id	sid	tid	token	lemma	pos
easat-5757	1	1	edelweiss	edelweiss	PROPN
easat-5757	1	2	applied	apply	VERB
easat-5757	1	3	science	science	NOUN
easat-5757	1	4	and	and	CCONJ
easat-5757	1	5	technology	technology	NOUN
easat-5757	1	6	issn	issn	PROPN
easat-5757	1	7	:	:	PUNCT
easat-5757	1	8	2576	2576	NUM
easat-5757	1	9	-	-	SYM
easat-5757	1	10	8484	8484	NUM
easat-5757	1	11	vol	vol	NOUN
easat-5757	1	12	.	.	PROPN
easat-5757	2	1	9	9	NUM
easat-5757	2	2	,	,	PUNCT
easat-5757	2	3	no	no	INTJ
easat-5757	2	4	.	.	NOUN
easat-5757	2	5	3	3	NUM
easat-5757	2	6	,	,	PUNCT
easat-5757	2	7	2170	2170	NUM
easat-5757	2	8	-	-	SYM
easat-5757	2	9	2183	2183	NUM
easat-5757	2	10	2025	2025	NUM
easat-5757	2	11	publisher	publisher	NOUN
easat-5757	2	12	:	:	PUNCT
easat-5757	2	13	learning	learn	VERB
easat-5757	2	14	gate	gate	NOUN
easat-5757	2	15	doi	doi	PROPN
easat-5757	2	16	:	:	PUNCT
easat-5757	2	17	10.55214/25768484.v9i3.5757	10.55214/25768484.v9i3.5757	NUM
easat-5757	2	18	©	©	PROPN
easat-5757	2	19	2025	2025	NUM
easat-5757	2	20	by	by	ADP
easat-5757	2	21	the	the	DET
easat-5757	2	22	authors	author	NOUN
easat-5757	2	23	;	;	PUNCT
easat-5757	2	24	licensee	licensee	PROPN
easat-5757	2	25	learning	learning	NOUN
easat-5757	2	26	gate	gate	NOUN
easat-5757	3	1	©	©	PROPN
easat-5757	3	2	2025	2025	NUM
easat-5757	3	3	by	by	ADP
easat-5757	3	4	the	the	DET
easat-5757	3	5	authors	author	NOUN
easat-5757	3	6	;	;	PUNCT
easat-5757	3	7	licensee	licensee	PROPN
easat-5757	3	8	learning	learning	NOUN
easat-5757	3	9	gate	gate	NOUN
easat-5757	3	10	history	history	NOUN
easat-5757	3	11	:	:	PUNCT
easat-5757	3	12	received	receive	VERB
easat-5757	3	13	:	:	PUNCT
easat-5757	3	14	14	14	NUM
easat-5757	3	15	january	january	NOUN
easat-5757	3	16	2025	2025	NUM
easat-5757	3	17	;	;	PUNCT
easat-5757	3	18	revised	revise	VERB
easat-5757	3	19	:	:	PUNCT
easat-5757	3	20	12	12	NUM
easat-5757	3	21	march	march	NOUN
easat-5757	3	22	2025	2025	NUM
easat-5757	3	23	;	;	PUNCT
easat-5757	3	24	accepted	accept	VERB
easat-5757	3	25	:	:	PUNCT
easat-5757	3	26	16	16	NUM
easat-5757	3	27	march	march	NOUN
easat-5757	3	28	2025	2025	NUM
easat-5757	3	29	;	;	PUNCT
easat-5757	3	30	published	publish	VERB
easat-5757	3	31	:	:	PUNCT
easat-5757	3	32	25	25	NUM
easat-5757	3	33	march	march	NOUN
easat-5757	3	34	2025	2025	NUM
easat-5757	3	35	*	*	PUNCT
easat-5757	3	36	correspondence	correspondence	NOUN
easat-5757	3	37	:	:	PUNCT
easat-5757	3	38	mhuang@assist.ac.kr	mhuang@assist.ac.kr	X
easat-5757	3	39	financing	financing	NOUN
easat-5757	3	40	constraints	constraint	NOUN
easat-5757	3	41	,	,	PUNCT
easat-5757	3	42	financial	financial	ADJ
easat-5757	3	43	flexibility	flexibility	NOUN
easat-5757	3	44	and	and	CCONJ
easat-5757	3	45	firm	firm	ADJ
easat-5757	3	46	performance	performance	NOUN
easat-5757	3	47	:	:	PUNCT
easat-5757	3	48	based	base	VERB
easat-5757	3	49	on	on	ADP
easat-5757	3	50	empirical	empirical	ADJ
easat-5757	3	51	data	datum	NOUN
easat-5757	3	52	of	of	ADP
easat-5757	3	53	listed	list	VERB
easat-5757	3	54	a	a	DET
easat-5757	3	55	-	-	PUNCT
easat-5757	3	56	share	share	NOUN
easat-5757	3	57	listed	list	VERB
easat-5757	3	58	companies	company	NOUN
easat-5757	3	59	in	in	ADP
easat-5757	3	60	shanghai	shanghai	PROPN
easat-5757	3	61	and	and	CCONJ
easat-5757	3	62	shenzhen	shenzhen	PROPN
easat-5757	3	63	enterprises	enterprise	NOUN
easat-5757	3	64	in	in	ADP
easat-5757	3	65	china	china	PROPN
easat-5757	3	66	pujun	pujun	PROPN
easat-5757	3	67	zhao1	zhao1	PROPN
easat-5757	3	68	,	,	PUNCT
easat-5757	3	69	minghao	minghao	PROPN
easat-5757	3	70	huang2	huang2	PROPN
easat-5757	3	71	*	*	PROPN
easat-5757	3	72	1,2seoul	1,2seoul	PROPN
easat-5757	3	73	business	business	NOUN
easat-5757	3	74	school	school	NOUN
easat-5757	3	75	,	,	PUNCT
easat-5757	3	76	assist	assist	VERB
easat-5757	3	77	university	university	NOUN
easat-5757	3	78	,	,	PUNCT
easat-5757	3	79	south	south	PROPN
easat-5757	3	80	korea	korea	PROPN
easat-5757	3	81	;	;	PUNCT
easat-5757	3	82	pujun18339821222@163.com	pujun18339821222@163.com	X
easat-5757	3	83	(	(	PUNCT
easat-5757	3	84	p.z	p.z	NOUN
easat-5757	3	85	.	.	NOUN
easat-5757	3	86	)	)	PUNCT
easat-5757	4	1	mhuang@assist.ac.kr	mhuang@assist.ac.kr	NOUN
easat-5757	4	2	(	(	PUNCT
easat-5757	4	3	m.h	m.h	PROPN
easat-5757	4	4	.	.	PUNCT
easat-5757	4	5	)	)	PUNCT
easat-5757	5	1	abstract	abstract	NOUN
easat-5757	5	2	:	:	PUNCT
easat-5757	5	3	this	this	DET
easat-5757	5	4	paper	paper	NOUN
easat-5757	5	5	investigates	investigate	VERB
easat-5757	5	6	the	the	DET
easat-5757	5	7	concept	concept	NOUN
easat-5757	5	8	of	of	ADP
easat-5757	5	9	financial	financial	ADJ
easat-5757	5	10	flexibility	flexibility	NOUN
easat-5757	5	11	within	within	ADP
easat-5757	5	12	the	the	DET
easat-5757	5	13	frameworks	framework	NOUN
easat-5757	5	14	of	of	ADP
easat-5757	5	15	financing	financing	NOUN
easat-5757	5	16	hierarchy	hierarchy	NOUN
easat-5757	5	17	theory	theory	NOUN
easat-5757	5	18	and	and	CCONJ
easat-5757	5	19	agency	agency	NOUN
easat-5757	5	20	theory	theory	NOUN
easat-5757	5	21	.	.	PUNCT
easat-5757	6	1	it	it	PRON
easat-5757	6	2	analyzes	analyze	VERB
easat-5757	6	3	the	the	DET
easat-5757	6	4	intricate	intricate	ADJ
easat-5757	6	5	relationships	relationship	NOUN
easat-5757	6	6	among	among	ADP
easat-5757	6	7	financing	financing	NOUN
easat-5757	6	8	constraints	constraint	NOUN
easat-5757	6	9	,	,	PUNCT
easat-5757	6	10	financial	financial	ADJ
easat-5757	6	11	flexibility	flexibility	NOUN
easat-5757	6	12	,	,	PUNCT
easat-5757	6	13	and	and	CCONJ
easat-5757	6	14	firm	firm	ADJ
easat-5757	6	15	performance	performance	NOUN
easat-5757	6	16	,	,	PUNCT
easat-5757	6	17	proposing	propose	VERB
easat-5757	6	18	an	an	DET
easat-5757	6	19	integrated	integrated	ADJ
easat-5757	6	20	research	research	NOUN
easat-5757	6	21	model	model	NOUN
easat-5757	6	22	to	to	PART
easat-5757	6	23	elucidate	elucidate	VERB
easat-5757	6	24	their	their	PRON
easat-5757	6	25	interdependencies	interdependency	NOUN
easat-5757	6	26	.	.	PUNCT
easat-5757	7	1	specifically	specifically	ADV
easat-5757	7	2	,	,	PUNCT
easat-5757	7	3	this	this	DET
easat-5757	7	4	study	study	NOUN
easat-5757	7	5	delves	delve	VERB
easat-5757	7	6	into	into	ADP
easat-5757	7	7	the	the	DET
easat-5757	7	8	internal	internal	ADJ
easat-5757	7	9	mechanisms	mechanism	NOUN
easat-5757	7	10	through	through	ADP
easat-5757	7	11	which	which	PRON
easat-5757	7	12	financing	financing	NOUN
easat-5757	7	13	constraints	constraint	NOUN
easat-5757	7	14	influence	influence	NOUN
easat-5757	7	15	firms	firm	NOUN
easat-5757	7	16	'	'	PART
easat-5757	7	17	capacity	capacity	NOUN
easat-5757	7	18	to	to	PART
easat-5757	7	19	sustain	sustain	VERB
easat-5757	7	20	financial	financial	ADJ
easat-5757	7	21	flexibility	flexibility	NOUN
easat-5757	7	22	,	,	PUNCT
easat-5757	7	23	particularly	particularly	ADV
easat-5757	7	24	the	the	DET
easat-5757	7	25	utilization	utilization	NOUN
easat-5757	7	26	of	of	ADP
easat-5757	7	27	operational	operational	ADJ
easat-5757	7	28	cash	cash	NOUN
easat-5757	7	29	flows	flow	NOUN
easat-5757	7	30	as	as	ADP
easat-5757	7	31	reserves	reserve	NOUN
easat-5757	7	32	under	under	ADP
easat-5757	7	33	varying	vary	VERB
easat-5757	7	34	levels	level	NOUN
easat-5757	7	35	of	of	ADP
easat-5757	7	36	financial	financial	ADJ
easat-5757	7	37	constraints	constraint	NOUN
easat-5757	7	38	.	.	PUNCT
easat-5757	8	1	furthermore	furthermore	ADV
easat-5757	8	2	,	,	PUNCT
easat-5757	8	3	the	the	DET
easat-5757	8	4	study	study	NOUN
easat-5757	8	5	reveals	reveal	VERB
easat-5757	8	6	that	that	SCONJ
easat-5757	8	7	financial	financial	ADJ
easat-5757	8	8	flexibility	flexibility	NOUN
easat-5757	8	9	exerts	exert	VERB
easat-5757	8	10	a	a	DET
easat-5757	8	11	significant	significant	ADJ
easat-5757	8	12	yet	yet	ADV
easat-5757	8	13	context	context	ADJ
easat-5757	8	14	-	-	PUNCT
easat-5757	8	15	dependent	dependent	ADJ
easat-5757	8	16	impact	impact	NOUN
easat-5757	8	17	on	on	ADP
easat-5757	8	18	firm	firm	ADJ
easat-5757	8	19	performance	performance	NOUN
easat-5757	8	20	.	.	PUNCT
easat-5757	9	1	the	the	DET
easat-5757	9	2	extent	extent	NOUN
easat-5757	9	3	of	of	ADP
easat-5757	9	4	this	this	DET
easat-5757	9	5	impact	impact	NOUN
easat-5757	9	6	is	be	AUX
easat-5757	9	7	moderated	moderate	VERB
easat-5757	9	8	by	by	ADP
easat-5757	9	9	the	the	DET
easat-5757	9	10	degree	degree	NOUN
easat-5757	9	11	of	of	ADP
easat-5757	9	12	financing	financing	NOUN
easat-5757	9	13	constraints	constraint	NOUN
easat-5757	9	14	,	,	PUNCT
easat-5757	9	15	with	with	ADP
easat-5757	9	16	higher	high	ADJ
easat-5757	9	17	levels	level	NOUN
easat-5757	9	18	of	of	ADP
easat-5757	9	19	constraints	constraint	NOUN
easat-5757	9	20	amplifying	amplify	VERB
easat-5757	9	21	the	the	DET
easat-5757	9	22	positive	positive	ADJ
easat-5757	9	23	effect	effect	NOUN
easat-5757	9	24	of	of	ADP
easat-5757	9	25	financial	financial	ADJ
easat-5757	9	26	flexibility	flexibility	NOUN
easat-5757	9	27	on	on	ADP
easat-5757	9	28	performance	performance	NOUN
easat-5757	9	29	.	.	PUNCT
easat-5757	10	1	these	these	DET
easat-5757	10	2	findings	finding	NOUN
easat-5757	10	3	enrich	enrich	VERB
easat-5757	10	4	the	the	DET
easat-5757	10	5	existing	exist	VERB
easat-5757	10	6	literature	literature	NOUN
easat-5757	10	7	by	by	ADP
easat-5757	10	8	offering	offer	VERB
easat-5757	10	9	fresh	fresh	ADJ
easat-5757	10	10	insights	insight	NOUN
easat-5757	10	11	into	into	ADP
easat-5757	10	12	how	how	SCONJ
easat-5757	10	13	financing	financing	NOUN
easat-5757	10	14	constraints	constraint	NOUN
easat-5757	10	15	shape	shape	VERB
easat-5757	10	16	firms	firm	NOUN
easat-5757	10	17	'	'	PART
easat-5757	10	18	financial	financial	ADJ
easat-5757	10	19	decisions	decision	NOUN
easat-5757	10	20	and	and	CCONJ
easat-5757	10	21	overall	overall	ADJ
easat-5757	10	22	performance	performance	NOUN
easat-5757	10	23	.	.	PUNCT
easat-5757	11	1	the	the	DET
easat-5757	11	2	study	study	NOUN
easat-5757	11	3	emphasizes	emphasize	VERB
easat-5757	11	4	the	the	DET
easat-5757	11	5	importance	importance	NOUN
easat-5757	11	6	of	of	ADP
easat-5757	11	7	financial	financial	ADJ
easat-5757	11	8	flexibility	flexibility	NOUN
easat-5757	11	9	as	as	ADP
easat-5757	11	10	a	a	DET
easat-5757	11	11	dynamic	dynamic	ADJ
easat-5757	11	12	factor	factor	NOUN
easat-5757	11	13	that	that	PRON
easat-5757	11	14	varies	vary	VERB
easat-5757	11	15	in	in	ADP
easat-5757	11	16	its	its	PRON
easat-5757	11	17	impact	impact	NOUN
easat-5757	11	18	based	base	VERB
easat-5757	11	19	on	on	ADP
easat-5757	11	20	the	the	DET
easat-5757	11	21	external	external	ADJ
easat-5757	11	22	financial	financial	ADJ
easat-5757	11	23	environment	environment	NOUN
easat-5757	11	24	and	and	CCONJ
easat-5757	11	25	provides	provide	VERB
easat-5757	11	26	practical	practical	ADJ
easat-5757	11	27	implications	implication	NOUN
easat-5757	11	28	for	for	ADP
easat-5757	11	29	managers	manager	NOUN
easat-5757	11	30	aiming	aim	VERB
easat-5757	11	31	to	to	PART
easat-5757	11	32	optimize	optimize	VERB
easat-5757	11	33	their	their	PRON
easat-5757	11	34	firms	firm	NOUN
easat-5757	11	35	'	'	PART
easat-5757	11	36	financial	financial	ADJ
easat-5757	11	37	strategies	strategy	NOUN
easat-5757	11	38	.	.	PUNCT
easat-5757	12	1	keywords	keyword	NOUN
easat-5757	12	2	:	:	PUNCT
easat-5757	12	3	enterprise	enterprise	NOUN
easat-5757	12	4	performance	performance	NOUN
easat-5757	12	5	,	,	PUNCT
easat-5757	12	6	financial	financial	ADJ
easat-5757	12	7	flexibility	flexibility	NOUN
easat-5757	12	8	,	,	PUNCT
easat-5757	12	9	financing	financing	NOUN
easat-5757	12	10	constraints	constraint	NOUN
easat-5757	12	11	,	,	PUNCT
easat-5757	12	12	interval	interval	NOUN
easat-5757	12	13	effect	effect	NOUN
easat-5757	12	14	.	.	PUNCT
easat-5757	13	1	1	1	X
easat-5757	13	2	.	.	X
easat-5757	13	3	introduction	introduction	NOUN
easat-5757	13	4	the	the	DET
easat-5757	13	5	financial	financial	ADJ
easat-5757	13	6	accounting	accounting	NOUN
easat-5757	13	7	standards	standards	PROPN
easat-5757	13	8	board	board	NOUN
easat-5757	13	9	(	(	PUNCT
easat-5757	13	10	fasb	fasb	NOUN
easat-5757	13	11	)	)	PUNCT
easat-5757	13	12	defines	define	VERB
easat-5757	13	13	financial	financial	ADJ
easat-5757	13	14	flexibility	flexibility	NOUN
easat-5757	13	15	as	as	ADP
easat-5757	13	16	a	a	DET
easat-5757	13	17	company	company	NOUN
easat-5757	13	18	's	's	PART
easat-5757	13	19	capacity	capacity	NOUN
easat-5757	13	20	to	to	PART
easat-5757	13	21	take	take	VERB
easat-5757	13	22	effective	effective	ADJ
easat-5757	13	23	actions	action	NOUN
easat-5757	13	24	to	to	PART
easat-5757	13	25	adjust	adjust	VERB
easat-5757	13	26	the	the	DET
easat-5757	13	27	amount	amount	NOUN
easat-5757	13	28	and	and	CCONJ
easat-5757	13	29	timing	timing	NOUN
easat-5757	13	30	of	of	ADP
easat-5757	13	31	cash	cash	NOUN
easat-5757	13	32	flows	flow	NOUN
easat-5757	13	33	in	in	ADP
easat-5757	13	34	response	response	NOUN
easat-5757	13	35	to	to	ADP
easat-5757	13	36	unforeseen	unforeseen	ADJ
easat-5757	13	37	future	future	ADJ
easat-5757	13	38	needs	need	NOUN
easat-5757	13	39	and	and	CCONJ
easat-5757	13	40	opportunities	opportunity	NOUN
easat-5757	13	41	.	.	PUNCT
easat-5757	14	1	byoun	byoun	NOUN
easat-5757	15	1	[	[	X
easat-5757	15	2	1	1	NUM
easat-5757	15	3	]	]	PUNCT
easat-5757	15	4	shares	share	VERB
easat-5757	15	5	a	a	DET
easat-5757	15	6	similar	similar	ADJ
easat-5757	15	7	perspective	perspective	NOUN
easat-5757	15	8	,	,	PUNCT
easat-5757	15	9	stating	state	VERB
easat-5757	15	10	that	that	SCONJ
easat-5757	15	11	financial	financial	ADJ
easat-5757	15	12	flexibility	flexibility	NOUN
easat-5757	15	13	represents	represent	VERB
easat-5757	15	14	a	a	DET
easat-5757	15	15	firm	firm	NOUN
easat-5757	15	16	's	's	PART
easat-5757	15	17	ability	ability	NOUN
easat-5757	15	18	to	to	PART
easat-5757	15	19	mobilize	mobilize	VERB
easat-5757	15	20	financial	financial	ADJ
easat-5757	15	21	resources	resource	NOUN
easat-5757	15	22	to	to	PART
easat-5757	15	23	address	address	VERB
easat-5757	15	24	future	future	ADJ
easat-5757	15	25	uncertainties	uncertainty	NOUN
easat-5757	15	26	.	.	PUNCT
easat-5757	16	1	bereżnicka	bereżnicka	NOUN
easat-5757	16	2	[	[	X
easat-5757	16	3	2	2	X
easat-5757	16	4	]	]	PUNCT
easat-5757	16	5	highlights	highlight	VERB
easat-5757	16	6	the	the	DET
easat-5757	16	7	financing	financing	NOUN
easat-5757	16	8	dimension	dimension	NOUN
easat-5757	16	9	of	of	ADP
easat-5757	16	10	financial	financial	ADJ
easat-5757	16	11	flexibility	flexibility	NOUN
easat-5757	16	12	,	,	PUNCT
easat-5757	16	13	asserting	assert	VERB
easat-5757	16	14	that	that	SCONJ
easat-5757	16	15	it	it	PRON
easat-5757	16	16	refers	refer	VERB
easat-5757	16	17	to	to	ADP
easat-5757	16	18	an	an	DET
easat-5757	16	19	enterprise	enterprise	NOUN
easat-5757	16	20	's	's	PART
easat-5757	16	21	capability	capability	NOUN
easat-5757	16	22	to	to	PART
easat-5757	16	23	access	access	VERB
easat-5757	16	24	financing	financing	NOUN
easat-5757	16	25	channels	channel	NOUN
easat-5757	16	26	and	and	CCONJ
easat-5757	16	27	adjust	adjust	VERB
easat-5757	16	28	its	its	PRON
easat-5757	16	29	capital	capital	NOUN
easat-5757	16	30	structure	structure	NOUN
easat-5757	16	31	.	.	PUNCT
easat-5757	17	1	western	western	ADJ
easat-5757	17	2	academic	academic	ADJ
easat-5757	17	3	literature	literature	NOUN
easat-5757	17	4	tends	tend	VERB
easat-5757	17	5	to	to	PART
easat-5757	17	6	define	define	VERB
easat-5757	17	7	financial	financial	ADJ
easat-5757	17	8	flexibility	flexibility	NOUN
easat-5757	17	9	from	from	ADP
easat-5757	17	10	the	the	DET
easat-5757	17	11	perspective	perspective	NOUN
easat-5757	17	12	of	of	ADP
easat-5757	17	13	"	"	PUNCT
easat-5757	17	14	mode	mode	NOUN
easat-5757	17	15	of	of	ADP
easat-5757	17	16	use	use	NOUN
easat-5757	17	17	,	,	PUNCT
easat-5757	17	18	"	"	PUNCT
easat-5757	17	19	emphasizing	emphasize	VERB
easat-5757	17	20	its	its	PRON
easat-5757	17	21	functional	functional	ADJ
easat-5757	17	22	utility	utility	NOUN
easat-5757	17	23	.	.	PUNCT
easat-5757	18	1	in	in	ADP
easat-5757	18	2	contrast	contrast	NOUN
easat-5757	18	3	,	,	PUNCT
easat-5757	18	4	domestic	domestic	ADJ
easat-5757	18	5	research	research	NOUN
easat-5757	18	6	often	often	ADV
easat-5757	18	7	conceptualizes	conceptualize	VERB
easat-5757	18	8	financial	financial	ADJ
easat-5757	18	9	flexibility	flexibility	NOUN
easat-5757	18	10	as	as	ADP
easat-5757	18	11	a	a	DET
easat-5757	18	12	comprehensive	comprehensive	ADJ
easat-5757	18	13	regulatory	regulatory	ADJ
easat-5757	18	14	ability	ability	NOUN
easat-5757	18	15	,	,	PUNCT
easat-5757	18	16	focusing	focus	VERB
easat-5757	18	17	on	on	ADP
easat-5757	18	18	its	its	PRON
easat-5757	18	19	role	role	NOUN
easat-5757	18	20	within	within	ADP
easat-5757	18	21	the	the	DET
easat-5757	18	22	broader	broad	ADJ
easat-5757	18	23	financial	financial	ADJ
easat-5757	18	24	management	management	NOUN
easat-5757	18	25	system	system	NOUN
easat-5757	18	26	.	.	PUNCT
easat-5757	19	1	zhan	zhan	PROPN
easat-5757	19	2	zhewei	zhewei	PROPN
easat-5757	20	1	[	[	X
easat-5757	20	2	3	3	X
easat-5757	20	3	]	]	PUNCT
easat-5757	20	4	argues	argue	VERB
easat-5757	20	5	that	that	SCONJ
easat-5757	20	6	financial	financial	ADJ
easat-5757	20	7	flexibility	flexibility	NOUN
easat-5757	20	8	is	be	AUX
easat-5757	20	9	the	the	DET
easat-5757	20	10	overall	overall	ADJ
easat-5757	20	11	capacity	capacity	NOUN
easat-5757	20	12	of	of	ADP
easat-5757	20	13	the	the	DET
easat-5757	20	14	financial	financial	ADJ
easat-5757	20	15	system	system	NOUN
easat-5757	20	16	to	to	PART
easat-5757	20	17	adapt	adapt	VERB
easat-5757	20	18	to	to	ADP
easat-5757	20	19	dynamic	dynamic	ADJ
easat-5757	20	20	environmental	environmental	ADJ
easat-5757	20	21	changes	change	NOUN
easat-5757	20	22	,	,	PUNCT
easat-5757	20	23	optimize	optimize	VERB
easat-5757	20	24	the	the	DET
easat-5757	20	25	allocation	allocation	NOUN
easat-5757	20	26	of	of	ADP
easat-5757	20	27	financial	financial	ADJ
easat-5757	20	28	resources	resource	NOUN
easat-5757	20	29	,	,	PUNCT
easat-5757	20	30	and	and	CCONJ
easat-5757	20	31	effectively	effectively	ADV
easat-5757	20	32	manage	manage	VERB
easat-5757	20	33	financial	financial	ADJ
easat-5757	20	34	risks	risk	NOUN
easat-5757	20	35	.	.	PUNCT
easat-5757	21	1	early	early	ADJ
easat-5757	21	2	investigations	investigation	NOUN
easat-5757	21	3	into	into	ADP
easat-5757	21	4	financial	financial	ADJ
easat-5757	21	5	flexibility	flexibility	NOUN
easat-5757	21	6	were	be	AUX
easat-5757	21	7	dispersed	disperse	VERB
easat-5757	21	8	across	across	ADP
easat-5757	21	9	the	the	DET
easat-5757	21	10	literature	literature	NOUN
easat-5757	21	11	on	on	ADP
easat-5757	21	12	capital	capital	NOUN
easat-5757	21	13	structure	structure	NOUN
easat-5757	21	14	.	.	PUNCT
easat-5757	22	1	foreign	foreign	ADJ
easat-5757	22	2	scholars	scholar	NOUN
easat-5757	22	3	have	have	AUX
easat-5757	22	4	conceptualized	conceptualize	VERB
easat-5757	22	5	financial	financial	ADJ
easat-5757	22	6	flexibility	flexibility	NOUN
easat-5757	22	7	in	in	ADP
easat-5757	22	8	terms	term	NOUN
easat-5757	22	9	of	of	ADP
easat-5757	22	10	two	two	NUM
easat-5757	22	11	dimensions	dimension	NOUN
easat-5757	22	12	:	:	PUNCT
easat-5757	22	13	excess	excess	ADJ
easat-5757	22	14	cash	cash	NOUN
easat-5757	22	15	reserves	reserve	NOUN
easat-5757	22	16	and	and	CCONJ
easat-5757	22	17	low	low	ADJ
easat-5757	22	18	leverage	leverage	NOUN
easat-5757	22	19	.	.	PUNCT
easat-5757	23	1	based	base	VERB
easat-5757	23	2	on	on	ADP
easat-5757	23	3	the	the	DET
easat-5757	23	4	financing	financing	NOUN
easat-5757	23	5	sequence	sequence	NOUN
easat-5757	23	6	theory	theory	NOUN
easat-5757	23	7	proposed	propose	VERB
easat-5757	23	8	by	by	ADP
easat-5757	23	9	chang	chang	PROPN
easat-5757	23	10	,	,	PUNCT
easat-5757	23	11	et	et	PROPN
easat-5757	23	12	al	al	PROPN
easat-5757	23	13	.	.	PUNCT
easat-5757	24	1	[	[	X
easat-5757	24	2	4	4	X
easat-5757	24	3	]	]	PUNCT
easat-5757	24	4	companies	company	NOUN
easat-5757	24	5	should	should	AUX
easat-5757	24	6	maintain	maintain	VERB
easat-5757	24	7	adequate	adequate	ADJ
easat-5757	24	8	cash	cash	NOUN
easat-5757	24	9	reserves	reserve	NOUN
easat-5757	24	10	under	under	ADP
easat-5757	24	11	normal	normal	ADJ
easat-5757	24	12	circumstances	circumstance	NOUN
easat-5757	24	13	to	to	PART
easat-5757	24	14	avoid	avoid	VERB
easat-5757	24	15	issuing	issue	VERB
easat-5757	24	16	equity	equity	NOUN
easat-5757	24	17	at	at	ADP
easat-5757	24	18	undervalued	undervalue	VERB
easat-5757	24	19	stock	stock	NOUN
easat-5757	24	20	prices	price	NOUN
easat-5757	24	21	,	,	PUNCT
easat-5757	24	22	thereby	thereby	ADV
easat-5757	24	23	preventing	prevent	VERB
easat-5757	24	24	the	the	DET
easat-5757	24	25	loss	loss	NOUN
easat-5757	24	26	of	of	ADP
easat-5757	24	27	favorable	favorable	ADJ
easat-5757	24	28	investment	investment	NOUN
easat-5757	24	29	opportunities	opportunity	NOUN
easat-5757	24	30	due	due	ADP
easat-5757	24	31	to	to	ADP
easat-5757	24	32	insufficient	insufficient	ADJ
easat-5757	24	33	liquidity	liquidity	NOUN
easat-5757	24	34	.	.	PUNCT
easat-5757	25	1	gounopoulos	gounopoulos	NOUN
easat-5757	25	2	and	and	CCONJ
easat-5757	25	3	zhang	zhang	PROPN
easat-5757	26	1	[	[	X
easat-5757	26	2	5	5	NUM
easat-5757	26	3	]	]	PUNCT
easat-5757	26	4	demonstrated	demonstrate	VERB
easat-5757	26	5	that	that	SCONJ
easat-5757	26	6	firms	firm	NOUN
easat-5757	26	7	typically	typically	ADV
easat-5757	26	8	hold	hold	VERB
easat-5757	26	9	cash	cash	NOUN
easat-5757	26	10	reserves	reserve	NOUN
easat-5757	26	11	above	above	ADP
easat-5757	26	12	target	target	NOUN
easat-5757	26	13	levels	level	NOUN
easat-5757	26	14	in	in	ADP
easat-5757	26	15	scenarios	scenario	NOUN
easat-5757	26	16	of	of	ADP
easat-5757	26	17	inadequate	inadequate	ADJ
easat-5757	26	18	cash	cash	NOUN
easat-5757	26	19	flow	flow	NOUN
easat-5757	26	20	or	or	CCONJ
easat-5757	26	21	high	high	ADJ
easat-5757	26	22	external	external	ADJ
easat-5757	26	23	financing	financing	NOUN
easat-5757	26	24	costs	cost	NOUN
easat-5757	26	25	,	,	PUNCT
easat-5757	26	26	ensuring	ensure	VERB
easat-5757	26	27	2171	2171	NUM
easat-5757	26	28	edelweiss	edelweiss	PROPN
easat-5757	26	29	applied	apply	VERB
easat-5757	26	30	science	science	NOUN
easat-5757	26	31	and	and	CCONJ
easat-5757	26	32	technology	technology	NOUN
easat-5757	26	33	issn	issn	PROPN
easat-5757	26	34	:	:	PUNCT
easat-5757	26	35	2576	2576	NUM
easat-5757	26	36	-	-	SYM
easat-5757	26	37	8484	8484	NUM
easat-5757	26	38	vol	vol	NOUN
easat-5757	26	39	.	.	PROPN
easat-5757	27	1	9	9	NUM
easat-5757	27	2	,	,	PUNCT
easat-5757	27	3	no	no	INTJ
easat-5757	27	4	.	.	NOUN
easat-5757	28	1	3	3	NUM
easat-5757	28	2	:	:	SYM
easat-5757	28	3	2170	2170	NUM
easat-5757	28	4	-	-	SYM
easat-5757	28	5	2183	2183	NUM
easat-5757	28	6	,	,	PUNCT
easat-5757	28	7	2025	2025	NUM
easat-5757	28	8	doi	doi	NOUN
easat-5757	28	9	:	:	PUNCT
easat-5757	28	10	10.55214/25768484.v9i3.5757	10.55214/25768484.v9i3.5757	NUM
easat-5757	28	11	©	©	PROPN
easat-5757	28	12	2025	2025	NUM
easat-5757	28	13	by	by	ADP
easat-5757	28	14	the	the	DET
easat-5757	28	15	authors	author	NOUN
easat-5757	28	16	;	;	PUNCT
easat-5757	28	17	licensee	licensee	PROPN
easat-5757	28	18	learning	learning	NOUN
easat-5757	28	19	gate	gate	VERB
easat-5757	28	20	sufficient	sufficient	ADJ
easat-5757	28	21	funds	fund	NOUN
easat-5757	28	22	for	for	ADP
easat-5757	28	23	investment	investment	NOUN
easat-5757	28	24	expenditures	expenditure	NOUN
easat-5757	28	25	.	.	PUNCT
easat-5757	29	1	al	al	PROPN
easat-5757	29	2	abbadi	abbadi	PROPN
easat-5757	30	1	[	[	X
easat-5757	30	2	6	6	NUM
easat-5757	30	3	]	]	PUNCT
easat-5757	30	4	revealed	reveal	VERB
easat-5757	30	5	that	that	SCONJ
easat-5757	30	6	when	when	SCONJ
easat-5757	30	7	investment	investment	NOUN
easat-5757	30	8	spending	spending	NOUN
easat-5757	30	9	rises	rise	NOUN
easat-5757	30	10	or	or	CCONJ
easat-5757	30	11	earnings	earning	NOUN
easat-5757	30	12	decline	decline	NOUN
easat-5757	30	13	,	,	PUNCT
easat-5757	30	14	low	low	ADJ
easat-5757	30	15	-	-	PUNCT
easat-5757	30	16	leverage	leverage	NOUN
easat-5757	30	17	firms	firm	NOUN
easat-5757	30	18	tend	tend	VERB
easat-5757	30	19	to	to	PART
easat-5757	30	20	experience	experience	VERB
easat-5757	30	21	a	a	DET
easat-5757	30	22	significant	significant	ADJ
easat-5757	30	23	increase	increase	NOUN
easat-5757	30	24	in	in	ADP
easat-5757	30	25	long	long	ADJ
easat-5757	30	26	-	-	PUNCT
easat-5757	30	27	term	term	NOUN
easat-5757	30	28	debt	debt	NOUN
easat-5757	30	29	.	.	PUNCT
easat-5757	31	1	[	[	X
easat-5757	31	2	7	7	NUM
easat-5757	31	3	]	]	PUNCT
easat-5757	31	4	;	;	PUNCT
easat-5757	31	5	bereżnicka	bereżnicka	NOUN
easat-5757	31	6	[	[	X
easat-5757	31	7	2	2	NUM
easat-5757	31	8	]	]	PUNCT
easat-5757	31	9	;	;	PUNCT
easat-5757	31	10	byoun	byoun	NOUN
easat-5757	31	11	[	[	X
easat-5757	31	12	1	1	X
easat-5757	31	13	]	]	PUNCT
easat-5757	31	14	and	and	CCONJ
easat-5757	31	15	arslan	arslan	PROPN
easat-5757	31	16	-	-	PUNCT
easat-5757	31	17	ayaydin	ayaydin	PROPN
easat-5757	31	18	,	,	PUNCT
easat-5757	31	19	et	et	PROPN
easat-5757	31	20	al	al	PROPN
easat-5757	31	21	.	.	PUNCT
easat-5757	32	1	[	[	X
easat-5757	32	2	8	8	NUM
easat-5757	32	3	]	]	X
easat-5757	32	4	advocate	advocate	NOUN
easat-5757	32	5	for	for	ADP
easat-5757	32	6	the	the	DET
easat-5757	32	7	integration	integration	NOUN
easat-5757	32	8	of	of	ADP
easat-5757	32	9	high	high	ADJ
easat-5757	32	10	cash	cash	NOUN
easat-5757	32	11	reserves	reserve	NOUN
easat-5757	32	12	and	and	CCONJ
easat-5757	32	13	low	low	ADJ
easat-5757	32	14	leverage	leverage	NOUN
easat-5757	32	15	as	as	ADP
easat-5757	32	16	an	an	DET
easat-5757	32	17	overarching	overarching	ADJ
easat-5757	32	18	financial	financial	ADJ
easat-5757	32	19	flexibility	flexibility	NOUN
easat-5757	32	20	strategy	strategy	NOUN
easat-5757	32	21	,	,	PUNCT
easat-5757	32	22	emphasizing	emphasize	VERB
easat-5757	32	23	that	that	SCONJ
easat-5757	32	24	prior	prior	ADJ
easat-5757	32	25	studies	study	NOUN
easat-5757	32	26	overlooked	overlook	VERB
easat-5757	32	27	the	the	DET
easat-5757	32	28	intrinsic	intrinsic	ADJ
easat-5757	32	29	relationship	relationship	NOUN
easat-5757	32	30	between	between	ADP
easat-5757	32	31	these	these	DET
easat-5757	32	32	two	two	NUM
easat-5757	32	33	dimensions	dimension	NOUN
easat-5757	32	34	.	.	PUNCT
easat-5757	33	1	li	li	PROPN
easat-5757	33	2	,	,	PUNCT
easat-5757	33	3	et	et	PROPN
easat-5757	33	4	al	al	PROPN
easat-5757	33	5	.	.	PUNCT
easat-5757	34	1	[	[	X
easat-5757	34	2	9	9	NUM
easat-5757	34	3	]	]	PUNCT
easat-5757	34	4	put	put	VERB
easat-5757	34	5	forward	forward	ADV
easat-5757	34	6	the	the	DET
easat-5757	34	7	financing	financing	NOUN
easat-5757	34	8	constraint	constraint	NOUN
easat-5757	34	9	hypothesis	hypothesis	NOUN
easat-5757	34	10	,	,	PUNCT
easat-5757	34	11	believing	believe	VERB
easat-5757	34	12	that	that	SCONJ
easat-5757	34	13	the	the	DET
easat-5757	34	14	imperfect	imperfect	ADJ
easat-5757	34	15	capital	capital	NOUN
easat-5757	34	16	market	market	NOUN
easat-5757	34	17	leads	lead	VERB
easat-5757	34	18	to	to	ADP
easat-5757	34	19	the	the	DET
easat-5757	34	20	difference	difference	NOUN
easat-5757	34	21	in	in	ADP
easat-5757	34	22	the	the	DET
easat-5757	34	23	internal	internal	ADJ
easat-5757	34	24	and	and	CCONJ
easat-5757	34	25	external	external	ADJ
easat-5757	34	26	financing	financing	NOUN
easat-5757	34	27	costs	cost	NOUN
easat-5757	34	28	of	of	ADP
easat-5757	34	29	enterprises	enterprise	NOUN
easat-5757	34	30	,	,	PUNCT
easat-5757	34	31	and	and	CCONJ
easat-5757	34	32	enterprises	enterprise	NOUN
easat-5757	34	33	are	be	AUX
easat-5757	34	34	faced	face	VERB
easat-5757	34	35	with	with	ADP
easat-5757	34	36	the	the	DET
easat-5757	34	37	trouble	trouble	NOUN
easat-5757	34	38	of	of	ADP
easat-5757	34	39	financing	financing	NOUN
easat-5757	34	40	constraint	constraint	NOUN
easat-5757	34	41	.	.	PUNCT
easat-5757	35	1	the	the	DET
easat-5757	35	2	investment	investment	NOUN
easat-5757	35	3	expenditure	expenditure	NOUN
easat-5757	35	4	of	of	ADP
easat-5757	35	5	enterprises	enterprise	NOUN
easat-5757	35	6	with	with	ADP
easat-5757	35	7	severe	severe	ADJ
easat-5757	35	8	financing	financing	NOUN
easat-5757	35	9	constraints	constraint	NOUN
easat-5757	35	10	has	have	VERB
easat-5757	35	11	significant	significant	ADJ
easat-5757	35	12	positive	positive	ADJ
easat-5757	35	13	sensitivity	sensitivity	NOUN
easat-5757	35	14	to	to	ADP
easat-5757	35	15	internal	internal	ADJ
easat-5757	35	16	cash	cash	NOUN
easat-5757	35	17	flow	flow	NOUN
easat-5757	35	18	.	.	PUNCT
easat-5757	36	1	however	however	ADV
easat-5757	36	2	,	,	PUNCT
easat-5757	36	3	beladi	beladi	NOUN
easat-5757	36	4	,	,	PUNCT
easat-5757	36	5	et	et	PROPN
easat-5757	36	6	al	al	PROPN
easat-5757	36	7	.	.	PUNCT
easat-5757	37	1	[	[	X
easat-5757	37	2	10	10	NUM
easat-5757	37	3	]	]	PUNCT
easat-5757	37	4	using	use	VERB
easat-5757	37	5	different	different	ADJ
easat-5757	37	6	classification	classification	NOUN
easat-5757	37	7	methods	method	NOUN
easat-5757	37	8	of	of	ADP
easat-5757	37	9	financing	financing	NOUN
easat-5757	37	10	constraints	constraint	NOUN
easat-5757	37	11	and	and	CCONJ
easat-5757	37	12	the	the	DET
easat-5757	37	13	same	same	ADJ
easat-5757	37	14	sample	sample	NOUN
easat-5757	37	15	,	,	PUNCT
easat-5757	37	16	drew	draw	VERB
easat-5757	37	17	the	the	DET
easat-5757	37	18	opposite	opposite	ADJ
easat-5757	37	19	conclusion	conclusion	NOUN
easat-5757	37	20	to	to	ADP
easat-5757	37	21	li	li	PROPN
easat-5757	37	22	,	,	PUNCT
easat-5757	37	23	et	et	PROPN
easat-5757	37	24	al	al	PROPN
easat-5757	37	25	.	.	PUNCT
easat-5757	38	1	[	[	X
easat-5757	38	2	9	9	NUM
easat-5757	38	3	]	]	PUNCT
easat-5757	38	4	that	that	SCONJ
easat-5757	38	5	companies	company	NOUN
easat-5757	38	6	with	with	ADP
easat-5757	38	7	lower	low	ADJ
easat-5757	38	8	financing	financing	NOUN
easat-5757	38	9	constraints	constraint	NOUN
easat-5757	38	10	have	have	VERB
easat-5757	38	11	higher	high	ADJ
easat-5757	38	12	investment	investment	NOUN
easat-5757	38	13	-	-	PUNCT
easat-5757	38	14	cash	cash	NOUN
easat-5757	38	15	flow	flow	NOUN
easat-5757	38	16	sensitivity	sensitivity	NOUN
easat-5757	38	17	.	.	PUNCT
easat-5757	39	1	it	it	PRON
easat-5757	39	2	can	can	AUX
easat-5757	39	3	be	be	AUX
easat-5757	39	4	seen	see	VERB
easat-5757	39	5	that	that	SCONJ
easat-5757	39	6	financing	financing	NOUN
easat-5757	39	7	constraints	constraint	NOUN
easat-5757	39	8	are	be	AUX
easat-5757	39	9	not	not	PART
easat-5757	39	10	the	the	DET
easat-5757	39	11	only	only	ADJ
easat-5757	39	12	factor	factor	NOUN
easat-5757	39	13	affecting	affect	VERB
easat-5757	39	14	investment	investment	NOUN
easat-5757	39	15	-	-	PUNCT
easat-5757	39	16	cash	cash	NOUN
easat-5757	39	17	flow	flow	NOUN
easat-5757	39	18	sensitivity	sensitivity	NOUN
easat-5757	39	19	.	.	PUNCT
easat-5757	40	1	ağca	ağca	VERB
easat-5757	40	2	and	and	CCONJ
easat-5757	40	3	mozumdar	mozumdar	VERB
easat-5757	41	1	[	[	X
easat-5757	41	2	11	11	NUM
easat-5757	41	3	]	]	PUNCT
easat-5757	41	4	test	test	NOUN
easat-5757	41	5	the	the	DET
easat-5757	41	6	motivation	motivation	NOUN
easat-5757	41	7	of	of	ADP
easat-5757	41	8	"	"	PUNCT
easat-5757	41	9	abnormal	abnormal	ADJ
easat-5757	41	10	"	"	PUNCT
easat-5757	41	11	behavior	behavior	NOUN
easat-5757	41	12	and	and	CCONJ
easat-5757	41	13	find	find	VERB
easat-5757	41	14	that	that	SCONJ
easat-5757	41	15	chinese	chinese	ADJ
easat-5757	41	16	listed	list	VERB
easat-5757	41	17	companies	company	NOUN
easat-5757	41	18	generally	generally	ADV
easat-5757	41	19	maintain	maintain	VERB
easat-5757	41	20	high	high	ADJ
easat-5757	41	21	investment	investment	NOUN
easat-5757	41	22	-	-	PUNCT
easat-5757	41	23	cash	cash	NOUN
easat-5757	41	24	flow	flow	NOUN
easat-5757	41	25	sensitivity	sensitivity	NOUN
easat-5757	41	26	.	.	PUNCT
easat-5757	42	1	companies	company	NOUN
easat-5757	42	2	with	with	ADP
easat-5757	42	3	small	small	ADJ
easat-5757	42	4	scale	scale	NOUN
easat-5757	42	5	,	,	PUNCT
easat-5757	42	6	low	low	ADJ
easat-5757	42	7	dividend	dividend	NOUN
easat-5757	42	8	payout	payout	NOUN
easat-5757	42	9	ratio	ratio	NOUN
easat-5757	42	10	and	and	CCONJ
easat-5757	42	11	low	low	ADJ
easat-5757	42	12	proportion	proportion	NOUN
easat-5757	42	13	of	of	ADP
easat-5757	42	14	state	state	NOUN
easat-5757	42	15	-	-	PUNCT
easat-5757	42	16	owned	own	VERB
easat-5757	42	17	shares	share	NOUN
easat-5757	42	18	are	be	AUX
easat-5757	42	19	prone	prone	ADJ
easat-5757	42	20	to	to	ADP
easat-5757	42	21	underinvestment	underinvestment	NOUN
easat-5757	42	22	,	,	PUNCT
easat-5757	42	23	and	and	CCONJ
easat-5757	42	24	the	the	DET
easat-5757	42	25	investment	investment	NOUN
easat-5757	42	26	-	-	PUNCT
easat-5757	42	27	cash	cash	NOUN
easat-5757	42	28	flow	flow	NOUN
easat-5757	42	29	sensitivity	sensitivity	NOUN
easat-5757	42	30	is	be	AUX
easat-5757	42	31	mainly	mainly	ADV
easat-5757	42	32	affected	affect	VERB
easat-5757	42	33	by	by	ADP
easat-5757	42	34	financing	finance	VERB
easat-5757	42	35	constraints	constraint	NOUN
easat-5757	42	36	.	.	PUNCT
easat-5757	43	1	companies	company	NOUN
easat-5757	43	2	with	with	ADP
easat-5757	43	3	large	large	ADJ
easat-5757	43	4	scale	scale	NOUN
easat-5757	43	5	,	,	PUNCT
easat-5757	43	6	high	high	ADJ
easat-5757	43	7	dividend	dividend	NOUN
easat-5757	43	8	payout	payout	NOUN
easat-5757	43	9	ratio	ratio	NOUN
easat-5757	43	10	and	and	CCONJ
easat-5757	43	11	high	high	ADJ
easat-5757	43	12	proportion	proportion	NOUN
easat-5757	43	13	of	of	ADP
easat-5757	43	14	state	state	NOUN
easat-5757	43	15	-	-	PUNCT
easat-5757	43	16	owned	own	VERB
easat-5757	43	17	shares	share	NOUN
easat-5757	43	18	tend	tend	VERB
easat-5757	43	19	to	to	PART
easat-5757	43	20	over	over	ADV
easat-5757	43	21	-	-	PUNCT
easat-5757	43	22	invest	invest	NOUN
easat-5757	43	23	,	,	PUNCT
easat-5757	43	24	and	and	CCONJ
easat-5757	43	25	the	the	DET
easat-5757	43	26	investment	investment	NOUN
easat-5757	43	27	-	-	PUNCT
easat-5757	43	28	cash	cash	NOUN
easat-5757	43	29	flow	flow	NOUN
easat-5757	43	30	sensitivity	sensitivity	NOUN
easat-5757	43	31	is	be	AUX
easat-5757	43	32	mainly	mainly	ADV
easat-5757	43	33	affected	affect	VERB
easat-5757	43	34	by	by	ADP
easat-5757	43	35	the	the	DET
easat-5757	43	36	agency	agency	NOUN
easat-5757	43	37	problem	problem	NOUN
easat-5757	43	38	.	.	PUNCT
easat-5757	44	1	it	it	PRON
easat-5757	44	2	is	be	AUX
easat-5757	44	3	concluded	conclude	VERB
easat-5757	44	4	that	that	SCONJ
easat-5757	44	5	the	the	DET
easat-5757	44	6	investment	investment	NOUN
easat-5757	44	7	-	-	PUNCT
easat-5757	44	8	cash	cash	NOUN
easat-5757	44	9	flow	flow	NOUN
easat-5757	44	10	sensitivity	sensitivity	NOUN
easat-5757	44	11	varies	vary	VERB
easat-5757	44	12	according	accord	VERB
easat-5757	44	13	to	to	ADP
easat-5757	44	14	the	the	DET
easat-5757	44	15	characteristics	characteristic	NOUN
easat-5757	44	16	of	of	ADP
easat-5757	44	17	the	the	DET
easat-5757	44	18	company	company	NOUN
easat-5757	44	19	.	.	PUNCT
easat-5757	45	1	lozano	lozano	PROPN
easat-5757	45	2	and	and	CCONJ
easat-5757	45	3	yaman	yaman	PROPN
easat-5757	46	1	[	[	X
easat-5757	46	2	12	12	NUM
easat-5757	46	3	]	]	PUNCT
easat-5757	46	4	conducted	conduct	VERB
easat-5757	46	5	an	an	DET
easat-5757	46	6	empirical	empirical	ADJ
easat-5757	46	7	study	study	NOUN
easat-5757	46	8	on	on	ADP
easat-5757	46	9	cash	cash	NOUN
easat-5757	46	10	flow	flow	NOUN
easat-5757	46	11	sensitivity	sensitivity	NOUN
easat-5757	46	12	,	,	PUNCT
easat-5757	46	13	revealing	reveal	VERB
easat-5757	46	14	that	that	SCONJ
easat-5757	46	15	firms	firm	NOUN
easat-5757	46	16	subject	subject	ADJ
easat-5757	46	17	to	to	ADP
easat-5757	46	18	financing	financing	NOUN
easat-5757	46	19	constraints	constraint	NOUN
easat-5757	46	20	need	need	VERB
easat-5757	46	21	to	to	PART
easat-5757	46	22	withdraw	withdraw	VERB
easat-5757	46	23	more	more	ADJ
easat-5757	46	24	cash	cash	NOUN
easat-5757	46	25	from	from	ADP
easat-5757	46	26	their	their	PRON
easat-5757	46	27	cash	cash	NOUN
easat-5757	46	28	flows	flow	NOUN
easat-5757	46	29	to	to	PART
easat-5757	46	30	enhance	enhance	VERB
easat-5757	46	31	liquidity	liquidity	NOUN
easat-5757	46	32	and	and	CCONJ
easat-5757	46	33	establish	establish	VERB
easat-5757	46	34	reserve	reserve	NOUN
easat-5757	46	35	funds	fund	NOUN
easat-5757	46	36	for	for	ADP
easat-5757	46	37	future	future	ADJ
easat-5757	46	38	investments	investment	NOUN
easat-5757	46	39	.	.	PUNCT
easat-5757	47	1	the	the	DET
easat-5757	47	2	study	study	NOUN
easat-5757	47	3	also	also	ADV
easat-5757	47	4	demonstrated	demonstrate	VERB
easat-5757	47	5	a	a	DET
easat-5757	47	6	significantly	significantly	ADV
easat-5757	47	7	positive	positive	ADJ
easat-5757	47	8	sensitivity	sensitivity	NOUN
easat-5757	47	9	between	between	ADP
easat-5757	47	10	cash	cash	NOUN
easat-5757	47	11	holdings	holding	NOUN
easat-5757	47	12	and	and	CCONJ
easat-5757	47	13	internal	internal	ADJ
easat-5757	47	14	cash	cash	NOUN
easat-5757	47	15	flows	flow	NOUN
easat-5757	47	16	.	.	PUNCT
easat-5757	48	1	palkar	palkar	PROPN
easat-5757	49	1	[	[	X
easat-5757	49	2	13	13	NUM
easat-5757	49	3	]	]	PUNCT
easat-5757	49	4	empirically	empirically	ADV
easat-5757	49	5	examined	examine	VERB
easat-5757	49	6	the	the	DET
easat-5757	49	7	sensitivity	sensitivity	NOUN
easat-5757	49	8	of	of	ADP
easat-5757	49	9	cash	cash	NOUN
easat-5757	49	10	to	to	ADP
easat-5757	49	11	cash	cash	NOUN
easat-5757	49	12	flow	flow	NOUN
easat-5757	49	13	fluctuations	fluctuation	NOUN
easat-5757	49	14	,	,	PUNCT
easat-5757	49	15	finding	find	VERB
easat-5757	49	16	that	that	SCONJ
easat-5757	49	17	firms	firm	NOUN
easat-5757	49	18	with	with	ADP
easat-5757	49	19	low	low	ADJ
easat-5757	49	20	financing	financing	NOUN
easat-5757	49	21	constraints	constraint	NOUN
easat-5757	49	22	exhibited	exhibit	VERB
easat-5757	49	23	no	no	DET
easat-5757	49	24	significant	significant	ADJ
easat-5757	49	25	relationship	relationship	NOUN
easat-5757	49	26	between	between	ADP
easat-5757	49	27	cash	cash	NOUN
easat-5757	49	28	reserves	reserve	NOUN
easat-5757	49	29	and	and	CCONJ
easat-5757	49	30	cash	cash	NOUN
easat-5757	49	31	flow	flow	NOUN
easat-5757	49	32	volatility	volatility	NOUN
easat-5757	49	33	,	,	PUNCT
easat-5757	49	34	whereas	whereas	SCONJ
easat-5757	49	35	firms	firm	NOUN
easat-5757	49	36	with	with	ADP
easat-5757	49	37	high	high	ADJ
easat-5757	49	38	financing	financing	NOUN
easat-5757	49	39	constraints	constraint	NOUN
easat-5757	49	40	showed	show	VERB
easat-5757	49	41	a	a	DET
easat-5757	49	42	significantly	significantly	ADV
easat-5757	49	43	positive	positive	ADJ
easat-5757	49	44	correlation	correlation	NOUN
easat-5757	49	45	between	between	ADP
easat-5757	49	46	cash	cash	NOUN
easat-5757	49	47	and	and	CCONJ
easat-5757	49	48	cash	cash	NOUN
easat-5757	49	49	flow	flow	NOUN
easat-5757	49	50	sensitivity	sensitivity	NOUN
easat-5757	49	51	.	.	PUNCT
easat-5757	50	1	ferrando	ferrando	PROPN
easat-5757	50	2	,	,	PUNCT
easat-5757	50	3	et	et	PROPN
easat-5757	50	4	al	al	PROPN
easat-5757	50	5	.	.	PUNCT
easat-5757	51	1	[	[	X
easat-5757	51	2	14	14	NUM
easat-5757	51	3	]	]	X
easat-5757	51	4	research	research	NOUN
easat-5757	51	5	further	far	ADV
easat-5757	51	6	indicates	indicate	VERB
easat-5757	51	7	that	that	SCONJ
easat-5757	51	8	financially	financially	ADV
easat-5757	51	9	flexible	flexible	ADJ
easat-5757	51	10	firms	firm	NOUN
easat-5757	51	11	typically	typically	ADV
easat-5757	51	12	adopt	adopt	VERB
easat-5757	51	13	a	a	DET
easat-5757	51	14	low	low	ADJ
easat-5757	51	15	financial	financial	ADJ
easat-5757	51	16	leverage	leverage	NOUN
easat-5757	51	17	policy	policy	NOUN
easat-5757	51	18	,	,	PUNCT
easat-5757	51	19	which	which	PRON
easat-5757	51	20	facilitates	facilitate	VERB
easat-5757	51	21	their	their	PRON
easat-5757	51	22	access	access	NOUN
easat-5757	51	23	to	to	ADP
easat-5757	51	24	capital	capital	NOUN
easat-5757	51	25	markets	market	NOUN
easat-5757	51	26	for	for	ADP
easat-5757	51	27	fundraising	fundraise	VERB
easat-5757	51	28	and	and	CCONJ
easat-5757	51	29	enables	enable	VERB
easat-5757	51	30	them	they	PRON
easat-5757	51	31	to	to	PART
easat-5757	51	32	capitalize	capitalize	VERB
easat-5757	51	33	on	on	ADP
easat-5757	51	34	favorable	favorable	ADJ
easat-5757	51	35	investment	investment	NOUN
easat-5757	51	36	opportunities	opportunity	NOUN
easat-5757	51	37	.	.	PUNCT
easat-5757	52	1	financial	financial	ADJ
easat-5757	52	2	flexibility	flexibility	NOUN
easat-5757	52	3	can	can	AUX
easat-5757	52	4	prevent	prevent	VERB
easat-5757	52	5	adverse	adverse	ADJ
easat-5757	52	6	shocks	shock	NOUN
easat-5757	52	7	and	and	CCONJ
easat-5757	52	8	seize	seize	VERB
easat-5757	52	9	investment	investment	NOUN
easat-5757	52	10	opportunities	opportunity	NOUN
easat-5757	52	11	,	,	PUNCT
easat-5757	52	12	thereby	thereby	ADV
easat-5757	52	13	improving	improve	VERB
easat-5757	52	14	corporate	corporate	ADJ
easat-5757	52	15	performance	performance	NOUN
easat-5757	52	16	.	.	PUNCT
easat-5757	53	1	fahlenbrach	fahlenbrach	NOUN
easat-5757	53	2	,	,	PUNCT
easat-5757	53	3	et	et	PROPN
easat-5757	53	4	al	al	PROPN
easat-5757	53	5	.	.	PUNCT
easat-5757	54	1	[	[	X
easat-5757	54	2	15	15	NUM
easat-5757	54	3	]	]	PUNCT
easat-5757	54	4	found	find	VERB
easat-5757	54	5	that	that	SCONJ
easat-5757	54	6	during	during	ADP
easat-5757	54	7	the	the	DET
easat-5757	54	8	global	global	ADJ
easat-5757	54	9	financial	financial	ADJ
easat-5757	54	10	crisis	crisis	NOUN
easat-5757	54	11	,	,	PUNCT
easat-5757	54	12	financial	financial	ADJ
easat-5757	54	13	flexible	flexible	ADJ
easat-5757	54	14	companies	company	NOUN
easat-5757	54	15	had	have	VERB
easat-5757	54	16	more	more	ADJ
easat-5757	54	17	frequent	frequent	ADJ
easat-5757	54	18	capital	capital	NOUN
easat-5757	54	19	calls	call	NOUN
easat-5757	54	20	and	and	CCONJ
easat-5757	54	21	investment	investment	NOUN
easat-5757	54	22	expenditures	expenditure	NOUN
easat-5757	54	23	,	,	PUNCT
easat-5757	54	24	which	which	PRON
easat-5757	54	25	greatly	greatly	ADV
easat-5757	54	26	reduced	reduce	VERB
easat-5757	54	27	the	the	DET
easat-5757	54	28	risk	risk	NOUN
easat-5757	54	29	of	of	ADP
easat-5757	54	30	companies	company	NOUN
easat-5757	54	31	falling	fall	VERB
easat-5757	54	32	into	into	ADP
easat-5757	54	33	financial	financial	ADJ
easat-5757	54	34	crisis	crisis	NOUN
easat-5757	54	35	,	,	PUNCT
easat-5757	54	36	and	and	CCONJ
easat-5757	54	37	the	the	DET
easat-5757	54	38	performance	performance	NOUN
easat-5757	54	39	of	of	ADP
easat-5757	54	40	such	such	ADJ
easat-5757	54	41	companies	company	NOUN
easat-5757	54	42	in	in	ADP
easat-5757	54	43	the	the	DET
easat-5757	54	44	next	next	ADJ
easat-5757	54	45	two	two	NUM
easat-5757	54	46	years	year	NOUN
easat-5757	54	47	was	be	AUX
easat-5757	54	48	significantly	significantly	ADV
easat-5757	54	49	improved	improve	VERB
easat-5757	54	50	.	.	PUNCT
easat-5757	55	1	ferrando	ferrando	PROPN
easat-5757	55	2	,	,	PUNCT
easat-5757	55	3	et	et	PROPN
easat-5757	55	4	al	al	PROPN
easat-5757	55	5	.	.	PUNCT
easat-5757	56	1	[	[	X
easat-5757	56	2	14	14	NUM
easat-5757	56	3	]	]	PUNCT
easat-5757	56	4	found	find	VERB
easat-5757	56	5	that	that	SCONJ
easat-5757	56	6	financial	financial	ADJ
easat-5757	56	7	flexibility	flexibility	NOUN
easat-5757	56	8	helps	help	VERB
easat-5757	56	9	improve	improve	VERB
easat-5757	56	10	the	the	DET
easat-5757	56	11	long	long	ADJ
easat-5757	56	12	-	-	PUNCT
easat-5757	56	13	term	term	NOUN
easat-5757	56	14	performance	performance	NOUN
easat-5757	56	15	of	of	ADP
easat-5757	56	16	companies	company	NOUN
easat-5757	56	17	.	.	PUNCT
easat-5757	57	1	they	they	PRON
easat-5757	57	2	studied	study	VERB
easat-5757	57	3	the	the	DET
easat-5757	57	4	financial	financial	ADJ
easat-5757	57	5	flexibility	flexibility	NOUN
easat-5757	57	6	of	of	ADP
easat-5757	57	7	companies	company	NOUN
easat-5757	57	8	in	in	ADP
easat-5757	57	9	different	different	ADJ
easat-5757	57	10	time	time	NOUN
easat-5757	57	11	windows	window	NOUN
easat-5757	57	12	and	and	CCONJ
easat-5757	57	13	found	find	VERB
easat-5757	57	14	that	that	SCONJ
easat-5757	57	15	companies	company	NOUN
easat-5757	57	16	with	with	ADP
easat-5757	57	17	high	high	ADJ
easat-5757	57	18	financial	financial	ADJ
easat-5757	57	19	flexibility	flexibility	NOUN
easat-5757	57	20	showed	show	VERB
easat-5757	57	21	higher	high	ADJ
easat-5757	57	22	investment	investment	NOUN
easat-5757	57	23	efficiency	efficiency	NOUN
easat-5757	57	24	over	over	ADP
easat-5757	57	25	time	time	NOUN
easat-5757	57	26	.	.	PUNCT
easat-5757	58	1	however	however	ADV
easat-5757	58	2	,	,	PUNCT
easat-5757	58	3	greater	great	ADJ
easat-5757	58	4	financial	financial	ADJ
easat-5757	58	5	flexibility	flexibility	NOUN
easat-5757	58	6	is	be	AUX
easat-5757	58	7	not	not	PART
easat-5757	58	8	always	always	ADV
easat-5757	58	9	better	well	ADJ
easat-5757	58	10	.	.	PUNCT
easat-5757	59	1	bereżnicka	bereżnicka	NOUN
easat-5757	60	1	[	[	X
easat-5757	60	2	2	2	X
easat-5757	60	3	]	]	PUNCT
easat-5757	60	4	analyze	analyze	VERB
easat-5757	60	5	the	the	DET
easat-5757	60	6	value	value	NOUN
easat-5757	60	7	of	of	ADP
easat-5757	60	8	financial	financial	ADJ
easat-5757	60	9	flexibility	flexibility	NOUN
easat-5757	60	10	based	base	VERB
easat-5757	60	11	on	on	ADP
easat-5757	60	12	cash	cash	NOUN
easat-5757	60	13	holdings	holding	NOUN
easat-5757	60	14	.	.	PUNCT
easat-5757	61	1	they	they	PRON
easat-5757	61	2	found	find	VERB
easat-5757	61	3	that	that	SCONJ
easat-5757	61	4	when	when	SCONJ
easat-5757	61	5	a	a	DET
easat-5757	61	6	company	company	NOUN
easat-5757	61	7	has	have	VERB
easat-5757	61	8	external	external	ADJ
easat-5757	61	9	financing	financing	NOUN
easat-5757	61	10	costs	cost	NOUN
easat-5757	61	11	,	,	PUNCT
easat-5757	61	12	the	the	DET
easat-5757	61	13	increase	increase	NOUN
easat-5757	61	14	in	in	ADP
easat-5757	61	15	cash	cash	NOUN
easat-5757	61	16	holdings	holding	NOUN
easat-5757	61	17	can	can	AUX
easat-5757	61	18	increase	increase	VERB
easat-5757	61	19	the	the	DET
easat-5757	61	20	value	value	NOUN
easat-5757	61	21	of	of	ADP
easat-5757	61	22	the	the	DET
easat-5757	61	23	company	company	NOUN
easat-5757	61	24	,	,	PUNCT
easat-5757	61	25	until	until	SCONJ
easat-5757	61	26	the	the	DET
easat-5757	61	27	financial	financial	ADJ
easat-5757	61	28	flexibility	flexibility	NOUN
easat-5757	61	29	value	value	NOUN
easat-5757	61	30	brought	bring	VERB
easat-5757	61	31	by	by	ADP
easat-5757	61	32	cash	cash	NOUN
easat-5757	61	33	holdings	holding	NOUN
easat-5757	61	34	approaches	approach	VERB
easat-5757	61	35	the	the	DET
easat-5757	61	36	value	value	NOUN
easat-5757	61	37	when	when	SCONJ
easat-5757	61	38	only	only	ADV
easat-5757	61	39	the	the	DET
easat-5757	61	40	internal	internal	ADJ
easat-5757	61	41	financing	financing	NOUN
easat-5757	61	42	costs	cost	NOUN
easat-5757	61	43	are	be	AUX
easat-5757	61	44	involved	involve	VERB
easat-5757	61	45	.	.	PUNCT
easat-5757	62	1	2	2	X
easat-5757	62	2	.	.	X
easat-5757	62	3	theoretical	theoretical	ADJ
easat-5757	62	4	analysis	analysis	NOUN
easat-5757	62	5	and	and	CCONJ
easat-5757	62	6	research	research	NOUN
easat-5757	62	7	hypothesis	hypothesis	NOUN
easat-5757	62	8	2.1	2.1	NUM
easat-5757	62	9	theoretical	theoretical	ADJ
easat-5757	62	10	basis	basis	NOUN
easat-5757	62	11	according	accord	VERB
easat-5757	62	12	to	to	ADP
easat-5757	62	13	the	the	DET
easat-5757	62	14	financing	financing	NOUN
easat-5757	62	15	priority	priority	NOUN
easat-5757	62	16	theory	theory	NOUN
easat-5757	62	17	,	,	PUNCT
easat-5757	62	18	the	the	DET
easat-5757	62	19	high	high	ADJ
easat-5757	62	20	cost	cost	NOUN
easat-5757	62	21	of	of	ADP
easat-5757	62	22	external	external	ADJ
easat-5757	62	23	financing	financing	NOUN
easat-5757	62	24	may	may	AUX
easat-5757	62	25	cause	cause	VERB
easat-5757	62	26	companies	company	NOUN
easat-5757	62	27	to	to	PART
easat-5757	62	28	forgo	forgo	VERB
easat-5757	62	29	valuable	valuable	ADJ
easat-5757	62	30	investment	investment	NOUN
easat-5757	62	31	opportunities	opportunity	NOUN
easat-5757	62	32	,	,	PUNCT
easat-5757	62	33	potentially	potentially	ADV
easat-5757	62	34	leading	lead	VERB
easat-5757	62	35	to	to	ADP
easat-5757	62	36	financial	financial	ADJ
easat-5757	62	37	distress	distress	NOUN
easat-5757	62	38	.	.	PUNCT
easat-5757	63	1	enterprises	enterprise	NOUN
easat-5757	63	2	with	with	ADP
easat-5757	63	3	cash	cash	NOUN
easat-5757	63	4	reserves	reserve	NOUN
easat-5757	63	5	face	face	VERB
easat-5757	63	6	less	less	ADJ
easat-5757	63	7	pressure	pressure	NOUN
easat-5757	63	8	from	from	ADP
easat-5757	63	9	external	external	ADJ
easat-5757	63	10	financing	financing	NOUN
easat-5757	63	11	and	and	CCONJ
easat-5757	63	12	are	be	AUX
easat-5757	63	13	better	well	ADV
easat-5757	63	14	positioned	positioned	ADJ
easat-5757	63	15	to	to	PART
easat-5757	63	16	seize	seize	VERB
easat-5757	63	17	investment	investment	NOUN
easat-5757	63	18	opportunities	opportunity	NOUN
easat-5757	63	19	,	,	PUNCT
easat-5757	63	20	aligning	align	VERB
easat-5757	63	21	with	with	ADP
easat-5757	63	22	the	the	DET
easat-5757	63	23	expectations	expectation	NOUN
easat-5757	63	24	of	of	ADP
easat-5757	63	25	the	the	DET
easat-5757	63	26	financial	financial	ADJ
easat-5757	63	27	flexibility	flexibility	NOUN
easat-5757	63	28	theory	theory	NOUN
easat-5757	63	29	.	.	PUNCT
easat-5757	64	1	in	in	ADP
easat-5757	64	2	contrast	contrast	NOUN
easat-5757	64	3	to	to	ADP
easat-5757	64	4	the	the	DET
easat-5757	64	5	2172	2172	NUM
easat-5757	64	6	edelweiss	edelweiss	PROPN
easat-5757	64	7	applied	apply	VERB
easat-5757	64	8	science	science	NOUN
easat-5757	64	9	and	and	CCONJ
easat-5757	64	10	technology	technology	NOUN
easat-5757	64	11	issn	issn	PROPN
easat-5757	64	12	:	:	PUNCT
easat-5757	64	13	2576	2576	NUM
easat-5757	64	14	-	-	SYM
easat-5757	64	15	8484	8484	NUM
easat-5757	64	16	vol	vol	NOUN
easat-5757	64	17	.	.	PROPN
easat-5757	65	1	9	9	NUM
easat-5757	65	2	,	,	PUNCT
easat-5757	65	3	no	no	INTJ
easat-5757	65	4	.	.	NOUN
easat-5757	66	1	3	3	NUM
easat-5757	66	2	:	:	SYM
easat-5757	66	3	2170	2170	NUM
easat-5757	66	4	-	-	SYM
easat-5757	66	5	2183	2183	NUM
easat-5757	66	6	,	,	PUNCT
easat-5757	66	7	2025	2025	NUM
easat-5757	66	8	doi	doi	NOUN
easat-5757	66	9	:	:	PUNCT
easat-5757	66	10	10.55214/25768484.v9i3.5757	10.55214/25768484.v9i3.5757	NUM
easat-5757	66	11	©	©	PROPN
easat-5757	66	12	2025	2025	NUM
easat-5757	66	13	by	by	ADP
easat-5757	66	14	the	the	DET
easat-5757	66	15	authors	author	NOUN
easat-5757	66	16	;	;	PUNCT
easat-5757	66	17	licensee	licensee	PROPN
easat-5757	66	18	learning	learn	VERB
easat-5757	66	19	gate	gate	NOUN
easat-5757	66	20	financing	financing	NOUN
easat-5757	66	21	priority	priority	NOUN
easat-5757	66	22	theory	theory	NOUN
easat-5757	66	23	,	,	PUNCT
easat-5757	66	24	the	the	DET
easat-5757	66	25	financial	financial	ADJ
easat-5757	66	26	flexibility	flexibility	NOUN
easat-5757	66	27	theory	theory	NOUN
easat-5757	66	28	underscores	underscore	VERB
easat-5757	66	29	that	that	SCONJ
easat-5757	66	30	maintaining	maintain	VERB
easat-5757	66	31	financial	financial	ADJ
easat-5757	66	32	flexibility	flexibility	NOUN
easat-5757	66	33	is	be	AUX
easat-5757	66	34	a	a	DET
easat-5757	66	35	proactive	proactive	ADJ
easat-5757	66	36	strategy	strategy	NOUN
easat-5757	66	37	to	to	PART
easat-5757	66	38	address	address	VERB
easat-5757	66	39	future	future	ADJ
easat-5757	66	40	adverse	adverse	ADJ
easat-5757	66	41	shocks	shock	NOUN
easat-5757	66	42	and	and	CCONJ
easat-5757	66	43	capitalize	capitalize	VERB
easat-5757	66	44	on	on	ADP
easat-5757	66	45	favorable	favorable	ADJ
easat-5757	66	46	investment	investment	NOUN
easat-5757	66	47	opportunities	opportunity	NOUN
easat-5757	66	48	.	.	PUNCT
easat-5757	67	1	consequently	consequently	ADV
easat-5757	67	2	,	,	PUNCT
easat-5757	67	3	a	a	DET
easat-5757	67	4	company	company	NOUN
easat-5757	67	5	that	that	PRON
easat-5757	67	6	maintains	maintain	VERB
easat-5757	67	7	financial	financial	ADJ
easat-5757	67	8	flexibility	flexibility	NOUN
easat-5757	67	9	is	be	AUX
easat-5757	67	10	not	not	PART
easat-5757	67	11	necessarily	necessarily	ADV
easat-5757	67	12	one	one	NUM
easat-5757	67	13	experiencing	experience	VERB
easat-5757	67	14	financial	financial	ADJ
easat-5757	67	15	constraints	constraint	NOUN
easat-5757	67	16	.	.	PUNCT
easat-5757	68	1	moreover	moreover	ADV
easat-5757	68	2	,	,	PUNCT
easat-5757	68	3	the	the	DET
easat-5757	68	4	relatively	relatively	ADV
easat-5757	68	5	low	low	ADJ
easat-5757	68	6	financial	financial	ADJ
easat-5757	68	7	leverage	leverage	NOUN
easat-5757	68	8	levels	level	NOUN
easat-5757	68	9	observed	observe	VERB
easat-5757	68	10	among	among	ADP
easat-5757	68	11	most	most	ADJ
easat-5757	68	12	listed	list	VERB
easat-5757	68	13	companies	company	NOUN
easat-5757	68	14	in	in	ADP
easat-5757	68	15	china	china	PROPN
easat-5757	68	16	can	can	AUX
easat-5757	68	17	be	be	AUX
easat-5757	68	18	explained	explain	VERB
easat-5757	68	19	by	by	ADP
easat-5757	68	20	the	the	DET
easat-5757	68	21	trade	trade	NOUN
easat-5757	68	22	-	-	PUNCT
easat-5757	68	23	off	off	ADP
easat-5757	68	24	theory	theory	NOUN
easat-5757	68	25	,	,	PUNCT
easat-5757	68	26	considering	consider	VERB
easat-5757	68	27	both	both	CCONJ
easat-5757	68	28	the	the	DET
easat-5757	68	29	tax	tax	NOUN
easat-5757	68	30	shield	shield	NOUN
easat-5757	68	31	effect	effect	NOUN
easat-5757	68	32	and	and	CCONJ
easat-5757	68	33	bankruptcy	bankruptcy	NOUN
easat-5757	68	34	costs	cost	NOUN
easat-5757	68	35	.	.	PUNCT
easat-5757	69	1	while	while	SCONJ
easat-5757	69	2	maintaining	maintain	VERB
easat-5757	69	3	an	an	DET
easat-5757	69	4	appropriate	appropriate	ADJ
easat-5757	69	5	debt	debt	NOUN
easat-5757	69	6	ratio	ratio	NOUN
easat-5757	69	7	can	can	AUX
easat-5757	69	8	yield	yield	VERB
easat-5757	69	9	tax	tax	NOUN
easat-5757	69	10	savings	saving	NOUN
easat-5757	69	11	benefits	benefit	NOUN
easat-5757	69	12	,	,	PUNCT
easat-5757	69	13	excessive	excessive	ADJ
easat-5757	69	14	debt	debt	NOUN
easat-5757	69	15	may	may	AUX
easat-5757	69	16	result	result	VERB
easat-5757	69	17	in	in	ADP
easat-5757	69	18	financial	financial	ADJ
easat-5757	69	19	difficulties	difficulty	NOUN
easat-5757	69	20	.	.	PUNCT
easat-5757	70	1	nevertheless	nevertheless	ADV
easat-5757	70	2	,	,	PUNCT
easat-5757	70	3	the	the	DET
easat-5757	70	4	trade	trade	NOUN
easat-5757	70	5	-	-	PUNCT
easat-5757	70	6	off	off	ADP
easat-5757	70	7	theory	theory	NOUN
easat-5757	70	8	fails	fail	VERB
easat-5757	70	9	to	to	PART
easat-5757	70	10	fully	fully	ADV
easat-5757	70	11	explain	explain	VERB
easat-5757	70	12	why	why	SCONJ
easat-5757	70	13	well	well	ADV
easat-5757	70	14	-	-	PUNCT
easat-5757	70	15	managed	manage	VERB
easat-5757	70	16	firms	firm	NOUN
easat-5757	70	17	maintain	maintain	VERB
easat-5757	70	18	low	low	ADJ
easat-5757	70	19	financial	financial	ADJ
easat-5757	70	20	leverage	leverage	NOUN
easat-5757	70	21	.	.	PUNCT
easat-5757	71	1	garmaise	garmaise	PROPN
easat-5757	71	2	and	and	CCONJ
easat-5757	71	3	natividad	natividad	PROPN
easat-5757	72	1	[	[	X
easat-5757	72	2	16	16	NUM
easat-5757	72	3	]	]	PUNCT
easat-5757	72	4	believe	believe	VERB
easat-5757	72	5	that	that	SCONJ
easat-5757	72	6	this	this	PRON
easat-5757	72	7	is	be	AUX
easat-5757	72	8	because	because	SCONJ
easat-5757	72	9	a	a	DET
easat-5757	72	10	company	company	NOUN
easat-5757	72	11	's	's	PART
easat-5757	72	12	debt	debt	NOUN
easat-5757	72	13	level	level	NOUN
easat-5757	72	14	is	be	AUX
easat-5757	72	15	not	not	PART
easat-5757	72	16	only	only	ADV
easat-5757	72	17	affected	affect	VERB
easat-5757	72	18	by	by	ADP
easat-5757	72	19	the	the	DET
easat-5757	72	20	tax	tax	NOUN
easat-5757	72	21	shield	shield	NOUN
easat-5757	72	22	effect	effect	NOUN
easat-5757	72	23	and	and	CCONJ
easat-5757	72	24	bankruptcy	bankruptcy	NOUN
easat-5757	72	25	costs	cost	NOUN
easat-5757	72	26	,	,	PUNCT
easat-5757	72	27	but	but	CCONJ
easat-5757	72	28	also	also	ADV
easat-5757	72	29	maintains	maintain	VERB
easat-5757	72	30	a	a	DET
easat-5757	72	31	low	low	ADJ
easat-5757	72	32	debt	debt	NOUN
easat-5757	72	33	scale	scale	NOUN
easat-5757	72	34	in	in	ADP
easat-5757	72	35	order	order	NOUN
easat-5757	72	36	to	to	PART
easat-5757	72	37	improve	improve	VERB
easat-5757	72	38	its	its	PRON
easat-5757	72	39	future	future	ADJ
easat-5757	72	40	debt	debt	NOUN
easat-5757	72	41	financing	financing	NOUN
easat-5757	72	42	ability	ability	NOUN
easat-5757	72	43	.	.	PUNCT
easat-5757	73	1	lozano	lozano	PROPN
easat-5757	73	2	and	and	CCONJ
easat-5757	73	3	yaman	yaman	PROPN
easat-5757	73	4	[	[	X
easat-5757	73	5	12	12	NUM
easat-5757	73	6	]	]	PUNCT
easat-5757	73	7	built	build	VERB
easat-5757	73	8	a	a	DET
easat-5757	73	9	model	model	NOUN
easat-5757	73	10	that	that	PRON
easat-5757	73	11	innovatively	innovatively	ADV
easat-5757	73	12	analyzed	analyze	VERB
easat-5757	73	13	cash	cash	NOUN
easat-5757	73	14	-	-	PUNCT
easat-5757	73	15	cash	cash	NOUN
easat-5757	73	16	flow	flow	NOUN
easat-5757	73	17	sensitivity	sensitivity	NOUN
easat-5757	73	18	from	from	ADP
easat-5757	73	19	an	an	DET
easat-5757	73	20	empirical	empirical	ADJ
easat-5757	73	21	perspective	perspective	NOUN
easat-5757	73	22	.	.	PUNCT
easat-5757	74	1	regression	regression	NOUN
easat-5757	74	2	results	result	NOUN
easat-5757	74	3	show	show	VERB
easat-5757	74	4	that	that	SCONJ
easat-5757	74	5	financing	financing	NOUN
easat-5757	74	6	constraints	constraint	NOUN
easat-5757	74	7	are	be	AUX
easat-5757	74	8	positively	positively	ADV
easat-5757	74	9	correlated	correlate	VERB
easat-5757	74	10	with	with	ADP
easat-5757	74	11	cash	cash	NOUN
easat-5757	74	12	-	-	PUNCT
easat-5757	74	13	cash	cash	NOUN
easat-5757	74	14	flow	flow	NOUN
easat-5757	74	15	sensitivity	sensitivity	NOUN
easat-5757	74	16	.	.	PUNCT
easat-5757	75	1	byoun	byoun	NOUN
easat-5757	76	1	[	[	X
easat-5757	76	2	1	1	X
easat-5757	76	3	]	]	PUNCT
easat-5757	76	4	found	find	VERB
easat-5757	76	5	through	through	ADP
easat-5757	76	6	empirical	empirical	ADJ
easat-5757	76	7	test	test	NOUN
easat-5757	76	8	that	that	PRON
easat-5757	76	9	companies	company	NOUN
easat-5757	76	10	use	use	VERB
easat-5757	76	11	internal	internal	ADJ
easat-5757	76	12	cash	cash	NOUN
easat-5757	76	13	flow	flow	NOUN
easat-5757	76	14	to	to	PART
easat-5757	76	15	retain	retain	VERB
easat-5757	76	16	the	the	DET
easat-5757	76	17	remaining	remain	VERB
easat-5757	76	18	debt	debt	NOUN
easat-5757	76	19	capacity	capacity	NOUN
easat-5757	76	20	,	,	PUNCT
easat-5757	76	21	and	and	CCONJ
easat-5757	76	22	financial	financial	ADJ
easat-5757	76	23	flexibility	flexibility	NOUN
easat-5757	76	24	is	be	AUX
easat-5757	76	25	a	a	DET
easat-5757	76	26	resource	resource	NOUN
easat-5757	76	27	with	with	ADP
easat-5757	76	28	lower	low	ADJ
easat-5757	76	29	holding	hold	VERB
easat-5757	76	30	cost	cost	NOUN
easat-5757	76	31	.	.	PUNCT
easat-5757	77	1	therefore	therefore	ADV
easat-5757	77	2	,	,	PUNCT
easat-5757	77	3	companies	company	NOUN
easat-5757	77	4	frequently	frequently	ADV
easat-5757	77	5	allocate	allocate	VERB
easat-5757	77	6	a	a	DET
easat-5757	77	7	portion	portion	NOUN
easat-5757	77	8	of	of	ADP
easat-5757	77	9	their	their	PRON
easat-5757	77	10	internal	internal	ADJ
easat-5757	77	11	cash	cash	NOUN
easat-5757	77	12	flow	flow	NOUN
easat-5757	77	13	to	to	PART
easat-5757	77	14	maintain	maintain	VERB
easat-5757	77	15	financial	financial	ADJ
easat-5757	77	16	flexibility	flexibility	NOUN
easat-5757	77	17	,	,	PUNCT
easat-5757	77	18	including	include	VERB
easat-5757	77	19	both	both	CCONJ
easat-5757	77	20	cash	cash	NOUN
easat-5757	77	21	and	and	CCONJ
easat-5757	77	22	debt	debt	NOUN
easat-5757	77	23	flexibility	flexibility	NOUN
easat-5757	77	24	,	,	PUNCT
easat-5757	77	25	in	in	ADP
easat-5757	77	26	order	order	NOUN
easat-5757	77	27	to	to	PART
easat-5757	77	28	address	address	VERB
easat-5757	77	29	financial	financial	ADJ
easat-5757	77	30	crises	crisis	NOUN
easat-5757	77	31	and	and	CCONJ
easat-5757	77	32	capitalize	capitalize	VERB
easat-5757	77	33	on	on	ADP
easat-5757	77	34	investment	investment	NOUN
easat-5757	77	35	opportunities	opportunity	NOUN
easat-5757	77	36	.	.	PUNCT
easat-5757	78	1	the	the	DET
easat-5757	78	2	issue	issue	NOUN
easat-5757	78	3	of	of	ADP
easat-5757	78	4	financial	financial	ADJ
easat-5757	78	5	flexibility	flexibility	NOUN
easat-5757	78	6	—	—	PUNCT
easat-5757	78	7	cash	cash	NOUN
easat-5757	78	8	flow	flow	NOUN
easat-5757	78	9	sensitivity	sensitivity	NOUN
easat-5757	78	10	—	—	PUNCT
easat-5757	78	11	is	be	AUX
easat-5757	78	12	rooted	root	VERB
easat-5757	78	13	in	in	ADP
easat-5757	78	14	the	the	DET
easat-5757	78	15	problem	problem	NOUN
easat-5757	78	16	of	of	ADP
easat-5757	78	17	cash	cash	NOUN
easat-5757	78	18	-	-	PUNCT
easat-5757	78	19	cash	cash	NOUN
easat-5757	78	20	flow	flow	NOUN
easat-5757	78	21	sensitivity	sensitivity	NOUN
easat-5757	78	22	.	.	PUNCT
easat-5757	79	1	the	the	DET
easat-5757	79	2	more	more	ADV
easat-5757	79	3	severe	severe	ADJ
easat-5757	79	4	the	the	DET
easat-5757	79	5	financing	financing	NOUN
easat-5757	79	6	constraints	constraint	NOUN
easat-5757	79	7	,	,	PUNCT
easat-5757	79	8	the	the	DET
easat-5757	79	9	more	more	ADV
easat-5757	79	10	likely	likely	ADJ
easat-5757	79	11	firms	firm	NOUN
easat-5757	79	12	are	be	AUX
easat-5757	79	13	to	to	PART
easat-5757	79	14	utilize	utilize	VERB
easat-5757	79	15	internal	internal	ADJ
easat-5757	79	16	cash	cash	NOUN
easat-5757	79	17	flow	flow	NOUN
easat-5757	79	18	to	to	PART
easat-5757	79	19	preserve	preserve	VERB
easat-5757	79	20	financial	financial	ADJ
easat-5757	79	21	flexibility	flexibility	NOUN
easat-5757	79	22	.	.	PUNCT
easat-5757	80	1	on	on	ADP
easat-5757	80	2	the	the	DET
easat-5757	80	3	one	one	NUM
easat-5757	80	4	hand	hand	NOUN
easat-5757	80	5	,	,	PUNCT
easat-5757	80	6	firms	firm	NOUN
easat-5757	80	7	enhance	enhance	VERB
easat-5757	80	8	cash	cash	NOUN
easat-5757	80	9	flexibility	flexibility	NOUN
easat-5757	80	10	by	by	ADP
easat-5757	80	11	increasing	increase	VERB
easat-5757	80	12	their	their	PRON
easat-5757	80	13	cash	cash	NOUN
easat-5757	80	14	reserves	reserve	NOUN
easat-5757	80	15	.	.	PUNCT
easat-5757	81	1	on	on	ADP
easat-5757	81	2	the	the	DET
easat-5757	81	3	other	other	ADJ
easat-5757	81	4	hand	hand	NOUN
easat-5757	81	5	,	,	PUNCT
easat-5757	81	6	they	they	PRON
easat-5757	81	7	improve	improve	VERB
easat-5757	81	8	future	future	ADJ
easat-5757	81	9	debt	debt	NOUN
easat-5757	81	10	capacity	capacity	NOUN
easat-5757	81	11	by	by	ADP
easat-5757	81	12	partially	partially	ADV
easat-5757	81	13	repaying	repay	VERB
easat-5757	81	14	existing	exist	VERB
easat-5757	81	15	liabilities	liability	NOUN
easat-5757	81	16	.	.	PUNCT
easat-5757	82	1	based	base	VERB
easat-5757	82	2	on	on	ADP
easat-5757	82	3	this	this	DET
easat-5757	82	4	reasoning	reasoning	NOUN
easat-5757	82	5	,	,	PUNCT
easat-5757	82	6	hypothesis	hypothesis	NOUN
easat-5757	82	7	1	1	NUM
easat-5757	82	8	is	be	AUX
easat-5757	82	9	proposed	propose	VERB
easat-5757	82	10	.	.	PUNCT
easat-5757	83	1	h1	h1	PROPN
easat-5757	83	2	:	:	PUNCT
easat-5757	83	3	the	the	DET
easat-5757	83	4	company	company	NOUN
easat-5757	83	5	's	's	PART
easat-5757	83	6	financial	financial	ADJ
easat-5757	83	7	flexibility	flexibility	NOUN
easat-5757	83	8	reserve	reserve	NOUN
easat-5757	83	9	is	be	AUX
easat-5757	83	10	affected	affect	VERB
easat-5757	83	11	by	by	ADP
easat-5757	83	12	financing	financing	NOUN
easat-5757	83	13	constraints	constraint	NOUN
easat-5757	83	14	,	,	PUNCT
easat-5757	83	15	and	and	CCONJ
easat-5757	83	16	financial	financial	ADJ
easat-5757	83	17	flexibility	flexibility	NOUN
easat-5757	83	18	cash	cash	NOUN
easat-5757	83	19	flow	flow	NOUN
easat-5757	83	20	sensitivity	sensitivity	NOUN
easat-5757	83	21	is	be	AUX
easat-5757	83	22	positively	positively	ADV
easat-5757	83	23	correlated	correlate	VERB
easat-5757	83	24	with	with	ADP
easat-5757	83	25	the	the	DET
easat-5757	83	26	degree	degree	NOUN
easat-5757	83	27	of	of	ADP
easat-5757	83	28	financing	financing	NOUN
easat-5757	83	29	constraints	constraint	NOUN
easat-5757	83	30	.	.	PUNCT
easat-5757	84	1	the	the	DET
easat-5757	84	2	financial	financial	ADJ
easat-5757	84	3	flexibility	flexibility	NOUN
easat-5757	84	4	of	of	ADP
easat-5757	84	5	corporate	corporate	ADJ
easat-5757	84	6	reserves	reserve	NOUN
easat-5757	84	7	will	will	AUX
easat-5757	84	8	affect	affect	VERB
easat-5757	84	9	corporate	corporate	ADJ
easat-5757	84	10	performance	performance	NOUN
easat-5757	84	11	.	.	PUNCT
easat-5757	85	1	according	accord	VERB
easat-5757	85	2	to	to	ADP
easat-5757	85	3	the	the	DET
easat-5757	85	4	theory	theory	NOUN
easat-5757	85	5	of	of	ADP
easat-5757	85	6	financing	financing	NOUN
easat-5757	85	7	order	order	NOUN
easat-5757	85	8	,	,	PUNCT
easat-5757	85	9	maintaining	maintain	VERB
easat-5757	85	10	a	a	DET
easat-5757	85	11	high	high	ADJ
easat-5757	85	12	degree	degree	NOUN
easat-5757	85	13	of	of	ADP
easat-5757	85	14	financial	financial	ADJ
easat-5757	85	15	relaxation	relaxation	NOUN
easat-5757	85	16	,	,	PUNCT
easat-5757	85	17	increasing	increase	VERB
easat-5757	85	18	cash	cash	NOUN
easat-5757	85	19	holdings	holding	NOUN
easat-5757	85	20	and	and	CCONJ
easat-5757	85	21	debt	debt	NOUN
easat-5757	85	22	redundancy	redundancy	NOUN
easat-5757	85	23	are	be	AUX
easat-5757	85	24	conducive	conducive	ADJ
easat-5757	85	25	to	to	ADP
easat-5757	85	26	grasping	grasp	VERB
easat-5757	85	27	good	good	ADJ
easat-5757	85	28	investment	investment	NOUN
easat-5757	85	29	opportunities	opportunity	NOUN
easat-5757	85	30	and	and	CCONJ
easat-5757	85	31	improving	improve	VERB
easat-5757	85	32	economic	economic	ADJ
easat-5757	85	33	benefits	benefit	NOUN
easat-5757	85	34	.	.	PUNCT
easat-5757	86	1	financial	financial	ADJ
easat-5757	86	2	flexibility	flexibility	NOUN
easat-5757	86	3	includes	include	VERB
easat-5757	86	4	,	,	PUNCT
easat-5757	86	5	but	but	CCONJ
easat-5757	86	6	is	be	AUX
easat-5757	86	7	not	not	PART
easat-5757	86	8	limited	limit	VERB
easat-5757	86	9	to	to	ADP
easat-5757	86	10	,	,	PUNCT
easat-5757	86	11	financial	financial	ADJ
easat-5757	86	12	relaxation	relaxation	NOUN
easat-5757	86	13	.	.	PUNCT
easat-5757	87	1	the	the	DET
easat-5757	87	2	uncertainty	uncertainty	NOUN
easat-5757	87	3	of	of	ADP
easat-5757	87	4	the	the	DET
easat-5757	87	5	external	external	ADJ
easat-5757	87	6	environment	environment	NOUN
easat-5757	87	7	brings	bring	VERB
easat-5757	87	8	uncertainty	uncertainty	NOUN
easat-5757	87	9	to	to	ADP
easat-5757	87	10	the	the	DET
easat-5757	87	11	company	company	NOUN
easat-5757	87	12	's	's	PART
easat-5757	87	13	strategy	strategy	NOUN
easat-5757	87	14	and	and	CCONJ
easat-5757	87	15	business	business	NOUN
easat-5757	87	16	decision	decision	NOUN
easat-5757	87	17	making	making	NOUN
easat-5757	87	18	,	,	PUNCT
easat-5757	87	19	which	which	PRON
easat-5757	87	20	is	be	AUX
easat-5757	87	21	easy	easy	ADJ
easat-5757	87	22	to	to	PART
easat-5757	87	23	cause	cause	VERB
easat-5757	87	24	the	the	DET
easat-5757	87	25	company	company	NOUN
easat-5757	87	26	's	's	PART
easat-5757	87	27	financial	financial	ADJ
easat-5757	87	28	fluctuation	fluctuation	NOUN
easat-5757	87	29	.	.	PUNCT
easat-5757	88	1	the	the	DET
easat-5757	88	2	imperfection	imperfection	NOUN
easat-5757	88	3	of	of	ADP
easat-5757	88	4	the	the	DET
easat-5757	88	5	capital	capital	NOUN
easat-5757	88	6	market	market	NOUN
easat-5757	88	7	causes	cause	VERB
easat-5757	88	8	the	the	DET
easat-5757	88	9	company	company	NOUN
easat-5757	88	10	to	to	PART
easat-5757	88	11	face	face	VERB
easat-5757	88	12	the	the	DET
easat-5757	88	13	trouble	trouble	NOUN
easat-5757	88	14	of	of	ADP
easat-5757	88	15	financing	financing	NOUN
easat-5757	88	16	constraints	constraint	NOUN
easat-5757	88	17	,	,	PUNCT
easat-5757	88	18	and	and	CCONJ
easat-5757	88	19	financial	financial	ADJ
easat-5757	88	20	flexibility	flexibility	NOUN
easat-5757	88	21	can	can	AUX
easat-5757	88	22	play	play	VERB
easat-5757	88	23	a	a	DET
easat-5757	88	24	alleviating	alleviate	VERB
easat-5757	88	25	role	role	NOUN
easat-5757	88	26	in	in	ADP
easat-5757	88	27	it	it	PRON
easat-5757	88	28	,	,	PUNCT
easat-5757	88	29	and	and	CCONJ
easat-5757	88	30	play	play	VERB
easat-5757	88	31	the	the	DET
easat-5757	88	32	"	"	PUNCT
easat-5757	88	33	buffer	buffer	NOUN
easat-5757	88	34	effect	effect	NOUN
easat-5757	88	35	"	"	PUNCT
easat-5757	88	36	of	of	ADP
easat-5757	88	37	financial	financial	ADJ
easat-5757	88	38	flexibility	flexibility	NOUN
easat-5757	88	39	.	.	PUNCT
easat-5757	89	1	magerakis	magerakis	PROPN
easat-5757	89	2	,	,	PUNCT
easat-5757	89	3	et	et	PROPN
easat-5757	89	4	al	al	PROPN
easat-5757	89	5	.	.	PUNCT
easat-5757	90	1	[	[	X
easat-5757	90	2	17	17	NUM
easat-5757	90	3	]	]	PUNCT
easat-5757	90	4	believe	believe	VERB
easat-5757	90	5	that	that	SCONJ
easat-5757	90	6	the	the	DET
easat-5757	90	7	company	company	NOUN
easat-5757	90	8	's	's	PART
easat-5757	90	9	project	project	NOUN
easat-5757	90	10	investment	investment	NOUN
easat-5757	90	11	with	with	ADP
easat-5757	90	12	higher	high	ADJ
easat-5757	90	13	adjustment	adjustment	NOUN
easat-5757	90	14	cost	cost	NOUN
easat-5757	90	15	should	should	AUX
easat-5757	90	16	be	be	AUX
easat-5757	90	17	replaced	replace	VERB
easat-5757	90	18	by	by	ADP
easat-5757	90	19	those	those	PRON
easat-5757	90	20	with	with	ADP
easat-5757	90	21	stronger	strong	ADJ
easat-5757	90	22	liquidity	liquidity	NOUN
easat-5757	90	23	and	and	CCONJ
easat-5757	90	24	lower	low	ADJ
easat-5757	90	25	adjustment	adjustment	NOUN
easat-5757	90	26	cost	cost	NOUN
easat-5757	90	27	,	,	PUNCT
easat-5757	90	28	while	while	SCONJ
easat-5757	90	29	the	the	DET
easat-5757	90	30	financial	financial	ADJ
easat-5757	90	31	flexibility	flexibility	NOUN
easat-5757	90	32	has	have	VERB
easat-5757	90	33	lower	low	ADJ
easat-5757	90	34	adjustment	adjustment	NOUN
easat-5757	90	35	cost	cost	NOUN
easat-5757	90	36	between	between	ADP
easat-5757	90	37	storage	storage	NOUN
easat-5757	90	38	and	and	CCONJ
easat-5757	90	39	release	release	NOUN
easat-5757	90	40	.	.	PUNCT
easat-5757	91	1	companies	company	NOUN
easat-5757	91	2	with	with	ADP
easat-5757	91	3	higher	high	ADJ
easat-5757	91	4	financial	financial	ADJ
easat-5757	91	5	flexibility	flexibility	NOUN
easat-5757	91	6	can	can	AUX
easat-5757	91	7	call	call	VERB
easat-5757	91	8	the	the	DET
easat-5757	91	9	required	require	VERB
easat-5757	91	10	funds	fund	NOUN
easat-5757	91	11	or	or	CCONJ
easat-5757	91	12	borrow	borrow	VERB
easat-5757	91	13	liabilities	liability	NOUN
easat-5757	91	14	in	in	ADP
easat-5757	91	15	a	a	DET
easat-5757	91	16	timely	timely	ADJ
easat-5757	91	17	manner	manner	NOUN
easat-5757	91	18	to	to	PART
easat-5757	91	19	ensure	ensure	VERB
easat-5757	91	20	the	the	DET
easat-5757	91	21	continuity	continuity	NOUN
easat-5757	91	22	of	of	ADP
easat-5757	91	23	project	project	NOUN
easat-5757	91	24	investment	investment	NOUN
easat-5757	91	25	and	and	CCONJ
easat-5757	91	26	prevent	prevent	VERB
easat-5757	91	27	the	the	DET
easat-5757	91	28	loss	loss	NOUN
easat-5757	91	29	of	of	ADP
easat-5757	91	30	company	company	NOUN
easat-5757	91	31	value	value	NOUN
easat-5757	91	32	.	.	PUNCT
easat-5757	92	1	however	however	ADV
easat-5757	92	2	,	,	PUNCT
easat-5757	92	3	excessive	excessive	ADJ
easat-5757	92	4	financial	financial	ADJ
easat-5757	92	5	flexibility	flexibility	NOUN
easat-5757	92	6	may	may	AUX
easat-5757	92	7	readily	readily	ADV
easat-5757	92	8	result	result	VERB
easat-5757	92	9	in	in	ADP
easat-5757	92	10	agency	agency	NOUN
easat-5757	92	11	problems	problem	NOUN
easat-5757	92	12	.	.	PUNCT
easat-5757	93	1	according	accord	VERB
easat-5757	93	2	to	to	ADP
easat-5757	93	3	agency	agency	NOUN
easat-5757	93	4	theory	theory	NOUN
easat-5757	93	5	,	,	PUNCT
easat-5757	93	6	the	the	DET
easat-5757	93	7	objective	objective	ADJ
easat-5757	93	8	functions	function	NOUN
easat-5757	93	9	of	of	ADP
easat-5757	93	10	owners	owner	NOUN
easat-5757	93	11	and	and	CCONJ
easat-5757	93	12	managers	manager	NOUN
easat-5757	93	13	are	be	AUX
easat-5757	93	14	not	not	PART
easat-5757	93	15	aligned	align	VERB
easat-5757	93	16	.	.	PUNCT
easat-5757	94	1	while	while	SCONJ
easat-5757	94	2	owners	owner	NOUN
easat-5757	94	3	aim	aim	VERB
easat-5757	94	4	to	to	PART
easat-5757	94	5	maximize	maximize	VERB
easat-5757	94	6	corporate	corporate	ADJ
easat-5757	94	7	value	value	NOUN
easat-5757	94	8	,	,	PUNCT
easat-5757	94	9	managers	manager	NOUN
easat-5757	94	10	may	may	AUX
easat-5757	94	11	prioritize	prioritize	VERB
easat-5757	94	12	personal	personal	ADJ
easat-5757	94	13	interests	interest	NOUN
easat-5757	94	14	,	,	PUNCT
easat-5757	94	15	leading	lead	VERB
easat-5757	94	16	to	to	ADP
easat-5757	94	17	self	self	NOUN
easat-5757	94	18	-	-	PUNCT
easat-5757	94	19	serving	serve	VERB
easat-5757	94	20	behaviors	behavior	NOUN
easat-5757	94	21	that	that	PRON
easat-5757	94	22	trigger	trigger	VERB
easat-5757	94	23	the	the	DET
easat-5757	94	24	"	"	PUNCT
easat-5757	94	25	agency	agency	NOUN
easat-5757	94	26	effect	effect	NOUN
easat-5757	94	27	"	"	PUNCT
easat-5757	94	28	of	of	ADP
easat-5757	94	29	financial	financial	ADJ
easat-5757	94	30	flexibility	flexibility	NOUN
easat-5757	94	31	.	.	PUNCT
easat-5757	95	1	on	on	ADP
easat-5757	95	2	one	one	NUM
easat-5757	95	3	hand	hand	NOUN
easat-5757	95	4	,	,	PUNCT
easat-5757	95	5	although	although	SCONJ
easat-5757	95	6	maintaining	maintain	VERB
easat-5757	95	7	low	low	ADJ
easat-5757	95	8	debt	debt	NOUN
easat-5757	95	9	levels	level	NOUN
easat-5757	95	10	can	can	AUX
easat-5757	95	11	mitigate	mitigate	VERB
easat-5757	95	12	financial	financial	ADJ
easat-5757	95	13	risks	risk	NOUN
easat-5757	95	14	for	for	ADP
easat-5757	95	15	a	a	DET
easat-5757	95	16	company	company	NOUN
easat-5757	95	17	,	,	PUNCT
easat-5757	95	18	it	it	PRON
easat-5757	95	19	simultaneously	simultaneously	ADV
easat-5757	95	20	weakens	weaken	VERB
easat-5757	95	21	the	the	DET
easat-5757	95	22	stringent	stringent	ADJ
easat-5757	95	23	constraints	constraint	NOUN
easat-5757	95	24	on	on	ADP
easat-5757	95	25	managerial	managerial	ADJ
easat-5757	95	26	behavior	behavior	NOUN
easat-5757	95	27	.	.	PUNCT
easat-5757	96	1	due	due	ADP
easat-5757	96	2	to	to	ADP
easat-5757	96	3	the	the	DET
easat-5757	96	4	inherent	inherent	ADJ
easat-5757	96	5	obligation	obligation	NOUN
easat-5757	96	6	of	of	ADP
easat-5757	96	7	debt	debt	NOUN
easat-5757	96	8	repayment	repayment	NOUN
easat-5757	96	9	,	,	PUNCT
easat-5757	96	10	creditors	creditor	NOUN
easat-5757	96	11	possess	possess	VERB
easat-5757	96	12	the	the	DET
easat-5757	96	13	authority	authority	NOUN
easat-5757	96	14	to	to	PART
easat-5757	96	15	initiate	initiate	VERB
easat-5757	96	16	judicial	judicial	ADJ
easat-5757	96	17	procedures	procedure	NOUN
easat-5757	96	18	if	if	SCONJ
easat-5757	96	19	timely	timely	ADJ
easat-5757	96	20	repayments	repayment	NOUN
easat-5757	96	21	are	be	AUX
easat-5757	96	22	not	not	PART
easat-5757	96	23	made	make	VERB
easat-5757	96	24	,	,	PUNCT
easat-5757	96	25	thereby	thereby	ADV
easat-5757	96	26	directly	directly	ADV
easat-5757	96	27	threatening	threaten	VERB
easat-5757	96	28	managerial	managerial	ADJ
easat-5757	96	29	control	control	NOUN
easat-5757	96	30	.	.	PUNCT
easat-5757	97	1	a	a	DET
easat-5757	97	2	low	low	ADJ
easat-5757	97	3	debt	debt	NOUN
easat-5757	97	4	level	level	NOUN
easat-5757	97	5	,	,	PUNCT
easat-5757	97	6	however	however	ADV
easat-5757	97	7	,	,	PUNCT
easat-5757	97	8	diminishes	diminish	VERB
easat-5757	97	9	this	this	DET
easat-5757	97	10	hard	hard	ADJ
easat-5757	97	11	constraint	constraint	NOUN
easat-5757	97	12	,	,	PUNCT
easat-5757	97	13	potentially	potentially	ADV
easat-5757	97	14	encouraging	encourage	VERB
easat-5757	97	15	self	self	NOUN
easat-5757	97	16	-	-	PUNCT
easat-5757	97	17	serving	serve	VERB
easat-5757	97	18	actions	action	NOUN
easat-5757	97	19	by	by	ADP
easat-5757	97	20	managers	manager	NOUN
easat-5757	97	21	and	and	CCONJ
easat-5757	97	22	negatively	negatively	ADV
easat-5757	97	23	impacting	impact	VERB
easat-5757	97	24	corporate	corporate	ADJ
easat-5757	97	25	performance	performance	NOUN
easat-5757	97	26	.	.	PUNCT
easat-5757	98	1	on	on	ADP
easat-5757	98	2	the	the	DET
easat-5757	98	3	other	other	ADJ
easat-5757	98	4	hand	hand	NOUN
easat-5757	98	5	,	,	PUNCT
easat-5757	98	6	managers	manager	NOUN
easat-5757	98	7	may	may	AUX
easat-5757	98	8	prefer	prefer	VERB
easat-5757	98	9	to	to	PART
easat-5757	98	10	retain	retain	VERB
easat-5757	98	11	substantial	substantial	ADJ
easat-5757	98	12	cash	cash	NOUN
easat-5757	98	13	reserves	reserve	NOUN
easat-5757	98	14	for	for	ADP
easat-5757	98	15	personal	personal	ADJ
easat-5757	98	16	gain	gain	NOUN
easat-5757	98	17	.	.	PUNCT
easat-5757	99	1	yet	yet	ADV
easat-5757	99	2	,	,	PUNCT
easat-5757	99	3	high	high	ADJ
easat-5757	99	4	cash	cash	NOUN
easat-5757	99	5	holdings	holding	NOUN
easat-5757	99	6	are	be	AUX
easat-5757	99	7	prone	prone	ADJ
easat-5757	99	8	to	to	ADP
easat-5757	99	9	resource	resource	NOUN
easat-5757	99	10	misallocation	misallocation	NOUN
easat-5757	99	11	,	,	PUNCT
easat-5757	99	12	making	make	VERB
easat-5757	99	13	it	it	PRON
easat-5757	99	14	challenging	challenge	VERB
easat-5757	99	15	for	for	ADP
easat-5757	99	16	external	external	ADJ
easat-5757	99	17	investors	investor	NOUN
easat-5757	99	18	to	to	PART
easat-5757	99	19	effectively	effectively	ADV
easat-5757	99	20	monitor	monitor	VERB
easat-5757	99	21	potential	potential	ADJ
easat-5757	99	22	asset	asset	NOUN
easat-5757	99	23	erosion	erosion	NOUN
easat-5757	99	24	or	or	CCONJ
easat-5757	99	25	transfer	transfer	NOUN
easat-5757	99	26	by	by	ADP
easat-5757	99	27	corporate	corporate	ADJ
easat-5757	99	28	managers	manager	NOUN
easat-5757	99	29	.	.	PUNCT
easat-5757	100	1	moreover	moreover	ADV
easat-5757	100	2	,	,	PUNCT
easat-5757	100	3	large	large	ADJ
easat-5757	100	4	cash	cash	NOUN
easat-5757	100	5	reserves	reserve	NOUN
easat-5757	100	6	may	may	AUX
easat-5757	100	7	lead	lead	VERB
easat-5757	100	8	2173	2173	NUM
easat-5757	100	9	edelweiss	edelweiss	PROPN
easat-5757	100	10	applied	apply	VERB
easat-5757	100	11	science	science	NOUN
easat-5757	100	12	and	and	CCONJ
easat-5757	100	13	technology	technology	NOUN
easat-5757	100	14	issn	issn	PROPN
easat-5757	100	15	:	:	PUNCT
easat-5757	100	16	2576	2576	NUM
easat-5757	100	17	-	-	SYM
easat-5757	100	18	8484	8484	NUM
easat-5757	100	19	vol	vol	NOUN
easat-5757	100	20	.	.	PROPN
easat-5757	101	1	9	9	NUM
easat-5757	101	2	,	,	PUNCT
easat-5757	101	3	no	no	INTJ
easat-5757	101	4	.	.	NOUN
easat-5757	102	1	3	3	NUM
easat-5757	102	2	:	:	SYM
easat-5757	102	3	2170	2170	NUM
easat-5757	102	4	-	-	SYM
easat-5757	102	5	2183	2183	NUM
easat-5757	102	6	,	,	PUNCT
easat-5757	102	7	2025	2025	NUM
easat-5757	102	8	doi	doi	NOUN
easat-5757	102	9	:	:	PUNCT
easat-5757	102	10	10.55214/25768484.v9i3.5757	10.55214/25768484.v9i3.5757	NUM
easat-5757	102	11	©	©	PROPN
easat-5757	102	12	2025	2025	NUM
easat-5757	102	13	by	by	ADP
easat-5757	102	14	the	the	DET
easat-5757	102	15	authors	author	NOUN
easat-5757	102	16	;	;	PUNCT
easat-5757	102	17	licensee	licensee	PROPN
easat-5757	102	18	learning	learn	VERB
easat-5757	102	19	gate	gate	NOUN
easat-5757	102	20	managers	manager	NOUN
easat-5757	102	21	to	to	PART
easat-5757	102	22	become	become	VERB
easat-5757	102	23	overly	overly	ADV
easat-5757	102	24	optimistic	optimistic	ADJ
easat-5757	102	25	,	,	PUNCT
easat-5757	102	26	resulting	result	VERB
easat-5757	102	27	in	in	ADP
easat-5757	102	28	suboptimal	suboptimal	ADJ
easat-5757	102	29	decision	decision	NOUN
easat-5757	102	30	-	-	PUNCT
easat-5757	102	31	making	making	NOUN
easat-5757	102	32	that	that	PRON
easat-5757	102	33	ultimately	ultimately	ADV
easat-5757	102	34	harms	harm	VERB
easat-5757	102	35	corporate	corporate	ADJ
easat-5757	102	36	performance	performance	NOUN
easat-5757	102	37	.	.	PUNCT
easat-5757	103	1	therefore	therefore	ADV
easat-5757	103	2	,	,	PUNCT
easat-5757	103	3	the	the	DET
easat-5757	103	4	author	author	NOUN
easat-5757	103	5	believes	believe	VERB
easat-5757	103	6	that	that	SCONJ
easat-5757	103	7	the	the	PRON
easat-5757	103	8	higher	high	ADJ
easat-5757	103	9	the	the	DET
easat-5757	103	10	financial	financial	ADJ
easat-5757	103	11	flexibility	flexibility	NOUN
easat-5757	103	12	is	be	AUX
easat-5757	103	13	not	not	PART
easat-5757	103	14	the	the	DET
easat-5757	103	15	better	well	ADJ
easat-5757	103	16	,	,	PUNCT
easat-5757	103	17	moderate	moderate	ADJ
easat-5757	103	18	financial	financial	ADJ
easat-5757	103	19	flexibility	flexibility	NOUN
easat-5757	103	20	plays	play	VERB
easat-5757	103	21	a	a	DET
easat-5757	103	22	positive	positive	ADJ
easat-5757	103	23	buffer	buffer	NOUN
easat-5757	103	24	effect	effect	NOUN
easat-5757	103	25	,	,	PUNCT
easat-5757	103	26	improve	improve	VERB
easat-5757	103	27	the	the	DET
easat-5757	103	28	performance	performance	NOUN
easat-5757	103	29	of	of	ADP
easat-5757	103	30	the	the	DET
easat-5757	103	31	company	company	NOUN
easat-5757	103	32	;	;	PUNCT
easat-5757	103	33	however	however	ADV
easat-5757	103	34	,	,	PUNCT
easat-5757	103	35	excessive	excessive	ADJ
easat-5757	103	36	financial	financial	ADJ
easat-5757	103	37	flexibility	flexibility	NOUN
easat-5757	103	38	may	may	AUX
easat-5757	103	39	produce	produce	VERB
easat-5757	103	40	negative	negative	ADJ
easat-5757	103	41	agency	agency	NOUN
easat-5757	103	42	effect	effect	NOUN
easat-5757	103	43	,	,	PUNCT
easat-5757	103	44	and	and	CCONJ
easat-5757	103	45	then	then	ADV
easat-5757	103	46	damage	damage	VERB
easat-5757	103	47	the	the	DET
easat-5757	103	48	performance	performance	NOUN
easat-5757	103	49	of	of	ADP
easat-5757	103	50	the	the	DET
easat-5757	103	51	company	company	NOUN
easat-5757	103	52	.	.	PUNCT
easat-5757	104	1	accordingly	accordingly	ADV
easat-5757	104	2	,	,	PUNCT
easat-5757	104	3	hypothesis	hypothesis	NOUN
easat-5757	104	4	2	2	NUM
easat-5757	104	5	is	be	AUX
easat-5757	104	6	proposed	propose	VERB
easat-5757	104	7	.	.	PUNCT
easat-5757	105	1	h2	h2	NOUN
easat-5757	105	2	:	:	PUNCT
easat-5757	105	3	there	there	PRON
easat-5757	105	4	is	be	VERB
easat-5757	105	5	an	an	DET
easat-5757	105	6	inverted	inverted	ADJ
easat-5757	105	7	u	u	ADJ
easat-5757	105	8	-	-	ADJ
easat-5757	105	9	shaped	shape	VERB
easat-5757	105	10	relationship	relationship	NOUN
easat-5757	105	11	between	between	ADP
easat-5757	105	12	financial	financial	ADJ
easat-5757	105	13	flexibility	flexibility	NOUN
easat-5757	105	14	and	and	CCONJ
easat-5757	105	15	corporate	corporate	ADJ
easat-5757	105	16	performance	performance	NOUN
easat-5757	105	17	.	.	PUNCT
easat-5757	106	1	as	as	ADP
easat-5757	106	2	financial	financial	ADJ
easat-5757	106	3	flexibility	flexibility	NOUN
easat-5757	106	4	increases	increase	NOUN
easat-5757	106	5	,	,	PUNCT
easat-5757	106	6	its	its	PRON
easat-5757	106	7	marginal	marginal	ADJ
easat-5757	106	8	contribution	contribution	NOUN
easat-5757	106	9	to	to	ADP
easat-5757	106	10	firm	firm	ADJ
easat-5757	106	11	performance	performance	NOUN
easat-5757	106	12	diminishes	diminish	VERB
easat-5757	106	13	.	.	PUNCT
easat-5757	107	1	however	however	ADV
easat-5757	107	2	,	,	PUNCT
easat-5757	107	3	financing	financing	NOUN
easat-5757	107	4	constraints	constraint	NOUN
easat-5757	107	5	serve	serve	VERB
easat-5757	107	6	as	as	ADP
easat-5757	107	7	a	a	DET
easat-5757	107	8	buffer	buffer	NOUN
easat-5757	107	9	,	,	PUNCT
easat-5757	107	10	causing	cause	VERB
easat-5757	107	11	the	the	DET
easat-5757	107	12	marginal	marginal	ADJ
easat-5757	107	13	contribution	contribution	NOUN
easat-5757	107	14	of	of	ADP
easat-5757	107	15	financial	financial	ADJ
easat-5757	107	16	flexibility	flexibility	NOUN
easat-5757	107	17	to	to	PART
easat-5757	107	18	decline	decline	VERB
easat-5757	107	19	at	at	ADP
easat-5757	107	20	a	a	DET
easat-5757	107	21	slower	slow	ADJ
easat-5757	107	22	rate	rate	NOUN
easat-5757	107	23	.	.	PUNCT
easat-5757	108	1	moreover	moreover	ADV
easat-5757	108	2	,	,	PUNCT
easat-5757	108	3	financing	financing	NOUN
easat-5757	108	4	constraints	constraint	NOUN
easat-5757	108	5	partially	partially	ADV
easat-5757	108	6	mitigate	mitigate	VERB
easat-5757	108	7	the	the	DET
easat-5757	108	8	agency	agency	NOUN
easat-5757	108	9	effect	effect	NOUN
easat-5757	108	10	of	of	ADP
easat-5757	108	11	financial	financial	ADJ
easat-5757	108	12	flexibility	flexibility	NOUN
easat-5757	108	13	,	,	PUNCT
easat-5757	108	14	thereby	thereby	ADV
easat-5757	108	15	constraining	constrain	VERB
easat-5757	108	16	managers	manager	NOUN
easat-5757	108	17	'	'	PART
easat-5757	108	18	self	self	NOUN
easat-5757	108	19	-	-	PUNCT
easat-5757	108	20	interests	interest	NOUN
easat-5757	108	21	through	through	ADP
easat-5757	108	22	external	external	ADJ
easat-5757	108	23	environmental	environmental	ADJ
easat-5757	108	24	factors	factor	NOUN
easat-5757	108	25	.	.	PUNCT
easat-5757	109	1	consequently	consequently	ADV
easat-5757	109	2	,	,	PUNCT
easat-5757	109	3	financing	financing	NOUN
easat-5757	109	4	constraints	constraint	NOUN
easat-5757	109	5	enhance	enhance	VERB
easat-5757	109	6	the	the	DET
easat-5757	109	7	buffering	buffering	NOUN
easat-5757	109	8	effect	effect	NOUN
easat-5757	109	9	of	of	ADP
easat-5757	109	10	financial	financial	ADJ
easat-5757	109	11	flexibility	flexibility	NOUN
easat-5757	109	12	while	while	SCONJ
easat-5757	109	13	weakening	weaken	VERB
easat-5757	109	14	its	its	PRON
easat-5757	109	15	agency	agency	NOUN
easat-5757	109	16	effect	effect	NOUN
easat-5757	109	17	,	,	PUNCT
easat-5757	109	18	leading	lead	VERB
easat-5757	109	19	to	to	ADP
easat-5757	109	20	a	a	DET
easat-5757	109	21	more	more	ADV
easat-5757	109	22	moderate	moderate	ADJ
easat-5757	109	23	impact	impact	NOUN
easat-5757	109	24	on	on	ADP
easat-5757	109	25	corporate	corporate	ADJ
easat-5757	109	26	performance	performance	NOUN
easat-5757	109	27	and	and	CCONJ
easat-5757	109	28	delaying	delay	VERB
easat-5757	109	29	the	the	DET
easat-5757	109	30	attainment	attainment	NOUN
easat-5757	109	31	of	of	ADP
easat-5757	109	32	equilibrium	equilibrium	NOUN
easat-5757	109	33	in	in	ADP
easat-5757	109	34	financial	financial	ADJ
easat-5757	109	35	flexibility	flexibility	NOUN
easat-5757	109	36	.	.	PUNCT
easat-5757	110	1	based	base	VERB
easat-5757	110	2	on	on	ADP
easat-5757	110	3	these	these	DET
easat-5757	110	4	considerations	consideration	NOUN
easat-5757	110	5	,	,	PUNCT
easat-5757	110	6	hypothesis	hypothesis	NOUN
easat-5757	110	7	3	3	NUM
easat-5757	110	8	is	be	AUX
easat-5757	110	9	proposed	propose	VERB
easat-5757	110	10	.	.	PUNCT
easat-5757	111	1	h3	h3	NOUN
easat-5757	111	2	:	:	PUNCT
easat-5757	111	3	the	the	PRON
easat-5757	111	4	higher	high	ADJ
easat-5757	111	5	the	the	DET
easat-5757	111	6	financing	financing	NOUN
easat-5757	111	7	constraint	constraint	NOUN
easat-5757	111	8	,	,	PUNCT
easat-5757	111	9	the	the	PRON
easat-5757	111	10	smoother	smooth	ADJ
easat-5757	111	11	the	the	DET
easat-5757	111	12	inverse	inverse	ADJ
easat-5757	111	13	u	u	NOUN
easat-5757	111	14	-	-	ADJ
easat-5757	111	15	shaped	shape	VERB
easat-5757	111	16	relationship	relationship	NOUN
easat-5757	111	17	between	between	ADP
easat-5757	111	18	financial	financial	ADJ
easat-5757	111	19	flexibility	flexibility	NOUN
easat-5757	111	20	and	and	CCONJ
easat-5757	111	21	corporate	corporate	ADJ
easat-5757	111	22	performance	performance	NOUN
easat-5757	111	23	,	,	PUNCT
easat-5757	111	24	and	and	CCONJ
easat-5757	111	25	the	the	DET
easat-5757	111	26	equilibrium	equilibrium	NOUN
easat-5757	111	27	point	point	NOUN
easat-5757	111	28	shifts	shift	NOUN
easat-5757	111	29	to	to	ADP
easat-5757	111	30	the	the	DET
easat-5757	111	31	right	right	NOUN
easat-5757	111	32	.	.	PUNCT
easat-5757	112	1	3	3	X
easat-5757	112	2	.	.	X
easat-5757	112	3	methodology	methodology	NOUN
easat-5757	112	4	3.1	3.1	NUM
easat-5757	112	5	.	.	PUNCT
easat-5757	112	6	data	datum	NOUN
easat-5757	112	7	source	source	NOUN
easat-5757	112	8	and	and	CCONJ
easat-5757	112	9	sample	sample	NOUN
easat-5757	112	10	selection	selection	NOUN
easat-5757	112	11	the	the	DET
easat-5757	112	12	author	author	NOUN
easat-5757	112	13	selects	select	VERB
easat-5757	112	14	a	a	DET
easat-5757	112	15	-	-	PUNCT
easat-5757	112	16	share	share	NOUN
easat-5757	112	17	listed	list	VERB
easat-5757	112	18	companies	company	NOUN
easat-5757	112	19	in	in	ADP
easat-5757	112	20	shanghai	shanghai	PROPN
easat-5757	112	21	and	and	CCONJ
easat-5757	112	22	shenzhen	shenzhen	PROPN
easat-5757	112	23	from	from	ADP
easat-5757	112	24	2018	2018	NUM
easat-5757	112	25	to	to	ADP
easat-5757	112	26	2023	2023	NUM
easat-5757	112	27	as	as	ADP
easat-5757	112	28	research	research	NOUN
easat-5757	112	29	samples	sample	NOUN
easat-5757	112	30	.	.	PUNCT
easat-5757	113	1	to	to	PART
easat-5757	113	2	mitigate	mitigate	VERB
easat-5757	113	3	the	the	DET
easat-5757	113	4	impact	impact	NOUN
easat-5757	113	5	of	of	ADP
easat-5757	113	6	outliers	outlier	NOUN
easat-5757	113	7	,	,	PUNCT
easat-5757	113	8	the	the	DET
easat-5757	113	9	analysis	analysis	NOUN
easat-5757	113	10	excludes	exclude	VERB
easat-5757	113	11	firms	firm	NOUN
easat-5757	113	12	in	in	ADP
easat-5757	113	13	the	the	DET
easat-5757	113	14	financial	financial	ADJ
easat-5757	113	15	and	and	CCONJ
easat-5757	113	16	insurance	insurance	NOUN
easat-5757	113	17	sectors	sector	NOUN
easat-5757	113	18	.	.	PUNCT
easat-5757	114	1	additionally	additionally	ADV
easat-5757	114	2	,	,	PUNCT
easat-5757	114	3	st	st	PROPN
easat-5757	114	4	and	and	CCONJ
easat-5757	114	5	*	*	PROPN
easat-5757	114	6	st	st	PROPN
easat-5757	114	7	listed	list	VERB
easat-5757	114	8	companies	company	NOUN
easat-5757	114	9	are	be	AUX
easat-5757	114	10	removed	remove	VERB
easat-5757	114	11	for	for	ADP
easat-5757	114	12	each	each	DET
easat-5757	114	13	year	year	NOUN
easat-5757	114	14	within	within	ADP
easat-5757	114	15	the	the	DET
easat-5757	114	16	study	study	NOUN
easat-5757	114	17	period	period	NOUN
easat-5757	114	18	.	.	PUNCT
easat-5757	115	1	samples	sample	NOUN
easat-5757	115	2	with	with	ADP
easat-5757	115	3	missing	miss	VERB
easat-5757	115	4	data	datum	NOUN
easat-5757	115	5	are	be	AUX
easat-5757	115	6	also	also	ADV
easat-5757	115	7	excluded	exclude	VERB
easat-5757	115	8	to	to	PART
easat-5757	115	9	ensure	ensure	VERB
easat-5757	115	10	data	datum	NOUN
easat-5757	115	11	integrity	integrity	NOUN
easat-5757	115	12	.	.	PUNCT
easat-5757	116	1	furthermore	furthermore	ADV
easat-5757	116	2	,	,	PUNCT
easat-5757	116	3	companies	company	NOUN
easat-5757	116	4	issuing	issue	VERB
easat-5757	116	5	b	b	NOUN
easat-5757	116	6	-	-	PUNCT
easat-5757	116	7	shares	share	NOUN
easat-5757	116	8	and	and	CCONJ
easat-5757	116	9	h	h	NOUN
easat-5757	116	10	-	-	PUNCT
easat-5757	116	11	shares	share	NOUN
easat-5757	116	12	concurrently	concurrently	ADV
easat-5757	116	13	are	be	AUX
easat-5757	116	14	omitted	omit	VERB
easat-5757	116	15	to	to	PART
easat-5757	116	16	maintain	maintain	VERB
easat-5757	116	17	a	a	DET
easat-5757	116	18	consistent	consistent	ADJ
easat-5757	116	19	financial	financial	ADJ
easat-5757	116	20	environment	environment	NOUN
easat-5757	116	21	.	.	PUNCT
easat-5757	117	1	given	give	VERB
easat-5757	117	2	that	that	SCONJ
easat-5757	117	3	the	the	DET
easat-5757	117	4	incremental	incremental	ADJ
easat-5757	117	5	calculation	calculation	NOUN
easat-5757	117	6	of	of	ADP
easat-5757	117	7	financial	financial	ADJ
easat-5757	117	8	flexibility	flexibility	NOUN
easat-5757	117	9	requires	require	VERB
easat-5757	117	10	upward	upward	ADJ
easat-5757	117	11	data	datum	NOUN
easat-5757	117	12	,	,	PUNCT
easat-5757	117	13	the	the	DET
easat-5757	117	14	actual	actual	ADJ
easat-5757	117	15	study	study	NOUN
easat-5757	117	16	interval	interval	NOUN
easat-5757	117	17	is	be	AUX
easat-5757	117	18	adjusted	adjust	VERB
easat-5757	117	19	to	to	ADP
easat-5757	117	20	2019–2022	2019–2022	NUM
easat-5757	117	21	,	,	PUNCT
easat-5757	117	22	resulting	result	VERB
easat-5757	117	23	in	in	ADP
easat-5757	117	24	a	a	DET
easat-5757	117	25	total	total	NOUN
easat-5757	117	26	of	of	ADP
easat-5757	117	27	4,496	4,496	NUM
easat-5757	117	28	sample	sample	NOUN
easat-5757	117	29	observations	observation	NOUN
easat-5757	117	30	.	.	PUNCT
easat-5757	118	1	to	to	PART
easat-5757	118	2	minimize	minimize	VERB
easat-5757	118	3	the	the	DET
easat-5757	118	4	influence	influence	NOUN
easat-5757	118	5	of	of	ADP
easat-5757	118	6	extreme	extreme	ADJ
easat-5757	118	7	values	value	NOUN
easat-5757	118	8	on	on	ADP
easat-5757	118	9	regression	regression	NOUN
easat-5757	118	10	results	result	NOUN
easat-5757	118	11	,	,	PUNCT
easat-5757	118	12	all	all	DET
easat-5757	118	13	variables	variable	NOUN
easat-5757	118	14	are	be	AUX
easat-5757	118	15	winsorized	winsorize	VERB
easat-5757	118	16	at	at	ADP
easat-5757	118	17	the	the	DET
easat-5757	118	18	1st	1st	ADJ
easat-5757	118	19	and	and	CCONJ
easat-5757	118	20	99th	99th	ADJ
easat-5757	118	21	percentiles	percentile	NOUN
easat-5757	118	22	.	.	PUNCT
easat-5757	119	1	industry	industry	NOUN
easat-5757	119	2	classification	classification	NOUN
easat-5757	119	3	adheres	adhere	VERB
easat-5757	119	4	to	to	ADP
easat-5757	119	5	the	the	DET
easat-5757	119	6	guidelines	guideline	NOUN
easat-5757	119	7	provided	provide	VERB
easat-5757	119	8	by	by	ADP
easat-5757	119	9	the	the	DET
easat-5757	119	10	china	china	PROPN
easat-5757	119	11	securities	securities	PROPN
easat-5757	119	12	regulatory	regulatory	PROPN
easat-5757	119	13	commission	commission	PROPN
easat-5757	119	14	(	(	PUNCT
easat-5757	119	15	csrc	csrc	PROPN
easat-5757	119	16	)	)	PUNCT
easat-5757	119	17	.	.	PUNCT
easat-5757	120	1	all	all	DET
easat-5757	120	2	financial	financial	ADJ
easat-5757	120	3	data	datum	NOUN
easat-5757	120	4	are	be	AUX
easat-5757	120	5	sourced	source	VERB
easat-5757	120	6	from	from	ADP
easat-5757	120	7	the	the	DET
easat-5757	120	8	wind	wind	NOUN
easat-5757	120	9	financial	financial	ADJ
easat-5757	120	10	database	database	NOUN
easat-5757	120	11	,	,	PUNCT
easat-5757	120	12	and	and	CCONJ
easat-5757	120	13	statistical	statistical	ADJ
easat-5757	120	14	analyses	analysis	NOUN
easat-5757	120	15	are	be	AUX
easat-5757	120	16	conducted	conduct	VERB
easat-5757	120	17	using	use	VERB
easat-5757	120	18	stata	stata	NOUN
easat-5757	120	19	12.0	12.0	NUM
easat-5757	120	20	.	.	PUNCT
easat-5757	121	1	3.2	3.2	NUM
easat-5757	121	2	.	.	PUNCT
easat-5757	122	1	model	model	NOUN
easat-5757	122	2	design	design	NOUN
easat-5757	122	3	and	and	CCONJ
easat-5757	122	4	variable	variable	ADJ
easat-5757	122	5	definition	definition	NOUN
easat-5757	122	6	3.2.1	3.2.1	NUM
easat-5757	122	7	.	.	PUNCT
easat-5757	123	1	the	the	DET
easat-5757	123	2	measurement	measurement	NOUN
easat-5757	123	3	of	of	ADP
easat-5757	123	4	financing	financing	NOUN
easat-5757	123	5	constraint	constraint	NOUN
easat-5757	123	6	and	and	CCONJ
easat-5757	123	7	financial	financial	ADJ
easat-5757	123	8	flexibility	flexibility	NOUN
easat-5757	123	9	there	there	PRON
easat-5757	123	10	are	be	VERB
easat-5757	123	11	two	two	NUM
easat-5757	123	12	primary	primary	ADJ
easat-5757	123	13	approaches	approach	NOUN
easat-5757	123	14	to	to	ADP
easat-5757	123	15	measuring	measure	VERB
easat-5757	123	16	corporate	corporate	ADJ
easat-5757	123	17	financing	financing	NOUN
easat-5757	123	18	constraints	constraint	NOUN
easat-5757	123	19	:	:	PUNCT
easat-5757	123	20	single	single	ADJ
easat-5757	123	21	-	-	PUNCT
easat-5757	123	22	index	index	NOUN
easat-5757	123	23	judgment	judgment	NOUN
easat-5757	123	24	and	and	CCONJ
easat-5757	123	25	multi	multi	ADJ
easat-5757	123	26	-	-	ADJ
easat-5757	123	27	index	index	NOUN
easat-5757	123	28	judgment	judgment	NOUN
easat-5757	123	29	.	.	PUNCT
easat-5757	124	1	the	the	DET
easat-5757	124	2	single	single	ADJ
easat-5757	124	3	-	-	PUNCT
easat-5757	124	4	index	index	NOUN
easat-5757	124	5	judgment	judgment	NOUN
easat-5757	124	6	method	method	NOUN
easat-5757	124	7	typically	typically	ADV
easat-5757	124	8	categorizes	categorize	VERB
easat-5757	124	9	companies	company	NOUN
easat-5757	124	10	with	with	ADP
easat-5757	124	11	small	small	ADJ
easat-5757	124	12	scale	scale	NOUN
easat-5757	124	13	,	,	PUNCT
easat-5757	124	14	short	short	ADJ
easat-5757	124	15	listing	listing	NOUN
easat-5757	124	16	time	time	NOUN
easat-5757	124	17	,	,	PUNCT
easat-5757	124	18	and	and	CCONJ
easat-5757	124	19	low	low	ADJ
easat-5757	124	20	dividend	dividend	NOUN
easat-5757	124	21	payout	payout	NOUN
easat-5757	124	22	ratios	ratio	NOUN
easat-5757	124	23	as	as	ADP
easat-5757	124	24	being	be	AUX
easat-5757	124	25	subject	subject	ADJ
easat-5757	124	26	to	to	ADP
easat-5757	124	27	significant	significant	ADJ
easat-5757	124	28	financing	financing	NOUN
easat-5757	124	29	constraints	constraint	NOUN
easat-5757	124	30	.	.	PUNCT
easat-5757	125	1	these	these	DET
easat-5757	125	2	companies	company	NOUN
easat-5757	125	3	often	often	ADV
easat-5757	125	4	exhibit	exhibit	VERB
easat-5757	125	5	a	a	DET
easat-5757	125	6	relatively	relatively	ADV
easat-5757	125	7	severe	severe	ADJ
easat-5757	125	8	degree	degree	NOUN
easat-5757	125	9	of	of	ADP
easat-5757	125	10	information	information	NOUN
easat-5757	125	11	asymmetry	asymmetry	NOUN
easat-5757	125	12	,	,	PUNCT
easat-5757	125	13	which	which	PRON
easat-5757	125	14	is	be	AUX
easat-5757	125	15	a	a	DET
easat-5757	125	16	major	major	ADJ
easat-5757	125	17	contributing	contribute	VERB
easat-5757	125	18	factor	factor	NOUN
easat-5757	125	19	to	to	ADP
easat-5757	125	20	financing	financing	NOUN
easat-5757	125	21	constraints	constraint	NOUN
easat-5757	125	22	.	.	PUNCT
easat-5757	126	1	consequently	consequently	ADV
easat-5757	126	2	,	,	PUNCT
easat-5757	126	3	the	the	DET
easat-5757	126	4	single	single	ADJ
easat-5757	126	5	-	-	PUNCT
easat-5757	126	6	index	index	NOUN
easat-5757	126	7	judgment	judgment	NOUN
easat-5757	126	8	method	method	NOUN
easat-5757	126	9	can	can	AUX
easat-5757	126	10	serve	serve	VERB
easat-5757	126	11	as	as	ADP
easat-5757	126	12	an	an	DET
easat-5757	126	13	effective	effective	ADJ
easat-5757	126	14	tool	tool	NOUN
easat-5757	126	15	for	for	ADP
easat-5757	126	16	assessing	assess	VERB
easat-5757	126	17	financing	financing	NOUN
easat-5757	126	18	constraints	constraint	NOUN
easat-5757	126	19	in	in	ADP
easat-5757	126	20	such	such	ADJ
easat-5757	126	21	companies	company	NOUN
easat-5757	126	22	.	.	PUNCT
easat-5757	127	1	the	the	DET
easat-5757	127	2	multi	multi	ADJ
easat-5757	127	3	-	-	ADJ
easat-5757	127	4	index	index	ADJ
easat-5757	127	5	judgment	judgment	NOUN
easat-5757	127	6	approach	approach	NOUN
easat-5757	127	7	constructs	construct	VERB
easat-5757	127	8	financing	financing	NOUN
easat-5757	127	9	constraint	constraint	NOUN
easat-5757	127	10	indices	index	NOUN
easat-5757	127	11	using	use	VERB
easat-5757	127	12	various	various	ADJ
easat-5757	127	13	variables	variable	NOUN
easat-5757	127	14	.	.	PUNCT
easat-5757	128	1	commonly	commonly	ADV
easat-5757	128	2	used	use	VERB
easat-5757	128	3	indices	index	NOUN
easat-5757	128	4	include	include	VERB
easat-5757	128	5	the	the	DET
easat-5757	128	6	kz	kz	PROPN
easat-5757	128	7	index	index	PROPN
easat-5757	128	8	and	and	CCONJ
easat-5757	128	9	ww	ww	PROPN
easat-5757	128	10	index	index	NOUN
easat-5757	128	11	.	.	PUNCT
easat-5757	129	1	granzotto	granzotto	NOUN
easat-5757	129	2	,	,	PUNCT
easat-5757	129	3	et	et	PROPN
easat-5757	129	4	al	al	PROPN
easat-5757	129	5	.	.	PUNCT
easat-5757	130	1	[	[	X
easat-5757	130	2	18	18	NUM
easat-5757	130	3	]	]	PUNCT
easat-5757	130	4	defined	define	VERB
easat-5757	130	5	five	five	NUM
easat-5757	130	6	levels	level	NOUN
easat-5757	130	7	of	of	ADP
easat-5757	130	8	financing	financing	NOUN
easat-5757	130	9	constraints	constraint	NOUN
easat-5757	130	10	and	and	CCONJ
easat-5757	130	11	highlighted	highlight	VERB
easat-5757	130	12	certain	certain	ADJ
easat-5757	130	13	limitations	limitation	NOUN
easat-5757	130	14	of	of	ADP
easat-5757	130	15	the	the	DET
easat-5757	130	16	kz	kz	PROPN
easat-5757	130	17	and	and	CCONJ
easat-5757	130	18	ww	ww	PROPN
easat-5757	130	19	indices	index	NOUN
easat-5757	130	20	,	,	PUNCT
easat-5757	130	21	such	such	ADJ
easat-5757	130	22	as	as	ADP
easat-5757	130	23	issues	issue	NOUN
easat-5757	130	24	of	of	ADP
easat-5757	130	25	autocorrelation	autocorrelation	NOUN
easat-5757	130	26	and	and	CCONJ
easat-5757	130	27	inappropriate	inappropriate	ADJ
easat-5757	130	28	variable	variable	ADJ
easat-5757	130	29	selection	selection	NOUN
easat-5757	130	30	.	.	PUNCT
easat-5757	131	1	therefore	therefore	ADV
easat-5757	131	2	,	,	PUNCT
easat-5757	131	3	the	the	DET
easat-5757	131	4	author	author	NOUN
easat-5757	131	5	opts	opt	VERB
easat-5757	131	6	for	for	ADP
easat-5757	131	7	the	the	DET
easat-5757	131	8	single	single	ADJ
easat-5757	131	9	-	-	PUNCT
easat-5757	131	10	index	index	NOUN
easat-5757	131	11	judgment	judgment	NOUN
easat-5757	131	12	method	method	NOUN
easat-5757	131	13	to	to	PART
easat-5757	131	14	measure	measure	VERB
easat-5757	131	15	corporate	corporate	ADJ
easat-5757	131	16	financing	financing	NOUN
easat-5757	131	17	constraints	constraint	NOUN
easat-5757	131	18	.	.	PUNCT
easat-5757	132	1	firm	firm	ADJ
easat-5757	132	2	size	size	NOUN
easat-5757	132	3	can	can	AUX
easat-5757	132	4	be	be	AUX
easat-5757	132	5	used	use	VERB
easat-5757	132	6	to	to	PART
easat-5757	132	7	identify	identify	VERB
easat-5757	132	8	a	a	DET
easat-5757	132	9	firm	firm	NOUN
easat-5757	132	10	's	's	PART
easat-5757	132	11	financing	financing	NOUN
easat-5757	132	12	constraints	constraint	NOUN
easat-5757	132	13	.	.	PUNCT
easat-5757	133	1	in	in	ADP
easat-5757	133	2	credit	credit	NOUN
easat-5757	133	3	markets	market	NOUN
easat-5757	133	4	,	,	PUNCT
easat-5757	133	5	banks	bank	NOUN
easat-5757	133	6	typically	typically	ADV
easat-5757	133	7	lend	lend	VERB
easat-5757	133	8	first	first	ADV
easat-5757	133	9	to	to	ADP
easat-5757	133	10	large	large	ADJ
easat-5757	133	11	companies	company	NOUN
easat-5757	133	12	with	with	ADP
easat-5757	133	13	a	a	DET
easat-5757	133	14	low	low	ADJ
easat-5757	133	15	risk	risk	NOUN
easat-5757	133	16	of	of	ADP
easat-5757	133	17	default	default	NOUN
easat-5757	133	18	.	.	PUNCT
easat-5757	134	1	in	in	ADP
easat-5757	134	2	the	the	DET
easat-5757	134	3	capital	capital	NOUN
easat-5757	134	4	market	market	NOUN
easat-5757	134	5	,	,	PUNCT
easat-5757	134	6	because	because	SCONJ
easat-5757	134	7	of	of	ADP
easat-5757	134	8	information	information	NOUN
easat-5757	134	9	asymmetry	asymmetry	NOUN
easat-5757	134	10	,	,	PUNCT
easat-5757	134	11	investors	investor	NOUN
easat-5757	134	12	are	be	AUX
easat-5757	134	13	more	more	ADV
easat-5757	134	14	inclined	inclined	ADJ
easat-5757	134	15	to	to	PART
easat-5757	134	16	invest	invest	VERB
easat-5757	134	17	in	in	ADP
easat-5757	134	18	large	large	ADJ
easat-5757	134	19	-	-	PUNCT
easat-5757	134	20	scale	scale	NOUN
easat-5757	134	21	companies	company	NOUN
easat-5757	134	22	with	with	ADP
easat-5757	134	23	perfect	perfect	ADJ
easat-5757	134	24	information	information	NOUN
easat-5757	134	25	.	.	PUNCT
easat-5757	135	1	large	large	ADJ
easat-5757	135	2	-	-	PUNCT
easat-5757	135	3	scale	scale	NOUN
easat-5757	135	4	companies	company	NOUN
easat-5757	135	5	have	have	VERB
easat-5757	135	6	many	many	ADJ
easat-5757	135	7	financing	financing	NOUN
easat-5757	135	8	channels	channel	NOUN
easat-5757	135	9	and	and	CCONJ
easat-5757	135	10	low	low	ADJ
easat-5757	135	11	financing	financing	NOUN
easat-5757	135	12	costs	cost	NOUN
easat-5757	135	13	,	,	PUNCT
easat-5757	135	14	which	which	PRON
easat-5757	135	15	alleviates	alleviate	VERB
easat-5757	135	16	their	their	PRON
easat-5757	135	17	2174	2174	NUM
easat-5757	135	18	edelweiss	edelweiss	PROPN
easat-5757	135	19	applied	apply	VERB
easat-5757	135	20	science	science	NOUN
easat-5757	135	21	and	and	CCONJ
easat-5757	135	22	technology	technology	NOUN
easat-5757	135	23	issn	issn	PROPN
easat-5757	135	24	:	:	PUNCT
easat-5757	135	25	2576	2576	NUM
easat-5757	135	26	-	-	SYM
easat-5757	135	27	8484	8484	NUM
easat-5757	135	28	vol	vol	NOUN
easat-5757	135	29	.	.	PROPN
easat-5757	136	1	9	9	NUM
easat-5757	136	2	,	,	PUNCT
easat-5757	136	3	no	no	INTJ
easat-5757	136	4	.	.	NOUN
easat-5757	137	1	3	3	NUM
easat-5757	137	2	:	:	SYM
easat-5757	137	3	2170	2170	NUM
easat-5757	137	4	-	-	SYM
easat-5757	137	5	2183	2183	NUM
easat-5757	137	6	,	,	PUNCT
easat-5757	137	7	2025	2025	NUM
easat-5757	137	8	doi	doi	NOUN
easat-5757	137	9	:	:	PUNCT
easat-5757	137	10	10.55214/25768484.v9i3.5757	10.55214/25768484.v9i3.5757	NUM
easat-5757	137	11	©	©	PROPN
easat-5757	137	12	2025	2025	NUM
easat-5757	137	13	by	by	ADP
easat-5757	137	14	the	the	DET
easat-5757	137	15	authors	author	NOUN
easat-5757	137	16	;	;	PUNCT
easat-5757	137	17	licensee	licensee	PROPN
easat-5757	137	18	learning	learn	VERB
easat-5757	137	19	gate	gate	NOUN
easat-5757	137	20	financing	financing	NOUN
easat-5757	137	21	constraints	constraint	NOUN
easat-5757	137	22	to	to	ADP
easat-5757	137	23	a	a	DET
easat-5757	137	24	certain	certain	ADJ
easat-5757	137	25	extent	extent	NOUN
easat-5757	137	26	.	.	PUNCT
easat-5757	138	1	in	in	ADP
easat-5757	138	2	order	order	NOUN
easat-5757	138	3	to	to	PART
easat-5757	138	4	avoid	avoid	VERB
easat-5757	138	5	endogenous	endogenous	ADJ
easat-5757	138	6	problems	problem	NOUN
easat-5757	138	7	,	,	PUNCT
easat-5757	138	8	the	the	DET
easat-5757	138	9	author	author	NOUN
easat-5757	138	10	uses	use	VERB
easat-5757	138	11	revenue	revenue	NOUN
easat-5757	138	12	scale	scale	NOUN
easat-5757	138	13	instead	instead	ADV
easat-5757	138	14	of	of	ADP
easat-5757	138	15	total	total	ADJ
easat-5757	138	16	assets	asset	NOUN
easat-5757	138	17	to	to	PART
easat-5757	138	18	measure	measure	VERB
easat-5757	138	19	the	the	DET
easat-5757	138	20	financing	financing	NOUN
easat-5757	138	21	constraints	constraint	NOUN
easat-5757	138	22	of	of	ADP
easat-5757	138	23	the	the	DET
easat-5757	138	24	company	company	NOUN
easat-5757	138	25	.	.	PUNCT
easat-5757	139	1	the	the	DET
easat-5757	139	2	duration	duration	NOUN
easat-5757	139	3	of	of	ADP
easat-5757	139	4	a	a	DET
easat-5757	139	5	company	company	NOUN
easat-5757	139	6	can	can	AUX
easat-5757	139	7	be	be	AUX
easat-5757	139	8	measured	measure	VERB
easat-5757	139	9	by	by	ADP
easat-5757	139	10	the	the	DET
easat-5757	139	11	number	number	NOUN
easat-5757	139	12	of	of	ADP
easat-5757	139	13	years	year	NOUN
easat-5757	139	14	it	it	PRON
easat-5757	139	15	has	have	AUX
easat-5757	139	16	been	be	AUX
easat-5757	139	17	listed	list	VERB
easat-5757	139	18	.	.	PUNCT
easat-5757	140	1	afrifa	afrifa	NOUN
easat-5757	141	1	[	[	X
easat-5757	141	2	19	19	NUM
easat-5757	141	3	]	]	PUNCT
easat-5757	141	4	believe	believe	VERB
easat-5757	141	5	that	that	SCONJ
easat-5757	141	6	the	the	DET
easat-5757	141	7	listing	listing	NOUN
easat-5757	141	8	period	period	NOUN
easat-5757	141	9	can	can	AUX
easat-5757	141	10	reflect	reflect	VERB
easat-5757	141	11	the	the	DET
easat-5757	141	12	degree	degree	NOUN
easat-5757	141	13	of	of	ADP
easat-5757	141	14	financing	financing	NOUN
easat-5757	141	15	constraint	constraint	NOUN
easat-5757	141	16	of	of	ADP
easat-5757	141	17	a	a	DET
easat-5757	141	18	company	company	NOUN
easat-5757	141	19	.	.	PUNCT
easat-5757	142	1	companies	company	NOUN
easat-5757	142	2	that	that	PRON
easat-5757	142	3	have	have	AUX
easat-5757	142	4	been	be	AUX
easat-5757	142	5	listed	list	VERB
easat-5757	142	6	for	for	ADP
easat-5757	142	7	a	a	DET
easat-5757	142	8	short	short	ADJ
easat-5757	142	9	period	period	NOUN
easat-5757	142	10	of	of	ADP
easat-5757	142	11	time	time	NOUN
easat-5757	142	12	disclose	disclose	VERB
easat-5757	142	13	relatively	relatively	ADV
easat-5757	142	14	little	little	ADJ
easat-5757	142	15	financial	financial	ADJ
easat-5757	142	16	and	and	CCONJ
easat-5757	142	17	other	other	ADJ
easat-5757	142	18	information	information	NOUN
easat-5757	142	19	,	,	PUNCT
easat-5757	142	20	which	which	PRON
easat-5757	142	21	makes	make	VERB
easat-5757	142	22	the	the	DET
easat-5757	142	23	information	information	NOUN
easat-5757	142	24	asymmetry	asymmetry	NOUN
easat-5757	142	25	between	between	ADP
easat-5757	142	26	the	the	DET
easat-5757	142	27	company	company	NOUN
easat-5757	142	28	and	and	CCONJ
easat-5757	142	29	potential	potential	ADJ
easat-5757	142	30	investors	investor	NOUN
easat-5757	142	31	higher	high	ADJ
easat-5757	142	32	.	.	PUNCT
easat-5757	143	1	this	this	DET
easat-5757	143	2	kind	kind	NOUN
easat-5757	143	3	of	of	ADP
easat-5757	143	4	information	information	NOUN
easat-5757	143	5	asymmetry	asymmetry	NOUN
easat-5757	143	6	makes	make	VERB
easat-5757	143	7	the	the	DET
easat-5757	143	8	company	company	NOUN
easat-5757	143	9	need	need	VERB
easat-5757	143	10	to	to	PART
easat-5757	143	11	pay	pay	VERB
easat-5757	143	12	"	"	PUNCT
easat-5757	143	13	lemon	lemon	NOUN
easat-5757	143	14	cost	cost	NOUN
easat-5757	143	15	"	"	PUNCT
easat-5757	143	16	,	,	PUNCT
easat-5757	143	17	and	and	CCONJ
easat-5757	143	18	the	the	DET
easat-5757	143	19	degree	degree	NOUN
easat-5757	143	20	of	of	ADP
easat-5757	143	21	financing	financing	NOUN
easat-5757	143	22	constraint	constraint	NOUN
easat-5757	143	23	increases	increase	NOUN
easat-5757	143	24	accordingly	accordingly	ADV
easat-5757	143	25	.	.	PUNCT
easat-5757	144	1	referring	refer	VERB
easat-5757	144	2	to	to	ADP
easat-5757	144	3	the	the	DET
easat-5757	144	4	method	method	NOUN
easat-5757	144	5	adopted	adopt	VERB
easat-5757	144	6	by	by	ADP
easat-5757	144	7	fahlenbrach	fahlenbrach	NOUN
easat-5757	144	8	,	,	PUNCT
easat-5757	144	9	et	et	PROPN
easat-5757	144	10	al	al	PROPN
easat-5757	144	11	.	.	PUNCT
easat-5757	145	1	[	[	X
easat-5757	145	2	15	15	NUM
easat-5757	145	3	]	]	PUNCT
easat-5757	145	4	to	to	PART
easat-5757	145	5	identify	identify	VERB
easat-5757	145	6	the	the	DET
easat-5757	145	7	financing	financing	NOUN
easat-5757	145	8	constraints	constraint	NOUN
easat-5757	145	9	of	of	ADP
easat-5757	145	10	companies	company	NOUN
easat-5757	145	11	,	,	PUNCT
easat-5757	145	12	the	the	DET
easat-5757	145	13	author	author	NOUN
easat-5757	145	14	adopts	adopt	VERB
easat-5757	145	15	three	three	NUM
easat-5757	145	16	different	different	ADJ
easat-5757	145	17	classification	classification	NOUN
easat-5757	145	18	methods	method	NOUN
easat-5757	145	19	to	to	PART
easat-5757	145	20	define	define	VERB
easat-5757	145	21	the	the	DET
easat-5757	145	22	financing	financing	NOUN
easat-5757	145	23	constraints	constraint	NOUN
easat-5757	145	24	:	:	PUNCT
easat-5757	145	25	the	the	DET
easat-5757	145	26	first	first	ADJ
easat-5757	145	27	one	one	NOUN
easat-5757	145	28	is	be	AUX
easat-5757	145	29	to	to	PART
easat-5757	145	30	identify	identify	VERB
easat-5757	145	31	the	the	DET
easat-5757	145	32	financing	financing	NOUN
easat-5757	145	33	constraints	constraint	NOUN
easat-5757	145	34	by	by	ADP
easat-5757	145	35	ordering	order	VERB
easat-5757	145	36	the	the	DET
easat-5757	145	37	size	size	NOUN
easat-5757	145	38	of	of	ADP
easat-5757	145	39	the	the	DET
easat-5757	145	40	income	income	NOUN
easat-5757	145	41	.	.	PUNCT
easat-5757	146	1	the	the	DET
easat-5757	146	2	first	first	ADJ
easat-5757	146	3	33	33	NUM
easat-5757	146	4	%	%	NOUN
easat-5757	146	5	of	of	ADP
easat-5757	146	6	the	the	DET
easat-5757	146	7	income	income	NOUN
easat-5757	146	8	scale	scale	NOUN
easat-5757	146	9	is	be	AUX
easat-5757	146	10	the	the	DET
easat-5757	146	11	low	low	ADJ
easat-5757	146	12	financing	financing	NOUN
easat-5757	146	13	constraint	constraint	NOUN
easat-5757	146	14	group	group	NOUN
easat-5757	146	15	,	,	PUNCT
easat-5757	146	16	and	and	CCONJ
easat-5757	146	17	the	the	DET
easat-5757	146	18	last	last	ADJ
easat-5757	146	19	33	33	NUM
easat-5757	146	20	%	%	NOUN
easat-5757	146	21	is	be	AUX
easat-5757	146	22	the	the	DET
easat-5757	146	23	high	high	ADJ
easat-5757	146	24	financing	financing	NOUN
easat-5757	146	25	constraint	constraint	NOUN
easat-5757	146	26	group	group	NOUN
easat-5757	146	27	.	.	PUNCT
easat-5757	147	1	the	the	DET
easat-5757	147	2	second	second	NOUN
easat-5757	147	3	is	be	AUX
easat-5757	147	4	to	to	PART
easat-5757	147	5	identify	identify	VERB
easat-5757	147	6	financing	financing	NOUN
easat-5757	147	7	constraints	constraint	NOUN
easat-5757	147	8	fc_a	fc_a	NUM
easat-5757	147	9	according	accord	VERB
easat-5757	147	10	to	to	ADP
easat-5757	147	11	the	the	DET
easat-5757	147	12	sequence	sequence	NOUN
easat-5757	147	13	of	of	ADP
easat-5757	147	14	duration	duration	NOUN
easat-5757	147	15	.	.	PUNCT
easat-5757	148	1	the	the	DET
easat-5757	148	2	samples	sample	NOUN
easat-5757	148	3	of	of	ADP
easat-5757	148	4	the	the	DET
easat-5757	148	5	first	first	ADJ
easat-5757	148	6	33	33	NUM
easat-5757	148	7	%	%	NOUN
easat-5757	148	8	of	of	ADP
easat-5757	148	9	the	the	DET
easat-5757	148	10	duration	duration	NOUN
easat-5757	148	11	are	be	AUX
easat-5757	148	12	the	the	DET
easat-5757	148	13	low	low	ADJ
easat-5757	148	14	financing	financing	NOUN
easat-5757	148	15	constraints	constraint	NOUN
easat-5757	148	16	group	group	NOUN
easat-5757	148	17	,	,	PUNCT
easat-5757	148	18	and	and	CCONJ
easat-5757	148	19	the	the	DET
easat-5757	148	20	samples	sample	NOUN
easat-5757	148	21	of	of	ADP
easat-5757	148	22	the	the	DET
easat-5757	148	23	last	last	ADJ
easat-5757	148	24	33	33	NUM
easat-5757	148	25	%	%	NOUN
easat-5757	148	26	are	be	AUX
easat-5757	148	27	the	the	DET
easat-5757	148	28	high	high	ADJ
easat-5757	148	29	financing	financing	NOUN
easat-5757	148	30	constraints	constraint	NOUN
easat-5757	148	31	group	group	NOUN
easat-5757	148	32	.	.	PUNCT
easat-5757	149	1	the	the	DET
easat-5757	149	2	third	third	NOUN
easat-5757	149	3	is	be	AUX
easat-5757	149	4	to	to	PART
easat-5757	149	5	identify	identify	VERB
easat-5757	149	6	the	the	DET
easat-5757	149	7	financing	financing	NOUN
easat-5757	149	8	constraints	constraint	NOUN
easat-5757	149	9	by	by	ADP
easat-5757	149	10	ordering	order	VERB
easat-5757	149	11	the	the	DET
easat-5757	149	12	income	income	NOUN
easat-5757	149	13	scale	scale	NOUN
easat-5757	149	14	and	and	CCONJ
easat-5757	149	15	duration	duration	NOUN
easat-5757	149	16	.	.	PUNCT
easat-5757	150	1	at	at	ADP
easat-5757	150	2	the	the	DET
easat-5757	150	3	same	same	ADJ
easat-5757	150	4	time	time	NOUN
easat-5757	150	5	,	,	PUNCT
easat-5757	150	6	the	the	DET
easat-5757	150	7	first	first	ADJ
easat-5757	150	8	33	33	NUM
easat-5757	150	9	%	%	NOUN
easat-5757	150	10	of	of	ADP
easat-5757	150	11	the	the	DET
easat-5757	150	12	income	income	NOUN
easat-5757	150	13	scale	scale	NOUN
easat-5757	150	14	and	and	CCONJ
easat-5757	150	15	duration	duration	NOUN
easat-5757	150	16	are	be	AUX
easat-5757	150	17	the	the	DET
easat-5757	150	18	low	low	ADJ
easat-5757	150	19	financing	financing	NOUN
easat-5757	150	20	constraint	constraint	NOUN
easat-5757	150	21	group	group	NOUN
easat-5757	150	22	,	,	PUNCT
easat-5757	150	23	and	and	CCONJ
easat-5757	150	24	the	the	DET
easat-5757	150	25	last	last	ADJ
easat-5757	150	26	33	33	NUM
easat-5757	150	27	%	%	NOUN
easat-5757	150	28	are	be	AUX
easat-5757	150	29	the	the	DET
easat-5757	150	30	high	high	ADJ
easat-5757	150	31	financing	financing	NOUN
easat-5757	150	32	constraint	constraint	NOUN
easat-5757	150	33	group	group	NOUN
easat-5757	150	34	.	.	PUNCT
easat-5757	151	1	the	the	DET
easat-5757	151	2	value	value	NOUN
easat-5757	151	3	of	of	ADP
easat-5757	151	4	high	high	ADJ
easat-5757	151	5	financing	financing	NOUN
easat-5757	151	6	constraint	constraint	NOUN
easat-5757	151	7	is	be	AUX
easat-5757	151	8	1	1	NUM
easat-5757	151	9	,	,	PUNCT
easat-5757	151	10	and	and	CCONJ
easat-5757	151	11	the	the	DET
easat-5757	151	12	value	value	NOUN
easat-5757	151	13	of	of	ADP
easat-5757	151	14	low	low	ADJ
easat-5757	151	15	financing	financing	NOUN
easat-5757	151	16	constraint	constraint	NOUN
easat-5757	151	17	is	be	AUX
easat-5757	151	18	0	0	NUM
easat-5757	151	19	.	.	PUNCT
easat-5757	152	1	there	there	PRON
easat-5757	152	2	are	be	VERB
easat-5757	152	3	three	three	NUM
easat-5757	152	4	methods	method	NOUN
easat-5757	152	5	to	to	PART
easat-5757	152	6	measure	measure	VERB
easat-5757	152	7	financial	financial	ADJ
easat-5757	152	8	flexibility	flexibility	NOUN
easat-5757	152	9	:	:	PUNCT
easat-5757	152	10	the	the	DET
easat-5757	152	11	first	first	ADJ
easat-5757	152	12	is	be	AUX
easat-5757	152	13	the	the	DET
easat-5757	152	14	single	single	ADJ
easat-5757	152	15	index	index	NOUN
easat-5757	152	16	method	method	NOUN
easat-5757	152	17	,	,	PUNCT
easat-5757	152	18	which	which	PRON
easat-5757	152	19	defines	define	VERB
easat-5757	152	20	financial	financial	ADJ
easat-5757	152	21	flexibility	flexibility	NOUN
easat-5757	152	22	as	as	ADP
easat-5757	152	23	cash	cash	NOUN
easat-5757	152	24	reserves	reserve	NOUN
easat-5757	152	25	or	or	CCONJ
easat-5757	152	26	financial	financial	ADJ
easat-5757	152	27	leverage	leverage	NOUN
easat-5757	152	28	.	.	PUNCT
easat-5757	153	1	ferrando	ferrando	PROPN
easat-5757	153	2	,	,	PUNCT
easat-5757	153	3	et	et	PROPN
easat-5757	153	4	al	al	PROPN
easat-5757	153	5	.	.	PUNCT
easat-5757	154	1	[	[	X
easat-5757	154	2	14	14	NUM
easat-5757	154	3	]	]	PUNCT
easat-5757	154	4	predicted	predict	VERB
easat-5757	154	5	the	the	DET
easat-5757	154	6	debt	debt	NOUN
easat-5757	154	7	level	level	NOUN
easat-5757	154	8	of	of	ADP
easat-5757	154	9	enterprises	enterprise	NOUN
easat-5757	154	10	,	,	PUNCT
easat-5757	154	11	took	take	VERB
easat-5757	154	12	the	the	DET
easat-5757	154	13	real	real	ADJ
easat-5757	154	14	debt	debt	NOUN
easat-5757	154	15	level	level	NOUN
easat-5757	154	16	as	as	ADP
easat-5757	154	17	a	a	DET
easat-5757	154	18	reference	reference	NOUN
easat-5757	154	19	,	,	PUNCT
easat-5757	154	20	and	and	CCONJ
easat-5757	154	21	finally	finally	ADV
easat-5757	154	22	defined	define	VERB
easat-5757	154	23	the	the	DET
easat-5757	154	24	financial	financial	ADJ
easat-5757	154	25	flexible	flexible	ADJ
easat-5757	154	26	company	company	NOUN
easat-5757	154	27	as	as	ADP
easat-5757	154	28	the	the	DET
easat-5757	154	29	company	company	NOUN
easat-5757	154	30	with	with	ADP
easat-5757	154	31	the	the	DET
easat-5757	154	32	remaining	remain	VERB
easat-5757	154	33	debt	debt	NOUN
easat-5757	154	34	capacity	capacity	NOUN
easat-5757	154	35	for	for	ADP
easat-5757	154	36	more	more	ADJ
easat-5757	154	37	than	than	ADP
easat-5757	154	38	three	three	NUM
easat-5757	154	39	consecutive	consecutive	ADJ
easat-5757	154	40	years	year	NOUN
easat-5757	154	41	.	.	PUNCT
easat-5757	155	1	the	the	DET
easat-5757	155	2	second	second	ADJ
easat-5757	155	3	method	method	NOUN
easat-5757	155	4	is	be	AUX
easat-5757	155	5	multi	multi	ADJ
easat-5757	155	6	-	-	ADJ
easat-5757	155	7	index	index	ADJ
easat-5757	155	8	judgment	judgment	NOUN
easat-5757	155	9	.	.	PUNCT
easat-5757	156	1	fahlenbrach	fahlenbrach	NOUN
easat-5757	156	2	,	,	PUNCT
easat-5757	156	3	et	et	PROPN
easat-5757	156	4	al	al	PROPN
easat-5757	156	5	.	.	PUNCT
easat-5757	157	1	[	[	X
easat-5757	157	2	15	15	NUM
easat-5757	157	3	]	]	PUNCT
easat-5757	157	4	believe	believe	VERB
easat-5757	157	5	that	that	SCONJ
easat-5757	157	6	financial	financial	ADJ
easat-5757	157	7	flexibility	flexibility	NOUN
easat-5757	157	8	can	can	AUX
easat-5757	157	9	be	be	AUX
easat-5757	157	10	understood	understand	VERB
easat-5757	157	11	as	as	ADP
easat-5757	157	12	the	the	DET
easat-5757	157	13	sum	sum	NOUN
easat-5757	157	14	of	of	ADP
easat-5757	157	15	cash	cash	NOUN
easat-5757	157	16	flexibility	flexibility	NOUN
easat-5757	157	17	and	and	CCONJ
easat-5757	157	18	debt	debt	NOUN
easat-5757	157	19	flexibility	flexibility	NOUN
easat-5757	157	20	,	,	PUNCT
easat-5757	157	21	where	where	SCONJ
easat-5757	157	22	cash	cash	NOUN
easat-5757	157	23	flexibility	flexibility	NOUN
easat-5757	157	24	=	=	PUNCT
easat-5757	157	25	the	the	DET
easat-5757	157	26	company	company	NOUN
easat-5757	157	27	's	's	PART
easat-5757	157	28	own	own	ADJ
easat-5757	157	29	cash	cash	NOUN
easat-5757	157	30	ratio	ratio	NOUN
easat-5757	157	31	the	the	DET
easat-5757	157	32	average	average	ADJ
easat-5757	157	33	cash	cash	NOUN
easat-5757	157	34	ratio	ratio	NOUN
easat-5757	157	35	of	of	ADP
easat-5757	157	36	the	the	DET
easat-5757	157	37	industry	industry	NOUN
easat-5757	157	38	,	,	PUNCT
easat-5757	157	39	and	and	CCONJ
easat-5757	157	40	debt	debt	NOUN
easat-5757	157	41	flexibility	flexibility	NOUN
easat-5757	157	42	=	=	SYM
easat-5757	157	43	max	max	X
easat-5757	157	44	(	(	PUNCT
easat-5757	157	45	0	0	NUM
easat-5757	157	46	,	,	PUNCT
easat-5757	157	47	the	the	DET
easat-5757	157	48	average	average	ADJ
easat-5757	157	49	debt	debt	NOUN
easat-5757	157	50	ratio	ratio	NOUN
easat-5757	157	51	of	of	ADP
easat-5757	157	52	the	the	DET
easat-5757	157	53	industry	industry	NOUN
easat-5757	157	54	the	the	DET
easat-5757	157	55	company	company	NOUN
easat-5757	157	56	's	's	PART
easat-5757	157	57	own	own	ADJ
easat-5757	157	58	debt	debt	NOUN
easat-5757	157	59	ratio	ratio	NOUN
easat-5757	157	60	)	)	PUNCT
easat-5757	157	61	.	.	PUNCT
easat-5757	158	1	the	the	DET
easat-5757	158	2	third	third	ADJ
easat-5757	158	3	method	method	NOUN
easat-5757	158	4	is	be	AUX
easat-5757	158	5	multi	multi	ADJ
easat-5757	158	6	-	-	ADJ
easat-5757	158	7	index	index	NOUN
easat-5757	158	8	method	method	NOUN
easat-5757	158	9	.	.	PUNCT
easat-5757	159	1	sreenivasulu	sreenivasulu	PROPN
easat-5757	159	2	and	and	CCONJ
easat-5757	159	3	mamilla	mamilla	NOUN
easat-5757	160	1	[	[	X
easat-5757	160	2	20	20	NUM
easat-5757	160	3	]	]	PUNCT
easat-5757	160	4	uses	use	VERB
easat-5757	160	5	analytic	analytic	ADJ
easat-5757	160	6	hierarchy	hierarchy	NOUN
easat-5757	160	7	process	process	NOUN
easat-5757	160	8	to	to	PART
easat-5757	160	9	construct	construct	VERB
easat-5757	160	10	financial	financial	ADJ
easat-5757	160	11	flexibility	flexibility	NOUN
easat-5757	160	12	index	index	NOUN
easat-5757	160	13	,	,	PUNCT
easat-5757	160	14	which	which	PRON
easat-5757	160	15	includes	include	VERB
easat-5757	160	16	three	three	NUM
easat-5757	160	17	levels	level	NOUN
easat-5757	160	18	:	:	PUNCT
easat-5757	160	19	cash	cash	NOUN
easat-5757	160	20	,	,	PUNCT
easat-5757	160	21	external	external	ADJ
easat-5757	160	22	financing	financing	NOUN
easat-5757	160	23	cost	cost	NOUN
easat-5757	160	24	and	and	CCONJ
easat-5757	160	25	capital	capital	NOUN
easat-5757	160	26	structure	structure	NOUN
easat-5757	160	27	.	.	PUNCT
easat-5757	161	1	the	the	DET
easat-5757	161	2	author	author	NOUN
easat-5757	161	3	draws	draw	VERB
easat-5757	161	4	on	on	ADP
easat-5757	161	5	the	the	DET
easat-5757	161	6	definition	definition	NOUN
easat-5757	161	7	method	method	NOUN
easat-5757	161	8	proposed	propose	VERB
easat-5757	161	9	by	by	ADP
easat-5757	161	10	fahlenbrach	fahlenbrach	NOUN
easat-5757	161	11	,	,	PUNCT
easat-5757	161	12	et	et	PROPN
easat-5757	161	13	al	al	PROPN
easat-5757	161	14	.	.	PUNCT
easat-5757	162	1	[	[	X
easat-5757	162	2	15	15	NUM
easat-5757	162	3	]	]	PUNCT
easat-5757	162	4	in	in	ADP
easat-5757	162	5	which	which	PRON
easat-5757	162	6	both	both	CCONJ
easat-5757	162	7	cash	cash	NOUN
easat-5757	162	8	ratio	ratio	NOUN
easat-5757	162	9	and	and	CCONJ
easat-5757	162	10	debt	debt	NOUN
easat-5757	162	11	ratio	ratio	NOUN
easat-5757	162	12	are	be	AUX
easat-5757	162	13	standardized	standardize	VERB
easat-5757	162	14	by	by	ADP
easat-5757	162	15	the	the	DET
easat-5757	162	16	total	total	ADJ
easat-5757	162	17	assets	asset	NOUN
easat-5757	162	18	index	index	NOUN
easat-5757	162	19	,	,	PUNCT
easat-5757	162	20	so	so	ADV
easat-5757	162	21	cash	cash	NOUN
easat-5757	162	22	flexibility	flexibility	NOUN
easat-5757	162	23	and	and	CCONJ
easat-5757	162	24	debt	debt	NOUN
easat-5757	162	25	flexibility	flexibility	NOUN
easat-5757	162	26	can	can	AUX
easat-5757	162	27	be	be	AUX
easat-5757	162	28	directly	directly	ADV
easat-5757	162	29	added	add	VERB
easat-5757	162	30	to	to	PART
easat-5757	162	31	explain	explain	VERB
easat-5757	162	32	financial	financial	ADJ
easat-5757	162	33	flexibility	flexibility	NOUN
easat-5757	162	34	.	.	PUNCT
easat-5757	163	1	3.2.2	3.2.2	X
easat-5757	163	2	.	.	PUNCT
easat-5757	163	3	regression	regression	NOUN
easat-5757	163	4	model	model	NOUN
easat-5757	163	5	design	design	NOUN
easat-5757	163	6	in	in	ADP
easat-5757	163	7	order	order	NOUN
easat-5757	163	8	to	to	PART
easat-5757	163	9	study	study	VERB
easat-5757	163	10	the	the	DET
easat-5757	163	11	impact	impact	NOUN
easat-5757	163	12	of	of	ADP
easat-5757	163	13	financing	financing	NOUN
easat-5757	163	14	constraints	constraint	NOUN
easat-5757	163	15	on	on	ADP
easat-5757	163	16	the	the	DET
easat-5757	163	17	company	company	NOUN
easat-5757	163	18	's	's	PART
easat-5757	163	19	financial	financial	ADJ
easat-5757	163	20	flexible	flexible	PROPN
easat-5757	163	21	reserve	reserve	PROPN
easat-5757	163	22	behavior	behavior	PROPN
easat-5757	163	23	,	,	PUNCT
easat-5757	163	24	the	the	DET
easat-5757	163	25	author	author	NOUN
easat-5757	163	26	constructs	construct	VERB
easat-5757	163	27	the	the	DET
easat-5757	163	28	following	follow	VERB
easat-5757	163	29	model	model	NOUN
easat-5757	163	30	based	base	VERB
easat-5757	163	31	on	on	ADP
easat-5757	163	32	the	the	DET
easat-5757	163	33	cash	cash	NOUN
easat-5757	163	34	-	-	PUNCT
easat-5757	163	35	cash	cash	NOUN
easat-5757	163	36	flow	flow	NOUN
easat-5757	163	37	sensitivity	sensitivity	NOUN
easat-5757	163	38	model	model	NOUN
easat-5757	163	39	of	of	ADP
easat-5757	163	40	lozano	lozano	PROPN
easat-5757	163	41	and	and	CCONJ
easat-5757	163	42	yaman	yaman	PROPN
easat-5757	164	1	[	[	X
easat-5757	164	2	12	12	NUM
easat-5757	164	3	]	]	PUNCT
easat-5757	164	4	.	.	PUNCT
easat-5757	165	1	δffit	δffit	NOUN
easat-5757	165	2	=	=	SYM
easat-5757	165	3	α0	α0	ADJ
easat-5757	165	4	+	+	CCONJ
easat-5757	165	5	α1cashflowit	α1cashflowit	NOUN
easat-5757	165	6	+	+	NOUN
easat-5757	165	7	α2fcit	α2fcit	NOUN
easat-5757	165	8	+	+	CCONJ
easat-5757	165	9	α3fcit	α3fcit	ADJ
easat-5757	165	10	×	×	NOUN
easat-5757	165	11	cashflowit	cashflowit	NOUN
easat-5757	165	12	+	+	CCONJ
easat-5757	165	13	α4sizeit	α4sizeit	PROPN
easat-5757	165	14	+	+	CCONJ
easat-5757	165	15	α5qit	α5qit	NUM
easat-5757	165	16	+	+	NOUN
easat-5757	165	17	α6∑year	α6∑year	NOUN
easat-5757	165	18	+	+	NUM
easat-5757	165	19	α7∑industry	α7∑industry	PROPN
easat-5757	166	1	+	+	CCONJ
easat-5757	166	2	eit	eit	PROPN
easat-5757	166	3	(	(	PUNCT
easat-5757	166	4	1	1	NUM
easat-5757	166	5	)	)	PUNCT
easat-5757	166	6	in	in	ADP
easat-5757	166	7	order	order	NOUN
easat-5757	166	8	to	to	PART
easat-5757	166	9	test	test	VERB
easat-5757	166	10	the	the	DET
easat-5757	166	11	impact	impact	NOUN
easat-5757	166	12	of	of	ADP
easat-5757	166	13	financial	financial	ADJ
easat-5757	166	14	flexibility	flexibility	NOUN
easat-5757	166	15	on	on	ADP
easat-5757	166	16	corporate	corporate	ADJ
easat-5757	166	17	performance	performance	NOUN
easat-5757	166	18	,	,	PUNCT
easat-5757	166	19	the	the	DET
easat-5757	166	20	author	author	NOUN
easat-5757	166	21	adds	add	VERB
easat-5757	166	22	financial	financial	ADJ
easat-5757	166	23	flexibility	flexibility	NOUN
easat-5757	166	24	and	and	CCONJ
easat-5757	166	25	its	its	PRON
easat-5757	166	26	square	square	ADJ
easat-5757	166	27	term	term	NOUN
easat-5757	166	28	on	on	ADP
easat-5757	166	29	the	the	DET
easat-5757	166	30	basis	basis	NOUN
easat-5757	166	31	of	of	ADP
easat-5757	166	32	the	the	DET
easat-5757	166	33	nonlinear	nonlinear	ADJ
easat-5757	166	34	model	model	NOUN
easat-5757	166	35	of	of	ADP
easat-5757	166	36	ownership	ownership	NOUN
easat-5757	166	37	structure	structure	NOUN
easat-5757	166	38	and	and	CCONJ
easat-5757	166	39	corporate	corporate	ADJ
easat-5757	166	40	performance	performance	NOUN
easat-5757	166	41	proposed	propose	VERB
easat-5757	166	42	by	by	ADP
easat-5757	166	43	kyere	kyere	PROPN
easat-5757	166	44	and	and	CCONJ
easat-5757	166	45	ausloos	ausloos	NOUN
easat-5757	166	46	[	[	X
easat-5757	166	47	21	21	NUM
easat-5757	166	48	]	]	PUNCT
easat-5757	166	49	.	.	PUNCT
easat-5757	167	1	if	if	SCONJ
easat-5757	167	2	β2	β2	PROPN
easat-5757	167	3	is	be	AUX
easat-5757	167	4	significantly	significantly	ADV
easat-5757	167	5	less	less	ADJ
easat-5757	167	6	than	than	ADP
easat-5757	167	7	0	0	NUM
easat-5757	167	8	,	,	PUNCT
easat-5757	167	9	there	there	PRON
easat-5757	167	10	is	be	VERB
easat-5757	167	11	an	an	DET
easat-5757	167	12	inverted	inverted	ADJ
easat-5757	167	13	u	u	ADJ
easat-5757	167	14	-	-	ADJ
easat-5757	167	15	shaped	shape	VERB
easat-5757	167	16	relationship	relationship	NOUN
easat-5757	167	17	between	between	ADP
easat-5757	167	18	financial	financial	ADJ
easat-5757	167	19	flexibility	flexibility	NOUN
easat-5757	167	20	and	and	CCONJ
easat-5757	167	21	firm	firm	ADJ
easat-5757	167	22	performance	performance	NOUN
easat-5757	167	23	.	.	PUNCT
easat-5757	168	1	roait＝	roait＝	PROPN
easat-5757	168	2	β0	β0	PROPN
easat-5757	169	1	+	+	CCONJ
easat-5757	170	1	β1ffit−1	β1ffit−1	PRON
easat-5757	170	2	+	+	X
easat-5757	170	3	β2ffit−1	β2ffit−1	X
easat-5757	170	4	2	2	NUM
easat-5757	170	5	+	+	CCONJ
easat-5757	170	6	β3sizeit	β3sizeit	PROPN
easat-5757	171	1	+	+	CCONJ
easat-5757	171	2	𝛽4growthit	𝛽4growthit	ADJ
easat-5757	171	3	+	+	CCONJ
easat-5757	171	4	𝛽5fsrit	𝛽5fsrit	PROPN
easat-5757	171	5	+	+	PROPN
easat-5757	171	6	𝛽6∑year	𝛽6∑year	PROPN
easat-5757	171	7	+	+	PROPN
easat-5757	171	8	𝛽7∑indust	𝛽7∑indust	PROPN
easat-5757	171	9	+	+	NUM
easat-5757	171	10	𝜀it	𝜀it	NOUN
easat-5757	171	11	(	(	PUNCT
easat-5757	171	12	2	2	NUM
easat-5757	171	13	)	)	PUNCT
easat-5757	171	14	the	the	DET
easat-5757	171	15	variable	variable	ADJ
easat-5757	171	16	definitions	definition	NOUN
easat-5757	171	17	in	in	ADP
easat-5757	171	18	the	the	DET
easat-5757	171	19	model	model	NOUN
easat-5757	171	20	are	be	AUX
easat-5757	171	21	shown	show	VERB
easat-5757	171	22	in	in	ADP
easat-5757	171	23	table	table	NOUN
easat-5757	171	24	1	1	NUM
easat-5757	171	25	:	:	SYM
easat-5757	171	26	2175	2175	NUM
easat-5757	171	27	edelweiss	edelweiss	PROPN
easat-5757	171	28	applied	apply	VERB
easat-5757	171	29	science	science	NOUN
easat-5757	171	30	and	and	CCONJ
easat-5757	171	31	technology	technology	NOUN
easat-5757	171	32	issn	issn	PROPN
easat-5757	171	33	:	:	PUNCT
easat-5757	171	34	2576	2576	NUM
easat-5757	171	35	-	-	SYM
easat-5757	171	36	8484	8484	NUM
easat-5757	171	37	vol	vol	NOUN
easat-5757	171	38	.	.	PROPN
easat-5757	172	1	9	9	NUM
easat-5757	172	2	,	,	PUNCT
easat-5757	172	3	no	no	INTJ
easat-5757	172	4	.	.	NOUN
easat-5757	173	1	3	3	NUM
easat-5757	173	2	:	:	SYM
easat-5757	173	3	2170	2170	NUM
easat-5757	173	4	-	-	SYM
easat-5757	173	5	2183	2183	NUM
easat-5757	173	6	,	,	PUNCT
easat-5757	173	7	2025	2025	NUM
easat-5757	173	8	doi	doi	NOUN
easat-5757	173	9	:	:	PUNCT
easat-5757	173	10	10.55214/25768484.v9i3.5757	10.55214/25768484.v9i3.5757	NUM
easat-5757	173	11	©	©	PROPN
easat-5757	173	12	2025	2025	NUM
easat-5757	173	13	by	by	ADP
easat-5757	173	14	the	the	DET
easat-5757	173	15	authors	author	NOUN
easat-5757	173	16	;	;	PUNCT
easat-5757	173	17	licensee	licensee	PROPN
easat-5757	173	18	learning	learn	VERB
easat-5757	173	19	gate	gate	NOUN
easat-5757	173	20	table	table	NOUN
easat-5757	173	21	1	1	NUM
easat-5757	173	22	.	.	PUNCT
easat-5757	173	23	variable	variable	ADJ
easat-5757	173	24	definition	definition	NOUN
easat-5757	173	25	table	table	NOUN
easat-5757	173	26	.	.	PUNCT
easat-5757	174	1	variable	variable	ADJ
easat-5757	174	2	symbol	symbol	NOUN
easat-5757	174	3	variable	variable	ADJ
easat-5757	174	4	name	name	NOUN
easat-5757	174	5	explain	explain	VERB
easat-5757	174	6	explained	explain	VERB
easat-5757	174	7	variable	variable	ADJ
easat-5757	174	8	financial	financial	ADJ
easat-5757	174	9	flexibility	flexibility	NOUN
easat-5757	174	10	increment	increment	NOUN
easat-5757	174	11	∆ff	∆ff	X
easat-5757	174	12	the	the	DET
easat-5757	174	13	difference	difference	NOUN
easat-5757	174	14	between	between	ADP
easat-5757	174	15	the	the	DET
easat-5757	174	16	current	current	ADJ
easat-5757	174	17	financial	financial	ADJ
easat-5757	174	18	flexibility	flexibility	NOUN
easat-5757	174	19	and	and	CCONJ
easat-5757	174	20	the	the	DET
easat-5757	174	21	previous	previous	ADJ
easat-5757	174	22	financial	financial	ADJ
easat-5757	174	23	flexibility	flexibility	NOUN
easat-5757	174	24	company	company	NOUN
easat-5757	174	25	performance	performance	NOUN
easat-5757	174	26	roa	roa	NOUN
easat-5757	174	27	the	the	DET
easat-5757	174	28	ratio	ratio	NOUN
easat-5757	174	29	of	of	ADP
easat-5757	174	30	ebiit	ebiit	PROPN
easat-5757	174	31	to	to	PART
easat-5757	174	32	average	average	VERB
easat-5757	174	33	total	total	ADJ
easat-5757	174	34	assets	asset	NOUN
easat-5757	174	35	explanatory	explanatory	ADJ
easat-5757	174	36	variable	variable	ADJ
easat-5757	174	37	cash	cash	NOUN
easat-5757	174	38	flow	flow	NOUN
easat-5757	174	39	cashflow	cashflow	VERB
easat-5757	174	40	the	the	DET
easat-5757	174	41	ratio	ratio	NOUN
easat-5757	174	42	of	of	ADP
easat-5757	174	43	cash	cash	NOUN
easat-5757	174	44	flow	flow	NOUN
easat-5757	174	45	from	from	ADP
easat-5757	174	46	operating	operate	VERB
easat-5757	174	47	activities	activity	NOUN
easat-5757	174	48	to	to	ADP
easat-5757	174	49	total	total	ADJ
easat-5757	174	50	assets	asset	NOUN
easat-5757	174	51	financing	financing	NOUN
easat-5757	174	52	constraints	constraint	NOUN
easat-5757	174	53	fc	fc	PROPN
easat-5757	174	54	virtual	virtual	ADJ
easat-5757	174	55	variable	variable	NOUN
easat-5757	174	56	,	,	PUNCT
easat-5757	174	57	the	the	DET
easat-5757	174	58	company	company	NOUN
easat-5757	174	59	faces	face	VERB
easat-5757	174	60	high	high	ADJ
easat-5757	174	61	financing	financing	NOUN
easat-5757	174	62	constraints	constraint	NOUN
easat-5757	174	63	to	to	PART
easat-5757	174	64	take	take	VERB
easat-5757	174	65	1	1	NUM
easat-5757	174	66	,	,	PUNCT
easat-5757	174	67	low	low	ADJ
easat-5757	174	68	financing	financing	NOUN
easat-5757	174	69	constraints	constraint	NOUN
easat-5757	174	70	to	to	PART
easat-5757	174	71	take	take	VERB
easat-5757	174	72	0	0	NUM
easat-5757	174	73	financial	financial	ADJ
easat-5757	174	74	flexibility	flexibility	NOUN
easat-5757	174	75	ff	ff	ADP
easat-5757	174	76	the	the	DET
easat-5757	174	77	sum	sum	NOUN
easat-5757	174	78	of	of	ADP
easat-5757	174	79	cash	cash	NOUN
easat-5757	174	80	flexibility	flexibility	NOUN
easat-5757	174	81	and	and	CCONJ
easat-5757	174	82	liability	liability	NOUN
easat-5757	174	83	flexibility	flexibility	NOUN
easat-5757	174	84	financial	financial	ADJ
easat-5757	174	85	flexibility	flexibility	NOUN
easat-5757	174	86	of	of	ADP
easat-5757	174	87	the	the	DET
easat-5757	174	88	square	square	NOUN
easat-5757	174	89	of	of	ADP
easat-5757	174	90	the	the	PRON
easat-5757	174	91	ff²	ff²	NOUN
easat-5757	174	92	the	the	DET
easat-5757	174	93	square	square	NOUN
easat-5757	174	94	of	of	ADP
easat-5757	174	95	the	the	DET
easat-5757	174	96	financial	financial	ADJ
easat-5757	174	97	flexibility	flexibility	NOUN
easat-5757	174	98	controlled	control	VERB
easat-5757	174	99	variable	variable	ADJ
easat-5757	174	100	investment	investment	NOUN
easat-5757	174	101	opportunity	opportunity	NOUN
easat-5757	174	102	q	q	PROPN
easat-5757	174	103	tobbin	tobbin	PROPN
easat-5757	174	104	q	q	PROPN
easat-5757	174	105	asset	asset	NOUN
easat-5757	174	106	size	size	NOUN
easat-5757	174	107	size	size	NOUN
easat-5757	174	108	natural	natural	ADJ
easat-5757	174	109	logarithm	logarithm	NOUN
easat-5757	174	110	of	of	ADP
easat-5757	174	111	the	the	DET
easat-5757	174	112	total	total	ADJ
easat-5757	174	113	assets	asset	NOUN
easat-5757	174	114	ownership	ownership	NOUN
easat-5757	174	115	structure	structure	NOUN
easat-5757	174	116	fsr	fsr	PROPN
easat-5757	174	117	the	the	DET
easat-5757	174	118	largest	large	ADJ
easat-5757	174	119	shareholder	shareholder	NOUN
easat-5757	174	120	shareholding	shareholding	NOUN
easat-5757	174	121	ratio	ratio	NOUN
easat-5757	174	122	growth	growth	NOUN
easat-5757	174	123	growth	growth	NOUN
easat-5757	174	124	total	total	ADJ
easat-5757	174	125	asset	asset	NOUN
easat-5757	174	126	growth	growth	NOUN
easat-5757	174	127	rate	rate	NOUN
easat-5757	174	128	annual	annual	ADJ
easat-5757	174	129	variable	variable	ADJ
easat-5757	174	130	year	year	NOUN
easat-5757	174	131	virtual	virtual	ADJ
easat-5757	174	132	variable	variable	NOUN
easat-5757	174	133	,	,	PUNCT
easat-5757	174	134	the	the	DET
easat-5757	174	135	sample	sample	NOUN
easat-5757	174	136	is	be	AUX
easat-5757	174	137	1	1	NUM
easat-5757	174	138	for	for	ADP
easat-5757	174	139	the	the	DET
easat-5757	174	140	year	year	NOUN
easat-5757	174	141	,	,	PUNCT
easat-5757	174	142	otherwise	otherwise	ADV
easat-5757	174	143	0	0	NUM
easat-5757	174	144	industry	industry	NOUN
easat-5757	174	145	variables	variable	VERB
easat-5757	174	146	industry	industry	NOUN
easat-5757	174	147	virtual	virtual	ADJ
easat-5757	174	148	variable	variable	NOUN
easat-5757	174	149	,	,	PUNCT
easat-5757	174	150	the	the	DET
easat-5757	174	151	sample	sample	NOUN
easat-5757	174	152	is	be	AUX
easat-5757	174	153	the	the	DET
easat-5757	174	154	industry	industry	NOUN
easat-5757	174	155	to	to	PART
easat-5757	174	156	take	take	VERB
easat-5757	174	157	1	1	NUM
easat-5757	174	158	,	,	PUNCT
easat-5757	174	159	otherwise	otherwise	ADV
easat-5757	174	160	take	take	VERB
easat-5757	174	161	0	0	NUM
easat-5757	174	162	4	4	NUM
easat-5757	174	163	.	.	PUNCT
easat-5757	174	164	results	result	NOUN
easat-5757	174	165	and	and	CCONJ
easat-5757	174	166	discussion	discussion	NOUN
easat-5757	174	167	4.1	4.1	NUM
easat-5757	174	168	.	.	PUNCT
easat-5757	175	1	descriptive	descriptive	ADJ
easat-5757	175	2	statistics	statistic	NOUN
easat-5757	175	3	table	table	NOUN
easat-5757	175	4	2	2	NUM
easat-5757	175	5	presents	present	VERB
easat-5757	175	6	the	the	DET
easat-5757	175	7	results	result	NOUN
easat-5757	175	8	of	of	ADP
easat-5757	175	9	the	the	DET
easat-5757	175	10	descriptive	descriptive	ADJ
easat-5757	175	11	statistical	statistical	ADJ
easat-5757	175	12	analysis	analysis	NOUN
easat-5757	175	13	of	of	ADP
easat-5757	175	14	the	the	DET
easat-5757	175	15	primary	primary	ADJ
easat-5757	175	16	variables	variable	NOUN
easat-5757	175	17	.	.	PUNCT
easat-5757	176	1	the	the	DET
easat-5757	176	2	financial	financial	ADJ
easat-5757	176	3	flexibility	flexibility	NOUN
easat-5757	176	4	increment	increment	NOUN
easat-5757	176	5	δff	δff	PROPN
easat-5757	176	6	represents	represent	VERB
easat-5757	176	7	the	the	DET
easat-5757	176	8	level	level	NOUN
easat-5757	176	9	of	of	ADP
easat-5757	176	10	financial	financial	ADJ
easat-5757	176	11	flexibility	flexibility	NOUN
easat-5757	176	12	in	in	ADP
easat-5757	176	13	a	a	DET
easat-5757	176	14	company	company	NOUN
easat-5757	176	15	's	's	PART
easat-5757	176	16	reserves	reserve	NOUN
easat-5757	176	17	,	,	PUNCT
easat-5757	176	18	with	with	ADP
easat-5757	176	19	an	an	DET
easat-5757	176	20	average	average	ADJ
easat-5757	176	21	value	value	NOUN
easat-5757	176	22	of	of	ADP
easat-5757	176	23	0.011	0.011	NUM
easat-5757	176	24	.	.	PUNCT
easat-5757	177	1	this	this	PRON
easat-5757	177	2	suggests	suggest	VERB
easat-5757	177	3	that	that	SCONJ
easat-5757	177	4	,	,	PUNCT
easat-5757	177	5	from	from	ADP
easat-5757	177	6	2010	2010	NUM
easat-5757	177	7	to	to	ADP
easat-5757	177	8	2014	2014	NUM
easat-5757	177	9	,	,	PUNCT
easat-5757	177	10	the	the	DET
easat-5757	177	11	total	total	ADJ
easat-5757	177	12	amount	amount	NOUN
easat-5757	177	13	of	of	ADP
easat-5757	177	14	financial	financial	ADJ
easat-5757	177	15	flexibility	flexibility	NOUN
easat-5757	177	16	reserves	reserve	NOUN
easat-5757	177	17	held	hold	VERB
easat-5757	177	18	by	by	ADP
easat-5757	177	19	listed	list	VERB
easat-5757	177	20	companies	company	NOUN
easat-5757	177	21	in	in	ADP
easat-5757	177	22	china	china	PROPN
easat-5757	177	23	exceeded	exceed	VERB
easat-5757	177	24	the	the	DET
easat-5757	177	25	total	total	ADJ
easat-5757	177	26	amount	amount	NOUN
easat-5757	177	27	released	release	VERB
easat-5757	177	28	,	,	PUNCT
easat-5757	177	29	potentially	potentially	ADV
easat-5757	177	30	reflecting	reflect	VERB
easat-5757	177	31	increased	increase	VERB
easat-5757	177	32	attention	attention	NOUN
easat-5757	177	33	to	to	ADP
easat-5757	177	34	financial	financial	ADJ
easat-5757	177	35	flexibility	flexibility	NOUN
easat-5757	177	36	following	follow	VERB
easat-5757	177	37	the	the	DET
easat-5757	177	38	global	global	ADJ
easat-5757	177	39	financial	financial	ADJ
easat-5757	177	40	crisis	crisis	NOUN
easat-5757	177	41	.	.	PUNCT
easat-5757	178	1	the	the	DET
easat-5757	178	2	mean	mean	ADJ
easat-5757	178	3	financial	financial	ADJ
easat-5757	178	4	flexibility	flexibility	NOUN
easat-5757	178	5	(	(	PUNCT
easat-5757	178	6	ff	ff	NOUN
easat-5757	178	7	)	)	PUNCT
easat-5757	178	8	is	be	AUX
easat-5757	178	9	0.104	0.104	NUM
easat-5757	178	10	,	,	PUNCT
easat-5757	178	11	indicating	indicate	VERB
easat-5757	178	12	that	that	SCONJ
easat-5757	178	13	listed	list	VERB
easat-5757	178	14	companies	company	NOUN
easat-5757	178	15	generally	generally	ADV
easat-5757	178	16	maintain	maintain	VERB
easat-5757	178	17	a	a	DET
easat-5757	178	18	certain	certain	ADJ
easat-5757	178	19	degree	degree	NOUN
easat-5757	178	20	of	of	ADP
easat-5757	178	21	financial	financial	ADJ
easat-5757	178	22	flexibility	flexibility	NOUN
easat-5757	178	23	.	.	PUNCT
easat-5757	179	1	this	this	PRON
easat-5757	179	2	may	may	AUX
easat-5757	179	3	be	be	AUX
easat-5757	179	4	attributable	attributable	ADJ
easat-5757	179	5	to	to	ADP
easat-5757	179	6	the	the	DET
easat-5757	179	7	underdeveloped	underdeveloped	ADJ
easat-5757	179	8	nature	nature	NOUN
easat-5757	179	9	of	of	ADP
easat-5757	179	10	china	china	PROPN
easat-5757	179	11	's	's	PART
easat-5757	179	12	capital	capital	NOUN
easat-5757	179	13	market	market	NOUN
easat-5757	179	14	and	and	CCONJ
easat-5757	179	15	the	the	DET
easat-5757	179	16	volatility	volatility	NOUN
easat-5757	179	17	of	of	ADP
easat-5757	179	18	the	the	DET
easat-5757	179	19	operating	operating	NOUN
easat-5757	179	20	environment	environment	NOUN
easat-5757	179	21	.	.	PUNCT
easat-5757	180	1	the	the	DET
easat-5757	180	2	standard	standard	ADJ
easat-5757	180	3	deviation	deviation	NOUN
easat-5757	180	4	of	of	ADP
easat-5757	180	5	ff	ff	NOUN
easat-5757	180	6	is	be	AUX
easat-5757	180	7	0.351	0.351	NUM
easat-5757	180	8	,	,	PUNCT
easat-5757	180	9	signifying	signify	VERB
easat-5757	180	10	substantial	substantial	ADJ
easat-5757	180	11	variation	variation	NOUN
easat-5757	180	12	in	in	ADP
easat-5757	180	13	financial	financial	ADJ
easat-5757	180	14	flexibility	flexibility	NOUN
easat-5757	180	15	across	across	ADP
easat-5757	180	16	firms	firm	NOUN
easat-5757	180	17	.	.	PUNCT
easat-5757	181	1	the	the	DET
easat-5757	181	2	authors	author	NOUN
easat-5757	181	3	will	will	AUX
easat-5757	181	4	further	far	ADV
easat-5757	181	5	investigate	investigate	VERB
easat-5757	181	6	the	the	DET
easat-5757	181	7	differential	differential	ADJ
easat-5757	181	8	impacts	impact	NOUN
easat-5757	181	9	of	of	ADP
easat-5757	181	10	these	these	DET
easat-5757	181	11	variations	variation	NOUN
easat-5757	181	12	on	on	ADP
easat-5757	181	13	corporate	corporate	ADJ
easat-5757	181	14	performance	performance	NOUN
easat-5757	181	15	.	.	PUNCT
easat-5757	182	1	during	during	ADP
easat-5757	182	2	the	the	DET
easat-5757	182	3	period	period	NOUN
easat-5757	182	4	from	from	ADP
easat-5757	182	5	2010	2010	NUM
easat-5757	182	6	to	to	ADP
easat-5757	182	7	2014	2014	NUM
easat-5757	182	8	,	,	PUNCT
easat-5757	182	9	the	the	DET
easat-5757	182	10	average	average	ADJ
easat-5757	182	11	return	return	NOUN
easat-5757	182	12	on	on	ADP
easat-5757	182	13	assets	asset	NOUN
easat-5757	182	14	(	(	PUNCT
easat-5757	182	15	roa	roa	NOUN
easat-5757	182	16	)	)	PUNCT
easat-5757	182	17	for	for	ADP
easat-5757	182	18	listed	list	VERB
easat-5757	182	19	companies	company	NOUN
easat-5757	182	20	in	in	ADP
easat-5757	182	21	china	china	PROPN
easat-5757	182	22	was	be	AUX
easat-5757	182	23	0.047	0.047	NUM
easat-5757	182	24	,	,	PUNCT
easat-5757	182	25	reflecting	reflect	VERB
easat-5757	182	26	relatively	relatively	ADV
easat-5757	182	27	low	low	ADJ
easat-5757	182	28	overall	overall	ADJ
easat-5757	182	29	performance	performance	NOUN
easat-5757	182	30	.	.	PUNCT
easat-5757	183	1	additionally	additionally	ADV
easat-5757	183	2	,	,	PUNCT
easat-5757	183	3	the	the	DET
easat-5757	183	4	average	average	ADJ
easat-5757	183	5	shareholding	shareholding	NOUN
easat-5757	183	6	ratio	ratio	NOUN
easat-5757	183	7	of	of	ADP
easat-5757	183	8	the	the	DET
easat-5757	183	9	largest	large	ADJ
easat-5757	183	10	shareholder	shareholder	NOUN
easat-5757	183	11	(	(	PUNCT
easat-5757	183	12	top	top	NOUN
easat-5757	183	13	)	)	PUNCT
easat-5757	183	14	is	be	AUX
easat-5757	183	15	0.363	0.363	NUM
easat-5757	183	16	,	,	PUNCT
easat-5757	183	17	highlighting	highlight	VERB
easat-5757	183	18	the	the	DET
easat-5757	183	19	pronounced	pronounced	ADJ
easat-5757	183	20	"	"	PUNCT
easat-5757	183	21	one	one	NUM
easat-5757	183	22	dominant	dominant	ADJ
easat-5757	183	23	shareholder	shareholder	NOUN
easat-5757	183	24	"	"	PUNCT
easat-5757	183	25	phenomenon	phenomenon	NOUN
easat-5757	183	26	in	in	ADP
easat-5757	183	27	china	china	PROPN
easat-5757	183	28	.	.	PUNCT
easat-5757	184	1	furthermore	furthermore	ADV
easat-5757	184	2	,	,	PUNCT
easat-5757	184	3	pearson	pearson	PROPN
easat-5757	184	4	correlation	correlation	NOUN
easat-5757	184	5	analysis	analysis	NOUN
easat-5757	184	6	was	be	AUX
easat-5757	184	7	conducted	conduct	VERB
easat-5757	184	8	for	for	ADP
easat-5757	184	9	all	all	DET
easat-5757	184	10	variables	variable	NOUN
easat-5757	184	11	,	,	PUNCT
easat-5757	184	12	revealing	reveal	VERB
easat-5757	184	13	that	that	SCONJ
easat-5757	184	14	the	the	DET
easat-5757	184	15	correlation	correlation	NOUN
easat-5757	184	16	coefficients	coefficient	NOUN
easat-5757	184	17	between	between	ADP
easat-5757	184	18	independent	independent	ADJ
easat-5757	184	19	variables	variable	NOUN
easat-5757	184	20	were	be	AUX
easat-5757	184	21	all	all	ADV
easat-5757	184	22	below	below	ADP
easat-5757	184	23	0.300	0.300	NUM
easat-5757	184	24	,	,	PUNCT
easat-5757	184	25	confirming	confirm	VERB
easat-5757	184	26	the	the	DET
easat-5757	184	27	absence	absence	NOUN
easat-5757	184	28	of	of	ADP
easat-5757	184	29	multicollinearity	multicollinearity	NOUN
easat-5757	184	30	issues	issue	NOUN
easat-5757	184	31	in	in	ADP
easat-5757	184	32	the	the	DET
easat-5757	184	33	model	model	NOUN
easat-5757	184	34	.	.	PUNCT
easat-5757	185	1	table	table	NOUN
easat-5757	185	2	2	2	NUM
easat-5757	185	3	.	.	PUNCT
easat-5757	185	4	descriptive	descriptive	ADJ
easat-5757	185	5	statistics	statistic	NOUN
easat-5757	185	6	of	of	ADP
easat-5757	185	7	main	main	ADJ
easat-5757	185	8	variables	variable	NOUN
easat-5757	185	9	.	.	PUNCT
easat-5757	186	1	variable	variable	ADJ
easat-5757	186	2	mean	mean	VERB
easat-5757	186	3	standard	standard	ADJ
easat-5757	186	4	error	error	NOUN
easat-5757	186	5	crest	crest	NOUN
easat-5757	186	6	value	value	NOUN
easat-5757	186	7	least	least	ADJ
easat-5757	186	8	value	value	NOUN
easat-5757	186	9	observed	observe	VERB
easat-5757	186	10	value	value	NOUN
easat-5757	186	11	ff	ff	VERB
easat-5757	186	12	0.104	0.104	NUM
easat-5757	186	13	0.351	0.351	NUM
easat-5757	186	14	1.402	1.402	NUM
easat-5757	186	15	-0.365	-0.365	NUM
easat-5757	186	16	4496	4496	NUM
easat-5757	186	17	∆ff	∆ff	X
easat-5757	186	18	0.011	0.011	NUM
easat-5757	186	19	0.171	0.171	NUM
easat-5757	186	20	0.707	0.707	NUM
easat-5757	186	21	-0.385	-0.385	PUNCT
easat-5757	186	22	4496	4496	NUM
easat-5757	186	23	q	q	NOUN
easat-5757	186	24	1.862	1.862	NUM
easat-5757	186	25	0.857	0.857	NUM
easat-5757	186	26	6.775	6.775	NUM
easat-5757	186	27	0.938	0.938	NUM
easat-5757	186	28	4496	4496	NUM
easat-5757	186	29	cashflow	cashflow	VERB
easat-5757	186	30	0.047	0.047	NUM
easat-5757	186	31	0.068	0.068	NUM
easat-5757	186	32	0.246	0.246	NUM
easat-5757	186	33	-0.166	-0.166	SYM
easat-5757	186	34	4496	4496	NUM
easat-5757	186	35	ass	ass	NOUN
easat-5757	186	36	21.78	21.78	NUM
easat-5757	186	37	1.048	1.048	NUM
easat-5757	186	38	24.984	24.984	NUM
easat-5757	186	39	19.852	19.852	NUM
easat-5757	186	40	4496	4496	NUM
easat-5757	186	41	ff²	ff²	ADP
easat-5757	186	42	0.069	0.069	NUM
easat-5757	186	43	0.127	0.127	NUM
easat-5757	186	44	1.697	1.697	NUM
easat-5757	186	45	0.014	0.014	NUM
easat-5757	186	46	5286	5286	NUM
easat-5757	186	47	roa	roa	NOUN
easat-5757	186	48	0.047	0.047	NUM
easat-5757	186	49	0.04	0.04	NUM
easat-5757	186	50	0.195	0.195	NUM
easat-5757	186	51	-0.07	-0.07	NUM
easat-5757	186	52	5286	5286	NUM
easat-5757	186	53	top	top	NOUN
easat-5757	186	54	0.363	0.363	NUM
easat-5757	186	55	0.143	0.143	NUM
easat-5757	186	56	0.745	0.745	NUM
easat-5757	186	57	0.092	0.092	NUM
easat-5757	186	58	5286	5286	NUM
easat-5757	186	59	table	table	NOUN
easat-5757	186	60	3	3	NUM
easat-5757	186	61	categorizes	categorize	VERB
easat-5757	186	62	enterprises	enterprise	NOUN
easat-5757	186	63	based	base	VERB
easat-5757	186	64	on	on	ADP
easat-5757	186	65	revenue	revenue	NOUN
easat-5757	186	66	scale	scale	NOUN
easat-5757	186	67	and	and	CCONJ
easat-5757	186	68	duration	duration	NOUN
easat-5757	186	69	,	,	PUNCT
easat-5757	186	70	and	and	CCONJ
easat-5757	186	71	evaluates	evaluate	VERB
easat-5757	186	72	the	the	DET
easat-5757	186	73	impact	impact	NOUN
easat-5757	186	74	of	of	ADP
easat-5757	186	75	financing	financing	NOUN
easat-5757	186	76	constraints	constraint	NOUN
easat-5757	186	77	on	on	ADP
easat-5757	186	78	financial	financial	ADJ
easat-5757	186	79	flexibility	flexibility	NOUN
easat-5757	186	80	using	use	VERB
easat-5757	186	81	an	an	DET
easat-5757	186	82	independent	independent	ADJ
easat-5757	186	83	samples	sample	NOUN
easat-5757	186	84	t	t	NOUN
easat-5757	186	85	-	-	PUNCT
easat-5757	186	86	test	test	NOUN
easat-5757	186	87	.	.	PUNCT
easat-5757	187	1	the	the	DET
easat-5757	187	2	results	result	NOUN
easat-5757	187	3	indicate	indicate	VERB
easat-5757	187	4	that	that	SCONJ
easat-5757	187	5	,	,	PUNCT
easat-5757	187	6	at	at	ADP
easat-5757	187	7	the	the	DET
easat-5757	187	8	1	1	NUM
easat-5757	187	9	%	%	NOUN
easat-5757	187	10	significance	significance	NOUN
easat-5757	187	11	level	level	NOUN
easat-5757	187	12	,	,	PUNCT
easat-5757	187	13	the	the	DET
easat-5757	187	14	financial	financial	ADJ
easat-5757	187	15	flexibility	flexibility	NOUN
easat-5757	187	16	of	of	ADP
easat-5757	187	17	small	small	ADJ
easat-5757	187	18	enterprises	enterprise	NOUN
easat-5757	187	19	(	(	PUNCT
easat-5757	187	20	mean	mean	INTJ
easat-5757	187	21	ff	ff	NOUN
easat-5757	187	22	=	=	NOUN
easat-5757	187	23	0.125	0.125	NUM
easat-5757	187	24	)	)	PUNCT
easat-5757	187	25	is	be	AUX
easat-5757	187	26	2176	2176	NUM
easat-5757	187	27	edelweiss	edelweiss	PROPN
easat-5757	187	28	applied	apply	VERB
easat-5757	187	29	science	science	NOUN
easat-5757	187	30	and	and	CCONJ
easat-5757	187	31	technology	technology	NOUN
easat-5757	187	32	issn	issn	PROPN
easat-5757	187	33	:	:	PUNCT
easat-5757	187	34	2576	2576	NUM
easat-5757	187	35	-	-	SYM
easat-5757	187	36	8484	8484	NUM
easat-5757	187	37	vol	vol	NOUN
easat-5757	187	38	.	.	PROPN
easat-5757	188	1	9	9	NUM
easat-5757	188	2	,	,	PUNCT
easat-5757	188	3	no	no	INTJ
easat-5757	188	4	.	.	NOUN
easat-5757	189	1	3	3	NUM
easat-5757	189	2	:	:	SYM
easat-5757	189	3	2170	2170	NUM
easat-5757	189	4	-	-	SYM
easat-5757	189	5	2183	2183	NUM
easat-5757	189	6	,	,	PUNCT
easat-5757	189	7	2025	2025	NUM
easat-5757	189	8	doi	doi	NOUN
easat-5757	189	9	:	:	PUNCT
easat-5757	189	10	10.55214/25768484.v9i3.5757	10.55214/25768484.v9i3.5757	NUM
easat-5757	189	11	©	©	PROPN
easat-5757	189	12	2025	2025	NUM
easat-5757	189	13	by	by	ADP
easat-5757	189	14	the	the	DET
easat-5757	189	15	authors	author	NOUN
easat-5757	189	16	;	;	PUNCT
easat-5757	189	17	licensee	licensee	PROPN
easat-5757	189	18	learning	learning	NOUN
easat-5757	189	19	gate	gate	NOUN
easat-5757	189	20	significantly	significantly	ADV
easat-5757	189	21	higher	high	ADJ
easat-5757	189	22	than	than	ADP
easat-5757	189	23	that	that	PRON
easat-5757	189	24	of	of	ADP
easat-5757	189	25	large	large	ADJ
easat-5757	189	26	enterprises	enterprise	NOUN
easat-5757	189	27	(	(	PUNCT
easat-5757	189	28	mean	mean	INTJ
easat-5757	189	29	ff	ff	NOUN
easat-5757	189	30	=	=	NOUN
easat-5757	189	31	0.076	0.076	NUM
easat-5757	189	32	)	)	PUNCT
easat-5757	189	33	.	.	PUNCT
easat-5757	190	1	this	this	PRON
easat-5757	190	2	suggests	suggest	VERB
easat-5757	190	3	that	that	SCONJ
easat-5757	190	4	firms	firm	NOUN
easat-5757	190	5	facing	face	VERB
easat-5757	190	6	financing	financing	NOUN
easat-5757	190	7	constraints	constraint	NOUN
easat-5757	190	8	should	should	AUX
easat-5757	190	9	prioritize	prioritize	VERB
easat-5757	190	10	maintaining	maintain	VERB
easat-5757	190	11	adequate	adequate	ADJ
easat-5757	190	12	financial	financial	ADJ
easat-5757	190	13	flexibility	flexibility	NOUN
easat-5757	190	14	.	.	PUNCT
easat-5757	191	1	furthermore	furthermore	ADV
easat-5757	191	2	,	,	PUNCT
easat-5757	191	3	at	at	ADP
easat-5757	191	4	the	the	DET
easat-5757	191	5	1	1	NUM
easat-5757	191	6	%	%	NOUN
easat-5757	191	7	significance	significance	NOUN
easat-5757	191	8	level	level	NOUN
easat-5757	191	9	,	,	PUNCT
easat-5757	191	10	tobin	tobin	NOUN
easat-5757	191	11	's	's	PART
easat-5757	191	12	q	q	NOUN
easat-5757	191	13	for	for	ADP
easat-5757	191	14	small	small	ADJ
easat-5757	191	15	enterprises	enterprise	NOUN
easat-5757	191	16	(	(	PUNCT
easat-5757	191	17	mean	mean	NOUN
easat-5757	191	18	=	=	SYM
easat-5757	191	19	2.028	2.028	NUM
easat-5757	191	20	)	)	PUNCT
easat-5757	191	21	is	be	AUX
easat-5757	191	22	significantly	significantly	ADV
easat-5757	191	23	higher	high	ADJ
easat-5757	191	24	than	than	ADP
easat-5757	191	25	for	for	ADP
easat-5757	191	26	large	large	ADJ
easat-5757	191	27	enterprises	enterprise	NOUN
easat-5757	191	28	(	(	PUNCT
easat-5757	191	29	mean	mean	NOUN
easat-5757	191	30	=	=	NUM
easat-5757	191	31	1.668	1.668	NUM
easat-5757	191	32	)	)	PUNCT
easat-5757	191	33	,	,	PUNCT
easat-5757	191	34	implying	imply	VERB
easat-5757	191	35	that	that	SCONJ
easat-5757	191	36	small	small	ADJ
easat-5757	191	37	enterprises	enterprise	NOUN
easat-5757	191	38	possess	possess	VERB
easat-5757	191	39	more	more	ADJ
easat-5757	191	40	growth	growth	NOUN
easat-5757	191	41	opportunities	opportunity	NOUN
easat-5757	191	42	,	,	PUNCT
easat-5757	191	43	necessitating	necessitate	VERB
easat-5757	191	44	greater	great	ADJ
easat-5757	191	45	investment	investment	NOUN
easat-5757	191	46	expenditures	expenditure	NOUN
easat-5757	191	47	and	and	CCONJ
easat-5757	191	48	thus	thus	ADV
easat-5757	191	49	requiring	require	VERB
easat-5757	191	50	higher	high	ADJ
easat-5757	191	51	reserves	reserve	NOUN
easat-5757	191	52	of	of	ADP
easat-5757	191	53	financial	financial	ADJ
easat-5757	191	54	flexibility	flexibility	NOUN
easat-5757	191	55	.	.	PUNCT
easat-5757	192	1	from	from	ADP
easat-5757	192	2	a	a	DET
easat-5757	192	3	duration	duration	NOUN
easat-5757	192	4	perspective	perspective	NOUN
easat-5757	192	5	,	,	PUNCT
easat-5757	192	6	at	at	ADP
easat-5757	192	7	the	the	DET
easat-5757	192	8	1	1	NUM
easat-5757	192	9	%	%	NOUN
easat-5757	192	10	significance	significance	NOUN
easat-5757	192	11	level	level	NOUN
easat-5757	192	12	,	,	PUNCT
easat-5757	192	13	companies	company	NOUN
easat-5757	192	14	with	with	ADP
easat-5757	192	15	shorter	short	ADJ
easat-5757	192	16	durations	duration	NOUN
easat-5757	192	17	exhibit	exhibit	VERB
easat-5757	192	18	greater	great	ADJ
easat-5757	192	19	financial	financial	ADJ
easat-5757	192	20	flexibility	flexibility	NOUN
easat-5757	192	21	(	(	PUNCT
easat-5757	192	22	mean	mean	INTJ
easat-5757	192	23	ff	ff	NOUN
easat-5757	192	24	=	=	NOUN
easat-5757	192	25	0.173	0.173	NUM
easat-5757	192	26	)	)	PUNCT
easat-5757	192	27	compared	compare	VERB
easat-5757	192	28	to	to	ADP
easat-5757	192	29	those	those	PRON
easat-5757	192	30	with	with	ADP
easat-5757	192	31	longer	long	ADJ
easat-5757	192	32	durations	duration	NOUN
easat-5757	192	33	(	(	PUNCT
easat-5757	192	34	mean	mean	INTJ
easat-5757	192	35	ff	ff	NOUN
easat-5757	192	36	=	=	NOUN
easat-5757	192	37	0.024	0.024	NUM
easat-5757	192	38	)	)	PUNCT
easat-5757	192	39	.	.	PUNCT
easat-5757	193	1	this	this	PRON
easat-5757	193	2	indicates	indicate	VERB
easat-5757	193	3	that	that	SCONJ
easat-5757	193	4	firms	firm	NOUN
easat-5757	193	5	experiencing	experience	VERB
easat-5757	193	6	financing	financing	NOUN
easat-5757	193	7	constraints	constraint	NOUN
easat-5757	193	8	should	should	AUX
easat-5757	193	9	preserve	preserve	VERB
easat-5757	193	10	financial	financial	ADJ
easat-5757	193	11	flexibility	flexibility	NOUN
easat-5757	193	12	to	to	PART
easat-5757	193	13	mitigate	mitigate	VERB
easat-5757	193	14	potential	potential	ADJ
easat-5757	193	15	adverse	adverse	ADJ
easat-5757	193	16	shocks	shock	NOUN
easat-5757	193	17	.	.	PUNCT
easat-5757	194	1	additionally	additionally	ADV
easat-5757	194	2	,	,	PUNCT
easat-5757	194	3	the	the	DET
easat-5757	194	4	average	average	ADJ
easat-5757	194	5	change	change	NOUN
easat-5757	194	6	in	in	ADP
easat-5757	194	7	financial	financial	ADJ
easat-5757	194	8	flexibility	flexibility	NOUN
easat-5757	194	9	reserve	reserve	NOUN
easat-5757	194	10	(	(	PUNCT
easat-5757	194	11	δff	δff	PROPN
easat-5757	194	12	)	)	PUNCT
easat-5757	194	13	for	for	ADP
easat-5757	194	14	long	long	ADJ
easat-5757	194	15	-	-	PUNCT
easat-5757	194	16	duration	duration	NOUN
easat-5757	194	17	firms	firm	NOUN
easat-5757	194	18	was	be	AUX
easat-5757	194	19	0.053	0.053	NUM
easat-5757	194	20	,	,	PUNCT
easat-5757	194	21	compared	compare	VERB
easat-5757	194	22	to	to	ADP
easat-5757	194	23	0.033	0.033	NUM
easat-5757	194	24	for	for	ADP
easat-5757	194	25	short	short	ADJ
easat-5757	194	26	-	-	PUNCT
easat-5757	194	27	duration	duration	NOUN
easat-5757	194	28	firms	firm	NOUN
easat-5757	194	29	.	.	PUNCT
easat-5757	195	1	companies	company	NOUN
easat-5757	195	2	with	with	ADP
easat-5757	195	3	shorter	short	ADJ
easat-5757	195	4	durations	duration	NOUN
easat-5757	195	5	demonstrate	demonstrate	VERB
easat-5757	195	6	significantly	significantly	ADV
easat-5757	195	7	lower	low	ADJ
easat-5757	195	8	financial	financial	ADJ
easat-5757	195	9	flexibility	flexibility	NOUN
easat-5757	195	10	reserves	reserve	NOUN
easat-5757	195	11	,	,	PUNCT
easat-5757	195	12	likely	likely	ADJ
easat-5757	195	13	due	due	ADJ
easat-5757	195	14	to	to	ADP
easat-5757	195	15	rapid	rapid	ADJ
easat-5757	195	16	business	business	NOUN
easat-5757	195	17	growth	growth	NOUN
easat-5757	195	18	requiring	require	VERB
easat-5757	195	19	increased	increase	VERB
easat-5757	195	20	cash	cash	NOUN
easat-5757	195	21	and	and	CCONJ
easat-5757	195	22	liabilities	liability	NOUN
easat-5757	195	23	to	to	PART
easat-5757	195	24	sustain	sustain	VERB
easat-5757	195	25	expansion	expansion	NOUN
easat-5757	195	26	.	.	PUNCT
easat-5757	196	1	finally	finally	ADV
easat-5757	196	2	,	,	PUNCT
easat-5757	196	3	at	at	ADP
easat-5757	196	4	the	the	DET
easat-5757	196	5	1	1	NUM
easat-5757	196	6	%	%	NOUN
easat-5757	196	7	significance	significance	NOUN
easat-5757	196	8	level	level	NOUN
easat-5757	196	9	,	,	PUNCT
easat-5757	196	10	the	the	DET
easat-5757	196	11	quadratic	quadratic	ADJ
easat-5757	196	12	term	term	NOUN
easat-5757	196	13	ff²	ff²	NOUN
easat-5757	196	14	for	for	ADP
easat-5757	196	15	long	long	ADJ
easat-5757	196	16	-	-	PUNCT
easat-5757	196	17	duration	duration	NOUN
easat-5757	196	18	firms	firm	NOUN
easat-5757	196	19	is	be	AUX
easat-5757	196	20	significantly	significantly	ADV
easat-5757	196	21	smaller	small	ADJ
easat-5757	196	22	than	than	ADP
easat-5757	196	23	for	for	ADP
easat-5757	196	24	shortduration	shortduration	NOUN
easat-5757	196	25	firms	firm	NOUN
easat-5757	196	26	,	,	PUNCT
easat-5757	196	27	suggesting	suggest	VERB
easat-5757	196	28	that	that	SCONJ
easat-5757	196	29	the	the	DET
easat-5757	196	30	inverse	inverse	ADJ
easat-5757	196	31	u	u	NOUN
easat-5757	196	32	-	-	ADJ
easat-5757	196	33	shaped	shape	VERB
easat-5757	196	34	relationship	relationship	NOUN
easat-5757	196	35	between	between	ADP
easat-5757	196	36	financial	financial	ADJ
easat-5757	196	37	flexibility	flexibility	NOUN
easat-5757	196	38	and	and	CCONJ
easat-5757	196	39	firm	firm	ADJ
easat-5757	196	40	performance	performance	NOUN
easat-5757	196	41	is	be	AUX
easat-5757	196	42	less	less	ADV
easat-5757	196	43	pronounced	pronounce	VERB
easat-5757	196	44	in	in	ADP
easat-5757	196	45	firms	firm	NOUN
easat-5757	196	46	with	with	ADP
easat-5757	196	47	high	high	ADJ
easat-5757	196	48	financing	financing	NOUN
easat-5757	196	49	constraints	constraint	NOUN
easat-5757	196	50	.	.	PUNCT
easat-5757	197	1	table	table	NOUN
easat-5757	197	2	3	3	NUM
easat-5757	197	3	.	.	PUNCT
easat-5757	197	4	comparison	comparison	NOUN
easat-5757	197	5	of	of	ADP
easat-5757	197	6	major	major	ADJ
easat-5757	197	7	variables	variable	NOUN
easat-5757	197	8	of	of	ADP
easat-5757	197	9	companies	company	NOUN
easat-5757	197	10	with	with	ADP
easat-5757	197	11	high	high	ADJ
easat-5757	197	12	financing	financing	NOUN
easat-5757	197	13	constraints	constraint	NOUN
easat-5757	197	14	and	and	CCONJ
easat-5757	197	15	low	low	ADJ
easat-5757	197	16	financing	financing	NOUN
easat-5757	197	17	constraints(*,**and***represent	constraints(*,**and***represent	NOUN
easat-5757	197	18	significance	significance	NOUN
easat-5757	197	19	levels	level	NOUN
easat-5757	197	20	of	of	ADP
easat-5757	197	21	10	10	NUM
easat-5757	197	22	%	%	NOUN
easat-5757	197	23	,	,	PUNCT
easat-5757	197	24	5	5	NUM
easat-5757	197	25	%	%	NOUN
easat-5757	197	26	,	,	PUNCT
easat-5757	197	27	and	and	CCONJ
easat-5757	197	28	1	1	NUM
easat-5757	197	29	%	%	NOUN
easat-5757	197	30	,	,	PUNCT
easat-5757	197	31	respectively	respectively	ADV
easat-5757	197	32	.	.	PUNCT
easat-5757	197	33	)	)	PUNCT
easat-5757	197	34	.	.	PUNCT
easat-5757	198	1	variable	variable	NOUN
easat-5757	198	2	grouped	group	VERB
easat-5757	198	3	by	by	ADP
easat-5757	198	4	revenue	revenue	NOUN
easat-5757	198	5	scale	scale	NOUN
easat-5757	198	6	group	group	NOUN
easat-5757	198	7	by	by	ADP
easat-5757	198	8	company	company	NOUN
easat-5757	198	9	duration	duration	NOUN
easat-5757	198	10	mean	mean	NOUN
easat-5757	198	11	t	t	PROPN
easat-5757	198	12	mean	mean	VERB
easat-5757	198	13	t	t	PROPN
easat-5757	198	14	low	low	ADJ
easat-5757	198	15	financing	financing	NOUN
easat-5757	198	16	constraints	constraint	VERB
easat-5757	198	17	high	high	ADJ
easat-5757	198	18	financing	financing	NOUN
easat-5757	198	19	constraints	constraint	NOUN
easat-5757	198	20	low	low	ADJ
easat-5757	198	21	financing	financing	NOUN
easat-5757	198	22	constraints	constraint	NOUN
easat-5757	198	23	high	high	ADJ
easat-5757	198	24	financing	financing	NOUN
easat-5757	198	25	constraints	constraint	NOUN
easat-5757	198	26	ff	ff	NOUN
easat-5757	198	27	0.076	0.076	NUM
easat-5757	198	28	*	*	PUNCT
easat-5757	198	29	*	*	PUNCT
easat-5757	198	30	*	*	PUNCT
easat-5757	198	31	0.125	0.125	NUM
easat-5757	198	32	*	*	PUNCT
easat-5757	198	33	*	*	PUNCT
easat-5757	198	34	*	*	PUNCT
easat-5757	198	35	-5.334	-5.334	PUNCT
easat-5757	198	36	0.024	0.024	NUM
easat-5757	198	37	*	*	PUNCT
easat-5757	198	38	*	*	PUNCT
easat-5757	198	39	*	*	PUNCT
easat-5757	198	40	0.173	0.173	NUM
easat-5757	198	41	*	*	PUNCT
easat-5757	198	42	*	*	PUNCT
easat-5757	198	43	*	*	PUNCT
easat-5757	198	44	-16.747	-16.747	X
easat-5757	198	45	∆ff	∆ff	X
easat-5757	198	46	-0.001	-0.001	PUNCT
easat-5757	198	47	*	*	PUNCT
easat-5757	198	48	*	*	NOUN
easat-5757	199	1	0.018	0.018	NUM
easat-5757	199	2	*	*	PUNCT
easat-5757	199	3	*	*	PUNCT
easat-5757	199	4	-3.126	-3.126	PUNCT
easat-5757	199	5	0.053	0.053	NUM
easat-5757	199	6	*	*	PUNCT
easat-5757	199	7	*	*	PUNCT
easat-5757	199	8	*	*	PUNCT
easat-5757	199	9	0.033	0.033	NUM
easat-5757	199	10	*	*	PUNCT
easat-5757	199	11	*	*	PUNCT
easat-5757	199	12	*	*	PUNCT
easat-5757	199	13	-4.401	-4.401	NOUN
easat-5757	199	14	q	q	NOUN
easat-5757	199	15	1.668	1.668	NUM
easat-5757	199	16	*	*	PUNCT
easat-5757	199	17	*	*	PUNCT
easat-5757	199	18	*	*	PUNCT
easat-5757	199	19	2.028	2.028	NUM
easat-5757	199	20	*	*	PUNCT
easat-5757	199	21	*	*	PUNCT
easat-5757	199	22	*	*	PUNCT
easat-5757	199	23	-11.485	-11.485	PROPN
easat-5757	199	24	1.823	1.823	NUM
easat-5757	199	25	*	*	PUNCT
easat-5757	199	26	*	*	PUNCT
easat-5757	199	27	*	*	PUNCT
easat-5757	199	28	1.742	1.742	NUM
easat-5757	199	29	*	*	PUNCT
easat-5757	199	30	*	*	PUNCT
easat-5757	199	31	*	*	PUNCT
easat-5757	199	32	2.821	2.821	NUM
easat-5757	199	33	cashflow	cashflow	ADJ
easat-5757	199	34	0.053	0.053	NUM
easat-5757	199	35	*	*	PUNCT
easat-5757	199	36	*	*	PUNCT
easat-5757	199	37	*	*	PUNCT
easat-5757	199	38	0.041	0.041	NUM
easat-5757	199	39	*	*	PUNCT
easat-5757	199	40	*	*	PUNCT
easat-5757	199	41	*	*	PUNCT
easat-5757	199	42	4.71	4.71	NUM
easat-5757	199	43	0.051	0.051	NUM
easat-5757	199	44	*	*	PUNCT
easat-5757	199	45	*	*	PUNCT
easat-5757	199	46	*	*	PUNCT
easat-5757	199	47	0.038	0.038	NUM
easat-5757	199	48	*	*	PUNCT
easat-5757	199	49	*	*	PUNCT
easat-5757	199	50	*	*	PUNCT
easat-5757	199	51	5.129	5.129	NUM
easat-5757	199	52	ff²	ff²	ADP
easat-5757	199	53	0.025	0.025	NUM
easat-5757	199	54	*	*	NOUN
easat-5757	199	55	*	*	NOUN
easat-5757	199	56	0.006	0.006	NUM
easat-5757	199	57	*	*	PUNCT
easat-5757	199	58	*	*	NOUN
easat-5757	199	59	7.332	7.332	NUM
easat-5757	199	60	0.039	0.039	NUM
easat-5757	199	61	*	*	PUNCT
easat-5757	199	62	*	*	PUNCT
easat-5757	199	63	*	*	PUNCT
easat-5757	199	64	0.004	0.004	NUM
easat-5757	199	65	*	*	PUNCT
easat-5757	199	66	*	*	PUNCT
easat-5757	199	67	*	*	PROPN
easat-5757	199	68	13.035	13.035	NUM
easat-5757	199	69	roa	roa	NOUN
easat-5757	199	70	0.036	0.036	NUM
easat-5757	199	71	0.047	0.047	NUM
easat-5757	199	72	-5.88	-5.88	NUM
easat-5757	199	73	0.039	0.039	NUM
easat-5757	199	74	*	*	PUNCT
easat-5757	199	75	*	*	PUNCT
easat-5757	199	76	*	*	PUNCT
easat-5757	199	77	0.056	0.056	NUM
easat-5757	199	78	*	*	PUNCT
easat-5757	199	79	*	*	PUNCT
easat-5757	199	80	*	*	PUNCT
easat-5757	199	81	-14.003	-14.003	ADP
easat-5757	199	82	according	accord	VERB
easat-5757	199	83	to	to	PART
easat-5757	199	84	figure	figure	VERB
easat-5757	199	85	1.1	1.1	NUM
easat-5757	199	86	,	,	PUNCT
easat-5757	199	87	a	a	DET
easat-5757	199	88	comprehensive	comprehensive	ADJ
easat-5757	199	89	and	and	CCONJ
easat-5757	199	90	in	in	ADP
easat-5757	199	91	-	-	PUNCT
easat-5757	199	92	depth	depth	NOUN
easat-5757	199	93	analysis	analysis	NOUN
easat-5757	199	94	can	can	AUX
easat-5757	199	95	be	be	AUX
easat-5757	199	96	conducted	conduct	VERB
easat-5757	199	97	regarding	regard	VERB
easat-5757	199	98	the	the	DET
easat-5757	199	99	specific	specific	ADJ
easat-5757	199	100	impact	impact	NOUN
easat-5757	199	101	of	of	ADP
easat-5757	199	102	financing	financing	NOUN
easat-5757	199	103	constraints	constraint	NOUN
easat-5757	199	104	on	on	ADP
easat-5757	199	105	corporate	corporate	ADJ
easat-5757	199	106	financial	financial	ADJ
easat-5757	199	107	flexibility	flexibility	NOUN
easat-5757	199	108	,	,	PUNCT
easat-5757	199	109	performance	performance	NOUN
easat-5757	199	110	,	,	PUNCT
easat-5757	199	111	and	and	CCONJ
easat-5757	199	112	profitability	profitability	NOUN
easat-5757	199	113	.	.	PUNCT
easat-5757	200	1	with	with	ADP
easat-5757	200	2	respect	respect	NOUN
easat-5757	200	3	to	to	ADP
easat-5757	200	4	financial	financial	ADJ
easat-5757	200	5	flexibility	flexibility	NOUN
easat-5757	200	6	,	,	PUNCT
easat-5757	200	7	there	there	PRON
easat-5757	200	8	is	be	VERB
easat-5757	200	9	a	a	DET
easat-5757	200	10	notable	notable	ADJ
easat-5757	200	11	disparity	disparity	NOUN
easat-5757	200	12	between	between	ADP
easat-5757	200	13	the	the	DET
easat-5757	200	14	low	low	ADJ
easat-5757	200	15	-	-	PUNCT
easat-5757	200	16	financing	financing	NOUN
easat-5757	200	17	constraint	constraint	NOUN
easat-5757	200	18	group	group	NOUN
easat-5757	200	19	(	(	PUNCT
easat-5757	200	20	0.076	0.076	NUM
easat-5757	200	21	)	)	PUNCT
easat-5757	200	22	and	and	CCONJ
easat-5757	200	23	the	the	DET
easat-5757	200	24	high	high	ADJ
easat-5757	200	25	-	-	PUNCT
easat-5757	200	26	financing	financing	NOUN
easat-5757	200	27	constraint	constraint	NOUN
easat-5757	200	28	group	group	NOUN
easat-5757	200	29	(	(	PUNCT
easat-5757	200	30	0.125	0.125	NUM
easat-5757	200	31	)	)	PUNCT
easat-5757	200	32	.	.	PUNCT
easat-5757	201	1	the	the	DET
easat-5757	201	2	low	low	ADJ
easat-5757	201	3	-	-	PUNCT
easat-5757	201	4	financing	financing	NOUN
easat-5757	201	5	constraint	constraint	NOUN
easat-5757	201	6	group	group	NOUN
easat-5757	201	7	exhibits	exhibit	VERB
easat-5757	201	8	lower	low	ADJ
easat-5757	201	9	financial	financial	ADJ
easat-5757	201	10	flexibility	flexibility	NOUN
easat-5757	201	11	,	,	PUNCT
easat-5757	201	12	implying	imply	VERB
easat-5757	201	13	that	that	SCONJ
easat-5757	201	14	these	these	DET
easat-5757	201	15	firms	firm	NOUN
easat-5757	201	16	do	do	AUX
easat-5757	201	17	not	not	PART
easat-5757	201	18	need	need	VERB
easat-5757	201	19	to	to	PART
easat-5757	201	20	excessively	excessively	ADV
easat-5757	201	21	conserve	conserve	VERB
easat-5757	201	22	cash	cash	NOUN
easat-5757	201	23	flow	flow	NOUN
easat-5757	201	24	to	to	PART
easat-5757	201	25	address	address	VERB
easat-5757	201	26	future	future	ADJ
easat-5757	201	27	uncertainties	uncertainty	NOUN
easat-5757	201	28	and	and	CCONJ
easat-5757	201	29	can	can	AUX
easat-5757	201	30	instead	instead	ADV
easat-5757	201	31	allocate	allocate	VERB
easat-5757	201	32	resources	resource	NOUN
easat-5757	201	33	toward	toward	ADP
easat-5757	201	34	more	more	ADJ
easat-5757	201	35	productive	productive	ADJ
easat-5757	201	36	activities	activity	NOUN
easat-5757	201	37	or	or	CCONJ
easat-5757	201	38	strategic	strategic	ADJ
easat-5757	201	39	investments	investment	NOUN
easat-5757	201	40	.	.	PUNCT
easat-5757	202	1	conversely	conversely	ADV
easat-5757	202	2	,	,	PUNCT
easat-5757	202	3	companies	company	NOUN
easat-5757	202	4	within	within	ADP
easat-5757	202	5	the	the	DET
easat-5757	202	6	high	high	ADJ
easat-5757	202	7	-	-	PUNCT
easat-5757	202	8	financing	financing	NOUN
easat-5757	202	9	constraint	constraint	NOUN
easat-5757	202	10	group	group	NOUN
easat-5757	202	11	require	require	VERB
easat-5757	202	12	higher	high	ADJ
easat-5757	202	13	financial	financial	ADJ
easat-5757	202	14	flexibility	flexibility	NOUN
easat-5757	202	15	(	(	PUNCT
easat-5757	202	16	0.125	0.125	NUM
easat-5757	202	17	)	)	PUNCT
easat-5757	202	18	,	,	PUNCT
easat-5757	202	19	likely	likely	ADJ
easat-5757	202	20	due	due	ADJ
easat-5757	202	21	to	to	ADP
easat-5757	202	22	restricted	restrict	VERB
easat-5757	202	23	access	access	NOUN
easat-5757	202	24	to	to	ADP
easat-5757	202	25	external	external	ADJ
easat-5757	202	26	financing	financing	NOUN
easat-5757	202	27	and	and	CCONJ
easat-5757	202	28	the	the	DET
easat-5757	202	29	necessity	necessity	NOUN
easat-5757	202	30	for	for	ADP
easat-5757	202	31	greater	great	ADJ
easat-5757	202	32	financial	financial	ADJ
easat-5757	202	33	security	security	NOUN
easat-5757	202	34	to	to	PART
easat-5757	202	35	accommodate	accommodate	VERB
easat-5757	202	36	sudden	sudden	ADJ
easat-5757	202	37	investment	investment	NOUN
easat-5757	202	38	needs	need	NOUN
easat-5757	202	39	or	or	CCONJ
easat-5757	202	40	market	market	NOUN
easat-5757	202	41	fluctuations	fluctuation	NOUN
easat-5757	202	42	.	.	PUNCT
easat-5757	203	1	in	in	ADP
easat-5757	203	2	terms	term	NOUN
easat-5757	203	3	of	of	ADP
easat-5757	203	4	corporate	corporate	ADJ
easat-5757	203	5	performance	performance	NOUN
easat-5757	203	6	,	,	PUNCT
easat-5757	203	7	the	the	DET
easat-5757	203	8	performance	performance	NOUN
easat-5757	203	9	metric	metric	ADJ
easat-5757	203	10	for	for	ADP
easat-5757	203	11	the	the	DET
easat-5757	203	12	low	low	ADJ
easat-5757	203	13	-	-	PUNCT
easat-5757	203	14	financing	financing	NOUN
easat-5757	203	15	constraint	constraint	NOUN
easat-5757	203	16	group	group	NOUN
easat-5757	203	17	is	be	AUX
easat-5757	203	18	0.05	0.05	NUM
easat-5757	203	19	,	,	PUNCT
easat-5757	203	20	while	while	SCONJ
easat-5757	203	21	that	that	PRON
easat-5757	203	22	for	for	ADP
easat-5757	203	23	the	the	DET
easat-5757	203	24	high	high	ADJ
easat-5757	203	25	-	-	PUNCT
easat-5757	203	26	financing	financing	NOUN
easat-5757	203	27	constraint	constraint	NOUN
easat-5757	203	28	group	group	NOUN
easat-5757	203	29	is	be	AUX
easat-5757	203	30	0.10	0.10	NUM
easat-5757	203	31	.	.	PUNCT
easat-5757	204	1	although	although	SCONJ
easat-5757	204	2	firms	firm	NOUN
easat-5757	204	3	in	in	ADP
easat-5757	204	4	the	the	DET
easat-5757	204	5	high	high	ADJ
easat-5757	204	6	-	-	PUNCT
easat-5757	204	7	financing	financing	NOUN
easat-5757	204	8	constraint	constraint	NOUN
easat-5757	204	9	group	group	NOUN
easat-5757	204	10	demonstrate	demonstrate	VERB
easat-5757	204	11	superior	superior	ADJ
easat-5757	204	12	performance	performance	NOUN
easat-5757	204	13	,	,	PUNCT
easat-5757	204	14	this	this	DET
easat-5757	204	15	improvement	improvement	NOUN
easat-5757	204	16	is	be	AUX
easat-5757	204	17	not	not	PART
easat-5757	204	18	attributable	attributable	ADJ
easat-5757	204	19	to	to	ADP
easat-5757	204	20	increased	increase	VERB
easat-5757	204	21	capital	capital	NOUN
easat-5757	204	22	investment	investment	NOUN
easat-5757	204	23	but	but	CCONJ
easat-5757	204	24	rather	rather	ADV
easat-5757	204	25	to	to	ADP
easat-5757	204	26	their	their	PRON
easat-5757	204	27	necessity	necessity	NOUN
easat-5757	204	28	to	to	PART
easat-5757	204	29	optimize	optimize	VERB
easat-5757	204	30	resource	resource	NOUN
easat-5757	204	31	allocation	allocation	NOUN
easat-5757	204	32	under	under	ADP
easat-5757	204	33	limited	limited	ADJ
easat-5757	204	34	financial	financial	ADJ
easat-5757	204	35	resources	resource	NOUN
easat-5757	204	36	and	and	CCONJ
easat-5757	204	37	enhance	enhance	VERB
easat-5757	204	38	operational	operational	ADJ
easat-5757	204	39	efficiency	efficiency	NOUN
easat-5757	204	40	.	.	PUNCT
easat-5757	205	1	in	in	ADP
easat-5757	205	2	contrast	contrast	NOUN
easat-5757	205	3	,	,	PUNCT
easat-5757	205	4	firms	firm	NOUN
easat-5757	205	5	in	in	ADP
easat-5757	205	6	the	the	DET
easat-5757	205	7	low	low	ADJ
easat-5757	205	8	-	-	PUNCT
easat-5757	205	9	financing	financing	NOUN
easat-5757	205	10	constraint	constraint	NOUN
easat-5757	205	11	group	group	NOUN
easat-5757	205	12	,	,	PUNCT
easat-5757	205	13	despite	despite	SCONJ
easat-5757	205	14	having	have	VERB
easat-5757	205	15	the	the	DET
easat-5757	205	16	capacity	capacity	NOUN
easat-5757	205	17	to	to	PART
easat-5757	205	18	allocate	allocate	VERB
easat-5757	205	19	more	more	ADJ
easat-5757	205	20	resources	resource	NOUN
easat-5757	205	21	toward	toward	ADP
easat-5757	205	22	scale	scale	NOUN
easat-5757	205	23	expansion	expansion	NOUN
easat-5757	205	24	,	,	PUNCT
easat-5757	205	25	may	may	AUX
easat-5757	205	26	not	not	PART
easat-5757	205	27	achieve	achieve	VERB
easat-5757	205	28	significant	significant	ADJ
easat-5757	205	29	performance	performance	NOUN
easat-5757	205	30	growth	growth	NOUN
easat-5757	205	31	in	in	ADP
easat-5757	205	32	practice	practice	NOUN
easat-5757	205	33	,	,	PUNCT
easat-5757	205	34	suggesting	suggest	VERB
easat-5757	205	35	that	that	SCONJ
easat-5757	205	36	reduced	reduce	VERB
easat-5757	205	37	financing	financing	NOUN
easat-5757	205	38	constraints	constraint	NOUN
easat-5757	205	39	do	do	AUX
easat-5757	205	40	not	not	PART
easat-5757	205	41	necessarily	necessarily	ADV
easat-5757	205	42	lead	lead	VERB
easat-5757	205	43	to	to	ADP
easat-5757	205	44	optimal	optimal	ADJ
easat-5757	205	45	corporate	corporate	ADJ
easat-5757	205	46	performance	performance	NOUN
easat-5757	205	47	.	.	PUNCT
easat-5757	206	1	additionally	additionally	ADV
easat-5757	206	2	,	,	PUNCT
easat-5757	206	3	regarding	regard	VERB
easat-5757	206	4	profitability	profitability	NOUN
easat-5757	206	5	,	,	PUNCT
easat-5757	206	6	the	the	DET
easat-5757	206	7	profitability	profitability	NOUN
easat-5757	206	8	of	of	ADP
easat-5757	206	9	the	the	DET
easat-5757	206	10	lowfinancing	lowfinancing	NOUN
easat-5757	206	11	constraint	constraint	NOUN
easat-5757	206	12	group	group	NOUN
easat-5757	206	13	is	be	AUX
easat-5757	206	14	0.15	0.15	NUM
easat-5757	206	15	,	,	PUNCT
easat-5757	206	16	whereas	whereas	SCONJ
easat-5757	206	17	that	that	PRON
easat-5757	206	18	of	of	ADP
easat-5757	206	19	the	the	DET
easat-5757	206	20	high	high	ADJ
easat-5757	206	21	-	-	PUNCT
easat-5757	206	22	financing	financing	NOUN
easat-5757	206	23	constraint	constraint	NOUN
easat-5757	206	24	group	group	NOUN
easat-5757	206	25	is	be	AUX
easat-5757	206	26	0.12	0.12	NUM
easat-5757	206	27	.	.	PUNCT
easat-5757	207	1	although	although	SCONJ
easat-5757	207	2	the	the	DET
easat-5757	207	3	profitability	profitability	NOUN
easat-5757	207	4	of	of	ADP
easat-5757	207	5	the	the	DET
easat-5757	207	6	low	low	ADJ
easat-5757	207	7	financing	financing	NOUN
easat-5757	207	8	constraint	constraint	NOUN
easat-5757	207	9	group	group	NOUN
easat-5757	207	10	is	be	AUX
easat-5757	207	11	higher	high	ADJ
easat-5757	207	12	,	,	PUNCT
easat-5757	207	13	the	the	DET
easat-5757	207	14	profitability	profitability	NOUN
easat-5757	207	15	of	of	ADP
easat-5757	207	16	the	the	DET
easat-5757	207	17	high	high	ADJ
easat-5757	207	18	financing	financing	NOUN
easat-5757	207	19	constraint	constraint	NOUN
easat-5757	207	20	group	group	NOUN
easat-5757	207	21	is	be	AUX
easat-5757	207	22	slightly	slightly	ADV
easat-5757	207	23	lower	low	ADJ
easat-5757	207	24	,	,	PUNCT
easat-5757	207	25	indicating	indicate	VERB
easat-5757	207	26	that	that	SCONJ
easat-5757	207	27	the	the	DET
easat-5757	207	28	pressure	pressure	NOUN
easat-5757	207	29	of	of	ADP
easat-5757	207	30	the	the	DET
easat-5757	207	31	high	high	ADJ
easat-5757	207	32	financing	financing	NOUN
easat-5757	207	33	constraint	constraint	NOUN
easat-5757	207	34	group	group	NOUN
easat-5757	207	35	on	on	ADP
easat-5757	207	36	the	the	DET
easat-5757	207	37	use	use	NOUN
easat-5757	207	38	of	of	ADP
easat-5757	207	39	funds	fund	NOUN
easat-5757	207	40	may	may	AUX
easat-5757	207	41	affect	affect	VERB
easat-5757	207	42	its	its	PRON
easat-5757	207	43	profit	profit	NOUN
easat-5757	207	44	maximization	maximization	NOUN
easat-5757	207	45	.	.	PUNCT
easat-5757	208	1	although	although	SCONJ
easat-5757	208	2	they	they	PRON
easat-5757	208	3	may	may	AUX
easat-5757	208	4	respond	respond	VERB
easat-5757	208	5	to	to	ADP
easat-5757	208	6	funding	fund	VERB
easat-5757	208	7	risk	risk	NOUN
easat-5757	208	8	2177	2177	NUM
easat-5757	208	9	edelweiss	edelweiss	PROPN
easat-5757	208	10	applied	apply	VERB
easat-5757	208	11	science	science	NOUN
easat-5757	208	12	and	and	CCONJ
easat-5757	208	13	technology	technology	NOUN
easat-5757	208	14	issn	issn	PROPN
easat-5757	208	15	:	:	PUNCT
easat-5757	208	16	2576	2576	NUM
easat-5757	208	17	-	-	SYM
easat-5757	208	18	8484	8484	NUM
easat-5757	208	19	vol	vol	NOUN
easat-5757	208	20	.	.	PROPN
easat-5757	209	1	9	9	NUM
easat-5757	209	2	,	,	PUNCT
easat-5757	209	3	no	no	INTJ
easat-5757	209	4	.	.	NOUN
easat-5757	210	1	3	3	NUM
easat-5757	210	2	:	:	SYM
easat-5757	210	3	2170	2170	NUM
easat-5757	210	4	-	-	SYM
easat-5757	210	5	2183	2183	NUM
easat-5757	210	6	,	,	PUNCT
easat-5757	210	7	2025	2025	NUM
easat-5757	210	8	doi	doi	NOUN
easat-5757	210	9	:	:	PUNCT
easat-5757	210	10	10.55214/25768484.v9i3.5757	10.55214/25768484.v9i3.5757	NUM
easat-5757	210	11	©	©	PROPN
easat-5757	210	12	2025	2025	NUM
easat-5757	210	13	by	by	ADP
easat-5757	210	14	the	the	DET
easat-5757	210	15	authors	author	NOUN
easat-5757	210	16	;	;	PUNCT
easat-5757	210	17	licensee	licensee	PROPN
easat-5757	210	18	learning	learning	NOUN
easat-5757	210	19	gate	gate	NOUN
easat-5757	210	20	through	through	ADP
easat-5757	210	21	financial	financial	ADJ
easat-5757	210	22	flexibility	flexibility	NOUN
easat-5757	210	23	,	,	PUNCT
easat-5757	210	24	it	it	PRON
easat-5757	210	25	may	may	AUX
easat-5757	210	26	be	be	AUX
easat-5757	210	27	due	due	ADJ
easat-5757	210	28	to	to	ADP
easat-5757	210	29	capital	capital	NOUN
easat-5757	210	30	expenditure	expenditure	NOUN
easat-5757	210	31	constraints	constraint	NOUN
easat-5757	210	32	,	,	PUNCT
easat-5757	210	33	resulting	result	VERB
easat-5757	210	34	in	in	ADP
easat-5757	210	35	profitability	profitability	NOUN
easat-5757	210	36	that	that	PRON
easat-5757	210	37	does	do	AUX
easat-5757	210	38	not	not	PART
easat-5757	210	39	match	match	VERB
easat-5757	210	40	the	the	DET
easat-5757	210	41	low	low	ADJ
easat-5757	210	42	financing	financing	NOUN
easat-5757	210	43	constraint	constraint	NOUN
easat-5757	210	44	group	group	NOUN
easat-5757	210	45	.	.	PUNCT
easat-5757	211	1	figure	figure	NOUN
easat-5757	211	2	1	1	NUM
easat-5757	211	3	.	.	PUNCT
easat-5757	211	4	financial	financial	ADJ
easat-5757	211	5	flexibility	flexibility	NOUN
easat-5757	211	6	under	under	ADP
easat-5757	211	7	different	different	ADJ
easat-5757	211	8	financing	financing	NOUN
easat-5757	211	9	constraints	constraint	NOUN
easat-5757	211	10	.	.	PUNCT
easat-5757	212	1	4.2	4.2	NUM
easat-5757	212	2	.	.	PUNCT
easat-5757	213	1	regression	regression	VERB
easat-5757	213	2	analysis	analysis	NOUN
easat-5757	213	3	table	table	NOUN
easat-5757	213	4	4	4	NUM
easat-5757	213	5	presents	present	VERB
easat-5757	213	6	the	the	DET
easat-5757	213	7	panel	panel	NOUN
easat-5757	213	8	data	datum	NOUN
easat-5757	213	9	regression	regression	NOUN
easat-5757	213	10	results	result	NOUN
easat-5757	213	11	of	of	ADP
easat-5757	213	12	model	model	NOUN
easat-5757	213	13	(	(	PUNCT
easat-5757	213	14	1	1	NUM
easat-5757	213	15	)	)	PUNCT
easat-5757	213	16	,	,	PUNCT
easat-5757	213	17	illustrating	illustrate	VERB
easat-5757	213	18	the	the	DET
easat-5757	213	19	relationship	relationship	NOUN
easat-5757	213	20	between	between	ADP
easat-5757	213	21	financing	financing	NOUN
easat-5757	213	22	constraints	constraint	NOUN
easat-5757	213	23	and	and	CCONJ
easat-5757	213	24	financial	financial	ADJ
easat-5757	213	25	flexibility	flexibility	NOUN
easat-5757	213	26	,	,	PUNCT
easat-5757	213	27	specifically	specifically	ADV
easat-5757	213	28	the	the	DET
easat-5757	213	29	cash	cash	NOUN
easat-5757	213	30	flow	flow	NOUN
easat-5757	213	31	sensitivity	sensitivity	NOUN
easat-5757	213	32	of	of	ADP
easat-5757	213	33	listed	list	VERB
easat-5757	213	34	companies	company	NOUN
easat-5757	213	35	.	.	PUNCT
easat-5757	214	1	panel	panel	NOUN
easat-5757	214	2	data	data	PROPN
easat-5757	214	3	regression	regression	NOUN
easat-5757	214	4	methods	method	NOUN
easat-5757	214	5	include	include	AUX
easat-5757	214	6	pooled	pool	VERB
easat-5757	214	7	ols	ol	NOUN
easat-5757	214	8	regression	regression	NOUN
easat-5757	214	9	,	,	PUNCT
easat-5757	214	10	fixed	fix	VERB
easat-5757	214	11	-	-	PUNCT
easat-5757	214	12	effects	effect	NOUN
easat-5757	214	13	regression	regression	NOUN
easat-5757	214	14	,	,	PUNCT
easat-5757	214	15	and	and	CCONJ
easat-5757	214	16	randomeffects	randomeffect	VERB
easat-5757	214	17	regression	regression	NOUN
easat-5757	214	18	.	.	PUNCT
easat-5757	215	1	the	the	DET
easat-5757	215	2	selection	selection	NOUN
easat-5757	215	3	between	between	ADP
easat-5757	215	4	pooled	pool	VERB
easat-5757	215	5	ols	ol	NOUN
easat-5757	215	6	regression	regression	NOUN
easat-5757	215	7	and	and	CCONJ
easat-5757	215	8	fixed	fix	VERB
easat-5757	215	9	-	-	PUNCT
easat-5757	215	10	effects	effect	NOUN
easat-5757	215	11	regression	regression	NOUN
easat-5757	215	12	can	can	AUX
easat-5757	215	13	be	be	AUX
easat-5757	215	14	determined	determine	VERB
easat-5757	215	15	by	by	ADP
easat-5757	215	16	conducting	conduct	VERB
easat-5757	215	17	f	f	NOUN
easat-5757	215	18	-	-	PUNCT
easat-5757	215	19	tests	test	NOUN
easat-5757	215	20	for	for	ADP
easat-5757	215	21	ui	ui	NOUN
easat-5757	216	1	=	=	NOUN
easat-5757	216	2	0	0	NUM
easat-5757	216	3	in	in	ADP
easat-5757	216	4	the	the	DET
easat-5757	216	5	fixed	fix	VERB
easat-5757	216	6	-	-	PUNCT
easat-5757	216	7	effects	effect	NOUN
easat-5757	216	8	regression	regression	NOUN
easat-5757	216	9	results	result	NOUN
easat-5757	216	10	.	.	PUNCT
easat-5757	217	1	the	the	DET
easat-5757	217	2	choice	choice	NOUN
easat-5757	217	3	between	between	ADP
easat-5757	217	4	fixed	fix	VERB
easat-5757	217	5	-	-	PUNCT
easat-5757	217	6	effects	effect	NOUN
easat-5757	217	7	regression	regression	NOUN
easat-5757	217	8	and	and	CCONJ
easat-5757	217	9	random	random	ADJ
easat-5757	217	10	-	-	PUNCT
easat-5757	217	11	effects	effect	NOUN
easat-5757	217	12	regression	regression	NOUN
easat-5757	217	13	can	can	AUX
easat-5757	217	14	be	be	AUX
easat-5757	217	15	guided	guide	VERB
easat-5757	217	16	by	by	ADP
easat-5757	217	17	the	the	DET
easat-5757	217	18	hausman	hausman	PROPN
easat-5757	217	19	test	test	NOUN
easat-5757	217	20	.	.	PUNCT
easat-5757	218	1	in	in	ADP
easat-5757	218	2	the	the	DET
easat-5757	218	3	fixedeffects	fixedeffect	NOUN
easat-5757	218	4	estimation	estimation	NOUN
easat-5757	218	5	results	result	NOUN
easat-5757	218	6	,	,	PUNCT
easat-5757	218	7	all	all	DET
easat-5757	218	8	f	f	NOUN
easat-5757	218	9	-	-	PUNCT
easat-5757	218	10	tests	test	NOUN
easat-5757	218	11	for	for	ADP
easat-5757	218	12	ui	ui	NOUN
easat-5757	218	13	=	=	SYM
easat-5757	218	14	0	0	NUM
easat-5757	218	15	are	be	AUX
easat-5757	218	16	rejected	reject	VERB
easat-5757	218	17	;	;	PUNCT
easat-5757	218	18	at	at	ADP
easat-5757	218	19	the	the	DET
easat-5757	218	20	1	1	NUM
easat-5757	218	21	%	%	NOUN
easat-5757	218	22	significance	significance	NOUN
easat-5757	218	23	level	level	NOUN
easat-5757	218	24	,	,	PUNCT
easat-5757	218	25	the	the	DET
easat-5757	218	26	hausman	hausman	PROPN
easat-5757	218	27	test	test	NOUN
easat-5757	218	28	rejects	reject	VERB
easat-5757	218	29	the	the	DET
easat-5757	218	30	null	null	ADJ
easat-5757	218	31	hypothesis	hypothesis	NOUN
easat-5757	218	32	that	that	PRON
easat-5757	218	33	individual	individual	ADJ
easat-5757	218	34	effects	effect	NOUN
easat-5757	218	35	are	be	AUX
easat-5757	218	36	uncorrelated	uncorrelate	VERB
easat-5757	218	37	with	with	ADP
easat-5757	218	38	explanatory	explanatory	ADJ
easat-5757	218	39	variables	variable	NOUN
easat-5757	218	40	.	.	PUNCT
easat-5757	219	1	therefore	therefore	ADV
easat-5757	219	2	,	,	PUNCT
easat-5757	219	3	we	we	PRON
easat-5757	219	4	employ	employ	VERB
easat-5757	219	5	the	the	DET
easat-5757	219	6	fixed	fix	VERB
easat-5757	219	7	-	-	PUNCT
easat-5757	219	8	effects	effect	NOUN
easat-5757	219	9	regression	regression	NOUN
easat-5757	219	10	method	method	NOUN
easat-5757	219	11	.	.	PUNCT
easat-5757	220	1	table	table	NOUN
easat-5757	220	2	4	4	NUM
easat-5757	220	3	.	.	PUNCT
easat-5757	221	1	financing	financing	NOUN
easat-5757	221	2	constraints	constraint	NOUN
easat-5757	221	3	and	and	CCONJ
easat-5757	221	4	financial	financial	ADJ
easat-5757	221	5	flexibility	flexibility	NOUN
easat-5757	221	6	cash	cash	NOUN
easat-5757	221	7	flow	flow	NOUN
easat-5757	221	8	sensitivity	sensitivity	NOUN
easat-5757	221	9	regression	regression	NOUN
easat-5757	221	10	results	result	NOUN
easat-5757	221	11	.	.	PUNCT
easat-5757	222	1	variable	variable	NOUN
easat-5757	222	2	(	(	PUNCT
easat-5757	222	3	1	1	NUM
easat-5757	222	4	)	)	PUNCT
easat-5757	222	5	(	(	PUNCT
easat-5757	222	6	2	2	NUM
easat-5757	222	7	)	)	PUNCT
easat-5757	222	8	(	(	PUNCT
easat-5757	222	9	3	3	X
easat-5757	222	10	)	)	PUNCT
easat-5757	222	11	(	(	PUNCT
easat-5757	222	12	4	4	X
easat-5757	222	13	)	)	PUNCT
easat-5757	222	14	q	q	PROPN
easat-5757	222	15	0.015***(2.580	0.015***(2.580	NOUN
easat-5757	222	16	)	)	PUNCT
easat-5757	222	17	0.022***(2.920	0.022***(2.920	NOUN
easat-5757	222	18	)	)	PUNCT
easat-5757	222	19	0.009***(2.750	0.009***(2.750	NOUN
easat-5757	222	20	)	)	PUNCT
easat-5757	222	21	0.033**(2.440	0.033**(2.440	NOUN
easat-5757	222	22	)	)	PUNCT
easat-5757	222	23	cashflow	cashflow	ADJ
easat-5757	222	24	0.205***(3.340	0.205***(3.340	NOUN
easat-5757	222	25	)	)	PUNCT
easat-5757	222	26	0.093*(1.920	0.093*(1.920	NUM
easat-5757	222	27	)	)	PUNCT
easat-5757	222	28	0.163**(1.580	0.163**(1.580	NOUN
easat-5757	222	29	)	)	PUNCT
easat-5757	222	30	0.136*(1.600	0.136*(1.600	NUM
easat-5757	222	31	)	)	PUNCT
easat-5757	222	32	ass	ass	NOUN
easat-5757	222	33	-0.014**(-1.770	-0.014**(-1.770	NUM
easat-5757	222	34	)	)	PUNCT
easat-5757	222	35	-0.009(-0.350	-0.009(-0.350	PRON
easat-5757	222	36	)	)	PUNCT
easat-5757	222	37	-0.005(-0.170	-0.005(-0.170	X
easat-5757	222	38	)	)	PUNCT
easat-5757	222	39	-0.008(-0.180	-0.008(-0.180	PUNCT
easat-5757	222	40	)	)	PUNCT
easat-5757	222	41	fc	fc	PROPN
easat-5757	222	42	—	—	PUNCT
easat-5757	222	43	—	—	PUNCT
easat-5757	222	44	-0.037(-0.510	-0.037(-0.510	ADJ
easat-5757	222	45	)	)	PUNCT
easat-5757	222	46	0.001(0.050	0.001(0.050	NOUN
easat-5757	222	47	)	)	PUNCT
easat-5757	222	48	0.002(0.110	0.002(0.110	NOUN
easat-5757	222	49	)	)	PUNCT
easat-5757	222	50	fc	fc	PROPN
easat-5757	222	51	×cashflow	×cashflow	PROPN
easat-5757	222	52	—	—	PUNCT
easat-5757	222	53	—	—	PUNCT
easat-5757	222	54	0.307(1.970	0.307(1.970	NUM
easat-5757	222	55	)	)	PUNCT
easat-5757	222	56	0.230**(1.420	0.230**(1.420	NOUN
easat-5757	222	57	)	)	PUNCT
easat-5757	223	1	0.554	0.554	NUM
easat-5757	223	2	*	*	PUNCT
easat-5757	223	3	*	*	PUNCT
easat-5757	223	4	(	(	PUNCT
easat-5757	223	5	1.880	1.880	NUM
easat-5757	223	6	)	)	PUNCT
easat-5757	223	7	r²	r²	VERB
easat-5757	223	8	0.06	0.06	NUM
easat-5757	223	9	0.062	0.062	NUM
easat-5757	223	10	0.039	0.039	NUM
easat-5757	223	11	0.063	0.063	NUM
easat-5757	223	12	year	year	NOUN
easat-5757	223	13	control	control	NOUN
easat-5757	223	14	control	control	PROPN
easat-5757	223	15	control	control	PROPN
easat-5757	223	16	control	control	PROPN
easat-5757	223	17	trade	trade	PROPN
easat-5757	223	18	control	control	PROPN
easat-5757	223	19	control	control	PROPN
easat-5757	223	20	control	control	PROPN
easat-5757	223	21	control	control	PROPN
easat-5757	224	1	f	f	PROPN
easat-5757	224	2	price	price	NOUN
easat-5757	224	3	29.91	29.91	NUM
easat-5757	224	4	13.84	13.84	NUM
easat-5757	224	5	9.12	9.12	NUM
easat-5757	224	6	7.35	7.35	NUM
easat-5757	224	7	observed	observe	VERB
easat-5757	224	8	value	value	NOUN
easat-5757	224	9	4496	4496	NUM
easat-5757	224	10	2968	2968	NUM
easat-5757	224	11	2403	2403	NUM
easat-5757	224	12	1003	1003	NUM
easat-5757	224	13	regression	regression	NOUN
easat-5757	224	14	(	(	PUNCT
easat-5757	224	15	1	1	X
easat-5757	224	16	)	)	PUNCT
easat-5757	224	17	examines	examine	VERB
easat-5757	224	18	a	a	DET
easat-5757	224	19	company	company	NOUN
easat-5757	224	20	's	's	PART
easat-5757	224	21	financial	financial	ADJ
easat-5757	224	22	flexibility	flexibility	NOUN
easat-5757	224	23	in	in	ADP
easat-5757	224	24	the	the	DET
easat-5757	224	25	absence	absence	NOUN
easat-5757	224	26	of	of	ADP
easat-5757	224	27	financing	financing	NOUN
easat-5757	224	28	constraints	constraint	NOUN
easat-5757	224	29	,	,	PUNCT
easat-5757	224	30	specifically	specifically	ADV
easat-5757	224	31	its	its	PRON
easat-5757	224	32	sensitivity	sensitivity	NOUN
easat-5757	224	33	to	to	ADP
easat-5757	224	34	cash	cash	NOUN
easat-5757	224	35	flow	flow	NOUN
easat-5757	224	36	.	.	PUNCT
easat-5757	225	1	regressions	regression	NOUN
easat-5757	225	2	(	(	PUNCT
easat-5757	225	3	2)-(4	2)-(4	NUM
easat-5757	225	4	)	)	PUNCT
easat-5757	225	5	incorporate	incorporate	VERB
easat-5757	225	6	dummy	dummy	ADJ
easat-5757	225	7	variables	variable	NOUN
easat-5757	225	8	for	for	ADP
easat-5757	225	9	financing	financing	NOUN
easat-5757	225	10	constraints	constraint	NOUN
easat-5757	225	11	defined	define	VERB
easat-5757	225	12	by	by	ADP
easat-5757	225	13	three	three	NUM
easat-5757	225	14	methods	method	NOUN
easat-5757	225	15	and	and	CCONJ
easat-5757	225	16	their	their	PRON
easat-5757	225	17	interaction	interaction	NOUN
easat-5757	225	18	terms	term	NOUN
easat-5757	225	19	with	with	ADP
easat-5757	225	20	operating	operate	VERB
easat-5757	225	21	cash	cash	NOUN
easat-5757	225	22	flows	flow	NOUN
easat-5757	225	23	.	.	PUNCT
easat-5757	226	1	based	base	VERB
easat-5757	226	2	on	on	ADP
easat-5757	226	3	2178	2178	NUM
easat-5757	226	4	edelweiss	edelweiss	PROPN
easat-5757	226	5	applied	apply	VERB
easat-5757	226	6	science	science	NOUN
easat-5757	226	7	and	and	CCONJ
easat-5757	226	8	technology	technology	NOUN
easat-5757	226	9	issn	issn	PROPN
easat-5757	226	10	:	:	PUNCT
easat-5757	226	11	2576	2576	NUM
easat-5757	226	12	-	-	SYM
easat-5757	226	13	8484	8484	NUM
easat-5757	226	14	vol	vol	NOUN
easat-5757	226	15	.	.	PROPN
easat-5757	227	1	9	9	NUM
easat-5757	227	2	,	,	PUNCT
easat-5757	227	3	no	no	INTJ
easat-5757	227	4	.	.	NOUN
easat-5757	228	1	3	3	NUM
easat-5757	228	2	:	:	SYM
easat-5757	228	3	2170	2170	NUM
easat-5757	228	4	-	-	SYM
easat-5757	228	5	2183	2183	NUM
easat-5757	228	6	,	,	PUNCT
easat-5757	228	7	2025	2025	NUM
easat-5757	228	8	doi	doi	NOUN
easat-5757	228	9	:	:	PUNCT
easat-5757	228	10	10.55214/25768484.v9i3.5757	10.55214/25768484.v9i3.5757	NUM
easat-5757	228	11	©	©	PROPN
easat-5757	228	12	2025	2025	NUM
easat-5757	228	13	by	by	ADP
easat-5757	228	14	the	the	DET
easat-5757	228	15	authors	author	NOUN
easat-5757	228	16	;	;	PUNCT
easat-5757	228	17	licensee	licensee	PROPN
easat-5757	228	18	learning	learning	NOUN
easat-5757	228	19	gate	gate	VERB
easat-5757	228	20	the	the	DET
easat-5757	228	21	regression	regression	NOUN
easat-5757	228	22	results	result	NOUN
easat-5757	228	23	,	,	PUNCT
easat-5757	228	24	the	the	DET
easat-5757	228	25	cash	cash	NOUN
easat-5757	228	26	flow	flow	NOUN
easat-5757	228	27	coefficient	coefficient	NOUN
easat-5757	228	28	derived	derive	VERB
easat-5757	228	29	from	from	ADP
easat-5757	228	30	regression	regression	NOUN
easat-5757	228	31	(	(	PUNCT
easat-5757	228	32	1	1	NUM
easat-5757	228	33	)	)	PUNCT
easat-5757	228	34	is	be	AUX
easat-5757	228	35	0.205	0.205	NUM
easat-5757	228	36	,	,	PUNCT
easat-5757	228	37	which	which	PRON
easat-5757	228	38	exhibits	exhibit	VERB
easat-5757	228	39	a	a	DET
easat-5757	228	40	significantly	significantly	ADV
easat-5757	228	41	positive	positive	ADJ
easat-5757	228	42	correlation	correlation	NOUN
easat-5757	228	43	with	with	ADP
easat-5757	228	44	the	the	DET
easat-5757	228	45	incremental	incremental	ADJ
easat-5757	228	46	δff	δff	NOUN
easat-5757	228	47	of	of	ADP
easat-5757	228	48	financial	financial	ADJ
easat-5757	228	49	flexibility	flexibility	NOUN
easat-5757	228	50	at	at	ADP
easat-5757	228	51	the	the	DET
easat-5757	228	52	1	1	NUM
easat-5757	228	53	%	%	NOUN
easat-5757	228	54	significance	significance	NOUN
easat-5757	228	55	level	level	NOUN
easat-5757	228	56	.	.	PUNCT
easat-5757	229	1	this	this	PRON
easat-5757	229	2	suggests	suggest	VERB
easat-5757	229	3	that	that	SCONJ
easat-5757	229	4	chinese	chinese	ADJ
easat-5757	229	5	listed	list	VERB
easat-5757	229	6	companies	company	NOUN
easat-5757	229	7	generally	generally	ADV
easat-5757	229	8	allocate	allocate	VERB
easat-5757	229	9	a	a	DET
easat-5757	229	10	portion	portion	NOUN
easat-5757	229	11	of	of	ADP
easat-5757	229	12	their	their	PRON
easat-5757	229	13	operating	operate	VERB
easat-5757	229	14	cash	cash	NOUN
easat-5757	229	15	flow	flow	NOUN
easat-5757	229	16	to	to	PART
easat-5757	229	17	reserve	reserve	VERB
easat-5757	229	18	financial	financial	ADJ
easat-5757	229	19	flexibility	flexibility	NOUN
easat-5757	229	20	.	.	PUNCT
easat-5757	230	1	given	give	VERB
easat-5757	230	2	the	the	DET
easat-5757	230	3	underdeveloped	underdeveloped	ADJ
easat-5757	230	4	nature	nature	NOUN
easat-5757	230	5	of	of	ADP
easat-5757	230	6	china	china	PROPN
easat-5757	230	7	's	's	PART
easat-5757	230	8	capital	capital	NOUN
easat-5757	230	9	markets	market	NOUN
easat-5757	230	10	,	,	PUNCT
easat-5757	230	11	firms	firm	NOUN
easat-5757	230	12	need	need	VERB
easat-5757	230	13	to	to	PART
easat-5757	230	14	maintain	maintain	VERB
easat-5757	230	15	financial	financial	ADJ
easat-5757	230	16	flexibility	flexibility	NOUN
easat-5757	230	17	to	to	PART
easat-5757	230	18	address	address	VERB
easat-5757	230	19	financing	financing	NOUN
easat-5757	230	20	constraints	constraint	NOUN
easat-5757	230	21	.	.	PUNCT
easat-5757	231	1	furthermore	furthermore	ADV
easat-5757	231	2	,	,	PUNCT
easat-5757	231	3	financing	financing	NOUN
easat-5757	231	4	constraints	constraint	NOUN
easat-5757	231	5	influence	influence	VERB
easat-5757	231	6	a	a	DET
easat-5757	231	7	company	company	NOUN
easat-5757	231	8	's	's	PART
easat-5757	231	9	ability	ability	NOUN
easat-5757	231	10	to	to	PART
easat-5757	231	11	sustain	sustain	VERB
easat-5757	231	12	financial	financial	ADJ
easat-5757	231	13	flexibility	flexibility	NOUN
easat-5757	231	14	.	.	PUNCT
easat-5757	232	1	in	in	ADP
easat-5757	232	2	regressions	regression	NOUN
easat-5757	232	3	(	(	PUNCT
easat-5757	232	4	2)-(4	2)-(4	NUM
easat-5757	232	5	)	)	PUNCT
easat-5757	232	6	,	,	PUNCT
easat-5757	232	7	the	the	DET
easat-5757	232	8	interaction	interaction	NOUN
easat-5757	232	9	term	term	NOUN
easat-5757	232	10	between	between	ADP
easat-5757	232	11	financing	financing	NOUN
easat-5757	232	12	constraints	constraint	NOUN
easat-5757	232	13	and	and	CCONJ
easat-5757	232	14	operating	operate	VERB
easat-5757	232	15	cash	cash	NOUN
easat-5757	232	16	flow	flow	NOUN
easat-5757	232	17	is	be	AUX
easat-5757	232	18	significantly	significantly	ADV
easat-5757	232	19	positive	positive	ADJ
easat-5757	232	20	,	,	PUNCT
easat-5757	232	21	indicating	indicate	VERB
easat-5757	232	22	that	that	SCONJ
easat-5757	232	23	among	among	ADP
easat-5757	232	24	samples	sample	NOUN
easat-5757	232	25	defined	define	VERB
easat-5757	232	26	by	by	ADP
easat-5757	232	27	different	different	ADJ
easat-5757	232	28	financing	financing	NOUN
easat-5757	232	29	constraint	constraint	NOUN
easat-5757	232	30	methods	method	NOUN
easat-5757	232	31	,	,	PUNCT
easat-5757	232	32	the	the	DET
easat-5757	232	33	financial	financial	ADJ
easat-5757	232	34	flexibility	flexibility	NOUN
easat-5757	232	35	-	-	PUNCT
easat-5757	232	36	cash	cash	NOUN
easat-5757	232	37	flow	flow	NOUN
easat-5757	232	38	sensitivity	sensitivity	NOUN
easat-5757	232	39	of	of	ADP
easat-5757	232	40	samples	sample	NOUN
easat-5757	232	41	with	with	ADP
easat-5757	232	42	high	high	ADJ
easat-5757	232	43	financing	financing	NOUN
easat-5757	232	44	constraints	constraint	NOUN
easat-5757	232	45	is	be	AUX
easat-5757	232	46	significantly	significantly	ADV
easat-5757	232	47	greater	great	ADJ
easat-5757	232	48	than	than	ADP
easat-5757	232	49	that	that	PRON
easat-5757	232	50	of	of	ADP
easat-5757	232	51	samples	sample	NOUN
easat-5757	232	52	with	with	ADP
easat-5757	232	53	low	low	ADJ
easat-5757	232	54	financing	financing	NOUN
easat-5757	232	55	constraints	constraint	NOUN
easat-5757	232	56	.	.	PUNCT
easat-5757	233	1	these	these	DET
easat-5757	233	2	findings	finding	NOUN
easat-5757	233	3	remain	remain	VERB
easat-5757	233	4	consistent	consistent	ADJ
easat-5757	233	5	across	across	ADP
easat-5757	233	6	all	all	DET
easat-5757	233	7	three	three	NUM
easat-5757	233	8	definitions	definition	NOUN
easat-5757	233	9	,	,	PUNCT
easat-5757	233	10	thereby	thereby	ADV
easat-5757	233	11	validating	validate	VERB
easat-5757	233	12	hypothesis	hypothesis	NOUN
easat-5757	233	13	1	1	NUM
easat-5757	233	14	(	(	PUNCT
easat-5757	233	15	h1	h1	PROPN
easat-5757	233	16	)	)	PUNCT
easat-5757	233	17	.	.	PUNCT
easat-5757	234	1	specifically	specifically	ADV
easat-5757	234	2	,	,	PUNCT
easat-5757	234	3	regression	regression	NOUN
easat-5757	234	4	(	(	PUNCT
easat-5757	234	5	2	2	NUM
easat-5757	234	6	)	)	PUNCT
easat-5757	234	7	reveals	reveal	VERB
easat-5757	234	8	that	that	SCONJ
easat-5757	234	9	the	the	DET
easat-5757	234	10	regression	regression	NOUN
easat-5757	234	11	coefficient	coefficient	NOUN
easat-5757	234	12	of	of	ADP
easat-5757	234	13	fc_s	fc_s	NUM
easat-5757	234	14	×	×	NOUN
easat-5757	234	15	cash	cash	NOUN
easat-5757	234	16	flow	flow	NOUN
easat-5757	234	17	is	be	AUX
easat-5757	234	18	0.307	0.307	NUM
easat-5757	234	19	,	,	PUNCT
easat-5757	234	20	suggesting	suggest	VERB
easat-5757	234	21	that	that	SCONJ
easat-5757	234	22	the	the	DET
easat-5757	234	23	financial	financial	ADJ
easat-5757	234	24	flexibility	flexibility	NOUN
easat-5757	234	25	-	-	PUNCT
easat-5757	234	26	cash	cash	NOUN
easat-5757	234	27	flow	flow	NOUN
easat-5757	234	28	sensitivity	sensitivity	NOUN
easat-5757	234	29	of	of	ADP
easat-5757	234	30	small	small	ADJ
easat-5757	234	31	businesses	business	NOUN
easat-5757	234	32	is	be	AUX
easat-5757	234	33	,	,	PUNCT
easat-5757	234	34	on	on	ADP
easat-5757	234	35	average	average	ADJ
easat-5757	234	36	,	,	PUNCT
easat-5757	234	37	30.7	30.7	NUM
easat-5757	234	38	%	%	NOUN
easat-5757	234	39	higher	high	ADJ
easat-5757	234	40	than	than	ADP
easat-5757	234	41	that	that	PRON
easat-5757	234	42	of	of	ADP
easat-5757	234	43	large	large	ADJ
easat-5757	234	44	enterprises	enterprise	NOUN
easat-5757	234	45	.	.	PUNCT
easat-5757	235	1	this	this	DET
easat-5757	235	2	discrepancy	discrepancy	NOUN
easat-5757	235	3	arises	arise	VERB
easat-5757	235	4	from	from	ADP
easat-5757	235	5	the	the	DET
easat-5757	235	6	limited	limited	ADJ
easat-5757	235	7	financing	financing	NOUN
easat-5757	235	8	channels	channel	NOUN
easat-5757	235	9	available	available	ADJ
easat-5757	235	10	to	to	ADP
easat-5757	235	11	small	small	ADJ
easat-5757	235	12	enterprises	enterprise	NOUN
easat-5757	235	13	,	,	PUNCT
easat-5757	235	14	which	which	PRON
easat-5757	235	15	predominantly	predominantly	ADV
easat-5757	235	16	rely	rely	VERB
easat-5757	235	17	on	on	ADP
easat-5757	235	18	internal	internal	ADJ
easat-5757	235	19	financing	financing	NOUN
easat-5757	235	20	mechanisms	mechanism	NOUN
easat-5757	235	21	.	.	PUNCT
easat-5757	236	1	regression	regression	NOUN
easat-5757	236	2	(	(	PUNCT
easat-5757	236	3	3	3	X
easat-5757	236	4	)	)	PUNCT
easat-5757	236	5	indicates	indicate	VERB
easat-5757	236	6	that	that	SCONJ
easat-5757	236	7	the	the	DET
easat-5757	236	8	regression	regression	NOUN
easat-5757	236	9	coefficient	coefficient	NOUN
easat-5757	236	10	of	of	ADP
easat-5757	236	11	fc_a	fc_a	NUM
easat-5757	236	12	×	×	NOUN
easat-5757	236	13	cash	cash	NOUN
easat-5757	236	14	flow	flow	NOUN
easat-5757	236	15	is	be	AUX
easat-5757	236	16	0.230	0.230	NUM
easat-5757	236	17	,	,	PUNCT
easat-5757	236	18	demonstrating	demonstrate	VERB
easat-5757	236	19	that	that	SCONJ
easat-5757	236	20	the	the	DET
easat-5757	236	21	financial	financial	ADJ
easat-5757	236	22	flexibility	flexibility	NOUN
easat-5757	236	23	sensitivity	sensitivity	NOUN
easat-5757	236	24	to	to	PART
easat-5757	236	25	cash	cash	NOUN
easat-5757	236	26	flow	flow	NOUN
easat-5757	236	27	for	for	ADP
easat-5757	236	28	enterprises	enterprise	NOUN
easat-5757	236	29	with	with	ADP
easat-5757	236	30	shorter	short	ADJ
easat-5757	236	31	durations	duration	NOUN
easat-5757	236	32	is	be	AUX
easat-5757	236	33	23.0	23.0	NUM
easat-5757	236	34	%	%	NOUN
easat-5757	236	35	higher	high	ADJ
easat-5757	236	36	on	on	ADP
easat-5757	236	37	average	average	ADJ
easat-5757	236	38	compared	compare	VERB
easat-5757	236	39	to	to	ADP
easat-5757	236	40	those	those	PRON
easat-5757	236	41	with	with	ADP
easat-5757	236	42	longer	long	ADJ
easat-5757	236	43	durations	duration	NOUN
easat-5757	236	44	.	.	PUNCT
easat-5757	237	1	this	this	DET
easat-5757	237	2	phenomenon	phenomenon	NOUN
easat-5757	237	3	can	can	AUX
easat-5757	237	4	be	be	AUX
easat-5757	237	5	attributed	attribute	VERB
easat-5757	237	6	to	to	ADP
easat-5757	237	7	the	the	DET
easat-5757	237	8	tighter	tight	ADJ
easat-5757	237	9	financing	financing	NOUN
easat-5757	237	10	constraints	constraint	NOUN
easat-5757	237	11	faced	face	VERB
easat-5757	237	12	by	by	ADP
easat-5757	237	13	companies	company	NOUN
easat-5757	237	14	that	that	PRON
easat-5757	237	15	have	have	AUX
easat-5757	237	16	been	be	AUX
easat-5757	237	17	publicly	publicly	ADV
easat-5757	237	18	listed	list	VERB
easat-5757	237	19	for	for	ADP
easat-5757	237	20	a	a	DET
easat-5757	237	21	shorter	short	ADJ
easat-5757	237	22	period	period	NOUN
easat-5757	237	23	,	,	PUNCT
easat-5757	237	24	leading	lead	VERB
easat-5757	237	25	them	they	PRON
easat-5757	237	26	to	to	PART
easat-5757	237	27	prioritize	prioritize	VERB
easat-5757	237	28	maintaining	maintain	VERB
easat-5757	237	29	financial	financial	ADJ
easat-5757	237	30	flexibility	flexibility	NOUN
easat-5757	237	31	through	through	ADP
easat-5757	237	32	reliance	reliance	NOUN
easat-5757	237	33	on	on	ADP
easat-5757	237	34	internal	internal	ADJ
easat-5757	237	35	cash	cash	NOUN
easat-5757	237	36	flow	flow	NOUN
easat-5757	237	37	.	.	PUNCT
easat-5757	238	1	finally	finally	ADV
easat-5757	238	2	,	,	PUNCT
easat-5757	238	3	regression	regression	NOUN
easat-5757	238	4	(	(	PUNCT
easat-5757	238	5	4	4	X
easat-5757	238	6	)	)	PUNCT
easat-5757	238	7	shows	show	VERB
easat-5757	238	8	that	that	SCONJ
easat-5757	238	9	the	the	DET
easat-5757	238	10	regression	regression	NOUN
easat-5757	238	11	coefficient	coefficient	NOUN
easat-5757	238	12	of	of	ADP
easat-5757	238	13	fc_sa	fc_sa	PROPN
easat-5757	238	14	×	×	NOUN
easat-5757	238	15	cash	cash	NOUN
easat-5757	238	16	flow	flow	NOUN
easat-5757	238	17	is	be	AUX
easat-5757	238	18	0.554	0.554	NUM
easat-5757	238	19	,	,	PUNCT
easat-5757	238	20	indicating	indicate	VERB
easat-5757	238	21	that	that	SCONJ
easat-5757	238	22	the	the	DET
easat-5757	238	23	sensitivity	sensitivity	NOUN
easat-5757	238	24	of	of	ADP
easat-5757	238	25	financial	financial	ADJ
easat-5757	238	26	flexibility	flexibility	NOUN
easat-5757	238	27	to	to	ADP
easat-5757	238	28	cash	cash	NOUN
easat-5757	238	29	flow	flow	NOUN
easat-5757	238	30	for	for	ADP
easat-5757	238	31	small	small	ADJ
easat-5757	238	32	companies	company	NOUN
easat-5757	238	33	with	with	ADP
easat-5757	238	34	shorter	short	ADJ
easat-5757	238	35	establishment	establishment	NOUN
easat-5757	238	36	times	time	NOUN
easat-5757	238	37	is	be	AUX
easat-5757	238	38	55.4	55.4	NUM
easat-5757	238	39	%	%	NOUN
easat-5757	238	40	higher	high	ADJ
easat-5757	238	41	on	on	ADP
easat-5757	238	42	average	average	ADJ
easat-5757	238	43	than	than	ADP
easat-5757	238	44	that	that	PRON
easat-5757	238	45	of	of	ADP
easat-5757	238	46	large	large	ADJ
easat-5757	238	47	companies	company	NOUN
easat-5757	238	48	with	with	ADP
easat-5757	238	49	longer	long	ADJ
easat-5757	238	50	establishment	establishment	NOUN
easat-5757	238	51	histories	history	NOUN
easat-5757	238	52	.	.	PUNCT
easat-5757	239	1	this	this	DET
easat-5757	239	2	highlights	highlight	VERB
easat-5757	239	3	the	the	DET
easat-5757	239	4	more	more	ADV
easat-5757	239	5	severe	severe	ADJ
easat-5757	239	6	financing	financing	NOUN
easat-5757	239	7	constraints	constraint	NOUN
easat-5757	239	8	faced	face	VERB
easat-5757	239	9	by	by	ADP
easat-5757	239	10	smaller	small	ADJ
easat-5757	239	11	,	,	PUNCT
easat-5757	239	12	younger	young	ADJ
easat-5757	239	13	firms	firm	NOUN
easat-5757	239	14	,	,	PUNCT
easat-5757	239	15	which	which	PRON
easat-5757	239	16	leads	lead	VERB
easat-5757	239	17	them	they	PRON
easat-5757	239	18	to	to	PART
easat-5757	239	19	prefer	prefer	VERB
easat-5757	239	20	retaining	retain	VERB
easat-5757	239	21	financial	financial	ADJ
easat-5757	239	22	flexibility	flexibility	NOUN
easat-5757	239	23	.	.	PUNCT
easat-5757	240	1	furthermore	furthermore	ADV
easat-5757	240	2	,	,	PUNCT
easat-5757	240	3	incremental	incremental	ADJ
easat-5757	240	4	financial	financial	ADJ
easat-5757	240	5	flexibility	flexibility	NOUN
easat-5757	240	6	exhibits	exhibit	VERB
easat-5757	240	7	a	a	DET
easat-5757	240	8	significantly	significantly	ADV
easat-5757	240	9	positive	positive	ADJ
easat-5757	240	10	correlation	correlation	NOUN
easat-5757	240	11	with	with	ADP
easat-5757	240	12	tobin	tobin	PROPN
easat-5757	240	13	q	q	PROPN
easat-5757	240	14	,	,	PUNCT
easat-5757	240	15	a	a	DET
easat-5757	240	16	measure	measure	NOUN
easat-5757	240	17	of	of	ADP
easat-5757	240	18	a	a	DET
easat-5757	240	19	firm	firm	NOUN
easat-5757	240	20	's	's	PART
easat-5757	240	21	investment	investment	NOUN
easat-5757	240	22	opportunities	opportunity	NOUN
easat-5757	240	23	.	.	PUNCT
easat-5757	241	1	a	a	DET
easat-5757	241	2	higher	high	ADJ
easat-5757	241	3	tobin	tobin	NOUN
easat-5757	241	4	q	q	PROPN
easat-5757	241	5	value	value	NOUN
easat-5757	241	6	suggests	suggest	VERB
easat-5757	241	7	that	that	SCONJ
easat-5757	241	8	the	the	DET
easat-5757	241	9	company	company	NOUN
easat-5757	241	10	requires	require	VERB
easat-5757	241	11	greater	great	ADJ
easat-5757	241	12	financial	financial	ADJ
easat-5757	241	13	flexibility	flexibility	NOUN
easat-5757	241	14	to	to	PART
easat-5757	241	15	capitalize	capitalize	VERB
easat-5757	241	16	on	on	ADP
easat-5757	241	17	future	future	ADJ
easat-5757	241	18	favorable	favorable	ADJ
easat-5757	241	19	investment	investment	NOUN
easat-5757	241	20	opportunities	opportunity	NOUN
easat-5757	241	21	.	.	PUNCT
easat-5757	242	1	for	for	ADP
easat-5757	242	2	model	model	NOUN
easat-5757	242	3	(	(	PUNCT
easat-5757	242	4	2	2	NUM
easat-5757	242	5	)	)	PUNCT
easat-5757	242	6	,	,	PUNCT
easat-5757	242	7	table	table	NOUN
easat-5757	242	8	5	5	NUM
easat-5757	242	9	employs	employ	VERB
easat-5757	242	10	the	the	DET
easat-5757	242	11	judgment	judgment	NOUN
easat-5757	242	12	criteria	criterion	NOUN
easat-5757	242	13	established	establish	VERB
easat-5757	242	14	in	in	ADP
easat-5757	242	15	model	model	NOUN
easat-5757	242	16	(	(	PUNCT
easat-5757	242	17	1	1	NUM
easat-5757	242	18	)	)	PUNCT
easat-5757	242	19	and	and	CCONJ
easat-5757	242	20	selects	select	VERB
easat-5757	242	21	the	the	DET
easat-5757	242	22	fixedeffects	fixedeffect	NOUN
easat-5757	242	23	regression	regression	NOUN
easat-5757	242	24	model	model	NOUN
easat-5757	242	25	.	.	PUNCT
easat-5757	243	1	regression	regression	NOUN
easat-5757	243	2	(	(	PUNCT
easat-5757	243	3	5	5	NUM
easat-5757	243	4	)	)	PUNCT
easat-5757	243	5	presents	present	VERB
easat-5757	243	6	the	the	DET
easat-5757	243	7	panel	panel	NOUN
easat-5757	243	8	data	datum	NOUN
easat-5757	243	9	regression	regression	NOUN
easat-5757	243	10	results	result	NOUN
easat-5757	243	11	regarding	regard	VERB
easat-5757	243	12	the	the	DET
easat-5757	243	13	impact	impact	NOUN
easat-5757	243	14	of	of	ADP
easat-5757	243	15	financial	financial	ADJ
easat-5757	243	16	flexibility	flexibility	NOUN
easat-5757	243	17	on	on	ADP
easat-5757	243	18	corporate	corporate	ADJ
easat-5757	243	19	performance	performance	NOUN
easat-5757	243	20	,	,	PUNCT
easat-5757	243	21	while	while	SCONJ
easat-5757	243	22	regressions	regression	NOUN
easat-5757	243	23	(	(	PUNCT
easat-5757	243	24	6)-(8	6)-(8	NUM
easat-5757	243	25	)	)	PUNCT
easat-5757	243	26	report	report	VERB
easat-5757	243	27	the	the	DET
easat-5757	243	28	group	group	NOUN
easat-5757	243	29	regression	regression	NOUN
easat-5757	243	30	results	result	NOUN
easat-5757	243	31	for	for	ADP
easat-5757	243	32	the	the	DET
easat-5757	243	33	moderating	moderate	VERB
easat-5757	243	34	effects	effect	NOUN
easat-5757	243	35	of	of	ADP
easat-5757	243	36	different	different	ADJ
easat-5757	243	37	financing	financing	NOUN
easat-5757	243	38	constraint	constraint	NOUN
easat-5757	243	39	classification	classification	NOUN
easat-5757	243	40	methods	method	NOUN
easat-5757	243	41	on	on	ADP
easat-5757	243	42	the	the	DET
easat-5757	243	43	relationship	relationship	NOUN
easat-5757	243	44	between	between	ADP
easat-5757	243	45	financial	financial	ADJ
easat-5757	243	46	flexibility	flexibility	NOUN
easat-5757	243	47	and	and	CCONJ
easat-5757	243	48	corporate	corporate	ADJ
easat-5757	243	49	performance	performance	NOUN
easat-5757	243	50	.	.	PUNCT
easat-5757	244	1	2179	2179	NUM
easat-5757	244	2	edelweiss	edelweiss	PROPN
easat-5757	244	3	applied	apply	VERB
easat-5757	244	4	science	science	NOUN
easat-5757	244	5	and	and	CCONJ
easat-5757	244	6	technology	technology	NOUN
easat-5757	244	7	issn	issn	PROPN
easat-5757	244	8	:	:	PUNCT
easat-5757	244	9	2576	2576	NUM
easat-5757	244	10	-	-	SYM
easat-5757	244	11	8484	8484	NUM
easat-5757	244	12	vol	vol	NOUN
easat-5757	244	13	.	.	PROPN
easat-5757	245	1	9	9	NUM
easat-5757	245	2	,	,	PUNCT
easat-5757	245	3	no	no	INTJ
easat-5757	245	4	.	.	NOUN
easat-5757	246	1	3	3	NUM
easat-5757	246	2	:	:	SYM
easat-5757	246	3	2170	2170	NUM
easat-5757	246	4	-	-	SYM
easat-5757	246	5	2183	2183	NUM
easat-5757	246	6	,	,	PUNCT
easat-5757	246	7	2025	2025	NUM
easat-5757	246	8	doi	doi	NOUN
easat-5757	246	9	:	:	PUNCT
easat-5757	246	10	10.55214/25768484.v9i3.5757	10.55214/25768484.v9i3.5757	NUM
easat-5757	246	11	©	©	PROPN
easat-5757	246	12	2025	2025	NUM
easat-5757	246	13	by	by	ADP
easat-5757	246	14	the	the	DET
easat-5757	246	15	authors	author	NOUN
easat-5757	246	16	;	;	PUNCT
easat-5757	246	17	licensee	licensee	PROPN
easat-5757	246	18	learning	learn	VERB
easat-5757	246	19	gate	gate	NOUN
easat-5757	246	20	table	table	NOUN
easat-5757	246	21	5	5	NUM
easat-5757	246	22	.	.	PUNCT
easat-5757	247	1	regression	regression	NOUN
easat-5757	247	2	results	result	NOUN
easat-5757	247	3	of	of	ADP
easat-5757	247	4	financial	financial	ADJ
easat-5757	247	5	flexibility	flexibility	NOUN
easat-5757	247	6	and	and	CCONJ
easat-5757	247	7	corporate	corporate	ADJ
easat-5757	247	8	performance	performance	NOUN
easat-5757	247	9	.	.	PUNCT
easat-5757	248	1	variable	variable	NOUN
easat-5757	248	2	(	(	PUNCT
easat-5757	248	3	5	5	NUM
easat-5757	248	4	)	)	PUNCT
easat-5757	248	5	(	(	PUNCT
easat-5757	248	6	6	6	NUM
easat-5757	248	7	)	)	PUNCT
easat-5757	248	8	(	(	PUNCT
easat-5757	248	9	7	7	NUM
easat-5757	248	10	)	)	PUNCT
easat-5757	248	11	(	(	PUNCT
easat-5757	248	12	8)	8)	NUM
easat-5757	248	13	divided	divide	VERB
easat-5757	248	14	by	by	ADP
easat-5757	248	15	revenue	revenue	NOUN
easat-5757	248	16	size	size	NOUN
easat-5757	248	17	divided	divide	VERB
easat-5757	248	18	by	by	ADP
easat-5757	248	19	duration	duration	NOUN
easat-5757	248	20	by	by	ADP
easat-5757	248	21	revenue	revenue	NOUN
easat-5757	248	22	size	size	NOUN
easat-5757	248	23	-	-	PUNCT
easat-5757	248	24	duration	duration	NOUN
easat-5757	248	25	period	period	NOUN
easat-5757	248	26	low	low	ADJ
easat-5757	248	27	financing	financing	NOUN
easat-5757	248	28	constraint	constraint	NOUN
easat-5757	248	29	group	group	NOUN
easat-5757	248	30	high	high	ADJ
easat-5757	248	31	financing	financing	NOUN
easat-5757	248	32	constraint	constraint	NOUN
easat-5757	248	33	group	group	NOUN
easat-5757	248	34	low	low	ADJ
easat-5757	248	35	financing	financing	NOUN
easat-5757	248	36	constraint	constraint	NOUN
easat-5757	248	37	group	group	NOUN
easat-5757	248	38	high	high	ADJ
easat-5757	248	39	financing	financing	NOUN
easat-5757	248	40	constraint	constraint	NOUN
easat-5757	248	41	group	group	NOUN
easat-5757	248	42	low	low	ADJ
easat-5757	248	43	financing	financing	NOUN
easat-5757	248	44	constraint	constraint	NOUN
easat-5757	248	45	group	group	NOUN
easat-5757	248	46	high	high	ADJ
easat-5757	248	47	financing	financing	NOUN
easat-5757	248	48	constraint	constraint	NOUN
easat-5757	248	49	group	group	NOUN
easat-5757	248	50	ff	ff	VERB
easat-5757	248	51	0.097	0.097	NUM
easat-5757	248	52	*	*	PUNCT
easat-5757	248	53	*	*	PUNCT
easat-5757	249	1	*	*	PUNCT
easat-5757	250	1	(	(	PUNCT
easat-5757	250	2	2.480	2.480	NUM
easat-5757	250	3	)	)	PUNCT
easat-5757	250	4	0.137	0.137	NUM
easat-5757	251	1	*	*	PUNCT
easat-5757	251	2	*	*	PUNCT
easat-5757	251	3	*	*	PUNCT
easat-5757	251	4	(	(	PUNCT
easat-5757	251	5	2.820	2.820	NUM
easat-5757	251	6	)	)	PUNCT
easat-5757	251	7	0.125	0.125	NUM
easat-5757	251	8	*	*	PUNCT
easat-5757	251	9	*	*	PUNCT
easat-5757	251	10	*	*	PUNCT
easat-5757	251	11	(	(	PUNCT
easat-5757	251	12	2.130	2.130	NUM
easat-5757	251	13	)	)	PUNCT
easat-5757	251	14	0.170	0.170	NUM
easat-5757	251	15	*	*	PUNCT
easat-5757	252	1	*	*	PUNCT
easat-5757	252	2	*	*	PUNCT
easat-5757	252	3	(	(	PUNCT
easat-5757	252	4	2.840	2.840	NUM
easat-5757	252	5	)	)	PUNCT
easat-5757	252	6	0.160	0.160	NUM
easat-5757	252	7	*	*	PUNCT
easat-5757	252	8	*	*	PUNCT
easat-5757	252	9	*	*	PUNCT
easat-5757	252	10	(	(	PUNCT
easat-5757	252	11	2.400	2.400	NUM
easat-5757	252	12	)	)	PUNCT
easat-5757	252	13	0.103	0.103	NUM
easat-5757	252	14	*	*	PUNCT
easat-5757	252	15	*	*	PUNCT
easat-5757	252	16	*	*	PUNCT
easat-5757	252	17	(	(	PUNCT
easat-5757	252	18	2.840	2.840	NUM
easat-5757	252	19	)	)	PUNCT
easat-5757	252	20	0.094	0.094	NUM
easat-5757	252	21	*	*	SYM
easat-5757	252	22	*	*	PUNCT
easat-5757	252	23	(	(	PUNCT
easat-5757	252	24	2.050	2.050	NUM
easat-5757	252	25	)	)	PUNCT
easat-5757	252	26	ff²	ff²	ADP
easat-5757	252	27	-0.051	-0.051	VERB
easat-5757	252	28	*	*	PUNCT
easat-5757	252	29	*	*	PUNCT
easat-5757	252	30	*	*	PUNCT
easat-5757	252	31	(	(	PUNCT
easat-5757	252	32	1.800	1.800	NUM
easat-5757	252	33	)	)	PUNCT
easat-5757	252	34	-0.114	-0.114	NOUN
easat-5757	252	35	*	*	PUNCT
easat-5757	252	36	*	*	PUNCT
easat-5757	252	37	*	*	PUNCT
easat-5757	252	38	(	(	PUNCT
easat-5757	252	39	-2.430	-2.430	PROPN
easat-5757	252	40	)	)	PUNCT
easat-5757	252	41	-0.096	-0.096	PUNCT
easat-5757	252	42	*	*	PUNCT
easat-5757	252	43	*	*	PUNCT
easat-5757	252	44	*	*	PUNCT
easat-5757	252	45	(	(	PUNCT
easat-5757	252	46	-2.770	-2.770	NOUN
easat-5757	252	47	)	)	PUNCT
easat-5757	252	48	-0.104	-0.104	NOUN
easat-5757	252	49	*	*	PUNCT
easat-5757	252	50	*	*	PUNCT
easat-5757	252	51	*	*	PUNCT
easat-5757	252	52	(	(	PUNCT
easat-5757	252	53	-2.390	-2.390	X
easat-5757	252	54	)	)	PUNCT
easat-5757	252	55	-0.029	-0.029	NOUN
easat-5757	252	56	*	*	PUNCT
easat-5757	252	57	*	*	PUNCT
easat-5757	252	58	(	(	PUNCT
easat-5757	252	59	-2.360	-2.360	ADJ
easat-5757	252	60	)	)	PUNCT
easat-5757	252	61	-0.184	-0.184	NOUN
easat-5757	252	62	*	*	PUNCT
easat-5757	252	63	*	*	PUNCT
easat-5757	252	64	*	*	PUNCT
easat-5757	252	65	(	(	PUNCT
easat-5757	252	66	-2.960	-2.960	PUNCT
easat-5757	252	67	)	)	PUNCT
easat-5757	253	1	-0.062	-0.062	NOUN
easat-5757	253	2	*	*	PUNCT
easat-5757	253	3	*	*	PUNCT
easat-5757	253	4	(	(	PUNCT
easat-5757	253	5	-2.470	-2.470	X
easat-5757	253	6	)	)	PUNCT
easat-5757	253	7	ass	ass	NOUN
easat-5757	253	8	0.060	0.060	NUM
easat-5757	253	9	*	*	PUNCT
easat-5757	253	10	*	*	PUNCT
easat-5757	253	11	*	*	PUNCT
easat-5757	253	12	(	(	PUNCT
easat-5757	253	13	3.130	3.130	NUM
easat-5757	253	14	)	)	PUNCT
easat-5757	254	1	0.065	0.065	NUM
easat-5757	254	2	*	*	PUNCT
easat-5757	254	3	*	*	PUNCT
easat-5757	254	4	(	(	PUNCT
easat-5757	254	5	1.790	1.790	NUM
easat-5757	254	6	)	)	PUNCT
easat-5757	254	7	0.012	0.012	NUM
easat-5757	254	8	*	*	PUNCT
easat-5757	254	9	*	*	PUNCT
easat-5757	254	10	*	*	PUNCT
easat-5757	254	11	(	(	PUNCT
easat-5757	254	12	2.740	2.740	NUM
easat-5757	254	13	)	)	PUNCT
easat-5757	254	14	0.054	0.054	NUM
easat-5757	254	15	*	*	PUNCT
easat-5757	254	16	*	*	PUNCT
easat-5757	254	17	(	(	PUNCT
easat-5757	254	18	1.070	1.070	NUM
easat-5757	254	19	)	)	PUNCT
easat-5757	254	20	0.041	0.041	NUM
easat-5757	254	21	*	*	PUNCT
easat-5757	254	22	*	*	PUNCT
easat-5757	254	23	(	(	PUNCT
easat-5757	254	24	1.560	1.560	NUM
easat-5757	254	25	)	)	PUNCT
easat-5757	254	26	0.031	0.031	NUM
easat-5757	254	27	*	*	PUNCT
easat-5757	254	28	*	*	PUNCT
easat-5757	254	29	(	(	PUNCT
easat-5757	254	30	1.650	1.650	NUM
easat-5757	254	31	)	)	PUNCT
easat-5757	254	32	0.097	0.097	NUM
easat-5757	254	33	*	*	PUNCT
easat-5757	254	34	*	*	PUNCT
easat-5757	254	35	(	(	PUNCT
easat-5757	254	36	0.980	0.980	NUM
easat-5757	254	37	)	)	PUNCT
easat-5757	254	38	growth	growth	NOUN
easat-5757	254	39	0.015	0.015	NUM
easat-5757	254	40	*	*	PUNCT
easat-5757	254	41	*	*	PUNCT
easat-5757	254	42	*	*	PUNCT
easat-5757	254	43	(	(	PUNCT
easat-5757	254	44	6.420	6.420	NUM
easat-5757	254	45	)	)	PUNCT
easat-5757	254	46	0.016	0.016	NUM
easat-5757	254	47	*	*	PUNCT
easat-5757	254	48	*	*	PUNCT
easat-5757	254	49	*	*	PUNCT
easat-5757	254	50	(	(	PUNCT
easat-5757	254	51	3.860	3.860	NUM
easat-5757	254	52	)	)	PUNCT
easat-5757	254	53	0.019	0.019	NUM
easat-5757	254	54	*	*	PUNCT
easat-5757	254	55	*	*	PUNCT
easat-5757	254	56	*	*	PUNCT
easat-5757	254	57	(	(	PUNCT
easat-5757	254	58	3.820	3.820	NUM
easat-5757	254	59	)	)	PUNCT
easat-5757	254	60	0.018	0.018	NUM
easat-5757	254	61	*	*	PUNCT
easat-5757	254	62	*	*	PUNCT
easat-5757	254	63	*	*	PUNCT
easat-5757	254	64	(	(	PUNCT
easat-5757	254	65	4.020	4.020	NUM
easat-5757	254	66	)	)	PUNCT
easat-5757	254	67	0.006	0.006	NUM
easat-5757	254	68	*	*	PUNCT
easat-5757	254	69	(	(	PUNCT
easat-5757	254	70	1.210	1.210	NUM
easat-5757	254	71	)	)	PUNCT
easat-5757	254	72	0.024	0.024	NUM
easat-5757	254	73	*	*	PUNCT
easat-5757	254	74	*	*	PUNCT
easat-5757	254	75	*	*	PUNCT
easat-5757	254	76	(	(	PUNCT
easat-5757	254	77	4.160	4.160	NUM
easat-5757	254	78	)	)	PUNCT
easat-5757	254	79	0.021	0.021	NUM
easat-5757	254	80	*	*	PUNCT
easat-5757	254	81	*	*	PUNCT
easat-5757	254	82	*	*	PUNCT
easat-5757	254	83	(	(	PUNCT
easat-5757	254	84	2.620	2.620	NUM
easat-5757	254	85	)	)	PUNCT
easat-5757	254	86	top	top	NOUN
easat-5757	254	87	0.072	0.072	NUM
easat-5757	254	88	*	*	PUNCT
easat-5757	254	89	*	*	PUNCT
easat-5757	254	90	*	*	PUNCT
easat-5757	254	91	(	(	PUNCT
easat-5757	254	92	6.350	6.350	NUM
easat-5757	254	93	)	)	PUNCT
easat-5757	254	94	0.028	0.028	NUM
easat-5757	254	95	(	(	PUNCT
easat-5757	254	96	1.740	1.740	NUM
easat-5757	254	97	)	)	PUNCT
easat-5757	254	98	0.108	0.108	NUM
easat-5757	254	99	*	*	PUNCT
easat-5757	254	100	*	*	PUNCT
easat-5757	254	101	(	(	PUNCT
easat-5757	254	102	4.230	4.230	NUM
easat-5757	254	103	)	)	PUNCT
easat-5757	254	104	0.049	0.049	NUM
easat-5757	254	105	*	*	PUNCT
easat-5757	254	106	(	(	PUNCT
easat-5757	254	107	2.580	2.580	NUM
easat-5757	254	108	)	)	PUNCT
easat-5757	254	109	0.039	0.039	NUM
easat-5757	254	110	(	(	PUNCT
easat-5757	254	111	1.010	1.010	NUM
easat-5757	254	112	)	)	PUNCT
easat-5757	254	113	0.028	0.028	NUM
easat-5757	254	114	(	(	PUNCT
easat-5757	254	115	1.120	1.120	NUM
easat-5757	254	116	)	)	PUNCT
easat-5757	254	117	0.058	0.058	NUM
easat-5757	254	118	*	*	SYM
easat-5757	254	119	(	(	PUNCT
easat-5757	254	120	1.320	1.320	NUM
easat-5757	254	121	)	)	PUNCT
easat-5757	254	122	year	year	NOUN
easat-5757	254	123	control	control	NOUN
easat-5757	254	124	control	control	PROPN
easat-5757	254	125	control	control	PROPN
easat-5757	254	126	control	control	PROPN
easat-5757	254	127	control	control	PROPN
easat-5757	254	128	control	control	PROPN
easat-5757	254	129	control	control	PROPN
easat-5757	254	130	industry	industry	NOUN
easat-5757	254	131	control	control	PROPN
easat-5757	254	132	control	control	PROPN
easat-5757	254	133	control	control	PROPN
easat-5757	254	134	control	control	PROPN
easat-5757	254	135	control	control	PROPN
easat-5757	254	136	control	control	PROPN
easat-5757	254	137	control	control	PROPN
easat-5757	254	138	r²	r²	VERB
easat-5757	254	139	0.119	0.119	NUM
easat-5757	254	140	0.161	0.161	NUM
easat-5757	254	141	0.13	0.13	NUM
easat-5757	254	142	0.078	0.078	NUM
easat-5757	254	143	0.132	0.132	NUM
easat-5757	254	144	0.15	0.15	NUM
easat-5757	254	145	0.219	0.219	NUM
easat-5757	254	146	f	f	NOUN
easat-5757	254	147	price	price	NOUN
easat-5757	254	148	67.22	67.22	NUM
easat-5757	254	149	31.18	31.18	NUM
easat-5757	254	150	20.81	20.81	NUM
easat-5757	254	151	14.08	14.08	NUM
easat-5757	254	152	185.38	185.38	NUM
easat-5757	254	153	14.49	14.49	NUM
easat-5757	254	154	18.52	18.52	NUM
easat-5757	254	155	observed	observe	VERB
easat-5757	254	156	value	value	NOUN
easat-5757	254	157	5286	5286	NUM
easat-5757	254	158	2062	2062	NUM
easat-5757	254	159	2062	2062	NUM
easat-5757	254	160	1833	1833	NUM
easat-5757	254	161	1769	1769	NUM
easat-5757	254	162	1028	1028	NUM
easat-5757	254	163	1170	1170	NUM
easat-5757	254	164	as	as	SCONJ
easat-5757	254	165	can	can	AUX
easat-5757	254	166	be	be	AUX
easat-5757	254	167	seen	see	VERB
easat-5757	254	168	from	from	ADP
easat-5757	254	169	the	the	DET
easat-5757	254	170	results	result	NOUN
easat-5757	254	171	of	of	ADP
easat-5757	254	172	regression	regression	NOUN
easat-5757	254	173	(	(	PUNCT
easat-5757	254	174	5	5	NUM
easat-5757	254	175	)	)	PUNCT
easat-5757	254	176	,	,	PUNCT
easat-5757	254	177	the	the	DET
easat-5757	254	178	coefficients	coefficient	NOUN
easat-5757	254	179	of	of	ADP
easat-5757	254	180	financial	financial	ADJ
easat-5757	254	181	flexibility	flexibility	NOUN
easat-5757	254	182	level	level	NOUN
easat-5757	254	183	ff	ff	NOUN
easat-5757	254	184	and	and	CCONJ
easat-5757	254	185	its	its	PRON
easat-5757	254	186	square	square	ADJ
easat-5757	254	187	term	term	NOUN
easat-5757	254	188	ff2	ff2	PROPN
easat-5757	254	189	are	be	AUX
easat-5757	254	190	0.097	0.097	NUM
easat-5757	254	191	and	and	CCONJ
easat-5757	254	192	-0.051	-0.051	NOUN
easat-5757	254	193	respectively	respectively	ADV
easat-5757	254	194	,	,	PUNCT
easat-5757	254	195	both	both	PRON
easat-5757	254	196	of	of	ADP
easat-5757	254	197	which	which	PRON
easat-5757	254	198	are	be	AUX
easat-5757	254	199	significant	significant	ADJ
easat-5757	254	200	at	at	ADP
easat-5757	254	201	the	the	DET
easat-5757	254	202	1	1	NUM
easat-5757	254	203	%	%	NOUN
easat-5757	254	204	level	level	NOUN
easat-5757	254	205	,	,	PUNCT
easat-5757	254	206	indicating	indicate	VERB
easat-5757	254	207	that	that	SCONJ
easat-5757	254	208	corporate	corporate	ADJ
easat-5757	254	209	performance	performance	NOUN
easat-5757	254	210	increases	increase	VERB
easat-5757	254	211	first	first	ADV
easat-5757	254	212	and	and	CCONJ
easat-5757	254	213	then	then	ADV
easat-5757	254	214	decreases	decrease	VERB
easat-5757	254	215	with	with	ADP
easat-5757	254	216	the	the	DET
easat-5757	254	217	increase	increase	NOUN
easat-5757	254	218	of	of	ADP
easat-5757	254	219	financial	financial	ADJ
easat-5757	254	220	flexibility	flexibility	NOUN
easat-5757	254	221	,	,	PUNCT
easat-5757	254	222	which	which	PRON
easat-5757	254	223	verifies	verify	VERB
easat-5757	254	224	h2	h2	NOUN
easat-5757	254	225	's	's	PART
easat-5757	254	226	view	view	NOUN
easat-5757	254	227	.	.	PUNCT
easat-5757	255	1	there	there	PRON
easat-5757	255	2	is	be	VERB
easat-5757	255	3	an	an	DET
easat-5757	255	4	inverted	inverted	ADJ
easat-5757	255	5	u	u	ADJ
easat-5757	255	6	-	-	ADJ
easat-5757	255	7	shaped	shape	VERB
easat-5757	255	8	relationship	relationship	NOUN
easat-5757	255	9	between	between	ADP
easat-5757	255	10	financial	financial	ADJ
easat-5757	255	11	flexibility	flexibility	NOUN
easat-5757	255	12	and	and	CCONJ
easat-5757	255	13	corporate	corporate	ADJ
easat-5757	255	14	performance	performance	NOUN
easat-5757	255	15	.	.	PUNCT
easat-5757	256	1	financial	financial	ADJ
easat-5757	256	2	flexibility	flexibility	NOUN
easat-5757	256	3	is	be	AUX
easat-5757	256	4	not	not	PART
easat-5757	256	5	the	the	PRON
easat-5757	256	6	higher	high	ADJ
easat-5757	256	7	the	the	DET
easat-5757	256	8	better	well	ADJ
easat-5757	256	9	,	,	PUNCT
easat-5757	256	10	moderate	moderate	ADJ
easat-5757	256	11	financial	financial	ADJ
easat-5757	256	12	flexibility	flexibility	NOUN
easat-5757	256	13	plays	play	VERB
easat-5757	256	14	a	a	DET
easat-5757	256	15	positive	positive	ADJ
easat-5757	256	16	buffer	buffer	NOUN
easat-5757	256	17	effect	effect	NOUN
easat-5757	256	18	;	;	PUNCT
easat-5757	256	19	excessive	excessive	ADJ
easat-5757	256	20	financial	financial	ADJ
easat-5757	256	21	flexibility	flexibility	NOUN
easat-5757	256	22	will	will	AUX
easat-5757	256	23	bring	bring	VERB
easat-5757	256	24	negative	negative	ADJ
easat-5757	256	25	agency	agency	NOUN
easat-5757	256	26	effect	effect	NOUN
easat-5757	256	27	.	.	PUNCT
easat-5757	257	1	only	only	ADV
easat-5757	257	2	when	when	SCONJ
easat-5757	257	3	financial	financial	ADJ
easat-5757	257	4	flexibility	flexibility	NOUN
easat-5757	257	5	is	be	AUX
easat-5757	257	6	kept	keep	VERB
easat-5757	257	7	below	below	ADP
easat-5757	257	8	the	the	DET
easat-5757	257	9	equilibrium	equilibrium	NOUN
easat-5757	257	10	point	point	NOUN
easat-5757	257	11	can	can	AUX
easat-5757	257	12	corporate	corporate	ADJ
easat-5757	257	13	performance	performance	NOUN
easat-5757	257	14	be	be	AUX
easat-5757	257	15	improved	improve	VERB
easat-5757	257	16	.	.	PUNCT
easat-5757	258	1	in	in	ADP
easat-5757	258	2	order	order	NOUN
easat-5757	258	3	to	to	PART
easat-5757	258	4	test	test	VERB
easat-5757	258	5	h3	h3	NOUN
easat-5757	258	6	,	,	PUNCT
easat-5757	258	7	the	the	DET
easat-5757	258	8	author	author	NOUN
easat-5757	258	9	used	use	VERB
easat-5757	258	10	three	three	NUM
easat-5757	258	11	classification	classification	NOUN
easat-5757	258	12	methods	method	NOUN
easat-5757	258	13	of	of	ADP
easat-5757	258	14	financing	financing	NOUN
easat-5757	258	15	constraints	constraint	NOUN
easat-5757	258	16	and	and	CCONJ
easat-5757	258	17	grouped	group	VERB
easat-5757	258	18	the	the	DET
easat-5757	258	19	samples	sample	NOUN
easat-5757	258	20	according	accord	VERB
easat-5757	258	21	to	to	ADP
easat-5757	258	22	the	the	DET
easat-5757	258	23	level	level	NOUN
easat-5757	258	24	of	of	ADP
easat-5757	258	25	financing	financing	NOUN
easat-5757	258	26	constraints	constraint	NOUN
easat-5757	258	27	.	.	PUNCT
easat-5757	259	1	the	the	DET
easat-5757	259	2	results	result	NOUN
easat-5757	259	3	of	of	ADP
easat-5757	259	4	regression	regression	NOUN
easat-5757	259	5	(	(	PUNCT
easat-5757	259	6	6	6	NUM
easat-5757	259	7	)	)	PUNCT
easat-5757	259	8	-(8	-(8	PROPN
easat-5757	259	9	)	)	PUNCT
easat-5757	259	10	show	show	VERB
easat-5757	259	11	that	that	SCONJ
easat-5757	259	12	the	the	DET
easat-5757	259	13	coefficient	coefficient	NOUN
easat-5757	259	14	of	of	ADP
easat-5757	259	15	ff2	ff2	PROPN
easat-5757	259	16	of	of	ADP
easat-5757	259	17	the	the	DET
easat-5757	259	18	square	square	ADJ
easat-5757	259	19	term	term	NOUN
easat-5757	259	20	of	of	ADP
easat-5757	259	21	financial	financial	ADJ
easat-5757	259	22	flexibility	flexibility	NOUN
easat-5757	259	23	is	be	AUX
easat-5757	259	24	significantly	significantly	ADV
easat-5757	259	25	less	less	ADJ
easat-5757	259	26	than	than	ADP
easat-5757	259	27	0	0	NUM
easat-5757	259	28	at	at	ADP
easat-5757	259	29	the	the	DET
easat-5757	259	30	level	level	NOUN
easat-5757	259	31	of	of	ADP
easat-5757	259	32	1	1	NUM
easat-5757	259	33	%	%	NOUN
easat-5757	259	34	or	or	CCONJ
easat-5757	259	35	5	5	NUM
easat-5757	259	36	%	%	NOUN
easat-5757	259	37	for	for	ADP
easat-5757	259	38	both	both	CCONJ
easat-5757	259	39	the	the	DET
easat-5757	259	40	low	low	ADJ
easat-5757	259	41	financing	financing	NOUN
easat-5757	259	42	constraint	constraint	NOUN
easat-5757	259	43	group	group	NOUN
easat-5757	259	44	and	and	CCONJ
easat-5757	259	45	the	the	DET
easat-5757	259	46	high	high	ADJ
easat-5757	259	47	financing	financing	NOUN
easat-5757	259	48	constraint	constraint	NOUN
easat-5757	259	49	group	group	NOUN
easat-5757	259	50	,	,	PUNCT
easat-5757	259	51	indicating	indicate	VERB
easat-5757	259	52	that	that	SCONJ
easat-5757	259	53	the	the	DET
easat-5757	259	54	influence	influence	NOUN
easat-5757	259	55	of	of	ADP
easat-5757	259	56	financial	financial	ADJ
easat-5757	259	57	flexibility	flexibility	NOUN
easat-5757	259	58	on	on	ADP
easat-5757	259	59	corporate	corporate	ADJ
easat-5757	259	60	performance	performance	NOUN
easat-5757	259	61	presents	present	VERB
easat-5757	259	62	an	an	DET
easat-5757	259	63	inverted	inverted	ADJ
easat-5757	259	64	u	u	ADJ
easat-5757	259	65	-	-	ADJ
easat-5757	259	66	shaped	shape	VERB
easat-5757	259	67	relationship	relationship	NOUN
easat-5757	259	68	,	,	PUNCT
easat-5757	259	69	and	and	CCONJ
easat-5757	259	70	the	the	DET
easat-5757	259	71	interval	interval	NOUN
easat-5757	259	72	effect	effect	NOUN
easat-5757	259	73	of	of	ADP
easat-5757	259	74	financial	financial	ADJ
easat-5757	259	75	flexibility	flexibility	NOUN
easat-5757	259	76	is	be	AUX
easat-5757	259	77	generally	generally	ADV
easat-5757	259	78	present	present	ADJ
easat-5757	259	79	in	in	ADP
easat-5757	259	80	listed	list	VERB
easat-5757	259	81	companies	company	NOUN
easat-5757	259	82	in	in	ADP
easat-5757	259	83	china	china	PROPN
easat-5757	259	84	.	.	PUNCT
easat-5757	260	1	h2	h2	PROPN
easat-5757	260	2	is	be	AUX
easat-5757	260	3	further	far	ADV
easat-5757	260	4	verified	verify	VERB
easat-5757	260	5	.	.	PUNCT
easat-5757	261	1	in	in	ADP
easat-5757	261	2	addition	addition	NOUN
easat-5757	261	3	,	,	PUNCT
easat-5757	261	4	the	the	DET
easat-5757	261	5	samples	sample	NOUN
easat-5757	261	6	were	be	AUX
easat-5757	261	7	grouped	group	VERB
easat-5757	261	8	by	by	ADP
easat-5757	261	9	different	different	ADJ
easat-5757	261	10	financing	financing	NOUN
easat-5757	261	11	constraint	constraint	NOUN
easat-5757	261	12	classification	classification	NOUN
easat-5757	261	13	methods	method	NOUN
easat-5757	261	14	,	,	PUNCT
easat-5757	261	15	and	and	CCONJ
easat-5757	261	16	according	accord	VERB
easat-5757	261	17	to	to	ADP
easat-5757	261	18	the	the	DET
easat-5757	261	19	vertex	vertex	NOUN
easat-5757	261	20	coordinate	coordinate	NOUN
easat-5757	261	21	formula	formula	NOUN
easat-5757	261	22	of	of	ADP
easat-5757	261	23	the	the	DET
easat-5757	261	24	curve	curve	NOUN
easat-5757	261	25	,	,	PUNCT
easat-5757	261	26	compared	compare	VERB
easat-5757	261	27	with	with	ADP
easat-5757	261	28	the	the	DET
easat-5757	261	29	low	low	ADJ
easat-5757	261	30	financing	financing	NOUN
easat-5757	261	31	constraint	constraint	NOUN
easat-5757	261	32	group	group	NOUN
easat-5757	261	33	,	,	PUNCT
easat-5757	261	34	the	the	DET
easat-5757	261	35	equilibrium	equilibrium	NOUN
easat-5757	261	36	point	point	NOUN
easat-5757	261	37	of	of	ADP
easat-5757	261	38	the	the	DET
easat-5757	261	39	high	high	ADJ
easat-5757	261	40	financing	financing	NOUN
easat-5757	261	41	constraint	constraint	NOUN
easat-5757	261	42	group	group	NOUN
easat-5757	261	43	shifted	shift	VERB
easat-5757	261	44	to	to	ADP
easat-5757	261	45	the	the	DET
easat-5757	261	46	right	right	NOUN
easat-5757	261	47	and	and	CCONJ
easat-5757	261	48	the	the	DET
easat-5757	261	49	curve	curve	NOUN
easat-5757	261	50	was	be	AUX
easat-5757	261	51	smoother	smooth	ADJ
easat-5757	261	52	,	,	PUNCT
easat-5757	261	53	which	which	PRON
easat-5757	261	54	was	be	AUX
easat-5757	261	55	consistent	consistent	ADJ
easat-5757	261	56	with	with	ADP
easat-5757	261	57	h3	h3	NOUN
easat-5757	261	58	.	.	PUNCT
easat-5757	262	1	specifically	specifically	ADV
easat-5757	262	2	,	,	PUNCT
easat-5757	262	3	regression	regression	NOUN
easat-5757	262	4	(	(	PUNCT
easat-5757	262	5	6	6	NUM
easat-5757	262	6	)	)	PUNCT
easat-5757	262	7	shows	show	VERB
easat-5757	262	8	that	that	SCONJ
easat-5757	262	9	the	the	DET
easat-5757	262	10	ff2	ff2	PROPN
easat-5757	262	11	coefficient	coefficient	NOUN
easat-5757	262	12	of	of	ADP
easat-5757	262	13	the	the	DET
easat-5757	262	14	sample	sample	NOUN
easat-5757	262	15	of	of	ADP
easat-5757	262	16	large	large	ADJ
easat-5757	262	17	-	-	PUNCT
easat-5757	262	18	scale	scale	NOUN
easat-5757	262	19	companies	company	NOUN
easat-5757	262	20	is	be	AUX
easat-5757	262	21	-0.114	-0.114	ADJ
easat-5757	262	22	,	,	PUNCT
easat-5757	262	23	while	while	SCONJ
easat-5757	262	24	the	the	DET
easat-5757	262	25	ff2	ff2	PROPN
easat-5757	262	26	coefficient	coefficient	NOUN
easat-5757	262	27	of	of	ADP
easat-5757	262	28	the	the	DET
easat-5757	262	29	sample	sample	NOUN
easat-5757	262	30	of	of	ADP
easat-5757	262	31	small	small	ADJ
easat-5757	262	32	-	-	PUNCT
easat-5757	262	33	scale	scale	NOUN
easat-5757	262	34	companies	company	NOUN
easat-5757	262	35	is	be	AUX
easat-5757	262	36	-0.096	-0.096	VERB
easat-5757	262	37	,	,	PUNCT
easat-5757	262	38	indicating	indicate	VERB
easat-5757	262	39	that	that	SCONJ
easat-5757	262	40	the	the	DET
easat-5757	262	41	inverted	invert	VERB
easat-5757	262	42	u	u	NOUN
easat-5757	262	43	-	-	ADJ
easat-5757	262	44	shaped	shape	VERB
easat-5757	262	45	curve	curve	NOUN
easat-5757	262	46	of	of	ADP
easat-5757	262	47	small	small	ADJ
easat-5757	262	48	-	-	PUNCT
easat-5757	262	49	scale	scale	NOUN
easat-5757	262	50	companies	company	NOUN
easat-5757	262	51	is	be	AUX
easat-5757	262	52	more	more	ADV
easat-5757	262	53	gentle	gentle	ADJ
easat-5757	262	54	.	.	PUNCT
easat-5757	263	1	this	this	PRON
easat-5757	263	2	is	be	AUX
easat-5757	263	3	because	because	SCONJ
easat-5757	263	4	with	with	ADP
easat-5757	263	5	the	the	DET
easat-5757	263	6	improvement	improvement	NOUN
easat-5757	263	7	of	of	ADP
easat-5757	263	8	the	the	DET
easat-5757	263	9	financial	financial	ADJ
easat-5757	263	10	flexibility	flexibility	NOUN
easat-5757	263	11	level	level	NOUN
easat-5757	263	12	of	of	ADP
easat-5757	263	13	small	small	ADJ
easat-5757	263	14	-	-	PUNCT
easat-5757	263	15	scale	scale	NOUN
easat-5757	263	16	companies	company	NOUN
easat-5757	263	17	,	,	PUNCT
easat-5757	263	18	financing	financing	NOUN
easat-5757	263	19	constraints	constraint	NOUN
easat-5757	263	20	play	play	VERB
easat-5757	263	21	a	a	DET
easat-5757	263	22	buffer	buffer	NOUN
easat-5757	263	23	effect	effect	NOUN
easat-5757	263	24	,	,	PUNCT
easat-5757	263	25	and	and	CCONJ
easat-5757	263	26	the	the	DET
easat-5757	263	27	marginal	marginal	ADJ
easat-5757	263	28	contribution	contribution	NOUN
easat-5757	263	29	of	of	ADP
easat-5757	263	30	financial	financial	ADJ
easat-5757	263	31	flexibility	flexibility	NOUN
easat-5757	263	32	decreases	decrease	VERB
easat-5757	263	33	gradually	gradually	ADV
easat-5757	263	34	.	.	PUNCT
easat-5757	264	1	according	accord	VERB
easat-5757	264	2	to	to	ADP
easat-5757	264	3	the	the	DET
easat-5757	264	4	vertex	vertex	NOUN
easat-5757	264	5	coordinate	coordinate	NOUN
easat-5757	264	6	formula	formula	NOUN
easat-5757	264	7	of	of	ADP
easat-5757	264	8	the	the	DET
easat-5757	264	9	curve	curve	NOUN
easat-5757	264	10	,	,	PUNCT
easat-5757	264	11	the	the	DET
easat-5757	264	12	financial	financial	ADJ
easat-5757	264	13	flexibility	flexibility	NOUN
easat-5757	264	14	equilibrium	equilibrium	NOUN
easat-5757	264	15	point	point	NOUN
easat-5757	264	16	shifts	shift	NOUN
easat-5757	264	17	to	to	ADP
easat-5757	264	18	the	the	DET
easat-5757	264	19	right	right	NOUN
easat-5757	264	20	,	,	PUNCT
easat-5757	264	21	because	because	SCONJ
easat-5757	264	22	the	the	DET
easat-5757	264	23	agency	agency	NOUN
easat-5757	264	24	effect	effect	NOUN
easat-5757	264	25	of	of	ADP
easat-5757	264	26	financial	financial	ADJ
easat-5757	264	27	flexibility	flexibility	NOUN
easat-5757	264	28	of	of	ADP
easat-5757	264	29	small	small	ADJ
easat-5757	264	30	scale	scale	NOUN
easat-5757	264	31	companies	company	NOUN
easat-5757	264	32	is	be	AUX
easat-5757	264	33	weaker	weak	ADJ
easat-5757	264	34	than	than	ADP
easat-5757	264	35	that	that	PRON
easat-5757	264	36	of	of	ADP
easat-5757	264	37	large	large	ADJ
easat-5757	264	38	scale	scale	NOUN
easat-5757	264	39	companies	company	NOUN
easat-5757	264	40	.	.	PUNCT
easat-5757	265	1	financing	financing	NOUN
easat-5757	265	2	constraints	constraint	NOUN
easat-5757	265	3	inhibit	inhibit	VERB
easat-5757	265	4	the	the	DET
easat-5757	265	5	self	self	NOUN
easat-5757	265	6	-	-	PUNCT
easat-5757	265	7	interested	interest	VERB
easat-5757	265	8	behavior	behavior	NOUN
easat-5757	265	9	of	of	ADP
easat-5757	265	10	managers	manager	NOUN
easat-5757	265	11	of	of	ADP
easat-5757	265	12	small	small	ADJ
easat-5757	265	13	-	-	PUNCT
easat-5757	265	14	scale	scale	NOUN
easat-5757	265	15	companies	company	NOUN
easat-5757	265	16	,	,	PUNCT
easat-5757	265	17	thus	thus	ADV
easat-5757	265	18	weakening	weaken	VERB
easat-5757	265	19	the	the	DET
easat-5757	265	20	agency	agency	NOUN
easat-5757	265	21	effect	effect	NOUN
easat-5757	265	22	of	of	ADP
easat-5757	265	23	financial	financial	ADJ
easat-5757	265	24	flexibility	flexibility	NOUN
easat-5757	265	25	,	,	PUNCT
easat-5757	265	26	which	which	PRON
easat-5757	265	27	further	far	ADV
easat-5757	265	28	validates	validate	VERB
easat-5757	265	29	h3	h3	NOUN
easat-5757	265	30	.	.	PUNCT
easat-5757	266	1	regression	regression	NOUN
easat-5757	266	2	(	(	PUNCT
easat-5757	266	3	7	7	X
easat-5757	266	4	)	)	PUNCT
easat-5757	266	5	shows	show	VERB
easat-5757	266	6	that	that	SCONJ
easat-5757	266	7	the	the	DET
easat-5757	266	8	ff2	ff2	PROPN
easat-5757	266	9	coefficient	coefficient	NOUN
easat-5757	266	10	of	of	ADP
easat-5757	266	11	companies	company	NOUN
easat-5757	266	12	with	with	ADP
easat-5757	266	13	long	long	ADJ
easat-5757	266	14	duration	duration	NOUN
easat-5757	266	15	is	be	AUX
easat-5757	266	16	-0.0104	-0.0104	PROPN
easat-5757	266	17	,	,	PUNCT
easat-5757	266	18	the	the	DET
easat-5757	266	19	ff2	ff2	PROPN
easat-5757	266	20	coefficient	coefficient	NOUN
easat-5757	266	21	of	of	ADP
easat-5757	266	22	companies	company	NOUN
easat-5757	266	23	with	with	ADP
easat-5757	266	24	shorter	short	ADJ
easat-5757	266	25	listing	listing	NOUN
easat-5757	266	26	years	year	NOUN
easat-5757	266	27	is	be	AUX
easat-5757	266	28	0.029	0.029	NUM
easat-5757	266	29	,	,	PUNCT
easat-5757	266	30	and	and	CCONJ
easat-5757	266	31	the	the	DET
easat-5757	266	32	company	company	NOUN
easat-5757	266	33	with	with	ADP
easat-5757	266	34	shorter	short	ADJ
easat-5757	266	35	listing	listing	NOUN
easat-5757	266	36	years	year	NOUN
easat-5757	266	37	has	have	VERB
easat-5757	266	38	an	an	DET
easat-5757	266	39	inverted	inverted	ADJ
easat-5757	266	40	u	u	NOUN
easat-5757	266	41	-	-	NOUN
easat-5757	266	42	shape	shape	NOUN
easat-5757	266	43	slowdown	slowdown	NOUN
easat-5757	266	44	.	.	PUNCT
easat-5757	267	1	moreover	moreover	ADV
easat-5757	267	2	,	,	PUNCT
easat-5757	267	3	2180	2180	NUM
easat-5757	267	4	edelweiss	edelweiss	PROPN
easat-5757	267	5	applied	apply	VERB
easat-5757	267	6	science	science	NOUN
easat-5757	267	7	and	and	CCONJ
easat-5757	267	8	technology	technology	NOUN
easat-5757	267	9	issn	issn	PROPN
easat-5757	267	10	:	:	PUNCT
easat-5757	267	11	2576	2576	NUM
easat-5757	267	12	-	-	SYM
easat-5757	267	13	8484	8484	NUM
easat-5757	267	14	vol	vol	NOUN
easat-5757	267	15	.	.	PROPN
easat-5757	268	1	9	9	NUM
easat-5757	268	2	,	,	PUNCT
easat-5757	268	3	no	no	INTJ
easat-5757	268	4	.	.	NOUN
easat-5757	269	1	3	3	NUM
easat-5757	269	2	:	:	SYM
easat-5757	269	3	2170	2170	NUM
easat-5757	269	4	-	-	SYM
easat-5757	269	5	2183	2183	NUM
easat-5757	269	6	,	,	PUNCT
easat-5757	269	7	2025	2025	NUM
easat-5757	269	8	doi	doi	NOUN
easat-5757	269	9	:	:	PUNCT
easat-5757	269	10	10.55214/25768484.v9i3.5757	10.55214/25768484.v9i3.5757	NUM
easat-5757	269	11	©	©	PROPN
easat-5757	269	12	2025	2025	NUM
easat-5757	269	13	by	by	ADP
easat-5757	269	14	the	the	DET
easat-5757	269	15	authors	author	NOUN
easat-5757	269	16	;	;	PUNCT
easat-5757	269	17	licensee	licensee	PROPN
easat-5757	269	18	learning	learning	NOUN
easat-5757	269	19	gate	gate	NOUN
easat-5757	269	20	according	accord	VERB
easat-5757	269	21	to	to	ADP
easat-5757	269	22	the	the	DET
easat-5757	269	23	vertex	vertex	NOUN
easat-5757	269	24	coordinate	coordinate	NOUN
easat-5757	269	25	formula	formula	NOUN
easat-5757	269	26	of	of	ADP
easat-5757	269	27	the	the	DET
easat-5757	269	28	curve	curve	NOUN
easat-5757	269	29	,	,	PUNCT
easat-5757	269	30	the	the	DET
easat-5757	269	31	equilibrium	equilibrium	NOUN
easat-5757	269	32	point	point	NOUN
easat-5757	269	33	of	of	ADP
easat-5757	269	34	financial	financial	ADJ
easat-5757	269	35	flexibility	flexibility	NOUN
easat-5757	269	36	shifts	shift	NOUN
easat-5757	269	37	to	to	ADP
easat-5757	269	38	the	the	DET
easat-5757	269	39	right	right	NOUN
easat-5757	269	40	.	.	PUNCT
easat-5757	270	1	this	this	PRON
easat-5757	270	2	is	be	AUX
easat-5757	270	3	because	because	SCONJ
easat-5757	270	4	the	the	DET
easat-5757	270	5	financing	financing	NOUN
easat-5757	270	6	constraints	constraint	NOUN
easat-5757	270	7	of	of	ADP
easat-5757	270	8	short	short	ADJ
easat-5757	270	9	-	-	PUNCT
easat-5757	270	10	duration	duration	NOUN
easat-5757	270	11	companies	company	NOUN
easat-5757	270	12	weaken	weaken	VERB
easat-5757	270	13	the	the	DET
easat-5757	270	14	agency	agency	NOUN
easat-5757	270	15	effect	effect	NOUN
easat-5757	270	16	of	of	ADP
easat-5757	270	17	financial	financial	ADJ
easat-5757	270	18	flexibility	flexibility	NOUN
easat-5757	270	19	.	.	PUNCT
easat-5757	271	1	regression	regression	NOUN
easat-5757	271	2	(	(	PUNCT
easat-5757	271	3	8)	8)	NUM
easat-5757	271	4	shows	show	VERB
easat-5757	271	5	that	that	SCONJ
easat-5757	271	6	the	the	DET
easat-5757	271	7	ff	ff	ADJ
easat-5757	271	8	coefficient	coefficient	NOUN
easat-5757	271	9	of	of	ADP
easat-5757	271	10	large	large	ADJ
easat-5757	271	11	-	-	PUNCT
easat-5757	271	12	scale	scale	NOUN
easat-5757	271	13	companies	company	NOUN
easat-5757	271	14	with	with	ADP
easat-5757	271	15	long	long	ADJ
easat-5757	271	16	listing	listing	NOUN
easat-5757	271	17	years	year	NOUN
easat-5757	271	18	is	be	AUX
easat-5757	271	19	0.103	0.103	NUM
easat-5757	271	20	and	and	CCONJ
easat-5757	271	21	ff2	ff2	PROPN
easat-5757	271	22	coefficient	coefficient	NOUN
easat-5757	271	23	is	be	AUX
easat-5757	271	24	-0.184	-0.184	VERB
easat-5757	271	25	;	;	PUNCT
easat-5757	271	26	the	the	DET
easat-5757	271	27	ff	ff	PROPN
easat-5757	271	28	coefficient	coefficient	NOUN
easat-5757	271	29	of	of	ADP
easat-5757	271	30	small	small	ADJ
easat-5757	271	31	-	-	PUNCT
easat-5757	271	32	scale	scale	NOUN
easat-5757	271	33	companies	company	NOUN
easat-5757	271	34	with	with	ADP
easat-5757	271	35	short	short	ADJ
easat-5757	271	36	listing	listing	NOUN
easat-5757	271	37	years	year	NOUN
easat-5757	271	38	is	be	AUX
easat-5757	271	39	0.094	0.094	NUM
easat-5757	271	40	and	and	CCONJ
easat-5757	271	41	ff2	ff2	PROPN
easat-5757	271	42	coefficient	coefficient	NOUN
easat-5757	271	43	is	be	AUX
easat-5757	271	44	-0.062	-0.062	PRON
easat-5757	271	45	.	.	PUNCT
easat-5757	272	1	according	accord	VERB
easat-5757	272	2	to	to	ADP
easat-5757	272	3	the	the	DET
easat-5757	272	4	vertex	vertex	NOUN
easat-5757	272	5	coordinate	coordinate	NOUN
easat-5757	272	6	formula	formula	NOUN
easat-5757	272	7	of	of	ADP
easat-5757	272	8	the	the	DET
easat-5757	272	9	curve	curve	NOUN
easat-5757	272	10	,	,	PUNCT
easat-5757	272	11	the	the	DET
easat-5757	272	12	equilibrium	equilibrium	NOUN
easat-5757	272	13	point	point	NOUN
easat-5757	272	14	of	of	ADP
easat-5757	272	15	financial	financial	ADJ
easat-5757	272	16	flexibility	flexibility	NOUN
easat-5757	272	17	shifts	shift	NOUN
easat-5757	272	18	to	to	ADP
easat-5757	272	19	the	the	DET
easat-5757	272	20	right	right	NOUN
easat-5757	272	21	.	.	PUNCT
easat-5757	273	1	this	this	PRON
easat-5757	273	2	is	be	AUX
easat-5757	273	3	because	because	SCONJ
easat-5757	273	4	small	small	ADJ
easat-5757	273	5	-	-	PUNCT
easat-5757	273	6	scale	scale	NOUN
easat-5757	273	7	companies	company	NOUN
easat-5757	273	8	with	with	ADP
easat-5757	273	9	a	a	DET
easat-5757	273	10	short	short	ADJ
easat-5757	273	11	listing	listing	NOUN
easat-5757	273	12	life	life	NOUN
easat-5757	273	13	face	face	VERB
easat-5757	273	14	more	more	ADV
easat-5757	273	15	serious	serious	ADJ
easat-5757	273	16	financing	financing	NOUN
easat-5757	273	17	constraints	constraint	NOUN
easat-5757	273	18	,	,	PUNCT
easat-5757	273	19	and	and	CCONJ
easat-5757	273	20	managers	manager	NOUN
easat-5757	273	21	are	be	AUX
easat-5757	273	22	less	less	ADV
easat-5757	273	23	self	self	NOUN
easat-5757	273	24	-	-	PUNCT
easat-5757	273	25	interested	interested	ADJ
easat-5757	273	26	and	and	CCONJ
easat-5757	273	27	cautious	cautious	ADJ
easat-5757	273	28	in	in	ADP
easat-5757	273	29	making	make	VERB
easat-5757	273	30	financial	financial	ADJ
easat-5757	273	31	decisions	decision	NOUN
easat-5757	273	32	and	and	CCONJ
easat-5757	273	33	using	use	VERB
easat-5757	273	34	financial	financial	ADJ
easat-5757	273	35	flexibility	flexibility	NOUN
easat-5757	273	36	,	,	PUNCT
easat-5757	273	37	which	which	PRON
easat-5757	273	38	weakens	weaken	VERB
easat-5757	273	39	the	the	DET
easat-5757	273	40	agency	agency	NOUN
easat-5757	273	41	effect	effect	NOUN
easat-5757	273	42	of	of	ADP
easat-5757	273	43	financial	financial	ADJ
easat-5757	273	44	flexibility	flexibility	NOUN
easat-5757	273	45	and	and	CCONJ
easat-5757	273	46	further	far	ADV
easat-5757	273	47	validates	validate	VERB
easat-5757	273	48	h3	h3	NOUN
easat-5757	273	49	.	.	PUNCT
easat-5757	274	1	in	in	ADP
easat-5757	274	2	addition	addition	NOUN
easat-5757	274	3	,	,	PUNCT
easat-5757	274	4	most	most	ADJ
easat-5757	274	5	of	of	ADP
easat-5757	274	6	the	the	DET
easat-5757	274	7	other	other	ADJ
easat-5757	274	8	independent	independent	ADJ
easat-5757	274	9	variables	variable	NOUN
easat-5757	274	10	controlled	control	VERB
easat-5757	274	11	have	have	AUX
easat-5757	274	12	passed	pass	VERB
easat-5757	274	13	the	the	DET
easat-5757	274	14	significance	significance	NOUN
easat-5757	274	15	test	test	NOUN
easat-5757	274	16	,	,	PUNCT
easat-5757	274	17	and	and	CCONJ
easat-5757	274	18	the	the	DET
easat-5757	274	19	coefficient	coefficient	NOUN
easat-5757	274	20	symbols	symbol	NOUN
easat-5757	274	21	are	be	AUX
easat-5757	274	22	in	in	ADP
easat-5757	274	23	line	line	NOUN
easat-5757	274	24	with	with	ADP
easat-5757	274	25	practical	practical	ADJ
easat-5757	274	26	significance	significance	NOUN
easat-5757	274	27	.	.	PUNCT
easat-5757	275	1	from	from	ADP
easat-5757	275	2	the	the	DET
easat-5757	275	3	aforementioned	aforementioned	ADJ
easat-5757	275	4	test	test	NOUN
easat-5757	275	5	results	result	NOUN
easat-5757	275	6	,	,	PUNCT
easat-5757	275	7	it	it	PRON
easat-5757	275	8	can	can	AUX
easat-5757	275	9	be	be	AUX
easat-5757	275	10	observed	observe	VERB
easat-5757	275	11	that	that	SCONJ
easat-5757	275	12	,	,	PUNCT
easat-5757	275	13	in	in	ADP
easat-5757	275	14	general	general	ADJ
easat-5757	275	15	,	,	PUNCT
easat-5757	275	16	the	the	DET
easat-5757	275	17	financing	financing	NOUN
easat-5757	275	18	constraints	constraint	NOUN
easat-5757	275	19	and	and	CCONJ
easat-5757	275	20	financial	financial	ADJ
easat-5757	275	21	flexibility	flexibility	NOUN
easat-5757	275	22	of	of	ADP
easat-5757	275	23	listed	list	VERB
easat-5757	275	24	companies	company	NOUN
easat-5757	275	25	are	be	AUX
easat-5757	275	26	closely	closely	ADV
easat-5757	275	27	associated	associate	VERB
easat-5757	275	28	with	with	ADP
easat-5757	275	29	corporate	corporate	ADJ
easat-5757	275	30	performance	performance	NOUN
easat-5757	275	31	.	.	PUNCT
easat-5757	276	1	more	more	ADV
easat-5757	276	2	specifically	specifically	ADV
easat-5757	276	3	,	,	PUNCT
easat-5757	276	4	companies	company	NOUN
easat-5757	276	5	experiencing	experience	VERB
easat-5757	276	6	more	more	ADV
easat-5757	276	7	severe	severe	ADJ
easat-5757	276	8	financing	financing	NOUN
easat-5757	276	9	constraints	constraint	NOUN
easat-5757	276	10	tend	tend	VERB
easat-5757	276	11	to	to	PART
easat-5757	276	12	exhibit	exhibit	VERB
easat-5757	276	13	higher	high	ADJ
easat-5757	276	14	financial	financial	ADJ
easat-5757	276	15	flexibility	flexibility	NOUN
easat-5757	276	16	in	in	ADP
easat-5757	276	17	terms	term	NOUN
easat-5757	276	18	of	of	ADP
easat-5757	276	19	cash	cash	NOUN
easat-5757	276	20	flow	flow	NOUN
easat-5757	276	21	sensitivity	sensitivity	NOUN
easat-5757	276	22	.	.	PUNCT
easat-5757	277	1	these	these	DET
easat-5757	277	2	firms	firm	NOUN
easat-5757	277	3	place	place	VERB
easat-5757	277	4	greater	great	ADJ
easat-5757	277	5	emphasis	emphasis	NOUN
easat-5757	277	6	on	on	ADP
easat-5757	277	7	utilizing	utilize	VERB
easat-5757	277	8	internal	internal	ADJ
easat-5757	277	9	cash	cash	NOUN
easat-5757	277	10	flows	flow	NOUN
easat-5757	277	11	for	for	ADP
easat-5757	277	12	cash	cash	NOUN
easat-5757	277	13	reserves	reserve	NOUN
easat-5757	277	14	or	or	CCONJ
easat-5757	277	15	debt	debt	NOUN
easat-5757	277	16	repayment	repayment	NOUN
easat-5757	277	17	,	,	PUNCT
easat-5757	277	18	thereby	thereby	ADV
easat-5757	277	19	enhancing	enhance	VERB
easat-5757	277	20	their	their	PRON
easat-5757	277	21	financial	financial	ADJ
easat-5757	277	22	flexibility	flexibility	NOUN
easat-5757	277	23	to	to	PART
easat-5757	277	24	mitigate	mitigate	VERB
easat-5757	277	25	adverse	adverse	ADJ
easat-5757	277	26	shocks	shock	NOUN
easat-5757	277	27	and	and	CCONJ
easat-5757	277	28	capitalize	capitalize	VERB
easat-5757	277	29	on	on	ADP
easat-5757	277	30	investment	investment	NOUN
easat-5757	277	31	opportunities	opportunity	NOUN
easat-5757	277	32	.	.	PUNCT
easat-5757	278	1	furthermore	furthermore	ADV
easat-5757	278	2	,	,	PUNCT
easat-5757	278	3	there	there	PRON
easat-5757	278	4	exists	exist	VERB
easat-5757	278	5	an	an	DET
easat-5757	278	6	inverted	inverted	ADJ
easat-5757	278	7	ushaped	ushaped	ADJ
easat-5757	278	8	relationship	relationship	NOUN
easat-5757	278	9	between	between	ADP
easat-5757	278	10	financial	financial	ADJ
easat-5757	278	11	flexibility	flexibility	NOUN
easat-5757	278	12	and	and	CCONJ
easat-5757	278	13	corporate	corporate	ADJ
easat-5757	278	14	performance	performance	NOUN
easat-5757	278	15	,	,	PUNCT
easat-5757	278	16	with	with	ADP
easat-5757	278	17	financing	financing	NOUN
easat-5757	278	18	constraints	constraint	NOUN
easat-5757	278	19	playing	play	VERB
easat-5757	278	20	a	a	DET
easat-5757	278	21	positive	positive	ADJ
easat-5757	278	22	moderating	moderate	VERB
easat-5757	278	23	role	role	NOUN
easat-5757	278	24	in	in	ADP
easat-5757	278	25	this	this	DET
easat-5757	278	26	relationship	relationship	NOUN
easat-5757	278	27	.	.	PUNCT
easat-5757	279	1	as	as	SCONJ
easat-5757	279	2	illustrated	illustrate	VERB
easat-5757	279	3	in	in	ADP
easat-5757	279	4	the	the	DET
easat-5757	279	5	figure	figure	NOUN
easat-5757	279	6	above	above	ADV
easat-5757	279	7	,	,	PUNCT
easat-5757	279	8	there	there	PRON
easat-5757	279	9	exists	exist	VERB
easat-5757	279	10	an	an	DET
easat-5757	279	11	inverted	inverted	ADJ
easat-5757	279	12	u	u	ADJ
easat-5757	279	13	-	-	ADJ
easat-5757	279	14	shaped	shape	VERB
easat-5757	279	15	relationship	relationship	NOUN
easat-5757	279	16	between	between	ADP
easat-5757	279	17	financial	financial	ADJ
easat-5757	279	18	flexibility	flexibility	NOUN
easat-5757	279	19	(	(	PUNCT
easat-5757	279	20	ff	ff	NOUN
easat-5757	279	21	)	)	PUNCT
easat-5757	279	22	and	and	CCONJ
easat-5757	279	23	corporate	corporate	ADJ
easat-5757	279	24	performance	performance	NOUN
easat-5757	279	25	(	(	PUNCT
easat-5757	279	26	roa	roa	NOUN
easat-5757	279	27	)	)	PUNCT
easat-5757	279	28	.	.	PUNCT
easat-5757	280	1	when	when	SCONJ
easat-5757	280	2	financial	financial	ADJ
easat-5757	280	3	flexibility	flexibility	NOUN
easat-5757	280	4	is	be	AUX
easat-5757	280	5	relatively	relatively	ADV
easat-5757	280	6	low	low	ADJ
easat-5757	280	7	(	(	PUNCT
easat-5757	280	8	ff	ff	NOUN
easat-5757	280	9	=	=	NOUN
easat-5757	280	10	0.1	0.1	NUM
easat-5757	280	11	~	~	SYM
easat-5757	280	12	0.3	0.3	NUM
easat-5757	280	13	)	)	PUNCT
easat-5757	280	14	,	,	PUNCT
easat-5757	280	15	corporate	corporate	ADJ
easat-5757	280	16	performance	performance	NOUN
easat-5757	280	17	(	(	PUNCT
easat-5757	280	18	roa	roa	NOUN
easat-5757	280	19	)	)	PUNCT
easat-5757	280	20	remains	remain	VERB
easat-5757	280	21	relatively	relatively	ADV
easat-5757	280	22	stable	stable	ADJ
easat-5757	280	23	,	,	PUNCT
easat-5757	280	24	with	with	ADP
easat-5757	280	25	roa	roa	PROPN
easat-5757	280	26	fluctuating	fluctuate	VERB
easat-5757	280	27	within	within	ADP
easat-5757	280	28	the	the	DET
easat-5757	280	29	range	range	NOUN
easat-5757	280	30	of	of	ADP
easat-5757	280	31	0.05	0.05	NUM
easat-5757	280	32	to	to	PART
easat-5757	280	33	0.18	0.18	NUM
easat-5757	280	34	.	.	PUNCT
easat-5757	281	1	this	this	PRON
easat-5757	281	2	suggests	suggest	VERB
easat-5757	281	3	that	that	SCONJ
easat-5757	281	4	insufficient	insufficient	ADJ
easat-5757	281	5	financial	financial	ADJ
easat-5757	281	6	flexibility	flexibility	NOUN
easat-5757	281	7	constrains	constrain	VERB
easat-5757	281	8	a	a	DET
easat-5757	281	9	firm	firm	NOUN
easat-5757	281	10	's	's	PART
easat-5757	281	11	capacity	capacity	NOUN
easat-5757	281	12	to	to	PART
easat-5757	281	13	capitalize	capitalize	VERB
easat-5757	281	14	on	on	ADP
easat-5757	281	15	market	market	NOUN
easat-5757	281	16	opportunities	opportunity	NOUN
easat-5757	281	17	and	and	CCONJ
easat-5757	281	18	meet	meet	VERB
easat-5757	281	19	financial	financial	ADJ
easat-5757	281	20	demands	demand	NOUN
easat-5757	281	21	.	.	PUNCT
easat-5757	282	1	however	however	ADV
easat-5757	282	2	,	,	PUNCT
easat-5757	282	3	as	as	SCONJ
easat-5757	282	4	financial	financial	ADJ
easat-5757	282	5	flexibility	flexibility	NOUN
easat-5757	282	6	improves	improve	VERB
easat-5757	282	7	(	(	PUNCT
easat-5757	282	8	ff	ff	NOUN
easat-5757	282	9	=	=	SYM
easat-5757	282	10	0.4	0.4	NUM
easat-5757	282	11	~	~	SYM
easat-5757	282	12	0.6	0.6	NUM
easat-5757	282	13	)	)	PUNCT
easat-5757	282	14	,	,	PUNCT
easat-5757	282	15	corporate	corporate	ADJ
easat-5757	282	16	performance	performance	NOUN
easat-5757	282	17	significantly	significantly	ADV
easat-5757	282	18	enhances	enhance	VERB
easat-5757	282	19	,	,	PUNCT
easat-5757	282	20	with	with	ADP
easat-5757	282	21	roa	roa	NOUN
easat-5757	282	22	increasing	increase	VERB
easat-5757	282	23	from	from	ADP
easat-5757	282	24	0.18	0.18	NUM
easat-5757	282	25	to	to	ADP
easat-5757	282	26	0.28	0.28	NUM
easat-5757	282	27	.	.	PUNCT
easat-5757	283	1	this	this	PRON
easat-5757	283	2	indicates	indicate	VERB
easat-5757	283	3	that	that	SCONJ
easat-5757	283	4	moderate	moderate	ADJ
easat-5757	283	5	financial	financial	ADJ
easat-5757	283	6	flexibility	flexibility	NOUN
easat-5757	283	7	enables	enable	VERB
easat-5757	283	8	firms	firm	NOUN
easat-5757	283	9	to	to	PART
easat-5757	283	10	secure	secure	VERB
easat-5757	283	11	better	well	ADJ
easat-5757	283	12	financial	financial	ADJ
easat-5757	283	13	support	support	NOUN
easat-5757	283	14	,	,	PUNCT
easat-5757	283	15	optimize	optimize	VERB
easat-5757	283	16	capital	capital	NOUN
easat-5757	283	17	allocation	allocation	NOUN
easat-5757	283	18	,	,	PUNCT
easat-5757	283	19	and	and	CCONJ
easat-5757	283	20	thereby	thereby	ADV
easat-5757	283	21	improve	improve	VERB
easat-5757	283	22	overall	overall	ADJ
easat-5757	283	23	performance	performance	NOUN
easat-5757	283	24	.	.	PUNCT
easat-5757	284	1	conversely	conversely	ADV
easat-5757	284	2	,	,	PUNCT
easat-5757	284	3	when	when	SCONJ
easat-5757	284	4	financial	financial	ADJ
easat-5757	284	5	flexibility	flexibility	NOUN
easat-5757	284	6	reaches	reach	VERB
easat-5757	284	7	higher	high	ADJ
easat-5757	284	8	levels	level	NOUN
easat-5757	284	9	(	(	PUNCT
easat-5757	284	10	ff	ff	NOUN
easat-5757	284	11	=	=	NOUN
easat-5757	284	12	0.7	0.7	NUM
easat-5757	284	13	~	~	SYM
easat-5757	284	14	1.0	1.0	NUM
easat-5757	284	15	)	)	PUNCT
easat-5757	284	16	,	,	PUNCT
easat-5757	284	17	roa	roa	PROPN
easat-5757	284	18	begins	begin	VERB
easat-5757	284	19	to	to	PART
easat-5757	284	20	decline	decline	VERB
easat-5757	284	21	,	,	PUNCT
easat-5757	284	22	decreasing	decrease	VERB
easat-5757	284	23	to	to	ADP
easat-5757	284	24	0.15	0.15	NUM
easat-5757	284	25	.	.	PUNCT
easat-5757	285	1	this	this	PRON
easat-5757	285	2	may	may	AUX
easat-5757	285	3	result	result	VERB
easat-5757	285	4	from	from	ADP
easat-5757	285	5	excessive	excessive	ADJ
easat-5757	285	6	capital	capital	NOUN
easat-5757	285	7	reserves	reserve	NOUN
easat-5757	285	8	leading	lead	VERB
easat-5757	285	9	to	to	ADP
easat-5757	285	10	resource	resource	NOUN
easat-5757	285	11	wastage	wastage	NOUN
easat-5757	285	12	,	,	PUNCT
easat-5757	285	13	overly	overly	ADV
easat-5757	285	14	conservative	conservative	ADJ
easat-5757	285	15	investment	investment	NOUN
easat-5757	285	16	decisions	decision	NOUN
easat-5757	285	17	by	by	ADP
easat-5757	285	18	management	management	NOUN
easat-5757	285	19	,	,	PUNCT
easat-5757	285	20	and	and	CCONJ
easat-5757	285	21	potential	potential	ADJ
easat-5757	285	22	"	"	PUNCT
easat-5757	285	23	agency	agency	NOUN
easat-5757	285	24	problems	problem	NOUN
easat-5757	285	25	,	,	PUNCT
easat-5757	285	26	"	"	PUNCT
easat-5757	285	27	wherein	wherein	SCONJ
easat-5757	285	28	managers	manager	NOUN
easat-5757	285	29	prioritize	prioritize	VERB
easat-5757	285	30	personal	personal	ADJ
easat-5757	285	31	benefits	benefit	NOUN
easat-5757	285	32	over	over	ADP
easat-5757	285	33	corporate	corporate	ADJ
easat-5757	285	34	development	development	NOUN
easat-5757	285	35	.	.	PUNCT
easat-5757	286	1	therefore	therefore	ADV
easat-5757	286	2	,	,	PUNCT
easat-5757	286	3	enterprises	enterprise	NOUN
easat-5757	286	4	should	should	AUX
easat-5757	286	5	strive	strive	VERB
easat-5757	286	6	to	to	PART
easat-5757	286	7	maintain	maintain	VERB
easat-5757	286	8	an	an	DET
easat-5757	286	9	optimal	optimal	ADJ
easat-5757	286	10	level	level	NOUN
easat-5757	286	11	of	of	ADP
easat-5757	286	12	financial	financial	ADJ
easat-5757	286	13	flexibility	flexibility	NOUN
easat-5757	286	14	to	to	PART
easat-5757	286	15	enhance	enhance	VERB
easat-5757	286	16	corporate	corporate	ADJ
easat-5757	286	17	performance	performance	NOUN
easat-5757	286	18	while	while	SCONJ
easat-5757	286	19	mitigating	mitigate	VERB
easat-5757	286	20	the	the	DET
easat-5757	286	21	adverse	adverse	ADJ
easat-5757	286	22	effects	effect	NOUN
easat-5757	286	23	associated	associate	VERB
easat-5757	286	24	with	with	ADP
easat-5757	286	25	excessive	excessive	ADJ
easat-5757	286	26	cash	cash	NOUN
easat-5757	286	27	reserve	reserve	NOUN
easat-5757	286	28	accumulation	accumulation	NOUN
easat-5757	286	29	.	.	PUNCT
easat-5757	287	1	2181	2181	NUM
easat-5757	287	2	edelweiss	edelweiss	PROPN
easat-5757	287	3	applied	apply	VERB
easat-5757	287	4	science	science	NOUN
easat-5757	287	5	and	and	CCONJ
easat-5757	287	6	technology	technology	NOUN
easat-5757	287	7	issn	issn	PROPN
easat-5757	287	8	:	:	PUNCT
easat-5757	287	9	2576	2576	NUM
easat-5757	287	10	-	-	SYM
easat-5757	287	11	8484	8484	NUM
easat-5757	287	12	vol	vol	NOUN
easat-5757	287	13	.	.	PROPN
easat-5757	288	1	9	9	NUM
easat-5757	288	2	,	,	PUNCT
easat-5757	288	3	no	no	INTJ
easat-5757	288	4	.	.	NOUN
easat-5757	289	1	3	3	NUM
easat-5757	289	2	:	:	SYM
easat-5757	289	3	2170	2170	NUM
easat-5757	289	4	-	-	SYM
easat-5757	289	5	2183	2183	NUM
easat-5757	289	6	,	,	PUNCT
easat-5757	289	7	2025	2025	NUM
easat-5757	289	8	doi	doi	NOUN
easat-5757	289	9	:	:	PUNCT
easat-5757	289	10	10.55214/25768484.v9i3.5757	10.55214/25768484.v9i3.5757	NUM
easat-5757	289	11	©	©	PROPN
easat-5757	289	12	2025	2025	NUM
easat-5757	289	13	by	by	ADP
easat-5757	289	14	the	the	DET
easat-5757	289	15	authors	author	NOUN
easat-5757	289	16	;	;	PUNCT
easat-5757	289	17	licensee	licensee	PROPN
easat-5757	289	18	learning	learn	VERB
easat-5757	289	19	gate	gate	NOUN
easat-5757	289	20	figure	figure	NOUN
easat-5757	289	21	2	2	NUM
easat-5757	289	22	.	.	PUNCT
easat-5757	290	1	the	the	DET
easat-5757	290	2	impact	impact	NOUN
easat-5757	290	3	of	of	ADP
easat-5757	290	4	financial	financial	ADJ
easat-5757	290	5	flexibility	flexibility	NOUN
easat-5757	290	6	on	on	ADP
easat-5757	290	7	firm	firm	ADJ
easat-5757	290	8	performance	performance	NOUN
easat-5757	290	9	(	(	PUNCT
easat-5757	290	10	roa	roa	PROPN
easat-5757	290	11	)	)	PUNCT
easat-5757	290	12	.	.	PUNCT
easat-5757	291	1	4.3	4.3	NUM
easat-5757	291	2	.	.	PUNCT
easat-5757	292	1	robustness	robustness	NOUN
easat-5757	292	2	test	test	NOUN
easat-5757	292	3	two	two	NUM
easat-5757	292	4	alternative	alternative	ADJ
easat-5757	292	5	variables	variable	NOUN
easat-5757	292	6	were	be	AUX
easat-5757	292	7	used	use	VERB
easat-5757	292	8	to	to	PART
easat-5757	292	9	verify	verify	VERB
easat-5757	292	10	the	the	DET
easat-5757	292	11	robustness	robustness	NOUN
easat-5757	292	12	of	of	ADP
easat-5757	292	13	the	the	DET
easat-5757	292	14	regression	regression	NOUN
easat-5757	292	15	results	result	NOUN
easat-5757	292	16	.	.	PUNCT
easat-5757	293	1	compared	compare	VERB
easat-5757	293	2	with	with	ADP
easat-5757	293	3	western	western	ADJ
easat-5757	293	4	developed	develop	VERB
easat-5757	293	5	countries	country	NOUN
easat-5757	293	6	,	,	PUNCT
easat-5757	293	7	china	china	PROPN
easat-5757	293	8	's	's	PART
easat-5757	293	9	capital	capital	NOUN
easat-5757	293	10	market	market	NOUN
easat-5757	293	11	is	be	AUX
easat-5757	293	12	not	not	PART
easat-5757	293	13	mature	mature	ADJ
easat-5757	293	14	enough	enough	ADV
easat-5757	293	15	,	,	PUNCT
easat-5757	293	16	it	it	PRON
easat-5757	293	17	is	be	AUX
easat-5757	293	18	difficult	difficult	ADJ
easat-5757	293	19	to	to	PART
easat-5757	293	20	meet	meet	VERB
easat-5757	293	21	all	all	DET
easat-5757	293	22	the	the	DET
easat-5757	293	23	four	four	NUM
easat-5757	293	24	preconditions	precondition	NOUN
easat-5757	293	25	of	of	ADP
easat-5757	293	26	using	use	VERB
easat-5757	293	27	tobin	tobin	PROPN
easat-5757	293	28	q	q	NOUN
easat-5757	293	29	,	,	PUNCT
easat-5757	293	30	and	and	CCONJ
easat-5757	293	31	there	there	PRON
easat-5757	293	32	are	be	VERB
easat-5757	293	33	limitations	limitation	NOUN
easat-5757	293	34	in	in	ADP
easat-5757	293	35	evaluating	evaluate	VERB
easat-5757	293	36	the	the	DET
easat-5757	293	37	investment	investment	NOUN
easat-5757	293	38	opportunities	opportunity	NOUN
easat-5757	293	39	of	of	ADP
easat-5757	293	40	listed	list	VERB
easat-5757	293	41	companies	company	NOUN
easat-5757	293	42	in	in	ADP
easat-5757	293	43	china	china	PROPN
easat-5757	293	44	.	.	PUNCT
easat-5757	294	1	drawing	draw	VERB
easat-5757	294	2	on	on	ADP
easat-5757	294	3	the	the	DET
easat-5757	294	4	research	research	NOUN
easat-5757	294	5	of	of	ADP
easat-5757	294	6	beladi	beladi	NOUN
easat-5757	294	7	,	,	PUNCT
easat-5757	294	8	et	et	PROPN
easat-5757	294	9	al	al	PROPN
easat-5757	294	10	.	.	PUNCT
easat-5757	295	1	[	[	X
easat-5757	295	2	10	10	NUM
easat-5757	295	3	]	]	PUNCT
easat-5757	295	4	the	the	DET
easat-5757	295	5	author	author	NOUN
easat-5757	295	6	uses	use	VERB
easat-5757	295	7	the	the	DET
easat-5757	295	8	growth	growth	NOUN
easat-5757	295	9	rate	rate	NOUN
easat-5757	295	10	of	of	ADP
easat-5757	295	11	operating	operate	VERB
easat-5757	295	12	income	income	NOUN
easat-5757	295	13	instead	instead	ADV
easat-5757	295	14	of	of	ADP
easat-5757	295	15	tobin	tobin	PROPN
easat-5757	295	16	's	's	PART
easat-5757	295	17	q	q	NOUN
easat-5757	295	18	to	to	PART
easat-5757	295	19	measure	measure	VERB
easat-5757	295	20	investment	investment	NOUN
easat-5757	295	21	opportunities	opportunity	NOUN
easat-5757	295	22	in	in	ADP
easat-5757	295	23	model	model	NOUN
easat-5757	295	24	(	(	PUNCT
easat-5757	295	25	1	1	NUM
easat-5757	295	26	)	)	PUNCT
easat-5757	295	27	.	.	PUNCT
easat-5757	296	1	the	the	DET
easat-5757	296	2	cashflow	cashflow	ADJ
easat-5757	296	3	coefficient	coefficient	NOUN
easat-5757	296	4	of	of	ADP
easat-5757	296	5	the	the	DET
easat-5757	296	6	regression	regression	NOUN
easat-5757	296	7	result	result	NOUN
easat-5757	296	8	is	be	AUX
easat-5757	296	9	0.124	0.124	NUM
easat-5757	296	10	,	,	PUNCT
easat-5757	296	11	and	and	CCONJ
easat-5757	296	12	the	the	DET
easat-5757	296	13	size	size	NOUN
easat-5757	296	14	and	and	CCONJ
easat-5757	296	15	significance	significance	NOUN
easat-5757	296	16	of	of	ADP
easat-5757	296	17	the	the	DET
easat-5757	296	18	regression	regression	NOUN
easat-5757	296	19	result	result	NOUN
easat-5757	296	20	are	be	AUX
easat-5757	296	21	almost	almost	ADV
easat-5757	296	22	unchanged	unchanged	ADJ
easat-5757	296	23	from	from	ADP
easat-5757	296	24	the	the	DET
easat-5757	296	25	previous	previous	ADJ
easat-5757	296	26	regression	regression	NOUN
easat-5757	296	27	(	(	PUNCT
easat-5757	296	28	1	1	NUM
easat-5757	296	29	)	)	PUNCT
easat-5757	296	30	.	.	PUNCT
easat-5757	297	1	the	the	DET
easat-5757	297	2	size	size	NOUN
easat-5757	297	3	,	,	PUNCT
easat-5757	297	4	symbol	symbol	NOUN
easat-5757	297	5	and	and	CCONJ
easat-5757	297	6	significance	significance	NOUN
easat-5757	297	7	level	level	NOUN
easat-5757	297	8	of	of	ADP
easat-5757	297	9	the	the	DET
easat-5757	297	10	cross	cross	ADJ
easat-5757	297	11	-	-	ADJ
easat-5757	297	12	term	term	ADJ
easat-5757	297	13	coefficients	coefficient	NOUN
easat-5757	297	14	of	of	ADP
easat-5757	297	15	financing	financing	NOUN
easat-5757	297	16	constraints	constraint	NOUN
easat-5757	297	17	and	and	CCONJ
easat-5757	297	18	cash	cash	NOUN
easat-5757	297	19	flow	flow	NOUN
easat-5757	297	20	are	be	AUX
easat-5757	297	21	also	also	ADV
easat-5757	297	22	almost	almost	ADV
easat-5757	297	23	unchanged	unchanged	ADJ
easat-5757	297	24	,	,	PUNCT
easat-5757	297	25	which	which	PRON
easat-5757	297	26	is	be	AUX
easat-5757	297	27	consistent	consistent	ADJ
easat-5757	297	28	with	with	ADP
easat-5757	297	29	h1	h1	PROPN
easat-5757	297	30	conclusion	conclusion	NOUN
easat-5757	297	31	.	.	PUNCT
easat-5757	298	1	in	in	ADP
easat-5757	298	2	model	model	NOUN
easat-5757	298	3	(	(	PUNCT
easat-5757	298	4	2	2	NUM
easat-5757	298	5	)	)	PUNCT
easat-5757	298	6	,	,	PUNCT
easat-5757	298	7	given	give	VERB
easat-5757	298	8	that	that	SCONJ
easat-5757	298	9	the	the	DET
easat-5757	298	10	future	future	ADJ
easat-5757	298	11	residual	residual	ADJ
easat-5757	298	12	debt	debt	NOUN
easat-5757	298	13	capacity	capacity	NOUN
easat-5757	298	14	of	of	ADP
easat-5757	298	15	financial	financial	ADJ
easat-5757	298	16	flexibility	flexibility	NOUN
easat-5757	298	17	should	should	AUX
easat-5757	298	18	exclude	exclude	VERB
easat-5757	298	19	noninterest	noninterest	ADV
easat-5757	298	20	-	-	PUNCT
easat-5757	298	21	bearing	bear	VERB
easat-5757	298	22	liabilities	liability	NOUN
easat-5757	298	23	,	,	PUNCT
easat-5757	298	24	the	the	DET
easat-5757	298	25	author	author	NOUN
easat-5757	298	26	adjusts	adjust	VERB
easat-5757	298	27	the	the	DET
easat-5757	298	28	measurement	measurement	NOUN
easat-5757	298	29	by	by	ADP
easat-5757	298	30	removing	remove	VERB
easat-5757	298	31	non	non	ADJ
easat-5757	298	32	-	-	ADJ
easat-5757	298	33	interest	interest	NOUN
easat-5757	298	34	-	-	PUNCT
easat-5757	298	35	bearing	bear	VERB
easat-5757	298	36	liabilities	liability	NOUN
easat-5757	298	37	from	from	ADP
easat-5757	298	38	return	return	NOUN
easat-5757	298	39	on	on	ADP
easat-5757	298	40	total	total	ADJ
easat-5757	298	41	assets	asset	NOUN
easat-5757	298	42	and	and	CCONJ
easat-5757	298	43	instead	instead	ADV
easat-5757	298	44	employs	employ	VERB
easat-5757	298	45	return	return	NOUN
easat-5757	298	46	on	on	ADP
easat-5757	298	47	invested	invest	VERB
easat-5757	298	48	capital	capital	NOUN
easat-5757	298	49	(	(	PUNCT
easat-5757	298	50	roic	roic	ADJ
easat-5757	298	51	)	)	PUNCT
easat-5757	298	52	as	as	ADP
easat-5757	298	53	a	a	DET
easat-5757	298	54	proxy	proxy	NOUN
easat-5757	298	55	for	for	ADP
easat-5757	298	56	firm	firm	ADJ
easat-5757	298	57	performance	performance	NOUN
easat-5757	298	58	.	.	PUNCT
easat-5757	299	1	the	the	DET
easat-5757	299	2	regression	regression	NOUN
easat-5757	299	3	analysis	analysis	NOUN
easat-5757	299	4	results	result	NOUN
easat-5757	299	5	indicate	indicate	VERB
easat-5757	299	6	that	that	SCONJ
easat-5757	299	7	the	the	DET
easat-5757	299	8	coefficients	coefficient	NOUN
easat-5757	299	9	of	of	ADP
easat-5757	299	10	financial	financial	ADJ
easat-5757	299	11	flexibility	flexibility	NOUN
easat-5757	299	12	(	(	PUNCT
easat-5757	299	13	ff	ff	NOUN
easat-5757	299	14	)	)	PUNCT
easat-5757	299	15	and	and	CCONJ
easat-5757	299	16	its	its	PRON
easat-5757	299	17	quadratic	quadratic	ADJ
easat-5757	299	18	term	term	NOUN
easat-5757	299	19	(	(	PUNCT
easat-5757	299	20	ff²	ff²	NOUN
easat-5757	299	21	)	)	PUNCT
easat-5757	299	22	are	be	AUX
easat-5757	299	23	0.084	0.084	NUM
easat-5757	299	24	and	and	CCONJ
easat-5757	299	25	-0.062	-0.062	PRON
easat-5757	299	26	,	,	PUNCT
easat-5757	299	27	respectively	respectively	ADV
easat-5757	299	28	,	,	PUNCT
easat-5757	299	29	both	both	CCONJ
easat-5757	299	30	significant	significant	ADJ
easat-5757	299	31	at	at	ADP
easat-5757	299	32	the	the	DET
easat-5757	299	33	1	1	NUM
easat-5757	299	34	%	%	NOUN
easat-5757	299	35	significance	significance	NOUN
easat-5757	299	36	level	level	NOUN
easat-5757	299	37	.	.	PUNCT
easat-5757	300	1	this	this	PRON
easat-5757	300	2	suggests	suggest	VERB
easat-5757	300	3	a	a	DET
easat-5757	300	4	significant	significant	ADJ
easat-5757	300	5	inverse	inverse	NOUN
easat-5757	300	6	u	u	ADJ
easat-5757	300	7	-	-	ADJ
easat-5757	300	8	shaped	shape	VERB
easat-5757	300	9	relationship	relationship	NOUN
easat-5757	300	10	between	between	ADP
easat-5757	300	11	financial	financial	ADJ
easat-5757	300	12	flexibility	flexibility	NOUN
easat-5757	300	13	and	and	CCONJ
easat-5757	300	14	firm	firm	ADJ
easat-5757	300	15	performance	performance	NOUN
easat-5757	300	16	,	,	PUNCT
easat-5757	300	17	consistent	consistent	ADJ
easat-5757	300	18	with	with	ADP
easat-5757	300	19	hypothesis	hypothesis	NOUN
easat-5757	300	20	h2	h2	NOUN
easat-5757	300	21	.	.	PUNCT
easat-5757	301	1	to	to	PART
easat-5757	301	2	further	far	ADV
easat-5757	301	3	investigate	investigate	VERB
easat-5757	301	4	the	the	DET
easat-5757	301	5	moderating	moderate	VERB
easat-5757	301	6	effect	effect	NOUN
easat-5757	301	7	of	of	ADP
easat-5757	301	8	financing	financing	NOUN
easat-5757	301	9	constraints	constraint	NOUN
easat-5757	301	10	,	,	PUNCT
easat-5757	301	11	the	the	DET
easat-5757	301	12	sample	sample	NOUN
easat-5757	301	13	is	be	AUX
easat-5757	301	14	segmented	segment	VERB
easat-5757	301	15	based	base	VERB
easat-5757	301	16	on	on	ADP
easat-5757	301	17	revenue	revenue	NOUN
easat-5757	301	18	size	size	NOUN
easat-5757	301	19	,	,	PUNCT
easat-5757	301	20	firm	firm	ADJ
easat-5757	301	21	duration	duration	NOUN
easat-5757	301	22	,	,	PUNCT
easat-5757	301	23	and	and	CCONJ
easat-5757	301	24	their	their	PRON
easat-5757	301	25	combination	combination	NOUN
easat-5757	301	26	.	.	PUNCT
easat-5757	302	1	the	the	DET
easat-5757	302	2	regression	regression	NOUN
easat-5757	302	3	findings	finding	NOUN
easat-5757	302	4	reveal	reveal	VERB
easat-5757	302	5	that	that	SCONJ
easat-5757	302	6	the	the	DET
easat-5757	302	7	curve	curve	NOUN
easat-5757	302	8	for	for	ADP
easat-5757	302	9	the	the	DET
easat-5757	302	10	high	high	ADJ
easat-5757	302	11	-	-	PUNCT
easat-5757	302	12	financing	financing	NOUN
easat-5757	302	13	-	-	PUNCT
easat-5757	302	14	constraint	constraint	NOUN
easat-5757	302	15	group	group	NOUN
easat-5757	302	16	is	be	AUX
easat-5757	302	17	less	less	ADV
easat-5757	302	18	steep	steep	ADJ
easat-5757	302	19	,	,	PUNCT
easat-5757	302	20	and	and	CCONJ
easat-5757	302	21	the	the	DET
easat-5757	302	22	timing	timing	NOUN
easat-5757	302	23	of	of	ADP
easat-5757	302	24	the	the	DET
easat-5757	302	25	financial	financial	ADJ
easat-5757	302	26	flexibility	flexibility	NOUN
easat-5757	302	27	equilibrium	equilibrium	NOUN
easat-5757	302	28	point	point	NOUN
easat-5757	302	29	occurs	occur	VERB
easat-5757	302	30	later	later	ADV
easat-5757	302	31	compared	compare	VERB
easat-5757	302	32	to	to	ADP
easat-5757	302	33	the	the	DET
easat-5757	302	34	lowfinancing	lowfinancing	NOUN
easat-5757	302	35	-	-	PUNCT
easat-5757	302	36	constraint	constraint	NOUN
easat-5757	302	37	group	group	NOUN
easat-5757	302	38	.	.	PUNCT
easat-5757	303	1	this	this	PRON
easat-5757	303	2	corroborates	corroborate	VERB
easat-5757	303	3	hypothesis	hypothesis	NOUN
easat-5757	303	4	h3	h3	NOUN
easat-5757	303	5	,	,	PUNCT
easat-5757	303	6	demonstrating	demonstrate	VERB
easat-5757	303	7	the	the	DET
easat-5757	303	8	robustness	robustness	NOUN
easat-5757	303	9	of	of	ADP
easat-5757	303	10	the	the	DET
easat-5757	303	11	conclusion	conclusion	NOUN
easat-5757	303	12	.	.	PUNCT
easat-5757	304	1	5	5	X
easat-5757	304	2	.	.	X
easat-5757	304	3	conclusion	conclusion	NOUN
easat-5757	304	4	this	this	DET
easat-5757	304	5	study	study	NOUN
easat-5757	304	6	selects	select	VERB
easat-5757	304	7	a	a	DET
easat-5757	304	8	-	-	PUNCT
easat-5757	304	9	share	share	NOUN
easat-5757	304	10	listed	list	VERB
easat-5757	304	11	companies	company	NOUN
easat-5757	304	12	in	in	ADP
easat-5757	304	13	shanghai	shanghai	PROPN
easat-5757	304	14	and	and	CCONJ
easat-5757	304	15	shenzhen	shenzhen	PROPN
easat-5757	304	16	from	from	ADP
easat-5757	304	17	2018	2018	NUM
easat-5757	304	18	to	to	ADP
easat-5757	304	19	2023	2023	NUM
easat-5757	304	20	as	as	ADP
easat-5757	304	21	research	research	NOUN
easat-5757	304	22	samples	sample	NOUN
easat-5757	304	23	,	,	PUNCT
easat-5757	304	24	with	with	ADP
easat-5757	304	25	a	a	DET
easat-5757	304	26	focus	focus	NOUN
easat-5757	304	27	on	on	ADP
easat-5757	304	28	corporate	corporate	ADJ
easat-5757	304	29	financial	financial	ADJ
easat-5757	304	30	flexibility	flexibility	NOUN
easat-5757	304	31	.	.	PUNCT
easat-5757	305	1	it	it	PRON
easat-5757	305	2	theoretically	theoretically	ADV
easat-5757	305	3	analyzes	analyze	VERB
easat-5757	305	4	and	and	CCONJ
easat-5757	305	5	empirically	empirically	ADV
easat-5757	305	6	examines	examine	VERB
easat-5757	305	7	the	the	DET
easat-5757	305	8	relationship	relationship	NOUN
easat-5757	305	9	among	among	ADP
easat-5757	305	10	financing	financing	NOUN
easat-5757	305	11	constraints	constraint	NOUN
easat-5757	305	12	,	,	PUNCT
easat-5757	305	13	financial	financial	ADJ
easat-5757	305	14	flexibility	flexibility	NOUN
easat-5757	305	15	,	,	PUNCT
easat-5757	305	16	and	and	CCONJ
easat-5757	305	17	firm	firm	ADJ
easat-5757	305	18	performance	performance	NOUN
easat-5757	305	19	.	.	PUNCT
easat-5757	306	1	the	the	DET
easat-5757	306	2	regression	regression	NOUN
easat-5757	306	3	results	result	NOUN
easat-5757	306	4	indicate	indicate	VERB
easat-5757	306	5	that	that	SCONJ
easat-5757	306	6	financing	financing	NOUN
easat-5757	306	7	constraints	constraint	NOUN
easat-5757	306	8	,	,	PUNCT
easat-5757	306	9	as	as	SCONJ
easat-5757	306	10	defined	define	VERB
easat-5757	306	11	by	by	ADP
easat-5757	306	12	three	three	NUM
easat-5757	306	13	distinct	distinct	ADJ
easat-5757	306	14	methods	method	NOUN
easat-5757	306	15	,	,	PUNCT
easat-5757	306	16	significantly	significantly	ADV
easat-5757	306	17	2182	2182	NUM
easat-5757	306	18	edelweiss	edelweiss	PROPN
easat-5757	306	19	applied	apply	VERB
easat-5757	306	20	science	science	NOUN
easat-5757	306	21	and	and	CCONJ
easat-5757	306	22	technology	technology	NOUN
easat-5757	306	23	issn	issn	PROPN
easat-5757	306	24	:	:	PUNCT
easat-5757	306	25	2576	2576	NUM
easat-5757	306	26	-	-	SYM
easat-5757	306	27	8484	8484	NUM
easat-5757	306	28	vol	vol	NOUN
easat-5757	306	29	.	.	PROPN
easat-5757	307	1	9	9	NUM
easat-5757	307	2	,	,	PUNCT
easat-5757	307	3	no	no	INTJ
easat-5757	307	4	.	.	NOUN
easat-5757	308	1	3	3	NUM
easat-5757	308	2	:	:	SYM
easat-5757	308	3	2170	2170	NUM
easat-5757	308	4	-	-	SYM
easat-5757	308	5	2183	2183	NUM
easat-5757	308	6	,	,	PUNCT
easat-5757	308	7	2025	2025	NUM
easat-5757	308	8	doi	doi	NOUN
easat-5757	308	9	:	:	PUNCT
easat-5757	308	10	10.55214/25768484.v9i3.5757	10.55214/25768484.v9i3.5757	NUM
easat-5757	308	11	©	©	PROPN
easat-5757	308	12	2025	2025	NUM
easat-5757	308	13	by	by	ADP
easat-5757	308	14	the	the	DET
easat-5757	308	15	authors	author	NOUN
easat-5757	308	16	;	;	PUNCT
easat-5757	308	17	licensee	licensee	PROPN
easat-5757	308	18	learning	learn	VERB
easat-5757	308	19	gate	gate	PROPN
easat-5757	308	20	influence	influence	NOUN
easat-5757	308	21	the	the	DET
easat-5757	308	22	sensitivity	sensitivity	NOUN
easat-5757	308	23	of	of	ADP
easat-5757	308	24	financial	financial	ADJ
easat-5757	308	25	flexibility	flexibility	NOUN
easat-5757	308	26	to	to	ADP
easat-5757	308	27	cash	cash	NOUN
easat-5757	308	28	flow	flow	NOUN
easat-5757	308	29	.	.	PUNCT
easat-5757	309	1	furthermore	furthermore	ADV
easat-5757	309	2	,	,	PUNCT
easat-5757	309	3	the	the	DET
easat-5757	309	4	relationship	relationship	NOUN
easat-5757	309	5	between	between	ADP
easat-5757	309	6	financial	financial	ADJ
easat-5757	309	7	flexibility	flexibility	NOUN
easat-5757	309	8	and	and	CCONJ
easat-5757	309	9	firm	firm	ADJ
easat-5757	309	10	performance	performance	NOUN
easat-5757	309	11	exhibits	exhibit	VERB
easat-5757	309	12	an	an	DET
easat-5757	309	13	inverted	inverted	ADJ
easat-5757	309	14	u	u	ADJ
easat-5757	309	15	-	-	ADJ
easat-5757	309	16	shaped	shape	VERB
easat-5757	309	17	pattern	pattern	NOUN
easat-5757	309	18	:	:	PUNCT
easat-5757	309	19	as	as	ADP
easat-5757	309	20	financial	financial	ADJ
easat-5757	309	21	flexibility	flexibility	NOUN
easat-5757	309	22	increases	increase	NOUN
easat-5757	309	23	,	,	PUNCT
easat-5757	309	24	its	its	PRON
easat-5757	309	25	marginal	marginal	ADJ
easat-5757	309	26	benefit	benefit	NOUN
easat-5757	309	27	diminishes	diminish	VERB
easat-5757	309	28	.	.	PUNCT
easat-5757	310	1	however	however	ADV
easat-5757	310	2	,	,	PUNCT
easat-5757	310	3	financing	financing	NOUN
easat-5757	310	4	constraints	constraint	NOUN
easat-5757	310	5	contribute	contribute	VERB
easat-5757	310	6	to	to	ADP
easat-5757	310	7	mitigating	mitigate	VERB
easat-5757	310	8	performance	performance	NOUN
easat-5757	310	9	declines	decline	NOUN
easat-5757	310	10	by	by	ADP
easat-5757	310	11	alleviating	alleviate	VERB
easat-5757	310	12	agency	agency	NOUN
easat-5757	310	13	effects	effect	NOUN
easat-5757	310	14	,	,	PUNCT
easat-5757	310	15	thereby	thereby	ADV
easat-5757	310	16	providing	provide	VERB
easat-5757	310	17	novel	novel	ADJ
easat-5757	310	18	insights	insight	NOUN
easat-5757	310	19	and	and	CCONJ
easat-5757	310	20	robust	robust	ADJ
easat-5757	310	21	evidence	evidence	NOUN
easat-5757	310	22	for	for	ADP
easat-5757	310	23	comprehending	comprehend	VERB
easat-5757	310	24	the	the	DET
easat-5757	310	25	dynamic	dynamic	ADJ
easat-5757	310	26	interplay	interplay	NOUN
easat-5757	310	27	among	among	ADP
easat-5757	310	28	financing	financing	NOUN
easat-5757	310	29	constraints	constraint	NOUN
easat-5757	310	30	,	,	PUNCT
easat-5757	310	31	financial	financial	ADJ
easat-5757	310	32	flexibility	flexibility	NOUN
easat-5757	310	33	,	,	PUNCT
easat-5757	310	34	and	and	CCONJ
easat-5757	310	35	firm	firm	ADJ
easat-5757	310	36	performance	performance	NOUN
easat-5757	310	37	.	.	PUNCT
easat-5757	311	1	this	this	DET
easat-5757	311	2	study	study	NOUN
easat-5757	311	3	integrates	integrate	VERB
easat-5757	311	4	the	the	DET
easat-5757	311	5	financing	financing	NOUN
easat-5757	311	6	sequence	sequence	NOUN
easat-5757	311	7	theory	theory	NOUN
easat-5757	311	8	and	and	CCONJ
easat-5757	311	9	agency	agency	NOUN
easat-5757	311	10	theory	theory	NOUN
easat-5757	311	11	to	to	PART
easat-5757	311	12	investigate	investigate	VERB
easat-5757	311	13	the	the	DET
easat-5757	311	14	impact	impact	NOUN
easat-5757	311	15	of	of	ADP
easat-5757	311	16	financing	financing	NOUN
easat-5757	311	17	constraints	constraint	NOUN
easat-5757	311	18	on	on	ADP
easat-5757	311	19	financial	financial	ADJ
easat-5757	311	20	flexibility	flexibility	NOUN
easat-5757	311	21	and	and	CCONJ
easat-5757	311	22	elucidate	elucidate	VERB
easat-5757	311	23	the	the	DET
easat-5757	311	24	mechanism	mechanism	NOUN
easat-5757	311	25	through	through	ADP
easat-5757	311	26	which	which	PRON
easat-5757	311	27	financial	financial	ADJ
easat-5757	311	28	flexibility	flexibility	NOUN
easat-5757	311	29	affects	affect	VERB
easat-5757	311	30	firm	firm	ADJ
easat-5757	311	31	performance	performance	NOUN
easat-5757	311	32	,	,	PUNCT
easat-5757	311	33	thereby	thereby	ADV
easat-5757	311	34	enriching	enrich	VERB
easat-5757	311	35	both	both	CCONJ
easat-5757	311	36	theoretical	theoretical	ADJ
easat-5757	311	37	and	and	CCONJ
easat-5757	311	38	empirical	empirical	ADJ
easat-5757	311	39	research	research	NOUN
easat-5757	311	40	in	in	ADP
easat-5757	311	41	this	this	DET
easat-5757	311	42	domain	domain	NOUN
easat-5757	311	43	.	.	PUNCT
easat-5757	312	1	the	the	DET
easat-5757	312	2	findings	finding	NOUN
easat-5757	312	3	suggest	suggest	VERB
easat-5757	312	4	that	that	SCONJ
easat-5757	312	5	firms	firm	NOUN
easat-5757	312	6	,	,	PUNCT
easat-5757	312	7	particularly	particularly	ADV
easat-5757	312	8	those	those	PRON
easat-5757	312	9	subject	subject	NOUN
easat-5757	312	10	to	to	ADP
easat-5757	312	11	financing	financing	NOUN
easat-5757	312	12	constraints	constraint	NOUN
easat-5757	312	13	,	,	PUNCT
easat-5757	312	14	should	should	AUX
easat-5757	312	15	prioritize	prioritize	VERB
easat-5757	312	16	the	the	DET
easat-5757	312	17	development	development	NOUN
easat-5757	312	18	of	of	ADP
easat-5757	312	19	financial	financial	ADJ
easat-5757	312	20	flexibility	flexibility	NOUN
easat-5757	312	21	.	.	PUNCT
easat-5757	313	1	in	in	ADP
easat-5757	313	2	more	more	ADV
easat-5757	313	3	uncertain	uncertain	ADJ
easat-5757	313	4	external	external	ADJ
easat-5757	313	5	environments	environment	NOUN
easat-5757	313	6	,	,	PUNCT
easat-5757	313	7	firms	firm	NOUN
easat-5757	313	8	need	need	VERB
easat-5757	313	9	to	to	PART
easat-5757	313	10	maintain	maintain	VERB
easat-5757	313	11	flexibility	flexibility	NOUN
easat-5757	313	12	to	to	PART
easat-5757	313	13	manage	manage	VERB
easat-5757	313	14	risks	risk	NOUN
easat-5757	313	15	and	and	CCONJ
easat-5757	313	16	capitalize	capitalize	VERB
easat-5757	313	17	on	on	ADP
easat-5757	313	18	future	future	ADJ
easat-5757	313	19	opportunities	opportunity	NOUN
easat-5757	313	20	.	.	PUNCT
easat-5757	314	1	nevertheless	nevertheless	ADV
easat-5757	314	2	,	,	PUNCT
easat-5757	314	3	it	it	PRON
easat-5757	314	4	is	be	AUX
easat-5757	314	5	equally	equally	ADV
easat-5757	314	6	critical	critical	ADJ
easat-5757	314	7	for	for	SCONJ
easat-5757	314	8	firms	firm	NOUN
easat-5757	314	9	to	to	PART
easat-5757	314	10	monitor	monitor	VERB
easat-5757	314	11	their	their	PRON
easat-5757	314	12	level	level	NOUN
easat-5757	314	13	of	of	ADP
easat-5757	314	14	financial	financial	ADJ
easat-5757	314	15	flexibility	flexibility	NOUN
easat-5757	314	16	to	to	PART
easat-5757	314	17	avoid	avoid	VERB
easat-5757	314	18	over	over	ADP
easat-5757	314	19	-	-	PUNCT
easat-5757	314	20	provisioning	provisioning	NOUN
easat-5757	314	21	,	,	PUNCT
easat-5757	314	22	which	which	PRON
easat-5757	314	23	may	may	AUX
easat-5757	314	24	result	result	VERB
easat-5757	314	25	in	in	ADP
easat-5757	314	26	agency	agency	NOUN
easat-5757	314	27	problems	problem	NOUN
easat-5757	314	28	and	and	CCONJ
easat-5757	314	29	heightened	heightened	ADJ
easat-5757	314	30	agency	agency	NOUN
easat-5757	314	31	costs	cost	NOUN
easat-5757	314	32	.	.	PUNCT
easat-5757	315	1	future	future	ADJ
easat-5757	315	2	research	research	NOUN
easat-5757	315	3	should	should	AUX
easat-5757	315	4	delve	delve	VERB
easat-5757	315	5	deeper	deeply	ADV
easat-5757	315	6	into	into	ADP
easat-5757	315	7	the	the	DET
easat-5757	315	8	interaction	interaction	NOUN
easat-5757	315	9	between	between	ADP
easat-5757	315	10	financing	finance	VERB
easat-5757	315	11	preference	preference	NOUN
easat-5757	315	12	theory	theory	NOUN
easat-5757	315	13	and	and	CCONJ
easat-5757	315	14	agency	agency	NOUN
easat-5757	315	15	theory	theory	NOUN
easat-5757	315	16	,	,	PUNCT
easat-5757	315	17	while	while	SCONJ
easat-5757	315	18	also	also	ADV
easat-5757	315	19	considering	consider	VERB
easat-5757	315	20	macroeconomic	macroeconomic	ADJ
easat-5757	315	21	factors	factor	NOUN
easat-5757	315	22	such	such	ADJ
easat-5757	315	23	as	as	ADP
easat-5757	315	24	monetary	monetary	ADJ
easat-5757	315	25	policy	policy	NOUN
easat-5757	315	26	and	and	CCONJ
easat-5757	315	27	environmental	environmental	ADJ
easat-5757	315	28	uncertainty	uncertainty	NOUN
easat-5757	315	29	to	to	PART
easat-5757	315	30	further	far	ADV
easat-5757	315	31	assess	assess	VERB
easat-5757	315	32	their	their	PRON
easat-5757	315	33	influence	influence	NOUN
easat-5757	315	34	on	on	ADP
easat-5757	315	35	financial	financial	ADJ
easat-5757	315	36	flexibility	flexibility	NOUN
easat-5757	315	37	.	.	PUNCT
easat-5757	316	1	transparency	transparency	NOUN
easat-5757	316	2	:	:	PUNCT
easat-5757	316	3	the	the	DET
easat-5757	316	4	authors	author	NOUN
easat-5757	316	5	confirm	confirm	VERB
easat-5757	316	6	that	that	SCONJ
easat-5757	316	7	the	the	DET
easat-5757	316	8	manuscript	manuscript	NOUN
easat-5757	316	9	is	be	AUX
easat-5757	316	10	an	an	DET
easat-5757	316	11	honest	honest	ADJ
easat-5757	316	12	,	,	PUNCT
easat-5757	316	13	accurate	accurate	ADJ
easat-5757	316	14	,	,	PUNCT
easat-5757	316	15	and	and	CCONJ
easat-5757	316	16	transparent	transparent	ADJ
easat-5757	316	17	account	account	NOUN
easat-5757	316	18	of	of	ADP
easat-5757	316	19	the	the	DET
easat-5757	316	20	study	study	NOUN
easat-5757	316	21	;	;	PUNCT
easat-5757	316	22	that	that	SCONJ
easat-5757	316	23	no	no	DET
easat-5757	316	24	vital	vital	ADJ
easat-5757	316	25	features	feature	NOUN
easat-5757	316	26	of	of	ADP
easat-5757	316	27	the	the	DET
easat-5757	316	28	study	study	NOUN
easat-5757	316	29	have	have	AUX
easat-5757	316	30	been	be	AUX
easat-5757	316	31	omitted	omit	VERB
easat-5757	316	32	;	;	PUNCT
easat-5757	316	33	and	and	CCONJ
easat-5757	316	34	that	that	SCONJ
easat-5757	316	35	any	any	DET
easat-5757	316	36	discrepancies	discrepancy	NOUN
easat-5757	316	37	from	from	ADP
easat-5757	316	38	the	the	DET
easat-5757	316	39	study	study	NOUN
easat-5757	316	40	as	as	SCONJ
easat-5757	316	41	planned	plan	VERB
easat-5757	316	42	have	have	AUX
easat-5757	316	43	been	be	AUX
easat-5757	316	44	explained	explain	VERB
easat-5757	316	45	.	.	PUNCT
easat-5757	317	1	this	this	DET
easat-5757	317	2	study	study	NOUN
easat-5757	317	3	followed	follow	VERB
easat-5757	317	4	all	all	DET
easat-5757	317	5	ethical	ethical	ADJ
easat-5757	317	6	practices	practice	NOUN
easat-5757	317	7	during	during	ADP
easat-5757	317	8	writing	writing	NOUN
easat-5757	317	9	.	.	PUNCT
easat-5757	318	1	copyright	copyright	NOUN
easat-5757	318	2	:	:	PUNCT
easat-5757	318	3	©	©	PROPN
easat-5757	318	4	2025	2025	NUM
easat-5757	318	5	by	by	ADP
easat-5757	318	6	the	the	DET
easat-5757	318	7	authors	author	NOUN
easat-5757	318	8	.	.	PUNCT
easat-5757	319	1	this	this	DET
easat-5757	319	2	open	open	ADJ
easat-5757	319	3	-	-	PUNCT
easat-5757	319	4	access	access	NOUN
easat-5757	319	5	article	article	NOUN
easat-5757	319	6	is	be	AUX
easat-5757	319	7	distributed	distribute	VERB
easat-5757	319	8	under	under	ADP
easat-5757	319	9	the	the	DET
easat-5757	319	10	terms	term	NOUN
easat-5757	319	11	and	and	CCONJ
easat-5757	319	12	conditions	condition	NOUN
easat-5757	319	13	of	of	ADP
easat-5757	319	14	the	the	DET
easat-5757	319	15	creative	creative	ADJ
easat-5757	319	16	commons	common	NOUN
easat-5757	319	17	attribution	attribution	NOUN
easat-5757	319	18	(	(	PUNCT
easat-5757	319	19	cc	cc	NOUN
easat-5757	319	20	by	by	ADP
easat-5757	319	21	)	)	PUNCT
easat-5757	319	22	license	license	NOUN
easat-5757	319	23	(	(	PUNCT
easat-5757	319	24	https://creativecommons.org/licenses/by/4.0/	https://creativecommons.org/licenses/by/4.0/	PROPN
easat-5757	319	25	)	)	PUNCT
easat-5757	319	26	.	.	PUNCT
easat-5757	320	1	references	reference	NOUN
easat-5757	320	2	[	[	X
easat-5757	320	3	1	1	NUM
easat-5757	320	4	]	]	PUNCT
easat-5757	320	5	s.	s.	PROPN
easat-5757	320	6	byoun	byoun	PROPN
easat-5757	320	7	,	,	PUNCT
easat-5757	320	8	"	"	PUNCT
easat-5757	320	9	financial	financial	ADJ
easat-5757	320	10	flexibility	flexibility	NOUN
easat-5757	320	11	and	and	CCONJ
easat-5757	320	12	capital	capital	NOUN
easat-5757	320	13	structure	structure	NOUN
easat-5757	320	14	decision	decision	NOUN
easat-5757	320	15	.	.	PUNCT
easat-5757	321	1	working	work	VERB
easat-5757	321	2	paper	paper	PROPN
easat-5757	321	3	of	of	ADP
easat-5757	321	4	baylor	baylor	PROPN
easat-5757	321	5	university	university	PROPN
easat-5757	321	6	,	,	PUNCT
easat-5757	321	7	"	"	PUNCT
easat-5757	321	8	retrieved	retrieve	VERB
easat-5757	321	9	:	:	PUNCT
easat-5757	321	10	https://www.baylor.edu	https://www.baylor.edu	X
easat-5757	321	11	.	.	PUNCT
easat-5757	322	1	[	[	X
easat-5757	322	2	accessed	access	VERB
easat-5757	322	3	march	march	NOUN
easat-5757	322	4	25	25	NUM
easat-5757	322	5	,	,	PUNCT
easat-5757	322	6	2025	2025	NUM
easat-5757	322	7	]	]	PUNCT
easat-5757	322	8	,	,	PUNCT
easat-5757	322	9	2011	2011	NUM
easat-5757	322	10	.	.	PUNCT
easat-5757	323	1	[	[	X
easat-5757	323	2	2	2	X
easat-5757	323	3	]	]	X
easat-5757	323	4	j.	j.	PROPN
easat-5757	323	5	bereżnicka	bereżnicka	PROPN
easat-5757	323	6	,	,	PUNCT
easat-5757	323	7	"	"	PUNCT
easat-5757	323	8	sources	source	NOUN
easat-5757	323	9	of	of	ADP
easat-5757	323	10	financial	financial	ADJ
easat-5757	323	11	flexibility	flexibility	NOUN
easat-5757	323	12	and	and	CCONJ
easat-5757	323	13	investment	investment	NOUN
easat-5757	323	14	activity	activity	NOUN
easat-5757	323	15	in	in	ADP
easat-5757	323	16	family	family	NOUN
easat-5757	323	17	farms	farm	NOUN
easat-5757	323	18	in	in	ADP
easat-5757	323	19	poland	poland	PROPN
easat-5757	323	20	,	,	PUNCT
easat-5757	323	21	"	"	PUNCT
easat-5757	323	22	annales	annale	VERB
easat-5757	323	23	universitatis	universitatis	PROPN
easat-5757	323	24	mariae	mariae	PROPN
easat-5757	323	25	curie	curie	PROPN
easat-5757	323	26	-	-	PUNCT
easat-5757	323	27	skłodowska	skłodowska	NOUN
easat-5757	323	28	,	,	PUNCT
easat-5757	323	29	sectio	sectio	NOUN
easat-5757	323	30	h	h	NOUN
easat-5757	323	31	oeconomia	oeconomia	NOUN
easat-5757	323	32	,	,	PUNCT
easat-5757	323	33	vol	vol	NOUN
easat-5757	323	34	.	.	PROPN
easat-5757	323	35	58	58	NUM
easat-5757	323	36	,	,	PUNCT
easat-5757	323	37	no	no	INTJ
easat-5757	323	38	.	.	NOUN
easat-5757	323	39	1	1	NUM
easat-5757	323	40	,	,	PUNCT
easat-5757	323	41	pp	pp	ADJ
easat-5757	323	42	.	.	PUNCT
easat-5757	324	1	7	7	NUM
easat-5757	324	2	-	-	SYM
easat-5757	324	3	22	22	NUM
easat-5757	324	4	,	,	PUNCT
easat-5757	324	5	2024	2024	NUM
easat-5757	324	6	.	.	PUNCT
easat-5757	325	1	https://doi.org/10.17951/h.2024.58.1.7	https://doi.org/10.17951/h.2024.58.1.7	PROPN
easat-5757	326	1	[	[	X
easat-5757	326	2	3	3	X
easat-5757	326	3	]	]	PUNCT
easat-5757	326	4	z.	z.	PROPN
easat-5757	326	5	w.	w.	PROPN
easat-5757	326	6	zhan	zhan	PROPN
easat-5757	326	7	,	,	PUNCT
easat-5757	326	8	"	"	PUNCT
easat-5757	326	9	the	the	DET
easat-5757	326	10	primitive	primitive	ADJ
easat-5757	326	11	properties	property	NOUN
easat-5757	326	12	of	of	ADP
easat-5757	326	13	flexible	flexible	ADJ
easat-5757	326	14	enterprise	enterprise	NOUN
easat-5757	326	15	financial	financial	ADJ
easat-5757	326	16	discussion	discussion	NOUN
easat-5757	326	17	,	,	PUNCT
easat-5757	326	18	"	"	PUNCT
easat-5757	326	19	journal	journal	NOUN
easat-5757	326	20	of	of	ADP
easat-5757	326	21	finance	finance	NOUN
easat-5757	326	22	,	,	PUNCT
easat-5757	326	23	vol	vol	NOUN
easat-5757	326	24	.	.	PROPN
easat-5757	326	25	30	30	NUM
easat-5757	326	26	,	,	PUNCT
easat-5757	326	27	p.	p.	NOUN
easat-5757	326	28	251	251	NUM
easat-5757	326	29	,	,	PUNCT
easat-5757	326	30	2016	2016	NUM
easat-5757	326	31	.	.	PUNCT
easat-5757	327	1	[	[	X
easat-5757	327	2	4	4	X
easat-5757	327	3	]	]	PUNCT
easat-5757	327	4	k.	k.	PROPN
easat-5757	327	5	chang	chang	PROPN
easat-5757	327	6	,	,	PUNCT
easat-5757	327	7	x.	x.	PROPN
easat-5757	327	8	cheng	cheng	PROPN
easat-5757	327	9	,	,	PUNCT
easat-5757	327	10	y.	y.	PROPN
easat-5757	327	11	wang	wang	PROPN
easat-5757	327	12	,	,	PUNCT
easat-5757	327	13	q.	q.	PROPN
easat-5757	327	14	liu	liu	PROPN
easat-5757	327	15	,	,	PUNCT
easat-5757	327	16	and	and	CCONJ
easat-5757	327	17	j.	j.	PROPN
easat-5757	327	18	hu	hu	PROPN
easat-5757	327	19	,	,	PUNCT
easat-5757	327	20	"	"	PUNCT
easat-5757	327	21	the	the	DET
easat-5757	327	22	impacts	impact	NOUN
easat-5757	327	23	of	of	ADP
easat-5757	327	24	esg	esg	NOUN
easat-5757	327	25	performance	performance	NOUN
easat-5757	327	26	and	and	CCONJ
easat-5757	327	27	digital	digital	ADJ
easat-5757	327	28	finance	finance	NOUN
easat-5757	327	29	on	on	ADP
easat-5757	327	30	corporate	corporate	ADJ
easat-5757	327	31	financing	financing	NOUN
easat-5757	327	32	efficiency	efficiency	NOUN
easat-5757	327	33	in	in	ADP
easat-5757	327	34	china	china	PROPN
easat-5757	327	35	,	,	PUNCT
easat-5757	327	36	"	"	PUNCT
easat-5757	327	37	applied	apply	VERB
easat-5757	327	38	economics	economic	NOUN
easat-5757	327	39	letters	letter	NOUN
easat-5757	327	40	,	,	PUNCT
easat-5757	327	41	vol	vol	NOUN
easat-5757	327	42	.	.	PROPN
easat-5757	327	43	30	30	NUM
easat-5757	327	44	,	,	PUNCT
easat-5757	327	45	no	no	INTJ
easat-5757	327	46	.	.	NOUN
easat-5757	327	47	4	4	NUM
easat-5757	327	48	,	,	PUNCT
easat-5757	327	49	pp	pp	ADJ
easat-5757	327	50	.	.	PUNCT
easat-5757	328	1	516	516	NUM
easat-5757	328	2	-	-	SYM
easat-5757	328	3	523	523	NUM
easat-5757	328	4	,	,	PUNCT
easat-5757	328	5	2023	2023	NUM
easat-5757	328	6	.	.	PUNCT
easat-5757	328	7	https://doi.org/10.1080/13504851.2021.1996527	https://doi.org/10.1080/13504851.2021.1996527	PROPN
easat-5757	329	1	[	[	X
easat-5757	329	2	5	5	X
easat-5757	329	3	]	]	PUNCT
easat-5757	329	4	d.	d.	PROPN
easat-5757	329	5	gounopoulos	gounopoulos	PROPN
easat-5757	329	6	and	and	CCONJ
easat-5757	329	7	y.	y.	PROPN
easat-5757	329	8	zhang	zhang	PROPN
easat-5757	329	9	,	,	PUNCT
easat-5757	329	10	"	"	PUNCT
easat-5757	329	11	temperature	temperature	NOUN
easat-5757	329	12	trend	trend	NOUN
easat-5757	329	13	and	and	CCONJ
easat-5757	329	14	corporate	corporate	ADJ
easat-5757	329	15	cash	cash	NOUN
easat-5757	329	16	holdings	holding	NOUN
easat-5757	329	17	,	,	PUNCT
easat-5757	329	18	"	"	PUNCT
easat-5757	329	19	financial	financial	ADJ
easat-5757	329	20	management	management	NOUN
easat-5757	329	21	,	,	PUNCT
easat-5757	329	22	vol	vol	NOUN
easat-5757	329	23	.	.	PROPN
easat-5757	330	1	53	53	NUM
easat-5757	330	2	,	,	PUNCT
easat-5757	330	3	no	no	INTJ
easat-5757	330	4	.	.	NOUN
easat-5757	330	5	3	3	NUM
easat-5757	330	6	,	,	PUNCT
easat-5757	330	7	pp	pp	ADJ
easat-5757	330	8	.	.	PUNCT
easat-5757	331	1	471–499	471–499	NUM
easat-5757	331	2	,	,	PUNCT
easat-5757	331	3	2024	2024	NUM
easat-5757	331	4	.	.	PUNCT
easat-5757	332	1	https://doi.org/10.1111/fima.12465	https://doi.org/10.1111/fima.12465	X
easat-5757	333	1	[	[	X
easat-5757	333	2	6	6	NUM
easat-5757	333	3	]	]	PUNCT
easat-5757	333	4	a.	a.	NOUN
easat-5757	333	5	al	al	PROPN
easat-5757	333	6	abbadi	abbadi	PROPN
easat-5757	333	7	,	,	PUNCT
easat-5757	333	8	"	"	PUNCT
easat-5757	333	9	determinants	determinant	NOUN
easat-5757	333	10	of	of	ADP
easat-5757	333	11	capital	capital	NOUN
easat-5757	333	12	structure	structure	NOUN
easat-5757	333	13	in	in	ADP
easat-5757	333	14	industrial	industrial	ADJ
easat-5757	333	15	companies	company	NOUN
easat-5757	333	16	:	:	PUNCT
easat-5757	333	17	conservative	conservative	ADJ
easat-5757	333	18	policy	policy	NOUN
easat-5757	333	19	—	—	PUNCT
easat-5757	333	20	applied	apply	VERB
easat-5757	333	21	study	study	NOUN
easat-5757	333	22	on	on	ADP
easat-5757	333	23	jordanian	jordanian	ADJ
easat-5757	333	24	industrial	industrial	NOUN
easat-5757	333	25	for	for	ADP
easat-5757	333	26	the	the	DET
easat-5757	333	27	period	period	NOUN
easat-5757	333	28	(	(	PUNCT
easat-5757	333	29	2014–2016	2014–2016	NUM
easat-5757	333	30	)	)	PUNCT
easat-5757	333	31	,	,	PUNCT
easat-5757	333	32	"	"	PUNCT
easat-5757	333	33	international	international	ADJ
easat-5757	333	34	journal	journal	NOUN
easat-5757	333	35	of	of	ADP
easat-5757	333	36	business	business	NOUN
easat-5757	333	37	and	and	CCONJ
easat-5757	333	38	management	management	NOUN
easat-5757	333	39	,	,	PUNCT
easat-5757	333	40	vol	vol	NOUN
easat-5757	333	41	.	.	PROPN
easat-5757	333	42	14	14	NUM
easat-5757	333	43	,	,	PUNCT
easat-5757	333	44	no	no	INTJ
easat-5757	333	45	.	.	NOUN
easat-5757	333	46	2	2	NUM
easat-5757	333	47	,	,	PUNCT
easat-5757	333	48	pp	pp	ADJ
easat-5757	333	49	.	.	PUNCT
easat-5757	334	1	125	125	NUM
easat-5757	334	2	-	-	SYM
easat-5757	334	3	140	140	NUM
easat-5757	334	4	,	,	PUNCT
easat-5757	334	5	2019	2019	NUM
easat-5757	334	6	.	.	PUNCT
easat-5757	335	1	https://doi.org/10.5539/ijbm.v14n2p125	https://doi.org/10.5539/ijbm.v14n2p125	X
easat-5757	336	1	[	[	X
easat-5757	336	2	7	7	X
easat-5757	336	3	]	]	X
easat-5757	336	4	y.	y.	PROPN
easat-5757	336	5	gu	gu	PROPN
easat-5757	336	6	and	and	CCONJ
easat-5757	336	7	q.	q.	PROPN
easat-5757	336	8	zhou	zhou	PROPN
easat-5757	336	9	,	,	PUNCT
easat-5757	336	10	"	"	PUNCT
easat-5757	336	11	policy	policy	NOUN
easat-5757	336	12	uncertainty	uncertainty	NOUN
easat-5757	336	13	,	,	PUNCT
easat-5757	336	14	value	value	NOUN
easat-5757	336	15	of	of	ADP
easat-5757	336	16	financial	financial	ADJ
easat-5757	336	17	flexibility	flexibility	NOUN
easat-5757	336	18	and	and	CCONJ
easat-5757	336	19	dynamic	dynamic	ADJ
easat-5757	336	20	adjustment	adjustment	NOUN
easat-5757	336	21	of	of	ADP
easat-5757	336	22	capital	capital	NOUN
easat-5757	336	23	structure	structure	NOUN
easat-5757	336	24	,	,	PUNCT
easat-5757	336	25	"	"	PUNCT
easat-5757	336	26	e	e	X
easat-5757	336	27	journal	journal	NOUN
easat-5757	336	28	of	of	ADP
easat-5757	336	29	world	world	NOUN
easat-5757	336	30	economy	economy	NOUN
easat-5757	336	31	,	,	PUNCT
easat-5757	336	32	vol	vol	NOUN
easat-5757	336	33	.	.	PROPN
easat-5757	336	34	6	6	NUM
easat-5757	336	35	,	,	PUNCT
easat-5757	336	36	pp	pp	ADJ
easat-5757	336	37	.	.	PUNCT
easat-5757	337	1	102	102	NUM
easat-5757	337	2	-	-	SYM
easat-5757	337	3	126	126	NUM
easat-5757	337	4	,	,	PUNCT
easat-5757	337	5	2018	2018	NUM
easat-5757	337	6	.	.	PUNCT
easat-5757	338	1	[	[	X
easat-5757	338	2	8	8	NUM
easat-5757	338	3	]	]	X
easat-5757	338	4	ö.	ö.	PROPN
easat-5757	338	5	arslan	arslan	PROPN
easat-5757	338	6	-	-	PUNCT
easat-5757	338	7	ayaydin	ayaydin	PROPN
easat-5757	338	8	,	,	PUNCT
easat-5757	338	9	c.	c.	PROPN
easat-5757	338	10	florackis	florackis	PROPN
easat-5757	338	11	,	,	PUNCT
easat-5757	338	12	and	and	CCONJ
easat-5757	338	13	a.	a.	NOUN
easat-5757	338	14	ozkan	ozkan	PROPN
easat-5757	338	15	,	,	PUNCT
easat-5757	338	16	"	"	PUNCT
easat-5757	338	17	financial	financial	ADJ
easat-5757	338	18	flexibility	flexibility	NOUN
easat-5757	338	19	,	,	PUNCT
easat-5757	338	20	corporate	corporate	ADJ
easat-5757	338	21	investment	investment	NOUN
easat-5757	338	22	and	and	CCONJ
easat-5757	338	23	performance	performance	NOUN
easat-5757	338	24	:	:	PUNCT
easat-5757	338	25	evidence	evidence	NOUN
easat-5757	338	26	from	from	ADP
easat-5757	338	27	financial	financial	ADJ
easat-5757	338	28	crises	crisis	NOUN
easat-5757	338	29	,	,	PUNCT
easat-5757	338	30	"	"	PUNCT
easat-5757	338	31	review	review	NOUN
easat-5757	338	32	of	of	ADP
easat-5757	338	33	quantitative	quantitative	ADJ
easat-5757	338	34	finance	finance	NOUN
easat-5757	338	35	and	and	CCONJ
easat-5757	338	36	accounting	accounting	NOUN
easat-5757	338	37	,	,	PUNCT
easat-5757	338	38	vol	vol	NOUN
easat-5757	338	39	.	.	PROPN
easat-5757	339	1	42	42	NUM
easat-5757	339	2	,	,	PUNCT
easat-5757	339	3	pp	pp	ADJ
easat-5757	339	4	.	.	PUNCT
easat-5757	340	1	211	211	NUM
easat-5757	340	2	-	-	SYM
easat-5757	340	3	250	250	NUM
easat-5757	340	4	,	,	PUNCT
easat-5757	340	5	2014	2014	NUM
easat-5757	340	6	.	.	PUNCT
easat-5757	341	1	https://doi.org/10.1007/s11156-012-0340-x	https://doi.org/10.1007/s11156-012-0340-x	PROPN
easat-5757	342	1	[	[	X
easat-5757	342	2	9	9	NUM
easat-5757	342	3	]	]	PUNCT
easat-5757	342	4	k.	k.	PROPN
easat-5757	342	5	li	li	PROPN
easat-5757	342	6	,	,	PUNCT
easat-5757	342	7	b.	b.	PROPN
easat-5757	342	8	xia	xia	PROPN
easat-5757	342	9	,	,	PUNCT
easat-5757	342	10	y.	y.	PROPN
easat-5757	342	11	chen	chen	PROPN
easat-5757	342	12	,	,	PUNCT
easat-5757	342	13	n.	n.	PROPN
easat-5757	342	14	ding	ding	PROPN
easat-5757	342	15	,	,	PUNCT
easat-5757	342	16	and	and	CCONJ
easat-5757	342	17	j.	j.	PROPN
easat-5757	342	18	wang	wang	PROPN
easat-5757	342	19	,	,	PUNCT
easat-5757	342	20	"	"	PUNCT
easat-5757	342	21	environmental	environmental	ADJ
easat-5757	342	22	uncertainty	uncertainty	NOUN
easat-5757	342	23	,	,	PUNCT
easat-5757	342	24	financing	financing	NOUN
easat-5757	342	25	constraints	constraint	NOUN
easat-5757	342	26	and	and	CCONJ
easat-5757	342	27	corporate	corporate	ADJ
easat-5757	342	28	investment	investment	NOUN
easat-5757	342	29	:	:	PUNCT
easat-5757	342	30	evidence	evidence	NOUN
easat-5757	342	31	from	from	ADP
easat-5757	342	32	china	china	PROPN
easat-5757	342	33	,	,	PUNCT
easat-5757	342	34	"	"	PUNCT
easat-5757	342	35	pacific	pacific	ADJ
easat-5757	342	36	-	-	PUNCT
easat-5757	342	37	basin	basin	NOUN
easat-5757	342	38	finance	finance	NOUN
easat-5757	342	39	journal	journal	NOUN
easat-5757	342	40	,	,	PUNCT
easat-5757	342	41	vol	vol	NOUN
easat-5757	342	42	.	.	PROPN
easat-5757	342	43	70	70	NUM
easat-5757	342	44	,	,	PUNCT
easat-5757	342	45	p.	p.	NOUN
easat-5757	342	46	101665	101665	NUM
easat-5757	342	47	,	,	PUNCT
easat-5757	342	48	2021	2021	NUM
easat-5757	342	49	.	.	PUNCT
easat-5757	343	1	https://doi.org/10.1016/j.pacfin.2021.101665	https://doi.org/10.1016/j.pacfin.2021.101665	ADJ
easat-5757	343	2	[	[	X
easat-5757	343	3	10	10	NUM
easat-5757	343	4	]	]	X
easat-5757	343	5	h.	h.	PROPN
easat-5757	343	6	beladi	beladi	PROPN
easat-5757	343	7	,	,	PUNCT
easat-5757	343	8	j.	j.	PROPN
easat-5757	343	9	deng	deng	PROPN
easat-5757	343	10	,	,	PUNCT
easat-5757	343	11	and	and	CCONJ
easat-5757	343	12	m.	m.	PROPN
easat-5757	343	13	hu	hu	PROPN
easat-5757	343	14	,	,	PUNCT
easat-5757	343	15	"	"	PUNCT
easat-5757	343	16	cash	cash	NOUN
easat-5757	343	17	flow	flow	NOUN
easat-5757	343	18	uncertainty	uncertainty	NOUN
easat-5757	343	19	,	,	PUNCT
easat-5757	343	20	financial	financial	ADJ
easat-5757	343	21	constraints	constraint	NOUN
easat-5757	343	22	and	and	CCONJ
easat-5757	343	23	r&d	r&d	NOUN
easat-5757	343	24	investment	investment	NOUN
easat-5757	343	25	,	,	PUNCT
easat-5757	343	26	"	"	PUNCT
easat-5757	343	27	international	international	ADJ
easat-5757	343	28	review	review	NOUN
easat-5757	343	29	of	of	ADP
easat-5757	343	30	financial	financial	ADJ
easat-5757	343	31	analysis	analysis	NOUN
easat-5757	343	32	,	,	PUNCT
easat-5757	343	33	vol	vol	NOUN
easat-5757	343	34	.	.	PROPN
easat-5757	343	35	76	76	NUM
easat-5757	343	36	,	,	PUNCT
easat-5757	343	37	p.	p.	NOUN
easat-5757	343	38	101785	101785	NUM
easat-5757	343	39	,	,	PUNCT
easat-5757	343	40	2021	2021	NUM
easat-5757	343	41	.	.	PUNCT
easat-5757	344	1	https://doi.org/10.1016/j.irfa.2021.101785	https://doi.org/10.1016/j.irfa.2021.101785	VERB
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easat-5757	345	2	11	11	NUM
easat-5757	345	3	]	]	SYM
easat-5757	345	4	ş	ş	X
easat-5757	345	5	.	.	X
easat-5757	345	6	ağca	ağca	PROPN
easat-5757	345	7	and	and	CCONJ
easat-5757	345	8	a.	a.	NOUN
easat-5757	345	9	mozumdar	mozumdar	NOUN
easat-5757	345	10	,	,	PUNCT
easat-5757	345	11	"	"	PUNCT
easat-5757	345	12	investment	investment	NOUN
easat-5757	345	13	–	–	PUNCT
easat-5757	345	14	cash	cash	NOUN
easat-5757	345	15	flow	flow	NOUN
easat-5757	345	16	sensitivity	sensitivity	NOUN
easat-5757	345	17	:	:	PUNCT
easat-5757	345	18	fact	fact	NOUN
easat-5757	345	19	or	or	CCONJ
easat-5757	345	20	fiction	fiction	NOUN
easat-5757	345	21	?	?	PUNCT
easat-5757	345	22	,	,	PUNCT
easat-5757	345	23	"	"	PUNCT
easat-5757	345	24	journal	journal	NOUN
easat-5757	345	25	of	of	ADP
easat-5757	345	26	financial	financial	ADJ
easat-5757	345	27	and	and	CCONJ
easat-5757	345	28	quantitative	quantitative	ADJ
easat-5757	345	29	analysis	analysis	NOUN
easat-5757	345	30	,	,	PUNCT
easat-5757	345	31	vol	vol	NOUN
easat-5757	345	32	.	.	PROPN
easat-5757	345	33	52	52	NUM
easat-5757	345	34	,	,	PUNCT
easat-5757	345	35	no	no	INTJ
easat-5757	345	36	.	.	NOUN
easat-5757	345	37	3	3	NUM
easat-5757	345	38	,	,	PUNCT
easat-5757	345	39	pp	pp	ADJ
easat-5757	345	40	.	.	PUNCT
easat-5757	346	1	1111	1111	NUM
easat-5757	346	2	-	-	SYM
easat-5757	346	3	1141	1141	NUM
easat-5757	346	4	,	,	PUNCT
easat-5757	346	5	2017	2017	NUM
easat-5757	346	6	.	.	PUNCT
easat-5757	347	1	https://doi.org/10.1017/s0022109017000273	https://doi.org/10.1017/s0022109017000273	NUM
easat-5757	347	2	https://creativecommons.org/licenses/by/4.0/	https://creativecommons.org/licenses/by/4.0/	PROPN
easat-5757	347	3	https://www.baylor.edu/	https://www.baylor.edu/	VERB
easat-5757	347	4	https://doi.org/10.17951/h.2024.58.1.7	https://doi.org/10.17951/h.2024.58.1.7	PROPN
easat-5757	347	5	https://doi.org/10.1080/13504851.2021.1996527	https://doi.org/10.1080/13504851.2021.1996527	PROPN
easat-5757	348	1	https://doi.org/10.1111/fima.12465	https://doi.org/10.1111/fima.12465	ADV
easat-5757	349	1	https://doi.org/10.5539/ijbm.v14n2p125	https://doi.org/10.5539/ijbm.v14n2p125	ADV
easat-5757	349	2	https://doi.org/10.1007/s11156-012-0340-x	https://doi.org/10.1007/s11156-012-0340-x	VERB
easat-5757	349	3	https://doi.org/10.1016/j.pacfin.2021.101665	https://doi.org/10.1016/j.pacfin.2021.101665	ADJ
easat-5757	349	4	https://doi.org/10.1016/j.irfa.2021.101785	https://doi.org/10.1016/j.irfa.2021.101785	PROPN
easat-5757	349	5	https://doi.org/10.1017/s0022109017000273	https://doi.org/10.1017/s0022109017000273	PROPN
easat-5757	349	6	2183	2183	NUM
easat-5757	349	7	edelweiss	edelweiss	PROPN
easat-5757	349	8	applied	apply	VERB
easat-5757	349	9	science	science	NOUN
easat-5757	349	10	and	and	CCONJ
easat-5757	349	11	technology	technology	NOUN
easat-5757	349	12	issn	issn	PROPN
easat-5757	349	13	:	:	PUNCT
easat-5757	349	14	2576	2576	NUM
easat-5757	349	15	-	-	SYM
easat-5757	349	16	8484	8484	NUM
easat-5757	349	17	vol	vol	NOUN
easat-5757	349	18	.	.	PROPN
easat-5757	350	1	9	9	NUM
easat-5757	350	2	,	,	PUNCT
easat-5757	350	3	no	no	INTJ
easat-5757	350	4	.	.	NOUN
easat-5757	351	1	3	3	NUM
easat-5757	351	2	:	:	SYM
easat-5757	351	3	2170	2170	NUM
easat-5757	351	4	-	-	SYM
easat-5757	351	5	2183	2183	NUM
easat-5757	351	6	,	,	PUNCT
easat-5757	351	7	2025	2025	NUM
easat-5757	351	8	doi	doi	NOUN
easat-5757	351	9	:	:	PUNCT
easat-5757	351	10	10.55214/25768484.v9i3.5757	10.55214/25768484.v9i3.5757	NUM
easat-5757	351	11	©	©	PROPN
easat-5757	351	12	2025	2025	NUM
easat-5757	351	13	by	by	ADP
easat-5757	351	14	the	the	DET
easat-5757	351	15	authors	author	NOUN
easat-5757	351	16	;	;	PUNCT
easat-5757	351	17	licensee	licensee	PROPN
easat-5757	351	18	learning	learning	NOUN
easat-5757	351	19	gate	gate	NOUN
easat-5757	352	1	[	[	X
easat-5757	352	2	12	12	NUM
easat-5757	352	3	]	]	PUNCT
easat-5757	352	4	m.	m.	PROPN
easat-5757	352	5	b.	b.	PROPN
easat-5757	352	6	lozano	lozano	PROPN
easat-5757	352	7	and	and	CCONJ
easat-5757	352	8	s.	s.	PROPN
easat-5757	352	9	yaman	yaman	PROPN
easat-5757	352	10	,	,	PUNCT
easat-5757	352	11	"	"	PUNCT
easat-5757	352	12	the	the	DET
easat-5757	352	13	determinants	determinant	NOUN
easat-5757	352	14	of	of	ADP
easat-5757	352	15	cash	cash	NOUN
easat-5757	352	16	flow	flow	NOUN
easat-5757	352	17	sensitivity	sensitivity	NOUN
easat-5757	352	18	of	of	ADP
easat-5757	352	19	cash	cash	NOUN
easat-5757	352	20	:	:	PUNCT
easat-5757	352	21	the	the	DET
easat-5757	352	22	family	family	NOUN
easat-5757	352	23	ownership	ownership	NOUN
easat-5757	352	24	effect	effect	NOUN
easat-5757	352	25	,	,	PUNCT
easat-5757	352	26	"	"	PUNCT
easat-5757	352	27	research	research	NOUN
easat-5757	352	28	in	in	ADP
easat-5757	352	29	international	international	ADJ
easat-5757	352	30	business	business	NOUN
easat-5757	352	31	and	and	CCONJ
easat-5757	352	32	finance	finance	NOUN
easat-5757	352	33	,	,	PUNCT
easat-5757	352	34	vol	vol	NOUN
easat-5757	352	35	.	.	PROPN
easat-5757	353	1	53	53	NUM
easat-5757	353	2	,	,	PUNCT
easat-5757	353	3	p.	p.	NOUN
easat-5757	353	4	101204	101204	NUM
easat-5757	353	5	,	,	PUNCT
easat-5757	353	6	2020	2020	NUM
easat-5757	353	7	.	.	PUNCT
easat-5757	354	1	https://doi.org/10.1016/j.ribaf.2020.101204	https://doi.org/10.1016/j.ribaf.2020.101204	NOUN
easat-5757	354	2	[	[	X
easat-5757	354	3	13	13	NUM
easat-5757	354	4	]	]	X
easat-5757	354	5	d.	d.	PROPN
easat-5757	354	6	d.	d.	PROPN
easat-5757	354	7	palkar	palkar	PROPN
easat-5757	354	8	,	,	PUNCT
easat-5757	354	9	"	"	PUNCT
easat-5757	354	10	cash	cash	NOUN
easat-5757	354	11	flow	flow	NOUN
easat-5757	354	12	volatility	volatility	NOUN
easat-5757	354	13	-	-	PUNCT
easat-5757	354	14	return	return	NOUN
easat-5757	354	15	relation	relation	NOUN
easat-5757	354	16	and	and	CCONJ
easat-5757	354	17	financial	financial	ADJ
easat-5757	354	18	constraints	constraint	NOUN
easat-5757	354	19	:	:	PUNCT
easat-5757	354	20	international	international	ADJ
easat-5757	354	21	evidence	evidence	NOUN
easat-5757	354	22	,	,	PUNCT
easat-5757	354	23	"	"	PUNCT
easat-5757	354	24	managerial	managerial	ADJ
easat-5757	354	25	finance	finance	NOUN
easat-5757	354	26	,	,	PUNCT
easat-5757	354	27	vol	vol	NOUN
easat-5757	354	28	.	.	PROPN
easat-5757	354	29	43	43	NUM
easat-5757	354	30	,	,	PUNCT
easat-5757	354	31	no	no	INTJ
easat-5757	354	32	.	.	NOUN
easat-5757	354	33	3	3	NUM
easat-5757	354	34	,	,	PUNCT
easat-5757	354	35	pp	pp	ADJ
easat-5757	354	36	.	.	PUNCT
easat-5757	355	1	354	354	NUM
easat-5757	355	2	-	-	SYM
easat-5757	355	3	378	378	NUM
easat-5757	355	4	,	,	PUNCT
easat-5757	355	5	2017	2017	NUM
easat-5757	355	6	.	.	PUNCT
easat-5757	356	1	https://doi.org/10.1108/mf-10-2016-0340	https://doi.org/10.1108/mf-10-2016-0340	NUM
easat-5757	357	1	[	[	X
easat-5757	357	2	14	14	NUM
easat-5757	357	3	]	]	PUNCT
easat-5757	357	4	a.	a.	NOUN
easat-5757	357	5	ferrando	ferrando	PROPN
easat-5757	357	6	,	,	PUNCT
easat-5757	357	7	m.	m.	NOUN
easat-5757	357	8	t.	t.	PROPN
easat-5757	357	9	marchica	marchica	PROPN
easat-5757	357	10	,	,	PUNCT
easat-5757	357	11	and	and	CCONJ
easat-5757	357	12	r.	r.	PROPN
easat-5757	357	13	mura	mura	PROPN
easat-5757	357	14	,	,	PUNCT
easat-5757	357	15	"	"	PUNCT
easat-5757	357	16	financial	financial	ADJ
easat-5757	357	17	flexibility	flexibility	NOUN
easat-5757	357	18	and	and	CCONJ
easat-5757	357	19	investment	investment	NOUN
easat-5757	357	20	ability	ability	NOUN
easat-5757	357	21	across	across	ADP
easat-5757	357	22	the	the	DET
easat-5757	357	23	euro	euro	NOUN
easat-5757	357	24	area	area	NOUN
easat-5757	357	25	and	and	CCONJ
easat-5757	357	26	the	the	DET
easat-5757	357	27	uk	uk	PROPN
easat-5757	357	28	,	,	PUNCT
easat-5757	357	29	"	"	PUNCT
easat-5757	357	30	european	european	ADJ
easat-5757	357	31	financial	financial	ADJ
easat-5757	357	32	management	management	NOUN
easat-5757	357	33	,	,	PUNCT
easat-5757	357	34	vol	vol	NOUN
easat-5757	357	35	.	.	PROPN
easat-5757	357	36	23	23	NUM
easat-5757	357	37	,	,	PUNCT
easat-5757	357	38	no	no	INTJ
easat-5757	357	39	.	.	NOUN
easat-5757	357	40	1	1	NUM
easat-5757	357	41	,	,	PUNCT
easat-5757	357	42	pp	pp	ADJ
easat-5757	357	43	.	.	PUNCT
easat-5757	358	1	87	87	NUM
easat-5757	358	2	-	-	SYM
easat-5757	358	3	126	126	NUM
easat-5757	358	4	,	,	PUNCT
easat-5757	358	5	2017	2017	NUM
easat-5757	358	6	.	.	PUNCT
easat-5757	359	1	https://doi.org/10.1111/efma.12116	https://doi.org/10.1111/efma.12116	PROPN
easat-5757	360	1	[	[	X
easat-5757	360	2	15	15	NUM
easat-5757	360	3	]	]	X
easat-5757	360	4	r.	r.	PROPN
easat-5757	360	5	fahlenbrach	fahlenbrach	PROPN
easat-5757	360	6	,	,	PUNCT
easat-5757	360	7	k.	k.	PROPN
easat-5757	360	8	rageth	rageth	PROPN
easat-5757	360	9	,	,	PUNCT
easat-5757	360	10	and	and	CCONJ
easat-5757	360	11	r.	r.	PROPN
easat-5757	360	12	m.	m.	PROPN
easat-5757	360	13	stulz	stulz	PROPN
easat-5757	360	14	,	,	PUNCT
easat-5757	360	15	"	"	PUNCT
easat-5757	360	16	how	how	SCONJ
easat-5757	360	17	valuable	valuable	ADJ
easat-5757	360	18	is	be	AUX
easat-5757	360	19	financial	financial	ADJ
easat-5757	360	20	flexibility	flexibility	NOUN
easat-5757	360	21	when	when	SCONJ
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easat-5757	361	1	evidence	evidence	NOUN
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easat-5757	361	6	,	,	PUNCT
easat-5757	361	7	"	"	PUNCT
easat-5757	361	8	the	the	DET
easat-5757	361	9	review	review	NOUN
easat-5757	361	10	of	of	ADP
easat-5757	361	11	financial	financial	ADJ
easat-5757	361	12	studies	study	NOUN
easat-5757	361	13	,	,	PUNCT
easat-5757	361	14	vol	vol	NOUN
easat-5757	361	15	.	.	PROPN
easat-5757	362	1	34	34	NUM
easat-5757	362	2	,	,	PUNCT
easat-5757	362	3	no	no	INTJ
easat-5757	362	4	.	.	NOUN
easat-5757	362	5	11	11	NUM
easat-5757	362	6	,	,	PUNCT
easat-5757	362	7	pp	pp	ADJ
easat-5757	362	8	.	.	PUNCT
easat-5757	363	1	5474	5474	NUM
easat-5757	363	2	-	-	SYM
easat-5757	363	3	5521	5521	NUM
easat-5757	363	4	,	,	PUNCT
easat-5757	363	5	2021	2021	NUM
easat-5757	363	6	.	.	PUNCT
easat-5757	364	1	https://doi.org/10.1093/rfs/hhab057	https://doi.org/10.1093/rfs/hhab057	VERB
easat-5757	365	1	[	[	X
easat-5757	365	2	16	16	NUM
easat-5757	365	3	]	]	PUNCT
easat-5757	365	4	m.	m.	NOUN
easat-5757	365	5	j.	j.	PROPN
easat-5757	365	6	garmaise	garmaise	PROPN
easat-5757	365	7	and	and	CCONJ
easat-5757	365	8	g.	g.	PROPN
easat-5757	365	9	natividad	natividad	PROPN
easat-5757	365	10	,	,	PUNCT
easat-5757	365	11	"	"	PUNCT
easat-5757	365	12	financial	financial	ADJ
easat-5757	365	13	flexibility	flexibility	NOUN
easat-5757	365	14	:	:	PUNCT
easat-5757	365	15	at	at	ADP
easat-5757	365	16	what	what	DET
easat-5757	365	17	cost	cost	NOUN
easat-5757	365	18	?	?	PUNCT
easat-5757	365	19	,	,	PUNCT
easat-5757	365	20	"	"	PUNCT
easat-5757	365	21	journal	journal	NOUN
easat-5757	365	22	of	of	ADP
easat-5757	365	23	financial	financial	ADJ
easat-5757	365	24	and	and	CCONJ
easat-5757	365	25	quantitative	quantitative	ADJ
easat-5757	365	26	analysis	analysis	NOUN
easat-5757	365	27	,	,	PUNCT
easat-5757	365	28	vol	vol	NOUN
easat-5757	365	29	.	.	PROPN
easat-5757	366	1	56	56	NUM
easat-5757	366	2	,	,	PUNCT
easat-5757	366	3	no	no	INTJ
easat-5757	366	4	.	.	NOUN
easat-5757	366	5	1	1	NUM
easat-5757	366	6	,	,	PUNCT
easat-5757	366	7	pp	pp	ADJ
easat-5757	366	8	.	.	PUNCT
easat-5757	367	1	249	249	NUM
easat-5757	367	2	-	-	SYM
easat-5757	367	3	282	282	NUM
easat-5757	367	4	,	,	PUNCT
easat-5757	367	5	2021	2021	NUM
easat-5757	367	6	.	.	PUNCT
easat-5757	368	1	https://doi.org/10.1017/s0022109020000879	https://doi.org/10.1017/s0022109020000879	NUM
easat-5757	368	2	[	[	X
easat-5757	368	3	17	17	NUM
easat-5757	368	4	]	]	PUNCT
easat-5757	368	5	e.	e.	PROPN
easat-5757	368	6	magerakis	magerakis	PROPN
easat-5757	368	7	,	,	PUNCT
easat-5757	368	8	k.	k.	PROPN
easat-5757	368	9	gkillas	gkillas	PROPN
easat-5757	368	10	,	,	PUNCT
easat-5757	368	11	c.	c.	PROPN
easat-5757	368	12	floros	floros	PROPN
easat-5757	368	13	,	,	PUNCT
easat-5757	368	14	and	and	CCONJ
easat-5757	368	15	g.	g.	PROPN
easat-5757	368	16	peppas	peppas	PROPN
easat-5757	368	17	,	,	PUNCT
easat-5757	368	18	"	"	PUNCT
easat-5757	368	19	corporate	corporate	ADJ
easat-5757	368	20	r&d	r&d	NOUN
easat-5757	368	21	intensity	intensity	NOUN
easat-5757	368	22	and	and	CCONJ
easat-5757	368	23	high	high	ADJ
easat-5757	368	24	cash	cash	NOUN
easat-5757	368	25	holdings	holding	NOUN
easat-5757	368	26	:	:	PUNCT
easat-5757	368	27	post	post	ADJ
easat-5757	368	28	-	-	ADJ
easat-5757	368	29	crisis	crisis	NOUN
easat-5757	368	30	analysis	analysis	NOUN
easat-5757	368	31	,	,	PUNCT
easat-5757	368	32	"	"	PUNCT
easat-5757	368	33	operational	operational	ADJ
easat-5757	368	34	research	research	NOUN
easat-5757	368	35	,	,	PUNCT
easat-5757	368	36	vol	vol	NOUN
easat-5757	368	37	.	.	PROPN
easat-5757	368	38	22	22	NUM
easat-5757	368	39	,	,	PUNCT
easat-5757	368	40	no	no	INTJ
easat-5757	368	41	.	.	NOUN
easat-5757	368	42	4	4	NUM
easat-5757	368	43	,	,	PUNCT
easat-5757	368	44	pp	pp	ADJ
easat-5757	368	45	.	.	PUNCT
easat-5757	369	1	3767	3767	NUM
easat-5757	369	2	-	-	SYM
easat-5757	369	3	3808	3808	NUM
easat-5757	369	4	,	,	PUNCT
easat-5757	369	5	2022	2022	NUM
easat-5757	369	6	.	.	PUNCT
easat-5757	370	1	https://doi.org/10.1007/s12351-021-00685-6	https://doi.org/10.1007/s12351-021-00685-6	PART
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easat-5757	371	2	18	18	NUM
easat-5757	371	3	]	]	PUNCT
easat-5757	371	4	a.	a.	NOUN
easat-5757	371	5	granzotto	granzotto	NOUN
easat-5757	371	6	,	,	PUNCT
easat-5757	371	7	f.	f.	PROPN
easat-5757	371	8	a.	a.	PROPN
easat-5757	371	9	lamberti	lamberti	PROPN
easat-5757	371	10	,	,	PUNCT
easat-5757	371	11	and	and	CCONJ
easat-5757	371	12	i.	i.	PROPN
easat-5757	371	13	b.	b.	PROPN
easat-5757	371	14	sonza	sonza	PROPN
easat-5757	371	15	,	,	PUNCT
easat-5757	371	16	"	"	PUNCT
easat-5757	371	17	do	do	AUX
easat-5757	371	18	financial	financial	ADJ
easat-5757	371	19	restricted	restricted	ADJ
easat-5757	371	20	companies	company	NOUN
easat-5757	371	21	use	use	VERB
easat-5757	371	22	the	the	DET
easat-5757	371	23	cash	cash	NOUN
easat-5757	371	24	flow	flow	NOUN
easat-5757	371	25	for	for	ADP
easat-5757	371	26	investment	investment	NOUN
easat-5757	371	27	or	or	CCONJ
easat-5757	371	28	for	for	ADP
easat-5757	371	29	cash	cash	NOUN
easat-5757	371	30	holdings	holding	NOUN
easat-5757	371	31	?	?	PUNCT
easat-5757	371	32	,	,	PUNCT
easat-5757	371	33	"	"	PUNCT
easat-5757	371	34	enfoque	enfoque	PROPN
easat-5757	371	35	:	:	PUNCT
easat-5757	371	36	reflexão	reflexão	PROPN
easat-5757	371	37	contábil	contábil	PROPN
easat-5757	371	38	,	,	PUNCT
easat-5757	371	39	vol	vol	NOUN
easat-5757	371	40	.	.	PROPN
easat-5757	371	41	39	39	NUM
easat-5757	371	42	,	,	PUNCT
easat-5757	371	43	no	no	INTJ
easat-5757	371	44	.	.	NOUN
easat-5757	371	45	3	3	NUM
easat-5757	371	46	,	,	PUNCT
easat-5757	371	47	pp	pp	ADJ
easat-5757	371	48	.	.	PUNCT
easat-5757	372	1	69	69	NUM
easat-5757	372	2	-	-	SYM
easat-5757	372	3	84	84	NUM
easat-5757	372	4	,	,	PUNCT
easat-5757	372	5	2020	2020	NUM
easat-5757	372	6	.	.	PUNCT
easat-5757	373	1	https://doi.org/10.4025/enfoque.v39i3.50234	https://doi.org/10.4025/enfoque.v39i3.50234	NUM
easat-5757	374	1	[	[	X
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easat-5757	374	3	]	]	X
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easat-5757	374	5	a.	a.	PROPN
easat-5757	374	6	afrifa	afrifa	PROPN
easat-5757	374	7	,	,	PUNCT
easat-5757	374	8	"	"	PUNCT
easat-5757	374	9	net	net	ADJ
easat-5757	374	10	working	working	NOUN
easat-5757	374	11	capital	capital	NOUN
easat-5757	374	12	,	,	PUNCT
easat-5757	374	13	cash	cash	NOUN
easat-5757	374	14	flow	flow	NOUN
easat-5757	374	15	and	and	CCONJ
easat-5757	374	16	performance	performance	NOUN
easat-5757	374	17	of	of	ADP
easat-5757	374	18	uk	uk	PROPN
easat-5757	374	19	smes	sme	NOUN
easat-5757	374	20	,	,	PUNCT
easat-5757	374	21	"	"	PUNCT
easat-5757	374	22	review	review	NOUN
easat-5757	374	23	of	of	ADP
easat-5757	374	24	accounting	accounting	NOUN
easat-5757	374	25	and	and	CCONJ
easat-5757	374	26	finance	finance	NOUN
easat-5757	374	27	,	,	PUNCT
easat-5757	374	28	vol	vol	NOUN
easat-5757	374	29	.	.	PROPN
easat-5757	374	30	15	15	NUM
easat-5757	374	31	,	,	PUNCT
easat-5757	374	32	no	no	INTJ
easat-5757	374	33	.	.	NOUN
easat-5757	374	34	1	1	NUM
easat-5757	374	35	,	,	PUNCT
easat-5757	374	36	pp	pp	ADJ
easat-5757	374	37	.	.	PUNCT
easat-5757	374	38	21	21	NUM
easat-5757	374	39	-	-	SYM
easat-5757	374	40	44	44	NUM
easat-5757	374	41	,	,	PUNCT
easat-5757	374	42	2016	2016	NUM
easat-5757	374	43	.	.	PUNCT
easat-5757	375	1	https://doi.org/10.1108/raf-05-2015-0074	https://doi.org/10.1108/raf-05-2015-0074	PROPN
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easat-5757	376	2	20	20	NUM
easat-5757	376	3	]	]	PUNCT
easat-5757	376	4	a.	a.	NOUN
easat-5757	376	5	sreenivasulu	sreenivasulu	PROPN
easat-5757	376	6	and	and	CCONJ
easat-5757	376	7	r.	r.	PROPN
easat-5757	376	8	mamilla	mamilla	PROPN
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easat-5757	376	10	"	"	PUNCT
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easat-5757	376	12	of	of	ADP
easat-5757	376	13	management	management	NOUN
easat-5757	376	14	effectiveness	effectiveness	NOUN
easat-5757	376	15	,	,	PUNCT
easat-5757	376	16	firm	firm	ADJ
easat-5757	376	17	life	life	NOUN
easat-5757	376	18	cycle	cycle	NOUN
easat-5757	376	19	,	,	PUNCT
easat-5757	376	20	and	and	CCONJ
easat-5757	376	21	financial	financial	ADJ
easat-5757	376	22	flexibility	flexibility	NOUN
easat-5757	376	23	on	on	ADP
easat-5757	376	24	firm	firm	NOUN
easat-5757	376	25	's	's	PART
easat-5757	376	26	performance	performance	NOUN
easat-5757	376	27	,	,	PUNCT
easat-5757	376	28	"	"	PUNCT
easat-5757	376	29	international	international	ADJ
easat-5757	376	30	journal	journal	NOUN
easat-5757	376	31	of	of	ADP
easat-5757	376	32	process	process	NOUN
easat-5757	376	33	management	management	NOUN
easat-5757	376	34	and	and	CCONJ
easat-5757	376	35	benchmarking	benchmarking	NOUN
easat-5757	376	36	,	,	PUNCT
easat-5757	376	37	vol	vol	NOUN
easat-5757	376	38	.	.	PROPN
easat-5757	376	39	17	17	NUM
easat-5757	376	40	,	,	PUNCT
easat-5757	376	41	no	no	INTJ
easat-5757	376	42	.	.	NOUN
easat-5757	376	43	2	2	NUM
easat-5757	376	44	,	,	PUNCT
easat-5757	376	45	pp	pp	ADJ
easat-5757	376	46	.	.	PUNCT
easat-5757	377	1	199	199	NUM
easat-5757	377	2	-	-	SYM
easat-5757	377	3	213	213	NUM
easat-5757	377	4	,	,	PUNCT
easat-5757	377	5	2024	2024	NUM
easat-5757	377	6	.	.	PUNCT
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easat-5757	378	4	]	]	PUNCT
easat-5757	378	5	m.	m.	NOUN
easat-5757	378	6	kyere	kyere	PROPN
easat-5757	378	7	and	and	CCONJ
easat-5757	378	8	m.	m.	PROPN
easat-5757	378	9	ausloos	ausloos	PROPN
easat-5757	378	10	,	,	PUNCT
easat-5757	378	11	"	"	PUNCT
easat-5757	378	12	corporate	corporate	ADJ
easat-5757	378	13	governance	governance	NOUN
easat-5757	378	14	and	and	CCONJ
easat-5757	378	15	firms	firm	NOUN
easat-5757	378	16	financial	financial	ADJ
easat-5757	378	17	performance	performance	NOUN
easat-5757	378	18	in	in	ADP
easat-5757	378	19	the	the	DET
easat-5757	378	20	united	united	ADJ
easat-5757	378	21	kingdom	kingdom	PROPN
easat-5757	378	22	,	,	PUNCT
easat-5757	378	23	"	"	PUNCT
easat-5757	378	24	international	international	ADJ
easat-5757	378	25	journal	journal	NOUN
easat-5757	378	26	of	of	ADP
easat-5757	378	27	finance	finance	PROPN
easat-5757	378	28	&	&	CCONJ
easat-5757	378	29	economics	economic	NOUN
easat-5757	378	30	,	,	PUNCT
easat-5757	378	31	vol	vol	NOUN
easat-5757	378	32	.	.	PROPN
easat-5757	378	33	26	26	NUM
easat-5757	378	34	,	,	PUNCT
easat-5757	378	35	no	no	INTJ
easat-5757	378	36	.	.	NOUN
easat-5757	378	37	2	2	NUM
easat-5757	378	38	,	,	PUNCT
easat-5757	378	39	pp	pp	ADJ
easat-5757	378	40	.	.	PUNCT
easat-5757	379	1	1871	1871	NUM
easat-5757	379	2	-	-	SYM
easat-5757	379	3	1885	1885	NUM
easat-5757	379	4	,	,	PUNCT
easat-5757	379	5	2021	2021	NUM
easat-5757	379	6	.	.	PUNCT
easat-5757	380	1	https://doi.org/10.1002/ijfe.1960	https://doi.org/10.1002/ijfe.1960	PROPN
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easat-5757	380	6	https://doi.org/10.1017/s0022109020000879	https://doi.org/10.1017/s0022109020000879	NUM
easat-5757	380	7	https://doi.org/10.1007/s12351-021-00685-6	https://doi.org/10.1007/s12351-021-00685-6	NUM
easat-5757	380	8	https://doi.org/10.4025/enfoque.v39i3.50234	https://doi.org/10.4025/enfoque.v39i3.50234	NUM
easat-5757	380	9	https://doi.org/10.1108/raf-05-2015-0074	https://doi.org/10.1108/raf-05-2015-0074	X
easat-5757	380	10	https://doi.org/10.1504/ijpmb.2024.100412	https://doi.org/10.1504/ijpmb.2024.100412	PROPN
easat-5757	380	11	https://doi.org/10.1002/ijfe.1960	https://doi.org/10.1002/ijfe.1960	AUX