id	sid	tid	token	lemma	pos
easat-5052	1	1	edelweiss	edelweiss	PROPN
easat-5052	1	2	applied	apply	VERB
easat-5052	1	3	science	science	NOUN
easat-5052	1	4	and	and	CCONJ
easat-5052	1	5	technology	technology	NOUN
easat-5052	1	6	issn	issn	PROPN
easat-5052	1	7	:	:	PUNCT
easat-5052	1	8	2576	2576	NUM
easat-5052	1	9	-	-	SYM
easat-5052	1	10	8484	8484	NUM
easat-5052	1	11	vol	vol	NOUN
easat-5052	1	12	.	.	PROPN
easat-5052	2	1	9	9	NUM
easat-5052	2	2	,	,	PUNCT
easat-5052	2	3	no	no	INTJ
easat-5052	2	4	.	.	NOUN
easat-5052	2	5	2	2	NUM
easat-5052	2	6	,	,	PUNCT
easat-5052	2	7	2159	2159	NUM
easat-5052	2	8	-	-	SYM
easat-5052	2	9	2174	2174	NUM
easat-5052	2	10	2025	2025	NUM
easat-5052	2	11	publisher	publisher	NOUN
easat-5052	2	12	:	:	PUNCT
easat-5052	2	13	learning	learn	VERB
easat-5052	2	14	gate	gate	NOUN
easat-5052	2	15	doi	doi	PROPN
easat-5052	2	16	:	:	PUNCT
easat-5052	2	17	10.55214/25768484.v9i2.5052	10.55214/25768484.v9i2.5052	NUM
easat-5052	3	1	©	©	PROPN
easat-5052	3	2	2025	2025	NUM
easat-5052	3	3	by	by	ADP
easat-5052	3	4	the	the	DET
easat-5052	3	5	author	author	NOUN
easat-5052	3	6	;	;	PUNCT
easat-5052	3	7	licensee	licensee	PROPN
easat-5052	3	8	learning	learning	NOUN
easat-5052	3	9	gate	gate	NOUN
easat-5052	3	10	©	©	PROPN
easat-5052	3	11	2025	2025	NUM
easat-5052	3	12	by	by	ADP
easat-5052	3	13	the	the	DET
easat-5052	3	14	author	author	NOUN
easat-5052	3	15	;	;	PUNCT
easat-5052	3	16	licensee	licensee	PROPN
easat-5052	3	17	learning	learning	NOUN
easat-5052	3	18	gate	gate	NOUN
easat-5052	3	19	history	history	NOUN
easat-5052	3	20	:	:	PUNCT
easat-5052	3	21	received	receive	VERB
easat-5052	3	22	:	:	PUNCT
easat-5052	3	23	25	25	NUM
easat-5052	3	24	december	december	PROPN
easat-5052	3	25	2024	2024	NUM
easat-5052	3	26	;	;	PUNCT
easat-5052	3	27	revised	revise	VERB
easat-5052	3	28	:	:	PUNCT
easat-5052	3	29	27	27	NUM
easat-5052	3	30	january	january	NOUN
easat-5052	3	31	2025	2025	NUM
easat-5052	3	32	;	;	PUNCT
easat-5052	3	33	accepted	accept	VERB
easat-5052	3	34	:	:	PUNCT
easat-5052	3	35	29	29	NUM
easat-5052	3	36	january	january	NOUN
easat-5052	3	37	2025	2025	NUM
easat-5052	3	38	;	;	PUNCT
easat-5052	3	39	published	publish	VERB
easat-5052	3	40	:	:	PUNCT
easat-5052	3	41	26	26	NUM
easat-5052	3	42	february	february	NOUN
easat-5052	3	43	2025	2025	NUM
easat-5052	3	44	*	*	PUNCT
easat-5052	3	45	correspondence	correspondence	NOUN
easat-5052	3	46	:	:	PUNCT
easat-5052	4	1	geejung@hanmail.net	geejung@hanmail.net	NOUN
easat-5052	4	2	the	the	DET
easat-5052	4	3	impact	impact	NOUN
easat-5052	4	4	of	of	ADP
easat-5052	4	5	debt	debt	NOUN
easat-5052	4	6	on	on	ADP
easat-5052	4	7	tax	tax	NOUN
easat-5052	4	8	avoidance	avoidance	NOUN
easat-5052	4	9	:	:	PUNCT
easat-5052	4	10	evidence	evidence	NOUN
easat-5052	4	11	from	from	ADP
easat-5052	4	12	companies	company	NOUN
easat-5052	4	13	listed	list	VERB
easat-5052	4	14	on	on	ADP
easat-5052	4	15	the	the	DET
easat-5052	4	16	korean	korean	ADJ
easat-5052	4	17	stock	stock	NOUN
easat-5052	4	18	market	market	NOUN
easat-5052	4	19	gee	gee	NOUN
easat-5052	4	20	-	-	PUNCT
easat-5052	4	21	jung	jung	NOUN
easat-5052	4	22	kwon1	kwon1	PROPN
easat-5052	4	23	*	*	PROPN
easat-5052	4	24	1hanbat	1hanbat	NUM
easat-5052	4	25	national	national	ADJ
easat-5052	4	26	university	university	NOUN
easat-5052	4	27	,	,	PUNCT
easat-5052	4	28	south	south	PROPN
easat-5052	4	29	korea	korea	PROPN
easat-5052	4	30	;	;	PUNCT
easat-5052	4	31	geejung@hanmail.net	geejung@hanmail.net	PROPN
easat-5052	4	32	(	(	PUNCT
easat-5052	4	33	g.j.k	g.j.k	NOUN
easat-5052	4	34	.	.	PUNCT
easat-5052	4	35	)	)	PUNCT
easat-5052	4	36	.	.	PUNCT
easat-5052	5	1	abstract	abstract	ADV
easat-5052	5	2	:	:	PUNCT
easat-5052	5	3	this	this	DET
easat-5052	5	4	study	study	NOUN
easat-5052	5	5	investigates	investigate	VERB
easat-5052	5	6	the	the	DET
easat-5052	5	7	impact	impact	NOUN
easat-5052	5	8	of	of	ADP
easat-5052	5	9	corporate	corporate	ADJ
easat-5052	5	10	debt	debt	NOUN
easat-5052	5	11	levels	level	NOUN
easat-5052	5	12	on	on	ADP
easat-5052	5	13	tax	tax	NOUN
easat-5052	5	14	avoidance	avoidance	NOUN
easat-5052	5	15	among	among	ADP
easat-5052	5	16	companies	company	NOUN
easat-5052	5	17	listed	list	VERB
easat-5052	5	18	on	on	ADP
easat-5052	5	19	the	the	DET
easat-5052	5	20	korean	korean	ADJ
easat-5052	5	21	stock	stock	NOUN
easat-5052	5	22	market	market	NOUN
easat-5052	5	23	from	from	ADP
easat-5052	5	24	2001	2001	NUM
easat-5052	5	25	to	to	ADP
easat-5052	5	26	2023	2023	NUM
easat-5052	5	27	.	.	PUNCT
easat-5052	6	1	using	use	VERB
easat-5052	6	2	eight	eight	NUM
easat-5052	6	3	empirical	empirical	ADJ
easat-5052	6	4	models	model	NOUN
easat-5052	6	5	,	,	PUNCT
easat-5052	6	6	the	the	DET
easat-5052	6	7	analysis	analysis	NOUN
easat-5052	6	8	examines	examine	VERB
easat-5052	6	9	the	the	DET
easat-5052	6	10	relationship	relationship	NOUN
easat-5052	6	11	between	between	ADP
easat-5052	6	12	corporate	corporate	ADJ
easat-5052	6	13	debt	debt	NOUN
easat-5052	6	14	and	and	CCONJ
easat-5052	6	15	firm	firm	ADJ
easat-5052	6	16	value	value	NOUN
easat-5052	6	17	(	(	PUNCT
easat-5052	6	18	models	model	NOUN
easat-5052	6	19	1–4	1–4	NUM
easat-5052	6	20	)	)	PUNCT
easat-5052	6	21	and	and	CCONJ
easat-5052	6	22	the	the	DET
easat-5052	6	23	effects	effect	NOUN
easat-5052	6	24	of	of	ADP
easat-5052	6	25	debt	debt	NOUN
easat-5052	6	26	level	level	NOUN
easat-5052	6	27	fluctuations	fluctuation	NOUN
easat-5052	6	28	on	on	ADP
easat-5052	6	29	corporate	corporate	ADJ
easat-5052	6	30	value	value	NOUN
easat-5052	6	31	(	(	PUNCT
easat-5052	6	32	models	model	NOUN
easat-5052	6	33	5–8	5–8	NUM
easat-5052	6	34	)	)	PUNCT
easat-5052	6	35	.	.	PUNCT
easat-5052	7	1	the	the	DET
easat-5052	7	2	findings	finding	NOUN
easat-5052	7	3	indicate	indicate	VERB
easat-5052	7	4	that	that	SCONJ
easat-5052	7	5	corporate	corporate	ADJ
easat-5052	7	6	debt	debt	NOUN
easat-5052	7	7	serves	serve	VERB
easat-5052	7	8	as	as	ADP
easat-5052	7	9	a	a	DET
easat-5052	7	10	mitigating	mitigate	VERB
easat-5052	7	11	factor	factor	NOUN
easat-5052	7	12	for	for	ADP
easat-5052	7	13	tax	tax	NOUN
easat-5052	7	14	avoidance	avoidance	NOUN
easat-5052	7	15	,	,	PUNCT
easat-5052	7	16	as	as	SCONJ
easat-5052	7	17	evidenced	evidence	VERB
easat-5052	7	18	by	by	ADP
easat-5052	7	19	a	a	DET
easat-5052	7	20	negative	negative	ADJ
easat-5052	7	21	correlation	correlation	NOUN
easat-5052	7	22	between	between	ADP
easat-5052	7	23	debt	debt	NOUN
easat-5052	7	24	levels	level	NOUN
easat-5052	7	25	and	and	CCONJ
easat-5052	7	26	tax	tax	NOUN
easat-5052	7	27	avoidance	avoidance	NOUN
easat-5052	7	28	measures	measure	NOUN
easat-5052	7	29	(	(	PUNCT
easat-5052	7	30	ddbtd	ddbtd	ADJ
easat-5052	7	31	,	,	PUNCT
easat-5052	7	32	btd	btd	PROPN
easat-5052	7	33	)	)	PUNCT
easat-5052	7	34	.	.	PUNCT
easat-5052	8	1	this	this	PRON
easat-5052	8	2	supports	support	VERB
easat-5052	8	3	the	the	DET
easat-5052	8	4	primary	primary	ADJ
easat-5052	8	5	hypothesis	hypothesis	NOUN
easat-5052	8	6	that	that	PRON
easat-5052	8	7	higher	high	ADJ
easat-5052	8	8	corporate	corporate	ADJ
easat-5052	8	9	debt	debt	NOUN
easat-5052	8	10	levels	level	NOUN
easat-5052	8	11	are	be	AUX
easat-5052	8	12	associated	associate	VERB
easat-5052	8	13	with	with	ADP
easat-5052	8	14	lower	low	ADJ
easat-5052	8	15	tax	tax	NOUN
easat-5052	8	16	avoidance	avoidance	NOUN
easat-5052	8	17	activities	activity	NOUN
easat-5052	8	18	.	.	PUNCT
easat-5052	9	1	additionally	additionally	ADV
easat-5052	9	2	,	,	PUNCT
easat-5052	9	3	changes	change	NOUN
easat-5052	9	4	in	in	ADP
easat-5052	9	5	debt	debt	NOUN
easat-5052	9	6	levels	level	NOUN
easat-5052	9	7	,	,	PUNCT
easat-5052	9	8	whether	whether	SCONJ
easat-5052	9	9	increases	increase	NOUN
easat-5052	9	10	or	or	CCONJ
easat-5052	9	11	decreases	decrease	NOUN
easat-5052	9	12	,	,	PUNCT
easat-5052	9	13	consistently	consistently	ADV
easat-5052	9	14	exhibit	exhibit	VERB
easat-5052	9	15	a	a	DET
easat-5052	9	16	negative	negative	ADJ
easat-5052	9	17	relationship	relationship	NOUN
easat-5052	9	18	with	with	ADP
easat-5052	9	19	tax	tax	NOUN
easat-5052	9	20	avoidance	avoidance	NOUN
easat-5052	9	21	.	.	PUNCT
easat-5052	10	1	this	this	DET
easat-5052	10	2	result	result	NOUN
easat-5052	10	3	reinforces	reinforce	VERB
easat-5052	10	4	the	the	DET
easat-5052	10	5	secondary	secondary	ADJ
easat-5052	10	6	hypothesis	hypothesis	NOUN
easat-5052	10	7	that	that	PRON
easat-5052	10	8	fluctuations	fluctuation	NOUN
easat-5052	10	9	in	in	ADP
easat-5052	10	10	corporate	corporate	ADJ
easat-5052	10	11	debt	debt	NOUN
easat-5052	10	12	further	far	ADV
easat-5052	10	13	reduce	reduce	VERB
easat-5052	10	14	tax	tax	NOUN
easat-5052	10	15	avoidance	avoidance	NOUN
easat-5052	10	16	behavior	behavior	NOUN
easat-5052	10	17	.	.	PUNCT
easat-5052	11	1	these	these	DET
easat-5052	11	2	findings	finding	NOUN
easat-5052	11	3	suggest	suggest	VERB
easat-5052	11	4	that	that	SCONJ
easat-5052	11	5	korean	korean	ADJ
easat-5052	11	6	listed	list	VERB
easat-5052	11	7	firms	firm	NOUN
easat-5052	11	8	utilizing	utilize	VERB
easat-5052	11	9	external	external	ADJ
easat-5052	11	10	debt	debt	NOUN
easat-5052	11	11	financing	financing	NOUN
easat-5052	11	12	to	to	PART
easat-5052	11	13	enhance	enhance	VERB
easat-5052	11	14	internal	internal	ADJ
easat-5052	11	15	cash	cash	NOUN
easat-5052	11	16	flow	flow	NOUN
easat-5052	11	17	and	and	CCONJ
easat-5052	11	18	benefit	benefit	VERB
easat-5052	11	19	from	from	ADP
easat-5052	11	20	interest	interest	NOUN
easat-5052	11	21	expense	expense	NOUN
easat-5052	11	22	deductions	deduction	NOUN
easat-5052	11	23	tend	tend	VERB
easat-5052	11	24	to	to	PART
easat-5052	11	25	engage	engage	VERB
easat-5052	11	26	less	less	ADV
easat-5052	11	27	in	in	ADP
easat-5052	11	28	tax	tax	NOUN
easat-5052	11	29	avoidance	avoidance	NOUN
easat-5052	11	30	.	.	PUNCT
easat-5052	12	1	this	this	DET
easat-5052	12	2	study	study	NOUN
easat-5052	12	3	contributes	contribute	VERB
easat-5052	12	4	to	to	ADP
easat-5052	12	5	the	the	DET
easat-5052	12	6	literature	literature	NOUN
easat-5052	12	7	on	on	ADP
easat-5052	12	8	corporate	corporate	ADJ
easat-5052	12	9	financial	financial	ADJ
easat-5052	12	10	behavior	behavior	NOUN
easat-5052	12	11	by	by	ADP
easat-5052	12	12	highlighting	highlight	VERB
easat-5052	12	13	the	the	DET
easat-5052	12	14	role	role	NOUN
easat-5052	12	15	of	of	ADP
easat-5052	12	16	debt	debt	NOUN
easat-5052	12	17	financing	financing	NOUN
easat-5052	12	18	in	in	ADP
easat-5052	12	19	shaping	shape	VERB
easat-5052	12	20	tax	tax	NOUN
easat-5052	12	21	planning	planning	NOUN
easat-5052	12	22	strategies	strategy	NOUN
easat-5052	12	23	.	.	PUNCT
easat-5052	13	1	the	the	DET
easat-5052	13	2	results	result	NOUN
easat-5052	13	3	provide	provide	VERB
easat-5052	13	4	practical	practical	ADJ
easat-5052	13	5	implications	implication	NOUN
easat-5052	13	6	for	for	ADP
easat-5052	13	7	policymakers	policymaker	NOUN
easat-5052	13	8	and	and	CCONJ
easat-5052	13	9	corporate	corporate	ADJ
easat-5052	13	10	decision	decision	NOUN
easat-5052	13	11	-	-	PUNCT
easat-5052	13	12	makers	maker	NOUN
easat-5052	13	13	concerned	concern	VERB
easat-5052	13	14	with	with	ADP
easat-5052	13	15	tax	tax	NOUN
easat-5052	13	16	compliance	compliance	NOUN
easat-5052	13	17	and	and	CCONJ
easat-5052	13	18	financial	financial	ADJ
easat-5052	13	19	management	management	NOUN
easat-5052	13	20	.	.	PUNCT
easat-5052	14	1	keywords	keyword	NOUN
easat-5052	14	2	:	:	PUNCT
easat-5052	14	3	debt	debt	NOUN
easat-5052	14	4	,	,	PUNCT
easat-5052	14	5	korean	korean	ADJ
easat-5052	14	6	stock	stock	NOUN
easat-5052	14	7	market	market	NOUN
easat-5052	14	8	,	,	PUNCT
easat-5052	14	9	liability	liability	NOUN
easat-5052	14	10	,	,	PUNCT
easat-5052	14	11	tax	tax	NOUN
easat-5052	14	12	avoidance	avoidance	NOUN
easat-5052	14	13	,	,	PUNCT
easat-5052	14	14	value	value	NOUN
easat-5052	14	15	relevance	relevance	NOUN
easat-5052	14	16	.	.	PUNCT
easat-5052	15	1	1	1	X
easat-5052	15	2	.	.	X
easat-5052	15	3	introduction	introduction	NOUN
easat-5052	15	4	corporate	corporate	ADJ
easat-5052	15	5	debt	debt	NOUN
easat-5052	15	6	refers	refer	VERB
easat-5052	15	7	to	to	ADP
easat-5052	15	8	the	the	DET
easat-5052	15	9	funds	fund	NOUN
easat-5052	15	10	borrowed	borrow	VERB
easat-5052	15	11	by	by	ADP
easat-5052	15	12	a	a	DET
easat-5052	15	13	company	company	NOUN
easat-5052	15	14	from	from	ADP
easat-5052	15	15	external	external	ADJ
easat-5052	15	16	sources	source	NOUN
easat-5052	15	17	,	,	PUNCT
easat-5052	15	18	such	such	ADJ
easat-5052	15	19	as	as	ADP
easat-5052	15	20	financial	financial	ADJ
easat-5052	15	21	institutions	institution	NOUN
easat-5052	15	22	or	or	CCONJ
easat-5052	15	23	other	other	ADJ
easat-5052	15	24	creditors	creditor	NOUN
easat-5052	15	25	.	.	PUNCT
easat-5052	16	1	this	this	DET
easat-5052	16	2	financial	financial	ADJ
easat-5052	16	3	instrument	instrument	NOUN
easat-5052	16	4	plays	play	VERB
easat-5052	16	5	a	a	DET
easat-5052	16	6	pivotal	pivotal	ADJ
easat-5052	16	7	role	role	NOUN
easat-5052	16	8	in	in	ADP
easat-5052	16	9	shaping	shape	VERB
easat-5052	16	10	a	a	DET
easat-5052	16	11	company	company	NOUN
easat-5052	16	12	’s	’s	PART
easat-5052	16	13	capital	capital	NOUN
easat-5052	16	14	structure	structure	NOUN
easat-5052	16	15	,	,	PUNCT
easat-5052	16	16	offering	offer	VERB
easat-5052	16	17	a	a	DET
easat-5052	16	18	means	mean	NOUN
easat-5052	16	19	to	to	PART
easat-5052	16	20	mobilize	mobilize	VERB
easat-5052	16	21	essential	essential	ADJ
easat-5052	16	22	financial	financial	ADJ
easat-5052	16	23	resources	resource	NOUN
easat-5052	16	24	[	[	X
easat-5052	16	25	1	1	NUM
easat-5052	16	26	]	]	PUNCT
easat-5052	16	27	.	.	PUNCT
easat-5052	17	1	companies	company	NOUN
easat-5052	17	2	can	can	AUX
easat-5052	17	3	obtain	obtain	VERB
easat-5052	17	4	debt	debt	NOUN
easat-5052	17	5	in	in	ADP
easat-5052	17	6	the	the	DET
easat-5052	17	7	form	form	NOUN
easat-5052	17	8	of	of	ADP
easat-5052	17	9	loans	loan	NOUN
easat-5052	17	10	,	,	PUNCT
easat-5052	17	11	which	which	PRON
easat-5052	17	12	may	may	AUX
easat-5052	17	13	be	be	AUX
easat-5052	17	14	allocated	allocate	VERB
easat-5052	17	15	for	for	ADP
easat-5052	17	16	various	various	ADJ
easat-5052	17	17	purposes	purpose	NOUN
easat-5052	17	18	,	,	PUNCT
easat-5052	17	19	including	include	VERB
easat-5052	17	20	business	business	NOUN
easat-5052	17	21	expansion	expansion	NOUN
easat-5052	17	22	,	,	PUNCT
easat-5052	17	23	research	research	NOUN
easat-5052	17	24	and	and	CCONJ
easat-5052	17	25	development	development	NOUN
easat-5052	17	26	,	,	PUNCT
easat-5052	17	27	and	and	CCONJ
easat-5052	17	28	investment	investment	NOUN
easat-5052	17	29	in	in	ADP
easat-5052	17	30	infrastructure	infrastructure	NOUN
easat-5052	17	31	.	.	PUNCT
easat-5052	18	1	for	for	ADP
easat-5052	18	2	firms	firm	NOUN
easat-5052	18	3	with	with	ADP
easat-5052	18	4	limited	limited	ADJ
easat-5052	18	5	access	access	NOUN
easat-5052	18	6	to	to	ADP
easat-5052	18	7	internal	internal	ADJ
easat-5052	18	8	capital	capital	NOUN
easat-5052	18	9	,	,	PUNCT
easat-5052	18	10	debt	debt	NOUN
easat-5052	18	11	serves	serve	VERB
easat-5052	18	12	as	as	ADP
easat-5052	18	13	a	a	DET
easat-5052	18	14	vital	vital	ADJ
easat-5052	18	15	source	source	NOUN
easat-5052	18	16	of	of	ADP
easat-5052	18	17	external	external	ADJ
easat-5052	18	18	financing	financing	NOUN
easat-5052	18	19	,	,	PUNCT
easat-5052	18	20	facilitating	facilitate	VERB
easat-5052	18	21	the	the	DET
easat-5052	18	22	prompt	prompt	ADJ
easat-5052	18	23	achievement	achievement	NOUN
easat-5052	18	24	of	of	ADP
easat-5052	18	25	strategic	strategic	ADJ
easat-5052	18	26	objectives	objective	NOUN
easat-5052	18	27	[	[	X
easat-5052	18	28	2	2	NUM
easat-5052	18	29	]	]	PUNCT
easat-5052	18	30	.	.	PUNCT
easat-5052	19	1	however	however	ADV
easat-5052	19	2	,	,	PUNCT
easat-5052	19	3	it	it	PRON
easat-5052	19	4	is	be	AUX
easat-5052	19	5	crucial	crucial	ADJ
easat-5052	19	6	to	to	PART
easat-5052	19	7	recognize	recognize	VERB
easat-5052	19	8	that	that	SCONJ
easat-5052	19	9	an	an	DET
easat-5052	19	10	increase	increase	NOUN
easat-5052	19	11	in	in	ADP
easat-5052	19	12	debt	debt	NOUN
easat-5052	19	13	levels	level	NOUN
easat-5052	19	14	simultaneously	simultaneously	ADV
easat-5052	19	15	elevates	elevate	VERB
easat-5052	19	16	the	the	DET
easat-5052	19	17	financial	financial	ADJ
easat-5052	19	18	risk	risk	NOUN
easat-5052	19	19	associated	associate	VERB
easat-5052	19	20	with	with	ADP
easat-5052	19	21	the	the	DET
easat-5052	19	22	company	company	NOUN
easat-5052	19	23	[	[	X
easat-5052	19	24	3	3	NUM
easat-5052	19	25	]	]	PUNCT
easat-5052	19	26	.	.	PUNCT
easat-5052	20	1	the	the	DET
easat-5052	20	2	financial	financial	ADJ
easat-5052	20	3	liability	liability	NOUN
easat-5052	20	4	associated	associate	VERB
easat-5052	20	5	with	with	ADP
easat-5052	20	6	debt	debt	NOUN
easat-5052	20	7	requires	require	VERB
easat-5052	20	8	the	the	DET
easat-5052	20	9	repayment	repayment	NOUN
easat-5052	20	10	of	of	ADP
easat-5052	20	11	both	both	CCONJ
easat-5052	20	12	the	the	DET
easat-5052	20	13	principal	principal	NOUN
easat-5052	20	14	and	and	CCONJ
easat-5052	20	15	the	the	DET
easat-5052	20	16	interest	interest	NOUN
easat-5052	20	17	accrued	accrue	VERB
easat-5052	20	18	.	.	PUNCT
easat-5052	21	1	as	as	ADP
easat-5052	21	2	a	a	DET
easat-5052	21	3	result	result	NOUN
easat-5052	21	4	,	,	PUNCT
easat-5052	21	5	if	if	SCONJ
easat-5052	21	6	a	a	DET
easat-5052	21	7	company	company	NOUN
easat-5052	21	8	’s	’s	PART
easat-5052	21	9	profits	profit	NOUN
easat-5052	21	10	fall	fall	VERB
easat-5052	21	11	short	short	ADV
easat-5052	21	12	of	of	ADP
easat-5052	21	13	expectations	expectation	NOUN
easat-5052	21	14	,	,	PUNCT
easat-5052	21	15	it	it	PRON
easat-5052	21	16	may	may	AUX
easat-5052	21	17	face	face	VERB
easat-5052	21	18	challenges	challenge	NOUN
easat-5052	21	19	in	in	ADP
easat-5052	21	20	meeting	meet	VERB
easat-5052	21	21	its	its	PRON
easat-5052	21	22	obligations	obligation	NOUN
easat-5052	21	23	for	for	ADP
easat-5052	21	24	both	both	DET
easat-5052	21	25	interest	interest	NOUN
easat-5052	21	26	and	and	CCONJ
easat-5052	21	27	principal	principal	ADJ
easat-5052	21	28	repayments	repayment	NOUN
easat-5052	21	29	.	.	PUNCT
easat-5052	22	1	an	an	DET
easat-5052	22	2	increase	increase	NOUN
easat-5052	22	3	in	in	ADP
easat-5052	22	4	the	the	DET
easat-5052	22	5	debt	debt	NOUN
easat-5052	22	6	ratio	ratio	NOUN
easat-5052	22	7	to	to	ADP
easat-5052	22	8	unsustainable	unsustainable	ADJ
easat-5052	22	9	levels	level	NOUN
easat-5052	22	10	can	can	AUX
easat-5052	22	11	,	,	PUNCT
easat-5052	22	12	therefore	therefore	ADV
easat-5052	22	13	,	,	PUNCT
easat-5052	22	14	jeopardize	jeopardize	VERB
easat-5052	22	15	the	the	DET
easat-5052	22	16	company	company	NOUN
easat-5052	22	17	's	's	PART
easat-5052	22	18	financial	financial	ADJ
easat-5052	22	19	stability	stability	NOUN
easat-5052	22	20	[	[	X
easat-5052	22	21	4	4	NUM
easat-5052	22	22	]	]	PUNCT
easat-5052	22	23	.	.	PUNCT
easat-5052	23	1	however	however	ADV
easat-5052	23	2	,	,	PUNCT
easat-5052	23	3	when	when	SCONJ
easat-5052	23	4	employed	employ	VERB
easat-5052	23	5	prudently	prudently	ADV
easat-5052	23	6	,	,	PUNCT
easat-5052	23	7	debt	debt	NOUN
easat-5052	23	8	can	can	AUX
easat-5052	23	9	serve	serve	VERB
easat-5052	23	10	as	as	ADP
easat-5052	23	11	a	a	DET
easat-5052	23	12	crucial	crucial	ADJ
easat-5052	23	13	tool	tool	NOUN
easat-5052	23	14	for	for	ADP
easat-5052	23	15	firms	firm	NOUN
easat-5052	23	16	seeking	seek	VERB
easat-5052	23	17	external	external	ADJ
easat-5052	23	18	financing	financing	NOUN
easat-5052	23	19	to	to	PART
easat-5052	23	20	expand	expand	VERB
easat-5052	23	21	operations	operation	NOUN
easat-5052	23	22	.	.	PUNCT
easat-5052	24	1	it	it	PRON
easat-5052	24	2	is	be	AUX
easat-5052	24	3	essential	essential	ADJ
easat-5052	24	4	,	,	PUNCT
easat-5052	24	5	though	though	ADV
easat-5052	24	6	,	,	PUNCT
easat-5052	24	7	to	to	PART
easat-5052	24	8	manage	manage	VERB
easat-5052	24	9	debt	debt	NOUN
easat-5052	24	10	carefully	carefully	ADV
easat-5052	24	11	,	,	PUNCT
easat-5052	24	12	as	as	SCONJ
easat-5052	24	13	excessive	excessive	ADJ
easat-5052	24	14	debt	debt	NOUN
easat-5052	24	15	can	can	AUX
easat-5052	24	16	significantly	significantly	ADV
easat-5052	24	17	heighten	heighten	VERB
easat-5052	24	18	a	a	DET
easat-5052	24	19	company	company	NOUN
easat-5052	24	20	’s	’s	PART
easat-5052	24	21	financial	financial	ADJ
easat-5052	24	22	risk	risk	NOUN
easat-5052	24	23	.	.	PUNCT
easat-5052	25	1	from	from	ADP
easat-5052	25	2	a	a	DET
easat-5052	25	3	tax	tax	NOUN
easat-5052	25	4	perspective	perspective	NOUN
easat-5052	25	5	,	,	PUNCT
easat-5052	25	6	debt	debt	NOUN
easat-5052	25	7	can	can	AUX
easat-5052	25	8	offer	offer	VERB
easat-5052	25	9	advantages	advantage	NOUN
easat-5052	25	10	by	by	ADP
easat-5052	25	11	providing	provide	VERB
easat-5052	25	12	tax	tax	NOUN
easat-5052	25	13	deductions	deduction	NOUN
easat-5052	25	14	on	on	ADP
easat-5052	25	15	interest	interest	NOUN
easat-5052	25	16	expenses	expense	NOUN
easat-5052	25	17	[	[	X
easat-5052	25	18	5	5	NUM
easat-5052	25	19	]	]	PUNCT
easat-5052	25	20	.	.	PUNCT
easat-5052	26	1	specifically	specifically	ADV
easat-5052	26	2	,	,	PUNCT
easat-5052	26	3	when	when	SCONJ
easat-5052	26	4	a	a	DET
easat-5052	26	5	company	company	NOUN
easat-5052	26	6	uses	use	VERB
easat-5052	26	7	debt	debt	NOUN
easat-5052	26	8	to	to	PART
easat-5052	26	9	finance	finance	VERB
easat-5052	26	10	its	its	PRON
easat-5052	26	11	operations	operation	NOUN
easat-5052	26	12	,	,	PUNCT
easat-5052	26	13	the	the	DET
easat-5052	26	14	interest	interest	NOUN
easat-5052	26	15	expenses	expense	NOUN
easat-5052	26	16	incurred	incur	VERB
easat-5052	26	17	are	be	AUX
easat-5052	26	18	deductible	deductible	ADJ
easat-5052	26	19	from	from	ADP
easat-5052	26	20	taxable	taxable	ADJ
easat-5052	26	21	income	income	NOUN
easat-5052	26	22	,	,	PUNCT
easat-5052	26	23	thereby	thereby	ADV
easat-5052	26	24	reducing	reduce	VERB
easat-5052	26	25	the	the	DET
easat-5052	26	26	company	company	NOUN
easat-5052	26	27	’s	’s	PART
easat-5052	26	28	overall	overall	ADJ
easat-5052	26	29	tax	tax	NOUN
easat-5052	26	30	liability	liability	NOUN
easat-5052	26	31	[	[	X
easat-5052	26	32	6	6	NUM
easat-5052	26	33	]	]	PUNCT
easat-5052	26	34	.	.	PUNCT
easat-5052	27	1	the	the	DET
easat-5052	27	2	necessity	necessity	NOUN
easat-5052	27	3	of	of	ADP
easat-5052	27	4	analyzing	analyze	VERB
easat-5052	27	5	the	the	DET
easat-5052	27	6	impact	impact	NOUN
easat-5052	27	7	of	of	ADP
easat-5052	27	8	debt	debt	NOUN
easat-5052	27	9	on	on	ADP
easat-5052	27	10	tax	tax	NOUN
easat-5052	27	11	avoidance	avoidance	NOUN
easat-5052	27	12	is	be	AUX
easat-5052	27	13	imperative	imperative	ADJ
easat-5052	27	14	in	in	ADP
easat-5052	27	15	the	the	DET
easat-5052	27	16	context	context	NOUN
easat-5052	27	17	of	of	ADP
easat-5052	27	18	2160	2160	PROPN
easat-5052	27	19	edelweiss	edelweiss	PROPN
easat-5052	27	20	applied	apply	VERB
easat-5052	27	21	science	science	NOUN
easat-5052	27	22	and	and	CCONJ
easat-5052	27	23	technology	technology	NOUN
easat-5052	27	24	issn	issn	PROPN
easat-5052	27	25	:	:	PUNCT
easat-5052	27	26	2576	2576	NUM
easat-5052	27	27	-	-	SYM
easat-5052	27	28	8484	8484	NUM
easat-5052	27	29	vol	vol	NOUN
easat-5052	27	30	.	.	PROPN
easat-5052	28	1	9	9	NUM
easat-5052	28	2	,	,	PUNCT
easat-5052	28	3	no	no	INTJ
easat-5052	28	4	.	.	NOUN
easat-5052	28	5	2	2	NUM
easat-5052	28	6	:	:	PUNCT
easat-5052	28	7	2159	2159	NUM
easat-5052	28	8	-	-	SYM
easat-5052	28	9	2174	2174	NUM
easat-5052	28	10	,	,	PUNCT
easat-5052	28	11	2025	2025	NUM
easat-5052	28	12	doi	doi	NOUN
easat-5052	28	13	:	:	PUNCT
easat-5052	28	14	10.55214/25768484.v9i2.5052	10.55214/25768484.v9i2.5052	NUM
easat-5052	28	15	©	©	PROPN
easat-5052	28	16	2025	2025	NUM
easat-5052	28	17	by	by	ADP
easat-5052	28	18	the	the	DET
easat-5052	28	19	author	author	NOUN
easat-5052	28	20	;	;	PUNCT
easat-5052	28	21	licensee	licensee	PROPN
easat-5052	28	22	learning	learn	VERB
easat-5052	28	23	gate	gate	VERB
easat-5052	28	24	corporate	corporate	ADJ
easat-5052	28	25	tax	tax	NOUN
easat-5052	28	26	strategy	strategy	NOUN
easat-5052	28	27	.	.	PUNCT
easat-5052	29	1	the	the	DET
easat-5052	29	2	funds	fund	NOUN
easat-5052	29	3	procured	procure	VERB
easat-5052	29	4	through	through	ADP
easat-5052	29	5	debt	debt	NOUN
easat-5052	29	6	instruments	instrument	NOUN
easat-5052	29	7	can	can	AUX
easat-5052	29	8	be	be	AUX
easat-5052	29	9	deducted	deduct	VERB
easat-5052	29	10	from	from	ADP
easat-5052	29	11	the	the	DET
easat-5052	29	12	taxable	taxable	ADJ
easat-5052	29	13	income	income	NOUN
easat-5052	29	14	of	of	ADP
easat-5052	29	15	a	a	DET
easat-5052	29	16	corporation	corporation	NOUN
easat-5052	29	17	,	,	PUNCT
easat-5052	29	18	thereby	thereby	ADV
easat-5052	29	19	reducing	reduce	VERB
easat-5052	29	20	the	the	DET
easat-5052	29	21	overall	overall	ADJ
easat-5052	29	22	tax	tax	NOUN
easat-5052	29	23	liability	liability	NOUN
easat-5052	29	24	.	.	PUNCT
easat-5052	30	1	this	this	DET
easat-5052	30	2	tax	tax	NOUN
easat-5052	30	3	-	-	PUNCT
easat-5052	30	4	saving	save	VERB
easat-5052	30	5	effect	effect	NOUN
easat-5052	30	6	can	can	AUX
easat-5052	30	7	,	,	PUNCT
easat-5052	30	8	in	in	ADP
easat-5052	30	9	turn	turn	NOUN
easat-5052	30	10	,	,	PUNCT
easat-5052	30	11	motivate	motivate	VERB
easat-5052	30	12	companies	company	NOUN
easat-5052	30	13	to	to	PART
easat-5052	30	14	adopt	adopt	VERB
easat-5052	30	15	tax	tax	NOUN
easat-5052	30	16	avoidance	avoidance	NOUN
easat-5052	30	17	strategies	strategy	NOUN
easat-5052	30	18	that	that	PRON
easat-5052	30	19	utilize	utilize	VERB
easat-5052	30	20	debt	debt	NOUN
easat-5052	30	21	[	[	X
easat-5052	30	22	7	7	NUM
easat-5052	30	23	]	]	PUNCT
easat-5052	30	24	.	.	PUNCT
easat-5052	31	1	consequently	consequently	ADV
easat-5052	31	2	,	,	PUNCT
easat-5052	31	3	strategies	strategy	NOUN
easat-5052	31	4	that	that	PRON
easat-5052	31	5	employ	employ	VERB
easat-5052	31	6	debt	debt	NOUN
easat-5052	31	7	for	for	ADP
easat-5052	31	8	tax	tax	NOUN
easat-5052	31	9	avoidance	avoidance	NOUN
easat-5052	31	10	purposes	purpose	NOUN
easat-5052	31	11	can	can	AUX
easat-5052	31	12	serve	serve	VERB
easat-5052	31	13	as	as	ADP
easat-5052	31	14	a	a	DET
easat-5052	31	15	means	means	NOUN
easat-5052	31	16	to	to	PART
easat-5052	31	17	optimize	optimize	VERB
easat-5052	31	18	a	a	DET
easat-5052	31	19	company	company	NOUN
easat-5052	31	20	's	's	PART
easat-5052	31	21	overall	overall	ADJ
easat-5052	31	22	after	after	ADP
easat-5052	31	23	-	-	PUNCT
easat-5052	31	24	tax	tax	NOUN
easat-5052	31	25	profits	profit	NOUN
easat-5052	31	26	[	[	X
easat-5052	31	27	8	8	NUM
easat-5052	31	28	]	]	PUNCT
easat-5052	31	29	.	.	PUNCT
easat-5052	32	1	however	however	ADV
easat-5052	32	2	,	,	PUNCT
easat-5052	32	3	it	it	PRON
easat-5052	32	4	is	be	AUX
easat-5052	32	5	imperative	imperative	ADJ
easat-5052	32	6	to	to	PART
easat-5052	32	7	note	note	VERB
easat-5052	32	8	that	that	DET
easat-5052	32	9	excessive	excessive	ADJ
easat-5052	32	10	reliance	reliance	NOUN
easat-5052	32	11	on	on	ADP
easat-5052	32	12	debt	debt	NOUN
easat-5052	32	13	for	for	ADP
easat-5052	32	14	tax	tax	NOUN
easat-5052	32	15	avoidance	avoidance	NOUN
easat-5052	32	16	purposes	purpose	NOUN
easat-5052	32	17	can	can	AUX
easat-5052	32	18	lead	lead	VERB
easat-5052	32	19	to	to	ADP
easat-5052	32	20	increased	increase	VERB
easat-5052	32	21	financial	financial	ADJ
easat-5052	32	22	instability	instability	NOUN
easat-5052	32	23	and	and	CCONJ
easat-5052	32	24	bankruptcy	bankruptcy	NOUN
easat-5052	32	25	risk	risk	NOUN
easat-5052	32	26	.	.	PUNCT
easat-5052	33	1	in	in	ADP
easat-5052	33	2	the	the	DET
easat-5052	33	3	event	event	NOUN
easat-5052	33	4	of	of	ADP
easat-5052	33	5	an	an	DET
easat-5052	33	6	economic	economic	ADJ
easat-5052	33	7	crisis	crisis	NOUN
easat-5052	33	8	,	,	PUNCT
easat-5052	33	9	such	such	ADJ
easat-5052	33	10	companies	company	NOUN
easat-5052	33	11	are	be	AUX
easat-5052	33	12	susceptible	susceptible	ADJ
easat-5052	33	13	to	to	ADP
easat-5052	33	14	bankruptcy	bankruptcy	NOUN
easat-5052	33	15	,	,	PUNCT
easat-5052	33	16	which	which	PRON
easat-5052	33	17	poses	pose	VERB
easat-5052	33	18	a	a	DET
easat-5052	33	19	significant	significant	ADJ
easat-5052	33	20	risk	risk	NOUN
easat-5052	33	21	to	to	ADP
easat-5052	33	22	the	the	DET
easat-5052	33	23	national	national	ADJ
easat-5052	33	24	economic	economic	ADJ
easat-5052	33	25	system	system	NOUN
easat-5052	33	26	.	.	PUNCT
easat-5052	34	1	consequently	consequently	ADV
easat-5052	34	2	,	,	PUNCT
easat-5052	34	3	it	it	PRON
easat-5052	34	4	is	be	AUX
easat-5052	34	5	imperative	imperative	ADJ
easat-5052	34	6	for	for	SCONJ
easat-5052	34	7	companies	company	NOUN
easat-5052	34	8	to	to	PART
easat-5052	34	9	carefully	carefully	ADV
easat-5052	34	10	assess	assess	VERB
easat-5052	34	11	the	the	DET
easat-5052	34	12	impact	impact	NOUN
easat-5052	34	13	of	of	ADP
easat-5052	34	14	debt	debt	NOUN
easat-5052	34	15	on	on	ADP
easat-5052	34	16	tax	tax	NOUN
easat-5052	34	17	avoidance	avoidance	NOUN
easat-5052	34	18	strategies	strategy	NOUN
easat-5052	34	19	,	,	PUNCT
easat-5052	34	20	and	and	CCONJ
easat-5052	34	21	to	to	PART
easat-5052	34	22	prioritize	prioritize	VERB
easat-5052	34	23	long	long	ADJ
easat-5052	34	24	-	-	PUNCT
easat-5052	34	25	term	term	NOUN
easat-5052	34	26	financial	financial	ADJ
easat-5052	34	27	stability	stability	NOUN
easat-5052	34	28	and	and	CCONJ
easat-5052	34	29	growth	growth	NOUN
easat-5052	34	30	potential	potential	NOUN
easat-5052	34	31	over	over	ADP
easat-5052	34	32	short	short	ADJ
easat-5052	34	33	-	-	PUNCT
easat-5052	34	34	term	term	NOUN
easat-5052	34	35	tax	tax	NOUN
easat-5052	34	36	savings	saving	NOUN
easat-5052	35	1	[	[	X
easat-5052	35	2	9	9	NUM
easat-5052	35	3	]	]	PUNCT
easat-5052	35	4	.	.	PUNCT
easat-5052	36	1	therefore	therefore	ADV
easat-5052	36	2	,	,	PUNCT
easat-5052	36	3	the	the	DET
easat-5052	36	4	objective	objective	NOUN
easat-5052	36	5	of	of	ADP
easat-5052	36	6	this	this	DET
easat-5052	36	7	study	study	NOUN
easat-5052	36	8	is	be	AUX
easat-5052	36	9	to	to	PART
easat-5052	36	10	examine	examine	VERB
easat-5052	36	11	the	the	DET
easat-5052	36	12	impact	impact	NOUN
easat-5052	36	13	of	of	ADP
easat-5052	36	14	corporate	corporate	ADJ
easat-5052	36	15	debt	debt	NOUN
easat-5052	36	16	levels	level	NOUN
easat-5052	36	17	on	on	ADP
easat-5052	36	18	tax	tax	NOUN
easat-5052	36	19	avoidance	avoidance	NOUN
easat-5052	36	20	for	for	ADP
easat-5052	36	21	companies	company	NOUN
easat-5052	36	22	listed	list	VERB
easat-5052	36	23	on	on	ADP
easat-5052	36	24	the	the	DET
easat-5052	36	25	korean	korean	ADJ
easat-5052	36	26	stock	stock	NOUN
easat-5052	36	27	market	market	NOUN
easat-5052	36	28	from	from	ADP
easat-5052	36	29	2001	2001	NUM
easat-5052	36	30	to	to	ADP
easat-5052	36	31	2023	2023	NUM
easat-5052	36	32	.	.	PUNCT
easat-5052	37	1	specifically	specifically	ADV
easat-5052	37	2	,	,	PUNCT
easat-5052	37	3	this	this	DET
easat-5052	37	4	study	study	NOUN
easat-5052	37	5	tests	test	VERB
easat-5052	37	6	how	how	SCONJ
easat-5052	37	7	corporate	corporate	ADJ
easat-5052	37	8	tax	tax	NOUN
easat-5052	37	9	avoidance	avoidance	NOUN
easat-5052	37	10	strategies	strategy	NOUN
easat-5052	37	11	are	be	AUX
easat-5052	37	12	influenced	influence	VERB
easat-5052	37	13	by	by	ADP
easat-5052	37	14	changes	change	NOUN
easat-5052	37	15	in	in	ADP
easat-5052	37	16	the	the	DET
easat-5052	37	17	degree	degree	NOUN
easat-5052	37	18	of	of	ADP
easat-5052	37	19	debt	debt	NOUN
easat-5052	37	20	increase	increase	NOUN
easat-5052	37	21	,	,	PUNCT
easat-5052	37	22	in	in	ADP
easat-5052	37	23	addition	addition	NOUN
easat-5052	37	24	to	to	ADP
easat-5052	37	25	the	the	DET
easat-5052	37	26	overall	overall	ADJ
easat-5052	37	27	debt	debt	NOUN
easat-5052	37	28	level	level	NOUN
easat-5052	37	29	of	of	ADP
easat-5052	37	30	companies	company	NOUN
easat-5052	37	31	.	.	PUNCT
easat-5052	38	1	in	in	ADP
easat-5052	38	2	order	order	NOUN
easat-5052	38	3	to	to	PART
easat-5052	38	4	achieve	achieve	VERB
easat-5052	38	5	the	the	DET
easat-5052	38	6	aforementioned	aforementioned	ADJ
easat-5052	38	7	objective	objective	NOUN
easat-5052	38	8	,	,	PUNCT
easat-5052	38	9	the	the	DET
easat-5052	38	10	study	study	NOUN
easat-5052	38	11	is	be	AUX
easat-5052	38	12	structured	structure	VERB
easat-5052	38	13	as	as	SCONJ
easat-5052	38	14	follows	follow	VERB
easat-5052	38	15	.	.	PUNCT
easat-5052	39	1	chapter	chapter	NOUN
easat-5052	39	2	1	1	NUM
easat-5052	39	3	introduces	introduce	VERB
easat-5052	39	4	the	the	DET
easat-5052	39	5	necessity	necessity	NOUN
easat-5052	39	6	and	and	CCONJ
easat-5052	39	7	purpose	purpose	NOUN
easat-5052	39	8	of	of	ADP
easat-5052	39	9	the	the	DET
easat-5052	39	10	study	study	NOUN
easat-5052	39	11	.	.	PUNCT
easat-5052	40	1	chapter	chapter	NOUN
easat-5052	40	2	2	2	NUM
easat-5052	40	3	reviews	review	VERB
easat-5052	40	4	studies	study	NOUN
easat-5052	40	5	on	on	ADP
easat-5052	40	6	the	the	DET
easat-5052	40	7	relationship	relationship	NOUN
easat-5052	40	8	between	between	ADP
easat-5052	40	9	debt	debt	NOUN
easat-5052	40	10	and	and	CCONJ
easat-5052	40	11	tax	tax	NOUN
easat-5052	40	12	avoidance	avoidance	NOUN
easat-5052	40	13	to	to	PART
easat-5052	40	14	establish	establish	VERB
easat-5052	40	15	the	the	DET
easat-5052	40	16	theoretical	theoretical	ADJ
easat-5052	40	17	background	background	NOUN
easat-5052	40	18	.	.	PUNCT
easat-5052	41	1	chapter	chapter	NOUN
easat-5052	41	2	3	3	NUM
easat-5052	41	3	establishes	establish	VERB
easat-5052	41	4	hypotheses	hypothesis	NOUN
easat-5052	41	5	and	and	CCONJ
easat-5052	41	6	presents	present	VERB
easat-5052	41	7	an	an	DET
easat-5052	41	8	empirical	empirical	ADJ
easat-5052	41	9	analysis	analysis	NOUN
easat-5052	41	10	model	model	NOUN
easat-5052	41	11	to	to	PART
easat-5052	41	12	test	test	VERB
easat-5052	41	13	these	these	DET
easat-5052	41	14	hypotheses	hypothesis	NOUN
easat-5052	41	15	.	.	PUNCT
easat-5052	42	1	chapter	chapter	NOUN
easat-5052	42	2	4	4	NUM
easat-5052	42	3	conducts	conduct	VERB
easat-5052	42	4	empirical	empirical	ADJ
easat-5052	42	5	analysis	analysis	NOUN
easat-5052	42	6	using	use	VERB
easat-5052	42	7	the	the	DET
easat-5052	42	8	research	research	NOUN
easat-5052	42	9	model	model	NOUN
easat-5052	42	10	and	and	CCONJ
easat-5052	42	11	interprets	interpret	VERB
easat-5052	42	12	the	the	DET
easat-5052	42	13	results	result	NOUN
easat-5052	42	14	.	.	PUNCT
easat-5052	43	1	chapter	chapter	NOUN
easat-5052	43	2	5	5	NUM
easat-5052	43	3	offers	offer	VERB
easat-5052	43	4	a	a	DET
easat-5052	43	5	comprehensive	comprehensive	ADJ
easat-5052	43	6	summary	summary	NOUN
easat-5052	43	7	of	of	ADP
easat-5052	43	8	the	the	DET
easat-5052	43	9	study	study	NOUN
easat-5052	43	10	,	,	PUNCT
easat-5052	43	11	followed	follow	VERB
easat-5052	43	12	by	by	ADP
easat-5052	43	13	in	in	ADP
easat-5052	43	14	-	-	PUNCT
easat-5052	43	15	depth	depth	NOUN
easat-5052	43	16	discussions	discussion	NOUN
easat-5052	43	17	on	on	ADP
easat-5052	43	18	its	its	PRON
easat-5052	43	19	implications	implication	NOUN
easat-5052	43	20	and	and	CCONJ
easat-5052	43	21	potential	potential	ADJ
easat-5052	43	22	directions	direction	NOUN
easat-5052	43	23	for	for	ADP
easat-5052	43	24	future	future	ADJ
easat-5052	43	25	research	research	NOUN
easat-5052	43	26	.	.	PUNCT
easat-5052	44	1	2	2	X
easat-5052	44	2	.	.	X
easat-5052	44	3	theoretical	theoretical	ADJ
easat-5052	44	4	background	background	NOUN
easat-5052	44	5	the	the	DET
easat-5052	44	6	existing	exist	VERB
easat-5052	44	7	literature	literature	NOUN
easat-5052	44	8	on	on	ADP
easat-5052	44	9	the	the	DET
easat-5052	44	10	relationship	relationship	NOUN
easat-5052	44	11	between	between	ADP
easat-5052	44	12	debt	debt	NOUN
easat-5052	44	13	and	and	CCONJ
easat-5052	44	14	tax	tax	NOUN
easat-5052	44	15	avoidance	avoidance	NOUN
easat-5052	44	16	has	have	AUX
easat-5052	44	17	predominantly	predominantly	ADV
easat-5052	44	18	focused	focus	VERB
easat-5052	44	19	on	on	ADP
easat-5052	44	20	examining	examine	VERB
easat-5052	44	21	the	the	DET
easat-5052	44	22	interaction	interaction	NOUN
easat-5052	44	23	between	between	ADP
easat-5052	44	24	these	these	DET
easat-5052	44	25	two	two	NUM
easat-5052	44	26	variables	variable	NOUN
easat-5052	44	27	within	within	ADP
easat-5052	44	28	the	the	DET
easat-5052	44	29	context	context	NOUN
easat-5052	44	30	of	of	ADP
easat-5052	44	31	corporate	corporate	ADJ
easat-5052	44	32	financial	financial	ADJ
easat-5052	44	33	structures	structure	NOUN
easat-5052	44	34	and	and	CCONJ
easat-5052	44	35	tax	tax	NOUN
easat-5052	44	36	strategies	strategy	NOUN
easat-5052	44	37	.	.	PUNCT
easat-5052	45	1	this	this	DET
easat-5052	45	2	section	section	NOUN
easat-5052	45	3	provides	provide	VERB
easat-5052	45	4	a	a	DET
easat-5052	45	5	comprehensive	comprehensive	ADJ
easat-5052	45	6	review	review	NOUN
easat-5052	45	7	of	of	ADP
easat-5052	45	8	the	the	DET
easat-5052	45	9	current	current	ADJ
easat-5052	45	10	body	body	NOUN
easat-5052	45	11	of	of	ADP
easat-5052	45	12	research	research	NOUN
easat-5052	45	13	exploring	explore	VERB
easat-5052	45	14	the	the	DET
easat-5052	45	15	link	link	NOUN
easat-5052	45	16	between	between	ADP
easat-5052	45	17	debt	debt	NOUN
easat-5052	45	18	and	and	CCONJ
easat-5052	45	19	tax	tax	NOUN
easat-5052	45	20	avoidance	avoidance	NOUN
easat-5052	45	21	.	.	PUNCT
easat-5052	46	1	jensen	jensen	PROPN
easat-5052	46	2	and	and	CCONJ
easat-5052	46	3	meckling	meckle	VERB
easat-5052	46	4	[	[	X
easat-5052	46	5	10	10	NUM
easat-5052	46	6	]	]	PUNCT
easat-5052	46	7	argue	argue	VERB
easat-5052	46	8	that	that	SCONJ
easat-5052	46	9	the	the	DET
easat-5052	46	10	presence	presence	NOUN
easat-5052	46	11	of	of	ADP
easat-5052	46	12	debt	debt	NOUN
easat-5052	46	13	serves	serve	VERB
easat-5052	46	14	as	as	ADP
easat-5052	46	15	a	a	DET
easat-5052	46	16	mechanism	mechanism	NOUN
easat-5052	46	17	to	to	PART
easat-5052	46	18	constrain	constrain	VERB
easat-5052	46	19	managerial	managerial	ADJ
easat-5052	46	20	discretion	discretion	NOUN
easat-5052	46	21	,	,	PUNCT
easat-5052	46	22	while	while	SCONJ
easat-5052	46	23	simultaneously	simultaneously	ADV
easat-5052	46	24	providing	provide	VERB
easat-5052	46	25	tax	tax	NOUN
easat-5052	46	26	benefits	benefit	NOUN
easat-5052	46	27	.	.	PUNCT
easat-5052	47	1	they	they	PRON
easat-5052	47	2	suggest	suggest	VERB
easat-5052	47	3	that	that	SCONJ
easat-5052	47	4	tax	tax	NOUN
easat-5052	47	5	avoidance	avoidance	NOUN
easat-5052	47	6	becomes	become	VERB
easat-5052	47	7	more	more	ADV
easat-5052	47	8	pronounced	pronounced	ADJ
easat-5052	47	9	in	in	ADP
easat-5052	47	10	situations	situation	NOUN
easat-5052	47	11	characterized	characterize	VERB
easat-5052	47	12	by	by	ADP
easat-5052	47	13	significant	significant	ADJ
easat-5052	47	14	agency	agency	NOUN
easat-5052	47	15	problems	problem	NOUN
easat-5052	47	16	,	,	PUNCT
easat-5052	47	17	and	and	CCONJ
easat-5052	47	18	that	that	SCONJ
easat-5052	47	19	the	the	DET
easat-5052	47	20	use	use	NOUN
easat-5052	47	21	of	of	ADP
easat-5052	47	22	debt	debt	NOUN
easat-5052	47	23	can	can	AUX
easat-5052	47	24	either	either	CCONJ
easat-5052	47	25	mitigate	mitigate	VERB
easat-5052	47	26	or	or	CCONJ
easat-5052	47	27	replace	replace	VERB
easat-5052	47	28	such	such	ADJ
easat-5052	47	29	tax	tax	NOUN
easat-5052	47	30	avoidance	avoidance	NOUN
easat-5052	47	31	behaviors	behavior	NOUN
easat-5052	47	32	.	.	PUNCT
easat-5052	48	1	bradley	bradley	PROPN
easat-5052	48	2	,	,	PUNCT
easat-5052	48	3	et	et	PROPN
easat-5052	48	4	al	al	PROPN
easat-5052	48	5	.	.	PUNCT
easat-5052	49	1	[	[	X
easat-5052	49	2	5	5	X
easat-5052	49	3	]	]	PUNCT
easat-5052	49	4	assert	assert	VERB
easat-5052	49	5	that	that	SCONJ
easat-5052	49	6	tax	tax	NOUN
easat-5052	49	7	benefits	benefit	NOUN
easat-5052	49	8	are	be	AUX
easat-5052	49	9	a	a	DET
easat-5052	49	10	critical	critical	ADJ
easat-5052	49	11	factor	factor	NOUN
easat-5052	49	12	in	in	ADP
easat-5052	49	13	shaping	shape	VERB
easat-5052	49	14	a	a	DET
easat-5052	49	15	firm	firm	NOUN
easat-5052	49	16	's	's	PART
easat-5052	49	17	capital	capital	NOUN
easat-5052	49	18	structure	structure	NOUN
easat-5052	49	19	.	.	PUNCT
easat-5052	50	1	they	they	PRON
easat-5052	50	2	argue	argue	VERB
easat-5052	50	3	that	that	SCONJ
easat-5052	50	4	reducing	reduce	VERB
easat-5052	50	5	tax	tax	NOUN
easat-5052	50	6	burdens	burden	NOUN
easat-5052	50	7	through	through	ADP
easat-5052	50	8	debt	debt	NOUN
easat-5052	50	9	financing	financing	NOUN
easat-5052	50	10	represents	represent	VERB
easat-5052	50	11	a	a	DET
easat-5052	50	12	key	key	ADJ
easat-5052	50	13	strategy	strategy	NOUN
easat-5052	50	14	for	for	ADP
easat-5052	50	15	optimizing	optimize	VERB
easat-5052	50	16	the	the	DET
easat-5052	50	17	cost	cost	NOUN
easat-5052	50	18	of	of	ADP
easat-5052	50	19	capital	capital	NOUN
easat-5052	50	20	.	.	PUNCT
easat-5052	51	1	additionally	additionally	ADV
easat-5052	51	2	,	,	PUNCT
easat-5052	51	3	the	the	DET
easat-5052	51	4	authors	author	NOUN
easat-5052	51	5	suggest	suggest	VERB
easat-5052	51	6	that	that	SCONJ
easat-5052	51	7	debt	debt	NOUN
easat-5052	51	8	and	and	CCONJ
easat-5052	51	9	tax	tax	NOUN
easat-5052	51	10	avoidance	avoidance	NOUN
easat-5052	51	11	function	function	NOUN
easat-5052	51	12	as	as	ADP
easat-5052	51	13	substitutes	substitute	NOUN
easat-5052	51	14	,	,	PUNCT
easat-5052	51	15	with	with	ADP
easat-5052	51	16	effective	effective	ADJ
easat-5052	51	17	tax	tax	NOUN
easat-5052	51	18	avoidance	avoidance	NOUN
easat-5052	51	19	reducing	reduce	VERB
easat-5052	51	20	the	the	DET
easat-5052	51	21	need	need	NOUN
easat-5052	51	22	for	for	ADP
easat-5052	51	23	debt	debt	NOUN
easat-5052	51	24	financing	financing	NOUN
easat-5052	51	25	.	.	PUNCT
easat-5052	52	1	hines	hines	PROPN
easat-5052	52	2	jr	jr	PROPN
easat-5052	52	3	and	and	CCONJ
easat-5052	52	4	rice	rice	NOUN
easat-5052	53	1	[	[	X
easat-5052	53	2	11	11	NUM
easat-5052	53	3	]	]	PUNCT
easat-5052	53	4	examine	examine	VERB
easat-5052	53	5	the	the	DET
easat-5052	53	6	strategies	strategy	NOUN
easat-5052	53	7	employed	employ	VERB
easat-5052	53	8	by	by	ADP
easat-5052	53	9	multinational	multinational	ADJ
easat-5052	53	10	corporations	corporation	NOUN
easat-5052	53	11	to	to	PART
easat-5052	53	12	minimize	minimize	VERB
easat-5052	53	13	their	their	PRON
easat-5052	53	14	tax	tax	NOUN
easat-5052	53	15	liabilities	liability	NOUN
easat-5052	53	16	through	through	ADP
easat-5052	53	17	the	the	DET
easat-5052	53	18	use	use	NOUN
easat-5052	53	19	of	of	ADP
easat-5052	53	20	tax	tax	NOUN
easat-5052	53	21	havens	haven	NOUN
easat-5052	53	22	.	.	PUNCT
easat-5052	54	1	they	they	PRON
easat-5052	54	2	argue	argue	VERB
easat-5052	54	3	that	that	SCONJ
easat-5052	54	4	multinational	multinational	ADJ
easat-5052	54	5	corporations	corporation	NOUN
easat-5052	54	6	adopt	adopt	VERB
easat-5052	54	7	a	a	DET
easat-5052	54	8	strategy	strategy	NOUN
easat-5052	54	9	of	of	ADP
easat-5052	54	10	maintaining	maintain	VERB
easat-5052	54	11	high	high	ADJ
easat-5052	54	12	debt	debt	NOUN
easat-5052	54	13	ratios	ratio	NOUN
easat-5052	54	14	in	in	ADP
easat-5052	54	15	high	high	ADJ
easat-5052	54	16	-	-	PUNCT
easat-5052	54	17	tax	tax	NOUN
easat-5052	54	18	jurisdictions	jurisdiction	NOUN
easat-5052	54	19	while	while	SCONJ
easat-5052	54	20	shifting	shift	VERB
easat-5052	54	21	income	income	NOUN
easat-5052	54	22	to	to	ADP
easat-5052	54	23	low	low	ADJ
easat-5052	54	24	-	-	PUNCT
easat-5052	54	25	tax	tax	NOUN
easat-5052	54	26	countries	country	NOUN
easat-5052	54	27	to	to	PART
easat-5052	54	28	reduce	reduce	VERB
easat-5052	54	29	their	their	PRON
easat-5052	54	30	overall	overall	ADJ
easat-5052	54	31	tax	tax	NOUN
easat-5052	54	32	burden	burden	NOUN
easat-5052	54	33	.	.	PUNCT
easat-5052	55	1	according	accord	VERB
easat-5052	55	2	to	to	ADP
easat-5052	55	3	the	the	DET
easat-5052	55	4	authors	author	NOUN
easat-5052	55	5	,	,	PUNCT
easat-5052	55	6	this	this	DET
easat-5052	55	7	approach	approach	NOUN
easat-5052	55	8	illustrates	illustrate	VERB
easat-5052	55	9	that	that	SCONJ
easat-5052	55	10	debt	debt	NOUN
easat-5052	55	11	and	and	CCONJ
easat-5052	55	12	tax	tax	NOUN
easat-5052	55	13	avoidance	avoidance	NOUN
easat-5052	55	14	function	function	NOUN
easat-5052	55	15	as	as	ADP
easat-5052	55	16	complementary	complementary	ADJ
easat-5052	55	17	mechanisms	mechanism	NOUN
easat-5052	55	18	.	.	PUNCT
easat-5052	56	1	fama	fama	PROPN
easat-5052	56	2	and	and	CCONJ
easat-5052	56	3	french	french	ADJ
easat-5052	57	1	[	[	X
easat-5052	57	2	1	1	X
easat-5052	57	3	]	]	PUNCT
easat-5052	57	4	investigate	investigate	VERB
easat-5052	57	5	whether	whether	SCONJ
easat-5052	57	6	the	the	DET
easat-5052	57	7	tax	tax	NOUN
easat-5052	57	8	shield	shield	NOUN
easat-5052	57	9	from	from	ADP
easat-5052	57	10	interest	interest	NOUN
easat-5052	57	11	payments	payment	NOUN
easat-5052	57	12	plays	play	VERB
easat-5052	57	13	a	a	DET
easat-5052	57	14	dominant	dominant	ADJ
easat-5052	57	15	role	role	NOUN
easat-5052	57	16	in	in	ADP
easat-5052	57	17	corporate	corporate	ADJ
easat-5052	57	18	financing	financing	NOUN
easat-5052	57	19	decisions	decision	NOUN
easat-5052	57	20	.	.	PUNCT
easat-5052	58	1	they	they	PRON
easat-5052	58	2	analyze	analyze	VERB
easat-5052	58	3	empirical	empirical	ADJ
easat-5052	58	4	data	datum	NOUN
easat-5052	58	5	to	to	PART
easat-5052	58	6	determine	determine	VERB
easat-5052	58	7	whether	whether	SCONJ
easat-5052	58	8	firms	firm	NOUN
easat-5052	58	9	adjust	adjust	VERB
easat-5052	58	10	their	their	PRON
easat-5052	58	11	capital	capital	NOUN
easat-5052	58	12	structure	structure	NOUN
easat-5052	58	13	to	to	PART
easat-5052	58	14	maximize	maximize	VERB
easat-5052	58	15	tax	tax	NOUN
easat-5052	58	16	benefits	benefit	NOUN
easat-5052	58	17	while	while	SCONJ
easat-5052	58	18	balancing	balance	VERB
easat-5052	58	19	bankruptcy	bankruptcy	NOUN
easat-5052	58	20	costs	cost	NOUN
easat-5052	58	21	.	.	PUNCT
easat-5052	59	1	their	their	PRON
easat-5052	59	2	findings	finding	NOUN
easat-5052	59	3	report	report	VERB
easat-5052	59	4	that	that	SCONJ
easat-5052	59	5	the	the	DET
easat-5052	59	6	impact	impact	NOUN
easat-5052	59	7	of	of	ADP
easat-5052	59	8	tax	tax	NOUN
easat-5052	59	9	advantages	advantage	NOUN
easat-5052	59	10	on	on	ADP
easat-5052	59	11	firm	firm	ADJ
easat-5052	59	12	value	value	NOUN
easat-5052	59	13	is	be	AUX
easat-5052	59	14	more	more	ADV
easat-5052	59	15	complex	complex	ADJ
easat-5052	59	16	than	than	SCONJ
easat-5052	59	17	traditional	traditional	ADJ
easat-5052	59	18	theories	theory	NOUN
easat-5052	59	19	suggest	suggest	VERB
easat-5052	59	20	,	,	PUNCT
easat-5052	59	21	as	as	SCONJ
easat-5052	59	22	firms	firm	NOUN
easat-5052	59	23	do	do	AUX
easat-5052	59	24	not	not	PART
easat-5052	59	25	appear	appear	VERB
easat-5052	59	26	to	to	PART
easat-5052	59	27	exploit	exploit	VERB
easat-5052	59	28	tax	tax	NOUN
easat-5052	59	29	shields	shield	NOUN
easat-5052	59	30	to	to	ADP
easat-5052	59	31	the	the	DET
easat-5052	59	32	maximum	maximum	ADJ
easat-5052	59	33	extent	extent	NOUN
easat-5052	59	34	.	.	PUNCT
easat-5052	60	1	claessens	claessen	NOUN
easat-5052	60	2	and	and	CCONJ
easat-5052	60	3	djankov	djankov	NOUN
easat-5052	61	1	[	[	X
easat-5052	61	2	12	12	NUM
easat-5052	61	3	]	]	PUNCT
easat-5052	61	4	analyze	analyze	VERB
easat-5052	61	5	how	how	SCONJ
easat-5052	61	6	debt	debt	NOUN
easat-5052	61	7	and	and	CCONJ
easat-5052	61	8	tax	tax	NOUN
easat-5052	61	9	avoidance	avoidance	NOUN
easat-5052	61	10	strategies	strategy	NOUN
easat-5052	61	11	are	be	AUX
easat-5052	61	12	utilized	utilize	VERB
easat-5052	61	13	in	in	ADP
easat-5052	61	14	the	the	DET
easat-5052	61	15	tax	tax	NOUN
easat-5052	61	16	environment	environment	NOUN
easat-5052	61	17	of	of	ADP
easat-5052	61	18	the	the	DET
easat-5052	61	19	czech	czech	PROPN
easat-5052	61	20	republic	republic	NOUN
easat-5052	61	21	.	.	PUNCT
easat-5052	62	1	their	their	PRON
easat-5052	62	2	findings	finding	NOUN
easat-5052	62	3	suggest	suggest	VERB
easat-5052	62	4	that	that	SCONJ
easat-5052	62	5	in	in	ADP
easat-5052	62	6	emerging	emerge	VERB
easat-5052	62	7	economies	economy	NOUN
easat-5052	62	8	with	with	ADP
easat-5052	62	9	low	low	ADJ
easat-5052	62	10	tax	tax	NOUN
easat-5052	62	11	rates	rate	NOUN
easat-5052	62	12	,	,	PUNCT
easat-5052	62	13	the	the	DET
easat-5052	62	14	tax	tax	NOUN
easat-5052	62	15	-	-	PUNCT
easat-5052	62	16	saving	save	VERB
easat-5052	62	17	benefits	benefit	NOUN
easat-5052	62	18	of	of	ADP
easat-5052	62	19	debt	debt	NOUN
easat-5052	62	20	may	may	AUX
easat-5052	62	21	be	be	AUX
easat-5052	62	22	less	less	ADV
easat-5052	62	23	significant	significant	ADJ
easat-5052	62	24	.	.	PUNCT
easat-5052	63	1	this	this	PRON
easat-5052	63	2	indicates	indicate	VERB
easat-5052	63	3	that	that	SCONJ
easat-5052	63	4	while	while	SCONJ
easat-5052	63	5	debt	debt	NOUN
easat-5052	63	6	can	can	AUX
easat-5052	63	7	be	be	AUX
easat-5052	63	8	an	an	DET
easat-5052	63	9	important	important	ADJ
easat-5052	63	10	strategy	strategy	NOUN
easat-5052	63	11	for	for	ADP
easat-5052	63	12	tax	tax	NOUN
easat-5052	63	13	savings	saving	NOUN
easat-5052	63	14	in	in	ADP
easat-5052	63	15	countries	country	NOUN
easat-5052	63	16	with	with	ADP
easat-5052	63	17	higher	high	ADJ
easat-5052	63	18	tax	tax	NOUN
easat-5052	63	19	rates	rate	NOUN
easat-5052	63	20	,	,	PUNCT
easat-5052	63	21	its	its	PRON
easat-5052	63	22	effect	effect	NOUN
easat-5052	63	23	is	be	AUX
easat-5052	63	24	more	more	ADV
easat-5052	63	25	limited	limited	ADJ
easat-5052	63	26	in	in	ADP
easat-5052	63	27	countries	country	NOUN
easat-5052	63	28	with	with	ADP
easat-5052	63	29	lower	low	ADJ
easat-5052	63	30	tax	tax	NOUN
easat-5052	63	31	rates	rate	NOUN
easat-5052	63	32	.	.	PUNCT
easat-5052	64	1	this	this	DET
easat-5052	64	2	study	study	NOUN
easat-5052	64	3	highlights	highlight	NOUN
easat-5052	64	4	that	that	SCONJ
easat-5052	64	5	the	the	DET
easat-5052	64	6	effectiveness	effectiveness	NOUN
easat-5052	64	7	of	of	ADP
easat-5052	64	8	tax	tax	NOUN
easat-5052	64	9	benefits	benefit	NOUN
easat-5052	64	10	derived	derive	VERB
easat-5052	64	11	from	from	ADP
easat-5052	64	12	2161	2161	NUM
easat-5052	64	13	edelweiss	edelweiss	PROPN
easat-5052	64	14	applied	apply	VERB
easat-5052	64	15	science	science	NOUN
easat-5052	64	16	and	and	CCONJ
easat-5052	64	17	technology	technology	NOUN
easat-5052	64	18	issn	issn	PROPN
easat-5052	64	19	:	:	PUNCT
easat-5052	64	20	2576	2576	NUM
easat-5052	64	21	-	-	SYM
easat-5052	64	22	8484	8484	NUM
easat-5052	64	23	vol	vol	NOUN
easat-5052	64	24	.	.	PROPN
easat-5052	64	25	9	9	NUM
easat-5052	64	26	,	,	PUNCT
easat-5052	64	27	no	no	INTJ
easat-5052	64	28	.	.	NOUN
easat-5052	64	29	2	2	NUM
easat-5052	64	30	:	:	PUNCT
easat-5052	64	31	2159	2159	NUM
easat-5052	64	32	-	-	SYM
easat-5052	64	33	2174	2174	NUM
easat-5052	64	34	,	,	PUNCT
easat-5052	64	35	2025	2025	NUM
easat-5052	64	36	doi	doi	NOUN
easat-5052	64	37	:	:	PUNCT
easat-5052	64	38	10.55214/25768484.v9i2.5052	10.55214/25768484.v9i2.5052	NUM
easat-5052	64	39	©	©	PROPN
easat-5052	64	40	2025	2025	NUM
easat-5052	64	41	by	by	ADP
easat-5052	64	42	the	the	DET
easat-5052	64	43	author	author	NOUN
easat-5052	64	44	;	;	PUNCT
easat-5052	64	45	licensee	licensee	PROPN
easat-5052	64	46	learning	learning	NOUN
easat-5052	64	47	gate	gate	NOUN
easat-5052	64	48	debt	debt	NOUN
easat-5052	64	49	may	may	AUX
easat-5052	64	50	vary	vary	VERB
easat-5052	64	51	depending	depend	VERB
easat-5052	64	52	on	on	ADP
easat-5052	64	53	the	the	DET
easat-5052	64	54	tax	tax	NOUN
easat-5052	64	55	environment	environment	NOUN
easat-5052	64	56	and	and	CCONJ
easat-5052	64	57	economic	economic	ADJ
easat-5052	64	58	conditions	condition	NOUN
easat-5052	64	59	of	of	ADP
easat-5052	64	60	each	each	DET
easat-5052	64	61	country	country	NOUN
easat-5052	64	62	.	.	PUNCT
easat-5052	65	1	graham	graham	PROPN
easat-5052	66	1	[	[	X
easat-5052	66	2	6	6	NUM
easat-5052	66	3	]	]	PUNCT
easat-5052	66	4	emphasizes	emphasize	VERB
easat-5052	66	5	that	that	SCONJ
easat-5052	66	6	interest	interest	NOUN
easat-5052	66	7	expense	expense	NOUN
easat-5052	66	8	deductions	deduction	NOUN
easat-5052	66	9	from	from	ADP
easat-5052	66	10	debt	debt	NOUN
easat-5052	66	11	serve	serve	NOUN
easat-5052	66	12	as	as	ADP
easat-5052	66	13	a	a	DET
easat-5052	66	14	crucial	crucial	ADJ
easat-5052	66	15	tax	tax	NOUN
easat-5052	66	16	-	-	PUNCT
easat-5052	66	17	saving	save	VERB
easat-5052	66	18	mechanism	mechanism	NOUN
easat-5052	66	19	.	.	PUNCT
easat-5052	67	1	he	he	PRON
easat-5052	67	2	argues	argue	VERB
easat-5052	67	3	that	that	SCONJ
easat-5052	67	4	tax	tax	NOUN
easat-5052	67	5	avoidance	avoidance	NOUN
easat-5052	67	6	and	and	CCONJ
easat-5052	67	7	debt	debt	NOUN
easat-5052	67	8	usage	usage	NOUN
easat-5052	67	9	function	function	NOUN
easat-5052	67	10	as	as	ADP
easat-5052	67	11	substitutes	substitute	NOUN
easat-5052	67	12	,	,	PUNCT
easat-5052	67	13	with	with	ADP
easat-5052	67	14	firms	firm	NOUN
easat-5052	67	15	that	that	PRON
easat-5052	67	16	actively	actively	ADV
easat-5052	67	17	engage	engage	VERB
easat-5052	67	18	in	in	ADP
easat-5052	67	19	tax	tax	NOUN
easat-5052	67	20	avoidance	avoidance	NOUN
easat-5052	67	21	being	be	AUX
easat-5052	67	22	less	less	ADV
easat-5052	67	23	likely	likely	ADJ
easat-5052	67	24	to	to	PART
easat-5052	67	25	rely	rely	VERB
easat-5052	67	26	on	on	ADP
easat-5052	67	27	additional	additional	ADJ
easat-5052	67	28	debt	debt	NOUN
easat-5052	67	29	.	.	PUNCT
easat-5052	68	1	bond	bond	NOUN
easat-5052	68	2	and	and	CCONJ
easat-5052	68	3	devereux	devereux	PROPN
easat-5052	69	1	[	[	X
easat-5052	69	2	8	8	NUM
easat-5052	69	3	]	]	PUNCT
easat-5052	69	4	investigate	investigate	VERB
easat-5052	69	5	cross	cross	ADJ
easat-5052	69	6	-	-	ADJ
easat-5052	69	7	country	country	ADJ
easat-5052	69	8	variations	variation	NOUN
easat-5052	69	9	in	in	ADP
easat-5052	69	10	tax	tax	NOUN
easat-5052	69	11	laws	law	NOUN
easat-5052	69	12	and	and	CCONJ
easat-5052	69	13	conclude	conclude	VERB
easat-5052	69	14	that	that	SCONJ
easat-5052	69	15	the	the	DET
easat-5052	69	16	tax	tax	NOUN
easat-5052	69	17	benefits	benefit	NOUN
easat-5052	69	18	of	of	ADP
easat-5052	69	19	debt	debt	NOUN
easat-5052	69	20	financing	financing	NOUN
easat-5052	69	21	are	be	AUX
easat-5052	69	22	more	more	ADV
easat-5052	69	23	pronounced	pronounced	ADJ
easat-5052	69	24	in	in	ADP
easat-5052	69	25	high	high	ADJ
easat-5052	69	26	-	-	PUNCT
easat-5052	69	27	tax	tax	NOUN
easat-5052	69	28	countries	country	NOUN
easat-5052	69	29	.	.	PUNCT
easat-5052	70	1	rego	rego	PROPN
easat-5052	71	1	[	[	X
easat-5052	71	2	13	13	NUM
easat-5052	71	3	]	]	PUNCT
easat-5052	71	4	finds	find	VERB
easat-5052	71	5	that	that	SCONJ
easat-5052	71	6	large	large	ADJ
easat-5052	71	7	multinational	multinational	ADJ
easat-5052	71	8	corporations	corporation	NOUN
easat-5052	71	9	are	be	AUX
easat-5052	71	10	more	more	ADV
easat-5052	71	11	proactive	proactive	ADJ
easat-5052	71	12	in	in	ADP
easat-5052	71	13	employing	employ	VERB
easat-5052	71	14	tax	tax	NOUN
easat-5052	71	15	avoidance	avoidance	NOUN
easat-5052	71	16	strategies	strategy	NOUN
easat-5052	71	17	compared	compare	VERB
easat-5052	71	18	to	to	ADP
easat-5052	71	19	small	small	ADJ
easat-5052	71	20	and	and	CCONJ
easat-5052	71	21	medium	medium	ADJ
easat-5052	71	22	-	-	PUNCT
easat-5052	71	23	sized	sized	ADJ
easat-5052	71	24	enterprises	enterprise	NOUN
easat-5052	71	25	.	.	PUNCT
easat-5052	72	1	he	he	PRON
easat-5052	72	2	suggests	suggest	VERB
easat-5052	72	3	that	that	SCONJ
easat-5052	72	4	large	large	ADJ
easat-5052	72	5	firms	firm	NOUN
easat-5052	72	6	exhibit	exhibit	VERB
easat-5052	72	7	a	a	DET
easat-5052	72	8	lower	low	ADJ
easat-5052	72	9	reliance	reliance	NOUN
easat-5052	72	10	on	on	ADP
easat-5052	72	11	debt	debt	NOUN
easat-5052	72	12	due	due	ADP
easat-5052	72	13	to	to	ADP
easat-5052	72	14	their	their	PRON
easat-5052	72	15	access	access	NOUN
easat-5052	72	16	to	to	ADP
easat-5052	72	17	a	a	DET
easat-5052	72	18	wider	wide	ADJ
easat-5052	72	19	array	array	NOUN
easat-5052	72	20	of	of	ADP
easat-5052	72	21	tax	tax	NOUN
easat-5052	72	22	avoidance	avoidance	NOUN
easat-5052	72	23	methods	method	NOUN
easat-5052	72	24	.	.	PUNCT
easat-5052	73	1	desai	desai	PROPN
easat-5052	73	2	,	,	PUNCT
easat-5052	73	3	et	et	PROPN
easat-5052	73	4	al	al	PROPN
easat-5052	73	5	.	.	PUNCT
easat-5052	74	1	[	[	X
easat-5052	74	2	14	14	NUM
easat-5052	74	3	]	]	PUNCT
easat-5052	74	4	argue	argue	VERB
easat-5052	74	5	that	that	SCONJ
easat-5052	74	6	multinational	multinational	ADJ
easat-5052	74	7	corporations	corporation	NOUN
easat-5052	74	8	strategically	strategically	ADV
easat-5052	74	9	minimize	minimize	VERB
easat-5052	74	10	their	their	PRON
easat-5052	74	11	tax	tax	NOUN
easat-5052	74	12	burdens	burden	NOUN
easat-5052	74	13	by	by	ADP
easat-5052	74	14	employing	employ	VERB
easat-5052	74	15	a	a	DET
easat-5052	74	16	combination	combination	NOUN
easat-5052	74	17	of	of	ADP
easat-5052	74	18	debt	debt	NOUN
easat-5052	74	19	financing	financing	NOUN
easat-5052	74	20	and	and	CCONJ
easat-5052	74	21	tax	tax	NOUN
easat-5052	74	22	avoidance	avoidance	NOUN
easat-5052	74	23	strategies	strategy	NOUN
easat-5052	74	24	.	.	PUNCT
easat-5052	75	1	they	they	PRON
easat-5052	75	2	contend	contend	VERB
easat-5052	75	3	that	that	SCONJ
easat-5052	75	4	these	these	DET
easat-5052	75	5	corporations	corporation	NOUN
easat-5052	75	6	maximize	maximize	VERB
easat-5052	75	7	tax	tax	NOUN
easat-5052	75	8	savings	saving	NOUN
easat-5052	75	9	by	by	ADP
easat-5052	75	10	utilizing	utilize	VERB
easat-5052	75	11	debt	debt	NOUN
easat-5052	75	12	in	in	ADP
easat-5052	75	13	high	high	ADJ
easat-5052	75	14	-	-	PUNCT
easat-5052	75	15	tax	tax	NOUN
easat-5052	75	16	jurisdictions	jurisdiction	NOUN
easat-5052	75	17	while	while	SCONJ
easat-5052	75	18	shifting	shift	VERB
easat-5052	75	19	income	income	NOUN
easat-5052	75	20	to	to	ADP
easat-5052	75	21	low	low	ADJ
easat-5052	75	22	-	-	PUNCT
easat-5052	75	23	tax	tax	NOUN
easat-5052	75	24	jurisdictions	jurisdiction	NOUN
easat-5052	75	25	.	.	PUNCT
easat-5052	76	1	the	the	DET
easat-5052	76	2	complementary	complementary	ADJ
easat-5052	76	3	nature	nature	NOUN
easat-5052	76	4	of	of	ADP
easat-5052	76	5	debt	debt	NOUN
easat-5052	76	6	and	and	CCONJ
easat-5052	76	7	tax	tax	NOUN
easat-5052	76	8	avoidance	avoidance	NOUN
easat-5052	76	9	arises	arise	VERB
easat-5052	76	10	from	from	ADP
easat-5052	76	11	the	the	DET
easat-5052	76	12	tax	tax	NOUN
easat-5052	76	13	advantages	advantage	NOUN
easat-5052	76	14	of	of	ADP
easat-5052	76	15	interest	interest	NOUN
easat-5052	76	16	expense	expense	NOUN
easat-5052	76	17	deductions	deduction	NOUN
easat-5052	76	18	in	in	ADP
easat-5052	76	19	high	high	ADJ
easat-5052	76	20	-	-	PUNCT
easat-5052	76	21	tax	tax	NOUN
easat-5052	76	22	countries	country	NOUN
easat-5052	76	23	,	,	PUNCT
easat-5052	76	24	which	which	PRON
easat-5052	76	25	effectively	effectively	ADV
easat-5052	76	26	reduce	reduce	VERB
easat-5052	76	27	overall	overall	ADJ
easat-5052	76	28	tax	tax	NOUN
easat-5052	76	29	liabilities	liability	NOUN
easat-5052	76	30	.	.	PUNCT
easat-5052	77	1	similarly	similarly	ADV
easat-5052	77	2	,	,	PUNCT
easat-5052	77	3	mintz	mintz	PROPN
easat-5052	77	4	and	and	CCONJ
easat-5052	77	5	smart	smart	ADJ
easat-5052	77	6	[	[	X
easat-5052	77	7	15	15	NUM
easat-5052	77	8	]	]	PUNCT
easat-5052	77	9	provide	provide	VERB
easat-5052	77	10	empirical	empirical	ADJ
easat-5052	77	11	evidence	evidence	NOUN
easat-5052	77	12	showing	show	VERB
easat-5052	77	13	that	that	SCONJ
easat-5052	77	14	multinational	multinational	ADJ
easat-5052	77	15	corporations	corporation	NOUN
easat-5052	77	16	strategically	strategically	ADV
easat-5052	77	17	use	use	VERB
easat-5052	77	18	debt	debt	NOUN
easat-5052	77	19	to	to	PART
easat-5052	77	20	maximize	maximize	VERB
easat-5052	77	21	interest	interest	NOUN
easat-5052	77	22	expense	expense	NOUN
easat-5052	77	23	deductions	deduction	NOUN
easat-5052	77	24	in	in	ADP
easat-5052	77	25	high	high	ADJ
easat-5052	77	26	-	-	PUNCT
easat-5052	77	27	tax	tax	NOUN
easat-5052	77	28	countries	country	NOUN
easat-5052	77	29	,	,	PUNCT
easat-5052	77	30	while	while	SCONJ
easat-5052	77	31	simultaneously	simultaneously	ADV
easat-5052	77	32	lowering	lower	VERB
easat-5052	77	33	tax	tax	NOUN
easat-5052	77	34	burdens	burden	NOUN
easat-5052	77	35	by	by	ADP
easat-5052	77	36	reallocating	reallocate	VERB
easat-5052	77	37	income	income	NOUN
easat-5052	77	38	to	to	ADP
easat-5052	77	39	low	low	ADJ
easat-5052	77	40	-	-	PUNCT
easat-5052	77	41	tax	tax	NOUN
easat-5052	77	42	jurisdictions	jurisdiction	NOUN
easat-5052	77	43	.	.	PUNCT
easat-5052	78	1	their	their	PRON
easat-5052	78	2	findings	finding	NOUN
easat-5052	78	3	suggest	suggest	VERB
easat-5052	78	4	that	that	SCONJ
easat-5052	78	5	the	the	DET
easat-5052	78	6	intensity	intensity	NOUN
easat-5052	78	7	of	of	ADP
easat-5052	78	8	debt	debt	NOUN
easat-5052	78	9	financing	financing	NOUN
easat-5052	78	10	and	and	CCONJ
easat-5052	78	11	tax	tax	NOUN
easat-5052	78	12	avoidance	avoidance	NOUN
easat-5052	78	13	strategies	strategy	NOUN
easat-5052	78	14	increases	increase	VERB
easat-5052	78	15	as	as	SCONJ
easat-5052	78	16	the	the	DET
easat-5052	78	17	tax	tax	NOUN
easat-5052	78	18	rate	rate	NOUN
easat-5052	78	19	differentials	differential	NOUN
easat-5052	78	20	between	between	ADP
easat-5052	78	21	countries	country	NOUN
easat-5052	78	22	grow	grow	VERB
easat-5052	78	23	.	.	PUNCT
easat-5052	79	1	desai	desai	PROPN
easat-5052	79	2	and	and	CCONJ
easat-5052	79	3	dharmapala	dharmapala	VERB
easat-5052	79	4	[	[	X
easat-5052	79	5	16	16	NUM
easat-5052	79	6	]	]	PUNCT
easat-5052	79	7	examine	examine	VERB
easat-5052	79	8	the	the	DET
easat-5052	79	9	relationship	relationship	NOUN
easat-5052	79	10	between	between	ADP
easat-5052	79	11	executive	executive	ADJ
easat-5052	79	12	compensation	compensation	NOUN
easat-5052	79	13	structures	structure	NOUN
easat-5052	79	14	and	and	CCONJ
easat-5052	79	15	tax	tax	NOUN
easat-5052	79	16	avoidance	avoidance	NOUN
easat-5052	79	17	,	,	PUNCT
easat-5052	79	18	arguing	argue	VERB
easat-5052	79	19	that	that	SCONJ
easat-5052	79	20	debt	debt	NOUN
easat-5052	79	21	serves	serve	VERB
easat-5052	79	22	as	as	ADP
easat-5052	79	23	a	a	DET
easat-5052	79	24	mechanism	mechanism	NOUN
easat-5052	79	25	to	to	PART
easat-5052	79	26	influence	influence	VERB
easat-5052	79	27	executives	executive	NOUN
easat-5052	79	28	'	'	PART
easat-5052	79	29	incentives	incentive	NOUN
easat-5052	79	30	for	for	ADP
easat-5052	79	31	tax	tax	NOUN
easat-5052	79	32	avoidance	avoidance	NOUN
easat-5052	79	33	.	.	PUNCT
easat-5052	80	1	furthermore	furthermore	ADV
easat-5052	80	2	,	,	PUNCT
easat-5052	80	3	graham	graham	PROPN
easat-5052	80	4	and	and	CCONJ
easat-5052	80	5	tucker	tucker	PROPN
easat-5052	81	1	[	[	X
easat-5052	81	2	17	17	NUM
easat-5052	81	3	]	]	PUNCT
easat-5052	81	4	assert	assert	VERB
easat-5052	81	5	that	that	SCONJ
easat-5052	81	6	corporations	corporation	NOUN
easat-5052	81	7	using	use	VERB
easat-5052	81	8	tax	tax	NOUN
easat-5052	81	9	shelters	shelter	NOUN
easat-5052	81	10	for	for	ADP
easat-5052	81	11	tax	tax	NOUN
easat-5052	81	12	avoidance	avoidance	NOUN
easat-5052	81	13	tend	tend	VERB
easat-5052	81	14	to	to	PART
easat-5052	81	15	exhibit	exhibit	VERB
easat-5052	81	16	a	a	DET
easat-5052	81	17	reduced	reduced	ADJ
easat-5052	81	18	reliance	reliance	NOUN
easat-5052	81	19	on	on	ADP
easat-5052	81	20	debt	debt	NOUN
easat-5052	81	21	financing	financing	NOUN
easat-5052	81	22	,	,	PUNCT
easat-5052	81	23	leading	lead	VERB
easat-5052	81	24	to	to	ADP
easat-5052	81	25	lower	low	ADJ
easat-5052	81	26	debt	debt	NOUN
easat-5052	81	27	ratios	ratio	NOUN
easat-5052	81	28	.	.	PUNCT
easat-5052	82	1	in	in	ADP
easat-5052	82	2	contrast	contrast	NOUN
easat-5052	82	3	,	,	PUNCT
easat-5052	82	4	firms	firm	NOUN
easat-5052	82	5	that	that	PRON
easat-5052	82	6	do	do	AUX
easat-5052	82	7	not	not	PART
easat-5052	82	8	engage	engage	VERB
easat-5052	82	9	in	in	ADP
easat-5052	82	10	or	or	CCONJ
easat-5052	82	11	fail	fail	VERB
easat-5052	82	12	to	to	PART
easat-5052	82	13	utilize	utilize	VERB
easat-5052	82	14	tax	tax	NOUN
easat-5052	82	15	avoidance	avoidance	NOUN
easat-5052	82	16	mechanisms	mechanism	NOUN
easat-5052	82	17	are	be	AUX
easat-5052	82	18	more	more	ADV
easat-5052	82	19	likely	likely	ADJ
easat-5052	82	20	to	to	PART
easat-5052	82	21	depend	depend	VERB
easat-5052	82	22	on	on	ADP
easat-5052	82	23	debt	debt	NOUN
easat-5052	82	24	financing	financing	NOUN
easat-5052	82	25	.	.	PUNCT
easat-5052	83	1	foley	foley	PROPN
easat-5052	83	2	,	,	PUNCT
easat-5052	83	3	et	et	PROPN
easat-5052	83	4	al	al	PROPN
easat-5052	83	5	.	.	PUNCT
easat-5052	84	1	[	[	X
easat-5052	84	2	7	7	X
easat-5052	84	3	]	]	PUNCT
easat-5052	84	4	argue	argue	VERB
easat-5052	84	5	that	that	SCONJ
easat-5052	84	6	firms	firm	NOUN
easat-5052	84	7	sometimes	sometimes	ADV
easat-5052	84	8	address	address	VERB
easat-5052	84	9	tax	tax	NOUN
easat-5052	84	10	-	-	PUNCT
easat-5052	84	11	related	relate	VERB
easat-5052	84	12	issues	issue	NOUN
easat-5052	84	13	by	by	ADP
easat-5052	84	14	holding	hold	VERB
easat-5052	84	15	cash	cash	NOUN
easat-5052	84	16	rather	rather	ADV
easat-5052	84	17	than	than	ADP
easat-5052	84	18	utilizing	utilize	VERB
easat-5052	84	19	debt	debt	NOUN
easat-5052	84	20	to	to	PART
easat-5052	84	21	obtain	obtain	VERB
easat-5052	84	22	tax	tax	NOUN
easat-5052	84	23	benefits	benefit	NOUN
easat-5052	84	24	.	.	PUNCT
easat-5052	85	1	their	their	PRON
easat-5052	85	2	findings	finding	NOUN
easat-5052	85	3	suggest	suggest	VERB
easat-5052	85	4	that	that	SCONJ
easat-5052	85	5	tax	tax	NOUN
easat-5052	85	6	avoidance	avoidance	NOUN
easat-5052	85	7	and	and	CCONJ
easat-5052	85	8	debt	debt	NOUN
easat-5052	85	9	usage	usage	NOUN
easat-5052	85	10	are	be	AUX
easat-5052	85	11	not	not	PART
easat-5052	85	12	necessarily	necessarily	ADV
easat-5052	85	13	complementary	complementary	ADJ
easat-5052	85	14	.	.	PUNCT
easat-5052	86	1	weichenrieder	weichenrieder	NOUN
easat-5052	86	2	and	and	CCONJ
easat-5052	86	3	klautke	klautke	VERB
easat-5052	86	4	[	[	X
easat-5052	86	5	18	18	NUM
easat-5052	86	6	]	]	PUNCT
easat-5052	86	7	examine	examine	VERB
easat-5052	86	8	the	the	DET
easat-5052	86	9	impact	impact	NOUN
easat-5052	86	10	of	of	ADP
easat-5052	86	11	tax	tax	NOUN
easat-5052	86	12	law	law	NOUN
easat-5052	86	13	changes	change	NOUN
easat-5052	86	14	that	that	PRON
easat-5052	86	15	limit	limit	VERB
easat-5052	86	16	interest	interest	NOUN
easat-5052	86	17	expense	expense	NOUN
easat-5052	86	18	deductions	deduction	NOUN
easat-5052	86	19	on	on	ADP
easat-5052	86	20	corporate	corporate	ADJ
easat-5052	86	21	debt	debt	NOUN
easat-5052	86	22	financing	financing	NOUN
easat-5052	86	23	and	and	CCONJ
easat-5052	86	24	tax	tax	NOUN
easat-5052	86	25	avoidance	avoidance	NOUN
easat-5052	86	26	strategies	strategy	NOUN
easat-5052	86	27	.	.	PUNCT
easat-5052	87	1	their	their	PRON
easat-5052	87	2	study	study	NOUN
easat-5052	87	3	indicates	indicate	VERB
easat-5052	87	4	that	that	SCONJ
easat-5052	87	5	when	when	SCONJ
easat-5052	87	6	interest	interest	NOUN
easat-5052	87	7	deductions	deduction	NOUN
easat-5052	87	8	are	be	AUX
easat-5052	87	9	restricted	restrict	VERB
easat-5052	87	10	,	,	PUNCT
easat-5052	87	11	firms	firm	NOUN
easat-5052	87	12	tend	tend	VERB
easat-5052	87	13	to	to	PART
easat-5052	87	14	reduce	reduce	VERB
easat-5052	87	15	their	their	PRON
easat-5052	87	16	reliance	reliance	NOUN
easat-5052	87	17	on	on	ADP
easat-5052	87	18	debt	debt	NOUN
easat-5052	87	19	,	,	PUNCT
easat-5052	87	20	instead	instead	ADV
easat-5052	87	21	enhancing	enhance	VERB
easat-5052	87	22	transfer	transfer	NOUN
easat-5052	87	23	pricing	pricing	NOUN
easat-5052	87	24	adjustments	adjustment	NOUN
easat-5052	87	25	and	and	CCONJ
easat-5052	87	26	utilizing	utilize	VERB
easat-5052	87	27	non	non	ADJ
easat-5052	87	28	-	-	ADJ
easat-5052	87	29	cash	cash	ADJ
easat-5052	87	30	tax	tax	NOUN
easat-5052	87	31	deductions	deduction	NOUN
easat-5052	87	32	.	.	PUNCT
easat-5052	88	1	kweon	kweon	PROPN
easat-5052	88	2	,	,	PUNCT
easat-5052	88	3	et	et	PROPN
easat-5052	88	4	al	al	PROPN
easat-5052	88	5	.	.	PUNCT
easat-5052	89	1	[	[	X
easat-5052	89	2	19	19	NUM
easat-5052	89	3	]	]	PUNCT
easat-5052	89	4	report	report	NOUN
easat-5052	89	5	that	that	SCONJ
easat-5052	89	6	tax	tax	NOUN
easat-5052	89	7	avoidance	avoidance	NOUN
easat-5052	89	8	has	have	AUX
easat-5052	89	9	a	a	DET
easat-5052	89	10	significant	significant	ADJ
easat-5052	89	11	positive	positive	ADJ
easat-5052	89	12	effect	effect	NOUN
easat-5052	89	13	on	on	ADP
easat-5052	89	14	debt	debt	NOUN
easat-5052	89	15	ratios	ratio	NOUN
easat-5052	89	16	.	.	PUNCT
easat-5052	90	1	additionally	additionally	ADV
easat-5052	90	2	,	,	PUNCT
easat-5052	90	3	they	they	PRON
easat-5052	90	4	find	find	VERB
easat-5052	90	5	that	that	SCONJ
easat-5052	90	6	firms	firm	NOUN
easat-5052	90	7	with	with	ADP
easat-5052	90	8	higher	high	ADJ
easat-5052	90	9	profitability	profitability	NOUN
easat-5052	90	10	tend	tend	VERB
easat-5052	90	11	to	to	PART
easat-5052	90	12	have	have	VERB
easat-5052	90	13	lower	low	ADJ
easat-5052	90	14	debt	debt	NOUN
easat-5052	90	15	ratios	ratio	NOUN
easat-5052	90	16	,	,	PUNCT
easat-5052	90	17	consistent	consistent	ADJ
easat-5052	90	18	with	with	ADP
easat-5052	90	19	the	the	DET
easat-5052	90	20	pecking	pecking	NOUN
easat-5052	90	21	order	order	NOUN
easat-5052	90	22	theory	theory	NOUN
easat-5052	90	23	,	,	PUNCT
easat-5052	90	24	which	which	PRON
easat-5052	90	25	suggests	suggest	VERB
easat-5052	90	26	that	that	SCONJ
easat-5052	90	27	firms	firm	NOUN
easat-5052	90	28	with	with	ADP
easat-5052	90	29	greater	great	ADJ
easat-5052	90	30	capacity	capacity	NOUN
easat-5052	90	31	to	to	PART
easat-5052	90	32	finance	finance	VERB
easat-5052	90	33	through	through	ADP
easat-5052	90	34	internally	internally	ADV
easat-5052	90	35	retained	retain	VERB
easat-5052	90	36	earnings	earning	NOUN
easat-5052	90	37	exhibit	exhibit	VERB
easat-5052	90	38	a	a	DET
easat-5052	90	39	lower	low	ADJ
easat-5052	90	40	reliance	reliance	NOUN
easat-5052	90	41	on	on	ADP
easat-5052	90	42	debt	debt	NOUN
easat-5052	90	43	.	.	PUNCT
easat-5052	91	1	in	in	ADP
easat-5052	91	2	a	a	DET
easat-5052	91	3	subsequent	subsequent	ADJ
easat-5052	91	4	study	study	NOUN
easat-5052	91	5	,	,	PUNCT
easat-5052	91	6	kweon	kweon	PROPN
easat-5052	91	7	,	,	PUNCT
easat-5052	91	8	et	et	PROPN
easat-5052	91	9	al	al	PROPN
easat-5052	91	10	.	.	PUNCT
easat-5052	92	1	[	[	X
easat-5052	92	2	20	20	NUM
easat-5052	92	3	]	]	PUNCT
easat-5052	92	4	find	find	VERB
easat-5052	92	5	that	that	SCONJ
easat-5052	92	6	firms	firm	NOUN
easat-5052	92	7	engaging	engage	VERB
easat-5052	92	8	in	in	ADP
easat-5052	92	9	higher	high	ADJ
easat-5052	92	10	levels	level	NOUN
easat-5052	92	11	of	of	ADP
easat-5052	92	12	tax	tax	NOUN
easat-5052	92	13	avoidance	avoidance	NOUN
easat-5052	92	14	exhibit	exhibit	VERB
easat-5052	92	15	lower	low	ADJ
easat-5052	92	16	debt	debt	NOUN
easat-5052	92	17	ratios	ratio	NOUN
easat-5052	92	18	.	.	PUNCT
easat-5052	93	1	this	this	PRON
easat-5052	93	2	suggests	suggest	VERB
easat-5052	93	3	that	that	SCONJ
easat-5052	93	4	companies	company	NOUN
easat-5052	93	5	use	use	VERB
easat-5052	93	6	tax	tax	NOUN
easat-5052	93	7	avoidance	avoidance	NOUN
easat-5052	93	8	as	as	ADP
easat-5052	93	9	an	an	DET
easat-5052	93	10	alternative	alternative	NOUN
easat-5052	93	11	to	to	ADP
easat-5052	93	12	debt	debt	NOUN
easat-5052	93	13	-	-	PUNCT
easat-5052	93	14	based	base	VERB
easat-5052	93	15	tax	tax	NOUN
easat-5052	93	16	benefits	benefit	NOUN
easat-5052	93	17	.	.	PUNCT
easat-5052	94	1	blouin	blouin	PROPN
easat-5052	94	2	,	,	PUNCT
easat-5052	94	3	et	et	PROPN
easat-5052	94	4	al	al	PROPN
easat-5052	94	5	.	.	PUNCT
easat-5052	95	1	[	[	X
easat-5052	95	2	4	4	X
easat-5052	95	3	]	]	PUNCT
easat-5052	95	4	investigate	investigate	VERB
easat-5052	95	5	whether	whether	SCONJ
easat-5052	95	6	firms	firm	NOUN
easat-5052	95	7	increase	increase	VERB
easat-5052	95	8	their	their	PRON
easat-5052	95	9	use	use	NOUN
easat-5052	95	10	of	of	ADP
easat-5052	95	11	tax	tax	NOUN
easat-5052	95	12	avoidance	avoidance	NOUN
easat-5052	95	13	strategies	strategy	NOUN
easat-5052	95	14	in	in	ADP
easat-5052	95	15	response	response	NOUN
easat-5052	95	16	to	to	ADP
easat-5052	95	17	government	government	NOUN
easat-5052	95	18	-	-	PUNCT
easat-5052	95	19	imposed	impose	VERB
easat-5052	95	20	restrictions	restriction	NOUN
easat-5052	95	21	on	on	ADP
easat-5052	95	22	interest	interest	NOUN
easat-5052	95	23	deductions	deduction	NOUN
easat-5052	95	24	.	.	PUNCT
easat-5052	96	1	their	their	PRON
easat-5052	96	2	findings	finding	NOUN
easat-5052	96	3	show	show	VERB
easat-5052	96	4	that	that	SCONJ
easat-5052	96	5	,	,	PUNCT
easat-5052	96	6	following	follow	VERB
easat-5052	96	7	such	such	ADJ
easat-5052	96	8	tax	tax	NOUN
easat-5052	96	9	law	law	NOUN
easat-5052	96	10	changes	change	NOUN
easat-5052	96	11	,	,	PUNCT
easat-5052	96	12	firms	firm	NOUN
easat-5052	96	13	reduce	reduce	VERB
easat-5052	96	14	their	their	PRON
easat-5052	96	15	debt	debt	NOUN
easat-5052	96	16	usage	usage	NOUN
easat-5052	96	17	while	while	SCONJ
easat-5052	96	18	strengthening	strengthen	VERB
easat-5052	96	19	alternative	alternative	ADJ
easat-5052	96	20	tax	tax	NOUN
easat-5052	96	21	strategies	strategy	NOUN
easat-5052	96	22	,	,	PUNCT
easat-5052	96	23	such	such	ADJ
easat-5052	96	24	as	as	ADP
easat-5052	96	25	income	income	NOUN
easat-5052	96	26	shifting	shift	VERB
easat-5052	96	27	to	to	ADP
easat-5052	96	28	foreign	foreign	ADJ
easat-5052	96	29	subsidiaries	subsidiary	NOUN
easat-5052	96	30	and	and	CCONJ
easat-5052	96	31	increasing	increase	VERB
easat-5052	96	32	depreciation	depreciation	NOUN
easat-5052	96	33	deductions	deduction	NOUN
easat-5052	96	34	.	.	PUNCT
easat-5052	97	1	graham	graham	PROPN
easat-5052	97	2	and	and	CCONJ
easat-5052	97	3	tucker	tucker	PROPN
easat-5052	98	1	[	[	X
easat-5052	98	2	17	17	NUM
easat-5052	98	3	]	]	PUNCT
easat-5052	98	4	introduce	introduce	VERB
easat-5052	98	5	the	the	DET
easat-5052	98	6	"	"	PUNCT
easat-5052	98	7	gap	gap	NOUN
easat-5052	98	8	-	-	PUNCT
easat-5052	98	9	filling	fill	VERB
easat-5052	98	10	theory	theory	NOUN
easat-5052	98	11	"	"	PUNCT
easat-5052	98	12	of	of	ADP
easat-5052	98	13	corporate	corporate	ADJ
easat-5052	98	14	debt	debt	NOUN
easat-5052	98	15	maturity	maturity	NOUN
easat-5052	98	16	,	,	PUNCT
easat-5052	98	17	suggesting	suggest	VERB
easat-5052	98	18	that	that	SCONJ
easat-5052	98	19	firms	firm	NOUN
easat-5052	98	20	adjust	adjust	VERB
easat-5052	98	21	their	their	PRON
easat-5052	98	22	debt	debt	NOUN
easat-5052	98	23	maturity	maturity	NOUN
easat-5052	98	24	based	base	VERB
easat-5052	98	25	on	on	ADP
easat-5052	98	26	the	the	DET
easat-5052	98	27	maturity	maturity	NOUN
easat-5052	98	28	structure	structure	NOUN
easat-5052	98	29	of	of	ADP
easat-5052	98	30	government	government	NOUN
easat-5052	98	31	debt	debt	NOUN
easat-5052	98	32	.	.	PUNCT
easat-5052	99	1	this	this	DET
easat-5052	99	2	theory	theory	NOUN
easat-5052	99	3	challenges	challenge	VERB
easat-5052	99	4	traditional	traditional	ADJ
easat-5052	99	5	views	view	NOUN
easat-5052	99	6	by	by	ADP
easat-5052	99	7	showing	show	VERB
easat-5052	99	8	that	that	PRON
easat-5052	99	9	corporate	corporate	ADJ
easat-5052	99	10	debt	debt	NOUN
easat-5052	99	11	decisions	decision	NOUN
easat-5052	99	12	are	be	AUX
easat-5052	99	13	influenced	influence	VERB
easat-5052	99	14	not	not	PART
easat-5052	99	15	only	only	ADV
easat-5052	99	16	by	by	ADP
easat-5052	99	17	firm	firm	ADJ
easat-5052	99	18	-	-	PUNCT
easat-5052	99	19	specific	specific	ADJ
easat-5052	99	20	factors	factor	NOUN
easat-5052	99	21	but	but	CCONJ
easat-5052	99	22	also	also	ADV
easat-5052	99	23	by	by	ADP
easat-5052	99	24	broader	broad	ADJ
easat-5052	99	25	market	market	NOUN
easat-5052	99	26	conditions	condition	NOUN
easat-5052	99	27	,	,	PUNCT
easat-5052	99	28	particularly	particularly	ADV
easat-5052	99	29	government	government	NOUN
easat-5052	99	30	debt	debt	NOUN
easat-5052	99	31	issuance	issuance	NOUN
easat-5052	99	32	.	.	PUNCT
easat-5052	100	1	the	the	DET
easat-5052	100	2	authors	author	NOUN
easat-5052	100	3	highlight	highlight	VERB
easat-5052	100	4	the	the	DET
easat-5052	100	5	role	role	NOUN
easat-5052	100	6	of	of	ADP
easat-5052	100	7	firms	firm	NOUN
easat-5052	100	8	as	as	ADP
easat-5052	100	9	"	"	PUNCT
easat-5052	100	10	gap	gap	NOUN
easat-5052	100	11	-	-	PUNCT
easat-5052	100	12	fillers	filler	NOUN
easat-5052	100	13	"	"	PUNCT
easat-5052	100	14	in	in	ADP
easat-5052	100	15	the	the	DET
easat-5052	100	16	debt	debt	NOUN
easat-5052	100	17	market	market	NOUN
easat-5052	100	18	.	.	PUNCT
easat-5052	101	1	gonzález	gonzález	PROPN
easat-5052	102	1	[	[	X
easat-5052	102	2	3	3	X
easat-5052	102	3	]	]	PUNCT
easat-5052	102	4	explores	explore	VERB
easat-5052	102	5	the	the	DET
easat-5052	102	6	link	link	NOUN
easat-5052	102	7	between	between	ADP
easat-5052	102	8	leverage	leverage	NOUN
easat-5052	102	9	and	and	CCONJ
easat-5052	102	10	corporate	corporate	ADJ
easat-5052	102	11	performance	performance	NOUN
easat-5052	102	12	across	across	ADP
easat-5052	102	13	various	various	ADJ
easat-5052	102	14	2162	2162	NUM
easat-5052	102	15	edelweiss	edelweiss	PROPN
easat-5052	102	16	applied	apply	VERB
easat-5052	102	17	science	science	NOUN
easat-5052	102	18	and	and	CCONJ
easat-5052	102	19	technology	technology	NOUN
easat-5052	102	20	issn	issn	PROPN
easat-5052	102	21	:	:	PUNCT
easat-5052	102	22	2576	2576	NUM
easat-5052	102	23	-	-	SYM
easat-5052	102	24	8484	8484	NUM
easat-5052	102	25	vol	vol	NOUN
easat-5052	102	26	.	.	PROPN
easat-5052	103	1	9	9	NUM
easat-5052	103	2	,	,	PUNCT
easat-5052	103	3	no	no	INTJ
easat-5052	103	4	.	.	NOUN
easat-5052	103	5	2	2	NUM
easat-5052	103	6	:	:	PUNCT
easat-5052	103	7	2159	2159	NUM
easat-5052	103	8	-	-	SYM
easat-5052	103	9	2174	2174	NUM
easat-5052	103	10	,	,	PUNCT
easat-5052	103	11	2025	2025	NUM
easat-5052	103	12	doi	doi	NOUN
easat-5052	103	13	:	:	PUNCT
easat-5052	103	14	10.55214/25768484.v9i2.5052	10.55214/25768484.v9i2.5052	NUM
easat-5052	103	15	©	©	PROPN
easat-5052	103	16	2025	2025	NUM
easat-5052	103	17	by	by	ADP
easat-5052	103	18	the	the	DET
easat-5052	103	19	author	author	NOUN
easat-5052	103	20	;	;	PUNCT
easat-5052	103	21	licensee	licensee	PROPN
easat-5052	103	22	learning	learn	VERB
easat-5052	103	23	gate	gate	NOUN
easat-5052	103	24	countries	country	NOUN
easat-5052	103	25	.	.	PUNCT
easat-5052	104	1	the	the	DET
easat-5052	104	2	study	study	NOUN
easat-5052	104	3	finds	find	VERB
easat-5052	104	4	that	that	SCONJ
easat-5052	104	5	the	the	DET
easat-5052	104	6	effect	effect	NOUN
easat-5052	104	7	of	of	ADP
easat-5052	104	8	leverage	leverage	NOUN
easat-5052	104	9	on	on	ADP
easat-5052	104	10	performance	performance	NOUN
easat-5052	104	11	differs	differ	VERB
easat-5052	104	12	depending	depend	VERB
easat-5052	104	13	on	on	ADP
easat-5052	104	14	the	the	DET
easat-5052	104	15	institutional	institutional	ADJ
easat-5052	104	16	environment	environment	NOUN
easat-5052	104	17	.	.	PUNCT
easat-5052	105	1	stronger	strong	ADJ
easat-5052	105	2	governance	governance	NOUN
easat-5052	105	3	and	and	CCONJ
easat-5052	105	4	regulations	regulation	NOUN
easat-5052	105	5	can	can	AUX
easat-5052	105	6	moderate	moderate	VERB
easat-5052	105	7	this	this	DET
easat-5052	105	8	relationship	relationship	NOUN
easat-5052	105	9	,	,	PUNCT
easat-5052	105	10	suggesting	suggest	VERB
easat-5052	105	11	that	that	SCONJ
easat-5052	105	12	while	while	SCONJ
easat-5052	105	13	leverage	leverage	NOUN
easat-5052	105	14	may	may	AUX
easat-5052	105	15	enhance	enhance	VERB
easat-5052	105	16	performance	performance	NOUN
easat-5052	105	17	in	in	ADP
easat-5052	105	18	some	some	DET
easat-5052	105	19	contexts	contexts	NOUN
easat-5052	105	20	,	,	PUNCT
easat-5052	105	21	excessive	excessive	ADJ
easat-5052	105	22	debt	debt	NOUN
easat-5052	105	23	can	can	AUX
easat-5052	105	24	be	be	AUX
easat-5052	105	25	harmful	harmful	ADJ
easat-5052	105	26	,	,	PUNCT
easat-5052	105	27	with	with	ADP
easat-5052	105	28	its	its	PRON
easat-5052	105	29	impact	impact	NOUN
easat-5052	105	30	shaped	shape	VERB
easat-5052	105	31	by	by	ADP
easat-5052	105	32	market	market	NOUN
easat-5052	105	33	conditions	condition	NOUN
easat-5052	105	34	and	and	CCONJ
easat-5052	105	35	country	country	NOUN
easat-5052	105	36	-	-	PUNCT
easat-5052	105	37	specific	specific	ADJ
easat-5052	105	38	factors	factor	NOUN
easat-5052	105	39	.	.	PUNCT
easat-5052	106	1	lee	lee	PROPN
easat-5052	107	1	[	[	X
easat-5052	107	2	21	21	NUM
easat-5052	107	3	]	]	PUNCT
easat-5052	107	4	argues	argue	VERB
easat-5052	107	5	that	that	SCONJ
easat-5052	107	6	in	in	ADP
easat-5052	107	7	the	the	DET
easat-5052	107	8	absence	absence	NOUN
easat-5052	107	9	of	of	ADP
easat-5052	107	10	financial	financial	ADJ
easat-5052	107	11	flexibility	flexibility	NOUN
easat-5052	107	12	considerations	consideration	NOUN
easat-5052	107	13	,	,	PUNCT
easat-5052	107	14	there	there	PRON
easat-5052	107	15	is	be	VERB
easat-5052	107	16	a	a	DET
easat-5052	107	17	negative	negative	ADJ
easat-5052	107	18	relationship	relationship	NOUN
easat-5052	107	19	between	between	ADP
easat-5052	107	20	tax	tax	NOUN
easat-5052	107	21	avoidance	avoidance	NOUN
easat-5052	107	22	and	and	CCONJ
easat-5052	107	23	debt	debt	NOUN
easat-5052	107	24	.	.	PUNCT
easat-5052	108	1	however	however	ADV
easat-5052	108	2	,	,	PUNCT
easat-5052	108	3	when	when	SCONJ
easat-5052	108	4	financial	financial	ADJ
easat-5052	108	5	flexibility	flexibility	NOUN
easat-5052	108	6	is	be	AUX
easat-5052	108	7	considered	consider	VERB
easat-5052	108	8	,	,	PUNCT
easat-5052	108	9	the	the	DET
easat-5052	108	10	impact	impact	NOUN
easat-5052	108	11	of	of	ADP
easat-5052	108	12	tax	tax	NOUN
easat-5052	108	13	avoidance	avoidance	NOUN
easat-5052	108	14	on	on	ADP
easat-5052	108	15	debt	debt	NOUN
easat-5052	108	16	financing	financing	NOUN
easat-5052	108	17	becomes	become	VERB
easat-5052	108	18	insignificant	insignificant	ADJ
easat-5052	108	19	,	,	PUNCT
easat-5052	108	20	emphasizing	emphasize	VERB
easat-5052	108	21	the	the	DET
easat-5052	108	22	importance	importance	NOUN
easat-5052	108	23	of	of	ADP
easat-5052	108	24	financial	financial	ADJ
easat-5052	108	25	flexibility	flexibility	NOUN
easat-5052	108	26	as	as	ADP
easat-5052	108	27	a	a	DET
easat-5052	108	28	key	key	ADJ
easat-5052	108	29	determinant	determinant	ADJ
easat-5052	108	30	in	in	ADP
easat-5052	108	31	corporate	corporate	ADJ
easat-5052	108	32	debt	debt	NOUN
easat-5052	108	33	decisions	decision	NOUN
easat-5052	108	34	.	.	PUNCT
easat-5052	109	1	richardson	richardson	PROPN
easat-5052	109	2	,	,	PUNCT
easat-5052	109	3	et	et	PROPN
easat-5052	109	4	al	al	PROPN
easat-5052	109	5	.	.	PUNCT
easat-5052	110	1	[	[	X
easat-5052	110	2	22	22	NUM
easat-5052	110	3	]	]	PUNCT
easat-5052	110	4	report	report	NOUN
easat-5052	110	5	that	that	SCONJ
easat-5052	110	6	financially	financially	ADV
easat-5052	110	7	distressed	distressed	ADJ
easat-5052	110	8	firms	firm	NOUN
easat-5052	110	9	tend	tend	VERB
easat-5052	110	10	to	to	PART
easat-5052	110	11	increase	increase	VERB
easat-5052	110	12	debt	debt	NOUN
easat-5052	110	13	financing	financing	NOUN
easat-5052	110	14	to	to	PART
easat-5052	110	15	capitalize	capitalize	VERB
easat-5052	110	16	on	on	ADP
easat-5052	110	17	interest	interest	NOUN
easat-5052	110	18	deductions	deduction	NOUN
easat-5052	110	19	,	,	PUNCT
easat-5052	110	20	while	while	SCONJ
easat-5052	110	21	simultaneously	simultaneously	ADV
easat-5052	110	22	enhancing	enhance	VERB
easat-5052	110	23	non	non	ADJ
easat-5052	110	24	-	-	ADJ
easat-5052	110	25	debt	debt	ADJ
easat-5052	110	26	tax	tax	NOUN
easat-5052	110	27	avoidance	avoidance	NOUN
easat-5052	110	28	measures	measure	NOUN
easat-5052	110	29	,	,	PUNCT
easat-5052	110	30	such	such	ADJ
easat-5052	110	31	as	as	ADP
easat-5052	110	32	non	non	ADJ
easat-5052	110	33	-	-	ADJ
easat-5052	110	34	cash	cash	ADJ
easat-5052	110	35	expense	expense	NOUN
easat-5052	110	36	deductions	deduction	NOUN
easat-5052	110	37	.	.	PUNCT
easat-5052	111	1	ko	ko	PROPN
easat-5052	111	2	and	and	CCONJ
easat-5052	111	3	park	park	NOUN
easat-5052	111	4	[	[	X
easat-5052	111	5	23	23	NUM
easat-5052	111	6	]	]	PUNCT
easat-5052	111	7	find	find	VERB
easat-5052	111	8	that	that	SCONJ
easat-5052	111	9	cash	cash	NOUN
easat-5052	111	10	generated	generate	VERB
easat-5052	111	11	through	through	ADP
easat-5052	111	12	tax	tax	NOUN
easat-5052	111	13	avoidance	avoidance	NOUN
easat-5052	111	14	is	be	AUX
easat-5052	111	15	allocated	allocate	VERB
easat-5052	111	16	for	for	ADP
easat-5052	111	17	various	various	ADJ
easat-5052	111	18	corporate	corporate	ADJ
easat-5052	111	19	purposes	purpose	NOUN
easat-5052	111	20	,	,	PUNCT
easat-5052	111	21	including	include	VERB
easat-5052	111	22	investment	investment	NOUN
easat-5052	111	23	,	,	PUNCT
easat-5052	111	24	dividend	dividend	NOUN
easat-5052	111	25	payments	payment	NOUN
easat-5052	111	26	,	,	PUNCT
easat-5052	111	27	and	and	CCONJ
easat-5052	111	28	debt	debt	NOUN
easat-5052	111	29	repayment	repayment	NOUN
easat-5052	111	30	.	.	PUNCT
easat-5052	112	1	this	this	DET
easat-5052	112	2	tendency	tendency	NOUN
easat-5052	112	3	is	be	AUX
easat-5052	112	4	particularly	particularly	ADV
easat-5052	112	5	pronounced	pronounce	VERB
easat-5052	112	6	among	among	ADP
easat-5052	112	7	firms	firm	NOUN
easat-5052	112	8	experiencing	experience	VERB
easat-5052	112	9	greater	great	ADJ
easat-5052	112	10	financial	financial	ADJ
easat-5052	112	11	constraints	constraint	NOUN
easat-5052	112	12	.	.	PUNCT
easat-5052	113	1	kim	kim	PROPN
easat-5052	113	2	and	and	CCONJ
easat-5052	113	3	i	i	PRON
easat-5052	113	4	m	m	VERB
easat-5052	114	1	[	[	X
easat-5052	114	2	24	24	NUM
easat-5052	114	3	]	]	PUNCT
easat-5052	114	4	report	report	NOUN
easat-5052	114	5	that	that	SCONJ
easat-5052	114	6	firms	firm	NOUN
easat-5052	114	7	with	with	ADP
easat-5052	114	8	high	high	ADJ
easat-5052	114	9	levels	level	NOUN
easat-5052	114	10	of	of	ADP
easat-5052	114	11	cash	cash	NOUN
easat-5052	114	12	holdings	holding	NOUN
easat-5052	114	13	exhibit	exhibit	VERB
easat-5052	114	14	a	a	DET
easat-5052	114	15	reduced	reduce	VERB
easat-5052	114	16	need	need	NOUN
easat-5052	114	17	for	for	ADP
easat-5052	114	18	tax	tax	NOUN
easat-5052	114	19	avoidance	avoidance	NOUN
easat-5052	114	20	through	through	ADP
easat-5052	114	21	debt	debt	NOUN
easat-5052	114	22	financing	financing	NOUN
easat-5052	114	23	,	,	PUNCT
easat-5052	114	24	leading	lead	VERB
easat-5052	114	25	to	to	ADP
easat-5052	114	26	a	a	DET
easat-5052	114	27	decline	decline	NOUN
easat-5052	114	28	in	in	ADP
easat-5052	114	29	their	their	PRON
easat-5052	114	30	debt	debt	NOUN
easat-5052	114	31	ratios	ratio	NOUN
easat-5052	114	32	.	.	PUNCT
easat-5052	115	1	conversely	conversely	ADV
easat-5052	115	2	,	,	PUNCT
easat-5052	115	3	firms	firm	NOUN
easat-5052	115	4	with	with	ADP
easat-5052	115	5	lower	low	ADJ
easat-5052	115	6	cash	cash	NOUN
easat-5052	115	7	reserves	reserve	NOUN
easat-5052	115	8	tend	tend	VERB
easat-5052	115	9	to	to	PART
easat-5052	115	10	rely	rely	VERB
easat-5052	115	11	more	more	ADV
easat-5052	115	12	heavily	heavily	ADV
easat-5052	115	13	on	on	ADP
easat-5052	115	14	debt	debt	NOUN
easat-5052	115	15	to	to	PART
easat-5052	115	16	achieve	achieve	VERB
easat-5052	115	17	tax	tax	NOUN
easat-5052	115	18	savings	saving	NOUN
easat-5052	115	19	.	.	PUNCT
easat-5052	116	1	medhioub	medhioub	PROPN
easat-5052	116	2	and	and	CCONJ
easat-5052	116	3	boujelbene	boujelbene	PROPN
easat-5052	117	1	[	[	X
easat-5052	117	2	25	25	NUM
easat-5052	117	3	]	]	PUNCT
easat-5052	117	4	explore	explore	VERB
easat-5052	117	5	how	how	SCONJ
easat-5052	117	6	corporate	corporate	ADJ
easat-5052	117	7	tax	tax	NOUN
easat-5052	117	8	avoidance	avoidance	NOUN
easat-5052	117	9	affects	affect	VERB
easat-5052	117	10	the	the	DET
easat-5052	117	11	cost	cost	NOUN
easat-5052	117	12	of	of	ADP
easat-5052	117	13	debt	debt	NOUN
easat-5052	117	14	(	(	PUNCT
easat-5052	117	15	cod	cod	NOUN
easat-5052	117	16	)	)	PUNCT
easat-5052	117	17	,	,	PUNCT
easat-5052	117	18	focusing	focus	VERB
easat-5052	117	19	on	on	ADP
easat-5052	117	20	the	the	DET
easat-5052	117	21	role	role	NOUN
easat-5052	117	22	of	of	ADP
easat-5052	117	23	integrated	integrated	ADJ
easat-5052	117	24	report	report	NOUN
easat-5052	117	25	(	(	PUNCT
easat-5052	117	26	ir	ir	NOUN
easat-5052	117	27	)	)	PUNCT
easat-5052	117	28	assurance	assurance	NOUN
easat-5052	117	29	.	.	PUNCT
easat-5052	118	1	their	their	PRON
easat-5052	118	2	study	study	NOUN
easat-5052	118	3	of	of	ADP
easat-5052	118	4	south	south	ADJ
easat-5052	118	5	african	african	ADJ
easat-5052	118	6	firms	firm	NOUN
easat-5052	118	7	finds	find	VERB
easat-5052	118	8	that	that	SCONJ
easat-5052	118	9	tax	tax	NOUN
easat-5052	118	10	-	-	PUNCT
easat-5052	118	11	avoiding	avoid	VERB
easat-5052	118	12	firms	firm	NOUN
easat-5052	118	13	face	face	VERB
easat-5052	118	14	higher	high	ADJ
easat-5052	118	15	cod	cod	NOUN
easat-5052	118	16	due	due	ADP
easat-5052	118	17	to	to	ADP
easat-5052	118	18	information	information	NOUN
easat-5052	118	19	asymmetry	asymmetry	NOUN
easat-5052	118	20	.	.	PUNCT
easat-5052	119	1	however	however	ADV
easat-5052	119	2	,	,	PUNCT
easat-5052	119	3	they	they	PRON
easat-5052	119	4	show	show	VERB
easat-5052	119	5	that	that	SCONJ
easat-5052	119	6	ir	ir	PROPN
easat-5052	119	7	assurance	assurance	NOUN
easat-5052	119	8	helps	help	VERB
easat-5052	119	9	reduce	reduce	VERB
easat-5052	119	10	these	these	DET
easat-5052	119	11	costs	cost	NOUN
easat-5052	119	12	and	and	CCONJ
easat-5052	119	13	highlight	highlight	VERB
easat-5052	119	14	its	its	PRON
easat-5052	119	15	importance	importance	NOUN
easat-5052	119	16	in	in	ADP
easat-5052	119	17	decision	decision	NOUN
easat-5052	119	18	-	-	PUNCT
easat-5052	119	19	making	make	VERB
easat-5052	119	20	and	and	CCONJ
easat-5052	119	21	policy	policy	NOUN
easat-5052	119	22	development	development	NOUN
easat-5052	119	23	.	.	PUNCT
easat-5052	120	1	sánchez‐ballesta	sánchez‐ballesta	PROPN
easat-5052	120	2	and	and	CCONJ
easat-5052	120	3	yagüe	yagüe	NOUN
easat-5052	121	1	[	[	X
easat-5052	121	2	26	26	NUM
easat-5052	121	3	]	]	PUNCT
easat-5052	121	4	investigate	investigate	VERB
easat-5052	121	5	the	the	DET
easat-5052	121	6	relationship	relationship	NOUN
easat-5052	121	7	between	between	ADP
easat-5052	121	8	tax	tax	NOUN
easat-5052	121	9	avoidance	avoidance	NOUN
easat-5052	121	10	and	and	CCONJ
easat-5052	121	11	debt	debt	NOUN
easat-5052	121	12	maturity	maturity	NOUN
easat-5052	121	13	in	in	ADP
easat-5052	121	14	smes	sme	NOUN
easat-5052	121	15	,	,	PUNCT
easat-5052	121	16	using	use	VERB
easat-5052	121	17	data	datum	NOUN
easat-5052	121	18	of	of	ADP
easat-5052	121	19	spanish	spanish	ADJ
easat-5052	121	20	smes	sme	NOUN
easat-5052	121	21	.	.	PUNCT
easat-5052	122	1	they	they	PRON
easat-5052	122	2	find	find	VERB
easat-5052	122	3	that	that	SCONJ
easat-5052	122	4	tax	tax	NOUN
easat-5052	122	5	-	-	PUNCT
easat-5052	122	6	avoiding	avoid	VERB
easat-5052	122	7	smes	sme	NOUN
easat-5052	122	8	tend	tend	VERB
easat-5052	122	9	to	to	PART
easat-5052	122	10	have	have	VERB
easat-5052	122	11	longer	long	ADJ
easat-5052	122	12	debt	debt	NOUN
easat-5052	122	13	maturities	maturity	NOUN
easat-5052	122	14	,	,	PUNCT
easat-5052	122	15	especially	especially	ADV
easat-5052	122	16	when	when	SCONJ
easat-5052	122	17	they	they	PRON
easat-5052	122	18	are	be	AUX
easat-5052	122	19	more	more	ADV
easat-5052	122	20	profitable	profitable	ADJ
easat-5052	122	21	and	and	CCONJ
easat-5052	122	22	have	have	VERB
easat-5052	122	23	reliable	reliable	ADJ
easat-5052	122	24	financial	financial	ADJ
easat-5052	122	25	reporting	reporting	NOUN
easat-5052	122	26	.	.	PUNCT
easat-5052	123	1	tax	tax	NOUN
easat-5052	123	2	avoidance	avoidance	NOUN
easat-5052	123	3	also	also	ADV
easat-5052	123	4	reduces	reduce	VERB
easat-5052	123	5	leverage	leverage	NOUN
easat-5052	123	6	and	and	CCONJ
easat-5052	123	7	short	short	ADJ
easat-5052	123	8	-	-	PUNCT
easat-5052	123	9	term	term	NOUN
easat-5052	123	10	debt	debt	NOUN
easat-5052	123	11	,	,	PUNCT
easat-5052	123	12	improving	improve	VERB
easat-5052	123	13	the	the	DET
easat-5052	123	14	financial	financial	ADJ
easat-5052	123	15	structure	structure	NOUN
easat-5052	123	16	of	of	ADP
easat-5052	123	17	smes	sme	NOUN
easat-5052	123	18	.	.	PUNCT
easat-5052	124	1	guedrib	guedrib	PROPN
easat-5052	124	2	and	and	CCONJ
easat-5052	124	3	hamdi	hamdi	PROPN
easat-5052	125	1	[	[	X
easat-5052	125	2	9	9	NUM
easat-5052	125	3	]	]	PUNCT
easat-5052	125	4	examine	examine	VERB
easat-5052	125	5	how	how	SCONJ
easat-5052	125	6	tax	tax	NOUN
easat-5052	125	7	avoidance	avoidance	NOUN
easat-5052	125	8	and	and	CCONJ
easat-5052	125	9	tax	tax	NOUN
easat-5052	125	10	risk	risk	NOUN
easat-5052	125	11	impact	impact	NOUN
easat-5052	125	12	the	the	DET
easat-5052	125	13	cost	cost	NOUN
easat-5052	125	14	of	of	ADP
easat-5052	125	15	debt	debt	NOUN
easat-5052	125	16	using	use	VERB
easat-5052	125	17	data	datum	NOUN
easat-5052	125	18	from	from	ADP
easat-5052	125	19	non	non	ADJ
easat-5052	125	20	-	-	ADJ
easat-5052	125	21	financial	financial	ADJ
easat-5052	125	22	french	french	ADJ
easat-5052	125	23	firms	firm	NOUN
easat-5052	125	24	.	.	PUNCT
easat-5052	126	1	they	they	PRON
easat-5052	126	2	find	find	VERB
easat-5052	126	3	that	that	SCONJ
easat-5052	126	4	tax	tax	NOUN
easat-5052	126	5	avoidance	avoidance	NOUN
easat-5052	126	6	lowers	lower	VERB
easat-5052	126	7	the	the	DET
easat-5052	126	8	cost	cost	NOUN
easat-5052	126	9	of	of	ADP
easat-5052	126	10	debt	debt	NOUN
easat-5052	126	11	,	,	PUNCT
easat-5052	126	12	while	while	SCONJ
easat-5052	126	13	higher	high	ADJ
easat-5052	126	14	tax	tax	NOUN
easat-5052	126	15	risk	risk	NOUN
easat-5052	126	16	increases	increase	VERB
easat-5052	126	17	it	it	PRON
easat-5052	126	18	.	.	PUNCT
easat-5052	127	1	their	their	PRON
easat-5052	127	2	study	study	NOUN
easat-5052	127	3	stresses	stress	VERB
easat-5052	127	4	the	the	DET
easat-5052	127	5	need	need	NOUN
easat-5052	127	6	to	to	PART
easat-5052	127	7	manage	manage	VERB
easat-5052	127	8	tax	tax	NOUN
easat-5052	127	9	risks	risk	NOUN
easat-5052	127	10	for	for	ADP
easat-5052	127	11	both	both	DET
easat-5052	127	12	creditors	creditor	NOUN
easat-5052	127	13	and	and	CCONJ
easat-5052	127	14	managers	manager	NOUN
easat-5052	127	15	.	.	PUNCT
easat-5052	128	1	these	these	DET
easat-5052	128	2	studies	study	NOUN
easat-5052	128	3	provide	provide	VERB
easat-5052	128	4	critical	critical	ADJ
easat-5052	128	5	insights	insight	NOUN
easat-5052	128	6	into	into	ADP
easat-5052	128	7	corporate	corporate	ADJ
easat-5052	128	8	financial	financial	ADJ
easat-5052	128	9	strategies	strategy	NOUN
easat-5052	128	10	and	and	CCONJ
easat-5052	128	11	tax	tax	NOUN
easat-5052	128	12	planning	planning	NOUN
easat-5052	128	13	,	,	PUNCT
easat-5052	128	14	demonstrating	demonstrate	VERB
easat-5052	128	15	how	how	SCONJ
easat-5052	128	16	the	the	DET
easat-5052	128	17	relationship	relationship	NOUN
easat-5052	128	18	between	between	ADP
easat-5052	128	19	debt	debt	NOUN
easat-5052	128	20	and	and	CCONJ
easat-5052	128	21	tax	tax	NOUN
easat-5052	128	22	avoidance	avoidance	NOUN
easat-5052	128	23	evolves	evolve	VERB
easat-5052	128	24	in	in	ADP
easat-5052	128	25	response	response	NOUN
easat-5052	128	26	to	to	ADP
easat-5052	128	27	changing	change	VERB
easat-5052	128	28	regulatory	regulatory	ADJ
easat-5052	128	29	environments	environment	NOUN
easat-5052	128	30	and	and	CCONJ
easat-5052	128	31	firm	firm	ADJ
easat-5052	128	32	-	-	PUNCT
easat-5052	128	33	specific	specific	ADJ
easat-5052	128	34	financial	financial	ADJ
easat-5052	128	35	conditions	condition	NOUN
easat-5052	128	36	.	.	PUNCT
easat-5052	129	1	3	3	X
easat-5052	129	2	.	.	X
easat-5052	129	3	hypothesis	hypothesis	NOUN
easat-5052	129	4	and	and	CCONJ
easat-5052	129	5	research	research	NOUN
easat-5052	129	6	model	model	NOUN
easat-5052	129	7	3.1	3.1	NUM
easat-5052	129	8	.	.	PUNCT
easat-5052	130	1	hypothesis	hypothesis	NOUN
easat-5052	130	2	debt	debt	NOUN
easat-5052	130	3	financing	financing	NOUN
easat-5052	130	4	enables	enable	VERB
easat-5052	130	5	firms	firm	NOUN
easat-5052	130	6	to	to	PART
easat-5052	130	7	acquire	acquire	VERB
easat-5052	130	8	external	external	ADJ
easat-5052	130	9	capital	capital	NOUN
easat-5052	130	10	while	while	SCONJ
easat-5052	130	11	incurring	incur	VERB
easat-5052	130	12	interest	interest	NOUN
easat-5052	130	13	expenses	expense	NOUN
easat-5052	130	14	,	,	PUNCT
easat-5052	130	15	which	which	PRON
easat-5052	130	16	can	can	AUX
easat-5052	130	17	be	be	AUX
easat-5052	130	18	deducted	deduct	VERB
easat-5052	130	19	from	from	ADP
easat-5052	130	20	corporate	corporate	ADJ
easat-5052	130	21	taxable	taxable	ADJ
easat-5052	130	22	income	income	NOUN
easat-5052	130	23	,	,	PUNCT
easat-5052	130	24	thereby	thereby	ADV
easat-5052	130	25	reducing	reduce	VERB
easat-5052	130	26	the	the	DET
easat-5052	130	27	overall	overall	ADJ
easat-5052	130	28	corporate	corporate	ADJ
easat-5052	130	29	tax	tax	NOUN
easat-5052	130	30	burden	burden	NOUN
easat-5052	130	31	.	.	PUNCT
easat-5052	131	1	this	this	DET
easat-5052	131	2	tax	tax	NOUN
easat-5052	131	3	-	-	PUNCT
easat-5052	131	4	saving	save	VERB
easat-5052	131	5	effect	effect	NOUN
easat-5052	131	6	may	may	AUX
easat-5052	131	7	incentivize	incentivize	VERB
easat-5052	131	8	firms	firm	NOUN
easat-5052	131	9	to	to	PART
easat-5052	131	10	employ	employ	VERB
easat-5052	131	11	debt	debt	NOUN
easat-5052	131	12	as	as	ADP
easat-5052	131	13	a	a	DET
easat-5052	131	14	strategic	strategic	ADJ
easat-5052	131	15	tool	tool	NOUN
easat-5052	131	16	for	for	ADP
easat-5052	131	17	tax	tax	NOUN
easat-5052	131	18	avoidance	avoidance	NOUN
easat-5052	131	19	,	,	PUNCT
easat-5052	131	20	ultimately	ultimately	ADV
easat-5052	131	21	enhancing	enhance	VERB
easat-5052	131	22	overall	overall	ADJ
easat-5052	131	23	profitability	profitability	NOUN
easat-5052	131	24	.	.	PUNCT
easat-5052	132	1	however	however	ADV
easat-5052	132	2	,	,	PUNCT
easat-5052	132	3	excessive	excessive	ADJ
easat-5052	132	4	reliance	reliance	NOUN
easat-5052	132	5	on	on	ADP
easat-5052	132	6	debt	debt	NOUN
easat-5052	132	7	financing	financing	NOUN
easat-5052	132	8	can	can	AUX
easat-5052	132	9	increase	increase	VERB
easat-5052	132	10	financial	financial	ADJ
easat-5052	132	11	instability	instability	NOUN
easat-5052	132	12	,	,	PUNCT
easat-5052	132	13	potentially	potentially	ADV
easat-5052	132	14	leading	lead	VERB
easat-5052	132	15	to	to	ADP
easat-5052	132	16	a	a	DET
easat-5052	132	17	decline	decline	NOUN
easat-5052	132	18	in	in	ADP
easat-5052	132	19	corporate	corporate	ADJ
easat-5052	132	20	value	value	NOUN
easat-5052	132	21	.	.	PUNCT
easat-5052	133	1	since	since	SCONJ
easat-5052	133	2	the	the	DET
easat-5052	133	3	seminal	seminal	ADJ
easat-5052	133	4	work	work	NOUN
easat-5052	133	5	of	of	ADP
easat-5052	133	6	jensen	jensen	PROPN
easat-5052	133	7	and	and	CCONJ
easat-5052	133	8	meckling	meckle	VERB
easat-5052	133	9	[	[	X
easat-5052	133	10	10	10	NUM
easat-5052	133	11	]	]	X
easat-5052	133	12	numerous	numerous	ADJ
easat-5052	133	13	studies	study	NOUN
easat-5052	133	14	have	have	AUX
easat-5052	133	15	documented	document	VERB
easat-5052	133	16	the	the	DET
easat-5052	133	17	reciprocal	reciprocal	ADJ
easat-5052	133	18	relationship	relationship	NOUN
easat-5052	133	19	between	between	ADP
easat-5052	133	20	debt	debt	NOUN
easat-5052	133	21	financing	financing	NOUN
easat-5052	133	22	and	and	CCONJ
easat-5052	133	23	tax	tax	NOUN
easat-5052	133	24	avoidance	avoidance	NOUN
easat-5052	133	25	[	[	X
easat-5052	133	26	5	5	NUM
easat-5052	133	27	,	,	PUNCT
easat-5052	133	28	6	6	NUM
easat-5052	133	29	,	,	PUNCT
easat-5052	133	30	17	17	NUM
easat-5052	133	31	]	]	PUNCT
easat-5052	133	32	.	.	PUNCT
easat-5052	134	1	nevertheless	nevertheless	ADV
easat-5052	134	2	,	,	PUNCT
easat-5052	134	3	some	some	DET
easat-5052	134	4	scholars	scholar	NOUN
easat-5052	134	5	argue	argue	VERB
easat-5052	134	6	that	that	SCONJ
easat-5052	134	7	tax	tax	NOUN
easat-5052	134	8	avoidance	avoidance	NOUN
easat-5052	134	9	and	and	CCONJ
easat-5052	134	10	debt	debt	NOUN
easat-5052	134	11	utilization	utilization	NOUN
easat-5052	134	12	are	be	AUX
easat-5052	134	13	not	not	PART
easat-5052	134	14	necessarily	necessarily	ADV
easat-5052	134	15	substitutes	substitute	NOUN
easat-5052	134	16	,	,	PUNCT
easat-5052	134	17	as	as	SCONJ
easat-5052	134	18	firms	firm	NOUN
easat-5052	134	19	may	may	AUX
easat-5052	134	20	address	address	VERB
easat-5052	134	21	taxrelated	taxrelate	VERB
easat-5052	134	22	concerns	concern	NOUN
easat-5052	134	23	by	by	ADP
easat-5052	134	24	accumulating	accumulate	VERB
easat-5052	134	25	cash	cash	NOUN
easat-5052	134	26	reserves	reserve	NOUN
easat-5052	134	27	rather	rather	ADV
easat-5052	134	28	than	than	ADP
easat-5052	134	29	seeking	seek	VERB
easat-5052	134	30	tax	tax	NOUN
easat-5052	134	31	benefits	benefit	NOUN
easat-5052	134	32	through	through	ADP
easat-5052	134	33	increased	increase	VERB
easat-5052	134	34	debt	debt	NOUN
easat-5052	134	35	[	[	X
easat-5052	134	36	7	7	NUM
easat-5052	134	37	]	]	PUNCT
easat-5052	134	38	.	.	PUNCT
easat-5052	135	1	in	in	ADP
easat-5052	135	2	the	the	DET
easat-5052	135	3	context	context	NOUN
easat-5052	135	4	of	of	ADP
easat-5052	135	5	korea	korea	PROPN
easat-5052	135	6	,	,	PUNCT
easat-5052	135	7	empirical	empirical	ADJ
easat-5052	135	8	research	research	NOUN
easat-5052	135	9	suggests	suggest	VERB
easat-5052	135	10	that	that	SCONJ
easat-5052	135	11	an	an	DET
easat-5052	135	12	optimal	optimal	ADJ
easat-5052	135	13	balance	balance	NOUN
easat-5052	135	14	between	between	ADP
easat-5052	135	15	tax	tax	NOUN
easat-5052	135	16	avoidance	avoidance	NOUN
easat-5052	135	17	and	and	CCONJ
easat-5052	135	18	debt	debt	NOUN
easat-5052	135	19	ratios	ratio	NOUN
easat-5052	135	20	enhances	enhance	VERB
easat-5052	135	21	corporate	corporate	ADJ
easat-5052	135	22	financial	financial	ADJ
easat-5052	135	23	performance	performance	NOUN
easat-5052	135	24	.	.	PUNCT
easat-5052	136	1	however	however	ADV
easat-5052	136	2	,	,	PUNCT
easat-5052	136	3	when	when	SCONJ
easat-5052	136	4	firms	firm	NOUN
easat-5052	136	5	exhibit	exhibit	VERB
easat-5052	136	6	excessively	excessively	ADV
easat-5052	136	7	high	high	ADJ
easat-5052	136	8	debt	debt	NOUN
easat-5052	136	9	ratios	ratio	NOUN
easat-5052	136	10	or	or	CCONJ
easat-5052	136	11	engage	engage	VERB
easat-5052	136	12	in	in	ADP
easat-5052	136	13	aggressive	aggressive	ADJ
easat-5052	136	14	tax	tax	NOUN
easat-5052	136	15	avoidance	avoidance	NOUN
easat-5052	136	16	strategies	strategy	NOUN
easat-5052	136	17	,	,	PUNCT
easat-5052	136	18	financial	financial	ADJ
easat-5052	136	19	risk	risk	NOUN
easat-5052	136	20	escalates	escalate	NOUN
easat-5052	136	21	,	,	PUNCT
easat-5052	136	22	ultimately	ultimately	ADV
easat-5052	136	23	impairing	impair	VERB
easat-5052	136	24	performance	performance	NOUN
easat-5052	136	25	[	[	X
easat-5052	136	26	19	19	NUM
easat-5052	136	27	]	]	PUNCT
easat-5052	136	28	.	.	PUNCT
easat-5052	137	1	furthermore	furthermore	ADV
easat-5052	137	2	,	,	PUNCT
easat-5052	137	3	cash	cash	NOUN
easat-5052	137	4	secured	secure	VERB
easat-5052	137	5	through	through	ADP
easat-5052	137	6	tax	tax	NOUN
easat-5052	137	7	avoidance	avoidance	NOUN
easat-5052	137	8	is	be	AUX
easat-5052	137	9	often	often	ADV
easat-5052	137	10	allocated	allocate	VERB
easat-5052	137	11	for	for	ADP
easat-5052	137	12	various	various	ADJ
easat-5052	137	13	corporate	corporate	ADJ
easat-5052	137	14	purposes	purpose	NOUN
easat-5052	137	15	,	,	PUNCT
easat-5052	137	16	including	include	VERB
easat-5052	137	17	investments	investment	NOUN
easat-5052	137	18	,	,	PUNCT
easat-5052	137	19	dividend	dividend	NOUN
easat-5052	137	20	distributions	distribution	NOUN
easat-5052	137	21	,	,	PUNCT
easat-5052	137	22	and	and	CCONJ
easat-5052	137	23	debt	debt	NOUN
easat-5052	137	24	repayment	repayment	NOUN
easat-5052	137	25	.	.	PUNCT
easat-5052	138	1	this	this	DET
easat-5052	138	2	tendency	tendency	NOUN
easat-5052	138	3	is	be	AUX
easat-5052	138	4	2163	2163	NUM
easat-5052	138	5	edelweiss	edelweiss	PROPN
easat-5052	138	6	applied	apply	VERB
easat-5052	138	7	science	science	NOUN
easat-5052	138	8	and	and	CCONJ
easat-5052	138	9	technology	technology	NOUN
easat-5052	138	10	issn	issn	PROPN
easat-5052	138	11	:	:	PUNCT
easat-5052	138	12	2576	2576	NUM
easat-5052	138	13	-	-	SYM
easat-5052	138	14	8484	8484	NUM
easat-5052	138	15	vol	vol	NOUN
easat-5052	138	16	.	.	PROPN
easat-5052	139	1	9	9	NUM
easat-5052	139	2	,	,	PUNCT
easat-5052	139	3	no	no	INTJ
easat-5052	139	4	.	.	NOUN
easat-5052	139	5	2	2	NUM
easat-5052	139	6	:	:	PUNCT
easat-5052	139	7	2159	2159	NUM
easat-5052	139	8	-	-	SYM
easat-5052	139	9	2174	2174	NUM
easat-5052	139	10	,	,	PUNCT
easat-5052	139	11	2025	2025	NUM
easat-5052	139	12	doi	doi	NOUN
easat-5052	139	13	:	:	PUNCT
easat-5052	139	14	10.55214/25768484.v9i2.5052	10.55214/25768484.v9i2.5052	NUM
easat-5052	139	15	©	©	PROPN
easat-5052	139	16	2025	2025	NUM
easat-5052	139	17	by	by	ADP
easat-5052	139	18	the	the	DET
easat-5052	139	19	author	author	NOUN
easat-5052	139	20	;	;	PUNCT
easat-5052	139	21	licensee	licensee	PROPN
easat-5052	139	22	learning	learning	NOUN
easat-5052	139	23	gate	gate	NOUN
easat-5052	139	24	particularly	particularly	ADV
easat-5052	139	25	pronounced	pronounce	VERB
easat-5052	139	26	in	in	ADP
easat-5052	139	27	firms	firm	NOUN
easat-5052	139	28	facing	face	VERB
easat-5052	139	29	greater	great	ADJ
easat-5052	139	30	financial	financial	ADJ
easat-5052	139	31	constraints	constraint	NOUN
easat-5052	139	32	[	[	X
easat-5052	139	33	23	23	NUM
easat-5052	139	34	]	]	PUNCT
easat-5052	139	35	.	.	PUNCT
easat-5052	140	1	these	these	DET
easat-5052	140	2	findings	finding	NOUN
easat-5052	140	3	underscore	underscore	VERB
easat-5052	140	4	the	the	DET
easat-5052	140	5	complex	complex	ADJ
easat-5052	140	6	interplay	interplay	NOUN
easat-5052	140	7	between	between	ADP
easat-5052	140	8	tax	tax	NOUN
easat-5052	140	9	strategies	strategy	NOUN
easat-5052	140	10	and	and	CCONJ
easat-5052	140	11	corporate	corporate	ADJ
easat-5052	140	12	financial	financial	ADJ
easat-5052	140	13	management	management	NOUN
easat-5052	140	14	,	,	PUNCT
easat-5052	140	15	emphasizing	emphasize	VERB
easat-5052	140	16	the	the	DET
easat-5052	140	17	importance	importance	NOUN
easat-5052	140	18	of	of	ADP
easat-5052	140	19	prudent	prudent	ADJ
easat-5052	140	20	financial	financial	ADJ
easat-5052	140	21	planning	planning	NOUN
easat-5052	140	22	to	to	PART
easat-5052	140	23	mitigate	mitigate	VERB
easat-5052	140	24	the	the	DET
easat-5052	140	25	risks	risk	NOUN
easat-5052	140	26	associated	associate	VERB
easat-5052	140	27	with	with	ADP
easat-5052	140	28	excessive	excessive	ADJ
easat-5052	140	29	debt	debt	NOUN
easat-5052	140	30	financing	financing	NOUN
easat-5052	140	31	and	and	CCONJ
easat-5052	140	32	tax	tax	NOUN
easat-5052	140	33	avoidance	avoidance	NOUN
easat-5052	140	34	.	.	PUNCT
easat-5052	141	1	as	as	SCONJ
easat-5052	141	2	such	such	ADJ
easat-5052	141	3	,	,	PUNCT
easat-5052	141	4	research	research	NOUN
easat-5052	141	5	results	result	NOUN
easat-5052	141	6	on	on	ADP
easat-5052	141	7	the	the	DET
easat-5052	141	8	relationship	relationship	NOUN
easat-5052	141	9	between	between	ADP
easat-5052	141	10	debt	debt	NOUN
easat-5052	141	11	and	and	CCONJ
easat-5052	141	12	tax	tax	NOUN
easat-5052	141	13	avoidance	avoidance	NOUN
easat-5052	141	14	often	often	ADV
easat-5052	141	15	differ	differ	VERB
easat-5052	141	16	depending	depend	VERB
easat-5052	141	17	on	on	ADP
easat-5052	141	18	the	the	DET
easat-5052	141	19	target	target	NOUN
easat-5052	141	20	country	country	NOUN
easat-5052	141	21	or	or	CCONJ
easat-5052	141	22	the	the	DET
easat-5052	141	23	financial	financial	ADJ
easat-5052	141	24	status	status	NOUN
easat-5052	141	25	of	of	ADP
easat-5052	141	26	the	the	DET
easat-5052	141	27	company	company	NOUN
easat-5052	141	28	.	.	PUNCT
easat-5052	142	1	therefore	therefore	ADV
easat-5052	142	2	,	,	PUNCT
easat-5052	142	3	this	this	DET
easat-5052	142	4	study	study	NOUN
easat-5052	142	5	analyzes	analyze	VERB
easat-5052	142	6	how	how	SCONJ
easat-5052	142	7	the	the	DET
easat-5052	142	8	degree	degree	NOUN
easat-5052	142	9	of	of	ADP
easat-5052	142	10	tax	tax	NOUN
easat-5052	142	11	avoidance	avoidance	NOUN
easat-5052	142	12	of	of	ADP
easat-5052	142	13	a	a	DET
easat-5052	142	14	company	company	NOUN
easat-5052	142	15	changes	change	NOUN
easat-5052	142	16	according	accord	VERB
easat-5052	142	17	to	to	ADP
easat-5052	142	18	the	the	DET
easat-5052	142	19	level	level	NOUN
easat-5052	142	20	of	of	ADP
easat-5052	142	21	debt	debt	NOUN
easat-5052	142	22	and	and	CCONJ
easat-5052	142	23	the	the	DET
easat-5052	142	24	level	level	NOUN
easat-5052	142	25	of	of	ADP
easat-5052	142	26	increase	increase	NOUN
easat-5052	142	27	or	or	CCONJ
easat-5052	142	28	decrease	decrease	NOUN
easat-5052	142	29	in	in	ADP
easat-5052	142	30	debt	debt	NOUN
easat-5052	142	31	for	for	ADP
easat-5052	142	32	companies	company	NOUN
easat-5052	142	33	listed	list	VERB
easat-5052	142	34	on	on	ADP
easat-5052	142	35	the	the	DET
easat-5052	142	36	korean	korean	ADJ
easat-5052	142	37	stock	stock	NOUN
easat-5052	142	38	market	market	NOUN
easat-5052	142	39	over	over	ADP
easat-5052	142	40	the	the	DET
easat-5052	142	41	period	period	NOUN
easat-5052	142	42	from	from	ADP
easat-5052	142	43	2001	2001	NUM
easat-5052	142	44	to	to	ADP
easat-5052	142	45	2023	2023	NUM
easat-5052	142	46	.	.	PUNCT
easat-5052	143	1	to	to	ADP
easat-5052	143	2	this	this	DET
easat-5052	143	3	end	end	NOUN
easat-5052	143	4	,	,	PUNCT
easat-5052	143	5	this	this	DET
easat-5052	143	6	study	study	NOUN
easat-5052	143	7	sets	set	VERB
easat-5052	143	8	the	the	DET
easat-5052	143	9	following	following	NOUN
easat-5052	143	10	as	as	ADP
easat-5052	143	11	research	research	NOUN
easat-5052	143	12	hypotheses	hypothesis	NOUN
easat-5052	143	13	.	.	PUNCT
easat-5052	144	1	hypothesis	hypothesis	NOUN
easat-5052	144	2	1	1	NUM
easat-5052	144	3	:	:	PUNCT
easat-5052	144	4	the	the	DET
easat-5052	144	5	level	level	NOUN
easat-5052	144	6	of	of	ADP
easat-5052	144	7	debt	debt	NOUN
easat-5052	144	8	of	of	ADP
easat-5052	144	9	a	a	DET
easat-5052	144	10	company	company	NOUN
easat-5052	144	11	has	have	VERB
easat-5052	144	12	a	a	DET
easat-5052	144	13	negative	negative	ADJ
easat-5052	144	14	(	(	PUNCT
easat-5052	144	15	-	-	PUNCT
easat-5052	144	16	)	)	PUNCT
easat-5052	144	17	relationship	relationship	NOUN
easat-5052	144	18	with	with	ADP
easat-5052	144	19	tax	tax	NOUN
easat-5052	144	20	avoidance	avoidance	NOUN
easat-5052	144	21	.	.	PUNCT
easat-5052	145	1	hypothesis	hypothesis	NOUN
easat-5052	145	2	2	2	NUM
easat-5052	145	3	:	:	PUNCT
easat-5052	145	4	the	the	DET
easat-5052	145	5	level	level	NOUN
easat-5052	145	6	of	of	ADP
easat-5052	145	7	increase	increase	NOUN
easat-5052	145	8	or	or	CCONJ
easat-5052	145	9	decrease	decrease	NOUN
easat-5052	145	10	in	in	ADP
easat-5052	145	11	debt	debt	NOUN
easat-5052	145	12	of	of	ADP
easat-5052	145	13	a	a	DET
easat-5052	145	14	company	company	NOUN
easat-5052	145	15	has	have	VERB
easat-5052	145	16	a	a	DET
easat-5052	145	17	negative	negative	ADJ
easat-5052	145	18	(	(	PUNCT
easat-5052	145	19	-	-	PUNCT
easat-5052	145	20	)	)	PUNCT
easat-5052	145	21	relationship	relationship	NOUN
easat-5052	145	22	with	with	ADP
easat-5052	145	23	tax	tax	NOUN
easat-5052	145	24	avoidance	avoidance	NOUN
easat-5052	145	25	.	.	PUNCT
easat-5052	146	1	3.2	3.2	NUM
easat-5052	146	2	.	.	PUNCT
easat-5052	147	1	research	research	NOUN
easat-5052	147	2	model	model	NOUN
easat-5052	147	3	this	this	DET
easat-5052	147	4	study	study	NOUN
easat-5052	147	5	aims	aim	VERB
easat-5052	147	6	to	to	PART
easat-5052	147	7	analyze	analyze	VERB
easat-5052	147	8	how	how	SCONJ
easat-5052	147	9	the	the	DET
easat-5052	147	10	debt	debt	NOUN
easat-5052	147	11	level	level	NOUN
easat-5052	147	12	and	and	CCONJ
easat-5052	147	13	debt	debt	NOUN
easat-5052	147	14	increase	increase	NOUN
easat-5052	147	15	/	/	SYM
easat-5052	147	16	decrease	decrease	NOUN
easat-5052	147	17	level	level	NOUN
easat-5052	147	18	of	of	ADP
easat-5052	147	19	companies	company	NOUN
easat-5052	147	20	listed	list	VERB
easat-5052	147	21	on	on	ADP
easat-5052	147	22	the	the	DET
easat-5052	147	23	korean	korean	ADJ
easat-5052	147	24	stock	stock	NOUN
easat-5052	147	25	market	market	NOUN
easat-5052	147	26	affect	affect	VERB
easat-5052	147	27	tax	tax	NOUN
easat-5052	147	28	avoidance	avoidance	NOUN
easat-5052	147	29	.	.	PUNCT
easat-5052	148	1	to	to	ADP
easat-5052	148	2	this	this	DET
easat-5052	148	3	end	end	NOUN
easat-5052	148	4	,	,	PUNCT
easat-5052	148	5	this	this	DET
easat-5052	148	6	study	study	NOUN
easat-5052	148	7	designs	design	VERB
easat-5052	148	8	a	a	DET
easat-5052	148	9	research	research	NOUN
easat-5052	148	10	model	model	NOUN
easat-5052	148	11	in	in	ADP
easat-5052	148	12	which	which	PRON
easat-5052	148	13	tax	tax	NOUN
easat-5052	148	14	avoidance	avoidance	NOUN
easat-5052	148	15	(	(	PUNCT
easat-5052	148	16	ddbtd	ddbtd	ADJ
easat-5052	148	17	,	,	PUNCT
easat-5052	148	18	btd	btd	PROPN
easat-5052	148	19	)	)	PUNCT
easat-5052	148	20	is	be	AUX
easat-5052	148	21	set	set	VERB
easat-5052	148	22	as	as	ADP
easat-5052	148	23	a	a	DET
easat-5052	148	24	dependent	dependent	ADJ
easat-5052	148	25	variable	variable	NOUN
easat-5052	148	26	,	,	PUNCT
easat-5052	148	27	while	while	SCONJ
easat-5052	148	28	debt	debt	NOUN
easat-5052	148	29	level	level	NOUN
easat-5052	148	30	(	(	PUNCT
easat-5052	148	31	lev1	lev1	PROPN
easat-5052	148	32	,	,	PUNCT
easat-5052	148	33	lev2	lev2	PROPN
easat-5052	148	34	)	)	PUNCT
easat-5052	148	35	and	and	CCONJ
easat-5052	148	36	debt	debt	NOUN
easat-5052	148	37	increase	increase	NOUN
easat-5052	148	38	/	/	SYM
easat-5052	148	39	decrease	decrease	NOUN
easat-5052	148	40	level	level	NOUN
easat-5052	148	41	(	(	PUNCT
easat-5052	148	42	lev3	lev3	ADJ
easat-5052	148	43	,	,	PUNCT
easat-5052	148	44	lev4	lev4	PROPN
easat-5052	148	45	)	)	PUNCT
easat-5052	148	46	are	be	AUX
easat-5052	148	47	set	set	VERB
easat-5052	148	48	as	as	ADP
easat-5052	148	49	major	major	ADJ
easat-5052	148	50	independent	independent	ADJ
easat-5052	148	51	variables	variable	NOUN
easat-5052	148	52	.	.	PUNCT
easat-5052	149	1	the	the	DET
easat-5052	149	2	primary	primary	ADJ
easat-5052	149	3	dependent	dependent	ADJ
easat-5052	149	4	variables	variable	NOUN
easat-5052	149	5	of	of	ADP
easat-5052	149	6	this	this	DET
easat-5052	149	7	study	study	NOUN
easat-5052	149	8	are	be	AUX
easat-5052	149	9	the	the	DET
easat-5052	149	10	residual	residual	ADJ
easat-5052	149	11	of	of	ADP
easat-5052	149	12	the	the	DET
easat-5052	149	13	regression	regression	NOUN
easat-5052	149	14	on	on	ADP
easat-5052	149	15	the	the	DET
easat-5052	149	16	difference	difference	NOUN
easat-5052	149	17	between	between	ADP
easat-5052	149	18	accounting	accounting	NOUN
easat-5052	149	19	income	income	NOUN
easat-5052	149	20	and	and	CCONJ
easat-5052	149	21	tax	tax	NOUN
easat-5052	149	22	income	income	NOUN
easat-5052	149	23	(	(	PUNCT
easat-5052	149	24	btd	btd	PROPN
easat-5052	149	25	)	)	PUNCT
easat-5052	149	26	and	and	CCONJ
easat-5052	149	27	the	the	DET
easat-5052	149	28	difference	difference	NOUN
easat-5052	149	29	between	between	ADP
easat-5052	149	30	accounting	accounting	NOUN
easat-5052	149	31	income	income	NOUN
easat-5052	149	32	and	and	CCONJ
easat-5052	149	33	tax	tax	NOUN
easat-5052	149	34	income	income	NOUN
easat-5052	149	35	(	(	PUNCT
easat-5052	149	36	btd	btd	PROPN
easat-5052	149	37	)	)	PUNCT
easat-5052	149	38	of	of	ADP
easat-5052	149	39	total	total	ADJ
easat-5052	149	40	accruals	accrual	NOUN
easat-5052	149	41	(	(	PUNCT
easat-5052	149	42	ddbtd	ddbtd	NOUN
easat-5052	149	43	)	)	PUNCT
easat-5052	149	44	,	,	PUNCT
easat-5052	149	45	which	which	PRON
easat-5052	149	46	serve	serve	VERB
easat-5052	149	47	as	as	ADP
easat-5052	149	48	proxy	proxy	NOUN
easat-5052	149	49	variables	variable	NOUN
easat-5052	149	50	for	for	ADP
easat-5052	149	51	tax	tax	NOUN
easat-5052	149	52	avoidance	avoidance	NOUN
easat-5052	149	53	[	[	X
easat-5052	149	54	14	14	NUM
easat-5052	149	55	,	,	PUNCT
easat-5052	149	56	27	27	NUM
easat-5052	149	57	,	,	PUNCT
easat-5052	149	58	28	28	NUM
easat-5052	149	59	]	]	PUNCT
easat-5052	149	60	.	.	PUNCT
easat-5052	150	1	control	control	NOUN
easat-5052	150	2	variables	variable	NOUN
easat-5052	150	3	include	include	VERB
easat-5052	150	4	donations	donation	NOUN
easat-5052	150	5	(	(	PUNCT
easat-5052	150	6	don	don	PROPN
easat-5052	150	7	)	)	PUNCT
easat-5052	150	8	,	,	PUNCT
easat-5052	150	9	which	which	PRON
easat-5052	150	10	indicate	indicate	VERB
easat-5052	150	11	the	the	DET
easat-5052	150	12	level	level	NOUN
easat-5052	150	13	of	of	ADP
easat-5052	150	14	corporate	corporate	ADJ
easat-5052	150	15	social	social	ADJ
easat-5052	150	16	responsibility	responsibility	NOUN
easat-5052	150	17	activities	activity	NOUN
easat-5052	150	18	;	;	PUNCT
easat-5052	150	19	the	the	DET
easat-5052	150	20	ratio	ratio	NOUN
easat-5052	150	21	of	of	ADP
easat-5052	150	22	market	market	NOUN
easat-5052	150	23	value	value	NOUN
easat-5052	150	24	to	to	ADP
easat-5052	150	25	book	book	NOUN
easat-5052	150	26	value	value	NOUN
easat-5052	150	27	(	(	PUNCT
easat-5052	150	28	mtb	mtb	NOUN
easat-5052	150	29	)	)	PUNCT
easat-5052	150	30	,	,	PUNCT
easat-5052	150	31	which	which	PRON
easat-5052	150	32	reflects	reflect	VERB
easat-5052	150	33	the	the	DET
easat-5052	150	34	company	company	NOUN
easat-5052	150	35	's	's	PART
easat-5052	150	36	growth	growth	NOUN
easat-5052	150	37	potential	potential	NOUN
easat-5052	150	38	;	;	PUNCT
easat-5052	150	39	firm	firm	ADJ
easat-5052	150	40	size	size	NOUN
easat-5052	150	41	(	(	PUNCT
easat-5052	150	42	size	size	NOUN
easat-5052	150	43	)	)	PUNCT
easat-5052	150	44	;	;	PUNCT
easat-5052	150	45	return	return	VERB
easat-5052	150	46	on	on	ADP
easat-5052	150	47	assets	asset	NOUN
easat-5052	150	48	(	(	PUNCT
easat-5052	150	49	roa	roa	PROPN
easat-5052	150	50	)	)	PUNCT
easat-5052	150	51	;	;	PUNCT
easat-5052	150	52	sales	sale	NOUN
easat-5052	150	53	growth	growth	NOUN
easat-5052	150	54	rate	rate	NOUN
easat-5052	150	55	(	(	PUNCT
easat-5052	150	56	grw	grw	PROPN
easat-5052	150	57	)	)	PUNCT
easat-5052	150	58	;	;	PUNCT
easat-5052	150	59	the	the	DET
easat-5052	150	60	intangible	intangible	ADJ
easat-5052	150	61	asset	asset	NOUN
easat-5052	150	62	ratio	ratio	NOUN
easat-5052	150	63	to	to	ADP
easat-5052	150	64	total	total	ADJ
easat-5052	150	65	assets	asset	NOUN
easat-5052	150	66	(	(	PUNCT
easat-5052	150	67	int	int	NOUN
easat-5052	150	68	)	)	PUNCT
easat-5052	150	69	;	;	PUNCT
easat-5052	150	70	capital	capital	NOUN
easat-5052	150	71	intensity	intensity	NOUN
easat-5052	150	72	(	(	PUNCT
easat-5052	150	73	ppe	ppe	PROPN
easat-5052	150	74	)	)	PUNCT
easat-5052	150	75	;	;	PUNCT
easat-5052	150	76	and	and	CCONJ
easat-5052	150	77	the	the	DET
easat-5052	150	78	company	company	NOUN
easat-5052	150	79	's	's	PART
easat-5052	150	80	lifespan	lifespan	NOUN
easat-5052	150	81	since	since	SCONJ
easat-5052	150	82	establishment	establishment	NOUN
easat-5052	150	83	(	(	PUNCT
easat-5052	150	84	age	age	NOUN
easat-5052	150	85	)	)	PUNCT
easat-5052	150	86	.	.	PUNCT
easat-5052	151	1	industry	industry	NOUN
easat-5052	151	2	and	and	CCONJ
easat-5052	151	3	year	year	NOUN
easat-5052	151	4	dummies	dummy	NOUN
easat-5052	151	5	are	be	AUX
easat-5052	151	6	also	also	ADV
easat-5052	151	7	included	include	VERB
easat-5052	151	8	in	in	ADP
easat-5052	151	9	the	the	DET
easat-5052	151	10	research	research	NOUN
easat-5052	151	11	model	model	NOUN
easat-5052	151	12	to	to	PART
easat-5052	151	13	control	control	VERB
easat-5052	151	14	for	for	ADP
easat-5052	151	15	industry	industry	NOUN
easat-5052	151	16	and	and	CCONJ
easat-5052	151	17	year	year	NOUN
easat-5052	151	18	effects	effect	NOUN
easat-5052	151	19	.	.	PUNCT
easat-5052	152	1	<	<	AUX
easat-5052	152	2	research	research	NOUN
easat-5052	152	3	model	model	NOUN
easat-5052	152	4	1	1	NUM
easat-5052	152	5	>	>	X
easat-5052	152	6	and	and	CCONJ
easat-5052	152	7	<	<	X
easat-5052	152	8	research	research	NOUN
easat-5052	152	9	model	model	NOUN
easat-5052	152	10	2	2	NUM
easat-5052	152	11	>	>	NOUN
easat-5052	152	12	analyze	analyze	VERB
easat-5052	152	13	how	how	SCONJ
easat-5052	152	14	the	the	DET
easat-5052	152	15	debt	debt	NOUN
easat-5052	152	16	ratio	ratio	NOUN
easat-5052	152	17	to	to	ADP
easat-5052	152	18	total	total	ADJ
easat-5052	152	19	assets	asset	NOUN
easat-5052	152	20	(	(	PUNCT
easat-5052	152	21	lev1	lev1	PROPN
easat-5052	152	22	)	)	PUNCT
easat-5052	152	23	affects	affect	VERB
easat-5052	152	24	ddbtd	ddbtd	ADJ
easat-5052	152	25	and	and	CCONJ
easat-5052	152	26	btd	btd	PROPN
easat-5052	152	27	,	,	PUNCT
easat-5052	152	28	which	which	PRON
easat-5052	152	29	serve	serve	VERB
easat-5052	152	30	as	as	ADP
easat-5052	152	31	proxies	proxy	NOUN
easat-5052	152	32	for	for	ADP
easat-5052	152	33	tax	tax	NOUN
easat-5052	152	34	avoidance	avoidance	NOUN
easat-5052	152	35	.	.	PUNCT
easat-5052	153	1	<	<	AUX
easat-5052	153	2	research	research	NOUN
easat-5052	153	3	model	model	NOUN
easat-5052	153	4	3	3	NUM
easat-5052	153	5	>	>	X
easat-5052	153	6	and	and	CCONJ
easat-5052	153	7	<	<	X
easat-5052	153	8	research	research	NOUN
easat-5052	153	9	model	model	NOUN
easat-5052	153	10	4	4	NUM
easat-5052	153	11	>	>	PUNCT
easat-5052	153	12	examine	examine	VERB
easat-5052	153	13	the	the	DET
easat-5052	153	14	effect	effect	NOUN
easat-5052	153	15	of	of	ADP
easat-5052	153	16	the	the	DET
easat-5052	153	17	debt	debt	NOUN
easat-5052	153	18	ratio	ratio	NOUN
easat-5052	153	19	to	to	ADP
easat-5052	153	20	total	total	ADJ
easat-5052	153	21	capital	capital	NOUN
easat-5052	153	22	(	(	PUNCT
easat-5052	153	23	lev2	lev2	PROPN
easat-5052	153	24	)	)	PUNCT
easat-5052	153	25	on	on	ADP
easat-5052	153	26	tax	tax	NOUN
easat-5052	153	27	avoidance	avoidance	NOUN
easat-5052	153	28	(	(	PUNCT
easat-5052	153	29	ddbtd	ddbtd	ADJ
easat-5052	153	30	,	,	PUNCT
easat-5052	153	31	btd	btd	PROPN
easat-5052	153	32	)	)	PUNCT
easat-5052	153	33	.	.	PUNCT
easat-5052	154	1	<	<	AUX
easat-5052	154	2	research	research	NOUN
easat-5052	154	3	model	model	NOUN
easat-5052	154	4	5	5	NUM
easat-5052	154	5	>	>	X
easat-5052	154	6	and	and	CCONJ
easat-5052	154	7	<	<	X
easat-5052	154	8	research	research	NOUN
easat-5052	154	9	model	model	NOUN
easat-5052	154	10	6	6	NUM
easat-5052	154	11	>	>	PUNCT
easat-5052	154	12	investigate	investigate	VERB
easat-5052	154	13	the	the	DET
easat-5052	154	14	impact	impact	NOUN
easat-5052	154	15	of	of	ADP
easat-5052	154	16	the	the	DET
easat-5052	154	17	year	year	NOUN
easat-5052	154	18	-	-	PUNCT
easat-5052	154	19	on	on	ADP
easat-5052	154	20	-	-	PUNCT
easat-5052	154	21	year	year	NOUN
easat-5052	154	22	debt	debt	NOUN
easat-5052	154	23	increase	increase	NOUN
easat-5052	154	24	/	/	SYM
easat-5052	154	25	decrease	decrease	NOUN
easat-5052	154	26	rate	rate	NOUN
easat-5052	154	27	(	(	PUNCT
easat-5052	154	28	lev3	lev3	ADJ
easat-5052	154	29	)	)	PUNCT
easat-5052	154	30	on	on	ADP
easat-5052	154	31	tax	tax	NOUN
easat-5052	154	32	avoidance	avoidance	NOUN
easat-5052	154	33	(	(	PUNCT
easat-5052	154	34	ddbtd	ddbtd	ADJ
easat-5052	154	35	,	,	PUNCT
easat-5052	154	36	btd	btd	PROPN
easat-5052	154	37	)	)	PUNCT
easat-5052	154	38	,	,	PUNCT
easat-5052	154	39	while	while	SCONJ
easat-5052	154	40	<	<	X
easat-5052	154	41	research	research	NOUN
easat-5052	154	42	model	model	NOUN
easat-5052	154	43	7	7	NUM
easat-5052	154	44	>	>	X
easat-5052	154	45	and	and	CCONJ
easat-5052	154	46	<	<	X
easat-5052	154	47	research	research	NOUN
easat-5052	154	48	model	model	NOUN
easat-5052	154	49	8	8	NUM
easat-5052	154	50	>	>	NOUN
easat-5052	154	51	assess	assess	VERB
easat-5052	154	52	the	the	DET
easat-5052	154	53	influence	influence	NOUN
easat-5052	154	54	of	of	ADP
easat-5052	154	55	the	the	DET
easat-5052	154	56	year	year	NOUN
easat-5052	154	57	-	-	PUNCT
easat-5052	154	58	on	on	ADP
easat-5052	154	59	-	-	PUNCT
easat-5052	154	60	year	year	NOUN
easat-5052	154	61	debt	debt	NOUN
easat-5052	154	62	increase	increase	NOUN
easat-5052	154	63	/	/	SYM
easat-5052	154	64	decrease	decrease	NOUN
easat-5052	154	65	rate	rate	NOUN
easat-5052	154	66	(	(	PUNCT
easat-5052	154	67	lev4	lev4	PROPN
easat-5052	154	68	)	)	PUNCT
easat-5052	154	69	on	on	ADP
easat-5052	154	70	tax	tax	NOUN
easat-5052	154	71	avoidance	avoidance	NOUN
easat-5052	154	72	(	(	PUNCT
easat-5052	154	73	ddbtd	ddbtd	ADJ
easat-5052	154	74	,	,	PUNCT
easat-5052	154	75	btd	btd	PROPN
easat-5052	154	76	)	)	PUNCT
easat-5052	154	77	.	.	PUNCT
easat-5052	155	1	<	<	X
easat-5052	155	2	research	research	NOUN
easat-5052	155	3	model	model	NOUN
easat-5052	155	4	1	1	NUM
easat-5052	155	5	>	>	PUNCT
easat-5052	155	6	:	:	PUNCT
easat-5052	155	7	ddbtdi	ddbtdi	PROPN
easat-5052	155	8	,	,	PUNCT
easat-5052	155	9	t=	t=	PROPN
easat-5052	155	10	β0	β0	PROPN
easat-5052	155	11	+	+	PROPN
easat-5052	155	12	β1lev1i	β1lev1i	PROPN
easat-5052	155	13	,	,	PUNCT
easat-5052	155	14	t	t	PROPN
easat-5052	155	15	+	+	CCONJ
easat-5052	155	16	β2doni	β2doni	ADJ
easat-5052	155	17	,	,	PUNCT
easat-5052	155	18	t	t	PROPN
easat-5052	155	19	+	+	CCONJ
easat-5052	155	20	β3mtbi	β3mtbi	NUM
easat-5052	155	21	,	,	PUNCT
easat-5052	155	22	t	t	NOUN
easat-5052	155	23	+	+	CCONJ
easat-5052	155	24	β4sizei	β4sizei	NUM
easat-5052	155	25	,	,	PUNCT
easat-5052	155	26	t	t	NOUN
easat-5052	155	27	+	+	CCONJ
easat-5052	155	28	β5roai	β5roai	PROPN
easat-5052	155	29	,	,	PUNCT
easat-5052	155	30	t	t	PROPN
easat-5052	155	31	+	+	CCONJ
easat-5052	155	32	β6grwi	β6grwi	PROPN
easat-5052	155	33	,	,	PUNCT
easat-5052	155	34	t	t	PROPN
easat-5052	155	35	+	+	CCONJ
easat-5052	155	36	β7inti	β7inti	PROPN
easat-5052	155	37	,	,	PUNCT
easat-5052	155	38	t	t	PROPN
easat-5052	155	39	+	+	NUM
easat-5052	155	40	β8ppei	β8ppei	PROPN
easat-5052	155	41	,	,	PUNCT
easat-5052	155	42	t	t	PROPN
easat-5052	155	43	+	+	CCONJ
easat-5052	155	44	β9agei	β9agei	PROPN
easat-5052	155	45	,	,	PUNCT
easat-5052	155	46	t	t	NOUN
easat-5052	155	47	+	+	NUM
easat-5052	155	48	β10∑id	β10∑id	NUM
easat-5052	156	1	+	+	CCONJ
easat-5052	156	2	β11∑yd	β11∑yd	PROPN
easat-5052	156	3	+	+	CCONJ
easat-5052	156	4	εi	εi	VERB
easat-5052	156	5	,	,	PUNCT
easat-5052	156	6	t	t	NOUN
easat-5052	156	7	<	<	NOUN
easat-5052	156	8	research	research	NOUN
easat-5052	156	9	model	model	NOUN
easat-5052	156	10	2	2	NUM
easat-5052	156	11	>	>	NOUN
easat-5052	156	12	:	:	PUNCT
easat-5052	156	13	btdi	btdi	PROPN
easat-5052	156	14	,	,	PUNCT
easat-5052	156	15	t	t	PROPN
easat-5052	156	16	=	=	PUNCT
easat-5052	156	17	β0	β0	PROPN
easat-5052	156	18	+	+	PROPN
easat-5052	156	19	β1lev1i	β1lev1i	PROPN
easat-5052	156	20	,	,	PUNCT
easat-5052	156	21	t	t	PROPN
easat-5052	156	22	+	+	CCONJ
easat-5052	156	23	β2doni	β2doni	ADJ
easat-5052	156	24	,	,	PUNCT
easat-5052	156	25	t	t	PROPN
easat-5052	156	26	+	+	CCONJ
easat-5052	156	27	β3mtbi	β3mtbi	NUM
easat-5052	156	28	,	,	PUNCT
easat-5052	156	29	t	t	NOUN
easat-5052	156	30	+	+	CCONJ
easat-5052	156	31	β4sizei	β4sizei	NUM
easat-5052	156	32	,	,	PUNCT
easat-5052	156	33	t	t	NOUN
easat-5052	156	34	+	+	CCONJ
easat-5052	156	35	β5roai	β5roai	PROPN
easat-5052	156	36	,	,	PUNCT
easat-5052	156	37	t	t	PROPN
easat-5052	156	38	+	+	CCONJ
easat-5052	156	39	β6grwi	β6grwi	PROPN
easat-5052	156	40	,	,	PUNCT
easat-5052	156	41	t	t	PROPN
easat-5052	156	42	+	+	CCONJ
easat-5052	156	43	β7inti	β7inti	PROPN
easat-5052	156	44	,	,	PUNCT
easat-5052	156	45	t	t	PROPN
easat-5052	156	46	+	+	NUM
easat-5052	156	47	β8ppei	β8ppei	PROPN
easat-5052	156	48	,	,	PUNCT
easat-5052	156	49	t	t	PROPN
easat-5052	156	50	+	+	CCONJ
easat-5052	156	51	β9agei	β9agei	PROPN
easat-5052	156	52	,	,	PUNCT
easat-5052	156	53	t	t	NOUN
easat-5052	156	54	+	+	NUM
easat-5052	156	55	β10∑id	β10∑id	NUM
easat-5052	157	1	+	+	CCONJ
easat-5052	157	2	β11∑yd	β11∑yd	PROPN
easat-5052	157	3	+	+	CCONJ
easat-5052	157	4	εi	εi	VERB
easat-5052	157	5	,	,	PUNCT
easat-5052	157	6	t	t	NOUN
easat-5052	157	7	<	<	NOUN
easat-5052	157	8	research	research	NOUN
easat-5052	157	9	model	model	NOUN
easat-5052	157	10	3	3	NUM
easat-5052	157	11	>	>	NOUN
easat-5052	157	12	:	:	PUNCT
easat-5052	157	13	ddbtdi	ddbtdi	PROPN
easat-5052	157	14	,	,	PUNCT
easat-5052	157	15	t=	t=	NOUN
easat-5052	157	16	β0	β0	NOUN
easat-5052	157	17	+	+	NUM
easat-5052	157	18	β1lev2i	β1lev2i	PROPN
easat-5052	157	19	,	,	PUNCT
easat-5052	157	20	t	t	PROPN
easat-5052	157	21	+	+	CCONJ
easat-5052	157	22	β2doni	β2doni	ADJ
easat-5052	157	23	,	,	PUNCT
easat-5052	157	24	t	t	PROPN
easat-5052	157	25	+	+	CCONJ
easat-5052	157	26	β3mtbi	β3mtbi	NUM
easat-5052	157	27	,	,	PUNCT
easat-5052	157	28	t	t	NOUN
easat-5052	157	29	+	+	CCONJ
easat-5052	157	30	β4sizei	β4sizei	NUM
easat-5052	157	31	,	,	PUNCT
easat-5052	157	32	t	t	NOUN
easat-5052	157	33	+	+	CCONJ
easat-5052	157	34	β5roai	β5roai	PROPN
easat-5052	157	35	,	,	PUNCT
easat-5052	157	36	t	t	PROPN
easat-5052	157	37	+	+	CCONJ
easat-5052	157	38	β6grwi	β6grwi	PROPN
easat-5052	157	39	,	,	PUNCT
easat-5052	157	40	t	t	PROPN
easat-5052	157	41	+	+	CCONJ
easat-5052	157	42	β7inti	β7inti	PROPN
easat-5052	157	43	,	,	PUNCT
easat-5052	157	44	t	t	PROPN
easat-5052	157	45	+	+	NUM
easat-5052	157	46	β8ppei	β8ppei	PROPN
easat-5052	157	47	,	,	PUNCT
easat-5052	157	48	t	t	PROPN
easat-5052	157	49	+	+	CCONJ
easat-5052	157	50	β9agei	β9agei	PROPN
easat-5052	157	51	,	,	PUNCT
easat-5052	157	52	t	t	NOUN
easat-5052	157	53	+	+	NUM
easat-5052	157	54	β10∑id	β10∑id	NUM
easat-5052	158	1	+	+	CCONJ
easat-5052	158	2	β11∑yd	β11∑yd	PROPN
easat-5052	158	3	+	+	CCONJ
easat-5052	158	4	εi	εi	VERB
easat-5052	158	5	,	,	PUNCT
easat-5052	158	6	t	t	NOUN
easat-5052	158	7	<	<	NOUN
easat-5052	158	8	research	research	NOUN
easat-5052	158	9	model	model	NOUN
easat-5052	158	10	4	4	NUM
easat-5052	158	11	>	>	NOUN
easat-5052	158	12	:	:	PUNCT
easat-5052	158	13	btdi	btdi	PROPN
easat-5052	158	14	,	,	PUNCT
easat-5052	158	15	t	t	PROPN
easat-5052	158	16	=	=	SYM
easat-5052	158	17	β0	β0	PROPN
easat-5052	158	18	+	+	CCONJ
easat-5052	158	19	β1lev2i	β1lev2i	PROPN
easat-5052	158	20	,	,	PUNCT
easat-5052	158	21	t	t	PROPN
easat-5052	158	22	+	+	CCONJ
easat-5052	158	23	β2doni	β2doni	ADJ
easat-5052	158	24	,	,	PUNCT
easat-5052	158	25	t	t	PROPN
easat-5052	158	26	+	+	CCONJ
easat-5052	158	27	β3mtbi	β3mtbi	NUM
easat-5052	158	28	,	,	PUNCT
easat-5052	158	29	t	t	NOUN
easat-5052	158	30	+	+	CCONJ
easat-5052	158	31	β4sizei	β4sizei	NUM
easat-5052	158	32	,	,	PUNCT
easat-5052	158	33	t	t	NOUN
easat-5052	158	34	+	+	CCONJ
easat-5052	158	35	β5roai	β5roai	PROPN
easat-5052	158	36	,	,	PUNCT
easat-5052	158	37	t	t	PROPN
easat-5052	158	38	+	+	CCONJ
easat-5052	158	39	β6grwi	β6grwi	PROPN
easat-5052	158	40	,	,	PUNCT
easat-5052	158	41	t	t	PROPN
easat-5052	158	42	+	+	CCONJ
easat-5052	158	43	β7inti	β7inti	PROPN
easat-5052	158	44	,	,	PUNCT
easat-5052	158	45	t	t	PROPN
easat-5052	158	46	+	+	NUM
easat-5052	158	47	β8ppei	β8ppei	PROPN
easat-5052	158	48	,	,	PUNCT
easat-5052	158	49	t	t	PROPN
easat-5052	158	50	+	+	CCONJ
easat-5052	158	51	β9agei	β9agei	PROPN
easat-5052	158	52	,	,	PUNCT
easat-5052	158	53	t	t	NOUN
easat-5052	158	54	+	+	NUM
easat-5052	158	55	β10∑id	β10∑id	NUM
easat-5052	159	1	+	+	CCONJ
easat-5052	159	2	β11∑yd	β11∑yd	PROPN
easat-5052	159	3	+	+	CCONJ
easat-5052	159	4	εi	εi	VERB
easat-5052	159	5	,	,	PUNCT
easat-5052	159	6	t	t	NOUN
easat-5052	159	7	<	<	NOUN
easat-5052	159	8	research	research	NOUN
easat-5052	159	9	model	model	NOUN
easat-5052	159	10	5	5	NUM
easat-5052	159	11	>	>	PUNCT
easat-5052	159	12	:	:	PUNCT
easat-5052	159	13	ddbtdi	ddbtdi	PROPN
easat-5052	159	14	,	,	PUNCT
easat-5052	159	15	t=	t=	PROPN
easat-5052	159	16	β0	β0	PROPN
easat-5052	159	17	+	+	CCONJ
easat-5052	159	18	β1lev3i	β1lev3i	PROPN
easat-5052	159	19	,	,	PUNCT
easat-5052	159	20	t	t	PROPN
easat-5052	159	21	+	+	CCONJ
easat-5052	159	22	β2doni	β2doni	ADJ
easat-5052	159	23	,	,	PUNCT
easat-5052	159	24	t	t	PROPN
easat-5052	159	25	+	+	CCONJ
easat-5052	159	26	β3mtbi	β3mtbi	NUM
easat-5052	159	27	,	,	PUNCT
easat-5052	159	28	t	t	NOUN
easat-5052	159	29	+	+	CCONJ
easat-5052	159	30	β4sizei	β4sizei	NUM
easat-5052	159	31	,	,	PUNCT
easat-5052	159	32	t	t	NOUN
easat-5052	159	33	+	+	CCONJ
easat-5052	159	34	β5roai	β5roai	PROPN
easat-5052	159	35	,	,	PUNCT
easat-5052	159	36	t	t	PROPN
easat-5052	159	37	+	+	CCONJ
easat-5052	159	38	β6grwi	β6grwi	PROPN
easat-5052	159	39	,	,	PUNCT
easat-5052	159	40	t	t	PROPN
easat-5052	159	41	+	+	CCONJ
easat-5052	159	42	β7inti	β7inti	PROPN
easat-5052	159	43	,	,	PUNCT
easat-5052	159	44	t	t	PROPN
easat-5052	159	45	+	+	NUM
easat-5052	159	46	β8ppei	β8ppei	PROPN
easat-5052	159	47	,	,	PUNCT
easat-5052	159	48	t	t	PROPN
easat-5052	159	49	+	+	CCONJ
easat-5052	159	50	β9agei	β9agei	PROPN
easat-5052	159	51	,	,	PUNCT
easat-5052	159	52	t	t	NOUN
easat-5052	159	53	+	+	NUM
easat-5052	159	54	β10∑id	β10∑id	NUM
easat-5052	160	1	+	+	CCONJ
easat-5052	160	2	β11∑yd	β11∑yd	PROPN
easat-5052	160	3	+	+	CCONJ
easat-5052	160	4	εi	εi	VERB
easat-5052	160	5	,	,	PUNCT
easat-5052	160	6	t	t	NOUN
easat-5052	160	7	<	<	NOUN
easat-5052	160	8	research	research	NOUN
easat-5052	160	9	model	model	NOUN
easat-5052	160	10	6	6	NUM
easat-5052	160	11	>	>	NOUN
easat-5052	160	12	:	:	PUNCT
easat-5052	160	13	btdi	btdi	PROPN
easat-5052	160	14	,	,	PUNCT
easat-5052	160	15	t	t	PROPN
easat-5052	160	16	=	=	SYM
easat-5052	160	17	β0	β0	PROPN
easat-5052	161	1	+	+	PROPN
easat-5052	161	2	β1lev3i	β1lev3i	PROPN
easat-5052	161	3	,	,	PUNCT
easat-5052	161	4	t	t	PROPN
easat-5052	161	5	+	+	CCONJ
easat-5052	161	6	β2doni	β2doni	ADJ
easat-5052	161	7	,	,	PUNCT
easat-5052	161	8	t	t	PROPN
easat-5052	161	9	+	+	CCONJ
easat-5052	161	10	β3mtbi	β3mtbi	NUM
easat-5052	161	11	,	,	PUNCT
easat-5052	161	12	t	t	NOUN
easat-5052	161	13	+	+	CCONJ
easat-5052	161	14	β4sizei	β4sizei	NUM
easat-5052	161	15	,	,	PUNCT
easat-5052	161	16	t	t	NOUN
easat-5052	161	17	+	+	CCONJ
easat-5052	161	18	β5roai	β5roai	PROPN
easat-5052	161	19	,	,	PUNCT
easat-5052	161	20	t	t	PROPN
easat-5052	161	21	+	+	CCONJ
easat-5052	161	22	β6grwi	β6grwi	PROPN
easat-5052	161	23	,	,	PUNCT
easat-5052	161	24	t	t	PROPN
easat-5052	161	25	+	+	CCONJ
easat-5052	161	26	β7inti	β7inti	PROPN
easat-5052	161	27	,	,	PUNCT
easat-5052	161	28	t	t	PROPN
easat-5052	161	29	+	+	NUM
easat-5052	161	30	β8ppei	β8ppei	PROPN
easat-5052	161	31	,	,	PUNCT
easat-5052	161	32	t	t	PROPN
easat-5052	161	33	+	+	CCONJ
easat-5052	161	34	β9agei	β9agei	PROPN
easat-5052	161	35	,	,	PUNCT
easat-5052	161	36	t	t	NOUN
easat-5052	161	37	+	+	NUM
easat-5052	161	38	β10∑id	β10∑id	NUM
easat-5052	162	1	+	+	CCONJ
easat-5052	162	2	β11∑yd	β11∑yd	PROPN
easat-5052	162	3	+	+	CCONJ
easat-5052	162	4	εi	εi	VERB
easat-5052	162	5	,	,	PUNCT
easat-5052	162	6	t	t	NOUN
easat-5052	162	7	<	<	NOUN
easat-5052	162	8	research	research	NOUN
easat-5052	162	9	model	model	NOUN
easat-5052	162	10	7	7	NUM
easat-5052	162	11	>	>	NOUN
easat-5052	162	12	:	:	PUNCT
easat-5052	162	13	ddbtdi	ddbtdi	PROPN
easat-5052	162	14	,	,	PUNCT
easat-5052	162	15	t=	t=	NOUN
easat-5052	162	16	β0	β0	PROPN
easat-5052	163	1	+	+	CCONJ
easat-5052	163	2	β1lev4i	β1lev4i	PROPN
easat-5052	163	3	,	,	PUNCT
easat-5052	163	4	t	t	PROPN
easat-5052	163	5	+	+	CCONJ
easat-5052	163	6	β2doni	β2doni	ADJ
easat-5052	163	7	,	,	PUNCT
easat-5052	163	8	t	t	PROPN
easat-5052	163	9	+	+	CCONJ
easat-5052	163	10	β3mtbi	β3mtbi	NUM
easat-5052	163	11	,	,	PUNCT
easat-5052	163	12	t	t	NOUN
easat-5052	163	13	+	+	CCONJ
easat-5052	163	14	β4sizei	β4sizei	NUM
easat-5052	163	15	,	,	PUNCT
easat-5052	163	16	t	t	NOUN
easat-5052	163	17	+	+	CCONJ
easat-5052	163	18	β5roai	β5roai	PROPN
easat-5052	163	19	,	,	PUNCT
easat-5052	163	20	t	t	PROPN
easat-5052	163	21	+	+	CCONJ
easat-5052	163	22	β6grwi	β6grwi	PROPN
easat-5052	163	23	,	,	PUNCT
easat-5052	163	24	t	t	PROPN
easat-5052	163	25	+	+	CCONJ
easat-5052	163	26	β7inti	β7inti	PROPN
easat-5052	163	27	,	,	PUNCT
easat-5052	163	28	t	t	PROPN
easat-5052	163	29	+	+	NUM
easat-5052	163	30	β8ppei	β8ppei	PROPN
easat-5052	163	31	,	,	PUNCT
easat-5052	163	32	t	t	PROPN
easat-5052	163	33	+	+	CCONJ
easat-5052	163	34	β9agei	β9agei	PROPN
easat-5052	163	35	,	,	PUNCT
easat-5052	163	36	t	t	NOUN
easat-5052	163	37	+	+	NUM
easat-5052	163	38	β10∑id	β10∑id	NUM
easat-5052	164	1	+	+	CCONJ
easat-5052	164	2	β11∑yd	β11∑yd	PROPN
easat-5052	164	3	+	+	CCONJ
easat-5052	164	4	εi	εi	VERB
easat-5052	164	5	,	,	PUNCT
easat-5052	164	6	t	t	NOUN
easat-5052	164	7	<	<	NOUN
easat-5052	164	8	research	research	NOUN
easat-5052	164	9	model	model	NOUN
easat-5052	164	10	8	8	NUM
easat-5052	164	11	>	>	SYM
easat-5052	164	12	:	:	PUNCT
easat-5052	164	13	btdi	btdi	PROPN
easat-5052	164	14	,	,	PUNCT
easat-5052	164	15	t	t	PROPN
easat-5052	164	16	=	=	PUNCT
easat-5052	164	17	β0	β0	PROPN
easat-5052	165	1	+	+	CCONJ
easat-5052	165	2	β1lev4i	β1lev4i	PROPN
easat-5052	165	3	,	,	PUNCT
easat-5052	165	4	t	t	PROPN
easat-5052	165	5	+	+	CCONJ
easat-5052	165	6	β2doni	β2doni	ADJ
easat-5052	165	7	,	,	PUNCT
easat-5052	165	8	t	t	PROPN
easat-5052	165	9	+	+	CCONJ
easat-5052	165	10	β3mtbi	β3mtbi	NUM
easat-5052	165	11	,	,	PUNCT
easat-5052	165	12	t	t	NOUN
easat-5052	165	13	+	+	CCONJ
easat-5052	165	14	β4sizei	β4sizei	NUM
easat-5052	165	15	,	,	PUNCT
easat-5052	165	16	t	t	NOUN
easat-5052	165	17	+	+	CCONJ
easat-5052	165	18	β5roai	β5roai	PROPN
easat-5052	165	19	,	,	PUNCT
easat-5052	165	20	t	t	PROPN
easat-5052	165	21	+	+	CCONJ
easat-5052	165	22	β6grwi	β6grwi	PROPN
easat-5052	165	23	,	,	PUNCT
easat-5052	165	24	t	t	PROPN
easat-5052	165	25	2164	2164	NUM
easat-5052	165	26	edelweiss	edelweiss	PROPN
easat-5052	165	27	applied	apply	VERB
easat-5052	165	28	science	science	NOUN
easat-5052	165	29	and	and	CCONJ
easat-5052	165	30	technology	technology	NOUN
easat-5052	165	31	issn	issn	PROPN
easat-5052	165	32	:	:	PUNCT
easat-5052	165	33	2576	2576	NUM
easat-5052	165	34	-	-	SYM
easat-5052	165	35	8484	8484	NUM
easat-5052	165	36	vol	vol	NOUN
easat-5052	165	37	.	.	PROPN
easat-5052	166	1	9	9	NUM
easat-5052	166	2	,	,	PUNCT
easat-5052	166	3	no	no	INTJ
easat-5052	166	4	.	.	NOUN
easat-5052	166	5	2	2	NUM
easat-5052	166	6	:	:	PUNCT
easat-5052	166	7	2159	2159	NUM
easat-5052	166	8	-	-	SYM
easat-5052	166	9	2174	2174	NUM
easat-5052	166	10	,	,	PUNCT
easat-5052	166	11	2025	2025	NUM
easat-5052	166	12	doi	doi	NOUN
easat-5052	166	13	:	:	PUNCT
easat-5052	166	14	10.55214/25768484.v9i2.5052	10.55214/25768484.v9i2.5052	NUM
easat-5052	166	15	©	©	PROPN
easat-5052	166	16	2025	2025	NUM
easat-5052	166	17	by	by	ADP
easat-5052	166	18	the	the	DET
easat-5052	166	19	author	author	NOUN
easat-5052	166	20	;	;	PUNCT
easat-5052	166	21	licensee	licensee	PROPN
easat-5052	166	22	learning	learning	NOUN
easat-5052	166	23	gate	gate	NOUN
easat-5052	166	24	+	+	CCONJ
easat-5052	166	25	β7inti	β7inti	PROPN
easat-5052	166	26	,	,	PUNCT
easat-5052	166	27	t	t	PROPN
easat-5052	166	28	+	+	NUM
easat-5052	166	29	β8ppei	β8ppei	PROPN
easat-5052	166	30	,	,	PUNCT
easat-5052	166	31	t	t	PROPN
easat-5052	166	32	+	+	CCONJ
easat-5052	166	33	β9agei	β9agei	PROPN
easat-5052	166	34	,	,	PUNCT
easat-5052	166	35	t	t	NOUN
easat-5052	166	36	+	+	NUM
easat-5052	166	37	β10∑id	β10∑id	NUM
easat-5052	167	1	+	+	CCONJ
easat-5052	167	2	β11∑yd	β11∑yd	PROPN
easat-5052	167	3	+	+	CCONJ
easat-5052	167	4	εi	εi	VERB
easat-5052	167	5	,	,	PUNCT
easat-5052	167	6	t	t	PROPN
easat-5052	167	7	here	here	ADV
easat-5052	167	8	,	,	PUNCT
easat-5052	167	9	ddbtdi	ddbtdi	PROPN
easat-5052	167	10	,	,	PUNCT
easat-5052	167	11	t	t	PROPN
easat-5052	167	12	:	:	PUNCT
easat-5052	167	13	residuals	residual	NOUN
easat-5052	167	14	after	after	ADP
easat-5052	167	15	regressing	regress	VERB
easat-5052	167	16	total	total	ADJ
easat-5052	167	17	accrual	accrual	ADJ
easat-5052	167	18	on	on	ADP
easat-5052	167	19	btd	btd	PROPN
easat-5052	167	20	(	(	PUNCT
easat-5052	167	21	difference	difference	NOUN
easat-5052	167	22	between	between	ADP
easat-5052	167	23	accounting	accounting	NOUN
easat-5052	167	24	earnings	earning	NOUN
easat-5052	167	25	in	in	ADP
easat-5052	167	26	period	period	NOUN
easat-5052	167	27	t	t	NOUN
easat-5052	167	28	and	and	CCONJ
easat-5052	167	29	taxable	taxable	ADJ
easat-5052	167	30	income	income	NOUN
easat-5052	167	31	in	in	ADP
easat-5052	167	32	period	period	NOUN
easat-5052	167	33	t	t	PROPN
easat-5052	167	34	)	)	PUNCT
easat-5052	167	35	,	,	PUNCT
easat-5052	167	36	btdi	btdi	PROPN
easat-5052	167	37	,	,	PUNCT
easat-5052	167	38	t	t	PROPN
easat-5052	167	39	:	:	PUNCT
easat-5052	167	40	difference	difference	NOUN
easat-5052	167	41	between	between	ADP
easat-5052	167	42	accounting	accounting	NOUN
easat-5052	167	43	earnings	earning	NOUN
easat-5052	167	44	in	in	ADP
easat-5052	167	45	period	period	NOUN
easat-5052	167	46	t	t	NOUN
easat-5052	167	47	and	and	CCONJ
easat-5052	167	48	taxable	taxable	ADJ
easat-5052	167	49	income	income	NOUN
easat-5052	167	50	in	in	ADP
easat-5052	167	51	period	period	NOUN
easat-5052	167	52	t	t	PROPN
easat-5052	167	53	,	,	PUNCT
easat-5052	167	54	lev1i	lev1i	PROPN
easat-5052	167	55	,	,	PUNCT
easat-5052	167	56	t	t	PROPN
easat-5052	167	57	:	:	PUNCT
easat-5052	167	58	liabilities	liability	NOUN
easat-5052	167	59	at	at	ADP
easat-5052	167	60	the	the	DET
easat-5052	167	61	end	end	NOUN
easat-5052	167	62	of	of	ADP
easat-5052	167	63	the	the	DET
easat-5052	167	64	year	year	NOUN
easat-5052	167	65	t	t	PROPN
easat-5052	167	66	÷	÷	NUM
easat-5052	167	67	total	total	ADJ
easat-5052	167	68	assets	asset	NOUN
easat-5052	167	69	at	at	ADP
easat-5052	167	70	the	the	DET
easat-5052	167	71	end	end	NOUN
easat-5052	167	72	of	of	ADP
easat-5052	167	73	the	the	DET
easat-5052	167	74	year	year	NOUN
easat-5052	167	75	t	t	PROPN
easat-5052	167	76	,	,	PUNCT
easat-5052	167	77	lev2i	lev2i	PROPN
easat-5052	167	78	,	,	PUNCT
easat-5052	167	79	t	t	PROPN
easat-5052	167	80	:	:	PUNCT
easat-5052	167	81	liabilities	liability	NOUN
easat-5052	167	82	at	at	ADP
easat-5052	167	83	the	the	DET
easat-5052	167	84	end	end	NOUN
easat-5052	167	85	of	of	ADP
easat-5052	167	86	the	the	DET
easat-5052	167	87	year	year	NOUN
easat-5052	168	1	t	t	PROPN
easat-5052	168	2	÷	÷	X
easat-5052	168	3	total	total	ADJ
easat-5052	168	4	equity	equity	NOUN
easat-5052	168	5	at	at	ADP
easat-5052	168	6	the	the	DET
easat-5052	168	7	end	end	NOUN
easat-5052	168	8	of	of	ADP
easat-5052	168	9	the	the	DET
easat-5052	168	10	year	year	NOUN
easat-5052	168	11	t	t	PROPN
easat-5052	168	12	,	,	PUNCT
easat-5052	168	13	lev3i	lev3i	PROPN
easat-5052	168	14	,	,	PUNCT
easat-5052	168	15	t	t	PROPN
easat-5052	168	16	:	:	PUNCT
easat-5052	168	17	(	(	PUNCT
easat-5052	168	18	liabilities	liability	NOUN
easat-5052	168	19	at	at	ADP
easat-5052	168	20	the	the	DET
easat-5052	168	21	end	end	NOUN
easat-5052	168	22	of	of	ADP
easat-5052	168	23	the	the	DET
easat-5052	168	24	year	year	NOUN
easat-5052	168	25	t	t	NOUN
easat-5052	168	26	liabilities	liability	NOUN
easat-5052	168	27	at	at	ADP
easat-5052	168	28	the	the	DET
easat-5052	168	29	end	end	NOUN
easat-5052	168	30	of	of	ADP
easat-5052	168	31	the	the	DET
easat-5052	168	32	year	year	NOUN
easat-5052	168	33	t-1	t-1	PROPN
easat-5052	168	34	)	)	PUNCT
easat-5052	168	35	÷	÷	NUM
easat-5052	169	1	liabilities	liability	NOUN
easat-5052	169	2	at	at	ADP
easat-5052	169	3	the	the	DET
easat-5052	169	4	end	end	NOUN
easat-5052	169	5	of	of	ADP
easat-5052	169	6	the	the	DET
easat-5052	169	7	year	year	NOUN
easat-5052	169	8	t-1	t-1	PROPN
easat-5052	169	9	lev4i	lev4i	PROPN
easat-5052	169	10	,	,	PUNCT
easat-5052	169	11	t	t	PROPN
easat-5052	169	12	:	:	PUNCT
easat-5052	169	13	(	(	PUNCT
easat-5052	169	14	liabilities	liability	NOUN
easat-5052	169	15	at	at	ADP
easat-5052	169	16	the	the	DET
easat-5052	169	17	end	end	NOUN
easat-5052	169	18	of	of	ADP
easat-5052	169	19	the	the	DET
easat-5052	169	20	year	year	NOUN
easat-5052	169	21	t	t	NOUN
easat-5052	169	22	liabilities	liability	NOUN
easat-5052	169	23	at	at	ADP
easat-5052	169	24	the	the	DET
easat-5052	169	25	end	end	NOUN
easat-5052	169	26	of	of	ADP
easat-5052	169	27	the	the	DET
easat-5052	169	28	year	year	NOUN
easat-5052	169	29	t-1	t-1	PROPN
easat-5052	169	30	)	)	PUNCT
easat-5052	169	31	÷	÷	PUNCT
easat-5052	169	32	total	total	ADJ
easat-5052	169	33	equity	equity	NOUN
easat-5052	169	34	at	at	ADP
easat-5052	169	35	the	the	DET
easat-5052	169	36	end	end	NOUN
easat-5052	169	37	of	of	ADP
easat-5052	169	38	the	the	DET
easat-5052	169	39	year	year	NOUN
easat-5052	169	40	t	t	PROPN
easat-5052	169	41	,	,	PUNCT
easat-5052	169	42	doni	doni	PROPN
easat-5052	169	43	,	,	PUNCT
easat-5052	169	44	t	t	PROPN
easat-5052	169	45	:	:	PUNCT
easat-5052	169	46	total	total	ADJ
easat-5052	169	47	donations	donation	NOUN
easat-5052	169	48	expenditure	expenditure	NOUN
easat-5052	169	49	in	in	ADP
easat-5052	169	50	period	period	NOUN
easat-5052	169	51	t	t	PROPN
easat-5052	169	52	÷	÷	X
easat-5052	169	53	total	total	ADJ
easat-5052	169	54	sales	sale	NOUN
easat-5052	169	55	in	in	ADP
easat-5052	169	56	period	period	NOUN
easat-5052	169	57	t	t	PROPN
easat-5052	169	58	,	,	PUNCT
easat-5052	169	59	mtbi	mtbi	PROPN
easat-5052	169	60	,	,	PUNCT
easat-5052	169	61	t	t	PROPN
easat-5052	169	62	:	:	PUNCT
easat-5052	169	63	market	market	NOUN
easat-5052	169	64	value	value	NOUN
easat-5052	169	65	of	of	ADP
easat-5052	169	66	equity	equity	NOUN
easat-5052	169	67	at	at	ADP
easat-5052	169	68	the	the	DET
easat-5052	169	69	end	end	NOUN
easat-5052	169	70	of	of	ADP
easat-5052	169	71	year	year	NOUN
easat-5052	169	72	t	t	PROPN
easat-5052	169	73	÷	÷	NUM
easat-5052	169	74	book	book	NOUN
easat-5052	169	75	value	value	NOUN
easat-5052	169	76	of	of	ADP
easat-5052	169	77	equity	equity	NOUN
easat-5052	169	78	at	at	ADP
easat-5052	169	79	the	the	DET
easat-5052	169	80	end	end	NOUN
easat-5052	169	81	of	of	ADP
easat-5052	169	82	year	year	NOUN
easat-5052	169	83	t	t	PROPN
easat-5052	169	84	,	,	PUNCT
easat-5052	169	85	sizei	sizei	NOUN
easat-5052	169	86	,	,	PUNCT
easat-5052	169	87	t	t	PROPN
easat-5052	169	88	:	:	PUNCT
easat-5052	169	89	natural	natural	ADJ
easat-5052	169	90	log	log	NOUN
easat-5052	169	91	of	of	ADP
easat-5052	169	92	total	total	ADJ
easat-5052	169	93	assets	asset	NOUN
easat-5052	169	94	at	at	ADP
easat-5052	169	95	the	the	DET
easat-5052	169	96	end	end	NOUN
easat-5052	169	97	of	of	ADP
easat-5052	169	98	the	the	DET
easat-5052	169	99	year	year	NOUN
easat-5052	169	100	t	t	PROPN
easat-5052	169	101	,	,	PUNCT
easat-5052	169	102	roai	roai	PROPN
easat-5052	169	103	,	,	PUNCT
easat-5052	169	104	t	t	PROPN
easat-5052	169	105	:	:	PUNCT
easat-5052	169	106	net	net	ADJ
easat-5052	169	107	income	income	NOUN
easat-5052	169	108	in	in	ADP
easat-5052	169	109	period	period	NOUN
easat-5052	169	110	t	t	PROPN
easat-5052	169	111	÷	÷	NUM
easat-5052	169	112	total	total	ADJ
easat-5052	169	113	assets	asset	NOUN
easat-5052	169	114	at	at	ADP
easat-5052	169	115	the	the	DET
easat-5052	169	116	beginning	beginning	NOUN
easat-5052	169	117	of	of	ADP
easat-5052	169	118	the	the	DET
easat-5052	169	119	year	year	NOUN
easat-5052	169	120	t	t	PROPN
easat-5052	169	121	,	,	PUNCT
easat-5052	169	122	grwi	grwi	NOUN
easat-5052	169	123	,	,	PUNCT
easat-5052	169	124	t	t	PROPN
easat-5052	169	125	:	:	PUNCT
easat-5052	169	126	(	(	PUNCT
easat-5052	169	127	total	total	ADJ
easat-5052	169	128	sales	sale	NOUN
easat-5052	169	129	in	in	ADP
easat-5052	169	130	period	period	NOUN
easat-5052	169	131	t	t	NOUN
easat-5052	169	132	–	–	PUNCT
easat-5052	169	133	total	total	ADJ
easat-5052	169	134	sales	sale	NOUN
easat-5052	169	135	in	in	ADP
easat-5052	169	136	period	period	NOUN
easat-5052	169	137	t-1	t-1	PROPN
easat-5052	169	138	)	)	PUNCT
easat-5052	169	139	÷	÷	PUNCT
easat-5052	169	140	total	total	ADJ
easat-5052	169	141	sales	sale	NOUN
easat-5052	169	142	in	in	ADP
easat-5052	169	143	period	period	NOUN
easat-5052	169	144	t-1	t-1	PROPN
easat-5052	169	145	,	,	PUNCT
easat-5052	169	146	inti	inti	PROPN
easat-5052	169	147	,	,	PUNCT
easat-5052	169	148	t	t	PROPN
easat-5052	169	149	:	:	PUNCT
easat-5052	169	150	intangible	intangible	ADJ
easat-5052	169	151	assets	asset	NOUN
easat-5052	169	152	at	at	ADP
easat-5052	169	153	the	the	DET
easat-5052	169	154	end	end	NOUN
easat-5052	169	155	of	of	ADP
easat-5052	169	156	year	year	NOUN
easat-5052	169	157	t	t	PROPN
easat-5052	169	158	÷	÷	NUM
easat-5052	169	159	total	total	ADJ
easat-5052	169	160	assets	asset	NOUN
easat-5052	169	161	at	at	ADP
easat-5052	169	162	the	the	DET
easat-5052	169	163	beginning	beginning	NOUN
easat-5052	169	164	of	of	ADP
easat-5052	169	165	year	year	NOUN
easat-5052	169	166	t	t	PROPN
easat-5052	169	167	,	,	PUNCT
easat-5052	169	168	ppei	ppei	NOUN
easat-5052	169	169	,	,	PUNCT
easat-5052	169	170	t	t	PROPN
easat-5052	169	171	:	:	PUNCT
easat-5052	169	172	(	(	PUNCT
easat-5052	169	173	tangible	tangible	ADJ
easat-5052	169	174	assets	asset	NOUN
easat-5052	169	175	at	at	ADP
easat-5052	169	176	the	the	DET
easat-5052	169	177	end	end	NOUN
easat-5052	169	178	of	of	ADP
easat-5052	169	179	year	year	NOUN
easat-5052	169	180	t	t	PROPN
easat-5052	169	181	–	–	PUNCT
easat-5052	169	182	lands	land	NOUN
easat-5052	169	183	at	at	ADP
easat-5052	169	184	the	the	DET
easat-5052	169	185	end	end	NOUN
easat-5052	169	186	of	of	ADP
easat-5052	169	187	year	year	NOUN
easat-5052	169	188	t	t	NOUN
easat-5052	169	189	construction	construction	NOUN
easat-5052	169	190	in	in	ADP
easat-5052	169	191	progress	progress	NOUN
easat-5052	169	192	at	at	ADP
easat-5052	169	193	the	the	DET
easat-5052	169	194	end	end	NOUN
easat-5052	169	195	of	of	ADP
easat-5052	169	196	year	year	NOUN
easat-5052	169	197	t	t	PROPN
easat-5052	169	198	)	)	PUNCT
easat-5052	169	199	÷	÷	PUNCT
easat-5052	169	200	total	total	ADJ
easat-5052	169	201	assets	asset	NOUN
easat-5052	169	202	at	at	ADP
easat-5052	169	203	the	the	DET
easat-5052	169	204	beginning	beginning	NOUN
easat-5052	169	205	of	of	ADP
easat-5052	169	206	year	year	NOUN
easat-5052	169	207	t	t	PROPN
easat-5052	169	208	,	,	PUNCT
easat-5052	169	209	agei	agei	PROPN
easat-5052	169	210	,	,	PUNCT
easat-5052	169	211	t	t	PROPN
easat-5052	169	212	:	:	PUNCT
easat-5052	169	213	natural	natural	ADJ
easat-5052	169	214	logarithm	logarithm	NOUN
easat-5052	169	215	of	of	ADP
easat-5052	169	216	the	the	DET
easat-5052	169	217	survival	survival	NOUN
easat-5052	169	218	period	period	NOUN
easat-5052	169	219	after	after	ADP
easat-5052	169	220	establishment	establishment	NOUN
easat-5052	169	221	,	,	PUNCT
easat-5052	169	222	ɛi	ɛi	PROPN
easat-5052	169	223	,	,	PUNCT
easat-5052	169	224	t	t	PROPN
easat-5052	169	225	:	:	PUNCT
easat-5052	169	226	error	error	NOUN
easat-5052	169	227	term	term	NOUN
easat-5052	169	228	4	4	NUM
easat-5052	169	229	.	.	PUNCT
easat-5052	169	230	empirical	empirical	ADJ
easat-5052	169	231	analysis	analysis	NOUN
easat-5052	169	232	4.1	4.1	NUM
easat-5052	169	233	.	.	PUNCT
easat-5052	170	1	sample	sample	NOUN
easat-5052	170	2	selection	selection	NOUN
easat-5052	170	3	table	table	NOUN
easat-5052	170	4	1	1	NUM
easat-5052	170	5	presents	present	VERB
easat-5052	170	6	the	the	DET
easat-5052	170	7	selection	selection	NOUN
easat-5052	170	8	process	process	NOUN
easat-5052	170	9	of	of	ADP
easat-5052	170	10	the	the	DET
easat-5052	170	11	analytical	analytical	ADJ
easat-5052	170	12	data	datum	NOUN
easat-5052	170	13	used	use	VERB
easat-5052	170	14	in	in	ADP
easat-5052	170	15	this	this	DET
easat-5052	170	16	study	study	NOUN
easat-5052	170	17	.	.	PUNCT
easat-5052	171	1	the	the	DET
easat-5052	171	2	data	datum	NOUN
easat-5052	171	3	for	for	ADP
easat-5052	171	4	this	this	DET
easat-5052	171	5	study	study	NOUN
easat-5052	171	6	is	be	AUX
easat-5052	171	7	extracted	extract	VERB
easat-5052	171	8	from	from	ADP
easat-5052	171	9	the	the	DET
easat-5052	171	10	valuesearch	valuesearch	NOUN
easat-5052	171	11	database	database	NOUN
easat-5052	171	12	of	of	ADP
easat-5052	171	13	korea	korea	PROPN
easat-5052	171	14	credit	credit	PROPN
easat-5052	171	15	information	information	PROPN
easat-5052	171	16	co.	co.	PROPN
easat-5052	171	17	,	,	PUNCT
easat-5052	171	18	ltd	ltd	PROPN
easat-5052	171	19	.	.	PROPN
easat-5052	171	20	among	among	ADP
easat-5052	171	21	the	the	DET
easat-5052	171	22	extracted	extract	VERB
easat-5052	171	23	sample	sample	NOUN
easat-5052	171	24	data	datum	NOUN
easat-5052	171	25	,	,	PUNCT
easat-5052	171	26	companies	company	NOUN
easat-5052	171	27	that	that	PRON
easat-5052	171	28	meet	meet	VERB
easat-5052	171	29	the	the	DET
easat-5052	171	30	following	follow	VERB
easat-5052	171	31	criteria	criterion	NOUN
easat-5052	171	32	are	be	AUX
easat-5052	171	33	excluded	exclude	VERB
easat-5052	171	34	from	from	ADP
easat-5052	171	35	the	the	DET
easat-5052	171	36	empirical	empirical	ADJ
easat-5052	171	37	analysis	analysis	NOUN
easat-5052	171	38	:	:	PUNCT
easat-5052	171	39	(	(	PUNCT
easat-5052	171	40	1	1	X
easat-5052	171	41	)	)	PUNCT
easat-5052	171	42	companies	company	NOUN
easat-5052	171	43	belonging	belong	VERB
easat-5052	171	44	to	to	ADP
easat-5052	171	45	the	the	DET
easat-5052	171	46	financial	financial	ADJ
easat-5052	171	47	and	and	CCONJ
easat-5052	171	48	insurance	insurance	NOUN
easat-5052	171	49	industry	industry	NOUN
easat-5052	171	50	(	(	PUNCT
easat-5052	171	51	2	2	X
easat-5052	171	52	)	)	PUNCT
easat-5052	171	53	companies	company	NOUN
easat-5052	171	54	other	other	ADJ
easat-5052	171	55	than	than	ADP
easat-5052	171	56	those	those	PRON
easat-5052	171	57	with	with	ADP
easat-5052	171	58	december	december	PROPN
easat-5052	171	59	-	-	PUNCT
easat-5052	171	60	end	end	NOUN
easat-5052	171	61	settlement	settlement	NOUN
easat-5052	171	62	(	(	PUNCT
easat-5052	171	63	3	3	X
easat-5052	171	64	)	)	PUNCT
easat-5052	171	65	stocks	stock	NOUN
easat-5052	171	66	subject	subject	ADJ
easat-5052	171	67	to	to	ADP
easat-5052	171	68	management	management	NOUN
easat-5052	171	69	(	(	PUNCT
easat-5052	171	70	4	4	X
easat-5052	171	71	)	)	PUNCT
easat-5052	171	72	companies	company	NOUN
easat-5052	171	73	with	with	ADP
easat-5052	171	74	eroded	eroded	ADJ
easat-5052	171	75	capital	capital	NOUN
easat-5052	171	76	(	(	PUNCT
easat-5052	171	77	5	5	NUM
easat-5052	171	78	)	)	PUNCT
easat-5052	171	79	companies	company	NOUN
easat-5052	171	80	with	with	ADP
easat-5052	171	81	an	an	DET
easat-5052	171	82	estimated	estimate	VERB
easat-5052	171	83	taxable	taxable	ADJ
easat-5052	171	84	income	income	NOUN
easat-5052	171	85	of	of	ADP
easat-5052	171	86	less	less	ADJ
easat-5052	171	87	than	than	ADP
easat-5052	171	88	0	0	NUM
easat-5052	171	89	(	(	PUNCT
easat-5052	171	90	6	6	NUM
easat-5052	171	91	)	)	PUNCT
easat-5052	171	92	companies	company	NOUN
easat-5052	171	93	with	with	ADP
easat-5052	171	94	missing	miss	VERB
easat-5052	171	95	data	datum	NOUN
easat-5052	171	96	on	on	ADP
easat-5052	171	97	any	any	PRON
easat-5052	171	98	of	of	ADP
easat-5052	171	99	the	the	DET
easat-5052	171	100	variables	variable	NOUN
easat-5052	171	101	used	use	VERB
easat-5052	171	102	in	in	ADP
easat-5052	171	103	this	this	DET
easat-5052	171	104	study	study	NOUN
easat-5052	171	105	this	this	DET
easat-5052	171	106	study	study	NOUN
easat-5052	171	107	conducts	conduct	NOUN
easat-5052	171	108	regression	regression	VERB
easat-5052	171	109	analysis	analysis	NOUN
easat-5052	171	110	in	in	ADP
easat-5052	171	111	two	two	NUM
easat-5052	171	112	stages	stage	NOUN
easat-5052	171	113	to	to	PART
easat-5052	171	114	minimize	minimize	VERB
easat-5052	171	115	the	the	DET
easat-5052	171	116	influence	influence	NOUN
easat-5052	171	117	of	of	ADP
easat-5052	171	118	extreme	extreme	ADJ
easat-5052	171	119	values	value	NOUN
easat-5052	171	120	.	.	PUNCT
easat-5052	172	1	specifically	specifically	ADV
easat-5052	172	2	,	,	PUNCT
easat-5052	172	3	after	after	ADP
easat-5052	172	4	excluding	exclude	VERB
easat-5052	172	5	samples	sample	NOUN
easat-5052	172	6	in	in	ADP
easat-5052	172	7	which	which	PRON
easat-5052	172	8	the	the	DET
easat-5052	172	9	absolute	absolute	ADJ
easat-5052	172	10	value	value	NOUN
easat-5052	172	11	of	of	ADP
easat-5052	172	12	the	the	DET
easat-5052	172	13	standardized	standardized	ADJ
easat-5052	172	14	residuals	residual	NOUN
easat-5052	172	15	in	in	ADP
easat-5052	172	16	the	the	DET
easat-5052	172	17	first	first	ADJ
easat-5052	172	18	regression	regression	NOUN
easat-5052	172	19	analysis	analysis	NOUN
easat-5052	172	20	exceeds	exceed	VERB
easat-5052	172	21	3	3	NUM
easat-5052	172	22	or	or	CCONJ
easat-5052	172	23	the	the	DET
easat-5052	172	24	cook	cook	NOUN
easat-5052	172	25	's	's	PART
easat-5052	172	26	distance	distance	NOUN
easat-5052	172	27	exceeds	exceed	VERB
easat-5052	172	28	1	1	NUM
easat-5052	172	29	,	,	PUNCT
easat-5052	172	30	a	a	DET
easat-5052	172	31	second	second	ADJ
easat-5052	172	32	regression	regression	NOUN
easat-5052	172	33	analysis	analysis	NOUN
easat-5052	172	34	is	be	AUX
easat-5052	172	35	performed	perform	VERB
easat-5052	172	36	.	.	PUNCT
easat-5052	173	1	the	the	DET
easat-5052	173	2	results	result	NOUN
easat-5052	173	3	of	of	ADP
easat-5052	173	4	this	this	DET
easat-5052	173	5	second	second	ADJ
easat-5052	173	6	analysis	analysis	NOUN
easat-5052	173	7	are	be	AUX
easat-5052	173	8	used	use	VERB
easat-5052	173	9	as	as	ADP
easat-5052	173	10	the	the	DET
easat-5052	173	11	primary	primary	ADJ
easat-5052	173	12	findings	finding	NOUN
easat-5052	173	13	of	of	ADP
easat-5052	173	14	this	this	DET
easat-5052	173	15	study	study	NOUN
easat-5052	173	16	.	.	PUNCT
easat-5052	174	1	table	table	NOUN
easat-5052	174	2	1	1	NUM
easat-5052	174	3	.	.	PUNCT
easat-5052	174	4	sample	sample	NOUN
easat-5052	174	5	selection	selection	NOUN
easat-5052	174	6	.	.	PUNCT
easat-5052	175	1	sample	sample	NOUN
easat-5052	175	2	selection	selection	NOUN
easat-5052	175	3	procedure	procedure	NOUN
easat-5052	175	4	number	number	NOUN
easat-5052	175	5	of	of	ADP
easat-5052	175	6	samples	sample	NOUN
easat-5052	175	7	(	(	PUNCT
easat-5052	175	8	firm	firm	ADJ
easat-5052	175	9	-	-	PUNCT
easat-5052	175	10	year	year	NOUN
easat-5052	175	11	)	)	PUNCT
easat-5052	175	12	number	number	NOUN
easat-5052	175	13	of	of	ADP
easat-5052	175	14	samples	sample	NOUN
easat-5052	175	15	extracted	extract	VERB
easat-5052	175	16	from	from	ADP
easat-5052	175	17	valuesearch	valuesearch	NOUN
easat-5052	175	18	db	db	PROPN
easat-5052	175	19	(	(	PUNCT
easat-5052	175	20	2001	2001	NUM
easat-5052	175	21	-	-	SYM
easat-5052	175	22	2023	2023	NUM
easat-5052	175	23	)	)	PUNCT
easat-5052	175	24	78,798	78,798	NUM
easat-5052	175	25	excluded	exclude	VERB
easat-5052	175	26	samples	sample	NOUN
easat-5052	175	27	(	(	PUNCT
easat-5052	175	28	-	-	PUNCT
easat-5052	175	29	)	)	PUNCT
easat-5052	175	30	(	(	PUNCT
easat-5052	175	31	1	1	X
easat-5052	175	32	)	)	PUNCT
easat-5052	175	33	companies	company	NOUN
easat-5052	175	34	in	in	ADP
easat-5052	175	35	the	the	DET
easat-5052	175	36	financial	financial	ADJ
easat-5052	175	37	and	and	CCONJ
easat-5052	175	38	insurance	insurance	NOUN
easat-5052	175	39	industries	industry	NOUN
easat-5052	175	40	64,094	64,094	NUM
easat-5052	175	41	(	(	PUNCT
easat-5052	175	42	2	2	X
easat-5052	175	43	)	)	PUNCT
easat-5052	175	44	companies	company	NOUN
easat-5052	175	45	other	other	ADJ
easat-5052	175	46	than	than	ADP
easat-5052	175	47	those	those	PRON
easat-5052	175	48	with	with	ADP
easat-5052	175	49	december	december	PROPN
easat-5052	175	50	-	-	PUNCT
easat-5052	175	51	end	end	NOUN
easat-5052	175	52	closing	closing	NOUN
easat-5052	175	53	(	(	PUNCT
easat-5052	175	54	3	3	X
easat-5052	175	55	)	)	PUNCT
easat-5052	175	56	companies	company	NOUN
easat-5052	175	57	involved	involve	VERB
easat-5052	175	58	in	in	ADP
easat-5052	175	59	issues	issue	NOUN
easat-5052	175	60	for	for	ADP
easat-5052	175	61	administration	administration	NOUN
easat-5052	175	62	(	(	PUNCT
easat-5052	175	63	4	4	NUM
easat-5052	175	64	)	)	PUNCT
easat-5052	175	65	capital	capital	NOUN
easat-5052	175	66	impaired	impair	VERB
easat-5052	175	67	company	company	NOUN
easat-5052	175	68	(	(	PUNCT
easat-5052	175	69	5	5	X
easat-5052	175	70	)	)	PUNCT
easat-5052	175	71	companies	company	NOUN
easat-5052	175	72	with	with	ADP
easat-5052	175	73	estimated	estimate	VERB
easat-5052	175	74	taxable	taxable	ADJ
easat-5052	175	75	income	income	NOUN
easat-5052	175	76	less	less	ADJ
easat-5052	175	77	than	than	ADP
easat-5052	175	78	0	0	NUM
easat-5052	175	79	(	(	PUNCT
easat-5052	175	80	6	6	NUM
easat-5052	175	81	)	)	PUNCT
easat-5052	175	82	companies	company	NOUN
easat-5052	175	83	with	with	ADP
easat-5052	175	84	missing	miss	VERB
easat-5052	175	85	data	datum	NOUN
easat-5052	175	86	on	on	ADP
easat-5052	175	87	any	any	PRON
easat-5052	175	88	of	of	ADP
easat-5052	175	89	the	the	DET
easat-5052	175	90	variables	variable	NOUN
easat-5052	175	91	used	use	VERB
easat-5052	175	92	in	in	ADP
easat-5052	175	93	this	this	DET
easat-5052	175	94	study	study	NOUN
easat-5052	175	95	the	the	DET
easat-5052	175	96	final	final	ADJ
easat-5052	175	97	number	number	NOUN
easat-5052	175	98	of	of	ADP
easat-5052	175	99	samples	sample	NOUN
easat-5052	175	100	used	use	VERB
easat-5052	175	101	in	in	ADP
easat-5052	175	102	the	the	DET
easat-5052	175	103	analysis	analysis	NOUN
easat-5052	175	104	14,704	14,704	NUM
easat-5052	175	105	2165	2165	NUM
easat-5052	175	106	edelweiss	edelweiss	PROPN
easat-5052	175	107	applied	apply	VERB
easat-5052	175	108	science	science	NOUN
easat-5052	175	109	and	and	CCONJ
easat-5052	175	110	technology	technology	NOUN
easat-5052	175	111	issn	issn	PROPN
easat-5052	175	112	:	:	PUNCT
easat-5052	175	113	2576	2576	NUM
easat-5052	175	114	-	-	SYM
easat-5052	175	115	8484	8484	NUM
easat-5052	175	116	vol	vol	NOUN
easat-5052	175	117	.	.	PROPN
easat-5052	176	1	9	9	NUM
easat-5052	176	2	,	,	PUNCT
easat-5052	176	3	no	no	INTJ
easat-5052	176	4	.	.	NOUN
easat-5052	176	5	2	2	NUM
easat-5052	176	6	:	:	PUNCT
easat-5052	176	7	2159	2159	NUM
easat-5052	176	8	-	-	SYM
easat-5052	176	9	2174	2174	NUM
easat-5052	176	10	,	,	PUNCT
easat-5052	176	11	2025	2025	NUM
easat-5052	176	12	doi	doi	NOUN
easat-5052	176	13	:	:	PUNCT
easat-5052	176	14	10.55214/25768484.v9i2.5052	10.55214/25768484.v9i2.5052	NUM
easat-5052	176	15	©	©	PROPN
easat-5052	176	16	2025	2025	NUM
easat-5052	176	17	by	by	ADP
easat-5052	176	18	the	the	DET
easat-5052	176	19	author	author	NOUN
easat-5052	176	20	;	;	PUNCT
easat-5052	176	21	licensee	licensee	PROPN
easat-5052	176	22	learning	learning	NOUN
easat-5052	176	23	gate	gate	NOUN
easat-5052	176	24	4.2	4.2	NUM
easat-5052	176	25	.	.	PUNCT
easat-5052	177	1	descriptive	descriptive	ADJ
easat-5052	177	2	statistics	statistic	NOUN
easat-5052	177	3	table	table	NOUN
easat-5052	177	4	2	2	NUM
easat-5052	177	5	shows	show	VERB
easat-5052	177	6	the	the	DET
easat-5052	177	7	descriptive	descriptive	ADJ
easat-5052	177	8	statistics	statistic	NOUN
easat-5052	177	9	for	for	ADP
easat-5052	177	10	the	the	DET
easat-5052	177	11	variables	variable	NOUN
easat-5052	177	12	used	use	VERB
easat-5052	177	13	in	in	ADP
easat-5052	177	14	this	this	DET
easat-5052	177	15	study	study	NOUN
easat-5052	177	16	.	.	PUNCT
easat-5052	178	1	the	the	DET
easat-5052	178	2	mean	mean	ADJ
easat-5052	178	3	values	value	NOUN
easat-5052	178	4	of	of	ADP
easat-5052	178	5	lev1	lev1	PROPN
easat-5052	178	6	,	,	PUNCT
easat-5052	178	7	lev2	lev2	PROPN
easat-5052	178	8	,	,	PUNCT
easat-5052	178	9	lev3	lev3	ADJ
easat-5052	178	10	,	,	PUNCT
easat-5052	178	11	and	and	CCONJ
easat-5052	178	12	lev4	lev4	PROPN
easat-5052	178	13	,	,	PUNCT
easat-5052	178	14	which	which	PRON
easat-5052	178	15	represent	represent	VERB
easat-5052	178	16	the	the	DET
easat-5052	178	17	main	main	ADJ
easat-5052	178	18	independent	independent	ADJ
easat-5052	178	19	variables	variable	NOUN
easat-5052	178	20	substituting	substitute	VERB
easat-5052	178	21	for	for	ADP
easat-5052	178	22	debt	debt	NOUN
easat-5052	178	23	,	,	PUNCT
easat-5052	178	24	are	be	AUX
easat-5052	178	25	0.41772	0.41772	NUM
easat-5052	178	26	,	,	PUNCT
easat-5052	178	27	0.77168	0.77168	NUM
easat-5052	178	28	,	,	PUNCT
easat-5052	178	29	0.27923	0.27923	NUM
easat-5052	178	30	,	,	PUNCT
easat-5052	178	31	and	and	CCONJ
easat-5052	178	32	0.10221	0.10221	NUM
easat-5052	178	33	,	,	PUNCT
easat-5052	178	34	respectively	respectively	ADV
easat-5052	178	35	.	.	PUNCT
easat-5052	179	1	their	their	PRON
easat-5052	179	2	standard	standard	ADJ
easat-5052	179	3	deviations	deviation	NOUN
easat-5052	179	4	are	be	AUX
easat-5052	179	5	0.75866	0.75866	PROPN
easat-5052	179	6	,	,	PUNCT
easat-5052	179	7	1.27982	1.27982	NUM
easat-5052	179	8	,	,	PUNCT
easat-5052	179	9	8.22231	8.22231	NUM
easat-5052	179	10	,	,	PUNCT
easat-5052	179	11	and	and	CCONJ
easat-5052	179	12	4.80817	4.80817	NUM
easat-5052	179	13	,	,	PUNCT
easat-5052	179	14	with	with	ADP
easat-5052	179	15	maximum	maximum	ADJ
easat-5052	179	16	values	value	NOUN
easat-5052	179	17	of	of	ADP
easat-5052	179	18	84.56274	84.56274	NUM
easat-5052	179	19	,	,	PUNCT
easat-5052	179	20	68.16425	68.16425	NUM
easat-5052	179	21	,	,	PUNCT
easat-5052	179	22	968.5053	968.5053	NUM
easat-5052	179	23	,	,	PUNCT
easat-5052	179	24	and	and	CCONJ
easat-5052	179	25	566.9717	566.9717	NUM
easat-5052	179	26	,	,	PUNCT
easat-5052	179	27	respectively	respectively	ADV
easat-5052	179	28	.	.	PUNCT
easat-5052	180	1	among	among	ADP
easat-5052	180	2	the	the	DET
easat-5052	180	3	control	control	NOUN
easat-5052	180	4	variables	variable	NOUN
easat-5052	180	5	,	,	PUNCT
easat-5052	180	6	the	the	DET
easat-5052	180	7	mean	mean	ADJ
easat-5052	180	8	donation	donation	NOUN
easat-5052	180	9	(	(	PUNCT
easat-5052	180	10	don	don	PROPN
easat-5052	180	11	)	)	PUNCT
easat-5052	180	12	is	be	AUX
easat-5052	180	13	0.00119	0.00119	NUM
easat-5052	180	14	,	,	PUNCT
easat-5052	180	15	with	with	ADP
easat-5052	180	16	a	a	DET
easat-5052	180	17	standard	standard	ADJ
easat-5052	180	18	deviation	deviation	NOUN
easat-5052	180	19	of	of	ADP
easat-5052	180	20	0.00493	0.00493	NUM
easat-5052	180	21	,	,	PUNCT
easat-5052	180	22	a	a	DET
easat-5052	180	23	median	median	NOUN
easat-5052	180	24	of	of	ADP
easat-5052	180	25	0.00019	0.00019	NUM
easat-5052	180	26	,	,	PUNCT
easat-5052	180	27	and	and	CCONJ
easat-5052	180	28	a	a	DET
easat-5052	180	29	maximum	maximum	NOUN
easat-5052	180	30	of	of	ADP
easat-5052	180	31	0.33748	0.33748	NUM
easat-5052	180	32	.	.	PUNCT
easat-5052	181	1	the	the	DET
easat-5052	181	2	mean	mean	ADJ
easat-5052	181	3	market	market	NOUN
easat-5052	181	4	-	-	PUNCT
easat-5052	181	5	to	to	ADP
easat-5052	181	6	-	-	PUNCT
easat-5052	181	7	book	book	NOUN
easat-5052	181	8	value	value	NOUN
easat-5052	181	9	ratio	ratio	NOUN
easat-5052	181	10	(	(	PUNCT
easat-5052	181	11	mtb	mtb	NOUN
easat-5052	181	12	)	)	PUNCT
easat-5052	181	13	is	be	AUX
easat-5052	181	14	1.65128	1.65128	NUM
easat-5052	181	15	,	,	PUNCT
easat-5052	181	16	with	with	ADP
easat-5052	181	17	a	a	DET
easat-5052	181	18	standard	standard	ADJ
easat-5052	181	19	deviation	deviation	NOUN
easat-5052	181	20	of	of	ADP
easat-5052	181	21	2.78085	2.78085	NUM
easat-5052	181	22	,	,	PUNCT
easat-5052	181	23	a	a	DET
easat-5052	181	24	median	median	NOUN
easat-5052	181	25	of	of	ADP
easat-5052	181	26	1.12636	1.12636	NUM
easat-5052	181	27	,	,	PUNCT
easat-5052	181	28	a	a	DET
easat-5052	181	29	minimum	minimum	NOUN
easat-5052	181	30	of	of	ADP
easat-5052	181	31	0.02836	0.02836	NUM
easat-5052	181	32	,	,	PUNCT
easat-5052	181	33	and	and	CCONJ
easat-5052	181	34	a	a	DET
easat-5052	181	35	maximum	maximum	NOUN
easat-5052	181	36	of	of	ADP
easat-5052	181	37	254.2212	254.2212	NUM
easat-5052	181	38	.	.	PUNCT
easat-5052	182	1	the	the	DET
easat-5052	182	2	mean	mean	ADJ
easat-5052	182	3	company	company	NOUN
easat-5052	182	4	size	size	NOUN
easat-5052	182	5	(	(	PUNCT
easat-5052	182	6	size	size	NOUN
easat-5052	182	7	)	)	PUNCT
easat-5052	182	8	is	be	AUX
easat-5052	182	9	25.93735	25.93735	NUM
easat-5052	182	10	,	,	PUNCT
easat-5052	182	11	with	with	ADP
easat-5052	182	12	a	a	DET
easat-5052	182	13	standard	standard	ADJ
easat-5052	182	14	deviation	deviation	NOUN
easat-5052	182	15	of	of	ADP
easat-5052	182	16	1.43567	1.43567	NUM
easat-5052	182	17	and	and	CCONJ
easat-5052	182	18	a	a	DET
easat-5052	182	19	minimum	minimum	NOUN
easat-5052	182	20	of	of	ADP
easat-5052	182	21	20.01123	20.01123	NUM
easat-5052	182	22	.	.	PUNCT
easat-5052	183	1	the	the	DET
easat-5052	183	2	mean	mean	ADJ
easat-5052	183	3	return	return	NOUN
easat-5052	183	4	on	on	ADP
easat-5052	183	5	assets	asset	NOUN
easat-5052	183	6	(	(	PUNCT
easat-5052	183	7	roa	roa	NOUN
easat-5052	183	8	)	)	PUNCT
easat-5052	183	9	is	be	AUX
easat-5052	183	10	0.08296	0.08296	NUM
easat-5052	183	11	,	,	PUNCT
easat-5052	183	12	with	with	ADP
easat-5052	183	13	a	a	DET
easat-5052	183	14	standard	standard	ADJ
easat-5052	183	15	deviation	deviation	NOUN
easat-5052	183	16	of	of	ADP
easat-5052	183	17	0.15232	0.15232	NUM
easat-5052	183	18	and	and	CCONJ
easat-5052	183	19	a	a	DET
easat-5052	183	20	median	median	NOUN
easat-5052	183	21	of	of	ADP
easat-5052	183	22	0.06327	0.06327	NUM
easat-5052	183	23	.	.	PUNCT
easat-5052	184	1	the	the	DET
easat-5052	184	2	mean	mean	ADJ
easat-5052	184	3	sales	sale	NOUN
easat-5052	184	4	growth	growth	NOUN
easat-5052	184	5	rate	rate	NOUN
easat-5052	184	6	(	(	PUNCT
easat-5052	184	7	grw	grw	PROPN
easat-5052	184	8	)	)	PUNCT
easat-5052	184	9	is	be	AUX
easat-5052	184	10	0.21327	0.21327	NUM
easat-5052	184	11	,	,	PUNCT
easat-5052	184	12	with	with	ADP
easat-5052	184	13	a	a	DET
easat-5052	184	14	standard	standard	ADJ
easat-5052	184	15	deviation	deviation	NOUN
easat-5052	184	16	of	of	ADP
easat-5052	184	17	3.76507	3.76507	NUM
easat-5052	184	18	and	and	CCONJ
easat-5052	184	19	a	a	DET
easat-5052	184	20	maximum	maximum	NOUN
easat-5052	184	21	of	of	ADP
easat-5052	184	22	333.6399	333.6399	NUM
easat-5052	184	23	.	.	PUNCT
easat-5052	185	1	the	the	DET
easat-5052	185	2	maximum	maximum	ADJ
easat-5052	185	3	intangible	intangible	ADJ
easat-5052	185	4	asset	asset	NOUN
easat-5052	185	5	intensity	intensity	NOUN
easat-5052	185	6	(	(	PUNCT
easat-5052	185	7	int	int	NOUN
easat-5052	185	8	)	)	PUNCT
easat-5052	185	9	is	be	AUX
easat-5052	185	10	10.32102	10.32102	NUM
easat-5052	185	11	,	,	PUNCT
easat-5052	185	12	with	with	ADP
easat-5052	185	13	a	a	DET
easat-5052	185	14	mean	mean	NOUN
easat-5052	185	15	of	of	ADP
easat-5052	185	16	0.02992	0.02992	NUM
easat-5052	185	17	and	and	CCONJ
easat-5052	185	18	a	a	DET
easat-5052	185	19	standard	standard	ADJ
easat-5052	185	20	deviation	deviation	NOUN
easat-5052	185	21	of	of	ADP
easat-5052	185	22	0.13116	0.13116	NUM
easat-5052	185	23	.	.	PUNCT
easat-5052	186	1	the	the	DET
easat-5052	186	2	mean	mean	ADJ
easat-5052	186	3	capital	capital	NOUN
easat-5052	186	4	intensity	intensity	NOUN
easat-5052	186	5	(	(	PUNCT
easat-5052	186	6	ppe	ppe	PROPN
easat-5052	186	7	)	)	PUNCT
easat-5052	186	8	is	be	AUX
easat-5052	186	9	0.19153	0.19153	NUM
easat-5052	186	10	,	,	PUNCT
easat-5052	186	11	with	with	ADP
easat-5052	186	12	a	a	DET
easat-5052	186	13	standard	standard	ADJ
easat-5052	186	14	deviation	deviation	NOUN
easat-5052	186	15	of	of	ADP
easat-5052	186	16	0.20069	0.20069	NUM
easat-5052	186	17	and	and	CCONJ
easat-5052	186	18	a	a	DET
easat-5052	186	19	median	median	NOUN
easat-5052	186	20	of	of	ADP
easat-5052	186	21	0.15806	0.15806	NUM
easat-5052	186	22	.	.	PUNCT
easat-5052	187	1	the	the	DET
easat-5052	187	2	mean	mean	ADJ
easat-5052	187	3	firm	firm	ADJ
easat-5052	187	4	age	age	NOUN
easat-5052	187	5	(	(	PUNCT
easat-5052	187	6	age	age	NOUN
easat-5052	187	7	)	)	PUNCT
easat-5052	187	8	is	be	AUX
easat-5052	187	9	12.2686	12.2686	NUM
easat-5052	187	10	,	,	PUNCT
easat-5052	187	11	with	with	ADP
easat-5052	187	12	a	a	DET
easat-5052	187	13	standard	standard	ADJ
easat-5052	187	14	deviation	deviation	NOUN
easat-5052	187	15	of	of	ADP
easat-5052	187	16	0.79297	0.79297	NUM
easat-5052	187	17	,	,	PUNCT
easat-5052	187	18	a	a	DET
easat-5052	187	19	minimum	minimum	NOUN
easat-5052	187	20	of	of	ADP
easat-5052	187	21	5.35186	5.35186	NUM
easat-5052	187	22	,	,	PUNCT
easat-5052	187	23	and	and	CCONJ
easat-5052	187	24	a	a	DET
easat-5052	187	25	median	median	NOUN
easat-5052	187	26	of	of	ADP
easat-5052	187	27	12.3905	12.3905	NUM
easat-5052	187	28	.	.	PUNCT
easat-5052	187	29	table	table	NOUN
easat-5052	187	30	2	2	NUM
easat-5052	187	31	.	.	PUNCT
easat-5052	187	32	descriptive	descriptive	ADJ
easat-5052	187	33	statistics	statistic	NOUN
easat-5052	187	34	.	.	PUNCT
easat-5052	188	1	variable	variable	ADJ
easat-5052	188	2	n	n	PRON
easat-5052	188	3	mean	mean	VERB
easat-5052	188	4	standard	standard	ADJ
easat-5052	188	5	deviation	deviation	NOUN
easat-5052	188	6	median	median	ADJ
easat-5052	188	7	minimum	minimum	ADJ
easat-5052	188	8	maximum	maximum	NOUN
easat-5052	188	9	ddbtd	ddbtd	ADJ
easat-5052	188	10	14,704	14,704	NUM
easat-5052	188	11	0.08787	0.08787	NUM
easat-5052	188	12	0.11527	0.11527	NUM
easat-5052	188	13	0.06278	0.06278	NUM
easat-5052	188	14	1.87e-05	1.87e-05	NUM
easat-5052	188	15	5.64721	5.64721	NUM
easat-5052	188	16	btd	btd	NOUN
easat-5052	188	17	14,704	14,704	NUM
easat-5052	188	18	0.1052	0.1052	NUM
easat-5052	189	1	0.11731	0.11731	NUM
easat-5052	189	2	0.08162	0.08162	NUM
easat-5052	189	3	1.88e-05	1.88e-05	NUM
easat-5052	189	4	6.66517	6.66517	NUM
easat-5052	189	5	lev1	lev1	NOUN
easat-5052	189	6	14,704	14,704	NUM
easat-5052	189	7	0.41772	0.41772	NUM
easat-5052	189	8	0.75866	0.75866	PROPN
easat-5052	190	1	0.37988	0.37988	NUM
easat-5052	190	2	0.000661	0.000661	NUM
easat-5052	190	3	84.56274	84.56274	NUM
easat-5052	190	4	lev2	lev2	NOUN
easat-5052	190	5	14,704	14,704	NUM
easat-5052	190	6	0.77168	0.77168	NUM
easat-5052	190	7	1.27982	1.27982	NUM
easat-5052	190	8	0.51766	0.51766	NUM
easat-5052	190	9	0.000618	0.000618	NUM
easat-5052	190	10	68.16425	68.16425	NUM
easat-5052	190	11	lev3	lev3	ADJ
easat-5052	190	12	14,704	14,704	NUM
easat-5052	190	13	0.27923	0.27923	NUM
easat-5052	190	14	8.22231	8.22231	NUM
easat-5052	190	15	0.03652	0.03652	NUM
easat-5052	190	16	-0.98334	-0.98334	NOUN
easat-5052	191	1	968.5053	968.5053	NUM
easat-5052	191	2	lev4	lev4	PROPN
easat-5052	191	3	14,704	14,704	NUM
easat-5052	191	4	0.10221	0.10221	NUM
easat-5052	191	5	4.80817	4.80817	NUM
easat-5052	191	6	0.01633	0.01633	NUM
easat-5052	191	7	-34.0616	-34.0616	SYM
easat-5052	191	8	566.9717	566.9717	NUM
easat-5052	191	9	don	don	PROPN
easat-5052	191	10	14,704	14,704	NUM
easat-5052	191	11	0.00119	0.00119	NUM
easat-5052	192	1	0.00493	0.00493	NUM
easat-5052	192	2	0.00019	0.00019	NUM
easat-5052	192	3	0	0	NUM
easat-5052	192	4	0.33748	0.33748	NUM
easat-5052	192	5	mtb	mtb	NOUN
easat-5052	192	6	14,704	14,704	NUM
easat-5052	192	7	1.65128	1.65128	NUM
easat-5052	192	8	2.78085	2.78085	NUM
easat-5052	192	9	1.12636	1.12636	NUM
easat-5052	192	10	0.02836	0.02836	NUM
easat-5052	192	11	254.2212	254.2212	NUM
easat-5052	192	12	size	size	NOUN
easat-5052	192	13	14,704	14,704	NUM
easat-5052	192	14	25.93735	25.93735	NUM
easat-5052	192	15	1.43567	1.43567	NUM
easat-5052	192	16	25.68974	25.68974	NUM
easat-5052	192	17	20.01123	20.01123	NUM
easat-5052	192	18	33.19202	33.19202	NUM
easat-5052	192	19	roa	roa	NOUN
easat-5052	192	20	14,704	14,704	NUM
easat-5052	192	21	0.08296	0.08296	NUM
easat-5052	192	22	0.15232	0.15232	NUM
easat-5052	192	23	0.06327	0.06327	NUM
easat-5052	192	24	-3.27181	-3.27181	NOUN
easat-5052	192	25	11.94322	11.94322	NUM
easat-5052	192	26	grw	grw	VERB
easat-5052	192	27	14,704	14,704	NUM
easat-5052	192	28	0.21327	0.21327	NUM
easat-5052	192	29	3.76507	3.76507	NUM
easat-5052	192	30	0.07487	0.07487	NUM
easat-5052	192	31	-0.9968	-0.9968	NOUN
easat-5052	192	32	333.6399	333.6399	NUM
easat-5052	192	33	int	int	NOUN
easat-5052	192	34	14,704	14,704	NUM
easat-5052	192	35	0.02992	0.02992	NUM
easat-5052	192	36	0.13116	0.13116	NUM
easat-5052	192	37	0.00928	0.00928	NUM
easat-5052	192	38	0	0	NUM
easat-5052	192	39	10.32102	10.32102	NUM
easat-5052	192	40	ppe	ppe	NOUN
easat-5052	192	41	14,704	14,704	NUM
easat-5052	192	42	0.19153	0.19153	NUM
easat-5052	192	43	0.20069	0.20069	NUM
easat-5052	192	44	0.15806	0.15806	NUM
easat-5052	192	45	0	0	NUM
easat-5052	192	46	13.49112	13.49112	NUM
easat-5052	192	47	age	age	NOUN
easat-5052	192	48	14,704	14,704	NUM
easat-5052	192	49	12.2686	12.2686	NUM
easat-5052	192	50	0.79297	0.79297	NUM
easat-5052	192	51	12.3905	12.3905	NUM
easat-5052	192	52	5.35186	5.35186	NUM
easat-5052	192	53	16.82224	16.82224	NUM
easat-5052	192	54	1	1	NUM
easat-5052	192	55	)	)	PUNCT
easat-5052	192	56	variable	variable	ADJ
easat-5052	192	57	description	description	NOUN
easat-5052	192	58	:	:	PUNCT
easat-5052	192	59	ddbtdi	ddbtdi	PROPN
easat-5052	192	60	,	,	PUNCT
easat-5052	192	61	t	t	PROPN
easat-5052	192	62	:	:	PUNCT
easat-5052	192	63	residuals	residual	NOUN
easat-5052	192	64	after	after	ADP
easat-5052	192	65	regressing	regress	VERB
easat-5052	192	66	total	total	ADJ
easat-5052	192	67	accrual	accrual	ADJ
easat-5052	192	68	on	on	ADP
easat-5052	192	69	btd	btd	PROPN
easat-5052	192	70	(	(	PUNCT
easat-5052	192	71	difference	difference	NOUN
easat-5052	192	72	between	between	ADP
easat-5052	192	73	accounting	accounting	NOUN
easat-5052	192	74	earnings	earning	NOUN
easat-5052	192	75	in	in	ADP
easat-5052	192	76	period	period	NOUN
easat-5052	192	77	t	t	NOUN
easat-5052	192	78	and	and	CCONJ
easat-5052	192	79	taxable	taxable	ADJ
easat-5052	192	80	income	income	NOUN
easat-5052	192	81	in	in	ADP
easat-5052	192	82	period	period	NOUN
easat-5052	192	83	t	t	PROPN
easat-5052	192	84	)	)	PUNCT
easat-5052	192	85	,	,	PUNCT
easat-5052	192	86	btdi	btdi	PROPN
easat-5052	192	87	,	,	PUNCT
easat-5052	192	88	t	t	PROPN
easat-5052	192	89	:	:	PUNCT
easat-5052	192	90	difference	difference	NOUN
easat-5052	192	91	between	between	ADP
easat-5052	192	92	accounting	accounting	NOUN
easat-5052	192	93	earnings	earning	NOUN
easat-5052	192	94	in	in	ADP
easat-5052	192	95	period	period	NOUN
easat-5052	192	96	t	t	NOUN
easat-5052	192	97	and	and	CCONJ
easat-5052	192	98	taxable	taxable	ADJ
easat-5052	192	99	income	income	NOUN
easat-5052	192	100	in	in	ADP
easat-5052	192	101	period	period	NOUN
easat-5052	192	102	t	t	PROPN
easat-5052	192	103	,	,	PUNCT
easat-5052	192	104	lev1i	lev1i	PROPN
easat-5052	192	105	,	,	PUNCT
easat-5052	192	106	t	t	PROPN
easat-5052	192	107	:	:	PUNCT
easat-5052	192	108	liabilities	liability	NOUN
easat-5052	192	109	at	at	ADP
easat-5052	192	110	the	the	DET
easat-5052	192	111	end	end	NOUN
easat-5052	192	112	of	of	ADP
easat-5052	192	113	the	the	DET
easat-5052	192	114	year	year	NOUN
easat-5052	192	115	t	t	PROPN
easat-5052	192	116	÷	÷	NUM
easat-5052	192	117	total	total	ADJ
easat-5052	192	118	assets	asset	NOUN
easat-5052	192	119	at	at	ADP
easat-5052	192	120	the	the	DET
easat-5052	192	121	end	end	NOUN
easat-5052	192	122	of	of	ADP
easat-5052	192	123	the	the	DET
easat-5052	192	124	year	year	NOUN
easat-5052	192	125	t	t	PROPN
easat-5052	192	126	,	,	PUNCT
easat-5052	192	127	lev2i	lev2i	PROPN
easat-5052	192	128	,	,	PUNCT
easat-5052	192	129	t	t	PROPN
easat-5052	192	130	:	:	PUNCT
easat-5052	192	131	liabilities	liability	NOUN
easat-5052	192	132	at	at	ADP
easat-5052	192	133	the	the	DET
easat-5052	192	134	end	end	NOUN
easat-5052	192	135	of	of	ADP
easat-5052	192	136	the	the	DET
easat-5052	192	137	year	year	NOUN
easat-5052	192	138	t	t	PROPN
easat-5052	192	139	÷	÷	X
easat-5052	192	140	total	total	ADJ
easat-5052	192	141	equity	equity	NOUN
easat-5052	192	142	at	at	ADP
easat-5052	192	143	the	the	DET
easat-5052	192	144	end	end	NOUN
easat-5052	192	145	of	of	ADP
easat-5052	192	146	the	the	DET
easat-5052	192	147	year	year	NOUN
easat-5052	192	148	t	t	PROPN
easat-5052	192	149	,	,	PUNCT
easat-5052	192	150	lev3i	lev3i	PROPN
easat-5052	192	151	,	,	PUNCT
easat-5052	192	152	t	t	PROPN
easat-5052	192	153	:	:	PUNCT
easat-5052	192	154	(	(	PUNCT
easat-5052	192	155	liabilities	liability	NOUN
easat-5052	192	156	at	at	ADP
easat-5052	192	157	the	the	DET
easat-5052	192	158	end	end	NOUN
easat-5052	192	159	of	of	ADP
easat-5052	192	160	the	the	DET
easat-5052	192	161	year	year	NOUN
easat-5052	192	162	t	t	NOUN
easat-5052	192	163	liabilities	liability	NOUN
easat-5052	192	164	at	at	ADP
easat-5052	192	165	the	the	DET
easat-5052	192	166	end	end	NOUN
easat-5052	192	167	of	of	ADP
easat-5052	192	168	the	the	DET
easat-5052	192	169	year	year	NOUN
easat-5052	192	170	t-1	t-1	PROPN
easat-5052	192	171	)	)	PUNCT
easat-5052	193	1	÷	÷	NUM
easat-5052	193	2	liabilities	liability	NOUN
easat-5052	193	3	at	at	ADP
easat-5052	193	4	the	the	DET
easat-5052	193	5	end	end	NOUN
easat-5052	193	6	of	of	ADP
easat-5052	193	7	the	the	DET
easat-5052	193	8	year	year	NOUN
easat-5052	193	9	t-1	t-1	PROPN
easat-5052	193	10	,	,	PUNCT
easat-5052	193	11	lev4i	lev4i	PROPN
easat-5052	193	12	,	,	PUNCT
easat-5052	193	13	t	t	PROPN
easat-5052	193	14	:	:	PUNCT
easat-5052	193	15	(	(	PUNCT
easat-5052	193	16	liabilities	liability	NOUN
easat-5052	193	17	at	at	ADP
easat-5052	193	18	the	the	DET
easat-5052	193	19	end	end	NOUN
easat-5052	193	20	of	of	ADP
easat-5052	193	21	the	the	DET
easat-5052	193	22	year	year	NOUN
easat-5052	193	23	t	t	NOUN
easat-5052	193	24	liabilities	liability	NOUN
easat-5052	193	25	at	at	ADP
easat-5052	193	26	the	the	DET
easat-5052	193	27	end	end	NOUN
easat-5052	193	28	of	of	ADP
easat-5052	193	29	the	the	DET
easat-5052	193	30	year	year	NOUN
easat-5052	193	31	t-1	t-1	PROPN
easat-5052	193	32	)	)	PUNCT
easat-5052	194	1	÷	÷	PUNCT
easat-5052	195	1	total	total	ADJ
easat-5052	195	2	equity	equity	NOUN
easat-5052	195	3	at	at	ADP
easat-5052	195	4	the	the	DET
easat-5052	195	5	end	end	NOUN
easat-5052	195	6	of	of	ADP
easat-5052	195	7	the	the	DET
easat-5052	195	8	year	year	NOUN
easat-5052	195	9	t	t	PROPN
easat-5052	195	10	,	,	PUNCT
easat-5052	195	11	doni	doni	PROPN
easat-5052	195	12	,	,	PUNCT
easat-5052	195	13	t	t	PROPN
easat-5052	195	14	:	:	PUNCT
easat-5052	195	15	total	total	ADJ
easat-5052	195	16	donations	donation	NOUN
easat-5052	195	17	expenditure	expenditure	NOUN
easat-5052	195	18	in	in	ADP
easat-5052	195	19	period	period	NOUN
easat-5052	195	20	t	t	PROPN
easat-5052	195	21	÷	÷	X
easat-5052	195	22	total	total	ADJ
easat-5052	195	23	sales	sale	NOUN
easat-5052	195	24	in	in	ADP
easat-5052	195	25	period	period	NOUN
easat-5052	195	26	t	t	PROPN
easat-5052	195	27	,	,	PUNCT
easat-5052	195	28	mtbi	mtbi	PROPN
easat-5052	195	29	,	,	PUNCT
easat-5052	195	30	t	t	PROPN
easat-5052	195	31	:	:	PUNCT
easat-5052	195	32	market	market	NOUN
easat-5052	195	33	value	value	NOUN
easat-5052	195	34	of	of	ADP
easat-5052	195	35	equity	equity	NOUN
easat-5052	195	36	at	at	ADP
easat-5052	195	37	the	the	DET
easat-5052	195	38	end	end	NOUN
easat-5052	195	39	of	of	ADP
easat-5052	195	40	year	year	NOUN
easat-5052	195	41	t	t	PROPN
easat-5052	195	42	÷	÷	NUM
easat-5052	195	43	book	book	NOUN
easat-5052	195	44	value	value	NOUN
easat-5052	195	45	of	of	ADP
easat-5052	195	46	equity	equity	NOUN
easat-5052	195	47	at	at	ADP
easat-5052	195	48	the	the	DET
easat-5052	195	49	end	end	NOUN
easat-5052	195	50	of	of	ADP
easat-5052	195	51	year	year	NOUN
easat-5052	195	52	t	t	PROPN
easat-5052	195	53	,	,	PUNCT
easat-5052	195	54	sizei	sizei	NOUN
easat-5052	195	55	,	,	PUNCT
easat-5052	195	56	t	t	PROPN
easat-5052	195	57	:	:	PUNCT
easat-5052	195	58	natural	natural	ADJ
easat-5052	195	59	log	log	NOUN
easat-5052	195	60	of	of	ADP
easat-5052	195	61	total	total	ADJ
easat-5052	195	62	assets	asset	NOUN
easat-5052	195	63	at	at	ADP
easat-5052	195	64	the	the	DET
easat-5052	195	65	end	end	NOUN
easat-5052	195	66	of	of	ADP
easat-5052	195	67	the	the	DET
easat-5052	195	68	year	year	NOUN
easat-5052	195	69	t	t	PROPN
easat-5052	195	70	,	,	PUNCT
easat-5052	195	71	roai	roai	PROPN
easat-5052	195	72	,	,	PUNCT
easat-5052	195	73	t	t	PROPN
easat-5052	195	74	:	:	PUNCT
easat-5052	195	75	net	net	ADJ
easat-5052	195	76	income	income	NOUN
easat-5052	195	77	in	in	ADP
easat-5052	195	78	period	period	NOUN
easat-5052	195	79	t	t	PROPN
easat-5052	195	80	÷	÷	NUM
easat-5052	195	81	total	total	ADJ
easat-5052	195	82	assets	asset	NOUN
easat-5052	195	83	at	at	ADP
easat-5052	195	84	the	the	DET
easat-5052	195	85	beginning	beginning	NOUN
easat-5052	195	86	of	of	ADP
easat-5052	195	87	the	the	DET
easat-5052	195	88	year	year	NOUN
easat-5052	195	89	t	t	PROPN
easat-5052	195	90	,	,	PUNCT
easat-5052	195	91	2166	2166	NUM
easat-5052	195	92	edelweiss	edelweiss	PROPN
easat-5052	195	93	applied	apply	VERB
easat-5052	195	94	science	science	NOUN
easat-5052	195	95	and	and	CCONJ
easat-5052	195	96	technology	technology	NOUN
easat-5052	195	97	issn	issn	PROPN
easat-5052	195	98	:	:	PUNCT
easat-5052	195	99	2576	2576	NUM
easat-5052	195	100	-	-	SYM
easat-5052	195	101	8484	8484	NUM
easat-5052	195	102	vol	vol	NOUN
easat-5052	195	103	.	.	PROPN
easat-5052	196	1	9	9	NUM
easat-5052	196	2	,	,	PUNCT
easat-5052	196	3	no	no	INTJ
easat-5052	196	4	.	.	NOUN
easat-5052	196	5	2	2	NUM
easat-5052	196	6	:	:	PUNCT
easat-5052	196	7	2159	2159	NUM
easat-5052	196	8	-	-	SYM
easat-5052	196	9	2174	2174	NUM
easat-5052	196	10	,	,	PUNCT
easat-5052	196	11	2025	2025	NUM
easat-5052	196	12	doi	doi	NOUN
easat-5052	196	13	:	:	PUNCT
easat-5052	196	14	10.55214/25768484.v9i2.5052	10.55214/25768484.v9i2.5052	NUM
easat-5052	196	15	©	©	PROPN
easat-5052	196	16	2025	2025	NUM
easat-5052	196	17	by	by	ADP
easat-5052	196	18	the	the	DET
easat-5052	196	19	author	author	NOUN
easat-5052	196	20	;	;	PUNCT
easat-5052	196	21	licensee	licensee	PROPN
easat-5052	196	22	learning	learn	VERB
easat-5052	196	23	gate	gate	NOUN
easat-5052	196	24	grwi	grwi	NOUN
easat-5052	196	25	,	,	PUNCT
easat-5052	196	26	t	t	PROPN
easat-5052	196	27	:	:	PUNCT
easat-5052	196	28	(	(	PUNCT
easat-5052	196	29	total	total	ADJ
easat-5052	196	30	sales	sale	NOUN
easat-5052	196	31	in	in	ADP
easat-5052	196	32	period	period	NOUN
easat-5052	196	33	t	t	NOUN
easat-5052	196	34	–	–	PUNCT
easat-5052	196	35	total	total	ADJ
easat-5052	196	36	sales	sale	NOUN
easat-5052	196	37	in	in	ADP
easat-5052	196	38	period	period	NOUN
easat-5052	196	39	t-1	t-1	PROPN
easat-5052	196	40	)	)	PUNCT
easat-5052	197	1	÷	÷	PUNCT
easat-5052	197	2	total	total	ADJ
easat-5052	197	3	sales	sale	NOUN
easat-5052	197	4	in	in	ADP
easat-5052	197	5	period	period	NOUN
easat-5052	197	6	t-1	t-1	PROPN
easat-5052	197	7	,	,	PUNCT
easat-5052	197	8	inti	inti	PROPN
easat-5052	197	9	,	,	PUNCT
easat-5052	197	10	t	t	PROPN
easat-5052	197	11	:	:	PUNCT
easat-5052	197	12	intangible	intangible	ADJ
easat-5052	197	13	assets	asset	NOUN
easat-5052	197	14	at	at	ADP
easat-5052	197	15	the	the	DET
easat-5052	197	16	end	end	NOUN
easat-5052	197	17	of	of	ADP
easat-5052	197	18	year	year	NOUN
easat-5052	197	19	t	t	PROPN
easat-5052	197	20	÷	÷	NUM
easat-5052	197	21	total	total	ADJ
easat-5052	197	22	assets	asset	NOUN
easat-5052	197	23	at	at	ADP
easat-5052	197	24	the	the	DET
easat-5052	197	25	beginning	beginning	NOUN
easat-5052	197	26	of	of	ADP
easat-5052	197	27	year	year	NOUN
easat-5052	197	28	t	t	PROPN
easat-5052	197	29	,	,	PUNCT
easat-5052	197	30	ppei	ppei	NOUN
easat-5052	197	31	,	,	PUNCT
easat-5052	197	32	t	t	PROPN
easat-5052	197	33	:	:	PUNCT
easat-5052	197	34	(	(	PUNCT
easat-5052	197	35	tangible	tangible	ADJ
easat-5052	197	36	assets	asset	NOUN
easat-5052	197	37	at	at	ADP
easat-5052	197	38	the	the	DET
easat-5052	197	39	end	end	NOUN
easat-5052	197	40	of	of	ADP
easat-5052	197	41	year	year	NOUN
easat-5052	197	42	t	t	PROPN
easat-5052	197	43	–	–	PUNCT
easat-5052	197	44	lands	land	NOUN
easat-5052	197	45	at	at	ADP
easat-5052	197	46	the	the	DET
easat-5052	197	47	end	end	NOUN
easat-5052	197	48	of	of	ADP
easat-5052	197	49	year	year	NOUN
easat-5052	197	50	t	t	NOUN
easat-5052	197	51	construction	construction	NOUN
easat-5052	197	52	in	in	ADP
easat-5052	197	53	progress	progress	NOUN
easat-5052	197	54	at	at	ADP
easat-5052	197	55	the	the	DET
easat-5052	197	56	end	end	NOUN
easat-5052	197	57	of	of	ADP
easat-5052	197	58	year	year	NOUN
easat-5052	197	59	t	t	PROPN
easat-5052	197	60	)	)	PUNCT
easat-5052	197	61	÷	÷	PUNCT
easat-5052	198	1	total	total	ADJ
easat-5052	198	2	assets	asset	NOUN
easat-5052	198	3	at	at	ADP
easat-5052	198	4	the	the	DET
easat-5052	198	5	beginning	beginning	NOUN
easat-5052	198	6	of	of	ADP
easat-5052	198	7	year	year	NOUN
easat-5052	198	8	t	t	PROPN
easat-5052	198	9	,	,	PUNCT
easat-5052	198	10	agei	agei	PROPN
easat-5052	198	11	,	,	PUNCT
easat-5052	198	12	t	t	PROPN
easat-5052	198	13	:	:	PUNCT
easat-5052	198	14	natural	natural	ADJ
easat-5052	198	15	logarithm	logarithm	NOUN
easat-5052	198	16	of	of	ADP
easat-5052	198	17	the	the	DET
easat-5052	198	18	survival	survival	NOUN
easat-5052	198	19	period	period	NOUN
easat-5052	198	20	after	after	ADP
easat-5052	198	21	establishment	establishment	NOUN
easat-5052	198	22	,	,	PUNCT
easat-5052	198	23	4.3	4.3	NUM
easat-5052	198	24	.	.	PUNCT
easat-5052	199	1	correlation	correlation	NOUN
easat-5052	199	2	analysis	analysis	NOUN
easat-5052	199	3	table	table	NOUN
easat-5052	199	4	3	3	NUM
easat-5052	199	5	presents	present	VERB
easat-5052	199	6	the	the	DET
easat-5052	199	7	results	result	NOUN
easat-5052	199	8	of	of	ADP
easat-5052	199	9	the	the	DET
easat-5052	199	10	correlation	correlation	NOUN
easat-5052	199	11	analysis	analysis	NOUN
easat-5052	199	12	conducted	conduct	VERB
easat-5052	199	13	between	between	ADP
easat-5052	199	14	the	the	DET
easat-5052	199	15	main	main	ADJ
easat-5052	199	16	independent	independent	ADJ
easat-5052	199	17	variables	variable	NOUN
easat-5052	199	18	and	and	CCONJ
easat-5052	199	19	dependent	dependent	ADJ
easat-5052	199	20	variables	variable	NOUN
easat-5052	199	21	prior	prior	ADV
easat-5052	199	22	to	to	ADP
easat-5052	199	23	regression	regression	VERB
easat-5052	199	24	analysis	analysis	NOUN
easat-5052	199	25	.	.	PUNCT
easat-5052	200	1	the	the	DET
easat-5052	200	2	table	table	NOUN
easat-5052	200	3	shows	show	VERB
easat-5052	200	4	the	the	DET
easat-5052	200	5	pearson	pearson	PROPN
easat-5052	200	6	correlation	correlation	NOUN
easat-5052	200	7	coefficients	coefficient	NOUN
easat-5052	200	8	above	above	ADP
easat-5052	200	9	the	the	DET
easat-5052	200	10	diagonal	diagonal	ADJ
easat-5052	200	11	and	and	CCONJ
easat-5052	200	12	the	the	DET
easat-5052	200	13	spearman	spearman	NOUN
easat-5052	200	14	correlation	correlation	NOUN
easat-5052	200	15	coefficients	coefficient	NOUN
easat-5052	200	16	below	below	ADP
easat-5052	200	17	the	the	DET
easat-5052	200	18	diagonal	diagonal	NOUN
easat-5052	200	19	.	.	PUNCT
easat-5052	201	1	according	accord	VERB
easat-5052	201	2	to	to	ADP
easat-5052	201	3	the	the	DET
easat-5052	201	4	results	result	NOUN
easat-5052	201	5	of	of	ADP
easat-5052	201	6	the	the	DET
easat-5052	201	7	spearman	spearman	NOUN
easat-5052	201	8	correlation	correlation	NOUN
easat-5052	201	9	analysis	analysis	NOUN
easat-5052	201	10	,	,	PUNCT
easat-5052	201	11	the	the	DET
easat-5052	201	12	dependent	dependent	ADJ
easat-5052	201	13	variables	variable	NOUN
easat-5052	201	14	,	,	PUNCT
easat-5052	201	15	ddbtd	ddbtd	ADJ
easat-5052	201	16	and	and	CCONJ
easat-5052	201	17	btd	btd	PROPN
easat-5052	201	18	,	,	PUNCT
easat-5052	201	19	serve	serve	VERB
easat-5052	201	20	as	as	ADP
easat-5052	201	21	proxies	proxy	NOUN
easat-5052	201	22	for	for	ADP
easat-5052	201	23	tax	tax	NOUN
easat-5052	201	24	avoidance	avoidance	NOUN
easat-5052	201	25	.	.	PUNCT
easat-5052	202	1	ddbtd	ddbtd	PROPN
easat-5052	202	2	demonstrates	demonstrate	VERB
easat-5052	202	3	a	a	DET
easat-5052	202	4	statistically	statistically	ADV
easat-5052	202	5	significant	significant	ADJ
easat-5052	202	6	negative	negative	ADJ
easat-5052	202	7	correlation	correlation	NOUN
easat-5052	202	8	with	with	ADP
easat-5052	202	9	the	the	DET
easat-5052	202	10	main	main	ADJ
easat-5052	202	11	independent	independent	ADJ
easat-5052	202	12	variables	variable	NOUN
easat-5052	202	13	lev1	lev1	NOUN
easat-5052	202	14	and	and	CCONJ
easat-5052	202	15	lev2	lev2	PROPN
easat-5052	202	16	at	at	ADP
easat-5052	202	17	the	the	DET
easat-5052	202	18	1	1	NUM
easat-5052	202	19	%	%	NOUN
easat-5052	202	20	significance	significance	NOUN
easat-5052	202	21	level	level	NOUN
easat-5052	202	22	,	,	PUNCT
easat-5052	202	23	while	while	SCONJ
easat-5052	202	24	showing	show	VERB
easat-5052	202	25	a	a	DET
easat-5052	202	26	statistically	statistically	ADV
easat-5052	202	27	significant	significant	ADJ
easat-5052	202	28	positive	positive	ADJ
easat-5052	202	29	correlation	correlation	NOUN
easat-5052	202	30	with	with	ADP
easat-5052	202	31	lev3	lev3	ADJ
easat-5052	202	32	and	and	CCONJ
easat-5052	202	33	lev4	lev4	PROPN
easat-5052	202	34	at	at	ADP
easat-5052	202	35	the	the	DET
easat-5052	202	36	1	1	NUM
easat-5052	202	37	%	%	NOUN
easat-5052	202	38	significance	significance	NOUN
easat-5052	202	39	level	level	NOUN
easat-5052	202	40	.	.	PUNCT
easat-5052	203	1	additionally	additionally	ADV
easat-5052	203	2	,	,	PUNCT
easat-5052	203	3	ddbtd	ddbtd	PROPN
easat-5052	203	4	is	be	AUX
easat-5052	203	5	positively	positively	ADV
easat-5052	203	6	correlated	correlate	VERB
easat-5052	203	7	with	with	ADP
easat-5052	203	8	the	the	DET
easat-5052	203	9	control	control	NOUN
easat-5052	203	10	variables	variable	NOUN
easat-5052	203	11	mtb	mtb	NOUN
easat-5052	203	12	,	,	PUNCT
easat-5052	203	13	roa	roa	PROPN
easat-5052	203	14	,	,	PUNCT
easat-5052	203	15	grw	grw	NOUN
easat-5052	203	16	,	,	PUNCT
easat-5052	203	17	int	int	NOUN
easat-5052	203	18	,	,	PUNCT
easat-5052	203	19	and	and	CCONJ
easat-5052	203	20	ppe	ppe	NOUN
easat-5052	203	21	at	at	ADP
easat-5052	203	22	the	the	DET
easat-5052	203	23	1	1	NUM
easat-5052	203	24	%	%	NOUN
easat-5052	203	25	level	level	NOUN
easat-5052	203	26	,	,	PUNCT
easat-5052	203	27	while	while	SCONJ
easat-5052	203	28	it	it	PRON
easat-5052	203	29	exhibits	exhibit	VERB
easat-5052	203	30	a	a	DET
easat-5052	203	31	negative	negative	ADJ
easat-5052	203	32	correlation	correlation	NOUN
easat-5052	203	33	with	with	ADP
easat-5052	203	34	size	size	NOUN
easat-5052	203	35	and	and	CCONJ
easat-5052	203	36	age	age	NOUN
easat-5052	203	37	at	at	ADP
easat-5052	203	38	the	the	DET
easat-5052	203	39	1	1	NUM
easat-5052	203	40	%	%	NOUN
easat-5052	203	41	significance	significance	NOUN
easat-5052	203	42	level	level	NOUN
easat-5052	203	43	.	.	PUNCT
easat-5052	204	1	similarly	similarly	ADV
easat-5052	204	2	,	,	PUNCT
easat-5052	204	3	btd	btd	PROPN
easat-5052	204	4	shows	show	VERB
easat-5052	204	5	a	a	DET
easat-5052	204	6	statistically	statistically	ADV
easat-5052	204	7	significant	significant	ADJ
easat-5052	204	8	negative	negative	ADJ
easat-5052	204	9	correlation	correlation	NOUN
easat-5052	204	10	with	with	ADP
easat-5052	204	11	lev1	lev1	NOUN
easat-5052	204	12	and	and	CCONJ
easat-5052	204	13	lev2	lev2	PROPN
easat-5052	204	14	at	at	ADP
easat-5052	204	15	the	the	DET
easat-5052	204	16	1	1	NUM
easat-5052	204	17	%	%	NOUN
easat-5052	204	18	level	level	NOUN
easat-5052	204	19	,	,	PUNCT
easat-5052	204	20	but	but	CCONJ
easat-5052	204	21	a	a	DET
easat-5052	204	22	statistically	statistically	ADV
easat-5052	204	23	significant	significant	ADJ
easat-5052	204	24	positive	positive	ADJ
easat-5052	204	25	correlation	correlation	NOUN
easat-5052	204	26	with	with	ADP
easat-5052	204	27	lev3	lev3	ADJ
easat-5052	204	28	and	and	CCONJ
easat-5052	204	29	lev4	lev4	PROPN
easat-5052	204	30	at	at	ADP
easat-5052	204	31	the	the	DET
easat-5052	204	32	1	1	NUM
easat-5052	204	33	%	%	NOUN
easat-5052	204	34	level	level	NOUN
easat-5052	204	35	.	.	PUNCT
easat-5052	205	1	regarding	regard	VERB
easat-5052	205	2	the	the	DET
easat-5052	205	3	control	control	NOUN
easat-5052	205	4	variables	variable	NOUN
easat-5052	205	5	,	,	PUNCT
easat-5052	205	6	btd	btd	PROPN
easat-5052	205	7	is	be	AUX
easat-5052	205	8	positively	positively	ADV
easat-5052	205	9	correlated	correlate	VERB
easat-5052	205	10	with	with	ADP
easat-5052	205	11	don	don	PROPN
easat-5052	205	12	,	,	PUNCT
easat-5052	205	13	mtb	mtb	NOUN
easat-5052	205	14	,	,	PUNCT
easat-5052	205	15	roa	roa	NOUN
easat-5052	205	16	,	,	PUNCT
easat-5052	205	17	and	and	CCONJ
easat-5052	205	18	grw	grw	VERB
easat-5052	205	19	at	at	ADP
easat-5052	205	20	the	the	DET
easat-5052	205	21	1	1	NUM
easat-5052	205	22	%	%	NOUN
easat-5052	205	23	level	level	NOUN
easat-5052	205	24	,	,	PUNCT
easat-5052	205	25	while	while	SCONJ
easat-5052	205	26	it	it	PRON
easat-5052	205	27	shows	show	VERB
easat-5052	205	28	a	a	DET
easat-5052	205	29	negative	negative	ADJ
easat-5052	205	30	correlation	correlation	NOUN
easat-5052	205	31	with	with	ADP
easat-5052	205	32	size	size	NOUN
easat-5052	205	33	,	,	PUNCT
easat-5052	205	34	int	int	NOUN
easat-5052	205	35	,	,	PUNCT
easat-5052	205	36	ppe	ppe	PROPN
easat-5052	205	37	,	,	PUNCT
easat-5052	205	38	and	and	CCONJ
easat-5052	205	39	age	age	NOUN
easat-5052	205	40	,	,	PUNCT
easat-5052	205	41	also	also	ADV
easat-5052	205	42	at	at	ADP
easat-5052	205	43	the	the	DET
easat-5052	205	44	1	1	NUM
easat-5052	205	45	%	%	NOUN
easat-5052	205	46	level	level	NOUN
easat-5052	205	47	.	.	PUNCT
easat-5052	206	1	turning	turn	VERB
easat-5052	206	2	to	to	ADP
easat-5052	206	3	the	the	DET
easat-5052	206	4	pearson	pearson	PROPN
easat-5052	206	5	correlation	correlation	NOUN
easat-5052	206	6	analysis	analysis	NOUN
easat-5052	206	7	results	result	NOUN
easat-5052	206	8	,	,	PUNCT
easat-5052	206	9	ddbtd	ddbtd	PROPN
easat-5052	206	10	reveals	reveal	VERB
easat-5052	206	11	a	a	DET
easat-5052	206	12	statistically	statistically	ADV
easat-5052	206	13	significant	significant	ADJ
easat-5052	206	14	positive	positive	ADJ
easat-5052	206	15	correlation	correlation	NOUN
easat-5052	206	16	with	with	ADP
easat-5052	206	17	the	the	DET
easat-5052	206	18	major	major	ADJ
easat-5052	206	19	independent	independent	ADJ
easat-5052	206	20	variable	variable	ADJ
easat-5052	206	21	lev1	lev1	NOUN
easat-5052	206	22	at	at	ADP
easat-5052	206	23	the	the	DET
easat-5052	206	24	10	10	NUM
easat-5052	206	25	%	%	NOUN
easat-5052	206	26	significance	significance	NOUN
easat-5052	206	27	level	level	NOUN
easat-5052	206	28	,	,	PUNCT
easat-5052	206	29	although	although	SCONJ
easat-5052	206	30	it	it	PRON
easat-5052	206	31	does	do	AUX
easat-5052	206	32	not	not	PART
easat-5052	206	33	show	show	VERB
easat-5052	206	34	a	a	DET
easat-5052	206	35	statistically	statistically	ADV
easat-5052	206	36	significant	significant	ADJ
easat-5052	206	37	correlation	correlation	NOUN
easat-5052	206	38	with	with	ADP
easat-5052	206	39	lev2	lev2	PROPN
easat-5052	206	40	,	,	PUNCT
easat-5052	206	41	lev3	lev3	ADJ
easat-5052	206	42	,	,	PUNCT
easat-5052	206	43	or	or	CCONJ
easat-5052	206	44	lev4	lev4	PROPN
easat-5052	206	45	.	.	PUNCT
easat-5052	207	1	furthermore	furthermore	ADV
easat-5052	207	2	,	,	PUNCT
easat-5052	207	3	ddbtd	ddbtd	PROPN
easat-5052	207	4	is	be	AUX
easat-5052	207	5	positively	positively	ADV
easat-5052	207	6	correlated	correlate	VERB
easat-5052	207	7	with	with	ADP
easat-5052	207	8	the	the	DET
easat-5052	207	9	control	control	NOUN
easat-5052	207	10	variables	variable	NOUN
easat-5052	207	11	mtb	mtb	NOUN
easat-5052	207	12	,	,	PUNCT
easat-5052	207	13	roa	roa	PROPN
easat-5052	207	14	,	,	PUNCT
easat-5052	207	15	grw	grw	NOUN
easat-5052	207	16	,	,	PUNCT
easat-5052	207	17	int	int	NOUN
easat-5052	207	18	,	,	PUNCT
easat-5052	207	19	and	and	CCONJ
easat-5052	207	20	ppe	ppe	NOUN
easat-5052	207	21	at	at	ADP
easat-5052	207	22	the	the	DET
easat-5052	207	23	1	1	NUM
easat-5052	207	24	%	%	NOUN
easat-5052	207	25	level	level	NOUN
easat-5052	207	26	,	,	PUNCT
easat-5052	207	27	while	while	SCONJ
easat-5052	207	28	it	it	PRON
easat-5052	207	29	exhibits	exhibit	VERB
easat-5052	207	30	a	a	DET
easat-5052	207	31	negative	negative	ADJ
easat-5052	207	32	correlation	correlation	NOUN
easat-5052	207	33	with	with	ADP
easat-5052	207	34	size	size	NOUN
easat-5052	207	35	and	and	CCONJ
easat-5052	207	36	age	age	NOUN
easat-5052	207	37	at	at	ADP
easat-5052	207	38	the	the	DET
easat-5052	207	39	1	1	NUM
easat-5052	207	40	%	%	NOUN
easat-5052	207	41	level	level	NOUN
easat-5052	207	42	.	.	PUNCT
easat-5052	208	1	in	in	ADP
easat-5052	208	2	contrast	contrast	NOUN
easat-5052	208	3	,	,	PUNCT
easat-5052	208	4	btd	btd	PROPN
easat-5052	208	5	shows	show	VERB
easat-5052	208	6	no	no	DET
easat-5052	208	7	statistically	statistically	ADV
easat-5052	208	8	significant	significant	ADJ
easat-5052	208	9	correlation	correlation	NOUN
easat-5052	208	10	with	with	ADP
easat-5052	208	11	any	any	PRON
easat-5052	208	12	of	of	ADP
easat-5052	208	13	the	the	DET
easat-5052	208	14	major	major	ADJ
easat-5052	208	15	independent	independent	ADJ
easat-5052	208	16	variables	variable	NOUN
easat-5052	208	17	(	(	PUNCT
easat-5052	208	18	lev1	lev1	PROPN
easat-5052	208	19	,	,	PUNCT
easat-5052	208	20	lev2	lev2	PROPN
easat-5052	208	21	,	,	PUNCT
easat-5052	208	22	lev3	lev3	ADJ
easat-5052	208	23	,	,	PUNCT
easat-5052	208	24	and	and	CCONJ
easat-5052	208	25	lev4	lev4	PROPN
easat-5052	208	26	)	)	PUNCT
easat-5052	208	27	.	.	PUNCT
easat-5052	209	1	however	however	ADV
easat-5052	209	2	,	,	PUNCT
easat-5052	209	3	btd	btd	PROPN
easat-5052	209	4	is	be	AUX
easat-5052	209	5	positively	positively	ADV
easat-5052	209	6	correlated	correlate	VERB
easat-5052	209	7	with	with	ADP
easat-5052	209	8	don	don	PROPN
easat-5052	209	9	,	,	PUNCT
easat-5052	209	10	mtb	mtb	NOUN
easat-5052	209	11	,	,	PUNCT
easat-5052	209	12	roa	roa	NOUN
easat-5052	209	13	,	,	PUNCT
easat-5052	209	14	and	and	CCONJ
easat-5052	209	15	grw	grw	VERB
easat-5052	209	16	at	at	ADP
easat-5052	209	17	the	the	DET
easat-5052	209	18	1	1	NUM
easat-5052	209	19	%	%	NOUN
easat-5052	209	20	or	or	CCONJ
easat-5052	209	21	5	5	NUM
easat-5052	209	22	%	%	NOUN
easat-5052	209	23	significance	significance	NOUN
easat-5052	209	24	level	level	NOUN
easat-5052	209	25	,	,	PUNCT
easat-5052	209	26	while	while	SCONJ
easat-5052	209	27	it	it	PRON
easat-5052	209	28	shows	show	VERB
easat-5052	209	29	a	a	DET
easat-5052	209	30	negative	negative	ADJ
easat-5052	209	31	correlation	correlation	NOUN
easat-5052	209	32	with	with	ADP
easat-5052	209	33	size	size	NOUN
easat-5052	209	34	,	,	PUNCT
easat-5052	209	35	int	int	NOUN
easat-5052	209	36	,	,	PUNCT
easat-5052	209	37	ppe	ppe	PROPN
easat-5052	209	38	,	,	PUNCT
easat-5052	209	39	and	and	CCONJ
easat-5052	209	40	age	age	NOUN
easat-5052	209	41	at	at	ADP
easat-5052	209	42	the	the	DET
easat-5052	209	43	1	1	NUM
easat-5052	209	44	%	%	NOUN
easat-5052	209	45	level	level	NOUN
easat-5052	209	46	.	.	PUNCT
easat-5052	210	1	the	the	DET
easat-5052	210	2	results	result	NOUN
easat-5052	210	3	from	from	ADP
easat-5052	210	4	both	both	CCONJ
easat-5052	210	5	the	the	DET
easat-5052	210	6	pearson	pearson	NOUN
easat-5052	210	7	and	and	CCONJ
easat-5052	210	8	spearman	spearman	NOUN
easat-5052	210	9	correlation	correlation	NOUN
easat-5052	210	10	analyses	analysis	NOUN
easat-5052	210	11	provide	provide	VERB
easat-5052	210	12	insights	insight	NOUN
easat-5052	210	13	into	into	ADP
easat-5052	210	14	the	the	DET
easat-5052	210	15	direction	direction	NOUN
easat-5052	210	16	of	of	ADP
easat-5052	210	17	relationships	relationship	NOUN
easat-5052	210	18	between	between	ADP
easat-5052	210	19	the	the	DET
easat-5052	210	20	main	main	ADJ
easat-5052	210	21	dependent	dependent	ADJ
easat-5052	210	22	and	and	CCONJ
easat-5052	210	23	independent	independent	ADJ
easat-5052	210	24	variables	variable	NOUN
easat-5052	210	25	.	.	PUNCT
easat-5052	211	1	these	these	DET
easat-5052	211	2	findings	finding	NOUN
easat-5052	211	3	establish	establish	VERB
easat-5052	211	4	a	a	DET
easat-5052	211	5	foundation	foundation	NOUN
easat-5052	211	6	for	for	ADP
easat-5052	211	7	the	the	DET
easat-5052	211	8	subsequent	subsequent	ADJ
easat-5052	211	9	regression	regression	NOUN
easat-5052	211	10	analysis	analysis	NOUN
easat-5052	211	11	.	.	PUNCT
easat-5052	212	1	4.4	4.4	NUM
easat-5052	212	2	.	.	PUNCT
easat-5052	213	1	regression	regression	NOUN
easat-5052	213	2	results	result	NOUN
easat-5052	213	3	table	table	NOUN
easat-5052	213	4	4	4	NUM
easat-5052	213	5	presents	present	VERB
easat-5052	213	6	the	the	DET
easat-5052	213	7	results	result	NOUN
easat-5052	213	8	of	of	ADP
easat-5052	213	9	analyzing	analyze	VERB
easat-5052	213	10	the	the	DET
easat-5052	213	11	impact	impact	NOUN
easat-5052	213	12	of	of	ADP
easat-5052	213	13	debt	debt	NOUN
easat-5052	213	14	level	level	NOUN
easat-5052	213	15	1	1	NUM
easat-5052	213	16	(	(	PUNCT
easat-5052	213	17	lev1	lev1	NOUN
easat-5052	213	18	:	:	PUNCT
easat-5052	213	19	liabilities	liability	NOUN
easat-5052	213	20	at	at	ADP
easat-5052	213	21	the	the	DET
easat-5052	213	22	end	end	NOUN
easat-5052	213	23	of	of	ADP
easat-5052	213	24	the	the	DET
easat-5052	213	25	year	year	NOUN
easat-5052	213	26	t	t	PROPN
easat-5052	213	27	÷	÷	NUM
easat-5052	213	28	total	total	ADJ
easat-5052	213	29	assets	asset	NOUN
easat-5052	213	30	at	at	ADP
easat-5052	213	31	the	the	DET
easat-5052	213	32	end	end	NOUN
easat-5052	213	33	of	of	ADP
easat-5052	213	34	the	the	DET
easat-5052	213	35	year	year	NOUN
easat-5052	213	36	t	t	PROPN
easat-5052	213	37	)	)	PUNCT
easat-5052	213	38	on	on	ADP
easat-5052	213	39	tax	tax	NOUN
easat-5052	213	40	avoidance	avoidance	NOUN
easat-5052	213	41	,	,	PUNCT
easat-5052	213	42	as	as	SCONJ
easat-5052	213	43	measured	measure	VERB
easat-5052	213	44	by	by	ADP
easat-5052	213	45	ddbtd	ddbtd	NOUN
easat-5052	213	46	and	and	CCONJ
easat-5052	213	47	btd	btd	PROPN
easat-5052	213	48	,	,	PUNCT
easat-5052	213	49	using	use	VERB
easat-5052	213	50	research	research	NOUN
easat-5052	213	51	models	model	NOUN
easat-5052	213	52	1	1	NUM
easat-5052	213	53	and	and	CCONJ
easat-5052	213	54	2	2	NUM
easat-5052	213	55	.	.	PUNCT
easat-5052	213	56	research	research	NOUN
easat-5052	213	57	model	model	NOUN
easat-5052	213	58	1	1	NUM
easat-5052	213	59	examines	examine	VERB
easat-5052	213	60	the	the	DET
easat-5052	213	61	effect	effect	NOUN
easat-5052	213	62	of	of	ADP
easat-5052	213	63	debt	debt	NOUN
easat-5052	213	64	level	level	NOUN
easat-5052	213	65	1	1	NUM
easat-5052	213	66	(	(	PUNCT
easat-5052	213	67	lev1	lev1	PROPN
easat-5052	213	68	)	)	PUNCT
easat-5052	213	69	on	on	ADP
easat-5052	213	70	the	the	DET
easat-5052	213	71	first	first	ADJ
easat-5052	213	72	proxy	proxy	NOUN
easat-5052	213	73	for	for	ADP
easat-5052	213	74	tax	tax	NOUN
easat-5052	213	75	avoidance	avoidance	NOUN
easat-5052	213	76	,	,	PUNCT
easat-5052	213	77	ddbtd	ddbtd	NOUN
easat-5052	213	78	,	,	PUNCT
easat-5052	213	79	while	while	SCONJ
easat-5052	213	80	research	research	NOUN
easat-5052	213	81	model	model	NOUN
easat-5052	213	82	2	2	NUM
easat-5052	213	83	investigates	investigate	VERB
easat-5052	213	84	the	the	DET
easat-5052	213	85	effect	effect	NOUN
easat-5052	213	86	of	of	ADP
easat-5052	213	87	debt	debt	NOUN
easat-5052	213	88	level	level	NOUN
easat-5052	213	89	1	1	NUM
easat-5052	213	90	(	(	PUNCT
easat-5052	213	91	lev1	lev1	PROPN
easat-5052	213	92	)	)	PUNCT
easat-5052	213	93	on	on	ADP
easat-5052	213	94	the	the	DET
easat-5052	213	95	second	second	ADJ
easat-5052	213	96	proxy	proxy	NOUN
easat-5052	213	97	,	,	PUNCT
easat-5052	213	98	btd	btd	PROPN
easat-5052	213	99	.	.	PUNCT
easat-5052	214	1	the	the	DET
easat-5052	214	2	statistical	statistical	ADJ
easat-5052	214	3	significance	significance	NOUN
easat-5052	214	4	of	of	ADP
easat-5052	214	5	the	the	DET
easat-5052	214	6	empirical	empirical	ADJ
easat-5052	214	7	models	model	NOUN
easat-5052	214	8	is	be	AUX
easat-5052	214	9	indicated	indicate	VERB
easat-5052	214	10	by	by	ADP
easat-5052	214	11	the	the	DET
easat-5052	214	12	f	f	PROPN
easat-5052	214	13	-	-	PUNCT
easat-5052	214	14	values	value	NOUN
easat-5052	214	15	,	,	PUNCT
easat-5052	214	16	which	which	PRON
easat-5052	214	17	are	be	AUX
easat-5052	214	18	102.65	102.65	NUM
easat-5052	214	19	and	and	CCONJ
easat-5052	214	20	631.28	631.28	NUM
easat-5052	214	21	for	for	ADP
easat-5052	214	22	research	research	NOUN
easat-5052	214	23	models	model	NOUN
easat-5052	214	24	1	1	NUM
easat-5052	214	25	and	and	CCONJ
easat-5052	214	26	2	2	NUM
easat-5052	214	27	,	,	PUNCT
easat-5052	214	28	respectively	respectively	ADV
easat-5052	214	29	.	.	PUNCT
easat-5052	215	1	both	both	DET
easat-5052	215	2	f	f	NOUN
easat-5052	215	3	-	-	PUNCT
easat-5052	215	4	values	value	NOUN
easat-5052	215	5	are	be	AUX
easat-5052	215	6	statistically	statistically	ADV
easat-5052	215	7	significant	significant	ADJ
easat-5052	215	8	at	at	ADP
easat-5052	215	9	the	the	DET
easat-5052	215	10	1	1	NUM
easat-5052	215	11	%	%	NOUN
easat-5052	215	12	level	level	NOUN
easat-5052	215	13	.	.	PUNCT
easat-5052	216	1	the	the	DET
easat-5052	216	2	adjusted	adjusted	ADJ
easat-5052	216	3	r	r	NOUN
easat-5052	216	4	-	-	PUNCT
easat-5052	216	5	squared	square	VERB
easat-5052	216	6	(	(	PUNCT
easat-5052	216	7	adj	adj	NOUN
easat-5052	216	8	-	-	PUNCT
easat-5052	216	9	r²	r²	NOUN
easat-5052	216	10	)	)	PUNCT
easat-5052	216	11	values	value	NOUN
easat-5052	216	12	,	,	PUNCT
easat-5052	216	13	which	which	PRON
easat-5052	216	14	reflect	reflect	VERB
easat-5052	216	15	the	the	DET
easat-5052	216	16	explanatory	explanatory	ADJ
easat-5052	216	17	power	power	NOUN
easat-5052	216	18	of	of	ADP
easat-5052	216	19	the	the	DET
easat-5052	216	20	independent	independent	ADJ
easat-5052	216	21	variables	variable	NOUN
easat-5052	216	22	on	on	ADP
easat-5052	216	23	the	the	DET
easat-5052	216	24	dependent	dependent	ADJ
easat-5052	216	25	variables	variable	NOUN
easat-5052	216	26	,	,	PUNCT
easat-5052	216	27	are	be	AUX
easat-5052	216	28	0.1997	0.1997	NUM
easat-5052	216	29	for	for	ADP
easat-5052	216	30	model	model	NOUN
easat-5052	216	31	1	1	NUM
easat-5052	216	32	and	and	CCONJ
easat-5052	216	33	0.6080	0.6080	NUM
easat-5052	216	34	for	for	ADP
easat-5052	216	35	model	model	NOUN
easat-5052	216	36	2	2	NUM
easat-5052	216	37	.	.	PUNCT
easat-5052	216	38	in	in	ADP
easat-5052	216	39	both	both	DET
easat-5052	216	40	models	model	NOUN
easat-5052	216	41	,	,	PUNCT
easat-5052	216	42	the	the	DET
easat-5052	216	43	maximum	maximum	ADJ
easat-5052	216	44	variance	variance	NOUN
easat-5052	216	45	inflation	inflation	NOUN
easat-5052	216	46	factor	factor	NOUN
easat-5052	216	47	(	(	PUNCT
easat-5052	216	48	vif	vif	NOUN
easat-5052	216	49	)	)	PUNCT
easat-5052	216	50	is	be	AUX
easat-5052	216	51	1.42044	1.42044	NUM
easat-5052	216	52	,	,	PUNCT
easat-5052	216	53	suggesting	suggest	VERB
easat-5052	216	54	a	a	DET
easat-5052	216	55	very	very	ADV
easat-5052	216	56	low	low	ADJ
easat-5052	216	57	likelihood	likelihood	NOUN
easat-5052	216	58	of	of	ADP
easat-5052	216	59	multicollinearity	multicollinearity	NOUN
easat-5052	216	60	.	.	PUNCT
easat-5052	217	1	2167	2167	NUM
easat-5052	217	2	edelweiss	edelweiss	PROPN
easat-5052	217	3	applied	apply	VERB
easat-5052	217	4	science	science	NOUN
easat-5052	217	5	and	and	CCONJ
easat-5052	217	6	technology	technology	NOUN
easat-5052	217	7	issn	issn	PROPN
easat-5052	217	8	:	:	PUNCT
easat-5052	217	9	2576	2576	NUM
easat-5052	217	10	-	-	SYM
easat-5052	217	11	8484	8484	NUM
easat-5052	217	12	vol	vol	NOUN
easat-5052	217	13	.	.	PROPN
easat-5052	218	1	9	9	NUM
easat-5052	218	2	,	,	PUNCT
easat-5052	218	3	no	no	INTJ
easat-5052	218	4	.	.	NOUN
easat-5052	218	5	2	2	NUM
easat-5052	218	6	:	:	PUNCT
easat-5052	218	7	2159	2159	NUM
easat-5052	218	8	-	-	SYM
easat-5052	218	9	2174	2174	NUM
easat-5052	218	10	,	,	PUNCT
easat-5052	218	11	2025	2025	NUM
easat-5052	218	12	doi	doi	NOUN
easat-5052	218	13	:	:	PUNCT
easat-5052	218	14	10.55214/25768484.v9i2.5052	10.55214/25768484.v9i2.5052	NUM
easat-5052	218	15	©	©	PROPN
easat-5052	218	16	2025	2025	NUM
easat-5052	218	17	by	by	ADP
easat-5052	218	18	the	the	DET
easat-5052	218	19	author	author	NOUN
easat-5052	218	20	;	;	PUNCT
easat-5052	218	21	licensee	licensee	PROPN
easat-5052	218	22	learning	learn	VERB
easat-5052	218	23	gate	gate	NOUN
easat-5052	218	24	table	table	NOUN
easat-5052	218	25	3	3	NUM
easat-5052	218	26	.	.	PUNCT
easat-5052	218	27	correlation	correlation	NOUN
easat-5052	218	28	analysis	analysis	NOUN
easat-5052	218	29	.	.	PUNCT
easat-5052	219	1	ddbtd	ddbtd	ADJ
easat-5052	219	2	btd	btd	PROPN
easat-5052	219	3	lev1	lev1	PROPN
easat-5052	219	4	lev2	lev2	PROPN
easat-5052	219	5	lev3	lev3	PROPN
easat-5052	219	6	lev4	lev4	PROPN
easat-5052	219	7	don	don	PROPN
easat-5052	219	8	mtb	mtb	PROPN
easat-5052	219	9	size	size	PROPN
easat-5052	219	10	roa	roa	PROPN
easat-5052	219	11	grw	grw	VERB
easat-5052	219	12	int	int	NOUN
easat-5052	219	13	ppe	ppe	PROPN
easat-5052	219	14	age	age	NOUN
easat-5052	219	15	ddbtd	ddbtd	VERB
easat-5052	219	16	1	1	NUM
easat-5052	219	17	0.81539	0.81539	NUM
easat-5052	219	18	0.0152	0.0152	NUM
easat-5052	219	19	0.01206	0.01206	NUM
easat-5052	219	20	0.00086	0.00086	NUM
easat-5052	219	21	0.0011	0.0011	NUM
easat-5052	219	22	0.00012	0.00012	NUM
easat-5052	219	23	0.40813	0.40813	NUM
easat-5052	219	24	-0.0537	-0.0537	NOUN
easat-5052	219	25	0.07281	0.07281	NUM
easat-5052	219	26	0.03769	0.03769	NUM
easat-5052	219	27	0.00852	0.00852	NUM
easat-5052	219	28	0.01817	0.01817	NUM
easat-5052	219	29	-0.09142	-0.09142	PUNCT
easat-5052	220	1	<	<	X
easat-5052	220	2	.0001	.0001	X
easat-5052	220	3	0.0653	0.0653	NUM
easat-5052	220	4	0.1437	0.1437	NUM
easat-5052	220	5	0.9165	0.9165	NUM
easat-5052	220	6	0.8936	0.8936	NUM
easat-5052	220	7	0.9888	0.9888	NUM
easat-5052	220	8	<	<	X
easat-5052	220	9	.0001	.0001	X
easat-5052	220	10	<	<	X
easat-5052	220	11	.0001	.0001	X
easat-5052	220	12	<	<	X
easat-5052	220	13	.0001	.0001	X
easat-5052	220	14	<	<	X
easat-5052	220	15	.0001	.0001	X
easat-5052	220	16	0.3018	0.3018	NUM
easat-5052	220	17	0.0276	0.0276	NUM
easat-5052	220	18	<	<	X
easat-5052	220	19	.0001	.0001	X
easat-5052	220	20	btd	btd	NOUN
easat-5052	220	21	0.61128	0.61128	NUM
easat-5052	220	22	1	1	NUM
easat-5052	220	23	0.0011	0.0011	NUM
easat-5052	220	24	-0.01295	-0.01295	NOUN
easat-5052	220	25	0.0131	0.0131	NUM
easat-5052	220	26	0.00933	0.00933	NUM
easat-5052	220	27	0.01785	0.01785	NUM
easat-5052	220	28	0.44179	0.44179	NUM
easat-5052	220	29	-0.05575	-0.05575	VERB
easat-5052	220	30	0.26364	0.26364	NUM
easat-5052	220	31	0.04479	0.04479	NUM
easat-5052	220	32	-0.0021	-0.0021	NOUN
easat-5052	220	33	-0.04755	-0.04755	X
easat-5052	220	34	-0.07258	-0.07258	X
easat-5052	221	1	<	<	X
easat-5052	221	2	.0001	.0001	X
easat-5052	221	3	0.8936	0.8936	NUM
easat-5052	221	4	0.1163	0.1163	NUM
easat-5052	221	5	0.1121	0.1121	NUM
easat-5052	221	6	0.258	0.258	NUM
easat-5052	221	7	0.0305	0.0305	NUM
easat-5052	221	8	<	<	X
easat-5052	221	9	.0001	.0001	X
easat-5052	221	10	<	<	X
easat-5052	221	11	.0001	.0001	X
easat-5052	221	12	<	<	X
easat-5052	221	13	.0001	.0001	X
easat-5052	221	14	<	<	X
easat-5052	221	15	.0001	.0001	X
easat-5052	221	16	0.7985	0.7985	NUM
easat-5052	221	17	<	<	X
easat-5052	221	18	.0001	.0001	X
easat-5052	221	19	<	<	X
easat-5052	221	20	.0001	.0001	X
easat-5052	221	21	lev1	lev1	PROPN
easat-5052	221	22	-0.02291	-0.02291	PROPN
easat-5052	221	23	-0.13243	-0.13243	PROPN
easat-5052	221	24	1	1	NUM
easat-5052	221	25	0.17032	0.17032	NUM
easat-5052	221	26	0.12253	0.12253	NUM
easat-5052	221	27	0.93137	0.93137	NUM
easat-5052	221	28	-0.01858	-0.01858	NOUN
easat-5052	221	29	0.01482	0.01482	NUM
easat-5052	221	30	0.03947	0.03947	NUM
easat-5052	222	1	0.62825	0.62825	NUM
easat-5052	222	2	0.68029	0.68029	NUM
easat-5052	222	3	0.62883	0.62883	NUM
easat-5052	222	4	0.22757	0.22757	NUM
easat-5052	222	5	-0.02527	-0.02527	NOUN
easat-5052	223	1	0.0055	0.0055	NUM
easat-5052	223	2	<	<	X
easat-5052	223	3	.0001	.0001	X
easat-5052	223	4	<	<	X
easat-5052	223	5	.0001	.0001	X
easat-5052	223	6	<	<	X
easat-5052	223	7	.0001	.0001	X
easat-5052	223	8	<	<	X
easat-5052	223	9	.0001	.0001	X
easat-5052	223	10	0.0243	0.0243	NUM
easat-5052	223	11	0.0723	0.0723	NUM
easat-5052	223	12	<	<	X
easat-5052	223	13	.0001	.0001	X
easat-5052	223	14	<	<	X
easat-5052	223	15	.0001	.0001	X
easat-5052	223	16	<	<	X
easat-5052	223	17	.0001	.0001	X
easat-5052	223	18	<	<	X
easat-5052	223	19	.0001	.0001	X
easat-5052	223	20	<	<	X
easat-5052	223	21	.0001	.0001	X
easat-5052	223	22	0.0022	0.0022	NUM
easat-5052	223	23	lev2	lev2	NOUN
easat-5052	223	24	-0.07556	-0.07556	NOUN
easat-5052	223	25	-0.24481	-0.24481	NOUN
easat-5052	224	1	0.94403	0.94403	NUM
easat-5052	224	2	1	1	NUM
easat-5052	224	3	0.00023	0.00023	NUM
easat-5052	224	4	0.04107	0.04107	NUM
easat-5052	224	5	-0.03582	-0.03582	NOUN
easat-5052	224	6	0.05824	0.05824	NUM
easat-5052	224	7	0.1084	0.1084	NUM
easat-5052	224	8	-0.08214	-0.08214	PUNCT
easat-5052	224	9	0.00961	0.00961	NUM
easat-5052	224	10	-0.01364	-0.01364	NOUN
easat-5052	224	11	0.12985	0.12985	NUM
easat-5052	224	12	0.0413	0.0413	NUM
easat-5052	224	13	<	<	X
easat-5052	224	14	.0001	.0001	X
easat-5052	224	15	<	<	X
easat-5052	224	16	.0001	.0001	X
easat-5052	224	17	<	<	X
easat-5052	224	18	.0001	.0001	X
easat-5052	224	19	0.978	0.978	NUM
easat-5052	224	20	<	<	X
easat-5052	224	21	.0001	.0001	X
easat-5052	224	22	<	<	X
easat-5052	224	23	.0001	.0001	X
easat-5052	224	24	<	<	X
easat-5052	224	25	.0001	.0001	X
easat-5052	224	26	<	<	X
easat-5052	224	27	.0001	.0001	X
easat-5052	224	28	<	<	X
easat-5052	224	29	.0001	.0001	X
easat-5052	224	30	0.2437	0.2437	NUM
easat-5052	224	31	0.0982	0.0982	NUM
easat-5052	224	32	<	<	X
easat-5052	224	33	.0001	.0001	X
easat-5052	224	34	<	<	X
easat-5052	224	35	.0001	.0001	X
easat-5052	224	36	lev3	lev3	ADJ
easat-5052	224	37	0.04854	0.04854	NUM
easat-5052	224	38	0.09557	0.09557	NUM
easat-5052	224	39	0.31844	0.31844	NUM
easat-5052	224	40	0.14123	0.14123	NUM
easat-5052	224	41	1	1	NUM
easat-5052	224	42	0.10599	0.10599	NUM
easat-5052	224	43	-0.00189	-0.00189	NOUN
easat-5052	224	44	0.0091	0.0091	NUM
easat-5052	224	45	-0.00556	-0.00556	NOUN
easat-5052	224	46	0.11166	0.11166	NUM
easat-5052	224	47	0.07895	0.07895	NUM
easat-5052	224	48	0.0735	0.0735	NUM
easat-5052	224	49	0.0644	0.0644	NUM
easat-5052	224	50	-0.04964	-0.04964	NOUN
easat-5052	224	51	<	<	X
easat-5052	224	52	.0001	.0001	X
easat-5052	224	53	<	<	X
easat-5052	224	54	.0001	.0001	X
easat-5052	224	55	<	<	X
easat-5052	224	56	.0001	.0001	X
easat-5052	224	57	<	<	X
easat-5052	224	58	.0001	.0001	X
easat-5052	224	59	<	<	X
easat-5052	224	60	.0001	.0001	X
easat-5052	224	61	0.8189	0.8189	NUM
easat-5052	224	62	0.2698	0.2698	NUM
easat-5052	224	63	0.4999	0.4999	NUM
easat-5052	224	64	<	<	X
easat-5052	224	65	.0001	.0001	X
easat-5052	224	66	<	<	X
easat-5052	224	67	.0001	.0001	X
easat-5052	224	68	<	<	X
easat-5052	224	69	.0001	.0001	X
easat-5052	224	70	<	<	X
easat-5052	224	71	.0001	.0001	X
easat-5052	224	72	<	<	X
easat-5052	224	73	.0001	.0001	X
easat-5052	224	74	lev4	lev4	NOUN
easat-5052	224	75	0.03345	0.03345	NUM
easat-5052	224	76	0.07816	0.07816	NUM
easat-5052	224	77	0.40565	0.40565	NUM
easat-5052	224	78	0.22549	0.22549	NUM
easat-5052	224	79	0.90868	0.90868	NUM
easat-5052	224	80	1	1	NUM
easat-5052	224	81	-0.00328	-0.00328	NOUN
easat-5052	224	82	0.0009	0.0009	NUM
easat-5052	224	83	-0.00405	-0.00405	NOUN
easat-5052	224	84	0.65502	0.65502	NUM
easat-5052	224	85	0.71298	0.71298	NUM
easat-5052	224	86	0.64396	0.64396	NUM
easat-5052	224	87	0.09422	0.09422	NUM
easat-5052	224	88	-0.0136	-0.0136	X
easat-5052	225	1	<	<	X
easat-5052	225	2	.0001	.0001	X
easat-5052	225	3	<	<	X
easat-5052	225	4	.0001	.0001	X
easat-5052	225	5	<	<	X
easat-5052	225	6	.0001	.0001	X
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easat-5052	234	51	is	be	AUX
easat-5052	234	52	statistically	statistically	ADV
easat-5052	234	53	significant	significant	ADJ
easat-5052	234	54	at	at	ADP
easat-5052	234	55	the	the	DET
easat-5052	234	56	1	1	NUM
easat-5052	234	57	%	%	NOUN
easat-5052	234	58	level	level	NOUN
easat-5052	234	59	,	,	PUNCT
easat-5052	234	60	indicating	indicate	VERB
easat-5052	234	61	a	a	DET
easat-5052	234	62	negative	negative	ADJ
easat-5052	234	63	relationship	relationship	NOUN
easat-5052	234	64	.	.	PUNCT
easat-5052	235	1	among	among	ADP
easat-5052	235	2	the	the	DET
easat-5052	235	3	control	control	NOUN
easat-5052	235	4	variables	variable	NOUN
easat-5052	235	5	,	,	PUNCT
easat-5052	235	6	mtb	mtb	NOUN
easat-5052	235	7	,	,	PUNCT
easat-5052	235	8	size	size	NOUN
easat-5052	235	9	,	,	PUNCT
easat-5052	235	10	roa	roa	PROPN
easat-5052	235	11	,	,	PUNCT
easat-5052	235	12	and	and	CCONJ
easat-5052	235	13	ppe	ppe	PROPN
easat-5052	235	14	exhibit	exhibit	VERB
easat-5052	235	15	statistically	statistically	ADV
easat-5052	235	16	significant	significant	ADJ
easat-5052	235	17	positive	positive	ADJ
easat-5052	235	18	coefficients	coefficient	NOUN
easat-5052	235	19	at	at	ADP
easat-5052	235	20	the	the	DET
easat-5052	235	21	1	1	NUM
easat-5052	235	22	%	%	NOUN
easat-5052	235	23	level	level	NOUN
easat-5052	235	24	,	,	PUNCT
easat-5052	235	25	while	while	SCONJ
easat-5052	235	26	int	int	NOUN
easat-5052	235	27	and	and	CCONJ
easat-5052	235	28	age	age	NOUN
easat-5052	235	29	show	show	VERB
easat-5052	235	30	statistically	statistically	ADV
easat-5052	235	31	significant	significant	ADJ
easat-5052	235	32	negative	negative	ADJ
easat-5052	235	33	coefficients	coefficient	NOUN
easat-5052	235	34	at	at	ADP
easat-5052	235	35	the	the	DET
easat-5052	235	36	5	5	NUM
easat-5052	235	37	%	%	NOUN
easat-5052	235	38	and	and	CCONJ
easat-5052	235	39	1	1	NUM
easat-5052	235	40	%	%	NOUN
easat-5052	235	41	levels	level	NOUN
easat-5052	235	42	,	,	PUNCT
easat-5052	235	43	respectively	respectively	ADV
easat-5052	235	44	.	.	PUNCT
easat-5052	236	1	for	for	ADP
easat-5052	236	2	research	research	NOUN
easat-5052	236	3	model	model	NOUN
easat-5052	236	4	2	2	NUM
easat-5052	236	5	,	,	PUNCT
easat-5052	236	6	the	the	DET
easat-5052	236	7	coefficient	coefficient	NOUN
easat-5052	236	8	for	for	ADP
easat-5052	236	9	debt	debt	NOUN
easat-5052	236	10	level	level	NOUN
easat-5052	236	11	1	1	NUM
easat-5052	236	12	(	(	PUNCT
easat-5052	236	13	lev1	lev1	PROPN
easat-5052	236	14	)	)	PUNCT
easat-5052	236	15	is	be	AUX
easat-5052	236	16	-0.02717	-0.02717	NOUN
easat-5052	236	17	,	,	PUNCT
easat-5052	236	18	which	which	PRON
easat-5052	236	19	is	be	AUX
easat-5052	236	20	statistically	statistically	ADV
easat-5052	236	21	significant	significant	ADJ
easat-5052	236	22	at	at	ADP
easat-5052	236	23	the	the	DET
easat-5052	236	24	1	1	NUM
easat-5052	236	25	%	%	NOUN
easat-5052	236	26	level	level	NOUN
easat-5052	236	27	,	,	PUNCT
easat-5052	236	28	indicating	indicate	VERB
easat-5052	236	29	a	a	DET
easat-5052	236	30	negative	negative	ADJ
easat-5052	236	31	effect	effect	NOUN
easat-5052	236	32	.	.	PUNCT
easat-5052	237	1	among	among	ADP
easat-5052	237	2	the	the	DET
easat-5052	237	3	control	control	NOUN
easat-5052	237	4	variables	variable	NOUN
easat-5052	237	5	,	,	PUNCT
easat-5052	237	6	don	don	PROPN
easat-5052	237	7	,	,	PUNCT
easat-5052	237	8	mtb	mtb	NOUN
easat-5052	237	9	,	,	PUNCT
easat-5052	237	10	size	size	NOUN
easat-5052	237	11	,	,	PUNCT
easat-5052	237	12	and	and	CCONJ
easat-5052	237	13	roa	roa	PROPN
easat-5052	237	14	show	show	VERB
easat-5052	237	15	statistically	statistically	ADV
easat-5052	237	16	significant	significant	ADJ
easat-5052	237	17	positive	positive	ADJ
easat-5052	237	18	coefficients	coefficient	NOUN
easat-5052	237	19	at	at	ADP
easat-5052	237	20	the	the	DET
easat-5052	237	21	1	1	NUM
easat-5052	237	22	%	%	NOUN
easat-5052	237	23	level	level	NOUN
easat-5052	237	24	,	,	PUNCT
easat-5052	237	25	while	while	SCONJ
easat-5052	237	26	int	int	NOUN
easat-5052	237	27	and	and	CCONJ
easat-5052	237	28	ppe	ppe	PROPN
easat-5052	237	29	exhibit	exhibit	VERB
easat-5052	237	30	statistically	statistically	ADV
easat-5052	237	31	significant	significant	ADJ
easat-5052	237	32	negative	negative	ADJ
easat-5052	237	33	coefficients	coefficient	NOUN
easat-5052	237	34	at	at	ADP
easat-5052	237	35	the	the	DET
easat-5052	237	36	1	1	NUM
easat-5052	237	37	%	%	NOUN
easat-5052	237	38	level	level	NOUN
easat-5052	237	39	.	.	PUNCT
easat-5052	238	1	the	the	DET
easat-5052	238	2	results	result	NOUN
easat-5052	238	3	presented	present	VERB
easat-5052	238	4	in	in	ADP
easat-5052	238	5	table	table	NOUN
easat-5052	238	6	4	4	NUM
easat-5052	238	7	suggest	suggest	VERB
easat-5052	238	8	that	that	SCONJ
easat-5052	238	9	debt	debt	NOUN
easat-5052	238	10	serves	serve	VERB
easat-5052	238	11	as	as	ADP
easat-5052	238	12	a	a	DET
easat-5052	238	13	factor	factor	NOUN
easat-5052	238	14	that	that	PRON
easat-5052	238	15	reduces	reduce	VERB
easat-5052	238	16	tax	tax	NOUN
easat-5052	238	17	avoidance	avoidance	NOUN
easat-5052	238	18	(	(	PUNCT
easat-5052	238	19	ddbtd	ddbtd	ADJ
easat-5052	238	20	,	,	PUNCT
easat-5052	238	21	btd	btd	PROPN
easat-5052	238	22	)	)	PUNCT
easat-5052	238	23	in	in	ADP
easat-5052	238	24	firms	firm	NOUN
easat-5052	238	25	.	.	PUNCT
easat-5052	239	1	these	these	DET
easat-5052	239	2	findings	finding	NOUN
easat-5052	239	3	support	support	NOUN
easat-5052	239	4	hypothesis	hypothesis	NOUN
easat-5052	239	5	1(the	1(the	DET
easat-5052	239	6	level	level	NOUN
easat-5052	239	7	of	of	ADP
easat-5052	239	8	debt	debt	NOUN
easat-5052	239	9	of	of	ADP
easat-5052	239	10	a	a	DET
easat-5052	239	11	company	company	NOUN
easat-5052	239	12	has	have	VERB
easat-5052	239	13	a	a	DET
easat-5052	239	14	negative	negative	ADJ
easat-5052	239	15	(	(	PUNCT
easat-5052	239	16	-	-	PUNCT
easat-5052	239	17	)	)	PUNCT
easat-5052	239	18	relationship	relationship	NOUN
easat-5052	239	19	with	with	ADP
easat-5052	239	20	tax	tax	NOUN
easat-5052	239	21	avoidance	avoidance	NOUN
easat-5052	239	22	.	.	PUNCT
easat-5052	239	23	)	)	PUNCT
easat-5052	240	1	of	of	ADP
easat-5052	240	2	this	this	DET
easat-5052	240	3	study	study	NOUN
easat-5052	240	4	,	,	PUNCT
easat-5052	240	5	which	which	PRON
easat-5052	240	6	posits	posit	VERB
easat-5052	240	7	that	that	SCONJ
easat-5052	240	8	a	a	DET
easat-5052	240	9	firm	firm	NOUN
easat-5052	240	10	’s	’s	PART
easat-5052	240	11	debt	debt	NOUN
easat-5052	240	12	level	level	NOUN
easat-5052	240	13	is	be	AUX
easat-5052	240	14	negatively	negatively	ADV
easat-5052	240	15	correlated	correlate	VERB
easat-5052	240	16	with	with	ADP
easat-5052	240	17	tax	tax	NOUN
easat-5052	240	18	avoidance	avoidance	NOUN
easat-5052	240	19	.	.	PUNCT
easat-5052	241	1	specifically	specifically	ADV
easat-5052	241	2	,	,	PUNCT
easat-5052	241	3	this	this	PRON
easat-5052	241	4	implies	imply	VERB
easat-5052	241	5	that	that	SCONJ
easat-5052	241	6	,	,	PUNCT
easat-5052	241	7	for	for	ADP
easat-5052	241	8	listed	list	VERB
easat-5052	241	9	firms	firm	NOUN
easat-5052	241	10	in	in	ADP
easat-5052	241	11	korea	korea	PROPN
easat-5052	241	12	,	,	PUNCT
easat-5052	241	13	an	an	DET
easat-5052	241	14	increase	increase	NOUN
easat-5052	241	15	in	in	ADP
easat-5052	241	16	debt	debt	NOUN
easat-5052	241	17	level	level	NOUN
easat-5052	241	18	is	be	AUX
easat-5052	241	19	associated	associate	VERB
easat-5052	241	20	with	with	ADP
easat-5052	241	21	a	a	DET
easat-5052	241	22	reduction	reduction	NOUN
easat-5052	241	23	in	in	ADP
easat-5052	241	24	tax	tax	NOUN
easat-5052	241	25	avoidance	avoidance	NOUN
easat-5052	241	26	behaviors	behavior	NOUN
easat-5052	241	27	.	.	PUNCT
easat-5052	242	1	table	table	NOUN
easat-5052	242	2	4	4	NUM
easat-5052	242	3	.	.	PUNCT
easat-5052	243	1	analysis	analysis	NOUN
easat-5052	243	2	of	of	ADP
easat-5052	243	3	the	the	DET
easat-5052	243	4	relationship	relationship	NOUN
easat-5052	243	5	between	between	ADP
easat-5052	243	6	debt	debt	NOUN
easat-5052	243	7	level	level	NOUN
easat-5052	243	8	1	1	NUM
easat-5052	243	9	(	(	PUNCT
easat-5052	243	10	lev1	lev1	PROPN
easat-5052	243	11	)	)	PUNCT
easat-5052	243	12	and	and	CCONJ
easat-5052	243	13	tax	tax	NOUN
easat-5052	243	14	avoidance	avoidance	NOUN
easat-5052	243	15	(	(	PUNCT
easat-5052	243	16	ddbtd	ddbtd	ADJ
easat-5052	243	17	,	,	PUNCT
easat-5052	243	18	btd	btd	PROPN
easat-5052	243	19	)	)	PUNCT
easat-5052	243	20	.	.	PUNCT
easat-5052	244	1	variable	variable	NOUN
easat-5052	244	2	<	<	X
easat-5052	244	3	research	research	NOUN
easat-5052	244	4	model	model	NOUN
easat-5052	244	5	1	1	NUM
easat-5052	244	6	:	:	PUNCT
easat-5052	244	7	ddbtd	ddbtd	VERB
easat-5052	244	8	>	>	X
easat-5052	244	9	<	<	X
easat-5052	244	10	research	research	NOUN
easat-5052	244	11	model	model	NOUN
easat-5052	244	12	2	2	NUM
easat-5052	244	13	:	:	PUNCT
easat-5052	244	14	btd	btd	PROPN
easat-5052	244	15	>	>	X
easat-5052	244	16	coefficient	coefficient	PROPN
easat-5052	244	17	t	t	NOUN
easat-5052	244	18	-	-	PUNCT
easat-5052	244	19	value	value	NOUN
easat-5052	244	20	pr	pr	X
easat-5052	244	21	>	>	X
easat-5052	244	22	|t|	|t|	ADJ
easat-5052	244	23	variance	variance	NOUN
easat-5052	244	24	inflation	inflation	NOUN
easat-5052	244	25	factor	factor	NOUN
easat-5052	244	26	(	(	PUNCT
easat-5052	244	27	vif	vif	PROPN
easat-5052	244	28	)	)	PUNCT
easat-5052	244	29	coefficient	coefficient	NOUN
easat-5052	244	30	t	t	NOUN
easat-5052	244	31	-	-	PUNCT
easat-5052	244	32	value	value	NOUN
easat-5052	244	33	pr	pr	X
easat-5052	244	34	>	>	X
easat-5052	244	35	|t|	|t|	ADJ
easat-5052	244	36	variance	variance	NOUN
easat-5052	244	37	inflation	inflation	NOUN
easat-5052	244	38	factor	factor	NOUN
easat-5052	244	39	(	(	PUNCT
easat-5052	244	40	vif	vif	NOUN
easat-5052	244	41	)	)	PUNCT
easat-5052	244	42	intercept	intercept	VERB
easat-5052	244	43	0.06664	0.06664	NUM
easat-5052	244	44	5.94	5.94	NUM
easat-5052	244	45	<	<	X
easat-5052	244	46	.0001	.0001	X
easat-5052	244	47	0	0	NUM
easat-5052	244	48	-0.00825	-0.00825	PROPN
easat-5052	245	1	-0.99	-0.99	NOUN
easat-5052	245	2	0.3246	0.3246	NUM
easat-5052	245	3	0	0	NUM
easat-5052	246	1	lev1	lev1	PROPN
easat-5052	246	2	-0.01817	-0.01817	PROPN
easat-5052	246	3	-9.93	-9.93	NUM
easat-5052	246	4	<	<	X
easat-5052	246	5	.0001	.0001	X
easat-5052	246	6	1.38494	1.38494	NUM
easat-5052	246	7	-0.02717	-0.02717	NOUN
easat-5052	246	8	-17.02	-17.02	PUNCT
easat-5052	247	1	<	<	X
easat-5052	247	2	.0001	.0001	X
easat-5052	247	3	1.42044	1.42044	NUM
easat-5052	247	4	don	don	NOUN
easat-5052	247	5	0.02321	0.02321	NUM
easat-5052	247	6	0.24	0.24	NUM
easat-5052	247	7	0.8086	0.8086	NUM
easat-5052	247	8	1.02193	1.02193	NUM
easat-5052	247	9	0.31091	0.31091	NUM
easat-5052	247	10	4.35	4.35	NUM
easat-5052	247	11	<	<	X
easat-5052	247	12	.0001	.0001	X
easat-5052	247	13	1.02315	1.02315	NUM
easat-5052	247	14	mtb	mtb	NOUN
easat-5052	247	15	0.01018	0.01018	NUM
easat-5052	247	16	30.19	30.19	NUM
easat-5052	247	17	<	<	X
easat-5052	247	18	.0001	.0001	X
easat-5052	247	19	1.21069	1.21069	NUM
easat-5052	247	20	0.00753	0.00753	NUM
easat-5052	247	21	27.79	27.79	NUM
easat-5052	247	22	<	<	X
easat-5052	247	23	.0001	.0001	X
easat-5052	247	24	1.2306	1.2306	NUM
easat-5052	247	25	size	size	NOUN
easat-5052	247	26	0.00139	0.00139	NUM
easat-5052	247	27	3.94	3.94	NUM
easat-5052	247	28	<	<	NOUN
easat-5052	247	29	.0001	.0001	X
easat-5052	247	30	1.14166	1.14166	NUM
easat-5052	247	31	0.00227	0.00227	NUM
easat-5052	247	32	8.6	8.6	NUM
easat-5052	247	33	<	<	X
easat-5052	247	34	.0001	.0001	PROPN
easat-5052	247	35	1.14849	1.14849	NUM
easat-5052	247	36	roa	roa	NOUN
easat-5052	247	37	0.17061	0.17061	NUM
easat-5052	247	38	34.34	34.34	NUM
easat-5052	247	39	<	<	X
easat-5052	247	40	.0001	.0001	PROPN
easat-5052	247	41	1.15916	1.15916	NUM
easat-5052	247	42	0.4936	0.4936	NUM
easat-5052	247	43	123.2	123.2	NUM
easat-5052	247	44	<	<	X
easat-5052	247	45	.0001	.0001	X
easat-5052	247	46	1.16688	1.16688	NUM
easat-5052	247	47	grw	grw	NOUN
easat-5052	247	48	-0.00025	-0.00025	NOUN
easat-5052	247	49	-0.33	-0.33	NUM
easat-5052	247	50	0.7386	0.7386	NUM
easat-5052	247	51	1.07737	1.07737	NUM
easat-5052	247	52	-0.00053	-0.00053	NOUN
easat-5052	247	53	-1.61	-1.61	NOUN
easat-5052	247	54	0.1082	0.1082	NUM
easat-5052	247	55	1.03354	1.03354	NUM
easat-5052	247	56	int	int	NOUN
easat-5052	247	57	-0.01517	-0.01517	NOUN
easat-5052	247	58	-2.4	-2.4	PROPN
easat-5052	247	59	0.0162	0.0162	NUM
easat-5052	247	60	1.06667	1.06667	NUM
easat-5052	247	61	-0.09047	-0.09047	NOUN
easat-5052	247	62	-14.71	-14.71	PUNCT
easat-5052	248	1	<	<	X
easat-5052	248	2	.0001	.0001	X
easat-5052	248	3	1.09636	1.09636	NUM
easat-5052	248	4	ppe	ppe	NOUN
easat-5052	248	5	0.01378	0.01378	NUM
easat-5052	248	6	5.05	5.05	NUM
easat-5052	248	7	<	<	X
easat-5052	248	8	.0001	.0001	X
easat-5052	248	9	1.34247	1.34247	NUM
easat-5052	248	10	-0.03855	-0.03855	NOUN
easat-5052	248	11	-18.1	-18.1	PUNCT
easat-5052	248	12	<	<	X
easat-5052	248	13	.0001	.0001	X
easat-5052	248	14	1.38324	1.38324	NUM
easat-5052	248	15	age	age	NOUN
easat-5052	248	16	-0.00464	-0.00464	NOUN
easat-5052	248	17	-7.12	-7.12	NUM
easat-5052	248	18	<	<	X
easat-5052	248	19	.0001	.0001	X
easat-5052	248	20	1.1729	1.1729	NUM
easat-5052	248	21	0.000239	0.000239	NUM
easat-5052	248	22	0.49	0.49	NUM
easat-5052	248	23	0.623	0.623	NUM
easat-5052	248	24	1.18236	1.18236	NUM
easat-5052	248	25	year	year	NOUN
easat-5052	248	26	dummy	dummy	NOUN
easat-5052	248	27	included	include	VERB
easat-5052	248	28	included	include	VERB
easat-5052	248	29	industry	industry	NOUN
easat-5052	248	30	dummy	dummy	NOUN
easat-5052	248	31	included	include	VERB
easat-5052	248	32	included	include	VERB
easat-5052	248	33	f	f	NOUN
easat-5052	248	34	-	-	PUNCT
easat-5052	248	35	value	value	NOUN
easat-5052	248	36	102.65	102.65	NUM
easat-5052	248	37	*	*	PUNCT
easat-5052	248	38	*	*	PUNCT
easat-5052	248	39	*	*	PUNCT
easat-5052	249	1	631.28	631.28	NUM
easat-5052	249	2	*	*	PUNCT
easat-5052	249	3	*	*	PUNCT
easat-5052	249	4	*	*	PUNCT
easat-5052	249	5	adj	adj	NOUN
easat-5052	249	6	-	-	PUNCT
easat-5052	249	7	r2	r2	NOUN
easat-5052	249	8	0.1997	0.1997	NUM
easat-5052	249	9	0.6080	0.6080	NUM
easat-5052	249	10	number	number	NOUN
easat-5052	249	11	of	of	ADP
easat-5052	249	12	samples	sample	NOUN
easat-5052	249	13	after	after	ADP
easat-5052	249	14	removal	removal	NOUN
easat-5052	249	15	of	of	ADP
easat-5052	249	16	outliers	outlier	NOUN
easat-5052	249	17	14,255	14,255	NUM
easat-5052	249	18	14,222	14,222	NUM
easat-5052	249	19	source	source	NOUN
easat-5052	249	20	:	:	PUNCT
easat-5052	249	21	1	1	NUM
easat-5052	249	22	)	)	PUNCT
easat-5052	249	23	description	description	NOUN
easat-5052	249	24	of	of	ADP
easat-5052	249	25	variables	variable	NOUN
easat-5052	249	26	:	:	PUNCT
easat-5052	249	27	see	see	VERB
easat-5052	249	28	<	<	X
easat-5052	249	29	table	table	NOUN
easat-5052	249	30	2	2	NUM
easat-5052	249	31	>	>	X
easat-5052	249	32	.	.	PROPN
easat-5052	250	1	2	2	NUM
easat-5052	250	2	)	)	PUNCT
easat-5052	250	3	<	<	X
easat-5052	250	4	research	research	NOUN
easat-5052	250	5	model	model	NOUN
easat-5052	250	6	1	1	NUM
easat-5052	250	7	>	>	PUNCT
easat-5052	250	8	:	:	PUNCT
easat-5052	250	9	ddbtdi	ddbtdi	PROPN
easat-5052	250	10	,	,	PUNCT
easat-5052	250	11	t=	t=	PROPN
easat-5052	250	12	β0	β0	PROPN
easat-5052	250	13	+	+	PROPN
easat-5052	250	14	β1lev1i	β1lev1i	PROPN
easat-5052	250	15	,	,	PUNCT
easat-5052	250	16	t	t	PROPN
easat-5052	250	17	+	+	CCONJ
easat-5052	250	18	β2doni	β2doni	ADJ
easat-5052	250	19	,	,	PUNCT
easat-5052	250	20	t	t	PROPN
easat-5052	250	21	+	+	CCONJ
easat-5052	250	22	β3mtbi	β3mtbi	NUM
easat-5052	250	23	,	,	PUNCT
easat-5052	250	24	t	t	NOUN
easat-5052	250	25	+	+	CCONJ
easat-5052	250	26	β4sizei	β4sizei	NUM
easat-5052	250	27	,	,	PUNCT
easat-5052	250	28	t	t	NOUN
easat-5052	250	29	+	+	CCONJ
easat-5052	250	30	β5roai	β5roai	PROPN
easat-5052	250	31	,	,	PUNCT
easat-5052	250	32	t	t	PROPN
easat-5052	250	33	+	+	CCONJ
easat-5052	250	34	β6grwi	β6grwi	PROPN
easat-5052	250	35	,	,	PUNCT
easat-5052	250	36	t	t	PROPN
easat-5052	250	37	+	+	CCONJ
easat-5052	250	38	β7inti	β7inti	PROPN
easat-5052	250	39	,	,	PUNCT
easat-5052	250	40	t	t	PROPN
easat-5052	250	41	+	+	NUM
easat-5052	250	42	β8ppei	β8ppei	PROPN
easat-5052	250	43	,	,	PUNCT
easat-5052	250	44	t	t	PROPN
easat-5052	250	45	+	+	CCONJ
easat-5052	250	46	β9agei	β9agei	PROPN
easat-5052	250	47	,	,	PUNCT
easat-5052	250	48	t	t	NOUN
easat-5052	250	49	+	+	NUM
easat-5052	250	50	β10∑id	β10∑id	NUM
easat-5052	251	1	+	+	CCONJ
easat-5052	251	2	β11∑yd	β11∑yd	PROPN
easat-5052	251	3	+	+	CCONJ
easat-5052	251	4	εi	εi	VERB
easat-5052	251	5	,	,	PUNCT
easat-5052	251	6	t	t	NOUN
easat-5052	251	7	3	3	NUM
easat-5052	251	8	)	)	PUNCT
easat-5052	251	9	<	<	X
easat-5052	251	10	research	research	NOUN
easat-5052	251	11	model	model	NOUN
easat-5052	251	12	2	2	NUM
easat-5052	251	13	>	>	NOUN
easat-5052	251	14	:	:	PUNCT
easat-5052	251	15	btdi	btdi	PROPN
easat-5052	251	16	,	,	PUNCT
easat-5052	251	17	t	t	PROPN
easat-5052	251	18	=	=	PUNCT
easat-5052	252	1	β0	β0	PROPN
easat-5052	252	2	+	+	PROPN
easat-5052	252	3	β1lev1i	β1lev1i	PROPN
easat-5052	252	4	,	,	PUNCT
easat-5052	252	5	t	t	PROPN
easat-5052	252	6	+	+	CCONJ
easat-5052	252	7	β2doni	β2doni	ADJ
easat-5052	252	8	,	,	PUNCT
easat-5052	252	9	t	t	PROPN
easat-5052	252	10	+	+	CCONJ
easat-5052	252	11	β3mtbi	β3mtbi	NUM
easat-5052	252	12	,	,	PUNCT
easat-5052	252	13	t	t	NOUN
easat-5052	252	14	+	+	CCONJ
easat-5052	252	15	β4sizei	β4sizei	NUM
easat-5052	252	16	,	,	PUNCT
easat-5052	252	17	t	t	NOUN
easat-5052	252	18	+	+	CCONJ
easat-5052	252	19	β5roai	β5roai	PROPN
easat-5052	252	20	,	,	PUNCT
easat-5052	252	21	t	t	PROPN
easat-5052	252	22	+	+	CCONJ
easat-5052	252	23	β6grwi	β6grwi	PROPN
easat-5052	252	24	,	,	PUNCT
easat-5052	252	25	t	t	PROPN
easat-5052	252	26	+	+	CCONJ
easat-5052	252	27	β7inti	β7inti	PROPN
easat-5052	252	28	,	,	PUNCT
easat-5052	252	29	t	t	PROPN
easat-5052	252	30	+	+	NUM
easat-5052	252	31	β8ppei	β8ppei	PROPN
easat-5052	252	32	,	,	PUNCT
easat-5052	252	33	t	t	PROPN
easat-5052	252	34	+	+	CCONJ
easat-5052	252	35	β9agei	β9agei	PROPN
easat-5052	252	36	,	,	PUNCT
easat-5052	252	37	t	t	NOUN
easat-5052	252	38	+	+	NUM
easat-5052	252	39	β10∑id	β10∑id	NUM
easat-5052	253	1	+	+	CCONJ
easat-5052	253	2	β11∑yd	β11∑yd	PROPN
easat-5052	253	3	+	+	CCONJ
easat-5052	253	4	εi	εi	ADJ
easat-5052	253	5	,	,	PUNCT
easat-5052	253	6	t	t	NOUN
easat-5052	253	7	table	table	NOUN
easat-5052	253	8	5	5	NUM
easat-5052	253	9	presents	present	VERB
easat-5052	253	10	the	the	DET
easat-5052	253	11	results	result	NOUN
easat-5052	253	12	of	of	ADP
easat-5052	253	13	analyzing	analyze	VERB
easat-5052	253	14	the	the	DET
easat-5052	253	15	impact	impact	NOUN
easat-5052	253	16	of	of	ADP
easat-5052	253	17	debt	debt	NOUN
easat-5052	253	18	level	level	NOUN
easat-5052	253	19	2	2	NUM
easat-5052	253	20	(	(	PUNCT
easat-5052	253	21	lev2	lev2	NOUN
easat-5052	253	22	:	:	PUNCT
easat-5052	253	23	liabilities	liability	NOUN
easat-5052	253	24	at	at	ADP
easat-5052	253	25	the	the	DET
easat-5052	253	26	end	end	NOUN
easat-5052	253	27	of	of	ADP
easat-5052	253	28	the	the	DET
easat-5052	253	29	year	year	NOUN
easat-5052	253	30	t	t	PROPN
easat-5052	253	31	÷	÷	X
easat-5052	253	32	total	total	ADJ
easat-5052	253	33	equity	equity	NOUN
easat-5052	253	34	at	at	ADP
easat-5052	253	35	the	the	DET
easat-5052	253	36	end	end	NOUN
easat-5052	253	37	of	of	ADP
easat-5052	253	38	the	the	DET
easat-5052	253	39	year	year	NOUN
easat-5052	253	40	t	t	PROPN
easat-5052	253	41	)	)	PUNCT
easat-5052	253	42	on	on	ADP
easat-5052	253	43	tax	tax	NOUN
easat-5052	253	44	avoidance	avoidance	NOUN
easat-5052	253	45	(	(	PUNCT
easat-5052	253	46	measured	measure	VERB
easat-5052	253	47	by	by	ADP
easat-5052	253	48	ddbtd	ddbtd	NOUN
easat-5052	253	49	and	and	CCONJ
easat-5052	253	50	btd	btd	PROPN
easat-5052	253	51	)	)	PUNCT
easat-5052	253	52	using	use	VERB
easat-5052	253	53	research	research	NOUN
easat-5052	253	54	models	model	NOUN
easat-5052	253	55	3	3	NUM
easat-5052	253	56	and	and	CCONJ
easat-5052	253	57	4	4	NUM
easat-5052	253	58	.	.	PUNCT
easat-5052	253	59	research	research	NOUN
easat-5052	253	60	model	model	NOUN
easat-5052	253	61	3	3	NUM
easat-5052	253	62	examines	examine	VERB
easat-5052	253	63	the	the	DET
easat-5052	253	64	effect	effect	NOUN
easat-5052	253	65	of	of	ADP
easat-5052	253	66	debt	debt	NOUN
easat-5052	253	67	level	level	NOUN
easat-5052	253	68	2	2	NUM
easat-5052	253	69	(	(	PUNCT
easat-5052	253	70	lev2	lev2	PROPN
easat-5052	253	71	)	)	PUNCT
easat-5052	253	72	on	on	ADP
easat-5052	253	73	the	the	DET
easat-5052	253	74	first	first	ADJ
easat-5052	253	75	proxy	proxy	NOUN
easat-5052	253	76	for	for	ADP
easat-5052	253	77	tax	tax	NOUN
easat-5052	253	78	avoidance	avoidance	NOUN
easat-5052	253	79	,	,	PUNCT
easat-5052	253	80	ddbtd	ddbtd	NOUN
easat-5052	253	81	,	,	PUNCT
easat-5052	253	82	while	while	SCONJ
easat-5052	253	83	research	research	NOUN
easat-5052	253	84	model	model	NOUN
easat-5052	253	85	4	4	NUM
easat-5052	253	86	investigates	investigate	VERB
easat-5052	253	87	the	the	DET
easat-5052	253	88	effect	effect	NOUN
easat-5052	253	89	of	of	ADP
easat-5052	253	90	debt	debt	NOUN
easat-5052	253	91	level	level	NOUN
easat-5052	253	92	2	2	NUM
easat-5052	253	93	(	(	PUNCT
easat-5052	253	94	lev2	lev2	PROPN
easat-5052	253	95	)	)	PUNCT
easat-5052	253	96	on	on	ADP
easat-5052	253	97	the	the	DET
easat-5052	253	98	second	second	ADJ
easat-5052	253	99	proxy	proxy	NOUN
easat-5052	253	100	,	,	PUNCT
easat-5052	253	101	btd	btd	PROPN
easat-5052	253	102	.	.	PUNCT
easat-5052	254	1	the	the	DET
easat-5052	254	2	statistical	statistical	ADJ
easat-5052	254	3	significance	significance	NOUN
easat-5052	254	4	of	of	ADP
easat-5052	254	5	the	the	DET
easat-5052	254	6	empirical	empirical	ADJ
easat-5052	254	7	models	model	NOUN
easat-5052	254	8	is	be	AUX
easat-5052	254	9	indicated	indicate	VERB
easat-5052	254	10	by	by	ADP
easat-5052	254	11	the	the	DET
easat-5052	254	12	f	f	PROPN
easat-5052	254	13	-	-	PUNCT
easat-5052	254	14	values	value	NOUN
easat-5052	254	15	,	,	PUNCT
easat-5052	254	16	which	which	PRON
easat-5052	254	17	are	be	AUX
easat-5052	254	18	98.69	98.69	NUM
easat-5052	254	19	and	and	CCONJ
easat-5052	254	20	540.11	540.11	NUM
easat-5052	254	21	for	for	ADP
easat-5052	254	22	research	research	NOUN
easat-5052	254	23	models	model	NOUN
easat-5052	254	24	3	3	NUM
easat-5052	254	25	and	and	CCONJ
easat-5052	254	26	4	4	NUM
easat-5052	254	27	,	,	PUNCT
easat-5052	254	28	respectively	respectively	ADV
easat-5052	254	29	.	.	PUNCT
easat-5052	255	1	both	both	DET
easat-5052	255	2	f	f	NOUN
easat-5052	255	3	-	-	PUNCT
easat-5052	255	4	values	value	NOUN
easat-5052	255	5	are	be	AUX
easat-5052	255	6	statistically	statistically	ADV
easat-5052	255	7	significant	significant	ADJ
easat-5052	255	8	at	at	ADP
easat-5052	255	9	the	the	DET
easat-5052	255	10	1	1	NUM
easat-5052	255	11	%	%	NOUN
easat-5052	255	12	level	level	NOUN
easat-5052	255	13	.	.	PUNCT
easat-5052	256	1	2169	2169	NUM
easat-5052	256	2	edelweiss	edelweiss	PROPN
easat-5052	256	3	applied	apply	VERB
easat-5052	256	4	science	science	NOUN
easat-5052	256	5	and	and	CCONJ
easat-5052	256	6	technology	technology	NOUN
easat-5052	256	7	issn	issn	PROPN
easat-5052	256	8	:	:	PUNCT
easat-5052	256	9	2576	2576	NUM
easat-5052	256	10	-	-	SYM
easat-5052	256	11	8484	8484	NUM
easat-5052	256	12	vol	vol	NOUN
easat-5052	256	13	.	.	PROPN
easat-5052	257	1	9	9	NUM
easat-5052	257	2	,	,	PUNCT
easat-5052	257	3	no	no	INTJ
easat-5052	257	4	.	.	NOUN
easat-5052	257	5	2	2	NUM
easat-5052	257	6	:	:	PUNCT
easat-5052	257	7	2159	2159	NUM
easat-5052	257	8	-	-	SYM
easat-5052	257	9	2174	2174	NUM
easat-5052	257	10	,	,	PUNCT
easat-5052	257	11	2025	2025	NUM
easat-5052	257	12	doi	doi	NOUN
easat-5052	257	13	:	:	PUNCT
easat-5052	257	14	10.55214/25768484.v9i2.5052	10.55214/25768484.v9i2.5052	NUM
easat-5052	257	15	©	©	PROPN
easat-5052	257	16	2025	2025	NUM
easat-5052	257	17	by	by	ADP
easat-5052	257	18	the	the	DET
easat-5052	257	19	author	author	NOUN
easat-5052	257	20	;	;	PUNCT
easat-5052	257	21	licensee	licensee	PROPN
easat-5052	257	22	learning	learning	NOUN
easat-5052	257	23	gate	gate	VERB
easat-5052	257	24	the	the	DET
easat-5052	257	25	adjusted	adjusted	ADJ
easat-5052	257	26	r	r	NOUN
easat-5052	257	27	-	-	PUNCT
easat-5052	257	28	squared	square	VERB
easat-5052	257	29	(	(	PUNCT
easat-5052	257	30	adj	adj	NOUN
easat-5052	257	31	-	-	PUNCT
easat-5052	257	32	r²	r²	NOUN
easat-5052	257	33	)	)	PUNCT
easat-5052	257	34	values	value	NOUN
easat-5052	257	35	,	,	PUNCT
easat-5052	257	36	reflecting	reflect	VERB
easat-5052	257	37	the	the	DET
easat-5052	257	38	explanatory	explanatory	ADJ
easat-5052	257	39	power	power	NOUN
easat-5052	257	40	of	of	ADP
easat-5052	257	41	the	the	DET
easat-5052	257	42	independent	independent	ADJ
easat-5052	257	43	variables	variable	NOUN
easat-5052	257	44	on	on	ADP
easat-5052	257	45	the	the	DET
easat-5052	257	46	dependent	dependent	ADJ
easat-5052	257	47	variables	variable	NOUN
easat-5052	257	48	,	,	PUNCT
easat-5052	257	49	are	be	AUX
easat-5052	257	50	0.1935	0.1935	NUM
easat-5052	257	51	for	for	ADP
easat-5052	257	52	model	model	NOUN
easat-5052	257	53	3	3	NUM
easat-5052	257	54	and	and	CCONJ
easat-5052	257	55	0.5701	0.5701	NUM
easat-5052	257	56	for	for	ADP
easat-5052	257	57	model	model	NOUN
easat-5052	257	58	4	4	NUM
easat-5052	257	59	.	.	PUNCT
easat-5052	257	60	in	in	ADP
easat-5052	257	61	both	both	DET
easat-5052	257	62	models	model	NOUN
easat-5052	257	63	,	,	PUNCT
easat-5052	257	64	the	the	DET
easat-5052	257	65	maximum	maximum	ADJ
easat-5052	257	66	variance	variance	NOUN
easat-5052	257	67	inflation	inflation	NOUN
easat-5052	257	68	factor	factor	NOUN
easat-5052	257	69	(	(	PUNCT
easat-5052	257	70	vif	vif	NOUN
easat-5052	257	71	)	)	PUNCT
easat-5052	257	72	is	be	AUX
easat-5052	257	73	1.21486	1.21486	NUM
easat-5052	257	74	,	,	PUNCT
easat-5052	257	75	indicating	indicate	VERB
easat-5052	257	76	a	a	DET
easat-5052	257	77	very	very	ADV
easat-5052	257	78	low	low	ADJ
easat-5052	257	79	likelihood	likelihood	NOUN
easat-5052	257	80	of	of	ADP
easat-5052	257	81	multicollinearity	multicollinearity	NOUN
easat-5052	257	82	.	.	PUNCT
easat-5052	258	1	in	in	ADP
easat-5052	258	2	the	the	DET
easat-5052	258	3	analysis	analysis	NOUN
easat-5052	258	4	of	of	ADP
easat-5052	258	5	research	research	NOUN
easat-5052	258	6	model	model	NOUN
easat-5052	258	7	3	3	NUM
easat-5052	258	8	,	,	PUNCT
easat-5052	258	9	the	the	DET
easat-5052	258	10	coefficient	coefficient	NOUN
easat-5052	258	11	for	for	ADP
easat-5052	258	12	the	the	DET
easat-5052	258	13	key	key	ADJ
easat-5052	258	14	independent	independent	ADJ
easat-5052	258	15	variable	variable	NOUN
easat-5052	258	16	,	,	PUNCT
easat-5052	258	17	debt	debt	NOUN
easat-5052	258	18	level	level	NOUN
easat-5052	258	19	2	2	NUM
easat-5052	258	20	(	(	PUNCT
easat-5052	258	21	lev2	lev2	PROPN
easat-5052	258	22	)	)	PUNCT
easat-5052	258	23	,	,	PUNCT
easat-5052	258	24	is	be	AUX
easat-5052	258	25	-0.00113	-0.00113	NOUN
easat-5052	258	26	,	,	PUNCT
easat-5052	258	27	which	which	PRON
easat-5052	258	28	is	be	AUX
easat-5052	258	29	statistically	statistically	ADV
easat-5052	258	30	significant	significant	ADJ
easat-5052	258	31	at	at	ADP
easat-5052	258	32	the	the	DET
easat-5052	258	33	1	1	NUM
easat-5052	258	34	%	%	NOUN
easat-5052	258	35	level	level	NOUN
easat-5052	258	36	,	,	PUNCT
easat-5052	258	37	indicating	indicate	VERB
easat-5052	258	38	a	a	DET
easat-5052	258	39	negative	negative	ADJ
easat-5052	258	40	relationship	relationship	NOUN
easat-5052	258	41	.	.	PUNCT
easat-5052	259	1	among	among	ADP
easat-5052	259	2	the	the	DET
easat-5052	259	3	control	control	NOUN
easat-5052	259	4	variables	variable	NOUN
easat-5052	259	5	,	,	PUNCT
easat-5052	259	6	mtb	mtb	NOUN
easat-5052	259	7	,	,	PUNCT
easat-5052	259	8	size	size	NOUN
easat-5052	259	9	,	,	PUNCT
easat-5052	259	10	and	and	CCONJ
easat-5052	259	11	roa	roa	PROPN
easat-5052	259	12	show	show	VERB
easat-5052	259	13	statistically	statistically	ADV
easat-5052	259	14	significant	significant	ADJ
easat-5052	259	15	positive	positive	ADJ
easat-5052	259	16	coefficients	coefficient	NOUN
easat-5052	259	17	at	at	ADP
easat-5052	259	18	the	the	DET
easat-5052	259	19	1	1	NUM
easat-5052	259	20	%	%	NOUN
easat-5052	259	21	level	level	NOUN
easat-5052	259	22	,	,	PUNCT
easat-5052	259	23	while	while	SCONJ
easat-5052	259	24	int	int	NOUN
easat-5052	259	25	and	and	CCONJ
easat-5052	259	26	age	age	NOUN
easat-5052	259	27	exhibit	exhibit	VERB
easat-5052	259	28	statistically	statistically	ADV
easat-5052	259	29	significant	significant	ADJ
easat-5052	259	30	negative	negative	ADJ
easat-5052	259	31	coefficients	coefficient	NOUN
easat-5052	259	32	at	at	ADP
easat-5052	259	33	the	the	DET
easat-5052	259	34	1	1	NUM
easat-5052	259	35	%	%	NOUN
easat-5052	259	36	level	level	NOUN
easat-5052	259	37	.	.	PUNCT
easat-5052	260	1	in	in	ADP
easat-5052	260	2	research	research	NOUN
easat-5052	260	3	model	model	NOUN
easat-5052	260	4	4	4	NUM
easat-5052	260	5	,	,	PUNCT
easat-5052	260	6	the	the	DET
easat-5052	260	7	coefficient	coefficient	NOUN
easat-5052	260	8	for	for	ADP
easat-5052	260	9	debt	debt	NOUN
easat-5052	260	10	level	level	NOUN
easat-5052	260	11	2	2	NUM
easat-5052	260	12	(	(	PUNCT
easat-5052	260	13	lev2	lev2	PROPN
easat-5052	260	14	)	)	PUNCT
easat-5052	260	15	is	be	AUX
easat-5052	260	16	-0.00129	-0.00129	PROPN
easat-5052	260	17	,	,	PUNCT
easat-5052	260	18	which	which	PRON
easat-5052	260	19	is	be	AUX
easat-5052	260	20	statistically	statistically	ADV
easat-5052	260	21	significant	significant	ADJ
easat-5052	260	22	at	at	ADP
easat-5052	260	23	the	the	DET
easat-5052	260	24	1	1	NUM
easat-5052	260	25	%	%	NOUN
easat-5052	260	26	level	level	NOUN
easat-5052	260	27	,	,	PUNCT
easat-5052	260	28	again	again	ADV
easat-5052	260	29	reflecting	reflect	VERB
easat-5052	260	30	a	a	DET
easat-5052	260	31	negative	negative	ADJ
easat-5052	260	32	effect	effect	NOUN
easat-5052	260	33	.	.	PUNCT
easat-5052	261	1	among	among	ADP
easat-5052	261	2	the	the	DET
easat-5052	261	3	control	control	NOUN
easat-5052	261	4	variables	variable	NOUN
easat-5052	261	5	,	,	PUNCT
easat-5052	261	6	don	don	PROPN
easat-5052	261	7	,	,	PUNCT
easat-5052	261	8	mtb	mtb	NOUN
easat-5052	261	9	,	,	PUNCT
easat-5052	261	10	size	size	NOUN
easat-5052	261	11	,	,	PUNCT
easat-5052	261	12	and	and	CCONJ
easat-5052	261	13	roa	roa	PROPN
easat-5052	261	14	demonstrate	demonstrate	VERB
easat-5052	261	15	statistically	statistically	ADV
easat-5052	261	16	significant	significant	ADJ
easat-5052	261	17	positive	positive	ADJ
easat-5052	261	18	coefficients	coefficient	NOUN
easat-5052	261	19	at	at	ADP
easat-5052	261	20	the	the	DET
easat-5052	261	21	1	1	NUM
easat-5052	261	22	%	%	NOUN
easat-5052	261	23	level	level	NOUN
easat-5052	261	24	,	,	PUNCT
easat-5052	261	25	while	while	SCONJ
easat-5052	261	26	grw	grw	NOUN
easat-5052	261	27	,	,	PUNCT
easat-5052	261	28	int	int	NOUN
easat-5052	261	29	,	,	PUNCT
easat-5052	261	30	and	and	CCONJ
easat-5052	261	31	ppe	ppe	NOUN
easat-5052	261	32	show	show	VERB
easat-5052	261	33	statistically	statistically	ADV
easat-5052	261	34	significant	significant	ADJ
easat-5052	261	35	negative	negative	ADJ
easat-5052	261	36	coefficients	coefficient	NOUN
easat-5052	261	37	at	at	ADP
easat-5052	261	38	the	the	DET
easat-5052	261	39	1	1	NUM
easat-5052	261	40	%	%	NOUN
easat-5052	261	41	level	level	NOUN
easat-5052	261	42	.	.	PUNCT
easat-5052	262	1	the	the	DET
easat-5052	262	2	results	result	NOUN
easat-5052	262	3	presented	present	VERB
easat-5052	262	4	in	in	ADP
easat-5052	262	5	table	table	NOUN
easat-5052	262	6	5	5	NUM
easat-5052	262	7	suggest	suggest	VERB
easat-5052	262	8	that	that	SCONJ
easat-5052	262	9	debt	debt	NOUN
easat-5052	262	10	serves	serve	VERB
easat-5052	262	11	as	as	ADP
easat-5052	262	12	a	a	DET
easat-5052	262	13	factor	factor	NOUN
easat-5052	262	14	that	that	PRON
easat-5052	262	15	reduces	reduce	VERB
easat-5052	262	16	tax	tax	NOUN
easat-5052	262	17	avoidance	avoidance	NOUN
easat-5052	262	18	(	(	PUNCT
easat-5052	262	19	ddbtd	ddbtd	ADJ
easat-5052	262	20	,	,	PUNCT
easat-5052	262	21	btd	btd	PROPN
easat-5052	262	22	)	)	PUNCT
easat-5052	262	23	in	in	ADP
easat-5052	262	24	firms	firm	NOUN
easat-5052	262	25	.	.	PUNCT
easat-5052	263	1	these	these	DET
easat-5052	263	2	findings	finding	NOUN
easat-5052	263	3	support	support	NOUN
easat-5052	263	4	hypothesis	hypothesis	NOUN
easat-5052	263	5	1	1	NUM
easat-5052	263	6	of	of	ADP
easat-5052	263	7	this	this	DET
easat-5052	263	8	study	study	NOUN
easat-5052	263	9	,	,	PUNCT
easat-5052	263	10	which	which	PRON
easat-5052	263	11	posits	posit	VERB
easat-5052	263	12	that	that	SCONJ
easat-5052	263	13	a	a	DET
easat-5052	263	14	firm	firm	NOUN
easat-5052	263	15	’s	’s	PART
easat-5052	263	16	debt	debt	NOUN
easat-5052	263	17	level	level	NOUN
easat-5052	263	18	is	be	AUX
easat-5052	263	19	negatively	negatively	ADV
easat-5052	263	20	correlated	correlate	VERB
easat-5052	263	21	with	with	ADP
easat-5052	263	22	tax	tax	NOUN
easat-5052	263	23	avoidance	avoidance	NOUN
easat-5052	263	24	.	.	PUNCT
easat-5052	264	1	specifically	specifically	ADV
easat-5052	264	2	,	,	PUNCT
easat-5052	264	3	this	this	PRON
easat-5052	264	4	implies	imply	VERB
easat-5052	264	5	that	that	SCONJ
easat-5052	264	6	for	for	ADP
easat-5052	264	7	listed	list	VERB
easat-5052	264	8	firms	firm	NOUN
easat-5052	264	9	in	in	ADP
easat-5052	264	10	korea	korea	PROPN
easat-5052	264	11	,	,	PUNCT
easat-5052	264	12	as	as	SCONJ
easat-5052	264	13	debt	debt	NOUN
easat-5052	264	14	levels	level	NOUN
easat-5052	264	15	increase	increase	VERB
easat-5052	264	16	,	,	PUNCT
easat-5052	264	17	tax	tax	NOUN
easat-5052	264	18	avoidance	avoidance	NOUN
easat-5052	264	19	behaviors	behavior	NOUN
easat-5052	264	20	decrease	decrease	VERB
easat-5052	264	21	.	.	PUNCT
easat-5052	265	1	table	table	NOUN
easat-5052	265	2	4	4	NUM
easat-5052	265	3	.	.	PUNCT
easat-5052	266	1	analysis	analysis	NOUN
easat-5052	266	2	of	of	ADP
easat-5052	266	3	the	the	DET
easat-5052	266	4	relationship	relationship	NOUN
easat-5052	266	5	between	between	ADP
easat-5052	266	6	debt	debt	NOUN
easat-5052	266	7	level	level	NOUN
easat-5052	266	8	2	2	NUM
easat-5052	266	9	(	(	PUNCT
easat-5052	266	10	lev2	lev2	PROPN
easat-5052	266	11	)	)	PUNCT
easat-5052	266	12	and	and	CCONJ
easat-5052	266	13	tax	tax	NOUN
easat-5052	266	14	avoidance	avoidance	NOUN
easat-5052	266	15	(	(	PUNCT
easat-5052	266	16	ddbtd	ddbtd	ADJ
easat-5052	266	17	,	,	PUNCT
easat-5052	266	18	btd	btd	PROPN
easat-5052	266	19	)	)	PUNCT
easat-5052	266	20	.	.	PUNCT
easat-5052	267	1	variable	variable	NOUN
easat-5052	267	2	<	<	X
easat-5052	267	3	research	research	NOUN
easat-5052	267	4	model	model	NOUN
easat-5052	267	5	3	3	NUM
easat-5052	267	6	:	:	PUNCT
easat-5052	267	7	ddbtd	ddbtd	VERB
easat-5052	267	8	>	>	X
easat-5052	267	9	<	<	X
easat-5052	267	10	research	research	NOUN
easat-5052	267	11	model	model	NOUN
easat-5052	267	12	4	4	NUM
easat-5052	267	13	:	:	PUNCT
easat-5052	267	14	btd	btd	PROPN
easat-5052	267	15	>	>	X
easat-5052	267	16	coefficie	coefficie	PROPN
easat-5052	267	17	nt	not	PART
easat-5052	267	18	t	t	NOUN
easat-5052	267	19	-	-	PUNCT
easat-5052	267	20	value	value	NOUN
easat-5052	267	21	pr	pr	X
easat-5052	267	22	>	>	X
easat-5052	267	23	|t|	|t|	ADJ
easat-5052	267	24	variance	variance	NOUN
easat-5052	267	25	inflation	inflation	NOUN
easat-5052	267	26	factor	factor	NOUN
easat-5052	267	27	(	(	PUNCT
easat-5052	267	28	vif	vif	NOUN
easat-5052	267	29	)	)	PUNCT
easat-5052	267	30	coefficie	coefficie	VERB
easat-5052	267	31	nt	not	PART
easat-5052	267	32	t	t	NOUN
easat-5052	267	33	-	-	PUNCT
easat-5052	267	34	value	value	NOUN
easat-5052	267	35	pr	pr	X
easat-5052	267	36	>	>	X
easat-5052	267	37	|t|	|t|	ADJ
easat-5052	267	38	variance	variance	NOUN
easat-5052	267	39	inflation	inflation	NOUN
easat-5052	267	40	factor	factor	NOUN
easat-5052	267	41	(	(	PUNCT
easat-5052	267	42	vif	vif	NOUN
easat-5052	267	43	)	)	PUNCT
easat-5052	267	44	intercept	intercept	VERB
easat-5052	267	45	0.0676	0.0676	NUM
easat-5052	267	46	6	6	NUM
easat-5052	267	47	<	<	X
easat-5052	267	48	.0001	.0001	X
easat-5052	267	49	0	0	NUM
easat-5052	267	50	0.00465	0.00465	NUM
easat-5052	267	51	0.53	0.53	NUM
easat-5052	267	52	0.5932	0.5932	NUM
easat-5052	267	53	0	0	NUM
easat-5052	267	54	lev2	lev2	NOUN
easat-5052	267	55	-0.00113	-0.00113	NOUN
easat-5052	267	56	-2.82	-2.82	NUM
easat-5052	267	57	0.0048	0.0048	NUM
easat-5052	267	58	1.08405	1.08405	NUM
easat-5052	267	59	-0.00129	-0.00129	NOUN
easat-5052	267	60	-4.06	-4.06	PUNCT
easat-5052	267	61	<	<	X
easat-5052	267	62	.0001	.0001	X
easat-5052	267	63	1.09889	1.09889	NUM
easat-5052	267	64	don	don	NOUN
easat-5052	267	65	0.05779	0.05779	NUM
easat-5052	267	66	0.6	0.6	NUM
easat-5052	267	67	0.5472	0.5472	NUM
easat-5052	267	68	1.02127	1.02127	NUM
easat-5052	267	69	0.36692	0.36692	NUM
easat-5052	267	70	4.95	4.95	NUM
easat-5052	267	71	<	<	X
easat-5052	267	72	.0001	.0001	X
easat-5052	267	73	1.02163	1.02163	NUM
easat-5052	267	74	mtb	mtb	NOUN
easat-5052	267	75	0.01002	0.01002	NUM
easat-5052	267	76	29.67	29.67	NUM
easat-5052	267	77	<	<	X
easat-5052	267	78	.0001	.0001	X
easat-5052	267	79	1.20586	1.20586	NUM
easat-5052	267	80	0.00733	0.00733	NUM
easat-5052	267	81	26.11	26.11	NUM
easat-5052	267	82	<	<	X
easat-5052	267	83	.0001	.0001	X
easat-5052	267	84	1.23335	1.23335	NUM
easat-5052	267	85	size	size	NOUN
easat-5052	267	86	0.00117	0.00117	NUM
easat-5052	267	87	3.31	3.31	NUM
easat-5052	267	88	0.0009	0.0009	NUM
easat-5052	267	89	1.1445	1.1445	NUM
easat-5052	267	90	0.00175	0.00175	NUM
easat-5052	267	91	6.39	6.39	NUM
easat-5052	267	92	<	<	X
easat-5052	267	93	.0001	.0001	X
easat-5052	267	94	1.14601	1.14601	NUM
easat-5052	267	95	roa	roa	NOUN
easat-5052	267	96	0.16303	0.16303	NUM
easat-5052	267	97	32.68	32.68	NUM
easat-5052	267	98	<	<	X
easat-5052	267	99	.0001	.0001	X
easat-5052	267	100	1.16009	1.16009	NUM
easat-5052	267	101	0.46411	0.46411	NUM
easat-5052	267	102	110.96	110.96	NUM
easat-5052	267	103	<	<	X
easat-5052	267	104	.0001	.0001	X
easat-5052	267	105	1.21486	1.21486	NUM
easat-5052	267	106	grw	grw	NOUN
easat-5052	267	107	-0.00077	-0.00077	PROPN
easat-5052	267	108	-1.76	-1.76	NUM
easat-5052	267	109	0.0778	0.0778	NUM
easat-5052	267	110	1.02827	1.02827	NUM
easat-5052	267	111	-0.0016	-0.0016	NOUN
easat-5052	268	1	-4.75	-4.75	NUM
easat-5052	268	2	<	<	X
easat-5052	268	3	.0001	.0001	X
easat-5052	268	4	1.03481	1.03481	NUM
easat-5052	268	5	int	int	NOUN
easat-5052	268	6	-0.02074	-0.02074	NOUN
easat-5052	268	7	-3.29	-3.29	PROPN
easat-5052	268	8	0.001	0.001	NUM
easat-5052	268	9	1.05942	1.05942	NUM
easat-5052	268	10	-0.10006	-0.10006	NOUN
easat-5052	268	11	-15.82	-15.82	PUNCT
easat-5052	268	12	<	<	X
easat-5052	268	13	.0001	.0001	X
easat-5052	268	14	1.07996	1.07996	NUM
easat-5052	268	15	ppe	ppe	NOUN
easat-5052	268	16	0.00268	0.00268	NUM
easat-5052	268	17	1.08	1.08	NUM
easat-5052	268	18	0.2786	0.2786	NUM
easat-5052	268	19	1.09451	1.09451	NUM
easat-5052	268	20	-0.05172	-0.05172	NOUN
easat-5052	268	21	-27.05	-27.05	PUNCT
easat-5052	268	22	<	<	X
easat-5052	268	23	.0001	.0001	X
easat-5052	268	24	1.10228	1.10228	NUM
easat-5052	268	25	age	age	NOUN
easat-5052	268	26	-0.00456	-0.00456	PUNCT
easat-5052	268	27	-6.98	-6.98	X
easat-5052	268	28	<	<	X
easat-5052	268	29	.0001	.0001	X
easat-5052	268	30	1.17379	1.17379	NUM
easat-5052	268	31	-6.6e-05	-6.6e-05	NUM
easat-5052	268	32	-0.13	-0.13	NUM
easat-5052	268	33	0.8961	0.8961	NUM
easat-5052	268	34	1.18268	1.18268	NUM
easat-5052	268	35	year	year	NOUN
easat-5052	268	36	dummy	dummy	NOUN
easat-5052	268	37	included	include	VERB
easat-5052	268	38	included	include	VERB
easat-5052	268	39	industry	industry	NOUN
easat-5052	268	40	dummy	dummy	NOUN
easat-5052	268	41	included	include	VERB
easat-5052	268	42	included	include	VERB
easat-5052	268	43	f	f	NOUN
easat-5052	268	44	-	-	PUNCT
easat-5052	268	45	value	value	NOUN
easat-5052	268	46	98.69	98.69	NUM
easat-5052	268	47	*	*	PUNCT
easat-5052	269	1	*	*	PUNCT
easat-5052	269	2	*	*	PUNCT
easat-5052	270	1	540.11	540.11	NUM
easat-5052	270	2	*	*	PUNCT
easat-5052	270	3	*	*	PUNCT
easat-5052	270	4	*	*	PUNCT
easat-5052	270	5	adj	adj	NOUN
easat-5052	270	6	-	-	PUNCT
easat-5052	270	7	r2	r2	NOUN
easat-5052	270	8	0.1935	0.1935	NUM
easat-5052	270	9	0.5701	0.5701	NUM
easat-5052	270	10	number	number	NOUN
easat-5052	270	11	of	of	ADP
easat-5052	270	12	samples	sample	NOUN
easat-5052	270	13	after	after	ADP
easat-5052	270	14	removal	removal	NOUN
easat-5052	270	15	of	of	ADP
easat-5052	270	16	outliers	outlier	NOUN
easat-5052	270	17	14,253	14,253	NUM
easat-5052	270	18	14,232	14,232	NUM
easat-5052	270	19	source	source	NOUN
easat-5052	270	20	:	:	PUNCT
easat-5052	270	21	1	1	NUM
easat-5052	270	22	)	)	PUNCT
easat-5052	270	23	description	description	NOUN
easat-5052	270	24	of	of	ADP
easat-5052	270	25	variables	variable	NOUN
easat-5052	270	26	:	:	PUNCT
easat-5052	270	27	see	see	VERB
easat-5052	270	28	<	<	X
easat-5052	270	29	table	table	NOUN
easat-5052	270	30	2	2	NUM
easat-5052	270	31	>	>	X
easat-5052	270	32	.	.	PROPN
easat-5052	271	1	2	2	NUM
easat-5052	271	2	)	)	PUNCT
easat-5052	271	3	<	<	X
easat-5052	271	4	research	research	NOUN
easat-5052	271	5	model	model	NOUN
easat-5052	271	6	3	3	NUM
easat-5052	271	7	>	>	NOUN
easat-5052	271	8	:	:	PUNCT
easat-5052	271	9	ddbtdi	ddbtdi	PROPN
easat-5052	271	10	,	,	PUNCT
easat-5052	271	11	t=	t=	PROPN
easat-5052	271	12	β0	β0	PROPN
easat-5052	271	13	+	+	PROPN
easat-5052	271	14	β1lev2i	β1lev2i	PROPN
easat-5052	271	15	,	,	PUNCT
easat-5052	271	16	t	t	PROPN
easat-5052	271	17	+	+	CCONJ
easat-5052	271	18	β2doni	β2doni	ADJ
easat-5052	271	19	,	,	PUNCT
easat-5052	271	20	t	t	PROPN
easat-5052	271	21	+	+	CCONJ
easat-5052	271	22	β3mtbi	β3mtbi	NUM
easat-5052	271	23	,	,	PUNCT
easat-5052	271	24	t	t	NOUN
easat-5052	271	25	+	+	CCONJ
easat-5052	271	26	β4sizei	β4sizei	NUM
easat-5052	271	27	,	,	PUNCT
easat-5052	271	28	t	t	NOUN
easat-5052	271	29	+	+	CCONJ
easat-5052	271	30	β5roai	β5roai	PROPN
easat-5052	271	31	,	,	PUNCT
easat-5052	271	32	t	t	PROPN
easat-5052	271	33	+	+	CCONJ
easat-5052	271	34	β6grwi	β6grwi	PROPN
easat-5052	271	35	,	,	PUNCT
easat-5052	271	36	t	t	PROPN
easat-5052	271	37	+	+	CCONJ
easat-5052	271	38	β7inti	β7inti	PROPN
easat-5052	271	39	,	,	PUNCT
easat-5052	271	40	t	t	PROPN
easat-5052	271	41	+	+	NUM
easat-5052	271	42	β8ppei	β8ppei	PROPN
easat-5052	271	43	,	,	PUNCT
easat-5052	271	44	t	t	PROPN
easat-5052	271	45	+	+	CCONJ
easat-5052	271	46	β9agei	β9agei	PROPN
easat-5052	271	47	,	,	PUNCT
easat-5052	271	48	t	t	NOUN
easat-5052	271	49	+	+	NUM
easat-5052	271	50	β10∑id	β10∑id	NUM
easat-5052	272	1	+	+	CCONJ
easat-5052	272	2	β11∑yd	β11∑yd	PROPN
easat-5052	272	3	+	+	CCONJ
easat-5052	272	4	εi	εi	VERB
easat-5052	272	5	,	,	PUNCT
easat-5052	272	6	t	t	NOUN
easat-5052	272	7	3	3	NUM
easat-5052	272	8	)	)	PUNCT
easat-5052	272	9	<	<	X
easat-5052	272	10	research	research	NOUN
easat-5052	272	11	model	model	NOUN
easat-5052	272	12	4	4	NUM
easat-5052	272	13	>	>	NOUN
easat-5052	272	14	:	:	PUNCT
easat-5052	272	15	btdi	btdi	PROPN
easat-5052	272	16	,	,	PUNCT
easat-5052	272	17	t	t	PROPN
easat-5052	272	18	=	=	SYM
easat-5052	272	19	β0	β0	PROPN
easat-5052	272	20	+	+	PROPN
easat-5052	272	21	β1lev2i	β1lev2i	PROPN
easat-5052	272	22	,	,	PUNCT
easat-5052	272	23	t	t	PROPN
easat-5052	272	24	+	+	CCONJ
easat-5052	272	25	β2doni	β2doni	ADJ
easat-5052	272	26	,	,	PUNCT
easat-5052	272	27	t	t	PROPN
easat-5052	272	28	+	+	CCONJ
easat-5052	272	29	β3mtbi	β3mtbi	NUM
easat-5052	272	30	,	,	PUNCT
easat-5052	272	31	t	t	NOUN
easat-5052	272	32	+	+	CCONJ
easat-5052	272	33	β4sizei	β4sizei	NUM
easat-5052	272	34	,	,	PUNCT
easat-5052	272	35	t	t	NOUN
easat-5052	272	36	+	+	CCONJ
easat-5052	272	37	β5roai	β5roai	PROPN
easat-5052	272	38	,	,	PUNCT
easat-5052	272	39	t	t	PROPN
easat-5052	272	40	+	+	CCONJ
easat-5052	272	41	β6grwi	β6grwi	PROPN
easat-5052	272	42	,	,	PUNCT
easat-5052	272	43	t	t	PROPN
easat-5052	272	44	+	+	CCONJ
easat-5052	272	45	β7inti	β7inti	PROPN
easat-5052	272	46	,	,	PUNCT
easat-5052	272	47	t	t	PROPN
easat-5052	272	48	+	+	NUM
easat-5052	272	49	β8ppei	β8ppei	PROPN
easat-5052	272	50	,	,	PUNCT
easat-5052	272	51	t	t	PROPN
easat-5052	272	52	+	+	CCONJ
easat-5052	272	53	β9agei	β9agei	PROPN
easat-5052	272	54	,	,	PUNCT
easat-5052	272	55	t	t	NOUN
easat-5052	272	56	+	+	NUM
easat-5052	272	57	β10∑id	β10∑id	NUM
easat-5052	273	1	+	+	CCONJ
easat-5052	273	2	β11∑yd	β11∑yd	PROPN
easat-5052	273	3	+	+	CCONJ
easat-5052	273	4	εi	εi	ADJ
easat-5052	273	5	,	,	PUNCT
easat-5052	273	6	t	t	NOUN
easat-5052	273	7	table	table	NOUN
easat-5052	273	8	6	6	NUM
easat-5052	273	9	presents	present	VERB
easat-5052	273	10	the	the	DET
easat-5052	273	11	results	result	NOUN
easat-5052	273	12	of	of	ADP
easat-5052	273	13	analyzing	analyze	VERB
easat-5052	273	14	the	the	DET
easat-5052	273	15	effect	effect	NOUN
easat-5052	273	16	of	of	ADP
easat-5052	273	17	the	the	DET
easat-5052	273	18	debt	debt	NOUN
easat-5052	273	19	increase	increase	NOUN
easat-5052	273	20	/	/	SYM
easat-5052	273	21	decrease	decrease	NOUN
easat-5052	273	22	level	level	NOUN
easat-5052	273	23	(	(	PUNCT
easat-5052	273	24	lev3	lev3	ADJ
easat-5052	273	25	:	:	PUNCT
easat-5052	273	26	(	(	PUNCT
easat-5052	273	27	liabilities	liability	NOUN
easat-5052	273	28	at	at	ADP
easat-5052	273	29	the	the	DET
easat-5052	273	30	end	end	NOUN
easat-5052	273	31	of	of	ADP
easat-5052	273	32	the	the	DET
easat-5052	273	33	year	year	NOUN
easat-5052	273	34	t	t	NOUN
easat-5052	273	35	liabilities	liability	NOUN
easat-5052	273	36	at	at	ADP
easat-5052	273	37	the	the	DET
easat-5052	273	38	end	end	NOUN
easat-5052	273	39	of	of	ADP
easat-5052	273	40	the	the	DET
easat-5052	273	41	year	year	NOUN
easat-5052	273	42	t-1	t-1	PROPN
easat-5052	273	43	)	)	PUNCT
easat-5052	274	1	÷	÷	NUM
easat-5052	274	2	liabilities	liability	NOUN
easat-5052	274	3	at	at	ADP
easat-5052	274	4	the	the	DET
easat-5052	274	5	end	end	NOUN
easat-5052	274	6	of	of	ADP
easat-5052	274	7	the	the	DET
easat-5052	274	8	year	year	NOUN
easat-5052	274	9	t-1	t-1	PROPN
easat-5052	274	10	)	)	PUNCT
easat-5052	274	11	on	on	ADP
easat-5052	274	12	tax	tax	NOUN
easat-5052	274	13	2170	2170	NUM
easat-5052	274	14	edelweiss	edelweiss	PROPN
easat-5052	274	15	applied	apply	VERB
easat-5052	274	16	science	science	NOUN
easat-5052	274	17	and	and	CCONJ
easat-5052	274	18	technology	technology	NOUN
easat-5052	274	19	issn	issn	PROPN
easat-5052	274	20	:	:	PUNCT
easat-5052	274	21	2576	2576	NUM
easat-5052	274	22	-	-	SYM
easat-5052	274	23	8484	8484	NUM
easat-5052	274	24	vol	vol	NOUN
easat-5052	274	25	.	.	PROPN
easat-5052	275	1	9	9	NUM
easat-5052	275	2	,	,	PUNCT
easat-5052	275	3	no	no	INTJ
easat-5052	275	4	.	.	NOUN
easat-5052	275	5	2	2	NUM
easat-5052	275	6	:	:	PUNCT
easat-5052	275	7	2159	2159	NUM
easat-5052	275	8	-	-	SYM
easat-5052	275	9	2174	2174	NUM
easat-5052	275	10	,	,	PUNCT
easat-5052	275	11	2025	2025	NUM
easat-5052	275	12	doi	doi	NOUN
easat-5052	275	13	:	:	PUNCT
easat-5052	275	14	10.55214/25768484.v9i2.5052	10.55214/25768484.v9i2.5052	NUM
easat-5052	275	15	©	©	PROPN
easat-5052	275	16	2025	2025	NUM
easat-5052	275	17	by	by	ADP
easat-5052	275	18	the	the	DET
easat-5052	275	19	author	author	NOUN
easat-5052	275	20	;	;	PUNCT
easat-5052	275	21	licensee	licensee	PROPN
easat-5052	275	22	learning	learning	PROPN
easat-5052	275	23	gate	gate	PROPN
easat-5052	275	24	avoidance	avoidance	NOUN
easat-5052	275	25	,	,	PUNCT
easat-5052	275	26	measured	measure	VERB
easat-5052	275	27	by	by	ADP
easat-5052	275	28	ddbtd	ddbtd	NOUN
easat-5052	275	29	and	and	CCONJ
easat-5052	275	30	btd	btd	PROPN
easat-5052	275	31	,	,	PUNCT
easat-5052	275	32	using	use	VERB
easat-5052	275	33	research	research	NOUN
easat-5052	275	34	models	model	NOUN
easat-5052	275	35	5	5	NUM
easat-5052	275	36	and	and	CCONJ
easat-5052	275	37	6	6	NUM
easat-5052	275	38	.	.	PUNCT
easat-5052	275	39	research	research	NOUN
easat-5052	275	40	model	model	NOUN
easat-5052	275	41	5	5	NUM
easat-5052	275	42	assesses	assess	VERB
easat-5052	275	43	the	the	DET
easat-5052	275	44	impact	impact	NOUN
easat-5052	275	45	of	of	ADP
easat-5052	275	46	the	the	DET
easat-5052	275	47	debt	debt	NOUN
easat-5052	275	48	increase	increase	NOUN
easat-5052	275	49	/	/	SYM
easat-5052	275	50	decrease	decrease	NOUN
easat-5052	275	51	level	level	NOUN
easat-5052	275	52	(	(	PUNCT
easat-5052	275	53	lev3	lev3	ADJ
easat-5052	275	54	)	)	PUNCT
easat-5052	275	55	on	on	ADP
easat-5052	275	56	ddbtd	ddbtd	NOUN
easat-5052	275	57	,	,	PUNCT
easat-5052	275	58	a	a	DET
easat-5052	275	59	proxy	proxy	NOUN
easat-5052	275	60	for	for	ADP
easat-5052	275	61	tax	tax	NOUN
easat-5052	275	62	avoidance	avoidance	NOUN
easat-5052	275	63	,	,	PUNCT
easat-5052	275	64	while	while	SCONJ
easat-5052	275	65	research	research	NOUN
easat-5052	275	66	model	model	NOUN
easat-5052	275	67	6	6	NUM
easat-5052	275	68	examines	examine	VERB
easat-5052	275	69	the	the	DET
easat-5052	275	70	effect	effect	NOUN
easat-5052	275	71	of	of	ADP
easat-5052	275	72	lev3	lev3	PROPN
easat-5052	275	73	on	on	ADP
easat-5052	275	74	btd	btd	PROPN
easat-5052	275	75	,	,	PUNCT
easat-5052	275	76	a	a	DET
easat-5052	275	77	second	second	ADJ
easat-5052	275	78	proxy	proxy	NOUN
easat-5052	275	79	for	for	ADP
easat-5052	275	80	tax	tax	NOUN
easat-5052	275	81	avoidance	avoidance	NOUN
easat-5052	275	82	.	.	PUNCT
easat-5052	276	1	the	the	DET
easat-5052	276	2	f	f	NOUN
easat-5052	276	3	-	-	PUNCT
easat-5052	276	4	values	value	NOUN
easat-5052	276	5	,	,	PUNCT
easat-5052	276	6	which	which	PRON
easat-5052	276	7	indicate	indicate	VERB
easat-5052	276	8	the	the	DET
easat-5052	276	9	statistical	statistical	ADJ
easat-5052	276	10	significance	significance	NOUN
easat-5052	276	11	of	of	ADP
easat-5052	276	12	the	the	DET
easat-5052	276	13	empirical	empirical	ADJ
easat-5052	276	14	models	model	NOUN
easat-5052	276	15	,	,	PUNCT
easat-5052	276	16	are	be	AUX
easat-5052	276	17	98.63	98.63	NUM
easat-5052	276	18	and	and	CCONJ
easat-5052	276	19	538.96	538.96	NUM
easat-5052	276	20	for	for	ADP
easat-5052	276	21	research	research	NOUN
easat-5052	276	22	models	model	NOUN
easat-5052	276	23	5	5	NUM
easat-5052	276	24	and	and	CCONJ
easat-5052	276	25	6	6	NUM
easat-5052	276	26	,	,	PUNCT
easat-5052	276	27	respectively	respectively	ADV
easat-5052	276	28	,	,	PUNCT
easat-5052	276	29	both	both	PRON
easat-5052	276	30	of	of	ADP
easat-5052	276	31	which	which	PRON
easat-5052	276	32	are	be	AUX
easat-5052	276	33	statistically	statistically	ADV
easat-5052	276	34	significant	significant	ADJ
easat-5052	276	35	at	at	ADP
easat-5052	276	36	the	the	DET
easat-5052	276	37	1	1	NUM
easat-5052	276	38	%	%	NOUN
easat-5052	276	39	level	level	NOUN
easat-5052	276	40	.	.	PUNCT
easat-5052	277	1	the	the	DET
easat-5052	277	2	adjusted	adjusted	ADJ
easat-5052	277	3	r	r	NOUN
easat-5052	277	4	-	-	PUNCT
easat-5052	277	5	squared	square	VERB
easat-5052	277	6	(	(	PUNCT
easat-5052	277	7	adj	adj	NOUN
easat-5052	277	8	-	-	PUNCT
easat-5052	277	9	r²	r²	NOUN
easat-5052	277	10	)	)	PUNCT
easat-5052	277	11	values	value	NOUN
easat-5052	277	12	,	,	PUNCT
easat-5052	277	13	reflecting	reflect	VERB
easat-5052	277	14	the	the	DET
easat-5052	277	15	explanatory	explanatory	ADJ
easat-5052	277	16	power	power	NOUN
easat-5052	277	17	of	of	ADP
easat-5052	277	18	the	the	DET
easat-5052	277	19	independent	independent	ADJ
easat-5052	277	20	variables	variable	NOUN
easat-5052	277	21	on	on	ADP
easat-5052	277	22	the	the	DET
easat-5052	277	23	dependent	dependent	ADJ
easat-5052	277	24	variables	variable	NOUN
easat-5052	277	25	,	,	PUNCT
easat-5052	277	26	are	be	AUX
easat-5052	277	27	0.1934	0.1934	NUM
easat-5052	277	28	for	for	ADP
easat-5052	277	29	model	model	NOUN
easat-5052	277	30	5	5	NUM
easat-5052	277	31	and	and	CCONJ
easat-5052	277	32	0.5695	0.5695	NUM
easat-5052	277	33	for	for	ADP
easat-5052	277	34	model	model	NOUN
easat-5052	277	35	6	6	NUM
easat-5052	277	36	.	.	PUNCT
easat-5052	278	1	the	the	DET
easat-5052	278	2	maximum	maximum	ADJ
easat-5052	278	3	variance	variance	NOUN
easat-5052	278	4	inflation	inflation	NOUN
easat-5052	278	5	factor	factor	NOUN
easat-5052	278	6	(	(	PUNCT
easat-5052	278	7	vif	vif	NOUN
easat-5052	278	8	)	)	PUNCT
easat-5052	278	9	in	in	ADP
easat-5052	278	10	both	both	DET
easat-5052	278	11	models	model	NOUN
easat-5052	278	12	is	be	AUX
easat-5052	278	13	1.18961	1.18961	NUM
easat-5052	278	14	,	,	PUNCT
easat-5052	278	15	suggesting	suggest	VERB
easat-5052	278	16	a	a	DET
easat-5052	278	17	very	very	ADV
easat-5052	278	18	low	low	ADJ
easat-5052	278	19	possibility	possibility	NOUN
easat-5052	278	20	of	of	ADP
easat-5052	278	21	multicollinearity	multicollinearity	NOUN
easat-5052	278	22	.	.	PUNCT
easat-5052	279	1	in	in	ADP
easat-5052	279	2	the	the	DET
easat-5052	279	3	analysis	analysis	NOUN
easat-5052	279	4	of	of	ADP
easat-5052	279	5	research	research	NOUN
easat-5052	279	6	model	model	NOUN
easat-5052	279	7	5	5	NUM
easat-5052	279	8	,	,	PUNCT
easat-5052	279	9	the	the	DET
easat-5052	279	10	coefficient	coefficient	NOUN
easat-5052	279	11	for	for	ADP
easat-5052	279	12	the	the	DET
easat-5052	279	13	primary	primary	ADJ
easat-5052	279	14	independent	independent	ADJ
easat-5052	279	15	variable	variable	NOUN
easat-5052	279	16	,	,	PUNCT
easat-5052	279	17	the	the	DET
easat-5052	279	18	debt	debt	NOUN
easat-5052	279	19	increase	increase	NOUN
easat-5052	279	20	/	/	SYM
easat-5052	279	21	decrease	decrease	NOUN
easat-5052	279	22	level	level	NOUN
easat-5052	279	23	(	(	PUNCT
easat-5052	279	24	lev3	lev3	ADJ
easat-5052	279	25	)	)	PUNCT
easat-5052	279	26	,	,	PUNCT
easat-5052	279	27	is	be	AUX
easat-5052	279	28	-0.00019	-0.00019	VERB
easat-5052	279	29	,	,	PUNCT
easat-5052	279	30	which	which	PRON
easat-5052	279	31	is	be	AUX
easat-5052	279	32	statistically	statistically	ADV
easat-5052	279	33	significant	significant	ADJ
easat-5052	279	34	at	at	ADP
easat-5052	279	35	the	the	DET
easat-5052	279	36	1	1	NUM
easat-5052	279	37	%	%	NOUN
easat-5052	279	38	level	level	NOUN
easat-5052	279	39	,	,	PUNCT
easat-5052	279	40	indicating	indicate	VERB
easat-5052	279	41	a	a	DET
easat-5052	279	42	negative	negative	ADJ
easat-5052	279	43	relationship	relationship	NOUN
easat-5052	279	44	.	.	PUNCT
easat-5052	280	1	among	among	ADP
easat-5052	280	2	the	the	DET
easat-5052	280	3	control	control	NOUN
easat-5052	280	4	variables	variable	NOUN
easat-5052	280	5	,	,	PUNCT
easat-5052	280	6	mtb	mtb	NOUN
easat-5052	280	7	,	,	PUNCT
easat-5052	280	8	size	size	NOUN
easat-5052	280	9	,	,	PUNCT
easat-5052	280	10	and	and	CCONJ
easat-5052	280	11	roa	roa	PROPN
easat-5052	280	12	exhibit	exhibit	VERB
easat-5052	280	13	statistically	statistically	ADV
easat-5052	280	14	significant	significant	ADJ
easat-5052	280	15	positive	positive	ADJ
easat-5052	280	16	coefficients	coefficient	NOUN
easat-5052	280	17	at	at	ADP
easat-5052	280	18	the	the	DET
easat-5052	280	19	1	1	NUM
easat-5052	280	20	%	%	NOUN
easat-5052	280	21	level	level	NOUN
easat-5052	280	22	,	,	PUNCT
easat-5052	280	23	while	while	SCONJ
easat-5052	280	24	int	int	NOUN
easat-5052	280	25	and	and	CCONJ
easat-5052	280	26	age	age	NOUN
easat-5052	280	27	show	show	VERB
easat-5052	280	28	statistically	statistically	ADV
easat-5052	280	29	significant	significant	ADJ
easat-5052	280	30	negative	negative	ADJ
easat-5052	280	31	coefficients	coefficient	NOUN
easat-5052	280	32	at	at	ADP
easat-5052	280	33	the	the	DET
easat-5052	280	34	1	1	NUM
easat-5052	280	35	%	%	NOUN
easat-5052	280	36	level	level	NOUN
easat-5052	280	37	.	.	PUNCT
easat-5052	281	1	for	for	ADP
easat-5052	281	2	research	research	NOUN
easat-5052	281	3	model	model	NOUN
easat-5052	281	4	6	6	NUM
easat-5052	281	5	,	,	PUNCT
easat-5052	281	6	the	the	DET
easat-5052	281	7	coefficient	coefficient	NOUN
easat-5052	281	8	for	for	ADP
easat-5052	281	9	the	the	DET
easat-5052	281	10	debt	debt	NOUN
easat-5052	281	11	increase	increase	NOUN
easat-5052	281	12	/	/	SYM
easat-5052	281	13	decrease	decrease	NOUN
easat-5052	281	14	level	level	NOUN
easat-5052	281	15	(	(	PUNCT
easat-5052	281	16	lev3	lev3	ADJ
easat-5052	281	17	)	)	PUNCT
easat-5052	281	18	is	be	AUX
easat-5052	281	19	-0.00024	-0.00024	NOUN
easat-5052	281	20	,	,	PUNCT
easat-5052	281	21	which	which	PRON
easat-5052	281	22	is	be	AUX
easat-5052	281	23	statistically	statistically	ADV
easat-5052	281	24	insignificant	insignificant	ADJ
easat-5052	281	25	.	.	PUNCT
easat-5052	282	1	however	however	ADV
easat-5052	282	2	,	,	PUNCT
easat-5052	282	3	among	among	ADP
easat-5052	282	4	the	the	DET
easat-5052	282	5	control	control	NOUN
easat-5052	282	6	variables	variable	NOUN
easat-5052	282	7	,	,	PUNCT
easat-5052	282	8	don	don	PROPN
easat-5052	282	9	,	,	PUNCT
easat-5052	282	10	mtb	mtb	NOUN
easat-5052	282	11	,	,	PUNCT
easat-5052	282	12	size	size	NOUN
easat-5052	282	13	,	,	PUNCT
easat-5052	282	14	and	and	CCONJ
easat-5052	282	15	roa	roa	PROPN
easat-5052	282	16	show	show	VERB
easat-5052	282	17	statistically	statistically	ADV
easat-5052	282	18	significant	significant	ADJ
easat-5052	282	19	positive	positive	ADJ
easat-5052	282	20	coefficients	coefficient	NOUN
easat-5052	282	21	at	at	ADP
easat-5052	282	22	the	the	DET
easat-5052	282	23	1	1	NUM
easat-5052	282	24	%	%	NOUN
easat-5052	282	25	level	level	NOUN
easat-5052	282	26	,	,	PUNCT
easat-5052	282	27	whereas	whereas	SCONJ
easat-5052	282	28	grw	grw	NOUN
easat-5052	282	29	,	,	PUNCT
easat-5052	282	30	int	int	NOUN
easat-5052	282	31	,	,	PUNCT
easat-5052	282	32	and	and	CCONJ
easat-5052	282	33	ppe	ppe	PROPN
easat-5052	282	34	exhibit	exhibit	VERB
easat-5052	282	35	statistically	statistically	ADV
easat-5052	282	36	significant	significant	ADJ
easat-5052	282	37	negative	negative	ADJ
easat-5052	282	38	coefficients	coefficient	NOUN
easat-5052	282	39	at	at	ADP
easat-5052	282	40	the	the	DET
easat-5052	282	41	1	1	NUM
easat-5052	282	42	%	%	NOUN
easat-5052	282	43	level	level	NOUN
easat-5052	282	44	.	.	PUNCT
easat-5052	283	1	the	the	DET
easat-5052	283	2	results	result	NOUN
easat-5052	283	3	presented	present	VERB
easat-5052	283	4	in	in	ADP
easat-5052	283	5	table	table	NOUN
easat-5052	283	6	6	6	NUM
easat-5052	283	7	indicate	indicate	VERB
easat-5052	283	8	that	that	SCONJ
easat-5052	283	9	changes	change	NOUN
easat-5052	283	10	in	in	ADP
easat-5052	283	11	a	a	DET
easat-5052	283	12	firm	firm	NOUN
easat-5052	283	13	’s	’s	PART
easat-5052	283	14	debt	debt	NOUN
easat-5052	283	15	level	level	NOUN
easat-5052	283	16	,	,	PUNCT
easat-5052	283	17	whether	whether	SCONJ
easat-5052	283	18	an	an	DET
easat-5052	283	19	increase	increase	NOUN
easat-5052	283	20	or	or	CCONJ
easat-5052	283	21	decrease	decrease	NOUN
easat-5052	283	22	,	,	PUNCT
easat-5052	283	23	serve	serve	VERB
easat-5052	283	24	as	as	ADP
easat-5052	283	25	a	a	DET
easat-5052	283	26	factor	factor	NOUN
easat-5052	283	27	that	that	PRON
easat-5052	283	28	reduces	reduce	VERB
easat-5052	283	29	tax	tax	NOUN
easat-5052	283	30	avoidance	avoidance	NOUN
easat-5052	283	31	(	(	PUNCT
easat-5052	283	32	ddbtd	ddbtd	ADJ
easat-5052	283	33	,	,	PUNCT
easat-5052	283	34	btd	btd	PROPN
easat-5052	283	35	)	)	PUNCT
easat-5052	283	36	.	.	PUNCT
easat-5052	284	1	these	these	DET
easat-5052	284	2	findings	finding	NOUN
easat-5052	284	3	support	support	NOUN
easat-5052	284	4	hypothesis	hypothesis	NOUN
easat-5052	284	5	2(the	2(the	DET
easat-5052	284	6	level	level	NOUN
easat-5052	284	7	of	of	ADP
easat-5052	284	8	increase	increase	NOUN
easat-5052	284	9	or	or	CCONJ
easat-5052	284	10	decrease	decrease	NOUN
easat-5052	284	11	in	in	ADP
easat-5052	284	12	debt	debt	NOUN
easat-5052	284	13	of	of	ADP
easat-5052	284	14	a	a	DET
easat-5052	284	15	company	company	NOUN
easat-5052	284	16	has	have	VERB
easat-5052	284	17	a	a	DET
easat-5052	284	18	negative	negative	ADJ
easat-5052	284	19	(	(	PUNCT
easat-5052	284	20	-	-	PUNCT
easat-5052	284	21	)	)	PUNCT
easat-5052	284	22	relationship	relationship	NOUN
easat-5052	284	23	with	with	ADP
easat-5052	284	24	tax	tax	NOUN
easat-5052	284	25	avoidance	avoidance	NOUN
easat-5052	284	26	.	.	PUNCT
easat-5052	284	27	)	)	PUNCT
easat-5052	285	1	of	of	ADP
easat-5052	285	2	this	this	DET
easat-5052	285	3	study	study	NOUN
easat-5052	285	4	,	,	PUNCT
easat-5052	285	5	which	which	PRON
easat-5052	285	6	posits	posit	VERB
easat-5052	285	7	that	that	SCONJ
easat-5052	285	8	the	the	DET
easat-5052	285	9	level	level	NOUN
easat-5052	285	10	of	of	ADP
easat-5052	285	11	debt	debt	NOUN
easat-5052	285	12	increase	increase	NOUN
easat-5052	285	13	or	or	CCONJ
easat-5052	285	14	decrease	decrease	NOUN
easat-5052	285	15	in	in	ADP
easat-5052	285	16	a	a	DET
easat-5052	285	17	firm	firm	NOUN
easat-5052	285	18	is	be	AUX
easat-5052	285	19	negatively	negatively	ADV
easat-5052	285	20	related	relate	VERB
easat-5052	285	21	to	to	ADP
easat-5052	285	22	tax	tax	NOUN
easat-5052	285	23	avoidance	avoidance	NOUN
easat-5052	285	24	.	.	PUNCT
easat-5052	286	1	in	in	ADP
easat-5052	286	2	other	other	ADJ
easat-5052	286	3	words	word	NOUN
easat-5052	286	4	,	,	PUNCT
easat-5052	286	5	for	for	ADP
easat-5052	286	6	listed	list	VERB
easat-5052	286	7	firms	firm	NOUN
easat-5052	286	8	in	in	ADP
easat-5052	286	9	korea	korea	PROPN
easat-5052	286	10	,	,	PUNCT
easat-5052	286	11	tax	tax	NOUN
easat-5052	286	12	avoidance	avoidance	NOUN
easat-5052	286	13	behaviors	behavior	NOUN
easat-5052	286	14	decrease	decrease	VERB
easat-5052	286	15	as	as	ADP
easat-5052	286	16	the	the	DET
easat-5052	286	17	level	level	NOUN
easat-5052	286	18	of	of	ADP
easat-5052	286	19	debt	debt	NOUN
easat-5052	286	20	change	change	NOUN
easat-5052	286	21	increases	increase	NOUN
easat-5052	286	22	.	.	PUNCT
easat-5052	287	1	2171	2171	NUM
easat-5052	287	2	edelweiss	edelweiss	PROPN
easat-5052	287	3	applied	apply	VERB
easat-5052	287	4	science	science	NOUN
easat-5052	287	5	and	and	CCONJ
easat-5052	287	6	technology	technology	NOUN
easat-5052	287	7	issn	issn	PROPN
easat-5052	287	8	:	:	PUNCT
easat-5052	287	9	2576	2576	NUM
easat-5052	287	10	-	-	SYM
easat-5052	287	11	8484	8484	NUM
easat-5052	287	12	vol	vol	NOUN
easat-5052	287	13	.	.	PROPN
easat-5052	288	1	9	9	NUM
easat-5052	288	2	,	,	PUNCT
easat-5052	288	3	no	no	INTJ
easat-5052	288	4	.	.	NOUN
easat-5052	288	5	2	2	NUM
easat-5052	288	6	:	:	PUNCT
easat-5052	288	7	2159	2159	NUM
easat-5052	288	8	-	-	SYM
easat-5052	288	9	2174	2174	NUM
easat-5052	288	10	,	,	PUNCT
easat-5052	288	11	2025	2025	NUM
easat-5052	288	12	doi	doi	NOUN
easat-5052	288	13	:	:	PUNCT
easat-5052	288	14	10.55214/25768484.v9i2.5052	10.55214/25768484.v9i2.5052	NUM
easat-5052	288	15	©	©	PROPN
easat-5052	288	16	2025	2025	NUM
easat-5052	288	17	by	by	ADP
easat-5052	288	18	the	the	DET
easat-5052	288	19	author	author	NOUN
easat-5052	288	20	;	;	PUNCT
easat-5052	288	21	licensee	licensee	PROPN
easat-5052	288	22	learning	learn	VERB
easat-5052	288	23	gate	gate	NOUN
easat-5052	288	24	table	table	NOUN
easat-5052	288	25	6	6	NUM
easat-5052	288	26	.	.	PUNCT
easat-5052	289	1	analysis	analysis	NOUN
easat-5052	289	2	of	of	ADP
easat-5052	289	3	the	the	DET
easat-5052	289	4	relationship	relationship	NOUN
easat-5052	289	5	between	between	ADP
easat-5052	289	6	debt	debt	NOUN
easat-5052	289	7	increase	increase	NOUN
easat-5052	289	8	/	/	SYM
easat-5052	289	9	decrease	decrease	NOUN
easat-5052	289	10	level	level	NOUN
easat-5052	289	11	(	(	PUNCT
easat-5052	289	12	lev3	lev3	ADJ
easat-5052	289	13	)	)	PUNCT
easat-5052	289	14	and	and	CCONJ
easat-5052	289	15	tax	tax	NOUN
easat-5052	289	16	avoidance	avoidance	NOUN
easat-5052	289	17	(	(	PUNCT
easat-5052	289	18	ddbtd	ddbtd	ADJ
easat-5052	289	19	,	,	PUNCT
easat-5052	289	20	btd	btd	PROPN
easat-5052	289	21	)	)	PUNCT
easat-5052	289	22	.	.	PUNCT
easat-5052	290	1	variable	variable	NOUN
easat-5052	290	2	<	<	X
easat-5052	290	3	research	research	NOUN
easat-5052	290	4	model	model	NOUN
easat-5052	290	5	5	5	NUM
easat-5052	290	6	:	:	PUNCT
easat-5052	290	7	ddbtd	ddbtd	VERB
easat-5052	290	8	>	>	X
easat-5052	290	9	<	<	X
easat-5052	290	10	research	research	NOUN
easat-5052	290	11	model	model	NOUN
easat-5052	290	12	6	6	NUM
easat-5052	290	13	:	:	PUNCT
easat-5052	290	14	btd	btd	PROPN
easat-5052	290	15	>	>	X
easat-5052	290	16	coefficient	coefficient	PROPN
easat-5052	290	17	t	t	NOUN
easat-5052	290	18	-	-	PUNCT
easat-5052	290	19	value	value	NOUN
easat-5052	290	20	pr	pr	X
easat-5052	290	21	>	>	X
easat-5052	290	22	|t|	|t|	ADJ
easat-5052	290	23	variance	variance	NOUN
easat-5052	290	24	inflation	inflation	NOUN
easat-5052	290	25	factor	factor	NOUN
easat-5052	290	26	(	(	PUNCT
easat-5052	290	27	vif	vif	PROPN
easat-5052	290	28	)	)	PUNCT
easat-5052	290	29	coefficient	coefficient	NOUN
easat-5052	290	30	t	t	NOUN
easat-5052	290	31	-	-	PUNCT
easat-5052	290	32	value	value	NOUN
easat-5052	290	33	pr	pr	X
easat-5052	290	34	>	>	X
easat-5052	290	35	|t|	|t|	ADJ
easat-5052	290	36	variance	variance	NOUN
easat-5052	290	37	inflation	inflation	NOUN
easat-5052	290	38	factor	factor	NOUN
easat-5052	290	39	(	(	PUNCT
easat-5052	290	40	vif	vif	NOUN
easat-5052	290	41	)	)	PUNCT
easat-5052	290	42	intercept	intercept	VERB
easat-5052	290	43	0.07133	0.07133	NUM
easat-5052	290	44	6.35	6.35	NUM
easat-5052	290	45	<	<	X
easat-5052	290	46	.0001	.0001	X
easat-5052	290	47	0	0	NUM
easat-5052	290	48	0.00879	0.00879	NUM
easat-5052	290	49	1.01	1.01	NUM
easat-5052	290	50	0.312	0.312	NUM
easat-5052	290	51	0	0	NUM
easat-5052	290	52	lev3	lev3	ADJ
easat-5052	290	53	-0.00019	-0.00019	VERB
easat-5052	290	54	-3.27	-3.27	NUM
easat-5052	290	55	0.0011	0.0011	NUM
easat-5052	290	56	1.01225	1.01225	NUM
easat-5052	290	57	-0.00024	-0.00024	NOUN
easat-5052	290	58	-1.07	-1.07	NOUN
easat-5052	290	59	0.2863	0.2863	NUM
easat-5052	290	60	1.14536	1.14536	NUM
easat-5052	290	61	don	don	NOUN
easat-5052	290	62	0.06868	0.06868	NUM
easat-5052	290	63	0.72	0.72	NUM
easat-5052	290	64	0.474	0.474	NUM
easat-5052	290	65	1.01968	1.01968	NUM
easat-5052	290	66	0.37868	0.37868	NUM
easat-5052	290	67	5.1	5.1	NUM
easat-5052	290	68	<	<	NOUN
easat-5052	290	69	.0001	.0001	PROPN
easat-5052	290	70	1.02017	1.02017	NUM
easat-5052	290	71	mtb	mtb	NOUN
easat-5052	290	72	0.00987	0.00987	NUM
easat-5052	290	73	29.43	29.43	NUM
easat-5052	290	74	<	<	X
easat-5052	290	75	.0001	.0001	X
easat-5052	290	76	1.19199	1.19199	NUM
easat-5052	290	77	0.0072	0.0072	NUM
easat-5052	290	78	25.8	25.8	NUM
easat-5052	290	79	<	<	NOUN
easat-5052	290	80	.0001	.0001	X
easat-5052	290	81	1.2163	1.2163	NUM
easat-5052	290	82	size	size	NOUN
easat-5052	290	83	0.00106	0.00106	NUM
easat-5052	290	84	3.01	3.01	NUM
easat-5052	290	85	0.0026	0.0026	NUM
easat-5052	290	86	1.13028	1.13028	NUM
easat-5052	290	87	0.00162	0.00162	NUM
easat-5052	290	88	5.92	5.92	NUM
easat-5052	290	89	<	<	X
easat-5052	290	90	.0001	.0001	PROPN
easat-5052	290	91	1.13556	1.13556	NUM
easat-5052	290	92	roa	roa	NOUN
easat-5052	290	93	0.166	0.166	NUM
easat-5052	290	94	33.54	33.54	NUM
easat-5052	290	95	<	<	X
easat-5052	290	96	.0001	.0001	X
easat-5052	290	97	1.14172	1.14172	NUM
easat-5052	290	98	0.46759	0.46759	NUM
easat-5052	290	99	113.28	113.28	NUM
easat-5052	290	100	<	<	X
easat-5052	290	101	.0001	.0001	X
easat-5052	290	102	1.18062	1.18062	NUM
easat-5052	290	103	grw	grw	NOUN
easat-5052	290	104	-0.00078	-0.00078	NOUN
easat-5052	290	105	-1.79	-1.79	VERB
easat-5052	290	106	0.0741	0.0741	NUM
easat-5052	290	107	1.02778	1.02778	NUM
easat-5052	290	108	-0.00167	-0.00167	NOUN
easat-5052	290	109	-4.92	-4.92	ADV
easat-5052	290	110	<	<	X
easat-5052	290	111	.0001	.0001	X
easat-5052	290	112	1.04063	1.04063	NUM
easat-5052	290	113	int	int	NOUN
easat-5052	290	114	-0.02024	-0.02024	NOUN
easat-5052	290	115	-3.21	-3.21	NOUN
easat-5052	290	116	0.0013	0.0013	NUM
easat-5052	290	117	1.05864	1.05864	NUM
easat-5052	290	118	-0.0995	-0.0995	NOUN
easat-5052	291	1	-15.72	-15.72	PUNCT
easat-5052	291	2	<	<	X
easat-5052	291	3	.0001	.0001	X
easat-5052	291	4	1.0793	1.0793	NUM
easat-5052	291	5	ppe	ppe	NOUN
easat-5052	291	6	0.00211	0.00211	NUM
easat-5052	291	7	0.86	0.86	NUM
easat-5052	291	8	0.3886	0.3886	NUM
easat-5052	291	9	1.07657	1.07657	NUM
easat-5052	291	10	-0.0524	-0.0524	NOUN
easat-5052	292	1	-26.33	-26.33	VERB
easat-5052	292	2	<	<	X
easat-5052	292	3	.0001	.0001	X
easat-5052	292	4	1.18961	1.18961	NUM
easat-5052	292	5	age	age	NOUN
easat-5052	292	6	-0.00468	-0.00468	NOUN
easat-5052	293	1	-7.16	-7.16	X
easat-5052	293	2	<	<	X
easat-5052	293	3	.0001	.0001	X
easat-5052	293	4	1.17482	1.17482	NUM
easat-5052	293	5	-0.00019	-0.00019	PUNCT
easat-5052	293	6	-0.37	-0.37	NUM
easat-5052	293	7	0.7134	0.7134	NUM
easat-5052	293	8	1.18396	1.18396	NUM
easat-5052	293	9	year	year	NOUN
easat-5052	293	10	dummy	dummy	NOUN
easat-5052	293	11	included	include	VERB
easat-5052	293	12	included	include	VERB
easat-5052	293	13	industry	industry	NOUN
easat-5052	293	14	dummy	dummy	NOUN
easat-5052	293	15	included	include	VERB
easat-5052	293	16	included	include	VERB
easat-5052	293	17	f	f	NOUN
easat-5052	293	18	-	-	PUNCT
easat-5052	293	19	value	value	NOUN
easat-5052	293	20	98.63	98.63	NUM
easat-5052	293	21	*	*	PUNCT
easat-5052	294	1	*	*	PUNCT
easat-5052	294	2	*	*	PUNCT
easat-5052	295	1	538.96	538.96	NUM
easat-5052	295	2	*	*	PUNCT
easat-5052	295	3	*	*	PUNCT
easat-5052	295	4	*	*	PUNCT
easat-5052	295	5	adj	adj	NOUN
easat-5052	295	6	-	-	PUNCT
easat-5052	295	7	r2	r2	NOUN
easat-5052	295	8	0.1934	0.1934	NUM
easat-5052	295	9	0.5695	0.5695	NUM
easat-5052	295	10	number	number	NOUN
easat-5052	295	11	of	of	ADP
easat-5052	295	12	samples	sample	NOUN
easat-5052	295	13	after	after	ADP
easat-5052	295	14	removal	removal	NOUN
easat-5052	295	15	of	of	ADP
easat-5052	295	16	outliers	outlier	NOUN
easat-5052	295	17	14,254	14,254	NUM
easat-5052	295	18	14,232	14,232	NUM
easat-5052	295	19	source	source	NOUN
easat-5052	295	20	:	:	PUNCT
easat-5052	295	21	1	1	NUM
easat-5052	295	22	)	)	PUNCT
easat-5052	295	23	description	description	NOUN
easat-5052	295	24	of	of	ADP
easat-5052	295	25	variables	variable	NOUN
easat-5052	295	26	:	:	PUNCT
easat-5052	295	27	see	see	VERB
easat-5052	295	28	<	<	X
easat-5052	295	29	table	table	NOUN
easat-5052	295	30	2	2	NUM
easat-5052	295	31	>	>	X
easat-5052	295	32	.	.	PROPN
easat-5052	296	1	2	2	NUM
easat-5052	296	2	)	)	PUNCT
easat-5052	296	3	<	<	X
easat-5052	296	4	research	research	NOUN
easat-5052	296	5	model	model	NOUN
easat-5052	296	6	5	5	NUM
easat-5052	296	7	>	>	PUNCT
easat-5052	296	8	:	:	PUNCT
easat-5052	296	9	ddbtdi	ddbtdi	PROPN
easat-5052	296	10	,	,	PUNCT
easat-5052	296	11	t=	t=	PROPN
easat-5052	296	12	β0	β0	PROPN
easat-5052	296	13	+	+	PROPN
easat-5052	296	14	β1lev3i	β1lev3i	PROPN
easat-5052	296	15	,	,	PUNCT
easat-5052	296	16	t	t	PROPN
easat-5052	296	17	+	+	CCONJ
easat-5052	296	18	β2doni	β2doni	ADJ
easat-5052	296	19	,	,	PUNCT
easat-5052	296	20	t	t	PROPN
easat-5052	296	21	+	+	CCONJ
easat-5052	296	22	β3mtbi	β3mtbi	NUM
easat-5052	296	23	,	,	PUNCT
easat-5052	296	24	t	t	NOUN
easat-5052	296	25	+	+	CCONJ
easat-5052	296	26	β4sizei	β4sizei	NUM
easat-5052	296	27	,	,	PUNCT
easat-5052	296	28	t	t	NOUN
easat-5052	296	29	+	+	CCONJ
easat-5052	296	30	β5roai	β5roai	PROPN
easat-5052	296	31	,	,	PUNCT
easat-5052	296	32	t	t	PROPN
easat-5052	296	33	+	+	CCONJ
easat-5052	296	34	β6grwi	β6grwi	PROPN
easat-5052	296	35	,	,	PUNCT
easat-5052	296	36	t	t	PROPN
easat-5052	296	37	+	+	CCONJ
easat-5052	296	38	β7inti	β7inti	PROPN
easat-5052	296	39	,	,	PUNCT
easat-5052	296	40	t	t	PROPN
easat-5052	296	41	+	+	NUM
easat-5052	296	42	β8ppei	β8ppei	PROPN
easat-5052	296	43	,	,	PUNCT
easat-5052	296	44	t	t	PROPN
easat-5052	296	45	+	+	CCONJ
easat-5052	296	46	β9agei	β9agei	PROPN
easat-5052	296	47	,	,	PUNCT
easat-5052	296	48	t	t	NOUN
easat-5052	296	49	+	+	NUM
easat-5052	296	50	β10∑id	β10∑id	NUM
easat-5052	297	1	+	+	CCONJ
easat-5052	297	2	β11∑yd	β11∑yd	PROPN
easat-5052	297	3	+	+	CCONJ
easat-5052	297	4	εi	εi	VERB
easat-5052	297	5	,	,	PUNCT
easat-5052	297	6	t	t	NOUN
easat-5052	297	7	3	3	NUM
easat-5052	297	8	)	)	PUNCT
easat-5052	297	9	<	<	X
easat-5052	297	10	research	research	NOUN
easat-5052	297	11	model	model	NOUN
easat-5052	297	12	6	6	NUM
easat-5052	297	13	>	>	NOUN
easat-5052	297	14	:	:	PUNCT
easat-5052	297	15	btdi	btdi	PROPN
easat-5052	297	16	,	,	PUNCT
easat-5052	297	17	t	t	PROPN
easat-5052	297	18	=	=	SYM
easat-5052	298	1	β0	β0	PROPN
easat-5052	298	2	+	+	PROPN
easat-5052	298	3	β1lev3i	β1lev3i	PROPN
easat-5052	298	4	,	,	PUNCT
easat-5052	298	5	t	t	PROPN
easat-5052	298	6	+	+	CCONJ
easat-5052	298	7	β2doni	β2doni	ADJ
easat-5052	298	8	,	,	PUNCT
easat-5052	298	9	t	t	PROPN
easat-5052	298	10	+	+	CCONJ
easat-5052	298	11	β3mtbi	β3mtbi	NUM
easat-5052	298	12	,	,	PUNCT
easat-5052	298	13	t	t	NOUN
easat-5052	298	14	+	+	CCONJ
easat-5052	298	15	β4sizei	β4sizei	NUM
easat-5052	298	16	,	,	PUNCT
easat-5052	298	17	t	t	NOUN
easat-5052	298	18	+	+	CCONJ
easat-5052	298	19	β5roai	β5roai	PROPN
easat-5052	298	20	,	,	PUNCT
easat-5052	298	21	t	t	PROPN
easat-5052	298	22	+	+	CCONJ
easat-5052	298	23	β6grwi	β6grwi	PROPN
easat-5052	298	24	,	,	PUNCT
easat-5052	298	25	t	t	PROPN
easat-5052	298	26	+	+	CCONJ
easat-5052	298	27	β7inti	β7inti	PROPN
easat-5052	298	28	,	,	PUNCT
easat-5052	298	29	t	t	PROPN
easat-5052	298	30	+	+	NUM
easat-5052	298	31	β8ppei	β8ppei	PROPN
easat-5052	298	32	,	,	PUNCT
easat-5052	298	33	t	t	PROPN
easat-5052	298	34	+	+	CCONJ
easat-5052	298	35	β9agei	β9agei	PROPN
easat-5052	298	36	,	,	PUNCT
easat-5052	298	37	t	t	NOUN
easat-5052	298	38	+	+	NUM
easat-5052	298	39	β10∑id	β10∑id	NUM
easat-5052	299	1	+	+	CCONJ
easat-5052	299	2	β11∑yd	β11∑yd	PROPN
easat-5052	299	3	+	+	CCONJ
easat-5052	299	4	εi	εi	ADJ
easat-5052	299	5	,	,	PUNCT
easat-5052	299	6	t	t	NOUN
easat-5052	299	7	table	table	NOUN
easat-5052	299	8	7	7	NUM
easat-5052	299	9	presents	present	VERB
easat-5052	299	10	the	the	DET
easat-5052	299	11	results	result	NOUN
easat-5052	299	12	of	of	ADP
easat-5052	299	13	analyzing	analyze	VERB
easat-5052	299	14	the	the	DET
easat-5052	299	15	impact	impact	NOUN
easat-5052	299	16	of	of	ADP
easat-5052	299	17	the	the	DET
easat-5052	299	18	debt	debt	NOUN
easat-5052	299	19	increase	increase	NOUN
easat-5052	299	20	/	/	SYM
easat-5052	299	21	decrease	decrease	NOUN
easat-5052	299	22	level	level	NOUN
easat-5052	299	23	(	(	PUNCT
easat-5052	299	24	lev4	lev4	PROPN
easat-5052	299	25	:	:	PUNCT
easat-5052	299	26	liabilities	liability	NOUN
easat-5052	299	27	at	at	ADP
easat-5052	299	28	the	the	DET
easat-5052	299	29	end	end	NOUN
easat-5052	299	30	of	of	ADP
easat-5052	299	31	the	the	DET
easat-5052	299	32	year	year	NOUN
easat-5052	299	33	t	t	NOUN
easat-5052	299	34	liabilities	liability	NOUN
easat-5052	299	35	at	at	ADP
easat-5052	299	36	the	the	DET
easat-5052	299	37	end	end	NOUN
easat-5052	299	38	of	of	ADP
easat-5052	299	39	the	the	DET
easat-5052	299	40	year	year	NOUN
easat-5052	299	41	t-1	t-1	PROPN
easat-5052	299	42	)	)	PUNCT
easat-5052	300	1	÷	÷	PUNCT
easat-5052	300	2	total	total	ADJ
easat-5052	300	3	equity	equity	NOUN
easat-5052	300	4	at	at	ADP
easat-5052	300	5	the	the	DET
easat-5052	300	6	end	end	NOUN
easat-5052	300	7	of	of	ADP
easat-5052	300	8	the	the	DET
easat-5052	300	9	year	year	NOUN
easat-5052	300	10	t	t	PROPN
easat-5052	300	11	)	)	PUNCT
easat-5052	300	12	on	on	ADP
easat-5052	300	13	tax	tax	NOUN
easat-5052	300	14	avoidance	avoidance	NOUN
easat-5052	300	15	(	(	PUNCT
easat-5052	300	16	ddbtd	ddbtd	ADJ
easat-5052	300	17	,	,	PUNCT
easat-5052	300	18	btd	btd	PROPN
easat-5052	300	19	)	)	PUNCT
easat-5052	300	20	using	use	VERB
easat-5052	300	21	research	research	NOUN
easat-5052	300	22	models	model	NOUN
easat-5052	300	23	7	7	NUM
easat-5052	300	24	and	and	CCONJ
easat-5052	300	25	8	8	NUM
easat-5052	300	26	.	.	PUNCT
easat-5052	301	1	research	research	NOUN
easat-5052	301	2	model	model	NOUN
easat-5052	301	3	7	7	NUM
easat-5052	301	4	examines	examine	VERB
easat-5052	301	5	the	the	DET
easat-5052	301	6	effect	effect	NOUN
easat-5052	301	7	of	of	ADP
easat-5052	301	8	the	the	DET
easat-5052	301	9	debt	debt	NOUN
easat-5052	301	10	increase	increase	NOUN
easat-5052	301	11	/	/	SYM
easat-5052	301	12	decrease	decrease	NOUN
easat-5052	301	13	level	level	NOUN
easat-5052	301	14	(	(	PUNCT
easat-5052	301	15	lev4	lev4	PROPN
easat-5052	301	16	)	)	PUNCT
easat-5052	301	17	on	on	ADP
easat-5052	301	18	ddbtd	ddbtd	NOUN
easat-5052	301	19	,	,	PUNCT
easat-5052	301	20	a	a	DET
easat-5052	301	21	proxy	proxy	NOUN
easat-5052	301	22	for	for	ADP
easat-5052	301	23	tax	tax	NOUN
easat-5052	301	24	avoidance	avoidance	NOUN
easat-5052	301	25	,	,	PUNCT
easat-5052	301	26	while	while	SCONJ
easat-5052	301	27	research	research	NOUN
easat-5052	301	28	model	model	NOUN
easat-5052	301	29	8	8	NUM
easat-5052	301	30	analyzes	analyze	VERB
easat-5052	301	31	the	the	DET
easat-5052	301	32	effect	effect	NOUN
easat-5052	301	33	of	of	ADP
easat-5052	301	34	lev4	lev4	PROPN
easat-5052	301	35	on	on	ADP
easat-5052	301	36	btd	btd	PROPN
easat-5052	301	37	,	,	PUNCT
easat-5052	301	38	a	a	DET
easat-5052	301	39	second	second	ADJ
easat-5052	301	40	proxy	proxy	NOUN
easat-5052	301	41	for	for	ADP
easat-5052	301	42	tax	tax	NOUN
easat-5052	301	43	avoidance	avoidance	NOUN
easat-5052	301	44	.	.	PUNCT
easat-5052	302	1	the	the	DET
easat-5052	302	2	f	f	NOUN
easat-5052	302	3	-	-	PUNCT
easat-5052	302	4	values	value	NOUN
easat-5052	302	5	,	,	PUNCT
easat-5052	302	6	which	which	PRON
easat-5052	302	7	indicate	indicate	VERB
easat-5052	302	8	the	the	DET
easat-5052	302	9	statistical	statistical	ADJ
easat-5052	302	10	significance	significance	NOUN
easat-5052	302	11	of	of	ADP
easat-5052	302	12	the	the	DET
easat-5052	302	13	empirical	empirical	ADJ
easat-5052	302	14	models	model	NOUN
easat-5052	302	15	,	,	PUNCT
easat-5052	302	16	are	be	AUX
easat-5052	302	17	101.44	101.44	NUM
easat-5052	302	18	and	and	CCONJ
easat-5052	302	19	632.37	632.37	NUM
easat-5052	302	20	for	for	ADP
easat-5052	302	21	research	research	NOUN
easat-5052	302	22	models	model	NOUN
easat-5052	302	23	7	7	NUM
easat-5052	302	24	and	and	CCONJ
easat-5052	302	25	8	8	NUM
easat-5052	302	26	,	,	PUNCT
easat-5052	302	27	respectively	respectively	ADV
easat-5052	302	28	,	,	PUNCT
easat-5052	302	29	both	both	PRON
easat-5052	302	30	of	of	ADP
easat-5052	302	31	which	which	PRON
easat-5052	302	32	show	show	VERB
easat-5052	302	33	statistical	statistical	ADJ
easat-5052	302	34	significance	significance	NOUN
easat-5052	302	35	at	at	ADP
easat-5052	302	36	the	the	DET
easat-5052	302	37	1	1	NUM
easat-5052	302	38	%	%	NOUN
easat-5052	302	39	level	level	NOUN
easat-5052	302	40	.	.	PUNCT
easat-5052	303	1	the	the	DET
easat-5052	303	2	adjusted	adjusted	ADJ
easat-5052	303	3	r	r	NOUN
easat-5052	303	4	-	-	PUNCT
easat-5052	303	5	squared	square	VERB
easat-5052	303	6	(	(	PUNCT
easat-5052	303	7	adj	adj	NOUN
easat-5052	303	8	-	-	PUNCT
easat-5052	303	9	r²	r²	NOUN
easat-5052	303	10	)	)	PUNCT
easat-5052	303	11	values	value	NOUN
easat-5052	303	12	,	,	PUNCT
easat-5052	303	13	reflecting	reflect	VERB
easat-5052	303	14	the	the	DET
easat-5052	303	15	explanatory	explanatory	ADJ
easat-5052	303	16	power	power	NOUN
easat-5052	303	17	of	of	ADP
easat-5052	303	18	the	the	DET
easat-5052	303	19	independent	independent	ADJ
easat-5052	303	20	variables	variable	NOUN
easat-5052	303	21	on	on	ADP
easat-5052	303	22	the	the	DET
easat-5052	303	23	dependent	dependent	ADJ
easat-5052	303	24	variables	variable	NOUN
easat-5052	303	25	,	,	PUNCT
easat-5052	303	26	are	be	AUX
easat-5052	303	27	0.1979	0.1979	NUM
easat-5052	303	28	for	for	ADP
easat-5052	303	29	model	model	NOUN
easat-5052	303	30	7	7	NUM
easat-5052	303	31	and	and	CCONJ
easat-5052	303	32	0.6085	0.6085	NUM
easat-5052	303	33	for	for	ADP
easat-5052	303	34	model	model	NOUN
easat-5052	303	35	8	8	NUM
easat-5052	303	36	.	.	PUNCT
easat-5052	304	1	the	the	DET
easat-5052	304	2	maximum	maximum	ADJ
easat-5052	304	3	variance	variance	NOUN
easat-5052	304	4	inflation	inflation	NOUN
easat-5052	304	5	factor	factor	NOUN
easat-5052	304	6	(	(	PUNCT
easat-5052	304	7	vif	vif	NOUN
easat-5052	304	8	)	)	PUNCT
easat-5052	304	9	in	in	ADP
easat-5052	304	10	both	both	DET
easat-5052	304	11	models	model	NOUN
easat-5052	304	12	is	be	AUX
easat-5052	304	13	1.24218	1.24218	NUM
easat-5052	304	14	,	,	PUNCT
easat-5052	304	15	indicating	indicate	VERB
easat-5052	304	16	a	a	DET
easat-5052	304	17	very	very	ADV
easat-5052	304	18	low	low	ADJ
easat-5052	304	19	likelihood	likelihood	NOUN
easat-5052	304	20	of	of	ADP
easat-5052	304	21	multicollinearity	multicollinearity	NOUN
easat-5052	304	22	.	.	PUNCT
easat-5052	305	1	in	in	ADP
easat-5052	305	2	the	the	DET
easat-5052	305	3	analysis	analysis	NOUN
easat-5052	305	4	of	of	ADP
easat-5052	305	5	research	research	NOUN
easat-5052	305	6	model	model	NOUN
easat-5052	305	7	7	7	NUM
easat-5052	305	8	,	,	PUNCT
easat-5052	305	9	the	the	DET
easat-5052	305	10	coefficient	coefficient	NOUN
easat-5052	305	11	for	for	ADP
easat-5052	305	12	the	the	DET
easat-5052	305	13	primary	primary	ADJ
easat-5052	305	14	independent	independent	ADJ
easat-5052	305	15	variable	variable	NOUN
easat-5052	305	16	,	,	PUNCT
easat-5052	305	17	the	the	DET
easat-5052	305	18	debt	debt	NOUN
easat-5052	305	19	increase	increase	NOUN
easat-5052	305	20	/	/	SYM
easat-5052	305	21	decrease	decrease	NOUN
easat-5052	305	22	level	level	NOUN
easat-5052	305	23	(	(	PUNCT
easat-5052	305	24	lev4	lev4	PROPN
easat-5052	305	25	)	)	PUNCT
easat-5052	305	26	,	,	PUNCT
easat-5052	305	27	is	be	AUX
easat-5052	305	28	-0.00311	-0.00311	NOUN
easat-5052	305	29	,	,	PUNCT
easat-5052	305	30	which	which	PRON
easat-5052	305	31	is	be	AUX
easat-5052	305	32	statistically	statistically	ADV
easat-5052	305	33	significant	significant	ADJ
easat-5052	305	34	at	at	ADP
easat-5052	305	35	the	the	DET
easat-5052	305	36	1	1	NUM
easat-5052	305	37	%	%	NOUN
easat-5052	305	38	level	level	NOUN
easat-5052	305	39	,	,	PUNCT
easat-5052	305	40	indicating	indicate	VERB
easat-5052	305	41	a	a	DET
easat-5052	305	42	negative	negative	ADJ
easat-5052	305	43	relationship	relationship	NOUN
easat-5052	305	44	.	.	PUNCT
easat-5052	306	1	among	among	ADP
easat-5052	306	2	the	the	DET
easat-5052	306	3	control	control	NOUN
easat-5052	306	4	variables	variable	NOUN
easat-5052	306	5	,	,	PUNCT
easat-5052	306	6	mtb	mtb	NOUN
easat-5052	306	7	,	,	PUNCT
easat-5052	306	8	size	size	NOUN
easat-5052	306	9	,	,	PUNCT
easat-5052	306	10	roa	roa	PROPN
easat-5052	306	11	,	,	PUNCT
easat-5052	306	12	and	and	CCONJ
easat-5052	306	13	ppe	ppe	PROPN
easat-5052	306	14	exhibit	exhibit	VERB
easat-5052	306	15	statistically	statistically	ADV
easat-5052	306	16	significant	significant	ADJ
easat-5052	306	17	positive	positive	ADJ
easat-5052	306	18	coefficients	coefficient	NOUN
easat-5052	306	19	at	at	ADP
easat-5052	306	20	the	the	DET
easat-5052	306	21	1	1	NUM
easat-5052	306	22	%	%	NOUN
easat-5052	306	23	level	level	NOUN
easat-5052	306	24	,	,	PUNCT
easat-5052	306	25	while	while	SCONJ
easat-5052	306	26	int	int	NOUN
easat-5052	306	27	and	and	CCONJ
easat-5052	306	28	age	age	NOUN
easat-5052	306	29	show	show	VERB
easat-5052	306	30	statistically	statistically	ADV
easat-5052	306	31	significant	significant	ADJ
easat-5052	306	32	negative	negative	ADJ
easat-5052	306	33	coefficients	coefficient	NOUN
easat-5052	306	34	at	at	ADP
easat-5052	306	35	the	the	DET
easat-5052	306	36	1	1	NUM
easat-5052	306	37	%	%	NOUN
easat-5052	306	38	level	level	NOUN
easat-5052	306	39	.	.	PUNCT
easat-5052	307	1	for	for	ADP
easat-5052	307	2	research	research	NOUN
easat-5052	307	3	model	model	NOUN
easat-5052	307	4	8	8	NUM
easat-5052	307	5	,	,	PUNCT
easat-5052	307	6	the	the	DET
easat-5052	307	7	coefficient	coefficient	NOUN
easat-5052	307	8	for	for	ADP
easat-5052	307	9	lev4	lev4	PROPN
easat-5052	307	10	is	be	AUX
easat-5052	307	11	-0.0072	-0.0072	ADJ
easat-5052	307	12	,	,	PUNCT
easat-5052	307	13	which	which	PRON
easat-5052	307	14	is	be	AUX
easat-5052	307	15	statistically	statistically	ADV
easat-5052	307	16	significant	significant	ADJ
easat-5052	307	17	at	at	ADP
easat-5052	307	18	the	the	DET
easat-5052	307	19	1	1	NUM
easat-5052	307	20	%	%	NOUN
easat-5052	307	21	level	level	NOUN
easat-5052	307	22	,	,	PUNCT
easat-5052	307	23	also	also	ADV
easat-5052	307	24	indicating	indicate	VERB
easat-5052	307	25	a	a	DET
easat-5052	307	26	negative	negative	ADJ
easat-5052	307	27	relationship	relationship	NOUN
easat-5052	307	28	.	.	PUNCT
easat-5052	308	1	among	among	ADP
easat-5052	308	2	the	the	DET
easat-5052	308	3	control	control	NOUN
easat-5052	308	4	variables	variable	NOUN
easat-5052	308	5	,	,	PUNCT
easat-5052	308	6	don	don	PROPN
easat-5052	308	7	,	,	PUNCT
easat-5052	308	8	mtb	mtb	NOUN
easat-5052	308	9	,	,	PUNCT
easat-5052	308	10	size	size	NOUN
easat-5052	308	11	,	,	PUNCT
easat-5052	308	12	and	and	CCONJ
easat-5052	308	13	roa	roa	PROPN
easat-5052	308	14	show	show	VERB
easat-5052	308	15	statistically	statistically	ADV
easat-5052	308	16	significant	significant	ADJ
easat-5052	308	17	positive	positive	ADJ
easat-5052	308	18	coefficients	coefficient	NOUN
easat-5052	308	19	at	at	ADP
easat-5052	308	20	the	the	DET
easat-5052	308	21	1	1	NUM
easat-5052	308	22	%	%	NOUN
easat-5052	308	23	level	level	NOUN
easat-5052	308	24	,	,	PUNCT
easat-5052	308	25	while	while	SCONJ
easat-5052	308	26	grw	grw	NOUN
easat-5052	308	27	,	,	PUNCT
easat-5052	308	28	int	int	NOUN
easat-5052	308	29	,	,	PUNCT
easat-5052	308	30	and	and	CCONJ
easat-5052	308	31	ppe	ppe	PROPN
easat-5052	308	32	exhibit	exhibit	VERB
easat-5052	308	33	statistically	statistically	ADV
easat-5052	308	34	significant	significant	ADJ
easat-5052	308	35	negative	negative	ADJ
easat-5052	308	36	coefficients	coefficient	NOUN
easat-5052	308	37	at	at	ADP
easat-5052	308	38	the	the	DET
easat-5052	308	39	5	5	NUM
easat-5052	308	40	%	%	NOUN
easat-5052	308	41	and	and	CCONJ
easat-5052	308	42	1	1	NUM
easat-5052	308	43	%	%	NOUN
easat-5052	308	44	levels	level	NOUN
easat-5052	308	45	.	.	PUNCT
easat-5052	309	1	the	the	DET
easat-5052	309	2	results	result	NOUN
easat-5052	309	3	presented	present	VERB
easat-5052	309	4	in	in	ADP
easat-5052	309	5	table	table	NOUN
easat-5052	309	6	7	7	NUM
easat-5052	309	7	suggest	suggest	VERB
easat-5052	309	8	that	that	SCONJ
easat-5052	309	9	changes	change	NOUN
easat-5052	309	10	in	in	ADP
easat-5052	309	11	a	a	DET
easat-5052	309	12	firm	firm	NOUN
easat-5052	309	13	’s	’s	PART
easat-5052	309	14	debt	debt	NOUN
easat-5052	309	15	level	level	NOUN
easat-5052	309	16	(	(	PUNCT
easat-5052	309	17	increase	increase	NOUN
easat-5052	309	18	or	or	CCONJ
easat-5052	309	19	decrease	decrease	NOUN
easat-5052	309	20	)	)	PUNCT
easat-5052	309	21	act	act	VERB
easat-5052	309	22	as	as	ADP
easat-5052	309	23	a	a	DET
easat-5052	309	24	factor	factor	NOUN
easat-5052	309	25	that	that	PRON
easat-5052	309	26	reduces	reduce	VERB
easat-5052	309	27	tax	tax	NOUN
easat-5052	309	28	avoidance	avoidance	NOUN
easat-5052	309	29	(	(	PUNCT
easat-5052	309	30	ddbtd	ddbtd	ADJ
easat-5052	309	31	,	,	PUNCT
easat-5052	309	32	btd	btd	PROPN
easat-5052	309	33	)	)	PUNCT
easat-5052	309	34	.	.	PUNCT
easat-5052	310	1	these	these	DET
easat-5052	310	2	findings	finding	NOUN
easat-5052	310	3	support	support	NOUN
easat-5052	310	4	hypothesis	hypothesis	NOUN
easat-5052	310	5	2	2	NUM
easat-5052	310	6	of	of	ADP
easat-5052	310	7	this	this	DET
easat-5052	310	8	study	study	NOUN
easat-5052	310	9	,	,	PUNCT
easat-5052	310	10	which	which	PRON
easat-5052	310	11	posits	posit	VERB
easat-5052	310	12	that	that	SCONJ
easat-5052	310	13	the	the	DET
easat-5052	310	14	level	level	NOUN
easat-5052	310	15	of	of	ADP
easat-5052	310	16	debt	debt	NOUN
easat-5052	310	17	increase	increase	NOUN
easat-5052	310	18	or	or	CCONJ
easat-5052	310	19	decrease	decrease	NOUN
easat-5052	310	20	in	in	ADP
easat-5052	310	21	a	a	DET
easat-5052	310	22	firm	firm	NOUN
easat-5052	310	23	is	be	AUX
easat-5052	310	24	negatively	negatively	ADV
easat-5052	310	25	related	relate	VERB
easat-5052	310	26	to	to	ADP
easat-5052	310	27	tax	tax	NOUN
easat-5052	310	28	avoidance	avoidance	NOUN
easat-5052	310	29	.	.	PUNCT
easat-5052	311	1	in	in	ADP
easat-5052	311	2	other	other	ADJ
easat-5052	311	3	2172	2172	NUM
easat-5052	311	4	edelweiss	edelweiss	PROPN
easat-5052	311	5	applied	apply	VERB
easat-5052	311	6	science	science	NOUN
easat-5052	311	7	and	and	CCONJ
easat-5052	311	8	technology	technology	NOUN
easat-5052	311	9	issn	issn	PROPN
easat-5052	311	10	:	:	PUNCT
easat-5052	311	11	2576	2576	NUM
easat-5052	311	12	-	-	SYM
easat-5052	311	13	8484	8484	NUM
easat-5052	311	14	vol	vol	NOUN
easat-5052	311	15	.	.	PROPN
easat-5052	312	1	9	9	NUM
easat-5052	312	2	,	,	PUNCT
easat-5052	312	3	no	no	INTJ
easat-5052	312	4	.	.	NOUN
easat-5052	312	5	2	2	NUM
easat-5052	312	6	:	:	PUNCT
easat-5052	312	7	2159	2159	NUM
easat-5052	312	8	-	-	SYM
easat-5052	312	9	2174	2174	NUM
easat-5052	312	10	,	,	PUNCT
easat-5052	312	11	2025	2025	NUM
easat-5052	312	12	doi	doi	NOUN
easat-5052	312	13	:	:	PUNCT
easat-5052	312	14	10.55214/25768484.v9i2.5052	10.55214/25768484.v9i2.5052	NUM
easat-5052	312	15	©	©	PROPN
easat-5052	312	16	2025	2025	NUM
easat-5052	312	17	by	by	ADP
easat-5052	312	18	the	the	DET
easat-5052	312	19	author	author	NOUN
easat-5052	312	20	;	;	PUNCT
easat-5052	312	21	licensee	licensee	PROPN
easat-5052	312	22	learning	learn	VERB
easat-5052	312	23	gate	gate	NOUN
easat-5052	312	24	words	word	NOUN
easat-5052	312	25	,	,	PUNCT
easat-5052	312	26	for	for	ADP
easat-5052	312	27	listed	list	VERB
easat-5052	312	28	firms	firm	NOUN
easat-5052	312	29	in	in	ADP
easat-5052	312	30	korea	korea	PROPN
easat-5052	312	31	,	,	PUNCT
easat-5052	312	32	tax	tax	NOUN
easat-5052	312	33	avoidance	avoidance	NOUN
easat-5052	312	34	behavior	behavior	NOUN
easat-5052	312	35	decreases	decrease	VERB
easat-5052	312	36	as	as	ADP
easat-5052	312	37	the	the	DET
easat-5052	312	38	level	level	NOUN
easat-5052	312	39	of	of	ADP
easat-5052	312	40	debt	debt	NOUN
easat-5052	312	41	change	change	NOUN
easat-5052	312	42	increases	increase	NOUN
easat-5052	312	43	.	.	PUNCT
easat-5052	313	1	table	table	NOUN
easat-5052	313	2	7	7	NUM
easat-5052	313	3	.	.	PUNCT
easat-5052	314	1	analysis	analysis	NOUN
easat-5052	314	2	of	of	ADP
easat-5052	314	3	the	the	DET
easat-5052	314	4	relationship	relationship	NOUN
easat-5052	314	5	between	between	ADP
easat-5052	314	6	debt	debt	NOUN
easat-5052	314	7	increase	increase	NOUN
easat-5052	314	8	/	/	SYM
easat-5052	314	9	decrease	decrease	NOUN
easat-5052	314	10	level	level	NOUN
easat-5052	314	11	(	(	PUNCT
easat-5052	314	12	lev4	lev4	PROPN
easat-5052	314	13	)	)	PUNCT
easat-5052	314	14	and	and	CCONJ
easat-5052	314	15	tax	tax	NOUN
easat-5052	314	16	avoidance	avoidance	NOUN
easat-5052	314	17	(	(	PUNCT
easat-5052	314	18	ddbtd	ddbtd	ADJ
easat-5052	314	19	,	,	PUNCT
easat-5052	314	20	btd	btd	PROPN
easat-5052	314	21	)	)	PUNCT
easat-5052	314	22	.	.	PUNCT
easat-5052	315	1	variable	variable	NOUN
easat-5052	315	2	<	<	X
easat-5052	315	3	research	research	NOUN
easat-5052	315	4	model	model	NOUN
easat-5052	315	5	7	7	NUM
easat-5052	315	6	:	:	PUNCT
easat-5052	315	7	ddbtd	ddbtd	VERB
easat-5052	315	8	>	>	X
easat-5052	315	9	<	<	X
easat-5052	315	10	research	research	NOUN
easat-5052	315	11	model	model	NOUN
easat-5052	315	12	8	8	NUM
easat-5052	315	13	:	:	PUNCT
easat-5052	315	14	btd	btd	PROPN
easat-5052	315	15	>	>	X
easat-5052	315	16	coefficient	coefficient	PROPN
easat-5052	315	17	t	t	NOUN
easat-5052	315	18	-	-	PUNCT
easat-5052	315	19	value	value	NOUN
easat-5052	315	20	pr	pr	X
easat-5052	315	21	>	>	X
easat-5052	315	22	|t|	|t|	ADJ
easat-5052	315	23	variance	variance	NOUN
easat-5052	315	24	inflation	inflation	NOUN
easat-5052	315	25	factor	factor	NOUN
easat-5052	315	26	(	(	PUNCT
easat-5052	315	27	vif	vif	PROPN
easat-5052	315	28	)	)	PUNCT
easat-5052	315	29	coefficient	coefficient	NOUN
easat-5052	315	30	t	t	NOUN
easat-5052	315	31	-	-	PUNCT
easat-5052	315	32	value	value	NOUN
easat-5052	315	33	pr	pr	X
easat-5052	315	34	>	>	X
easat-5052	315	35	|t|	|t|	ADJ
easat-5052	315	36	variance	variance	NOUN
easat-5052	315	37	inflation	inflation	NOUN
easat-5052	315	38	factor	factor	NOUN
easat-5052	315	39	(	(	PUNCT
easat-5052	315	40	vif	vif	NOUN
easat-5052	315	41	)	)	PUNCT
easat-5052	315	42	intercept	intercept	VERB
easat-5052	315	43	0.06898	0.06898	NUM
easat-5052	315	44	6.15	6.15	NUM
easat-5052	315	45	<	<	X
easat-5052	315	46	.0001	.0001	X
easat-5052	315	47	0	0	NUM
easat-5052	315	48	-0.00651	-0.00651	NOUN
easat-5052	315	49	-0.78	-0.78	VERB
easat-5052	315	50	0.4367	0.4367	NUM
easat-5052	315	51	0	0	NUM
easat-5052	316	1	lev4	lev4	PROPN
easat-5052	316	2	-0.00311	-0.00311	PROPN
easat-5052	317	1	-7.03	-7.03	CCONJ
easat-5052	317	2	<	<	X
easat-5052	317	3	.0001	.0001	X
easat-5052	317	4	1.10124	1.10124	NUM
easat-5052	317	5	-0.0072	-0.0072	NOUN
easat-5052	317	6	-12.46	-12.46	PUNCT
easat-5052	318	1	<	<	X
easat-5052	318	2	.0001	.0001	X
easat-5052	318	3	1.24082	1.24082	NUM
easat-5052	318	4	don	don	NOUN
easat-5052	318	5	0.06343	0.06343	NUM
easat-5052	318	6	0.66	0.66	NUM
easat-5052	318	7	0.5079	0.5079	NUM
easat-5052	318	8	1.01975	1.01975	NUM
easat-5052	318	9	0.3684	0.3684	NUM
easat-5052	318	10	5.15	5.15	NUM
easat-5052	318	11	<	<	X
easat-5052	318	12	.0001	.0001	X
easat-5052	318	13	1.02016	1.02016	NUM
easat-5052	318	14	mtb	mtb	NOUN
easat-5052	318	15	0.00992	0.00992	NUM
easat-5052	318	16	29.36	29.36	NUM
easat-5052	318	17	<	<	X
easat-5052	318	18	.0001	.0001	PROPN
easat-5052	318	19	1.20561	1.20561	NUM
easat-5052	318	20	0.00695	0.00695	NUM
easat-5052	318	21	25.73	25.73	NUM
easat-5052	318	22	<	<	X
easat-5052	318	23	.0001	.0001	PROPN
easat-5052	318	24	1.21581	1.21581	NUM
easat-5052	318	25	size	size	NOUN
easat-5052	318	26	0.00103	0.00103	NUM
easat-5052	318	27	2.94	2.94	NUM
easat-5052	318	28	0.0033	0.0033	NUM
easat-5052	318	29	1.13033	1.13033	NUM
easat-5052	318	30	0.00176	0.00176	NUM
easat-5052	318	31	6.69	6.69	NUM
easat-5052	318	32	<	<	X
easat-5052	318	33	.0001	.0001	PROPN
easat-5052	318	34	1.1335	1.1335	NUM
easat-5052	318	35	roa	roa	NOUN
easat-5052	318	36	0.17224	0.17224	NUM
easat-5052	318	37	34.23	34.23	NUM
easat-5052	318	38	<	<	X
easat-5052	318	39	.0001	.0001	X
easat-5052	318	40	1.19187	1.19187	NUM
easat-5052	318	41	0.50979	0.50979	NUM
easat-5052	318	42	125.37	125.37	NUM
easat-5052	318	43	<	<	X
easat-5052	318	44	.0001	.0001	X
easat-5052	318	45	1.18243	1.18243	NUM
easat-5052	318	46	grw	grw	NOUN
easat-5052	318	47	-0.00039	-0.00039	NOUN
easat-5052	318	48	-0.45	-0.45	NUM
easat-5052	318	49	0.6533	0.6533	NUM
easat-5052	318	50	1.09482	1.09482	NUM
easat-5052	318	51	-0.00074	-0.00074	NOUN
easat-5052	318	52	-2.24	-2.24	NUM
easat-5052	318	53	0.0249	0.0249	NUM
easat-5052	318	54	1.02615	1.02615	NUM
easat-5052	318	55	int	int	NOUN
easat-5052	318	56	-0.01753	-0.01753	X
easat-5052	318	57	-2.78	-2.78	NOUN
easat-5052	318	58	0.0054	0.0054	NUM
easat-5052	318	59	1.0629	1.0629	NUM
easat-5052	318	60	-0.09381	-0.09381	NOUN
easat-5052	318	61	-15.21	-15.21	PUNCT
easat-5052	318	62	<	<	X
easat-5052	318	63	.0001	.0001	X
easat-5052	318	64	1.10019	1.10019	NUM
easat-5052	318	65	ppe	ppe	NOUN
easat-5052	318	66	0.00505	0.00505	NUM
easat-5052	318	67	2.02	2.02	NUM
easat-5052	318	68	0.0434	0.0434	NUM
easat-5052	318	69	1.12383	1.12383	NUM
easat-5052	318	70	-0.04686	-0.04686	NOUN
easat-5052	318	71	-23.91	-23.91	X
easat-5052	318	72	<	<	X
easat-5052	318	73	.0001	.0001	X
easat-5052	318	74	1.24218	1.24218	NUM
easat-5052	318	75	age	age	NOUN
easat-5052	318	76	-0.00449	-0.00449	NOUN
easat-5052	319	1	-6.87	-6.87	DET
easat-5052	319	2	<	<	X
easat-5052	319	3	.0001	.0001	X
easat-5052	319	4	1.17603	1.17603	NUM
easat-5052	319	5	0.000479	0.000479	NUM
easat-5052	319	6	0.99	0.99	NUM
easat-5052	319	7	0.3246	0.3246	NUM
easat-5052	319	8	1.1833	1.1833	NUM
easat-5052	319	9	year	year	NOUN
easat-5052	319	10	dummy	dummy	NOUN
easat-5052	319	11	included	include	VERB
easat-5052	319	12	included	include	VERB
easat-5052	319	13	industry	industry	NOUN
easat-5052	319	14	dummy	dummy	NOUN
easat-5052	319	15	included	include	VERB
easat-5052	319	16	included	include	VERB
easat-5052	319	17	f	f	NOUN
easat-5052	319	18	-	-	PUNCT
easat-5052	319	19	value	value	NOUN
easat-5052	319	20	101.44	101.44	NUM
easat-5052	319	21	*	*	PUNCT
easat-5052	319	22	*	*	PUNCT
easat-5052	319	23	*	*	PUNCT
easat-5052	320	1	632.37	632.37	NUM
easat-5052	320	2	*	*	PUNCT
easat-5052	320	3	*	*	PUNCT
easat-5052	320	4	*	*	PUNCT
easat-5052	320	5	adj	adj	NOUN
easat-5052	320	6	-	-	PUNCT
easat-5052	320	7	r2	r2	NOUN
easat-5052	320	8	0.1979	0.1979	NUM
easat-5052	320	9	0.6085	0.6085	NUM
easat-5052	320	10	number	number	NOUN
easat-5052	320	11	of	of	ADP
easat-5052	320	12	samples	sample	NOUN
easat-5052	320	13	after	after	ADP
easat-5052	320	14	removal	removal	NOUN
easat-5052	320	15	of	of	ADP
easat-5052	320	16	outliers	outlier	NOUN
easat-5052	320	17	14,253	14,253	NUM
easat-5052	320	18	14,221	14,221	NUM
easat-5052	320	19	source	source	NOUN
easat-5052	320	20	:	:	PUNCT
easat-5052	320	21	1	1	NUM
easat-5052	320	22	)	)	PUNCT
easat-5052	320	23	description	description	NOUN
easat-5052	320	24	of	of	ADP
easat-5052	320	25	variables	variable	NOUN
easat-5052	320	26	:	:	PUNCT
easat-5052	320	27	see	see	VERB
easat-5052	320	28	<	<	X
easat-5052	320	29	table	table	NOUN
easat-5052	320	30	2	2	NUM
easat-5052	320	31	>	>	X
easat-5052	320	32	.	.	PROPN
easat-5052	321	1	2	2	NUM
easat-5052	321	2	)	)	PUNCT
easat-5052	321	3	<	<	X
easat-5052	321	4	research	research	NOUN
easat-5052	321	5	model	model	NOUN
easat-5052	321	6	7	7	NUM
easat-5052	321	7	>	>	NOUN
easat-5052	321	8	:	:	PUNCT
easat-5052	321	9	ddbtdi	ddbtdi	PROPN
easat-5052	321	10	,	,	PUNCT
easat-5052	321	11	t=	t=	PROPN
easat-5052	321	12	β0	β0	PROPN
easat-5052	322	1	+	+	PROPN
easat-5052	322	2	β1lev4i	β1lev4i	PROPN
easat-5052	322	3	,	,	PUNCT
easat-5052	322	4	t	t	PROPN
easat-5052	322	5	+	+	CCONJ
easat-5052	322	6	β2doni	β2doni	ADJ
easat-5052	322	7	,	,	PUNCT
easat-5052	322	8	t	t	PROPN
easat-5052	322	9	+	+	CCONJ
easat-5052	322	10	β3mtbi	β3mtbi	NUM
easat-5052	322	11	,	,	PUNCT
easat-5052	322	12	t	t	NOUN
easat-5052	322	13	+	+	CCONJ
easat-5052	322	14	β4sizei	β4sizei	NUM
easat-5052	322	15	,	,	PUNCT
easat-5052	322	16	t	t	NOUN
easat-5052	322	17	+	+	CCONJ
easat-5052	322	18	β5roai	β5roai	PROPN
easat-5052	322	19	,	,	PUNCT
easat-5052	322	20	t	t	PROPN
easat-5052	322	21	+	+	CCONJ
easat-5052	322	22	β6grwi	β6grwi	PROPN
easat-5052	322	23	,	,	PUNCT
easat-5052	322	24	t	t	PROPN
easat-5052	322	25	+	+	CCONJ
easat-5052	322	26	β7inti	β7inti	PROPN
easat-5052	322	27	,	,	PUNCT
easat-5052	322	28	t	t	PROPN
easat-5052	322	29	+	+	NUM
easat-5052	322	30	β8ppei	β8ppei	PROPN
easat-5052	322	31	,	,	PUNCT
easat-5052	322	32	t	t	PROPN
easat-5052	322	33	+	+	CCONJ
easat-5052	322	34	β9agei	β9agei	PROPN
easat-5052	322	35	,	,	PUNCT
easat-5052	322	36	t	t	NOUN
easat-5052	322	37	+	+	NUM
easat-5052	322	38	β10∑id	β10∑id	NUM
easat-5052	323	1	+	+	CCONJ
easat-5052	323	2	β11∑yd	β11∑yd	PROPN
easat-5052	323	3	+	+	CCONJ
easat-5052	323	4	εi	εi	VERB
easat-5052	323	5	,	,	PUNCT
easat-5052	323	6	t	t	NOUN
easat-5052	323	7	3	3	NUM
easat-5052	323	8	)	)	PUNCT
easat-5052	323	9	<	<	X
easat-5052	323	10	research	research	NOUN
easat-5052	323	11	model	model	NOUN
easat-5052	323	12	8	8	NUM
easat-5052	323	13	>	>	SYM
easat-5052	323	14	:	:	PUNCT
easat-5052	323	15	btdi	btdi	PROPN
easat-5052	323	16	,	,	PUNCT
easat-5052	323	17	t	t	PROPN
easat-5052	323	18	=	=	SYM
easat-5052	324	1	β0	β0	PROPN
easat-5052	325	1	+	+	PROPN
easat-5052	325	2	β1lev4i	β1lev4i	PROPN
easat-5052	325	3	,	,	PUNCT
easat-5052	325	4	t	t	PROPN
easat-5052	325	5	+	+	CCONJ
easat-5052	325	6	β2doni	β2doni	ADJ
easat-5052	325	7	,	,	PUNCT
easat-5052	325	8	t	t	PROPN
easat-5052	325	9	+	+	CCONJ
easat-5052	325	10	β3mtbi	β3mtbi	NUM
easat-5052	325	11	,	,	PUNCT
easat-5052	325	12	t	t	NOUN
easat-5052	325	13	+	+	CCONJ
easat-5052	325	14	β4sizei	β4sizei	NUM
easat-5052	325	15	,	,	PUNCT
easat-5052	325	16	t	t	NOUN
easat-5052	325	17	+	+	CCONJ
easat-5052	325	18	β5roai	β5roai	PROPN
easat-5052	325	19	,	,	PUNCT
easat-5052	325	20	t	t	PROPN
easat-5052	325	21	+	+	CCONJ
easat-5052	325	22	β6grwi	β6grwi	PROPN
easat-5052	325	23	,	,	PUNCT
easat-5052	325	24	t	t	PROPN
easat-5052	325	25	+	+	CCONJ
easat-5052	325	26	β7inti	β7inti	PROPN
easat-5052	325	27	,	,	PUNCT
easat-5052	325	28	t	t	PROPN
easat-5052	325	29	+	+	NUM
easat-5052	325	30	β8ppei	β8ppei	PROPN
easat-5052	325	31	,	,	PUNCT
easat-5052	325	32	t	t	PROPN
easat-5052	325	33	+	+	CCONJ
easat-5052	325	34	β9agei	β9agei	PROPN
easat-5052	325	35	,	,	PUNCT
easat-5052	325	36	t	t	NOUN
easat-5052	325	37	+	+	NUM
easat-5052	325	38	β10∑id	β10∑id	NUM
easat-5052	326	1	+	+	CCONJ
easat-5052	326	2	β11∑yd	β11∑yd	PROPN
easat-5052	326	3	+	+	CCONJ
easat-5052	326	4	εi	εi	VERB
easat-5052	326	5	,	,	PUNCT
easat-5052	326	6	t	t	PROPN
easat-5052	326	7	5	5	NUM
easat-5052	326	8	.	.	PUNCT
easat-5052	327	1	conclusions	conclusion	NOUN
easat-5052	327	2	this	this	DET
easat-5052	327	3	study	study	NOUN
easat-5052	327	4	analyzes	analyze	VERB
easat-5052	327	5	the	the	DET
easat-5052	327	6	impact	impact	NOUN
easat-5052	327	7	of	of	ADP
easat-5052	327	8	corporate	corporate	ADJ
easat-5052	327	9	debt	debt	NOUN
easat-5052	327	10	levels	level	NOUN
easat-5052	327	11	on	on	ADP
easat-5052	327	12	tax	tax	NOUN
easat-5052	327	13	avoidance	avoidance	NOUN
easat-5052	327	14	among	among	ADP
easat-5052	327	15	firms	firm	NOUN
easat-5052	327	16	listed	list	VERB
easat-5052	327	17	on	on	ADP
easat-5052	327	18	the	the	DET
easat-5052	327	19	korean	korean	ADJ
easat-5052	327	20	stock	stock	NOUN
easat-5052	327	21	market	market	NOUN
easat-5052	327	22	from	from	ADP
easat-5052	327	23	2001	2001	NUM
easat-5052	327	24	to	to	ADP
easat-5052	327	25	2023	2023	NUM
easat-5052	327	26	.	.	PUNCT
easat-5052	328	1	in	in	ADP
easat-5052	328	2	particular	particular	ADJ
easat-5052	328	3	,	,	PUNCT
easat-5052	328	4	this	this	DET
easat-5052	328	5	research	research	NOUN
easat-5052	328	6	examines	examine	VERB
easat-5052	328	7	how	how	SCONJ
easat-5052	328	8	tax	tax	NOUN
easat-5052	328	9	avoidance	avoidance	NOUN
easat-5052	328	10	varies	vary	VERB
easat-5052	328	11	not	not	PART
easat-5052	328	12	only	only	ADV
easat-5052	328	13	with	with	ADP
easat-5052	328	14	the	the	DET
easat-5052	328	15	level	level	NOUN
easat-5052	328	16	of	of	ADP
easat-5052	328	17	debt	debt	NOUN
easat-5052	328	18	but	but	CCONJ
easat-5052	328	19	also	also	ADV
easat-5052	328	20	with	with	ADP
easat-5052	328	21	the	the	DET
easat-5052	328	22	degree	degree	NOUN
easat-5052	328	23	of	of	ADP
easat-5052	328	24	changes	change	NOUN
easat-5052	328	25	in	in	ADP
easat-5052	328	26	debt	debt	NOUN
easat-5052	328	27	levels	level	NOUN
easat-5052	328	28	.	.	PUNCT
easat-5052	329	1	to	to	PART
easat-5052	329	2	achieve	achieve	VERB
easat-5052	329	3	this	this	PRON
easat-5052	329	4	,	,	PUNCT
easat-5052	329	5	the	the	DET
easat-5052	329	6	study	study	NOUN
easat-5052	329	7	employs	employ	VERB
easat-5052	329	8	a	a	DET
easat-5052	329	9	total	total	NOUN
easat-5052	329	10	of	of	ADP
easat-5052	329	11	eight	eight	NUM
easat-5052	329	12	research	research	NOUN
easat-5052	329	13	models	model	NOUN
easat-5052	329	14	for	for	ADP
easat-5052	329	15	empirical	empirical	ADJ
easat-5052	329	16	analysis	analysis	NOUN
easat-5052	329	17	.	.	PUNCT
easat-5052	330	1	models	model	NOUN
easat-5052	330	2	1	1	NUM
easat-5052	330	3	,	,	PUNCT
easat-5052	330	4	2	2	NUM
easat-5052	330	5	,	,	PUNCT
easat-5052	330	6	3	3	NUM
easat-5052	330	7	,	,	PUNCT
easat-5052	330	8	and	and	CCONJ
easat-5052	330	9	4	4	NUM
easat-5052	330	10	are	be	AUX
easat-5052	330	11	used	use	VERB
easat-5052	330	12	to	to	PART
easat-5052	330	13	examine	examine	VERB
easat-5052	330	14	the	the	DET
easat-5052	330	15	relationship	relationship	NOUN
easat-5052	330	16	between	between	ADP
easat-5052	330	17	debt	debt	NOUN
easat-5052	330	18	levels	level	NOUN
easat-5052	330	19	and	and	CCONJ
easat-5052	330	20	corporate	corporate	ADJ
easat-5052	330	21	value	value	NOUN
easat-5052	330	22	,	,	PUNCT
easat-5052	330	23	while	while	SCONJ
easat-5052	330	24	models	model	NOUN
easat-5052	330	25	5	5	NUM
easat-5052	330	26	,	,	PUNCT
easat-5052	330	27	6	6	NUM
easat-5052	330	28	,	,	PUNCT
easat-5052	330	29	7	7	NUM
easat-5052	330	30	,	,	PUNCT
easat-5052	330	31	and	and	CCONJ
easat-5052	330	32	8	8	NUM
easat-5052	330	33	focus	focus	NOUN
easat-5052	330	34	on	on	ADP
easat-5052	330	35	evaluating	evaluate	VERB
easat-5052	330	36	the	the	DET
easat-5052	330	37	impact	impact	NOUN
easat-5052	330	38	of	of	ADP
easat-5052	330	39	changes	change	NOUN
easat-5052	330	40	in	in	ADP
easat-5052	330	41	debt	debt	NOUN
easat-5052	330	42	levels	level	NOUN
easat-5052	330	43	on	on	ADP
easat-5052	330	44	corporate	corporate	ADJ
easat-5052	330	45	value	value	NOUN
easat-5052	330	46	.	.	PUNCT
easat-5052	331	1	the	the	DET
easat-5052	331	2	results	result	NOUN
easat-5052	331	3	of	of	ADP
easat-5052	331	4	analyzing	analyzing	NOUN
easat-5052	331	5	models	model	NOUN
easat-5052	331	6	1	1	NUM
easat-5052	331	7	through	through	ADP
easat-5052	331	8	4	4	NUM
easat-5052	331	9	reveal	reveal	VERB
easat-5052	331	10	that	that	SCONJ
easat-5052	331	11	,	,	PUNCT
easat-5052	331	12	in	in	ADP
easat-5052	331	13	all	all	DET
easat-5052	331	14	empirical	empirical	ADJ
easat-5052	331	15	analyses	analysis	NOUN
easat-5052	331	16	,	,	PUNCT
easat-5052	331	17	debt	debt	NOUN
easat-5052	331	18	serves	serve	VERB
easat-5052	331	19	as	as	ADP
easat-5052	331	20	a	a	DET
easat-5052	331	21	factor	factor	NOUN
easat-5052	331	22	that	that	PRON
easat-5052	331	23	reduces	reduce	VERB
easat-5052	331	24	tax	tax	NOUN
easat-5052	331	25	avoidance	avoidance	NOUN
easat-5052	331	26	(	(	PUNCT
easat-5052	331	27	ddbtd	ddbtd	ADJ
easat-5052	331	28	,	,	PUNCT
easat-5052	331	29	btd	btd	PROPN
easat-5052	331	30	)	)	PUNCT
easat-5052	331	31	.	.	PUNCT
easat-5052	332	1	these	these	DET
easat-5052	332	2	findings	finding	NOUN
easat-5052	332	3	support	support	NOUN
easat-5052	332	4	hypothesis	hypothesis	NOUN
easat-5052	332	5	1	1	NUM
easat-5052	332	6	of	of	ADP
easat-5052	332	7	this	this	DET
easat-5052	332	8	study	study	NOUN
easat-5052	332	9	(	(	PUNCT
easat-5052	332	10	that	that	DET
easat-5052	332	11	corporate	corporate	ADJ
easat-5052	332	12	debt	debt	NOUN
easat-5052	332	13	levels	level	NOUN
easat-5052	332	14	have	have	AUX
easat-5052	332	15	a	a	DET
easat-5052	332	16	negative	negative	ADJ
easat-5052	332	17	(	(	PUNCT
easat-5052	332	18	-	-	PUNCT
easat-5052	332	19	)	)	PUNCT
easat-5052	332	20	relationship	relationship	NOUN
easat-5052	332	21	with	with	ADP
easat-5052	332	22	tax	tax	NOUN
easat-5052	332	23	avoidance	avoidance	NOUN
easat-5052	332	24	)	)	PUNCT
easat-5052	332	25	,	,	PUNCT
easat-5052	332	26	suggesting	suggest	VERB
easat-5052	332	27	that	that	SCONJ
easat-5052	332	28	,	,	PUNCT
easat-5052	332	29	for	for	ADP
easat-5052	332	30	listed	list	VERB
easat-5052	332	31	firms	firm	NOUN
easat-5052	332	32	in	in	ADP
easat-5052	332	33	korea	korea	PROPN
easat-5052	332	34	,	,	PUNCT
easat-5052	332	35	tax	tax	NOUN
easat-5052	332	36	avoidance	avoidance	NOUN
easat-5052	332	37	behaviors	behavior	NOUN
easat-5052	332	38	decrease	decrease	VERB
easat-5052	332	39	as	as	ADP
easat-5052	332	40	the	the	DET
easat-5052	332	41	debt	debt	NOUN
easat-5052	332	42	level	level	NOUN
easat-5052	332	43	increases	increase	NOUN
easat-5052	332	44	.	.	PUNCT
easat-5052	333	1	the	the	DET
easat-5052	333	2	analysis	analysis	NOUN
easat-5052	333	3	of	of	ADP
easat-5052	333	4	models	model	NOUN
easat-5052	333	5	5	5	NUM
easat-5052	333	6	through	through	ADP
easat-5052	333	7	8	8	NUM
easat-5052	333	8	shows	show	VERB
easat-5052	333	9	that	that	SCONJ
easat-5052	333	10	in	in	ADP
easat-5052	333	11	all	all	DET
easat-5052	333	12	empirical	empirical	ADJ
easat-5052	333	13	results	result	NOUN
easat-5052	333	14	,	,	PUNCT
easat-5052	333	15	changes	change	NOUN
easat-5052	333	16	in	in	ADP
easat-5052	333	17	debt	debt	NOUN
easat-5052	333	18	levels	level	NOUN
easat-5052	333	19	act	act	VERB
easat-5052	333	20	as	as	ADP
easat-5052	333	21	a	a	DET
easat-5052	333	22	factor	factor	NOUN
easat-5052	333	23	that	that	PRON
easat-5052	333	24	reduces	reduce	VERB
easat-5052	333	25	tax	tax	NOUN
easat-5052	333	26	avoidance	avoidance	NOUN
easat-5052	333	27	(	(	PUNCT
easat-5052	333	28	ddbtd	ddbtd	ADJ
easat-5052	333	29	,	,	PUNCT
easat-5052	333	30	btd	btd	PROPN
easat-5052	333	31	)	)	PUNCT
easat-5052	333	32	.	.	PUNCT
easat-5052	334	1	these	these	DET
easat-5052	334	2	results	result	VERB
easat-5052	334	3	support	support	VERB
easat-5052	334	4	hypothesis	hypothesis	NOUN
easat-5052	334	5	2	2	NUM
easat-5052	334	6	(	(	PUNCT
easat-5052	334	7	that	that	SCONJ
easat-5052	334	8	the	the	DET
easat-5052	334	9	level	level	NOUN
easat-5052	334	10	of	of	ADP
easat-5052	334	11	increase	increase	NOUN
easat-5052	334	12	or	or	CCONJ
easat-5052	334	13	decrease	decrease	NOUN
easat-5052	334	14	in	in	ADP
easat-5052	334	15	corporate	corporate	ADJ
easat-5052	334	16	debt	debt	NOUN
easat-5052	334	17	has	have	VERB
easat-5052	334	18	a	a	DET
easat-5052	334	19	negative	negative	ADJ
easat-5052	334	20	(	(	PUNCT
easat-5052	334	21	-	-	PUNCT
easat-5052	334	22	)	)	PUNCT
easat-5052	334	23	relationship	relationship	NOUN
easat-5052	334	24	with	with	ADP
easat-5052	334	25	tax	tax	NOUN
easat-5052	334	26	avoidance	avoidance	NOUN
easat-5052	334	27	)	)	PUNCT
easat-5052	334	28	,	,	PUNCT
easat-5052	334	29	meaning	mean	VERB
easat-5052	334	30	that	that	SCONJ
easat-5052	334	31	tax	tax	NOUN
easat-5052	334	32	avoidance	avoidance	NOUN
easat-5052	334	33	decreases	decrease	VERB
easat-5052	334	34	as	as	ADP
easat-5052	334	35	the	the	DET
easat-5052	334	36	level	level	NOUN
easat-5052	334	37	of	of	ADP
easat-5052	334	38	change	change	NOUN
easat-5052	334	39	in	in	ADP
easat-5052	334	40	debt	debt	NOUN
easat-5052	334	41	increases	increase	NOUN
easat-5052	334	42	for	for	ADP
easat-5052	334	43	firms	firm	NOUN
easat-5052	334	44	listed	list	VERB
easat-5052	334	45	on	on	ADP
easat-5052	334	46	the	the	DET
easat-5052	334	47	korean	korean	ADJ
easat-5052	334	48	stock	stock	NOUN
easat-5052	334	49	market	market	NOUN
easat-5052	334	50	.	.	PUNCT
easat-5052	335	1	these	these	DET
easat-5052	335	2	empirical	empirical	ADJ
easat-5052	335	3	findings	finding	NOUN
easat-5052	335	4	are	be	AUX
easat-5052	335	5	consistent	consistent	ADJ
easat-5052	335	6	with	with	ADP
easat-5052	335	7	previous	previous	ADJ
easat-5052	335	8	research	research	NOUN
easat-5052	335	9	that	that	PRON
easat-5052	335	10	suggests	suggest	VERB
easat-5052	335	11	a	a	DET
easat-5052	335	12	substitutive	substitutive	ADJ
easat-5052	335	13	relationship	relationship	NOUN
easat-5052	335	14	between	between	ADP
easat-5052	335	15	debt	debt	NOUN
easat-5052	335	16	and	and	CCONJ
easat-5052	335	17	tax	tax	NOUN
easat-5052	335	18	avoidance	avoidance	NOUN
easat-5052	335	19	[	[	X
easat-5052	335	20	5	5	NUM
easat-5052	335	21	,	,	PUNCT
easat-5052	335	22	6	6	NUM
easat-5052	335	23	,	,	PUNCT
easat-5052	335	24	11	11	NUM
easat-5052	335	25	,	,	PUNCT
easat-5052	335	26	17	17	NUM
easat-5052	335	27	]	]	PUNCT
easat-5052	335	28	.	.	PUNCT
easat-5052	336	1	furthermore	furthermore	ADV
easat-5052	336	2	,	,	PUNCT
easat-5052	336	3	the	the	DET
easat-5052	336	4	results	result	NOUN
easat-5052	336	5	indicate	indicate	VERB
easat-5052	336	6	that	that	SCONJ
easat-5052	336	7	in	in	ADP
easat-5052	336	8	firms	firm	NOUN
easat-5052	336	9	listed	list	VERB
easat-5052	336	10	on	on	ADP
easat-5052	336	11	the	the	DET
easat-5052	336	12	korean	korean	ADJ
easat-5052	336	13	stock	stock	NOUN
easat-5052	336	14	market	market	NOUN
easat-5052	336	15	,	,	PUNCT
easat-5052	336	16	external	external	ADJ
easat-5052	336	17	debt	debt	NOUN
easat-5052	336	18	financing	financing	NOUN
easat-5052	336	19	increases	increase	VERB
easat-5052	336	20	internal	internal	ADJ
easat-5052	336	21	cash	cash	NOUN
easat-5052	336	22	flow	flow	NOUN
easat-5052	336	23	and	and	CCONJ
easat-5052	336	24	reduces	reduce	VERB
easat-5052	336	25	tax	tax	NOUN
easat-5052	336	26	liabilities	liability	NOUN
easat-5052	336	27	through	through	ADP
easat-5052	336	28	2173	2173	NUM
easat-5052	336	29	edelweiss	edelweiss	PROPN
easat-5052	336	30	applied	apply	VERB
easat-5052	336	31	science	science	NOUN
easat-5052	336	32	and	and	CCONJ
easat-5052	336	33	technology	technology	NOUN
easat-5052	336	34	issn	issn	PROPN
easat-5052	336	35	:	:	PUNCT
easat-5052	336	36	2576	2576	NUM
easat-5052	336	37	-	-	SYM
easat-5052	336	38	8484	8484	NUM
easat-5052	336	39	vol	vol	NOUN
easat-5052	336	40	.	.	PROPN
easat-5052	337	1	9	9	NUM
easat-5052	337	2	,	,	PUNCT
easat-5052	337	3	no	no	INTJ
easat-5052	337	4	.	.	NOUN
easat-5052	337	5	2	2	NUM
easat-5052	337	6	:	:	PUNCT
easat-5052	337	7	2159	2159	NUM
easat-5052	337	8	-	-	SYM
easat-5052	337	9	2174	2174	NUM
easat-5052	337	10	,	,	PUNCT
easat-5052	337	11	2025	2025	NUM
easat-5052	337	12	doi	doi	NOUN
easat-5052	337	13	:	:	PUNCT
easat-5052	337	14	10.55214/25768484.v9i2.5052	10.55214/25768484.v9i2.5052	NUM
easat-5052	337	15	©	©	PROPN
easat-5052	337	16	2025	2025	NUM
easat-5052	337	17	by	by	ADP
easat-5052	337	18	the	the	DET
easat-5052	337	19	author	author	NOUN
easat-5052	337	20	;	;	PUNCT
easat-5052	337	21	licensee	licensee	PROPN
easat-5052	337	22	learning	learn	VERB
easat-5052	337	23	gate	gate	PROPN
easat-5052	337	24	interest	interest	NOUN
easat-5052	337	25	payments	payment	NOUN
easat-5052	337	26	,	,	PUNCT
easat-5052	337	27	leading	lead	VERB
easat-5052	337	28	to	to	ADP
easat-5052	337	29	a	a	DET
easat-5052	337	30	reduction	reduction	NOUN
easat-5052	337	31	in	in	ADP
easat-5052	337	32	tax	tax	NOUN
easat-5052	337	33	avoidance	avoidance	NOUN
easat-5052	337	34	.	.	PUNCT
easat-5052	338	1	this	this	PRON
easat-5052	338	2	suggests	suggest	VERB
easat-5052	338	3	that	that	SCONJ
easat-5052	338	4	,	,	PUNCT
easat-5052	338	5	similar	similar	ADJ
easat-5052	338	6	to	to	ADP
easat-5052	338	7	prior	prior	ADJ
easat-5052	338	8	studies	study	NOUN
easat-5052	338	9	,	,	PUNCT
easat-5052	338	10	firms	firm	NOUN
easat-5052	338	11	generally	generally	ADV
easat-5052	338	12	use	use	VERB
easat-5052	338	13	debt	debt	NOUN
easat-5052	338	14	-	-	PUNCT
easat-5052	338	15	based	base	VERB
easat-5052	338	16	tax	tax	NOUN
easat-5052	338	17	reduction	reduction	NOUN
easat-5052	338	18	policies	policy	NOUN
easat-5052	338	19	in	in	ADP
easat-5052	338	20	conjunction	conjunction	NOUN
easat-5052	338	21	with	with	ADP
easat-5052	338	22	other	other	ADJ
easat-5052	338	23	methods	method	NOUN
easat-5052	338	24	of	of	ADP
easat-5052	338	25	tax	tax	NOUN
easat-5052	338	26	avoidance	avoidance	NOUN
easat-5052	338	27	.	.	PUNCT
easat-5052	339	1	this	this	DET
easat-5052	339	2	study	study	NOUN
easat-5052	339	3	contributes	contribute	VERB
easat-5052	339	4	to	to	ADP
easat-5052	339	5	the	the	DET
easat-5052	339	6	existing	exist	VERB
easat-5052	339	7	research	research	NOUN
easat-5052	339	8	by	by	ADP
easat-5052	339	9	providing	provide	VERB
easat-5052	339	10	new	new	ADJ
easat-5052	339	11	insights	insight	NOUN
easat-5052	339	12	into	into	ADP
easat-5052	339	13	the	the	DET
easat-5052	339	14	use	use	NOUN
easat-5052	339	15	of	of	ADP
easat-5052	339	16	debt	debt	NOUN
easat-5052	339	17	as	as	ADP
easat-5052	339	18	a	a	DET
easat-5052	339	19	tax	tax	NOUN
easat-5052	339	20	avoidance	avoidance	NOUN
easat-5052	339	21	strategy	strategy	NOUN
easat-5052	339	22	among	among	ADP
easat-5052	339	23	firms	firm	NOUN
easat-5052	339	24	listed	list	VERB
easat-5052	339	25	on	on	ADP
easat-5052	339	26	the	the	DET
easat-5052	339	27	korean	korean	ADJ
easat-5052	339	28	stock	stock	NOUN
easat-5052	339	29	market	market	NOUN
easat-5052	339	30	.	.	PUNCT
easat-5052	340	1	however	however	ADV
easat-5052	340	2	,	,	PUNCT
easat-5052	340	3	its	its	PRON
easat-5052	340	4	primary	primary	ADJ
easat-5052	340	5	limitation	limitation	NOUN
easat-5052	340	6	is	be	AUX
easat-5052	340	7	that	that	SCONJ
easat-5052	340	8	the	the	DET
easat-5052	340	9	analysis	analysis	NOUN
easat-5052	340	10	focuses	focus	VERB
easat-5052	340	11	solely	solely	ADV
easat-5052	340	12	on	on	ADP
easat-5052	340	13	companies	company	NOUN
easat-5052	340	14	in	in	ADP
easat-5052	340	15	the	the	DET
easat-5052	340	16	korean	korean	ADJ
easat-5052	340	17	capital	capital	NOUN
easat-5052	340	18	market	market	NOUN
easat-5052	340	19	.	.	PUNCT
easat-5052	341	1	to	to	PART
easat-5052	341	2	improve	improve	VERB
easat-5052	341	3	the	the	DET
easat-5052	341	4	generalizability	generalizability	NOUN
easat-5052	341	5	of	of	ADP
easat-5052	341	6	these	these	DET
easat-5052	341	7	findings	finding	NOUN
easat-5052	341	8	,	,	PUNCT
easat-5052	341	9	future	future	ADJ
easat-5052	341	10	studies	study	NOUN
easat-5052	341	11	should	should	AUX
easat-5052	341	12	examine	examine	VERB
easat-5052	341	13	and	and	CCONJ
easat-5052	341	14	compare	compare	VERB
easat-5052	341	15	firms	firm	NOUN
easat-5052	341	16	from	from	ADP
easat-5052	341	17	other	other	ADJ
easat-5052	341	18	capital	capital	NOUN
easat-5052	341	19	markets	market	NOUN
easat-5052	341	20	,	,	PUNCT
easat-5052	341	21	such	such	ADJ
easat-5052	341	22	as	as	ADP
easat-5052	341	23	those	those	PRON
easat-5052	341	24	in	in	ADP
easat-5052	341	25	the	the	DET
easat-5052	341	26	united	united	PROPN
easat-5052	341	27	states	states	PROPN
easat-5052	341	28	,	,	PUNCT
easat-5052	341	29	japan	japan	PROPN
easat-5052	341	30	,	,	PUNCT
easat-5052	341	31	europe	europe	PROPN
easat-5052	341	32	,	,	PUNCT
easat-5052	341	33	and	and	CCONJ
easat-5052	341	34	china	china	PROPN
easat-5052	341	35	.	.	PUNCT
easat-5052	342	1	such	such	ADJ
easat-5052	342	2	comparative	comparative	ADJ
easat-5052	342	3	analyses	analysis	NOUN
easat-5052	342	4	would	would	AUX
easat-5052	342	5	offer	offer	VERB
easat-5052	342	6	a	a	DET
easat-5052	342	7	broader	broad	ADJ
easat-5052	342	8	perspective	perspective	NOUN
easat-5052	342	9	on	on	ADP
easat-5052	342	10	the	the	DET
easat-5052	342	11	relationship	relationship	NOUN
easat-5052	342	12	between	between	ADP
easat-5052	342	13	debt	debt	NOUN
easat-5052	342	14	and	and	CCONJ
easat-5052	342	15	tax	tax	NOUN
easat-5052	342	16	avoidance	avoidance	NOUN
easat-5052	342	17	across	across	ADP
easat-5052	342	18	different	different	ADJ
easat-5052	342	19	economic	economic	ADJ
easat-5052	342	20	and	and	CCONJ
easat-5052	342	21	regulatory	regulatory	ADJ
easat-5052	342	22	environments	environment	NOUN
easat-5052	342	23	.	.	PUNCT
easat-5052	343	1	funding	funding	NOUN
easat-5052	343	2	:	:	PUNCT
easat-5052	343	3	“	"	PUNCT
easat-5052	343	4	this	this	DET
easat-5052	343	5	research	research	NOUN
easat-5052	343	6	was	be	AUX
easat-5052	343	7	supported	support	VERB
easat-5052	343	8	by	by	ADP
easat-5052	343	9	the	the	DET
easat-5052	343	10	research	research	NOUN
easat-5052	343	11	fund	fund	NOUN
easat-5052	343	12	of	of	ADP
easat-5052	343	13	hanbat	hanbat	PROPN
easat-5052	343	14	national	national	PROPN
easat-5052	343	15	university	university	PROPN
easat-5052	343	16	in	in	ADP
easat-5052	343	17	2024	2024	NUM
easat-5052	343	18	”	"	PUNCT
easat-5052	343	19	.	.	PUNCT
easat-5052	344	1	transparency	transparency	NOUN
easat-5052	344	2	:	:	PUNCT
easat-5052	344	3	the	the	DET
easat-5052	344	4	author	author	NOUN
easat-5052	344	5	confirms	confirm	VERB
easat-5052	344	6	that	that	SCONJ
easat-5052	344	7	the	the	DET
easat-5052	344	8	manuscript	manuscript	NOUN
easat-5052	344	9	is	be	AUX
easat-5052	344	10	an	an	DET
easat-5052	344	11	honest	honest	ADJ
easat-5052	344	12	,	,	PUNCT
easat-5052	344	13	accurate	accurate	ADJ
easat-5052	344	14	,	,	PUNCT
easat-5052	344	15	and	and	CCONJ
easat-5052	344	16	transparent	transparent	ADJ
easat-5052	344	17	account	account	NOUN
easat-5052	344	18	of	of	ADP
easat-5052	344	19	the	the	DET
easat-5052	344	20	study	study	NOUN
easat-5052	344	21	;	;	PUNCT
easat-5052	344	22	that	that	SCONJ
easat-5052	344	23	no	no	DET
easat-5052	344	24	vital	vital	ADJ
easat-5052	344	25	features	feature	NOUN
easat-5052	344	26	of	of	ADP
easat-5052	344	27	the	the	DET
easat-5052	344	28	study	study	NOUN
easat-5052	344	29	have	have	AUX
easat-5052	344	30	been	be	AUX
easat-5052	344	31	omitted	omit	VERB
easat-5052	344	32	;	;	PUNCT
easat-5052	344	33	and	and	CCONJ
easat-5052	344	34	that	that	SCONJ
easat-5052	344	35	any	any	DET
easat-5052	344	36	discrepancies	discrepancy	NOUN
easat-5052	344	37	from	from	ADP
easat-5052	344	38	the	the	DET
easat-5052	344	39	study	study	NOUN
easat-5052	344	40	as	as	SCONJ
easat-5052	344	41	planned	plan	VERB
easat-5052	344	42	have	have	AUX
easat-5052	344	43	been	be	AUX
easat-5052	344	44	explained	explain	VERB
easat-5052	344	45	.	.	PUNCT
easat-5052	345	1	this	this	DET
easat-5052	345	2	study	study	NOUN
easat-5052	345	3	followed	follow	VERB
easat-5052	345	4	all	all	DET
easat-5052	345	5	ethical	ethical	ADJ
easat-5052	345	6	practices	practice	NOUN
easat-5052	345	7	during	during	ADP
easat-5052	345	8	writing	writing	NOUN
easat-5052	345	9	.	.	PUNCT
easat-5052	346	1	copyright	copyright	NOUN
easat-5052	346	2	:	:	PUNCT
easat-5052	346	3	©	©	PROPN
easat-5052	346	4	2025	2025	NUM
easat-5052	346	5	by	by	ADP
easat-5052	346	6	the	the	DET
easat-5052	346	7	authors	author	NOUN
easat-5052	346	8	.	.	PUNCT
easat-5052	347	1	this	this	DET
easat-5052	347	2	open	open	ADJ
easat-5052	347	3	-	-	PUNCT
easat-5052	347	4	access	access	NOUN
easat-5052	347	5	article	article	NOUN
easat-5052	347	6	is	be	AUX
easat-5052	347	7	distributed	distribute	VERB
easat-5052	347	8	under	under	ADP
easat-5052	347	9	the	the	DET
easat-5052	347	10	terms	term	NOUN
easat-5052	347	11	and	and	CCONJ
easat-5052	347	12	conditions	condition	NOUN
easat-5052	347	13	of	of	ADP
easat-5052	347	14	the	the	DET
easat-5052	347	15	creative	creative	ADJ
easat-5052	347	16	commons	common	NOUN
easat-5052	347	17	attribution	attribution	NOUN
easat-5052	347	18	(	(	PUNCT
easat-5052	347	19	cc	cc	NOUN
easat-5052	347	20	by	by	ADP
easat-5052	347	21	)	)	PUNCT
easat-5052	347	22	license	license	NOUN
easat-5052	347	23	(	(	PUNCT
easat-5052	347	24	https://creativecommons.org/licenses/by/4.0/	https://creativecommons.org/licenses/by/4.0/	PROPN
easat-5052	347	25	)	)	PUNCT
easat-5052	347	26	.	.	PUNCT
easat-5052	348	1	references	reference	NOUN
easat-5052	348	2	[	[	X
easat-5052	348	3	1	1	X
easat-5052	348	4	]	]	PUNCT
easat-5052	348	5	e.	e.	PROPN
easat-5052	348	6	f.	f.	PROPN
easat-5052	348	7	fama	fama	PROPN
easat-5052	348	8	and	and	CCONJ
easat-5052	348	9	k.	k.	PROPN
easat-5052	348	10	r.	r.	PROPN
easat-5052	348	11	french	french	PROPN
easat-5052	348	12	,	,	PUNCT
easat-5052	348	13	"	"	PUNCT
easat-5052	348	14	taxes	taxis	NOUN
easat-5052	348	15	,	,	PUNCT
easat-5052	348	16	financing	financing	NOUN
easat-5052	348	17	decisions	decision	NOUN
easat-5052	348	18	,	,	PUNCT
easat-5052	348	19	and	and	CCONJ
easat-5052	348	20	firm	firm	ADJ
easat-5052	348	21	value	value	NOUN
easat-5052	348	22	,	,	PUNCT
easat-5052	348	23	"	"	PUNCT
easat-5052	348	24	the	the	DET
easat-5052	348	25	journal	journal	NOUN
easat-5052	348	26	of	of	ADP
easat-5052	348	27	finance	finance	NOUN
easat-5052	348	28	,	,	PUNCT
easat-5052	348	29	vol	vol	NOUN
easat-5052	348	30	.	.	PROPN
easat-5052	349	1	53	53	NUM
easat-5052	349	2	,	,	PUNCT
easat-5052	349	3	no	no	INTJ
easat-5052	349	4	.	.	NOUN
easat-5052	349	5	3	3	NUM
easat-5052	349	6	,	,	PUNCT
easat-5052	349	7	pp	pp	ADJ
easat-5052	349	8	.	.	PUNCT
easat-5052	350	1	819	819	NUM
easat-5052	350	2	-	-	SYM
easat-5052	350	3	843	843	NUM
easat-5052	350	4	,	,	PUNCT
easat-5052	350	5	1998	1998	NUM
easat-5052	350	6	.	.	PUNCT
easat-5052	351	1	https://doi.org/10.1111/0022-1082.10029	https://doi.org/10.1111/0022-1082.10029	PROPN
easat-5052	351	2	[	[	X
easat-5052	351	3	2	2	NUM
easat-5052	351	4	]	]	X
easat-5052	351	5	r.	r.	PROPN
easat-5052	351	6	greenwood	greenwood	PROPN
easat-5052	351	7	,	,	PUNCT
easat-5052	351	8	s.	s.	PROPN
easat-5052	351	9	hanson	hanson	PROPN
easat-5052	351	10	,	,	PUNCT
easat-5052	351	11	and	and	CCONJ
easat-5052	351	12	j.	j.	PROPN
easat-5052	351	13	c.	c.	PROPN
easat-5052	351	14	stein	stein	PROPN
easat-5052	351	15	,	,	PUNCT
easat-5052	351	16	"	"	PUNCT
easat-5052	351	17	a	a	DET
easat-5052	351	18	gap‐filling	gap‐fille	VERB
easat-5052	351	19	theory	theory	NOUN
easat-5052	351	20	of	of	ADP
easat-5052	351	21	corporate	corporate	ADJ
easat-5052	351	22	debt	debt	NOUN
easat-5052	351	23	maturity	maturity	NOUN
easat-5052	351	24	choice	choice	NOUN
easat-5052	351	25	,	,	PUNCT
easat-5052	351	26	"	"	PUNCT
easat-5052	351	27	the	the	DET
easat-5052	351	28	journal	journal	NOUN
easat-5052	351	29	of	of	ADP
easat-5052	351	30	finance	finance	NOUN
easat-5052	351	31	,	,	PUNCT
easat-5052	351	32	vol	vol	NOUN
easat-5052	351	33	.	.	PROPN
easat-5052	351	34	65	65	NUM
easat-5052	351	35	,	,	PUNCT
easat-5052	351	36	no	no	INTJ
easat-5052	351	37	.	.	NOUN
easat-5052	351	38	3	3	NUM
easat-5052	351	39	,	,	PUNCT
easat-5052	351	40	pp	pp	ADJ
easat-5052	351	41	.	.	PUNCT
easat-5052	352	1	993	993	NUM
easat-5052	352	2	-	-	SYM
easat-5052	352	3	1028	1028	NUM
easat-5052	352	4	,	,	PUNCT
easat-5052	352	5	2010	2010	NUM
easat-5052	352	6	.	.	PUNCT
easat-5052	353	1	https://doi.org/10.1111/j.1540-6261.2010.01566.x	https://doi.org/10.1111/j.1540-6261.2010.01566.x	PROPN
easat-5052	354	1	[	[	X
easat-5052	354	2	3	3	X
easat-5052	354	3	]	]	PUNCT
easat-5052	354	4	v.	v.	ADP
easat-5052	354	5	m.	m.	PROPN
easat-5052	354	6	gonzález	gonzález	PROPN
easat-5052	354	7	,	,	PUNCT
easat-5052	354	8	"	"	PUNCT
easat-5052	354	9	leverage	leverage	NOUN
easat-5052	354	10	and	and	CCONJ
easat-5052	354	11	corporate	corporate	ADJ
easat-5052	354	12	performance	performance	NOUN
easat-5052	354	13	:	:	PUNCT
easat-5052	354	14	international	international	ADJ
easat-5052	354	15	evidence	evidence	NOUN
easat-5052	354	16	,	,	PUNCT
easat-5052	354	17	"	"	PUNCT
easat-5052	354	18	international	international	ADJ
easat-5052	354	19	review	review	NOUN
easat-5052	354	20	of	of	ADP
easat-5052	354	21	economics	economics	PROPN
easat-5052	354	22	&	&	CCONJ
easat-5052	354	23	finance	finance	PROPN
easat-5052	354	24	,	,	PUNCT
easat-5052	354	25	vol	vol	NOUN
easat-5052	354	26	.	.	PROPN
easat-5052	354	27	25	25	NUM
easat-5052	354	28	,	,	PUNCT
easat-5052	354	29	pp	pp	ADJ
easat-5052	354	30	.	.	PUNCT
easat-5052	354	31	169	169	NUM
easat-5052	354	32	-	-	SYM
easat-5052	354	33	184	184	NUM
easat-5052	354	34	,	,	PUNCT
easat-5052	354	35	2013	2013	NUM
easat-5052	354	36	.	.	PUNCT
easat-5052	355	1	https://doi.org/10.1016/j.iref.2012.05.003	https://doi.org/10.1016/j.iref.2012.05.003	X
easat-5052	356	1	[	[	X
easat-5052	356	2	4	4	X
easat-5052	356	3	]	]	PUNCT
easat-5052	356	4	j.	j.	PROPN
easat-5052	356	5	blouin	blouin	PROPN
easat-5052	356	6	,	,	PUNCT
easat-5052	356	7	j.	j.	PROPN
easat-5052	356	8	e.	e.	PROPN
easat-5052	356	9	core	core	PROPN
easat-5052	356	10	,	,	PUNCT
easat-5052	356	11	and	and	CCONJ
easat-5052	356	12	w.	w.	PROPN
easat-5052	356	13	guay	guay	PROPN
easat-5052	356	14	,	,	PUNCT
easat-5052	356	15	"	"	PUNCT
easat-5052	356	16	have	have	VERB
easat-5052	356	17	the	the	DET
easat-5052	356	18	tax	tax	NOUN
easat-5052	356	19	benefits	benefit	NOUN
easat-5052	356	20	of	of	ADP
easat-5052	356	21	debt	debt	NOUN
easat-5052	356	22	been	be	AUX
easat-5052	356	23	overestimated	overestimate	VERB
easat-5052	356	24	?	?	PUNCT
easat-5052	356	25	,	,	PUNCT
easat-5052	356	26	"	"	PUNCT
easat-5052	356	27	journal	journal	NOUN
easat-5052	356	28	of	of	ADP
easat-5052	356	29	financial	financial	ADJ
easat-5052	356	30	economics	economic	NOUN
easat-5052	356	31	,	,	PUNCT
easat-5052	356	32	vol	vol	NOUN
easat-5052	356	33	.	.	PROPN
easat-5052	356	34	98	98	NUM
easat-5052	356	35	,	,	PUNCT
easat-5052	356	36	no	no	INTJ
easat-5052	356	37	.	.	NOUN
easat-5052	356	38	2	2	NUM
easat-5052	356	39	,	,	PUNCT
easat-5052	356	40	pp	pp	ADJ
easat-5052	356	41	.	.	PUNCT
easat-5052	357	1	195	195	NUM
easat-5052	357	2	-	-	PUNCT
easat-5052	357	3	213	213	NUM
easat-5052	357	4	,	,	PUNCT
easat-5052	357	5	2010	2010	NUM
easat-5052	357	6	.	.	PUNCT
easat-5052	358	1	https://doi.org/10.1016/j.jfineco.2010.03.001	https://doi.org/10.1016/j.jfineco.2010.03.001	VERB
easat-5052	359	1	[	[	X
easat-5052	359	2	5	5	NUM
easat-5052	359	3	]	]	PUNCT
easat-5052	359	4	m.	m.	NOUN
easat-5052	359	5	bradley	bradley	PROPN
easat-5052	359	6	,	,	PUNCT
easat-5052	359	7	g.	g.	PROPN
easat-5052	359	8	a.	a.	PROPN
easat-5052	359	9	jarrell	jarrell	PROPN
easat-5052	359	10	,	,	PUNCT
easat-5052	359	11	and	and	CCONJ
easat-5052	359	12	e.	e.	PROPN
easat-5052	359	13	h.	h.	PROPN
easat-5052	359	14	kim	kim	PROPN
easat-5052	359	15	,	,	PUNCT
easat-5052	359	16	"	"	PUNCT
easat-5052	359	17	on	on	ADP
easat-5052	359	18	the	the	DET
easat-5052	359	19	existence	existence	NOUN
easat-5052	359	20	of	of	ADP
easat-5052	359	21	an	an	DET
easat-5052	359	22	optimal	optimal	ADJ
easat-5052	359	23	capital	capital	NOUN
easat-5052	359	24	structure	structure	NOUN
easat-5052	359	25	:	:	PUNCT
easat-5052	359	26	theory	theory	NOUN
easat-5052	359	27	and	and	CCONJ
easat-5052	359	28	evidence	evidence	NOUN
easat-5052	359	29	,	,	PUNCT
easat-5052	359	30	"	"	PUNCT
easat-5052	359	31	the	the	DET
easat-5052	359	32	journal	journal	NOUN
easat-5052	359	33	of	of	ADP
easat-5052	359	34	finance	finance	NOUN
easat-5052	359	35	,	,	PUNCT
easat-5052	359	36	vol	vol	NOUN
easat-5052	359	37	.	.	PROPN
easat-5052	359	38	39	39	NUM
easat-5052	359	39	,	,	PUNCT
easat-5052	359	40	no	no	INTJ
easat-5052	359	41	.	.	NOUN
easat-5052	359	42	3	3	NUM
easat-5052	359	43	,	,	PUNCT
easat-5052	359	44	pp	pp	ADJ
easat-5052	359	45	.	.	PUNCT
easat-5052	360	1	857	857	NUM
easat-5052	360	2	-	-	SYM
easat-5052	360	3	878	878	NUM
easat-5052	360	4	,	,	PUNCT
easat-5052	360	5	1984	1984	NUM
easat-5052	360	6	.	.	PUNCT
easat-5052	361	1	https://doi.org/10.1111/j.1540-6261.1984.tb03680.x	https://doi.org/10.1111/j.1540-6261.1984.tb03680.x	PROPN
easat-5052	362	1	[	[	X
easat-5052	362	2	6	6	NUM
easat-5052	362	3	]	]	PUNCT
easat-5052	362	4	j.	j.	PROPN
easat-5052	362	5	r.	r.	PROPN
easat-5052	362	6	graham	graham	PROPN
easat-5052	362	7	,	,	PUNCT
easat-5052	362	8	"	"	PUNCT
easat-5052	362	9	how	how	SCONJ
easat-5052	362	10	big	big	ADJ
easat-5052	362	11	are	be	AUX
easat-5052	362	12	the	the	DET
easat-5052	362	13	tax	tax	NOUN
easat-5052	362	14	benefits	benefit	NOUN
easat-5052	362	15	of	of	ADP
easat-5052	362	16	debt	debt	NOUN
easat-5052	362	17	?	?	PUNCT
easat-5052	362	18	,	,	PUNCT
easat-5052	362	19	"	"	PUNCT
easat-5052	362	20	the	the	DET
easat-5052	362	21	journal	journal	NOUN
easat-5052	362	22	of	of	ADP
easat-5052	362	23	finance	finance	NOUN
easat-5052	362	24	,	,	PUNCT
easat-5052	362	25	vol	vol	NOUN
easat-5052	362	26	.	.	PROPN
easat-5052	362	27	55	55	NUM
easat-5052	362	28	,	,	PUNCT
easat-5052	362	29	no	no	INTJ
easat-5052	362	30	.	.	NOUN
easat-5052	362	31	5	5	NUM
easat-5052	362	32	,	,	PUNCT
easat-5052	362	33	pp	pp	ADJ
easat-5052	362	34	.	.	PUNCT
easat-5052	363	1	1901	1901	NUM
easat-5052	363	2	-	-	SYM
easat-5052	363	3	1941	1941	NUM
easat-5052	363	4	,	,	PUNCT
easat-5052	363	5	2000	2000	NUM
easat-5052	363	6	.	.	PUNCT
easat-5052	364	1	https://doi.org/10.1111/0022-1082.00277	https://doi.org/10.1111/0022-1082.00277	NOUN
easat-5052	365	1	[	[	X
easat-5052	365	2	7	7	X
easat-5052	365	3	]	]	X
easat-5052	365	4	c.	c.	PROPN
easat-5052	365	5	f.	f.	PROPN
easat-5052	365	6	foley	foley	PROPN
easat-5052	365	7	,	,	PUNCT
easat-5052	365	8	j.	j.	PROPN
easat-5052	365	9	c.	c.	PROPN
easat-5052	365	10	hartzell	hartzell	PROPN
easat-5052	365	11	,	,	PUNCT
easat-5052	365	12	s.	s.	PROPN
easat-5052	365	13	titman	titman	PROPN
easat-5052	365	14	,	,	PUNCT
easat-5052	365	15	and	and	CCONJ
easat-5052	365	16	g.	g.	PROPN
easat-5052	365	17	twite	twite	PROPN
easat-5052	365	18	,	,	PUNCT
easat-5052	365	19	"	"	PUNCT
easat-5052	365	20	why	why	SCONJ
easat-5052	365	21	do	do	AUX
easat-5052	365	22	firms	firm	NOUN
easat-5052	365	23	hold	hold	VERB
easat-5052	365	24	so	so	ADV
easat-5052	365	25	much	much	ADJ
easat-5052	365	26	cash	cash	NOUN
easat-5052	365	27	?	?	PUNCT
easat-5052	366	1	a	a	DET
easat-5052	366	2	tax	tax	NOUN
easat-5052	366	3	-	-	PUNCT
easat-5052	366	4	based	base	VERB
easat-5052	366	5	explanation	explanation	NOUN
easat-5052	366	6	,	,	PUNCT
easat-5052	366	7	"	"	PUNCT
easat-5052	366	8	journal	journal	NOUN
easat-5052	366	9	of	of	ADP
easat-5052	366	10	financial	financial	ADJ
easat-5052	366	11	economics	economic	NOUN
easat-5052	366	12	,	,	PUNCT
easat-5052	366	13	vol	vol	NOUN
easat-5052	366	14	.	.	PROPN
easat-5052	366	15	86	86	NUM
easat-5052	366	16	,	,	PUNCT
easat-5052	366	17	no	no	INTJ
easat-5052	366	18	.	.	NOUN
easat-5052	366	19	3	3	NUM
easat-5052	366	20	,	,	PUNCT
easat-5052	366	21	pp	pp	ADJ
easat-5052	366	22	.	.	PUNCT
easat-5052	367	1	579	579	NUM
easat-5052	367	2	-	-	NUM
easat-5052	367	3	607	607	NUM
easat-5052	367	4	,	,	PUNCT
easat-5052	367	5	2007	2007	NUM
easat-5052	367	6	.	.	PUNCT
easat-5052	368	1	https://doi.org/10.1016/j.jfineco.2007.06.004	https://doi.org/10.1016/j.jfineco.2007.06.004	VERB
easat-5052	369	1	[	[	X
easat-5052	369	2	8	8	NUM
easat-5052	369	3	]	]	PUNCT
easat-5052	369	4	s.	s.	PROPN
easat-5052	369	5	r.	r.	PROPN
easat-5052	369	6	bond	bond	PROPN
easat-5052	369	7	and	and	CCONJ
easat-5052	369	8	m.	m.	NOUN
easat-5052	369	9	p.	p.	PROPN
easat-5052	369	10	devereux	devereux	PROPN
easat-5052	369	11	,	,	PUNCT
easat-5052	369	12	"	"	PUNCT
easat-5052	369	13	generalised	generalise	VERB
easat-5052	369	14	r	r	NOUN
easat-5052	369	15	-	-	PUNCT
easat-5052	369	16	based	base	VERB
easat-5052	369	17	and	and	CCONJ
easat-5052	369	18	s	s	NOUN
easat-5052	369	19	-	-	PUNCT
easat-5052	369	20	based	base	VERB
easat-5052	369	21	taxes	taxis	NOUN
easat-5052	369	22	under	under	ADP
easat-5052	369	23	uncertainty	uncertainty	NOUN
easat-5052	369	24	,	,	PUNCT
easat-5052	369	25	"	"	PUNCT
easat-5052	369	26	journal	journal	NOUN
easat-5052	369	27	of	of	ADP
easat-5052	369	28	public	public	ADJ
easat-5052	369	29	economics	economic	NOUN
easat-5052	369	30	,	,	PUNCT
easat-5052	369	31	vol	vol	NOUN
easat-5052	369	32	.	.	PROPN
easat-5052	370	1	87	87	NUM
easat-5052	370	2	,	,	PUNCT
easat-5052	370	3	no	no	INTJ
easat-5052	370	4	.	.	NOUN
easat-5052	370	5	5	5	NUM
easat-5052	370	6	-	-	SYM
easat-5052	370	7	6	6	NUM
easat-5052	370	8	,	,	PUNCT
easat-5052	370	9	pp	pp	ADJ
easat-5052	370	10	.	.	PUNCT
easat-5052	371	1	1291	1291	NUM
easat-5052	371	2	-	-	SYM
easat-5052	371	3	1311	1311	NUM
easat-5052	371	4	,	,	PUNCT
easat-5052	371	5	2003	2003	NUM
easat-5052	371	6	.	.	PUNCT
easat-5052	372	1	https://doi.org/10.1016/s0047-2727(02)00084-1	https://doi.org/10.1016/s0047-2727(02)00084-1	PROPN
easat-5052	373	1	[	[	X
easat-5052	373	2	9	9	NUM
easat-5052	373	3	]	]	PUNCT
easat-5052	373	4	m.	m.	NOUN
easat-5052	373	5	guedrib	guedrib	NOUN
easat-5052	373	6	and	and	CCONJ
easat-5052	373	7	z.	z.	PROPN
easat-5052	373	8	hamdi	hamdi	PROPN
easat-5052	373	9	,	,	PUNCT
easat-5052	373	10	"	"	PUNCT
easat-5052	373	11	investigating	investigate	VERB
easat-5052	373	12	tax	tax	NOUN
easat-5052	373	13	risk	risk	NOUN
easat-5052	373	14	’s	’s	PART
easat-5052	373	15	influence	influence	NOUN
easat-5052	373	16	on	on	ADP
easat-5052	373	17	tax	tax	NOUN
easat-5052	373	18	avoidance	avoidance	NOUN
easat-5052	373	19	and	and	CCONJ
easat-5052	373	20	debt	debt	NOUN
easat-5052	373	21	costs	cost	NOUN
easat-5052	373	22	:	:	PUNCT
easat-5052	373	23	evidence	evidence	NOUN
easat-5052	373	24	from	from	ADP
easat-5052	373	25	france	france	PROPN
easat-5052	373	26	,	,	PUNCT
easat-5052	373	27	"	"	PUNCT
easat-5052	373	28	journal	journal	NOUN
easat-5052	373	29	of	of	ADP
easat-5052	373	30	financial	financial	ADJ
easat-5052	373	31	crime	crime	NOUN
easat-5052	373	32	,	,	PUNCT
easat-5052	373	33	vol	vol	NOUN
easat-5052	373	34	.	.	PROPN
easat-5052	374	1	32	32	NUM
easat-5052	374	2	,	,	PUNCT
easat-5052	374	3	no	no	INTJ
easat-5052	374	4	.	.	NOUN
easat-5052	374	5	2	2	NUM
easat-5052	374	6	,	,	PUNCT
easat-5052	374	7	pp	pp	ADJ
easat-5052	374	8	.	.	PUNCT
easat-5052	375	1	321	321	NUM
easat-5052	375	2	-	-	SYM
easat-5052	375	3	336	336	NUM
easat-5052	375	4	,	,	PUNCT
easat-5052	375	5	2024	2024	NUM
easat-5052	375	6	.	.	PUNCT
easat-5052	376	1	https://doi.org/10.1108/jfc-03-2024-0111	https://doi.org/10.1108/jfc-03-2024-0111	PROPN
easat-5052	377	1	[	[	X
easat-5052	377	2	10	10	NUM
easat-5052	377	3	]	]	PUNCT
easat-5052	377	4	m.	m.	NOUN
easat-5052	377	5	c.	c.	PROPN
easat-5052	377	6	jensen	jensen	PROPN
easat-5052	377	7	and	and	CCONJ
easat-5052	377	8	w.	w.	PROPN
easat-5052	377	9	h.	h.	PROPN
easat-5052	377	10	meckling	meckling	PROPN
easat-5052	377	11	,	,	PUNCT
easat-5052	377	12	theory	theory	NOUN
easat-5052	377	13	of	of	ADP
easat-5052	377	14	the	the	DET
easat-5052	377	15	firm	firm	NOUN
easat-5052	377	16	:	:	PUNCT
easat-5052	377	17	managerial	managerial	ADJ
easat-5052	377	18	behavior	behavior	NOUN
easat-5052	377	19	,	,	PUNCT
easat-5052	377	20	agency	agency	NOUN
easat-5052	377	21	costs	cost	NOUN
easat-5052	377	22	and	and	CCONJ
easat-5052	377	23	ownership	ownership	NOUN
easat-5052	377	24	structure	structure	NOUN
easat-5052	377	25	(	(	PUNCT
easat-5052	377	26	corporate	corporate	ADJ
easat-5052	377	27	governance	governance	NOUN
easat-5052	377	28	)	)	PUNCT
easat-5052	377	29	.	.	PUNCT
easat-5052	378	1	gower	gower	PROPN
easat-5052	378	2	.	.	PUNCT
easat-5052	379	1	https://doi.org/10.1016/0304-405x(76)90026-x	https://doi.org/10.1016/0304-405x(76)90026-x	PROPN
easat-5052	379	2	,	,	PUNCT
easat-5052	379	3	2019	2019	NUM
easat-5052	379	4	,	,	PUNCT
easat-5052	379	5	pp	pp	ADJ
easat-5052	379	6	.	.	PUNCT
easat-5052	380	1	77	77	NUM
easat-5052	380	2	-	-	SYM
easat-5052	380	3	132	132	NUM
easat-5052	380	4	.	.	PUNCT
easat-5052	381	1	[	[	X
easat-5052	381	2	11	11	NUM
easat-5052	381	3	]	]	PUNCT
easat-5052	381	4	j.	j.	PROPN
easat-5052	381	5	r.	r.	PROPN
easat-5052	381	6	hines	hines	PROPN
easat-5052	381	7	jr	jr	PROPN
easat-5052	381	8	and	and	CCONJ
easat-5052	381	9	e.	e.	PROPN
easat-5052	381	10	m.	m.	PROPN
easat-5052	381	11	rice	rice	PROPN
easat-5052	381	12	,	,	PUNCT
easat-5052	381	13	"	"	PUNCT
easat-5052	381	14	fiscal	fiscal	ADJ
easat-5052	381	15	paradise	paradise	NOUN
easat-5052	381	16	:	:	PUNCT
easat-5052	381	17	foreign	foreign	ADJ
easat-5052	381	18	tax	tax	NOUN
easat-5052	381	19	havens	haven	NOUN
easat-5052	381	20	and	and	CCONJ
easat-5052	381	21	american	american	ADJ
easat-5052	381	22	business	business	NOUN
easat-5052	381	23	,	,	PUNCT
easat-5052	381	24	"	"	PUNCT
easat-5052	381	25	the	the	DET
easat-5052	381	26	quarterly	quarterly	ADJ
easat-5052	381	27	journal	journal	NOUN
easat-5052	381	28	of	of	ADP
easat-5052	381	29	economics	economic	NOUN
easat-5052	381	30	,	,	PUNCT
easat-5052	381	31	vol	vol	NOUN
easat-5052	381	32	.	.	PROPN
easat-5052	382	1	109	109	NUM
easat-5052	382	2	,	,	PUNCT
easat-5052	382	3	no	no	INTJ
easat-5052	382	4	.	.	NOUN
easat-5052	382	5	1	1	NUM
easat-5052	382	6	,	,	PUNCT
easat-5052	382	7	pp	pp	ADJ
easat-5052	382	8	.	.	PUNCT
easat-5052	383	1	149	149	NUM
easat-5052	383	2	-	-	SYM
easat-5052	383	3	182	182	NUM
easat-5052	383	4	,	,	PUNCT
easat-5052	383	5	1994	1994	NUM
easat-5052	383	6	.	.	PUNCT
easat-5052	384	1	https://doi.org/10.2307/2118443	https://doi.org/10.2307/2118443	X
easat-5052	385	1	[	[	X
easat-5052	385	2	12	12	NUM
easat-5052	385	3	]	]	X
easat-5052	385	4	s.	s.	PROPN
easat-5052	385	5	claessens	claessen	VERB
easat-5052	385	6	and	and	CCONJ
easat-5052	385	7	s.	s.	PROPN
easat-5052	385	8	djankov	djankov	PROPN
easat-5052	385	9	,	,	PUNCT
easat-5052	385	10	"	"	PUNCT
easat-5052	385	11	ownership	ownership	NOUN
easat-5052	385	12	concentration	concentration	NOUN
easat-5052	385	13	and	and	CCONJ
easat-5052	385	14	corporate	corporate	ADJ
easat-5052	385	15	performance	performance	NOUN
easat-5052	385	16	in	in	ADP
easat-5052	385	17	the	the	DET
easat-5052	385	18	czech	czech	PROPN
easat-5052	385	19	republic	republic	NOUN
easat-5052	385	20	,	,	PUNCT
easat-5052	385	21	"	"	PUNCT
easat-5052	385	22	journal	journal	NOUN
easat-5052	385	23	of	of	ADP
easat-5052	385	24	comparative	comparative	ADJ
easat-5052	385	25	economics	economic	NOUN
easat-5052	385	26	,	,	PUNCT
easat-5052	385	27	vol	vol	NOUN
easat-5052	385	28	.	.	PROPN
easat-5052	385	29	27	27	NUM
easat-5052	385	30	,	,	PUNCT
easat-5052	385	31	no	no	INTJ
easat-5052	385	32	.	.	NOUN
easat-5052	385	33	3	3	NUM
easat-5052	385	34	,	,	PUNCT
easat-5052	385	35	pp	pp	ADJ
easat-5052	385	36	.	.	PUNCT
easat-5052	386	1	498	498	NUM
easat-5052	386	2	-	-	SYM
easat-5052	386	3	513	513	NUM
easat-5052	386	4	,	,	PUNCT
easat-5052	386	5	1999	1999	NUM
easat-5052	386	6	.	.	PUNCT
easat-5052	387	1	https://doi.org/10.1006/jcec.1999.1583	https://doi.org/10.1006/jcec.1999.1583	PROPN
easat-5052	388	1	[	[	X
easat-5052	388	2	13	13	NUM
easat-5052	388	3	]	]	PUNCT
easat-5052	388	4	s.	s.	PROPN
easat-5052	388	5	o.	o.	PROPN
easat-5052	388	6	rego	rego	PROPN
easat-5052	388	7	,	,	PUNCT
easat-5052	388	8	"	"	PUNCT
easat-5052	388	9	tax‐avoidance	tax‐avoidance	NOUN
easat-5052	388	10	activities	activity	NOUN
easat-5052	388	11	of	of	ADP
easat-5052	388	12	us	us	PROPN
easat-5052	388	13	multinational	multinational	ADJ
easat-5052	388	14	corporations	corporation	NOUN
easat-5052	388	15	,	,	PUNCT
easat-5052	388	16	"	"	PUNCT
easat-5052	388	17	contemporary	contemporary	ADJ
easat-5052	388	18	accounting	accounting	NOUN
easat-5052	388	19	research	research	NOUN
easat-5052	388	20	,	,	PUNCT
easat-5052	388	21	vol	vol	NOUN
easat-5052	388	22	.	.	PROPN
easat-5052	388	23	20	20	NUM
easat-5052	388	24	,	,	PUNCT
easat-5052	388	25	no	no	INTJ
easat-5052	388	26	.	.	NOUN
easat-5052	388	27	4	4	NUM
easat-5052	388	28	,	,	PUNCT
easat-5052	388	29	pp	pp	ADJ
easat-5052	388	30	.	.	PUNCT
easat-5052	389	1	805	805	NUM
easat-5052	389	2	-	-	SYM
easat-5052	389	3	833	833	NUM
easat-5052	389	4	,	,	PUNCT
easat-5052	389	5	2003	2003	NUM
easat-5052	389	6	.	.	PUNCT
easat-5052	389	7	https://doi.org/10.1506/vann-b7ub-gmfa-9e6w	https://doi.org/10.1506/vann-b7ub-gmfa-9e6w	NOUN
easat-5052	390	1	[	[	X
easat-5052	390	2	14	14	NUM
easat-5052	390	3	]	]	PUNCT
easat-5052	390	4	m.	m.	PROPN
easat-5052	390	5	a.	a.	PROPN
easat-5052	390	6	desai	desai	PROPN
easat-5052	390	7	,	,	PUNCT
easat-5052	390	8	c.	c.	PROPN
easat-5052	390	9	f.	f.	PROPN
easat-5052	390	10	foley	foley	PROPN
easat-5052	390	11	,	,	PUNCT
easat-5052	390	12	and	and	CCONJ
easat-5052	390	13	j.	j.	PROPN
easat-5052	390	14	r.	r.	PROPN
easat-5052	390	15	hines	hines	PROPN
easat-5052	390	16	jr	jr	PROPN
easat-5052	390	17	,	,	PUNCT
easat-5052	390	18	"	"	PUNCT
easat-5052	390	19	a	a	DET
easat-5052	390	20	multinational	multinational	ADJ
easat-5052	390	21	perspective	perspective	NOUN
easat-5052	390	22	on	on	ADP
easat-5052	390	23	capital	capital	NOUN
easat-5052	390	24	structure	structure	NOUN
easat-5052	390	25	choice	choice	NOUN
easat-5052	390	26	and	and	CCONJ
easat-5052	390	27	internal	internal	ADJ
easat-5052	390	28	capital	capital	NOUN
easat-5052	390	29	markets	market	NOUN
easat-5052	390	30	,	,	PUNCT
easat-5052	390	31	"	"	PUNCT
easat-5052	390	32	the	the	DET
easat-5052	390	33	journal	journal	NOUN
easat-5052	390	34	of	of	ADP
easat-5052	390	35	finance	finance	NOUN
easat-5052	390	36	,	,	PUNCT
easat-5052	390	37	vol	vol	NOUN
easat-5052	390	38	.	.	PROPN
easat-5052	390	39	59	59	NUM
easat-5052	390	40	,	,	PUNCT
easat-5052	390	41	no	no	INTJ
easat-5052	390	42	.	.	NOUN
easat-5052	390	43	6	6	NUM
easat-5052	390	44	,	,	PUNCT
easat-5052	390	45	pp	pp	ADJ
easat-5052	390	46	.	.	PUNCT
easat-5052	391	1	2451	2451	NUM
easat-5052	391	2	-	-	SYM
easat-5052	391	3	2487	2487	NUM
easat-5052	391	4	,	,	PUNCT
easat-5052	391	5	2004	2004	NUM
easat-5052	391	6	.	.	PUNCT
easat-5052	392	1	https://doi.org/10.1111/j.15406261.2004.00706.x	https://doi.org/10.1111/j.15406261.2004.00706.x	PUNCT
easat-5052	393	1	[	[	X
easat-5052	393	2	15	15	NUM
easat-5052	393	3	]	]	PUNCT
easat-5052	393	4	j.	j.	PROPN
easat-5052	393	5	mintz	mintz	PROPN
easat-5052	393	6	and	and	CCONJ
easat-5052	393	7	m.	m.	PROPN
easat-5052	393	8	smart	smart	ADJ
easat-5052	393	9	,	,	PUNCT
easat-5052	393	10	"	"	PUNCT
easat-5052	393	11	income	income	NOUN
easat-5052	393	12	shifting	shifting	NOUN
easat-5052	393	13	,	,	PUNCT
easat-5052	393	14	investment	investment	NOUN
easat-5052	393	15	,	,	PUNCT
easat-5052	393	16	and	and	CCONJ
easat-5052	393	17	tax	tax	NOUN
easat-5052	393	18	competition	competition	NOUN
easat-5052	393	19	:	:	PUNCT
easat-5052	393	20	theory	theory	NOUN
easat-5052	393	21	and	and	CCONJ
easat-5052	393	22	evidence	evidence	NOUN
easat-5052	393	23	from	from	ADP
easat-5052	393	24	provincial	provincial	ADJ
easat-5052	393	25	taxation	taxation	NOUN
easat-5052	393	26	in	in	ADP
easat-5052	393	27	canada	canada	PROPN
easat-5052	393	28	,	,	PUNCT
easat-5052	393	29	"	"	PUNCT
easat-5052	393	30	journal	journal	NOUN
easat-5052	393	31	of	of	ADP
easat-5052	393	32	public	public	ADJ
easat-5052	393	33	economics	economic	NOUN
easat-5052	393	34	,	,	PUNCT
easat-5052	393	35	vol	vol	NOUN
easat-5052	393	36	.	.	PROPN
easat-5052	393	37	88	88	NUM
easat-5052	393	38	,	,	PUNCT
easat-5052	393	39	no	no	INTJ
easat-5052	393	40	.	.	NOUN
easat-5052	393	41	6	6	NUM
easat-5052	393	42	,	,	PUNCT
easat-5052	393	43	pp	pp	ADJ
easat-5052	393	44	.	.	PUNCT
easat-5052	393	45	1149	1149	NUM
easat-5052	393	46	-	-	SYM
easat-5052	393	47	1168	1168	NUM
easat-5052	393	48	,	,	PUNCT
easat-5052	393	49	2004	2004	NUM
easat-5052	393	50	.	.	PUNCT
easat-5052	394	1	https://doi.org/10.1016/j.jpubeco.2003.12.005	https://doi.org/10.1016/j.jpubeco.2003.12.005	NUM
easat-5052	394	2	https://creativecommons.org/licenses/by/4.0/	https://creativecommons.org/licenses/by/4.0/	PROPN
easat-5052	394	3	https://doi.org/10.1111/0022-1082.10029	https://doi.org/10.1111/0022-1082.10029	PROPN
easat-5052	394	4	https://doi.org/10.1111/j.1540-6261.2010.01566.x	https://doi.org/10.1111/j.1540-6261.2010.01566.x	VERB
easat-5052	394	5	https://doi.org/10.1016/j.iref.2012.05.003	https://doi.org/10.1016/j.iref.2012.05.003	PROPN
easat-5052	394	6	https://doi.org/10.1016/j.jfineco.2010.03.001	https://doi.org/10.1016/j.jfineco.2010.03.001	PROPN
easat-5052	394	7	https://doi.org/10.1111/j.1540-6261.1984.tb03680.x	https://doi.org/10.1111/j.1540-6261.1984.tb03680.x	PROPN
easat-5052	394	8	https://doi.org/10.1111/0022-1082.00277	https://doi.org/10.1111/0022-1082.00277	NOUN
easat-5052	394	9	https://doi.org/10.1016/j.jfineco.2007.06.004	https://doi.org/10.1016/j.jfineco.2007.06.004	X
easat-5052	394	10	https://doi.org/10.1016/s0047-2727(02)00084-1	https://doi.org/10.1016/s0047-2727(02)00084-1	PROPN
easat-5052	394	11	https://doi.org/10.1108/jfc-03-2024-0111	https://doi.org/10.1108/jfc-03-2024-0111	PROPN
easat-5052	394	12	https://doi.org/10.1016/0304-405x(76)90026-x	https://doi.org/10.1016/0304-405x(76)90026-x	PROPN
easat-5052	394	13	https://doi.org/10.2307/2118443	https://doi.org/10.2307/2118443	NOUN
easat-5052	394	14	https://doi.org/10.1006/jcec.1999.1583	https://doi.org/10.1006/jcec.1999.1583	PROPN
easat-5052	394	15	https://doi.org/10.1506/vann-b7ub-gmfa-9e6w	https://doi.org/10.1506/vann-b7ub-gmfa-9e6w	NOUN
easat-5052	394	16	https://doi.org/10.1111/j.1540-6261.2004.00706.x	https://doi.org/10.1111/j.1540-6261.2004.00706.x	PROPN
easat-5052	394	17	https://doi.org/10.1111/j.1540-6261.2004.00706.x	https://doi.org/10.1111/j.1540-6261.2004.00706.x	PROPN
easat-5052	395	1	https://doi.org/10.1016/j.jpubeco.2003.12.005	https://doi.org/10.1016/j.jpubeco.2003.12.005	PROPN
easat-5052	395	2	2174	2174	NUM
easat-5052	395	3	edelweiss	edelweiss	PROPN
easat-5052	395	4	applied	apply	VERB
easat-5052	395	5	science	science	NOUN
easat-5052	395	6	and	and	CCONJ
easat-5052	395	7	technology	technology	NOUN
easat-5052	395	8	issn	issn	PROPN
easat-5052	395	9	:	:	PUNCT
easat-5052	395	10	2576	2576	NUM
easat-5052	395	11	-	-	SYM
easat-5052	395	12	8484	8484	NUM
easat-5052	395	13	vol	vol	NOUN
easat-5052	395	14	.	.	PROPN
easat-5052	396	1	9	9	NUM
easat-5052	396	2	,	,	PUNCT
easat-5052	396	3	no	no	INTJ
easat-5052	396	4	.	.	NOUN
easat-5052	396	5	2	2	NUM
easat-5052	396	6	:	:	PUNCT
easat-5052	396	7	2159	2159	NUM
easat-5052	396	8	-	-	SYM
easat-5052	396	9	2174	2174	NUM
easat-5052	396	10	,	,	PUNCT
easat-5052	396	11	2025	2025	NUM
easat-5052	396	12	doi	doi	NOUN
easat-5052	396	13	:	:	PUNCT
easat-5052	396	14	10.55214/25768484.v9i2.5052	10.55214/25768484.v9i2.5052	NUM
easat-5052	396	15	©	©	PROPN
easat-5052	396	16	2025	2025	NUM
easat-5052	396	17	by	by	ADP
easat-5052	396	18	the	the	DET
easat-5052	396	19	author	author	NOUN
easat-5052	396	20	;	;	PUNCT
easat-5052	396	21	licensee	licensee	PROPN
easat-5052	396	22	learning	learning	NOUN
easat-5052	396	23	gate	gate	NOUN
easat-5052	397	1	[	[	X
easat-5052	397	2	16	16	NUM
easat-5052	397	3	]	]	PUNCT
easat-5052	397	4	m.	m.	NOUN
easat-5052	397	5	a.	a.	PROPN
easat-5052	397	6	desai	desai	PROPN
easat-5052	397	7	and	and	CCONJ
easat-5052	397	8	d.	d.	PROPN
easat-5052	397	9	dharmapala	dharmapala	PROPN
easat-5052	397	10	,	,	PUNCT
easat-5052	397	11	"	"	PUNCT
easat-5052	397	12	corporate	corporate	ADJ
easat-5052	397	13	tax	tax	NOUN
easat-5052	397	14	avoidance	avoidance	NOUN
easat-5052	397	15	and	and	CCONJ
easat-5052	397	16	high	high	ADJ
easat-5052	397	17	-	-	PUNCT
easat-5052	397	18	powered	power	VERB
easat-5052	397	19	incentives	incentive	NOUN
easat-5052	397	20	,	,	PUNCT
easat-5052	397	21	"	"	PUNCT
easat-5052	397	22	journal	journal	NOUN
easat-5052	397	23	of	of	ADP
easat-5052	397	24	financial	financial	ADJ
easat-5052	397	25	economics	economic	NOUN
easat-5052	397	26	,	,	PUNCT
easat-5052	397	27	vol	vol	NOUN
easat-5052	397	28	.	.	PROPN
easat-5052	397	29	79	79	NUM
easat-5052	397	30	,	,	PUNCT
easat-5052	397	31	no	no	INTJ
easat-5052	397	32	.	.	NOUN
easat-5052	397	33	1	1	NUM
easat-5052	397	34	,	,	PUNCT
easat-5052	397	35	pp	pp	ADJ
easat-5052	397	36	.	.	PUNCT
easat-5052	397	37	145	145	NUM
easat-5052	397	38	-	-	SYM
easat-5052	397	39	179	179	NUM
easat-5052	397	40	,	,	PUNCT
easat-5052	397	41	2006	2006	NUM
easat-5052	397	42	.	.	PUNCT
easat-5052	398	1	https://doi.org/10.1016/j.jfineco.2005.03.003	https://doi.org/10.1016/j.jfineco.2005.03.003	PROPN
easat-5052	399	1	[	[	X
easat-5052	399	2	17	17	NUM
easat-5052	399	3	]	]	PUNCT
easat-5052	399	4	j.	j.	PROPN
easat-5052	399	5	r.	r.	PROPN
easat-5052	399	6	graham	graham	PROPN
easat-5052	399	7	and	and	CCONJ
easat-5052	399	8	a.	a.	PROPN
easat-5052	399	9	l.	l.	PROPN
easat-5052	399	10	tucker	tucker	PROPN
easat-5052	399	11	,	,	PUNCT
easat-5052	399	12	"	"	PUNCT
easat-5052	399	13	tax	tax	NOUN
easat-5052	399	14	shelters	shelter	NOUN
easat-5052	399	15	and	and	CCONJ
easat-5052	399	16	corporate	corporate	ADJ
easat-5052	399	17	debt	debt	NOUN
easat-5052	399	18	policy	policy	NOUN
easat-5052	399	19	,	,	PUNCT
easat-5052	399	20	"	"	PUNCT
easat-5052	399	21	journal	journal	NOUN
easat-5052	399	22	of	of	ADP
easat-5052	399	23	financial	financial	ADJ
easat-5052	399	24	economics	economic	NOUN
easat-5052	399	25	,	,	PUNCT
easat-5052	399	26	vol	vol	NOUN
easat-5052	399	27	.	.	PROPN
easat-5052	399	28	81	81	NUM
easat-5052	399	29	,	,	PUNCT
easat-5052	399	30	no	no	INTJ
easat-5052	399	31	.	.	NOUN
easat-5052	399	32	3	3	NUM
easat-5052	399	33	,	,	PUNCT
easat-5052	399	34	pp	pp	ADJ
easat-5052	399	35	.	.	PUNCT
easat-5052	400	1	563	563	NUM
easat-5052	400	2	-	-	SYM
easat-5052	400	3	594	594	NUM
easat-5052	400	4	,	,	PUNCT
easat-5052	400	5	2006	2006	NUM
easat-5052	400	6	.	.	PUNCT
easat-5052	401	1	https://doi.org/10.1111/0022-1082.00277	https://doi.org/10.1111/0022-1082.00277	NOUN
easat-5052	402	1	[	[	X
easat-5052	402	2	18	18	NUM
easat-5052	402	3	]	]	PUNCT
easat-5052	402	4	a.	a.	NOUN
easat-5052	402	5	j.	j.	PROPN
easat-5052	402	6	weichenrieder	weichenrieder	PROPN
easat-5052	402	7	and	and	CCONJ
easat-5052	402	8	t.	t.	PROPN
easat-5052	402	9	klautke	klautke	PROPN
easat-5052	402	10	,	,	PUNCT
easat-5052	402	11	"	"	PUNCT
easat-5052	402	12	taxes	taxis	NOUN
easat-5052	402	13	and	and	CCONJ
easat-5052	402	14	the	the	DET
easat-5052	402	15	efficiency	efficiency	NOUN
easat-5052	402	16	costs	cost	NOUN
easat-5052	402	17	of	of	ADP
easat-5052	402	18	capital	capital	NOUN
easat-5052	402	19	distortions	distortion	NOUN
easat-5052	402	20	,	,	PUNCT
easat-5052	402	21	"	"	PUNCT
easat-5052	402	22	cesifo	cesifo	PROPN
easat-5052	402	23	working	work	VERB
easat-5052	402	24	paper	paper	NOUN
easat-5052	402	25	no	no	NOUN
easat-5052	402	26	.	.	NOUN
easat-5052	402	27	2431	2431	NUM
easat-5052	402	28	,	,	PUNCT
easat-5052	402	29	2008	2008	NUM
easat-5052	402	30	.	.	PUNCT
easat-5052	403	1	[	[	X
easat-5052	403	2	19	19	NUM
easat-5052	403	3	]	]	X
easat-5052	403	4	s.	s.	PROPN
easat-5052	403	5	c.	c.	PROPN
easat-5052	403	6	kweon	kweon	PROPN
easat-5052	403	7	,	,	PUNCT
easat-5052	403	8	y.	y.	PROPN
easat-5052	403	9	o.	o.	PROPN
easat-5052	403	10	kang	kang	PROPN
easat-5052	403	11	,	,	PUNCT
easat-5052	403	12	and	and	CCONJ
easat-5052	403	13	k.	k.	PROPN
easat-5052	403	14	h.	h.	PROPN
easat-5052	403	15	kim	kim	PROPN
easat-5052	403	16	,	,	PUNCT
easat-5052	403	17	"	"	PUNCT
easat-5052	403	18	a	a	DET
easat-5052	403	19	study	study	NOUN
easat-5052	403	20	on	on	ADP
easat-5052	403	21	the	the	DET
easat-5052	403	22	effects	effect	NOUN
easat-5052	403	23	of	of	ADP
easat-5052	403	24	tax	tax	NOUN
easat-5052	403	25	shelters	shelter	NOUN
easat-5052	403	26	to	to	ADP
easat-5052	403	27	corporate	corporate	ADJ
easat-5052	403	28	debt	debt	NOUN
easat-5052	403	29	policy	policy	NOUN
easat-5052	403	30	,	,	PUNCT
easat-5052	403	31	"	"	PUNCT
easat-5052	403	32	korean	korean	ADJ
easat-5052	403	33	business	business	PROPN
easat-5052	403	34	education	education	PROPN
easat-5052	403	35	review	review	PROPN
easat-5052	403	36	,	,	PUNCT
easat-5052	403	37	vol	vol	NOUN
easat-5052	403	38	.	.	PROPN
easat-5052	404	1	53	53	NUM
easat-5052	404	2	,	,	PUNCT
easat-5052	404	3	pp	pp	ADJ
easat-5052	404	4	.	.	PUNCT
easat-5052	405	1	129	129	NUM
easat-5052	405	2	-	-	SYM
easat-5052	405	3	152	152	NUM
easat-5052	405	4	,	,	PUNCT
easat-5052	405	5	2009	2009	NUM
easat-5052	405	6	.	.	PUNCT
easat-5052	406	1	[	[	X
easat-5052	406	2	20	20	NUM
easat-5052	406	3	]	]	PUNCT
easat-5052	406	4	s.	s.	PROPN
easat-5052	406	5	c.	c.	PROPN
easat-5052	406	6	kweon	kweon	PROPN
easat-5052	406	7	,	,	PUNCT
easat-5052	406	8	y.	y.	PROPN
easat-5052	406	9	o.	o.	PROPN
easat-5052	406	10	kang	kang	PROPN
easat-5052	406	11	,	,	PUNCT
easat-5052	406	12	and	and	CCONJ
easat-5052	406	13	t.	t.	PROPN
easat-5052	406	14	j.	j.	PROPN
easat-5052	406	15	lee	lee	PROPN
easat-5052	406	16	,	,	PUNCT
easat-5052	406	17	"	"	PUNCT
easat-5052	406	18	a	a	DET
easat-5052	406	19	study	study	NOUN
easat-5052	406	20	on	on	ADP
easat-5052	406	21	the	the	DET
easat-5052	406	22	effects	effect	NOUN
easat-5052	406	23	of	of	ADP
easat-5052	406	24	corporate	corporate	ADJ
easat-5052	406	25	debt	debt	NOUN
easat-5052	406	26	policy	policy	NOUN
easat-5052	406	27	to	to	ADP
easat-5052	406	28	tax	tax	NOUN
easat-5052	406	29	shelters	shelter	NOUN
easat-5052	406	30	,	,	PUNCT
easat-5052	406	31	"	"	PUNCT
easat-5052	406	32	journal	journal	NOUN
easat-5052	406	33	of	of	ADP
easat-5052	406	34	business	business	NOUN
easat-5052	406	35	research	research	NOUN
easat-5052	406	36	vol	vol	NOUN
easat-5052	406	37	.	.	PROPN
easat-5052	407	1	25	25	NUM
easat-5052	407	2	,	,	PUNCT
easat-5052	407	3	no	no	INTJ
easat-5052	407	4	.	.	NOUN
easat-5052	407	5	2	2	NUM
easat-5052	407	6	,	,	PUNCT
easat-5052	407	7	pp	pp	ADJ
easat-5052	407	8	.	.	PUNCT
easat-5052	408	1	115	115	NUM
easat-5052	408	2	-	-	SYM
easat-5052	408	3	133	133	NUM
easat-5052	408	4	,	,	PUNCT
easat-5052	408	5	2010	2010	NUM
easat-5052	408	6	.	.	PUNCT
easat-5052	409	1	[	[	X
easat-5052	409	2	21	21	NUM
easat-5052	409	3	]	]	X
easat-5052	409	4	y.	y.	PROPN
easat-5052	409	5	k.	k.	PROPN
easat-5052	409	6	lee	lee	PROPN
easat-5052	409	7	,	,	PUNCT
easat-5052	409	8	"	"	PUNCT
easat-5052	409	9	tax	tax	NOUN
easat-5052	409	10	avoidance	avoidance	NOUN
easat-5052	409	11	,	,	PUNCT
easat-5052	409	12	financial	financial	ADJ
easat-5052	409	13	flexibility	flexibility	NOUN
easat-5052	409	14	,	,	PUNCT
easat-5052	409	15	and	and	CCONJ
easat-5052	409	16	debt	debt	NOUN
easat-5052	409	17	financing	financing	NOUN
easat-5052	409	18	,	,	PUNCT
easat-5052	409	19	"	"	PUNCT
easat-5052	409	20	doctoral	doctoral	ADJ
easat-5052	409	21	dissertation	dissertation	NOUN
easat-5052	409	22	,	,	PUNCT
easat-5052	409	23	hanyang	hanyang	NOUN
easat-5052	409	24	university	university	PROPN
easat-5052	409	25	,	,	PUNCT
easat-5052	409	26	2014	2014	NUM
easat-5052	409	27	.	.	PUNCT
easat-5052	410	1	[	[	X
easat-5052	410	2	22	22	NUM
easat-5052	410	3	]	]	X
easat-5052	410	4	g.	g.	PROPN
easat-5052	410	5	richardson	richardson	PROPN
easat-5052	410	6	,	,	PUNCT
easat-5052	410	7	g.	g.	PROPN
easat-5052	410	8	taylor	taylor	PROPN
easat-5052	410	9	,	,	PUNCT
easat-5052	410	10	and	and	CCONJ
easat-5052	410	11	r.	r.	PROPN
easat-5052	410	12	lanis	lanis	PROPN
easat-5052	410	13	,	,	PUNCT
easat-5052	410	14	"	"	PUNCT
easat-5052	410	15	the	the	DET
easat-5052	410	16	impact	impact	NOUN
easat-5052	410	17	of	of	ADP
easat-5052	410	18	financial	financial	ADJ
easat-5052	410	19	distress	distress	NOUN
easat-5052	410	20	on	on	ADP
easat-5052	410	21	corporate	corporate	ADJ
easat-5052	410	22	tax	tax	NOUN
easat-5052	410	23	avoidance	avoidance	NOUN
easat-5052	410	24	spanning	span	VERB
easat-5052	410	25	the	the	DET
easat-5052	410	26	global	global	ADJ
easat-5052	410	27	financial	financial	ADJ
easat-5052	410	28	crisis	crisis	NOUN
easat-5052	410	29	:	:	PUNCT
easat-5052	410	30	evidence	evidence	NOUN
easat-5052	410	31	from	from	ADP
easat-5052	410	32	australia	australia	PROPN
easat-5052	410	33	,	,	PUNCT
easat-5052	410	34	"	"	PUNCT
easat-5052	410	35	economic	economic	ADJ
easat-5052	410	36	modelling	modelling	NOUN
easat-5052	410	37	,	,	PUNCT
easat-5052	410	38	vol	vol	NOUN
easat-5052	410	39	.	.	PROPN
easat-5052	410	40	44	44	NUM
easat-5052	410	41	,	,	PUNCT
easat-5052	410	42	pp	pp	ADJ
easat-5052	410	43	.	.	PUNCT
easat-5052	410	44	44	44	NUM
easat-5052	410	45	-	-	SYM
easat-5052	410	46	53	53	NUM
easat-5052	410	47	,	,	PUNCT
easat-5052	410	48	2015	2015	NUM
easat-5052	410	49	.	.	PUNCT
easat-5052	411	1	https://doi.org/10.1016/j.econmod.2014.10.030	https://doi.org/10.1016/j.econmod.2014.10.030	X
easat-5052	412	1	[	[	X
easat-5052	412	2	23	23	NUM
easat-5052	412	3	]	]	PUNCT
easat-5052	412	4	j.	j.	PROPN
easat-5052	412	5	k.	k.	PROPN
easat-5052	412	6	ko	ko	PROPN
easat-5052	412	7	and	and	CCONJ
easat-5052	412	8	h.	h.	PROPN
easat-5052	412	9	j.	j.	PROPN
easat-5052	412	10	park	park	PROPN
easat-5052	412	11	,	,	PUNCT
easat-5052	412	12	"	"	PUNCT
easat-5052	412	13	financial	financial	ADJ
easat-5052	412	14	constraint	constraint	NOUN
easat-5052	412	15	,	,	PUNCT
easat-5052	412	16	tax	tax	NOUN
easat-5052	412	17	avoidance	avoidance	NOUN
easat-5052	412	18	,	,	PUNCT
easat-5052	412	19	and	and	CCONJ
easat-5052	412	20	firms	firm	NOUN
easat-5052	412	21	’	'	PUNCT
easat-5052	412	22	use	use	NOUN
easat-5052	412	23	of	of	ADP
easat-5052	412	24	operating	operate	VERB
easat-5052	412	25	cash	cash	NOUN
easat-5052	412	26	flow	flow	NOUN
easat-5052	412	27	,	,	PUNCT
easat-5052	412	28	"	"	PUNCT
easat-5052	412	29	korean	korean	ADJ
easat-5052	412	30	accounting	accounting	NOUN
easat-5052	412	31	journal	journal	PROPN
easat-5052	412	32	,	,	PUNCT
easat-5052	412	33	vol	vol	NOUN
easat-5052	412	34	.	.	PROPN
easat-5052	412	35	26	26	NUM
easat-5052	412	36	,	,	PUNCT
easat-5052	412	37	no	no	INTJ
easat-5052	412	38	.	.	NOUN
easat-5052	412	39	4	4	NUM
easat-5052	412	40	,	,	PUNCT
easat-5052	412	41	pp	pp	ADJ
easat-5052	412	42	.	.	PUNCT
easat-5052	413	1	229	229	NUM
easat-5052	413	2	-	-	SYM
easat-5052	413	3	262	262	NUM
easat-5052	413	4	,	,	PUNCT
easat-5052	413	5	2017	2017	NUM
easat-5052	413	6	.	.	PUNCT
easat-5052	414	1	[	[	X
easat-5052	414	2	24	24	NUM
easat-5052	414	3	]	]	PUNCT
easat-5052	414	4	b.	b.	PROPN
easat-5052	414	5	g.	g.	PROPN
easat-5052	414	6	kim	kim	PROPN
easat-5052	414	7	and	and	CCONJ
easat-5052	414	8	y.	y.	PROPN
easat-5052	414	9	j.	j.	PROPN
easat-5052	415	1	i	i	PRON
easat-5052	415	2	m	m	PROPN
easat-5052	415	3	,	,	PUNCT
easat-5052	415	4	"	"	PUNCT
easat-5052	415	5	the	the	DET
easat-5052	415	6	effect	effect	NOUN
easat-5052	415	7	of	of	ADP
easat-5052	415	8	cash	cash	NOUN
easat-5052	415	9	on	on	ADP
easat-5052	415	10	the	the	DET
easat-5052	415	11	relationship	relationship	NOUN
easat-5052	415	12	between	between	ADP
easat-5052	415	13	cost	cost	NOUN
easat-5052	415	14	of	of	ADP
easat-5052	415	15	debt	debt	NOUN
easat-5052	415	16	capital	capital	NOUN
easat-5052	415	17	and	and	CCONJ
easat-5052	415	18	tax	tax	NOUN
easat-5052	415	19	avoidance	avoidance	NOUN
easat-5052	415	20	,	,	PUNCT
easat-5052	415	21	"	"	PUNCT
easat-5052	415	22	korea	korea	PROPN
easat-5052	415	23	international	international	PROPN
easat-5052	415	24	accounting	accounting	PROPN
easat-5052	415	25	review	review	PROPN
easat-5052	415	26	,	,	PUNCT
easat-5052	415	27	vol	vol	NOUN
easat-5052	415	28	.	.	PROPN
easat-5052	416	1	97	97	NUM
easat-5052	416	2	,	,	PUNCT
easat-5052	416	3	pp	pp	ADJ
easat-5052	416	4	.	.	PUNCT
easat-5052	417	1	81	81	NUM
easat-5052	417	2	-	-	SYM
easat-5052	417	3	102	102	NUM
easat-5052	417	4	,	,	PUNCT
easat-5052	417	5	2021	2021	NUM
easat-5052	417	6	.	.	PUNCT
easat-5052	418	1	https://doi.org/10.21073/kiar.2021..97.004	https://doi.org/10.21073/kiar.2021..97.004	NOUN
easat-5052	418	2	[	[	X
easat-5052	418	3	25	25	NUM
easat-5052	418	4	]	]	X
easat-5052	418	5	n.	n.	NOUN
easat-5052	418	6	medhioub	medhioub	PROPN
easat-5052	418	7	and	and	CCONJ
easat-5052	418	8	s.	s.	PROPN
easat-5052	418	9	boujelbene	boujelbene	PROPN
easat-5052	418	10	,	,	PUNCT
easat-5052	418	11	"	"	PUNCT
easat-5052	418	12	tax	tax	NOUN
easat-5052	418	13	avoidance	avoidance	NOUN
easat-5052	418	14	and	and	CCONJ
easat-5052	418	15	cost	cost	NOUN
easat-5052	418	16	of	of	ADP
easat-5052	418	17	debt	debt	NOUN
easat-5052	418	18	:	:	PUNCT
easat-5052	418	19	does	do	AUX
easat-5052	418	20	integrated	integrate	VERB
easat-5052	418	21	report	report	NOUN
easat-5052	418	22	assurance	assurance	NOUN
easat-5052	418	23	matter	matter	NOUN
easat-5052	418	24	?	?	PUNCT
easat-5052	418	25	,	,	PUNCT
easat-5052	418	26	"	"	PUNCT
easat-5052	418	27	journal	journal	NOUN
easat-5052	418	28	of	of	ADP
easat-5052	418	29	accounting	account	VERB
easat-5052	418	30	in	in	ADP
easat-5052	418	31	emerging	emerge	VERB
easat-5052	418	32	economies	economy	NOUN
easat-5052	418	33	,	,	PUNCT
easat-5052	418	34	vol	vol	NOUN
easat-5052	418	35	.	.	PROPN
easat-5052	419	1	14	14	NUM
easat-5052	419	2	,	,	PUNCT
easat-5052	419	3	no	no	INTJ
easat-5052	419	4	.	.	NOUN
easat-5052	419	5	1	1	NUM
easat-5052	419	6	,	,	PUNCT
easat-5052	419	7	pp	pp	ADJ
easat-5052	419	8	.	.	PUNCT
easat-5052	420	1	75	75	NUM
easat-5052	420	2	-	-	SYM
easat-5052	420	3	98	98	NUM
easat-5052	420	4	,	,	PUNCT
easat-5052	420	5	2024	2024	NUM
easat-5052	420	6	.	.	PUNCT
easat-5052	421	1	https://doi.org/10.1108/jaee-04-2022-0114	https://doi.org/10.1108/jaee-04-2022-0114	X
easat-5052	422	1	[	[	X
easat-5052	422	2	26	26	NUM
easat-5052	422	3	]	]	PUNCT
easat-5052	422	4	j.	j.	PROPN
easat-5052	422	5	p.	p.	PROPN
easat-5052	422	6	sánchez‐ballesta	sánchez‐ballesta	PROPN
easat-5052	422	7	and	and	CCONJ
easat-5052	422	8	j.	j.	PROPN
easat-5052	422	9	yagüe	yagüe	PROPN
easat-5052	422	10	,	,	PUNCT
easat-5052	422	11	"	"	PUNCT
easat-5052	422	12	tax	tax	NOUN
easat-5052	422	13	avoidance	avoidance	NOUN
easat-5052	422	14	and	and	CCONJ
easat-5052	422	15	debt	debt	NOUN
easat-5052	422	16	maturity	maturity	NOUN
easat-5052	422	17	in	in	ADP
easat-5052	422	18	smes	sme	NOUN
easat-5052	422	19	,	,	PUNCT
easat-5052	422	20	"	"	PUNCT
easat-5052	422	21	journal	journal	NOUN
easat-5052	422	22	of	of	ADP
easat-5052	422	23	international	international	ADJ
easat-5052	422	24	financial	financial	ADJ
easat-5052	422	25	management	management	NOUN
easat-5052	422	26	&	&	CCONJ
easat-5052	422	27	accounting	accounting	PROPN
easat-5052	422	28	,	,	PUNCT
easat-5052	422	29	vol	vol	NOUN
easat-5052	422	30	.	.	PROPN
easat-5052	422	31	35	35	NUM
easat-5052	422	32	,	,	PUNCT
easat-5052	422	33	no	no	INTJ
easat-5052	422	34	.	.	NOUN
easat-5052	422	35	2	2	NUM
easat-5052	422	36	,	,	PUNCT
easat-5052	422	37	pp	pp	ADJ
easat-5052	422	38	.	.	PUNCT
easat-5052	422	39	429	429	NUM
easat-5052	422	40	-	-	SYM
easat-5052	422	41	464	464	NUM
easat-5052	422	42	,	,	PUNCT
easat-5052	422	43	2024	2024	NUM
easat-5052	422	44	.	.	PUNCT
easat-5052	422	45	https://doi.org/10.1111/jifm.12201	https://doi.org/10.1111/jifm.12201	NOUN
easat-5052	422	46	[	[	X
easat-5052	422	47	27	27	NUM
easat-5052	422	48	]	]	PUNCT
easat-5052	422	49	s.	s.	PROPN
easat-5052	422	50	s.	s.	PROPN
easat-5052	422	51	park	park	PROPN
easat-5052	422	52	,	,	PUNCT
easat-5052	422	53	"	"	PUNCT
easat-5052	422	54	the	the	DET
easat-5052	422	55	influence	influence	NOUN
easat-5052	422	56	of	of	ADP
easat-5052	422	57	corporate	corporate	ADJ
easat-5052	422	58	governance	governance	NOUN
easat-5052	422	59	on	on	ADP
easat-5052	422	60	book	book	NOUN
easat-5052	422	61	-	-	PUNCT
easat-5052	422	62	tax	tax	NOUN
easat-5052	422	63	earnings	earning	NOUN
easat-5052	422	64	difference	difference	NOUN
easat-5052	422	65	,	,	PUNCT
easat-5052	422	66	"	"	PUNCT
easat-5052	422	67	doctoral	doctoral	ADJ
easat-5052	422	68	dissertation	dissertation	NOUN
easat-5052	422	69	,	,	PUNCT
easat-5052	422	70	chungang	chungang	PROPN
easat-5052	422	71	university	university	PROPN
easat-5052	422	72	,	,	PUNCT
easat-5052	422	73	2004	2004	NUM
easat-5052	422	74	.	.	PUNCT
easat-5052	423	1	[	[	X
easat-5052	423	2	28	28	NUM
easat-5052	423	3	]	]	X
easat-5052	423	4	s.	s.	PROPN
easat-5052	423	5	t.	t.	PROPN
easat-5052	423	6	kim	kim	PROPN
easat-5052	423	7	,	,	PUNCT
easat-5052	423	8	p.	p.	PROPN
easat-5052	423	9	s.	s.	PROPN
easat-5052	423	10	kim	kim	PROPN
easat-5052	423	11	,	,	PUNCT
easat-5052	423	12	and	and	CCONJ
easat-5052	423	13	d.	d.	PROPN
easat-5052	423	14	m.	m.	PROPN
easat-5052	423	15	shin	shin	PROPN
easat-5052	423	16	,	,	PUNCT
easat-5052	423	17	"	"	PUNCT
easat-5052	423	18	discretionary	discretionary	ADJ
easat-5052	423	19	r&d	r&d	NOUN
easat-5052	423	20	expenditure	expenditure	NOUN
easat-5052	423	21	and	and	CCONJ
easat-5052	423	22	tax	tax	NOUN
easat-5052	423	23	avoidance	avoidance	NOUN
easat-5052	423	24	–	–	PUNCT
easat-5052	423	25	focus	focus	VERB
easat-5052	423	26	on	on	ADP
easat-5052	423	27	r&d	r&d	NOUN
easat-5052	423	28	tax	tax	NOUN
easat-5052	423	29	relief	relief	NOUN
easat-5052	423	30	,	,	PUNCT
easat-5052	423	31	"	"	PUNCT
easat-5052	423	32	journal	journal	NOUN
easat-5052	423	33	of	of	ADP
easat-5052	423	34	tax	tax	NOUN
easat-5052	423	35	studies	study	NOUN
easat-5052	423	36	,	,	PUNCT
easat-5052	423	37	vol	vol	NOUN
easat-5052	423	38	.	.	PROPN
easat-5052	423	39	19	19	NUM
easat-5052	423	40	,	,	PUNCT
easat-5052	423	41	no	no	INTJ
easat-5052	423	42	.	.	NOUN
easat-5052	423	43	4	4	NUM
easat-5052	423	44	,	,	PUNCT
easat-5052	423	45	pp	pp	ADJ
easat-5052	423	46	.	.	PUNCT
easat-5052	424	1	101	101	NUM
easat-5052	424	2	-	-	SYM
easat-5052	424	3	130	130	NUM
easat-5052	424	4	,	,	PUNCT
easat-5052	424	5	2019	2019	NUM
easat-5052	424	6	.	.	PUNCT
easat-5052	425	1	https://doi.org/10.1016/j.jfineco.2005.03.003	https://doi.org/10.1016/j.jfineco.2005.03.003	ADJ
easat-5052	425	2	https://doi.org/10.1111/0022-1082.00277	https://doi.org/10.1111/0022-1082.00277	NOUN
easat-5052	425	3	https://doi.org/10.1016/j.econmod.2014.10.030	https://doi.org/10.1016/j.econmod.2014.10.030	PROPN
easat-5052	425	4	https://doi.org/10.21073/kiar.2021..97.004	https://doi.org/10.21073/kiar.2021..97.004	PROPN
easat-5052	425	5	https://doi.org/10.1108/jaee-04-2022-0114	https://doi.org/10.1108/jaee-04-2022-0114	VERB
easat-5052	425	6	https://doi.org/10.1111/jifm.12201	https://doi.org/10.1111/jifm.12201	NOUN