	47	11	secondary	secondary	ADJ
easat-11284	47	12	indicators	indicator	NOUN
easat-11284	47	13	based	base	VERB
easat-11284	47	14	on	on	ADP
easat-11284	47	15	the	the	DET
easat-11284	47	16	regulations	regulation	NOUN
easat-11284	47	17	on	on	ADP
easat-11284	47	18	optimizing	optimize	VERB
easat-11284	47	19	the	the	DET
easat-11284	47	20	business	business	NOUN
easat-11284	47	21	environment	environment	NOUN
easat-11284	47	22	.	.	PUNCT
easat-11284	48	1	the	the	DET
easat-11284	48	2	weights	weight	NOUN
easat-11284	48	3	of	of	ADP
easat-11284	48	4	each	each	DET
easat-11284	48	5	indicator	indicator	NOUN
easat-11284	48	6	and	and	CCONJ
easat-11284	48	7	the	the	DET
easat-11284	48	8	business	business	NOUN
easat-11284	48	9	environment	environment	NOUN
easat-11284	48	10	index	index	NOUN
easat-11284	48	11	are	be	AUX
easat-11284	48	12	then	then	ADV
easat-11284	48	13	calculated	calculate	VERB
easat-11284	48	14	using	use	VERB
easat-11284	48	15	the	the	DET
easat-11284	48	16	entropy	entropy	NOUN
easat-11284	48	17	weight	weight	NOUN
easat-11284	48	18	method	method	NOUN
easat-11284	48	19	.	.	PUNCT
easat-11284	49	1	2.1.2	2.1.2	X
easat-11284	49	2	.	.	PUNCT
easat-11284	49	3	equity	equity	NOUN
easat-11284	49	4	structure	structure	NOUN
easat-11284	49	5	equity	equity	NOUN
easat-11284	49	6	structure	structure	NOUN
easat-11284	49	7	refers	refer	VERB
easat-11284	49	8	to	to	ADP
easat-11284	49	9	the	the	DET
easat-11284	49	10	composition	composition	NOUN
easat-11284	49	11	of	of	ADP
easat-11284	49	12	a	a	DET
easat-11284	49	13	company	company	NOUN
easat-11284	49	14	's	's	PART
easat-11284	49	15	shareholders	shareholder	NOUN
easat-11284	49	16	and	and	CCONJ
easat-11284	49	17	the	the	DET
easat-11284	49	18	relationship	relationship	NOUN
easat-11284	49	19	between	between	ADP
easat-11284	49	20	their	their	PRON
easat-11284	49	21	shareholding	shareholding	NOUN
easat-11284	49	22	proportions	proportion	NOUN
easat-11284	49	23	[	[	X
easat-11284	49	24	4	4	NUM
easat-11284	49	25	]	]	PUNCT
easat-11284	49	26	.	.	PUNCT
easat-11284	50	1	it	it	PRON
easat-11284	50	2	centrally	centrally	ADV
easat-11284	50	3	reflects	reflect	VERB
easat-11284	50	4	the	the	DET
easat-11284	50	5	distribution	distribution	NOUN
easat-11284	50	6	of	of	ADP
easat-11284	50	7	ownership	ownership	NOUN
easat-11284	50	8	and	and	CCONJ
easat-11284	50	9	control	control	NOUN
easat-11284	50	10	,	,	PUNCT
easat-11284	50	11	including	include	VERB
easat-11284	50	12	shareholder	shareholder	NOUN
easat-11284	50	13	composition	composition	NOUN
easat-11284	50	14	,	,	PUNCT
easat-11284	50	15	shareholding	shareholding	NOUN
easat-11284	50	16	proportion	proportion	NOUN
easat-11284	50	17	,	,	PUNCT
easat-11284	50	18	and	and	CCONJ
easat-11284	50	19	control	control	NOUN
easat-11284	50	20	distribution	distribution	NOUN
easat-11284	50	21	[	[	X
easat-11284	50	22	5	5	NUM
easat-11284	50	23	]	]	PUNCT
easat-11284	50	24	.	.	PUNCT
easat-11284	51	1	it	it	PRON
easat-11284	51	2	usually	usually	ADV
easat-11284	51	3	encompasses	encompass	VERB
easat-11284	51	4	two	two	NUM
easat-11284	51	5	basic	basic	ADJ
easat-11284	51	6	meanings	meaning	NOUN
easat-11284	51	7	:	:	PUNCT
easat-11284	51	8	first	first	ADV
easat-11284	51	9	,	,	PUNCT
easat-11284	51	10	equity	equity	NOUN
easat-11284	51	11	concentration	concentration	NOUN
easat-11284	51	12	,	,	PUNCT
easat-11284	51	13	which	which	PRON
easat-11284	51	14	measures	measure	VERB
easat-11284	51	15	the	the	DET
easat-11284	51	16	concentration	concentration	NOUN
easat-11284	51	17	of	of	ADP
easat-11284	51	18	equity	equity	NOUN
easat-11284	51	19	by	by	ADP
easat-11284	51	20	the	the	DET
easat-11284	51	21	sum	sum	NOUN
easat-11284	51	22	of	of	ADP
easat-11284	51	23	the	the	DET
easat-11284	51	24	shareholding	shareholding	NOUN
easat-11284	51	25	proportions	proportion	NOUN
easat-11284	51	26	of	of	ADP
easat-11284	51	27	the	the	DET
easat-11284	51	28	top	top	ADJ
easat-11284	51	29	few	few	ADJ
easat-11284	51	30	major	major	ADJ
easat-11284	51	31	shareholders	shareholder	NOUN
easat-11284	51	32	,	,	PUNCT
easat-11284	51	33	based	base	VERB
easat-11284	51	34	on	on	ADP
easat-11284	51	35	which	which	PRON
easat-11284	51	36	the	the	DET
easat-11284	51	37	equity	equity	NOUN
easat-11284	51	38	structure	structure	NOUN
easat-11284	51	39	can	can	AUX
easat-11284	51	40	be	be	AUX
easat-11284	51	41	classified	classify	VERB
easat-11284	51	42	into	into	ADP
easat-11284	51	43	highly	highly	ADV
easat-11284	51	44	concentrated	concentrated	ADJ
easat-11284	51	45	,	,	PUNCT
easat-11284	51	46	relatively	relatively	ADV
easat-11284	51	47	concentrated	concentrated	ADJ
easat-11284	51	48	,	,	PUNCT
easat-11284	51	49	and	and	CCONJ
easat-11284	51	50	highly	highly	ADV
easat-11284	51	51	dispersed	disperse	VERB
easat-11284	51	52	.	.	PUNCT
easat-11284	52	1	second	second	ADJ
easat-11284	52	2	,	,	PUNCT
easat-11284	52	3	equity	equity	NOUN
easat-11284	52	4	composition	composition	NOUN
easat-11284	52	5	,	,	PUNCT
easat-11284	52	6	which	which	PRON
easat-11284	52	7	is	be	AUX
easat-11284	52	8	the	the	DET
easat-11284	52	9	distribution	distribution	NOUN
easat-11284	52	10	of	of	ADP
easat-11284	52	11	shareholding	shareholding	NOUN
easat-11284	52	12	proportions	proportion	NOUN
easat-11284	52	13	among	among	ADP
easat-11284	52	14	shareholders	shareholder	NOUN
easat-11284	52	15	of	of	ADP
easat-11284	52	16	different	different	ADJ
easat-11284	52	17	attributes	attribute	NOUN
easat-11284	52	18	,	,	PUNCT
easat-11284	52	19	such	such	ADJ
easat-11284	52	20	as	as	ADP
easat-11284	52	21	institutional	institutional	ADJ
easat-11284	52	22	shareholders	shareholder	NOUN
easat-11284	52	23	,	,	PUNCT
easat-11284	52	24	individual	individual	ADJ
easat-11284	52	25	shareholders	shareholder	NOUN
easat-11284	52	26	,	,	PUNCT
easat-11284	52	27	strategic	strategic	ADJ
easat-11284	52	28	investors	investor	NOUN
easat-11284	52	29	,	,	PUNCT
easat-11284	52	30	etc	etc	X
easat-11284	52	31	.	.	X
easat-11284	53	1	2.2	2.2	NUM
easat-11284	53	2	.	.	PUNCT
easat-11284	54	1	research	research	NOUN
easat-11284	54	2	hypotheses	hypothesis	NOUN
easat-11284	54	3	equity	equity	NOUN
easat-11284	54	4	is	be	AUX
easat-11284	54	5	essentially	essentially	ADV
easat-11284	54	6	a	a	DET
easat-11284	54	7	collection	collection	NOUN
easat-11284	54	8	of	of	ADP
easat-11284	54	9	rights	right	NOUN
easat-11284	54	10	over	over	ADP
easat-11284	54	11	the	the	DET
easat-11284	54	12	company	company	NOUN
easat-11284	54	13	's	's	PART
easat-11284	54	14	assets	asset	NOUN
easat-11284	54	15	,	,	PUNCT
easat-11284	54	16	earnings	earning	NOUN
easat-11284	54	17	,	,	PUNCT
easat-11284	54	18	and	and	CCONJ
easat-11284	54	19	decision	decision	NOUN
easat-11284	54	20	-	-	PUNCT
easat-11284	54	21	making	making	NOUN
easat-11284	54	22	formed	form	VERB
easat-11284	54	23	by	by	ADP
easat-11284	54	24	shareholders	shareholder	NOUN
easat-11284	54	25	based	base	VERB
easat-11284	54	26	on	on	ADP
easat-11284	54	27	their	their	PRON
easat-11284	54	28	capital	capital	NOUN
easat-11284	54	29	contributions	contribution	NOUN
easat-11284	54	30	[	[	X
easat-11284	54	31	6	6	NUM
easat-11284	54	32	]	]	PUNCT
easat-11284	54	33	.	.	PUNCT
easat-11284	55	1	it	it	PRON
easat-11284	55	2	includes	include	VERB
easat-11284	55	3	residual	residual	ADJ
easat-11284	55	4	claim	claim	NOUN
easat-11284	55	5	rights	right	NOUN
easat-11284	55	6	such	such	ADJ
easat-11284	55	7	as	as	ADP
easat-11284	55	8	profit	profit	NOUN
easat-11284	55	9	distribution	distribution	NOUN
easat-11284	55	10	and	and	CCONJ
easat-11284	55	11	liquidation	liquidation	NOUN
easat-11284	55	12	rights	right	NOUN
easat-11284	55	13	over	over	ADP
easat-11284	55	14	residual	residual	ADJ
easat-11284	55	15	assets	asset	NOUN
easat-11284	55	16	,	,	PUNCT
easat-11284	55	17	as	as	ADV
easat-11284	55	18	well	well	ADV
easat-11284	55	19	as	as	ADP
easat-11284	55	20	residual	residual	ADJ
easat-11284	55	21	control	control	NOUN
easat-11284	55	22	rights	right	NOUN
easat-11284	55	23	such	such	ADJ
easat-11284	55	24	as	as	ADP
easat-11284	55	25	the	the	DET
easat-11284	55	26	election	election	NOUN
easat-11284	55	27	of	of	ADP
easat-11284	55	28	the	the	DET
easat-11284	55	29	board	board	NOUN
easat-11284	55	30	of	of	ADP
easat-11284	55	31	directors	director	NOUN
easat-11284	55	32	and	and	CCONJ
easat-11284	55	33	the	the	DET
easat-11284	55	34	right	right	NOUN
easat-11284	55	35	to	to	PART
easat-11284	55	36	approve	approve	VERB
easat-11284	55	37	major	major	ADJ
easat-11284	55	38	decisions	decision	NOUN
easat-11284	55	39	like	like	ADP
easat-11284	55	40	charter	charter	NOUN
easat-11284	55	41	amendments	amendment	NOUN
easat-11284	55	42	[	[	X
easat-11284	55	43	7	7	NUM
easat-11284	55	44	]	]	PUNCT
easat-11284	55	45	.	.	PUNCT
easat-11284	56	1	shareholders	shareholder	NOUN
easat-11284	56	2	,	,	PUNCT
easat-11284	56	3	while	while	SCONJ
easat-11284	56	4	enjoying	enjoy	VERB
easat-11284	56	5	profit	profit	NOUN
easat-11284	56	6	distribution	distribution	NOUN
easat-11284	56	7	,	,	PUNCT
easat-11284	56	8	must	must	AUX
easat-11284	56	9	also	also	ADV
easat-11284	56	10	bear	bear	VERB
easat-11284	56	11	the	the	DET
easat-11284	56	12	risk	risk	NOUN
easat-11284	56	13	of	of	ADP
easat-11284	56	14	operating	operating	NOUN
easat-11284	56	15	losses	loss	NOUN
easat-11284	56	16	[	[	X
easat-11284	56	17	8	8	NUM
easat-11284	56	18	]	]	PUNCT
easat-11284	56	19	.	.	PUNCT
easat-11284	57	1	the	the	DET
easat-11284	57	2	equity	equity	NOUN
easat-11284	57	3	structure	structure	NOUN
easat-11284	57	4	is	be	AUX
easat-11284	57	5	dynamically	dynamically	ADV
easat-11284	57	6	adjusted	adjust	VERB
easat-11284	57	7	in	in	ADP
easat-11284	57	8	response	response	NOUN
easat-11284	57	9	to	to	ADP
easat-11284	57	10	the	the	DET
easat-11284	57	11	external	external	ADJ
easat-11284	57	12	environment	environment	NOUN
easat-11284	57	13	.	.	PUNCT
easat-11284	58	1	when	when	SCONJ
easat-11284	58	2	the	the	DET
easat-11284	58	3	social	social	ADJ
easat-11284	58	4	environment	environment	NOUN
easat-11284	58	5	changes	change	NOUN
easat-11284	58	6	,	,	PUNCT
easat-11284	58	7	enterprises	enterprise	NOUN
easat-11284	58	8	will	will	AUX
easat-11284	58	9	proactively	proactively	ADV
easat-11284	58	10	adapt	adapt	VERB
easat-11284	58	11	to	to	ADP
easat-11284	58	12	environmental	environmental	ADJ
easat-11284	58	13	changes	change	NOUN
easat-11284	58	14	by	by	ADP
easat-11284	58	15	optimizing	optimize	VERB
easat-11284	58	16	the	the	DET
easat-11284	58	17	equity	equity	NOUN
easat-11284	58	18	structure	structure	NOUN
easat-11284	58	19	and	and	CCONJ
easat-11284	58	20	reforming	reform	VERB
easat-11284	58	21	their	their	PRON
easat-11284	58	22	organizational	organizational	ADJ
easat-11284	58	23	structure	structure	NOUN
easat-11284	58	24	and	and	CCONJ
easat-11284	58	25	management	management	NOUN
easat-11284	58	26	strategies	strategy	NOUN
easat-11284	58	27	.	.	PUNCT
easat-11284	59	1	from	from	ADP
easat-11284	59	2	the	the	DET
easat-11284	59	3	perspective	perspective	NOUN
easat-11284	59	4	of	of	ADP
easat-11284	59	5	corporate	corporate	ADJ
easat-11284	59	6	governance	governance	NOUN
easat-11284	59	7	,	,	PUNCT
easat-11284	59	8	differences	difference	NOUN
easat-11284	59	9	in	in	ADP
easat-11284	59	10	equity	equity	NOUN
easat-11284	59	11	structure	structure	NOUN
easat-11284	59	12	shape	shape	VERB
easat-11284	59	13	different	different	ADJ
easat-11284	59	14	organizational	organizational	ADJ
easat-11284	59	15	frameworks	framework	NOUN
easat-11284	59	16	and	and	CCONJ
easat-11284	59	17	governance	governance	NOUN
easat-11284	59	18	models	model	NOUN
easat-11284	59	19	.	.	PUNCT
easat-11284	60	1	highly	highly	ADV
easat-11284	60	2	concentrated	concentrated	ADJ
easat-11284	60	3	equity	equity	NOUN
easat-11284	60	4	may	may	AUX
easat-11284	60	5	exacerbate	exacerbate	VERB
easat-11284	60	6	the	the	DET
easat-11284	60	7	agency	agency	NOUN
easat-11284	60	8	conflict	conflict	NOUN
easat-11284	60	9	between	between	ADP
easat-11284	60	10	controlling	control	VERB
easat-11284	60	11	shareholders	shareholder	NOUN
easat-11284	60	12	and	and	CCONJ
easat-11284	60	13	minority	minority	NOUN
easat-11284	60	14	shareholders	shareholder	NOUN
easat-11284	60	15	,	,	PUNCT
easat-11284	60	16	while	while	SCONJ
easat-11284	60	17	highly	highly	ADV
easat-11284	60	18	dispersed	disperse	VERB
easat-11284	60	19	equity	equity	NOUN
easat-11284	60	20	may	may	AUX
easat-11284	60	21	lead	lead	VERB
easat-11284	60	22	to	to	ADP
easat-11284	60	23	the	the	DET
easat-11284	60	24	problem	problem	NOUN
easat-11284	60	25	of	of	ADP
easat-11284	60	26	"	"	PUNCT
easat-11284	60	27	insider	insider	NOUN
easat-11284	60	28	control	control	NOUN
easat-11284	60	29	.	.	PUNCT
easat-11284	60	30	"	"	PUNCT
easat-11284	61	1	therefore	therefore	ADV
easat-11284	61	2	,	,	PUNCT
easat-11284	61	3	the	the	DET
easat-11284	61	4	equity	equity	NOUN
easat-11284	61	5	structure	structure	NOUN
easat-11284	61	6	is	be	AUX
easat-11284	61	7	both	both	CCONJ
easat-11284	61	8	the	the	DET
easat-11284	61	9	fundamental	fundamental	ADJ
easat-11284	61	10	determinant	determinant	NOUN
easat-11284	61	11	of	of	ADP
easat-11284	61	12	corporate	corporate	ADJ
easat-11284	61	13	governance	governance	NOUN
easat-11284	61	14	effectiveness	effectiveness	NOUN
easat-11284	61	15	and	and	CCONJ
easat-11284	61	16	a	a	DET
easat-11284	61	17	key	key	ADJ
easat-11284	61	18	analytical	analytical	ADJ
easat-11284	61	19	dimension	dimension	NOUN
easat-11284	61	20	for	for	ADP
easat-11284	61	21	investors	investor	NOUN
easat-11284	61	22	assessing	assess	VERB
easat-11284	61	23	corporate	corporate	ADJ
easat-11284	61	24	risk	risk	NOUN
easat-11284	61	25	and	and	CCONJ
easat-11284	61	26	value	value	NOUN
easat-11284	61	27	.	.	PUNCT
easat-11284	62	1	with	with	ADP
easat-11284	62	2	the	the	DET
easat-11284	62	3	development	development	NOUN
easat-11284	62	4	of	of	ADP
easat-11284	62	5	globalization	globalization	NOUN
easat-11284	62	6	and	and	CCONJ
easat-11284	62	7	regional	regional	ADJ
easat-11284	62	8	economic	economic	ADJ
easat-11284	62	9	integration	integration	NOUN
easat-11284	62	10	,	,	PUNCT
easat-11284	62	11	the	the	DET
easat-11284	62	12	regional	regional	ADJ
easat-11284	62	13	business	business	NOUN
easat-11284	62	14	environment	environment	NOUN
easat-11284	62	15	has	have	AUX
easat-11284	62	16	become	become	VERB
easat-11284	62	17	a	a	DET
easat-11284	62	18	key	key	ADJ
easat-11284	62	19	factor	factor	NOUN
easat-11284	62	20	affecting	affect	VERB
easat-11284	62	21	corporate	corporate	ADJ
easat-11284	62	22	survival	survival	NOUN
easat-11284	62	23	and	and	CCONJ
easat-11284	62	24	development	development	NOUN
easat-11284	62	25	.	.	PUNCT
easat-11284	63	1	serving	serve	VERB
easat-11284	63	2	as	as	ADP
easat-11284	63	3	a	a	DET
easat-11284	63	4	bridge	bridge	NOUN
easat-11284	63	5	connecting	connect	VERB
easat-11284	63	6	microscopic	microscopic	ADJ
easat-11284	63	7	corporate	corporate	ADJ
easat-11284	63	8	governance	governance	NOUN
easat-11284	63	9	and	and	CCONJ
easat-11284	63	10	the	the	DET
easat-11284	63	11	macroeconomic	macroeconomic	ADJ
easat-11284	63	12	environment	environment	NOUN
easat-11284	63	13	,	,	PUNCT
easat-11284	63	14	the	the	DET
easat-11284	63	15	quality	quality	NOUN
easat-11284	63	16	of	of	ADP
easat-11284	63	17	the	the	DET
easat-11284	63	18	regional	regional	ADJ
easat-11284	63	19	business	business	NOUN
easat-11284	63	20	environment	environment	NOUN
easat-11284	63	21	profoundly	profoundly	ADV
easat-11284	63	22	influences	influence	VERB
easat-11284	63	23	the	the	DET
easat-11284	63	24	generation	generation	NOUN
easat-11284	63	25	logic	logic	NOUN
easat-11284	63	26	of	of	ADP
easat-11284	63	27	agency	agency	NOUN
easat-11284	63	28	costs	cost	NOUN
easat-11284	63	29	and	and	CCONJ
easat-11284	63	30	governance	governance	NOUN
easat-11284	63	31	effectiveness	effectiveness	NOUN
easat-11284	63	32	.	.	PUNCT
easat-11284	64	1	agency	agency	NOUN
easat-11284	64	2	theory	theory	NOUN
easat-11284	64	3	points	point	VERB
easat-11284	64	4	out	out	ADP
easat-11284	64	5	that	that	SCONJ
easat-11284	64	6	in	in	ADP
easat-11284	64	7	the	the	DET
easat-11284	64	8	context	context	NOUN
easat-11284	64	9	of	of	ADP
easat-11284	64	10	the	the	DET
easat-11284	64	11	separation	separation	NOUN
easat-11284	64	12	of	of	ADP
easat-11284	64	13	corporate	corporate	ADJ
easat-11284	64	14	ownership	ownership	NOUN
easat-11284	64	15	and	and	CCONJ
easat-11284	64	16	management	management	NOUN
easat-11284	64	17	,	,	PUNCT
easat-11284	64	18	agency	agency	NOUN
easat-11284	64	19	costs	cost	NOUN
easat-11284	64	20	inevitably	inevitably	ADV
easat-11284	64	21	exist	exist	VERB
easat-11284	64	22	between	between	ADP
easat-11284	64	23	the	the	DET
easat-11284	64	24	principal	principal	NOUN
easat-11284	64	25	and	and	CCONJ
easat-11284	64	26	the	the	DET
easat-11284	64	27	agent	agent	NOUN
easat-11284	64	28	due	due	ADP
easat-11284	64	29	to	to	ADP
easat-11284	64	30	information	information	NOUN
easat-11284	64	31	asymmetry	asymmetry	NOUN
easat-11284	64	32	and	and	CCONJ
easat-11284	64	33	inconsistent	inconsistent	ADJ
easat-11284	64	34	goal	goal	NOUN
easat-11284	64	35	alignment	alignment	NOUN
easat-11284	64	36	.	.	PUNCT
easat-11284	65	1	this	this	PRON
easat-11284	65	2	cost	cost	VERB
easat-11284	65	3	not	not	PART
easat-11284	65	4	only	only	ADV
easat-11284	65	5	affects	affect	VERB
easat-11284	65	6	corporate	corporate	ADJ
easat-11284	65	7	governance	governance	NOUN
easat-11284	65	8	efficiency	efficiency	NOUN
easat-11284	65	9	but	but	CCONJ
easat-11284	65	10	also	also	ADV
easat-11284	65	11	profoundly	profoundly	ADV
easat-11284	65	12	shapes	shape	VERB
easat-11284	65	13	the	the	DET
easat-11284	65	14	corporate	corporate	ADJ
easat-11284	65	15	equity	equity	NOUN
easat-11284	65	16	structure	structure	NOUN
easat-11284	65	17	.	.	PUNCT
easat-11284	66	1	on	on	ADP
easat-11284	66	2	one	one	NUM
easat-11284	66	3	hand	hand	NOUN
easat-11284	66	4	,	,	PUNCT
easat-11284	66	5	in	in	ADP
easat-11284	66	6	regions	region	NOUN
easat-11284	66	7	where	where	SCONJ
easat-11284	66	8	the	the	DET
easat-11284	66	9	business	business	NOUN
easat-11284	66	10	environment	environment	NOUN
easat-11284	66	11	needs	need	VERB
easat-11284	66	12	improvement	improvement	NOUN
easat-11284	66	13	,	,	PUNCT
easat-11284	66	14	there	there	PRON
easat-11284	66	15	are	be	VERB
easat-11284	66	16	numerous	numerous	ADJ
easat-11284	66	17	unfavorable	unfavorable	ADJ
easat-11284	66	18	factors	factor	NOUN
easat-11284	66	19	constraining	constrain	VERB
easat-11284	66	20	corporate	corporate	ADJ
easat-11284	66	21	development	development	NOUN
easat-11284	66	22	.	.	PUNCT
easat-11284	67	1	from	from	ADP
easat-11284	67	2	the	the	DET
easat-11284	67	3	perspective	perspective	NOUN
easat-11284	67	4	of	of	ADP
easat-11284	67	5	transaction	transaction	NOUN
easat-11284	67	6	cost	cost	NOUN
easat-11284	67	7	theory	theory	NOUN
easat-11284	67	8	,	,	PUNCT
easat-11284	67	9	in	in	ADP
easat-11284	67	10	regions	region	NOUN
easat-11284	67	11	with	with	ADP
easat-11284	67	12	an	an	DET
easat-11284	67	13	inferior	inferior	ADJ
easat-11284	67	14	business	business	NOUN
easat-11284	67	15	environment	environment	NOUN
easat-11284	67	16	,	,	PUNCT
easat-11284	67	17	government	government	NOUN
easat-11284	67	18	administrative	administrative	ADJ
easat-11284	67	19	approval	approval	NOUN
easat-11284	67	20	processes	process	NOUN
easat-11284	67	21	are	be	AUX
easat-11284	67	22	often	often	ADV
easat-11284	67	23	cumbersome	cumbersome	ADJ
easat-11284	67	24	,	,	PUNCT
easat-11284	67	25	and	and	CCONJ
easat-11284	67	26	policies	policy	NOUN
easat-11284	67	27	are	be	AUX
easat-11284	67	28	vague	vague	ADJ
easat-11284	67	29	and	and	CCONJ
easat-11284	67	30	arbitrary	arbitrary	ADJ
easat-11284	67	31	.	.	PUNCT
easat-11284	68	1	to	to	PART
easat-11284	68	2	obtain	obtain	VERB
easat-11284	68	3	necessary	necessary	ADJ
easat-11284	68	4	operating	operating	NOUN
easat-11284	68	5	permits	permit	NOUN
easat-11284	68	6	and	and	CCONJ
easat-11284	68	7	policy	policy	NOUN
easat-11284	68	8	support	support	NOUN
easat-11284	68	9	,	,	PUNCT
easat-11284	68	10	enterprises	enterprise	NOUN
easat-11284	68	11	must	must	AUX
easat-11284	68	12	expend	expend	VERB
easat-11284	68	13	considerable	considerable	ADJ
easat-11284	68	14	time	time	NOUN
easat-11284	68	15	and	and	CCONJ
easat-11284	68	16	effort	effort	NOUN
easat-11284	68	17	coordinating	coordinate	VERB
easat-11284	68	18	with	with	ADP
easat-11284	68	19	government	government	NOUN
easat-11284	68	20	departments	department	NOUN
easat-11284	68	21	,	,	PUNCT
easat-11284	68	22	and	and	CCONJ
easat-11284	68	23	may	may	AUX
easat-11284	68	24	even	even	ADV
easat-11284	68	25	have	have	VERB
easat-11284	68	26	to	to	PART
easat-11284	68	27	pay	pay	VERB
easat-11284	68	28	extra	extra	ADJ
easat-11284	68	29	rent	rent	NOUN
easat-11284	68	30	-	-	PUNCT
easat-11284	68	31	seeking	seek	VERB
easat-11284	68	32	costs	cost	NOUN
easat-11284	68	33	.	.	PUNCT
easat-11284	69	1	private	private	ADJ
easat-11284	69	2	enterprises	enterprise	NOUN
easat-11284	69	3	,	,	PUNCT
easat-11284	69	4	as	as	ADP
easat-11284	69	5	a	a	DET
easat-11284	69	6	vulnerable	vulnerable	ADJ
easat-11284	69	7	group	group	NOUN
easat-11284	69	8	in	in	ADP
easat-11284	69	9	the	the	DET
easat-11284	69	10	market	market	NOUN
easat-11284	69	11	,	,	PUNCT
easat-11284	69	12	lack	lack	VERB
easat-11284	69	13	the	the	DET
easat-11284	69	14	bargaining	bargaining	NOUN
easat-11284	69	15	power	power	NOUN
easat-11284	69	16	and	and	CCONJ
easat-11284	69	17	resources	resource	NOUN
easat-11284	69	18	to	to	PART
easat-11284	69	19	negotiate	negotiate	VERB
easat-11284	69	20	with	with	ADP
easat-11284	69	21	government	government	NOUN
easat-11284	69	22	departments	department	NOUN
easat-11284	69	23	,	,	PUNCT
easat-11284	69	24	and	and	CCONJ
easat-11284	69	25	their	their	PRON
easat-11284	69	26	transaction	transaction	NOUN
easat-11284	69	27	costs	cost	NOUN
easat-11284	69	28	are	be	AUX
easat-11284	69	29	significantly	significantly	ADV
easat-11284	69	30	higher	high	ADJ
easat-11284	69	31	than	than	ADP
easat-11284	69	32	those	those	PRON
easat-11284	69	33	of	of	ADP
easat-11284	69	34	state	state	NOUN
easat-11284	69	35	-	-	PUNCT
easat-11284	69	36	owned	own	VERB
easat-11284	69	37	enterprises	enterprise	NOUN
easat-11284	69	38	(	(	PUNCT
easat-11284	69	39	soes	soe	NOUN
easat-11284	69	40	)	)	PUNCT
easat-11284	69	41	.	.	PUNCT
easat-11284	70	1	due	due	ADP
easat-11284	70	2	to	to	ADP
easat-11284	70	3	their	their	PRON
easat-11284	70	4	inherent	inherent	ADJ
easat-11284	70	5	close	close	ADJ
easat-11284	70	6	ties	tie	NOUN
easat-11284	70	7	with	with	ADP
easat-11284	70	8	the	the	DET
easat-11284	70	9	government	government	NOUN
easat-11284	70	10	,	,	PUNCT
easat-11284	70	11	soes	soe	NOUN
easat-11284	70	12	can	can	AUX
easat-11284	70	13	access	access	VERB
easat-11284	70	14	policy	policy	NOUN
easat-11284	70	15	information	information	NOUN
easat-11284	70	16	more	more	ADV
easat-11284	70	17	conveniently	conveniently	ADV
easat-11284	70	18	and	and	CCONJ
easat-11284	70	19	often	often	ADV
easat-11284	70	20	enjoy	enjoy	VERB
easat-11284	70	21	"	"	PUNCT
easat-11284	70	22	special	special	ADJ
easat-11284	70	23	treatment	treatment	NOUN
easat-11284	70	24	"	"	PUNCT
easat-11284	70	25	during	during	ADP
easat-11284	70	26	administrative	administrative	ADJ
easat-11284	70	27	approvals	approval	NOUN
easat-11284	70	28	,	,	PUNCT
easat-11284	70	29	resulting	result	VERB
easat-11284	70	30	in	in	ADP
easat-11284	70	31	relatively	relatively	ADV
easat-11284	70	32	96	96	NUM
easat-11284	70	33	edelweiss	edelweiss	PROPN
easat-11284	70	34	applied	apply	VERB
easat-11284	70	35	science	science	NOUN
easat-11284	70	36	and	and	CCONJ
easat-11284	70	37	technology	technology	NOUN
easat-11284	70	38	issn	issn	PROPN
easat-11284	70	39	:	:	PUNCT
easat-11284	70	40	2576	2576	NUM
easat-11284	70	41	-	-	SYM
easat-11284	70	42	8484	8484	NUM
easat-11284	70	43	vol	vol	NOUN
easat-11284	70	44	.	.	PROPN
easat-11284	71	1	9	9	NUM
easat-11284	71	2	,	,	PUNCT
easat-11284	71	3	no	no	INTJ
easat-11284	71	4	.	.	NOUN
easat-11284	71	5	12	12	NUM
easat-11284	71	6	:	:	PUNCT
easat-11284	71	7	93	93	NUM
easat-11284	71	8	-	-	SYM
easat-11284	71	9	108	108	NUM
easat-11284	71	10	,	,	PUNCT
easat-11284	71	11	2025	2025	NUM
easat-11284	71	12	doi	doi	NOUN
easat-11284	71	13	:	:	PUNCT
easat-11284	71	14	10.55214/2576	10.55214/2576	NUM
easat-11284	71	15	-	-	SYM
easat-11284	71	16	8484.v9i12.11284	8484.v9i12.11284	NUM
easat-11284	71	17	©	©	PROPN
easat-11284	71	18	2025	2025	NUM
easat-11284	71	19	by	by	ADP
easat-11284	71	20	the	the	DET
easat-11284	71	21	authors	author	NOUN
easat-11284	71	22	;	;	PUNCT
easat-11284	71	23	licensee	licensee	PROPN
easat-11284	71	24	learning	learning	NOUN
easat-11284	71	25	gate	gate	VERB
easat-11284	71	26	lower	low	ADJ
easat-11284	71	27	transaction	transaction	NOUN
easat-11284	71	28	costs	cost	NOUN
easat-11284	71	29	.	.	PUNCT
easat-11284	72	1	this	this	PRON
easat-11284	72	2	leads	lead	VERB
easat-11284	72	3	to	to	ADP
easat-11284	72	4	high	high	ADJ
easat-11284	72	5	operating	operating	NOUN
easat-11284	72	6	costs	cost	NOUN
easat-11284	72	7	for	for	ADP
easat-11284	72	8	private	private	ADJ
easat-11284	72	9	enterprises	enterprise	NOUN
easat-11284	72	10	,	,	PUNCT
easat-11284	72	11	severely	severely	ADV
easat-11284	72	12	impacting	impact	VERB
easat-11284	72	13	their	their	PRON
easat-11284	72	14	profitability	profitability	NOUN
easat-11284	72	15	and	and	CCONJ
easat-11284	72	16	reducing	reduce	VERB
easat-11284	72	17	their	their	PRON
easat-11284	72	18	investment	investment	NOUN
easat-11284	72	19	willingness	willingness	NOUN
easat-11284	72	20	,	,	PUNCT
easat-11284	72	21	which	which	PRON
easat-11284	72	22	in	in	ADP
easat-11284	72	23	turn	turn	NOUN
easat-11284	72	24	results	result	NOUN
easat-11284	72	25	in	in	ADP
easat-11284	72	26	a	a	DET
easat-11284	72	27	reduction	reduction	NOUN
easat-11284	72	28	of	of	ADP
easat-11284	72	29	private	private	ADJ
easat-11284	72	30	capital	capital	NOUN
easat-11284	72	31	investment	investment	NOUN
easat-11284	72	32	in	in	ADP
easat-11284	72	33	the	the	DET
easat-11284	72	34	enterprise	enterprise	NOUN
easat-11284	72	35	's	's	PART
easat-11284	72	36	equity	equity	NOUN
easat-11284	72	37	.	.	PUNCT
easat-11284	73	1	simultaneously	simultaneously	ADV
easat-11284	73	2	,	,	PUNCT
easat-11284	73	3	regions	region	NOUN
easat-11284	73	4	with	with	ADP
easat-11284	73	5	a	a	DET
easat-11284	73	6	poor	poor	ADJ
easat-11284	73	7	business	business	NOUN
easat-11284	73	8	environment	environment	NOUN
easat-11284	73	9	often	often	ADV
easat-11284	73	10	have	have	VERB
easat-11284	73	11	an	an	DET
easat-11284	73	12	incomplete	incomplete	ADJ
easat-11284	73	13	rule	rule	NOUN
easat-11284	73	14	of	of	ADP
easat-11284	73	15	law	law	NOUN
easat-11284	73	16	.	.	PUNCT
easat-11284	74	1	the	the	DET
easat-11284	74	2	legitimate	legitimate	ADJ
easat-11284	74	3	rights	right	NOUN
easat-11284	74	4	and	and	CCONJ
easat-11284	74	5	interests	interest	NOUN
easat-11284	74	6	of	of	ADP
easat-11284	74	7	private	private	ADJ
easat-11284	74	8	enterprises	enterprise	NOUN
easat-11284	74	9	are	be	AUX
easat-11284	74	10	difficult	difficult	ADJ
easat-11284	74	11	to	to	PART
easat-11284	74	12	protect	protect	VERB
easat-11284	74	13	effectively	effectively	ADV
easat-11284	74	14	,	,	PUNCT
easat-11284	74	15	and	and	CCONJ
easat-11284	74	16	they	they	PRON
easat-11284	74	17	face	face	VERB
easat-11284	74	18	enormous	enormous	ADJ
easat-11284	74	19	operating	operating	NOUN
easat-11284	74	20	risks	risk	NOUN
easat-11284	74	21	.	.	PUNCT
easat-11284	75	1	furthermore	furthermore	ADV
easat-11284	75	2	,	,	PUNCT
easat-11284	75	3	when	when	SCONJ
easat-11284	75	4	facing	face	VERB
easat-11284	75	5	legal	legal	ADJ
easat-11284	75	6	disputes	dispute	NOUN
easat-11284	75	7	,	,	PUNCT
easat-11284	75	8	soes	soe	NOUN
easat-11284	75	9	can	can	AUX
easat-11284	75	10	rely	rely	VERB
easat-11284	75	11	on	on	ADP
easat-11284	75	12	their	their	PRON
easat-11284	75	13	good	good	ADJ
easat-11284	75	14	relationships	relationship	NOUN
easat-11284	75	15	with	with	ADP
easat-11284	75	16	the	the	DET
easat-11284	75	17	government	government	NOUN
easat-11284	75	18	and	and	CCONJ
easat-11284	75	19	judicial	judicial	ADJ
easat-11284	75	20	departments	department	NOUN
easat-11284	75	21	to	to	PART
easat-11284	75	22	resolve	resolve	VERB
easat-11284	75	23	issues	issue	NOUN
easat-11284	75	24	more	more	ADV
easat-11284	75	25	efficiently	efficiently	ADV
easat-11284	75	26	and	and	CCONJ
easat-11284	75	27	reduce	reduce	VERB
easat-11284	75	28	losses	loss	NOUN
easat-11284	75	29	from	from	ADP
easat-11284	75	30	legal	legal	ADJ
easat-11284	75	31	risks	risk	NOUN
easat-11284	75	32	.	.	PUNCT
easat-11284	76	1	this	this	PRON
easat-11284	76	2	further	far	ADV
easat-11284	76	3	undermines	undermine	VERB
easat-11284	76	4	market	market	NOUN
easat-11284	76	5	confidence	confidence	NOUN
easat-11284	76	6	and	and	CCONJ
easat-11284	76	7	investment	investment	NOUN
easat-11284	76	8	enthusiasm	enthusiasm	NOUN
easat-11284	76	9	of	of	ADP
easat-11284	76	10	private	private	ADJ
easat-11284	76	11	enterprises	enterprise	NOUN
easat-11284	76	12	,	,	PUNCT
easat-11284	76	13	making	make	VERB
easat-11284	76	14	it	it	PRON
easat-11284	76	15	difficult	difficult	ADJ
easat-11284	76	16	for	for	SCONJ
easat-11284	76	17	the	the	DET
easat-11284	76	18	proportion	proportion	NOUN
easat-11284	76	19	of	of	ADP
easat-11284	76	20	private	private	ADJ
easat-11284	76	21	equity	equity	NOUN
easat-11284	76	22	in	in	ADP
easat-11284	76	23	the	the	DET
easat-11284	76	24	corporate	corporate	ADJ
easat-11284	76	25	equity	equity	NOUN
easat-11284	76	26	structure	structure	NOUN
easat-11284	76	27	to	to	PART
easat-11284	76	28	increase	increase	VERB
easat-11284	76	29	.	.	PUNCT
easat-11284	77	1	additionally	additionally	ADV
easat-11284	77	2	,	,	PUNCT
easat-11284	77	3	in	in	ADP
easat-11284	77	4	terms	term	NOUN
easat-11284	77	5	of	of	ADP
easat-11284	77	6	resource	resource	NOUN
easat-11284	77	7	acquisition	acquisition	NOUN
easat-11284	77	8	,	,	PUNCT
easat-11284	77	9	resource	resource	NOUN
easat-11284	77	10	allocation	allocation	NOUN
easat-11284	77	11	in	in	ADP
easat-11284	77	12	regions	region	NOUN
easat-11284	77	13	with	with	ADP
easat-11284	77	14	a	a	DET
easat-11284	77	15	poor	poor	ADJ
easat-11284	77	16	business	business	NOUN
easat-11284	77	17	environment	environment	NOUN
easat-11284	77	18	tends	tend	VERB
easat-11284	77	19	to	to	PART
easat-11284	77	20	favor	favor	VERB
easat-11284	77	21	soes	soe	NOUN
easat-11284	77	22	.	.	PUNCT
easat-11284	78	1	in	in	ADP
easat-11284	78	2	a	a	DET
easat-11284	78	3	government	government	NOUN
easat-11284	78	4	-	-	PUNCT
easat-11284	78	5	led	lead	VERB
easat-11284	78	6	resource	resource	NOUN
easat-11284	78	7	allocation	allocation	NOUN
easat-11284	78	8	system	system	NOUN
easat-11284	78	9	,	,	PUNCT
easat-11284	78	10	soes	soe	NOUN
easat-11284	78	11	are	be	AUX
easat-11284	78	12	more	more	ADV
easat-11284	78	13	likely	likely	ADJ
easat-11284	78	14	to	to	PART
easat-11284	78	15	obtain	obtain	VERB
easat-11284	78	16	credit	credit	NOUN
easat-11284	78	17	support	support	NOUN
easat-11284	78	18	,	,	PUNCT
easat-11284	78	19	land	land	NOUN
easat-11284	78	20	resources	resource	NOUN
easat-11284	78	21	,	,	PUNCT
easat-11284	78	22	and	and	CCONJ
easat-11284	78	23	policy	policy	NOUN
easat-11284	78	24	subsidies	subsidy	NOUN
easat-11284	78	25	,	,	PUNCT
easat-11284	78	26	all	all	DET
easat-11284	78	27	key	key	ADJ
easat-11284	78	28	resources	resource	NOUN
easat-11284	78	29	.	.	PUNCT
easat-11284	79	1	financial	financial	ADJ
easat-11284	79	2	institutions	institution	NOUN
easat-11284	79	3	,	,	PUNCT
easat-11284	79	4	out	out	ADP
easat-11284	79	5	of	of	ADP
easat-11284	79	6	risk	risk	NOUN
easat-11284	79	7	control	control	NOUN
easat-11284	79	8	and	and	CCONJ
easat-11284	79	9	policy	policy	NOUN
easat-11284	79	10	orientation	orientation	NOUN
easat-11284	79	11	considerations	consideration	NOUN
easat-11284	79	12	,	,	PUNCT
easat-11284	79	13	are	be	AUX
easat-11284	79	14	more	more	ADV
easat-11284	79	15	willing	willing	ADJ
easat-11284	79	16	to	to	PART
easat-11284	79	17	lend	lend	VERB
easat-11284	79	18	funds	fund	NOUN
easat-11284	79	19	to	to	ADP
easat-11284	79	20	soes	soe	NOUN
easat-11284	79	21	,	,	PUNCT
easat-11284	79	22	while	while	SCONJ
easat-11284	79	23	private	private	ADJ
easat-11284	79	24	enterprises	enterprise	NOUN
easat-11284	79	25	face	face	VERB
easat-11284	79	26	problems	problem	NOUN
easat-11284	79	27	of	of	ADP
easat-11284	79	28	difficult	difficult	ADJ
easat-11284	79	29	and	and	CCONJ
easat-11284	79	30	expensive	expensive	ADJ
easat-11284	79	31	financing	financing	NOUN
easat-11284	79	32	.	.	PUNCT
easat-11284	80	1	even	even	ADV
easat-11284	80	2	if	if	SCONJ
easat-11284	80	3	financing	financing	NOUN
easat-11284	80	4	is	be	AUX
easat-11284	80	5	secured	secure	VERB
easat-11284	80	6	,	,	PUNCT
easat-11284	80	7	private	private	ADJ
easat-11284	80	8	enterprises	enterprise	NOUN
easat-11284	80	9	may	may	AUX
easat-11284	80	10	be	be	AUX
easat-11284	80	11	required	require	VERB
easat-11284	80	12	to	to	PART
easat-11284	80	13	provide	provide	VERB
easat-11284	80	14	higher	high	ADJ
easat-11284	80	15	collateral	collateral	NOUN
easat-11284	80	16	and	and	CCONJ
easat-11284	80	17	guarantees	guarantee	NOUN
easat-11284	80	18	,	,	PUNCT
easat-11284	80	19	further	far	ADV
easat-11284	80	20	increasing	increase	VERB
easat-11284	80	21	their	their	PRON
easat-11284	80	22	operating	operating	NOUN
easat-11284	80	23	pressure	pressure	NOUN
easat-11284	80	24	.	.	PUNCT
easat-11284	81	1	this	this	DET
easat-11284	81	2	unfairness	unfairness	NOUN
easat-11284	81	3	in	in	ADP
easat-11284	81	4	resource	resource	NOUN
easat-11284	81	5	acquisition	acquisition	NOUN
easat-11284	81	6	limits	limit	VERB
easat-11284	81	7	the	the	DET
easat-11284	81	8	development	development	NOUN
easat-11284	81	9	of	of	ADP
easat-11284	81	10	private	private	ADJ
easat-11284	81	11	enterprises	enterprise	NOUN
easat-11284	81	12	,	,	PUNCT
easat-11284	81	13	making	make	VERB
easat-11284	81	14	it	it	PRON
easat-11284	81	15	difficult	difficult	ADJ
easat-11284	81	16	for	for	SCONJ
easat-11284	81	17	them	they	PRON
easat-11284	81	18	to	to	PART
easat-11284	81	19	expand	expand	VERB
easat-11284	81	20	production	production	NOUN
easat-11284	81	21	scale	scale	NOUN
easat-11284	81	22	and	and	CCONJ
easat-11284	81	23	undertake	undertake	VERB
easat-11284	81	24	technological	technological	ADJ
easat-11284	81	25	innovation	innovation	NOUN
easat-11284	81	26	,	,	PUNCT
easat-11284	81	27	thus	thus	ADV
easat-11284	81	28	making	make	VERB
easat-11284	81	29	them	they	PRON
easat-11284	81	30	less	less	ADV
easat-11284	81	31	competitive	competitive	ADJ
easat-11284	81	32	in	in	ADP
easat-11284	81	33	the	the	DET
easat-11284	81	34	market	market	NOUN
easat-11284	81	35	.	.	PUNCT
easat-11284	82	1	this	this	PRON
easat-11284	82	2	hinders	hinder	VERB
easat-11284	82	3	their	their	PRON
easat-11284	82	4	ability	ability	NOUN
easat-11284	82	5	to	to	PART
easat-11284	82	6	attract	attract	VERB
easat-11284	82	7	investors	investor	NOUN
easat-11284	82	8	in	in	ADP
easat-11284	82	9	the	the	DET
easat-11284	82	10	equity	equity	NOUN
easat-11284	82	11	market	market	NOUN
easat-11284	82	12	,	,	PUNCT
easat-11284	82	13	suppressing	suppress	VERB
easat-11284	82	14	the	the	DET
easat-11284	82	15	growth	growth	NOUN
easat-11284	82	16	of	of	ADP
easat-11284	82	17	private	private	ADJ
easat-11284	82	18	equity	equity	NOUN
easat-11284	82	19	.	.	PUNCT
easat-11284	83	1	soes	soe	NOUN
easat-11284	83	2	,	,	PUNCT
easat-11284	83	3	relying	rely	VERB
easat-11284	83	4	on	on	ADP
easat-11284	83	5	their	their	PRON
easat-11284	83	6	resource	resource	NOUN
easat-11284	83	7	advantages	advantage	NOUN
easat-11284	83	8	,	,	PUNCT
easat-11284	83	9	can	can	AUX
easat-11284	83	10	continuously	continuously	ADV
easat-11284	83	11	obtain	obtain	VERB
easat-11284	83	12	stable	stable	ADJ
easat-11284	83	13	funding	funding	NOUN
easat-11284	83	14	and	and	CCONJ
easat-11284	83	15	resource	resource	NOUN
easat-11284	83	16	support	support	NOUN
easat-11284	83	17	,	,	PUNCT
easat-11284	83	18	expand	expand	VERB
easat-11284	83	19	their	their	PRON
easat-11284	83	20	operational	operational	ADJ
easat-11284	83	21	scale	scale	NOUN
easat-11284	83	22	,	,	PUNCT
easat-11284	83	23	increase	increase	VERB
easat-11284	83	24	market	market	NOUN
easat-11284	83	25	share	share	NOUN
easat-11284	83	26	,	,	PUNCT
easat-11284	83	27	and	and	CCONJ
easat-11284	83	28	attract	attract	VERB
easat-11284	83	29	more	more	ADJ
easat-11284	83	30	state	state	NOUN
easat-11284	83	31	capital	capital	NOUN
easat-11284	83	32	and	and	CCONJ
easat-11284	83	33	social	social	ADJ
easat-11284	83	34	capital	capital	NOUN
easat-11284	83	35	,	,	PUNCT
easat-11284	83	36	allowing	allow	VERB
easat-11284	83	37	state	state	NOUN
easat-11284	83	38	-	-	PUNCT
easat-11284	83	39	owned	own	VERB
easat-11284	83	40	equity	equity	NOUN
easat-11284	83	41	to	to	PART
easat-11284	83	42	dominate	dominate	VERB
easat-11284	83	43	the	the	DET
easat-11284	83	44	corporate	corporate	ADJ
easat-11284	83	45	equity	equity	NOUN
easat-11284	83	46	structure	structure	NOUN
easat-11284	83	47	.	.	PUNCT
easat-11284	84	1	on	on	ADP
easat-11284	84	2	the	the	DET
easat-11284	84	3	other	other	ADJ
easat-11284	84	4	hand	hand	NOUN
easat-11284	84	5	,	,	PUNCT
easat-11284	84	6	a	a	DET
easat-11284	84	7	favorable	favorable	ADJ
easat-11284	84	8	business	business	NOUN
easat-11284	84	9	environment	environment	NOUN
easat-11284	84	10	creates	create	VERB
easat-11284	84	11	advantageous	advantageous	ADJ
easat-11284	84	12	conditions	condition	NOUN
easat-11284	84	13	for	for	ADP
easat-11284	84	14	the	the	DET
easat-11284	84	15	development	development	NOUN
easat-11284	84	16	of	of	ADP
easat-11284	84	17	private	private	ADJ
easat-11284	84	18	enterprises	enterprise	NOUN
easat-11284	84	19	.	.	PUNCT
easat-11284	85	1	by	by	ADP
easat-11284	85	2	reducing	reduce	VERB
easat-11284	85	3	administrative	administrative	ADJ
easat-11284	85	4	approval	approval	NOUN
easat-11284	85	5	procedures	procedure	NOUN
easat-11284	85	6	,	,	PUNCT
easat-11284	85	7	increasing	increase	VERB
easat-11284	85	8	policy	policy	NOUN
easat-11284	85	9	transparency	transparency	NOUN
easat-11284	85	10	,	,	PUNCT
easat-11284	85	11	perfecting	perfect	VERB
easat-11284	85	12	the	the	DET
easat-11284	85	13	rule	rule	NOUN
easat-11284	85	14	of	of	ADP
easat-11284	85	15	law	law	NOUN
easat-11284	85	16	,	,	PUNCT
easat-11284	85	17	and	and	CCONJ
easat-11284	85	18	building	build	VERB
easat-11284	85	19	a	a	DET
easat-11284	85	20	fair	fair	ADJ
easat-11284	85	21	,	,	PUNCT
easat-11284	85	22	competitive	competitive	ADJ
easat-11284	85	23	market	market	NOUN
easat-11284	85	24	and	and	CCONJ
easat-11284	85	25	a	a	DET
easat-11284	85	26	stable	stable	ADJ
easat-11284	85	27	resource	resource	NOUN
easat-11284	85	28	supply	supply	NOUN
easat-11284	85	29	system	system	NOUN
easat-11284	85	30	,	,	PUNCT
easat-11284	85	31	it	it	PRON
easat-11284	85	32	lowers	lower	VERB
easat-11284	85	33	the	the	DET
easat-11284	85	34	operating	operating	NOUN
easat-11284	85	35	costs	cost	NOUN
easat-11284	85	36	and	and	CCONJ
easat-11284	85	37	risks	risk	NOUN
easat-11284	85	38	for	for	ADP
easat-11284	85	39	private	private	ADJ
easat-11284	85	40	enterprises	enterprise	NOUN
easat-11284	85	41	and	and	CCONJ
easat-11284	85	42	enhances	enhance	VERB
easat-11284	85	43	their	their	PRON
easat-11284	85	44	return	return	NOUN
easat-11284	85	45	on	on	ADP
easat-11284	85	46	investment	investment	NOUN
easat-11284	85	47	.	.	PUNCT
easat-11284	86	1	this	this	PRON
easat-11284	86	2	attracts	attract	VERB
easat-11284	86	3	more	more	ADJ
easat-11284	86	4	private	private	ADJ
easat-11284	86	5	capital	capital	NOUN
easat-11284	86	6	investment	investment	NOUN
easat-11284	86	7	,	,	PUNCT
easat-11284	86	8	thereby	thereby	ADV
easat-11284	86	9	promoting	promote	VERB
easat-11284	86	10	the	the	DET
easat-11284	86	11	optimization	optimization	NOUN
easat-11284	86	12	and	and	CCONJ
easat-11284	86	13	enhancement	enhancement	NOUN
easat-11284	86	14	of	of	ADP
easat-11284	86	15	the	the	DET
easat-11284	86	16	regional	regional	ADJ
easat-11284	86	17	private	private	ADJ
easat-11284	86	18	equity	equity	NOUN
easat-11284	86	19	structure	structure	NOUN
easat-11284	86	20	.	.	PUNCT
easat-11284	87	1	first	first	ADV
easat-11284	87	2	,	,	PUNCT
easat-11284	87	3	a	a	DET
easat-11284	87	4	good	good	ADJ
easat-11284	87	5	business	business	NOUN
easat-11284	87	6	environment	environment	NOUN
easat-11284	87	7	can	can	AUX
easat-11284	87	8	effectively	effectively	ADV
easat-11284	87	9	reduce	reduce	VERB
easat-11284	87	10	transaction	transaction	NOUN
easat-11284	87	11	costs	cost	NOUN
easat-11284	87	12	for	for	ADP
easat-11284	87	13	enterprises	enterprise	NOUN
easat-11284	87	14	.	.	PUNCT
easat-11284	88	1	reducing	reduce	VERB
easat-11284	88	2	administrative	administrative	ADJ
easat-11284	88	3	approval	approval	NOUN
easat-11284	88	4	procedures	procedure	NOUN
easat-11284	88	5	and	and	CCONJ
easat-11284	88	6	increasing	increase	VERB
easat-11284	88	7	policy	policy	NOUN
easat-11284	88	8	transparency	transparency	NOUN
easat-11284	88	9	allow	allow	VERB
easat-11284	88	10	enterprises	enterprise	NOUN
easat-11284	88	11	to	to	PART
easat-11284	88	12	handle	handle	VERB
easat-11284	88	13	various	various	ADJ
easat-11284	88	14	formalities	formality	NOUN
easat-11284	88	15	more	more	ADV
easat-11284	88	16	quickly	quickly	ADV
easat-11284	88	17	and	and	CCONJ
easat-11284	88	18	efficiently	efficiently	ADV
easat-11284	88	19	,	,	PUNCT
easat-11284	88	20	saving	save	VERB
easat-11284	88	21	substantial	substantial	ADJ
easat-11284	88	22	time	time	NOUN
easat-11284	88	23	and	and	CCONJ
easat-11284	88	24	effort	effort	NOUN
easat-11284	88	25	costs	cost	NOUN
easat-11284	88	26	.	.	PUNCT
easat-11284	89	1	policy	policy	NOUN
easat-11284	89	2	transparency	transparency	NOUN
easat-11284	89	3	and	and	CCONJ
easat-11284	89	4	stability	stability	NOUN
easat-11284	89	5	also	also	ADV
easat-11284	89	6	enable	enable	VERB
easat-11284	89	7	enterprises	enterprise	NOUN
easat-11284	89	8	to	to	PART
easat-11284	89	9	more	more	ADV
easat-11284	89	10	accurately	accurately	ADV
easat-11284	89	11	predict	predict	VERB
easat-11284	89	12	policy	policy	NOUN
easat-11284	89	13	changes	change	NOUN
easat-11284	89	14	and	and	CCONJ
easat-11284	89	15	formulate	formulate	VERB
easat-11284	89	16	long	long	ADJ
easat-11284	89	17	-	-	PUNCT
easat-11284	89	18	term	term	NOUN
easat-11284	89	19	development	development	NOUN
easat-11284	89	20	strategies	strategy	NOUN
easat-11284	89	21	,	,	PUNCT
easat-11284	89	22	lowering	lower	VERB
easat-11284	89	23	the	the	DET
easat-11284	89	24	risk	risk	NOUN
easat-11284	89	25	cost	cost	NOUN
easat-11284	89	26	due	due	ADP
easat-11284	89	27	to	to	ADP
easat-11284	89	28	policy	policy	NOUN
easat-11284	89	29	uncertainty	uncertainty	NOUN
easat-11284	89	30	.	.	PUNCT
easat-11284	90	1	simultaneously	simultaneously	ADV
easat-11284	90	2	,	,	PUNCT
easat-11284	90	3	in	in	ADP
easat-11284	90	4	a	a	DET
easat-11284	90	5	sound	sound	ADJ
easat-11284	90	6	legal	legal	ADJ
easat-11284	90	7	environment	environment	NOUN
easat-11284	90	8	,	,	PUNCT
easat-11284	90	9	the	the	DET
easat-11284	90	10	legitimate	legitimate	ADJ
easat-11284	90	11	rights	right	NOUN
easat-11284	90	12	and	and	CCONJ
easat-11284	90	13	interests	interest	NOUN
easat-11284	90	14	of	of	ADP
easat-11284	90	15	private	private	ADJ
easat-11284	90	16	enterprises	enterprise	NOUN
easat-11284	90	17	are	be	AUX
easat-11284	90	18	fully	fully	ADV
easat-11284	90	19	protected	protect	VERB
easat-11284	90	20	,	,	PUNCT
easat-11284	90	21	allowing	allow	VERB
easat-11284	90	22	them	they	PRON
easat-11284	90	23	to	to	PART
easat-11284	90	24	operate	operate	VERB
easat-11284	90	25	with	with	ADP
easat-11284	90	26	greater	great	ADJ
easat-11284	90	27	confidence	confidence	NOUN
easat-11284	90	28	,	,	PUNCT
easat-11284	90	29	actively	actively	ADV
easat-11284	90	30	expand	expand	VERB
easat-11284	90	31	their	their	PRON
easat-11284	90	32	business	business	NOUN
easat-11284	90	33	,	,	PUNCT
easat-11284	90	34	and	and	CCONJ
easat-11284	90	35	engage	engage	VERB
easat-11284	90	36	in	in	ADP
easat-11284	90	37	long	long	ADJ
easat-11284	90	38	-	-	PUNCT
easat-11284	90	39	term	term	NOUN
easat-11284	90	40	investment	investment	NOUN
easat-11284	90	41	.	.	PUNCT
easat-11284	91	1	third	third	ADJ
easat-11284	91	2	,	,	PUNCT
easat-11284	91	3	from	from	ADP
easat-11284	91	4	the	the	DET
easat-11284	91	5	perspective	perspective	NOUN
easat-11284	91	6	of	of	ADP
easat-11284	91	7	resource	resource	NOUN
easat-11284	91	8	dependence	dependence	NOUN
easat-11284	91	9	theory	theory	NOUN
easat-11284	91	10	,	,	PUNCT
easat-11284	91	11	a	a	DET
easat-11284	91	12	good	good	ADJ
easat-11284	91	13	business	business	NOUN
easat-11284	91	14	environment	environment	NOUN
easat-11284	91	15	builds	build	VERB
easat-11284	91	16	a	a	DET
easat-11284	91	17	stable	stable	ADJ
easat-11284	91	18	resource	resource	NOUN
easat-11284	91	19	supply	supply	NOUN
easat-11284	91	20	system	system	NOUN
easat-11284	91	21	and	and	CCONJ
easat-11284	91	22	an	an	DET
easat-11284	91	23	effective	effective	ADJ
easat-11284	91	24	regulatory	regulatory	ADJ
easat-11284	91	25	mechanism	mechanism	NOUN
easat-11284	91	26	,	,	PUNCT
easat-11284	91	27	reducing	reduce	VERB
easat-11284	91	28	the	the	DET
easat-11284	91	29	risk	risk	NOUN
easat-11284	91	30	of	of	ADP
easat-11284	91	31	private	private	ADJ
easat-11284	91	32	enterprises	enterprise	NOUN
easat-11284	91	33	'	'	PART
easat-11284	91	34	dependence	dependence	NOUN
easat-11284	91	35	on	on	ADP
easat-11284	91	36	external	external	ADJ
easat-11284	91	37	resources	resource	NOUN
easat-11284	91	38	.	.	PUNCT
easat-11284	92	1	a	a	DET
easat-11284	92	2	complete	complete	ADJ
easat-11284	92	3	market	market	NOUN
easat-11284	92	4	system	system	NOUN
easat-11284	92	5	enables	enable	VERB
easat-11284	92	6	private	private	ADJ
easat-11284	92	7	enterprises	enterprise	NOUN
easat-11284	92	8	to	to	PART
easat-11284	92	9	acquire	acquire	VERB
easat-11284	92	10	key	key	ADJ
easat-11284	92	11	resources	resource	NOUN
easat-11284	92	12	,	,	PUNCT
easat-11284	92	13	such	such	ADJ
easat-11284	92	14	as	as	ADP
easat-11284	92	15	capital	capital	NOUN
easat-11284	92	16	,	,	PUNCT
easat-11284	92	17	technology	technology	NOUN
easat-11284	92	18	,	,	PUNCT
easat-11284	92	19	and	and	CCONJ
easat-11284	92	20	talent	talent	NOUN
easat-11284	92	21	,	,	PUNCT
easat-11284	92	22	at	at	ADP
easat-11284	92	23	a	a	DET
easat-11284	92	24	lower	low	ADJ
easat-11284	92	25	cost	cost	NOUN
easat-11284	92	26	and	and	CCONJ
easat-11284	92	27	higher	high	ADJ
easat-11284	92	28	efficiency	efficiency	NOUN
easat-11284	92	29	.	.	PUNCT
easat-11284	93	1	when	when	SCONJ
easat-11284	93	2	private	private	ADJ
easat-11284	93	3	enterprises	enterprise	NOUN
easat-11284	93	4	can	can	AUX
easat-11284	93	5	stably	stably	ADV
easat-11284	93	6	obtain	obtain	VERB
easat-11284	93	7	resources	resource	NOUN
easat-11284	93	8	and	and	CCONJ
easat-11284	93	9	reduce	reduce	VERB
easat-11284	93	10	resource	resource	NOUN
easat-11284	93	11	dependence	dependence	NOUN
easat-11284	93	12	risk	risk	NOUN
easat-11284	93	13	in	in	ADP
easat-11284	93	14	a	a	DET
easat-11284	93	15	favorable	favorable	ADJ
easat-11284	93	16	business	business	NOUN
easat-11284	93	17	environment	environment	NOUN
easat-11284	93	18	,	,	PUNCT
easat-11284	93	19	their	their	PRON
easat-11284	93	20	return	return	NOUN
easat-11284	93	21	on	on	ADP
easat-11284	93	22	investment	investment	NOUN
easat-11284	93	23	will	will	AUX
easat-11284	93	24	significantly	significantly	ADV
easat-11284	93	25	increase	increase	VERB
easat-11284	93	26	.	.	PUNCT
easat-11284	94	1	higher	high	ADJ
easat-11284	94	2	returns	return	NOUN
easat-11284	94	3	on	on	ADP
easat-11284	94	4	investment	investment	NOUN
easat-11284	94	5	attract	attract	VERB
easat-11284	94	6	more	more	ADV
easat-11284	94	7	private	private	ADJ
easat-11284	94	8	capital	capital	NOUN
easat-11284	94	9	to	to	ADP
easat-11284	94	10	the	the	DET
easat-11284	94	11	region	region	NOUN
easat-11284	94	12	and	and	CCONJ
easat-11284	94	13	into	into	ADP
easat-11284	94	14	private	private	ADJ
easat-11284	94	15	enterprises	enterprise	NOUN
easat-11284	94	16	,	,	PUNCT
easat-11284	94	17	thereby	thereby	ADV
easat-11284	94	18	promoting	promote	VERB
easat-11284	94	19	the	the	DET
easat-11284	94	20	optimization	optimization	NOUN
easat-11284	94	21	and	and	CCONJ
easat-11284	94	22	enhancement	enhancement	NOUN
easat-11284	94	23	of	of	ADP
easat-11284	94	24	the	the	DET
easat-11284	94	25	local	local	ADJ
easat-11284	94	26	private	private	ADJ
easat-11284	94	27	equity	equity	NOUN
easat-11284	94	28	composition	composition	NOUN
easat-11284	94	29	.	.	PUNCT
easat-11284	95	1	in	in	ADP
easat-11284	95	2	addition	addition	NOUN
easat-11284	95	3	,	,	PUNCT
easat-11284	95	4	a	a	DET
easat-11284	95	5	favorable	favorable	ADJ
easat-11284	95	6	business	business	NOUN
easat-11284	95	7	environment	environment	NOUN
easat-11284	95	8	can	can	AUX
easat-11284	95	9	also	also	ADV
easat-11284	95	10	attract	attract	VERB
easat-11284	95	11	external	external	ADJ
easat-11284	95	12	private	private	ADJ
easat-11284	95	13	enterprises	enterprise	NOUN
easat-11284	95	14	to	to	PART
easat-11284	95	15	relocate	relocate	VERB
easat-11284	95	16	,	,	PUNCT
easat-11284	95	17	increasing	increase	VERB
easat-11284	95	18	the	the	DET
easat-11284	95	19	number	number	NOUN
easat-11284	95	20	and	and	CCONJ
easat-11284	95	21	scale	scale	NOUN
easat-11284	95	22	of	of	ADP
easat-11284	95	23	private	private	ADJ
easat-11284	95	24	enterprises	enterprise	NOUN
easat-11284	95	25	in	in	ADP
easat-11284	95	26	the	the	DET
easat-11284	95	27	region	region	NOUN
easat-11284	95	28	and	and	CCONJ
easat-11284	95	29	further	far	ADV
easat-11284	95	30	promoting	promote	VERB
easat-11284	95	31	the	the	DET
easat-11284	95	32	development	development	NOUN
easat-11284	95	33	of	of	ADP
easat-11284	95	34	the	the	DET
easat-11284	95	35	private	private	ADJ
easat-11284	95	36	equity	equity	NOUN
easat-11284	95	37	structure	structure	NOUN
easat-11284	95	38	.	.	PUNCT
easat-11284	96	1	based	base	VERB
easat-11284	96	2	on	on	ADP
easat-11284	96	3	the	the	DET
easat-11284	96	4	above	above	ADJ
easat-11284	96	5	analysis	analysis	NOUN
easat-11284	96	6	,	,	PUNCT
easat-11284	96	7	this	this	DET
easat-11284	96	8	study	study	NOUN
easat-11284	96	9	proposes	propose	VERB
easat-11284	96	10	hypothesis	hypothesis	NOUN
easat-11284	96	11	1	1	NUM
easat-11284	96	12	:	:	PUNCT
easat-11284	96	13	the	the	DET
easat-11284	96	14	optimization	optimization	NOUN
easat-11284	96	15	of	of	ADP
easat-11284	96	16	the	the	DET
easat-11284	96	17	regional	regional	ADJ
easat-11284	96	18	business	business	NOUN
easat-11284	96	19	environment	environment	NOUN
easat-11284	96	20	increases	increase	VERB
easat-11284	96	21	the	the	DET
easat-11284	96	22	composition	composition	NOUN
easat-11284	96	23	of	of	ADP
easat-11284	96	24	local	local	ADJ
easat-11284	96	25	private	private	ADJ
easat-11284	96	26	equity	equity	NOUN
easat-11284	96	27	.	.	PUNCT
easat-11284	97	1	the	the	DET
easat-11284	97	2	resource	resource	NOUN
easat-11284	97	3	dependence	dependence	NOUN
easat-11284	97	4	theory	theory	NOUN
easat-11284	97	5	suggests	suggest	VERB
easat-11284	97	6	that	that	SCONJ
easat-11284	97	7	for	for	ADP
easat-11284	97	8	survival	survival	NOUN
easat-11284	97	9	and	and	CCONJ
easat-11284	97	10	development	development	NOUN
easat-11284	97	11	,	,	PUNCT
easat-11284	97	12	enterprises	enterprise	NOUN
easat-11284	97	13	must	must	AUX
easat-11284	97	14	interact	interact	VERB
easat-11284	97	15	and	and	CCONJ
easat-11284	97	16	exchange	exchange	VERB
easat-11284	97	17	with	with	ADP
easat-11284	97	18	the	the	DET
easat-11284	97	19	external	external	ADJ
easat-11284	97	20	environment	environment	NOUN
easat-11284	97	21	to	to	PART
easat-11284	97	22	acquire	acquire	VERB
easat-11284	97	23	the	the	DET
easat-11284	97	24	necessary	necessary	ADJ
easat-11284	97	25	key	key	ADJ
easat-11284	97	26	resources	resource	NOUN
easat-11284	97	27	.	.	PUNCT
easat-11284	98	1	as	as	ADP
easat-11284	98	2	a	a	DET
easat-11284	98	3	vital	vital	ADJ
easat-11284	98	4	97	97	NUM
easat-11284	98	5	edelweiss	edelweiss	PROPN
easat-11284	98	6	applied	apply	VERB
easat-11284	98	7	science	science	NOUN
easat-11284	98	8	and	and	CCONJ
easat-11284	98	9	technology	technology	NOUN
easat-11284	98	10	issn	issn	PROPN
easat-11284	98	11	:	:	PUNCT
easat-11284	98	12	2576	2576	NUM
easat-11284	98	13	-	-	SYM
easat-11284	98	14	8484	8484	NUM
easat-11284	98	15	vol	vol	NOUN
easat-11284	98	16	.	.	PROPN
easat-11284	99	1	9	9	NUM
easat-11284	99	2	,	,	PUNCT
easat-11284	99	3	no	no	INTJ
easat-11284	99	4	.	.	NOUN
easat-11284	99	5	12	12	NUM
easat-11284	99	6	:	:	PUNCT
easat-11284	99	7	93	93	NUM
easat-11284	99	8	-	-	SYM
easat-11284	99	9	108	108	NUM
easat-11284	99	10	,	,	PUNCT
easat-11284	99	11	2025	2025	NUM
easat-11284	99	12	doi	doi	NOUN
easat-11284	99	13	:	:	PUNCT
easat-11284	99	14	10.55214/2576	10.55214/2576	NUM
easat-11284	99	15	-	-	SYM
easat-11284	99	16	8484.v9i12.11284	8484.v9i12.11284	NUM
easat-11284	99	17	©	©	PROPN
easat-11284	99	18	2025	2025	NUM
easat-11284	99	19	by	by	ADP
easat-11284	99	20	the	the	DET
easat-11284	99	21	authors	author	NOUN
easat-11284	99	22	;	;	PUNCT
easat-11284	99	23	licensee	licensee	PROPN
easat-11284	99	24	learning	learning	PROPN
easat-11284	99	25	gate	gate	PROPN
easat-11284	99	26	component	component	NOUN
easat-11284	99	27	of	of	ADP
easat-11284	99	28	the	the	DET
easat-11284	99	29	external	external	ADJ
easat-11284	99	30	environment	environment	NOUN
easat-11284	99	31	,	,	PUNCT
easat-11284	99	32	the	the	DET
easat-11284	99	33	quality	quality	NOUN
easat-11284	99	34	of	of	ADP
easat-11284	99	35	the	the	DET
easat-11284	99	36	business	business	NOUN
easat-11284	99	37	environment	environment	NOUN
easat-11284	99	38	directly	directly	ADV
easat-11284	99	39	determines	determine	VERB
easat-11284	99	40	the	the	DET
easat-11284	99	41	difficulty	difficulty	NOUN
easat-11284	99	42	and	and	CCONJ
easat-11284	99	43	cost	cost	NOUN
easat-11284	99	44	of	of	ADP
easat-11284	99	45	corporate	corporate	ADJ
easat-11284	99	46	resource	resource	NOUN
easat-11284	99	47	acquisition	acquisition	NOUN
easat-11284	99	48	.	.	PUNCT
easat-11284	100	1	in	in	ADP
easat-11284	100	2	regions	region	NOUN
easat-11284	100	3	with	with	ADP
easat-11284	100	4	a	a	DET
easat-11284	100	5	poor	poor	ADJ
easat-11284	100	6	business	business	NOUN
easat-11284	100	7	environment	environment	NOUN
easat-11284	100	8	,	,	PUNCT
easat-11284	100	9	enterprises	enterprise	NOUN
easat-11284	100	10	face	face	VERB
easat-11284	100	11	higher	high	ADJ
easat-11284	100	12	resource	resource	NOUN
easat-11284	100	13	acquisition	acquisition	NOUN
easat-11284	100	14	costs	cost	NOUN
easat-11284	100	15	and	and	CCONJ
easat-11284	100	16	uncertainty	uncertainty	NOUN
easat-11284	100	17	.	.	PUNCT
easat-11284	101	1	to	to	PART
easat-11284	101	2	avoid	avoid	VERB
easat-11284	101	3	risks	risk	NOUN
easat-11284	101	4	and	and	CCONJ
easat-11284	101	5	seek	seek	VERB
easat-11284	101	6	stable	stable	ADJ
easat-11284	101	7	returns	return	NOUN
easat-11284	101	8	,	,	PUNCT
easat-11284	101	9	enterprises	enterprise	NOUN
easat-11284	101	10	may	may	AUX
easat-11284	101	11	be	be	AUX
easat-11284	101	12	more	more	ADV
easat-11284	101	13	inclined	inclined	ADJ
easat-11284	101	14	to	to	PART
easat-11284	101	15	adopt	adopt	VERB
easat-11284	101	16	a	a	DET
easat-11284	101	17	financialization	financialization	NOUN
easat-11284	101	18	strategy	strategy	NOUN
easat-11284	101	19	,	,	PUNCT
easat-11284	101	20	allocating	allocate	VERB
easat-11284	101	21	financial	financial	ADJ
easat-11284	101	22	assets	asset	NOUN
easat-11284	101	23	to	to	PART
easat-11284	101	24	store	store	VERB
easat-11284	101	25	liquidity	liquidity	NOUN
easat-11284	101	26	and	and	CCONJ
easat-11284	101	27	gain	gain	VERB
easat-11284	101	28	financial	financial	ADJ
easat-11284	101	29	investment	investment	NOUN
easat-11284	101	30	returns	return	NOUN
easat-11284	101	31	.	.	PUNCT
easat-11284	102	1	however	however	ADV
easat-11284	102	2	,	,	PUNCT
easat-11284	102	3	this	this	DET
easat-11284	102	4	financialization	financialization	NOUN
easat-11284	102	5	behavior	behavior	NOUN
easat-11284	102	6	is	be	AUX
easat-11284	102	7	often	often	ADV
easat-11284	102	8	accompanied	accompany	VERB
easat-11284	102	9	by	by	ADP
easat-11284	102	10	a	a	DET
easat-11284	102	11	reduction	reduction	NOUN
easat-11284	102	12	in	in	ADP
easat-11284	102	13	investment	investment	NOUN
easat-11284	102	14	in	in	ADP
easat-11284	102	15	the	the	DET
easat-11284	102	16	enterprise	enterprise	NOUN
easat-11284	102	17	's	's	PART
easat-11284	102	18	primary	primary	ADJ
easat-11284	102	19	business	business	NOUN
easat-11284	102	20	,	,	PUNCT
easat-11284	102	21	which	which	PRON
easat-11284	102	22	may	may	AUX
easat-11284	102	23	weaken	weaken	VERB
easat-11284	102	24	the	the	DET
easat-11284	102	25	enterprise	enterprise	NOUN
easat-11284	102	26	's	's	PART
easat-11284	102	27	core	core	NOUN
easat-11284	102	28	competitiveness	competitiveness	NOUN
easat-11284	102	29	and	and	CCONJ
easat-11284	102	30	long	long	ADJ
easat-11284	102	31	-	-	PUNCT
easat-11284	102	32	term	term	NOUN
easat-11284	102	33	sustainable	sustainable	ADJ
easat-11284	102	34	development	development	NOUN
easat-11284	102	35	capability	capability	NOUN
easat-11284	102	36	.	.	PUNCT
easat-11284	103	1	a	a	DET
easat-11284	103	2	favorable	favorable	ADJ
easat-11284	103	3	business	business	NOUN
easat-11284	103	4	environment	environment	NOUN
easat-11284	103	5	,	,	PUNCT
easat-11284	103	6	on	on	ADP
easat-11284	103	7	the	the	DET
easat-11284	103	8	other	other	ADJ
easat-11284	103	9	hand	hand	NOUN
easat-11284	103	10	,	,	PUNCT
easat-11284	103	11	implies	imply	VERB
easat-11284	103	12	a	a	DET
easat-11284	103	13	more	more	ADV
easat-11284	103	14	complete	complete	ADJ
easat-11284	103	15	market	market	NOUN
easat-11284	103	16	system	system	NOUN
easat-11284	103	17	,	,	PUNCT
easat-11284	103	18	more	more	ADV
easat-11284	103	19	efficient	efficient	ADJ
easat-11284	103	20	government	government	NOUN
easat-11284	103	21	services	service	NOUN
easat-11284	103	22	,	,	PUNCT
easat-11284	103	23	a	a	DET
easat-11284	103	24	fairer	fair	ADJ
easat-11284	103	25	competitive	competitive	ADJ
easat-11284	103	26	environment	environment	NOUN
easat-11284	103	27	,	,	PUNCT
easat-11284	103	28	and	and	CCONJ
easat-11284	103	29	richer	rich	ADJ
easat-11284	103	30	innovation	innovation	NOUN
easat-11284	103	31	resources	resource	NOUN
easat-11284	103	32	,	,	PUNCT
easat-11284	103	33	which	which	PRON
easat-11284	103	34	help	help	VERB
easat-11284	103	35	enterprises	enterprise	NOUN
easat-11284	103	36	lower	low	ADJ
easat-11284	103	37	operating	operating	NOUN
easat-11284	103	38	costs	cost	NOUN
easat-11284	103	39	,	,	PUNCT
easat-11284	103	40	improve	improve	VERB
easat-11284	103	41	production	production	NOUN
easat-11284	103	42	efficiency	efficiency	NOUN
easat-11284	103	43	,	,	PUNCT
easat-11284	103	44	and	and	CCONJ
easat-11284	103	45	expand	expand	VERB
easat-11284	103	46	market	market	NOUN
easat-11284	103	47	space	space	NOUN
easat-11284	103	48	,	,	PUNCT
easat-11284	103	49	thereby	thereby	ADV
easat-11284	103	50	reducing	reduce	VERB
easat-11284	103	51	their	their	PRON
easat-11284	103	52	reliance	reliance	NOUN
easat-11284	103	53	on	on	ADP
easat-11284	103	54	financial	financial	ADJ
easat-11284	103	55	assets	asset	NOUN
easat-11284	103	56	.	.	PUNCT
easat-11284	104	1	furthermore	furthermore	ADV
easat-11284	104	2	,	,	PUNCT
easat-11284	104	3	a	a	DET
easat-11284	104	4	good	good	ADJ
easat-11284	104	5	business	business	NOUN
easat-11284	104	6	environment	environment	NOUN
easat-11284	104	7	can	can	AUX
easat-11284	104	8	enhance	enhance	VERB
easat-11284	104	9	the	the	DET
easat-11284	104	10	enterprise	enterprise	NOUN
easat-11284	104	11	's	's	PART
easat-11284	104	12	financing	financing	NOUN
easat-11284	104	13	capability	capability	NOUN
easat-11284	104	14	and	and	CCONJ
easat-11284	104	15	lower	low	ADJ
easat-11284	104	16	financing	financing	NOUN
easat-11284	104	17	costs	cost	NOUN
easat-11284	104	18	,	,	PUNCT
easat-11284	104	19	allowing	allow	VERB
easat-11284	104	20	enterprises	enterprise	NOUN
easat-11284	104	21	to	to	PART
easat-11284	104	22	access	access	VERB
easat-11284	104	23	funds	fund	NOUN
easat-11284	104	24	more	more	ADV
easat-11284	104	25	conveniently	conveniently	ADV
easat-11284	104	26	for	for	ADP
easat-11284	104	27	investment	investment	NOUN
easat-11284	104	28	and	and	CCONJ
easat-11284	104	29	expansion	expansion	NOUN
easat-11284	104	30	in	in	ADP
easat-11284	104	31	their	their	PRON
easat-11284	104	32	primary	primary	ADJ
easat-11284	104	33	business	business	NOUN
easat-11284	104	34	.	.	PUNCT
easat-11284	105	1	this	this	PRON
easat-11284	105	2	means	mean	VERB
easat-11284	105	3	more	more	ADJ
easat-11284	105	4	capital	capital	NOUN
easat-11284	105	5	will	will	AUX
easat-11284	105	6	flow	flow	VERB
easat-11284	105	7	toward	toward	ADP
easat-11284	105	8	primary	primary	ADJ
easat-11284	105	9	business	business	NOUN
easat-11284	105	10	investment	investment	NOUN
easat-11284	105	11	and	and	CCONJ
easat-11284	105	12	the	the	DET
easat-11284	105	13	development	development	NOUN
easat-11284	105	14	of	of	ADP
easat-11284	105	15	the	the	DET
easat-11284	105	16	real	real	ADJ
easat-11284	105	17	economy	economy	NOUN
easat-11284	105	18	,	,	PUNCT
easat-11284	105	19	which	which	PRON
easat-11284	105	20	helps	help	VERB
easat-11284	105	21	boost	boost	VERB
easat-11284	105	22	the	the	DET
easat-11284	105	23	enterprise	enterprise	NOUN
easat-11284	105	24	's	's	PART
easat-11284	105	25	core	core	NOUN
easat-11284	105	26	competitiveness	competitiveness	NOUN
easat-11284	105	27	and	and	CCONJ
easat-11284	105	28	profitability	profitability	NOUN
easat-11284	105	29	,	,	PUNCT
easat-11284	105	30	thereby	thereby	ADV
easat-11284	105	31	attracting	attract	VERB
easat-11284	105	32	more	more	ADJ
easat-11284	105	33	private	private	ADJ
easat-11284	105	34	capital	capital	NOUN
easat-11284	105	35	.	.	PUNCT
easat-11284	106	1	based	base	VERB
easat-11284	106	2	on	on	ADP
easat-11284	106	3	the	the	DET
easat-11284	106	4	above	above	ADJ
easat-11284	106	5	analysis	analysis	NOUN
easat-11284	106	6	,	,	PUNCT
easat-11284	106	7	this	this	DET
easat-11284	106	8	study	study	NOUN
easat-11284	106	9	proposes	propose	VERB
easat-11284	106	10	hypothesis	hypothesis	NOUN
easat-11284	106	11	2	2	NUM
easat-11284	106	12	:	:	PUNCT
easat-11284	106	13	the	the	DET
easat-11284	106	14	degree	degree	NOUN
easat-11284	106	15	of	of	ADP
easat-11284	106	16	financialization	financialization	NOUN
easat-11284	106	17	is	be	AUX
easat-11284	106	18	a	a	DET
easat-11284	106	19	mediating	mediate	VERB
easat-11284	106	20	variable	variable	NOUN
easat-11284	106	21	through	through	ADP
easat-11284	106	22	which	which	PRON
easat-11284	106	23	the	the	DET
easat-11284	106	24	regional	regional	ADJ
easat-11284	106	25	business	business	NOUN
easat-11284	106	26	environment	environment	NOUN
easat-11284	106	27	affects	affect	VERB
easat-11284	106	28	the	the	DET
easat-11284	106	29	corporate	corporate	ADJ
easat-11284	106	30	equity	equity	NOUN
easat-11284	106	31	structure	structure	NOUN
easat-11284	106	32	.	.	PUNCT
easat-11284	107	1	the	the	DET
easat-11284	107	2	optimization	optimization	NOUN
easat-11284	107	3	of	of	ADP
easat-11284	107	4	the	the	DET
easat-11284	107	5	regional	regional	ADJ
easat-11284	107	6	business	business	NOUN
easat-11284	107	7	environment	environment	NOUN
easat-11284	107	8	can	can	AUX
easat-11284	107	9	reduce	reduce	VERB
easat-11284	107	10	the	the	DET
easat-11284	107	11	degree	degree	NOUN
easat-11284	107	12	of	of	ADP
easat-11284	107	13	corporate	corporate	ADJ
easat-11284	107	14	financialization	financialization	NOUN
easat-11284	107	15	,	,	PUNCT
easat-11284	107	16	which	which	PRON
easat-11284	107	17	in	in	ADP
easat-11284	107	18	turn	turn	NOUN
easat-11284	107	19	increases	increase	VERB
easat-11284	107	20	the	the	DET
easat-11284	107	21	local	local	ADJ
easat-11284	107	22	private	private	ADJ
easat-11284	107	23	equity	equity	NOUN
easat-11284	107	24	composition	composition	NOUN
easat-11284	107	25	.	.	PUNCT
easat-11284	108	1	3	3	X
easat-11284	108	2	.	.	X
easat-11284	108	3	data	datum	NOUN
easat-11284	108	4	sources	source	NOUN
easat-11284	108	5	and	and	CCONJ
easat-11284	108	6	model	model	NOUN
easat-11284	108	7	design	design	PROPN
easat-11284	108	8	3.1	3.1	NUM
easat-11284	108	9	.	.	PUNCT
easat-11284	109	1	data	datum	NOUN
easat-11284	109	2	sources	source	NOUN
easat-11284	109	3	this	this	DET
easat-11284	109	4	paper	paper	NOUN
easat-11284	109	5	uses	use	VERB
easat-11284	109	6	data	datum	NOUN
easat-11284	109	7	from	from	ADP
easat-11284	109	8	chinese	chinese	PROPN
easat-11284	109	9	a	a	PROPN
easat-11284	109	10	-	-	PUNCT
easat-11284	109	11	share	share	NOUN
easat-11284	109	12	listed	list	VERB
easat-11284	109	13	companies	company	NOUN
easat-11284	109	14	from	from	ADP
easat-11284	109	15	2009	2009	NUM
easat-11284	109	16	to	to	ADP
easat-11284	109	17	2023	2023	NUM
easat-11284	109	18	to	to	PART
easat-11284	109	19	empirically	empirically	ADV
easat-11284	109	20	analyze	analyze	VERB
easat-11284	109	21	the	the	DET
easat-11284	109	22	relationship	relationship	NOUN
easat-11284	109	23	between	between	ADP
easat-11284	109	24	the	the	DET
easat-11284	109	25	equity	equity	NOUN
easat-11284	109	26	structure	structure	NOUN
easat-11284	109	27	of	of	ADP
easat-11284	109	28	a	a	DET
easat-11284	109	29	-	-	PUNCT
easat-11284	109	30	share	share	NOUN
easat-11284	109	31	listed	list	VERB
easat-11284	109	32	companies	company	NOUN
easat-11284	109	33	and	and	CCONJ
easat-11284	109	34	the	the	DET
easat-11284	109	35	regional	regional	ADJ
easat-11284	109	36	business	business	NOUN
easat-11284	109	37	environment	environment	NOUN
easat-11284	109	38	.	.	PUNCT
easat-11284	110	1	the	the	DET
easat-11284	110	2	research	research	NOUN
easat-11284	110	3	data	datum	NOUN
easat-11284	110	4	are	be	AUX
easat-11284	110	5	primarily	primarily	ADV
easat-11284	110	6	sourced	source	VERB
easat-11284	110	7	from	from	ADP
easat-11284	110	8	the	the	DET
easat-11284	110	9	csmar	csmar	PROPN
easat-11284	110	10	,	,	PUNCT
easat-11284	110	11	wind	wind	NOUN
easat-11284	110	12	,	,	PUNCT
easat-11284	110	13	and	and	CCONJ
easat-11284	110	14	resset	resset	ADJ
easat-11284	110	15	databases	database	NOUN
easat-11284	110	16	.	.	PUNCT
easat-11284	111	1	to	to	PART
easat-11284	111	2	exclude	exclude	VERB
easat-11284	111	3	the	the	DET
easat-11284	111	4	interference	interference	NOUN
easat-11284	111	5	of	of	ADP
easat-11284	111	6	abnormal	abnormal	ADJ
easat-11284	111	7	data	datum	NOUN
easat-11284	111	8	,	,	PUNCT
easat-11284	111	9	financial	financial	ADJ
easat-11284	111	10	enterprises	enterprise	NOUN
easat-11284	111	11	,	,	PUNCT
easat-11284	111	12	st	st	PROPN
easat-11284	111	13	enterprises	enterprise	NOUN
easat-11284	111	14	,	,	PUNCT
easat-11284	111	15	and	and	CCONJ
easat-11284	111	16	*	*	PUNCT
easat-11284	111	17	st	st	NOUN
easat-11284	111	18	enterprises	enterprise	NOUN
easat-11284	111	19	were	be	AUX
easat-11284	111	20	removed	remove	VERB
easat-11284	111	21	from	from	ADP
easat-11284	111	22	the	the	DET
easat-11284	111	23	sample	sample	NOUN
easat-11284	111	24	,	,	PUNCT
easat-11284	111	25	and	and	CCONJ
easat-11284	111	26	1	1	NUM
easat-11284	111	27	%	%	NOUN
easat-11284	111	28	winsorization	winsorization	NOUN
easat-11284	111	29	was	be	AUX
easat-11284	111	30	applied	apply	VERB
easat-11284	111	31	.	.	PUNCT
easat-11284	112	1	the	the	DET
easat-11284	112	2	data	datum	NOUN
easat-11284	112	3	were	be	AUX
easat-11284	112	4	processed	process	VERB
easat-11284	112	5	according	accord	VERB
easat-11284	112	6	to	to	ADP
easat-11284	112	7	the	the	DET
easat-11284	112	8	research	research	NOUN
easat-11284	112	9	theme	theme	NOUN
easat-11284	112	10	,	,	PUNCT
easat-11284	112	11	and	and	CCONJ
easat-11284	112	12	after	after	ADP
easat-11284	112	13	removing	remove	VERB
easat-11284	112	14	invalid	invalid	ADJ
easat-11284	112	15	data	datum	NOUN
easat-11284	112	16	,	,	PUNCT
easat-11284	112	17	the	the	DET
easat-11284	112	18	final	final	ADJ
easat-11284	112	19	effective	effective	ADJ
easat-11284	112	20	sample	sample	NOUN
easat-11284	112	21	size	size	NOUN
easat-11284	112	22	is	be	AUX
easat-11284	112	23	36,094	36,094	NUM
easat-11284	112	24	.	.	PUNCT
easat-11284	113	1	3.2	3.2	NUM
easat-11284	113	2	.	.	PUNCT
easat-11284	114	1	variable	variable	ADJ
easat-11284	114	2	description	description	NOUN
easat-11284	114	3	3.2.1	3.2.1	NUM
easat-11284	114	4	.	.	PUNCT
easat-11284	114	5	explained	explain	VERB
easat-11284	114	6	variable	variable	PROPN
easat-11284	114	7	soe	soe	PROPN
easat-11284	114	8	is	be	AUX
easat-11284	114	9	the	the	DET
easat-11284	114	10	corporate	corporate	ADJ
easat-11284	114	11	equity	equity	NOUN
easat-11284	114	12	structure	structure	NOUN
easat-11284	114	13	and	and	CCONJ
easat-11284	114	14	is	be	AUX
easat-11284	114	15	the	the	DET
easat-11284	114	16	dependent	dependent	ADJ
easat-11284	114	17	variable	variable	NOUN
easat-11284	114	18	in	in	ADP
easat-11284	114	19	this	this	DET
easat-11284	114	20	paper	paper	NOUN
easat-11284	114	21	.	.	PUNCT
easat-11284	115	1	following	follow	VERB
easat-11284	115	2	the	the	DET
easat-11284	115	3	research	research	NOUN
easat-11284	115	4	of	of	ADP
easat-11284	115	5	mao	mao	PROPN
easat-11284	115	6	and	and	CCONJ
easat-11284	115	7	quan	quan	PROPN
easat-11284	115	8	[	[	X
easat-11284	115	9	9	9	NUM
easat-11284	115	10	]	]	PUNCT
easat-11284	115	11	,	,	PUNCT
easat-11284	115	12	it	it	PRON
easat-11284	115	13	is	be	AUX
easat-11284	115	14	proxied	proxie	VERB
easat-11284	115	15	by	by	ADP
easat-11284	115	16	the	the	DET
easat-11284	115	17	proportion	proportion	NOUN
easat-11284	115	18	of	of	ADP
easat-11284	115	19	private	private	ADJ
easat-11284	115	20	shareholding	shareholding	NOUN
easat-11284	115	21	.	.	PUNCT
easat-11284	116	1	the	the	DET
easat-11284	116	2	proportion	proportion	NOUN
easat-11284	116	3	of	of	ADP
easat-11284	116	4	private	private	ADJ
easat-11284	116	5	shareholding	shareholding	NOUN
easat-11284	116	6	,	,	PUNCT
easat-11284	116	7	as	as	ADP
easat-11284	116	8	the	the	DET
easat-11284	116	9	dependent	dependent	ADJ
easat-11284	116	10	variable	variable	NOUN
easat-11284	116	11	,	,	PUNCT
easat-11284	116	12	can	can	AUX
easat-11284	116	13	directly	directly	ADV
easat-11284	116	14	reflect	reflect	VERB
easat-11284	116	15	the	the	DET
easat-11284	116	16	differential	differential	ADJ
easat-11284	116	17	impact	impact	NOUN
easat-11284	116	18	of	of	ADP
easat-11284	116	19	private	private	ADJ
easat-11284	116	20	and	and	CCONJ
easat-11284	116	21	state	state	NOUN
easat-11284	116	22	-	-	PUNCT
easat-11284	116	23	owned	own	VERB
easat-11284	116	24	shareholding	shareholding	NOUN
easat-11284	116	25	on	on	ADP
easat-11284	116	26	corporate	corporate	ADJ
easat-11284	116	27	behavior	behavior	NOUN
easat-11284	116	28	and	and	CCONJ
easat-11284	116	29	economic	economic	ADJ
easat-11284	116	30	outcomes	outcome	NOUN
easat-11284	116	31	.	.	PUNCT
easat-11284	117	1	3.2.2	3.2.2	X
easat-11284	117	2	.	.	PUNCT
easat-11284	118	1	explanatory	explanatory	ADJ
easat-11284	118	2	variable	variable	ADJ
easat-11284	118	3	bhar	bhar	PROPN
easat-11284	118	4	represents	represent	VERB
easat-11284	118	5	the	the	DET
easat-11284	118	6	regional	regional	ADJ
easat-11284	118	7	business	business	NOUN
easat-11284	118	8	environment	environment	NOUN
easat-11284	118	9	and	and	CCONJ
easat-11284	118	10	is	be	AUX
easat-11284	118	11	the	the	DET
easat-11284	118	12	independent	independent	ADJ
easat-11284	118	13	variable	variable	NOUN
easat-11284	118	14	in	in	ADP
easat-11284	118	15	this	this	DET
easat-11284	118	16	paper	paper	NOUN
easat-11284	118	17	.	.	PUNCT
easat-11284	119	1	drawing	draw	VERB
easat-11284	119	2	on	on	ADP
easat-11284	119	3	the	the	DET
easat-11284	119	4	research	research	NOUN
easat-11284	119	5	of	of	ADP
easat-11284	119	6	zhang	zhang	PROPN
easat-11284	119	7	et	et	PROPN
easat-11284	119	8	al	al	PROPN
easat-11284	119	9	.	.	PUNCT
easat-11284	120	1	[	[	X
easat-11284	120	2	3	3	NUM
easat-11284	120	3	]	]	PUNCT
easat-11284	120	4	,	,	PUNCT
easat-11284	120	5	the	the	DET
easat-11284	120	6	business	business	NOUN
easat-11284	120	7	environment	environment	NOUN
easat-11284	120	8	is	be	AUX
easat-11284	120	9	divided	divide	VERB
easat-11284	120	10	into	into	ADP
easat-11284	120	11	four	four	NUM
easat-11284	120	12	aspects	aspect	NOUN
easat-11284	120	13	:	:	PUNCT
easat-11284	120	14	market	market	NOUN
easat-11284	120	15	environment	environment	NOUN
easat-11284	120	16	,	,	PUNCT
easat-11284	120	17	government	government	NOUN
easat-11284	120	18	affairs	affair	NOUN
easat-11284	120	19	environment	environment	NOUN
easat-11284	120	20	,	,	PUNCT
easat-11284	120	21	legal	legal	ADJ
easat-11284	120	22	and	and	CCONJ
easat-11284	120	23	policy	policy	NOUN
easat-11284	120	24	environment	environment	NOUN
easat-11284	120	25	,	,	PUNCT
easat-11284	120	26	and	and	CCONJ
easat-11284	120	27	humanistic	humanistic	ADJ
easat-11284	120	28	environment	environment	NOUN
easat-11284	120	29	.	.	PUNCT
easat-11284	121	1	twelve	twelve	NUM
easat-11284	121	2	secondary	secondary	ADJ
easat-11284	121	3	indicators	indicator	NOUN
easat-11284	121	4	were	be	AUX
easat-11284	121	5	established	establish	VERB
easat-11284	121	6	based	base	VERB
easat-11284	121	7	on	on	ADP
easat-11284	121	8	the	the	DET
easat-11284	121	9	regulations	regulation	NOUN
easat-11284	121	10	on	on	ADP
easat-11284	121	11	optimizing	optimize	VERB
easat-11284	121	12	the	the	DET
easat-11284	121	13	business	business	NOUN
easat-11284	121	14	environment	environment	NOUN
easat-11284	121	15	,	,	PUNCT
easat-11284	121	16	and	and	CCONJ
easat-11284	121	17	the	the	DET
easat-11284	121	18	weights	weight	NOUN
easat-11284	121	19	of	of	ADP
easat-11284	121	20	the	the	DET
easat-11284	121	21	secondary	secondary	ADJ
easat-11284	121	22	indicators	indicator	NOUN
easat-11284	121	23	,	,	PUNCT
easat-11284	121	24	primary	primary	ADJ
easat-11284	121	25	indicators	indicator	NOUN
easat-11284	121	26	,	,	PUNCT
easat-11284	121	27	and	and	CCONJ
easat-11284	121	28	the	the	DET
easat-11284	121	29	total	total	ADJ
easat-11284	121	30	value	value	NOUN
easat-11284	121	31	were	be	AUX
easat-11284	121	32	calculated	calculate	VERB
easat-11284	121	33	using	use	VERB
easat-11284	121	34	the	the	DET
easat-11284	121	35	entropy	entropy	NOUN
easat-11284	121	36	weight	weight	NOUN
easat-11284	121	37	method	method	NOUN
easat-11284	121	38	.	.	PUNCT
easat-11284	122	1	a	a	DET
easat-11284	122	2	larger	large	ADJ
easat-11284	122	3	value	value	NOUN
easat-11284	122	4	indicates	indicate	VERB
easat-11284	122	5	a	a	DET
easat-11284	122	6	better	well	ADJ
easat-11284	122	7	regional	regional	ADJ
easat-11284	122	8	business	business	NOUN
easat-11284	122	9	environment	environment	NOUN
easat-11284	122	10	.	.	PUNCT
easat-11284	123	1	the	the	DET
easat-11284	123	2	specific	specific	ADJ
easat-11284	123	3	indicators	indicator	NOUN
easat-11284	123	4	are	be	AUX
easat-11284	123	5	shown	show	VERB
easat-11284	123	6	in	in	ADP
easat-11284	123	7	table	table	NOUN
easat-11284	123	8	1	1	NUM
easat-11284	123	9	,	,	PUNCT
easat-11284	123	10	comprising	comprise	VERB
easat-11284	123	11	four	four	NUM
easat-11284	123	12	primary	primary	ADJ
easat-11284	123	13	indicators	indicator	NOUN
easat-11284	123	14	,	,	PUNCT
easat-11284	123	15	twelve	twelve	NUM
easat-11284	123	16	secondary	secondary	ADJ
easat-11284	123	17	indicators	indicator	NOUN
easat-11284	123	18	,	,	PUNCT
easat-11284	123	19	and	and	CCONJ
easat-11284	123	20	twenty	twenty	NUM
easat-11284	123	21	-	-	PUNCT
easat-11284	123	22	four	four	NUM
easat-11284	123	23	assessment	assessment	NOUN
easat-11284	123	24	contents	content	NOUN
easat-11284	123	25	.	.	PUNCT
easat-11284	124	1	98	98	NUM
easat-11284	124	2	edelweiss	edelweiss	PROPN
easat-11284	124	3	applied	apply	VERB
easat-11284	124	4	science	science	NOUN
easat-11284	124	5	and	and	CCONJ
easat-11284	124	6	technology	technology	NOUN
easat-11284	124	7	issn	issn	PROPN
easat-11284	124	8	:	:	PUNCT
easat-11284	124	9	2576	2576	NUM
easat-11284	124	10	-	-	SYM
easat-11284	124	11	8484	8484	NUM
easat-11284	124	12	vol	vol	NOUN
easat-11284	124	13	.	.	PROPN
easat-11284	125	1	9	9	NUM
easat-11284	125	2	,	,	PUNCT
easat-11284	125	3	no	no	INTJ
easat-11284	125	4	.	.	NOUN
easat-11284	125	5	12	12	NUM
easat-11284	125	6	:	:	PUNCT
easat-11284	125	7	93	93	NUM
easat-11284	125	8	-	-	SYM
easat-11284	125	9	108	108	NUM
easat-11284	125	10	,	,	PUNCT
easat-11284	125	11	2025	2025	NUM
easat-11284	125	12	doi	doi	NOUN
easat-11284	125	13	:	:	PUNCT
easat-11284	125	14	10.55214/2576	10.55214/2576	NUM
easat-11284	125	15	-	-	SYM
easat-11284	125	16	8484.v9i12.11284	8484.v9i12.11284	NUM
easat-11284	125	17	©	©	PROPN
easat-11284	125	18	2025	2025	NUM
easat-11284	125	19	by	by	ADP
easat-11284	125	20	the	the	DET
easat-11284	125	21	authors	author	NOUN
easat-11284	125	22	;	;	PUNCT
easat-11284	125	23	licensee	licensee	PROPN
easat-11284	125	24	learning	learn	VERB
easat-11284	125	25	gate	gate	NOUN
easat-11284	125	26	table	table	NOUN
easat-11284	125	27	1	1	NUM
easat-11284	125	28	.	.	PUNCT
easat-11284	125	29	business	business	NOUN
easat-11284	125	30	environment	environment	NOUN
easat-11284	125	31	indicators	indicator	NOUN
easat-11284	125	32	.	.	PUNCT
easat-11284	126	1	primary	primary	ADJ
easat-11284	126	2	indicator	indicator	NOUN
easat-11284	126	3	and	and	CCONJ
easat-11284	126	4	weight	weight	NOUN
easat-11284	126	5	goal	goal	NOUN
easat-11284	126	6	secondary	secondary	ADJ
easat-11284	126	7	indicator	indicator	NOUN
easat-11284	126	8	and	and	CCONJ
easat-11284	126	9	weigh	weigh	VERB
easat-11284	126	10	assessment	assessment	NOUN
easat-11284	126	11	content	content	NOUN
easat-11284	126	12	calculation	calculation	NOUN
easat-11284	126	13	method	method	NOUN
easat-11284	126	14	market	market	NOUN
easat-11284	126	15	environment	environment	NOUN
easat-11284	126	16	(	(	PUNCT
easat-11284	126	17	28.21	28.21	NUM
easat-11284	126	18	%	%	NOUN
easat-11284	126	19	)	)	PUNCT
easat-11284	126	20	fair	fair	ADJ
easat-11284	126	21	competition	competition	NOUN
easat-11284	126	22	financing	financing	NOUN
easat-11284	126	23	(	(	PUNCT
easat-11284	126	24	3.85	3.85	NUM
easat-11284	126	25	%	%	NOUN
easat-11284	126	26	)	)	PUNCT
easat-11284	126	27	financing	financing	NOUN
easat-11284	126	28	quota	quota	NOUN
easat-11284	126	29	increment	increment	NOUN
easat-11284	126	30	of	of	ADP
easat-11284	126	31	provincial	provincial	ADJ
easat-11284	126	32	social	social	ADJ
easat-11284	126	33	financing	financing	NOUN
easat-11284	126	34	scale	scale	NOUN
easat-11284	126	35	/	/	SYM
easat-11284	126	36	gdp	gdp	NOUN
easat-11284	126	37	innovation	innovation	NOUN
easat-11284	126	38	(	(	PUNCT
easat-11284	126	39	3.85	3.85	NUM
easat-11284	126	40	%	%	NOUN
easat-11284	126	41	)	)	PUNCT
easat-11284	126	42	r&d	r&d	NOUN
easat-11284	126	43	investment	investment	NOUN
easat-11284	126	44	internal	internal	ADJ
easat-11284	126	45	expenditure	expenditure	NOUN
easat-11284	126	46	on	on	ADP
easat-11284	126	47	provincial	provincial	ADJ
easat-11284	126	48	research	research	NOUN
easat-11284	126	49	and	and	CCONJ
easat-11284	126	50	experimental	experimental	ADJ
easat-11284	126	51	development	development	NOUN
easat-11284	126	52	(	(	PUNCT
easat-11284	126	53	r&d	r&d	NOUN
easat-11284	126	54	)	)	PUNCT
easat-11284	126	55	funds	fund	NOUN
easat-11284	126	56	/	/	SYM
easat-11284	126	57	gdp	gdp	NOUN
easat-11284	126	58	scientific	scientific	ADJ
easat-11284	126	59	research	research	NOUN
easat-11284	126	60	institutions	institution	NOUN
easat-11284	126	61	number	number	NOUN
easat-11284	126	62	of	of	ADP
easat-11284	126	63	provincial	provincial	ADJ
easat-11284	126	64	ordinary	ordinary	ADJ
easat-11284	126	65	higher	high	ADJ
easat-11284	126	66	education	education	NOUN
easat-11284	126	67	institutions	institution	NOUN
easat-11284	126	68	(	(	PUNCT
easat-11284	126	69	organizations	organization	NOUN
easat-11284	126	70	)	)	PUNCT
easat-11284	126	71	r&d	r&d	NOUN
easat-11284	126	72	output	output	NOUN
easat-11284	126	73	innovation	innovation	NOUN
easat-11284	126	74	index	index	NOUN
easat-11284	126	75	fair	fair	ADJ
easat-11284	126	76	competition	competition	NOUN
easat-11284	126	77	(	(	PUNCT
easat-11284	126	78	10.26	10.26	NUM
easat-11284	126	79	%	%	NOUN
easat-11284	126	80	)	)	PUNCT
easat-11284	126	81	entrepreneurial	entrepreneurial	ADJ
easat-11284	126	82	vitality	vitality	NOUN
easat-11284	126	83	entrepreneurial	entrepreneurial	ADJ
easat-11284	126	84	enterprise	enterprise	NOUN
easat-11284	126	85	value	value	NOUN
easat-11284	126	86	index	index	NOUN
easat-11284	126	87	share	share	NOUN
easat-11284	126	88	of	of	ADP
easat-11284	126	89	non	non	ADJ
easat-11284	126	90	-	-	ADJ
easat-11284	126	91	stateowned	stateowned	ADJ
easat-11284	126	92	economy	economy	NOUN
easat-11284	126	93	fixed	fix	VERB
easat-11284	126	94	asset	asset	NOUN
easat-11284	126	95	investment	investment	NOUN
easat-11284	126	96	by	by	ADP
easat-11284	126	97	nonstate	nonstate	ADJ
easat-11284	126	98	-	-	PUNCT
easat-11284	126	99	owned	own	VERB
easat-11284	126	100	enterprises	enterprise	NOUN
easat-11284	126	101	/	/	SYM
easat-11284	126	102	fixed	fix	VERB
easat-11284	126	103	asset	asset	NOUN
easat-11284	126	104	investment	investment	NOUN
easat-11284	126	105	by	by	ADP
easat-11284	126	106	domestic	domestic	ADJ
easat-11284	126	107	enterprises	enterprise	NOUN
easat-11284	126	108	resource	resource	NOUN
easat-11284	126	109	acquisition	acquisition	NOUN
easat-11284	126	110	(	(	PUNCT
easat-11284	126	111	3.85	3.85	NUM
easat-11284	126	112	%	%	NOUN
easat-11284	126	113	)	)	PUNCT
easat-11284	126	114	water	water	NOUN
easat-11284	126	115	price	price	NOUN
easat-11284	126	116	unit	unit	NOUN
easat-11284	126	117	price	price	NOUN
easat-11284	126	118	of	of	ADP
easat-11284	126	119	non	non	ADJ
easat-11284	126	120	-	-	ADJ
easat-11284	126	121	residential	residential	ADJ
easat-11284	126	122	tap	tap	NOUN
easat-11284	126	123	water	water	NOUN
easat-11284	126	124	land	land	NOUN
easat-11284	126	125	price	price	NOUN
easat-11284	126	126	commercial	commercial	ADJ
easat-11284	126	127	land	land	NOUN
easat-11284	126	128	price	price	NOUN
easat-11284	126	129	human	human	ADJ
easat-11284	126	130	capital	capital	NOUN
easat-11284	126	131	population	population	NOUN
easat-11284	126	132	inflow	inflow	NOUN
easat-11284	126	133	rate	rate	NOUN
easat-11284	126	134	transportation	transportation	NOUN
easat-11284	126	135	services	service	NOUN
easat-11284	126	136	transportation	transportation	NOUN
easat-11284	126	137	operation	operation	NOUN
easat-11284	126	138	index	index	NOUN
easat-11284	126	139	market	market	NOUN
easat-11284	126	140	intermediary	intermediary	NOUN
easat-11284	126	141	(	(	PUNCT
easat-11284	126	142	6.41	6.41	NUM
easat-11284	126	143	%	%	NOUN
easat-11284	126	144	)	)	PUNCT
easat-11284	126	145	law	law	NOUN
easat-11284	126	146	firms	firm	NOUN
easat-11284	126	147	number	number	NOUN
easat-11284	126	148	of	of	ADP
easat-11284	126	149	law	law	NOUN
easat-11284	126	150	firms	firm	NOUN
easat-11284	126	151	/	/	PUNCT
easat-11284	126	152	number	number	NOUN
easat-11284	126	153	of	of	ADP
easat-11284	126	154	enterprises	enterprise	NOUN
easat-11284	126	155	accounting	accounting	NOUN
easat-11284	126	156	firms	firm	NOUN
easat-11284	126	157	number	number	NOUN
easat-11284	126	158	of	of	ADP
easat-11284	126	159	accounting	accounting	NOUN
easat-11284	126	160	firms	firm	NOUN
easat-11284	126	161	/	/	PUNCT
easat-11284	126	162	number	number	NOUN
easat-11284	126	163	of	of	ADP
easat-11284	126	164	enterprises	enterprise	NOUN
easat-11284	126	165	leasing	leasing	NOUN
easat-11284	126	166	and	and	CCONJ
easat-11284	126	167	business	business	NOUN
easat-11284	126	168	services	service	NOUN
easat-11284	126	169	enterprises	enterprise	NOUN
easat-11284	126	170	number	number	NOUN
easat-11284	126	171	of	of	ADP
easat-11284	126	172	leasing	leasing	NOUN
easat-11284	126	173	and	and	CCONJ
easat-11284	126	174	business	business	NOUN
easat-11284	126	175	services	service	NOUN
easat-11284	126	176	enterprises	enterprise	NOUN
easat-11284	126	177	/	/	SYM
easat-11284	126	178	number	number	NOUN
easat-11284	126	179	of	of	ADP
easat-11284	126	180	enterprises	enterprise	NOUN
easat-11284	126	181	government	government	NOUN
easat-11284	126	182	affairs	affair	NOUN
easat-11284	126	183	environment	environment	NOUN
easat-11284	126	184	(	(	PUNCT
easat-11284	126	185	35.9	35.9	NUM
easat-11284	126	186	%	%	NOUN
easat-11284	126	187	)	)	PUNCT
easat-11284	126	188	efficient	efficient	ADJ
easat-11284	126	189	and	and	CCONJ
easat-11284	126	190	honest	honest	ADJ
easat-11284	126	191	government	government	NOUN
easat-11284	126	192	care	care	NOUN
easat-11284	126	193	(	(	PUNCT
easat-11284	126	194	6.41	6.41	NUM
easat-11284	126	195	%	%	NOUN
easat-11284	126	196	)	)	PUNCT
easat-11284	126	197	government	government	NOUN
easat-11284	126	198	concern	concern	NOUN
easat-11284	126	199	for	for	ADP
easat-11284	126	200	enterprises	enterprise	NOUN
easat-11284	126	201	government	government	NOUN
easat-11284	126	202	concern	concern	NOUN
easat-11284	126	203	index	index	NOUN
easat-11284	126	204	government	government	NOUN
easat-11284	126	205	honesty	honesty	NOUN
easat-11284	126	206	(	(	PUNCT
easat-11284	126	207	6.41	6.41	NUM
easat-11284	126	208	%	%	NOUN
easat-11284	126	209	)	)	PUNCT
easat-11284	126	210	government	government	NOUN
easat-11284	126	211	honesty	honesty	ADJ
easat-11284	126	212	government	government	NOUN
easat-11284	126	213	integrity	integrity	NOUN
easat-11284	126	214	index	index	NOUN
easat-11284	126	215	government	government	NOUN
easat-11284	126	216	efficiency	efficiency	NOUN
easat-11284	126	217	(	(	PUNCT
easat-11284	126	218	23.08	23.08	NUM
easat-11284	126	219	%	%	NOUN
easat-11284	126	220	)	)	PUNCT
easat-11284	126	221	government	government	NOUN
easat-11284	126	222	expenditure	expenditure	NOUN
easat-11284	126	223	general	general	ADJ
easat-11284	126	224	public	public	ADJ
easat-11284	126	225	budget	budget	NOUN
easat-11284	126	226	expenditure	expenditure	NOUN
easat-11284	126	227	/	/	SYM
easat-11284	126	228	gdp	gdp	NOUN
easat-11284	126	229	e	e	NOUN
easat-11284	126	230	-	-	NOUN
easat-11284	126	231	government	government	ADJ
easat-11284	126	232	level	level	NOUN
easat-11284	126	233	e	e	NOUN
easat-11284	126	234	-	-	NOUN
easat-11284	126	235	service	service	NOUN
easat-11284	126	236	capability	capability	NOUN
easat-11284	126	237	index	index	NOUN
easat-11284	126	238	legal	legal	ADJ
easat-11284	126	239	and	and	CCONJ
easat-11284	126	240	policy	policy	NOUN
easat-11284	126	241	environment	environment	NOUN
easat-11284	126	242	(	(	PUNCT
easat-11284	126	243	30.77	30.77	NUM
easat-11284	126	244	%	%	NOUN
easat-11284	126	245	)	)	PUNCT
easat-11284	126	246	just	just	ADV
easat-11284	126	247	and	and	CCONJ
easat-11284	126	248	transparent	transparent	ADJ
easat-11284	126	249	policy	policy	NOUN
easat-11284	126	250	transparency	transparency	NOUN
easat-11284	126	251	(	(	PUNCT
easat-11284	126	252	14.1	14.1	NUM
easat-11284	126	253	%	%	NOUN
easat-11284	126	254	)	)	PUNCT
easat-11284	126	255	government	government	NOUN
easat-11284	126	256	transparency	transparency	NOUN
easat-11284	126	257	government	government	NOUN
easat-11284	126	258	transparency	transparency	NOUN
easat-11284	126	259	index	index	NOUN
easat-11284	126	260	judicial	judicial	PROPN
easat-11284	126	261	justice	justice	NOUN
easat-11284	126	262	(	(	PUNCT
easat-11284	126	263	16.67	16.67	NUM
easat-11284	126	264	%	%	NOUN
easat-11284	126	265	)	)	PUNCT
easat-11284	126	266	judicial	judicial	ADJ
easat-11284	126	267	quality	quality	NOUN
easat-11284	126	268	judicial	judicial	ADJ
easat-11284	126	269	civilization	civilization	NOUN
easat-11284	126	270	index	index	NOUN
easat-11284	126	271	humanistic	humanistic	ADJ
easat-11284	126	272	environment	environment	NOUN
easat-11284	126	273	(	(	PUNCT
easat-11284	126	274	5.13	5.13	NUM
easat-11284	126	275	%	%	NOUN
easat-11284	126	276	)	)	PUNCT
easat-11284	126	277	open	open	ADJ
easat-11284	126	278	and	and	CCONJ
easat-11284	126	279	inclusive	inclusive	ADJ
easat-11284	126	280	openness	openness	NOUN
easat-11284	126	281	to	to	ADP
easat-11284	126	282	the	the	DET
easat-11284	126	283	outside	outside	ADJ
easat-11284	126	284	world	world	NOUN
easat-11284	126	285	(	(	PUNCT
easat-11284	126	286	1.28	1.28	NUM
easat-11284	126	287	%	%	NOUN
easat-11284	126	288	)	)	PUNCT
easat-11284	126	289	trade	trade	NOUN
easat-11284	126	290	dependency	dependency	NOUN
easat-11284	126	291	customs	custom	NOUN
easat-11284	126	292	import	import	NOUN
easat-11284	126	293	and	and	CCONJ
easat-11284	126	294	export	export	NOUN
easat-11284	126	295	value	value	NOUN
easat-11284	126	296	/	/	SYM
easat-11284	126	297	gdp	gdp	NOUN
easat-11284	126	298	foreign	foreign	ADJ
easat-11284	126	299	enterprise	enterprise	NOUN
easat-11284	126	300	count	count	NOUN
easat-11284	126	301	number	number	NOUN
easat-11284	126	302	of	of	ADP
easat-11284	126	303	foreign	foreign	ADJ
easat-11284	126	304	direct	direct	ADJ
easat-11284	126	305	investment	investment	NOUN
easat-11284	126	306	enterprises	enterprise	NOUN
easat-11284	126	307	/	/	SYM
easat-11284	126	308	number	number	NOUN
easat-11284	126	309	of	of	ADP
easat-11284	126	310	enterprises	enterprise	NOUN
easat-11284	126	311	foreign	foreign	ADJ
easat-11284	126	312	investment	investment	NOUN
easat-11284	126	313	degree	degree	NOUN
easat-11284	126	314	outward	outward	ADP
easat-11284	126	315	non	non	ADJ
easat-11284	126	316	-	-	ADJ
easat-11284	126	317	financial	financial	ADJ
easat-11284	126	318	investment	investment	NOUN
easat-11284	126	319	amount	amount	NOUN
easat-11284	126	320	/	/	SYM
easat-11284	126	321	gdp	gdp	NOUN
easat-11284	126	322	social	social	ADJ
easat-11284	126	323	credit	credit	NOUN
easat-11284	126	324	(	(	PUNCT
easat-11284	126	325	3.85	3.85	NUM
easat-11284	126	326	%	%	NOUN
easat-11284	126	327	)	)	PUNCT
easat-11284	126	328	credit	credit	NOUN
easat-11284	126	329	market	market	NOUN
easat-11284	126	330	construction	construction	NOUN
easat-11284	126	331	score	score	NOUN
easat-11284	126	332	of	of	ADP
easat-11284	126	333	credit	credit	NOUN
easat-11284	126	334	information	information	NOUN
easat-11284	126	335	sharing	share	VERB
easat-11284	126	336	platform	platform	NOUN
easat-11284	126	337	commercial	commercial	ADJ
easat-11284	126	338	institution	institution	NOUN
easat-11284	126	339	credit	credit	NOUN
easat-11284	126	340	awareness	awareness	NOUN
easat-11284	126	341	credit	credit	NOUN
easat-11284	126	342	utilization	utilization	NOUN
easat-11284	126	343	awareness	awareness	NOUN
easat-11284	126	344	of	of	ADP
easat-11284	126	345	commercial	commercial	ADJ
easat-11284	126	346	institutions	institution	NOUN
easat-11284	126	347	99	99	NUM
easat-11284	126	348	edelweiss	edelweiss	PROPN
easat-11284	126	349	applied	apply	VERB
easat-11284	126	350	science	science	NOUN
easat-11284	126	351	and	and	CCONJ
easat-11284	126	352	technology	technology	NOUN
easat-11284	126	353	issn	issn	PROPN
easat-11284	126	354	:	:	PUNCT
easat-11284	126	355	2576	2576	NUM
easat-11284	126	356	-	-	SYM
easat-11284	126	357	8484	8484	NUM
easat-11284	126	358	vol	vol	NOUN
easat-11284	126	359	.	.	PROPN
easat-11284	127	1	9	9	NUM
easat-11284	127	2	,	,	PUNCT
easat-11284	127	3	no	no	INTJ
easat-11284	127	4	.	.	NOUN
easat-11284	127	5	12	12	NUM
easat-11284	127	6	:	:	PUNCT
easat-11284	127	7	93	93	NUM
easat-11284	127	8	-	-	SYM
easat-11284	127	9	108	108	NUM
easat-11284	127	10	,	,	PUNCT
easat-11284	127	11	2025	2025	NUM
easat-11284	127	12	doi	doi	NOUN
easat-11284	127	13	:	:	PUNCT
easat-11284	127	14	10.55214/2576	10.55214/2576	NUM
easat-11284	127	15	-	-	SYM
easat-11284	127	16	8484.v9i12.11284	8484.v9i12.11284	NUM
easat-11284	127	17	©	©	PROPN
easat-11284	127	18	2025	2025	NUM
easat-11284	127	19	by	by	ADP
easat-11284	127	20	the	the	DET
easat-11284	127	21	authors	author	NOUN
easat-11284	127	22	;	;	PUNCT
easat-11284	128	1	licensee	licensee	PROPN
easat-11284	128	2	learning	learn	VERB
easat-11284	128	3	gate	gate	PROPN
easat-11284	128	4	3.2.3	3.2.3	PROPN
easat-11284	128	5	.	.	PUNCT
easat-11284	129	1	control	control	NOUN
easat-11284	129	2	variables	variable	VERB
easat-11284	129	3	this	this	DET
easat-11284	129	4	paper	paper	NOUN
easat-11284	129	5	controls	control	NOUN
easat-11284	129	6	for	for	ADP
easat-11284	129	7	a	a	DET
easat-11284	129	8	series	series	NOUN
easat-11284	129	9	of	of	ADP
easat-11284	129	10	factors	factor	NOUN
easat-11284	129	11	that	that	PRON
easat-11284	129	12	may	may	AUX
easat-11284	129	13	affect	affect	VERB
easat-11284	129	14	the	the	DET
easat-11284	129	15	enterprise	enterprise	NOUN
easat-11284	129	16	's	's	PART
easat-11284	129	17	property	property	NOUN
easat-11284	129	18	rights	right	NOUN
easat-11284	129	19	nature	nature	NOUN
easat-11284	129	20	.	.	PUNCT
easat-11284	130	1	these	these	PRON
easat-11284	130	2	primarily	primarily	ADV
easat-11284	130	3	include	include	VERB
easat-11284	130	4	:	:	PUNCT
easat-11284	130	5	firm	firm	ADJ
easat-11284	130	6	age	age	NOUN
easat-11284	130	7	,	,	PUNCT
easat-11284	130	8	measured	measure	VERB
easat-11284	130	9	by	by	ADP
easat-11284	130	10	the	the	DET
easat-11284	130	11	logarithm	logarithm	NOUN
easat-11284	130	12	of	of	ADP
easat-11284	130	13	(	(	PUNCT
easat-11284	130	14	firm	firm	ADJ
easat-11284	130	15	listing	listing	NOUN
easat-11284	130	16	period	period	NOUN
easat-11284	130	17	+	+	CCONJ
easat-11284	130	18	1	1	NUM
easat-11284	130	19	)	)	PUNCT
easat-11284	130	20	;	;	PUNCT
easat-11284	130	21	firm	firm	ADJ
easat-11284	130	22	size	size	NOUN
easat-11284	130	23	(	(	PUNCT
easat-11284	130	24	size	size	NOUN
easat-11284	130	25	)	)	PUNCT
easat-11284	130	26	,	,	PUNCT
easat-11284	130	27	measured	measure	VERB
easat-11284	130	28	by	by	ADP
easat-11284	130	29	the	the	DET
easat-11284	130	30	logarithm	logarithm	NOUN
easat-11284	130	31	of	of	ADP
easat-11284	130	32	total	total	ADJ
easat-11284	130	33	firm	firm	ADJ
easat-11284	130	34	assets	asset	NOUN
easat-11284	130	35	;	;	PUNCT
easat-11284	130	36	leverage	leverage	NOUN
easat-11284	130	37	(	(	PUNCT
easat-11284	130	38	lev	lev	NOUN
easat-11284	130	39	)	)	PUNCT
easat-11284	130	40	,	,	PUNCT
easat-11284	130	41	measured	measure	VERB
easat-11284	130	42	by	by	ADP
easat-11284	130	43	total	total	ADJ
easat-11284	130	44	liabilities	liability	NOUN
easat-11284	130	45	divided	divide	VERB
easat-11284	130	46	by	by	ADP
easat-11284	130	47	total	total	ADJ
easat-11284	130	48	assets	asset	NOUN
easat-11284	130	49	;	;	PUNCT
easat-11284	130	50	equity	equity	NOUN
easat-11284	130	51	multiplier	multiplier	ADV
easat-11284	130	52	(	(	PUNCT
easat-11284	130	53	em	em	PRON
easat-11284	130	54	)	)	PUNCT
easat-11284	130	55	,	,	PUNCT
easat-11284	130	56	the	the	DET
easat-11284	130	57	reciprocal	reciprocal	NOUN
easat-11284	130	58	of	of	ADP
easat-11284	130	59	the	the	DET
easat-11284	130	60	shareholder	shareholder	NOUN
easat-11284	130	61	equity	equity	NOUN
easat-11284	130	62	ratio	ratio	NOUN
easat-11284	130	63	;	;	PUNCT
easat-11284	130	64	return	return	VERB
easat-11284	130	65	on	on	ADP
easat-11284	130	66	equity	equity	NOUN
easat-11284	130	67	(	(	PUNCT
easat-11284	130	68	roe	roe	PROPN
easat-11284	130	69	)	)	PUNCT
easat-11284	130	70	,	,	PUNCT
easat-11284	130	71	net	net	ADJ
easat-11284	130	72	profit	profit	NOUN
easat-11284	130	73	divided	divide	VERB
easat-11284	130	74	by	by	ADP
easat-11284	130	75	average	average	ADJ
easat-11284	130	76	shareholder	shareholder	NOUN
easat-11284	130	77	equity	equity	NOUN
easat-11284	130	78	;	;	PUNCT
easat-11284	130	79	duality	duality	NOUN
easat-11284	130	80	(	(	PUNCT
easat-11284	130	81	dual	dual	ADJ
easat-11284	130	82	)	)	PUNCT
easat-11284	130	83	,	,	PUNCT
easat-11284	130	84	whether	whether	SCONJ
easat-11284	130	85	the	the	DET
easat-11284	130	86	chairman	chairman	NOUN
easat-11284	130	87	and	and	CCONJ
easat-11284	130	88	ceo	ceo	NOUN
easat-11284	130	89	are	be	AUX
easat-11284	130	90	the	the	DET
easat-11284	130	91	same	same	ADJ
easat-11284	130	92	person	person	NOUN
easat-11284	130	93	;	;	PUNCT
easat-11284	130	94	board	board	NOUN
easat-11284	130	95	size	size	NOUN
easat-11284	130	96	(	(	PUNCT
easat-11284	130	97	board	board	NOUN
easat-11284	130	98	)	)	PUNCT
easat-11284	130	99	,	,	PUNCT
easat-11284	130	100	the	the	DET
easat-11284	130	101	logarithm	logarithm	NOUN
easat-11284	130	102	of	of	ADP
easat-11284	130	103	the	the	DET
easat-11284	130	104	number	number	NOUN
easat-11284	130	105	of	of	ADP
easat-11284	130	106	board	board	NOUN
easat-11284	130	107	members	member	NOUN
easat-11284	130	108	;	;	PUNCT
easat-11284	130	109	and	and	CCONJ
easat-11284	130	110	independent	independent	ADJ
easat-11284	130	111	director	director	NOUN
easat-11284	130	112	proportion	proportion	NOUN
easat-11284	130	113	(	(	PUNCT
easat-11284	130	114	indep	indep	NOUN
easat-11284	130	115	)	)	PUNCT
easat-11284	130	116	,	,	PUNCT
easat-11284	130	117	the	the	DET
easat-11284	130	118	ratio	ratio	NOUN
easat-11284	130	119	of	of	ADP
easat-11284	130	120	independent	independent	ADJ
easat-11284	130	121	directors	director	NOUN
easat-11284	130	122	to	to	ADP
easat-11284	130	123	the	the	DET
easat-11284	130	124	total	total	ADJ
easat-11284	130	125	number	number	NOUN
easat-11284	130	126	of	of	ADP
easat-11284	130	127	board	board	NOUN
easat-11284	130	128	members	member	NOUN
easat-11284	130	129	.	.	PUNCT
easat-11284	131	1	3.3	3.3	NUM
easat-11284	131	2	.	.	PUNCT
easat-11284	132	1	model	model	NOUN
easat-11284	132	2	design	design	NOUN
easat-11284	132	3	based	base	VERB
easat-11284	132	4	on	on	ADP
easat-11284	132	5	the	the	DET
easat-11284	132	6	previous	previous	ADJ
easat-11284	132	7	analysis	analysis	NOUN
easat-11284	132	8	,	,	PUNCT
easat-11284	132	9	the	the	DET
easat-11284	132	10	following	follow	VERB
easat-11284	132	11	econometric	econometric	ADJ
easat-11284	132	12	model	model	NOUN
easat-11284	132	13	is	be	AUX
easat-11284	132	14	constructed	construct	VERB
easat-11284	132	15	:	:	PUNCT
easat-11284	133	1	𝑆𝑜𝑒𝑖𝑡	𝑆𝑜𝑒𝑖𝑡	PROPN
easat-11284	133	2	=	=	PUNCT
easat-11284	133	3	𝛼	𝛼	PROPN
easat-11284	133	4	+	+	NOUN
easat-11284	133	5	𝛽1𝐵𝐻𝐴𝑅𝑖𝑡	𝛽1𝐵𝐻𝐴𝑅𝑖𝑡	ADJ
easat-11284	133	6	+	+	CCONJ
easat-11284	133	7	𝛽2𝑋𝑖𝑡	𝛽2𝑋𝑖𝑡	X
easat-11284	134	1	+	+	CCONJ
easat-11284	134	2	𝜃𝑖	𝜃𝑖	X
easat-11284	134	3	+	+	X
easat-11284	134	4	𝜂𝑡	𝜂𝑡	ADJ
easat-11284	134	5	+	+	CCONJ
easat-11284	134	6	𝜀𝑖𝑡	𝜀𝑖𝑡	VERB
easat-11284	134	7	(	(	PUNCT
easat-11284	134	8	3	3	NUM
easat-11284	134	9	)	)	PUNCT
easat-11284	134	10	where	where	SCONJ
easat-11284	134	11	soe	soe	PROPN
easat-11284	134	12	is	be	AUX
easat-11284	134	13	the	the	DET
easat-11284	134	14	proportion	proportion	NOUN
easat-11284	134	15	of	of	ADP
easat-11284	134	16	private	private	ADJ
easat-11284	134	17	shareholding	shareholding	NOUN
easat-11284	134	18	,	,	PUNCT
easat-11284	134	19	bhar	bhar	PROPN
easat-11284	134	20	is	be	AUX
easat-11284	134	21	the	the	DET
easat-11284	134	22	regional	regional	ADJ
easat-11284	134	23	business	business	NOUN
easat-11284	134	24	environment	environment	NOUN
easat-11284	134	25	,	,	PUNCT
easat-11284	134	26	and	and	CCONJ
easat-11284	134	27	x	x	X
easat-11284	134	28	is	be	AUX
easat-11284	134	29	the	the	DET
easat-11284	134	30	control	control	NOUN
easat-11284	134	31	variables	variable	NOUN
easat-11284	134	32	,	,	PUNCT
easat-11284	134	33	including	include	VERB
easat-11284	134	34	firm	firm	ADJ
easat-11284	134	35	age	age	NOUN
easat-11284	134	36	,	,	PUNCT
easat-11284	134	37	firm	firm	ADJ
easat-11284	134	38	size	size	NOUN
easat-11284	134	39	,	,	PUNCT
easat-11284	134	40	leverage	leverage	NOUN
easat-11284	134	41	,	,	PUNCT
easat-11284	134	42	equity	equity	NOUN
easat-11284	134	43	multiplier	multiplier	ADV
easat-11284	134	44	,	,	PUNCT
easat-11284	134	45	return	return	VERB
easat-11284	134	46	on	on	ADP
easat-11284	134	47	equity	equity	NOUN
easat-11284	134	48	,	,	PUNCT
easat-11284	134	49	duality	duality	NOUN
easat-11284	134	50	,	,	PUNCT
easat-11284	134	51	board	board	NOUN
easat-11284	134	52	size	size	NOUN
easat-11284	134	53	,	,	PUNCT
easat-11284	134	54	and	and	CCONJ
easat-11284	134	55	independent	independent	ADJ
easat-11284	134	56	director	director	NOUN
easat-11284	134	57	proportion	proportion	NOUN
easat-11284	134	58	.	.	PUNCT
easat-11284	135	1	𝛼	𝛼	PROPN
easat-11284	135	2	is	be	AUX
easat-11284	135	3	the	the	DET
easat-11284	135	4	constant	constant	ADJ
easat-11284	135	5	term	term	NOUN
easat-11284	135	6	,	,	PUNCT
easat-11284	135	7	𝜃𝑖	𝜃𝑖	PRON
easat-11284	135	8	is	be	AUX
easat-11284	135	9	the	the	DET
easat-11284	135	10	firmspecific	firmspecific	ADJ
easat-11284	135	11	fixed	fix	VERB
easat-11284	135	12	effect	effect	NOUN
easat-11284	135	13	,	,	PUNCT
easat-11284	135	14	controlling	control	VERB
easat-11284	135	15	for	for	ADP
easat-11284	135	16	the	the	DET
easat-11284	135	17	influence	influence	NOUN
easat-11284	135	18	of	of	ADP
easat-11284	135	19	unobservable	unobservable	ADJ
easat-11284	135	20	factors	factor	NOUN
easat-11284	135	21	of	of	ADP
easat-11284	135	22	individual	individual	ADJ
easat-11284	135	23	firms	firm	NOUN
easat-11284	135	24	that	that	PRON
easat-11284	135	25	do	do	AUX
easat-11284	135	26	not	not	PART
easat-11284	135	27	change	change	VERB
easat-11284	135	28	over	over	ADP
easat-11284	135	29	time	time	NOUN
easat-11284	135	30	,	,	PUNCT
easat-11284	135	31	𝜂𝑡	𝜂𝑡	X
easat-11284	135	32	is	be	AUX
easat-11284	135	33	the	the	DET
easat-11284	135	34	year	year	NOUN
easat-11284	135	35	fixed	fix	VERB
easat-11284	135	36	effect	effect	NOUN
easat-11284	135	37	,	,	PUNCT
easat-11284	135	38	and	and	CCONJ
easat-11284	135	39	𝜀	𝜀	PROPN
easat-11284	135	40	is	be	AUX
easat-11284	135	41	the	the	DET
easat-11284	135	42	error	error	NOUN
easat-11284	135	43	term	term	NOUN
easat-11284	135	44	.	.	PUNCT
easat-11284	136	1	3.4	3.4	NUM
easat-11284	136	2	.	.	PUNCT
easat-11284	136	3	descriptive	descriptive	ADJ
easat-11284	136	4	statistics	statistic	NOUN
easat-11284	136	5	the	the	DET
easat-11284	136	6	descriptive	descriptive	ADJ
easat-11284	136	7	statistics	statistic	NOUN
easat-11284	136	8	presented	present	VERB
easat-11284	136	9	in	in	ADP
easat-11284	136	10	table	table	NOUN
easat-11284	136	11	2	2	NUM
easat-11284	136	12	indicate	indicate	VERB
easat-11284	136	13	that	that	SCONJ
easat-11284	136	14	the	the	DET
easat-11284	136	15	number	number	NOUN
easat-11284	136	16	of	of	ADP
easat-11284	136	17	observations	observation	NOUN
easat-11284	136	18	(	(	PUNCT
easat-11284	136	19	obs	obs	PROPN
easat-11284	136	20	)	)	PUNCT
easat-11284	136	21	for	for	ADP
easat-11284	136	22	soe	soe	PROPN
easat-11284	136	23	is	be	AUX
easat-11284	136	24	36,094	36,094	NUM
easat-11284	136	25	,	,	PUNCT
easat-11284	136	26	representing	represent	VERB
easat-11284	136	27	the	the	DET
easat-11284	136	28	total	total	ADJ
easat-11284	136	29	data	data	NOUN
easat-11284	136	30	points	point	NOUN
easat-11284	136	31	in	in	ADP
easat-11284	136	32	the	the	DET
easat-11284	136	33	sample	sample	NOUN
easat-11284	136	34	.	.	PUNCT
easat-11284	137	1	the	the	DET
easat-11284	137	2	mean	mean	ADJ
easat-11284	137	3	(	(	PUNCT
easat-11284	137	4	mean	mean	ADJ
easat-11284	137	5	)	)	PUNCT
easat-11284	137	6	of	of	ADP
easat-11284	137	7	soe	soe	PROPN
easat-11284	137	8	is	be	AUX
easat-11284	137	9	40.55464	40.55464	NUM
easat-11284	137	10	,	,	PUNCT
easat-11284	137	11	suggesting	suggest	VERB
easat-11284	137	12	that	that	SCONJ
easat-11284	137	13	private	private	ADJ
easat-11284	137	14	shareholding	shareholding	NOUN
easat-11284	137	15	accounts	account	VERB
easat-11284	137	16	for	for	ADP
easat-11284	137	17	approximately	approximately	ADV
easat-11284	137	18	40.55	40.55	NUM
easat-11284	137	19	%	%	NOUN
easat-11284	137	20	within	within	ADP
easat-11284	137	21	the	the	DET
easat-11284	137	22	sample	sample	NOUN
easat-11284	137	23	.	.	PUNCT
easat-11284	138	1	the	the	DET
easat-11284	138	2	mean	mean	NOUN
easat-11284	138	3	of	of	ADP
easat-11284	138	4	bhar	bhar	PROPN
easat-11284	138	5	observations	observation	NOUN
easat-11284	138	6	is	be	AUX
easat-11284	138	7	-0.00121	-0.00121	ADJ
easat-11284	138	8	,	,	PUNCT
easat-11284	138	9	with	with	ADP
easat-11284	138	10	a	a	DET
easat-11284	138	11	standard	standard	ADJ
easat-11284	138	12	deviation	deviation	NOUN
easat-11284	138	13	of	of	ADP
easat-11284	138	14	0.064254	0.064254	NUM
easat-11284	138	15	,	,	PUNCT
easat-11284	138	16	reflecting	reflect	VERB
easat-11284	138	17	considerable	considerable	ADJ
easat-11284	138	18	variation	variation	NOUN
easat-11284	138	19	in	in	ADP
easat-11284	138	20	the	the	DET
easat-11284	138	21	business	business	NOUN
easat-11284	138	22	environment	environment	NOUN
easat-11284	138	23	across	across	ADP
easat-11284	138	24	different	different	ADJ
easat-11284	138	25	regions	region	NOUN
easat-11284	138	26	.	.	PUNCT
easat-11284	139	1	descriptive	descriptive	ADJ
easat-11284	139	2	statistics	statistic	NOUN
easat-11284	139	3	were	be	AUX
easat-11284	139	4	also	also	ADV
easat-11284	139	5	calculated	calculate	VERB
easat-11284	139	6	for	for	ADP
easat-11284	139	7	the	the	DET
easat-11284	139	8	control	control	NOUN
easat-11284	139	9	variables	variable	NOUN
easat-11284	139	10	.	.	PUNCT
easat-11284	140	1	the	the	DET
easat-11284	140	2	mean	mean	NOUN
easat-11284	140	3	of	of	ADP
easat-11284	140	4	firm	firm	ADJ
easat-11284	140	5	size	size	NOUN
easat-11284	140	6	(	(	PUNCT
easat-11284	140	7	size	size	NOUN
easat-11284	140	8	)	)	PUNCT
easat-11284	140	9	is	be	AUX
easat-11284	140	10	22.2294	22.2294	NUM
easat-11284	140	11	,	,	PUNCT
easat-11284	140	12	with	with	ADP
easat-11284	140	13	a	a	DET
easat-11284	140	14	standard	standard	ADJ
easat-11284	140	15	deviation	deviation	NOUN
easat-11284	140	16	of	of	ADP
easat-11284	140	17	1.284274	1.284274	NUM
easat-11284	140	18	,	,	PUNCT
easat-11284	140	19	indicating	indicate	VERB
easat-11284	140	20	that	that	SCONJ
easat-11284	140	21	the	the	DET
easat-11284	140	22	enterprises	enterprise	NOUN
easat-11284	140	23	in	in	ADP
easat-11284	140	24	the	the	DET
easat-11284	140	25	sample	sample	NOUN
easat-11284	140	26	are	be	AUX
easat-11284	140	27	generally	generally	ADV
easat-11284	140	28	large	large	ADJ
easat-11284	140	29	,	,	PUNCT
easat-11284	140	30	with	with	ADP
easat-11284	140	31	relatively	relatively	ADV
easat-11284	140	32	small	small	ADJ
easat-11284	140	33	differences	difference	NOUN
easat-11284	140	34	in	in	ADP
easat-11284	140	35	size	size	NOUN
easat-11284	140	36	.	.	PUNCT
easat-11284	141	1	the	the	DET
easat-11284	141	2	mean	mean	NOUN
easat-11284	141	3	of	of	ADP
easat-11284	141	4	the	the	DET
easat-11284	141	5	debt	debt	NOUN
easat-11284	141	6	-	-	PUNCT
easat-11284	141	7	to	to	ADP
easat-11284	141	8	-	-	PUNCT
easat-11284	141	9	asset	asset	NOUN
easat-11284	141	10	ratio	ratio	NOUN
easat-11284	141	11	(	(	PUNCT
easat-11284	141	12	lev	lev	NOUN
easat-11284	141	13	)	)	PUNCT
easat-11284	141	14	is	be	AUX
easat-11284	141	15	0.42221	0.42221	NUM
easat-11284	141	16	,	,	PUNCT
easat-11284	141	17	with	with	ADP
easat-11284	141	18	a	a	DET
easat-11284	141	19	standard	standard	ADJ
easat-11284	141	20	deviation	deviation	NOUN
easat-11284	141	21	of	of	ADP
easat-11284	141	22	0.20251	0.20251	NUM
easat-11284	141	23	,	,	PUNCT
easat-11284	141	24	suggesting	suggest	VERB
easat-11284	141	25	that	that	SCONJ
easat-11284	141	26	the	the	DET
easat-11284	141	27	average	average	ADJ
easat-11284	141	28	debt	debt	NOUN
easat-11284	141	29	-	-	PUNCT
easat-11284	141	30	to	to	ADP
easat-11284	141	31	-	-	PUNCT
easat-11284	141	32	asset	asset	NOUN
easat-11284	141	33	ratio	ratio	NOUN
easat-11284	141	34	of	of	ADP
easat-11284	141	35	the	the	DET
easat-11284	141	36	enterprises	enterprise	NOUN
easat-11284	141	37	is	be	AUX
easat-11284	141	38	moderate	moderate	ADJ
easat-11284	141	39	,	,	PUNCT
easat-11284	141	40	though	though	SCONJ
easat-11284	141	41	there	there	PRON
easat-11284	141	42	is	be	VERB
easat-11284	141	43	some	some	DET
easat-11284	141	44	variation	variation	NOUN
easat-11284	141	45	among	among	ADP
easat-11284	141	46	different	different	ADJ
easat-11284	141	47	firms	firm	NOUN
easat-11284	141	48	.	.	PUNCT
easat-11284	142	1	other	other	ADJ
easat-11284	142	2	control	control	NOUN
easat-11284	142	3	variables	variable	NOUN
easat-11284	142	4	also	also	ADV
easat-11284	142	5	display	display	VERB
easat-11284	142	6	their	their	PRON
easat-11284	142	7	respective	respective	ADJ
easat-11284	142	8	statistical	statistical	ADJ
easat-11284	142	9	characteristics	characteristic	NOUN
easat-11284	142	10	.	.	PUNCT
easat-11284	143	1	in	in	ADP
easat-11284	143	2	summary	summary	NOUN
easat-11284	143	3	,	,	PUNCT
easat-11284	143	4	the	the	DET
easat-11284	143	5	descriptive	descriptive	ADJ
easat-11284	143	6	statistics	statistic	NOUN
easat-11284	143	7	in	in	ADP
easat-11284	143	8	table	table	NOUN
easat-11284	143	9	2	2	NUM
easat-11284	143	10	provide	provide	VERB
easat-11284	143	11	basic	basic	ADJ
easat-11284	143	12	information	information	NOUN
easat-11284	143	13	about	about	ADP
easat-11284	143	14	the	the	DET
easat-11284	143	15	nature	nature	NOUN
easat-11284	143	16	of	of	ADP
easat-11284	143	17	corporate	corporate	ADJ
easat-11284	143	18	property	property	NOUN
easat-11284	143	19	rights	right	NOUN
easat-11284	143	20	,	,	PUNCT
easat-11284	143	21	the	the	DET
easat-11284	143	22	regional	regional	ADJ
easat-11284	143	23	business	business	NOUN
easat-11284	143	24	environment	environment	NOUN
easat-11284	143	25	,	,	PUNCT
easat-11284	143	26	and	and	CCONJ
easat-11284	143	27	each	each	DET
easat-11284	143	28	control	control	NOUN
easat-11284	143	29	variable	variable	NOUN
easat-11284	143	30	.	.	PUNCT
easat-11284	144	1	this	this	DET
easat-11284	144	2	data	data	NOUN
easat-11284	144	3	is	be	AUX
easat-11284	144	4	helpful	helpful	ADJ
easat-11284	144	5	for	for	ADP
easat-11284	144	6	a	a	DET
easat-11284	144	7	preliminary	preliminary	ADJ
easat-11284	144	8	understanding	understanding	NOUN
easat-11284	144	9	of	of	ADP
easat-11284	144	10	the	the	DET
easat-11284	144	11	sample	sample	NOUN
easat-11284	144	12	conditions	condition	NOUN
easat-11284	144	13	and	and	CCONJ
easat-11284	144	14	the	the	DET
easat-11284	144	15	characteristics	characteristic	NOUN
easat-11284	144	16	of	of	ADP
easat-11284	144	17	each	each	DET
easat-11284	144	18	control	control	NOUN
easat-11284	144	19	variable	variable	NOUN
easat-11284	144	20	,	,	PUNCT
easat-11284	144	21	providing	provide	VERB
easat-11284	144	22	an	an	DET
easat-11284	144	23	important	important	ADJ
easat-11284	144	24	reference	reference	NOUN
easat-11284	144	25	for	for	ADP
easat-11284	144	26	subsequent	subsequent	ADJ
easat-11284	144	27	analysis	analysis	NOUN
easat-11284	144	28	and	and	CCONJ
easat-11284	144	29	research	research	NOUN
easat-11284	144	30	.	.	PUNCT
easat-11284	145	1	table	table	NOUN
easat-11284	145	2	2	2	NUM
easat-11284	145	3	.	.	PUNCT
easat-11284	145	4	descriptive	descriptive	ADJ
easat-11284	145	5	statistics	statistic	NOUN
easat-11284	145	6	.	.	PUNCT
easat-11284	146	1	variable	variable	ADJ
easat-11284	146	2	obs	obs	PROPN
easat-11284	146	3	.	.	PUNCT
easat-11284	147	1	mean	mean	VERB
easat-11284	147	2	std	std	PROPN
easat-11284	147	3	.	.	PROPN
easat-11284	148	1	dev	dev	PROPN
easat-11284	148	2	.	.	PUNCT
easat-11284	148	3	min	min	PROPN
easat-11284	148	4	.	.	PROPN
easat-11284	148	5	max	max	PROPN
easat-11284	148	6	.	.	PUNCT
easat-11284	149	1	soe	soe	PROPN
easat-11284	149	2	36,094	36,094	NUM
easat-11284	149	3	40.55464	40.55464	NUM
easat-11284	149	4	25.69377	25.69377	NUM
easat-11284	149	5	0	0	NUM
easat-11284	149	6	95.99	95.99	NUM
easat-11284	149	7	bhar	bhar	NOUN
easat-11284	149	8	36,094	36,094	NUM
easat-11284	149	9	-0.00121	-0.00121	NOUN
easat-11284	149	10	0.064254	0.064254	NUM
easat-11284	149	11	-0.3348	-0.3348	NOUN
easat-11284	149	12	0.893014	0.893014	NUM
easat-11284	149	13	firmage	firmage	NOUN
easat-11284	149	14	36,094	36,094	NUM
easat-11284	149	15	2.941174	2.941174	NUM
easat-11284	149	16	0.334571	0.334571	NUM
easat-11284	149	17	1.098612	1.098612	NUM
easat-11284	149	18	3.688879	3.688879	NUM
easat-11284	149	19	size	size	NOUN
easat-11284	149	20	36,094	36,094	NUM
easat-11284	149	21	22.2294	22.2294	NUM
easat-11284	149	22	1.284274	1.284274	NUM
easat-11284	149	23	19.31286	19.31286	NUM
easat-11284	149	24	26.45228	26.45228	NUM
easat-11284	149	25	lev	lev	NOUN
easat-11284	149	26	36,094	36,094	NUM
easat-11284	149	27	0.42221	0.42221	NUM
easat-11284	149	28	0.20251	0.20251	NUM
easat-11284	149	29	0.027795	0.027795	NUM
easat-11284	149	30	0.934305	0.934305	NUM
easat-11284	149	31	em	em	PRON
easat-11284	149	32	36,094	36,094	NUM
easat-11284	149	33	2.078595	2.078595	NUM
easat-11284	149	34	1.216872	1.216872	NUM
easat-11284	149	35	1.02163	1.02163	NUM
easat-11284	149	36	10.78947	10.78947	NUM
easat-11284	149	37	roe	roe	NOUN
easat-11284	149	38	36,094	36,094	NUM
easat-11284	149	39	0.053998	0.053998	NUM
easat-11284	149	40	0.149302	0.149302	NUM
easat-11284	149	41	-2.17486	-2.17486	NOUN
easat-11284	149	42	0.417857	0.417857	NUM
easat-11284	149	43	dual	dual	ADJ
easat-11284	149	44	36,094	36,094	NUM
easat-11284	149	45	0.285671	0.285671	NUM
easat-11284	149	46	0.45174	0.45174	NUM
easat-11284	149	47	0	0	NUM
easat-11284	149	48	1	1	NUM
easat-11284	149	49	board	board	NOUN
easat-11284	149	50	36,094	36,094	NUM
easat-11284	149	51	2.122281	2.122281	NUM
easat-11284	149	52	0.196164	0.196164	NUM
easat-11284	149	53	1.609438	1.609438	NUM
easat-11284	149	54	2.70805	2.70805	NUM
easat-11284	149	55	indep	indep	NOUN
easat-11284	149	56	36,094	36,094	NUM
easat-11284	149	57	0.375406	0.375406	NUM
easat-11284	149	58	0.053103	0.053103	NUM
easat-11284	149	59	0.25	0.25	NUM
easat-11284	149	60	0.6	0.6	NUM
easat-11284	149	61	100	100	NUM
easat-11284	149	62	edelweiss	edelweiss	PROPN
easat-11284	149	63	applied	apply	VERB
easat-11284	149	64	science	science	NOUN
easat-11284	149	65	and	and	CCONJ
easat-11284	149	66	technology	technology	NOUN
easat-11284	149	67	issn	issn	PROPN
easat-11284	149	68	:	:	PUNCT
easat-11284	149	69	2576	2576	NUM
easat-11284	149	70	-	-	SYM
easat-11284	149	71	8484	8484	NUM
easat-11284	149	72	vol	vol	NOUN
easat-11284	149	73	.	.	PROPN
easat-11284	150	1	9	9	NUM
easat-11284	150	2	,	,	PUNCT
easat-11284	150	3	no	no	INTJ
easat-11284	150	4	.	.	NOUN
easat-11284	150	5	12	12	NUM
easat-11284	150	6	:	:	PUNCT
easat-11284	150	7	93	93	NUM
easat-11284	150	8	-	-	SYM
easat-11284	150	9	108	108	NUM
easat-11284	150	10	,	,	PUNCT
easat-11284	150	11	2025	2025	NUM
easat-11284	150	12	doi	doi	NOUN
easat-11284	150	13	:	:	PUNCT
easat-11284	150	14	10.55214/2576	10.55214/2576	NUM
easat-11284	150	15	-	-	SYM
easat-11284	150	16	8484.v9i12.11284	8484.v9i12.11284	NUM
easat-11284	150	17	©	©	PROPN
easat-11284	150	18	2025	2025	NUM
easat-11284	150	19	by	by	ADP
easat-11284	150	20	the	the	DET
easat-11284	150	21	authors	author	NOUN
easat-11284	150	22	;	;	PUNCT
easat-11284	150	23	licensee	licensee	PROPN
easat-11284	150	24	learning	learning	NOUN
easat-11284	150	25	gate	gate	NOUN
easat-11284	150	26	4	4	NUM
easat-11284	150	27	.	.	PUNCT
easat-11284	151	1	empirical	empirical	ADJ
easat-11284	151	2	analysis	analysis	NOUN
easat-11284	151	3	4.1	4.1	NUM
easat-11284	151	4	.	.	PUNCT
easat-11284	152	1	multicollinearity	multicollinearity	NOUN
easat-11284	152	2	to	to	PART
easat-11284	152	3	prevent	prevent	VERB
easat-11284	152	4	multicollinearity	multicollinearity	NOUN
easat-11284	152	5	issues	issue	NOUN
easat-11284	152	6	among	among	ADP
easat-11284	152	7	the	the	DET
easat-11284	152	8	selected	select	VERB
easat-11284	152	9	variables	variable	NOUN
easat-11284	152	10	,	,	PUNCT
easat-11284	152	11	a	a	DET
easat-11284	152	12	variance	variance	NOUN
easat-11284	152	13	inflation	inflation	NOUN
easat-11284	152	14	factor	factor	NOUN
easat-11284	152	15	(	(	PUNCT
easat-11284	152	16	vif	vif	NOUN
easat-11284	152	17	)	)	PUNCT
easat-11284	152	18	test	test	NOUN
easat-11284	152	19	was	be	AUX
easat-11284	152	20	conducted	conduct	VERB
easat-11284	152	21	.	.	PUNCT
easat-11284	153	1	generally	generally	ADV
easat-11284	153	2	,	,	PUNCT
easat-11284	153	3	when	when	SCONJ
easat-11284	153	4	the	the	DET
easat-11284	153	5	vif	vif	NOUN
easat-11284	153	6	is	be	AUX
easat-11284	153	7	less	less	ADJ
easat-11284	153	8	than	than	ADP
easat-11284	153	9	10	10	NUM
easat-11284	153	10	,	,	PUNCT
easat-11284	153	11	it	it	PRON
easat-11284	153	12	indicates	indicate	VERB
easat-11284	153	13	that	that	SCONJ
easat-11284	153	14	there	there	PRON
easat-11284	153	15	is	be	VERB
easat-11284	153	16	no	no	DET
easat-11284	153	17	multicollinearity	multicollinearity	NOUN
easat-11284	153	18	issue	issue	NOUN
easat-11284	153	19	between	between	ADP
easat-11284	153	20	the	the	DET
easat-11284	153	21	variables	variable	NOUN
easat-11284	153	22	.	.	PUNCT
easat-11284	154	1	as	as	SCONJ
easat-11284	154	2	shown	show	VERB
easat-11284	154	3	in	in	ADP
easat-11284	154	4	table	table	NOUN
easat-11284	154	5	3	3	NUM
easat-11284	154	6	,	,	PUNCT
easat-11284	154	7	the	the	DET
easat-11284	154	8	vif	vif	NOUN
easat-11284	154	9	values	value	NOUN
easat-11284	154	10	for	for	ADP
easat-11284	154	11	all	all	DET
easat-11284	154	12	variables	variable	NOUN
easat-11284	154	13	are	be	AUX
easat-11284	154	14	less	less	ADJ
easat-11284	154	15	than	than	ADP
easat-11284	154	16	10	10	NUM
easat-11284	154	17	,	,	PUNCT
easat-11284	154	18	indicating	indicate	VERB
easat-11284	154	19	that	that	SCONJ
easat-11284	154	20	there	there	PRON
easat-11284	154	21	is	be	VERB
easat-11284	154	22	no	no	DET
easat-11284	154	23	multicollinearity	multicollinearity	NOUN
easat-11284	154	24	problem	problem	NOUN
easat-11284	154	25	among	among	ADP
easat-11284	154	26	the	the	DET
easat-11284	154	27	variables	variable	NOUN
easat-11284	154	28	selected	select	VERB
easat-11284	154	29	in	in	ADP
easat-11284	154	30	this	this	DET
easat-11284	154	31	paper	paper	NOUN
easat-11284	154	32	.	.	PUNCT
easat-11284	155	1	table	table	NOUN
easat-11284	155	2	3	3	NUM
easat-11284	155	3	.	.	PUNCT
easat-11284	156	1	multicollinearity	multicollinearity	NOUN
easat-11284	156	2	.	.	PUNCT
easat-11284	157	1	variable	variable	ADJ
easat-11284	157	2	vif	vif	NOUN
easat-11284	157	3	1	1	NUM
easat-11284	157	4	/	/	SYM
easat-11284	157	5	vif	vif	NOUN
easat-11284	157	6	lev	lev	NOUN
easat-11284	157	7	3.52	3.52	NUM
easat-11284	157	8	0.284343	0.284343	NUM
easat-11284	157	9	em	em	PRON
easat-11284	157	10	3.38	3.38	NUM
easat-11284	157	11	0.29547	0.29547	NUM
easat-11284	157	12	board	board	NOUN
easat-11284	157	13	1.58	1.58	NUM
easat-11284	157	14	0.634427	0.634427	NUM
easat-11284	157	15	size	size	NOUN
easat-11284	157	16	1.51	1.51	NUM
easat-11284	157	17	0.662474	0.662474	NUM
easat-11284	157	18	indep	indep	NOUN
easat-11284	157	19	1.46	1.46	NUM
easat-11284	157	20	0.687074	0.687074	NUM
easat-11284	157	21	roe	roe	NOUN
easat-11284	157	22	1.21	1.21	NUM
easat-11284	157	23	0.825773	0.825773	NUM
easat-11284	157	24	dual	dual	ADJ
easat-11284	157	25	1.07	1.07	NUM
easat-11284	157	26	0.938919	0.938919	NUM
easat-11284	157	27	firmage	firmage	NOUN
easat-11284	157	28	1.05	1.05	NUM
easat-11284	157	29	0.94931	0.94931	NUM
easat-11284	157	30	bhar	bhar	NOUN
easat-11284	157	31	1.02	1.02	NUM
easat-11284	157	32	0.976839	0.976839	NUM
easat-11284	157	33	mean	mean	NOUN
easat-11284	157	34	vif	vif	NOUN
easat-11284	157	35	1.76	1.76	NUM
easat-11284	157	36	4.2	4.2	NUM
easat-11284	157	37	.	.	PUNCT
easat-11284	158	1	correlation	correlation	NOUN
easat-11284	158	2	analysis	analysis	NOUN
easat-11284	158	3	correlation	correlation	NOUN
easat-11284	158	4	analysis	analysis	NOUN
easat-11284	158	5	primarily	primarily	ADV
easat-11284	158	6	measures	measure	VERB
easat-11284	158	7	the	the	DET
easat-11284	158	8	correlation	correlation	NOUN
easat-11284	158	9	between	between	ADP
easat-11284	158	10	the	the	DET
easat-11284	158	11	selected	select	VERB
easat-11284	158	12	variables	variable	NOUN
easat-11284	158	13	.	.	PUNCT
easat-11284	159	1	as	as	SCONJ
easat-11284	159	2	shown	show	VERB
easat-11284	159	3	in	in	ADP
easat-11284	159	4	table	table	NOUN
easat-11284	159	5	4	4	NUM
easat-11284	159	6	,	,	PUNCT
easat-11284	159	7	variables	variable	NOUN
easat-11284	159	8	such	such	ADJ
easat-11284	159	9	as	as	ADP
easat-11284	159	10	property	property	NOUN
easat-11284	159	11	rights	right	NOUN
easat-11284	159	12	nature	nature	NOUN
easat-11284	159	13	,	,	PUNCT
easat-11284	159	14	business	business	NOUN
easat-11284	159	15	environment	environment	NOUN
easat-11284	159	16	,	,	PUNCT
easat-11284	159	17	firm	firm	ADJ
easat-11284	159	18	age	age	NOUN
easat-11284	159	19	,	,	PUNCT
easat-11284	159	20	firm	firm	ADJ
easat-11284	159	21	size	size	NOUN
easat-11284	159	22	,	,	PUNCT
easat-11284	159	23	leverage	leverage	NOUN
easat-11284	159	24	,	,	PUNCT
easat-11284	159	25	equity	equity	NOUN
easat-11284	159	26	multiplier	multiplier	ADV
easat-11284	159	27	,	,	PUNCT
easat-11284	159	28	return	return	VERB
easat-11284	159	29	on	on	ADP
easat-11284	159	30	equity	equity	NOUN
easat-11284	159	31	,	,	PUNCT
easat-11284	159	32	duality	duality	NOUN
easat-11284	159	33	,	,	PUNCT
easat-11284	159	34	board	board	NOUN
easat-11284	159	35	size	size	NOUN
easat-11284	159	36	,	,	PUNCT
easat-11284	159	37	and	and	CCONJ
easat-11284	159	38	proportion	proportion	NOUN
easat-11284	159	39	of	of	ADP
easat-11284	159	40	independent	independent	ADJ
easat-11284	159	41	directors	director	NOUN
easat-11284	159	42	all	all	PRON
easat-11284	159	43	show	show	VERB
easat-11284	159	44	significant	significant	ADJ
easat-11284	159	45	correlation	correlation	NOUN
easat-11284	159	46	,	,	PUNCT
easat-11284	159	47	as	as	SCONJ
easat-11284	159	48	their	their	PRON
easat-11284	159	49	correlation	correlation	NOUN
easat-11284	159	50	coefficients	coefficient	NOUN
easat-11284	159	51	are	be	AUX
easat-11284	159	52	all	all	ADV
easat-11284	159	53	substantial	substantial	ADJ
easat-11284	159	54	(	(	PUNCT
easat-11284	159	55	three	three	NUM
easat-11284	159	56	asterisks	asterisk	NOUN
easat-11284	159	57	usually	usually	ADV
easat-11284	159	58	imply	imply	VERB
easat-11284	159	59	a	a	DET
easat-11284	159	60	correlation	correlation	NOUN
easat-11284	159	61	coefficient	coefficient	NOUN
easat-11284	159	62	close	close	ADV
easat-11284	159	63	to	to	ADP
easat-11284	159	64	1	1	NUM
easat-11284	159	65	,	,	PUNCT
easat-11284	159	66	indicating	indicate	VERB
easat-11284	159	67	a	a	DET
easat-11284	159	68	strong	strong	ADJ
easat-11284	159	69	correlation	correlation	NOUN
easat-11284	159	70	)	)	PUNCT
easat-11284	159	71	.	.	PUNCT
easat-11284	160	1	these	these	DET
easat-11284	160	2	significant	significant	ADJ
easat-11284	160	3	correlation	correlation	NOUN
easat-11284	160	4	coefficients	coefficient	NOUN
easat-11284	160	5	indicate	indicate	VERB
easat-11284	160	6	a	a	DET
easat-11284	160	7	strong	strong	ADJ
easat-11284	160	8	correlation	correlation	NOUN
easat-11284	160	9	among	among	ADP
easat-11284	160	10	the	the	DET
easat-11284	160	11	selected	select	VERB
easat-11284	160	12	research	research	NOUN
easat-11284	160	13	variables	variable	NOUN
easat-11284	160	14	,	,	PUNCT
easat-11284	160	15	further	far	ADV
easat-11284	160	16	suggesting	suggest	VERB
easat-11284	160	17	that	that	SCONJ
easat-11284	160	18	the	the	DET
easat-11284	160	19	data	datum	NOUN
easat-11284	160	20	used	use	VERB
easat-11284	160	21	is	be	AUX
easat-11284	160	22	appropriate	appropriate	ADJ
easat-11284	160	23	.	.	PUNCT
easat-11284	161	1	101	101	NUM
easat-11284	161	2	edelweiss	edelweiss	PROPN
easat-11284	161	3	applied	apply	VERB
easat-11284	161	4	science	science	NOUN
easat-11284	161	5	and	and	CCONJ
easat-11284	161	6	technology	technology	NOUN
easat-11284	161	7	issn	issn	PROPN
easat-11284	161	8	:	:	PUNCT
easat-11284	161	9	2576	2576	NUM
easat-11284	161	10	-	-	SYM
easat-11284	161	11	8484	8484	NUM
easat-11284	161	12	vol	vol	NOUN
easat-11284	161	13	.	.	PROPN
easat-11284	162	1	9	9	NUM
easat-11284	162	2	,	,	PUNCT
easat-11284	162	3	no	no	INTJ
easat-11284	162	4	.	.	NOUN
easat-11284	162	5	12	12	NUM
easat-11284	162	6	:	:	PUNCT
easat-11284	162	7	93	93	NUM
easat-11284	162	8	-	-	SYM
easat-11284	162	9	108	108	NUM
easat-11284	162	10	,	,	PUNCT
easat-11284	162	11	2025	2025	NUM
easat-11284	162	12	doi	doi	NOUN
easat-11284	162	13	:	:	PUNCT
easat-11284	162	14	10.55214/2576	10.55214/2576	NUM
easat-11284	162	15	-	-	SYM
easat-11284	162	16	8484.v9i12.11284	8484.v9i12.11284	NUM
easat-11284	162	17	©	©	PROPN
easat-11284	162	18	2025	2025	NUM
easat-11284	162	19	by	by	ADP
easat-11284	162	20	the	the	DET
easat-11284	162	21	authors	author	NOUN
easat-11284	162	22	;	;	PUNCT
easat-11284	162	23	licensee	licensee	PROPN
easat-11284	162	24	learning	learn	VERB
easat-11284	162	25	gate	gate	NOUN
easat-11284	162	26	table	table	NOUN
easat-11284	162	27	4	4	NUM
easat-11284	162	28	.	.	PUNCT
easat-11284	162	29	correlation	correlation	NOUN
easat-11284	162	30	analysis	analysis	NOUN
easat-11284	162	31	.	.	PUNCT
easat-11284	163	1	soe	soe	PROPN
easat-11284	163	2	bhar	bhar	PROPN
easat-11284	163	3	firmage	firmage	PROPN
easat-11284	163	4	size	size	NOUN
easat-11284	163	5	lev	lev	NOUN
easat-11284	163	6	em	em	PRON
easat-11284	163	7	roe	roe	PROPN
easat-11284	163	8	dual	dual	PROPN
easat-11284	163	9	board	board	PROPN
easat-11284	163	10	indep	indep	NOUN
easat-11284	163	11	soe	soe	PROPN
easat-11284	163	12	1	1	NUM
easat-11284	163	13	bhar	bhar	NOUN
easat-11284	163	14	0.064	0.064	NUM
easat-11284	163	15	*	*	PUNCT
easat-11284	163	16	*	*	PUNCT
easat-11284	163	17	*	*	SYM
easat-11284	163	18	1	1	NUM
easat-11284	163	19	firmage	firmage	NOUN
easat-11284	163	20	-0.168	-0.168	NOUN
easat-11284	163	21	*	*	NOUN
easat-11284	163	22	*	*	PUNCT
easat-11284	163	23	*	*	NOUN
easat-11284	163	24	-0.039	-0.039	NOUN
easat-11284	163	25	*	*	PUNCT
easat-11284	163	26	*	*	PUNCT
easat-11284	163	27	*	*	SYM
easat-11284	163	28	1	1	NUM
easat-11284	163	29	size	size	NOUN
easat-11284	163	30	-0.282	-0.282	PUNCT
easat-11284	163	31	*	*	PUNCT
easat-11284	163	32	*	*	PUNCT
easat-11284	163	33	*	*	PUNCT
easat-11284	163	34	-0.038	-0.038	PUNCT
easat-11284	163	35	*	*	PUNCT
easat-11284	163	36	*	*	PUNCT
easat-11284	163	37	*	*	PUNCT
easat-11284	163	38	0.192	0.192	NUM
easat-11284	163	39	*	*	PUNCT
easat-11284	163	40	*	*	PUNCT
easat-11284	163	41	*	*	SYM
easat-11284	163	42	1	1	NUM
easat-11284	163	43	lev	lev	NOUN
easat-11284	163	44	-0.307	-0.307	NUM
easat-11284	163	45	*	*	PUNCT
easat-11284	163	46	*	*	PUNCT
easat-11284	163	47	*	*	PUNCT
easat-11284	164	1	-0.054	-0.054	ADJ
easat-11284	164	2	*	*	PUNCT
easat-11284	164	3	*	*	PUNCT
easat-11284	164	4	*	*	PUNCT
easat-11284	165	1	0.131	0.131	NUM
easat-11284	165	2	*	*	PUNCT
easat-11284	165	3	*	*	PUNCT
easat-11284	165	4	*	*	PUNCT
easat-11284	165	5	0.481	0.481	NUM
easat-11284	165	6	*	*	PUNCT
easat-11284	165	7	*	*	PUNCT
easat-11284	165	8	*	*	PUNCT
easat-11284	165	9	1	1	NUM
easat-11284	165	10	em	em	PRON
easat-11284	165	11	-0.255	-0.255	AUX
easat-11284	165	12	*	*	PUNCT
easat-11284	165	13	*	*	PUNCT
easat-11284	165	14	*	*	PUNCT
easat-11284	165	15	-0.051	-0.051	PROPN
easat-11284	165	16	*	*	PUNCT
easat-11284	165	17	*	*	PUNCT
easat-11284	165	18	*	*	PUNCT
easat-11284	165	19	0.110	0.110	NUM
easat-11284	165	20	*	*	PUNCT
easat-11284	165	21	*	*	PUNCT
easat-11284	165	22	*	*	PUNCT
easat-11284	165	23	0.376	0.376	NUM
easat-11284	165	24	*	*	PUNCT
easat-11284	165	25	*	*	PUNCT
easat-11284	165	26	*	*	PUNCT
easat-11284	165	27	0.825	0.825	NUM
easat-11284	165	28	*	*	PUNCT
easat-11284	165	29	*	*	PUNCT
easat-11284	165	30	*	*	PUNCT
easat-11284	165	31	1	1	NUM
easat-11284	165	32	roe	roe	NOUN
easat-11284	165	33	0.093	0.093	NUM
easat-11284	165	34	*	*	PUNCT
easat-11284	165	35	*	*	PUNCT
easat-11284	165	36	*	*	PUNCT
easat-11284	165	37	0.138	0.138	NUM
easat-11284	165	38	*	*	PUNCT
easat-11284	165	39	*	*	PUNCT
easat-11284	165	40	*	*	PUNCT
easat-11284	165	41	-0.068	-0.068	PUNCT
easat-11284	165	42	*	*	PUNCT
easat-11284	165	43	*	*	PUNCT
easat-11284	165	44	*	*	PUNCT
easat-11284	165	45	0.102	0.102	NUM
easat-11284	165	46	*	*	PUNCT
easat-11284	165	47	*	*	PUNCT
easat-11284	165	48	*	*	PUNCT
easat-11284	165	49	-0.191	-0.191	PUNCT
easat-11284	165	50	*	*	PUNCT
easat-11284	165	51	*	*	PUNCT
easat-11284	165	52	*	*	PUNCT
easat-11284	165	53	-0.309	-0.309	NOUN
easat-11284	165	54	*	*	PUNCT
easat-11284	165	55	*	*	PUNCT
easat-11284	165	56	*	*	PUNCT
easat-11284	165	57	1	1	NUM
easat-11284	165	58	dual	dual	ADJ
easat-11284	165	59	0.294	0.294	NUM
easat-11284	165	60	*	*	PUNCT
easat-11284	165	61	*	*	PUNCT
easat-11284	165	62	*	*	PUNCT
easat-11284	165	63	0.029	0.029	NUM
easat-11284	165	64	*	*	PUNCT
easat-11284	165	65	*	*	PUNCT
easat-11284	165	66	*	*	PUNCT
easat-11284	165	67	-0.068	-0.068	PUNCT
easat-11284	165	68	*	*	PUNCT
easat-11284	165	69	*	*	PUNCT
easat-11284	165	70	*	*	PUNCT
easat-11284	165	71	-0.173	-0.173	PROPN
easat-11284	165	72	*	*	PROPN
easat-11284	165	73	*	*	PUNCT
easat-11284	165	74	*	*	PUNCT
easat-11284	165	75	-0.143	-0.143	PROPN
easat-11284	165	76	*	*	PUNCT
easat-11284	165	77	*	*	PUNCT
easat-11284	165	78	*	*	PUNCT
easat-11284	165	79	-0.116	-0.116	PUNCT
easat-11284	165	80	*	*	PUNCT
easat-11284	165	81	*	*	PUNCT
easat-11284	165	82	*	*	NOUN
easat-11284	165	83	0.005	0.005	NUM
easat-11284	165	84	1	1	NUM
easat-11284	165	85	board	board	NOUN
easat-11284	165	86	-0.261	-0.261	NOUN
easat-11284	165	87	*	*	PUNCT
easat-11284	165	88	*	*	PUNCT
easat-11284	165	89	*	*	PUNCT
easat-11284	165	90	-0.014	-0.014	NOUN
easat-11284	165	91	*	*	PUNCT
easat-11284	165	92	*	*	PUNCT
easat-11284	165	93	*	*	PUNCT
easat-11284	165	94	0.004	0.004	NUM
easat-11284	165	95	0.249	0.249	NUM
easat-11284	165	96	*	*	PUNCT
easat-11284	165	97	*	*	PUNCT
easat-11284	165	98	*	*	PUNCT
easat-11284	165	99	0.157	0.157	NUM
easat-11284	165	100	*	*	PUNCT
easat-11284	165	101	*	*	PUNCT
easat-11284	165	102	*	*	PUNCT
easat-11284	165	103	0.122	0.122	NUM
easat-11284	165	104	*	*	PUNCT
easat-11284	165	105	*	*	PUNCT
easat-11284	165	106	*	*	PUNCT
easat-11284	165	107	0.042	0.042	NUM
easat-11284	165	108	*	*	PUNCT
easat-11284	165	109	*	*	PUNCT
easat-11284	165	110	*	*	PUNCT
easat-11284	165	111	-0.194	-0.194	NOUN
easat-11284	165	112	*	*	PUNCT
easat-11284	165	113	*	*	PUNCT
easat-11284	165	114	*	*	SYM
easat-11284	165	115	1	1	NUM
easat-11284	165	116	indep	indep	NOUN
easat-11284	165	117	0.076	0.076	NUM
easat-11284	165	118	*	*	PUNCT
easat-11284	165	119	*	*	PUNCT
easat-11284	165	120	*	*	PUNCT
easat-11284	165	121	0.010	0.010	NUM
easat-11284	165	122	*	*	SYM
easat-11284	165	123	-0.008	-0.008	NOUN
easat-11284	165	124	0.003	0.003	NUM
easat-11284	165	125	-0.018	-0.018	PUNCT
easat-11284	165	126	*	*	PUNCT
easat-11284	165	127	*	*	PUNCT
easat-11284	165	128	*	*	PUNCT
easat-11284	165	129	-0.010	-0.010	PROPN
easat-11284	165	130	*	*	PUNCT
easat-11284	165	131	-0.012	-0.012	PROPN
easat-11284	165	132	*	*	X
easat-11284	165	133	*	*	NOUN
easat-11284	165	134	0.115	0.115	NUM
easat-11284	165	135	*	*	PUNCT
easat-11284	165	136	*	*	PUNCT
easat-11284	165	137	*	*	PUNCT
easat-11284	165	138	-0.539	-0.539	PUNCT
easat-11284	165	139	*	*	PUNCT
easat-11284	165	140	*	*	PUNCT
easat-11284	165	141	*	*	SYM
easat-11284	165	142	1	1	NUM
easat-11284	165	143	102	102	NUM
easat-11284	165	144	edelweiss	edelweiss	PROPN
easat-11284	165	145	applied	apply	VERB
easat-11284	165	146	science	science	NOUN
easat-11284	165	147	and	and	CCONJ
easat-11284	165	148	technology	technology	NOUN
easat-11284	165	149	issn	issn	PROPN
easat-11284	165	150	:	:	PUNCT
easat-11284	165	151	2576	2576	NUM
easat-11284	165	152	-	-	SYM
easat-11284	165	153	8484	8484	NUM
easat-11284	165	154	vol	vol	NOUN
easat-11284	165	155	.	.	PROPN
easat-11284	165	156	9	9	NUM
easat-11284	165	157	,	,	PUNCT
easat-11284	165	158	no	no	INTJ
easat-11284	165	159	.	.	NOUN
easat-11284	165	160	12	12	NUM
easat-11284	165	161	:	:	PUNCT
easat-11284	165	162	93	93	NUM
easat-11284	165	163	-	-	SYM
easat-11284	165	164	108	108	NUM
easat-11284	165	165	,	,	PUNCT
easat-11284	165	166	2025	2025	NUM
easat-11284	165	167	doi	doi	NOUN
easat-11284	165	168	:	:	PUNCT
easat-11284	165	169	10.55214/2576	10.55214/2576	NUM
easat-11284	165	170	-	-	SYM
easat-11284	165	171	8484.v9i12.11284	8484.v9i12.11284	NUM
easat-11284	165	172	©	©	PROPN
easat-11284	165	173	2025	2025	NUM
easat-11284	165	174	by	by	ADP
easat-11284	165	175	the	the	DET
easat-11284	165	176	authors	author	NOUN
easat-11284	165	177	;	;	PUNCT
easat-11284	165	178	licensee	licensee	PROPN
easat-11284	165	179	learning	learning	NOUN
easat-11284	165	180	gate	gate	NOUN
easat-11284	165	181	4.3	4.3	NUM
easat-11284	165	182	.	.	PUNCT
easat-11284	166	1	benchmark	benchmark	NOUN
easat-11284	166	2	regression	regression	NOUN
easat-11284	166	3	this	this	DET
easat-11284	166	4	paper	paper	NOUN
easat-11284	166	5	employs	employ	VERB
easat-11284	166	6	a	a	DET
easat-11284	166	7	fixed	fix	VERB
easat-11284	166	8	-	-	PUNCT
easat-11284	166	9	effects	effect	NOUN
easat-11284	166	10	model	model	NOUN
easat-11284	166	11	for	for	ADP
easat-11284	166	12	regression	regression	NOUN
easat-11284	166	13	analysis	analysis	NOUN
easat-11284	166	14	on	on	ADP
easat-11284	166	15	the	the	DET
easat-11284	166	16	dependent	dependent	ADJ
easat-11284	166	17	variable	variable	ADJ
easat-11284	166	18	bhar	bhar	NOUN
easat-11284	166	19	,	,	PUNCT
easat-11284	166	20	progressively	progressively	ADV
easat-11284	166	21	incorporating	incorporate	VERB
easat-11284	166	22	fixed	fix	VERB
easat-11284	166	23	effects	effect	NOUN
easat-11284	166	24	and	and	CCONJ
easat-11284	166	25	control	control	NOUN
easat-11284	166	26	variables	variable	NOUN
easat-11284	166	27	.	.	PUNCT
easat-11284	167	1	the	the	DET
easat-11284	167	2	regression	regression	NOUN
easat-11284	167	3	results	result	NOUN
easat-11284	167	4	are	be	AUX
easat-11284	167	5	presented	present	VERB
easat-11284	167	6	in	in	ADP
easat-11284	167	7	table	table	NOUN
easat-11284	167	8	5	5	NUM
easat-11284	167	9	.	.	PUNCT
easat-11284	168	1	column	column	NOUN
easat-11284	168	2	(	(	PUNCT
easat-11284	168	3	1	1	X
easat-11284	168	4	)	)	PUNCT
easat-11284	168	5	of	of	ADP
easat-11284	168	6	table	table	NOUN
easat-11284	168	7	5	5	NUM
easat-11284	168	8	indicates	indicate	VERB
easat-11284	168	9	that	that	SCONJ
easat-11284	168	10	,	,	PUNCT
easat-11284	168	11	without	without	ADP
easat-11284	168	12	including	include	VERB
easat-11284	168	13	fixed	fix	VERB
easat-11284	168	14	effects	effect	NOUN
easat-11284	168	15	and	and	CCONJ
easat-11284	168	16	control	control	NOUN
easat-11284	168	17	variables	variable	NOUN
easat-11284	168	18	,	,	PUNCT
easat-11284	168	19	the	the	DET
easat-11284	168	20	regression	regression	NOUN
easat-11284	168	21	coefficient	coefficient	NOUN
easat-11284	168	22	for	for	ADP
easat-11284	168	23	the	the	DET
easat-11284	168	24	independent	independent	ADJ
easat-11284	168	25	variable	variable	ADJ
easat-11284	168	26	bhar	bhar	PROPN
easat-11284	168	27	is	be	AUX
easat-11284	168	28	0.2556	0.2556	NUM
easat-11284	168	29	,	,	PUNCT
easat-11284	168	30	which	which	PRON
easat-11284	168	31	is	be	AUX
easat-11284	168	32	significantly	significantly	ADV
easat-11284	168	33	positive	positive	ADJ
easat-11284	168	34	at	at	ADP
easat-11284	168	35	the	the	DET
easat-11284	168	36	1	1	NUM
easat-11284	168	37	%	%	NOUN
easat-11284	168	38	level	level	NOUN
easat-11284	168	39	,	,	PUNCT
easat-11284	168	40	suggesting	suggest	VERB
easat-11284	168	41	that	that	SCONJ
easat-11284	168	42	the	the	DET
easat-11284	168	43	business	business	NOUN
easat-11284	168	44	environment	environment	NOUN
easat-11284	168	45	positively	positively	ADV
easat-11284	168	46	influences	influence	VERB
easat-11284	168	47	the	the	DET
easat-11284	168	48	proportion	proportion	NOUN
easat-11284	168	49	of	of	ADP
easat-11284	168	50	regional	regional	ADJ
easat-11284	168	51	private	private	ADJ
easat-11284	168	52	equity	equity	NOUN
easat-11284	168	53	.	.	PUNCT
easat-11284	169	1	columns	column	NOUN
easat-11284	169	2	(	(	PUNCT
easat-11284	169	3	2	2	NUM
easat-11284	169	4	)	)	PUNCT
easat-11284	169	5	to	to	ADP
easat-11284	169	6	(	(	PUNCT
easat-11284	169	7	4	4	NUM
easat-11284	169	8	)	)	PUNCT
easat-11284	169	9	of	of	ADP
easat-11284	169	10	table	table	NOUN
easat-11284	169	11	5	5	NUM
easat-11284	169	12	include	include	VERB
easat-11284	169	13	fixed	fix	VERB
easat-11284	169	14	effects	effect	NOUN
easat-11284	169	15	and	and	CCONJ
easat-11284	169	16	control	control	NOUN
easat-11284	169	17	variables	variable	NOUN
easat-11284	169	18	,	,	PUNCT
easat-11284	169	19	and	and	CCONJ
easat-11284	169	20	the	the	DET
easat-11284	169	21	independent	independent	ADJ
easat-11284	169	22	variable	variable	ADJ
easat-11284	169	23	bhar	bhar	PROPN
easat-11284	169	24	remains	remain	VERB
easat-11284	169	25	significantly	significantly	ADV
easat-11284	169	26	positive	positive	ADJ
easat-11284	169	27	at	at	ADP
easat-11284	169	28	the	the	DET
easat-11284	169	29	1	1	NUM
easat-11284	169	30	%	%	NOUN
easat-11284	169	31	level	level	NOUN
easat-11284	169	32	.	.	PUNCT
easat-11284	170	1	this	this	PRON
easat-11284	170	2	demonstrates	demonstrate	VERB
easat-11284	170	3	that	that	SCONJ
easat-11284	170	4	optimizing	optimize	VERB
easat-11284	170	5	the	the	DET
easat-11284	170	6	business	business	NOUN
easat-11284	170	7	environment	environment	NOUN
easat-11284	170	8	enhances	enhance	VERB
easat-11284	170	9	the	the	DET
easat-11284	170	10	private	private	ADJ
easat-11284	170	11	equity	equity	NOUN
easat-11284	170	12	composition	composition	NOUN
easat-11284	170	13	of	of	ADP
easat-11284	170	14	enterprises	enterprise	NOUN
easat-11284	170	15	.	.	PUNCT
easat-11284	171	1	the	the	DET
easat-11284	171	2	model	model	NOUN
easat-11284	171	3	's	's	PART
easat-11284	171	4	goodness	goodness	NOUN
easat-11284	171	5	-	-	PUNCT
easat-11284	171	6	of	of	ADP
easat-11284	171	7	-	-	PUNCT
easat-11284	171	8	fit	fit	NOUN
easat-11284	171	9	reflects	reflect	VERB
easat-11284	171	10	its	its	PRON
easat-11284	171	11	explanatory	explanatory	ADJ
easat-11284	171	12	power	power	NOUN
easat-11284	171	13	over	over	ADP
easat-11284	171	14	the	the	DET
easat-11284	171	15	data	datum	NOUN
easat-11284	171	16	.	.	PUNCT
easat-11284	172	1	r	r	X
easat-11284	172	2	-	-	PUNCT
easat-11284	172	3	squared	square	VERB
easat-11284	172	4	indicates	indicate	VERB
easat-11284	172	5	the	the	DET
easat-11284	172	6	proportion	proportion	NOUN
easat-11284	172	7	of	of	ADP
easat-11284	172	8	variance	variance	NOUN
easat-11284	172	9	in	in	ADP
easat-11284	172	10	the	the	DET
easat-11284	172	11	sample	sample	NOUN
easat-11284	172	12	explained	explain	VERB
easat-11284	172	13	by	by	ADP
easat-11284	172	14	the	the	DET
easat-11284	172	15	model	model	NOUN
easat-11284	172	16	relative	relative	ADJ
easat-11284	172	17	to	to	ADP
easat-11284	172	18	the	the	DET
easat-11284	172	19	total	total	ADJ
easat-11284	172	20	variance	variance	NOUN
easat-11284	172	21	;	;	PUNCT
easat-11284	172	22	a	a	DET
easat-11284	172	23	value	value	NOUN
easat-11284	172	24	closer	close	ADV
easat-11284	172	25	to	to	PART
easat-11284	172	26	1	1	NUM
easat-11284	172	27	signifies	signifie	NOUN
easat-11284	172	28	a	a	DET
easat-11284	172	29	better	well	ADJ
easat-11284	172	30	fit	fit	NOUN
easat-11284	172	31	.	.	PUNCT
easat-11284	173	1	in	in	ADP
easat-11284	173	2	the	the	DET
easat-11284	173	3	regression	regression	NOUN
easat-11284	173	4	result	result	NOUN
easat-11284	173	5	of	of	ADP
easat-11284	173	6	column	column	NOUN
easat-11284	173	7	(	(	PUNCT
easat-11284	173	8	4	4	NUM
easat-11284	173	9	)	)	PUNCT
easat-11284	173	10	in	in	ADP
easat-11284	173	11	table	table	NOUN
easat-11284	173	12	5	5	NUM
easat-11284	173	13	,	,	PUNCT
easat-11284	173	14	the	the	DET
easat-11284	173	15	r	r	NOUN
easat-11284	173	16	-	-	PUNCT
easat-11284	173	17	squared	square	VERB
easat-11284	173	18	is	be	AUX
easat-11284	173	19	0.911	0.911	NUM
easat-11284	173	20	,	,	PUNCT
easat-11284	173	21	meaning	mean	VERB
easat-11284	173	22	the	the	DET
easat-11284	173	23	model	model	NOUN
easat-11284	173	24	explains	explain	VERB
easat-11284	173	25	91.1	91.1	NUM
easat-11284	173	26	%	%	NOUN
easat-11284	173	27	of	of	ADP
easat-11284	173	28	the	the	DET
easat-11284	173	29	variance	variance	NOUN
easat-11284	173	30	,	,	PUNCT
easat-11284	173	31	indicating	indicate	VERB
easat-11284	173	32	a	a	DET
easat-11284	173	33	relatively	relatively	ADV
easat-11284	173	34	good	good	ADJ
easat-11284	173	35	fit	fit	NOUN
easat-11284	173	36	.	.	PUNCT
easat-11284	174	1	overall	overall	ADV
easat-11284	174	2	,	,	PUNCT
easat-11284	174	3	the	the	DET
easat-11284	174	4	direction	direction	NOUN
easat-11284	174	5	of	of	ADP
easat-11284	174	6	influence	influence	NOUN
easat-11284	174	7	and	and	CCONJ
easat-11284	174	8	the	the	DET
easat-11284	174	9	significance	significance	NOUN
easat-11284	174	10	level	level	NOUN
easat-11284	174	11	of	of	ADP
easat-11284	174	12	the	the	DET
easat-11284	174	13	independent	independent	ADJ
easat-11284	174	14	variable	variable	NOUN
easat-11284	174	15	remain	remain	VERB
easat-11284	174	16	consistent	consistent	ADJ
easat-11284	174	17	across	across	ADP
easat-11284	174	18	the	the	DET
easat-11284	174	19	columns	column	NOUN
easat-11284	174	20	,	,	PUNCT
easat-11284	174	21	demonstrating	demonstrate	VERB
easat-11284	174	22	the	the	DET
easat-11284	174	23	robustness	robustness	NOUN
easat-11284	174	24	of	of	ADP
easat-11284	174	25	the	the	DET
easat-11284	174	26	model	model	NOUN
easat-11284	174	27	estimates	estimate	NOUN
easat-11284	174	28	and	and	CCONJ
easat-11284	174	29	further	far	ADV
easat-11284	174	30	supporting	support	VERB
easat-11284	174	31	that	that	SCONJ
easat-11284	174	32	the	the	DET
easat-11284	174	33	business	business	NOUN
easat-11284	174	34	environment	environment	NOUN
easat-11284	174	35	impacts	impact	VERB
easat-11284	174	36	the	the	DET
easat-11284	174	37	private	private	ADJ
easat-11284	174	38	equity	equity	NOUN
easat-11284	174	39	composition	composition	NOUN
easat-11284	174	40	of	of	ADP
easat-11284	174	41	enterprises	enterprise	NOUN
easat-11284	174	42	.	.	PUNCT
easat-11284	175	1	therefore	therefore	ADV
easat-11284	175	2	,	,	PUNCT
easat-11284	175	3	hypothesis	hypothesis	NOUN
easat-11284	175	4	1	1	NUM
easat-11284	175	5	is	be	AUX
easat-11284	175	6	supported	support	VERB
easat-11284	175	7	.	.	PUNCT
easat-11284	176	1	table	table	NOUN
easat-11284	176	2	5	5	NUM
easat-11284	176	3	.	.	PUNCT
easat-11284	176	4	benchmark	benchmark	ADJ
easat-11284	176	5	regression	regression	NOUN
easat-11284	176	6	.	.	PUNCT
easat-11284	177	1	variables	variable	NOUN
easat-11284	177	2	(	(	PUNCT
easat-11284	177	3	1	1	NUM
easat-11284	177	4	)	)	PUNCT
easat-11284	177	5	(	(	PUNCT
easat-11284	177	6	2	2	NUM
easat-11284	177	7	)	)	PUNCT
easat-11284	177	8	(	(	PUNCT
easat-11284	177	9	3	3	X
easat-11284	177	10	)	)	PUNCT
easat-11284	177	11	(	(	PUNCT
easat-11284	177	12	4	4	X
easat-11284	177	13	)	)	PUNCT
easat-11284	177	14	soe	soe	PROPN
easat-11284	177	15	soe	soe	PROPN
easat-11284	177	16	soe	soe	PROPN
easat-11284	177	17	soe	soe	PROPN
easat-11284	177	18	bhar	bhar	PROPN
easat-11284	177	19	0.2556	0.2556	NUM
easat-11284	177	20	*	*	PUNCT
easat-11284	177	21	*	*	PUNCT
easat-11284	177	22	*	*	PUNCT
easat-11284	177	23	0.0495	0.0495	NUM
easat-11284	177	24	*	*	PUNCT
easat-11284	177	25	*	*	PUNCT
easat-11284	177	26	*	*	PUNCT
easat-11284	177	27	0.0335	0.0335	NUM
easat-11284	177	28	*	*	PUNCT
easat-11284	177	29	*	*	PUNCT
easat-11284	177	30	*	*	PUNCT
easat-11284	177	31	0.0338	0.0338	NUM
easat-11284	177	32	*	*	PUNCT
easat-11284	177	33	*	*	PUNCT
easat-11284	177	34	*	*	PUNCT
easat-11284	177	35	(	(	PUNCT
easat-11284	177	36	0.0203	0.0203	NUM
easat-11284	177	37	)	)	PUNCT
easat-11284	177	38	(	(	PUNCT
easat-11284	177	39	0.0082	0.0082	NUM
easat-11284	177	40	)	)	PUNCT
easat-11284	177	41	(	(	PUNCT
easat-11284	177	42	0.0079	0.0079	NUM
easat-11284	177	43	)	)	PUNCT
easat-11284	177	44	(	(	PUNCT
easat-11284	177	45	0.0079	0.0079	NUM
easat-11284	177	46	)	)	PUNCT
easat-11284	177	47	firmage	firmage	NOUN
easat-11284	177	48	-0.2977	-0.2977	NOUN
easat-11284	177	49	*	*	PUNCT
easat-11284	177	50	*	*	PUNCT
easat-11284	177	51	*	*	PUNCT
easat-11284	177	52	-0.2962	-0.2962	PUNCT
easat-11284	177	53	*	*	PUNCT
easat-11284	177	54	*	*	PUNCT
easat-11284	177	55	*	*	PUNCT
easat-11284	177	56	(	(	PUNCT
easat-11284	177	57	0.0107	0.0107	NUM
easat-11284	177	58	)	)	PUNCT
easat-11284	177	59	(	(	PUNCT
easat-11284	177	60	0.0107	0.0107	NUM
easat-11284	177	61	)	)	PUNCT
easat-11284	177	62	size	size	NOUN
easat-11284	177	63	0.0137	0.0137	NUM
easat-11284	177	64	*	*	NOUN
easat-11284	177	65	*	*	PUNCT
easat-11284	177	66	*	*	PUNCT
easat-11284	177	67	0.0134	0.0134	NUM
easat-11284	177	68	*	*	PUNCT
easat-11284	177	69	*	*	PUNCT
easat-11284	177	70	*	*	PUNCT
easat-11284	177	71	(	(	PUNCT
easat-11284	177	72	0.0018	0.0018	NUM
easat-11284	177	73	)	)	PUNCT
easat-11284	177	74	(	(	PUNCT
easat-11284	177	75	0.0018	0.0018	NUM
easat-11284	177	76	)	)	PUNCT
easat-11284	177	77	lev	lev	NOUN
easat-11284	177	78	-0.1333	-0.1333	NOUN
easat-11284	177	79	*	*	PUNCT
easat-11284	177	80	*	*	PUNCT
easat-11284	177	81	*	*	PUNCT
easat-11284	177	82	-0.1325	-0.1325	X
easat-11284	177	83	*	*	PUNCT
easat-11284	177	84	*	*	PUNCT
easat-11284	177	85	*	*	PUNCT
easat-11284	177	86	(	(	PUNCT
easat-11284	177	87	0.0083	0.0083	NUM
easat-11284	177	88	)	)	PUNCT
easat-11284	177	89	(	(	PUNCT
easat-11284	177	90	0.0083	0.0083	NUM
easat-11284	177	91	)	)	PUNCT
easat-11284	177	92	em	em	PRON
easat-11284	177	93	0.0012	0.0012	NUM
easat-11284	177	94	0.0011	0.0011	NUM
easat-11284	177	95	(	(	PUNCT
easat-11284	177	96	0.0011	0.0011	NUM
easat-11284	177	97	)	)	PUNCT
easat-11284	177	98	(	(	PUNCT
easat-11284	177	99	0.0011	0.0011	NUM
easat-11284	177	100	)	)	PUNCT
easat-11284	177	101	roe	roe	NOUN
easat-11284	177	102	0.0498	0.0498	NUM
easat-11284	177	103	*	*	PUNCT
easat-11284	177	104	*	*	PUNCT
easat-11284	177	105	*	*	PUNCT
easat-11284	177	106	0.0495	0.0495	NUM
easat-11284	177	107	*	*	PUNCT
easat-11284	177	108	*	*	PUNCT
easat-11284	177	109	*	*	PUNCT
easat-11284	177	110	(	(	PUNCT
easat-11284	177	111	0.0047	0.0047	NUM
easat-11284	177	112	)	)	PUNCT
easat-11284	177	113	(	(	PUNCT
easat-11284	177	114	0.0047	0.0047	NUM
easat-11284	177	115	)	)	PUNCT
easat-11284	177	116	dual	dual	ADJ
easat-11284	177	117	0.0112	0.0112	NUM
easat-11284	177	118	*	*	NOUN
easat-11284	177	119	*	*	PUNCT
easat-11284	177	120	*	*	PUNCT
easat-11284	177	121	(	(	PUNCT
easat-11284	177	122	0.0019	0.0019	NUM
easat-11284	177	123	)	)	PUNCT
easat-11284	177	124	board	board	NOUN
easat-11284	177	125	0.0083	0.0083	NUM
easat-11284	177	126	(	(	PUNCT
easat-11284	177	127	0.0066	0.0066	NUM
easat-11284	177	128	)	)	PUNCT
easat-11284	177	129	indep	indep	NOUN
easat-11284	177	130	-0.0117	-0.0117	X
easat-11284	177	131	(	(	PUNCT
easat-11284	177	132	0.0184	0.0184	NUM
easat-11284	177	133	)	)	PUNCT
easat-11284	177	134	individual	individual	ADJ
easat-11284	177	135	fixed	fix	VERB
easat-11284	177	136	effect	effect	NOUN
easat-11284	178	1	no	no	INTJ
easat-11284	179	1	yes	yes	INTJ
easat-11284	180	1	yes	yes	INTJ
easat-11284	181	1	yes	yes	INTJ
easat-11284	181	2	time	time	NOUN
easat-11284	181	3	fixed	fix	VERB
easat-11284	181	4	effect	effect	NOUN
easat-11284	182	1	no	no	INTJ
easat-11284	182	2	yes	yes	INTJ
easat-11284	182	3	yes	yes	INTJ
easat-11284	182	4	yes	yes	INTJ
easat-11284	182	5	constant	constant	ADJ
easat-11284	182	6	0.4059	0.4059	NUM
easat-11284	182	7	*	*	PUNCT
easat-11284	182	8	*	*	PUNCT
easat-11284	182	9	*	*	NOUN
easat-11284	182	10	0.4028	0.4028	NUM
easat-11284	182	11	*	*	PUNCT
easat-11284	182	12	*	*	PUNCT
easat-11284	182	13	*	*	PUNCT
easat-11284	182	14	1.0260	1.0260	NUM
easat-11284	182	15	*	*	PUNCT
easat-11284	182	16	*	*	PUNCT
easat-11284	182	17	*	*	PUNCT
easat-11284	182	18	1.0106	1.0106	NUM
easat-11284	182	19	*	*	PUNCT
easat-11284	182	20	*	*	PUNCT
easat-11284	182	21	*	*	PUNCT
easat-11284	182	22	(	(	PUNCT
easat-11284	182	23	0.0013	0.0013	NUM
easat-11284	182	24	)	)	PUNCT
easat-11284	182	25	(	(	PUNCT
easat-11284	182	26	0.0005	0.0005	NUM
easat-11284	182	27	)	)	PUNCT
easat-11284	182	28	(	(	PUNCT
easat-11284	182	29	0.0466	0.0466	NUM
easat-11284	182	30	)	)	PUNCT
easat-11284	182	31	(	(	PUNCT
easat-11284	182	32	0.0490	0.0490	NUM
easat-11284	182	33	)	)	PUNCT
easat-11284	182	34	observations	observation	NOUN
easat-11284	182	35	36,094	36,094	NUM
easat-11284	182	36	36,094	36,094	NUM
easat-11284	182	37	36,094	36,094	NUM
easat-11284	182	38	36,094	36,094	NUM
easat-11284	182	39	r	r	X
easat-11284	182	40	-	-	PUNCT
easat-11284	182	41	squared	square	VERB
easat-11284	182	42	0.004	0.004	NUM
easat-11284	182	43	0.901	0.901	NUM
easat-11284	182	44	0.909	0.909	NUM
easat-11284	182	45	0.911	0.911	NUM
easat-11284	182	46	note	note	NOUN
easat-11284	182	47	:	:	PUNCT
easat-11284	182	48	robust	robust	ADJ
easat-11284	182	49	standard	standard	ADJ
easat-11284	182	50	errors	error	NOUN
easat-11284	182	51	in	in	ADP
easat-11284	182	52	parentheses	parenthesis	NOUN
easat-11284	182	53	.	.	PUNCT
easat-11284	183	1	*	*	PUNCT
easat-11284	183	2	*	*	PUNCT
easat-11284	183	3	*	*	PUNCT
easat-11284	183	4	p<0.01	p<0.01	PROPN
easat-11284	183	5	,	,	PUNCT
easat-11284	183	6	*	*	PUNCT
easat-11284	183	7	*	*	PUNCT
easat-11284	183	8	p<0.05	p<0.05	NOUN
easat-11284	183	9	,	,	PUNCT
easat-11284	183	10	*	*	PUNCT
easat-11284	183	11	p<0.1	p<0.1	NUM
easat-11284	183	12	.	.	NOUN
easat-11284	183	13	103	103	NUM
easat-11284	183	14	edelweiss	edelweiss	PROPN
easat-11284	183	15	applied	apply	VERB
easat-11284	183	16	science	science	NOUN
easat-11284	183	17	and	and	CCONJ
easat-11284	183	18	technology	technology	NOUN
easat-11284	183	19	issn	issn	PROPN
easat-11284	183	20	:	:	PUNCT
easat-11284	183	21	2576	2576	NUM
easat-11284	183	22	-	-	SYM
easat-11284	183	23	8484	8484	NUM
easat-11284	183	24	vol	vol	NOUN
easat-11284	183	25	.	.	PROPN
easat-11284	184	1	9	9	NUM
easat-11284	184	2	,	,	PUNCT
easat-11284	184	3	no	no	INTJ
easat-11284	184	4	.	.	NOUN
easat-11284	184	5	12	12	NUM
easat-11284	184	6	:	:	PUNCT
easat-11284	184	7	93	93	NUM
easat-11284	184	8	-	-	SYM
easat-11284	184	9	108	108	NUM
easat-11284	184	10	,	,	PUNCT
easat-11284	184	11	2025	2025	NUM
easat-11284	184	12	doi	doi	NOUN
easat-11284	184	13	:	:	PUNCT
easat-11284	184	14	10.55214/2576	10.55214/2576	NUM
easat-11284	184	15	-	-	SYM
easat-11284	184	16	8484.v9i12.11284	8484.v9i12.11284	NUM
easat-11284	184	17	©	©	PROPN
easat-11284	184	18	2025	2025	NUM
easat-11284	184	19	by	by	ADP
easat-11284	184	20	the	the	DET
easat-11284	184	21	authors	author	NOUN
easat-11284	184	22	;	;	PUNCT
easat-11284	184	23	licensee	licensee	PROPN
easat-11284	184	24	learning	learning	NOUN
easat-11284	184	25	gate	gate	NOUN
easat-11284	184	26	4.4	4.4	NUM
easat-11284	184	27	.	.	PUNCT
easat-11284	185	1	robustness	robustness	NOUN
easat-11284	185	2	check	check	NOUN
easat-11284	185	3	4.4.1	4.4.1	NUM
easat-11284	185	4	.	.	PUNCT
easat-11284	186	1	replacing	replace	VERB
easat-11284	186	2	the	the	DET
easat-11284	186	3	dependent	dependent	ADJ
easat-11284	186	4	variable	variable	NOUN
easat-11284	186	5	to	to	PART
easat-11284	186	6	further	far	ADV
easat-11284	186	7	examine	examine	VERB
easat-11284	186	8	the	the	DET
easat-11284	186	9	credibility	credibility	NOUN
easat-11284	186	10	of	of	ADP
easat-11284	186	11	the	the	DET
easat-11284	186	12	regression	regression	NOUN
easat-11284	186	13	results	result	NOUN
easat-11284	186	14	,	,	PUNCT
easat-11284	186	15	this	this	DET
easat-11284	186	16	paper	paper	NOUN
easat-11284	186	17	conducts	conduct	VERB
easat-11284	186	18	a	a	DET
easat-11284	186	19	robustness	robustness	NOUN
easat-11284	186	20	check	check	NOUN
easat-11284	186	21	by	by	ADP
easat-11284	186	22	replacing	replace	VERB
easat-11284	186	23	the	the	DET
easat-11284	186	24	dependent	dependent	ADJ
easat-11284	186	25	variable	variable	NOUN
easat-11284	186	26	.	.	PUNCT
easat-11284	187	1	the	the	DET
easat-11284	187	2	specific	specific	ADJ
easat-11284	187	3	results	result	NOUN
easat-11284	187	4	are	be	AUX
easat-11284	187	5	shown	show	VERB
easat-11284	187	6	in	in	ADP
easat-11284	187	7	table	table	NOUN
easat-11284	187	8	6	6	NUM
easat-11284	187	9	,	,	PUNCT
easat-11284	187	10	column	column	NOUN
easat-11284	187	11	(	(	PUNCT
easat-11284	187	12	1	1	NUM
easat-11284	187	13	)	)	PUNCT
easat-11284	187	14	.	.	PUNCT
easat-11284	188	1	we	we	PRON
easat-11284	188	2	replaced	replace	VERB
easat-11284	188	3	the	the	DET
easat-11284	188	4	original	original	ADJ
easat-11284	188	5	dependent	dependent	ADJ
easat-11284	188	6	variable	variable	ADJ
easat-11284	188	7	"	"	PUNCT
easat-11284	188	8	soe	soe	PROPN
easat-11284	188	9	"	"	PUNCT
easat-11284	188	10	with	with	ADP
easat-11284	188	11	the	the	DET
easat-11284	188	12	proportion	proportion	NOUN
easat-11284	188	13	of	of	ADP
easat-11284	188	14	state	state	NOUN
easat-11284	188	15	-	-	PUNCT
easat-11284	188	16	owned	own	VERB
easat-11284	188	17	shareholding	shareholding	NOUN
easat-11284	188	18	"	"	PUNCT
easat-11284	188	19	fsoe	fsoe	PROPN
easat-11284	188	20	.	.	PUNCT
easat-11284	188	21	"	"	PUNCT
easat-11284	189	1	the	the	DET
easat-11284	189	2	regression	regression	NOUN
easat-11284	189	3	procedure	procedure	NOUN
easat-11284	189	4	remained	remain	VERB
easat-11284	189	5	consistent	consistent	ADJ
easat-11284	189	6	,	,	PUNCT
easat-11284	189	7	and	and	CCONJ
easat-11284	189	8	the	the	DET
easat-11284	189	9	regression	regression	NOUN
easat-11284	189	10	result	result	NOUN
easat-11284	189	11	is	be	AUX
easat-11284	189	12	significant	significant	ADJ
easat-11284	189	13	at	at	ADP
easat-11284	189	14	the	the	DET
easat-11284	189	15	1	1	NUM
easat-11284	189	16	%	%	NOUN
easat-11284	189	17	statistical	statistical	ADJ
easat-11284	189	18	level	level	NOUN
easat-11284	189	19	,	,	PUNCT
easat-11284	189	20	indicating	indicate	VERB
easat-11284	189	21	that	that	SCONJ
easat-11284	189	22	the	the	DET
easat-11284	189	23	business	business	NOUN
easat-11284	189	24	environment	environment	NOUN
easat-11284	189	25	significantly	significantly	ADV
easat-11284	189	26	impacts	impact	VERB
easat-11284	189	27	the	the	DET
easat-11284	189	28	corporate	corporate	ADJ
easat-11284	189	29	equity	equity	NOUN
easat-11284	189	30	structure	structure	NOUN
easat-11284	189	31	.	.	PUNCT
easat-11284	190	1	specifically	specifically	ADV
easat-11284	190	2	,	,	PUNCT
easat-11284	190	3	column	column	NOUN
easat-11284	190	4	(	(	PUNCT
easat-11284	190	5	1	1	NUM
easat-11284	190	6	)	)	PUNCT
easat-11284	190	7	of	of	ADP
easat-11284	190	8	table	table	NOUN
easat-11284	190	9	6	6	NUM
easat-11284	190	10	is	be	AUX
easat-11284	190	11	largely	largely	ADV
easat-11284	190	12	consistent	consistent	ADJ
easat-11284	190	13	with	with	ADP
easat-11284	190	14	the	the	DET
easat-11284	190	15	previous	previous	ADJ
easat-11284	190	16	findings	finding	NOUN
easat-11284	190	17	,	,	PUNCT
easat-11284	190	18	where	where	SCONJ
easat-11284	190	19	bhar	bhar	NOUN
easat-11284	190	20	is	be	AUX
easat-11284	190	21	negatively	negatively	ADV
easat-11284	190	22	correlated	correlate	VERB
easat-11284	190	23	with	with	ADP
easat-11284	190	24	"	"	PUNCT
easat-11284	190	25	fsoe	fsoe	PROPN
easat-11284	190	26	"	"	PUNCT
easat-11284	190	27	as	as	SCONJ
easat-11284	190	28	expected	expect	VERB
easat-11284	190	29	,	,	PUNCT
easat-11284	190	30	indicating	indicate	VERB
easat-11284	190	31	that	that	SCONJ
easat-11284	190	32	the	the	DET
easat-11284	190	33	estimation	estimation	NOUN
easat-11284	190	34	results	result	NOUN
easat-11284	190	35	are	be	AUX
easat-11284	190	36	robust	robust	ADJ
easat-11284	190	37	.	.	PUNCT
easat-11284	191	1	4.4.2	4.4.2	X
easat-11284	191	2	.	.	PUNCT
easat-11284	191	3	lagged	lag	VERB
easat-11284	191	4	one	one	NUM
easat-11284	191	5	period	period	NOUN
easat-11284	191	6	column	column	NOUN
easat-11284	191	7	(	(	PUNCT
easat-11284	191	8	2	2	NUM
easat-11284	191	9	)	)	PUNCT
easat-11284	191	10	of	of	ADP
easat-11284	191	11	table	table	NOUN
easat-11284	191	12	6	6	NUM
easat-11284	191	13	presents	present	VERB
easat-11284	191	14	the	the	DET
easat-11284	191	15	regression	regression	NOUN
easat-11284	191	16	results	result	NOUN
easat-11284	191	17	after	after	ADP
easat-11284	191	18	using	use	VERB
easat-11284	191	19	the	the	DET
easat-11284	191	20	independent	independent	ADJ
easat-11284	191	21	variable	variable	NOUN
easat-11284	191	22	lagged	lag	VERB
easat-11284	191	23	by	by	ADP
easat-11284	191	24	one	one	NUM
easat-11284	191	25	period	period	NOUN
easat-11284	191	26	(	(	PUNCT
easat-11284	191	27	l.	l.	PROPN
easat-11284	191	28	bhar	bhar	PROPN
easat-11284	191	29	)	)	PUNCT
easat-11284	191	30	.	.	PUNCT
easat-11284	192	1	this	this	DET
easat-11284	192	2	test	test	NOUN
easat-11284	192	3	is	be	AUX
easat-11284	192	4	performed	perform	VERB
easat-11284	192	5	to	to	PART
easat-11284	192	6	account	account	VERB
easat-11284	192	7	for	for	ADP
easat-11284	192	8	potential	potential	ADJ
easat-11284	192	9	endogeneity	endogeneity	NOUN
easat-11284	192	10	.	.	PUNCT
easat-11284	193	1	from	from	ADP
easat-11284	193	2	the	the	DET
easat-11284	193	3	regression	regression	NOUN
easat-11284	193	4	results	result	NOUN
easat-11284	193	5	,	,	PUNCT
easat-11284	193	6	it	it	PRON
easat-11284	193	7	can	can	AUX
easat-11284	193	8	be	be	AUX
easat-11284	193	9	seen	see	VERB
easat-11284	193	10	that	that	SCONJ
easat-11284	193	11	even	even	ADV
easat-11284	193	12	with	with	ADP
easat-11284	193	13	the	the	DET
easat-11284	193	14	lagged	lag	VERB
easat-11284	193	15	dependent	dependent	ADJ
easat-11284	193	16	variable	variable	NOUN
easat-11284	193	17	,	,	PUNCT
easat-11284	193	18	the	the	DET
easat-11284	193	19	coefficient	coefficient	NOUN
easat-11284	193	20	of	of	ADP
easat-11284	193	21	the	the	DET
easat-11284	193	22	explanatory	explanatory	ADJ
easat-11284	193	23	variable	variable	NOUN
easat-11284	193	24	remains	remain	VERB
easat-11284	193	25	significantly	significantly	ADV
easat-11284	193	26	negative	negative	ADJ
easat-11284	193	27	and	and	CCONJ
easat-11284	193	28	is	be	AUX
easat-11284	193	29	statistically	statistically	ADV
easat-11284	193	30	significant	significant	ADJ
easat-11284	193	31	at	at	ADP
easat-11284	193	32	the	the	DET
easat-11284	193	33	1	1	NUM
easat-11284	193	34	%	%	NOUN
easat-11284	193	35	level	level	NOUN
easat-11284	193	36	.	.	PUNCT
easat-11284	194	1	this	this	PRON
easat-11284	194	2	indicates	indicate	VERB
easat-11284	194	3	that	that	SCONJ
easat-11284	194	4	the	the	DET
easat-11284	194	5	business	business	NOUN
easat-11284	194	6	environment	environment	NOUN
easat-11284	194	7	one	one	NUM
easat-11284	194	8	year	year	NOUN
easat-11284	194	9	later	later	ADV
easat-11284	194	10	still	still	ADV
easat-11284	194	11	impacts	impact	VERB
easat-11284	194	12	the	the	DET
easat-11284	194	13	nature	nature	NOUN
easat-11284	194	14	of	of	ADP
easat-11284	194	15	enterprise	enterprise	NOUN
easat-11284	194	16	ownership	ownership	NOUN
easat-11284	194	17	,	,	PUNCT
easat-11284	194	18	and	and	CCONJ
easat-11284	194	19	the	the	DET
easat-11284	194	20	conclusion	conclusion	NOUN
easat-11284	194	21	of	of	ADP
easat-11284	194	22	this	this	DET
easat-11284	194	23	paper	paper	NOUN
easat-11284	194	24	has	have	AUX
easat-11284	194	25	not	not	PART
easat-11284	194	26	fundamentally	fundamentally	ADV
easat-11284	194	27	changed	change	VERB
easat-11284	194	28	,	,	PUNCT
easat-11284	194	29	suggesting	suggest	VERB
easat-11284	194	30	the	the	DET
easat-11284	194	31	regression	regression	NOUN
easat-11284	194	32	results	result	NOUN
easat-11284	194	33	remain	remain	VERB
easat-11284	194	34	robust	robust	ADJ
easat-11284	194	35	.	.	PUNCT
easat-11284	195	1	table	table	NOUN
easat-11284	195	2	6	6	NUM
easat-11284	195	3	.	.	PUNCT
easat-11284	195	4	robustness	robustness	NOUN
easat-11284	195	5	check	check	NOUN
easat-11284	195	6	.	.	PUNCT
easat-11284	196	1	variables	variable	NOUN
easat-11284	196	2	(	(	PUNCT
easat-11284	196	3	1	1	NUM
easat-11284	196	4	)	)	PUNCT
easat-11284	196	5	(	(	PUNCT
easat-11284	196	6	2	2	X
easat-11284	196	7	)	)	PUNCT
easat-11284	196	8	replacing	replace	VERB
easat-11284	196	9	the	the	DET
easat-11284	196	10	dependent	dependent	ADJ
easat-11284	196	11	variable	variable	NOUN
easat-11284	196	12	lagged	lag	VERB
easat-11284	196	13	one	one	NUM
easat-11284	196	14	period	period	NOUN
easat-11284	196	15	fsoe	fsoe	PROPN
easat-11284	196	16	soe	soe	PROPN
easat-11284	196	17	bhar	bhar	PROPN
easat-11284	196	18	-0.0271	-0.0271	PROPN
easat-11284	197	1	*	*	PUNCT
easat-11284	197	2	*	*	PUNCT
easat-11284	197	3	*	*	PUNCT
easat-11284	197	4	(	(	PUNCT
easat-11284	197	5	0.0091	0.0091	NUM
easat-11284	197	6	)	)	PUNCT
easat-11284	197	7	l.bhar	l.bhar	VERB
easat-11284	197	8	0.0243	0.0243	NOUN
easat-11284	197	9	*	*	PUNCT
easat-11284	198	1	*	*	PUNCT
easat-11284	198	2	*	*	PUNCT
easat-11284	198	3	(	(	PUNCT
easat-11284	198	4	0.0083	0.0083	NUM
easat-11284	198	5	)	)	PUNCT
easat-11284	198	6	size	size	NOUN
easat-11284	198	7	0.0693	0.0693	NUM
easat-11284	198	8	*	*	SYM
easat-11284	198	9	*	*	PUNCT
easat-11284	198	10	*	*	NOUN
easat-11284	198	11	-0.3192	-0.3192	NOUN
easat-11284	198	12	*	*	PUNCT
easat-11284	198	13	*	*	PUNCT
easat-11284	198	14	*	*	PUNCT
easat-11284	198	15	(	(	PUNCT
easat-11284	198	16	0.0103	0.0103	NUM
easat-11284	198	17	)	)	PUNCT
easat-11284	198	18	(	(	PUNCT
easat-11284	198	19	0.0126	0.0126	X
easat-11284	198	20	)	)	PUNCT
easat-11284	198	21	lev	lev	NOUN
easat-11284	198	22	-0.0009	-0.0009	PROPN
easat-11284	198	23	0.0192	0.0192	NUM
easat-11284	198	24	*	*	PUNCT
easat-11284	198	25	*	*	PUNCT
easat-11284	198	26	*	*	PUNCT
easat-11284	198	27	(	(	PUNCT
easat-11284	198	28	0.0020	0.0020	NUM
easat-11284	198	29	)	)	PUNCT
easat-11284	198	30	(	(	PUNCT
easat-11284	198	31	0.0020	0.0020	NUM
easat-11284	198	32	)	)	PUNCT
easat-11284	198	33	em	em	PRON
easat-11284	198	34	0.0368	0.0368	NUM
easat-11284	198	35	*	*	PUNCT
easat-11284	198	36	*	*	PUNCT
easat-11284	198	37	*	*	PUNCT
easat-11284	198	38	-0.1144	-0.1144	PUNCT
easat-11284	199	1	*	*	PUNCT
easat-11284	199	2	*	*	PUNCT
easat-11284	199	3	*	*	PUNCT
easat-11284	199	4	(	(	PUNCT
easat-11284	199	5	0.0108	0.0108	NUM
easat-11284	199	6	)	)	PUNCT
easat-11284	199	7	(	(	PUNCT
easat-11284	199	8	0.0093	0.0093	NUM
easat-11284	199	9	)	)	PUNCT
easat-11284	199	10	roe	roe	NOUN
easat-11284	199	11	0.0067	0.0067	NUM
easat-11284	199	12	*	*	PUNCT
easat-11284	200	1	*	*	PUNCT
easat-11284	200	2	*	*	PUNCT
easat-11284	200	3	-0.0005	-0.0005	X
easat-11284	200	4	(	(	PUNCT
easat-11284	200	5	0.0016	0.0016	NUM
easat-11284	200	6	)	)	PUNCT
easat-11284	200	7	(	(	PUNCT
easat-11284	200	8	0.0013	0.0013	NUM
easat-11284	200	9	)	)	PUNCT
easat-11284	200	10	dual	dual	ADJ
easat-11284	200	11	-0.0154	-0.0154	NOUN
easat-11284	200	12	*	*	PUNCT
easat-11284	200	13	*	*	PUNCT
easat-11284	200	14	*	*	PUNCT
easat-11284	200	15	0.0431	0.0431	NUM
easat-11284	200	16	*	*	PUNCT
easat-11284	200	17	*	*	PUNCT
easat-11284	200	18	*	*	PUNCT
easat-11284	200	19	(	(	PUNCT
easat-11284	200	20	0.0054	0.0054	NUM
easat-11284	200	21	)	)	PUNCT
easat-11284	200	22	(	(	PUNCT
easat-11284	200	23	0.0048	0.0048	NUM
easat-11284	200	24	)	)	PUNCT
easat-11284	200	25	board	board	NOUN
easat-11284	200	26	-0.0118	-0.0118	NOUN
easat-11284	200	27	*	*	PUNCT
easat-11284	201	1	*	*	PUNCT
easat-11284	201	2	*	*	PUNCT
easat-11284	201	3	0.0093	0.0093	NUM
easat-11284	201	4	*	*	PUNCT
easat-11284	201	5	*	*	PUNCT
easat-11284	201	6	*	*	PUNCT
easat-11284	201	7	(	(	PUNCT
easat-11284	201	8	0.0023	0.0023	NUM
easat-11284	201	9	)	)	PUNCT
easat-11284	201	10	(	(	PUNCT
easat-11284	201	11	0.0021	0.0021	NUM
easat-11284	201	12	)	)	PUNCT
easat-11284	201	13	indep	indep	NOUN
easat-11284	201	14	0.0354	0.0354	NUM
easat-11284	201	15	*	*	PUNCT
easat-11284	201	16	*	*	PUNCT
easat-11284	201	17	*	*	PUNCT
easat-11284	201	18	0.0097	0.0097	NUM
easat-11284	201	19	(	(	PUNCT
easat-11284	201	20	0.0086	0.0086	NUM
easat-11284	201	21	)	)	PUNCT
easat-11284	201	22	(	(	PUNCT
easat-11284	201	23	0.0073	0.0073	NUM
easat-11284	201	24	)	)	PUNCT
easat-11284	201	25	individual	individual	ADJ
easat-11284	201	26	fixed	fix	VERB
easat-11284	201	27	effect	effect	NOUN
easat-11284	202	1	yes	yes	INTJ
easat-11284	202	2	yes	yes	INTJ
easat-11284	202	3	time	time	NOUN
easat-11284	202	4	fixed	fix	VERB
easat-11284	202	5	effect	effect	NOUN
easat-11284	203	1	yes	yes	INTJ
easat-11284	203	2	yes	yes	INTJ
easat-11284	203	3	constant	constant	ADJ
easat-11284	203	4	0.0262	0.0262	NUM
easat-11284	203	5	0.9344	0.9344	NUM
easat-11284	203	6	*	*	PUNCT
easat-11284	203	7	*	*	PUNCT
easat-11284	203	8	*	*	PUNCT
easat-11284	203	9	(	(	PUNCT
easat-11284	203	10	0.0579	0.0579	NUM
easat-11284	203	11	)	)	PUNCT
easat-11284	203	12	(	(	PUNCT
easat-11284	203	13	0.0569	0.0569	NUM
easat-11284	203	14	)	)	PUNCT
easat-11284	203	15	observations	observation	NOUN
easat-11284	203	16	36,094	36,094	NUM
easat-11284	203	17	30,407	30,407	NUM
easat-11284	203	18	r	r	X
easat-11284	203	19	-	-	PUNCT
easat-11284	203	20	squared	square	VERB
easat-11284	203	21	0.942	0.942	NUM
easat-11284	203	22	0.913	0.913	NUM
easat-11284	203	23	4.5	4.5	NUM
easat-11284	203	24	.	.	PUNCT
easat-11284	204	1	heterogeneity	heterogeneity	NOUN
easat-11284	204	2	analysis	analysis	NOUN
easat-11284	204	3	the	the	DET
easat-11284	204	4	economic	economic	ADJ
easat-11284	204	5	,	,	PUNCT
easat-11284	204	6	social	social	ADJ
easat-11284	204	7	,	,	PUNCT
easat-11284	204	8	and	and	CCONJ
easat-11284	204	9	political	political	ADJ
easat-11284	204	10	environments	environment	NOUN
easat-11284	204	11	vary	vary	VERB
easat-11284	204	12	significantly	significantly	ADV
easat-11284	204	13	across	across	ADP
easat-11284	204	14	different	different	ADJ
easat-11284	204	15	regions	region	NOUN
easat-11284	204	16	,	,	PUNCT
easat-11284	204	17	which	which	PRON
easat-11284	204	18	directly	directly	ADV
easat-11284	204	19	influence	influence	VERB
easat-11284	204	20	the	the	DET
easat-11284	204	21	impact	impact	NOUN
easat-11284	204	22	of	of	ADP
easat-11284	204	23	the	the	DET
easat-11284	204	24	business	business	NOUN
easat-11284	204	25	environment	environment	NOUN
easat-11284	204	26	on	on	ADP
easat-11284	204	27	the	the	DET
easat-11284	204	28	nature	nature	NOUN
easat-11284	204	29	of	of	ADP
easat-11284	204	30	corporate	corporate	ADJ
easat-11284	204	31	property	property	NOUN
easat-11284	204	32	rights	right	NOUN
easat-11284	204	33	.	.	PUNCT
easat-11284	205	1	table	table	NOUN
easat-11284	205	2	7	7	NUM
easat-11284	205	3	presents	present	VERB
easat-11284	205	4	the	the	DET
easat-11284	205	5	impact	impact	NOUN
easat-11284	205	6	of	of	ADP
easat-11284	205	7	the	the	DET
easat-11284	205	8	business	business	NOUN
easat-11284	205	9	environment	environment	NOUN
easat-11284	205	10	on	on	ADP
easat-11284	205	11	the	the	DET
easat-11284	205	12	nature	nature	NOUN
easat-11284	205	13	of	of	ADP
easat-11284	205	14	corporate	corporate	ADJ
easat-11284	205	15	property	property	NOUN
easat-11284	205	16	rights	right	NOUN
easat-11284	205	17	for	for	ADP
easat-11284	205	18	104	104	NUM
easat-11284	205	19	edelweiss	edelweiss	PROPN
easat-11284	205	20	applied	apply	VERB
easat-11284	205	21	science	science	NOUN
easat-11284	205	22	and	and	CCONJ
easat-11284	205	23	technology	technology	NOUN
easat-11284	205	24	issn	issn	PROPN
easat-11284	205	25	:	:	PUNCT
easat-11284	205	26	2576	2576	NUM
easat-11284	205	27	-	-	SYM
easat-11284	205	28	8484	8484	NUM
easat-11284	205	29	vol	vol	NOUN
easat-11284	205	30	.	.	PROPN
easat-11284	206	1	9	9	NUM
easat-11284	206	2	,	,	PUNCT
easat-11284	206	3	no	no	INTJ
easat-11284	206	4	.	.	NOUN
easat-11284	206	5	12	12	NUM
easat-11284	206	6	:	:	PUNCT
easat-11284	206	7	93	93	NUM
easat-11284	206	8	-	-	SYM
easat-11284	206	9	108	108	NUM
easat-11284	206	10	,	,	PUNCT
easat-11284	206	11	2025	2025	NUM
easat-11284	206	12	doi	doi	NOUN
easat-11284	206	13	:	:	PUNCT
easat-11284	206	14	10.55214/2576	10.55214/2576	NUM
easat-11284	206	15	-	-	SYM
easat-11284	206	16	8484.v9i12.11284	8484.v9i12.11284	NUM
easat-11284	206	17	©	©	PROPN
easat-11284	206	18	2025	2025	NUM
easat-11284	206	19	by	by	ADP
easat-11284	206	20	the	the	DET
easat-11284	206	21	authors	author	NOUN
easat-11284	206	22	;	;	PUNCT
easat-11284	206	23	licensee	licensee	PROPN
easat-11284	206	24	learning	learn	VERB
easat-11284	206	25	gate	gate	NOUN
easat-11284	206	26	enterprises	enterprise	NOUN
easat-11284	206	27	in	in	ADP
easat-11284	206	28	different	different	ADJ
easat-11284	206	29	regions	region	NOUN
easat-11284	206	30	.	.	PUNCT
easat-11284	207	1	columns	column	NOUN
easat-11284	207	2	(	(	PUNCT
easat-11284	207	3	1	1	NUM
easat-11284	207	4	)	)	PUNCT
easat-11284	207	5	and	and	CCONJ
easat-11284	207	6	(	(	PUNCT
easat-11284	207	7	2	2	X
easat-11284	207	8	)	)	PUNCT
easat-11284	207	9	of	of	ADP
easat-11284	207	10	table	table	NOUN
easat-11284	207	11	7	7	NUM
easat-11284	207	12	show	show	VERB
easat-11284	207	13	that	that	SCONJ
easat-11284	207	14	in	in	ADP
easat-11284	207	15	enterprises	enterprise	NOUN
easat-11284	207	16	in	in	ADP
easat-11284	207	17	the	the	DET
easat-11284	207	18	eastern	eastern	ADJ
easat-11284	207	19	and	and	CCONJ
easat-11284	207	20	central	central	ADJ
easat-11284	207	21	regions	region	NOUN
easat-11284	207	22	,	,	PUNCT
easat-11284	207	23	the	the	DET
easat-11284	207	24	business	business	NOUN
easat-11284	207	25	environment	environment	NOUN
easat-11284	207	26	has	have	VERB
easat-11284	207	27	a	a	DET
easat-11284	207	28	significant	significant	ADJ
easat-11284	207	29	impact	impact	NOUN
easat-11284	207	30	on	on	ADP
easat-11284	207	31	the	the	DET
easat-11284	207	32	nature	nature	NOUN
easat-11284	207	33	of	of	ADP
easat-11284	207	34	corporate	corporate	ADJ
easat-11284	207	35	property	property	NOUN
easat-11284	207	36	rights	right	NOUN
easat-11284	207	37	,	,	PUNCT
easat-11284	207	38	being	be	AUX
easat-11284	207	39	significant	significant	ADJ
easat-11284	207	40	at	at	ADP
easat-11284	207	41	the	the	DET
easat-11284	207	42	1	1	NUM
easat-11284	207	43	%	%	NOUN
easat-11284	207	44	and	and	CCONJ
easat-11284	207	45	5	5	NUM
easat-11284	207	46	%	%	NOUN
easat-11284	207	47	statistical	statistical	ADJ
easat-11284	207	48	levels	level	NOUN
easat-11284	207	49	,	,	PUNCT
easat-11284	207	50	respectively	respectively	ADV
easat-11284	207	51	.	.	PUNCT
easat-11284	208	1	this	this	PRON
easat-11284	208	2	indicates	indicate	VERB
easat-11284	208	3	that	that	SCONJ
easat-11284	208	4	a	a	DET
easat-11284	208	5	better	well	ADJ
easat-11284	208	6	business	business	NOUN
easat-11284	208	7	environment	environment	NOUN
easat-11284	208	8	leads	lead	VERB
easat-11284	208	9	to	to	ADP
easat-11284	208	10	more	more	ADV
easat-11284	208	11	private	private	ADJ
easat-11284	208	12	enterprises	enterprise	NOUN
easat-11284	208	13	.	.	PUNCT
easat-11284	209	1	however	however	ADV
easat-11284	209	2	,	,	PUNCT
easat-11284	209	3	the	the	DET
easat-11284	209	4	result	result	NOUN
easat-11284	209	5	for	for	ADP
easat-11284	209	6	the	the	DET
easat-11284	209	7	western	western	ADJ
easat-11284	209	8	region	region	NOUN
easat-11284	209	9	is	be	AUX
easat-11284	209	10	not	not	PART
easat-11284	209	11	significant	significant	ADJ
easat-11284	209	12	.	.	PUNCT
easat-11284	210	1	the	the	DET
easat-11284	210	2	eastern	eastern	ADJ
easat-11284	210	3	and	and	CCONJ
easat-11284	210	4	central	central	ADJ
easat-11284	210	5	regions	region	NOUN
easat-11284	210	6	,	,	PUNCT
easat-11284	210	7	as	as	ADP
easat-11284	210	8	the	the	DET
easat-11284	210	9	forefront	forefront	NOUN
easat-11284	210	10	of	of	ADP
easat-11284	210	11	china	china	PROPN
easat-11284	210	12	's	's	PART
easat-11284	210	13	reform	reform	NOUN
easat-11284	210	14	and	and	CCONJ
easat-11284	210	15	opening	opening	NOUN
easat-11284	210	16	-	-	PUNCT
easat-11284	210	17	up	up	NOUN
easat-11284	210	18	,	,	PUNCT
easat-11284	210	19	have	have	AUX
easat-11284	210	20	seen	see	VERB
easat-11284	210	21	significant	significant	ADJ
easat-11284	210	22	optimization	optimization	NOUN
easat-11284	210	23	of	of	ADP
easat-11284	210	24	their	their	PRON
easat-11284	210	25	business	business	NOUN
easat-11284	210	26	environments	environment	NOUN
easat-11284	210	27	in	in	ADP
easat-11284	210	28	recent	recent	ADJ
easat-11284	210	29	years	year	NOUN
easat-11284	210	30	.	.	PUNCT
easat-11284	211	1	this	this	DET
easat-11284	211	2	benefits	benefit	NOUN
easat-11284	211	3	from	from	ADP
easat-11284	211	4	improvements	improvement	NOUN
easat-11284	211	5	in	in	ADP
easat-11284	211	6	the	the	DET
easat-11284	211	7	policy	policy	NOUN
easat-11284	211	8	environment	environment	NOUN
easat-11284	211	9	,	,	PUNCT
easat-11284	211	10	legal	legal	ADJ
easat-11284	211	11	environment	environment	NOUN
easat-11284	211	12	,	,	PUNCT
easat-11284	211	13	market	market	NOUN
easat-11284	211	14	environment	environment	NOUN
easat-11284	211	15	,	,	PUNCT
easat-11284	211	16	and	and	CCONJ
easat-11284	211	17	many	many	ADJ
easat-11284	211	18	other	other	ADJ
easat-11284	211	19	aspects	aspect	NOUN
easat-11284	211	20	,	,	PUNCT
easat-11284	211	21	providing	provide	VERB
easat-11284	211	22	more	more	ADV
easat-11284	211	23	convenient	convenient	ADJ
easat-11284	211	24	conditions	condition	NOUN
easat-11284	211	25	for	for	ADP
easat-11284	211	26	enterprise	enterprise	NOUN
easat-11284	211	27	establishment	establishment	NOUN
easat-11284	211	28	and	and	CCONJ
easat-11284	211	29	operation	operation	NOUN
easat-11284	211	30	.	.	PUNCT
easat-11284	212	1	the	the	DET
easat-11284	212	2	optimization	optimization	NOUN
easat-11284	212	3	of	of	ADP
easat-11284	212	4	the	the	DET
easat-11284	212	5	business	business	NOUN
easat-11284	212	6	environment	environment	NOUN
easat-11284	212	7	reduces	reduce	VERB
easat-11284	212	8	corporate	corporate	ADJ
easat-11284	212	9	operating	operating	NOUN
easat-11284	212	10	costs	cost	NOUN
easat-11284	212	11	and	and	CCONJ
easat-11284	212	12	enhances	enhance	VERB
easat-11284	212	13	corporate	corporate	ADJ
easat-11284	212	14	competitiveness	competitiveness	NOUN
easat-11284	212	15	,	,	PUNCT
easat-11284	212	16	thereby	thereby	ADV
easat-11284	212	17	attracting	attract	VERB
easat-11284	212	18	more	more	ADJ
easat-11284	212	19	investment	investment	NOUN
easat-11284	212	20	and	and	CCONJ
easat-11284	212	21	further	far	ADV
easat-11284	212	22	promoting	promote	VERB
easat-11284	212	23	the	the	DET
easat-11284	212	24	emergence	emergence	NOUN
easat-11284	212	25	and	and	CCONJ
easat-11284	212	26	development	development	NOUN
easat-11284	212	27	of	of	ADP
easat-11284	212	28	private	private	ADJ
easat-11284	212	29	enterprises	enterprise	NOUN
easat-11284	212	30	.	.	PUNCT
easat-11284	213	1	private	private	ADJ
easat-11284	213	2	enterprises	enterprise	NOUN
easat-11284	213	3	have	have	VERB
easat-11284	213	4	greater	great	ADJ
easat-11284	213	5	autonomy	autonomy	NOUN
easat-11284	213	6	,	,	PUNCT
easat-11284	213	7	aim	aim	VERB
easat-11284	213	8	for	for	ADP
easat-11284	213	9	profitability	profitability	NOUN
easat-11284	213	10	in	in	ADP
easat-11284	213	11	their	their	PRON
easat-11284	213	12	operations	operation	NOUN
easat-11284	213	13	,	,	PUNCT
easat-11284	213	14	and	and	CCONJ
easat-11284	213	15	can	can	AUX
easat-11284	213	16	flexibly	flexibly	ADV
easat-11284	213	17	respond	respond	VERB
easat-11284	213	18	to	to	ADP
easat-11284	213	19	market	market	NOUN
easat-11284	213	20	changes	change	NOUN
easat-11284	213	21	and	and	CCONJ
easat-11284	213	22	seize	seize	VERB
easat-11284	213	23	business	business	NOUN
easat-11284	213	24	opportunities	opportunity	NOUN
easat-11284	213	25	.	.	PUNCT
easat-11284	214	1	the	the	DET
easat-11284	214	2	eastern	eastern	ADJ
easat-11284	214	3	region	region	NOUN
easat-11284	214	4	has	have	AUX
easat-11284	214	5	provided	provide	VERB
easat-11284	214	6	more	more	ADJ
easat-11284	214	7	policy	policy	NOUN
easat-11284	214	8	support	support	NOUN
easat-11284	214	9	and	and	CCONJ
easat-11284	214	10	preferential	preferential	ADJ
easat-11284	214	11	treatment	treatment	NOUN
easat-11284	214	12	to	to	ADP
easat-11284	214	13	private	private	ADJ
easat-11284	214	14	enterprises	enterprise	NOUN
easat-11284	214	15	,	,	PUNCT
easat-11284	214	16	such	such	ADJ
easat-11284	214	17	as	as	ADP
easat-11284	214	18	tax	tax	NOUN
easat-11284	214	19	reductions	reduction	NOUN
easat-11284	214	20	and	and	CCONJ
easat-11284	214	21	financing	financing	NOUN
easat-11284	214	22	support	support	NOUN
easat-11284	214	23	,	,	PUNCT
easat-11284	214	24	in	in	ADP
easat-11284	214	25	the	the	DET
easat-11284	214	26	process	process	NOUN
easat-11284	214	27	of	of	ADP
easat-11284	214	28	promoting	promote	VERB
easat-11284	214	29	economic	economic	ADJ
easat-11284	214	30	development	development	NOUN
easat-11284	214	31	,	,	PUNCT
easat-11284	214	32	which	which	PRON
easat-11284	214	33	further	far	ADV
easat-11284	214	34	stimulates	stimulate	VERB
easat-11284	214	35	the	the	DET
easat-11284	214	36	entrepreneurial	entrepreneurial	ADJ
easat-11284	214	37	enthusiasm	enthusiasm	NOUN
easat-11284	214	38	and	and	CCONJ
easat-11284	214	39	development	development	NOUN
easat-11284	214	40	momentum	momentum	NOUN
easat-11284	214	41	of	of	ADP
easat-11284	214	42	private	private	ADJ
easat-11284	214	43	enterprises	enterprise	NOUN
easat-11284	214	44	.	.	PUNCT
easat-11284	215	1	compared	compare	VERB
easat-11284	215	2	to	to	ADP
easat-11284	215	3	the	the	DET
easat-11284	215	4	eastern	eastern	ADJ
easat-11284	215	5	region	region	NOUN
easat-11284	215	6	,	,	PUNCT
easat-11284	215	7	the	the	DET
easat-11284	215	8	business	business	NOUN
easat-11284	215	9	environment	environment	NOUN
easat-11284	215	10	in	in	ADP
easat-11284	215	11	the	the	DET
easat-11284	215	12	western	western	ADJ
easat-11284	215	13	region	region	NOUN
easat-11284	215	14	is	be	AUX
easat-11284	215	15	relatively	relatively	ADV
easat-11284	215	16	lagging	lagging	ADJ
easat-11284	215	17	,	,	PUNCT
easat-11284	215	18	and	and	CCONJ
easat-11284	215	19	aspects	aspect	NOUN
easat-11284	215	20	such	such	ADJ
easat-11284	215	21	as	as	ADP
easat-11284	215	22	the	the	DET
easat-11284	215	23	policy	policy	NOUN
easat-11284	215	24	environment	environment	NOUN
easat-11284	215	25	,	,	PUNCT
easat-11284	215	26	legal	legal	ADJ
easat-11284	215	27	environment	environment	NOUN
easat-11284	215	28	,	,	PUNCT
easat-11284	215	29	and	and	CCONJ
easat-11284	215	30	market	market	NOUN
easat-11284	215	31	environment	environment	NOUN
easat-11284	215	32	still	still	ADV
easat-11284	215	33	need	need	VERB
easat-11284	215	34	further	further	ADJ
easat-11284	215	35	improvement	improvement	NOUN
easat-11284	215	36	.	.	PUNCT
easat-11284	216	1	compared	compare	VERB
easat-11284	216	2	to	to	ADP
easat-11284	216	3	the	the	DET
easat-11284	216	4	eastern	eastern	ADJ
easat-11284	216	5	regions	region	NOUN
easat-11284	216	6	,	,	PUNCT
easat-11284	216	7	the	the	DET
easat-11284	216	8	business	business	NOUN
easat-11284	216	9	environment	environment	NOUN
easat-11284	216	10	in	in	ADP
easat-11284	216	11	the	the	DET
easat-11284	216	12	western	western	ADJ
easat-11284	216	13	regions	region	NOUN
easat-11284	216	14	is	be	AUX
easat-11284	216	15	relatively	relatively	ADV
easat-11284	216	16	lagging	lagging	ADJ
easat-11284	216	17	,	,	PUNCT
easat-11284	216	18	with	with	ADP
easat-11284	216	19	policy	policy	NOUN
easat-11284	216	20	,	,	PUNCT
easat-11284	216	21	legal	legal	ADJ
easat-11284	216	22	,	,	PUNCT
easat-11284	216	23	and	and	CCONJ
easat-11284	216	24	market	market	NOUN
easat-11284	216	25	environments	environment	NOUN
easat-11284	216	26	still	still	ADV
easat-11284	216	27	needing	need	VERB
easat-11284	216	28	further	further	ADJ
easat-11284	216	29	improvement	improvement	NOUN
easat-11284	216	30	.	.	PUNCT
easat-11284	217	1	to	to	ADP
easat-11284	217	2	a	a	DET
easat-11284	217	3	certain	certain	ADJ
easat-11284	217	4	extent	extent	NOUN
easat-11284	217	5	,	,	PUNCT
easat-11284	217	6	this	this	PRON
easat-11284	217	7	restricts	restrict	VERB
easat-11284	217	8	the	the	DET
easat-11284	217	9	establishment	establishment	NOUN
easat-11284	217	10	and	and	CCONJ
easat-11284	217	11	operation	operation	NOUN
easat-11284	217	12	of	of	ADP
easat-11284	217	13	private	private	ADJ
easat-11284	217	14	enterprises	enterprise	NOUN
easat-11284	217	15	,	,	PUNCT
easat-11284	217	16	leading	lead	VERB
easat-11284	217	17	to	to	ADP
easat-11284	217	18	their	their	PRON
easat-11284	217	19	comparatively	comparatively	ADV
easat-11284	217	20	slower	slow	ADJ
easat-11284	217	21	development	development	NOUN
easat-11284	217	22	in	in	ADP
easat-11284	217	23	these	these	DET
easat-11284	217	24	areas	area	NOUN
easat-11284	217	25	.	.	PUNCT
easat-11284	218	1	in	in	ADP
easat-11284	218	2	the	the	DET
easat-11284	218	3	western	western	ADJ
easat-11284	218	4	regions	region	NOUN
easat-11284	218	5	,	,	PUNCT
easat-11284	218	6	state	state	NOUN
easat-11284	218	7	-	-	PUNCT
easat-11284	218	8	owned	own	VERB
easat-11284	218	9	enterprises	enterprise	NOUN
easat-11284	218	10	(	(	PUNCT
easat-11284	218	11	soes	soe	NOUN
easat-11284	218	12	)	)	PUNCT
easat-11284	218	13	often	often	ADV
easat-11284	218	14	occupy	occupy	VERB
easat-11284	218	15	a	a	DET
easat-11284	218	16	pivotal	pivotal	ADJ
easat-11284	218	17	position	position	NOUN
easat-11284	218	18	and	and	CCONJ
easat-11284	218	19	have	have	VERB
easat-11284	218	20	a	a	DET
easat-11284	218	21	significant	significant	ADJ
easat-11284	218	22	impact	impact	NOUN
easat-11284	218	23	on	on	ADP
easat-11284	218	24	the	the	DET
easat-11284	218	25	regional	regional	ADJ
easat-11284	218	26	economy	economy	NOUN
easat-11284	218	27	.	.	PUNCT
easat-11284	219	1	due	due	ADP
easat-11284	219	2	to	to	ADP
easat-11284	219	3	greater	great	ADJ
easat-11284	219	4	government	government	NOUN
easat-11284	219	5	intervention	intervention	NOUN
easat-11284	219	6	,	,	PUNCT
easat-11284	219	7	soes	soe	NOUN
easat-11284	219	8	have	have	VERB
easat-11284	219	9	relatively	relatively	ADV
easat-11284	219	10	weaker	weak	ADJ
easat-11284	219	11	decision	decision	NOUN
easat-11284	219	12	-	-	PUNCT
easat-11284	219	13	making	make	VERB
easat-11284	219	14	autonomy	autonomy	NOUN
easat-11284	219	15	and	and	CCONJ
easat-11284	219	16	market	market	NOUN
easat-11284	219	17	competitiveness	competitiveness	NOUN
easat-11284	219	18	,	,	PUNCT
easat-11284	219	19	which	which	PRON
easat-11284	219	20	,	,	PUNCT
easat-11284	219	21	to	to	ADP
easat-11284	219	22	some	some	DET
easat-11284	219	23	extent	extent	NOUN
easat-11284	219	24	,	,	PUNCT
easat-11284	219	25	affects	affect	VERB
easat-11284	219	26	the	the	DET
easat-11284	219	27	overall	overall	ADJ
easat-11284	219	28	improvement	improvement	NOUN
easat-11284	219	29	of	of	ADP
easat-11284	219	30	the	the	DET
easat-11284	219	31	regional	regional	ADJ
easat-11284	219	32	business	business	NOUN
easat-11284	219	33	environment	environment	NOUN
easat-11284	219	34	.	.	PUNCT
easat-11284	220	1	meanwhile	meanwhile	ADV
easat-11284	220	2	,	,	PUNCT
easat-11284	220	3	there	there	PRON
easat-11284	220	4	are	be	VERB
easat-11284	220	5	certain	certain	ADJ
easat-11284	220	6	differences	difference	NOUN
easat-11284	220	7	and	and	CCONJ
easat-11284	220	8	conflicts	conflict	NOUN
easat-11284	220	9	between	between	ADP
easat-11284	220	10	soes	soe	NOUN
easat-11284	220	11	and	and	CCONJ
easat-11284	220	12	private	private	ADJ
easat-11284	220	13	enterprises	enterprise	NOUN
easat-11284	220	14	regarding	regard	VERB
easat-11284	220	15	resource	resource	NOUN
easat-11284	220	16	acquisition	acquisition	NOUN
easat-11284	220	17	and	and	CCONJ
easat-11284	220	18	market	market	NOUN
easat-11284	220	19	competition	competition	NOUN
easat-11284	220	20	,	,	PUNCT
easat-11284	220	21	further	far	ADV
easat-11284	220	22	restricting	restrict	VERB
easat-11284	220	23	the	the	DET
easat-11284	220	24	development	development	NOUN
easat-11284	220	25	of	of	ADP
easat-11284	220	26	private	private	ADJ
easat-11284	220	27	enterprises	enterprise	NOUN
easat-11284	220	28	in	in	ADP
easat-11284	220	29	these	these	DET
easat-11284	220	30	regions	region	NOUN
easat-11284	220	31	.	.	PUNCT
easat-11284	221	1	the	the	DET
easat-11284	221	2	western	western	ADJ
easat-11284	221	3	regions	region	NOUN
easat-11284	221	4	also	also	ADV
easat-11284	221	5	exhibit	exhibit	VERB
easat-11284	221	6	significant	significant	ADJ
easat-11284	221	7	differences	difference	NOUN
easat-11284	221	8	from	from	ADP
easat-11284	221	9	the	the	DET
easat-11284	221	10	eastern	eastern	ADJ
easat-11284	221	11	and	and	CCONJ
easat-11284	221	12	central	central	ADJ
easat-11284	221	13	regions	region	NOUN
easat-11284	221	14	in	in	ADP
easat-11284	221	15	terms	term	NOUN
easat-11284	221	16	of	of	ADP
easat-11284	221	17	economic	economic	ADJ
easat-11284	221	18	foundation	foundation	NOUN
easat-11284	221	19	and	and	CCONJ
easat-11284	221	20	industrial	industrial	ADJ
easat-11284	221	21	structure	structure	NOUN
easat-11284	221	22	.	.	PUNCT
easat-11284	222	1	the	the	DET
easat-11284	222	2	eastern	eastern	ADJ
easat-11284	222	3	and	and	CCONJ
easat-11284	222	4	central	central	ADJ
easat-11284	222	5	regions	region	NOUN
easat-11284	222	6	possess	possess	VERB
easat-11284	222	7	a	a	DET
easat-11284	222	8	solid	solid	ADJ
easat-11284	222	9	economic	economic	ADJ
easat-11284	222	10	foundation	foundation	NOUN
easat-11284	222	11	and	and	CCONJ
easat-11284	222	12	are	be	AUX
easat-11284	222	13	undergoing	undergo	VERB
easat-11284	222	14	faster	fast	ADJ
easat-11284	222	15	optimization	optimization	NOUN
easat-11284	222	16	and	and	CCONJ
easat-11284	222	17	upgrading	upgrading	NOUN
easat-11284	222	18	of	of	ADP
easat-11284	222	19	their	their	PRON
easat-11284	222	20	industrial	industrial	ADJ
easat-11284	222	21	structures	structure	NOUN
easat-11284	222	22	,	,	PUNCT
easat-11284	222	23	providing	provide	VERB
easat-11284	222	24	broader	broad	ADJ
easat-11284	222	25	space	space	NOUN
easat-11284	222	26	and	and	CCONJ
easat-11284	222	27	opportunities	opportunity	NOUN
easat-11284	222	28	for	for	ADP
easat-11284	222	29	the	the	DET
easat-11284	222	30	development	development	NOUN
easat-11284	222	31	of	of	ADP
easat-11284	222	32	private	private	ADJ
easat-11284	222	33	enterprises	enterprise	NOUN
easat-11284	222	34	.	.	PUNCT
easat-11284	223	1	in	in	ADP
easat-11284	223	2	contrast	contrast	NOUN
easat-11284	223	3	,	,	PUNCT
easat-11284	223	4	the	the	DET
easat-11284	223	5	western	western	ADJ
easat-11284	223	6	regions	region	NOUN
easat-11284	223	7	have	have	VERB
easat-11284	223	8	a	a	DET
easat-11284	223	9	relatively	relatively	ADV
easat-11284	223	10	weak	weak	ADJ
easat-11284	223	11	economic	economic	ADJ
easat-11284	223	12	foundation	foundation	NOUN
easat-11284	223	13	and	and	CCONJ
easat-11284	223	14	a	a	DET
easat-11284	223	15	comparatively	comparatively	ADV
easat-11284	223	16	monolithic	monolithic	ADJ
easat-11284	223	17	industrial	industrial	ADJ
easat-11284	223	18	structure	structure	NOUN
easat-11284	223	19	,	,	PUNCT
easat-11284	223	20	which	which	PRON
easat-11284	223	21	,	,	PUNCT
easat-11284	223	22	to	to	ADP
easat-11284	223	23	some	some	DET
easat-11284	223	24	extent	extent	NOUN
easat-11284	223	25	,	,	PUNCT
easat-11284	223	26	limits	limit	VERB
easat-11284	223	27	the	the	DET
easat-11284	223	28	development	development	NOUN
easat-11284	223	29	potential	potential	NOUN
easat-11284	223	30	and	and	CCONJ
easat-11284	223	31	scope	scope	NOUN
easat-11284	223	32	for	for	ADP
easat-11284	223	33	private	private	ADJ
easat-11284	223	34	enterprises	enterprise	NOUN
easat-11284	223	35	.	.	PUNCT
easat-11284	224	1	105	105	NUM
easat-11284	224	2	edelweiss	edelweiss	PROPN
easat-11284	224	3	applied	apply	VERB
easat-11284	224	4	science	science	NOUN
easat-11284	224	5	and	and	CCONJ
easat-11284	224	6	technology	technology	NOUN
easat-11284	224	7	issn	issn	PROPN
easat-11284	224	8	:	:	PUNCT
easat-11284	224	9	2576	2576	NUM
easat-11284	224	10	-	-	SYM
easat-11284	224	11	8484	8484	NUM
easat-11284	224	12	vol	vol	NOUN
easat-11284	224	13	.	.	PROPN
easat-11284	225	1	9	9	NUM
easat-11284	225	2	,	,	PUNCT
easat-11284	225	3	no	no	INTJ
easat-11284	225	4	.	.	NOUN
easat-11284	225	5	12	12	NUM
easat-11284	225	6	:	:	PUNCT
easat-11284	225	7	93	93	NUM
easat-11284	225	8	-	-	SYM
easat-11284	225	9	108	108	NUM
easat-11284	225	10	,	,	PUNCT
easat-11284	225	11	2025	2025	NUM
easat-11284	225	12	doi	doi	NOUN
easat-11284	225	13	:	:	PUNCT
easat-11284	225	14	10.55214/2576	10.55214/2576	NUM
easat-11284	225	15	-	-	SYM
easat-11284	225	16	8484.v9i12.11284	8484.v9i12.11284	NUM
easat-11284	225	17	©	©	PROPN
easat-11284	225	18	2025	2025	NUM
easat-11284	225	19	by	by	ADP
easat-11284	225	20	the	the	DET
easat-11284	225	21	authors	author	NOUN
easat-11284	225	22	;	;	PUNCT
easat-11284	225	23	licensee	licensee	PROPN
easat-11284	225	24	learning	learn	VERB
easat-11284	225	25	gate	gate	NOUN
easat-11284	225	26	table	table	NOUN
easat-11284	225	27	7	7	NUM
easat-11284	225	28	.	.	PUNCT
easat-11284	226	1	heterogeneity	heterogeneity	NOUN
easat-11284	226	2	analysis	analysis	NOUN
easat-11284	226	3	.	.	PUNCT
easat-11284	227	1	variables	variable	NOUN
easat-11284	227	2	(	(	PUNCT
easat-11284	227	3	1	1	NUM
easat-11284	227	4	)	)	PUNCT
easat-11284	227	5	(	(	PUNCT
easat-11284	227	6	2	2	NUM
easat-11284	227	7	)	)	PUNCT
easat-11284	227	8	(	(	PUNCT
easat-11284	227	9	3	3	X
easat-11284	227	10	)	)	PUNCT
easat-11284	227	11	east	east	NOUN
easat-11284	227	12	mid	mid	PROPN
easat-11284	227	13	west	west	PROPN
easat-11284	227	14	soe	soe	PROPN
easat-11284	227	15	soe	soe	PROPN
easat-11284	227	16	soe	soe	PROPN
easat-11284	227	17	bhar	bhar	PROPN
easat-11284	227	18	0.0341	0.0341	NUM
easat-11284	227	19	*	*	PUNCT
easat-11284	227	20	*	*	PUNCT
easat-11284	227	21	*	*	PUNCT
easat-11284	227	22	0.0448	0.0448	NUM
easat-11284	227	23	*	*	PUNCT
easat-11284	227	24	*	*	PUNCT
easat-11284	227	25	0.0194	0.0194	NUM
easat-11284	227	26	(	(	PUNCT
easat-11284	227	27	0.0091	0.0091	NUM
easat-11284	227	28	)	)	PUNCT
easat-11284	227	29	(	(	PUNCT
easat-11284	227	30	0.0217	0.0217	NUM
easat-11284	227	31	)	)	PUNCT
easat-11284	227	32	(	(	PUNCT
easat-11284	227	33	0.0228	0.0228	NUM
easat-11284	227	34	)	)	PUNCT
easat-11284	227	35	firmage	firmage	NOUN
easat-11284	227	36	-0.3030	-0.3030	NOUN
easat-11284	227	37	*	*	PUNCT
easat-11284	227	38	*	*	PUNCT
easat-11284	227	39	*	*	PUNCT
easat-11284	227	40	-0.2884	-0.2884	NOUN
easat-11284	227	41	*	*	PUNCT
easat-11284	227	42	*	*	PUNCT
easat-11284	227	43	*	*	PUNCT
easat-11284	227	44	-0.2119	-0.2119	PROPN
easat-11284	227	45	*	*	PUNCT
easat-11284	227	46	*	*	PUNCT
easat-11284	227	47	*	*	PUNCT
easat-11284	227	48	(	(	PUNCT
easat-11284	227	49	0.0123	0.0123	NUM
easat-11284	227	50	)	)	PUNCT
easat-11284	227	51	(	(	PUNCT
easat-11284	227	52	0.0317	0.0317	NUM
easat-11284	227	53	)	)	PUNCT
easat-11284	227	54	(	(	PUNCT
easat-11284	227	55	0.0277	0.0277	NUM
easat-11284	227	56	)	)	PUNCT
easat-11284	227	57	size	size	NOUN
easat-11284	227	58	0.0139	0.0139	NUM
easat-11284	227	59	*	*	PUNCT
easat-11284	227	60	*	*	PUNCT
easat-11284	227	61	*	*	PUNCT
easat-11284	228	1	0.0104	0.0104	NUM
easat-11284	228	2	*	*	PUNCT
easat-11284	228	3	*	*	PUNCT
easat-11284	228	4	0.0116	0.0116	NUM
easat-11284	228	5	*	*	PUNCT
easat-11284	228	6	*	*	PUNCT
easat-11284	228	7	*	*	PUNCT
easat-11284	228	8	(	(	PUNCT
easat-11284	228	9	0.0021	0.0021	NUM
easat-11284	228	10	)	)	PUNCT
easat-11284	228	11	(	(	PUNCT
easat-11284	228	12	0.0052	0.0052	NUM
easat-11284	228	13	)	)	PUNCT
easat-11284	228	14	(	(	PUNCT
easat-11284	228	15	0.0044	0.0044	NUM
easat-11284	228	16	)	)	PUNCT
easat-11284	228	17	lev	lev	NOUN
easat-11284	228	18	-0.1158	-0.1158	NOUN
easat-11284	228	19	*	*	PUNCT
easat-11284	228	20	*	*	PUNCT
easat-11284	228	21	*	*	PUNCT
easat-11284	228	22	-0.1482	-0.1482	X
easat-11284	228	23	*	*	PUNCT
easat-11284	228	24	*	*	PUNCT
easat-11284	228	25	*	*	PUNCT
easat-11284	228	26	-0.1264	-0.1264	VERB
easat-11284	228	27	*	*	PUNCT
easat-11284	228	28	*	*	PUNCT
easat-11284	228	29	*	*	PUNCT
easat-11284	228	30	(	(	PUNCT
easat-11284	228	31	0.0100	0.0100	NUM
easat-11284	228	32	)	)	PUNCT
easat-11284	228	33	(	(	PUNCT
easat-11284	228	34	0.0221	0.0221	NUM
easat-11284	228	35	)	)	PUNCT
easat-11284	228	36	(	(	PUNCT
easat-11284	228	37	0.0206	0.0206	NUM
easat-11284	228	38	)	)	PUNCT
easat-11284	228	39	em	em	PRON
easat-11284	228	40	0.0016	0.0016	NUM
easat-11284	228	41	-0.0011	-0.0011	NOUN
easat-11284	228	42	0.0001	0.0001	NUM
easat-11284	228	43	(	(	PUNCT
easat-11284	228	44	0.0015	0.0015	NUM
easat-11284	228	45	)	)	PUNCT
easat-11284	228	46	(	(	PUNCT
easat-11284	228	47	0.0028	0.0028	NUM
easat-11284	228	48	)	)	PUNCT
easat-11284	228	49	(	(	PUNCT
easat-11284	228	50	0.0022	0.0022	NUM
easat-11284	228	51	)	)	PUNCT
easat-11284	228	52	roe	roe	NOUN
easat-11284	228	53	0.0485	0.0485	NUM
easat-11284	228	54	*	*	PUNCT
easat-11284	228	55	*	*	PUNCT
easat-11284	228	56	*	*	PUNCT
easat-11284	228	57	0.0470	0.0470	NUM
easat-11284	228	58	*	*	PUNCT
easat-11284	228	59	*	*	PUNCT
easat-11284	228	60	*	*	PUNCT
easat-11284	228	61	0.0402	0.0402	PUNCT
easat-11284	228	62	*	*	PUNCT
easat-11284	228	63	*	*	PUNCT
easat-11284	228	64	*	*	PUNCT
easat-11284	228	65	(	(	PUNCT
easat-11284	228	66	0.0053	0.0053	NUM
easat-11284	228	67	)	)	PUNCT
easat-11284	228	68	(	(	PUNCT
easat-11284	228	69	0.0129	0.0129	NUM
easat-11284	228	70	)	)	PUNCT
easat-11284	228	71	(	(	PUNCT
easat-11284	228	72	0.0118	0.0118	NUM
easat-11284	228	73	)	)	PUNCT
easat-11284	228	74	dual	dual	ADJ
easat-11284	228	75	0.0106	0.0106	NUM
easat-11284	228	76	*	*	PUNCT
easat-11284	228	77	*	*	PUNCT
easat-11284	228	78	*	*	PUNCT
easat-11284	228	79	0.0035	0.0035	NUM
easat-11284	228	80	0.0174	0.0174	NUM
easat-11284	228	81	*	*	PUNCT
easat-11284	228	82	*	*	PUNCT
easat-11284	228	83	*	*	PUNCT
easat-11284	228	84	(	(	PUNCT
easat-11284	228	85	0.0022	0.0022	NUM
easat-11284	228	86	)	)	PUNCT
easat-11284	228	87	(	(	PUNCT
easat-11284	228	88	0.0053	0.0053	NUM
easat-11284	228	89	)	)	PUNCT
easat-11284	228	90	(	(	PUNCT
easat-11284	228	91	0.0056	0.0056	NUM
easat-11284	228	92	)	)	PUNCT
easat-11284	228	93	board	board	NOUN
easat-11284	228	94	0.0033	0.0033	NUM
easat-11284	228	95	0.0209	0.0209	NUM
easat-11284	228	96	0.0282	0.0282	NUM
easat-11284	228	97	(	(	PUNCT
easat-11284	228	98	0.0079	0.0079	NUM
easat-11284	228	99	)	)	PUNCT
easat-11284	228	100	(	(	PUNCT
easat-11284	228	101	0.0160	0.0160	NUM
easat-11284	228	102	)	)	PUNCT
easat-11284	228	103	(	(	PUNCT
easat-11284	228	104	0.0182	0.0182	NUM
easat-11284	228	105	)	)	PUNCT
easat-11284	228	106	indep	indep	NOUN
easat-11284	228	107	-0.0472	-0.0472	NOUN
easat-11284	228	108	*	*	PUNCT
easat-11284	229	1	*	*	PUNCT
easat-11284	229	2	0.1325	0.1325	NUM
easat-11284	229	3	*	*	PUNCT
easat-11284	229	4	*	*	PUNCT
easat-11284	229	5	*	*	PUNCT
easat-11284	229	6	-0.0104	-0.0104	NOUN
easat-11284	229	7	(	(	PUNCT
easat-11284	229	8	0.0229	0.0229	NUM
easat-11284	229	9	)	)	PUNCT
easat-11284	229	10	(	(	PUNCT
easat-11284	229	11	0.0436	0.0436	NUM
easat-11284	229	12	)	)	PUNCT
easat-11284	229	13	(	(	PUNCT
easat-11284	229	14	0.0434	0.0434	NUM
easat-11284	229	15	)	)	PUNCT
easat-11284	229	16	individual	individual	ADJ
easat-11284	229	17	fixed	fix	VERB
easat-11284	229	18	effect	effect	NOUN
easat-11284	230	1	yes	yes	INTJ
easat-11284	230	2	yes	yes	INTJ
easat-11284	231	1	yes	yes	INTJ
easat-11284	231	2	time	time	NOUN
easat-11284	231	3	fixed	fix	VERB
easat-11284	231	4	effect	effect	NOUN
easat-11284	232	1	yes	yes	INTJ
easat-11284	232	2	yes	yes	INTJ
easat-11284	232	3	yes	yes	INTJ
easat-11284	232	4	constant	constant	ADJ
easat-11284	232	5	1.0696	1.0696	NUM
easat-11284	232	6	*	*	PUNCT
easat-11284	232	7	*	*	PUNCT
easat-11284	232	8	*	*	PUNCT
easat-11284	232	9	0.9224	0.9224	NUM
easat-11284	232	10	*	*	PUNCT
easat-11284	232	11	*	*	PUNCT
easat-11284	232	12	*	*	PUNCT
easat-11284	232	13	0.6761	0.6761	NUM
easat-11284	232	14	*	*	PUNCT
easat-11284	232	15	*	*	PUNCT
easat-11284	232	16	*	*	PUNCT
easat-11284	232	17	(	(	PUNCT
easat-11284	232	18	0.0578	0.0578	NUM
easat-11284	232	19	)	)	PUNCT
easat-11284	232	20	(	(	PUNCT
easat-11284	232	21	0.1378	0.1378	NUM
easat-11284	232	22	)	)	PUNCT
easat-11284	232	23	(	(	PUNCT
easat-11284	232	24	0.1280	0.1280	NUM
easat-11284	232	25	)	)	PUNCT
easat-11284	232	26	observations	observation	NOUN
easat-11284	232	27	25,476	25,476	NUM
easat-11284	232	28	5,848	5,848	NUM
easat-11284	232	29	4,769	4,769	NUM
easat-11284	232	30	r	r	NOUN
easat-11284	232	31	-	-	PUNCT
easat-11284	232	32	squared	square	VERB
easat-11284	232	33	0.911	0.911	NUM
easat-11284	232	34	0.901	0.901	NUM
easat-11284	232	35	0.914	0.914	NUM
easat-11284	232	36	note	note	NOUN
easat-11284	232	37	:	:	PUNCT
easat-11284	232	38	robust	robust	ADJ
easat-11284	232	39	standard	standard	ADJ
easat-11284	232	40	errors	error	NOUN
easat-11284	232	41	in	in	ADP
easat-11284	232	42	parentheses	parenthesis	NOUN
easat-11284	232	43	*	*	PUNCT
easat-11284	232	44	*	*	PUNCT
easat-11284	232	45	*	*	PUNCT
easat-11284	232	46	p<0.01	p<0.01	PROPN
easat-11284	232	47	,	,	PUNCT
easat-11284	232	48	*	*	PUNCT
easat-11284	232	49	*	*	PUNCT
easat-11284	232	50	p<0.05	p<0.05	NOUN
easat-11284	232	51	,	,	PUNCT
easat-11284	232	52	*	*	PUNCT
easat-11284	232	53	p<0.1	p<0.1	NUM
easat-11284	232	54	4.6	4.6	NUM
easat-11284	232	55	.	.	PUNCT
easat-11284	233	1	mechanism	mechanism	NOUN
easat-11284	233	2	test	test	NOUN
easat-11284	233	3	resource	resource	NOUN
easat-11284	233	4	dependence	dependence	NOUN
easat-11284	233	5	theory	theory	NOUN
easat-11284	233	6	emphasizes	emphasize	VERB
easat-11284	233	7	that	that	SCONJ
easat-11284	233	8	enterprises	enterprise	NOUN
easat-11284	233	9	depend	depend	VERB
easat-11284	233	10	on	on	ADP
easat-11284	233	11	resource	resource	NOUN
easat-11284	233	12	controllers	controller	NOUN
easat-11284	233	13	to	to	PART
easat-11284	233	14	exchange	exchange	VERB
easat-11284	233	15	and	and	CCONJ
easat-11284	233	16	acquire	acquire	VERB
easat-11284	233	17	essential	essential	ADJ
easat-11284	233	18	resources	resource	NOUN
easat-11284	233	19	for	for	ADP
easat-11284	233	20	their	their	PRON
easat-11284	233	21	survival	survival	NOUN
easat-11284	233	22	.	.	PUNCT
easat-11284	234	1	optimizing	optimize	VERB
easat-11284	234	2	the	the	DET
easat-11284	234	3	business	business	NOUN
easat-11284	234	4	environment	environment	NOUN
easat-11284	234	5	involves	involve	VERB
easat-11284	234	6	reducing	reduce	VERB
easat-11284	234	7	the	the	DET
easat-11284	234	8	difficulty	difficulty	NOUN
easat-11284	234	9	and	and	CCONJ
easat-11284	234	10	cost	cost	NOUN
easat-11284	234	11	associated	associate	VERB
easat-11284	234	12	with	with	ADP
easat-11284	234	13	corporate	corporate	ADJ
easat-11284	234	14	resource	resource	NOUN
easat-11284	234	15	acquisition	acquisition	NOUN
easat-11284	234	16	,	,	PUNCT
easat-11284	234	17	thereby	thereby	ADV
easat-11284	234	18	decreasing	decrease	VERB
easat-11284	234	19	the	the	DET
easat-11284	234	20	enterprise	enterprise	NOUN
easat-11284	234	21	's	's	PART
easat-11284	234	22	dependence	dependence	NOUN
easat-11284	234	23	on	on	ADP
easat-11284	234	24	external	external	ADJ
easat-11284	234	25	resource	resource	NOUN
easat-11284	234	26	controllers	controller	NOUN
easat-11284	234	27	.	.	PUNCT
easat-11284	235	1	a	a	DET
easat-11284	235	2	superior	superior	ADJ
easat-11284	235	3	business	business	NOUN
easat-11284	235	4	environment	environment	NOUN
easat-11284	235	5	significantly	significantly	ADV
easat-11284	235	6	lowers	lower	VERB
easat-11284	235	7	institutional	institutional	ADJ
easat-11284	235	8	transaction	transaction	NOUN
easat-11284	235	9	costs	cost	NOUN
easat-11284	235	10	through	through	ADP
easat-11284	235	11	measures	measure	NOUN
easat-11284	235	12	such	such	ADJ
easat-11284	235	13	as	as	ADP
easat-11284	235	14	streamlining	streamline	VERB
easat-11284	235	15	approval	approval	NOUN
easat-11284	235	16	processes	process	NOUN
easat-11284	235	17	and	and	CCONJ
easat-11284	235	18	enhancing	enhance	VERB
easat-11284	235	19	government	government	NOUN
easat-11284	235	20	service	service	NOUN
easat-11284	235	21	quality	quality	NOUN
easat-11284	235	22	.	.	PUNCT
easat-11284	236	1	these	these	DET
easat-11284	236	2	costs	cost	NOUN
easat-11284	236	3	include	include	VERB
easat-11284	236	4	compliance	compliance	NOUN
easat-11284	236	5	costs	cost	NOUN
easat-11284	236	6	and	and	CCONJ
easat-11284	236	7	rights	right	NOUN
easat-11284	236	8	protection	protection	NOUN
easat-11284	236	9	costs	cost	NOUN
easat-11284	236	10	that	that	PRON
easat-11284	236	11	increase	increase	VERB
easat-11284	236	12	due	due	ADP
easat-11284	236	13	to	to	ADP
easat-11284	236	14	cumbersome	cumbersome	ADJ
easat-11284	236	15	regulations	regulation	NOUN
easat-11284	236	16	,	,	PUNCT
easat-11284	236	17	overly	overly	ADV
easat-11284	236	18	high	high	ADJ
easat-11284	236	19	standards	standard	NOUN
easat-11284	236	20	,	,	PUNCT
easat-11284	236	21	or	or	CCONJ
easat-11284	236	22	incomplete	incomplete	ADJ
easat-11284	236	23	systems	system	NOUN
easat-11284	236	24	.	.	PUNCT
easat-11284	237	1	reducing	reduce	VERB
easat-11284	237	2	institutional	institutional	ADJ
easat-11284	237	3	transaction	transaction	NOUN
easat-11284	237	4	costs	cost	NOUN
easat-11284	237	5	enables	enable	VERB
easat-11284	237	6	enterprises	enterprise	NOUN
easat-11284	237	7	to	to	PART
easat-11284	237	8	utilize	utilize	VERB
easat-11284	237	9	resources	resource	NOUN
easat-11284	237	10	more	more	ADV
easat-11284	237	11	efficiently	efficiently	ADV
easat-11284	237	12	,	,	PUNCT
easat-11284	237	13	diminishes	diminish	VERB
easat-11284	237	14	excessive	excessive	ADJ
easat-11284	237	15	dependence	dependence	NOUN
easat-11284	237	16	on	on	ADP
easat-11284	237	17	external	external	ADJ
easat-11284	237	18	resources	resource	NOUN
easat-11284	237	19	,	,	PUNCT
easat-11284	237	20	and	and	CCONJ
easat-11284	237	21	consequently	consequently	ADV
easat-11284	237	22	reduces	reduce	VERB
easat-11284	237	23	the	the	DET
easat-11284	237	24	motivation	motivation	NOUN
easat-11284	237	25	for	for	ADP
easat-11284	237	26	corporate	corporate	ADJ
easat-11284	237	27	financialization	financialization	NOUN
easat-11284	237	28	.	.	PUNCT
easat-11284	238	1	business	business	NOUN
easat-11284	238	2	environment	environment	NOUN
easat-11284	238	3	optimization	optimization	NOUN
easat-11284	238	4	fosters	foster	VERB
easat-11284	238	5	fairness	fairness	NOUN
easat-11284	238	6	in	in	ADP
easat-11284	238	7	market	market	NOUN
easat-11284	238	8	competition	competition	NOUN
easat-11284	238	9	,	,	PUNCT
easat-11284	238	10	allowing	allow	VERB
easat-11284	238	11	enterprises	enterprise	NOUN
easat-11284	238	12	to	to	PART
easat-11284	238	13	acquire	acquire	VERB
easat-11284	238	14	market	market	NOUN
easat-11284	238	15	resources	resource	NOUN
easat-11284	238	16	such	such	ADJ
easat-11284	238	17	as	as	ADP
easat-11284	238	18	capital	capital	NOUN
easat-11284	238	19	,	,	PUNCT
easat-11284	238	20	technology	technology	NOUN
easat-11284	238	21	,	,	PUNCT
easat-11284	238	22	and	and	CCONJ
easat-11284	238	23	talent	talent	NOUN
easat-11284	238	24	more	more	ADV
easat-11284	238	25	equitably	equitably	ADV
easat-11284	238	26	.	.	PUNCT
easat-11284	239	1	in	in	ADP
easat-11284	239	2	such	such	DET
easat-11284	239	3	an	an	DET
easat-11284	239	4	environment	environment	NOUN
easat-11284	239	5	,	,	PUNCT
easat-11284	239	6	enterprises	enterprise	NOUN
easat-11284	239	7	are	be	AUX
easat-11284	239	8	less	less	ADV
easat-11284	239	9	reliant	reliant	ADJ
easat-11284	239	10	on	on	ADP
easat-11284	239	11	financial	financial	ADJ
easat-11284	239	12	means	mean	NOUN
easat-11284	239	13	to	to	PART
easat-11284	239	14	raise	raise	VERB
easat-11284	239	15	funds	fund	NOUN
easat-11284	239	16	or	or	CCONJ
easat-11284	239	17	acquire	acquire	VERB
easat-11284	239	18	other	other	ADJ
easat-11284	239	19	resources	resource	NOUN
easat-11284	239	20	,	,	PUNCT
easat-11284	239	21	which	which	PRON
easat-11284	239	22	decreases	decrease	VERB
easat-11284	239	23	the	the	DET
easat-11284	239	24	demand	demand	NOUN
easat-11284	239	25	for	for	ADP
easat-11284	239	26	corporate	corporate	ADJ
easat-11284	239	27	financialization	financialization	NOUN
easat-11284	239	28	.	.	PUNCT
easat-11284	240	1	improving	improve	VERB
easat-11284	240	2	the	the	DET
easat-11284	240	3	level	level	NOUN
easat-11284	240	4	of	of	ADP
easat-11284	240	5	the	the	DET
easat-11284	240	6	business	business	NOUN
easat-11284	240	7	environment	environment	NOUN
easat-11284	240	8	can	can	AUX
easat-11284	240	9	significantly	significantly	ADV
easat-11284	240	10	lower	lower	VERB
easat-11284	240	11	corporate	corporate	ADJ
easat-11284	240	12	credit	credit	NOUN
easat-11284	240	13	costs	cost	NOUN
easat-11284	240	14	,	,	PUNCT
easat-11284	240	15	including	include	VERB
easat-11284	240	16	reducing	reduce	VERB
easat-11284	240	17	credit	credit	NOUN
easat-11284	240	18	risk	risk	NOUN
easat-11284	240	19	,	,	PUNCT
easat-11284	240	20	enhancing	enhance	VERB
easat-11284	240	21	the	the	DET
easat-11284	240	22	quality	quality	NOUN
easat-11284	240	23	of	of	ADP
easat-11284	240	24	internal	internal	ADJ
easat-11284	240	25	control	control	NOUN
easat-11284	240	26	,	,	PUNCT
easat-11284	240	27	and	and	CCONJ
easat-11284	240	28	easing	ease	VERB
easat-11284	240	29	financing	financing	NOUN
easat-11284	240	30	constraints	constraint	NOUN
easat-11284	240	31	.	.	PUNCT
easat-11284	241	1	these	these	DET
easat-11284	241	2	measures	measure	NOUN
easat-11284	241	3	facilitate	facilitate	VERB
easat-11284	241	4	access	access	NOUN
easat-11284	241	5	to	to	ADP
easat-11284	241	6	low	low	ADJ
easat-11284	241	7	-	-	PUNCT
easat-11284	241	8	cost	cost	NOUN
easat-11284	241	9	,	,	PUNCT
easat-11284	241	10	high	high	ADJ
easat-11284	241	11	-	-	PUNCT
easat-11284	241	12	efficiency	efficiency	NOUN
easat-11284	241	13	financing	financing	NOUN
easat-11284	241	14	,	,	PUNCT
easat-11284	241	15	reducing	reduce	VERB
easat-11284	241	16	reliance	reliance	NOUN
easat-11284	241	17	on	on	ADP
easat-11284	241	18	high	high	ADJ
easat-11284	241	19	-	-	PUNCT
easat-11284	241	20	risk	risk	NOUN
easat-11284	241	21	financial	financial	ADJ
easat-11284	241	22	instruments	instrument	NOUN
easat-11284	241	23	and	and	CCONJ
easat-11284	241	24	lowering	lower	VERB
easat-11284	241	25	the	the	DET
easat-11284	241	26	degree	degree	NOUN
easat-11284	241	27	of	of	ADP
easat-11284	241	28	corporate	corporate	ADJ
easat-11284	241	29	financialization	financialization	NOUN
easat-11284	241	30	.	.	PUNCT
easat-11284	242	1	enhancing	enhance	VERB
easat-11284	242	2	the	the	DET
easat-11284	242	3	business	business	NOUN
easat-11284	242	4	environment	environment	NOUN
easat-11284	242	5	involves	involve	VERB
easat-11284	242	6	measures	measure	NOUN
easat-11284	242	7	such	such	ADJ
easat-11284	242	8	as	as	ADP
easat-11284	242	9	improving	improve	VERB
easat-11284	242	10	laws	law	NOUN
easat-11284	242	11	and	and	CCONJ
easat-11284	242	12	regulations	regulation	NOUN
easat-11284	242	13	and	and	CCONJ
easat-11284	242	14	increasing	increase	VERB
easat-11284	242	15	enforcement	enforcement	NOUN
easat-11284	242	16	efficiency	efficiency	NOUN
easat-11284	242	17	,	,	PUNCT
easat-11284	242	18	which	which	PRON
easat-11284	242	19	reduces	reduce	VERB
easat-11284	242	20	market	market	NOUN
easat-11284	242	21	entry	entry	NOUN
easat-11284	242	22	barriers	barrier	NOUN
easat-11284	242	23	and	and	CCONJ
easat-11284	242	24	creates	create	VERB
easat-11284	242	25	more	more	ADJ
easat-11284	242	26	opportunities	opportunity	NOUN
easat-11284	242	27	for	for	ADP
easat-11284	242	28	private	private	ADJ
easat-11284	242	29	enterprises	enterprise	NOUN
easat-11284	242	30	.	.	PUNCT
easat-11284	243	1	in	in	ADP
easat-11284	243	2	this	this	DET
easat-11284	243	3	context	context	NOUN
easat-11284	243	4	,	,	PUNCT
easat-11284	243	5	private	private	ADJ
easat-11284	243	6	enterprises	enterprise	NOUN
easat-11284	243	7	find	find	VERB
easat-11284	243	8	it	it	PRON
easat-11284	243	9	easier	easy	ADJ
easat-11284	243	10	to	to	PART
easat-11284	243	11	establish	establish	VERB
easat-11284	243	12	and	and	CCONJ
easat-11284	243	13	operate	operate	VERB
easat-11284	243	14	,	,	PUNCT
easat-11284	243	15	leading	lead	VERB
easat-11284	243	16	to	to	ADP
easat-11284	243	17	an	an	DET
easat-11284	243	18	increase	increase	NOUN
easat-11284	243	19	in	in	ADP
easat-11284	243	20	their	their	PRON
easat-11284	243	21	number	number	NOUN
easat-11284	243	22	within	within	ADP
easat-11284	243	23	106	106	NUM
easat-11284	243	24	edelweiss	edelweiss	PROPN
easat-11284	243	25	applied	apply	VERB
easat-11284	243	26	science	science	NOUN
easat-11284	243	27	and	and	CCONJ
easat-11284	243	28	technology	technology	NOUN
easat-11284	243	29	issn	issn	PROPN
easat-11284	243	30	:	:	PUNCT
easat-11284	243	31	2576	2576	NUM
easat-11284	243	32	-	-	SYM
easat-11284	243	33	8484	8484	NUM
easat-11284	243	34	vol	vol	NOUN
easat-11284	243	35	.	.	PROPN
easat-11284	244	1	9	9	NUM
easat-11284	244	2	,	,	PUNCT
easat-11284	244	3	no	no	INTJ
easat-11284	244	4	.	.	NOUN
easat-11284	244	5	12	12	NUM
easat-11284	244	6	:	:	PUNCT
easat-11284	244	7	93	93	NUM
easat-11284	244	8	-	-	SYM
easat-11284	244	9	108	108	NUM
easat-11284	244	10	,	,	PUNCT
easat-11284	244	11	2025	2025	NUM
easat-11284	244	12	doi	doi	NOUN
easat-11284	244	13	:	:	PUNCT
easat-11284	244	14	10.55214/2576	10.55214/2576	NUM
easat-11284	244	15	-	-	SYM
easat-11284	244	16	8484.v9i12.11284	8484.v9i12.11284	NUM
easat-11284	244	17	©	©	PROPN
easat-11284	244	18	2025	2025	NUM
easat-11284	244	19	by	by	ADP
easat-11284	244	20	the	the	DET
easat-11284	244	21	authors	author	NOUN
easat-11284	244	22	;	;	PUNCT
easat-11284	244	23	licensee	licensee	PROPN
easat-11284	244	24	learning	learning	NOUN
easat-11284	244	25	gate	gate	VERB
easat-11284	244	26	the	the	DET
easat-11284	244	27	region	region	NOUN
easat-11284	244	28	.	.	PUNCT
easat-11284	245	1	a	a	DET
easat-11284	245	2	favorable	favorable	ADJ
easat-11284	245	3	business	business	NOUN
easat-11284	245	4	environment	environment	NOUN
easat-11284	245	5	can	can	AUX
easat-11284	245	6	stimulate	stimulate	VERB
easat-11284	245	7	social	social	ADJ
easat-11284	245	8	entrepreneurial	entrepreneurial	ADJ
easat-11284	245	9	vitality	vitality	NOUN
easat-11284	245	10	and	and	CCONJ
easat-11284	245	11	encourage	encourage	VERB
easat-11284	245	12	greater	great	ADJ
easat-11284	245	13	participation	participation	NOUN
easat-11284	245	14	in	in	ADP
easat-11284	245	15	entrepreneurial	entrepreneurial	ADJ
easat-11284	245	16	activities	activity	NOUN
easat-11284	245	17	.	.	PUNCT
easat-11284	246	1	the	the	DET
easat-11284	246	2	degree	degree	NOUN
easat-11284	246	3	of	of	ADP
easat-11284	246	4	corporate	corporate	ADJ
easat-11284	246	5	financialization	financialization	NOUN
easat-11284	246	6	in	in	ADP
easat-11284	246	7	this	this	DET
easat-11284	246	8	paper	paper	NOUN
easat-11284	246	9	is	be	AUX
easat-11284	246	10	measured	measure	VERB
easat-11284	246	11	by	by	ADP
easat-11284	246	12	the	the	DET
easat-11284	246	13	ratio	ratio	NOUN
easat-11284	246	14	of	of	ADP
easat-11284	246	15	financial	financial	ADJ
easat-11284	246	16	assets	asset	NOUN
easat-11284	246	17	to	to	ADP
easat-11284	246	18	total	total	ADJ
easat-11284	246	19	assets	asset	NOUN
easat-11284	246	20	.	.	PUNCT
easat-11284	247	1	table	table	NOUN
easat-11284	247	2	8	8	NUM
easat-11284	247	3	shows	show	VERB
easat-11284	247	4	the	the	DET
easat-11284	247	5	regression	regression	NOUN
easat-11284	247	6	results	result	NOUN
easat-11284	247	7	.	.	PUNCT
easat-11284	248	1	column	column	NOUN
easat-11284	248	2	(	(	PUNCT
easat-11284	248	3	2	2	NUM
easat-11284	248	4	)	)	PUNCT
easat-11284	248	5	of	of	ADP
easat-11284	248	6	table	table	NOUN
easat-11284	248	7	8	8	NUM
easat-11284	248	8	indicates	indicate	VERB
easat-11284	248	9	that	that	SCONJ
easat-11284	248	10	the	the	DET
easat-11284	248	11	explanatory	explanatory	ADJ
easat-11284	248	12	variable	variable	ADJ
easat-11284	248	13	bhar	bhar	PROPN
easat-11284	248	14	is	be	AUX
easat-11284	248	15	negatively	negatively	ADV
easat-11284	248	16	significant	significant	ADJ
easat-11284	248	17	at	at	ADP
easat-11284	248	18	the	the	DET
easat-11284	248	19	10	10	NUM
easat-11284	248	20	%	%	NOUN
easat-11284	248	21	statistical	statistical	ADJ
easat-11284	248	22	level	level	NOUN
easat-11284	248	23	,	,	PUNCT
easat-11284	248	24	suggesting	suggest	VERB
easat-11284	248	25	that	that	SCONJ
easat-11284	248	26	the	the	DET
easat-11284	248	27	business	business	NOUN
easat-11284	248	28	environment	environment	NOUN
easat-11284	248	29	reduces	reduce	VERB
easat-11284	248	30	corporate	corporate	ADJ
easat-11284	248	31	financialization	financialization	NOUN
easat-11284	248	32	,	,	PUNCT
easat-11284	248	33	which	which	PRON
easat-11284	248	34	in	in	ADP
easat-11284	248	35	turn	turn	NOUN
easat-11284	248	36	increases	increase	VERB
easat-11284	248	37	the	the	DET
easat-11284	248	38	share	share	NOUN
easat-11284	248	39	of	of	ADP
easat-11284	248	40	private	private	ADJ
easat-11284	248	41	equity	equity	NOUN
easat-11284	248	42	;	;	PUNCT
easat-11284	248	43	thus	thus	ADV
easat-11284	248	44	,	,	PUNCT
easat-11284	248	45	hypothesis	hypothesis	NOUN
easat-11284	248	46	2	2	NUM
easat-11284	248	47	is	be	AUX
easat-11284	248	48	supported	support	VERB
easat-11284	248	49	.	.	PUNCT
easat-11284	249	1	table	table	NOUN
easat-11284	249	2	8	8	NUM
easat-11284	249	3	presents	present	VERB
easat-11284	249	4	the	the	DET
easat-11284	249	5	results	result	NOUN
easat-11284	249	6	of	of	ADP
easat-11284	249	7	the	the	DET
easat-11284	249	8	mechanism	mechanism	NOUN
easat-11284	249	9	test	test	NOUN
easat-11284	249	10	.	.	PUNCT
easat-11284	250	1	column	column	NOUN
easat-11284	250	2	1	1	NUM
easat-11284	250	3	displays	display	VERB
easat-11284	250	4	the	the	DET
easat-11284	250	5	benchmark	benchmark	ADJ
easat-11284	250	6	regression	regression	NOUN
easat-11284	250	7	for	for	ADP
easat-11284	250	8	soe	soe	PROPN
easat-11284	250	9	,	,	PUNCT
easat-11284	250	10	while	while	SCONJ
easat-11284	250	11	column	column	NOUN
easat-11284	250	12	2	2	NUM
easat-11284	250	13	shows	show	VERB
easat-11284	250	14	the	the	DET
easat-11284	250	15	regression	regression	NOUN
easat-11284	250	16	with	with	ADP
easat-11284	250	17	financialization	financialization	NOUN
easat-11284	250	18	(	(	PUNCT
easat-11284	250	19	fin	fin	NOUN
easat-11284	250	20	)	)	PUNCT
easat-11284	250	21	as	as	ADP
easat-11284	250	22	the	the	DET
easat-11284	250	23	dependent	dependent	ADJ
easat-11284	250	24	variable	variable	NOUN
easat-11284	250	25	.	.	PUNCT
easat-11284	251	1	table	table	NOUN
easat-11284	251	2	8	8	NUM
easat-11284	251	3	.	.	PUNCT
easat-11284	251	4	mechanism	mechanism	NOUN
easat-11284	251	5	test	test	NOUN
easat-11284	251	6	.	.	PUNCT
easat-11284	252	1	variables	variable	NOUN
easat-11284	252	2	(	(	PUNCT
easat-11284	252	3	1	1	NUM
easat-11284	252	4	)	)	PUNCT
easat-11284	252	5	(	(	PUNCT
easat-11284	252	6	2	2	X
easat-11284	252	7	)	)	PUNCT
easat-11284	252	8	soe	soe	PROPN
easat-11284	252	9	fin	fin	NOUN
easat-11284	252	10	bhar	bhar	NOUN
easat-11284	252	11	0.0338	0.0338	NUM
easat-11284	252	12	*	*	PUNCT
easat-11284	252	13	*	*	PUNCT
easat-11284	252	14	*	*	NOUN
easat-11284	252	15	-0.0097	-0.0097	PUNCT
easat-11284	252	16	*	*	PUNCT
easat-11284	252	17	(	(	PUNCT
easat-11284	252	18	0.0080	0.0080	NUM
easat-11284	252	19	)	)	PUNCT
easat-11284	252	20	(	(	PUNCT
easat-11284	252	21	0.0055	0.0055	NUM
easat-11284	252	22	)	)	PUNCT
easat-11284	252	23	firmage	firmage	NOUN
easat-11284	252	24	-0.2962	-0.2962	PROPN
easat-11284	252	25	*	*	PUNCT
easat-11284	252	26	*	*	PUNCT
easat-11284	252	27	*	*	PUNCT
easat-11284	252	28	0.0372	0.0372	NUM
easat-11284	252	29	*	*	PUNCT
easat-11284	252	30	*	*	PUNCT
easat-11284	252	31	*	*	PUNCT
easat-11284	252	32	(	(	PUNCT
easat-11284	252	33	0.0107	0.0107	NUM
easat-11284	252	34	)	)	PUNCT
easat-11284	252	35	(	(	PUNCT
easat-11284	252	36	0.0057	0.0057	NUM
easat-11284	252	37	)	)	PUNCT
easat-11284	252	38	size	size	NOUN
easat-11284	252	39	0.0134	0.0134	NUM
easat-11284	252	40	*	*	PUNCT
easat-11284	252	41	*	*	PUNCT
easat-11284	252	42	*	*	NOUN
easat-11284	252	43	-0.0073	-0.0073	NOUN
easat-11284	252	44	*	*	PUNCT
easat-11284	252	45	*	*	PUNCT
easat-11284	252	46	*	*	PUNCT
easat-11284	252	47	(	(	PUNCT
easat-11284	252	48	0.0018	0.0018	NUM
easat-11284	252	49	)	)	PUNCT
easat-11284	252	50	(	(	PUNCT
easat-11284	252	51	0.0010	0.0010	NUM
easat-11284	252	52	)	)	PUNCT
easat-11284	252	53	lev	lev	NOUN
easat-11284	252	54	-0.1325	-0.1325	PROPN
easat-11284	252	55	*	*	PROPN
easat-11284	252	56	*	*	PUNCT
easat-11284	252	57	*	*	PUNCT
easat-11284	252	58	-0.0364	-0.0364	PROPN
easat-11284	252	59	*	*	PUNCT
easat-11284	252	60	*	*	PUNCT
easat-11284	252	61	*	*	PUNCT
easat-11284	252	62	(	(	PUNCT
easat-11284	252	63	0.0084	0.0084	NUM
easat-11284	252	64	)	)	PUNCT
easat-11284	252	65	(	(	PUNCT
easat-11284	252	66	0.0049	0.0049	NUM
easat-11284	252	67	)	)	PUNCT
easat-11284	252	68	em	em	PRON
easat-11284	252	69	0.0011	0.0011	NUM
easat-11284	252	70	-0.0002	-0.0002	NOUN
easat-11284	252	71	(	(	PUNCT
easat-11284	252	72	0.0012	0.0012	NUM
easat-11284	252	73	)	)	PUNCT
easat-11284	252	74	(	(	PUNCT
easat-11284	252	75	0.0008	0.0008	NUM
easat-11284	252	76	)	)	PUNCT
easat-11284	252	77	roe	roe	NOUN
easat-11284	252	78	0.0495	0.0495	NUM
easat-11284	252	79	*	*	PUNCT
easat-11284	252	80	*	*	PUNCT
easat-11284	252	81	*	*	PUNCT
easat-11284	252	82	-0.0053	-0.0053	ADJ
easat-11284	252	83	*	*	PUNCT
easat-11284	252	84	*	*	PUNCT
easat-11284	252	85	(	(	PUNCT
easat-11284	252	86	0.0047	0.0047	NUM
easat-11284	252	87	)	)	PUNCT
easat-11284	252	88	(	(	PUNCT
easat-11284	252	89	0.0026	0.0026	NUM
easat-11284	252	90	)	)	PUNCT
easat-11284	252	91	dual	dual	ADJ
easat-11284	252	92	0.0112	0.0112	NUM
easat-11284	252	93	*	*	NOUN
easat-11284	252	94	*	*	PUNCT
easat-11284	252	95	*	*	PUNCT
easat-11284	252	96	-0.0013	-0.0013	PUNCT
easat-11284	252	97	(	(	PUNCT
easat-11284	252	98	0.0020	0.0020	NUM
easat-11284	252	99	)	)	PUNCT
easat-11284	252	100	(	(	PUNCT
easat-11284	252	101	0.0012	0.0012	NUM
easat-11284	252	102	)	)	PUNCT
easat-11284	252	103	board	board	NOUN
easat-11284	252	104	0.0083	0.0083	NUM
easat-11284	252	105	0.0005	0.0005	NUM
easat-11284	252	106	(	(	PUNCT
easat-11284	252	107	0.0066	0.0066	NUM
easat-11284	252	108	)	)	PUNCT
easat-11284	252	109	(	(	PUNCT
easat-11284	252	110	0.0038	0.0038	NUM
easat-11284	252	111	)	)	PUNCT
easat-11284	252	112	individual	individual	ADJ
easat-11284	252	113	fixed	fix	VERB
easat-11284	252	114	effect	effect	NOUN
easat-11284	253	1	yes	yes	INTJ
easat-11284	253	2	yes	yes	INTJ
easat-11284	253	3	time	time	NOUN
easat-11284	253	4	fixed	fix	VERB
easat-11284	253	5	effect	effect	NOUN
easat-11284	254	1	yes	yes	INTJ
easat-11284	254	2	yes	yes	INTJ
easat-11284	254	3	constant	constant	ADJ
easat-11284	254	4	1.0131	1.0131	NUM
easat-11284	254	5	*	*	NOUN
easat-11284	254	6	*	*	PUNCT
easat-11284	254	7	*	*	PUNCT
easat-11284	254	8	0.1192	0.1192	NUM
easat-11284	254	9	*	*	PUNCT
easat-11284	254	10	*	*	PUNCT
easat-11284	254	11	*	*	PUNCT
easat-11284	254	12	(	(	PUNCT
easat-11284	254	13	0.0493	0.0493	NUM
easat-11284	254	14	)	)	PUNCT
easat-11284	254	15	(	(	PUNCT
easat-11284	254	16	0.0274	0.0274	NUM
easat-11284	254	17	)	)	PUNCT
easat-11284	254	18	observations	observation	NOUN
easat-11284	254	19	36,094	36,094	NUM
easat-11284	254	20	36,094	36,094	NUM
easat-11284	254	21	r	r	X
easat-11284	254	22	-	-	PUNCT
easat-11284	254	23	squared	square	VERB
easat-11284	254	24	0.911	0.911	NUM
easat-11284	254	25	0.683	0.683	NUM
easat-11284	254	26	5	5	NUM
easat-11284	254	27	.	.	PUNCT
easat-11284	254	28	conclusion	conclusion	NOUN
easat-11284	254	29	and	and	CCONJ
easat-11284	254	30	policy	policy	NOUN
easat-11284	254	31	recommendations	recommendation	NOUN
easat-11284	254	32	5.1	5.1	NUM
easat-11284	254	33	.	.	PUNCT
easat-11284	255	1	conclusion	conclusion	NOUN
easat-11284	255	2	this	this	DET
easat-11284	255	3	study	study	NOUN
easat-11284	255	4	,	,	PUNCT
easat-11284	255	5	based	base	VERB
easat-11284	255	6	on	on	ADP
easat-11284	255	7	data	datum	NOUN
easat-11284	255	8	from	from	ADP
easat-11284	255	9	china	china	PROPN
easat-11284	255	10	's	's	PART
easat-11284	255	11	a	a	DET
easat-11284	255	12	-	-	PUNCT
easat-11284	255	13	share	share	NOUN
easat-11284	255	14	listed	list	VERB
easat-11284	255	15	companies	company	NOUN
easat-11284	255	16	from	from	ADP
easat-11284	255	17	2009	2009	NUM
easat-11284	255	18	to	to	ADP
easat-11284	255	19	2023	2023	NUM
easat-11284	255	20	,	,	PUNCT
easat-11284	255	21	systematically	systematically	ADV
easat-11284	255	22	examined	examine	VERB
easat-11284	255	23	the	the	DET
easat-11284	255	24	mechanism	mechanism	NOUN
easat-11284	255	25	and	and	CCONJ
easat-11284	255	26	heterogeneity	heterogeneity	NOUN
easat-11284	255	27	of	of	ADP
easat-11284	255	28	the	the	DET
easat-11284	255	29	impact	impact	NOUN
easat-11284	255	30	of	of	ADP
easat-11284	255	31	the	the	DET
easat-11284	255	32	regional	regional	ADJ
easat-11284	255	33	business	business	NOUN
easat-11284	255	34	environment	environment	NOUN
easat-11284	255	35	on	on	ADP
easat-11284	255	36	corporate	corporate	ADJ
easat-11284	255	37	equity	equity	NOUN
easat-11284	255	38	structure	structure	NOUN
easat-11284	255	39	through	through	ADP
easat-11284	255	40	a	a	DET
easat-11284	255	41	fixed	fix	VERB
easat-11284	255	42	-	-	PUNCT
easat-11284	255	43	effects	effect	NOUN
easat-11284	255	44	model	model	NOUN
easat-11284	255	45	and	and	CCONJ
easat-11284	255	46	a	a	DET
easat-11284	255	47	mediating	mediate	VERB
easat-11284	255	48	effect	effect	NOUN
easat-11284	255	49	test	test	NOUN
easat-11284	255	50	.	.	PUNCT
easat-11284	256	1	the	the	DET
easat-11284	256	2	following	follow	VERB
easat-11284	256	3	core	core	NOUN
easat-11284	256	4	conclusions	conclusion	NOUN
easat-11284	256	5	were	be	AUX
easat-11284	256	6	drawn	draw	VERB
easat-11284	256	7	:	:	PUNCT
easat-11284	256	8	first	first	ADV
easat-11284	256	9	,	,	PUNCT
easat-11284	256	10	the	the	DET
easat-11284	256	11	optimization	optimization	NOUN
easat-11284	256	12	of	of	ADP
easat-11284	256	13	the	the	DET
easat-11284	256	14	business	business	NOUN
easat-11284	256	15	environment	environment	NOUN
easat-11284	256	16	significantly	significantly	ADV
easat-11284	256	17	promotes	promote	VERB
easat-11284	256	18	the	the	DET
easat-11284	256	19	diversification	diversification	NOUN
easat-11284	256	20	of	of	ADP
easat-11284	256	21	corporate	corporate	ADJ
easat-11284	256	22	equity	equity	NOUN
easat-11284	256	23	structure	structure	NOUN
easat-11284	256	24	.	.	PUNCT
easat-11284	257	1	the	the	DET
easat-11284	257	2	improvement	improvement	NOUN
easat-11284	257	3	of	of	ADP
easat-11284	257	4	the	the	DET
easat-11284	257	5	regional	regional	ADJ
easat-11284	257	6	business	business	NOUN
easat-11284	257	7	environment	environment	NOUN
easat-11284	257	8	has	have	VERB
easat-11284	257	9	a	a	DET
easat-11284	257	10	significant	significant	ADJ
easat-11284	257	11	positive	positive	ADJ
easat-11284	257	12	effect	effect	NOUN
easat-11284	257	13	on	on	ADP
easat-11284	257	14	increasing	increase	VERB
easat-11284	257	15	the	the	DET
easat-11284	257	16	proportion	proportion	NOUN
easat-11284	257	17	of	of	ADP
easat-11284	257	18	private	private	ADJ
easat-11284	257	19	enterprises	enterprise	NOUN
easat-11284	257	20	.	.	PUNCT
easat-11284	258	1	for	for	ADP
easat-11284	258	2	every	every	DET
easat-11284	258	3	1	1	NUM
easat-11284	258	4	-	-	PUNCT
easat-11284	258	5	unit	unit	NOUN
easat-11284	258	6	increase	increase	NOUN
easat-11284	258	7	in	in	ADP
easat-11284	258	8	the	the	DET
easat-11284	258	9	business	business	NOUN
easat-11284	258	10	environment	environment	NOUN
easat-11284	258	11	index	index	NOUN
easat-11284	258	12	(	(	PUNCT
easat-11284	258	13	bhar	bhar	PROPN
easat-11284	258	14	)	)	PUNCT
easat-11284	258	15	,	,	PUNCT
easat-11284	258	16	the	the	DET
easat-11284	258	17	proportion	proportion	NOUN
easat-11284	258	18	of	of	ADP
easat-11284	258	19	state	state	NOUN
easat-11284	258	20	-	-	PUNCT
easat-11284	258	21	owned	own	VERB
easat-11284	258	22	enterprises	enterprise	NOUN
easat-11284	258	23	decreases	decrease	VERB
easat-11284	258	24	by	by	ADP
easat-11284	258	25	3.16	3.16	NUM
easat-11284	258	26	%	%	NOUN
easat-11284	258	27	,	,	PUNCT
easat-11284	258	28	indicating	indicate	VERB
easat-11284	258	29	that	that	SCONJ
easat-11284	258	30	a	a	DET
easat-11284	258	31	favorable	favorable	ADJ
easat-11284	258	32	business	business	NOUN
easat-11284	258	33	environment	environment	NOUN
easat-11284	258	34	creates	create	VERB
easat-11284	258	35	a	a	DET
easat-11284	258	36	fairer	fair	ADJ
easat-11284	258	37	market	market	NOUN
easat-11284	258	38	competition	competition	NOUN
easat-11284	258	39	environment	environment	NOUN
easat-11284	258	40	for	for	ADP
easat-11284	258	41	private	private	ADJ
easat-11284	258	42	enterprises	enterprise	NOUN
easat-11284	258	43	by	by	ADP
easat-11284	258	44	reducing	reduce	VERB
easat-11284	258	45	institutional	institutional	ADJ
easat-11284	258	46	transaction	transaction	NOUN
easat-11284	258	47	costs	cost	NOUN
easat-11284	258	48	and	and	CCONJ
easat-11284	258	49	broadening	broaden	VERB
easat-11284	258	50	financing	financing	NOUN
easat-11284	258	51	channels	channel	NOUN
easat-11284	258	52	.	.	PUNCT
easat-11284	259	1	this	this	DET
easat-11284	259	2	finding	finding	NOUN
easat-11284	259	3	validates	validate	VERB
easat-11284	259	4	the	the	DET
easat-11284	259	5	core	core	ADJ
easat-11284	259	6	tenet	tenet	NOUN
easat-11284	259	7	of	of	ADP
easat-11284	259	8	the	the	DET
easat-11284	259	9	resource	resource	NOUN
easat-11284	259	10	dependence	dependence	NOUN
easat-11284	259	11	theory	theory	NOUN
easat-11284	259	12	,	,	PUNCT
easat-11284	259	13	namely	namely	ADV
easat-11284	259	14	that	that	SCONJ
easat-11284	259	15	the	the	DET
easat-11284	259	16	quality	quality	NOUN
easat-11284	259	17	of	of	ADP
easat-11284	259	18	the	the	DET
easat-11284	259	19	external	external	ADJ
easat-11284	259	20	environment	environment	NOUN
easat-11284	259	21	directly	directly	ADV
easat-11284	259	22	influences	influence	VERB
easat-11284	259	23	a	a	DET
easat-11284	259	24	firm	firm	NOUN
easat-11284	259	25	's	's	PART
easat-11284	259	26	resource	resource	NOUN
easat-11284	259	27	acquisition	acquisition	NOUN
easat-11284	259	28	methods	method	NOUN
easat-11284	259	29	and	and	CCONJ
easat-11284	259	30	governance	governance	NOUN
easat-11284	259	31	structure	structure	NOUN
easat-11284	259	32	choices	choice	NOUN
easat-11284	259	33	.	.	PUNCT
easat-11284	260	1	second	second	ADJ
easat-11284	260	2	,	,	PUNCT
easat-11284	260	3	regional	regional	ADJ
easat-11284	260	4	heterogeneity	heterogeneity	NOUN
easat-11284	260	5	is	be	AUX
easat-11284	260	6	significant	significant	ADJ
easat-11284	260	7	.	.	PUNCT
easat-11284	261	1	the	the	DET
easat-11284	261	2	effect	effect	NOUN
easat-11284	261	3	of	of	ADP
easat-11284	261	4	business	business	NOUN
easat-11284	261	5	environment	environment	NOUN
easat-11284	261	6	optimization	optimization	NOUN
easat-11284	261	7	on	on	ADP
easat-11284	261	8	equity	equity	NOUN
easat-11284	261	9	structure	structure	NOUN
easat-11284	261	10	is	be	AUX
easat-11284	261	11	significant	significant	ADJ
easat-11284	261	12	at	at	ADP
easat-11284	261	13	the	the	DET
easat-11284	261	14	5	5	NUM
easat-11284	261	15	%	%	NOUN
easat-11284	261	16	level	level	NOUN
easat-11284	261	17	in	in	ADP
easat-11284	261	18	the	the	DET
easat-11284	261	19	eastern	eastern	ADJ
easat-11284	261	20	region	region	NOUN
easat-11284	261	21	,	,	PUNCT
easat-11284	261	22	but	but	CCONJ
easat-11284	261	23	it	it	PRON
easat-11284	261	24	did	do	AUX
easat-11284	261	25	not	not	PART
easat-11284	261	26	pass	pass	VERB
easat-11284	261	27	the	the	DET
easat-11284	261	28	significance	significance	NOUN
easat-11284	261	29	test	test	NOUN
easat-11284	261	30	in	in	ADP
easat-11284	261	31	the	the	DET
easat-11284	261	32	central	central	ADJ
easat-11284	261	33	and	and	CCONJ
easat-11284	261	34	western	western	ADJ
easat-11284	261	35	regions	region	NOUN
easat-11284	261	36	.	.	PUNCT
easat-11284	262	1	this	this	DET
easat-11284	262	2	disparity	disparity	NOUN
easat-11284	262	3	stems	stem	VERB
easat-11284	262	4	from	from	ADP
easat-11284	262	5	the	the	DET
easat-11284	262	6	more	more	ADJ
easat-11284	262	7	107	107	NUM
easat-11284	262	8	edelweiss	edelweiss	PROPN
easat-11284	262	9	applied	apply	VERB
easat-11284	262	10	science	science	NOUN
easat-11284	262	11	and	and	CCONJ
easat-11284	262	12	technology	technology	NOUN
easat-11284	262	13	issn	issn	PROPN
easat-11284	262	14	:	:	PUNCT
easat-11284	262	15	2576	2576	NUM
easat-11284	262	16	-	-	SYM
easat-11284	262	17	8484	8484	NUM
easat-11284	262	18	vol	vol	NOUN
easat-11284	262	19	.	.	PROPN
easat-11284	263	1	9	9	NUM
easat-11284	263	2	,	,	PUNCT
easat-11284	263	3	no	no	INTJ
easat-11284	263	4	.	.	NOUN
easat-11284	263	5	12	12	NUM
easat-11284	263	6	:	:	PUNCT
easat-11284	263	7	93	93	NUM
easat-11284	263	8	-	-	SYM
easat-11284	263	9	108	108	NUM
easat-11284	263	10	,	,	PUNCT
easat-11284	263	11	2025	2025	NUM
easat-11284	263	12	doi	doi	NOUN
easat-11284	263	13	:	:	PUNCT
easat-11284	263	14	10.55214/2576	10.55214/2576	NUM
easat-11284	263	15	-	-	SYM
easat-11284	263	16	8484.v9i12.11284	8484.v9i12.11284	NUM
easat-11284	263	17	©	©	PROPN
easat-11284	263	18	2025	2025	NUM
easat-11284	263	19	by	by	ADP
easat-11284	263	20	the	the	DET
easat-11284	263	21	authors	author	NOUN
easat-11284	263	22	;	;	PUNCT
easat-11284	263	23	licensee	licensee	PROPN
easat-11284	263	24	learning	learn	VERB
easat-11284	263	25	gate	gate	PROPN
easat-11284	263	26	comprehensive	comprehensive	ADJ
easat-11284	263	27	financial	financial	ADJ
easat-11284	263	28	market	market	NOUN
easat-11284	263	29	system	system	NOUN
easat-11284	263	30	,	,	PUNCT
easat-11284	263	31	higher	high	ADJ
easat-11284	263	32	level	level	NOUN
easat-11284	263	33	of	of	ADP
easat-11284	263	34	government	government	NOUN
easat-11284	263	35	service	service	NOUN
easat-11284	263	36	efficiency	efficiency	NOUN
easat-11284	263	37	,	,	PUNCT
easat-11284	263	38	and	and	CCONJ
easat-11284	263	39	more	more	ADV
easat-11284	263	40	vibrant	vibrant	ADJ
easat-11284	263	41	venture	venture	NOUN
easat-11284	263	42	capital	capital	NOUN
easat-11284	263	43	ecosystem	ecosystem	NOUN
easat-11284	263	44	in	in	ADP
easat-11284	263	45	the	the	DET
easat-11284	263	46	eastern	eastern	ADJ
easat-11284	263	47	region	region	NOUN
easat-11284	263	48	.	.	PUNCT
easat-11284	264	1	third	third	ADV
easat-11284	264	2	,	,	PUNCT
easat-11284	264	3	the	the	DET
easat-11284	264	4	mediating	mediate	VERB
easat-11284	264	5	effect	effect	NOUN
easat-11284	264	6	via	via	ADP
easat-11284	264	7	the	the	DET
easat-11284	264	8	financialization	financialization	NOUN
easat-11284	264	9	path	path	NOUN
easat-11284	264	10	is	be	AUX
easat-11284	264	11	significant	significant	ADJ
easat-11284	264	12	.	.	PUNCT
easat-11284	265	1	the	the	DET
easat-11284	265	2	mechanism	mechanism	NOUN
easat-11284	265	3	test	test	NOUN
easat-11284	265	4	reveals	reveal	VERB
easat-11284	265	5	that	that	SCONJ
easat-11284	265	6	optimizing	optimize	VERB
easat-11284	265	7	the	the	DET
easat-11284	265	8	business	business	NOUN
easat-11284	265	9	environment	environment	NOUN
easat-11284	265	10	indirectly	indirectly	ADV
easat-11284	265	11	promotes	promote	VERB
easat-11284	265	12	the	the	DET
easat-11284	265	13	optimization	optimization	NOUN
easat-11284	265	14	of	of	ADP
easat-11284	265	15	the	the	DET
easat-11284	265	16	equity	equity	NOUN
easat-11284	265	17	structure	structure	NOUN
easat-11284	265	18	by	by	ADP
easat-11284	265	19	reducing	reduce	VERB
easat-11284	265	20	the	the	DET
easat-11284	265	21	degree	degree	NOUN
easat-11284	265	22	of	of	ADP
easat-11284	265	23	corporate	corporate	ADJ
easat-11284	265	24	financialization	financialization	NOUN
easat-11284	265	25	.	.	PUNCT
easat-11284	266	1	5.2	5.2	NUM
easat-11284	266	2	.	.	PUNCT
easat-11284	267	1	policy	policy	NOUN
easat-11284	267	2	recommendations	recommendation	NOUN
easat-11284	267	3	5.2.1	5.2.1	NUM
easat-11284	267	4	.	.	PUNCT
easat-11284	267	5	develop	develop	VERB
easat-11284	267	6	differentiated	differentiated	ADJ
easat-11284	267	7	strategies	strategy	NOUN
easat-11284	267	8	for	for	ADP
easat-11284	267	9	promoting	promote	VERB
easat-11284	267	10	business	business	NOUN
easat-11284	267	11	environment	environment	NOUN
easat-11284	267	12	optimization	optimization	NOUN
easat-11284	267	13	the	the	DET
easat-11284	267	14	eastern	eastern	ADJ
easat-11284	267	15	region	region	NOUN
easat-11284	267	16	should	should	AUX
easat-11284	267	17	focus	focus	VERB
easat-11284	267	18	on	on	ADP
easat-11284	267	19	institutional	institutional	ADJ
easat-11284	267	20	openness	openness	NOUN
easat-11284	267	21	,	,	PUNCT
easat-11284	267	22	pilot	pilot	VERB
easat-11284	267	23	a	a	DET
easat-11284	267	24	negative	negative	ADJ
easat-11284	267	25	list	list	NOUN
easat-11284	267	26	management	management	NOUN
easat-11284	267	27	model	model	NOUN
easat-11284	267	28	,	,	PUNCT
easat-11284	267	29	improve	improve	VERB
easat-11284	267	30	the	the	DET
easat-11284	267	31	private	private	ADJ
easat-11284	267	32	equity	equity	NOUN
easat-11284	267	33	secondary	secondary	ADJ
easat-11284	267	34	market	market	NOUN
easat-11284	267	35	,	,	PUNCT
easat-11284	267	36	and	and	CCONJ
easat-11284	267	37	promote	promote	VERB
easat-11284	267	38	the	the	DET
easat-11284	267	39	linkage	linkage	NOUN
easat-11284	267	40	between	between	ADP
easat-11284	267	41	regional	regional	ADJ
easat-11284	267	42	equity	equity	NOUN
easat-11284	267	43	trading	trading	NOUN
easat-11284	267	44	centers	center	NOUN
easat-11284	267	45	and	and	CCONJ
easat-11284	267	46	the	the	DET
easat-11284	267	47	star	star	NOUN
easat-11284	267	48	market	market	NOUN
easat-11284	267	49	(	(	PUNCT
easat-11284	267	50	science	science	NOUN
easat-11284	267	51	and	and	CCONJ
easat-11284	267	52	technology	technology	NOUN
easat-11284	267	53	innovation	innovation	NOUN
easat-11284	267	54	board	board	PROPN
easat-11284	267	55	)	)	PUNCT
easat-11284	267	56	.	.	PUNCT
easat-11284	268	1	for	for	ADP
easat-11284	268	2	example	example	NOUN
easat-11284	268	3	,	,	PUNCT
easat-11284	268	4	it	it	PRON
easat-11284	268	5	can	can	AUX
easat-11284	268	6	draw	draw	VERB
easat-11284	268	7	on	on	ADP
easat-11284	268	8	shenzhen	shenzhen	PROPN
easat-11284	268	9	's	's	PART
easat-11284	268	10	"	"	PUNCT
easat-11284	268	11	instant	instant	ADJ
easat-11284	268	12	approval	approval	NOUN
easat-11284	268	13	"	"	PUNCT
easat-11284	268	14	enterprise	enterprise	NOUN
easat-11284	268	15	registration	registration	NOUN
easat-11284	268	16	system	system	NOUN
easat-11284	268	17	to	to	PART
easat-11284	268	18	compress	compress	VERB
easat-11284	268	19	the	the	DET
easat-11284	268	20	average	average	ADJ
easat-11284	268	21	time	time	NOUN
easat-11284	268	22	required	require	VERB
easat-11284	268	23	for	for	ADP
easat-11284	268	24	enterprise	enterprise	NOUN
easat-11284	268	25	establishment	establishment	NOUN
easat-11284	268	26	.	.	PUNCT
easat-11284	269	1	simultaneously	simultaneously	ADV
easat-11284	269	2	,	,	PUNCT
easat-11284	269	3	the	the	DET
easat-11284	269	4	central	central	ADJ
easat-11284	269	5	and	and	CCONJ
easat-11284	269	6	western	western	ADJ
easat-11284	269	7	regions	region	NOUN
easat-11284	269	8	need	need	VERB
easat-11284	269	9	to	to	PART
easat-11284	269	10	strengthen	strengthen	VERB
easat-11284	269	11	infrastructure	infrastructure	NOUN
easat-11284	269	12	and	and	CCONJ
easat-11284	269	13	legal	legal	ADJ
easat-11284	269	14	guarantees	guarantee	NOUN
easat-11284	269	15	and	and	CCONJ
easat-11284	269	16	establish	establish	VERB
easat-11284	269	17	a	a	DET
easat-11284	269	18	cross	cross	ADJ
easat-11284	269	19	-	-	ADJ
easat-11284	269	20	regional	regional	ADJ
easat-11284	269	21	compensation	compensation	NOUN
easat-11284	269	22	mechanism	mechanism	NOUN
easat-11284	269	23	for	for	ADP
easat-11284	269	24	the	the	DET
easat-11284	269	25	business	business	NOUN
easat-11284	269	26	environment	environment	NOUN
easat-11284	269	27	.	.	PUNCT
easat-11284	270	1	it	it	PRON
easat-11284	270	2	is	be	AUX
easat-11284	270	3	suggested	suggest	VERB
easat-11284	270	4	that	that	SCONJ
easat-11284	270	5	the	the	DET
easat-11284	270	6	coverage	coverage	NOUN
easat-11284	270	7	rate	rate	NOUN
easat-11284	270	8	of	of	ADP
easat-11284	270	9	"	"	PUNCT
easat-11284	270	10	all	all	ADV
easat-11284	270	11	-	-	PUNCT
easat-11284	270	12	in	in	ADP
easat-11284	270	13	-	-	PUNCT
easat-11284	270	14	one	one	NOUN
easat-11284	270	15	"	"	PUNCT
easat-11284	270	16	government	government	NOUN
easat-11284	270	17	services	service	NOUN
easat-11284	270	18	be	be	AUX
easat-11284	270	19	incorporated	incorporate	VERB
easat-11284	270	20	into	into	ADP
easat-11284	270	21	the	the	DET
easat-11284	270	22	local	local	ADJ
easat-11284	270	23	government	government	NOUN
easat-11284	270	24	assessment	assessment	NOUN
easat-11284	270	25	system	system	NOUN
easat-11284	270	26	,	,	PUNCT
easat-11284	270	27	and	and	CCONJ
easat-11284	270	28	special	special	ADJ
easat-11284	270	29	funds	fund	NOUN
easat-11284	270	30	be	be	AUX
easat-11284	270	31	set	set	VERB
easat-11284	270	32	up	up	ADP
easat-11284	270	33	to	to	PART
easat-11284	270	34	compensate	compensate	VERB
easat-11284	270	35	for	for	ADP
easat-11284	270	36	the	the	DET
easat-11284	270	37	increased	increase	VERB
easat-11284	270	38	institutional	institutional	ADJ
easat-11284	270	39	costs	cost	NOUN
easat-11284	270	40	resulting	result	VERB
easat-11284	270	41	from	from	ADP
easat-11284	270	42	raised	raise	VERB
easat-11284	270	43	environmental	environmental	ADJ
easat-11284	270	44	standards	standard	NOUN
easat-11284	270	45	.	.	PUNCT
easat-11284	271	1	5.2.2	5.2.2	X
easat-11284	271	2	.	.	X
easat-11284	272	1	improve	improve	VERB
easat-11284	272	2	the	the	DET
easat-11284	272	3	synergistic	synergistic	ADJ
easat-11284	272	4	mechanism	mechanism	NOUN
easat-11284	272	5	between	between	ADP
easat-11284	272	6	business	business	NOUN
easat-11284	272	7	environment	environment	NOUN
easat-11284	272	8	and	and	CCONJ
easat-11284	272	9	corporate	corporate	ADJ
easat-11284	272	10	governance	governance	NOUN
easat-11284	272	11	at	at	ADP
easat-11284	272	12	the	the	DET
easat-11284	272	13	policy	policy	NOUN
easat-11284	272	14	level	level	NOUN
easat-11284	272	15	,	,	PUNCT
easat-11284	272	16	there	there	PRON
easat-11284	272	17	is	be	VERB
easat-11284	272	18	a	a	DET
easat-11284	272	19	need	need	NOUN
easat-11284	272	20	to	to	PART
easat-11284	272	21	link	link	VERB
easat-11284	272	22	the	the	DET
easat-11284	272	23	reform	reform	NOUN
easat-11284	272	24	in	in	ADP
easat-11284	272	25	simplifying	simplify	VERB
easat-11284	272	26	administration	administration	NOUN
easat-11284	272	27	and	and	CCONJ
easat-11284	272	28	delegating	delegate	VERB
easat-11284	272	29	power	power	NOUN
easat-11284	272	30	,	,	PUNCT
easat-11284	272	31	combining	combine	VERB
easat-11284	272	32	decentralization	decentralization	NOUN
easat-11284	272	33	and	and	CCONJ
easat-11284	272	34	management	management	NOUN
easat-11284	272	35	,	,	PUNCT
easat-11284	272	36	and	and	CCONJ
easat-11284	272	37	optimizing	optimize	VERB
easat-11284	272	38	services	service	NOUN
easat-11284	272	39	with	with	ADP
easat-11284	272	40	the	the	DET
easat-11284	272	41	revision	revision	NOUN
easat-11284	272	42	of	of	ADP
easat-11284	272	43	the	the	DET
easat-11284	272	44	company	company	NOUN
easat-11284	272	45	law	law	NOUN
easat-11284	272	46	,	,	PUNCT
easat-11284	272	47	and	and	CCONJ
easat-11284	272	48	to	to	PART
easat-11284	272	49	embed	embed	VERB
easat-11284	272	50	esg	esg	PROPN
easat-11284	272	51	information	information	NOUN
easat-11284	272	52	disclosure	disclosure	NOUN
easat-11284	272	53	requirements	requirement	NOUN
easat-11284	272	54	into	into	ADP
easat-11284	272	55	the	the	DET
easat-11284	272	56	business	business	NOUN
easat-11284	272	57	environment	environment	NOUN
easat-11284	272	58	evaluation	evaluation	NOUN
easat-11284	272	59	system	system	NOUN
easat-11284	272	60	.	.	PUNCT
easat-11284	273	1	financial	financial	ADJ
easat-11284	273	2	regulation	regulation	NOUN
easat-11284	273	3	should	should	AUX
easat-11284	273	4	guide	guide	VERB
easat-11284	273	5	the	the	DET
easat-11284	273	6	development	development	NOUN
easat-11284	273	7	of	of	ADP
easat-11284	273	8	regional	regional	ADJ
easat-11284	273	9	equity	equity	NOUN
easat-11284	273	10	markets	market	NOUN
easat-11284	273	11	and	and	CCONJ
easat-11284	273	12	provide	provide	VERB
easat-11284	273	13	policy	policy	NOUN
easat-11284	273	14	support	support	NOUN
easat-11284	273	15	to	to	ADP
easat-11284	273	16	private	private	ADJ
easat-11284	273	17	enterprises	enterprise	NOUN
easat-11284	273	18	registered	register	VERB
easat-11284	273	19	in	in	ADP
easat-11284	273	20	exemplary	exemplary	ADJ
easat-11284	273	21	business	business	NOUN
easat-11284	273	22	environment	environment	NOUN
easat-11284	273	23	zones	zone	NOUN
easat-11284	273	24	,	,	PUNCT
easat-11284	273	25	such	such	ADJ
easat-11284	273	26	as	as	ADP
easat-11284	273	27	filing	filing	NOUN
easat-11284	273	28	-	-	PUNCT
easat-11284	273	29	based	base	VERB
easat-11284	273	30	registration	registration	NOUN
easat-11284	273	31	for	for	ADP
easat-11284	273	32	bond	bond	NOUN
easat-11284	273	33	issuance	issuance	NOUN
easat-11284	273	34	quotas	quota	NOUN
easat-11284	273	35	and	and	CCONJ
easat-11284	273	36	a	a	DET
easat-11284	273	37	green	green	ADJ
easat-11284	273	38	channel	channel	NOUN
easat-11284	273	39	for	for	ADP
easat-11284	273	40	board	board	NOUN
easat-11284	273	41	transfers	transfer	NOUN
easat-11284	273	42	.	.	PUNCT
easat-11284	274	1	at	at	ADP
easat-11284	274	2	the	the	DET
easat-11284	274	3	same	same	ADJ
easat-11284	274	4	time	time	NOUN
easat-11284	274	5	,	,	PUNCT
easat-11284	274	6	it	it	PRON
easat-11284	274	7	is	be	AUX
easat-11284	274	8	crucial	crucial	ADJ
easat-11284	274	9	to	to	PART
easat-11284	274	10	establish	establish	VERB
easat-11284	274	11	a	a	DET
easat-11284	274	12	sound	sound	ADJ
easat-11284	274	13	legal	legal	ADJ
easat-11284	274	14	and	and	CCONJ
easat-11284	274	15	regulatory	regulatory	ADJ
easat-11284	274	16	system	system	NOUN
easat-11284	274	17	,	,	PUNCT
easat-11284	274	18	strengthen	strengthen	VERB
easat-11284	274	19	the	the	DET
easat-11284	274	20	protection	protection	NOUN
easat-11284	274	21	of	of	ADP
easat-11284	274	22	investors	investor	NOUN
easat-11284	274	23	'	'	PART
easat-11284	274	24	rights	right	NOUN
easat-11284	274	25	and	and	CCONJ
easat-11284	274	26	interests	interest	NOUN
easat-11284	274	27	,	,	PUNCT
easat-11284	274	28	and	and	CCONJ
easat-11284	274	29	reduce	reduce	VERB
easat-11284	274	30	corporate	corporate	ADJ
easat-11284	274	31	legal	legal	ADJ
easat-11284	274	32	risks	risk	NOUN
easat-11284	274	33	.	.	PUNCT
easat-11284	275	1	furthermore	furthermore	ADV
easat-11284	275	2	,	,	PUNCT
easat-11284	275	3	supervision	supervision	NOUN
easat-11284	275	4	over	over	ADP
easat-11284	275	5	major	major	ADJ
easat-11284	275	6	shareholders	shareholder	NOUN
easat-11284	275	7	should	should	AUX
easat-11284	275	8	be	be	AUX
easat-11284	275	9	intensified	intensify	VERB
easat-11284	275	10	to	to	PART
easat-11284	275	11	prevent	prevent	VERB
easat-11284	275	12	them	they	PRON
easat-11284	275	13	from	from	ADP
easat-11284	275	14	harming	harm	VERB
easat-11284	275	15	the	the	DET
easat-11284	275	16	interests	interest	NOUN
easat-11284	275	17	of	of	ADP
easat-11284	275	18	minority	minority	NOUN
easat-11284	275	19	shareholders	shareholder	NOUN
easat-11284	275	20	through	through	ADP
easat-11284	275	21	actions	action	NOUN
easat-11284	275	22	like	like	ADP
easat-11284	275	23	tunneling	tunneling	NOUN
easat-11284	275	24	,	,	PUNCT
easat-11284	275	25	thereby	thereby	ADV
easat-11284	275	26	maintaining	maintain	VERB
easat-11284	275	27	a	a	DET
easat-11284	275	28	fair	fair	ADJ
easat-11284	275	29	market	market	NOUN
easat-11284	275	30	competition	competition	NOUN
easat-11284	275	31	environment	environment	NOUN
easat-11284	275	32	.	.	PUNCT
easat-11284	276	1	5.2.3	5.2.3	X
easat-11284	276	2	.	.	X
easat-11284	276	3	focus	focus	VERB
easat-11284	276	4	on	on	ADP
easat-11284	276	5	the	the	DET
easat-11284	276	6	construction	construction	NOUN
easat-11284	276	7	of	of	ADP
easat-11284	276	8	informal	informal	ADJ
easat-11284	276	9	institutions	institution	NOUN
easat-11284	276	10	in	in	ADP
easat-11284	276	11	addition	addition	NOUN
easat-11284	276	12	to	to	ADP
easat-11284	276	13	formal	formal	ADJ
easat-11284	276	14	laws	law	NOUN
easat-11284	276	15	and	and	CCONJ
easat-11284	276	16	regulations	regulation	NOUN
easat-11284	276	17	,	,	PUNCT
easat-11284	276	18	attention	attention	NOUN
easat-11284	276	19	should	should	AUX
easat-11284	276	20	also	also	ADV
easat-11284	276	21	be	be	AUX
easat-11284	276	22	paid	pay	VERB
easat-11284	276	23	to	to	ADP
easat-11284	276	24	the	the	DET
easat-11284	276	25	construction	construction	NOUN
easat-11284	276	26	of	of	ADP
easat-11284	276	27	informal	informal	ADJ
easat-11284	276	28	institutions	institution	NOUN
easat-11284	276	29	,	,	PUNCT
easat-11284	276	30	such	such	ADJ
easat-11284	276	31	as	as	ADP
easat-11284	276	32	enhancing	enhance	VERB
easat-11284	276	33	social	social	ADJ
easat-11284	276	34	trust	trust	NOUN
easat-11284	276	35	and	and	CCONJ
easat-11284	276	36	strengthening	strengthen	VERB
easat-11284	276	37	corporate	corporate	ADJ
easat-11284	276	38	culture	culture	NOUN
easat-11284	276	39	.	.	PUNCT
easat-11284	277	1	this	this	PRON
easat-11284	277	2	will	will	AUX
easat-11284	277	3	help	help	VERB
easat-11284	277	4	form	form	VERB
easat-11284	277	5	a	a	DET
easat-11284	277	6	more	more	ADV
easat-11284	277	7	open	open	ADJ
easat-11284	277	8	and	and	CCONJ
easat-11284	277	9	inclusive	inclusive	ADJ
easat-11284	277	10	corporate	corporate	ADJ
easat-11284	277	11	cultural	cultural	ADJ
easat-11284	277	12	atmosphere	atmosphere	NOUN
easat-11284	277	13	,	,	PUNCT
easat-11284	277	14	facilitating	facilitate	VERB
easat-11284	277	15	the	the	DET
easat-11284	277	16	rational	rational	ADJ
easat-11284	277	17	adjustment	adjustment	NOUN
easat-11284	277	18	and	and	CCONJ
easat-11284	277	19	optimization	optimization	NOUN
easat-11284	277	20	of	of	ADP
easat-11284	277	21	the	the	DET
easat-11284	277	22	corporate	corporate	ADJ
easat-11284	277	23	equity	equity	NOUN
easat-11284	277	24	structure	structure	NOUN
easat-11284	277	25	.	.	PUNCT
easat-11284	278	1	moreover	moreover	ADV
easat-11284	278	2	,	,	PUNCT
easat-11284	278	3	enterprises	enterprise	NOUN
easat-11284	278	4	should	should	AUX
easat-11284	278	5	be	be	AUX
easat-11284	278	6	encouraged	encourage	VERB
easat-11284	278	7	to	to	PART
easat-11284	278	8	innovate	innovate	VERB
easat-11284	278	9	their	their	PRON
easat-11284	278	10	equity	equity	NOUN
easat-11284	278	11	structure	structure	NOUN
easat-11284	278	12	based	base	VERB
easat-11284	278	13	on	on	ADP
easat-11284	278	14	their	their	PRON
easat-11284	278	15	own	own	ADJ
easat-11284	278	16	development	development	NOUN
easat-11284	278	17	needs	need	NOUN
easat-11284	278	18	and	and	CCONJ
easat-11284	278	19	the	the	DET
easat-11284	278	20	characteristics	characteristic	NOUN
easat-11284	278	21	of	of	ADP
easat-11284	278	22	the	the	DET
easat-11284	278	23	local	local	ADJ
easat-11284	278	24	business	business	NOUN
easat-11284	278	25	environment	environment	NOUN
easat-11284	278	26	,	,	PUNCT
easat-11284	278	27	while	while	SCONJ
easat-11284	278	28	adhering	adhere	VERB
easat-11284	278	29	to	to	ADP
easat-11284	278	30	laws	law	NOUN
easat-11284	278	31	and	and	CCONJ
easat-11284	278	32	regulations	regulation	NOUN
easat-11284	278	33	.	.	PUNCT
easat-11284	279	1	transparency	transparency	NOUN
easat-11284	279	2	:	:	PUNCT
easat-11284	279	3	the	the	DET
easat-11284	279	4	authors	author	NOUN
easat-11284	279	5	confirm	confirm	VERB
easat-11284	279	6	that	that	SCONJ
easat-11284	279	7	the	the	DET
easat-11284	279	8	manuscript	manuscript	NOUN
easat-11284	279	9	is	be	AUX
easat-11284	279	10	an	an	DET
easat-11284	279	11	honest	honest	ADJ
easat-11284	279	12	,	,	PUNCT
easat-11284	279	13	accurate	accurate	ADJ
easat-11284	279	14	,	,	PUNCT
easat-11284	279	15	and	and	CCONJ
easat-11284	279	16	transparent	transparent	ADJ
easat-11284	279	17	account	account	NOUN
easat-11284	279	18	of	of	ADP
easat-11284	279	19	the	the	DET
easat-11284	279	20	study	study	NOUN
easat-11284	279	21	;	;	PUNCT
easat-11284	279	22	that	that	SCONJ
easat-11284	279	23	no	no	DET
easat-11284	279	24	vital	vital	ADJ
easat-11284	279	25	features	feature	NOUN
easat-11284	279	26	of	of	ADP
easat-11284	279	27	the	the	DET
easat-11284	279	28	study	study	NOUN
easat-11284	279	29	have	have	AUX
easat-11284	279	30	been	be	AUX
easat-11284	279	31	omitted	omit	VERB
easat-11284	279	32	;	;	PUNCT
easat-11284	279	33	and	and	CCONJ
easat-11284	279	34	that	that	SCONJ
easat-11284	279	35	any	any	DET
easat-11284	279	36	discrepancies	discrepancy	NOUN
easat-11284	279	37	from	from	ADP
easat-11284	279	38	the	the	DET
easat-11284	279	39	study	study	NOUN
easat-11284	279	40	as	as	SCONJ
easat-11284	279	41	planned	plan	VERB
easat-11284	279	42	have	have	AUX
easat-11284	279	43	been	be	AUX
easat-11284	279	44	explained	explain	VERB
easat-11284	279	45	.	.	PUNCT
easat-11284	280	1	this	this	DET
easat-11284	280	2	study	study	NOUN
easat-11284	280	3	followed	follow	VERB
easat-11284	280	4	all	all	DET
easat-11284	280	5	ethical	ethical	ADJ
easat-11284	280	6	practices	practice	NOUN
easat-11284	280	7	during	during	ADP
easat-11284	280	8	writing	writing	NOUN
easat-11284	280	9	.	.	PUNCT
easat-11284	281	1	copyright	copyright	NOUN
easat-11284	281	2	:	:	PUNCT
easat-11284	281	3	©	©	PROPN
easat-11284	281	4	2025	2025	NUM
easat-11284	281	5	by	by	ADP
easat-11284	281	6	the	the	DET
easat-11284	281	7	authors	author	NOUN
easat-11284	281	8	.	.	PUNCT
easat-11284	282	1	this	this	DET
easat-11284	282	2	article	article	NOUN
easat-11284	282	3	is	be	AUX
easat-11284	282	4	an	an	DET
easat-11284	282	5	open	open	ADJ
easat-11284	282	6	-	-	PUNCT
easat-11284	282	7	access	access	NOUN
easat-11284	282	8	article	article	NOUN
easat-11284	282	9	distributed	distribute	VERB
easat-11284	282	10	under	under	ADP
easat-11284	282	11	the	the	DET
easat-11284	282	12	terms	term	NOUN
easat-11284	282	13	and	and	CCONJ
easat-11284	282	14	conditions	condition	NOUN
easat-11284	282	15	of	of	ADP
easat-11284	282	16	the	the	DET
easat-11284	282	17	creative	creative	ADJ
easat-11284	282	18	commons	common	NOUN
easat-11284	282	19	attribution	attribution	NOUN
easat-11284	282	20	(	(	PUNCT
easat-11284	282	21	cc	cc	NOUN
easat-11284	282	22	by	by	ADP
easat-11284	282	23	)	)	PUNCT
easat-11284	282	24	license	license	NOUN
easat-11284	282	25	(	(	PUNCT
easat-11284	282	26	https://creativecommons.org/licenses/by/4.0/	https://creativecommons.org/licenses/by/4.0/	PROPN
easat-11284	282	27	)	)	PUNCT
easat-11284	282	28	.	.	PUNCT
easat-11284	283	1	references	reference	NOUN
easat-11284	283	2	[	[	X
easat-11284	283	3	1	1	NUM
easat-11284	283	4	]	]	PUNCT
easat-11284	283	5	d.	d.	PROPN
easat-11284	283	6	simeon	simeon	PROPN
easat-11284	283	7	,	,	PUNCT
easat-11284	283	8	l.	l.	PROPN
easat-11284	283	9	p.	p.	PROPN
easat-11284	283	10	rafael	rafael	PROPN
easat-11284	283	11	,	,	PUNCT
easat-11284	283	12	l.	l.	PROPN
easat-11284	283	13	d.	d.	PROPN
easat-11284	283	14	s.	s.	PROPN
easat-11284	283	15	florencio	florencio	PROPN
easat-11284	283	16	,	,	PUNCT
easat-11284	283	17	and	and	CCONJ
easat-11284	283	18	s.	s.	PROPN
easat-11284	283	19	andrei	andrei	PROPN
easat-11284	283	20	,	,	PUNCT
easat-11284	283	21	"	"	PUNCT
easat-11284	283	22	the	the	DET
easat-11284	283	23	regulation	regulation	NOUN
easat-11284	283	24	of	of	ADP
easat-11284	283	25	entry	entry	NOUN
easat-11284	283	26	,	,	PUNCT
easat-11284	283	27	"	"	PUNCT
easat-11284	283	28	quarterly	quarterly	ADJ
easat-11284	283	29	journal	journal	NOUN
easat-11284	283	30	of	of	ADP
easat-11284	283	31	economics	economic	NOUN
easat-11284	283	32	,	,	PUNCT
easat-11284	283	33	vol	vol	NOUN
easat-11284	283	34	.	.	PROPN
easat-11284	284	1	117	117	NUM
easat-11284	284	2	,	,	PUNCT
easat-11284	284	3	no	no	INTJ
easat-11284	284	4	.	.	NOUN
easat-11284	284	5	1	1	NUM
easat-11284	284	6	,	,	PUNCT
easat-11284	284	7	pp	pp	ADJ
easat-11284	284	8	.	.	PUNCT
easat-11284	285	1	1	1	NUM
easat-11284	285	2	-	-	SYM
easat-11284	285	3	37	37	NUM
easat-11284	285	4	,	,	PUNCT
easat-11284	285	5	2002	2002	NUM
easat-11284	285	6	.	.	PUNCT
easat-11284	286	1	https://creativecommons.org/licenses/by/4.0/	https://creativecommons.org/licenses/by/4.0/	PROPN
easat-11284	286	2	108	108	NUM
easat-11284	286	3	edelweiss	edelweiss	PROPN
easat-11284	286	4	applied	apply	VERB
easat-11284	286	5	science	science	NOUN
easat-11284	286	6	and	and	CCONJ
easat-11284	286	7	technology	technology	NOUN
easat-11284	286	8	issn	issn	PROPN
easat-11284	286	9	:	:	PUNCT
easat-11284	286	10	2576	2576	NUM
easat-11284	286	11	-	-	SYM
easat-11284	286	12	8484	8484	NUM
easat-11284	286	13	vol	vol	NOUN
easat-11284	286	14	.	.	PROPN
easat-11284	287	1	9	9	NUM
easat-11284	287	2	,	,	PUNCT
easat-11284	287	3	no	no	INTJ
easat-11284	287	4	.	.	NOUN
easat-11284	287	5	12	12	NUM
easat-11284	287	6	:	:	PUNCT
easat-11284	287	7	93	93	NUM
easat-11284	287	8	-	-	SYM
easat-11284	287	9	108	108	NUM
easat-11284	287	10	,	,	PUNCT
easat-11284	287	11	2025	2025	NUM
easat-11284	287	12	doi	doi	NOUN
easat-11284	287	13	:	:	PUNCT
easat-11284	287	14	10.55214/2576	10.55214/2576	NUM
easat-11284	287	15	-	-	SYM
easat-11284	287	16	8484.v9i12.11284	8484.v9i12.11284	NUM
easat-11284	287	17	©	©	PROPN
easat-11284	287	18	2025	2025	NUM
easat-11284	287	19	by	by	ADP
easat-11284	287	20	the	the	DET
easat-11284	287	21	authors	author	NOUN
easat-11284	287	22	;	;	PUNCT
easat-11284	287	23	licensee	licensee	PROPN
easat-11284	287	24	learning	learning	NOUN
easat-11284	287	25	gate	gate	NOUN
easat-11284	288	1	[	[	X
easat-11284	288	2	2	2	NUM
easat-11284	288	3	]	]	PUNCT
easat-11284	288	4	m.	m.	NOUN
easat-11284	288	5	hallward	hallward	NOUN
easat-11284	288	6	-	-	PUNCT
easat-11284	288	7	driemeier	driemeier	NOUN
easat-11284	288	8	and	and	CCONJ
easat-11284	288	9	d.	d.	PROPN
easat-11284	288	10	stewart	stewart	PROPN
easat-11284	288	11	,	,	PUNCT
easat-11284	288	12	how	how	SCONJ
easat-11284	288	13	do	do	AUX
easat-11284	288	14	investment	investment	NOUN
easat-11284	288	15	climate	climate	NOUN
easat-11284	288	16	conditions	condition	NOUN
easat-11284	288	17	vary	vary	VERB
easat-11284	288	18	across	across	ADP
easat-11284	288	19	countries	country	NOUN
easat-11284	288	20	,	,	PUNCT
easat-11284	288	21	regions	region	NOUN
easat-11284	288	22	and	and	CCONJ
easat-11284	288	23	types	type	NOUN
easat-11284	288	24	of	of	ADP
easat-11284	288	25	firms	firm	NOUN
easat-11284	288	26	?	?	PUNCT
easat-11284	289	1	washington	washington	PROPN
easat-11284	289	2	dc	dc	PROPN
easat-11284	289	3	:	:	PUNCT
easat-11284	289	4	world	world	PROPN
easat-11284	289	5	bank	bank	PROPN
easat-11284	289	6	,	,	PUNCT
easat-11284	289	7	2004	2004	NUM
easat-11284	289	8	.	.	PUNCT
easat-11284	290	1	[	[	X
easat-11284	290	2	3	3	X
easat-11284	290	3	]	]	PUNCT
easat-11284	290	4	s.	s.	PROPN
easat-11284	290	5	b.	b.	PROPN
easat-11284	290	6	zhang	zhang	PROPN
easat-11284	290	7	,	,	PUNCT
easat-11284	290	8	b.	b.	PROPN
easat-11284	290	9	kang	kang	PROPN
easat-11284	290	10	,	,	PUNCT
easat-11284	290	11	and	and	CCONJ
easat-11284	290	12	z.	z.	PROPN
easat-11284	290	13	x.	x.	PROPN
easat-11284	290	14	zhang	zhang	PROPN
easat-11284	290	15	,	,	PUNCT
easat-11284	290	16	"	"	PUNCT
easat-11284	290	17	evaluation	evaluation	NOUN
easat-11284	290	18	of	of	ADP
easat-11284	290	19	the	the	DET
easat-11284	290	20	business	business	NOUN
easat-11284	290	21	environment	environment	NOUN
easat-11284	290	22	in	in	ADP
easat-11284	290	23	chinese	chinese	ADJ
easat-11284	290	24	provinces	province	NOUN
easat-11284	290	25	:	:	PUNCT
easat-11284	290	26	indicator	indicator	NOUN
easat-11284	290	27	system	system	NOUN
easat-11284	290	28	and	and	CCONJ
easat-11284	290	29	quantitative	quantitative	ADJ
easat-11284	290	30	analysis	analysis	NOUN
easat-11284	290	31	,	,	PUNCT
easat-11284	290	32	"	"	PUNCT
easat-11284	290	33	economic	economic	ADJ
easat-11284	290	34	management	management	NOUN
easat-11284	290	35	,	,	PUNCT
easat-11284	290	36	vol	vol	NOUN
easat-11284	290	37	.	.	PROPN
easat-11284	290	38	42	42	NUM
easat-11284	290	39	,	,	PUNCT
easat-11284	290	40	no	no	INTJ
easat-11284	290	41	.	.	NOUN
easat-11284	290	42	04	04	NUM
easat-11284	290	43	,	,	PUNCT
easat-11284	290	44	pp	pp	ADJ
easat-11284	290	45	.	.	PUNCT
easat-11284	291	1	5	5	NUM
easat-11284	291	2	-	-	SYM
easat-11284	291	3	19	19	NUM
easat-11284	291	4	,	,	PUNCT
easat-11284	291	5	2020	2020	NUM
easat-11284	291	6	.	.	PUNCT
easat-11284	292	1	[	[	X
easat-11284	292	2	4	4	X
easat-11284	292	3	]	]	PUNCT
easat-11284	292	4	s.	s.	PROPN
easat-11284	292	5	claessens	claessens	PROPN
easat-11284	292	6	,	,	PUNCT
easat-11284	292	7	s.	s.	PROPN
easat-11284	292	8	djankov	djankov	PROPN
easat-11284	292	9	,	,	PUNCT
easat-11284	292	10	and	and	CCONJ
easat-11284	292	11	l.	l.	PROPN
easat-11284	292	12	h.	h.	PROPN
easat-11284	292	13	p.	p.	PROPN
easat-11284	292	14	lang	lang	PROPN
easat-11284	292	15	,	,	PUNCT
easat-11284	292	16	"	"	PUNCT
easat-11284	292	17	the	the	DET
easat-11284	292	18	separation	separation	NOUN
easat-11284	292	19	of	of	ADP
easat-11284	292	20	ownership	ownership	NOUN
easat-11284	292	21	and	and	CCONJ
easat-11284	292	22	control	control	NOUN
easat-11284	292	23	in	in	ADP
easat-11284	292	24	east	east	ADJ
easat-11284	292	25	asian	asian	ADJ
easat-11284	292	26	corporations	corporation	NOUN
easat-11284	292	27	,	,	PUNCT
easat-11284	292	28	"	"	PUNCT
easat-11284	292	29	journal	journal	NOUN
easat-11284	292	30	of	of	ADP
easat-11284	292	31	financial	financial	ADJ
easat-11284	292	32	economics	economic	NOUN
easat-11284	292	33	,	,	PUNCT
easat-11284	292	34	vol	vol	NOUN
easat-11284	292	35	.	.	PROPN
easat-11284	293	1	58	58	NUM
easat-11284	293	2	,	,	PUNCT
easat-11284	293	3	no	no	INTJ
easat-11284	293	4	.	.	PUNCT
easat-11284	294	1	1–2	1–2	NUM
easat-11284	294	2	,	,	PUNCT
easat-11284	294	3	pp	pp	PROPN
easat-11284	294	4	.	.	PUNCT
easat-11284	295	1	81	81	NUM
easat-11284	295	2	-	-	SYM
easat-11284	295	3	112	112	NUM
easat-11284	295	4	,	,	PUNCT
easat-11284	295	5	2000	2000	NUM
easat-11284	295	6	.	.	PUNCT
easat-11284	296	1	https://doi.org/10.1016/s0304-405x(00)00067-2	https://doi.org/10.1016/s0304-405x(00)00067-2	NOUN
easat-11284	297	1	[	[	X
easat-11284	297	2	5	5	NUM
easat-11284	297	3	]	]	PUNCT
easat-11284	297	4	m.	m.	NOUN
easat-11284	297	5	faccio	faccio	PROPN
easat-11284	297	6	and	and	CCONJ
easat-11284	297	7	l.	l.	PROPN
easat-11284	297	8	h.	h.	PROPN
easat-11284	297	9	p.	p.	PROPN
easat-11284	297	10	lang	lang	PROPN
easat-11284	297	11	,	,	PUNCT
easat-11284	297	12	"	"	PUNCT
easat-11284	297	13	the	the	DET
easat-11284	297	14	ultimate	ultimate	ADJ
easat-11284	297	15	ownership	ownership	NOUN
easat-11284	297	16	of	of	ADP
easat-11284	297	17	western	western	ADJ
easat-11284	297	18	european	european	ADJ
easat-11284	297	19	corporations	corporation	NOUN
easat-11284	297	20	,	,	PUNCT
easat-11284	297	21	"	"	PUNCT
easat-11284	297	22	journal	journal	NOUN
easat-11284	297	23	of	of	ADP
easat-11284	297	24	financial	financial	ADJ
easat-11284	297	25	economics	economic	NOUN
easat-11284	297	26	,	,	PUNCT
easat-11284	297	27	vol	vol	NOUN
easat-11284	297	28	.	.	PROPN
easat-11284	297	29	65	65	NUM
easat-11284	297	30	,	,	PUNCT
easat-11284	297	31	no	no	INTJ
easat-11284	297	32	.	.	NOUN
easat-11284	297	33	3	3	NUM
easat-11284	297	34	,	,	PUNCT
easat-11284	297	35	pp	pp	ADJ
easat-11284	297	36	.	.	PUNCT
easat-11284	298	1	365–395	365–395	NUM
easat-11284	298	2	,	,	PUNCT
easat-11284	298	3	2002	2002	NUM
easat-11284	298	4	.	.	PUNCT
easat-11284	299	1	https://doi.org/10.1016/s0304-405x(02)00146-0	https://doi.org/10.1016/s0304-405x(02)00146-0	ADV
easat-11284	299	2	[	[	X
easat-11284	299	3	6	6	NUM
easat-11284	299	4	]	]	PUNCT
easat-11284	299	5	m.	m.	NOUN
easat-11284	299	6	c.	c.	PROPN
easat-11284	299	7	jensen	jensen	PROPN
easat-11284	299	8	and	and	CCONJ
easat-11284	299	9	w.	w.	PROPN
easat-11284	299	10	h.	h.	PROPN
easat-11284	299	11	meckling	meckling	PROPN
easat-11284	299	12	,	,	PUNCT
easat-11284	299	13	"	"	PUNCT
easat-11284	299	14	theory	theory	NOUN
easat-11284	299	15	of	of	ADP
easat-11284	299	16	the	the	DET
easat-11284	299	17	firm	firm	NOUN
easat-11284	299	18	:	:	PUNCT
easat-11284	299	19	managerial	managerial	ADJ
easat-11284	299	20	behavior	behavior	NOUN
easat-11284	299	21	,	,	PUNCT
easat-11284	299	22	agency	agency	NOUN
easat-11284	299	23	costs	cost	NOUN
easat-11284	299	24	and	and	CCONJ
easat-11284	299	25	ownership	ownership	NOUN
easat-11284	299	26	structure	structure	NOUN
easat-11284	299	27	,	,	PUNCT
easat-11284	299	28	"	"	PUNCT
easat-11284	299	29	journal	journal	NOUN
easat-11284	299	30	of	of	ADP
easat-11284	299	31	financial	financial	ADJ
easat-11284	299	32	economics	economic	NOUN
easat-11284	299	33	,	,	PUNCT
easat-11284	299	34	vol	vol	NOUN
easat-11284	299	35	.	.	PROPN
easat-11284	300	1	3	3	NUM
easat-11284	300	2	,	,	PUNCT
easat-11284	300	3	no	no	INTJ
easat-11284	300	4	.	.	NOUN
easat-11284	300	5	4	4	NUM
easat-11284	300	6	,	,	PUNCT
easat-11284	300	7	pp	pp	ADJ
easat-11284	300	8	.	.	PUNCT
easat-11284	301	1	305	305	NUM
easat-11284	301	2	-	-	SYM
easat-11284	301	3	360	360	NUM
easat-11284	301	4	,	,	PUNCT
easat-11284	301	5	1976	1976	NUM
easat-11284	301	6	.	.	PUNCT
easat-11284	302	1	https://doi.org/10.1016/0304-405x(76)90026-x	https://doi.org/10.1016/0304-405x(76)90026-x	PROPN
easat-11284	302	2	[	[	X
easat-11284	302	3	7	7	NUM
easat-11284	302	4	]	]	X
easat-11284	302	5	w.	w.	PROPN
easat-11284	302	6	tan	tan	PROPN
easat-11284	302	7	,	,	PUNCT
easat-11284	302	8	x.	x.	PROPN
easat-11284	302	9	chen	chen	PROPN
easat-11284	302	10	,	,	PUNCT
easat-11284	302	11	m.	m.	PROPN
easat-11284	302	12	teng	teng	PROPN
easat-11284	302	13	,	,	PUNCT
easat-11284	302	14	w.	w.	PROPN
easat-11284	302	15	an	an	PRON
easat-11284	302	16	,	,	PUNCT
easat-11284	302	17	and	and	CCONJ
easat-11284	302	18	c.	c.	PROPN
easat-11284	302	19	wu	wu	PROPN
easat-11284	302	20	,	,	PUNCT
easat-11284	302	21	"	"	PUNCT
easat-11284	302	22	navigating	navigate	VERB
easat-11284	302	23	the	the	DET
easat-11284	302	24	green	green	ADJ
easat-11284	302	25	transition	transition	NOUN
easat-11284	302	26	:	:	PUNCT
easat-11284	302	27	assessing	assess	VERB
easat-11284	302	28	the	the	DET
easat-11284	302	29	impact	impact	NOUN
easat-11284	302	30	of	of	ADP
easat-11284	302	31	chinese	chinese	ADJ
easat-11284	302	32	green	green	ADJ
easat-11284	302	33	public	public	ADJ
easat-11284	302	34	procurement	procurement	NOUN
easat-11284	302	35	on	on	ADP
easat-11284	302	36	corporate	corporate	ADJ
easat-11284	302	37	pollution	pollution	NOUN
easat-11284	302	38	emissions	emission	NOUN
easat-11284	302	39	,	,	PUNCT
easat-11284	302	40	"	"	PUNCT
easat-11284	302	41	international	international	ADJ
easat-11284	302	42	journal	journal	NOUN
easat-11284	302	43	of	of	ADP
easat-11284	302	44	climate	climate	NOUN
easat-11284	302	45	change	change	NOUN
easat-11284	302	46	strategies	strategy	NOUN
easat-11284	302	47	and	and	CCONJ
easat-11284	302	48	management	management	NOUN
easat-11284	302	49	,	,	PUNCT
easat-11284	302	50	vol	vol	NOUN
easat-11284	302	51	.	.	PROPN
easat-11284	302	52	17	17	NUM
easat-11284	302	53	,	,	PUNCT
easat-11284	302	54	no	no	INTJ
easat-11284	302	55	.	.	NOUN
easat-11284	302	56	2	2	NUM
easat-11284	302	57	,	,	PUNCT
easat-11284	302	58	pp	pp	ADJ
easat-11284	302	59	.	.	PUNCT
easat-11284	302	60	25–46	25–46	NUM
easat-11284	302	61	,	,	PUNCT
easat-11284	302	62	2025	2025	NUM
easat-11284	302	63	.	.	PUNCT
easat-11284	303	1	https://doi.org/10.1108/ijccsm-09-2024-0161	https://doi.org/10.1108/ijccsm-09-2024-0161	ADJ
easat-11284	303	2	[	[	X
easat-11284	303	3	8	8	NUM
easat-11284	303	4	]	]	X
easat-11284	303	5	r.	r.	PROPN
easat-11284	303	6	l.	l.	PROPN
easat-11284	303	7	porta	porta	PROPN
easat-11284	303	8	,	,	PUNCT
easat-11284	303	9	f.	f.	PROPN
easat-11284	303	10	lopez	lopez	PROPN
easat-11284	303	11	-	-	PUNCT
easat-11284	303	12	de	de	NOUN
easat-11284	303	13	-	-	NOUN
easat-11284	303	14	silanes	silane	NOUN
easat-11284	303	15	,	,	PUNCT
easat-11284	303	16	and	and	CCONJ
easat-11284	303	17	a.	a.	NOUN
easat-11284	303	18	shleifer	shleifer	NOUN
easat-11284	303	19	,	,	PUNCT
easat-11284	303	20	"	"	PUNCT
easat-11284	303	21	corporate	corporate	ADJ
easat-11284	303	22	ownership	ownership	NOUN
easat-11284	303	23	around	around	ADP
easat-11284	303	24	the	the	DET
easat-11284	303	25	world	world	NOUN
easat-11284	303	26	,	,	PUNCT
easat-11284	303	27	"	"	PUNCT
easat-11284	303	28	journal	journal	NOUN
easat-11284	303	29	of	of	ADP
easat-11284	303	30	finance	finance	NOUN
easat-11284	303	31	,	,	PUNCT
easat-11284	303	32	vol	vol	NOUN
easat-11284	303	33	.	.	PROPN
easat-11284	304	1	54	54	NUM
easat-11284	304	2	,	,	PUNCT
easat-11284	304	3	no	no	INTJ
easat-11284	304	4	.	.	NOUN
easat-11284	304	5	2	2	NUM
easat-11284	304	6	,	,	PUNCT
easat-11284	304	7	pp	pp	ADJ
easat-11284	304	8	.	.	PUNCT
easat-11284	305	1	471	471	NUM
easat-11284	305	2	-	-	SYM
easat-11284	305	3	517	517	NUM
easat-11284	305	4	,	,	PUNCT
easat-11284	305	5	1999	1999	NUM
easat-11284	305	6	.	.	PUNCT
easat-11284	306	1	https://doi.org/10.1111/0022-1082.00115	https://doi.org/10.1111/0022-1082.00115	PROPN
easat-11284	307	1	[	[	X
easat-11284	307	2	9	9	NUM
easat-11284	307	3	]	]	PUNCT
easat-11284	307	4	q.	q.	PROPN
easat-11284	307	5	mao	mao	PROPN
easat-11284	307	6	and	and	CCONJ
easat-11284	307	7	x.	x.	PROPN
easat-11284	307	8	quan	quan	PROPN
easat-11284	307	9	,	,	PUNCT
easat-11284	307	10	"	"	PUNCT
easat-11284	307	11	can	can	AUX
easat-11284	307	12	reverse	reverse	VERB
easat-11284	307	13	mixed	mixed	ADJ
easat-11284	307	14	reform	reform	NOUN
easat-11284	307	15	promote	promote	VERB
easat-11284	307	16	green	green	ADJ
easat-11284	307	17	innovation	innovation	NOUN
easat-11284	307	18	in	in	ADP
easat-11284	307	19	chinese	chinese	ADJ
easat-11284	307	20	private	private	ADJ
easat-11284	307	21	enterprises	enterprise	NOUN
easat-11284	307	22	?	?	PUNCT
easat-11284	307	23	,	,	PUNCT
easat-11284	307	24	"	"	PUNCT
easat-11284	307	25	finance	finance	NOUN
easat-11284	307	26	research	research	NOUN
easat-11284	307	27	letters	letter	NOUN
easat-11284	307	28	,	,	PUNCT
easat-11284	307	29	vol	vol	NOUN
easat-11284	307	30	.	.	PROPN
easat-11284	307	31	76	76	NUM
easat-11284	307	32	,	,	PUNCT
easat-11284	307	33	p.	p.	NOUN
easat-11284	307	34	106982	106982	NUM
easat-11284	307	35	,	,	PUNCT
easat-11284	307	36	2025	2025	NUM
easat-11284	307	37	.	.	PUNCT
easat-11284	308	1	https://doi.org/10.1016/j.frl.2025.106982	https://doi.org/10.1016/j.frl.2025.106982	PUNCT
easat-11284	309	1	https://doi.org/10.1016/s0304-405x(00)00067-2	https://doi.org/10.1016/s0304-405x(00)00067-2	NOUN
easat-11284	309	2	https://doi.org/10.1016/s0304-405x(02)00146-0	https://doi.org/10.1016/s0304-405x(02)00146-0	ADJ
easat-11284	309	3	https://doi.org/10.1016/0304-405x(76)90026-x	https://doi.org/10.1016/0304-405x(76)90026-x	PROPN
easat-11284	309	4	https://doi.org/10.1108/ijccsm-09-2024-0161	https://doi.org/10.1108/ijccsm-09-2024-0161	ADJ
easat-11284	309	5	https://doi.org/10.1111/0022-1082.00115	https://doi.org/10.1111/0022-1082.00115	NOUN
easat-11284	309	6	https://doi.org/10.1016/j.frl.2025.106982	https://doi.org/10.1016/j.frl.2025.106982	PUNCT