id	sid	tid	token	lemma	pos
easat-8278	1	1	edelweiss	edelweiss	PROPN
easat-8278	1	2	applied	apply	VERB
easat-8278	1	3	science	science	NOUN
easat-8278	1	4	and	and	CCONJ
easat-8278	1	5	technology	technology	NOUN
easat-8278	1	6	issn	issn	PROPN
easat-8278	1	7	:	:	PUNCT
easat-8278	1	8	2576	2576	NUM
easat-8278	1	9	-	-	SYM
easat-8278	1	10	8484	8484	NUM
easat-8278	1	11	vol	vol	NOUN
easat-8278	1	12	.	.	PROPN
easat-8278	2	1	9	9	NUM
easat-8278	2	2	,	,	PUNCT
easat-8278	2	3	no	no	INTJ
easat-8278	2	4	.	.	NOUN
easat-8278	2	5	6	6	NUM
easat-8278	2	6	,	,	PUNCT
easat-8278	2	7	1918	1918	NUM
easat-8278	2	8	-	-	SYM
easat-8278	2	9	1930	1930	NUM
easat-8278	2	10	2025	2025	NUM
easat-8278	2	11	publisher	publisher	NOUN
easat-8278	2	12	:	:	PUNCT
easat-8278	2	13	learning	learn	VERB
easat-8278	2	14	gate	gate	NOUN
easat-8278	2	15	doi	doi	PROPN
easat-8278	2	16	:	:	PUNCT
easat-8278	2	17	10.55214/25768484.v9i6.8278	10.55214/25768484.v9i6.8278	ADJ
easat-8278	2	18	©	©	PROPN
easat-8278	2	19	2025	2025	NUM
easat-8278	2	20	by	by	ADP
easat-8278	2	21	the	the	DET
easat-8278	2	22	authors	author	NOUN
easat-8278	2	23	;	;	PUNCT
easat-8278	2	24	licensee	licensee	PROPN
easat-8278	2	25	learning	learning	NOUN
easat-8278	2	26	gate	gate	NOUN
easat-8278	3	1	©	©	PROPN
easat-8278	3	2	2025	2025	NUM
easat-8278	3	3	by	by	ADP
easat-8278	3	4	the	the	DET
easat-8278	3	5	authors	author	NOUN
easat-8278	3	6	;	;	PUNCT
easat-8278	3	7	licensee	licensee	PROPN
easat-8278	3	8	learning	learning	NOUN
easat-8278	3	9	gate	gate	NOUN
easat-8278	3	10	history	history	NOUN
easat-8278	3	11	:	:	PUNCT
easat-8278	3	12	received	receive	VERB
easat-8278	3	13	:	:	PUNCT
easat-8278	3	14	25	25	NUM
easat-8278	3	15	april	april	PROPN
easat-8278	3	16	2025	2025	NUM
easat-8278	3	17	;	;	PUNCT
easat-8278	3	18	revised	revise	VERB
easat-8278	3	19	:	:	PUNCT
easat-8278	3	20	6	6	NUM
easat-8278	3	21	june	june	PROPN
easat-8278	3	22	2025	2025	NUM
easat-8278	3	23	;	;	PUNCT
easat-8278	3	24	accepted	accept	VERB
easat-8278	3	25	:	:	PUNCT
easat-8278	3	26	9	9	NUM
easat-8278	3	27	june	june	PROPN
easat-8278	3	28	2025	2025	NUM
easat-8278	3	29	;	;	PUNCT
easat-8278	3	30	published	publish	VERB
easat-8278	3	31	:	:	PUNCT
easat-8278	3	32	21	21	NUM
easat-8278	3	33	june	june	PROPN
easat-8278	3	34	2025	2025	NUM
easat-8278	3	35	*	*	PUNCT
easat-8278	3	36	correspondence	correspondence	NOUN
easat-8278	3	37	:	:	PUNCT
easat-8278	3	38	natarida.nm@gmail.com	natarida.nm@gmail.com	PROPN
easat-8278	3	39	comparing	compare	VERB
easat-8278	3	40	esg	esg	NOUN
easat-8278	3	41	disclosure	disclosure	NOUN
easat-8278	3	42	standards	standard	NOUN
easat-8278	3	43	and	and	CCONJ
easat-8278	3	44	firm	firm	ADJ
easat-8278	3	45	value	value	NOUN
easat-8278	3	46	:	:	PUNCT
easat-8278	3	47	mediating	mediate	VERB
easat-8278	3	48	role	role	NOUN
easat-8278	3	49	of	of	ADP
easat-8278	3	50	credit	credit	NOUN
easat-8278	3	51	-	-	PUNCT
easat-8278	3	52	based	base	VERB
easat-8278	3	53	loan	loan	NOUN
easat-8278	3	54	loss	loss	NOUN
easat-8278	3	55	provision	provision	NOUN
easat-8278	3	56	in	in	ADP
easat-8278	3	57	indonesian	indonesian	ADJ
easat-8278	3	58	banking	banking	NOUN
easat-8278	3	59	netti	netti	PROPN
easat-8278	3	60	natarida	natarida	PROPN
easat-8278	3	61	marpaung1	marpaung1	PROPN
easat-8278	3	62	*	*	PROPN
easat-8278	3	63	,	,	PUNCT
easat-8278	3	64	sugeng	sugeng	X
easat-8278	3	65	wahyudi2	wahyudi2	PROPN
easat-8278	3	66	,	,	PUNCT
easat-8278	3	67	irene	irene	PROPN
easat-8278	3	68	rini	rini	PROPN
easat-8278	3	69	demi	demi	PROPN
easat-8278	3	70	pangestuti3	pangestuti3	PROPN
easat-8278	3	71	1doctoral	1doctoral	NUM
easat-8278	3	72	program	program	NOUN
easat-8278	3	73	in	in	ADP
easat-8278	3	74	economics	economic	NOUN
easat-8278	3	75	,	,	PUNCT
easat-8278	3	76	faculty	faculty	NOUN
easat-8278	3	77	of	of	ADP
easat-8278	3	78	economics	economic	NOUN
easat-8278	3	79	and	and	CCONJ
easat-8278	3	80	business	business	NOUN
easat-8278	3	81	,	,	PUNCT
easat-8278	3	82	universitas	universita	NOUN
easat-8278	3	83	diponegoro	diponegoro	PROPN
easat-8278	3	84	,	,	PUNCT
easat-8278	3	85	semarang	semarang	PROPN
easat-8278	3	86	,	,	PUNCT
easat-8278	3	87	indonesia	indonesia	PROPN
easat-8278	3	88	;	;	PUNCT
easat-8278	3	89	natarida.nm@gmail.com	natarida.nm@gmail.com	X
easat-8278	3	90	(	(	PUNCT
easat-8278	3	91	n.n.m	n.n.m	NOUN
easat-8278	3	92	.	.	PUNCT
easat-8278	3	93	)	)	PUNCT
easat-8278	3	94	.	.	PUNCT
easat-8278	4	1	2,3faculty	2,3faculty	NUM
easat-8278	4	2	of	of	ADP
easat-8278	4	3	economics	economic	NOUN
easat-8278	4	4	and	and	CCONJ
easat-8278	4	5	business	business	NOUN
easat-8278	4	6	,	,	PUNCT
easat-8278	4	7	universitas	universita	NOUN
easat-8278	4	8	diponegoro	diponegoro	PROPN
easat-8278	4	9	,	,	PUNCT
easat-8278	4	10	semarang	semarang	PROPN
easat-8278	4	11	,	,	PUNCT
easat-8278	4	12	indonesia	indonesia	PROPN
easat-8278	4	13	;	;	PUNCT
easat-8278	4	14	sugengwahyudi710@gmail.com	sugengwahyudi710@gmail.com	PROPN
easat-8278	4	15	(	(	PUNCT
easat-8278	4	16	s.w	s.w	PROPN
easat-8278	4	17	.	.	PROPN
easat-8278	4	18	)	)	PUNCT
easat-8278	4	19	irenerinidp1960@gmail.com	irenerinidp1960@gmail.com	X
easat-8278	5	1	(	(	PUNCT
easat-8278	5	2	i.r.d.p	i.r.d.p	PROPN
easat-8278	5	3	.	.	PROPN
easat-8278	5	4	)	)	PUNCT
easat-8278	5	5	.	.	PUNCT
easat-8278	6	1	abstract	abstract	ADV
easat-8278	6	2	:	:	PUNCT
easat-8278	6	3	this	this	DET
easat-8278	6	4	study	study	NOUN
easat-8278	6	5	investigates	investigate	VERB
easat-8278	6	6	how	how	SCONJ
easat-8278	6	7	different	different	ADJ
easat-8278	6	8	esg	esg	NOUN
easat-8278	6	9	disclosure	disclosure	NOUN
easat-8278	6	10	standards	standard	NOUN
easat-8278	6	11	influence	influence	NOUN
easat-8278	6	12	firm	firm	ADJ
easat-8278	6	13	value	value	NOUN
easat-8278	6	14	in	in	ADP
easat-8278	6	15	the	the	DET
easat-8278	6	16	indonesian	indonesian	ADJ
easat-8278	6	17	banking	banking	NOUN
easat-8278	6	18	sector	sector	NOUN
easat-8278	6	19	,	,	PUNCT
easat-8278	6	20	with	with	ADP
easat-8278	6	21	a	a	DET
easat-8278	6	22	focus	focus	NOUN
easat-8278	6	23	on	on	ADP
easat-8278	6	24	the	the	DET
easat-8278	6	25	mediating	mediate	VERB
easat-8278	6	26	role	role	NOUN
easat-8278	6	27	of	of	ADP
easat-8278	6	28	credit	credit	NOUN
easat-8278	6	29	-	-	PUNCT
easat-8278	6	30	based	base	VERB
easat-8278	6	31	loan	loan	NOUN
easat-8278	6	32	loss	loss	NOUN
easat-8278	6	33	provision	provision	NOUN
easat-8278	6	34	(	(	PUNCT
easat-8278	6	35	cllp	cllp	PROPN
easat-8278	6	36	)	)	PUNCT
easat-8278	6	37	as	as	ADP
easat-8278	6	38	a	a	DET
easat-8278	6	39	proxy	proxy	NOUN
easat-8278	6	40	for	for	ADP
easat-8278	6	41	credit	credit	NOUN
easat-8278	6	42	risk	risk	NOUN
easat-8278	6	43	governance	governance	NOUN
easat-8278	6	44	.	.	PUNCT
easat-8278	7	1	using	use	VERB
easat-8278	7	2	unbalanced	unbalanced	ADJ
easat-8278	7	3	panel	panel	NOUN
easat-8278	7	4	data	datum	NOUN
easat-8278	7	5	from	from	ADP
easat-8278	7	6	17	17	NUM
easat-8278	7	7	listed	list	VERB
easat-8278	7	8	conventional	conventional	ADJ
easat-8278	7	9	banks	bank	NOUN
easat-8278	7	10	between	between	ADP
easat-8278	7	11	2010	2010	NUM
easat-8278	7	12	and	and	CCONJ
easat-8278	7	13	2022	2022	NUM
easat-8278	7	14	,	,	PUNCT
easat-8278	7	15	the	the	DET
easat-8278	7	16	study	study	NOUN
easat-8278	7	17	compares	compare	VERB
easat-8278	7	18	the	the	DET
easat-8278	7	19	impact	impact	NOUN
easat-8278	7	20	of	of	ADP
easat-8278	7	21	bloomberg	bloomberg	PROPN
easat-8278	7	22	’s	’s	PART
easat-8278	7	23	investor	investor	NOUN
easat-8278	7	24	-	-	PUNCT
easat-8278	7	25	oriented	orient	VERB
easat-8278	7	26	esg	esg	NOUN
easat-8278	7	27	scores	score	NOUN
easat-8278	7	28	and	and	CCONJ
easat-8278	7	29	the	the	DET
easat-8278	7	30	global	global	ADJ
easat-8278	7	31	reporting	reporting	NOUN
easat-8278	7	32	initiative	initiative	NOUN
easat-8278	7	33	(	(	PUNCT
easat-8278	7	34	gri	gri	PROPN
easat-8278	7	35	)	)	PUNCT
easat-8278	7	36	’s	’s	PART
easat-8278	7	37	stakeholder	stakeholder	NOUN
easat-8278	7	38	-	-	PUNCT
easat-8278	7	39	driven	drive	VERB
easat-8278	7	40	indices	index	NOUN
easat-8278	7	41	.	.	PUNCT
easat-8278	8	1	a	a	DET
easat-8278	8	2	two	two	NUM
easat-8278	8	3	-	-	PUNCT
easat-8278	8	4	stage	stage	NOUN
easat-8278	8	5	least	least	ADJ
easat-8278	8	6	squares	square	NOUN
easat-8278	8	7	(	(	PUNCT
easat-8278	8	8	2sls	2sls	NOUN
easat-8278	8	9	)	)	PUNCT
easat-8278	8	10	estimation	estimation	NOUN
easat-8278	8	11	is	be	AUX
easat-8278	8	12	applied	apply	VERB
easat-8278	8	13	to	to	PART
easat-8278	8	14	address	address	VERB
easat-8278	8	15	endogeneity	endogeneity	NOUN
easat-8278	8	16	and	and	CCONJ
easat-8278	8	17	test	test	VERB
easat-8278	8	18	the	the	DET
easat-8278	8	19	indirect	indirect	ADJ
easat-8278	8	20	effect	effect	NOUN
easat-8278	8	21	of	of	ADP
easat-8278	8	22	esg	esg	PROPN
easat-8278	8	23	on	on	ADP
easat-8278	8	24	firm	firm	ADJ
easat-8278	8	25	value	value	NOUN
easat-8278	8	26	through	through	ADP
easat-8278	8	27	cllp	cllp	PROPN
easat-8278	8	28	.	.	PUNCT
easat-8278	9	1	the	the	DET
easat-8278	9	2	findings	finding	NOUN
easat-8278	9	3	reveal	reveal	VERB
easat-8278	9	4	that	that	SCONJ
easat-8278	9	5	gri	gri	NOUN
easat-8278	9	6	-	-	PUNCT
easat-8278	9	7	based	base	VERB
easat-8278	9	8	esg	esg	PROPN
easat-8278	9	9	disclosures	disclosure	NOUN
easat-8278	9	10	—	—	PUNCT
easat-8278	9	11	particularly	particularly	ADV
easat-8278	9	12	in	in	ADP
easat-8278	9	13	the	the	DET
easat-8278	9	14	social	social	ADJ
easat-8278	9	15	and	and	CCONJ
easat-8278	9	16	governance	governance	NOUN
easat-8278	9	17	dimensions	dimension	NOUN
easat-8278	9	18	—	—	PUNCT
easat-8278	9	19	exert	exert	VERB
easat-8278	9	20	a	a	DET
easat-8278	9	21	consistent	consistent	ADJ
easat-8278	9	22	and	and	CCONJ
easat-8278	9	23	statistically	statistically	ADV
easat-8278	9	24	significant	significant	ADJ
easat-8278	9	25	indirect	indirect	ADJ
easat-8278	9	26	effect	effect	NOUN
easat-8278	9	27	on	on	ADP
easat-8278	9	28	firm	firm	ADJ
easat-8278	9	29	value	value	NOUN
easat-8278	9	30	through	through	ADP
easat-8278	9	31	conservative	conservative	ADJ
easat-8278	9	32	credit	credit	NOUN
easat-8278	9	33	provisioning	provisioning	NOUN
easat-8278	9	34	.	.	PUNCT
easat-8278	10	1	in	in	ADP
easat-8278	10	2	contrast	contrast	NOUN
easat-8278	10	3	,	,	PUNCT
easat-8278	10	4	bloomberg	bloomberg	NOUN
easat-8278	10	5	-	-	PUNCT
easat-8278	10	6	based	base	VERB
easat-8278	10	7	esg	esg	PROPN
easat-8278	10	8	scores	score	NOUN
easat-8278	10	9	show	show	VERB
easat-8278	10	10	weaker	weak	ADJ
easat-8278	10	11	or	or	CCONJ
easat-8278	10	12	statistically	statistically	ADV
easat-8278	10	13	insignificant	insignificant	ADJ
easat-8278	10	14	relationships	relationship	NOUN
easat-8278	10	15	,	,	PUNCT
easat-8278	10	16	indicating	indicate	VERB
easat-8278	10	17	limited	limited	ADJ
easat-8278	10	18	local	local	ADJ
easat-8278	10	19	relevance	relevance	NOUN
easat-8278	10	20	.	.	PUNCT
easat-8278	11	1	these	these	DET
easat-8278	11	2	results	result	NOUN
easat-8278	11	3	validate	validate	VERB
easat-8278	11	4	the	the	DET
easat-8278	11	5	mediating	mediate	VERB
easat-8278	11	6	role	role	NOUN
easat-8278	11	7	of	of	ADP
easat-8278	11	8	cllp	cllp	NOUN
easat-8278	11	9	and	and	CCONJ
easat-8278	11	10	support	support	VERB
easat-8278	11	11	both	both	CCONJ
easat-8278	11	12	signaling	signal	VERB
easat-8278	11	13	and	and	CCONJ
easat-8278	11	14	stakeholder	stakeholder	NOUN
easat-8278	11	15	theories	theory	NOUN
easat-8278	11	16	in	in	ADP
easat-8278	11	17	explaining	explain	VERB
easat-8278	11	18	the	the	DET
easat-8278	11	19	esg	esg	PROPN
easat-8278	11	20	–	–	PUNCT
easat-8278	11	21	firm	firm	ADJ
easat-8278	11	22	value	value	NOUN
easat-8278	11	23	nexus	nexus	NOUN
easat-8278	11	24	.	.	PUNCT
easat-8278	12	1	the	the	DET
easat-8278	12	2	study	study	NOUN
easat-8278	12	3	suggests	suggest	VERB
easat-8278	12	4	that	that	SCONJ
easat-8278	12	5	adopting	adopt	VERB
easat-8278	12	6	context	context	NOUN
easat-8278	12	7	-	-	PUNCT
easat-8278	12	8	sensitive	sensitive	ADJ
easat-8278	12	9	esg	esg	NOUN
easat-8278	12	10	standards	standard	NOUN
easat-8278	12	11	like	like	SCONJ
easat-8278	12	12	gri	gri	PROPN
easat-8278	12	13	can	can	AUX
easat-8278	12	14	enhance	enhance	VERB
easat-8278	12	15	disclosure	disclosure	NOUN
easat-8278	12	16	credibility	credibility	NOUN
easat-8278	12	17	,	,	PUNCT
easat-8278	12	18	strengthen	strengthen	VERB
easat-8278	12	19	credit	credit	NOUN
easat-8278	12	20	risk	risk	NOUN
easat-8278	12	21	governance	governance	NOUN
easat-8278	12	22	,	,	PUNCT
easat-8278	12	23	and	and	CCONJ
easat-8278	12	24	improve	improve	VERB
easat-8278	12	25	firm	firm	ADJ
easat-8278	12	26	valuation	valuation	NOUN
easat-8278	12	27	.	.	PUNCT
easat-8278	13	1	the	the	DET
easat-8278	13	2	findings	finding	NOUN
easat-8278	13	3	also	also	ADV
easat-8278	13	4	have	have	VERB
easat-8278	13	5	practical	practical	ADJ
easat-8278	13	6	implications	implication	NOUN
easat-8278	13	7	for	for	ADP
easat-8278	13	8	regulators	regulator	NOUN
easat-8278	13	9	aiming	aim	VERB
easat-8278	13	10	to	to	PART
easat-8278	13	11	align	align	VERB
easat-8278	13	12	esg	esg	NOUN
easat-8278	13	13	frameworks	framework	NOUN
easat-8278	13	14	with	with	ADP
easat-8278	13	15	domestic	domestic	ADJ
easat-8278	13	16	institutional	institutional	ADJ
easat-8278	13	17	contexts	contexts	NOUN
easat-8278	13	18	in	in	ADP
easat-8278	13	19	emerging	emerge	VERB
easat-8278	13	20	markets	market	NOUN
easat-8278	13	21	such	such	ADJ
easat-8278	13	22	as	as	ADP
easat-8278	13	23	indonesia	indonesia	PROPN
easat-8278	13	24	.	.	PUNCT
easat-8278	14	1	keywords	keyword	NOUN
easat-8278	14	2	:	:	PUNCT
easat-8278	14	3	banking	banking	NOUN
easat-8278	14	4	sector	sector	NOUN
easat-8278	14	5	,	,	PUNCT
easat-8278	14	6	credit	credit	NOUN
easat-8278	14	7	-	-	PUNCT
easat-8278	14	8	based	base	VERB
easat-8278	14	9	loan	loan	NOUN
easat-8278	14	10	loss	loss	NOUN
easat-8278	14	11	provision	provision	NOUN
easat-8278	14	12	(	(	PUNCT
easat-8278	14	13	cllp	cllp	PROPN
easat-8278	14	14	)	)	PUNCT
easat-8278	14	15	,	,	PUNCT
easat-8278	14	16	esg	esg	PROPN
easat-8278	14	17	disclosure	disclosure	NOUN
easat-8278	14	18	,	,	PUNCT
easat-8278	14	19	firm	firm	ADJ
easat-8278	14	20	value	value	NOUN
easat-8278	14	21	,	,	PUNCT
easat-8278	14	22	gri	gri	PROPN
easat-8278	14	23	vs	vs	PROPN
easat-8278	14	24	bloomberg	bloomberg	PROPN
easat-8278	14	25	.	.	PUNCT
easat-8278	15	1	1	1	X
easat-8278	15	2	.	.	X
easat-8278	15	3	introduction	introduction	NOUN
easat-8278	15	4	the	the	DET
easat-8278	15	5	growing	grow	VERB
easat-8278	15	6	global	global	ADJ
easat-8278	15	7	emphasis	emphasis	NOUN
easat-8278	15	8	on	on	ADP
easat-8278	15	9	sustainability	sustainability	NOUN
easat-8278	15	10	has	have	AUX
easat-8278	15	11	driven	drive	VERB
easat-8278	15	12	the	the	DET
easat-8278	15	13	banking	banking	NOUN
easat-8278	15	14	sector	sector	NOUN
easat-8278	15	15	to	to	PART
easat-8278	15	16	strengthen	strengthen	VERB
easat-8278	15	17	its	its	PRON
easat-8278	15	18	environmental	environmental	ADJ
easat-8278	15	19	,	,	PUNCT
easat-8278	15	20	social	social	ADJ
easat-8278	15	21	,	,	PUNCT
easat-8278	15	22	and	and	CCONJ
easat-8278	15	23	governance	governance	NOUN
easat-8278	15	24	(	(	PUNCT
easat-8278	15	25	esg	esg	NOUN
easat-8278	15	26	)	)	PUNCT
easat-8278	15	27	practices	practice	NOUN
easat-8278	15	28	as	as	ADP
easat-8278	15	29	a	a	DET
easat-8278	15	30	strategic	strategic	ADJ
easat-8278	15	31	governance	governance	NOUN
easat-8278	15	32	agenda	agenda	NOUN
easat-8278	15	33	.	.	PUNCT
easat-8278	16	1	esg	esg	PROPN
easat-8278	16	2	is	be	AUX
easat-8278	16	3	increasingly	increasingly	ADV
easat-8278	16	4	recognized	recognize	VERB
easat-8278	16	5	not	not	PART
easat-8278	16	6	only	only	ADV
easat-8278	16	7	as	as	ADP
easat-8278	16	8	a	a	DET
easat-8278	16	9	metric	metric	NOUN
easat-8278	16	10	of	of	ADP
easat-8278	16	11	sustainability	sustainability	NOUN
easat-8278	16	12	performance	performance	NOUN
easat-8278	16	13	but	but	CCONJ
easat-8278	16	14	also	also	ADV
easat-8278	16	15	as	as	ADP
easat-8278	16	16	an	an	DET
easat-8278	16	17	integral	integral	ADJ
easat-8278	16	18	component	component	NOUN
easat-8278	16	19	of	of	ADP
easat-8278	16	20	risk	risk	NOUN
easat-8278	16	21	management	management	NOUN
easat-8278	16	22	and	and	CCONJ
easat-8278	16	23	long	long	ADJ
easat-8278	16	24	-	-	PUNCT
easat-8278	16	25	term	term	NOUN
easat-8278	16	26	value	value	NOUN
easat-8278	16	27	creation	creation	NOUN
easat-8278	16	28	within	within	ADP
easat-8278	16	29	the	the	DET
easat-8278	16	30	financial	financial	ADJ
easat-8278	16	31	sector	sector	NOUN
easat-8278	16	32	[	[	X
easat-8278	16	33	1	1	NUM
easat-8278	16	34	,	,	PUNCT
easat-8278	16	35	2	2	NUM
easat-8278	16	36	]	]	PUNCT
easat-8278	16	37	.	.	PUNCT
easat-8278	17	1	in	in	ADP
easat-8278	17	2	indonesia	indonesia	PROPN
easat-8278	17	3	,	,	PUNCT
easat-8278	17	4	esg	esg	PROPN
easat-8278	17	5	adoption	adoption	NOUN
easat-8278	17	6	has	have	AUX
easat-8278	17	7	accelerated	accelerate	VERB
easat-8278	17	8	due	due	ADJ
easat-8278	17	9	to	to	ADP
easat-8278	17	10	regulatory	regulatory	ADJ
easat-8278	17	11	mandates	mandate	NOUN
easat-8278	17	12	—	—	PUNCT
easat-8278	17	13	such	such	ADJ
easat-8278	17	14	as	as	ADP
easat-8278	17	15	the	the	DET
easat-8278	17	16	financial	financial	ADJ
easat-8278	17	17	services	service	NOUN
easat-8278	17	18	authority	authority	NOUN
easat-8278	17	19	(	(	PUNCT
easat-8278	17	20	ojk	ojk	NOUN
easat-8278	17	21	)	)	PUNCT
easat-8278	17	22	regulation	regulation	NOUN
easat-8278	17	23	no	no	NOUN
easat-8278	17	24	.	.	NOUN
easat-8278	17	25	51	51	NUM
easat-8278	17	26	/	/	SYM
easat-8278	17	27	pojk.03/2017	pojk.03/2017	NOUN
easat-8278	17	28	,	,	PUNCT
easat-8278	17	29	which	which	PRON
easat-8278	17	30	requires	require	VERB
easat-8278	17	31	financial	financial	ADJ
easat-8278	17	32	institutions	institution	NOUN
easat-8278	17	33	to	to	PART
easat-8278	17	34	issue	issue	VERB
easat-8278	17	35	sustainability	sustainability	NOUN
easat-8278	17	36	reports	report	NOUN
easat-8278	17	37	—	—	PUNCT
easat-8278	17	38	and	and	CCONJ
easat-8278	17	39	the	the	DET
easat-8278	17	40	rising	rise	VERB
easat-8278	17	41	market	market	NOUN
easat-8278	17	42	awareness	awareness	NOUN
easat-8278	17	43	of	of	ADP
easat-8278	17	44	banks	bank	NOUN
easat-8278	17	45	’	'	PUNCT
easat-8278	17	46	social	social	ADJ
easat-8278	17	47	and	and	CCONJ
easat-8278	17	48	environmental	environmental	ADJ
easat-8278	17	49	responsibilities	responsibility	NOUN
easat-8278	17	50	[	[	X
easat-8278	17	51	3	3	NUM
easat-8278	17	52	]	]	PUNCT
easat-8278	17	53	.	.	PUNCT
easat-8278	18	1	however	however	ADV
easat-8278	18	2	,	,	PUNCT
easat-8278	18	3	the	the	DET
easat-8278	18	4	extent	extent	NOUN
easat-8278	18	5	to	to	PART
easat-8278	18	6	which	which	PRON
easat-8278	18	7	esg	esg	PROPN
easat-8278	18	8	contributes	contribute	VERB
easat-8278	18	9	to	to	ADP
easat-8278	18	10	firm	firm	ADJ
easat-8278	18	11	value	value	NOUN
easat-8278	18	12	remains	remain	VERB
easat-8278	18	13	contested	contest	VERB
easat-8278	18	14	,	,	PUNCT
easat-8278	18	15	especially	especially	ADV
easat-8278	18	16	in	in	ADP
easat-8278	18	17	emerging	emerge	VERB
easat-8278	18	18	markets	market	NOUN
easat-8278	18	19	characterized	characterize	VERB
easat-8278	18	20	by	by	ADP
easat-8278	18	21	complex	complex	ADJ
easat-8278	18	22	governance	governance	NOUN
easat-8278	18	23	structures	structure	NOUN
easat-8278	18	24	and	and	CCONJ
easat-8278	18	25	relatively	relatively	ADV
easat-8278	18	26	inefficient	inefficient	ADJ
easat-8278	18	27	capital	capital	NOUN
easat-8278	18	28	markets	market	NOUN
easat-8278	18	29	[	[	X
easat-8278	18	30	4	4	NUM
easat-8278	18	31	,	,	PUNCT
easat-8278	18	32	5	5	NUM
easat-8278	18	33	]	]	PUNCT
easat-8278	18	34	.	.	PUNCT
easat-8278	19	1	one	one	NUM
easat-8278	19	2	major	major	ADJ
easat-8278	19	3	source	source	NOUN
easat-8278	19	4	of	of	ADP
easat-8278	19	5	inconsistency	inconsistency	NOUN
easat-8278	19	6	in	in	ADP
easat-8278	19	7	prior	prior	ADJ
easat-8278	19	8	empirical	empirical	ADJ
easat-8278	19	9	findings	finding	NOUN
easat-8278	19	10	lies	lie	VERB
easat-8278	19	11	in	in	ADP
easat-8278	19	12	the	the	DET
easat-8278	19	13	variability	variability	NOUN
easat-8278	19	14	of	of	ADP
easat-8278	19	15	esg	esg	PROPN
easat-8278	19	16	measurement	measurement	NOUN
easat-8278	19	17	methods	method	NOUN
easat-8278	19	18	across	across	ADP
easat-8278	19	19	different	different	ADJ
easat-8278	19	20	data	datum	NOUN
easat-8278	19	21	providers	provider	NOUN
easat-8278	19	22	[	[	X
easat-8278	19	23	6	6	NUM
easat-8278	19	24	,	,	PUNCT
easat-8278	19	25	7	7	NUM
easat-8278	19	26	]	]	PUNCT
easat-8278	19	27	.	.	PUNCT
easat-8278	20	1	for	for	ADP
easat-8278	20	2	instance	instance	NOUN
easat-8278	20	3	,	,	PUNCT
easat-8278	20	4	bloomberg	bloomberg	PROPN
easat-8278	20	5	’s	’s	PART
easat-8278	20	6	esg	esg	PROPN
easat-8278	20	7	scores	score	NOUN
easat-8278	20	8	are	be	AUX
easat-8278	20	9	constructed	construct	VERB
easat-8278	20	10	using	use	VERB
easat-8278	20	11	a	a	DET
easat-8278	20	12	quantitative	quantitative	ADJ
easat-8278	20	13	,	,	PUNCT
easat-8278	20	14	investor	investor	NOUN
easat-8278	20	15	-	-	PUNCT
easat-8278	20	16	oriented	orient	VERB
easat-8278	20	17	framework	framework	NOUN
easat-8278	20	18	focused	focus	VERB
easat-8278	20	19	on	on	ADP
easat-8278	20	20	codified	codify	VERB
easat-8278	20	21	disclosures	disclosure	NOUN
easat-8278	20	22	[	[	X
easat-8278	20	23	8	8	NUM
easat-8278	20	24	,	,	PUNCT
easat-8278	20	25	9	9	NUM
easat-8278	20	26	]	]	PUNCT
easat-8278	20	27	.	.	PUNCT
easat-8278	21	1	in	in	ADP
easat-8278	21	2	contrast	contrast	NOUN
easat-8278	21	3	,	,	PUNCT
easat-8278	21	4	the	the	DET
easat-8278	21	5	global	global	ADJ
easat-8278	21	6	reporting	reporting	NOUN
easat-8278	21	7	initiative	initiative	NOUN
easat-8278	21	8	(	(	PUNCT
easat-8278	21	9	gri	gri	PROPN
easat-8278	21	10	)	)	PUNCT
easat-8278	21	11	emphasizes	emphasize	VERB
easat-8278	21	12	narrative	narrative	NOUN
easat-8278	21	13	,	,	PUNCT
easat-8278	21	14	stakeholder	stakeholder	NOUN
easat-8278	21	15	-	-	PUNCT
easat-8278	21	16	inclusive	inclusive	ADJ
easat-8278	21	17	disclosures	disclosure	NOUN
easat-8278	21	18	,	,	PUNCT
easat-8278	21	19	applying	apply	VERB
easat-8278	21	20	a	a	DET
easat-8278	21	21	different	different	ADJ
easat-8278	21	22	materiality	materiality	NOUN
easat-8278	21	23	principle	principle	NOUN
easat-8278	21	24	[	[	X
easat-8278	21	25	10	10	NUM
easat-8278	21	26	]	]	PUNCT
easat-8278	21	27	.	.	PUNCT
easat-8278	22	1	this	this	DET
easat-8278	22	2	fundamental	fundamental	ADJ
easat-8278	22	3	divergence	divergence	NOUN
easat-8278	22	4	may	may	AUX
easat-8278	22	5	create	create	VERB
easat-8278	22	6	interpretive	interpretive	ADJ
easat-8278	22	7	bias	bias	NOUN
easat-8278	22	8	in	in	ADP
easat-8278	22	9	how	how	SCONJ
easat-8278	22	10	markets	market	NOUN
easat-8278	22	11	perceive	perceive	VERB
easat-8278	22	12	corporate	corporate	ADJ
easat-8278	22	13	sustainability	sustainability	NOUN
easat-8278	22	14	performance	performance	NOUN
easat-8278	22	15	,	,	PUNCT
easat-8278	22	16	particularly	particularly	ADV
easat-8278	22	17	in	in	ADP
easat-8278	22	18	emerging	emerge	VERB
easat-8278	22	19	economies	economy	NOUN
easat-8278	22	20	https://orcid.org/0000-0002-9917-606x	https://orcid.org/0000-0002-9917-606x	PROPN
easat-8278	22	21	https://orcid.org/0000-0003-2889-7123	https://orcid.org/0000-0003-2889-7123	PROPN
easat-8278	22	22	https://orcid.org/0000-0003-3008-0972	https://orcid.org/0000-0003-3008-0972	PROPN
easat-8278	22	23	1919	1919	NUM
easat-8278	22	24	edelweiss	edelweiss	PROPN
easat-8278	22	25	applied	apply	VERB
easat-8278	22	26	science	science	NOUN
easat-8278	22	27	and	and	CCONJ
easat-8278	22	28	technology	technology	NOUN
easat-8278	22	29	issn	issn	PROPN
easat-8278	22	30	:	:	PUNCT
easat-8278	22	31	2576	2576	NUM
easat-8278	22	32	-	-	SYM
easat-8278	22	33	8484	8484	NUM
easat-8278	22	34	vol	vol	NOUN
easat-8278	22	35	.	.	PROPN
easat-8278	23	1	9	9	NUM
easat-8278	23	2	,	,	PUNCT
easat-8278	23	3	no	no	INTJ
easat-8278	23	4	.	.	NOUN
easat-8278	24	1	6	6	NUM
easat-8278	24	2	:	:	SYM
easat-8278	24	3	1918	1918	NUM
easat-8278	24	4	-	-	SYM
easat-8278	24	5	1930	1930	NUM
easat-8278	24	6	,	,	PUNCT
easat-8278	24	7	2025	2025	NUM
easat-8278	24	8	doi	doi	NOUN
easat-8278	24	9	:	:	PUNCT
easat-8278	24	10	10.55214/25768484.v9i6.8278	10.55214/25768484.v9i6.8278	PROPN
easat-8278	24	11	©	©	PROPN
easat-8278	24	12	2025	2025	NUM
easat-8278	24	13	by	by	ADP
easat-8278	24	14	the	the	DET
easat-8278	24	15	authors	author	NOUN
easat-8278	24	16	;	;	PUNCT
easat-8278	24	17	licensee	licensee	PROPN
easat-8278	24	18	learning	learn	VERB
easat-8278	24	19	gate	gate	NOUN
easat-8278	24	20	like	like	ADP
easat-8278	24	21	indonesia	indonesia	PROPN
easat-8278	24	22	,	,	PUNCT
easat-8278	24	23	which	which	PRON
easat-8278	24	24	are	be	AUX
easat-8278	24	25	marked	mark	VERB
easat-8278	24	26	by	by	ADP
easat-8278	24	27	regulatory	regulatory	ADJ
easat-8278	24	28	density	density	NOUN
easat-8278	24	29	,	,	PUNCT
easat-8278	24	30	limited	limited	ADJ
easat-8278	24	31	transparency	transparency	NOUN
easat-8278	24	32	,	,	PUNCT
easat-8278	24	33	and	and	CCONJ
easat-8278	24	34	underdeveloped	underdeveloped	ADJ
easat-8278	24	35	market	market	NOUN
easat-8278	24	36	orientation	orientation	NOUN
easat-8278	24	37	[	[	X
easat-8278	24	38	11	11	NUM
easat-8278	24	39	]	]	PUNCT
easat-8278	24	40	.	.	PUNCT
easat-8278	25	1	furthermore	furthermore	ADV
easat-8278	25	2	,	,	PUNCT
easat-8278	25	3	in	in	ADP
easat-8278	25	4	examining	examine	VERB
easat-8278	25	5	the	the	DET
easat-8278	25	6	esg	esg	PROPN
easat-8278	25	7	–	–	PUNCT
easat-8278	25	8	firm	firm	ADJ
easat-8278	25	9	value	value	NOUN
easat-8278	25	10	relationship	relationship	NOUN
easat-8278	25	11	,	,	PUNCT
easat-8278	25	12	it	it	PRON
easat-8278	25	13	is	be	AUX
easat-8278	25	14	critical	critical	ADJ
easat-8278	25	15	to	to	PART
easat-8278	25	16	explore	explore	VERB
easat-8278	25	17	the	the	DET
easat-8278	25	18	mediating	mediate	VERB
easat-8278	25	19	mechanisms	mechanism	NOUN
easat-8278	25	20	that	that	PRON
easat-8278	25	21	may	may	AUX
easat-8278	25	22	underlie	underlie	VERB
easat-8278	25	23	this	this	DET
easat-8278	25	24	connection	connection	NOUN
easat-8278	25	25	.	.	PUNCT
easat-8278	26	1	in	in	ADP
easat-8278	26	2	the	the	DET
easat-8278	26	3	banking	banking	NOUN
easat-8278	26	4	sector	sector	NOUN
easat-8278	26	5	,	,	PUNCT
easat-8278	26	6	credit	credit	NOUN
easat-8278	26	7	-	-	PUNCT
easat-8278	26	8	based	base	VERB
easat-8278	26	9	loan	loan	NOUN
easat-8278	26	10	loss	loss	NOUN
easat-8278	26	11	provision	provision	NOUN
easat-8278	26	12	(	(	PUNCT
easat-8278	26	13	cllp	cllp	NOUN
easat-8278	26	14	)	)	PUNCT
easat-8278	26	15	serves	serve	VERB
easat-8278	26	16	as	as	ADP
easat-8278	26	17	a	a	DET
easat-8278	26	18	potential	potential	ADJ
easat-8278	26	19	channel	channel	NOUN
easat-8278	26	20	reflecting	reflect	VERB
easat-8278	26	21	credit	credit	NOUN
easat-8278	26	22	risk	risk	NOUN
easat-8278	26	23	governance	governance	NOUN
easat-8278	26	24	practices	practice	NOUN
easat-8278	26	25	.	.	PUNCT
easat-8278	27	1	as	as	ADP
easat-8278	27	2	an	an	DET
easat-8278	27	3	accounting	accounting	NOUN
easat-8278	27	4	component	component	NOUN
easat-8278	27	5	that	that	PRON
easat-8278	27	6	encapsulates	encapsulate	VERB
easat-8278	27	7	forward	forward	ADV
easat-8278	27	8	-	-	PUNCT
easat-8278	27	9	looking	look	VERB
easat-8278	27	10	credit	credit	NOUN
easat-8278	27	11	loss	loss	NOUN
easat-8278	27	12	expectations	expectation	NOUN
easat-8278	27	13	,	,	PUNCT
easat-8278	27	14	cllp	cllp	NOUN
easat-8278	27	15	functions	function	NOUN
easat-8278	27	16	as	as	ADP
easat-8278	27	17	an	an	DET
easat-8278	27	18	indicator	indicator	NOUN
easat-8278	27	19	of	of	ADP
easat-8278	27	20	prudential	prudential	ADJ
easat-8278	27	21	discipline	discipline	NOUN
easat-8278	27	22	rooted	root	VERB
easat-8278	27	23	in	in	ADP
easat-8278	27	24	esg	esg	NOUN
easat-8278	27	25	commitment	commitment	NOUN
easat-8278	27	26	[	[	X
easat-8278	27	27	12	12	NUM
easat-8278	27	28	]	]	PUNCT
easat-8278	27	29	.	.	PUNCT
easat-8278	28	1	esg	esg	PROPN
easat-8278	28	2	disclosure	disclosure	NOUN
easat-8278	28	3	,	,	PUNCT
easat-8278	28	4	therefore	therefore	ADV
easat-8278	28	5	,	,	PUNCT
easat-8278	28	6	can	can	AUX
easat-8278	28	7	be	be	AUX
easat-8278	28	8	interpreted	interpret	VERB
easat-8278	28	9	not	not	PART
easat-8278	28	10	merely	merely	ADV
easat-8278	28	11	as	as	ADP
easat-8278	28	12	a	a	DET
easat-8278	28	13	reputational	reputational	ADJ
easat-8278	28	14	signal	signal	NOUN
easat-8278	28	15	but	but	CCONJ
easat-8278	28	16	as	as	ADP
easat-8278	28	17	a	a	DET
easat-8278	28	18	proxy	proxy	NOUN
easat-8278	28	19	for	for	ADP
easat-8278	28	20	the	the	DET
easat-8278	28	21	quality	quality	NOUN
easat-8278	28	22	of	of	ADP
easat-8278	28	23	long	long	ADJ
easat-8278	28	24	-	-	PUNCT
easat-8278	28	25	term	term	NOUN
easat-8278	28	26	risk	risk	NOUN
easat-8278	28	27	governance	governance	NOUN
easat-8278	28	28	[	[	X
easat-8278	28	29	13	13	NUM
easat-8278	28	30	]	]	PUNCT
easat-8278	28	31	.	.	PUNCT
easat-8278	29	1	given	give	VERB
easat-8278	29	2	these	these	DET
easat-8278	29	3	considerations	consideration	NOUN
easat-8278	29	4	,	,	PUNCT
easat-8278	29	5	this	this	DET
easat-8278	29	6	study	study	NOUN
easat-8278	29	7	aims	aim	VERB
easat-8278	29	8	to	to	PART
easat-8278	29	9	:	:	PUNCT
easat-8278	29	10	•	•	ADV
easat-8278	29	11	compare	compare	VERB
easat-8278	29	12	the	the	DET
easat-8278	29	13	effects	effect	NOUN
easat-8278	29	14	of	of	ADP
easat-8278	29	15	esg	esg	PROPN
easat-8278	29	16	disclosures	disclosure	NOUN
easat-8278	29	17	—	—	PUNCT
easat-8278	29	18	measured	measure	VERB
easat-8278	29	19	by	by	ADP
easat-8278	29	20	bloomberg	bloomberg	PROPN
easat-8278	29	21	and	and	CCONJ
easat-8278	29	22	gri	gri	PROPN
easat-8278	29	23	—	—	PUNCT
easat-8278	29	24	on	on	ADP
easat-8278	29	25	firm	firm	ADJ
easat-8278	29	26	value	value	NOUN
easat-8278	29	27	,	,	PUNCT
easat-8278	29	28	proxied	proxie	VERB
easat-8278	29	29	by	by	ADP
easat-8278	29	30	tobin	tobin	PROPN
easat-8278	29	31	’s	’s	PART
easat-8278	29	32	q	q	X
easat-8278	29	33	,	,	PUNCT
easat-8278	29	34	in	in	ADP
easat-8278	29	35	the	the	DET
easat-8278	29	36	indonesian	indonesian	ADJ
easat-8278	29	37	banking	banking	NOUN
easat-8278	29	38	sector	sector	NOUN
easat-8278	29	39	.	.	PUNCT
easat-8278	30	1	•	•	NUM
easat-8278	30	2	examine	examine	VERB
easat-8278	30	3	the	the	DET
easat-8278	30	4	mediating	mediate	VERB
easat-8278	30	5	role	role	NOUN
easat-8278	30	6	of	of	ADP
easat-8278	30	7	cllp	cllp	NOUN
easat-8278	30	8	in	in	ADP
easat-8278	30	9	linking	link	VERB
easat-8278	30	10	esg	esg	PROPN
easat-8278	30	11	disclosure	disclosure	NOUN
easat-8278	30	12	to	to	PART
easat-8278	30	13	firm	firm	VERB
easat-8278	30	14	value	value	NOUN
easat-8278	30	15	as	as	ADP
easat-8278	30	16	part	part	NOUN
easat-8278	30	17	of	of	ADP
easat-8278	30	18	a	a	DET
easat-8278	30	19	broader	broad	ADJ
easat-8278	30	20	credit	credit	NOUN
easat-8278	30	21	risk	risk	NOUN
easat-8278	30	22	governance	governance	NOUN
easat-8278	30	23	framework	framework	NOUN
easat-8278	30	24	.	.	PUNCT
easat-8278	31	1	this	this	DET
easat-8278	31	2	research	research	NOUN
easat-8278	31	3	utilizes	utilize	VERB
easat-8278	31	4	a	a	DET
easat-8278	31	5	panel	panel	NOUN
easat-8278	31	6	dataset	dataset	NOUN
easat-8278	31	7	comprising	comprise	VERB
easat-8278	31	8	17	17	NUM
easat-8278	31	9	publicly	publicly	ADV
easat-8278	31	10	listed	list	VERB
easat-8278	31	11	conventional	conventional	ADJ
easat-8278	31	12	banks	bank	NOUN
easat-8278	31	13	in	in	ADP
easat-8278	31	14	indonesia	indonesia	PROPN
easat-8278	31	15	from	from	ADP
easat-8278	31	16	2010	2010	NUM
easat-8278	31	17	to	to	ADP
easat-8278	31	18	2022	2022	NUM
easat-8278	31	19	.	.	PUNCT
easat-8278	32	1	esg	esg	PROPN
easat-8278	32	2	information	information	NOUN
easat-8278	32	3	is	be	AUX
easat-8278	32	4	drawn	draw	VERB
easat-8278	32	5	from	from	ADP
easat-8278	32	6	two	two	NUM
easat-8278	32	7	major	major	ADJ
easat-8278	32	8	sources	source	NOUN
easat-8278	32	9	—	—	PUNCT
easat-8278	32	10	bloomberg	bloomberg	PROPN
easat-8278	32	11	and	and	CCONJ
easat-8278	32	12	gri	gri	NOUN
easat-8278	32	13	-	-	PUNCT
easat-8278	32	14	based	base	VERB
easat-8278	32	15	reports	report	NOUN
easat-8278	32	16	—	—	PUNCT
easat-8278	32	17	and	and	CCONJ
easat-8278	32	18	merged	merge	VERB
easat-8278	32	19	with	with	ADP
easat-8278	32	20	financial	financial	ADJ
easat-8278	32	21	and	and	CCONJ
easat-8278	32	22	credit	credit	NOUN
easat-8278	32	23	risk	risk	NOUN
easat-8278	32	24	data	datum	NOUN
easat-8278	32	25	.	.	PUNCT
easat-8278	33	1	using	use	VERB
easat-8278	33	2	robust	robust	ADJ
easat-8278	33	3	fixed	fix	VERB
easat-8278	33	4	-	-	PUNCT
easat-8278	33	5	effects	effect	NOUN
easat-8278	33	6	and	and	CCONJ
easat-8278	33	7	random	random	ADJ
easat-8278	33	8	-	-	PUNCT
easat-8278	33	9	effects	effect	NOUN
easat-8278	33	10	panel	panel	NOUN
easat-8278	33	11	regressions	regression	NOUN
easat-8278	33	12	,	,	PUNCT
easat-8278	33	13	this	this	DET
easat-8278	33	14	study	study	NOUN
easat-8278	33	15	provides	provide	VERB
easat-8278	33	16	empirical	empirical	ADJ
easat-8278	33	17	evidence	evidence	NOUN
easat-8278	33	18	on	on	ADP
easat-8278	33	19	how	how	SCONJ
easat-8278	33	20	differing	differing	ADJ
easat-8278	33	21	esg	esg	NOUN
easat-8278	33	22	disclosure	disclosure	NOUN
easat-8278	33	23	standards	standard	NOUN
easat-8278	33	24	produce	produce	VERB
easat-8278	33	25	heterogeneous	heterogeneous	ADJ
easat-8278	33	26	market	market	NOUN
easat-8278	33	27	signals	signal	NOUN
easat-8278	33	28	and	and	CCONJ
easat-8278	33	29	highlights	highlight	NOUN
easat-8278	33	30	the	the	DET
easat-8278	33	31	critical	critical	ADJ
easat-8278	33	32	role	role	NOUN
easat-8278	33	33	of	of	ADP
easat-8278	33	34	credit	credit	NOUN
easat-8278	33	35	risk	risk	NOUN
easat-8278	33	36	governance	governance	NOUN
easat-8278	33	37	in	in	ADP
easat-8278	33	38	translating	translate	VERB
easat-8278	33	39	esg	esg	PROPN
easat-8278	33	40	performance	performance	NOUN
easat-8278	33	41	into	into	ADP
easat-8278	33	42	firm	firm	ADJ
easat-8278	33	43	value	value	NOUN
easat-8278	33	44	.	.	PUNCT
easat-8278	34	1	2	2	X
easat-8278	34	2	.	.	X
easat-8278	34	3	literature	literature	NOUN
easat-8278	34	4	review	review	PROPN
easat-8278	34	5	and	and	CCONJ
easat-8278	34	6	hypothesis	hypothesis	NOUN
easat-8278	34	7	development	development	NOUN
easat-8278	34	8	2.1	2.1	NUM
easat-8278	34	9	.	.	PUNCT
easat-8278	35	1	esg	esg	NOUN
easat-8278	35	2	disclosure	disclosure	NOUN
easat-8278	35	3	and	and	CCONJ
easat-8278	35	4	firm	firm	ADJ
easat-8278	35	5	value	value	NOUN
easat-8278	35	6	the	the	DET
easat-8278	35	7	literature	literature	NOUN
easat-8278	35	8	on	on	ADP
easat-8278	35	9	the	the	DET
easat-8278	35	10	relationship	relationship	NOUN
easat-8278	35	11	between	between	ADP
easat-8278	35	12	esg	esg	PROPN
easat-8278	35	13	disclosure	disclosure	NOUN
easat-8278	35	14	and	and	CCONJ
easat-8278	35	15	firm	firm	ADJ
easat-8278	35	16	value	value	NOUN
easat-8278	35	17	presents	present	VERB
easat-8278	35	18	mixed	mixed	ADJ
easat-8278	35	19	findings	finding	NOUN
easat-8278	35	20	,	,	PUNCT
easat-8278	35	21	particularly	particularly	ADV
easat-8278	35	22	in	in	ADP
easat-8278	35	23	emerging	emerge	VERB
easat-8278	35	24	market	market	NOUN
easat-8278	35	25	contexts	contexts	NOUN
easat-8278	35	26	.	.	PUNCT
easat-8278	36	1	from	from	ADP
easat-8278	36	2	a	a	DET
easat-8278	36	3	stakeholder	stakeholder	NOUN
easat-8278	36	4	theory	theory	NOUN
easat-8278	36	5	perspective	perspective	NOUN
easat-8278	36	6	[	[	X
easat-8278	36	7	14	14	NUM
easat-8278	36	8	]	]	X
easat-8278	36	9	,	,	PUNCT
easat-8278	36	10	transparent	transparent	ADJ
easat-8278	36	11	esg	esg	NOUN
easat-8278	36	12	practices	practice	NOUN
easat-8278	36	13	are	be	AUX
easat-8278	36	14	believed	believe	VERB
easat-8278	36	15	to	to	PART
easat-8278	36	16	reduce	reduce	VERB
easat-8278	36	17	information	information	NOUN
easat-8278	36	18	asymmetry	asymmetry	NOUN
easat-8278	36	19	and	and	CCONJ
easat-8278	36	20	build	build	VERB
easat-8278	36	21	stakeholder	stakeholder	NOUN
easat-8278	36	22	trust	trust	NOUN
easat-8278	36	23	,	,	PUNCT
easat-8278	36	24	thereby	thereby	ADV
easat-8278	36	25	enhancing	enhance	VERB
easat-8278	36	26	corporate	corporate	ADJ
easat-8278	36	27	reputation	reputation	NOUN
easat-8278	36	28	and	and	CCONJ
easat-8278	36	29	long	long	ADJ
easat-8278	36	30	-	-	PUNCT
easat-8278	36	31	term	term	NOUN
easat-8278	36	32	firm	firm	ADJ
easat-8278	36	33	value	value	NOUN
easat-8278	36	34	.	.	PUNCT
easat-8278	37	1	several	several	ADJ
easat-8278	37	2	studies	study	NOUN
easat-8278	37	3	support	support	VERB
easat-8278	37	4	this	this	DET
easat-8278	37	5	argument	argument	NOUN
easat-8278	37	6	,	,	PUNCT
easat-8278	37	7	indicating	indicate	VERB
easat-8278	37	8	that	that	SCONJ
easat-8278	37	9	firms	firm	NOUN
easat-8278	37	10	with	with	ADP
easat-8278	37	11	superior	superior	ADJ
easat-8278	37	12	esg	esg	PROPN
easat-8278	37	13	disclosure	disclosure	NOUN
easat-8278	37	14	tend	tend	VERB
easat-8278	37	15	to	to	PART
easat-8278	37	16	enjoy	enjoy	VERB
easat-8278	37	17	higher	high	ADJ
easat-8278	37	18	market	market	NOUN
easat-8278	37	19	valuations	valuation	NOUN
easat-8278	37	20	[	[	X
easat-8278	37	21	15	15	NUM
easat-8278	37	22	,	,	PUNCT
easat-8278	37	23	16	16	NUM
easat-8278	37	24	]	]	PUNCT
easat-8278	37	25	.	.	PUNCT
easat-8278	38	1	however	however	ADV
easat-8278	38	2	,	,	PUNCT
easat-8278	38	3	other	other	ADJ
easat-8278	38	4	studies	study	NOUN
easat-8278	38	5	argue	argue	VERB
easat-8278	38	6	that	that	SCONJ
easat-8278	38	7	esg	esg	PROPN
easat-8278	38	8	investments	investment	NOUN
easat-8278	38	9	do	do	AUX
easat-8278	38	10	not	not	PART
easat-8278	38	11	always	always	ADV
easat-8278	38	12	enhance	enhance	VERB
easat-8278	38	13	firm	firm	ADJ
easat-8278	38	14	value	value	NOUN
easat-8278	38	15	,	,	PUNCT
easat-8278	38	16	especially	especially	ADV
easat-8278	38	17	when	when	SCONJ
easat-8278	38	18	disclosures	disclosure	NOUN
easat-8278	38	19	are	be	AUX
easat-8278	38	20	symbolic	symbolic	ADJ
easat-8278	38	21	or	or	CCONJ
easat-8278	38	22	merely	merely	ADV
easat-8278	38	23	intended	intend	VERB
easat-8278	38	24	to	to	PART
easat-8278	38	25	satisfy	satisfy	VERB
easat-8278	38	26	regulatory	regulatory	ADJ
easat-8278	38	27	requirements	requirement	NOUN
easat-8278	38	28	without	without	ADP
easat-8278	38	29	genuine	genuine	ADJ
easat-8278	38	30	operational	operational	ADJ
easat-8278	38	31	transformation	transformation	NOUN
easat-8278	39	1	[	[	X
easat-8278	39	2	17	17	NUM
easat-8278	39	3	,	,	PUNCT
easat-8278	39	4	18	18	NUM
easat-8278	39	5	]	]	PUNCT
easat-8278	39	6	.	.	PUNCT
easat-8278	40	1	in	in	ADP
easat-8278	40	2	the	the	DET
easat-8278	40	3	banking	banking	NOUN
easat-8278	40	4	sector	sector	NOUN
easat-8278	40	5	,	,	PUNCT
easat-8278	40	6	the	the	DET
easat-8278	40	7	implications	implication	NOUN
easat-8278	40	8	of	of	ADP
easat-8278	40	9	esg	esg	PROPN
easat-8278	40	10	are	be	AUX
easat-8278	40	11	further	far	ADV
easat-8278	40	12	complicated	complicate	VERB
easat-8278	40	13	by	by	ADP
easat-8278	40	14	regulatory	regulatory	ADJ
easat-8278	40	15	constraints	constraint	NOUN
easat-8278	40	16	and	and	CCONJ
easat-8278	40	17	the	the	DET
easat-8278	40	18	intangible	intangible	ADJ
easat-8278	40	19	nature	nature	NOUN
easat-8278	40	20	of	of	ADP
easat-8278	40	21	sustainability	sustainability	NOUN
easat-8278	40	22	outcomes	outcome	NOUN
easat-8278	40	23	.	.	PUNCT
easat-8278	41	1	for	for	ADP
easat-8278	41	2	instance	instance	NOUN
easat-8278	41	3	,	,	PUNCT
easat-8278	41	4	[	[	X
easat-8278	41	5	19	19	NUM
easat-8278	41	6	]	]	PUNCT
easat-8278	41	7	suggest	suggest	VERB
easat-8278	41	8	that	that	SCONJ
easat-8278	41	9	stringent	stringent	ADJ
easat-8278	41	10	regulations	regulation	NOUN
easat-8278	41	11	and	and	CCONJ
easat-8278	41	12	strong	strong	ADJ
easat-8278	41	13	investor	investor	NOUN
easat-8278	41	14	protections	protection	NOUN
easat-8278	41	15	can	can	AUX
easat-8278	41	16	amplify	amplify	VERB
easat-8278	41	17	the	the	DET
easat-8278	41	18	positive	positive	ADJ
easat-8278	41	19	impact	impact	NOUN
easat-8278	41	20	of	of	ADP
easat-8278	41	21	csr	csr	NOUN
easat-8278	41	22	practices	practice	NOUN
easat-8278	41	23	on	on	ADP
easat-8278	41	24	bank	bank	NOUN
easat-8278	41	25	performance	performance	NOUN
easat-8278	41	26	.	.	PUNCT
easat-8278	42	1	a	a	DET
easat-8278	42	2	key	key	ADJ
easat-8278	42	3	source	source	NOUN
easat-8278	42	4	of	of	ADP
easat-8278	42	5	divergence	divergence	NOUN
easat-8278	42	6	in	in	ADP
easat-8278	42	7	these	these	DET
easat-8278	42	8	findings	finding	NOUN
easat-8278	42	9	lies	lie	VERB
easat-8278	42	10	in	in	ADP
easat-8278	42	11	the	the	DET
easat-8278	42	12	methods	method	NOUN
easat-8278	42	13	used	use	VERB
easat-8278	42	14	to	to	PART
easat-8278	42	15	construct	construct	VERB
easat-8278	42	16	esg	esg	PROPN
easat-8278	42	17	scores	score	NOUN
easat-8278	42	18	.	.	PUNCT
easat-8278	43	1	bloomberg	bloomberg	PROPN
easat-8278	43	2	’s	’s	PART
easat-8278	43	3	scores	score	NOUN
easat-8278	43	4	are	be	AUX
easat-8278	43	5	developed	develop	VERB
easat-8278	43	6	using	use	VERB
easat-8278	43	7	a	a	DET
easat-8278	43	8	top	top	ADJ
easat-8278	43	9	-	-	PUNCT
easat-8278	43	10	down	down	NOUN
easat-8278	43	11	,	,	PUNCT
easat-8278	43	12	quantitative	quantitative	ADJ
easat-8278	43	13	,	,	PUNCT
easat-8278	43	14	and	and	CCONJ
easat-8278	43	15	investor	investor	NOUN
easat-8278	43	16	-	-	PUNCT
easat-8278	43	17	focused	focus	VERB
easat-8278	43	18	approach	approach	NOUN
easat-8278	43	19	[	[	X
easat-8278	43	20	8	8	NUM
easat-8278	43	21	,	,	PUNCT
easat-8278	43	22	9	9	NUM
easat-8278	43	23	]	]	PUNCT
easat-8278	43	24	whereas	whereas	SCONJ
easat-8278	43	25	gri	gri	PROPN
easat-8278	43	26	standards	standard	NOUN
easat-8278	43	27	emphasize	emphasize	VERB
easat-8278	43	28	narrative	narrative	NOUN
easat-8278	43	29	disclosures	disclosure	NOUN
easat-8278	43	30	grounded	ground	VERB
easat-8278	43	31	in	in	ADP
easat-8278	43	32	materiality	materiality	NOUN
easat-8278	43	33	and	and	CCONJ
easat-8278	43	34	stakeholder	stakeholder	NOUN
easat-8278	43	35	inclusivity	inclusivity	NOUN
easat-8278	44	1	[	[	X
easat-8278	44	2	20	20	NUM
easat-8278	44	3	,	,	PUNCT
easat-8278	44	4	21	21	NUM
easat-8278	44	5	]	]	PUNCT
easat-8278	44	6	.	.	PUNCT
easat-8278	45	1	accordingly	accordingly	ADV
easat-8278	45	2	,	,	PUNCT
easat-8278	45	3	the	the	DET
easat-8278	45	4	effect	effect	NOUN
easat-8278	45	5	of	of	ADP
easat-8278	45	6	esg	esg	PROPN
easat-8278	45	7	on	on	ADP
easat-8278	45	8	firm	firm	ADJ
easat-8278	45	9	value	value	NOUN
easat-8278	45	10	may	may	AUX
easat-8278	45	11	vary	vary	VERB
easat-8278	45	12	depending	depend	VERB
easat-8278	45	13	on	on	ADP
easat-8278	45	14	the	the	DET
easat-8278	45	15	disclosure	disclosure	NOUN
easat-8278	45	16	standard	standard	NOUN
easat-8278	45	17	employed	employ	VERB
easat-8278	45	18	.	.	PUNCT
easat-8278	46	1	this	this	DET
easat-8278	46	2	study	study	NOUN
easat-8278	46	3	contributes	contribute	VERB
easat-8278	46	4	to	to	ADP
easat-8278	46	5	the	the	DET
easat-8278	46	6	literature	literature	NOUN
easat-8278	46	7	by	by	ADP
easat-8278	46	8	directly	directly	ADV
easat-8278	46	9	comparing	compare	VERB
easat-8278	46	10	the	the	DET
easat-8278	46	11	effects	effect	NOUN
easat-8278	46	12	of	of	ADP
easat-8278	46	13	bloombergand	bloombergand	NUM
easat-8278	46	14	gri	gri	NOUN
easat-8278	46	15	-	-	PUNCT
easat-8278	46	16	based	base	VERB
easat-8278	46	17	esg	esg	NOUN
easat-8278	46	18	disclosures	disclosure	NOUN
easat-8278	46	19	on	on	ADP
easat-8278	46	20	the	the	DET
easat-8278	46	21	valuation	valuation	NOUN
easat-8278	46	22	of	of	ADP
easat-8278	46	23	indonesian	indonesian	ADJ
easat-8278	46	24	banks	bank	NOUN
easat-8278	46	25	.	.	PUNCT
easat-8278	47	1	h1a	h1a	NOUN
easat-8278	47	2	:	:	PUNCT
easat-8278	47	3	esg	esg	PROPN
easat-8278	47	4	disclosure	disclosure	NOUN
easat-8278	47	5	based	base	VERB
easat-8278	47	6	on	on	ADP
easat-8278	47	7	bloomberg	bloomberg	PROPN
easat-8278	47	8	has	have	VERB
easat-8278	47	9	a	a	DET
easat-8278	47	10	positive	positive	ADJ
easat-8278	47	11	effect	effect	NOUN
easat-8278	47	12	on	on	ADP
easat-8278	47	13	firm	firm	ADJ
easat-8278	47	14	value	value	NOUN
easat-8278	47	15	(	(	PUNCT
easat-8278	47	16	tobin	tobin	PROPN
easat-8278	47	17	’s	’s	PART
easat-8278	47	18	q	q	NOUN
easat-8278	47	19	)	)	PUNCT
easat-8278	47	20	.	.	PUNCT
easat-8278	48	1	h1b	h1b	PROPN
easat-8278	48	2	:	:	PUNCT
easat-8278	48	3	esg	esg	NOUN
easat-8278	48	4	disclosure	disclosure	NOUN
easat-8278	48	5	based	base	VERB
easat-8278	48	6	on	on	ADP
easat-8278	48	7	gri	gri	PROPN
easat-8278	48	8	has	have	VERB
easat-8278	48	9	a	a	DET
easat-8278	48	10	positive	positive	ADJ
easat-8278	48	11	effect	effect	NOUN
easat-8278	48	12	on	on	ADP
easat-8278	48	13	firm	firm	ADJ
easat-8278	48	14	value	value	NOUN
easat-8278	48	15	(	(	PUNCT
easat-8278	48	16	tobin	tobin	PROPN
easat-8278	48	17	’s	’s	PART
easat-8278	48	18	q	q	NOUN
easat-8278	48	19	)	)	PUNCT
easat-8278	48	20	.	.	PUNCT
easat-8278	49	1	2.2	2.2	NUM
easat-8278	49	2	.	.	PUNCT
easat-8278	50	1	esg	esg	NOUN
easat-8278	50	2	disclosure	disclosure	NOUN
easat-8278	50	3	and	and	CCONJ
easat-8278	50	4	credit	credit	NOUN
easat-8278	50	5	-	-	PUNCT
easat-8278	50	6	based	base	VERB
easat-8278	50	7	loan	loan	NOUN
easat-8278	50	8	loss	loss	NOUN
easat-8278	50	9	provision	provision	NOUN
easat-8278	50	10	(	(	PUNCT
easat-8278	50	11	cllp	cllp	NOUN
easat-8278	50	12	)	)	PUNCT
easat-8278	50	13	credit	credit	NOUN
easat-8278	50	14	-	-	PUNCT
easat-8278	50	15	based	base	VERB
easat-8278	50	16	loan	loan	NOUN
easat-8278	50	17	loss	loss	NOUN
easat-8278	50	18	provision	provision	NOUN
easat-8278	50	19	(	(	PUNCT
easat-8278	50	20	cllp)—measured	cllp)—measure	VERB
easat-8278	50	21	as	as	ADP
easat-8278	50	22	the	the	DET
easat-8278	50	23	ratio	ratio	NOUN
easat-8278	50	24	of	of	ADP
easat-8278	50	25	total	total	ADJ
easat-8278	50	26	gross	gross	ADJ
easat-8278	50	27	loans	loan	NOUN
easat-8278	50	28	to	to	PART
easat-8278	50	29	loan	loan	VERB
easat-8278	50	30	loss	loss	NOUN
easat-8278	50	31	provisions	provision	NOUN
easat-8278	50	32	—	—	PUNCT
easat-8278	50	33	reflects	reflect	VERB
easat-8278	50	34	an	an	DET
easat-8278	50	35	ex	ex	NOUN
easat-8278	50	36	-	-	ADJ
easat-8278	50	37	ante	ante	ADJ
easat-8278	50	38	approach	approach	NOUN
easat-8278	50	39	to	to	ADP
easat-8278	50	40	credit	credit	NOUN
easat-8278	50	41	risk	risk	NOUN
easat-8278	50	42	management	management	NOUN
easat-8278	50	43	and	and	CCONJ
easat-8278	50	44	serves	serve	VERB
easat-8278	50	45	as	as	ADP
easat-8278	50	46	a	a	DET
easat-8278	50	47	proxy	proxy	NOUN
easat-8278	50	48	for	for	ADP
easat-8278	50	49	prudential	prudential	ADJ
easat-8278	50	50	governance	governance	NOUN
easat-8278	50	51	in	in	ADP
easat-8278	50	52	banking	banking	NOUN
easat-8278	50	53	.	.	PUNCT
easat-8278	51	1	banks	bank	NOUN
easat-8278	51	2	with	with	ADP
easat-8278	51	3	strong	strong	ADJ
easat-8278	51	4	esg	esg	NOUN
easat-8278	51	5	commitments	commitment	NOUN
easat-8278	51	6	are	be	AUX
easat-8278	51	7	expected	expect	VERB
easat-8278	51	8	to	to	PART
easat-8278	51	9	adopt	adopt	VERB
easat-8278	51	10	more	more	ADV
easat-8278	51	11	conservative	conservative	ADJ
easat-8278	51	12	credit	credit	NOUN
easat-8278	51	13	loss	loss	NOUN
easat-8278	51	14	expectations	expectation	NOUN
easat-8278	51	15	,	,	PUNCT
easat-8278	51	16	signaling	signal	VERB
easat-8278	51	17	a	a	DET
easat-8278	51	18	risk	risk	NOUN
easat-8278	51	19	-	-	PUNCT
easat-8278	51	20	averse	averse	ADJ
easat-8278	51	21	and	and	CCONJ
easat-8278	51	22	long	long	ADJ
easat-8278	51	23	-	-	PUNCT
easat-8278	51	24	term	term	NOUN
easat-8278	51	25	management	management	NOUN
easat-8278	51	26	orientation	orientation	NOUN
easat-8278	51	27	.	.	PUNCT
easat-8278	52	1	empirical	empirical	ADJ
easat-8278	52	2	studies	study	NOUN
easat-8278	52	3	have	have	AUX
easat-8278	52	4	found	find	VERB
easat-8278	52	5	that	that	SCONJ
easat-8278	52	6	higher	high	ADJ
easat-8278	52	7	esg	esg	PROPN
easat-8278	52	8	scores	score	NOUN
easat-8278	52	9	are	be	AUX
easat-8278	52	10	associated	associate	VERB
easat-8278	52	11	with	with	ADP
easat-8278	52	12	lower	low	ADJ
easat-8278	52	13	non	non	ADJ
easat-8278	52	14	-	-	ADJ
easat-8278	52	15	performing	performing	ADJ
easat-8278	52	16	loan	loan	NOUN
easat-8278	52	17	1920	1920	NUM
easat-8278	52	18	edelweiss	edelweiss	PROPN
easat-8278	52	19	applied	apply	VERB
easat-8278	52	20	science	science	NOUN
easat-8278	52	21	and	and	CCONJ
easat-8278	52	22	technology	technology	NOUN
easat-8278	52	23	issn	issn	PROPN
easat-8278	52	24	:	:	PUNCT
easat-8278	52	25	2576	2576	NUM
easat-8278	52	26	-	-	SYM
easat-8278	52	27	8484	8484	NUM
easat-8278	52	28	vol	vol	NOUN
easat-8278	52	29	.	.	PROPN
easat-8278	53	1	9	9	NUM
easat-8278	53	2	,	,	PUNCT
easat-8278	53	3	no	no	INTJ
easat-8278	53	4	.	.	NOUN
easat-8278	54	1	6	6	NUM
easat-8278	54	2	:	:	SYM
easat-8278	54	3	1918	1918	NUM
easat-8278	54	4	-	-	SYM
easat-8278	54	5	1930	1930	NUM
easat-8278	54	6	,	,	PUNCT
easat-8278	54	7	2025	2025	NUM
easat-8278	54	8	doi	doi	NOUN
easat-8278	54	9	:	:	PUNCT
easat-8278	54	10	10.55214/25768484.v9i6.8278	10.55214/25768484.v9i6.8278	PROPN
easat-8278	54	11	©	©	PROPN
easat-8278	54	12	2025	2025	NUM
easat-8278	54	13	by	by	ADP
easat-8278	54	14	the	the	DET
easat-8278	54	15	authors	author	NOUN
easat-8278	54	16	;	;	PUNCT
easat-8278	54	17	licensee	licensee	PROPN
easat-8278	54	18	learning	learning	NOUN
easat-8278	54	19	gate	gate	NOUN
easat-8278	54	20	(	(	PUNCT
easat-8278	54	21	npl	npl	NOUN
easat-8278	54	22	)	)	PUNCT
easat-8278	54	23	ratios	ratio	NOUN
easat-8278	55	1	[	[	X
easat-8278	55	2	22	22	NUM
easat-8278	55	3	]	]	PUNCT
easat-8278	55	4	.	.	PUNCT
easat-8278	56	1	other	other	ADJ
easat-8278	56	2	studies	study	NOUN
easat-8278	56	3	demonstrate	demonstrate	VERB
easat-8278	56	4	that	that	SCONJ
easat-8278	56	5	environmental	environmental	ADJ
easat-8278	56	6	and	and	CCONJ
easat-8278	56	7	social	social	ADJ
easat-8278	56	8	factors	factor	NOUN
easat-8278	56	9	can	can	AUX
easat-8278	56	10	be	be	AUX
easat-8278	56	11	embedded	embed	VERB
easat-8278	56	12	into	into	ADP
easat-8278	56	13	credit	credit	NOUN
easat-8278	56	14	risk	risk	NOUN
easat-8278	56	15	assessments	assessment	NOUN
easat-8278	56	16	[	[	X
easat-8278	56	17	2	2	NUM
easat-8278	56	18	,	,	PUNCT
easat-8278	56	19	23	23	NUM
easat-8278	56	20	]	]	PUNCT
easat-8278	56	21	.	.	PUNCT
easat-8278	57	1	moreover	moreover	ADV
easat-8278	57	2	,	,	PUNCT
easat-8278	57	3	firms	firm	NOUN
easat-8278	57	4	with	with	ADP
easat-8278	57	5	comprehensive	comprehensive	ADJ
easat-8278	57	6	esg	esg	PROPN
easat-8278	57	7	disclosure	disclosure	NOUN
easat-8278	57	8	often	often	ADV
easat-8278	57	9	exhibit	exhibit	VERB
easat-8278	57	10	stronger	strong	ADJ
easat-8278	57	11	internal	internal	ADJ
easat-8278	57	12	control	control	NOUN
easat-8278	57	13	systems	system	NOUN
easat-8278	57	14	,	,	PUNCT
easat-8278	57	15	enhancing	enhance	VERB
easat-8278	57	16	the	the	DET
easat-8278	57	17	accuracy	accuracy	NOUN
easat-8278	57	18	of	of	ADP
easat-8278	57	19	risk	risk	NOUN
easat-8278	57	20	-	-	PUNCT
easat-8278	57	21	related	relate	VERB
easat-8278	57	22	reporting	reporting	NOUN
easat-8278	57	23	[	[	X
easat-8278	57	24	24	24	NUM
easat-8278	57	25	]	]	PUNCT
easat-8278	57	26	.	.	PUNCT
easat-8278	58	1	thus	thus	ADV
easat-8278	58	2	,	,	PUNCT
easat-8278	58	3	esg	esg	PROPN
easat-8278	58	4	disclosure	disclosure	NOUN
easat-8278	58	5	may	may	AUX
easat-8278	58	6	signal	signal	VERB
easat-8278	58	7	not	not	PART
easat-8278	58	8	only	only	ADV
easat-8278	58	9	sustainability	sustainability	NOUN
easat-8278	58	10	commitment	commitment	NOUN
easat-8278	58	11	but	but	CCONJ
easat-8278	58	12	also	also	ADV
easat-8278	58	13	the	the	DET
easat-8278	58	14	quality	quality	NOUN
easat-8278	58	15	of	of	ADP
easat-8278	58	16	internal	internal	ADJ
easat-8278	58	17	risk	risk	NOUN
easat-8278	58	18	governance	governance	NOUN
easat-8278	58	19	,	,	PUNCT
easat-8278	58	20	which	which	PRON
easat-8278	58	21	in	in	ADP
easat-8278	58	22	turn	turn	NOUN
easat-8278	58	23	affects	affect	VERB
easat-8278	58	24	provisioning	provision	VERB
easat-8278	58	25	behavior	behavior	NOUN
easat-8278	58	26	as	as	SCONJ
easat-8278	58	27	reflected	reflect	VERB
easat-8278	58	28	in	in	ADP
easat-8278	58	29	cllp	cllp	PROPN
easat-8278	58	30	.	.	PUNCT
easat-8278	59	1	h2a	h2a	PROPN
easat-8278	59	2	:	:	PUNCT
easat-8278	59	3	esg	esg	NOUN
easat-8278	59	4	disclosure	disclosure	NOUN
easat-8278	59	5	based	base	VERB
easat-8278	59	6	on	on	ADP
easat-8278	59	7	bloomberg	bloomberg	PROPN
easat-8278	59	8	has	have	VERB
easat-8278	59	9	a	a	DET
easat-8278	59	10	positive	positive	ADJ
easat-8278	59	11	effect	effect	NOUN
easat-8278	59	12	on	on	ADP
easat-8278	59	13	cllp	cllp	PROPN
easat-8278	59	14	.	.	PUNCT
easat-8278	60	1	h2b	h2b	PROPN
easat-8278	60	2	:	:	PUNCT
easat-8278	60	3	esg	esg	PROPN
easat-8278	60	4	disclosure	disclosure	NOUN
easat-8278	60	5	based	base	VERB
easat-8278	60	6	on	on	ADP
easat-8278	60	7	gri	gri	PROPN
easat-8278	60	8	has	have	VERB
easat-8278	60	9	a	a	DET
easat-8278	60	10	positive	positive	ADJ
easat-8278	60	11	effect	effect	NOUN
easat-8278	60	12	on	on	ADP
easat-8278	60	13	cllp	cllp	PROPN
easat-8278	60	14	.	.	PUNCT
easat-8278	61	1	2.3	2.3	NUM
easat-8278	61	2	.	.	PUNCT
easat-8278	62	1	the	the	DET
easat-8278	62	2	mediating	mediate	VERB
easat-8278	62	3	role	role	NOUN
easat-8278	62	4	of	of	ADP
easat-8278	62	5	cllp	cllp	PROPN
easat-8278	62	6	between	between	ADP
easat-8278	62	7	esg	esg	PROPN
easat-8278	62	8	and	and	CCONJ
easat-8278	62	9	firm	firm	ADJ
easat-8278	62	10	value	value	NOUN
easat-8278	62	11	in	in	ADP
easat-8278	62	12	the	the	DET
easat-8278	62	13	banking	banking	NOUN
easat-8278	62	14	sector	sector	NOUN
easat-8278	62	15	,	,	PUNCT
easat-8278	62	16	the	the	DET
easat-8278	62	17	relationship	relationship	NOUN
easat-8278	62	18	between	between	ADP
easat-8278	62	19	esg	esg	PROPN
easat-8278	62	20	and	and	CCONJ
easat-8278	62	21	firm	firm	ADJ
easat-8278	62	22	value	value	NOUN
easat-8278	62	23	may	may	AUX
easat-8278	62	24	not	not	PART
easat-8278	62	25	be	be	AUX
easat-8278	62	26	direct	direct	ADJ
easat-8278	62	27	.	.	PUNCT
easat-8278	63	1	according	accord	VERB
easat-8278	63	2	to	to	ADP
easat-8278	63	3	the	the	DET
easat-8278	63	4	resource	resource	NOUN
easat-8278	63	5	-	-	PUNCT
easat-8278	63	6	based	base	VERB
easat-8278	63	7	view	view	NOUN
easat-8278	63	8	[	[	X
easat-8278	63	9	25	25	NUM
easat-8278	63	10	]	]	PUNCT
easat-8278	63	11	the	the	DET
easat-8278	63	12	institutional	institutional	ADJ
easat-8278	63	13	capacity	capacity	NOUN
easat-8278	63	14	to	to	PART
easat-8278	63	15	manage	manage	VERB
easat-8278	63	16	risk	risk	NOUN
easat-8278	63	17	effectively	effectively	ADV
easat-8278	63	18	is	be	AUX
easat-8278	63	19	considered	consider	VERB
easat-8278	63	20	a	a	DET
easat-8278	63	21	strategic	strategic	ADJ
easat-8278	63	22	asset	asset	NOUN
easat-8278	63	23	that	that	PRON
easat-8278	63	24	links	link	VERB
easat-8278	63	25	esg	esg	NOUN
easat-8278	63	26	performance	performance	NOUN
easat-8278	63	27	to	to	ADP
easat-8278	63	28	financial	financial	ADJ
easat-8278	63	29	outcomes	outcome	NOUN
easat-8278	63	30	.	.	PUNCT
easat-8278	64	1	cllp	cllp	PROPN
easat-8278	64	2	may	may	AUX
easat-8278	64	3	serve	serve	VERB
easat-8278	64	4	as	as	ADP
easat-8278	64	5	a	a	DET
easat-8278	64	6	mediating	mediate	VERB
easat-8278	64	7	mechanism	mechanism	NOUN
easat-8278	64	8	in	in	ADP
easat-8278	64	9	this	this	DET
easat-8278	64	10	relationship	relationship	NOUN
easat-8278	64	11	.	.	PUNCT
easat-8278	65	1	when	when	SCONJ
easat-8278	65	2	cllp	cllp	PROPN
easat-8278	65	3	reflects	reflect	VERB
easat-8278	65	4	prudent	prudent	ADJ
easat-8278	65	5	risk	risk	NOUN
easat-8278	65	6	management	management	NOUN
easat-8278	65	7	aligned	align	VERB
easat-8278	65	8	with	with	ADP
easat-8278	65	9	esg	esg	PROPN
easat-8278	65	10	narratives	narrative	NOUN
easat-8278	65	11	,	,	PUNCT
easat-8278	65	12	it	it	PRON
easat-8278	65	13	reinforces	reinforce	VERB
easat-8278	65	14	the	the	DET
easat-8278	65	15	credibility	credibility	NOUN
easat-8278	65	16	of	of	ADP
easat-8278	65	17	esg	esg	PROPN
easat-8278	65	18	as	as	ADP
easat-8278	65	19	a	a	DET
easat-8278	65	20	meaningful	meaningful	ADJ
easat-8278	65	21	signal	signal	NOUN
easat-8278	65	22	.	.	PUNCT
easat-8278	66	1	conversely	conversely	ADV
easat-8278	66	2	,	,	PUNCT
easat-8278	66	3	a	a	DET
easat-8278	66	4	disconnect	disconnect	NOUN
easat-8278	66	5	between	between	ADP
easat-8278	66	6	disclosed	disclose	VERB
easat-8278	66	7	esg	esg	NOUN
easat-8278	66	8	commitments	commitment	NOUN
easat-8278	66	9	and	and	CCONJ
easat-8278	66	10	actual	actual	ADJ
easat-8278	66	11	credit	credit	NOUN
easat-8278	66	12	risk	risk	NOUN
easat-8278	66	13	practices	practice	NOUN
easat-8278	66	14	—	—	PUNCT
easat-8278	66	15	such	such	ADJ
easat-8278	66	16	as	as	ADP
easat-8278	66	17	aggressive	aggressive	ADJ
easat-8278	66	18	provisioning	provisioning	NOUN
easat-8278	66	19	—	—	PUNCT
easat-8278	66	20	may	may	AUX
easat-8278	66	21	cause	cause	VERB
easat-8278	66	22	investors	investor	NOUN
easat-8278	66	23	to	to	PART
easat-8278	66	24	question	question	VERB
easat-8278	66	25	the	the	DET
easat-8278	66	26	authenticity	authenticity	NOUN
easat-8278	66	27	of	of	ADP
easat-8278	66	28	a	a	DET
easat-8278	66	29	bank	bank	NOUN
easat-8278	66	30	’s	’s	PART
easat-8278	66	31	sustainability	sustainability	NOUN
easat-8278	66	32	agenda	agenda	NOUN
easat-8278	66	33	.	.	PUNCT
easat-8278	67	1	h3a	h3a	NOUN
easat-8278	67	2	:	:	PUNCT
easat-8278	67	3	cllp	cllp	NOUN
easat-8278	67	4	mediates	mediate	VERB
easat-8278	67	5	the	the	DET
easat-8278	67	6	relationship	relationship	NOUN
easat-8278	67	7	between	between	ADP
easat-8278	67	8	bloomberg	bloomberg	NOUN
easat-8278	67	9	-	-	PUNCT
easat-8278	67	10	based	base	VERB
easat-8278	67	11	esg	esg	NOUN
easat-8278	67	12	disclosure	disclosure	NOUN
easat-8278	67	13	and	and	CCONJ
easat-8278	67	14	firm	firm	ADJ
easat-8278	67	15	value	value	NOUN
easat-8278	67	16	.	.	PUNCT
easat-8278	68	1	h3b	h3b	ADJ
easat-8278	68	2	:	:	PUNCT
easat-8278	68	3	cllp	cllp	NOUN
easat-8278	68	4	mediates	mediate	VERB
easat-8278	68	5	the	the	DET
easat-8278	68	6	relationship	relationship	NOUN
easat-8278	68	7	between	between	ADP
easat-8278	68	8	gri	gri	NOUN
easat-8278	68	9	-	-	PUNCT
easat-8278	68	10	based	base	VERB
easat-8278	68	11	esg	esg	NOUN
easat-8278	68	12	disclosure	disclosure	NOUN
easat-8278	68	13	and	and	CCONJ
easat-8278	68	14	firm	firm	ADJ
easat-8278	68	15	value	value	NOUN
easat-8278	68	16	.	.	PUNCT
easat-8278	69	1	3	3	X
easat-8278	69	2	.	.	X
easat-8278	69	3	research	research	NOUN
easat-8278	69	4	methodology	methodology	NOUN
easat-8278	69	5	3.1	3.1	NUM
easat-8278	69	6	.	.	PUNCT
easat-8278	70	1	research	research	NOUN
easat-8278	70	2	design	design	NOUN
easat-8278	70	3	this	this	DET
easat-8278	70	4	study	study	NOUN
easat-8278	70	5	employs	employ	VERB
easat-8278	70	6	a	a	DET
easat-8278	70	7	quantitative	quantitative	ADJ
easat-8278	70	8	approach	approach	NOUN
easat-8278	70	9	with	with	ADP
easat-8278	70	10	a	a	DET
easat-8278	70	11	causal	causal	NOUN
easat-8278	70	12	-	-	PUNCT
easat-8278	70	13	comparative	comparative	ADJ
easat-8278	70	14	design	design	NOUN
easat-8278	70	15	utilizing	utilize	VERB
easat-8278	70	16	panel	panel	NOUN
easat-8278	70	17	data	datum	NOUN
easat-8278	70	18	.	.	PUNCT
easat-8278	71	1	the	the	DET
easat-8278	71	2	primary	primary	ADJ
easat-8278	71	3	objective	objective	NOUN
easat-8278	71	4	is	be	AUX
easat-8278	71	5	to	to	PART
easat-8278	71	6	compare	compare	VERB
easat-8278	71	7	the	the	DET
easat-8278	71	8	effects	effect	NOUN
easat-8278	71	9	of	of	ADP
easat-8278	71	10	environmental	environmental	ADJ
easat-8278	71	11	,	,	PUNCT
easat-8278	71	12	social	social	ADJ
easat-8278	71	13	,	,	PUNCT
easat-8278	71	14	and	and	CCONJ
easat-8278	71	15	governance	governance	NOUN
easat-8278	71	16	(	(	PUNCT
easat-8278	71	17	esg	esg	NOUN
easat-8278	71	18	)	)	PUNCT
easat-8278	71	19	disclosures	disclosure	NOUN
easat-8278	71	20	—	—	PUNCT
easat-8278	71	21	measured	measure	VERB
easat-8278	71	22	using	use	VERB
easat-8278	71	23	two	two	NUM
easat-8278	71	24	distinct	distinct	ADJ
easat-8278	71	25	frameworks	framework	NOUN
easat-8278	71	26	,	,	PUNCT
easat-8278	71	27	bloomberg	bloomberg	PROPN
easat-8278	71	28	and	and	CCONJ
easat-8278	71	29	the	the	DET
easat-8278	71	30	global	global	ADJ
easat-8278	71	31	reporting	reporting	NOUN
easat-8278	71	32	initiative	initiative	NOUN
easat-8278	71	33	(	(	PUNCT
easat-8278	71	34	gri)—on	gri)—on	NOUN
easat-8278	71	35	firm	firm	ADJ
easat-8278	71	36	value	value	NOUN
easat-8278	71	37	(	(	PUNCT
easat-8278	71	38	proxied	proxie	VERB
easat-8278	71	39	by	by	ADP
easat-8278	71	40	tobin	tobin	PROPN
easat-8278	71	41	’s	’s	PART
easat-8278	71	42	q	q	NOUN
easat-8278	71	43	)	)	PUNCT
easat-8278	71	44	,	,	PUNCT
easat-8278	71	45	while	while	SCONJ
easat-8278	71	46	considering	consider	VERB
easat-8278	71	47	the	the	DET
easat-8278	71	48	mediating	mediate	VERB
easat-8278	71	49	role	role	NOUN
easat-8278	71	50	of	of	ADP
easat-8278	71	51	credit	credit	NOUN
easat-8278	71	52	-	-	PUNCT
easat-8278	71	53	based	base	VERB
easat-8278	71	54	loan	loan	NOUN
easat-8278	71	55	loss	loss	NOUN
easat-8278	71	56	provision	provision	NOUN
easat-8278	71	57	(	(	PUNCT
easat-8278	71	58	cllp	cllp	PROPN
easat-8278	71	59	)	)	PUNCT
easat-8278	71	60	as	as	ADP
easat-8278	71	61	a	a	DET
easat-8278	71	62	reflection	reflection	NOUN
easat-8278	71	63	of	of	ADP
easat-8278	71	64	credit	credit	NOUN
easat-8278	71	65	risk	risk	NOUN
easat-8278	71	66	governance	governance	NOUN
easat-8278	71	67	.	.	PUNCT
easat-8278	72	1	the	the	DET
easat-8278	72	2	causal	causal	NOUN
easat-8278	72	3	-	-	PUNCT
easat-8278	72	4	comparative	comparative	NOUN
easat-8278	72	5	design	design	NOUN
easat-8278	72	6	enables	enable	VERB
easat-8278	72	7	the	the	DET
easat-8278	72	8	identification	identification	NOUN
easat-8278	72	9	of	of	ADP
easat-8278	72	10	differences	difference	NOUN
easat-8278	72	11	in	in	ADP
easat-8278	72	12	the	the	DET
easat-8278	72	13	effects	effect	NOUN
easat-8278	72	14	of	of	ADP
easat-8278	72	15	esg	esg	PROPN
easat-8278	72	16	disclosure	disclosure	NOUN
easat-8278	72	17	standards	standard	NOUN
easat-8278	72	18	within	within	ADP
easat-8278	72	19	a	a	DET
easat-8278	72	20	uniform	uniform	ADJ
easat-8278	72	21	context	context	NOUN
easat-8278	72	22	,	,	PUNCT
easat-8278	72	23	specifically	specifically	ADV
easat-8278	72	24	the	the	DET
easat-8278	72	25	indonesian	indonesian	ADJ
easat-8278	72	26	banking	banking	NOUN
easat-8278	72	27	sector	sector	NOUN
easat-8278	72	28	.	.	PUNCT
easat-8278	73	1	the	the	DET
easat-8278	73	2	use	use	NOUN
easat-8278	73	3	of	of	ADP
easat-8278	73	4	panel	panel	NOUN
easat-8278	73	5	data	datum	NOUN
easat-8278	73	6	allows	allow	VERB
easat-8278	73	7	for	for	ADP
easat-8278	73	8	control	control	NOUN
easat-8278	73	9	of	of	ADP
easat-8278	73	10	individual	individual	ADJ
easat-8278	73	11	heterogeneity	heterogeneity	NOUN
easat-8278	73	12	across	across	ADP
easat-8278	73	13	banks	bank	NOUN
easat-8278	73	14	and	and	CCONJ
easat-8278	73	15	captures	capture	VERB
easat-8278	73	16	temporal	temporal	ADJ
easat-8278	73	17	dynamics	dynamic	NOUN
easat-8278	73	18	throughout	throughout	ADP
easat-8278	73	19	the	the	DET
easat-8278	73	20	observation	observation	NOUN
easat-8278	73	21	period	period	NOUN
easat-8278	73	22	.	.	PUNCT
easat-8278	74	1	furthermore	furthermore	ADV
easat-8278	74	2	,	,	PUNCT
easat-8278	74	3	a	a	DET
easat-8278	74	4	two	two	NUM
easat-8278	74	5	-	-	PUNCT
easat-8278	74	6	stage	stage	NOUN
easat-8278	74	7	least	least	ADJ
easat-8278	74	8	squares	square	NOUN
easat-8278	74	9	(	(	PUNCT
easat-8278	74	10	2sls	2sls	NOUN
easat-8278	74	11	)	)	PUNCT
easat-8278	74	12	estimation	estimation	NOUN
easat-8278	74	13	approach	approach	NOUN
easat-8278	74	14	is	be	AUX
easat-8278	74	15	employed	employ	VERB
easat-8278	74	16	to	to	PART
easat-8278	74	17	address	address	VERB
easat-8278	74	18	potential	potential	ADJ
easat-8278	74	19	endogeneity	endogeneity	NOUN
easat-8278	74	20	issues	issue	NOUN
easat-8278	74	21	,	,	PUNCT
easat-8278	74	22	which	which	PRON
easat-8278	74	23	are	be	AUX
easat-8278	74	24	common	common	ADJ
easat-8278	74	25	in	in	ADP
easat-8278	74	26	esg	esg	PROPN
easat-8278	74	27	studies	study	NOUN
easat-8278	74	28	,	,	PUNCT
easat-8278	74	29	particularly	particularly	ADV
easat-8278	74	30	when	when	SCONJ
easat-8278	74	31	esg	esg	PROPN
easat-8278	74	32	disclosure	disclosure	NOUN
easat-8278	74	33	is	be	AUX
easat-8278	74	34	simultaneously	simultaneously	ADV
easat-8278	74	35	influenced	influence	VERB
easat-8278	74	36	by	by	ADP
easat-8278	74	37	firm	firm	ADJ
easat-8278	74	38	value	value	NOUN
easat-8278	74	39	.	.	PUNCT
easat-8278	75	1	the	the	DET
easat-8278	75	2	2sls	2sls	PROPN
easat-8278	75	3	model	model	NOUN
easat-8278	75	4	is	be	AUX
easat-8278	75	5	also	also	ADV
easat-8278	75	6	appropriate	appropriate	ADJ
easat-8278	75	7	for	for	ADP
easat-8278	75	8	estimating	estimate	VERB
easat-8278	75	9	indirect	indirect	ADJ
easat-8278	75	10	relationships	relationship	NOUN
easat-8278	75	11	involving	involve	VERB
easat-8278	75	12	a	a	DET
easat-8278	75	13	mediating	mediate	VERB
easat-8278	75	14	variable	variable	NOUN
easat-8278	75	15	(	(	PUNCT
easat-8278	75	16	cllp	cllp	PROPN
easat-8278	75	17	)	)	PUNCT
easat-8278	75	18	,	,	PUNCT
easat-8278	75	19	consistent	consistent	ADJ
easat-8278	75	20	with	with	ADP
easat-8278	75	21	a	a	DET
easat-8278	75	22	partial	partial	ADJ
easat-8278	75	23	mediation	mediation	NOUN
easat-8278	75	24	framework	framework	NOUN
easat-8278	75	25	[	[	X
easat-8278	75	26	26	26	NUM
easat-8278	75	27	,	,	PUNCT
easat-8278	75	28	27	27	NUM
easat-8278	75	29	]	]	PUNCT
easat-8278	75	30	.	.	PUNCT
easat-8278	76	1	accordingly	accordingly	ADV
easat-8278	76	2	,	,	PUNCT
easat-8278	76	3	this	this	DET
easat-8278	76	4	study	study	NOUN
easat-8278	76	5	evaluates	evaluate	VERB
easat-8278	76	6	both	both	CCONJ
easat-8278	76	7	the	the	DET
easat-8278	76	8	direct	direct	ADJ
easat-8278	76	9	effect	effect	NOUN
easat-8278	76	10	of	of	ADP
easat-8278	76	11	esg	esg	PROPN
easat-8278	76	12	on	on	ADP
easat-8278	76	13	firm	firm	ADJ
easat-8278	76	14	value	value	NOUN
easat-8278	76	15	and	and	CCONJ
easat-8278	76	16	the	the	DET
easat-8278	76	17	mediating	mediate	VERB
easat-8278	76	18	pathway	pathway	NOUN
easat-8278	76	19	through	through	ADP
easat-8278	76	20	credit	credit	NOUN
easat-8278	76	21	risk	risk	NOUN
easat-8278	76	22	conservatism	conservatism	NOUN
easat-8278	76	23	.	.	PUNCT
easat-8278	77	1	3.2	3.2	NUM
easat-8278	77	2	.	.	PUNCT
easat-8278	78	1	sample	sample	NOUN
easat-8278	78	2	and	and	CCONJ
easat-8278	78	3	data	datum	NOUN
easat-8278	78	4	sources	source	NOUN
easat-8278	78	5	the	the	DET
easat-8278	78	6	sample	sample	NOUN
easat-8278	78	7	consists	consist	VERB
easat-8278	78	8	of	of	ADP
easat-8278	78	9	17	17	NUM
easat-8278	78	10	conventional	conventional	ADJ
easat-8278	78	11	banks	bank	NOUN
easat-8278	78	12	listed	list	VERB
easat-8278	78	13	on	on	ADP
easat-8278	78	14	the	the	DET
easat-8278	78	15	indonesia	indonesia	PROPN
easat-8278	78	16	stock	stock	PROPN
easat-8278	78	17	exchange	exchange	PROPN
easat-8278	78	18	(	(	PUNCT
easat-8278	78	19	idx	idx	PROPN
easat-8278	78	20	)	)	PUNCT
easat-8278	78	21	,	,	PUNCT
easat-8278	78	22	observed	observe	VERB
easat-8278	78	23	annually	annually	ADV
easat-8278	78	24	from	from	ADP
easat-8278	78	25	2010	2010	NUM
easat-8278	78	26	to	to	ADP
easat-8278	78	27	2022	2022	NUM
easat-8278	78	28	.	.	PUNCT
easat-8278	79	1	this	this	PRON
easat-8278	79	2	yields	yield	VERB
easat-8278	79	3	a	a	DET
easat-8278	79	4	maximum	maximum	NOUN
easat-8278	79	5	of	of	ADP
easat-8278	79	6	221	221	NUM
easat-8278	79	7	observations	observation	NOUN
easat-8278	79	8	(	(	PUNCT
easat-8278	79	9	17	17	NUM
easat-8278	79	10	banks	bank	NOUN
easat-8278	79	11	×	×	VERB
easat-8278	79	12	13	13	NUM
easat-8278	79	13	years	year	NOUN
easat-8278	79	14	)	)	PUNCT
easat-8278	79	15	,	,	PUNCT
easat-8278	79	16	although	although	SCONJ
easat-8278	79	17	the	the	DET
easat-8278	79	18	panel	panel	NOUN
easat-8278	79	19	is	be	AUX
easat-8278	79	20	unbalanced	unbalanced	ADJ
easat-8278	79	21	due	due	ADP
easat-8278	79	22	to	to	ADP
easat-8278	79	23	data	datum	NOUN
easat-8278	79	24	limitations	limitation	NOUN
easat-8278	79	25	in	in	ADP
easat-8278	79	26	certain	certain	ADJ
easat-8278	79	27	years	year	NOUN
easat-8278	79	28	or	or	CCONJ
easat-8278	79	29	variables	variable	NOUN
easat-8278	79	30	.	.	PUNCT
easat-8278	80	1	sample	sample	NOUN
easat-8278	80	2	selection	selection	NOUN
easat-8278	80	3	follows	follow	VERB
easat-8278	80	4	three	three	NUM
easat-8278	80	5	main	main	ADJ
easat-8278	80	6	criteria	criterion	NOUN
easat-8278	80	7	:	:	PUNCT
easat-8278	81	1	1	1	X
easat-8278	81	2	.	.	PUNCT
easat-8278	82	1	the	the	DET
easat-8278	82	2	bank	bank	NOUN
easat-8278	82	3	publishes	publish	VERB
easat-8278	82	4	a	a	DET
easat-8278	82	5	sustainability	sustainability	NOUN
easat-8278	82	6	report	report	NOUN
easat-8278	82	7	or	or	CCONJ
easat-8278	82	8	annual	annual	ADJ
easat-8278	82	9	report	report	NOUN
easat-8278	82	10	with	with	ADP
easat-8278	82	11	esg	esg	PROPN
easat-8278	82	12	information	information	NOUN
easat-8278	82	13	during	during	ADP
easat-8278	82	14	the	the	DET
easat-8278	82	15	observation	observation	NOUN
easat-8278	82	16	period	period	NOUN
easat-8278	82	17	;	;	PUNCT
easat-8278	82	18	2	2	X
easat-8278	82	19	.	.	X
easat-8278	83	1	the	the	DET
easat-8278	83	2	bank	bank	NOUN
easat-8278	83	3	has	have	VERB
easat-8278	83	4	available	available	ADJ
easat-8278	83	5	esg	esg	PROPN
easat-8278	83	6	data	datum	NOUN
easat-8278	83	7	from	from	ADP
easat-8278	83	8	bloomberg	bloomberg	PROPN
easat-8278	83	9	and/or	and/or	CCONJ
easat-8278	83	10	gri	gri	PROPN
easat-8278	83	11	-	-	PUNCT
easat-8278	83	12	based	base	VERB
easat-8278	83	13	reports	report	NOUN
easat-8278	83	14	;	;	PUNCT
easat-8278	83	15	2	2	X
easat-8278	83	16	.	.	X
easat-8278	83	17	complete	complete	ADJ
easat-8278	83	18	financial	financial	ADJ
easat-8278	83	19	and	and	CCONJ
easat-8278	83	20	market	market	NOUN
easat-8278	83	21	data	datum	NOUN
easat-8278	83	22	are	be	AUX
easat-8278	83	23	accessible	accessible	ADJ
easat-8278	83	24	for	for	ADP
easat-8278	83	25	the	the	DET
easat-8278	83	26	study	study	NOUN
easat-8278	83	27	period	period	NOUN
easat-8278	83	28	.	.	PUNCT
easat-8278	84	1	gri	gri	NOUN
easat-8278	84	2	-	-	PUNCT
easat-8278	84	3	based	base	VERB
easat-8278	84	4	esg	esg	PROPN
easat-8278	84	5	data	datum	NOUN
easat-8278	84	6	were	be	AUX
easat-8278	84	7	obtained	obtain	VERB
easat-8278	84	8	from	from	ADP
easat-8278	84	9	the	the	DET
easat-8278	84	10	esgi	esgi	NOUN
easat-8278	84	11	data	datum	NOUN
easat-8278	84	12	center	center	NOUN
easat-8278	84	13	at	at	ADP
easat-8278	84	14	universitas	universita	NOUN
easat-8278	84	15	airlangga	airlangga	NOUN
easat-8278	84	16	(	(	PUNCT
easat-8278	84	17	https://www.esgi.ai/dataset/	https://www.esgi.ai/dataset/	PROPN
easat-8278	84	18	)	)	PUNCT
easat-8278	84	19	,	,	PUNCT
easat-8278	84	20	developed	develop	VERB
easat-8278	84	21	with	with	ADP
easat-8278	84	22	reference	reference	NOUN
easat-8278	84	23	to	to	ADP
easat-8278	84	24	the	the	DET
easat-8278	84	25	latest	late	ADJ
easat-8278	84	26	gri	gri	PROPN
easat-8278	84	27	standards	standard	NOUN
easat-8278	84	28	.	.	PUNCT
easat-8278	85	1	this	this	DET
easat-8278	85	2	dataset	dataset	NOUN
easat-8278	85	3	is	be	AUX
easat-8278	85	4	widely	widely	ADV
easat-8278	85	5	used	use	VERB
easat-8278	85	6	in	in	ADP
easat-8278	85	7	indonesian	indonesian	PROPN
easat-8278	85	8	esg	esg	PROPN
easat-8278	85	9	research	research	NOUN
easat-8278	85	10	and	and	CCONJ
easat-8278	85	11	is	be	AUX
easat-8278	85	12	curated	curate	VERB
easat-8278	85	13	through	through	ADP
easat-8278	85	14	validation	validation	NOUN
easat-8278	85	15	of	of	ADP
easat-8278	85	16	official	official	ADJ
easat-8278	85	17	corporate	corporate	ADJ
easat-8278	85	18	reports	report	NOUN
easat-8278	85	19	.	.	PUNCT
easat-8278	86	1	https://www.esgi.ai/dataset/	https://www.esgi.ai/dataset/	PROPN
easat-8278	86	2	1921	1921	NUM
easat-8278	86	3	edelweiss	edelweiss	PROPN
easat-8278	86	4	applied	apply	VERB
easat-8278	86	5	science	science	NOUN
easat-8278	86	6	and	and	CCONJ
easat-8278	86	7	technology	technology	NOUN
easat-8278	86	8	issn	issn	PROPN
easat-8278	86	9	:	:	PUNCT
easat-8278	86	10	2576	2576	NUM
easat-8278	86	11	-	-	SYM
easat-8278	86	12	8484	8484	NUM
easat-8278	86	13	vol	vol	NOUN
easat-8278	86	14	.	.	PROPN
easat-8278	87	1	9	9	NUM
easat-8278	87	2	,	,	PUNCT
easat-8278	87	3	no	no	INTJ
easat-8278	87	4	.	.	NOUN
easat-8278	88	1	6	6	NUM
easat-8278	88	2	:	:	SYM
easat-8278	88	3	1918	1918	NUM
easat-8278	88	4	-	-	SYM
easat-8278	88	5	1930	1930	NUM
easat-8278	88	6	,	,	PUNCT
easat-8278	88	7	2025	2025	NUM
easat-8278	88	8	doi	doi	NOUN
easat-8278	88	9	:	:	PUNCT
easat-8278	88	10	10.55214/25768484.v9i6.8278	10.55214/25768484.v9i6.8278	PROPN
easat-8278	88	11	©	©	PROPN
easat-8278	88	12	2025	2025	NUM
easat-8278	88	13	by	by	ADP
easat-8278	88	14	the	the	DET
easat-8278	88	15	authors	author	NOUN
easat-8278	88	16	;	;	PUNCT
easat-8278	88	17	licensee	licensee	PROPN
easat-8278	88	18	learning	learning	NOUN
easat-8278	88	19	gate	gate	NOUN
easat-8278	88	20	meanwhile	meanwhile	ADV
easat-8278	88	21	,	,	PUNCT
easat-8278	88	22	bloomberg	bloomberg	PROPN
easat-8278	88	23	esg	esg	PROPN
easat-8278	88	24	scores	score	NOUN
easat-8278	88	25	,	,	PUNCT
easat-8278	88	26	financial	financial	ADJ
easat-8278	88	27	data	datum	NOUN
easat-8278	88	28	,	,	PUNCT
easat-8278	88	29	and	and	CCONJ
easat-8278	88	30	market	market	NOUN
easat-8278	88	31	value	value	NOUN
easat-8278	88	32	information	information	NOUN
easat-8278	88	33	were	be	AUX
easat-8278	88	34	sourced	source	VERB
easat-8278	88	35	from	from	ADP
easat-8278	88	36	the	the	DET
easat-8278	88	37	bloomberg	bloomberg	PROPN
easat-8278	88	38	terminal	terminal	NOUN
easat-8278	88	39	,	,	PUNCT
easat-8278	88	40	a	a	DET
easat-8278	88	41	global	global	ADJ
easat-8278	88	42	financial	financial	ADJ
easat-8278	88	43	data	datum	NOUN
easat-8278	88	44	platform	platform	NOUN
easat-8278	88	45	.	.	PUNCT
easat-8278	89	1	data	datum	NOUN
easat-8278	89	2	accuracy	accuracy	NOUN
easat-8278	89	3	was	be	AUX
easat-8278	89	4	cross	cross	ADJ
easat-8278	89	5	-	-	ADJ
easat-8278	89	6	verified	verify	VERB
easat-8278	89	7	with	with	ADP
easat-8278	89	8	primary	primary	ADJ
easat-8278	89	9	sources	source	NOUN
easat-8278	89	10	such	such	ADJ
easat-8278	89	11	as	as	ADP
easat-8278	89	12	annual	annual	ADJ
easat-8278	89	13	reports	report	NOUN
easat-8278	89	14	and	and	CCONJ
easat-8278	89	15	official	official	ADJ
easat-8278	89	16	bank	bank	NOUN
easat-8278	89	17	websites	website	NOUN
easat-8278	89	18	.	.	PUNCT
easat-8278	90	1	3.3	3.3	NUM
easat-8278	90	2	.	.	PUNCT
easat-8278	91	1	variable	variable	ADJ
easat-8278	91	2	definitions	definition	NOUN
easat-8278	91	3	and	and	CCONJ
easat-8278	91	4	measurements	measurement	NOUN
easat-8278	91	5	this	this	DET
easat-8278	91	6	study	study	NOUN
easat-8278	91	7	classifies	classify	VERB
easat-8278	91	8	variables	variable	NOUN
easat-8278	91	9	into	into	ADP
easat-8278	91	10	dependent	dependent	ADJ
easat-8278	91	11	,	,	PUNCT
easat-8278	91	12	mediating	mediating	ADJ
easat-8278	91	13	,	,	PUNCT
easat-8278	91	14	independent	independent	ADJ
easat-8278	91	15	,	,	PUNCT
easat-8278	91	16	fitted	fit	VERB
easat-8278	91	17	mediating	mediating	NOUN
easat-8278	91	18	,	,	PUNCT
easat-8278	91	19	and	and	CCONJ
easat-8278	91	20	control	control	NOUN
easat-8278	91	21	categories	category	NOUN
easat-8278	91	22	.	.	PUNCT
easat-8278	92	1	the	the	DET
easat-8278	92	2	measurement	measurement	NOUN
easat-8278	92	3	strategy	strategy	NOUN
easat-8278	92	4	aligns	align	VERB
easat-8278	92	5	with	with	ADP
easat-8278	92	6	standard	standard	ADJ
easat-8278	92	7	practices	practice	NOUN
easat-8278	92	8	in	in	ADP
easat-8278	92	9	financial	financial	ADJ
easat-8278	92	10	research	research	NOUN
easat-8278	92	11	,	,	PUNCT
easat-8278	92	12	with	with	ADP
easat-8278	92	13	a	a	DET
easat-8278	92	14	key	key	ADJ
easat-8278	92	15	innovation	innovation	NOUN
easat-8278	92	16	being	be	AUX
easat-8278	92	17	the	the	DET
easat-8278	92	18	construction	construction	NOUN
easat-8278	92	19	of	of	ADP
easat-8278	92	20	the	the	DET
easat-8278	92	21	credit	credit	NOUN
easat-8278	92	22	risk	risk	NOUN
easat-8278	92	23	proxy	proxy	NOUN
easat-8278	92	24	—	—	PUNCT
easat-8278	92	25	cllp	cllp	NOUN
easat-8278	92	26	—	—	PUNCT
easat-8278	92	27	which	which	PRON
easat-8278	92	28	distinguishes	distinguish	VERB
easat-8278	92	29	this	this	DET
easat-8278	92	30	study	study	NOUN
easat-8278	92	31	from	from	ADP
easat-8278	92	32	existing	exist	VERB
easat-8278	92	33	esg	esg	NOUN
easat-8278	92	34	literature	literature	NOUN
easat-8278	92	35	.	.	PUNCT
easat-8278	93	1	cllp	cllp	PROPN
easat-8278	93	2	is	be	AUX
easat-8278	93	3	measured	measure	VERB
easat-8278	93	4	as	as	ADP
easat-8278	93	5	the	the	DET
easat-8278	93	6	ratio	ratio	NOUN
easat-8278	93	7	of	of	ADP
easat-8278	93	8	total	total	ADJ
easat-8278	93	9	gross	gross	ADJ
easat-8278	93	10	loans	loan	NOUN
easat-8278	93	11	to	to	PART
easat-8278	93	12	loan	loan	VERB
easat-8278	93	13	loss	loss	NOUN
easat-8278	93	14	provisions	provision	NOUN
easat-8278	93	15	,	,	PUNCT
easat-8278	93	16	capturing	capture	VERB
easat-8278	93	17	ex	ex	NOUN
easat-8278	93	18	-	-	ADJ
easat-8278	93	19	ante	ante	ADJ
easat-8278	93	20	credit	credit	NOUN
easat-8278	93	21	risk	risk	NOUN
easat-8278	93	22	conservatism	conservatism	NOUN
easat-8278	93	23	embedded	embed	VERB
easat-8278	93	24	in	in	ADP
easat-8278	93	25	governance	governance	NOUN
easat-8278	93	26	practices	practice	NOUN
easat-8278	93	27	.	.	PUNCT
easat-8278	94	1	this	this	PRON
easat-8278	94	2	reverses	reverse	VERB
easat-8278	94	3	the	the	DET
easat-8278	94	4	conventional	conventional	ADJ
easat-8278	94	5	llp	llp	PROPN
easat-8278	94	6	-	-	PUNCT
easat-8278	94	7	to	to	ADP
easat-8278	94	8	-	-	PUNCT
easat-8278	94	9	loan	loan	NOUN
easat-8278	94	10	ratio	ratio	NOUN
easat-8278	94	11	by	by	ADP
easat-8278	94	12	emphasizing	emphasize	VERB
easat-8278	94	13	provisioning	provision	VERB
easat-8278	94	14	intensity	intensity	NOUN
easat-8278	94	15	relative	relative	ADJ
easat-8278	94	16	to	to	ADP
easat-8278	94	17	exposure	exposure	NOUN
easat-8278	94	18	,	,	PUNCT
easat-8278	94	19	thus	thus	ADV
easat-8278	94	20	offering	offer	VERB
easat-8278	94	21	a	a	DET
easat-8278	94	22	more	more	ADJ
easat-8278	94	23	risk	risk	NOUN
easat-8278	94	24	-	-	PUNCT
easat-8278	94	25	sensitive	sensitive	ADJ
easat-8278	94	26	indicator	indicator	NOUN
easat-8278	94	27	aligned	align	VERB
easat-8278	94	28	with	with	ADP
easat-8278	94	29	esg	esg	PROPN
easat-8278	94	30	-	-	PUNCT
easat-8278	94	31	informed	inform	VERB
easat-8278	94	32	banking	banking	NOUN
easat-8278	94	33	practices	practice	NOUN
easat-8278	94	34	.	.	PUNCT
easat-8278	95	1	a	a	DET
easat-8278	95	2	summary	summary	NOUN
easat-8278	95	3	of	of	ADP
easat-8278	95	4	all	all	DET
easat-8278	95	5	variable	variable	ADJ
easat-8278	95	6	definitions	definition	NOUN
easat-8278	95	7	and	and	CCONJ
easat-8278	95	8	measurement	measurement	NOUN
easat-8278	95	9	methods	method	NOUN
easat-8278	95	10	is	be	AUX
easat-8278	95	11	provided	provide	VERB
easat-8278	95	12	in	in	ADP
easat-8278	95	13	table	table	NOUN
easat-8278	95	14	1	1	NUM
easat-8278	95	15	.	.	PUNCT
easat-8278	95	16	table	table	NOUN
easat-8278	95	17	1	1	NUM
easat-8278	95	18	.	.	PUNCT
easat-8278	95	19	variable	variable	ADJ
easat-8278	95	20	definitions	definition	NOUN
easat-8278	95	21	and	and	CCONJ
easat-8278	95	22	measurements	measurement	NOUN
easat-8278	95	23	.	.	PUNCT
easat-8278	96	1	variable	variable	ADJ
easat-8278	96	2	type	type	NOUN
easat-8278	96	3	definition	definition	NOUN
easat-8278	96	4	measurement	measurement	NOUN
easat-8278	96	5	tobin	tobin	PROPN
easat-8278	96	6	’s	’s	PART
easat-8278	96	7	q	q	PROPN
easat-8278	96	8	dependent	dependent	ADJ
easat-8278	96	9	market	market	NOUN
easat-8278	96	10	value	value	NOUN
easat-8278	96	11	relative	relative	ADJ
easat-8278	96	12	to	to	ADP
easat-8278	96	13	book	book	NOUN
easat-8278	96	14	value	value	NOUN
easat-8278	96	15	total	total	ADJ
easat-8278	96	16	market	market	NOUN
easat-8278	96	17	value	value	NOUN
easat-8278	96	18	of	of	ADP
easat-8278	96	19	assets	asset	NOUN
easat-8278	96	20	/	/	SYM
easat-8278	96	21	total	total	NOUN
easat-8278	96	22	book	book	NOUN
easat-8278	96	23	value	value	NOUN
easat-8278	96	24	of	of	ADP
easat-8278	96	25	assets	asset	NOUN
easat-8278	96	26	cllp	cllp	NOUN
easat-8278	96	27	mediating	mediate	VERB
easat-8278	96	28	indicator	indicator	NOUN
easat-8278	96	29	of	of	ADP
easat-8278	96	30	conservative	conservative	ADJ
easat-8278	96	31	credit	credit	NOUN
easat-8278	96	32	risk	risk	NOUN
easat-8278	96	33	management	management	NOUN
easat-8278	96	34	total	total	NOUN
easat-8278	96	35	gross	gross	ADJ
easat-8278	96	36	loans	loan	NOUN
easat-8278	96	37	/	/	SYM
easat-8278	96	38	loan	loan	NOUN
easat-8278	96	39	loss	loss	NOUN
easat-8278	96	40	provision	provision	NOUN
easat-8278	96	41	(	(	PUNCT
easat-8278	96	42	llp	llp	PROPN
easat-8278	96	43	)	)	PUNCT
easat-8278	96	44	eds	ed	NOUN
easat-8278	96	45	independent	independent	ADJ
easat-8278	96	46	(	(	PUNCT
easat-8278	96	47	bloomberg	bloomberg	NOUN
easat-8278	96	48	)	)	PUNCT
easat-8278	96	49	environmental	environmental	ADJ
easat-8278	96	50	disclosure	disclosure	NOUN
easat-8278	96	51	score	score	NOUN
easat-8278	96	52	bloomberg	bloomberg	PROPN
easat-8278	96	53	esg	esg	PROPN
easat-8278	96	54	score	score	NOUN
easat-8278	96	55	for	for	ADP
easat-8278	96	56	environmental	environmental	ADJ
easat-8278	96	57	disclosure	disclosure	NOUN
easat-8278	96	58	sds	sds	PROPN
easat-8278	96	59	independent	independent	ADJ
easat-8278	96	60	(	(	PUNCT
easat-8278	96	61	bloomberg	bloomberg	PROPN
easat-8278	96	62	)	)	PUNCT
easat-8278	96	63	social	social	ADJ
easat-8278	96	64	disclosure	disclosure	NOUN
easat-8278	96	65	score	score	NOUN
easat-8278	96	66	bloomberg	bloomberg	PROPN
easat-8278	96	67	esg	esg	PROPN
easat-8278	96	68	score	score	NOUN
easat-8278	96	69	for	for	ADP
easat-8278	96	70	social	social	ADJ
easat-8278	96	71	disclosure	disclosure	NOUN
easat-8278	96	72	gds	gds	PROPN
easat-8278	96	73	independent	independent	ADJ
easat-8278	96	74	(	(	PUNCT
easat-8278	96	75	bloomberg	bloomberg	NOUN
easat-8278	96	76	)	)	PUNCT
easat-8278	96	77	governance	governance	NOUN
easat-8278	96	78	disclosure	disclosure	NOUN
easat-8278	96	79	score	score	NOUN
easat-8278	96	80	bloomberg	bloomberg	PROPN
easat-8278	96	81	esg	esg	PROPN
easat-8278	96	82	score	score	NOUN
easat-8278	96	83	for	for	ADP
easat-8278	96	84	governance	governance	NOUN
easat-8278	96	85	disclosure	disclosure	NOUN
easat-8278	96	86	env	env	NOUN
easat-8278	96	87	independent	independent	ADJ
easat-8278	96	88	(	(	PUNCT
easat-8278	96	89	gri	gri	PROPN
easat-8278	96	90	)	)	PUNCT
easat-8278	96	91	environmental	environmental	PROPN
easat-8278	96	92	index	index	NOUN
easat-8278	96	93	gri	gri	PROPN
easat-8278	96	94	-	-	PUNCT
easat-8278	96	95	based	base	VERB
easat-8278	96	96	index	index	NOUN
easat-8278	96	97	for	for	ADP
easat-8278	96	98	environmental	environmental	ADJ
easat-8278	96	99	practices	practice	NOUN
easat-8278	96	100	soc	soc	VERB
easat-8278	96	101	independent	independent	ADJ
easat-8278	96	102	(	(	PUNCT
easat-8278	96	103	gri	gri	PROPN
easat-8278	96	104	)	)	PUNCT
easat-8278	96	105	social	social	ADJ
easat-8278	96	106	index	index	NOUN
easat-8278	96	107	gri	gri	PROPN
easat-8278	96	108	-	-	PUNCT
easat-8278	96	109	based	base	VERB
easat-8278	96	110	index	index	NOUN
easat-8278	96	111	for	for	ADP
easat-8278	96	112	social	social	ADJ
easat-8278	96	113	practices	practice	NOUN
easat-8278	96	114	gov	gov	NOUN
easat-8278	96	115	independent	independent	ADJ
easat-8278	96	116	(	(	PUNCT
easat-8278	96	117	gri	gri	PROPN
easat-8278	96	118	)	)	PUNCT
easat-8278	96	119	governance	governance	NOUN
easat-8278	96	120	index	index	NOUN
easat-8278	96	121	gri	gri	PROPN
easat-8278	96	122	-	-	PUNCT
easat-8278	96	123	based	base	VERB
easat-8278	96	124	index	index	NOUN
easat-8278	96	125	for	for	ADP
easat-8278	96	126	governance	governance	NOUN
easat-8278	96	127	practices	practice	NOUN
easat-8278	96	128	cleds	cled	NOUN
easat-8278	96	129	fitted	fit	VERB
easat-8278	96	130	mediating	mediate	VERB
easat-8278	96	131	(	(	PUNCT
easat-8278	96	132	bloomberg	bloomberg	PROPN
easat-8278	96	133	)	)	PUNCT
easat-8278	96	134	fitted	fit	VERB
easat-8278	96	135	cllp	cllp	NOUN
easat-8278	96	136	from	from	ADP
easat-8278	96	137	eds	ed	NOUN
easat-8278	96	138	predicted	predict	VERB
easat-8278	96	139	cllp	cllp	NOUN
easat-8278	96	140	from	from	ADP
easat-8278	96	141	first	first	ADJ
easat-8278	96	142	-	-	PUNCT
easat-8278	96	143	stage	stage	NOUN
easat-8278	96	144	regression	regression	NOUN
easat-8278	96	145	using	use	VERB
easat-8278	96	146	eds	ed	NOUN
easat-8278	96	147	clsds	clsds	NOUN
easat-8278	96	148	fitted	fit	VERB
easat-8278	96	149	mediating	mediate	VERB
easat-8278	96	150	(	(	PUNCT
easat-8278	96	151	bloomberg	bloomberg	PROPN
easat-8278	96	152	)	)	PUNCT
easat-8278	96	153	fitted	fit	VERB
easat-8278	96	154	cllp	cllp	NOUN
easat-8278	96	155	from	from	ADP
easat-8278	96	156	sds	sds	PROPN
easat-8278	96	157	predicted	predict	VERB
easat-8278	96	158	cllp	cllp	NOUN
easat-8278	96	159	from	from	ADP
easat-8278	96	160	first	first	ADJ
easat-8278	96	161	-	-	PUNCT
easat-8278	96	162	stage	stage	NOUN
easat-8278	96	163	regression	regression	NOUN
easat-8278	96	164	using	use	VERB
easat-8278	96	165	sds	sds	PROPN
easat-8278	96	166	clgds	clgds	PROPN
easat-8278	96	167	fitted	fit	VERB
easat-8278	96	168	mediating	mediate	VERB
easat-8278	96	169	(	(	PUNCT
easat-8278	96	170	bloomberg	bloomberg	PROPN
easat-8278	96	171	)	)	PUNCT
easat-8278	96	172	fitted	fit	VERB
easat-8278	96	173	cllp	cllp	NOUN
easat-8278	96	174	from	from	ADP
easat-8278	96	175	gds	gds	PROPN
easat-8278	96	176	predicted	predict	VERB
easat-8278	96	177	cllp	cllp	NOUN
easat-8278	96	178	from	from	ADP
easat-8278	96	179	first	first	ADJ
easat-8278	96	180	-	-	PUNCT
easat-8278	96	181	stage	stage	NOUN
easat-8278	96	182	regression	regression	NOUN
easat-8278	96	183	using	use	VERB
easat-8278	96	184	gds	gds	PROPN
easat-8278	96	185	clenv	clenv	NOUN
easat-8278	96	186	fitted	fit	VERB
easat-8278	96	187	mediating	mediating	NOUN
easat-8278	96	188	(	(	PUNCT
easat-8278	96	189	gri	gri	PROPN
easat-8278	96	190	)	)	PUNCT
easat-8278	96	191	fitted	fit	VERB
easat-8278	96	192	cllp	cllp	NOUN
easat-8278	96	193	from	from	ADP
easat-8278	96	194	env	env	NOUN
easat-8278	96	195	predicted	predict	VERB
easat-8278	96	196	cllp	cllp	NOUN
easat-8278	96	197	from	from	ADP
easat-8278	96	198	first	first	ADJ
easat-8278	96	199	-	-	PUNCT
easat-8278	96	200	stage	stage	NOUN
easat-8278	96	201	regression	regression	NOUN
easat-8278	96	202	using	use	VERB
easat-8278	96	203	env	env	NOUN
easat-8278	96	204	clsoc	clsoc	NOUN
easat-8278	96	205	fitted	fit	VERB
easat-8278	96	206	mediating	mediate	VERB
easat-8278	96	207	(	(	PUNCT
easat-8278	96	208	gri	gri	PROPN
easat-8278	96	209	)	)	PUNCT
easat-8278	96	210	fitted	fit	VERB
easat-8278	96	211	cllp	cllp	NOUN
easat-8278	96	212	from	from	ADP
easat-8278	96	213	soc	soc	NOUN
easat-8278	96	214	predicted	predict	VERB
easat-8278	96	215	cllp	cllp	NOUN
easat-8278	96	216	from	from	ADP
easat-8278	96	217	first	first	ADJ
easat-8278	96	218	-	-	PUNCT
easat-8278	96	219	stage	stage	NOUN
easat-8278	96	220	regression	regression	NOUN
easat-8278	96	221	using	use	VERB
easat-8278	96	222	soc	soc	NOUN
easat-8278	96	223	clgov	clgov	VERB
easat-8278	96	224	fitted	fit	VERB
easat-8278	96	225	mediating	mediate	VERB
easat-8278	96	226	(	(	PUNCT
easat-8278	96	227	gri	gri	PROPN
easat-8278	96	228	)	)	PUNCT
easat-8278	96	229	fitted	fit	VERB
easat-8278	96	230	cllp	cllp	NOUN
easat-8278	96	231	from	from	ADP
easat-8278	96	232	gov	gov	PROPN
easat-8278	96	233	predicted	predict	VERB
easat-8278	96	234	cllp	cllp	NOUN
easat-8278	96	235	from	from	ADP
easat-8278	96	236	first	first	ADJ
easat-8278	96	237	-	-	PUNCT
easat-8278	96	238	stage	stage	NOUN
easat-8278	96	239	regression	regression	NOUN
easat-8278	96	240	using	use	VERB
easat-8278	96	241	gov	gov	PROPN
easat-8278	96	242	roa	roa	PROPN
easat-8278	96	243	control	control	PROPN
easat-8278	96	244	return	return	VERB
easat-8278	96	245	on	on	ADP
easat-8278	96	246	assets	asset	NOUN
easat-8278	96	247	net	net	ADJ
easat-8278	96	248	income	income	NOUN
easat-8278	96	249	/	/	SYM
easat-8278	96	250	total	total	ADJ
easat-8278	96	251	assets	asset	NOUN
easat-8278	96	252	cmc	cmc	PROPN
easat-8278	96	253	control	control	PROPN
easat-8278	96	254	current	current	ADJ
easat-8278	96	255	market	market	NOUN
easat-8278	96	256	capitalization	capitalization	NOUN
easat-8278	96	257	natural	natural	ADJ
easat-8278	96	258	logarithm	logarithm	NOUN
easat-8278	96	259	of	of	ADP
easat-8278	96	260	market	market	NOUN
easat-8278	96	261	capitalization	capitalization	NOUN
easat-8278	96	262	3.4	3.4	NUM
easat-8278	96	263	.	.	PUNCT
easat-8278	97	1	analytical	analytical	ADJ
easat-8278	97	2	model	model	NOUN
easat-8278	97	3	and	and	CCONJ
easat-8278	97	4	estimation	estimation	NOUN
easat-8278	97	5	strategy	strategy	NOUN
easat-8278	97	6	the	the	DET
easat-8278	97	7	study	study	NOUN
easat-8278	97	8	employs	employ	VERB
easat-8278	97	9	a	a	DET
easat-8278	97	10	two	two	NUM
easat-8278	97	11	-	-	PUNCT
easat-8278	97	12	stage	stage	NOUN
easat-8278	97	13	least	least	ADJ
easat-8278	97	14	squares	square	NOUN
easat-8278	97	15	(	(	PUNCT
easat-8278	97	16	2sls	2sls	NOUN
easat-8278	97	17	)	)	PUNCT
easat-8278	97	18	estimation	estimation	NOUN
easat-8278	97	19	to	to	PART
easat-8278	97	20	investigate	investigate	VERB
easat-8278	97	21	the	the	DET
easat-8278	97	22	indirect	indirect	ADJ
easat-8278	97	23	relationship	relationship	NOUN
easat-8278	97	24	between	between	ADP
easat-8278	97	25	esg	esg	NOUN
easat-8278	97	26	disclosures	disclosure	NOUN
easat-8278	97	27	and	and	CCONJ
easat-8278	97	28	firm	firm	ADJ
easat-8278	97	29	value	value	NOUN
easat-8278	97	30	via	via	ADP
easat-8278	97	31	cllp	cllp	PROPN
easat-8278	97	32	.	.	PUNCT
easat-8278	98	1	the	the	DET
easat-8278	98	2	first	first	ADJ
easat-8278	98	3	stage	stage	NOUN
easat-8278	98	4	estimates	estimate	VERB
easat-8278	98	5	the	the	DET
easat-8278	98	6	mediating	mediate	VERB
easat-8278	98	7	variable	variable	NOUN
easat-8278	98	8	(	(	PUNCT
easat-8278	98	9	cllp	cllp	PROPN
easat-8278	98	10	)	)	PUNCT
easat-8278	98	11	using	use	VERB
easat-8278	98	12	esg	esg	NOUN
easat-8278	98	13	indicators	indicator	NOUN
easat-8278	98	14	as	as	ADP
easat-8278	98	15	instruments	instrument	NOUN
easat-8278	98	16	,	,	PUNCT
easat-8278	98	17	while	while	SCONJ
easat-8278	98	18	the	the	DET
easat-8278	98	19	second	second	ADJ
easat-8278	98	20	stage	stage	NOUN
easat-8278	98	21	evaluates	evaluate	VERB
easat-8278	98	22	the	the	DET
easat-8278	98	23	impact	impact	NOUN
easat-8278	98	24	of	of	ADP
easat-8278	98	25	the	the	DET
easat-8278	98	26	fitted	fit	VERB
easat-8278	98	27	cllp	cllp	NOUN
easat-8278	98	28	on	on	ADP
easat-8278	98	29	tobin	tobin	PROPN
easat-8278	98	30	’s	’s	PART
easat-8278	98	31	q.	q.	PROPN
easat-8278	98	32	first	first	ADJ
easat-8278	98	33	stage	stage	NOUN
easat-8278	98	34	–	–	PUNCT
easat-8278	98	35	estimating	estimate	VERB
easat-8278	98	36	cllp	cllp	NOUN
easat-8278	98	37	:	:	PUNCT
easat-8278	98	38	1922	1922	NUM
easat-8278	98	39	edelweiss	edelweiss	PROPN
easat-8278	98	40	applied	apply	VERB
easat-8278	98	41	science	science	NOUN
easat-8278	98	42	and	and	CCONJ
easat-8278	98	43	technology	technology	NOUN
easat-8278	98	44	issn	issn	PROPN
easat-8278	98	45	:	:	PUNCT
easat-8278	98	46	2576	2576	NUM
easat-8278	98	47	-	-	SYM
easat-8278	98	48	8484	8484	NUM
easat-8278	98	49	vol	vol	NOUN
easat-8278	98	50	.	.	PROPN
easat-8278	99	1	9	9	NUM
easat-8278	99	2	,	,	PUNCT
easat-8278	99	3	no	no	INTJ
easat-8278	99	4	.	.	NOUN
easat-8278	100	1	6	6	NUM
easat-8278	100	2	:	:	SYM
easat-8278	100	3	1918	1918	NUM
easat-8278	100	4	-	-	SYM
easat-8278	100	5	1930	1930	NUM
easat-8278	100	6	,	,	PUNCT
easat-8278	100	7	2025	2025	NUM
easat-8278	100	8	doi	doi	NOUN
easat-8278	100	9	:	:	PUNCT
easat-8278	100	10	10.55214/25768484.v9i6.8278	10.55214/25768484.v9i6.8278	PROPN
easat-8278	100	11	©	©	PROPN
easat-8278	100	12	2025	2025	NUM
easat-8278	100	13	by	by	ADP
easat-8278	100	14	the	the	DET
easat-8278	100	15	authors	author	NOUN
easat-8278	100	16	;	;	PUNCT
easat-8278	100	17	licensee	licensee	PROPN
easat-8278	100	18	learning	learn	VERB
easat-8278	100	19	gate	gate	NOUN
easat-8278	100	20	cllpit	cllpit	PROPN
easat-8278	100	21	=	=	PROPN
easat-8278	100	22	α	α	PROPN
easat-8278	100	23	+	+	CCONJ
easat-8278	100	24	β1	β1	NOUN
easat-8278	100	25	esgit	esgit	ADV
easat-8278	100	26	+	+	NUM
easat-8278	100	27	μit	μit	NOUN
easat-8278	100	28	this	this	DET
easat-8278	100	29	regression	regression	NOUN
easat-8278	100	30	is	be	AUX
easat-8278	100	31	performed	perform	VERB
easat-8278	100	32	separately	separately	ADV
easat-8278	100	33	for	for	ADP
easat-8278	100	34	bloomberg	bloomberg	PROPN
easat-8278	100	35	esg	esg	PROPN
easat-8278	100	36	scores	score	NOUN
easat-8278	100	37	(	(	PUNCT
easat-8278	100	38	eds	ed	NOUN
easat-8278	100	39	,	,	PUNCT
easat-8278	100	40	sds	sds	PROPN
easat-8278	100	41	,	,	PUNCT
easat-8278	100	42	gds	gds	PROPN
easat-8278	100	43	)	)	PUNCT
easat-8278	100	44	and	and	CCONJ
easat-8278	100	45	gri	gri	PROPN
easat-8278	100	46	indices	index	NOUN
easat-8278	100	47	(	(	PUNCT
easat-8278	100	48	env	env	NOUN
easat-8278	100	49	,	,	PUNCT
easat-8278	100	50	soc	soc	NOUN
easat-8278	100	51	,	,	PUNCT
easat-8278	100	52	gov	gov	PROPN
easat-8278	100	53	)	)	PUNCT
easat-8278	100	54	.	.	PUNCT
easat-8278	101	1	the	the	DET
easat-8278	101	2	resulting	result	VERB
easat-8278	101	3	fitted	fit	VERB
easat-8278	101	4	values	value	NOUN
easat-8278	101	5	(	(	PUNCT
easat-8278	101	6	cleds	cled	NOUN
easat-8278	101	7	,	,	PUNCT
easat-8278	101	8	clsds	clsds	NOUN
easat-8278	101	9	,	,	PUNCT
easat-8278	101	10	clgds	clgds	PROPN
easat-8278	101	11	,	,	PUNCT
easat-8278	101	12	clenv	clenv	NOUN
easat-8278	101	13	,	,	PUNCT
easat-8278	101	14	clsoc	clsoc	NOUN
easat-8278	101	15	,	,	PUNCT
easat-8278	101	16	clgov	clgov	NOUN
easat-8278	101	17	)	)	PUNCT
easat-8278	101	18	represent	represent	VERB
easat-8278	101	19	instrumented	instrumented	ADJ
easat-8278	101	20	cllp	cllp	NOUN
easat-8278	101	21	.	.	PUNCT
easat-8278	102	1	second	second	ADJ
easat-8278	102	2	stage	stage	NOUN
easat-8278	102	3	–	–	PUNCT
easat-8278	102	4	estimating	estimate	VERB
easat-8278	102	5	the	the	DET
easat-8278	102	6	impact	impact	NOUN
easat-8278	102	7	on	on	ADP
easat-8278	102	8	firm	firm	ADJ
easat-8278	102	9	value	value	NOUN
easat-8278	102	10	:	:	PUNCT
easat-8278	102	11	tqit	tqit	ADP
easat-8278	102	12	=	=	PUNCT
easat-8278	102	13	α	α	PROPN
easat-8278	102	14	+	+	CCONJ
easat-8278	102	15	β1	β1	PROPN
easat-8278	102	16	cl_esgit	cl_esgit	NOUN
easat-8278	102	17	+	+	CCONJ
easat-8278	102	18	β2	β2	ADJ
easat-8278	102	19	roait	roait	NOUN
easat-8278	102	20	+	+	CCONJ
easat-8278	102	21	β3	β3	ADP
easat-8278	102	22	cmcit	cmcit	NOUN
easat-8278	102	23	+	+	CCONJ
easat-8278	102	24	εit	εit	AUX
easat-8278	102	25	each	each	DET
easat-8278	102	26	model	model	NOUN
easat-8278	102	27	includes	include	VERB
easat-8278	102	28	a	a	DET
easat-8278	102	29	different	different	ADJ
easat-8278	102	30	fitted	fit	VERB
easat-8278	102	31	cllp	cllp	NOUN
easat-8278	102	32	variable	variable	NOUN
easat-8278	102	33	as	as	ADP
easat-8278	102	34	the	the	DET
easat-8278	102	35	key	key	ADJ
easat-8278	102	36	predictor	predictor	NOUN
easat-8278	102	37	(	(	PUNCT
easat-8278	102	38	cl_esg_it	cl_esg_it	PROPN
easat-8278	102	39	)	)	PUNCT
easat-8278	102	40	,	,	PUNCT
easat-8278	102	41	depending	depend	VERB
easat-8278	102	42	on	on	ADP
easat-8278	102	43	the	the	DET
easat-8278	102	44	esg	esg	NOUN
easat-8278	102	45	dimension	dimension	NOUN
easat-8278	102	46	and	and	CCONJ
easat-8278	102	47	data	datum	NOUN
easat-8278	102	48	source	source	NOUN
easat-8278	102	49	.	.	PUNCT
easat-8278	103	1	3.5	3.5	NUM
easat-8278	103	2	.	.	PUNCT
easat-8278	104	1	analytical	analytical	ADJ
easat-8278	104	2	techniques	technique	NOUN
easat-8278	104	3	all	all	DET
easat-8278	104	4	models	model	NOUN
easat-8278	104	5	are	be	AUX
easat-8278	104	6	estimated	estimate	VERB
easat-8278	104	7	using	use	VERB
easat-8278	104	8	panel	panel	NOUN
easat-8278	104	9	data	datum	NOUN
easat-8278	104	10	regression	regression	NOUN
easat-8278	104	11	techniques	technique	NOUN
easat-8278	104	12	,	,	PUNCT
easat-8278	104	13	including	include	VERB
easat-8278	104	14	both	both	CCONJ
easat-8278	104	15	the	the	DET
easat-8278	104	16	fixed	fix	VERB
easat-8278	104	17	effects	effect	NOUN
easat-8278	104	18	model	model	NOUN
easat-8278	104	19	(	(	PUNCT
easat-8278	104	20	fem	fem	NOUN
easat-8278	104	21	)	)	PUNCT
easat-8278	104	22	and	and	CCONJ
easat-8278	104	23	the	the	DET
easat-8278	104	24	random	random	ADJ
easat-8278	104	25	effects	effect	NOUN
easat-8278	104	26	model	model	NOUN
easat-8278	104	27	(	(	PUNCT
easat-8278	104	28	rem	rem	NOUN
easat-8278	104	29	)	)	PUNCT
easat-8278	104	30	.	.	PUNCT
easat-8278	105	1	model	model	NOUN
easat-8278	105	2	selection	selection	NOUN
easat-8278	105	3	is	be	AUX
easat-8278	105	4	based	base	VERB
easat-8278	105	5	on	on	ADP
easat-8278	105	6	the	the	DET
easat-8278	105	7	hausman	hausman	ADJ
easat-8278	105	8	test	test	NOUN
easat-8278	105	9	results	result	NOUN
easat-8278	105	10	,	,	PUNCT
easat-8278	105	11	which	which	PRON
easat-8278	105	12	indicate	indicate	VERB
easat-8278	105	13	that	that	SCONJ
easat-8278	105	14	models	model	NOUN
easat-8278	105	15	8	8	NUM
easat-8278	105	16	and	and	CCONJ
easat-8278	105	17	10	10	NUM
easat-8278	105	18	are	be	AUX
easat-8278	105	19	better	well	ADV
easat-8278	105	20	estimated	estimate	VERB
easat-8278	105	21	using	use	VERB
easat-8278	105	22	fem	fem	NOUN
easat-8278	105	23	,	,	PUNCT
easat-8278	105	24	with	with	ADP
easat-8278	105	25	chi	chi	ADJ
easat-8278	105	26	-	-	PUNCT
easat-8278	105	27	square	square	ADJ
easat-8278	105	28	statistics	statistic	NOUN
easat-8278	105	29	of	of	ADP
easat-8278	105	30	7.84	7.84	NUM
easat-8278	105	31	(	(	PUNCT
easat-8278	105	32	p	p	X
easat-8278	105	33	=	=	NOUN
easat-8278	105	34	0.049	0.049	NUM
easat-8278	105	35	)	)	PUNCT
easat-8278	105	36	and	and	CCONJ
easat-8278	105	37	9.62	9.62	NUM
easat-8278	105	38	(	(	PUNCT
easat-8278	105	39	p	p	X
easat-8278	105	40	=	=	NOUN
easat-8278	105	41	0.022	0.022	NUM
easat-8278	105	42	)	)	PUNCT
easat-8278	105	43	,	,	PUNCT
easat-8278	105	44	respectively	respectively	ADV
easat-8278	105	45	.	.	PUNCT
easat-8278	106	1	these	these	DET
easat-8278	106	2	results	result	NOUN
easat-8278	106	3	reject	reject	VERB
easat-8278	106	4	the	the	DET
easat-8278	106	5	null	null	ADJ
easat-8278	106	6	hypothesis	hypothesis	NOUN
easat-8278	106	7	that	that	PRON
easat-8278	106	8	rem	rem	VERB
easat-8278	106	9	is	be	AUX
easat-8278	106	10	more	more	ADV
easat-8278	106	11	efficient	efficient	ADJ
easat-8278	106	12	and	and	CCONJ
easat-8278	106	13	consistent	consistent	ADJ
easat-8278	106	14	[	[	X
easat-8278	106	15	28	28	NUM
easat-8278	106	16	]	]	PUNCT
easat-8278	106	17	.	.	PUNCT
easat-8278	107	1	to	to	PART
easat-8278	107	2	ensure	ensure	VERB
easat-8278	107	3	the	the	DET
easat-8278	107	4	statistical	statistical	ADJ
easat-8278	107	5	validity	validity	NOUN
easat-8278	107	6	of	of	ADP
easat-8278	107	7	the	the	DET
easat-8278	107	8	regression	regression	NOUN
easat-8278	107	9	results	result	NOUN
easat-8278	107	10	,	,	PUNCT
easat-8278	107	11	heteroskedasticity	heteroskedasticity	NOUN
easat-8278	107	12	was	be	AUX
easat-8278	107	13	tested	test	VERB
easat-8278	107	14	using	use	VERB
easat-8278	107	15	the	the	DET
easat-8278	107	16	breusch	breusch	ADJ
easat-8278	107	17	-	-	PUNCT
easat-8278	107	18	pagan	pagan	ADJ
easat-8278	107	19	test	test	NOUN
easat-8278	108	1	[	[	X
easat-8278	108	2	29	29	NUM
easat-8278	108	3	]	]	PUNCT
easat-8278	108	4	while	while	SCONJ
easat-8278	108	5	autocorrelation	autocorrelation	NOUN
easat-8278	108	6	was	be	AUX
easat-8278	108	7	tested	test	VERB
easat-8278	108	8	using	use	VERB
easat-8278	108	9	the	the	DET
easat-8278	108	10	wooldridge	wooldridge	PROPN
easat-8278	108	11	test	test	NOUN
easat-8278	108	12	for	for	ADP
easat-8278	108	13	panel	panel	NOUN
easat-8278	108	14	data	datum	NOUN
easat-8278	108	15	[	[	X
easat-8278	108	16	30	30	NUM
easat-8278	108	17	]	]	PUNCT
easat-8278	108	18	.	.	PUNCT
easat-8278	109	1	both	both	DET
easat-8278	109	2	issues	issue	NOUN
easat-8278	109	3	were	be	AUX
easat-8278	109	4	detected	detect	VERB
easat-8278	109	5	in	in	ADP
easat-8278	109	6	several	several	ADJ
easat-8278	109	7	models	model	NOUN
easat-8278	109	8	,	,	PUNCT
easat-8278	109	9	prompting	prompt	VERB
easat-8278	109	10	the	the	DET
easat-8278	109	11	use	use	NOUN
easat-8278	109	12	of	of	ADP
easat-8278	109	13	robust	robust	ADJ
easat-8278	109	14	standard	standard	ADJ
easat-8278	109	15	errors	error	NOUN
easat-8278	109	16	clustered	cluster	VERB
easat-8278	109	17	at	at	ADP
easat-8278	109	18	the	the	DET
easat-8278	109	19	bank	bank	NOUN
easat-8278	109	20	level	level	NOUN
easat-8278	109	21	,	,	PUNCT
easat-8278	109	22	following	follow	VERB
easat-8278	109	23	the	the	DET
easat-8278	109	24	recommendation	recommendation	NOUN
easat-8278	109	25	of	of	ADP
easat-8278	109	26	hoechle	hoechle	NOUN
easat-8278	109	27	[	[	X
easat-8278	109	28	31	31	NUM
easat-8278	109	29	]	]	PUNCT
easat-8278	109	30	.	.	PUNCT
easat-8278	110	1	this	this	DET
easat-8278	110	2	method	method	NOUN
easat-8278	110	3	ensures	ensure	VERB
easat-8278	110	4	consistent	consistent	ADJ
easat-8278	110	5	coefficient	coefficient	NOUN
easat-8278	110	6	estimation	estimation	NOUN
easat-8278	110	7	and	and	CCONJ
easat-8278	110	8	accurate	accurate	ADJ
easat-8278	110	9	standard	standard	ADJ
easat-8278	110	10	errors	error	NOUN
easat-8278	110	11	in	in	ADP
easat-8278	110	12	the	the	DET
easat-8278	110	13	presence	presence	NOUN
easat-8278	110	14	of	of	ADP
easat-8278	110	15	heterogeneity	heterogeneity	NOUN
easat-8278	110	16	and	and	CCONJ
easat-8278	110	17	serial	serial	ADJ
easat-8278	110	18	correlation	correlation	NOUN
easat-8278	110	19	across	across	ADP
easat-8278	110	20	panels	panel	NOUN
easat-8278	110	21	.	.	PUNCT
easat-8278	111	1	all	all	DET
easat-8278	111	2	estimations	estimation	NOUN
easat-8278	111	3	were	be	AUX
easat-8278	111	4	conducted	conduct	VERB
easat-8278	111	5	using	use	VERB
easat-8278	111	6	stata	stata	PROPN
easat-8278	111	7	17	17	NUM
easat-8278	111	8	software	software	NOUN
easat-8278	111	9	.	.	PUNCT
easat-8278	112	1	3.6	3.6	NUM
easat-8278	112	2	.	.	PUNCT
easat-8278	112	3	descriptive	descriptive	ADJ
easat-8278	112	4	statistics	statistic	NOUN
easat-8278	112	5	and	and	CCONJ
easat-8278	112	6	multicollinearity	multicollinearity	NOUN
easat-8278	112	7	test	test	NOUN
easat-8278	112	8	descriptive	descriptive	ADJ
easat-8278	112	9	statistics	statistic	NOUN
easat-8278	112	10	are	be	AUX
easat-8278	112	11	used	use	VERB
easat-8278	112	12	to	to	PART
easat-8278	112	13	illustrate	illustrate	VERB
easat-8278	112	14	the	the	DET
easat-8278	112	15	distribution	distribution	NOUN
easat-8278	112	16	and	and	CCONJ
easat-8278	112	17	core	core	NOUN
easat-8278	112	18	characteristics	characteristic	NOUN
easat-8278	112	19	of	of	ADP
easat-8278	112	20	the	the	DET
easat-8278	112	21	study	study	NOUN
easat-8278	112	22	variables	variable	NOUN
easat-8278	112	23	.	.	PUNCT
easat-8278	113	1	as	as	ADP
easat-8278	113	2	part	part	NOUN
easat-8278	113	3	of	of	ADP
easat-8278	113	4	data	datum	NOUN
easat-8278	113	5	cleaning	clean	VERB
easat-8278	113	6	,	,	PUNCT
easat-8278	113	7	all	all	DET
easat-8278	113	8	primary	primary	ADJ
easat-8278	113	9	variables	variable	NOUN
easat-8278	113	10	underwent	undergo	VERB
easat-8278	113	11	a	a	DET
easat-8278	113	12	5	5	NUM
easat-8278	113	13	%	%	NOUN
easat-8278	113	14	winsorization	winsorization	NOUN
easat-8278	113	15	process	process	NOUN
easat-8278	113	16	to	to	PART
easat-8278	113	17	reduce	reduce	VERB
easat-8278	113	18	distortion	distortion	NOUN
easat-8278	113	19	caused	cause	VERB
easat-8278	113	20	by	by	ADP
easat-8278	113	21	extreme	extreme	ADJ
easat-8278	113	22	outliers	outlier	NOUN
easat-8278	113	23	that	that	PRON
easat-8278	113	24	could	could	AUX
easat-8278	113	25	disproportionately	disproportionately	ADV
easat-8278	113	26	affect	affect	VERB
easat-8278	113	27	inferential	inferential	ADJ
easat-8278	113	28	estimation	estimation	NOUN
easat-8278	113	29	results	result	NOUN
easat-8278	113	30	.	.	PUNCT
easat-8278	114	1	the	the	DET
easat-8278	114	2	descriptive	descriptive	ADJ
easat-8278	114	3	results	result	NOUN
easat-8278	114	4	show	show	VERB
easat-8278	114	5	that	that	SCONJ
easat-8278	114	6	average	average	ADJ
easat-8278	114	7	bloomberg	bloomberg	NOUN
easat-8278	114	8	-	-	PUNCT
easat-8278	114	9	based	base	VERB
easat-8278	114	10	esg	esg	NOUN
easat-8278	114	11	scores	score	NOUN
easat-8278	114	12	are	be	AUX
easat-8278	114	13	relatively	relatively	ADV
easat-8278	114	14	low	low	ADJ
easat-8278	114	15	for	for	ADP
easat-8278	114	16	the	the	DET
easat-8278	114	17	environmental	environmental	ADJ
easat-8278	114	18	(	(	PUNCT
easat-8278	114	19	eds	ed	NOUN
easat-8278	114	20	:	:	PUNCT
easat-8278	114	21	7.86	7.86	NUM
easat-8278	114	22	)	)	PUNCT
easat-8278	114	23	and	and	CCONJ
easat-8278	114	24	social	social	ADJ
easat-8278	114	25	(	(	PUNCT
easat-8278	114	26	sds	sds	NOUN
easat-8278	114	27	:	:	PUNCT
easat-8278	114	28	23.42	23.42	NUM
easat-8278	114	29	)	)	PUNCT
easat-8278	114	30	dimensions	dimension	NOUN
easat-8278	114	31	,	,	PUNCT
easat-8278	114	32	but	but	CCONJ
easat-8278	114	33	notably	notably	ADV
easat-8278	114	34	higher	high	ADJ
easat-8278	114	35	for	for	ADP
easat-8278	114	36	the	the	DET
easat-8278	114	37	governance	governance	NOUN
easat-8278	114	38	dimension	dimension	NOUN
easat-8278	114	39	(	(	PUNCT
easat-8278	114	40	gds	gds	PROPN
easat-8278	114	41	:	:	PUNCT
easat-8278	114	42	73.11	73.11	NUM
easat-8278	114	43	)	)	PUNCT
easat-8278	114	44	.	.	PUNCT
easat-8278	115	1	this	this	PRON
easat-8278	115	2	indicates	indicate	VERB
easat-8278	115	3	that	that	SCONJ
easat-8278	115	4	indonesian	indonesian	ADJ
easat-8278	115	5	banks	bank	NOUN
easat-8278	115	6	tend	tend	VERB
easat-8278	115	7	to	to	PART
easat-8278	115	8	prioritize	prioritize	VERB
easat-8278	115	9	governance	governance	NOUN
easat-8278	115	10	-	-	PUNCT
easat-8278	115	11	related	relate	VERB
easat-8278	115	12	disclosures	disclosure	NOUN
easat-8278	115	13	over	over	ADP
easat-8278	115	14	environmental	environmental	ADJ
easat-8278	115	15	and	and	CCONJ
easat-8278	115	16	social	social	ADJ
easat-8278	115	17	aspects	aspect	NOUN
easat-8278	115	18	.	.	PUNCT
easat-8278	116	1	the	the	DET
easat-8278	116	2	credit	credit	NOUN
easat-8278	116	3	-	-	PUNCT
easat-8278	116	4	based	base	VERB
easat-8278	116	5	loan	loan	NOUN
easat-8278	116	6	loss	loss	NOUN
easat-8278	116	7	provision	provision	NOUN
easat-8278	116	8	(	(	PUNCT
easat-8278	116	9	cllp	cllp	NOUN
easat-8278	116	10	)	)	PUNCT
easat-8278	116	11	variable	variable	NOUN
easat-8278	116	12	exhibited	exhibit	VERB
easat-8278	116	13	a	a	DET
easat-8278	116	14	wide	wide	ADJ
easat-8278	116	15	range	range	NOUN
easat-8278	116	16	before	before	ADP
easat-8278	116	17	winsorization	winsorization	NOUN
easat-8278	116	18	,	,	PUNCT
easat-8278	116	19	with	with	ADP
easat-8278	116	20	values	value	NOUN
easat-8278	116	21	ranging	range	VERB
easat-8278	116	22	from	from	ADP
easat-8278	116	23	-2,561.81	-2,561.81	PUNCT
easat-8278	116	24	to	to	ADP
easat-8278	116	25	2,876.44	2,876.44	NUM
easat-8278	116	26	.	.	PUNCT
easat-8278	117	1	these	these	DET
easat-8278	117	2	extreme	extreme	ADJ
easat-8278	117	3	negative	negative	ADJ
easat-8278	117	4	values	value	NOUN
easat-8278	117	5	likely	likely	ADV
easat-8278	117	6	reflect	reflect	VERB
easat-8278	117	7	accounting	accounting	NOUN
easat-8278	117	8	treatments	treatment	NOUN
easat-8278	117	9	such	such	ADJ
easat-8278	117	10	as	as	ADP
easat-8278	117	11	reserve	reserve	NOUN
easat-8278	117	12	reversals	reversal	NOUN
easat-8278	117	13	following	follow	VERB
easat-8278	117	14	loan	loan	NOUN
easat-8278	117	15	settlements	settlement	NOUN
easat-8278	117	16	,	,	PUNCT
easat-8278	117	17	rather	rather	ADV
easat-8278	117	18	than	than	ADP
easat-8278	117	19	data	data	NOUN
easat-8278	117	20	entry	entry	NOUN
easat-8278	117	21	errors	error	NOUN
easat-8278	117	22	.	.	PUNCT
easat-8278	118	1	after	after	ADP
easat-8278	118	2	winsorization	winsorization	NOUN
easat-8278	118	3	,	,	PUNCT
easat-8278	118	4	the	the	DET
easat-8278	118	5	cllp	cllp	NOUN
easat-8278	118	6	range	range	NOUN
easat-8278	118	7	was	be	AUX
easat-8278	118	8	stabilized	stabilize	VERB
easat-8278	118	9	between	between	ADP
easat-8278	118	10	0	0	NUM
easat-8278	118	11	and	and	CCONJ
easat-8278	118	12	472.51	472.51	NUM
easat-8278	118	13	,	,	PUNCT
easat-8278	118	14	resulting	result	VERB
easat-8278	118	15	in	in	ADP
easat-8278	118	16	a	a	DET
easat-8278	118	17	more	more	ADV
easat-8278	118	18	representative	representative	ADJ
easat-8278	118	19	distribution	distribution	NOUN
easat-8278	118	20	for	for	ADP
easat-8278	118	21	inferential	inferential	ADJ
easat-8278	118	22	analysis	analysis	NOUN
easat-8278	118	23	.	.	PUNCT
easat-8278	119	1	similarly	similarly	ADV
easat-8278	119	2	,	,	PUNCT
easat-8278	119	3	tobin	tobin	PROPN
easat-8278	119	4	’s	’s	PART
easat-8278	119	5	q	q	PUNCT
easat-8278	119	6	displayed	display	VERB
easat-8278	119	7	high	high	ADJ
easat-8278	119	8	variation	variation	NOUN
easat-8278	119	9	across	across	ADP
easat-8278	119	10	banks	bank	NOUN
easat-8278	119	11	,	,	PUNCT
easat-8278	119	12	reflecting	reflect	VERB
easat-8278	119	13	considerable	considerable	ADJ
easat-8278	119	14	differences	difference	NOUN
easat-8278	119	15	in	in	ADP
easat-8278	119	16	market	market	NOUN
easat-8278	119	17	perception	perception	NOUN
easat-8278	119	18	regarding	regard	VERB
easat-8278	119	19	each	each	DET
easat-8278	119	20	bank	bank	NOUN
easat-8278	119	21	’s	’s	PART
easat-8278	119	22	current	current	ADJ
easat-8278	119	23	valuation	valuation	NOUN
easat-8278	119	24	and	and	CCONJ
easat-8278	119	25	future	future	ADJ
easat-8278	119	26	prospects	prospect	NOUN
easat-8278	119	27	.	.	PUNCT
easat-8278	120	1	winsorization	winsorization	NOUN
easat-8278	120	2	ensures	ensure	VERB
easat-8278	120	3	that	that	SCONJ
easat-8278	120	4	the	the	DET
easat-8278	120	5	analysis	analysis	NOUN
easat-8278	120	6	is	be	AUX
easat-8278	120	7	not	not	PART
easat-8278	120	8	unduly	unduly	ADV
easat-8278	120	9	influenced	influence	VERB
easat-8278	120	10	by	by	ADP
easat-8278	120	11	extreme	extreme	ADJ
easat-8278	120	12	values	value	NOUN
easat-8278	120	13	in	in	ADP
easat-8278	120	14	market	market	NOUN
easat-8278	120	15	capitalization	capitalization	NOUN
easat-8278	120	16	and	and	CCONJ
easat-8278	120	17	profitability	profitability	NOUN
easat-8278	120	18	.	.	PUNCT
easat-8278	121	1	1923	1923	NUM
easat-8278	121	2	edelweiss	edelweiss	PROPN
easat-8278	121	3	applied	apply	VERB
easat-8278	121	4	science	science	NOUN
easat-8278	121	5	and	and	CCONJ
easat-8278	121	6	technology	technology	NOUN
easat-8278	121	7	issn	issn	PROPN
easat-8278	121	8	:	:	PUNCT
easat-8278	121	9	2576	2576	NUM
easat-8278	121	10	-	-	SYM
easat-8278	121	11	8484	8484	NUM
easat-8278	121	12	vol	vol	NOUN
easat-8278	121	13	.	.	PROPN
easat-8278	122	1	9	9	NUM
easat-8278	122	2	,	,	PUNCT
easat-8278	122	3	no	no	INTJ
easat-8278	122	4	.	.	NOUN
easat-8278	123	1	6	6	NUM
easat-8278	123	2	:	:	SYM
easat-8278	123	3	1918	1918	NUM
easat-8278	123	4	-	-	SYM
easat-8278	123	5	1930	1930	NUM
easat-8278	123	6	,	,	PUNCT
easat-8278	123	7	2025	2025	NUM
easat-8278	123	8	doi	doi	NOUN
easat-8278	123	9	:	:	PUNCT
easat-8278	123	10	10.55214/25768484.v9i6.8278	10.55214/25768484.v9i6.8278	PROPN
easat-8278	123	11	©	©	PROPN
easat-8278	123	12	2025	2025	NUM
easat-8278	123	13	by	by	ADP
easat-8278	123	14	the	the	DET
easat-8278	123	15	authors	author	NOUN
easat-8278	123	16	;	;	PUNCT
easat-8278	123	17	licensee	licensee	PROPN
easat-8278	123	18	learning	learn	VERB
easat-8278	123	19	gate	gate	NOUN
easat-8278	123	20	table	table	NOUN
easat-8278	123	21	2	2	NUM
easat-8278	123	22	.	.	PUNCT
easat-8278	123	23	descriptive	descriptive	ADJ
easat-8278	123	24	statistics	statistic	NOUN
easat-8278	123	25	of	of	ADP
easat-8278	123	26	research	research	NOUN
easat-8278	123	27	variables	variable	NOUN
easat-8278	123	28	.	.	PUNCT
easat-8278	124	1	variables	variable	NOUN
easat-8278	124	2	n	n	PROPN
easat-8278	124	3	min	min	PROPN
easat-8278	124	4	.	.	PROPN
easat-8278	124	5	max	max	PROPN
easat-8278	124	6	.	.	PUNCT
easat-8278	125	1	mean	mean	VERB
easat-8278	125	2	std	std	X
easat-8278	125	3	.	.	PUNCT
easat-8278	126	1	deviation	deviation	NOUN
easat-8278	126	2	eds	ed	VERB
easat-8278	126	3	168	168	NUM
easat-8278	126	4	0.000	0.000	NUM
easat-8278	126	5	34.099	34.099	NUM
easat-8278	126	6	7.928	7.928	NUM
easat-8278	126	7	9.916	9.916	NUM
easat-8278	126	8	eds	ed	NOUN
easat-8278	126	9	(	(	PUNCT
easat-8278	126	10	winsorized	winsorize	VERB
easat-8278	126	11	)	)	PUNCT
easat-8278	127	1	168	168	NUM
easat-8278	127	2	0.000	0.000	NUM
easat-8278	127	3	29.840	29.840	NUM
easat-8278	127	4	7.860	7.860	NUM
easat-8278	127	5	9.752	9.752	NUM
easat-8278	127	6	env	env	NOUN
easat-8278	127	7	142	142	NUM
easat-8278	127	8	0.000	0.000	NUM
easat-8278	127	9	32.000	32.000	NUM
easat-8278	127	10	17.592	17.592	NUM
easat-8278	127	11	11.067	11.067	NUM
easat-8278	127	12	env	env	NOUN
easat-8278	127	13	(	(	PUNCT
easat-8278	127	14	winsorized	winsorize	VERB
easat-8278	127	15	)	)	PUNCT
easat-8278	127	16	142	142	NUM
easat-8278	127	17	0.000	0.000	NUM
easat-8278	127	18	32.000	32.000	NUM
easat-8278	127	19	17.592	17.592	NUM
easat-8278	127	20	11.067	11.067	NUM
easat-8278	127	21	sds	sds	NOUN
easat-8278	127	22	168	168	NUM
easat-8278	127	23	0.000	0.000	NUM
easat-8278	127	24	55.260	55.260	NUM
easat-8278	127	25	23.556	23.556	NUM
easat-8278	127	26	16.742	16.742	NUM
easat-8278	127	27	sds	sds	NOUN
easat-8278	127	28	(	(	PUNCT
easat-8278	127	29	winsorized	winsorize	VERB
easat-8278	127	30	)	)	PUNCT
easat-8278	127	31	168	168	NUM
easat-8278	127	32	0.000	0.000	NUM
easat-8278	127	33	49.033	49.033	NUM
easat-8278	127	34	23.422	23.422	NUM
easat-8278	127	35	16.520	16.520	NUM
easat-8278	127	36	soc	soc	NOUN
easat-8278	127	37	142	142	NUM
easat-8278	127	38	0.000	0.000	NUM
easat-8278	127	39	45.000	45.000	NUM
easat-8278	127	40	25.148	25.148	NUM
easat-8278	127	41	12.571	12.571	NUM
easat-8278	127	42	soc	soc	NOUN
easat-8278	127	43	(	(	PUNCT
easat-8278	127	44	winsorized	winsorize	VERB
easat-8278	127	45	)	)	PUNCT
easat-8278	127	46	142	142	NUM
easat-8278	127	47	7.000	7.000	NUM
easat-8278	127	48	45.000	45.000	NUM
easat-8278	127	49	25.239	25.239	NUM
easat-8278	127	50	12.419	12.419	NUM
easat-8278	127	51	gds	gds	PROPN
easat-8278	127	52	168	168	NUM
easat-8278	127	53	27.152	27.152	NUM
easat-8278	127	54	90.849	90.849	NUM
easat-8278	127	55	72.560	72.560	NUM
easat-8278	127	56	10.855	10.855	NUM
easat-8278	127	57	gds	gds	PROPN
easat-8278	127	58	(	(	PUNCT
easat-8278	127	59	winsorized	winsorize	VERB
easat-8278	127	60	)	)	PUNCT
easat-8278	127	61	168	168	NUM
easat-8278	127	62	58.128	58.128	NUM
easat-8278	127	63	88.742	88.742	NUM
easat-8278	127	64	73.105	73.105	NUM
easat-8278	127	65	9.183	9.183	NUM
easat-8278	127	66	gov	gov	NOUN
easat-8278	127	67	142	142	NUM
easat-8278	127	68	1.000	1.000	NUM
easat-8278	127	69	22.000	22.000	NUM
easat-8278	127	70	10.190	10.190	NUM
easat-8278	127	71	8.695	8.695	NUM
easat-8278	127	72	gov	gov	NOUN
easat-8278	127	73	(	(	PUNCT
easat-8278	127	74	winsorized	winsorize	VERB
easat-8278	127	75	)	)	PUNCT
easat-8278	127	76	142	142	NUM
easat-8278	127	77	1.000	1.000	NUM
easat-8278	127	78	22.000	22.000	NUM
easat-8278	127	79	10.190	10.190	NUM
easat-8278	127	80	8.695	8.695	NUM
easat-8278	127	81	cllp	cllp	NOUN
easat-8278	127	82	202	202	NUM
easat-8278	127	83	-2561.812	-2561.812	NOUN
easat-8278	127	84	2876.441	2876.441	NUM
easat-8278	127	85	116.091	116.091	NUM
easat-8278	127	86	383.493	383.493	NUM
easat-8278	127	87	cllp	cllp	NOUN
easat-8278	127	88	(	(	PUNCT
easat-8278	127	89	winsorized	winsorize	VERB
easat-8278	127	90	)	)	PUNCT
easat-8278	127	91	202	202	NUM
easat-8278	127	92	0.000	0.000	NUM
easat-8278	127	93	472.511	472.511	NUM
easat-8278	127	94	107.776	107.776	NUM
easat-8278	127	95	115.672	115.672	NUM
easat-8278	127	96	cleds	cled	NOUN
easat-8278	127	97	168	168	NUM
easat-8278	127	98	66.592	66.592	NUM
easat-8278	127	99	119.185	119.185	NUM
easat-8278	127	100	105.331	105.331	NUM
easat-8278	127	101	17.188	17.188	NUM
easat-8278	127	102	clenv	clenv	NOUN
easat-8278	127	103	142	142	NUM
easat-8278	127	104	83.414	83.414	NUM
easat-8278	127	105	134.617	134.617	NUM
easat-8278	127	106	111.562	111.562	NUM
easat-8278	127	107	17.708	17.708	NUM
easat-8278	127	108	clsds	clsds	NOUN
easat-8278	127	109	168	168	NUM
easat-8278	127	110	61.258	61.258	NUM
easat-8278	127	111	145.637	145.637	NUM
easat-8278	127	112	105.331	105.331	NUM
easat-8278	127	113	28.430	28.430	NUM
easat-8278	127	114	clsoc	clsoc	NOUN
easat-8278	127	115	142	142	NUM
easat-8278	127	116	66.239	66.239	NUM
easat-8278	127	117	160.665	160.665	NUM
easat-8278	127	118	111.562	111.562	NUM
easat-8278	127	119	30.859	30.859	NUM
easat-8278	127	120	clgds	clgds	NOUN
easat-8278	127	121	168	168	NUM
easat-8278	127	122	63.177	63.177	NUM
easat-8278	127	123	145.707	145.707	NUM
easat-8278	127	124	105.331	105.331	NUM
easat-8278	127	125	24.755	24.755	NUM
easat-8278	127	126	clgov	clgov	VERB
easat-8278	127	127	142	142	NUM
easat-8278	127	128	102.224	102.224	NUM
easat-8278	127	129	123.562	123.562	NUM
easat-8278	127	130	111.562	111.562	NUM
easat-8278	127	131	8.835	8.835	NUM
easat-8278	127	132	cmc	cmc	NOUN
easat-8278	127	133	183	183	NUM
easat-8278	127	134	25.986	25.986	NUM
easat-8278	127	135	34.591	34.591	NUM
easat-8278	127	136	31.264	31.264	NUM
easat-8278	127	137	1.608	1.608	NUM
easat-8278	127	138	cmc	cmc	NOUN
easat-8278	127	139	(	(	PUNCT
easat-8278	127	140	winsorized	winsorize	VERB
easat-8278	127	141	)	)	PUNCT
easat-8278	127	142	183	183	NUM
easat-8278	127	143	28.796	28.796	NUM
easat-8278	127	144	33.874	33.874	NUM
easat-8278	127	145	31.349	31.349	NUM
easat-8278	127	146	1.318	1.318	NUM
easat-8278	127	147	roa	roa	NOUN
easat-8278	127	148	203	203	NUM
easat-8278	127	149	-12.284	-12.284	PROPN
easat-8278	127	150	11.224	11.224	NUM
easat-8278	127	151	1.524	1.524	NUM
easat-8278	127	152	2.598	2.598	NUM
easat-8278	127	153	roa	roa	NOUN
easat-8278	127	154	(	(	PUNCT
easat-8278	127	155	winsorized	winsorize	VERB
easat-8278	127	156	)	)	PUNCT
easat-8278	127	157	203	203	NUM
easat-8278	127	158	-1.526	-1.526	NUM
easat-8278	127	159	3.743	3.743	NUM
easat-8278	127	160	1.560	1.560	NUM
easat-8278	127	161	1.256	1.256	NUM
easat-8278	127	162	tobin	tobin	NOUN
easat-8278	127	163	’s	’s	PART
easat-8278	127	164	q	q	NOUN
easat-8278	127	165	181	181	NUM
easat-8278	127	166	0.868	0.868	NUM
easat-8278	127	167	21.850	21.850	NUM
easat-8278	127	168	1.574	1.574	NUM
easat-8278	127	169	2.592	2.592	NUM
easat-8278	127	170	tobin	tobin	NOUN
easat-8278	127	171	’s	’s	PART
easat-8278	127	172	q	q	X
easat-8278	127	173	(	(	PUNCT
easat-8278	127	174	winsorized	winsorize	VERB
easat-8278	127	175	)	)	PUNCT
easat-8278	127	176	181	181	NUM
easat-8278	127	177	0.933	0.933	NUM
easat-8278	127	178	2.400	2.400	NUM
easat-8278	127	179	1.191	1.191	NUM
easat-8278	127	180	0.346	0.346	NUM
easat-8278	127	181	source	source	NOUN
easat-8278	127	182	:	:	PUNCT
easat-8278	127	183	authors	author	NOUN
easat-8278	127	184	’	'	PUNCT
easat-8278	127	185	calculations	calculation	NOUN
easat-8278	127	186	based	base	VERB
easat-8278	127	187	on	on	ADP
easat-8278	127	188	stata	stata	NOUN
easat-8278	127	189	v.17.0	v.17.0	PROPN
easat-8278	127	190	(	(	PUNCT
easat-8278	127	191	2025	2025	NUM
easat-8278	127	192	)	)	PUNCT
easat-8278	127	193	.	.	PUNCT
easat-8278	128	1	table	table	NOUN
easat-8278	129	1	3	3	NUM
easat-8278	129	2	.	.	PUNCT
easat-8278	130	1	multicollinearity	multicollinearity	NOUN
easat-8278	130	2	diagnostics	diagnostic	NOUN
easat-8278	130	3	(	(	PUNCT
easat-8278	130	4	vif	vif	NOUN
easat-8278	130	5	)	)	PUNCT
easat-8278	130	6	for	for	ADP
easat-8278	130	7	models	model	NOUN
easat-8278	130	8	1–11	1–11	PROPN
easat-8278	130	9	by	by	ADP
easat-8278	130	10	esg	esg	PROPN
easat-8278	130	11	dataset	dataset	PROPN
easat-8278	130	12	.	.	PUNCT
easat-8278	131	1	model	model	PROPN
easat-8278	131	2	esg	esg	PROPN
easat-8278	131	3	dataset	dataset	VERB
easat-8278	131	4	dependent	dependent	ADJ
easat-8278	131	5	variable	variable	ADJ
easat-8278	131	6	independent	independent	ADJ
easat-8278	131	7	variable	variable	ADJ
easat-8278	131	8	vif	vif	NOUN
easat-8278	131	9	1	1	NUM
easat-8278	131	10	/	/	SYM
easat-8278	131	11	vif	vif	PROPN
easat-8278	131	12	1	1	NUM
easat-8278	131	13	bloomberg	bloomberg	PROPN
easat-8278	131	14	tobin	tobin	PROPN
easat-8278	131	15	’s	’s	PART
easat-8278	131	16	q	q	PROPN
easat-8278	131	17	sds	sds	PROPN
easat-8278	131	18	2.39	2.39	NUM
easat-8278	131	19	0.419	0.419	NUM
easat-8278	131	20	eds	ed	NOUN
easat-8278	131	21	2.23	2.23	NUM
easat-8278	131	22	0.448	0.448	NUM
easat-8278	131	23	cmc	cmc	NOUN
easat-8278	131	24	2.07	2.07	NUM
easat-8278	131	25	0.483	0.483	NUM
easat-8278	131	26	gds	gds	PROPN
easat-8278	131	27	2.03	2.03	NUM
easat-8278	131	28	0.494	0.494	NUM
easat-8278	131	29	roa	roa	NOUN
easat-8278	131	30	1.75	1.75	NUM
easat-8278	131	31	0.570	0.570	NUM
easat-8278	131	32	2	2	NUM
easat-8278	131	33	gri	gri	PROPN
easat-8278	131	34	tobin	tobin	PROPN
easat-8278	131	35	’s	’s	PART
easat-8278	131	36	q	q	PROPN
easat-8278	131	37	soc	soc	PROPN
easat-8278	131	38	3.30	3.30	NUM
easat-8278	131	39	0.303	0.303	NUM
easat-8278	131	40	env	env	NOUN
easat-8278	131	41	3.22	3.22	NUM
easat-8278	131	42	0.310	0.310	NUM
easat-8278	131	43	roa	roa	NOUN
easat-8278	131	44	1.79	1.79	NUM
easat-8278	131	45	0.558	0.558	NUM
easat-8278	131	46	cmc	cmc	NOUN
easat-8278	131	47	1.71	1.71	NUM
easat-8278	131	48	0.583	0.583	NUM
easat-8278	131	49	gov	gov	NOUN
easat-8278	131	50	1.03	1.03	NUM
easat-8278	131	51	0.969	0.969	NUM
easat-8278	131	52	3	3	NUM
easat-8278	131	53	bloomberg	bloomberg	PROPN
easat-8278	131	54	cllp	cllp	PROPN
easat-8278	131	55	sds	sds	PROPN
easat-8278	131	56	2.30	2.30	NUM
easat-8278	131	57	0.436	0.436	NUM
easat-8278	131	58	eds	ed	NOUN
easat-8278	131	59	2.25	2.25	NUM
easat-8278	131	60	0.444	0.444	NUM
easat-8278	131	61	gds	gds	PROPN
easat-8278	131	62	1.86	1.86	NUM
easat-8278	131	63	0.538	0.538	NUM
easat-8278	131	64	4	4	NUM
easat-8278	131	65	gri	gri	NOUN
easat-8278	131	66	cllp	cllp	PROPN
easat-8278	131	67	soc	soc	PROPN
easat-8278	131	68	3.05	3.05	NUM
easat-8278	131	69	0.328	0.328	NUM
easat-8278	131	70	env	env	NOUN
easat-8278	131	71	3.04	3.04	NUM
easat-8278	131	72	0.329	0.329	NUM
easat-8278	131	73	gov	gov	NOUN
easat-8278	131	74	1.01	1.01	NUM
easat-8278	131	75	0.991	0.991	NUM
easat-8278	131	76	5	5	NUM
easat-8278	131	77	bloomberg	bloomberg	PROPN
easat-8278	131	78	tobin	tobin	PROPN
easat-8278	131	79	’s	’s	PART
easat-8278	131	80	q	q	PROPN
easat-8278	131	81	roa	roa	PROPN
easat-8278	131	82	1.63	1.63	NUM
easat-8278	131	83	0.614	0.614	NUM
easat-8278	131	84	cmc	cmc	NOUN
easat-8278	131	85	1.54	1.54	NUM
easat-8278	131	86	0.648	0.648	NUM
easat-8278	131	87	cllp	cllp	NOUN
easat-8278	131	88	1.07	1.07	NUM
easat-8278	131	89	0.930	0.930	NUM
easat-8278	131	90	6	6	NUM
easat-8278	131	91	bloomberg	bloomberg	PROPN
easat-8278	131	92	tobin	tobin	PROPN
easat-8278	131	93	’s	’s	PART
easat-8278	131	94	q	q	PROPN
easat-8278	131	95	cmc	cmc	PROPN
easat-8278	131	96	1.79	1.79	NUM
easat-8278	131	97	0.557	0.557	NUM
easat-8278	131	98	roa	roa	NOUN
easat-8278	131	99	1.66	1.66	NUM
easat-8278	131	100	0.602	0.602	NUM
easat-8278	131	101	cleds	cled	NOUN
easat-8278	131	102	1.14	1.14	NUM
easat-8278	131	103	0.875	0.875	NUM
easat-8278	131	104	7	7	NUM
easat-8278	131	105	gri	gri	PROPN
easat-8278	131	106	tobin	tobin	PROPN
easat-8278	131	107	’s	’s	PART
easat-8278	131	108	q	q	PROPN
easat-8278	131	109	cmc	cmc	PROPN
easat-8278	131	110	1.68	1.68	NUM
easat-8278	131	111	0.595	0.595	NUM
easat-8278	131	112	roa	roa	PROPN
easat-8278	131	113	1.64	1.64	NUM
easat-8278	131	114	0.610	0.610	NUM
easat-8278	131	115	1924	1924	NUM
easat-8278	131	116	edelweiss	edelweiss	PROPN
easat-8278	131	117	applied	apply	VERB
easat-8278	131	118	science	science	NOUN
easat-8278	131	119	and	and	CCONJ
easat-8278	131	120	technology	technology	NOUN
easat-8278	131	121	issn	issn	PROPN
easat-8278	131	122	:	:	PUNCT
easat-8278	131	123	2576	2576	NUM
easat-8278	131	124	-	-	SYM
easat-8278	131	125	8484	8484	NUM
easat-8278	131	126	vol	vol	NOUN
easat-8278	131	127	.	.	PROPN
easat-8278	132	1	9	9	NUM
easat-8278	132	2	,	,	PUNCT
easat-8278	132	3	no	no	INTJ
easat-8278	132	4	.	.	NOUN
easat-8278	133	1	6	6	NUM
easat-8278	133	2	:	:	SYM
easat-8278	133	3	1918	1918	NUM
easat-8278	133	4	-	-	SYM
easat-8278	133	5	1930	1930	NUM
easat-8278	133	6	,	,	PUNCT
easat-8278	133	7	2025	2025	NUM
easat-8278	133	8	doi	doi	NOUN
easat-8278	133	9	:	:	PUNCT
easat-8278	133	10	10.55214/25768484.v9i6.8278	10.55214/25768484.v9i6.8278	PROPN
easat-8278	133	11	©	©	PROPN
easat-8278	133	12	2025	2025	NUM
easat-8278	133	13	by	by	ADP
easat-8278	133	14	the	the	DET
easat-8278	133	15	authors	author	NOUN
easat-8278	133	16	;	;	PUNCT
easat-8278	133	17	licensee	licensee	PROPN
easat-8278	133	18	learning	learn	VERB
easat-8278	133	19	gate	gate	PROPN
easat-8278	133	20	clenv	clenv	VERB
easat-8278	133	21	1.03	1.03	NUM
easat-8278	133	22	0.968	0.968	NUM
easat-8278	133	23	8	8	NUM
easat-8278	133	24	bloomberg	bloomberg	PROPN
easat-8278	133	25	tobin	tobin	PROPN
easat-8278	133	26	’s	’s	PART
easat-8278	133	27	q	q	PROPN
easat-8278	133	28	cmc	cmc	PROPN
easat-8278	133	29	1.93	1.93	NUM
easat-8278	133	30	0.519	0.519	NUM
easat-8278	133	31	roa	roa	NOUN
easat-8278	133	32	1.74	1.74	NUM
easat-8278	133	33	0.575	0.575	NUM
easat-8278	133	34	clsds	clsds	NOUN
easat-8278	133	35	1.23	1.23	NUM
easat-8278	133	36	0.813	0.813	NUM
easat-8278	133	37	9	9	NUM
easat-8278	133	38	gri	gri	PROPN
easat-8278	133	39	tobin	tobin	PROPN
easat-8278	133	40	’s	’s	PART
easat-8278	133	41	q	q	PROPN
easat-8278	133	42	cmc	cmc	PROPN
easat-8278	133	43	1.70	1.70	NUM
easat-8278	133	44	0.588	0.588	NUM
easat-8278	133	45	roa	roa	NOUN
easat-8278	133	46	1.70	1.70	NUM
easat-8278	133	47	0.588	0.588	NUM
easat-8278	133	48	clsoc	clsoc	NOUN
easat-8278	133	49	1.05	1.05	NUM
easat-8278	133	50	0.950	0.950	NUM
easat-8278	133	51	10	10	NUM
easat-8278	133	52	bloomberg	bloomberg	PROPN
easat-8278	133	53	tobin	tobin	PROPN
easat-8278	133	54	’s	’s	PART
easat-8278	133	55	q	q	PROPN
easat-8278	133	56	cmc	cmc	PROPN
easat-8278	133	57	1.99	1.99	NUM
easat-8278	133	58	0.503	0.503	NUM
easat-8278	133	59	roa	roa	PROPN
easat-8278	133	60	1.68	1.68	NUM
easat-8278	133	61	0.596	0.596	NUM
easat-8278	133	62	clgds	clgds	PROPN
easat-8278	133	63	1.27	1.27	NUM
easat-8278	133	64	0.787	0.787	NUM
easat-8278	133	65	11	11	NUM
easat-8278	133	66	gri	gri	PROPN
easat-8278	133	67	tobin	tobin	PROPN
easat-8278	133	68	’s	’s	PART
easat-8278	133	69	q	q	PROPN
easat-8278	133	70	roa	roa	PROPN
easat-8278	133	71	1.66	1.66	NUM
easat-8278	133	72	0.602	0.602	NUM
easat-8278	133	73	cmc	cmc	NOUN
easat-8278	133	74	1.64	1.64	NUM
easat-8278	133	75	0.609	0.609	NUM
easat-8278	133	76	clgov	clgov	VERB
easat-8278	133	77	1.02	1.02	NUM
easat-8278	133	78	0.981	0.981	NUM
easat-8278	133	79	note	note	NOUN
easat-8278	133	80	:	:	PUNCT
easat-8278	133	81	•	•	NUM
easat-8278	133	82	vif	vif	NOUN
easat-8278	133	83	values	value	NOUN
easat-8278	133	84	below	below	ADP
easat-8278	133	85	5	5	NUM
easat-8278	133	86	confirm	confirm	VERB
easat-8278	133	87	no	no	DET
easat-8278	133	88	serious	serious	ADJ
easat-8278	133	89	multicollinearity	multicollinearity	NOUN
easat-8278	133	90	among	among	ADP
easat-8278	133	91	predictors	predictor	NOUN
easat-8278	133	92	across	across	ADP
easat-8278	133	93	all	all	DET
easat-8278	133	94	models	model	NOUN
easat-8278	133	95	.	.	PUNCT
easat-8278	134	1	•	•	NUM
easat-8278	134	2	bloomberg	bloomberg	PROPN
easat-8278	134	3	esg	esg	PROPN
easat-8278	134	4	variables	variable	NOUN
easat-8278	134	5	represent	represent	VERB
easat-8278	134	6	esg	esg	PROPN
easat-8278	134	7	disclosure	disclosure	NOUN
easat-8278	134	8	scores	score	NOUN
easat-8278	134	9	indicating	indicate	VERB
easat-8278	134	10	the	the	DET
easat-8278	134	11	extent	extent	NOUN
easat-8278	134	12	and	and	CCONJ
easat-8278	134	13	quality	quality	NOUN
easat-8278	134	14	of	of	ADP
easat-8278	134	15	esg	esg	PROPN
easat-8278	134	16	-	-	PUNCT
easat-8278	134	17	related	relate	VERB
easat-8278	134	18	information	information	NOUN
easat-8278	134	19	disclosed	disclose	VERB
easat-8278	134	20	by	by	ADP
easat-8278	134	21	banks	bank	NOUN
easat-8278	134	22	.	.	PUNCT
easat-8278	135	1	•	•	NUM
easat-8278	135	2	gri	gri	PROPN
easat-8278	135	3	esg	esg	PROPN
easat-8278	135	4	variables	variable	NOUN
easat-8278	135	5	refer	refer	VERB
easat-8278	135	6	to	to	ADP
easat-8278	135	7	esg	esg	PROPN
easat-8278	135	8	indices	index	NOUN
easat-8278	135	9	constructed	construct	VERB
easat-8278	135	10	based	base	VERB
easat-8278	135	11	on	on	ADP
easat-8278	135	12	the	the	DET
easat-8278	135	13	global	global	ADJ
easat-8278	135	14	reporting	reporting	NOUN
easat-8278	135	15	initiative	initiative	NOUN
easat-8278	135	16	(	(	PUNCT
easat-8278	135	17	gri	gri	NOUN
easat-8278	135	18	)	)	PUNCT
easat-8278	135	19	standards	standard	NOUN
easat-8278	135	20	,	,	PUNCT
easat-8278	135	21	reflecting	reflect	VERB
easat-8278	135	22	the	the	DET
easat-8278	135	23	presence	presence	NOUN
easat-8278	135	24	or	or	CCONJ
easat-8278	135	25	absence	absence	NOUN
easat-8278	135	26	of	of	ADP
easat-8278	135	27	esg	esg	PROPN
easat-8278	135	28	-	-	PUNCT
easat-8278	135	29	related	relate	VERB
easat-8278	135	30	practices	practice	NOUN
easat-8278	135	31	.	.	PUNCT
easat-8278	136	1	to	to	PART
easat-8278	136	2	verify	verify	VERB
easat-8278	136	3	the	the	DET
easat-8278	136	4	validity	validity	NOUN
easat-8278	136	5	of	of	ADP
easat-8278	136	6	the	the	DET
easat-8278	136	7	regression	regression	NOUN
easat-8278	136	8	model	model	NOUN
easat-8278	136	9	specification	specification	NOUN
easat-8278	136	10	,	,	PUNCT
easat-8278	136	11	multicollinearity	multicollinearity	NOUN
easat-8278	136	12	tests	test	NOUN
easat-8278	136	13	were	be	AUX
easat-8278	136	14	conducted	conduct	VERB
easat-8278	136	15	on	on	ADP
easat-8278	136	16	all	all	DET
easat-8278	136	17	independent	independent	ADJ
easat-8278	136	18	variables	variable	NOUN
easat-8278	136	19	using	use	VERB
easat-8278	136	20	the	the	DET
easat-8278	136	21	variance	variance	NOUN
easat-8278	136	22	inflation	inflation	NOUN
easat-8278	136	23	factor	factor	NOUN
easat-8278	136	24	(	(	PUNCT
easat-8278	136	25	vif	vif	PROPN
easat-8278	136	26	)	)	PUNCT
easat-8278	136	27	.	.	PUNCT
easat-8278	137	1	all	all	DET
easat-8278	137	2	models	model	NOUN
easat-8278	137	3	reported	report	VERB
easat-8278	137	4	vif	vif	NOUN
easat-8278	137	5	values	value	NOUN
easat-8278	137	6	below	below	ADP
easat-8278	137	7	the	the	DET
easat-8278	137	8	conservative	conservative	ADJ
easat-8278	137	9	threshold	threshold	NOUN
easat-8278	137	10	of	of	ADP
easat-8278	137	11	5	5	NUM
easat-8278	137	12	,	,	PUNCT
easat-8278	137	13	indicating	indicate	VERB
easat-8278	137	14	no	no	DET
easat-8278	137	15	serious	serious	ADJ
easat-8278	137	16	collinearity	collinearity	NOUN
easat-8278	137	17	among	among	ADP
easat-8278	137	18	predictors	predictor	NOUN
easat-8278	137	19	.	.	PUNCT
easat-8278	138	1	this	this	PRON
easat-8278	138	2	supports	support	VERB
easat-8278	138	3	the	the	DET
easat-8278	138	4	assumption	assumption	NOUN
easat-8278	138	5	of	of	ADP
easat-8278	138	6	non	non	ADJ
easat-8278	138	7	-	-	NOUN
easat-8278	138	8	redundancy	redundancy	NOUN
easat-8278	138	9	in	in	ADP
easat-8278	138	10	the	the	DET
easat-8278	138	11	panel	panel	NOUN
easat-8278	138	12	regression	regression	NOUN
easat-8278	138	13	models	model	NOUN
easat-8278	138	14	.	.	PUNCT
easat-8278	139	1	4	4	X
easat-8278	139	2	.	.	X
easat-8278	139	3	results	result	VERB
easat-8278	139	4	4.1	4.1	NUM
easat-8278	139	5	.	.	PUNCT
easat-8278	140	1	direct	direct	ADJ
easat-8278	140	2	effects	effect	NOUN
easat-8278	140	3	of	of	ADP
easat-8278	140	4	esg	esg	PROPN
easat-8278	140	5	and	and	CCONJ
easat-8278	140	6	cllp	cllp	PROPN
easat-8278	140	7	on	on	ADP
easat-8278	140	8	firm	firm	ADJ
easat-8278	140	9	value	value	NOUN
easat-8278	140	10	table	table	NOUN
easat-8278	140	11	4	4	NUM
easat-8278	140	12	.	.	PUNCT
easat-8278	140	13	robust	robust	ADJ
easat-8278	140	14	random	random	ADJ
easat-8278	140	15	effects	effect	NOUN
easat-8278	140	16	regression	regression	NOUN
easat-8278	140	17	results	result	NOUN
easat-8278	140	18	(	(	PUNCT
easat-8278	140	19	models	model	NOUN
easat-8278	140	20	1–5	1–5	NUM
easat-8278	140	21	)	)	PUNCT
easat-8278	140	22	.	.	PUNCT
easat-8278	141	1	variables	variable	NOUN
easat-8278	141	2	model	model	VERB
easat-8278	141	3	1	1	NUM
easat-8278	141	4	:	:	PUNCT
easat-8278	141	5	tq	tq	INTJ
easat-8278	141	6	(	(	PUNCT
easat-8278	141	7	bloomberg	bloomberg	PROPN
easat-8278	141	8	esg	esg	PROPN
easat-8278	141	9	)	)	PUNCT
easat-8278	141	10	model	model	NOUN
easat-8278	141	11	2	2	NUM
easat-8278	141	12	:	:	PUNCT
easat-8278	141	13	tq	tq	INTJ
easat-8278	141	14	(	(	PUNCT
easat-8278	141	15	gri	gri	PROPN
easat-8278	141	16	esg	esg	PROPN
easat-8278	141	17	)	)	PUNCT
easat-8278	141	18	model	model	NOUN
easat-8278	141	19	3	3	NUM
easat-8278	141	20	:	:	PUNCT
easat-8278	141	21	cllp	cllp	PROPN
easat-8278	141	22	(	(	PUNCT
easat-8278	141	23	bloomberg	bloomberg	PROPN
easat-8278	141	24	esg	esg	PROPN
easat-8278	141	25	)	)	PUNCT
easat-8278	141	26	model	model	NOUN
easat-8278	141	27	4	4	NUM
easat-8278	141	28	:	:	PUNCT
easat-8278	141	29	cllp	cllp	PROPN
easat-8278	141	30	(	(	PUNCT
easat-8278	141	31	gri	gri	PROPN
easat-8278	141	32	esg	esg	PROPN
easat-8278	141	33	)	)	PUNCT
easat-8278	141	34	model	model	NOUN
easat-8278	141	35	5	5	NUM
easat-8278	141	36	:	:	PUNCT
easat-8278	141	37	tq	tq	ADP
easat-8278	141	38	~	~	PUNCT
easat-8278	141	39	cllp	cllp	NOUN
easat-8278	141	40	environmental	environmental	ADJ
easat-8278	141	41	-0.0044	-0.0044	PROPN
easat-8278	141	42	(	(	PUNCT
easat-8278	141	43	0.0033	0.0033	NUM
easat-8278	141	44	)	)	PUNCT
easat-8278	141	45	-0.0022	-0.0022	NOUN
easat-8278	141	46	(	(	PUNCT
easat-8278	141	47	0.0012	0.0012	NUM
easat-8278	141	48	)	)	PUNCT
easat-8278	141	49	*	*	NOUN
easat-8278	142	1	-0.0906	-0.0906	NOUN
easat-8278	142	2	(	(	PUNCT
easat-8278	142	3	0.6948	0.6948	NUM
easat-8278	142	4	)	)	PUNCT
easat-8278	142	5	-2.0127	-2.0127	NOUN
easat-8278	142	6	(	(	PUNCT
easat-8278	142	7	0.7855	0.7855	NUM
easat-8278	142	8	)	)	PUNCT
easat-8278	142	9	*	*	PUNCT
easat-8278	142	10	*	*	PUNCT
easat-8278	142	11	—	—	PUNCT
easat-8278	142	12	social	social	ADJ
easat-8278	142	13	-0.0015	-0.0015	NOUN
easat-8278	142	14	(	(	PUNCT
easat-8278	142	15	0.0009	0.0009	NUM
easat-8278	142	16	)	)	PUNCT
easat-8278	142	17	*	*	PUNCT
easat-8278	143	1	0.0038	0.0038	NUM
easat-8278	143	2	(	(	PUNCT
easat-8278	143	3	0.0014	0.0014	NUM
easat-8278	143	4	)	)	PUNCT
easat-8278	143	5	*	*	PUNCT
easat-8278	143	6	*	*	PUNCT
easat-8278	143	7	-1.4743	-1.4743	NOUN
easat-8278	143	8	(	(	PUNCT
easat-8278	143	9	0.8573	0.8573	NUM
easat-8278	143	10	)	)	PUNCT
easat-8278	143	11	*	*	PUNCT
easat-8278	143	12	3.6616	3.6616	NUM
easat-8278	143	13	(	(	PUNCT
easat-8278	143	14	0.9605	0.9605	NUM
easat-8278	143	15	)	)	PUNCT
easat-8278	143	16	*	*	PUNCT
easat-8278	144	1	*	*	PUNCT
easat-8278	144	2	*	*	PUNCT
easat-8278	144	3	—	—	PUNCT
easat-8278	144	4	governance	governance	NOUN
easat-8278	144	5	0.0037	0.0037	NUM
easat-8278	144	6	(	(	PUNCT
easat-8278	144	7	0.0027	0.0027	NUM
easat-8278	144	8	)	)	PUNCT
easat-8278	144	9	0.0014	0.0014	NUM
easat-8278	144	10	(	(	PUNCT
easat-8278	144	11	0.0008	0.0008	NUM
easat-8278	144	12	)	)	PUNCT
easat-8278	144	13	*	*	PUNCT
easat-8278	144	14	-1.8259	-1.8259	NOUN
easat-8278	144	15	(	(	PUNCT
easat-8278	144	16	1.5359	1.5359	NUM
easat-8278	144	17	)	)	PUNCT
easat-8278	144	18	0.5875	0.5875	NUM
easat-8278	144	19	(	(	PUNCT
easat-8278	144	20	0.8095	0.8095	NUM
easat-8278	144	21	)	)	PUNCT
easat-8278	144	22	—	—	PUNCT
easat-8278	144	23	cllp	cllp	NOUN
easat-8278	144	24	—	—	PUNCT
easat-8278	144	25	—	—	PUNCT
easat-8278	144	26	—	—	PUNCT
easat-8278	144	27	—	—	PUNCT
easat-8278	144	28	-0.0003	-0.0003	NOUN
easat-8278	144	29	(	(	PUNCT
easat-8278	144	30	0.0002	0.0002	NUM
easat-8278	144	31	)	)	PUNCT
easat-8278	144	32	*	*	PUNCT
easat-8278	145	1	cmc	cmc	PROPN
easat-8278	145	2	0.1946	0.1946	NUM
easat-8278	145	3	(	(	PUNCT
easat-8278	145	4	0.0468	0.0468	NUM
easat-8278	145	5	)	)	PUNCT
easat-8278	145	6	*	*	PUNCT
easat-8278	146	1	*	*	PUNCT
easat-8278	146	2	*	*	PUNCT
easat-8278	146	3	0.1182	0.1182	NUM
easat-8278	146	4	(	(	PUNCT
easat-8278	146	5	0.0320	0.0320	NUM
easat-8278	146	6	)	)	PUNCT
easat-8278	146	7	*	*	PUNCT
easat-8278	146	8	*	*	PUNCT
easat-8278	146	9	*	*	PUNCT
easat-8278	146	10	—	—	PUNCT
easat-8278	146	11	—	—	PUNCT
easat-8278	146	12	0.1580	0.1580	NUM
easat-8278	146	13	(	(	PUNCT
easat-8278	146	14	0.0482	0.0482	NUM
easat-8278	146	15	)	)	PUNCT
easat-8278	146	16	*	*	PUNCT
easat-8278	147	1	*	*	PUNCT
easat-8278	147	2	*	*	PUNCT
easat-8278	147	3	roa	roa	PROPN
easat-8278	147	4	0.0474	0.0474	NUM
easat-8278	147	5	(	(	PUNCT
easat-8278	147	6	0.0357	0.0357	NUM
easat-8278	147	7	)	)	PUNCT
easat-8278	147	8	0.0241	0.0241	NUM
easat-8278	147	9	(	(	PUNCT
easat-8278	147	10	0.0180	0.0180	NUM
easat-8278	147	11	)	)	PUNCT
easat-8278	147	12	—	—	PUNCT
easat-8278	147	13	—	—	PUNCT
easat-8278	147	14	0.0635	0.0635	NUM
easat-8278	147	15	(	(	PUNCT
easat-8278	147	16	0.0205	0.0205	NUM
easat-8278	147	17	)	)	PUNCT
easat-8278	147	18	*	*	PUNCT
easat-8278	147	19	*	*	PUNCT
easat-8278	147	20	*	*	PUNCT
easat-8278	147	21	constant	constant	ADJ
easat-8278	147	22	-5.0390	-5.0390	NOUN
easat-8278	147	23	(	(	PUNCT
easat-8278	147	24	1.4668	1.4668	NUM
easat-8278	147	25	)	)	PUNCT
easat-8278	147	26	*	*	PUNCT
easat-8278	148	1	*	*	PUNCT
easat-8278	148	2	*	*	PUNCT
easat-8278	148	3	-2.4794	-2.4794	X
easat-8278	148	4	(	(	PUNCT
easat-8278	148	5	0.9848	0.9848	NUM
easat-8278	148	6	)	)	PUNCT
easat-8278	149	1	*	*	PUNCT
easat-8278	150	1	*	*	PUNCT
easat-8278	150	2	266.0320	266.0320	NUM
easat-8278	150	3	(	(	PUNCT
easat-8278	150	4	114.0090	114.0090	NUM
easat-8278	150	5	)	)	PUNCT
easat-8278	150	6	*	*	PUNCT
easat-8278	150	7	*	*	X
easat-8278	150	8	45.1350	45.1350	NUM
easat-8278	150	9	(	(	PUNCT
easat-8278	150	10	21.9680	21.9680	NUM
easat-8278	150	11	)	)	PUNCT
easat-8278	150	12	*	*	PUNCT
easat-8278	150	13	*	*	PUNCT
easat-8278	150	14	-4.1049	-4.1049	NOUN
easat-8278	150	15	(	(	PUNCT
easat-8278	150	16	1.2335	1.2335	NUM
easat-8278	150	17	)	)	PUNCT
easat-8278	150	18	*	*	PUNCT
easat-8278	150	19	*	*	PUNCT
easat-8278	150	20	*	*	VERB
easat-8278	150	21	observations	observation	NOUN
easat-8278	150	22	165	165	NUM
easat-8278	150	23	139	139	NUM
easat-8278	150	24	168	168	NUM
easat-8278	150	25	142	142	NUM
easat-8278	150	26	181	181	NUM
easat-8278	150	27	groups	group	NOUN
easat-8278	150	28	(	(	PUNCT
easat-8278	150	29	bank	bank	NOUN
easat-8278	150	30	i	i	PROPN
easat-8278	150	31	d	d	PROPN
easat-8278	150	32	)	)	PUNCT
easat-8278	150	33	17	17	NUM
easat-8278	150	34	17	17	NUM
easat-8278	150	35	17	17	NUM
easat-8278	150	36	17	17	NUM
easat-8278	150	37	17	17	NUM
easat-8278	150	38	wald	wald	NOUN
easat-8278	150	39	χ²	χ²	PROPN
easat-8278	150	40	(	(	PUNCT
easat-8278	150	41	df	df	PROPN
easat-8278	150	42	)	)	PUNCT
easat-8278	150	43	53.03	53.03	NUM
easat-8278	150	44	*	*	PUNCT
easat-8278	150	45	*	*	PUNCT
easat-8278	150	46	*	*	PUNCT
easat-8278	150	47	(	(	PUNCT
easat-8278	150	48	5	5	NUM
easat-8278	150	49	)	)	PUNCT
easat-8278	150	50	34.99	34.99	NUM
easat-8278	150	51	*	*	PUNCT
easat-8278	150	52	*	*	PUNCT
easat-8278	150	53	*	*	PUNCT
easat-8278	150	54	(	(	PUNCT
easat-8278	150	55	5	5	NUM
easat-8278	150	56	)	)	PUNCT
easat-8278	150	57	17.10	17.10	NUM
easat-8278	150	58	*	*	SYM
easat-8278	150	59	(	(	PUNCT
easat-8278	150	60	3	3	NUM
easat-8278	150	61	)	)	PUNCT
easat-8278	150	62	14.91	14.91	NUM
easat-8278	150	63	*	*	PUNCT
easat-8278	150	64	*	*	PUNCT
easat-8278	150	65	(	(	PUNCT
easat-8278	150	66	3	3	NUM
easat-8278	150	67	)	)	PUNCT
easat-8278	150	68	46.82	46.82	NUM
easat-8278	150	69	*	*	PUNCT
easat-8278	150	70	*	*	PUNCT
easat-8278	150	71	*	*	PUNCT
easat-8278	150	72	(	(	PUNCT
easat-8278	150	73	3	3	NUM
easat-8278	150	74	)	)	PUNCT
easat-8278	150	75	within	within	ADP
easat-8278	150	76	r²	r²	NOUN
easat-8278	150	77	0.52	0.52	NUM
easat-8278	150	78	0.46	0.46	NUM
easat-8278	150	79	0.16	0.16	NUM
easat-8278	150	80	0.13	0.13	NUM
easat-8278	150	81	0.53	0.53	NUM
easat-8278	150	82	between	between	ADP
easat-8278	150	83	r²	r²	NOUN
easat-8278	150	84	0.01	0.01	NUM
easat-8278	150	85	0.01	0.01	NUM
easat-8278	150	86	0.00	0.00	NUM
easat-8278	150	87	0.04	0.04	NUM
easat-8278	150	88	0.03	0.03	NUM
easat-8278	150	89	overall	overall	ADJ
easat-8278	150	90	r²	r²	VERB
easat-8278	150	91	0.05	0.05	NUM
easat-8278	150	92	0.10	0.10	NUM
easat-8278	150	93	0.08	0.08	NUM
easat-8278	150	94	0.10	0.10	NUM
easat-8278	150	95	0.05	0.05	NUM
easat-8278	150	96	rho	rho	ADJ
easat-8278	150	97	(	(	PUNCT
easat-8278	150	98	ρ	ρ	NOUN
easat-8278	150	99	)	)	PUNCT
easat-8278	150	100	0.92	0.92	NUM
easat-8278	150	101	0.94	0.94	NUM
easat-8278	150	102	0.36	0.36	NUM
easat-8278	150	103	0.55	0.55	NUM
easat-8278	150	104	0.96	0.96	NUM
easat-8278	150	105	note	note	NOUN
easat-8278	150	106	:	:	PUNCT
easat-8278	150	107	•	•	NUM
easat-8278	150	108	standard	standard	ADJ
easat-8278	150	109	errors	error	NOUN
easat-8278	150	110	in	in	ADP
easat-8278	150	111	parentheses	parenthesis	NOUN
easat-8278	150	112	are	be	AUX
easat-8278	150	113	robust	robust	ADJ
easat-8278	150	114	to	to	ADP
easat-8278	150	115	heteroskedasticity	heteroskedasticity	NOUN
easat-8278	150	116	and	and	CCONJ
easat-8278	150	117	clustered	cluster	VERB
easat-8278	150	118	at	at	ADP
easat-8278	150	119	the	the	DET
easat-8278	150	120	bank	bank	NOUN
easat-8278	150	121	level	level	NOUN
easat-8278	150	122	.	.	PUNCT
easat-8278	151	1	•	•	NOUN
easat-8278	151	2	significance	significance	NOUN
easat-8278	151	3	levels	level	NOUN
easat-8278	151	4	:	:	PUNCT
easat-8278	152	1	*	*	PUNCT
easat-8278	152	2	p	p	X
easat-8278	152	3	<	<	X
easat-8278	152	4	0.10	0.10	NUM
easat-8278	152	5	,	,	PUNCT
easat-8278	152	6	*	*	PUNCT
easat-8278	152	7	*	*	PUNCT
easat-8278	153	1	p	p	X
easat-8278	153	2	<	<	X
easat-8278	153	3	0.05	0.05	NUM
easat-8278	153	4	,	,	PUNCT
easat-8278	153	5	*	*	PUNCT
easat-8278	153	6	*	*	PUNCT
easat-8278	153	7	*	*	PUNCT
easat-8278	153	8	p	p	X
easat-8278	153	9	<	<	X
easat-8278	153	10	0.01	0.01	NUM
easat-8278	153	11	for	for	SCONJ
easat-8278	153	12	both	both	DET
easat-8278	153	13	coefficient	coefficient	NOUN
easat-8278	153	14	estimates	estimate	NOUN
easat-8278	153	15	and	and	CCONJ
easat-8278	153	16	wald	wald	NOUN
easat-8278	153	17	χ²	χ²	NOUN
easat-8278	153	18	tests	test	VERB
easat-8278	153	19	.	.	PUNCT
easat-8278	154	1	•	•	NUM
easat-8278	154	2	“	"	PUNCT
easat-8278	154	3	—	—	PUNCT
easat-8278	154	4	”	"	PUNCT
easat-8278	154	5	indicates	indicate	VERB
easat-8278	154	6	that	that	SCONJ
easat-8278	154	7	the	the	DET
easat-8278	154	8	variable	variable	NOUN
easat-8278	154	9	was	be	AUX
easat-8278	154	10	not	not	PART
easat-8278	154	11	included	include	VERB
easat-8278	154	12	in	in	ADP
easat-8278	154	13	the	the	DET
easat-8278	154	14	respective	respective	ADJ
easat-8278	154	15	model	model	NOUN
easat-8278	154	16	.	.	PUNCT
easat-8278	155	1	•	•	NUM
easat-8278	155	2	environmental	environmental	ADJ
easat-8278	155	3	,	,	PUNCT
easat-8278	155	4	social	social	ADJ
easat-8278	155	5	,	,	PUNCT
easat-8278	155	6	and	and	CCONJ
easat-8278	155	7	governance	governance	NOUN
easat-8278	155	8	represent	represent	VERB
easat-8278	155	9	disclosure	disclosure	NOUN
easat-8278	155	10	scores	score	NOUN
easat-8278	155	11	from	from	ADP
easat-8278	155	12	bloomberg	bloomberg	PROPN
easat-8278	155	13	esg	esg	PROPN
easat-8278	155	14	data	data	PROPN
easat-8278	155	15	and	and	CCONJ
easat-8278	155	16	index	index	NOUN
easat-8278	155	17	scores	score	NOUN
easat-8278	155	18	from	from	ADP
easat-8278	155	19	gri	gri	PROPN
easat-8278	155	20	data	data	PROPN
easat-8278	155	21	.	.	PUNCT
easat-8278	156	1	•	•	NUM
easat-8278	156	2	cmc	cmc	PROPN
easat-8278	156	3	=	=	SYM
easat-8278	156	4	current	current	ADJ
easat-8278	156	5	market	market	NOUN
easat-8278	156	6	capitalization	capitalization	NOUN
easat-8278	156	7	;	;	PUNCT
easat-8278	156	8	roa	roa	PROPN
easat-8278	156	9	=	=	PUNCT
easat-8278	156	10	return	return	VERB
easat-8278	156	11	on	on	ADP
easat-8278	156	12	assets	asset	NOUN
easat-8278	156	13	;	;	PUNCT
easat-8278	156	14	cllp	cllp	NOUN
easat-8278	156	15	=	=	SYM
easat-8278	156	16	credit	credit	NOUN
easat-8278	156	17	-	-	PUNCT
easat-8278	156	18	based	base	VERB
easat-8278	156	19	loan	loan	NOUN
easat-8278	156	20	loss	loss	NOUN
easat-8278	156	21	provision	provision	NOUN
easat-8278	156	22	;	;	PUNCT
easat-8278	156	23	tq	tq	ADP
easat-8278	156	24	=	=	SYM
easat-8278	156	25	tobin	tobin	PROPN
easat-8278	156	26	’s	’s	PART
easat-8278	156	27	q.	q.	PROPN
easat-8278	156	28	1925	1925	NUM
easat-8278	156	29	edelweiss	edelweiss	PROPN
easat-8278	156	30	applied	apply	VERB
easat-8278	156	31	science	science	NOUN
easat-8278	156	32	and	and	CCONJ
easat-8278	156	33	technology	technology	NOUN
easat-8278	156	34	issn	issn	PROPN
easat-8278	156	35	:	:	PUNCT
easat-8278	156	36	2576	2576	NUM
easat-8278	156	37	-	-	SYM
easat-8278	156	38	8484	8484	NUM
easat-8278	156	39	vol	vol	NOUN
easat-8278	156	40	.	.	PROPN
easat-8278	157	1	9	9	NUM
easat-8278	157	2	,	,	PUNCT
easat-8278	157	3	no	no	INTJ
easat-8278	157	4	.	.	NOUN
easat-8278	158	1	6	6	NUM
easat-8278	158	2	:	:	SYM
easat-8278	158	3	1918	1918	NUM
easat-8278	158	4	-	-	SYM
easat-8278	158	5	1930	1930	NUM
easat-8278	158	6	,	,	PUNCT
easat-8278	158	7	2025	2025	NUM
easat-8278	158	8	doi	doi	NOUN
easat-8278	158	9	:	:	PUNCT
easat-8278	158	10	10.55214/25768484.v9i6.8278	10.55214/25768484.v9i6.8278	PROPN
easat-8278	158	11	©	©	PROPN
easat-8278	158	12	2025	2025	NUM
easat-8278	158	13	by	by	ADP
easat-8278	158	14	the	the	DET
easat-8278	158	15	authors	author	NOUN
easat-8278	158	16	;	;	PUNCT
easat-8278	158	17	licensee	licensee	PROPN
easat-8278	158	18	learning	learn	VERB
easat-8278	158	19	gate	gate	NOUN
easat-8278	158	20	table	table	NOUN
easat-8278	158	21	4	4	NUM
easat-8278	158	22	presents	present	VERB
easat-8278	158	23	the	the	DET
easat-8278	158	24	robust	robust	ADJ
easat-8278	158	25	random	random	ADJ
easat-8278	158	26	-	-	PUNCT
easat-8278	158	27	effects	effect	NOUN
easat-8278	158	28	regression	regression	NOUN
easat-8278	158	29	results	result	NOUN
easat-8278	158	30	for	for	ADP
easat-8278	158	31	models	model	NOUN
easat-8278	158	32	1	1	NUM
easat-8278	158	33	through	through	ADP
easat-8278	158	34	5	5	NUM
easat-8278	158	35	,	,	PUNCT
easat-8278	158	36	with	with	ADP
easat-8278	158	37	standard	standard	ADJ
easat-8278	158	38	errors	error	NOUN
easat-8278	158	39	clustered	cluster	VERB
easat-8278	158	40	at	at	ADP
easat-8278	158	41	the	the	DET
easat-8278	158	42	bank	bank	NOUN
easat-8278	158	43	level	level	NOUN
easat-8278	158	44	(	(	PUNCT
easat-8278	158	45	17	17	NUM
easat-8278	158	46	clusters	cluster	NOUN
easat-8278	158	47	)	)	PUNCT
easat-8278	158	48	.	.	PUNCT
easat-8278	159	1	these	these	DET
easat-8278	159	2	models	model	NOUN
easat-8278	159	3	examine	examine	VERB
easat-8278	159	4	the	the	DET
easat-8278	159	5	direct	direct	ADJ
easat-8278	159	6	effects	effect	NOUN
easat-8278	159	7	of	of	ADP
easat-8278	159	8	esg	esg	NOUN
easat-8278	159	9	disclosure	disclosure	NOUN
easat-8278	159	10	dimensions	dimension	NOUN
easat-8278	159	11	and	and	CCONJ
easat-8278	159	12	credit	credit	NOUN
easat-8278	159	13	-	-	PUNCT
easat-8278	159	14	based	base	VERB
easat-8278	159	15	loan	loan	NOUN
easat-8278	159	16	loss	loss	NOUN
easat-8278	159	17	provision	provision	NOUN
easat-8278	159	18	(	(	PUNCT
easat-8278	159	19	cllp	cllp	NOUN
easat-8278	159	20	)	)	PUNCT
easat-8278	159	21	on	on	ADP
easat-8278	159	22	firm	firm	ADJ
easat-8278	159	23	value	value	NOUN
easat-8278	159	24	,	,	PUNCT
easat-8278	159	25	proxied	proxie	VERB
easat-8278	159	26	by	by	ADP
easat-8278	159	27	tobin	tobin	PROPN
easat-8278	159	28	’s	’s	PART
easat-8278	159	29	q.	q.	PROPN
easat-8278	159	30	in	in	ADP
easat-8278	159	31	model	model	NOUN
easat-8278	159	32	1	1	NUM
easat-8278	159	33	,	,	PUNCT
easat-8278	159	34	which	which	PRON
easat-8278	159	35	uses	use	VERB
easat-8278	159	36	bloomberg	bloomberg	PROPN
easat-8278	159	37	esg	esg	PROPN
easat-8278	159	38	scores	score	NOUN
easat-8278	159	39	,	,	PUNCT
easat-8278	159	40	both	both	CCONJ
easat-8278	159	41	the	the	DET
easat-8278	159	42	environmental	environmental	ADJ
easat-8278	159	43	and	and	CCONJ
easat-8278	159	44	social	social	ADJ
easat-8278	159	45	dimensions	dimension	NOUN
easat-8278	159	46	show	show	VERB
easat-8278	159	47	negative	negative	ADJ
easat-8278	159	48	coefficients	coefficient	NOUN
easat-8278	159	49	.	.	PUNCT
easat-8278	160	1	the	the	DET
easat-8278	160	2	social	social	ADJ
easat-8278	160	3	dimension	dimension	NOUN
easat-8278	160	4	is	be	AUX
easat-8278	160	5	statistically	statistically	ADV
easat-8278	160	6	significant	significant	ADJ
easat-8278	160	7	at	at	ADP
easat-8278	160	8	the	the	DET
easat-8278	160	9	10	10	NUM
easat-8278	160	10	%	%	NOUN
easat-8278	160	11	level	level	NOUN
easat-8278	160	12	(	(	PUNCT
easat-8278	160	13	β	β	X
easat-8278	160	14	=	=	SYM
easat-8278	160	15	–	–	PUNCT
easat-8278	160	16	0.0015	0.0015	NUM
easat-8278	160	17	;	;	PUNCT
easat-8278	160	18	se	se	X
easat-8278	160	19	=	=	PROPN
easat-8278	160	20	0.0009	0.0009	NUM
easat-8278	160	21	)	)	PUNCT
easat-8278	160	22	,	,	PUNCT
easat-8278	160	23	suggesting	suggest	VERB
easat-8278	160	24	that	that	SCONJ
easat-8278	160	25	increased	increase	VERB
easat-8278	160	26	social	social	ADJ
easat-8278	160	27	disclosure	disclosure	NOUN
easat-8278	160	28	may	may	AUX
easat-8278	160	29	be	be	AUX
easat-8278	160	30	perceived	perceive	VERB
easat-8278	160	31	as	as	ADP
easat-8278	160	32	costly	costly	ADJ
easat-8278	160	33	or	or	CCONJ
easat-8278	160	34	not	not	PART
easat-8278	160	35	yet	yet	ADV
easat-8278	160	36	yielding	yield	VERB
easat-8278	160	37	tangible	tangible	ADJ
easat-8278	160	38	value	value	NOUN
easat-8278	160	39	.	.	PUNCT
easat-8278	161	1	the	the	DET
easat-8278	161	2	governance	governance	NOUN
easat-8278	161	3	dimension	dimension	NOUN
easat-8278	161	4	shows	show	VERB
easat-8278	161	5	a	a	DET
easat-8278	161	6	positive	positive	ADJ
easat-8278	161	7	but	but	CCONJ
easat-8278	161	8	statistically	statistically	ADV
easat-8278	161	9	insignificant	insignificant	ADJ
easat-8278	161	10	coefficient	coefficient	NOUN
easat-8278	161	11	.	.	PUNCT
easat-8278	162	1	among	among	ADP
easat-8278	162	2	the	the	DET
easat-8278	162	3	control	control	NOUN
easat-8278	162	4	variables	variable	NOUN
easat-8278	162	5	,	,	PUNCT
easat-8278	162	6	current	current	ADJ
easat-8278	162	7	market	market	NOUN
easat-8278	162	8	capitalization	capitalization	NOUN
easat-8278	162	9	(	(	PUNCT
easat-8278	162	10	cmc	cmc	PROPN
easat-8278	162	11	)	)	PUNCT
easat-8278	162	12	has	have	VERB
easat-8278	162	13	a	a	DET
easat-8278	162	14	significant	significant	ADJ
easat-8278	162	15	positive	positive	ADJ
easat-8278	162	16	impact	impact	NOUN
easat-8278	162	17	on	on	ADP
easat-8278	162	18	firm	firm	ADJ
easat-8278	162	19	value	value	NOUN
easat-8278	162	20	(	(	PUNCT
easat-8278	162	21	β	β	X
easat-8278	162	22	=	=	SYM
easat-8278	162	23	0.1946	0.1946	NUM
easat-8278	162	24	;	;	PUNCT
easat-8278	163	1	p	p	X
easat-8278	163	2	<	<	X
easat-8278	163	3	0.01	0.01	NUM
easat-8278	163	4	)	)	PUNCT
easat-8278	163	5	,	,	PUNCT
easat-8278	163	6	while	while	SCONJ
easat-8278	163	7	return	return	VERB
easat-8278	163	8	on	on	ADP
easat-8278	163	9	assets	asset	NOUN
easat-8278	163	10	(	(	PUNCT
easat-8278	163	11	roa	roa	NOUN
easat-8278	163	12	)	)	PUNCT
easat-8278	163	13	is	be	AUX
easat-8278	163	14	insignificant	insignificant	ADJ
easat-8278	163	15	.	.	PUNCT
easat-8278	164	1	in	in	ADP
easat-8278	164	2	model	model	NOUN
easat-8278	164	3	2	2	NUM
easat-8278	164	4	,	,	PUNCT
easat-8278	164	5	which	which	PRON
easat-8278	164	6	employs	employ	VERB
easat-8278	164	7	gri	gri	NOUN
easat-8278	164	8	-	-	PUNCT
easat-8278	164	9	based	base	VERB
easat-8278	164	10	esg	esg	PROPN
easat-8278	164	11	indices	index	NOUN
easat-8278	164	12	,	,	PUNCT
easat-8278	164	13	the	the	DET
easat-8278	164	14	environmental	environmental	ADJ
easat-8278	164	15	index	index	NOUN
easat-8278	164	16	has	have	VERB
easat-8278	164	17	a	a	DET
easat-8278	164	18	significant	significant	ADJ
easat-8278	164	19	negative	negative	ADJ
easat-8278	164	20	effect	effect	NOUN
easat-8278	164	21	(	(	PUNCT
easat-8278	164	22	β	β	X
easat-8278	164	23	=	=	SYM
easat-8278	164	24	–	–	PUNCT
easat-8278	164	25	0.0022	0.0022	NUM
easat-8278	164	26	;	;	PUNCT
easat-8278	164	27	p	p	X
easat-8278	164	28	<	<	X
easat-8278	164	29	0.10	0.10	NUM
easat-8278	164	30	)	)	PUNCT
easat-8278	164	31	,	,	PUNCT
easat-8278	164	32	reinforcing	reinforce	VERB
easat-8278	164	33	the	the	DET
easat-8278	164	34	perception	perception	NOUN
easat-8278	164	35	of	of	ADP
easat-8278	164	36	environmental	environmental	ADJ
easat-8278	164	37	compliance	compliance	NOUN
easat-8278	164	38	as	as	ADP
easat-8278	164	39	a	a	DET
easat-8278	164	40	cost	cost	NOUN
easat-8278	164	41	factor	factor	NOUN
easat-8278	164	42	in	in	ADP
easat-8278	164	43	emerging	emerge	VERB
easat-8278	164	44	markets	market	NOUN
easat-8278	164	45	.	.	PUNCT
easat-8278	165	1	by	by	ADP
easat-8278	165	2	contrast	contrast	NOUN
easat-8278	165	3	,	,	PUNCT
easat-8278	165	4	both	both	CCONJ
easat-8278	165	5	the	the	DET
easat-8278	165	6	social	social	ADJ
easat-8278	165	7	(	(	PUNCT
easat-8278	165	8	β	β	X
easat-8278	165	9	=	=	SYM
easat-8278	165	10	0.0038	0.0038	NUM
easat-8278	165	11	;	;	PUNCT
easat-8278	165	12	p	p	X
easat-8278	165	13	<	<	X
easat-8278	165	14	0.05	0.05	NUM
easat-8278	165	15	)	)	PUNCT
easat-8278	165	16	and	and	CCONJ
easat-8278	165	17	governance	governance	NOUN
easat-8278	165	18	(	(	PUNCT
easat-8278	165	19	β	β	X
easat-8278	165	20	=	=	SYM
easat-8278	165	21	0.0014	0.0014	NUM
easat-8278	165	22	;	;	PUNCT
easat-8278	165	23	p	p	X
easat-8278	165	24	<	<	X
easat-8278	165	25	0.10	0.10	NUM
easat-8278	165	26	)	)	PUNCT
easat-8278	165	27	indices	index	NOUN
easat-8278	165	28	have	have	VERB
easat-8278	165	29	positive	positive	ADJ
easat-8278	165	30	and	and	CCONJ
easat-8278	165	31	statistically	statistically	ADV
easat-8278	165	32	significant	significant	ADJ
easat-8278	165	33	relationships	relationship	NOUN
easat-8278	165	34	with	with	ADP
easat-8278	165	35	tobin	tobin	PROPN
easat-8278	165	36	’s	’s	PART
easat-8278	165	37	q.	q.	NOUN
easat-8278	166	1	these	these	DET
easat-8278	166	2	results	result	NOUN
easat-8278	166	3	suggest	suggest	VERB
easat-8278	166	4	that	that	SCONJ
easat-8278	166	5	stakeholder	stakeholder	NOUN
easat-8278	166	6	-	-	PUNCT
easat-8278	166	7	oriented	orient	VERB
easat-8278	166	8	esg	esg	NOUN
easat-8278	166	9	disclosures	disclosure	NOUN
easat-8278	166	10	,	,	PUNCT
easat-8278	166	11	particularly	particularly	ADV
easat-8278	166	12	those	those	PRON
easat-8278	166	13	aligned	align	VERB
easat-8278	166	14	with	with	ADP
easat-8278	166	15	gri	gri	PROPN
easat-8278	166	16	standards	standard	NOUN
easat-8278	166	17	,	,	PUNCT
easat-8278	166	18	are	be	AUX
easat-8278	166	19	more	more	ADV
easat-8278	166	20	credible	credible	ADJ
easat-8278	166	21	in	in	ADP
easat-8278	166	22	signaling	signal	VERB
easat-8278	166	23	value	value	NOUN
easat-8278	166	24	to	to	ADP
easat-8278	166	25	the	the	DET
easat-8278	166	26	market	market	NOUN
easat-8278	166	27	.	.	PUNCT
easat-8278	167	1	cmc	cmc	NOUN
easat-8278	167	2	remains	remain	VERB
easat-8278	167	3	significant	significant	ADJ
easat-8278	167	4	,	,	PUNCT
easat-8278	167	5	while	while	SCONJ
easat-8278	167	6	roa	roa	PROPN
easat-8278	167	7	remains	remain	VERB
easat-8278	167	8	insignificant	insignificant	ADJ
easat-8278	167	9	.	.	PUNCT
easat-8278	168	1	models	model	NOUN
easat-8278	168	2	3	3	NUM
easat-8278	168	3	and	and	CCONJ
easat-8278	168	4	4	4	NUM
easat-8278	168	5	assess	assess	VERB
easat-8278	168	6	the	the	DET
easat-8278	168	7	effect	effect	NOUN
easat-8278	168	8	of	of	ADP
easat-8278	168	9	esg	esg	PROPN
easat-8278	168	10	dimensions	dimension	NOUN
easat-8278	168	11	on	on	ADP
easat-8278	168	12	cllp	cllp	PROPN
easat-8278	168	13	.	.	PUNCT
easat-8278	169	1	in	in	ADP
easat-8278	169	2	model	model	NOUN
easat-8278	169	3	3	3	NUM
easat-8278	169	4	,	,	PUNCT
easat-8278	169	5	bloomberg	bloomberg	PROPN
easat-8278	169	6	’s	’s	PART
easat-8278	169	7	social	social	ADJ
easat-8278	169	8	score	score	NOUN
easat-8278	169	9	is	be	AUX
easat-8278	169	10	negatively	negatively	ADV
easat-8278	169	11	associated	associate	VERB
easat-8278	169	12	with	with	ADP
easat-8278	169	13	cllp	cllp	PROPN
easat-8278	169	14	(	(	PUNCT
easat-8278	169	15	β	β	X
easat-8278	169	16	=	=	PUNCT
easat-8278	169	17	–	–	PUNCT
easat-8278	169	18	1.4743	1.4743	NUM
easat-8278	169	19	;	;	PUNCT
easat-8278	169	20	p	p	X
easat-8278	169	21	<	<	X
easat-8278	169	22	0.10	0.10	NUM
easat-8278	169	23	)	)	PUNCT
easat-8278	169	24	,	,	PUNCT
easat-8278	169	25	indicating	indicate	VERB
easat-8278	169	26	that	that	SCONJ
easat-8278	169	27	greater	great	ADJ
easat-8278	169	28	social	social	ADJ
easat-8278	169	29	disclosure	disclosure	NOUN
easat-8278	169	30	may	may	AUX
easat-8278	169	31	be	be	AUX
easat-8278	169	32	linked	link	VERB
easat-8278	169	33	to	to	ADP
easat-8278	169	34	more	more	ADV
easat-8278	169	35	prudent	prudent	ADJ
easat-8278	169	36	credit	credit	NOUN
easat-8278	169	37	loss	loss	NOUN
easat-8278	169	38	provisioning	provisioning	NOUN
easat-8278	169	39	.	.	PUNCT
easat-8278	170	1	in	in	ADP
easat-8278	170	2	model	model	NOUN
easat-8278	170	3	4	4	NUM
easat-8278	170	4	,	,	PUNCT
easat-8278	170	5	gri	gri	PROPN
easat-8278	170	6	’s	’s	PROPN
easat-8278	170	7	environmental	environmental	PROPN
easat-8278	170	8	index	index	NOUN
easat-8278	170	9	shows	show	VERB
easat-8278	170	10	a	a	DET
easat-8278	170	11	significant	significant	ADJ
easat-8278	170	12	negative	negative	ADJ
easat-8278	170	13	effect	effect	NOUN
easat-8278	170	14	on	on	ADP
easat-8278	170	15	cllp	cllp	PROPN
easat-8278	170	16	(	(	PUNCT
easat-8278	170	17	β	β	X
easat-8278	170	18	=	=	PUNCT
easat-8278	170	19	–	–	PUNCT
easat-8278	170	20	2.0127	2.0127	NUM
easat-8278	170	21	;	;	PUNCT
easat-8278	170	22	p	p	X
easat-8278	170	23	<	<	X
easat-8278	170	24	0.05	0.05	NUM
easat-8278	170	25	)	)	PUNCT
easat-8278	170	26	,	,	PUNCT
easat-8278	170	27	implying	imply	VERB
easat-8278	170	28	that	that	SCONJ
easat-8278	170	29	increased	increase	VERB
easat-8278	170	30	environmental	environmental	ADJ
easat-8278	170	31	disclosure	disclosure	NOUN
easat-8278	170	32	may	may	AUX
easat-8278	170	33	correspond	correspond	VERB
easat-8278	170	34	with	with	ADP
easat-8278	170	35	greater	great	ADJ
easat-8278	170	36	credit	credit	NOUN
easat-8278	170	37	risk	risk	NOUN
easat-8278	170	38	conservatism	conservatism	NOUN
easat-8278	170	39	.	.	PUNCT
easat-8278	171	1	interestingly	interestingly	ADV
easat-8278	171	2	,	,	PUNCT
easat-8278	171	3	the	the	DET
easat-8278	171	4	social	social	ADJ
easat-8278	171	5	index	index	NOUN
easat-8278	171	6	under	under	ADP
easat-8278	171	7	gri	gri	PROPN
easat-8278	171	8	is	be	AUX
easat-8278	171	9	positively	positively	ADV
easat-8278	171	10	and	and	CCONJ
easat-8278	171	11	significantly	significantly	ADV
easat-8278	171	12	associated	associate	VERB
easat-8278	171	13	with	with	ADP
easat-8278	171	14	cllp	cllp	PROPN
easat-8278	171	15	(	(	PUNCT
easat-8278	171	16	β	β	X
easat-8278	171	17	=	=	SYM
easat-8278	171	18	3.6616	3.6616	NUM
easat-8278	171	19	;	;	PUNCT
easat-8278	171	20	p	p	X
easat-8278	171	21	<	<	X
easat-8278	171	22	0.01	0.01	NUM
easat-8278	171	23	)	)	PUNCT
easat-8278	171	24	,	,	PUNCT
easat-8278	171	25	suggesting	suggest	VERB
easat-8278	171	26	that	that	SCONJ
easat-8278	171	27	comprehensive	comprehensive	ADJ
easat-8278	171	28	social	social	ADJ
easat-8278	171	29	disclosure	disclosure	NOUN
easat-8278	171	30	may	may	AUX
easat-8278	171	31	enhance	enhance	VERB
easat-8278	171	32	internal	internal	ADJ
easat-8278	171	33	risk	risk	NOUN
easat-8278	171	34	governance	governance	NOUN
easat-8278	171	35	.	.	PUNCT
easat-8278	172	1	model	model	NOUN
easat-8278	172	2	5	5	NUM
easat-8278	172	3	evaluates	evaluate	VERB
easat-8278	172	4	the	the	DET
easat-8278	172	5	direct	direct	ADJ
easat-8278	172	6	effect	effect	NOUN
easat-8278	172	7	of	of	ADP
easat-8278	172	8	cllp	cllp	NOUN
easat-8278	172	9	on	on	ADP
easat-8278	172	10	firm	firm	ADJ
easat-8278	172	11	value	value	NOUN
easat-8278	172	12	.	.	PUNCT
easat-8278	173	1	the	the	DET
easat-8278	173	2	cllp	cllp	PROPN
easat-8278	173	3	coefficient	coefficient	NOUN
easat-8278	173	4	is	be	AUX
easat-8278	173	5	negative	negative	ADJ
easat-8278	173	6	and	and	CCONJ
easat-8278	173	7	significant	significant	ADJ
easat-8278	173	8	at	at	ADP
easat-8278	173	9	the	the	DET
easat-8278	173	10	10	10	NUM
easat-8278	173	11	%	%	NOUN
easat-8278	173	12	level	level	NOUN
easat-8278	173	13	(	(	PUNCT
easat-8278	173	14	β	β	X
easat-8278	173	15	=	=	SYM
easat-8278	173	16	–	–	PUNCT
easat-8278	173	17	0.0003	0.0003	NUM
easat-8278	173	18	;	;	PUNCT
easat-8278	173	19	se	se	X
easat-8278	173	20	=	=	X
easat-8278	173	21	0.0002	0.0002	NUM
easat-8278	173	22	)	)	PUNCT
easat-8278	173	23	,	,	PUNCT
easat-8278	173	24	indicating	indicate	VERB
easat-8278	173	25	that	that	SCONJ
easat-8278	173	26	more	more	ADJ
easat-8278	173	27	conservative	conservative	ADJ
easat-8278	173	28	credit	credit	NOUN
easat-8278	173	29	provisioning	provisioning	NOUN
easat-8278	173	30	may	may	AUX
easat-8278	173	31	reduce	reduce	VERB
easat-8278	173	32	perceived	perceive	VERB
easat-8278	173	33	market	market	NOUN
easat-8278	173	34	value	value	NOUN
easat-8278	173	35	.	.	PUNCT
easat-8278	174	1	cmc	cmc	PROPN
easat-8278	174	2	and	and	CCONJ
easat-8278	174	3	roa	roa	PROPN
easat-8278	174	4	are	be	AUX
easat-8278	174	5	both	both	ADV
easat-8278	174	6	highly	highly	ADV
easat-8278	174	7	significant	significant	ADJ
easat-8278	174	8	,	,	PUNCT
easat-8278	174	9	reaffirming	reaffirm	VERB
easat-8278	174	10	the	the	DET
easat-8278	174	11	relevance	relevance	NOUN
easat-8278	174	12	of	of	ADP
easat-8278	174	13	firm	firm	ADJ
easat-8278	174	14	fundamentals	fundamental	NOUN
easat-8278	174	15	in	in	ADP
easat-8278	174	16	explaining	explain	VERB
easat-8278	174	17	market	market	NOUN
easat-8278	174	18	valuation	valuation	NOUN
easat-8278	174	19	.	.	PUNCT
easat-8278	175	1	1926	1926	NUM
easat-8278	175	2	edelweiss	edelweiss	PROPN
easat-8278	175	3	applied	apply	VERB
easat-8278	175	4	science	science	NOUN
easat-8278	175	5	and	and	CCONJ
easat-8278	175	6	technology	technology	NOUN
easat-8278	175	7	issn	issn	PROPN
easat-8278	175	8	:	:	PUNCT
easat-8278	175	9	2576	2576	NUM
easat-8278	175	10	-	-	SYM
easat-8278	175	11	8484	8484	NUM
easat-8278	175	12	vol	vol	NOUN
easat-8278	175	13	.	.	PROPN
easat-8278	176	1	9	9	NUM
easat-8278	176	2	,	,	PUNCT
easat-8278	176	3	no	no	INTJ
easat-8278	176	4	.	.	NOUN
easat-8278	177	1	6	6	NUM
easat-8278	177	2	:	:	SYM
easat-8278	177	3	1918	1918	NUM
easat-8278	177	4	-	-	SYM
easat-8278	177	5	1930	1930	NUM
easat-8278	177	6	,	,	PUNCT
easat-8278	177	7	2025	2025	NUM
easat-8278	177	8	doi	doi	NOUN
easat-8278	177	9	:	:	PUNCT
easat-8278	177	10	10.55214/25768484.v9i6.8278	10.55214/25768484.v9i6.8278	PROPN
easat-8278	177	11	©	©	PROPN
easat-8278	177	12	2025	2025	NUM
easat-8278	177	13	by	by	ADP
easat-8278	177	14	the	the	DET
easat-8278	177	15	authors	author	NOUN
easat-8278	177	16	;	;	PUNCT
easat-8278	177	17	licensee	licensee	PROPN
easat-8278	177	18	learning	learn	VERB
easat-8278	177	19	gate	gate	NOUN
easat-8278	177	20	table	table	NOUN
easat-8278	177	21	5	5	NUM
easat-8278	177	22	.	.	PUNCT
easat-8278	177	23	robust	robust	ADJ
easat-8278	177	24	random	random	ADJ
easat-8278	177	25	effects	effect	NOUN
easat-8278	177	26	regression	regression	NOUN
easat-8278	177	27	results	result	NOUN
easat-8278	177	28	(	(	PUNCT
easat-8278	177	29	models	model	NOUN
easat-8278	177	30	1–5	1–5	NUM
easat-8278	177	31	)	)	PUNCT
easat-8278	177	32	.	.	PUNCT
easat-8278	178	1	variables	variable	NOUN
easat-8278	178	2	model	model	VERB
easat-8278	178	3	6	6	NUM
easat-8278	178	4	(	(	PUNCT
easat-8278	178	5	bloomberg	bloomberg	NOUN
easat-8278	178	6	)	)	PUNCT
easat-8278	178	7	cleds	cled	NOUN
easat-8278	178	8	model	model	VERB
easat-8278	178	9	7	7	NUM
easat-8278	178	10	(	(	PUNCT
easat-8278	178	11	gri	gri	NOUN
easat-8278	178	12	)	)	PUNCT
easat-8278	178	13	clenv	clenv	NOUN
easat-8278	178	14	model	model	NOUN
easat-8278	178	15	8	8	NUM
easat-8278	178	16	(	(	PUNCT
easat-8278	178	17	bloomberg	bloomberg	NOUN
easat-8278	178	18	)	)	PUNCT
easat-8278	178	19	clsds	clsds	NOUN
easat-8278	178	20	model	model	NOUN
easat-8278	178	21	9	9	NUM
easat-8278	178	22	(	(	PUNCT
easat-8278	178	23	gri	gri	NOUN
easat-8278	178	24	)	)	PUNCT
easat-8278	178	25	clsoc	clsoc	NOUN
easat-8278	178	26	model	model	NOUN
easat-8278	178	27	10	10	NUM
easat-8278	178	28	(	(	PUNCT
easat-8278	178	29	bloomberg	bloomberg	PROPN
easat-8278	178	30	)	)	PUNCT
easat-8278	178	31	clgds	clgds	PROPN
easat-8278	178	32	model	model	NOUN
easat-8278	178	33	11	11	NUM
easat-8278	178	34	(	(	PUNCT
easat-8278	178	35	gri	gri	NOUN
easat-8278	178	36	)	)	PUNCT
easat-8278	178	37	clgov	clgov	PROPN
easat-8278	178	38	esg	esg	PROPN
easat-8278	178	39	-	-	PUNCT
easat-8278	178	40	cllp	cllp	PROPN
easat-8278	178	41	(	(	PUNCT
easat-8278	178	42	fitted	fit	VERB
easat-8278	178	43	)	)	PUNCT
easat-8278	178	44	0.0022	0.0022	NUM
easat-8278	178	45	*	*	SYM
easat-8278	178	46	(	(	PUNCT
easat-8278	178	47	0.0012	0.0012	NUM
easat-8278	178	48	)	)	PUNCT
easat-8278	178	49	0.0008	0.0008	NUM
easat-8278	178	50	*	*	PUNCT
easat-8278	178	51	(	(	PUNCT
easat-8278	178	52	0.0004	0.0004	NUM
easat-8278	178	53	)	)	PUNCT
easat-8278	179	1	0.0011	0.0011	NUM
easat-8278	179	2	*	*	SYM
easat-8278	179	3	(	(	PUNCT
easat-8278	179	4	0.0006	0.0006	NUM
easat-8278	179	5	)	)	PUNCT
easat-8278	179	6	0.0009	0.0009	NUM
easat-8278	179	7	*	*	NOUN
easat-8278	179	8	*	*	PUNCT
easat-8278	179	9	(	(	PUNCT
easat-8278	179	10	0.0003	0.0003	NUM
easat-8278	179	11	)	)	PUNCT
easat-8278	179	12	0.0001	0.0001	NUM
easat-8278	179	13	(	(	PUNCT
easat-8278	179	14	0.0007	0.0007	NUM
easat-8278	179	15	)	)	PUNCT
easat-8278	179	16	0.0012	0.0012	NUM
easat-8278	179	17	*	*	PUNCT
easat-8278	179	18	*	*	PUNCT
easat-8278	179	19	(	(	PUNCT
easat-8278	179	20	0.0006	0.0006	NUM
easat-8278	179	21	)	)	PUNCT
easat-8278	179	22	cmc	cmc	NOUN
easat-8278	179	23	0.188	0.188	NUM
easat-8278	179	24	(	(	PUNCT
easat-8278	179	25	0.051	0.051	NUM
easat-8278	179	26	)	)	PUNCT
easat-8278	179	27	*	*	PUNCT
easat-8278	180	1	*	*	PUNCT
easat-8278	180	2	*	*	PUNCT
easat-8278	180	3	0.107	0.107	NUM
easat-8278	180	4	(	(	PUNCT
easat-8278	180	5	0.034	0.034	NUM
easat-8278	180	6	)	)	PUNCT
easat-8278	180	7	*	*	PUNCT
easat-8278	181	1	*	*	PUNCT
easat-8278	181	2	*	*	PUNCT
easat-8278	181	3	0.194	0.194	NUM
easat-8278	181	4	(	(	PUNCT
easat-8278	181	5	0.045	0.045	NUM
easat-8278	181	6	)	)	PUNCT
easat-8278	181	7	*	*	PUNCT
easat-8278	182	1	*	*	PUNCT
easat-8278	182	2	*	*	PUNCT
easat-8278	182	3	0.115	0.115	NUM
easat-8278	182	4	(	(	PUNCT
easat-8278	182	5	0.035	0.035	NUM
easat-8278	182	6	)	)	PUNCT
easat-8278	182	7	*	*	PUNCT
easat-8278	183	1	*	*	PUNCT
easat-8278	183	2	*	*	PUNCT
easat-8278	183	3	0.165	0.165	NUM
easat-8278	183	4	(	(	PUNCT
easat-8278	183	5	0.042	0.042	NUM
easat-8278	183	6	)	)	PUNCT
easat-8278	183	7	*	*	PUNCT
easat-8278	184	1	*	*	PUNCT
easat-8278	184	2	*	*	PUNCT
easat-8278	184	3	0.106	0.106	NUM
easat-8278	184	4	(	(	PUNCT
easat-8278	184	5	0.032	0.032	NUM
easat-8278	184	6	)	)	PUNCT
easat-8278	184	7	*	*	PUNCT
easat-8278	185	1	*	*	PUNCT
easat-8278	185	2	*	*	PUNCT
easat-8278	185	3	roa	roa	PROPN
easat-8278	185	4	0.054	0.054	NUM
easat-8278	185	5	(	(	PUNCT
easat-8278	185	6	0.036	0.036	NUM
easat-8278	185	7	)	)	PUNCT
easat-8278	185	8	0.045	0.045	NUM
easat-8278	185	9	(	(	PUNCT
easat-8278	185	10	0.017	0.017	NUM
easat-8278	185	11	)	)	PUNCT
easat-8278	185	12	*	*	PUNCT
easat-8278	186	1	*	*	PUNCT
easat-8278	186	2	*	*	PUNCT
easat-8278	186	3	0.061	0.061	NUM
easat-8278	186	4	(	(	PUNCT
easat-8278	186	5	0.032	0.032	NUM
easat-8278	186	6	)	)	PUNCT
easat-8278	186	7	*	*	PUNCT
easat-8278	187	1	0.033	0.033	NUM
easat-8278	187	2	(	(	PUNCT
easat-8278	187	3	0.017	0.017	NUM
easat-8278	187	4	)	)	PUNCT
easat-8278	187	5	*	*	PUNCT
easat-8278	187	6	0.083	0.083	NUM
easat-8278	187	7	(	(	PUNCT
easat-8278	187	8	0.027	0.027	NUM
easat-8278	187	9	)	)	PUNCT
easat-8278	187	10	*	*	PUNCT
easat-8278	188	1	*	*	PUNCT
easat-8278	188	2	*	*	PUNCT
easat-8278	188	3	0.051	0.051	NUM
easat-8278	188	4	(	(	PUNCT
easat-8278	188	5	0.017	0.017	NUM
easat-8278	188	6	)	)	PUNCT
easat-8278	188	7	*	*	PUNCT
easat-8278	189	1	*	*	PUNCT
easat-8278	189	2	*	*	PUNCT
easat-8278	189	3	constant	constant	ADJ
easat-8278	189	4	-4.859	-4.859	X
easat-8278	189	5	(	(	PUNCT
easat-8278	189	6	1.585	1.585	NUM
easat-8278	189	7	)	)	PUNCT
easat-8278	189	8	*	*	PUNCT
easat-8278	190	1	*	*	PUNCT
easat-8278	190	2	*	*	PUNCT
easat-8278	190	3	-2.162	-2.162	INTJ
easat-8278	190	4	(	(	PUNCT
easat-8278	190	5	1.080	1.080	NUM
easat-8278	190	6	)	)	PUNCT
easat-8278	190	7	*	*	PUNCT
easat-8278	191	1	*	*	PUNCT
easat-8278	191	2	-5.127	-5.127	X
easat-8278	191	3	(	(	PUNCT
easat-8278	191	4	1.401	1.401	NUM
easat-8278	191	5	)	)	PUNCT
easat-8278	191	6	*	*	PUNCT
easat-8278	192	1	*	*	PUNCT
easat-8278	192	2	*	*	PUNCT
easat-8278	192	3	-2.416	-2.416	PUNCT
easat-8278	192	4	(	(	PUNCT
easat-8278	192	5	1.100	1.100	NUM
easat-8278	192	6	)	)	PUNCT
easat-8278	192	7	*	*	PUNCT
easat-8278	193	1	*	*	PUNCT
easat-8278	193	2	-4.133	-4.133	PUNCT
easat-8278	193	3	(	(	PUNCT
easat-8278	193	4	1.305	1.305	NUM
easat-8278	193	5	)	)	PUNCT
easat-8278	193	6	*	*	PUNCT
easat-8278	194	1	*	*	PUNCT
easat-8278	194	2	*	*	PUNCT
easat-8278	194	3	-2.199	-2.199	NOUN
easat-8278	194	4	(	(	PUNCT
easat-8278	194	5	0.992	0.992	NUM
easat-8278	194	6	)	)	PUNCT
easat-8278	194	7	*	*	PUNCT
easat-8278	194	8	*	*	PUNCT
easat-8278	194	9	model	model	NOUN
easat-8278	194	10	type	type	NOUN
easat-8278	194	11	re	re	X
easat-8278	194	12	re	re	X
easat-8278	194	13	fe	fe	X
easat-8278	194	14	re	re	X
easat-8278	194	15	fe	fe	X
easat-8278	194	16	re	re	X
easat-8278	194	17	observations	observation	NOUN
easat-8278	194	18	(	(	PUNCT
easat-8278	194	19	n	n	CCONJ
easat-8278	194	20	)	)	PUNCT
easat-8278	194	21	165	165	NUM
easat-8278	194	22	139	139	NUM
easat-8278	194	23	165	165	NUM
easat-8278	194	24	139	139	NUM
easat-8278	194	25	165	165	NUM
easat-8278	194	26	139	139	NUM
easat-8278	194	27	banks	bank	NOUN
easat-8278	194	28	(	(	PUNCT
easat-8278	194	29	groups	group	NOUN
easat-8278	194	30	)	)	PUNCT
easat-8278	194	31	17	17	NUM
easat-8278	194	32	17	17	NUM
easat-8278	194	33	17	17	NUM
easat-8278	194	34	17	17	NUM
easat-8278	194	35	17	17	NUM
easat-8278	194	36	17	17	NUM
easat-8278	194	37	r²	r²	NOUN
easat-8278	194	38	(	(	PUNCT
easat-8278	194	39	within	within	ADP
easat-8278	194	40	)	)	PUNCT
easat-8278	194	41	0.50	0.50	NUM
easat-8278	194	42	0.40	0.40	NUM
easat-8278	194	43	0.50	0.50	NUM
easat-8278	194	44	0.43	0.43	NUM
easat-8278	194	45	0.48	0.48	NUM
easat-8278	194	46	0.39	0.39	NUM
easat-8278	194	47	wald	wald	X
easat-8278	194	48	χ²	χ²	PROPN
easat-8278	194	49	/	/	SYM
easat-8278	195	1	f	f	PROPN
easat-8278	195	2	31.40	31.40	NUM
easat-8278	195	3	*	*	PUNCT
easat-8278	195	4	*	*	PUNCT
easat-8278	195	5	*	*	PUNCT
easat-8278	195	6	14.74	14.74	NUM
easat-8278	195	7	*	*	PUNCT
easat-8278	195	8	*	*	PUNCT
easat-8278	195	9	*	*	PUNCT
easat-8278	195	10	14.82	14.82	NUM
easat-8278	195	11	*	*	PUNCT
easat-8278	195	12	*	*	PUNCT
easat-8278	195	13	*	*	PUNCT
easat-8278	195	14	18.53	18.53	NUM
easat-8278	195	15	*	*	PUNCT
easat-8278	195	16	*	*	PUNCT
easat-8278	195	17	*	*	PUNCT
easat-8278	196	1	13.75	13.75	NUM
easat-8278	196	2	*	*	PUNCT
easat-8278	196	3	*	*	PUNCT
easat-8278	196	4	*	*	PUNCT
easat-8278	196	5	22.48	22.48	NUM
easat-8278	196	6	*	*	PUNCT
easat-8278	196	7	*	*	PUNCT
easat-8278	196	8	*	*	PUNCT
easat-8278	196	9	ρ	ρ	PROPN
easat-8278	196	10	(	(	PUNCT
easat-8278	196	11	rho	rho	ADJ
easat-8278	196	12	)	)	PUNCT
easat-8278	196	13	0.92	0.92	NUM
easat-8278	196	14	0.96	0.96	NUM
easat-8278	196	15	0.94	0.94	NUM
easat-8278	196	16	0.97	0.97	NUM
easat-8278	196	17	0.94	0.94	NUM
easat-8278	196	18	0.97	0.97	NUM
easat-8278	196	19	note	note	NOUN
easat-8278	196	20	:	:	PUNCT
easat-8278	196	21	•	•	NUM
easat-8278	196	22	standard	standard	ADJ
easat-8278	196	23	errors	error	NOUN
easat-8278	196	24	are	be	AUX
easat-8278	196	25	robust	robust	ADJ
easat-8278	196	26	and	and	CCONJ
easat-8278	196	27	clustered	cluster	VERB
easat-8278	196	28	at	at	ADP
easat-8278	196	29	the	the	DET
easat-8278	196	30	bank	bank	NOUN
easat-8278	196	31	level	level	NOUN
easat-8278	196	32	(	(	PUNCT
easat-8278	196	33	17	17	NUM
easat-8278	196	34	clusters	cluster	NOUN
easat-8278	196	35	)	)	PUNCT
easat-8278	196	36	.	.	PUNCT
easat-8278	197	1	•	•	NUM
easat-8278	197	2	significance	significance	NOUN
easat-8278	197	3	levels	level	NOUN
easat-8278	197	4	:	:	PUNCT
easat-8278	198	1	*	*	PUNCT
easat-8278	198	2	p	p	X
easat-8278	198	3	<	<	X
easat-8278	198	4	0.10	0.10	NUM
easat-8278	198	5	,	,	PUNCT
easat-8278	198	6	*	*	PUNCT
easat-8278	198	7	*	*	PUNCT
easat-8278	199	1	p	p	X
easat-8278	199	2	<	<	X
easat-8278	199	3	0.05	0.05	NUM
easat-8278	199	4	,	,	PUNCT
easat-8278	199	5	*	*	PUNCT
easat-8278	199	6	*	*	PUNCT
easat-8278	199	7	*	*	PUNCT
easat-8278	200	1	p	p	X
easat-8278	200	2	<	<	X
easat-8278	200	3	0.01	0.01	NUM
easat-8278	200	4	.	.	PUNCT
easat-8278	201	1	•	•	NUM
easat-8278	201	2	cleds	cled	NOUN
easat-8278	201	3	,	,	PUNCT
easat-8278	201	4	clenv	clenv	NOUN
easat-8278	201	5	,	,	PUNCT
easat-8278	201	6	clsds	clsds	NOUN
easat-8278	201	7	,	,	PUNCT
easat-8278	201	8	clsoc	clsoc	NOUN
easat-8278	201	9	,	,	PUNCT
easat-8278	201	10	clgds	clgds	NOUN
easat-8278	201	11	,	,	PUNCT
easat-8278	201	12	clgov	clgov	PROPN
easat-8278	201	13	:	:	PUNCT
easat-8278	201	14	fitted	fit	VERB
easat-8278	201	15	values	value	NOUN
easat-8278	201	16	from	from	ADP
easat-8278	201	17	2sls	2sls	NUM
easat-8278	201	18	stage	stage	NOUN
easat-8278	201	19	1	1	NUM
easat-8278	201	20	(	(	PUNCT
easat-8278	201	21	esg	esg	PROPN
easat-8278	201	22	→	→	SYM
easat-8278	201	23	cllp	cllp	PROPN
easat-8278	201	24	)	)	PUNCT
easat-8278	201	25	.	.	PUNCT
easat-8278	202	1	•	•	NUM
easat-8278	202	2	esg	esg	PROPN
easat-8278	202	3	-	-	PUNCT
easat-8278	202	4	cllp	cllp	PROPN
easat-8278	202	5	represents	represent	VERB
easat-8278	202	6	the	the	DET
easat-8278	202	7	fitted	fit	VERB
easat-8278	202	8	value	value	NOUN
easat-8278	202	9	of	of	ADP
easat-8278	202	10	the	the	DET
easat-8278	202	11	credit	credit	NOUN
easat-8278	202	12	-	-	PUNCT
easat-8278	202	13	based	base	VERB
easat-8278	202	14	loan	loan	NOUN
easat-8278	202	15	loss	loss	NOUN
easat-8278	202	16	provision	provision	NOUN
easat-8278	202	17	instrumented	instrument	VERB
easat-8278	202	18	by	by	ADP
easat-8278	202	19	individual	individual	ADJ
easat-8278	202	20	esg	esg	PROPN
easat-8278	202	21	dimensions	dimension	NOUN
easat-8278	202	22	.	.	PUNCT
easat-8278	203	1	•	•	NUM
easat-8278	203	2	cmc	cmc	PROPN
easat-8278	203	3	=	=	SYM
easat-8278	203	4	current	current	ADJ
easat-8278	203	5	market	market	NOUN
easat-8278	203	6	capitalization	capitalization	NOUN
easat-8278	203	7	;	;	PUNCT
easat-8278	203	8	roa	roa	PROPN
easat-8278	203	9	=	=	PUNCT
easat-8278	203	10	return	return	VERB
easat-8278	203	11	on	on	ADP
easat-8278	203	12	assets	asset	NOUN
easat-8278	203	13	.	.	PUNCT
easat-8278	204	1	overall	overall	ADV
easat-8278	204	2	,	,	PUNCT
easat-8278	204	3	the	the	DET
easat-8278	204	4	wald	wald	PROPN
easat-8278	204	5	χ²	χ²	PROPN
easat-8278	204	6	statistics	statistic	VERB
easat-8278	204	7	across	across	ADP
easat-8278	204	8	all	all	DET
easat-8278	204	9	models	model	NOUN
easat-8278	204	10	are	be	AUX
easat-8278	204	11	statistically	statistically	ADV
easat-8278	204	12	significant	significant	ADJ
easat-8278	204	13	,	,	PUNCT
easat-8278	204	14	confirming	confirm	VERB
easat-8278	204	15	the	the	DET
easat-8278	204	16	joint	joint	ADJ
easat-8278	204	17	explanatory	explanatory	ADJ
easat-8278	204	18	power	power	NOUN
easat-8278	204	19	of	of	ADP
easat-8278	204	20	the	the	DET
easat-8278	204	21	independent	independent	ADJ
easat-8278	204	22	variables	variable	NOUN
easat-8278	204	23	.	.	PUNCT
easat-8278	205	1	the	the	DET
easat-8278	205	2	within	within	ADP
easat-8278	205	3	r²	r²	NOUN
easat-8278	205	4	ranges	range	NOUN
easat-8278	205	5	from	from	ADP
easat-8278	205	6	0.13	0.13	NUM
easat-8278	205	7	to	to	ADP
easat-8278	205	8	0.53	0.53	NUM
easat-8278	205	9	,	,	PUNCT
easat-8278	205	10	reflecting	reflect	VERB
easat-8278	205	11	moderate	moderate	ADJ
easat-8278	205	12	model	model	NOUN
easat-8278	205	13	fit	fit	PROPN
easat-8278	205	14	.	.	PUNCT
easat-8278	206	1	high	high	ADJ
easat-8278	206	2	intraclass	intraclass	NOUN
easat-8278	206	3	correlation	correlation	NOUN
easat-8278	206	4	coefficients	coefficient	NOUN
easat-8278	206	5	(	(	PUNCT
easat-8278	206	6	ρ	ρ	NOUN
easat-8278	206	7	>	>	X
easat-8278	206	8	0.90	0.90	NUM
easat-8278	206	9	)	)	PUNCT
easat-8278	206	10	in	in	ADP
easat-8278	206	11	tobin	tobin	PROPN
easat-8278	206	12	’s	’s	PART
easat-8278	206	13	q	q	PROPN
easat-8278	206	14	models	model	NOUN
easat-8278	206	15	highlight	highlight	VERB
easat-8278	206	16	substantial	substantial	ADJ
easat-8278	206	17	between	between	ADP
easat-8278	206	18	-	-	PUNCT
easat-8278	206	19	bank	bank	NOUN
easat-8278	206	20	effects	effect	NOUN
easat-8278	206	21	,	,	PUNCT
easat-8278	206	22	which	which	PRON
easat-8278	206	23	justify	justify	VERB
easat-8278	206	24	the	the	DET
easat-8278	206	25	use	use	NOUN
easat-8278	206	26	of	of	ADP
easat-8278	206	27	panel	panel	NOUN
easat-8278	206	28	data	datum	NOUN
easat-8278	206	29	estimation	estimation	NOUN
easat-8278	206	30	.	.	PUNCT
easat-8278	207	1	these	these	DET
easat-8278	207	2	results	result	NOUN
easat-8278	207	3	underscore	underscore	VERB
easat-8278	207	4	the	the	DET
easat-8278	207	5	nuanced	nuanced	ADJ
easat-8278	207	6	and	and	CCONJ
easat-8278	207	7	data	data	NOUN
easat-8278	207	8	-	-	PUNCT
easat-8278	207	9	source	source	NOUN
easat-8278	207	10	-	-	PUNCT
easat-8278	207	11	dependent	dependent	ADJ
easat-8278	207	12	nature	nature	NOUN
easat-8278	207	13	of	of	ADP
easat-8278	207	14	esg	esg	PROPN
easat-8278	207	15	’s	’s	PART
easat-8278	207	16	relationship	relationship	NOUN
easat-8278	207	17	with	with	ADP
easat-8278	207	18	firm	firm	ADJ
easat-8278	207	19	value	value	NOUN
easat-8278	207	20	.	.	PUNCT
easat-8278	208	1	they	they	PRON
easat-8278	208	2	also	also	ADV
easat-8278	208	3	affirm	affirm	VERB
easat-8278	208	4	the	the	DET
easat-8278	208	5	importance	importance	NOUN
easat-8278	208	6	of	of	ADP
easat-8278	208	7	credit	credit	NOUN
easat-8278	208	8	risk	risk	NOUN
easat-8278	208	9	governance	governance	NOUN
easat-8278	208	10	—	—	PUNCT
easat-8278	208	11	represented	represent	VERB
easat-8278	208	12	by	by	ADP
easat-8278	208	13	cllp	cllp	PROPN
easat-8278	208	14	—	—	PUNCT
easat-8278	208	15	as	as	ADP
easat-8278	208	16	a	a	DET
easat-8278	208	17	mediating	mediate	VERB
easat-8278	208	18	channel	channel	NOUN
easat-8278	208	19	linking	link	VERB
easat-8278	208	20	esg	esg	NOUN
easat-8278	208	21	to	to	ADP
easat-8278	208	22	firm	firm	ADJ
easat-8278	208	23	valuation	valuation	NOUN
easat-8278	208	24	in	in	ADP
easat-8278	208	25	the	the	DET
easat-8278	208	26	indonesian	indonesian	ADJ
easat-8278	208	27	banking	banking	NOUN
easat-8278	208	28	sector	sector	NOUN
easat-8278	208	29	.	.	PUNCT
easat-8278	209	1	4.2	4.2	NUM
easat-8278	209	2	.	.	PUNCT
easat-8278	209	3	indirect	indirect	ADJ
easat-8278	209	4	effects	effect	NOUN
easat-8278	209	5	of	of	ADP
easat-8278	209	6	esg	esg	PROPN
easat-8278	209	7	on	on	ADP
easat-8278	209	8	firm	firm	ADJ
easat-8278	209	9	value	value	NOUN
easat-8278	209	10	via	via	ADP
easat-8278	209	11	cllp	cllp	PROPN
easat-8278	209	12	(	(	PUNCT
easat-8278	209	13	2sls	2sls	NOUN
easat-8278	209	14	results	result	VERB
easat-8278	209	15	)	)	PUNCT
easat-8278	209	16	table	table	NOUN
easat-8278	209	17	5	5	NUM
easat-8278	209	18	reports	report	VERB
easat-8278	209	19	the	the	DET
easat-8278	209	20	second	second	ADJ
easat-8278	209	21	-	-	PUNCT
easat-8278	209	22	stage	stage	NOUN
easat-8278	209	23	2sls	2sls	NOUN
easat-8278	209	24	regression	regression	NOUN
easat-8278	209	25	results	result	NOUN
easat-8278	209	26	for	for	ADP
easat-8278	209	27	models	model	NOUN
easat-8278	209	28	6	6	NUM
easat-8278	209	29	to	to	PART
easat-8278	209	30	11	11	NUM
easat-8278	209	31	,	,	PUNCT
easat-8278	209	32	which	which	PRON
easat-8278	209	33	examine	examine	VERB
easat-8278	209	34	the	the	DET
easat-8278	209	35	indirect	indirect	ADJ
easat-8278	209	36	effects	effect	NOUN
easat-8278	209	37	of	of	ADP
easat-8278	209	38	each	each	DET
easat-8278	209	39	esg	esg	NOUN
easat-8278	209	40	dimension	dimension	NOUN
easat-8278	209	41	—	—	PUNCT
easat-8278	209	42	via	via	ADP
easat-8278	209	43	fitted	fit	VERB
easat-8278	209	44	cllp	cllp	NOUN
easat-8278	209	45	—	—	PUNCT
easat-8278	209	46	on	on	ADP
easat-8278	209	47	firm	firm	ADJ
easat-8278	209	48	value	value	NOUN
easat-8278	209	49	.	.	PUNCT
easat-8278	210	1	the	the	DET
easat-8278	210	2	fitted	fit	VERB
easat-8278	210	3	cllp	cllp	NOUN
easat-8278	210	4	values	value	NOUN
easat-8278	210	5	were	be	AUX
easat-8278	210	6	generated	generate	VERB
easat-8278	210	7	from	from	ADP
easat-8278	210	8	the	the	DET
easat-8278	210	9	first	first	ADJ
easat-8278	210	10	-	-	PUNCT
easat-8278	210	11	stage	stage	NOUN
easat-8278	210	12	regressions	regression	NOUN
easat-8278	210	13	,	,	PUNCT
easat-8278	210	14	using	use	VERB
easat-8278	210	15	esg	esg	NOUN
easat-8278	210	16	dimensions	dimension	NOUN
easat-8278	210	17	as	as	ADP
easat-8278	210	18	instruments	instrument	NOUN
easat-8278	210	19	.	.	PUNCT
easat-8278	211	1	in	in	ADP
easat-8278	211	2	model	model	NOUN
easat-8278	211	3	6	6	NUM
easat-8278	211	4	,	,	PUNCT
easat-8278	211	5	the	the	DET
easat-8278	211	6	fitted	fit	VERB
easat-8278	211	7	cllp	cllp	NOUN
easat-8278	211	8	from	from	ADP
easat-8278	211	9	bloomberg	bloomberg	PROPN
easat-8278	211	10	’s	’s	PART
easat-8278	211	11	total	total	ADJ
easat-8278	211	12	esg	esg	PROPN
easat-8278	211	13	score	score	NOUN
easat-8278	211	14	(	(	PUNCT
easat-8278	211	15	cleds	cled	NOUN
easat-8278	211	16	)	)	PUNCT
easat-8278	211	17	is	be	AUX
easat-8278	211	18	positively	positively	ADV
easat-8278	211	19	associated	associate	VERB
easat-8278	211	20	with	with	ADP
easat-8278	211	21	tobin	tobin	PROPN
easat-8278	211	22	’s	’s	PART
easat-8278	211	23	q	q	X
easat-8278	211	24	(	(	PUNCT
easat-8278	211	25	β	β	X
easat-8278	211	26	=	=	SYM
easat-8278	211	27	0.0022	0.0022	NUM
easat-8278	211	28	;	;	PUNCT
easat-8278	211	29	p	p	X
easat-8278	211	30	<	<	X
easat-8278	211	31	0.10	0.10	NUM
easat-8278	211	32	)	)	PUNCT
easat-8278	211	33	,	,	PUNCT
easat-8278	211	34	suggesting	suggest	VERB
easat-8278	211	35	that	that	SCONJ
easat-8278	211	36	improved	improved	ADJ
easat-8278	211	37	esg	esg	NOUN
easat-8278	211	38	performance	performance	NOUN
easat-8278	211	39	,	,	PUNCT
easat-8278	211	40	when	when	SCONJ
easat-8278	211	41	reflected	reflect	VERB
easat-8278	211	42	in	in	ADP
easat-8278	211	43	conservative	conservative	ADJ
easat-8278	211	44	credit	credit	NOUN
easat-8278	211	45	practices	practice	NOUN
easat-8278	211	46	,	,	PUNCT
easat-8278	211	47	enhances	enhance	VERB
easat-8278	211	48	market	market	NOUN
easat-8278	211	49	valuation	valuation	NOUN
easat-8278	211	50	.	.	PUNCT
easat-8278	212	1	model	model	PROPN
easat-8278	212	2	7	7	NUM
easat-8278	212	3	,	,	PUNCT
easat-8278	212	4	based	base	VERB
easat-8278	212	5	on	on	ADP
easat-8278	212	6	the	the	DET
easat-8278	212	7	gri	gri	PROPN
easat-8278	212	8	environmental	environmental	PROPN
easat-8278	212	9	index	index	NOUN
easat-8278	212	10	(	(	PUNCT
easat-8278	212	11	clenv	clenv	NOUN
easat-8278	212	12	)	)	PUNCT
easat-8278	212	13	,	,	PUNCT
easat-8278	212	14	also	also	ADV
easat-8278	212	15	shows	show	VERB
easat-8278	212	16	a	a	DET
easat-8278	212	17	significant	significant	ADJ
easat-8278	212	18	positive	positive	ADJ
easat-8278	212	19	effect	effect	NOUN
easat-8278	212	20	(	(	PUNCT
easat-8278	212	21	β	β	X
easat-8278	212	22	=	=	SYM
easat-8278	212	23	0.0008	0.0008	NUM
easat-8278	212	24	;	;	PUNCT
easat-8278	212	25	p	p	X
easat-8278	212	26	<	<	X
easat-8278	212	27	0.10	0.10	NUM
easat-8278	212	28	)	)	PUNCT
easat-8278	212	29	,	,	PUNCT
easat-8278	212	30	indicating	indicate	VERB
easat-8278	212	31	that	that	SCONJ
easat-8278	212	32	standardized	standardized	ADJ
easat-8278	212	33	environmental	environmental	ADJ
easat-8278	212	34	disclosures	disclosure	NOUN
easat-8278	212	35	under	under	ADP
easat-8278	212	36	gri	gri	PROPN
easat-8278	212	37	may	may	AUX
easat-8278	212	38	support	support	VERB
easat-8278	212	39	market	market	NOUN
easat-8278	212	40	trust	trust	NOUN
easat-8278	212	41	through	through	ADP
easat-8278	212	42	enhanced	enhance	VERB
easat-8278	212	43	credit	credit	NOUN
easat-8278	212	44	risk	risk	NOUN
easat-8278	212	45	governance	governance	NOUN
easat-8278	212	46	.	.	PUNCT
easat-8278	213	1	in	in	ADP
easat-8278	213	2	the	the	DET
easat-8278	213	3	social	social	ADJ
easat-8278	213	4	dimension	dimension	NOUN
easat-8278	213	5	,	,	PUNCT
easat-8278	213	6	models	model	NOUN
easat-8278	213	7	8	8	NUM
easat-8278	213	8	(	(	PUNCT
easat-8278	213	9	bloomberg	bloomberg	INTJ
easat-8278	213	10	–	–	PUNCT
easat-8278	213	11	clsds	clsds	NOUN
easat-8278	213	12	)	)	PUNCT
easat-8278	213	13	and	and	CCONJ
easat-8278	213	14	9	9	NUM
easat-8278	213	15	(	(	PUNCT
easat-8278	213	16	gri	gri	NOUN
easat-8278	213	17	–	–	PUNCT
easat-8278	213	18	clsoc	clsoc	NOUN
easat-8278	213	19	)	)	PUNCT
easat-8278	213	20	both	both	PRON
easat-8278	213	21	show	show	VERB
easat-8278	213	22	positive	positive	ADJ
easat-8278	213	23	and	and	CCONJ
easat-8278	213	24	significant	significant	ADJ
easat-8278	213	25	effects	effect	NOUN
easat-8278	213	26	on	on	ADP
easat-8278	213	27	firm	firm	ADJ
easat-8278	213	28	value	value	NOUN
easat-8278	213	29	(	(	PUNCT
easat-8278	213	30	β	β	X
easat-8278	213	31	=	=	PUNCT
easat-8278	213	32	0.0011	0.0011	NUM
easat-8278	213	33	and	and	CCONJ
easat-8278	213	34	β	β	X
easat-8278	213	35	=	=	SYM
easat-8278	213	36	0.0009	0.0009	NUM
easat-8278	213	37	,	,	PUNCT
easat-8278	213	38	respectively	respectively	ADV
easat-8278	213	39	)	)	PUNCT
easat-8278	213	40	.	.	PUNCT
easat-8278	214	1	the	the	DET
easat-8278	214	2	gri	gri	NOUN
easat-8278	214	3	-	-	PUNCT
easat-8278	214	4	based	base	VERB
easat-8278	214	5	model	model	NOUN
easat-8278	214	6	is	be	AUX
easat-8278	214	7	more	more	ADV
easat-8278	214	8	robust	robust	ADJ
easat-8278	214	9	(	(	PUNCT
easat-8278	214	10	p	p	X
easat-8278	214	11	<	<	X
easat-8278	214	12	0.05	0.05	NUM
easat-8278	214	13	)	)	PUNCT
easat-8278	214	14	,	,	PUNCT
easat-8278	214	15	highlighting	highlight	VERB
easat-8278	214	16	the	the	DET
easat-8278	214	17	relevance	relevance	NOUN
easat-8278	214	18	of	of	ADP
easat-8278	214	19	stakeholder	stakeholder	NOUN
easat-8278	214	20	-	-	PUNCT
easat-8278	214	21	focused	focus	VERB
easat-8278	214	22	social	social	ADJ
easat-8278	214	23	reporting	reporting	NOUN
easat-8278	214	24	in	in	ADP
easat-8278	214	25	improving	improve	VERB
easat-8278	214	26	market	market	NOUN
easat-8278	214	27	perception	perception	NOUN
easat-8278	214	28	through	through	ADP
easat-8278	214	29	risk	risk	NOUN
easat-8278	214	30	governance	governance	NOUN
easat-8278	214	31	.	.	PUNCT
easat-8278	215	1	in	in	ADP
easat-8278	215	2	model	model	NOUN
easat-8278	215	3	10	10	NUM
easat-8278	215	4	,	,	PUNCT
easat-8278	215	5	bloomberg	bloomberg	PROPN
easat-8278	215	6	’s	’s	PART
easat-8278	215	7	governance	governance	NOUN
easat-8278	215	8	dimension	dimension	NOUN
easat-8278	215	9	(	(	PUNCT
easat-8278	215	10	clgds	clgds	PROPN
easat-8278	215	11	)	)	PUNCT
easat-8278	215	12	has	have	VERB
easat-8278	215	13	a	a	DET
easat-8278	215	14	positive	positive	ADJ
easat-8278	215	15	but	but	CCONJ
easat-8278	215	16	insignificant	insignificant	ADJ
easat-8278	215	17	effect	effect	NOUN
easat-8278	215	18	,	,	PUNCT
easat-8278	215	19	suggesting	suggest	VERB
easat-8278	215	20	limited	limited	ADJ
easat-8278	215	21	signaling	signal	VERB
easat-8278	215	22	strength	strength	NOUN
easat-8278	215	23	.	.	PUNCT
easat-8278	216	1	in	in	ADP
easat-8278	216	2	contrast	contrast	NOUN
easat-8278	216	3	,	,	PUNCT
easat-8278	216	4	model	model	NOUN
easat-8278	216	5	11	11	NUM
easat-8278	216	6	shows	show	VERB
easat-8278	216	7	that	that	SCONJ
easat-8278	216	8	the	the	DET
easat-8278	216	9	gri	gri	PROPN
easat-8278	216	10	governance	governance	PROPN
easat-8278	216	11	index	index	NOUN
easat-8278	216	12	(	(	PUNCT
easat-8278	216	13	clgov	clgov	PROPN
easat-8278	216	14	)	)	PUNCT
easat-8278	216	15	has	have	VERB
easat-8278	216	16	a	a	DET
easat-8278	216	17	significant	significant	ADJ
easat-8278	216	18	positive	positive	ADJ
easat-8278	216	19	impact	impact	NOUN
easat-8278	216	20	(	(	PUNCT
easat-8278	216	21	β	β	X
easat-8278	216	22	=	=	SYM
easat-8278	216	23	0.0012	0.0012	NUM
easat-8278	216	24	;	;	PUNCT
easat-8278	216	25	p	p	X
easat-8278	216	26	<	<	X
easat-8278	216	27	0.05	0.05	NUM
easat-8278	216	28	)	)	PUNCT
easat-8278	216	29	,	,	PUNCT
easat-8278	216	30	reinforcing	reinforce	VERB
easat-8278	216	31	the	the	DET
easat-8278	216	32	idea	idea	NOUN
easat-8278	216	33	that	that	SCONJ
easat-8278	216	34	contextual	contextual	ADJ
easat-8278	216	35	,	,	PUNCT
easat-8278	216	36	qualitative	qualitative	ADJ
easat-8278	216	37	governance	governance	NOUN
easat-8278	216	38	disclosures	disclosure	NOUN
easat-8278	216	39	are	be	AUX
easat-8278	216	40	more	more	ADV
easat-8278	216	41	credible	credible	ADJ
easat-8278	216	42	in	in	ADP
easat-8278	216	43	the	the	DET
easat-8278	216	44	indonesian	indonesian	ADJ
easat-8278	216	45	banking	banking	NOUN
easat-8278	216	46	context	context	NOUN
easat-8278	216	47	.	.	PUNCT
easat-8278	217	1	across	across	ADP
easat-8278	217	2	all	all	DET
easat-8278	217	3	models	model	NOUN
easat-8278	217	4	,	,	PUNCT
easat-8278	217	5	control	control	NOUN
easat-8278	217	6	variables	variable	NOUN
easat-8278	217	7	(	(	PUNCT
easat-8278	217	8	cmc	cmc	NOUN
easat-8278	217	9	and	and	CCONJ
easat-8278	217	10	roa	roa	NOUN
easat-8278	217	11	)	)	PUNCT
easat-8278	217	12	remain	remain	VERB
easat-8278	217	13	positive	positive	ADJ
easat-8278	217	14	and	and	CCONJ
easat-8278	217	15	statistically	statistically	ADV
easat-8278	217	16	significant	significant	ADJ
easat-8278	217	17	,	,	PUNCT
easat-8278	217	18	1927	1927	NUM
easat-8278	217	19	edelweiss	edelweiss	PROPN
easat-8278	217	20	applied	apply	VERB
easat-8278	217	21	science	science	NOUN
easat-8278	217	22	and	and	CCONJ
easat-8278	217	23	technology	technology	NOUN
easat-8278	217	24	issn	issn	PROPN
easat-8278	217	25	:	:	PUNCT
easat-8278	217	26	2576	2576	NUM
easat-8278	217	27	-	-	SYM
easat-8278	217	28	8484	8484	NUM
easat-8278	217	29	vol	vol	NOUN
easat-8278	217	30	.	.	PROPN
easat-8278	218	1	9	9	NUM
easat-8278	218	2	,	,	PUNCT
easat-8278	218	3	no	no	INTJ
easat-8278	218	4	.	.	NOUN
easat-8278	219	1	6	6	NUM
easat-8278	219	2	:	:	SYM
easat-8278	219	3	1918	1918	NUM
easat-8278	219	4	-	-	SYM
easat-8278	219	5	1930	1930	NUM
easat-8278	219	6	,	,	PUNCT
easat-8278	219	7	2025	2025	NUM
easat-8278	219	8	doi	doi	NOUN
easat-8278	219	9	:	:	PUNCT
easat-8278	219	10	10.55214/25768484.v9i6.8278	10.55214/25768484.v9i6.8278	PROPN
easat-8278	219	11	©	©	PROPN
easat-8278	219	12	2025	2025	NUM
easat-8278	219	13	by	by	ADP
easat-8278	219	14	the	the	DET
easat-8278	219	15	authors	author	NOUN
easat-8278	219	16	;	;	PUNCT
easat-8278	219	17	licensee	licensee	PROPN
easat-8278	219	18	learning	learning	NOUN
easat-8278	219	19	gate	gate	NOUN
easat-8278	219	20	underscoring	underscore	VERB
easat-8278	219	21	the	the	DET
easat-8278	219	22	persistent	persistent	ADJ
easat-8278	219	23	importance	importance	NOUN
easat-8278	219	24	of	of	ADP
easat-8278	219	25	firm	firm	ADJ
easat-8278	219	26	fundamentals	fundamental	NOUN
easat-8278	219	27	.	.	PUNCT
easat-8278	220	1	model	model	NOUN
easat-8278	220	2	diagnostics	diagnostic	NOUN
easat-8278	220	3	—	—	PUNCT
easat-8278	220	4	including	include	VERB
easat-8278	220	5	within	within	ADP
easat-8278	220	6	r²	r²	NOUN
easat-8278	220	7	(	(	PUNCT
easat-8278	220	8	0.39–0.50	0.39–0.50	NOUN
easat-8278	220	9	)	)	PUNCT
easat-8278	220	10	,	,	PUNCT
easat-8278	220	11	significant	significant	ADJ
easat-8278	220	12	wald	wald	PROPN
easat-8278	220	13	χ²/f	χ²/f	NOUN
easat-8278	220	14	-	-	PUNCT
easat-8278	220	15	statistics	statistic	NOUN
easat-8278	220	16	,	,	PUNCT
easat-8278	220	17	and	and	CCONJ
easat-8278	220	18	high	high	ADJ
easat-8278	220	19	ρ	ρ	PROPN
easat-8278	220	20	values	value	NOUN
easat-8278	220	21	—	—	PUNCT
easat-8278	220	22	confirm	confirm	VERB
easat-8278	220	23	model	model	NOUN
easat-8278	220	24	validity	validity	NOUN
easat-8278	220	25	and	and	CCONJ
easat-8278	220	26	support	support	VERB
easat-8278	220	27	the	the	DET
easat-8278	220	28	mediation	mediation	NOUN
easat-8278	220	29	hypothesis	hypothesis	NOUN
easat-8278	220	30	.	.	PUNCT
easat-8278	221	1	these	these	DET
easat-8278	221	2	results	result	NOUN
easat-8278	221	3	demonstrate	demonstrate	VERB
easat-8278	221	4	that	that	SCONJ
easat-8278	221	5	esg	esg	PROPN
easat-8278	221	6	influences	influence	VERB
easat-8278	221	7	firm	firm	ADJ
easat-8278	221	8	value	value	NOUN
easat-8278	221	9	not	not	PART
easat-8278	221	10	only	only	ADV
easat-8278	221	11	directly	directly	ADV
easat-8278	221	12	but	but	CCONJ
easat-8278	221	13	also	also	ADV
easat-8278	221	14	indirectly	indirectly	ADV
easat-8278	221	15	through	through	ADP
easat-8278	221	16	credit	credit	NOUN
easat-8278	221	17	risk	risk	NOUN
easat-8278	221	18	governance	governance	NOUN
easat-8278	221	19	mechanisms	mechanism	NOUN
easat-8278	221	20	,	,	PUNCT
easat-8278	221	21	particularly	particularly	ADV
easat-8278	221	22	in	in	ADP
easat-8278	221	23	the	the	DET
easat-8278	221	24	social	social	ADJ
easat-8278	221	25	and	and	CCONJ
easat-8278	221	26	governance	governance	NOUN
easat-8278	221	27	dimensions	dimension	NOUN
easat-8278	221	28	under	under	ADP
easat-8278	221	29	the	the	DET
easat-8278	221	30	gri	gri	PROPN
easat-8278	221	31	framework	framework	NOUN
easat-8278	221	32	.	.	PUNCT
easat-8278	222	1	5	5	X
easat-8278	222	2	.	.	X
easat-8278	222	3	discussion	discussion	NOUN
easat-8278	222	4	the	the	DET
easat-8278	222	5	findings	finding	NOUN
easat-8278	222	6	of	of	ADP
easat-8278	222	7	this	this	DET
easat-8278	222	8	study	study	NOUN
easat-8278	222	9	confirm	confirm	VERB
easat-8278	222	10	that	that	SCONJ
easat-8278	222	11	the	the	DET
easat-8278	222	12	effect	effect	NOUN
easat-8278	222	13	of	of	ADP
easat-8278	222	14	environmental	environmental	ADJ
easat-8278	222	15	,	,	PUNCT
easat-8278	222	16	social	social	ADJ
easat-8278	222	17	,	,	PUNCT
easat-8278	222	18	and	and	CCONJ
easat-8278	222	19	governance	governance	NOUN
easat-8278	222	20	(	(	PUNCT
easat-8278	222	21	esg	esg	NOUN
easat-8278	222	22	)	)	PUNCT
easat-8278	222	23	disclosure	disclosure	NOUN
easat-8278	222	24	on	on	ADP
easat-8278	222	25	firm	firm	ADJ
easat-8278	222	26	value	value	NOUN
easat-8278	222	27	is	be	AUX
easat-8278	222	28	not	not	PART
easat-8278	222	29	uniform	uniform	ADJ
easat-8278	222	30	.	.	PUNCT
easat-8278	223	1	the	the	DET
easat-8278	223	2	variation	variation	NOUN
easat-8278	223	3	depends	depend	VERB
easat-8278	223	4	on	on	ADP
easat-8278	223	5	the	the	DET
easat-8278	223	6	esg	esg	NOUN
easat-8278	223	7	reporting	reporting	NOUN
easat-8278	223	8	framework	framework	NOUN
easat-8278	223	9	used	use	VERB
easat-8278	223	10	,	,	PUNCT
easat-8278	223	11	the	the	DET
easat-8278	223	12	specific	specific	ADJ
easat-8278	223	13	esg	esg	PROPN
easat-8278	223	14	dimension	dimension	NOUN
easat-8278	223	15	assessed	assess	VERB
easat-8278	223	16	,	,	PUNCT
easat-8278	223	17	and	and	CCONJ
easat-8278	223	18	the	the	DET
easat-8278	223	19	presence	presence	NOUN
easat-8278	223	20	of	of	ADP
easat-8278	223	21	a	a	DET
easat-8278	223	22	mediating	mediate	VERB
easat-8278	223	23	mechanism	mechanism	NOUN
easat-8278	223	24	—	—	PUNCT
easat-8278	223	25	credit	credit	NOUN
easat-8278	223	26	-	-	PUNCT
easat-8278	223	27	based	base	VERB
easat-8278	223	28	loan	loan	NOUN
easat-8278	223	29	loss	loss	NOUN
easat-8278	223	30	provision	provision	NOUN
easat-8278	223	31	(	(	PUNCT
easat-8278	223	32	cllp)—which	cllp)—which	PRON
easat-8278	223	33	reflects	reflect	VERB
easat-8278	223	34	risk	risk	NOUN
easat-8278	223	35	governance	governance	NOUN
easat-8278	223	36	practices	practice	NOUN
easat-8278	223	37	.	.	PUNCT
easat-8278	224	1	notably	notably	ADV
easat-8278	224	2	,	,	PUNCT
easat-8278	224	3	esg	esg	PROPN
easat-8278	224	4	disclosure	disclosure	NOUN
easat-8278	224	5	based	base	VERB
easat-8278	224	6	on	on	ADP
easat-8278	224	7	the	the	DET
easat-8278	224	8	global	global	ADJ
easat-8278	224	9	reporting	reporting	NOUN
easat-8278	224	10	initiative	initiative	NOUN
easat-8278	224	11	(	(	PUNCT
easat-8278	224	12	gri	gri	PROPN
easat-8278	224	13	)	)	PUNCT
easat-8278	224	14	,	,	PUNCT
easat-8278	224	15	particularly	particularly	ADV
easat-8278	224	16	the	the	DET
easat-8278	224	17	social	social	ADJ
easat-8278	224	18	dimension	dimension	NOUN
easat-8278	224	19	,	,	PUNCT
easat-8278	224	20	demonstrates	demonstrate	VERB
easat-8278	224	21	the	the	DET
easat-8278	224	22	most	most	ADV
easat-8278	224	23	consistent	consistent	ADJ
easat-8278	224	24	and	and	CCONJ
easat-8278	224	25	statistically	statistically	ADV
easat-8278	224	26	significant	significant	ADJ
easat-8278	224	27	influence	influence	NOUN
easat-8278	224	28	on	on	ADP
easat-8278	224	29	firm	firm	ADJ
easat-8278	224	30	value	value	NOUN
easat-8278	224	31	via	via	ADP
easat-8278	224	32	cllp	cllp	PROPN
easat-8278	224	33	.	.	PUNCT
easat-8278	225	1	he	he	PRON
easat-8278	225	2	superiority	superiority	NOUN
easat-8278	225	3	of	of	ADP
easat-8278	225	4	the	the	DET
easat-8278	225	5	gri	gri	PROPN
easat-8278	225	6	framework	framework	NOUN
easat-8278	225	7	can	can	AUX
easat-8278	225	8	be	be	AUX
easat-8278	225	9	attributed	attribute	VERB
easat-8278	225	10	to	to	ADP
easat-8278	225	11	its	its	PRON
easat-8278	225	12	contextual	contextual	ADJ
easat-8278	225	13	and	and	CCONJ
easat-8278	225	14	stakeholder	stakeholder	NOUN
easat-8278	225	15	-	-	PUNCT
easat-8278	225	16	oriented	orient	VERB
easat-8278	225	17	approach	approach	NOUN
easat-8278	225	18	,	,	PUNCT
easat-8278	225	19	which	which	PRON
easat-8278	225	20	emphasizes	emphasize	VERB
easat-8278	225	21	local	local	ADJ
easat-8278	225	22	materiality	materiality	NOUN
easat-8278	225	23	principles	principle	NOUN
easat-8278	225	24	.	.	PUNCT
easat-8278	226	1	the	the	DET
easat-8278	226	2	gri	gri	PROPN
easat-8278	226	3	social	social	PROPN
easat-8278	226	4	index	index	NOUN
easat-8278	226	5	captures	capture	VERB
easat-8278	226	6	dimensions	dimension	NOUN
easat-8278	226	7	such	such	ADJ
easat-8278	226	8	as	as	ADP
easat-8278	226	9	financial	financial	ADJ
easat-8278	226	10	inclusion	inclusion	NOUN
easat-8278	226	11	,	,	PUNCT
easat-8278	226	12	customer	customer	NOUN
easat-8278	226	13	protection	protection	NOUN
easat-8278	226	14	,	,	PUNCT
easat-8278	226	15	and	and	CCONJ
easat-8278	226	16	community	community	NOUN
easat-8278	226	17	engagement	engagement	NOUN
easat-8278	226	18	—	—	PUNCT
easat-8278	226	19	issues	issue	NOUN
easat-8278	226	20	that	that	PRON
easat-8278	226	21	are	be	AUX
easat-8278	226	22	particularly	particularly	ADV
easat-8278	226	23	salient	salient	ADJ
easat-8278	226	24	in	in	ADP
easat-8278	226	25	emerging	emerge	VERB
easat-8278	226	26	markets	market	NOUN
easat-8278	226	27	like	like	ADP
easat-8278	226	28	indonesia	indonesia	PROPN
easat-8278	226	29	.	.	PUNCT
easat-8278	227	1	these	these	DET
easat-8278	227	2	findings	finding	NOUN
easat-8278	227	3	are	be	AUX
easat-8278	227	4	consistent	consistent	ADJ
easat-8278	227	5	with	with	ADP
easat-8278	227	6	previous	previous	ADJ
easat-8278	227	7	studies	study	NOUN
easat-8278	227	8	suggesting	suggest	VERB
easat-8278	227	9	that	that	SCONJ
easat-8278	227	10	participatory	participatory	NOUN
easat-8278	227	11	,	,	PUNCT
easat-8278	227	12	narrative	narrative	NOUN
easat-8278	227	13	-	-	PUNCT
easat-8278	227	14	driven	drive	VERB
easat-8278	227	15	disclosure	disclosure	NOUN
easat-8278	227	16	frameworks	framework	NOUN
easat-8278	227	17	are	be	AUX
easat-8278	227	18	more	more	ADV
easat-8278	227	19	effective	effective	ADJ
easat-8278	227	20	in	in	ADP
easat-8278	227	21	aligning	align	VERB
easat-8278	227	22	sustainability	sustainability	NOUN
easat-8278	227	23	strategies	strategy	NOUN
easat-8278	227	24	with	with	ADP
easat-8278	227	25	stakeholder	stakeholder	NOUN
easat-8278	227	26	expectations	expectation	NOUN
easat-8278	227	27	[	[	X
easat-8278	227	28	21	21	NUM
easat-8278	227	29	,	,	PUNCT
easat-8278	227	30	32	32	NUM
easat-8278	227	31	]	]	PUNCT
easat-8278	227	32	.	.	PUNCT
easat-8278	228	1	conversely	conversely	ADV
easat-8278	228	2	,	,	PUNCT
easat-8278	228	3	bloomberg	bloomberg	PROPN
easat-8278	228	4	’s	’s	PART
easat-8278	228	5	investor	investor	NOUN
easat-8278	228	6	-	-	PUNCT
easat-8278	228	7	focused	focus	VERB
easat-8278	228	8	and	and	CCONJ
easat-8278	228	9	quantitatively	quantitatively	ADV
easat-8278	228	10	standardized	standardized	ADJ
easat-8278	228	11	esg	esg	PROPN
easat-8278	228	12	scores	score	NOUN
easat-8278	228	13	appear	appear	VERB
easat-8278	228	14	to	to	PART
easat-8278	228	15	provide	provide	VERB
easat-8278	228	16	weaker	weak	ADJ
easat-8278	228	17	signals	signal	NOUN
easat-8278	228	18	in	in	ADP
easat-8278	228	19	the	the	DET
easat-8278	228	20	domestic	domestic	ADJ
easat-8278	228	21	context	context	NOUN
easat-8278	228	22	.	.	PUNCT
easat-8278	229	1	when	when	SCONJ
easat-8278	229	2	local	local	ADJ
easat-8278	229	3	markets	market	NOUN
easat-8278	229	4	and	and	CCONJ
easat-8278	229	5	regulators	regulator	NOUN
easat-8278	229	6	emphasize	emphasize	VERB
easat-8278	229	7	social	social	ADJ
easat-8278	229	8	and	and	CCONJ
easat-8278	229	9	governance	governance	NOUN
easat-8278	229	10	concerns	concern	NOUN
easat-8278	229	11	as	as	ADP
easat-8278	229	12	critical	critical	ADJ
easat-8278	229	13	to	to	ADP
easat-8278	229	14	long	long	ADJ
easat-8278	229	15	-	-	PUNCT
easat-8278	229	16	term	term	NOUN
easat-8278	229	17	resilience	resilience	NOUN
easat-8278	229	18	,	,	PUNCT
easat-8278	229	19	bloomberg	bloomberg	NOUN
easat-8278	229	20	-	-	PUNCT
easat-8278	229	21	style	style	NOUN
easat-8278	229	22	disclosures	disclosure	NOUN
easat-8278	229	23	may	may	AUX
easat-8278	229	24	lack	lack	VERB
easat-8278	229	25	the	the	DET
easat-8278	229	26	contextual	contextual	ADJ
easat-8278	229	27	richness	richness	NOUN
easat-8278	229	28	needed	need	VERB
easat-8278	229	29	to	to	PART
easat-8278	229	30	influence	influence	VERB
easat-8278	229	31	market	market	NOUN
easat-8278	229	32	perception	perception	NOUN
easat-8278	229	33	.	.	PUNCT
easat-8278	230	1	from	from	ADP
easat-8278	230	2	a	a	DET
easat-8278	230	3	methodological	methodological	ADJ
easat-8278	230	4	perspective	perspective	NOUN
easat-8278	230	5	,	,	PUNCT
easat-8278	230	6	this	this	DET
easat-8278	230	7	study	study	NOUN
easat-8278	230	8	also	also	ADV
easat-8278	230	9	validates	validate	VERB
easat-8278	230	10	the	the	DET
easat-8278	230	11	mediating	mediate	VERB
easat-8278	230	12	role	role	NOUN
easat-8278	230	13	of	of	ADP
easat-8278	230	14	cllp	cllp	NOUN
easat-8278	230	15	in	in	ADP
easat-8278	230	16	linking	link	VERB
easat-8278	230	17	esg	esg	NOUN
easat-8278	230	18	practices	practice	NOUN
easat-8278	230	19	to	to	ADP
easat-8278	230	20	firm	firm	ADJ
easat-8278	230	21	value	value	NOUN
easat-8278	230	22	.	.	PUNCT
easat-8278	231	1	measured	measure	VERB
easat-8278	231	2	as	as	ADP
easat-8278	231	3	the	the	DET
easat-8278	231	4	ratio	ratio	NOUN
easat-8278	231	5	of	of	ADP
easat-8278	231	6	gross	gross	ADJ
easat-8278	231	7	loans	loan	NOUN
easat-8278	231	8	to	to	PART
easat-8278	231	9	loan	loan	VERB
easat-8278	231	10	loss	loss	NOUN
easat-8278	231	11	provisions	provision	NOUN
easat-8278	231	12	,	,	PUNCT
easat-8278	231	13	cllp	cllp	PROPN
easat-8278	231	14	reflects	reflect	VERB
easat-8278	231	15	the	the	DET
easat-8278	231	16	degree	degree	NOUN
easat-8278	231	17	of	of	ADP
easat-8278	231	18	conservatism	conservatism	NOUN
easat-8278	231	19	in	in	ADP
easat-8278	231	20	a	a	DET
easat-8278	231	21	bank	bank	NOUN
easat-8278	231	22	’s	’s	PART
easat-8278	231	23	credit	credit	NOUN
easat-8278	231	24	risk	risk	NOUN
easat-8278	231	25	management	management	NOUN
easat-8278	231	26	.	.	PUNCT
easat-8278	232	1	when	when	SCONJ
easat-8278	232	2	esg	esg	PROPN
easat-8278	232	3	disclosures	disclosure	NOUN
easat-8278	232	4	are	be	AUX
easat-8278	232	5	credible	credible	ADJ
easat-8278	232	6	and	and	CCONJ
easat-8278	232	7	context	context	NOUN
easat-8278	232	8	-	-	PUNCT
easat-8278	232	9	sensitive	sensitive	ADJ
easat-8278	232	10	—	—	PUNCT
easat-8278	232	11	particularly	particularly	ADV
easat-8278	232	12	under	under	ADP
easat-8278	232	13	gri	gri	PROPN
easat-8278	232	14	standards	standard	NOUN
easat-8278	232	15	—	—	PUNCT
easat-8278	232	16	market	market	NOUN
easat-8278	232	17	perceptions	perception	NOUN
easat-8278	232	18	of	of	ADP
easat-8278	232	19	credit	credit	NOUN
easat-8278	232	20	loss	loss	NOUN
easat-8278	232	21	risk	risk	NOUN
easat-8278	232	22	tend	tend	VERB
easat-8278	232	23	to	to	PART
easat-8278	232	24	improve	improve	VERB
easat-8278	232	25	.	.	PUNCT
easat-8278	233	1	this	this	PRON
easat-8278	233	2	leads	lead	VERB
easat-8278	233	3	to	to	ADP
easat-8278	233	4	greater	great	ADJ
easat-8278	233	5	investor	investor	NOUN
easat-8278	233	6	confidence	confidence	NOUN
easat-8278	233	7	and	and	CCONJ
easat-8278	233	8	higher	high	ADJ
easat-8278	233	9	firm	firm	ADJ
easat-8278	233	10	valuation	valuation	NOUN
easat-8278	233	11	.	.	PUNCT
easat-8278	234	1	theoretically	theoretically	ADV
easat-8278	234	2	,	,	PUNCT
easat-8278	234	3	the	the	DET
easat-8278	234	4	results	result	NOUN
easat-8278	234	5	support	support	VERB
easat-8278	234	6	an	an	DET
easat-8278	234	7	integration	integration	NOUN
easat-8278	234	8	of	of	ADP
easat-8278	234	9	signaling	signal	VERB
easat-8278	234	10	theory	theory	NOUN
easat-8278	234	11	and	and	CCONJ
easat-8278	234	12	stakeholder	stakeholder	NOUN
easat-8278	234	13	theory	theory	NOUN
easat-8278	234	14	.	.	PUNCT
easat-8278	235	1	esg	esg	NOUN
easat-8278	235	2	practices	practice	NOUN
easat-8278	235	3	operate	operate	VERB
easat-8278	235	4	not	not	PART
easat-8278	235	5	only	only	ADV
easat-8278	235	6	as	as	ADP
easat-8278	235	7	external	external	ADJ
easat-8278	235	8	communication	communication	NOUN
easat-8278	235	9	tools	tool	NOUN
easat-8278	235	10	but	but	CCONJ
easat-8278	235	11	also	also	ADV
easat-8278	235	12	as	as	ADP
easat-8278	235	13	internal	internal	ADJ
easat-8278	235	14	governance	governance	NOUN
easat-8278	235	15	mechanisms	mechanism	NOUN
easat-8278	235	16	that	that	PRON
easat-8278	235	17	strengthen	strengthen	VERB
easat-8278	235	18	financial	financial	ADJ
easat-8278	235	19	discipline	discipline	NOUN
easat-8278	235	20	.	.	PUNCT
easat-8278	236	1	this	this	PRON
easat-8278	236	2	is	be	AUX
easat-8278	236	3	particularly	particularly	ADV
easat-8278	236	4	relevant	relevant	ADJ
easat-8278	236	5	in	in	ADP
easat-8278	236	6	emerging	emerge	VERB
easat-8278	236	7	markets	market	NOUN
easat-8278	236	8	where	where	SCONJ
easat-8278	236	9	institutional	institutional	ADJ
easat-8278	236	10	opacity	opacity	NOUN
easat-8278	236	11	and	and	CCONJ
easat-8278	236	12	information	information	NOUN
easat-8278	236	13	asymmetry	asymmetry	NOUN
easat-8278	236	14	remain	remain	VERB
easat-8278	236	15	substantial	substantial	ADJ
easat-8278	236	16	challenges	challenge	NOUN
easat-8278	236	17	[	[	X
easat-8278	236	18	4	4	NUM
easat-8278	236	19	,	,	PUNCT
easat-8278	236	20	16	16	NUM
easat-8278	236	21	]	]	PUNCT
easat-8278	236	22	.	.	PUNCT
easat-8278	237	1	by	by	ADP
easat-8278	237	2	reducing	reduce	VERB
easat-8278	237	3	these	these	DET
easat-8278	237	4	asymmetries	asymmetry	NOUN
easat-8278	237	5	,	,	PUNCT
easat-8278	237	6	esg	esg	PROPN
easat-8278	237	7	disclosures	disclosure	NOUN
easat-8278	237	8	aligned	align	VERB
easat-8278	237	9	with	with	ADP
easat-8278	237	10	stakeholder	stakeholder	NOUN
easat-8278	237	11	expectations	expectation	NOUN
easat-8278	237	12	can	can	AUX
easat-8278	237	13	increase	increase	VERB
easat-8278	237	14	the	the	DET
easat-8278	237	15	credibility	credibility	NOUN
easat-8278	237	16	of	of	ADP
easat-8278	237	17	corporate	corporate	ADJ
easat-8278	237	18	governance	governance	NOUN
easat-8278	237	19	and	and	CCONJ
easat-8278	237	20	long	long	ADJ
easat-8278	237	21	-	-	PUNCT
easat-8278	237	22	term	term	NOUN
easat-8278	237	23	risk	risk	NOUN
easat-8278	237	24	management	management	NOUN
easat-8278	237	25	.	.	PUNCT
easat-8278	238	1	therefore	therefore	ADV
easat-8278	238	2	,	,	PUNCT
easat-8278	238	3	the	the	DET
easat-8278	238	4	effectiveness	effectiveness	NOUN
easat-8278	238	5	of	of	ADP
easat-8278	238	6	esg	esg	PROPN
easat-8278	238	7	in	in	ADP
easat-8278	238	8	driving	drive	VERB
easat-8278	238	9	firm	firm	ADJ
easat-8278	238	10	value	value	NOUN
easat-8278	238	11	depends	depend	VERB
easat-8278	238	12	not	not	PART
easat-8278	238	13	only	only	ADV
easat-8278	238	14	on	on	ADP
easat-8278	238	15	the	the	DET
easat-8278	238	16	volume	volume	NOUN
easat-8278	238	17	of	of	ADP
easat-8278	238	18	information	information	NOUN
easat-8278	238	19	disclosed	disclose	VERB
easat-8278	238	20	but	but	CCONJ
easat-8278	238	21	also	also	ADV
easat-8278	238	22	on	on	ADP
easat-8278	238	23	the	the	DET
easat-8278	238	24	quality	quality	NOUN
easat-8278	238	25	and	and	CCONJ
easat-8278	238	26	contextual	contextual	ADJ
easat-8278	238	27	relevance	relevance	NOUN
easat-8278	238	28	of	of	ADP
easat-8278	238	29	the	the	DET
easat-8278	238	30	reporting	reporting	NOUN
easat-8278	238	31	framework	framework	NOUN
easat-8278	238	32	.	.	PUNCT
easat-8278	239	1	gri	gri	NOUN
easat-8278	239	2	’s	’s	PART
easat-8278	239	3	structure	structure	NOUN
easat-8278	239	4	,	,	PUNCT
easat-8278	239	5	which	which	PRON
easat-8278	239	6	incorporates	incorporate	VERB
easat-8278	239	7	local	local	ADJ
easat-8278	239	8	concerns	concern	NOUN
easat-8278	239	9	and	and	CCONJ
easat-8278	239	10	participatory	participatory	ADJ
easat-8278	239	11	materiality	materiality	NOUN
easat-8278	239	12	,	,	PUNCT
easat-8278	239	13	appears	appear	VERB
easat-8278	239	14	more	more	ADV
easat-8278	239	15	effective	effective	ADJ
easat-8278	239	16	in	in	ADP
easat-8278	239	17	mediating	mediate	VERB
easat-8278	239	18	esg	esg	PROPN
easat-8278	239	19	’s	’s	PART
easat-8278	239	20	market	market	NOUN
easat-8278	239	21	value	value	NOUN
easat-8278	239	22	implications	implication	NOUN
easat-8278	239	23	through	through	ADP
easat-8278	239	24	mechanisms	mechanism	NOUN
easat-8278	239	25	such	such	ADJ
easat-8278	239	26	as	as	ADP
easat-8278	239	27	cllp	cllp	PROPN
easat-8278	239	28	.	.	PUNCT
easat-8278	240	1	this	this	PRON
easat-8278	240	2	reinforces	reinforce	VERB
easat-8278	240	3	the	the	DET
easat-8278	240	4	importance	importance	NOUN
easat-8278	240	5	of	of	ADP
easat-8278	240	6	tailoring	tailor	VERB
easat-8278	240	7	esg	esg	NOUN
easat-8278	240	8	reporting	reporting	NOUN
easat-8278	240	9	standards	standard	NOUN
easat-8278	240	10	to	to	ADP
easat-8278	240	11	the	the	DET
easat-8278	240	12	institutional	institutional	ADJ
easat-8278	240	13	realities	reality	NOUN
easat-8278	240	14	of	of	ADP
easat-8278	240	15	emerging	emerge	VERB
easat-8278	240	16	economies	economy	NOUN
easat-8278	240	17	.	.	PUNCT
easat-8278	241	1	6	6	X
easat-8278	241	2	.	.	X
easat-8278	241	3	conclusion	conclusion	NOUN
easat-8278	241	4	and	and	CCONJ
easat-8278	241	5	implications	implication	NOUN
easat-8278	241	6	this	this	DET
easat-8278	241	7	study	study	NOUN
easat-8278	241	8	investigates	investigate	VERB
easat-8278	241	9	the	the	DET
easat-8278	241	10	relationship	relationship	NOUN
easat-8278	241	11	between	between	ADP
easat-8278	241	12	esg	esg	PROPN
easat-8278	241	13	disclosure	disclosure	NOUN
easat-8278	241	14	,	,	PUNCT
easat-8278	241	15	credit	credit	NOUN
easat-8278	241	16	risk	risk	NOUN
easat-8278	241	17	governance	governance	NOUN
easat-8278	241	18	,	,	PUNCT
easat-8278	241	19	and	and	CCONJ
easat-8278	241	20	firm	firm	ADJ
easat-8278	241	21	value	value	NOUN
easat-8278	241	22	in	in	ADP
easat-8278	241	23	the	the	DET
easat-8278	241	24	indonesian	indonesian	ADJ
easat-8278	241	25	banking	banking	NOUN
easat-8278	241	26	sector	sector	NOUN
easat-8278	241	27	.	.	PUNCT
easat-8278	242	1	by	by	ADP
easat-8278	242	2	comparing	compare	VERB
easat-8278	242	3	two	two	NUM
easat-8278	242	4	widely	widely	ADV
easat-8278	242	5	adopted	adopt	VERB
easat-8278	242	6	esg	esg	NOUN
easat-8278	242	7	reporting	reporting	NOUN
easat-8278	242	8	frameworks	framework	NOUN
easat-8278	242	9	—	—	PUNCT
easat-8278	242	10	bloomberg	bloomberg	PROPN
easat-8278	242	11	and	and	CCONJ
easat-8278	242	12	the	the	DET
easat-8278	242	13	global	global	ADJ
easat-8278	242	14	reporting	reporting	NOUN
easat-8278	242	15	initiative	initiative	NOUN
easat-8278	242	16	(	(	PUNCT
easat-8278	242	17	gri)—the	gri)—the	DET
easat-8278	242	18	results	result	NOUN
easat-8278	242	19	demonstrate	demonstrate	VERB
easat-8278	242	20	that	that	SCONJ
easat-8278	242	21	gri	gri	NOUN
easat-8278	242	22	-	-	PUNCT
easat-8278	242	23	based	base	VERB
easat-8278	242	24	disclosures	disclosure	NOUN
easat-8278	242	25	,	,	PUNCT
easat-8278	242	26	particularly	particularly	ADV
easat-8278	242	27	in	in	ADP
easat-8278	242	28	the	the	DET
easat-8278	242	29	social	social	ADJ
easat-8278	242	30	dimension	dimension	NOUN
easat-8278	242	31	,	,	PUNCT
easat-8278	242	32	have	have	VERB
easat-8278	242	33	the	the	DET
easat-8278	242	34	strongest	strong	ADJ
easat-8278	242	35	indirect	indirect	ADJ
easat-8278	242	36	effect	effect	NOUN
easat-8278	242	37	on	on	ADP
easat-8278	242	38	firm	firm	ADJ
easat-8278	242	39	value	value	NOUN
easat-8278	242	40	through	through	ADP
easat-8278	242	41	conservative	conservative	ADJ
easat-8278	242	42	credit	credit	NOUN
easat-8278	242	43	provisioning	provisioning	NOUN
easat-8278	242	44	(	(	PUNCT
easat-8278	242	45	measured	measure	VERB
easat-8278	242	46	by	by	ADP
easat-8278	242	47	cllp	cllp	PROPN
easat-8278	242	48	)	)	PUNCT
easat-8278	242	49	.	.	PUNCT
easat-8278	243	1	in	in	ADP
easat-8278	243	2	contrast	contrast	NOUN
easat-8278	243	3	,	,	PUNCT
easat-8278	243	4	bloomberg	bloomberg	PROPN
easat-8278	243	5	’s	’s	PART
easat-8278	243	6	aggregated	aggregate	VERB
easat-8278	243	7	,	,	PUNCT
easat-8278	243	8	investor	investor	NOUN
easat-8278	243	9	-	-	PUNCT
easat-8278	243	10	oriented	orient	VERB
easat-8278	243	11	scores	score	NOUN
easat-8278	243	12	exhibit	exhibit	VERB
easat-8278	243	13	weaker	weak	ADJ
easat-8278	243	14	associations	association	NOUN
easat-8278	243	15	,	,	PUNCT
easat-8278	243	16	highlighting	highlight	VERB
easat-8278	243	17	their	their	PRON
easat-8278	243	18	limited	limited	ADJ
easat-8278	243	19	effectiveness	effectiveness	NOUN
easat-8278	243	20	in	in	ADP
easat-8278	243	21	the	the	DET
easat-8278	243	22	local	local	ADJ
easat-8278	243	23	institutional	institutional	ADJ
easat-8278	243	24	context	context	NOUN
easat-8278	243	25	.	.	PUNCT
easat-8278	244	1	these	these	DET
easat-8278	244	2	findings	finding	NOUN
easat-8278	244	3	underscore	underscore	VERB
easat-8278	244	4	that	that	SCONJ
easat-8278	244	5	esg	esg	PROPN
easat-8278	244	6	should	should	AUX
easat-8278	244	7	not	not	PART
easat-8278	244	8	be	be	AUX
easat-8278	244	9	viewed	view	VERB
easat-8278	244	10	solely	solely	ADV
easat-8278	244	11	as	as	ADP
easat-8278	244	12	a	a	DET
easat-8278	244	13	reputational	reputational	ADJ
easat-8278	244	14	tool	tool	NOUN
easat-8278	244	15	,	,	PUNCT
easat-8278	244	16	but	but	CCONJ
easat-8278	244	17	rather	rather	ADV
easat-8278	244	18	as	as	ADP
easat-8278	244	19	a	a	DET
easat-8278	244	20	reflection	reflection	NOUN
easat-8278	244	21	of	of	ADP
easat-8278	244	22	internal	internal	ADJ
easat-8278	244	23	risk	risk	NOUN
easat-8278	244	24	management	management	NOUN
easat-8278	244	25	quality	quality	NOUN
easat-8278	244	26	.	.	PUNCT
easat-8278	245	1	the	the	DET
easat-8278	245	2	mediating	mediate	VERB
easat-8278	245	3	role	role	NOUN
easat-8278	245	4	of	of	ADP
easat-8278	245	5	cllp	cllp	NOUN
easat-8278	245	6	illustrates	illustrate	VERB
easat-8278	245	7	how	how	SCONJ
easat-8278	245	8	credible	credible	ADJ
easat-8278	245	9	1928	1928	NUM
easat-8278	245	10	edelweiss	edelweiss	PROPN
easat-8278	245	11	applied	apply	VERB
easat-8278	245	12	science	science	NOUN
easat-8278	245	13	and	and	CCONJ
easat-8278	245	14	technology	technology	NOUN
easat-8278	245	15	issn	issn	PROPN
easat-8278	245	16	:	:	PUNCT
easat-8278	245	17	2576	2576	NUM
easat-8278	245	18	-	-	SYM
easat-8278	245	19	8484	8484	NUM
easat-8278	245	20	vol	vol	NOUN
easat-8278	245	21	.	.	PROPN
easat-8278	245	22	9	9	NUM
easat-8278	245	23	,	,	PUNCT
easat-8278	245	24	no	no	INTJ
easat-8278	245	25	.	.	NOUN
easat-8278	245	26	6	6	NUM
easat-8278	245	27	:	:	SYM
easat-8278	245	28	1918	1918	NUM
easat-8278	245	29	-	-	SYM
easat-8278	245	30	1930	1930	NUM
easat-8278	245	31	,	,	PUNCT
easat-8278	245	32	2025	2025	NUM
easat-8278	245	33	doi	doi	NOUN
easat-8278	245	34	:	:	PUNCT
easat-8278	245	35	10.55214/25768484.v9i6.8278	10.55214/25768484.v9i6.8278	PROPN
easat-8278	245	36	©	©	PROPN
easat-8278	245	37	2025	2025	NUM
easat-8278	245	38	by	by	ADP
easat-8278	245	39	the	the	DET
easat-8278	245	40	authors	author	NOUN
easat-8278	245	41	;	;	PUNCT
easat-8278	245	42	licensee	licensee	PROPN
easat-8278	245	43	learning	learning	PROPN
easat-8278	245	44	gate	gate	PROPN
easat-8278	245	45	esg	esg	PROPN
easat-8278	245	46	disclosures	disclosure	NOUN
easat-8278	245	47	can	can	AUX
easat-8278	245	48	signal	signal	VERB
easat-8278	245	49	prudential	prudential	ADJ
easat-8278	245	50	discipline	discipline	NOUN
easat-8278	245	51	,	,	PUNCT
easat-8278	245	52	thereby	thereby	ADV
easat-8278	245	53	reducing	reduce	VERB
easat-8278	245	54	perceived	perceive	VERB
easat-8278	245	55	credit	credit	NOUN
easat-8278	245	56	risk	risk	NOUN
easat-8278	245	57	and	and	CCONJ
easat-8278	245	58	contributing	contribute	VERB
easat-8278	245	59	to	to	ADP
easat-8278	245	60	higher	high	ADJ
easat-8278	245	61	firm	firm	ADJ
easat-8278	245	62	valuation	valuation	NOUN
easat-8278	245	63	.	.	PUNCT
easat-8278	246	1	this	this	DET
easat-8278	246	2	perspective	perspective	NOUN
easat-8278	246	3	aligns	align	VERB
easat-8278	246	4	with	with	ADP
easat-8278	246	5	the	the	DET
easat-8278	246	6	concept	concept	NOUN
easat-8278	246	7	of	of	ADP
easat-8278	246	8	risk	risk	NOUN
easat-8278	246	9	-	-	PUNCT
easat-8278	246	10	adjusted	adjust	VERB
easat-8278	246	11	firm	firm	ADJ
easat-8278	246	12	value	value	NOUN
easat-8278	246	13	,	,	PUNCT
easat-8278	246	14	as	as	SCONJ
easat-8278	246	15	emphasized	emphasize	VERB
easat-8278	246	16	in	in	ADP
easat-8278	246	17	recent	recent	ADJ
easat-8278	246	18	esg	esg	NOUN
easat-8278	246	19	-	-	PUNCT
easat-8278	246	20	finance	finance	NOUN
easat-8278	246	21	literature	literature	NOUN
easat-8278	246	22	[	[	X
easat-8278	246	23	13	13	NUM
easat-8278	246	24	,	,	PUNCT
easat-8278	246	25	16	16	NUM
easat-8278	246	26	]	]	PUNCT
easat-8278	246	27	.	.	PUNCT
easat-8278	247	1	theoretically	theoretically	ADV
easat-8278	247	2	,	,	PUNCT
easat-8278	247	3	this	this	DET
easat-8278	247	4	study	study	NOUN
easat-8278	247	5	contributes	contribute	VERB
easat-8278	247	6	to	to	ADP
easat-8278	247	7	the	the	DET
easat-8278	247	8	integration	integration	NOUN
easat-8278	247	9	of	of	ADP
easat-8278	247	10	signaling	signal	VERB
easat-8278	247	11	theory	theory	NOUN
easat-8278	247	12	and	and	CCONJ
easat-8278	247	13	stakeholder	stakeholder	NOUN
easat-8278	247	14	theory	theory	NOUN
easat-8278	247	15	by	by	ADP
easat-8278	247	16	demonstrating	demonstrate	VERB
easat-8278	247	17	that	that	SCONJ
easat-8278	247	18	esg	esg	PROPN
easat-8278	247	19	operates	operate	VERB
easat-8278	247	20	both	both	PRON
easat-8278	247	21	as	as	ADP
easat-8278	247	22	an	an	DET
easat-8278	247	23	external	external	ADJ
easat-8278	247	24	legitimacy	legitimacy	NOUN
easat-8278	247	25	device	device	NOUN
easat-8278	247	26	and	and	CCONJ
easat-8278	247	27	an	an	DET
easat-8278	247	28	internal	internal	ADJ
easat-8278	247	29	governance	governance	NOUN
easat-8278	247	30	mechanism	mechanism	NOUN
easat-8278	247	31	.	.	PUNCT
easat-8278	248	1	in	in	ADP
easat-8278	248	2	emerging	emerge	VERB
easat-8278	248	3	economies	economy	NOUN
easat-8278	248	4	characterized	characterize	VERB
easat-8278	248	5	by	by	ADP
easat-8278	248	6	regulatory	regulatory	ADJ
easat-8278	248	7	underdevelopment	underdevelopment	NOUN
easat-8278	248	8	and	and	CCONJ
easat-8278	248	9	information	information	NOUN
easat-8278	248	10	asymmetry	asymmetry	NOUN
easat-8278	248	11	,	,	PUNCT
easat-8278	248	12	context	context	NOUN
easat-8278	248	13	-	-	PUNCT
easat-8278	248	14	sensitive	sensitive	ADJ
easat-8278	248	15	frameworks	framework	NOUN
easat-8278	248	16	such	such	ADJ
easat-8278	248	17	as	as	ADP
easat-8278	248	18	gri	gri	PROPN
easat-8278	248	19	provide	provide	VERB
easat-8278	248	20	more	more	ADV
easat-8278	248	21	reliable	reliable	ADJ
easat-8278	248	22	signals	signal	NOUN
easat-8278	248	23	to	to	ADP
easat-8278	248	24	both	both	DET
easat-8278	248	25	investors	investor	NOUN
easat-8278	248	26	and	and	CCONJ
easat-8278	248	27	stakeholders	stakeholder	NOUN
easat-8278	248	28	[	[	X
easat-8278	248	29	14	14	NUM
easat-8278	248	30	,	,	PUNCT
easat-8278	248	31	19	19	NUM
easat-8278	248	32	]	]	PUNCT
easat-8278	248	33	.	.	PUNCT
easat-8278	249	1	from	from	ADP
easat-8278	249	2	a	a	DET
easat-8278	249	3	practical	practical	ADJ
easat-8278	249	4	standpoint	standpoint	NOUN
easat-8278	249	5	,	,	PUNCT
easat-8278	249	6	the	the	DET
easat-8278	249	7	results	result	NOUN
easat-8278	249	8	call	call	VERB
easat-8278	249	9	for	for	ADP
easat-8278	249	10	regulators	regulator	NOUN
easat-8278	249	11	and	and	CCONJ
easat-8278	249	12	policymakers	policymaker	NOUN
easat-8278	249	13	to	to	PART
easat-8278	249	14	promote	promote	VERB
easat-8278	249	15	the	the	DET
easat-8278	249	16	adoption	adoption	NOUN
easat-8278	249	17	of	of	ADP
easat-8278	249	18	gri	gri	PROPN
easat-8278	249	19	as	as	ADP
easat-8278	249	20	the	the	DET
easat-8278	249	21	primary	primary	ADJ
easat-8278	249	22	esg	esg	PROPN
easat-8278	249	23	reporting	reporting	NOUN
easat-8278	249	24	framework	framework	NOUN
easat-8278	249	25	for	for	ADP
easat-8278	249	26	the	the	DET
easat-8278	249	27	banking	banking	NOUN
easat-8278	249	28	sector	sector	NOUN
easat-8278	249	29	.	.	PUNCT
easat-8278	250	1	gri	gri	NOUN
easat-8278	250	2	-	-	PUNCT
easat-8278	250	3	based	base	VERB
easat-8278	250	4	disclosures	disclosure	NOUN
easat-8278	250	5	offer	offer	VERB
easat-8278	250	6	a	a	DET
easat-8278	250	7	clearer	clear	ADJ
easat-8278	250	8	representation	representation	NOUN
easat-8278	250	9	of	of	ADP
easat-8278	250	10	actual	actual	ADJ
easat-8278	250	11	risk	risk	NOUN
easat-8278	250	12	exposure	exposure	NOUN
easat-8278	250	13	and	and	CCONJ
easat-8278	250	14	more	more	ADV
easat-8278	250	15	credible	credible	ADJ
easat-8278	250	16	communication	communication	NOUN
easat-8278	250	17	of	of	ADP
easat-8278	250	18	sustainability	sustainability	NOUN
easat-8278	250	19	practices	practice	NOUN
easat-8278	250	20	.	.	PUNCT
easat-8278	251	1	banks	bank	NOUN
easat-8278	251	2	are	be	AUX
easat-8278	251	3	also	also	ADV
easat-8278	251	4	encouraged	encourage	VERB
easat-8278	251	5	to	to	PART
easat-8278	251	6	integrate	integrate	VERB
easat-8278	251	7	esg	esg	NOUN
easat-8278	251	8	considerations	consideration	NOUN
easat-8278	251	9	into	into	ADP
easat-8278	251	10	their	their	PRON
easat-8278	251	11	credit	credit	NOUN
easat-8278	251	12	risk	risk	NOUN
easat-8278	251	13	assessment	assessment	NOUN
easat-8278	251	14	and	and	CCONJ
easat-8278	251	15	provisioning	provision	VERB
easat-8278	251	16	policies	policy	NOUN
easat-8278	251	17	,	,	PUNCT
easat-8278	251	18	moving	move	VERB
easat-8278	251	19	beyond	beyond	ADP
easat-8278	251	20	symbolic	symbolic	ADJ
easat-8278	251	21	compliance	compliance	NOUN
easat-8278	251	22	toward	toward	ADP
easat-8278	251	23	substantive	substantive	ADJ
easat-8278	251	24	implementation	implementation	NOUN
easat-8278	251	25	.	.	PUNCT
easat-8278	252	1	at	at	ADP
easat-8278	252	2	the	the	DET
easat-8278	252	3	policy	policy	NOUN
easat-8278	252	4	level	level	NOUN
easat-8278	252	5	,	,	PUNCT
easat-8278	252	6	aligning	align	VERB
easat-8278	252	7	national	national	ADJ
easat-8278	252	8	esg	esg	PROPN
easat-8278	252	9	regulations	regulation	NOUN
easat-8278	252	10	with	with	ADP
easat-8278	252	11	gri	gri	PROPN
easat-8278	252	12	standards	standard	NOUN
easat-8278	252	13	can	can	AUX
easat-8278	252	14	enhance	enhance	VERB
easat-8278	252	15	the	the	DET
easat-8278	252	16	quality	quality	NOUN
easat-8278	252	17	of	of	ADP
easat-8278	252	18	sustainability	sustainability	NOUN
easat-8278	252	19	reporting	reporting	NOUN
easat-8278	252	20	,	,	PUNCT
easat-8278	252	21	strengthen	strengthen	VERB
easat-8278	252	22	financial	financial	ADJ
easat-8278	252	23	system	system	NOUN
easat-8278	252	24	resilience	resilience	NOUN
easat-8278	252	25	,	,	PUNCT
easat-8278	252	26	and	and	CCONJ
easat-8278	252	27	support	support	VERB
easat-8278	252	28	the	the	DET
easat-8278	252	29	transition	transition	NOUN
easat-8278	252	30	toward	toward	ADP
easat-8278	252	31	an	an	DET
easat-8278	252	32	inclusive	inclusive	ADJ
easat-8278	252	33	and	and	CCONJ
easat-8278	252	34	sustainable	sustainable	ADJ
easat-8278	252	35	finance	finance	NOUN
easat-8278	252	36	ecosystem	ecosystem	NOUN
easat-8278	252	37	.	.	PUNCT
easat-8278	253	1	in	in	ADP
easat-8278	253	2	a	a	DET
easat-8278	253	3	global	global	ADJ
easat-8278	253	4	context	context	NOUN
easat-8278	253	5	of	of	ADP
easat-8278	253	6	rising	rise	VERB
easat-8278	253	7	demand	demand	NOUN
easat-8278	253	8	for	for	ADP
easat-8278	253	9	green	green	ADJ
easat-8278	253	10	and	and	CCONJ
easat-8278	253	11	socially	socially	ADV
easat-8278	253	12	responsible	responsible	ADJ
easat-8278	253	13	finance	finance	NOUN
easat-8278	253	14	,	,	PUNCT
easat-8278	253	15	the	the	DET
easat-8278	253	16	effectiveness	effectiveness	NOUN
easat-8278	253	17	of	of	ADP
easat-8278	253	18	esg	esg	PROPN
easat-8278	253	19	depends	depend	VERB
easat-8278	253	20	not	not	PART
easat-8278	253	21	only	only	ADV
easat-8278	253	22	on	on	ADP
easat-8278	253	23	disclosure	disclosure	NOUN
easat-8278	253	24	quantity	quantity	NOUN
easat-8278	253	25	,	,	PUNCT
easat-8278	253	26	but	but	CCONJ
easat-8278	253	27	also	also	ADV
easat-8278	253	28	on	on	ADP
easat-8278	253	29	alignment	alignment	NOUN
easat-8278	253	30	with	with	ADP
easat-8278	253	31	domestic	domestic	ADJ
easat-8278	253	32	institutional	institutional	ADJ
easat-8278	253	33	realities	reality	NOUN
easat-8278	253	34	.	.	PUNCT
easat-8278	254	1	7	7	X
easat-8278	254	2	.	.	X
easat-8278	254	3	future	future	ADJ
easat-8278	254	4	research	research	NOUN
easat-8278	254	5	agenda	agenda	NOUN
easat-8278	254	6	to	to	PART
easat-8278	254	7	extend	extend	VERB
easat-8278	254	8	the	the	DET
easat-8278	254	9	contributions	contribution	NOUN
easat-8278	254	10	of	of	ADP
easat-8278	254	11	this	this	DET
easat-8278	254	12	study	study	NOUN
easat-8278	254	13	,	,	PUNCT
easat-8278	254	14	several	several	ADJ
easat-8278	254	15	future	future	ADJ
easat-8278	254	16	research	research	NOUN
easat-8278	254	17	directions	direction	NOUN
easat-8278	254	18	are	be	AUX
easat-8278	254	19	proposed	propose	VERB
easat-8278	254	20	:	:	PUNCT
easat-8278	254	21	1	1	X
easat-8278	254	22	.	.	X
easat-8278	254	23	cross	cross	ADJ
easat-8278	254	24	-	-	ADJ
easat-8278	254	25	sectoral	sectoral	ADJ
easat-8278	254	26	expansion	expansion	NOUN
easat-8278	254	27	future	future	ADJ
easat-8278	254	28	studies	study	NOUN
easat-8278	254	29	should	should	AUX
easat-8278	254	30	explore	explore	VERB
easat-8278	254	31	the	the	DET
easat-8278	254	32	esg	esg	NOUN
easat-8278	254	33	–	–	PUNCT
easat-8278	254	34	risk	risk	NOUN
easat-8278	254	35	–	–	PUNCT
easat-8278	254	36	value	value	NOUN
easat-8278	254	37	mechanism	mechanism	NOUN
easat-8278	254	38	in	in	ADP
easat-8278	254	39	other	other	ADJ
easat-8278	254	40	sectors	sector	NOUN
easat-8278	254	41	such	such	ADJ
easat-8278	254	42	as	as	ADP
easat-8278	254	43	energy	energy	NOUN
easat-8278	254	44	,	,	PUNCT
easat-8278	254	45	manufacturing	manufacturing	NOUN
easat-8278	254	46	,	,	PUNCT
easat-8278	254	47	and	and	CCONJ
easat-8278	254	48	technology	technology	NOUN
easat-8278	254	49	to	to	PART
easat-8278	254	50	assess	assess	VERB
easat-8278	254	51	its	its	PRON
easat-8278	254	52	generalizability	generalizability	NOUN
easat-8278	254	53	beyond	beyond	ADP
easat-8278	254	54	banking	banking	NOUN
easat-8278	254	55	.	.	PUNCT
easat-8278	255	1	2	2	X
easat-8278	255	2	.	.	X
easat-8278	255	3	longitudinal	longitudinal	ADJ
easat-8278	255	4	and	and	CCONJ
easat-8278	255	5	nonlinear	nonlinear	ADJ
easat-8278	255	6	designs	design	NOUN
easat-8278	255	7	employing	employ	VERB
easat-8278	255	8	longer	long	ADJ
easat-8278	255	9	time	time	NOUN
easat-8278	255	10	horizons	horizon	NOUN
easat-8278	255	11	and	and	CCONJ
easat-8278	255	12	advanced	advanced	ADJ
easat-8278	255	13	econometric	econometric	ADJ
easat-8278	255	14	techniques	technique	NOUN
easat-8278	255	15	—	—	PUNCT
easat-8278	255	16	such	such	ADJ
easat-8278	255	17	as	as	ADP
easat-8278	255	18	nonlinear	nonlinear	ADJ
easat-8278	255	19	regressions	regression	NOUN
easat-8278	255	20	,	,	PUNCT
easat-8278	255	21	threshold	threshold	NOUN
easat-8278	255	22	models	model	NOUN
easat-8278	255	23	,	,	PUNCT
easat-8278	255	24	or	or	CCONJ
easat-8278	255	25	machine	machine	NOUN
easat-8278	255	26	learning	learning	NOUN
easat-8278	255	27	—	—	PUNCT
easat-8278	255	28	could	could	AUX
easat-8278	255	29	provide	provide	VERB
easat-8278	255	30	insights	insight	NOUN
easat-8278	255	31	into	into	ADP
easat-8278	255	32	dynamic	dynamic	ADJ
easat-8278	255	33	and	and	CCONJ
easat-8278	255	34	nonmonotonic	nonmonotonic	ADJ
easat-8278	255	35	esg	esg	PROPN
easat-8278	255	36	effects	effect	NOUN
easat-8278	255	37	.	.	PUNCT
easat-8278	256	1	3	3	X
easat-8278	256	2	.	.	X
easat-8278	256	3	institutional	institutional	ADJ
easat-8278	256	4	moderators	moderator	NOUN
easat-8278	256	5	investigating	investigate	VERB
easat-8278	256	6	how	how	SCONJ
easat-8278	256	7	regulatory	regulatory	ADJ
easat-8278	256	8	quality	quality	NOUN
easat-8278	256	9	,	,	PUNCT
easat-8278	256	10	enforcement	enforcement	NOUN
easat-8278	256	11	mechanisms	mechanism	NOUN
easat-8278	256	12	,	,	PUNCT
easat-8278	256	13	and	and	CCONJ
easat-8278	256	14	sustainability	sustainability	NOUN
easat-8278	256	15	audit	audit	NOUN
easat-8278	256	16	standards	standard	NOUN
easat-8278	256	17	moderate	moderate	VERB
easat-8278	256	18	the	the	DET
easat-8278	256	19	esg	esg	PROPN
easat-8278	256	20	–	–	PUNCT
easat-8278	256	21	firm	firm	ADJ
easat-8278	256	22	value	value	NOUN
easat-8278	256	23	relationship	relationship	NOUN
easat-8278	256	24	would	would	AUX
easat-8278	256	25	deepen	deepen	VERB
easat-8278	256	26	the	the	DET
easat-8278	256	27	understanding	understanding	NOUN
easat-8278	256	28	of	of	ADP
easat-8278	256	29	context	context	NOUN
easat-8278	256	30	-	-	PUNCT
easat-8278	256	31	specific	specific	ADJ
easat-8278	256	32	drivers	driver	NOUN
easat-8278	256	33	.	.	PUNCT
easat-8278	257	1	4	4	X
easat-8278	257	2	.	.	X
easat-8278	257	3	behavioral	behavioral	ADJ
easat-8278	257	4	and	and	CCONJ
easat-8278	257	5	narrative	narrative	NOUN
easat-8278	257	6	-	-	PUNCT
easat-8278	257	7	based	base	VERB
easat-8278	257	8	esg	esg	NOUN
easat-8278	257	9	proxies	proxy	NOUN
easat-8278	257	10	future	future	ADJ
easat-8278	257	11	research	research	NOUN
easat-8278	257	12	could	could	AUX
easat-8278	257	13	develop	develop	VERB
easat-8278	257	14	contentor	contentor	NOUN
easat-8278	257	15	sentiment	sentiment	NOUN
easat-8278	257	16	-	-	PUNCT
easat-8278	257	17	based	base	VERB
easat-8278	257	18	esg	esg	NOUN
easat-8278	257	19	proxies	proxy	NOUN
easat-8278	257	20	to	to	PART
easat-8278	257	21	complement	complement	VERB
easat-8278	257	22	or	or	CCONJ
easat-8278	257	23	replace	replace	VERB
easat-8278	257	24	purely	purely	ADV
easat-8278	257	25	quantitative	quantitative	ADJ
easat-8278	257	26	ratings	rating	NOUN
easat-8278	257	27	,	,	PUNCT
easat-8278	257	28	capturing	capture	VERB
easat-8278	257	29	disclosure	disclosure	NOUN
easat-8278	257	30	quality	quality	NOUN
easat-8278	257	31	and	and	CCONJ
easat-8278	257	32	authenticity	authenticity	NOUN
easat-8278	257	33	more	more	ADV
easat-8278	257	34	accurately	accurately	ADV
easat-8278	257	35	.	.	PUNCT
easat-8278	258	1	transparency	transparency	NOUN
easat-8278	258	2	:	:	PUNCT
easat-8278	258	3	the	the	DET
easat-8278	258	4	authors	author	NOUN
easat-8278	258	5	confirm	confirm	VERB
easat-8278	258	6	that	that	SCONJ
easat-8278	258	7	the	the	DET
easat-8278	258	8	manuscript	manuscript	NOUN
easat-8278	258	9	is	be	AUX
easat-8278	258	10	an	an	DET
easat-8278	258	11	honest	honest	ADJ
easat-8278	258	12	,	,	PUNCT
easat-8278	258	13	accurate	accurate	ADJ
easat-8278	258	14	,	,	PUNCT
easat-8278	258	15	and	and	CCONJ
easat-8278	258	16	transparent	transparent	ADJ
easat-8278	258	17	account	account	NOUN
easat-8278	258	18	of	of	ADP
easat-8278	258	19	the	the	DET
easat-8278	258	20	study	study	NOUN
easat-8278	258	21	;	;	PUNCT
easat-8278	258	22	that	that	SCONJ
easat-8278	258	23	no	no	DET
easat-8278	258	24	vital	vital	ADJ
easat-8278	258	25	features	feature	NOUN
easat-8278	258	26	of	of	ADP
easat-8278	258	27	the	the	DET
easat-8278	258	28	study	study	NOUN
easat-8278	258	29	have	have	AUX
easat-8278	258	30	been	be	AUX
easat-8278	258	31	omitted	omit	VERB
easat-8278	258	32	;	;	PUNCT
easat-8278	258	33	and	and	CCONJ
easat-8278	258	34	that	that	SCONJ
easat-8278	258	35	any	any	DET
easat-8278	258	36	discrepancies	discrepancy	NOUN
easat-8278	258	37	from	from	ADP
easat-8278	258	38	the	the	DET
easat-8278	258	39	study	study	NOUN
easat-8278	258	40	as	as	SCONJ
easat-8278	258	41	planned	plan	VERB
easat-8278	258	42	have	have	AUX
easat-8278	258	43	been	be	AUX
easat-8278	258	44	explained	explain	VERB
easat-8278	258	45	.	.	PUNCT
easat-8278	259	1	this	this	DET
easat-8278	259	2	study	study	NOUN
easat-8278	259	3	followed	follow	VERB
easat-8278	259	4	all	all	DET
easat-8278	259	5	ethical	ethical	ADJ
easat-8278	259	6	practices	practice	NOUN
easat-8278	259	7	during	during	ADP
easat-8278	259	8	writing	writing	NOUN
easat-8278	259	9	.	.	PUNCT
easat-8278	260	1	acknowledgment	acknowledgment	NOUN
easat-8278	260	2	:	:	PUNCT
easat-8278	260	3	the	the	DET
easat-8278	260	4	authors	author	NOUN
easat-8278	260	5	would	would	AUX
easat-8278	260	6	like	like	VERB
easat-8278	260	7	to	to	PART
easat-8278	260	8	express	express	VERB
easat-8278	260	9	their	their	PRON
easat-8278	260	10	sincere	sincere	ADJ
easat-8278	260	11	appreciation	appreciation	NOUN
easat-8278	260	12	to	to	ADP
easat-8278	260	13	universitas	universita	NOUN
easat-8278	260	14	diponegoro	diponegoro	PROPN
easat-8278	260	15	,	,	PUNCT
easat-8278	260	16	particularly	particularly	ADV
easat-8278	260	17	through	through	ADP
easat-8278	260	18	the	the	DET
easat-8278	260	19	institute	institute	NOUN
easat-8278	260	20	for	for	ADP
easat-8278	260	21	research	research	NOUN
easat-8278	260	22	and	and	CCONJ
easat-8278	260	23	community	community	NOUN
easat-8278	260	24	service	service	NOUN
easat-8278	260	25	(	(	PUNCT
easat-8278	260	26	lppm	lppm	PROPN
easat-8278	260	27	)	)	PUNCT
easat-8278	260	28	,	,	PUNCT
easat-8278	260	29	for	for	ADP
easat-8278	260	30	its	its	PRON
easat-8278	260	31	support	support	NOUN
easat-8278	260	32	of	of	ADP
easat-8278	260	33	this	this	DET
easat-8278	260	34	research	research	NOUN
easat-8278	260	35	.	.	PUNCT
easat-8278	261	1	the	the	DET
easat-8278	261	2	institution	institution	NOUN
easat-8278	261	3	’s	’s	PART
easat-8278	261	4	commitment	commitment	NOUN
easat-8278	261	5	to	to	ADP
easat-8278	261	6	academic	academic	ADJ
easat-8278	261	7	development	development	NOUN
easat-8278	261	8	and	and	CCONJ
easat-8278	261	9	sustainable	sustainable	ADJ
easat-8278	261	10	finance	finance	NOUN
easat-8278	261	11	research	research	NOUN
easat-8278	261	12	has	have	AUX
easat-8278	261	13	played	play	VERB
easat-8278	261	14	a	a	DET
easat-8278	261	15	pivotal	pivotal	ADJ
easat-8278	261	16	role	role	NOUN
easat-8278	261	17	in	in	ADP
easat-8278	261	18	the	the	DET
easat-8278	261	19	successful	successful	ADJ
easat-8278	261	20	completion	completion	NOUN
easat-8278	261	21	of	of	ADP
easat-8278	261	22	this	this	DET
easat-8278	261	23	study	study	NOUN
easat-8278	261	24	.	.	PUNCT
easat-8278	262	1	1929	1929	NUM
easat-8278	262	2	edelweiss	edelweiss	PROPN
easat-8278	262	3	applied	apply	VERB
easat-8278	262	4	science	science	NOUN
easat-8278	262	5	and	and	CCONJ
easat-8278	262	6	technology	technology	NOUN
easat-8278	262	7	issn	issn	PROPN
easat-8278	262	8	:	:	PUNCT
easat-8278	262	9	2576	2576	NUM
easat-8278	262	10	-	-	SYM
easat-8278	262	11	8484	8484	NUM
easat-8278	262	12	vol	vol	NOUN
easat-8278	262	13	.	.	PROPN
easat-8278	263	1	9	9	NUM
easat-8278	263	2	,	,	PUNCT
easat-8278	263	3	no	no	INTJ
easat-8278	263	4	.	.	NOUN
easat-8278	264	1	6	6	NUM
easat-8278	264	2	:	:	SYM
easat-8278	264	3	1918	1918	NUM
easat-8278	264	4	-	-	SYM
easat-8278	264	5	1930	1930	NUM
easat-8278	264	6	,	,	PUNCT
easat-8278	264	7	2025	2025	NUM
easat-8278	264	8	doi	doi	NOUN
easat-8278	264	9	:	:	PUNCT
easat-8278	264	10	10.55214/25768484.v9i6.8278	10.55214/25768484.v9i6.8278	PROPN
easat-8278	264	11	©	©	PROPN
easat-8278	264	12	2025	2025	NUM
easat-8278	264	13	by	by	ADP
easat-8278	264	14	the	the	DET
easat-8278	264	15	authors	author	NOUN
easat-8278	264	16	;	;	PUNCT
easat-8278	264	17	licensee	licensee	PROPN
easat-8278	264	18	learning	learn	VERB
easat-8278	264	19	gate	gate	NOUN
easat-8278	264	20	copyright	copyright	NOUN
easat-8278	264	21	:	:	PUNCT
easat-8278	264	22	©	©	PROPN
easat-8278	264	23	2025	2025	NUM
easat-8278	264	24	by	by	ADP
easat-8278	264	25	the	the	DET
easat-8278	264	26	authors	author	NOUN
easat-8278	264	27	.	.	PUNCT
easat-8278	265	1	this	this	DET
easat-8278	265	2	open	open	ADJ
easat-8278	265	3	-	-	PUNCT
easat-8278	265	4	access	access	NOUN
easat-8278	265	5	article	article	NOUN
easat-8278	265	6	is	be	AUX
easat-8278	265	7	distributed	distribute	VERB
easat-8278	265	8	under	under	ADP
easat-8278	265	9	the	the	DET
easat-8278	265	10	terms	term	NOUN
easat-8278	265	11	and	and	CCONJ
easat-8278	265	12	conditions	condition	NOUN
easat-8278	265	13	of	of	ADP
easat-8278	265	14	the	the	DET
easat-8278	265	15	creative	creative	ADJ
easat-8278	265	16	commons	common	NOUN
easat-8278	265	17	attribution	attribution	NOUN
easat-8278	265	18	(	(	PUNCT
easat-8278	265	19	cc	cc	NOUN
easat-8278	265	20	by	by	ADP
easat-8278	265	21	)	)	PUNCT
easat-8278	265	22	license	license	NOUN
easat-8278	265	23	(	(	PUNCT
easat-8278	265	24	https://creativecommons.org/licenses/by/4.0/	https://creativecommons.org/licenses/by/4.0/	PROPN
easat-8278	265	25	)	)	PUNCT
easat-8278	265	26	.	.	PUNCT
easat-8278	266	1	references	reference	NOUN
easat-8278	266	2	[	[	X
easat-8278	266	3	1	1	NUM
easat-8278	266	4	]	]	X
easat-8278	266	5	g.	g.	PROPN
easat-8278	266	6	friede	friede	PROPN
easat-8278	266	7	,	,	PUNCT
easat-8278	266	8	t.	t.	PROPN
easat-8278	266	9	busch	busch	PROPN
easat-8278	266	10	,	,	PUNCT
easat-8278	266	11	and	and	CCONJ
easat-8278	266	12	a.	a.	PROPN
easat-8278	266	13	bassen	bassen	PROPN
easat-8278	266	14	,	,	PUNCT
easat-8278	266	15	"	"	PUNCT
easat-8278	266	16	esg	esg	PROPN
easat-8278	266	17	and	and	CCONJ
easat-8278	266	18	financial	financial	ADJ
easat-8278	266	19	performance	performance	NOUN
easat-8278	266	20	:	:	PUNCT
easat-8278	266	21	aggregated	aggregate	VERB
easat-8278	266	22	evidence	evidence	NOUN
easat-8278	266	23	from	from	ADP
easat-8278	266	24	more	more	ADJ
easat-8278	266	25	than	than	ADP
easat-8278	266	26	2000	2000	NUM
easat-8278	266	27	empirical	empirical	ADJ
easat-8278	266	28	studies	study	NOUN
easat-8278	266	29	,	,	PUNCT
easat-8278	266	30	"	"	PUNCT
easat-8278	266	31	journal	journal	NOUN
easat-8278	266	32	of	of	ADP
easat-8278	266	33	sustainable	sustainable	ADJ
easat-8278	266	34	finance	finance	NOUN
easat-8278	266	35	&	&	CCONJ
easat-8278	266	36	investment	investment	NOUN
easat-8278	266	37	,	,	PUNCT
easat-8278	266	38	vol	vol	NOUN
easat-8278	266	39	.	.	PROPN
easat-8278	266	40	5	5	NUM
easat-8278	266	41	,	,	PUNCT
easat-8278	266	42	no	no	INTJ
easat-8278	266	43	.	.	NOUN
easat-8278	266	44	4	4	NUM
easat-8278	266	45	,	,	PUNCT
easat-8278	266	46	pp	pp	ADJ
easat-8278	266	47	.	.	PUNCT
easat-8278	267	1	210–233	210–233	NUM
easat-8278	267	2	,	,	PUNCT
easat-8278	267	3	2015	2015	NUM
easat-8278	267	4	.	.	PUNCT
easat-8278	268	1	https://doi.org/10.1080/20430795.2015.1118917	https://doi.org/10.1080/20430795.2015.1118917	X
easat-8278	269	1	[	[	X
easat-8278	269	2	2	2	NUM
easat-8278	269	3	]	]	PUNCT
easat-8278	269	4	m.	m.	NOUN
easat-8278	269	5	khan	khan	PROPN
easat-8278	269	6	,	,	PUNCT
easat-8278	269	7	g.	g.	PROPN
easat-8278	269	8	serafeim	serafeim	PROPN
easat-8278	269	9	,	,	PUNCT
easat-8278	269	10	and	and	CCONJ
easat-8278	269	11	a.	a.	PROPN
easat-8278	269	12	yoon	yoon	PROPN
easat-8278	269	13	,	,	PUNCT
easat-8278	269	14	"	"	PUNCT
easat-8278	269	15	corporate	corporate	ADJ
easat-8278	269	16	sustainability	sustainability	NOUN
easat-8278	269	17	:	:	PUNCT
easat-8278	269	18	first	first	ADJ
easat-8278	269	19	evidence	evidence	NOUN
easat-8278	269	20	on	on	ADP
easat-8278	269	21	materiality	materiality	NOUN
easat-8278	269	22	,	,	PUNCT
easat-8278	269	23	"	"	PUNCT
easat-8278	269	24	the	the	DET
easat-8278	269	25	accounting	accounting	NOUN
easat-8278	269	26	review	review	NOUN
easat-8278	269	27	vol	vol	NOUN
easat-8278	269	28	.	.	PROPN
easat-8278	269	29	91	91	NUM
easat-8278	269	30	,	,	PUNCT
easat-8278	269	31	no	no	INTJ
easat-8278	269	32	.	.	NOUN
easat-8278	269	33	6	6	NUM
easat-8278	269	34	,	,	PUNCT
easat-8278	269	35	pp	pp	ADJ
easat-8278	269	36	.	.	PUNCT
easat-8278	270	1	1697–1724	1697–1724	NUM
easat-8278	270	2	,	,	PUNCT
easat-8278	270	3	2016	2016	NUM
easat-8278	270	4	.	.	PUNCT
easat-8278	271	1	https://doi.org/10.2308/accr-51383	https://doi.org/10.2308/accr-51383	PROPN
easat-8278	271	2	[	[	X
easat-8278	271	3	3	3	NUM
easat-8278	271	4	]	]	X
easat-8278	271	5	financial	financial	ADJ
easat-8278	271	6	services	service	NOUN
easat-8278	271	7	authority	authority	NOUN
easat-8278	271	8	,	,	PUNCT
easat-8278	271	9	pojk	pojk	PROPN
easat-8278	271	10	no	no	NOUN
easat-8278	271	11	.	.	NOUN
easat-8278	272	1	51	51	NUM
easat-8278	272	2	/	/	SYM
easat-8278	272	3	pojk.03/2017	pojk.03/2017	NOUN
easat-8278	272	4	concerning	concern	VERB
easat-8278	272	5	the	the	DET
easat-8278	272	6	implementation	implementation	NOUN
easat-8278	272	7	of	of	ADP
easat-8278	272	8	sustainable	sustainable	ADJ
easat-8278	272	9	finance	finance	NOUN
easat-8278	272	10	for	for	ADP
easat-8278	272	11	financial	financial	ADJ
easat-8278	272	12	services	service	NOUN
easat-8278	272	13	institutions	institution	NOUN
easat-8278	272	14	,	,	PUNCT
easat-8278	272	15	issuers	issuer	NOUN
easat-8278	272	16	,	,	PUNCT
easat-8278	272	17	and	and	CCONJ
easat-8278	272	18	public	public	ADJ
easat-8278	272	19	companies	company	NOUN
easat-8278	272	20	.	.	PUNCT
easat-8278	273	1	jakarta	jakarta	PROPN
easat-8278	273	2	,	,	PUNCT
easat-8278	273	3	indonesia	indonesia	PROPN
easat-8278	273	4	:	:	PUNCT
easat-8278	273	5	otoritas	otoritas	PROPN
easat-8278	273	6	jasa	jasa	PROPN
easat-8278	273	7	keuangan	keuangan	PROPN
easat-8278	273	8	,	,	PUNCT
easat-8278	273	9	2017	2017	NUM
easat-8278	273	10	.	.	PUNCT
easat-8278	274	1	[	[	X
easat-8278	274	2	4	4	NUM
easat-8278	274	3	]	]	X
easat-8278	274	4	m.	m.	NOUN
easat-8278	274	5	makhdalena	makhdalena	PROPN
easat-8278	274	6	,	,	PUNCT
easat-8278	274	7	d.	d.	PROPN
easat-8278	274	8	zulvina	zulvina	PROPN
easat-8278	274	9	,	,	PUNCT
easat-8278	274	10	y.	y.	PROPN
easat-8278	274	11	zulvina	zulvina	PROPN
easat-8278	274	12	,	,	PUNCT
easat-8278	274	13	r.	r.	PROPN
easat-8278	274	14	w.	w.	PROPN
easat-8278	274	15	amelia	amelia	PROPN
easat-8278	274	16	,	,	PUNCT
easat-8278	274	17	and	and	CCONJ
easat-8278	274	18	a.	a.	NOUN
easat-8278	274	19	p.	p.	NOUN
easat-8278	274	20	wicaksono	wicaksono	PROPN
easat-8278	274	21	,	,	PUNCT
easat-8278	274	22	"	"	PUNCT
easat-8278	274	23	esg	esg	NOUN
easat-8278	274	24	and	and	CCONJ
easat-8278	274	25	firm	firm	ADJ
easat-8278	274	26	performance	performance	NOUN
easat-8278	274	27	in	in	ADP
easat-8278	274	28	developing	develop	VERB
easat-8278	274	29	countries	country	NOUN
easat-8278	274	30	:	:	PUNCT
easat-8278	274	31	evidence	evidence	NOUN
easat-8278	274	32	from	from	ADP
easat-8278	274	33	asean	asean	ADJ
easat-8278	274	34	,	,	PUNCT
easat-8278	274	35	"	"	PUNCT
easat-8278	274	36	etikonomi	etikonomi	NOUN
easat-8278	274	37	,	,	PUNCT
easat-8278	274	38	vol	vol	NOUN
easat-8278	274	39	.	.	PROPN
easat-8278	274	40	22	22	NUM
easat-8278	274	41	,	,	PUNCT
easat-8278	274	42	no	no	INTJ
easat-8278	274	43	.	.	NOUN
easat-8278	274	44	1	1	NUM
easat-8278	274	45	,	,	PUNCT
easat-8278	274	46	pp	pp	ADJ
easat-8278	274	47	.	.	PUNCT
easat-8278	274	48	65–78	65–78	NOUN
easat-8278	274	49	,	,	PUNCT
easat-8278	274	50	2023	2023	NUM
easat-8278	274	51	.	.	PUNCT
easat-8278	275	1	https://doi.org/10.15408/etk.v22i1.25271	https://doi.org/10.15408/etk.v22i1.25271	NOUN
easat-8278	275	2	[	[	X
easat-8278	275	3	5	5	NUM
easat-8278	275	4	]	]	PUNCT
easat-8278	275	5	s.	s.	PROPN
easat-8278	275	6	z.	z.	PROPN
easat-8278	275	7	a.	a.	PROPN
easat-8278	275	8	shah	shah	PROPN
easat-8278	275	9	,	,	PUNCT
easat-8278	275	10	s.	s.	PROPN
easat-8278	275	11	akbar	akbar	PROPN
easat-8278	275	12	,	,	PUNCT
easat-8278	275	13	and	and	CCONJ
easat-8278	275	14	x.	x.	PROPN
easat-8278	275	15	zhu	zhu	PROPN
easat-8278	275	16	,	,	PUNCT
easat-8278	275	17	"	"	PUNCT
easat-8278	275	18	mandatory	mandatory	ADJ
easat-8278	275	19	csr	csr	NOUN
easat-8278	275	20	disclosure	disclosure	NOUN
easat-8278	275	21	,	,	PUNCT
easat-8278	275	22	institutional	institutional	ADJ
easat-8278	275	23	ownership	ownership	NOUN
easat-8278	275	24	and	and	CCONJ
easat-8278	275	25	firm	firm	ADJ
easat-8278	275	26	value	value	NOUN
easat-8278	275	27	:	:	PUNCT
easat-8278	275	28	evidence	evidence	NOUN
easat-8278	275	29	from	from	ADP
easat-8278	275	30	china	china	PROPN
easat-8278	275	31	,	,	PUNCT
easat-8278	275	32	"	"	PUNCT
easat-8278	275	33	international	international	ADJ
easat-8278	275	34	journal	journal	NOUN
easat-8278	275	35	of	of	ADP
easat-8278	275	36	finance	finance	PROPN
easat-8278	275	37	&	&	CCONJ
easat-8278	275	38	economics	economic	NOUN
easat-8278	275	39	,	,	PUNCT
easat-8278	275	40	vol	vol	NOUN
easat-8278	275	41	.	.	PROPN
easat-8278	275	42	30	30	NUM
easat-8278	275	43	,	,	PUNCT
easat-8278	275	44	no	no	INTJ
easat-8278	275	45	.	.	NOUN
easat-8278	275	46	1	1	NUM
easat-8278	275	47	,	,	PUNCT
easat-8278	275	48	pp	pp	ADJ
easat-8278	275	49	.	.	PUNCT
easat-8278	276	1	71–85	71–85	NUM
easat-8278	276	2	,	,	PUNCT
easat-8278	276	3	2025	2025	NUM
easat-8278	276	4	.	.	PUNCT
easat-8278	277	1	https://doi.org/10.1002/ijfe.2908	https://doi.org/10.1002/ijfe.2908	NOUN
easat-8278	278	1	[	[	X
easat-8278	278	2	6	6	NUM
easat-8278	278	3	]	]	PUNCT
easat-8278	278	4	a.	a.	NOUN
easat-8278	278	5	k.	k.	PROPN
easat-8278	278	6	chatterji	chatterji	PROPN
easat-8278	278	7	,	,	PUNCT
easat-8278	278	8	r.	r.	PROPN
easat-8278	278	9	durand	durand	PROPN
easat-8278	278	10	,	,	PUNCT
easat-8278	278	11	d.	d.	PROPN
easat-8278	278	12	i.	i.	PROPN
easat-8278	278	13	levine	levine	PROPN
easat-8278	278	14	,	,	PUNCT
easat-8278	278	15	and	and	CCONJ
easat-8278	278	16	s.	s.	PROPN
easat-8278	278	17	touboul	touboul	PROPN
easat-8278	278	18	,	,	PUNCT
easat-8278	278	19	"	"	PUNCT
easat-8278	278	20	do	do	AUX
easat-8278	278	21	ratings	rating	NOUN
easat-8278	278	22	of	of	ADP
easat-8278	278	23	firms	firm	NOUN
easat-8278	278	24	converge	converge	VERB
easat-8278	278	25	?	?	PUNCT
easat-8278	279	1	implications	implication	NOUN
easat-8278	279	2	for	for	ADP
easat-8278	279	3	managers	manager	NOUN
easat-8278	279	4	,	,	PUNCT
easat-8278	279	5	investors	investor	NOUN
easat-8278	279	6	and	and	CCONJ
easat-8278	279	7	strategy	strategy	NOUN
easat-8278	279	8	researchers	researcher	NOUN
easat-8278	279	9	,	,	PUNCT
easat-8278	279	10	"	"	PUNCT
easat-8278	279	11	strategic	strategic	ADJ
easat-8278	279	12	management	management	NOUN
easat-8278	279	13	journal	journal	NOUN
easat-8278	279	14	,	,	PUNCT
easat-8278	279	15	vol	vol	NOUN
easat-8278	279	16	.	.	PROPN
easat-8278	280	1	37	37	NUM
easat-8278	280	2	,	,	PUNCT
easat-8278	280	3	no	no	INTJ
easat-8278	280	4	.	.	NOUN
easat-8278	280	5	8	8	NUM
easat-8278	280	6	,	,	PUNCT
easat-8278	280	7	pp	pp	ADJ
easat-8278	280	8	.	.	PUNCT
easat-8278	281	1	1597–1614	1597–1614	NUM
easat-8278	281	2	,	,	PUNCT
easat-8278	281	3	2016	2016	NUM
easat-8278	281	4	.	.	PUNCT
easat-8278	282	1	https://doi.org/10.1002/smj.2407	https://doi.org/10.1002/smj.2407	X
easat-8278	283	1	[	[	X
easat-8278	283	2	7	7	X
easat-8278	283	3	]	]	X
easat-8278	283	4	d.	d.	PROPN
easat-8278	283	5	m.	m.	PROPN
easat-8278	283	6	christensen	christensen	PROPN
easat-8278	283	7	,	,	PUNCT
easat-8278	283	8	g.	g.	PROPN
easat-8278	283	9	serafeim	serafeim	PROPN
easat-8278	283	10	,	,	PUNCT
easat-8278	283	11	and	and	CCONJ
easat-8278	283	12	a.	a.	NOUN
easat-8278	283	13	sikochi	sikochi	PROPN
easat-8278	283	14	,	,	PUNCT
easat-8278	283	15	"	"	PUNCT
easat-8278	283	16	why	why	SCONJ
easat-8278	283	17	is	be	AUX
easat-8278	283	18	corporate	corporate	ADJ
easat-8278	283	19	virtue	virtue	NOUN
easat-8278	283	20	in	in	ADP
easat-8278	283	21	the	the	DET
easat-8278	283	22	eye	eye	NOUN
easat-8278	283	23	of	of	ADP
easat-8278	283	24	the	the	DET
easat-8278	283	25	beholder	beholder	NOUN
easat-8278	283	26	?	?	PUNCT
easat-8278	284	1	the	the	DET
easat-8278	284	2	case	case	NOUN
easat-8278	284	3	of	of	ADP
easat-8278	284	4	esg	esg	PROPN
easat-8278	284	5	ratings	rating	NOUN
easat-8278	284	6	,	,	PUNCT
easat-8278	284	7	"	"	PUNCT
easat-8278	284	8	the	the	DET
easat-8278	284	9	accounting	accounting	NOUN
easat-8278	284	10	review	review	NOUN
easat-8278	284	11	,	,	PUNCT
easat-8278	284	12	vol	vol	NOUN
easat-8278	284	13	.	.	PROPN
easat-8278	284	14	97	97	NUM
easat-8278	284	15	,	,	PUNCT
easat-8278	284	16	no	no	INTJ
easat-8278	284	17	.	.	NOUN
easat-8278	284	18	1	1	NUM
easat-8278	284	19	,	,	PUNCT
easat-8278	284	20	pp	pp	ADJ
easat-8278	284	21	.	.	PUNCT
easat-8278	285	1	147–175	147–175	NUM
easat-8278	285	2	,	,	PUNCT
easat-8278	285	3	2022	2022	NUM
easat-8278	285	4	.	.	PUNCT
easat-8278	286	1	https://doi.org/10.2308/tar-2019-0506	https://doi.org/10.2308/tar-2019-0506	NOUN
easat-8278	287	1	[	[	X
easat-8278	287	2	8	8	NUM
easat-8278	287	3	]	]	X
easat-8278	287	4	bloomberg	bloomberg	NOUN
easat-8278	287	5	,	,	PUNCT
easat-8278	287	6	how	how	SCONJ
easat-8278	287	7	bloomberg	bloomberg	PROPN
easat-8278	287	8	is	be	AUX
easat-8278	287	9	applying	apply	VERB
easat-8278	287	10	its	its	PRON
easat-8278	287	11	data	data	NOUN
easat-8278	287	12	expertise	expertise	NOUN
easat-8278	287	13	to	to	ADP
easat-8278	287	14	esg	esg	PROPN
easat-8278	287	15	.	.	PUNCT
easat-8278	288	1	new	new	PROPN
easat-8278	288	2	york	york	PROPN
easat-8278	288	3	:	:	PUNCT
easat-8278	288	4	bloomberg	bloomberg	PROPN
easat-8278	288	5	,	,	PUNCT
easat-8278	288	6	2022	2022	NUM
easat-8278	288	7	.	.	PUNCT
easat-8278	289	1	[	[	X
easat-8278	289	2	9	9	NUM
easat-8278	289	3	]	]	PUNCT
easat-8278	289	4	w.	w.	PROPN
easat-8278	289	5	chen	chen	PROPN
easat-8278	289	6	,	,	PUNCT
easat-8278	289	7	z.	z.	PROPN
easat-8278	289	8	xie	xie	PROPN
easat-8278	289	9	,	,	PUNCT
easat-8278	289	10	and	and	CCONJ
easat-8278	289	11	m.	m.	PROPN
easat-8278	289	12	huang	huang	PROPN
easat-8278	289	13	,	,	PUNCT
easat-8278	289	14	"	"	PUNCT
easat-8278	289	15	corporate	corporate	ADJ
easat-8278	289	16	esg	esg	NOUN
easat-8278	289	17	performance	performance	NOUN
easat-8278	289	18	and	and	CCONJ
easat-8278	289	19	the	the	DET
easat-8278	289	20	capital	capital	NOUN
easat-8278	289	21	market	market	NOUN
easat-8278	289	22	’s	’s	PART
easat-8278	289	23	information	information	NOUN
easat-8278	289	24	environment	environment	NOUN
easat-8278	289	25	:	:	PUNCT
easat-8278	289	26	evidence	evidence	NOUN
easat-8278	289	27	from	from	ADP
easat-8278	289	28	analysts	analyst	NOUN
easat-8278	289	29	’	’	PART
easat-8278	289	30	forecasts	forecast	NOUN
easat-8278	289	31	,	,	PUNCT
easat-8278	289	32	"	"	PUNCT
easat-8278	289	33	journal	journal	NOUN
easat-8278	289	34	of	of	ADP
easat-8278	289	35	applied	apply	VERB
easat-8278	289	36	economics	economic	NOUN
easat-8278	289	37	,	,	PUNCT
easat-8278	289	38	vol	vol	NOUN
easat-8278	289	39	.	.	PROPN
easat-8278	289	40	28	28	NUM
easat-8278	289	41	,	,	PUNCT
easat-8278	289	42	no	no	INTJ
easat-8278	289	43	.	.	NOUN
easat-8278	289	44	1	1	NUM
easat-8278	289	45	,	,	PUNCT
easat-8278	289	46	p.	p.	NOUN
easat-8278	289	47	2433770	2433770	NUM
easat-8278	289	48	2025	2025	NUM
easat-8278	289	49	.	.	PUNCT
easat-8278	290	1	[	[	X
easat-8278	290	2	10	10	NUM
easat-8278	290	3	]	]	PUNCT
easat-8278	290	4	s.	s.	PROPN
easat-8278	290	5	kotsantonis	kotsantonis	PROPN
easat-8278	290	6	and	and	CCONJ
easat-8278	290	7	g.	g.	PROPN
easat-8278	290	8	serafeim	serafeim	PROPN
easat-8278	290	9	,	,	PUNCT
easat-8278	290	10	"	"	PUNCT
easat-8278	290	11	four	four	NUM
easat-8278	290	12	things	thing	NOUN
easat-8278	290	13	no	no	DET
easat-8278	290	14	one	one	NOUN
easat-8278	290	15	will	will	AUX
easat-8278	290	16	tell	tell	VERB
easat-8278	290	17	you	you	PRON
easat-8278	290	18	about	about	ADP
easat-8278	290	19	esg	esg	PROPN
easat-8278	290	20	data	data	PROPN
easat-8278	290	21	,	,	PUNCT
easat-8278	290	22	"	"	PUNCT
easat-8278	290	23	journal	journal	NOUN
easat-8278	290	24	of	of	ADP
easat-8278	290	25	applied	apply	VERB
easat-8278	290	26	corporate	corporate	ADJ
easat-8278	290	27	finance	finance	NOUN
easat-8278	290	28	,	,	PUNCT
easat-8278	290	29	vol	vol	NOUN
easat-8278	290	30	.	.	PROPN
easat-8278	291	1	31	31	NUM
easat-8278	291	2	,	,	PUNCT
easat-8278	291	3	no	no	INTJ
easat-8278	291	4	.	.	NOUN
easat-8278	291	5	2	2	NUM
easat-8278	291	6	,	,	PUNCT
easat-8278	291	7	pp	pp	ADJ
easat-8278	291	8	.	.	PUNCT
easat-8278	292	1	50–58	50–58	NUM
easat-8278	292	2	,	,	PUNCT
easat-8278	292	3	2019	2019	NUM
easat-8278	292	4	.	.	PUNCT
easat-8278	293	1	https://doi.org/10.1111/jacf.12346	https://doi.org/10.1111/jacf.12346	X
easat-8278	293	2	[	[	X
easat-8278	293	3	11	11	NUM
easat-8278	293	4	]	]	PUNCT
easat-8278	293	5	i.	i.	NOUN
easat-8278	293	6	garcía‐sánchez	garcía‐sánchez	PROPN
easat-8278	293	7	,	,	PUNCT
easat-8278	293	8	n.	n.	PROPN
easat-8278	293	9	hussain	hussain	PROPN
easat-8278	293	10	,	,	PUNCT
easat-8278	293	11	j.	j.	PROPN
easat-8278	293	12	martínez‐ferrero	martínez‐ferrero	PROPN
easat-8278	293	13	,	,	PUNCT
easat-8278	293	14	and	and	CCONJ
easat-8278	293	15	e.	e.	PROPN
easat-8278	293	16	ruiz‐barbadillo	ruiz‐barbadillo	PROPN
easat-8278	293	17	,	,	PUNCT
easat-8278	293	18	"	"	PUNCT
easat-8278	293	19	impact	impact	NOUN
easat-8278	293	20	of	of	ADP
easat-8278	293	21	disclosure	disclosure	NOUN
easat-8278	293	22	and	and	CCONJ
easat-8278	293	23	assurance	assurance	NOUN
easat-8278	293	24	quality	quality	NOUN
easat-8278	293	25	of	of	ADP
easat-8278	293	26	corporate	corporate	ADJ
easat-8278	293	27	sustainability	sustainability	NOUN
easat-8278	293	28	reports	report	NOUN
easat-8278	293	29	on	on	ADP
easat-8278	293	30	access	access	NOUN
easat-8278	293	31	to	to	ADP
easat-8278	293	32	finance	finance	NOUN
easat-8278	293	33	,	,	PUNCT
easat-8278	293	34	"	"	PUNCT
easat-8278	293	35	corporate	corporate	ADJ
easat-8278	293	36	social	social	ADJ
easat-8278	293	37	responsibility	responsibility	NOUN
easat-8278	293	38	and	and	CCONJ
easat-8278	293	39	environmental	environmental	ADJ
easat-8278	293	40	management	management	NOUN
easat-8278	293	41	,	,	PUNCT
easat-8278	293	42	vol	vol	NOUN
easat-8278	293	43	.	.	PROPN
easat-8278	293	44	26	26	NUM
easat-8278	293	45	,	,	PUNCT
easat-8278	293	46	no	no	INTJ
easat-8278	293	47	.	.	NOUN
easat-8278	293	48	4	4	NUM
easat-8278	293	49	,	,	PUNCT
easat-8278	293	50	pp	pp	ADJ
easat-8278	293	51	.	.	PUNCT
easat-8278	294	1	832–848	832–848	NUM
easat-8278	294	2	,	,	PUNCT
easat-8278	294	3	2019	2019	NUM
easat-8278	294	4	.	.	PUNCT
easat-8278	295	1	https://doi.org/10.1002/csr.1724	https://doi.org/10.1002/csr.1724	PROPN
easat-8278	295	2	[	[	X
easat-8278	295	3	12	12	NUM
easat-8278	295	4	]	]	PUNCT
easat-8278	295	5	a.	a.	PROPN
easat-8278	295	6	beatty	beatty	PROPN
easat-8278	295	7	and	and	CCONJ
easat-8278	295	8	s.	s.	PROPN
easat-8278	295	9	liao	liao	PROPN
easat-8278	295	10	,	,	PUNCT
easat-8278	295	11	"	"	PUNCT
easat-8278	295	12	alternative	alternative	ADJ
easat-8278	295	13	evidence	evidence	NOUN
easat-8278	295	14	and	and	CCONJ
easat-8278	295	15	views	view	NOUN
easat-8278	295	16	on	on	ADP
easat-8278	295	17	asymmetric	asymmetric	ADJ
easat-8278	295	18	loan	loan	NOUN
easat-8278	295	19	loss	loss	NOUN
easat-8278	295	20	provisioning	provisioning	NOUN
easat-8278	295	21	,	,	PUNCT
easat-8278	295	22	"	"	PUNCT
easat-8278	295	23	journal	journal	NOUN
easat-8278	295	24	of	of	ADP
easat-8278	295	25	accounting	accounting	NOUN
easat-8278	295	26	and	and	CCONJ
easat-8278	295	27	economics	economic	NOUN
easat-8278	295	28	,	,	PUNCT
easat-8278	295	29	vol	vol	NOUN
easat-8278	295	30	.	.	PROPN
easat-8278	295	31	70	70	NUM
easat-8278	295	32	,	,	PUNCT
easat-8278	295	33	no	no	INTJ
easat-8278	295	34	.	.	NOUN
easat-8278	295	35	2	2	NUM
easat-8278	295	36	-	-	SYM
easat-8278	295	37	3	3	NUM
easat-8278	295	38	,	,	PUNCT
easat-8278	295	39	p.	p.	NOUN
easat-8278	295	40	101362	101362	NUM
easat-8278	295	41	,	,	PUNCT
easat-8278	295	42	2020	2020	NUM
easat-8278	295	43	.	.	PUNCT
easat-8278	296	1	[	[	X
easat-8278	296	2	13	13	NUM
easat-8278	296	3	]	]	PUNCT
easat-8278	296	4	m.	m.	NOUN
easat-8278	296	5	singhania	singhania	PROPN
easat-8278	296	6	and	and	CCONJ
easat-8278	296	7	d.	d.	PROPN
easat-8278	296	8	gupta	gupta	PROPN
easat-8278	296	9	,	,	PUNCT
easat-8278	296	10	"	"	PUNCT
easat-8278	296	11	impact	impact	NOUN
easat-8278	296	12	of	of	ADP
easat-8278	296	13	environmental	environmental	ADJ
easat-8278	296	14	,	,	PUNCT
easat-8278	296	15	social	social	ADJ
easat-8278	296	16	and	and	CCONJ
easat-8278	296	17	governance	governance	NOUN
easat-8278	296	18	(	(	PUNCT
easat-8278	296	19	esg	esg	NOUN
easat-8278	296	20	)	)	PUNCT
easat-8278	296	21	disclosure	disclosure	NOUN
easat-8278	296	22	on	on	ADP
easat-8278	296	23	firm	firm	ADJ
easat-8278	296	24	risk	risk	NOUN
easat-8278	296	25	:	:	PUNCT
easat-8278	296	26	a	a	DET
easat-8278	296	27	meta‐analytical	meta‐analytical	ADJ
easat-8278	296	28	review	review	NOUN
easat-8278	296	29	,	,	PUNCT
easat-8278	296	30	"	"	PUNCT
easat-8278	296	31	corporate	corporate	ADJ
easat-8278	296	32	social	social	ADJ
easat-8278	296	33	responsibility	responsibility	NOUN
easat-8278	296	34	and	and	CCONJ
easat-8278	296	35	environmental	environmental	ADJ
easat-8278	296	36	management	management	NOUN
easat-8278	296	37	,	,	PUNCT
easat-8278	296	38	vol	vol	NOUN
easat-8278	296	39	.	.	PROPN
easat-8278	296	40	31	31	NUM
easat-8278	296	41	,	,	PUNCT
easat-8278	296	42	no	no	INTJ
easat-8278	296	43	.	.	NOUN
easat-8278	296	44	4	4	NUM
easat-8278	296	45	,	,	PUNCT
easat-8278	296	46	pp	pp	ADJ
easat-8278	296	47	.	.	PUNCT
easat-8278	296	48	3573	3573	NUM
easat-8278	296	49	-	-	SYM
easat-8278	296	50	3613	3613	NUM
easat-8278	296	51	,	,	PUNCT
easat-8278	296	52	2024	2024	NUM
easat-8278	296	53	.	.	PUNCT
easat-8278	297	1	[	[	X
easat-8278	297	2	14	14	NUM
easat-8278	297	3	]	]	X
easat-8278	297	4	r.	r.	PROPN
easat-8278	297	5	e.	e.	PROPN
easat-8278	297	6	freeman	freeman	PROPN
easat-8278	297	7	,	,	PUNCT
easat-8278	297	8	strategic	strategic	ADJ
easat-8278	297	9	management	management	NOUN
easat-8278	297	10	:	:	PUNCT
easat-8278	297	11	a	a	DET
easat-8278	297	12	stakeholder	stakeholder	NOUN
easat-8278	297	13	approach	approach	NOUN
easat-8278	297	14	.	.	PUNCT
easat-8278	298	1	boston	boston	PROPN
easat-8278	298	2	:	:	PUNCT
easat-8278	298	3	cambridge	cambridge	PROPN
easat-8278	298	4	university	university	PROPN
easat-8278	298	5	press	press	NOUN
easat-8278	298	6	,	,	PUNCT
easat-8278	298	7	1984	1984	NUM
easat-8278	298	8	.	.	PUNCT
easat-8278	299	1	[	[	X
easat-8278	299	2	15	15	NUM
easat-8278	299	3	]	]	X
easat-8278	299	4	y.	y.	PROPN
easat-8278	299	5	duan	duan	PROPN
easat-8278	299	6	,	,	PUNCT
easat-8278	299	7	f.	f.	PROPN
easat-8278	299	8	yang	yang	PROPN
easat-8278	299	9	,	,	PUNCT
easat-8278	299	10	and	and	CCONJ
easat-8278	299	11	l.	l.	PROPN
easat-8278	299	12	xiong	xiong	PROPN
easat-8278	299	13	,	,	PUNCT
easat-8278	299	14	"	"	PUNCT
easat-8278	299	15	environmental	environmental	ADJ
easat-8278	299	16	,	,	PUNCT
easat-8278	299	17	social	social	ADJ
easat-8278	299	18	,	,	PUNCT
easat-8278	299	19	and	and	CCONJ
easat-8278	299	20	governance	governance	NOUN
easat-8278	299	21	(	(	PUNCT
easat-8278	299	22	esg	esg	NOUN
easat-8278	299	23	)	)	PUNCT
easat-8278	299	24	performance	performance	NOUN
easat-8278	299	25	and	and	CCONJ
easat-8278	299	26	firm	firm	ADJ
easat-8278	299	27	value	value	NOUN
easat-8278	299	28	:	:	PUNCT
easat-8278	299	29	evidence	evidence	NOUN
easat-8278	299	30	from	from	ADP
easat-8278	299	31	chinese	chinese	ADJ
easat-8278	299	32	manufacturing	manufacturing	NOUN
easat-8278	299	33	firms	firm	NOUN
easat-8278	299	34	,	,	PUNCT
easat-8278	299	35	"	"	PUNCT
easat-8278	299	36	sustainability	sustainability	NOUN
easat-8278	299	37	,	,	PUNCT
easat-8278	299	38	vol	vol	NOUN
easat-8278	299	39	.	.	PROPN
easat-8278	299	40	15	15	NUM
easat-8278	299	41	,	,	PUNCT
easat-8278	299	42	no	no	INTJ
easat-8278	299	43	.	.	NOUN
easat-8278	299	44	17	17	NUM
easat-8278	299	45	,	,	PUNCT
easat-8278	299	46	p.	p.	NOUN
easat-8278	299	47	12858	12858	NUM
easat-8278	299	48	,	,	PUNCT
easat-8278	299	49	2023	2023	NUM
easat-8278	299	50	.	.	PUNCT
easat-8278	300	1	[	[	X
easat-8278	300	2	16	16	NUM
easat-8278	300	3	]	]	PUNCT
easat-8278	300	4	a.	a.	NOUN
easat-8278	300	5	fatemi	fatemi	PROPN
easat-8278	300	6	,	,	PUNCT
easat-8278	300	7	m.	m.	NOUN
easat-8278	300	8	glaum	glaum	NOUN
easat-8278	300	9	,	,	PUNCT
easat-8278	300	10	and	and	CCONJ
easat-8278	300	11	s.	s.	PROPN
easat-8278	300	12	kaiser	kaiser	PROPN
easat-8278	300	13	,	,	PUNCT
easat-8278	300	14	"	"	PUNCT
easat-8278	300	15	esg	esg	NOUN
easat-8278	300	16	performance	performance	NOUN
easat-8278	300	17	and	and	CCONJ
easat-8278	300	18	firm	firm	ADJ
easat-8278	300	19	value	value	NOUN
easat-8278	300	20	:	:	PUNCT
easat-8278	300	21	the	the	DET
easat-8278	300	22	moderating	moderate	VERB
easat-8278	300	23	role	role	NOUN
easat-8278	300	24	of	of	ADP
easat-8278	300	25	disclosure	disclosure	NOUN
easat-8278	300	26	,	,	PUNCT
easat-8278	300	27	"	"	PUNCT
easat-8278	300	28	global	global	ADJ
easat-8278	300	29	finance	finance	NOUN
easat-8278	300	30	journal	journal	NOUN
easat-8278	300	31	,	,	PUNCT
easat-8278	300	32	vol	vol	NOUN
easat-8278	300	33	.	.	PROPN
easat-8278	300	34	38	38	NUM
easat-8278	300	35	,	,	PUNCT
easat-8278	300	36	pp	pp	ADJ
easat-8278	300	37	.	.	PUNCT
easat-8278	301	1	45	45	NUM
easat-8278	301	2	-	-	SYM
easat-8278	301	3	64	64	NUM
easat-8278	301	4	,	,	PUNCT
easat-8278	301	5	2018	2018	NUM
easat-8278	301	6	.	.	PUNCT
easat-8278	302	1	https://doi.org/10.1016/j.gfj.2017.03.001	https://doi.org/10.1016/j.gfj.2017.03.001	PROPN
easat-8278	303	1	[	[	X
easat-8278	303	2	17	17	NUM
easat-8278	303	3	]	]	PUNCT
easat-8278	303	4	m.	m.	NOUN
easat-8278	303	5	benlemlih	benlemlih	NOUN
easat-8278	303	6	and	and	CCONJ
easat-8278	303	7	m.	m.	NOUN
easat-8278	303	8	bitar	bitar	PROPN
easat-8278	303	9	,	,	PUNCT
easat-8278	303	10	"	"	PUNCT
easat-8278	303	11	corporate	corporate	ADJ
easat-8278	303	12	social	social	ADJ
easat-8278	303	13	responsibility	responsibility	NOUN
easat-8278	303	14	and	and	CCONJ
easat-8278	303	15	investment	investment	NOUN
easat-8278	303	16	efficiency	efficiency	NOUN
easat-8278	303	17	,	,	PUNCT
easat-8278	303	18	"	"	PUNCT
easat-8278	303	19	journal	journal	NOUN
easat-8278	303	20	of	of	ADP
easat-8278	303	21	business	business	NOUN
easat-8278	303	22	ethics	ethic	NOUN
easat-8278	303	23	,	,	PUNCT
easat-8278	303	24	vol	vol	NOUN
easat-8278	303	25	.	.	NOUN
easat-8278	303	26	148	148	NUM
easat-8278	303	27	,	,	PUNCT
easat-8278	303	28	pp	pp	ADJ
easat-8278	303	29	.	.	PUNCT
easat-8278	304	1	647	647	NUM
easat-8278	304	2	-	-	SYM
easat-8278	304	3	671	671	NUM
easat-8278	304	4	,	,	PUNCT
easat-8278	304	5	2018	2018	NUM
easat-8278	304	6	.	.	PUNCT
easat-8278	305	1	[	[	X
easat-8278	305	2	18	18	NUM
easat-8278	305	3	]	]	X
easat-8278	305	4	c.	c.	PROPN
easat-8278	305	5	h.	h.	PROPN
easat-8278	305	6	cho	cho	PROPN
easat-8278	305	7	and	and	CCONJ
easat-8278	305	8	d.	d.	PROPN
easat-8278	305	9	m.	m.	PROPN
easat-8278	305	10	patten	patten	PROPN
easat-8278	305	11	,	,	PUNCT
easat-8278	305	12	"	"	PUNCT
easat-8278	305	13	the	the	DET
easat-8278	305	14	role	role	NOUN
easat-8278	305	15	of	of	ADP
easat-8278	305	16	environmental	environmental	ADJ
easat-8278	305	17	disclosures	disclosure	NOUN
easat-8278	305	18	as	as	ADP
easat-8278	305	19	tools	tool	NOUN
easat-8278	305	20	of	of	ADP
easat-8278	305	21	legitimacy	legitimacy	NOUN
easat-8278	305	22	:	:	PUNCT
easat-8278	305	23	a	a	DET
easat-8278	305	24	research	research	NOUN
easat-8278	305	25	note	note	NOUN
easat-8278	305	26	,	,	PUNCT
easat-8278	305	27	"	"	PUNCT
easat-8278	305	28	accounting	accounting	NOUN
easat-8278	305	29	,	,	PUNCT
easat-8278	305	30	organizations	organization	NOUN
easat-8278	305	31	and	and	CCONJ
easat-8278	305	32	society	society	NOUN
easat-8278	305	33	,	,	PUNCT
easat-8278	305	34	vol	vol	NOUN
easat-8278	305	35	.	.	PROPN
easat-8278	305	36	32	32	NUM
easat-8278	305	37	,	,	PUNCT
easat-8278	305	38	no	no	INTJ
easat-8278	305	39	.	.	NOUN
easat-8278	305	40	7	7	NUM
easat-8278	305	41	-	-	SYM
easat-8278	305	42	8	8	NUM
easat-8278	305	43	,	,	PUNCT
easat-8278	305	44	pp	pp	ADJ
easat-8278	305	45	.	.	PUNCT
easat-8278	306	1	639	639	NUM
easat-8278	306	2	-	-	SYM
easat-8278	306	3	647	647	NUM
easat-8278	306	4	,	,	PUNCT
easat-8278	306	5	2007	2007	NUM
easat-8278	306	6	.	.	PUNCT
easat-8278	307	1	[	[	X
easat-8278	307	2	19	19	NUM
easat-8278	307	3	]	]	X
easat-8278	307	4	i.	i.	NOUN
easat-8278	307	5	m.	m.	PROPN
easat-8278	307	6	garcía‐sánchez	garcía‐sánchez	PROPN
easat-8278	307	7	and	and	CCONJ
easat-8278	307	8	e.	e.	PROPN
easat-8278	307	9	garcía‐meca	garcía‐meca	PROPN
easat-8278	307	10	,	,	PUNCT
easat-8278	307	11	"	"	PUNCT
easat-8278	307	12	csr	csr	X
easat-8278	307	13	engagement	engagement	NOUN
easat-8278	307	14	and	and	CCONJ
easat-8278	307	15	earnings	earning	NOUN
easat-8278	307	16	quality	quality	NOUN
easat-8278	307	17	in	in	ADP
easat-8278	307	18	banks	bank	NOUN
easat-8278	307	19	.	.	PUNCT
easat-8278	308	1	the	the	DET
easat-8278	308	2	moderating	moderate	VERB
easat-8278	308	3	role	role	NOUN
easat-8278	308	4	of	of	ADP
easat-8278	308	5	institutional	institutional	ADJ
easat-8278	308	6	factors	factor	NOUN
easat-8278	308	7	,	,	PUNCT
easat-8278	308	8	"	"	PUNCT
easat-8278	308	9	corporate	corporate	ADJ
easat-8278	308	10	social	social	ADJ
easat-8278	308	11	responsibility	responsibility	NOUN
easat-8278	308	12	and	and	CCONJ
easat-8278	308	13	environmental	environmental	ADJ
easat-8278	308	14	management	management	NOUN
easat-8278	308	15	,	,	PUNCT
easat-8278	308	16	vol	vol	NOUN
easat-8278	308	17	.	.	PROPN
easat-8278	308	18	24	24	NUM
easat-8278	308	19	,	,	PUNCT
easat-8278	308	20	no	no	INTJ
easat-8278	308	21	.	.	NOUN
easat-8278	308	22	2	2	NUM
easat-8278	308	23	,	,	PUNCT
easat-8278	308	24	pp	pp	ADJ
easat-8278	308	25	.	.	PUNCT
easat-8278	309	1	145	145	NUM
easat-8278	309	2	-	-	SYM
easat-8278	309	3	158	158	NUM
easat-8278	309	4	,	,	PUNCT
easat-8278	309	5	2017	2017	NUM
easat-8278	309	6	.	.	PUNCT
easat-8278	310	1	[	[	X
easat-8278	310	2	20	20	NUM
easat-8278	310	3	]	]	X
easat-8278	310	4	n.	n.	PROPN
easat-8278	310	5	kochkina	kochkina	PROPN
easat-8278	310	6	,	,	PUNCT
easat-8278	310	7	s.	s.	PROPN
easat-8278	310	8	macchia	macchia	PROPN
easat-8278	310	9	,	,	PUNCT
easat-8278	310	10	and	and	CCONJ
easat-8278	310	11	m.	m.	PROPN
easat-8278	310	12	floris	floris	PROPN
easat-8278	310	13	,	,	PUNCT
easat-8278	310	14	"	"	PUNCT
easat-8278	310	15	strategic	strategic	ADJ
easat-8278	310	16	language	language	NOUN
easat-8278	310	17	use	use	NOUN
easat-8278	310	18	in	in	ADP
easat-8278	310	19	sustainability	sustainability	NOUN
easat-8278	310	20	reporting	reporting	NOUN
easat-8278	310	21	:	:	PUNCT
easat-8278	310	22	an	an	DET
easat-8278	310	23	empirical	empirical	ADJ
easat-8278	310	24	study	study	NOUN
easat-8278	310	25	,	,	PUNCT
easat-8278	310	26	"	"	PUNCT
easat-8278	310	27	sustainability	sustainability	NOUN
easat-8278	310	28	,	,	PUNCT
easat-8278	310	29	vol	vol	NOUN
easat-8278	310	30	.	.	PROPN
easat-8278	310	31	16	16	NUM
easat-8278	310	32	,	,	PUNCT
easat-8278	310	33	no	no	INTJ
easat-8278	310	34	.	.	NOUN
easat-8278	310	35	23	23	NUM
easat-8278	310	36	,	,	PUNCT
easat-8278	310	37	p.	p.	NOUN
easat-8278	310	38	10229	10229	NUM
easat-8278	310	39	,	,	PUNCT
easat-8278	310	40	2024	2024	NUM
easat-8278	310	41	.	.	PUNCT
easat-8278	310	42	https://doi.org/10.3390/su162310229	https://doi.org/10.3390/su162310229	PUNCT
easat-8278	311	1	[	[	X
easat-8278	311	2	21	21	NUM
easat-8278	311	3	]	]	PUNCT
easat-8278	311	4	m.	m.	NOUN
easat-8278	311	5	luque	luque	PROPN
easat-8278	311	6	-	-	PUNCT
easat-8278	311	7	vílchez	vílchez	PROPN
easat-8278	311	8	,	,	PUNCT
easat-8278	311	9	m.	m.	NOUN
easat-8278	311	10	cordazzo	cordazzo	PROPN
easat-8278	311	11	,	,	PUNCT
easat-8278	311	12	g.	g.	PROPN
easat-8278	311	13	rimmel	rimmel	PROPN
easat-8278	311	14	,	,	PUNCT
easat-8278	311	15	and	and	CCONJ
easat-8278	311	16	c.	c.	PROPN
easat-8278	311	17	a.	a.	NOUN
easat-8278	311	18	tilt	tilt	PROPN
easat-8278	311	19	,	,	PUNCT
easat-8278	311	20	"	"	PUNCT
easat-8278	311	21	key	key	ADJ
easat-8278	311	22	aspects	aspect	NOUN
easat-8278	311	23	of	of	ADP
easat-8278	311	24	sustainability	sustainability	NOUN
easat-8278	311	25	reporting	report	VERB
easat-8278	311	26	quality	quality	NOUN
easat-8278	311	27	and	and	CCONJ
easat-8278	311	28	the	the	DET
easat-8278	311	29	future	future	NOUN
easat-8278	311	30	of	of	ADP
easat-8278	311	31	gri	gri	NOUN
easat-8278	311	32	,	,	PUNCT
easat-8278	311	33	"	"	PUNCT
easat-8278	311	34	sustainability	sustainability	NOUN
easat-8278	311	35	accounting	accounting	NOUN
easat-8278	311	36	,	,	PUNCT
easat-8278	311	37	management	management	NOUN
easat-8278	311	38	and	and	CCONJ
easat-8278	311	39	policy	policy	NOUN
easat-8278	311	40	journal	journal	NOUN
easat-8278	311	41	,	,	PUNCT
easat-8278	311	42	vol	vol	NOUN
easat-8278	311	43	.	.	PROPN
easat-8278	311	44	14	14	NUM
easat-8278	311	45	,	,	PUNCT
easat-8278	311	46	no	no	INTJ
easat-8278	311	47	.	.	NOUN
easat-8278	311	48	4	4	NUM
easat-8278	311	49	,	,	PUNCT
easat-8278	311	50	pp	pp	ADJ
easat-8278	311	51	.	.	PUNCT
easat-8278	312	1	637	637	NUM
easat-8278	312	2	-	-	SYM
easat-8278	312	3	659	659	NUM
easat-8278	312	4	,	,	PUNCT
easat-8278	312	5	2023	2023	NUM
easat-8278	312	6	.	.	PUNCT
easat-8278	313	1	[	[	X
easat-8278	313	2	22	22	NUM
easat-8278	313	3	]	]	PUNCT
easat-8278	313	4	s.	s.	PROPN
easat-8278	313	5	liu	liu	PROPN
easat-8278	313	6	,	,	PUNCT
easat-8278	313	7	j.	j.	PROPN
easat-8278	313	8	jin	jin	PROPN
easat-8278	313	9	,	,	PUNCT
easat-8278	313	10	and	and	CCONJ
easat-8278	313	11	k.	k.	PROPN
easat-8278	313	12	nainar	nainar	PROPN
easat-8278	313	13	,	,	PUNCT
easat-8278	313	14	"	"	PUNCT
easat-8278	313	15	does	do	AUX
easat-8278	313	16	esg	esg	NOUN
easat-8278	313	17	performance	performance	NOUN
easat-8278	313	18	reduce	reduce	VERB
easat-8278	313	19	banks	bank	NOUN
easat-8278	313	20	’	'	PUNCT
easat-8278	313	21	nonperforming	nonperforme	VERB
easat-8278	313	22	loans	loan	NOUN
easat-8278	313	23	?	?	PUNCT
easat-8278	313	24	,	,	PUNCT
easat-8278	313	25	"	"	PUNCT
easat-8278	313	26	finance	finance	NOUN
easat-8278	313	27	research	research	NOUN
easat-8278	313	28	letters	letter	NOUN
easat-8278	313	29	,	,	PUNCT
easat-8278	313	30	vol	vol	NOUN
easat-8278	313	31	.	.	PROPN
easat-8278	313	32	55	55	NUM
easat-8278	313	33	,	,	PUNCT
easat-8278	313	34	p.	p.	NOUN
easat-8278	313	35	103859	103859	NUM
easat-8278	313	36	,	,	PUNCT
easat-8278	313	37	2023	2023	NUM
easat-8278	313	38	.	.	PUNCT
easat-8278	314	1	[	[	X
easat-8278	314	2	23	23	NUM
easat-8278	314	3	]	]	X
easat-8278	314	4	b.	b.	PROPN
easat-8278	314	5	cheng	cheng	PROPN
easat-8278	314	6	,	,	PUNCT
easat-8278	314	7	i.	i.	PROPN
easat-8278	314	8	ioannou	ioannou	PROPN
easat-8278	314	9	,	,	PUNCT
easat-8278	314	10	and	and	CCONJ
easat-8278	314	11	g.	g.	PROPN
easat-8278	314	12	serafeim	serafeim	PROPN
easat-8278	314	13	,	,	PUNCT
easat-8278	314	14	"	"	PUNCT
easat-8278	314	15	corporate	corporate	ADJ
easat-8278	314	16	social	social	ADJ
easat-8278	314	17	responsibility	responsibility	NOUN
easat-8278	314	18	and	and	CCONJ
easat-8278	314	19	access	access	NOUN
easat-8278	314	20	to	to	ADP
easat-8278	314	21	finance	finance	NOUN
easat-8278	314	22	,	,	PUNCT
easat-8278	314	23	"	"	PUNCT
easat-8278	314	24	strategic	strategic	ADJ
easat-8278	314	25	management	management	NOUN
easat-8278	314	26	journal	journal	NOUN
easat-8278	314	27	,	,	PUNCT
easat-8278	314	28	vol	vol	NOUN
easat-8278	314	29	.	.	PROPN
easat-8278	314	30	35	35	NUM
easat-8278	314	31	,	,	PUNCT
easat-8278	314	32	no	no	INTJ
easat-8278	314	33	.	.	NOUN
easat-8278	314	34	1	1	NUM
easat-8278	314	35	,	,	PUNCT
easat-8278	314	36	pp	pp	ADJ
easat-8278	314	37	.	.	PUNCT
easat-8278	315	1	1	1	NUM
easat-8278	315	2	-	-	SYM
easat-8278	315	3	23	23	NUM
easat-8278	315	4	,	,	PUNCT
easat-8278	315	5	2014	2014	NUM
easat-8278	315	6	.	.	PUNCT
easat-8278	316	1	https://doi.org/10.1002/smj.2131	https://doi.org/10.1002/smj.2131	X
easat-8278	317	1	[	[	X
easat-8278	317	2	24	24	NUM
easat-8278	317	3	]	]	PUNCT
easat-8278	317	4	m.	m.	NOUN
easat-8278	317	5	jizi	jizi	PROPN
easat-8278	317	6	and	and	CCONJ
easat-8278	317	7	e.	e.	PROPN
easat-8278	317	8	thomas	thomas	PROPN
easat-8278	317	9	,	,	PUNCT
easat-8278	317	10	"	"	PUNCT
easat-8278	317	11	does	do	AUX
easat-8278	317	12	sustainability	sustainability	NOUN
easat-8278	317	13	performance	performance	NOUN
easat-8278	317	14	reflect	reflect	VERB
easat-8278	317	15	the	the	DET
easat-8278	317	16	quality	quality	NOUN
easat-8278	317	17	of	of	ADP
easat-8278	317	18	internal	internal	ADJ
easat-8278	317	19	controls	control	NOUN
easat-8278	317	20	?	?	PUNCT
easat-8278	317	21	,	,	PUNCT
easat-8278	317	22	"	"	PUNCT
easat-8278	317	23	journal	journal	NOUN
easat-8278	317	24	of	of	ADP
easat-8278	317	25	accounting	accounting	NOUN
easat-8278	317	26	&	&	CCONJ
easat-8278	317	27	organizational	organizational	ADJ
easat-8278	317	28	change	change	NOUN
easat-8278	317	29	,	,	PUNCT
easat-8278	317	30	2025	2025	NUM
easat-8278	317	31	.	.	PUNCT
easat-8278	318	1	https://doi.org/10.1108/jaoc-07-2024-0247	https://doi.org/10.1108/jaoc-07-2024-0247	X
easat-8278	319	1	[	[	X
easat-8278	319	2	25	25	NUM
easat-8278	319	3	]	]	PUNCT
easat-8278	319	4	s.	s.	PROPN
easat-8278	319	5	l.	l.	PROPN
easat-8278	319	6	hart	hart	PROPN
easat-8278	319	7	,	,	PUNCT
easat-8278	319	8	"	"	PUNCT
easat-8278	319	9	a	a	DET
easat-8278	319	10	natural	natural	ADJ
easat-8278	319	11	-	-	PUNCT
easat-8278	319	12	resource	resource	NOUN
easat-8278	319	13	-	-	PUNCT
easat-8278	319	14	based	base	VERB
easat-8278	319	15	view	view	NOUN
easat-8278	319	16	of	of	ADP
easat-8278	319	17	the	the	DET
easat-8278	319	18	firm	firm	NOUN
easat-8278	319	19	,	,	PUNCT
easat-8278	319	20	"	"	PUNCT
easat-8278	319	21	academy	academy	NOUN
easat-8278	319	22	of	of	ADP
easat-8278	319	23	management	management	PROPN
easat-8278	319	24	review	review	PROPN
easat-8278	319	25	,	,	PUNCT
easat-8278	319	26	vol	vol	NOUN
easat-8278	319	27	.	.	PROPN
easat-8278	319	28	20	20	NUM
easat-8278	319	29	,	,	PUNCT
easat-8278	319	30	no	no	INTJ
easat-8278	319	31	.	.	NOUN
easat-8278	319	32	4	4	NUM
easat-8278	319	33	,	,	PUNCT
easat-8278	319	34	pp	pp	ADJ
easat-8278	319	35	.	.	PUNCT
easat-8278	319	36	986	986	NUM
easat-8278	319	37	-	-	SYM
easat-8278	319	38	1014	1014	NUM
easat-8278	319	39	,	,	PUNCT
easat-8278	319	40	1995	1995	NUM
easat-8278	319	41	.	.	PUNCT
easat-8278	320	1	https://creativecommons.org/licenses/by/4.0/	https://creativecommons.org/licenses/by/4.0/	PROPN
easat-8278	320	2	https://doi.org/10.1080/20430795.2015.1118917	https://doi.org/10.1080/20430795.2015.1118917	PROPN
easat-8278	320	3	https://doi.org/10.2308/accr-51383	https://doi.org/10.2308/accr-51383	PROPN
easat-8278	320	4	https://doi.org/10.15408/etk.v22i1.25271	https://doi.org/10.15408/etk.v22i1.25271	VERB
easat-8278	320	5	https://doi.org/10.1002/ijfe.2908	https://doi.org/10.1002/ijfe.2908	NOUN
easat-8278	320	6	https://doi.org/10.1002/smj.2407	https://doi.org/10.1002/smj.2407	ADV
easat-8278	320	7	https://doi.org/10.2308/tar-2019-0506	https://doi.org/10.2308/tar-2019-0506	NOUN
easat-8278	320	8	https://doi.org/10.1111/jacf.12346	https://doi.org/10.1111/jacf.12346	VERB
easat-8278	320	9	https://doi.org/10.1002/csr.1724	https://doi.org/10.1002/csr.1724	PROPN
easat-8278	320	10	https://doi.org/10.1016/j.gfj.2017.03.001	https://doi.org/10.1016/j.gfj.2017.03.001	PROPN
easat-8278	320	11	https://doi.org/10.3390/su162310229	https://doi.org/10.3390/su162310229	PUNCT
easat-8278	320	12	https://doi.org/10.1002/smj.2131	https://doi.org/10.1002/smj.2131	X
easat-8278	320	13	https://doi.org/10.1108/jaoc-07-2024-0247	https://doi.org/10.1108/jaoc-07-2024-0247	PROPN
easat-8278	320	14	1930	1930	NUM
easat-8278	320	15	edelweiss	edelweiss	PROPN
easat-8278	320	16	applied	apply	VERB
easat-8278	320	17	science	science	NOUN
easat-8278	320	18	and	and	CCONJ
easat-8278	320	19	technology	technology	NOUN
easat-8278	320	20	issn	issn	PROPN
easat-8278	320	21	:	:	PUNCT
easat-8278	320	22	2576	2576	NUM
easat-8278	320	23	-	-	SYM
easat-8278	320	24	8484	8484	NUM
easat-8278	320	25	vol	vol	NOUN
easat-8278	320	26	.	.	PROPN
easat-8278	321	1	9	9	NUM
easat-8278	321	2	,	,	PUNCT
easat-8278	321	3	no	no	INTJ
easat-8278	321	4	.	.	NOUN
easat-8278	322	1	6	6	NUM
easat-8278	322	2	:	:	SYM
easat-8278	322	3	1918	1918	NUM
easat-8278	322	4	-	-	SYM
easat-8278	322	5	1930	1930	NUM
easat-8278	322	6	,	,	PUNCT
easat-8278	322	7	2025	2025	NUM
easat-8278	322	8	doi	doi	NOUN
easat-8278	322	9	:	:	PUNCT
easat-8278	322	10	10.55214/25768484.v9i6.8278	10.55214/25768484.v9i6.8278	PROPN
easat-8278	322	11	©	©	PROPN
easat-8278	322	12	2025	2025	NUM
easat-8278	322	13	by	by	ADP
easat-8278	322	14	the	the	DET
easat-8278	322	15	authors	author	NOUN
easat-8278	322	16	;	;	PUNCT
easat-8278	322	17	licensee	licensee	PROPN
easat-8278	322	18	learning	learning	NOUN
easat-8278	322	19	gate	gate	NOUN
easat-8278	323	1	[	[	X
easat-8278	323	2	26	26	NUM
easat-8278	323	3	]	]	X
easat-8278	323	4	r.	r.	PROPN
easat-8278	323	5	m.	m.	PROPN
easat-8278	323	6	baron	baron	PROPN
easat-8278	323	7	and	and	CCONJ
easat-8278	323	8	d.	d.	PROPN
easat-8278	323	9	a.	a.	PROPN
easat-8278	323	10	kenny	kenny	PROPN
easat-8278	323	11	,	,	PUNCT
easat-8278	323	12	"	"	PUNCT
easat-8278	323	13	the	the	DET
easat-8278	323	14	moderator	moderator	NOUN
easat-8278	323	15	–	–	PUNCT
easat-8278	323	16	mediator	mediator	NOUN
easat-8278	323	17	variable	variable	ADJ
easat-8278	323	18	distinction	distinction	NOUN
easat-8278	323	19	in	in	ADP
easat-8278	323	20	social	social	ADJ
easat-8278	323	21	psychological	psychological	ADJ
easat-8278	323	22	research	research	NOUN
easat-8278	323	23	:	:	PUNCT
easat-8278	323	24	conceptual	conceptual	ADJ
easat-8278	323	25	,	,	PUNCT
easat-8278	323	26	strategic	strategic	ADJ
easat-8278	323	27	,	,	PUNCT
easat-8278	323	28	and	and	CCONJ
easat-8278	323	29	statistical	statistical	ADJ
easat-8278	323	30	considerations	consideration	NOUN
easat-8278	323	31	,	,	PUNCT
easat-8278	323	32	"	"	PUNCT
easat-8278	323	33	journal	journal	NOUN
easat-8278	323	34	of	of	ADP
easat-8278	323	35	personality	personality	NOUN
easat-8278	323	36	and	and	CCONJ
easat-8278	323	37	social	social	ADJ
easat-8278	323	38	psychology	psychology	NOUN
easat-8278	323	39	,	,	PUNCT
easat-8278	323	40	vol	vol	NOUN
easat-8278	323	41	.	.	PROPN
easat-8278	324	1	51	51	NUM
easat-8278	324	2	,	,	PUNCT
easat-8278	324	3	no	no	INTJ
easat-8278	324	4	.	.	NOUN
easat-8278	324	5	6	6	NUM
easat-8278	324	6	,	,	PUNCT
easat-8278	324	7	p.	p.	NOUN
easat-8278	324	8	1173	1173	NUM
easat-8278	324	9	,	,	PUNCT
easat-8278	324	10	1986	1986	NUM
easat-8278	324	11	.	.	PUNCT
easat-8278	325	1	[	[	X
easat-8278	325	2	27	27	NUM
easat-8278	325	3	]	]	PUNCT
easat-8278	325	4	a.	a.	PROPN
easat-8278	325	5	f.	f.	PROPN
easat-8278	325	6	hayes	hayes	PROPN
easat-8278	325	7	,	,	PUNCT
easat-8278	325	8	an	an	DET
easat-8278	325	9	introduction	introduction	NOUN
easat-8278	325	10	to	to	ADP
easat-8278	325	11	mediation	mediation	NOUN
easat-8278	325	12	,	,	PUNCT
easat-8278	325	13	moderation	moderation	NOUN
easat-8278	325	14	,	,	PUNCT
easat-8278	325	15	and	and	CCONJ
easat-8278	325	16	conditional	conditional	ADJ
easat-8278	325	17	process	process	NOUN
easat-8278	325	18	analysis	analysis	NOUN
easat-8278	325	19	:	:	PUNCT
easat-8278	325	20	a	a	DET
easat-8278	325	21	regression	regression	NOUN
easat-8278	325	22	-	-	PUNCT
easat-8278	325	23	based	base	VERB
easat-8278	325	24	approach	approach	NOUN
easat-8278	325	25	,	,	PUNCT
easat-8278	325	26	2nd	2nd	ADJ
easat-8278	325	27	ed	ed	NOUN
easat-8278	325	28	.	.	PUNCT
easat-8278	326	1	new	new	PROPN
easat-8278	326	2	york	york	PROPN
easat-8278	326	3	:	:	PUNCT
easat-8278	326	4	guilford	guilford	PROPN
easat-8278	326	5	press	press	PROPN
easat-8278	326	6	,	,	PUNCT
easat-8278	326	7	2018	2018	NUM
easat-8278	326	8	.	.	PUNCT
easat-8278	327	1	[	[	X
easat-8278	327	2	28	28	NUM
easat-8278	327	3	]	]	X
easat-8278	327	4	j.	j.	PROPN
easat-8278	327	5	a.	a.	PROPN
easat-8278	327	6	hausman	hausman	PROPN
easat-8278	327	7	,	,	PUNCT
easat-8278	327	8	"	"	PUNCT
easat-8278	327	9	specification	specification	NOUN
easat-8278	327	10	tests	test	NOUN
easat-8278	327	11	in	in	ADP
easat-8278	327	12	econometrics	econometric	NOUN
easat-8278	327	13	,	,	PUNCT
easat-8278	327	14	"	"	PUNCT
easat-8278	327	15	econometrica	econometrica	PROPN
easat-8278	327	16	:	:	PUNCT
easat-8278	327	17	journal	journal	NOUN
easat-8278	327	18	of	of	ADP
easat-8278	327	19	the	the	DET
easat-8278	327	20	econometric	econometric	ADJ
easat-8278	327	21	society	society	NOUN
easat-8278	327	22	,	,	PUNCT
easat-8278	327	23	vol	vol	NOUN
easat-8278	327	24	.	.	PROPN
easat-8278	327	25	46	46	NUM
easat-8278	327	26	,	,	PUNCT
easat-8278	327	27	no	no	INTJ
easat-8278	327	28	.	.	NOUN
easat-8278	327	29	6	6	NUM
easat-8278	327	30	,	,	PUNCT
easat-8278	327	31	pp	pp	ADJ
easat-8278	327	32	.	.	PUNCT
easat-8278	328	1	1251	1251	NUM
easat-8278	328	2	-	-	SYM
easat-8278	328	3	1271	1271	NUM
easat-8278	328	4	,	,	PUNCT
easat-8278	328	5	1978	1978	NUM
easat-8278	328	6	.	.	PUNCT
easat-8278	328	7	https://doi.org/10.2307/1913827	https://doi.org/10.2307/1913827	X
easat-8278	329	1	[	[	X
easat-8278	329	2	29	29	NUM
easat-8278	329	3	]	]	PUNCT
easat-8278	329	4	t.	t.	PROPN
easat-8278	329	5	s.	s.	PROPN
easat-8278	329	6	breusch	breusch	PROPN
easat-8278	329	7	and	and	CCONJ
easat-8278	329	8	a.	a.	PROPN
easat-8278	329	9	r.	r.	PROPN
easat-8278	329	10	pagan	pagan	PROPN
easat-8278	329	11	,	,	PUNCT
easat-8278	329	12	"	"	PUNCT
easat-8278	329	13	a	a	DET
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easat-8278	329	15	test	test	NOUN
easat-8278	329	16	for	for	ADP
easat-8278	329	17	heteroscedasticity	heteroscedasticity	NOUN
easat-8278	329	18	and	and	CCONJ
easat-8278	329	19	random	random	ADJ
easat-8278	329	20	coefficient	coefficient	NOUN
easat-8278	329	21	variation	variation	NOUN
easat-8278	329	22	,	,	PUNCT
easat-8278	329	23	"	"	PUNCT
easat-8278	329	24	econometrica	econometrica	PROPN
easat-8278	329	25	:	:	PUNCT
easat-8278	329	26	journal	journal	NOUN
easat-8278	329	27	of	of	ADP
easat-8278	329	28	the	the	DET
easat-8278	329	29	econometric	econometric	ADJ
easat-8278	329	30	society	society	NOUN
easat-8278	329	31	,	,	PUNCT
easat-8278	329	32	vol	vol	NOUN
easat-8278	329	33	.	.	PROPN
easat-8278	330	1	47	47	NUM
easat-8278	330	2	,	,	PUNCT
easat-8278	330	3	no	no	INTJ
easat-8278	330	4	.	.	NOUN
easat-8278	330	5	5	5	NUM
easat-8278	330	6	,	,	PUNCT
easat-8278	330	7	pp	pp	ADJ
easat-8278	330	8	.	.	PUNCT
easat-8278	331	1	1287	1287	NUM
easat-8278	331	2	-	-	SYM
easat-8278	331	3	1294	1294	NUM
easat-8278	331	4	,	,	PUNCT
easat-8278	331	5	1979	1979	NUM
easat-8278	331	6	.	.	PUNCT
easat-8278	332	1	https://doi.org/10.2307/1911963	https://doi.org/10.2307/1911963	PUNCT
easat-8278	333	1	[	[	X
easat-8278	333	2	30	30	NUM
easat-8278	333	3	]	]	X
easat-8278	333	4	j.	j.	PROPN
easat-8278	333	5	m.	m.	PROPN
easat-8278	333	6	wooldridge	wooldridge	PROPN
easat-8278	333	7	,	,	PUNCT
easat-8278	333	8	econometric	econometric	VERB
easat-8278	333	9	analysis	analysis	NOUN
easat-8278	333	10	of	of	ADP
easat-8278	333	11	cross	cross	NOUN
easat-8278	333	12	section	section	NOUN
easat-8278	333	13	and	and	CCONJ
easat-8278	333	14	panel	panel	NOUN
easat-8278	333	15	data	datum	NOUN
easat-8278	333	16	.	.	PUNCT
easat-8278	334	1	cambridge	cambridge	PROPN
easat-8278	334	2	,	,	PUNCT
easat-8278	334	3	ma	ma	PROPN
easat-8278	334	4	:	:	PUNCT
easat-8278	334	5	the	the	DET
easat-8278	334	6	mit	mit	PROPN
easat-8278	334	7	press	press	NOUN
easat-8278	334	8	,	,	PUNCT
easat-8278	334	9	2010	2010	NUM
easat-8278	334	10	.	.	PUNCT
easat-8278	335	1	[	[	X
easat-8278	335	2	31	31	NUM
easat-8278	335	3	]	]	X
easat-8278	335	4	d.	d.	PROPN
easat-8278	335	5	hoechle	hoechle	PROPN
easat-8278	335	6	,	,	PUNCT
easat-8278	335	7	"	"	PUNCT
easat-8278	335	8	robust	robust	ADJ
easat-8278	335	9	standard	standard	ADJ
easat-8278	335	10	errors	error	NOUN
easat-8278	335	11	for	for	ADP
easat-8278	335	12	panel	panel	NOUN
easat-8278	335	13	regressions	regression	NOUN
easat-8278	335	14	with	with	ADP
easat-8278	335	15	cross	cross	ADJ
easat-8278	335	16	-	-	ADJ
easat-8278	335	17	sectional	sectional	ADJ
easat-8278	335	18	dependence	dependence	NOUN
easat-8278	335	19	,	,	PUNCT
easat-8278	335	20	"	"	PUNCT
easat-8278	335	21	the	the	DET
easat-8278	335	22	stata	stata	PROPN
easat-8278	335	23	journal	journal	NOUN
easat-8278	335	24	,	,	PUNCT
easat-8278	335	25	vol	vol	NOUN
easat-8278	335	26	.	.	PROPN
easat-8278	335	27	7	7	NUM
easat-8278	335	28	,	,	PUNCT
easat-8278	335	29	no	no	INTJ
easat-8278	335	30	.	.	NOUN
easat-8278	335	31	3	3	NUM
easat-8278	335	32	,	,	PUNCT
easat-8278	335	33	pp	pp	ADJ
easat-8278	335	34	.	.	PUNCT
easat-8278	336	1	281	281	NUM
easat-8278	336	2	-	-	SYM
easat-8278	336	3	312	312	NUM
easat-8278	336	4	,	,	PUNCT
easat-8278	336	5	2007	2007	NUM
easat-8278	336	6	.	.	PUNCT
easat-8278	337	1	https://doi.org/10.1177/1536867x0700700301	https://doi.org/10.1177/1536867x0700700301	X
easat-8278	338	1	[	[	X
easat-8278	338	2	32	32	NUM
easat-8278	338	3	]	]	PUNCT
easat-8278	338	4	d.	d.	PROPN
easat-8278	338	5	reimsbach	reimsbach	PROPN
easat-8278	338	6	,	,	PUNCT
easat-8278	338	7	r.	r.	PROPN
easat-8278	338	8	hahn	hahn	PROPN
easat-8278	338	9	,	,	PUNCT
easat-8278	338	10	and	and	CCONJ
easat-8278	338	11	a.	a.	NOUN
easat-8278	338	12	gürtürk	gürtürk	NOUN
easat-8278	338	13	,	,	PUNCT
easat-8278	338	14	"	"	PUNCT
easat-8278	338	15	integrated	integrated	ADJ
easat-8278	338	16	reporting	reporting	NOUN
easat-8278	338	17	and	and	CCONJ
easat-8278	338	18	assurance	assurance	NOUN
easat-8278	338	19	of	of	ADP
easat-8278	338	20	sustainability	sustainability	NOUN
easat-8278	338	21	information	information	NOUN
easat-8278	338	22	:	:	PUNCT
easat-8278	338	23	an	an	DET
easat-8278	338	24	experimental	experimental	ADJ
easat-8278	338	25	study	study	NOUN
easat-8278	338	26	on	on	ADP
easat-8278	338	27	professional	professional	ADJ
easat-8278	338	28	investors	investor	NOUN
easat-8278	338	29	’	’	PART
easat-8278	338	30	information	information	NOUN
easat-8278	338	31	processing	processing	NOUN
easat-8278	338	32	,	,	PUNCT
easat-8278	338	33	"	"	PUNCT
easat-8278	338	34	european	european	ADJ
easat-8278	338	35	accounting	accounting	PROPN
easat-8278	338	36	review	review	PROPN
easat-8278	338	37	,	,	PUNCT
easat-8278	338	38	vol	vol	NOUN
easat-8278	338	39	.	.	PROPN
easat-8278	338	40	27	27	NUM
easat-8278	338	41	,	,	PUNCT
easat-8278	338	42	no	no	INTJ
easat-8278	338	43	.	.	NOUN
easat-8278	338	44	3	3	NUM
easat-8278	338	45	,	,	PUNCT
easat-8278	338	46	pp	pp	ADJ
easat-8278	338	47	.	.	PUNCT
easat-8278	339	1	559	559	NUM
easat-8278	339	2	-	-	SYM
easat-8278	339	3	581	581	NUM
easat-8278	339	4	,	,	PUNCT
easat-8278	339	5	2018	2018	NUM
easat-8278	339	6	.	.	PUNCT
easat-8278	340	1	https://doi.org/10.1080/09638180.2016.1273787	https://doi.org/10.1080/09638180.2016.1273787	PROPN
easat-8278	340	2	https://doi.org/10.2307/1913827	https://doi.org/10.2307/1913827	X
easat-8278	340	3	https://doi.org/10.2307/1911963	https://doi.org/10.2307/1911963	PROPN
easat-8278	340	4	https://doi.org/10.1177/1536867x0700700301	https://doi.org/10.1177/1536867x0700700301	PRON
easat-8278	341	1	https://doi.org/10.1080/09638180.2016.1273787	https://doi.org/10.1080/09638180.2016.1273787	PROPN