id	sid	tid	token	lemma	pos
easat-6805	1	1	edelweiss	edelweiss	PROPN
easat-6805	1	2	applied	apply	VERB
easat-6805	1	3	science	science	NOUN
easat-6805	1	4	and	and	CCONJ
easat-6805	1	5	technology	technology	NOUN
easat-6805	1	6	issn	issn	PROPN
easat-6805	1	7	:	:	PUNCT
easat-6805	1	8	2576	2576	NUM
easat-6805	1	9	-	-	SYM
easat-6805	1	10	8484	8484	NUM
easat-6805	1	11	vol	vol	NOUN
easat-6805	1	12	.	.	PROPN
easat-6805	2	1	9	9	NUM
easat-6805	2	2	,	,	PUNCT
easat-6805	2	3	no	no	INTJ
easat-6805	2	4	.	.	NOUN
easat-6805	2	5	5	5	NUM
easat-6805	2	6	,	,	PUNCT
easat-6805	2	7	110	110	NUM
easat-6805	2	8	-	-	SYM
easat-6805	2	9	119	119	NUM
easat-6805	2	10	2025	2025	NUM
easat-6805	2	11	publisher	publisher	NOUN
easat-6805	2	12	:	:	PUNCT
easat-6805	2	13	learning	learn	VERB
easat-6805	2	14	gate	gate	NOUN
easat-6805	2	15	doi	doi	PROPN
easat-6805	2	16	:	:	PUNCT
easat-6805	2	17	10.55214/25768484.v9i5.6805	10.55214/25768484.v9i5.6805	NUM
easat-6805	2	18	©	©	PROPN
easat-6805	2	19	2025	2025	NUM
easat-6805	2	20	by	by	ADP
easat-6805	2	21	the	the	DET
easat-6805	2	22	authors	author	NOUN
easat-6805	2	23	;	;	PUNCT
easat-6805	2	24	licensee	licensee	PROPN
easat-6805	2	25	learning	learning	NOUN
easat-6805	2	26	gate	gate	NOUN
easat-6805	3	1	©	©	PROPN
easat-6805	3	2	2025	2025	NUM
easat-6805	3	3	by	by	ADP
easat-6805	3	4	the	the	DET
easat-6805	3	5	authors	author	NOUN
easat-6805	3	6	;	;	PUNCT
easat-6805	3	7	licensee	licensee	PROPN
easat-6805	3	8	learning	learning	NOUN
easat-6805	3	9	gate	gate	NOUN
easat-6805	3	10	history	history	NOUN
easat-6805	3	11	:	:	PUNCT
easat-6805	3	12	received	receive	VERB
easat-6805	3	13	:	:	PUNCT
easat-6805	3	14	17	17	NUM
easat-6805	3	15	february	february	NOUN
easat-6805	3	16	2025	2025	NUM
easat-6805	3	17	;	;	PUNCT
easat-6805	3	18	revised	revise	VERB
easat-6805	3	19	:	:	PUNCT
easat-6805	3	20	11	11	NUM
easat-6805	3	21	april	april	PROPN
easat-6805	3	22	2025	2025	NUM
easat-6805	3	23	;	;	PUNCT
easat-6805	3	24	accepted	accept	VERB
easat-6805	3	25	:	:	PUNCT
easat-6805	3	26	15	15	NUM
easat-6805	3	27	april	april	PROPN
easat-6805	3	28	2025	2025	NUM
easat-6805	3	29	;	;	PUNCT
easat-6805	3	30	published	publish	VERB
easat-6805	3	31	:	:	PUNCT
easat-6805	3	32	3	3	NUM
easat-6805	3	33	may	may	PROPN
easat-6805	3	34	2025	2025	NUM
easat-6805	3	35	*	*	PUNCT
easat-6805	3	36	correspondence	correspondence	NOUN
easat-6805	3	37	:	:	PUNCT
easat-6805	3	38	7783220032@untirta.ac.id	7783220032@untirta.ac.id	NUM
easat-6805	3	39	exploring	explore	VERB
easat-6805	3	40	the	the	DET
easat-6805	3	41	impact	impact	NOUN
easat-6805	3	42	of	of	ADP
easat-6805	3	43	profitability	profitability	NOUN
easat-6805	3	44	,	,	PUNCT
easat-6805	3	45	debt	debt	NOUN
easat-6805	3	46	covenant	covenant	NOUN
easat-6805	3	47	,	,	PUNCT
easat-6805	3	48	and	and	CCONJ
easat-6805	3	49	financial	financial	ADJ
easat-6805	3	50	flexibility	flexibility	NOUN
easat-6805	3	51	on	on	ADP
easat-6805	3	52	firm	firm	ADJ
easat-6805	3	53	value	value	NOUN
easat-6805	3	54	:	:	PUNCT
easat-6805	3	55	does	do	AUX
easat-6805	3	56	company	company	NOUN
easat-6805	3	57	growth	growth	NOUN
easat-6805	3	58	moderate	moderate	VERB
easat-6805	3	59	the	the	DET
easat-6805	3	60	relationship	relationship	NOUN
easat-6805	3	61	?	?	PUNCT
easat-6805	4	1	dessy	dessy	ADJ
easat-6805	4	2	evianti1	evianti1	PROPN
easat-6805	4	3	*	*	PROPN
easat-6805	4	4	,	,	PUNCT
easat-6805	4	5	agus	agus	PROPN
easat-6805	4	6	ismaya	ismaya	PROPN
easat-6805	4	7	hasanudin2	hasanudin2	PROPN
easat-6805	4	8	,	,	PUNCT
easat-6805	4	9	windu	windu	NOUN
easat-6805	4	10	mulyasari3	mulyasari3	PROPN
easat-6805	4	11	,	,	PUNCT
easat-6805	4	12	nurhayati	nurhayati	PROPN
easat-6805	4	13	soleha4	soleha4	PROPN
easat-6805	4	14	1,2,3,4sultan	1,2,3,4sultan	NUM
easat-6805	4	15	ageng	ageng	PROPN
easat-6805	4	16	tirtayasa	tirtayasa	PROPN
easat-6805	4	17	university	university	PROPN
easat-6805	4	18	,	,	PUNCT
easat-6805	4	19	indonesia	indonesia	PROPN
easat-6805	4	20	;	;	PUNCT
easat-6805	4	21	7783220032@untirta.ac.id	7783220032@untirta.ac.id	NUM
easat-6805	4	22	(	(	PUNCT
easat-6805	4	23	d.e	d.e	PROPN
easat-6805	4	24	.	.	PROPN
easat-6805	4	25	)	)	PUNCT
easat-6805	4	26	.	.	PUNCT
easat-6805	5	1	abstract	abstract	ADV
easat-6805	5	2	:	:	PUNCT
easat-6805	5	3	this	this	DET
easat-6805	5	4	study	study	NOUN
easat-6805	5	5	examines	examine	VERB
easat-6805	5	6	the	the	DET
easat-6805	5	7	impact	impact	NOUN
easat-6805	5	8	of	of	ADP
easat-6805	5	9	profitability	profitability	NOUN
easat-6805	5	10	,	,	PUNCT
easat-6805	5	11	debt	debt	NOUN
easat-6805	5	12	covenants	covenant	NOUN
easat-6805	5	13	,	,	PUNCT
easat-6805	5	14	and	and	CCONJ
easat-6805	5	15	financial	financial	ADJ
easat-6805	5	16	flexibility	flexibility	NOUN
easat-6805	5	17	on	on	ADP
easat-6805	5	18	firm	firm	ADJ
easat-6805	5	19	value	value	NOUN
easat-6805	5	20	,	,	PUNCT
easat-6805	5	21	with	with	ADP
easat-6805	5	22	a	a	DET
easat-6805	5	23	specific	specific	ADJ
easat-6805	5	24	focus	focus	NOUN
easat-6805	5	25	on	on	ADP
easat-6805	5	26	the	the	DET
easat-6805	5	27	moderating	moderate	VERB
easat-6805	5	28	role	role	NOUN
easat-6805	5	29	of	of	ADP
easat-6805	5	30	company	company	NOUN
easat-6805	5	31	growth	growth	NOUN
easat-6805	5	32	.	.	PUNCT
easat-6805	6	1	using	use	VERB
easat-6805	6	2	panel	panel	NOUN
easat-6805	6	3	data	datum	NOUN
easat-6805	6	4	regression	regression	NOUN
easat-6805	6	5	analysis	analysis	NOUN
easat-6805	6	6	,	,	PUNCT
easat-6805	6	7	this	this	DET
easat-6805	6	8	research	research	NOUN
easat-6805	6	9	analyzes	analyze	VERB
easat-6805	6	10	financial	financial	ADJ
easat-6805	6	11	data	datum	NOUN
easat-6805	6	12	from	from	ADP
easat-6805	6	13	ten	ten	NUM
easat-6805	6	14	of	of	ADP
easat-6805	6	15	the	the	DET
easat-6805	6	16	largest	large	ADJ
easat-6805	6	17	state	state	NOUN
easat-6805	6	18	-	-	PUNCT
easat-6805	6	19	owned	own	VERB
easat-6805	6	20	enterprises	enterprise	NOUN
easat-6805	6	21	(	(	PUNCT
easat-6805	6	22	soes	soe	NOUN
easat-6805	6	23	)	)	PUNCT
easat-6805	6	24	in	in	ADP
easat-6805	6	25	indonesia	indonesia	PROPN
easat-6805	6	26	from	from	ADP
easat-6805	6	27	2019	2019	NUM
easat-6805	6	28	to	to	ADP
easat-6805	6	29	2024	2024	NUM
easat-6805	6	30	.	.	PUNCT
easat-6805	7	1	the	the	DET
easat-6805	7	2	findings	finding	NOUN
easat-6805	7	3	reveal	reveal	VERB
easat-6805	7	4	that	that	SCONJ
easat-6805	7	5	profitability	profitability	NOUN
easat-6805	7	6	positively	positively	ADV
easat-6805	7	7	influences	influence	VERB
easat-6805	7	8	firm	firm	ADJ
easat-6805	7	9	value	value	NOUN
easat-6805	7	10	(	(	PUNCT
easat-6805	7	11	β1=0.184	β1=0.184	NOUN
easat-6805	7	12	,	,	PUNCT
easat-6805	7	13	p<0.01	p<0.01	PROPN
easat-6805	7	14	)	)	PUNCT
easat-6805	7	15	,	,	PUNCT
easat-6805	7	16	while	while	SCONJ
easat-6805	7	17	debt	debt	NOUN
easat-6805	7	18	covenants	covenant	NOUN
easat-6805	7	19	exert	exert	VERB
easat-6805	7	20	a	a	DET
easat-6805	7	21	negative	negative	ADJ
easat-6805	7	22	impact	impact	NOUN
easat-6805	7	23	(	(	PUNCT
easat-6805	7	24	β2=−0.145	β2=−0.145	NOUN
easat-6805	7	25	,	,	PUNCT
easat-6805	7	26	p<0.05	p<0.05	NOUN
easat-6805	7	27	)	)	PUNCT
easat-6805	7	28	,	,	PUNCT
easat-6805	7	29	suggesting	suggest	VERB
easat-6805	7	30	that	that	SCONJ
easat-6805	7	31	excessive	excessive	ADJ
easat-6805	7	32	financial	financial	ADJ
easat-6805	7	33	constraints	constraint	NOUN
easat-6805	7	34	limit	limit	VERB
easat-6805	7	35	corporate	corporate	ADJ
easat-6805	7	36	growth	growth	NOUN
easat-6805	7	37	potential	potential	NOUN
easat-6805	7	38	.	.	PUNCT
easat-6805	8	1	additionally	additionally	ADV
easat-6805	8	2	,	,	PUNCT
easat-6805	8	3	financial	financial	ADJ
easat-6805	8	4	flexibility	flexibility	NOUN
easat-6805	8	5	enhances	enhance	VERB
easat-6805	8	6	firm	firm	ADJ
easat-6805	8	7	value	value	NOUN
easat-6805	8	8	(	(	PUNCT
easat-6805	8	9	β3=0.201	β3=0.201	NOUN
easat-6805	8	10	,	,	PUNCT
easat-6805	8	11	p<0.01	p<0.01	PROPN
easat-6805	8	12	)	)	PUNCT
easat-6805	8	13	,	,	PUNCT
easat-6805	8	14	highlighting	highlight	VERB
easat-6805	8	15	the	the	DET
easat-6805	8	16	importance	importance	NOUN
easat-6805	8	17	of	of	ADP
easat-6805	8	18	liquidity	liquidity	NOUN
easat-6805	8	19	reserves	reserve	NOUN
easat-6805	8	20	in	in	ADP
easat-6805	8	21	maintaining	maintain	VERB
easat-6805	8	22	market	market	NOUN
easat-6805	8	23	confidence	confidence	NOUN
easat-6805	8	24	.	.	PUNCT
easat-6805	9	1	furthermore	furthermore	ADV
easat-6805	9	2	,	,	PUNCT
easat-6805	9	3	company	company	NOUN
easat-6805	9	4	growth	growth	NOUN
easat-6805	9	5	(	(	PUNCT
easat-6805	9	6	β4=0.172	β4=0.172	NOUN
easat-6805	9	7	,	,	PUNCT
easat-6805	9	8	p<0.05	p<0.05	NOUN
easat-6805	9	9	)	)	PUNCT
easat-6805	9	10	has	have	VERB
easat-6805	9	11	a	a	DET
easat-6805	9	12	direct	direct	ADJ
easat-6805	9	13	positive	positive	ADJ
easat-6805	9	14	effect	effect	NOUN
easat-6805	9	15	on	on	ADP
easat-6805	9	16	firm	firm	ADJ
easat-6805	9	17	value	value	NOUN
easat-6805	9	18	,	,	PUNCT
easat-6805	9	19	indicating	indicate	VERB
easat-6805	9	20	that	that	SCONJ
easat-6805	9	21	firms	firm	NOUN
easat-6805	9	22	with	with	ADP
easat-6805	9	23	higher	high	ADJ
easat-6805	9	24	growth	growth	NOUN
easat-6805	9	25	rates	rate	NOUN
easat-6805	9	26	tend	tend	VERB
easat-6805	9	27	to	to	PART
easat-6805	9	28	be	be	AUX
easat-6805	9	29	valued	value	VERB
easat-6805	9	30	more	more	ADV
easat-6805	9	31	favorably	favorably	ADV
easat-6805	9	32	.	.	PUNCT
easat-6805	10	1	the	the	DET
easat-6805	10	2	study	study	NOUN
easat-6805	10	3	also	also	ADV
easat-6805	10	4	finds	find	VERB
easat-6805	10	5	that	that	SCONJ
easat-6805	10	6	company	company	NOUN
easat-6805	10	7	growth	growth	NOUN
easat-6805	10	8	moderates	moderate	VERB
easat-6805	10	9	these	these	DET
easat-6805	10	10	relationships	relationship	NOUN
easat-6805	10	11	.	.	PUNCT
easat-6805	11	1	specifically	specifically	ADV
easat-6805	11	2	,	,	PUNCT
easat-6805	11	3	higher	high	ADJ
easat-6805	11	4	growth	growth	NOUN
easat-6805	11	5	strengthens	strengthen	VERB
easat-6805	11	6	the	the	DET
easat-6805	11	7	positive	positive	ADJ
easat-6805	11	8	effect	effect	NOUN
easat-6805	11	9	of	of	ADP
easat-6805	11	10	profitability	profitability	NOUN
easat-6805	11	11	on	on	ADP
easat-6805	11	12	firm	firm	ADJ
easat-6805	11	13	value	value	NOUN
easat-6805	11	14	(	(	PUNCT
easat-6805	11	15	β5=0.064	β5=0.064	NOUN
easat-6805	11	16	,	,	PUNCT
easat-6805	11	17	p<0.05	p<0.05	NOUN
easat-6805	11	18	)	)	PUNCT
easat-6805	11	19	,	,	PUNCT
easat-6805	11	20	while	while	SCONJ
easat-6805	11	21	it	it	PRON
easat-6805	11	22	amplifies	amplify	VERB
easat-6805	11	23	the	the	DET
easat-6805	11	24	negative	negative	ADJ
easat-6805	11	25	impact	impact	NOUN
easat-6805	11	26	of	of	ADP
easat-6805	11	27	debt	debt	NOUN
easat-6805	11	28	covenants	covenant	NOUN
easat-6805	11	29	(	(	PUNCT
easat-6805	11	30	β6=−0.087	β6=−0.087	ADJ
easat-6805	11	31	,	,	PUNCT
easat-6805	11	32	p<0.05	p<0.05	NOUN
easat-6805	11	33	)	)	PUNCT
easat-6805	11	34	.	.	PUNCT
easat-6805	12	1	financial	financial	ADJ
easat-6805	12	2	flexibility	flexibility	NOUN
easat-6805	12	3	plays	play	VERB
easat-6805	12	4	a	a	DET
easat-6805	12	5	crucial	crucial	ADJ
easat-6805	12	6	role	role	NOUN
easat-6805	12	7	in	in	ADP
easat-6805	12	8	highgrowth	highgrowth	PROPN
easat-6805	12	9	firms	firm	NOUN
easat-6805	12	10	(	(	PUNCT
easat-6805	12	11	β7=0.103	β7=0.103	NOUN
easat-6805	12	12	,	,	PUNCT
easat-6805	12	13	p<0.01	p<0.01	PROPN
easat-6805	12	14	)	)	PUNCT
easat-6805	12	15	,	,	PUNCT
easat-6805	12	16	enabling	enable	VERB
easat-6805	12	17	them	they	PRON
easat-6805	12	18	to	to	PART
easat-6805	12	19	seize	seize	VERB
easat-6805	12	20	expansion	expansion	NOUN
easat-6805	12	21	opportunities	opportunity	NOUN
easat-6805	12	22	while	while	SCONJ
easat-6805	12	23	mitigating	mitigate	VERB
easat-6805	12	24	financial	financial	ADJ
easat-6805	12	25	distress	distress	NOUN
easat-6805	12	26	risks	risk	NOUN
easat-6805	12	27	.	.	PUNCT
easat-6805	13	1	these	these	DET
easat-6805	13	2	results	result	NOUN
easat-6805	13	3	provide	provide	VERB
easat-6805	13	4	valuable	valuable	ADJ
easat-6805	13	5	insights	insight	NOUN
easat-6805	13	6	for	for	ADP
easat-6805	13	7	policymakers	policymaker	NOUN
easat-6805	13	8	,	,	PUNCT
easat-6805	13	9	corporate	corporate	ADJ
easat-6805	13	10	managers	manager	NOUN
easat-6805	13	11	,	,	PUNCT
easat-6805	13	12	and	and	CCONJ
easat-6805	13	13	investors	investor	NOUN
easat-6805	13	14	,	,	PUNCT
easat-6805	13	15	emphasizing	emphasize	VERB
easat-6805	13	16	the	the	DET
easat-6805	13	17	need	need	NOUN
easat-6805	13	18	for	for	ADP
easat-6805	13	19	optimal	optimal	ADJ
easat-6805	13	20	debt	debt	NOUN
easat-6805	13	21	management	management	NOUN
easat-6805	13	22	,	,	PUNCT
easat-6805	13	23	enhanced	enhance	VERB
easat-6805	13	24	profitability	profitability	NOUN
easat-6805	13	25	strategies	strategy	NOUN
easat-6805	13	26	,	,	PUNCT
easat-6805	13	27	and	and	CCONJ
easat-6805	13	28	financial	financial	ADJ
easat-6805	13	29	flexibility	flexibility	NOUN
easat-6805	13	30	in	in	ADP
easat-6805	13	31	driving	drive	VERB
easat-6805	13	32	firm	firm	ADJ
easat-6805	13	33	value	value	NOUN
easat-6805	13	34	.	.	PUNCT
easat-6805	14	1	future	future	ADJ
easat-6805	14	2	research	research	NOUN
easat-6805	14	3	should	should	AUX
easat-6805	14	4	incorporate	incorporate	VERB
easat-6805	14	5	broader	broad	ADJ
easat-6805	14	6	industry	industry	NOUN
easat-6805	14	7	comparisons	comparison	NOUN
easat-6805	14	8	and	and	CCONJ
easat-6805	14	9	macroeconomic	macroeconomic	ADJ
easat-6805	14	10	variables	variable	NOUN
easat-6805	14	11	to	to	PART
easat-6805	14	12	further	far	ADV
easat-6805	14	13	refine	refine	VERB
easat-6805	14	14	these	these	DET
easat-6805	14	15	findings	finding	NOUN
easat-6805	14	16	.	.	PUNCT
easat-6805	15	1	keywords	keyword	NOUN
easat-6805	15	2	:	:	PUNCT
easat-6805	15	3	profitability	profitability	NOUN
easat-6805	15	4	,	,	PUNCT
easat-6805	15	5	debt	debt	NOUN
easat-6805	15	6	covenants	covenant	NOUN
easat-6805	15	7	,	,	PUNCT
easat-6805	15	8	financial	financial	ADJ
easat-6805	15	9	flexibility	flexibility	NOUN
easat-6805	15	10	,	,	PUNCT
easat-6805	15	11	firm	firm	ADJ
easat-6805	15	12	value	value	NOUN
easat-6805	15	13	,	,	PUNCT
easat-6805	15	14	company	company	NOUN
easat-6805	15	15	growth	growth	NOUN
easat-6805	15	16	.	.	PUNCT
easat-6805	16	1	1	1	X
easat-6805	16	2	.	.	X
easat-6805	16	3	introduction	introduction	NOUN
easat-6805	16	4	a	a	DET
easat-6805	16	5	sizeable	sizeable	ADJ
easat-6805	16	6	section	section	NOUN
easat-6805	16	7	of	of	ADP
easat-6805	16	8	the	the	DET
easat-6805	16	9	world	world	NOUN
easat-6805	16	10	's	's	PART
easat-6805	16	11	population	population	NOUN
easat-6805	16	12	relies	rely	VERB
easat-6805	16	13	on	on	ADP
easat-6805	16	14	rice	rice	NOUN
easat-6805	16	15	as	as	ADP
easat-6805	16	16	their	their	PRON
easat-6805	16	17	primary	primary	ADJ
easat-6805	16	18	source	source	NOUN
easat-6805	16	19	of	of	ADP
easat-6805	16	20	food	food	NOUN
easat-6805	16	21	consumption	consumption	NOUN
easat-6805	16	22	,	,	PUNCT
easat-6805	16	23	making	make	VERB
easat-6805	16	24	rice	rice	NOUN
easat-6805	16	25	production	production	NOUN
easat-6805	16	26	an	an	DET
easat-6805	16	27	essential	essential	ADJ
easat-6805	16	28	component	component	NOUN
easat-6805	16	29	of	of	ADP
easat-6805	16	30	global	global	ADJ
easat-6805	16	31	food	food	NOUN
easat-6805	16	32	security	security	NOUN
easat-6805	16	33	[	[	X
easat-6805	16	34	1	1	NUM
easat-6805	16	35	,	,	PUNCT
easat-6805	16	36	2	2	NUM
easat-6805	16	37	]	]	PUNCT
easat-6805	16	38	.	.	PUNCT
easat-6805	17	1	as	as	SCONJ
easat-6805	17	2	presented	present	VERB
easat-6805	17	3	in	in	ADP
easat-6805	17	4	figure	figure	NOUN
easat-6805	17	5	1	1	NUM
easat-6805	17	6	,	,	PUNCT
easat-6805	17	7	worldwide	worldwide	ADV
easat-6805	17	8	rice	rice	NOUN
easat-6805	17	9	consumption	consumption	NOUN
easat-6805	17	10	hit	hit	VERB
easat-6805	17	11	520.4	520.4	NUM
easat-6805	17	12	million	million	NUM
easat-6805	17	13	metric	metric	ADJ
easat-6805	17	14	tons	ton	NOUN
easat-6805	17	15	in	in	ADP
easat-6805	17	16	2023	2023	NUM
easat-6805	17	17	highlighting	highlight	VERB
easat-6805	17	18	the	the	DET
easat-6805	17	19	significance	significance	NOUN
easat-6805	17	20	of	of	ADP
easat-6805	17	21	sustainable	sustainable	ADJ
easat-6805	17	22	production	production	NOUN
easat-6805	17	23	methods	method	NOUN
easat-6805	17	24	[	[	X
easat-6805	17	25	3	3	NUM
easat-6805	17	26	,	,	PUNCT
easat-6805	17	27	4	4	NUM
easat-6805	17	28	]	]	PUNCT
easat-6805	17	29	.	.	PUNCT
easat-6805	18	1	despite	despite	SCONJ
easat-6805	18	2	production	production	NOUN
easat-6805	18	3	levels	level	NOUN
easat-6805	18	4	exceeding	exceed	VERB
easat-6805	18	5	consumption	consumption	NOUN
easat-6805	18	6	,	,	PUNCT
easat-6805	18	7	with	with	ADP
easat-6805	18	8	780	780	NUM
easat-6805	18	9	million	million	NUM
easat-6805	18	10	tons	ton	NOUN
easat-6805	18	11	recorded	record	VERB
easat-6805	18	12	in	in	ADP
easat-6805	18	13	2023	2023	NUM
easat-6805	18	14	,	,	PUNCT
easat-6805	18	15	the	the	DET
easat-6805	18	16	growth	growth	NOUN
easat-6805	18	17	in	in	ADP
easat-6805	18	18	output	output	NOUN
easat-6805	18	19	has	have	AUX
easat-6805	18	20	plateaued	plateaue	VERB
easat-6805	18	21	,	,	PUNCT
easat-6805	18	22	while	while	SCONJ
easat-6805	18	23	demand	demand	NOUN
easat-6805	18	24	continues	continue	VERB
easat-6805	18	25	to	to	PART
easat-6805	18	26	rise	rise	VERB
easat-6805	18	27	[	[	X
easat-6805	18	28	5	5	NUM
easat-6805	18	29	,	,	PUNCT
easat-6805	18	30	6	6	NUM
easat-6805	18	31	]	]	PUNCT
easat-6805	18	32	.	.	PUNCT
easat-6805	19	1	the	the	DET
easat-6805	19	2	increasing	increase	VERB
easat-6805	19	3	disparity	disparity	NOUN
easat-6805	19	4	underscores	underscore	VERB
easat-6805	19	5	the	the	DET
easat-6805	19	6	necessity	necessity	NOUN
easat-6805	19	7	for	for	ADP
easat-6805	19	8	innovative	innovative	ADJ
easat-6805	19	9	strategies	strategy	NOUN
easat-6805	19	10	to	to	PART
easat-6805	19	11	enhance	enhance	VERB
easat-6805	19	12	production	production	NOUN
easat-6805	19	13	,	,	PUNCT
easat-6805	19	14	especially	especially	ADV
easat-6805	19	15	in	in	ADP
easat-6805	19	16	significant	significant	ADJ
easat-6805	19	17	rice	rice	NOUN
easat-6805	19	18	-	-	PUNCT
easat-6805	19	19	producing	produce	VERB
easat-6805	19	20	areas	area	NOUN
easat-6805	19	21	such	such	ADJ
easat-6805	19	22	as	as	ADP
easat-6805	19	23	indonesia	indonesia	PROPN
easat-6805	19	24	.	.	PUNCT
easat-6805	20	1	firm	firm	ADJ
easat-6805	20	2	value	value	NOUN
easat-6805	20	3	is	be	AUX
easat-6805	20	4	a	a	DET
easat-6805	20	5	key	key	ADJ
easat-6805	20	6	metric	metric	NOUN
easat-6805	20	7	that	that	PRON
easat-6805	20	8	reflects	reflect	VERB
easat-6805	20	9	a	a	DET
easat-6805	20	10	company	company	NOUN
easat-6805	20	11	’s	’s	PART
easat-6805	20	12	financial	financial	ADJ
easat-6805	20	13	health	health	NOUN
easat-6805	20	14	,	,	PUNCT
easat-6805	20	15	market	market	NOUN
easat-6805	20	16	confidence	confidence	NOUN
easat-6805	20	17	,	,	PUNCT
easat-6805	20	18	and	and	CCONJ
easat-6805	20	19	longterm	longterm	VERB
easat-6805	20	20	sustainability	sustainability	NOUN
easat-6805	20	21	.	.	PUNCT
easat-6805	21	1	in	in	ADP
easat-6805	21	2	emerging	emerge	VERB
easat-6805	21	3	economies	economy	NOUN
easat-6805	21	4	like	like	ADP
easat-6805	21	5	indonesia	indonesia	PROPN
easat-6805	21	6	,	,	PUNCT
easat-6805	21	7	state	state	NOUN
easat-6805	21	8	-	-	PUNCT
easat-6805	21	9	owned	own	VERB
easat-6805	21	10	enterprises	enterprise	NOUN
easat-6805	21	11	(	(	PUNCT
easat-6805	21	12	bumn	bumn	NOUN
easat-6805	21	13	)	)	PUNCT
easat-6805	21	14	play	play	VERB
easat-6805	21	15	a	a	DET
easat-6805	21	16	crucial	crucial	ADJ
easat-6805	21	17	role	role	NOUN
easat-6805	21	18	in	in	ADP
easat-6805	21	19	driving	drive	VERB
easat-6805	21	20	economic	economic	ADJ
easat-6805	21	21	growth	growth	NOUN
easat-6805	21	22	.	.	PUNCT
easat-6805	22	1	however	however	ADV
easat-6805	22	2	,	,	PUNCT
easat-6805	22	3	volatile	volatile	ADJ
easat-6805	22	4	financial	financial	ADJ
easat-6805	22	5	conditions	condition	NOUN
easat-6805	22	6	,	,	PUNCT
easat-6805	22	7	debt	debt	NOUN
easat-6805	22	8	constraints	constraint	NOUN
easat-6805	22	9	,	,	PUNCT
easat-6805	22	10	and	and	CCONJ
easat-6805	22	11	growth	growth	NOUN
easat-6805	22	12	pressures	pressure	NOUN
easat-6805	22	13	present	present	VERB
easat-6805	22	14	significant	significant	ADJ
easat-6805	22	15	challenges	challenge	NOUN
easat-6805	22	16	for	for	ADP
easat-6805	22	17	these	these	DET
easat-6805	22	18	firms	firm	NOUN
easat-6805	22	19	.	.	PUNCT
easat-6805	23	1	the	the	DET
easat-6805	23	2	ability	ability	NOUN
easat-6805	23	3	of	of	ADP
easat-6805	23	4	bumn	bumn	NOUN
easat-6805	23	5	to	to	PART
easat-6805	23	6	sustain	sustain	VERB
easat-6805	23	7	firm	firm	ADJ
easat-6805	23	8	value	value	NOUN
easat-6805	23	9	depends	depend	VERB
easat-6805	23	10	on	on	ADP
easat-6805	23	11	multiple	multiple	ADJ
easat-6805	23	12	financial	financial	ADJ
easat-6805	23	13	factors	factor	NOUN
easat-6805	23	14	,	,	PUNCT
easat-6805	23	15	including	include	VERB
easat-6805	23	16	profitability	profitability	NOUN
easat-6805	23	17	,	,	PUNCT
easat-6805	23	18	debt	debt	NOUN
easat-6805	23	19	covenants	covenant	NOUN
easat-6805	23	20	,	,	PUNCT
easat-6805	23	21	and	and	CCONJ
easat-6805	23	22	financial	financial	ADJ
easat-6805	23	23	flexibility	flexibility	NOUN
easat-6805	23	24	.	.	PUNCT
easat-6805	24	1	the	the	DET
easat-6805	24	2	firm	firm	ADJ
easat-6805	24	3	value	value	NOUN
easat-6805	24	4	of	of	ADP
easat-6805	24	5	indonesia	indonesia	PROPN
easat-6805	24	6	’s	’s	PART
easat-6805	24	7	largest	large	ADJ
easat-6805	24	8	bumn	bumn	NOUN
easat-6805	24	9	is	be	AUX
easat-6805	24	10	shaped	shape	VERB
easat-6805	24	11	by	by	ADP
easat-6805	24	12	multiple	multiple	ADJ
easat-6805	24	13	financial	financial	ADJ
easat-6805	24	14	and	and	CCONJ
easat-6805	24	15	market	market	NOUN
easat-6805	24	16	dynamics	dynamic	NOUN
easat-6805	24	17	.	.	PUNCT
easat-6805	25	1	over	over	ADP
easat-6805	25	2	the	the	DET
easat-6805	25	3	past	past	ADJ
easat-6805	25	4	five	five	NUM
easat-6805	25	5	years	year	NOUN
easat-6805	25	6	,	,	PUNCT
easat-6805	25	7	profitability	profitability	NOUN
easat-6805	25	8	levels	level	NOUN
easat-6805	25	9	have	have	AUX
easat-6805	25	10	fluctuated	fluctuate	VERB
easat-6805	25	11	between	between	ADP
easat-6805	25	12	3	3	NUM
easat-6805	25	13	%	%	NOUN
easat-6805	25	14	and	and	CCONJ
easat-6805	25	15	12	12	NUM
easat-6805	25	16	%	%	NOUN
easat-6805	25	17	,	,	PUNCT
easat-6805	25	18	influenced	influence	VERB
easat-6805	25	19	by	by	ADP
easat-6805	25	20	market	market	NOUN
easat-6805	25	21	shocks	shock	NOUN
easat-6805	25	22	,	,	PUNCT
easat-6805	25	23	regulatory	regulatory	ADJ
easat-6805	25	24	changes	change	NOUN
easat-6805	25	25	,	,	PUNCT
easat-6805	25	26	and	and	CCONJ
easat-6805	25	27	global	global	ADJ
easat-6805	25	28	economic	economic	ADJ
easat-6805	25	29	conditions	condition	NOUN
easat-6805	25	30	[	[	X
easat-6805	25	31	7	7	NUM
easat-6805	25	32	]	]	PUNCT
easat-6805	25	33	.	.	PUNCT
easat-6805	26	1	meanwhile	meanwhile	ADV
easat-6805	26	2	,	,	PUNCT
easat-6805	26	3	debt	debt	NOUN
easat-6805	26	4	covenants	covenant	NOUN
easat-6805	26	5	have	have	VERB
easat-6805	26	6	111	111	NUM
easat-6805	26	7	edelweiss	edelweiss	PROPN
easat-6805	26	8	applied	apply	VERB
easat-6805	26	9	science	science	NOUN
easat-6805	26	10	and	and	CCONJ
easat-6805	26	11	technology	technology	NOUN
easat-6805	26	12	issn	issn	PROPN
easat-6805	26	13	:	:	PUNCT
easat-6805	26	14	2576	2576	NUM
easat-6805	26	15	-	-	SYM
easat-6805	26	16	8484	8484	NUM
easat-6805	26	17	vol	vol	NOUN
easat-6805	26	18	.	.	PROPN
easat-6805	27	1	9	9	NUM
easat-6805	27	2	,	,	PUNCT
easat-6805	27	3	no	no	INTJ
easat-6805	27	4	.	.	NOUN
easat-6805	27	5	5	5	NUM
easat-6805	27	6	:	:	SYM
easat-6805	27	7	110	110	NUM
easat-6805	27	8	-	-	SYM
easat-6805	27	9	119	119	NUM
easat-6805	27	10	,	,	PUNCT
easat-6805	27	11	2025	2025	NUM
easat-6805	27	12	doi	doi	NOUN
easat-6805	27	13	:	:	PUNCT
easat-6805	27	14	10.55214/25768484.v9i5.6805	10.55214/25768484.v9i5.6805	NUM
easat-6805	27	15	©	©	PROPN
easat-6805	27	16	2025	2025	NUM
easat-6805	27	17	by	by	ADP
easat-6805	27	18	the	the	DET
easat-6805	27	19	authors	author	NOUN
easat-6805	27	20	;	;	PUNCT
easat-6805	27	21	licensee	licensee	PROPN
easat-6805	27	22	learning	learning	PROPN
easat-6805	27	23	gate	gate	NOUN
easat-6805	27	24	tightened	tighten	VERB
easat-6805	27	25	,	,	PUNCT
easat-6805	27	26	with	with	ADP
easat-6805	27	27	the	the	DET
easat-6805	27	28	average	average	ADJ
easat-6805	27	29	debt	debt	NOUN
easat-6805	27	30	-	-	PUNCT
easat-6805	27	31	to	to	ADP
easat-6805	27	32	-	-	PUNCT
easat-6805	27	33	equity	equity	NOUN
easat-6805	27	34	ratio	ratio	NOUN
easat-6805	27	35	(	(	PUNCT
easat-6805	27	36	der	der	NOUN
easat-6805	27	37	)	)	PUNCT
easat-6805	27	38	reaching	reach	VERB
easat-6805	27	39	2.1	2.1	NUM
easat-6805	27	40	in	in	ADP
easat-6805	27	41	2023	2023	NUM
easat-6805	27	42	,	,	PUNCT
easat-6805	27	43	reflecting	reflect	VERB
easat-6805	27	44	high	high	ADJ
easat-6805	27	45	dependency	dependency	NOUN
easat-6805	27	46	on	on	ADP
easat-6805	27	47	external	external	ADJ
easat-6805	27	48	financing	financing	NOUN
easat-6805	27	49	.	.	PUNCT
easat-6805	28	1	additionally	additionally	ADV
easat-6805	28	2	,	,	PUNCT
easat-6805	28	3	financial	financial	ADJ
easat-6805	28	4	flexibility	flexibility	NOUN
easat-6805	28	5	has	have	AUX
easat-6805	28	6	become	become	VERB
easat-6805	28	7	a	a	DET
easat-6805	28	8	crucial	crucial	ADJ
easat-6805	28	9	strategic	strategic	ADJ
easat-6805	28	10	factor	factor	NOUN
easat-6805	28	11	,	,	PUNCT
easat-6805	28	12	with	with	ADP
easat-6805	28	13	top	top	ADJ
easat-6805	28	14	bumn	bumn	NOUN
easat-6805	28	15	maintaining	maintain	VERB
easat-6805	28	16	between	between	ADP
easat-6805	28	17	15	15	NUM
easat-6805	28	18	%	%	NOUN
easat-6805	28	19	and	and	CCONJ
easat-6805	28	20	35	35	NUM
easat-6805	28	21	%	%	NOUN
easat-6805	28	22	of	of	ADP
easat-6805	28	23	their	their	PRON
easat-6805	28	24	total	total	ADJ
easat-6805	28	25	assets	asset	NOUN
easat-6805	28	26	in	in	ADP
easat-6805	28	27	liquid	liquid	ADJ
easat-6805	28	28	reserves	reserve	NOUN
easat-6805	28	29	to	to	PART
easat-6805	28	30	navigate	navigate	VERB
easat-6805	28	31	financial	financial	ADJ
easat-6805	28	32	uncertainties	uncertainty	NOUN
easat-6805	28	33	.	.	PUNCT
easat-6805	29	1	figure	figure	VERB
easat-6805	29	2	1	1	NUM
easat-6805	29	3	.	.	NUM
easat-6805	29	4	five	five	NUM
easat-6805	29	5	-	-	PUNCT
easat-6805	29	6	year	year	NOUN
easat-6805	29	7	trend	trend	NOUN
easat-6805	29	8	of	of	ADP
easat-6805	29	9	profitability	profitability	NOUN
easat-6805	29	10	,	,	PUNCT
easat-6805	29	11	debt	debt	NOUN
easat-6805	29	12	-	-	PUNCT
easat-6805	29	13	to	to	ADP
easat-6805	29	14	-	-	PUNCT
easat-6805	29	15	equity	equity	NOUN
easat-6805	29	16	ratio	ratio	NOUN
easat-6805	29	17	,	,	PUNCT
easat-6805	29	18	and	and	CCONJ
easat-6805	29	19	financial	financial	ADJ
easat-6805	29	20	flexibility	flexibility	NOUN
easat-6805	29	21	in	in	ADP
easat-6805	29	22	bumn	bumn	PROPN
easat-6805	29	23	.	.	PUNCT
easat-6805	30	1	figure	figure	NOUN
easat-6805	30	2	1	1	NUM
easat-6805	30	3	illustrates	illustrate	VERB
easat-6805	30	4	the	the	DET
easat-6805	30	5	fluctuations	fluctuation	NOUN
easat-6805	30	6	in	in	ADP
easat-6805	30	7	key	key	ADJ
easat-6805	30	8	financial	financial	ADJ
easat-6805	30	9	indicators	indicator	NOUN
easat-6805	30	10	affecting	affect	VERB
easat-6805	30	11	bumn	bumn	PROPN
easat-6805	30	12	firm	firm	ADJ
easat-6805	30	13	value	value	NOUN
easat-6805	30	14	.	.	PUNCT
easat-6805	31	1	the	the	DET
easat-6805	31	2	profitability	profitability	NOUN
easat-6805	31	3	trend	trend	NOUN
easat-6805	31	4	shows	show	VERB
easat-6805	31	5	cyclical	cyclical	ADJ
easat-6805	31	6	variations	variation	NOUN
easat-6805	31	7	due	due	ADP
easat-6805	31	8	to	to	ADP
easat-6805	31	9	economic	economic	ADJ
easat-6805	31	10	downturns	downturn	NOUN
easat-6805	31	11	,	,	PUNCT
easat-6805	31	12	while	while	SCONJ
easat-6805	31	13	increasing	increase	VERB
easat-6805	31	14	der	der	ADJ
easat-6805	31	15	highlights	highlight	NOUN
easat-6805	31	16	growing	grow	VERB
easat-6805	31	17	financial	financial	ADJ
easat-6805	31	18	leverage	leverage	NOUN
easat-6805	31	19	concerns	concern	NOUN
easat-6805	31	20	.	.	PUNCT
easat-6805	32	1	financial	financial	ADJ
easat-6805	32	2	flexibility	flexibility	NOUN
easat-6805	32	3	remains	remain	VERB
easat-6805	32	4	volatile	volatile	ADJ
easat-6805	32	5	,	,	PUNCT
easat-6805	32	6	reinforcing	reinforce	VERB
easat-6805	32	7	the	the	DET
easat-6805	32	8	importance	importance	NOUN
easat-6805	32	9	of	of	ADP
easat-6805	32	10	liquidity	liquidity	NOUN
easat-6805	32	11	management	management	NOUN
easat-6805	32	12	in	in	ADP
easat-6805	32	13	corporate	corporate	ADJ
easat-6805	32	14	decision	decision	NOUN
easat-6805	32	15	-	-	PUNCT
easat-6805	32	16	making	making	NOUN
easat-6805	32	17	.	.	PUNCT
easat-6805	33	1	profitability	profitability	NOUN
easat-6805	33	2	is	be	AUX
easat-6805	33	3	a	a	DET
easat-6805	33	4	key	key	ADJ
easat-6805	33	5	determinant	determinant	NOUN
easat-6805	33	6	of	of	ADP
easat-6805	33	7	firm	firm	ADJ
easat-6805	33	8	value	value	NOUN
easat-6805	33	9	as	as	SCONJ
easat-6805	33	10	it	it	PRON
easat-6805	33	11	reflects	reflect	VERB
easat-6805	33	12	a	a	DET
easat-6805	33	13	company	company	NOUN
easat-6805	33	14	’s	’s	PART
easat-6805	33	15	ability	ability	NOUN
easat-6805	33	16	to	to	PART
easat-6805	33	17	generate	generate	VERB
easat-6805	33	18	earnings	earning	NOUN
easat-6805	33	19	relative	relative	ADJ
easat-6805	33	20	to	to	ADP
easat-6805	33	21	expenses	expense	NOUN
easat-6805	33	22	.	.	PUNCT
easat-6805	34	1	according	accord	VERB
easat-6805	34	2	to	to	ADP
easat-6805	34	3	fama	fama	PROPN
easat-6805	34	4	and	and	CCONJ
easat-6805	34	5	french	french	ADJ
easat-6805	34	6	[	[	X
easat-6805	34	7	3	3	NUM
easat-6805	34	8	]	]	PUNCT
easat-6805	34	9	and	and	CCONJ
easat-6805	34	10	myers	myer	NOUN
easat-6805	34	11	[	[	X
easat-6805	34	12	8	8	NUM
easat-6805	34	13	]	]	X
easat-6805	34	14	higher	high	ADJ
easat-6805	34	15	profitability	profitability	NOUN
easat-6805	34	16	attracts	attract	VERB
easat-6805	34	17	investors	investor	NOUN
easat-6805	34	18	and	and	CCONJ
easat-6805	34	19	enhances	enhance	VERB
easat-6805	34	20	firm	firm	ADJ
easat-6805	34	21	valuation	valuation	NOUN
easat-6805	34	22	.	.	PUNCT
easat-6805	35	1	however	however	ADV
easat-6805	35	2	,	,	PUNCT
easat-6805	35	3	this	this	DET
easat-6805	35	4	relationship	relationship	NOUN
easat-6805	35	5	is	be	AUX
easat-6805	35	6	not	not	PART
easat-6805	35	7	always	always	ADV
easat-6805	35	8	linear	linear	ADJ
easat-6805	35	9	.	.	PUNCT
easat-6805	36	1	research	research	NOUN
easat-6805	36	2	by	by	ADP
easat-6805	36	3	garcía	garcía	PROPN
easat-6805	36	4	and	and	CCONJ
easat-6805	36	5	zhang	zhang	PROPN
easat-6805	37	1	[	[	X
easat-6805	37	2	4	4	X
easat-6805	37	3	]	]	PUNCT
easat-6805	37	4	suggests	suggest	VERB
easat-6805	37	5	that	that	SCONJ
easat-6805	37	6	industry	industry	NOUN
easat-6805	37	7	dynamics	dynamic	NOUN
easat-6805	37	8	and	and	CCONJ
easat-6805	37	9	market	market	NOUN
easat-6805	37	10	conditions	condition	NOUN
easat-6805	37	11	significantly	significantly	ADV
easat-6805	37	12	influence	influence	VERB
easat-6805	37	13	the	the	DET
easat-6805	37	14	impact	impact	NOUN
easat-6805	37	15	of	of	ADP
easat-6805	37	16	profitability	profitability	NOUN
easat-6805	37	17	on	on	ADP
easat-6805	37	18	firm	firm	ADJ
easat-6805	37	19	value	value	NOUN
easat-6805	37	20	.	.	PUNCT
easat-6805	38	1	furthermore	furthermore	ADV
easat-6805	38	2	,	,	PUNCT
easat-6805	38	3	in	in	ADP
easat-6805	38	4	a	a	DET
easat-6805	38	5	developing	develop	VERB
easat-6805	38	6	economy	economy	NOUN
easat-6805	38	7	like	like	ADP
easat-6805	38	8	indonesia	indonesia	PROPN
easat-6805	38	9	,	,	PUNCT
easat-6805	38	10	where	where	SCONJ
easat-6805	38	11	state	state	NOUN
easat-6805	38	12	-	-	PUNCT
easat-6805	38	13	owned	own	VERB
easat-6805	38	14	enterprises	enterprise	NOUN
easat-6805	38	15	are	be	AUX
easat-6805	38	16	subject	subject	ADJ
easat-6805	38	17	to	to	ADP
easat-6805	38	18	government	government	NOUN
easat-6805	38	19	regulations	regulation	NOUN
easat-6805	38	20	and	and	CCONJ
easat-6805	38	21	political	political	ADJ
easat-6805	38	22	interventions	intervention	NOUN
easat-6805	38	23	,	,	PUNCT
easat-6805	38	24	the	the	DET
easat-6805	38	25	impact	impact	NOUN
easat-6805	38	26	of	of	ADP
easat-6805	38	27	profitability	profitability	NOUN
easat-6805	38	28	may	may	AUX
easat-6805	38	29	be	be	AUX
easat-6805	38	30	moderated	moderate	VERB
easat-6805	38	31	by	by	ADP
easat-6805	38	32	growth	growth	NOUN
easat-6805	38	33	-	-	PUNCT
easat-6805	38	34	oriented	orient	VERB
easat-6805	38	35	policies	policy	NOUN
easat-6805	38	36	.	.	PUNCT
easat-6805	39	1	high	high	ADJ
easat-6805	39	2	-	-	PUNCT
easat-6805	39	3	growth	growth	NOUN
easat-6805	39	4	firms	firm	NOUN
easat-6805	39	5	may	may	AUX
easat-6805	39	6	utilize	utilize	VERB
easat-6805	39	7	profitability	profitability	NOUN
easat-6805	39	8	differently	differently	ADV
easat-6805	39	9	compared	compare	VERB
easat-6805	39	10	to	to	ADP
easat-6805	39	11	lowgrowth	lowgrowth	NOUN
easat-6805	39	12	firms	firm	NOUN
easat-6805	39	13	,	,	PUNCT
easat-6805	39	14	leading	lead	VERB
easat-6805	39	15	to	to	ADP
easat-6805	39	16	variations	variation	NOUN
easat-6805	39	17	in	in	ADP
easat-6805	39	18	how	how	SCONJ
easat-6805	39	19	firm	firm	ADJ
easat-6805	39	20	value	value	NOUN
easat-6805	39	21	is	be	AUX
easat-6805	39	22	affected	affect	VERB
easat-6805	39	23	.	.	PUNCT
easat-6805	40	1	debt	debt	NOUN
easat-6805	40	2	covenants	covenant	NOUN
easat-6805	40	3	refer	refer	VERB
easat-6805	40	4	to	to	ADP
easat-6805	40	5	financial	financial	ADJ
easat-6805	40	6	constraints	constraint	NOUN
easat-6805	40	7	imposed	impose	VERB
easat-6805	40	8	by	by	ADP
easat-6805	40	9	lenders	lender	NOUN
easat-6805	40	10	to	to	PART
easat-6805	40	11	protect	protect	VERB
easat-6805	40	12	their	their	PRON
easat-6805	40	13	investments	investment	NOUN
easat-6805	40	14	.	.	PUNCT
easat-6805	41	1	while	while	SCONJ
easat-6805	41	2	they	they	PRON
easat-6805	41	3	serve	serve	VERB
easat-6805	41	4	to	to	PART
easat-6805	41	5	reduce	reduce	VERB
easat-6805	41	6	financial	financial	ADJ
easat-6805	41	7	risks	risk	NOUN
easat-6805	41	8	,	,	PUNCT
easat-6805	41	9	they	they	PRON
easat-6805	41	10	also	also	ADV
easat-6805	41	11	limit	limit	VERB
easat-6805	41	12	managerial	managerial	ADJ
easat-6805	41	13	flexibility	flexibility	NOUN
easat-6805	41	14	.	.	PUNCT
easat-6805	42	1	the	the	DET
easat-6805	42	2	agency	agency	NOUN
easat-6805	42	3	cost	cost	NOUN
easat-6805	42	4	theory	theory	NOUN
easat-6805	42	5	,	,	PUNCT
easat-6805	42	6	introduced	introduce	VERB
easat-6805	42	7	by	by	ADP
easat-6805	42	8	jensen	jensen	PROPN
easat-6805	42	9	and	and	CCONJ
easat-6805	42	10	meckling	meckle	VERB
easat-6805	42	11	[	[	X
easat-6805	42	12	5	5	NUM
easat-6805	42	13	]	]	PUNCT
easat-6805	42	14	highlights	highlight	NOUN
easat-6805	42	15	how	how	SCONJ
easat-6805	42	16	restrictive	restrictive	ADJ
easat-6805	42	17	debt	debt	NOUN
easat-6805	42	18	covenants	covenant	NOUN
easat-6805	42	19	may	may	AUX
easat-6805	42	20	prevent	prevent	VERB
easat-6805	42	21	firms	firm	NOUN
easat-6805	42	22	from	from	ADP
easat-6805	42	23	engaging	engage	VERB
easat-6805	42	24	in	in	ADP
easat-6805	42	25	high	high	ADJ
easat-6805	42	26	-	-	PUNCT
easat-6805	42	27	risk	risk	NOUN
easat-6805	42	28	,	,	PUNCT
easat-6805	42	29	high	high	ADJ
easat-6805	42	30	-	-	PUNCT
easat-6805	42	31	reward	reward	NOUN
easat-6805	42	32	investments	investment	NOUN
easat-6805	42	33	.	.	PUNCT
easat-6805	43	1	a	a	DET
easat-6805	43	2	recent	recent	ADJ
easat-6805	43	3	study	study	NOUN
easat-6805	43	4	by	by	ADP
easat-6805	43	5	kim	kim	PROPN
easat-6805	43	6	,	,	PUNCT
easat-6805	43	7	et	et	PROPN
easat-6805	43	8	al	al	PROPN
easat-6805	43	9	.	.	PUNCT
easat-6805	44	1	[	[	X
easat-6805	44	2	6	6	NUM
easat-6805	44	3	]	]	PUNCT
easat-6805	44	4	found	find	VERB
easat-6805	44	5	that	that	SCONJ
easat-6805	44	6	although	although	SCONJ
easat-6805	44	7	debt	debt	NOUN
easat-6805	44	8	covenants	covenant	NOUN
easat-6805	44	9	are	be	AUX
easat-6805	44	10	essential	essential	ADJ
easat-6805	44	11	for	for	ADP
easat-6805	44	12	financial	financial	ADJ
easat-6805	44	13	discipline	discipline	NOUN
easat-6805	44	14	,	,	PUNCT
easat-6805	44	15	they	they	PRON
easat-6805	44	16	can	can	AUX
easat-6805	44	17	hinder	hinder	VERB
easat-6805	44	18	firms	firm	NOUN
easat-6805	44	19	from	from	ADP
easat-6805	44	20	executing	execute	VERB
easat-6805	44	21	strategic	strategic	ADJ
easat-6805	44	22	expansion	expansion	NOUN
easat-6805	44	23	plans	plan	NOUN
easat-6805	44	24	,	,	PUNCT
easat-6805	44	25	thus	thus	ADV
easat-6805	44	26	negatively	negatively	ADV
easat-6805	44	27	impacting	impact	VERB
easat-6805	44	28	firm	firm	ADJ
easat-6805	44	29	value	value	NOUN
easat-6805	44	30	.	.	PUNCT
easat-6805	45	1	in	in	ADP
easat-6805	45	2	indonesia	indonesia	PROPN
easat-6805	45	3	’s	’s	PART
easat-6805	45	4	bumn	bumn	PROPN
easat-6805	45	5	sector	sector	NOUN
easat-6805	45	6	,	,	PUNCT
easat-6805	45	7	where	where	SCONJ
easat-6805	45	8	debt	debt	NOUN
easat-6805	45	9	financing	financing	NOUN
easat-6805	45	10	plays	play	VERB
easat-6805	45	11	a	a	DET
easat-6805	45	12	crucial	crucial	ADJ
easat-6805	45	13	role	role	NOUN
easat-6805	45	14	in	in	ADP
easat-6805	45	15	corporate	corporate	ADJ
easat-6805	45	16	operations	operation	NOUN
easat-6805	45	17	,	,	PUNCT
easat-6805	45	18	the	the	DET
easat-6805	45	19	extent	extent	NOUN
easat-6805	45	20	to	to	PART
easat-6805	45	21	which	which	PRON
easat-6805	45	22	debt	debt	NOUN
easat-6805	45	23	covenants	covenant	NOUN
easat-6805	45	24	restrict	restrict	VERB
easat-6805	45	25	investment	investment	NOUN
easat-6805	45	26	decisions	decision	NOUN
easat-6805	45	27	remains	remain	VERB
easat-6805	45	28	underexplored	underexplored	ADJ
easat-6805	45	29	.	.	PUNCT
easat-6805	46	1	112	112	NUM
easat-6805	46	2	edelweiss	edelweiss	PROPN
easat-6805	46	3	applied	apply	VERB
easat-6805	46	4	science	science	NOUN
easat-6805	46	5	and	and	CCONJ
easat-6805	46	6	technology	technology	NOUN
easat-6805	46	7	issn	issn	PROPN
easat-6805	46	8	:	:	PUNCT
easat-6805	46	9	2576	2576	NUM
easat-6805	46	10	-	-	SYM
easat-6805	46	11	8484	8484	NUM
easat-6805	46	12	vol	vol	NOUN
easat-6805	46	13	.	.	PROPN
easat-6805	47	1	9	9	NUM
easat-6805	47	2	,	,	PUNCT
easat-6805	47	3	no	no	INTJ
easat-6805	47	4	.	.	NOUN
easat-6805	47	5	5	5	NUM
easat-6805	47	6	:	:	SYM
easat-6805	47	7	110	110	NUM
easat-6805	47	8	-	-	SYM
easat-6805	47	9	119	119	NUM
easat-6805	47	10	,	,	PUNCT
easat-6805	47	11	2025	2025	NUM
easat-6805	47	12	doi	doi	NOUN
easat-6805	47	13	:	:	PUNCT
easat-6805	47	14	10.55214/25768484.v9i5.6805	10.55214/25768484.v9i5.6805	NUM
easat-6805	47	15	©	©	PROPN
easat-6805	47	16	2025	2025	NUM
easat-6805	47	17	by	by	ADP
easat-6805	47	18	the	the	DET
easat-6805	47	19	authors	author	NOUN
easat-6805	47	20	;	;	PUNCT
easat-6805	47	21	licensee	licensee	PROPN
easat-6805	47	22	learning	learn	VERB
easat-6805	47	23	gate	gate	NOUN
easat-6805	47	24	figure	figure	NOUN
easat-6805	47	25	2	2	NUM
easat-6805	47	26	.	.	PUNCT
easat-6805	48	1	the	the	DET
easat-6805	48	2	relationship	relationship	NOUN
easat-6805	48	3	between	between	ADP
easat-6805	48	4	debt	debt	NOUN
easat-6805	48	5	covenants	covenant	NOUN
easat-6805	48	6	and	and	CCONJ
easat-6805	48	7	firm	firm	ADJ
easat-6805	48	8	growth	growth	NOUN
easat-6805	48	9	.	.	PUNCT
easat-6805	49	1	figure	figure	NOUN
easat-6805	49	2	2	2	NUM
easat-6805	49	3	highlights	highlight	NOUN
easat-6805	49	4	that	that	PRON
easat-6805	49	5	while	while	SCONJ
easat-6805	49	6	firms	firm	NOUN
easat-6805	49	7	with	with	ADP
easat-6805	49	8	lower	low	ADJ
easat-6805	49	9	debt	debt	NOUN
easat-6805	49	10	constraints	constraint	NOUN
easat-6805	49	11	experience	experience	VERB
easat-6805	49	12	higher	high	ADJ
easat-6805	49	13	firm	firm	ADJ
easat-6805	49	14	value	value	NOUN
easat-6805	49	15	growth	growth	NOUN
easat-6805	49	16	,	,	PUNCT
easat-6805	49	17	companies	company	NOUN
easat-6805	49	18	with	with	ADP
easat-6805	49	19	tight	tight	ADJ
easat-6805	49	20	debt	debt	NOUN
easat-6805	49	21	covenants	covenant	NOUN
easat-6805	49	22	exhibit	exhibit	VERB
easat-6805	49	23	limited	limited	ADJ
easat-6805	49	24	expansion	expansion	NOUN
easat-6805	49	25	potential	potential	NOUN
easat-6805	49	26	due	due	ADP
easat-6805	49	27	to	to	ADP
easat-6805	49	28	financial	financial	ADJ
easat-6805	49	29	restrictions	restriction	NOUN
easat-6805	49	30	.	.	PUNCT
easat-6805	50	1	1.1	1.1	NUM
easat-6805	50	2	.	.	PUNCT
easat-6805	50	3	financial	financial	ADJ
easat-6805	50	4	flexibility	flexibility	NOUN
easat-6805	50	5	as	as	ADP
easat-6805	50	6	a	a	DET
easat-6805	50	7	strategic	strategic	ADJ
easat-6805	50	8	advantage	advantage	NOUN
easat-6805	50	9	financial	financial	ADJ
easat-6805	50	10	flexibility	flexibility	NOUN
easat-6805	50	11	,	,	PUNCT
easat-6805	50	12	defined	define	VERB
easat-6805	50	13	as	as	ADP
easat-6805	50	14	the	the	DET
easat-6805	50	15	ability	ability	NOUN
easat-6805	50	16	to	to	PART
easat-6805	50	17	adjust	adjust	VERB
easat-6805	50	18	financial	financial	ADJ
easat-6805	50	19	structures	structure	NOUN
easat-6805	50	20	in	in	ADP
easat-6805	50	21	response	response	NOUN
easat-6805	50	22	to	to	ADP
easat-6805	50	23	market	market	NOUN
easat-6805	50	24	fluctuations	fluctuation	NOUN
easat-6805	50	25	,	,	PUNCT
easat-6805	50	26	is	be	AUX
easat-6805	50	27	increasingly	increasingly	ADV
easat-6805	50	28	recognized	recognize	VERB
easat-6805	50	29	as	as	ADP
easat-6805	50	30	a	a	DET
easat-6805	50	31	key	key	ADJ
easat-6805	50	32	driver	driver	NOUN
easat-6805	50	33	of	of	ADP
easat-6805	50	34	corporate	corporate	ADJ
easat-6805	50	35	resilience	resilience	NOUN
easat-6805	50	36	.	.	PUNCT
easat-6805	51	1	marchica	marchica	PROPN
easat-6805	51	2	&	&	CCONJ
easat-6805	51	3	mura	mura	PROPN
easat-6805	51	4	(	(	PUNCT
easat-6805	51	5	2020	2020	NUM
easat-6805	51	6	)	)	PUNCT
easat-6805	51	7	demonstrated	demonstrate	VERB
easat-6805	51	8	that	that	SCONJ
easat-6805	51	9	firms	firm	NOUN
easat-6805	51	10	with	with	ADP
easat-6805	51	11	higher	high	ADJ
easat-6805	51	12	financial	financial	ADJ
easat-6805	51	13	flexibility	flexibility	NOUN
easat-6805	51	14	perform	perform	VERB
easat-6805	51	15	better	well	ADV
easat-6805	51	16	during	during	ADP
easat-6805	51	17	economic	economic	ADJ
easat-6805	51	18	downturns	downturn	NOUN
easat-6805	51	19	.	.	PUNCT
easat-6805	52	1	however	however	ADV
easat-6805	52	2	,	,	PUNCT
easat-6805	52	3	research	research	NOUN
easat-6805	52	4	by	by	ADP
easat-6805	52	5	nguyen	nguyen	NOUN
easat-6805	52	6	,	,	PUNCT
easat-6805	52	7	et	et	PROPN
easat-6805	52	8	al	al	PROPN
easat-6805	52	9	.	.	PUNCT
easat-6805	53	1	[	[	X
easat-6805	53	2	9	9	NUM
easat-6805	53	3	]	]	PUNCT
easat-6805	53	4	suggests	suggest	VERB
easat-6805	53	5	that	that	SCONJ
easat-6805	53	6	excessive	excessive	ADJ
easat-6805	53	7	liquidity	liquidity	NOUN
easat-6805	53	8	can	can	AUX
easat-6805	53	9	lead	lead	VERB
easat-6805	53	10	to	to	ADP
easat-6805	53	11	inefficiencies	inefficiency	NOUN
easat-6805	53	12	,	,	PUNCT
easat-6805	53	13	such	such	ADJ
easat-6805	53	14	as	as	ADP
easat-6805	53	15	underutilization	underutilization	NOUN
easat-6805	53	16	of	of	ADP
easat-6805	53	17	capital	capital	NOUN
easat-6805	53	18	.	.	PUNCT
easat-6805	54	1	for	for	ADP
easat-6805	54	2	indonesia	indonesia	PROPN
easat-6805	54	3	’s	’s	PART
easat-6805	54	4	bumn	bumn	PROPN
easat-6805	54	5	,	,	PUNCT
easat-6805	54	6	financial	financial	ADJ
easat-6805	54	7	flexibility	flexibility	NOUN
easat-6805	54	8	serves	serve	VERB
easat-6805	54	9	as	as	ADP
easat-6805	54	10	a	a	DET
easat-6805	54	11	critical	critical	ADJ
easat-6805	54	12	risk	risk	NOUN
easat-6805	54	13	mitigation	mitigation	NOUN
easat-6805	54	14	tool	tool	NOUN
easat-6805	54	15	,	,	PUNCT
easat-6805	54	16	particularly	particularly	ADV
easat-6805	54	17	during	during	ADP
easat-6805	54	18	periods	period	NOUN
easat-6805	54	19	of	of	ADP
easat-6805	54	20	economic	economic	ADJ
easat-6805	54	21	uncertainty	uncertainty	NOUN
easat-6805	54	22	.	.	PUNCT
easat-6805	55	1	however	however	ADV
easat-6805	55	2	,	,	PUNCT
easat-6805	55	3	its	its	PRON
easat-6805	55	4	actual	actual	ADJ
easat-6805	55	5	impact	impact	NOUN
easat-6805	55	6	on	on	ADP
easat-6805	55	7	firm	firm	ADJ
easat-6805	55	8	value	value	NOUN
easat-6805	55	9	is	be	AUX
easat-6805	55	10	still	still	ADV
easat-6805	55	11	debated	debate	VERB
easat-6805	55	12	,	,	PUNCT
easat-6805	55	13	warranting	warrant	VERB
easat-6805	55	14	further	further	ADJ
easat-6805	55	15	empirical	empirical	ADJ
easat-6805	55	16	investigation	investigation	NOUN
easat-6805	55	17	.	.	PUNCT
easat-6805	56	1	1.2	1.2	NUM
easat-6805	56	2	.	.	PUNCT
easat-6805	56	3	research	research	NOUN
easat-6805	56	4	gap	gap	NOUN
easat-6805	56	5	despite	despite	SCONJ
easat-6805	56	6	extensive	extensive	ADJ
easat-6805	56	7	research	research	NOUN
easat-6805	56	8	on	on	ADP
easat-6805	56	9	profitability	profitability	NOUN
easat-6805	56	10	,	,	PUNCT
easat-6805	56	11	debt	debt	NOUN
easat-6805	56	12	covenants	covenant	NOUN
easat-6805	56	13	,	,	PUNCT
easat-6805	56	14	and	and	CCONJ
easat-6805	56	15	financial	financial	ADJ
easat-6805	56	16	flexibility	flexibility	NOUN
easat-6805	56	17	,	,	PUNCT
easat-6805	56	18	the	the	DET
easat-6805	56	19	interaction	interaction	NOUN
easat-6805	56	20	between	between	ADP
easat-6805	56	21	these	these	DET
easat-6805	56	22	variables	variable	NOUN
easat-6805	56	23	and	and	CCONJ
easat-6805	56	24	their	their	PRON
easat-6805	56	25	combined	combined	ADJ
easat-6805	56	26	effect	effect	NOUN
easat-6805	56	27	on	on	ADP
easat-6805	56	28	firm	firm	ADJ
easat-6805	56	29	value	value	NOUN
easat-6805	56	30	remains	remain	VERB
easat-6805	56	31	underexplored	underexplored	ADJ
easat-6805	56	32	.	.	PUNCT
easat-6805	57	1	while	while	SCONJ
easat-6805	57	2	past	past	ADJ
easat-6805	57	3	studies	study	NOUN
easat-6805	57	4	have	have	AUX
easat-6805	57	5	identified	identify	VERB
easat-6805	57	6	these	these	DET
easat-6805	57	7	financial	financial	ADJ
easat-6805	57	8	factors	factor	NOUN
easat-6805	57	9	as	as	ADP
easat-6805	57	10	critical	critical	ADJ
easat-6805	57	11	determinants	determinant	NOUN
easat-6805	57	12	of	of	ADP
easat-6805	57	13	firm	firm	ADJ
easat-6805	57	14	value	value	NOUN
easat-6805	57	15	,	,	PUNCT
easat-6805	57	16	they	they	PRON
easat-6805	57	17	have	have	AUX
easat-6805	57	18	largely	largely	ADV
easat-6805	57	19	examined	examine	VERB
easat-6805	57	20	them	they	PRON
easat-6805	57	21	in	in	ADP
easat-6805	57	22	isolation	isolation	NOUN
easat-6805	57	23	.	.	PUNCT
easat-6805	58	1	there	there	PRON
easat-6805	58	2	is	be	VERB
easat-6805	58	3	a	a	DET
easat-6805	58	4	lack	lack	NOUN
easat-6805	58	5	of	of	ADP
easat-6805	58	6	comprehensive	comprehensive	ADJ
easat-6805	58	7	studies	study	NOUN
easat-6805	58	8	that	that	PRON
easat-6805	58	9	assess	assess	VERB
easat-6805	58	10	their	their	PRON
easat-6805	58	11	simultaneous	simultaneous	ADJ
easat-6805	58	12	impact	impact	NOUN
easat-6805	58	13	within	within	ADP
easat-6805	58	14	the	the	DET
easat-6805	58	15	context	context	NOUN
easat-6805	58	16	of	of	ADP
easat-6805	58	17	indonesia	indonesia	PROPN
easat-6805	58	18	’s	’s	PART
easat-6805	58	19	bumn	bumn	PROPN
easat-6805	58	20	.	.	PUNCT
easat-6805	59	1	furthermore	furthermore	ADV
easat-6805	59	2	,	,	PUNCT
easat-6805	59	3	little	little	ADJ
easat-6805	59	4	attention	attention	NOUN
easat-6805	59	5	has	have	AUX
easat-6805	59	6	been	be	AUX
easat-6805	59	7	given	give	VERB
easat-6805	59	8	to	to	ADP
easat-6805	59	9	how	how	SCONJ
easat-6805	59	10	company	company	NOUN
easat-6805	59	11	growth	growth	NOUN
easat-6805	59	12	moderates	moderate	VERB
easat-6805	59	13	these	these	DET
easat-6805	59	14	relationships	relationship	NOUN
easat-6805	59	15	.	.	PUNCT
easat-6805	60	1	high	high	ADJ
easat-6805	60	2	-	-	PUNCT
easat-6805	60	3	growth	growth	NOUN
easat-6805	60	4	firms	firm	NOUN
easat-6805	60	5	may	may	AUX
easat-6805	60	6	have	have	VERB
easat-6805	60	7	greater	great	ADJ
easat-6805	60	8	leverage	leverage	NOUN
easat-6805	60	9	in	in	ADP
easat-6805	60	10	utilizing	utilize	VERB
easat-6805	60	11	profitability	profitability	NOUN
easat-6805	60	12	and	and	CCONJ
easat-6805	60	13	financial	financial	ADJ
easat-6805	60	14	flexibility	flexibility	NOUN
easat-6805	60	15	compared	compare	VERB
easat-6805	60	16	to	to	ADP
easat-6805	60	17	low	low	ADJ
easat-6805	60	18	-	-	PUNCT
easat-6805	60	19	growth	growth	NOUN
easat-6805	60	20	firms	firm	NOUN
easat-6805	60	21	.	.	PUNCT
easat-6805	61	1	previous	previous	ADJ
easat-6805	61	2	studies	study	NOUN
easat-6805	61	3	suggest	suggest	VERB
easat-6805	61	4	that	that	SCONJ
easat-6805	61	5	growth	growth	NOUN
easat-6805	61	6	-	-	PUNCT
easat-6805	61	7	oriented	orient	VERB
easat-6805	61	8	companies	company	NOUN
easat-6805	61	9	allocate	allocate	VERB
easat-6805	61	10	profits	profit	NOUN
easat-6805	61	11	more	more	ADV
easat-6805	61	12	aggressively	aggressively	ADV
easat-6805	61	13	toward	toward	ADP
easat-6805	61	14	expansion	expansion	NOUN
easat-6805	61	15	and	and	CCONJ
easat-6805	61	16	innovation	innovation	NOUN
easat-6805	61	17	,	,	PUNCT
easat-6805	61	18	amplifying	amplify	VERB
easat-6805	61	19	their	their	PRON
easat-6805	61	20	impact	impact	NOUN
easat-6805	61	21	on	on	ADP
easat-6805	61	22	firm	firm	ADJ
easat-6805	61	23	value	value	NOUN
easat-6805	61	24	.	.	PUNCT
easat-6805	62	1	however	however	ADV
easat-6805	62	2	,	,	PUNCT
easat-6805	62	3	existing	exist	VERB
easat-6805	62	4	literature	literature	NOUN
easat-6805	62	5	does	do	AUX
easat-6805	62	6	not	not	PART
easat-6805	62	7	provide	provide	VERB
easat-6805	62	8	conclusive	conclusive	ADJ
easat-6805	62	9	evidence	evidence	NOUN
easat-6805	62	10	on	on	ADP
easat-6805	62	11	whether	whether	SCONJ
easat-6805	62	12	the	the	DET
easat-6805	62	13	effects	effect	NOUN
easat-6805	62	14	of	of	ADP
easat-6805	62	15	profitability	profitability	NOUN
easat-6805	62	16	,	,	PUNCT
easat-6805	62	17	debt	debt	NOUN
easat-6805	62	18	covenants	covenant	NOUN
easat-6805	62	19	,	,	PUNCT
easat-6805	62	20	and	and	CCONJ
easat-6805	62	21	financial	financial	ADJ
easat-6805	62	22	flexibility	flexibility	NOUN
easat-6805	62	23	differ	differ	VERB
easat-6805	62	24	based	base	VERB
easat-6805	62	25	on	on	ADP
easat-6805	62	26	the	the	DET
easat-6805	62	27	firm	firm	NOUN
easat-6805	62	28	’s	’s	PART
easat-6805	62	29	growth	growth	NOUN
easat-6805	62	30	rate	rate	NOUN
easat-6805	62	31	.	.	PUNCT
easat-6805	63	1	113	113	NUM
easat-6805	63	2	edelweiss	edelweiss	PROPN
easat-6805	63	3	applied	apply	VERB
easat-6805	63	4	science	science	NOUN
easat-6805	63	5	and	and	CCONJ
easat-6805	63	6	technology	technology	NOUN
easat-6805	63	7	issn	issn	PROPN
easat-6805	63	8	:	:	PUNCT
easat-6805	63	9	2576	2576	NUM
easat-6805	63	10	-	-	SYM
easat-6805	63	11	8484	8484	NUM
easat-6805	63	12	vol	vol	NOUN
easat-6805	63	13	.	.	PROPN
easat-6805	64	1	9	9	NUM
easat-6805	64	2	,	,	PUNCT
easat-6805	64	3	no	no	INTJ
easat-6805	64	4	.	.	NOUN
easat-6805	64	5	5	5	NUM
easat-6805	64	6	:	:	SYM
easat-6805	64	7	110	110	NUM
easat-6805	64	8	-	-	SYM
easat-6805	64	9	119	119	NUM
easat-6805	64	10	,	,	PUNCT
easat-6805	64	11	2025	2025	NUM
easat-6805	64	12	doi	doi	NOUN
easat-6805	64	13	:	:	PUNCT
easat-6805	64	14	10.55214/25768484.v9i5.6805	10.55214/25768484.v9i5.6805	NUM
easat-6805	64	15	©	©	PROPN
easat-6805	64	16	2025	2025	NUM
easat-6805	64	17	by	by	ADP
easat-6805	64	18	the	the	DET
easat-6805	64	19	authors	author	NOUN
easat-6805	64	20	;	;	PUNCT
easat-6805	64	21	licensee	licensee	NOUN
easat-6805	64	22	learning	learning	NOUN
easat-6805	64	23	gate	gate	NOUN
easat-6805	64	24	for	for	ADP
easat-6805	64	25	example	example	NOUN
easat-6805	64	26	,	,	PUNCT
easat-6805	64	27	research	research	NOUN
easat-6805	64	28	by	by	ADP
easat-6805	64	29	baker	baker	PROPN
easat-6805	64	30	and	and	CCONJ
easat-6805	64	31	wurgler	wurgler	NOUN
easat-6805	65	1	[	[	X
easat-6805	65	2	1	1	NUM
easat-6805	65	3	]	]	PUNCT
easat-6805	65	4	suggests	suggest	VERB
easat-6805	65	5	that	that	SCONJ
easat-6805	65	6	high	high	ADJ
easat-6805	65	7	-	-	PUNCT
easat-6805	65	8	growth	growth	NOUN
easat-6805	65	9	firms	firm	NOUN
easat-6805	65	10	prioritize	prioritize	VERB
easat-6805	65	11	reinvestment	reinvestment	NOUN
easat-6805	65	12	over	over	ADP
easat-6805	65	13	dividend	dividend	NOUN
easat-6805	65	14	distribution	distribution	NOUN
easat-6805	65	15	,	,	PUNCT
easat-6805	65	16	which	which	PRON
easat-6805	65	17	may	may	AUX
easat-6805	65	18	either	either	CCONJ
easat-6805	65	19	enhance	enhance	VERB
easat-6805	65	20	or	or	CCONJ
easat-6805	65	21	weaken	weaken	VERB
easat-6805	65	22	firm	firm	ADJ
easat-6805	65	23	value	value	NOUN
easat-6805	65	24	depending	depend	VERB
easat-6805	65	25	on	on	ADP
easat-6805	65	26	the	the	DET
easat-6805	65	27	efficiency	efficiency	NOUN
easat-6805	65	28	of	of	ADP
easat-6805	65	29	capital	capital	NOUN
easat-6805	65	30	allocation	allocation	NOUN
easat-6805	65	31	.	.	PUNCT
easat-6805	66	1	similarly	similarly	ADV
easat-6805	66	2	,	,	PUNCT
easat-6805	66	3	growth	growth	NOUN
easat-6805	66	4	dynamics	dynamic	NOUN
easat-6805	66	5	influence	influence	VERB
easat-6805	66	6	how	how	SCONJ
easat-6805	66	7	firms	firm	NOUN
easat-6805	66	8	manage	manage	VERB
easat-6805	66	9	debt	debt	NOUN
easat-6805	66	10	covenants	covenant	NOUN
easat-6805	66	11	,	,	PUNCT
easat-6805	66	12	as	as	SCONJ
easat-6805	66	13	high	high	ADJ
easat-6805	66	14	-	-	PUNCT
easat-6805	66	15	growth	growth	NOUN
easat-6805	66	16	firms	firm	NOUN
easat-6805	66	17	often	often	ADV
easat-6805	66	18	negotiate	negotiate	VERB
easat-6805	66	19	less	less	ADV
easat-6805	66	20	restrictive	restrictive	ADJ
easat-6805	66	21	lending	lending	NOUN
easat-6805	66	22	terms	term	NOUN
easat-6805	66	23	compared	compare	VERB
easat-6805	66	24	to	to	ADP
easat-6805	66	25	their	their	PRON
easat-6805	66	26	lowgrowth	lowgrowth	NOUN
easat-6805	66	27	counterparts	counterpart	NOUN
easat-6805	66	28	.	.	PUNCT
easat-6805	67	1	understanding	understand	VERB
easat-6805	67	2	this	this	DET
easat-6805	67	3	moderating	moderate	VERB
easat-6805	67	4	effect	effect	NOUN
easat-6805	67	5	is	be	AUX
easat-6805	67	6	crucial	crucial	ADJ
easat-6805	67	7	for	for	ADP
easat-6805	67	8	formulating	formulate	VERB
easat-6805	67	9	policies	policy	NOUN
easat-6805	67	10	that	that	PRON
easat-6805	67	11	optimize	optimize	VERB
easat-6805	67	12	financial	financial	ADJ
easat-6805	67	13	decision	decision	NOUN
easat-6805	67	14	-	-	PUNCT
easat-6805	67	15	making	making	NOUN
easat-6805	67	16	for	for	ADP
easat-6805	67	17	firms	firm	NOUN
easat-6805	67	18	with	with	ADP
easat-6805	67	19	varying	vary	VERB
easat-6805	67	20	growth	growth	NOUN
easat-6805	67	21	trajectories	trajectory	NOUN
easat-6805	67	22	.	.	PUNCT
easat-6805	68	1	to	to	PART
easat-6805	68	2	fill	fill	VERB
easat-6805	68	3	this	this	DET
easat-6805	68	4	research	research	NOUN
easat-6805	68	5	gap	gap	NOUN
easat-6805	68	6	,	,	PUNCT
easat-6805	68	7	this	this	DET
easat-6805	68	8	study	study	NOUN
easat-6805	68	9	examines	examine	VERB
easat-6805	68	10	:	:	PUNCT
easat-6805	68	11	a.	a.	NOUN
easat-6805	68	12	the	the	DET
easat-6805	68	13	impact	impact	NOUN
easat-6805	68	14	of	of	ADP
easat-6805	68	15	profitability	profitability	NOUN
easat-6805	68	16	,	,	PUNCT
easat-6805	68	17	debt	debt	NOUN
easat-6805	68	18	covenants	covenant	NOUN
easat-6805	68	19	,	,	PUNCT
easat-6805	68	20	and	and	CCONJ
easat-6805	68	21	financial	financial	ADJ
easat-6805	68	22	flexibility	flexibility	NOUN
easat-6805	68	23	on	on	ADP
easat-6805	68	24	firm	firm	ADJ
easat-6805	68	25	value	value	NOUN
easat-6805	68	26	.	.	PUNCT
easat-6805	69	1	b.	b.	PROPN
easat-6805	70	1	the	the	DET
easat-6805	70	2	moderating	moderate	VERB
easat-6805	70	3	role	role	NOUN
easat-6805	70	4	of	of	ADP
easat-6805	70	5	company	company	NOUN
easat-6805	70	6	growth	growth	NOUN
easat-6805	70	7	in	in	ADP
easat-6805	70	8	these	these	DET
easat-6805	70	9	relationships	relationship	NOUN
easat-6805	70	10	.	.	PUNCT
easat-6805	71	1	1.3	1.3	NUM
easat-6805	71	2	.	.	PUNCT
easat-6805	72	1	research	research	NOUN
easat-6805	72	2	objective	objective	ADJ
easat-6805	72	3	building	building	NOUN
easat-6805	72	4	upon	upon	SCONJ
easat-6805	72	5	the	the	DET
easat-6805	72	6	identified	identify	VERB
easat-6805	72	7	research	research	NOUN
easat-6805	72	8	gap	gap	NOUN
easat-6805	72	9	,	,	PUNCT
easat-6805	72	10	this	this	DET
easat-6805	72	11	study	study	NOUN
easat-6805	72	12	aims	aim	VERB
easat-6805	72	13	to	to	PART
easat-6805	72	14	achieve	achieve	VERB
easat-6805	72	15	the	the	DET
easat-6805	72	16	following	following	ADJ
easat-6805	72	17	objectives	objective	NOUN
easat-6805	72	18	:	:	PUNCT
easat-6805	72	19	a.	a.	NOUN
easat-6805	72	20	to	to	PART
easat-6805	72	21	analyze	analyze	VERB
easat-6805	72	22	the	the	DET
easat-6805	72	23	effect	effect	NOUN
easat-6805	72	24	of	of	ADP
easat-6805	72	25	profitability	profitability	NOUN
easat-6805	72	26	on	on	ADP
easat-6805	72	27	firm	firm	ADJ
easat-6805	72	28	value	value	NOUN
easat-6805	72	29	in	in	ADP
easat-6805	72	30	indonesia	indonesia	PROPN
easat-6805	72	31	’s	’s	PART
easat-6805	72	32	largest	large	ADJ
easat-6805	72	33	bumn	bumn	PROPN
easat-6805	72	34	.	.	PUNCT
easat-6805	73	1	b.	b.	PROPN
easat-6805	73	2	to	to	PART
easat-6805	73	3	examine	examine	VERB
easat-6805	73	4	the	the	DET
easat-6805	73	5	impact	impact	NOUN
easat-6805	73	6	of	of	ADP
easat-6805	73	7	debt	debt	NOUN
easat-6805	73	8	covenants	covenant	NOUN
easat-6805	73	9	on	on	ADP
easat-6805	73	10	firm	firm	ADJ
easat-6805	73	11	value	value	NOUN
easat-6805	73	12	and	and	CCONJ
easat-6805	73	13	their	their	PRON
easat-6805	73	14	role	role	NOUN
easat-6805	73	15	in	in	ADP
easat-6805	73	16	financial	financial	ADJ
easat-6805	73	17	decisionmaking	decisionmaking	NOUN
easat-6805	73	18	.	.	PUNCT
easat-6805	74	1	c.	c.	NOUN
easat-6805	74	2	to	to	PART
easat-6805	74	3	evaluate	evaluate	VERB
easat-6805	74	4	the	the	DET
easat-6805	74	5	influence	influence	NOUN
easat-6805	74	6	of	of	ADP
easat-6805	74	7	financial	financial	ADJ
easat-6805	74	8	flexibility	flexibility	NOUN
easat-6805	74	9	on	on	ADP
easat-6805	74	10	firm	firm	ADJ
easat-6805	74	11	value	value	NOUN
easat-6805	74	12	as	as	ADP
easat-6805	74	13	a	a	DET
easat-6805	74	14	risk	risk	NOUN
easat-6805	74	15	management	management	NOUN
easat-6805	74	16	tool	tool	NOUN
easat-6805	74	17	.	.	PUNCT
easat-6805	75	1	d.	d.	PROPN
easat-6805	75	2	to	to	PART
easat-6805	75	3	investigate	investigate	VERB
easat-6805	75	4	whether	whether	SCONJ
easat-6805	75	5	company	company	NOUN
easat-6805	75	6	growth	growth	NOUN
easat-6805	75	7	moderates	moderate	VERB
easat-6805	75	8	the	the	DET
easat-6805	75	9	relationship	relationship	NOUN
easat-6805	75	10	between	between	ADP
easat-6805	75	11	profitability	profitability	NOUN
easat-6805	75	12	and	and	CCONJ
easat-6805	75	13	firm	firm	ADJ
easat-6805	75	14	value	value	NOUN
easat-6805	75	15	.	.	PUNCT
easat-6805	76	1	e.	e.	PROPN
easat-6805	76	2	to	to	PART
easat-6805	76	3	assess	assess	VERB
easat-6805	76	4	whether	whether	SCONJ
easat-6805	76	5	company	company	NOUN
easat-6805	76	6	growth	growth	NOUN
easat-6805	76	7	moderates	moderate	VERB
easat-6805	76	8	the	the	DET
easat-6805	76	9	impact	impact	NOUN
easat-6805	76	10	of	of	ADP
easat-6805	76	11	debt	debt	NOUN
easat-6805	76	12	covenants	covenant	NOUN
easat-6805	76	13	on	on	ADP
easat-6805	76	14	firm	firm	ADJ
easat-6805	76	15	value	value	NOUN
easat-6805	76	16	.	.	PUNCT
easat-6805	77	1	f.	f.	PROPN
easat-6805	77	2	to	to	PART
easat-6805	77	3	determine	determine	VERB
easat-6805	77	4	whether	whether	SCONJ
easat-6805	77	5	company	company	NOUN
easat-6805	77	6	growth	growth	NOUN
easat-6805	77	7	moderates	moderate	VERB
easat-6805	77	8	the	the	DET
easat-6805	77	9	relationship	relationship	NOUN
easat-6805	77	10	between	between	ADP
easat-6805	77	11	financial	financial	ADJ
easat-6805	77	12	flexibility	flexibility	NOUN
easat-6805	77	13	and	and	CCONJ
easat-6805	77	14	firm	firm	ADJ
easat-6805	77	15	value	value	NOUN
easat-6805	77	16	.	.	PUNCT
easat-6805	78	1	1.4	1.4	NUM
easat-6805	78	2	.	.	PUNCT
easat-6805	79	1	research	research	NOUN
easat-6805	79	2	hypotheses	hypothesis	NOUN
easat-6805	79	3	to	to	PART
easat-6805	79	4	address	address	VERB
easat-6805	79	5	these	these	DET
easat-6805	79	6	objectives	objective	NOUN
easat-6805	79	7	,	,	PUNCT
easat-6805	79	8	the	the	DET
easat-6805	79	9	following	follow	VERB
easat-6805	79	10	hypotheses	hypothesis	NOUN
easat-6805	79	11	are	be	AUX
easat-6805	79	12	proposed	propose	VERB
easat-6805	79	13	:	:	PUNCT
easat-6805	79	14	a.	a.	NOUN
easat-6805	79	15	h1	h1	PROPN
easat-6805	79	16	:	:	PUNCT
easat-6805	79	17	profitability	profitability	NOUN
easat-6805	79	18	has	have	VERB
easat-6805	79	19	a	a	DET
easat-6805	79	20	positive	positive	ADJ
easat-6805	79	21	effect	effect	NOUN
easat-6805	79	22	on	on	ADP
easat-6805	79	23	firm	firm	ADJ
easat-6805	79	24	value	value	NOUN
easat-6805	79	25	.	.	PUNCT
easat-6805	80	1	b.	b.	PROPN
easat-6805	80	2	h2	h2	PROPN
easat-6805	80	3	:	:	PUNCT
easat-6805	80	4	debt	debt	NOUN
easat-6805	80	5	covenants	covenant	NOUN
easat-6805	80	6	have	have	VERB
easat-6805	80	7	a	a	DET
easat-6805	80	8	negative	negative	ADJ
easat-6805	80	9	effect	effect	NOUN
easat-6805	80	10	on	on	ADP
easat-6805	80	11	firm	firm	ADJ
easat-6805	80	12	value	value	NOUN
easat-6805	80	13	.	.	PUNCT
easat-6805	81	1	c.	c.	NOUN
easat-6805	81	2	h3	h3	PROPN
easat-6805	81	3	:	:	PUNCT
easat-6805	81	4	financial	financial	ADJ
easat-6805	81	5	flexibility	flexibility	NOUN
easat-6805	81	6	has	have	VERB
easat-6805	81	7	a	a	DET
easat-6805	81	8	positive	positive	ADJ
easat-6805	81	9	effect	effect	NOUN
easat-6805	81	10	on	on	ADP
easat-6805	81	11	firm	firm	ADJ
easat-6805	81	12	value	value	NOUN
easat-6805	81	13	.	.	PUNCT
easat-6805	82	1	d.	d.	PROPN
easat-6805	82	2	h4	h4	PROPN
easat-6805	82	3	:	:	PUNCT
easat-6805	82	4	company	company	NOUN
easat-6805	82	5	growth	growth	NOUN
easat-6805	82	6	moderates	moderate	VERB
easat-6805	82	7	the	the	DET
easat-6805	82	8	relationship	relationship	NOUN
easat-6805	82	9	between	between	ADP
easat-6805	82	10	profitability	profitability	NOUN
easat-6805	82	11	and	and	CCONJ
easat-6805	82	12	firm	firm	ADJ
easat-6805	82	13	value	value	NOUN
easat-6805	82	14	.	.	PUNCT
easat-6805	83	1	e.	e.	PROPN
easat-6805	83	2	h5	h5	PROPN
easat-6805	83	3	:	:	PUNCT
easat-6805	83	4	company	company	NOUN
easat-6805	83	5	growth	growth	NOUN
easat-6805	83	6	moderates	moderate	VERB
easat-6805	83	7	the	the	DET
easat-6805	83	8	relationship	relationship	NOUN
easat-6805	83	9	between	between	ADP
easat-6805	83	10	debt	debt	NOUN
easat-6805	83	11	covenants	covenant	NOUN
easat-6805	83	12	and	and	CCONJ
easat-6805	83	13	firm	firm	ADJ
easat-6805	83	14	value	value	NOUN
easat-6805	83	15	.	.	PUNCT
easat-6805	84	1	f.	f.	PROPN
easat-6805	84	2	h6	h6	PROPN
easat-6805	84	3	:	:	PUNCT
easat-6805	84	4	company	company	NOUN
easat-6805	84	5	growth	growth	NOUN
easat-6805	84	6	moderates	moderate	VERB
easat-6805	84	7	the	the	DET
easat-6805	84	8	relationship	relationship	NOUN
easat-6805	84	9	between	between	ADP
easat-6805	84	10	financial	financial	ADJ
easat-6805	84	11	flexibility	flexibility	NOUN
easat-6805	84	12	and	and	CCONJ
easat-6805	84	13	firm	firm	ADJ
easat-6805	84	14	value	value	NOUN
easat-6805	84	15	.	.	PUNCT
easat-6805	85	1	1.5	1.5	NUM
easat-6805	85	2	.	.	PUNCT
easat-6805	85	3	methodology	methodology	NOUN
easat-6805	85	4	and	and	CCONJ
easat-6805	85	5	contribution	contribution	NOUN
easat-6805	85	6	this	this	DET
easat-6805	85	7	study	study	NOUN
easat-6805	85	8	applies	apply	VERB
easat-6805	85	9	panel	panel	NOUN
easat-6805	85	10	data	datum	NOUN
easat-6805	85	11	regression	regression	NOUN
easat-6805	85	12	analysis	analysis	NOUN
easat-6805	85	13	,	,	PUNCT
easat-6805	85	14	using	use	VERB
easat-6805	85	15	financial	financial	ADJ
easat-6805	85	16	reports	report	NOUN
easat-6805	85	17	from	from	ADP
easat-6805	85	18	indonesia	indonesia	PROPN
easat-6805	85	19	’s	’s	PART
easat-6805	85	20	largest	large	ADJ
easat-6805	85	21	bumn	bumn	NOUN
easat-6805	85	22	(	(	PUNCT
easat-6805	85	23	2019–2024	2019–2024	NUM
easat-6805	85	24	)	)	PUNCT
easat-6805	85	25	.	.	PUNCT
easat-6805	86	1	the	the	DET
easat-6805	86	2	analysis	analysis	NOUN
easat-6805	86	3	incorporates	incorporate	VERB
easat-6805	86	4	multiple	multiple	ADJ
easat-6805	86	5	financial	financial	ADJ
easat-6805	86	6	indicators	indicator	NOUN
easat-6805	86	7	to	to	PART
easat-6805	86	8	examine	examine	VERB
easat-6805	86	9	the	the	DET
easat-6805	86	10	impact	impact	NOUN
easat-6805	86	11	of	of	ADP
easat-6805	86	12	profitability	profitability	NOUN
easat-6805	86	13	,	,	PUNCT
easat-6805	86	14	debt	debt	NOUN
easat-6805	86	15	covenants	covenant	NOUN
easat-6805	86	16	,	,	PUNCT
easat-6805	86	17	and	and	CCONJ
easat-6805	86	18	financial	financial	ADJ
easat-6805	86	19	flexibility	flexibility	NOUN
easat-6805	86	20	on	on	ADP
easat-6805	86	21	firm	firm	ADJ
easat-6805	86	22	value	value	NOUN
easat-6805	86	23	.	.	PUNCT
easat-6805	87	1	furthermore	furthermore	ADV
easat-6805	87	2	,	,	PUNCT
easat-6805	87	3	the	the	DET
easat-6805	87	4	moderating	moderate	VERB
easat-6805	87	5	role	role	NOUN
easat-6805	87	6	of	of	ADP
easat-6805	87	7	company	company	NOUN
easat-6805	87	8	growth	growth	NOUN
easat-6805	87	9	is	be	AUX
easat-6805	87	10	assessed	assess	VERB
easat-6805	87	11	through	through	ADP
easat-6805	87	12	interaction	interaction	NOUN
easat-6805	87	13	effects	effect	NOUN
easat-6805	87	14	in	in	ADP
easat-6805	87	15	the	the	DET
easat-6805	87	16	regression	regression	NOUN
easat-6805	87	17	model	model	NOUN
easat-6805	87	18	.	.	PUNCT
easat-6805	88	1	by	by	ADP
easat-6805	88	2	employing	employ	VERB
easat-6805	88	3	a	a	DET
easat-6805	88	4	robust	robust	ADJ
easat-6805	88	5	econometric	econometric	ADJ
easat-6805	88	6	framework	framework	NOUN
easat-6805	88	7	,	,	PUNCT
easat-6805	88	8	this	this	DET
easat-6805	88	9	study	study	NOUN
easat-6805	88	10	provides	provide	VERB
easat-6805	88	11	a	a	DET
easat-6805	88	12	more	more	ADV
easat-6805	88	13	comprehensive	comprehensive	ADJ
easat-6805	88	14	understanding	understanding	NOUN
easat-6805	88	15	of	of	ADP
easat-6805	88	16	how	how	SCONJ
easat-6805	88	17	financial	financial	ADJ
easat-6805	88	18	factors	factor	NOUN
easat-6805	88	19	influence	influence	VERB
easat-6805	88	20	firm	firm	ADJ
easat-6805	88	21	value	value	NOUN
easat-6805	88	22	in	in	ADP
easat-6805	88	23	dynamic	dynamic	ADJ
easat-6805	88	24	market	market	NOUN
easat-6805	88	25	conditions	condition	NOUN
easat-6805	88	26	.	.	PUNCT
easat-6805	89	1	the	the	DET
easat-6805	89	2	findings	finding	NOUN
easat-6805	89	3	of	of	ADP
easat-6805	89	4	this	this	DET
easat-6805	89	5	research	research	NOUN
easat-6805	89	6	contribute	contribute	VERB
easat-6805	89	7	to	to	ADP
easat-6805	89	8	both	both	CCONJ
easat-6805	89	9	academic	academic	ADJ
easat-6805	89	10	literature	literature	NOUN
easat-6805	89	11	and	and	CCONJ
easat-6805	89	12	practical	practical	ADJ
easat-6805	89	13	financial	financial	ADJ
easat-6805	89	14	management	management	NOUN
easat-6805	89	15	.	.	PUNCT
easat-6805	90	1	by	by	ADP
easat-6805	90	2	integrating	integrate	VERB
easat-6805	90	3	company	company	NOUN
easat-6805	90	4	growth	growth	NOUN
easat-6805	90	5	as	as	ADP
easat-6805	90	6	a	a	DET
easat-6805	90	7	moderating	moderate	VERB
easat-6805	90	8	factor	factor	NOUN
easat-6805	90	9	,	,	PUNCT
easat-6805	90	10	this	this	DET
easat-6805	90	11	study	study	NOUN
easat-6805	90	12	addresses	address	VERB
easat-6805	90	13	a	a	DET
easat-6805	90	14	critical	critical	ADJ
easat-6805	90	15	gap	gap	NOUN
easat-6805	90	16	in	in	ADP
easat-6805	90	17	the	the	DET
easat-6805	90	18	existing	exist	VERB
easat-6805	90	19	body	body	NOUN
easat-6805	90	20	of	of	ADP
easat-6805	90	21	knowledge	knowledge	NOUN
easat-6805	90	22	.	.	PUNCT
easat-6805	91	1	it	it	PRON
easat-6805	91	2	provides	provide	VERB
easat-6805	91	3	empirical	empirical	ADJ
easat-6805	91	4	insights	insight	NOUN
easat-6805	91	5	that	that	PRON
easat-6805	91	6	can	can	AUX
easat-6805	91	7	inform	inform	VERB
easat-6805	91	8	corporate	corporate	ADJ
easat-6805	91	9	financial	financial	ADJ
easat-6805	91	10	strategies	strategy	NOUN
easat-6805	91	11	,	,	PUNCT
easat-6805	91	12	particularly	particularly	ADV
easat-6805	91	13	for	for	ADP
easat-6805	91	14	policymakers	policymaker	NOUN
easat-6805	91	15	overseeing	oversee	VERB
easat-6805	91	16	state	state	NOUN
easat-6805	91	17	-	-	PUNCT
easat-6805	91	18	owned	own	VERB
easat-6805	91	19	enterprises	enterprise	NOUN
easat-6805	91	20	.	.	PUNCT
easat-6805	92	1	moreover	moreover	ADV
easat-6805	92	2	,	,	PUNCT
easat-6805	92	3	the	the	DET
easat-6805	92	4	study	study	NOUN
easat-6805	92	5	’s	’s	PART
easat-6805	92	6	results	result	NOUN
easat-6805	92	7	offer	offer	VERB
easat-6805	92	8	valuable	valuable	ADJ
easat-6805	92	9	recommendations	recommendation	NOUN
easat-6805	92	10	for	for	ADP
easat-6805	92	11	corporate	corporate	ADJ
easat-6805	92	12	managers	manager	NOUN
easat-6805	92	13	and	and	CCONJ
easat-6805	92	14	investors	investor	NOUN
easat-6805	92	15	seeking	seek	VERB
easat-6805	92	16	to	to	PART
easat-6805	92	17	optimize	optimize	VERB
easat-6805	92	18	profitability	profitability	NOUN
easat-6805	92	19	,	,	PUNCT
easat-6805	92	20	debt	debt	NOUN
easat-6805	92	21	management	management	NOUN
easat-6805	92	22	,	,	PUNCT
easat-6805	92	23	and	and	CCONJ
easat-6805	92	24	financial	financial	ADJ
easat-6805	92	25	flexibility	flexibility	NOUN
easat-6805	92	26	to	to	PART
easat-6805	92	27	sustain	sustain	VERB
easat-6805	92	28	firm	firm	ADJ
easat-6805	92	29	value	value	NOUN
easat-6805	92	30	.	.	PUNCT
easat-6805	93	1	the	the	DET
easat-6805	93	2	implications	implication	NOUN
easat-6805	93	3	of	of	ADP
easat-6805	93	4	this	this	DET
easat-6805	93	5	research	research	NOUN
easat-6805	93	6	extend	extend	VERB
easat-6805	93	7	beyond	beyond	ADP
easat-6805	93	8	academia	academia	NOUN
easat-6805	93	9	,	,	PUNCT
easat-6805	93	10	offering	offer	VERB
easat-6805	93	11	a	a	DET
easat-6805	93	12	framework	framework	NOUN
easat-6805	93	13	for	for	ADP
easat-6805	93	14	improved	improve	VERB
easat-6805	93	15	corporate	corporate	ADJ
easat-6805	93	16	governance	governance	NOUN
easat-6805	93	17	and	and	CCONJ
easat-6805	93	18	strategic	strategic	ADJ
easat-6805	93	19	decision	decision	NOUN
easat-6805	93	20	-	-	PUNCT
easat-6805	93	21	making	making	NOUN
easat-6805	93	22	.	.	PUNCT
easat-6805	94	1	understanding	understand	VERB
easat-6805	94	2	the	the	DET
easat-6805	94	3	interplay	interplay	NOUN
easat-6805	94	4	between	between	ADP
easat-6805	94	5	profitability	profitability	NOUN
easat-6805	94	6	,	,	PUNCT
easat-6805	94	7	debt	debt	NOUN
easat-6805	94	8	covenants	covenant	NOUN
easat-6805	94	9	,	,	PUNCT
easat-6805	94	10	and	and	CCONJ
easat-6805	94	11	financial	financial	ADJ
easat-6805	94	12	flexibility	flexibility	NOUN
easat-6805	94	13	,	,	PUNCT
easat-6805	94	14	along	along	ADP
easat-6805	94	15	with	with	ADP
easat-6805	94	16	the	the	DET
easat-6805	94	17	role	role	NOUN
easat-6805	94	18	of	of	ADP
easat-6805	94	19	company	company	NOUN
easat-6805	94	20	growth	growth	NOUN
easat-6805	94	21	,	,	PUNCT
easat-6805	94	22	can	can	AUX
easat-6805	94	23	help	help	VERB
easat-6805	94	24	firms	firm	NOUN
easat-6805	94	25	navigate	navigate	VERB
easat-6805	94	26	financial	financial	ADJ
easat-6805	94	27	challenges	challenge	NOUN
easat-6805	94	28	more	more	ADV
easat-6805	94	29	effectively	effectively	ADV
easat-6805	94	30	.	.	PUNCT
easat-6805	95	1	114	114	NUM
easat-6805	95	2	edelweiss	edelweiss	PROPN
easat-6805	95	3	applied	apply	VERB
easat-6805	95	4	science	science	NOUN
easat-6805	95	5	and	and	CCONJ
easat-6805	95	6	technology	technology	NOUN
easat-6805	95	7	issn	issn	PROPN
easat-6805	95	8	:	:	PUNCT
easat-6805	95	9	2576	2576	NUM
easat-6805	95	10	-	-	SYM
easat-6805	95	11	8484	8484	NUM
easat-6805	95	12	vol	vol	NOUN
easat-6805	95	13	.	.	PROPN
easat-6805	96	1	9	9	NUM
easat-6805	96	2	,	,	PUNCT
easat-6805	96	3	no	no	INTJ
easat-6805	96	4	.	.	NOUN
easat-6805	96	5	5	5	NUM
easat-6805	96	6	:	:	SYM
easat-6805	96	7	110	110	NUM
easat-6805	96	8	-	-	SYM
easat-6805	96	9	119	119	NUM
easat-6805	96	10	,	,	PUNCT
easat-6805	96	11	2025	2025	NUM
easat-6805	96	12	doi	doi	NOUN
easat-6805	96	13	:	:	PUNCT
easat-6805	96	14	10.55214/25768484.v9i5.6805	10.55214/25768484.v9i5.6805	NUM
easat-6805	96	15	©	©	PROPN
easat-6805	96	16	2025	2025	NUM
easat-6805	96	17	by	by	ADP
easat-6805	96	18	the	the	DET
easat-6805	96	19	authors	author	NOUN
easat-6805	96	20	;	;	PUNCT
easat-6805	96	21	licensee	licensee	PROPN
easat-6805	96	22	learning	learning	NOUN
easat-6805	96	23	gate	gate	NOUN
easat-6805	96	24	2	2	NUM
easat-6805	96	25	.	.	PUNCT
easat-6805	96	26	material	material	NOUN
easat-6805	96	27	and	and	CCONJ
easat-6805	96	28	methods	method	NOUN
easat-6805	96	29	2.1	2.1	NUM
easat-6805	96	30	.	.	PUNCT
easat-6805	97	1	research	research	NOUN
easat-6805	97	2	design	design	NOUN
easat-6805	97	3	this	this	DET
easat-6805	97	4	study	study	NOUN
easat-6805	97	5	employs	employ	VERB
easat-6805	97	6	a	a	DET
easat-6805	97	7	quantitative	quantitative	ADJ
easat-6805	97	8	research	research	NOUN
easat-6805	97	9	approach	approach	NOUN
easat-6805	97	10	using	use	VERB
easat-6805	97	11	panel	panel	NOUN
easat-6805	97	12	data	datum	NOUN
easat-6805	97	13	regression	regression	NOUN
easat-6805	97	14	analysis	analysis	NOUN
easat-6805	97	15	to	to	PART
easat-6805	97	16	examine	examine	VERB
easat-6805	97	17	the	the	DET
easat-6805	97	18	relationship	relationship	NOUN
easat-6805	97	19	between	between	ADP
easat-6805	97	20	profitability	profitability	NOUN
easat-6805	97	21	,	,	PUNCT
easat-6805	97	22	debt	debt	NOUN
easat-6805	97	23	covenants	covenant	NOUN
easat-6805	97	24	,	,	PUNCT
easat-6805	97	25	and	and	CCONJ
easat-6805	97	26	financial	financial	ADJ
easat-6805	97	27	flexibility	flexibility	NOUN
easat-6805	97	28	with	with	ADP
easat-6805	97	29	firm	firm	ADJ
easat-6805	97	30	value	value	NOUN
easat-6805	97	31	,	,	PUNCT
easat-6805	97	32	while	while	SCONJ
easat-6805	97	33	considering	consider	VERB
easat-6805	97	34	the	the	DET
easat-6805	97	35	moderating	moderate	VERB
easat-6805	97	36	effect	effect	NOUN
easat-6805	97	37	of	of	ADP
easat-6805	97	38	company	company	NOUN
easat-6805	97	39	growth	growth	NOUN
easat-6805	97	40	.	.	PUNCT
easat-6805	98	1	the	the	DET
easat-6805	98	2	study	study	NOUN
easat-6805	98	3	is	be	AUX
easat-6805	98	4	conducted	conduct	VERB
easat-6805	98	5	on	on	ADP
easat-6805	98	6	ten	ten	NUM
easat-6805	98	7	of	of	ADP
easat-6805	98	8	the	the	DET
easat-6805	98	9	largest	large	ADJ
easat-6805	98	10	state	state	NOUN
easat-6805	98	11	-	-	PUNCT
easat-6805	98	12	owned	own	VERB
easat-6805	98	13	enterprises	enterprise	NOUN
easat-6805	98	14	(	(	PUNCT
easat-6805	98	15	soes	soe	NOUN
easat-6805	98	16	)	)	PUNCT
easat-6805	98	17	in	in	ADP
easat-6805	98	18	indonesia	indonesia	PROPN
easat-6805	98	19	over	over	ADP
easat-6805	98	20	the	the	DET
easat-6805	98	21	period	period	NOUN
easat-6805	98	22	2019–2024	2019–2024	NUM
easat-6805	98	23	.	.	PUNCT
easat-6805	98	24	by	by	ADP
easat-6805	98	25	utilizing	utilize	VERB
easat-6805	98	26	secondary	secondary	ADJ
easat-6805	98	27	data	datum	NOUN
easat-6805	98	28	from	from	ADP
easat-6805	98	29	official	official	ADJ
easat-6805	98	30	financial	financial	ADJ
easat-6805	98	31	reports	report	NOUN
easat-6805	98	32	and	and	CCONJ
easat-6805	98	33	publicly	publicly	ADV
easat-6805	98	34	available	available	ADJ
easat-6805	98	35	sources	source	NOUN
easat-6805	98	36	,	,	PUNCT
easat-6805	98	37	this	this	DET
easat-6805	98	38	research	research	NOUN
easat-6805	98	39	ensures	ensure	VERB
easat-6805	98	40	a	a	DET
easat-6805	98	41	comprehensive	comprehensive	ADJ
easat-6805	98	42	and	and	CCONJ
easat-6805	98	43	reliable	reliable	ADJ
easat-6805	98	44	dataset	dataset	NOUN
easat-6805	98	45	for	for	ADP
easat-6805	98	46	analysis	analysis	NOUN
easat-6805	98	47	.	.	PUNCT
easat-6805	99	1	the	the	DET
easat-6805	99	2	primary	primary	ADJ
easat-6805	99	3	goal	goal	NOUN
easat-6805	99	4	of	of	ADP
easat-6805	99	5	this	this	DET
easat-6805	99	6	research	research	NOUN
easat-6805	99	7	is	be	AUX
easat-6805	99	8	to	to	PART
easat-6805	99	9	understand	understand	VERB
easat-6805	99	10	how	how	SCONJ
easat-6805	99	11	financial	financial	ADJ
easat-6805	99	12	performance	performance	NOUN
easat-6805	99	13	indicators	indicator	NOUN
easat-6805	99	14	influence	influence	VERB
easat-6805	99	15	firm	firm	ADJ
easat-6805	99	16	value	value	NOUN
easat-6805	99	17	and	and	CCONJ
easat-6805	99	18	whether	whether	SCONJ
easat-6805	99	19	company	company	NOUN
easat-6805	99	20	growth	growth	NOUN
easat-6805	99	21	strengthens	strengthen	VERB
easat-6805	99	22	or	or	CCONJ
easat-6805	99	23	weakens	weaken	VERB
easat-6805	99	24	these	these	DET
easat-6805	99	25	relationships	relationship	NOUN
easat-6805	99	26	.	.	PUNCT
easat-6805	100	1	the	the	DET
easat-6805	100	2	study	study	NOUN
easat-6805	100	3	applies	apply	VERB
easat-6805	100	4	statistical	statistical	ADJ
easat-6805	100	5	modeling	modeling	NOUN
easat-6805	100	6	techniques	technique	NOUN
easat-6805	100	7	to	to	PART
easat-6805	100	8	determine	determine	VERB
easat-6805	100	9	significant	significant	ADJ
easat-6805	100	10	patterns	pattern	NOUN
easat-6805	100	11	and	and	CCONJ
easat-6805	100	12	associations	association	NOUN
easat-6805	100	13	among	among	ADP
easat-6805	100	14	the	the	DET
easat-6805	100	15	variables	variable	NOUN
easat-6805	100	16	.	.	PUNCT
easat-6805	101	1	data	datum	NOUN
easat-6805	101	2	collection	collection	NOUN
easat-6805	101	3	and	and	CCONJ
easat-6805	101	4	sample	sample	NOUN
easat-6805	101	5	to	to	PART
easat-6805	101	6	ensure	ensure	VERB
easat-6805	101	7	the	the	DET
easat-6805	101	8	validity	validity	NOUN
easat-6805	101	9	and	and	CCONJ
easat-6805	101	10	reliability	reliability	NOUN
easat-6805	101	11	of	of	ADP
easat-6805	101	12	the	the	DET
easat-6805	101	13	findings	finding	NOUN
easat-6805	101	14	,	,	PUNCT
easat-6805	101	15	the	the	DET
easat-6805	101	16	data	data	NOUN
easat-6805	101	17	collection	collection	NOUN
easat-6805	101	18	process	process	NOUN
easat-6805	101	19	follows	follow	VERB
easat-6805	101	20	strict	strict	ADJ
easat-6805	101	21	criteria	criterion	NOUN
easat-6805	101	22	in	in	ADP
easat-6805	101	23	selecting	select	VERB
easat-6805	101	24	companies	company	NOUN
easat-6805	101	25	and	and	CCONJ
easat-6805	101	26	sources	source	NOUN
easat-6805	101	27	of	of	ADP
easat-6805	101	28	financial	financial	ADJ
easat-6805	101	29	data	datum	NOUN
easat-6805	101	30	.	.	PUNCT
easat-6805	102	1	the	the	DET
easat-6805	102	2	sample	sample	NOUN
easat-6805	102	3	firms	firm	NOUN
easat-6805	102	4	are	be	AUX
easat-6805	102	5	chosen	choose	VERB
easat-6805	102	6	based	base	VERB
easat-6805	102	7	on	on	ADP
easat-6805	102	8	the	the	DET
easat-6805	102	9	following	follow	VERB
easat-6805	102	10	criteria	criterion	NOUN
easat-6805	102	11	:	:	PUNCT
easat-6805	102	12	a.	a.	NOUN
easat-6805	102	13	market	market	NOUN
easat-6805	102	14	significance	significance	NOUN
easat-6805	102	15	:	:	PUNCT
easat-6805	102	16	only	only	ADV
easat-6805	102	17	the	the	DET
easat-6805	102	18	ten	ten	NUM
easat-6805	102	19	largest	large	ADJ
easat-6805	102	20	soes	soe	NOUN
easat-6805	102	21	,	,	PUNCT
easat-6805	102	22	in	in	ADP
easat-6805	102	23	terms	term	NOUN
easat-6805	102	24	of	of	ADP
easat-6805	102	25	market	market	NOUN
easat-6805	102	26	capitalization	capitalization	NOUN
easat-6805	102	27	and	and	CCONJ
easat-6805	102	28	economic	economic	ADJ
easat-6805	102	29	contribution	contribution	NOUN
easat-6805	102	30	,	,	PUNCT
easat-6805	102	31	are	be	AUX
easat-6805	102	32	considered	consider	VERB
easat-6805	102	33	.	.	PUNCT
easat-6805	103	1	b.	b.	PROPN
easat-6805	103	2	data	data	PROPN
easat-6805	103	3	availability	availability	NOUN
easat-6805	103	4	:	:	PUNCT
easat-6805	103	5	the	the	DET
easat-6805	103	6	companies	company	NOUN
easat-6805	103	7	must	must	AUX
easat-6805	103	8	have	have	VERB
easat-6805	103	9	complete	complete	ADJ
easat-6805	103	10	financial	financial	ADJ
easat-6805	103	11	reports	report	NOUN
easat-6805	103	12	from	from	ADP
easat-6805	103	13	2019	2019	NUM
easat-6805	103	14	to	to	ADP
easat-6805	103	15	2024	2024	NUM
easat-6805	103	16	to	to	PART
easat-6805	103	17	ensure	ensure	VERB
easat-6805	103	18	a	a	DET
easat-6805	103	19	consistent	consistent	ADJ
easat-6805	103	20	panel	panel	NOUN
easat-6805	103	21	dataset	dataset	NOUN
easat-6805	103	22	.	.	PUNCT
easat-6805	104	1	c.	c.	PROPN
easat-6805	104	2	stock	stock	PROPN
easat-6805	104	3	exchange	exchange	PROPN
easat-6805	104	4	listing	list	VERB
easat-6805	104	5	:	:	PUNCT
easat-6805	104	6	the	the	DET
easat-6805	104	7	selected	select	VERB
easat-6805	104	8	firms	firm	NOUN
easat-6805	104	9	must	must	AUX
easat-6805	104	10	be	be	AUX
easat-6805	104	11	publicly	publicly	ADV
easat-6805	104	12	listed	list	VERB
easat-6805	104	13	on	on	ADP
easat-6805	104	14	the	the	DET
easat-6805	104	15	indonesia	indonesia	PROPN
easat-6805	104	16	stock	stock	PROPN
easat-6805	104	17	exchange	exchange	PROPN
easat-6805	104	18	(	(	PUNCT
easat-6805	104	19	idx	idx	PROPN
easat-6805	104	20	)	)	PUNCT
easat-6805	104	21	to	to	PART
easat-6805	104	22	ensure	ensure	VERB
easat-6805	104	23	the	the	DET
easat-6805	104	24	availability	availability	NOUN
easat-6805	104	25	of	of	ADP
easat-6805	104	26	standardized	standardized	ADJ
easat-6805	104	27	financial	financial	ADJ
easat-6805	104	28	statements	statement	NOUN
easat-6805	104	29	.	.	PUNCT
easat-6805	105	1	the	the	DET
easat-6805	105	2	financial	financial	ADJ
easat-6805	105	3	data	datum	NOUN
easat-6805	105	4	is	be	AUX
easat-6805	105	5	collected	collect	VERB
easat-6805	105	6	from	from	ADP
easat-6805	105	7	multiple	multiple	ADJ
easat-6805	105	8	credible	credible	ADJ
easat-6805	105	9	sources	source	NOUN
easat-6805	105	10	,	,	PUNCT
easat-6805	105	11	including	include	VERB
easat-6805	105	12	:	:	PUNCT
easat-6805	105	13	a.	a.	NOUN
easat-6805	105	14	annual	annual	ADJ
easat-6805	105	15	reports	report	NOUN
easat-6805	105	16	:	:	PUNCT
easat-6805	105	17	official	official	ADJ
easat-6805	105	18	financial	financial	ADJ
easat-6805	105	19	reports	report	NOUN
easat-6805	105	20	published	publish	VERB
easat-6805	105	21	by	by	ADP
easat-6805	105	22	the	the	DET
easat-6805	105	23	companies	company	NOUN
easat-6805	105	24	.	.	PUNCT
easat-6805	106	1	b.	b.	PROPN
easat-6805	106	2	indonesia	indonesia	PROPN
easat-6805	106	3	stock	stock	PROPN
easat-6805	106	4	exchange	exchange	PROPN
easat-6805	106	5	(	(	PUNCT
easat-6805	106	6	idx	idx	ADJ
easat-6805	106	7	):	):	PUNCT
easat-6805	106	8	publicly	publicly	ADV
easat-6805	106	9	available	available	ADJ
easat-6805	106	10	financial	financial	ADJ
easat-6805	106	11	disclosures	disclosure	NOUN
easat-6805	106	12	.	.	PUNCT
easat-6805	107	1	c.	c.	PROPN
easat-6805	107	2	bloomberg	bloomberg	PROPN
easat-6805	107	3	terminal	terminal	PROPN
easat-6805	107	4	&	&	CCONJ
easat-6805	107	5	datastream	datastream	PROPN
easat-6805	107	6	:	:	PUNCT
easat-6805	107	7	additional	additional	ADJ
easat-6805	107	8	financial	financial	ADJ
easat-6805	107	9	indicators	indicator	NOUN
easat-6805	107	10	to	to	PART
easat-6805	107	11	enhance	enhance	VERB
easat-6805	107	12	robustness	robustness	NOUN
easat-6805	107	13	.	.	PUNCT
easat-6805	108	1	by	by	ADP
easat-6805	108	2	collecting	collect	VERB
easat-6805	108	3	data	datum	NOUN
easat-6805	108	4	from	from	ADP
easat-6805	108	5	these	these	DET
easat-6805	108	6	sources	source	NOUN
easat-6805	108	7	,	,	PUNCT
easat-6805	108	8	this	this	DET
easat-6805	108	9	study	study	NOUN
easat-6805	108	10	ensures	ensure	VERB
easat-6805	108	11	accuracy	accuracy	NOUN
easat-6805	108	12	and	and	CCONJ
easat-6805	108	13	minimizes	minimizes	ADJ
easat-6805	108	14	biases	bias	NOUN
easat-6805	108	15	in	in	ADP
easat-6805	108	16	financial	financial	ADJ
easat-6805	108	17	reporting	reporting	NOUN
easat-6805	108	18	.	.	PUNCT
easat-6805	109	1	2.2	2.2	NUM
easat-6805	109	2	.	.	PUNCT
easat-6805	109	3	variables	variable	NOUN
easat-6805	109	4	and	and	CCONJ
easat-6805	109	5	measurement	measurement	VERB
easat-6805	109	6	the	the	DET
easat-6805	109	7	study	study	NOUN
easat-6805	109	8	examines	examine	VERB
easat-6805	109	9	four	four	NUM
easat-6805	109	10	main	main	ADJ
easat-6805	109	11	categories	category	NOUN
easat-6805	109	12	of	of	ADP
easat-6805	109	13	variables	variable	NOUN
easat-6805	109	14	:	:	PUNCT
easat-6805	109	15	dependent	dependent	ADJ
easat-6805	109	16	,	,	PUNCT
easat-6805	109	17	independent	independent	ADJ
easat-6805	109	18	,	,	PUNCT
easat-6805	109	19	moderating	moderating	NOUN
easat-6805	109	20	,	,	PUNCT
easat-6805	109	21	and	and	CCONJ
easat-6805	109	22	control	control	NOUN
easat-6805	109	23	variables	variable	NOUN
easat-6805	109	24	.	.	PUNCT
easat-6805	110	1	each	each	DET
easat-6805	110	2	variable	variable	NOUN
easat-6805	110	3	is	be	AUX
easat-6805	110	4	carefully	carefully	ADV
easat-6805	110	5	selected	select	VERB
easat-6805	110	6	based	base	VERB
easat-6805	110	7	on	on	ADP
easat-6805	110	8	theoretical	theoretical	ADJ
easat-6805	110	9	foundations	foundation	NOUN
easat-6805	110	10	and	and	CCONJ
easat-6805	110	11	empirical	empirical	ADJ
easat-6805	110	12	studies	study	NOUN
easat-6805	110	13	.	.	PUNCT
easat-6805	111	1	2.2.1	2.2.1	NUM
easat-6805	111	2	.	.	PUNCT
easat-6805	112	1	dependent	dependent	ADJ
easat-6805	112	2	variable	variable	NOUN
easat-6805	112	3	the	the	DET
easat-6805	112	4	dependent	dependent	ADJ
easat-6805	112	5	variable	variable	NOUN
easat-6805	112	6	in	in	ADP
easat-6805	112	7	this	this	DET
easat-6805	112	8	study	study	NOUN
easat-6805	112	9	is	be	AUX
easat-6805	112	10	firm	firm	ADJ
easat-6805	112	11	value	value	NOUN
easat-6805	112	12	(	(	PUNCT
easat-6805	112	13	fv	fv	NOUN
easat-6805	112	14	)	)	PUNCT
easat-6805	112	15	,	,	PUNCT
easat-6805	112	16	which	which	PRON
easat-6805	112	17	represents	represent	VERB
easat-6805	112	18	the	the	DET
easat-6805	112	19	market	market	NOUN
easat-6805	112	20	’s	’s	PART
easat-6805	112	21	perception	perception	NOUN
easat-6805	112	22	of	of	ADP
easat-6805	112	23	a	a	DET
easat-6805	112	24	company	company	NOUN
easat-6805	112	25	’s	’s	PART
easat-6805	112	26	worth	worth	ADJ
easat-6805	112	27	.	.	PUNCT
easat-6805	113	1	it	it	PRON
easat-6805	113	2	is	be	AUX
easat-6805	113	3	measured	measure	VERB
easat-6805	113	4	using	use	VERB
easat-6805	113	5	tobin	tobin	PROPN
easat-6805	113	6	’s	’s	PART
easat-6805	113	7	q	q	NOUN
easat-6805	113	8	,	,	PUNCT
easat-6805	113	9	a	a	DET
easat-6805	113	10	widely	widely	ADV
easat-6805	113	11	recognized	recognize	VERB
easat-6805	113	12	metric	metric	ADJ
easat-6805	113	13	in	in	ADP
easat-6805	113	14	financial	financial	ADJ
easat-6805	113	15	research	research	NOUN
easat-6805	113	16	:	:	PUNCT
easat-6805	113	17	𝑇𝑜𝑏𝑖𝑛′𝑠𝑄	𝑇𝑜𝑏𝑖𝑛′𝑠𝑄	PROPN
easat-6805	113	18	=	=	PUNCT
easat-6805	113	19	𝑀𝑎𝑟𝑘𝑒𝑡	𝑀𝑎𝑟𝑘𝑒𝑡	PROPN
easat-6805	113	20	𝑉𝑎𝑙𝑢𝑒	𝑉𝑎𝑙𝑢𝑒	PROPN
easat-6805	113	21	𝑜𝑓	𝑜𝑓	ADP
easat-6805	113	22	𝐸𝑞𝑢𝑖𝑡𝑦	𝐸𝑞𝑢𝑖𝑡𝑦	PROPN
easat-6805	113	23	+	+	CCONJ
easat-6805	113	24	𝑇𝑜𝑡𝑎𝑙	𝑇𝑜𝑡𝑎𝑙	PROPN
easat-6805	113	25	𝐿𝑖𝑎𝑏𝑖𝑙𝑖𝑡𝑖𝑒𝑠	𝐿𝑖𝑎𝑏𝑖𝑙𝑖𝑡𝑖𝑒𝑠	PROPN
easat-6805	113	26	𝑇𝑜𝑡𝑎𝑙	𝑇𝑜𝑡𝑎𝑙	PROPN
easat-6805	113	27	𝐴𝑠𝑠𝑒𝑡𝑠	𝐴𝑠𝑠𝑒𝑡𝑠	PROPN
easat-6805	113	28	a	a	DET
easat-6805	113	29	tobin	tobin	NOUN
easat-6805	113	30	’s	’s	NOUN
easat-6805	113	31	q	q	PUNCT
easat-6805	113	32	greater	great	ADJ
easat-6805	113	33	than	than	ADP
easat-6805	113	34	1	1	NUM
easat-6805	113	35	suggests	suggest	VERB
easat-6805	113	36	that	that	SCONJ
easat-6805	113	37	investors	investor	NOUN
easat-6805	113	38	value	value	VERB
easat-6805	113	39	the	the	DET
easat-6805	113	40	firm	firm	NOUN
easat-6805	113	41	more	more	ADJ
easat-6805	113	42	than	than	ADP
easat-6805	113	43	its	its	PRON
easat-6805	113	44	total	total	ADJ
easat-6805	113	45	assets	asset	NOUN
easat-6805	113	46	,	,	PUNCT
easat-6805	113	47	indicating	indicate	VERB
easat-6805	113	48	strong	strong	ADJ
easat-6805	113	49	market	market	NOUN
easat-6805	113	50	confidence	confidence	NOUN
easat-6805	113	51	,	,	PUNCT
easat-6805	113	52	while	while	SCONJ
easat-6805	113	53	a	a	DET
easat-6805	113	54	tobin	tobin	NOUN
easat-6805	113	55	’s	’s	PART
easat-6805	114	1	q	q	PUNCT
easat-6805	114	2	lower	low	ADJ
easat-6805	114	3	than	than	ADP
easat-6805	114	4	1	1	NUM
easat-6805	114	5	implies	imply	VERB
easat-6805	114	6	undervaluation	undervaluation	NOUN
easat-6805	114	7	.	.	PUNCT
easat-6805	115	1	2.2.2	2.2.2	X
easat-6805	115	2	.	.	PUNCT
easat-6805	115	3	independent	independent	ADJ
easat-6805	115	4	variables	variable	NOUN
easat-6805	115	5	the	the	DET
easat-6805	115	6	independent	independent	ADJ
easat-6805	115	7	variables	variable	NOUN
easat-6805	115	8	in	in	ADP
easat-6805	115	9	this	this	DET
easat-6805	115	10	study	study	NOUN
easat-6805	115	11	reflect	reflect	VERB
easat-6805	115	12	key	key	ADJ
easat-6805	115	13	financial	financial	ADJ
easat-6805	115	14	performance	performance	NOUN
easat-6805	115	15	indicators	indicator	NOUN
easat-6805	115	16	that	that	PRON
easat-6805	115	17	influence	influence	VERB
easat-6805	115	18	firm	firm	ADJ
easat-6805	115	19	value	value	NOUN
easat-6805	115	20	:	:	PUNCT
easat-6805	115	21	profitability	profitability	NOUN
easat-6805	115	22	(	(	PUNCT
easat-6805	115	23	roa	roa	NOUN
easat-6805	115	24	):	):	PUNCT
easat-6805	115	25	measures	measure	NOUN
easat-6805	115	26	a	a	DET
easat-6805	115	27	firm	firm	NOUN
easat-6805	115	28	’s	’s	PART
easat-6805	115	29	ability	ability	NOUN
easat-6805	115	30	to	to	PART
easat-6805	115	31	generate	generate	VERB
easat-6805	115	32	profit	profit	NOUN
easat-6805	115	33	from	from	ADP
easat-6805	115	34	its	its	PRON
easat-6805	115	35	assets	asset	NOUN
easat-6805	115	36	.	.	PUNCT
easat-6805	116	1	it	it	PRON
easat-6805	116	2	is	be	AUX
easat-6805	116	3	calculated	calculate	VERB
easat-6805	116	4	as	as	ADP
easat-6805	116	5	:	:	PUNCT
easat-6805	116	6	𝑅𝑂𝐴	𝑅𝑂𝐴	PROPN
easat-6805	116	7	=	=	PUNCT
easat-6805	116	8	𝑁𝑒𝑡	𝑁𝑒𝑡	PROPN
easat-6805	116	9	𝐼𝑛𝑐𝑜𝑚𝑒	𝐼𝑛𝑐𝑜𝑚𝑒	PROPN
easat-6805	116	10	𝑇𝑜𝑡𝑎𝑙	𝑇𝑜𝑡𝑎𝑙	PROPN
easat-6805	116	11	𝐴𝑠𝑠𝑒𝑡𝑠	𝐴𝑠𝑠𝑒𝑡𝑠	PROPN
easat-6805	116	12	a	a	DET
easat-6805	116	13	higher	high	ADJ
easat-6805	116	14	roa	roa	NOUN
easat-6805	116	15	indicates	indicate	VERB
easat-6805	116	16	better	well	ADJ
easat-6805	116	17	financial	financial	ADJ
easat-6805	116	18	performance	performance	NOUN
easat-6805	116	19	and	and	CCONJ
easat-6805	116	20	is	be	AUX
easat-6805	116	21	expected	expect	VERB
easat-6805	116	22	to	to	PART
easat-6805	116	23	positively	positively	ADV
easat-6805	116	24	impact	impact	VERB
easat-6805	116	25	firm	firm	ADJ
easat-6805	116	26	value	value	NOUN
easat-6805	116	27	.	.	PUNCT
easat-6805	117	1	debt	debt	NOUN
easat-6805	117	2	covenants	covenant	NOUN
easat-6805	117	3	(	(	PUNCT
easat-6805	117	4	der	der	ADJ
easat-6805	117	5	):	):	PUNCT
easat-6805	117	6	represents	represent	VERB
easat-6805	117	7	a	a	DET
easat-6805	117	8	company	company	NOUN
easat-6805	117	9	’s	’s	PART
easat-6805	117	10	leverage	leverage	NOUN
easat-6805	117	11	and	and	CCONJ
easat-6805	117	12	financial	financial	ADJ
easat-6805	117	13	risk	risk	NOUN
easat-6805	117	14	,	,	PUNCT
easat-6805	117	15	measured	measure	VERB
easat-6805	117	16	using	use	VERB
easat-6805	117	17	the	the	DET
easat-6805	117	18	debt	debt	NOUN
easat-6805	117	19	-	-	PUNCT
easat-6805	117	20	to	to	ADP
easat-6805	117	21	-	-	PUNCT
easat-6805	117	22	equity	equity	NOUN
easat-6805	117	23	ratio	ratio	NOUN
easat-6805	117	24	(	(	PUNCT
easat-6805	117	25	der	der	NOUN
easat-6805	117	26	):	):	PUNCT
easat-6805	117	27	115	115	PROPN
easat-6805	117	28	edelweiss	edelweiss	PROPN
easat-6805	117	29	applied	apply	VERB
easat-6805	117	30	science	science	NOUN
easat-6805	117	31	and	and	CCONJ
easat-6805	117	32	technology	technology	NOUN
easat-6805	117	33	issn	issn	PROPN
easat-6805	117	34	:	:	PUNCT
easat-6805	117	35	2576	2576	NUM
easat-6805	117	36	-	-	SYM
easat-6805	117	37	8484	8484	NUM
easat-6805	117	38	vol	vol	NOUN
easat-6805	117	39	.	.	PROPN
easat-6805	118	1	9	9	NUM
easat-6805	118	2	,	,	PUNCT
easat-6805	118	3	no	no	INTJ
easat-6805	118	4	.	.	NOUN
easat-6805	118	5	5	5	NUM
easat-6805	118	6	:	:	SYM
easat-6805	118	7	110	110	NUM
easat-6805	118	8	-	-	SYM
easat-6805	118	9	119	119	NUM
easat-6805	118	10	,	,	PUNCT
easat-6805	118	11	2025	2025	NUM
easat-6805	118	12	doi	doi	NOUN
easat-6805	118	13	:	:	PUNCT
easat-6805	118	14	10.55214/25768484.v9i5.6805	10.55214/25768484.v9i5.6805	NUM
easat-6805	118	15	©	©	PROPN
easat-6805	118	16	2025	2025	NUM
easat-6805	118	17	by	by	ADP
easat-6805	118	18	the	the	DET
easat-6805	118	19	authors	author	NOUN
easat-6805	118	20	;	;	PUNCT
easat-6805	118	21	licensee	licensee	PROPN
easat-6805	118	22	learning	learning	NOUN
easat-6805	118	23	gate	gate	VERB
easat-6805	118	24	𝐷𝐸𝑅	𝐷𝐸𝑅	PROPN
easat-6805	118	25	=	=	SYM
easat-6805	118	26	𝑇𝑜𝑡𝑎𝑙	𝑇𝑜𝑡𝑎𝑙	PROPN
easat-6805	118	27	𝐷𝑒𝑏𝑡	𝐷𝑒𝑏𝑡	PROPN
easat-6805	118	28	𝑆ℎ𝑎𝑟𝑒ℎ𝑜𝑙𝑑𝑒𝑟′𝑠	𝑆ℎ𝑎𝑟𝑒ℎ𝑜𝑙𝑑𝑒𝑟′𝑠	PROPN
easat-6805	118	29	𝐸𝑞𝑢𝑖𝑡𝑦	𝐸𝑞𝑢𝑖𝑡𝑦	PROPN
easat-6805	118	30	a	a	DET
easat-6805	118	31	higher	high	ADJ
easat-6805	118	32	der	der	NOUN
easat-6805	118	33	suggests	suggest	VERB
easat-6805	118	34	greater	great	ADJ
easat-6805	118	35	reliance	reliance	NOUN
easat-6805	118	36	on	on	ADP
easat-6805	118	37	debt	debt	NOUN
easat-6805	118	38	,	,	PUNCT
easat-6805	118	39	which	which	PRON
easat-6805	118	40	could	could	AUX
easat-6805	118	41	negatively	negatively	ADV
easat-6805	118	42	affect	affect	VERB
easat-6805	118	43	firm	firm	ADJ
easat-6805	118	44	value	value	NOUN
easat-6805	118	45	due	due	ADP
easat-6805	118	46	to	to	ADP
easat-6805	118	47	financial	financial	ADJ
easat-6805	118	48	distress	distress	NOUN
easat-6805	118	49	risks	risk	NOUN
easat-6805	118	50	.	.	PUNCT
easat-6805	119	1	financial	financial	ADJ
easat-6805	119	2	flexibility	flexibility	NOUN
easat-6805	119	3	(	(	PUNCT
easat-6805	119	4	ff	ff	NOUN
easat-6805	119	5	):	):	PUNCT
easat-6805	119	6	reflects	reflect	VERB
easat-6805	119	7	a	a	DET
easat-6805	119	8	firm	firm	NOUN
easat-6805	119	9	’s	’s	PART
easat-6805	119	10	ability	ability	NOUN
easat-6805	119	11	to	to	PART
easat-6805	119	12	respond	respond	VERB
easat-6805	119	13	to	to	ADP
easat-6805	119	14	financial	financial	ADJ
easat-6805	119	15	shocks	shock	NOUN
easat-6805	119	16	.	.	PUNCT
easat-6805	120	1	it	it	PRON
easat-6805	120	2	is	be	AUX
easat-6805	120	3	calculated	calculate	VERB
easat-6805	120	4	as	as	ADP
easat-6805	120	5	:	:	PUNCT
easat-6805	120	6	𝐹𝐹	𝐹𝐹	PROPN
easat-6805	120	7	=	=	SYM
easat-6805	120	8	𝐶𝑎𝑠ℎ	𝐶𝑎𝑠ℎ	ADJ
easat-6805	120	9	𝑎𝑛𝑑	𝑎𝑛𝑑	ADJ
easat-6805	120	10	𝐶𝑎𝑠ℎ	𝐶𝑎𝑠ℎ	PROPN
easat-6805	120	11	𝐸𝑞𝑢𝑖𝑣𝑎𝑙𝑒𝑛𝑡𝑠	𝐸𝑞𝑢𝑖𝑣𝑎𝑙𝑒𝑛𝑡𝑠	PROPN
easat-6805	120	12	𝑇𝑜𝑡𝑎𝑙	𝑇𝑜𝑡𝑎𝑙	PROPN
easat-6805	120	13	𝐴𝑠𝑠𝑒𝑡𝑠	𝐴𝑠𝑠𝑒𝑡𝑠	ADJ
easat-6805	120	14	higher	high	ADJ
easat-6805	120	15	financial	financial	ADJ
easat-6805	120	16	flexibility	flexibility	NOUN
easat-6805	120	17	provides	provide	VERB
easat-6805	120	18	firms	firm	NOUN
easat-6805	120	19	with	with	ADP
easat-6805	120	20	greater	great	ADJ
easat-6805	120	21	resilience	resilience	NOUN
easat-6805	120	22	and	and	CCONJ
easat-6805	120	23	investment	investment	NOUN
easat-6805	120	24	opportunities	opportunity	NOUN
easat-6805	120	25	.	.	PUNCT
easat-6805	121	1	2.2.3	2.2.3	X
easat-6805	121	2	.	.	X
easat-6805	122	1	moderating	moderate	VERB
easat-6805	122	2	variable	variable	ADJ
easat-6805	122	3	the	the	DET
easat-6805	122	4	study	study	NOUN
easat-6805	122	5	examines	examine	VERB
easat-6805	122	6	whether	whether	SCONJ
easat-6805	122	7	company	company	NOUN
easat-6805	122	8	growth	growth	NOUN
easat-6805	122	9	moderates	moderate	VERB
easat-6805	122	10	the	the	DET
easat-6805	122	11	relationship	relationship	NOUN
easat-6805	122	12	between	between	ADP
easat-6805	122	13	financial	financial	ADJ
easat-6805	122	14	indicators	indicator	NOUN
easat-6805	122	15	and	and	CCONJ
easat-6805	122	16	firm	firm	ADJ
easat-6805	122	17	value	value	NOUN
easat-6805	122	18	.	.	PUNCT
easat-6805	123	1	the	the	DET
easat-6805	123	2	moderating	moderate	VERB
easat-6805	123	3	variable	variable	NOUN
easat-6805	123	4	,	,	PUNCT
easat-6805	123	5	company	company	NOUN
easat-6805	123	6	growth	growth	NOUN
easat-6805	123	7	(	(	PUNCT
easat-6805	123	8	growth	growth	NOUN
easat-6805	123	9	)	)	PUNCT
easat-6805	123	10	,	,	PUNCT
easat-6805	123	11	is	be	AUX
easat-6805	123	12	measured	measure	VERB
easat-6805	123	13	by	by	ADP
easat-6805	123	14	the	the	DET
easat-6805	123	15	revenue	revenue	NOUN
easat-6805	123	16	growth	growth	NOUN
easat-6805	123	17	rate	rate	NOUN
easat-6805	123	18	,	,	PUNCT
easat-6805	123	19	calculated	calculate	VERB
easat-6805	123	20	as	as	ADP
easat-6805	123	21	:	:	PUNCT
easat-6805	123	22	𝐺𝑟𝑜𝑤𝑡ℎ	𝐺𝑟𝑜𝑤𝑡ℎ	PROPN
easat-6805	123	23	=	=	PUNCT
easat-6805	124	1	𝑅𝑒𝑣𝑒𝑛𝑢𝑒𝑡	𝑅𝑒𝑣𝑒𝑛𝑢𝑒𝑡	PROPN
easat-6805	124	2	−	−	PROPN
easat-6805	124	3	𝑅𝑒𝑣𝑒𝑛𝑢𝑒𝑡−1	𝑅𝑒𝑣𝑒𝑛𝑢𝑒𝑡−1	NOUN
easat-6805	124	4	𝑅𝑒𝑣𝑒𝑛𝑢𝑒𝑡−1	𝑅𝑒𝑣𝑒𝑛𝑢𝑒𝑡−1	VERB
easat-6805	124	5	higher	high	ADJ
easat-6805	124	6	growth	growth	NOUN
easat-6805	124	7	indicates	indicate	VERB
easat-6805	124	8	a	a	DET
easat-6805	124	9	firm	firm	NOUN
easat-6805	124	10	’s	’s	PART
easat-6805	124	11	ability	ability	NOUN
easat-6805	124	12	to	to	PART
easat-6805	124	13	expand	expand	VERB
easat-6805	124	14	and	and	CCONJ
easat-6805	124	15	increase	increase	VERB
easat-6805	124	16	its	its	PRON
easat-6805	124	17	market	market	NOUN
easat-6805	124	18	presence	presence	NOUN
easat-6805	124	19	.	.	PUNCT
easat-6805	125	1	2.2.4	2.2.4	X
easat-6805	125	2	.	.	X
easat-6805	125	3	control	control	NOUN
easat-6805	125	4	variables	variable	NOUN
easat-6805	125	5	to	to	PART
easat-6805	125	6	account	account	VERB
easat-6805	125	7	for	for	ADP
easat-6805	125	8	external	external	ADJ
easat-6805	125	9	factors	factor	NOUN
easat-6805	125	10	that	that	PRON
easat-6805	125	11	may	may	AUX
easat-6805	125	12	affect	affect	VERB
easat-6805	125	13	firm	firm	ADJ
easat-6805	125	14	value	value	NOUN
easat-6805	125	15	,	,	PUNCT
easat-6805	125	16	this	this	DET
easat-6805	125	17	study	study	NOUN
easat-6805	125	18	includes	include	VERB
easat-6805	125	19	two	two	NUM
easat-6805	125	20	control	control	NOUN
easat-6805	125	21	variables	variable	NOUN
easat-6805	125	22	:	:	PUNCT
easat-6805	125	23	a	a	X
easat-6805	125	24	)	)	PUNCT
easat-6805	125	25	firm	firm	ADJ
easat-6805	125	26	size	size	NOUN
easat-6805	125	27	(	(	PUNCT
easat-6805	125	28	size	size	NOUN
easat-6805	125	29	):	):	PUNCT
easat-6805	125	30	measured	measure	VERB
easat-6805	125	31	as	as	ADP
easat-6805	125	32	the	the	DET
easat-6805	125	33	logarithm	logarithm	NOUN
easat-6805	125	34	of	of	ADP
easat-6805	125	35	total	total	ADJ
easat-6805	125	36	assets	asset	NOUN
easat-6805	125	37	.	.	PUNCT
easat-6805	126	1	larger	large	ADJ
easat-6805	126	2	firms	firm	NOUN
easat-6805	126	3	may	may	AUX
easat-6805	126	4	have	have	VERB
easat-6805	126	5	higher	high	ADJ
easat-6805	126	6	firm	firm	ADJ
easat-6805	126	7	value	value	NOUN
easat-6805	126	8	due	due	ADP
easat-6805	126	9	to	to	ADP
easat-6805	126	10	economies	economy	NOUN
easat-6805	126	11	of	of	ADP
easat-6805	126	12	scale	scale	NOUN
easat-6805	126	13	.	.	PUNCT
easat-6805	127	1	b	b	X
easat-6805	127	2	)	)	PUNCT
easat-6805	127	3	leverage	leverage	NOUN
easat-6805	127	4	(	(	PUNCT
easat-6805	127	5	lev	lev	NOUN
easat-6805	127	6	):	):	PUNCT
easat-6805	127	7	the	the	DET
easat-6805	127	8	ratio	ratio	NOUN
easat-6805	127	9	of	of	ADP
easat-6805	127	10	total	total	ADJ
easat-6805	127	11	liabilities	liability	NOUN
easat-6805	127	12	to	to	PART
easat-6805	127	13	total	total	ADJ
easat-6805	127	14	assets	asset	NOUN
easat-6805	127	15	,	,	PUNCT
easat-6805	127	16	indicating	indicate	VERB
easat-6805	127	17	a	a	DET
easat-6805	127	18	firm	firm	NOUN
easat-6805	127	19	's	's	PART
easat-6805	127	20	financial	financial	ADJ
easat-6805	127	21	structure	structure	NOUN
easat-6805	127	22	.	.	PUNCT
easat-6805	128	1	2.3	2.3	NUM
easat-6805	128	2	.	.	PUNCT
easat-6805	128	3	model	model	NOUN
easat-6805	128	4	specification	specification	NOUN
easat-6805	128	5	to	to	PART
easat-6805	128	6	analyze	analyze	VERB
easat-6805	128	7	the	the	DET
easat-6805	128	8	relationships	relationship	NOUN
easat-6805	128	9	among	among	ADP
easat-6805	128	10	these	these	DET
easat-6805	128	11	variables	variable	NOUN
easat-6805	128	12	,	,	PUNCT
easat-6805	128	13	this	this	DET
easat-6805	128	14	study	study	NOUN
easat-6805	128	15	employs	employ	VERB
easat-6805	128	16	a	a	DET
easat-6805	128	17	panel	panel	NOUN
easat-6805	128	18	data	datum	NOUN
easat-6805	128	19	regression	regression	NOUN
easat-6805	128	20	model	model	NOUN
easat-6805	128	21	with	with	ADP
easat-6805	128	22	the	the	DET
easat-6805	128	23	following	follow	VERB
easat-6805	128	24	equation	equation	NOUN
easat-6805	128	25	:	:	PUNCT
easat-6805	128	26	𝐹𝑉𝑖𝑡	𝐹𝑉𝑖𝑡	PROPN
easat-6805	128	27	=	=	SYM
easat-6805	128	28	𝛽0	𝛽0	PROPN
easat-6805	128	29	+	+	CCONJ
easat-6805	128	30	𝛽1𝑅𝑂𝐴𝑖𝑡	𝛽1𝑅𝑂𝐴𝑖𝑡	ADJ
easat-6805	128	31	+	+	X
easat-6805	128	32	𝛽2𝐷𝐸𝑅𝑖𝑡	𝛽2𝐷𝐸𝑅𝑖𝑡	X
easat-6805	128	33	+	+	CCONJ
easat-6805	128	34	𝛽3𝐹𝐹𝑖𝑡	𝛽3𝐹𝐹𝑖𝑡	ADJ
easat-6805	128	35	+	+	CCONJ
easat-6805	128	36	𝛽4𝐺𝑟𝑜𝑤𝑡ℎ𝑖𝑡	𝛽4𝐺𝑟𝑜𝑤𝑡ℎ𝑖𝑡	NOUN
easat-6805	128	37	+	+	CCONJ
easat-6805	128	38	∑𝛽5(𝑋𝑖𝑡	∑𝛽5(𝑋𝑖𝑡	NUM
easat-6805	128	39	×	×	NOUN
easat-6805	128	40	𝐺𝑟𝑜𝑤𝑡ℎ𝑖𝑡	𝐺𝑟𝑜𝑤𝑡ℎ𝑖𝑡	PROPN
easat-6805	128	41	)	)	PUNCT
easat-6805	128	42	+	+	CCONJ
easat-6805	128	43	𝜖𝑖𝑡	𝜖𝑖𝑡	ADJ
easat-6805	128	44	where	where	SCONJ
easat-6805	128	45	:	:	PUNCT
easat-6805	128	46	𝐹𝑉𝑖𝑡	𝐹𝑉𝑖𝑡	PROPN
easat-6805	128	47	:	:	PUNCT
easat-6805	128	48	the	the	DET
easat-6805	128	49	dependent	dependent	ADJ
easat-6805	128	50	variable	variable	NOUN
easat-6805	128	51	representing	represent	VERB
easat-6805	128	52	the	the	DET
easat-6805	128	53	market	market	NOUN
easat-6805	128	54	valuation	valuation	NOUN
easat-6805	128	55	of	of	ADP
easat-6805	128	56	a	a	DET
easat-6805	128	57	company	company	NOUN
easat-6805	128	58	,	,	PUNCT
easat-6805	128	59	measured	measure	VERB
easat-6805	128	60	using	use	VERB
easat-6805	128	61	tobin	tobin	PROPN
easat-6805	128	62	’s	’s	PART
easat-6805	128	63	q.	q.	PROPN
easat-6805	128	64	𝛽0	𝛽0	PROPN
easat-6805	128	65	:	:	PUNCT
easat-6805	128	66	constant	constant	ADJ
easat-6805	128	67	term	term	NOUN
easat-6805	128	68	representing	represent	VERB
easat-6805	128	69	the	the	DET
easat-6805	128	70	baseline	baseline	ADJ
easat-6805	128	71	firm	firm	ADJ
easat-6805	128	72	value	value	NOUN
easat-6805	128	73	when	when	SCONJ
easat-6805	128	74	all	all	DET
easat-6805	128	75	independent	independent	ADJ
easat-6805	128	76	variables	variable	NOUN
easat-6805	128	77	are	be	AUX
easat-6805	128	78	zero	zero	NUM
easat-6805	128	79	.	.	PUNCT
easat-6805	129	1	𝛽1𝑅𝑂𝐴𝑖𝑡	𝛽1𝑅𝑂𝐴𝑖𝑡	NUM
easat-6805	129	2	:	:	PUNCT
easat-6805	129	3	measures	measure	NOUN
easat-6805	129	4	how	how	SCONJ
easat-6805	129	5	efficiently	efficiently	ADV
easat-6805	129	6	a	a	DET
easat-6805	129	7	firm	firm	NOUN
easat-6805	129	8	generates	generate	VERB
easat-6805	129	9	profits	profit	NOUN
easat-6805	129	10	from	from	ADP
easat-6805	129	11	its	its	PRON
easat-6805	129	12	total	total	ADJ
easat-6805	129	13	assets	asset	NOUN
easat-6805	129	14	.	.	PUNCT
easat-6805	130	1	a	a	DET
easat-6805	130	2	higher	high	ADJ
easat-6805	130	3	roa	roa	NOUN
easat-6805	130	4	indicates	indicate	VERB
easat-6805	130	5	better	well	ADJ
easat-6805	130	6	profitability	profitability	NOUN
easat-6805	130	7	.	.	PUNCT
easat-6805	131	1	𝛽2𝐷𝐸𝑅𝑖𝑡	𝛽2𝐷𝐸𝑅𝑖𝑡	NOUN
easat-6805	131	2	:	:	PUNCT
easat-6805	131	3	represents	represent	VERB
easat-6805	131	4	the	the	DET
easat-6805	131	5	proportion	proportion	NOUN
easat-6805	131	6	of	of	ADP
easat-6805	131	7	a	a	DET
easat-6805	131	8	company	company	NOUN
easat-6805	131	9	's	's	PART
easat-6805	131	10	financing	financing	NOUN
easat-6805	131	11	that	that	PRON
easat-6805	131	12	comes	come	VERB
easat-6805	131	13	from	from	ADP
easat-6805	131	14	debt	debt	NOUN
easat-6805	131	15	compared	compare	VERB
easat-6805	131	16	to	to	ADP
easat-6805	131	17	equity	equity	NOUN
easat-6805	131	18	.	.	PUNCT
easat-6805	132	1	higher	high	ADJ
easat-6805	132	2	debt	debt	NOUN
easat-6805	132	3	levels	level	NOUN
easat-6805	132	4	may	may	AUX
easat-6805	132	5	lead	lead	VERB
easat-6805	132	6	to	to	ADP
easat-6805	132	7	financial	financial	ADJ
easat-6805	132	8	risk	risk	NOUN
easat-6805	132	9	and	and	CCONJ
easat-6805	132	10	reduced	reduce	VERB
easat-6805	132	11	firm	firm	ADJ
easat-6805	132	12	value	value	NOUN
easat-6805	132	13	.	.	PUNCT
easat-6805	133	1	𝛽3𝐹𝐹𝑖𝑡	𝛽3𝐹𝐹𝑖𝑡	NOUN
easat-6805	133	2	:	:	PUNCT
easat-6805	133	3	measures	measure	VERB
easat-6805	133	4	the	the	DET
easat-6805	133	5	firm	firm	NOUN
easat-6805	133	6	’s	’s	PART
easat-6805	133	7	ability	ability	NOUN
easat-6805	133	8	to	to	PART
easat-6805	133	9	maintain	maintain	VERB
easat-6805	133	10	liquidity	liquidity	NOUN
easat-6805	133	11	and	and	CCONJ
easat-6805	133	12	respond	respond	VERB
easat-6805	133	13	to	to	ADP
easat-6805	133	14	market	market	NOUN
easat-6805	133	15	uncertainties	uncertainty	NOUN
easat-6805	133	16	.	.	PUNCT
easat-6805	134	1	financially	financially	ADV
easat-6805	134	2	flexible	flexible	ADJ
easat-6805	134	3	firms	firm	NOUN
easat-6805	134	4	can	can	AUX
easat-6805	134	5	better	well	ADV
easat-6805	134	6	withstand	withstand	VERB
easat-6805	134	7	economic	economic	ADJ
easat-6805	134	8	shocks	shock	NOUN
easat-6805	134	9	.	.	PUNCT
easat-6805	135	1	𝛽4𝐺𝑟𝑜𝑤𝑡ℎ𝑖𝑡	𝛽4𝐺𝑟𝑜𝑤𝑡ℎ𝑖𝑡	NOUN
easat-6805	135	2	:	:	PUNCT
easat-6805	135	3	measures	measure	NOUN
easat-6805	135	4	firm	firm	ADJ
easat-6805	135	5	growth	growth	NOUN
easat-6805	135	6	through	through	ADP
easat-6805	135	7	revenue	revenue	NOUN
easat-6805	135	8	growth	growth	NOUN
easat-6805	135	9	or	or	CCONJ
easat-6805	135	10	asset	asset	NOUN
easat-6805	135	11	growth	growth	NOUN
easat-6805	135	12	.	.	PUNCT
easat-6805	136	1	it	it	PRON
easat-6805	136	2	plays	play	VERB
easat-6805	136	3	a	a	DET
easat-6805	136	4	role	role	NOUN
easat-6805	136	5	in	in	ADP
easat-6805	136	6	determining	determine	VERB
easat-6805	136	7	how	how	SCONJ
easat-6805	136	8	financial	financial	ADJ
easat-6805	136	9	factors	factor	NOUN
easat-6805	136	10	impact	impact	VERB
easat-6805	136	11	firm	firm	ADJ
easat-6805	136	12	value	value	NOUN
easat-6805	136	13	.	.	PUNCT
easat-6805	137	1	∑𝛽5(𝑋𝑖𝑡	∑𝛽5(𝑋𝑖𝑡	NUM
easat-6805	137	2	×	×	PROPN
easat-6805	137	3	𝐺𝑟𝑜𝑤𝑡ℎ𝑖𝑡	𝐺𝑟𝑜𝑤𝑡ℎ𝑖𝑡	PROPN
easat-6805	137	4	)	)	PUNCT
easat-6805	137	5	:	:	PUNCT
easat-6805	137	6	represents	represent	VERB
easat-6805	137	7	the	the	DET
easat-6805	137	8	interaction	interaction	NOUN
easat-6805	137	9	between	between	ADP
easat-6805	137	10	growth	growth	NOUN
easat-6805	137	11	and	and	CCONJ
easat-6805	137	12	key	key	ADJ
easat-6805	137	13	financial	financial	ADJ
easat-6805	137	14	variables	variable	NOUN
easat-6805	137	15	(	(	PUNCT
easat-6805	137	16	roa	roa	PROPN
easat-6805	137	17	,	,	PUNCT
easat-6805	137	18	der	der	NOUN
easat-6805	137	19	,	,	PUNCT
easat-6805	137	20	ff	ff	NOUN
easat-6805	137	21	)	)	PUNCT
easat-6805	137	22	to	to	PART
easat-6805	137	23	analyze	analyze	VERB
easat-6805	137	24	how	how	SCONJ
easat-6805	137	25	firm	firm	ADJ
easat-6805	137	26	growth	growth	NOUN
easat-6805	137	27	modifies	modify	VERB
easat-6805	137	28	their	their	PRON
easat-6805	137	29	impact	impact	NOUN
easat-6805	137	30	on	on	ADP
easat-6805	137	31	firm	firm	ADJ
easat-6805	137	32	value	value	NOUN
easat-6805	137	33	.	.	PUNCT
easat-6805	138	1	𝜖𝑖𝑡	𝜖𝑖𝑡	PROPN
easat-6805	138	2	:	:	PUNCT
easat-6805	138	3	captures	capture	NOUN
easat-6805	138	4	unobserved	unobserved	ADJ
easat-6805	138	5	factors	factor	NOUN
easat-6805	138	6	that	that	PRON
easat-6805	138	7	might	might	AUX
easat-6805	138	8	influence	influence	VERB
easat-6805	138	9	firm	firm	ADJ
easat-6805	138	10	value	value	NOUN
easat-6805	138	11	but	but	CCONJ
easat-6805	138	12	are	be	AUX
easat-6805	138	13	not	not	PART
easat-6805	138	14	included	include	VERB
easat-6805	138	15	in	in	ADP
easat-6805	138	16	the	the	DET
easat-6805	138	17	model	model	NOUN
easat-6805	138	18	.	.	PUNCT
easat-6805	139	1	116	116	NUM
easat-6805	139	2	edelweiss	edelweiss	PROPN
easat-6805	139	3	applied	apply	VERB
easat-6805	139	4	science	science	NOUN
easat-6805	139	5	and	and	CCONJ
easat-6805	139	6	technology	technology	NOUN
easat-6805	139	7	issn	issn	PROPN
easat-6805	139	8	:	:	PUNCT
easat-6805	139	9	2576	2576	NUM
easat-6805	139	10	-	-	SYM
easat-6805	139	11	8484	8484	NUM
easat-6805	139	12	vol	vol	NOUN
easat-6805	139	13	.	.	PROPN
easat-6805	140	1	9	9	NUM
easat-6805	140	2	,	,	PUNCT
easat-6805	140	3	no	no	INTJ
easat-6805	140	4	.	.	NOUN
easat-6805	140	5	5	5	NUM
easat-6805	140	6	:	:	SYM
easat-6805	140	7	110	110	NUM
easat-6805	140	8	-	-	SYM
easat-6805	140	9	119	119	NUM
easat-6805	140	10	,	,	PUNCT
easat-6805	140	11	2025	2025	NUM
easat-6805	140	12	doi	doi	NOUN
easat-6805	140	13	:	:	PUNCT
easat-6805	140	14	10.55214/25768484.v9i5.6805	10.55214/25768484.v9i5.6805	NUM
easat-6805	140	15	©	©	PROPN
easat-6805	140	16	2025	2025	NUM
easat-6805	140	17	by	by	ADP
easat-6805	140	18	the	the	DET
easat-6805	140	19	authors	author	NOUN
easat-6805	140	20	;	;	PUNCT
easat-6805	140	21	licensee	licensee	PROPN
easat-6805	140	22	learning	learning	NOUN
easat-6805	140	23	gate	gate	NOUN
easat-6805	140	24	this	this	DET
easat-6805	140	25	model	model	NOUN
easat-6805	140	26	allows	allow	VERB
easat-6805	140	27	us	we	PRON
easat-6805	140	28	to	to	PART
easat-6805	140	29	test	test	VERB
easat-6805	140	30	the	the	DET
easat-6805	140	31	direct	direct	ADJ
easat-6805	140	32	effects	effect	NOUN
easat-6805	140	33	of	of	ADP
easat-6805	140	34	financial	financial	ADJ
easat-6805	140	35	performance	performance	NOUN
easat-6805	140	36	on	on	ADP
easat-6805	140	37	firm	firm	ADJ
easat-6805	140	38	value	value	NOUN
easat-6805	140	39	,	,	PUNCT
easat-6805	140	40	as	as	ADV
easat-6805	140	41	well	well	ADV
easat-6805	140	42	as	as	ADP
easat-6805	140	43	the	the	DET
easat-6805	140	44	moderating	moderate	VERB
easat-6805	140	45	effect	effect	NOUN
easat-6805	140	46	of	of	ADP
easat-6805	140	47	company	company	NOUN
easat-6805	140	48	growth	growth	NOUN
easat-6805	140	49	.	.	PUNCT
easat-6805	141	1	2.4	2.4	NUM
easat-6805	141	2	.	.	PUNCT
easat-6805	141	3	hypothesis	hypothesis	NOUN
easat-6805	141	4	testing	test	VERB
easat-6805	141	5	the	the	DET
easat-6805	141	6	study	study	NOUN
easat-6805	141	7	tests	test	VERB
easat-6805	141	8	the	the	DET
easat-6805	141	9	following	follow	VERB
easat-6805	141	10	hypotheses	hypothesis	NOUN
easat-6805	141	11	:	:	PUNCT
easat-6805	141	12	a.	a.	NOUN
easat-6805	141	13	h1	h1	PROPN
easat-6805	141	14	:	:	PUNCT
easat-6805	141	15	profitability	profitability	NOUN
easat-6805	141	16	has	have	VERB
easat-6805	141	17	a	a	DET
easat-6805	141	18	positive	positive	ADJ
easat-6805	141	19	effect	effect	NOUN
easat-6805	141	20	on	on	ADP
easat-6805	141	21	firm	firm	ADJ
easat-6805	141	22	value	value	NOUN
easat-6805	141	23	(	(	PUNCT
easat-6805	141	24	β1>0	β1>0	NOUN
easat-6805	141	25	)	)	PUNCT
easat-6805	141	26	.	.	PUNCT
easat-6805	142	1	b.	b.	PROPN
easat-6805	142	2	h2	h2	PROPN
easat-6805	142	3	:	:	PUNCT
easat-6805	142	4	debt	debt	NOUN
easat-6805	142	5	covenants	covenant	NOUN
easat-6805	142	6	have	have	VERB
easat-6805	142	7	a	a	DET
easat-6805	142	8	negative	negative	ADJ
easat-6805	142	9	effect	effect	NOUN
easat-6805	142	10	on	on	ADP
easat-6805	142	11	firm	firm	ADJ
easat-6805	142	12	value	value	NOUN
easat-6805	142	13	(	(	PUNCT
easat-6805	142	14	β2<0	β2<0	PROPN
easat-6805	142	15	)	)	PUNCT
easat-6805	142	16	.	.	PUNCT
easat-6805	143	1	c.	c.	PROPN
easat-6805	143	2	h3	h3	PROPN
easat-6805	143	3	:	:	PUNCT
easat-6805	143	4	financial	financial	ADJ
easat-6805	143	5	flexibility	flexibility	NOUN
easat-6805	143	6	has	have	VERB
easat-6805	143	7	a	a	DET
easat-6805	143	8	positive	positive	ADJ
easat-6805	143	9	effect	effect	NOUN
easat-6805	143	10	on	on	ADP
easat-6805	143	11	firm	firm	ADJ
easat-6805	143	12	value	value	NOUN
easat-6805	143	13	(	(	PUNCT
easat-6805	143	14	β3>0	β3>0	NOUN
easat-6805	143	15	)	)	PUNCT
easat-6805	143	16	.	.	PUNCT
easat-6805	144	1	d.	d.	PROPN
easat-6805	144	2	h4	h4	PROPN
easat-6805	144	3	:	:	PUNCT
easat-6805	144	4	company	company	NOUN
easat-6805	144	5	growth	growth	NOUN
easat-6805	144	6	moderates	moderate	VERB
easat-6805	144	7	the	the	DET
easat-6805	144	8	profitability	profitability	NOUN
easat-6805	144	9	-	-	PUNCT
easat-6805	144	10	firm	firm	NOUN
easat-6805	144	11	value	value	NOUN
easat-6805	144	12	relationship	relationship	NOUN
easat-6805	144	13	(	(	PUNCT
easat-6805	144	14	β5≠0	β5≠0	NOUN
easat-6805	144	15	)	)	PUNCT
easat-6805	144	16	.	.	PUNCT
easat-6805	145	1	e.	e.	PROPN
easat-6805	145	2	h5	h5	PROPN
easat-6805	145	3	:	:	PUNCT
easat-6805	145	4	company	company	NOUN
easat-6805	145	5	growth	growth	NOUN
easat-6805	145	6	moderates	moderate	VERB
easat-6805	145	7	the	the	DET
easat-6805	145	8	debt	debt	NOUN
easat-6805	145	9	covenants	covenant	NOUN
easat-6805	145	10	-	-	PUNCT
easat-6805	145	11	firm	firm	ADJ
easat-6805	145	12	value	value	NOUN
easat-6805	145	13	relationship	relationship	NOUN
easat-6805	145	14	(	(	PUNCT
easat-6805	145	15	β6≠0	β6≠0	NOUN
easat-6805	145	16	)	)	PUNCT
easat-6805	145	17	.	.	PUNCT
easat-6805	146	1	f.	f.	PROPN
easat-6805	146	2	h6	h6	PROPN
easat-6805	146	3	:	:	PUNCT
easat-6805	146	4	company	company	NOUN
easat-6805	146	5	growth	growth	NOUN
easat-6805	146	6	moderates	moderate	VERB
easat-6805	146	7	the	the	DET
easat-6805	146	8	financial	financial	ADJ
easat-6805	146	9	flexibility	flexibility	NOUN
easat-6805	146	10	-	-	PUNCT
easat-6805	146	11	firm	firm	NOUN
easat-6805	146	12	value	value	NOUN
easat-6805	146	13	relationship	relationship	NOUN
easat-6805	146	14	(	(	PUNCT
easat-6805	146	15	β7≠0	β7≠0	NUM
easat-6805	146	16	)	)	PUNCT
easat-6805	146	17	.	.	PUNCT
easat-6805	147	1	2.5	2.5	NUM
easat-6805	147	2	.	.	PUNCT
easat-6805	148	1	data	datum	NOUN
easat-6805	148	2	analysis	analysis	NOUN
easat-6805	148	3	and	and	CCONJ
easat-6805	148	4	robustness	robustness	NOUN
easat-6805	148	5	checks	check	NOUN
easat-6805	148	6	the	the	DET
easat-6805	148	7	analysis	analysis	NOUN
easat-6805	148	8	is	be	AUX
easat-6805	148	9	conducted	conduct	VERB
easat-6805	148	10	using	use	VERB
easat-6805	148	11	stata	stata	NOUN
easat-6805	148	12	or	or	CCONJ
easat-6805	148	13	eviews	eview	NOUN
easat-6805	148	14	,	,	PUNCT
easat-6805	148	15	following	follow	VERB
easat-6805	148	16	these	these	DET
easat-6805	148	17	steps	step	NOUN
easat-6805	148	18	:	:	PUNCT
easat-6805	148	19	a.	a.	NOUN
easat-6805	148	20	descriptive	descriptive	ADJ
easat-6805	148	21	statistics	statistic	NOUN
easat-6805	148	22	:	:	PUNCT
easat-6805	148	23	summarizing	summarize	VERB
easat-6805	148	24	the	the	DET
easat-6805	148	25	dataset	dataset	NOUN
easat-6805	148	26	’s	’s	PART
easat-6805	148	27	central	central	ADJ
easat-6805	148	28	tendencies	tendency	NOUN
easat-6805	148	29	and	and	CCONJ
easat-6805	148	30	distributions	distribution	NOUN
easat-6805	148	31	.	.	PUNCT
easat-6805	149	1	b.	b.	PROPN
easat-6805	149	2	panel	panel	PROPN
easat-6805	149	3	regression	regression	VERB
easat-6805	149	4	analysis	analysis	NOUN
easat-6805	149	5	:	:	PUNCT
easat-6805	149	6	using	use	VERB
easat-6805	149	7	fixed	fix	VERB
easat-6805	149	8	effects	effect	NOUN
easat-6805	149	9	model	model	NOUN
easat-6805	149	10	(	(	PUNCT
easat-6805	149	11	fem	fem	NOUN
easat-6805	149	12	)	)	PUNCT
easat-6805	149	13	and	and	CCONJ
easat-6805	149	14	random	random	ADJ
easat-6805	149	15	effects	effect	NOUN
easat-6805	149	16	model	model	NOUN
easat-6805	149	17	(	(	PUNCT
easat-6805	149	18	rem	rem	PROPN
easat-6805	149	19	)	)	PUNCT
easat-6805	149	20	to	to	PART
easat-6805	149	21	estimate	estimate	VERB
easat-6805	149	22	relationships	relationship	NOUN
easat-6805	149	23	.	.	PUNCT
easat-6805	150	1	the	the	DET
easat-6805	150	2	hausman	hausman	PROPN
easat-6805	150	3	test	test	NOUN
easat-6805	150	4	determines	determine	VERB
easat-6805	150	5	the	the	DET
easat-6805	150	6	best	good	ADJ
easat-6805	150	7	model	model	NOUN
easat-6805	150	8	.	.	PUNCT
easat-6805	151	1	c.	c.	PROPN
easat-6805	151	2	diagnostic	diagnostic	ADJ
easat-6805	151	3	tests	test	NOUN
easat-6805	151	4	:	:	PUNCT
easat-6805	151	5	ensuring	ensure	VERB
easat-6805	151	6	model	model	NOUN
easat-6805	151	7	reliability	reliability	NOUN
easat-6805	151	8	through	through	ADP
easat-6805	151	9	:	:	PUNCT
easat-6805	151	10	a	a	X
easat-6805	151	11	)	)	PUNCT
easat-6805	151	12	multicollinearity	multicollinearity	NOUN
easat-6805	151	13	test	test	NOUN
easat-6805	151	14	(	(	PUNCT
easat-6805	151	15	variance	variance	NOUN
easat-6805	151	16	inflation	inflation	NOUN
easat-6805	151	17	factor	factor	NOUN
easat-6805	151	18	vif	vif	PROPN
easat-6805	151	19	)	)	PUNCT
easat-6805	151	20	.	.	PUNCT
easat-6805	152	1	b	b	X
easat-6805	152	2	)	)	PUNCT
easat-6805	152	3	heteroscedasticity	heteroscedasticity	NOUN
easat-6805	152	4	test	test	NOUN
easat-6805	152	5	(	(	PUNCT
easat-6805	152	6	breusch	breusch	ADJ
easat-6805	152	7	-	-	PUNCT
easat-6805	152	8	pagan	pagan	ADJ
easat-6805	152	9	test	test	NOUN
easat-6805	152	10	)	)	PUNCT
easat-6805	152	11	.	.	PUNCT
easat-6805	153	1	c	c	X
easat-6805	153	2	)	)	PUNCT
easat-6805	153	3	autocorrelation	autocorrelation	NOUN
easat-6805	153	4	test	test	NOUN
easat-6805	153	5	(	(	PUNCT
easat-6805	153	6	durbin	durbin	ADJ
easat-6805	153	7	-	-	PUNCT
easat-6805	153	8	watson	watson	NOUN
easat-6805	153	9	test	test	NOUN
easat-6805	153	10	)	)	PUNCT
easat-6805	153	11	.	.	PUNCT
easat-6805	154	1	d.	d.	PROPN
easat-6805	154	2	panel	panel	PROPN
easat-6805	154	3	unit	unit	PROPN
easat-6805	154	4	root	root	PROPN
easat-6805	154	5	test	test	NOUN
easat-6805	154	6	(	(	PUNCT
easat-6805	154	7	levin	levin	PROPN
easat-6805	154	8	-	-	PUNCT
easat-6805	154	9	lin	lin	PROPN
easat-6805	154	10	-	-	PUNCT
easat-6805	154	11	chu	chu	PROPN
easat-6805	154	12	)	)	PUNCT
easat-6805	154	13	.	.	PUNCT
easat-6805	155	1	3	3	X
easat-6805	155	2	.	.	X
easat-6805	155	3	result	result	NOUN
easat-6805	155	4	and	and	CCONJ
easat-6805	155	5	discussion	discussion	NOUN
easat-6805	155	6	before	before	ADP
easat-6805	155	7	conducting	conduct	VERB
easat-6805	155	8	the	the	DET
easat-6805	155	9	regression	regression	NOUN
easat-6805	155	10	analysis	analysis	NOUN
easat-6805	155	11	,	,	PUNCT
easat-6805	155	12	a	a	DET
easat-6805	155	13	descriptive	descriptive	ADJ
easat-6805	155	14	statistical	statistical	ADJ
easat-6805	155	15	analysis	analysis	NOUN
easat-6805	155	16	was	be	AUX
easat-6805	155	17	performed	perform	VERB
easat-6805	155	18	to	to	PART
easat-6805	155	19	summarize	summarize	VERB
easat-6805	155	20	the	the	DET
easat-6805	155	21	key	key	ADJ
easat-6805	155	22	characteristics	characteristic	NOUN
easat-6805	155	23	of	of	ADP
easat-6805	155	24	the	the	DET
easat-6805	155	25	dataset	dataset	NOUN
easat-6805	155	26	.	.	PUNCT
easat-6805	156	1	the	the	DET
easat-6805	156	2	summary	summary	NOUN
easat-6805	156	3	statistics	statistic	NOUN
easat-6805	156	4	for	for	ADP
easat-6805	156	5	the	the	DET
easat-6805	156	6	main	main	ADJ
easat-6805	156	7	variables	variable	NOUN
easat-6805	156	8	,	,	PUNCT
easat-6805	156	9	including	include	VERB
easat-6805	156	10	profitability	profitability	NOUN
easat-6805	156	11	(	(	PUNCT
easat-6805	156	12	roa	roa	PROPN
easat-6805	156	13	,	,	PUNCT
easat-6805	156	14	roe	roe	PROPN
easat-6805	156	15	)	)	PUNCT
easat-6805	156	16	,	,	PUNCT
easat-6805	156	17	debt	debt	NOUN
easat-6805	156	18	covenants	covenant	NOUN
easat-6805	156	19	(	(	PUNCT
easat-6805	156	20	debt	debt	NOUN
easat-6805	156	21	-	-	PUNCT
easat-6805	156	22	to	to	ADP
easat-6805	156	23	-	-	PUNCT
easat-6805	156	24	equity	equity	NOUN
easat-6805	156	25	ratio	ratio	NOUN
easat-6805	156	26	,	,	PUNCT
easat-6805	156	27	interest	interest	NOUN
easat-6805	156	28	coverage	coverage	NOUN
easat-6805	156	29	ratio	ratio	NOUN
easat-6805	156	30	)	)	PUNCT
easat-6805	156	31	,	,	PUNCT
easat-6805	156	32	financial	financial	ADJ
easat-6805	156	33	flexibility	flexibility	NOUN
easat-6805	156	34	,	,	PUNCT
easat-6805	156	35	firm	firm	ADJ
easat-6805	156	36	value	value	NOUN
easat-6805	156	37	(	(	PUNCT
easat-6805	156	38	tobin	tobin	PROPN
easat-6805	156	39	’s	’s	PART
easat-6805	156	40	q	q	NOUN
easat-6805	156	41	,	,	PUNCT
easat-6805	156	42	market	market	NOUN
easat-6805	156	43	-	-	PUNCT
easat-6805	156	44	to	to	ADP
easat-6805	156	45	-	-	PUNCT
easat-6805	156	46	book	book	NOUN
easat-6805	156	47	ratio	ratio	NOUN
easat-6805	156	48	)	)	PUNCT
easat-6805	156	49	,	,	PUNCT
easat-6805	156	50	and	and	CCONJ
easat-6805	156	51	company	company	NOUN
easat-6805	156	52	growth	growth	NOUN
easat-6805	156	53	(	(	PUNCT
easat-6805	156	54	revenue	revenue	NOUN
easat-6805	156	55	growth	growth	NOUN
easat-6805	156	56	,	,	PUNCT
easat-6805	156	57	asset	asset	NOUN
easat-6805	156	58	growth	growth	NOUN
easat-6805	156	59	)	)	PUNCT
easat-6805	156	60	,	,	PUNCT
easat-6805	156	61	are	be	AUX
easat-6805	156	62	presented	present	VERB
easat-6805	156	63	in	in	ADP
easat-6805	156	64	table	table	NOUN
easat-6805	156	65	1	1	NUM
easat-6805	156	66	.	.	PUNCT
easat-6805	156	67	table	table	NOUN
easat-6805	156	68	1	1	NUM
easat-6805	156	69	.	.	PUNCT
easat-6805	156	70	summary	summary	NOUN
easat-6805	156	71	statistic	statistic	NOUN
easat-6805	156	72	.	.	PUNCT
easat-6805	157	1	variable	variable	ADJ
easat-6805	157	2	mean	mean	VERB
easat-6805	157	3	std	std	PROPN
easat-6805	157	4	.	.	PROPN
easat-6805	158	1	dev	dev	PROPN
easat-6805	158	2	.	.	PUNCT
easat-6805	158	3	min	min	PROPN
easat-6805	158	4	.	.	PROPN
easat-6805	158	5	max	max	PROPN
easat-6805	158	6	.	.	PROPN
easat-6805	158	7	roa	roa	PROPN
easat-6805	158	8	(	(	PUNCT
easat-6805	158	9	%	%	NOUN
easat-6805	158	10	)	)	PUNCT
easat-6805	158	11	8.45	8.45	NUM
easat-6805	158	12	2.37	2.37	NUM
easat-6805	158	13	2.10	2.10	NUM
easat-6805	158	14	14.76	14.76	NUM
easat-6805	158	15	roe	roe	NOUN
easat-6805	158	16	(	(	PUNCT
easat-6805	158	17	%	%	NOUN
easat-6805	158	18	)	)	PUNCT
easat-6805	158	19	12.67	12.67	NUM
easat-6805	158	20	3.21	3.21	NUM
easat-6805	158	21	4.32	4.32	NUM
easat-6805	158	22	18.89	18.89	NUM
easat-6805	158	23	debt	debt	NOUN
easat-6805	158	24	-	-	PUNCT
easat-6805	158	25	to	to	ADP
easat-6805	158	26	-	-	PUNCT
easat-6805	158	27	equity	equity	NOUN
easat-6805	158	28	ratio	ratio	NOUN
easat-6805	158	29	1.92	1.92	NUM
easat-6805	158	30	0.85	0.85	NUM
easat-6805	158	31	0.42	0.42	NUM
easat-6805	158	32	3.71	3.71	NUM
easat-6805	158	33	interest	interest	NOUN
easat-6805	158	34	coverage	coverage	NOUN
easat-6805	158	35	ratio	ratio	NOUN
easat-6805	158	36	6.78	6.78	NUM
easat-6805	158	37	2.99	2.99	NUM
easat-6805	158	38	1.20	1.20	NUM
easat-6805	158	39	12.45	12.45	NUM
easat-6805	158	40	financial	financial	ADJ
easat-6805	158	41	flexibility	flexibility	NOUN
easat-6805	158	42	0.73	0.73	NUM
easat-6805	158	43	0.21	0.21	NUM
easat-6805	158	44	0.32	0.32	NUM
easat-6805	158	45	1.15	1.15	NUM
easat-6805	158	46	tobin	tobin	NOUN
easat-6805	158	47	’s	’s	PART
easat-6805	158	48	q	q	PROPN
easat-6805	158	49	1.42	1.42	NUM
easat-6805	158	50	0.46	0.46	NUM
easat-6805	158	51	0.82	0.82	NUM
easat-6805	158	52	2.34	2.34	NUM
easat-6805	158	53	revenue	revenue	NOUN
easat-6805	158	54	growth	growth	NOUN
easat-6805	158	55	(	(	PUNCT
easat-6805	158	56	%	%	INTJ
easat-6805	158	57	)	)	PUNCT
easat-6805	158	58	7.89	7.89	NUM
easat-6805	158	59	3.12	3.12	NUM
easat-6805	158	60	1.56	1.56	NUM
easat-6805	158	61	14.23	14.23	NUM
easat-6805	158	62	asset	asset	NOUN
easat-6805	158	63	growth	growth	NOUN
easat-6805	158	64	(	(	PUNCT
easat-6805	158	65	%	%	INTJ
easat-6805	158	66	)	)	PUNCT
easat-6805	158	67	6.32	6.32	NUM
easat-6805	158	68	2.45	2.45	NUM
easat-6805	158	69	1.23	1.23	NUM
easat-6805	158	70	10.78	10.78	NUM
easat-6805	158	71	the	the	DET
easat-6805	158	72	statistics	statistic	NOUN
easat-6805	158	73	indicate	indicate	VERB
easat-6805	158	74	a	a	DET
easat-6805	158	75	moderate	moderate	ADJ
easat-6805	158	76	level	level	NOUN
easat-6805	158	77	of	of	ADP
easat-6805	158	78	profitability	profitability	NOUN
easat-6805	158	79	across	across	ADP
easat-6805	158	80	the	the	DET
easat-6805	158	81	selected	select	VERB
easat-6805	158	82	soes	soe	NOUN
easat-6805	158	83	,	,	PUNCT
easat-6805	158	84	while	while	SCONJ
easat-6805	158	85	debt	debt	NOUN
easat-6805	158	86	covenants	covenant	NOUN
easat-6805	158	87	and	and	CCONJ
easat-6805	158	88	financial	financial	ADJ
easat-6805	158	89	flexibility	flexibility	NOUN
easat-6805	158	90	exhibit	exhibit	VERB
easat-6805	158	91	varying	vary	VERB
easat-6805	158	92	degrees	degree	NOUN
easat-6805	158	93	of	of	ADP
easat-6805	158	94	dispersion	dispersion	NOUN
easat-6805	158	95	.	.	PUNCT
easat-6805	159	1	the	the	DET
easat-6805	159	2	firm	firm	ADJ
easat-6805	159	3	value	value	NOUN
easat-6805	159	4	metric	metric	NOUN
easat-6805	159	5	(	(	PUNCT
easat-6805	159	6	tobin	tobin	PROPN
easat-6805	159	7	’s	’s	PART
easat-6805	159	8	q	q	NOUN
easat-6805	159	9	)	)	PUNCT
easat-6805	159	10	suggests	suggest	VERB
easat-6805	159	11	that	that	SCONJ
easat-6805	159	12	,	,	PUNCT
easat-6805	159	13	on	on	ADP
easat-6805	159	14	average	average	ADJ
easat-6805	159	15	,	,	PUNCT
easat-6805	159	16	soes	soe	NOUN
easat-6805	159	17	exhibit	exhibit	VERB
easat-6805	159	18	stable	stable	ADJ
easat-6805	159	19	market	market	NOUN
easat-6805	159	20	valuation	valuation	NOUN
easat-6805	159	21	.	.	PUNCT
easat-6805	160	1	3.1	3.1	NUM
easat-6805	160	2	.	.	PUNCT
easat-6805	160	3	regression	regression	NOUN
easat-6805	160	4	results	result	VERB
easat-6805	160	5	a	a	DET
easat-6805	160	6	panel	panel	NOUN
easat-6805	160	7	data	datum	NOUN
easat-6805	160	8	regression	regression	NOUN
easat-6805	160	9	analysis	analysis	NOUN
easat-6805	160	10	was	be	AUX
easat-6805	160	11	conducted	conduct	VERB
easat-6805	160	12	to	to	PART
easat-6805	160	13	examine	examine	VERB
easat-6805	160	14	the	the	DET
easat-6805	160	15	impact	impact	NOUN
easat-6805	160	16	of	of	ADP
easat-6805	160	17	profitability	profitability	NOUN
easat-6805	160	18	,	,	PUNCT
easat-6805	160	19	debt	debt	NOUN
easat-6805	160	20	covenants	covenant	NOUN
easat-6805	160	21	,	,	PUNCT
easat-6805	160	22	and	and	CCONJ
easat-6805	160	23	financial	financial	ADJ
easat-6805	160	24	flexibility	flexibility	NOUN
easat-6805	160	25	on	on	ADP
easat-6805	160	26	firm	firm	ADJ
easat-6805	160	27	value	value	NOUN
easat-6805	160	28	.	.	PUNCT
easat-6805	161	1	the	the	DET
easat-6805	161	2	fixed	fix	VERB
easat-6805	161	3	effects	effect	NOUN
easat-6805	161	4	model	model	NOUN
easat-6805	161	5	(	(	PUNCT
easat-6805	161	6	fem	fem	PROPN
easat-6805	161	7	)	)	PUNCT
easat-6805	161	8	was	be	AUX
easat-6805	161	9	selected	select	VERB
easat-6805	161	10	based	base	VERB
easat-6805	161	11	on	on	ADP
easat-6805	161	12	the	the	DET
easat-6805	161	13	hausman	hausman	ADJ
easat-6805	161	14	test	test	NOUN
easat-6805	161	15	,	,	PUNCT
easat-6805	161	16	which	which	PRON
easat-6805	161	17	indicated	indicate	VERB
easat-6805	161	18	that	that	SCONJ
easat-6805	161	19	fem	fem	NOUN
easat-6805	161	20	provided	provide	VERB
easat-6805	161	21	the	the	DET
easat-6805	161	22	best	good	ADJ
easat-6805	161	23	fit	fit	NOUN
easat-6805	161	24	for	for	ADP
easat-6805	161	25	the	the	DET
easat-6805	161	26	data	datum	NOUN
easat-6805	161	27	.	.	PUNCT
easat-6805	162	1	117	117	NUM
easat-6805	162	2	edelweiss	edelweiss	PROPN
easat-6805	162	3	applied	apply	VERB
easat-6805	162	4	science	science	NOUN
easat-6805	162	5	and	and	CCONJ
easat-6805	162	6	technology	technology	NOUN
easat-6805	162	7	issn	issn	PROPN
easat-6805	162	8	:	:	PUNCT
easat-6805	162	9	2576	2576	NUM
easat-6805	162	10	-	-	SYM
easat-6805	162	11	8484	8484	NUM
easat-6805	162	12	vol	vol	NOUN
easat-6805	162	13	.	.	PROPN
easat-6805	163	1	9	9	NUM
easat-6805	163	2	,	,	PUNCT
easat-6805	163	3	no	no	INTJ
easat-6805	163	4	.	.	NOUN
easat-6805	163	5	5	5	NUM
easat-6805	163	6	:	:	SYM
easat-6805	163	7	110	110	NUM
easat-6805	163	8	-	-	SYM
easat-6805	163	9	119	119	NUM
easat-6805	163	10	,	,	PUNCT
easat-6805	163	11	2025	2025	NUM
easat-6805	163	12	doi	doi	NOUN
easat-6805	163	13	:	:	PUNCT
easat-6805	163	14	10.55214/25768484.v9i5.6805	10.55214/25768484.v9i5.6805	NUM
easat-6805	163	15	©	©	PROPN
easat-6805	163	16	2025	2025	NUM
easat-6805	163	17	by	by	ADP
easat-6805	163	18	the	the	DET
easat-6805	163	19	authors	author	NOUN
easat-6805	163	20	;	;	PUNCT
easat-6805	163	21	licensee	licensee	PROPN
easat-6805	163	22	learning	learn	VERB
easat-6805	163	23	gate	gate	NOUN
easat-6805	163	24	table	table	NOUN
easat-6805	163	25	2	2	NUM
easat-6805	163	26	.	.	PUNCT
easat-6805	164	1	regression	regression	NOUN
easat-6805	164	2	results	result	NOUN
easat-6805	164	3	.	.	PUNCT
easat-6805	165	1	independent	independent	ADJ
easat-6805	165	2	variable	variable	ADJ
easat-6805	165	3	coefficient	coefficient	NOUN
easat-6805	165	4	t	t	NOUN
easat-6805	165	5	-	-	PUNCT
easat-6805	165	6	statistic	statistic	NOUN
easat-6805	165	7	p	p	NOUN
easat-6805	165	8	-	-	PUNCT
easat-6805	165	9	value	value	NOUN
easat-6805	165	10	roa	roa	NOUN
easat-6805	165	11	0.184	0.184	NUM
easat-6805	165	12	4.12	4.12	NUM
easat-6805	165	13	0.000	0.000	NUM
easat-6805	165	14	roe	roe	NOUN
easat-6805	165	15	0.092	0.092	NUM
easat-6805	165	16	2.78	2.78	NUM
easat-6805	165	17	0.008	0.008	NUM
easat-6805	165	18	debt	debt	NOUN
easat-6805	165	19	-	-	PUNCT
easat-6805	165	20	to	to	ADP
easat-6805	165	21	-	-	PUNCT
easat-6805	165	22	equity	equity	NOUN
easat-6805	165	23	ratio	ratio	NOUN
easat-6805	165	24	-0.145	-0.145	PROPN
easat-6805	165	25	-2.93	-2.93	NUM
easat-6805	165	26	0.006	0.006	NUM
easat-6805	165	27	interest	interest	NOUN
easat-6805	165	28	coverage	coverage	NOUN
easat-6805	165	29	ratio	ratio	NOUN
easat-6805	165	30	0.102	0.102	NUM
easat-6805	165	31	2.11	2.11	NUM
easat-6805	165	32	0.039	0.039	NUM
easat-6805	165	33	financial	financial	ADJ
easat-6805	165	34	flexibility	flexibility	NOUN
easat-6805	165	35	0.201	0.201	NUM
easat-6805	165	36	3.87	3.87	NUM
easat-6805	165	37	0.001	0.001	NUM
easat-6805	165	38	the	the	DET
easat-6805	165	39	regression	regression	NOUN
easat-6805	165	40	analysis	analysis	NOUN
easat-6805	165	41	reveals	reveal	VERB
easat-6805	165	42	several	several	ADJ
easat-6805	165	43	key	key	ADJ
easat-6805	165	44	insights	insight	NOUN
easat-6805	165	45	:	:	PUNCT
easat-6805	165	46	a.	a.	NOUN
easat-6805	165	47	profitability	profitability	NOUN
easat-6805	165	48	(	(	PUNCT
easat-6805	165	49	roa	roa	PROPN
easat-6805	165	50	,	,	PUNCT
easat-6805	165	51	roe	roe	PROPN
easat-6805	165	52	)	)	PUNCT
easat-6805	165	53	has	have	VERB
easat-6805	165	54	a	a	DET
easat-6805	165	55	significant	significant	ADJ
easat-6805	165	56	positive	positive	ADJ
easat-6805	165	57	impact	impact	NOUN
easat-6805	165	58	on	on	ADP
easat-6805	165	59	firm	firm	ADJ
easat-6805	165	60	value	value	NOUN
easat-6805	165	61	,	,	PUNCT
easat-6805	165	62	suggesting	suggest	VERB
easat-6805	165	63	that	that	SCONJ
easat-6805	165	64	more	more	ADV
easat-6805	165	65	profitable	profitable	ADJ
easat-6805	165	66	soes	soe	NOUN
easat-6805	165	67	are	be	AUX
easat-6805	165	68	valued	value	VERB
easat-6805	165	69	higher	higher	ADV
easat-6805	165	70	in	in	ADP
easat-6805	165	71	the	the	DET
easat-6805	165	72	market	market	NOUN
easat-6805	165	73	.	.	PUNCT
easat-6805	166	1	b.	b.	PROPN
easat-6805	166	2	debt	debt	NOUN
easat-6805	166	3	covenants	covenant	NOUN
easat-6805	166	4	(	(	PUNCT
easat-6805	166	5	debt	debt	NOUN
easat-6805	166	6	-	-	PUNCT
easat-6805	166	7	to	to	ADP
easat-6805	166	8	-	-	PUNCT
easat-6805	166	9	equity	equity	NOUN
easat-6805	166	10	ratio	ratio	NOUN
easat-6805	166	11	)	)	PUNCT
easat-6805	166	12	exhibit	exhibit	VERB
easat-6805	166	13	a	a	DET
easat-6805	166	14	negative	negative	ADJ
easat-6805	166	15	impact	impact	NOUN
easat-6805	166	16	on	on	ADP
easat-6805	166	17	firm	firm	ADJ
easat-6805	166	18	value	value	NOUN
easat-6805	166	19	,	,	PUNCT
easat-6805	166	20	implying	imply	VERB
easat-6805	166	21	that	that	SCONJ
easat-6805	166	22	excessive	excessive	ADJ
easat-6805	166	23	debt	debt	NOUN
easat-6805	166	24	burdens	burden	NOUN
easat-6805	166	25	reduce	reduce	VERB
easat-6805	166	26	investor	investor	NOUN
easat-6805	166	27	confidence	confidence	NOUN
easat-6805	166	28	.	.	PUNCT
easat-6805	167	1	c.	c.	PROPN
easat-6805	167	2	financial	financial	ADJ
easat-6805	167	3	flexibility	flexibility	NOUN
easat-6805	167	4	is	be	AUX
easat-6805	167	5	positively	positively	ADV
easat-6805	167	6	associated	associate	VERB
easat-6805	167	7	with	with	ADP
easat-6805	167	8	firm	firm	ADJ
easat-6805	167	9	value	value	NOUN
easat-6805	167	10	,	,	PUNCT
easat-6805	167	11	indicating	indicate	VERB
easat-6805	167	12	that	that	SCONJ
easat-6805	167	13	firms	firm	NOUN
easat-6805	167	14	with	with	ADP
easat-6805	167	15	greater	great	ADJ
easat-6805	167	16	financial	financial	ADJ
easat-6805	167	17	reserves	reserve	NOUN
easat-6805	167	18	tend	tend	VERB
easat-6805	167	19	to	to	PART
easat-6805	167	20	have	have	VERB
easat-6805	167	21	stronger	strong	ADJ
easat-6805	167	22	market	market	NOUN
easat-6805	167	23	performance	performance	NOUN
easat-6805	167	24	.	.	PUNCT
easat-6805	168	1	3.2	3.2	NUM
easat-6805	168	2	.	.	PUNCT
easat-6805	169	1	moderation	moderation	NOUN
easat-6805	169	2	analysis	analysis	NOUN
easat-6805	169	3	:	:	PUNCT
easat-6805	169	4	company	company	NOUN
easat-6805	169	5	growth	growth	NOUN
easat-6805	169	6	as	as	ADP
easat-6805	169	7	a	a	DET
easat-6805	169	8	moderator	moderator	NOUN
easat-6805	169	9	to	to	PART
easat-6805	169	10	examine	examine	VERB
easat-6805	169	11	whether	whether	SCONJ
easat-6805	169	12	company	company	NOUN
easat-6805	169	13	growth	growth	NOUN
easat-6805	169	14	moderates	moderate	VERB
easat-6805	169	15	the	the	DET
easat-6805	169	16	relationships	relationship	NOUN
easat-6805	169	17	,	,	PUNCT
easat-6805	169	18	an	an	DET
easat-6805	169	19	interaction	interaction	NOUN
easat-6805	169	20	regression	regression	NOUN
easat-6805	169	21	model	model	NOUN
easat-6805	169	22	was	be	AUX
easat-6805	169	23	applied	apply	VERB
easat-6805	169	24	.	.	PUNCT
easat-6805	170	1	table	table	NOUN
easat-6805	170	2	3	3	NUM
easat-6805	170	3	.	.	PUNCT
easat-6805	171	1	moderation	moderation	NOUN
easat-6805	171	2	analysis	analysis	NOUN
easat-6805	171	3	results	result	NOUN
easat-6805	171	4	.	.	PUNCT
easat-6805	172	1	interaction	interaction	NOUN
easat-6805	172	2	term	term	NOUN
easat-6805	172	3	coefficient	coefficient	NOUN
easat-6805	172	4	t	t	NOUN
easat-6805	172	5	-	-	PUNCT
easat-6805	172	6	statistic	statistic	NOUN
easat-6805	172	7	p	p	NOUN
easat-6805	172	8	-	-	PUNCT
easat-6805	172	9	value	value	NOUN
easat-6805	172	10	roa	roa	NOUN
easat-6805	172	11	×	×	NOUN
easat-6805	172	12	revenue	revenue	NOUN
easat-6805	172	13	growth	growth	NOUN
easat-6805	172	14	0.064	0.064	NUM
easat-6805	172	15	2.56	2.56	NUM
easat-6805	172	16	0.012	0.012	NUM
easat-6805	172	17	debt	debt	NOUN
easat-6805	172	18	-	-	PUNCT
easat-6805	172	19	to	to	ADP
easat-6805	172	20	-	-	PUNCT
easat-6805	172	21	equity	equity	NOUN
easat-6805	172	22	×	×	NOUN
easat-6805	172	23	asset	asset	NOUN
easat-6805	172	24	growth	growth	NOUN
easat-6805	172	25	-0.087	-0.087	PUNCT
easat-6805	172	26	-2.91	-2.91	PROPN
easat-6805	172	27	0.007	0.007	NUM
easat-6805	172	28	financial	financial	ADJ
easat-6805	172	29	flexibility	flexibility	NOUN
easat-6805	172	30	×	×	NOUN
easat-6805	172	31	revenue	revenue	NOUN
easat-6805	172	32	growth	growth	NOUN
easat-6805	172	33	0.103	0.103	NUM
easat-6805	172	34	3.45	3.45	NUM
easat-6805	172	35	0.002	0.002	NUM
easat-6805	172	36	the	the	DET
easat-6805	172	37	moderation	moderation	NOUN
easat-6805	172	38	analysis	analysis	NOUN
easat-6805	172	39	indicates	indicate	VERB
easat-6805	172	40	that	that	SCONJ
easat-6805	172	41	:	:	PUNCT
easat-6805	172	42	a.	a.	NOUN
easat-6805	172	43	company	company	NOUN
easat-6805	172	44	growth	growth	NOUN
easat-6805	172	45	strengthens	strengthen	VERB
easat-6805	172	46	the	the	DET
easat-6805	172	47	positive	positive	ADJ
easat-6805	172	48	relationship	relationship	NOUN
easat-6805	172	49	between	between	ADP
easat-6805	172	50	profitability	profitability	NOUN
easat-6805	172	51	and	and	CCONJ
easat-6805	172	52	firm	firm	ADJ
easat-6805	172	53	value	value	NOUN
easat-6805	172	54	.	.	PUNCT
easat-6805	173	1	this	this	PRON
easat-6805	173	2	suggests	suggest	VERB
easat-6805	173	3	that	that	SCONJ
easat-6805	173	4	profitable	profitable	ADJ
easat-6805	173	5	firms	firm	NOUN
easat-6805	173	6	with	with	ADP
easat-6805	173	7	strong	strong	ADJ
easat-6805	173	8	revenue	revenue	NOUN
easat-6805	173	9	growth	growth	NOUN
easat-6805	173	10	experience	experience	VERB
easat-6805	173	11	higher	high	ADJ
easat-6805	173	12	valuation	valuation	NOUN
easat-6805	173	13	multipliers	multiplier	NOUN
easat-6805	173	14	.	.	PUNCT
easat-6805	174	1	b.	b.	PROPN
easat-6805	174	2	high	high	ADJ
easat-6805	174	3	debt	debt	NOUN
easat-6805	174	4	levels	level	NOUN
easat-6805	174	5	become	become	VERB
easat-6805	174	6	more	more	ADV
easat-6805	174	7	detrimental	detrimental	ADJ
easat-6805	174	8	when	when	SCONJ
easat-6805	174	9	asset	asset	NOUN
easat-6805	174	10	growth	growth	NOUN
easat-6805	174	11	is	be	AUX
easat-6805	174	12	high	high	ADJ
easat-6805	174	13	,	,	PUNCT
easat-6805	174	14	likely	likely	ADJ
easat-6805	174	15	due	due	ADP
easat-6805	174	16	to	to	ADP
easat-6805	174	17	concerns	concern	NOUN
easat-6805	174	18	over	over	ADP
easat-6805	174	19	financial	financial	ADJ
easat-6805	174	20	sustainability	sustainability	NOUN
easat-6805	174	21	.	.	PUNCT
easat-6805	175	1	c.	c.	PROPN
easat-6805	175	2	financial	financial	ADJ
easat-6805	175	3	flexibility	flexibility	NOUN
easat-6805	175	4	benefits	benefit	VERB
easat-6805	175	5	firms	firm	NOUN
easat-6805	175	6	more	more	ADV
easat-6805	175	7	in	in	ADP
easat-6805	175	8	high	high	ADJ
easat-6805	175	9	-	-	PUNCT
easat-6805	175	10	growth	growth	NOUN
easat-6805	175	11	conditions	condition	NOUN
easat-6805	175	12	,	,	PUNCT
easat-6805	175	13	as	as	SCONJ
easat-6805	175	14	these	these	DET
easat-6805	175	15	firms	firm	NOUN
easat-6805	175	16	can	can	AUX
easat-6805	175	17	allocate	allocate	VERB
easat-6805	175	18	resources	resource	NOUN
easat-6805	175	19	efficiently	efficiently	ADV
easat-6805	175	20	for	for	ADP
easat-6805	175	21	expansion	expansion	NOUN
easat-6805	175	22	.	.	PUNCT
easat-6805	176	1	3.3	3.3	NUM
easat-6805	176	2	.	.	PUNCT
easat-6805	177	1	summary	summary	NOUN
easat-6805	177	2	of	of	ADP
easat-6805	177	3	hypothesis	hypothesis	NOUN
easat-6805	177	4	testing	testing	NOUN
easat-6805	177	5	table	table	NOUN
easat-6805	177	6	4	4	NUM
easat-6805	177	7	.	.	PUNCT
easat-6805	178	1	summary	summary	NOUN
easat-6805	178	2	of	of	ADP
easat-6805	178	3	hypothesis	hypothesis	NOUN
easat-6805	178	4	testing	testing	NOUN
easat-6805	178	5	from	from	ADP
easat-6805	178	6	10	10	NUM
easat-6805	178	7	soes	soe	NOUN
easat-6805	178	8	.	.	PUNCT
easat-6805	179	1	hypothesis	hypothesis	NOUN
easat-6805	179	2	coefficient	coefficient	NOUN
easat-6805	179	3	t	t	NOUN
easat-6805	179	4	-	-	PUNCT
easat-6805	179	5	statistic	statistic	NOUN
easat-6805	179	6	p	p	NOUN
easat-6805	179	7	-	-	PUNCT
easat-6805	179	8	value	value	NOUN
easat-6805	179	9	result	result	NOUN
easat-6805	179	10	h1	h1	NOUN
easat-6805	179	11	:	:	PUNCT
easat-6805	179	12	profitability	profitability	NOUN
easat-6805	179	13	→	→	SYM
easat-6805	179	14	firm	firm	ADJ
easat-6805	179	15	value	value	NOUN
easat-6805	179	16	0.184	0.184	NUM
easat-6805	179	17	4.12	4.12	NUM
easat-6805	179	18	0.000	0.000	NUM
easat-6805	179	19	supported	support	VERB
easat-6805	179	20	h2	h2	NOUN
easat-6805	179	21	:	:	PUNCT
easat-6805	179	22	debt	debt	NOUN
easat-6805	179	23	covenants	covenant	NOUN
easat-6805	179	24	→	→	SYM
easat-6805	179	25	firm	firm	ADJ
easat-6805	179	26	value	value	NOUN
easat-6805	179	27	-0.145	-0.145	PUNCT
easat-6805	179	28	-2.93	-2.93	NUM
easat-6805	179	29	0.006	0.006	NUM
easat-6805	179	30	supported	support	VERB
easat-6805	179	31	h3	h3	NOUN
easat-6805	179	32	:	:	PUNCT
easat-6805	179	33	financial	financial	ADJ
easat-6805	179	34	flexibility	flexibility	NOUN
easat-6805	179	35	→	→	SYM
easat-6805	179	36	firm	firm	ADJ
easat-6805	179	37	value	value	NOUN
easat-6805	179	38	0.201	0.201	NUM
easat-6805	179	39	3.87	3.87	NUM
easat-6805	179	40	0.001	0.001	NUM
easat-6805	179	41	supported	support	VERB
easat-6805	179	42	h4	h4	NOUN
easat-6805	179	43	:	:	PUNCT
easat-6805	179	44	profitability	profitability	NOUN
easat-6805	179	45	×	×	NOUN
easat-6805	179	46	growth	growth	NOUN
easat-6805	179	47	→	→	SYM
easat-6805	179	48	firm	firm	ADJ
easat-6805	179	49	value	value	NOUN
easat-6805	179	50	0.064	0.064	NUM
easat-6805	179	51	2.56	2.56	NUM
easat-6805	179	52	0.012	0.012	NUM
easat-6805	179	53	supported	support	VERB
easat-6805	179	54	h5	h5	NOUN
easat-6805	179	55	:	:	PUNCT
easat-6805	179	56	debt	debt	NOUN
easat-6805	179	57	covenants	covenant	NOUN
easat-6805	179	58	×	×	NOUN
easat-6805	179	59	growth	growth	NOUN
easat-6805	179	60	→	→	SYM
easat-6805	179	61	firm	firm	ADJ
easat-6805	179	62	value	value	NOUN
easat-6805	179	63	-0.087	-0.087	PUNCT
easat-6805	179	64	-2.91	-2.91	PROPN
easat-6805	179	65	0.007	0.007	NUM
easat-6805	179	66	supported	support	VERB
easat-6805	179	67	h6	h6	PROPN
easat-6805	179	68	:	:	PUNCT
easat-6805	179	69	financial	financial	ADJ
easat-6805	179	70	flexibility	flexibility	NOUN
easat-6805	179	71	×	×	NOUN
easat-6805	179	72	growth	growth	NOUN
easat-6805	179	73	→	→	SYM
easat-6805	179	74	firm	firm	ADJ
easat-6805	179	75	value	value	NOUN
easat-6805	179	76	0.103	0.103	NUM
easat-6805	179	77	3.45	3.45	NUM
easat-6805	179	78	0.002	0.002	NUM
easat-6805	179	79	supported	support	VERB
easat-6805	179	80	3.4	3.4	NUM
easat-6805	179	81	.	.	PUNCT
easat-6805	180	1	correlation	correlation	NOUN
easat-6805	180	2	heatmap	heatmap	NOUN
easat-6805	180	3	:	:	PUNCT
easat-6805	180	4	relationship	relationship	NOUN
easat-6805	180	5	between	between	ADP
easat-6805	180	6	variables	variable	NOUN
easat-6805	180	7	to	to	PART
easat-6805	180	8	visualize	visualize	VERB
easat-6805	180	9	the	the	DET
easat-6805	180	10	relationships	relationship	NOUN
easat-6805	180	11	among	among	ADP
easat-6805	180	12	key	key	ADJ
easat-6805	180	13	variables	variable	NOUN
easat-6805	180	14	,	,	PUNCT
easat-6805	180	15	the	the	DET
easat-6805	180	16	following	follow	VERB
easat-6805	180	17	correlation	correlation	NOUN
easat-6805	180	18	heatmap	heatmap	NOUN
easat-6805	180	19	was	be	AUX
easat-6805	180	20	created	create	VERB
easat-6805	180	21	:	:	PUNCT
easat-6805	180	22	118	118	NUM
easat-6805	180	23	edelweiss	edelweiss	PROPN
easat-6805	180	24	applied	apply	VERB
easat-6805	180	25	science	science	NOUN
easat-6805	180	26	and	and	CCONJ
easat-6805	180	27	technology	technology	NOUN
easat-6805	180	28	issn	issn	PROPN
easat-6805	180	29	:	:	PUNCT
easat-6805	180	30	2576	2576	NUM
easat-6805	180	31	-	-	SYM
easat-6805	180	32	8484	8484	NUM
easat-6805	180	33	vol	vol	NOUN
easat-6805	180	34	.	.	PROPN
easat-6805	181	1	9	9	NUM
easat-6805	181	2	,	,	PUNCT
easat-6805	181	3	no	no	INTJ
easat-6805	181	4	.	.	NOUN
easat-6805	181	5	5	5	NUM
easat-6805	181	6	:	:	SYM
easat-6805	181	7	110	110	NUM
easat-6805	181	8	-	-	SYM
easat-6805	181	9	119	119	NUM
easat-6805	181	10	,	,	PUNCT
easat-6805	181	11	2025	2025	NUM
easat-6805	181	12	doi	doi	NOUN
easat-6805	181	13	:	:	PUNCT
easat-6805	181	14	10.55214/25768484.v9i5.6805	10.55214/25768484.v9i5.6805	NUM
easat-6805	181	15	©	©	PROPN
easat-6805	181	16	2025	2025	NUM
easat-6805	181	17	by	by	ADP
easat-6805	181	18	the	the	DET
easat-6805	181	19	authors	author	NOUN
easat-6805	181	20	;	;	PUNCT
easat-6805	181	21	licensee	licensee	PROPN
easat-6805	181	22	learning	learn	VERB
easat-6805	181	23	gate	gate	PROPN
easat-6805	181	24	figure	figure	NOUN
easat-6805	181	25	3	3	NUM
easat-6805	181	26	.	.	PUNCT
easat-6805	181	27	correlation	correlation	NOUN
easat-6805	181	28	hatmap	hatmap	NOUN
easat-6805	181	29	of	of	ADP
easat-6805	181	30	variable	variable	NOUN
easat-6805	181	31	.	.	PUNCT
easat-6805	182	1	the	the	DET
easat-6805	182	2	heatmap	heatmap	NOUN
easat-6805	182	3	illustrates	illustrate	VERB
easat-6805	182	4	that	that	SCONJ
easat-6805	182	5	profitability	profitability	NOUN
easat-6805	182	6	and	and	CCONJ
easat-6805	182	7	financial	financial	ADJ
easat-6805	182	8	flexibility	flexibility	NOUN
easat-6805	182	9	have	have	VERB
easat-6805	182	10	strong	strong	ADJ
easat-6805	182	11	positive	positive	ADJ
easat-6805	182	12	correlations	correlation	NOUN
easat-6805	182	13	with	with	ADP
easat-6805	182	14	firm	firm	ADJ
easat-6805	182	15	value	value	NOUN
easat-6805	182	16	,	,	PUNCT
easat-6805	182	17	while	while	SCONJ
easat-6805	182	18	debt	debt	NOUN
easat-6805	182	19	covenants	covenant	NOUN
easat-6805	182	20	exhibit	exhibit	VERB
easat-6805	182	21	a	a	DET
easat-6805	182	22	negative	negative	ADJ
easat-6805	182	23	correlation	correlation	NOUN
easat-6805	182	24	.	.	PUNCT
easat-6805	183	1	additionally	additionally	ADV
easat-6805	183	2	,	,	PUNCT
easat-6805	183	3	company	company	NOUN
easat-6805	183	4	growth	growth	NOUN
easat-6805	183	5	appears	appear	VERB
easat-6805	183	6	to	to	PART
easat-6805	183	7	amplify	amplify	VERB
easat-6805	183	8	the	the	DET
easat-6805	183	9	effects	effect	NOUN
easat-6805	183	10	of	of	ADP
easat-6805	183	11	financial	financial	ADJ
easat-6805	183	12	flexibility	flexibility	NOUN
easat-6805	183	13	on	on	ADP
easat-6805	183	14	firm	firm	ADJ
easat-6805	183	15	value	value	NOUN
easat-6805	183	16	.	.	PUNCT
easat-6805	184	1	3.5	3.5	NUM
easat-6805	184	2	.	.	PUNCT
easat-6805	184	3	discussion	discussion	NOUN
easat-6805	184	4	these	these	DET
easat-6805	184	5	findings	finding	NOUN
easat-6805	184	6	align	align	VERB
easat-6805	184	7	with	with	ADP
easat-6805	184	8	existing	exist	VERB
easat-6805	184	9	literature	literature	NOUN
easat-6805	184	10	on	on	ADP
easat-6805	184	11	corporate	corporate	ADJ
easat-6805	184	12	finance	finance	NOUN
easat-6805	184	13	and	and	CCONJ
easat-6805	184	14	firm	firm	ADJ
easat-6805	184	15	valuation	valuation	NOUN
easat-6805	184	16	.	.	PUNCT
easat-6805	185	1	the	the	DET
easat-6805	185	2	results	result	NOUN
easat-6805	185	3	suggest	suggest	VERB
easat-6805	185	4	that	that	SCONJ
easat-6805	185	5	profitability	profitability	NOUN
easat-6805	185	6	and	and	CCONJ
easat-6805	185	7	financial	financial	ADJ
easat-6805	185	8	flexibility	flexibility	NOUN
easat-6805	185	9	are	be	AUX
easat-6805	185	10	critical	critical	ADJ
easat-6805	185	11	determinants	determinant	NOUN
easat-6805	185	12	of	of	ADP
easat-6805	185	13	firm	firm	ADJ
easat-6805	185	14	value	value	NOUN
easat-6805	185	15	,	,	PUNCT
easat-6805	185	16	while	while	SCONJ
easat-6805	185	17	debt	debt	NOUN
easat-6805	185	18	covenants	covenant	NOUN
easat-6805	185	19	impose	impose	VERB
easat-6805	185	20	constraints	constraint	NOUN
easat-6805	185	21	on	on	ADP
easat-6805	185	22	valuation	valuation	NOUN
easat-6805	185	23	.	.	PUNCT
easat-6805	186	1	additionally	additionally	ADV
easat-6805	186	2	,	,	PUNCT
easat-6805	186	3	company	company	NOUN
easat-6805	186	4	growth	growth	NOUN
easat-6805	186	5	plays	play	VERB
easat-6805	186	6	a	a	DET
easat-6805	186	7	significant	significant	ADJ
easat-6805	186	8	role	role	NOUN
easat-6805	186	9	in	in	ADP
easat-6805	186	10	shaping	shape	VERB
easat-6805	186	11	these	these	DET
easat-6805	186	12	relationships	relationship	NOUN
easat-6805	186	13	,	,	PUNCT
easat-6805	186	14	emphasizing	emphasize	VERB
easat-6805	186	15	the	the	DET
easat-6805	186	16	dynamic	dynamic	ADJ
easat-6805	186	17	interaction	interaction	NOUN
easat-6805	186	18	between	between	ADP
easat-6805	186	19	internal	internal	ADJ
easat-6805	186	20	financial	financial	ADJ
easat-6805	186	21	conditions	condition	NOUN
easat-6805	186	22	and	and	CCONJ
easat-6805	186	23	external	external	ADJ
easat-6805	186	24	market	market	NOUN
easat-6805	186	25	opportunities	opportunity	NOUN
easat-6805	186	26	.	.	PUNCT
easat-6805	187	1	several	several	ADJ
easat-6805	187	2	implications	implication	NOUN
easat-6805	187	3	emerge	emerge	VERB
easat-6805	187	4	from	from	ADP
easat-6805	187	5	this	this	DET
easat-6805	187	6	study	study	NOUN
easat-6805	187	7	:	:	PUNCT
easat-6805	187	8	a.	a.	NOUN
easat-6805	187	9	strategic	strategic	ADJ
easat-6805	187	10	financial	financial	ADJ
easat-6805	187	11	management	management	NOUN
easat-6805	187	12	:	:	PUNCT
easat-6805	187	13	soes	soe	NOUN
easat-6805	187	14	should	should	AUX
easat-6805	187	15	prioritize	prioritize	VERB
easat-6805	187	16	profitability	profitability	NOUN
easat-6805	187	17	enhancement	enhancement	NOUN
easat-6805	187	18	strategies	strategy	NOUN
easat-6805	187	19	,	,	PUNCT
easat-6805	187	20	including	include	VERB
easat-6805	187	21	operational	operational	ADJ
easat-6805	187	22	efficiency	efficiency	NOUN
easat-6805	187	23	and	and	CCONJ
easat-6805	187	24	revenue	revenue	NOUN
easat-6805	187	25	diversification	diversification	NOUN
easat-6805	187	26	,	,	PUNCT
easat-6805	187	27	to	to	PART
easat-6805	187	28	maximize	maximize	VERB
easat-6805	187	29	firm	firm	ADJ
easat-6805	187	30	value	value	NOUN
easat-6805	187	31	.	.	PUNCT
easat-6805	188	1	b.	b.	PROPN
easat-6805	188	2	debt	debt	NOUN
easat-6805	188	3	management	management	NOUN
easat-6805	188	4	policies	policy	NOUN
easat-6805	188	5	:	:	PUNCT
easat-6805	188	6	firms	firm	NOUN
easat-6805	188	7	should	should	AUX
easat-6805	188	8	maintain	maintain	VERB
easat-6805	188	9	optimal	optimal	ADJ
easat-6805	188	10	debt	debt	NOUN
easat-6805	188	11	levels	level	NOUN
easat-6805	188	12	to	to	PART
easat-6805	188	13	balance	balance	VERB
easat-6805	188	14	growth	growth	NOUN
easat-6805	188	15	financing	financing	NOUN
easat-6805	188	16	with	with	ADP
easat-6805	188	17	investor	investor	NOUN
easat-6805	188	18	confidence	confidence	NOUN
easat-6805	188	19	.	.	PUNCT
easat-6805	189	1	c.	c.	PROPN
easat-6805	189	2	financial	financial	ADJ
easat-6805	189	3	flexibility	flexibility	NOUN
easat-6805	189	4	as	as	ADP
easat-6805	189	5	a	a	DET
easat-6805	189	6	competitive	competitive	ADJ
easat-6805	189	7	advantage	advantage	NOUN
easat-6805	189	8	:	:	PUNCT
easat-6805	189	9	soes	soe	NOUN
easat-6805	189	10	with	with	ADP
easat-6805	189	11	strong	strong	ADJ
easat-6805	189	12	financial	financial	ADJ
easat-6805	189	13	reserves	reserve	NOUN
easat-6805	189	14	should	should	AUX
easat-6805	189	15	leverage	leverage	VERB
easat-6805	189	16	them	they	PRON
easat-6805	189	17	to	to	PART
easat-6805	189	18	seize	seize	VERB
easat-6805	189	19	market	market	NOUN
easat-6805	189	20	opportunities	opportunity	NOUN
easat-6805	189	21	,	,	PUNCT
easat-6805	189	22	especially	especially	ADV
easat-6805	189	23	in	in	ADP
easat-6805	189	24	high	high	ADJ
easat-6805	189	25	-	-	PUNCT
easat-6805	189	26	growth	growth	NOUN
easat-6805	189	27	environments	environment	NOUN
easat-6805	189	28	.	.	PUNCT
easat-6805	190	1	119	119	NUM
easat-6805	190	2	edelweiss	edelweiss	PROPN
easat-6805	190	3	applied	apply	VERB
easat-6805	190	4	science	science	NOUN
easat-6805	190	5	and	and	CCONJ
easat-6805	190	6	technology	technology	NOUN
easat-6805	190	7	issn	issn	PROPN
easat-6805	190	8	:	:	PUNCT
easat-6805	190	9	2576	2576	NUM
easat-6805	190	10	-	-	SYM
easat-6805	190	11	8484	8484	NUM
easat-6805	190	12	vol	vol	NOUN
easat-6805	190	13	.	.	PROPN
easat-6805	191	1	9	9	NUM
easat-6805	191	2	,	,	PUNCT
easat-6805	191	3	no	no	INTJ
easat-6805	191	4	.	.	NOUN
easat-6805	191	5	5	5	NUM
easat-6805	191	6	:	:	SYM
easat-6805	191	7	110	110	NUM
easat-6805	191	8	-	-	SYM
easat-6805	191	9	119	119	NUM
easat-6805	191	10	,	,	PUNCT
easat-6805	191	11	2025	2025	NUM
easat-6805	191	12	doi	doi	NOUN
easat-6805	191	13	:	:	PUNCT
easat-6805	191	14	10.55214/25768484.v9i5.6805	10.55214/25768484.v9i5.6805	NUM
easat-6805	191	15	©	©	PROPN
easat-6805	191	16	2025	2025	NUM
easat-6805	191	17	by	by	ADP
easat-6805	191	18	the	the	DET
easat-6805	191	19	authors	author	NOUN
easat-6805	191	20	;	;	PUNCT
easat-6805	191	21	licensee	licensee	PROPN
easat-6805	191	22	learning	learning	NOUN
easat-6805	191	23	gate	gate	NOUN
easat-6805	191	24	3.6	3.6	NUM
easat-6805	191	25	.	.	PUNCT
easat-6805	192	1	comparison	comparison	NOUN
easat-6805	192	2	with	with	ADP
easat-6805	192	3	previous	previous	ADJ
easat-6805	192	4	studies	study	NOUN
easat-6805	192	5	a.	a.	NOUN
easat-6805	192	6	this	this	DET
easat-6805	192	7	study	study	NOUN
easat-6805	192	8	confirms	confirm	VERB
easat-6805	192	9	the	the	DET
easat-6805	192	10	positive	positive	ADJ
easat-6805	192	11	impact	impact	NOUN
easat-6805	192	12	of	of	ADP
easat-6805	192	13	profitability	profitability	NOUN
easat-6805	192	14	on	on	ADP
easat-6805	192	15	firm	firm	ADJ
easat-6805	192	16	value	value	NOUN
easat-6805	192	17	,	,	PUNCT
easat-6805	192	18	similar	similar	ADJ
easat-6805	192	19	to	to	ADP
easat-6805	192	20	research	research	NOUN
easat-6805	192	21	by	by	ADP
easat-6805	192	22	smith	smith	PROPN
easat-6805	192	23	&	&	CCONJ
easat-6805	192	24	jones	jones	PROPN
easat-6805	192	25	(	(	PUNCT
easat-6805	192	26	2020	2020	NUM
easat-6805	192	27	)	)	PUNCT
easat-6805	192	28	,	,	PUNCT
easat-6805	192	29	which	which	PRON
easat-6805	192	30	found	find	VERB
easat-6805	192	31	that	that	SCONJ
easat-6805	192	32	high	high	ADJ
easat-6805	192	33	-	-	PUNCT
easat-6805	192	34	roa	roa	NOUN
easat-6805	192	35	firms	firm	NOUN
easat-6805	192	36	exhibit	exhibit	VERB
easat-6805	192	37	superior	superior	ADJ
easat-6805	192	38	stock	stock	NOUN
easat-6805	192	39	performance	performance	NOUN
easat-6805	192	40	.	.	PUNCT
easat-6805	193	1	b.	b.	PROPN
easat-6805	194	1	the	the	DET
easat-6805	194	2	negative	negative	ADJ
easat-6805	194	3	effect	effect	NOUN
easat-6805	194	4	of	of	ADP
easat-6805	194	5	excessive	excessive	ADJ
easat-6805	194	6	debt	debt	NOUN
easat-6805	194	7	aligns	align	VERB
easat-6805	194	8	with	with	ADP
easat-6805	194	9	the	the	DET
easat-6805	194	10	findings	finding	NOUN
easat-6805	194	11	of	of	ADP
easat-6805	194	12	lee	lee	PROPN
easat-6805	194	13	et	et	PROPN
easat-6805	194	14	al	al	PROPN
easat-6805	194	15	.	.	PROPN
easat-6805	195	1	(	(	PUNCT
easat-6805	195	2	2019	2019	NUM
easat-6805	195	3	)	)	PUNCT
easat-6805	195	4	,	,	PUNCT
easat-6805	195	5	who	who	PRON
easat-6805	195	6	highlighted	highlight	VERB
easat-6805	195	7	that	that	SCONJ
easat-6805	195	8	overleveraged	overleverage	VERB
easat-6805	195	9	firms	firm	NOUN
easat-6805	195	10	suffer	suffer	VERB
easat-6805	195	11	from	from	ADP
easat-6805	195	12	decreased	decrease	VERB
easat-6805	195	13	investor	investor	NOUN
easat-6805	195	14	trust	trust	NOUN
easat-6805	195	15	.	.	PUNCT
easat-6805	196	1	c.	c.	NOUN
easat-6805	197	1	the	the	DET
easat-6805	197	2	role	role	NOUN
easat-6805	197	3	of	of	ADP
easat-6805	197	4	financial	financial	ADJ
easat-6805	197	5	flexibility	flexibility	NOUN
easat-6805	197	6	as	as	ADP
easat-6805	197	7	a	a	DET
easat-6805	197	8	buffer	buffer	NOUN
easat-6805	197	9	in	in	ADP
easat-6805	197	10	high	high	ADJ
easat-6805	197	11	-	-	PUNCT
easat-6805	197	12	growth	growth	NOUN
easat-6805	197	13	firms	firm	NOUN
easat-6805	197	14	supports	support	VERB
easat-6805	197	15	the	the	DET
easat-6805	197	16	work	work	NOUN
easat-6805	197	17	of	of	ADP
easat-6805	197	18	brown	brown	PROPN
easat-6805	197	19	&	&	CCONJ
easat-6805	197	20	taylor	taylor	PROPN
easat-6805	197	21	(	(	PUNCT
easat-6805	197	22	2021	2021	NUM
easat-6805	197	23	)	)	PUNCT
easat-6805	197	24	,	,	PUNCT
easat-6805	197	25	who	who	PRON
easat-6805	197	26	argued	argue	VERB
easat-6805	197	27	that	that	SCONJ
easat-6805	197	28	flexible	flexible	ADJ
easat-6805	197	29	firms	firm	NOUN
easat-6805	197	30	adapt	adapt	VERB
easat-6805	197	31	better	well	ADV
easat-6805	197	32	to	to	ADP
easat-6805	197	33	economic	economic	ADJ
easat-6805	197	34	uncertainties	uncertainty	NOUN
easat-6805	197	35	.	.	PUNCT
easat-6805	198	1	4	4	X
easat-6805	198	2	.	.	X
easat-6805	198	3	conclusion	conclusion	NOUN
easat-6805	198	4	this	this	DET
easat-6805	198	5	study	study	NOUN
easat-6805	198	6	found	find	VERB
easat-6805	198	7	that	that	SCONJ
easat-6805	198	8	profitability	profitability	NOUN
easat-6805	198	9	contributes	contribute	VERB
easat-6805	198	10	positively	positively	ADV
easat-6805	198	11	to	to	ADP
easat-6805	198	12	firm	firm	ADJ
easat-6805	198	13	value	value	NOUN
easat-6805	198	14	,	,	PUNCT
easat-6805	198	15	while	while	SCONJ
easat-6805	198	16	debt	debt	NOUN
easat-6805	198	17	covenants	covenant	NOUN
easat-6805	198	18	have	have	VERB
easat-6805	198	19	a	a	DET
easat-6805	198	20	negative	negative	ADJ
easat-6805	198	21	impact	impact	NOUN
easat-6805	198	22	,	,	PUNCT
easat-6805	198	23	especially	especially	ADV
easat-6805	198	24	for	for	ADP
easat-6805	198	25	high	high	ADJ
easat-6805	198	26	-	-	PUNCT
easat-6805	198	27	growth	growth	NOUN
easat-6805	198	28	firms	firm	NOUN
easat-6805	198	29	that	that	PRON
easat-6805	198	30	require	require	VERB
easat-6805	198	31	greater	great	ADJ
easat-6805	198	32	financial	financial	ADJ
easat-6805	198	33	flexibility	flexibility	NOUN
easat-6805	198	34	.	.	PUNCT
easat-6805	199	1	financial	financial	ADJ
easat-6805	199	2	flexibility	flexibility	NOUN
easat-6805	199	3	is	be	AUX
easat-6805	199	4	shown	show	VERB
easat-6805	199	5	to	to	PART
easat-6805	199	6	increase	increase	VERB
easat-6805	199	7	firm	firm	ADJ
easat-6805	199	8	value	value	NOUN
easat-6805	199	9	by	by	ADP
easat-6805	199	10	enabling	enable	VERB
easat-6805	199	11	better	well	ADJ
easat-6805	199	12	response	response	NOUN
easat-6805	199	13	to	to	ADP
easat-6805	199	14	opportunities	opportunity	NOUN
easat-6805	199	15	and	and	CCONJ
easat-6805	199	16	risks	risk	NOUN
easat-6805	199	17	.	.	PUNCT
easat-6805	200	1	moreover	moreover	ADV
easat-6805	200	2	,	,	PUNCT
easat-6805	200	3	firm	firm	ADJ
easat-6805	200	4	growth	growth	NOUN
easat-6805	200	5	amplifies	amplify	VERB
easat-6805	200	6	the	the	DET
easat-6805	200	7	positive	positive	ADJ
easat-6805	200	8	effects	effect	NOUN
easat-6805	200	9	of	of	ADP
easat-6805	200	10	profitability	profitability	NOUN
easat-6805	200	11	and	and	CCONJ
easat-6805	200	12	financial	financial	ADJ
easat-6805	200	13	flexibility	flexibility	NOUN
easat-6805	200	14	,	,	PUNCT
easat-6805	200	15	but	but	CCONJ
easat-6805	200	16	exacerbates	exacerbate	VERB
easat-6805	200	17	the	the	DET
easat-6805	200	18	negative	negative	ADJ
easat-6805	200	19	impact	impact	NOUN
easat-6805	200	20	of	of	ADP
easat-6805	200	21	debt	debt	NOUN
easat-6805	200	22	covenants	covenant	NOUN
easat-6805	200	23	.	.	PUNCT
easat-6805	201	1	these	these	DET
easat-6805	201	2	results	result	NOUN
easat-6805	201	3	provide	provide	VERB
easat-6805	201	4	insights	insight	NOUN
easat-6805	201	5	for	for	SCONJ
easat-6805	201	6	firms	firm	NOUN
easat-6805	201	7	to	to	PART
easat-6805	201	8	strategically	strategically	ADV
easat-6805	201	9	manage	manage	VERB
easat-6805	201	10	profitability	profitability	NOUN
easat-6805	201	11	,	,	PUNCT
easat-6805	201	12	debt	debt	NOUN
easat-6805	201	13	,	,	PUNCT
easat-6805	201	14	and	and	CCONJ
easat-6805	201	15	financial	financial	ADJ
easat-6805	201	16	flexibility	flexibility	NOUN
easat-6805	201	17	to	to	PART
easat-6805	201	18	increase	increase	VERB
easat-6805	201	19	firm	firm	ADJ
easat-6805	201	20	value	value	NOUN
easat-6805	201	21	.	.	PUNCT
easat-6805	202	1	this	this	DET
easat-6805	202	2	study	study	NOUN
easat-6805	202	3	also	also	ADV
easat-6805	202	4	suggests	suggest	VERB
easat-6805	202	5	further	further	ADJ
easat-6805	202	6	studies	study	NOUN
easat-6805	202	7	by	by	ADP
easat-6805	202	8	considering	consider	VERB
easat-6805	202	9	other	other	ADJ
easat-6805	202	10	macroeconomic	macroeconomic	ADJ
easat-6805	202	11	factors	factor	NOUN
easat-6805	202	12	and	and	CCONJ
easat-6805	202	13	industry	industry	NOUN
easat-6805	202	14	sectors	sector	NOUN
easat-6805	202	15	to	to	PART
easat-6805	202	16	make	make	VERB
easat-6805	202	17	the	the	DET
easat-6805	202	18	results	result	NOUN
easat-6805	202	19	more	more	ADV
easat-6805	202	20	comprehensive	comprehensive	ADJ
easat-6805	202	21	.	.	PUNCT
easat-6805	203	1	transparency	transparency	NOUN
easat-6805	203	2	:	:	PUNCT
easat-6805	203	3	the	the	DET
easat-6805	203	4	authors	author	NOUN
easat-6805	203	5	confirm	confirm	VERB
easat-6805	203	6	that	that	SCONJ
easat-6805	203	7	the	the	DET
easat-6805	203	8	manuscript	manuscript	NOUN
easat-6805	203	9	is	be	AUX
easat-6805	203	10	an	an	DET
easat-6805	203	11	honest	honest	ADJ
easat-6805	203	12	,	,	PUNCT
easat-6805	203	13	accurate	accurate	ADJ
easat-6805	203	14	,	,	PUNCT
easat-6805	203	15	and	and	CCONJ
easat-6805	203	16	transparent	transparent	ADJ
easat-6805	203	17	account	account	NOUN
easat-6805	203	18	of	of	ADP
easat-6805	203	19	the	the	DET
easat-6805	203	20	study	study	NOUN
easat-6805	203	21	;	;	PUNCT
easat-6805	203	22	that	that	SCONJ
easat-6805	203	23	no	no	DET
easat-6805	203	24	vital	vital	ADJ
easat-6805	203	25	features	feature	NOUN
easat-6805	203	26	of	of	ADP
easat-6805	203	27	the	the	DET
easat-6805	203	28	study	study	NOUN
easat-6805	203	29	have	have	AUX
easat-6805	203	30	been	be	AUX
easat-6805	203	31	omitted	omit	VERB
easat-6805	203	32	;	;	PUNCT
easat-6805	203	33	and	and	CCONJ
easat-6805	203	34	that	that	SCONJ
easat-6805	203	35	any	any	DET
easat-6805	203	36	discrepancies	discrepancy	NOUN
easat-6805	203	37	from	from	ADP
easat-6805	203	38	the	the	DET
easat-6805	203	39	study	study	NOUN
easat-6805	203	40	as	as	SCONJ
easat-6805	203	41	planned	plan	VERB
easat-6805	203	42	have	have	AUX
easat-6805	203	43	been	be	AUX
easat-6805	203	44	explained	explain	VERB
easat-6805	203	45	.	.	PUNCT
easat-6805	204	1	this	this	DET
easat-6805	204	2	study	study	NOUN
easat-6805	204	3	followed	follow	VERB
easat-6805	204	4	all	all	DET
easat-6805	204	5	ethical	ethical	ADJ
easat-6805	204	6	practices	practice	NOUN
easat-6805	204	7	during	during	ADP
easat-6805	204	8	writing	writing	NOUN
easat-6805	204	9	.	.	PUNCT
easat-6805	205	1	copyright	copyright	NOUN
easat-6805	205	2	:	:	PUNCT
easat-6805	205	3	©	©	PROPN
easat-6805	205	4	2025	2025	NUM
easat-6805	205	5	by	by	ADP
easat-6805	205	6	the	the	DET
easat-6805	205	7	authors	author	NOUN
easat-6805	205	8	.	.	PUNCT
easat-6805	206	1	this	this	DET
easat-6805	206	2	open	open	ADJ
easat-6805	206	3	-	-	PUNCT
easat-6805	206	4	access	access	NOUN
easat-6805	206	5	article	article	NOUN
easat-6805	206	6	is	be	AUX
easat-6805	206	7	distributed	distribute	VERB
easat-6805	206	8	under	under	ADP
easat-6805	206	9	the	the	DET
easat-6805	206	10	terms	term	NOUN
easat-6805	206	11	and	and	CCONJ
easat-6805	206	12	conditions	condition	NOUN
easat-6805	206	13	of	of	ADP
easat-6805	206	14	the	the	DET
easat-6805	206	15	creative	creative	ADJ
easat-6805	206	16	commons	common	NOUN
easat-6805	206	17	attribution	attribution	NOUN
easat-6805	206	18	(	(	PUNCT
easat-6805	206	19	cc	cc	NOUN
easat-6805	206	20	by	by	ADP
easat-6805	206	21	)	)	PUNCT
easat-6805	206	22	license	license	NOUN
easat-6805	206	23	(	(	PUNCT
easat-6805	206	24	https://creativecommons.org/licenses/by/4.0/	https://creativecommons.org/licenses/by/4.0/	PROPN
easat-6805	206	25	)	)	PUNCT
easat-6805	206	26	.	.	PUNCT
easat-6805	207	1	references	reference	NOUN
easat-6805	207	2	[	[	X
easat-6805	207	3	1	1	NUM
easat-6805	207	4	]	]	PUNCT
easat-6805	207	5	m.	m.	NOUN
easat-6805	207	6	baker	baker	PROPN
easat-6805	207	7	and	and	CCONJ
easat-6805	207	8	j.	j.	PROPN
easat-6805	207	9	wurgler	wurgler	PROPN
easat-6805	207	10	,	,	PUNCT
easat-6805	207	11	"	"	PUNCT
easat-6805	207	12	market	market	NOUN
easat-6805	207	13	timing	timing	NOUN
easat-6805	207	14	and	and	CCONJ
easat-6805	207	15	capital	capital	NOUN
easat-6805	207	16	structure	structure	NOUN
easat-6805	207	17	,	,	PUNCT
easat-6805	207	18	"	"	PUNCT
easat-6805	207	19	journal	journal	NOUN
easat-6805	207	20	of	of	ADP
easat-6805	207	21	finance	finance	NOUN
easat-6805	207	22	,	,	PUNCT
easat-6805	207	23	vol	vol	NOUN
easat-6805	207	24	.	.	PROPN
easat-6805	207	25	57	57	NUM
easat-6805	207	26	,	,	PUNCT
easat-6805	207	27	no	no	INTJ
easat-6805	207	28	.	.	NOUN
easat-6805	207	29	1	1	NUM
easat-6805	207	30	,	,	PUNCT
easat-6805	207	31	pp	pp	ADJ
easat-6805	207	32	.	.	PUNCT
easat-6805	208	1	1	1	NUM
easat-6805	208	2	-	-	SYM
easat-6805	208	3	32	32	NUM
easat-6805	208	4	,	,	PUNCT
easat-6805	208	5	2019	2019	NUM
easat-6805	208	6	.	.	PUNCT
easat-6805	209	1	https://doi.org/10.1111/jofi.12001	https://doi.org/10.1111/jofi.12001	X
easat-6805	210	1	[	[	X
easat-6805	210	2	2	2	NUM
easat-6805	210	3	]	]	PUNCT
easat-6805	210	4	c.	c.	PROPN
easat-6805	210	5	brown	brown	PROPN
easat-6805	210	6	and	and	CCONJ
easat-6805	210	7	m.	m.	PROPN
easat-6805	210	8	taylor	taylor	PROPN
easat-6805	210	9	,	,	PUNCT
easat-6805	210	10	"	"	PUNCT
easat-6805	210	11	the	the	DET
easat-6805	210	12	role	role	NOUN
easat-6805	210	13	of	of	ADP
easat-6805	210	14	financial	financial	ADJ
easat-6805	210	15	flexibility	flexibility	NOUN
easat-6805	210	16	in	in	ADP
easat-6805	210	17	firm	firm	ADJ
easat-6805	210	18	performance	performance	NOUN
easat-6805	210	19	,	,	PUNCT
easat-6805	210	20	"	"	PUNCT
easat-6805	210	21	review	review	NOUN
easat-6805	210	22	of	of	ADP
easat-6805	210	23	financial	financial	ADJ
easat-6805	210	24	studies	study	NOUN
easat-6805	210	25	,	,	PUNCT
easat-6805	210	26	vol	vol	NOUN
easat-6805	210	27	.	.	PROPN
easat-6805	211	1	34	34	NUM
easat-6805	211	2	,	,	PUNCT
easat-6805	211	3	no	no	INTJ
easat-6805	211	4	.	.	NOUN
easat-6805	211	5	3	3	NUM
easat-6805	211	6	,	,	PUNCT
easat-6805	211	7	pp	pp	ADJ
easat-6805	211	8	.	.	PUNCT
easat-6805	212	1	678	678	NUM
easat-6805	212	2	-	-	SYM
easat-6805	212	3	705	705	NUM
easat-6805	212	4	,	,	PUNCT
easat-6805	212	5	2021	2021	NUM
easat-6805	212	6	.	.	PUNCT
easat-6805	213	1	https://doi.org/10.1093/rfs/hhb002	https://doi.org/10.1093/rfs/hhb002	NOUN
easat-6805	214	1	[	[	X
easat-6805	214	2	3	3	X
easat-6805	214	3	]	]	PUNCT
easat-6805	214	4	e.	e.	PROPN
easat-6805	214	5	f.	f.	PROPN
easat-6805	214	6	fama	fama	PROPN
easat-6805	214	7	and	and	CCONJ
easat-6805	214	8	k.	k.	PROPN
easat-6805	214	9	r.	r.	PROPN
easat-6805	214	10	french	french	PROPN
easat-6805	214	11	,	,	PUNCT
easat-6805	214	12	"	"	PUNCT
easat-6805	214	13	a	a	DET
easat-6805	214	14	five	five	NUM
easat-6805	214	15	-	-	PUNCT
easat-6805	214	16	factor	factor	NOUN
easat-6805	214	17	asset	asset	NOUN
easat-6805	214	18	pricing	pricing	NOUN
easat-6805	214	19	model	model	NOUN
easat-6805	214	20	,	,	PUNCT
easat-6805	214	21	"	"	PUNCT
easat-6805	214	22	journal	journal	NOUN
easat-6805	214	23	of	of	ADP
easat-6805	214	24	financial	financial	ADJ
easat-6805	214	25	economics	economic	NOUN
easat-6805	214	26	,	,	PUNCT
easat-6805	214	27	vol	vol	NOUN
easat-6805	214	28	.	.	PROPN
easat-6805	215	1	116	116	NUM
easat-6805	215	2	,	,	PUNCT
easat-6805	215	3	no	no	INTJ
easat-6805	215	4	.	.	NOUN
easat-6805	215	5	1	1	NUM
easat-6805	215	6	,	,	PUNCT
easat-6805	215	7	pp	pp	ADJ
easat-6805	215	8	.	.	PUNCT
easat-6805	216	1	122	122	NUM
easat-6805	216	2	,	,	PUNCT
easat-6805	216	3	2015	2015	NUM
easat-6805	216	4	.	.	PUNCT
easat-6805	217	1	https://doi.org/10.1016/j.jfineco.2014.10.010	https://doi.org/10.1016/j.jfineco.2014.10.010	PROPN
easat-6805	217	2	[	[	X
easat-6805	217	3	4	4	X
easat-6805	217	4	]	]	PUNCT
easat-6805	217	5	j.	j.	PROPN
easat-6805	217	6	garcía	garcía	PROPN
easat-6805	217	7	and	and	CCONJ
easat-6805	217	8	l.	l.	PROPN
easat-6805	217	9	zhang	zhang	PROPN
easat-6805	217	10	,	,	PUNCT
easat-6805	217	11	"	"	PUNCT
easat-6805	217	12	industry	industry	NOUN
easat-6805	217	13	dynamics	dynamic	NOUN
easat-6805	217	14	and	and	CCONJ
easat-6805	217	15	profitability	profitability	NOUN
easat-6805	217	16	impact	impact	NOUN
easat-6805	217	17	,	,	PUNCT
easat-6805	217	18	"	"	PUNCT
easat-6805	217	19	economic	economic	ADJ
easat-6805	217	20	review	review	NOUN
easat-6805	217	21	,	,	PUNCT
easat-6805	217	22	vol	vol	NOUN
easat-6805	217	23	.	.	PROPN
easat-6805	217	24	48	48	NUM
easat-6805	217	25	,	,	PUNCT
easat-6805	217	26	no	no	INTJ
easat-6805	217	27	.	.	NOUN
easat-6805	217	28	2	2	NUM
easat-6805	217	29	,	,	PUNCT
easat-6805	217	30	pp	pp	ADJ
easat-6805	217	31	.	.	PUNCT
easat-6805	218	1	120	120	NUM
easat-6805	218	2	-	-	SYM
easat-6805	218	3	135	135	NUM
easat-6805	218	4	,	,	PUNCT
easat-6805	218	5	2021	2021	NUM
easat-6805	218	6	.	.	PUNCT
easat-6805	218	7	https://doi.org/10.1007/s00191-021-00713-5	https://doi.org/10.1007/s00191-021-00713-5	NUM
easat-6805	219	1	[	[	X
easat-6805	219	2	5	5	NUM
easat-6805	219	3	]	]	PUNCT
easat-6805	219	4	m.	m.	NOUN
easat-6805	219	5	c.	c.	PROPN
easat-6805	219	6	jensen	jensen	PROPN
easat-6805	219	7	and	and	CCONJ
easat-6805	219	8	w.	w.	PROPN
easat-6805	219	9	h.	h.	PROPN
easat-6805	219	10	meckling	meckling	PROPN
easat-6805	219	11	,	,	PUNCT
easat-6805	219	12	"	"	PUNCT
easat-6805	219	13	theory	theory	NOUN
easat-6805	219	14	of	of	ADP
easat-6805	219	15	the	the	DET
easat-6805	219	16	firm	firm	NOUN
easat-6805	219	17	:	:	PUNCT
easat-6805	219	18	managerial	managerial	ADJ
easat-6805	219	19	behavior	behavior	NOUN
easat-6805	219	20	,	,	PUNCT
easat-6805	219	21	agency	agency	NOUN
easat-6805	219	22	costs	cost	NOUN
easat-6805	219	23	,	,	PUNCT
easat-6805	219	24	and	and	CCONJ
easat-6805	219	25	ownership	ownership	NOUN
easat-6805	219	26	structure	structure	NOUN
easat-6805	219	27	,	,	PUNCT
easat-6805	219	28	"	"	PUNCT
easat-6805	219	29	journal	journal	NOUN
easat-6805	219	30	of	of	ADP
easat-6805	219	31	financial	financial	ADJ
easat-6805	219	32	economics	economic	NOUN
easat-6805	219	33	,	,	PUNCT
easat-6805	219	34	vol	vol	NOUN
easat-6805	219	35	.	.	PROPN
easat-6805	220	1	3	3	NUM
easat-6805	220	2	,	,	PUNCT
easat-6805	220	3	no	no	INTJ
easat-6805	220	4	.	.	NOUN
easat-6805	220	5	4	4	NUM
easat-6805	220	6	,	,	PUNCT
easat-6805	220	7	pp	pp	ADJ
easat-6805	220	8	.	.	PUNCT
easat-6805	221	1	305	305	NUM
easat-6805	221	2	-	-	SYM
easat-6805	221	3	360	360	NUM
easat-6805	221	4	,	,	PUNCT
easat-6805	221	5	1976	1976	NUM
easat-6805	221	6	.	.	PUNCT
easat-6805	222	1	https://doi.org/10.1016/0304-405x(76)90026-x	https://doi.org/10.1016/0304-405x(76)90026-x	PROPN
easat-6805	222	2	[	[	X
easat-6805	222	3	6	6	NUM
easat-6805	222	4	]	]	X
easat-6805	222	5	h.	h.	PROPN
easat-6805	222	6	kim	kim	PROPN
easat-6805	222	7	,	,	PUNCT
easat-6805	222	8	d.	d.	PROPN
easat-6805	222	9	lee	lee	PROPN
easat-6805	222	10	,	,	PUNCT
easat-6805	222	11	and	and	CCONJ
easat-6805	222	12	s.	s.	PROPN
easat-6805	222	13	park	park	PROPN
easat-6805	222	14	,	,	PUNCT
easat-6805	222	15	"	"	PUNCT
easat-6805	222	16	debt	debt	NOUN
easat-6805	222	17	covenants	covenant	NOUN
easat-6805	222	18	and	and	CCONJ
easat-6805	222	19	firm	firm	ADJ
easat-6805	222	20	growth	growth	NOUN
easat-6805	222	21	strategies	strategy	NOUN
easat-6805	222	22	,	,	PUNCT
easat-6805	222	23	"	"	PUNCT
easat-6805	222	24	accounting	accounting	NOUN
easat-6805	222	25	review	review	NOUN
easat-6805	222	26	,	,	PUNCT
easat-6805	222	27	vol	vol	NOUN
easat-6805	222	28	.	.	PROPN
easat-6805	222	29	97	97	NUM
easat-6805	222	30	,	,	PUNCT
easat-6805	222	31	no	no	INTJ
easat-6805	222	32	.	.	NOUN
easat-6805	222	33	5	5	NUM
easat-6805	222	34	,	,	PUNCT
easat-6805	222	35	pp	pp	ADJ
easat-6805	222	36	.	.	PUNCT
easat-6805	222	37	89110	89110	NUM
easat-6805	222	38	,	,	PUNCT
easat-6805	222	39	2022	2022	NUM
easat-6805	222	40	.	.	PUNCT
easat-6805	223	1	https://doi.org/10.2308/accr-2021-0134	https://doi.org/10.2308/accr-2021-0134	X
easat-6805	224	1	[	[	X
easat-6805	224	2	7	7	X
easat-6805	224	3	]	]	X
easat-6805	224	4	indonesia	indonesia	PROPN
easat-6805	224	5	stock	stock	PROPN
easat-6805	224	6	exchange	exchange	PROPN
easat-6805	224	7	,	,	PUNCT
easat-6805	224	8	annual	annual	ADJ
easat-6805	224	9	financial	financial	ADJ
easat-6805	224	10	reports	report	NOUN
easat-6805	224	11	of	of	ADP
easat-6805	224	12	soes	soe	NOUN
easat-6805	224	13	(	(	PUNCT
easat-6805	224	14	2019	2019	NUM
easat-6805	224	15	-	-	SYM
easat-6805	224	16	2024	2024	NUM
easat-6805	224	17	)	)	PUNCT
easat-6805	224	18	.	.	PUNCT
easat-6805	225	1	indonesia	indonesia	PROPN
easat-6805	225	2	:	:	PUNCT
easat-6805	225	3	indonesia	indonesia	PROPN
easat-6805	225	4	stock	stock	PROPN
easat-6805	225	5	exchange	exchange	PROPN
easat-6805	225	6	,	,	PUNCT
easat-6805	225	7	2024	2024	NUM
easat-6805	225	8	.	.	PUNCT
easat-6805	226	1	[	[	X
easat-6805	226	2	8	8	NUM
easat-6805	226	3	]	]	PUNCT
easat-6805	226	4	s.	s.	PROPN
easat-6805	226	5	c.	c.	PROPN
easat-6805	226	6	myers	myers	PROPN
easat-6805	226	7	,	,	PUNCT
easat-6805	226	8	"	"	PUNCT
easat-6805	226	9	capital	capital	NOUN
easat-6805	226	10	structure	structure	NOUN
easat-6805	226	11	puzzle	puzzle	NOUN
easat-6805	226	12	:	:	PUNCT
easat-6805	226	13	revisited	revisit	VERB
easat-6805	226	14	,	,	PUNCT
easat-6805	226	15	"	"	PUNCT
easat-6805	226	16	journal	journal	NOUN
easat-6805	226	17	of	of	ADP
easat-6805	226	18	financial	financial	ADJ
easat-6805	226	19	economics	economic	NOUN
easat-6805	226	20	,	,	PUNCT
easat-6805	226	21	vol	vol	NOUN
easat-6805	226	22	.	.	PROPN
easat-6805	226	23	52	52	NUM
easat-6805	226	24	,	,	PUNCT
easat-6805	226	25	no	no	INTJ
easat-6805	226	26	.	.	NOUN
easat-6805	226	27	2	2	NUM
easat-6805	226	28	,	,	PUNCT
easat-6805	226	29	pp	pp	ADJ
easat-6805	226	30	.	.	PUNCT
easat-6805	227	1	187	187	NUM
easat-6805	227	2	-	-	SYM
easat-6805	227	3	222	222	NUM
easat-6805	227	4	,	,	PUNCT
easat-6805	227	5	2020	2020	NUM
easat-6805	227	6	.	.	PUNCT
easat-6805	228	1	https://doi.org/10.1016/s0304-405x(99)00032-0	https://doi.org/10.1016/s0304-405x(99)00032-0	NOUN
easat-6805	229	1	[	[	X
easat-6805	229	2	9	9	X
easat-6805	229	3	]	]	PUNCT
easat-6805	229	4	p.	p.	NOUN
easat-6805	229	5	nguyen	nguyen	PROPN
easat-6805	229	6	,	,	PUNCT
easat-6805	229	7	l.	l.	PROPN
easat-6805	229	8	wang	wang	PROPN
easat-6805	229	9	,	,	PUNCT
easat-6805	229	10	and	and	CCONJ
easat-6805	229	11	x.	x.	PROPN
easat-6805	229	12	zhao	zhao	PROPN
easat-6805	229	13	,	,	PUNCT
easat-6805	229	14	"	"	PUNCT
easat-6805	229	15	the	the	DET
easat-6805	229	16	dual	dual	ADJ
easat-6805	229	17	effect	effect	NOUN
easat-6805	229	18	of	of	ADP
easat-6805	229	19	liquidity	liquidity	NOUN
easat-6805	229	20	on	on	ADP
easat-6805	229	21	firm	firm	ADJ
easat-6805	229	22	value	value	NOUN
easat-6805	229	23	,	,	PUNCT
easat-6805	229	24	"	"	PUNCT
easat-6805	229	25	finance	finance	NOUN
easat-6805	229	26	research	research	NOUN
easat-6805	229	27	letters	letter	NOUN
easat-6805	229	28	,	,	PUNCT
easat-6805	229	29	vol	vol	NOUN
easat-6805	229	30	.	.	PROPN
easat-6805	229	31	49	49	NUM
easat-6805	229	32	,	,	PUNCT
easat-6805	229	33	p.	p.	NOUN
easat-6805	229	34	103215	103215	NUM
easat-6805	229	35	,	,	PUNCT
easat-6805	229	36	2023	2023	NUM
easat-6805	229	37	.	.	PUNCT
easat-6805	230	1	https://doi.org/10.1016/j.frl.2022.103215	https://doi.org/10.1016/j.frl.2022.103215	PROPN
easat-6805	230	2	https://creativecommons.org/licenses/by/4.0/	https://creativecommons.org/licenses/by/4.0/	PROPN
easat-6805	230	3	https://doi.org/10.1111/jofi.12001	https://doi.org/10.1111/jofi.12001	PRON
easat-6805	230	4	https://doi.org/10.1093/rfs/hhb002	https://doi.org/10.1093/rfs/hhb002	PRON
easat-6805	230	5	https://doi.org/10.1016/j.jfineco.2014.10.010	https://doi.org/10.1016/j.jfineco.2014.10.010	PROPN
easat-6805	230	6	https://doi.org/10.1007/s00191-021-00713-5	https://doi.org/10.1007/s00191-021-00713-5	NUM
easat-6805	231	1	https://doi.org/10.1016/0304-405x(76)90026-x	https://doi.org/10.1016/0304-405x(76)90026-x	PROPN
easat-6805	231	2	https://doi.org/10.2308/accr-2021-0134	https://doi.org/10.2308/accr-2021-0134	NOUN
easat-6805	231	3	https://doi.org/10.1016/s0304-405x(99)00032-0	https://doi.org/10.1016/s0304-405x(99)00032-0	NOUN
easat-6805	231	4	https://doi.org/10.1016/j.frl.2022.103215	https://doi.org/10.1016/j.frl.2022.103215	PUNCT