id	sid	tid	token	lemma	pos
easat-7675	1	1	edelweiss	edelweiss	PROPN
easat-7675	1	2	applied	apply	VERB
easat-7675	1	3	science	science	NOUN
easat-7675	1	4	and	and	CCONJ
easat-7675	1	5	technology	technology	NOUN
easat-7675	1	6	issn	issn	PROPN
easat-7675	1	7	:	:	PUNCT
easat-7675	1	8	2576	2576	NUM
easat-7675	1	9	-	-	SYM
easat-7675	1	10	8484	8484	NUM
easat-7675	1	11	vol	vol	NOUN
easat-7675	1	12	.	.	PROPN
easat-7675	2	1	9	9	NUM
easat-7675	2	2	,	,	PUNCT
easat-7675	2	3	no	no	INTJ
easat-7675	2	4	.	.	NOUN
easat-7675	2	5	5	5	NUM
easat-7675	2	6	,	,	PUNCT
easat-7675	2	7	3240	3240	NUM
easat-7675	2	8	-	-	SYM
easat-7675	2	9	3248	3248	NUM
easat-7675	2	10	2025	2025	NUM
easat-7675	2	11	publisher	publisher	NOUN
easat-7675	2	12	:	:	PUNCT
easat-7675	2	13	learning	learn	VERB
easat-7675	2	14	gate	gate	NOUN
easat-7675	2	15	doi	doi	PROPN
easat-7675	2	16	:	:	PUNCT
easat-7675	2	17	10.55214/25768484.v9i5.7675	10.55214/25768484.v9i5.7675	NUM
easat-7675	2	18	©	©	PROPN
easat-7675	2	19	2025	2025	NUM
easat-7675	2	20	by	by	ADP
easat-7675	2	21	the	the	DET
easat-7675	2	22	authors	author	NOUN
easat-7675	2	23	;	;	PUNCT
easat-7675	2	24	licensee	licensee	PROPN
easat-7675	2	25	learning	learning	NOUN
easat-7675	2	26	gate	gate	NOUN
easat-7675	3	1	©	©	PROPN
easat-7675	3	2	2025	2025	NUM
easat-7675	3	3	by	by	ADP
easat-7675	3	4	the	the	DET
easat-7675	3	5	authors	author	NOUN
easat-7675	3	6	;	;	PUNCT
easat-7675	3	7	licensee	licensee	PROPN
easat-7675	3	8	learning	learning	NOUN
easat-7675	3	9	gate	gate	NOUN
easat-7675	3	10	history	history	NOUN
easat-7675	3	11	:	:	PUNCT
easat-7675	3	12	received	receive	VERB
easat-7675	3	13	:	:	PUNCT
easat-7675	3	14	24	24	NUM
easat-7675	3	15	march	march	NOUN
easat-7675	3	16	2025	2025	NUM
easat-7675	3	17	;	;	PUNCT
easat-7675	3	18	revised	revise	VERB
easat-7675	3	19	:	:	PUNCT
easat-7675	3	20	15	15	NUM
easat-7675	3	21	may	may	PROPN
easat-7675	3	22	2025	2025	NUM
easat-7675	3	23	;	;	PUNCT
easat-7675	3	24	accepted	accept	VERB
easat-7675	3	25	:	:	PUNCT
easat-7675	3	26	19	19	NUM
easat-7675	3	27	may	may	PROPN
easat-7675	3	28	2025	2025	NUM
easat-7675	3	29	;	;	PUNCT
easat-7675	3	30	published	publish	VERB
easat-7675	3	31	:	:	PUNCT
easat-7675	3	32	30	30	NUM
easat-7675	3	33	may	may	PROPN
easat-7675	3	34	2025	2025	NUM
easat-7675	3	35	*	*	PUNCT
easat-7675	3	36	correspondence	correspondence	NOUN
easat-7675	3	37	:	:	PUNCT
easat-7675	3	38	emillia.nurdin@uho.ac.id	emillia.nurdin@uho.ac.id	PROPN
easat-7675	3	39	capital	capital	NOUN
easat-7675	3	40	structure	structure	NOUN
easat-7675	3	41	as	as	ADP
easat-7675	3	42	a	a	DET
easat-7675	3	43	determinant	determinant	NOUN
easat-7675	3	44	of	of	ADP
easat-7675	3	45	firm	firm	ADJ
easat-7675	3	46	value	value	NOUN
easat-7675	3	47	:	:	PUNCT
easat-7675	3	48	a	a	DET
easat-7675	3	49	moderation	moderation	NOUN
easat-7675	3	50	analysis	analysis	NOUN
easat-7675	3	51	of	of	ADP
easat-7675	3	52	firm	firm	ADJ
easat-7675	3	53	size	size	NOUN
easat-7675	3	54	emillia	emillia	PROPN
easat-7675	3	55	nurdin1	nurdin1	PROPN
easat-7675	3	56	*	*	PROPN
easat-7675	3	57	,	,	PUNCT
easat-7675	3	58	ishak	ishak	PROPN
easat-7675	3	59	awaluddin2	awaluddin2	NOUN
easat-7675	3	60	,	,	PUNCT
easat-7675	3	61	muntu	muntu	ADJ
easat-7675	3	62	abdullah3	abdullah3	NOUN
easat-7675	3	63	,	,	PUNCT
easat-7675	3	64	nur	nur	VERB
easat-7675	3	65	asni4	asni4	PROPN
easat-7675	3	66	,	,	PUNCT
easat-7675	3	67	ika	ika	PROPN
easat-7675	3	68	maya	maya	PROPN
easat-7675	3	69	sari5	sari5	PROPN
easat-7675	3	70	1,2,3,4,5department	1,2,3,4,5department	NUM
easat-7675	3	71	of	of	ADP
easat-7675	3	72	accounting	accounting	NOUN
easat-7675	3	73	,	,	PUNCT
easat-7675	3	74	faculty	faculty	NOUN
easat-7675	3	75	of	of	ADP
easat-7675	3	76	economics	economic	NOUN
easat-7675	3	77	and	and	CCONJ
easat-7675	3	78	business	business	NOUN
easat-7675	3	79	,	,	PUNCT
easat-7675	3	80	universitas	universita	NOUN
easat-7675	3	81	halu	halu	PROPN
easat-7675	3	82	oleo	oleo	PROPN
easat-7675	3	83	,	,	PUNCT
easat-7675	3	84	indonesia	indonesia	PROPN
easat-7675	3	85	;	;	PUNCT
easat-7675	3	86	emillia.nurdin@uho.ac.id	emillia.nurdin@uho.ac.id	X
easat-7675	3	87	(	(	PUNCT
easat-7675	3	88	e.n	e.n	PROPN
easat-7675	3	89	.	.	PROPN
easat-7675	3	90	)	)	PUNCT
easat-7675	3	91	,	,	PUNCT
easat-7675	3	92	ishakawaluddin@uho.ac.id	ishakawaluddin@uho.ac.id	NOUN
easat-7675	3	93	(	(	PUNCT
easat-7675	3	94	i.a	i.a	PROPN
easat-7675	3	95	.	.	PROPN
easat-7675	3	96	)	)	PUNCT
easat-7675	3	97	,	,	PUNCT
easat-7675	3	98	muntu.abdullah@uho.ac.id	muntu.abdullah@uho.ac.id	PROPN
easat-7675	3	99	(	(	PUNCT
easat-7675	3	100	m.a	m.a	PROPN
easat-7675	3	101	)	)	PUNCT
easat-7675	3	102	,	,	PUNCT
easat-7675	3	103	nur.asni@uho.ac.id	nur.asni@uho.ac.id	NOUN
easat-7675	3	104	(	(	PUNCT
easat-7675	3	105	n.a	n.a	PROPN
easat-7675	3	106	)	)	PUNCT
easat-7675	3	107	,	,	PUNCT
easat-7675	3	108	ikamayasari633@gmail.com	ikamayasari633@gmail.com	X
easat-7675	3	109	(	(	PUNCT
easat-7675	3	110	i.m.s	i.m.s	NOUN
easat-7675	3	111	.	.	PUNCT
easat-7675	3	112	)	)	PUNCT
easat-7675	3	113	.	.	PUNCT
easat-7675	4	1	abstract	abstract	ADV
easat-7675	4	2	:	:	PUNCT
easat-7675	4	3	this	this	DET
easat-7675	4	4	study	study	NOUN
easat-7675	4	5	examines	examine	VERB
easat-7675	4	6	the	the	DET
easat-7675	4	7	effect	effect	NOUN
easat-7675	4	8	of	of	ADP
easat-7675	4	9	capital	capital	NOUN
easat-7675	4	10	structure	structure	NOUN
easat-7675	4	11	on	on	ADP
easat-7675	4	12	firm	firm	ADJ
easat-7675	4	13	value	value	NOUN
easat-7675	4	14	,	,	PUNCT
easat-7675	4	15	with	with	ADP
easat-7675	4	16	firm	firm	ADJ
easat-7675	4	17	size	size	NOUN
easat-7675	4	18	as	as	ADP
easat-7675	4	19	a	a	DET
easat-7675	4	20	moderating	moderate	VERB
easat-7675	4	21	variable	variable	NOUN
easat-7675	4	22	.	.	PUNCT
easat-7675	5	1	using	use	VERB
easat-7675	5	2	a	a	DET
easat-7675	5	3	quantitative	quantitative	ADJ
easat-7675	5	4	approach	approach	NOUN
easat-7675	5	5	,	,	PUNCT
easat-7675	5	6	the	the	DET
easat-7675	5	7	research	research	NOUN
easat-7675	5	8	focuses	focus	VERB
easat-7675	5	9	on	on	ADP
easat-7675	5	10	29	29	NUM
easat-7675	5	11	food	food	NOUN
easat-7675	5	12	and	and	CCONJ
easat-7675	5	13	beverage	beverage	NOUN
easat-7675	5	14	manufacturing	manufacturing	NOUN
easat-7675	5	15	companies	company	NOUN
easat-7675	5	16	listed	list	VERB
easat-7675	5	17	on	on	ADP
easat-7675	5	18	the	the	DET
easat-7675	5	19	indonesia	indonesia	PROPN
easat-7675	5	20	stock	stock	PROPN
easat-7675	5	21	exchange	exchange	PROPN
easat-7675	5	22	(	(	PUNCT
easat-7675	5	23	idx	idx	PROPN
easat-7675	5	24	)	)	PUNCT
easat-7675	5	25	during	during	ADP
easat-7675	5	26	2020–2023	2020–2023	NUM
easat-7675	5	27	,	,	PUNCT
easat-7675	5	28	yielding	yield	VERB
easat-7675	5	29	116	116	NUM
easat-7675	5	30	firm	firm	ADJ
easat-7675	5	31	-	-	PUNCT
easat-7675	5	32	year	year	NOUN
easat-7675	5	33	observations	observation	NOUN
easat-7675	5	34	.	.	PUNCT
easat-7675	6	1	panel	panel	NOUN
easat-7675	6	2	data	data	PROPN
easat-7675	6	3	regression	regression	NOUN
easat-7675	6	4	alongside	alongside	ADP
easat-7675	6	5	moderated	moderated	ADJ
easat-7675	6	6	regression	regression	NOUN
easat-7675	6	7	analysis	analysis	NOUN
easat-7675	6	8	(	(	PUNCT
easat-7675	6	9	mra	mra	NOUN
easat-7675	6	10	)	)	PUNCT
easat-7675	6	11	was	be	AUX
easat-7675	6	12	employed	employ	VERB
easat-7675	6	13	to	to	PART
easat-7675	6	14	test	test	VERB
easat-7675	6	15	the	the	DET
easat-7675	6	16	hypotheses	hypothesis	NOUN
easat-7675	6	17	.	.	PUNCT
easat-7675	7	1	the	the	DET
easat-7675	7	2	results	result	NOUN
easat-7675	7	3	show	show	VERB
easat-7675	7	4	that	that	SCONJ
easat-7675	7	5	capital	capital	NOUN
easat-7675	7	6	structure	structure	NOUN
easat-7675	7	7	positively	positively	ADV
easat-7675	7	8	affects	affect	VERB
easat-7675	7	9	firm	firm	ADJ
easat-7675	7	10	value	value	NOUN
easat-7675	7	11	.	.	PUNCT
easat-7675	8	1	however	however	ADV
easat-7675	8	2	,	,	PUNCT
easat-7675	8	3	firm	firm	ADJ
easat-7675	8	4	size	size	NOUN
easat-7675	8	5	does	do	AUX
easat-7675	8	6	not	not	PART
easat-7675	8	7	directly	directly	ADV
easat-7675	8	8	influence	influence	VERB
easat-7675	8	9	firm	firm	ADJ
easat-7675	8	10	value	value	NOUN
easat-7675	8	11	.	.	PUNCT
easat-7675	9	1	notably	notably	ADV
easat-7675	9	2	,	,	PUNCT
easat-7675	9	3	the	the	DET
easat-7675	9	4	interaction	interaction	NOUN
easat-7675	9	5	between	between	ADP
easat-7675	9	6	capital	capital	NOUN
easat-7675	9	7	structure	structure	NOUN
easat-7675	9	8	and	and	CCONJ
easat-7675	9	9	firm	firm	ADJ
easat-7675	9	10	size	size	NOUN
easat-7675	9	11	exhibits	exhibit	VERB
easat-7675	9	12	a	a	DET
easat-7675	9	13	negative	negative	ADJ
easat-7675	9	14	effect	effect	NOUN
easat-7675	9	15	,	,	PUNCT
easat-7675	9	16	indicating	indicate	VERB
easat-7675	9	17	that	that	SCONJ
easat-7675	9	18	higher	high	ADJ
easat-7675	9	19	leverage	leverage	NOUN
easat-7675	9	20	reduces	reduce	VERB
easat-7675	9	21	firm	firm	ADJ
easat-7675	9	22	value	value	NOUN
easat-7675	9	23	in	in	ADP
easat-7675	9	24	larger	large	ADJ
easat-7675	9	25	firms	firm	NOUN
easat-7675	9	26	.	.	PUNCT
easat-7675	10	1	these	these	DET
easat-7675	10	2	findings	finding	NOUN
easat-7675	10	3	suggest	suggest	VERB
easat-7675	10	4	that	that	SCONJ
easat-7675	10	5	while	while	SCONJ
easat-7675	10	6	debt	debt	NOUN
easat-7675	10	7	can	can	AUX
easat-7675	10	8	enhance	enhance	VERB
easat-7675	10	9	firm	firm	ADJ
easat-7675	10	10	value	value	NOUN
easat-7675	10	11	through	through	ADP
easat-7675	10	12	tax	tax	NOUN
easat-7675	10	13	advantages	advantage	NOUN
easat-7675	10	14	and	and	CCONJ
easat-7675	10	15	financial	financial	ADJ
easat-7675	10	16	discipline	discipline	NOUN
easat-7675	10	17	,	,	PUNCT
easat-7675	10	18	its	its	PRON
easat-7675	10	19	benefits	benefit	NOUN
easat-7675	10	20	may	may	AUX
easat-7675	10	21	be	be	AUX
easat-7675	10	22	offset	offset	VERB
easat-7675	10	23	in	in	ADP
easat-7675	10	24	larger	large	ADJ
easat-7675	10	25	firms	firm	NOUN
easat-7675	10	26	due	due	ADJ
easat-7675	10	27	to	to	ADP
easat-7675	10	28	market	market	NOUN
easat-7675	10	29	concerns	concern	NOUN
easat-7675	10	30	over	over	ADP
easat-7675	10	31	excessive	excessive	ADJ
easat-7675	10	32	leverage	leverage	NOUN
easat-7675	10	33	.	.	PUNCT
easat-7675	11	1	the	the	DET
easat-7675	11	2	study	study	NOUN
easat-7675	11	3	concludes	conclude	VERB
easat-7675	11	4	that	that	SCONJ
easat-7675	11	5	optimal	optimal	ADJ
easat-7675	11	6	debt	debt	NOUN
easat-7675	11	7	management	management	NOUN
easat-7675	11	8	must	must	AUX
easat-7675	11	9	consider	consider	VERB
easat-7675	11	10	firm	firm	ADJ
easat-7675	11	11	size	size	NOUN
easat-7675	11	12	to	to	PART
easat-7675	11	13	avoid	avoid	VERB
easat-7675	11	14	diminishing	diminish	VERB
easat-7675	11	15	investor	investor	NOUN
easat-7675	11	16	confidence	confidence	NOUN
easat-7675	11	17	.	.	PUNCT
easat-7675	12	1	practically	practically	ADV
easat-7675	12	2	,	,	PUNCT
easat-7675	12	3	this	this	DET
easat-7675	12	4	research	research	NOUN
easat-7675	12	5	offers	offer	VERB
easat-7675	12	6	insights	insight	NOUN
easat-7675	12	7	for	for	ADP
easat-7675	12	8	corporate	corporate	ADJ
easat-7675	12	9	managers	manager	NOUN
easat-7675	12	10	and	and	CCONJ
easat-7675	12	11	policymakers	policymaker	NOUN
easat-7675	12	12	in	in	ADP
easat-7675	12	13	structuring	structure	VERB
easat-7675	12	14	capital	capital	NOUN
easat-7675	12	15	financing	financing	NOUN
easat-7675	12	16	strategies	strategy	NOUN
easat-7675	12	17	aligned	align	VERB
easat-7675	12	18	with	with	ADP
easat-7675	12	19	firm	firm	ADJ
easat-7675	12	20	-	-	PUNCT
easat-7675	12	21	specific	specific	ADJ
easat-7675	12	22	characteristics	characteristic	NOUN
easat-7675	12	23	,	,	PUNCT
easat-7675	12	24	particularly	particularly	ADV
easat-7675	12	25	size	size	NOUN
easat-7675	12	26	,	,	PUNCT
easat-7675	12	27	to	to	PART
easat-7675	12	28	enhance	enhance	VERB
easat-7675	12	29	firm	firm	ADJ
easat-7675	12	30	value	value	NOUN
easat-7675	12	31	sustainably	sustainably	ADV
easat-7675	12	32	.	.	PUNCT
easat-7675	13	1	keywords	keyword	NOUN
easat-7675	13	2	:	:	PUNCT
easat-7675	13	3	capital	capital	NOUN
easat-7675	13	4	structure	structure	NOUN
easat-7675	13	5	,	,	PUNCT
easat-7675	13	6	firm	firm	ADJ
easat-7675	13	7	size	size	NOUN
easat-7675	13	8	,	,	PUNCT
easat-7675	13	9	firm	firm	ADJ
easat-7675	13	10	value	value	NOUN
easat-7675	13	11	.	.	PUNCT
easat-7675	14	1	1	1	X
easat-7675	14	2	.	.	X
easat-7675	14	3	introduction	introduction	NOUN
easat-7675	14	4	firm	firm	NOUN
easat-7675	14	5	value	value	NOUN
easat-7675	14	6	is	be	AUX
easat-7675	14	7	a	a	DET
easat-7675	14	8	key	key	ADJ
easat-7675	14	9	indicator	indicator	NOUN
easat-7675	14	10	that	that	PRON
easat-7675	14	11	illustrates	illustrate	VERB
easat-7675	14	12	a	a	DET
easat-7675	14	13	company	company	NOUN
easat-7675	14	14	's	's	PART
easat-7675	14	15	business	business	NOUN
easat-7675	14	16	performance	performance	NOUN
easat-7675	14	17	,	,	PUNCT
easat-7675	14	18	future	future	ADJ
easat-7675	14	19	outlook	outlook	NOUN
easat-7675	14	20	,	,	PUNCT
easat-7675	14	21	and	and	CCONJ
easat-7675	14	22	the	the	DET
easat-7675	14	23	extent	extent	NOUN
easat-7675	14	24	of	of	ADP
easat-7675	14	25	market	market	NOUN
easat-7675	14	26	trust	trust	NOUN
easat-7675	14	27	in	in	ADP
easat-7675	14	28	its	its	PRON
easat-7675	14	29	long	long	ADJ
easat-7675	14	30	-	-	PUNCT
easat-7675	14	31	term	term	NOUN
easat-7675	14	32	sustainability	sustainability	NOUN
easat-7675	14	33	.	.	PUNCT
easat-7675	15	1	an	an	DET
easat-7675	15	2	increase	increase	NOUN
easat-7675	15	3	in	in	ADP
easat-7675	15	4	firm	firm	ADJ
easat-7675	15	5	value	value	NOUN
easat-7675	15	6	not	not	PART
easat-7675	15	7	only	only	ADV
easat-7675	15	8	boosts	boost	VERB
easat-7675	15	9	shareholders	shareholder	NOUN
easat-7675	15	10	'	'	PART
easat-7675	15	11	wealth	wealth	NOUN
easat-7675	15	12	but	but	CCONJ
easat-7675	15	13	also	also	ADV
easat-7675	15	14	signals	signal	VERB
easat-7675	15	15	positively	positively	ADV
easat-7675	15	16	to	to	ADP
easat-7675	15	17	investors	investor	NOUN
easat-7675	15	18	and	and	CCONJ
easat-7675	15	19	creditors	creditor	NOUN
easat-7675	15	20	about	about	ADP
easat-7675	15	21	the	the	DET
easat-7675	15	22	firm	firm	NOUN
easat-7675	15	23	's	's	PART
easat-7675	15	24	financial	financial	ADJ
easat-7675	15	25	soundness	soundness	NOUN
easat-7675	15	26	and	and	CCONJ
easat-7675	15	27	growth	growth	NOUN
easat-7675	15	28	opportunities	opportunity	NOUN
easat-7675	15	29	[	[	X
easat-7675	15	30	1	1	NUM
easat-7675	15	31	]	]	PUNCT
easat-7675	15	32	.	.	PUNCT
easat-7675	16	1	as	as	ADP
easat-7675	16	2	a	a	DET
easat-7675	16	3	result	result	NOUN
easat-7675	16	4	,	,	PUNCT
easat-7675	16	5	exploring	explore	VERB
easat-7675	16	6	the	the	DET
easat-7675	16	7	internal	internal	ADJ
easat-7675	16	8	and	and	CCONJ
easat-7675	16	9	external	external	ADJ
easat-7675	16	10	factors	factor	NOUN
easat-7675	16	11	influencing	influence	VERB
easat-7675	16	12	firm	firm	ADJ
easat-7675	16	13	value	value	NOUN
easat-7675	16	14	remains	remain	VERB
easat-7675	16	15	a	a	DET
easat-7675	16	16	significant	significant	ADJ
easat-7675	16	17	theme	theme	NOUN
easat-7675	16	18	in	in	ADP
easat-7675	16	19	corporate	corporate	ADJ
easat-7675	16	20	finance	finance	NOUN
easat-7675	16	21	studies	study	NOUN
easat-7675	16	22	,	,	PUNCT
easat-7675	16	23	with	with	ADP
easat-7675	16	24	capital	capital	NOUN
easat-7675	16	25	structure	structure	NOUN
easat-7675	16	26	frequently	frequently	ADV
easat-7675	16	27	highlighted	highlight	VERB
easat-7675	16	28	as	as	ADP
easat-7675	16	29	a	a	DET
easat-7675	16	30	major	major	ADJ
easat-7675	16	31	determinant	determinant	ADJ
easat-7675	16	32	.	.	PUNCT
easat-7675	17	1	the	the	DET
easat-7675	17	2	composition	composition	NOUN
easat-7675	17	3	of	of	ADP
easat-7675	17	4	debt	debt	NOUN
easat-7675	17	5	and	and	CCONJ
easat-7675	17	6	equity	equity	NOUN
easat-7675	17	7	financing	financing	NOUN
easat-7675	17	8	—	—	PUNCT
easat-7675	17	9	known	know	VERB
easat-7675	17	10	as	as	ADP
easat-7675	17	11	capital	capital	NOUN
easat-7675	17	12	structure	structure	NOUN
easat-7675	17	13	—	—	PUNCT
easat-7675	17	14	has	have	AUX
easat-7675	17	15	long	long	ADV
easat-7675	17	16	been	be	AUX
easat-7675	17	17	central	central	ADJ
easat-7675	17	18	to	to	ADP
easat-7675	17	19	financial	financial	ADJ
easat-7675	17	20	theory	theory	NOUN
easat-7675	17	21	,	,	PUNCT
easat-7675	17	22	particularly	particularly	ADV
easat-7675	17	23	following	follow	VERB
easat-7675	17	24	the	the	DET
easat-7675	17	25	seminal	seminal	ADJ
easat-7675	17	26	work	work	NOUN
easat-7675	17	27	of	of	ADP
easat-7675	17	28	modigliani	modigliani	PROPN
easat-7675	17	29	and	and	CCONJ
easat-7675	17	30	miller	miller	PROPN
easat-7675	18	1	[	[	X
easat-7675	18	2	2	2	NUM
easat-7675	18	3	]	]	PUNCT
easat-7675	18	4	who	who	PRON
easat-7675	18	5	argued	argue	VERB
easat-7675	18	6	that	that	SCONJ
easat-7675	18	7	capital	capital	NOUN
easat-7675	18	8	structure	structure	NOUN
easat-7675	18	9	would	would	AUX
easat-7675	18	10	not	not	PART
easat-7675	18	11	affect	affect	VERB
easat-7675	18	12	a	a	DET
easat-7675	18	13	firm	firm	NOUN
easat-7675	18	14	’s	’s	PART
easat-7675	18	15	valuation	valuation	NOUN
easat-7675	18	16	in	in	ADP
easat-7675	18	17	an	an	DET
easat-7675	18	18	ideal	ideal	ADJ
easat-7675	18	19	,	,	PUNCT
easat-7675	18	20	frictionless	frictionless	ADJ
easat-7675	18	21	market	market	NOUN
easat-7675	18	22	.	.	PUNCT
easat-7675	19	1	however	however	ADV
easat-7675	19	2	,	,	PUNCT
easat-7675	19	3	subsequent	subsequent	ADJ
easat-7675	19	4	theoretical	theoretical	ADJ
easat-7675	19	5	developments	development	NOUN
easat-7675	19	6	,	,	PUNCT
easat-7675	19	7	such	such	ADJ
easat-7675	19	8	as	as	ADP
easat-7675	19	9	the	the	DET
easat-7675	19	10	trade	trade	NOUN
easat-7675	19	11	-	-	PUNCT
easat-7675	19	12	off	off	NOUN
easat-7675	19	13	,	,	PUNCT
easat-7675	19	14	pecking	pecking	NOUN
easat-7675	19	15	order	order	NOUN
easat-7675	19	16	,	,	PUNCT
easat-7675	19	17	and	and	CCONJ
easat-7675	19	18	agency	agency	NOUN
easat-7675	19	19	theories	theory	NOUN
easat-7675	19	20	,	,	PUNCT
easat-7675	19	21	challenged	challenge	VERB
easat-7675	19	22	this	this	DET
easat-7675	19	23	view	view	NOUN
easat-7675	19	24	by	by	ADP
easat-7675	19	25	highlighting	highlight	VERB
easat-7675	19	26	how	how	SCONJ
easat-7675	19	27	capital	capital	NOUN
easat-7675	19	28	structure	structure	NOUN
easat-7675	19	29	choices	choice	NOUN
easat-7675	19	30	can	can	AUX
easat-7675	19	31	substantially	substantially	ADV
easat-7675	19	32	impact	impact	VERB
easat-7675	19	33	firm	firm	ADJ
easat-7675	19	34	value	value	NOUN
easat-7675	19	35	.	.	PUNCT
easat-7675	20	1	these	these	DET
easat-7675	20	2	effects	effect	NOUN
easat-7675	20	3	stem	stem	VERB
easat-7675	20	4	from	from	ADP
easat-7675	20	5	the	the	DET
easat-7675	20	6	way	way	NOUN
easat-7675	20	7	financing	financing	NOUN
easat-7675	20	8	decisions	decision	NOUN
easat-7675	20	9	alter	alter	VERB
easat-7675	20	10	financial	financial	ADJ
easat-7675	20	11	risk	risk	NOUN
easat-7675	20	12	exposure	exposure	NOUN
easat-7675	20	13	,	,	PUNCT
easat-7675	20	14	cost	cost	NOUN
easat-7675	20	15	of	of	ADP
easat-7675	20	16	capital	capital	NOUN
easat-7675	20	17	,	,	PUNCT
easat-7675	20	18	tax	tax	NOUN
easat-7675	20	19	efficiency	efficiency	NOUN
easat-7675	20	20	,	,	PUNCT
easat-7675	20	21	and	and	CCONJ
easat-7675	20	22	the	the	DET
easat-7675	20	23	extent	extent	NOUN
easat-7675	20	24	of	of	ADP
easat-7675	20	25	agency	agency	NOUN
easat-7675	20	26	conflicts	conflict	NOUN
easat-7675	20	27	within	within	ADP
easat-7675	20	28	firms	firm	NOUN
easat-7675	20	29	[	[	X
easat-7675	20	30	3	3	NUM
easat-7675	20	31	]	]	PUNCT
easat-7675	20	32	.	.	PUNCT
easat-7675	21	1	despite	despite	SCONJ
easat-7675	21	2	extensive	extensive	ADJ
easat-7675	21	3	research	research	NOUN
easat-7675	21	4	,	,	PUNCT
easat-7675	21	5	the	the	DET
easat-7675	21	6	empirical	empirical	ADJ
easat-7675	21	7	relationship	relationship	NOUN
easat-7675	21	8	between	between	ADP
easat-7675	21	9	capital	capital	NOUN
easat-7675	21	10	structure	structure	NOUN
easat-7675	21	11	and	and	CCONJ
easat-7675	21	12	firm	firm	ADJ
easat-7675	21	13	value	value	NOUN
easat-7675	21	14	remains	remain	VERB
easat-7675	21	15	inconsistent	inconsistent	ADJ
easat-7675	21	16	.	.	PUNCT
easat-7675	22	1	some	some	DET
easat-7675	22	2	studies	study	NOUN
easat-7675	22	3	find	find	VERB
easat-7675	22	4	that	that	SCONJ
easat-7675	22	5	higher	high	ADJ
easat-7675	22	6	leverage	leverage	NOUN
easat-7675	22	7	enhances	enhance	VERB
easat-7675	22	8	firm	firm	ADJ
easat-7675	22	9	value	value	NOUN
easat-7675	22	10	[	[	X
easat-7675	22	11	3	3	NUM
easat-7675	22	12	-	-	SYM
easat-7675	22	13	5	5	NUM
easat-7675	22	14	]	]	PUNCT
easat-7675	22	15	while	while	SCONJ
easat-7675	22	16	others	other	NOUN
easat-7675	22	17	report	report	VERB
easat-7675	22	18	negative	negative	ADJ
easat-7675	22	19	[	[	X
easat-7675	22	20	6	6	NUM
easat-7675	22	21	,	,	PUNCT
easat-7675	22	22	7	7	NUM
easat-7675	22	23	]	]	PUNCT
easat-7675	22	24	or	or	CCONJ
easat-7675	22	25	statistically	statistically	ADV
easat-7675	22	26	insignificant	insignificant	ADJ
easat-7675	22	27	effects	effect	NOUN
easat-7675	22	28	[	[	X
easat-7675	22	29	8	8	NUM
easat-7675	22	30	]	]	PUNCT
easat-7675	22	31	.	.	PUNCT
easat-7675	23	1	these	these	DET
easat-7675	23	2	divergent	divergent	ADJ
easat-7675	23	3	findings	finding	NOUN
easat-7675	23	4	imply	imply	VERB
easat-7675	23	5	that	that	SCONJ
easat-7675	23	6	the	the	DET
easat-7675	23	7	impact	impact	NOUN
easat-7675	23	8	of	of	ADP
easat-7675	23	9	capital	capital	NOUN
easat-7675	23	10	structure	structure	NOUN
easat-7675	23	11	may	may	AUX
easat-7675	23	12	vary	vary	VERB
easat-7675	23	13	depending	depend	VERB
easat-7675	23	14	on	on	ADP
easat-7675	23	15	firm	firm	ADJ
easat-7675	23	16	-	-	PUNCT
easat-7675	23	17	specific	specific	ADJ
easat-7675	23	18	attributes	attribute	NOUN
easat-7675	23	19	.	.	PUNCT
easat-7675	24	1	among	among	ADP
easat-7675	24	2	these	these	PRON
easat-7675	24	3	,	,	PUNCT
easat-7675	24	4	firm	firm	ADJ
easat-7675	24	5	size	size	NOUN
easat-7675	24	6	has	have	AUX
easat-7675	24	7	emerged	emerge	VERB
easat-7675	24	8	as	as	ADP
easat-7675	24	9	a	a	DET
easat-7675	24	10	plausible	plausible	ADJ
easat-7675	24	11	moderating	moderating	NOUN
easat-7675	24	12	factor	factor	NOUN
easat-7675	24	13	.	.	PUNCT
easat-7675	25	1	larger	large	ADJ
easat-7675	25	2	firms	firm	NOUN
easat-7675	25	3	are	be	AUX
easat-7675	25	4	generally	generally	ADV
easat-7675	25	5	perceived	perceive	VERB
easat-7675	25	6	to	to	PART
easat-7675	25	7	enjoy	enjoy	VERB
easat-7675	25	8	greater	great	ADJ
easat-7675	25	9	access	access	NOUN
easat-7675	25	10	https://orcid.org/0000-0003-1054-571x	https://orcid.org/0000-0003-1054-571x	PROPN
easat-7675	25	11	https://orcid.org/0009-0002-5872-1452	https://orcid.org/0009-0002-5872-1452	NOUN
easat-7675	25	12	https://orcid.org/0000-0003-3272-724x	https://orcid.org/0000-0003-3272-724x	PROPN
easat-7675	25	13	https://orcid.org/0000-0001-7588-8858	https://orcid.org/0000-0001-7588-8858	NOUN
easat-7675	25	14	3241	3241	NUM
easat-7675	25	15	edelweiss	edelweiss	PROPN
easat-7675	25	16	applied	apply	VERB
easat-7675	25	17	science	science	NOUN
easat-7675	25	18	and	and	CCONJ
easat-7675	25	19	technology	technology	NOUN
easat-7675	25	20	issn	issn	PROPN
easat-7675	25	21	:	:	PUNCT
easat-7675	25	22	2576	2576	NUM
easat-7675	25	23	-	-	SYM
easat-7675	25	24	8484	8484	NUM
easat-7675	25	25	vol	vol	NOUN
easat-7675	25	26	.	.	PROPN
easat-7675	26	1	9	9	NUM
easat-7675	26	2	,	,	PUNCT
easat-7675	26	3	no	no	INTJ
easat-7675	26	4	.	.	NOUN
easat-7675	26	5	5	5	NUM
easat-7675	26	6	:	:	SYM
easat-7675	26	7	3240	3240	NUM
easat-7675	26	8	-	-	SYM
easat-7675	26	9	3248	3248	NUM
easat-7675	26	10	,	,	PUNCT
easat-7675	26	11	2025	2025	NUM
easat-7675	26	12	doi	doi	NOUN
easat-7675	26	13	:	:	PUNCT
easat-7675	26	14	10.55214/25768484.v9i5.7675	10.55214/25768484.v9i5.7675	NUM
easat-7675	26	15	©	©	PROPN
easat-7675	26	16	2025	2025	NUM
easat-7675	26	17	by	by	ADP
easat-7675	26	18	the	the	DET
easat-7675	26	19	authors	author	NOUN
easat-7675	26	20	;	;	PUNCT
easat-7675	26	21	licensee	licensee	PROPN
easat-7675	26	22	learning	learning	NOUN
easat-7675	26	23	gate	gate	NOUN
easat-7675	26	24	to	to	ADP
easat-7675	26	25	external	external	ADJ
easat-7675	26	26	capital	capital	NOUN
easat-7675	26	27	,	,	PUNCT
easat-7675	26	28	more	more	ADV
easat-7675	26	29	diversified	diversified	ADJ
easat-7675	26	30	operations	operation	NOUN
easat-7675	26	31	,	,	PUNCT
easat-7675	26	32	and	and	CCONJ
easat-7675	26	33	lower	low	ADJ
easat-7675	26	34	cost	cost	NOUN
easat-7675	26	35	of	of	ADP
easat-7675	26	36	financing	financing	NOUN
easat-7675	26	37	.	.	PUNCT
easat-7675	27	1	as	as	ADP
easat-7675	27	2	a	a	DET
easat-7675	27	3	result	result	NOUN
easat-7675	27	4	,	,	PUNCT
easat-7675	27	5	the	the	DET
easat-7675	27	6	effect	effect	NOUN
easat-7675	27	7	of	of	ADP
easat-7675	27	8	leverage	leverage	NOUN
easat-7675	27	9	on	on	ADP
easat-7675	27	10	firm	firm	ADJ
easat-7675	27	11	value	value	NOUN
easat-7675	27	12	might	might	AUX
easat-7675	27	13	differ	differ	VERB
easat-7675	27	14	based	base	VERB
easat-7675	27	15	on	on	ADP
easat-7675	27	16	a	a	DET
easat-7675	27	17	firm	firm	NOUN
easat-7675	27	18	’s	’s	PART
easat-7675	27	19	scale	scale	NOUN
easat-7675	27	20	.	.	PUNCT
easat-7675	28	1	prior	prior	ADJ
easat-7675	28	2	studies	study	NOUN
easat-7675	28	3	have	have	AUX
easat-7675	28	4	indicated	indicate	VERB
easat-7675	28	5	that	that	SCONJ
easat-7675	28	6	large	large	ADJ
easat-7675	28	7	firms	firm	NOUN
easat-7675	28	8	may	may	AUX
easat-7675	28	9	be	be	AUX
easat-7675	28	10	able	able	ADJ
easat-7675	28	11	to	to	PART
easat-7675	28	12	manage	manage	VERB
easat-7675	28	13	debt	debt	NOUN
easat-7675	28	14	more	more	ADV
easat-7675	28	15	efficiently	efficiently	ADV
easat-7675	28	16	without	without	ADP
easat-7675	28	17	incurring	incur	VERB
easat-7675	28	18	excessive	excessive	ADJ
easat-7675	28	19	financial	financial	ADJ
easat-7675	28	20	risk	risk	NOUN
easat-7675	28	21	[	[	X
easat-7675	28	22	9	9	NUM
easat-7675	28	23	]	]	PUNCT
easat-7675	28	24	.	.	PUNCT
easat-7675	29	1	however	however	ADV
easat-7675	29	2	,	,	PUNCT
easat-7675	29	3	despite	despite	SCONJ
easat-7675	29	4	its	its	PRON
easat-7675	29	5	theoretical	theoretical	ADJ
easat-7675	29	6	importance	importance	NOUN
easat-7675	29	7	,	,	PUNCT
easat-7675	29	8	empirical	empirical	ADJ
easat-7675	29	9	evidence	evidence	NOUN
easat-7675	29	10	on	on	ADP
easat-7675	29	11	the	the	DET
easat-7675	29	12	moderating	moderate	VERB
easat-7675	29	13	effect	effect	NOUN
easat-7675	29	14	of	of	ADP
easat-7675	29	15	firm	firm	ADJ
easat-7675	29	16	size	size	NOUN
easat-7675	29	17	remains	remain	VERB
easat-7675	29	18	limited	limited	ADJ
easat-7675	29	19	,	,	PUNCT
easat-7675	29	20	particularly	particularly	ADV
easat-7675	29	21	within	within	ADP
easat-7675	29	22	emerging	emerge	VERB
easat-7675	29	23	market	market	NOUN
easat-7675	29	24	contexts	contexts	NOUN
easat-7675	29	25	.	.	PUNCT
easat-7675	30	1	this	this	DET
easat-7675	30	2	study	study	NOUN
easat-7675	30	3	examines	examine	VERB
easat-7675	30	4	manufacturing	manufacturing	NOUN
easat-7675	30	5	firms	firm	NOUN
easat-7675	30	6	within	within	ADP
easat-7675	30	7	the	the	DET
easat-7675	30	8	food	food	NOUN
easat-7675	30	9	and	and	CCONJ
easat-7675	30	10	beverage	beverage	NOUN
easat-7675	30	11	sub	sub	NOUN
easat-7675	30	12	-	-	NOUN
easat-7675	30	13	sector	sector	NOUN
easat-7675	30	14	that	that	PRON
easat-7675	30	15	are	be	AUX
easat-7675	30	16	listed	list	VERB
easat-7675	30	17	on	on	ADP
easat-7675	30	18	the	the	DET
easat-7675	30	19	indonesia	indonesia	PROPN
easat-7675	30	20	stock	stock	PROPN
easat-7675	30	21	exchange	exchange	PROPN
easat-7675	30	22	(	(	PUNCT
easat-7675	30	23	idx	idx	PROPN
easat-7675	30	24	)	)	PUNCT
easat-7675	30	25	.	.	PUNCT
easat-7675	31	1	the	the	DET
easat-7675	31	2	manufacturing	manufacturing	NOUN
easat-7675	31	3	sector	sector	NOUN
easat-7675	31	4	plays	play	VERB
easat-7675	31	5	a	a	DET
easat-7675	31	6	vital	vital	ADJ
easat-7675	31	7	role	role	NOUN
easat-7675	31	8	in	in	ADP
easat-7675	31	9	the	the	DET
easat-7675	31	10	national	national	ADJ
easat-7675	31	11	economy	economy	NOUN
easat-7675	31	12	and	and	CCONJ
easat-7675	31	13	is	be	AUX
easat-7675	31	14	characterized	characterize	VERB
easat-7675	31	15	by	by	ADP
easat-7675	31	16	high	high	ADJ
easat-7675	31	17	financing	financing	NOUN
easat-7675	31	18	needs	need	NOUN
easat-7675	31	19	and	and	CCONJ
easat-7675	31	20	a	a	DET
easat-7675	31	21	substantial	substantial	ADJ
easat-7675	31	22	fixed	fix	VERB
easat-7675	31	23	cost	cost	NOUN
easat-7675	31	24	structure	structure	NOUN
easat-7675	31	25	.	.	PUNCT
easat-7675	32	1	these	these	DET
easat-7675	32	2	characteristics	characteristic	NOUN
easat-7675	32	3	make	make	VERB
easat-7675	32	4	capital	capital	NOUN
easat-7675	32	5	structure	structure	NOUN
easat-7675	32	6	decisions	decision	NOUN
easat-7675	32	7	particularly	particularly	ADV
easat-7675	32	8	crucial	crucial	ADJ
easat-7675	32	9	in	in	ADP
easat-7675	32	10	this	this	DET
easat-7675	32	11	sector	sector	NOUN
easat-7675	32	12	[	[	X
easat-7675	32	13	10	10	NUM
easat-7675	32	14	]	]	PUNCT
easat-7675	32	15	.	.	PUNCT
easat-7675	33	1	moreover	moreover	ADV
easat-7675	33	2	,	,	PUNCT
easat-7675	33	3	the	the	DET
easat-7675	33	4	size	size	NOUN
easat-7675	33	5	of	of	ADP
easat-7675	33	6	manufacturing	manufacturing	NOUN
easat-7675	33	7	firms	firm	NOUN
easat-7675	33	8	in	in	ADP
easat-7675	33	9	indonesia	indonesia	PROPN
easat-7675	33	10	varies	vary	VERB
easat-7675	33	11	widely	widely	ADV
easat-7675	33	12	,	,	PUNCT
easat-7675	33	13	making	make	VERB
easat-7675	33	14	it	it	PRON
easat-7675	33	15	a	a	DET
easat-7675	33	16	suitable	suitable	ADJ
easat-7675	33	17	context	context	NOUN
easat-7675	33	18	to	to	PART
easat-7675	33	19	test	test	VERB
easat-7675	33	20	the	the	DET
easat-7675	33	21	moderating	moderate	VERB
easat-7675	33	22	effect	effect	NOUN
easat-7675	33	23	of	of	ADP
easat-7675	33	24	firm	firm	ADJ
easat-7675	33	25	size	size	NOUN
easat-7675	33	26	on	on	ADP
easat-7675	33	27	the	the	DET
easat-7675	33	28	relationship	relationship	NOUN
easat-7675	33	29	between	between	ADP
easat-7675	33	30	capital	capital	NOUN
easat-7675	33	31	structure	structure	NOUN
easat-7675	33	32	and	and	CCONJ
easat-7675	33	33	firm	firm	ADJ
easat-7675	33	34	value	value	NOUN
easat-7675	33	35	.	.	PUNCT
easat-7675	34	1	in	in	ADP
easat-7675	34	2	light	light	NOUN
easat-7675	34	3	of	of	ADP
easat-7675	34	4	the	the	DET
easat-7675	34	5	aforementioned	aforementioned	ADJ
easat-7675	34	6	issues	issue	NOUN
easat-7675	34	7	,	,	PUNCT
easat-7675	34	8	this	this	DET
easat-7675	34	9	study	study	NOUN
easat-7675	34	10	seeks	seek	VERB
easat-7675	34	11	to	to	PART
easat-7675	34	12	fill	fill	VERB
easat-7675	34	13	several	several	ADJ
easat-7675	34	14	important	important	ADJ
easat-7675	34	15	gaps	gap	NOUN
easat-7675	34	16	in	in	ADP
easat-7675	34	17	the	the	DET
easat-7675	34	18	literature	literature	NOUN
easat-7675	34	19	.	.	PUNCT
easat-7675	35	1	first	first	ADV
easat-7675	35	2	,	,	PUNCT
easat-7675	35	3	the	the	DET
easat-7675	35	4	existing	exist	VERB
easat-7675	35	5	empirical	empirical	ADJ
easat-7675	35	6	evidence	evidence	NOUN
easat-7675	35	7	on	on	ADP
easat-7675	35	8	the	the	DET
easat-7675	35	9	link	link	NOUN
easat-7675	35	10	between	between	ADP
easat-7675	35	11	capital	capital	NOUN
easat-7675	35	12	structure	structure	NOUN
easat-7675	35	13	and	and	CCONJ
easat-7675	35	14	firm	firm	ADJ
easat-7675	35	15	value	value	NOUN
easat-7675	35	16	remains	remain	VERB
easat-7675	35	17	fragmented	fragmented	ADJ
easat-7675	35	18	and	and	CCONJ
easat-7675	35	19	inconclusive	inconclusive	ADJ
easat-7675	35	20	.	.	PUNCT
easat-7675	36	1	second	second	ADJ
easat-7675	36	2	,	,	PUNCT
easat-7675	36	3	the	the	DET
easat-7675	36	4	potential	potential	ADJ
easat-7675	36	5	moderating	moderate	VERB
easat-7675	36	6	role	role	NOUN
easat-7675	36	7	of	of	ADP
easat-7675	36	8	firm	firm	ADJ
easat-7675	36	9	size	size	NOUN
easat-7675	36	10	in	in	ADP
easat-7675	36	11	shaping	shape	VERB
easat-7675	36	12	this	this	DET
easat-7675	36	13	relationship	relationship	NOUN
easat-7675	36	14	has	have	AUX
easat-7675	36	15	not	not	PART
easat-7675	36	16	received	receive	VERB
easat-7675	36	17	sufficient	sufficient	ADJ
easat-7675	36	18	attention	attention	NOUN
easat-7675	36	19	,	,	PUNCT
easat-7675	36	20	particularly	particularly	ADV
easat-7675	36	21	within	within	ADP
easat-7675	36	22	the	the	DET
easat-7675	36	23	context	context	NOUN
easat-7675	36	24	of	of	ADP
easat-7675	36	25	emerging	emerge	VERB
easat-7675	36	26	economies	economy	NOUN
easat-7675	36	27	such	such	ADJ
easat-7675	36	28	as	as	ADP
easat-7675	36	29	indonesia	indonesia	PROPN
easat-7675	36	30	.	.	PUNCT
easat-7675	37	1	third	third	ADJ
easat-7675	37	2	,	,	PUNCT
easat-7675	37	3	research	research	NOUN
easat-7675	37	4	focusing	focus	VERB
easat-7675	37	5	specifically	specifically	ADV
easat-7675	37	6	on	on	ADP
easat-7675	37	7	manufacturing	manufacturing	NOUN
easat-7675	37	8	firms	firm	NOUN
easat-7675	37	9	—	—	PUNCT
easat-7675	37	10	especially	especially	ADV
easat-7675	37	11	those	those	PRON
easat-7675	37	12	with	with	ADP
easat-7675	37	13	substantial	substantial	ADJ
easat-7675	37	14	financing	financing	NOUN
easat-7675	37	15	needs	need	NOUN
easat-7675	37	16	and	and	CCONJ
easat-7675	37	17	complex	complex	ADJ
easat-7675	37	18	capital	capital	NOUN
easat-7675	37	19	structures	structure	NOUN
easat-7675	37	20	—	—	PUNCT
easat-7675	37	21	remains	remain	VERB
easat-7675	37	22	limited	limited	ADJ
easat-7675	37	23	.	.	PUNCT
easat-7675	38	1	to	to	PART
easat-7675	38	2	address	address	VERB
easat-7675	38	3	these	these	DET
easat-7675	38	4	gaps	gap	NOUN
easat-7675	38	5	,	,	PUNCT
easat-7675	38	6	this	this	DET
easat-7675	38	7	study	study	NOUN
easat-7675	38	8	investigates	investigate	VERB
easat-7675	38	9	the	the	DET
easat-7675	38	10	influence	influence	NOUN
easat-7675	38	11	of	of	ADP
easat-7675	38	12	capital	capital	NOUN
easat-7675	38	13	structure	structure	NOUN
easat-7675	38	14	on	on	ADP
easat-7675	38	15	firm	firm	ADJ
easat-7675	38	16	value	value	NOUN
easat-7675	38	17	,	,	PUNCT
easat-7675	38	18	while	while	SCONJ
easat-7675	38	19	incorporating	incorporate	VERB
easat-7675	38	20	firm	firm	ADJ
easat-7675	38	21	size	size	NOUN
easat-7675	38	22	as	as	ADP
easat-7675	38	23	a	a	DET
easat-7675	38	24	moderating	moderate	VERB
easat-7675	38	25	variable	variable	NOUN
easat-7675	38	26	,	,	PUNCT
easat-7675	38	27	using	use	VERB
easat-7675	38	28	data	datum	NOUN
easat-7675	38	29	from	from	ADP
easat-7675	38	30	manufacturing	manufacture	VERB
easat-7675	38	31	companies	company	NOUN
easat-7675	38	32	listed	list	VERB
easat-7675	38	33	on	on	ADP
easat-7675	38	34	the	the	DET
easat-7675	38	35	indonesia	indonesia	PROPN
easat-7675	38	36	stock	stock	PROPN
easat-7675	38	37	exchange	exchange	PROPN
easat-7675	38	38	(	(	PUNCT
easat-7675	38	39	idx	idx	PROPN
easat-7675	38	40	)	)	PUNCT
easat-7675	38	41	.	.	PUNCT
easat-7675	39	1	the	the	DET
easat-7675	39	2	findings	finding	NOUN
easat-7675	39	3	aim	aim	VERB
easat-7675	39	4	to	to	PART
easat-7675	39	5	enrich	enrich	VERB
easat-7675	39	6	empirical	empirical	ADJ
easat-7675	39	7	understanding	understanding	NOUN
easat-7675	39	8	in	in	ADP
easat-7675	39	9	corporate	corporate	ADJ
easat-7675	39	10	finance	finance	NOUN
easat-7675	39	11	and	and	CCONJ
easat-7675	39	12	offer	offer	VERB
easat-7675	39	13	practical	practical	ADJ
easat-7675	39	14	implications	implication	NOUN
easat-7675	39	15	for	for	ADP
easat-7675	39	16	financial	financial	ADJ
easat-7675	39	17	decision	decision	NOUN
easat-7675	39	18	-	-	PUNCT
easat-7675	39	19	makers	maker	NOUN
easat-7675	39	20	,	,	PUNCT
easat-7675	39	21	investors	investor	NOUN
easat-7675	39	22	,	,	PUNCT
easat-7675	39	23	and	and	CCONJ
easat-7675	39	24	regulators	regulator	NOUN
easat-7675	39	25	in	in	ADP
easat-7675	39	26	crafting	craft	VERB
easat-7675	39	27	capital	capital	NOUN
easat-7675	39	28	structure	structure	NOUN
easat-7675	39	29	policies	policy	NOUN
easat-7675	39	30	aligned	align	VERB
easat-7675	39	31	with	with	ADP
easat-7675	39	32	firm	firm	ADJ
easat-7675	39	33	characteristics	characteristic	NOUN
easat-7675	39	34	.	.	PUNCT
easat-7675	40	1	2	2	X
easat-7675	40	2	.	.	X
easat-7675	40	3	literature	literature	NOUN
easat-7675	40	4	review	review	PROPN
easat-7675	40	5	and	and	CCONJ
easat-7675	40	6	hypothesis	hypothesis	NOUN
easat-7675	40	7	development	development	NOUN
easat-7675	40	8	2.1	2.1	NUM
easat-7675	40	9	.	.	PUNCT
easat-7675	41	1	capital	capital	NOUN
easat-7675	41	2	structure	structure	NOUN
easat-7675	41	3	and	and	CCONJ
easat-7675	41	4	firm	firm	ADJ
easat-7675	41	5	value	value	NOUN
easat-7675	41	6	capital	capital	NOUN
easat-7675	41	7	structure	structure	NOUN
easat-7675	41	8	refers	refer	VERB
easat-7675	41	9	to	to	ADP
easat-7675	41	10	the	the	DET
easat-7675	41	11	proportionate	proportionate	ADJ
easat-7675	41	12	mix	mix	NOUN
easat-7675	41	13	of	of	ADP
easat-7675	41	14	debt	debt	NOUN
easat-7675	41	15	and	and	CCONJ
easat-7675	41	16	equity	equity	NOUN
easat-7675	41	17	that	that	PRON
easat-7675	41	18	a	a	DET
easat-7675	41	19	company	company	NOUN
easat-7675	41	20	employs	employ	VERB
easat-7675	41	21	to	to	PART
easat-7675	41	22	fund	fund	VERB
easat-7675	41	23	its	its	PRON
easat-7675	41	24	operations	operation	NOUN
easat-7675	41	25	and	and	CCONJ
easat-7675	41	26	long	long	ADJ
easat-7675	41	27	-	-	PUNCT
easat-7675	41	28	term	term	NOUN
easat-7675	41	29	investments	investment	NOUN
easat-7675	41	30	.	.	PUNCT
easat-7675	42	1	while	while	SCONJ
easat-7675	42	2	modigliani	modigliani	PROPN
easat-7675	42	3	and	and	CCONJ
easat-7675	42	4	miller	miller	PROPN
easat-7675	43	1	[	[	X
easat-7675	43	2	2	2	NUM
easat-7675	43	3	]	]	PUNCT
easat-7675	43	4	argued	argue	VERB
easat-7675	43	5	that	that	SCONJ
easat-7675	43	6	under	under	ADP
easat-7675	43	7	ideal	ideal	ADJ
easat-7675	43	8	market	market	NOUN
easat-7675	43	9	conditions	condition	NOUN
easat-7675	43	10	a	a	DET
easat-7675	43	11	firm	firm	NOUN
easat-7675	43	12	's	's	PART
easat-7675	43	13	capital	capital	NOUN
easat-7675	43	14	structure	structure	NOUN
easat-7675	43	15	has	have	VERB
easat-7675	43	16	no	no	DET
easat-7675	43	17	bearing	bearing	NOUN
easat-7675	43	18	on	on	ADP
easat-7675	43	19	its	its	PRON
easat-7675	43	20	value	value	NOUN
easat-7675	43	21	,	,	PUNCT
easat-7675	43	22	subsequent	subsequent	ADJ
easat-7675	43	23	research	research	NOUN
easat-7675	43	24	highlights	highlight	NOUN
easat-7675	43	25	how	how	SCONJ
easat-7675	43	26	real	real	ADJ
easat-7675	43	27	-	-	PUNCT
easat-7675	43	28	world	world	NOUN
easat-7675	43	29	imperfections	imperfection	NOUN
easat-7675	43	30	—	—	PUNCT
easat-7675	43	31	such	such	ADJ
easat-7675	43	32	as	as	ADP
easat-7675	43	33	taxation	taxation	NOUN
easat-7675	43	34	,	,	PUNCT
easat-7675	43	35	default	default	NOUN
easat-7675	43	36	risk	risk	NOUN
easat-7675	43	37	,	,	PUNCT
easat-7675	43	38	and	and	CCONJ
easat-7675	43	39	agency	agency	NOUN
easat-7675	43	40	costs	cost	NOUN
easat-7675	43	41	—	—	PUNCT
easat-7675	43	42	can	can	AUX
easat-7675	43	43	make	make	VERB
easat-7675	43	44	financing	financing	NOUN
easat-7675	43	45	decisions	decision	NOUN
easat-7675	43	46	highly	highly	ADV
easat-7675	43	47	consequential	consequential	ADJ
easat-7675	43	48	.	.	PUNCT
easat-7675	44	1	these	these	DET
easat-7675	44	2	market	market	NOUN
easat-7675	44	3	frictions	friction	NOUN
easat-7675	44	4	imply	imply	VERB
easat-7675	44	5	that	that	SCONJ
easat-7675	44	6	the	the	DET
easat-7675	44	7	choice	choice	NOUN
easat-7675	44	8	of	of	ADP
easat-7675	44	9	capital	capital	NOUN
easat-7675	44	10	structure	structure	NOUN
easat-7675	44	11	can	can	AUX
easat-7675	44	12	substantially	substantially	ADV
easat-7675	44	13	influence	influence	VERB
easat-7675	44	14	a	a	DET
easat-7675	44	15	firm	firm	NOUN
easat-7675	44	16	's	's	PART
easat-7675	44	17	financial	financial	ADJ
easat-7675	44	18	performance	performance	NOUN
easat-7675	44	19	and	and	CCONJ
easat-7675	44	20	valuation	valuation	NOUN
easat-7675	44	21	.	.	PUNCT
easat-7675	45	1	the	the	DET
easat-7675	45	2	trade	trade	NOUN
easat-7675	45	3	-	-	PUNCT
easat-7675	45	4	off	off	ADP
easat-7675	45	5	hypothesis	hypothesis	NOUN
easat-7675	45	6	posits	posit	NOUN
easat-7675	45	7	that	that	SCONJ
easat-7675	45	8	enterprises	enterprise	NOUN
easat-7675	45	9	seek	seek	VERB
easat-7675	45	10	to	to	PART
easat-7675	45	11	achieve	achieve	VERB
easat-7675	45	12	an	an	DET
easat-7675	45	13	optimal	optimal	ADJ
easat-7675	45	14	capital	capital	NOUN
easat-7675	45	15	structure	structure	NOUN
easat-7675	45	16	by	by	ADP
easat-7675	45	17	weighing	weigh	VERB
easat-7675	45	18	the	the	DET
easat-7675	45	19	tax	tax	NOUN
easat-7675	45	20	advantages	advantage	NOUN
easat-7675	45	21	of	of	ADP
easat-7675	45	22	debt	debt	NOUN
easat-7675	45	23	financing	financing	NOUN
easat-7675	45	24	against	against	ADP
easat-7675	45	25	the	the	DET
easat-7675	45	26	potential	potential	NOUN
easat-7675	45	27	for	for	ADP
easat-7675	45	28	financial	financial	ADJ
easat-7675	45	29	distress	distress	NOUN
easat-7675	45	30	it	it	PRON
easat-7675	45	31	may	may	AUX
easat-7675	45	32	induce	induce	VERB
easat-7675	45	33	[	[	PUNCT
easat-7675	45	34	11	11	NUM
easat-7675	45	35	]	]	PUNCT
easat-7675	45	36	.	.	PUNCT
easat-7675	46	1	the	the	DET
easat-7675	46	2	pecking	pecking	NOUN
easat-7675	46	3	order	order	NOUN
easat-7675	46	4	theory	theory	NOUN
easat-7675	46	5	posits	posit	NOUN
easat-7675	46	6	that	that	SCONJ
easat-7675	46	7	,	,	PUNCT
easat-7675	46	8	owing	owe	VERB
easat-7675	46	9	to	to	ADP
easat-7675	46	10	information	information	NOUN
easat-7675	46	11	asymmetry	asymmetry	NOUN
easat-7675	46	12	,	,	PUNCT
easat-7675	46	13	corporations	corporation	NOUN
easat-7675	46	14	prioritize	prioritize	VERB
easat-7675	46	15	internal	internal	ADJ
easat-7675	46	16	financing	financing	NOUN
easat-7675	46	17	,	,	PUNCT
easat-7675	46	18	followed	follow	VERB
easat-7675	46	19	by	by	ADP
easat-7675	46	20	debt	debt	NOUN
easat-7675	46	21	,	,	PUNCT
easat-7675	46	22	and	and	CCONJ
easat-7675	46	23	consider	consider	VERB
easat-7675	46	24	equity	equity	NOUN
easat-7675	46	25	as	as	ADP
easat-7675	46	26	a	a	DET
easat-7675	46	27	final	final	ADJ
easat-7675	46	28	alternative	alternative	NOUN
easat-7675	46	29	[	[	X
easat-7675	46	30	12	12	NUM
easat-7675	46	31	]	]	PUNCT
easat-7675	46	32	.	.	PUNCT
easat-7675	47	1	agency	agency	NOUN
easat-7675	47	2	theory	theory	NOUN
easat-7675	47	3	suggests	suggest	VERB
easat-7675	47	4	that	that	SCONJ
easat-7675	47	5	debt	debt	NOUN
easat-7675	47	6	serves	serve	VERB
easat-7675	47	7	as	as	ADP
easat-7675	47	8	a	a	DET
easat-7675	47	9	disciplinary	disciplinary	ADJ
easat-7675	47	10	tool	tool	NOUN
easat-7675	47	11	,	,	PUNCT
easat-7675	47	12	improving	improve	VERB
easat-7675	47	13	managerial	managerial	ADJ
easat-7675	47	14	accountability	accountability	NOUN
easat-7675	47	15	and	and	CCONJ
easat-7675	47	16	mitigating	mitigate	VERB
easat-7675	47	17	agency	agency	NOUN
easat-7675	47	18	conflicts	conflict	NOUN
easat-7675	47	19	between	between	ADP
easat-7675	47	20	owners	owner	NOUN
easat-7675	47	21	and	and	CCONJ
easat-7675	47	22	managers	manager	NOUN
easat-7675	47	23	[	[	X
easat-7675	47	24	13	13	NUM
easat-7675	47	25	]	]	PUNCT
easat-7675	47	26	.	.	PUNCT
easat-7675	48	1	empirical	empirical	ADJ
easat-7675	48	2	studies	study	NOUN
easat-7675	48	3	examining	examine	VERB
easat-7675	48	4	how	how	SCONJ
easat-7675	48	5	capital	capital	NOUN
easat-7675	48	6	structure	structure	NOUN
easat-7675	48	7	affects	affect	VERB
easat-7675	48	8	firm	firm	ADJ
easat-7675	48	9	value	value	NOUN
easat-7675	48	10	yield	yield	NOUN
easat-7675	48	11	inconsistent	inconsistent	ADJ
easat-7675	48	12	outcomes	outcome	NOUN
easat-7675	48	13	.	.	PUNCT
easat-7675	49	1	some	some	DET
easat-7675	49	2	findings	finding	NOUN
easat-7675	49	3	indicate	indicate	VERB
easat-7675	49	4	a	a	DET
easat-7675	49	5	positive	positive	ADJ
easat-7675	49	6	link	link	NOUN
easat-7675	49	7	,	,	PUNCT
easat-7675	49	8	emphasizing	emphasize	VERB
easat-7675	49	9	the	the	DET
easat-7675	49	10	tax	tax	NOUN
easat-7675	49	11	shield	shield	NOUN
easat-7675	49	12	and	and	CCONJ
easat-7675	49	13	reduced	reduced	ADJ
easat-7675	49	14	agency	agency	NOUN
easat-7675	49	15	costs	cost	NOUN
easat-7675	49	16	associated	associate	VERB
easat-7675	49	17	with	with	ADP
easat-7675	49	18	debt	debt	NOUN
easat-7675	49	19	[	[	X
easat-7675	49	20	3	3	NUM
easat-7675	49	21	-	-	SYM
easat-7675	49	22	5	5	NUM
easat-7675	49	23	]	]	PUNCT
easat-7675	49	24	.	.	PUNCT
easat-7675	50	1	in	in	ADP
easat-7675	50	2	contrast	contrast	NOUN
easat-7675	50	3	,	,	PUNCT
easat-7675	50	4	others	other	NOUN
easat-7675	50	5	highlight	highlight	VERB
easat-7675	50	6	a	a	DET
easat-7675	50	7	negative	negative	ADJ
easat-7675	50	8	association	association	NOUN
easat-7675	50	9	,	,	PUNCT
easat-7675	50	10	citing	cite	VERB
easat-7675	50	11	heightened	heighten	VERB
easat-7675	50	12	financial	financial	ADJ
easat-7675	50	13	risk	risk	NOUN
easat-7675	50	14	and	and	CCONJ
easat-7675	50	15	potential	potential	ADJ
easat-7675	50	16	insolvency	insolvency	NOUN
easat-7675	50	17	[	[	X
easat-7675	50	18	6	6	NUM
easat-7675	50	19	,	,	PUNCT
easat-7675	50	20	7	7	NUM
easat-7675	50	21	]	]	PUNCT
easat-7675	50	22	.	.	PUNCT
easat-7675	51	1	additionally	additionally	ADV
easat-7675	51	2	,	,	PUNCT
easat-7675	51	3	some	some	DET
easat-7675	51	4	research	research	NOUN
easat-7675	51	5	reports	report	VERB
easat-7675	51	6	no	no	DET
easat-7675	51	7	significant	significant	ADJ
easat-7675	51	8	correlation	correlation	NOUN
easat-7675	51	9	[	[	X
easat-7675	51	10	8	8	NUM
easat-7675	51	11	]	]	PUNCT
easat-7675	51	12	.	.	PUNCT
easat-7675	52	1	unique	unique	ADJ
easat-7675	52	2	firm	firm	NOUN
easat-7675	52	3	attributes	attribute	NOUN
easat-7675	52	4	,	,	PUNCT
easat-7675	52	5	market	market	NOUN
easat-7675	52	6	conditions	condition	NOUN
easat-7675	52	7	,	,	PUNCT
easat-7675	52	8	and	and	CCONJ
easat-7675	52	9	regulatory	regulatory	ADJ
easat-7675	52	10	environments	environment	NOUN
easat-7675	52	11	across	across	ADP
easat-7675	52	12	nations	nation	NOUN
easat-7675	52	13	may	may	AUX
easat-7675	52	14	influence	influence	VERB
easat-7675	52	15	these	these	DET
easat-7675	52	16	differing	differ	VERB
easat-7675	52	17	results	result	NOUN
easat-7675	52	18	.	.	PUNCT
easat-7675	53	1	hence	hence	ADV
easat-7675	53	2	,	,	PUNCT
easat-7675	53	3	further	further	ADJ
easat-7675	53	4	investigation	investigation	NOUN
easat-7675	53	5	within	within	ADP
easat-7675	53	6	the	the	DET
easat-7675	53	7	indonesian	indonesian	ADJ
easat-7675	53	8	manufacturing	manufacturing	NOUN
easat-7675	53	9	context	context	NOUN
easat-7675	53	10	,	,	PUNCT
easat-7675	53	11	where	where	SCONJ
easat-7675	53	12	companies	company	NOUN
easat-7675	53	13	often	often	ADV
easat-7675	53	14	rely	rely	VERB
easat-7675	53	15	heavily	heavily	ADV
easat-7675	53	16	on	on	ADP
easat-7675	53	17	debt	debt	NOUN
easat-7675	53	18	and	and	CCONJ
easat-7675	53	19	face	face	VERB
easat-7675	53	20	weaker	weak	ADJ
easat-7675	53	21	investor	investor	NOUN
easat-7675	53	22	protections	protection	NOUN
easat-7675	53	23	,	,	PUNCT
easat-7675	53	24	is	be	AUX
easat-7675	53	25	warranted	warrant	VERB
easat-7675	53	26	.	.	PUNCT
easat-7675	54	1	2.2	2.2	NUM
easat-7675	54	2	.	.	PUNCT
easat-7675	55	1	the	the	DET
easat-7675	55	2	role	role	NOUN
easat-7675	55	3	of	of	ADP
easat-7675	55	4	company	company	NOUN
easat-7675	55	5	size	size	NOUN
easat-7675	55	6	as	as	ADP
easat-7675	55	7	a	a	DET
easat-7675	55	8	moderator	moderator	NOUN
easat-7675	55	9	firm	firm	NOUN
easat-7675	55	10	size	size	NOUN
easat-7675	55	11	,	,	PUNCT
easat-7675	55	12	typically	typically	ADV
easat-7675	55	13	represented	represent	VERB
easat-7675	55	14	by	by	ADP
easat-7675	55	15	total	total	ADJ
easat-7675	55	16	assets	asset	NOUN
easat-7675	55	17	,	,	PUNCT
easat-7675	55	18	reflects	reflect	VERB
easat-7675	55	19	a	a	DET
easat-7675	55	20	company	company	NOUN
easat-7675	55	21	’s	’s	PART
easat-7675	55	22	operational	operational	ADJ
easat-7675	55	23	scale	scale	NOUN
easat-7675	55	24	,	,	PUNCT
easat-7675	55	25	financial	financial	ADJ
easat-7675	55	26	resources	resource	NOUN
easat-7675	55	27	,	,	PUNCT
easat-7675	55	28	and	and	CCONJ
easat-7675	55	29	ability	ability	NOUN
easat-7675	55	30	to	to	PART
easat-7675	55	31	navigate	navigate	VERB
easat-7675	55	32	market	market	NOUN
easat-7675	55	33	complexities	complexity	NOUN
easat-7675	55	34	.	.	PUNCT
easat-7675	56	1	larger	large	ADJ
easat-7675	56	2	enterprises	enterprise	NOUN
easat-7675	56	3	often	often	ADV
easat-7675	56	4	enjoy	enjoy	VERB
easat-7675	56	5	easier	easy	ADJ
easat-7675	56	6	access	access	NOUN
easat-7675	56	7	to	to	ADP
easat-7675	56	8	capital	capital	NOUN
easat-7675	56	9	,	,	PUNCT
easat-7675	56	10	reduced	reduce	VERB
easat-7675	56	11	financing	financing	NOUN
easat-7675	56	12	costs	cost	NOUN
easat-7675	56	13	,	,	PUNCT
easat-7675	56	14	and	and	CCONJ
easat-7675	56	15	greater	great	ADJ
easat-7675	56	16	diversification	diversification	NOUN
easat-7675	56	17	,	,	PUNCT
easat-7675	56	18	enabling	enable	VERB
easat-7675	56	19	them	they	PRON
easat-7675	56	20	to	to	PART
easat-7675	56	21	manage	manage	VERB
easat-7675	56	22	leverage	leverage	NOUN
easat-7675	56	23	more	more	ADJ
easat-7675	56	24	3242	3242	NUM
easat-7675	56	25	edelweiss	edelweiss	PROPN
easat-7675	56	26	applied	apply	VERB
easat-7675	56	27	science	science	NOUN
easat-7675	56	28	and	and	CCONJ
easat-7675	56	29	technology	technology	NOUN
easat-7675	56	30	issn	issn	PROPN
easat-7675	56	31	:	:	PUNCT
easat-7675	56	32	2576	2576	NUM
easat-7675	56	33	-	-	SYM
easat-7675	56	34	8484	8484	NUM
easat-7675	56	35	vol	vol	NOUN
easat-7675	56	36	.	.	PROPN
easat-7675	57	1	9	9	NUM
easat-7675	57	2	,	,	PUNCT
easat-7675	57	3	no	no	INTJ
easat-7675	57	4	.	.	NOUN
easat-7675	57	5	5	5	NUM
easat-7675	57	6	:	:	SYM
easat-7675	57	7	3240	3240	NUM
easat-7675	57	8	-	-	SYM
easat-7675	57	9	3248	3248	NUM
easat-7675	57	10	,	,	PUNCT
easat-7675	57	11	2025	2025	NUM
easat-7675	57	12	doi	doi	NOUN
easat-7675	57	13	:	:	PUNCT
easat-7675	57	14	10.55214/25768484.v9i5.7675	10.55214/25768484.v9i5.7675	NUM
easat-7675	57	15	©	©	PROPN
easat-7675	57	16	2025	2025	NUM
easat-7675	57	17	by	by	ADP
easat-7675	57	18	the	the	DET
easat-7675	57	19	authors	author	NOUN
easat-7675	57	20	;	;	PUNCT
easat-7675	57	21	licensee	licensee	PROPN
easat-7675	57	22	learning	learning	NOUN
easat-7675	57	23	gate	gate	VERB
easat-7675	57	24	effectively	effectively	ADV
easat-7675	57	25	[	[	X
easat-7675	57	26	9	9	NUM
easat-7675	57	27	]	]	PUNCT
easat-7675	57	28	.	.	PUNCT
easat-7675	58	1	agency	agency	NOUN
easat-7675	58	2	theory	theory	NOUN
easat-7675	58	3	posits	posit	NOUN
easat-7675	58	4	that	that	SCONJ
easat-7675	58	5	larger	large	ADJ
easat-7675	58	6	firms	firm	NOUN
easat-7675	58	7	are	be	AUX
easat-7675	58	8	more	more	ADV
easat-7675	58	9	exposed	expose	VERB
easat-7675	58	10	to	to	ADP
easat-7675	58	11	public	public	ADJ
easat-7675	58	12	and	and	CCONJ
easat-7675	58	13	regulatory	regulatory	ADJ
easat-7675	58	14	scrutiny	scrutiny	NOUN
easat-7675	58	15	,	,	PUNCT
easat-7675	58	16	which	which	PRON
easat-7675	58	17	helps	help	VERB
easat-7675	58	18	curb	curb	VERB
easat-7675	58	19	managerial	managerial	ADJ
easat-7675	58	20	opportunism	opportunism	NOUN
easat-7675	58	21	[	[	X
easat-7675	58	22	13	13	NUM
easat-7675	58	23	]	]	PUNCT
easat-7675	58	24	.	.	PUNCT
easat-7675	59	1	empirical	empirical	ADJ
easat-7675	59	2	support	support	NOUN
easat-7675	59	3	exists	exist	VERB
easat-7675	59	4	for	for	ADP
easat-7675	59	5	this	this	DET
easat-7675	59	6	moderating	moderate	VERB
easat-7675	59	7	role	role	NOUN
easat-7675	59	8	[	[	X
easat-7675	59	9	9	9	X
easat-7675	59	10	]	]	PUNCT
easat-7675	59	11	observed	observe	VERB
easat-7675	59	12	that	that	SCONJ
easat-7675	59	13	leverage	leverage	NOUN
easat-7675	59	14	contributes	contribute	VERB
easat-7675	59	15	more	more	ADV
easat-7675	59	16	significantly	significantly	ADV
easat-7675	59	17	to	to	PART
easat-7675	59	18	firm	firm	VERB
easat-7675	59	19	performance	performance	NOUN
easat-7675	59	20	in	in	ADP
easat-7675	59	21	large	large	ADJ
easat-7675	59	22	firms	firm	NOUN
easat-7675	59	23	.	.	PUNCT
easat-7675	60	1	similarly	similarly	ADV
easat-7675	60	2	,	,	PUNCT
easat-7675	60	3	widyakto	widyakto	PROPN
easat-7675	60	4	,	,	PUNCT
easat-7675	60	5	et	et	PROPN
easat-7675	60	6	al	al	PROPN
easat-7675	60	7	.	.	PUNCT
easat-7675	61	1	[	[	X
easat-7675	61	2	14	14	NUM
easat-7675	61	3	]	]	PUNCT
easat-7675	61	4	highlights	highlight	NOUN
easat-7675	61	5	that	that	DET
easat-7675	61	6	firm	firm	ADJ
easat-7675	61	7	size	size	NOUN
easat-7675	61	8	amplifies	amplify	VERB
easat-7675	61	9	the	the	DET
easat-7675	61	10	relationship	relationship	NOUN
easat-7675	61	11	between	between	ADP
easat-7675	61	12	debt	debt	NOUN
easat-7675	61	13	structure	structure	NOUN
easat-7675	61	14	and	and	CCONJ
easat-7675	61	15	firm	firm	ADJ
easat-7675	61	16	value	value	NOUN
easat-7675	61	17	in	in	ADP
easat-7675	61	18	indonesia	indonesia	PROPN
easat-7675	61	19	’s	’s	PART
easat-7675	61	20	manufacturing	manufacturing	NOUN
easat-7675	61	21	sector	sector	NOUN
easat-7675	61	22	.	.	PUNCT
easat-7675	62	1	nevertheless	nevertheless	ADV
easat-7675	62	2	,	,	PUNCT
easat-7675	62	3	empirical	empirical	ADJ
easat-7675	62	4	studies	study	NOUN
easat-7675	62	5	in	in	ADP
easat-7675	62	6	emerging	emerge	VERB
easat-7675	62	7	economies	economy	NOUN
easat-7675	62	8	addressing	address	VERB
easat-7675	62	9	this	this	DET
easat-7675	62	10	moderation	moderation	NOUN
easat-7675	62	11	effect	effect	NOUN
easat-7675	62	12	remain	remain	VERB
easat-7675	62	13	relatively	relatively	ADV
easat-7675	62	14	scarce	scarce	ADJ
easat-7675	62	15	.	.	PUNCT
easat-7675	63	1	2.3	2.3	NUM
easat-7675	63	2	.	.	PUNCT
easat-7675	64	1	the	the	DET
easat-7675	64	2	relationship	relationship	NOUN
easat-7675	64	3	between	between	ADP
easat-7675	64	4	capital	capital	NOUN
easat-7675	64	5	structure	structure	NOUN
easat-7675	64	6	and	and	CCONJ
easat-7675	64	7	firm	firm	ADJ
easat-7675	64	8	value	value	NOUN
easat-7675	64	9	capital	capital	NOUN
easat-7675	64	10	structure	structure	NOUN
easat-7675	64	11	is	be	AUX
easat-7675	64	12	a	a	DET
easat-7675	64	13	crucial	crucial	ADJ
easat-7675	64	14	strategic	strategic	ADJ
easat-7675	64	15	decision	decision	NOUN
easat-7675	64	16	in	in	ADP
easat-7675	64	17	corporate	corporate	ADJ
easat-7675	64	18	financial	financial	ADJ
easat-7675	64	19	management	management	NOUN
easat-7675	64	20	,	,	PUNCT
easat-7675	64	21	as	as	SCONJ
easat-7675	64	22	it	it	PRON
easat-7675	64	23	reflects	reflect	VERB
easat-7675	64	24	the	the	DET
easat-7675	64	25	combination	combination	NOUN
easat-7675	64	26	of	of	ADP
easat-7675	64	27	internal	internal	ADJ
easat-7675	64	28	funds	fund	NOUN
easat-7675	64	29	and	and	CCONJ
easat-7675	64	30	external	external	ADJ
easat-7675	64	31	financing	financing	NOUN
easat-7675	64	32	used	use	VERB
easat-7675	64	33	to	to	PART
easat-7675	64	34	support	support	VERB
easat-7675	64	35	a	a	DET
easat-7675	64	36	company	company	NOUN
easat-7675	64	37	’s	’s	PART
easat-7675	64	38	operations	operation	NOUN
easat-7675	64	39	and	and	CCONJ
easat-7675	64	40	investments	investment	NOUN
easat-7675	64	41	.	.	PUNCT
easat-7675	65	1	decisions	decision	NOUN
easat-7675	65	2	related	relate	VERB
easat-7675	65	3	to	to	ADP
easat-7675	65	4	capital	capital	NOUN
easat-7675	65	5	structure	structure	NOUN
easat-7675	65	6	significantly	significantly	ADV
easat-7675	65	7	influence	influence	VERB
easat-7675	65	8	firm	firm	ADJ
easat-7675	65	9	value	value	NOUN
easat-7675	65	10	because	because	SCONJ
easat-7675	65	11	they	they	PRON
easat-7675	65	12	affect	affect	VERB
easat-7675	65	13	financial	financial	ADJ
easat-7675	65	14	risk	risk	NOUN
easat-7675	65	15	and	and	CCONJ
easat-7675	65	16	investor	investor	NOUN
easat-7675	65	17	return	return	NOUN
easat-7675	65	18	expectations	expectation	NOUN
easat-7675	65	19	.	.	PUNCT
easat-7675	66	1	the	the	DET
easat-7675	66	2	trade	trade	NOUN
easat-7675	66	3	-	-	PUNCT
easat-7675	66	4	off	off	ADP
easat-7675	66	5	theory	theory	NOUN
easat-7675	66	6	[	[	X
easat-7675	66	7	15	15	NUM
easat-7675	66	8	]	]	PUNCT
easat-7675	66	9	states	state	VERB
easat-7675	66	10	that	that	SCONJ
easat-7675	66	11	firms	firm	NOUN
easat-7675	66	12	seek	seek	VERB
easat-7675	66	13	to	to	PART
easat-7675	66	14	establish	establish	VERB
easat-7675	66	15	an	an	DET
easat-7675	66	16	optimal	optimal	ADJ
easat-7675	66	17	capital	capital	NOUN
easat-7675	66	18	structure	structure	NOUN
easat-7675	66	19	by	by	ADP
easat-7675	66	20	balancing	balance	VERB
easat-7675	66	21	the	the	DET
easat-7675	66	22	tax	tax	NOUN
easat-7675	66	23	advantages	advantage	NOUN
easat-7675	66	24	of	of	ADP
easat-7675	66	25	debt	debt	NOUN
easat-7675	66	26	(	(	PUNCT
easat-7675	66	27	tax	tax	NOUN
easat-7675	66	28	shield	shield	NOUN
easat-7675	66	29	)	)	PUNCT
easat-7675	66	30	against	against	ADP
easat-7675	66	31	the	the	DET
easat-7675	66	32	risk	risk	NOUN
easat-7675	66	33	of	of	ADP
easat-7675	66	34	financial	financial	ADJ
easat-7675	66	35	distress	distress	NOUN
easat-7675	66	36	from	from	ADP
easat-7675	66	37	excessive	excessive	ADJ
easat-7675	66	38	debt	debt	NOUN
easat-7675	66	39	burdens	burden	NOUN
easat-7675	66	40	.	.	PUNCT
easat-7675	67	1	therefore	therefore	ADV
easat-7675	67	2	,	,	PUNCT
easat-7675	67	3	a	a	DET
easat-7675	67	4	well	well	ADV
easat-7675	67	5	-	-	PUNCT
easat-7675	67	6	balanced	balance	VERB
easat-7675	67	7	capital	capital	NOUN
easat-7675	67	8	structure	structure	NOUN
easat-7675	67	9	is	be	AUX
easat-7675	67	10	believed	believe	VERB
easat-7675	67	11	to	to	PART
easat-7675	67	12	enhance	enhance	VERB
easat-7675	67	13	firm	firm	ADJ
easat-7675	67	14	value	value	NOUN
easat-7675	67	15	.	.	PUNCT
easat-7675	68	1	from	from	ADP
easat-7675	68	2	the	the	DET
easat-7675	68	3	signaling	signal	VERB
easat-7675	68	4	theory	theory	NOUN
easat-7675	68	5	perspective	perspective	NOUN
easat-7675	68	6	[	[	X
easat-7675	68	7	16	16	NUM
easat-7675	68	8	]	]	X
easat-7675	68	9	financing	financing	NOUN
easat-7675	68	10	decisions	decision	NOUN
easat-7675	68	11	—	—	PUNCT
easat-7675	68	12	particularly	particularly	ADV
easat-7675	68	13	the	the	DET
easat-7675	68	14	use	use	NOUN
easat-7675	68	15	of	of	ADP
easat-7675	68	16	debt	debt	NOUN
easat-7675	68	17	—	—	PUNCT
easat-7675	68	18	can	can	AUX
easat-7675	68	19	convey	convey	VERB
easat-7675	68	20	signals	signal	NOUN
easat-7675	68	21	to	to	ADP
easat-7675	68	22	the	the	DET
easat-7675	68	23	market	market	NOUN
easat-7675	68	24	regarding	regard	VERB
easat-7675	68	25	a	a	DET
easat-7675	68	26	company	company	NOUN
easat-7675	68	27	’s	’s	PART
easat-7675	68	28	condition	condition	NOUN
easat-7675	68	29	and	and	CCONJ
easat-7675	68	30	prospects	prospect	NOUN
easat-7675	68	31	.	.	PUNCT
easat-7675	69	1	an	an	DET
easat-7675	69	2	increase	increase	NOUN
easat-7675	69	3	in	in	ADP
easat-7675	69	4	debt	debt	NOUN
easat-7675	69	5	is	be	AUX
easat-7675	69	6	often	often	ADV
easat-7675	69	7	interpreted	interpret	VERB
easat-7675	69	8	as	as	ADP
easat-7675	69	9	management	management	NOUN
easat-7675	69	10	's	's	PART
easat-7675	69	11	confidence	confidence	NOUN
easat-7675	69	12	in	in	ADP
easat-7675	69	13	the	the	DET
easat-7675	69	14	firm	firm	NOUN
easat-7675	69	15	’s	’s	PART
easat-7675	69	16	future	future	NOUN
easat-7675	69	17	,	,	PUNCT
easat-7675	69	18	which	which	PRON
easat-7675	69	19	may	may	AUX
easat-7675	69	20	positively	positively	ADV
easat-7675	69	21	influence	influence	VERB
easat-7675	69	22	firm	firm	ADJ
easat-7675	69	23	value	value	NOUN
easat-7675	69	24	.	.	PUNCT
easat-7675	70	1	several	several	ADJ
easat-7675	70	2	empirical	empirical	ADJ
easat-7675	70	3	studies	study	NOUN
easat-7675	70	4	support	support	VERB
easat-7675	70	5	a	a	DET
easat-7675	70	6	positive	positive	ADJ
easat-7675	70	7	relationship	relationship	NOUN
easat-7675	70	8	between	between	ADP
easat-7675	70	9	capital	capital	NOUN
easat-7675	70	10	structure	structure	NOUN
easat-7675	70	11	and	and	CCONJ
easat-7675	70	12	firm	firm	ADJ
easat-7675	70	13	value	value	NOUN
easat-7675	70	14	.	.	PUNCT
easat-7675	71	1	hirdinis	hirdinis	PUNCT
easat-7675	71	2	[	[	X
easat-7675	71	3	4	4	X
easat-7675	71	4	]	]	PUNCT
easat-7675	71	5	found	find	VERB
easat-7675	71	6	that	that	SCONJ
easat-7675	71	7	leverage	leverage	NOUN
easat-7675	71	8	has	have	VERB
easat-7675	71	9	a	a	DET
easat-7675	71	10	positive	positive	ADJ
easat-7675	71	11	effect	effect	NOUN
easat-7675	71	12	on	on	ADP
easat-7675	71	13	firm	firm	ADJ
easat-7675	71	14	value	value	NOUN
easat-7675	71	15	in	in	ADP
easat-7675	71	16	indonesia	indonesia	PROPN
easat-7675	71	17	.	.	PUNCT
easat-7675	72	1	similar	similar	ADJ
easat-7675	72	2	findings	finding	NOUN
easat-7675	72	3	were	be	AUX
easat-7675	72	4	reported	report	VERB
easat-7675	72	5	by	by	ADP
easat-7675	72	6	wijaya	wijaya	NOUN
easat-7675	72	7	and	and	CCONJ
easat-7675	72	8	asyik	asyik	VERB
easat-7675	72	9	[	[	X
easat-7675	72	10	10	10	NUM
easat-7675	72	11	]	]	PUNCT
easat-7675	72	12	in	in	ADP
easat-7675	72	13	their	their	PRON
easat-7675	72	14	study	study	NOUN
easat-7675	72	15	of	of	ADP
easat-7675	72	16	the	the	DET
easat-7675	72	17	manufacturing	manufacturing	NOUN
easat-7675	72	18	sector	sector	NOUN
easat-7675	72	19	listed	list	VERB
easat-7675	72	20	on	on	ADP
easat-7675	72	21	the	the	DET
easat-7675	72	22	indonesia	indonesia	PROPN
easat-7675	72	23	stock	stock	PROPN
easat-7675	72	24	exchange	exchange	PROPN
easat-7675	72	25	.	.	PUNCT
easat-7675	73	1	additional	additional	ADJ
easat-7675	73	2	support	support	NOUN
easat-7675	73	3	comes	come	VERB
easat-7675	73	4	from	from	ADP
easat-7675	73	5	studies	study	NOUN
easat-7675	73	6	by	by	ADP
easat-7675	73	7	saeedi	saeedi	NOUN
easat-7675	73	8	and	and	CCONJ
easat-7675	73	9	mahmoodi	mahmoodi	VERB
easat-7675	73	10	[	[	X
easat-7675	73	11	3	3	NUM
easat-7675	73	12	]	]	PUNCT
easat-7675	73	13	;	;	PUNCT
easat-7675	73	14	alghifari	alghifari	X
easat-7675	73	15	[	[	X
easat-7675	73	16	17	17	NUM
easat-7675	73	17	]	]	PUNCT
easat-7675	73	18	and	and	CCONJ
easat-7675	73	19	setioko	setioko	PROPN
easat-7675	73	20	,	,	PUNCT
easat-7675	73	21	et	et	PROPN
easat-7675	73	22	al	al	PROPN
easat-7675	73	23	.	.	PUNCT
easat-7675	74	1	[	[	X
easat-7675	74	2	18	18	NUM
easat-7675	74	3	]	]	PUNCT
easat-7675	74	4	although	although	SCONJ
easat-7675	74	5	contradictory	contradictory	ADJ
easat-7675	74	6	evidence	evidence	NOUN
easat-7675	74	7	has	have	AUX
easat-7675	74	8	also	also	ADV
easat-7675	74	9	been	be	AUX
easat-7675	74	10	presented	present	VERB
easat-7675	74	11	by	by	ADP
easat-7675	74	12	majumdar	majumdar	PROPN
easat-7675	74	13	and	and	CCONJ
easat-7675	74	14	chhibber	chhibber	VERB
easat-7675	75	1	[	[	X
easat-7675	75	2	6	6	NUM
easat-7675	75	3	]	]	PUNCT
easat-7675	75	4	;	;	PUNCT
easat-7675	75	5	kodongo	kodongo	PROPN
easat-7675	75	6	,	,	PUNCT
easat-7675	75	7	et	et	PROPN
easat-7675	75	8	al	al	PROPN
easat-7675	75	9	.	.	PUNCT
easat-7675	76	1	[	[	X
easat-7675	76	2	19	19	NUM
easat-7675	76	3	]	]	PUNCT
easat-7675	76	4	and	and	CCONJ
easat-7675	76	5	vătavu	vătavu	PROPN
easat-7675	77	1	[	[	X
easat-7675	77	2	7	7	NUM
easat-7675	77	3	]	]	PUNCT
easat-7675	77	4	.	.	PUNCT
easat-7675	78	1	based	base	VERB
easat-7675	78	2	on	on	ADP
easat-7675	78	3	these	these	DET
easat-7675	78	4	theoretical	theoretical	ADJ
easat-7675	78	5	frameworks	framework	NOUN
easat-7675	78	6	and	and	CCONJ
easat-7675	78	7	empirical	empirical	ADJ
easat-7675	78	8	findings	finding	NOUN
easat-7675	78	9	,	,	PUNCT
easat-7675	78	10	the	the	DET
easat-7675	78	11	first	first	ADJ
easat-7675	78	12	hypothesis	hypothesis	NOUN
easat-7675	78	13	proposed	propose	VERB
easat-7675	78	14	is	be	AUX
easat-7675	78	15	:	:	PUNCT
easat-7675	78	16	h1	h1	ADJ
easat-7675	78	17	:	:	PUNCT
easat-7675	78	18	capital	capital	NOUN
easat-7675	78	19	structure	structure	NOUN
easat-7675	78	20	affects	affect	VERB
easat-7675	78	21	firm	firm	ADJ
easat-7675	78	22	value	value	NOUN
easat-7675	78	23	.	.	PUNCT
easat-7675	79	1	2.4	2.4	NUM
easat-7675	79	2	.	.	PUNCT
easat-7675	80	1	the	the	DET
easat-7675	80	2	moderating	moderate	VERB
easat-7675	80	3	role	role	NOUN
easat-7675	80	4	of	of	ADP
easat-7675	80	5	firm	firm	ADJ
easat-7675	80	6	size	size	NOUN
easat-7675	80	7	on	on	ADP
easat-7675	80	8	the	the	DET
easat-7675	80	9	effect	effect	NOUN
easat-7675	80	10	of	of	ADP
easat-7675	80	11	capital	capital	NOUN
easat-7675	80	12	structure	structure	NOUN
easat-7675	80	13	and	and	CCONJ
easat-7675	80	14	firm	firm	ADJ
easat-7675	80	15	value	value	NOUN
easat-7675	80	16	firm	firm	ADJ
easat-7675	80	17	size	size	NOUN
easat-7675	80	18	is	be	AUX
easat-7675	80	19	an	an	DET
easat-7675	80	20	important	important	ADJ
easat-7675	80	21	characteristic	characteristic	NOUN
easat-7675	80	22	often	often	ADV
easat-7675	80	23	used	use	VERB
easat-7675	80	24	as	as	ADP
easat-7675	80	25	an	an	DET
easat-7675	80	26	indicator	indicator	NOUN
easat-7675	80	27	of	of	ADP
easat-7675	80	28	a	a	DET
easat-7675	80	29	company	company	NOUN
easat-7675	80	30	’s	’s	PART
easat-7675	80	31	ability	ability	NOUN
easat-7675	80	32	to	to	PART
easat-7675	80	33	manage	manage	VERB
easat-7675	80	34	financial	financial	ADJ
easat-7675	80	35	risk	risk	NOUN
easat-7675	80	36	,	,	PUNCT
easat-7675	80	37	access	access	NOUN
easat-7675	80	38	funding	funding	NOUN
easat-7675	80	39	,	,	PUNCT
easat-7675	80	40	and	and	CCONJ
easat-7675	80	41	maintain	maintain	VERB
easat-7675	80	42	its	its	PRON
easat-7675	80	43	market	market	NOUN
easat-7675	80	44	reputation	reputation	NOUN
easat-7675	80	45	.	.	PUNCT
easat-7675	81	1	according	accord	VERB
easat-7675	81	2	to	to	ADP
easat-7675	81	3	the	the	DET
easat-7675	81	4	pecking	pecking	NOUN
easat-7675	81	5	order	order	NOUN
easat-7675	81	6	theory	theory	NOUN
easat-7675	81	7	[	[	X
easat-7675	81	8	12	12	NUM
easat-7675	81	9	]	]	X
easat-7675	81	10	large	large	ADJ
easat-7675	81	11	firms	firm	NOUN
easat-7675	81	12	tend	tend	VERB
easat-7675	81	13	to	to	PART
easat-7675	81	14	rely	rely	VERB
easat-7675	81	15	more	more	ADV
easat-7675	81	16	on	on	ADP
easat-7675	81	17	internal	internal	ADJ
easat-7675	81	18	financing	financing	NOUN
easat-7675	81	19	due	due	ADP
easat-7675	81	20	to	to	ADP
easat-7675	81	21	their	their	PRON
easat-7675	81	22	more	more	ADV
easat-7675	81	23	stable	stable	ADJ
easat-7675	81	24	financial	financial	ADJ
easat-7675	81	25	reserves	reserve	NOUN
easat-7675	81	26	,	,	PUNCT
easat-7675	81	27	whereas	whereas	SCONJ
easat-7675	81	28	smaller	small	ADJ
easat-7675	81	29	firms	firm	NOUN
easat-7675	81	30	are	be	AUX
easat-7675	81	31	more	more	ADV
easat-7675	81	32	dependent	dependent	ADJ
easat-7675	81	33	on	on	ADP
easat-7675	81	34	external	external	ADJ
easat-7675	81	35	sources	source	NOUN
easat-7675	81	36	of	of	ADP
easat-7675	81	37	funds	fund	NOUN
easat-7675	81	38	.	.	PUNCT
easat-7675	82	1	agency	agency	NOUN
easat-7675	82	2	theory	theory	NOUN
easat-7675	82	3	[	[	X
easat-7675	82	4	13	13	NUM
easat-7675	82	5	]	]	PUNCT
easat-7675	82	6	suggests	suggest	VERB
easat-7675	82	7	that	that	SCONJ
easat-7675	82	8	debt	debt	NOUN
easat-7675	82	9	usage	usage	NOUN
easat-7675	82	10	in	in	ADP
easat-7675	82	11	capital	capital	NOUN
easat-7675	82	12	structure	structure	NOUN
easat-7675	82	13	can	can	AUX
easat-7675	82	14	serve	serve	VERB
easat-7675	82	15	as	as	ADP
easat-7675	82	16	a	a	DET
easat-7675	82	17	control	control	NOUN
easat-7675	82	18	mechanism	mechanism	NOUN
easat-7675	82	19	for	for	ADP
easat-7675	82	20	mitigating	mitigate	VERB
easat-7675	82	21	agency	agency	NOUN
easat-7675	82	22	conflicts	conflict	NOUN
easat-7675	82	23	between	between	ADP
easat-7675	82	24	managers	manager	NOUN
easat-7675	82	25	and	and	CCONJ
easat-7675	82	26	shareholders	shareholder	NOUN
easat-7675	82	27	.	.	PUNCT
easat-7675	83	1	the	the	DET
easat-7675	83	2	obligation	obligation	NOUN
easat-7675	83	3	to	to	PART
easat-7675	83	4	pay	pay	VERB
easat-7675	83	5	interest	interest	NOUN
easat-7675	83	6	and	and	CCONJ
easat-7675	83	7	principal	principal	NOUN
easat-7675	83	8	limits	limit	NOUN
easat-7675	83	9	managerial	managerial	ADJ
easat-7675	83	10	discretion	discretion	NOUN
easat-7675	83	11	,	,	PUNCT
easat-7675	83	12	thereby	thereby	ADV
easat-7675	83	13	reducing	reduce	VERB
easat-7675	83	14	the	the	DET
easat-7675	83	15	potential	potential	NOUN
easat-7675	83	16	for	for	ADP
easat-7675	83	17	opportunistic	opportunistic	ADJ
easat-7675	83	18	behavior	behavior	NOUN
easat-7675	83	19	.	.	PUNCT
easat-7675	84	1	additionally	additionally	ADV
easat-7675	84	2	,	,	PUNCT
easat-7675	84	3	signaling	signal	VERB
easat-7675	84	4	theory	theory	NOUN
easat-7675	84	5	[	[	X
easat-7675	84	6	16	16	NUM
easat-7675	84	7	]	]	PUNCT
easat-7675	84	8	explains	explain	VERB
easat-7675	84	9	that	that	SCONJ
easat-7675	84	10	the	the	DET
easat-7675	84	11	decision	decision	NOUN
easat-7675	84	12	to	to	PART
easat-7675	84	13	take	take	VERB
easat-7675	84	14	on	on	ADP
easat-7675	84	15	debt	debt	NOUN
easat-7675	84	16	can	can	AUX
easat-7675	84	17	be	be	AUX
easat-7675	84	18	perceived	perceive	VERB
easat-7675	84	19	as	as	ADP
easat-7675	84	20	a	a	DET
easat-7675	84	21	positive	positive	ADJ
easat-7675	84	22	signal	signal	NOUN
easat-7675	84	23	of	of	ADP
easat-7675	84	24	the	the	DET
easat-7675	84	25	company	company	NOUN
easat-7675	84	26	’s	’s	PART
easat-7675	84	27	prospects	prospect	NOUN
easat-7675	84	28	,	,	PUNCT
easat-7675	84	29	especially	especially	ADV
easat-7675	84	30	when	when	SCONJ
easat-7675	84	31	the	the	DET
easat-7675	84	32	company	company	NOUN
easat-7675	84	33	is	be	AUX
easat-7675	84	34	financially	financially	ADV
easat-7675	84	35	strong	strong	ADJ
easat-7675	84	36	.	.	PUNCT
easat-7675	85	1	however	however	ADV
easat-7675	85	2	,	,	PUNCT
easat-7675	85	3	the	the	DET
easat-7675	85	4	relationship	relationship	NOUN
easat-7675	85	5	between	between	ADP
easat-7675	85	6	capital	capital	NOUN
easat-7675	85	7	structure	structure	NOUN
easat-7675	85	8	and	and	CCONJ
easat-7675	85	9	firm	firm	ADJ
easat-7675	85	10	value	value	NOUN
easat-7675	85	11	is	be	AUX
easat-7675	85	12	not	not	PART
easat-7675	85	13	universal	universal	ADJ
easat-7675	85	14	and	and	CCONJ
easat-7675	85	15	may	may	AUX
easat-7675	85	16	vary	vary	VERB
easat-7675	85	17	depending	depend	VERB
easat-7675	85	18	on	on	ADP
easat-7675	85	19	firm	firm	ADJ
easat-7675	85	20	-	-	PUNCT
easat-7675	85	21	specific	specific	ADJ
easat-7675	85	22	characteristics	characteristic	NOUN
easat-7675	85	23	,	,	PUNCT
easat-7675	85	24	one	one	NUM
easat-7675	85	25	of	of	ADP
easat-7675	85	26	which	which	PRON
easat-7675	85	27	is	be	AUX
easat-7675	85	28	firm	firm	ADJ
easat-7675	85	29	size	size	NOUN
easat-7675	85	30	.	.	PUNCT
easat-7675	86	1	size	size	NOUN
easat-7675	86	2	reflects	reflect	VERB
easat-7675	86	3	operational	operational	ADJ
easat-7675	86	4	scale	scale	NOUN
easat-7675	86	5	,	,	PUNCT
easat-7675	86	6	access	access	NOUN
easat-7675	86	7	to	to	ADP
easat-7675	86	8	capital	capital	NOUN
easat-7675	86	9	,	,	PUNCT
easat-7675	86	10	and	and	CCONJ
easat-7675	86	11	market	market	NOUN
easat-7675	86	12	expectations	expectation	NOUN
easat-7675	86	13	.	.	PUNCT
easat-7675	87	1	larger	large	ADJ
easat-7675	87	2	firms	firm	NOUN
easat-7675	87	3	generally	generally	ADV
easat-7675	87	4	face	face	VERB
easat-7675	87	5	a	a	DET
easat-7675	87	6	lower	low	ADJ
easat-7675	87	7	risk	risk	NOUN
easat-7675	87	8	of	of	ADP
easat-7675	87	9	bankruptcy	bankruptcy	NOUN
easat-7675	87	10	,	,	PUNCT
easat-7675	87	11	possess	possess	VERB
easat-7675	87	12	stronger	strong	ADJ
easat-7675	87	13	reputations	reputation	NOUN
easat-7675	87	14	,	,	PUNCT
easat-7675	87	15	and	and	CCONJ
easat-7675	87	16	can	can	AUX
easat-7675	87	17	access	access	VERB
easat-7675	87	18	cheaper	cheap	ADJ
easat-7675	87	19	financing	financing	NOUN
easat-7675	87	20	compared	compare	VERB
easat-7675	87	21	to	to	ADP
easat-7675	87	22	smaller	small	ADJ
easat-7675	87	23	firms	firm	NOUN
easat-7675	87	24	[	[	X
easat-7675	87	25	4	4	NUM
easat-7675	87	26	]	]	PUNCT
easat-7675	87	27	.	.	PUNCT
easat-7675	88	1	as	as	ADP
easat-7675	88	2	a	a	DET
easat-7675	88	3	result	result	NOUN
easat-7675	88	4	,	,	PUNCT
easat-7675	88	5	the	the	DET
easat-7675	88	6	effect	effect	NOUN
easat-7675	88	7	of	of	ADP
easat-7675	88	8	capital	capital	NOUN
easat-7675	88	9	structure	structure	NOUN
easat-7675	88	10	on	on	ADP
easat-7675	88	11	firm	firm	ADJ
easat-7675	88	12	value	value	NOUN
easat-7675	88	13	may	may	AUX
easat-7675	88	14	differ	differ	VERB
easat-7675	88	15	depending	depend	VERB
easat-7675	88	16	on	on	ADP
easat-7675	88	17	the	the	DET
easat-7675	88	18	firm	firm	NOUN
easat-7675	88	19	's	's	PART
easat-7675	88	20	size	size	NOUN
easat-7675	88	21	.	.	PUNCT
easat-7675	89	1	several	several	ADJ
easat-7675	89	2	studies	study	NOUN
easat-7675	89	3	support	support	VERB
easat-7675	89	4	the	the	DET
easat-7675	89	5	moderating	moderate	VERB
easat-7675	89	6	role	role	NOUN
easat-7675	89	7	of	of	ADP
easat-7675	89	8	firm	firm	ADJ
easat-7675	89	9	size	size	NOUN
easat-7675	89	10	.	.	PUNCT
easat-7675	90	1	for	for	ADP
easat-7675	90	2	instance	instance	NOUN
easat-7675	90	3	,	,	PUNCT
easat-7675	90	4	suriawinata	suriawinata	ADJ
easat-7675	90	5	and	and	CCONJ
easat-7675	90	6	nurmalita	nurmalita	NOUN
easat-7675	90	7	[	[	X
easat-7675	90	8	20	20	NUM
easat-7675	90	9	]	]	PUNCT
easat-7675	90	10	found	find	VERB
easat-7675	90	11	that	that	SCONJ
easat-7675	90	12	firm	firm	ADJ
easat-7675	90	13	size	size	NOUN
easat-7675	90	14	moderates	moderate	VERB
easat-7675	90	15	the	the	DET
easat-7675	90	16	relationship	relationship	NOUN
easat-7675	90	17	between	between	ADP
easat-7675	90	18	ownership	ownership	NOUN
easat-7675	90	19	structure	structure	NOUN
easat-7675	90	20	and	and	CCONJ
easat-7675	90	21	firm	firm	ADJ
easat-7675	90	22	value	value	NOUN
easat-7675	90	23	in	in	ADP
easat-7675	90	24	indonesia	indonesia	PROPN
easat-7675	90	25	.	.	PUNCT
easat-7675	91	1	meanwhile	meanwhile	ADV
easat-7675	91	2	,	,	PUNCT
easat-7675	91	3	hirdinis	hirdinis	X
easat-7675	91	4	[	[	X
easat-7675	91	5	4	4	X
easat-7675	91	6	]	]	PUNCT
easat-7675	91	7	revealed	reveal	VERB
easat-7675	91	8	that	that	SCONJ
easat-7675	91	9	firm	firm	ADJ
easat-7675	91	10	size	size	NOUN
easat-7675	91	11	can	can	AUX
easat-7675	91	12	either	either	CCONJ
easat-7675	91	13	strengthen	strengthen	VERB
easat-7675	91	14	or	or	CCONJ
easat-7675	91	15	weaken	weaken	VERB
easat-7675	91	16	the	the	DET
easat-7675	91	17	influence	influence	NOUN
easat-7675	91	18	of	of	ADP
easat-7675	91	19	capital	capital	NOUN
easat-7675	91	20	structure	structure	NOUN
easat-7675	91	21	on	on	ADP
easat-7675	91	22	firm	firm	ADJ
easat-7675	91	23	value	value	NOUN
easat-7675	91	24	.	.	PUNCT
easat-7675	92	1	taking	take	VERB
easat-7675	92	2	these	these	DET
easat-7675	92	3	considerations	consideration	NOUN
easat-7675	92	4	into	into	ADP
easat-7675	92	5	account	account	NOUN
easat-7675	92	6	,	,	PUNCT
easat-7675	92	7	the	the	DET
easat-7675	92	8	second	second	ADJ
easat-7675	92	9	hypothesis	hypothesis	NOUN
easat-7675	92	10	proposed	propose	VERB
easat-7675	92	11	is	be	AUX
easat-7675	92	12	:	:	PUNCT
easat-7675	92	13	h2	h2	NOUN
easat-7675	92	14	:	:	PUNCT
easat-7675	92	15	firm	firm	ADJ
easat-7675	92	16	size	size	NOUN
easat-7675	92	17	moderates	moderate	VERB
easat-7675	92	18	the	the	DET
easat-7675	92	19	effect	effect	NOUN
easat-7675	92	20	of	of	ADP
easat-7675	92	21	capital	capital	NOUN
easat-7675	92	22	structure	structure	NOUN
easat-7675	92	23	on	on	ADP
easat-7675	92	24	firm	firm	ADJ
easat-7675	92	25	value	value	NOUN
easat-7675	92	26	.	.	PUNCT
easat-7675	93	1	3243	3243	NUM
easat-7675	93	2	edelweiss	edelweiss	PROPN
easat-7675	93	3	applied	apply	VERB
easat-7675	93	4	science	science	NOUN
easat-7675	93	5	and	and	CCONJ
easat-7675	93	6	technology	technology	NOUN
easat-7675	93	7	issn	issn	PROPN
easat-7675	93	8	:	:	PUNCT
easat-7675	93	9	2576	2576	NUM
easat-7675	93	10	-	-	SYM
easat-7675	93	11	8484	8484	NUM
easat-7675	93	12	vol	vol	NOUN
easat-7675	93	13	.	.	PROPN
easat-7675	94	1	9	9	NUM
easat-7675	94	2	,	,	PUNCT
easat-7675	94	3	no	no	INTJ
easat-7675	94	4	.	.	NOUN
easat-7675	94	5	5	5	NUM
easat-7675	94	6	:	:	SYM
easat-7675	94	7	3240	3240	NUM
easat-7675	94	8	-	-	SYM
easat-7675	94	9	3248	3248	NUM
easat-7675	94	10	,	,	PUNCT
easat-7675	94	11	2025	2025	NUM
easat-7675	94	12	doi	doi	NOUN
easat-7675	94	13	:	:	PUNCT
easat-7675	94	14	10.55214/25768484.v9i5.7675	10.55214/25768484.v9i5.7675	NUM
easat-7675	94	15	©	©	PROPN
easat-7675	94	16	2025	2025	NUM
easat-7675	94	17	by	by	ADP
easat-7675	94	18	the	the	DET
easat-7675	94	19	authors	author	NOUN
easat-7675	94	20	;	;	PUNCT
easat-7675	94	21	licensee	licensee	PROPN
easat-7675	94	22	learning	learning	NOUN
easat-7675	94	23	gate	gate	NOUN
easat-7675	94	24	3	3	NUM
easat-7675	94	25	.	.	PUNCT
easat-7675	94	26	research	research	NOUN
easat-7675	94	27	method	method	NOUN
easat-7675	94	28	3.1	3.1	NUM
easat-7675	94	29	.	.	PUNCT
easat-7675	95	1	research	research	NOUN
easat-7675	95	2	design	design	NOUN
easat-7675	95	3	this	this	DET
easat-7675	95	4	research	research	NOUN
easat-7675	95	5	adopts	adopt	VERB
easat-7675	95	6	a	a	DET
easat-7675	95	7	quantitative	quantitative	ADJ
easat-7675	95	8	method	method	NOUN
easat-7675	95	9	utilizing	utilize	VERB
easat-7675	95	10	a	a	DET
easat-7675	95	11	causal	causal	ADJ
easat-7675	95	12	design	design	NOUN
easat-7675	95	13	to	to	PART
easat-7675	95	14	investigate	investigate	VERB
easat-7675	95	15	the	the	DET
easat-7675	95	16	influence	influence	NOUN
easat-7675	95	17	of	of	ADP
easat-7675	95	18	capital	capital	NOUN
easat-7675	95	19	structure	structure	NOUN
easat-7675	95	20	on	on	ADP
easat-7675	95	21	firm	firm	ADJ
easat-7675	95	22	value	value	NOUN
easat-7675	95	23	,	,	PUNCT
easat-7675	95	24	as	as	ADV
easat-7675	95	25	well	well	ADV
easat-7675	95	26	as	as	ADP
easat-7675	95	27	the	the	DET
easat-7675	95	28	moderating	moderate	VERB
easat-7675	95	29	role	role	NOUN
easat-7675	95	30	of	of	ADP
easat-7675	95	31	firm	firm	ADJ
easat-7675	95	32	size	size	NOUN
easat-7675	95	33	in	in	ADP
easat-7675	95	34	manufacturing	manufacturing	NOUN
easat-7675	95	35	firms	firm	NOUN
easat-7675	95	36	listed	list	VERB
easat-7675	95	37	on	on	ADP
easat-7675	95	38	the	the	DET
easat-7675	95	39	indonesia	indonesia	PROPN
easat-7675	95	40	stock	stock	PROPN
easat-7675	95	41	exchange	exchange	PROPN
easat-7675	95	42	(	(	PUNCT
easat-7675	95	43	idx	idx	PROPN
easat-7675	95	44	)	)	PUNCT
easat-7675	95	45	.	.	PUNCT
easat-7675	96	1	the	the	DET
easat-7675	96	2	causal	causal	ADJ
easat-7675	96	3	approach	approach	NOUN
easat-7675	96	4	is	be	AUX
easat-7675	96	5	selected	select	VERB
easat-7675	96	6	to	to	PART
easat-7675	96	7	elucidate	elucidate	VERB
easat-7675	96	8	cause	cause	VERB
easat-7675	96	9	-	-	PUNCT
easat-7675	96	10	and	and	CCONJ
easat-7675	96	11	-	-	PUNCT
easat-7675	96	12	effect	effect	NOUN
easat-7675	96	13	linkages	linkage	NOUN
easat-7675	96	14	among	among	ADP
easat-7675	96	15	variables	variable	NOUN
easat-7675	96	16	,	,	PUNCT
easat-7675	96	17	grounded	ground	VERB
easat-7675	96	18	in	in	ADP
easat-7675	96	19	pertinent	pertinent	ADJ
easat-7675	96	20	theoretical	theoretical	ADJ
easat-7675	96	21	frameworks	framework	NOUN
easat-7675	96	22	and	and	CCONJ
easat-7675	96	23	empirical	empirical	ADJ
easat-7675	96	24	findings	finding	NOUN
easat-7675	96	25	from	from	ADP
easat-7675	96	26	prior	prior	ADJ
easat-7675	96	27	research	research	NOUN
easat-7675	97	1	[	[	X
easat-7675	97	2	21	21	NUM
easat-7675	97	3	]	]	PUNCT
easat-7675	97	4	.	.	PUNCT
easat-7675	98	1	3.2	3.2	NUM
easat-7675	98	2	.	.	PUNCT
easat-7675	99	1	population	population	NOUN
easat-7675	99	2	and	and	CCONJ
easat-7675	99	3	sample	sample	VERB
easat-7675	99	4	this	this	DET
easat-7675	99	5	study	study	NOUN
easat-7675	99	6	's	's	PART
easat-7675	99	7	population	population	NOUN
easat-7675	99	8	comprises	comprise	VERB
easat-7675	99	9	all	all	DET
easat-7675	99	10	food	food	NOUN
easat-7675	99	11	and	and	CCONJ
easat-7675	99	12	beverage	beverage	NOUN
easat-7675	99	13	sub	sub	ADJ
easat-7675	99	14	-	-	ADJ
easat-7675	99	15	sector	sector	ADJ
easat-7675	99	16	manufacturing	manufacturing	NOUN
easat-7675	99	17	firms	firm	NOUN
easat-7675	99	18	listed	list	VERB
easat-7675	99	19	on	on	ADP
easat-7675	99	20	the	the	DET
easat-7675	99	21	idx	idx	NOUN
easat-7675	99	22	from	from	ADP
easat-7675	99	23	2020	2020	NUM
easat-7675	99	24	to	to	ADP
easat-7675	99	25	2023	2023	NUM
easat-7675	99	26	,	,	PUNCT
easat-7675	99	27	amounting	amount	VERB
easat-7675	99	28	to	to	ADP
easat-7675	99	29	95	95	NUM
easat-7675	99	30	companies	company	NOUN
easat-7675	99	31	.	.	PUNCT
easat-7675	100	1	the	the	DET
easat-7675	100	2	employed	employ	VERB
easat-7675	100	3	sampling	sampling	NOUN
easat-7675	100	4	technique	technique	NOUN
easat-7675	100	5	is	be	AUX
easat-7675	100	6	purposive	purposive	ADJ
easat-7675	100	7	sampling	sampling	NOUN
easat-7675	100	8	,	,	PUNCT
easat-7675	100	9	adhering	adhere	VERB
easat-7675	100	10	to	to	ADP
easat-7675	100	11	the	the	DET
easat-7675	100	12	following	follow	VERB
easat-7675	100	13	criteria	criterion	NOUN
easat-7675	100	14	:	:	PUNCT
easat-7675	100	15	1	1	X
easat-7675	100	16	.	.	X
easat-7675	100	17	manufacturing	manufacturing	NOUN
easat-7675	100	18	firms	firm	NOUN
easat-7675	100	19	that	that	PRON
easat-7675	100	20	were	be	AUX
easat-7675	100	21	continuously	continuously	ADV
easat-7675	100	22	listed	list	VERB
easat-7675	100	23	on	on	ADP
easat-7675	100	24	the	the	DET
easat-7675	100	25	idx	idx	NOUN
easat-7675	100	26	from	from	ADP
easat-7675	100	27	2020	2020	NUM
easat-7675	100	28	to	to	ADP
easat-7675	100	29	2023	2023	NUM
easat-7675	100	30	.	.	PUNCT
easat-7675	101	1	2	2	X
easat-7675	101	2	.	.	X
easat-7675	101	3	organizations	organization	NOUN
easat-7675	101	4	possessing	possess	VERB
easat-7675	101	5	comprehensive	comprehensive	ADJ
easat-7675	101	6	data	datum	NOUN
easat-7675	101	7	about	about	ADP
easat-7675	101	8	the	the	DET
easat-7675	101	9	research	research	NOUN
easat-7675	101	10	variables	variable	NOUN
easat-7675	101	11	,	,	PUNCT
easat-7675	101	12	specifically	specifically	ADV
easat-7675	101	13	firm	firm	ADJ
easat-7675	101	14	value	value	NOUN
easat-7675	101	15	,	,	PUNCT
easat-7675	101	16	capital	capital	NOUN
easat-7675	101	17	structure	structure	NOUN
easat-7675	101	18	,	,	PUNCT
easat-7675	101	19	and	and	CCONJ
easat-7675	101	20	firm	firm	ADJ
easat-7675	101	21	size	size	NOUN
easat-7675	101	22	.	.	PUNCT
easat-7675	102	1	a	a	DET
easat-7675	102	2	sample	sample	NOUN
easat-7675	102	3	of	of	ADP
easat-7675	102	4	29	29	NUM
easat-7675	102	5	companies	company	NOUN
easat-7675	102	6	was	be	AUX
easat-7675	102	7	selected	select	VERB
easat-7675	102	8	based	base	VERB
easat-7675	102	9	on	on	ADP
easat-7675	102	10	these	these	DET
easat-7675	102	11	parameters	parameter	NOUN
easat-7675	102	12	,	,	PUNCT
easat-7675	102	13	observed	observe	VERB
easat-7675	102	14	over	over	ADP
easat-7675	102	15	four	four	NUM
easat-7675	102	16	years	year	NOUN
easat-7675	102	17	,	,	PUNCT
easat-7675	102	18	yielding	yield	VERB
easat-7675	102	19	a	a	DET
easat-7675	102	20	total	total	NOUN
easat-7675	102	21	of	of	ADP
easat-7675	102	22	116	116	NUM
easat-7675	102	23	observations	observation	NOUN
easat-7675	102	24	.	.	PUNCT
easat-7675	103	1	3.3	3.3	NUM
easat-7675	103	2	.	.	PUNCT
easat-7675	104	1	data	datum	NOUN
easat-7675	104	2	analysis	analysis	NOUN
easat-7675	104	3	method	method	VERB
easat-7675	104	4	the	the	DET
easat-7675	104	5	analysis	analysis	NOUN
easat-7675	104	6	in	in	ADP
easat-7675	104	7	this	this	DET
easat-7675	104	8	study	study	NOUN
easat-7675	104	9	utilized	utilize	VERB
easat-7675	104	10	a	a	DET
easat-7675	104	11	panel	panel	NOUN
easat-7675	104	12	data	datum	NOUN
easat-7675	104	13	regression	regression	NOUN
easat-7675	104	14	approach	approach	NOUN
easat-7675	104	15	combined	combine	VERB
easat-7675	104	16	with	with	ADP
easat-7675	104	17	moderated	moderate	VERB
easat-7675	104	18	this	this	DET
easat-7675	104	19	study	study	NOUN
easat-7675	104	20	employed	employ	VERB
easat-7675	104	21	a	a	DET
easat-7675	104	22	panel	panel	NOUN
easat-7675	104	23	data	datum	NOUN
easat-7675	104	24	regression	regression	NOUN
easat-7675	104	25	methodology	methodology	NOUN
easat-7675	104	26	alongside	alongside	ADP
easat-7675	104	27	moderated	moderated	ADJ
easat-7675	104	28	regression	regression	NOUN
easat-7675	104	29	analysis	analysis	NOUN
easat-7675	104	30	(	(	PUNCT
easat-7675	104	31	mra	mra	NOUN
easat-7675	104	32	)	)	PUNCT
easat-7675	104	33	to	to	PART
easat-7675	104	34	investigate	investigate	VERB
easat-7675	104	35	the	the	DET
easat-7675	104	36	moderating	moderate	VERB
easat-7675	104	37	influence	influence	NOUN
easat-7675	104	38	of	of	ADP
easat-7675	104	39	firm	firm	ADJ
easat-7675	104	40	size	size	NOUN
easat-7675	104	41	on	on	ADP
easat-7675	104	42	the	the	DET
easat-7675	104	43	connection	connection	NOUN
easat-7675	104	44	between	between	ADP
easat-7675	104	45	capital	capital	NOUN
easat-7675	104	46	structure	structure	NOUN
easat-7675	104	47	and	and	CCONJ
easat-7675	104	48	firm	firm	ADJ
easat-7675	104	49	value	value	NOUN
easat-7675	104	50	.	.	PUNCT
easat-7675	105	1	mra	mra	PROPN
easat-7675	105	2	was	be	AUX
easat-7675	105	3	chosen	choose	VERB
easat-7675	105	4	as	as	SCONJ
easat-7675	105	5	it	it	PRON
easat-7675	105	6	assesses	assess	VERB
easat-7675	105	7	the	the	DET
easat-7675	105	8	interaction	interaction	NOUN
easat-7675	105	9	effect	effect	NOUN
easat-7675	105	10	between	between	ADP
easat-7675	105	11	the	the	DET
easat-7675	105	12	independent	independent	ADJ
easat-7675	105	13	variable	variable	NOUN
easat-7675	105	14	and	and	CCONJ
easat-7675	105	15	the	the	DET
easat-7675	105	16	moderating	moderate	VERB
easat-7675	105	17	variable	variable	NOUN
easat-7675	105	18	on	on	ADP
easat-7675	105	19	the	the	DET
easat-7675	105	20	dependent	dependent	ADJ
easat-7675	105	21	variable	variable	NOUN
easat-7675	106	1	[	[	X
easat-7675	106	2	22	22	NUM
easat-7675	106	3	]	]	PUNCT
easat-7675	106	4	.	.	PUNCT
easat-7675	107	1	the	the	DET
easat-7675	107	2	utilization	utilization	NOUN
easat-7675	107	3	of	of	ADP
easat-7675	107	4	panel	panel	NOUN
easat-7675	107	5	data	datum	NOUN
easat-7675	107	6	enabled	enable	VERB
easat-7675	107	7	the	the	DET
easat-7675	107	8	research	research	NOUN
easat-7675	107	9	to	to	PART
easat-7675	107	10	integrate	integrate	VERB
easat-7675	107	11	both	both	DET
easat-7675	107	12	cross	cross	ADJ
easat-7675	107	13	-	-	ADJ
easat-7675	107	14	sectional	sectional	ADJ
easat-7675	107	15	and	and	CCONJ
easat-7675	107	16	time	time	NOUN
easat-7675	107	17	-	-	PUNCT
easat-7675	107	18	series	series	NOUN
easat-7675	107	19	elements	element	NOUN
easat-7675	107	20	,	,	PUNCT
easat-7675	107	21	resulting	result	VERB
easat-7675	107	22	in	in	ADP
easat-7675	107	23	more	more	ADV
easat-7675	107	24	robust	robust	ADJ
easat-7675	107	25	and	and	CCONJ
easat-7675	107	26	comprehensive	comprehensive	ADJ
easat-7675	107	27	estimates	estimate	NOUN
easat-7675	107	28	.	.	PUNCT
easat-7675	108	1	three	three	NUM
easat-7675	108	2	types	type	NOUN
easat-7675	108	3	of	of	ADP
easat-7675	108	4	panel	panel	NOUN
easat-7675	108	5	regression	regression	NOUN
easat-7675	108	6	models	model	NOUN
easat-7675	108	7	were	be	AUX
easat-7675	108	8	evaluated	evaluate	VERB
easat-7675	108	9	to	to	PART
easat-7675	108	10	determine	determine	VERB
easat-7675	108	11	the	the	DET
easat-7675	108	12	most	most	ADV
easat-7675	108	13	appropriate	appropriate	ADJ
easat-7675	108	14	estimation	estimation	NOUN
easat-7675	108	15	model	model	NOUN
easat-7675	108	16	:	:	PUNCT
easat-7675	108	17	common	common	ADJ
easat-7675	108	18	effect	effect	NOUN
easat-7675	108	19	model	model	NOUN
easat-7675	108	20	(	(	PUNCT
easat-7675	108	21	cem	cem	NOUN
easat-7675	108	22	)	)	PUNCT
easat-7675	108	23	,	,	PUNCT
easat-7675	108	24	fixed	fix	VERB
easat-7675	108	25	effect	effect	NOUN
easat-7675	108	26	model	model	NOUN
easat-7675	108	27	(	(	PUNCT
easat-7675	108	28	fem	fem	NOUN
easat-7675	108	29	)	)	PUNCT
easat-7675	108	30	,	,	PUNCT
easat-7675	108	31	and	and	CCONJ
easat-7675	108	32	random	random	ADJ
easat-7675	108	33	effect	effect	NOUN
easat-7675	108	34	model	model	NOUN
easat-7675	108	35	(	(	PUNCT
easat-7675	108	36	rem	rem	NOUN
easat-7675	108	37	)	)	PUNCT
easat-7675	108	38	.	.	PUNCT
easat-7675	109	1	the	the	DET
easat-7675	109	2	best	good	ADJ
easat-7675	109	3	model	model	NOUN
easat-7675	109	4	was	be	AUX
easat-7675	109	5	determined	determine	VERB
easat-7675	109	6	by	by	ADP
easat-7675	109	7	various	various	ADJ
easat-7675	109	8	statistical	statistical	ADJ
easat-7675	109	9	tests	test	NOUN
easat-7675	109	10	,	,	PUNCT
easat-7675	109	11	including	include	VERB
easat-7675	109	12	the	the	DET
easat-7675	109	13	chow	chow	PROPN
easat-7675	109	14	test	test	NOUN
easat-7675	109	15	(	(	PUNCT
easat-7675	109	16	to	to	PART
easat-7675	109	17	differentiate	differentiate	VERB
easat-7675	109	18	between	between	ADP
easat-7675	109	19	cem	cem	NOUN
easat-7675	109	20	and	and	CCONJ
easat-7675	109	21	fem	fem	PROPN
easat-7675	109	22	)	)	PUNCT
easat-7675	109	23	,	,	PUNCT
easat-7675	109	24	the	the	DET
easat-7675	109	25	hausman	hausman	ADJ
easat-7675	109	26	test	test	NOUN
easat-7675	109	27	(	(	PUNCT
easat-7675	109	28	to	to	PART
easat-7675	109	29	choose	choose	VERB
easat-7675	109	30	between	between	ADP
easat-7675	109	31	fem	fem	NOUN
easat-7675	109	32	and	and	CCONJ
easat-7675	109	33	rem	rem	NOUN
easat-7675	109	34	)	)	PUNCT
easat-7675	109	35	,	,	PUNCT
easat-7675	109	36	and	and	CCONJ
easat-7675	109	37	the	the	DET
easat-7675	109	38	lagrange	lagrange	NOUN
easat-7675	109	39	multiplier	multipli	ADJ
easat-7675	109	40	test	test	NOUN
easat-7675	109	41	(	(	PUNCT
easat-7675	109	42	to	to	PART
easat-7675	109	43	compare	compare	VERB
easat-7675	109	44	cem	cem	NOUN
easat-7675	109	45	and	and	CCONJ
easat-7675	109	46	rem	rem	VERB
easat-7675	109	47	,	,	PUNCT
easat-7675	109	48	if	if	SCONJ
easat-7675	109	49	necessary	necessary	ADJ
easat-7675	109	50	)	)	PUNCT
easat-7675	109	51	.	.	PUNCT
easat-7675	110	1	after	after	ADP
easat-7675	110	2	identifying	identify	VERB
easat-7675	110	3	the	the	DET
easat-7675	110	4	most	most	ADV
easat-7675	110	5	suitable	suitable	ADJ
easat-7675	110	6	model	model	NOUN
easat-7675	110	7	,	,	PUNCT
easat-7675	110	8	mra	mra	PROPN
easat-7675	110	9	was	be	AUX
easat-7675	110	10	conducted	conduct	VERB
easat-7675	110	11	by	by	ADP
easat-7675	110	12	integrating	integrate	VERB
easat-7675	110	13	an	an	DET
easat-7675	110	14	interaction	interaction	NOUN
easat-7675	110	15	term	term	NOUN
easat-7675	110	16	between	between	ADP
easat-7675	110	17	capital	capital	NOUN
easat-7675	110	18	structure	structure	NOUN
easat-7675	110	19	and	and	CCONJ
easat-7675	110	20	firm	firm	ADJ
easat-7675	110	21	size	size	NOUN
easat-7675	110	22	(	(	PUNCT
easat-7675	110	23	der	der	NOUN
easat-7675	110	24	×	×	NOUN
easat-7675	110	25	size	size	NOUN
easat-7675	110	26	)	)	PUNCT
easat-7675	110	27	into	into	ADP
easat-7675	110	28	the	the	DET
easat-7675	110	29	regression	regression	NOUN
easat-7675	110	30	equation	equation	NOUN
easat-7675	110	31	.	.	PUNCT
easat-7675	111	1	this	this	DET
easat-7675	111	2	methodology	methodology	NOUN
easat-7675	111	3	evaluated	evaluate	VERB
easat-7675	111	4	the	the	DET
easat-7675	111	5	extent	extent	NOUN
easat-7675	111	6	to	to	PART
easat-7675	111	7	which	which	PRON
easat-7675	111	8	business	business	NOUN
easat-7675	111	9	size	size	NOUN
easat-7675	111	10	affects	affect	VERB
easat-7675	111	11	the	the	DET
easat-7675	111	12	robustness	robustness	NOUN
easat-7675	111	13	of	of	ADP
easat-7675	111	14	the	the	DET
easat-7675	111	15	correlation	correlation	NOUN
easat-7675	111	16	between	between	ADP
easat-7675	111	17	capital	capital	NOUN
easat-7675	111	18	structure	structure	NOUN
easat-7675	111	19	and	and	CCONJ
easat-7675	111	20	firm	firm	ADJ
easat-7675	111	21	value	value	NOUN
easat-7675	111	22	.	.	PUNCT
easat-7675	112	1	the	the	DET
easat-7675	112	2	regression	regression	NOUN
easat-7675	112	3	model	model	NOUN
easat-7675	112	4	employed	employ	VERB
easat-7675	112	5	in	in	ADP
easat-7675	112	6	this	this	DET
easat-7675	112	7	study	study	NOUN
easat-7675	112	8	is	be	AUX
easat-7675	112	9	as	as	ADP
easat-7675	112	10	:	:	PUNCT
easat-7675	112	11	fv	fv	PROPN
easat-7675	112	12	=	=	SYM
easat-7675	112	13	α	α	PROPN
easat-7675	112	14	+	+	PUNCT
easat-7675	112	15	β₁der	β₁der	NUM
easat-7675	113	1	+	+	CCONJ
easat-7675	113	2	β₂size	β₂size	NOUN
easat-7675	113	3	+	+	CCONJ
easat-7675	113	4	β₃(der×size	β₃(der×size	PROPN
easat-7675	113	5	)	)	PUNCT
easat-7675	114	1	+	+	NUM
easat-7675	114	2	ε	ε	PROPN
easat-7675	114	3	description	description	NOUN
easat-7675	114	4	:	:	PUNCT
easat-7675	114	5	•	•	NUM
easat-7675	114	6	fv	fv	NOUN
easat-7675	114	7	=	=	NOUN
easat-7675	114	8	firm	firm	NOUN
easat-7675	114	9	value	value	NOUN
easat-7675	114	10	•	•	NOUN
easat-7675	114	11	der	der	NOUN
easat-7675	114	12	=	=	NOUN
easat-7675	114	13	debt	debt	NOUN
easat-7675	114	14	-	-	PUNCT
easat-7675	114	15	to	to	ADP
easat-7675	114	16	-	-	PUNCT
easat-7675	114	17	equity	equity	NOUN
easat-7675	114	18	ratio	ratio	NOUN
easat-7675	114	19	•	•	NOUN
easat-7675	114	20	size	size	NOUN
easat-7675	114	21	=	=	SYM
easat-7675	114	22	firm	firm	NOUN
easat-7675	114	23	size	size	NOUN
easat-7675	114	24	•	•	NOUN
easat-7675	114	25	der×size	der×size	NOUN
easat-7675	114	26	=	=	SYM
easat-7675	114	27	interaction	interaction	NOUN
easat-7675	114	28	of	of	ADP
easat-7675	114	29	capital	capital	NOUN
easat-7675	114	30	structure	structure	NOUN
easat-7675	114	31	and	and	CCONJ
easat-7675	114	32	firm	firm	ADJ
easat-7675	114	33	size	size	NOUN
easat-7675	114	34	•	•	NOUN
easat-7675	114	35	α	α	NOUN
easat-7675	114	36	=	=	SYM
easat-7675	114	37	constant	constant	ADJ
easat-7675	114	38	•	•	NOUN
easat-7675	114	39	β	β	X
easat-7675	114	40	=	=	PUNCT
easat-7675	114	41	regression	regression	NOUN
easat-7675	114	42	coefficient	coefficient	NOUN
easat-7675	114	43	•	•	ADP
easat-7675	114	44	ε	ε	PROPN
easat-7675	114	45	=	=	NOUN
easat-7675	114	46	error	error	NOUN
easat-7675	114	47	term	term	NOUN
easat-7675	114	48	all	all	DET
easat-7675	114	49	regression	regression	NOUN
easat-7675	114	50	estimations	estimation	NOUN
easat-7675	114	51	and	and	CCONJ
easat-7675	114	52	statistical	statistical	ADJ
easat-7675	114	53	analyses	analysis	NOUN
easat-7675	114	54	were	be	AUX
easat-7675	114	55	conducted	conduct	VERB
easat-7675	114	56	using	use	VERB
easat-7675	114	57	eviews	eviews	PROPN
easat-7675	114	58	version	version	PROPN
easat-7675	114	59	13	13	NUM
easat-7675	114	60	,	,	PUNCT
easat-7675	114	61	which	which	PRON
easat-7675	114	62	facilitated	facilitate	VERB
easat-7675	114	63	panel	panel	NOUN
easat-7675	114	64	data	datum	NOUN
easat-7675	114	65	processing	processing	NOUN
easat-7675	114	66	and	and	CCONJ
easat-7675	114	67	provided	provide	VERB
easat-7675	114	68	accurate	accurate	ADJ
easat-7675	114	69	estimation	estimation	NOUN
easat-7675	114	70	of	of	ADP
easat-7675	114	71	interaction	interaction	NOUN
easat-7675	114	72	effects	effect	NOUN
easat-7675	114	73	within	within	ADP
easat-7675	114	74	the	the	DET
easat-7675	114	75	panel	panel	NOUN
easat-7675	114	76	data	datum	NOUN
easat-7675	114	77	framework	framework	NOUN
easat-7675	114	78	.	.	PUNCT
easat-7675	115	1	3244	3244	NUM
easat-7675	115	2	edelweiss	edelweiss	PROPN
easat-7675	115	3	applied	apply	VERB
easat-7675	115	4	science	science	NOUN
easat-7675	115	5	and	and	CCONJ
easat-7675	115	6	technology	technology	NOUN
easat-7675	115	7	issn	issn	PROPN
easat-7675	115	8	:	:	PUNCT
easat-7675	115	9	2576	2576	NUM
easat-7675	115	10	-	-	SYM
easat-7675	115	11	8484	8484	NUM
easat-7675	115	12	vol	vol	NOUN
easat-7675	115	13	.	.	PROPN
easat-7675	116	1	9	9	NUM
easat-7675	116	2	,	,	PUNCT
easat-7675	116	3	no	no	INTJ
easat-7675	116	4	.	.	NOUN
easat-7675	116	5	5	5	NUM
easat-7675	116	6	:	:	SYM
easat-7675	116	7	3240	3240	NUM
easat-7675	116	8	-	-	SYM
easat-7675	116	9	3248	3248	NUM
easat-7675	116	10	,	,	PUNCT
easat-7675	116	11	2025	2025	NUM
easat-7675	116	12	doi	doi	NOUN
easat-7675	116	13	:	:	PUNCT
easat-7675	116	14	10.55214/25768484.v9i5.7675	10.55214/25768484.v9i5.7675	NUM
easat-7675	116	15	©	©	PROPN
easat-7675	116	16	2025	2025	NUM
easat-7675	116	17	by	by	ADP
easat-7675	116	18	the	the	DET
easat-7675	116	19	authors	author	NOUN
easat-7675	116	20	;	;	PUNCT
easat-7675	116	21	licensee	licensee	PROPN
easat-7675	116	22	learning	learning	NOUN
easat-7675	116	23	gate	gate	NOUN
easat-7675	116	24	3.4	3.4	NUM
easat-7675	116	25	.	.	PUNCT
easat-7675	117	1	types	type	NOUN
easat-7675	117	2	and	and	CCONJ
easat-7675	117	3	sources	source	NOUN
easat-7675	117	4	of	of	ADP
easat-7675	117	5	data	datum	NOUN
easat-7675	117	6	quantitative	quantitative	ADJ
easat-7675	117	7	data	datum	NOUN
easat-7675	117	8	obtained	obtain	VERB
easat-7675	117	9	from	from	ADP
easat-7675	117	10	secondary	secondary	ADJ
easat-7675	117	11	sources	source	NOUN
easat-7675	117	12	is	be	AUX
easat-7675	117	13	the	the	DET
easat-7675	117	14	primary	primary	ADJ
easat-7675	117	15	type	type	NOUN
easat-7675	117	16	of	of	ADP
easat-7675	117	17	data	datum	NOUN
easat-7675	117	18	utilized	utilize	VERB
easat-7675	117	19	in	in	ADP
easat-7675	117	20	this	this	DET
easat-7675	117	21	investigation	investigation	NOUN
easat-7675	117	22	.	.	PUNCT
easat-7675	118	1	the	the	DET
easat-7675	118	2	data	datum	NOUN
easat-7675	118	3	were	be	AUX
easat-7675	118	4	obtained	obtain	VERB
easat-7675	118	5	from	from	ADP
easat-7675	118	6	the	the	DET
easat-7675	118	7	annual	annual	ADJ
easat-7675	118	8	idx	idx	ADJ
easat-7675	118	9	statistics	statistic	NOUN
easat-7675	118	10	publications	publication	NOUN
easat-7675	118	11	of	of	ADP
easat-7675	118	12	manufacturing	manufacture	VERB
easat-7675	118	13	companies	company	NOUN
easat-7675	118	14	,	,	PUNCT
easat-7675	118	15	which	which	PRON
easat-7675	118	16	are	be	AUX
easat-7675	118	17	accessible	accessible	ADJ
easat-7675	118	18	on	on	ADP
easat-7675	118	19	the	the	DET
easat-7675	118	20	indonesia	indonesia	PROPN
easat-7675	118	21	stock	stock	PROPN
easat-7675	118	22	exchange	exchange	PROPN
easat-7675	118	23	's	's	PART
easat-7675	118	24	official	official	ADJ
easat-7675	118	25	website	website	NOUN
easat-7675	118	26	(	(	PUNCT
easat-7675	118	27	www.idx.co.id	www.idx.co.id	PROPN
easat-7675	118	28	)	)	PUNCT
easat-7675	118	29	.	.	PUNCT
easat-7675	119	1	3.5	3.5	NUM
easat-7675	119	2	.	.	PUNCT
easat-7675	120	1	operational	operational	ADJ
easat-7675	120	2	definition	definition	NOUN
easat-7675	120	3	of	of	ADP
easat-7675	120	4	variables	variable	NOUN
easat-7675	120	5	this	this	DET
easat-7675	120	6	study	study	NOUN
easat-7675	120	7	utilizes	utilize	VERB
easat-7675	120	8	three	three	NUM
easat-7675	120	9	key	key	ADJ
easat-7675	120	10	variables	variable	NOUN
easat-7675	120	11	:	:	PUNCT
easat-7675	120	12	firm	firm	ADJ
easat-7675	120	13	value	value	NOUN
easat-7675	120	14	as	as	ADP
easat-7675	120	15	the	the	DET
easat-7675	120	16	dependent	dependent	ADJ
easat-7675	120	17	variable	variable	NOUN
easat-7675	120	18	,	,	PUNCT
easat-7675	120	19	capital	capital	NOUN
easat-7675	120	20	structure	structure	NOUN
easat-7675	120	21	as	as	ADP
easat-7675	120	22	the	the	DET
easat-7675	120	23	independent	independent	ADJ
easat-7675	120	24	variable	variable	NOUN
easat-7675	120	25	,	,	PUNCT
easat-7675	120	26	and	and	CCONJ
easat-7675	120	27	firm	firm	ADJ
easat-7675	120	28	size	size	NOUN
easat-7675	120	29	as	as	ADP
easat-7675	120	30	the	the	DET
easat-7675	120	31	moderating	moderate	VERB
easat-7675	120	32	variable	variable	NOUN
easat-7675	120	33	.	.	PUNCT
easat-7675	121	1	each	each	DET
easat-7675	121	2	variable	variable	NOUN
easat-7675	121	3	is	be	AUX
easat-7675	121	4	measured	measure	VERB
easat-7675	121	5	using	use	VERB
easat-7675	121	6	quantitative	quantitative	ADJ
easat-7675	121	7	indicators	indicator	NOUN
easat-7675	121	8	widely	widely	ADV
easat-7675	121	9	applied	apply	VERB
easat-7675	121	10	in	in	ADP
easat-7675	121	11	previous	previous	ADJ
easat-7675	121	12	empirical	empirical	ADJ
easat-7675	121	13	studies	study	NOUN
easat-7675	121	14	,	,	PUNCT
easat-7675	121	15	with	with	ADP
easat-7675	121	16	adaptations	adaptation	NOUN
easat-7675	121	17	to	to	PART
easat-7675	121	18	suit	suit	VERB
easat-7675	121	19	the	the	DET
easat-7675	121	20	context	context	NOUN
easat-7675	121	21	of	of	ADP
easat-7675	121	22	manufacturing	manufacturing	NOUN
easat-7675	121	23	firms	firm	NOUN
easat-7675	121	24	in	in	ADP
easat-7675	121	25	indonesia	indonesia	PROPN
easat-7675	121	26	.	.	PUNCT
easat-7675	122	1	the	the	DET
easat-7675	122	2	operational	operational	ADJ
easat-7675	122	3	definitions	definition	NOUN
easat-7675	122	4	are	be	AUX
easat-7675	122	5	as	as	SCONJ
easat-7675	122	6	follows	follow	VERB
easat-7675	122	7	:	:	PUNCT
easat-7675	122	8	1	1	X
easat-7675	122	9	.	.	PUNCT
easat-7675	122	10	firm	firm	ADJ
easat-7675	122	11	value	value	NOUN
easat-7675	122	12	firm	firm	NOUN
easat-7675	122	13	value	value	NOUN
easat-7675	122	14	serves	serve	VERB
easat-7675	122	15	as	as	ADP
easat-7675	122	16	a	a	DET
easat-7675	122	17	crucial	crucial	ADJ
easat-7675	122	18	indicator	indicator	NOUN
easat-7675	122	19	reflecting	reflect	VERB
easat-7675	122	20	investor	investor	NOUN
easat-7675	122	21	expectations	expectation	NOUN
easat-7675	122	22	regarding	regard	VERB
easat-7675	122	23	a	a	DET
easat-7675	122	24	company	company	NOUN
easat-7675	122	25	's	's	PART
easat-7675	122	26	future	future	ADJ
easat-7675	122	27	potential	potential	NOUN
easat-7675	122	28	and	and	CCONJ
easat-7675	122	29	overall	overall	ADJ
easat-7675	122	30	market	market	NOUN
easat-7675	122	31	success	success	NOUN
easat-7675	122	32	.	.	PUNCT
easat-7675	123	1	it	it	PRON
easat-7675	123	2	indicates	indicate	VERB
easat-7675	123	3	the	the	DET
easat-7675	123	4	price	price	NOUN
easat-7675	123	5	investors	investor	NOUN
easat-7675	123	6	are	be	AUX
easat-7675	123	7	prepared	prepared	ADJ
easat-7675	123	8	to	to	PART
easat-7675	123	9	pay	pay	VERB
easat-7675	123	10	for	for	ADP
easat-7675	123	11	each	each	DET
easat-7675	123	12	unit	unit	NOUN
easat-7675	123	13	of	of	ADP
easat-7675	123	14	net	net	ADJ
easat-7675	123	15	income	income	NOUN
easat-7675	123	16	produced	produce	VERB
easat-7675	123	17	by	by	ADP
easat-7675	123	18	the	the	DET
easat-7675	123	19	organization	organization	NOUN
easat-7675	123	20	.	.	PUNCT
easat-7675	124	1	this	this	DET
easat-7675	124	2	study	study	NOUN
easat-7675	124	3	uses	use	VERB
easat-7675	124	4	the	the	DET
easat-7675	124	5	price	price	NOUN
easat-7675	124	6	earnings	earning	NOUN
easat-7675	124	7	ratio	ratio	NOUN
easat-7675	124	8	(	(	PUNCT
easat-7675	124	9	per	per	ADP
easat-7675	124	10	)	)	PUNCT
easat-7675	124	11	as	as	ADP
easat-7675	124	12	a	a	DET
easat-7675	124	13	proxy	proxy	NOUN
easat-7675	124	14	for	for	ADP
easat-7675	124	15	corporate	corporate	ADJ
easat-7675	124	16	value	value	NOUN
easat-7675	124	17	,	,	PUNCT
easat-7675	124	18	defined	define	VERB
easat-7675	124	19	as	as	ADP
easat-7675	124	20	the	the	DET
easat-7675	124	21	market	market	NOUN
easat-7675	124	22	price	price	NOUN
easat-7675	124	23	per	per	ADP
easat-7675	124	24	share	share	NOUN
easat-7675	124	25	divided	divide	VERB
easat-7675	124	26	by	by	ADP
easat-7675	124	27	earnings	earning	NOUN
easat-7675	124	28	per	per	ADP
easat-7675	124	29	share	share	NOUN
easat-7675	124	30	(	(	PUNCT
easat-7675	124	31	eps	eps	PROPN
easat-7675	124	32	)	)	PUNCT
easat-7675	124	33	.	.	PUNCT
easat-7675	125	1	this	this	DET
easat-7675	125	2	ratio	ratio	NOUN
easat-7675	125	3	is	be	AUX
easat-7675	125	4	frequently	frequently	ADV
easat-7675	125	5	employed	employ	VERB
easat-7675	125	6	in	in	ADP
easat-7675	125	7	financial	financial	ADJ
easat-7675	125	8	literature	literature	NOUN
easat-7675	125	9	to	to	PART
easat-7675	125	10	summarize	summarize	VERB
easat-7675	125	11	the	the	DET
easat-7675	125	12	market	market	NOUN
easat-7675	125	13	's	's	PART
easat-7675	125	14	anticipations	anticipation	NOUN
easat-7675	125	15	concerning	concern	VERB
easat-7675	125	16	a	a	DET
easat-7675	125	17	company	company	NOUN
easat-7675	125	18	's	's	PART
easat-7675	125	19	earnings	earning	NOUN
easat-7675	125	20	growth	growth	NOUN
easat-7675	125	21	.	.	PUNCT
easat-7675	126	1	this	this	DET
easat-7675	126	2	measurement	measurement	NOUN
easat-7675	126	3	methodology	methodology	NOUN
easat-7675	126	4	adheres	adhere	VERB
easat-7675	126	5	to	to	ADP
easat-7675	126	6	the	the	DET
easat-7675	126	7	frameworks	framework	NOUN
easat-7675	126	8	established	establish	VERB
easat-7675	126	9	by	by	ADP
easat-7675	126	10	hirdinis	hirdinis	NOUN
easat-7675	126	11	[	[	X
easat-7675	126	12	4	4	NUM
easat-7675	126	13	]	]	PUNCT
easat-7675	126	14	and	and	CCONJ
easat-7675	126	15	saeedi	saeedi	VERB
easat-7675	126	16	and	and	CCONJ
easat-7675	126	17	mahmoodi	mahmoodi	VERB
easat-7675	126	18	[	[	X
easat-7675	126	19	3	3	NUM
easat-7675	126	20	]	]	PUNCT
easat-7675	126	21	.	.	PUNCT
easat-7675	127	1	2	2	X
easat-7675	127	2	.	.	X
easat-7675	127	3	capital	capital	NOUN
easat-7675	127	4	structure	structure	NOUN
easat-7675	127	5	capital	capital	NOUN
easat-7675	127	6	structure	structure	NOUN
easat-7675	127	7	denotes	denote	VERB
easat-7675	127	8	the	the	DET
easat-7675	127	9	ratio	ratio	NOUN
easat-7675	127	10	of	of	ADP
easat-7675	127	11	a	a	DET
easat-7675	127	12	company	company	NOUN
easat-7675	127	13	's	's	PART
easat-7675	127	14	funding	funding	NOUN
easat-7675	127	15	derived	derive	VERB
easat-7675	127	16	from	from	ADP
easat-7675	127	17	debt	debt	NOUN
easat-7675	127	18	relative	relative	ADJ
easat-7675	127	19	to	to	ADP
easat-7675	127	20	equity	equity	NOUN
easat-7675	127	21	.	.	PUNCT
easat-7675	128	1	it	it	PRON
easat-7675	128	2	is	be	AUX
easat-7675	128	3	essential	essential	ADJ
easat-7675	128	4	in	in	ADP
easat-7675	128	5	financial	financial	ADJ
easat-7675	128	6	decision	decision	NOUN
easat-7675	128	7	-	-	PUNCT
easat-7675	128	8	making	making	NOUN
easat-7675	128	9	because	because	SCONJ
easat-7675	128	10	of	of	ADP
easat-7675	128	11	its	its	PRON
easat-7675	128	12	impact	impact	NOUN
easat-7675	128	13	on	on	ADP
easat-7675	128	14	both	both	CCONJ
easat-7675	128	15	financial	financial	ADJ
easat-7675	128	16	risk	risk	NOUN
easat-7675	128	17	and	and	CCONJ
easat-7675	128	18	capital	capital	NOUN
easat-7675	128	19	return	return	NOUN
easat-7675	128	20	.	.	PUNCT
easat-7675	129	1	this	this	DET
easat-7675	129	2	research	research	NOUN
easat-7675	129	3	evaluates	evaluate	VERB
easat-7675	129	4	capital	capital	NOUN
easat-7675	129	5	structure	structure	NOUN
easat-7675	129	6	through	through	ADP
easat-7675	129	7	the	the	DET
easat-7675	129	8	debt	debt	NOUN
easat-7675	129	9	-	-	PUNCT
easat-7675	129	10	to	to	ADP
easat-7675	129	11	-	-	PUNCT
easat-7675	129	12	equity	equity	NOUN
easat-7675	129	13	ratio	ratio	NOUN
easat-7675	129	14	(	(	PUNCT
easat-7675	129	15	der	der	NOUN
easat-7675	129	16	)	)	PUNCT
easat-7675	129	17	,	,	PUNCT
easat-7675	129	18	calculated	calculate	VERB
easat-7675	129	19	by	by	ADP
easat-7675	129	20	dividing	divide	VERB
easat-7675	129	21	total	total	ADJ
easat-7675	129	22	liabilities	liability	NOUN
easat-7675	129	23	by	by	ADP
easat-7675	129	24	total	total	ADJ
easat-7675	129	25	shareholders	shareholder	NOUN
easat-7675	129	26	'	'	PART
easat-7675	129	27	equity	equity	NOUN
easat-7675	129	28	.	.	PUNCT
easat-7675	130	1	this	this	DET
easat-7675	130	2	ratio	ratio	NOUN
easat-7675	130	3	signifies	signify	VERB
easat-7675	130	4	the	the	DET
easat-7675	130	5	degree	degree	NOUN
easat-7675	130	6	to	to	PART
easat-7675	130	7	which	which	PRON
easat-7675	130	8	the	the	DET
easat-7675	130	9	company	company	NOUN
easat-7675	130	10	depends	depend	VERB
easat-7675	130	11	on	on	ADP
easat-7675	130	12	debt	debt	NOUN
easat-7675	130	13	financing	financing	NOUN
easat-7675	130	14	in	in	ADP
easat-7675	130	15	comparison	comparison	NOUN
easat-7675	130	16	to	to	ADP
easat-7675	130	17	its	its	PRON
easat-7675	130	18	internal	internal	ADJ
easat-7675	130	19	capital	capital	NOUN
easat-7675	130	20	.	.	PUNCT
easat-7675	131	1	the	the	DET
easat-7675	131	2	use	use	NOUN
easat-7675	131	3	of	of	ADP
easat-7675	131	4	der	der	NOUN
easat-7675	131	5	as	as	ADP
easat-7675	131	6	a	a	DET
easat-7675	131	7	key	key	ADJ
easat-7675	131	8	indicator	indicator	NOUN
easat-7675	131	9	is	be	AUX
easat-7675	131	10	supported	support	VERB
easat-7675	131	11	by	by	ADP
easat-7675	131	12	previous	previous	ADJ
easat-7675	131	13	empirical	empirical	ADJ
easat-7675	131	14	studies	study	NOUN
easat-7675	131	15	such	such	ADJ
easat-7675	131	16	as	as	ADP
easat-7675	131	17	[	[	X
easat-7675	131	18	7	7	NUM
easat-7675	131	19	]	]	PUNCT
easat-7675	131	20	.	.	PUNCT
easat-7675	132	1	3	3	X
easat-7675	132	2	.	.	X
easat-7675	132	3	firm	firm	ADJ
easat-7675	132	4	size	size	NOUN
easat-7675	132	5	is	be	AUX
easat-7675	132	6	an	an	DET
easat-7675	132	7	internal	internal	ADJ
easat-7675	132	8	attribute	attribute	NOUN
easat-7675	132	9	that	that	PRON
easat-7675	132	10	may	may	AUX
easat-7675	132	11	affect	affect	VERB
easat-7675	132	12	or	or	CCONJ
easat-7675	132	13	moderate	moderate	VERB
easat-7675	132	14	the	the	DET
easat-7675	132	15	correlation	correlation	NOUN
easat-7675	132	16	between	between	ADP
easat-7675	132	17	capital	capital	NOUN
easat-7675	132	18	structure	structure	NOUN
easat-7675	132	19	and	and	CCONJ
easat-7675	132	20	firm	firm	ADJ
easat-7675	132	21	value	value	NOUN
easat-7675	132	22	.	.	PUNCT
easat-7675	133	1	large	large	ADJ
easat-7675	133	2	corporations	corporation	NOUN
easat-7675	133	3	generally	generally	ADV
easat-7675	133	4	enjoy	enjoy	VERB
easat-7675	133	5	enhanced	enhance	VERB
easat-7675	133	6	access	access	NOUN
easat-7675	133	7	to	to	ADP
easat-7675	133	8	financial	financial	ADJ
easat-7675	133	9	markets	market	NOUN
easat-7675	133	10	,	,	PUNCT
easat-7675	133	11	reduced	reduce	VERB
easat-7675	133	12	capital	capital	NOUN
easat-7675	133	13	expenditures	expenditure	NOUN
easat-7675	133	14	,	,	PUNCT
easat-7675	133	15	and	and	CCONJ
easat-7675	133	16	increased	increase	VERB
easat-7675	133	17	company	company	NOUN
easat-7675	133	18	diversity	diversity	NOUN
easat-7675	133	19	.	.	PUNCT
easat-7675	134	1	this	this	DET
easat-7675	134	2	study	study	NOUN
easat-7675	134	3	quantifies	quantifie	NOUN
easat-7675	134	4	business	business	NOUN
easat-7675	134	5	size	size	NOUN
easat-7675	134	6	by	by	ADP
easat-7675	134	7	the	the	DET
easat-7675	134	8	natural	natural	ADJ
easat-7675	134	9	logarithm	logarithm	NOUN
easat-7675	134	10	of	of	ADP
easat-7675	134	11	total	total	ADJ
easat-7675	134	12	assets	asset	NOUN
easat-7675	134	13	(	(	PUNCT
easat-7675	134	14	ln	ln	ADJ
easat-7675	134	15	total	total	ADJ
easat-7675	134	16	assets	asset	NOUN
easat-7675	134	17	)	)	PUNCT
easat-7675	134	18	.	.	PUNCT
easat-7675	135	1	this	this	DET
easat-7675	135	2	transformation	transformation	NOUN
easat-7675	135	3	is	be	AUX
easat-7675	135	4	utilized	utilize	VERB
easat-7675	135	5	to	to	PART
easat-7675	135	6	standardize	standardize	VERB
easat-7675	135	7	the	the	DET
easat-7675	135	8	data	datum	NOUN
easat-7675	135	9	distribution	distribution	NOUN
easat-7675	135	10	and	and	CCONJ
easat-7675	135	11	mitigate	mitigate	VERB
easat-7675	135	12	potential	potential	ADJ
easat-7675	135	13	heteroscedasticity	heteroscedasticity	NOUN
easat-7675	135	14	.	.	PUNCT
easat-7675	136	1	the	the	DET
easat-7675	136	2	measurement	measurement	NOUN
easat-7675	136	3	method	method	NOUN
easat-7675	136	4	corresponds	correspond	VERB
easat-7675	136	5	with	with	ADP
easat-7675	136	6	the	the	DET
easat-7675	136	7	research	research	NOUN
easat-7675	136	8	undertaken	undertake	VERB
easat-7675	136	9	by	by	ADP
easat-7675	136	10	hirdinis	hirdinis	NOUN
easat-7675	136	11	[	[	X
easat-7675	136	12	4	4	NUM
easat-7675	136	13	]	]	PUNCT
easat-7675	136	14	.	.	PUNCT
easat-7675	137	1	table	table	NOUN
easat-7675	137	2	1	1	NUM
easat-7675	137	3	.	.	PUNCT
easat-7675	138	1	operational	operational	ADJ
easat-7675	138	2	definition	definition	NOUN
easat-7675	138	3	of	of	ADP
easat-7675	138	4	variables	variable	NOUN
easat-7675	138	5	.	.	PUNCT
easat-7675	139	1	variable	variable	ADJ
easat-7675	139	2	definition	definition	NOUN
easat-7675	139	3	indicator	indicator	NOUN
easat-7675	139	4	/	/	SYM
easat-7675	139	5	measurement	measurement	NOUN
easat-7675	139	6	source	source	NOUN
easat-7675	139	7	firm	firm	NOUN
easat-7675	139	8	value	value	NOUN
easat-7675	139	9	represents	represent	VERB
easat-7675	139	10	the	the	DET
easat-7675	139	11	extent	extent	NOUN
easat-7675	139	12	to	to	PART
easat-7675	139	13	which	which	PRON
easat-7675	139	14	investors	investor	NOUN
easat-7675	139	15	value	value	VERB
easat-7675	139	16	a	a	DET
easat-7675	139	17	firm	firm	NOUN
easat-7675	139	18	’s	’s	PART
easat-7675	139	19	profitability	profitability	NOUN
easat-7675	139	20	in	in	ADP
easat-7675	139	21	determining	determine	VERB
easat-7675	139	22	its	its	PRON
easat-7675	139	23	share	share	NOUN
easat-7675	139	24	price	price	NOUN
easat-7675	139	25	.	.	PUNCT
easat-7675	140	1	price	price	NOUN
easat-7675	140	2	earnings	earning	NOUN
easat-7675	140	3	ratio	ratio	NOUN
easat-7675	140	4	(	(	PUNCT
easat-7675	140	5	per	per	ADP
easat-7675	140	6	)	)	PUNCT
easat-7675	140	7	=	=	NOUN
easat-7675	140	8	stock	stock	NOUN
easat-7675	140	9	price	price	NOUN
easat-7675	140	10	per	per	ADP
easat-7675	140	11	share	share	NOUN
easat-7675	140	12	/	/	SYM
easat-7675	140	13	net	net	ADJ
easat-7675	140	14	earnings	earning	NOUN
easat-7675	140	15	per	per	ADP
easat-7675	140	16	share	share	NOUN
easat-7675	140	17	(	(	PUNCT
easat-7675	140	18	eps	eps	NOUN
easat-7675	140	19	)	)	PUNCT
easat-7675	140	20	hirdinis	hirdinis	NOUN
easat-7675	140	21	[	[	X
easat-7675	140	22	4	4	NUM
easat-7675	140	23	]	]	PUNCT
easat-7675	140	24	and	and	CCONJ
easat-7675	140	25	saeedi	saeedi	VERB
easat-7675	140	26	and	and	CCONJ
easat-7675	140	27	mahmoodi	mahmoodi	VERB
easat-7675	140	28	[	[	X
easat-7675	140	29	3	3	NUM
easat-7675	140	30	]	]	PUNCT
easat-7675	140	31	capital	capital	NOUN
easat-7675	140	32	structure	structure	NOUN
easat-7675	140	33	composition	composition	NOUN
easat-7675	140	34	of	of	ADP
easat-7675	140	35	company	company	NOUN
easat-7675	140	36	debt	debt	NOUN
easat-7675	140	37	to	to	ADP
easat-7675	140	38	equity	equity	NOUN
easat-7675	140	39	debt	debt	NOUN
easat-7675	140	40	to	to	ADP
easat-7675	140	41	equity	equity	NOUN
easat-7675	140	42	ratio	ratio	NOUN
easat-7675	140	43	(	(	PUNCT
easat-7675	140	44	der	der	NOUN
easat-7675	140	45	)	)	PUNCT
easat-7675	140	46	=	=	PUNCT
easat-7675	140	47	total	total	ADJ
easat-7675	140	48	debt	debt	NOUN
easat-7675	140	49	/	/	SYM
easat-7675	140	50	total	total	NOUN
easat-7675	140	51	equity	equity	NOUN
easat-7675	140	52	vătavu	vătavu	PROPN
easat-7675	141	1	[	[	X
easat-7675	141	2	7	7	X
easat-7675	141	3	]	]	X
easat-7675	141	4	firm	firm	ADJ
easat-7675	141	5	size	size	NOUN
easat-7675	141	6	the	the	DET
easat-7675	141	7	firm	firm	NOUN
easat-7675	141	8	's	's	PART
easat-7675	141	9	size	size	NOUN
easat-7675	141	10	is	be	AUX
easat-7675	141	11	determined	determine	VERB
easat-7675	141	12	by	by	ADP
easat-7675	141	13	its	its	PRON
easat-7675	141	14	total	total	ADJ
easat-7675	141	15	assets	asset	NOUN
easat-7675	141	16	.	.	PUNCT
easat-7675	142	1	ln	ln	ADJ
easat-7675	142	2	total	total	ADJ
easat-7675	142	3	assets	asset	NOUN
easat-7675	142	4	hirdinis	hirdinis	VERB
easat-7675	142	5	[	[	X
easat-7675	142	6	4	4	NUM
easat-7675	142	7	]	]	SYM
easat-7675	142	8	4	4	NUM
easat-7675	142	9	.	.	PUNCT
easat-7675	142	10	analysis	analysis	NOUN
easat-7675	142	11	results	result	NOUN
easat-7675	142	12	and	and	CCONJ
easat-7675	142	13	discussion	discussion	NOUN
easat-7675	142	14	4.1	4.1	NUM
easat-7675	142	15	.	.	PUNCT
easat-7675	143	1	overview	overview	NOUN
easat-7675	143	2	of	of	ADP
easat-7675	143	3	regression	regression	NOUN
easat-7675	143	4	analysis	analysis	NOUN
easat-7675	143	5	results	result	NOUN
easat-7675	143	6	this	this	DET
easat-7675	143	7	study	study	NOUN
easat-7675	143	8	utilizes	utilize	VERB
easat-7675	143	9	panel	panel	NOUN
easat-7675	143	10	data	datum	NOUN
easat-7675	143	11	regression	regression	NOUN
easat-7675	143	12	analysis	analysis	NOUN
easat-7675	143	13	using	use	VERB
easat-7675	143	14	eviews	eviews	PROPN
easat-7675	143	15	13	13	NUM
easat-7675	143	16	to	to	PART
easat-7675	143	17	assess	assess	VERB
easat-7675	143	18	the	the	DET
easat-7675	143	19	effect	effect	NOUN
easat-7675	143	20	of	of	ADP
easat-7675	143	21	capital	capital	NOUN
easat-7675	143	22	structure	structure	NOUN
easat-7675	143	23	on	on	ADP
easat-7675	143	24	firm	firm	ADJ
easat-7675	143	25	value	value	NOUN
easat-7675	143	26	,	,	PUNCT
easat-7675	143	27	incorporating	incorporate	VERB
easat-7675	143	28	firm	firm	ADJ
easat-7675	143	29	size	size	NOUN
easat-7675	143	30	as	as	ADP
easat-7675	143	31	a	a	DET
easat-7675	143	32	moderating	moderate	VERB
easat-7675	143	33	variable	variable	NOUN
easat-7675	143	34	.	.	PUNCT
easat-7675	144	1	the	the	DET
easat-7675	144	2	analysis	analysis	NOUN
easat-7675	144	3	covers	cover	VERB
easat-7675	144	4	29	29	NUM
easat-7675	144	5	manufacturing	manufacturing	NOUN
easat-7675	144	6	companies	company	NOUN
easat-7675	144	7	listed	list	VERB
easat-7675	144	8	on	on	ADP
easat-7675	144	9	the	the	DET
easat-7675	144	10	indonesia	indonesia	PROPN
easat-7675	144	11	stock	stock	PROPN
easat-7675	144	12	exchange	exchange	PROPN
easat-7675	144	13	(	(	PUNCT
easat-7675	144	14	idx	idx	PROPN
easat-7675	144	15	)	)	PUNCT
easat-7675	144	16	over	over	ADP
easat-7675	144	17	the	the	DET
easat-7675	144	18	2020–2023	2020–2023	NUM
easat-7675	144	19	period	period	NOUN
easat-7675	144	20	,	,	PUNCT
easat-7675	144	21	yielding	yield	VERB
easat-7675	144	22	a	a	DET
easat-7675	144	23	total	total	NOUN
easat-7675	144	24	of	of	ADP
easat-7675	144	25	116	116	NUM
easat-7675	144	26	firm	firm	ADJ
easat-7675	144	27	-	-	PUNCT
easat-7675	144	28	year	year	NOUN
easat-7675	144	29	observations	observation	NOUN
easat-7675	144	30	.	.	PUNCT
easat-7675	145	1	http://www.idx.co.id/	http://www.idx.co.id/	NOUN
easat-7675	145	2	3245	3245	NUM
easat-7675	145	3	edelweiss	edelweiss	PROPN
easat-7675	145	4	applied	apply	VERB
easat-7675	145	5	science	science	NOUN
easat-7675	145	6	and	and	CCONJ
easat-7675	145	7	technology	technology	NOUN
easat-7675	145	8	issn	issn	PROPN
easat-7675	145	9	:	:	PUNCT
easat-7675	145	10	2576	2576	NUM
easat-7675	145	11	-	-	SYM
easat-7675	145	12	8484	8484	NUM
easat-7675	145	13	vol	vol	NOUN
easat-7675	145	14	.	.	PROPN
easat-7675	146	1	9	9	NUM
easat-7675	146	2	,	,	PUNCT
easat-7675	146	3	no	no	INTJ
easat-7675	146	4	.	.	NOUN
easat-7675	146	5	5	5	NUM
easat-7675	146	6	:	:	SYM
easat-7675	146	7	3240	3240	NUM
easat-7675	146	8	-	-	SYM
easat-7675	146	9	3248	3248	NUM
easat-7675	146	10	,	,	PUNCT
easat-7675	146	11	2025	2025	NUM
easat-7675	146	12	doi	doi	NOUN
easat-7675	146	13	:	:	PUNCT
easat-7675	146	14	10.55214/25768484.v9i5.7675	10.55214/25768484.v9i5.7675	NUM
easat-7675	146	15	©	©	PROPN
easat-7675	146	16	2025	2025	NUM
easat-7675	146	17	by	by	ADP
easat-7675	146	18	the	the	DET
easat-7675	146	19	authors	author	NOUN
easat-7675	146	20	;	;	PUNCT
easat-7675	146	21	licensee	licensee	PROPN
easat-7675	146	22	learning	learning	NOUN
easat-7675	146	23	gate	gate	VERB
easat-7675	146	24	three	three	NUM
easat-7675	146	25	estimating	estimate	VERB
easat-7675	146	26	models	model	NOUN
easat-7675	146	27	were	be	AUX
easat-7675	146	28	evaluated	evaluate	VERB
easat-7675	146	29	:	:	PUNCT
easat-7675	146	30	common	common	ADJ
easat-7675	146	31	effect	effect	NOUN
easat-7675	146	32	model	model	NOUN
easat-7675	146	33	(	(	PUNCT
easat-7675	146	34	cem	cem	NOUN
easat-7675	146	35	)	)	PUNCT
easat-7675	146	36	,	,	PUNCT
easat-7675	146	37	fixed	fix	VERB
easat-7675	146	38	effect	effect	NOUN
easat-7675	146	39	model	model	NOUN
easat-7675	146	40	(	(	PUNCT
easat-7675	146	41	fem	fem	NOUN
easat-7675	146	42	)	)	PUNCT
easat-7675	146	43	,	,	PUNCT
easat-7675	146	44	and	and	CCONJ
easat-7675	146	45	random	random	ADJ
easat-7675	146	46	effect	effect	NOUN
easat-7675	146	47	model	model	NOUN
easat-7675	146	48	(	(	PUNCT
easat-7675	146	49	rem	rem	NOUN
easat-7675	146	50	)	)	PUNCT
easat-7675	146	51	.	.	PUNCT
easat-7675	147	1	the	the	DET
easat-7675	147	2	chow	chow	PROPN
easat-7675	147	3	test	test	NOUN
easat-7675	147	4	demonstrates	demonstrate	VERB
easat-7675	147	5	a	a	DET
easat-7675	147	6	preference	preference	NOUN
easat-7675	147	7	for	for	ADP
easat-7675	147	8	the	the	DET
easat-7675	147	9	fem	fem	NOUN
easat-7675	147	10	over	over	ADP
easat-7675	147	11	the	the	DET
easat-7675	147	12	cem	cem	NOUN
easat-7675	147	13	model	model	NOUN
easat-7675	147	14	,	,	PUNCT
easat-7675	147	15	evidenced	evidence	VERB
easat-7675	147	16	by	by	ADP
easat-7675	147	17	a	a	DET
easat-7675	147	18	significance	significance	NOUN
easat-7675	147	19	level	level	NOUN
easat-7675	147	20	(	(	PUNCT
easat-7675	147	21	prob	prob	NOUN
easat-7675	147	22	.	.	PUNCT
easat-7675	148	1	f	f	X
easat-7675	148	2	)	)	PUNCT
easat-7675	148	3	below	below	ADP
easat-7675	148	4	0.05	0.05	NUM
easat-7675	148	5	.	.	PUNCT
easat-7675	149	1	additionally	additionally	ADV
easat-7675	149	2	,	,	PUNCT
easat-7675	149	3	the	the	DET
easat-7675	149	4	hausman	hausman	ADJ
easat-7675	149	5	test	test	NOUN
easat-7675	149	6	results	result	NOUN
easat-7675	149	7	endorse	endorse	VERB
easat-7675	149	8	the	the	DET
easat-7675	149	9	preference	preference	NOUN
easat-7675	149	10	for	for	ADP
easat-7675	149	11	the	the	DET
easat-7675	149	12	fixed	fix	VERB
easat-7675	149	13	effects	effect	NOUN
easat-7675	149	14	model	model	NOUN
easat-7675	149	15	(	(	PUNCT
easat-7675	149	16	fem	fem	NOUN
easat-7675	149	17	)	)	PUNCT
easat-7675	149	18	over	over	ADP
easat-7675	149	19	the	the	DET
easat-7675	149	20	random	random	ADJ
easat-7675	149	21	effects	effect	NOUN
easat-7675	149	22	model	model	NOUN
easat-7675	149	23	(	(	PUNCT
easat-7675	149	24	rem	rem	NOUN
easat-7675	149	25	)	)	PUNCT
easat-7675	149	26	,	,	PUNCT
easat-7675	149	27	as	as	SCONJ
easat-7675	149	28	indicated	indicate	VERB
easat-7675	149	29	by	by	ADP
easat-7675	149	30	a	a	DET
easat-7675	149	31	p	p	NOUN
easat-7675	149	32	-	-	PUNCT
easat-7675	149	33	value	value	NOUN
easat-7675	149	34	below	below	ADP
easat-7675	149	35	0.05	0.05	NUM
easat-7675	149	36	.	.	PUNCT
easat-7675	150	1	thus	thus	ADV
easat-7675	150	2	,	,	PUNCT
easat-7675	150	3	the	the	DET
easat-7675	150	4	fixed	fix	VERB
easat-7675	150	5	effect	effect	NOUN
easat-7675	150	6	model	model	NOUN
easat-7675	150	7	is	be	AUX
easat-7675	150	8	selected	select	VERB
easat-7675	150	9	as	as	ADP
easat-7675	150	10	the	the	DET
easat-7675	150	11	definitive	definitive	ADJ
easat-7675	150	12	model	model	NOUN
easat-7675	150	13	for	for	ADP
easat-7675	150	14	analysis	analysis	NOUN
easat-7675	150	15	.	.	PUNCT
easat-7675	151	1	the	the	DET
easat-7675	151	2	results	result	NOUN
easat-7675	151	3	of	of	ADP
easat-7675	151	4	the	the	DET
easat-7675	151	5	fem	fem	NOUN
easat-7675	151	6	regression	regression	NOUN
easat-7675	151	7	are	be	AUX
easat-7675	151	8	summarized	summarize	VERB
easat-7675	151	9	as	as	SCONJ
easat-7675	151	10	follows	follow	VERB
easat-7675	151	11	:	:	PUNCT
easat-7675	151	12	table	table	NOUN
easat-7675	151	13	2	2	NUM
easat-7675	151	14	.	.	X
easat-7675	151	15	panel	panel	NOUN
easat-7675	151	16	data	data	PROPN
easat-7675	151	17	regression	regression	PROPN
easat-7675	151	18	test	test	NOUN
easat-7675	151	19	results	result	NOUN
easat-7675	151	20	with	with	ADP
easat-7675	151	21	fixed	fix	VERB
easat-7675	151	22	effect	effect	NOUN
easat-7675	151	23	model	model	NOUN
easat-7675	151	24	.	.	PUNCT
easat-7675	152	1	variable	variable	ADJ
easat-7675	152	2	coefficient	coefficient	NOUN
easat-7675	152	3	t	t	PROPN
easat-7675	152	4	-	-	PUNCT
easat-7675	152	5	statistic	statistic	NOUN
easat-7675	152	6	prob	prob	NOUN
easat-7675	152	7	.	.	PUNCT
easat-7675	153	1	c	c	NOUN
easat-7675	153	2	(	(	PUNCT
easat-7675	153	3	constant	constant	ADJ
easat-7675	153	4	)	)	PUNCT
easat-7675	153	5	-80,447	-80,447	NOUN
easat-7675	153	6	-0,064	-0,064	NOUN
easat-7675	153	7	0,948	0,948	NUM
easat-7675	154	1	der	der	NOUN
easat-7675	154	2	(	(	PUNCT
easat-7675	154	3	capital	capital	NOUN
easat-7675	154	4	structure	structure	NOUN
easat-7675	154	5	)	)	PUNCT
easat-7675	154	6	2054,552	2054,552	NUM
easat-7675	154	7	3,220	3,220	NUM
easat-7675	154	8	0,0018	0,0018	NOUN
easat-7675	154	9	size	size	NOUN
easat-7675	154	10	(	(	PUNCT
easat-7675	154	11	firm	firm	ADJ
easat-7675	154	12	size	size	NOUN
easat-7675	154	13	)	)	PUNCT
easat-7675	154	14	67,729	67,729	NUM
easat-7675	154	15	0,392	0,392	NUM
easat-7675	154	16	0,695	0,695	NUM
easat-7675	154	17	derxsize	derxsize	NOUN
easat-7675	154	18	(	(	PUNCT
easat-7675	154	19	capital	capital	NOUN
easat-7675	154	20	structure	structure	NOUN
easat-7675	154	21	×	×	PROPN
easat-7675	154	22	firm	firm	ADJ
easat-7675	154	23	size	size	NOUN
easat-7675	154	24	interaction	interaction	NOUN
easat-7675	154	25	)	)	PUNCT
easat-7675	154	26	-309,838	-309,838	PUNCT
easat-7675	154	27	-3,186	-3,186	X
easat-7675	154	28	0,0020	0,0020	NUM
easat-7675	154	29	statistic	statistic	ADJ
easat-7675	154	30	value	value	NOUN
easat-7675	154	31	r	r	NOUN
easat-7675	154	32	-	-	PUNCT
easat-7675	154	33	squared	square	VERB
easat-7675	154	34	0.425105	0.425105	NUM
easat-7675	154	35	adjusted	adjusted	ADJ
easat-7675	154	36	r	r	NOUN
easat-7675	154	37	-	-	PUNCT
easat-7675	154	38	squared	square	VERB
easat-7675	154	39	0.212941	0.212941	NUM
easat-7675	154	40	f	f	X
easat-7675	154	41	-	-	PUNCT
easat-7675	154	42	statistic	statistic	NOUN
easat-7675	154	43	2.003663	2.003663	NUM
easat-7675	154	44	prob	prob	NOUN
easat-7675	154	45	(	(	PUNCT
easat-7675	154	46	f	f	NOUN
easat-7675	154	47	-	-	PUNCT
easat-7675	154	48	statistic	statistic	NOUN
easat-7675	154	49	)	)	PUNCT
easat-7675	154	50	0.006536	0.006536	NUM
easat-7675	154	51	the	the	DET
easat-7675	154	52	regression	regression	NOUN
easat-7675	154	53	coefficient	coefficient	NOUN
easat-7675	154	54	for	for	ADP
easat-7675	154	55	capital	capital	NOUN
easat-7675	154	56	structure	structure	NOUN
easat-7675	154	57	(	(	PUNCT
easat-7675	154	58	der	der	NOUN
easat-7675	154	59	)	)	PUNCT
easat-7675	154	60	is	be	AUX
easat-7675	154	61	2054.552	2054.552	NUM
easat-7675	154	62	and	and	CCONJ
easat-7675	154	63	is	be	AUX
easat-7675	154	64	statistically	statistically	ADV
easat-7675	154	65	significant	significant	ADJ
easat-7675	154	66	at	at	ADP
easat-7675	154	67	the	the	DET
easat-7675	154	68	0.0018	0.0018	NUM
easat-7675	154	69	level	level	NOUN
easat-7675	154	70	,	,	PUNCT
easat-7675	154	71	which	which	PRON
easat-7675	154	72	is	be	AUX
easat-7675	154	73	much	much	ADV
easat-7675	154	74	below	below	ADP
easat-7675	154	75	the	the	DET
easat-7675	154	76	0.05	0.05	NUM
easat-7675	154	77	criterion	criterion	NOUN
easat-7675	154	78	.	.	PUNCT
easat-7675	155	1	this	this	DET
easat-7675	155	2	outcome	outcome	NOUN
easat-7675	155	3	indicates	indicate	VERB
easat-7675	155	4	that	that	SCONJ
easat-7675	155	5	a	a	DET
easat-7675	155	6	one	one	NUM
easat-7675	155	7	-	-	PUNCT
easat-7675	155	8	unit	unit	NOUN
easat-7675	155	9	increase	increase	NOUN
easat-7675	155	10	in	in	ADP
easat-7675	155	11	the	the	DET
easat-7675	155	12	capital	capital	NOUN
easat-7675	155	13	structure	structure	NOUN
easat-7675	155	14	ratio	ratio	NOUN
easat-7675	155	15	results	result	NOUN
easat-7675	155	16	in	in	ADP
easat-7675	155	17	a	a	DET
easat-7675	155	18	2054.552	2054.552	NUM
easat-7675	155	19	-	-	PUNCT
easat-7675	155	20	point	point	NOUN
easat-7675	155	21	increase	increase	NOUN
easat-7675	155	22	in	in	ADP
easat-7675	155	23	company	company	NOUN
easat-7675	155	24	value	value	NOUN
easat-7675	155	25	,	,	PUNCT
easat-7675	155	26	provided	provide	VERB
easat-7675	155	27	all	all	DET
easat-7675	155	28	other	other	ADJ
easat-7675	155	29	factors	factor	NOUN
easat-7675	155	30	remain	remain	VERB
easat-7675	155	31	constant	constant	ADJ
easat-7675	155	32	.	.	PUNCT
easat-7675	156	1	consequently	consequently	ADV
easat-7675	156	2	,	,	PUNCT
easat-7675	156	3	capital	capital	NOUN
easat-7675	156	4	structure	structure	NOUN
easat-7675	156	5	exerts	exert	VERB
easat-7675	156	6	a	a	DET
easat-7675	156	7	substantial	substantial	ADJ
easat-7675	156	8	and	and	CCONJ
easat-7675	156	9	favorable	favorable	ADJ
easat-7675	156	10	influence	influence	NOUN
easat-7675	156	11	on	on	ADP
easat-7675	156	12	business	business	NOUN
easat-7675	156	13	value	value	NOUN
easat-7675	156	14	.	.	PUNCT
easat-7675	157	1	the	the	DET
easat-7675	157	2	firm	firm	ADJ
easat-7675	157	3	size	size	NOUN
easat-7675	157	4	variable	variable	NOUN
easat-7675	157	5	exhibits	exhibit	VERB
easat-7675	157	6	a	a	DET
easat-7675	157	7	positive	positive	ADJ
easat-7675	157	8	coefficient	coefficient	NOUN
easat-7675	157	9	of	of	ADP
easat-7675	157	10	67.729	67.729	NUM
easat-7675	157	11	;	;	PUNCT
easat-7675	157	12	nevertheless	nevertheless	ADV
easat-7675	157	13	,	,	PUNCT
easat-7675	157	14	its	its	PRON
easat-7675	157	15	p	p	NOUN
easat-7675	157	16	-	-	PUNCT
easat-7675	157	17	value	value	NOUN
easat-7675	157	18	of	of	ADP
easat-7675	157	19	0.695	0.695	NUM
easat-7675	157	20	suggests	suggest	VERB
easat-7675	157	21	it	it	PRON
easat-7675	157	22	lacks	lack	VERB
easat-7675	157	23	statistical	statistical	ADJ
easat-7675	157	24	significance	significance	NOUN
easat-7675	157	25	.	.	PUNCT
easat-7675	158	1	this	this	PRON
easat-7675	158	2	indicates	indicate	VERB
easat-7675	158	3	that	that	SCONJ
easat-7675	158	4	firm	firm	ADJ
easat-7675	158	5	size	size	NOUN
easat-7675	158	6	,	,	PUNCT
easat-7675	158	7	when	when	SCONJ
easat-7675	158	8	evaluated	evaluate	VERB
easat-7675	158	9	independently	independently	ADV
easat-7675	158	10	,	,	PUNCT
easat-7675	158	11	lacks	lack	VERB
easat-7675	158	12	a	a	DET
easat-7675	158	13	significant	significant	ADJ
easat-7675	158	14	direct	direct	ADJ
easat-7675	158	15	impact	impact	NOUN
easat-7675	158	16	on	on	ADP
easat-7675	158	17	the	the	DET
easat-7675	158	18	value	value	NOUN
easat-7675	158	19	of	of	ADP
easat-7675	158	20	manufacturing	manufacturing	NOUN
easat-7675	158	21	enterprises	enterprise	NOUN
easat-7675	158	22	throughout	throughout	ADP
easat-7675	158	23	the	the	DET
easat-7675	158	24	examined	examine	VERB
easat-7675	158	25	time	time	NOUN
easat-7675	158	26	.	.	PUNCT
easat-7675	159	1	the	the	DET
easat-7675	159	2	interaction	interaction	NOUN
easat-7675	159	3	term	term	NOUN
easat-7675	159	4	(	(	PUNCT
easat-7675	159	5	der	der	ADJ
easat-7675	159	6	×	×	NOUN
easat-7675	159	7	size	size	NOUN
easat-7675	159	8	)	)	PUNCT
easat-7675	159	9	displays	display	VERB
easat-7675	159	10	a	a	DET
easat-7675	159	11	negative	negative	ADJ
easat-7675	159	12	coefficient	coefficient	NOUN
easat-7675	159	13	of	of	ADP
easat-7675	159	14	-309.838	-309.838	NUM
easat-7675	159	15	and	and	CCONJ
easat-7675	159	16	is	be	AUX
easat-7675	159	17	statistically	statistically	ADV
easat-7675	159	18	significant	significant	ADJ
easat-7675	159	19	at	at	ADP
easat-7675	159	20	the	the	DET
easat-7675	159	21	0.0020	0.0020	NUM
easat-7675	159	22	level	level	NOUN
easat-7675	159	23	.	.	PUNCT
easat-7675	160	1	this	this	PRON
easat-7675	160	2	indicates	indicate	VERB
easat-7675	160	3	that	that	SCONJ
easat-7675	160	4	firm	firm	ADJ
easat-7675	160	5	size	size	NOUN
easat-7675	160	6	diminishes	diminish	VERB
easat-7675	160	7	the	the	DET
easat-7675	160	8	beneficial	beneficial	ADJ
easat-7675	160	9	impact	impact	NOUN
easat-7675	160	10	of	of	ADP
easat-7675	160	11	capital	capital	NOUN
easat-7675	160	12	structure	structure	NOUN
easat-7675	160	13	on	on	ADP
easat-7675	160	14	firm	firm	ADJ
easat-7675	160	15	value	value	NOUN
easat-7675	160	16	.	.	PUNCT
easat-7675	161	1	essentially	essentially	ADV
easat-7675	161	2	,	,	PUNCT
easat-7675	161	3	as	as	SCONJ
easat-7675	161	4	business	business	NOUN
easat-7675	161	5	size	size	NOUN
easat-7675	161	6	escalates	escalate	VERB
easat-7675	161	7	,	,	PUNCT
easat-7675	161	8	the	the	DET
easat-7675	161	9	advantageous	advantageous	ADJ
easat-7675	161	10	impacts	impact	NOUN
easat-7675	161	11	of	of	ADP
easat-7675	161	12	leverage	leverage	NOUN
easat-7675	161	13	on	on	ADP
easat-7675	161	14	firm	firm	ADJ
easat-7675	161	15	value	value	NOUN
easat-7675	161	16	tend	tend	VERB
easat-7675	161	17	to	to	PART
easat-7675	161	18	wane	wane	VERB
easat-7675	161	19	,	,	PUNCT
easat-7675	161	20	perhaps	perhaps	ADV
easat-7675	161	21	because	because	SCONJ
easat-7675	161	22	larger	large	ADJ
easat-7675	161	23	organizations	organization	NOUN
easat-7675	161	24	adopt	adopt	VERB
easat-7675	161	25	a	a	DET
easat-7675	161	26	more	more	ADV
easat-7675	161	27	conservative	conservative	ADJ
easat-7675	161	28	approach	approach	NOUN
easat-7675	161	29	to	to	ADP
easat-7675	161	30	debt	debt	NOUN
easat-7675	161	31	use	use	NOUN
easat-7675	161	32	to	to	PART
easat-7675	161	33	prevent	prevent	VERB
easat-7675	161	34	undermining	undermine	VERB
easat-7675	161	35	investor	investor	NOUN
easat-7675	161	36	confidence	confidence	NOUN
easat-7675	161	37	due	due	ADP
easat-7675	161	38	to	to	ADP
easat-7675	161	39	elevated	elevated	ADJ
easat-7675	161	40	financial	financial	ADJ
easat-7675	161	41	commitments	commitment	NOUN
easat-7675	161	42	.	.	PUNCT
easat-7675	162	1	the	the	DET
easat-7675	162	2	r	r	NOUN
easat-7675	162	3	-	-	PUNCT
easat-7675	162	4	squared	square	VERB
easat-7675	162	5	value	value	NOUN
easat-7675	162	6	of	of	ADP
easat-7675	162	7	0.4251	0.4251	NUM
easat-7675	162	8	signifies	signifie	NOUN
easat-7675	162	9	that	that	SCONJ
easat-7675	162	10	the	the	DET
easat-7675	162	11	independent	independent	ADJ
easat-7675	162	12	and	and	CCONJ
easat-7675	162	13	moderating	moderate	VERB
easat-7675	162	14	variables	variable	NOUN
easat-7675	162	15	together	together	ADV
easat-7675	162	16	account	account	VERB
easat-7675	162	17	for	for	ADP
easat-7675	162	18	42.51	42.51	NUM
easat-7675	162	19	%	%	NOUN
easat-7675	162	20	of	of	ADP
easat-7675	162	21	the	the	DET
easat-7675	162	22	variation	variation	NOUN
easat-7675	162	23	in	in	ADP
easat-7675	162	24	company	company	NOUN
easat-7675	162	25	value	value	NOUN
easat-7675	162	26	.	.	PUNCT
easat-7675	163	1	the	the	DET
easat-7675	163	2	adjusted	adjusted	ADJ
easat-7675	163	3	r	r	NOUN
easat-7675	163	4	-	-	PUNCT
easat-7675	163	5	squared	square	VERB
easat-7675	163	6	of	of	ADP
easat-7675	163	7	0.2129	0.2129	NUM
easat-7675	163	8	indicates	indicate	VERB
easat-7675	163	9	a	a	DET
easat-7675	163	10	moderate	moderate	ADJ
easat-7675	163	11	model	model	NOUN
easat-7675	163	12	fit	fit	NOUN
easat-7675	163	13	,	,	PUNCT
easat-7675	163	14	implying	imply	VERB
easat-7675	163	15	that	that	SCONJ
easat-7675	163	16	while	while	SCONJ
easat-7675	163	17	the	the	DET
easat-7675	163	18	model	model	NOUN
easat-7675	163	19	accounts	account	VERB
easat-7675	163	20	for	for	ADP
easat-7675	163	21	some	some	DET
easat-7675	163	22	variance	variance	NOUN
easat-7675	163	23	,	,	PUNCT
easat-7675	163	24	significant	significant	ADJ
easat-7675	163	25	variables	variable	NOUN
easat-7675	163	26	absent	absent	ADJ
easat-7675	163	27	from	from	ADP
easat-7675	163	28	this	this	DET
easat-7675	163	29	study	study	NOUN
easat-7675	163	30	may	may	AUX
easat-7675	163	31	also	also	ADV
easat-7675	163	32	influence	influence	VERB
easat-7675	163	33	company	company	NOUN
easat-7675	163	34	value	value	NOUN
easat-7675	163	35	.	.	PUNCT
easat-7675	164	1	4.2	4.2	NUM
easat-7675	164	2	.	.	PUNCT
easat-7675	165	1	the	the	DET
easat-7675	165	2	effect	effect	NOUN
easat-7675	165	3	of	of	ADP
easat-7675	165	4	capital	capital	NOUN
easat-7675	165	5	structure	structure	NOUN
easat-7675	165	6	on	on	ADP
easat-7675	165	7	firm	firm	ADJ
easat-7675	165	8	value	value	NOUN
easat-7675	165	9	the	the	DET
easat-7675	165	10	test	test	NOUN
easat-7675	165	11	results	result	NOUN
easat-7675	165	12	indicate	indicate	VERB
easat-7675	165	13	that	that	SCONJ
easat-7675	165	14	capital	capital	NOUN
easat-7675	165	15	structure	structure	NOUN
easat-7675	165	16	possesses	possess	VERB
easat-7675	165	17	a	a	DET
easat-7675	165	18	positive	positive	ADJ
easat-7675	165	19	coefficient	coefficient	NOUN
easat-7675	165	20	of	of	ADP
easat-7675	165	21	2054.552	2054.552	PROPN
easat-7675	165	22	with	with	ADP
easat-7675	165	23	a	a	DET
easat-7675	165	24	significance	significance	NOUN
easat-7675	165	25	level	level	NOUN
easat-7675	165	26	of	of	ADP
easat-7675	165	27	0.0018	0.0018	NUM
easat-7675	165	28	,	,	PUNCT
easat-7675	165	29	suggesting	suggest	VERB
easat-7675	165	30	that	that	SCONJ
easat-7675	165	31	increasing	increase	VERB
easat-7675	165	32	the	the	DET
easat-7675	165	33	debt	debt	NOUN
easat-7675	165	34	proportion	proportion	NOUN
easat-7675	165	35	of	of	ADP
easat-7675	165	36	a	a	DET
easat-7675	165	37	company	company	NOUN
easat-7675	165	38	's	's	PART
easat-7675	165	39	funding	funding	NOUN
easat-7675	165	40	structure	structure	NOUN
easat-7675	165	41	may	may	AUX
easat-7675	165	42	augment	augment	VERB
easat-7675	165	43	firm	firm	ADJ
easat-7675	165	44	value	value	NOUN
easat-7675	165	45	.	.	PUNCT
easat-7675	166	1	this	this	DET
easat-7675	166	2	discovery	discovery	NOUN
easat-7675	166	3	corroborates	corroborate	VERB
easat-7675	166	4	the	the	DET
easat-7675	166	5	trade	trade	NOUN
easat-7675	166	6	-	-	PUNCT
easat-7675	166	7	off	off	ADP
easat-7675	166	8	theory	theory	NOUN
easat-7675	166	9	,	,	PUNCT
easat-7675	166	10	which	which	PRON
easat-7675	166	11	asserts	assert	VERB
easat-7675	166	12	that	that	SCONJ
easat-7675	166	13	leveraging	leverage	VERB
easat-7675	166	14	debt	debt	NOUN
easat-7675	166	15	can	can	AUX
easat-7675	166	16	enhance	enhance	VERB
easat-7675	166	17	firm	firm	ADJ
easat-7675	166	18	value	value	NOUN
easat-7675	166	19	through	through	ADP
easat-7675	166	20	tax	tax	NOUN
easat-7675	166	21	shield	shield	NOUN
easat-7675	166	22	advantages	advantage	NOUN
easat-7675	166	23	,	,	PUNCT
easat-7675	166	24	provided	provide	VERB
easat-7675	166	25	that	that	SCONJ
easat-7675	166	26	bankruptcy	bankruptcy	NOUN
easat-7675	166	27	risk	risk	NOUN
easat-7675	166	28	stays	stay	VERB
easat-7675	166	29	within	within	ADP
easat-7675	166	30	the	the	DET
easat-7675	166	31	company	company	NOUN
easat-7675	166	32	's	's	PART
easat-7675	166	33	acceptable	acceptable	ADJ
easat-7675	166	34	limits	limit	NOUN
easat-7675	166	35	[	[	X
easat-7675	166	36	15	15	NUM
easat-7675	166	37	]	]	PUNCT
easat-7675	166	38	.	.	PUNCT
easat-7675	167	1	furthermore	furthermore	ADV
easat-7675	167	2	,	,	PUNCT
easat-7675	167	3	agency	agency	NOUN
easat-7675	167	4	theory	theory	NOUN
easat-7675	167	5	[	[	X
easat-7675	167	6	13	13	NUM
easat-7675	167	7	]	]	PUNCT
easat-7675	167	8	explains	explain	VERB
easat-7675	167	9	this	this	DET
easat-7675	167	10	relationship	relationship	NOUN
easat-7675	167	11	in	in	ADP
easat-7675	167	12	terms	term	NOUN
easat-7675	167	13	of	of	ADP
easat-7675	167	14	potential	potential	ADJ
easat-7675	167	15	conflicts	conflict	NOUN
easat-7675	167	16	of	of	ADP
easat-7675	167	17	interest	interest	NOUN
easat-7675	167	18	between	between	ADP
easat-7675	167	19	managers	manager	NOUN
easat-7675	167	20	(	(	PUNCT
easat-7675	167	21	agents	agent	NOUN
easat-7675	167	22	)	)	PUNCT
easat-7675	167	23	and	and	CCONJ
easat-7675	167	24	shareholders	shareholder	NOUN
easat-7675	167	25	(	(	PUNCT
easat-7675	167	26	principals	principal	NOUN
easat-7675	167	27	)	)	PUNCT
easat-7675	167	28	.	.	PUNCT
easat-7675	168	1	managers	manager	NOUN
easat-7675	168	2	may	may	AUX
easat-7675	168	3	pursue	pursue	VERB
easat-7675	168	4	personal	personal	ADJ
easat-7675	168	5	interests	interest	NOUN
easat-7675	168	6	such	such	ADJ
easat-7675	168	7	as	as	ADP
easat-7675	168	8	higher	high	ADJ
easat-7675	168	9	compensation	compensation	NOUN
easat-7675	168	10	,	,	PUNCT
easat-7675	168	11	expanding	expand	VERB
easat-7675	168	12	control	control	NOUN
easat-7675	168	13	,	,	PUNCT
easat-7675	168	14	or	or	CCONJ
easat-7675	168	15	engaging	engage	VERB
easat-7675	168	16	in	in	ADP
easat-7675	168	17	unprofitable	unprofitable	ADJ
easat-7675	168	18	investments	investment	NOUN
easat-7675	168	19	(	(	PUNCT
easat-7675	168	20	overinvestment	overinvestment	ADJ
easat-7675	168	21	)	)	PUNCT
easat-7675	168	22	,	,	PUNCT
easat-7675	168	23	which	which	PRON
easat-7675	168	24	can	can	AUX
easat-7675	168	25	harm	harm	VERB
easat-7675	168	26	shareholders	shareholder	NOUN
easat-7675	168	27	.	.	PUNCT
easat-7675	169	1	in	in	ADP
easat-7675	169	2	this	this	DET
easat-7675	169	3	context	context	NOUN
easat-7675	169	4	,	,	PUNCT
easat-7675	169	5	debt	debt	NOUN
easat-7675	169	6	serves	serve	VERB
easat-7675	169	7	as	as	ADP
easat-7675	169	8	a	a	DET
easat-7675	169	9	financial	financial	ADJ
easat-7675	169	10	discipline	discipline	NOUN
easat-7675	169	11	mechanism	mechanism	NOUN
easat-7675	169	12	that	that	PRON
easat-7675	169	13	encourages	encourage	VERB
easat-7675	169	14	management	management	NOUN
easat-7675	169	15	to	to	PART
easat-7675	169	16	be	be	AUX
easat-7675	169	17	more	more	ADV
easat-7675	169	18	prudent	prudent	ADJ
easat-7675	169	19	and	and	CCONJ
easat-7675	169	20	efficient	efficient	ADJ
easat-7675	169	21	in	in	ADP
easat-7675	169	22	utilizing	utilize	VERB
easat-7675	169	23	company	company	NOUN
easat-7675	169	24	funds	fund	NOUN
easat-7675	169	25	,	,	PUNCT
easat-7675	169	26	3246	3246	NUM
easat-7675	169	27	edelweiss	edelweiss	PROPN
easat-7675	169	28	applied	apply	VERB
easat-7675	169	29	science	science	NOUN
easat-7675	169	30	and	and	CCONJ
easat-7675	169	31	technology	technology	NOUN
easat-7675	169	32	issn	issn	PROPN
easat-7675	169	33	:	:	PUNCT
easat-7675	169	34	2576	2576	NUM
easat-7675	169	35	-	-	SYM
easat-7675	169	36	8484	8484	NUM
easat-7675	169	37	vol	vol	NOUN
easat-7675	169	38	.	.	PROPN
easat-7675	170	1	9	9	NUM
easat-7675	170	2	,	,	PUNCT
easat-7675	170	3	no	no	INTJ
easat-7675	170	4	.	.	NOUN
easat-7675	170	5	5	5	NUM
easat-7675	170	6	:	:	SYM
easat-7675	170	7	3240	3240	NUM
easat-7675	170	8	-	-	SYM
easat-7675	170	9	3248	3248	NUM
easat-7675	170	10	,	,	PUNCT
easat-7675	170	11	2025	2025	NUM
easat-7675	170	12	doi	doi	NOUN
easat-7675	170	13	:	:	PUNCT
easat-7675	170	14	10.55214/25768484.v9i5.7675	10.55214/25768484.v9i5.7675	NUM
easat-7675	170	15	©	©	PROPN
easat-7675	170	16	2025	2025	NUM
easat-7675	170	17	by	by	ADP
easat-7675	170	18	the	the	DET
easat-7675	170	19	authors	author	NOUN
easat-7675	170	20	;	;	PUNCT
easat-7675	170	21	licensee	licensee	PROPN
easat-7675	170	22	learning	learning	NOUN
easat-7675	170	23	gate	gate	NOUN
easat-7675	170	24	thereby	thereby	ADV
easat-7675	170	25	reducing	reduce	VERB
easat-7675	170	26	agency	agency	NOUN
easat-7675	170	27	costs	cost	NOUN
easat-7675	170	28	[	[	X
easat-7675	170	29	13	13	NUM
easat-7675	170	30	]	]	PUNCT
easat-7675	170	31	.	.	PUNCT
easat-7675	171	1	thus	thus	ADV
easat-7675	171	2	,	,	PUNCT
easat-7675	171	3	an	an	DET
easat-7675	171	4	increase	increase	NOUN
easat-7675	171	5	in	in	ADP
easat-7675	171	6	leverage	leverage	NOUN
easat-7675	171	7	can	can	AUX
easat-7675	171	8	enhance	enhance	VERB
easat-7675	171	9	firm	firm	ADJ
easat-7675	171	10	value	value	NOUN
easat-7675	171	11	through	through	ADP
easat-7675	171	12	internal	internal	ADJ
easat-7675	171	13	efficiency	efficiency	NOUN
easat-7675	171	14	.	.	PUNCT
easat-7675	172	1	moreover	moreover	ADV
easat-7675	172	2	,	,	PUNCT
easat-7675	172	3	signaling	signal	VERB
easat-7675	172	4	theory	theory	NOUN
easat-7675	172	5	[	[	X
easat-7675	172	6	16	16	NUM
easat-7675	172	7	]	]	PUNCT
easat-7675	172	8	is	be	AUX
easat-7675	172	9	pertinent	pertinent	ADJ
easat-7675	172	10	in	in	ADP
easat-7675	172	11	elucidating	elucidate	VERB
easat-7675	172	12	the	the	DET
easat-7675	172	13	impact	impact	NOUN
easat-7675	172	14	of	of	ADP
easat-7675	172	15	capital	capital	NOUN
easat-7675	172	16	structure	structure	NOUN
easat-7675	172	17	on	on	ADP
easat-7675	172	18	business	business	NOUN
easat-7675	172	19	value	value	NOUN
easat-7675	172	20	.	.	PUNCT
easat-7675	173	1	the	the	DET
easat-7675	173	2	market	market	NOUN
easat-7675	173	3	may	may	AUX
easat-7675	173	4	perceive	perceive	VERB
easat-7675	173	5	an	an	DET
easat-7675	173	6	increase	increase	NOUN
easat-7675	173	7	in	in	ADP
easat-7675	173	8	debt	debt	NOUN
easat-7675	173	9	use	use	NOUN
easat-7675	173	10	as	as	ADP
easat-7675	173	11	a	a	DET
easat-7675	173	12	favorable	favorable	ADJ
easat-7675	173	13	indication	indication	NOUN
easat-7675	173	14	of	of	ADP
easat-7675	173	15	management	management	NOUN
easat-7675	173	16	's	's	PART
easat-7675	173	17	confidence	confidence	NOUN
easat-7675	173	18	in	in	ADP
easat-7675	173	19	the	the	DET
easat-7675	173	20	company	company	NOUN
easat-7675	173	21	's	's	PART
easat-7675	173	22	prospects	prospect	NOUN
easat-7675	173	23	.	.	PUNCT
easat-7675	174	1	the	the	DET
easat-7675	174	2	company	company	NOUN
easat-7675	174	3	's	's	PART
easat-7675	174	4	dedication	dedication	NOUN
easat-7675	174	5	to	to	ADP
easat-7675	174	6	meeting	meet	VERB
easat-7675	174	7	its	its	PRON
easat-7675	174	8	debt	debt	NOUN
easat-7675	174	9	obligations	obligation	NOUN
easat-7675	174	10	conveys	convey	VERB
easat-7675	174	11	an	an	DET
easat-7675	174	12	image	image	NOUN
easat-7675	174	13	of	of	ADP
easat-7675	174	14	financial	financial	ADJ
easat-7675	174	15	stability	stability	NOUN
easat-7675	174	16	,	,	PUNCT
easat-7675	174	17	which	which	PRON
easat-7675	174	18	can	can	AUX
easat-7675	174	19	subsequently	subsequently	ADV
easat-7675	174	20	elevate	elevate	VERB
easat-7675	174	21	market	market	NOUN
easat-7675	174	22	perception	perception	NOUN
easat-7675	174	23	and	and	CCONJ
easat-7675	174	24	increase	increase	VERB
easat-7675	174	25	business	business	NOUN
easat-7675	174	26	value	value	NOUN
easat-7675	174	27	.	.	PUNCT
easat-7675	175	1	in	in	ADP
easat-7675	175	2	the	the	DET
easat-7675	175	3	context	context	NOUN
easat-7675	175	4	of	of	ADP
easat-7675	175	5	indonesia	indonesia	PROPN
easat-7675	175	6	’s	’s	PART
easat-7675	175	7	manufacturing	manufacturing	NOUN
easat-7675	175	8	sector	sector	NOUN
easat-7675	175	9	,	,	PUNCT
easat-7675	175	10	companies	company	NOUN
easat-7675	175	11	typically	typically	ADV
easat-7675	175	12	require	require	VERB
easat-7675	175	13	substantial	substantial	ADJ
easat-7675	175	14	funding	funding	NOUN
easat-7675	175	15	for	for	ADP
easat-7675	175	16	operations	operation	NOUN
easat-7675	175	17	,	,	PUNCT
easat-7675	175	18	such	such	ADJ
easat-7675	175	19	as	as	ADP
easat-7675	175	20	procuring	procure	VERB
easat-7675	175	21	raw	raw	ADJ
easat-7675	175	22	materials	material	NOUN
easat-7675	175	23	and	and	CCONJ
easat-7675	175	24	investing	invest	VERB
easat-7675	175	25	in	in	ADP
easat-7675	175	26	production	production	NOUN
easat-7675	175	27	machinery	machinery	NOUN
easat-7675	175	28	.	.	PUNCT
easat-7675	176	1	therefore	therefore	ADV
easat-7675	176	2	,	,	PUNCT
easat-7675	176	3	debt	debt	NOUN
easat-7675	176	4	financing	financing	NOUN
easat-7675	176	5	becomes	become	VERB
easat-7675	176	6	a	a	DET
easat-7675	176	7	strategic	strategic	ADJ
easat-7675	176	8	alternative	alternative	NOUN
easat-7675	176	9	to	to	PART
easat-7675	176	10	drive	drive	VERB
easat-7675	176	11	growth	growth	NOUN
easat-7675	176	12	and	and	CCONJ
easat-7675	176	13	maintain	maintain	VERB
easat-7675	176	14	competitiveness	competitiveness	NOUN
easat-7675	176	15	.	.	PUNCT
easat-7675	177	1	as	as	ADV
easat-7675	177	2	long	long	ADV
easat-7675	177	3	as	as	SCONJ
easat-7675	177	4	debt	debt	NOUN
easat-7675	177	5	funds	fund	NOUN
easat-7675	177	6	are	be	AUX
easat-7675	177	7	managed	manage	VERB
easat-7675	177	8	productively	productively	ADV
easat-7675	177	9	and	and	CCONJ
easat-7675	177	10	lead	lead	VERB
easat-7675	177	11	to	to	ADP
easat-7675	177	12	higher	high	ADJ
easat-7675	177	13	profits	profit	NOUN
easat-7675	177	14	,	,	PUNCT
easat-7675	177	15	leverage	leverage	NOUN
easat-7675	177	16	can	can	AUX
easat-7675	177	17	positively	positively	ADV
easat-7675	177	18	contribute	contribute	VERB
easat-7675	177	19	to	to	ADP
easat-7675	177	20	firm	firm	ADJ
easat-7675	177	21	value	value	NOUN
easat-7675	177	22	.	.	PUNCT
easat-7675	178	1	moreover	moreover	ADV
easat-7675	178	2	,	,	PUNCT
easat-7675	178	3	investors	investor	NOUN
easat-7675	178	4	in	in	ADP
easat-7675	178	5	the	the	DET
easat-7675	178	6	indonesian	indonesian	ADJ
easat-7675	178	7	capital	capital	NOUN
easat-7675	178	8	market	market	NOUN
easat-7675	178	9	tend	tend	VERB
easat-7675	178	10	to	to	PART
easat-7675	178	11	respond	respond	VERB
easat-7675	178	12	positively	positively	ADV
easat-7675	178	13	to	to	ADP
easat-7675	178	14	firms	firm	NOUN
easat-7675	178	15	engaged	engage	VERB
easat-7675	178	16	in	in	ADP
easat-7675	178	17	expansion	expansion	NOUN
easat-7675	178	18	,	,	PUNCT
easat-7675	178	19	which	which	PRON
easat-7675	178	20	is	be	AUX
easat-7675	178	21	often	often	ADV
easat-7675	178	22	supported	support	VERB
easat-7675	178	23	by	by	ADP
easat-7675	178	24	debt	debt	NOUN
easat-7675	178	25	financing	financing	NOUN
easat-7675	178	26	.	.	PUNCT
easat-7675	179	1	empirically	empirically	ADV
easat-7675	179	2	,	,	PUNCT
easat-7675	179	3	these	these	DET
easat-7675	179	4	results	result	NOUN
easat-7675	179	5	are	be	AUX
easat-7675	179	6	consistent	consistent	ADJ
easat-7675	179	7	with	with	ADP
easat-7675	179	8	the	the	DET
easat-7675	179	9	findings	finding	NOUN
easat-7675	179	10	of	of	ADP
easat-7675	179	11	setioko	setioko	PROPN
easat-7675	179	12	,	,	PUNCT
easat-7675	179	13	et	et	PROPN
easat-7675	179	14	al	al	PROPN
easat-7675	179	15	.	.	PUNCT
easat-7675	180	1	[	[	X
easat-7675	180	2	18	18	NUM
easat-7675	180	3	]	]	X
easat-7675	180	4	;	;	PUNCT
easat-7675	180	5	nurdin	nurdin	VERB
easat-7675	180	6	,	,	PUNCT
easat-7675	180	7	et	et	PROPN
easat-7675	180	8	al	al	PROPN
easat-7675	180	9	.	.	PUNCT
easat-7675	181	1	[	[	X
easat-7675	181	2	5	5	NUM
easat-7675	181	3	]	]	PUNCT
easat-7675	181	4	;	;	PUNCT
easat-7675	181	5	alghifari	alghifari	X
easat-7675	181	6	[	[	X
easat-7675	181	7	17	17	NUM
easat-7675	181	8	]	]	PUNCT
easat-7675	181	9	;	;	PUNCT
easat-7675	181	10	hirdinis	hirdinis	X
easat-7675	181	11	[	[	X
easat-7675	181	12	4	4	NUM
easat-7675	181	13	]	]	PUNCT
easat-7675	181	14	and	and	CCONJ
easat-7675	181	15	saeedi	saeedi	VERB
easat-7675	181	16	and	and	CCONJ
easat-7675	181	17	mahmoodi	mahmoodi	VERB
easat-7675	181	18	[	[	X
easat-7675	181	19	3	3	X
easat-7675	181	20	]	]	PUNCT
easat-7675	181	21	which	which	DET
easat-7675	181	22	state	state	NOUN
easat-7675	181	23	that	that	SCONJ
easat-7675	181	24	increasing	increase	VERB
easat-7675	181	25	the	the	DET
easat-7675	181	26	proportion	proportion	NOUN
easat-7675	181	27	of	of	ADP
easat-7675	181	28	debt	debt	NOUN
easat-7675	181	29	can	can	AUX
easat-7675	181	30	boost	boost	VERB
easat-7675	181	31	firm	firm	ADJ
easat-7675	181	32	value	value	NOUN
easat-7675	181	33	if	if	SCONJ
easat-7675	181	34	managed	manage	VERB
easat-7675	181	35	wisely	wisely	ADV
easat-7675	181	36	.	.	PUNCT
easat-7675	182	1	the	the	DET
easat-7675	182	2	study	study	NOUN
easat-7675	182	3	by	by	ADP
easat-7675	182	4	wijaya	wijaya	NOUN
easat-7675	182	5	and	and	CCONJ
easat-7675	182	6	asyik	asyik	VERB
easat-7675	182	7	[	[	X
easat-7675	182	8	10	10	NUM
easat-7675	182	9	]	]	PUNCT
easat-7675	182	10	also	also	ADV
easat-7675	182	11	supports	support	VERB
easat-7675	182	12	this	this	DET
easat-7675	182	13	view	view	NOUN
easat-7675	182	14	by	by	ADP
easat-7675	182	15	showing	show	VERB
easat-7675	182	16	that	that	SCONJ
easat-7675	182	17	capital	capital	NOUN
easat-7675	182	18	structure	structure	NOUN
easat-7675	182	19	is	be	AUX
easat-7675	182	20	a	a	DET
easat-7675	182	21	crucial	crucial	ADJ
easat-7675	182	22	determinant	determinant	NOUN
easat-7675	182	23	in	in	ADP
easat-7675	182	24	shaping	shape	VERB
easat-7675	182	25	firm	firm	ADJ
easat-7675	182	26	value	value	NOUN
easat-7675	182	27	in	in	ADP
easat-7675	182	28	indonesia	indonesia	PROPN
easat-7675	182	29	’s	’s	PART
easat-7675	182	30	manufacturing	manufacturing	NOUN
easat-7675	182	31	sector	sector	NOUN
easat-7675	182	32	.	.	PUNCT
easat-7675	183	1	4.3	4.3	NUM
easat-7675	183	2	.	.	PUNCT
easat-7675	183	3	firm	firm	ADJ
easat-7675	183	4	size	size	NOUN
easat-7675	183	5	as	as	ADP
easat-7675	183	6	a	a	DET
easat-7675	183	7	moderator	moderator	NOUN
easat-7675	183	8	of	of	ADP
easat-7675	183	9	the	the	DET
easat-7675	183	10	relationship	relationship	NOUN
easat-7675	183	11	between	between	ADP
easat-7675	183	12	capital	capital	NOUN
easat-7675	183	13	structure	structure	NOUN
easat-7675	183	14	and	and	CCONJ
easat-7675	183	15	firm	firm	ADJ
easat-7675	183	16	value	value	NOUN
easat-7675	183	17	the	the	DET
easat-7675	183	18	analysis	analysis	NOUN
easat-7675	183	19	indicates	indicate	VERB
easat-7675	183	20	that	that	SCONJ
easat-7675	183	21	business	business	NOUN
easat-7675	183	22	size	size	NOUN
easat-7675	183	23	does	do	AUX
easat-7675	183	24	not	not	PART
easat-7675	183	25	directly	directly	ADV
easat-7675	183	26	influence	influence	VERB
easat-7675	183	27	firm	firm	ADJ
easat-7675	183	28	value	value	NOUN
easat-7675	183	29	,	,	PUNCT
easat-7675	183	30	but	but	CCONJ
easat-7675	183	31	it	it	PRON
easat-7675	183	32	significantly	significantly	ADV
easat-7675	183	33	affects	affect	VERB
easat-7675	183	34	firm	firm	ADJ
easat-7675	183	35	value	value	NOUN
easat-7675	183	36	when	when	SCONJ
easat-7675	183	37	interacting	interact	VERB
easat-7675	183	38	with	with	ADP
easat-7675	183	39	capital	capital	NOUN
easat-7675	183	40	structure	structure	NOUN
easat-7675	183	41	.	.	PUNCT
easat-7675	184	1	the	the	DET
easat-7675	184	2	interaction	interaction	NOUN
easat-7675	184	3	variable	variable	NOUN
easat-7675	184	4	(	(	PUNCT
easat-7675	184	5	der	der	ADJ
easat-7675	184	6	×	×	NOUN
easat-7675	184	7	size	size	NOUN
easat-7675	184	8	)	)	PUNCT
easat-7675	184	9	exhibits	exhibit	VERB
easat-7675	184	10	a	a	DET
easat-7675	184	11	negative	negative	ADJ
easat-7675	184	12	coefficient	coefficient	NOUN
easat-7675	184	13	of	of	ADP
easat-7675	184	14	-309.8381	-309.8381	NOUN
easat-7675	184	15	,	,	PUNCT
easat-7675	184	16	with	with	ADP
easat-7675	184	17	a	a	DET
easat-7675	184	18	significance	significance	NOUN
easat-7675	184	19	level	level	NOUN
easat-7675	184	20	of	of	ADP
easat-7675	184	21	0.0020	0.0020	NUM
easat-7675	184	22	.	.	PUNCT
easat-7675	185	1	this	this	DET
easat-7675	185	2	conclusion	conclusion	NOUN
easat-7675	185	3	suggests	suggest	VERB
easat-7675	185	4	that	that	SCONJ
easat-7675	185	5	business	business	NOUN
easat-7675	185	6	size	size	NOUN
easat-7675	185	7	negatively	negatively	ADV
easat-7675	185	8	influences	influence	VERB
easat-7675	185	9	the	the	DET
easat-7675	185	10	link	link	NOUN
easat-7675	185	11	between	between	ADP
easat-7675	185	12	capital	capital	NOUN
easat-7675	185	13	structure	structure	NOUN
easat-7675	185	14	and	and	CCONJ
easat-7675	185	15	firm	firm	ADJ
easat-7675	185	16	value	value	NOUN
easat-7675	185	17	,	,	PUNCT
easat-7675	185	18	a	a	DET
easat-7675	185	19	phenomenon	phenomenon	NOUN
easat-7675	185	20	known	know	VERB
easat-7675	185	21	in	in	ADP
easat-7675	185	22	moderation	moderation	NOUN
easat-7675	185	23	literature	literature	NOUN
easat-7675	185	24	as	as	ADP
easat-7675	185	25	pure	pure	ADJ
easat-7675	185	26	moderation	moderation	NOUN
easat-7675	185	27	.	.	PUNCT
easat-7675	186	1	pure	pure	ADJ
easat-7675	186	2	moderation	moderation	NOUN
easat-7675	186	3	denotes	denote	VERB
easat-7675	186	4	a	a	DET
easat-7675	186	5	condition	condition	NOUN
easat-7675	186	6	in	in	ADP
easat-7675	186	7	which	which	PRON
easat-7675	186	8	the	the	DET
easat-7675	186	9	moderator	moderator	NOUN
easat-7675	186	10	variable	variable	NOUN
easat-7675	186	11	exerts	exert	VERB
easat-7675	186	12	no	no	DET
easat-7675	186	13	direct	direct	ADJ
easat-7675	186	14	influence	influence	NOUN
easat-7675	186	15	on	on	ADP
easat-7675	186	16	the	the	DET
easat-7675	186	17	dependent	dependent	ADJ
easat-7675	186	18	variable	variable	NOUN
easat-7675	186	19	,	,	PUNCT
easat-7675	186	20	yet	yet	ADV
easat-7675	186	21	affects	affect	VERB
easat-7675	186	22	the	the	DET
easat-7675	186	23	direction	direction	NOUN
easat-7675	186	24	and	and	CCONJ
easat-7675	186	25	intensity	intensity	NOUN
easat-7675	186	26	of	of	ADP
easat-7675	186	27	the	the	DET
easat-7675	186	28	link	link	NOUN
easat-7675	186	29	between	between	ADP
easat-7675	186	30	the	the	DET
easat-7675	186	31	independent	independent	ADJ
easat-7675	186	32	and	and	CCONJ
easat-7675	186	33	dependent	dependent	ADJ
easat-7675	186	34	variables	variable	NOUN
easat-7675	186	35	.	.	PUNCT
easat-7675	187	1	the	the	DET
easat-7675	187	2	impact	impact	NOUN
easat-7675	187	3	of	of	ADP
easat-7675	187	4	capital	capital	NOUN
easat-7675	187	5	structure	structure	NOUN
easat-7675	187	6	on	on	ADP
easat-7675	187	7	business	business	NOUN
easat-7675	187	8	value	value	NOUN
easat-7675	187	9	is	be	AUX
easat-7675	187	10	contingent	contingent	ADJ
easat-7675	187	11	upon	upon	SCONJ
easat-7675	187	12	the	the	DET
easat-7675	187	13	firm	firm	NOUN
easat-7675	187	14	's	's	PART
easat-7675	187	15	size	size	NOUN
easat-7675	187	16	.	.	PUNCT
easat-7675	188	1	these	these	DET
easat-7675	188	2	results	result	NOUN
easat-7675	188	3	suggest	suggest	VERB
easat-7675	188	4	that	that	SCONJ
easat-7675	188	5	large	large	ADJ
easat-7675	188	6	firms	firm	NOUN
easat-7675	188	7	tend	tend	VERB
easat-7675	188	8	to	to	PART
easat-7675	188	9	experience	experience	VERB
easat-7675	188	10	a	a	DET
easat-7675	188	11	decline	decline	NOUN
easat-7675	188	12	in	in	ADP
easat-7675	188	13	firm	firm	ADJ
easat-7675	188	14	value	value	NOUN
easat-7675	188	15	when	when	SCONJ
easat-7675	188	16	the	the	DET
easat-7675	188	17	proportion	proportion	NOUN
easat-7675	188	18	of	of	ADP
easat-7675	188	19	debt	debt	NOUN
easat-7675	188	20	increases	increase	NOUN
easat-7675	188	21	.	.	PUNCT
easat-7675	189	1	this	this	DET
easat-7675	189	2	phenomenon	phenomenon	NOUN
easat-7675	189	3	is	be	AUX
easat-7675	189	4	in	in	ADP
easat-7675	189	5	line	line	NOUN
easat-7675	189	6	with	with	ADP
easat-7675	189	7	the	the	DET
easat-7675	189	8	pecking	pecking	NOUN
easat-7675	189	9	order	order	NOUN
easat-7675	189	10	theory	theory	NOUN
easat-7675	189	11	[	[	X
easat-7675	189	12	12	12	NUM
easat-7675	189	13	]	]	PUNCT
easat-7675	189	14	which	which	PRON
easat-7675	189	15	states	state	VERB
easat-7675	189	16	that	that	SCONJ
easat-7675	189	17	larger	large	ADJ
easat-7675	189	18	firms	firm	NOUN
easat-7675	189	19	are	be	AUX
easat-7675	189	20	more	more	ADV
easat-7675	189	21	likely	likely	ADJ
easat-7675	189	22	to	to	PART
easat-7675	189	23	rely	rely	VERB
easat-7675	189	24	on	on	ADP
easat-7675	189	25	internal	internal	ADJ
easat-7675	189	26	financing	financing	NOUN
easat-7675	189	27	due	due	ADP
easat-7675	189	28	to	to	ADP
easat-7675	189	29	their	their	PRON
easat-7675	189	30	stable	stable	ADJ
easat-7675	189	31	cash	cash	NOUN
easat-7675	189	32	reserves	reserve	NOUN
easat-7675	189	33	,	,	PUNCT
easat-7675	189	34	while	while	SCONJ
easat-7675	189	35	smaller	small	ADJ
easat-7675	189	36	firms	firm	NOUN
easat-7675	189	37	tend	tend	VERB
easat-7675	189	38	to	to	PART
easat-7675	189	39	depend	depend	VERB
easat-7675	189	40	more	more	ADV
easat-7675	189	41	on	on	ADP
easat-7675	189	42	external	external	ADJ
easat-7675	189	43	funding	funding	NOUN
easat-7675	189	44	.	.	PUNCT
easat-7675	190	1	an	an	DET
easat-7675	190	2	increase	increase	NOUN
easat-7675	190	3	in	in	ADP
easat-7675	190	4	leverage	leverage	NOUN
easat-7675	190	5	in	in	ADP
easat-7675	190	6	large	large	ADJ
easat-7675	190	7	firms	firm	NOUN
easat-7675	190	8	may	may	AUX
easat-7675	190	9	be	be	AUX
easat-7675	190	10	interpreted	interpret	VERB
easat-7675	190	11	by	by	ADP
easat-7675	190	12	the	the	DET
easat-7675	190	13	market	market	NOUN
easat-7675	190	14	as	as	ADP
easat-7675	190	15	a	a	DET
easat-7675	190	16	sign	sign	NOUN
easat-7675	190	17	of	of	ADP
easat-7675	190	18	potential	potential	ADJ
easat-7675	190	19	financial	financial	ADJ
easat-7675	190	20	distress	distress	NOUN
easat-7675	190	21	or	or	CCONJ
easat-7675	190	22	imbalance	imbalance	NOUN
easat-7675	190	23	in	in	ADP
easat-7675	190	24	the	the	DET
easat-7675	190	25	capital	capital	NOUN
easat-7675	190	26	structure	structure	NOUN
easat-7675	190	27	,	,	PUNCT
easat-7675	190	28	thus	thus	ADV
easat-7675	190	29	lowering	lower	VERB
easat-7675	190	30	investor	investor	NOUN
easat-7675	190	31	confidence	confidence	NOUN
easat-7675	190	32	.	.	PUNCT
easat-7675	191	1	moreover	moreover	ADV
easat-7675	191	2	,	,	PUNCT
easat-7675	191	3	from	from	ADP
easat-7675	191	4	the	the	DET
easat-7675	191	5	agency	agency	NOUN
easat-7675	191	6	theory	theory	NOUN
easat-7675	191	7	perspective	perspective	NOUN
easat-7675	191	8	,	,	PUNCT
easat-7675	191	9	large	large	ADJ
easat-7675	191	10	and	and	CCONJ
easat-7675	191	11	complex	complex	ADJ
easat-7675	191	12	firms	firm	NOUN
easat-7675	191	13	with	with	ADP
easat-7675	191	14	long	long	ADJ
easat-7675	191	15	managerial	managerial	ADJ
easat-7675	191	16	hierarchies	hierarchy	NOUN
easat-7675	191	17	are	be	AUX
easat-7675	191	18	more	more	ADV
easat-7675	191	19	difficult	difficult	ADJ
easat-7675	191	20	for	for	SCONJ
easat-7675	191	21	shareholders	shareholder	NOUN
easat-7675	191	22	to	to	PART
easat-7675	191	23	monitor	monitor	VERB
easat-7675	191	24	.	.	PUNCT
easat-7675	192	1	although	although	SCONJ
easat-7675	192	2	debt	debt	NOUN
easat-7675	192	3	can	can	AUX
easat-7675	192	4	function	function	VERB
easat-7675	192	5	as	as	ADP
easat-7675	192	6	a	a	DET
easat-7675	192	7	control	control	NOUN
easat-7675	192	8	mechanism	mechanism	NOUN
easat-7675	192	9	,	,	PUNCT
easat-7675	192	10	its	its	PRON
easat-7675	192	11	effectiveness	effectiveness	NOUN
easat-7675	192	12	may	may	AUX
easat-7675	192	13	diminish	diminish	VERB
easat-7675	192	14	in	in	ADP
easat-7675	192	15	large	large	ADJ
easat-7675	192	16	and	and	CCONJ
easat-7675	192	17	complex	complex	ADJ
easat-7675	192	18	organizations	organization	NOUN
easat-7675	192	19	.	.	PUNCT
easat-7675	193	1	this	this	PRON
easat-7675	193	2	increases	increase	VERB
easat-7675	193	3	the	the	DET
easat-7675	193	4	potential	potential	NOUN
easat-7675	193	5	for	for	ADP
easat-7675	193	6	agency	agency	NOUN
easat-7675	193	7	conflicts	conflict	NOUN
easat-7675	193	8	between	between	ADP
easat-7675	193	9	management	management	NOUN
easat-7675	193	10	and	and	CCONJ
easat-7675	193	11	shareholders	shareholder	NOUN
easat-7675	193	12	,	,	PUNCT
easat-7675	193	13	making	make	VERB
easat-7675	193	14	debt	debt	NOUN
easat-7675	193	15	usage	usage	NOUN
easat-7675	193	16	less	less	ADV
easat-7675	193	17	beneficial	beneficial	ADJ
easat-7675	193	18	for	for	ADP
easat-7675	193	19	large	large	ADJ
easat-7675	193	20	firms	firm	NOUN
easat-7675	193	21	’	'	PUNCT
easat-7675	193	22	value	value	NOUN
easat-7675	193	23	.	.	PUNCT
easat-7675	194	1	large	large	ADJ
easat-7675	194	2	firms	firm	NOUN
easat-7675	194	3	also	also	ADV
easat-7675	194	4	typically	typically	ADV
easat-7675	194	5	have	have	VERB
easat-7675	194	6	strong	strong	ADJ
easat-7675	194	7	internal	internal	ADJ
easat-7675	194	8	financial	financial	ADJ
easat-7675	194	9	capacity	capacity	NOUN
easat-7675	194	10	,	,	PUNCT
easat-7675	194	11	reducing	reduce	VERB
easat-7675	194	12	their	their	PRON
easat-7675	194	13	reliance	reliance	NOUN
easat-7675	194	14	on	on	ADP
easat-7675	194	15	external	external	ADJ
easat-7675	194	16	debt	debt	NOUN
easat-7675	194	17	.	.	PUNCT
easat-7675	195	1	when	when	SCONJ
easat-7675	195	2	large	large	ADJ
easat-7675	195	3	firms	firm	NOUN
easat-7675	195	4	significantly	significantly	ADV
easat-7675	195	5	increase	increase	VERB
easat-7675	195	6	their	their	PRON
easat-7675	195	7	debt	debt	NOUN
easat-7675	195	8	,	,	PUNCT
easat-7675	195	9	the	the	DET
easat-7675	195	10	market	market	NOUN
easat-7675	195	11	may	may	AUX
easat-7675	195	12	interpret	interpret	VERB
easat-7675	195	13	this	this	PRON
easat-7675	195	14	as	as	ADP
easat-7675	195	15	a	a	DET
easat-7675	195	16	negative	negative	ADJ
easat-7675	195	17	signal	signal	NOUN
easat-7675	195	18	,	,	PUNCT
easat-7675	195	19	for	for	ADP
easat-7675	195	20	instance	instance	NOUN
easat-7675	195	21	,	,	PUNCT
easat-7675	195	22	inefficiency	inefficiency	NOUN
easat-7675	195	23	in	in	ADP
easat-7675	195	24	managing	manage	VERB
easat-7675	195	25	internal	internal	ADJ
easat-7675	195	26	funds	fund	NOUN
easat-7675	195	27	or	or	CCONJ
easat-7675	195	28	facing	face	VERB
easat-7675	195	29	liquidity	liquidity	NOUN
easat-7675	195	30	pressures	pressure	NOUN
easat-7675	195	31	.	.	PUNCT
easat-7675	196	1	as	as	ADP
easat-7675	196	2	a	a	DET
easat-7675	196	3	result	result	NOUN
easat-7675	196	4	,	,	PUNCT
easat-7675	196	5	investor	investor	NOUN
easat-7675	196	6	risk	risk	NOUN
easat-7675	196	7	perception	perception	NOUN
easat-7675	196	8	increases	increase	NOUN
easat-7675	196	9	,	,	PUNCT
easat-7675	196	10	and	and	CCONJ
easat-7675	196	11	firm	firm	ADJ
easat-7675	196	12	value	value	NOUN
easat-7675	196	13	may	may	AUX
easat-7675	196	14	decline	decline	VERB
easat-7675	196	15	.	.	PUNCT
easat-7675	197	1	from	from	ADP
easat-7675	197	2	a	a	DET
easat-7675	197	3	signaling	signal	VERB
easat-7675	197	4	theory	theory	NOUN
easat-7675	197	5	perspective	perspective	NOUN
easat-7675	197	6	,	,	PUNCT
easat-7675	197	7	although	although	SCONJ
easat-7675	197	8	debt	debt	NOUN
easat-7675	197	9	can	can	AUX
easat-7675	197	10	signal	signal	VERB
easat-7675	197	11	management	management	NOUN
easat-7675	197	12	’s	’s	PART
easat-7675	197	13	confidence	confidence	NOUN
easat-7675	197	14	in	in	ADP
easat-7675	197	15	the	the	DET
easat-7675	197	16	company	company	NOUN
easat-7675	197	17	’s	’s	PART
easat-7675	197	18	prospects	prospect	NOUN
easat-7675	197	19	,	,	PUNCT
easat-7675	197	20	excessive	excessive	ADJ
easat-7675	197	21	debt	debt	NOUN
easat-7675	197	22	usage	usage	NOUN
easat-7675	197	23	in	in	ADP
easat-7675	197	24	large	large	ADJ
easat-7675	197	25	firms	firm	NOUN
easat-7675	197	26	,	,	PUNCT
easat-7675	197	27	where	where	SCONJ
easat-7675	197	28	market	market	NOUN
easat-7675	197	29	expectations	expectation	NOUN
easat-7675	197	30	are	be	AUX
easat-7675	197	31	high	high	ADJ
easat-7675	197	32	,	,	PUNCT
easat-7675	197	33	may	may	AUX
easat-7675	197	34	instead	instead	ADV
easat-7675	197	35	be	be	AUX
easat-7675	197	36	perceived	perceive	VERB
easat-7675	197	37	as	as	ADP
easat-7675	197	38	a	a	DET
easat-7675	197	39	negative	negative	ADJ
easat-7675	197	40	signal	signal	NOUN
easat-7675	197	41	.	.	PUNCT
easat-7675	198	1	investors	investor	NOUN
easat-7675	198	2	might	might	AUX
easat-7675	198	3	interpret	interpret	VERB
easat-7675	198	4	it	it	PRON
easat-7675	198	5	as	as	ADP
easat-7675	198	6	the	the	DET
easat-7675	198	7	firm	firm	NOUN
easat-7675	198	8	’s	’s	PART
easat-7675	198	9	inability	inability	NOUN
easat-7675	198	10	to	to	PART
easat-7675	198	11	optimize	optimize	VERB
easat-7675	198	12	internal	internal	ADJ
easat-7675	198	13	resources	resource	NOUN
easat-7675	198	14	or	or	CCONJ
easat-7675	198	15	as	as	ADP
easat-7675	198	16	a	a	DET
easat-7675	198	17	sign	sign	NOUN
easat-7675	198	18	of	of	ADP
easat-7675	198	19	underlying	underlie	VERB
easat-7675	198	20	operational	operational	ADJ
easat-7675	198	21	risks	risk	NOUN
easat-7675	198	22	.	.	PUNCT
easat-7675	199	1	this	this	DET
easat-7675	199	2	finding	finding	NOUN
easat-7675	199	3	aligns	align	VERB
easat-7675	199	4	with	with	ADP
easat-7675	199	5	the	the	DET
easat-7675	199	6	research	research	NOUN
easat-7675	199	7	by	by	ADP
easat-7675	199	8	hirdinis	hirdinis	NOUN
easat-7675	199	9	[	[	X
easat-7675	199	10	4	4	NUM
easat-7675	199	11	]	]	PUNCT
easat-7675	199	12	which	which	PRON
easat-7675	199	13	showed	show	VERB
easat-7675	199	14	that	that	SCONJ
easat-7675	199	15	firm	firm	ADJ
easat-7675	199	16	size	size	NOUN
easat-7675	199	17	can	can	AUX
easat-7675	199	18	act	act	VERB
easat-7675	199	19	as	as	ADP
easat-7675	199	20	a	a	DET
easat-7675	199	21	moderator	moderator	NOUN
easat-7675	199	22	influencing	influence	VERB
easat-7675	199	23	the	the	DET
easat-7675	199	24	direction	direction	NOUN
easat-7675	199	25	and	and	CCONJ
easat-7675	199	26	intensity	intensity	NOUN
easat-7675	199	27	of	of	ADP
easat-7675	199	28	the	the	DET
easat-7675	199	29	relationship	relationship	NOUN
easat-7675	199	30	between	between	ADP
easat-7675	199	31	capital	capital	NOUN
easat-7675	199	32	structure	structure	NOUN
easat-7675	199	33	and	and	CCONJ
easat-7675	199	34	firm	firm	ADJ
easat-7675	199	35	3247	3247	NUM
easat-7675	199	36	edelweiss	edelweiss	PROPN
easat-7675	199	37	applied	apply	VERB
easat-7675	199	38	science	science	NOUN
easat-7675	199	39	and	and	CCONJ
easat-7675	199	40	technology	technology	NOUN
easat-7675	199	41	issn	issn	PROPN
easat-7675	199	42	:	:	PUNCT
easat-7675	199	43	2576	2576	NUM
easat-7675	199	44	-	-	SYM
easat-7675	199	45	8484	8484	NUM
easat-7675	199	46	vol	vol	NOUN
easat-7675	199	47	.	.	PROPN
easat-7675	200	1	9	9	NUM
easat-7675	200	2	,	,	PUNCT
easat-7675	200	3	no	no	INTJ
easat-7675	200	4	.	.	NOUN
easat-7675	200	5	5	5	NUM
easat-7675	200	6	:	:	SYM
easat-7675	200	7	3240	3240	NUM
easat-7675	200	8	-	-	SYM
easat-7675	200	9	3248	3248	NUM
easat-7675	200	10	,	,	PUNCT
easat-7675	200	11	2025	2025	NUM
easat-7675	200	12	doi	doi	NOUN
easat-7675	200	13	:	:	PUNCT
easat-7675	200	14	10.55214/25768484.v9i5.7675	10.55214/25768484.v9i5.7675	NUM
easat-7675	200	15	©	©	PROPN
easat-7675	200	16	2025	2025	NUM
easat-7675	200	17	by	by	ADP
easat-7675	200	18	the	the	DET
easat-7675	200	19	authors	author	NOUN
easat-7675	200	20	;	;	PUNCT
easat-7675	200	21	licensee	licensee	PROPN
easat-7675	200	22	learning	learn	VERB
easat-7675	200	23	gate	gate	NOUN
easat-7675	200	24	value	value	NOUN
easat-7675	200	25	.	.	PUNCT
easat-7675	201	1	similar	similar	ADJ
easat-7675	201	2	findings	finding	NOUN
easat-7675	201	3	were	be	AUX
easat-7675	201	4	reported	report	VERB
easat-7675	201	5	by	by	ADP
easat-7675	201	6	saeedi	saeedi	NOUN
easat-7675	201	7	and	and	CCONJ
easat-7675	201	8	mahmoodi	mahmoodi	VERB
easat-7675	201	9	[	[	X
easat-7675	201	10	3	3	X
easat-7675	201	11	]	]	PUNCT
easat-7675	201	12	who	who	PRON
easat-7675	201	13	noted	note	VERB
easat-7675	201	14	that	that	SCONJ
easat-7675	201	15	the	the	DET
easat-7675	201	16	sensitivity	sensitivity	NOUN
easat-7675	201	17	of	of	ADP
easat-7675	201	18	firm	firm	ADJ
easat-7675	201	19	value	value	NOUN
easat-7675	201	20	to	to	ADP
easat-7675	201	21	leverage	leverage	NOUN
easat-7675	201	22	depends	depend	VERB
easat-7675	201	23	on	on	ADP
easat-7675	201	24	firm	firm	ADJ
easat-7675	201	25	-	-	PUNCT
easat-7675	201	26	specific	specific	ADJ
easat-7675	201	27	characteristics	characteristic	NOUN
easat-7675	201	28	,	,	PUNCT
easat-7675	201	29	including	include	VERB
easat-7675	201	30	size	size	NOUN
easat-7675	201	31	.	.	PUNCT
easat-7675	202	1	practically	practically	ADV
easat-7675	202	2	,	,	PUNCT
easat-7675	202	3	large	large	ADJ
easat-7675	202	4	firms	firm	NOUN
easat-7675	202	5	are	be	AUX
easat-7675	202	6	generally	generally	ADV
easat-7675	202	7	subject	subject	ADJ
easat-7675	202	8	to	to	ADP
easat-7675	202	9	high	high	ADJ
easat-7675	202	10	market	market	NOUN
easat-7675	202	11	expectations	expectation	NOUN
easat-7675	202	12	regarding	regard	VERB
easat-7675	202	13	financial	financial	ADJ
easat-7675	202	14	stability	stability	NOUN
easat-7675	202	15	and	and	CCONJ
easat-7675	202	16	sustainable	sustainable	ADJ
easat-7675	202	17	earnings	earning	NOUN
easat-7675	202	18	.	.	PUNCT
easat-7675	203	1	therefore	therefore	ADV
easat-7675	203	2	,	,	PUNCT
easat-7675	203	3	a	a	DET
easat-7675	203	4	significant	significant	ADJ
easat-7675	203	5	increase	increase	NOUN
easat-7675	203	6	in	in	ADP
easat-7675	203	7	debt	debt	NOUN
easat-7675	203	8	may	may	AUX
easat-7675	203	9	trigger	trigger	VERB
easat-7675	203	10	investor	investor	NOUN
easat-7675	203	11	concerns	concern	NOUN
easat-7675	203	12	and	and	CCONJ
easat-7675	203	13	negatively	negatively	ADV
easat-7675	203	14	impact	impact	VERB
easat-7675	203	15	firm	firm	ADJ
easat-7675	203	16	value	value	NOUN
easat-7675	203	17	.	.	PUNCT
easat-7675	204	1	5	5	X
easat-7675	204	2	.	.	X
easat-7675	204	3	conclusion	conclusion	NOUN
easat-7675	204	4	and	and	CCONJ
easat-7675	204	5	implications	implication	NOUN
easat-7675	204	6	this	this	DET
easat-7675	204	7	research	research	NOUN
easat-7675	204	8	investigates	investigate	VERB
easat-7675	204	9	how	how	SCONJ
easat-7675	204	10	capital	capital	NOUN
easat-7675	204	11	structure	structure	NOUN
easat-7675	204	12	affects	affect	VERB
easat-7675	204	13	firm	firm	ADJ
easat-7675	204	14	value	value	NOUN
easat-7675	204	15	,	,	PUNCT
easat-7675	204	16	considering	consider	VERB
easat-7675	204	17	firm	firm	ADJ
easat-7675	204	18	size	size	NOUN
easat-7675	204	19	as	as	ADP
easat-7675	204	20	a	a	DET
easat-7675	204	21	moderating	moderate	VERB
easat-7675	204	22	factor	factor	NOUN
easat-7675	204	23	,	,	PUNCT
easat-7675	204	24	specifically	specifically	ADV
easat-7675	204	25	focusing	focus	VERB
easat-7675	204	26	on	on	ADP
easat-7675	204	27	manufacturing	manufacture	VERB
easat-7675	204	28	firms	firm	NOUN
easat-7675	204	29	listed	list	VERB
easat-7675	204	30	on	on	ADP
easat-7675	204	31	the	the	DET
easat-7675	204	32	indonesia	indonesia	PROPN
easat-7675	204	33	stock	stock	PROPN
easat-7675	204	34	exchange	exchange	NOUN
easat-7675	204	35	between	between	ADP
easat-7675	204	36	2020	2020	NUM
easat-7675	204	37	and	and	CCONJ
easat-7675	204	38	2023	2023	NUM
easat-7675	204	39	.	.	PUNCT
easat-7675	205	1	based	base	VERB
easat-7675	205	2	on	on	ADP
easat-7675	205	3	the	the	DET
easat-7675	205	4	panel	panel	NOUN
easat-7675	205	5	data	datum	NOUN
easat-7675	205	6	regression	regression	NOUN
easat-7675	205	7	analysis	analysis	NOUN
easat-7675	205	8	,	,	PUNCT
easat-7675	205	9	the	the	DET
easat-7675	205	10	fixed	fixed	ADJ
easat-7675	205	11	effect	effect	NOUN
easat-7675	205	12	model	model	NOUN
easat-7675	205	13	(	(	PUNCT
easat-7675	205	14	fem	fem	PROPN
easat-7675	205	15	)	)	PUNCT
easat-7675	205	16	emerged	emerge	VERB
easat-7675	205	17	as	as	ADP
easat-7675	205	18	the	the	DET
easat-7675	205	19	most	most	ADV
easat-7675	205	20	appropriate	appropriate	ADJ
easat-7675	205	21	estimation	estimation	NOUN
easat-7675	205	22	technique	technique	NOUN
easat-7675	205	23	.	.	PUNCT
easat-7675	206	1	the	the	DET
easat-7675	206	2	key	key	ADJ
easat-7675	206	3	empirical	empirical	ADJ
easat-7675	206	4	result	result	NOUN
easat-7675	206	5	reveals	reveal	VERB
easat-7675	206	6	a	a	DET
easat-7675	206	7	significant	significant	ADJ
easat-7675	206	8	positive	positive	ADJ
easat-7675	206	9	relationship	relationship	NOUN
easat-7675	206	10	between	between	ADP
easat-7675	206	11	capital	capital	NOUN
easat-7675	206	12	structure	structure	NOUN
easat-7675	206	13	and	and	CCONJ
easat-7675	206	14	firm	firm	ADJ
easat-7675	206	15	value	value	NOUN
easat-7675	206	16	,	,	PUNCT
easat-7675	206	17	which	which	PRON
easat-7675	206	18	aligns	align	VERB
easat-7675	206	19	with	with	ADP
easat-7675	206	20	the	the	DET
easat-7675	206	21	trade	trade	NOUN
easat-7675	206	22	-	-	PUNCT
easat-7675	206	23	off	off	ADP
easat-7675	206	24	theory	theory	NOUN
easat-7675	206	25	that	that	PRON
easat-7675	206	26	supports	support	VERB
easat-7675	206	27	the	the	DET
easat-7675	206	28	strategic	strategic	ADJ
easat-7675	206	29	use	use	NOUN
easat-7675	206	30	of	of	ADP
easat-7675	206	31	debt	debt	NOUN
easat-7675	206	32	to	to	PART
easat-7675	206	33	enhance	enhance	VERB
easat-7675	206	34	firm	firm	ADJ
easat-7675	206	35	value	value	NOUN
easat-7675	206	36	through	through	ADP
easat-7675	206	37	tax	tax	NOUN
easat-7675	206	38	-	-	PUNCT
easat-7675	206	39	related	relate	VERB
easat-7675	206	40	benefits	benefit	NOUN
easat-7675	206	41	.	.	PUNCT
easat-7675	207	1	nonetheless	nonetheless	ADV
easat-7675	207	2	,	,	PUNCT
easat-7675	207	3	firm	firm	ADJ
easat-7675	207	4	size	size	NOUN
easat-7675	207	5	does	do	AUX
easat-7675	207	6	not	not	PART
easat-7675	207	7	exert	exert	VERB
easat-7675	207	8	a	a	DET
easat-7675	207	9	direct	direct	ADJ
easat-7675	207	10	effect	effect	NOUN
easat-7675	207	11	on	on	ADP
easat-7675	207	12	firm	firm	ADJ
easat-7675	207	13	value	value	NOUN
easat-7675	207	14	.	.	PUNCT
easat-7675	208	1	this	this	PRON
easat-7675	208	2	suggests	suggest	VERB
easat-7675	208	3	that	that	SCONJ
easat-7675	208	4	,	,	PUNCT
easat-7675	208	5	within	within	ADP
easat-7675	208	6	the	the	DET
easat-7675	208	7	realm	realm	NOUN
easat-7675	208	8	of	of	ADP
easat-7675	208	9	manufacturing	manufacturing	NOUN
easat-7675	208	10	enterprises	enterprise	NOUN
easat-7675	208	11	in	in	ADP
easat-7675	208	12	indonesia	indonesia	PROPN
easat-7675	208	13	,	,	PUNCT
easat-7675	208	14	the	the	DET
easat-7675	208	15	magnitude	magnitude	NOUN
easat-7675	208	16	of	of	ADP
easat-7675	208	17	assets	asset	NOUN
easat-7675	208	18	or	or	CCONJ
easat-7675	208	19	firm	firm	ADJ
easat-7675	208	20	size	size	NOUN
easat-7675	208	21	is	be	AUX
easat-7675	208	22	not	not	PART
easat-7675	208	23	a	a	DET
easat-7675	208	24	principal	principal	ADJ
easat-7675	208	25	factor	factor	NOUN
easat-7675	208	26	influencing	influence	VERB
easat-7675	208	27	market	market	NOUN
easat-7675	208	28	views	view	NOUN
easat-7675	208	29	of	of	ADP
easat-7675	208	30	firm	firm	ADJ
easat-7675	208	31	value	value	NOUN
easat-7675	208	32	.	.	PUNCT
easat-7675	209	1	the	the	DET
easat-7675	209	2	relationship	relationship	NOUN
easat-7675	209	3	between	between	ADP
easat-7675	209	4	capital	capital	NOUN
easat-7675	209	5	structure	structure	NOUN
easat-7675	209	6	and	and	CCONJ
easat-7675	209	7	firm	firm	ADJ
easat-7675	209	8	size	size	NOUN
easat-7675	209	9	exhibits	exhibit	VERB
easat-7675	209	10	a	a	DET
easat-7675	209	11	negative	negative	ADJ
easat-7675	209	12	correlation	correlation	NOUN
easat-7675	209	13	,	,	PUNCT
easat-7675	209	14	indicating	indicate	VERB
easat-7675	209	15	that	that	SCONJ
easat-7675	209	16	larger	large	ADJ
easat-7675	209	17	organizations	organization	NOUN
easat-7675	209	18	are	be	AUX
easat-7675	209	19	more	more	ADV
easat-7675	209	20	susceptible	susceptible	ADJ
easat-7675	209	21	to	to	ADP
easat-7675	209	22	the	the	DET
easat-7675	209	23	hazards	hazard	NOUN
easat-7675	209	24	linked	link	VERB
easat-7675	209	25	to	to	ADP
easat-7675	209	26	leverage	leverage	NOUN
easat-7675	209	27	,	,	PUNCT
easat-7675	209	28	and	and	CCONJ
easat-7675	209	29	that	that	SCONJ
easat-7675	209	30	excessive	excessive	ADJ
easat-7675	209	31	debt	debt	NOUN
easat-7675	209	32	accumulation	accumulation	NOUN
easat-7675	209	33	may	may	AUX
easat-7675	209	34	diminish	diminish	VERB
easat-7675	209	35	firm	firm	ADJ
easat-7675	209	36	value	value	NOUN
easat-7675	209	37	.	.	PUNCT
easat-7675	210	1	practically	practically	ADV
easat-7675	210	2	,	,	PUNCT
easat-7675	210	3	these	these	DET
easat-7675	210	4	findings	finding	NOUN
easat-7675	210	5	imply	imply	VERB
easat-7675	210	6	that	that	SCONJ
easat-7675	210	7	corporate	corporate	ADJ
easat-7675	210	8	management	management	NOUN
easat-7675	210	9	should	should	AUX
easat-7675	210	10	tailor	tailor	VERB
easat-7675	210	11	capital	capital	NOUN
easat-7675	210	12	structure	structure	NOUN
easat-7675	210	13	policies	policy	NOUN
easat-7675	210	14	by	by	ADP
easat-7675	210	15	taking	take	VERB
easat-7675	210	16	firm	firm	ADJ
easat-7675	210	17	size	size	NOUN
easat-7675	210	18	into	into	ADP
easat-7675	210	19	consideration	consideration	NOUN
easat-7675	210	20	.	.	PUNCT
easat-7675	211	1	large	large	ADJ
easat-7675	211	2	firms	firm	NOUN
easat-7675	211	3	need	need	VERB
easat-7675	211	4	to	to	PART
easat-7675	211	5	be	be	AUX
easat-7675	211	6	more	more	ADV
easat-7675	211	7	cautious	cautious	ADJ
easat-7675	211	8	when	when	SCONJ
easat-7675	211	9	increasing	increase	VERB
easat-7675	211	10	debt	debt	NOUN
easat-7675	211	11	,	,	PUNCT
easat-7675	211	12	as	as	SCONJ
easat-7675	211	13	market	market	NOUN
easat-7675	211	14	expectations	expectation	NOUN
easat-7675	211	15	regarding	regard	VERB
easat-7675	211	16	financial	financial	ADJ
easat-7675	211	17	stability	stability	NOUN
easat-7675	211	18	tend	tend	VERB
easat-7675	211	19	to	to	PART
easat-7675	211	20	be	be	AUX
easat-7675	211	21	higher	high	ADJ
easat-7675	211	22	.	.	PUNCT
easat-7675	212	1	on	on	ADP
easat-7675	212	2	the	the	DET
easat-7675	212	3	other	other	ADJ
easat-7675	212	4	hand	hand	NOUN
easat-7675	212	5	,	,	PUNCT
easat-7675	212	6	small	small	ADJ
easat-7675	212	7	to	to	PART
easat-7675	212	8	medium	medium	ADJ
easat-7675	212	9	-	-	PUNCT
easat-7675	212	10	sized	sized	ADJ
easat-7675	212	11	firms	firm	NOUN
easat-7675	212	12	still	still	ADV
easat-7675	212	13	have	have	VERB
easat-7675	212	14	room	room	NOUN
easat-7675	212	15	to	to	PART
easat-7675	212	16	utilize	utilize	VERB
easat-7675	212	17	debt	debt	NOUN
easat-7675	212	18	as	as	ADP
easat-7675	212	19	a	a	DET
easat-7675	212	20	strategy	strategy	NOUN
easat-7675	212	21	to	to	PART
easat-7675	212	22	enhance	enhance	VERB
easat-7675	212	23	firm	firm	ADJ
easat-7675	212	24	value	value	NOUN
easat-7675	212	25	.	.	PUNCT
easat-7675	213	1	although	although	SCONJ
easat-7675	213	2	this	this	DET
easat-7675	213	3	study	study	NOUN
easat-7675	213	4	contributes	contribute	VERB
easat-7675	213	5	both	both	PRON
easat-7675	213	6	theoretically	theoretically	ADV
easat-7675	213	7	and	and	CCONJ
easat-7675	213	8	practically	practically	ADV
easat-7675	213	9	,	,	PUNCT
easat-7675	213	10	several	several	ADJ
easat-7675	213	11	limitations	limitation	NOUN
easat-7675	213	12	should	should	AUX
easat-7675	213	13	be	be	AUX
easat-7675	213	14	noted	note	VERB
easat-7675	213	15	.	.	PUNCT
easat-7675	214	1	first	first	ADV
easat-7675	214	2	,	,	PUNCT
easat-7675	214	3	firm	firm	ADJ
easat-7675	214	4	value	value	NOUN
easat-7675	214	5	in	in	ADP
easat-7675	214	6	this	this	DET
easat-7675	214	7	study	study	NOUN
easat-7675	214	8	is	be	AUX
easat-7675	214	9	measured	measure	VERB
easat-7675	214	10	solely	solely	ADV
easat-7675	214	11	using	use	VERB
easat-7675	214	12	the	the	DET
easat-7675	214	13	price	price	NOUN
easat-7675	214	14	earnings	earning	NOUN
easat-7675	214	15	ratio	ratio	NOUN
easat-7675	214	16	(	(	PUNCT
easat-7675	214	17	per	per	ADP
easat-7675	214	18	)	)	PUNCT
easat-7675	214	19	,	,	PUNCT
easat-7675	214	20	while	while	SCONJ
easat-7675	214	21	other	other	ADJ
easat-7675	214	22	alternatives	alternative	NOUN
easat-7675	214	23	such	such	ADJ
easat-7675	214	24	as	as	ADP
easat-7675	214	25	tobin	tobin	PROPN
easat-7675	214	26	’s	’s	PART
easat-7675	214	27	q	q	NOUN
easat-7675	214	28	or	or	CCONJ
easat-7675	214	29	price	price	NOUN
easat-7675	214	30	to	to	ADP
easat-7675	214	31	book	book	NOUN
easat-7675	214	32	value	value	NOUN
easat-7675	214	33	(	(	PUNCT
easat-7675	214	34	pbv	pbv	NOUN
easat-7675	214	35	)	)	PUNCT
easat-7675	214	36	may	may	AUX
easat-7675	214	37	offer	offer	VERB
easat-7675	214	38	a	a	DET
easat-7675	214	39	more	more	ADV
easat-7675	214	40	comprehensive	comprehensive	ADJ
easat-7675	214	41	view	view	NOUN
easat-7675	214	42	.	.	PUNCT
easat-7675	215	1	second	second	ADV
easat-7675	215	2	,	,	PUNCT
easat-7675	215	3	the	the	DET
easat-7675	215	4	research	research	NOUN
easat-7675	215	5	scope	scope	NOUN
easat-7675	215	6	is	be	AUX
easat-7675	215	7	limited	limit	VERB
easat-7675	215	8	to	to	ADP
easat-7675	215	9	manufacturing	manufacturing	NOUN
easat-7675	215	10	firms	firm	NOUN
easat-7675	215	11	listed	list	VERB
easat-7675	215	12	on	on	ADP
easat-7675	215	13	the	the	DET
easat-7675	215	14	idx	idx	PROPN
easat-7675	215	15	,	,	PUNCT
easat-7675	215	16	which	which	PRON
easat-7675	215	17	means	mean	VERB
easat-7675	215	18	the	the	DET
easat-7675	215	19	findings	finding	NOUN
easat-7675	215	20	may	may	AUX
easat-7675	215	21	not	not	PART
easat-7675	215	22	be	be	AUX
easat-7675	215	23	generalizable	generalizable	ADJ
easat-7675	215	24	to	to	ADP
easat-7675	215	25	other	other	ADJ
easat-7675	215	26	industry	industry	NOUN
easat-7675	215	27	sectors	sector	NOUN
easat-7675	215	28	.	.	PUNCT
easat-7675	216	1	third	third	ADV
easat-7675	216	2	,	,	PUNCT
easat-7675	216	3	the	the	DET
easat-7675	216	4	relatively	relatively	ADV
easat-7675	216	5	short	short	ADJ
easat-7675	216	6	observation	observation	NOUN
easat-7675	216	7	period	period	NOUN
easat-7675	216	8	(	(	PUNCT
easat-7675	216	9	2020–2023	2020–2023	NUM
easat-7675	216	10	)	)	PUNCT
easat-7675	216	11	may	may	AUX
easat-7675	216	12	limit	limit	VERB
easat-7675	216	13	insights	insight	NOUN
easat-7675	216	14	into	into	ADP
easat-7675	216	15	long	long	ADJ
easat-7675	216	16	-	-	PUNCT
easat-7675	216	17	term	term	NOUN
easat-7675	216	18	market	market	NOUN
easat-7675	216	19	dynamics	dynamic	NOUN
easat-7675	216	20	,	,	PUNCT
easat-7675	216	21	especially	especially	ADV
easat-7675	216	22	in	in	ADP
easat-7675	216	23	the	the	DET
easat-7675	216	24	post	post	ADJ
easat-7675	216	25	-	-	ADJ
easat-7675	216	26	covid19	covid19	ADJ
easat-7675	216	27	pandemic	pandemic	ADJ
easat-7675	216	28	era	era	NOUN
easat-7675	216	29	.	.	PUNCT
easat-7675	217	1	for	for	ADP
easat-7675	217	2	future	future	ADJ
easat-7675	217	3	research	research	NOUN
easat-7675	217	4	development	development	NOUN
easat-7675	217	5	,	,	PUNCT
easat-7675	217	6	it	it	PRON
easat-7675	217	7	is	be	AUX
easat-7675	217	8	recommended	recommend	VERB
easat-7675	217	9	that	that	SCONJ
easat-7675	217	10	:	:	PUNCT
easat-7675	217	11	1	1	X
easat-7675	217	12	.	.	X
easat-7675	217	13	the	the	DET
easat-7675	217	14	research	research	NOUN
easat-7675	217	15	model	model	NOUN
easat-7675	217	16	be	be	AUX
easat-7675	217	17	expanded	expand	VERB
easat-7675	217	18	by	by	ADP
easat-7675	217	19	including	include	VERB
easat-7675	217	20	additional	additional	ADJ
easat-7675	217	21	control	control	NOUN
easat-7675	217	22	variables	variable	NOUN
easat-7675	217	23	such	such	ADJ
easat-7675	217	24	as	as	ADP
easat-7675	217	25	profitability	profitability	NOUN
easat-7675	217	26	,	,	PUNCT
easat-7675	217	27	liquidity	liquidity	NOUN
easat-7675	217	28	,	,	PUNCT
easat-7675	217	29	and	and	CCONJ
easat-7675	217	30	corporate	corporate	ADJ
easat-7675	217	31	governance	governance	NOUN
easat-7675	217	32	;	;	PUNCT
easat-7675	218	1	2	2	X
easat-7675	218	2	.	.	X
easat-7675	218	3	the	the	DET
easat-7675	218	4	observation	observation	NOUN
easat-7675	218	5	period	period	NOUN
easat-7675	218	6	be	be	AUX
easat-7675	218	7	extended	extend	VERB
easat-7675	218	8	to	to	PART
easat-7675	218	9	capture	capture	VERB
easat-7675	218	10	broader	broader	ADV
easat-7675	218	11	and	and	CCONJ
easat-7675	218	12	more	more	ADV
easat-7675	218	13	representative	representative	ADJ
easat-7675	218	14	market	market	NOUN
easat-7675	218	15	dynamics	dynamic	NOUN
easat-7675	218	16	;	;	PUNCT
easat-7675	218	17	and	and	CCONJ
easat-7675	218	18	3	3	X
easat-7675	218	19	.	.	X
easat-7675	218	20	the	the	DET
easat-7675	218	21	research	research	NOUN
easat-7675	218	22	scope	scope	NOUN
easat-7675	218	23	be	be	AUX
easat-7675	218	24	expanded	expand	VERB
easat-7675	218	25	to	to	ADP
easat-7675	218	26	other	other	ADJ
easat-7675	218	27	industry	industry	NOUN
easat-7675	218	28	sectors	sector	NOUN
easat-7675	218	29	such	such	ADJ
easat-7675	218	30	as	as	ADP
easat-7675	218	31	finance	finance	NOUN
easat-7675	218	32	,	,	PUNCT
easat-7675	218	33	mining	mining	NOUN
easat-7675	218	34	,	,	PUNCT
easat-7675	218	35	or	or	CCONJ
easat-7675	218	36	property	property	NOUN
easat-7675	218	37	,	,	PUNCT
easat-7675	218	38	to	to	PART
easat-7675	218	39	provide	provide	VERB
easat-7675	218	40	a	a	DET
easat-7675	218	41	more	more	ADV
easat-7675	218	42	comprehensive	comprehensive	ADJ
easat-7675	218	43	understanding	understanding	NOUN
easat-7675	218	44	of	of	ADP
easat-7675	218	45	the	the	DET
easat-7675	218	46	impact	impact	NOUN
easat-7675	218	47	of	of	ADP
easat-7675	218	48	capital	capital	NOUN
easat-7675	218	49	structure	structure	NOUN
easat-7675	218	50	on	on	ADP
easat-7675	218	51	firm	firm	ADJ
easat-7675	218	52	value	value	NOUN
easat-7675	218	53	in	in	ADP
easat-7675	218	54	indonesia	indonesia	PROPN
easat-7675	218	55	.	.	PUNCT
easat-7675	219	1	transparency	transparency	NOUN
easat-7675	219	2	:	:	PUNCT
easat-7675	219	3	the	the	DET
easat-7675	219	4	authors	author	NOUN
easat-7675	219	5	confirm	confirm	VERB
easat-7675	219	6	that	that	SCONJ
easat-7675	219	7	the	the	DET
easat-7675	219	8	manuscript	manuscript	NOUN
easat-7675	219	9	is	be	AUX
easat-7675	219	10	an	an	DET
easat-7675	219	11	honest	honest	ADJ
easat-7675	219	12	,	,	PUNCT
easat-7675	219	13	accurate	accurate	ADJ
easat-7675	219	14	,	,	PUNCT
easat-7675	219	15	and	and	CCONJ
easat-7675	219	16	transparent	transparent	ADJ
easat-7675	219	17	account	account	NOUN
easat-7675	219	18	of	of	ADP
easat-7675	219	19	the	the	DET
easat-7675	219	20	study	study	NOUN
easat-7675	219	21	;	;	PUNCT
easat-7675	219	22	that	that	SCONJ
easat-7675	219	23	no	no	DET
easat-7675	219	24	vital	vital	ADJ
easat-7675	219	25	features	feature	NOUN
easat-7675	219	26	of	of	ADP
easat-7675	219	27	the	the	DET
easat-7675	219	28	study	study	NOUN
easat-7675	219	29	have	have	AUX
easat-7675	219	30	been	be	AUX
easat-7675	219	31	omitted	omit	VERB
easat-7675	219	32	;	;	PUNCT
easat-7675	219	33	and	and	CCONJ
easat-7675	219	34	that	that	SCONJ
easat-7675	219	35	any	any	DET
easat-7675	219	36	discrepancies	discrepancy	NOUN
easat-7675	219	37	from	from	ADP
easat-7675	219	38	the	the	DET
easat-7675	219	39	study	study	NOUN
easat-7675	219	40	as	as	SCONJ
easat-7675	219	41	planned	plan	VERB
easat-7675	219	42	have	have	AUX
easat-7675	219	43	been	be	AUX
easat-7675	219	44	explained	explain	VERB
easat-7675	219	45	.	.	PUNCT
easat-7675	220	1	this	this	DET
easat-7675	220	2	study	study	NOUN
easat-7675	220	3	followed	follow	VERB
easat-7675	220	4	all	all	DET
easat-7675	220	5	ethical	ethical	ADJ
easat-7675	220	6	practices	practice	NOUN
easat-7675	220	7	during	during	ADP
easat-7675	220	8	writing	writing	NOUN
easat-7675	220	9	.	.	PUNCT
easat-7675	221	1	acknowledgment	acknowledgment	NOUN
easat-7675	221	2	:	:	PUNCT
easat-7675	221	3	our	our	PRON
easat-7675	221	4	sincere	sincere	ADJ
easat-7675	221	5	gratitude	gratitude	NOUN
easat-7675	221	6	goes	go	VERB
easat-7675	221	7	to	to	ADP
easat-7675	221	8	universitas	universitas	PROPN
easat-7675	221	9	halu	halu	PROPN
easat-7675	221	10	oleo	oleo	PROPN
easat-7675	221	11	,	,	PUNCT
easat-7675	221	12	kendari	kendari	PROPN
easat-7675	221	13	,	,	PUNCT
easat-7675	221	14	indonesia	indonesia	PROPN
easat-7675	221	15	,	,	PUNCT
easat-7675	221	16	for	for	ADP
easat-7675	221	17	their	their	PRON
easat-7675	221	18	feedback	feedback	NOUN
easat-7675	221	19	and	and	CCONJ
easat-7675	221	20	continuous	continuous	ADJ
easat-7675	221	21	support	support	NOUN
easat-7675	221	22	.	.	PUNCT
easat-7675	222	1	copyright	copyright	NOUN
easat-7675	222	2	:	:	PUNCT
easat-7675	222	3	©	©	PROPN
easat-7675	222	4	2025	2025	NUM
easat-7675	222	5	by	by	ADP
easat-7675	222	6	the	the	DET
easat-7675	222	7	authors	author	NOUN
easat-7675	222	8	.	.	PUNCT
easat-7675	223	1	this	this	DET
easat-7675	223	2	open	open	ADJ
easat-7675	223	3	-	-	PUNCT
easat-7675	223	4	access	access	NOUN
easat-7675	223	5	article	article	NOUN
easat-7675	223	6	is	be	AUX
easat-7675	223	7	distributed	distribute	VERB
easat-7675	223	8	under	under	ADP
easat-7675	223	9	the	the	DET
easat-7675	223	10	terms	term	NOUN
easat-7675	223	11	and	and	CCONJ
easat-7675	223	12	conditions	condition	NOUN
easat-7675	223	13	of	of	ADP
easat-7675	223	14	the	the	DET
easat-7675	223	15	creative	creative	ADJ
easat-7675	223	16	commons	common	NOUN
easat-7675	223	17	attribution	attribution	NOUN
easat-7675	223	18	(	(	PUNCT
easat-7675	223	19	cc	cc	NOUN
easat-7675	223	20	by	by	ADP
easat-7675	223	21	)	)	PUNCT
easat-7675	223	22	license	license	NOUN
easat-7675	223	23	(	(	PUNCT
easat-7675	223	24	https://creativecommons.org/licenses/by/4.0/	https://creativecommons.org/licenses/by/4.0/	PROPN
easat-7675	223	25	)	)	PUNCT
easat-7675	223	26	.	.	PUNCT
easat-7675	224	1	https://creativecommons.org/licenses/by/4.0/	https://creativecommons.org/licenses/by/4.0/	PROPN
easat-7675	224	2	3248	3248	NUM
easat-7675	224	3	edelweiss	edelweiss	PROPN
easat-7675	224	4	applied	apply	VERB
easat-7675	224	5	science	science	NOUN
easat-7675	224	6	and	and	CCONJ
easat-7675	224	7	technology	technology	NOUN
easat-7675	224	8	issn	issn	PROPN
easat-7675	224	9	:	:	PUNCT
easat-7675	224	10	2576	2576	NUM
easat-7675	224	11	-	-	SYM
easat-7675	224	12	8484	8484	NUM
easat-7675	224	13	vol	vol	NOUN
easat-7675	224	14	.	.	PROPN
easat-7675	225	1	9	9	NUM
easat-7675	225	2	,	,	PUNCT
easat-7675	225	3	no	no	INTJ
easat-7675	225	4	.	.	NOUN
easat-7675	225	5	5	5	NUM
easat-7675	225	6	:	:	SYM
easat-7675	225	7	3240	3240	NUM
easat-7675	225	8	-	-	SYM
easat-7675	225	9	3248	3248	NUM
easat-7675	225	10	,	,	PUNCT
easat-7675	225	11	2025	2025	NUM
easat-7675	225	12	doi	doi	NOUN
easat-7675	225	13	:	:	PUNCT
easat-7675	225	14	10.55214/25768484.v9i5.7675	10.55214/25768484.v9i5.7675	NUM
easat-7675	225	15	©	©	PROPN
easat-7675	225	16	2025	2025	NUM
easat-7675	225	17	by	by	ADP
easat-7675	225	18	the	the	DET
easat-7675	225	19	authors	author	NOUN
easat-7675	225	20	;	;	PUNCT
easat-7675	225	21	licensee	licensee	PROPN
easat-7675	225	22	learning	learn	VERB
easat-7675	225	23	gate	gate	NOUN
easat-7675	225	24	references	reference	NOUN
easat-7675	225	25	[	[	X
easat-7675	225	26	1	1	NUM
easat-7675	225	27	]	]	PUNCT
easat-7675	225	28	w.	w.	PROPN
easat-7675	225	29	l.	l.	PROPN
easat-7675	225	30	megginson	megginson	PROPN
easat-7675	225	31	,	,	PUNCT
easat-7675	225	32	corporate	corporate	ADJ
easat-7675	225	33	finance	finance	NOUN
easat-7675	225	34	theory	theory	NOUN
easat-7675	225	35	.	.	PUNCT
easat-7675	226	1	boston	boston	PROPN
easat-7675	226	2	:	:	PUNCT
easat-7675	226	3	addison	addison	PROPN
easat-7675	226	4	-	-	PUNCT
easat-7675	226	5	wesley	wesley	PROPN
easat-7675	226	6	,	,	PUNCT
easat-7675	226	7	1997	1997	NUM
easat-7675	226	8	.	.	PUNCT
easat-7675	227	1	[	[	X
easat-7675	227	2	2	2	NUM
easat-7675	227	3	]	]	PUNCT
easat-7675	227	4	f.	f.	PROPN
easat-7675	227	5	modigliani	modigliani	PROPN
easat-7675	227	6	and	and	CCONJ
easat-7675	227	7	m.	m.	PROPN
easat-7675	227	8	h.	h.	PROPN
easat-7675	227	9	miller	miller	PROPN
easat-7675	227	10	,	,	PUNCT
easat-7675	227	11	"	"	PUNCT
easat-7675	227	12	the	the	DET
easat-7675	227	13	cost	cost	NOUN
easat-7675	227	14	of	of	ADP
easat-7675	227	15	capital	capital	NOUN
easat-7675	227	16	,	,	PUNCT
easat-7675	227	17	corporation	corporation	NOUN
easat-7675	227	18	finance	finance	NOUN
easat-7675	227	19	and	and	CCONJ
easat-7675	227	20	the	the	DET
easat-7675	227	21	theory	theory	NOUN
easat-7675	227	22	of	of	ADP
easat-7675	227	23	investment	investment	NOUN
easat-7675	227	24	,	,	PUNCT
easat-7675	227	25	"	"	PUNCT
easat-7675	227	26	the	the	DET
easat-7675	227	27	american	american	PROPN
easat-7675	227	28	economic	economic	PROPN
easat-7675	227	29	review	review	PROPN
easat-7675	227	30	,	,	PUNCT
easat-7675	227	31	vol	vol	NOUN
easat-7675	227	32	.	.	PROPN
easat-7675	227	33	48	48	NUM
easat-7675	227	34	,	,	PUNCT
easat-7675	227	35	no	no	INTJ
easat-7675	227	36	.	.	NOUN
easat-7675	227	37	3	3	NUM
easat-7675	227	38	,	,	PUNCT
easat-7675	227	39	pp	pp	ADJ
easat-7675	227	40	.	.	PUNCT
easat-7675	228	1	261	261	NUM
easat-7675	228	2	-	-	SYM
easat-7675	228	3	297	297	NUM
easat-7675	228	4	,	,	PUNCT
easat-7675	228	5	1958	1958	NUM
easat-7675	228	6	.	.	PUNCT
easat-7675	229	1	https://doi.org/10.2307/1809766	https://doi.org/10.2307/1809766	X
easat-7675	230	1	[	[	X
easat-7675	230	2	3	3	NUM
easat-7675	230	3	]	]	PUNCT
easat-7675	230	4	a.	a.	NOUN
easat-7675	230	5	saeedi	saeedi	NOUN
easat-7675	230	6	and	and	CCONJ
easat-7675	230	7	i.	i.	NOUN
easat-7675	230	8	mahmoodi	mahmoodi	PROPN
easat-7675	230	9	,	,	PUNCT
easat-7675	230	10	"	"	PUNCT
easat-7675	230	11	capital	capital	NOUN
easat-7675	230	12	structure	structure	NOUN
easat-7675	230	13	and	and	CCONJ
easat-7675	230	14	firm	firm	ADJ
easat-7675	230	15	performance	performance	NOUN
easat-7675	230	16	:	:	PUNCT
easat-7675	230	17	evidence	evidence	NOUN
easat-7675	230	18	from	from	ADP
easat-7675	230	19	iranian	iranian	ADJ
easat-7675	230	20	companies	company	NOUN
easat-7675	230	21	,	,	PUNCT
easat-7675	230	22	"	"	PUNCT
easat-7675	230	23	international	international	ADJ
easat-7675	230	24	research	research	NOUN
easat-7675	230	25	journal	journal	NOUN
easat-7675	230	26	of	of	ADP
easat-7675	230	27	finance	finance	NOUN
easat-7675	230	28	and	and	CCONJ
easat-7675	230	29	economics	economic	NOUN
easat-7675	230	30	,	,	PUNCT
easat-7675	230	31	vol	vol	NOUN
easat-7675	230	32	.	.	PROPN
easat-7675	230	33	70	70	NUM
easat-7675	230	34	,	,	PUNCT
easat-7675	230	35	pp	pp	ADJ
easat-7675	230	36	.	.	PUNCT
easat-7675	231	1	20	20	NUM
easat-7675	231	2	-	-	SYM
easat-7675	231	3	29	29	NUM
easat-7675	231	4	,	,	PUNCT
easat-7675	231	5	2011	2011	NUM
easat-7675	231	6	.	.	PUNCT
easat-7675	232	1	[	[	X
easat-7675	232	2	4	4	NUM
easat-7675	232	3	]	]	X
easat-7675	232	4	m.	m.	NOUN
easat-7675	232	5	hirdinis	hirdinis	NOUN
easat-7675	232	6	,	,	PUNCT
easat-7675	232	7	"	"	PUNCT
easat-7675	232	8	capital	capital	NOUN
easat-7675	232	9	structure	structure	NOUN
easat-7675	232	10	and	and	CCONJ
easat-7675	232	11	firm	firm	ADJ
easat-7675	232	12	size	size	NOUN
easat-7675	232	13	on	on	ADP
easat-7675	232	14	firm	firm	ADJ
easat-7675	232	15	value	value	NOUN
easat-7675	232	16	moderated	moderate	VERB
easat-7675	232	17	by	by	ADP
easat-7675	232	18	profitability	profitability	NOUN
easat-7675	232	19	,	,	PUNCT
easat-7675	232	20	"	"	PUNCT
easat-7675	232	21	international	international	ADJ
easat-7675	232	22	journal	journal	NOUN
easat-7675	232	23	of	of	ADP
easat-7675	232	24	economics	economic	NOUN
easat-7675	232	25	and	and	CCONJ
easat-7675	232	26	business	business	NOUN
easat-7675	232	27	administration	administration	PROPN
easat-7675	232	28	,	,	PUNCT
easat-7675	232	29	vol	vol	NOUN
easat-7675	232	30	.	.	PROPN
easat-7675	232	31	7	7	NUM
easat-7675	232	32	,	,	PUNCT
easat-7675	232	33	no	no	INTJ
easat-7675	232	34	.	.	NOUN
easat-7675	232	35	1	1	NUM
easat-7675	232	36	,	,	PUNCT
easat-7675	232	37	pp	pp	ADJ
easat-7675	232	38	.	.	PUNCT
easat-7675	233	1	174–191	174–191	NUM
easat-7675	233	2	,	,	PUNCT
easat-7675	233	3	2019	2019	NUM
easat-7675	233	4	.	.	PUNCT
easat-7675	234	1	https://doi.org/10.35808/ijeba/228	https://doi.org/10.35808/ijeba/228	PROPN
easat-7675	235	1	[	[	X
easat-7675	235	2	5	5	X
easat-7675	235	3	]	]	PUNCT
easat-7675	235	4	e.	e.	PROPN
easat-7675	235	5	nurdin	nurdin	PROPN
easat-7675	235	6	,	,	PUNCT
easat-7675	235	7	f.	f.	PROPN
easat-7675	235	8	fitriaman	fitriaman	PROPN
easat-7675	235	9	,	,	PUNCT
easat-7675	235	10	and	and	CCONJ
easat-7675	235	11	w.	w.	PROPN
easat-7675	235	12	n.	n.	PROPN
easat-7675	235	13	aqurat	aqurat	PROPN
easat-7675	235	14	,	,	PUNCT
easat-7675	235	15	"	"	PUNCT
easat-7675	235	16	empirical	empirical	ADJ
easat-7675	235	17	testing	testing	NOUN
easat-7675	235	18	of	of	ADP
easat-7675	235	19	capital	capital	NOUN
easat-7675	235	20	structure	structure	NOUN
easat-7675	235	21	and	and	CCONJ
easat-7675	235	22	profitability	profitability	NOUN
easat-7675	235	23	as	as	ADP
easat-7675	235	24	mechanisms	mechanism	NOUN
easat-7675	235	25	to	to	PART
easat-7675	235	26	enhance	enhance	VERB
easat-7675	235	27	firm	firm	ADJ
easat-7675	235	28	value	value	NOUN
easat-7675	235	29	,	,	PUNCT
easat-7675	235	30	"	"	PUNCT
easat-7675	235	31	jurnal	jurnal	ADJ
easat-7675	235	32	aset	aset	NOUN
easat-7675	235	33	(	(	PUNCT
easat-7675	235	34	akuntansi	akuntansi	PROPN
easat-7675	235	35	riset	riset	PROPN
easat-7675	235	36	)	)	PUNCT
easat-7675	235	37	,	,	PUNCT
easat-7675	235	38	vol	vol	NOUN
easat-7675	235	39	.	.	PROPN
easat-7675	235	40	15	15	NUM
easat-7675	235	41	,	,	PUNCT
easat-7675	235	42	no	no	INTJ
easat-7675	235	43	.	.	NOUN
easat-7675	235	44	2	2	NUM
easat-7675	235	45	,	,	PUNCT
easat-7675	235	46	pp	pp	ADJ
easat-7675	235	47	.	.	PUNCT
easat-7675	236	1	221	221	NUM
easat-7675	236	2	-	-	SYM
easat-7675	236	3	228	228	NUM
easat-7675	236	4	,	,	PUNCT
easat-7675	236	5	2023	2023	NUM
easat-7675	236	6	.	.	PUNCT
easat-7675	237	1	https://doi.org/10.17509/jaset.v15i1.60375	https://doi.org/10.17509/jaset.v15i1.60375	PUNCT
easat-7675	238	1	[	[	X
easat-7675	238	2	6	6	X
easat-7675	238	3	]	]	PUNCT
easat-7675	238	4	s.	s.	PROPN
easat-7675	238	5	k.	k.	PROPN
easat-7675	238	6	majumdar	majumdar	PROPN
easat-7675	238	7	and	and	CCONJ
easat-7675	238	8	p.	p.	PROPN
easat-7675	238	9	chhibber	chhibber	PROPN
easat-7675	238	10	,	,	PUNCT
easat-7675	238	11	"	"	PUNCT
easat-7675	238	12	capital	capital	NOUN
easat-7675	238	13	structure	structure	NOUN
easat-7675	238	14	and	and	CCONJ
easat-7675	238	15	performance	performance	NOUN
easat-7675	238	16	:	:	PUNCT
easat-7675	238	17	evidence	evidence	NOUN
easat-7675	238	18	from	from	ADP
easat-7675	238	19	a	a	DET
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easat-7675	238	21	economy	economy	NOUN
easat-7675	238	22	on	on	ADP
easat-7675	238	23	an	an	DET
easat-7675	238	24	aspect	aspect	NOUN
easat-7675	238	25	of	of	ADP
easat-7675	238	26	corporate	corporate	ADJ
easat-7675	238	27	governance	governance	NOUN
easat-7675	238	28	,	,	PUNCT
easat-7675	238	29	"	"	PUNCT
easat-7675	238	30	public	public	ADJ
easat-7675	238	31	choice	choice	NOUN
easat-7675	238	32	,	,	PUNCT
easat-7675	238	33	vol	vol	NOUN
easat-7675	238	34	.	.	PROPN
easat-7675	239	1	98	98	NUM
easat-7675	239	2	,	,	PUNCT
easat-7675	239	3	no	no	INTJ
easat-7675	239	4	.	.	NOUN
easat-7675	239	5	3	3	NUM
easat-7675	239	6	,	,	PUNCT
easat-7675	239	7	pp	pp	ADJ
easat-7675	239	8	.	.	PUNCT
easat-7675	240	1	287	287	NUM
easat-7675	240	2	-	-	SYM
easat-7675	240	3	305	305	NUM
easat-7675	240	4	,	,	PUNCT
easat-7675	240	5	1999	1999	NUM
easat-7675	240	6	.	.	PUNCT
easat-7675	241	1	[	[	X
easat-7675	241	2	7	7	X
easat-7675	241	3	]	]	X
easat-7675	241	4	s.	s.	PROPN
easat-7675	241	5	vătavu	vătavu	PROPN
easat-7675	241	6	,	,	PUNCT
easat-7675	241	7	"	"	PUNCT
easat-7675	241	8	the	the	DET
easat-7675	241	9	impact	impact	NOUN
easat-7675	241	10	of	of	ADP
easat-7675	241	11	capital	capital	NOUN
easat-7675	241	12	structure	structure	NOUN
easat-7675	241	13	on	on	ADP
easat-7675	241	14	financial	financial	ADJ
easat-7675	241	15	performance	performance	NOUN
easat-7675	241	16	in	in	ADP
easat-7675	241	17	romanian	romanian	ADJ
easat-7675	241	18	listed	list	VERB
easat-7675	241	19	companies	company	NOUN
easat-7675	241	20	,	,	PUNCT
easat-7675	241	21	"	"	PUNCT
easat-7675	241	22	procedia	procedia	NOUN
easat-7675	241	23	economics	economic	NOUN
easat-7675	241	24	and	and	CCONJ
easat-7675	241	25	finance	finance	NOUN
easat-7675	241	26	,	,	PUNCT
easat-7675	241	27	vol	vol	NOUN
easat-7675	241	28	.	.	PROPN
easat-7675	241	29	32	32	NUM
easat-7675	241	30	,	,	PUNCT
easat-7675	241	31	pp	pp	ADJ
easat-7675	241	32	.	.	PUNCT
easat-7675	241	33	1314	1314	NUM
easat-7675	241	34	-	-	SYM
easat-7675	241	35	1322	1322	NUM
easat-7675	241	36	,	,	PUNCT
easat-7675	241	37	2015	2015	NUM
easat-7675	241	38	.	.	PUNCT
easat-7675	242	1	https://doi.org/10.1016/s2212-5671(15)01449-3	https://doi.org/10.1016/s2212-5671(15)01449-3	PROPN
easat-7675	242	2	[	[	X
easat-7675	242	3	8	8	X
easat-7675	242	4	]	]	PUNCT
easat-7675	242	5	s.	s.	PROPN
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easat-7675	242	7	and	and	CCONJ
easat-7675	242	8	a.	a.	NOUN
easat-7675	242	9	yulianto	yulianto	NOUN
easat-7675	242	10	,	,	PUNCT
easat-7675	242	11	"	"	PUNCT
easat-7675	242	12	the	the	DET
easat-7675	242	13	effect	effect	NOUN
easat-7675	242	14	of	of	ADP
easat-7675	242	15	capital	capital	NOUN
easat-7675	242	16	structure	structure	NOUN
easat-7675	242	17	,	,	PUNCT
easat-7675	242	18	firm	firm	ADJ
easat-7675	242	19	size	size	NOUN
easat-7675	242	20	,	,	PUNCT
easat-7675	242	21	and	and	CCONJ
easat-7675	242	22	profitability	profitability	NOUN
easat-7675	242	23	on	on	ADP
easat-7675	242	24	firm	firm	ADJ
easat-7675	242	25	value	value	NOUN
easat-7675	242	26	with	with	ADP
easat-7675	242	27	investment	investment	NOUN
easat-7675	242	28	decisions	decision	NOUN
easat-7675	242	29	as	as	ADP
easat-7675	242	30	moderating	moderate	VERB
easat-7675	242	31	,	,	PUNCT
easat-7675	242	32	"	"	PUNCT
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easat-7675	242	35	journal	journal	NOUN
easat-7675	242	36	,	,	PUNCT
easat-7675	242	37	vol	vol	NOUN
easat-7675	242	38	.	.	PROPN
easat-7675	242	39	10	10	NUM
easat-7675	242	40	,	,	PUNCT
easat-7675	242	41	no	no	INTJ
easat-7675	242	42	.	.	NOUN
easat-7675	242	43	3	3	NUM
easat-7675	242	44	,	,	PUNCT
easat-7675	242	45	pp	pp	ADJ
easat-7675	242	46	.	.	PUNCT
easat-7675	243	1	150	150	NUM
easat-7675	243	2	-	-	SYM
easat-7675	243	3	157	157	NUM
easat-7675	243	4	,	,	PUNCT
easat-7675	243	5	2021	2021	NUM
easat-7675	243	6	.	.	PUNCT
easat-7675	244	1	[	[	X
easat-7675	244	2	9	9	NUM
easat-7675	244	3	]	]	PUNCT
easat-7675	244	4	m.	m.	NOUN
easat-7675	244	5	salim	salim	PROPN
easat-7675	244	6	and	and	CCONJ
easat-7675	244	7	r.	r.	PROPN
easat-7675	244	8	yadav	yadav	PROPN
easat-7675	244	9	,	,	PUNCT
easat-7675	244	10	"	"	PUNCT
easat-7675	244	11	capital	capital	NOUN
easat-7675	244	12	structure	structure	NOUN
easat-7675	244	13	and	and	CCONJ
easat-7675	244	14	firm	firm	ADJ
easat-7675	244	15	performance	performance	NOUN
easat-7675	244	16	:	:	PUNCT
easat-7675	244	17	evidence	evidence	NOUN
easat-7675	244	18	from	from	ADP
easat-7675	244	19	malaysian	malaysian	ADJ
easat-7675	244	20	listed	list	VERB
easat-7675	244	21	companies	company	NOUN
easat-7675	244	22	,	,	PUNCT
easat-7675	244	23	"	"	PUNCT
easat-7675	244	24	procedia	procedia	NOUN
easat-7675	244	25	-	-	PUNCT
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easat-7675	244	27	and	and	CCONJ
easat-7675	244	28	behavioral	behavioral	ADJ
easat-7675	244	29	sciences	science	NOUN
easat-7675	244	30	,	,	PUNCT
easat-7675	244	31	vol	vol	NOUN
easat-7675	244	32	.	.	PROPN
easat-7675	245	1	65	65	NUM
easat-7675	245	2	,	,	PUNCT
easat-7675	245	3	pp	pp	ADJ
easat-7675	245	4	.	.	PUNCT
easat-7675	246	1	156	156	NUM
easat-7675	246	2	-	-	SYM
easat-7675	246	3	166	166	NUM
easat-7675	246	4	,	,	PUNCT
easat-7675	246	5	2012	2012	NUM
easat-7675	246	6	.	.	PUNCT
easat-7675	247	1	[	[	X
easat-7675	247	2	10	10	NUM
easat-7675	247	3	]	]	X
easat-7675	247	4	e.	e.	PROPN
easat-7675	247	5	wijaya	wijaya	PROPN
easat-7675	247	6	and	and	CCONJ
easat-7675	247	7	n.	n.	PROPN
easat-7675	247	8	f.	f.	PROPN
easat-7675	247	9	asyik	asyik	PROPN
easat-7675	247	10	,	,	PUNCT
easat-7675	247	11	"	"	PUNCT
easat-7675	247	12	capital	capital	NOUN
easat-7675	247	13	structure	structure	NOUN
easat-7675	247	14	determinant	determinant	ADJ
easat-7675	247	15	and	and	CCONJ
easat-7675	247	16	profitability	profitability	NOUN
easat-7675	247	17	and	and	CCONJ
easat-7675	247	18	their	their	PRON
easat-7675	247	19	impact	impact	NOUN
easat-7675	247	20	on	on	ADP
easat-7675	247	21	firm	firm	ADJ
easat-7675	247	22	value	value	NOUN
easat-7675	247	23	:	:	PUNCT
easat-7675	247	24	study	study	NOUN
easat-7675	247	25	in	in	ADP
easat-7675	247	26	indonesian	indonesian	ADJ
easat-7675	247	27	manufacturing	manufacturing	NOUN
easat-7675	247	28	sector	sector	NOUN
easat-7675	247	29	,	,	PUNCT
easat-7675	247	30	"	"	PUNCT
easat-7675	247	31	international	international	ADJ
easat-7675	247	32	journal	journal	NOUN
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easat-7675	247	34	economics	economic	NOUN
easat-7675	247	35	and	and	CCONJ
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easat-7675	247	37	,	,	PUNCT
easat-7675	247	38	vol	vol	NOUN
easat-7675	247	39	.	.	PROPN
easat-7675	247	40	13	13	NUM
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easat-7675	247	44	10	10	NUM
easat-7675	247	45	,	,	PUNCT
easat-7675	247	46	pp	pp	ADJ
easat-7675	247	47	.	.	PUNCT
easat-7675	248	1	1	1	NUM
easat-7675	248	2	-	-	SYM
easat-7675	248	3	99	99	NUM
easat-7675	248	4	,	,	PUNCT
easat-7675	248	5	2021	2021	NUM
easat-7675	248	6	.	.	PUNCT
easat-7675	249	1	https://doi.org/10.5539/ijef.v13n10p99	https://doi.org/10.5539/ijef.v13n10p99	X
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easat-7675	249	3	11	11	NUM
easat-7675	249	4	]	]	PUNCT
easat-7675	249	5	s.	s.	PROPN
easat-7675	249	6	c.	c.	PROPN
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easat-7675	249	8	,	,	PUNCT
easat-7675	249	9	"	"	PUNCT
easat-7675	249	10	capital	capital	NOUN
easat-7675	249	11	structure	structure	NOUN
easat-7675	249	12	,	,	PUNCT
easat-7675	249	13	"	"	PUNCT
easat-7675	249	14	journal	journal	NOUN
easat-7675	249	15	of	of	ADP
easat-7675	249	16	economic	economic	ADJ
easat-7675	249	17	perspectives	perspective	NOUN
easat-7675	249	18	,	,	PUNCT
easat-7675	249	19	vol	vol	NOUN
easat-7675	249	20	.	.	PROPN
easat-7675	249	21	15	15	NUM
easat-7675	249	22	,	,	PUNCT
easat-7675	249	23	no	no	INTJ
easat-7675	249	24	.	.	NOUN
easat-7675	249	25	2	2	NUM
easat-7675	249	26	,	,	PUNCT
easat-7675	249	27	pp	pp	ADJ
easat-7675	249	28	.	.	PUNCT
easat-7675	250	1	81–102	81–102	NUM
easat-7675	250	2	,	,	PUNCT
easat-7675	250	3	2001	2001	NUM
easat-7675	250	4	.	.	PUNCT
easat-7675	251	1	https://doi.org/10.1257/jep.15.2.81	https://doi.org/10.1257/jep.15.2.81	PROPN
easat-7675	252	1	[	[	X
easat-7675	252	2	12	12	NUM
easat-7675	252	3	]	]	PUNCT
easat-7675	252	4	s.	s.	PROPN
easat-7675	252	5	c.	c.	PROPN
easat-7675	252	6	myers	myers	PROPN
easat-7675	252	7	and	and	CCONJ
easat-7675	252	8	n.	n.	PROPN
easat-7675	252	9	s.	s.	PROPN
easat-7675	252	10	majluf	majluf	PROPN
easat-7675	252	11	,	,	PUNCT
easat-7675	252	12	"	"	PUNCT
easat-7675	252	13	corporate	corporate	ADJ
easat-7675	252	14	financing	financing	NOUN
easat-7675	252	15	and	and	CCONJ
easat-7675	252	16	investment	investment	NOUN
easat-7675	252	17	decisions	decision	NOUN
easat-7675	252	18	when	when	SCONJ
easat-7675	252	19	firms	firm	NOUN
easat-7675	252	20	have	have	VERB
easat-7675	252	21	information	information	NOUN
easat-7675	252	22	that	that	SCONJ
easat-7675	252	23	investors	investor	NOUN
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easat-7675	252	25	not	not	PART
easat-7675	252	26	have	have	VERB
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easat-7675	252	28	"	"	PUNCT
easat-7675	252	29	journal	journal	NOUN
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easat-7675	252	31	financial	financial	ADJ
easat-7675	252	32	economics	economic	NOUN
easat-7675	252	33	,	,	PUNCT
easat-7675	252	34	vol	vol	NOUN
easat-7675	252	35	.	.	PROPN
easat-7675	252	36	13	13	NUM
easat-7675	252	37	,	,	PUNCT
easat-7675	252	38	no	no	INTJ
easat-7675	252	39	.	.	NOUN
easat-7675	252	40	2	2	NUM
easat-7675	252	41	,	,	PUNCT
easat-7675	252	42	pp	pp	ADJ
easat-7675	252	43	.	.	PUNCT
easat-7675	253	1	187	187	NUM
easat-7675	253	2	-	-	SYM
easat-7675	253	3	221	221	NUM
easat-7675	253	4	,	,	PUNCT
easat-7675	253	5	1984	1984	NUM
easat-7675	253	6	.	.	PUNCT
easat-7675	254	1	https://doi.org/10.1016/0304-405x(84)90023-0	https://doi.org/10.1016/0304-405x(84)90023-0	PROPN
easat-7675	255	1	[	[	X
easat-7675	255	2	13	13	NUM
easat-7675	255	3	]	]	PUNCT
easat-7675	255	4	m.	m.	NOUN
easat-7675	255	5	c.	c.	PROPN
easat-7675	255	6	jensen	jensen	PROPN
easat-7675	255	7	and	and	CCONJ
easat-7675	255	8	w.	w.	PROPN
easat-7675	255	9	h.	h.	PROPN
easat-7675	255	10	meckling	meckling	PROPN
easat-7675	255	11	,	,	PUNCT
easat-7675	255	12	"	"	PUNCT
easat-7675	255	13	theory	theory	NOUN
easat-7675	255	14	of	of	ADP
easat-7675	255	15	the	the	DET
easat-7675	255	16	firm	firm	NOUN
easat-7675	255	17	:	:	PUNCT
easat-7675	255	18	managerial	managerial	ADJ
easat-7675	255	19	behavior	behavior	NOUN
easat-7675	255	20	,	,	PUNCT
easat-7675	255	21	agency	agency	NOUN
easat-7675	255	22	costs	cost	NOUN
easat-7675	255	23	and	and	CCONJ
easat-7675	255	24	ownership	ownership	NOUN
easat-7675	255	25	structure	structure	NOUN
easat-7675	255	26	,	,	PUNCT
easat-7675	255	27	"	"	PUNCT
easat-7675	255	28	journal	journal	NOUN
easat-7675	255	29	of	of	ADP
easat-7675	255	30	financial	financial	ADJ
easat-7675	255	31	economics	economic	NOUN
easat-7675	255	32	,	,	PUNCT
easat-7675	255	33	vol	vol	NOUN
easat-7675	255	34	.	.	PROPN
easat-7675	256	1	3	3	NUM
easat-7675	256	2	,	,	PUNCT
easat-7675	256	3	no	no	INTJ
easat-7675	256	4	.	.	NOUN
easat-7675	256	5	4	4	NUM
easat-7675	256	6	,	,	PUNCT
easat-7675	256	7	pp	pp	ADJ
easat-7675	256	8	.	.	PUNCT
easat-7675	257	1	305–360	305–360	NUM
easat-7675	257	2	,	,	PUNCT
easat-7675	257	3	1976	1976	NUM
easat-7675	257	4	.	.	PUNCT
easat-7675	258	1	https://doi.org/10.1016/0304405x(76)90026-x	https://doi.org/10.1016/0304405x(76)90026-x	PROPN
easat-7675	259	1	[	[	X
easat-7675	259	2	14	14	NUM
easat-7675	259	3	]	]	PUNCT
easat-7675	259	4	a.	a.	NOUN
easat-7675	259	5	widyakto	widyakto	PROPN
easat-7675	259	6	,	,	PUNCT
easat-7675	259	7	e.	e.	PROPN
easat-7675	259	8	t.	t.	PROPN
easat-7675	259	9	widyarti	widyarti	PROPN
easat-7675	259	10	,	,	PUNCT
easat-7675	259	11	y.	y.	PROPN
easat-7675	259	12	suhardjo	suhardjo	PROPN
easat-7675	259	13	,	,	PUNCT
easat-7675	259	14	o.	o.	NOUN
easat-7675	259	15	fresiliasari	fresiliasari	NOUN
easat-7675	259	16	,	,	PUNCT
easat-7675	259	17	and	and	CCONJ
easat-7675	259	18	a.	a.	PROPN
easat-7675	259	19	karim	karim	PROPN
easat-7675	259	20	,	,	PUNCT
easat-7675	259	21	"	"	PUNCT
easat-7675	259	22	effect	effect	NOUN
easat-7675	259	23	of	of	ADP
easat-7675	259	24	capital	capital	NOUN
easat-7675	259	25	structure	structure	NOUN
easat-7675	259	26	,	,	PUNCT
easat-7675	259	27	company	company	NOUN
easat-7675	259	28	size	size	NOUN
easat-7675	259	29	,	,	PUNCT
easat-7675	259	30	profitability	profitability	NOUN
easat-7675	259	31	and	and	CCONJ
easat-7675	259	32	liquidity	liquidity	NOUN
easat-7675	259	33	on	on	ADP
easat-7675	259	34	company	company	NOUN
easat-7675	259	35	value	value	NOUN
easat-7675	259	36	:	:	PUNCT
easat-7675	259	37	evidence	evidence	NOUN
easat-7675	259	38	from	from	ADP
easat-7675	259	39	indonesia	indonesia	PROPN
easat-7675	259	40	manufacturing	manufacturing	NOUN
easat-7675	259	41	companies	company	NOUN
easat-7675	259	42	,	,	PUNCT
easat-7675	259	43	"	"	PUNCT
easat-7675	259	44	diponegoro	diponegoro	PROPN
easat-7675	259	45	international	international	PROPN
easat-7675	259	46	journal	journal	PROPN
easat-7675	259	47	of	of	ADP
easat-7675	259	48	business	business	NOUN
easat-7675	259	49	,	,	PUNCT
easat-7675	259	50	vol	vol	NOUN
easat-7675	259	51	.	.	PROPN
easat-7675	259	52	7	7	NUM
easat-7675	259	53	,	,	PUNCT
easat-7675	259	54	no	no	INTJ
easat-7675	259	55	.	.	NOUN
easat-7675	259	56	1	1	NUM
easat-7675	259	57	,	,	PUNCT
easat-7675	259	58	pp	pp	ADJ
easat-7675	259	59	.	.	PUNCT
easat-7675	260	1	69	69	NUM
easat-7675	260	2	-	-	SYM
easat-7675	260	3	81	81	NUM
easat-7675	260	4	,	,	PUNCT
easat-7675	260	5	2024	2024	NUM
easat-7675	260	6	.	.	PUNCT
easat-7675	261	1	[	[	X
easat-7675	261	2	15	15	NUM
easat-7675	261	3	]	]	X
easat-7675	261	4	a.	a.	PROPN
easat-7675	261	5	kraus	kraus	PROPN
easat-7675	261	6	and	and	CCONJ
easat-7675	261	7	r.	r.	PROPN
easat-7675	261	8	h.	h.	PROPN
easat-7675	261	9	litzenberger	litzenberger	PROPN
easat-7675	261	10	,	,	PUNCT
easat-7675	261	11	"	"	PUNCT
easat-7675	261	12	a	a	DET
easat-7675	261	13	state	state	NOUN
easat-7675	261	14	-	-	PUNCT
easat-7675	261	15	preference	preference	NOUN
easat-7675	261	16	model	model	NOUN
easat-7675	261	17	of	of	ADP
easat-7675	261	18	optimal	optimal	ADJ
easat-7675	261	19	financial	financial	ADJ
easat-7675	261	20	leverage	leverage	NOUN
easat-7675	261	21	,	,	PUNCT
easat-7675	261	22	"	"	PUNCT
easat-7675	261	23	the	the	DET
easat-7675	261	24	journal	journal	NOUN
easat-7675	261	25	of	of	ADP
easat-7675	261	26	finance	finance	NOUN
easat-7675	261	27	,	,	PUNCT
easat-7675	261	28	vol	vol	NOUN
easat-7675	261	29	.	.	PROPN
easat-7675	261	30	28	28	NUM
easat-7675	261	31	,	,	PUNCT
easat-7675	261	32	no	no	INTJ
easat-7675	261	33	.	.	NOUN
easat-7675	261	34	4	4	NUM
easat-7675	261	35	,	,	PUNCT
easat-7675	261	36	pp	pp	ADJ
easat-7675	261	37	.	.	PUNCT
easat-7675	262	1	911	911	NUM
easat-7675	262	2	-	-	SYM
easat-7675	262	3	922	922	NUM
easat-7675	262	4	,	,	PUNCT
easat-7675	262	5	1973	1973	NUM
easat-7675	262	6	.	.	PUNCT
easat-7675	263	1	https://doi.org/10.2307/2978343	https://doi.org/10.2307/2978343	X
easat-7675	264	1	[	[	X
easat-7675	264	2	16	16	NUM
easat-7675	264	3	]	]	PUNCT
easat-7675	264	4	s.	s.	PROPN
easat-7675	264	5	a.	a.	PROPN
easat-7675	264	6	ross	ross	PROPN
easat-7675	264	7	,	,	PUNCT
easat-7675	264	8	"	"	PUNCT
easat-7675	264	9	the	the	DET
easat-7675	264	10	determination	determination	NOUN
easat-7675	264	11	of	of	ADP
easat-7675	264	12	financial	financial	ADJ
easat-7675	264	13	structure	structure	NOUN
easat-7675	264	14	:	:	PUNCT
easat-7675	264	15	the	the	DET
easat-7675	264	16	incentive	incentive	NOUN
easat-7675	264	17	-	-	PUNCT
easat-7675	264	18	signalling	signal	VERB
easat-7675	264	19	approach	approach	NOUN
easat-7675	264	20	,	,	PUNCT
easat-7675	264	21	"	"	PUNCT
easat-7675	264	22	the	the	DET
easat-7675	264	23	bell	bell	PROPN
easat-7675	264	24	journal	journal	NOUN
easat-7675	264	25	of	of	ADP
easat-7675	264	26	economics	economic	NOUN
easat-7675	264	27	,	,	PUNCT
easat-7675	264	28	vol	vol	NOUN
easat-7675	264	29	.	.	PROPN
easat-7675	264	30	8	8	NUM
easat-7675	264	31	,	,	PUNCT
easat-7675	264	32	no	no	INTJ
easat-7675	264	33	.	.	NOUN
easat-7675	264	34	1	1	NUM
easat-7675	264	35	,	,	PUNCT
easat-7675	264	36	pp	pp	ADJ
easat-7675	264	37	.	.	PUNCT
easat-7675	265	1	23	23	NUM
easat-7675	265	2	-	-	SYM
easat-7675	265	3	40	40	NUM
easat-7675	265	4	,	,	PUNCT
easat-7675	265	5	1977	1977	NUM
easat-7675	265	6	.	.	PUNCT
easat-7675	266	1	https://doi.org/10.2307/3003485	https://doi.org/10.2307/3003485	X
easat-7675	267	1	[	[	X
easat-7675	267	2	17	17	NUM
easat-7675	267	3	]	]	PUNCT
easat-7675	267	4	e.	e.	PROPN
easat-7675	267	5	s.	s.	PROPN
easat-7675	267	6	alghifari	alghifari	PROPN
easat-7675	267	7	,	,	PUNCT
easat-7675	267	8	"	"	PUNCT
easat-7675	267	9	capital	capital	NOUN
easat-7675	267	10	structure	structure	NOUN
easat-7675	267	11	,	,	PUNCT
easat-7675	267	12	profitability	profitability	NOUN
easat-7675	267	13	,	,	PUNCT
easat-7675	267	14	hedging	hedging	NOUN
easat-7675	267	15	policy	policy	NOUN
easat-7675	267	16	,	,	PUNCT
easat-7675	267	17	firm	firm	ADJ
easat-7675	267	18	size	size	NOUN
easat-7675	267	19	,	,	PUNCT
easat-7675	267	20	and	and	CCONJ
easat-7675	267	21	firm	firm	ADJ
easat-7675	267	22	value	value	NOUN
easat-7675	267	23	:	:	PUNCT
easat-7675	267	24	mediation	mediation	NOUN
easat-7675	267	25	and	and	CCONJ
easat-7675	267	26	moderation	moderation	NOUN
easat-7675	267	27	analysis	analysis	NOUN
easat-7675	267	28	,	,	PUNCT
easat-7675	267	29	"	"	PUNCT
easat-7675	267	30	journal	journal	NOUN
easat-7675	267	31	of	of	ADP
easat-7675	267	32	eastern	eastern	ADJ
easat-7675	267	33	european	european	ADJ
easat-7675	267	34	and	and	CCONJ
easat-7675	267	35	central	central	ADJ
easat-7675	267	36	asian	asian	ADJ
easat-7675	267	37	research	research	NOUN
easat-7675	267	38	,	,	PUNCT
easat-7675	267	39	vol	vol	NOUN
easat-7675	267	40	.	.	PROPN
easat-7675	267	41	9	9	NUM
easat-7675	267	42	,	,	PUNCT
easat-7675	267	43	no	no	INTJ
easat-7675	267	44	.	.	NOUN
easat-7675	267	45	5	5	NUM
easat-7675	267	46	,	,	PUNCT
easat-7675	267	47	pp	pp	ADJ
easat-7675	267	48	.	.	PUNCT
easat-7675	268	1	789–801	789–801	NUM
easat-7675	268	2	,	,	PUNCT
easat-7675	268	3	2022	2022	NUM
easat-7675	268	4	.	.	PUNCT
easat-7675	269	1	[	[	X
easat-7675	269	2	18	18	NUM
easat-7675	269	3	]	]	X
easat-7675	269	4	b.	b.	PROPN
easat-7675	269	5	setioko	setioko	PROPN
easat-7675	269	6	,	,	PUNCT
easat-7675	269	7	moeljadi	moeljadi	NOUN
easat-7675	269	8	,	,	PUNCT
easat-7675	269	9	and	and	CCONJ
easat-7675	269	10	andarwati	andarwati	NOUN
easat-7675	269	11	,	,	PUNCT
easat-7675	269	12	"	"	PUNCT
easat-7675	269	13	the	the	DET
easat-7675	269	14	effect	effect	NOUN
easat-7675	269	15	of	of	ADP
easat-7675	269	16	environmental	environmental	ADJ
easat-7675	269	17	social	social	ADJ
easat-7675	269	18	governance	governance	NOUN
easat-7675	269	19	(	(	PUNCT
easat-7675	269	20	esg	esg	NOUN
easat-7675	269	21	)	)	PUNCT
easat-7675	269	22	performance	performance	NOUN
easat-7675	269	23	,	,	PUNCT
easat-7675	269	24	capital	capital	NOUN
easat-7675	269	25	structure	structure	NOUN
easat-7675	269	26	,	,	PUNCT
easat-7675	269	27	and	and	CCONJ
easat-7675	269	28	firm	firm	ADJ
easat-7675	269	29	size	size	NOUN
easat-7675	269	30	on	on	ADP
easat-7675	269	31	firm	firm	ADJ
easat-7675	269	32	value	value	NOUN
easat-7675	269	33	mediated	mediate	VERB
easat-7675	269	34	by	by	ADP
easat-7675	269	35	profitability	profitability	NOUN
easat-7675	269	36	on	on	ADP
easat-7675	269	37	esg	esg	PROPN
easat-7675	269	38	leaders	leader	NOUN
easat-7675	269	39	index	index	NOUN
easat-7675	269	40	in	in	ADP
easat-7675	269	41	idx	idx	PROPN
easat-7675	269	42	,	,	PUNCT
easat-7675	269	43	"	"	PUNCT
easat-7675	269	44	international	international	ADJ
easat-7675	269	45	journal	journal	NOUN
easat-7675	269	46	of	of	ADP
easat-7675	269	47	research	research	NOUN
easat-7675	269	48	in	in	ADP
easat-7675	269	49	business	business	NOUN
easat-7675	269	50	and	and	CCONJ
easat-7675	269	51	social	social	ADJ
easat-7675	269	52	science	science	NOUN
easat-7675	269	53	,	,	PUNCT
easat-7675	269	54	vol	vol	NOUN
easat-7675	269	55	.	.	PROPN
easat-7675	269	56	13	13	NUM
easat-7675	269	57	,	,	PUNCT
easat-7675	269	58	no	no	INTJ
easat-7675	269	59	.	.	NOUN
easat-7675	269	60	8	8	NUM
easat-7675	269	61	,	,	PUNCT
easat-7675	269	62	pp	pp	ADJ
easat-7675	269	63	.	.	PUNCT
easat-7675	270	1	14–25	14–25	NUM
easat-7675	270	2	,	,	PUNCT
easat-7675	270	3	2024	2024	NUM
easat-7675	270	4	.	.	PUNCT
easat-7675	271	1	[	[	X
easat-7675	271	2	19	19	NUM
easat-7675	271	3	]	]	X
easat-7675	271	4	o.	o.	PROPN
easat-7675	271	5	kodongo	kodongo	PROPN
easat-7675	271	6	,	,	PUNCT
easat-7675	271	7	t.	t.	PROPN
easat-7675	271	8	mokoaleli	mokoaleli	PROPN
easat-7675	271	9	-	-	PUNCT
easat-7675	271	10	mokoteli	mokoteli	NOUN
easat-7675	271	11	,	,	PUNCT
easat-7675	271	12	and	and	CCONJ
easat-7675	271	13	l.	l.	PROPN
easat-7675	271	14	n.	n.	PROPN
easat-7675	271	15	maina	maina	PROPN
easat-7675	271	16	,	,	PUNCT
easat-7675	271	17	"	"	PUNCT
easat-7675	271	18	capital	capital	NOUN
easat-7675	271	19	structure	structure	NOUN
easat-7675	271	20	,	,	PUNCT
easat-7675	271	21	profitability	profitability	NOUN
easat-7675	271	22	and	and	CCONJ
easat-7675	271	23	firm	firm	ADJ
easat-7675	271	24	value	value	NOUN
easat-7675	271	25	:	:	PUNCT
easat-7675	271	26	panel	panel	NOUN
easat-7675	271	27	evidence	evidence	NOUN
easat-7675	271	28	of	of	ADP
easat-7675	271	29	listed	list	VERB
easat-7675	271	30	firms	firm	NOUN
easat-7675	271	31	in	in	ADP
easat-7675	271	32	kenya	kenya	PROPN
easat-7675	271	33	,	,	PUNCT
easat-7675	271	34	"	"	PUNCT
easat-7675	271	35	ssrn	ssrn	PROPN
easat-7675	271	36	working	work	VERB
easat-7675	271	37	paper	paper	PROPN
easat-7675	271	38	no	no	INTJ
easat-7675	271	39	.	.	PROPN
easat-7675	271	40	2493702	2493702	NUM
easat-7675	271	41	,	,	PUNCT
easat-7675	271	42	2014	2014	NUM
easat-7675	271	43	.	.	PUNCT
easat-7675	272	1	[	[	X
easat-7675	272	2	20	20	NUM
easat-7675	272	3	]	]	X
easat-7675	272	4	i.	i.	PROPN
easat-7675	272	5	s.	s.	PROPN
easat-7675	272	6	suriawinata	suriawinata	PROPN
easat-7675	272	7	and	and	CCONJ
easat-7675	272	8	d.	d.	PROPN
easat-7675	272	9	m.	m.	PROPN
easat-7675	272	10	nurmalita	nurmalita	PROPN
easat-7675	272	11	,	,	PUNCT
easat-7675	272	12	"	"	PUNCT
easat-7675	272	13	ownership	ownership	NOUN
easat-7675	272	14	structure	structure	NOUN
easat-7675	272	15	,	,	PUNCT
easat-7675	272	16	firm	firm	ADJ
easat-7675	272	17	value	value	NOUN
easat-7675	272	18	and	and	CCONJ
easat-7675	272	19	the	the	DET
easat-7675	272	20	moderating	moderate	VERB
easat-7675	272	21	effects	effect	NOUN
easat-7675	272	22	of	of	ADP
easat-7675	272	23	firm	firm	ADJ
easat-7675	272	24	size	size	NOUN
easat-7675	272	25	:	:	PUNCT
easat-7675	272	26	empirical	empirical	ADJ
easat-7675	272	27	evidence	evidence	NOUN
easat-7675	272	28	from	from	ADP
easat-7675	272	29	indonesian	indonesian	ADJ
easat-7675	272	30	consumer	consumer	NOUN
easat-7675	272	31	goods	good	NOUN
easat-7675	272	32	industry	industry	NOUN
easat-7675	272	33	,	,	PUNCT
easat-7675	272	34	"	"	PUNCT
easat-7675	272	35	jurnal	jurnal	ADJ
easat-7675	272	36	manajemen	manajeman	NOUN
easat-7675	272	37	dan	dan	PROPN
easat-7675	272	38	kewirausahaan	kewirausahaan	PROPN
easat-7675	272	39	,	,	PUNCT
easat-7675	272	40	vol	vol	NOUN
easat-7675	272	41	.	.	PROPN
easat-7675	272	42	24	24	NUM
easat-7675	272	43	,	,	PUNCT
easat-7675	272	44	no	no	INTJ
easat-7675	272	45	.	.	NOUN
easat-7675	272	46	1	1	NUM
easat-7675	272	47	,	,	PUNCT
easat-7675	272	48	pp	pp	ADJ
easat-7675	272	49	.	.	PUNCT
easat-7675	273	1	91	91	NUM
easat-7675	273	2	-	-	SYM
easat-7675	273	3	104	104	NUM
easat-7675	273	4	,	,	PUNCT
easat-7675	273	5	2022	2022	NUM
easat-7675	273	6	.	.	PUNCT
easat-7675	274	1	[	[	X
easat-7675	274	2	21	21	NUM
easat-7675	274	3	]	]	PUNCT
easat-7675	274	4	j.	j.	PROPN
easat-7675	274	5	f.	f.	PROPN
easat-7675	274	6	hair	hair	PROPN
easat-7675	274	7	,	,	PUNCT
easat-7675	274	8	w.	w.	PROPN
easat-7675	274	9	c.	c.	PROPN
easat-7675	274	10	black	black	PROPN
easat-7675	274	11	,	,	PUNCT
easat-7675	274	12	b.	b.	PROPN
easat-7675	274	13	j.	j.	PROPN
easat-7675	274	14	babin	babin	PROPN
easat-7675	274	15	,	,	PUNCT
easat-7675	274	16	and	and	CCONJ
easat-7675	274	17	r.	r.	PROPN
easat-7675	274	18	e.	e.	PROPN
easat-7675	274	19	anderson	anderson	PROPN
easat-7675	274	20	,	,	PUNCT
easat-7675	274	21	multivariate	multivariate	VERB
easat-7675	274	22	data	datum	NOUN
easat-7675	274	23	analysis	analysis	NOUN
easat-7675	274	24	,	,	PUNCT
easat-7675	274	25	8th	8th	ADJ
easat-7675	274	26	ed	ed	NOUN
easat-7675	274	27	.	.	PUNCT
easat-7675	275	1	boston	boston	PROPN
easat-7675	275	2	:	:	PUNCT
easat-7675	275	3	cengage	cengage	PROPN
easat-7675	275	4	learning	learning	PROPN
easat-7675	275	5	,	,	PUNCT
easat-7675	275	6	2021	2021	NUM
easat-7675	275	7	.	.	PUNCT
easat-7675	276	1	[	[	X
easat-7675	276	2	22	22	NUM
easat-7675	276	3	]	]	PUNCT
easat-7675	276	4	l.	l.	PROPN
easat-7675	276	5	s.	s.	PROPN
easat-7675	276	6	aiken	aiken	PROPN
easat-7675	276	7	and	and	CCONJ
easat-7675	276	8	s.	s.	PROPN
easat-7675	276	9	g.	g.	PROPN
easat-7675	276	10	west	west	PROPN
easat-7675	276	11	,	,	PUNCT
easat-7675	276	12	multiple	multiple	ADJ
easat-7675	276	13	regression	regression	NOUN
easat-7675	276	14	:	:	PUNCT
easat-7675	276	15	testing	testing	NOUN
easat-7675	276	16	and	and	CCONJ
easat-7675	276	17	interpreting	interpret	VERB
easat-7675	276	18	interactions	interaction	NOUN
easat-7675	276	19	.	.	PUNCT
easat-7675	277	1	newbury	newbury	PROPN
easat-7675	277	2	park	park	PROPN
easat-7675	277	3	,	,	PUNCT
easat-7675	277	4	ca	can	AUX
easat-7675	277	5	:	:	PUNCT
easat-7675	277	6	sage	sage	NOUN
easat-7675	277	7	publications	publication	NOUN
easat-7675	277	8	,	,	PUNCT
easat-7675	277	9	1991	1991	NUM
easat-7675	277	10	.	.	PUNCT
easat-7675	278	1	https://doi.org/10.2307/1809766	https://doi.org/10.2307/1809766	X
easat-7675	279	1	https://doi.org/10.35808/ijeba/228	https://doi.org/10.35808/ijeba/228	PROPN
easat-7675	279	2	https://doi.org/10.17509/jaset.v15i1.60375	https://doi.org/10.17509/jaset.v15i1.60375	PROPN
easat-7675	279	3	https://doi.org/10.1016/s2212-5671(15)01449-3	https://doi.org/10.1016/s2212-5671(15)01449-3	VERB
easat-7675	280	1	https://doi.org/10.5539/ijef.v13n10p99	https://doi.org/10.5539/ijef.v13n10p99	NOUN
easat-7675	280	2	https://doi.org/10.1257/jep.15.2.81	https://doi.org/10.1257/jep.15.2.81	PROPN
easat-7675	281	1	https://doi.org/10.1016/0304-405x(84)90023-0	https://doi.org/10.1016/0304-405x(84)90023-0	PROPN
easat-7675	281	2	https://doi.org/10.1016/0304-405x(76)90026-x	https://doi.org/10.1016/0304-405x(76)90026-x	PROPN
easat-7675	281	3	https://doi.org/10.1016/0304-405x(76)90026-x	https://doi.org/10.1016/0304-405x(76)90026-x	PROPN
easat-7675	281	4	https://doi.org/10.2307/2978343	https://doi.org/10.2307/2978343	NOUN
easat-7675	281	5	https://doi.org/10.2307/3003485	https://doi.org/10.2307/3003485	NOUN