id	sid	tid	token	lemma	pos
easat-9256	1	1	edelweiss	edelweiss	PROPN
easat-9256	1	2	applied	apply	VERB
easat-9256	1	3	science	science	NOUN
easat-9256	1	4	and	and	CCONJ
easat-9256	1	5	technology	technology	NOUN
easat-9256	1	6	issn	issn	PROPN
easat-9256	1	7	:	:	PUNCT
easat-9256	1	8	2576	2576	NUM
easat-9256	1	9	-	-	SYM
easat-9256	1	10	8484	8484	NUM
easat-9256	1	11	vol	vol	NOUN
easat-9256	1	12	.	.	PROPN
easat-9256	2	1	9	9	NUM
easat-9256	2	2	,	,	PUNCT
easat-9256	2	3	no	no	INTJ
easat-9256	2	4	.	.	NOUN
easat-9256	2	5	8	8	NUM
easat-9256	2	6	,	,	PUNCT
easat-9256	2	7	211	211	NUM
easat-9256	2	8	-	-	SYM
easat-9256	2	9	230	230	NUM
easat-9256	2	10	2025	2025	NUM
easat-9256	2	11	publisher	publisher	NOUN
easat-9256	2	12	:	:	PUNCT
easat-9256	2	13	learning	learn	VERB
easat-9256	2	14	gate	gate	NOUN
easat-9256	2	15	doi	doi	PROPN
easat-9256	2	16	:	:	PUNCT
easat-9256	2	17	10.55214/2576	10.55214/2576	NUM
easat-9256	2	18	-	-	SYM
easat-9256	2	19	8484.v9i8.9256	8484.v9i8.9256	NUM
easat-9256	2	20	©	©	ADP
easat-9256	2	21	2025	2025	NUM
easat-9256	2	22	by	by	ADP
easat-9256	2	23	the	the	DET
easat-9256	2	24	authors	author	NOUN
easat-9256	2	25	;	;	PUNCT
easat-9256	2	26	licensee	licensee	PROPN
easat-9256	2	27	learning	learning	NOUN
easat-9256	2	28	gate	gate	NOUN
easat-9256	3	1	©	©	PROPN
easat-9256	3	2	2025	2025	NUM
easat-9256	3	3	by	by	ADP
easat-9256	3	4	the	the	DET
easat-9256	3	5	authors	author	NOUN
easat-9256	3	6	;	;	PUNCT
easat-9256	3	7	licensee	licensee	PROPN
easat-9256	3	8	learning	learning	NOUN
easat-9256	3	9	gate	gate	NOUN
easat-9256	3	10	history	history	NOUN
easat-9256	3	11	:	:	PUNCT
easat-9256	3	12	received	receive	VERB
easat-9256	3	13	:	:	PUNCT
easat-9256	3	14	14	14	NUM
easat-9256	3	15	may	may	PROPN
easat-9256	3	16	2025	2025	NUM
easat-9256	3	17	;	;	PUNCT
easat-9256	3	18	revised	revise	VERB
easat-9256	3	19	:	:	PUNCT
easat-9256	3	20	13	13	NUM
easat-9256	3	21	june	june	PROPN
easat-9256	3	22	2025	2025	NUM
easat-9256	3	23	;	;	PUNCT
easat-9256	3	24	accepted	accept	VERB
easat-9256	3	25	:	:	PUNCT
easat-9256	3	26	17	17	NUM
easat-9256	3	27	june	june	PROPN
easat-9256	3	28	2025	2025	NUM
easat-9256	3	29	;	;	PUNCT
easat-9256	3	30	published	publish	VERB
easat-9256	3	31	:	:	PUNCT
easat-9256	3	32	4	4	NUM
easat-9256	3	33	august	august	PROPN
easat-9256	3	34	2025	2025	NUM
easat-9256	3	35	*	*	PUNCT
easat-9256	3	36	correspondence	correspondence	NOUN
easat-9256	3	37	:	:	PUNCT
easat-9256	4	1	aryabayuwicaksana@gmail.com	aryabayuwicaksana@gmail.com	X
easat-9256	4	2	agency	agency	NOUN
easat-9256	4	3	,	,	PUNCT
easat-9256	4	4	signals	signal	NOUN
easat-9256	4	5	,	,	PUNCT
easat-9256	4	6	and	and	CCONJ
easat-9256	4	7	the	the	DET
easat-9256	4	8	paradox	paradox	NOUN
easat-9256	4	9	of	of	ADP
easat-9256	4	10	efficiency	efficiency	NOUN
easat-9256	4	11	:	:	PUNCT
easat-9256	4	12	mediating	mediate	VERB
easat-9256	4	13	role	role	NOUN
easat-9256	4	14	of	of	ADP
easat-9256	4	15	investment	investment	NOUN
easat-9256	4	16	efficiency	efficiency	NOUN
easat-9256	4	17	in	in	ADP
easat-9256	4	18	determining	determine	VERB
easat-9256	4	19	firm	firm	ADJ
easat-9256	4	20	value	value	NOUN
easat-9256	4	21	in	in	ADP
easat-9256	4	22	indonesia	indonesia	PROPN
easat-9256	4	23	ketut	ketut	PROPN
easat-9256	4	24	arya	arya	PROPN
easat-9256	4	25	bayu	bayu	VERB
easat-9256	4	26	wicaksana1	wicaksana1	PROPN
easat-9256	4	27	*	*	PROPN
easat-9256	4	28	,	,	PUNCT
easat-9256	4	29	ida	ida	PROPN
easat-9256	4	30	bagus	bagus	PROPN
easat-9256	4	31	anom	anom	PROPN
easat-9256	4	32	purbawangsa2	purbawangsa2	PROPN
easat-9256	4	33	,	,	PUNCT
easat-9256	4	34	luh	luh	PROPN
easat-9256	4	35	gede	gede	PROPN
easat-9256	4	36	sri	sri	PROPN
easat-9256	5	1	artini3	artini3	PROPN
easat-9256	5	2	,	,	PUNCT
easat-9256	5	3	ica	ica	PROPN
easat-9256	5	4	rika	rika	PROPN
easat-9256	5	5	candraningrat4	candraningrat4	PROPN
easat-9256	5	6	1,2,3,4faculty	1,2,3,4faculty	PROPN
easat-9256	5	7	of	of	ADP
easat-9256	5	8	economic	economic	ADJ
easat-9256	5	9	and	and	CCONJ
easat-9256	5	10	business	business	NOUN
easat-9256	5	11	udayana	udayana	PROPN
easat-9256	5	12	university	university	PROPN
easat-9256	5	13	,	,	PUNCT
easat-9256	5	14	indonesia	indonesia	PROPN
easat-9256	5	15	;	;	PUNCT
easat-9256	5	16	aryabayuwicaksana@gmail.com	aryabayuwicaksana@gmail.com	X
easat-9256	5	17	(	(	PUNCT
easat-9256	5	18	k.a.b.w	k.a.b.w	PROPN
easat-9256	5	19	.	.	PROPN
easat-9256	5	20	)	)	PUNCT
easat-9256	6	1	gidabagus@unud.ac.id	gidabagus@unud.ac.id	NOUN
easat-9256	6	2	(	(	PUNCT
easat-9256	6	3	i.b.a.p	i.b.a.p	PROPN
easat-9256	6	4	.	.	PUNCT
easat-9256	6	5	)	)	PUNCT
easat-9256	7	1	lg_artini@unud.ac.id	lg_artini@unud.ac.id	PROPN
easat-9256	7	2	(	(	PUNCT
easat-9256	7	3	l.g.s.a	l.g.s.a	PROPN
easat-9256	7	4	.	.	PUNCT
easat-9256	7	5	)	)	PUNCT
easat-9256	8	1	candraningrat@unud.ac.id	candraningrat@unud.ac.id	NOUN
easat-9256	8	2	(	(	PUNCT
easat-9256	8	3	i.r	i.r	PROPN
easat-9256	8	4	.	.	PROPN
easat-9256	8	5	)	)	PUNCT
easat-9256	8	6	.	.	PUNCT
easat-9256	9	1	abstract	abstract	ADV
easat-9256	9	2	:	:	PUNCT
easat-9256	9	3	this	this	DET
easat-9256	9	4	study	study	NOUN
easat-9256	9	5	examines	examine	VERB
easat-9256	9	6	the	the	DET
easat-9256	9	7	mediating	mediate	VERB
easat-9256	9	8	role	role	NOUN
easat-9256	9	9	of	of	ADP
easat-9256	9	10	investment	investment	NOUN
easat-9256	9	11	efficiency	efficiency	NOUN
easat-9256	9	12	in	in	ADP
easat-9256	9	13	the	the	DET
easat-9256	9	14	relationship	relationship	NOUN
easat-9256	9	15	between	between	ADP
easat-9256	9	16	financial	financial	ADJ
easat-9256	9	17	performance	performance	NOUN
easat-9256	9	18	,	,	PUNCT
easat-9256	9	19	business	business	NOUN
easat-9256	9	20	risk	risk	NOUN
easat-9256	9	21	,	,	PUNCT
easat-9256	9	22	institutional	institutional	ADJ
easat-9256	9	23	ownership	ownership	NOUN
easat-9256	9	24	,	,	PUNCT
easat-9256	9	25	and	and	CCONJ
easat-9256	9	26	board	board	NOUN
easat-9256	9	27	diversity	diversity	NOUN
easat-9256	9	28	on	on	ADP
easat-9256	9	29	firm	firm	ADJ
easat-9256	9	30	value	value	NOUN
easat-9256	9	31	in	in	ADP
easat-9256	9	32	indonesia	indonesia	PROPN
easat-9256	9	33	.	.	PUNCT
easat-9256	10	1	grounded	ground	VERB
easat-9256	10	2	in	in	ADP
easat-9256	10	3	agency	agency	NOUN
easat-9256	10	4	and	and	CCONJ
easat-9256	10	5	signaling	signal	VERB
easat-9256	10	6	theories	theory	NOUN
easat-9256	10	7	,	,	PUNCT
easat-9256	10	8	the	the	DET
easat-9256	10	9	study	study	NOUN
easat-9256	10	10	employs	employ	VERB
easat-9256	10	11	a	a	DET
easat-9256	10	12	dual	dual	ADJ
easat-9256	10	13	-	-	PUNCT
easat-9256	10	14	theoretical	theoretical	ADJ
easat-9256	10	15	framework	framework	NOUN
easat-9256	10	16	to	to	PART
easat-9256	10	17	analyze	analyze	VERB
easat-9256	10	18	how	how	SCONJ
easat-9256	10	19	internal	internal	ADJ
easat-9256	10	20	governance	governance	NOUN
easat-9256	10	21	mechanisms	mechanism	NOUN
easat-9256	10	22	affect	affect	VERB
easat-9256	10	23	market	market	NOUN
easat-9256	10	24	valuation	valuation	NOUN
easat-9256	10	25	.	.	PUNCT
easat-9256	11	1	using	use	VERB
easat-9256	11	2	panel	panel	NOUN
easat-9256	11	3	data	datum	NOUN
easat-9256	11	4	from	from	ADP
easat-9256	11	5	711	711	NUM
easat-9256	11	6	firm	firm	ADJ
easat-9256	11	7	-	-	PUNCT
easat-9256	11	8	year	year	NOUN
easat-9256	11	9	observations	observation	NOUN
easat-9256	11	10	of	of	ADP
easat-9256	11	11	non	non	ADJ
easat-9256	11	12	-	-	ADJ
easat-9256	11	13	financial	financial	ADJ
easat-9256	11	14	firms	firm	NOUN
easat-9256	11	15	listed	list	VERB
easat-9256	11	16	on	on	ADP
easat-9256	11	17	the	the	DET
easat-9256	11	18	indonesia	indonesia	PROPN
easat-9256	11	19	stock	stock	PROPN
easat-9256	11	20	exchange	exchange	PROPN
easat-9256	11	21	(	(	PUNCT
easat-9256	11	22	2016–2019	2016–2019	NUM
easat-9256	11	23	)	)	PUNCT
easat-9256	11	24	,	,	PUNCT
easat-9256	11	25	the	the	DET
easat-9256	11	26	analysis	analysis	NOUN
easat-9256	11	27	is	be	AUX
easat-9256	11	28	conducted	conduct	VERB
easat-9256	11	29	using	use	VERB
easat-9256	11	30	pls	pls	NOUN
easat-9256	11	31	-	-	PUNCT
easat-9256	11	32	sem	sem	NOUN
easat-9256	11	33	.	.	PUNCT
easat-9256	12	1	contrary	contrary	ADJ
easat-9256	12	2	to	to	ADP
easat-9256	12	3	expectations	expectation	NOUN
easat-9256	12	4	,	,	PUNCT
easat-9256	12	5	financial	financial	ADJ
easat-9256	12	6	performance	performance	NOUN
easat-9256	12	7	and	and	CCONJ
easat-9256	12	8	investment	investment	NOUN
easat-9256	12	9	efficiency	efficiency	NOUN
easat-9256	12	10	significantly	significantly	ADV
easat-9256	12	11	and	and	CCONJ
easat-9256	12	12	negatively	negatively	ADV
easat-9256	12	13	affect	affect	VERB
easat-9256	12	14	firm	firm	ADJ
easat-9256	12	15	value	value	NOUN
easat-9256	12	16	,	,	PUNCT
easat-9256	12	17	suggesting	suggest	VERB
easat-9256	12	18	that	that	SCONJ
easat-9256	12	19	conservative	conservative	ADJ
easat-9256	12	20	financial	financial	ADJ
easat-9256	12	21	behavior	behavior	NOUN
easat-9256	12	22	may	may	AUX
easat-9256	12	23	signal	signal	VERB
easat-9256	12	24	limited	limited	ADJ
easat-9256	12	25	growth	growth	NOUN
easat-9256	12	26	prospects	prospect	NOUN
easat-9256	12	27	.	.	PUNCT
easat-9256	13	1	business	business	NOUN
easat-9256	13	2	risk	risk	NOUN
easat-9256	13	3	also	also	ADV
easat-9256	13	4	has	have	VERB
easat-9256	13	5	a	a	DET
easat-9256	13	6	negative	negative	ADJ
easat-9256	13	7	impact	impact	NOUN
easat-9256	13	8	on	on	ADP
easat-9256	13	9	firm	firm	ADJ
easat-9256	13	10	value	value	NOUN
easat-9256	13	11	but	but	CCONJ
easat-9256	13	12	shows	show	VERB
easat-9256	13	13	a	a	DET
easat-9256	13	14	significant	significant	ADJ
easat-9256	13	15	partial	partial	ADJ
easat-9256	13	16	mediation	mediation	NOUN
easat-9256	13	17	through	through	ADP
easat-9256	13	18	investment	investment	NOUN
easat-9256	13	19	efficiency	efficiency	NOUN
easat-9256	13	20	.	.	PUNCT
easat-9256	14	1	institutional	institutional	ADJ
easat-9256	14	2	ownership	ownership	NOUN
easat-9256	14	3	positively	positively	ADV
easat-9256	14	4	influences	influence	VERB
easat-9256	14	5	investment	investment	NOUN
easat-9256	14	6	efficiency	efficiency	NOUN
easat-9256	14	7	but	but	CCONJ
easat-9256	14	8	does	do	AUX
easat-9256	14	9	not	not	PART
easat-9256	14	10	directly	directly	ADV
easat-9256	14	11	affect	affect	VERB
easat-9256	14	12	firm	firm	ADJ
easat-9256	14	13	value	value	NOUN
easat-9256	14	14	.	.	PUNCT
easat-9256	15	1	board	board	NOUN
easat-9256	15	2	diversity	diversity	NOUN
easat-9256	15	3	negatively	negatively	ADV
easat-9256	15	4	correlates	correlate	VERB
easat-9256	15	5	with	with	ADP
easat-9256	15	6	firm	firm	ADJ
easat-9256	15	7	value	value	NOUN
easat-9256	15	8	and	and	CCONJ
easat-9256	15	9	has	have	VERB
easat-9256	15	10	no	no	DET
easat-9256	15	11	significant	significant	ADJ
easat-9256	15	12	impact	impact	NOUN
easat-9256	15	13	on	on	ADP
easat-9256	15	14	investment	investment	NOUN
easat-9256	15	15	efficiency	efficiency	NOUN
easat-9256	15	16	.	.	PUNCT
easat-9256	16	1	the	the	DET
easat-9256	16	2	findings	finding	NOUN
easat-9256	16	3	highlight	highlight	VERB
easat-9256	16	4	a	a	DET
easat-9256	16	5	disconnect	disconnect	NOUN
easat-9256	16	6	between	between	ADP
easat-9256	16	7	internal	internal	ADJ
easat-9256	16	8	governance	governance	NOUN
easat-9256	16	9	and	and	CCONJ
easat-9256	16	10	market	market	NOUN
easat-9256	16	11	perception	perception	NOUN
easat-9256	16	12	,	,	PUNCT
easat-9256	16	13	particularly	particularly	ADV
easat-9256	16	14	in	in	ADP
easat-9256	16	15	emerging	emerge	VERB
easat-9256	16	16	markets	market	NOUN
easat-9256	16	17	where	where	SCONJ
easat-9256	16	18	speculative	speculative	ADJ
easat-9256	16	19	growth	growth	NOUN
easat-9256	16	20	expectations	expectation	NOUN
easat-9256	16	21	may	may	AUX
easat-9256	16	22	overshadow	overshadow	VERB
easat-9256	16	23	governance	governance	NOUN
easat-9256	16	24	signals	signal	NOUN
easat-9256	16	25	.	.	PUNCT
easat-9256	17	1	this	this	DET
easat-9256	17	2	study	study	NOUN
easat-9256	17	3	contributes	contribute	VERB
easat-9256	17	4	to	to	ADP
easat-9256	17	5	the	the	DET
easat-9256	17	6	literature	literature	NOUN
easat-9256	17	7	by	by	ADP
easat-9256	17	8	revealing	reveal	VERB
easat-9256	17	9	the	the	DET
easat-9256	17	10	context	context	NOUN
easat-9256	17	11	-	-	PUNCT
easat-9256	17	12	dependent	dependent	ADJ
easat-9256	17	13	nature	nature	NOUN
easat-9256	17	14	of	of	ADP
easat-9256	17	15	agency	agency	NOUN
easat-9256	17	16	mechanisms	mechanism	NOUN
easat-9256	17	17	and	and	CCONJ
easat-9256	17	18	signaling	signal	VERB
easat-9256	17	19	effects	effect	NOUN
easat-9256	17	20	and	and	CCONJ
easat-9256	17	21	emphasizes	emphasize	VERB
easat-9256	17	22	the	the	DET
easat-9256	17	23	importance	importance	NOUN
easat-9256	17	24	of	of	ADP
easat-9256	17	25	aligning	align	VERB
easat-9256	17	26	internal	internal	ADJ
easat-9256	17	27	strategies	strategy	NOUN
easat-9256	17	28	with	with	ADP
easat-9256	17	29	external	external	ADJ
easat-9256	17	30	communication	communication	NOUN
easat-9256	17	31	to	to	PART
easat-9256	17	32	reduce	reduce	VERB
easat-9256	17	33	perceptual	perceptual	ADJ
easat-9256	17	34	gaps	gap	NOUN
easat-9256	17	35	.	.	PUNCT
easat-9256	18	1	keywords	keyword	NOUN
easat-9256	18	2	:	:	PUNCT
easat-9256	18	3	agency	agency	NOUN
easat-9256	18	4	theory	theory	NOUN
easat-9256	18	5	,	,	PUNCT
easat-9256	18	6	board	board	NOUN
easat-9256	18	7	diversity	diversity	NOUN
easat-9256	18	8	,	,	PUNCT
easat-9256	18	9	business	business	NOUN
easat-9256	18	10	risk	risk	NOUN
easat-9256	18	11	,	,	PUNCT
easat-9256	18	12	emerging	emerge	VERB
easat-9256	18	13	markets	market	NOUN
easat-9256	18	14	,	,	PUNCT
easat-9256	18	15	firm	firm	ADJ
easat-9256	18	16	value	value	NOUN
easat-9256	18	17	,	,	PUNCT
easat-9256	18	18	indonesia	indonesia	PROPN
easat-9256	18	19	,	,	PUNCT
easat-9256	18	20	institutional	institutional	ADJ
easat-9256	18	21	ownership	ownership	NOUN
easat-9256	18	22	,	,	PUNCT
easat-9256	18	23	investment	investment	NOUN
easat-9256	18	24	efficiency	efficiency	NOUN
easat-9256	18	25	,	,	PUNCT
easat-9256	18	26	signaling	signal	VERB
easat-9256	18	27	theory	theory	NOUN
easat-9256	18	28	.	.	PUNCT
easat-9256	19	1	1	1	X
easat-9256	19	2	.	.	X
easat-9256	19	3	introduction	introduction	NOUN
easat-9256	19	4	firm	firm	NOUN
easat-9256	19	5	value	value	NOUN
easat-9256	19	6	plays	play	VERB
easat-9256	19	7	a	a	DET
easat-9256	19	8	central	central	ADJ
easat-9256	19	9	role	role	NOUN
easat-9256	19	10	in	in	ADP
easat-9256	19	11	modern	modern	ADJ
easat-9256	19	12	corporate	corporate	ADJ
easat-9256	19	13	finance	finance	NOUN
easat-9256	19	14	as	as	SCONJ
easat-9256	19	15	it	it	PRON
easat-9256	19	16	encapsulates	encapsulate	VERB
easat-9256	19	17	the	the	DET
easat-9256	19	18	market	market	NOUN
easat-9256	19	19	’s	’s	PART
easat-9256	19	20	expectations	expectation	NOUN
easat-9256	19	21	regarding	regard	VERB
easat-9256	19	22	a	a	DET
easat-9256	19	23	company	company	NOUN
easat-9256	19	24	's	's	PART
easat-9256	19	25	long	long	ADJ
easat-9256	19	26	-	-	PUNCT
easat-9256	19	27	term	term	NOUN
easat-9256	19	28	performance	performance	NOUN
easat-9256	19	29	,	,	PUNCT
easat-9256	19	30	risk	risk	NOUN
easat-9256	19	31	management	management	NOUN
easat-9256	19	32	,	,	PUNCT
easat-9256	19	33	and	and	CCONJ
easat-9256	19	34	governance	governance	NOUN
easat-9256	19	35	quality	quality	NOUN
easat-9256	20	1	[	[	X
easat-9256	20	2	1	1	NUM
easat-9256	20	3	,	,	PUNCT
easat-9256	20	4	2	2	NUM
easat-9256	20	5	]	]	PUNCT
easat-9256	20	6	.	.	PUNCT
easat-9256	21	1	in	in	ADP
easat-9256	21	2	broad	broad	ADJ
easat-9256	21	3	terms	term	NOUN
easat-9256	21	4	,	,	PUNCT
easat-9256	21	5	firm	firm	ADJ
easat-9256	21	6	value	value	NOUN
easat-9256	21	7	represents	represent	VERB
easat-9256	21	8	the	the	DET
easat-9256	21	9	overall	overall	ADJ
easat-9256	21	10	worth	worth	NOUN
easat-9256	21	11	of	of	ADP
easat-9256	21	12	a	a	DET
easat-9256	21	13	company	company	NOUN
easat-9256	21	14	as	as	SCONJ
easat-9256	21	15	perceived	perceive	VERB
easat-9256	21	16	by	by	ADP
easat-9256	21	17	investors	investor	NOUN
easat-9256	21	18	,	,	PUNCT
easat-9256	21	19	and	and	CCONJ
easat-9256	21	20	is	be	AUX
easat-9256	21	21	often	often	ADV
easat-9256	21	22	equated	equate	VERB
easat-9256	21	23	with	with	ADP
easat-9256	21	24	the	the	DET
easat-9256	21	25	market	market	NOUN
easat-9256	21	26	value	value	NOUN
easat-9256	21	27	of	of	ADP
easat-9256	21	28	the	the	DET
easat-9256	21	29	firm	firm	NOUN
easat-9256	21	30	’s	’s	PART
easat-9256	21	31	equity	equity	NOUN
easat-9256	21	32	,	,	PUNCT
easat-9256	21	33	or	or	CCONJ
easat-9256	21	34	stock	stock	NOUN
easat-9256	21	35	price	price	NOUN
easat-9256	21	36	.	.	PUNCT
easat-9256	22	1	it	it	PRON
easat-9256	22	2	serves	serve	VERB
easat-9256	22	3	as	as	ADP
easat-9256	22	4	an	an	DET
easat-9256	22	5	important	important	ADJ
easat-9256	22	6	indicator	indicator	NOUN
easat-9256	22	7	of	of	ADP
easat-9256	22	8	how	how	SCONJ
easat-9256	22	9	effectively	effectively	ADV
easat-9256	22	10	a	a	DET
easat-9256	22	11	firm	firm	NOUN
easat-9256	22	12	utilizes	utilize	VERB
easat-9256	22	13	its	its	PRON
easat-9256	22	14	resources	resource	NOUN
easat-9256	22	15	to	to	PART
easat-9256	22	16	generate	generate	VERB
easat-9256	22	17	future	future	ADJ
easat-9256	22	18	economic	economic	ADJ
easat-9256	22	19	benefits	benefit	NOUN
easat-9256	22	20	.	.	PUNCT
easat-9256	23	1	in	in	ADP
easat-9256	23	2	empirical	empirical	ADJ
easat-9256	23	3	research	research	NOUN
easat-9256	23	4	,	,	PUNCT
easat-9256	23	5	firm	firm	ADJ
easat-9256	23	6	value	value	NOUN
easat-9256	23	7	is	be	AUX
easat-9256	23	8	commonly	commonly	ADV
easat-9256	23	9	measured	measure	VERB
easat-9256	23	10	using	use	VERB
easat-9256	23	11	market	market	NOUN
easat-9256	23	12	-	-	PUNCT
easat-9256	23	13	based	base	VERB
easat-9256	23	14	ratios	ratio	NOUN
easat-9256	23	15	,	,	PUNCT
easat-9256	23	16	including	include	VERB
easat-9256	23	17	the	the	DET
easat-9256	23	18	price	price	NOUN
easat-9256	23	19	-	-	PUNCT
easat-9256	23	20	toearnings	toearning	NOUN
easat-9256	23	21	(	(	PUNCT
easat-9256	23	22	p	p	X
easat-9256	23	23	/	/	SYM
easat-9256	23	24	e	e	NOUN
easat-9256	23	25	)	)	PUNCT
easat-9256	23	26	ratio	ratio	NOUN
easat-9256	23	27	,	,	PUNCT
easat-9256	23	28	which	which	PRON
easat-9256	23	29	indicates	indicate	VERB
easat-9256	23	30	how	how	SCONJ
easat-9256	23	31	much	much	ADJ
easat-9256	23	32	investors	investor	NOUN
easat-9256	23	33	are	be	AUX
easat-9256	23	34	willing	willing	ADJ
easat-9256	23	35	to	to	PART
easat-9256	23	36	pay	pay	VERB
easat-9256	23	37	for	for	ADP
easat-9256	23	38	one	one	NUM
easat-9256	23	39	unit	unit	NOUN
easat-9256	23	40	of	of	ADP
easat-9256	23	41	the	the	DET
easat-9256	23	42	company	company	NOUN
easat-9256	23	43	’s	’s	PART
easat-9256	23	44	earnings	earning	NOUN
easat-9256	23	45	.	.	PUNCT
easat-9256	24	1	a	a	DET
easat-9256	24	2	higher	high	ADJ
easat-9256	24	3	p	p	NOUN
easat-9256	24	4	/	/	SYM
easat-9256	24	5	e	e	NOUN
easat-9256	24	6	ratio	ratio	NOUN
easat-9256	24	7	typically	typically	ADV
easat-9256	24	8	reflects	reflect	VERB
easat-9256	24	9	favorable	favorable	ADJ
easat-9256	24	10	investor	investor	NOUN
easat-9256	24	11	sentiment	sentiment	NOUN
easat-9256	24	12	and	and	CCONJ
easat-9256	24	13	expectations	expectation	NOUN
easat-9256	24	14	of	of	ADP
easat-9256	24	15	growth	growth	NOUN
easat-9256	24	16	,	,	PUNCT
easat-9256	24	17	whereas	whereas	SCONJ
easat-9256	24	18	a	a	DET
easat-9256	24	19	lower	low	ADJ
easat-9256	24	20	ratio	ratio	NOUN
easat-9256	24	21	may	may	AUX
easat-9256	24	22	signal	signal	VERB
easat-9256	24	23	doubts	doubt	NOUN
easat-9256	24	24	about	about	ADP
easat-9256	24	25	future	future	ADJ
easat-9256	24	26	performance	performance	NOUN
easat-9256	24	27	or	or	CCONJ
easat-9256	24	28	higher	high	ADJ
easat-9256	24	29	perceived	perceive	VERB
easat-9256	24	30	risk	risk	NOUN
easat-9256	24	31	[	[	X
easat-9256	24	32	3	3	NUM
easat-9256	24	33	,	,	PUNCT
easat-9256	24	34	4	4	NUM
easat-9256	24	35	]	]	PUNCT
easat-9256	24	36	.	.	PUNCT
easat-9256	25	1	particularly	particularly	ADV
easat-9256	25	2	in	in	ADP
easat-9256	25	3	emerging	emerge	VERB
easat-9256	25	4	markets	market	NOUN
easat-9256	25	5	like	like	ADP
easat-9256	25	6	indonesia	indonesia	PROPN
easat-9256	25	7	where	where	SCONJ
easat-9256	25	8	ownership	ownership	NOUN
easat-9256	25	9	is	be	AUX
easat-9256	25	10	often	often	ADV
easat-9256	25	11	concentrated	concentrated	ADJ
easat-9256	25	12	and	and	CCONJ
easat-9256	25	13	investor	investor	NOUN
easat-9256	25	14	protection	protection	NOUN
easat-9256	25	15	remains	remain	VERB
easat-9256	25	16	limited	limited	ADJ
easat-9256	25	17	,	,	PUNCT
easat-9256	25	18	firm	firm	ADJ
easat-9256	25	19	value	value	NOUN
easat-9256	25	20	becomes	become	VERB
easat-9256	25	21	not	not	PART
easat-9256	25	22	only	only	ADV
easat-9256	25	23	a	a	DET
easat-9256	25	24	measure	measure	NOUN
easat-9256	25	25	of	of	ADP
easat-9256	25	26	intrinsic	intrinsic	ADJ
easat-9256	25	27	firm	firm	ADJ
easat-9256	25	28	strength	strength	NOUN
easat-9256	25	29	but	but	CCONJ
easat-9256	25	30	also	also	ADV
easat-9256	25	31	a	a	DET
easat-9256	25	32	reflection	reflection	NOUN
easat-9256	25	33	of	of	ADP
easat-9256	25	34	how	how	SCONJ
easat-9256	25	35	the	the	DET
easat-9256	25	36	market	market	NOUN
easat-9256	25	37	interprets	interpret	VERB
easat-9256	25	38	internal	internal	ADJ
easat-9256	25	39	corporate	corporate	ADJ
easat-9256	25	40	actions	action	NOUN
easat-9256	25	41	.	.	PUNCT
easat-9256	26	1	in	in	ADP
easat-9256	26	2	the	the	DET
easat-9256	26	3	case	case	NOUN
easat-9256	26	4	of	of	ADP
easat-9256	26	5	indonesia	indonesia	PROPN
easat-9256	26	6	,	,	PUNCT
easat-9256	26	7	data	datum	NOUN
easat-9256	26	8	from	from	ADP
easat-9256	26	9	a	a	DET
easat-9256	26	10	sample	sample	NOUN
easat-9256	26	11	of	of	ADP
easat-9256	26	12	non	non	ADJ
easat-9256	26	13	-	-	ADJ
easat-9256	26	14	financial	financial	ADJ
easat-9256	26	15	firms	firm	NOUN
easat-9256	26	16	listed	list	VERB
easat-9256	26	17	on	on	ADP
easat-9256	26	18	the	the	DET
easat-9256	26	19	idx	idx	NOUN
easat-9256	26	20	show	show	NOUN
easat-9256	26	21	a	a	DET
easat-9256	26	22	gradual	gradual	ADJ
easat-9256	26	23	increase	increase	NOUN
easat-9256	26	24	in	in	ADP
easat-9256	26	25	average	average	ADJ
easat-9256	26	26	p	p	X
easat-9256	26	27	/	/	SYM
easat-9256	26	28	e	e	NOUN
easat-9256	26	29	ratio	ratio	NOUN
easat-9256	26	30	from	from	ADP
easat-9256	26	31	31.96	31.96	NUM
easat-9256	26	32	in	in	ADP
easat-9256	26	33	2016	2016	NUM
easat-9256	26	34	to	to	ADP
easat-9256	26	35	37.01	37.01	NUM
easat-9256	26	36	in	in	ADP
easat-9256	26	37	2019	2019	NUM
easat-9256	26	38	,	,	PUNCT
easat-9256	26	39	with	with	ADP
easat-9256	26	40	a	a	DET
easat-9256	26	41	slight	slight	ADJ
easat-9256	26	42	dip	dip	NOUN
easat-9256	26	43	in	in	ADP
easat-9256	26	44	2018	2018	NUM
easat-9256	26	45	as	as	SCONJ
easat-9256	26	46	shown	show	VERB
easat-9256	26	47	in	in	ADP
easat-9256	26	48	table	table	NOUN
easat-9256	26	49	1	1	NUM
easat-9256	26	50	.	.	PUNCT
easat-9256	27	1	while	while	SCONJ
easat-9256	27	2	the	the	DET
easat-9256	27	3	finansial	finansial	ADJ
easat-9256	27	4	performance	performance	NOUN
easat-9256	27	5	measured	measure	VERB
easat-9256	27	6	by	by	ADP
easat-9256	27	7	current	current	ADJ
easat-9256	27	8	rasio	rasio	NOUN
easat-9256	27	9	shows	show	NOUN
easat-9256	27	10	declined	decline	VERB
easat-9256	27	11	trend	trend	NOUN
easat-9256	27	12	during	during	ADP
easat-9256	27	13	2016	2016	NUM
easat-9256	27	14	https://orcid.org/0000-0003-2877-449x	https://orcid.org/0000-0003-2877-449x	PROPN
easat-9256	27	15	mailto:aryabayuwicaksana@gmail.com	mailto:aryabayuwicaksana@gmail.com	NOUN
easat-9256	27	16	mailto:gidabagus@unud.ac.id	mailto:gidabagus@unud.ac.id	X
easat-9256	27	17	mailto:lg_artini@unud.ac.id	mailto:lg_artini@unud.ac.id	PROPN
easat-9256	27	18	mailto:candraningrat@unud.ac.id	mailto:candraningrat@unud.ac.id	PROPN
easat-9256	27	19	https://orcid.org/0000-0001-6089-6935	https://orcid.org/0000-0001-6089-6935	AUX
easat-9256	27	20	https://orcid.org/0000-0003-1246-8113	https://orcid.org/0000-0003-1246-8113	PROPN
easat-9256	27	21	https://orcid.org/0000-0002-2580-1926	https://orcid.org/0000-0002-2580-1926	PROPN
easat-9256	27	22	212	212	NUM
easat-9256	27	23	edelweiss	edelweiss	PROPN
easat-9256	27	24	applied	apply	VERB
easat-9256	27	25	science	science	NOUN
easat-9256	27	26	and	and	CCONJ
easat-9256	27	27	technology	technology	NOUN
easat-9256	27	28	issn	issn	PROPN
easat-9256	27	29	:	:	PUNCT
easat-9256	27	30	2576	2576	NUM
easat-9256	27	31	-	-	SYM
easat-9256	27	32	8484	8484	NUM
easat-9256	27	33	vol	vol	NOUN
easat-9256	27	34	.	.	PROPN
easat-9256	28	1	9	9	NUM
easat-9256	28	2	,	,	PUNCT
easat-9256	28	3	no	no	INTJ
easat-9256	28	4	.	.	NOUN
easat-9256	28	5	8	8	NUM
easat-9256	28	6	:	:	PUNCT
easat-9256	28	7	211	211	NUM
easat-9256	28	8	-	-	SYM
easat-9256	28	9	230	230	NUM
easat-9256	28	10	,	,	PUNCT
easat-9256	28	11	2025	2025	NUM
easat-9256	28	12	doi	doi	NOUN
easat-9256	28	13	:	:	PUNCT
easat-9256	28	14	10.55214/2576	10.55214/2576	NUM
easat-9256	28	15	-	-	SYM
easat-9256	28	16	8484.v9i8.9256	8484.v9i8.9256	NUM
easat-9256	28	17	©	©	ADP
easat-9256	28	18	2025	2025	NUM
easat-9256	28	19	by	by	ADP
easat-9256	28	20	the	the	DET
easat-9256	28	21	authors	author	NOUN
easat-9256	28	22	;	;	PUNCT
easat-9256	28	23	licensee	licensee	PROPN
easat-9256	28	24	learning	learning	NOUN
easat-9256	28	25	gate	gate	NOUN
easat-9256	28	26	until	until	ADP
easat-9256	28	27	2019	2019	NUM
easat-9256	28	28	as	as	SCONJ
easat-9256	28	29	shown	show	VERB
easat-9256	28	30	in	in	ADP
easat-9256	28	31	table	table	NOUN
easat-9256	28	32	2	2	NUM
easat-9256	28	33	.	.	PUNCT
easat-9256	29	1	understanding	understand	VERB
easat-9256	29	2	the	the	DET
easat-9256	29	3	drivers	driver	NOUN
easat-9256	29	4	behind	behind	ADP
easat-9256	29	5	these	these	DET
easat-9256	29	6	valuation	valuation	NOUN
easat-9256	29	7	patterns	pattern	NOUN
easat-9256	29	8	is	be	AUX
easat-9256	29	9	crucial	crucial	ADJ
easat-9256	29	10	for	for	ADP
easat-9256	29	11	improving	improve	VERB
easat-9256	29	12	corporate	corporate	ADJ
easat-9256	29	13	governance	governance	NOUN
easat-9256	29	14	and	and	CCONJ
easat-9256	29	15	signaling	signal	VERB
easat-9256	29	16	mechanisms	mechanism	NOUN
easat-9256	29	17	in	in	ADP
easat-9256	29	18	emerging	emerge	VERB
easat-9256	29	19	markets	market	NOUN
easat-9256	29	20	.	.	PUNCT
easat-9256	30	1	the	the	DET
easat-9256	30	2	observed	observe	VERB
easat-9256	30	3	increase	increase	NOUN
easat-9256	30	4	in	in	ADP
easat-9256	30	5	average	average	ADJ
easat-9256	30	6	p	p	X
easat-9256	30	7	/	/	SYM
easat-9256	30	8	e	e	NOUN
easat-9256	30	9	ratios	ratio	NOUN
easat-9256	30	10	over	over	ADP
easat-9256	30	11	the	the	DET
easat-9256	30	12	study	study	NOUN
easat-9256	30	13	period	period	NOUN
easat-9256	30	14	suggests	suggest	VERB
easat-9256	30	15	evolving	evolve	VERB
easat-9256	30	16	investor	investor	NOUN
easat-9256	30	17	expectations	expectation	NOUN
easat-9256	30	18	,	,	PUNCT
easat-9256	30	19	possibly	possibly	ADV
easat-9256	30	20	driven	drive	VERB
easat-9256	30	21	by	by	ADP
easat-9256	30	22	improved	improve	VERB
easat-9256	30	23	governance	governance	NOUN
easat-9256	30	24	structures	structure	NOUN
easat-9256	30	25	.	.	PUNCT
easat-9256	31	1	this	this	DET
easat-9256	31	2	trend	trend	NOUN
easat-9256	31	3	underscores	underscore	VERB
easat-9256	31	4	the	the	DET
easat-9256	31	5	relevance	relevance	NOUN
easat-9256	31	6	of	of	ADP
easat-9256	31	7	agency	agency	NOUN
easat-9256	31	8	and	and	CCONJ
easat-9256	31	9	signaling	signal	VERB
easat-9256	31	10	theories	theory	NOUN
easat-9256	31	11	in	in	ADP
easat-9256	31	12	understanding	understand	VERB
easat-9256	31	13	valuation	valuation	NOUN
easat-9256	31	14	dynamics	dynamic	NOUN
easat-9256	31	15	figure	figure	VERB
easat-9256	31	16	1	1	NUM
easat-9256	31	17	.	.	PUNCT
easat-9256	32	1	average	average	ADJ
easat-9256	32	2	p	p	X
easat-9256	32	3	/	/	SYM
easat-9256	32	4	e	e	NOUN
easat-9256	32	5	ratio	ratio	NOUN
easat-9256	32	6	of	of	ADP
easat-9256	32	7	sampled	sample	VERB
easat-9256	32	8	non	non	ADJ
easat-9256	32	9	-	-	ADJ
easat-9256	32	10	financial	financial	ADJ
easat-9256	32	11	firms	firm	NOUN
easat-9256	32	12	listed	list	VERB
easat-9256	32	13	on	on	ADP
easat-9256	32	14	idx	idx	PROPN
easat-9256	32	15	(	(	PUNCT
easat-9256	32	16	2016–2019	2016–2019	NUM
easat-9256	32	17	)	)	PUNCT
easat-9256	32	18	.	.	PUNCT
easat-9256	33	1	figure	figure	NOUN
easat-9256	33	2	2	2	NUM
easat-9256	33	3	.	.	X
easat-9256	33	4	average	average	ADJ
easat-9256	33	5	current	current	ADJ
easat-9256	33	6	ratio	ratio	NOUN
easat-9256	33	7	of	of	ADP
easat-9256	33	8	sampled	sample	VERB
easat-9256	33	9	non	non	ADJ
easat-9256	33	10	-	-	ADJ
easat-9256	33	11	financial	financial	ADJ
easat-9256	33	12	firms	firm	NOUN
easat-9256	33	13	listed	list	VERB
easat-9256	33	14	on	on	ADP
easat-9256	33	15	idx	idx	PROPN
easat-9256	33	16	(	(	PUNCT
easat-9256	33	17	2016–2019	2016–2019	NUM
easat-9256	33	18	)	)	PUNCT
easat-9256	33	19	.	.	PUNCT
easat-9256	34	1	this	this	DET
easat-9256	34	2	study	study	NOUN
easat-9256	34	3	adopts	adopt	VERB
easat-9256	34	4	a	a	DET
easat-9256	34	5	layered	layered	ADJ
easat-9256	34	6	theoretical	theoretical	ADJ
easat-9256	34	7	framework	framework	NOUN
easat-9256	34	8	to	to	PART
easat-9256	34	9	better	well	ADV
easat-9256	34	10	understand	understand	VERB
easat-9256	34	11	the	the	DET
easat-9256	34	12	drivers	driver	NOUN
easat-9256	34	13	of	of	ADP
easat-9256	34	14	firm	firm	ADJ
easat-9256	34	15	value	value	NOUN
easat-9256	34	16	.	.	PUNCT
easat-9256	35	1	the	the	DET
easat-9256	35	2	first	first	ADJ
easat-9256	35	3	layer	layer	NOUN
easat-9256	35	4	draws	draw	VERB
easat-9256	35	5	on	on	ADP
easat-9256	35	6	agency	agency	NOUN
easat-9256	35	7	theory	theory	NOUN
easat-9256	35	8	,	,	PUNCT
easat-9256	35	9	which	which	PRON
easat-9256	35	10	explains	explain	VERB
easat-9256	35	11	how	how	SCONJ
easat-9256	35	12	internal	internal	ADJ
easat-9256	35	13	governance	governance	NOUN
easat-9256	35	14	mechanisms	mechanism	NOUN
easat-9256	35	15	work	work	VERB
easat-9256	35	16	to	to	PART
easat-9256	35	17	align	align	VERB
easat-9256	35	18	managerial	managerial	ADJ
easat-9256	35	19	behavior	behavior	NOUN
easat-9256	35	20	with	with	ADP
easat-9256	35	21	shareholder	shareholder	NOUN
easat-9256	35	22	interests	interest	NOUN
easat-9256	35	23	.	.	PUNCT
easat-9256	36	1	when	when	SCONJ
easat-9256	36	2	managers	manager	NOUN
easat-9256	36	3	act	act	VERB
easat-9256	36	4	as	as	ADP
easat-9256	36	5	faithful	faithful	ADJ
easat-9256	36	6	agents	agent	NOUN
easat-9256	36	7	,	,	PUNCT
easat-9256	36	8	they	they	PRON
easat-9256	36	9	are	be	AUX
easat-9256	36	10	expected	expect	VERB
easat-9256	36	11	to	to	PART
easat-9256	36	12	produce	produce	VERB
easat-9256	36	13	strong	strong	ADJ
easat-9256	36	14	financial	financial	ADJ
easat-9256	36	15	performance	performance	NOUN
easat-9256	36	16	,	,	PUNCT
easat-9256	36	17	manage	manage	VERB
easat-9256	36	18	risk	risk	NOUN
easat-9256	36	19	prudently	prudently	ADV
easat-9256	36	20	,	,	PUNCT
easat-9256	36	21	maintain	maintain	VERB
easat-9256	36	22	credible	credible	ADJ
easat-9256	36	23	institutional	institutional	ADJ
easat-9256	36	24	ownership	ownership	NOUN
easat-9256	36	25	,	,	PUNCT
easat-9256	36	26	and	and	CCONJ
easat-9256	36	27	promote	promote	VERB
easat-9256	36	28	diversity	diversity	NOUN
easat-9256	36	29	in	in	ADP
easat-9256	36	30	board	board	NOUN
easat-9256	36	31	composition	composition	NOUN
easat-9256	36	32	.	.	PUNCT
easat-9256	37	1	these	these	DET
easat-9256	37	2	elements	element	NOUN
easat-9256	37	3	are	be	AUX
easat-9256	37	4	not	not	PART
easat-9256	37	5	just	just	ADV
easat-9256	37	6	structural	structural	ADJ
easat-9256	37	7	but	but	CCONJ
easat-9256	37	8	they	they	PRON
easat-9256	37	9	represent	represent	VERB
easat-9256	37	10	managerial	managerial	ADJ
easat-9256	37	11	effort	effort	NOUN
easat-9256	37	12	to	to	PART
easat-9256	37	13	resolve	resolve	VERB
easat-9256	37	14	agency	agency	NOUN
easat-9256	37	15	conflicts	conflict	NOUN
easat-9256	37	16	and	and	CCONJ
easat-9256	37	17	optimize	optimize	VERB
easat-9256	37	18	firm	firm	ADJ
easat-9256	37	19	-	-	PUNCT
easat-9256	37	20	level	level	NOUN
easat-9256	37	21	decision	decision	NOUN
easat-9256	37	22	-	-	PUNCT
easat-9256	37	23	making	making	NOUN
easat-9256	37	24	.	.	PUNCT
easat-9256	38	1	empirical	empirical	ADJ
easat-9256	38	2	research	research	NOUN
easat-9256	38	3	has	have	AUX
easat-9256	38	4	provided	provide	VERB
easat-9256	38	5	mixed	mixed	ADJ
easat-9256	38	6	but	but	CCONJ
easat-9256	38	7	generally	generally	ADV
easat-9256	38	8	supportive	supportive	ADJ
easat-9256	38	9	evidence	evidence	NOUN
easat-9256	38	10	regarding	regard	VERB
easat-9256	38	11	the	the	DET
easat-9256	38	12	influence	influence	NOUN
easat-9256	38	13	of	of	ADP
easat-9256	38	14	these	these	DET
easat-9256	38	15	agency	agency	NOUN
easat-9256	38	16	-	-	PUNCT
easat-9256	38	17	related	relate	VERB
easat-9256	38	18	variables	variable	NOUN
easat-9256	38	19	on	on	ADP
easat-9256	38	20	firm	firm	ADJ
easat-9256	38	21	value	value	NOUN
easat-9256	38	22	.	.	PUNCT
easat-9256	39	1	several	several	ADJ
easat-9256	39	2	studies	study	NOUN
easat-9256	39	3	have	have	AUX
easat-9256	39	4	demonstrated	demonstrate	VERB
easat-9256	39	5	a	a	DET
easat-9256	39	6	positive	positive	ADJ
easat-9256	39	7	and	and	CCONJ
easat-9256	39	8	significant	significant	ADJ
easat-9256	39	9	relationship	relationship	NOUN
easat-9256	39	10	between	between	ADP
easat-9256	39	11	financial	financial	ADJ
easat-9256	39	12	performance	performance	NOUN
easat-9256	39	13	typically	typically	ADV
easat-9256	39	14	measured	measure	VERB
easat-9256	39	15	by	by	ADP
easat-9256	39	16	return	return	NOUN
easat-9256	39	17	on	on	ADP
easat-9256	39	18	assets	asset	NOUN
easat-9256	39	19	(	(	PUNCT
easat-9256	39	20	roa	roa	NOUN
easat-9256	39	21	)	)	PUNCT
easat-9256	39	22	or	or	CCONJ
easat-9256	39	23	return	return	VERB
easat-9256	39	24	on	on	ADP
easat-9256	39	25	equity	equity	NOUN
easat-9256	39	26	(	(	PUNCT
easat-9256	39	27	roe	roe	PROPN
easat-9256	39	28	)	)	PUNCT
easat-9256	39	29	and	and	CCONJ
easat-9256	39	30	firm	firm	ADJ
easat-9256	39	31	value	value	NOUN
easat-9256	39	32	,	,	PUNCT
easat-9256	39	33	indicating	indicate	VERB
easat-9256	39	34	that	that	SCONJ
easat-9256	39	35	profitability	profitability	NOUN
easat-9256	39	36	enhances	enhance	VERB
easat-9256	39	37	investor	investor	NOUN
easat-9256	39	38	confidence	confidence	NOUN
easat-9256	39	39	and	and	CCONJ
easat-9256	39	40	valuation	valuation	NOUN
easat-9256	39	41	[	[	X
easat-9256	39	42	5	5	NUM
easat-9256	39	43	-	-	SYM
easat-9256	39	44	7	7	NUM
easat-9256	39	45	]	]	PUNCT
easat-9256	39	46	.	.	PUNCT
easat-9256	40	1	in	in	ADP
easat-9256	40	2	contrast	contrast	NOUN
easat-9256	40	3	,	,	PUNCT
easat-9256	40	4	business	business	NOUN
easat-9256	40	5	risk	risk	NOUN
easat-9256	40	6	has	have	AUX
easat-9256	40	7	been	be	AUX
easat-9256	40	8	found	find	VERB
easat-9256	40	9	to	to	PART
easat-9256	40	10	negatively	negatively	ADV
easat-9256	40	11	impact	impact	VERB
easat-9256	40	12	firm	firm	ADJ
easat-9256	40	13	value	value	NOUN
easat-9256	40	14	,	,	PUNCT
easat-9256	40	15	as	as	SCONJ
easat-9256	40	16	higher	high	ADJ
easat-9256	40	17	volatility	volatility	NOUN
easat-9256	40	18	in	in	ADP
easat-9256	40	19	earnings	earning	NOUN
easat-9256	40	20	or	or	CCONJ
easat-9256	40	21	operations	operation	NOUN
easat-9256	40	22	increases	increase	VERB
easat-9256	40	23	uncertainty	uncertainty	NOUN
easat-9256	40	24	and	and	CCONJ
easat-9256	40	25	discourages	discourage	VERB
easat-9256	40	26	investment	investment	NOUN
easat-9256	41	1	[	[	X
easat-9256	41	2	8	8	NUM
easat-9256	41	3	-	-	SYM
easat-9256	41	4	10	10	NUM
easat-9256	41	5	]	]	PUNCT
easat-9256	41	6	.	.	PUNCT
easat-9256	42	1	some	some	DET
easat-9256	42	2	213	213	NUM
easat-9256	42	3	edelweiss	edelweiss	PROPN
easat-9256	42	4	applied	apply	VERB
easat-9256	42	5	science	science	NOUN
easat-9256	42	6	and	and	CCONJ
easat-9256	42	7	technology	technology	NOUN
easat-9256	42	8	issn	issn	PROPN
easat-9256	42	9	:	:	PUNCT
easat-9256	42	10	2576	2576	NUM
easat-9256	42	11	-	-	SYM
easat-9256	42	12	8484	8484	NUM
easat-9256	42	13	vol	vol	NOUN
easat-9256	42	14	.	.	PROPN
easat-9256	43	1	9	9	NUM
easat-9256	43	2	,	,	PUNCT
easat-9256	43	3	no	no	INTJ
easat-9256	43	4	.	.	NOUN
easat-9256	43	5	8	8	NUM
easat-9256	43	6	:	:	PUNCT
easat-9256	43	7	211	211	NUM
easat-9256	43	8	-	-	SYM
easat-9256	43	9	230	230	NUM
easat-9256	43	10	,	,	PUNCT
easat-9256	43	11	2025	2025	NUM
easat-9256	43	12	doi	doi	NOUN
easat-9256	43	13	:	:	PUNCT
easat-9256	43	14	10.55214/2576	10.55214/2576	NUM
easat-9256	43	15	-	-	SYM
easat-9256	43	16	8484.v9i8.9256	8484.v9i8.9256	NUM
easat-9256	43	17	©	©	ADP
easat-9256	43	18	2025	2025	NUM
easat-9256	43	19	by	by	ADP
easat-9256	43	20	the	the	DET
easat-9256	43	21	authors	author	NOUN
easat-9256	43	22	;	;	PUNCT
easat-9256	43	23	licensee	licensee	PROPN
easat-9256	43	24	learning	learning	PROPN
easat-9256	43	25	gate	gate	PROPN
easat-9256	43	26	studies	study	NOUN
easat-9256	43	27	have	have	AUX
easat-9256	43	28	shown	show	VERB
easat-9256	43	29	that	that	SCONJ
easat-9256	43	30	business	business	NOUN
easat-9256	43	31	risk	risk	NOUN
easat-9256	43	32	positively	positively	ADV
easat-9256	43	33	affecting	affect	VERB
easat-9256	43	34	firm	firm	ADJ
easat-9256	43	35	value	value	NOUN
easat-9256	43	36	,	,	PUNCT
easat-9256	43	37	since	since	SCONJ
easat-9256	43	38	managers	manager	NOUN
easat-9256	43	39	that	that	ADV
easat-9256	43	40	aware	aware	ADJ
easat-9256	43	41	of	of	ADP
easat-9256	43	42	the	the	DET
easat-9256	43	43	volatility	volatility	NOUN
easat-9256	43	44	in	in	ADP
easat-9256	43	45	earning	earn	VERB
easat-9256	43	46	thus	thus	ADV
easat-9256	43	47	chose	choose	VERB
easat-9256	43	48	investment	investment	NOUN
easat-9256	43	49	selectively	selectively	ADV
easat-9256	43	50	hence	hence	ADV
easat-9256	43	51	enhacing	enhace	VERB
easat-9256	43	52	firm	firm	ADJ
easat-9256	43	53	value	value	NOUN
easat-9256	43	54	[	[	X
easat-9256	43	55	11	11	NUM
easat-9256	43	56	,	,	PUNCT
easat-9256	43	57	12	12	NUM
easat-9256	43	58	]	]	PUNCT
easat-9256	43	59	.	.	PUNCT
easat-9256	44	1	regarding	regard	VERB
easat-9256	44	2	institutional	institutional	ADJ
easat-9256	44	3	ownership	ownership	NOUN
easat-9256	44	4	,	,	PUNCT
easat-9256	44	5	its	its	PRON
easat-9256	44	6	monitoring	monitoring	NOUN
easat-9256	44	7	role	role	NOUN
easat-9256	44	8	is	be	AUX
easat-9256	44	9	generally	generally	ADV
easat-9256	44	10	viewed	view	VERB
easat-9256	44	11	as	as	ADP
easat-9256	44	12	enhancing	enhance	VERB
easat-9256	44	13	firm	firm	ADJ
easat-9256	44	14	value	value	NOUN
easat-9256	44	15	by	by	ADP
easat-9256	44	16	mitigating	mitigate	VERB
easat-9256	44	17	agency	agency	NOUN
easat-9256	44	18	problems	problem	NOUN
easat-9256	44	19	and	and	CCONJ
easat-9256	44	20	increasing	increase	VERB
easat-9256	44	21	market	market	NOUN
easat-9256	44	22	trust	trust	NOUN
easat-9256	45	1	[	[	X
easat-9256	45	2	13	13	NUM
easat-9256	45	3	,	,	PUNCT
easat-9256	45	4	14	14	NUM
easat-9256	45	5	]	]	PUNCT
easat-9256	45	6	.	.	PUNCT
easat-9256	46	1	however	however	ADV
easat-9256	46	2	,	,	PUNCT
easat-9256	46	3	some	some	DET
easat-9256	46	4	studies	study	NOUN
easat-9256	46	5	have	have	AUX
easat-9256	46	6	noted	note	VERB
easat-9256	46	7	that	that	SCONJ
easat-9256	46	8	excessively	excessively	ADV
easat-9256	46	9	concentrated	concentrate	VERB
easat-9256	46	10	institutional	institutional	ADJ
easat-9256	46	11	holdings	holding	NOUN
easat-9256	46	12	may	may	AUX
easat-9256	46	13	also	also	ADV
easat-9256	46	14	lead	lead	VERB
easat-9256	46	15	to	to	ADP
easat-9256	46	16	entrenchment	entrenchment	NOUN
easat-9256	46	17	or	or	CCONJ
easat-9256	46	18	passive	passive	ADJ
easat-9256	46	19	monitoring	monitoring	NOUN
easat-9256	46	20	,	,	PUNCT
easat-9256	46	21	thus	thus	ADV
easat-9256	46	22	weakening	weaken	VERB
easat-9256	46	23	its	its	PRON
easat-9256	46	24	positive	positive	ADJ
easat-9256	46	25	effect	effect	NOUN
easat-9256	46	26	[	[	X
easat-9256	46	27	15	15	NUM
easat-9256	46	28	,	,	PUNCT
easat-9256	46	29	16	16	NUM
easat-9256	46	30	]	]	PUNCT
easat-9256	46	31	.	.	PUNCT
easat-9256	47	1	similarly	similarly	ADV
easat-9256	47	2	,	,	PUNCT
easat-9256	47	3	board	board	NOUN
easat-9256	47	4	diversity	diversity	NOUN
easat-9256	47	5	,	,	PUNCT
easat-9256	47	6	particularly	particularly	ADV
easat-9256	47	7	in	in	ADP
easat-9256	47	8	terms	term	NOUN
easat-9256	47	9	of	of	ADP
easat-9256	47	10	gender	gender	NOUN
easat-9256	47	11	and	and	CCONJ
easat-9256	47	12	expertise	expertise	NOUN
easat-9256	47	13	,	,	PUNCT
easat-9256	47	14	has	have	AUX
easat-9256	47	15	been	be	AUX
easat-9256	47	16	associated	associate	VERB
easat-9256	47	17	with	with	ADP
easat-9256	47	18	better	well	ADJ
easat-9256	47	19	decision	decision	NOUN
easat-9256	47	20	-	-	PUNCT
easat-9256	47	21	making	make	VERB
easat-9256	47	22	quality	quality	NOUN
easat-9256	47	23	and	and	CCONJ
easat-9256	47	24	improved	improved	ADJ
easat-9256	47	25	firm	firm	ADJ
easat-9256	47	26	performance	performance	NOUN
easat-9256	47	27	,	,	PUNCT
easat-9256	47	28	which	which	PRON
easat-9256	47	29	in	in	ADP
easat-9256	47	30	turn	turn	NOUN
easat-9256	47	31	leads	lead	VERB
easat-9256	47	32	to	to	ADP
easat-9256	47	33	higher	high	ADJ
easat-9256	47	34	firm	firm	ADJ
easat-9256	47	35	value	value	NOUN
easat-9256	47	36	[	[	X
easat-9256	47	37	17	17	NUM
easat-9256	47	38	,	,	PUNCT
easat-9256	47	39	18	18	NUM
easat-9256	47	40	]	]	PUNCT
easat-9256	47	41	.	.	PUNCT
easat-9256	48	1	nonetheless	nonetheless	ADV
easat-9256	48	2	,	,	PUNCT
easat-9256	48	3	the	the	DET
easat-9256	48	4	effectiveness	effectiveness	NOUN
easat-9256	48	5	of	of	ADP
easat-9256	48	6	board	board	NOUN
easat-9256	48	7	diversity	diversity	NOUN
easat-9256	48	8	may	may	AUX
easat-9256	48	9	depend	depend	VERB
easat-9256	48	10	on	on	ADP
easat-9256	48	11	contextual	contextual	ADJ
easat-9256	48	12	factors	factor	NOUN
easat-9256	48	13	such	such	ADJ
easat-9256	48	14	as	as	ADP
easat-9256	48	15	industry	industry	NOUN
easat-9256	48	16	type	type	NOUN
easat-9256	48	17	,	,	PUNCT
easat-9256	48	18	regulatory	regulatory	ADJ
easat-9256	48	19	environment	environment	NOUN
easat-9256	48	20	,	,	PUNCT
easat-9256	48	21	and	and	CCONJ
easat-9256	48	22	organizational	organizational	ADJ
easat-9256	48	23	culture	culture	NOUN
easat-9256	48	24	.	.	PUNCT
easat-9256	49	1	yet	yet	ADV
easat-9256	49	2	,	,	PUNCT
easat-9256	49	3	managerial	managerial	ADJ
easat-9256	49	4	effort	effort	NOUN
easat-9256	49	5	alone	alone	ADV
easat-9256	49	6	does	do	AUX
easat-9256	49	7	not	not	PART
easat-9256	49	8	guarantee	guarantee	VERB
easat-9256	49	9	enhanced	enhanced	ADJ
easat-9256	49	10	valuation	valuation	NOUN
easat-9256	49	11	.	.	PUNCT
easat-9256	50	1	the	the	DET
easat-9256	50	2	second	second	ADJ
easat-9256	50	3	theoretical	theoretical	ADJ
easat-9256	50	4	layer	layer	NOUN
easat-9256	50	5	,	,	PUNCT
easat-9256	50	6	signaling	signal	VERB
easat-9256	50	7	theory	theory	NOUN
easat-9256	50	8	emphasizes	emphasize	VERB
easat-9256	50	9	how	how	SCONJ
easat-9256	50	10	these	these	DET
easat-9256	50	11	managerial	managerial	ADJ
easat-9256	50	12	actions	action	NOUN
easat-9256	50	13	are	be	AUX
easat-9256	50	14	perceived	perceive	VERB
easat-9256	50	15	by	by	ADP
easat-9256	50	16	external	external	ADJ
easat-9256	50	17	stakeholders	stakeholder	NOUN
easat-9256	50	18	.	.	PUNCT
easat-9256	51	1	in	in	ADP
easat-9256	51	2	markets	market	NOUN
easat-9256	51	3	characterized	characterize	VERB
easat-9256	51	4	by	by	ADP
easat-9256	51	5	information	information	NOUN
easat-9256	51	6	asymmetry	asymmetry	NOUN
easat-9256	51	7	,	,	PUNCT
easat-9256	51	8	such	such	ADJ
easat-9256	51	9	as	as	ADP
easat-9256	51	10	indonesia	indonesia	PROPN
easat-9256	51	11	,	,	PUNCT
easat-9256	51	12	investors	investor	NOUN
easat-9256	51	13	rely	rely	VERB
easat-9256	51	14	heavily	heavily	ADV
easat-9256	51	15	on	on	ADP
easat-9256	51	16	observable	observable	ADJ
easat-9256	51	17	indicators	indicator	NOUN
easat-9256	51	18	to	to	PART
easat-9256	51	19	form	form	VERB
easat-9256	51	20	judgments	judgment	NOUN
easat-9256	51	21	.	.	PUNCT
easat-9256	52	1	strong	strong	ADJ
easat-9256	52	2	profitability	profitability	NOUN
easat-9256	52	3	,	,	PUNCT
easat-9256	52	4	low	low	ADJ
easat-9256	52	5	risk	risk	NOUN
easat-9256	52	6	exposure	exposure	NOUN
easat-9256	52	7	,	,	PUNCT
easat-9256	52	8	institutional	institutional	ADJ
easat-9256	52	9	monitoring	monitoring	NOUN
easat-9256	52	10	,	,	PUNCT
easat-9256	52	11	and	and	CCONJ
easat-9256	52	12	inclusive	inclusive	ADJ
easat-9256	52	13	governance	governance	NOUN
easat-9256	52	14	become	become	VERB
easat-9256	52	15	credible	credible	ADJ
easat-9256	52	16	signals	signal	NOUN
easat-9256	52	17	of	of	ADP
easat-9256	52	18	underlying	underlie	VERB
easat-9256	52	19	firm	firm	ADJ
easat-9256	52	20	quality	quality	NOUN
easat-9256	52	21	[	[	X
easat-9256	52	22	19	19	NUM
easat-9256	52	23	,	,	PUNCT
easat-9256	52	24	20	20	NUM
easat-9256	52	25	]	]	PUNCT
easat-9256	52	26	.	.	PUNCT
easat-9256	53	1	the	the	DET
easat-9256	53	2	way	way	NOUN
easat-9256	53	3	these	these	DET
easat-9256	53	4	signals	signal	NOUN
easat-9256	53	5	are	be	AUX
easat-9256	53	6	interpreted	interpret	VERB
easat-9256	53	7	ultimately	ultimately	ADV
easat-9256	53	8	shapes	shape	VERB
easat-9256	53	9	how	how	SCONJ
easat-9256	53	10	much	much	ADJ
easat-9256	53	11	value	value	VERB
easat-9256	53	12	the	the	DET
easat-9256	53	13	market	market	NOUN
easat-9256	53	14	assigns	assign	NOUN
easat-9256	53	15	to	to	ADP
easat-9256	53	16	the	the	DET
easat-9256	53	17	firm	firm	NOUN
easat-9256	53	18	.	.	PUNCT
easat-9256	54	1	while	while	SCONJ
easat-9256	54	2	agency	agency	NOUN
easat-9256	54	3	theory	theory	NOUN
easat-9256	54	4	focuses	focus	VERB
easat-9256	54	5	on	on	ADP
easat-9256	54	6	aligning	align	VERB
easat-9256	54	7	managerial	managerial	ADJ
easat-9256	54	8	behavior	behavior	NOUN
easat-9256	54	9	with	with	ADP
easat-9256	54	10	shareholder	shareholder	NOUN
easat-9256	54	11	interests	interest	NOUN
easat-9256	54	12	through	through	ADP
easat-9256	54	13	governance	governance	NOUN
easat-9256	54	14	mechanisms	mechanism	NOUN
easat-9256	54	15	,	,	PUNCT
easat-9256	54	16	these	these	DET
easat-9256	54	17	internal	internal	ADJ
easat-9256	54	18	efforts	effort	NOUN
easat-9256	54	19	only	only	ADV
easat-9256	54	20	translate	translate	VERB
easat-9256	54	21	into	into	ADP
easat-9256	54	22	firm	firm	ADJ
easat-9256	54	23	value	value	NOUN
easat-9256	54	24	when	when	SCONJ
easat-9256	54	25	they	they	PRON
easat-9256	54	26	are	be	AUX
easat-9256	54	27	effectively	effectively	ADV
easat-9256	54	28	perceived	perceive	VERB
easat-9256	54	29	and	and	CCONJ
easat-9256	54	30	interpreted	interpret	VERB
easat-9256	54	31	by	by	ADP
easat-9256	54	32	the	the	DET
easat-9256	54	33	market	market	NOUN
easat-9256	54	34	.	.	PUNCT
easat-9256	55	1	this	this	DET
easat-9256	55	2	highlights	highlight	VERB
easat-9256	55	3	the	the	DET
easat-9256	55	4	role	role	NOUN
easat-9256	55	5	of	of	ADP
easat-9256	55	6	signaling	signal	VERB
easat-9256	55	7	theory	theory	NOUN
easat-9256	55	8	,	,	PUNCT
easat-9256	55	9	which	which	PRON
easat-9256	55	10	addresses	address	VERB
easat-9256	55	11	how	how	SCONJ
easat-9256	55	12	firms	firm	NOUN
easat-9256	55	13	communicate	communicate	VERB
easat-9256	55	14	unobservable	unobservable	ADJ
easat-9256	55	15	qualities	quality	NOUN
easat-9256	55	16	to	to	ADP
easat-9256	55	17	external	external	ADJ
easat-9256	55	18	stakeholders	stakeholder	NOUN
easat-9256	55	19	in	in	ADP
easat-9256	55	20	environments	environment	NOUN
easat-9256	55	21	characterized	characterize	VERB
easat-9256	55	22	by	by	ADP
easat-9256	55	23	information	information	NOUN
easat-9256	55	24	asymmetry	asymmetry	NOUN
easat-9256	56	1	[	[	X
easat-9256	56	2	21	21	NUM
easat-9256	56	3	-	-	SYM
easat-9256	56	4	23	23	NUM
easat-9256	56	5	]	]	PUNCT
easat-9256	56	6	.	.	PUNCT
easat-9256	57	1	in	in	ADP
easat-9256	57	2	emerging	emerge	VERB
easat-9256	57	3	markets	market	NOUN
easat-9256	57	4	such	such	ADJ
easat-9256	57	5	as	as	ADP
easat-9256	57	6	indonesia	indonesia	PROPN
easat-9256	57	7	,	,	PUNCT
easat-9256	57	8	where	where	SCONJ
easat-9256	57	9	public	public	ADJ
easat-9256	57	10	disclosures	disclosure	NOUN
easat-9256	57	11	are	be	AUX
easat-9256	57	12	often	often	ADV
easat-9256	57	13	limited	limited	ADJ
easat-9256	57	14	and	and	CCONJ
easat-9256	57	15	investor	investor	NOUN
easat-9256	57	16	skepticism	skepticism	NOUN
easat-9256	57	17	is	be	AUX
easat-9256	57	18	prevalent	prevalent	ADJ
easat-9256	57	19	,	,	PUNCT
easat-9256	57	20	observable	observable	ADJ
easat-9256	57	21	indicators	indicator	NOUN
easat-9256	57	22	such	such	ADJ
easat-9256	57	23	as	as	ADP
easat-9256	57	24	strong	strong	ADJ
easat-9256	57	25	financial	financial	ADJ
easat-9256	57	26	performance	performance	NOUN
easat-9256	57	27	,	,	PUNCT
easat-9256	57	28	low	low	ADJ
easat-9256	57	29	risk	risk	NOUN
easat-9256	57	30	exposure	exposure	NOUN
easat-9256	57	31	,	,	PUNCT
easat-9256	57	32	active	active	ADJ
easat-9256	57	33	institutional	institutional	ADJ
easat-9256	57	34	ownership	ownership	NOUN
easat-9256	57	35	,	,	PUNCT
easat-9256	57	36	and	and	CCONJ
easat-9256	57	37	diverse	diverse	ADJ
easat-9256	57	38	boards	board	NOUN
easat-9256	57	39	act	act	VERB
easat-9256	57	40	as	as	ADP
easat-9256	57	41	signals	signal	NOUN
easat-9256	57	42	of	of	ADP
easat-9256	57	43	managerial	managerial	ADJ
easat-9256	57	44	competence	competence	NOUN
easat-9256	57	45	and	and	CCONJ
easat-9256	57	46	firm	firm	ADJ
easat-9256	57	47	quality	quality	NOUN
easat-9256	57	48	[	[	X
easat-9256	57	49	24	24	NUM
easat-9256	57	50	,	,	PUNCT
easat-9256	57	51	25	25	NUM
easat-9256	57	52	]	]	PUNCT
easat-9256	57	53	.	.	PUNCT
easat-9256	58	1	empirical	empirical	ADJ
easat-9256	58	2	studies	study	NOUN
easat-9256	58	3	support	support	VERB
easat-9256	58	4	the	the	DET
easat-9256	58	5	signaling	signal	VERB
easat-9256	58	6	effect	effect	NOUN
easat-9256	58	7	of	of	ADP
easat-9256	58	8	these	these	DET
easat-9256	58	9	variables	variable	NOUN
easat-9256	58	10	.	.	PUNCT
easat-9256	59	1	for	for	ADP
easat-9256	59	2	instance	instance	NOUN
easat-9256	59	3	,	,	PUNCT
easat-9256	59	4	signaling	signal	VERB
easat-9256	59	5	through	through	ADP
easat-9256	59	6	strong	strong	ADJ
easat-9256	59	7	profitability	profitability	NOUN
easat-9256	59	8	has	have	AUX
easat-9256	59	9	been	be	AUX
easat-9256	59	10	shown	show	VERB
easat-9256	59	11	to	to	PART
easat-9256	59	12	positively	positively	ADV
easat-9256	59	13	influence	influence	VERB
easat-9256	59	14	market	market	NOUN
easat-9256	59	15	valuation	valuation	NOUN
easat-9256	59	16	in	in	ADP
easat-9256	59	17	firms	firm	NOUN
easat-9256	59	18	operating	operate	VERB
easat-9256	59	19	under	under	ADP
easat-9256	59	20	high	high	ADJ
easat-9256	59	21	information	information	NOUN
easat-9256	59	22	asymmetry	asymmetry	NOUN
easat-9256	60	1	[	[	X
easat-9256	60	2	26	26	NUM
easat-9256	60	3	]	]	PUNCT
easat-9256	60	4	.	.	PUNCT
easat-9256	61	1	institutional	institutional	ADJ
easat-9256	61	2	ownership	ownership	NOUN
easat-9256	61	3	has	have	AUX
easat-9256	61	4	also	also	ADV
easat-9256	61	5	been	be	AUX
easat-9256	61	6	found	find	VERB
easat-9256	61	7	to	to	PART
easat-9256	61	8	function	function	VERB
easat-9256	61	9	as	as	ADP
easat-9256	61	10	a	a	DET
easat-9256	61	11	quality	quality	NOUN
easat-9256	61	12	signal	signal	NOUN
easat-9256	61	13	,	,	PUNCT
easat-9256	61	14	with	with	ADP
easat-9256	61	15	higher	high	ADJ
easat-9256	61	16	ownership	ownership	NOUN
easat-9256	61	17	levels	level	NOUN
easat-9256	61	18	associated	associate	VERB
easat-9256	61	19	with	with	ADP
easat-9256	61	20	increased	increase	VERB
easat-9256	61	21	investor	investor	NOUN
easat-9256	61	22	trust	trust	NOUN
easat-9256	61	23	and	and	CCONJ
easat-9256	61	24	firm	firm	ADJ
easat-9256	61	25	value	value	NOUN
easat-9256	61	26	,	,	PUNCT
easat-9256	61	27	especially	especially	ADV
easat-9256	61	28	in	in	ADP
easat-9256	61	29	developing	develop	VERB
easat-9256	61	30	markets	market	NOUN
easat-9256	61	31	[	[	X
easat-9256	61	32	27	27	NUM
easat-9256	61	33	]	]	PUNCT
easat-9256	61	34	.	.	PUNCT
easat-9256	62	1	moreover	moreover	ADV
easat-9256	62	2	,	,	PUNCT
easat-9256	62	3	board	board	NOUN
easat-9256	62	4	diversity	diversity	NOUN
easat-9256	62	5	particularly	particularly	ADV
easat-9256	62	6	gender	gender	NOUN
easat-9256	62	7	and	and	CCONJ
easat-9256	62	8	expertise	expertise	NOUN
easat-9256	62	9	has	have	AUX
easat-9256	62	10	been	be	AUX
easat-9256	62	11	empirically	empirically	ADV
easat-9256	62	12	shown	show	VERB
easat-9256	62	13	to	to	PART
easat-9256	62	14	enhance	enhance	VERB
easat-9256	62	15	firm	firm	ADJ
easat-9256	62	16	credibility	credibility	NOUN
easat-9256	62	17	and	and	CCONJ
easat-9256	62	18	signal	signal	ADJ
easat-9256	62	19	innovation	innovation	NOUN
easat-9256	62	20	and	and	CCONJ
easat-9256	62	21	inclusivity	inclusivity	NOUN
easat-9256	62	22	,	,	PUNCT
easat-9256	62	23	both	both	PRON
easat-9256	62	24	of	of	ADP
easat-9256	62	25	which	which	PRON
easat-9256	62	26	are	be	AUX
easat-9256	62	27	positively	positively	ADV
easat-9256	62	28	valued	value	VERB
easat-9256	62	29	by	by	ADP
easat-9256	62	30	the	the	DET
easat-9256	62	31	market	market	NOUN
easat-9256	63	1	[	[	X
easat-9256	63	2	28	28	NUM
easat-9256	63	3	]	]	PUNCT
easat-9256	63	4	.	.	PUNCT
easat-9256	64	1	however	however	ADV
easat-9256	64	2	,	,	PUNCT
easat-9256	64	3	these	these	DET
easat-9256	64	4	signals	signal	NOUN
easat-9256	64	5	are	be	AUX
easat-9256	64	6	not	not	PART
easat-9256	64	7	always	always	ADV
easat-9256	64	8	interpreted	interpret	VERB
easat-9256	64	9	uniformly	uniformly	ADV
easat-9256	64	10	across	across	ADP
easat-9256	64	11	firms	firm	NOUN
easat-9256	64	12	and	and	CCONJ
easat-9256	64	13	industries	industry	NOUN
easat-9256	64	14	.	.	PUNCT
easat-9256	65	1	their	their	PRON
easat-9256	65	2	effectiveness	effectiveness	NOUN
easat-9256	65	3	may	may	AUX
easat-9256	65	4	be	be	AUX
easat-9256	65	5	contingent	contingent	ADJ
easat-9256	65	6	on	on	ADP
easat-9256	65	7	contextual	contextual	ADJ
easat-9256	65	8	factors	factor	NOUN
easat-9256	65	9	such	such	ADJ
easat-9256	65	10	as	as	ADP
easat-9256	65	11	disclosure	disclosure	NOUN
easat-9256	65	12	regimes	regime	NOUN
easat-9256	65	13	,	,	PUNCT
easat-9256	65	14	media	medium	NOUN
easat-9256	65	15	coverage	coverage	NOUN
easat-9256	65	16	,	,	PUNCT
easat-9256	65	17	investor	investor	NOUN
easat-9256	65	18	sophistication	sophistication	NOUN
easat-9256	65	19	,	,	PUNCT
easat-9256	65	20	and	and	CCONJ
easat-9256	65	21	cultural	cultural	ADJ
easat-9256	65	22	norms	norm	NOUN
easat-9256	65	23	.	.	PUNCT
easat-9256	66	1	thus	thus	ADV
easat-9256	66	2	,	,	PUNCT
easat-9256	66	3	firm	firm	ADJ
easat-9256	66	4	value	value	NOUN
easat-9256	66	5	becomes	become	VERB
easat-9256	66	6	not	not	PART
easat-9256	66	7	only	only	ADV
easat-9256	66	8	a	a	DET
easat-9256	66	9	function	function	NOUN
easat-9256	66	10	of	of	ADP
easat-9256	66	11	what	what	PRON
easat-9256	66	12	managers	manager	NOUN
easat-9256	66	13	do	do	AUX
easat-9256	66	14	,	,	PUNCT
easat-9256	66	15	but	but	CCONJ
easat-9256	66	16	also	also	ADV
easat-9256	66	17	how	how	SCONJ
easat-9256	66	18	clearly	clearly	ADV
easat-9256	66	19	and	and	CCONJ
easat-9256	66	20	credibly	credibly	ADV
easat-9256	66	21	those	those	DET
easat-9256	66	22	actions	action	NOUN
easat-9256	66	23	are	be	AUX
easat-9256	66	24	communicated	communicate	VERB
easat-9256	66	25	and	and	CCONJ
easat-9256	66	26	received	receive	VERB
easat-9256	66	27	by	by	ADP
easat-9256	66	28	the	the	DET
easat-9256	66	29	market	market	NOUN
easat-9256	66	30	.	.	PUNCT
easat-9256	67	1	although	although	SCONJ
easat-9256	67	2	internal	internal	ADJ
easat-9256	67	3	governance	governance	NOUN
easat-9256	67	4	variables	variable	NOUN
easat-9256	67	5	and	and	CCONJ
easat-9256	67	6	signaling	signal	VERB
easat-9256	67	7	mechanisms	mechanism	NOUN
easat-9256	67	8	have	have	AUX
easat-9256	67	9	been	be	AUX
easat-9256	67	10	shown	show	VERB
easat-9256	67	11	to	to	PART
easat-9256	67	12	influence	influence	VERB
easat-9256	67	13	firm	firm	ADJ
easat-9256	67	14	value	value	NOUN
easat-9256	67	15	,	,	PUNCT
easat-9256	67	16	these	these	DET
easat-9256	67	17	relationships	relationship	NOUN
easat-9256	67	18	are	be	AUX
easat-9256	67	19	not	not	PART
easat-9256	67	20	always	always	ADV
easat-9256	67	21	direct	direct	ADJ
easat-9256	67	22	or	or	CCONJ
easat-9256	67	23	immediate	immediate	ADJ
easat-9256	67	24	.	.	PUNCT
easat-9256	68	1	one	one	NUM
easat-9256	68	2	key	key	ADJ
easat-9256	68	3	channel	channel	NOUN
easat-9256	68	4	through	through	ADP
easat-9256	68	5	which	which	PRON
easat-9256	68	6	managerial	managerial	ADJ
easat-9256	68	7	actions	action	NOUN
easat-9256	68	8	can	can	AUX
easat-9256	68	9	impact	impact	VERB
easat-9256	68	10	valuation	valuation	NOUN
easat-9256	68	11	is	be	AUX
easat-9256	68	12	investment	investment	NOUN
easat-9256	68	13	efficiency	efficiency	NOUN
easat-9256	68	14	the	the	DET
easat-9256	68	15	firm	firm	NOUN
easat-9256	68	16	’s	’s	PART
easat-9256	68	17	ability	ability	NOUN
easat-9256	68	18	to	to	PART
easat-9256	68	19	allocate	allocate	VERB
easat-9256	68	20	capital	capital	NOUN
easat-9256	68	21	to	to	ADP
easat-9256	68	22	projects	project	NOUN
easat-9256	68	23	with	with	ADP
easat-9256	68	24	positive	positive	ADJ
easat-9256	68	25	net	net	ADJ
easat-9256	68	26	present	present	ADJ
easat-9256	68	27	value	value	NOUN
easat-9256	68	28	and	and	CCONJ
easat-9256	68	29	avoid	avoid	VERB
easat-9256	68	30	both	both	DET
easat-9256	68	31	underand	underand	NOUN
easat-9256	68	32	over	over	ADP
easat-9256	68	33	-	-	PUNCT
easat-9256	68	34	investment	investment	NOUN
easat-9256	68	35	.	.	PUNCT
easat-9256	69	1	from	from	ADP
easat-9256	69	2	an	an	DET
easat-9256	69	3	agency	agency	NOUN
easat-9256	69	4	perspective	perspective	NOUN
easat-9256	69	5	,	,	PUNCT
easat-9256	69	6	inefficient	inefficient	ADJ
easat-9256	69	7	investment	investment	NOUN
easat-9256	69	8	often	often	ADV
easat-9256	69	9	reflects	reflect	VERB
easat-9256	69	10	unresolved	unresolved	ADJ
easat-9256	69	11	conflicts	conflict	NOUN
easat-9256	69	12	of	of	ADP
easat-9256	69	13	interest	interest	NOUN
easat-9256	69	14	,	,	PUNCT
easat-9256	69	15	such	such	ADJ
easat-9256	69	16	as	as	ADP
easat-9256	69	17	managerial	managerial	ADJ
easat-9256	69	18	empire	empire	NOUN
easat-9256	69	19	-	-	PUNCT
easat-9256	69	20	building	building	NOUN
easat-9256	69	21	or	or	CCONJ
easat-9256	69	22	excessive	excessive	ADJ
easat-9256	69	23	risk	risk	NOUN
easat-9256	69	24	aversion	aversion	NOUN
easat-9256	69	25	[	[	X
easat-9256	69	26	29	29	NUM
easat-9256	69	27	]	]	PUNCT
easat-9256	69	28	.	.	PUNCT
easat-9256	70	1	from	from	ADP
easat-9256	70	2	a	a	DET
easat-9256	70	3	signaling	signal	VERB
easat-9256	70	4	perspective	perspective	NOUN
easat-9256	70	5	,	,	PUNCT
easat-9256	70	6	efficient	efficient	ADJ
easat-9256	70	7	investment	investment	NOUN
easat-9256	70	8	behavior	behavior	NOUN
easat-9256	70	9	reinforces	reinforce	VERB
easat-9256	70	10	the	the	DET
easat-9256	70	11	credibility	credibility	NOUN
easat-9256	70	12	of	of	ADP
easat-9256	70	13	the	the	DET
easat-9256	70	14	firm	firm	NOUN
easat-9256	70	15	’s	’s	PART
easat-9256	70	16	strategic	strategic	ADJ
easat-9256	70	17	direction	direction	NOUN
easat-9256	70	18	,	,	PUNCT
easat-9256	70	19	serving	serve	VERB
easat-9256	70	20	as	as	ADP
easat-9256	70	21	a	a	DET
easat-9256	70	22	signal	signal	NOUN
easat-9256	70	23	of	of	ADP
easat-9256	70	24	competent	competent	ADJ
easat-9256	70	25	management	management	NOUN
easat-9256	70	26	and	and	CCONJ
easat-9256	70	27	long	long	ADJ
easat-9256	70	28	-	-	PUNCT
easat-9256	70	29	term	term	NOUN
easat-9256	70	30	viability	viability	NOUN
easat-9256	70	31	.	.	PUNCT
easat-9256	71	1	recent	recent	ADJ
easat-9256	71	2	studies	study	NOUN
easat-9256	71	3	suggest	suggest	VERB
easat-9256	71	4	that	that	SCONJ
easat-9256	71	5	investment	investment	NOUN
easat-9256	71	6	efficiency	efficiency	NOUN
easat-9256	71	7	mediates	mediate	VERB
easat-9256	71	8	the	the	DET
easat-9256	71	9	relationship	relationship	NOUN
easat-9256	71	10	between	between	ADP
easat-9256	71	11	governance	governance	NOUN
easat-9256	71	12	mechanisms	mechanism	NOUN
easat-9256	71	13	and	and	CCONJ
easat-9256	71	14	firm	firm	ADJ
easat-9256	71	15	value	value	NOUN
easat-9256	71	16	[	[	X
easat-9256	71	17	30	30	NUM
easat-9256	71	18	,	,	PUNCT
easat-9256	71	19	31	31	NUM
easat-9256	71	20	]	]	PUNCT
easat-9256	71	21	.	.	PUNCT
easat-9256	72	1	however	however	ADV
easat-9256	72	2	,	,	PUNCT
easat-9256	72	3	the	the	DET
easat-9256	72	4	mediating	mediate	VERB
easat-9256	72	5	role	role	NOUN
easat-9256	72	6	of	of	ADP
easat-9256	72	7	investment	investment	NOUN
easat-9256	72	8	efficiency	efficiency	NOUN
easat-9256	72	9	remains	remain	VERB
easat-9256	72	10	underexplored	underexplored	ADJ
easat-9256	72	11	in	in	ADP
easat-9256	72	12	emerging	emerge	VERB
easat-9256	72	13	market	market	NOUN
easat-9256	72	14	settings	setting	NOUN
easat-9256	72	15	,	,	PUNCT
easat-9256	72	16	particularly	particularly	ADV
easat-9256	72	17	in	in	ADP
easat-9256	72	18	relation	relation	NOUN
easat-9256	72	19	to	to	ADP
easat-9256	72	20	how	how	SCONJ
easat-9256	72	21	investors	investor	NOUN
easat-9256	72	22	interpret	interpret	VERB
easat-9256	72	23	it	it	PRON
easat-9256	72	24	as	as	ADP
easat-9256	72	25	a	a	DET
easat-9256	72	26	signal	signal	NOUN
easat-9256	72	27	of	of	ADP
easat-9256	72	28	quality	quality	NOUN
easat-9256	72	29	.	.	PUNCT
easat-9256	73	1	to	to	ADP
easat-9256	73	2	date	date	NOUN
easat-9256	73	3	,	,	PUNCT
easat-9256	73	4	few	few	ADJ
easat-9256	73	5	studies	study	NOUN
easat-9256	73	6	have	have	AUX
easat-9256	73	7	simultaneously	simultaneously	ADV
easat-9256	73	8	examined	examine	VERB
easat-9256	73	9	the	the	DET
easat-9256	73	10	mediating	mediate	VERB
easat-9256	73	11	role	role	NOUN
easat-9256	73	12	of	of	ADP
easat-9256	73	13	investment	investment	NOUN
easat-9256	73	14	efficiency	efficiency	NOUN
easat-9256	73	15	within	within	ADP
easat-9256	73	16	an	an	DET
easat-9256	73	17	agency	agency	NOUN
easat-9256	73	18	-	-	PUNCT
easat-9256	73	19	signaling	signal	VERB
easat-9256	73	20	framework	framework	NOUN
easat-9256	73	21	,	,	PUNCT
easat-9256	73	22	especially	especially	ADV
easat-9256	73	23	using	use	VERB
easat-9256	73	24	panel	panel	NOUN
easat-9256	73	25	data	datum	NOUN
easat-9256	73	26	from	from	ADP
easat-9256	73	27	indonesia	indonesia	PROPN
easat-9256	73	28	or	or	CCONJ
easat-9256	73	29	comparable	comparable	ADJ
easat-9256	73	30	emerging	emerge	VERB
easat-9256	73	31	economies	economy	NOUN
easat-9256	73	32	.	.	PUNCT
easat-9256	74	1	this	this	DET
easat-9256	74	2	study	study	NOUN
easat-9256	74	3	proposes	propose	VERB
easat-9256	74	4	that	that	SCONJ
easat-9256	74	5	investment	investment	NOUN
easat-9256	74	6	efficiency	efficiency	NOUN
easat-9256	74	7	serves	serve	VERB
easat-9256	74	8	as	as	ADP
easat-9256	74	9	a	a	DET
easat-9256	74	10	bridging	bridging	NOUN
easat-9256	74	11	mechanism	mechanism	NOUN
easat-9256	74	12	,	,	PUNCT
easat-9256	74	13	translating	translate	VERB
easat-9256	74	14	internal	internal	ADJ
easat-9256	74	15	managerial	managerial	ADJ
easat-9256	74	16	quality	quality	NOUN
easat-9256	74	17	into	into	ADP
easat-9256	74	18	external	external	ADJ
easat-9256	74	19	investor	investor	NOUN
easat-9256	74	20	valuation	valuation	NOUN
easat-9256	74	21	.	.	PUNCT
easat-9256	75	1	by	by	ADP
easat-9256	75	2	investigating	investigate	VERB
easat-9256	75	3	this	this	DET
easat-9256	75	4	mediating	mediate	VERB
easat-9256	75	5	effect	effect	NOUN
easat-9256	75	6	,	,	PUNCT
easat-9256	75	7	the	the	DET
easat-9256	75	8	research	research	NOUN
easat-9256	75	9	offers	offer	VERB
easat-9256	75	10	a	a	DET
easat-9256	75	11	more	more	ADV
easat-9256	75	12	complete	complete	ADJ
easat-9256	75	13	understanding	understanding	NOUN
easat-9256	75	14	of	of	ADP
easat-9256	75	15	how	how	SCONJ
easat-9256	75	16	firm	firm	ADJ
easat-9256	75	17	value	value	NOUN
easat-9256	75	18	is	be	AUX
easat-9256	75	19	shaped	shape	VERB
easat-9256	75	20	in	in	ADP
easat-9256	75	21	environments	environment	NOUN
easat-9256	75	22	characterized	characterize	VERB
easat-9256	75	23	by	by	ADP
easat-9256	75	24	agency	agency	NOUN
easat-9256	75	25	conflicts	conflict	NOUN
easat-9256	75	26	and	and	CCONJ
easat-9256	75	27	information	information	NOUN
easat-9256	75	28	asymmetry	asymmetry	NOUN
easat-9256	75	29	.	.	PUNCT
easat-9256	76	1	214	214	NUM
easat-9256	76	2	edelweiss	edelweiss	PROPN
easat-9256	76	3	applied	apply	VERB
easat-9256	76	4	science	science	NOUN
easat-9256	76	5	and	and	CCONJ
easat-9256	76	6	technology	technology	NOUN
easat-9256	76	7	issn	issn	PROPN
easat-9256	76	8	:	:	PUNCT
easat-9256	76	9	2576	2576	NUM
easat-9256	76	10	-	-	SYM
easat-9256	76	11	8484	8484	NUM
easat-9256	76	12	vol	vol	NOUN
easat-9256	76	13	.	.	PROPN
easat-9256	77	1	9	9	NUM
easat-9256	77	2	,	,	PUNCT
easat-9256	77	3	no	no	INTJ
easat-9256	77	4	.	.	NOUN
easat-9256	77	5	8	8	NUM
easat-9256	77	6	:	:	PUNCT
easat-9256	77	7	211	211	NUM
easat-9256	77	8	-	-	SYM
easat-9256	77	9	230	230	NUM
easat-9256	77	10	,	,	PUNCT
easat-9256	77	11	2025	2025	NUM
easat-9256	77	12	doi	doi	NOUN
easat-9256	77	13	:	:	PUNCT
easat-9256	77	14	10.55214/2576	10.55214/2576	NUM
easat-9256	77	15	-	-	SYM
easat-9256	77	16	8484.v9i8.9256	8484.v9i8.9256	NUM
easat-9256	77	17	©	©	ADP
easat-9256	77	18	2025	2025	NUM
easat-9256	77	19	by	by	ADP
easat-9256	77	20	the	the	DET
easat-9256	77	21	authors	author	NOUN
easat-9256	77	22	;	;	PUNCT
easat-9256	77	23	licensee	licensee	PROPN
easat-9256	77	24	learning	learning	NOUN
easat-9256	77	25	gate	gate	NOUN
easat-9256	77	26	accordingly	accordingly	ADV
easat-9256	77	27	,	,	PUNCT
easat-9256	77	28	this	this	DET
easat-9256	77	29	study	study	NOUN
easat-9256	77	30	aims	aim	VERB
easat-9256	77	31	to	to	PART
easat-9256	77	32	examine	examine	VERB
easat-9256	77	33	the	the	DET
easat-9256	77	34	direct	direct	ADJ
easat-9256	77	35	and	and	CCONJ
easat-9256	77	36	indirect	indirect	ADJ
easat-9256	77	37	effects	effect	NOUN
easat-9256	77	38	of	of	ADP
easat-9256	77	39	financial	financial	ADJ
easat-9256	77	40	performance	performance	NOUN
easat-9256	77	41	,	,	PUNCT
easat-9256	77	42	business	business	NOUN
easat-9256	77	43	risk	risk	NOUN
easat-9256	77	44	,	,	PUNCT
easat-9256	77	45	institutional	institutional	ADJ
easat-9256	77	46	ownership	ownership	NOUN
easat-9256	77	47	,	,	PUNCT
easat-9256	77	48	and	and	CCONJ
easat-9256	77	49	board	board	NOUN
easat-9256	77	50	diversity	diversity	NOUN
easat-9256	77	51	on	on	ADP
easat-9256	77	52	firm	firm	ADJ
easat-9256	77	53	value	value	NOUN
easat-9256	77	54	,	,	PUNCT
easat-9256	77	55	with	with	ADP
easat-9256	77	56	investment	investment	NOUN
easat-9256	77	57	efficiency	efficiency	NOUN
easat-9256	77	58	as	as	ADP
easat-9256	77	59	a	a	DET
easat-9256	77	60	mediating	mediate	VERB
easat-9256	77	61	variable	variable	NOUN
easat-9256	77	62	.	.	PUNCT
easat-9256	78	1	by	by	ADP
easat-9256	78	2	integrating	integrate	VERB
easat-9256	78	3	agency	agency	NOUN
easat-9256	78	4	and	and	CCONJ
easat-9256	78	5	signaling	signal	VERB
easat-9256	78	6	theories	theory	NOUN
easat-9256	78	7	within	within	ADP
easat-9256	78	8	the	the	DET
easat-9256	78	9	context	context	NOUN
easat-9256	78	10	of	of	ADP
easat-9256	78	11	non	non	ADJ
easat-9256	78	12	-	-	ADJ
easat-9256	78	13	financial	financial	ADJ
easat-9256	78	14	firms	firm	NOUN
easat-9256	78	15	listed	list	VERB
easat-9256	78	16	on	on	ADP
easat-9256	78	17	the	the	DET
easat-9256	78	18	indonesia	indonesia	PROPN
easat-9256	78	19	stock	stock	PROPN
easat-9256	78	20	exchange	exchange	PROPN
easat-9256	78	21	(	(	PUNCT
easat-9256	78	22	idx	idx	PROPN
easat-9256	78	23	)	)	PUNCT
easat-9256	78	24	from	from	ADP
easat-9256	78	25	2016	2016	NUM
easat-9256	78	26	to	to	ADP
easat-9256	78	27	2019	2019	NUM
easat-9256	78	28	,	,	PUNCT
easat-9256	78	29	this	this	DET
easat-9256	78	30	research	research	NOUN
easat-9256	78	31	addresses	address	VERB
easat-9256	78	32	the	the	DET
easat-9256	78	33	theoretical	theoretical	ADJ
easat-9256	78	34	and	and	CCONJ
easat-9256	78	35	empirical	empirical	ADJ
easat-9256	78	36	gap	gap	NOUN
easat-9256	78	37	concerning	concern	VERB
easat-9256	78	38	how	how	SCONJ
easat-9256	78	39	internal	internal	ADJ
easat-9256	78	40	managerial	managerial	ADJ
easat-9256	78	41	actions	action	NOUN
easat-9256	78	42	are	be	AUX
easat-9256	78	43	translated	translate	VERB
easat-9256	78	44	into	into	ADP
easat-9256	78	45	firm	firm	ADJ
easat-9256	78	46	valuation	valuation	NOUN
easat-9256	78	47	.	.	PUNCT
easat-9256	79	1	the	the	DET
easat-9256	79	2	study	study	NOUN
easat-9256	79	3	contributes	contribute	VERB
easat-9256	79	4	to	to	ADP
easat-9256	79	5	the	the	DET
easat-9256	79	6	literature	literature	NOUN
easat-9256	79	7	by	by	ADP
easat-9256	79	8	:	:	PUNCT
easat-9256	79	9	(	(	PUNCT
easat-9256	79	10	1	1	X
easat-9256	79	11	)	)	PUNCT
easat-9256	79	12	providing	provide	VERB
easat-9256	79	13	empirical	empirical	ADJ
easat-9256	79	14	validation	validation	NOUN
easat-9256	79	15	for	for	ADP
easat-9256	79	16	the	the	DET
easat-9256	79	17	mediating	mediate	VERB
easat-9256	79	18	role	role	NOUN
easat-9256	79	19	of	of	ADP
easat-9256	79	20	investment	investment	NOUN
easat-9256	79	21	efficiency	efficiency	NOUN
easat-9256	79	22	in	in	ADP
easat-9256	79	23	value	value	NOUN
easat-9256	79	24	creation	creation	NOUN
easat-9256	79	25	,	,	PUNCT
easat-9256	79	26	(	(	PUNCT
easat-9256	79	27	2	2	X
easat-9256	79	28	)	)	PUNCT
easat-9256	79	29	advancing	advance	VERB
easat-9256	79	30	a	a	DET
easat-9256	79	31	dual	dual	ADJ
easat-9256	79	32	-	-	PUNCT
easat-9256	79	33	theory	theory	NOUN
easat-9256	79	34	framework	framework	NOUN
easat-9256	79	35	that	that	PRON
easat-9256	79	36	connects	connect	VERB
easat-9256	79	37	internal	internal	ADJ
easat-9256	79	38	governance	governance	NOUN
easat-9256	79	39	with	with	ADP
easat-9256	79	40	external	external	ADJ
easat-9256	79	41	market	market	NOUN
easat-9256	79	42	interpretation	interpretation	NOUN
easat-9256	79	43	,	,	PUNCT
easat-9256	79	44	and	and	CCONJ
easat-9256	79	45	(	(	PUNCT
easat-9256	79	46	3	3	X
easat-9256	79	47	)	)	PUNCT
easat-9256	79	48	offering	offer	VERB
easat-9256	79	49	region	region	NOUN
easat-9256	79	50	-	-	PUNCT
easat-9256	79	51	specific	specific	ADJ
easat-9256	79	52	insights	insight	NOUN
easat-9256	79	53	for	for	ADP
easat-9256	79	54	corporate	corporate	ADJ
easat-9256	79	55	governance	governance	NOUN
easat-9256	79	56	reform	reform	NOUN
easat-9256	79	57	and	and	CCONJ
easat-9256	79	58	policy	policy	NOUN
easat-9256	79	59	development	development	NOUN
easat-9256	79	60	in	in	ADP
easat-9256	79	61	emerging	emerge	VERB
easat-9256	79	62	capital	capital	NOUN
easat-9256	79	63	markets	market	NOUN
easat-9256	79	64	.	.	PUNCT
easat-9256	80	1	2	2	X
easat-9256	80	2	.	.	X
easat-9256	80	3	literature	literature	NOUN
easat-9256	80	4	review	review	PROPN
easat-9256	80	5	and	and	CCONJ
easat-9256	80	6	hypothesis	hypothesis	NOUN
easat-9256	80	7	development	development	NOUN
easat-9256	80	8	2.1	2.1	NUM
easat-9256	80	9	.	.	PUNCT
easat-9256	81	1	firm	firm	ADJ
easat-9256	81	2	value	value	NOUN
easat-9256	81	3	firm	firm	NOUN
easat-9256	81	4	value	value	NOUN
easat-9256	81	5	represents	represent	VERB
easat-9256	81	6	the	the	DET
easat-9256	81	7	market	market	NOUN
easat-9256	81	8	's	's	PART
easat-9256	81	9	assessment	assessment	NOUN
easat-9256	81	10	of	of	ADP
easat-9256	81	11	a	a	DET
easat-9256	81	12	company	company	NOUN
easat-9256	81	13	's	's	PART
easat-9256	81	14	ability	ability	NOUN
easat-9256	81	15	to	to	PART
easat-9256	81	16	generate	generate	VERB
easat-9256	81	17	future	future	ADJ
easat-9256	81	18	earnings	earning	NOUN
easat-9256	81	19	and	and	CCONJ
easat-9256	81	20	sustain	sustain	VERB
easat-9256	81	21	long	long	ADJ
easat-9256	81	22	-	-	PUNCT
easat-9256	81	23	term	term	NOUN
easat-9256	81	24	growth	growth	NOUN
easat-9256	81	25	.	.	PUNCT
easat-9256	82	1	it	it	PRON
easat-9256	82	2	serves	serve	VERB
easat-9256	82	3	as	as	ADP
easat-9256	82	4	a	a	DET
easat-9256	82	5	fundamental	fundamental	ADJ
easat-9256	82	6	indicator	indicator	NOUN
easat-9256	82	7	in	in	ADP
easat-9256	82	8	corporate	corporate	ADJ
easat-9256	82	9	finance	finance	NOUN
easat-9256	82	10	,	,	PUNCT
easat-9256	82	11	reflecting	reflect	VERB
easat-9256	82	12	the	the	DET
easat-9256	82	13	effectiveness	effectiveness	NOUN
easat-9256	82	14	of	of	ADP
easat-9256	82	15	managerial	managerial	ADJ
easat-9256	82	16	decisions	decision	NOUN
easat-9256	82	17	,	,	PUNCT
easat-9256	82	18	operational	operational	ADJ
easat-9256	82	19	efficiency	efficiency	NOUN
easat-9256	82	20	,	,	PUNCT
easat-9256	82	21	and	and	CCONJ
easat-9256	82	22	the	the	DET
easat-9256	82	23	firm	firm	NOUN
easat-9256	82	24	's	's	PART
easat-9256	82	25	overall	overall	ADJ
easat-9256	82	26	financial	financial	ADJ
easat-9256	82	27	health	health	NOUN
easat-9256	82	28	[	[	X
easat-9256	82	29	32	32	NUM
easat-9256	82	30	]	]	PUNCT
easat-9256	82	31	.	.	PUNCT
easat-9256	83	1	a	a	DET
easat-9256	83	2	higher	high	ADJ
easat-9256	83	3	firm	firm	ADJ
easat-9256	83	4	value	value	NOUN
easat-9256	83	5	typically	typically	ADV
easat-9256	83	6	signifies	signify	VERB
easat-9256	83	7	strong	strong	ADJ
easat-9256	83	8	investor	investor	NOUN
easat-9256	83	9	confidence	confidence	NOUN
easat-9256	83	10	and	and	CCONJ
easat-9256	83	11	is	be	AUX
easat-9256	83	12	often	often	ADV
easat-9256	83	13	associated	associate	VERB
easat-9256	83	14	with	with	ADP
easat-9256	83	15	superior	superior	ADJ
easat-9256	83	16	corporate	corporate	ADJ
easat-9256	83	17	governance	governance	NOUN
easat-9256	83	18	and	and	CCONJ
easat-9256	83	19	strategic	strategic	ADJ
easat-9256	83	20	management	management	NOUN
easat-9256	83	21	practices	practice	NOUN
easat-9256	83	22	[	[	X
easat-9256	83	23	33	33	NUM
easat-9256	83	24	]	]	PUNCT
easat-9256	83	25	.	.	PUNCT
easat-9256	84	1	in	in	ADP
easat-9256	84	2	empirical	empirical	ADJ
easat-9256	84	3	research	research	NOUN
easat-9256	84	4	,	,	PUNCT
easat-9256	84	5	firm	firm	ADJ
easat-9256	84	6	value	value	NOUN
easat-9256	84	7	is	be	AUX
easat-9256	84	8	commonly	commonly	ADV
easat-9256	84	9	measured	measure	VERB
easat-9256	84	10	using	use	VERB
easat-9256	84	11	market	market	NOUN
easat-9256	84	12	-	-	PUNCT
easat-9256	84	13	based	base	VERB
easat-9256	84	14	indicators	indicator	NOUN
easat-9256	84	15	such	such	ADJ
easat-9256	84	16	as	as	ADP
easat-9256	84	17	the	the	DET
easat-9256	84	18	price	price	NOUN
easat-9256	84	19	-	-	PUNCT
easat-9256	84	20	to	to	ADP
easat-9256	84	21	-	-	PUNCT
easat-9256	84	22	earnings	earning	NOUN
easat-9256	84	23	(	(	PUNCT
easat-9256	84	24	p	p	X
easat-9256	84	25	/	/	SYM
easat-9256	84	26	e	e	NOUN
easat-9256	84	27	)	)	PUNCT
easat-9256	84	28	ratio	ratio	NOUN
easat-9256	84	29	,	,	PUNCT
easat-9256	84	30	price	price	NOUN
easat-9256	84	31	-	-	PUNCT
easat-9256	84	32	to	to	ADP
easat-9256	84	33	-	-	PUNCT
easat-9256	84	34	book	book	NOUN
easat-9256	84	35	value	value	NOUN
easat-9256	84	36	(	(	PUNCT
easat-9256	84	37	pbv	pbv	ADJ
easat-9256	84	38	)	)	PUNCT
easat-9256	84	39	,	,	PUNCT
easat-9256	84	40	and	and	CCONJ
easat-9256	84	41	tobin	tobin	PROPN
easat-9256	84	42	's	's	PART
easat-9256	84	43	q.	q.	NOUN
easat-9256	84	44	among	among	ADP
easat-9256	84	45	these	these	PRON
easat-9256	84	46	,	,	PUNCT
easat-9256	84	47	the	the	DET
easat-9256	84	48	p	p	NOUN
easat-9256	84	49	/	/	SYM
easat-9256	84	50	e	e	NOUN
easat-9256	84	51	ratio	ratio	NOUN
easat-9256	84	52	is	be	AUX
easat-9256	84	53	widely	widely	ADV
easat-9256	84	54	utilized	utilize	VERB
easat-9256	84	55	due	due	ADP
easat-9256	84	56	to	to	ADP
easat-9256	84	57	its	its	PRON
easat-9256	84	58	simplicity	simplicity	NOUN
easat-9256	84	59	and	and	CCONJ
easat-9256	84	60	direct	direct	ADJ
easat-9256	84	61	relation	relation	NOUN
easat-9256	84	62	to	to	ADP
easat-9256	84	63	investor	investor	NOUN
easat-9256	84	64	sentiment	sentiment	NOUN
easat-9256	84	65	.	.	PUNCT
easat-9256	85	1	it	it	PRON
easat-9256	85	2	is	be	AUX
easat-9256	85	3	calculated	calculate	VERB
easat-9256	85	4	by	by	ADP
easat-9256	85	5	dividing	divide	VERB
easat-9256	85	6	the	the	DET
easat-9256	85	7	market	market	NOUN
easat-9256	85	8	price	price	NOUN
easat-9256	85	9	per	per	ADP
easat-9256	85	10	share	share	NOUN
easat-9256	85	11	by	by	ADP
easat-9256	85	12	the	the	DET
easat-9256	85	13	earnings	earning	NOUN
easat-9256	85	14	per	per	ADP
easat-9256	85	15	share	share	NOUN
easat-9256	85	16	(	(	PUNCT
easat-9256	85	17	eps	eps	PROPN
easat-9256	85	18	)	)	PUNCT
easat-9256	85	19	,	,	PUNCT
easat-9256	85	20	providing	provide	VERB
easat-9256	85	21	insight	insight	NOUN
easat-9256	85	22	into	into	ADP
easat-9256	85	23	how	how	SCONJ
easat-9256	85	24	much	much	ADJ
easat-9256	85	25	investors	investor	NOUN
easat-9256	85	26	are	be	AUX
easat-9256	85	27	willing	willing	ADJ
easat-9256	85	28	to	to	PART
easat-9256	85	29	pay	pay	VERB
easat-9256	85	30	for	for	ADP
easat-9256	85	31	each	each	DET
easat-9256	85	32	unit	unit	NOUN
easat-9256	85	33	of	of	ADP
easat-9256	85	34	earnings	earning	NOUN
easat-9256	85	35	.	.	PUNCT
easat-9256	86	1	a	a	DET
easat-9256	86	2	higher	high	ADJ
easat-9256	86	3	p	p	NOUN
easat-9256	86	4	/	/	SYM
easat-9256	86	5	e	e	NOUN
easat-9256	86	6	ratio	ratio	NOUN
easat-9256	86	7	often	often	ADV
easat-9256	86	8	reflects	reflect	VERB
easat-9256	86	9	optimism	optimism	NOUN
easat-9256	86	10	about	about	ADP
easat-9256	86	11	a	a	DET
easat-9256	86	12	company	company	NOUN
easat-9256	86	13	's	's	PART
easat-9256	86	14	future	future	ADJ
easat-9256	86	15	prospects	prospect	NOUN
easat-9256	86	16	,	,	PUNCT
easat-9256	86	17	while	while	SCONJ
easat-9256	86	18	a	a	DET
easat-9256	86	19	lower	low	ADJ
easat-9256	86	20	ratio	ratio	NOUN
easat-9256	86	21	may	may	AUX
easat-9256	86	22	indicate	indicate	VERB
easat-9256	86	23	concerns	concern	NOUN
easat-9256	86	24	over	over	ADP
easat-9256	86	25	earnings	earning	NOUN
easat-9256	86	26	stability	stability	NOUN
easat-9256	86	27	or	or	CCONJ
easat-9256	86	28	growth	growth	NOUN
easat-9256	86	29	potential	potential	NOUN
easat-9256	86	30	.	.	PUNCT
easat-9256	87	1	the	the	DET
easat-9256	87	2	p	p	PROPN
easat-9256	87	3	/	/	SYM
easat-9256	87	4	e	e	NOUN
easat-9256	87	5	ratio	ratio	NOUN
easat-9256	87	6	is	be	AUX
easat-9256	87	7	not	not	PART
easat-9256	87	8	only	only	ADV
easat-9256	87	9	a	a	DET
easat-9256	87	10	tool	tool	NOUN
easat-9256	87	11	for	for	ADP
easat-9256	87	12	valuation	valuation	NOUN
easat-9256	87	13	but	but	CCONJ
easat-9256	87	14	also	also	ADV
easat-9256	87	15	serves	serve	VERB
easat-9256	87	16	as	as	ADP
easat-9256	87	17	a	a	DET
easat-9256	87	18	signal	signal	NOUN
easat-9256	87	19	to	to	ADP
easat-9256	87	20	the	the	DET
easat-9256	87	21	market	market	NOUN
easat-9256	87	22	regarding	regard	VERB
easat-9256	87	23	a	a	DET
easat-9256	87	24	firm	firm	NOUN
easat-9256	87	25	's	's	PART
easat-9256	87	26	performance	performance	NOUN
easat-9256	87	27	and	and	CCONJ
easat-9256	87	28	expectations	expectation	NOUN
easat-9256	87	29	.	.	PUNCT
easat-9256	88	1	it	it	PRON
easat-9256	88	2	encapsulates	encapsulate	VERB
easat-9256	88	3	various	various	ADJ
easat-9256	88	4	factors	factor	NOUN
easat-9256	88	5	,	,	PUNCT
easat-9256	88	6	including	include	VERB
easat-9256	88	7	profitability	profitability	NOUN
easat-9256	88	8	,	,	PUNCT
easat-9256	88	9	risk	risk	NOUN
easat-9256	88	10	,	,	PUNCT
easat-9256	88	11	and	and	CCONJ
easat-9256	88	12	growth	growth	NOUN
easat-9256	88	13	opportunities	opportunity	NOUN
easat-9256	88	14	,	,	PUNCT
easat-9256	88	15	making	make	VERB
easat-9256	88	16	it	it	PRON
easat-9256	88	17	a	a	DET
easat-9256	88	18	comprehensive	comprehensive	ADJ
easat-9256	88	19	measure	measure	NOUN
easat-9256	88	20	of	of	ADP
easat-9256	88	21	firm	firm	ADJ
easat-9256	88	22	value	value	NOUN
easat-9256	88	23	.	.	PUNCT
easat-9256	89	1	however	however	ADV
easat-9256	89	2	,	,	PUNCT
easat-9256	89	3	it	it	PRON
easat-9256	89	4	's	be	AUX
easat-9256	89	5	important	important	ADJ
easat-9256	89	6	to	to	PART
easat-9256	89	7	note	note	VERB
easat-9256	89	8	that	that	SCONJ
easat-9256	89	9	the	the	DET
easat-9256	89	10	p	p	X
easat-9256	89	11	/	/	SYM
easat-9256	89	12	e	e	NOUN
easat-9256	89	13	ratio	ratio	NOUN
easat-9256	89	14	should	should	AUX
easat-9256	89	15	be	be	AUX
easat-9256	89	16	interpreted	interpret	VERB
easat-9256	89	17	within	within	ADP
easat-9256	89	18	the	the	DET
easat-9256	89	19	context	context	NOUN
easat-9256	89	20	of	of	ADP
easat-9256	89	21	industry	industry	NOUN
easat-9256	89	22	norms	norm	NOUN
easat-9256	89	23	and	and	CCONJ
easat-9256	89	24	economic	economic	ADJ
easat-9256	89	25	conditions	condition	NOUN
easat-9256	89	26	,	,	PUNCT
easat-9256	89	27	as	as	SCONJ
easat-9256	89	28	it	it	PRON
easat-9256	89	29	can	can	AUX
easat-9256	89	30	be	be	AUX
easat-9256	89	31	influenced	influence	VERB
easat-9256	89	32	by	by	ADP
easat-9256	89	33	external	external	ADJ
easat-9256	89	34	factors	factor	NOUN
easat-9256	89	35	beyond	beyond	ADP
easat-9256	89	36	a	a	DET
easat-9256	89	37	firm	firm	NOUN
easat-9256	89	38	's	's	PART
easat-9256	89	39	control	control	NOUN
easat-9256	89	40	.	.	PUNCT
easat-9256	90	1	in	in	ADP
easat-9256	90	2	the	the	DET
easat-9256	90	3	context	context	NOUN
easat-9256	90	4	of	of	ADP
easat-9256	90	5	emerging	emerge	VERB
easat-9256	90	6	markets	market	NOUN
easat-9256	90	7	like	like	ADP
easat-9256	90	8	indonesia	indonesia	PROPN
easat-9256	90	9	,	,	PUNCT
easat-9256	90	10	where	where	SCONJ
easat-9256	90	11	information	information	NOUN
easat-9256	90	12	asymmetry	asymmetry	NOUN
easat-9256	90	13	and	and	CCONJ
easat-9256	90	14	concentrated	concentrated	ADJ
easat-9256	90	15	ownership	ownership	NOUN
easat-9256	90	16	structures	structure	NOUN
easat-9256	90	17	are	be	AUX
easat-9256	90	18	prevalent	prevalent	ADJ
easat-9256	90	19	,	,	PUNCT
easat-9256	90	20	the	the	DET
easat-9256	90	21	p	p	NOUN
easat-9256	90	22	/	/	SYM
easat-9256	90	23	e	e	NOUN
easat-9256	90	24	ratio	ratio	NOUN
easat-9256	90	25	becomes	become	VERB
easat-9256	90	26	even	even	ADV
easat-9256	90	27	more	more	ADV
easat-9256	90	28	significant	significant	ADJ
easat-9256	90	29	[	[	X
easat-9256	90	30	34	34	NUM
easat-9256	90	31	,	,	PUNCT
easat-9256	90	32	35	35	NUM
easat-9256	90	33	]	]	PUNCT
easat-9256	90	34	.	.	PUNCT
easat-9256	91	1	it	it	PRON
easat-9256	91	2	reflects	reflect	VERB
easat-9256	91	3	not	not	PART
easat-9256	91	4	only	only	ADV
easat-9256	91	5	the	the	DET
easat-9256	91	6	firm	firm	NOUN
easat-9256	91	7	's	's	PART
easat-9256	91	8	financial	financial	ADJ
easat-9256	91	9	performance	performance	NOUN
easat-9256	91	10	but	but	CCONJ
easat-9256	91	11	also	also	ADV
easat-9256	91	12	the	the	DET
easat-9256	91	13	market	market	NOUN
easat-9256	91	14	's	's	PART
easat-9256	91	15	perception	perception	NOUN
easat-9256	91	16	of	of	ADP
easat-9256	91	17	its	its	PRON
easat-9256	91	18	governance	governance	NOUN
easat-9256	91	19	quality	quality	NOUN
easat-9256	91	20	and	and	CCONJ
easat-9256	91	21	risk	risk	NOUN
easat-9256	91	22	management	management	NOUN
easat-9256	91	23	practices	practice	NOUN
easat-9256	91	24	.	.	PUNCT
easat-9256	92	1	given	give	VERB
easat-9256	92	2	the	the	DET
easat-9256	92	3	multifaceted	multifaceted	ADJ
easat-9256	92	4	nature	nature	NOUN
easat-9256	92	5	of	of	ADP
easat-9256	92	6	firm	firm	ADJ
easat-9256	92	7	value	value	NOUN
easat-9256	92	8	and	and	CCONJ
easat-9256	92	9	its	its	PRON
easat-9256	92	10	implications	implication	NOUN
easat-9256	92	11	for	for	ADP
easat-9256	92	12	stakeholders	stakeholder	NOUN
easat-9256	92	13	,	,	PUNCT
easat-9256	92	14	it	it	PRON
easat-9256	92	15	is	be	AUX
easat-9256	92	16	crucial	crucial	ADJ
easat-9256	92	17	to	to	PART
easat-9256	92	18	explore	explore	VERB
easat-9256	92	19	the	the	DET
easat-9256	92	20	determinants	determinant	NOUN
easat-9256	92	21	that	that	PRON
easat-9256	92	22	influence	influence	VERB
easat-9256	92	23	it	it	PRON
easat-9256	92	24	.	.	PUNCT
easat-9256	93	1	this	this	PRON
easat-9256	93	2	includes	include	VERB
easat-9256	93	3	examining	examine	VERB
easat-9256	93	4	internal	internal	ADJ
easat-9256	93	5	factors	factor	NOUN
easat-9256	93	6	such	such	ADJ
easat-9256	93	7	as	as	ADP
easat-9256	93	8	financial	financial	ADJ
easat-9256	93	9	performance	performance	NOUN
easat-9256	93	10	,	,	PUNCT
easat-9256	93	11	business	business	NOUN
easat-9256	93	12	risk	risk	NOUN
easat-9256	93	13	,	,	PUNCT
easat-9256	93	14	institutional	institutional	ADJ
easat-9256	93	15	ownership	ownership	NOUN
easat-9256	93	16	,	,	PUNCT
easat-9256	93	17	and	and	CCONJ
easat-9256	93	18	board	board	NOUN
easat-9256	93	19	diversity	diversity	NOUN
easat-9256	93	20	,	,	PUNCT
easat-9256	93	21	as	as	ADV
easat-9256	93	22	well	well	ADV
easat-9256	93	23	as	as	ADP
easat-9256	93	24	how	how	SCONJ
easat-9256	93	25	these	these	DET
easat-9256	93	26	elements	element	NOUN
easat-9256	93	27	interact	interact	VERB
easat-9256	93	28	with	with	ADP
easat-9256	93	29	investment	investment	NOUN
easat-9256	93	30	efficiency	efficiency	NOUN
easat-9256	93	31	to	to	PART
easat-9256	93	32	impact	impact	VERB
easat-9256	93	33	overall	overall	ADJ
easat-9256	93	34	firm	firm	ADJ
easat-9256	93	35	valuation	valuation	NOUN
easat-9256	93	36	.	.	PUNCT
easat-9256	94	1	2.2	2.2	NUM
easat-9256	94	2	.	.	PUNCT
easat-9256	94	3	financial	financial	ADJ
easat-9256	94	4	performance	performance	NOUN
easat-9256	94	5	and	and	CCONJ
easat-9256	94	6	firm	firm	ADJ
easat-9256	94	7	value	value	NOUN
easat-9256	94	8	financial	financial	ADJ
easat-9256	94	9	performance	performance	NOUN
easat-9256	94	10	is	be	AUX
easat-9256	94	11	a	a	DET
easat-9256	94	12	central	central	ADJ
easat-9256	94	13	indicator	indicator	NOUN
easat-9256	94	14	of	of	ADP
easat-9256	94	15	a	a	DET
easat-9256	94	16	firm	firm	NOUN
easat-9256	94	17	's	's	PART
easat-9256	94	18	operational	operational	ADJ
easat-9256	94	19	success	success	NOUN
easat-9256	94	20	and	and	CCONJ
easat-9256	94	21	managerial	managerial	ADJ
easat-9256	94	22	effectiveness	effectiveness	NOUN
easat-9256	94	23	.	.	PUNCT
easat-9256	95	1	it	it	PRON
easat-9256	95	2	reflects	reflect	VERB
easat-9256	95	3	the	the	DET
easat-9256	95	4	extent	extent	NOUN
easat-9256	95	5	to	to	PART
easat-9256	95	6	which	which	PRON
easat-9256	95	7	a	a	DET
easat-9256	95	8	company	company	NOUN
easat-9256	95	9	utilizes	utilize	VERB
easat-9256	95	10	its	its	PRON
easat-9256	95	11	resources	resource	NOUN
easat-9256	95	12	to	to	PART
easat-9256	95	13	generate	generate	VERB
easat-9256	95	14	earnings	earning	NOUN
easat-9256	95	15	,	,	PUNCT
easat-9256	95	16	maintain	maintain	VERB
easat-9256	95	17	liquidity	liquidity	NOUN
easat-9256	95	18	,	,	PUNCT
easat-9256	95	19	and	and	CCONJ
easat-9256	95	20	sustain	sustain	VERB
easat-9256	95	21	operational	operational	ADJ
easat-9256	95	22	cash	cash	NOUN
easat-9256	95	23	flow	flow	NOUN
easat-9256	95	24	.	.	PUNCT
easat-9256	96	1	within	within	ADP
easat-9256	96	2	the	the	DET
easat-9256	96	3	framework	framework	NOUN
easat-9256	96	4	of	of	ADP
easat-9256	96	5	agency	agency	NOUN
easat-9256	96	6	theory	theory	NOUN
easat-9256	96	7	,	,	PUNCT
easat-9256	96	8	strong	strong	ADJ
easat-9256	96	9	financial	financial	ADJ
easat-9256	96	10	performance	performance	NOUN
easat-9256	96	11	indicates	indicate	VERB
easat-9256	96	12	that	that	SCONJ
easat-9256	96	13	managers	manager	NOUN
easat-9256	96	14	are	be	AUX
easat-9256	96	15	fulfilling	fulfil	VERB
easat-9256	96	16	their	their	PRON
easat-9256	96	17	fiduciary	fiduciary	ADJ
easat-9256	96	18	responsibilities	responsibility	NOUN
easat-9256	96	19	by	by	ADP
easat-9256	96	20	maximizing	maximize	VERB
easat-9256	96	21	shareholder	shareholder	NOUN
easat-9256	96	22	wealth	wealth	NOUN
easat-9256	96	23	and	and	CCONJ
easat-9256	96	24	reducing	reduce	VERB
easat-9256	96	25	inefficiencies	inefficiency	NOUN
easat-9256	96	26	[	[	X
easat-9256	96	27	36	36	NUM
easat-9256	96	28	]	]	PUNCT
easat-9256	96	29	.	.	PUNCT
easat-9256	97	1	good	good	ADJ
easat-9256	97	2	financial	financial	ADJ
easat-9256	97	3	performance	performance	NOUN
easat-9256	97	4	serves	serve	VERB
easat-9256	97	5	as	as	ADP
easat-9256	97	6	evidence	evidence	NOUN
easat-9256	97	7	that	that	SCONJ
easat-9256	97	8	managers	manager	NOUN
easat-9256	97	9	are	be	AUX
easat-9256	97	10	acting	act	VERB
easat-9256	97	11	in	in	ADP
easat-9256	97	12	line	line	NOUN
easat-9256	97	13	with	with	ADP
easat-9256	97	14	the	the	DET
easat-9256	97	15	interests	interest	NOUN
easat-9256	97	16	of	of	ADP
easat-9256	97	17	shareholders	shareholder	NOUN
easat-9256	97	18	,	,	PUNCT
easat-9256	97	19	which	which	PRON
easat-9256	97	20	fosters	foster	VERB
easat-9256	97	21	investor	investor	NOUN
easat-9256	97	22	trust	trust	NOUN
easat-9256	97	23	and	and	CCONJ
easat-9256	97	24	leads	lead	VERB
easat-9256	97	25	to	to	ADP
easat-9256	97	26	enhanced	enhanced	ADJ
easat-9256	97	27	firm	firm	ADJ
easat-9256	97	28	value	value	NOUN
easat-9256	97	29	.	.	PUNCT
easat-9256	98	1	from	from	ADP
easat-9256	98	2	a	a	DET
easat-9256	98	3	signaling	signal	VERB
easat-9256	98	4	theory	theory	NOUN
easat-9256	98	5	perspective	perspective	NOUN
easat-9256	98	6	,	,	PUNCT
easat-9256	98	7	financial	financial	ADJ
easat-9256	98	8	performance	performance	NOUN
easat-9256	98	9	also	also	ADV
easat-9256	98	10	serves	serve	VERB
easat-9256	98	11	as	as	ADP
easat-9256	98	12	a	a	DET
easat-9256	98	13	credible	credible	ADJ
easat-9256	98	14	signal	signal	NOUN
easat-9256	98	15	to	to	ADP
easat-9256	98	16	external	external	ADJ
easat-9256	98	17	stakeholders	stakeholder	NOUN
easat-9256	98	18	.	.	PUNCT
easat-9256	99	1	in	in	ADP
easat-9256	99	2	environments	environment	NOUN
easat-9256	99	3	with	with	ADP
easat-9256	99	4	high	high	ADJ
easat-9256	99	5	information	information	NOUN
easat-9256	99	6	asymmetry	asymmetry	NOUN
easat-9256	99	7	such	such	ADJ
easat-9256	99	8	as	as	ADP
easat-9256	99	9	indonesia	indonesia	PROPN
easat-9256	99	10	,	,	PUNCT
easat-9256	99	11	investors	investor	NOUN
easat-9256	99	12	rely	rely	VERB
easat-9256	99	13	heavily	heavily	ADV
easat-9256	99	14	on	on	ADP
easat-9256	99	15	observable	observable	ADJ
easat-9256	99	16	financial	financial	ADJ
easat-9256	99	17	indicators	indicator	NOUN
easat-9256	99	18	as	as	ADP
easat-9256	99	19	proxies	proxy	NOUN
easat-9256	99	20	for	for	ADP
easat-9256	99	21	internal	internal	ADJ
easat-9256	99	22	quality	quality	NOUN
easat-9256	99	23	.	.	PUNCT
easat-9256	100	1	high	high	ADJ
easat-9256	100	2	and	and	CCONJ
easat-9256	100	3	consistent	consistent	ADJ
easat-9256	100	4	215	215	NUM
easat-9256	100	5	edelweiss	edelweiss	PROPN
easat-9256	100	6	applied	apply	VERB
easat-9256	100	7	science	science	NOUN
easat-9256	100	8	and	and	CCONJ
easat-9256	100	9	technology	technology	NOUN
easat-9256	100	10	issn	issn	PROPN
easat-9256	100	11	:	:	PUNCT
easat-9256	100	12	2576	2576	NUM
easat-9256	100	13	-	-	SYM
easat-9256	100	14	8484	8484	NUM
easat-9256	100	15	vol	vol	NOUN
easat-9256	100	16	.	.	PROPN
easat-9256	101	1	9	9	NUM
easat-9256	101	2	,	,	PUNCT
easat-9256	101	3	no	no	INTJ
easat-9256	101	4	.	.	NOUN
easat-9256	101	5	8	8	NUM
easat-9256	101	6	:	:	PUNCT
easat-9256	101	7	211	211	NUM
easat-9256	101	8	-	-	SYM
easat-9256	101	9	230	230	NUM
easat-9256	101	10	,	,	PUNCT
easat-9256	101	11	2025	2025	NUM
easat-9256	101	12	doi	doi	NOUN
easat-9256	101	13	:	:	PUNCT
easat-9256	101	14	10.55214/2576	10.55214/2576	NUM
easat-9256	101	15	-	-	SYM
easat-9256	101	16	8484.v9i8.9256	8484.v9i8.9256	NUM
easat-9256	101	17	©	©	ADP
easat-9256	101	18	2025	2025	NUM
easat-9256	101	19	by	by	ADP
easat-9256	101	20	the	the	DET
easat-9256	101	21	authors	author	NOUN
easat-9256	101	22	;	;	PUNCT
easat-9256	101	23	licensee	licensee	PROPN
easat-9256	101	24	learning	learning	NOUN
easat-9256	101	25	gate	gate	PROPN
easat-9256	101	26	financial	financial	ADJ
easat-9256	101	27	outcomes	outcome	NOUN
easat-9256	101	28	are	be	AUX
easat-9256	101	29	interpreted	interpret	VERB
easat-9256	101	30	as	as	ADP
easat-9256	101	31	signs	sign	NOUN
easat-9256	101	32	of	of	ADP
easat-9256	101	33	effective	effective	ADJ
easat-9256	101	34	leadership	leadership	NOUN
easat-9256	101	35	,	,	PUNCT
easat-9256	101	36	operational	operational	ADJ
easat-9256	101	37	efficiency	efficiency	NOUN
easat-9256	101	38	,	,	PUNCT
easat-9256	101	39	and	and	CCONJ
easat-9256	101	40	long	long	ADJ
easat-9256	101	41	-	-	PUNCT
easat-9256	101	42	term	term	NOUN
easat-9256	101	43	sustainability	sustainability	NOUN
easat-9256	101	44	[	[	X
easat-9256	101	45	26	26	NUM
easat-9256	101	46	]	]	PUNCT
easat-9256	101	47	.	.	PUNCT
easat-9256	102	1	in	in	ADP
easat-9256	102	2	this	this	DET
easat-9256	102	3	study	study	NOUN
easat-9256	102	4	,	,	PUNCT
easat-9256	102	5	financial	financial	ADJ
easat-9256	102	6	performance	performance	NOUN
easat-9256	102	7	is	be	AUX
easat-9256	102	8	modeled	model	VERB
easat-9256	102	9	as	as	ADP
easat-9256	102	10	a	a	DET
easat-9256	102	11	formative	formative	ADJ
easat-9256	102	12	construct	construct	NOUN
easat-9256	102	13	,	,	PUNCT
easat-9256	102	14	represented	represent	VERB
easat-9256	102	15	by	by	ADP
easat-9256	102	16	three	three	NUM
easat-9256	102	17	indicators	indicator	NOUN
easat-9256	102	18	:	:	PUNCT
easat-9256	102	19	current	current	ADJ
easat-9256	102	20	ratio	ratio	NOUN
easat-9256	102	21	(	(	PUNCT
easat-9256	102	22	cr	cr	NOUN
easat-9256	102	23	)	)	PUNCT
easat-9256	102	24	to	to	PART
easat-9256	102	25	reflect	reflect	VERB
easat-9256	102	26	liquidity	liquidity	NOUN
easat-9256	102	27	;	;	PUNCT
easat-9256	102	28	return	return	VERB
easat-9256	102	29	on	on	ADP
easat-9256	102	30	assets	asset	NOUN
easat-9256	102	31	(	(	PUNCT
easat-9256	102	32	roa	roa	NOUN
easat-9256	102	33	)	)	PUNCT
easat-9256	102	34	to	to	PART
easat-9256	102	35	capture	capture	VERB
easat-9256	102	36	profitability	profitability	NOUN
easat-9256	102	37	;	;	PUNCT
easat-9256	102	38	and	and	CCONJ
easat-9256	102	39	operating	operate	VERB
easat-9256	102	40	cash	cash	NOUN
easat-9256	102	41	flow	flow	NOUN
easat-9256	102	42	(	(	PUNCT
easat-9256	102	43	ocf	ocf	PROPN
easat-9256	102	44	)	)	PUNCT
easat-9256	102	45	to	to	PART
easat-9256	102	46	assess	assess	VERB
easat-9256	102	47	the	the	DET
easat-9256	102	48	firm	firm	NOUN
easat-9256	102	49	’s	’s	PART
easat-9256	102	50	ability	ability	NOUN
easat-9256	102	51	to	to	PART
easat-9256	102	52	generate	generate	VERB
easat-9256	102	53	cash	cash	NOUN
easat-9256	102	54	from	from	ADP
easat-9256	102	55	core	core	NOUN
easat-9256	102	56	operations	operation	NOUN
easat-9256	102	57	.	.	PUNCT
easat-9256	103	1	these	these	DET
easat-9256	103	2	indicators	indicator	NOUN
easat-9256	103	3	collectively	collectively	ADV
easat-9256	103	4	represent	represent	VERB
easat-9256	103	5	the	the	DET
easat-9256	103	6	firm	firm	NOUN
easat-9256	103	7	’s	’s	PART
easat-9256	103	8	financial	financial	ADJ
easat-9256	103	9	health	health	NOUN
easat-9256	103	10	and	and	CCONJ
easat-9256	103	11	are	be	AUX
easat-9256	103	12	commonly	commonly	ADV
easat-9256	103	13	used	use	VERB
easat-9256	103	14	in	in	ADP
easat-9256	103	15	both	both	CCONJ
easat-9256	103	16	academic	academic	ADJ
easat-9256	103	17	research	research	NOUN
easat-9256	103	18	and	and	CCONJ
easat-9256	103	19	practical	practical	ADJ
easat-9256	103	20	investment	investment	NOUN
easat-9256	103	21	analysis	analysis	NOUN
easat-9256	103	22	.	.	PUNCT
easat-9256	104	1	empirical	empirical	ADJ
easat-9256	104	2	evidence	evidence	NOUN
easat-9256	104	3	consistently	consistently	ADV
easat-9256	104	4	supports	support	VERB
easat-9256	104	5	the	the	DET
easat-9256	104	6	positive	positive	ADJ
easat-9256	104	7	influence	influence	NOUN
easat-9256	104	8	of	of	ADP
easat-9256	104	9	financial	financial	ADJ
easat-9256	104	10	performance	performance	NOUN
easat-9256	104	11	on	on	ADP
easat-9256	104	12	firm	firm	ADJ
easat-9256	104	13	value	value	NOUN
easat-9256	104	14	.	.	PUNCT
easat-9256	105	1	avdalovic	avdalovic	PROPN
easat-9256	105	2	and	and	CCONJ
easat-9256	105	3	milenković	milenković	VERB
easat-9256	106	1	[	[	X
easat-9256	106	2	37	37	NUM
easat-9256	106	3	]	]	PUNCT
easat-9256	106	4	found	find	VERB
easat-9256	106	5	that	that	SCONJ
easat-9256	106	6	roa	roa	PROPN
easat-9256	106	7	had	have	VERB
easat-9256	106	8	a	a	DET
easat-9256	106	9	significant	significant	ADJ
easat-9256	106	10	positive	positive	ADJ
easat-9256	106	11	effect	effect	NOUN
easat-9256	106	12	on	on	ADP
easat-9256	106	13	stock	stock	NOUN
easat-9256	106	14	prices	price	NOUN
easat-9256	106	15	in	in	ADP
easat-9256	106	16	the	the	DET
easat-9256	106	17	belgrade	belgrade	PROPN
easat-9256	106	18	stock	stock	PROPN
easat-9256	106	19	exchange	exchange	PROPN
easat-9256	106	20	,	,	PUNCT
easat-9256	106	21	while	while	SCONJ
easat-9256	106	22	pudji	pudji	PROPN
easat-9256	107	1	[	[	X
easat-9256	107	2	38	38	NUM
easat-9256	107	3	]	]	PUNCT
easat-9256	107	4	demonstrated	demonstrate	VERB
easat-9256	107	5	that	that	SCONJ
easat-9256	107	6	p	p	X
easat-9256	107	7	/	/	SYM
easat-9256	107	8	e	e	NOUN
easat-9256	107	9	,	,	PUNCT
easat-9256	107	10	net	net	ADJ
easat-9256	107	11	profit	profit	NOUN
easat-9256	107	12	margin	margin	NOUN
easat-9256	107	13	,	,	PUNCT
easat-9256	107	14	and	and	CCONJ
easat-9256	107	15	earnings	earning	NOUN
easat-9256	107	16	per	per	ADP
easat-9256	107	17	share	share	NOUN
easat-9256	107	18	had	have	VERB
easat-9256	107	19	significant	significant	ADJ
easat-9256	107	20	positive	positive	ADJ
easat-9256	107	21	effects	effect	NOUN
easat-9256	107	22	on	on	ADP
easat-9256	107	23	firm	firm	ADJ
easat-9256	107	24	value	value	NOUN
easat-9256	107	25	in	in	ADP
easat-9256	107	26	lq45	lq45	PROPN
easat-9256	107	27	firms	firm	NOUN
easat-9256	107	28	listed	list	VERB
easat-9256	107	29	in	in	ADP
easat-9256	107	30	indonesia	indonesia	PROPN
easat-9256	107	31	.	.	PUNCT
easat-9256	108	1	these	these	DET
easat-9256	108	2	studies	study	NOUN
easat-9256	108	3	reinforce	reinforce	VERB
easat-9256	108	4	the	the	DET
easat-9256	108	5	argument	argument	NOUN
easat-9256	108	6	that	that	SCONJ
easat-9256	108	7	profitability	profitability	NOUN
easat-9256	108	8	and	and	CCONJ
easat-9256	108	9	financial	financial	ADJ
easat-9256	108	10	soundness	soundness	NOUN
easat-9256	108	11	are	be	AUX
easat-9256	108	12	key	key	ADJ
easat-9256	108	13	drivers	driver	NOUN
easat-9256	108	14	of	of	ADP
easat-9256	108	15	valuation	valuation	NOUN
easat-9256	108	16	across	across	ADP
easat-9256	108	17	diverse	diverse	ADJ
easat-9256	108	18	market	market	NOUN
easat-9256	108	19	settings	setting	NOUN
easat-9256	108	20	.	.	PUNCT
easat-9256	109	1	further	far	ADV
easat-9256	109	2	,	,	PUNCT
easat-9256	109	3	du	du	PROPN
easat-9256	109	4	,	,	PUNCT
easat-9256	109	5	et	et	PROPN
easat-9256	109	6	al	al	PROPN
easat-9256	109	7	.	.	PUNCT
easat-9256	110	1	[	[	X
easat-9256	110	2	39	39	NUM
easat-9256	110	3	]	]	PUNCT
easat-9256	110	4	argue	argue	VERB
easat-9256	110	5	that	that	SCONJ
easat-9256	110	6	higher	high	ADJ
easat-9256	110	7	liquidity	liquidity	NOUN
easat-9256	110	8	leads	lead	VERB
easat-9256	110	9	to	to	ADP
easat-9256	110	10	improved	improve	VERB
easat-9256	110	11	investor	investor	NOUN
easat-9256	110	12	perception	perception	NOUN
easat-9256	110	13	and	and	CCONJ
easat-9256	110	14	increased	increase	VERB
easat-9256	110	15	firm	firm	ADJ
easat-9256	110	16	value	value	NOUN
easat-9256	110	17	.	.	PUNCT
easat-9256	111	1	ni	ni	PROPN
easat-9256	111	2	,	,	PUNCT
easat-9256	111	3	et	et	PROPN
easat-9256	111	4	al	al	PROPN
easat-9256	111	5	.	.	PUNCT
easat-9256	112	1	[	[	X
easat-9256	112	2	40	40	NUM
easat-9256	112	3	]	]	PUNCT
easat-9256	112	4	emphasize	emphasize	VERB
easat-9256	112	5	that	that	SCONJ
easat-9256	112	6	cash	cash	NOUN
easat-9256	112	7	flow	flow	NOUN
easat-9256	112	8	is	be	AUX
easat-9256	112	9	a	a	DET
easat-9256	112	10	better	well	ADJ
easat-9256	112	11	predictor	predictor	NOUN
easat-9256	112	12	of	of	ADP
easat-9256	112	13	future	future	ADJ
easat-9256	112	14	performance	performance	NOUN
easat-9256	112	15	than	than	ADP
easat-9256	112	16	earnings	earning	NOUN
easat-9256	112	17	,	,	PUNCT
easat-9256	112	18	making	make	VERB
easat-9256	112	19	it	it	PRON
easat-9256	112	20	a	a	DET
easat-9256	112	21	critical	critical	ADJ
easat-9256	112	22	determinant	determinant	NOUN
easat-9256	112	23	of	of	ADP
easat-9256	112	24	firm	firm	ADJ
easat-9256	112	25	value	value	NOUN
easat-9256	112	26	.	.	PUNCT
easat-9256	113	1	husna	husna	PROPN
easat-9256	113	2	and	and	CCONJ
easat-9256	113	3	satria	satria	PROPN
easat-9256	114	1	[	[	X
easat-9256	114	2	41	41	NUM
easat-9256	114	3	]	]	PUNCT
easat-9256	114	4	add	add	VERB
easat-9256	114	5	that	that	SCONJ
easat-9256	114	6	higher	high	ADJ
easat-9256	114	7	profitability	profitability	NOUN
easat-9256	114	8	not	not	PART
easat-9256	114	9	only	only	ADV
easat-9256	114	10	signals	signal	VERB
easat-9256	114	11	efficient	efficient	ADJ
easat-9256	114	12	management	management	NOUN
easat-9256	114	13	but	but	CCONJ
easat-9256	114	14	also	also	ADV
easat-9256	114	15	results	result	VERB
easat-9256	114	16	in	in	ADP
easat-9256	114	17	higher	high	ADJ
easat-9256	114	18	stock	stock	NOUN
easat-9256	114	19	prices	price	NOUN
easat-9256	114	20	,	,	PUNCT
easat-9256	114	21	which	which	PRON
easat-9256	114	22	in	in	ADP
easat-9256	114	23	turn	turn	NOUN
easat-9256	114	24	enhances	enhance	VERB
easat-9256	114	25	firm	firm	ADJ
easat-9256	114	26	value	value	NOUN
easat-9256	114	27	.	.	PUNCT
easat-9256	115	1	h1	h1	PROPN
easat-9256	115	2	:	:	PUNCT
easat-9256	115	3	financial	financial	ADJ
easat-9256	115	4	performance	performance	NOUN
easat-9256	115	5	positively	positively	ADV
easat-9256	115	6	affects	affect	VERB
easat-9256	115	7	firm	firm	ADJ
easat-9256	115	8	value	value	NOUN
easat-9256	115	9	.	.	PUNCT
easat-9256	116	1	2.3	2.3	NUM
easat-9256	116	2	.	.	PUNCT
easat-9256	117	1	business	business	NOUN
easat-9256	117	2	risk	risk	NOUN
easat-9256	117	3	and	and	CCONJ
easat-9256	117	4	firm	firm	ADJ
easat-9256	117	5	value	value	NOUN
easat-9256	117	6	business	business	NOUN
easat-9256	117	7	risk	risk	NOUN
easat-9256	117	8	refers	refer	VERB
easat-9256	117	9	to	to	ADP
easat-9256	117	10	the	the	DET
easat-9256	117	11	uncertainty	uncertainty	NOUN
easat-9256	117	12	inherent	inherent	ADJ
easat-9256	117	13	in	in	ADP
easat-9256	117	14	a	a	DET
easat-9256	117	15	firm	firm	NOUN
easat-9256	117	16	’s	’s	PART
easat-9256	117	17	operating	operate	VERB
easat-9256	117	18	activities	activity	NOUN
easat-9256	117	19	,	,	PUNCT
easat-9256	117	20	particularly	particularly	ADV
easat-9256	117	21	its	its	PRON
easat-9256	117	22	ability	ability	NOUN
easat-9256	117	23	to	to	PART
easat-9256	117	24	generate	generate	VERB
easat-9256	117	25	stable	stable	ADJ
easat-9256	117	26	and	and	CCONJ
easat-9256	117	27	predictable	predictable	ADJ
easat-9256	117	28	operating	operating	NOUN
easat-9256	117	29	income	income	NOUN
easat-9256	117	30	in	in	ADP
easat-9256	117	31	the	the	DET
easat-9256	117	32	future	future	NOUN
easat-9256	117	33	.	.	PUNCT
easat-9256	118	1	it	it	PRON
easat-9256	118	2	originates	originate	VERB
easat-9256	118	3	from	from	ADP
easat-9256	118	4	factors	factor	NOUN
easat-9256	118	5	such	such	ADJ
easat-9256	118	6	as	as	ADP
easat-9256	118	7	revenue	revenue	NOUN
easat-9256	118	8	volatility	volatility	NOUN
easat-9256	118	9	,	,	PUNCT
easat-9256	118	10	high	high	ADJ
easat-9256	118	11	fixed	fix	VERB
easat-9256	118	12	operating	operating	NOUN
easat-9256	118	13	costs	cost	NOUN
easat-9256	118	14	,	,	PUNCT
easat-9256	118	15	and	and	CCONJ
easat-9256	118	16	sensitivity	sensitivity	NOUN
easat-9256	118	17	to	to	ADP
easat-9256	118	18	market	market	NOUN
easat-9256	118	19	fluctuations	fluctuation	NOUN
easat-9256	118	20	.	.	PUNCT
easat-9256	119	1	unlike	unlike	ADP
easat-9256	119	2	financial	financial	ADJ
easat-9256	119	3	risk	risk	NOUN
easat-9256	119	4	,	,	PUNCT
easat-9256	119	5	which	which	PRON
easat-9256	119	6	arises	arise	VERB
easat-9256	119	7	from	from	ADP
easat-9256	119	8	a	a	DET
easat-9256	119	9	firm	firm	NOUN
easat-9256	119	10	’s	’s	PART
easat-9256	119	11	capital	capital	NOUN
easat-9256	119	12	structure	structure	NOUN
easat-9256	119	13	,	,	PUNCT
easat-9256	119	14	business	business	NOUN
easat-9256	119	15	risk	risk	NOUN
easat-9256	119	16	stems	stem	VERB
easat-9256	119	17	directly	directly	ADV
easat-9256	119	18	from	from	ADP
easat-9256	119	19	core	core	NOUN
easat-9256	119	20	business	business	NOUN
easat-9256	119	21	operations	operation	NOUN
easat-9256	119	22	.	.	PUNCT
easat-9256	120	1	when	when	SCONJ
easat-9256	120	2	operating	operating	NOUN
easat-9256	120	3	leverage	leverage	NOUN
easat-9256	120	4	is	be	AUX
easat-9256	120	5	high	high	ADJ
easat-9256	120	6	,	,	PUNCT
easat-9256	120	7	even	even	ADV
easat-9256	120	8	small	small	ADJ
easat-9256	120	9	declines	decline	NOUN
easat-9256	120	10	in	in	ADP
easat-9256	120	11	sales	sale	NOUN
easat-9256	120	12	can	can	AUX
easat-9256	120	13	lead	lead	VERB
easat-9256	120	14	to	to	ADP
easat-9256	120	15	significant	significant	ADJ
easat-9256	120	16	reductions	reduction	NOUN
easat-9256	120	17	in	in	ADP
easat-9256	120	18	pre	pre	ADJ
easat-9256	120	19	-	-	ADJ
easat-9256	120	20	tax	tax	ADJ
easat-9256	120	21	profits	profit	NOUN
easat-9256	120	22	[	[	X
easat-9256	120	23	42	42	NUM
easat-9256	120	24	]	]	PUNCT
easat-9256	120	25	.	.	PUNCT
easat-9256	121	1	as	as	SCONJ
easat-9256	121	2	such	such	ADJ
easat-9256	121	3	,	,	PUNCT
easat-9256	121	4	business	business	NOUN
easat-9256	121	5	risk	risk	NOUN
easat-9256	121	6	reflects	reflect	VERB
easat-9256	121	7	the	the	DET
easat-9256	121	8	firm	firm	NOUN
easat-9256	121	9	’s	’s	PART
easat-9256	121	10	exposure	exposure	NOUN
easat-9256	121	11	to	to	ADP
easat-9256	121	12	performance	performance	NOUN
easat-9256	121	13	shocks	shock	NOUN
easat-9256	121	14	and	and	CCONJ
easat-9256	121	15	operational	operational	ADJ
easat-9256	121	16	inflexibility	inflexibility	NOUN
easat-9256	121	17	.	.	PUNCT
easat-9256	122	1	within	within	ADP
easat-9256	122	2	the	the	DET
easat-9256	122	3	framework	framework	NOUN
easat-9256	122	4	of	of	ADP
easat-9256	122	5	agency	agency	NOUN
easat-9256	122	6	theory	theory	NOUN
easat-9256	122	7	,	,	PUNCT
easat-9256	122	8	business	business	NOUN
easat-9256	122	9	risk	risk	NOUN
easat-9256	122	10	can	can	AUX
easat-9256	122	11	be	be	AUX
easat-9256	122	12	viewed	view	VERB
easat-9256	122	13	as	as	ADP
easat-9256	122	14	a	a	DET
easat-9256	122	15	consequence	consequence	NOUN
easat-9256	122	16	of	of	ADP
easat-9256	122	17	managerial	managerial	ADJ
easat-9256	122	18	decisions	decision	NOUN
easat-9256	122	19	that	that	PRON
easat-9256	122	20	may	may	AUX
easat-9256	122	21	not	not	PART
easat-9256	122	22	always	always	ADV
easat-9256	122	23	align	align	VERB
easat-9256	122	24	with	with	ADP
easat-9256	122	25	shareholder	shareholder	NOUN
easat-9256	122	26	interests	interest	NOUN
easat-9256	122	27	.	.	PUNCT
easat-9256	123	1	excessive	excessive	ADJ
easat-9256	123	2	risk	risk	NOUN
easat-9256	123	3	-	-	PUNCT
easat-9256	123	4	taking	taking	NOUN
easat-9256	123	5	or	or	CCONJ
easat-9256	123	6	risk	risk	NOUN
easat-9256	123	7	aversion	aversion	NOUN
easat-9256	123	8	can	can	AUX
easat-9256	123	9	both	both	PRON
easat-9256	123	10	lead	lead	VERB
easat-9256	123	11	to	to	ADP
easat-9256	123	12	suboptimal	suboptimal	ADJ
easat-9256	123	13	outcomes	outcome	NOUN
easat-9256	123	14	if	if	SCONJ
easat-9256	123	15	managers	manager	NOUN
easat-9256	123	16	act	act	VERB
easat-9256	123	17	to	to	PART
easat-9256	123	18	protect	protect	VERB
easat-9256	123	19	their	their	PRON
easat-9256	123	20	positions	position	NOUN
easat-9256	123	21	rather	rather	ADV
easat-9256	123	22	than	than	ADP
easat-9256	123	23	maximize	maximize	VERB
easat-9256	123	24	firm	firm	ADJ
easat-9256	123	25	value	value	NOUN
easat-9256	123	26	.	.	PUNCT
easat-9256	124	1	from	from	ADP
easat-9256	124	2	a	a	DET
easat-9256	124	3	signaling	signal	VERB
easat-9256	124	4	theory	theory	NOUN
easat-9256	124	5	perspective	perspective	NOUN
easat-9256	124	6	,	,	PUNCT
easat-9256	124	7	business	business	NOUN
easat-9256	124	8	risk	risk	NOUN
easat-9256	124	9	also	also	ADV
easat-9256	124	10	serves	serve	VERB
easat-9256	124	11	as	as	ADP
easat-9256	124	12	a	a	DET
easat-9256	124	13	signal	signal	NOUN
easat-9256	124	14	to	to	ADP
easat-9256	124	15	the	the	DET
easat-9256	124	16	market	market	NOUN
easat-9256	124	17	:	:	PUNCT
easat-9256	124	18	firms	firm	NOUN
easat-9256	124	19	that	that	PRON
easat-9256	124	20	effectively	effectively	ADV
easat-9256	124	21	disclose	disclose	VERB
easat-9256	124	22	and	and	CCONJ
easat-9256	124	23	manage	manage	VERB
easat-9256	124	24	their	their	PRON
easat-9256	124	25	operational	operational	ADJ
easat-9256	124	26	risk	risk	NOUN
easat-9256	124	27	send	send	VERB
easat-9256	124	28	a	a	DET
easat-9256	124	29	message	message	NOUN
easat-9256	124	30	of	of	ADP
easat-9256	124	31	transparency	transparency	NOUN
easat-9256	124	32	and	and	CCONJ
easat-9256	124	33	control	control	NOUN
easat-9256	124	34	,	,	PUNCT
easat-9256	124	35	whereas	whereas	SCONJ
easat-9256	124	36	poorly	poorly	ADV
easat-9256	124	37	managed	manage	VERB
easat-9256	124	38	or	or	CCONJ
easat-9256	124	39	hidden	hidden	ADJ
easat-9256	124	40	risks	risk	NOUN
easat-9256	124	41	may	may	AUX
easat-9256	124	42	deter	deter	VERB
easat-9256	124	43	investors	investor	NOUN
easat-9256	125	1	[	[	X
easat-9256	125	2	43	43	NUM
easat-9256	125	3	]	]	PUNCT
easat-9256	125	4	.	.	PUNCT
easat-9256	126	1	in	in	ADP
easat-9256	126	2	this	this	DET
easat-9256	126	3	study	study	NOUN
easat-9256	126	4	,	,	PUNCT
easat-9256	126	5	business	business	NOUN
easat-9256	126	6	risk	risk	NOUN
easat-9256	126	7	is	be	AUX
easat-9256	126	8	measured	measure	VERB
easat-9256	126	9	using	use	VERB
easat-9256	126	10	the	the	DET
easat-9256	126	11	degree	degree	NOUN
easat-9256	126	12	of	of	ADP
easat-9256	126	13	operating	operate	VERB
easat-9256	126	14	leverage	leverage	NOUN
easat-9256	126	15	(	(	PUNCT
easat-9256	126	16	dol	dol	NOUN
easat-9256	126	17	)	)	PUNCT
easat-9256	126	18	,	,	PUNCT
easat-9256	126	19	which	which	PRON
easat-9256	126	20	captures	capture	VERB
easat-9256	126	21	the	the	DET
easat-9256	126	22	sensitivity	sensitivity	NOUN
easat-9256	126	23	of	of	ADP
easat-9256	126	24	a	a	DET
easat-9256	126	25	firm	firm	NOUN
easat-9256	126	26	’s	’s	PART
easat-9256	126	27	operating	operate	VERB
easat-9256	126	28	income	income	NOUN
easat-9256	126	29	to	to	ADP
easat-9256	126	30	changes	change	NOUN
easat-9256	126	31	in	in	ADP
easat-9256	126	32	sales	sale	NOUN
easat-9256	126	33	.	.	PUNCT
easat-9256	127	1	a	a	DET
easat-9256	127	2	higher	high	ADJ
easat-9256	127	3	dol	dol	NOUN
easat-9256	127	4	indicates	indicate	VERB
easat-9256	127	5	greater	great	ADJ
easat-9256	127	6	earnings	earning	NOUN
easat-9256	127	7	volatility	volatility	NOUN
easat-9256	127	8	resulting	result	VERB
easat-9256	127	9	from	from	ADP
easat-9256	127	10	a	a	DET
easat-9256	127	11	higher	high	ADJ
easat-9256	127	12	proportion	proportion	NOUN
easat-9256	127	13	of	of	ADP
easat-9256	127	14	fixed	fix	VERB
easat-9256	127	15	operating	operating	NOUN
easat-9256	127	16	costs	cost	NOUN
easat-9256	127	17	.	.	PUNCT
easat-9256	128	1	firms	firm	NOUN
easat-9256	128	2	with	with	ADP
easat-9256	128	3	high	high	ADJ
easat-9256	128	4	dol	dol	NOUN
easat-9256	128	5	are	be	AUX
easat-9256	128	6	considered	consider	VERB
easat-9256	128	7	more	more	ADV
easat-9256	128	8	exposed	expose	VERB
easat-9256	128	9	to	to	ADP
easat-9256	128	10	operational	operational	ADJ
easat-9256	128	11	risk	risk	NOUN
easat-9256	128	12	,	,	PUNCT
easat-9256	128	13	as	as	SCONJ
easat-9256	128	14	a	a	DET
easat-9256	128	15	small	small	ADJ
easat-9256	128	16	decline	decline	NOUN
easat-9256	128	17	in	in	ADP
easat-9256	128	18	sales	sale	NOUN
easat-9256	128	19	can	can	AUX
easat-9256	128	20	disproportionately	disproportionately	ADV
easat-9256	128	21	reduce	reduce	VERB
easat-9256	128	22	earnings	earning	NOUN
easat-9256	128	23	before	before	ADP
easat-9256	128	24	interest	interest	NOUN
easat-9256	128	25	and	and	CCONJ
easat-9256	128	26	taxes	taxis	NOUN
easat-9256	128	27	(	(	PUNCT
easat-9256	128	28	ebit	ebit	PROPN
easat-9256	128	29	)	)	PUNCT
easat-9256	128	30	.	.	PUNCT
easat-9256	129	1	therefore	therefore	ADV
easat-9256	129	2	,	,	PUNCT
easat-9256	129	3	dol	dol	NOUN
easat-9256	129	4	serves	serve	VERB
easat-9256	129	5	as	as	ADP
easat-9256	129	6	a	a	DET
easat-9256	129	7	forward	forward	ADV
easat-9256	129	8	-	-	PUNCT
easat-9256	129	9	looking	look	VERB
easat-9256	129	10	indicator	indicator	NOUN
easat-9256	129	11	of	of	ADP
easat-9256	129	12	risk	risk	NOUN
easat-9256	129	13	stemming	stem	VERB
easat-9256	129	14	from	from	ADP
easat-9256	129	15	cost	cost	NOUN
easat-9256	129	16	structure	structure	NOUN
easat-9256	129	17	and	and	CCONJ
easat-9256	129	18	revenue	revenue	NOUN
easat-9256	129	19	stability	stability	NOUN
easat-9256	129	20	.	.	PUNCT
easat-9256	130	1	empirical	empirical	ADJ
easat-9256	130	2	findings	finding	NOUN
easat-9256	130	3	on	on	ADP
easat-9256	130	4	the	the	DET
easat-9256	130	5	relationship	relationship	NOUN
easat-9256	130	6	between	between	ADP
easat-9256	130	7	business	business	NOUN
easat-9256	130	8	risk	risk	NOUN
easat-9256	130	9	and	and	CCONJ
easat-9256	130	10	firm	firm	ADJ
easat-9256	130	11	value	value	NOUN
easat-9256	130	12	are	be	AUX
easat-9256	130	13	mixed	mixed	ADJ
easat-9256	130	14	.	.	PUNCT
easat-9256	131	1	on	on	ADP
easat-9256	131	2	the	the	DET
easat-9256	131	3	one	one	NUM
easat-9256	131	4	hand	hand	NOUN
easat-9256	131	5	,	,	PUNCT
easat-9256	131	6	efni	efni	NOUN
easat-9256	131	7	[	[	X
easat-9256	131	8	44	44	NUM
easat-9256	131	9	]	]	PUNCT
easat-9256	131	10	found	find	VERB
easat-9256	131	11	a	a	DET
easat-9256	131	12	positive	positive	ADJ
easat-9256	131	13	effect	effect	NOUN
easat-9256	131	14	of	of	ADP
easat-9256	131	15	risk	risk	NOUN
easat-9256	131	16	on	on	ADP
easat-9256	131	17	firm	firm	ADJ
easat-9256	131	18	value	value	NOUN
easat-9256	131	19	in	in	ADP
easat-9256	131	20	the	the	DET
easat-9256	131	21	indonesian	indonesian	ADJ
easat-9256	131	22	property	property	NOUN
easat-9256	131	23	and	and	CCONJ
easat-9256	131	24	real	real	ADJ
easat-9256	131	25	estate	estate	NOUN
easat-9256	131	26	sector	sector	NOUN
easat-9256	131	27	,	,	PUNCT
easat-9256	131	28	suggesting	suggest	VERB
easat-9256	131	29	that	that	SCONJ
easat-9256	131	30	investors	investor	NOUN
easat-9256	131	31	may	may	AUX
easat-9256	131	32	view	view	VERB
easat-9256	131	33	moderate	moderate	ADJ
easat-9256	131	34	risk	risk	NOUN
easat-9256	131	35	as	as	ADP
easat-9256	131	36	a	a	DET
easat-9256	131	37	sign	sign	NOUN
easat-9256	131	38	of	of	ADP
easat-9256	131	39	strategic	strategic	ADJ
easat-9256	131	40	aggressiveness	aggressiveness	NOUN
easat-9256	131	41	.	.	PUNCT
easat-9256	132	1	on	on	ADP
easat-9256	132	2	the	the	DET
easat-9256	132	3	other	other	ADJ
easat-9256	132	4	hand	hand	NOUN
easat-9256	132	5	,	,	PUNCT
easat-9256	132	6	wiagustini	wiagustini	NOUN
easat-9256	132	7	and	and	CCONJ
easat-9256	132	8	pertamawati	pertamawati	NOUN
easat-9256	132	9	[	[	X
easat-9256	132	10	45	45	NUM
easat-9256	132	11	]	]	PUNCT
easat-9256	132	12	reported	report	VERB
easat-9256	132	13	that	that	SCONJ
easat-9256	132	14	the	the	DET
easat-9256	132	15	standard	standard	ADJ
easat-9256	132	16	deviation	deviation	NOUN
easat-9256	132	17	of	of	ADP
easat-9256	132	18	ebit	ebit	NOUN
easat-9256	132	19	,	,	PUNCT
easat-9256	132	20	another	another	DET
easat-9256	132	21	proxy	proxy	NOUN
easat-9256	132	22	for	for	ADP
easat-9256	132	23	risk	risk	NOUN
easat-9256	132	24	,	,	PUNCT
easat-9256	132	25	negatively	negatively	ADV
easat-9256	132	26	affects	affect	VERB
easat-9256	132	27	firm	firm	ADJ
easat-9256	132	28	value	value	NOUN
easat-9256	132	29	as	as	SCONJ
easat-9256	132	30	measured	measure	VERB
easat-9256	132	31	by	by	ADP
easat-9256	132	32	the	the	DET
easat-9256	132	33	p	p	PROPN
easat-9256	132	34	/	/	SYM
easat-9256	132	35	e	e	NOUN
easat-9256	132	36	ratio	ratio	NOUN
easat-9256	132	37	.	.	PUNCT
easat-9256	133	1	these	these	DET
easat-9256	133	2	inconsistent	inconsistent	ADJ
easat-9256	133	3	findings	finding	NOUN
easat-9256	133	4	underscore	underscore	VERB
easat-9256	133	5	the	the	DET
easat-9256	133	6	need	need	NOUN
easat-9256	133	7	for	for	ADP
easat-9256	133	8	further	further	ADJ
easat-9256	133	9	examination	examination	NOUN
easat-9256	133	10	,	,	PUNCT
easat-9256	133	11	particularly	particularly	ADV
easat-9256	133	12	in	in	ADP
easat-9256	133	13	emerging	emerge	VERB
easat-9256	133	14	markets	market	NOUN
easat-9256	133	15	where	where	SCONJ
easat-9256	133	16	investor	investor	NOUN
easat-9256	133	17	behavior	behavior	NOUN
easat-9256	133	18	and	and	CCONJ
easat-9256	133	19	governance	governance	NOUN
easat-9256	133	20	structures	structure	NOUN
easat-9256	133	21	vary	vary	VERB
easat-9256	133	22	.	.	PUNCT
easat-9256	134	1	drawing	draw	VERB
easat-9256	134	2	on	on	ADP
easat-9256	134	3	the	the	DET
easat-9256	134	4	perspective	perspective	NOUN
easat-9256	134	5	of	of	ADP
easat-9256	134	6	kahl	kahl	PROPN
easat-9256	134	7	,	,	PUNCT
easat-9256	134	8	et	et	PROPN
easat-9256	134	9	al	al	PROPN
easat-9256	134	10	.	.	PUNCT
easat-9256	135	1	[	[	X
easat-9256	135	2	46	46	NUM
easat-9256	135	3	]	]	PUNCT
easat-9256	135	4	this	this	DET
easat-9256	135	5	study	study	NOUN
easat-9256	135	6	adopts	adopt	VERB
easat-9256	135	7	the	the	DET
easat-9256	135	8	view	view	NOUN
easat-9256	135	9	that	that	SCONJ
easat-9256	135	10	firms	firm	NOUN
easat-9256	135	11	with	with	ADP
easat-9256	135	12	high	high	ADJ
easat-9256	135	13	operating	operating	NOUN
easat-9256	135	14	risk	risk	NOUN
easat-9256	135	15	are	be	AUX
easat-9256	135	16	more	more	ADV
easat-9256	135	17	likely	likely	ADJ
easat-9256	135	18	to	to	PART
easat-9256	135	19	engage	engage	VERB
easat-9256	135	20	in	in	ADP
easat-9256	135	21	cautious	cautious	ADJ
easat-9256	135	22	financial	financial	ADJ
easat-9256	135	23	and	and	CCONJ
easat-9256	135	24	operational	operational	ADJ
easat-9256	135	25	planning	planning	NOUN
easat-9256	135	26	to	to	PART
easat-9256	135	27	mitigate	mitigate	VERB
easat-9256	135	28	earnings	earning	NOUN
easat-9256	135	29	volatility	volatility	NOUN
easat-9256	135	30	.	.	PUNCT
easat-9256	136	1	managers	manager	NOUN
easat-9256	136	2	in	in	ADP
easat-9256	136	3	such	such	ADJ
easat-9256	136	4	firms	firm	NOUN
easat-9256	136	5	tend	tend	VERB
easat-9256	136	6	to	to	PART
easat-9256	136	7	exercise	exercise	VERB
easat-9256	136	8	prudence	prudence	NOUN
easat-9256	136	9	in	in	ADP
easat-9256	136	10	capital	capital	NOUN
easat-9256	136	11	expenditure	expenditure	NOUN
easat-9256	136	12	,	,	PUNCT
easat-9256	136	13	cash	cash	NOUN
easat-9256	136	14	retention	retention	NOUN
easat-9256	136	15	,	,	PUNCT
easat-9256	136	16	and	and	CCONJ
easat-9256	136	17	financing	financing	NOUN
easat-9256	136	18	decisions	decision	NOUN
easat-9256	136	19	,	,	PUNCT
easat-9256	136	20	which	which	PRON
easat-9256	136	21	can	can	AUX
easat-9256	136	22	increase	increase	VERB
easat-9256	136	23	216	216	NUM
easat-9256	136	24	edelweiss	edelweiss	PROPN
easat-9256	136	25	applied	apply	VERB
easat-9256	136	26	science	science	NOUN
easat-9256	136	27	and	and	CCONJ
easat-9256	136	28	technology	technology	NOUN
easat-9256	136	29	issn	issn	PROPN
easat-9256	136	30	:	:	PUNCT
easat-9256	136	31	2576	2576	NUM
easat-9256	136	32	-	-	SYM
easat-9256	136	33	8484	8484	NUM
easat-9256	136	34	vol	vol	NOUN
easat-9256	136	35	.	.	PROPN
easat-9256	137	1	9	9	NUM
easat-9256	137	2	,	,	PUNCT
easat-9256	137	3	no	no	INTJ
easat-9256	137	4	.	.	NOUN
easat-9256	137	5	8	8	NUM
easat-9256	137	6	:	:	PUNCT
easat-9256	137	7	211	211	NUM
easat-9256	137	8	-	-	SYM
easat-9256	137	9	230	230	NUM
easat-9256	137	10	,	,	PUNCT
easat-9256	137	11	2025	2025	NUM
easat-9256	137	12	doi	doi	NOUN
easat-9256	137	13	:	:	PUNCT
easat-9256	137	14	10.55214/2576	10.55214/2576	NUM
easat-9256	137	15	-	-	SYM
easat-9256	137	16	8484.v9i8.9256	8484.v9i8.9256	NUM
easat-9256	137	17	©	©	ADP
easat-9256	137	18	2025	2025	NUM
easat-9256	137	19	by	by	ADP
easat-9256	137	20	the	the	DET
easat-9256	137	21	authors	author	NOUN
easat-9256	137	22	;	;	PUNCT
easat-9256	137	23	licensee	licensee	PROPN
easat-9256	137	24	learning	learn	VERB
easat-9256	137	25	gate	gate	PROPN
easat-9256	137	26	investor	investor	NOUN
easat-9256	137	27	confidence	confidence	NOUN
easat-9256	137	28	.	.	PUNCT
easat-9256	138	1	accordingly	accordingly	ADV
easat-9256	138	2	,	,	PUNCT
easat-9256	138	3	a	a	DET
easat-9256	138	4	higher	high	ADJ
easat-9256	138	5	dol	dol	NOUN
easat-9256	138	6	may	may	AUX
easat-9256	138	7	reflect	reflect	VERB
easat-9256	138	8	disciplined	discipline	VERB
easat-9256	138	9	managerial	managerial	ADJ
easat-9256	138	10	behavior	behavior	NOUN
easat-9256	138	11	and	and	CCONJ
easat-9256	138	12	operational	operational	ADJ
easat-9256	138	13	scalability	scalability	NOUN
easat-9256	138	14	,	,	PUNCT
easat-9256	138	15	thus	thus	ADV
easat-9256	138	16	contributing	contribute	VERB
easat-9256	138	17	positively	positively	ADV
easat-9256	138	18	to	to	ADP
easat-9256	138	19	firm	firm	ADJ
easat-9256	138	20	value	value	NOUN
easat-9256	138	21	in	in	ADP
easat-9256	138	22	specific	specific	ADJ
easat-9256	138	23	market	market	NOUN
easat-9256	138	24	contexts	contexts	NOUN
easat-9256	138	25	.	.	PUNCT
easat-9256	139	1	h2	h2	NOUN
easat-9256	139	2	:	:	PUNCT
easat-9256	139	3	business	business	NOUN
easat-9256	139	4	risk	risk	NOUN
easat-9256	139	5	positively	positively	ADV
easat-9256	139	6	affects	affect	VERB
easat-9256	139	7	firm	firm	ADJ
easat-9256	139	8	value	value	NOUN
easat-9256	139	9	.	.	PUNCT
easat-9256	140	1	2.4	2.4	NUM
easat-9256	140	2	.	.	PUNCT
easat-9256	141	1	institutional	institutional	ADJ
easat-9256	141	2	ownership	ownership	NOUN
easat-9256	141	3	and	and	CCONJ
easat-9256	141	4	firm	firm	ADJ
easat-9256	141	5	value	value	NOUN
easat-9256	141	6	institutional	institutional	ADJ
easat-9256	141	7	ownership	ownership	NOUN
easat-9256	141	8	refers	refer	VERB
easat-9256	141	9	to	to	ADP
easat-9256	141	10	the	the	DET
easat-9256	141	11	proportion	proportion	NOUN
easat-9256	141	12	of	of	ADP
easat-9256	141	13	a	a	DET
easat-9256	141	14	company	company	NOUN
easat-9256	141	15	's	's	PART
easat-9256	141	16	equity	equity	NOUN
easat-9256	141	17	held	hold	VERB
easat-9256	141	18	by	by	ADP
easat-9256	141	19	institutional	institutional	ADJ
easat-9256	141	20	investors	investor	NOUN
easat-9256	141	21	such	such	ADJ
easat-9256	141	22	as	as	ADP
easat-9256	141	23	pension	pension	NOUN
easat-9256	141	24	funds	fund	NOUN
easat-9256	141	25	,	,	PUNCT
easat-9256	141	26	banks	bank	NOUN
easat-9256	141	27	,	,	PUNCT
easat-9256	141	28	insurance	insurance	NOUN
easat-9256	141	29	companies	company	NOUN
easat-9256	141	30	,	,	PUNCT
easat-9256	141	31	and	and	CCONJ
easat-9256	141	32	mutual	mutual	ADJ
easat-9256	141	33	funds	fund	NOUN
easat-9256	141	34	.	.	PUNCT
easat-9256	142	1	within	within	ADP
easat-9256	142	2	the	the	DET
easat-9256	142	3	agency	agency	NOUN
easat-9256	142	4	theory	theory	NOUN
easat-9256	142	5	framework	framework	NOUN
easat-9256	142	6	,	,	PUNCT
easat-9256	142	7	institutional	institutional	ADJ
easat-9256	142	8	investors	investor	NOUN
easat-9256	142	9	are	be	AUX
easat-9256	142	10	considered	consider	VERB
easat-9256	142	11	to	to	PART
easat-9256	142	12	play	play	VERB
easat-9256	142	13	a	a	DET
easat-9256	142	14	vital	vital	ADJ
easat-9256	142	15	role	role	NOUN
easat-9256	142	16	in	in	ADP
easat-9256	142	17	monitoring	monitor	VERB
easat-9256	142	18	managerial	managerial	ADJ
easat-9256	142	19	actions	action	NOUN
easat-9256	142	20	and	and	CCONJ
easat-9256	142	21	reducing	reduce	VERB
easat-9256	142	22	agency	agency	NOUN
easat-9256	142	23	costs	cost	NOUN
easat-9256	142	24	[	[	X
easat-9256	142	25	47	47	NUM
easat-9256	142	26	]	]	PUNCT
easat-9256	142	27	.	.	PUNCT
easat-9256	143	1	when	when	SCONJ
easat-9256	143	2	institutions	institution	NOUN
easat-9256	143	3	hold	hold	VERB
easat-9256	143	4	a	a	DET
easat-9256	143	5	significant	significant	ADJ
easat-9256	143	6	portion	portion	NOUN
easat-9256	143	7	of	of	ADP
easat-9256	143	8	shares	share	NOUN
easat-9256	143	9	,	,	PUNCT
easat-9256	143	10	they	they	PRON
easat-9256	143	11	are	be	AUX
easat-9256	143	12	assumed	assume	VERB
easat-9256	143	13	to	to	PART
easat-9256	143	14	have	have	VERB
easat-9256	143	15	both	both	CCONJ
easat-9256	143	16	the	the	DET
easat-9256	143	17	incentive	incentive	NOUN
easat-9256	143	18	and	and	CCONJ
easat-9256	143	19	the	the	DET
easat-9256	143	20	capacity	capacity	NOUN
easat-9256	143	21	to	to	PART
easat-9256	143	22	supervise	supervise	VERB
easat-9256	143	23	managerial	managerial	ADJ
easat-9256	143	24	behavior	behavior	NOUN
easat-9256	143	25	more	more	ADV
easat-9256	143	26	effectively	effectively	ADV
easat-9256	143	27	than	than	SCONJ
easat-9256	143	28	dispersed	disperse	VERB
easat-9256	143	29	individual	individual	ADJ
easat-9256	143	30	shareholders	shareholder	NOUN
easat-9256	143	31	.	.	PUNCT
easat-9256	144	1	the	the	DET
easat-9256	144	2	separation	separation	NOUN
easat-9256	144	3	between	between	ADP
easat-9256	144	4	ownership	ownership	NOUN
easat-9256	144	5	and	and	CCONJ
easat-9256	144	6	control	control	NOUN
easat-9256	144	7	,	,	PUNCT
easat-9256	144	8	when	when	SCONJ
easat-9256	144	9	accompanied	accompany	VERB
easat-9256	144	10	by	by	ADP
easat-9256	144	11	strong	strong	ADJ
easat-9256	144	12	institutional	institutional	ADJ
easat-9256	144	13	oversight	oversight	NOUN
easat-9256	144	14	,	,	PUNCT
easat-9256	144	15	is	be	AUX
easat-9256	144	16	expected	expect	VERB
easat-9256	144	17	to	to	PART
easat-9256	144	18	align	align	VERB
easat-9256	144	19	managerial	managerial	ADJ
easat-9256	144	20	decisions	decision	NOUN
easat-9256	144	21	with	with	ADP
easat-9256	144	22	shareholder	shareholder	NOUN
easat-9256	144	23	interests	interest	NOUN
easat-9256	144	24	and	and	CCONJ
easat-9256	144	25	thus	thus	ADV
easat-9256	144	26	enhance	enhance	VERB
easat-9256	144	27	firm	firm	ADJ
easat-9256	144	28	value	value	NOUN
easat-9256	144	29	.	.	PUNCT
easat-9256	145	1	some	some	DET
easat-9256	145	2	scholars	scholar	NOUN
easat-9256	145	3	argue	argue	VERB
easat-9256	145	4	that	that	SCONJ
easat-9256	145	5	concentrated	concentrate	VERB
easat-9256	145	6	ownership	ownership	NOUN
easat-9256	145	7	such	such	ADJ
easat-9256	145	8	as	as	ADP
easat-9256	145	9	institutional	institutional	ADJ
easat-9256	145	10	blockholders	blockholder	NOUN
easat-9256	145	11	can	can	AUX
easat-9256	145	12	reduce	reduce	VERB
easat-9256	145	13	agency	agency	NOUN
easat-9256	145	14	costs	cost	NOUN
easat-9256	145	15	by	by	ADP
easat-9256	145	16	curbing	curb	VERB
easat-9256	145	17	managerial	managerial	ADJ
easat-9256	145	18	opportunism	opportunism	NOUN
easat-9256	145	19	[	[	X
easat-9256	145	20	48	48	NUM
easat-9256	145	21	]	]	PUNCT
easat-9256	145	22	.	.	PUNCT
easat-9256	146	1	however	however	ADV
easat-9256	146	2	,	,	PUNCT
easat-9256	146	3	other	other	ADJ
easat-9256	146	4	scholars	scholar	NOUN
easat-9256	146	5	caution	caution	VERB
easat-9256	146	6	that	that	SCONJ
easat-9256	146	7	concentrated	concentrated	ADJ
easat-9256	146	8	ownership	ownership	NOUN
easat-9256	146	9	can	can	AUX
easat-9256	146	10	create	create	VERB
easat-9256	146	11	a	a	DET
easat-9256	146	12	second	second	ADJ
easat-9256	146	13	type	type	NOUN
easat-9256	146	14	of	of	ADP
easat-9256	146	15	agency	agency	NOUN
easat-9256	146	16	problem	problem	NOUN
easat-9256	146	17	,	,	PUNCT
easat-9256	146	18	where	where	SCONJ
easat-9256	146	19	dominant	dominant	ADJ
easat-9256	146	20	shareholders	shareholder	NOUN
easat-9256	146	21	expropriate	expropriate	VERB
easat-9256	146	22	value	value	NOUN
easat-9256	146	23	at	at	ADP
easat-9256	146	24	the	the	DET
easat-9256	146	25	expense	expense	NOUN
easat-9256	146	26	of	of	ADP
easat-9256	146	27	minority	minority	NOUN
easat-9256	146	28	shareholders	shareholder	NOUN
easat-9256	146	29	[	[	X
easat-9256	146	30	49	49	NUM
easat-9256	146	31	]	]	PUNCT
easat-9256	146	32	.	.	PUNCT
easat-9256	147	1	this	this	DET
easat-9256	147	2	duality	duality	NOUN
easat-9256	147	3	makes	make	VERB
easat-9256	147	4	the	the	DET
easat-9256	147	5	impact	impact	NOUN
easat-9256	147	6	of	of	ADP
easat-9256	147	7	institutional	institutional	ADJ
easat-9256	147	8	ownership	ownership	NOUN
easat-9256	147	9	on	on	ADP
easat-9256	147	10	firm	firm	ADJ
easat-9256	147	11	value	value	NOUN
easat-9256	147	12	context	context	NOUN
easat-9256	147	13	-	-	PUNCT
easat-9256	147	14	dependent	dependent	ADJ
easat-9256	147	15	.	.	PUNCT
easat-9256	148	1	the	the	DET
easat-9256	148	2	literature	literature	NOUN
easat-9256	148	3	reveals	reveal	VERB
easat-9256	148	4	four	four	NUM
easat-9256	148	5	competing	compete	VERB
easat-9256	148	6	views	view	NOUN
easat-9256	148	7	regarding	regard	VERB
easat-9256	148	8	the	the	DET
easat-9256	148	9	relationship	relationship	NOUN
easat-9256	148	10	between	between	ADP
easat-9256	148	11	institutional	institutional	ADJ
easat-9256	148	12	ownership	ownership	NOUN
easat-9256	148	13	and	and	CCONJ
easat-9256	148	14	firm	firm	ADJ
easat-9256	148	15	value	value	NOUN
easat-9256	148	16	:	:	PUNCT
easat-9256	148	17	(	(	PUNCT
easat-9256	148	18	1	1	X
easat-9256	148	19	)	)	PUNCT
easat-9256	148	20	active	active	ADJ
easat-9256	148	21	monitoring	monitoring	NOUN
easat-9256	148	22	hypothesis	hypothesis	NOUN
easat-9256	148	23	suggests	suggest	VERB
easat-9256	148	24	that	that	SCONJ
easat-9256	148	25	institutional	institutional	ADJ
easat-9256	148	26	investors	investor	NOUN
easat-9256	148	27	serve	serve	VERB
easat-9256	148	28	as	as	ADP
easat-9256	148	29	effective	effective	ADJ
easat-9256	148	30	monitors	monitor	NOUN
easat-9256	148	31	,	,	PUNCT
easat-9256	148	32	positively	positively	ADV
easat-9256	148	33	influencing	influence	VERB
easat-9256	148	34	firm	firm	ADJ
easat-9256	148	35	performance	performance	NOUN
easat-9256	148	36	and	and	CCONJ
easat-9256	148	37	value	value	NOUN
easat-9256	148	38	[	[	X
easat-9256	148	39	50	50	NUM
easat-9256	148	40	]	]	PUNCT
easat-9256	148	41	;	;	PUNCT
easat-9256	148	42	(	(	PUNCT
easat-9256	148	43	2	2	X
easat-9256	148	44	)	)	PUNCT
easat-9256	148	45	passive	passive	ADJ
easat-9256	148	46	monitoring	monitoring	NOUN
easat-9256	148	47	hypothesis	hypothesis	NOUN
easat-9256	148	48	posits	posit	NOUN
easat-9256	148	49	that	that	PRON
easat-9256	148	50	some	some	DET
easat-9256	148	51	institutions	institution	NOUN
easat-9256	148	52	are	be	AUX
easat-9256	148	53	reluctant	reluctant	ADJ
easat-9256	148	54	to	to	PART
easat-9256	148	55	intervene	intervene	VERB
easat-9256	148	56	in	in	ADP
easat-9256	148	57	management	management	NOUN
easat-9256	148	58	affairs	affair	NOUN
easat-9256	148	59	,	,	PUNCT
easat-9256	148	60	thus	thus	ADV
easat-9256	148	61	weakening	weaken	VERB
easat-9256	148	62	their	their	PRON
easat-9256	148	63	governance	governance	NOUN
easat-9256	148	64	role	role	NOUN
easat-9256	148	65	[	[	X
easat-9256	148	66	51	51	NUM
easat-9256	148	67	]	]	X
easat-9256	148	68	;	;	PUNCT
easat-9256	148	69	(	(	PUNCT
easat-9256	148	70	3	3	X
easat-9256	148	71	)	)	PUNCT
easat-9256	148	72	exploitation	exploitation	NOUN
easat-9256	148	73	hypothesis	hypothesis	NOUN
easat-9256	148	74	indicates	indicate	VERB
easat-9256	148	75	that	that	SCONJ
easat-9256	148	76	institutional	institutional	ADJ
easat-9256	148	77	investors	investor	NOUN
easat-9256	148	78	may	may	AUX
easat-9256	148	79	collude	collude	VERB
easat-9256	148	80	with	with	ADP
easat-9256	148	81	management	management	NOUN
easat-9256	148	82	or	or	CCONJ
easat-9256	148	83	act	act	VERB
easat-9256	148	84	in	in	ADP
easat-9256	148	85	self	self	NOUN
easat-9256	148	86	-	-	PUNCT
easat-9256	148	87	interest	interest	NOUN
easat-9256	148	88	,	,	PUNCT
easat-9256	148	89	harming	harm	VERB
easat-9256	148	90	minority	minority	NOUN
easat-9256	148	91	shareholders	shareholder	NOUN
easat-9256	148	92	[	[	X
easat-9256	148	93	52	52	NUM
easat-9256	148	94	]	]	PUNCT
easat-9256	148	95	;	;	PUNCT
easat-9256	148	96	(	(	PUNCT
easat-9256	148	97	4	4	X
easat-9256	148	98	)	)	PUNCT
easat-9256	148	99	a	a	DET
easat-9256	148	100	nonlinear	nonlinear	ADJ
easat-9256	148	101	or	or	CCONJ
easat-9256	148	102	inverted	inverted	ADJ
easat-9256	148	103	u	u	ADJ
easat-9256	148	104	-	-	ADJ
easat-9256	148	105	shaped	shape	VERB
easat-9256	148	106	relationship	relationship	NOUN
easat-9256	148	107	has	have	AUX
easat-9256	148	108	also	also	ADV
easat-9256	148	109	been	be	AUX
easat-9256	148	110	proposed	propose	VERB
easat-9256	148	111	,	,	PUNCT
easat-9256	148	112	suggesting	suggest	VERB
easat-9256	148	113	that	that	SCONJ
easat-9256	148	114	institutional	institutional	ADJ
easat-9256	148	115	ownership	ownership	NOUN
easat-9256	148	116	initially	initially	ADV
easat-9256	148	117	improves	improve	VERB
easat-9256	148	118	firm	firm	ADJ
easat-9256	148	119	value	value	NOUN
easat-9256	148	120	up	up	ADP
easat-9256	148	121	to	to	ADP
easat-9256	148	122	a	a	DET
easat-9256	148	123	point	point	NOUN
easat-9256	148	124	,	,	PUNCT
easat-9256	148	125	after	after	ADP
easat-9256	148	126	which	which	PRON
easat-9256	148	127	it	it	PRON
easat-9256	148	128	begins	begin	VERB
easat-9256	148	129	to	to	PART
easat-9256	148	130	decline	decline	VERB
easat-9256	148	131	due	due	ADP
easat-9256	148	132	to	to	ADP
easat-9256	148	133	entrenchment	entrenchment	NOUN
easat-9256	148	134	or	or	CCONJ
easat-9256	148	135	over	over	ADP
easat-9256	148	136	-	-	PUNCT
easat-9256	148	137	concentration	concentration	NOUN
easat-9256	148	138	[	[	X
easat-9256	148	139	53	53	NUM
easat-9256	148	140	]	]	PUNCT
easat-9256	148	141	.	.	PUNCT
easat-9256	149	1	despite	despite	SCONJ
easat-9256	149	2	these	these	DET
easat-9256	149	3	divergent	divergent	ADJ
easat-9256	149	4	findings	finding	NOUN
easat-9256	149	5	,	,	PUNCT
easat-9256	149	6	the	the	DET
easat-9256	149	7	active	active	ADJ
easat-9256	149	8	monitoring	monitoring	NOUN
easat-9256	149	9	hypothesis	hypothesis	NOUN
easat-9256	149	10	remains	remain	VERB
easat-9256	149	11	dominant	dominant	ADJ
easat-9256	149	12	in	in	ADP
easat-9256	149	13	emerging	emerge	VERB
easat-9256	149	14	market	market	NOUN
easat-9256	149	15	contexts	context	NOUN
easat-9256	149	16	where	where	SCONJ
easat-9256	149	17	external	external	ADJ
easat-9256	149	18	governance	governance	NOUN
easat-9256	149	19	mechanisms	mechanism	NOUN
easat-9256	149	20	are	be	AUX
easat-9256	149	21	weaker	weak	ADJ
easat-9256	149	22	.	.	PUNCT
easat-9256	150	1	in	in	ADP
easat-9256	150	2	this	this	DET
easat-9256	150	3	study	study	NOUN
easat-9256	150	4	,	,	PUNCT
easat-9256	150	5	institutional	institutional	ADJ
easat-9256	150	6	ownership	ownership	NOUN
easat-9256	150	7	is	be	AUX
easat-9256	150	8	operationalized	operationalize	VERB
easat-9256	150	9	as	as	ADP
easat-9256	150	10	institutional	institutional	ADJ
easat-9256	150	11	holdings	holding	NOUN
easat-9256	150	12	exceeding	exceed	VERB
easat-9256	150	13	20	20	NUM
easat-9256	150	14	%	%	NOUN
easat-9256	150	15	of	of	ADP
easat-9256	150	16	total	total	ADJ
easat-9256	150	17	equity	equity	NOUN
easat-9256	150	18	consistent	consistent	ADJ
easat-9256	150	19	with	with	ADP
easat-9256	150	20	thresholds	threshold	NOUN
easat-9256	150	21	used	use	VERB
easat-9256	150	22	in	in	ADP
easat-9256	150	23	prior	prior	ADJ
easat-9256	150	24	studies	study	NOUN
easat-9256	150	25	to	to	PART
easat-9256	150	26	define	define	VERB
easat-9256	150	27	blockholder	blockholder	NOUN
easat-9256	150	28	influence	influence	NOUN
easat-9256	150	29	.	.	PUNCT
easat-9256	151	1	it	it	PRON
easat-9256	151	2	is	be	AUX
easat-9256	151	3	hypothesized	hypothesize	VERB
easat-9256	151	4	that	that	SCONJ
easat-9256	151	5	higher	high	ADJ
easat-9256	151	6	institutional	institutional	ADJ
easat-9256	151	7	ownership	ownership	NOUN
easat-9256	151	8	improves	improve	VERB
easat-9256	151	9	firm	firm	ADJ
easat-9256	151	10	value	value	NOUN
easat-9256	151	11	by	by	ADP
easat-9256	151	12	strengthening	strengthen	VERB
easat-9256	151	13	oversight	oversight	NOUN
easat-9256	151	14	,	,	PUNCT
easat-9256	151	15	mitigating	mitigate	VERB
easat-9256	151	16	agency	agency	NOUN
easat-9256	151	17	problems	problem	NOUN
easat-9256	151	18	,	,	PUNCT
easat-9256	151	19	and	and	CCONJ
easat-9256	151	20	enhancing	enhance	VERB
easat-9256	151	21	decision	decision	NOUN
easat-9256	151	22	quality	quality	NOUN
easat-9256	151	23	.	.	PUNCT
easat-9256	152	1	h3	h3	NOUN
easat-9256	152	2	:	:	PUNCT
easat-9256	152	3	institutional	institutional	ADJ
easat-9256	152	4	ownership	ownership	NOUN
easat-9256	152	5	positively	positively	ADV
easat-9256	152	6	affects	affect	VERB
easat-9256	152	7	firm	firm	ADJ
easat-9256	152	8	value	value	NOUN
easat-9256	152	9	.	.	PUNCT
easat-9256	153	1	2.5	2.5	NUM
easat-9256	153	2	.	.	PUNCT
easat-9256	154	1	board	board	NOUN
easat-9256	154	2	diversity	diversity	NOUN
easat-9256	154	3	and	and	CCONJ
easat-9256	154	4	firm	firm	ADJ
easat-9256	154	5	value	value	NOUN
easat-9256	154	6	board	board	NOUN
easat-9256	154	7	diversity	diversity	NOUN
easat-9256	154	8	refers	refer	VERB
easat-9256	154	9	to	to	ADP
easat-9256	154	10	the	the	DET
easat-9256	154	11	variety	variety	NOUN
easat-9256	154	12	of	of	ADP
easat-9256	154	13	demographic	demographic	ADJ
easat-9256	154	14	and	and	CCONJ
easat-9256	154	15	professional	professional	ADJ
easat-9256	154	16	attributes	attribute	NOUN
easat-9256	154	17	among	among	ADP
easat-9256	154	18	members	member	NOUN
easat-9256	154	19	of	of	ADP
easat-9256	154	20	a	a	DET
easat-9256	154	21	company	company	NOUN
easat-9256	154	22	’s	’s	PART
easat-9256	154	23	board	board	NOUN
easat-9256	154	24	of	of	ADP
easat-9256	154	25	directors	director	NOUN
easat-9256	154	26	and	and	CCONJ
easat-9256	154	27	commissioners	commissioner	NOUN
easat-9256	154	28	.	.	PUNCT
easat-9256	155	1	within	within	ADP
easat-9256	155	2	the	the	DET
easat-9256	155	3	framework	framework	NOUN
easat-9256	155	4	of	of	ADP
easat-9256	155	5	agency	agency	NOUN
easat-9256	155	6	theory	theory	NOUN
easat-9256	155	7	,	,	PUNCT
easat-9256	155	8	diversity	diversity	NOUN
easat-9256	155	9	plays	play	VERB
easat-9256	155	10	a	a	DET
easat-9256	155	11	critical	critical	ADJ
easat-9256	155	12	role	role	NOUN
easat-9256	155	13	in	in	ADP
easat-9256	155	14	enhancing	enhance	VERB
easat-9256	155	15	board	board	NOUN
easat-9256	155	16	effectiveness	effectiveness	NOUN
easat-9256	155	17	by	by	ADP
easat-9256	155	18	providing	provide	VERB
easat-9256	155	19	broader	broad	ADJ
easat-9256	155	20	perspectives	perspective	NOUN
easat-9256	155	21	and	and	CCONJ
easat-9256	155	22	reducing	reduce	VERB
easat-9256	155	23	the	the	DET
easat-9256	155	24	risk	risk	NOUN
easat-9256	155	25	of	of	ADP
easat-9256	155	26	groupthink	groupthink	NOUN
easat-9256	155	27	.	.	PUNCT
easat-9256	156	1	the	the	DET
easat-9256	156	2	separation	separation	NOUN
easat-9256	156	3	of	of	ADP
easat-9256	156	4	ownership	ownership	NOUN
easat-9256	156	5	and	and	CCONJ
easat-9256	156	6	control	control	NOUN
easat-9256	156	7	,	,	PUNCT
easat-9256	156	8	as	as	SCONJ
easat-9256	156	9	highlighted	highlight	VERB
easat-9256	156	10	by	by	ADP
easat-9256	156	11	fama	fama	PROPN
easat-9256	156	12	and	and	CCONJ
easat-9256	156	13	jensen	jensen	PROPN
easat-9256	157	1	[	[	X
easat-9256	157	2	47	47	NUM
easat-9256	157	3	]	]	PUNCT
easat-9256	157	4	underscores	underscore	VERB
easat-9256	157	5	the	the	DET
easat-9256	157	6	importance	importance	NOUN
easat-9256	157	7	of	of	ADP
easat-9256	157	8	board	board	NOUN
easat-9256	157	9	structure	structure	NOUN
easat-9256	157	10	in	in	ADP
easat-9256	157	11	monitoring	monitor	VERB
easat-9256	157	12	managerial	managerial	ADJ
easat-9256	157	13	actions	action	NOUN
easat-9256	157	14	.	.	PUNCT
easat-9256	158	1	a	a	DET
easat-9256	158	2	heterogeneous	heterogeneous	ADJ
easat-9256	158	3	board	board	NOUN
easat-9256	158	4	composition	composition	NOUN
easat-9256	158	5	is	be	AUX
easat-9256	158	6	believed	believe	VERB
easat-9256	158	7	to	to	PART
easat-9256	158	8	strengthen	strengthen	VERB
easat-9256	158	9	oversight	oversight	NOUN
easat-9256	158	10	and	and	CCONJ
easat-9256	158	11	offer	offer	VERB
easat-9256	158	12	a	a	DET
easat-9256	158	13	richer	rich	ADJ
easat-9256	158	14	mix	mix	NOUN
easat-9256	158	15	of	of	ADP
easat-9256	158	16	experiences	experience	NOUN
easat-9256	158	17	,	,	PUNCT
easat-9256	158	18	ideas	idea	NOUN
easat-9256	158	19	,	,	PUNCT
easat-9256	158	20	and	and	CCONJ
easat-9256	158	21	business	business	NOUN
easat-9256	158	22	knowledge	knowledge	NOUN
easat-9256	158	23	in	in	ADP
easat-9256	158	24	strategic	strategic	ADJ
easat-9256	158	25	decision	decision	NOUN
easat-9256	158	26	-	-	PUNCT
easat-9256	158	27	making	making	NOUN
easat-9256	158	28	[	[	X
easat-9256	158	29	54	54	NUM
easat-9256	158	30	]	]	PUNCT
easat-9256	158	31	.	.	PUNCT
easat-9256	159	1	board	board	NOUN
easat-9256	159	2	diversity	diversity	NOUN
easat-9256	159	3	may	may	AUX
easat-9256	159	4	also	also	ADV
easat-9256	159	5	function	function	VERB
easat-9256	159	6	as	as	ADP
easat-9256	159	7	a	a	DET
easat-9256	159	8	signal	signal	NOUN
easat-9256	159	9	to	to	ADP
easat-9256	159	10	investors	investor	NOUN
easat-9256	159	11	regarding	regard	VERB
easat-9256	159	12	the	the	DET
easat-9256	159	13	firm	firm	NOUN
easat-9256	159	14	’s	’s	PART
easat-9256	159	15	commitment	commitment	NOUN
easat-9256	159	16	to	to	ADP
easat-9256	159	17	inclusive	inclusive	ADJ
easat-9256	159	18	governance	governance	NOUN
easat-9256	159	19	and	and	CCONJ
easat-9256	159	20	accountability	accountability	NOUN
easat-9256	159	21	.	.	PUNCT
easat-9256	160	1	a	a	DET
easat-9256	160	2	diverse	diverse	ADJ
easat-9256	160	3	board	board	NOUN
easat-9256	160	4	can	can	AUX
easat-9256	160	5	project	project	VERB
easat-9256	160	6	a	a	DET
easat-9256	160	7	positive	positive	ADJ
easat-9256	160	8	image	image	NOUN
easat-9256	160	9	and	and	CCONJ
easat-9256	160	10	convey	convey	VERB
easat-9256	160	11	adherence	adherence	NOUN
easat-9256	160	12	to	to	ADP
easat-9256	160	13	good	good	ADJ
easat-9256	160	14	corporate	corporate	ADJ
easat-9256	160	15	governance	governance	NOUN
easat-9256	160	16	practices	practice	NOUN
easat-9256	160	17	,	,	PUNCT
easat-9256	160	18	which	which	PRON
easat-9256	160	19	may	may	AUX
easat-9256	160	20	enhance	enhance	VERB
easat-9256	160	21	market	market	NOUN
easat-9256	160	22	trust	trust	NOUN
easat-9256	160	23	and	and	CCONJ
easat-9256	160	24	,	,	PUNCT
easat-9256	160	25	ultimately	ultimately	ADV
easat-9256	160	26	,	,	PUNCT
easat-9256	160	27	firm	firm	ADJ
easat-9256	160	28	value	value	NOUN
easat-9256	160	29	[	[	X
easat-9256	160	30	55	55	NUM
easat-9256	160	31	,	,	PUNCT
easat-9256	160	32	56	56	NUM
easat-9256	160	33	]	]	PUNCT
easat-9256	160	34	.	.	PUNCT
easat-9256	161	1	in	in	ADP
easat-9256	161	2	the	the	DET
easat-9256	161	3	indonesian	indonesian	ADJ
easat-9256	161	4	context	context	NOUN
easat-9256	161	5	,	,	PUNCT
easat-9256	161	6	where	where	SCONJ
easat-9256	161	7	the	the	DET
easat-9256	161	8	two	two	NUM
easat-9256	161	9	-	-	PUNCT
easat-9256	161	10	tier	tier	NOUN
easat-9256	161	11	board	board	NOUN
easat-9256	161	12	system	system	NOUN
easat-9256	161	13	is	be	AUX
easat-9256	161	14	applied	apply	VERB
easat-9256	161	15	,	,	PUNCT
easat-9256	161	16	board	board	NOUN
easat-9256	161	17	diversity	diversity	NOUN
easat-9256	161	18	in	in	ADP
easat-9256	161	19	this	this	DET
easat-9256	161	20	study	study	NOUN
easat-9256	161	21	is	be	AUX
easat-9256	161	22	defined	define	VERB
easat-9256	161	23	as	as	ADP
easat-9256	161	24	a	a	DET
easat-9256	161	25	composite	composite	NOUN
easat-9256	161	26	of	of	ADP
easat-9256	161	27	diversity	diversity	NOUN
easat-9256	161	28	across	across	ADP
easat-9256	161	29	both	both	CCONJ
easat-9256	161	30	the	the	DET
easat-9256	161	31	board	board	NOUN
easat-9256	161	32	of	of	ADP
easat-9256	161	33	commissioners	commissioner	NOUN
easat-9256	161	34	and	and	CCONJ
easat-9256	161	35	board	board	NOUN
easat-9256	161	36	of	of	ADP
easat-9256	161	37	directors	director	NOUN
easat-9256	161	38	.	.	PUNCT
easat-9256	162	1	217	217	NUM
easat-9256	162	2	edelweiss	edelweiss	PROPN
easat-9256	162	3	applied	apply	VERB
easat-9256	162	4	science	science	NOUN
easat-9256	162	5	and	and	CCONJ
easat-9256	162	6	technology	technology	NOUN
easat-9256	162	7	issn	issn	PROPN
easat-9256	162	8	:	:	PUNCT
easat-9256	162	9	2576	2576	NUM
easat-9256	162	10	-	-	SYM
easat-9256	162	11	8484	8484	NUM
easat-9256	162	12	vol	vol	NOUN
easat-9256	162	13	.	.	PROPN
easat-9256	163	1	9	9	NUM
easat-9256	163	2	,	,	PUNCT
easat-9256	163	3	no	no	INTJ
easat-9256	163	4	.	.	NOUN
easat-9256	163	5	8	8	NUM
easat-9256	163	6	:	:	PUNCT
easat-9256	163	7	211	211	NUM
easat-9256	163	8	-	-	SYM
easat-9256	163	9	230	230	NUM
easat-9256	163	10	,	,	PUNCT
easat-9256	163	11	2025	2025	NUM
easat-9256	163	12	doi	doi	NOUN
easat-9256	163	13	:	:	PUNCT
easat-9256	163	14	10.55214/2576	10.55214/2576	NUM
easat-9256	163	15	-	-	SYM
easat-9256	163	16	8484.v9i8.9256	8484.v9i8.9256	NUM
easat-9256	163	17	©	©	ADP
easat-9256	163	18	2025	2025	NUM
easat-9256	163	19	by	by	ADP
easat-9256	163	20	the	the	DET
easat-9256	163	21	authors	author	NOUN
easat-9256	163	22	;	;	PUNCT
easat-9256	163	23	licensee	licensee	PROPN
easat-9256	163	24	learning	learning	NOUN
easat-9256	163	25	gate	gate	VERB
easat-9256	163	26	this	this	DET
easat-9256	163	27	study	study	NOUN
easat-9256	163	28	measures	measure	VERB
easat-9256	163	29	board	board	NOUN
easat-9256	163	30	diversity	diversity	NOUN
easat-9256	163	31	as	as	ADP
easat-9256	163	32	the	the	DET
easat-9256	163	33	average	average	ADJ
easat-9256	163	34	composite	composite	ADJ
easat-9256	163	35	score	score	NOUN
easat-9256	163	36	of	of	ADP
easat-9256	163	37	multiple	multiple	ADJ
easat-9256	163	38	diversity	diversity	NOUN
easat-9256	163	39	dimensions	dimension	NOUN
easat-9256	163	40	,	,	PUNCT
easat-9256	163	41	including	include	VERB
easat-9256	163	42	gender	gender	NOUN
easat-9256	163	43	,	,	PUNCT
easat-9256	163	44	nationality	nationality	NOUN
easat-9256	163	45	,	,	PUNCT
easat-9256	163	46	age	age	NOUN
easat-9256	163	47	,	,	PUNCT
easat-9256	163	48	educational	educational	ADJ
easat-9256	163	49	background	background	NOUN
easat-9256	163	50	,	,	PUNCT
easat-9256	163	51	tenure	tenure	NOUN
easat-9256	163	52	,	,	PUNCT
easat-9256	163	53	and	and	CCONJ
easat-9256	163	54	the	the	DET
easat-9256	163	55	presence	presence	NOUN
easat-9256	163	56	of	of	ADP
easat-9256	163	57	independent	independent	ADJ
easat-9256	163	58	members	member	NOUN
easat-9256	163	59	,	,	PUNCT
easat-9256	163	60	consistent	consistent	ADJ
easat-9256	163	61	with	with	ADP
easat-9256	163	62	the	the	DET
easat-9256	163	63	approach	approach	NOUN
easat-9256	163	64	taken	take	VERB
easat-9256	163	65	by	by	ADP
easat-9256	163	66	ozdemir	ozdemir	NOUN
easat-9256	163	67	[	[	X
easat-9256	163	68	57	57	NUM
easat-9256	163	69	]	]	PUNCT
easat-9256	163	70	.	.	PUNCT
easat-9256	164	1	empirical	empirical	ADJ
easat-9256	164	2	findings	finding	NOUN
easat-9256	164	3	regarding	regard	VERB
easat-9256	164	4	the	the	DET
easat-9256	164	5	effect	effect	NOUN
easat-9256	164	6	of	of	ADP
easat-9256	164	7	board	board	NOUN
easat-9256	164	8	diversity	diversity	NOUN
easat-9256	164	9	on	on	ADP
easat-9256	164	10	firm	firm	ADJ
easat-9256	164	11	value	value	NOUN
easat-9256	164	12	are	be	AUX
easat-9256	164	13	mixed	mixed	ADJ
easat-9256	164	14	.	.	PUNCT
easat-9256	165	1	darmadi	darmadi	PROPN
easat-9256	166	1	[	[	X
easat-9256	166	2	55	55	NUM
easat-9256	166	3	]	]	PUNCT
easat-9256	166	4	found	find	VERB
easat-9256	166	5	that	that	SCONJ
easat-9256	166	6	gender	gender	NOUN
easat-9256	166	7	diversity	diversity	NOUN
easat-9256	166	8	was	be	AUX
easat-9256	166	9	negatively	negatively	ADV
easat-9256	166	10	related	relate	VERB
easat-9256	166	11	to	to	ADP
easat-9256	166	12	firm	firm	ADJ
easat-9256	166	13	performance	performance	NOUN
easat-9256	166	14	,	,	PUNCT
easat-9256	166	15	while	while	SCONJ
easat-9256	166	16	age	age	NOUN
easat-9256	166	17	diversity	diversity	NOUN
easat-9256	166	18	had	have	VERB
easat-9256	166	19	a	a	DET
easat-9256	166	20	positive	positive	ADJ
easat-9256	166	21	impact	impact	NOUN
easat-9256	166	22	and	and	CCONJ
easat-9256	166	23	nationality	nationality	NOUN
easat-9256	166	24	diversity	diversity	NOUN
easat-9256	166	25	had	have	VERB
easat-9256	166	26	no	no	DET
easat-9256	166	27	significant	significant	ADJ
easat-9256	166	28	effect	effect	NOUN
easat-9256	166	29	.	.	PUNCT
easat-9256	167	1	hassan	hassan	PROPN
easat-9256	167	2	and	and	CCONJ
easat-9256	167	3	marimuthu	marimuthu	NOUN
easat-9256	167	4	[	[	X
easat-9256	167	5	58	58	NUM
easat-9256	167	6	]	]	PUNCT
easat-9256	167	7	studying	study	VERB
easat-9256	167	8	malaysian	malaysian	ADJ
easat-9256	167	9	firms	firm	NOUN
easat-9256	167	10	,	,	PUNCT
easat-9256	167	11	reported	report	VERB
easat-9256	167	12	similar	similar	ADJ
easat-9256	167	13	results	result	NOUN
easat-9256	167	14	:	:	PUNCT
easat-9256	167	15	age	age	NOUN
easat-9256	167	16	diversity	diversity	NOUN
easat-9256	167	17	improved	improve	VERB
easat-9256	167	18	firm	firm	ADJ
easat-9256	167	19	value	value	NOUN
easat-9256	167	20	(	(	PUNCT
easat-9256	167	21	measured	measure	VERB
easat-9256	167	22	by	by	ADP
easat-9256	167	23	roa	roa	PROPN
easat-9256	167	24	,	,	PUNCT
easat-9256	167	25	roe	roe	PROPN
easat-9256	167	26	,	,	PUNCT
easat-9256	167	27	and	and	CCONJ
easat-9256	167	28	tobin	tobin	PROPN
easat-9256	167	29	’s	’s	PART
easat-9256	167	30	q	q	NOUN
easat-9256	167	31	)	)	PUNCT
easat-9256	167	32	,	,	PUNCT
easat-9256	167	33	whereas	whereas	SCONJ
easat-9256	167	34	gender	gender	NOUN
easat-9256	167	35	and	and	CCONJ
easat-9256	167	36	nationality	nationality	NOUN
easat-9256	167	37	diversity	diversity	NOUN
easat-9256	167	38	did	do	VERB
easat-9256	167	39	not	not	PART
easat-9256	167	40	.	.	PUNCT
easat-9256	168	1	in	in	ADP
easat-9256	168	2	spain	spain	PROPN
easat-9256	168	3	,	,	PUNCT
easat-9256	168	4	fernández	fernández	PROPN
easat-9256	168	5	-	-	PUNCT
easat-9256	168	6	temprano	temprano	PROPN
easat-9256	168	7	and	and	CCONJ
easat-9256	168	8	tejerina	tejerina	ADJ
easat-9256	168	9	-	-	PUNCT
easat-9256	168	10	gaite	gaite	NOUN
easat-9256	169	1	[	[	X
easat-9256	169	2	56	56	NUM
easat-9256	169	3	]	]	PUNCT
easat-9256	169	4	found	find	VERB
easat-9256	169	5	that	that	SCONJ
easat-9256	169	6	age	age	NOUN
easat-9256	169	7	diversity	diversity	NOUN
easat-9256	169	8	was	be	AUX
easat-9256	169	9	positively	positively	ADV
easat-9256	169	10	associated	associate	VERB
easat-9256	169	11	with	with	ADP
easat-9256	169	12	firm	firm	ADJ
easat-9256	169	13	value	value	NOUN
easat-9256	169	14	among	among	ADP
easat-9256	169	15	both	both	DET
easat-9256	169	16	insider	insider	NOUN
easat-9256	169	17	and	and	CCONJ
easat-9256	169	18	outsider	outsider	NOUN
easat-9256	169	19	directors	director	NOUN
easat-9256	169	20	,	,	PUNCT
easat-9256	169	21	while	while	SCONJ
easat-9256	169	22	educational	educational	ADJ
easat-9256	169	23	background	background	NOUN
easat-9256	169	24	diversity	diversity	NOUN
easat-9256	169	25	had	have	VERB
easat-9256	169	26	a	a	DET
easat-9256	169	27	negative	negative	ADJ
easat-9256	169	28	impact	impact	NOUN
easat-9256	169	29	and	and	CCONJ
easat-9256	169	30	gender	gender	NOUN
easat-9256	169	31	diversity	diversity	NOUN
easat-9256	169	32	remained	remain	VERB
easat-9256	169	33	insignificant	insignificant	ADJ
easat-9256	169	34	.	.	PUNCT
easat-9256	170	1	further	far	ADV
easat-9256	170	2	,	,	PUNCT
easat-9256	170	3	rashid	rashid	PROPN
easat-9256	170	4	[	[	X
easat-9256	170	5	50	50	NUM
easat-9256	170	6	]	]	PUNCT
easat-9256	170	7	showed	show	VERB
easat-9256	170	8	that	that	SCONJ
easat-9256	170	9	board	board	NOUN
easat-9256	170	10	characteristics	characteristic	NOUN
easat-9256	170	11	(	(	PUNCT
easat-9256	170	12	e.g.	e.g.	ADV
easat-9256	170	13	,	,	PUNCT
easat-9256	170	14	size	size	NOUN
easat-9256	170	15	and	and	CCONJ
easat-9256	170	16	independence	independence	NOUN
easat-9256	170	17	)	)	PUNCT
easat-9256	170	18	significantly	significantly	ADV
easat-9256	170	19	mediated	mediate	VERB
easat-9256	170	20	the	the	DET
easat-9256	170	21	relationship	relationship	NOUN
easat-9256	170	22	between	between	ADP
easat-9256	170	23	ownership	ownership	NOUN
easat-9256	170	24	structure	structure	NOUN
easat-9256	170	25	and	and	CCONJ
easat-9256	170	26	firm	firm	ADJ
easat-9256	170	27	performance	performance	NOUN
easat-9256	170	28	,	,	PUNCT
easat-9256	170	29	especially	especially	ADV
easat-9256	170	30	in	in	ADP
easat-9256	170	31	the	the	DET
easat-9256	170	32	context	context	NOUN
easat-9256	170	33	of	of	ADP
easat-9256	170	34	foreign	foreign	ADJ
easat-9256	170	35	ownership	ownership	NOUN
easat-9256	170	36	.	.	PUNCT
easat-9256	171	1	meanwhile	meanwhile	ADV
easat-9256	171	2	,	,	PUNCT
easat-9256	171	3	ozdemir	ozdemir	X
easat-9256	171	4	[	[	X
easat-9256	171	5	57	57	NUM
easat-9256	171	6	]	]	PUNCT
easat-9256	171	7	highlighted	highlight	VERB
easat-9256	171	8	that	that	SCONJ
easat-9256	171	9	board	board	NOUN
easat-9256	171	10	diversity	diversity	NOUN
easat-9256	171	11	positively	positively	ADV
easat-9256	171	12	influenced	influence	VERB
easat-9256	171	13	firm	firm	ADJ
easat-9256	171	14	performance	performance	NOUN
easat-9256	171	15	in	in	ADP
easat-9256	171	16	u.s	u.s	PROPN
easat-9256	171	17	.	.	PROPN
easat-9256	171	18	tourism	tourism	NOUN
easat-9256	171	19	firms	firm	NOUN
easat-9256	171	20	,	,	PUNCT
easat-9256	171	21	and	and	CCONJ
easat-9256	171	22	that	that	SCONJ
easat-9256	171	23	this	this	DET
easat-9256	171	24	effect	effect	NOUN
easat-9256	171	25	was	be	AUX
easat-9256	171	26	stronger	strong	ADJ
easat-9256	171	27	when	when	SCONJ
easat-9256	171	28	institutional	institutional	ADJ
easat-9256	171	29	ownership	ownership	NOUN
easat-9256	171	30	was	be	AUX
easat-9256	171	31	low	low	ADJ
easat-9256	171	32	suggesting	suggest	VERB
easat-9256	171	33	a	a	DET
easat-9256	171	34	complementary	complementary	ADJ
easat-9256	171	35	role	role	NOUN
easat-9256	171	36	between	between	ADP
easat-9256	171	37	ownership	ownership	NOUN
easat-9256	171	38	structure	structure	NOUN
easat-9256	171	39	and	and	CCONJ
easat-9256	171	40	board	board	NOUN
easat-9256	171	41	composition	composition	NOUN
easat-9256	171	42	.	.	PUNCT
easat-9256	172	1	although	although	SCONJ
easat-9256	172	2	previous	previous	ADJ
easat-9256	172	3	studies	study	NOUN
easat-9256	172	4	report	report	VERB
easat-9256	172	5	varied	varied	ADJ
easat-9256	172	6	results	result	NOUN
easat-9256	172	7	,	,	PUNCT
easat-9256	172	8	most	most	ADJ
easat-9256	172	9	suggest	suggest	VERB
easat-9256	172	10	that	that	SCONJ
easat-9256	172	11	certain	certain	ADJ
easat-9256	172	12	forms	form	NOUN
easat-9256	172	13	of	of	ADP
easat-9256	172	14	diversity	diversity	NOUN
easat-9256	172	15	particularly	particularly	ADV
easat-9256	172	16	age	age	NOUN
easat-9256	172	17	,	,	PUNCT
easat-9256	172	18	experience	experience	NOUN
easat-9256	172	19	,	,	PUNCT
easat-9256	172	20	and	and	CCONJ
easat-9256	172	21	independence	independence	NOUN
easat-9256	172	22	can	can	AUX
easat-9256	172	23	enhance	enhance	VERB
easat-9256	172	24	board	board	NOUN
easat-9256	172	25	function	function	NOUN
easat-9256	172	26	and	and	CCONJ
easat-9256	172	27	signal	signal	ADJ
easat-9256	172	28	governance	governance	NOUN
easat-9256	172	29	quality	quality	NOUN
easat-9256	172	30	.	.	PUNCT
easat-9256	173	1	therefore	therefore	ADV
easat-9256	173	2	,	,	PUNCT
easat-9256	173	3	this	this	DET
easat-9256	173	4	study	study	NOUN
easat-9256	173	5	hypothesizes	hypothesize	VERB
easat-9256	173	6	a	a	DET
easat-9256	173	7	positive	positive	ADJ
easat-9256	173	8	relationship	relationship	NOUN
easat-9256	173	9	between	between	ADP
easat-9256	173	10	board	board	NOUN
easat-9256	173	11	diversity	diversity	NOUN
easat-9256	173	12	and	and	CCONJ
easat-9256	173	13	firm	firm	ADJ
easat-9256	173	14	value	value	NOUN
easat-9256	173	15	.	.	PUNCT
easat-9256	174	1	2.6	2.6	NUM
easat-9256	174	2	.	.	PUNCT
easat-9256	174	3	investment	investment	NOUN
easat-9256	174	4	efficiency	efficiency	NOUN
easat-9256	174	5	and	and	CCONJ
easat-9256	174	6	firm	firm	ADJ
easat-9256	174	7	value	value	NOUN
easat-9256	174	8	investment	investment	NOUN
easat-9256	174	9	efficiency	efficiency	NOUN
easat-9256	174	10	refers	refer	VERB
easat-9256	174	11	to	to	ADP
easat-9256	174	12	a	a	DET
easat-9256	174	13	firm	firm	NOUN
easat-9256	174	14	’s	’s	PART
easat-9256	174	15	ability	ability	NOUN
easat-9256	174	16	to	to	PART
easat-9256	174	17	allocate	allocate	VERB
easat-9256	174	18	capital	capital	NOUN
easat-9256	174	19	to	to	ADP
easat-9256	174	20	value	value	NOUN
easat-9256	174	21	-	-	PUNCT
easat-9256	174	22	enhancing	enhance	VERB
easat-9256	174	23	projects	project	NOUN
easat-9256	174	24	while	while	SCONJ
easat-9256	174	25	avoiding	avoid	VERB
easat-9256	174	26	both	both	PRON
easat-9256	174	27	overinvestment	overinvestment	ADJ
easat-9256	174	28	and	and	CCONJ
easat-9256	174	29	underinvestment	underinvestment	ADJ
easat-9256	174	30	.	.	PUNCT
easat-9256	175	1	within	within	ADP
easat-9256	175	2	the	the	DET
easat-9256	175	3	framework	framework	NOUN
easat-9256	175	4	of	of	ADP
easat-9256	175	5	agency	agency	NOUN
easat-9256	175	6	theory	theory	NOUN
easat-9256	175	7	,	,	PUNCT
easat-9256	175	8	inefficient	inefficient	ADJ
easat-9256	175	9	investment	investment	NOUN
easat-9256	175	10	may	may	AUX
easat-9256	175	11	result	result	VERB
easat-9256	175	12	from	from	ADP
easat-9256	175	13	managerial	managerial	ADJ
easat-9256	175	14	self	self	NOUN
easat-9256	175	15	-	-	PUNCT
easat-9256	175	16	interest	interest	NOUN
easat-9256	175	17	,	,	PUNCT
easat-9256	175	18	such	such	ADJ
easat-9256	175	19	as	as	ADP
easat-9256	175	20	empire	empire	NOUN
easat-9256	175	21	-	-	PUNCT
easat-9256	175	22	building	building	NOUN
easat-9256	175	23	or	or	CCONJ
easat-9256	175	24	excessive	excessive	ADJ
easat-9256	175	25	caution	caution	NOUN
easat-9256	175	26	,	,	PUNCT
easat-9256	175	27	especially	especially	ADV
easat-9256	175	28	when	when	SCONJ
easat-9256	175	29	incentives	incentive	NOUN
easat-9256	175	30	are	be	AUX
easat-9256	175	31	misaligned	misalign	VERB
easat-9256	175	32	with	with	ADP
easat-9256	175	33	shareholder	shareholder	NOUN
easat-9256	175	34	value	value	NOUN
easat-9256	176	1	[	[	X
easat-9256	176	2	59	59	NUM
easat-9256	176	3	]	]	PUNCT
easat-9256	176	4	.	.	PUNCT
easat-9256	177	1	efficient	efficient	ADJ
easat-9256	177	2	investment	investment	NOUN
easat-9256	177	3	decisions	decision	NOUN
easat-9256	177	4	are	be	AUX
easat-9256	177	5	those	those	PRON
easat-9256	177	6	that	that	PRON
easat-9256	177	7	reflect	reflect	VERB
easat-9256	177	8	discipline	discipline	NOUN
easat-9256	177	9	,	,	PUNCT
easat-9256	177	10	strategic	strategic	ADJ
easat-9256	177	11	foresight	foresight	NOUN
easat-9256	177	12	,	,	PUNCT
easat-9256	177	13	and	and	CCONJ
easat-9256	177	14	proper	proper	ADJ
easat-9256	177	15	resource	resource	NOUN
easat-9256	177	16	allocation	allocation	NOUN
easat-9256	177	17	which	which	PRON
easat-9256	177	18	help	help	VERB
easat-9256	177	19	minimize	minimize	VERB
easat-9256	177	20	agency	agency	NOUN
easat-9256	177	21	costs	cost	NOUN
easat-9256	177	22	.	.	PUNCT
easat-9256	178	1	from	from	ADP
easat-9256	178	2	the	the	DET
easat-9256	178	3	perspective	perspective	NOUN
easat-9256	178	4	of	of	ADP
easat-9256	178	5	signaling	signal	VERB
easat-9256	178	6	theory	theory	NOUN
easat-9256	178	7	,	,	PUNCT
easat-9256	178	8	investment	investment	NOUN
easat-9256	178	9	efficiency	efficiency	NOUN
easat-9256	178	10	serves	serve	VERB
easat-9256	178	11	as	as	ADP
easat-9256	178	12	an	an	DET
easat-9256	178	13	external	external	ADJ
easat-9256	178	14	signal	signal	NOUN
easat-9256	178	15	of	of	ADP
easat-9256	178	16	managerial	managerial	ADJ
easat-9256	178	17	competence	competence	NOUN
easat-9256	178	18	.	.	PUNCT
easat-9256	179	1	in	in	ADP
easat-9256	179	2	markets	market	NOUN
easat-9256	179	3	with	with	ADP
easat-9256	179	4	high	high	ADJ
easat-9256	179	5	information	information	NOUN
easat-9256	179	6	asymmetry	asymmetry	NOUN
easat-9256	179	7	,	,	PUNCT
easat-9256	179	8	investors	investor	NOUN
easat-9256	179	9	interpret	interpret	VERB
easat-9256	179	10	efficient	efficient	ADJ
easat-9256	179	11	investment	investment	NOUN
easat-9256	179	12	behavior	behavior	NOUN
easat-9256	179	13	as	as	ADP
easat-9256	179	14	an	an	DET
easat-9256	179	15	indication	indication	NOUN
easat-9256	179	16	of	of	ADP
easat-9256	179	17	sound	sound	ADJ
easat-9256	179	18	governance	governance	NOUN
easat-9256	179	19	and	and	CCONJ
easat-9256	179	20	financial	financial	ADJ
easat-9256	179	21	discipline	discipline	NOUN
easat-9256	179	22	.	.	PUNCT
easat-9256	180	1	this	this	DET
easat-9256	180	2	perception	perception	NOUN
easat-9256	180	3	can	can	AUX
easat-9256	180	4	enhance	enhance	VERB
easat-9256	180	5	investor	investor	NOUN
easat-9256	180	6	confidence	confidence	NOUN
easat-9256	180	7	and	and	CCONJ
easat-9256	180	8	ultimately	ultimately	ADV
easat-9256	180	9	increase	increase	VERB
easat-9256	180	10	firm	firm	ADJ
easat-9256	180	11	value	value	NOUN
easat-9256	180	12	[	[	X
easat-9256	180	13	31	31	NUM
easat-9256	180	14	]	]	PUNCT
easat-9256	180	15	.	.	PUNCT
easat-9256	181	1	in	in	ADP
easat-9256	181	2	this	this	DET
easat-9256	181	3	study	study	NOUN
easat-9256	181	4	,	,	PUNCT
easat-9256	181	5	investment	investment	NOUN
easat-9256	181	6	efficiency	efficiency	NOUN
easat-9256	181	7	is	be	AUX
easat-9256	181	8	measured	measure	VERB
easat-9256	181	9	using	use	VERB
easat-9256	181	10	the	the	DET
easat-9256	181	11	model	model	NOUN
easat-9256	181	12	developed	develop	VERB
easat-9256	181	13	by	by	ADP
easat-9256	181	14	biddle	biddle	PROPN
easat-9256	181	15	,	,	PUNCT
easat-9256	181	16	et	et	PROPN
easat-9256	181	17	al	al	PROPN
easat-9256	181	18	.	.	PUNCT
easat-9256	182	1	[	[	X
easat-9256	182	2	31	31	NUM
easat-9256	182	3	]	]	PUNCT
easat-9256	182	4	which	which	PRON
easat-9256	182	5	estimates	estimate	VERB
easat-9256	182	6	expected	expect	VERB
easat-9256	182	7	investment	investment	NOUN
easat-9256	182	8	based	base	VERB
easat-9256	182	9	on	on	ADP
easat-9256	182	10	firm	firm	ADJ
easat-9256	182	11	fundamentals	fundamental	NOUN
easat-9256	182	12	such	such	ADJ
easat-9256	182	13	as	as	ADP
easat-9256	182	14	growth	growth	NOUN
easat-9256	182	15	opportunities	opportunity	NOUN
easat-9256	182	16	,	,	PUNCT
easat-9256	182	17	size	size	NOUN
easat-9256	182	18	,	,	PUNCT
easat-9256	182	19	and	and	CCONJ
easat-9256	182	20	profitability	profitability	NOUN
easat-9256	182	21	.	.	PUNCT
easat-9256	183	1	the	the	DET
easat-9256	183	2	absolute	absolute	ADJ
easat-9256	183	3	deviation	deviation	NOUN
easat-9256	183	4	between	between	ADP
easat-9256	183	5	actual	actual	ADJ
easat-9256	183	6	and	and	CCONJ
easat-9256	183	7	expected	expect	VERB
easat-9256	183	8	investment	investment	NOUN
easat-9256	183	9	reflects	reflect	VERB
easat-9256	183	10	inefficiency	inefficiency	NOUN
easat-9256	183	11	whether	whether	SCONJ
easat-9256	183	12	overor	overor	NOUN
easat-9256	183	13	under	under	NOUN
easat-9256	183	14	-	-	PUNCT
easat-9256	183	15	investment	investment	NOUN
easat-9256	183	16	.	.	PUNCT
easat-9256	184	1	a	a	DET
easat-9256	184	2	smaller	small	ADJ
easat-9256	184	3	deviation	deviation	NOUN
easat-9256	184	4	indicates	indicate	VERB
easat-9256	184	5	greater	great	ADJ
easat-9256	184	6	efficiency	efficiency	NOUN
easat-9256	184	7	in	in	ADP
easat-9256	184	8	capital	capital	NOUN
easat-9256	184	9	allocation	allocation	NOUN
easat-9256	184	10	.	.	PUNCT
easat-9256	185	1	empirical	empirical	ADJ
easat-9256	185	2	studies	study	NOUN
easat-9256	185	3	support	support	VERB
easat-9256	185	4	the	the	DET
easat-9256	185	5	positive	positive	ADJ
easat-9256	185	6	association	association	NOUN
easat-9256	185	7	between	between	ADP
easat-9256	185	8	investment	investment	NOUN
easat-9256	185	9	efficiency	efficiency	NOUN
easat-9256	185	10	and	and	CCONJ
easat-9256	185	11	firm	firm	ADJ
easat-9256	185	12	value	value	NOUN
easat-9256	185	13	.	.	PUNCT
easat-9256	186	1	soumaya	soumaya	NOUN
easat-9256	187	1	[	[	X
easat-9256	187	2	60	60	NUM
easat-9256	187	3	]	]	PUNCT
easat-9256	187	4	examined	examine	VERB
easat-9256	187	5	investment	investment	NOUN
easat-9256	187	6	decisions	decision	NOUN
easat-9256	187	7	in	in	ADP
easat-9256	187	8	french	french	ADJ
easat-9256	187	9	firms	firm	NOUN
easat-9256	187	10	and	and	CCONJ
easat-9256	187	11	found	find	VERB
easat-9256	187	12	that	that	SCONJ
easat-9256	187	13	both	both	CCONJ
easat-9256	187	14	internal	internal	ADJ
easat-9256	187	15	and	and	CCONJ
easat-9256	187	16	external	external	ADJ
easat-9256	187	17	growth	growth	NOUN
easat-9256	187	18	-	-	PUNCT
easat-9256	187	19	related	relate	VERB
easat-9256	187	20	investments	investment	NOUN
easat-9256	187	21	positively	positively	ADV
easat-9256	187	22	affect	affect	VERB
easat-9256	187	23	shareholder	shareholder	NOUN
easat-9256	187	24	value	value	NOUN
easat-9256	187	25	.	.	PUNCT
easat-9256	188	1	moreover	moreover	ADV
easat-9256	188	2	,	,	PUNCT
easat-9256	188	3	cash	cash	NOUN
easat-9256	188	4	flow	flow	NOUN
easat-9256	188	5	and	and	CCONJ
easat-9256	188	6	debt	debt	NOUN
easat-9256	188	7	were	be	AUX
easat-9256	188	8	found	find	VERB
easat-9256	188	9	to	to	PART
easat-9256	188	10	be	be	AUX
easat-9256	188	11	positively	positively	ADV
easat-9256	188	12	related	relate	VERB
easat-9256	188	13	to	to	ADP
easat-9256	188	14	firm	firm	ADJ
easat-9256	188	15	value	value	NOUN
easat-9256	188	16	,	,	PUNCT
easat-9256	188	17	consistent	consistent	ADJ
easat-9256	188	18	with	with	ADP
easat-9256	188	19	the	the	DET
easat-9256	188	20	pecking	pecking	NOUN
easat-9256	188	21	order	order	NOUN
easat-9256	188	22	theory	theory	NOUN
easat-9256	188	23	,	,	PUNCT
easat-9256	188	24	where	where	SCONJ
easat-9256	188	25	firms	firm	NOUN
easat-9256	188	26	prioritize	prioritize	VERB
easat-9256	188	27	internal	internal	ADJ
easat-9256	188	28	funds	fund	NOUN
easat-9256	188	29	over	over	ADP
easat-9256	188	30	external	external	ADJ
easat-9256	188	31	equity	equity	NOUN
easat-9256	188	32	when	when	SCONJ
easat-9256	188	33	making	make	VERB
easat-9256	188	34	investment	investment	NOUN
easat-9256	188	35	decisions	decision	NOUN
easat-9256	188	36	.	.	PUNCT
easat-9256	189	1	in	in	ADP
easat-9256	189	2	the	the	DET
easat-9256	189	3	indonesian	indonesian	ADJ
easat-9256	189	4	context	context	NOUN
easat-9256	189	5	,	,	PUNCT
easat-9256	189	6	efni	efni	PROPN
easat-9256	189	7	[	[	X
easat-9256	189	8	44	44	NUM
easat-9256	189	9	]	]	PUNCT
easat-9256	189	10	used	use	VERB
easat-9256	189	11	four	four	NUM
easat-9256	189	12	proxies	proxy	NOUN
easat-9256	189	13	for	for	ADP
easat-9256	189	14	investment	investment	NOUN
easat-9256	189	15	decisions	decision	NOUN
easat-9256	189	16	,	,	PUNCT
easat-9256	189	17	market	market	NOUN
easat-9256	189	18	-	-	PUNCT
easat-9256	189	19	to	to	ADP
easat-9256	189	20	-	-	PUNCT
easat-9256	189	21	book	book	NOUN
easat-9256	189	22	ratio	ratio	NOUN
easat-9256	189	23	,	,	PUNCT
easat-9256	189	24	capital	capital	NOUN
easat-9256	189	25	expenditure	expenditure	NOUN
easat-9256	189	26	to	to	ADP
easat-9256	189	27	book	book	NOUN
easat-9256	189	28	value	value	NOUN
easat-9256	189	29	of	of	ADP
easat-9256	189	30	assets	asset	NOUN
easat-9256	189	31	,	,	PUNCT
easat-9256	189	32	current	current	ADJ
easat-9256	189	33	assets	asset	NOUN
easat-9256	189	34	to	to	ADP
easat-9256	189	35	total	total	ADJ
easat-9256	189	36	assets	asset	NOUN
easat-9256	189	37	,	,	PUNCT
easat-9256	189	38	and	and	CCONJ
easat-9256	189	39	market	market	NOUN
easat-9256	189	40	-	-	PUNCT
easat-9256	189	41	to	to	ADP
easat-9256	189	42	-	-	PUNCT
easat-9256	189	43	book	book	NOUN
easat-9256	189	44	value	value	NOUN
easat-9256	189	45	of	of	ADP
easat-9256	189	46	equity	equity	NOUN
easat-9256	189	47	and	and	CCONJ
easat-9256	189	48	found	find	VERB
easat-9256	189	49	consistent	consistent	ADJ
easat-9256	189	50	positive	positive	ADJ
easat-9256	189	51	effects	effect	NOUN
easat-9256	189	52	on	on	ADP
easat-9256	189	53	firm	firm	ADJ
easat-9256	189	54	value	value	NOUN
easat-9256	189	55	measured	measure	VERB
easat-9256	189	56	by	by	ADP
easat-9256	189	57	both	both	DET
easat-9256	189	58	tobin	tobin	PROPN
easat-9256	189	59	’s	’s	PART
easat-9256	189	60	q	q	NOUN
easat-9256	189	61	and	and	CCONJ
easat-9256	189	62	price	price	NOUN
easat-9256	189	63	-	-	PUNCT
easat-9256	189	64	to	to	ADP
easat-9256	189	65	-	-	PUNCT
easat-9256	189	66	earnings	earning	NOUN
easat-9256	189	67	ratio	ratio	NOUN
easat-9256	189	68	.	.	PUNCT
easat-9256	190	1	these	these	DET
easat-9256	190	2	findings	finding	NOUN
easat-9256	190	3	suggest	suggest	VERB
easat-9256	190	4	that	that	SCONJ
easat-9256	190	5	firms	firm	NOUN
easat-9256	190	6	capable	capable	ADJ
easat-9256	190	7	of	of	ADP
easat-9256	190	8	making	make	VERB
easat-9256	190	9	disciplined	disciplined	ADJ
easat-9256	190	10	and	and	CCONJ
easat-9256	190	11	efficient	efficient	ADJ
easat-9256	190	12	investment	investment	NOUN
easat-9256	190	13	decisions	decision	NOUN
easat-9256	190	14	,	,	PUNCT
easat-9256	190	15	particularly	particularly	ADV
easat-9256	190	16	in	in	ADP
easat-9256	190	17	environments	environment	NOUN
easat-9256	190	18	with	with	ADP
easat-9256	190	19	constrained	constrain	VERB
easat-9256	190	20	information	information	NOUN
easat-9256	190	21	flow	flow	NOUN
easat-9256	190	22	are	be	AUX
easat-9256	190	23	likely	likely	ADJ
easat-9256	190	24	to	to	PART
easat-9256	190	25	be	be	AUX
easat-9256	190	26	rewarded	reward	VERB
easat-9256	190	27	with	with	ADP
easat-9256	190	28	higher	high	ADJ
easat-9256	190	29	valuation	valuation	NOUN
easat-9256	190	30	by	by	ADP
easat-9256	190	31	the	the	DET
easat-9256	190	32	market	market	NOUN
easat-9256	190	33	.	.	PUNCT
easat-9256	191	1	h5	h5	NOUN
easat-9256	191	2	:	:	PUNCT
easat-9256	191	3	investment	investment	NOUN
easat-9256	191	4	efficiency	efficiency	NOUN
easat-9256	191	5	positively	positively	ADV
easat-9256	191	6	affects	affect	VERB
easat-9256	191	7	firm	firm	ADJ
easat-9256	191	8	value	value	NOUN
easat-9256	191	9	.	.	PUNCT
easat-9256	192	1	218	218	NUM
easat-9256	192	2	edelweiss	edelweiss	PROPN
easat-9256	192	3	applied	apply	VERB
easat-9256	192	4	science	science	NOUN
easat-9256	192	5	and	and	CCONJ
easat-9256	192	6	technology	technology	NOUN
easat-9256	192	7	issn	issn	PROPN
easat-9256	192	8	:	:	PUNCT
easat-9256	192	9	2576	2576	NUM
easat-9256	192	10	-	-	SYM
easat-9256	192	11	8484	8484	NUM
easat-9256	192	12	vol	vol	NOUN
easat-9256	192	13	.	.	PROPN
easat-9256	193	1	9	9	NUM
easat-9256	193	2	,	,	PUNCT
easat-9256	193	3	no	no	INTJ
easat-9256	193	4	.	.	NOUN
easat-9256	193	5	8	8	NUM
easat-9256	193	6	:	:	PUNCT
easat-9256	193	7	211	211	NUM
easat-9256	193	8	-	-	SYM
easat-9256	193	9	230	230	NUM
easat-9256	193	10	,	,	PUNCT
easat-9256	193	11	2025	2025	NUM
easat-9256	193	12	doi	doi	NOUN
easat-9256	193	13	:	:	PUNCT
easat-9256	193	14	10.55214/2576	10.55214/2576	NUM
easat-9256	193	15	-	-	SYM
easat-9256	193	16	8484.v9i8.9256	8484.v9i8.9256	NUM
easat-9256	193	17	©	©	ADP
easat-9256	193	18	2025	2025	NUM
easat-9256	193	19	by	by	ADP
easat-9256	193	20	the	the	DET
easat-9256	193	21	authors	author	NOUN
easat-9256	193	22	;	;	PUNCT
easat-9256	193	23	licensee	licensee	PROPN
easat-9256	193	24	learning	learning	NOUN
easat-9256	193	25	gate	gate	NOUN
easat-9256	193	26	2.7	2.7	NUM
easat-9256	193	27	.	.	PUNCT
easat-9256	194	1	the	the	DET
easat-9256	194	2	mediating	mediate	VERB
easat-9256	194	3	role	role	NOUN
easat-9256	194	4	of	of	ADP
easat-9256	194	5	investment	investment	NOUN
easat-9256	194	6	efficiency	efficiency	NOUN
easat-9256	194	7	while	while	SCONJ
easat-9256	194	8	prior	prior	ADJ
easat-9256	194	9	studies	study	NOUN
easat-9256	194	10	have	have	AUX
easat-9256	194	11	largely	largely	ADV
easat-9256	194	12	examined	examine	VERB
easat-9256	194	13	the	the	DET
easat-9256	194	14	direct	direct	ADJ
easat-9256	194	15	effects	effect	NOUN
easat-9256	194	16	of	of	ADP
easat-9256	194	17	governance	governance	NOUN
easat-9256	194	18	-	-	PUNCT
easat-9256	194	19	related	relate	VERB
easat-9256	194	20	variables	variable	NOUN
easat-9256	194	21	on	on	ADP
easat-9256	194	22	firm	firm	ADJ
easat-9256	194	23	value	value	NOUN
easat-9256	194	24	,	,	PUNCT
easat-9256	194	25	recent	recent	ADJ
easat-9256	194	26	research	research	NOUN
easat-9256	194	27	highlights	highlight	VERB
easat-9256	194	28	the	the	DET
easat-9256	194	29	importance	importance	NOUN
easat-9256	194	30	of	of	ADP
easat-9256	194	31	investment	investment	NOUN
easat-9256	194	32	efficiency	efficiency	NOUN
easat-9256	194	33	as	as	ADP
easat-9256	194	34	a	a	DET
easat-9256	194	35	mediating	mediate	VERB
easat-9256	194	36	mechanism	mechanism	NOUN
easat-9256	194	37	.	.	PUNCT
easat-9256	195	1	within	within	ADP
easat-9256	195	2	the	the	DET
easat-9256	195	3	framework	framework	NOUN
easat-9256	195	4	of	of	ADP
easat-9256	195	5	agency	agency	NOUN
easat-9256	195	6	theory	theory	NOUN
easat-9256	195	7	,	,	PUNCT
easat-9256	195	8	efficient	efficient	ADJ
easat-9256	195	9	investment	investment	NOUN
easat-9256	195	10	serves	serve	VERB
easat-9256	195	11	as	as	ADP
easat-9256	195	12	evidence	evidence	NOUN
easat-9256	195	13	of	of	ADP
easat-9256	195	14	managerial	managerial	ADJ
easat-9256	195	15	discipline	discipline	NOUN
easat-9256	195	16	and	and	CCONJ
easat-9256	195	17	alignment	alignment	NOUN
easat-9256	195	18	with	with	ADP
easat-9256	195	19	shareholder	shareholder	NOUN
easat-9256	195	20	interests	interest	NOUN
easat-9256	195	21	,	,	PUNCT
easat-9256	195	22	while	while	SCONJ
easat-9256	195	23	from	from	ADP
easat-9256	195	24	a	a	DET
easat-9256	195	25	signaling	signal	VERB
easat-9256	195	26	perspective	perspective	NOUN
easat-9256	195	27	,	,	PUNCT
easat-9256	195	28	it	it	PRON
easat-9256	195	29	conveys	convey	VERB
easat-9256	195	30	to	to	ADP
easat-9256	195	31	the	the	DET
easat-9256	195	32	market	market	NOUN
easat-9256	195	33	that	that	PRON
easat-9256	195	34	a	a	DET
easat-9256	195	35	firm	firm	NOUN
easat-9256	195	36	is	be	AUX
easat-9256	195	37	strategically	strategically	ADV
easat-9256	195	38	competent	competent	ADJ
easat-9256	195	39	in	in	ADP
easat-9256	195	40	allocating	allocate	VERB
easat-9256	195	41	resources	resource	NOUN
easat-9256	195	42	.	.	PUNCT
easat-9256	196	1	by	by	ADP
easat-9256	196	2	functioning	function	VERB
easat-9256	196	3	as	as	ADP
easat-9256	196	4	an	an	DET
easat-9256	196	5	intermediary	intermediary	ADJ
easat-9256	196	6	channel	channel	NOUN
easat-9256	196	7	,	,	PUNCT
easat-9256	196	8	investment	investment	NOUN
easat-9256	196	9	efficiency	efficiency	NOUN
easat-9256	196	10	may	may	AUX
easat-9256	196	11	help	help	VERB
easat-9256	196	12	explain	explain	VERB
easat-9256	196	13	how	how	SCONJ
easat-9256	196	14	internal	internal	ADJ
easat-9256	196	15	firm	firm	ADJ
easat-9256	196	16	characteristics	characteristic	NOUN
easat-9256	196	17	are	be	AUX
easat-9256	196	18	translated	translate	VERB
easat-9256	196	19	into	into	ADP
easat-9256	196	20	external	external	ADJ
easat-9256	196	21	market	market	NOUN
easat-9256	196	22	valuation	valuation	NOUN
easat-9256	196	23	.	.	PUNCT
easat-9256	197	1	2.7.1	2.7.1	NUM
easat-9256	197	2	.	.	PUNCT
easat-9256	197	3	financial	financial	ADJ
easat-9256	197	4	performance	performance	NOUN
easat-9256	197	5	,	,	PUNCT
easat-9256	197	6	investment	investment	NOUN
easat-9256	197	7	efficiency	efficiency	NOUN
easat-9256	197	8	,	,	PUNCT
easat-9256	197	9	and	and	CCONJ
easat-9256	197	10	firm	firm	ADJ
easat-9256	197	11	value	value	NOUN
easat-9256	197	12	strong	strong	ADJ
easat-9256	197	13	financial	financial	ADJ
easat-9256	197	14	performance	performance	NOUN
easat-9256	197	15	provides	provide	VERB
easat-9256	197	16	firms	firm	NOUN
easat-9256	197	17	with	with	ADP
easat-9256	197	18	greater	great	ADJ
easat-9256	197	19	internal	internal	ADJ
easat-9256	197	20	resources	resource	NOUN
easat-9256	197	21	,	,	PUNCT
easat-9256	197	22	particularly	particularly	ADV
easat-9256	197	23	in	in	ADP
easat-9256	197	24	the	the	DET
easat-9256	197	25	form	form	NOUN
easat-9256	197	26	of	of	ADP
easat-9256	197	27	retained	retain	VERB
easat-9256	197	28	earnings	earning	NOUN
easat-9256	197	29	and	and	CCONJ
easat-9256	197	30	operational	operational	ADJ
easat-9256	197	31	cash	cash	NOUN
easat-9256	197	32	flow	flow	NOUN
easat-9256	197	33	.	.	PUNCT
easat-9256	198	1	this	this	DET
easat-9256	198	2	financial	financial	ADJ
easat-9256	198	3	flexibility	flexibility	NOUN
easat-9256	198	4	enhances	enhance	VERB
easat-9256	198	5	the	the	DET
easat-9256	198	6	firm	firm	NOUN
easat-9256	198	7	’s	’s	PART
easat-9256	198	8	ability	ability	NOUN
easat-9256	198	9	to	to	PART
easat-9256	198	10	invest	invest	VERB
easat-9256	198	11	in	in	ADP
easat-9256	198	12	positive	positive	ADJ
easat-9256	198	13	-	-	PUNCT
easat-9256	198	14	npv	npv	NOUN
easat-9256	198	15	projects	project	NOUN
easat-9256	198	16	without	without	ADP
easat-9256	198	17	relying	rely	VERB
easat-9256	198	18	on	on	ADP
easat-9256	198	19	external	external	ADJ
easat-9256	198	20	financing	financing	NOUN
easat-9256	198	21	,	,	PUNCT
easat-9256	198	22	thus	thus	ADV
easat-9256	198	23	reducing	reduce	VERB
easat-9256	198	24	underinvestment	underinvestment	ADJ
easat-9256	198	25	risk	risk	NOUN
easat-9256	198	26	.	.	PUNCT
easat-9256	199	1	according	accord	VERB
easat-9256	199	2	to	to	ADP
easat-9256	199	3	the	the	DET
easat-9256	199	4	pecking	pecking	NOUN
easat-9256	199	5	order	order	NOUN
easat-9256	199	6	theory	theory	NOUN
easat-9256	199	7	,	,	PUNCT
easat-9256	199	8	firms	firm	NOUN
easat-9256	199	9	with	with	ADP
easat-9256	199	10	better	well	ADJ
easat-9256	199	11	internal	internal	ADJ
easat-9256	199	12	cash	cash	NOUN
easat-9256	199	13	flows	flow	NOUN
easat-9256	199	14	are	be	AUX
easat-9256	199	15	more	more	ADV
easat-9256	199	16	likely	likely	ADJ
easat-9256	199	17	to	to	PART
easat-9256	199	18	fund	fund	VERB
easat-9256	199	19	investments	investment	NOUN
easat-9256	199	20	internally	internally	ADV
easat-9256	199	21	—	—	PUNCT
easat-9256	199	22	leading	lead	VERB
easat-9256	199	23	to	to	ADP
easat-9256	199	24	more	more	ADV
easat-9256	199	25	timely	timely	ADJ
easat-9256	199	26	and	and	CCONJ
easat-9256	199	27	potentially	potentially	ADV
easat-9256	199	28	more	more	ADV
easat-9256	199	29	efficient	efficient	ADJ
easat-9256	199	30	capital	capital	NOUN
easat-9256	199	31	allocation	allocation	NOUN
easat-9256	199	32	[	[	X
easat-9256	199	33	61	61	NUM
easat-9256	199	34	]	]	PUNCT
easat-9256	199	35	.	.	PUNCT
easat-9256	200	1	from	from	ADP
easat-9256	200	2	an	an	DET
easat-9256	200	3	agency	agency	NOUN
easat-9256	200	4	theory	theory	NOUN
easat-9256	200	5	perspective	perspective	NOUN
easat-9256	200	6	,	,	PUNCT
easat-9256	200	7	when	when	SCONJ
easat-9256	200	8	managers	manager	NOUN
easat-9256	200	9	are	be	AUX
easat-9256	200	10	able	able	ADJ
easat-9256	200	11	to	to	PART
easat-9256	200	12	deliver	deliver	VERB
easat-9256	200	13	strong	strong	ADJ
easat-9256	200	14	financial	financial	ADJ
easat-9256	200	15	results	result	NOUN
easat-9256	200	16	,	,	PUNCT
easat-9256	200	17	they	they	PRON
easat-9256	200	18	are	be	AUX
easat-9256	200	19	incentivized	incentivize	VERB
easat-9256	200	20	and	and	CCONJ
easat-9256	200	21	better	well	ADV
easat-9256	200	22	equipped	equip	VERB
easat-9256	200	23	to	to	PART
easat-9256	200	24	make	make	VERB
easat-9256	200	25	efficient	efficient	ADJ
easat-9256	200	26	investment	investment	NOUN
easat-9256	200	27	decisions	decision	NOUN
easat-9256	200	28	that	that	PRON
easat-9256	200	29	benefit	benefit	VERB
easat-9256	200	30	shareholders	shareholder	NOUN
easat-9256	200	31	.	.	PUNCT
easat-9256	201	1	additionally	additionally	ADV
easat-9256	201	2	,	,	PUNCT
easat-9256	201	3	efficient	efficient	ADJ
easat-9256	201	4	firms	firm	NOUN
easat-9256	201	5	tend	tend	VERB
easat-9256	201	6	to	to	PART
easat-9256	201	7	have	have	VERB
easat-9256	201	8	clearer	clear	ADJ
easat-9256	201	9	financial	financial	ADJ
easat-9256	201	10	reporting	reporting	NOUN
easat-9256	201	11	and	and	CCONJ
easat-9256	201	12	greater	great	ADJ
easat-9256	201	13	internal	internal	ADJ
easat-9256	201	14	accountability	accountability	NOUN
easat-9256	201	15	,	,	PUNCT
easat-9256	201	16	which	which	PRON
easat-9256	201	17	help	help	VERB
easat-9256	201	18	mitigate	mitigate	VERB
easat-9256	201	19	the	the	DET
easat-9256	201	20	risk	risk	NOUN
easat-9256	201	21	of	of	ADP
easat-9256	201	22	value	value	NOUN
easat-9256	201	23	-	-	PUNCT
easat-9256	201	24	destroying	destroy	VERB
easat-9256	201	25	investments	investment	NOUN
easat-9256	201	26	[	[	X
easat-9256	201	27	31	31	NUM
easat-9256	201	28	]	]	PUNCT
easat-9256	201	29	.	.	PUNCT
easat-9256	202	1	empirical	empirical	ADJ
easat-9256	202	2	studies	study	NOUN
easat-9256	202	3	reinforce	reinforce	VERB
easat-9256	202	4	this	this	DET
easat-9256	202	5	view	view	NOUN
easat-9256	202	6	.	.	PUNCT
easat-9256	203	1	soumaya	soumaya	NOUN
easat-9256	204	1	[	[	X
easat-9256	204	2	60	60	NUM
easat-9256	204	3	]	]	PUNCT
easat-9256	204	4	found	find	VERB
easat-9256	204	5	that	that	SCONJ
easat-9256	204	6	in	in	ADP
easat-9256	204	7	french	french	ADJ
easat-9256	204	8	firms	firm	NOUN
easat-9256	204	9	,	,	PUNCT
easat-9256	204	10	internal	internal	ADJ
easat-9256	204	11	cash	cash	NOUN
easat-9256	204	12	flow	flow	NOUN
easat-9256	204	13	significantly	significantly	ADV
easat-9256	204	14	influenced	influence	VERB
easat-9256	204	15	investment	investment	NOUN
easat-9256	204	16	decisions	decision	NOUN
easat-9256	204	17	and	and	CCONJ
easat-9256	204	18	had	have	VERB
easat-9256	204	19	a	a	DET
easat-9256	204	20	positive	positive	ADJ
easat-9256	204	21	impact	impact	NOUN
easat-9256	204	22	on	on	ADP
easat-9256	204	23	firm	firm	ADJ
easat-9256	204	24	value	value	NOUN
easat-9256	204	25	.	.	PUNCT
easat-9256	205	1	likewise	likewise	ADV
easat-9256	205	2	,	,	PUNCT
easat-9256	205	3	efni	efni	PROPN
easat-9256	205	4	[	[	X
easat-9256	205	5	44	44	NUM
easat-9256	205	6	]	]	PUNCT
easat-9256	205	7	demonstrated	demonstrate	VERB
easat-9256	205	8	that	that	SCONJ
easat-9256	205	9	cash	cash	NOUN
easat-9256	205	10	flow	flow	NOUN
easat-9256	205	11	and	and	CCONJ
easat-9256	205	12	profitability	profitability	NOUN
easat-9256	205	13	are	be	AUX
easat-9256	205	14	positively	positively	ADV
easat-9256	205	15	related	relate	VERB
easat-9256	205	16	to	to	ADP
easat-9256	205	17	firm	firm	ADJ
easat-9256	205	18	value	value	NOUN
easat-9256	205	19	through	through	ADP
easat-9256	205	20	investment	investment	NOUN
easat-9256	205	21	choices	choice	NOUN
easat-9256	205	22	.	.	PUNCT
easat-9256	206	1	these	these	DET
easat-9256	206	2	findings	finding	NOUN
easat-9256	206	3	suggest	suggest	VERB
easat-9256	206	4	that	that	SCONJ
easat-9256	206	5	financial	financial	ADJ
easat-9256	206	6	performance	performance	NOUN
easat-9256	206	7	enables	enable	VERB
easat-9256	206	8	and	and	CCONJ
easat-9256	206	9	enhances	enhance	VERB
easat-9256	206	10	investment	investment	NOUN
easat-9256	206	11	efficiency	efficiency	NOUN
easat-9256	206	12	,	,	PUNCT
easat-9256	206	13	which	which	PRON
easat-9256	206	14	in	in	ADP
easat-9256	206	15	turn	turn	NOUN
easat-9256	206	16	improves	improve	VERB
easat-9256	206	17	firm	firm	ADJ
easat-9256	206	18	valuation	valuation	NOUN
easat-9256	206	19	.	.	PUNCT
easat-9256	207	1	accordingly	accordingly	ADV
easat-9256	207	2	,	,	PUNCT
easat-9256	207	3	the	the	DET
easat-9256	207	4	following	follow	VERB
easat-9256	207	5	hypotheses	hypothesis	NOUN
easat-9256	207	6	are	be	AUX
easat-9256	207	7	proposed	propose	VERB
easat-9256	207	8	:	:	PUNCT
easat-9256	207	9	h6	h6	NOUN
easat-9256	207	10	:	:	PUNCT
easat-9256	207	11	financial	financial	ADJ
easat-9256	207	12	performance	performance	NOUN
easat-9256	207	13	positively	positively	ADV
easat-9256	207	14	affects	affect	VERB
easat-9256	207	15	investment	investment	NOUN
easat-9256	207	16	efficiency	efficiency	NOUN
easat-9256	207	17	.	.	PUNCT
easat-9256	208	1	h7	h7	NOUN
easat-9256	208	2	:	:	PUNCT
easat-9256	208	3	investment	investment	NOUN
easat-9256	208	4	efficiency	efficiency	NOUN
easat-9256	208	5	mediates	mediate	VERB
easat-9256	208	6	the	the	DET
easat-9256	208	7	relationship	relationship	NOUN
easat-9256	208	8	between	between	ADP
easat-9256	208	9	financial	financial	ADJ
easat-9256	208	10	performance	performance	NOUN
easat-9256	208	11	and	and	CCONJ
easat-9256	208	12	firm	firm	ADJ
easat-9256	208	13	value	value	NOUN
easat-9256	208	14	.	.	PUNCT
easat-9256	209	1	2.7.2	2.7.2	NUM
easat-9256	209	2	.	.	PUNCT
easat-9256	209	3	business	business	NOUN
easat-9256	209	4	risk	risk	NOUN
easat-9256	209	5	,	,	PUNCT
easat-9256	209	6	investment	investment	NOUN
easat-9256	209	7	efficiency	efficiency	NOUN
easat-9256	209	8	,	,	PUNCT
easat-9256	209	9	and	and	CCONJ
easat-9256	209	10	firm	firm	ADJ
easat-9256	209	11	value	value	NOUN
easat-9256	209	12	business	business	NOUN
easat-9256	209	13	risk	risk	NOUN
easat-9256	209	14	particularly	particularly	ADV
easat-9256	209	15	when	when	SCONJ
easat-9256	209	16	arising	arise	VERB
easat-9256	209	17	from	from	ADP
easat-9256	209	18	high	high	ADJ
easat-9256	209	19	operating	operating	NOUN
easat-9256	209	20	leverage	leverage	NOUN
easat-9256	209	21	can	can	AUX
easat-9256	209	22	influence	influence	VERB
easat-9256	209	23	managerial	managerial	ADJ
easat-9256	209	24	decision	decision	NOUN
easat-9256	209	25	-	-	PUNCT
easat-9256	209	26	making	making	NOUN
easat-9256	209	27	related	relate	VERB
easat-9256	209	28	to	to	ADP
easat-9256	209	29	investment	investment	NOUN
easat-9256	209	30	.	.	PUNCT
easat-9256	210	1	firms	firm	NOUN
easat-9256	210	2	that	that	PRON
easat-9256	210	3	recognize	recognize	VERB
easat-9256	210	4	their	their	PRON
easat-9256	210	5	exposure	exposure	NOUN
easat-9256	210	6	to	to	ADP
easat-9256	210	7	volatile	volatile	ADJ
easat-9256	210	8	earnings	earning	NOUN
easat-9256	210	9	often	often	ADV
easat-9256	210	10	respond	respond	VERB
easat-9256	210	11	by	by	ADP
easat-9256	210	12	exercising	exercise	VERB
easat-9256	210	13	greater	great	ADJ
easat-9256	210	14	caution	caution	NOUN
easat-9256	210	15	in	in	ADP
easat-9256	210	16	investment	investment	NOUN
easat-9256	210	17	planning	planning	NOUN
easat-9256	210	18	.	.	PUNCT
easat-9256	211	1	according	accord	VERB
easat-9256	211	2	to	to	ADP
easat-9256	211	3	kahl	kahl	PROPN
easat-9256	211	4	,	,	PUNCT
easat-9256	211	5	et	et	PROPN
easat-9256	211	6	al	al	PROPN
easat-9256	211	7	.	.	PUNCT
easat-9256	212	1	[	[	X
easat-9256	212	2	46	46	NUM
easat-9256	212	3	]	]	PUNCT
easat-9256	212	4	companies	company	NOUN
easat-9256	212	5	with	with	ADP
easat-9256	212	6	high	high	ADJ
easat-9256	212	7	operational	operational	ADJ
easat-9256	212	8	risk	risk	NOUN
easat-9256	212	9	tend	tend	VERB
easat-9256	212	10	to	to	PART
easat-9256	212	11	adopt	adopt	VERB
easat-9256	212	12	more	more	ADV
easat-9256	212	13	conservative	conservative	ADJ
easat-9256	212	14	financial	financial	ADJ
easat-9256	212	15	policies	policy	NOUN
easat-9256	212	16	and	and	CCONJ
easat-9256	212	17	carefully	carefully	ADV
easat-9256	212	18	select	select	ADJ
easat-9256	212	19	investment	investment	NOUN
easat-9256	212	20	projects	project	NOUN
easat-9256	212	21	to	to	PART
easat-9256	212	22	ensure	ensure	VERB
easat-9256	212	23	they	they	PRON
easat-9256	212	24	can	can	AUX
easat-9256	212	25	withstand	withstand	VERB
easat-9256	212	26	potential	potential	ADJ
easat-9256	212	27	revenue	revenue	NOUN
easat-9256	212	28	fluctuations	fluctuation	NOUN
easat-9256	212	29	.	.	PUNCT
easat-9256	213	1	from	from	ADP
easat-9256	213	2	the	the	DET
easat-9256	213	3	agency	agency	NOUN
easat-9256	213	4	theory	theory	NOUN
easat-9256	213	5	perspective	perspective	NOUN
easat-9256	213	6	,	,	PUNCT
easat-9256	213	7	this	this	DET
easat-9256	213	8	behavior	behavior	NOUN
easat-9256	213	9	may	may	AUX
easat-9256	213	10	represent	represent	VERB
easat-9256	213	11	an	an	DET
easat-9256	213	12	effort	effort	NOUN
easat-9256	213	13	by	by	ADP
easat-9256	213	14	managers	manager	NOUN
easat-9256	213	15	to	to	PART
easat-9256	213	16	reduce	reduce	VERB
easat-9256	213	17	risk	risk	NOUN
easat-9256	213	18	of	of	ADP
easat-9256	213	19	value	value	NOUN
easat-9256	213	20	destruction	destruction	NOUN
easat-9256	213	21	and	and	CCONJ
easat-9256	213	22	align	align	VERB
easat-9256	213	23	more	more	ADV
easat-9256	213	24	closely	closely	ADV
easat-9256	213	25	with	with	ADP
easat-9256	213	26	shareholder	shareholder	NOUN
easat-9256	213	27	interests	interest	NOUN
easat-9256	213	28	.	.	PUNCT
easat-9256	214	1	rather	rather	ADV
easat-9256	214	2	than	than	ADP
easat-9256	214	3	deterring	deter	VERB
easat-9256	214	4	investment	investment	NOUN
easat-9256	214	5	,	,	PUNCT
easat-9256	214	6	elevated	elevate	VERB
easat-9256	214	7	business	business	NOUN
easat-9256	214	8	risk	risk	NOUN
easat-9256	214	9	when	when	SCONJ
easat-9256	214	10	acknowledged	acknowledge	VERB
easat-9256	214	11	and	and	CCONJ
easat-9256	214	12	managed	manage	VERB
easat-9256	214	13	may	may	AUX
easat-9256	214	14	encourage	encourage	VERB
easat-9256	214	15	more	more	ADV
easat-9256	214	16	deliberate	deliberate	ADJ
easat-9256	214	17	and	and	CCONJ
easat-9256	214	18	efficient	efficient	ADJ
easat-9256	214	19	capital	capital	NOUN
easat-9256	214	20	allocation	allocation	NOUN
easat-9256	214	21	to	to	PART
easat-9256	214	22	mitigate	mitigate	VERB
easat-9256	214	23	exposure	exposure	NOUN
easat-9256	214	24	.	.	PUNCT
easat-9256	215	1	in	in	ADP
easat-9256	215	2	turn	turn	NOUN
easat-9256	215	3	,	,	PUNCT
easat-9256	215	4	this	this	DET
easat-9256	215	5	efficiency	efficiency	NOUN
easat-9256	215	6	can	can	AUX
easat-9256	215	7	although	although	SCONJ
easat-9256	215	8	business	business	NOUN
easat-9256	215	9	risk	risk	NOUN
easat-9256	215	10	is	be	AUX
easat-9256	215	11	typically	typically	ADV
easat-9256	215	12	seen	see	VERB
easat-9256	215	13	as	as	ADP
easat-9256	215	14	detrimental	detrimental	ADJ
easat-9256	215	15	,	,	PUNCT
easat-9256	215	16	firms	firm	NOUN
easat-9256	215	17	that	that	PRON
easat-9256	215	18	actively	actively	ADV
easat-9256	215	19	respond	respond	VERB
easat-9256	215	20	to	to	ADP
easat-9256	215	21	risk	risk	NOUN
easat-9256	215	22	by	by	ADP
easat-9256	215	23	enhancing	enhance	VERB
easat-9256	215	24	investment	investment	NOUN
easat-9256	215	25	efficiency	efficiency	NOUN
easat-9256	215	26	may	may	AUX
easat-9256	215	27	benefit	benefit	VERB
easat-9256	215	28	in	in	ADP
easat-9256	215	29	terms	term	NOUN
easat-9256	215	30	of	of	ADP
easat-9256	215	31	valuation	valuation	NOUN
easat-9256	215	32	.	.	PUNCT
easat-9256	216	1	this	this	DET
easat-9256	216	2	mediating	mediate	VERB
easat-9256	216	3	role	role	NOUN
easat-9256	216	4	has	have	AUX
easat-9256	216	5	been	be	AUX
easat-9256	216	6	observed	observe	VERB
easat-9256	216	7	in	in	ADP
easat-9256	216	8	studies	study	NOUN
easat-9256	216	9	such	such	ADJ
easat-9256	216	10	as	as	ADP
easat-9256	216	11	efni	efni	PROPN
easat-9256	216	12	[	[	X
easat-9256	216	13	44	44	NUM
easat-9256	216	14	]	]	PUNCT
easat-9256	216	15	who	who	PRON
easat-9256	216	16	found	find	VERB
easat-9256	216	17	that	that	SCONJ
easat-9256	216	18	risk	risk	NOUN
easat-9256	216	19	-	-	PUNCT
easat-9256	216	20	related	relate	VERB
easat-9256	216	21	behavior	behavior	NOUN
easat-9256	216	22	influenced	influence	VERB
easat-9256	216	23	firm	firm	ADJ
easat-9256	216	24	value	value	NOUN
easat-9256	216	25	indirectly	indirectly	ADV
easat-9256	216	26	through	through	ADP
easat-9256	216	27	investment	investment	NOUN
easat-9256	216	28	decisions	decision	NOUN
easat-9256	216	29	.	.	PUNCT
easat-9256	217	1	h8	h8	NOUN
easat-9256	217	2	:	:	PUNCT
easat-9256	217	3	business	business	NOUN
easat-9256	217	4	risk	risk	NOUN
easat-9256	217	5	positively	positively	ADV
easat-9256	217	6	affects	affect	VERB
easat-9256	217	7	investment	investment	NOUN
easat-9256	217	8	efficiency	efficiency	NOUN
easat-9256	217	9	.	.	PUNCT
easat-9256	218	1	h9	h9	NOUN
easat-9256	218	2	:	:	PUNCT
easat-9256	218	3	investment	investment	NOUN
easat-9256	218	4	efficiency	efficiency	NOUN
easat-9256	218	5	mediates	mediate	VERB
easat-9256	218	6	the	the	DET
easat-9256	218	7	relationship	relationship	NOUN
easat-9256	218	8	between	between	ADP
easat-9256	218	9	business	business	NOUN
easat-9256	218	10	risk	risk	NOUN
easat-9256	218	11	and	and	CCONJ
easat-9256	218	12	firm	firm	ADJ
easat-9256	218	13	value	value	NOUN
easat-9256	218	14	.	.	PUNCT
easat-9256	219	1	2.7.3	2.7.3	X
easat-9256	219	2	.	.	PUNCT
easat-9256	219	3	institutional	institutional	ADJ
easat-9256	219	4	ownership	ownership	NOUN
easat-9256	219	5	,	,	PUNCT
easat-9256	219	6	investment	investment	NOUN
easat-9256	219	7	efficiency	efficiency	NOUN
easat-9256	219	8	,	,	PUNCT
easat-9256	219	9	and	and	CCONJ
easat-9256	219	10	firm	firm	ADJ
easat-9256	219	11	value	value	NOUN
easat-9256	219	12	institutional	institutional	ADJ
easat-9256	219	13	investors	investor	NOUN
easat-9256	219	14	often	often	ADV
easat-9256	219	15	possess	possess	VERB
easat-9256	219	16	the	the	DET
easat-9256	219	17	expertise	expertise	NOUN
easat-9256	219	18	and	and	CCONJ
easat-9256	219	19	influence	influence	NOUN
easat-9256	219	20	necessary	necessary	ADJ
easat-9256	219	21	to	to	PART
easat-9256	219	22	discipline	discipline	VERB
easat-9256	219	23	management	management	NOUN
easat-9256	219	24	and	and	CCONJ
easat-9256	219	25	improve	improve	VERB
easat-9256	219	26	strategic	strategic	ADJ
easat-9256	219	27	decision	decision	NOUN
easat-9256	219	28	-	-	PUNCT
easat-9256	219	29	making	making	NOUN
easat-9256	219	30	.	.	PUNCT
easat-9256	220	1	according	accord	VERB
easat-9256	220	2	to	to	ADP
easat-9256	220	3	agency	agency	NOUN
easat-9256	220	4	theory	theory	NOUN
easat-9256	220	5	,	,	PUNCT
easat-9256	220	6	the	the	DET
easat-9256	220	7	presence	presence	NOUN
easat-9256	220	8	of	of	ADP
easat-9256	220	9	institutional	institutional	ADJ
easat-9256	220	10	ownership	ownership	NOUN
easat-9256	220	11	introduces	introduce	VERB
easat-9256	220	12	a	a	DET
easat-9256	220	13	powerful	powerful	ADJ
easat-9256	220	14	monitoring	monitoring	NOUN
easat-9256	220	15	mechanism	mechanism	NOUN
easat-9256	220	16	that	that	PRON
easat-9256	220	17	can	can	AUX
easat-9256	220	18	deter	deter	VERB
easat-9256	220	19	inefficient	inefficient	ADJ
easat-9256	220	20	investments	investment	NOUN
easat-9256	220	21	and	and	CCONJ
easat-9256	220	22	promote	promote	VERB
easat-9256	220	23	greater	great	ADJ
easat-9256	220	24	financial	financial	ADJ
easat-9256	220	25	discipline	discipline	NOUN
easat-9256	220	26	[	[	X
easat-9256	220	27	47	47	NUM
easat-9256	220	28	]	]	PUNCT
easat-9256	220	29	.	.	PUNCT
easat-9256	221	1	219	219	NUM
easat-9256	221	2	edelweiss	edelweiss	PROPN
easat-9256	221	3	applied	apply	VERB
easat-9256	221	4	science	science	NOUN
easat-9256	221	5	and	and	CCONJ
easat-9256	221	6	technology	technology	NOUN
easat-9256	221	7	issn	issn	PROPN
easat-9256	221	8	:	:	PUNCT
easat-9256	221	9	2576	2576	NUM
easat-9256	221	10	-	-	SYM
easat-9256	221	11	8484	8484	NUM
easat-9256	221	12	vol	vol	NOUN
easat-9256	221	13	.	.	PROPN
easat-9256	222	1	9	9	NUM
easat-9256	222	2	,	,	PUNCT
easat-9256	222	3	no	no	INTJ
easat-9256	222	4	.	.	NOUN
easat-9256	222	5	8	8	NUM
easat-9256	222	6	:	:	PUNCT
easat-9256	222	7	211	211	NUM
easat-9256	222	8	-	-	SYM
easat-9256	222	9	230	230	NUM
easat-9256	222	10	,	,	PUNCT
easat-9256	222	11	2025	2025	NUM
easat-9256	222	12	doi	doi	NOUN
easat-9256	222	13	:	:	PUNCT
easat-9256	222	14	10.55214/2576	10.55214/2576	NUM
easat-9256	222	15	-	-	SYM
easat-9256	222	16	8484.v9i8.9256	8484.v9i8.9256	NUM
easat-9256	222	17	©	©	ADP
easat-9256	222	18	2025	2025	NUM
easat-9256	222	19	by	by	ADP
easat-9256	222	20	the	the	DET
easat-9256	222	21	authors	author	NOUN
easat-9256	222	22	;	;	PUNCT
easat-9256	222	23	licensee	licensee	PROPN
easat-9256	222	24	learning	learn	VERB
easat-9256	222	25	gate	gate	NOUN
easat-9256	222	26	institutions	institution	NOUN
easat-9256	222	27	with	with	ADP
easat-9256	222	28	a	a	DET
easat-9256	222	29	significant	significant	ADJ
easat-9256	222	30	ownership	ownership	NOUN
easat-9256	222	31	stake	stake	NOUN
easat-9256	222	32	are	be	AUX
easat-9256	222	33	likely	likely	ADJ
easat-9256	222	34	to	to	PART
easat-9256	222	35	demand	demand	VERB
easat-9256	222	36	clearer	clear	ADJ
easat-9256	222	37	investment	investment	NOUN
easat-9256	222	38	justifications	justification	NOUN
easat-9256	222	39	and	and	CCONJ
easat-9256	222	40	stronger	strong	ADJ
easat-9256	222	41	expected	expect	VERB
easat-9256	222	42	returns	return	NOUN
easat-9256	222	43	.	.	PUNCT
easat-9256	223	1	their	their	PRON
easat-9256	223	2	influence	influence	NOUN
easat-9256	223	3	may	may	AUX
easat-9256	223	4	reduce	reduce	VERB
easat-9256	223	5	managerial	managerial	ADJ
easat-9256	223	6	opportunism	opportunism	NOUN
easat-9256	223	7	in	in	ADP
easat-9256	223	8	capital	capital	NOUN
easat-9256	223	9	budgeting	budgeting	NOUN
easat-9256	223	10	decisions	decision	NOUN
easat-9256	223	11	,	,	PUNCT
easat-9256	223	12	thus	thus	ADV
easat-9256	223	13	fostering	foster	VERB
easat-9256	223	14	more	more	ADV
easat-9256	223	15	efficient	efficient	ADJ
easat-9256	223	16	investment	investment	NOUN
easat-9256	223	17	behavior	behavior	NOUN
easat-9256	223	18	.	.	PUNCT
easat-9256	224	1	this	this	PRON
easat-9256	224	2	in	in	ADP
easat-9256	224	3	turn	turn	NOUN
easat-9256	224	4	may	may	AUX
easat-9256	224	5	contribute	contribute	VERB
easat-9256	224	6	to	to	ADP
easat-9256	224	7	increased	increase	VERB
easat-9256	224	8	firm	firm	ADJ
easat-9256	224	9	value	value	NOUN
easat-9256	224	10	by	by	ADP
easat-9256	224	11	ensuring	ensure	VERB
easat-9256	224	12	that	that	SCONJ
easat-9256	224	13	capital	capital	NOUN
easat-9256	224	14	is	be	AUX
easat-9256	224	15	allocated	allocate	VERB
easat-9256	224	16	to	to	ADP
easat-9256	224	17	projects	project	NOUN
easat-9256	224	18	with	with	ADP
easat-9256	224	19	greater	great	ADJ
easat-9256	224	20	potential	potential	NOUN
easat-9256	224	21	for	for	ADP
easat-9256	224	22	value	value	NOUN
easat-9256	224	23	creation	creation	NOUN
easat-9256	224	24	.	.	PUNCT
easat-9256	225	1	empirical	empirical	ADJ
easat-9256	225	2	research	research	NOUN
easat-9256	225	3	supports	support	VERB
easat-9256	225	4	this	this	DET
easat-9256	225	5	notion	notion	NOUN
easat-9256	225	6	.	.	PUNCT
easat-9256	226	1	rashid	rashid	PROPN
easat-9256	227	1	[	[	X
easat-9256	227	2	50	50	NUM
easat-9256	227	3	]	]	PUNCT
easat-9256	227	4	found	find	VERB
easat-9256	227	5	that	that	SCONJ
easat-9256	227	6	institutional	institutional	ADJ
easat-9256	227	7	ownership	ownership	NOUN
easat-9256	227	8	is	be	AUX
easat-9256	227	9	associated	associate	VERB
easat-9256	227	10	with	with	ADP
easat-9256	227	11	stronger	strong	ADJ
easat-9256	227	12	governance	governance	NOUN
easat-9256	227	13	and	and	CCONJ
easat-9256	227	14	enhanced	enhance	VERB
easat-9256	227	15	investment	investment	NOUN
easat-9256	227	16	quality	quality	NOUN
easat-9256	227	17	.	.	PUNCT
easat-9256	228	1	their	their	PRON
easat-9256	228	2	presence	presence	NOUN
easat-9256	228	3	may	may	AUX
easat-9256	228	4	improve	improve	VERB
easat-9256	228	5	resource	resource	NOUN
easat-9256	228	6	allocation	allocation	NOUN
easat-9256	228	7	and	and	CCONJ
easat-9256	228	8	long	long	ADJ
easat-9256	228	9	-	-	PUNCT
easat-9256	228	10	term	term	NOUN
easat-9256	228	11	planning	planning	NOUN
easat-9256	228	12	,	,	PUNCT
easat-9256	228	13	especially	especially	ADV
easat-9256	228	14	in	in	ADP
easat-9256	228	15	environments	environment	NOUN
easat-9256	228	16	with	with	ADP
easat-9256	228	17	weak	weak	ADJ
easat-9256	228	18	external	external	ADJ
easat-9256	228	19	governance	governance	NOUN
easat-9256	228	20	.	.	PUNCT
easat-9256	229	1	h10	h10	NOUN
easat-9256	229	2	:	:	PUNCT
easat-9256	229	3	institutional	institutional	ADJ
easat-9256	229	4	ownership	ownership	NOUN
easat-9256	229	5	positively	positively	ADV
easat-9256	229	6	affects	affect	VERB
easat-9256	229	7	investment	investment	NOUN
easat-9256	229	8	efficiency	efficiency	NOUN
easat-9256	229	9	.	.	PUNCT
easat-9256	230	1	h11	h11	NOUN
easat-9256	230	2	:	:	PUNCT
easat-9256	230	3	investment	investment	NOUN
easat-9256	230	4	efficiency	efficiency	NOUN
easat-9256	230	5	mediates	mediate	VERB
easat-9256	230	6	the	the	DET
easat-9256	230	7	relationship	relationship	NOUN
easat-9256	230	8	between	between	ADP
easat-9256	230	9	institutional	institutional	ADJ
easat-9256	230	10	ownership	ownership	NOUN
easat-9256	230	11	and	and	CCONJ
easat-9256	230	12	firm	firm	ADJ
easat-9256	230	13	value	value	NOUN
easat-9256	230	14	.	.	PUNCT
easat-9256	231	1	2.7.4	2.7.4	NUM
easat-9256	231	2	.	.	PUNCT
easat-9256	232	1	board	board	NOUN
easat-9256	232	2	diversity	diversity	NOUN
easat-9256	232	3	,	,	PUNCT
easat-9256	232	4	investment	investment	NOUN
easat-9256	232	5	efficiency	efficiency	NOUN
easat-9256	232	6	,	,	PUNCT
easat-9256	232	7	and	and	CCONJ
easat-9256	232	8	firm	firm	ADJ
easat-9256	232	9	value	value	NOUN
easat-9256	232	10	board	board	NOUN
easat-9256	232	11	diversity	diversity	NOUN
easat-9256	232	12	introduces	introduce	VERB
easat-9256	232	13	a	a	DET
easat-9256	232	14	range	range	NOUN
easat-9256	232	15	of	of	ADP
easat-9256	232	16	perspectives	perspective	NOUN
easat-9256	232	17	,	,	PUNCT
easat-9256	232	18	experiences	experience	NOUN
easat-9256	232	19	,	,	PUNCT
easat-9256	232	20	and	and	CCONJ
easat-9256	232	21	analytical	analytical	ADJ
easat-9256	232	22	approaches	approach	NOUN
easat-9256	232	23	that	that	PRON
easat-9256	232	24	can	can	AUX
easat-9256	232	25	enrich	enrich	VERB
easat-9256	232	26	the	the	DET
easat-9256	232	27	firm	firm	NOUN
easat-9256	232	28	’s	’s	PART
easat-9256	232	29	strategic	strategic	ADJ
easat-9256	232	30	decisions	decision	NOUN
easat-9256	232	31	,	,	PUNCT
easat-9256	232	32	including	include	VERB
easat-9256	232	33	investment	investment	NOUN
easat-9256	232	34	choices	choice	NOUN
easat-9256	232	35	.	.	PUNCT
easat-9256	233	1	diverse	diverse	ADJ
easat-9256	233	2	boards	board	NOUN
easat-9256	233	3	are	be	AUX
easat-9256	233	4	more	more	ADV
easat-9256	233	5	likely	likely	ADJ
easat-9256	233	6	to	to	PART
easat-9256	233	7	challenge	challenge	VERB
easat-9256	233	8	management	management	NOUN
easat-9256	233	9	assumptions	assumption	NOUN
easat-9256	233	10	,	,	PUNCT
easat-9256	233	11	evaluate	evaluate	VERB
easat-9256	233	12	investment	investment	NOUN
easat-9256	233	13	proposals	proposal	NOUN
easat-9256	233	14	more	more	ADV
easat-9256	233	15	rigorously	rigorously	ADV
easat-9256	233	16	,	,	PUNCT
easat-9256	233	17	and	and	CCONJ
easat-9256	233	18	consider	consider	VERB
easat-9256	233	19	broader	broad	ADJ
easat-9256	233	20	risk	risk	NOUN
easat-9256	233	21	and	and	CCONJ
easat-9256	233	22	opportunity	opportunity	NOUN
easat-9256	233	23	factors	factor	NOUN
easat-9256	233	24	.	.	PUNCT
easat-9256	234	1	these	these	DET
easat-9256	234	2	qualities	quality	NOUN
easat-9256	234	3	are	be	AUX
easat-9256	234	4	particularly	particularly	ADV
easat-9256	234	5	important	important	ADJ
easat-9256	234	6	in	in	ADP
easat-9256	234	7	complex	complex	ADJ
easat-9256	234	8	capital	capital	NOUN
easat-9256	234	9	allocation	allocation	NOUN
easat-9256	234	10	decisions	decision	NOUN
easat-9256	234	11	.	.	PUNCT
easat-9256	235	1	from	from	ADP
easat-9256	235	2	an	an	DET
easat-9256	235	3	agency	agency	NOUN
easat-9256	235	4	perspective	perspective	NOUN
easat-9256	235	5	,	,	PUNCT
easat-9256	235	6	diversity	diversity	NOUN
easat-9256	235	7	improves	improve	VERB
easat-9256	235	8	board	board	NOUN
easat-9256	235	9	effectiveness	effectiveness	NOUN
easat-9256	235	10	in	in	ADP
easat-9256	235	11	its	its	PRON
easat-9256	235	12	monitoring	monitoring	NOUN
easat-9256	235	13	function	function	NOUN
easat-9256	235	14	,	,	PUNCT
easat-9256	235	15	thereby	thereby	ADV
easat-9256	235	16	reducing	reduce	VERB
easat-9256	235	17	the	the	DET
easat-9256	235	18	likelihood	likelihood	NOUN
easat-9256	235	19	of	of	ADP
easat-9256	235	20	overor	overor	NOUN
easat-9256	235	21	underinvestment	underinvestment	PROPN
easat-9256	235	22	.	.	PUNCT
easat-9256	236	1	from	from	ADP
easat-9256	236	2	a	a	DET
easat-9256	236	3	signaling	signal	VERB
easat-9256	236	4	perspective	perspective	NOUN
easat-9256	236	5	,	,	PUNCT
easat-9256	236	6	diverse	diverse	ADJ
easat-9256	236	7	boards	board	NOUN
easat-9256	236	8	may	may	AUX
easat-9256	236	9	also	also	ADV
easat-9256	236	10	signal	signal	VERB
easat-9256	236	11	stronger	strong	ADJ
easat-9256	236	12	governance	governance	NOUN
easat-9256	236	13	and	and	CCONJ
easat-9256	236	14	thoughtful	thoughtful	ADJ
easat-9256	236	15	decision	decision	NOUN
easat-9256	236	16	-	-	PUNCT
easat-9256	236	17	making	making	NOUN
easat-9256	236	18	to	to	ADP
easat-9256	236	19	the	the	DET
easat-9256	236	20	market	market	NOUN
easat-9256	236	21	enhancing	enhance	VERB
easat-9256	236	22	investor	investor	NOUN
easat-9256	236	23	confidence	confidence	NOUN
easat-9256	236	24	in	in	ADP
easat-9256	236	25	the	the	DET
easat-9256	236	26	firm	firm	NOUN
easat-9256	236	27	’s	’s	PART
easat-9256	236	28	investment	investment	NOUN
easat-9256	236	29	efficiency	efficiency	NOUN
easat-9256	236	30	and	and	CCONJ
easat-9256	236	31	its	its	PRON
easat-9256	236	32	value	value	NOUN
easat-9256	236	33	.	.	PUNCT
easat-9256	237	1	several	several	ADJ
easat-9256	237	2	studies	study	NOUN
easat-9256	237	3	support	support	VERB
easat-9256	237	4	this	this	DET
easat-9256	237	5	pathway	pathway	NOUN
easat-9256	237	6	.	.	PUNCT
easat-9256	238	1	ozdemir	ozdemir	PROPN
easat-9256	239	1	[	[	X
easat-9256	239	2	57	57	NUM
easat-9256	239	3	]	]	PUNCT
easat-9256	239	4	showed	show	VERB
easat-9256	239	5	that	that	SCONJ
easat-9256	239	6	board	board	NOUN
easat-9256	239	7	diversity	diversity	NOUN
easat-9256	239	8	improves	improve	VERB
easat-9256	239	9	firm	firm	ADJ
easat-9256	239	10	performance	performance	NOUN
easat-9256	239	11	and	and	CCONJ
easat-9256	239	12	that	that	SCONJ
easat-9256	239	13	this	this	DET
easat-9256	239	14	effect	effect	NOUN
easat-9256	239	15	is	be	AUX
easat-9256	239	16	partially	partially	ADV
easat-9256	239	17	mediated	mediate	VERB
easat-9256	239	18	by	by	ADP
easat-9256	239	19	internal	internal	ADJ
easat-9256	239	20	decision	decision	NOUN
easat-9256	239	21	quality	quality	NOUN
easat-9256	239	22	,	,	PUNCT
easat-9256	239	23	including	include	VERB
easat-9256	239	24	investment	investment	NOUN
easat-9256	239	25	efficiency	efficiency	NOUN
easat-9256	239	26	.	.	PUNCT
easat-9256	240	1	fernández	fernández	PROPN
easat-9256	240	2	-	-	PUNCT
easat-9256	240	3	temprano	temprano	PROPN
easat-9256	240	4	and	and	CCONJ
easat-9256	240	5	tejerina	tejerina	ADJ
easat-9256	240	6	-	-	PUNCT
easat-9256	240	7	gaite	gaite	NOUN
easat-9256	241	1	[	[	X
easat-9256	241	2	56	56	NUM
easat-9256	241	3	]	]	PUNCT
easat-9256	241	4	also	also	ADV
easat-9256	241	5	suggest	suggest	VERB
easat-9256	241	6	that	that	SCONJ
easat-9256	241	7	diversity	diversity	NOUN
easat-9256	241	8	enhances	enhance	VERB
easat-9256	241	9	the	the	DET
easat-9256	241	10	board	board	NOUN
easat-9256	241	11	’s	’s	PART
easat-9256	241	12	ability	ability	NOUN
easat-9256	241	13	to	to	PART
easat-9256	241	14	guide	guide	VERB
easat-9256	241	15	and	and	CCONJ
easat-9256	241	16	monitor	monitor	VERB
easat-9256	241	17	long	long	ADJ
easat-9256	241	18	-	-	PUNCT
easat-9256	241	19	term	term	NOUN
easat-9256	241	20	financial	financial	ADJ
easat-9256	241	21	decisions	decision	NOUN
easat-9256	241	22	.	.	PUNCT
easat-9256	242	1	h12	h12	NOUN
easat-9256	242	2	:	:	PUNCT
easat-9256	242	3	board	board	NOUN
easat-9256	242	4	diversity	diversity	NOUN
easat-9256	242	5	positively	positively	ADV
easat-9256	242	6	affects	affect	VERB
easat-9256	242	7	investment	investment	NOUN
easat-9256	242	8	efficiency	efficiency	NOUN
easat-9256	242	9	.	.	PUNCT
easat-9256	243	1	h13	h13	NOUN
easat-9256	243	2	:	:	PUNCT
easat-9256	243	3	investment	investment	NOUN
easat-9256	243	4	efficiency	efficiency	NOUN
easat-9256	243	5	mediates	mediate	VERB
easat-9256	243	6	the	the	DET
easat-9256	243	7	relationship	relationship	NOUN
easat-9256	243	8	between	between	ADP
easat-9256	243	9	board	board	NOUN
easat-9256	243	10	diversity	diversity	NOUN
easat-9256	243	11	and	and	CCONJ
easat-9256	243	12	firm	firm	ADJ
easat-9256	243	13	value	value	NOUN
easat-9256	243	14	.	.	PUNCT
easat-9256	244	1	220	220	NUM
easat-9256	244	2	edelweiss	edelweiss	PROPN
easat-9256	244	3	applied	apply	VERB
easat-9256	244	4	science	science	NOUN
easat-9256	244	5	and	and	CCONJ
easat-9256	244	6	technology	technology	NOUN
easat-9256	244	7	issn	issn	PROPN
easat-9256	244	8	:	:	PUNCT
easat-9256	244	9	2576	2576	NUM
easat-9256	244	10	-	-	SYM
easat-9256	244	11	8484	8484	NUM
easat-9256	244	12	vol	vol	NOUN
easat-9256	244	13	.	.	PROPN
easat-9256	245	1	9	9	NUM
easat-9256	245	2	,	,	PUNCT
easat-9256	245	3	no	no	INTJ
easat-9256	245	4	.	.	NOUN
easat-9256	245	5	8	8	NUM
easat-9256	245	6	:	:	PUNCT
easat-9256	245	7	211	211	NUM
easat-9256	245	8	-	-	SYM
easat-9256	245	9	230	230	NUM
easat-9256	245	10	,	,	PUNCT
easat-9256	245	11	2025	2025	NUM
easat-9256	245	12	doi	doi	NOUN
easat-9256	245	13	:	:	PUNCT
easat-9256	245	14	10.55214/2576	10.55214/2576	NUM
easat-9256	245	15	-	-	SYM
easat-9256	245	16	8484.v9i8.9256	8484.v9i8.9256	NUM
easat-9256	245	17	©	©	ADP
easat-9256	245	18	2025	2025	NUM
easat-9256	245	19	by	by	ADP
easat-9256	245	20	the	the	DET
easat-9256	245	21	authors	author	NOUN
easat-9256	245	22	;	;	PUNCT
easat-9256	245	23	licensee	licensee	PROPN
easat-9256	245	24	learning	learn	VERB
easat-9256	245	25	gate	gate	PROPN
easat-9256	245	26	figure	figure	NOUN
easat-9256	245	27	3	3	NUM
easat-9256	245	28	.	.	PUNCT
easat-9256	245	29	research	research	NOUN
easat-9256	245	30	model	model	NOUN
easat-9256	245	31	.	.	PUNCT
easat-9256	246	1	3	3	X
easat-9256	246	2	.	.	X
easat-9256	246	3	research	research	NOUN
easat-9256	246	4	methodology	methodology	NOUN
easat-9256	246	5	3.1	3.1	NUM
easat-9256	246	6	.	.	PUNCT
easat-9256	247	1	research	research	NOUN
easat-9256	247	2	design	design	NOUN
easat-9256	247	3	this	this	DET
easat-9256	247	4	study	study	NOUN
easat-9256	247	5	adopts	adopt	VERB
easat-9256	247	6	a	a	DET
easat-9256	247	7	positivist	positivist	ADJ
easat-9256	247	8	paradigm	paradigm	NOUN
easat-9256	247	9	with	with	ADP
easat-9256	247	10	a	a	DET
easat-9256	247	11	quantitative	quantitative	ADJ
easat-9256	247	12	approach	approach	NOUN
easat-9256	247	13	aimed	aim	VERB
easat-9256	247	14	at	at	ADP
easat-9256	247	15	examining	examine	VERB
easat-9256	247	16	the	the	DET
easat-9256	247	17	mediating	mediate	VERB
easat-9256	247	18	role	role	NOUN
easat-9256	247	19	of	of	ADP
easat-9256	247	20	investment	investment	NOUN
easat-9256	247	21	efficiency	efficiency	NOUN
easat-9256	247	22	in	in	ADP
easat-9256	247	23	the	the	DET
easat-9256	247	24	relationship	relationship	NOUN
easat-9256	247	25	between	between	ADP
easat-9256	247	26	financial	financial	ADJ
easat-9256	247	27	performance	performance	NOUN
easat-9256	247	28	,	,	PUNCT
easat-9256	247	29	business	business	NOUN
easat-9256	247	30	risk	risk	NOUN
easat-9256	247	31	,	,	PUNCT
easat-9256	247	32	institutional	institutional	ADJ
easat-9256	247	33	ownership	ownership	NOUN
easat-9256	247	34	,	,	PUNCT
easat-9256	247	35	and	and	CCONJ
easat-9256	247	36	board	board	NOUN
easat-9256	247	37	diversity	diversity	NOUN
easat-9256	247	38	on	on	ADP
easat-9256	247	39	firm	firm	ADJ
easat-9256	247	40	value	value	NOUN
easat-9256	247	41	in	in	ADP
easat-9256	247	42	indonesia	indonesia	PROPN
easat-9256	247	43	.	.	PUNCT
easat-9256	248	1	the	the	DET
easat-9256	248	2	object	object	NOUN
easat-9256	248	3	of	of	ADP
easat-9256	248	4	analysis	analysis	NOUN
easat-9256	248	5	consists	consist	VERB
easat-9256	248	6	of	of	ADP
easat-9256	248	7	all	all	DET
easat-9256	248	8	non	non	ADJ
easat-9256	248	9	-	-	ADJ
easat-9256	248	10	financial	financial	ADJ
easat-9256	248	11	companies	company	NOUN
easat-9256	248	12	listed	list	VERB
easat-9256	248	13	on	on	ADP
easat-9256	248	14	the	the	DET
easat-9256	248	15	indonesia	indonesia	PROPN
easat-9256	248	16	stock	stock	PROPN
easat-9256	248	17	exchange	exchange	PROPN
easat-9256	248	18	(	(	PUNCT
easat-9256	248	19	idx	idx	PROPN
easat-9256	248	20	)	)	PUNCT
easat-9256	248	21	during	during	ADP
easat-9256	248	22	the	the	DET
easat-9256	248	23	period	period	NOUN
easat-9256	248	24	of	of	ADP
easat-9256	248	25	2016	2016	NUM
easat-9256	248	26	to	to	ADP
easat-9256	248	27	2019	2019	NUM
easat-9256	248	28	.	.	PUNCT
easat-9256	249	1	the	the	DET
easat-9256	249	2	study	study	NOUN
easat-9256	249	3	utilizes	utilize	VERB
easat-9256	249	4	audited	audit	VERB
easat-9256	249	5	financial	financial	ADJ
easat-9256	249	6	statements	statement	NOUN
easat-9256	249	7	and	and	CCONJ
easat-9256	249	8	annual	annual	ADJ
easat-9256	249	9	reports	report	NOUN
easat-9256	249	10	,	,	PUNCT
easat-9256	249	11	obtained	obtain	VERB
easat-9256	249	12	through	through	ADP
easat-9256	249	13	the	the	DET
easat-9256	249	14	official	official	ADJ
easat-9256	249	15	website	website	NOUN
easat-9256	249	16	of	of	ADP
easat-9256	249	17	the	the	DET
easat-9256	249	18	idx	idx	PROPN
easat-9256	249	19	.	.	PUNCT
easat-9256	250	1	all	all	DET
easat-9256	250	2	data	datum	NOUN
easat-9256	250	3	were	be	AUX
easat-9256	250	4	analyzed	analyze	VERB
easat-9256	250	5	using	use	VERB
easat-9256	250	6	warppls	warppls	NOUN
easat-9256	250	7	version	version	NOUN
easat-9256	250	8	7.00	7.00	NUM
easat-9256	250	9	,	,	PUNCT
easat-9256	250	10	employing	employ	VERB
easat-9256	250	11	the	the	DET
easat-9256	250	12	partial	partial	ADJ
easat-9256	250	13	least	least	ADJ
easat-9256	250	14	squares	square	NOUN
easat-9256	250	15	structural	structural	ADJ
easat-9256	250	16	equation	equation	NOUN
easat-9256	250	17	modeling	modeling	NOUN
easat-9256	250	18	(	(	PUNCT
easat-9256	250	19	pls	pls	NOUN
easat-9256	250	20	-	-	PUNCT
easat-9256	250	21	sem	sem	NOUN
easat-9256	250	22	)	)	PUNCT
easat-9256	250	23	technique	technique	NOUN
easat-9256	250	24	.	.	PUNCT
easat-9256	251	1	3.2	3.2	NUM
easat-9256	251	2	.	.	PUNCT
easat-9256	251	3	population	population	NOUN
easat-9256	251	4	and	and	CCONJ
easat-9256	251	5	sample	sample	VERB
easat-9256	251	6	the	the	DET
easat-9256	251	7	population	population	NOUN
easat-9256	251	8	for	for	ADP
easat-9256	251	9	this	this	DET
easat-9256	251	10	study	study	NOUN
easat-9256	251	11	includes	include	VERB
easat-9256	251	12	all	all	DET
easat-9256	251	13	non	non	ADJ
easat-9256	251	14	-	-	ADJ
easat-9256	251	15	financial	financial	ADJ
easat-9256	251	16	firms	firm	NOUN
easat-9256	251	17	listed	list	VERB
easat-9256	251	18	on	on	ADP
easat-9256	251	19	the	the	DET
easat-9256	251	20	idx	idx	NOUN
easat-9256	251	21	from	from	ADP
easat-9256	251	22	2016	2016	NUM
easat-9256	251	23	to	to	ADP
easat-9256	251	24	2019	2019	NUM
easat-9256	251	25	,	,	PUNCT
easat-9256	251	26	amounting	amount	VERB
easat-9256	251	27	to	to	ADP
easat-9256	251	28	2,014	2,014	NUM
easat-9256	251	29	firm	firm	ADJ
easat-9256	251	30	-	-	PUNCT
easat-9256	251	31	year	year	NOUN
easat-9256	251	32	observations	observation	NOUN
easat-9256	251	33	.	.	PUNCT
easat-9256	252	1	to	to	PART
easat-9256	252	2	ensure	ensure	VERB
easat-9256	252	3	data	datum	NOUN
easat-9256	252	4	relevance	relevance	NOUN
easat-9256	252	5	and	and	CCONJ
easat-9256	252	6	consistency	consistency	NOUN
easat-9256	252	7	,	,	PUNCT
easat-9256	252	8	the	the	DET
easat-9256	252	9	year	year	NOUN
easat-9256	252	10	2020	2020	NUM
easat-9256	252	11	was	be	AUX
easat-9256	252	12	excluded	exclude	VERB
easat-9256	252	13	due	due	ADP
easat-9256	252	14	to	to	ADP
easat-9256	252	15	the	the	DET
easat-9256	252	16	abnormal	abnormal	ADJ
easat-9256	252	17	market	market	NOUN
easat-9256	252	18	conditions	condition	NOUN
easat-9256	252	19	caused	cause	VERB
easat-9256	252	20	by	by	ADP
easat-9256	252	21	the	the	DET
easat-9256	252	22	covid-19	covid-19	PROPN
easat-9256	252	23	pandemic	pandemic	NOUN
easat-9256	252	24	.	.	PUNCT
easat-9256	253	1	the	the	DET
easat-9256	253	2	year	year	NOUN
easat-9256	253	3	2016	2016	NUM
easat-9256	253	4	was	be	AUX
easat-9256	253	5	chosen	choose	VERB
easat-9256	253	6	as	as	ADP
easat-9256	253	7	the	the	DET
easat-9256	253	8	starting	starting	NOUN
easat-9256	253	9	point	point	NOUN
easat-9256	253	10	,	,	PUNCT
easat-9256	253	11	as	as	SCONJ
easat-9256	253	12	it	it	PRON
easat-9256	253	13	marked	mark	VERB
easat-9256	253	14	the	the	DET
easat-9256	253	15	implementation	implementation	NOUN
easat-9256	253	16	of	of	ADP
easat-9256	253	17	ojk	ojk	NOUN
easat-9256	253	18	regulation	regulation	NOUN
easat-9256	253	19	no	no	INTJ
easat-9256	253	20	.	.	NOUN
easat-9256	253	21	21	21	NUM
easat-9256	253	22	/	/	SYM
easat-9256	253	23	pojk.04/2015	pojk.04/2015	PROPN
easat-9256	253	24	on	on	ADP
easat-9256	253	25	good	good	ADJ
easat-9256	253	26	corporate	corporate	ADJ
easat-9256	253	27	governance	governance	NOUN
easat-9256	253	28	for	for	ADP
easat-9256	253	29	public	public	ADJ
easat-9256	253	30	companies	company	NOUN
easat-9256	253	31	.	.	PUNCT
easat-9256	254	1	a	a	DET
easat-9256	254	2	purposive	purposive	ADJ
easat-9256	254	3	sampling	sampling	NOUN
easat-9256	254	4	technique	technique	NOUN
easat-9256	254	5	was	be	AUX
easat-9256	254	6	employed	employ	VERB
easat-9256	254	7	to	to	PART
easat-9256	254	8	select	select	VERB
easat-9256	254	9	firms	firm	NOUN
easat-9256	254	10	based	base	VERB
easat-9256	254	11	on	on	ADP
easat-9256	254	12	four	four	NUM
easat-9256	254	13	main	main	ADJ
easat-9256	254	14	criteria	criterion	NOUN
easat-9256	254	15	as	as	SCONJ
easat-9256	254	16	shown	show	VERB
easat-9256	254	17	in	in	ADP
easat-9256	254	18	table	table	NOUN
easat-9256	254	19	1	1	NUM
easat-9256	254	20	.	.	X
easat-9256	254	21	221	221	NUM
easat-9256	254	22	edelweiss	edelweiss	PROPN
easat-9256	254	23	applied	apply	VERB
easat-9256	254	24	science	science	NOUN
easat-9256	254	25	and	and	CCONJ
easat-9256	254	26	technology	technology	NOUN
easat-9256	254	27	issn	issn	PROPN
easat-9256	254	28	:	:	PUNCT
easat-9256	254	29	2576	2576	NUM
easat-9256	254	30	-	-	SYM
easat-9256	254	31	8484	8484	NUM
easat-9256	254	32	vol	vol	NOUN
easat-9256	254	33	.	.	PROPN
easat-9256	255	1	9	9	NUM
easat-9256	255	2	,	,	PUNCT
easat-9256	255	3	no	no	INTJ
easat-9256	255	4	.	.	NOUN
easat-9256	255	5	8	8	NUM
easat-9256	255	6	:	:	PUNCT
easat-9256	255	7	211	211	NUM
easat-9256	255	8	-	-	SYM
easat-9256	255	9	230	230	NUM
easat-9256	255	10	,	,	PUNCT
easat-9256	255	11	2025	2025	NUM
easat-9256	255	12	doi	doi	NOUN
easat-9256	255	13	:	:	PUNCT
easat-9256	255	14	10.55214/2576	10.55214/2576	NUM
easat-9256	255	15	-	-	SYM
easat-9256	255	16	8484.v9i8.9256	8484.v9i8.9256	NUM
easat-9256	255	17	©	©	ADP
easat-9256	255	18	2025	2025	NUM
easat-9256	255	19	by	by	ADP
easat-9256	255	20	the	the	DET
easat-9256	255	21	authors	author	NOUN
easat-9256	255	22	;	;	PUNCT
easat-9256	256	1	licensee	licensee	PROPN
easat-9256	256	2	learning	learn	VERB
easat-9256	256	3	gate	gate	NOUN
easat-9256	256	4	table	table	NOUN
easat-9256	256	5	1	1	NUM
easat-9256	256	6	.	.	PUNCT
easat-9256	256	7	purposive	purposive	ADJ
easat-9256	256	8	sampling	sampling	NOUN
easat-9256	256	9	criteria	criterion	NOUN
easat-9256	256	10	and	and	CCONJ
easat-9256	256	11	sample	sample	NOUN
easat-9256	256	12	size	size	NOUN
easat-9256	256	13	.	.	PUNCT
easat-9256	257	1	criteria	criterion	NOUN
easat-9256	257	2	2016	2016	NUM
easat-9256	257	3	2017	2017	NUM
easat-9256	257	4	2018	2018	NUM
easat-9256	257	5	2019	2019	NUM
easat-9256	257	6	total	total	ADJ
easat-9256	257	7	observation	observation	NOUN
easat-9256	257	8	non	non	ADJ
easat-9256	257	9	-	-	ADJ
easat-9256	257	10	financial	financial	ADJ
easat-9256	257	11	firms	firm	NOUN
easat-9256	257	12	440	440	NUM
easat-9256	257	13	474	474	NUM
easat-9256	257	14	525	525	NUM
easat-9256	257	15	575	575	NUM
easat-9256	257	16	2014	2014	NUM
easat-9256	257	17	institutional	institutional	ADJ
easat-9256	257	18	ownership	ownership	NOUN
easat-9256	257	19	under	under	ADP
easat-9256	257	20	20	20	NUM
easat-9256	257	21	percent	percent	NOUN
easat-9256	257	22	(	(	PUNCT
easat-9256	257	23	160	160	NUM
easat-9256	257	24	)	)	PUNCT
easat-9256	257	25	(	(	PUNCT
easat-9256	257	26	160	160	NUM
easat-9256	257	27	)	)	PUNCT
easat-9256	257	28	(	(	PUNCT
easat-9256	257	29	158	158	NUM
easat-9256	257	30	)	)	PUNCT
easat-9256	257	31	(	(	PUNCT
easat-9256	257	32	150	150	NUM
easat-9256	257	33	)	)	PUNCT
easat-9256	257	34	(	(	PUNCT
easat-9256	257	35	628	628	NUM
easat-9256	257	36	)	)	PUNCT
easat-9256	257	37	does	do	AUX
easat-9256	257	38	not	not	PART
easat-9256	257	39	disclose	disclose	VERB
easat-9256	257	40	board	board	NOUN
easat-9256	257	41	diversity	diversity	NOUN
easat-9256	257	42	information	information	NOUN
easat-9256	257	43	(	(	PUNCT
easat-9256	257	44	55	55	NUM
easat-9256	257	45	)	)	PUNCT
easat-9256	257	46	(	(	PUNCT
easat-9256	257	47	50	50	NUM
easat-9256	257	48	)	)	PUNCT
easat-9256	257	49	(	(	PUNCT
easat-9256	257	50	35	35	NUM
easat-9256	257	51	)	)	PUNCT
easat-9256	257	52	(	(	PUNCT
easat-9256	257	53	29	29	NUM
easat-9256	257	54	)	)	PUNCT
easat-9256	257	55	(	(	PUNCT
easat-9256	257	56	169	169	NUM
easat-9256	257	57	)	)	PUNCT
easat-9256	257	58	using	use	VERB
easat-9256	257	59	reporting	report	VERB
easat-9256	257	60	currency	currency	NOUN
easat-9256	257	61	other	other	ADJ
easat-9256	257	62	than	than	ADP
easat-9256	257	63	idr	idr	PROPN
easat-9256	257	64	(	(	PUNCT
easat-9256	257	65	46	46	NUM
easat-9256	257	66	)	)	PUNCT
easat-9256	257	67	(	(	PUNCT
easat-9256	257	68	48	48	NUM
easat-9256	257	69	)	)	PUNCT
easat-9256	257	70	(	(	PUNCT
easat-9256	257	71	50	50	NUM
easat-9256	257	72	)	)	PUNCT
easat-9256	257	73	(	(	PUNCT
easat-9256	257	74	48	48	NUM
easat-9256	257	75	)	)	PUNCT
easat-9256	257	76	(	(	PUNCT
easat-9256	257	77	192	192	NUM
easat-9256	257	78	)	)	PUNCT
easat-9256	257	79	reporting	report	VERB
easat-9256	257	80	loss	loss	NOUN
easat-9256	257	81	on	on	ADP
easat-9256	257	82	the	the	DET
easat-9256	257	83	year	year	NOUN
easat-9256	257	84	of	of	ADP
easat-9256	257	85	observation	observation	NOUN
easat-9256	257	86	(	(	PUNCT
easat-9256	257	87	53	53	NUM
easat-9256	257	88	)	)	PUNCT
easat-9256	257	89	(	(	PUNCT
easat-9256	257	90	63	63	NUM
easat-9256	257	91	)	)	PUNCT
easat-9256	257	92	(	(	PUNCT
easat-9256	257	93	68	68	NUM
easat-9256	257	94	)	)	PUNCT
easat-9256	257	95	(	(	PUNCT
easat-9256	257	96	130	130	NUM
easat-9256	257	97	)	)	PUNCT
easat-9256	257	98	(	(	PUNCT
easat-9256	257	99	314	314	X
easat-9256	257	100	)	)	PUNCT
easat-9256	257	101	final	final	ADJ
easat-9256	257	102	sample	sample	NOUN
easat-9256	257	103	126	126	NUM
easat-9256	257	104	153	153	NUM
easat-9256	257	105	214	214	NUM
easat-9256	257	106	218	218	NUM
easat-9256	257	107	711	711	NUM
easat-9256	257	108	after	after	ADP
easat-9256	257	109	applying	apply	VERB
easat-9256	257	110	these	these	DET
easat-9256	257	111	criteria	criterion	NOUN
easat-9256	257	112	,	,	PUNCT
easat-9256	257	113	a	a	DET
easat-9256	257	114	final	final	ADJ
easat-9256	257	115	sample	sample	NOUN
easat-9256	257	116	of	of	ADP
easat-9256	257	117	711	711	NUM
easat-9256	257	118	firm	firm	ADJ
easat-9256	257	119	-	-	PUNCT
easat-9256	257	120	year	year	NOUN
easat-9256	257	121	observations	observation	NOUN
easat-9256	257	122	was	be	AUX
easat-9256	257	123	obtained	obtain	VERB
easat-9256	257	124	.	.	PUNCT
easat-9256	258	1	exclusions	exclusion	NOUN
easat-9256	258	2	were	be	AUX
easat-9256	258	3	made	make	VERB
easat-9256	258	4	due	due	ADJ
easat-9256	258	5	to	to	ADP
easat-9256	258	6	lack	lack	NOUN
easat-9256	258	7	of	of	ADP
easat-9256	258	8	institutional	institutional	ADJ
easat-9256	258	9	ownership	ownership	NOUN
easat-9256	258	10	above	above	ADP
easat-9256	258	11	the	the	DET
easat-9256	258	12	required	require	VERB
easat-9256	258	13	threshold	threshold	NOUN
easat-9256	258	14	(	(	PUNCT
easat-9256	258	15	628	628	NUM
easat-9256	258	16	observations	observation	NOUN
easat-9256	258	17	)	)	PUNCT
easat-9256	258	18	,	,	PUNCT
easat-9256	258	19	missing	miss	VERB
easat-9256	258	20	board	board	NOUN
easat-9256	258	21	information	information	NOUN
easat-9256	258	22	(	(	PUNCT
easat-9256	258	23	169	169	NUM
easat-9256	258	24	observations	observation	NOUN
easat-9256	258	25	)	)	PUNCT
easat-9256	258	26	,	,	PUNCT
easat-9256	258	27	use	use	NOUN
easat-9256	258	28	of	of	ADP
easat-9256	258	29	foreign	foreign	ADJ
easat-9256	258	30	currencies	currency	NOUN
easat-9256	258	31	(	(	PUNCT
easat-9256	258	32	192	192	NUM
easat-9256	258	33	observations	observation	NOUN
easat-9256	258	34	)	)	PUNCT
easat-9256	258	35	,	,	PUNCT
easat-9256	258	36	and	and	CCONJ
easat-9256	258	37	reporting	reporting	NOUN
easat-9256	258	38	of	of	ADP
easat-9256	258	39	losses	loss	NOUN
easat-9256	258	40	(	(	PUNCT
easat-9256	258	41	314	314	NUM
easat-9256	258	42	observations	observation	NOUN
easat-9256	258	43	)	)	PUNCT
easat-9256	258	44	.	.	PUNCT
easat-9256	259	1	3.3	3.3	NUM
easat-9256	259	2	.	.	PUNCT
easat-9256	260	1	variable	variable	ADJ
easat-9256	260	2	measurement	measurement	NOUN
easat-9256	260	3	the	the	DET
easat-9256	260	4	study	study	NOUN
easat-9256	260	5	involves	involve	VERB
easat-9256	260	6	one	one	NUM
easat-9256	260	7	endogenous	endogenous	ADJ
easat-9256	260	8	variable	variable	NOUN
easat-9256	260	9	(	(	PUNCT
easat-9256	260	10	firm	firm	ADJ
easat-9256	260	11	value	value	NOUN
easat-9256	260	12	)	)	PUNCT
easat-9256	260	13	,	,	PUNCT
easat-9256	260	14	four	four	NUM
easat-9256	260	15	exogenous	exogenous	ADJ
easat-9256	260	16	variables	variable	NOUN
easat-9256	260	17	(	(	PUNCT
easat-9256	260	18	financial	financial	ADJ
easat-9256	260	19	performance	performance	NOUN
easat-9256	260	20	,	,	PUNCT
easat-9256	260	21	business	business	NOUN
easat-9256	260	22	risk	risk	NOUN
easat-9256	260	23	,	,	PUNCT
easat-9256	260	24	institutional	institutional	ADJ
easat-9256	260	25	ownership	ownership	NOUN
easat-9256	260	26	,	,	PUNCT
easat-9256	260	27	and	and	CCONJ
easat-9256	260	28	board	board	NOUN
easat-9256	260	29	diversity	diversity	NOUN
easat-9256	260	30	)	)	PUNCT
easat-9256	260	31	,	,	PUNCT
easat-9256	260	32	and	and	CCONJ
easat-9256	260	33	one	one	NUM
easat-9256	260	34	mediating	mediate	VERB
easat-9256	260	35	variable	variable	NOUN
easat-9256	260	36	(	(	PUNCT
easat-9256	260	37	investment	investment	NOUN
easat-9256	260	38	efficiency	efficiency	NOUN
easat-9256	260	39	)	)	PUNCT
easat-9256	260	40	.	.	PUNCT
easat-9256	261	1	firm	firm	ADJ
easat-9256	261	2	value	value	NOUN
easat-9256	261	3	is	be	AUX
easat-9256	261	4	measured	measure	VERB
easat-9256	261	5	using	use	VERB
easat-9256	261	6	the	the	DET
easat-9256	261	7	price	price	NOUN
easat-9256	261	8	-	-	PUNCT
easat-9256	261	9	to	to	ADP
easat-9256	261	10	-	-	PUNCT
easat-9256	261	11	earnings	earning	NOUN
easat-9256	261	12	ratio	ratio	NOUN
easat-9256	261	13	,	,	PUNCT
easat-9256	261	14	calculated	calculate	VERB
easat-9256	261	15	by	by	ADP
easat-9256	261	16	dividing	divide	VERB
easat-9256	261	17	the	the	DET
easat-9256	261	18	market	market	NOUN
easat-9256	261	19	price	price	NOUN
easat-9256	261	20	per	per	ADP
easat-9256	261	21	share	share	NOUN
easat-9256	261	22	by	by	ADP
easat-9256	261	23	the	the	DET
easat-9256	261	24	company	company	NOUN
easat-9256	261	25	’s	’s	PART
easat-9256	261	26	earnings	earning	NOUN
easat-9256	261	27	per	per	ADP
easat-9256	261	28	share	share	NOUN
easat-9256	261	29	.	.	PUNCT
easat-9256	262	1	financial	financial	ADJ
easat-9256	262	2	performance	performance	NOUN
easat-9256	262	3	is	be	AUX
easat-9256	262	4	treated	treat	VERB
easat-9256	262	5	as	as	ADP
easat-9256	262	6	a	a	DET
easat-9256	262	7	latent	latent	NOUN
easat-9256	262	8	construct	construct	NOUN
easat-9256	262	9	and	and	CCONJ
easat-9256	262	10	measured	measure	VERB
easat-9256	262	11	using	use	VERB
easat-9256	262	12	three	three	NUM
easat-9256	262	13	indicators	indicator	NOUN
easat-9256	262	14	:	:	PUNCT
easat-9256	262	15	current	current	ADJ
easat-9256	262	16	ratio	ratio	NOUN
easat-9256	262	17	,	,	PUNCT
easat-9256	262	18	return	return	VERB
easat-9256	262	19	on	on	ADP
easat-9256	262	20	assets	asset	NOUN
easat-9256	262	21	(	(	PUNCT
easat-9256	262	22	roa	roa	NOUN
easat-9256	262	23	)	)	PUNCT
easat-9256	262	24	,	,	PUNCT
easat-9256	262	25	and	and	CCONJ
easat-9256	262	26	operating	operate	VERB
easat-9256	262	27	cash	cash	NOUN
easat-9256	262	28	flow	flow	NOUN
easat-9256	262	29	(	(	PUNCT
easat-9256	262	30	ocf	ocf	PROPN
easat-9256	262	31	)	)	PUNCT
easat-9256	262	32	.	.	PUNCT
easat-9256	263	1	business	business	NOUN
easat-9256	263	2	risk	risk	NOUN
easat-9256	263	3	is	be	AUX
easat-9256	263	4	represented	represent	VERB
easat-9256	263	5	by	by	ADP
easat-9256	263	6	the	the	DET
easat-9256	263	7	degree	degree	NOUN
easat-9256	263	8	of	of	ADP
easat-9256	263	9	operating	operate	VERB
easat-9256	263	10	leverage	leverage	NOUN
easat-9256	263	11	(	(	PUNCT
easat-9256	263	12	dol	dol	NOUN
easat-9256	263	13	)	)	PUNCT
easat-9256	263	14	,	,	PUNCT
easat-9256	263	15	calculated	calculate	VERB
easat-9256	263	16	as	as	ADP
easat-9256	263	17	the	the	DET
easat-9256	263	18	percentage	percentage	NOUN
easat-9256	263	19	change	change	NOUN
easat-9256	263	20	in	in	ADP
easat-9256	263	21	ebit	ebit	PROPN
easat-9256	263	22	relative	relative	ADJ
easat-9256	263	23	to	to	ADP
easat-9256	263	24	the	the	DET
easat-9256	263	25	percentage	percentage	NOUN
easat-9256	263	26	change	change	NOUN
easat-9256	263	27	in	in	ADP
easat-9256	263	28	sales	sale	NOUN
easat-9256	263	29	.	.	PUNCT
easat-9256	264	1	institutional	institutional	ADJ
easat-9256	264	2	ownership	ownership	NOUN
easat-9256	264	3	refers	refer	VERB
easat-9256	264	4	to	to	ADP
easat-9256	264	5	the	the	DET
easat-9256	264	6	percentage	percentage	NOUN
easat-9256	264	7	of	of	ADP
easat-9256	264	8	shares	share	NOUN
easat-9256	264	9	held	hold	VERB
easat-9256	264	10	by	by	ADP
easat-9256	264	11	financial	financial	ADJ
easat-9256	264	12	institutions	institution	NOUN
easat-9256	264	13	exceeding	exceed	VERB
easat-9256	264	14	20	20	NUM
easat-9256	264	15	%	%	NOUN
easat-9256	264	16	of	of	ADP
easat-9256	264	17	total	total	ADJ
easat-9256	264	18	shares	share	NOUN
easat-9256	264	19	outstanding	outstanding	ADJ
easat-9256	264	20	.	.	PUNCT
easat-9256	265	1	board	board	NOUN
easat-9256	265	2	diversity	diversity	NOUN
easat-9256	265	3	is	be	AUX
easat-9256	265	4	assessed	assess	VERB
easat-9256	265	5	using	use	VERB
easat-9256	265	6	a	a	DET
easat-9256	265	7	composite	composite	ADJ
easat-9256	265	8	index	index	NOUN
easat-9256	265	9	that	that	PRON
easat-9256	265	10	includes	include	VERB
easat-9256	265	11	diversity	diversity	NOUN
easat-9256	265	12	in	in	ADP
easat-9256	265	13	gender	gender	NOUN
easat-9256	265	14	,	,	PUNCT
easat-9256	265	15	nationality	nationality	NOUN
easat-9256	265	16	,	,	PUNCT
easat-9256	265	17	age	age	NOUN
easat-9256	265	18	,	,	PUNCT
easat-9256	265	19	educational	educational	ADJ
easat-9256	265	20	background	background	NOUN
easat-9256	265	21	,	,	PUNCT
easat-9256	265	22	tenure	tenure	NOUN
easat-9256	265	23	,	,	PUNCT
easat-9256	265	24	and	and	CCONJ
easat-9256	265	25	the	the	DET
easat-9256	265	26	presence	presence	NOUN
easat-9256	265	27	of	of	ADP
easat-9256	265	28	independent	independent	ADJ
easat-9256	265	29	directors	director	NOUN
easat-9256	265	30	and	and	CCONJ
easat-9256	265	31	commissioners	commissioner	NOUN
easat-9256	265	32	.	.	PUNCT
easat-9256	266	1	investment	investment	NOUN
easat-9256	266	2	efficiency	efficiency	NOUN
easat-9256	266	3	is	be	AUX
easat-9256	266	4	calculated	calculate	VERB
easat-9256	266	5	following	follow	VERB
easat-9256	266	6	the	the	DET
easat-9256	266	7	model	model	NOUN
easat-9256	266	8	developed	develop	VERB
easat-9256	266	9	by	by	ADP
easat-9256	266	10	biddle	biddle	PROPN
easat-9256	266	11	,	,	PUNCT
easat-9256	266	12	et	et	PROPN
easat-9256	266	13	al	al	PROPN
easat-9256	266	14	.	.	PUNCT
easat-9256	267	1	[	[	X
easat-9256	267	2	31	31	NUM
easat-9256	267	3	]	]	PUNCT
easat-9256	267	4	where	where	SCONJ
easat-9256	267	5	the	the	DET
easat-9256	267	6	deviation	deviation	NOUN
easat-9256	267	7	of	of	ADP
easat-9256	267	8	actual	actual	ADJ
easat-9256	267	9	investment	investment	NOUN
easat-9256	267	10	from	from	ADP
easat-9256	267	11	expected	expect	VERB
easat-9256	267	12	investment	investment	NOUN
easat-9256	267	13	(	(	PUNCT
easat-9256	267	14	based	base	VERB
easat-9256	267	15	on	on	ADP
easat-9256	267	16	sales	sale	NOUN
easat-9256	267	17	growth	growth	NOUN
easat-9256	267	18	)	)	PUNCT
easat-9256	267	19	indicates	indicate	VERB
easat-9256	267	20	overor	overor	NOUN
easat-9256	267	21	under	under	NOUN
easat-9256	267	22	-	-	PUNCT
easat-9256	267	23	investment	investment	NOUN
easat-9256	267	24	.	.	PUNCT
easat-9256	268	1	the	the	DET
easat-9256	268	2	absolute	absolute	ADJ
easat-9256	268	3	value	value	NOUN
easat-9256	268	4	of	of	ADP
easat-9256	268	5	this	this	DET
easat-9256	268	6	residual	residual	ADJ
easat-9256	268	7	,	,	PUNCT
easat-9256	268	8	multiplied	multiply	VERB
easat-9256	268	9	by	by	ADP
easat-9256	268	10	-1	-1	PUNCT
easat-9256	268	11	,	,	PUNCT
easat-9256	268	12	represents	represent	VERB
easat-9256	268	13	the	the	DET
easat-9256	268	14	firm	firm	NOUN
easat-9256	268	15	’s	’s	PART
easat-9256	268	16	investment	investment	NOUN
easat-9256	268	17	efficiency	efficiency	NOUN
easat-9256	268	18	:	:	PUNCT
easat-9256	268	19	the	the	PRON
easat-9256	268	20	smaller	small	ADJ
easat-9256	268	21	the	the	DET
easat-9256	268	22	deviation	deviation	NOUN
easat-9256	268	23	,	,	PUNCT
easat-9256	268	24	the	the	DET
easat-9256	268	25	more	more	ADV
easat-9256	268	26	efficient	efficient	ADJ
easat-9256	268	27	the	the	DET
easat-9256	268	28	investment	investment	NOUN
easat-9256	268	29	.	.	PUNCT
easat-9256	269	1	3.4	3.4	NUM
easat-9256	269	2	.	.	PUNCT
easat-9256	269	3	analytical	analytical	ADJ
easat-9256	269	4	technique	technique	NOUN
easat-9256	269	5	the	the	DET
easat-9256	269	6	study	study	NOUN
easat-9256	269	7	applies	apply	VERB
easat-9256	269	8	structural	structural	ADJ
easat-9256	269	9	equation	equation	NOUN
easat-9256	269	10	modeling	modeling	NOUN
easat-9256	269	11	using	use	VERB
easat-9256	269	12	partial	partial	ADJ
easat-9256	269	13	least	least	ADJ
easat-9256	269	14	squares	square	NOUN
easat-9256	269	15	(	(	PUNCT
easat-9256	269	16	pls	pls	NOUN
easat-9256	269	17	-	-	PUNCT
easat-9256	269	18	sem	sem	NOUN
easat-9256	269	19	)	)	PUNCT
easat-9256	269	20	with	with	ADP
easat-9256	269	21	warppls	warppls	PROPN
easat-9256	269	22	version	version	PROPN
easat-9256	269	23	7	7	NUM
easat-9256	269	24	.	.	PUNCT
easat-9256	270	1	this	this	DET
easat-9256	270	2	method	method	NOUN
easat-9256	270	3	is	be	AUX
easat-9256	270	4	appropriate	appropriate	ADJ
easat-9256	270	5	for	for	ADP
easat-9256	270	6	handling	handle	VERB
easat-9256	270	7	latent	latent	NOUN
easat-9256	270	8	variables	variable	NOUN
easat-9256	270	9	with	with	ADP
easat-9256	270	10	formative	formative	ADJ
easat-9256	270	11	indicators	indicator	NOUN
easat-9256	270	12	,	,	PUNCT
easat-9256	270	13	does	do	AUX
easat-9256	270	14	not	not	PART
easat-9256	270	15	require	require	VERB
easat-9256	270	16	normally	normally	ADV
easat-9256	270	17	distributed	distribute	VERB
easat-9256	270	18	data	datum	NOUN
easat-9256	270	19	,	,	PUNCT
easat-9256	270	20	and	and	CCONJ
easat-9256	270	21	is	be	AUX
easat-9256	270	22	suitable	suitable	ADJ
easat-9256	270	23	for	for	ADP
easat-9256	270	24	small	small	ADJ
easat-9256	270	25	to	to	PART
easat-9256	270	26	medium	medium	ADJ
easat-9256	270	27	-	-	PUNCT
easat-9256	270	28	sized	sized	ADJ
easat-9256	270	29	samples	sample	NOUN
easat-9256	270	30	.	.	PUNCT
easat-9256	271	1	the	the	DET
easat-9256	271	2	analysis	analysis	NOUN
easat-9256	271	3	includes	include	VERB
easat-9256	271	4	both	both	CCONJ
easat-9256	271	5	the	the	DET
easat-9256	271	6	measurement	measurement	NOUN
easat-9256	271	7	model	model	NOUN
easat-9256	271	8	(	(	PUNCT
easat-9256	271	9	outer	outer	ADJ
easat-9256	271	10	model	model	NOUN
easat-9256	271	11	)	)	PUNCT
easat-9256	271	12	and	and	CCONJ
easat-9256	271	13	the	the	DET
easat-9256	271	14	structural	structural	ADJ
easat-9256	271	15	model	model	NOUN
easat-9256	271	16	(	(	PUNCT
easat-9256	271	17	inner	inner	ADJ
easat-9256	271	18	model	model	NOUN
easat-9256	271	19	)	)	PUNCT
easat-9256	271	20	.	.	PUNCT
easat-9256	272	1	goodness	goodness	NOUN
easat-9256	272	2	-	-	PUNCT
easat-9256	272	3	of	of	ADP
easat-9256	272	4	-	-	PUNCT
easat-9256	272	5	fit	fit	ADJ
easat-9256	272	6	indices	index	NOUN
easat-9256	272	7	such	such	ADJ
easat-9256	272	8	as	as	ADP
easat-9256	272	9	apc	apc	PROPN
easat-9256	272	10	,	,	PUNCT
easat-9256	272	11	ars	ars	PROPN
easat-9256	272	12	,	,	PUNCT
easat-9256	272	13	avif	avif	NOUN
easat-9256	272	14	,	,	PUNCT
easat-9256	272	15	and	and	CCONJ
easat-9256	272	16	gof	gof	NOUN
easat-9256	272	17	were	be	AUX
easat-9256	272	18	used	use	VERB
easat-9256	272	19	to	to	PART
easat-9256	272	20	evaluate	evaluate	VERB
easat-9256	272	21	model	model	NOUN
easat-9256	272	22	performance	performance	NOUN
easat-9256	272	23	.	.	PUNCT
easat-9256	273	1	the	the	DET
easat-9256	273	2	hypotheses	hypothesis	NOUN
easat-9256	273	3	were	be	AUX
easat-9256	273	4	tested	test	VERB
easat-9256	273	5	using	use	VERB
easat-9256	273	6	bootstrapping	bootstrappe	VERB
easat-9256	273	7	techniques	technique	NOUN
easat-9256	273	8	,	,	PUNCT
easat-9256	273	9	focusing	focus	VERB
easat-9256	273	10	on	on	ADP
easat-9256	273	11	the	the	DET
easat-9256	273	12	significance	significance	NOUN
easat-9256	273	13	of	of	ADP
easat-9256	273	14	both	both	CCONJ
easat-9256	273	15	direct	direct	ADJ
easat-9256	273	16	and	and	CCONJ
easat-9256	273	17	indirect	indirect	ADJ
easat-9256	273	18	effects	effect	NOUN
easat-9256	273	19	.	.	PUNCT
easat-9256	274	1	the	the	DET
easat-9256	274	2	mediation	mediation	NOUN
easat-9256	274	3	analysis	analysis	NOUN
easat-9256	274	4	distinguishes	distinguish	VERB
easat-9256	274	5	between	between	ADP
easat-9256	274	6	full	full	ADJ
easat-9256	274	7	mediation	mediation	NOUN
easat-9256	274	8	(	(	PUNCT
easat-9256	274	9	where	where	SCONJ
easat-9256	274	10	the	the	DET
easat-9256	274	11	direct	direct	ADJ
easat-9256	274	12	effect	effect	NOUN
easat-9256	274	13	is	be	AUX
easat-9256	274	14	insignificant	insignificant	ADJ
easat-9256	274	15	but	but	CCONJ
easat-9256	274	16	the	the	DET
easat-9256	274	17	indirect	indirect	ADJ
easat-9256	274	18	effect	effect	NOUN
easat-9256	274	19	is	be	AUX
easat-9256	274	20	significant	significant	ADJ
easat-9256	274	21	)	)	PUNCT
easat-9256	274	22	and	and	CCONJ
easat-9256	274	23	partial	partial	ADJ
easat-9256	274	24	mediation	mediation	NOUN
easat-9256	274	25	(	(	PUNCT
easat-9256	274	26	where	where	SCONJ
easat-9256	274	27	both	both	CCONJ
easat-9256	274	28	direct	direct	ADJ
easat-9256	274	29	and	and	CCONJ
easat-9256	274	30	indirect	indirect	ADJ
easat-9256	274	31	effects	effect	NOUN
easat-9256	274	32	are	be	AUX
easat-9256	274	33	significant	significant	ADJ
easat-9256	274	34	)	)	PUNCT
easat-9256	274	35	.	.	PUNCT
easat-9256	275	1	partial	partial	ADJ
easat-9256	275	2	mediation	mediation	NOUN
easat-9256	275	3	is	be	AUX
easat-9256	275	4	further	far	ADV
easat-9256	275	5	categorized	categorize	VERB
easat-9256	275	6	as	as	ADP
easat-9256	275	7	complementary	complementary	ADJ
easat-9256	275	8	(	(	PUNCT
easat-9256	275	9	same	same	ADJ
easat-9256	275	10	direction	direction	NOUN
easat-9256	275	11	)	)	PUNCT
easat-9256	275	12	or	or	CCONJ
easat-9256	275	13	competitive	competitive	ADJ
easat-9256	275	14	(	(	PUNCT
easat-9256	275	15	opposite	opposite	ADJ
easat-9256	275	16	direction	direction	NOUN
easat-9256	275	17	)	)	PUNCT
easat-9256	275	18	,	,	PUNCT
easat-9256	275	19	following	follow	VERB
easat-9256	275	20	the	the	DET
easat-9256	275	21	classification	classification	NOUN
easat-9256	275	22	proposed	propose	VERB
easat-9256	275	23	by	by	ADP
easat-9256	275	24	hair	hair	NOUN
easat-9256	275	25	,	,	PUNCT
easat-9256	275	26	et	et	PROPN
easat-9256	275	27	al	al	PROPN
easat-9256	275	28	.	.	PUNCT
easat-9256	276	1	[	[	X
easat-9256	276	2	62	62	NUM
easat-9256	276	3	]	]	PUNCT
easat-9256	276	4	.	.	PUNCT
easat-9256	277	1	to	to	PART
easat-9256	277	2	assess	assess	VERB
easat-9256	277	3	the	the	DET
easat-9256	277	4	robustness	robustness	NOUN
easat-9256	277	5	of	of	ADP
easat-9256	277	6	the	the	DET
easat-9256	277	7	model	model	NOUN
easat-9256	277	8	,	,	PUNCT
easat-9256	277	9	additional	additional	ADJ
easat-9256	277	10	tests	test	NOUN
easat-9256	277	11	were	be	AUX
easat-9256	277	12	conducted	conduct	VERB
easat-9256	277	13	by	by	ADP
easat-9256	277	14	introducing	introduce	VERB
easat-9256	277	15	firm	firm	ADJ
easat-9256	277	16	size	size	NOUN
easat-9256	277	17	(	(	PUNCT
easat-9256	277	18	log	log	NOUN
easat-9256	277	19	of	of	ADP
easat-9256	277	20	total	total	ADJ
easat-9256	277	21	assets	asset	NOUN
easat-9256	277	22	)	)	PUNCT
easat-9256	277	23	as	as	ADP
easat-9256	277	24	a	a	DET
easat-9256	277	25	control	control	NOUN
easat-9256	277	26	variable	variable	NOUN
easat-9256	277	27	.	.	PUNCT
easat-9256	278	1	4	4	X
easat-9256	278	2	.	.	NOUN
easat-9256	278	3	results	result	VERB
easat-9256	278	4	4.1	4.1	NUM
easat-9256	278	5	.	.	PUNCT
easat-9256	279	1	descriptive	descriptive	ADJ
easat-9256	279	2	statistics	statistic	NOUN
easat-9256	279	3	descriptive	descriptive	ADJ
easat-9256	279	4	analysis	analysis	NOUN
easat-9256	279	5	was	be	AUX
easat-9256	279	6	conducted	conduct	VERB
easat-9256	279	7	on	on	ADP
easat-9256	279	8	627	627	NUM
easat-9256	279	9	firm	firm	ADJ
easat-9256	279	10	-	-	PUNCT
easat-9256	279	11	year	year	NOUN
easat-9256	279	12	observations	observation	NOUN
easat-9256	279	13	after	after	ADP
easat-9256	279	14	the	the	DET
easat-9256	279	15	removal	removal	NOUN
easat-9256	279	16	of	of	ADP
easat-9256	279	17	outliers	outlier	NOUN
easat-9256	279	18	from	from	ADP
easat-9256	279	19	the	the	DET
easat-9256	279	20	initial	initial	ADJ
easat-9256	279	21	711	711	NUM
easat-9256	279	22	data	datum	NOUN
easat-9256	279	23	points	point	NOUN
easat-9256	279	24	.	.	PUNCT
easat-9256	280	1	the	the	DET
easat-9256	280	2	sample	sample	NOUN
easat-9256	280	3	covers	cover	VERB
easat-9256	280	4	non	non	ADJ
easat-9256	280	5	-	-	ADJ
easat-9256	280	6	financial	financial	ADJ
easat-9256	280	7	firms	firm	NOUN
easat-9256	280	8	listed	list	VERB
easat-9256	280	9	on	on	ADP
easat-9256	280	10	the	the	DET
easat-9256	280	11	indonesia	indonesia	PROPN
easat-9256	280	12	stock	stock	PROPN
easat-9256	280	13	exchange	exchange	PROPN
easat-9256	280	14	(	(	PUNCT
easat-9256	280	15	idx	idx	PROPN
easat-9256	280	16	)	)	PUNCT
easat-9256	280	17	from	from	ADP
easat-9256	280	18	2016	2016	NUM
easat-9256	280	19	to	to	ADP
easat-9256	280	20	2019	2019	NUM
easat-9256	280	21	.	.	PUNCT
easat-9256	281	1	table	table	NOUN
easat-9256	281	2	2	2	NUM
easat-9256	281	3	summarizes	summarize	NOUN
easat-9256	281	4	the	the	DET
easat-9256	281	5	statistical	statistical	ADJ
easat-9256	281	6	properties	property	NOUN
easat-9256	281	7	of	of	ADP
easat-9256	281	8	all	all	DET
easat-9256	281	9	study	study	NOUN
easat-9256	281	10	variables	variable	NOUN
easat-9256	281	11	.	.	PUNCT
easat-9256	282	1	222	222	NUM
easat-9256	282	2	edelweiss	edelweiss	PROPN
easat-9256	282	3	applied	apply	VERB
easat-9256	282	4	science	science	NOUN
easat-9256	282	5	and	and	CCONJ
easat-9256	282	6	technology	technology	NOUN
easat-9256	282	7	issn	issn	PROPN
easat-9256	282	8	:	:	PUNCT
easat-9256	282	9	2576	2576	NUM
easat-9256	282	10	-	-	SYM
easat-9256	282	11	8484	8484	NUM
easat-9256	282	12	vol	vol	NOUN
easat-9256	282	13	.	.	PROPN
easat-9256	283	1	9	9	NUM
easat-9256	283	2	,	,	PUNCT
easat-9256	283	3	no	no	INTJ
easat-9256	283	4	.	.	NOUN
easat-9256	283	5	8	8	NUM
easat-9256	283	6	:	:	PUNCT
easat-9256	283	7	211	211	NUM
easat-9256	283	8	-	-	SYM
easat-9256	283	9	230	230	NUM
easat-9256	283	10	,	,	PUNCT
easat-9256	283	11	2025	2025	NUM
easat-9256	283	12	doi	doi	NOUN
easat-9256	283	13	:	:	PUNCT
easat-9256	283	14	10.55214/2576	10.55214/2576	NUM
easat-9256	283	15	-	-	SYM
easat-9256	283	16	8484.v9i8.9256	8484.v9i8.9256	NUM
easat-9256	283	17	©	©	ADP
easat-9256	283	18	2025	2025	NUM
easat-9256	283	19	by	by	ADP
easat-9256	283	20	the	the	DET
easat-9256	283	21	authors	author	NOUN
easat-9256	283	22	;	;	PUNCT
easat-9256	283	23	licensee	licensee	PROPN
easat-9256	283	24	learning	learn	VERB
easat-9256	283	25	gate	gate	NOUN
easat-9256	283	26	table	table	NOUN
easat-9256	283	27	2	2	NUM
easat-9256	283	28	.	.	PUNCT
easat-9256	283	29	descriptive	descriptive	ADJ
easat-9256	283	30	statistic	statistic	NOUN
easat-9256	283	31	.	.	PUNCT
easat-9256	284	1	n	n	PRON
easat-9256	284	2	minimum	minimum	ADJ
easat-9256	284	3	maximum	maximum	ADJ
easat-9256	284	4	mean	mean	ADJ
easat-9256	284	5	std	std	X
easat-9256	284	6	.	.	PUNCT
easat-9256	285	1	deviation	deviation	NOUN
easat-9256	285	2	cr	cr	ADP
easat-9256	285	3	627	627	NUM
easat-9256	285	4	0.2825	0.2825	NUM
easat-9256	285	5	9.6215	9.6215	NUM
easat-9256	285	6	2.299952	2.299952	NUM
easat-9256	285	7	1.7832788	1.7832788	NUM
easat-9256	285	8	roa	roa	NOUN
easat-9256	285	9	627	627	NUM
easat-9256	285	10	0.0003	0.0003	NUM
easat-9256	285	11	1.0527	1.0527	NUM
easat-9256	285	12	0.106787	0.106787	NUM
easat-9256	285	13	0.1053030	0.1053030	NUM
easat-9256	285	14	cfop	cfop	NOUN
easat-9256	285	15	627	627	NUM
easat-9256	285	16	-0.2331	-0.2331	NOUN
easat-9256	285	17	0.5488	0.5488	NUM
easat-9256	285	18	0.074951	0.074951	NUM
easat-9256	285	19	0.0972569	0.0972569	NUM
easat-9256	285	20	dol	dol	VERB
easat-9256	285	21	627	627	NUM
easat-9256	285	22	-6.7091	-6.7091	NOUN
easat-9256	285	23	7.4660	7.4660	NUM
easat-9256	285	24	0.429773	0.429773	NUM
easat-9256	285	25	1.5146433	1.5146433	NUM
easat-9256	285	26	instown	instown	NOUN
easat-9256	286	1	627	627	NUM
easat-9256	286	2	0.2074	0.2074	NUM
easat-9256	286	3	0.9999	0.9999	NUM
easat-9256	286	4	0.561999	0.561999	NUM
easat-9256	286	5	0.1934683	0.1934683	NUM
easat-9256	286	6	bodiv	bodiv	NOUN
easat-9256	286	7	627	627	NUM
easat-9256	286	8	0.0000	0.0000	NUM
easat-9256	286	9	1.0000	1.0000	NUM
easat-9256	286	10	0.392003	0.392003	NUM
easat-9256	286	11	0.2030691	0.2030691	NUM
easat-9256	286	12	abs	ab	NOUN
easat-9256	286	13	efin	efin	VERB
easat-9256	286	14	2	2	NUM
easat-9256	286	15	627	627	NUM
easat-9256	286	16	-23.3475	-23.3475	NUM
easat-9256	286	17	-0.0229	-0.0229	NOUN
easat-9256	286	18	-4.222054	-4.222054	NOUN
easat-9256	286	19	5.1151095	5.1151095	NUM
easat-9256	286	20	per	per	ADP
easat-9256	286	21	627	627	NUM
easat-9256	286	22	10.25	10.25	NUM
easat-9256	286	23	97.05	97.05	NUM
easat-9256	286	24	30.9440	30.9440	NUM
easat-9256	286	25	12.00732	12.00732	NUM
easat-9256	286	26	valid	valid	ADJ
easat-9256	286	27	n	n	CCONJ
easat-9256	286	28	(	(	PUNCT
easat-9256	286	29	listwise	listwise	PROPN
easat-9256	286	30	)	)	PUNCT
easat-9256	286	31	627	627	NUM
easat-9256	286	32	the	the	DET
easat-9256	286	33	average	average	ADJ
easat-9256	286	34	p	p	X
easat-9256	286	35	/	/	SYM
easat-9256	286	36	e	e	NOUN
easat-9256	286	37	ratio	ratio	NOUN
easat-9256	286	38	(	(	PUNCT
easat-9256	286	39	per	per	ADP
easat-9256	286	40	)	)	PUNCT
easat-9256	286	41	as	as	ADP
easat-9256	286	42	a	a	DET
easat-9256	286	43	proxy	proxy	NOUN
easat-9256	286	44	for	for	ADP
easat-9256	286	45	firm	firm	ADJ
easat-9256	286	46	value	value	NOUN
easat-9256	286	47	was	be	AUX
easat-9256	286	48	30.94	30.94	NUM
easat-9256	286	49	,	,	PUNCT
easat-9256	286	50	with	with	ADP
easat-9256	286	51	a	a	DET
easat-9256	286	52	standard	standard	ADJ
easat-9256	286	53	deviation	deviation	NOUN
easat-9256	286	54	of	of	ADP
easat-9256	286	55	12.01	12.01	NUM
easat-9256	286	56	,	,	PUNCT
easat-9256	286	57	ranging	range	VERB
easat-9256	286	58	from	from	ADP
easat-9256	286	59	a	a	DET
easat-9256	286	60	minimum	minimum	NOUN
easat-9256	286	61	of	of	ADP
easat-9256	286	62	10.25	10.25	NUM
easat-9256	286	63	to	to	ADP
easat-9256	286	64	a	a	DET
easat-9256	286	65	maximum	maximum	NOUN
easat-9256	286	66	of	of	ADP
easat-9256	286	67	97.05	97.05	NUM
easat-9256	286	68	.	.	PUNCT
easat-9256	287	1	financial	financial	ADJ
easat-9256	287	2	performance	performance	NOUN
easat-9256	287	3	,	,	PUNCT
easat-9256	287	4	measured	measure	VERB
easat-9256	287	5	through	through	ADP
easat-9256	287	6	return	return	NOUN
easat-9256	287	7	on	on	ADP
easat-9256	287	8	assets	asset	NOUN
easat-9256	287	9	(	(	PUNCT
easat-9256	287	10	roa	roa	NOUN
easat-9256	287	11	)	)	PUNCT
easat-9256	287	12	,	,	PUNCT
easat-9256	287	13	operating	operate	VERB
easat-9256	287	14	cash	cash	NOUN
easat-9256	287	15	flow	flow	NOUN
easat-9256	287	16	(	(	PUNCT
easat-9256	287	17	cfop	cfop	NOUN
easat-9256	287	18	)	)	PUNCT
easat-9256	287	19	,	,	PUNCT
easat-9256	287	20	and	and	CCONJ
easat-9256	287	21	current	current	ADJ
easat-9256	287	22	ratio	ratio	NOUN
easat-9256	287	23	(	(	PUNCT
easat-9256	287	24	cr	cr	NOUN
easat-9256	287	25	)	)	PUNCT
easat-9256	287	26	,	,	PUNCT
easat-9256	287	27	recorded	record	VERB
easat-9256	287	28	an	an	DET
easat-9256	287	29	average	average	ADJ
easat-9256	287	30	roa	roa	NOUN
easat-9256	287	31	of	of	ADP
easat-9256	287	32	10.7	10.7	NUM
easat-9256	287	33	%	%	NOUN
easat-9256	287	34	,	,	PUNCT
easat-9256	287	35	an	an	DET
easat-9256	287	36	average	average	ADJ
easat-9256	287	37	cfop	cfop	NOUN
easat-9256	287	38	of	of	ADP
easat-9256	287	39	7.5	7.5	NUM
easat-9256	287	40	%	%	NOUN
easat-9256	287	41	,	,	PUNCT
easat-9256	287	42	and	and	CCONJ
easat-9256	287	43	an	an	DET
easat-9256	287	44	average	average	ADJ
easat-9256	287	45	cr	cr	NOUN
easat-9256	287	46	of	of	ADP
easat-9256	287	47	2.30	2.30	NUM
easat-9256	287	48	.	.	PUNCT
easat-9256	288	1	business	business	NOUN
easat-9256	288	2	risk	risk	NOUN
easat-9256	288	3	,	,	PUNCT
easat-9256	288	4	proxied	proxie	VERB
easat-9256	288	5	by	by	ADP
easat-9256	288	6	the	the	DET
easat-9256	288	7	degree	degree	NOUN
easat-9256	288	8	of	of	ADP
easat-9256	288	9	operating	operate	VERB
easat-9256	288	10	leverage	leverage	NOUN
easat-9256	288	11	(	(	PUNCT
easat-9256	288	12	dol	dol	NOUN
easat-9256	288	13	)	)	PUNCT
easat-9256	288	14	,	,	PUNCT
easat-9256	288	15	showed	show	VERB
easat-9256	288	16	considerable	considerable	ADJ
easat-9256	288	17	variability	variability	NOUN
easat-9256	288	18	with	with	ADP
easat-9256	288	19	a	a	DET
easat-9256	288	20	mean	mean	NOUN
easat-9256	288	21	of	of	ADP
easat-9256	288	22	0.43	0.43	NUM
easat-9256	288	23	and	and	CCONJ
easat-9256	288	24	standard	standard	ADJ
easat-9256	288	25	deviation	deviation	NOUN
easat-9256	288	26	of	of	ADP
easat-9256	288	27	1.51	1.51	NUM
easat-9256	288	28	,	,	PUNCT
easat-9256	288	29	indicating	indicate	VERB
easat-9256	288	30	heterogeneity	heterogeneity	NOUN
easat-9256	288	31	in	in	ADP
easat-9256	288	32	operational	operational	ADJ
easat-9256	288	33	exposure	exposure	NOUN
easat-9256	288	34	across	across	ADP
easat-9256	288	35	firms	firm	NOUN
easat-9256	288	36	.	.	PUNCT
easat-9256	289	1	institutional	institutional	ADJ
easat-9256	289	2	ownership	ownership	NOUN
easat-9256	289	3	levels	level	NOUN
easat-9256	289	4	ranged	range	VERB
easat-9256	289	5	from	from	ADP
easat-9256	289	6	20.7	20.7	NUM
easat-9256	289	7	%	%	NOUN
easat-9256	289	8	to	to	ADP
easat-9256	289	9	99.9	99.9	NUM
easat-9256	289	10	%	%	NOUN
easat-9256	289	11	,	,	PUNCT
easat-9256	289	12	with	with	ADP
easat-9256	289	13	a	a	DET
easat-9256	289	14	mean	mean	NOUN
easat-9256	289	15	of	of	ADP
easat-9256	289	16	56.2	56.2	NUM
easat-9256	289	17	%	%	NOUN
easat-9256	289	18	,	,	PUNCT
easat-9256	289	19	satisfying	satisfy	VERB
easat-9256	289	20	the	the	DET
easat-9256	289	21	threshold	threshold	NOUN
easat-9256	289	22	used	use	VERB
easat-9256	289	23	to	to	PART
easat-9256	289	24	define	define	VERB
easat-9256	289	25	blockholder	blockholder	NOUN
easat-9256	289	26	presence	presence	NOUN
easat-9256	289	27	.	.	PUNCT
easat-9256	290	1	board	board	NOUN
easat-9256	290	2	diversity	diversity	NOUN
easat-9256	290	3	scores	score	NOUN
easat-9256	290	4	ranged	range	VERB
easat-9256	290	5	from	from	ADP
easat-9256	290	6	0	0	NUM
easat-9256	290	7	to	to	ADP
easat-9256	290	8	1	1	NUM
easat-9256	290	9	,	,	PUNCT
easat-9256	290	10	with	with	ADP
easat-9256	290	11	a	a	DET
easat-9256	290	12	mean	mean	NOUN
easat-9256	290	13	of	of	ADP
easat-9256	290	14	0.392	0.392	NUM
easat-9256	290	15	,	,	PUNCT
easat-9256	290	16	reflecting	reflect	VERB
easat-9256	290	17	moderate	moderate	ADJ
easat-9256	290	18	heterogeneity	heterogeneity	NOUN
easat-9256	290	19	in	in	ADP
easat-9256	290	20	board	board	NOUN
easat-9256	290	21	composition	composition	NOUN
easat-9256	290	22	.	.	PUNCT
easat-9256	291	1	investment	investment	NOUN
easat-9256	291	2	efficiency	efficiency	NOUN
easat-9256	291	3	,	,	PUNCT
easat-9256	291	4	calculated	calculate	VERB
easat-9256	291	5	as	as	ADP
easat-9256	291	6	the	the	DET
easat-9256	291	7	inverse	inverse	NOUN
easat-9256	291	8	of	of	ADP
easat-9256	291	9	the	the	DET
easat-9256	291	10	absolute	absolute	ADJ
easat-9256	291	11	residual	residual	NOUN
easat-9256	291	12	from	from	ADP
easat-9256	291	13	the	the	DET
easat-9256	291	14	biddle	biddle	NOUN
easat-9256	291	15	,	,	PUNCT
easat-9256	291	16	et	et	PROPN
easat-9256	291	17	al	al	PROPN
easat-9256	291	18	.	.	PUNCT
easat-9256	292	1	[	[	X
easat-9256	292	2	31	31	NUM
easat-9256	292	3	]	]	PUNCT
easat-9256	292	4	investment	investment	NOUN
easat-9256	292	5	model	model	NOUN
easat-9256	292	6	,	,	PUNCT
easat-9256	292	7	had	have	VERB
easat-9256	292	8	an	an	DET
easat-9256	292	9	average	average	NOUN
easat-9256	292	10	of	of	ADP
easat-9256	292	11	–	–	PUNCT
easat-9256	292	12	4.22	4.22	NUM
easat-9256	292	13	,	,	PUNCT
easat-9256	292	14	suggesting	suggest	VERB
easat-9256	292	15	a	a	DET
easat-9256	292	16	tendency	tendency	NOUN
easat-9256	292	17	toward	toward	ADP
easat-9256	292	18	overor	overor	NOUN
easat-9256	292	19	under	under	NOUN
easat-9256	292	20	-	-	PUNCT
easat-9256	292	21	investment	investment	NOUN
easat-9256	292	22	among	among	ADP
easat-9256	292	23	the	the	DET
easat-9256	292	24	sampled	sample	VERB
easat-9256	292	25	firms	firm	NOUN
easat-9256	292	26	.	.	PUNCT
easat-9256	293	1	4.2	4.2	NUM
easat-9256	293	2	.	.	PUNCT
easat-9256	293	3	model	model	NOUN
easat-9256	293	4	evaluation	evaluation	NOUN
easat-9256	293	5	4.2.1	4.2.1	NOUN
easat-9256	293	6	.	.	PUNCT
easat-9256	294	1	measurement	measurement	NOUN
easat-9256	294	2	model	model	NOUN
easat-9256	294	3	(	(	PUNCT
easat-9256	294	4	outer	outer	ADJ
easat-9256	294	5	model	model	NOUN
easat-9256	294	6	)	)	PUNCT
easat-9256	294	7	the	the	DET
easat-9256	294	8	convergent	convergent	ADJ
easat-9256	294	9	validity	validity	NOUN
easat-9256	294	10	of	of	ADP
easat-9256	294	11	constructs	construct	NOUN
easat-9256	294	12	was	be	AUX
easat-9256	294	13	tested	test	VERB
easat-9256	294	14	through	through	ADP
easat-9256	294	15	factor	factor	NOUN
easat-9256	294	16	loadings	loading	NOUN
easat-9256	294	17	.	.	PUNCT
easat-9256	295	1	roa	roa	PROPN
easat-9256	295	2	and	and	CCONJ
easat-9256	295	3	cfop	cfop	PROPN
easat-9256	295	4	demonstrated	demonstrate	VERB
easat-9256	295	5	strong	strong	ADJ
easat-9256	295	6	loadings	loading	NOUN
easat-9256	295	7	on	on	ADP
easat-9256	295	8	the	the	DET
easat-9256	295	9	financial	financial	ADJ
easat-9256	295	10	performance	performance	NOUN
easat-9256	295	11	latent	latent	NOUN
easat-9256	295	12	variable	variable	NOUN
easat-9256	295	13	(	(	PUNCT
easat-9256	295	14	>	>	NOUN
easat-9256	295	15	0.84	0.84	NUM
easat-9256	295	16	)	)	PUNCT
easat-9256	295	17	,	,	PUNCT
easat-9256	295	18	while	while	SCONJ
easat-9256	295	19	the	the	DET
easat-9256	295	20	cr	cr	PROPN
easat-9256	295	21	indicator	indicator	PROPN
easat-9256	295	22	was	be	AUX
easat-9256	295	23	excluded	exclude	VERB
easat-9256	295	24	due	due	ADP
easat-9256	295	25	to	to	ADP
easat-9256	295	26	a	a	DET
easat-9256	295	27	loading	loading	NOUN
easat-9256	295	28	below	below	ADP
easat-9256	295	29	the	the	DET
easat-9256	295	30	0.30	0.30	NUM
easat-9256	295	31	threshold	threshold	NOUN
easat-9256	295	32	.	.	PUNCT
easat-9256	296	1	all	all	DET
easat-9256	296	2	other	other	ADJ
easat-9256	296	3	single	single	ADJ
easat-9256	296	4	-	-	PUNCT
easat-9256	296	5	indicator	indicator	NOUN
easat-9256	296	6	constructs	construct	NOUN
easat-9256	296	7	including	include	VERB
easat-9256	296	8	dol	dol	NOUN
easat-9256	296	9	,	,	PUNCT
easat-9256	296	10	institutional	institutional	ADJ
easat-9256	296	11	ownership	ownership	NOUN
easat-9256	296	12	,	,	PUNCT
easat-9256	296	13	board	board	NOUN
easat-9256	296	14	diversity	diversity	NOUN
easat-9256	296	15	index	index	NOUN
easat-9256	296	16	,	,	PUNCT
easat-9256	296	17	investment	investment	NOUN
easat-9256	296	18	efficiency	efficiency	NOUN
easat-9256	296	19	,	,	PUNCT
easat-9256	296	20	and	and	CCONJ
easat-9256	296	21	per	per	ADP
easat-9256	296	22	exhibited	exhibit	VERB
easat-9256	296	23	perfect	perfect	ADJ
easat-9256	296	24	loadings	loading	NOUN
easat-9256	296	25	(	(	PUNCT
easat-9256	296	26	1.000	1.000	NUM
easat-9256	296	27	)	)	PUNCT
easat-9256	296	28	,	,	PUNCT
easat-9256	296	29	fulfilling	fulfil	VERB
easat-9256	296	30	the	the	DET
easat-9256	296	31	requirement	requirement	NOUN
easat-9256	296	32	for	for	ADP
easat-9256	296	33	convergent	convergent	NOUN
easat-9256	296	34	validityas	validityas	NOUN
easat-9256	296	35	shown	show	VERB
easat-9256	296	36	on	on	ADP
easat-9256	296	37	figure	figure	NOUN
easat-9256	296	38	4	4	NUM
easat-9256	296	39	figure	figure	NOUN
easat-9256	296	40	4	4	NUM
easat-9256	296	41	.	.	PUNCT
easat-9256	296	42	convergent	convergent	ADJ
easat-9256	296	43	validity	validity	NOUN
easat-9256	296	44	test	test	NOUN
easat-9256	296	45	.	.	PUNCT
easat-9256	297	1	note	note	NOUN
easat-9256	297	2	:	:	PUNCT
easat-9256	297	3	loadings	loading	NOUN
easat-9256	297	4	are	be	AUX
easat-9256	297	5	unrotated	unrotate	VERB
easat-9256	297	6	cross	cross	ADJ
easat-9256	297	7	-	-	ADJ
easat-9256	297	8	loading	loading	NOUN
easat-9256	297	9	are	be	AUX
easat-9256	297	10	oblique	oblique	ADJ
easat-9256	297	11	-	-	PUNCT
easat-9256	297	12	rotated	rotate	VERB
easat-9256	297	13	.	.	PUNCT
easat-9256	298	1	ses	se	NOUN
easat-9256	298	2	and	and	CCONJ
easat-9256	298	3	p	p	NOUN
easat-9256	298	4	values	value	NOUN
easat-9256	298	5	are	be	AUX
easat-9256	298	6	for	for	ADP
easat-9256	298	7	loading	loading	NOUN
easat-9256	298	8	.	.	PUNCT
easat-9256	299	1	p	p	NOUN
easat-9256	299	2	values	value	NOUN
easat-9256	299	3	<	<	X
easat-9256	299	4	0.05	0.05	NUM
easat-9256	299	5	are	be	AUX
easat-9256	299	6	desirable	desirable	ADJ
easat-9256	299	7	for	for	ADP
easat-9256	299	8	reflective	reflective	ADJ
easat-9256	299	9	indicators	indicator	NOUN
easat-9256	299	10	.	.	PUNCT
easat-9256	300	1	223	223	NUM
easat-9256	300	2	edelweiss	edelweiss	PROPN
easat-9256	300	3	applied	apply	VERB
easat-9256	300	4	science	science	NOUN
easat-9256	300	5	and	and	CCONJ
easat-9256	300	6	technology	technology	NOUN
easat-9256	300	7	issn	issn	PROPN
easat-9256	300	8	:	:	PUNCT
easat-9256	300	9	2576	2576	NUM
easat-9256	300	10	-	-	SYM
easat-9256	300	11	8484	8484	NUM
easat-9256	300	12	vol	vol	NOUN
easat-9256	300	13	.	.	PROPN
easat-9256	301	1	9	9	NUM
easat-9256	301	2	,	,	PUNCT
easat-9256	301	3	no	no	INTJ
easat-9256	301	4	.	.	NOUN
easat-9256	301	5	8	8	NUM
easat-9256	301	6	:	:	PUNCT
easat-9256	301	7	211	211	NUM
easat-9256	301	8	-	-	SYM
easat-9256	301	9	230	230	NUM
easat-9256	301	10	,	,	PUNCT
easat-9256	301	11	2025	2025	NUM
easat-9256	301	12	doi	doi	NOUN
easat-9256	301	13	:	:	PUNCT
easat-9256	301	14	10.55214/2576	10.55214/2576	NUM
easat-9256	301	15	-	-	SYM
easat-9256	301	16	8484.v9i8.9256	8484.v9i8.9256	NUM
easat-9256	301	17	©	©	ADP
easat-9256	301	18	2025	2025	NUM
easat-9256	301	19	by	by	ADP
easat-9256	301	20	the	the	DET
easat-9256	301	21	authors	author	NOUN
easat-9256	301	22	;	;	PUNCT
easat-9256	301	23	licensee	licensee	PROPN
easat-9256	301	24	learning	learning	NOUN
easat-9256	301	25	gate	gate	PROPN
easat-9256	301	26	discriminant	discriminant	PROPN
easat-9256	301	27	validity	validity	NOUN
easat-9256	301	28	was	be	AUX
easat-9256	301	29	confirmed	confirm	VERB
easat-9256	301	30	using	use	VERB
easat-9256	301	31	the	the	DET
easat-9256	301	32	fornell	fornell	NOUN
easat-9256	301	33	–	–	PUNCT
easat-9256	301	34	larcker	larcker	NOUN
easat-9256	301	35	criterion	criterion	NOUN
easat-9256	301	36	,	,	PUNCT
easat-9256	301	37	where	where	SCONJ
easat-9256	301	38	each	each	PRON
easat-9256	301	39	construct	construct	VERB
easat-9256	301	40	’s	’s	PART
easat-9256	301	41	square	square	ADJ
easat-9256	301	42	root	root	NOUN
easat-9256	301	43	of	of	ADP
easat-9256	301	44	the	the	DET
easat-9256	301	45	ave	ave	NOUN
easat-9256	301	46	exceeded	exceed	VERB
easat-9256	301	47	its	its	PRON
easat-9256	301	48	correlations	correlation	NOUN
easat-9256	301	49	with	with	ADP
easat-9256	301	50	other	other	ADJ
easat-9256	301	51	constructs	construct	NOUN
easat-9256	301	52	.	.	PUNCT
easat-9256	302	1	composite	composite	ADJ
easat-9256	302	2	reliability	reliability	NOUN
easat-9256	302	3	values	value	NOUN
easat-9256	302	4	exceeded	exceed	VERB
easat-9256	302	5	the	the	DET
easat-9256	302	6	0.70	0.70	NUM
easat-9256	302	7	benchmark	benchmark	NOUN
easat-9256	302	8	,	,	PUNCT
easat-9256	302	9	and	and	CCONJ
easat-9256	302	10	cronbach	cronbach	VERB
easat-9256	302	11	’s	’s	PART
easat-9256	302	12	alpha	alpha	NOUN
easat-9256	302	13	values	value	NOUN
easat-9256	302	14	were	be	AUX
easat-9256	302	15	above	above	ADP
easat-9256	302	16	0.60	0.60	NUM
easat-9256	302	17	for	for	ADP
easat-9256	302	18	all	all	DET
easat-9256	302	19	variables	variable	NOUN
easat-9256	302	20	,	,	PUNCT
easat-9256	302	21	indicating	indicate	VERB
easat-9256	302	22	internal	internal	ADJ
easat-9256	302	23	consistency	consistency	NOUN
easat-9256	302	24	reliability	reliability	NOUN
easat-9256	302	25	as	as	SCONJ
easat-9256	302	26	shown	show	VERB
easat-9256	302	27	in	in	ADP
easat-9256	302	28	figure	figure	NOUN
easat-9256	302	29	5	5	NUM
easat-9256	302	30	.	.	PUNCT
easat-9256	302	31	figure	figure	NOUN
easat-9256	302	32	5	5	NUM
easat-9256	302	33	.	.	PUNCT
easat-9256	303	1	square	square	ADJ
easat-9256	303	2	roots	root	NOUN
easat-9256	303	3	ave	ave	PROPN
easat-9256	303	4	.	.	PUNCT
easat-9256	304	1	note	note	NOUN
easat-9256	304	2	:	:	PUNCT
easat-9256	304	3	square	square	ADJ
easat-9256	304	4	roots	root	NOUN
easat-9256	304	5	of	of	ADP
easat-9256	304	6	average	average	ADJ
easat-9256	304	7	variances	variance	NOUN
easat-9256	304	8	extracted	extract	VERB
easat-9256	304	9	(	(	PUNCT
easat-9256	304	10	aves	ave	NOUN
easat-9256	304	11	)	)	PUNCT
easat-9256	304	12	shown	show	VERB
easat-9256	304	13	on	on	ADP
easat-9256	304	14	diagonal	diagonal	ADJ
easat-9256	304	15	.	.	PUNCT
easat-9256	305	1	4.2.2	4.2.2	X
easat-9256	305	2	.	.	PUNCT
easat-9256	305	3	structural	structural	ADJ
easat-9256	305	4	model	model	NOUN
easat-9256	305	5	(	(	PUNCT
easat-9256	305	6	inner	inner	ADJ
easat-9256	305	7	model	model	NOUN
easat-9256	305	8	)	)	PUNCT
easat-9256	305	9	model	model	NOUN
easat-9256	305	10	fit	fit	ADJ
easat-9256	305	11	indicators	indicator	NOUN
easat-9256	305	12	showed	show	VERB
easat-9256	305	13	acceptable	acceptable	ADJ
easat-9256	305	14	values	value	NOUN
easat-9256	305	15	across	across	ADP
easat-9256	305	16	all	all	DET
easat-9256	305	17	criteria	criterion	NOUN
easat-9256	305	18	.	.	PUNCT
easat-9256	306	1	the	the	DET
easat-9256	306	2	average	average	ADJ
easat-9256	306	3	path	path	NOUN
easat-9256	306	4	coefficient	coefficient	NOUN
easat-9256	306	5	(	(	PUNCT
easat-9256	306	6	apc	apc	PROPN
easat-9256	306	7	)	)	PUNCT
easat-9256	306	8	was	be	AUX
easat-9256	306	9	0.155	0.155	NUM
easat-9256	306	10	(	(	PUNCT
easat-9256	306	11	p	p	X
easat-9256	306	12	<	<	X
easat-9256	306	13	0.001	0.001	NUM
easat-9256	306	14	)	)	PUNCT
easat-9256	306	15	,	,	PUNCT
easat-9256	306	16	and	and	CCONJ
easat-9256	306	17	average	average	ADJ
easat-9256	306	18	r	r	NOUN
easat-9256	306	19	-	-	PUNCT
easat-9256	306	20	squared	square	VERB
easat-9256	306	21	(	(	PUNCT
easat-9256	306	22	ars	ar	NOUN
easat-9256	306	23	)	)	PUNCT
easat-9256	306	24	was	be	AUX
easat-9256	306	25	0.245	0.245	NUM
easat-9256	306	26	(	(	PUNCT
easat-9256	306	27	p	p	X
easat-9256	306	28	<	<	X
easat-9256	306	29	0.001	0.001	NUM
easat-9256	306	30	)	)	PUNCT
easat-9256	306	31	.	.	PUNCT
easat-9256	307	1	the	the	DET
easat-9256	307	2	gof	gof	PROPN
easat-9256	307	3	index	index	NOUN
easat-9256	307	4	was	be	AUX
easat-9256	307	5	0.478	0.478	NUM
easat-9256	307	6	,	,	PUNCT
easat-9256	307	7	indicating	indicate	VERB
easat-9256	307	8	a	a	DET
easat-9256	307	9	large	large	ADJ
easat-9256	307	10	effect	effect	NOUN
easat-9256	307	11	size	size	NOUN
easat-9256	307	12	.	.	PUNCT
easat-9256	308	1	both	both	DET
easat-9256	308	2	multicollinearity	multicollinearity	NOUN
easat-9256	308	3	indices	index	NOUN
easat-9256	308	4	,	,	PUNCT
easat-9256	308	5	avif	avif	NOUN
easat-9256	308	6	(	(	PUNCT
easat-9256	308	7	1.021	1.021	NUM
easat-9256	308	8	)	)	PUNCT
easat-9256	308	9	and	and	CCONJ
easat-9256	308	10	afvif	afvif	NOUN
easat-9256	308	11	(	(	PUNCT
easat-9256	308	12	1.286	1.286	NUM
easat-9256	308	13	)	)	PUNCT
easat-9256	308	14	were	be	AUX
easat-9256	308	15	well	well	ADV
easat-9256	308	16	below	below	ADP
easat-9256	308	17	the	the	DET
easat-9256	308	18	maximum	maximum	ADJ
easat-9256	308	19	acceptable	acceptable	ADJ
easat-9256	308	20	threshold	threshold	NOUN
easat-9256	308	21	of	of	ADP
easat-9256	308	22	5.0	5.0	NUM
easat-9256	308	23	.	.	PUNCT
easat-9256	309	1	furthermore	furthermore	ADV
easat-9256	309	2	,	,	PUNCT
easat-9256	309	3	all	all	DET
easat-9256	309	4	supplementary	supplementary	ADJ
easat-9256	309	5	indices	index	NOUN
easat-9256	309	6	(	(	PUNCT
easat-9256	309	7	spr	spr	INTJ
easat-9256	309	8	,	,	PUNCT
easat-9256	309	9	rscr	rscr	ADJ
easat-9256	309	10	,	,	PUNCT
easat-9256	309	11	ssr	ssr	ADJ
easat-9256	309	12	,	,	PUNCT
easat-9256	309	13	and	and	CCONJ
easat-9256	309	14	nlbcdr	nlbcdr	NOUN
easat-9256	309	15	)	)	PUNCT
easat-9256	309	16	achieved	achieve	VERB
easat-9256	309	17	ideal	ideal	ADJ
easat-9256	309	18	or	or	CCONJ
easat-9256	309	19	acceptable	acceptable	ADJ
easat-9256	309	20	values	value	NOUN
easat-9256	309	21	,	,	PUNCT
easat-9256	309	22	confirming	confirm	VERB
easat-9256	309	23	overall	overall	ADJ
easat-9256	309	24	model	model	NOUN
easat-9256	309	25	adequacy	adequacy	NOUN
easat-9256	309	26	.	.	PUNCT
easat-9256	310	1	the	the	DET
easat-9256	310	2	r²	r²	NOUN
easat-9256	310	3	values	value	NOUN
easat-9256	310	4	indicated	indicate	VERB
easat-9256	310	5	that	that	SCONJ
easat-9256	310	6	the	the	DET
easat-9256	310	7	structural	structural	ADJ
easat-9256	310	8	model	model	NOUN
easat-9256	310	9	explained	explain	VERB
easat-9256	310	10	26.0	26.0	NUM
easat-9256	310	11	%	%	NOUN
easat-9256	310	12	of	of	ADP
easat-9256	310	13	the	the	DET
easat-9256	310	14	variance	variance	NOUN
easat-9256	310	15	in	in	ADP
easat-9256	310	16	firm	firm	ADJ
easat-9256	310	17	value	value	NOUN
easat-9256	310	18	(	(	PUNCT
easat-9256	310	19	comval	comval	NOUN
easat-9256	310	20	)	)	PUNCT
easat-9256	310	21	and	and	CCONJ
easat-9256	310	22	4.3	4.3	NUM
easat-9256	310	23	%	%	NOUN
easat-9256	310	24	in	in	ADP
easat-9256	310	25	investment	investment	NOUN
easat-9256	310	26	efficiency	efficiency	NOUN
easat-9256	310	27	(	(	PUNCT
easat-9256	310	28	efin	efin	NOUN
easat-9256	310	29	)	)	PUNCT
easat-9256	310	30	.	.	PUNCT
easat-9256	311	1	while	while	SCONJ
easat-9256	311	2	the	the	DET
easat-9256	311	3	explained	explain	VERB
easat-9256	311	4	variance	variance	NOUN
easat-9256	311	5	in	in	ADP
easat-9256	311	6	investment	investment	NOUN
easat-9256	311	7	efficiency	efficiency	NOUN
easat-9256	311	8	was	be	AUX
easat-9256	311	9	modest	modest	ADJ
easat-9256	311	10	,	,	PUNCT
easat-9256	311	11	the	the	DET
easat-9256	311	12	q²	q²	ADJ
easat-9256	311	13	values	value	NOUN
easat-9256	311	14	of	of	ADP
easat-9256	311	15	0.054	0.054	NUM
easat-9256	311	16	and	and	CCONJ
easat-9256	311	17	0.255	0.255	NUM
easat-9256	311	18	for	for	ADP
easat-9256	311	19	efin	efin	NOUN
easat-9256	311	20	and	and	CCONJ
easat-9256	311	21	comval	comval	NOUN
easat-9256	311	22	,	,	PUNCT
easat-9256	311	23	respectively	respectively	ADV
easat-9256	311	24	,	,	PUNCT
easat-9256	311	25	were	be	AUX
easat-9256	311	26	greater	great	ADJ
easat-9256	311	27	than	than	ADP
easat-9256	311	28	zero	zero	NUM
easat-9256	311	29	,	,	PUNCT
easat-9256	311	30	indicating	indicate	VERB
easat-9256	311	31	predictive	predictive	ADJ
easat-9256	311	32	relevance	relevance	NOUN
easat-9256	311	33	.	.	PUNCT
easat-9256	312	1	224	224	NUM
easat-9256	312	2	edelweiss	edelweiss	PROPN
easat-9256	312	3	applied	apply	VERB
easat-9256	312	4	science	science	NOUN
easat-9256	312	5	and	and	CCONJ
easat-9256	312	6	technology	technology	NOUN
easat-9256	312	7	issn	issn	PROPN
easat-9256	312	8	:	:	PUNCT
easat-9256	312	9	2576	2576	NUM
easat-9256	312	10	-	-	SYM
easat-9256	312	11	8484	8484	NUM
easat-9256	312	12	vol	vol	NOUN
easat-9256	312	13	.	.	PROPN
easat-9256	313	1	9	9	NUM
easat-9256	313	2	,	,	PUNCT
easat-9256	313	3	no	no	INTJ
easat-9256	313	4	.	.	NOUN
easat-9256	313	5	8	8	NUM
easat-9256	313	6	:	:	PUNCT
easat-9256	313	7	211	211	NUM
easat-9256	313	8	-	-	SYM
easat-9256	313	9	230	230	NUM
easat-9256	313	10	,	,	PUNCT
easat-9256	313	11	2025	2025	NUM
easat-9256	313	12	doi	doi	NOUN
easat-9256	313	13	:	:	PUNCT
easat-9256	313	14	10.55214/2576	10.55214/2576	NUM
easat-9256	313	15	-	-	SYM
easat-9256	313	16	8484.v9i8.9256	8484.v9i8.9256	NUM
easat-9256	313	17	©	©	ADP
easat-9256	313	18	2025	2025	NUM
easat-9256	313	19	by	by	ADP
easat-9256	313	20	the	the	DET
easat-9256	313	21	authors	author	NOUN
easat-9256	313	22	;	;	PUNCT
easat-9256	313	23	licensee	licensee	PROPN
easat-9256	313	24	learning	learning	NOUN
easat-9256	313	25	gate	gate	NOUN
easat-9256	313	26	4.3	4.3	NUM
easat-9256	313	27	.	.	PUNCT
easat-9256	313	28	hypothesis	hypothesis	NOUN
easat-9256	313	29	testing	testing	NOUN
easat-9256	313	30	figure	figure	NOUN
easat-9256	313	31	6	6	NUM
easat-9256	313	32	.	.	PUNCT
easat-9256	313	33	result	result	NOUN
easat-9256	313	34	of	of	ADP
easat-9256	313	35	hypothesis	hypothesis	NOUN
easat-9256	313	36	testing	testing	NOUN
easat-9256	313	37	.	.	PUNCT
easat-9256	314	1	the	the	DET
easat-9256	314	2	structural	structural	ADJ
easat-9256	314	3	model	model	NOUN
easat-9256	314	4	analysis	analysis	NOUN
easat-9256	314	5	revealed	reveal	VERB
easat-9256	314	6	several	several	ADJ
easat-9256	314	7	significant	significant	ADJ
easat-9256	314	8	relationships	relationship	NOUN
easat-9256	314	9	.	.	PUNCT
easat-9256	315	1	financial	financial	ADJ
easat-9256	315	2	performance	performance	NOUN
easat-9256	315	3	,	,	PUNCT
easat-9256	315	4	which	which	PRON
easat-9256	315	5	was	be	AUX
easat-9256	315	6	expected	expect	VERB
easat-9256	315	7	to	to	PART
easat-9256	315	8	have	have	VERB
easat-9256	315	9	a	a	DET
easat-9256	315	10	positive	positive	ADJ
easat-9256	315	11	impact	impact	NOUN
easat-9256	315	12	on	on	ADP
easat-9256	315	13	firm	firm	ADJ
easat-9256	315	14	value	value	NOUN
easat-9256	315	15	(	(	PUNCT
easat-9256	315	16	h1	h1	PROPN
easat-9256	315	17	)	)	PUNCT
easat-9256	315	18	,	,	PUNCT
easat-9256	315	19	was	be	AUX
easat-9256	315	20	found	find	VERB
easat-9256	315	21	to	to	PART
easat-9256	315	22	exert	exert	VERB
easat-9256	315	23	a	a	DET
easat-9256	315	24	negative	negative	ADJ
easat-9256	315	25	and	and	CCONJ
easat-9256	315	26	significant	significant	ADJ
easat-9256	315	27	influence	influence	NOUN
easat-9256	315	28	(	(	PUNCT
easat-9256	315	29	β	β	X
easat-9256	315	30	=	=	PUNCT
easat-9256	315	31	–	–	PUNCT
easat-9256	315	32	0.231	0.231	NUM
easat-9256	315	33	,	,	PUNCT
easat-9256	315	34	p	p	X
easat-9256	315	35	<	<	X
easat-9256	315	36	0.001	0.001	NUM
easat-9256	315	37	)	)	PUNCT
easat-9256	315	38	,	,	PUNCT
easat-9256	315	39	thus	thus	ADV
easat-9256	315	40	contradicting	contradict	VERB
easat-9256	315	41	the	the	DET
easat-9256	315	42	hypothesis	hypothesis	NOUN
easat-9256	315	43	and	and	CCONJ
easat-9256	315	44	leading	lead	VERB
easat-9256	315	45	to	to	ADP
easat-9256	315	46	its	its	PRON
easat-9256	315	47	rejection	rejection	NOUN
easat-9256	315	48	.	.	PUNCT
easat-9256	316	1	on	on	ADP
easat-9256	316	2	the	the	DET
easat-9256	316	3	other	other	ADJ
easat-9256	316	4	hand	hand	NOUN
easat-9256	316	5	,	,	PUNCT
easat-9256	316	6	financial	financial	ADJ
easat-9256	316	7	performance	performance	NOUN
easat-9256	316	8	positively	positively	ADV
easat-9256	316	9	affected	affect	VERB
easat-9256	316	10	investment	investment	NOUN
easat-9256	316	11	efficiency	efficiency	NOUN
easat-9256	316	12	(	(	PUNCT
easat-9256	316	13	h6	h6	PROPN
easat-9256	316	14	)	)	PUNCT
easat-9256	316	15	,	,	PUNCT
easat-9256	316	16	with	with	ADP
easat-9256	316	17	a	a	DET
easat-9256	316	18	path	path	NOUN
easat-9256	316	19	coefficient	coefficient	NOUN
easat-9256	316	20	of	of	ADP
easat-9256	316	21	β	β	X
easat-9256	316	22	=	=	PUNCT
easat-9256	316	23	0.102	0.102	NUM
easat-9256	316	24	and	and	CCONJ
easat-9256	316	25	a	a	DET
easat-9256	316	26	p	p	NOUN
easat-9256	316	27	-	-	PUNCT
easat-9256	316	28	value	value	NOUN
easat-9256	316	29	of	of	ADP
easat-9256	316	30	0.005	0.005	NUM
easat-9256	316	31	,	,	PUNCT
easat-9256	316	32	supporting	support	VERB
easat-9256	316	33	the	the	DET
easat-9256	316	34	hypothesis	hypothesis	NOUN
easat-9256	316	35	.	.	PUNCT
easat-9256	317	1	business	business	NOUN
easat-9256	317	2	risk	risk	NOUN
easat-9256	317	3	also	also	ADV
easat-9256	317	4	showed	show	VERB
easat-9256	317	5	unexpected	unexpected	ADJ
easat-9256	317	6	patterns	pattern	NOUN
easat-9256	317	7	.	.	PUNCT
easat-9256	318	1	contrary	contrary	ADJ
easat-9256	318	2	to	to	ADP
easat-9256	318	3	h2	h2	PROPN
easat-9256	318	4	,	,	PUNCT
easat-9256	318	5	it	it	PRON
easat-9256	318	6	negatively	negatively	ADV
easat-9256	318	7	and	and	CCONJ
easat-9256	318	8	significantly	significantly	ADV
easat-9256	318	9	influenced	influence	VERB
easat-9256	318	10	firm	firm	ADJ
easat-9256	318	11	value	value	NOUN
easat-9256	318	12	(	(	PUNCT
easat-9256	318	13	β	β	X
easat-9256	318	14	=	=	SYM
easat-9256	318	15	–	–	PUNCT
easat-9256	318	16	0.125	0.125	NUM
easat-9256	318	17	,	,	PUNCT
easat-9256	318	18	p	p	X
easat-9256	318	19	<	<	X
easat-9256	318	20	0.001	0.001	NUM
easat-9256	318	21	)	)	PUNCT
easat-9256	318	22	,	,	PUNCT
easat-9256	318	23	leading	lead	VERB
easat-9256	318	24	to	to	ADP
easat-9256	318	25	the	the	DET
easat-9256	318	26	rejection	rejection	NOUN
easat-9256	318	27	of	of	ADP
easat-9256	318	28	the	the	DET
easat-9256	318	29	hypothesis	hypothesis	NOUN
easat-9256	318	30	.	.	PUNCT
easat-9256	319	1	similarly	similarly	ADV
easat-9256	319	2	,	,	PUNCT
easat-9256	319	3	h8	h8	PROPN
easat-9256	319	4	,	,	PUNCT
easat-9256	319	5	which	which	PRON
easat-9256	319	6	proposed	propose	VERB
easat-9256	319	7	a	a	DET
easat-9256	319	8	positive	positive	ADJ
easat-9256	319	9	effect	effect	NOUN
easat-9256	319	10	of	of	ADP
easat-9256	319	11	business	business	NOUN
easat-9256	319	12	risk	risk	NOUN
easat-9256	319	13	on	on	ADP
easat-9256	319	14	investment	investment	NOUN
easat-9256	319	15	efficiency	efficiency	NOUN
easat-9256	319	16	,	,	PUNCT
easat-9256	319	17	was	be	AUX
easat-9256	319	18	not	not	PART
easat-9256	319	19	supported	support	VERB
easat-9256	319	20	,	,	PUNCT
easat-9256	319	21	as	as	SCONJ
easat-9256	319	22	the	the	DET
easat-9256	319	23	relationship	relationship	NOUN
easat-9256	319	24	was	be	AUX
easat-9256	319	25	negative	negative	ADJ
easat-9256	319	26	and	and	CCONJ
easat-9256	319	27	significant	significant	ADJ
easat-9256	319	28	(	(	PUNCT
easat-9256	319	29	β	β	X
easat-9256	319	30	=	=	PUNCT
easat-9256	319	31	–	–	PUNCT
easat-9256	319	32	0.127	0.127	NUM
easat-9256	319	33	,	,	PUNCT
easat-9256	319	34	p	p	X
easat-9256	319	35	<	<	X
easat-9256	319	36	0.001	0.001	NUM
easat-9256	319	37	)	)	PUNCT
easat-9256	319	38	.	.	PUNCT
easat-9256	320	1	regarding	regard	VERB
easat-9256	320	2	institutional	institutional	ADJ
easat-9256	320	3	ownership	ownership	NOUN
easat-9256	320	4	,	,	PUNCT
easat-9256	320	5	the	the	DET
easat-9256	320	6	direct	direct	ADJ
easat-9256	320	7	effect	effect	NOUN
easat-9256	320	8	on	on	ADP
easat-9256	320	9	firm	firm	ADJ
easat-9256	320	10	value	value	NOUN
easat-9256	320	11	(	(	PUNCT
easat-9256	320	12	h3	h3	NOUN
easat-9256	320	13	)	)	PUNCT
easat-9256	320	14	was	be	AUX
easat-9256	320	15	not	not	PART
easat-9256	320	16	statistically	statistically	ADV
easat-9256	320	17	significant	significant	ADJ
easat-9256	320	18	(	(	PUNCT
easat-9256	320	19	β	β	X
easat-9256	320	20	=	=	SYM
easat-9256	320	21	–	–	PUNCT
easat-9256	320	22	0.063	0.063	NUM
easat-9256	320	23	,	,	PUNCT
easat-9256	320	24	p	p	X
easat-9256	320	25	=	=	NOUN
easat-9256	320	26	0.057	0.057	NUM
easat-9256	320	27	)	)	PUNCT
easat-9256	320	28	,	,	PUNCT
easat-9256	320	29	indicating	indicate	VERB
easat-9256	320	30	no	no	DET
easat-9256	320	31	direct	direct	ADJ
easat-9256	320	32	impact	impact	NOUN
easat-9256	320	33	.	.	PUNCT
easat-9256	321	1	however	however	ADV
easat-9256	321	2	,	,	PUNCT
easat-9256	321	3	institutional	institutional	ADJ
easat-9256	321	4	ownership	ownership	NOUN
easat-9256	321	5	positively	positively	ADV
easat-9256	321	6	influenced	influence	VERB
easat-9256	321	7	investment	investment	NOUN
easat-9256	321	8	efficiency	efficiency	NOUN
easat-9256	321	9	(	(	PUNCT
easat-9256	321	10	h10	h10	NOUN
easat-9256	321	11	)	)	PUNCT
easat-9256	321	12	,	,	PUNCT
easat-9256	321	13	with	with	ADP
easat-9256	321	14	a	a	DET
easat-9256	321	15	significant	significant	ADJ
easat-9256	321	16	path	path	NOUN
easat-9256	321	17	coefficient	coefficient	NOUN
easat-9256	321	18	of	of	ADP
easat-9256	321	19	β	β	X
easat-9256	321	20	=	=	SYM
easat-9256	321	21	0.110	0.110	NUM
easat-9256	321	22	(	(	PUNCT
easat-9256	321	23	p	p	X
easat-9256	321	24	=	=	NOUN
easat-9256	321	25	0.003	0.003	NUM
easat-9256	321	26	)	)	PUNCT
easat-9256	321	27	,	,	PUNCT
easat-9256	321	28	thereby	thereby	ADV
easat-9256	321	29	supporting	support	VERB
easat-9256	321	30	the	the	DET
easat-9256	321	31	hypothesis	hypothesis	NOUN
easat-9256	321	32	.	.	PUNCT
easat-9256	322	1	board	board	NOUN
easat-9256	322	2	diversity	diversity	NOUN
easat-9256	322	3	was	be	AUX
easat-9256	322	4	found	find	VERB
easat-9256	322	5	to	to	PART
easat-9256	322	6	negatively	negatively	ADV
easat-9256	322	7	affect	affect	VERB
easat-9256	322	8	firm	firm	ADJ
easat-9256	322	9	value	value	NOUN
easat-9256	322	10	(	(	PUNCT
easat-9256	322	11	h4	h4	PROPN
easat-9256	322	12	)	)	PUNCT
easat-9256	322	13	with	with	ADP
easat-9256	322	14	a	a	DET
easat-9256	322	15	statistically	statistically	ADV
easat-9256	322	16	significant	significant	ADJ
easat-9256	322	17	coefficient	coefficient	NOUN
easat-9256	322	18	(	(	PUNCT
easat-9256	322	19	β	β	X
easat-9256	322	20	=	=	SYM
easat-9256	322	21	–	–	PUNCT
easat-9256	322	22	0.076	0.076	NUM
easat-9256	322	23	,	,	PUNCT
easat-9256	322	24	p	p	X
easat-9256	322	25	=	=	NOUN
easat-9256	322	26	0.028	0.028	NUM
easat-9256	322	27	)	)	PUNCT
easat-9256	322	28	,	,	PUNCT
easat-9256	322	29	leading	lead	VERB
easat-9256	322	30	to	to	ADP
easat-9256	322	31	the	the	DET
easat-9256	322	32	rejection	rejection	NOUN
easat-9256	322	33	of	of	ADP
easat-9256	322	34	the	the	DET
easat-9256	322	35	expected	expect	VERB
easat-9256	322	36	positive	positive	ADJ
easat-9256	322	37	relationship	relationship	NOUN
easat-9256	322	38	.	.	PUNCT
easat-9256	323	1	furthermore	furthermore	ADV
easat-9256	323	2	,	,	PUNCT
easat-9256	323	3	board	board	NOUN
easat-9256	323	4	diversity	diversity	NOUN
easat-9256	323	5	did	do	AUX
easat-9256	323	6	not	not	PART
easat-9256	323	7	have	have	VERB
easat-9256	323	8	a	a	DET
easat-9256	323	9	significant	significant	ADJ
easat-9256	323	10	influence	influence	NOUN
easat-9256	323	11	on	on	ADP
easat-9256	323	12	investment	investment	NOUN
easat-9256	323	13	efficiency	efficiency	NOUN
easat-9256	323	14	(	(	PUNCT
easat-9256	323	15	h12	h12	NOUN
easat-9256	323	16	)	)	PUNCT
easat-9256	323	17	,	,	PUNCT
easat-9256	323	18	as	as	SCONJ
easat-9256	323	19	evidenced	evidence	VERB
easat-9256	323	20	by	by	ADP
easat-9256	323	21	the	the	DET
easat-9256	323	22	non	non	ADJ
easat-9256	323	23	-	-	ADJ
easat-9256	323	24	significant	significant	ADJ
easat-9256	323	25	path	path	NOUN
easat-9256	323	26	coefficient	coefficient	NOUN
easat-9256	323	27	(	(	PUNCT
easat-9256	323	28	β	β	X
easat-9256	323	29	=	=	SYM
easat-9256	323	30	–	–	PUNCT
easat-9256	323	31	0.055	0.055	NUM
easat-9256	323	32	,	,	PUNCT
easat-9256	323	33	p	p	NOUN
easat-9256	323	34	=	=	NOUN
easat-9256	323	35	0.082	0.082	NUM
easat-9256	323	36	)	)	PUNCT
easat-9256	323	37	.	.	PUNCT
easat-9256	324	1	investment	investment	NOUN
easat-9256	324	2	efficiency	efficiency	NOUN
easat-9256	324	3	itself	itself	PRON
easat-9256	324	4	had	have	VERB
easat-9256	324	5	a	a	DET
easat-9256	324	6	negative	negative	ADJ
easat-9256	324	7	and	and	CCONJ
easat-9256	324	8	significant	significant	ADJ
easat-9256	324	9	effect	effect	NOUN
easat-9256	324	10	on	on	ADP
easat-9256	324	11	firm	firm	ADJ
easat-9256	324	12	value	value	NOUN
easat-9256	324	13	(	(	PUNCT
easat-9256	324	14	h5	h5	PROPN
easat-9256	324	15	)	)	PUNCT
easat-9256	324	16	,	,	PUNCT
easat-9256	324	17	with	with	ADP
easat-9256	324	18	a	a	DET
easat-9256	324	19	path	path	NOUN
easat-9256	324	20	coefficient	coefficient	NOUN
easat-9256	324	21	of	of	ADP
easat-9256	324	22	β	β	X
easat-9256	324	23	=	=	SYM
easat-9256	324	24	–	–	PUNCT
easat-9256	324	25	0.388	0.388	NUM
easat-9256	324	26	and	and	CCONJ
easat-9256	324	27	a	a	DET
easat-9256	324	28	p	p	NOUN
easat-9256	324	29	-	-	PUNCT
easat-9256	324	30	value	value	NOUN
easat-9256	324	31	less	less	ADJ
easat-9256	324	32	than	than	ADP
easat-9256	324	33	0.001	0.001	NUM
easat-9256	324	34	,	,	PUNCT
easat-9256	324	35	thus	thus	ADV
easat-9256	324	36	rejecting	reject	VERB
easat-9256	324	37	the	the	DET
easat-9256	324	38	hypothesis	hypothesis	NOUN
easat-9256	324	39	that	that	PRON
easat-9256	324	40	efficient	efficient	ADJ
easat-9256	324	41	investment	investment	NOUN
easat-9256	324	42	would	would	AUX
easat-9256	324	43	enhance	enhance	VERB
easat-9256	324	44	firm	firm	ADJ
easat-9256	324	45	valuation	valuation	NOUN
easat-9256	324	46	.	.	PUNCT
easat-9256	325	1	the	the	DET
easat-9256	325	2	mediation	mediation	NOUN
easat-9256	325	3	analysis	analysis	NOUN
easat-9256	325	4	further	far	ADV
easat-9256	325	5	revealed	reveal	VERB
easat-9256	325	6	that	that	SCONJ
easat-9256	325	7	investment	investment	NOUN
easat-9256	325	8	efficiency	efficiency	NOUN
easat-9256	325	9	did	do	AUX
easat-9256	325	10	not	not	PART
easat-9256	325	11	mediate	mediate	VERB
easat-9256	325	12	the	the	DET
easat-9256	325	13	relationship	relationship	NOUN
easat-9256	325	14	between	between	ADP
easat-9256	325	15	financial	financial	ADJ
easat-9256	325	16	performance	performance	NOUN
easat-9256	325	17	and	and	CCONJ
easat-9256	325	18	firm	firm	ADJ
easat-9256	325	19	value	value	NOUN
easat-9256	325	20	(	(	PUNCT
easat-9256	325	21	h7	h7	PROPN
easat-9256	325	22	,	,	PUNCT
easat-9256	325	23	β	β	X
easat-9256	325	24	=	=	PUNCT
easat-9256	325	25	–	–	PUNCT
easat-9256	325	26	0.039	0.039	NUM
easat-9256	325	27	,	,	PUNCT
easat-9256	325	28	p	p	X
easat-9256	325	29	=	=	NOUN
easat-9256	325	30	0.081	0.081	NUM
easat-9256	325	31	)	)	PUNCT
easat-9256	325	32	,	,	PUNCT
easat-9256	325	33	nor	nor	CCONJ
easat-9256	325	34	did	do	AUX
easat-9256	325	35	it	it	PRON
easat-9256	325	36	mediate	mediate	VERB
easat-9256	325	37	the	the	DET
easat-9256	325	38	effects	effect	NOUN
easat-9256	325	39	225	225	NUM
easat-9256	325	40	edelweiss	edelweiss	PROPN
easat-9256	325	41	applied	apply	VERB
easat-9256	325	42	science	science	NOUN
easat-9256	325	43	and	and	CCONJ
easat-9256	325	44	technology	technology	NOUN
easat-9256	325	45	issn	issn	PROPN
easat-9256	325	46	:	:	PUNCT
easat-9256	325	47	2576	2576	NUM
easat-9256	325	48	-	-	SYM
easat-9256	325	49	8484	8484	NUM
easat-9256	325	50	vol	vol	NOUN
easat-9256	325	51	.	.	PROPN
easat-9256	326	1	9	9	NUM
easat-9256	326	2	,	,	PUNCT
easat-9256	326	3	no	no	INTJ
easat-9256	326	4	.	.	NOUN
easat-9256	326	5	8	8	NUM
easat-9256	326	6	:	:	PUNCT
easat-9256	326	7	211	211	NUM
easat-9256	326	8	-	-	SYM
easat-9256	326	9	230	230	NUM
easat-9256	326	10	,	,	PUNCT
easat-9256	326	11	2025	2025	NUM
easat-9256	326	12	doi	doi	NOUN
easat-9256	326	13	:	:	PUNCT
easat-9256	326	14	10.55214/2576	10.55214/2576	NUM
easat-9256	326	15	-	-	SYM
easat-9256	326	16	8484.v9i8.9256	8484.v9i8.9256	NUM
easat-9256	326	17	©	©	ADP
easat-9256	326	18	2025	2025	NUM
easat-9256	326	19	by	by	ADP
easat-9256	326	20	the	the	DET
easat-9256	326	21	authors	author	NOUN
easat-9256	326	22	;	;	PUNCT
easat-9256	326	23	licensee	licensee	PROPN
easat-9256	326	24	learning	learn	VERB
easat-9256	326	25	gate	gate	NOUN
easat-9256	326	26	of	of	ADP
easat-9256	326	27	institutional	institutional	ADJ
easat-9256	326	28	ownership	ownership	NOUN
easat-9256	326	29	(	(	PUNCT
easat-9256	326	30	h11	h11	PROPN
easat-9256	326	31	,	,	PUNCT
easat-9256	326	32	β	β	X
easat-9256	326	33	=	=	SYM
easat-9256	326	34	–	–	PUNCT
easat-9256	326	35	0.043	0.043	NUM
easat-9256	326	36	,	,	PUNCT
easat-9256	326	37	p	p	X
easat-9256	326	38	=	=	NOUN
easat-9256	326	39	0.065	0.065	NUM
easat-9256	326	40	)	)	PUNCT
easat-9256	326	41	or	or	CCONJ
easat-9256	326	42	board	board	NOUN
easat-9256	326	43	diversity	diversity	NOUN
easat-9256	326	44	(	(	PUNCT
easat-9256	326	45	h13	h13	NOUN
easat-9256	326	46	,	,	PUNCT
easat-9256	326	47	β	β	X
easat-9256	326	48	=	=	SYM
easat-9256	326	49	0.022	0.022	NUM
easat-9256	326	50	,	,	PUNCT
easat-9256	326	51	p	p	X
easat-9256	326	52	=	=	NOUN
easat-9256	326	53	0.222	0.222	NUM
easat-9256	326	54	)	)	PUNCT
easat-9256	326	55	on	on	ADP
easat-9256	326	56	firm	firm	ADJ
easat-9256	326	57	value	value	NOUN
easat-9256	326	58	.	.	PUNCT
easat-9256	327	1	however	however	ADV
easat-9256	327	2	,	,	PUNCT
easat-9256	327	3	a	a	DET
easat-9256	327	4	significant	significant	ADJ
easat-9256	327	5	mediating	mediate	VERB
easat-9256	327	6	effect	effect	NOUN
easat-9256	327	7	was	be	AUX
easat-9256	327	8	found	find	VERB
easat-9256	327	9	in	in	ADP
easat-9256	327	10	the	the	DET
easat-9256	327	11	case	case	NOUN
easat-9256	327	12	of	of	ADP
easat-9256	327	13	business	business	NOUN
easat-9256	327	14	risk	risk	NOUN
easat-9256	327	15	(	(	PUNCT
easat-9256	327	16	h9	h9	NOUN
easat-9256	327	17	)	)	PUNCT
easat-9256	327	18	,	,	PUNCT
easat-9256	327	19	where	where	SCONJ
easat-9256	327	20	investment	investment	NOUN
easat-9256	327	21	efficiency	efficiency	NOUN
easat-9256	327	22	mediated	mediate	VERB
easat-9256	327	23	the	the	DET
easat-9256	327	24	relationship	relationship	NOUN
easat-9256	327	25	between	between	ADP
easat-9256	327	26	business	business	NOUN
easat-9256	327	27	risk	risk	NOUN
easat-9256	327	28	and	and	CCONJ
easat-9256	327	29	firm	firm	ADJ
easat-9256	327	30	value	value	NOUN
easat-9256	327	31	(	(	PUNCT
easat-9256	327	32	β	β	X
easat-9256	327	33	=	=	SYM
easat-9256	327	34	0.049	0.049	NUM
easat-9256	327	35	,	,	PUNCT
easat-9256	327	36	p	p	X
easat-9256	327	37	=	=	NOUN
easat-9256	327	38	0.040	0.040	NUM
easat-9256	327	39	)	)	PUNCT
easat-9256	327	40	.	.	PUNCT
easat-9256	328	1	5	5	X
easat-9256	328	2	.	.	X
easat-9256	328	3	discussion	discussion	NOUN
easat-9256	328	4	this	this	DET
easat-9256	328	5	study	study	NOUN
easat-9256	328	6	provides	provide	VERB
easat-9256	328	7	novel	novel	ADJ
easat-9256	328	8	insights	insight	NOUN
easat-9256	328	9	into	into	ADP
easat-9256	328	10	how	how	SCONJ
easat-9256	328	11	agency	agency	NOUN
easat-9256	328	12	and	and	CCONJ
easat-9256	328	13	signaling	signal	VERB
easat-9256	328	14	mechanisms	mechanism	NOUN
easat-9256	328	15	interact	interact	VERB
easat-9256	328	16	in	in	ADP
easat-9256	328	17	shaping	shape	VERB
easat-9256	328	18	firm	firm	ADJ
easat-9256	328	19	value	value	NOUN
easat-9256	328	20	within	within	ADP
easat-9256	328	21	the	the	DET
easat-9256	328	22	context	context	NOUN
easat-9256	328	23	of	of	ADP
easat-9256	328	24	emerging	emerge	VERB
easat-9256	328	25	markets	market	NOUN
easat-9256	328	26	.	.	PUNCT
easat-9256	329	1	contrary	contrary	ADJ
easat-9256	329	2	to	to	ADP
easat-9256	329	3	conventional	conventional	ADJ
easat-9256	329	4	theoretical	theoretical	ADJ
easat-9256	329	5	expectations	expectation	NOUN
easat-9256	329	6	,	,	PUNCT
easat-9256	329	7	financial	financial	ADJ
easat-9256	329	8	performance	performance	NOUN
easat-9256	329	9	measured	measure	VERB
easat-9256	329	10	by	by	ADP
easat-9256	329	11	return	return	NOUN
easat-9256	329	12	on	on	ADP
easat-9256	329	13	assets	asset	NOUN
easat-9256	329	14	(	(	PUNCT
easat-9256	329	15	roa	roa	NOUN
easat-9256	329	16	)	)	PUNCT
easat-9256	329	17	and	and	CCONJ
easat-9256	329	18	operating	operate	VERB
easat-9256	329	19	cash	cash	NOUN
easat-9256	329	20	flow	flow	NOUN
easat-9256	329	21	was	be	AUX
easat-9256	329	22	found	find	VERB
easat-9256	329	23	to	to	PART
easat-9256	329	24	have	have	VERB
easat-9256	329	25	a	a	DET
easat-9256	329	26	significant	significant	ADJ
easat-9256	329	27	negative	negative	ADJ
easat-9256	329	28	effect	effect	NOUN
easat-9256	329	29	on	on	ADP
easat-9256	329	30	firm	firm	ADJ
easat-9256	329	31	value	value	NOUN
easat-9256	329	32	,	,	PUNCT
easat-9256	329	33	as	as	SCONJ
easat-9256	329	34	measured	measure	VERB
easat-9256	329	35	by	by	ADP
easat-9256	329	36	the	the	DET
easat-9256	329	37	price	price	NOUN
easat-9256	329	38	-	-	PUNCT
easat-9256	329	39	to	to	ADP
easat-9256	329	40	-	-	PUNCT
easat-9256	329	41	earnings	earning	NOUN
easat-9256	329	42	ratio	ratio	NOUN
easat-9256	329	43	(	(	PUNCT
easat-9256	329	44	per	per	ADP
easat-9256	329	45	)	)	PUNCT
easat-9256	329	46	.	.	PUNCT
easat-9256	330	1	this	this	DET
easat-9256	330	2	finding	finding	NOUN
easat-9256	330	3	diverges	diverge	VERB
easat-9256	330	4	from	from	ADP
easat-9256	330	5	the	the	DET
easat-9256	330	6	premise	premise	NOUN
easat-9256	330	7	of	of	ADP
easat-9256	330	8	agency	agency	NOUN
easat-9256	330	9	theory	theory	NOUN
easat-9256	330	10	,	,	PUNCT
easat-9256	330	11	which	which	PRON
easat-9256	330	12	posits	posit	VERB
easat-9256	330	13	that	that	SCONJ
easat-9256	330	14	stronger	strong	ADJ
easat-9256	330	15	financial	financial	ADJ
easat-9256	330	16	outcomes	outcome	NOUN
easat-9256	330	17	should	should	AUX
easat-9256	330	18	increase	increase	VERB
easat-9256	330	19	firm	firm	ADJ
easat-9256	330	20	valuation	valuation	NOUN
easat-9256	330	21	by	by	ADP
easat-9256	330	22	signaling	signal	VERB
easat-9256	330	23	managerial	managerial	ADJ
easat-9256	330	24	effectiveness	effectiveness	NOUN
easat-9256	330	25	[	[	X
easat-9256	330	26	63	63	NUM
easat-9256	330	27	]	]	PUNCT
easat-9256	330	28	.	.	PUNCT
easat-9256	331	1	a	a	DET
easat-9256	331	2	possible	possible	ADJ
easat-9256	331	3	explanation	explanation	NOUN
easat-9256	331	4	is	be	AUX
easat-9256	331	5	that	that	SCONJ
easat-9256	331	6	investors	investor	NOUN
easat-9256	331	7	perceive	perceive	VERB
easat-9256	331	8	high	high	ADJ
easat-9256	331	9	roa	roa	NOUN
easat-9256	331	10	and	and	CCONJ
easat-9256	331	11	cash	cash	NOUN
easat-9256	331	12	flows	flow	NOUN
easat-9256	331	13	as	as	ADP
easat-9256	331	14	indicators	indicator	NOUN
easat-9256	331	15	of	of	ADP
easat-9256	331	16	firm	firm	ADJ
easat-9256	331	17	maturity	maturity	NOUN
easat-9256	331	18	and	and	CCONJ
easat-9256	331	19	declining	decline	VERB
easat-9256	331	20	growth	growth	NOUN
easat-9256	331	21	prospects	prospect	NOUN
easat-9256	331	22	,	,	PUNCT
easat-9256	331	23	particularly	particularly	ADV
easat-9256	331	24	in	in	ADP
easat-9256	331	25	markets	market	NOUN
easat-9256	331	26	where	where	SCONJ
easat-9256	331	27	valuation	valuation	NOUN
easat-9256	331	28	is	be	AUX
easat-9256	331	29	often	often	ADV
easat-9256	331	30	driven	drive	VERB
easat-9256	331	31	by	by	ADP
easat-9256	331	32	future	future	ADJ
easat-9256	331	33	expectations	expectation	NOUN
easat-9256	331	34	rather	rather	ADV
easat-9256	331	35	than	than	ADP
easat-9256	331	36	current	current	ADJ
easat-9256	331	37	performance	performance	NOUN
easat-9256	331	38	in	in	ADP
easat-9256	331	39	contrast	contrast	NOUN
easat-9256	331	40	,	,	PUNCT
easat-9256	331	41	financial	financial	ADJ
easat-9256	331	42	performance	performance	NOUN
easat-9256	331	43	positively	positively	ADV
easat-9256	331	44	influences	influence	VERB
easat-9256	331	45	investment	investment	NOUN
easat-9256	331	46	efficiency	efficiency	NOUN
easat-9256	331	47	.	.	PUNCT
easat-9256	332	1	firms	firm	NOUN
easat-9256	332	2	with	with	ADP
easat-9256	332	3	stronger	strong	ADJ
easat-9256	332	4	internal	internal	ADJ
easat-9256	332	5	resources	resource	NOUN
easat-9256	332	6	are	be	AUX
easat-9256	332	7	better	well	ADV
easat-9256	332	8	equipped	equip	VERB
easat-9256	332	9	to	to	PART
easat-9256	332	10	allocate	allocate	VERB
easat-9256	332	11	capital	capital	NOUN
easat-9256	332	12	toward	toward	ADP
easat-9256	332	13	value	value	NOUN
easat-9256	332	14	-	-	PUNCT
easat-9256	332	15	adding	add	VERB
easat-9256	332	16	projects	project	NOUN
easat-9256	332	17	without	without	ADP
easat-9256	332	18	relying	rely	VERB
easat-9256	332	19	on	on	ADP
easat-9256	332	20	costly	costly	ADJ
easat-9256	332	21	external	external	ADJ
easat-9256	332	22	financing	financing	NOUN
easat-9256	332	23	[	[	X
easat-9256	332	24	60	60	NUM
easat-9256	332	25	]	]	PUNCT
easat-9256	332	26	.	.	PUNCT
easat-9256	333	1	this	this	PRON
easat-9256	333	2	supports	support	VERB
easat-9256	333	3	the	the	DET
easat-9256	333	4	pecking	pecking	NOUN
easat-9256	333	5	order	order	NOUN
easat-9256	333	6	theory	theory	NOUN
easat-9256	333	7	,	,	PUNCT
easat-9256	333	8	which	which	PRON
easat-9256	333	9	suggests	suggest	VERB
easat-9256	333	10	that	that	SCONJ
easat-9256	333	11	internally	internally	ADV
easat-9256	333	12	generated	generate	VERB
easat-9256	333	13	funds	fund	NOUN
easat-9256	333	14	are	be	AUX
easat-9256	333	15	the	the	DET
easat-9256	333	16	preferred	preferred	ADJ
easat-9256	333	17	source	source	NOUN
easat-9256	333	18	of	of	ADP
easat-9256	333	19	investment	investment	NOUN
easat-9256	333	20	capital	capital	NOUN
easat-9256	333	21	.	.	PUNCT
easat-9256	334	1	efficient	efficient	ADJ
easat-9256	334	2	capital	capital	NOUN
easat-9256	334	3	allocation	allocation	NOUN
easat-9256	334	4	is	be	AUX
easat-9256	334	5	seen	see	VERB
easat-9256	334	6	as	as	ADP
easat-9256	334	7	a	a	DET
easat-9256	334	8	discipline	discipline	NOUN
easat-9256	334	9	reinforced	reinforce	VERB
easat-9256	334	10	by	by	ADP
easat-9256	334	11	sound	sound	ADJ
easat-9256	334	12	financial	financial	ADJ
easat-9256	334	13	health	health	NOUN
easat-9256	334	14	and	and	CCONJ
easat-9256	334	15	managerial	managerial	ADJ
easat-9256	334	16	prudence	prudence	NOUN
easat-9256	334	17	.	.	PUNCT
easat-9256	335	1	business	business	NOUN
easat-9256	335	2	risk	risk	NOUN
easat-9256	335	3	,	,	PUNCT
easat-9256	335	4	proxied	proxie	VERB
easat-9256	335	5	by	by	ADP
easat-9256	335	6	the	the	DET
easat-9256	335	7	degree	degree	NOUN
easat-9256	335	8	of	of	ADP
easat-9256	335	9	operating	operate	VERB
easat-9256	335	10	leverage	leverage	NOUN
easat-9256	335	11	(	(	PUNCT
easat-9256	335	12	dol	dol	NOUN
easat-9256	335	13	)	)	PUNCT
easat-9256	335	14	,	,	PUNCT
easat-9256	335	15	was	be	AUX
easat-9256	335	16	found	find	VERB
easat-9256	335	17	to	to	PART
easat-9256	335	18	exert	exert	VERB
easat-9256	335	19	a	a	DET
easat-9256	335	20	negative	negative	ADJ
easat-9256	335	21	influence	influence	NOUN
easat-9256	335	22	on	on	ADP
easat-9256	335	23	both	both	PRON
easat-9256	335	24	firm	firm	ADJ
easat-9256	335	25	value	value	NOUN
easat-9256	335	26	and	and	CCONJ
easat-9256	335	27	investment	investment	NOUN
easat-9256	335	28	efficiency	efficiency	NOUN
easat-9256	335	29	.	.	PUNCT
easat-9256	336	1	firms	firm	NOUN
easat-9256	336	2	with	with	ADP
easat-9256	336	3	high	high	ADJ
easat-9256	336	4	dol	dol	NOUN
easat-9256	336	5	are	be	AUX
easat-9256	336	6	more	more	ADV
easat-9256	336	7	sensitive	sensitive	ADJ
easat-9256	336	8	to	to	ADP
easat-9256	336	9	sales	sale	NOUN
easat-9256	336	10	fluctuations	fluctuation	NOUN
easat-9256	336	11	,	,	PUNCT
easat-9256	336	12	making	make	VERB
easat-9256	336	13	their	their	PRON
easat-9256	336	14	earnings	earning	NOUN
easat-9256	336	15	more	more	ADV
easat-9256	336	16	volatile	volatile	ADJ
easat-9256	336	17	and	and	CCONJ
easat-9256	336	18	discouraging	discourage	VERB
easat-9256	336	19	long	long	ADJ
easat-9256	336	20	-	-	PUNCT
easat-9256	336	21	term	term	NOUN
easat-9256	336	22	investment	investment	NOUN
easat-9256	336	23	.	.	PUNCT
easat-9256	337	1	such	such	ADJ
easat-9256	337	2	volatility	volatility	NOUN
easat-9256	337	3	diminishes	diminish	VERB
easat-9256	337	4	investor	investor	NOUN
easat-9256	337	5	confidence	confidence	NOUN
easat-9256	337	6	,	,	PUNCT
easat-9256	337	7	leading	lead	VERB
easat-9256	337	8	to	to	ADP
easat-9256	337	9	lower	low	ADJ
easat-9256	337	10	pers	per	NOUN
easat-9256	337	11	[	[	X
easat-9256	337	12	42	42	NUM
easat-9256	337	13	]	]	PUNCT
easat-9256	337	14	.	.	PUNCT
easat-9256	338	1	from	from	ADP
easat-9256	338	2	an	an	DET
easat-9256	338	3	agency	agency	NOUN
easat-9256	338	4	perspective	perspective	NOUN
easat-9256	338	5	,	,	PUNCT
easat-9256	338	6	managers	manager	NOUN
easat-9256	338	7	facing	face	VERB
easat-9256	338	8	high	high	ADJ
easat-9256	338	9	operational	operational	ADJ
easat-9256	338	10	leverage	leverage	NOUN
easat-9256	338	11	may	may	AUX
easat-9256	338	12	either	either	CCONJ
easat-9256	338	13	become	become	VERB
easat-9256	338	14	excessively	excessively	ADV
easat-9256	338	15	cautious	cautious	ADJ
easat-9256	338	16	or	or	CCONJ
easat-9256	338	17	engage	engage	VERB
easat-9256	338	18	in	in	ADP
easat-9256	338	19	inefficient	inefficient	ADJ
easat-9256	338	20	investment	investment	NOUN
easat-9256	338	21	behavior	behavior	NOUN
easat-9256	338	22	to	to	PART
easat-9256	338	23	preserve	preserve	VERB
easat-9256	338	24	short	short	ADJ
easat-9256	338	25	-	-	PUNCT
easat-9256	338	26	term	term	NOUN
easat-9256	338	27	earnings	earning	NOUN
easat-9256	338	28	.	.	PUNCT
easat-9256	339	1	conversely	conversely	ADV
easat-9256	339	2	,	,	PUNCT
easat-9256	339	3	low	low	ADJ
easat-9256	339	4	-	-	PUNCT
easat-9256	339	5	risk	risk	NOUN
easat-9256	339	6	firms	firm	NOUN
easat-9256	339	7	tend	tend	VERB
easat-9256	339	8	to	to	PART
easat-9256	339	9	exercise	exercise	VERB
easat-9256	339	10	better	well	ADJ
easat-9256	339	11	investment	investment	NOUN
easat-9256	339	12	discipline	discipline	NOUN
easat-9256	339	13	.	.	PUNCT
easat-9256	340	1	however	however	ADV
easat-9256	340	2	,	,	PUNCT
easat-9256	340	3	even	even	ADV
easat-9256	340	4	this	this	DET
easat-9256	340	5	conservative	conservative	ADJ
easat-9256	340	6	behavior	behavior	NOUN
easat-9256	340	7	can	can	AUX
easat-9256	340	8	be	be	AUX
easat-9256	340	9	perceived	perceive	VERB
easat-9256	340	10	by	by	ADP
easat-9256	340	11	investors	investor	NOUN
easat-9256	340	12	as	as	ADP
easat-9256	340	13	growth	growth	NOUN
easat-9256	340	14	-	-	PUNCT
easat-9256	340	15	averse	averse	ADJ
easat-9256	340	16	.	.	PUNCT
easat-9256	341	1	interestingly	interestingly	ADV
easat-9256	341	2	,	,	PUNCT
easat-9256	341	3	investment	investment	NOUN
easat-9256	341	4	efficiency	efficiency	NOUN
easat-9256	341	5	partially	partially	ADV
easat-9256	341	6	mediates	mediate	VERB
easat-9256	341	7	the	the	DET
easat-9256	341	8	relationship	relationship	NOUN
easat-9256	341	9	between	between	ADP
easat-9256	341	10	business	business	NOUN
easat-9256	341	11	risk	risk	NOUN
easat-9256	341	12	and	and	CCONJ
easat-9256	341	13	firm	firm	ADJ
easat-9256	341	14	value	value	NOUN
easat-9256	341	15	but	but	CCONJ
easat-9256	341	16	in	in	ADP
easat-9256	341	17	a	a	DET
easat-9256	341	18	competitive	competitive	ADJ
easat-9256	341	19	manner	manner	NOUN
easat-9256	341	20	.	.	PUNCT
easat-9256	342	1	while	while	SCONJ
easat-9256	342	2	low	low	ADJ
easat-9256	342	3	operational	operational	ADJ
easat-9256	342	4	risk	risk	NOUN
easat-9256	342	5	tends	tend	VERB
easat-9256	342	6	to	to	PART
easat-9256	342	7	improve	improve	VERB
easat-9256	342	8	investment	investment	NOUN
easat-9256	342	9	efficiency	efficiency	NOUN
easat-9256	342	10	,	,	PUNCT
easat-9256	342	11	the	the	DET
easat-9256	342	12	resulting	result	VERB
easat-9256	342	13	conservative	conservative	ADJ
easat-9256	342	14	investment	investment	NOUN
easat-9256	342	15	posture	posture	NOUN
easat-9256	342	16	may	may	AUX
easat-9256	342	17	conflict	conflict	VERB
easat-9256	342	18	with	with	ADP
easat-9256	342	19	market	market	NOUN
easat-9256	342	20	preferences	preference	NOUN
easat-9256	342	21	for	for	ADP
easat-9256	342	22	firms	firm	NOUN
easat-9256	342	23	demonstrating	demonstrate	VERB
easat-9256	342	24	bold	bold	ADJ
easat-9256	342	25	expansion	expansion	NOUN
easat-9256	342	26	[	[	X
easat-9256	342	27	47	47	NUM
easat-9256	342	28	]	]	PUNCT
easat-9256	342	29	.	.	PUNCT
easat-9256	343	1	as	as	ADP
easat-9256	343	2	a	a	DET
easat-9256	343	3	result	result	NOUN
easat-9256	343	4	,	,	PUNCT
easat-9256	343	5	the	the	DET
easat-9256	343	6	signal	signal	ADJ
easat-9256	343	7	investors	investor	NOUN
easat-9256	343	8	receive	receive	VERB
easat-9256	343	9	from	from	ADP
easat-9256	343	10	efficient	efficient	ADJ
easat-9256	343	11	investment	investment	NOUN
easat-9256	343	12	in	in	ADP
easat-9256	343	13	low	low	ADJ
easat-9256	343	14	-	-	PUNCT
easat-9256	343	15	risk	risk	NOUN
easat-9256	343	16	firms	firm	NOUN
easat-9256	343	17	may	may	AUX
easat-9256	343	18	be	be	AUX
easat-9256	343	19	interpreted	interpret	VERB
easat-9256	343	20	negatively	negatively	ADV
easat-9256	343	21	,	,	PUNCT
easat-9256	343	22	reducing	reduce	VERB
easat-9256	343	23	overall	overall	ADJ
easat-9256	343	24	firm	firm	ADJ
easat-9256	343	25	value	value	NOUN
easat-9256	343	26	.	.	PUNCT
easat-9256	344	1	institutional	institutional	ADJ
easat-9256	344	2	ownership	ownership	NOUN
easat-9256	344	3	did	do	AUX
easat-9256	344	4	not	not	PART
easat-9256	344	5	have	have	VERB
easat-9256	344	6	a	a	DET
easat-9256	344	7	statistically	statistically	ADV
easat-9256	344	8	significant	significant	ADJ
easat-9256	344	9	effect	effect	NOUN
easat-9256	344	10	on	on	ADP
easat-9256	344	11	firm	firm	ADJ
easat-9256	344	12	value	value	NOUN
easat-9256	344	13	,	,	PUNCT
easat-9256	344	14	but	but	CCONJ
easat-9256	344	15	it	it	PRON
easat-9256	344	16	showed	show	VERB
easat-9256	344	17	a	a	DET
easat-9256	344	18	positive	positive	ADJ
easat-9256	344	19	influence	influence	NOUN
easat-9256	344	20	on	on	ADP
easat-9256	344	21	investment	investment	NOUN
easat-9256	344	22	efficiency	efficiency	NOUN
easat-9256	344	23	.	.	PUNCT
easat-9256	345	1	this	this	PRON
easat-9256	345	2	suggests	suggest	VERB
easat-9256	345	3	that	that	SCONJ
easat-9256	345	4	institutional	institutional	ADJ
easat-9256	345	5	investors	investor	NOUN
easat-9256	345	6	in	in	ADP
easat-9256	345	7	indonesia	indonesia	PROPN
easat-9256	345	8	may	may	AUX
easat-9256	345	9	function	function	VERB
easat-9256	345	10	more	more	ADV
easat-9256	345	11	effectively	effectively	ADV
easat-9256	345	12	as	as	ADP
easat-9256	345	13	internal	internal	ADJ
easat-9256	345	14	monitors	monitor	NOUN
easat-9256	345	15	rather	rather	ADV
easat-9256	345	16	than	than	ADP
easat-9256	345	17	active	active	ADJ
easat-9256	345	18	market	market	NOUN
easat-9256	345	19	influencers	influencer	NOUN
easat-9256	345	20	.	.	PUNCT
easat-9256	346	1	their	their	PRON
easat-9256	346	2	oversight	oversight	NOUN
easat-9256	346	3	improves	improve	VERB
easat-9256	346	4	capital	capital	NOUN
easat-9256	346	5	discipline	discipline	NOUN
easat-9256	346	6	[	[	X
easat-9256	346	7	64	64	NUM
easat-9256	346	8	]	]	PUNCT
easat-9256	346	9	but	but	CCONJ
easat-9256	346	10	does	do	AUX
easat-9256	346	11	not	not	PART
easat-9256	346	12	necessarily	necessarily	ADV
easat-9256	346	13	enhance	enhance	VERB
easat-9256	346	14	perceived	perceive	VERB
easat-9256	346	15	firm	firm	ADJ
easat-9256	346	16	value	value	NOUN
easat-9256	346	17	,	,	PUNCT
easat-9256	346	18	potentially	potentially	ADV
easat-9256	346	19	reflecting	reflect	VERB
easat-9256	346	20	a	a	DET
easat-9256	346	21	passive	passive	ADJ
easat-9256	346	22	monitoring	monitoring	NOUN
easat-9256	346	23	orientation	orientation	NOUN
easat-9256	346	24	[	[	X
easat-9256	346	25	51	51	NUM
easat-9256	346	26	]	]	PUNCT
easat-9256	346	27	.	.	PUNCT
easat-9256	347	1	board	board	NOUN
easat-9256	347	2	diversity	diversity	NOUN
easat-9256	347	3	,	,	PUNCT
easat-9256	347	4	often	often	ADV
easat-9256	347	5	praised	praise	VERB
easat-9256	347	6	for	for	ADP
easat-9256	347	7	enhancing	enhance	VERB
easat-9256	347	8	governance	governance	NOUN
easat-9256	347	9	,	,	PUNCT
easat-9256	347	10	was	be	AUX
easat-9256	347	11	found	find	VERB
easat-9256	347	12	to	to	PART
easat-9256	347	13	have	have	VERB
easat-9256	347	14	a	a	DET
easat-9256	347	15	negative	negative	ADJ
easat-9256	347	16	effect	effect	NOUN
easat-9256	347	17	on	on	ADP
easat-9256	347	18	firm	firm	ADJ
easat-9256	347	19	value	value	NOUN
easat-9256	347	20	and	and	CCONJ
easat-9256	347	21	no	no	DET
easat-9256	347	22	significant	significant	ADJ
easat-9256	347	23	effect	effect	NOUN
easat-9256	347	24	on	on	ADP
easat-9256	347	25	investment	investment	NOUN
easat-9256	347	26	efficiency	efficiency	NOUN
easat-9256	347	27	.	.	PUNCT
easat-9256	348	1	while	while	SCONJ
easat-9256	348	2	heterogeneous	heterogeneous	ADJ
easat-9256	348	3	boards	board	NOUN
easat-9256	348	4	may	may	AUX
easat-9256	348	5	introduce	introduce	VERB
easat-9256	348	6	broader	broad	ADJ
easat-9256	348	7	perspectives	perspective	NOUN
easat-9256	348	8	,	,	PUNCT
easat-9256	348	9	they	they	PRON
easat-9256	348	10	may	may	AUX
easat-9256	348	11	also	also	ADV
easat-9256	348	12	create	create	VERB
easat-9256	348	13	decision	decision	NOUN
easat-9256	348	14	-	-	PUNCT
easat-9256	348	15	making	make	VERB
easat-9256	348	16	friction	friction	NOUN
easat-9256	348	17	,	,	PUNCT
easat-9256	348	18	delays	delay	NOUN
easat-9256	348	19	,	,	PUNCT
easat-9256	348	20	and	and	CCONJ
easat-9256	348	21	conflicting	conflicting	ADJ
easat-9256	348	22	agendas	agenda	NOUN
easat-9256	348	23	[	[	X
easat-9256	348	24	65	65	NUM
easat-9256	348	25	]	]	PUNCT
easat-9256	348	26	.	.	PUNCT
easat-9256	349	1	investors	investor	NOUN
easat-9256	349	2	may	may	AUX
easat-9256	349	3	interpret	interpret	VERB
easat-9256	349	4	these	these	DET
easat-9256	349	5	frictions	friction	NOUN
easat-9256	349	6	as	as	ADP
easat-9256	349	7	signs	sign	NOUN
easat-9256	349	8	of	of	ADP
easat-9256	349	9	inefficiency	inefficiency	NOUN
easat-9256	349	10	or	or	CCONJ
easat-9256	349	11	lack	lack	NOUN
easat-9256	349	12	of	of	ADP
easat-9256	349	13	strategic	strategic	ADJ
easat-9256	349	14	clarity	clarity	NOUN
easat-9256	349	15	,	,	PUNCT
easat-9256	349	16	thus	thus	ADV
easat-9256	349	17	lowering	lower	VERB
easat-9256	349	18	firm	firm	ADJ
easat-9256	349	19	valuation	valuation	NOUN
easat-9256	349	20	.	.	PUNCT
easat-9256	350	1	the	the	DET
easat-9256	350	2	absence	absence	NOUN
easat-9256	350	3	of	of	ADP
easat-9256	350	4	a	a	DET
easat-9256	350	5	significant	significant	ADJ
easat-9256	350	6	link	link	NOUN
easat-9256	350	7	between	between	ADP
easat-9256	350	8	board	board	NOUN
easat-9256	350	9	diversity	diversity	NOUN
easat-9256	350	10	and	and	CCONJ
easat-9256	350	11	investment	investment	NOUN
easat-9256	350	12	efficiency	efficiency	NOUN
easat-9256	350	13	further	far	ADV
easat-9256	350	14	suggests	suggest	VERB
easat-9256	350	15	that	that	SCONJ
easat-9256	350	16	structural	structural	ADJ
easat-9256	350	17	heterogeneity	heterogeneity	NOUN
easat-9256	350	18	does	do	AUX
easat-9256	350	19	not	not	PART
easat-9256	350	20	automatically	automatically	ADV
easat-9256	350	21	translate	translate	VERB
easat-9256	350	22	into	into	ADP
easat-9256	350	23	better	well	ADJ
easat-9256	350	24	investment	investment	NOUN
easat-9256	350	25	outcomes	outcome	NOUN
easat-9256	350	26	.	.	PUNCT
easat-9256	351	1	another	another	DET
easat-9256	351	2	surprising	surprising	ADJ
easat-9256	351	3	result	result	NOUN
easat-9256	351	4	is	be	AUX
easat-9256	351	5	that	that	SCONJ
easat-9256	351	6	investment	investment	NOUN
easat-9256	351	7	efficiency	efficiency	NOUN
easat-9256	351	8	itself	itself	PRON
easat-9256	351	9	negatively	negatively	ADV
easat-9256	351	10	influences	influence	VERB
easat-9256	351	11	firm	firm	ADJ
easat-9256	351	12	value	value	NOUN
easat-9256	351	13	.	.	PUNCT
easat-9256	352	1	rather	rather	ADV
easat-9256	352	2	than	than	ADP
easat-9256	352	3	being	be	AUX
easat-9256	352	4	rewarded	reward	VERB
easat-9256	352	5	,	,	PUNCT
easat-9256	352	6	efficient	efficient	ADJ
easat-9256	352	7	firms	firm	NOUN
easat-9256	352	8	may	may	AUX
easat-9256	352	9	be	be	AUX
easat-9256	352	10	penalized	penalize	VERB
easat-9256	352	11	by	by	ADP
easat-9256	352	12	the	the	DET
easat-9256	352	13	market	market	NOUN
easat-9256	352	14	,	,	PUNCT
easat-9256	352	15	particularly	particularly	ADV
easat-9256	352	16	when	when	SCONJ
easat-9256	352	17	investors	investor	NOUN
easat-9256	352	18	perceive	perceive	VERB
easat-9256	352	19	efficiency	efficiency	NOUN
easat-9256	352	20	as	as	ADP
easat-9256	352	21	a	a	DET
easat-9256	352	22	signal	signal	NOUN
easat-9256	352	23	of	of	ADP
easat-9256	352	24	low	low	ADJ
easat-9256	352	25	-	-	PUNCT
easat-9256	352	26	risk	risk	NOUN
easat-9256	352	27	,	,	PUNCT
easat-9256	352	28	low	low	ADJ
easat-9256	352	29	-	-	PUNCT
easat-9256	352	30	growth	growth	NOUN
easat-9256	352	31	strategy	strategy	NOUN
easat-9256	352	32	[	[	X
easat-9256	352	33	66	66	NUM
easat-9256	352	34	]	]	PUNCT
easat-9256	352	35	.	.	PUNCT
easat-9256	353	1	in	in	ADP
easat-9256	353	2	markets	market	NOUN
easat-9256	353	3	characterized	characterize	VERB
easat-9256	353	4	by	by	ADP
easat-9256	353	5	high	high	ADJ
easat-9256	353	6	information	information	NOUN
easat-9256	353	7	asymmetry	asymmetry	NOUN
easat-9256	353	8	,	,	PUNCT
easat-9256	353	9	such	such	ADJ
easat-9256	353	10	as	as	ADP
easat-9256	353	11	indonesia	indonesia	PROPN
easat-9256	353	12	,	,	PUNCT
easat-9256	353	13	investors	investor	NOUN
easat-9256	353	14	may	may	AUX
easat-9256	353	15	favor	favor	VERB
easat-9256	353	16	aggressive	aggressive	ADJ
easat-9256	353	17	growth	growth	NOUN
easat-9256	353	18	and	and	CCONJ
easat-9256	353	19	visible	visible	ADJ
easat-9256	353	20	expansion	expansion	NOUN
easat-9256	353	21	226	226	NUM
easat-9256	353	22	edelweiss	edelweiss	PROPN
easat-9256	353	23	applied	apply	VERB
easat-9256	353	24	science	science	NOUN
easat-9256	353	25	and	and	CCONJ
easat-9256	353	26	technology	technology	NOUN
easat-9256	353	27	issn	issn	PROPN
easat-9256	353	28	:	:	PUNCT
easat-9256	353	29	2576	2576	NUM
easat-9256	353	30	-	-	SYM
easat-9256	353	31	8484	8484	NUM
easat-9256	353	32	vol	vol	NOUN
easat-9256	353	33	.	.	PROPN
easat-9256	354	1	9	9	NUM
easat-9256	354	2	,	,	PUNCT
easat-9256	354	3	no	no	INTJ
easat-9256	354	4	.	.	NOUN
easat-9256	354	5	8	8	NUM
easat-9256	354	6	:	:	PUNCT
easat-9256	354	7	211	211	NUM
easat-9256	354	8	-	-	SYM
easat-9256	354	9	230	230	NUM
easat-9256	354	10	,	,	PUNCT
easat-9256	354	11	2025	2025	NUM
easat-9256	354	12	doi	doi	NOUN
easat-9256	354	13	:	:	PUNCT
easat-9256	354	14	10.55214/2576	10.55214/2576	NUM
easat-9256	354	15	-	-	SYM
easat-9256	354	16	8484.v9i8.9256	8484.v9i8.9256	NUM
easat-9256	354	17	©	©	ADP
easat-9256	354	18	2025	2025	NUM
easat-9256	354	19	by	by	ADP
easat-9256	354	20	the	the	DET
easat-9256	354	21	authors	author	NOUN
easat-9256	354	22	;	;	PUNCT
easat-9256	354	23	licensee	licensee	PROPN
easat-9256	354	24	learning	learning	NOUN
easat-9256	354	25	gate	gate	NOUN
easat-9256	354	26	over	over	ADP
easat-9256	354	27	optimization	optimization	NOUN
easat-9256	354	28	.	.	PUNCT
easat-9256	355	1	mature	mature	ADJ
easat-9256	355	2	,	,	PUNCT
easat-9256	355	3	highly	highly	ADV
easat-9256	355	4	efficient	efficient	ADJ
easat-9256	355	5	firms	firm	NOUN
easat-9256	355	6	may	may	AUX
easat-9256	355	7	be	be	AUX
easat-9256	355	8	perceived	perceive	VERB
easat-9256	355	9	as	as	ADP
easat-9256	355	10	having	having	AUX
easat-9256	355	11	limited	limit	VERB
easat-9256	355	12	upside	upside	ADV
easat-9256	355	13	,	,	PUNCT
easat-9256	355	14	resulting	result	VERB
easat-9256	355	15	in	in	ADP
easat-9256	355	16	lower	low	ADJ
easat-9256	355	17	valuation	valuation	NOUN
easat-9256	355	18	multiples	multiple	NOUN
easat-9256	355	19	.	.	PUNCT
easat-9256	356	1	of	of	ADP
easat-9256	356	2	the	the	DET
easat-9256	356	3	mediation	mediation	NOUN
easat-9256	356	4	pathways	pathway	NOUN
easat-9256	356	5	tested	test	VERB
easat-9256	356	6	,	,	PUNCT
easat-9256	356	7	only	only	ADV
easat-9256	356	8	the	the	DET
easat-9256	356	9	indirect	indirect	ADJ
easat-9256	356	10	effect	effect	NOUN
easat-9256	356	11	of	of	ADP
easat-9256	356	12	business	business	NOUN
easat-9256	356	13	risk	risk	NOUN
easat-9256	356	14	on	on	ADP
easat-9256	356	15	firm	firm	ADJ
easat-9256	356	16	value	value	NOUN
easat-9256	356	17	through	through	ADP
easat-9256	356	18	investment	investment	NOUN
easat-9256	356	19	efficiency	efficiency	NOUN
easat-9256	356	20	was	be	AUX
easat-9256	356	21	statistically	statistically	ADV
easat-9256	356	22	significant	significant	ADJ
easat-9256	356	23	.	.	PUNCT
easat-9256	357	1	this	this	DET
easat-9256	357	2	highlights	highlight	VERB
easat-9256	357	3	a	a	DET
easat-9256	357	4	unique	unique	ADJ
easat-9256	357	5	mechanism	mechanism	NOUN
easat-9256	357	6	in	in	ADP
easat-9256	357	7	which	which	PRON
easat-9256	357	8	low	low	ADJ
easat-9256	357	9	business	business	NOUN
easat-9256	357	10	risk	risk	NOUN
easat-9256	357	11	prompts	prompt	NOUN
easat-9256	357	12	managers	manager	NOUN
easat-9256	357	13	to	to	PART
easat-9256	357	14	behave	behave	VERB
easat-9256	357	15	conservatively	conservatively	ADV
easat-9256	357	16	in	in	ADP
easat-9256	357	17	investment	investment	NOUN
easat-9256	357	18	decisions	decision	NOUN
easat-9256	357	19	[	[	X
easat-9256	357	20	67	67	NUM
easat-9256	357	21	]	]	PUNCT
easat-9256	357	22	but	but	CCONJ
easat-9256	357	23	such	such	ADJ
easat-9256	357	24	caution	caution	NOUN
easat-9256	357	25	may	may	AUX
easat-9256	357	26	not	not	PART
easat-9256	357	27	align	align	VERB
easat-9256	357	28	with	with	ADP
easat-9256	357	29	investor	investor	NOUN
easat-9256	357	30	expectations	expectation	NOUN
easat-9256	357	31	,	,	PUNCT
easat-9256	357	32	ultimately	ultimately	ADV
easat-9256	357	33	lowering	lower	VERB
easat-9256	357	34	firm	firm	ADJ
easat-9256	357	35	value	value	NOUN
easat-9256	357	36	.	.	PUNCT
easat-9256	358	1	in	in	ADP
easat-9256	358	2	contrast	contrast	NOUN
easat-9256	358	3	,	,	PUNCT
easat-9256	358	4	no	no	DET
easat-9256	358	5	mediating	mediate	VERB
easat-9256	358	6	effect	effect	NOUN
easat-9256	358	7	was	be	AUX
easat-9256	358	8	found	find	VERB
easat-9256	358	9	for	for	ADP
easat-9256	358	10	investment	investment	NOUN
easat-9256	358	11	efficiency	efficiency	NOUN
easat-9256	358	12	in	in	ADP
easat-9256	358	13	the	the	DET
easat-9256	358	14	relationships	relationship	NOUN
easat-9256	358	15	involving	involve	VERB
easat-9256	358	16	financial	financial	ADJ
easat-9256	358	17	performance	performance	NOUN
easat-9256	358	18	,	,	PUNCT
easat-9256	358	19	institutional	institutional	ADJ
easat-9256	358	20	ownership	ownership	NOUN
easat-9256	358	21	,	,	PUNCT
easat-9256	358	22	or	or	CCONJ
easat-9256	358	23	board	board	NOUN
easat-9256	358	24	diversity	diversity	NOUN
easat-9256	358	25	.	.	PUNCT
easat-9256	359	1	firm	firm	ADJ
easat-9256	359	2	size	size	NOUN
easat-9256	359	3	,	,	PUNCT
easat-9256	359	4	introduced	introduce	VERB
easat-9256	359	5	as	as	ADP
easat-9256	359	6	a	a	DET
easat-9256	359	7	control	control	NOUN
easat-9256	359	8	variable	variable	NOUN
easat-9256	359	9	,	,	PUNCT
easat-9256	359	10	exhibited	exhibit	VERB
easat-9256	359	11	a	a	DET
easat-9256	359	12	significant	significant	ADJ
easat-9256	359	13	negative	negative	ADJ
easat-9256	359	14	relationship	relationship	NOUN
easat-9256	359	15	with	with	ADP
easat-9256	359	16	firm	firm	ADJ
easat-9256	359	17	value	value	NOUN
easat-9256	359	18	.	.	PUNCT
easat-9256	360	1	larger	large	ADJ
easat-9256	360	2	firms	firm	NOUN
easat-9256	360	3	are	be	AUX
easat-9256	360	4	typically	typically	ADV
easat-9256	360	5	seen	see	VERB
easat-9256	360	6	as	as	ADP
easat-9256	360	7	having	having	AUX
easat-9256	360	8	reached	reach	VERB
easat-9256	360	9	maturity	maturity	NOUN
easat-9256	360	10	,	,	PUNCT
easat-9256	360	11	with	with	ADP
easat-9256	360	12	lower	low	ADJ
easat-9256	360	13	future	future	ADJ
easat-9256	360	14	growth	growth	NOUN
easat-9256	360	15	potential	potential	NOUN
easat-9256	360	16	,	,	PUNCT
easat-9256	360	17	resulting	result	VERB
easat-9256	360	18	in	in	ADP
easat-9256	360	19	lower	low	ADJ
easat-9256	360	20	pers	per	NOUN
easat-9256	360	21	compared	compare	VERB
easat-9256	360	22	to	to	ADP
easat-9256	360	23	smaller	small	ADJ
easat-9256	360	24	,	,	PUNCT
easat-9256	360	25	high	high	ADJ
easat-9256	360	26	-	-	PUNCT
easat-9256	360	27	growth	growth	NOUN
easat-9256	360	28	firms	firm	NOUN
easat-9256	360	29	.	.	PUNCT
easat-9256	361	1	this	this	DET
easat-9256	361	2	finding	finding	NOUN
easat-9256	361	3	is	be	AUX
easat-9256	361	4	consistent	consistent	ADJ
easat-9256	361	5	with	with	ADP
easat-9256	361	6	investor	investor	NOUN
easat-9256	361	7	behavior	behavior	NOUN
easat-9256	361	8	in	in	ADP
easat-9256	361	9	emerging	emerge	VERB
easat-9256	361	10	markets	market	NOUN
easat-9256	361	11	,	,	PUNCT
easat-9256	361	12	where	where	SCONJ
easat-9256	361	13	speculative	speculative	ADJ
easat-9256	361	14	growth	growth	NOUN
easat-9256	361	15	stories	story	NOUN
easat-9256	361	16	often	often	ADV
easat-9256	361	17	dominate	dominate	VERB
easat-9256	361	18	valuation	valuation	NOUN
easat-9256	361	19	narratives	narrative	NOUN
easat-9256	361	20	.	.	PUNCT
easat-9256	362	1	collectively	collectively	ADV
easat-9256	362	2	,	,	PUNCT
easat-9256	362	3	these	these	DET
easat-9256	362	4	findings	finding	NOUN
easat-9256	362	5	challenge	challenge	VERB
easat-9256	362	6	oversimplified	oversimplify	VERB
easat-9256	362	7	assumptions	assumption	NOUN
easat-9256	362	8	in	in	ADP
easat-9256	362	9	corporate	corporate	ADJ
easat-9256	362	10	governance	governance	NOUN
easat-9256	362	11	literature	literature	NOUN
easat-9256	362	12	.	.	PUNCT
easat-9256	363	1	they	they	PRON
easat-9256	363	2	suggest	suggest	VERB
easat-9256	363	3	that	that	SCONJ
easat-9256	363	4	in	in	ADP
easat-9256	363	5	environments	environment	NOUN
easat-9256	363	6	marked	mark	VERB
easat-9256	363	7	by	by	ADP
easat-9256	363	8	high	high	ADJ
easat-9256	363	9	information	information	NOUN
easat-9256	363	10	asymmetry	asymmetry	NOUN
easat-9256	363	11	and	and	CCONJ
easat-9256	363	12	speculative	speculative	ADJ
easat-9256	363	13	investor	investor	NOUN
easat-9256	363	14	behavior	behavior	NOUN
easat-9256	363	15	,	,	PUNCT
easat-9256	363	16	prudent	prudent	ADJ
easat-9256	363	17	internal	internal	ADJ
easat-9256	363	18	management	management	NOUN
easat-9256	363	19	may	may	AUX
easat-9256	363	20	not	not	PART
easat-9256	363	21	always	always	ADV
easat-9256	363	22	translate	translate	VERB
easat-9256	363	23	into	into	ADP
easat-9256	363	24	higher	high	ADJ
easat-9256	363	25	valuation	valuation	NOUN
easat-9256	363	26	.	.	PUNCT
easat-9256	364	1	signals	signal	NOUN
easat-9256	364	2	of	of	ADP
easat-9256	364	3	discipline	discipline	NOUN
easat-9256	364	4	and	and	CCONJ
easat-9256	364	5	efficiency	efficiency	NOUN
easat-9256	364	6	are	be	AUX
easat-9256	364	7	not	not	PART
easat-9256	364	8	uniformly	uniformly	ADV
easat-9256	364	9	appreciated	appreciate	VERB
easat-9256	364	10	;	;	PUNCT
easat-9256	364	11	rather	rather	ADV
easat-9256	364	12	,	,	PUNCT
easat-9256	364	13	they	they	PRON
easat-9256	364	14	are	be	AUX
easat-9256	364	15	subject	subject	ADJ
easat-9256	364	16	to	to	ADP
easat-9256	364	17	interpretation	interpretation	NOUN
easat-9256	364	18	based	base	VERB
easat-9256	364	19	on	on	ADP
easat-9256	364	20	prevailing	prevail	VERB
easat-9256	364	21	market	market	NOUN
easat-9256	364	22	sentiment	sentiment	NOUN
easat-9256	364	23	and	and	CCONJ
easat-9256	364	24	growth	growth	NOUN
easat-9256	364	25	expectations	expectation	NOUN
easat-9256	364	26	.	.	PUNCT
easat-9256	365	1	6	6	X
easat-9256	365	2	.	.	X
easat-9256	365	3	conclusion	conclusion	NOUN
easat-9256	365	4	this	this	DET
easat-9256	365	5	study	study	NOUN
easat-9256	365	6	concludes	conclude	VERB
easat-9256	365	7	that	that	SCONJ
easat-9256	365	8	stronger	strong	ADJ
easat-9256	365	9	financial	financial	ADJ
easat-9256	365	10	performance	performance	NOUN
easat-9256	365	11	,	,	PUNCT
easat-9256	365	12	lower	low	ADJ
easat-9256	365	13	business	business	NOUN
easat-9256	365	14	risk	risk	NOUN
easat-9256	365	15	,	,	PUNCT
easat-9256	365	16	and	and	CCONJ
easat-9256	365	17	higher	high	ADJ
easat-9256	365	18	investment	investment	NOUN
easat-9256	365	19	efficiency	efficiency	NOUN
easat-9256	365	20	do	do	AUX
easat-9256	365	21	not	not	PART
easat-9256	365	22	always	always	ADV
easat-9256	365	23	lead	lead	VERB
easat-9256	365	24	to	to	ADP
easat-9256	365	25	higher	high	ADJ
easat-9256	365	26	firm	firm	ADJ
easat-9256	365	27	valuation	valuation	NOUN
easat-9256	365	28	—	—	PUNCT
easat-9256	365	29	particularly	particularly	ADV
easat-9256	365	30	in	in	ADP
easat-9256	365	31	emerging	emerge	VERB
easat-9256	365	32	markets	market	NOUN
easat-9256	365	33	where	where	SCONJ
easat-9256	365	34	investor	investor	NOUN
easat-9256	365	35	sentiment	sentiment	NOUN
easat-9256	365	36	favors	favor	VERB
easat-9256	365	37	potential	potential	ADJ
easat-9256	365	38	over	over	ADP
easat-9256	365	39	prudence	prudence	NOUN
easat-9256	365	40	.	.	PUNCT
easat-9256	366	1	financially	financially	ADV
easat-9256	366	2	sound	sound	ADJ
easat-9256	366	3	firms	firm	NOUN
easat-9256	366	4	may	may	AUX
easat-9256	366	5	be	be	AUX
easat-9256	366	6	penalized	penalize	VERB
easat-9256	366	7	in	in	ADP
easat-9256	366	8	terms	term	NOUN
easat-9256	366	9	of	of	ADP
easat-9256	366	10	lower	low	ADJ
easat-9256	366	11	p	p	NOUN
easat-9256	366	12	/	/	SYM
easat-9256	366	13	e	e	NOUN
easat-9256	366	14	ratios	ratio	NOUN
easat-9256	366	15	due	due	ADJ
easat-9256	366	16	to	to	ADP
easat-9256	366	17	their	their	PRON
easat-9256	366	18	perceived	perceive	VERB
easat-9256	366	19	lack	lack	NOUN
easat-9256	366	20	of	of	ADP
easat-9256	366	21	future	future	ADJ
easat-9256	366	22	growth	growth	NOUN
easat-9256	366	23	prospects	prospect	NOUN
easat-9256	366	24	.	.	PUNCT
easat-9256	367	1	while	while	SCONJ
easat-9256	367	2	financial	financial	ADJ
easat-9256	367	3	performance	performance	NOUN
easat-9256	367	4	and	and	CCONJ
easat-9256	367	5	institutional	institutional	ADJ
easat-9256	367	6	ownership	ownership	NOUN
easat-9256	367	7	contribute	contribute	VERB
easat-9256	367	8	positively	positively	ADV
easat-9256	367	9	to	to	ADP
easat-9256	367	10	investment	investment	NOUN
easat-9256	367	11	efficiency	efficiency	NOUN
easat-9256	367	12	,	,	PUNCT
easat-9256	367	13	only	only	ADV
easat-9256	367	14	business	business	NOUN
easat-9256	367	15	risk	risk	NOUN
easat-9256	367	16	exhibited	exhibit	VERB
easat-9256	367	17	a	a	DET
easat-9256	367	18	significant	significant	ADJ
easat-9256	367	19	mediating	mediating	NOUN
easat-9256	367	20	path	path	NOUN
easat-9256	367	21	through	through	ADP
easat-9256	367	22	efficiency	efficiency	NOUN
easat-9256	367	23	toward	toward	ADP
easat-9256	367	24	firm	firm	ADJ
easat-9256	367	25	value	value	NOUN
easat-9256	367	26	.	.	PUNCT
easat-9256	368	1	this	this	DET
easat-9256	368	2	mediation	mediation	NOUN
easat-9256	368	3	was	be	AUX
easat-9256	368	4	competitive	competitive	ADJ
easat-9256	368	5	in	in	ADP
easat-9256	368	6	nature	nature	NOUN
easat-9256	368	7	,	,	PUNCT
easat-9256	368	8	indicating	indicate	VERB
easat-9256	368	9	that	that	SCONJ
easat-9256	368	10	efficient	efficient	ADJ
easat-9256	368	11	investment	investment	NOUN
easat-9256	368	12	behavior	behavior	NOUN
easat-9256	368	13	could	could	AUX
easat-9256	368	14	suppress	suppress	VERB
easat-9256	368	15	positive	positive	ADJ
easat-9256	368	16	investor	investor	NOUN
easat-9256	368	17	perceptions	perception	NOUN
easat-9256	368	18	of	of	ADP
easat-9256	368	19	low	low	ADJ
easat-9256	368	20	-	-	PUNCT
easat-9256	368	21	risk	risk	NOUN
easat-9256	368	22	operations	operation	NOUN
easat-9256	368	23	.	.	PUNCT
easat-9256	369	1	board	board	NOUN
easat-9256	369	2	diversity	diversity	NOUN
easat-9256	369	3	,	,	PUNCT
easat-9256	369	4	often	often	ADV
easat-9256	369	5	assumed	assume	VERB
easat-9256	369	6	to	to	PART
easat-9256	369	7	be	be	AUX
easat-9256	369	8	beneficial	beneficial	ADJ
easat-9256	369	9	for	for	ADP
easat-9256	369	10	governance	governance	NOUN
easat-9256	369	11	,	,	PUNCT
easat-9256	369	12	was	be	AUX
easat-9256	369	13	found	find	VERB
easat-9256	369	14	to	to	PART
easat-9256	369	15	have	have	VERB
easat-9256	369	16	an	an	DET
easat-9256	369	17	adverse	adverse	ADJ
easat-9256	369	18	effect	effect	NOUN
easat-9256	369	19	on	on	ADP
easat-9256	369	20	firm	firm	ADJ
easat-9256	369	21	value	value	NOUN
easat-9256	369	22	and	and	CCONJ
easat-9256	369	23	no	no	DET
easat-9256	369	24	significant	significant	ADJ
easat-9256	369	25	role	role	NOUN
easat-9256	369	26	in	in	ADP
easat-9256	369	27	improving	improve	VERB
easat-9256	369	28	investment	investment	NOUN
easat-9256	369	29	decisions	decision	NOUN
easat-9256	369	30	.	.	PUNCT
easat-9256	370	1	similarly	similarly	ADV
easat-9256	370	2	,	,	PUNCT
easat-9256	370	3	investment	investment	NOUN
easat-9256	370	4	efficiency	efficiency	NOUN
easat-9256	370	5	,	,	PUNCT
easat-9256	370	6	rather	rather	ADV
easat-9256	370	7	than	than	ADP
easat-9256	370	8	being	be	AUX
easat-9256	370	9	rewarded	reward	VERB
easat-9256	370	10	,	,	PUNCT
easat-9256	370	11	was	be	AUX
easat-9256	370	12	negatively	negatively	ADV
easat-9256	370	13	associated	associate	VERB
easat-9256	370	14	with	with	ADP
easat-9256	370	15	firm	firm	ADJ
easat-9256	370	16	value	value	NOUN
easat-9256	370	17	—	—	PUNCT
easat-9256	370	18	underscoring	underscore	VERB
easat-9256	370	19	the	the	DET
easat-9256	370	20	divergence	divergence	NOUN
easat-9256	370	21	between	between	ADP
easat-9256	370	22	internal	internal	ADJ
easat-9256	370	23	managerial	managerial	ADJ
easat-9256	370	24	intent	intent	NOUN
easat-9256	370	25	and	and	CCONJ
easat-9256	370	26	external	external	ADJ
easat-9256	370	27	market	market	NOUN
easat-9256	370	28	perception	perception	NOUN
easat-9256	370	29	.	.	PUNCT
easat-9256	371	1	ultimately	ultimately	ADV
easat-9256	371	2	,	,	PUNCT
easat-9256	371	3	the	the	DET
easat-9256	371	4	study	study	NOUN
easat-9256	371	5	reinforces	reinforce	VERB
easat-9256	371	6	the	the	DET
easat-9256	371	7	notion	notion	NOUN
easat-9256	371	8	that	that	SCONJ
easat-9256	371	9	corporate	corporate	ADJ
easat-9256	371	10	signals	signal	NOUN
easat-9256	371	11	are	be	AUX
easat-9256	371	12	interpreted	interpret	VERB
easat-9256	371	13	through	through	ADP
easat-9256	371	14	a	a	DET
easat-9256	371	15	contextual	contextual	ADJ
easat-9256	371	16	lens	len	NOUN
easat-9256	371	17	.	.	PUNCT
easat-9256	372	1	in	in	ADP
easat-9256	372	2	markets	market	NOUN
easat-9256	372	3	characterized	characterize	VERB
easat-9256	372	4	by	by	ADP
easat-9256	372	5	asymmetrical	asymmetrical	ADJ
easat-9256	372	6	information	information	NOUN
easat-9256	372	7	,	,	PUNCT
easat-9256	372	8	conservative	conservative	ADJ
easat-9256	372	9	internal	internal	ADJ
easat-9256	372	10	behavior	behavior	NOUN
easat-9256	372	11	may	may	AUX
easat-9256	372	12	be	be	AUX
easat-9256	372	13	misinterpreted	misinterpret	VERB
easat-9256	372	14	as	as	ADP
easat-9256	372	15	a	a	DET
easat-9256	372	16	lack	lack	NOUN
easat-9256	372	17	of	of	ADP
easat-9256	372	18	ambition	ambition	NOUN
easat-9256	372	19	.	.	PUNCT
easat-9256	373	1	the	the	DET
easat-9256	373	2	findings	finding	NOUN
easat-9256	373	3	encourage	encourage	VERB
easat-9256	373	4	further	further	ADJ
easat-9256	373	5	inquiry	inquiry	NOUN
easat-9256	373	6	into	into	ADP
easat-9256	373	7	how	how	SCONJ
easat-9256	373	8	governance	governance	NOUN
easat-9256	373	9	attributes	attribute	NOUN
easat-9256	373	10	and	and	CCONJ
easat-9256	373	11	efficiency	efficiency	NOUN
easat-9256	373	12	measures	measure	NOUN
easat-9256	373	13	can	can	AUX
easat-9256	373	14	be	be	AUX
easat-9256	373	15	better	well	ADV
easat-9256	373	16	aligned	align	VERB
easat-9256	373	17	with	with	ADP
easat-9256	373	18	investor	investor	NOUN
easat-9256	373	19	expectations	expectation	NOUN
easat-9256	373	20	in	in	ADP
easat-9256	373	21	diverse	diverse	ADJ
easat-9256	373	22	capital	capital	NOUN
easat-9256	373	23	market	market	NOUN
easat-9256	373	24	settings	setting	NOUN
easat-9256	373	25	.	.	PUNCT
easat-9256	374	1	7	7	X
easat-9256	374	2	.	.	X
easat-9256	374	3	implications	implication	NOUN
easat-9256	374	4	and	and	CCONJ
easat-9256	374	5	limitations	limitation	NOUN
easat-9256	374	6	the	the	DET
easat-9256	374	7	findings	finding	NOUN
easat-9256	374	8	of	of	ADP
easat-9256	374	9	this	this	DET
easat-9256	374	10	study	study	NOUN
easat-9256	374	11	have	have	VERB
easat-9256	374	12	important	important	ADJ
easat-9256	374	13	theoretical	theoretical	ADJ
easat-9256	374	14	and	and	CCONJ
easat-9256	374	15	practical	practical	ADJ
easat-9256	374	16	implications	implication	NOUN
easat-9256	374	17	,	,	PUNCT
easat-9256	374	18	while	while	SCONJ
easat-9256	374	19	also	also	ADV
easat-9256	374	20	being	be	AUX
easat-9256	374	21	subject	subject	ADJ
easat-9256	374	22	to	to	ADP
easat-9256	374	23	certain	certain	ADJ
easat-9256	374	24	limitations	limitation	NOUN
easat-9256	374	25	that	that	PRON
easat-9256	374	26	offer	offer	VERB
easat-9256	374	27	direction	direction	NOUN
easat-9256	374	28	for	for	ADP
easat-9256	374	29	future	future	ADJ
easat-9256	374	30	research	research	NOUN
easat-9256	374	31	.	.	PUNCT
easat-9256	375	1	from	from	ADP
easat-9256	375	2	a	a	DET
easat-9256	375	3	theoretical	theoretical	ADJ
easat-9256	375	4	standpoint	standpoint	NOUN
easat-9256	375	5	,	,	PUNCT
easat-9256	375	6	this	this	DET
easat-9256	375	7	research	research	NOUN
easat-9256	375	8	contributes	contribute	VERB
easat-9256	375	9	to	to	ADP
easat-9256	375	10	the	the	DET
easat-9256	375	11	development	development	NOUN
easat-9256	375	12	of	of	ADP
easat-9256	375	13	agency	agency	NOUN
easat-9256	375	14	theory	theory	NOUN
easat-9256	375	15	by	by	ADP
easat-9256	375	16	highlighting	highlight	VERB
easat-9256	375	17	the	the	DET
easat-9256	375	18	mediating	mediate	VERB
easat-9256	375	19	role	role	NOUN
easat-9256	375	20	of	of	ADP
easat-9256	375	21	investment	investment	NOUN
easat-9256	375	22	efficiency	efficiency	NOUN
easat-9256	375	23	in	in	ADP
easat-9256	375	24	shaping	shape	VERB
easat-9256	375	25	firm	firm	ADJ
easat-9256	375	26	value	value	NOUN
easat-9256	375	27	.	.	PUNCT
easat-9256	376	1	unlike	unlike	ADP
easat-9256	376	2	traditional	traditional	ADJ
easat-9256	376	3	assumptions	assumption	NOUN
easat-9256	376	4	where	where	SCONJ
easat-9256	376	5	efficiency	efficiency	NOUN
easat-9256	376	6	is	be	AUX
easat-9256	376	7	presumed	presume	VERB
easat-9256	376	8	to	to	PART
easat-9256	376	9	be	be	AUX
easat-9256	376	10	inherently	inherently	ADV
easat-9256	376	11	value	value	NOUN
easat-9256	376	12	-	-	PUNCT
easat-9256	376	13	enhancing	enhancing	NOUN
easat-9256	376	14	,	,	PUNCT
easat-9256	376	15	the	the	DET
easat-9256	376	16	results	result	NOUN
easat-9256	376	17	demonstrate	demonstrate	VERB
easat-9256	376	18	that	that	SCONJ
easat-9256	376	19	such	such	ADJ
easat-9256	376	20	efficiency	efficiency	NOUN
easat-9256	376	21	can	can	AUX
easat-9256	376	22	send	send	VERB
easat-9256	376	23	ambiguous	ambiguous	ADJ
easat-9256	376	24	or	or	CCONJ
easat-9256	376	25	even	even	ADV
easat-9256	376	26	negative	negative	ADJ
easat-9256	376	27	signals	signal	NOUN
easat-9256	376	28	to	to	ADP
easat-9256	376	29	the	the	DET
easat-9256	376	30	market	market	NOUN
easat-9256	376	31	.	.	PUNCT
easat-9256	377	1	this	this	PRON
easat-9256	377	2	suggests	suggest	VERB
easat-9256	377	3	a	a	DET
easat-9256	377	4	more	more	ADV
easat-9256	377	5	complex	complex	ADJ
easat-9256	377	6	interaction	interaction	NOUN
easat-9256	377	7	between	between	ADP
easat-9256	377	8	managerial	managerial	ADJ
easat-9256	377	9	discipline	discipline	NOUN
easat-9256	377	10	and	and	CCONJ
easat-9256	377	11	investor	investor	NOUN
easat-9256	377	12	perception	perception	NOUN
easat-9256	377	13	.	.	PUNCT
easat-9256	378	1	furthermore	furthermore	ADV
easat-9256	378	2	,	,	PUNCT
easat-9256	378	3	the	the	DET
easat-9256	378	4	study	study	NOUN
easat-9256	378	5	enriches	enrich	VERB
easat-9256	378	6	signaling	signal	VERB
easat-9256	378	7	theory	theory	NOUN
easat-9256	378	8	by	by	ADP
easat-9256	378	9	revealing	reveal	VERB
easat-9256	378	10	that	that	SCONJ
easat-9256	378	11	in	in	ADP
easat-9256	378	12	contexts	context	NOUN
easat-9256	378	13	like	like	ADP
easat-9256	378	14	indonesia	indonesia	PROPN
easat-9256	378	15	—	—	PUNCT
easat-9256	378	16	where	where	SCONJ
easat-9256	378	17	information	information	NOUN
easat-9256	378	18	asymmetry	asymmetry	NOUN
easat-9256	378	19	and	and	CCONJ
easat-9256	378	20	speculative	speculative	ADJ
easat-9256	378	21	behavior	behavior	NOUN
easat-9256	378	22	are	be	AUX
easat-9256	378	23	prevalent	prevalent	ADJ
easat-9256	378	24	—	—	PUNCT
easat-9256	378	25	signals	signal	NOUN
easat-9256	378	26	of	of	ADP
easat-9256	378	27	risk	risk	NOUN
easat-9256	378	28	aversion	aversion	NOUN
easat-9256	378	29	or	or	CCONJ
easat-9256	378	30	conservative	conservative	ADJ
easat-9256	378	31	capital	capital	NOUN
easat-9256	378	32	allocation	allocation	NOUN
easat-9256	378	33	are	be	AUX
easat-9256	378	34	not	not	PART
easat-9256	378	35	necessarily	necessarily	ADV
easat-9256	378	36	interpreted	interpret	VERB
easat-9256	378	37	as	as	ADP
easat-9256	378	38	indicators	indicator	NOUN
easat-9256	378	39	of	of	ADP
easat-9256	378	40	firm	firm	ADJ
easat-9256	378	41	strength	strength	NOUN
easat-9256	378	42	or	or	CCONJ
easat-9256	378	43	future	future	ADJ
easat-9256	378	44	performance	performance	NOUN
easat-9256	378	45	.	.	PUNCT
easat-9256	379	1	227	227	NUM
easat-9256	379	2	edelweiss	edelweiss	PROPN
easat-9256	379	3	applied	apply	VERB
easat-9256	379	4	science	science	NOUN
easat-9256	379	5	and	and	CCONJ
easat-9256	379	6	technology	technology	NOUN
easat-9256	379	7	issn	issn	PROPN
easat-9256	379	8	:	:	PUNCT
easat-9256	379	9	2576	2576	NUM
easat-9256	379	10	-	-	SYM
easat-9256	379	11	8484	8484	NUM
easat-9256	379	12	vol	vol	NOUN
easat-9256	379	13	.	.	PROPN
easat-9256	380	1	9	9	NUM
easat-9256	380	2	,	,	PUNCT
easat-9256	380	3	no	no	INTJ
easat-9256	380	4	.	.	NOUN
easat-9256	380	5	8	8	NUM
easat-9256	380	6	:	:	PUNCT
easat-9256	380	7	211	211	NUM
easat-9256	380	8	-	-	SYM
easat-9256	380	9	230	230	NUM
easat-9256	380	10	,	,	PUNCT
easat-9256	380	11	2025	2025	NUM
easat-9256	380	12	doi	doi	NOUN
easat-9256	380	13	:	:	PUNCT
easat-9256	380	14	10.55214/2576	10.55214/2576	NUM
easat-9256	380	15	-	-	SYM
easat-9256	380	16	8484.v9i8.9256	8484.v9i8.9256	NUM
easat-9256	380	17	©	©	ADP
easat-9256	380	18	2025	2025	NUM
easat-9256	380	19	by	by	ADP
easat-9256	380	20	the	the	DET
easat-9256	380	21	authors	author	NOUN
easat-9256	380	22	;	;	PUNCT
easat-9256	380	23	licensee	licensee	PROPN
easat-9256	380	24	learning	learning	NOUN
easat-9256	380	25	gate	gate	VERB
easat-9256	380	26	practically	practically	ADV
easat-9256	380	27	,	,	PUNCT
easat-9256	380	28	the	the	DET
easat-9256	380	29	findings	finding	NOUN
easat-9256	380	30	offer	offer	VERB
easat-9256	380	31	guidance	guidance	NOUN
easat-9256	380	32	for	for	ADP
easat-9256	380	33	both	both	PRON
easat-9256	380	34	corporate	corporate	ADJ
easat-9256	380	35	managers	manager	NOUN
easat-9256	380	36	and	and	CCONJ
easat-9256	380	37	policymakers	policymaker	NOUN
easat-9256	380	38	.	.	PUNCT
easat-9256	381	1	for	for	ADP
easat-9256	381	2	managers	manager	NOUN
easat-9256	381	3	,	,	PUNCT
easat-9256	381	4	the	the	DET
easat-9256	381	5	evidence	evidence	NOUN
easat-9256	381	6	implies	imply	VERB
easat-9256	381	7	that	that	SCONJ
easat-9256	381	8	internal	internal	ADJ
easat-9256	381	9	performance	performance	NOUN
easat-9256	381	10	metrics	metric	NOUN
easat-9256	381	11	and	and	CCONJ
easat-9256	381	12	capital	capital	NOUN
easat-9256	381	13	efficiency	efficiency	NOUN
easat-9256	381	14	alone	alone	ADV
easat-9256	381	15	may	may	AUX
easat-9256	381	16	not	not	PART
easat-9256	381	17	translate	translate	VERB
easat-9256	381	18	into	into	ADP
easat-9256	381	19	favorable	favorable	ADJ
easat-9256	381	20	market	market	NOUN
easat-9256	381	21	valuation	valuation	NOUN
easat-9256	381	22	.	.	PUNCT
easat-9256	382	1	instead	instead	ADV
easat-9256	382	2	,	,	PUNCT
easat-9256	382	3	strategic	strategic	ADJ
easat-9256	382	4	communication	communication	NOUN
easat-9256	382	5	and	and	CCONJ
easat-9256	382	6	explicit	explicit	ADJ
easat-9256	382	7	signaling	signaling	NOUN
easat-9256	382	8	of	of	ADP
easat-9256	382	9	long	long	ADJ
easat-9256	382	10	-	-	PUNCT
easat-9256	382	11	term	term	NOUN
easat-9256	382	12	growth	growth	NOUN
easat-9256	382	13	strategies	strategy	NOUN
easat-9256	382	14	may	may	AUX
easat-9256	382	15	be	be	AUX
easat-9256	382	16	necessary	necessary	ADJ
easat-9256	382	17	to	to	PART
easat-9256	382	18	align	align	VERB
easat-9256	382	19	managerial	managerial	ADJ
easat-9256	382	20	actions	action	NOUN
easat-9256	382	21	with	with	ADP
easat-9256	382	22	investor	investor	NOUN
easat-9256	382	23	expectations	expectation	NOUN
easat-9256	382	24	.	.	PUNCT
easat-9256	383	1	this	this	PRON
easat-9256	383	2	is	be	AUX
easat-9256	383	3	particularly	particularly	ADV
easat-9256	383	4	relevant	relevant	ADJ
easat-9256	383	5	in	in	ADP
easat-9256	383	6	markets	market	NOUN
easat-9256	383	7	where	where	SCONJ
easat-9256	383	8	perception	perception	NOUN
easat-9256	383	9	often	often	ADV
easat-9256	383	10	overrides	override	VERB
easat-9256	383	11	fundamentals	fundamental	NOUN
easat-9256	383	12	.	.	PUNCT
easat-9256	384	1	for	for	ADP
easat-9256	384	2	regulators	regulator	NOUN
easat-9256	384	3	and	and	CCONJ
easat-9256	384	4	capital	capital	NOUN
easat-9256	384	5	market	market	NOUN
easat-9256	384	6	authorities	authority	NOUN
easat-9256	384	7	,	,	PUNCT
easat-9256	384	8	the	the	DET
easat-9256	384	9	study	study	NOUN
easat-9256	384	10	emphasizes	emphasize	VERB
easat-9256	384	11	the	the	DET
easat-9256	384	12	importance	importance	NOUN
easat-9256	384	13	of	of	ADP
easat-9256	384	14	enhancing	enhance	VERB
easat-9256	384	15	disclosure	disclosure	NOUN
easat-9256	384	16	standards	standard	NOUN
easat-9256	384	17	.	.	PUNCT
easat-9256	385	1	specifically	specifically	ADV
easat-9256	385	2	,	,	PUNCT
easat-9256	385	3	greater	great	ADJ
easat-9256	385	4	transparency	transparency	NOUN
easat-9256	385	5	around	around	ADP
easat-9256	385	6	investment	investment	NOUN
easat-9256	385	7	policies	policy	NOUN
easat-9256	385	8	and	and	CCONJ
easat-9256	385	9	decision	decision	NOUN
easat-9256	385	10	-	-	PUNCT
easat-9256	385	11	making	make	VERB
easat-9256	385	12	rationale	rationale	NOUN
easat-9256	385	13	could	could	AUX
easat-9256	385	14	help	help	VERB
easat-9256	385	15	bridge	bridge	VERB
easat-9256	385	16	the	the	DET
easat-9256	385	17	interpretive	interpretive	ADJ
easat-9256	385	18	gap	gap	NOUN
easat-9256	385	19	between	between	ADP
easat-9256	385	20	firms	firm	NOUN
easat-9256	385	21	and	and	CCONJ
easat-9256	385	22	the	the	DET
easat-9256	385	23	market	market	NOUN
easat-9256	385	24	,	,	PUNCT
easat-9256	385	25	thereby	thereby	ADV
easat-9256	385	26	reducing	reduce	VERB
easat-9256	385	27	the	the	DET
easat-9256	385	28	impact	impact	NOUN
easat-9256	385	29	of	of	ADP
easat-9256	385	30	information	information	NOUN
easat-9256	385	31	asymmetry	asymmetry	NOUN
easat-9256	385	32	.	.	PUNCT
easat-9256	386	1	despite	despite	SCONJ
easat-9256	386	2	these	these	DET
easat-9256	386	3	contributions	contribution	NOUN
easat-9256	386	4	,	,	PUNCT
easat-9256	386	5	the	the	DET
easat-9256	386	6	study	study	NOUN
easat-9256	386	7	is	be	AUX
easat-9256	386	8	not	not	PART
easat-9256	386	9	without	without	ADP
easat-9256	386	10	limitations	limitation	NOUN
easat-9256	386	11	.	.	PUNCT
easat-9256	387	1	it	it	PRON
easat-9256	387	2	focuses	focus	VERB
easat-9256	387	3	exclusively	exclusively	ADV
easat-9256	387	4	on	on	ADP
easat-9256	387	5	nonfinancial	nonfinancial	ADJ
easat-9256	387	6	firms	firm	NOUN
easat-9256	387	7	listed	list	VERB
easat-9256	387	8	on	on	ADP
easat-9256	387	9	the	the	DET
easat-9256	387	10	indonesia	indonesia	PROPN
easat-9256	387	11	stock	stock	PROPN
easat-9256	387	12	exchange	exchange	PROPN
easat-9256	387	13	during	during	ADP
easat-9256	387	14	the	the	DET
easat-9256	387	15	period	period	NOUN
easat-9256	387	16	2016	2016	NUM
easat-9256	387	17	to	to	ADP
easat-9256	387	18	2019	2019	NUM
easat-9256	387	19	,	,	PUNCT
easat-9256	387	20	thereby	thereby	ADV
easat-9256	387	21	excluding	exclude	VERB
easat-9256	387	22	potential	potential	ADJ
easat-9256	387	23	structural	structural	ADJ
easat-9256	387	24	changes	change	NOUN
easat-9256	387	25	caused	cause	VERB
easat-9256	387	26	by	by	ADP
easat-9256	387	27	the	the	DET
easat-9256	387	28	covid-19	covid-19	PROPN
easat-9256	387	29	pandemic	pandemic	ADJ
easat-9256	387	30	and	and	CCONJ
easat-9256	387	31	omitting	omit	VERB
easat-9256	387	32	financial	financial	ADJ
easat-9256	387	33	-	-	PUNCT
easat-9256	387	34	sector	sector	NOUN
easat-9256	387	35	dynamics	dynamic	NOUN
easat-9256	387	36	that	that	PRON
easat-9256	387	37	may	may	AUX
easat-9256	387	38	behave	behave	VERB
easat-9256	387	39	differently	differently	ADV
easat-9256	387	40	under	under	ADP
easat-9256	387	41	similar	similar	ADJ
easat-9256	387	42	governance	governance	NOUN
easat-9256	387	43	mechanisms	mechanism	NOUN
easat-9256	387	44	.	.	PUNCT
easat-9256	388	1	the	the	DET
easat-9256	388	2	use	use	NOUN
easat-9256	388	3	of	of	ADP
easat-9256	388	4	the	the	DET
easat-9256	388	5	price	price	NOUN
easat-9256	388	6	-	-	PUNCT
easat-9256	388	7	toearnings	toearning	NOUN
easat-9256	388	8	ratio	ratio	NOUN
easat-9256	388	9	(	(	PUNCT
easat-9256	388	10	per	per	ADP
easat-9256	388	11	)	)	PUNCT
easat-9256	388	12	as	as	ADP
easat-9256	388	13	a	a	DET
easat-9256	388	14	proxy	proxy	NOUN
easat-9256	388	15	for	for	ADP
easat-9256	388	16	firm	firm	ADJ
easat-9256	388	17	value	value	NOUN
easat-9256	388	18	limits	limit	VERB
easat-9256	388	19	the	the	DET
easat-9256	388	20	analysis	analysis	NOUN
easat-9256	388	21	to	to	ADP
easat-9256	388	22	profitable	profitable	ADJ
easat-9256	388	23	firms	firm	NOUN
easat-9256	388	24	,	,	PUNCT
easat-9256	388	25	potentially	potentially	ADV
easat-9256	388	26	overlooking	overlook	VERB
easat-9256	388	27	value	value	NOUN
easat-9256	388	28	drivers	driver	NOUN
easat-9256	388	29	in	in	ADP
easat-9256	388	30	early	early	ADJ
easat-9256	388	31	-	-	PUNCT
easat-9256	388	32	stage	stage	NOUN
easat-9256	388	33	or	or	CCONJ
easat-9256	388	34	turnaround	turnaround	NOUN
easat-9256	388	35	companies	company	NOUN
easat-9256	388	36	.	.	PUNCT
easat-9256	389	1	additionally	additionally	ADV
easat-9256	389	2	,	,	PUNCT
easat-9256	389	3	investment	investment	NOUN
easat-9256	389	4	efficiency	efficiency	NOUN
easat-9256	389	5	was	be	AUX
easat-9256	389	6	measured	measure	VERB
easat-9256	389	7	using	use	VERB
easat-9256	389	8	the	the	DET
easat-9256	389	9	absolute	absolute	ADJ
easat-9256	389	10	deviation	deviation	NOUN
easat-9256	389	11	from	from	ADP
easat-9256	389	12	expected	expect	VERB
easat-9256	389	13	investment	investment	NOUN
easat-9256	389	14	,	,	PUNCT
easat-9256	389	15	which	which	PRON
easat-9256	389	16	does	do	AUX
easat-9256	389	17	not	not	PART
easat-9256	389	18	distinguish	distinguish	VERB
easat-9256	389	19	between	between	ADP
easat-9256	389	20	overand	overand	PROPN
easat-9256	389	21	under	under	ADP
easat-9256	389	22	-	-	PUNCT
easat-9256	389	23	investment	investment	NOUN
easat-9256	389	24	—	—	PUNCT
easat-9256	389	25	each	each	PRON
easat-9256	389	26	of	of	ADP
easat-9256	389	27	which	which	PRON
easat-9256	389	28	may	may	AUX
easat-9256	389	29	have	have	VERB
easat-9256	389	30	different	different	ADJ
easat-9256	389	31	implications	implication	NOUN
easat-9256	389	32	.	.	PUNCT
easat-9256	390	1	lastly	lastly	ADV
easat-9256	390	2	,	,	PUNCT
easat-9256	390	3	board	board	NOUN
easat-9256	390	4	diversity	diversity	NOUN
easat-9256	390	5	was	be	AUX
easat-9256	390	6	represented	represent	VERB
easat-9256	390	7	by	by	ADP
easat-9256	390	8	a	a	DET
easat-9256	390	9	composite	composite	ADJ
easat-9256	390	10	index	index	NOUN
easat-9256	390	11	.	.	PUNCT
easat-9256	391	1	while	while	SCONJ
easat-9256	391	2	this	this	PRON
easat-9256	391	3	allows	allow	VERB
easat-9256	391	4	for	for	ADP
easat-9256	391	5	comprehensive	comprehensive	ADJ
easat-9256	391	6	measurement	measurement	NOUN
easat-9256	391	7	,	,	PUNCT
easat-9256	391	8	it	it	PRON
easat-9256	391	9	may	may	AUX
easat-9256	391	10	dilute	dilute	VERB
easat-9256	391	11	the	the	DET
easat-9256	391	12	specific	specific	ADJ
easat-9256	391	13	influence	influence	NOUN
easat-9256	391	14	of	of	ADP
easat-9256	391	15	individual	individual	ADJ
easat-9256	391	16	diversity	diversity	NOUN
easat-9256	391	17	dimensions	dimension	NOUN
easat-9256	391	18	such	such	ADJ
easat-9256	391	19	as	as	ADP
easat-9256	391	20	gender	gender	NOUN
easat-9256	391	21	,	,	PUNCT
easat-9256	391	22	tenure	tenure	NOUN
easat-9256	391	23	,	,	PUNCT
easat-9256	391	24	or	or	CCONJ
easat-9256	391	25	educational	educational	ADJ
easat-9256	391	26	background	background	NOUN
easat-9256	391	27	.	.	PUNCT
easat-9256	392	1	these	these	DET
easat-9256	392	2	limitations	limitation	NOUN
easat-9256	392	3	provide	provide	VERB
easat-9256	392	4	opportunities	opportunity	NOUN
easat-9256	392	5	for	for	ADP
easat-9256	392	6	refinement	refinement	NOUN
easat-9256	392	7	and	and	CCONJ
easat-9256	392	8	extension	extension	NOUN
easat-9256	392	9	in	in	ADP
easat-9256	392	10	future	future	ADJ
easat-9256	392	11	research	research	NOUN
easat-9256	392	12	.	.	PUNCT
easat-9256	393	1	studies	study	NOUN
easat-9256	393	2	that	that	PRON
easat-9256	393	3	disaggregate	disaggregate	ADJ
easat-9256	393	4	investment	investment	NOUN
easat-9256	393	5	inefficiency	inefficiency	NOUN
easat-9256	393	6	or	or	CCONJ
easat-9256	393	7	explore	explore	VERB
easat-9256	393	8	alternative	alternative	ADJ
easat-9256	393	9	proxies	proxy	NOUN
easat-9256	393	10	for	for	ADP
easat-9256	393	11	firm	firm	ADJ
easat-9256	393	12	value	value	NOUN
easat-9256	393	13	and	and	CCONJ
easat-9256	393	14	governance	governance	NOUN
easat-9256	393	15	diversity	diversity	NOUN
easat-9256	393	16	may	may	AUX
easat-9256	393	17	yield	yield	VERB
easat-9256	393	18	deeper	deep	ADJ
easat-9256	393	19	insights	insight	NOUN
easat-9256	393	20	into	into	ADP
easat-9256	393	21	the	the	DET
easat-9256	393	22	mechanisms	mechanism	NOUN
easat-9256	393	23	uncovered	uncover	VERB
easat-9256	393	24	here	here	ADV
easat-9256	393	25	.	.	PUNCT
easat-9256	394	1	transparency	transparency	NOUN
easat-9256	394	2	:	:	PUNCT
easat-9256	394	3	the	the	DET
easat-9256	394	4	authors	author	NOUN
easat-9256	394	5	confirm	confirm	VERB
easat-9256	394	6	that	that	SCONJ
easat-9256	394	7	the	the	DET
easat-9256	394	8	manuscript	manuscript	NOUN
easat-9256	394	9	is	be	AUX
easat-9256	394	10	an	an	DET
easat-9256	394	11	honest	honest	ADJ
easat-9256	394	12	,	,	PUNCT
easat-9256	394	13	accurate	accurate	ADJ
easat-9256	394	14	,	,	PUNCT
easat-9256	394	15	and	and	CCONJ
easat-9256	394	16	transparent	transparent	ADJ
easat-9256	394	17	account	account	NOUN
easat-9256	394	18	of	of	ADP
easat-9256	394	19	the	the	DET
easat-9256	394	20	study	study	NOUN
easat-9256	394	21	;	;	PUNCT
easat-9256	394	22	that	that	SCONJ
easat-9256	394	23	no	no	DET
easat-9256	394	24	vital	vital	ADJ
easat-9256	394	25	features	feature	NOUN
easat-9256	394	26	of	of	ADP
easat-9256	394	27	the	the	DET
easat-9256	394	28	study	study	NOUN
easat-9256	394	29	have	have	AUX
easat-9256	394	30	been	be	AUX
easat-9256	394	31	omitted	omit	VERB
easat-9256	394	32	;	;	PUNCT
easat-9256	394	33	and	and	CCONJ
easat-9256	394	34	that	that	SCONJ
easat-9256	394	35	any	any	DET
easat-9256	394	36	discrepancies	discrepancy	NOUN
easat-9256	394	37	from	from	ADP
easat-9256	394	38	the	the	DET
easat-9256	394	39	study	study	NOUN
easat-9256	394	40	as	as	SCONJ
easat-9256	394	41	planned	plan	VERB
easat-9256	394	42	have	have	AUX
easat-9256	394	43	been	be	AUX
easat-9256	394	44	explained	explain	VERB
easat-9256	394	45	.	.	PUNCT
easat-9256	395	1	this	this	DET
easat-9256	395	2	study	study	NOUN
easat-9256	395	3	followed	follow	VERB
easat-9256	395	4	all	all	DET
easat-9256	395	5	ethical	ethical	ADJ
easat-9256	395	6	practices	practice	NOUN
easat-9256	395	7	during	during	ADP
easat-9256	395	8	writing	writing	NOUN
easat-9256	395	9	.	.	PUNCT
easat-9256	396	1	acknowledgments	acknowledgment	NOUN
easat-9256	396	2	:	:	PUNCT
easat-9256	396	3	the	the	DET
easat-9256	396	4	authors	author	NOUN
easat-9256	396	5	declare	declare	VERB
easat-9256	396	6	that	that	SCONJ
easat-9256	396	7	this	this	DET
easat-9256	396	8	study	study	NOUN
easat-9256	396	9	was	be	AUX
easat-9256	396	10	conducted	conduct	VERB
easat-9256	396	11	without	without	ADP
easat-9256	396	12	financial	financial	ADJ
easat-9256	396	13	or	or	CCONJ
easat-9256	396	14	institutional	institutional	ADJ
easat-9256	396	15	support	support	NOUN
easat-9256	396	16	.	.	PUNCT
easat-9256	397	1	all	all	DET
easat-9256	397	2	authors	author	NOUN
easat-9256	397	3	have	have	AUX
easat-9256	397	4	contributed	contribute	VERB
easat-9256	397	5	equally	equally	ADV
easat-9256	397	6	and	and	CCONJ
easat-9256	397	7	approved	approve	VERB
easat-9256	397	8	the	the	DET
easat-9256	397	9	final	final	ADJ
easat-9256	397	10	manuscript	manuscript	NOUN
easat-9256	397	11	for	for	ADP
easat-9256	397	12	publication	publication	NOUN
easat-9256	397	13	.	.	PUNCT
easat-9256	398	1	copyright	copyright	NOUN
easat-9256	398	2	:	:	PUNCT
easat-9256	398	3	©	©	PROPN
easat-9256	398	4	2025	2025	NUM
easat-9256	398	5	by	by	ADP
easat-9256	398	6	the	the	DET
easat-9256	398	7	authors	author	NOUN
easat-9256	398	8	.	.	PUNCT
easat-9256	399	1	this	this	DET
easat-9256	399	2	open	open	ADJ
easat-9256	399	3	-	-	PUNCT
easat-9256	399	4	access	access	NOUN
easat-9256	399	5	article	article	NOUN
easat-9256	399	6	is	be	AUX
easat-9256	399	7	distributed	distribute	VERB
easat-9256	399	8	under	under	ADP
easat-9256	399	9	the	the	DET
easat-9256	399	10	terms	term	NOUN
easat-9256	399	11	and	and	CCONJ
easat-9256	399	12	conditions	condition	NOUN
easat-9256	399	13	of	of	ADP
easat-9256	399	14	the	the	DET
easat-9256	399	15	creative	creative	ADJ
easat-9256	399	16	commons	common	NOUN
easat-9256	399	17	attribution	attribution	NOUN
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easat-9256	399	19	cc	cc	NOUN
easat-9256	399	20	by	by	ADP
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easat-9256	400	3	1	1	NUM
easat-9256	400	4	]	]	PUNCT
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easat-9256	400	10	hermawan	hermawan	NOUN
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easat-9256	400	17	social	social	ADJ
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easat-9256	400	19	,	,	PUNCT
easat-9256	400	20	firm	firm	ADJ
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easat-9256	400	24	policy	policy	NOUN
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easat-9256	400	36	indonesia	indonesia	PROPN
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easat-9256	400	38	"	"	PUNCT
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easat-9256	400	43	,	,	PUNCT
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easat-9256	400	45	and	and	CCONJ
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easat-9256	400	47	,	,	PUNCT
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easat-9256	401	2	-	-	SYM
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easat-9256	401	4	,	,	PUNCT
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easat-9256	401	6	.	.	PUNCT
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easat-9256	402	2	2	2	NUM
easat-9256	402	3	]	]	PUNCT
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easat-9256	402	27	,	,	PUNCT
easat-9256	402	28	in	in	ADP
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easat-9256	402	32	:	:	PUNCT
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easat-9256	402	36	and	and	CCONJ
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easat-9256	402	38	:	:	PUNCT
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easat-9256	403	2	3	3	X
easat-9256	403	3	]	]	X
easat-9256	403	4	b.	b.	PROPN
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easat-9256	403	8	a	a	DET
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easat-9256	403	16	and	and	CCONJ
easat-9256	403	17	firm	firm	ADJ
easat-9256	403	18	value	value	NOUN
easat-9256	403	19	,	,	PUNCT
easat-9256	403	20	"	"	PUNCT
easat-9256	403	21	managerial	managerial	ADJ
easat-9256	403	22	finance	finance	NOUN
easat-9256	403	23	,	,	PUNCT
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easat-9256	403	25	.	.	PROPN
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easat-9256	403	27	,	,	PUNCT
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easat-9256	403	29	.	.	NOUN
easat-9256	403	30	4	4	NUM
easat-9256	403	31	,	,	PUNCT
easat-9256	403	32	pp	pp	ADJ
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easat-9256	404	1	478	478	NUM
easat-9256	404	2	-	-	NUM
easat-9256	404	3	494	494	NUM
easat-9256	404	4	,	,	PUNCT
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easat-9256	404	6	.	.	PUNCT
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easat-9256	405	2	4	4	X
easat-9256	405	3	]	]	PUNCT
easat-9256	405	4	e.	e.	PROPN
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easat-9256	405	7	e.	e.	PROPN
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easat-9256	405	9	,	,	PUNCT
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easat-9256	405	22	,	,	PUNCT
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easat-9256	405	38	1	1	NUM
easat-9256	405	39	,	,	PUNCT
easat-9256	405	40	pp	pp	ADJ
easat-9256	405	41	.	.	PUNCT
easat-9256	406	1	1	1	NUM
easat-9256	406	2	-	-	SYM
easat-9256	406	3	8	8	NUM
easat-9256	406	4	,	,	PUNCT
easat-9256	406	5	2024	2024	NUM
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easat-9256	407	3	5	5	NUM
easat-9256	407	4	]	]	PUNCT
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easat-9256	407	37	pp	pp	ADJ
easat-9256	407	38	.	.	PUNCT
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easat-9256	408	2	-	-	SYM
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easat-9256	408	4	,	,	PUNCT
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easat-9256	409	2	6	6	NUM
easat-9256	409	3	]	]	PUNCT
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easat-9256	410	7	pp	pp	ADJ
easat-9256	410	8	.	.	PUNCT
easat-9256	411	1	148	148	NUM
easat-9256	411	2	-	-	SYM
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easat-9256	411	4	,	,	PUNCT
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easat-9256	411	6	.	.	PUNCT
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easat-9256	413	6	:	:	PUNCT
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easat-9256	413	8	-	-	SYM
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easat-9256	414	46	,	,	PUNCT
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easat-9256	414	49	13281347	13281347	NUM
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easat-9256	414	52	.	.	PUNCT
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easat-9256	416	3	]	]	PUNCT
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easat-9256	416	31	:	:	PUNCT
easat-9256	416	32	an	an	DET
easat-9256	416	33	international	international	ADJ
easat-9256	416	34	journal	journal	NOUN
easat-9256	416	35	,	,	PUNCT
easat-9256	416	36	vol	vol	NOUN
easat-9256	416	37	.	.	PROPN
easat-9256	416	38	2	2	NUM
easat-9256	416	39	,	,	PUNCT
easat-9256	416	40	no	no	INTJ
easat-9256	417	1	.	.	PUNCT
easat-9256	417	2	2/3	2/3	NUM
easat-9256	417	3	,	,	PUNCT
easat-9256	417	4	pp	pp	ADJ
easat-9256	417	5	.	.	PUNCT
easat-9256	418	1	19–37	19–37	NUM
easat-9256	418	2	,	,	PUNCT
easat-9256	418	3	2010	2010	NUM
easat-9256	418	4	.	.	PUNCT
easat-9256	419	1	[	[	X
easat-9256	419	2	9	9	NUM
easat-9256	419	3	]	]	PUNCT
easat-9256	419	4	m.	m.	NOUN
easat-9256	419	5	salim	salim	PROPN
easat-9256	419	6	and	and	CCONJ
easat-9256	419	7	r.	r.	PROPN
easat-9256	419	8	yadav	yadav	PROPN
easat-9256	419	9	,	,	PUNCT
easat-9256	419	10	"	"	PUNCT
easat-9256	419	11	capital	capital	NOUN
easat-9256	419	12	structure	structure	NOUN
easat-9256	419	13	and	and	CCONJ
easat-9256	419	14	firm	firm	ADJ
easat-9256	419	15	performance	performance	NOUN
easat-9256	419	16	:	:	PUNCT
easat-9256	419	17	evidence	evidence	NOUN
easat-9256	419	18	from	from	ADP
easat-9256	419	19	malaysian	malaysian	ADJ
easat-9256	419	20	listed	list	VERB
easat-9256	419	21	companies	company	NOUN
easat-9256	419	22	,	,	PUNCT
easat-9256	419	23	"	"	PUNCT
easat-9256	419	24	procedia	procedia	X
easat-9256	419	25	social	social	ADJ
easat-9256	419	26	and	and	CCONJ
easat-9256	419	27	behavioral	behavioral	ADJ
easat-9256	419	28	sciences	science	NOUN
easat-9256	419	29	,	,	PUNCT
easat-9256	419	30	vol	vol	NOUN
easat-9256	419	31	.	.	PROPN
easat-9256	419	32	65	65	NUM
easat-9256	419	33	,	,	PUNCT
easat-9256	419	34	pp	pp	ADJ
easat-9256	419	35	.	.	PUNCT
easat-9256	420	1	156	156	NUM
easat-9256	420	2	-	-	SYM
easat-9256	420	3	166	166	NUM
easat-9256	420	4	,	,	PUNCT
easat-9256	420	5	2012	2012	NUM
easat-9256	420	6	.	.	PUNCT
easat-9256	421	1	https://doi.org/10.1016/j.sbspro.2012.11.105	https://doi.org/10.1016/j.sbspro.2012.11.105	PROPN
easat-9256	421	2	[	[	X
easat-9256	421	3	10	10	NUM
easat-9256	421	4	]	]	X
easat-9256	421	5	h.	h.	PROPN
easat-9256	421	6	yousefi	yousefi	PROPN
easat-9256	421	7	,	,	PUNCT
easat-9256	421	8	k.	k.	PROPN
easat-9256	421	9	yung	yung	PROPN
easat-9256	421	10	,	,	PUNCT
easat-9256	421	11	and	and	CCONJ
easat-9256	421	12	m.	m.	NOUN
easat-9256	421	13	najand	najand	PROPN
easat-9256	421	14	,	,	PUNCT
easat-9256	421	15	"	"	PUNCT
easat-9256	421	16	from	from	ADP
easat-9256	421	17	low	low	ADJ
easat-9256	421	18	resource	resource	NOUN
easat-9256	421	19	slack	slack	NOUN
easat-9256	421	20	to	to	ADP
easat-9256	421	21	inflexibility	inflexibility	NOUN
easat-9256	421	22	:	:	PUNCT
easat-9256	421	23	the	the	DET
easat-9256	421	24	share	share	NOUN
easat-9256	421	25	price	price	NOUN
easat-9256	421	26	effect	effect	NOUN
easat-9256	421	27	of	of	ADP
easat-9256	421	28	operational	operational	ADJ
easat-9256	421	29	efficiency	efficiency	NOUN
easat-9256	421	30	,	,	PUNCT
easat-9256	421	31	"	"	PUNCT
easat-9256	421	32	international	international	ADJ
easat-9256	421	33	review	review	NOUN
easat-9256	421	34	of	of	ADP
easat-9256	421	35	financial	financial	ADJ
easat-9256	421	36	analysis	analysis	NOUN
easat-9256	421	37	,	,	PUNCT
easat-9256	421	38	vol	vol	NOUN
easat-9256	421	39	.	.	PROPN
easat-9256	421	40	90	90	NUM
easat-9256	421	41	,	,	PUNCT
easat-9256	421	42	p.	p.	NOUN
easat-9256	421	43	102927	102927	NUM
easat-9256	421	44	,	,	PUNCT
easat-9256	421	45	2023	2023	NUM
easat-9256	421	46	.	.	PUNCT
easat-9256	422	1	https://doi.org/10.1016/j.irfa.2023.102927	https://doi.org/10.1016/j.irfa.2023.102927	ADJ
easat-9256	422	2	[	[	X
easat-9256	422	3	11	11	NUM
easat-9256	422	4	]	]	X
easat-9256	422	5	e.	e.	PROPN
easat-9256	422	6	savitri	savitri	PROPN
easat-9256	422	7	,	,	PUNCT
easat-9256	422	8	t.	t.	PROPN
easat-9256	422	9	a.	a.	NOUN
easat-9256	422	10	gumanti	gumanti	PROPN
easat-9256	422	11	,	,	PUNCT
easat-9256	422	12	and	and	CCONJ
easat-9256	422	13	n.	n.	PROPN
easat-9256	422	14	yulinda	yulinda	PROPN
easat-9256	422	15	,	,	PUNCT
easat-9256	422	16	"	"	PUNCT
easat-9256	422	17	enterprise	enterprise	NOUN
easat-9256	422	18	risk	risk	NOUN
easat-9256	422	19	-	-	PUNCT
easat-9256	422	20	based	base	VERB
easat-9256	422	21	management	management	NOUN
easat-9256	422	22	disclosures	disclosure	NOUN
easat-9256	422	23	and	and	CCONJ
easat-9256	422	24	firm	firm	ADJ
easat-9256	422	25	value	value	NOUN
easat-9256	422	26	of	of	ADP
easat-9256	422	27	indonesian	indonesian	ADJ
easat-9256	422	28	finance	finance	NOUN
easat-9256	422	29	companies	company	NOUN
easat-9256	422	30	,	,	PUNCT
easat-9256	422	31	"	"	PUNCT
easat-9256	422	32	problems	problem	NOUN
easat-9256	422	33	and	and	CCONJ
easat-9256	422	34	perspectives	perspective	NOUN
easat-9256	422	35	in	in	ADP
easat-9256	422	36	management	management	NOUN
easat-9256	422	37	,	,	PUNCT
easat-9256	422	38	vol	vol	NOUN
easat-9256	422	39	.	.	PROPN
easat-9256	422	40	18	18	NUM
easat-9256	422	41	,	,	PUNCT
easat-9256	422	42	no	no	INTJ
easat-9256	422	43	.	.	NOUN
easat-9256	422	44	4	4	NUM
easat-9256	422	45	,	,	PUNCT
easat-9256	422	46	pp	pp	ADJ
easat-9256	422	47	.	.	PUNCT
easat-9256	423	1	414	414	NUM
easat-9256	423	2	-	-	SYM
easat-9256	423	3	422	422	NUM
easat-9256	423	4	,	,	PUNCT
easat-9256	423	5	2020	2020	NUM
easat-9256	423	6	.	.	PUNCT
easat-9256	424	1	http://dx.doi.org/10.21511/ppm.18(4).2020.33	http://dx.doi.org/10.21511/ppm.18(4).2020.33	PROPN
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easat-9256	425	2	12	12	NUM
easat-9256	425	3	]	]	PUNCT
easat-9256	425	4	q.	q.	PROPN
easat-9256	425	5	huang	huang	PROPN
easat-9256	425	6	and	and	CCONJ
easat-9256	425	7	m.	m.	PROPN
easat-9256	425	8	xiong	xiong	PROPN
easat-9256	425	9	,	,	PUNCT
easat-9256	425	10	"	"	PUNCT
easat-9256	425	11	does	do	AUX
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easat-9256	425	13	ability	ability	NOUN
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easat-9256	425	15	or	or	CCONJ
easat-9256	425	16	decrease	decrease	VERB
easat-9256	425	17	firm	firm	ADJ
easat-9256	425	18	value	value	NOUN
easat-9256	425	19	?	?	PUNCT
easat-9256	425	20	,	,	PUNCT
easat-9256	425	21	"	"	PUNCT
easat-9256	425	22	applied	apply	VERB
easat-9256	425	23	economics	economic	NOUN
easat-9256	425	24	letters	letter	NOUN
easat-9256	425	25	,	,	PUNCT
easat-9256	425	26	vol	vol	NOUN
easat-9256	425	27	.	.	PROPN
easat-9256	425	28	30	30	NUM
easat-9256	425	29	,	,	PUNCT
easat-9256	425	30	no	no	INTJ
easat-9256	425	31	.	.	NOUN
easat-9256	425	32	13	13	NUM
easat-9256	425	33	,	,	PUNCT
easat-9256	425	34	pp	pp	ADJ
easat-9256	425	35	.	.	PUNCT
easat-9256	426	1	1717	1717	NUM
easat-9256	426	2	-	-	SYM
easat-9256	426	3	1722	1722	NUM
easat-9256	426	4	,	,	PUNCT
easat-9256	426	5	2023	2023	NUM
easat-9256	426	6	.	.	PUNCT
easat-9256	427	1	https://doi.org/10.1080/13504851.2022.2081658	https://doi.org/10.1080/13504851.2022.2081658	PROPN
easat-9256	428	1	[	[	X
easat-9256	428	2	13	13	NUM
easat-9256	428	3	]	]	X
easat-9256	428	4	r.	r.	PROPN
easat-9256	428	5	chung	chung	PROPN
easat-9256	428	6	,	,	PUNCT
easat-9256	428	7	m.	m.	PROPN
easat-9256	428	8	firth	firth	PROPN
easat-9256	428	9	,	,	PUNCT
easat-9256	428	10	and	and	CCONJ
easat-9256	428	11	j.-b	j.-b	PROPN
easat-9256	428	12	.	.	PUNCT
easat-9256	429	1	kim	kim	PROPN
easat-9256	429	2	,	,	PUNCT
easat-9256	429	3	"	"	PUNCT
easat-9256	429	4	institutional	institutional	ADJ
easat-9256	429	5	monitoring	monitoring	NOUN
easat-9256	429	6	and	and	CCONJ
easat-9256	429	7	opportunistic	opportunistic	ADJ
easat-9256	429	8	earnings	earning	NOUN
easat-9256	429	9	management	management	NOUN
easat-9256	429	10	,	,	PUNCT
easat-9256	429	11	"	"	PUNCT
easat-9256	429	12	journal	journal	NOUN
easat-9256	429	13	of	of	ADP
easat-9256	429	14	corporate	corporate	ADJ
easat-9256	429	15	finance	finance	NOUN
easat-9256	429	16	,	,	PUNCT
easat-9256	429	17	vol	vol	NOUN
easat-9256	429	18	.	.	PROPN
easat-9256	429	19	8	8	NUM
easat-9256	429	20	,	,	PUNCT
easat-9256	429	21	no	no	INTJ
easat-9256	429	22	.	.	NOUN
easat-9256	429	23	1	1	NUM
easat-9256	429	24	,	,	PUNCT
easat-9256	429	25	pp	pp	ADJ
easat-9256	429	26	.	.	PUNCT
easat-9256	430	1	29	29	NUM
easat-9256	430	2	-	-	SYM
easat-9256	430	3	48	48	NUM
easat-9256	430	4	,	,	PUNCT
easat-9256	430	5	2002	2002	NUM
easat-9256	430	6	.	.	PUNCT
easat-9256	431	1	https://doi.org/10.1016/s0929-1199(01)00039-6	https://doi.org/10.1016/s0929-1199(01)00039-6	PROPN
easat-9256	431	2	[	[	X
easat-9256	431	3	14	14	NUM
easat-9256	431	4	]	]	X
easat-9256	431	5	e.	e.	PROPN
easat-9256	431	6	bajo	bajo	PROPN
easat-9256	431	7	,	,	PUNCT
easat-9256	431	8	e.	e.	PROPN
easat-9256	431	9	croci	croci	PROPN
easat-9256	431	10	,	,	PUNCT
easat-9256	431	11	and	and	CCONJ
easat-9256	431	12	n.	n.	PROPN
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easat-9256	431	14	,	,	PUNCT
easat-9256	431	15	"	"	PUNCT
easat-9256	431	16	institutional	institutional	ADJ
easat-9256	431	17	investor	investor	NOUN
easat-9256	431	18	networks	network	NOUN
easat-9256	431	19	and	and	CCONJ
easat-9256	431	20	firm	firm	ADJ
easat-9256	431	21	value	value	NOUN
easat-9256	431	22	,	,	PUNCT
easat-9256	431	23	"	"	PUNCT
easat-9256	431	24	journal	journal	NOUN
easat-9256	431	25	of	of	ADP
easat-9256	431	26	business	business	NOUN
easat-9256	431	27	research	research	NOUN
easat-9256	431	28	,	,	PUNCT
easat-9256	431	29	vol	vol	NOUN
easat-9256	431	30	.	.	PROPN
easat-9256	432	1	112	112	NUM
easat-9256	432	2	,	,	PUNCT
easat-9256	432	3	pp	pp	ADJ
easat-9256	432	4	.	.	PUNCT
easat-9256	433	1	65	65	NUM
easat-9256	433	2	-	-	SYM
easat-9256	433	3	80	80	NUM
easat-9256	433	4	,	,	PUNCT
easat-9256	433	5	2020	2020	NUM
easat-9256	433	6	.	.	PUNCT
easat-9256	434	1	https://doi.org/10.1016/j.jbusres.2020.02.041	https://doi.org/10.1016/j.jbusres.2020.02.041	NOUN
easat-9256	435	1	[	[	X
easat-9256	435	2	15	15	NUM
easat-9256	435	3	]	]	X
easat-9256	435	4	s.	s.	PROPN
easat-9256	435	5	rastogi	rastogi	PROPN
easat-9256	435	6	,	,	PUNCT
easat-9256	435	7	k.	k.	PROPN
easat-9256	435	8	singh	singh	PROPN
easat-9256	435	9	,	,	PUNCT
easat-9256	435	10	and	and	CCONJ
easat-9256	435	11	j.	j.	PROPN
easat-9256	435	12	kanoujiya	kanoujiya	PROPN
easat-9256	435	13	,	,	PUNCT
easat-9256	435	14	"	"	PUNCT
easat-9256	435	15	firm	firm	NOUN
easat-9256	435	16	's	's	PART
easat-9256	435	17	value	value	NOUN
easat-9256	435	18	and	and	CCONJ
easat-9256	435	19	esg	esg	NOUN
easat-9256	435	20	:	:	PUNCT
easat-9256	435	21	the	the	DET
easat-9256	435	22	moderating	moderate	VERB
easat-9256	435	23	role	role	NOUN
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easat-9256	435	25	ownership	ownership	NOUN
easat-9256	435	26	concentration	concentration	NOUN
easat-9256	435	27	and	and	CCONJ
easat-9256	435	28	corporate	corporate	ADJ
easat-9256	435	29	disclosures	disclosure	NOUN
easat-9256	435	30	,	,	PUNCT
easat-9256	435	31	"	"	PUNCT
easat-9256	435	32	asian	asian	ADJ
easat-9256	435	33	review	review	NOUN
easat-9256	435	34	of	of	ADP
easat-9256	435	35	accounting	accounting	NOUN
easat-9256	435	36	,	,	PUNCT
easat-9256	435	37	vol	vol	NOUN
easat-9256	435	38	.	.	PROPN
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easat-9256	435	40	,	,	PUNCT
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easat-9256	435	42	.	.	NOUN
easat-9256	435	43	1	1	NUM
easat-9256	435	44	,	,	PUNCT
easat-9256	435	45	pp	pp	ADJ
easat-9256	435	46	.	.	PUNCT
easat-9256	436	1	70	70	NUM
easat-9256	436	2	-	-	SYM
easat-9256	436	3	90	90	NUM
easat-9256	436	4	,	,	PUNCT
easat-9256	436	5	2023	2023	NUM
easat-9256	436	6	.	.	PUNCT
easat-9256	437	1	https://doi.org/10.1108/ara-102022-0266	https://doi.org/10.1108/ara-102022-0266	PROPN
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easat-9256	438	2	16	16	NUM
easat-9256	438	3	]	]	PUNCT
easat-9256	438	4	s.	s.	PROPN
easat-9256	438	5	döring	döring	PROPN
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easat-9256	438	7	w.	w.	PROPN
easat-9256	438	8	drobetz	drobetz	PROPN
easat-9256	438	9	,	,	PUNCT
easat-9256	438	10	s.	s.	PROPN
easat-9256	438	11	el	el	PROPN
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easat-9256	438	13	,	,	PUNCT
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easat-9256	438	15	guedhami	guedhami	NOUN
easat-9256	438	16	,	,	PUNCT
easat-9256	438	17	and	and	CCONJ
easat-9256	438	18	h.	h.	PROPN
easat-9256	438	19	schröder	schröder	PROPN
easat-9256	438	20	,	,	PUNCT
easat-9256	438	21	"	"	PUNCT
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easat-9256	438	23	investment	investment	NOUN
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easat-9256	438	32	"	"	PUNCT
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easat-9256	438	36	business	business	NOUN
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easat-9256	438	38	,	,	PUNCT
easat-9256	438	39	vol	vol	NOUN
easat-9256	438	40	.	.	PROPN
easat-9256	439	1	52	52	NUM
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easat-9256	439	5	2	2	NUM
easat-9256	439	6	,	,	PUNCT
easat-9256	439	7	pp	pp	ADJ
easat-9256	439	8	.	.	PUNCT
easat-9256	440	1	212	212	NUM
easat-9256	440	2	-	-	SYM
easat-9256	440	3	244	244	NUM
easat-9256	440	4	,	,	PUNCT
easat-9256	440	5	2021	2021	NUM
easat-9256	440	6	.	.	PUNCT
easat-9256	441	1	https://doi.org/10.1057/s41267-020-00351-9	https://doi.org/10.1057/s41267-020-00351-9	NUM
easat-9256	442	1	[	[	X
easat-9256	442	2	17	17	NUM
easat-9256	442	3	]	]	X
easat-9256	442	4	d.	d.	PROPN
easat-9256	442	5	a.	a.	PROPN
easat-9256	442	6	carter	carter	PROPN
easat-9256	442	7	,	,	PUNCT
easat-9256	442	8	b.	b.	PROPN
easat-9256	442	9	j.	j.	PROPN
easat-9256	442	10	simkins	simkins	PROPN
easat-9256	442	11	,	,	PUNCT
easat-9256	442	12	and	and	CCONJ
easat-9256	442	13	w.	w.	PROPN
easat-9256	442	14	g.	g.	PROPN
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easat-9256	442	16	,	,	PUNCT
easat-9256	442	17	"	"	PUNCT
easat-9256	442	18	corporate	corporate	ADJ
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easat-9256	442	20	,	,	PUNCT
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easat-9256	442	22	diversity	diversity	NOUN
easat-9256	442	23	,	,	PUNCT
easat-9256	442	24	and	and	CCONJ
easat-9256	442	25	firm	firm	ADJ
easat-9256	442	26	value	value	NOUN
easat-9256	442	27	,	,	PUNCT
easat-9256	442	28	"	"	PUNCT
easat-9256	442	29	financial	financial	ADJ
easat-9256	442	30	review	review	NOUN
easat-9256	442	31	,	,	PUNCT
easat-9256	442	32	vol	vol	NOUN
easat-9256	442	33	.	.	PROPN
easat-9256	442	34	38	38	NUM
easat-9256	442	35	,	,	PUNCT
easat-9256	442	36	no	no	INTJ
easat-9256	442	37	.	.	NOUN
easat-9256	442	38	1	1	NUM
easat-9256	442	39	,	,	PUNCT
easat-9256	442	40	pp	pp	ADJ
easat-9256	442	41	.	.	PUNCT
easat-9256	443	1	33	33	NUM
easat-9256	443	2	-	-	SYM
easat-9256	443	3	53	53	NUM
easat-9256	443	4	,	,	PUNCT
easat-9256	443	5	2003	2003	NUM
easat-9256	443	6	.	.	PUNCT
easat-9256	444	1	https://doi.org/10.1111/1540-6288.00034	https://doi.org/10.1111/1540-6288.00034	VERB
easat-9256	445	1	[	[	X
easat-9256	445	2	18	18	NUM
easat-9256	445	3	]	]	X
easat-9256	445	4	y.	y.	PROPN
easat-9256	445	5	liu	liu	PROPN
easat-9256	445	6	,	,	PUNCT
easat-9256	445	7	z.	z.	PROPN
easat-9256	445	8	wei	wei	PROPN
easat-9256	445	9	,	,	PUNCT
easat-9256	445	10	and	and	CCONJ
easat-9256	445	11	f.	f.	PROPN
easat-9256	445	12	xie	xie	PROPN
easat-9256	445	13	,	,	PUNCT
easat-9256	445	14	"	"	PUNCT
easat-9256	445	15	do	do	AUX
easat-9256	445	16	women	woman	NOUN
easat-9256	445	17	directors	director	NOUN
easat-9256	445	18	improve	improve	VERB
easat-9256	445	19	firm	firm	ADJ
easat-9256	445	20	performance	performance	NOUN
easat-9256	445	21	in	in	ADP
easat-9256	445	22	china	china	PROPN
easat-9256	445	23	?	?	PUNCT
easat-9256	445	24	,	,	PUNCT
easat-9256	445	25	"	"	PUNCT
easat-9256	445	26	journal	journal	NOUN
easat-9256	445	27	of	of	ADP
easat-9256	445	28	corporate	corporate	ADJ
easat-9256	445	29	finance	finance	NOUN
easat-9256	445	30	,	,	PUNCT
easat-9256	445	31	vol	vol	NOUN
easat-9256	445	32	.	.	PROPN
easat-9256	445	33	28	28	NUM
easat-9256	445	34	,	,	PUNCT
easat-9256	445	35	pp	pp	ADJ
easat-9256	445	36	.	.	PUNCT
easat-9256	446	1	169	169	NUM
easat-9256	446	2	-	-	SYM
easat-9256	446	3	184	184	NUM
easat-9256	446	4	,	,	PUNCT
easat-9256	446	5	2014	2014	NUM
easat-9256	446	6	.	.	PUNCT
easat-9256	447	1	https://doi.org/10.1016/j.jcorpfin.2013.11.016	https://doi.org/10.1016/j.jcorpfin.2013.11.016	PROPN
easat-9256	448	1	[	[	X
easat-9256	448	2	19	19	NUM
easat-9256	448	3	]	]	X
easat-9256	448	4	f.	f.	PROPN
easat-9256	448	5	rezaei	rezaei	PROPN
easat-9256	448	6	and	and	CCONJ
easat-9256	448	7	m.	m.	NOUN
easat-9256	448	8	firoozi	firoozi	NOUN
easat-9256	448	9	,	,	PUNCT
easat-9256	448	10	"	"	PUNCT
easat-9256	448	11	investigate	investigate	VERB
easat-9256	448	12	the	the	DET
easat-9256	448	13	relation	relation	NOUN
easat-9256	448	14	between	between	ADP
easat-9256	448	15	liquidity	liquidity	NOUN
easat-9256	448	16	risk	risk	NOUN
easat-9256	448	17	and	and	CCONJ
easat-9256	448	18	information	information	NOUN
easat-9256	448	19	asymmetry	asymmetry	NOUN
easat-9256	448	20	and	and	CCONJ
easat-9256	448	21	excess	excess	ADJ
easat-9256	448	22	returns	return	NOUN
easat-9256	448	23	,	,	PUNCT
easat-9256	448	24	"	"	PUNCT
easat-9256	448	25	advanced	advanced	ADJ
easat-9256	448	26	environmental	environmental	ADJ
easat-9256	448	27	biology	biology	NOUN
easat-9256	448	28	,	,	PUNCT
easat-9256	448	29	vol	vol	NOUN
easat-9256	448	30	.	.	PROPN
easat-9256	448	31	8	8	NUM
easat-9256	448	32	,	,	PUNCT
easat-9256	448	33	no	no	INTJ
easat-9256	448	34	.	.	NOUN
easat-9256	448	35	19	19	NUM
easat-9256	448	36	,	,	PUNCT
easat-9256	448	37	pp	pp	ADJ
easat-9256	448	38	.	.	PUNCT
easat-9256	449	1	186–196	186–196	NUM
easat-9256	449	2	,	,	PUNCT
easat-9256	449	3	n.d	n.d	PROPN
easat-9256	449	4	.	.	PUNCT
easat-9256	450	1	[	[	X
easat-9256	450	2	20	20	NUM
easat-9256	450	3	]	]	X
easat-9256	450	4	y.	y.	PROPN
easat-9256	450	5	fang	fang	PROPN
easat-9256	450	6	and	and	CCONJ
easat-9256	450	7	z.	z.	PROPN
easat-9256	450	8	shao	shao	PROPN
easat-9256	450	9	,	,	PUNCT
easat-9256	450	10	"	"	PUNCT
easat-9256	450	11	the	the	DET
easat-9256	450	12	influence	influence	NOUN
easat-9256	450	13	of	of	ADP
easat-9256	450	14	social	social	ADJ
easat-9256	450	15	security	security	NOUN
easat-9256	450	16	fund	fund	NOUN
easat-9256	450	17	stock	stock	NOUN
easat-9256	450	18	investment	investment	NOUN
easat-9256	450	19	on	on	ADP
easat-9256	450	20	stock	stock	NOUN
easat-9256	450	21	market	market	NOUN
easat-9256	450	22	volatility	volatility	NOUN
easat-9256	450	23	risk	risk	NOUN
easat-9256	450	24	:	:	PUNCT
easat-9256	450	25	evidence	evidence	NOUN
easat-9256	450	26	from	from	ADP
easat-9256	450	27	china	china	PROPN
easat-9256	450	28	,	,	PUNCT
easat-9256	450	29	"	"	PUNCT
easat-9256	450	30	modern	modern	ADJ
easat-9256	450	31	economic	economic	ADJ
easat-9256	450	32	science	science	NOUN
easat-9256	450	33	,	,	PUNCT
easat-9256	450	34	vol	vol	NOUN
easat-9256	450	35	.	.	PROPN
easat-9256	450	36	44	44	NUM
easat-9256	450	37	,	,	PUNCT
easat-9256	450	38	no	no	INTJ
easat-9256	450	39	.	.	NOUN
easat-9256	450	40	4	4	NUM
easat-9256	450	41	,	,	PUNCT
easat-9256	450	42	p.	p.	NOUN
easat-9256	450	43	59	59	NUM
easat-9256	450	44	,	,	PUNCT
easat-9256	450	45	2022	2022	NUM
easat-9256	450	46	.	.	PUNCT
easat-9256	451	1	[	[	X
easat-9256	451	2	21	21	NUM
easat-9256	451	3	]	]	X
easat-9256	451	4	m.	m.	NOUN
easat-9256	451	5	spence	spence	NOUN
easat-9256	451	6	,	,	PUNCT
easat-9256	451	7	"	"	PUNCT
easat-9256	451	8	job	job	NOUN
easat-9256	451	9	market	market	NOUN
easat-9256	451	10	signaling	signal	VERB
easat-9256	451	11	*	*	NOUN
easat-9256	451	12	,	,	PUNCT
easat-9256	451	13	"	"	PUNCT
easat-9256	451	14	the	the	DET
easat-9256	451	15	quarterly	quarterly	ADJ
easat-9256	451	16	journal	journal	NOUN
easat-9256	451	17	of	of	ADP
easat-9256	451	18	economics	economic	NOUN
easat-9256	451	19	,	,	PUNCT
easat-9256	451	20	vol	vol	NOUN
easat-9256	451	21	.	.	PROPN
easat-9256	451	22	87	87	NUM
easat-9256	451	23	,	,	PUNCT
easat-9256	451	24	no	no	INTJ
easat-9256	451	25	.	.	NOUN
easat-9256	451	26	3	3	NUM
easat-9256	451	27	,	,	PUNCT
easat-9256	451	28	pp	pp	ADJ
easat-9256	451	29	.	.	PUNCT
easat-9256	452	1	355	355	NUM
easat-9256	452	2	-	-	SYM
easat-9256	452	3	374	374	NUM
easat-9256	452	4	,	,	PUNCT
easat-9256	452	5	1973	1973	NUM
easat-9256	452	6	.	.	PUNCT
easat-9256	453	1	https://doi.org/10.2307/1882010	https://doi.org/10.2307/1882010	NOUN
easat-9256	454	1	[	[	X
easat-9256	454	2	22	22	NUM
easat-9256	454	3	]	]	PUNCT
easat-9256	454	4	m.	m.	NOUN
easat-9256	454	5	a.	a.	PROPN
easat-9256	454	6	rutherford	rutherford	PROPN
easat-9256	454	7	,	,	PUNCT
easat-9256	454	8	a.	a.	PROPN
easat-9256	454	9	k.	k.	PROPN
easat-9256	454	10	buchholtz	buchholtz	PROPN
easat-9256	454	11	,	,	PUNCT
easat-9256	454	12	and	and	CCONJ
easat-9256	454	13	j.	j.	PROPN
easat-9256	454	14	a.	a.	PROPN
easat-9256	454	15	brown	brown	PROPN
easat-9256	454	16	,	,	PUNCT
easat-9256	454	17	"	"	PUNCT
easat-9256	454	18	examining	examine	VERB
easat-9256	454	19	the	the	DET
easat-9256	454	20	relationships	relationship	NOUN
easat-9256	454	21	between	between	ADP
easat-9256	454	22	monitoring	monitoring	NOUN
easat-9256	454	23	and	and	CCONJ
easat-9256	454	24	incentives	incentive	NOUN
easat-9256	454	25	in	in	ADP
easat-9256	454	26	corporate	corporate	ADJ
easat-9256	454	27	governance	governance	NOUN
easat-9256	454	28	,	,	PUNCT
easat-9256	454	29	"	"	PUNCT
easat-9256	454	30	journal	journal	NOUN
easat-9256	454	31	of	of	ADP
easat-9256	454	32	management	management	NOUN
easat-9256	454	33	studies	study	NOUN
easat-9256	454	34	,	,	PUNCT
easat-9256	454	35	vol	vol	NOUN
easat-9256	454	36	.	.	PROPN
easat-9256	454	37	44	44	NUM
easat-9256	454	38	,	,	PUNCT
easat-9256	454	39	no	no	INTJ
easat-9256	454	40	.	.	NOUN
easat-9256	454	41	3	3	NUM
easat-9256	454	42	,	,	PUNCT
easat-9256	454	43	pp	pp	ADJ
easat-9256	454	44	.	.	PUNCT
easat-9256	455	1	414	414	NUM
easat-9256	455	2	-	-	SYM
easat-9256	455	3	430	430	NUM
easat-9256	455	4	,	,	PUNCT
easat-9256	455	5	2007	2007	NUM
easat-9256	455	6	.	.	PUNCT
easat-9256	456	1	https://doi.org/10.1111/j.1467-6486.2007.00683.x	https://doi.org/10.1111/j.1467-6486.2007.00683.x	X
easat-9256	457	1	[	[	X
easat-9256	457	2	23	23	NUM
easat-9256	457	3	]	]	X
easat-9256	457	4	c.	c.	PROPN
easat-9256	457	5	cardi	cardi	PROPN
easat-9256	457	6	,	,	PUNCT
easat-9256	457	7	c.	c.	PROPN
easat-9256	457	8	mazzoli	mazzoli	PROPN
easat-9256	457	9	,	,	PUNCT
easat-9256	457	10	and	and	CCONJ
easat-9256	457	11	s.	s.	PROPN
easat-9256	457	12	severini	severini	PROPN
easat-9256	457	13	,	,	PUNCT
easat-9256	457	14	"	"	PUNCT
easat-9256	457	15	friend	friend	NOUN
easat-9256	457	16	or	or	CCONJ
easat-9256	457	17	foe	foe	NOUN
easat-9256	457	18	?	?	PUNCT
easat-9256	458	1	the	the	DET
easat-9256	458	2	effect	effect	NOUN
easat-9256	458	3	of	of	ADP
easat-9256	458	4	corporate	corporate	ADJ
easat-9256	458	5	governance	governance	NOUN
easat-9256	458	6	on	on	ADP
easat-9256	458	7	intellectual	intellectual	ADJ
easat-9256	458	8	capital	capital	NOUN
easat-9256	458	9	disclosure	disclosure	NOUN
easat-9256	458	10	in	in	ADP
easat-9256	458	11	ipos	ipos	NOUN
easat-9256	458	12	,	,	PUNCT
easat-9256	458	13	"	"	PUNCT
easat-9256	458	14	international	international	ADJ
easat-9256	458	15	journal	journal	NOUN
easat-9256	458	16	of	of	ADP
easat-9256	458	17	disclosure	disclosure	NOUN
easat-9256	458	18	and	and	CCONJ
easat-9256	458	19	governance	governance	NOUN
easat-9256	458	20	,	,	PUNCT
easat-9256	458	21	vol	vol	NOUN
easat-9256	458	22	.	.	PROPN
easat-9256	458	23	15	15	NUM
easat-9256	458	24	,	,	PUNCT
easat-9256	458	25	no	no	INTJ
easat-9256	458	26	.	.	NOUN
easat-9256	458	27	1	1	NUM
easat-9256	458	28	,	,	PUNCT
easat-9256	458	29	pp	pp	ADJ
easat-9256	458	30	.	.	PUNCT
easat-9256	459	1	1	1	NUM
easat-9256	459	2	-	-	SYM
easat-9256	459	3	12	12	NUM
easat-9256	459	4	,	,	PUNCT
easat-9256	459	5	2018	2018	NUM
easat-9256	459	6	.	.	PUNCT
easat-9256	460	1	https://doi.org/10.1057/s41310-018-0031-5	https://doi.org/10.1057/s41310-018-0031-5	NUM
easat-9256	461	1	[	[	X
easat-9256	461	2	24	24	NUM
easat-9256	461	3	]	]	X
easat-9256	461	4	b.	b.	PROPN
easat-9256	461	5	sudiyatno	sudiyatno	PROPN
easat-9256	461	6	,	,	PUNCT
easat-9256	461	7	e.	e.	PROPN
easat-9256	461	8	puspitasari	puspitasari	PROPN
easat-9256	461	9	,	,	PUNCT
easat-9256	461	10	t.	t.	NOUN
easat-9256	461	11	suwarti	suwarti	NOUN
easat-9256	461	12	,	,	PUNCT
easat-9256	461	13	and	and	CCONJ
easat-9256	461	14	m.	m.	NOUN
easat-9256	461	15	m.	m.	NOUN
easat-9256	461	16	asyif	asyif	NOUN
easat-9256	461	17	,	,	PUNCT
easat-9256	461	18	"	"	PUNCT
easat-9256	461	19	determinants	determinant	NOUN
easat-9256	461	20	of	of	ADP
easat-9256	461	21	firm	firm	ADJ
easat-9256	461	22	value	value	NOUN
easat-9256	461	23	and	and	CCONJ
easat-9256	461	24	profitability	profitability	NOUN
easat-9256	461	25	:	:	PUNCT
easat-9256	461	26	evidence	evidence	NOUN
easat-9256	461	27	from	from	ADP
easat-9256	461	28	indonesia	indonesia	PROPN
easat-9256	461	29	,	,	PUNCT
easat-9256	461	30	"	"	PUNCT
easat-9256	461	31	journal	journal	NOUN
easat-9256	461	32	of	of	ADP
easat-9256	461	33	asian	asian	ADJ
easat-9256	461	34	finance	finance	NOUN
easat-9256	461	35	,	,	PUNCT
easat-9256	461	36	economics	economic	NOUN
easat-9256	461	37	and	and	CCONJ
easat-9256	461	38	business	business	NOUN
easat-9256	461	39	,	,	PUNCT
easat-9256	461	40	vol	vol	NOUN
easat-9256	461	41	.	.	PROPN
easat-9256	461	42	7	7	NUM
easat-9256	461	43	,	,	PUNCT
easat-9256	461	44	no	no	INTJ
easat-9256	461	45	.	.	NOUN
easat-9256	461	46	11	11	NUM
easat-9256	461	47	,	,	PUNCT
easat-9256	461	48	pp	pp	ADJ
easat-9256	461	49	.	.	PUNCT
easat-9256	462	1	769–778	769–778	NUM
easat-9256	462	2	,	,	PUNCT
easat-9256	462	3	2020	2020	NUM
easat-9256	462	4	.	.	PUNCT
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easat-9256	463	1	[	[	X
easat-9256	463	2	25	25	NUM
easat-9256	463	3	]	]	PUNCT
easat-9256	463	4	c.	c.	PROPN
easat-9256	463	5	sinuraya	sinuraya	PROPN
easat-9256	463	6	and	and	CCONJ
easat-9256	463	7	s.	s.	PROPN
easat-9256	463	8	mayangsari	mayangsari	PROPN
easat-9256	463	9	,	,	PUNCT
easat-9256	463	10	"	"	PUNCT
easat-9256	463	11	the	the	DET
easat-9256	463	12	effect	effect	NOUN
easat-9256	463	13	of	of	ADP
easat-9256	463	14	earnings	earning	NOUN
easat-9256	463	15	smoothing	smoothing	NOUN
easat-9256	463	16	and	and	CCONJ
easat-9256	463	17	earnings	earning	NOUN
easat-9256	463	18	informativeness	informativeness	NOUN
easat-9256	463	19	on	on	ADP
easat-9256	463	20	firm	firm	ADJ
easat-9256	463	21	value	value	NOUN
easat-9256	463	22	with	with	ADP
easat-9256	463	23	managerial	managerial	ADJ
easat-9256	463	24	ability	ability	NOUN
easat-9256	463	25	as	as	ADP
easat-9256	463	26	a	a	DET
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easat-9256	463	28	variable	variable	NOUN
easat-9256	463	29	,	,	PUNCT
easat-9256	463	30	"	"	PUNCT
easat-9256	463	31	international	international	ADJ
easat-9256	463	32	journal	journal	NOUN
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easat-9256	463	34	economics	economic	NOUN
easat-9256	463	35	and	and	CCONJ
easat-9256	463	36	financial	financial	ADJ
easat-9256	463	37	issues	issue	NOUN
easat-9256	463	38	,	,	PUNCT
easat-9256	463	39	vol	vol	NOUN
easat-9256	463	40	.	.	PROPN
easat-9256	463	41	14	14	NUM
easat-9256	463	42	,	,	PUNCT
easat-9256	463	43	no	no	INTJ
easat-9256	463	44	.	.	NOUN
easat-9256	463	45	2	2	NUM
easat-9256	463	46	,	,	PUNCT
easat-9256	463	47	pp	pp	ADJ
easat-9256	463	48	.	.	PUNCT
easat-9256	464	1	178	178	NUM
easat-9256	464	2	-	-	SYM
easat-9256	464	3	185	185	NUM
easat-9256	464	4	,	,	PUNCT
easat-9256	464	5	2024	2024	NUM
easat-9256	464	6	.	.	PUNCT
easat-9256	465	1	https://doi.org/10.32479/ijefi.15746	https://doi.org/10.32479/ijefi.15746	PRON
easat-9256	465	2	[	[	X
easat-9256	465	3	26	26	NUM
easat-9256	465	4	]	]	X
easat-9256	465	5	b.	b.	PROPN
easat-9256	465	6	l.	l.	PROPN
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easat-9256	465	8	,	,	PUNCT
easat-9256	465	9	s.	s.	PROPN
easat-9256	465	10	t.	t.	PROPN
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easat-9256	465	12	,	,	PUNCT
easat-9256	465	13	r.	r.	PROPN
easat-9256	465	14	d.	d.	PROPN
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easat-9256	465	28	and	and	CCONJ
easat-9256	465	29	assessment	assessment	NOUN
easat-9256	465	30	,	,	PUNCT
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easat-9256	466	2	,	,	PUNCT
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easat-9256	466	5	1	1	NUM
easat-9256	466	6	,	,	PUNCT
easat-9256	466	7	pp	pp	ADJ
easat-9256	466	8	.	.	PUNCT
easat-9256	467	1	39	39	NUM
easat-9256	467	2	-	-	SYM
easat-9256	467	3	67	67	NUM
easat-9256	467	4	,	,	PUNCT
easat-9256	467	5	2011	2011	NUM
easat-9256	467	6	.	.	PUNCT
easat-9256	468	1	https://doi.org/10.1177/0149206310388419	https://doi.org/10.1177/0149206310388419	X
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easat-9256	469	3	]	]	X
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easat-9256	469	6	,	,	PUNCT
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easat-9256	470	7	and	and	CCONJ
easat-9256	470	8	y.	y.	PROPN
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easat-9256	471	6	,	,	PUNCT
easat-9256	471	7	pp	pp	ADJ
easat-9256	471	8	.	.	PUNCT
easat-9256	472	1	1004	1004	NUM
easat-9256	472	2	-	-	SYM
easat-9256	472	3	1028	1028	NUM
easat-9256	472	4	,	,	PUNCT
easat-9256	472	5	2018	2018	NUM
easat-9256	472	6	.	.	PUNCT
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easat-9256	474	3	]	]	X
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easat-9256	474	9	,	,	PUNCT
easat-9256	474	10	and	and	CCONJ
easat-9256	474	11	s.	s.	PROPN
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easat-9256	474	24	,	,	PUNCT
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easat-9256	474	30	,	,	PUNCT
easat-9256	474	31	vol	vol	NOUN
easat-9256	474	32	.	.	PUNCT
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easat-9256	475	2	,	,	PUNCT
easat-9256	475	3	no	no	INTJ
easat-9256	475	4	.	.	NOUN
easat-9256	475	5	3	3	NUM
easat-9256	475	6	,	,	PUNCT
easat-9256	475	7	pp	pp	ADJ
easat-9256	475	8	.	.	PUNCT
easat-9256	476	1	588	588	NUM
easat-9256	476	2	-	-	SYM
easat-9256	476	3	612	612	NUM
easat-9256	476	4	,	,	PUNCT
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easat-9256	476	6	.	.	PUNCT
easat-9256	477	1	https://doi.org/10.1016/j.jfineco.2017.12.009	https://doi.org/10.1016/j.jfineco.2017.12.009	X
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easat-9256	478	3	]	]	PUNCT
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easat-9256	478	29	,	,	PUNCT
easat-9256	478	30	pp	pp	ADJ
easat-9256	478	31	.	.	PUNCT
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easat-9256	479	2	-	-	SYM
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easat-9256	479	6	.	.	PUNCT
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easat-9256	480	3	]	]	PUNCT
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easat-9256	480	41	,	,	PUNCT
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easat-9256	481	2	-	-	SYM
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easat-9256	481	4	,	,	PUNCT
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easat-9256	482	1	https://doi.org/10.1016/j.jcorpfin.2010.08.004	https://doi.org/10.1016/j.jcorpfin.2010.08.004	X
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easat-9256	485	2	-	-	SYM
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easat-9256	485	6	.	.	PUNCT
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easat-9256	486	11	https://doi.org/10.1057/s41267-020-00351-9	https://doi.org/10.1057/s41267-020-00351-9	NUM
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easat-9256	489	50	,	,	PUNCT
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easat-9256	489	52	.	.	PUNCT
easat-9256	490	1	https://doi.org/10.22201/fca.24488410e.2025.5185	https://doi.org/10.22201/fca.24488410e.2025.5185	NOUN
easat-9256	491	1	[	[	X
easat-9256	491	2	33	33	NUM
easat-9256	491	3	]	]	PUNCT
easat-9256	491	4	h.	h.	PROPN
easat-9256	491	5	tang	tang	PROPN
easat-9256	491	6	,	,	PUNCT
easat-9256	491	7	l.	l.	PROPN
easat-9256	491	8	xiong	xiong	PROPN
easat-9256	491	9	,	,	PUNCT
easat-9256	491	10	and	and	CCONJ
easat-9256	491	11	r.	r.	PROPN
easat-9256	491	12	peng	peng	PROPN
easat-9256	491	13	,	,	PUNCT
easat-9256	491	14	"	"	PUNCT
easat-9256	491	15	the	the	DET
easat-9256	491	16	mediating	mediate	VERB
easat-9256	491	17	role	role	NOUN
easat-9256	491	18	of	of	ADP
easat-9256	491	19	investor	investor	NOUN
easat-9256	491	20	confidence	confidence	NOUN
easat-9256	491	21	on	on	ADP
easat-9256	491	22	esg	esg	NOUN
easat-9256	491	23	performance	performance	NOUN
easat-9256	491	24	and	and	CCONJ
easat-9256	491	25	firm	firm	ADJ
easat-9256	491	26	value	value	NOUN
easat-9256	491	27	:	:	PUNCT
easat-9256	491	28	evidence	evidence	NOUN
easat-9256	491	29	from	from	ADP
easat-9256	491	30	chinese	chinese	ADJ
easat-9256	491	31	listed	list	VERB
easat-9256	491	32	firms	firm	NOUN
easat-9256	491	33	,	,	PUNCT
easat-9256	491	34	"	"	PUNCT
easat-9256	491	35	finance	finance	NOUN
easat-9256	491	36	research	research	NOUN
easat-9256	491	37	letters	letter	NOUN
easat-9256	491	38	,	,	PUNCT
easat-9256	491	39	vol	vol	NOUN
easat-9256	491	40	.	.	PROPN
easat-9256	491	41	61	61	NUM
easat-9256	491	42	,	,	PUNCT
easat-9256	491	43	p.	p.	NOUN
easat-9256	491	44	104988	104988	NUM
easat-9256	491	45	,	,	PUNCT
easat-9256	491	46	2024	2024	NUM
easat-9256	491	47	.	.	PUNCT
easat-9256	492	1	https://doi.org/10.1016/j.frl.2024.104988	https://doi.org/10.1016/j.frl.2024.104988	PUNCT
easat-9256	492	2	[	[	X
easat-9256	492	3	34	34	NUM
easat-9256	492	4	]	]	X
easat-9256	492	5	n.	n.	NOUN
easat-9256	492	6	susilowati	susilowati	PROPN
easat-9256	492	7	,	,	PUNCT
easat-9256	492	8	s.	s.	PROPN
easat-9256	492	9	ridloah	ridloah	PROPN
easat-9256	492	10	,	,	PUNCT
easat-9256	492	11	r.	r.	PROPN
easat-9256	492	12	lestari	lestari	PROPN
easat-9256	492	13	,	,	PUNCT
easat-9256	492	14	and	and	CCONJ
easat-9256	492	15	a.	a.	NOUN
easat-9256	492	16	herdiana	herdiana	PROPN
easat-9256	492	17	,	,	PUNCT
easat-9256	492	18	"	"	PUNCT
easat-9256	492	19	how	how	SCONJ
easat-9256	492	20	do	do	AUX
easat-9256	492	21	three	three	NUM
easat-9256	492	22	financial	financial	ADJ
easat-9256	492	23	analysis	analysis	NOUN
easat-9256	492	24	pillars	pillar	NOUN
easat-9256	492	25	and	and	CCONJ
easat-9256	492	26	investment	investment	NOUN
easat-9256	492	27	policies	policy	NOUN
easat-9256	492	28	define	define	VERB
easat-9256	492	29	the	the	DET
easat-9256	492	30	firm	firm	ADJ
easat-9256	492	31	value	value	NOUN
easat-9256	492	32	in	in	ADP
easat-9256	492	33	the	the	DET
easat-9256	492	34	basic	basic	ADJ
easat-9256	492	35	industry	industry	NOUN
easat-9256	492	36	and	and	CCONJ
easat-9256	492	37	chemical	chemical	NOUN
easat-9256	492	38	sector	sector	NOUN
easat-9256	492	39	?	?	PUNCT
easat-9256	492	40	,	,	PUNCT
easat-9256	492	41	"	"	PUNCT
easat-9256	492	42	academic	academic	ADJ
easat-9256	492	43	strategic	strategic	ADJ
easat-9256	492	44	management	management	NOUN
easat-9256	492	45	journal	journal	NOUN
easat-9256	492	46	,	,	PUNCT
easat-9256	492	47	vol	vol	NOUN
easat-9256	492	48	.	.	PROPN
easat-9256	492	49	20	20	NUM
easat-9256	492	50	,	,	PUNCT
easat-9256	492	51	no	no	INTJ
easat-9256	492	52	.	.	NOUN
easat-9256	492	53	3	3	NUM
easat-9256	492	54	,	,	PUNCT
easat-9256	492	55	pp	pp	PROPN
easat-9256	492	56	.	.	PUNCT
easat-9256	493	1	1–12	1–12	NOUN
easat-9256	493	2	,	,	PUNCT
easat-9256	493	3	2021	2021	NUM
easat-9256	493	4	.	.	PUNCT
easat-9256	494	1	[	[	X
easat-9256	494	2	35	35	NUM
easat-9256	494	3	]	]	PUNCT
easat-9256	494	4	m.	m.	NOUN
easat-9256	494	5	neldi	neldi	PROPN
easat-9256	494	6	,	,	PUNCT
easat-9256	494	7	h.	h.	PROPN
easat-9256	494	8	hady	hady	PROPN
easat-9256	494	9	,	,	PUNCT
easat-9256	494	10	elfiswandi	elfiswandi	ADJ
easat-9256	494	11	,	,	PUNCT
easat-9256	494	12	and	and	CCONJ
easat-9256	494	13	lusiana	lusiana	PROPN
easat-9256	494	14	,	,	PUNCT
easat-9256	494	15	"	"	PUNCT
easat-9256	494	16	the	the	DET
easat-9256	494	17	determinants	determinant	NOUN
easat-9256	494	18	of	of	ADP
easat-9256	494	19	price	price	NOUN
easat-9256	494	20	earning	earning	NOUN
easat-9256	494	21	ratio	ratio	NOUN
easat-9256	494	22	:	:	PUNCT
easat-9256	494	23	evidence	evidence	NOUN
easat-9256	494	24	from	from	ADP
easat-9256	494	25	indonesia	indonesia	PROPN
easat-9256	494	26	,	,	PUNCT
easat-9256	494	27	"	"	PUNCT
easat-9256	494	28	international	international	ADJ
easat-9256	494	29	journal	journal	NOUN
easat-9256	494	30	of	of	ADP
easat-9256	494	31	professional	professional	PROPN
easat-9256	494	32	business	business	PROPN
easat-9256	494	33	review	review	PROPN
easat-9256	494	34	,	,	PUNCT
easat-9256	494	35	vol	vol	NOUN
easat-9256	494	36	.	.	PROPN
easat-9256	494	37	8	8	NUM
easat-9256	494	38	,	,	PUNCT
easat-9256	494	39	no	no	INTJ
easat-9256	494	40	.	.	NOUN
easat-9256	494	41	8	8	NUM
easat-9256	494	42	,	,	PUNCT
easat-9256	494	43	p.	p.	NOUN
easat-9256	494	44	article	article	NOUN
easat-9256	494	45	e03373	e03373	PROPN
easat-9256	494	46	,	,	PUNCT
easat-9256	494	47	2023	2023	NUM
easat-9256	494	48	.	.	PUNCT
easat-9256	495	1	[	[	X
easat-9256	495	2	36	36	NUM
easat-9256	495	3	]	]	PUNCT
easat-9256	495	4	m.	m.	PROPN
easat-9256	495	5	c.	c.	PROPN
easat-9256	495	6	jensen	jensen	PROPN
easat-9256	495	7	and	and	CCONJ
easat-9256	495	8	w.	w.	PROPN
easat-9256	495	9	h.	h.	PROPN
easat-9256	495	10	meckling	meckling	PROPN
easat-9256	495	11	,	,	PUNCT
easat-9256	495	12	"	"	PUNCT
easat-9256	495	13	theory	theory	NOUN
easat-9256	495	14	of	of	ADP
easat-9256	495	15	the	the	DET
easat-9256	495	16	firm	firm	NOUN
easat-9256	495	17	:	:	PUNCT
easat-9256	495	18	managerial	managerial	ADJ
easat-9256	495	19	behavior	behavior	NOUN
easat-9256	495	20	,	,	PUNCT
easat-9256	495	21	agency	agency	NOUN
easat-9256	495	22	costs	cost	NOUN
easat-9256	495	23	and	and	CCONJ
easat-9256	495	24	ownership	ownership	NOUN
easat-9256	495	25	structure	structure	NOUN
easat-9256	495	26	,	,	PUNCT
easat-9256	495	27	"	"	PUNCT
easat-9256	495	28	journal	journal	NOUN
easat-9256	495	29	of	of	ADP
easat-9256	495	30	financial	financial	ADJ
easat-9256	495	31	economics	economic	NOUN
easat-9256	495	32	,	,	PUNCT
easat-9256	495	33	vol	vol	NOUN
easat-9256	495	34	.	.	PROPN
easat-9256	495	35	3	3	NUM
easat-9256	495	36	,	,	PUNCT
easat-9256	495	37	no	no	INTJ
easat-9256	495	38	.	.	NOUN
easat-9256	495	39	4	4	NUM
easat-9256	495	40	,	,	PUNCT
easat-9256	495	41	pp	pp	ADJ
easat-9256	495	42	.	.	PUNCT
easat-9256	496	1	305	305	NUM
easat-9256	496	2	-	-	SYM
easat-9256	496	3	360	360	NUM
easat-9256	496	4	,	,	PUNCT
easat-9256	496	5	1976	1976	NUM
easat-9256	496	6	.	.	PUNCT
easat-9256	497	1	https://doi.org/10.1016/0304-405x(76)90026-x	https://doi.org/10.1016/0304-405x(76)90026-x	PROPN
easat-9256	497	2	[	[	X
easat-9256	497	3	37	37	NUM
easat-9256	497	4	]	]	PUNCT
easat-9256	497	5	s.	s.	PROPN
easat-9256	497	6	m.	m.	PROPN
easat-9256	497	7	avdalovic	avdalovic	PROPN
easat-9256	497	8	and	and	CCONJ
easat-9256	497	9	i.	i.	PROPN
easat-9256	497	10	milenković	milenković	PROPN
easat-9256	497	11	,	,	PUNCT
easat-9256	497	12	"	"	PUNCT
easat-9256	497	13	impact	impact	NOUN
easat-9256	497	14	of	of	ADP
easat-9256	497	15	company	company	NOUN
easat-9256	497	16	performances	performance	NOUN
easat-9256	497	17	on	on	ADP
easat-9256	497	18	the	the	DET
easat-9256	497	19	stock	stock	NOUN
easat-9256	497	20	price	price	NOUN
easat-9256	497	21	:	:	PUNCT
easat-9256	497	22	an	an	DET
easat-9256	497	23	empirical	empirical	ADJ
easat-9256	497	24	analysis	analysis	NOUN
easat-9256	497	25	on	on	ADP
easat-9256	497	26	select	select	ADJ
easat-9256	497	27	companies	company	NOUN
easat-9256	497	28	in	in	ADP
easat-9256	497	29	serbia	serbia	PROPN
easat-9256	497	30	,	,	PUNCT
easat-9256	497	31	"	"	PUNCT
easat-9256	497	32	ekonomika	ekonomika	X
easat-9256	497	33	poljoprivrede	poljoprivrede	NOUN
easat-9256	497	34	,	,	PUNCT
easat-9256	497	35	vol	vol	NOUN
easat-9256	497	36	.	.	PROPN
easat-9256	497	37	64	64	NUM
easat-9256	497	38	,	,	PUNCT
easat-9256	497	39	no	no	INTJ
easat-9256	497	40	.	.	NOUN
easat-9256	497	41	2	2	NUM
easat-9256	497	42	,	,	PUNCT
easat-9256	497	43	pp	pp	ADJ
easat-9256	497	44	.	.	PUNCT
easat-9256	498	1	561	561	NUM
easat-9256	498	2	-	-	SYM
easat-9256	498	3	570	570	NUM
easat-9256	498	4	,	,	PUNCT
easat-9256	498	5	2017	2017	NUM
easat-9256	498	6	.	.	PUNCT
easat-9256	499	1	https://doi.org/10.5937/ekopolj1702561	https://doi.org/10.5937/ekopolj1702561	PROPN
easat-9256	499	2	m	m	PROPN
easat-9256	500	1	[	[	X
easat-9256	500	2	38	38	NUM
easat-9256	500	3	]	]	PUNCT
easat-9256	500	4	a.	a.	NOUN
easat-9256	500	5	pudji	pudji	PROPN
easat-9256	500	6	,	,	PUNCT
easat-9256	500	7	"	"	PUNCT
easat-9256	500	8	the	the	DET
easat-9256	500	9	influence	influence	NOUN
easat-9256	500	10	of	of	ADP
easat-9256	500	11	fundamental	fundamental	ADJ
easat-9256	500	12	factors	factor	NOUN
easat-9256	500	13	and	and	CCONJ
easat-9256	500	14	systematic	systematic	ADJ
easat-9256	500	15	risk	risk	NOUN
easat-9256	500	16	to	to	ADP
easat-9256	500	17	stock	stock	NOUN
easat-9256	500	18	prices	price	NOUN
easat-9256	500	19	on	on	ADP
easat-9256	500	20	companies	company	NOUN
easat-9256	500	21	listed	list	VERB
easat-9256	500	22	in	in	ADP
easat-9256	500	23	the	the	DET
easat-9256	500	24	indonesian	indonesian	ADJ
easat-9256	500	25	stock	stock	PROPN
easat-9256	500	26	exchange	exchange	PROPN
easat-9256	500	27	.	.	PUNCT
easat-9256	501	1	university	university	NOUN
easat-9256	501	2	of	of	ADP
easat-9256	501	3	malta	malta	PROPN
easat-9256	501	4	open	open	ADJ
easat-9256	501	5	access	access	NOUN
easat-9256	501	6	repository	repository	NOUN
easat-9256	501	7	,	,	PUNCT
easat-9256	501	8	"	"	PUNCT
easat-9256	501	9	2017	2017	NUM
easat-9256	501	10	.	.	PUNCT
easat-9256	502	1	https://www.um.edu.mt/library/oar/handle/123456789/32620	https://www.um.edu.mt/library/oar/handle/123456789/32620	NOUN
easat-9256	503	1	[	[	X
easat-9256	503	2	39	39	NUM
easat-9256	503	3	]	]	PUNCT
easat-9256	503	4	j.	j.	PROPN
easat-9256	503	5	du	du	PROPN
easat-9256	503	6	,	,	PUNCT
easat-9256	503	7	f.	f.	PROPN
easat-9256	503	8	wu	wu	PROPN
easat-9256	503	9	,	,	PUNCT
easat-9256	503	10	and	and	CCONJ
easat-9256	503	11	x.	x.	NOUN
easat-9256	503	12	liang	liang	PROPN
easat-9256	503	13	,	,	PUNCT
easat-9256	503	14	"	"	PUNCT
easat-9256	503	15	corporate	corporate	ADJ
easat-9256	503	16	liquidity	liquidity	NOUN
easat-9256	503	17	and	and	CCONJ
easat-9256	503	18	firm	firm	ADJ
easat-9256	503	19	value	value	NOUN
easat-9256	503	20	:	:	PUNCT
easat-9256	503	21	evidence	evidence	NOUN
easat-9256	503	22	from	from	ADP
easat-9256	503	23	china	china	PROPN
easat-9256	503	24	’s	’s	PART
easat-9256	503	25	listed	list	VERB
easat-9256	503	26	firms	firm	NOUN
easat-9256	503	27	,	,	PUNCT
easat-9256	503	28	"	"	PUNCT
easat-9256	503	29	shs	shs	NOUN
easat-9256	503	30	web	web	NOUN
easat-9256	503	31	of	of	ADP
easat-9256	503	32	conferences	conference	NOUN
easat-9256	503	33	,	,	PUNCT
easat-9256	503	34	vol	vol	NOUN
easat-9256	503	35	.	.	PROPN
easat-9256	503	36	24	24	NUM
easat-9256	503	37	,	,	PUNCT
easat-9256	503	38	p.	p.	NOUN
easat-9256	503	39	article	article	NOUN
easat-9256	503	40	01013	01013	NUM
easat-9256	503	41	,	,	PUNCT
easat-9256	503	42	2016	2016	NUM
easat-9256	503	43	.	.	PUNCT
easat-9256	504	1	https://doi.org/10.1051/shsconf/20162401013	https://doi.org/10.1051/shsconf/20162401013	PROPN
easat-9256	505	1	[	[	X
easat-9256	505	2	40	40	NUM
easat-9256	505	3	]	]	X
easat-9256	505	4	y.	y.	PROPN
easat-9256	505	5	ni	ni	PROPN
easat-9256	505	6	,	,	PUNCT
easat-9256	505	7	p.	p.	PROPN
easat-9256	505	8	huang	huang	PROPN
easat-9256	505	9	,	,	PUNCT
easat-9256	505	10	p.	p.	PROPN
easat-9256	505	11	chiang	chiang	PROPN
easat-9256	505	12	,	,	PUNCT
easat-9256	505	13	and	and	CCONJ
easat-9256	505	14	y.	y.	PROPN
easat-9256	505	15	liao	liao	PROPN
easat-9256	505	16	,	,	PUNCT
easat-9256	505	17	"	"	PUNCT
easat-9256	505	18	cash	cash	NOUN
easat-9256	505	19	flow	flow	NOUN
easat-9256	505	20	statements	statement	NOUN
easat-9256	505	21	and	and	CCONJ
easat-9256	505	22	firm	firm	ADJ
easat-9256	505	23	value	value	NOUN
easat-9256	505	24	:	:	PUNCT
easat-9256	505	25	evidence	evidence	NOUN
easat-9256	505	26	from	from	ADP
easat-9256	505	27	taiwan	taiwan	PROPN
easat-9256	505	28	,	,	PUNCT
easat-9256	505	29	"	"	PUNCT
easat-9256	505	30	the	the	DET
easat-9256	505	31	quarterly	quarterly	ADJ
easat-9256	505	32	review	review	NOUN
easat-9256	505	33	of	of	ADP
easat-9256	505	34	economics	economic	NOUN
easat-9256	505	35	and	and	CCONJ
easat-9256	505	36	finance	finance	NOUN
easat-9256	505	37	,	,	PUNCT
easat-9256	505	38	vol	vol	NOUN
easat-9256	505	39	.	.	PROPN
easat-9256	505	40	71	71	NUM
easat-9256	505	41	,	,	PUNCT
easat-9256	505	42	pp	pp	ADJ
easat-9256	505	43	.	.	PUNCT
easat-9256	506	1	280	280	NUM
easat-9256	506	2	-	-	SYM
easat-9256	506	3	290	290	NUM
easat-9256	506	4	,	,	PUNCT
easat-9256	506	5	2019	2019	NUM
easat-9256	506	6	.	.	PUNCT
easat-9256	507	1	https://doi.org/10.1016/j.qref.2018.09.004	https://doi.org/10.1016/j.qref.2018.09.004	VERB
easat-9256	507	2	[	[	X
easat-9256	507	3	41	41	NUM
easat-9256	507	4	]	]	PUNCT
easat-9256	507	5	a.	a.	NOUN
easat-9256	507	6	husna	husna	PROPN
easat-9256	507	7	and	and	CCONJ
easat-9256	507	8	i.	i.	PROPN
easat-9256	507	9	satria	satria	PROPN
easat-9256	507	10	,	,	PUNCT
easat-9256	507	11	"	"	PUNCT
easat-9256	507	12	effects	effect	NOUN
easat-9256	507	13	of	of	ADP
easat-9256	507	14	return	return	NOUN
easat-9256	507	15	on	on	ADP
easat-9256	507	16	asset	asset	NOUN
easat-9256	507	17	,	,	PUNCT
easat-9256	507	18	debt	debt	NOUN
easat-9256	507	19	to	to	ADP
easat-9256	507	20	asset	asset	NOUN
easat-9256	507	21	ratio	ratio	NOUN
easat-9256	507	22	,	,	PUNCT
easat-9256	507	23	current	current	ADJ
easat-9256	507	24	ratio	ratio	NOUN
easat-9256	507	25	,	,	PUNCT
easat-9256	507	26	firm	firm	ADJ
easat-9256	507	27	size	size	NOUN
easat-9256	507	28	,	,	PUNCT
easat-9256	507	29	and	and	CCONJ
easat-9256	507	30	dividend	dividend	VERB
easat-9256	507	31	payout	payout	ADJ
easat-9256	507	32	ratio	ratio	NOUN
easat-9256	507	33	on	on	ADP
easat-9256	507	34	firm	firm	ADJ
easat-9256	507	35	value	value	NOUN
easat-9256	507	36	,	,	PUNCT
easat-9256	507	37	"	"	PUNCT
easat-9256	507	38	international	international	ADJ
easat-9256	507	39	journal	journal	NOUN
easat-9256	507	40	of	of	ADP
easat-9256	507	41	economics	economic	NOUN
easat-9256	507	42	and	and	CCONJ
easat-9256	507	43	financial	financial	ADJ
easat-9256	507	44	issues	issue	NOUN
easat-9256	507	45	,	,	PUNCT
easat-9256	507	46	vol	vol	NOUN
easat-9256	507	47	.	.	PROPN
easat-9256	508	1	9	9	NUM
easat-9256	508	2	,	,	PUNCT
easat-9256	508	3	no	no	INTJ
easat-9256	508	4	.	.	NOUN
easat-9256	508	5	5	5	NUM
easat-9256	508	6	,	,	PUNCT
easat-9256	508	7	pp	pp	ADJ
easat-9256	508	8	.	.	PUNCT
easat-9256	509	1	50	50	NUM
easat-9256	509	2	-	-	SYM
easat-9256	509	3	54	54	NUM
easat-9256	509	4	,	,	PUNCT
easat-9256	509	5	2019	2019	NUM
easat-9256	509	6	.	.	PUNCT
easat-9256	510	1	https://doi.org/10.32479/ijefi.8595	https://doi.org/10.32479/ijefi.8595	NOUN
easat-9256	511	1	[	[	X
easat-9256	511	2	42	42	NUM
easat-9256	511	3	]	]	X
easat-9256	511	4	e.	e.	PROPN
easat-9256	511	5	brigham	brigham	PROPN
easat-9256	511	6	and	and	CCONJ
easat-9256	511	7	p.	p.	PROPN
easat-9256	511	8	daves	dave	NOUN
easat-9256	511	9	,	,	PUNCT
easat-9256	511	10	intermediate	intermediate	ADJ
easat-9256	511	11	financial	financial	ADJ
easat-9256	511	12	management	management	NOUN
easat-9256	511	13	.	.	PUNCT
easat-9256	512	1	boston	boston	PROPN
easat-9256	512	2	,	,	PUNCT
easat-9256	512	3	ma	ma	PROPN
easat-9256	512	4	:	:	PUNCT
easat-9256	512	5	cengage	cengage	PROPN
easat-9256	512	6	learning	learning	PROPN
easat-9256	512	7	,	,	PUNCT
easat-9256	512	8	2019	2019	NUM
easat-9256	512	9	.	.	PUNCT
easat-9256	513	1	[	[	X
easat-9256	513	2	43	43	NUM
easat-9256	513	3	]	]	X
easat-9256	513	4	h.	h.	PROPN
easat-9256	513	5	d.	d.	PROPN
easat-9256	513	6	park	park	PROPN
easat-9256	513	7	and	and	CCONJ
easat-9256	513	8	p.	p.	PROPN
easat-9256	513	9	c.	c.	PROPN
easat-9256	513	10	patel	patel	PROPN
easat-9256	513	11	,	,	PUNCT
easat-9256	513	12	"	"	PUNCT
easat-9256	513	13	how	how	SCONJ
easat-9256	513	14	does	do	AUX
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easat-9256	513	16	influence	influence	VERB
easat-9256	513	17	ipo	ipo	NOUN
easat-9256	513	18	underpricing	underpricing	NOUN
easat-9256	513	19	?	?	PUNCT
easat-9256	514	1	the	the	DET
easat-9256	514	2	role	role	NOUN
easat-9256	514	3	of	of	ADP
easat-9256	514	4	the	the	DET
easat-9256	514	5	signalling	signal	VERB
easat-9256	514	6	environment	environment	NOUN
easat-9256	514	7	,	,	PUNCT
easat-9256	514	8	"	"	PUNCT
easat-9256	514	9	journal	journal	NOUN
easat-9256	514	10	of	of	ADP
easat-9256	514	11	management	management	NOUN
easat-9256	514	12	studies	study	NOUN
easat-9256	514	13	,	,	PUNCT
easat-9256	514	14	vol	vol	NOUN
easat-9256	514	15	.	.	PROPN
easat-9256	514	16	52	52	NUM
easat-9256	514	17	,	,	PUNCT
easat-9256	514	18	no	no	INTJ
easat-9256	514	19	.	.	NOUN
easat-9256	514	20	6	6	NUM
easat-9256	514	21	,	,	PUNCT
easat-9256	514	22	pp	pp	ADJ
easat-9256	514	23	.	.	PUNCT
easat-9256	515	1	796	796	NUM
easat-9256	515	2	-	-	SYM
easat-9256	515	3	818	818	NUM
easat-9256	515	4	,	,	PUNCT
easat-9256	515	5	2015	2015	NUM
easat-9256	515	6	.	.	PUNCT
easat-9256	515	7	https://doi.org/10.1111/joms.12132	https://doi.org/10.1111/joms.12132	X
easat-9256	516	1	[	[	X
easat-9256	516	2	44	44	NUM
easat-9256	516	3	]	]	X
easat-9256	516	4	y.	y.	PROPN
easat-9256	516	5	efni	efni	PROPN
easat-9256	516	6	,	,	PUNCT
easat-9256	516	7	"	"	PUNCT
easat-9256	516	8	the	the	DET
easat-9256	516	9	mediating	mediate	VERB
easat-9256	516	10	effect	effect	NOUN
easat-9256	516	11	of	of	ADP
easat-9256	516	12	investment	investment	NOUN
easat-9256	516	13	decisions	decision	NOUN
easat-9256	516	14	and	and	CCONJ
easat-9256	516	15	financing	financing	NOUN
easat-9256	516	16	decisions	decision	NOUN
easat-9256	516	17	on	on	ADP
easat-9256	516	18	the	the	DET
easat-9256	516	19	effect	effect	NOUN
easat-9256	516	20	of	of	ADP
easat-9256	516	21	corporate	corporate	ADJ
easat-9256	516	22	risk	risk	NOUN
easat-9256	516	23	and	and	CCONJ
easat-9256	516	24	dividend	dividend	NOUN
easat-9256	516	25	policy	policy	NOUN
easat-9256	516	26	against	against	ADP
easat-9256	516	27	corporate	corporate	ADJ
easat-9256	516	28	value	value	NOUN
easat-9256	516	29	,	,	PUNCT
easat-9256	516	30	"	"	PUNCT
easat-9256	516	31	journal	journal	NOUN
easat-9256	516	32	of	of	ADP
easat-9256	516	33	advanced	advanced	ADJ
easat-9256	516	34	research	research	NOUN
easat-9256	516	35	in	in	ADP
easat-9256	516	36	law	law	NOUN
easat-9256	516	37	and	and	CCONJ
easat-9256	516	38	economics	economic	NOUN
easat-9256	516	39	,	,	PUNCT
easat-9256	516	40	vol	vol	NOUN
easat-9256	516	41	.	.	PROPN
easat-9256	516	42	8	8	NUM
easat-9256	516	43	,	,	PUNCT
easat-9256	516	44	no	no	INTJ
easat-9256	516	45	.	.	NOUN
easat-9256	516	46	23	23	NUM
easat-9256	516	47	,	,	PUNCT
easat-9256	516	48	pp	pp	ADJ
easat-9256	516	49	.	.	PUNCT
easat-9256	517	1	40	40	NUM
easat-9256	517	2	-	-	SYM
easat-9256	517	3	51	51	NUM
easat-9256	517	4	,	,	PUNCT
easat-9256	517	5	2017	2017	NUM
easat-9256	517	6	.	.	PUNCT
easat-9256	518	1	[	[	X
easat-9256	518	2	45	45	NUM
easat-9256	518	3	]	]	X
easat-9256	518	4	n.	n.	PROPN
easat-9256	518	5	l.	l.	PROPN
easat-9256	518	6	p.	p.	PROPN
easat-9256	518	7	wiagustini	wiagustini	PROPN
easat-9256	518	8	and	and	CCONJ
easat-9256	518	9	n.	n.	PROPN
easat-9256	518	10	p.	p.	NOUN
easat-9256	518	11	pertamawati	pertamawati	NOUN
easat-9256	518	12	,	,	PUNCT
easat-9256	518	13	"	"	PUNCT
easat-9256	518	14	the	the	DET
easat-9256	518	15	influence	influence	NOUN
easat-9256	518	16	of	of	ADP
easat-9256	518	17	business	business	NOUN
easat-9256	518	18	risk	risk	NOUN
easat-9256	518	19	and	and	CCONJ
easat-9256	518	20	firm	firm	ADJ
easat-9256	518	21	size	size	NOUN
easat-9256	518	22	on	on	ADP
easat-9256	518	23	capital	capital	NOUN
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easat-9256	518	25	and	and	CCONJ
easat-9256	518	26	firm	firm	ADJ
easat-9256	518	27	value	value	NOUN
easat-9256	518	28	:	:	PUNCT
easat-9256	518	29	evidence	evidence	NOUN
easat-9256	518	30	from	from	ADP
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easat-9256	518	32	companies	company	NOUN
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easat-9256	518	34	on	on	ADP
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easat-9256	518	36	indonesia	indonesia	PROPN
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easat-9256	518	39	,	,	PUNCT
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easat-9256	518	41	matrik	matrik	NOUN
easat-9256	518	42	:	:	PUNCT
easat-9256	518	43	journal	journal	NOUN
easat-9256	518	44	of	of	ADP
easat-9256	518	45	management	management	NOUN
easat-9256	518	46	,	,	PUNCT
easat-9256	518	47	business	business	NOUN
easat-9256	518	48	strategy	strategy	NOUN
easat-9256	518	49	,	,	PUNCT
easat-9256	518	50	and	and	CCONJ
easat-9256	518	51	entrepreneurship	entrepreneurship	NOUN
easat-9256	518	52	,	,	PUNCT
easat-9256	518	53	vol	vol	NOUN
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easat-9256	519	1	9	9	NUM
easat-9256	519	2	,	,	PUNCT
easat-9256	519	3	no	no	INTJ
easat-9256	519	4	.	.	NOUN
easat-9256	519	5	2	2	NUM
easat-9256	519	6	,	,	PUNCT
easat-9256	519	7	pp	pp	ADJ
easat-9256	519	8	.	.	PUNCT
easat-9256	520	1	112	112	NUM
easat-9256	520	2	-	-	SYM
easat-9256	520	3	122	122	NUM
easat-9256	520	4	,	,	PUNCT
easat-9256	520	5	2015	2015	NUM
easat-9256	520	6	.	.	PUNCT
easat-9256	521	1	[	[	X
easat-9256	521	2	46	46	NUM
easat-9256	521	3	]	]	X
easat-9256	521	4	m.	m.	NOUN
easat-9256	521	5	kahl	kahl	PROPN
easat-9256	521	6	,	,	PUNCT
easat-9256	521	7	j.	j.	PROPN
easat-9256	521	8	lunn	lunn	PROPN
easat-9256	521	9	,	,	PUNCT
easat-9256	521	10	and	and	CCONJ
easat-9256	521	11	m.	m.	PROPN
easat-9256	521	12	nilsson	nilsson	PROPN
easat-9256	521	13	,	,	PUNCT
easat-9256	521	14	"	"	PUNCT
easat-9256	521	15	operating	operate	VERB
easat-9256	521	16	leverage	leverage	NOUN
easat-9256	521	17	and	and	CCONJ
easat-9256	521	18	corporate	corporate	ADJ
easat-9256	521	19	financial	financial	ADJ
easat-9256	521	20	policies	policy	NOUN
easat-9256	521	21	,	,	PUNCT
easat-9256	521	22	"	"	PUNCT
easat-9256	521	23	afa	afa	PROPN
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easat-9256	521	29	p.	p.	NOUN
easat-9256	521	30	53	53	NUM
easat-9256	521	31	,	,	PUNCT
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easat-9256	522	1	https://doi.org/10.2139/ssrn.1787184	https://doi.org/10.2139/ssrn.1787184	PRON
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easat-9256	522	3	47	47	NUM
easat-9256	522	4	]	]	PUNCT
easat-9256	522	5	e.	e.	PROPN
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easat-9256	522	8	and	and	CCONJ
easat-9256	522	9	m.	m.	PROPN
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easat-9256	522	11	jensen	jensen	PROPN
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easat-9256	522	14	separation	separation	NOUN
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easat-9256	522	22	of	of	ADP
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easat-9256	522	24	and	and	CCONJ
easat-9256	522	25	economics	economic	NOUN
easat-9256	522	26	,	,	PUNCT
easat-9256	522	27	p.	p.	NOUN
easat-9256	522	28	32	32	NUM
easat-9256	522	29	,	,	PUNCT
easat-9256	522	30	1998	1998	NUM
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easat-9256	523	1	https://doi.org/10.2139/ssrn.94034	https://doi.org/10.2139/ssrn.94034	X
easat-9256	524	1	[	[	X
easat-9256	524	2	48	48	NUM
easat-9256	524	3	]	]	PUNCT
easat-9256	524	4	j.	j.	PROPN
easat-9256	524	5	s.	s.	PROPN
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easat-9256	524	8	r.	r.	PROPN
easat-9256	524	9	a.	a.	PROPN
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easat-9256	524	12	and	and	CCONJ
easat-9256	524	13	j.	j.	PROPN
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easat-9256	524	18	agency	agency	NOUN
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easat-9256	524	25	the	the	DET
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easat-9256	525	2	,	,	PUNCT
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easat-9256	525	5	1	1	NUM
easat-9256	525	6	,	,	PUNCT
easat-9256	525	7	pp	pp	ADJ
easat-9256	525	8	.	.	PUNCT
easat-9256	526	1	81	81	NUM
easat-9256	526	2	-	-	SYM
easat-9256	526	3	106	106	NUM
easat-9256	526	4	,	,	PUNCT
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easat-9256	526	6	.	.	PUNCT
easat-9256	527	1	[	[	X
easat-9256	527	2	49	49	NUM
easat-9256	527	3	]	]	PUNCT
easat-9256	527	4	b.	b.	PROPN
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easat-9256	527	6	and	and	CCONJ
easat-9256	527	7	r.	r.	PROPN
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easat-9256	527	22	?	?	PUNCT
easat-9256	527	23	,	,	PUNCT
easat-9256	527	24	"	"	PUNCT
easat-9256	527	25	journal	journal	NOUN
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easat-9256	527	30	vol	vol	NOUN
easat-9256	527	31	.	.	PROPN
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easat-9256	527	37	,	,	PUNCT
easat-9256	527	38	pp	pp	ADJ
easat-9256	527	39	.	.	PUNCT
easat-9256	528	1	385	385	NUM
easat-9256	528	2	-	-	SYM
easat-9256	528	3	417	417	NUM
easat-9256	528	4	,	,	PUNCT
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easat-9256	529	2	[	[	X
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easat-9256	529	4	]	]	PUNCT
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easat-9256	529	27	vol	vol	NOUN
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easat-9256	529	30	,	,	PUNCT
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easat-9256	529	34	,	,	PUNCT
easat-9256	529	35	pp	pp	ADJ
easat-9256	529	36	.	.	PUNCT
easat-9256	530	1	719	719	NUM
easat-9256	530	2	-	-	SYM
easat-9256	530	3	737	737	NUM
easat-9256	530	4	,	,	PUNCT
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easat-9256	532	1	[	[	X
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easat-9256	532	3	]	]	X
easat-9256	532	4	n.	n.	PROPN
easat-9256	532	5	ngamtampong	ngamtampong	PROPN
easat-9256	532	6	and	and	CCONJ
easat-9256	532	7	a.	a.	NOUN
easat-9256	532	8	sukprasert	sukprasert	PROPN
easat-9256	532	9	,	,	PUNCT
easat-9256	532	10	"	"	PUNCT
easat-9256	532	11	evaluating	evaluate	VERB
easat-9256	532	12	the	the	DET
easat-9256	532	13	impact	impact	NOUN
easat-9256	532	14	of	of	ADP
easat-9256	532	15	esg	esg	PROPN
easat-9256	532	16	performance	performance	NOUN
easat-9256	532	17	on	on	ADP
easat-9256	532	18	firm	firm	ADJ
easat-9256	532	19	value	value	NOUN
easat-9256	532	20	:	:	PUNCT
easat-9256	532	21	the	the	DET
easat-9256	532	22	moderating	moderate	VERB
easat-9256	532	23	role	role	NOUN
easat-9256	532	24	of	of	ADP
easat-9256	532	25	ownership	ownership	NOUN
easat-9256	532	26	type	type	NOUN
easat-9256	532	27	in	in	ADP
easat-9256	532	28	thailand	thailand	PROPN
easat-9256	532	29	,	,	PUNCT
easat-9256	532	30	"	"	PUNCT
easat-9256	532	31	asian	asian	ADJ
easat-9256	532	32	review	review	NOUN
easat-9256	532	33	of	of	ADP
easat-9256	532	34	accounting	accounting	NOUN
easat-9256	532	35	,	,	PUNCT
easat-9256	532	36	2025	2025	NUM
easat-9256	532	37	.	.	PUNCT
easat-9256	533	1	https://doi.org/10.1108/ara-07-2024-0246	https://doi.org/10.1108/ara-07-2024-0246	NOUN
easat-9256	534	1	[	[	X
easat-9256	534	2	52	52	NUM
easat-9256	534	3	]	]	PUNCT
easat-9256	534	4	s.	s.	PROPN
easat-9256	534	5	r.	r.	PROPN
easat-9256	534	6	m.	m.	PROPN
easat-9256	534	7	musallam	musallam	PROPN
easat-9256	534	8	,	,	PUNCT
easat-9256	534	9	h.	h.	PROPN
easat-9256	534	10	fauzi	fauzi	PROPN
easat-9256	534	11	,	,	PUNCT
easat-9256	534	12	and	and	CCONJ
easat-9256	534	13	n.	n.	PROPN
easat-9256	534	14	nagu	nagu	PROPN
easat-9256	534	15	,	,	PUNCT
easat-9256	534	16	"	"	PUNCT
easat-9256	534	17	family	family	NOUN
easat-9256	534	18	,	,	PUNCT
easat-9256	534	19	institutional	institutional	ADJ
easat-9256	534	20	investors	investor	NOUN
easat-9256	534	21	ownerships	ownership	NOUN
easat-9256	534	22	and	and	CCONJ
easat-9256	534	23	corporate	corporate	ADJ
easat-9256	534	24	performance	performance	NOUN
easat-9256	534	25	:	:	PUNCT
easat-9256	534	26	the	the	DET
easat-9256	534	27	case	case	NOUN
easat-9256	534	28	of	of	ADP
easat-9256	534	29	indonesia	indonesia	PROPN
easat-9256	534	30	,	,	PUNCT
easat-9256	534	31	"	"	PUNCT
easat-9256	534	32	social	social	ADJ
easat-9256	534	33	responsibility	responsibility	NOUN
easat-9256	534	34	journal	journal	NOUN
easat-9256	534	35	,	,	PUNCT
easat-9256	534	36	vol	vol	NOUN
easat-9256	534	37	.	.	PROPN
easat-9256	534	38	15	15	NUM
easat-9256	534	39	,	,	PUNCT
easat-9256	534	40	no	no	INTJ
easat-9256	534	41	.	.	NOUN
easat-9256	534	42	1	1	NUM
easat-9256	534	43	,	,	PUNCT
easat-9256	534	44	pp	pp	ADJ
easat-9256	534	45	.	.	PUNCT
easat-9256	535	1	1	1	NUM
easat-9256	535	2	-	-	SYM
easat-9256	535	3	10	10	NUM
easat-9256	535	4	,	,	PUNCT
easat-9256	535	5	2018	2018	NUM
easat-9256	535	6	.	.	PUNCT
easat-9256	536	1	https://doi.org/10.1108/srj-082017-0155	https://doi.org/10.1108/srj-082017-0155	NOUN
easat-9256	537	1	[	[	X
easat-9256	537	2	53	53	NUM
easat-9256	537	3	]	]	PUNCT
easat-9256	537	4	a.	a.	NOUN
easat-9256	537	5	a.	a.	NOUN
easat-9256	537	6	daryaei	daryaei	PROPN
easat-9256	537	7	and	and	CCONJ
easat-9256	537	8	y.	y.	PROPN
easat-9256	537	9	fattahi	fattahi	PROPN
easat-9256	537	10	,	,	PUNCT
easat-9256	537	11	"	"	PUNCT
easat-9256	537	12	the	the	DET
easat-9256	537	13	asymmetric	asymmetric	ADJ
easat-9256	537	14	impact	impact	NOUN
easat-9256	537	15	of	of	ADP
easat-9256	537	16	institutional	institutional	ADJ
easat-9256	537	17	ownership	ownership	NOUN
easat-9256	537	18	on	on	ADP
easat-9256	537	19	firm	firm	ADJ
easat-9256	537	20	performance	performance	NOUN
easat-9256	537	21	:	:	PUNCT
easat-9256	537	22	panel	panel	NOUN
easat-9256	537	23	smooth	smooth	ADJ
easat-9256	537	24	transition	transition	NOUN
easat-9256	537	25	regression	regression	NOUN
easat-9256	537	26	model	model	NOUN
easat-9256	537	27	,	,	PUNCT
easat-9256	537	28	"	"	PUNCT
easat-9256	537	29	corporate	corporate	ADJ
easat-9256	537	30	governance	governance	NOUN
easat-9256	537	31	:	:	PUNCT
easat-9256	537	32	the	the	DET
easat-9256	537	33	international	international	ADJ
easat-9256	537	34	journal	journal	NOUN
easat-9256	537	35	of	of	ADP
easat-9256	537	36	business	business	NOUN
easat-9256	537	37	in	in	ADP
easat-9256	537	38	society	society	NOUN
easat-9256	537	39	,	,	PUNCT
easat-9256	537	40	vol	vol	NOUN
easat-9256	537	41	.	.	PROPN
easat-9256	537	42	20	20	NUM
easat-9256	537	43	,	,	PUNCT
easat-9256	537	44	no	no	INTJ
easat-9256	537	45	.	.	NOUN
easat-9256	537	46	7	7	NUM
easat-9256	537	47	,	,	PUNCT
easat-9256	537	48	pp	pp	ADJ
easat-9256	537	49	.	.	PUNCT
easat-9256	538	1	1191–1203	1191–1203	NUM
easat-9256	538	2	,	,	PUNCT
easat-9256	538	3	2020	2020	NUM
easat-9256	538	4	.	.	PUNCT
easat-9256	539	1	https://doi.org/10.1108/cg-06-2020-0254	https://doi.org/10.1108/cg-06-2020-0254	VERB
easat-9256	540	1	[	[	X
easat-9256	540	2	54	54	NUM
easat-9256	540	3	]	]	PUNCT
easat-9256	540	4	p.	p.	PROPN
easat-9256	540	5	agyemang	agyemang	PROPN
easat-9256	540	6	-	-	PUNCT
easat-9256	540	7	mintah	mintah	PROPN
easat-9256	540	8	and	and	CCONJ
easat-9256	540	9	h.	h.	PROPN
easat-9256	540	10	schadewitz	schadewitz	PROPN
easat-9256	540	11	,	,	PUNCT
easat-9256	540	12	"	"	PUNCT
easat-9256	540	13	gender	gender	NOUN
easat-9256	540	14	diversity	diversity	NOUN
easat-9256	540	15	and	and	CCONJ
easat-9256	540	16	firm	firm	ADJ
easat-9256	540	17	value	value	NOUN
easat-9256	540	18	:	:	PUNCT
easat-9256	540	19	evidence	evidence	NOUN
easat-9256	540	20	from	from	ADP
easat-9256	540	21	uk	uk	PROPN
easat-9256	540	22	financial	financial	ADJ
easat-9256	540	23	institutions	institution	NOUN
easat-9256	540	24	,	,	PUNCT
easat-9256	540	25	"	"	PUNCT
easat-9256	540	26	international	international	ADJ
easat-9256	540	27	journal	journal	NOUN
easat-9256	540	28	of	of	ADP
easat-9256	540	29	accounting	accounting	NOUN
easat-9256	540	30	and	and	CCONJ
easat-9256	540	31	information	information	NOUN
easat-9256	540	32	management	management	NOUN
easat-9256	540	33	,	,	PUNCT
easat-9256	540	34	vol	vol	NOUN
easat-9256	540	35	.	.	PROPN
easat-9256	540	36	27	27	NUM
easat-9256	540	37	,	,	PUNCT
easat-9256	540	38	no	no	INTJ
easat-9256	540	39	.	.	NOUN
easat-9256	540	40	1	1	NUM
easat-9256	540	41	,	,	PUNCT
easat-9256	540	42	pp	pp	ADJ
easat-9256	540	43	.	.	PUNCT
easat-9256	541	1	2	2	NUM
easat-9256	541	2	-	-	SYM
easat-9256	541	3	26	26	NUM
easat-9256	541	4	,	,	PUNCT
easat-9256	541	5	2019	2019	NUM
easat-9256	541	6	.	.	PUNCT
easat-9256	541	7	https://doi.org/10.1108/ijaim-06-2017-0073	https://doi.org/10.1108/ijaim-06-2017-0073	NOUN
easat-9256	542	1	[	[	X
easat-9256	542	2	55	55	NUM
easat-9256	542	3	]	]	PUNCT
easat-9256	542	4	s.	s.	PROPN
easat-9256	542	5	darmadi	darmadi	PROPN
easat-9256	542	6	,	,	PUNCT
easat-9256	542	7	"	"	PUNCT
easat-9256	542	8	board	board	NOUN
easat-9256	542	9	diversity	diversity	NOUN
easat-9256	542	10	and	and	CCONJ
easat-9256	542	11	firm	firm	ADJ
easat-9256	542	12	performance	performance	NOUN
easat-9256	542	13	:	:	PUNCT
easat-9256	542	14	the	the	DET
easat-9256	542	15	indonesian	indonesian	ADJ
easat-9256	542	16	evidence	evidence	NOUN
easat-9256	542	17	,	,	PUNCT
easat-9256	542	18	"	"	PUNCT
easat-9256	542	19	corporate	corporate	ADJ
easat-9256	542	20	ownership	ownership	NOUN
easat-9256	542	21	&	&	CCONJ
easat-9256	542	22	control	control	PROPN
easat-9256	542	23	,	,	PUNCT
easat-9256	542	24	vol	vol	NOUN
easat-9256	542	25	.	.	PROPN
easat-9256	542	26	8	8	NUM
easat-9256	542	27	,	,	PUNCT
easat-9256	542	28	no	no	INTJ
easat-9256	542	29	.	.	NOUN
easat-9256	542	30	2	2	NUM
easat-9256	542	31	,	,	PUNCT
easat-9256	542	32	pp	pp	ADJ
easat-9256	542	33	.	.	PUNCT
easat-9256	543	1	524–539	524–539	NUM
easat-9256	543	2	,	,	PUNCT
easat-9256	543	3	2010	2010	NUM
easat-9256	543	4	.	.	PUNCT
easat-9256	544	1	[	[	X
easat-9256	544	2	56	56	NUM
easat-9256	544	3	]	]	PUNCT
easat-9256	544	4	m.	m.	NOUN
easat-9256	544	5	a.	a.	PROPN
easat-9256	544	6	fernández	fernández	PROPN
easat-9256	544	7	-	-	PUNCT
easat-9256	544	8	temprano	temprano	PROPN
easat-9256	544	9	and	and	CCONJ
easat-9256	544	10	f.	f.	PROPN
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easat-9256	544	12	-	-	PUNCT
easat-9256	544	13	gaite	gaite	NOUN
easat-9256	544	14	,	,	PUNCT
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easat-9256	544	21	diversity	diversity	NOUN
easat-9256	544	22	and	and	CCONJ
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easat-9256	544	24	performance	performance	NOUN
easat-9256	544	25	,	,	PUNCT
easat-9256	544	26	"	"	PUNCT
easat-9256	544	27	corporate	corporate	ADJ
easat-9256	544	28	governance	governance	NOUN
easat-9256	544	29	,	,	PUNCT
easat-9256	544	30	vol	vol	NOUN
easat-9256	544	31	.	.	PROPN
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easat-9256	544	33	,	,	PUNCT
easat-9256	544	34	no	no	INTJ
easat-9256	544	35	.	.	NOUN
easat-9256	544	36	2	2	NUM
easat-9256	544	37	,	,	PUNCT
easat-9256	544	38	pp	pp	ADJ
easat-9256	544	39	.	.	PUNCT
easat-9256	545	1	324	324	NUM
easat-9256	545	2	-	-	SYM
easat-9256	545	3	342	342	NUM
easat-9256	545	4	,	,	PUNCT
easat-9256	545	5	2020	2020	NUM
easat-9256	545	6	.	.	PUNCT
easat-9256	546	1	https://doi.org/10.1108/cg-03-2019-0096	https://doi.org/10.1108/cg-03-2019-0096	AUX
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easat-9256	547	1	https://doi.org/10.1016/0304-405x(76)90026-x	https://doi.org/10.1016/0304-405x(76)90026-x	PROPN
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easat-9256	547	3	m	m	VERB
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easat-9256	547	10	https://doi.org/10.2139/ssrn.94034	https://doi.org/10.2139/ssrn.94034	X
easat-9256	548	1	https://doi.org/10.1016/j.jfineco.2004.12.005	https://doi.org/10.1016/j.jfineco.2004.12.005	VERB
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easat-9256	548	9	230	230	NUM
easat-9256	548	10	edelweiss	edelweiss	PROPN
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easat-9256	548	13	and	and	CCONJ
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easat-9256	548	16	:	:	PUNCT
easat-9256	548	17	2576	2576	NUM
easat-9256	548	18	-	-	SYM
easat-9256	548	19	8484	8484	NUM
easat-9256	548	20	vol	vol	NOUN
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easat-9256	549	1	9	9	NUM
easat-9256	549	2	,	,	PUNCT
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easat-9256	549	5	8	8	NUM
easat-9256	549	6	:	:	PUNCT
easat-9256	549	7	211	211	NUM
easat-9256	549	8	-	-	SYM
easat-9256	549	9	230	230	NUM
easat-9256	549	10	,	,	PUNCT
easat-9256	549	11	2025	2025	NUM
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easat-9256	549	14	10.55214/2576	10.55214/2576	NUM
easat-9256	549	15	-	-	SYM
easat-9256	549	16	8484.v9i8.9256	8484.v9i8.9256	NUM
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easat-9256	550	3	]	]	X
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easat-9256	550	8	board	board	NOUN
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easat-9256	550	10	and	and	CCONJ
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easat-9256	550	12	performance	performance	NOUN
easat-9256	550	13	in	in	ADP
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easat-9256	550	15	u.s	u.s	PROPN
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easat-9256	550	18	sector	sector	NOUN
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easat-9256	550	20	the	the	DET
easat-9256	550	21	effect	effect	NOUN
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easat-9256	550	24	ownership	ownership	NOUN
easat-9256	550	25	,	,	PUNCT
easat-9256	550	26	"	"	PUNCT
easat-9256	550	27	international	international	ADJ
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easat-9256	550	36	,	,	PUNCT
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easat-9256	550	38	102693	102693	NUM
easat-9256	550	39	,	,	PUNCT
easat-9256	550	40	2020	2020	NUM
easat-9256	550	41	.	.	PUNCT
easat-9256	551	1	https://doi.org/10.1016/j.ijhm.2020.102693	https://doi.org/10.1016/j.ijhm.2020.102693	NOUN
easat-9256	552	1	[	[	X
easat-9256	552	2	58	58	NUM
easat-9256	552	3	]	]	PUNCT
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easat-9256	552	9	,	,	PUNCT
easat-9256	552	10	"	"	PUNCT
easat-9256	552	11	corporate	corporate	ADJ
easat-9256	552	12	governance	governance	NOUN
easat-9256	552	13	,	,	PUNCT
easat-9256	552	14	board	board	NOUN
easat-9256	552	15	diversity	diversity	NOUN
easat-9256	552	16	,	,	PUNCT
easat-9256	552	17	and	and	CCONJ
easat-9256	552	18	firm	firm	ADJ
easat-9256	552	19	value	value	NOUN
easat-9256	552	20	:	:	PUNCT
easat-9256	552	21	examining	examine	VERB
easat-9256	552	22	large	large	ADJ
easat-9256	552	23	companies	company	NOUN
easat-9256	552	24	using	use	VERB
easat-9256	552	25	panel	panel	NOUN
easat-9256	552	26	data	datum	NOUN
easat-9256	552	27	approach	approach	NOUN
easat-9256	552	28	,	,	PUNCT
easat-9256	552	29	"	"	PUNCT
easat-9256	552	30	economics	economic	NOUN
easat-9256	552	31	bulletin	bulletin	NOUN
easat-9256	552	32	,	,	PUNCT
easat-9256	552	33	vol	vol	NOUN
easat-9256	552	34	.	.	PROPN
easat-9256	552	35	36	36	NUM
easat-9256	552	36	,	,	PUNCT
easat-9256	552	37	no	no	INTJ
easat-9256	552	38	.	.	NOUN
easat-9256	552	39	3	3	NUM
easat-9256	552	40	,	,	PUNCT
easat-9256	552	41	pp	pp	ADJ
easat-9256	552	42	.	.	PUNCT
easat-9256	553	1	1737–1750	1737–1750	NUM
easat-9256	553	2	,	,	PUNCT
easat-9256	553	3	2016	2016	NUM
easat-9256	553	4	.	.	PUNCT
easat-9256	554	1	[	[	X
easat-9256	554	2	59	59	NUM
easat-9256	554	3	]	]	PUNCT
easat-9256	554	4	m.	m.	PROPN
easat-9256	554	5	c.	c.	PROPN
easat-9256	554	6	jensen	jensen	PROPN
easat-9256	554	7	,	,	PUNCT
easat-9256	554	8	"	"	PUNCT
easat-9256	554	9	agency	agency	NOUN
easat-9256	554	10	costs	cost	NOUN
easat-9256	554	11	of	of	ADP
easat-9256	554	12	free	free	ADJ
easat-9256	554	13	cash	cash	NOUN
easat-9256	554	14	flow	flow	NOUN
easat-9256	554	15	,	,	PUNCT
easat-9256	554	16	corporate	corporate	ADJ
easat-9256	554	17	finance	finance	NOUN
easat-9256	554	18	,	,	PUNCT
easat-9256	554	19	and	and	CCONJ
easat-9256	554	20	takeovers	takeover	NOUN
easat-9256	554	21	,	,	PUNCT
easat-9256	554	22	"	"	PUNCT
easat-9256	554	23	the	the	DET
easat-9256	554	24	american	american	PROPN
easat-9256	554	25	economic	economic	PROPN
easat-9256	554	26	review	review	PROPN
easat-9256	554	27	,	,	PUNCT
easat-9256	554	28	vol	vol	NOUN
easat-9256	554	29	.	.	PROPN
easat-9256	554	30	76	76	NUM
easat-9256	554	31	,	,	PUNCT
easat-9256	554	32	no	no	INTJ
easat-9256	554	33	.	.	NOUN
easat-9256	554	34	2	2	NUM
easat-9256	554	35	,	,	PUNCT
easat-9256	554	36	pp	pp	ADJ
easat-9256	554	37	.	.	PUNCT
easat-9256	554	38	323	323	NUM
easat-9256	554	39	-	-	SYM
easat-9256	554	40	329	329	NUM
easat-9256	554	41	,	,	PUNCT
easat-9256	554	42	1986	1986	NUM
easat-9256	554	43	.	.	PUNCT
easat-9256	555	1	[	[	X
easat-9256	555	2	60	60	NUM
easat-9256	555	3	]	]	X
easat-9256	555	4	h.	h.	PROPN
easat-9256	555	5	soumaya	soumaya	PROPN
easat-9256	555	6	,	,	PUNCT
easat-9256	555	7	"	"	PUNCT
easat-9256	555	8	investment	investment	NOUN
easat-9256	555	9	decision	decision	NOUN
easat-9256	555	10	and	and	CCONJ
easat-9256	555	11	value	value	NOUN
easat-9256	555	12	creation	creation	NOUN
easat-9256	555	13	,	,	PUNCT
easat-9256	555	14	"	"	PUNCT
easat-9256	555	15	corporate	corporate	ADJ
easat-9256	555	16	ownership	ownership	NOUN
easat-9256	555	17	&	&	CCONJ
easat-9256	555	18	control	control	PROPN
easat-9256	555	19	,	,	PUNCT
easat-9256	555	20	vol	vol	NOUN
easat-9256	555	21	.	.	PROPN
easat-9256	555	22	12	12	NUM
easat-9256	555	23	,	,	PUNCT
easat-9256	555	24	no	no	INTJ
easat-9256	555	25	.	.	NOUN
easat-9256	555	26	2	2	NUM
easat-9256	555	27	-	-	SYM
easat-9256	555	28	2	2	NUM
easat-9256	555	29	,	,	PUNCT
easat-9256	555	30	pp	pp	ADJ
easat-9256	555	31	.	.	PUNCT
easat-9256	555	32	303	303	NUM
easat-9256	555	33	-	-	SYM
easat-9256	555	34	307	307	NUM
easat-9256	555	35	,	,	PUNCT
easat-9256	555	36	2015	2015	NUM
easat-9256	555	37	.	.	PUNCT
easat-9256	556	1	https://doi.org/10.22495/cocv12i2c2p4	https://doi.org/10.22495/cocv12i2c2p4	PROPN
easat-9256	557	1	[	[	X
easat-9256	557	2	61	61	NUM
easat-9256	557	3	]	]	PUNCT
easat-9256	557	4	s.	s.	PROPN
easat-9256	557	5	c.	c.	PROPN
easat-9256	557	6	myers	myers	PROPN
easat-9256	557	7	and	and	CCONJ
easat-9256	557	8	n.	n.	PROPN
easat-9256	557	9	s.	s.	PROPN
easat-9256	557	10	majluf	majluf	PROPN
easat-9256	557	11	,	,	PUNCT
easat-9256	557	12	"	"	PUNCT
easat-9256	557	13	corporate	corporate	ADJ
easat-9256	557	14	financing	financing	NOUN
easat-9256	557	15	and	and	CCONJ
easat-9256	557	16	investment	investment	NOUN
easat-9256	557	17	decisions	decision	NOUN
easat-9256	557	18	when	when	SCONJ
easat-9256	557	19	firms	firm	NOUN
easat-9256	557	20	have	have	VERB
easat-9256	557	21	information	information	NOUN
easat-9256	557	22	that	that	SCONJ
easat-9256	557	23	investors	investor	NOUN
easat-9256	557	24	do	do	AUX
easat-9256	557	25	not	not	PART
easat-9256	557	26	have	have	AUX
easat-9256	557	27	,	,	PUNCT
easat-9256	557	28	"	"	PUNCT
easat-9256	557	29	journal	journal	NOUN
easat-9256	557	30	of	of	ADP
easat-9256	557	31	financial	financial	ADJ
easat-9256	557	32	economics	economic	NOUN
easat-9256	557	33	,	,	PUNCT
easat-9256	557	34	vol	vol	NOUN
easat-9256	557	35	.	.	PROPN
easat-9256	557	36	13	13	NUM
easat-9256	557	37	,	,	PUNCT
easat-9256	557	38	no	no	INTJ
easat-9256	557	39	.	.	NOUN
easat-9256	557	40	2	2	NUM
easat-9256	557	41	,	,	PUNCT
easat-9256	557	42	pp	pp	ADJ
easat-9256	557	43	.	.	PUNCT
easat-9256	558	1	187	187	NUM
easat-9256	558	2	-	-	SYM
easat-9256	558	3	221	221	NUM
easat-9256	558	4	,	,	PUNCT
easat-9256	558	5	1984	1984	NUM
easat-9256	558	6	.	.	PUNCT
easat-9256	559	1	https://doi.org/10.1016/0304-405x(84)90023-0	https://doi.org/10.1016/0304-405x(84)90023-0	PROPN
easat-9256	560	1	[	[	X
easat-9256	560	2	62	62	NUM
easat-9256	560	3	]	]	PUNCT
easat-9256	560	4	j.	j.	PROPN
easat-9256	560	5	f.	f.	PROPN
easat-9256	560	6	hair	hair	PROPN
easat-9256	560	7	,	,	PUNCT
easat-9256	560	8	g.	g.	PROPN
easat-9256	560	9	t.	t.	PROPN
easat-9256	560	10	m.	m.	PROPN
easat-9256	560	11	hult	hult	PROPN
easat-9256	560	12	,	,	PUNCT
easat-9256	560	13	c.	c.	PROPN
easat-9256	560	14	m.	m.	PROPN
easat-9256	560	15	ringle	ringle	PROPN
easat-9256	560	16	,	,	PUNCT
easat-9256	560	17	m.	m.	NOUN
easat-9256	560	18	sarstedt	sarstedt	NOUN
easat-9256	560	19	,	,	PUNCT
easat-9256	560	20	n.	n.	PROPN
easat-9256	560	21	p.	p.	PROPN
easat-9256	560	22	danks	danks	PROPN
easat-9256	560	23	,	,	PUNCT
easat-9256	560	24	and	and	CCONJ
easat-9256	560	25	s.	s.	PROPN
easat-9256	560	26	ray	ray	PROPN
easat-9256	560	27	,	,	PUNCT
easat-9256	560	28	partial	partial	ADJ
easat-9256	560	29	least	least	ADJ
easat-9256	560	30	squares	square	VERB
easat-9256	560	31	structural	structural	ADJ
easat-9256	560	32	equation	equation	NOUN
easat-9256	560	33	modeling	modeling	NOUN
easat-9256	560	34	(	(	PUNCT
easat-9256	560	35	pls	pls	INTJ
easat-9256	560	36	-	-	PUNCT
easat-9256	560	37	sem	sem	NOUN
easat-9256	560	38	)	)	PUNCT
easat-9256	560	39	using	use	VERB
easat-9256	560	40	r	r	NOUN
easat-9256	560	41	:	:	PUNCT
easat-9256	560	42	a	a	DET
easat-9256	560	43	workbook	workbook	NOUN
easat-9256	560	44	.	.	PUNCT
easat-9256	561	1	in	in	ADP
easat-9256	561	2	classroom	classroom	NOUN
easat-9256	561	3	companion	companion	NOUN
easat-9256	561	4	:	:	PUNCT
easat-9256	561	5	business	business	NOUN
easat-9256	561	6	,	,	PUNCT
easat-9256	561	7	1st	1st	PROPN
easat-9256	561	8	ed	ed	NOUN
easat-9256	561	9	.	.	PUNCT
easat-9256	562	1	cham	cham	PROPN
easat-9256	562	2	:	:	PUNCT
easat-9256	562	3	springer	springer	NOUN
easat-9256	562	4	,	,	PUNCT
easat-9256	562	5	2021	2021	NUM
easat-9256	562	6	.	.	PUNCT
easat-9256	563	1	[	[	X
easat-9256	563	2	63	63	NUM
easat-9256	563	3	]	]	PUNCT
easat-9256	563	4	i.	i.	PROPN
easat-9256	563	5	v.	v.	ADP
easat-9256	563	6	panjaitan	panjaitan	PROPN
easat-9256	563	7	and	and	CCONJ
easat-9256	563	8	d.	d.	PROPN
easat-9256	563	9	supriyati	supriyati	PROPN
easat-9256	563	10	,	,	PUNCT
easat-9256	563	11	"	"	PUNCT
easat-9256	563	12	the	the	DET
easat-9256	563	13	effect	effect	NOUN
easat-9256	563	14	of	of	ADP
easat-9256	563	15	profitability	profitability	NOUN
easat-9256	563	16	and	and	CCONJ
easat-9256	563	17	leverage	leverage	NOUN
easat-9256	563	18	on	on	ADP
easat-9256	563	19	firm	firm	ADJ
easat-9256	563	20	value	value	NOUN
easat-9256	563	21	with	with	ADP
easat-9256	563	22	firm	firm	ADJ
easat-9256	563	23	size	size	NOUN
easat-9256	563	24	as	as	ADP
easat-9256	563	25	a	a	DET
easat-9256	563	26	moderating	moderate	VERB
easat-9256	563	27	variable	variable	NOUN
easat-9256	563	28	,	,	PUNCT
easat-9256	563	29	"	"	PUNCT
easat-9256	563	30	research	research	NOUN
easat-9256	563	31	of	of	ADP
easat-9256	563	32	finance	finance	NOUN
easat-9256	563	33	and	and	CCONJ
easat-9256	563	34	banking	banking	NOUN
easat-9256	563	35	,	,	PUNCT
easat-9256	563	36	vol	vol	NOUN
easat-9256	563	37	.	.	PROPN
easat-9256	563	38	1	1	NUM
easat-9256	563	39	,	,	PUNCT
easat-9256	563	40	no	no	INTJ
easat-9256	563	41	.	.	NOUN
easat-9256	563	42	1	1	NUM
easat-9256	563	43	,	,	PUNCT
easat-9256	563	44	pp	pp	ADJ
easat-9256	563	45	.	.	PUNCT
easat-9256	564	1	34	34	NUM
easat-9256	564	2	-	-	SYM
easat-9256	564	3	46	46	NUM
easat-9256	564	4	,	,	PUNCT
easat-9256	564	5	2023	2023	NUM
easat-9256	564	6	.	.	PUNCT
easat-9256	565	1	https://doi.org/10.58777/rfb.v1i1.34	https://doi.org/10.58777/rfb.v1i1.34	PROPN
easat-9256	566	1	[	[	X
easat-9256	566	2	64	64	NUM
easat-9256	566	3	]	]	X
easat-9256	566	4	y.	y.	PROPN
easat-9256	566	5	bai	bai	PROPN
easat-9256	566	6	,	,	PUNCT
easat-9256	566	7	l.	l.	PROPN
easat-9256	566	8	he	he	PRON
easat-9256	566	9	,	,	PUNCT
easat-9256	566	10	and	and	CCONJ
easat-9256	566	11	t.	t.	PROPN
easat-9256	566	12	zhang	zhang	PROPN
easat-9256	566	13	,	,	PUNCT
easat-9256	566	14	"	"	PUNCT
easat-9256	566	15	common	common	ADJ
easat-9256	566	16	institutional	institutional	ADJ
easat-9256	566	17	ownership	ownership	NOUN
easat-9256	566	18	and	and	CCONJ
easat-9256	566	19	investment	investment	NOUN
easat-9256	566	20	efficiency	efficiency	NOUN
easat-9256	566	21	:	:	PUNCT
easat-9256	566	22	empirical	empirical	ADJ
easat-9256	566	23	evidence	evidence	NOUN
easat-9256	566	24	from	from	ADP
easat-9256	566	25	china	china	PROPN
easat-9256	566	26	,	,	PUNCT
easat-9256	566	27	"	"	PUNCT
easat-9256	566	28	borsa	borsa	PROPN
easat-9256	566	29	istanbul	istanbul	PROPN
easat-9256	566	30	review	review	PROPN
easat-9256	566	31	,	,	PUNCT
easat-9256	566	32	vol	vol	NOUN
easat-9256	566	33	.	.	PROPN
easat-9256	566	34	23	23	NUM
easat-9256	566	35	,	,	PUNCT
easat-9256	566	36	no	no	INTJ
easat-9256	566	37	.	.	NOUN
easat-9256	566	38	5	5	NUM
easat-9256	566	39	,	,	PUNCT
easat-9256	566	40	pp	pp	ADJ
easat-9256	566	41	.	.	PUNCT
easat-9256	567	1	1067	1067	NUM
easat-9256	567	2	-	-	SYM
easat-9256	567	3	1077	1077	NUM
easat-9256	567	4	,	,	PUNCT
easat-9256	567	5	2023	2023	NUM
easat-9256	567	6	.	.	PUNCT
easat-9256	568	1	https://doi.org/10.1016/j.bir.2023.05.006	https://doi.org/10.1016/j.bir.2023.05.006	ADJ
easat-9256	568	2	[	[	X
easat-9256	568	3	65	65	NUM
easat-9256	568	4	]	]	X
easat-9256	568	5	m.	m.	NOUN
easat-9256	568	6	a.	a.	PROPN
easat-9256	568	7	harjoto	harjoto	PROPN
easat-9256	568	8	,	,	PUNCT
easat-9256	568	9	i.	i.	PROPN
easat-9256	568	10	laksmana	laksmana	PROPN
easat-9256	568	11	,	,	PUNCT
easat-9256	568	12	and	and	CCONJ
easat-9256	568	13	y.-w	y.-w	PROPN
easat-9256	568	14	.	.	PUNCT
easat-9256	569	1	yang	yang	PROPN
easat-9256	569	2	,	,	PUNCT
easat-9256	569	3	"	"	PUNCT
easat-9256	569	4	board	board	NOUN
easat-9256	569	5	diversity	diversity	NOUN
easat-9256	569	6	and	and	CCONJ
easat-9256	569	7	corporate	corporate	ADJ
easat-9256	569	8	investment	investment	NOUN
easat-9256	569	9	oversight	oversight	NOUN
easat-9256	569	10	,	,	PUNCT
easat-9256	569	11	"	"	PUNCT
easat-9256	569	12	journal	journal	NOUN
easat-9256	569	13	of	of	ADP
easat-9256	569	14	business	business	NOUN
easat-9256	569	15	research	research	NOUN
easat-9256	569	16	,	,	PUNCT
easat-9256	569	17	vol	vol	NOUN
easat-9256	569	18	.	.	PROPN
easat-9256	570	1	90	90	NUM
easat-9256	570	2	,	,	PUNCT
easat-9256	570	3	pp	pp	ADJ
easat-9256	570	4	.	.	PUNCT
easat-9256	571	1	40	40	NUM
easat-9256	571	2	-	-	SYM
easat-9256	571	3	47	47	NUM
easat-9256	571	4	,	,	PUNCT
easat-9256	571	5	2018	2018	NUM
easat-9256	571	6	.	.	PUNCT
easat-9256	572	1	https://doi.org/10.1016/j.jbusres.2018.04.033	https://doi.org/10.1016/j.jbusres.2018.04.033	VERB
easat-9256	572	2	[	[	X
easat-9256	572	3	66	66	NUM
easat-9256	572	4	]	]	PUNCT
easat-9256	572	5	d.	d.	PROPN
easat-9256	572	6	liu	liu	PROPN
easat-9256	572	7	,	,	PUNCT
easat-9256	572	8	l.	l.	PROPN
easat-9256	572	9	wang	wang	PROPN
easat-9256	572	10	,	,	PUNCT
easat-9256	572	11	j.	j.	PROPN
easat-9256	572	12	yan	yan	PROPN
easat-9256	572	13	,	,	PUNCT
easat-9256	572	14	and	and	CCONJ
easat-9256	572	15	h.	h.	PROPN
easat-9256	572	16	wan	wan	PROPN
easat-9256	572	17	,	,	PUNCT
easat-9256	572	18	"	"	PUNCT
easat-9256	572	19	r&d	r&d	NOUN
easat-9256	572	20	manipulation	manipulation	NOUN
easat-9256	572	21	and	and	CCONJ
easat-9256	572	22	seo	seo	NOUN
easat-9256	572	23	pricing	pricing	NOUN
easat-9256	572	24	in	in	ADP
easat-9256	572	25	the	the	DET
easat-9256	572	26	chinese	chinese	ADJ
easat-9256	572	27	capital	capital	NOUN
easat-9256	572	28	market	market	NOUN
easat-9256	572	29	:	:	PUNCT
easat-9256	572	30	the	the	DET
easat-9256	572	31	information	information	NOUN
easat-9256	572	32	effect	effect	NOUN
easat-9256	572	33	of	of	ADP
easat-9256	572	34	inefficient	inefficient	ADJ
easat-9256	572	35	investment	investment	NOUN
easat-9256	572	36	,	,	PUNCT
easat-9256	572	37	"	"	PUNCT
easat-9256	572	38	research	research	NOUN
easat-9256	572	39	in	in	ADP
easat-9256	572	40	international	international	ADJ
easat-9256	572	41	business	business	NOUN
easat-9256	572	42	and	and	CCONJ
easat-9256	572	43	finance	finance	NOUN
easat-9256	572	44	,	,	PUNCT
easat-9256	572	45	vol	vol	NOUN
easat-9256	572	46	.	.	PROPN
easat-9256	572	47	65	65	NUM
easat-9256	572	48	,	,	PUNCT
easat-9256	572	49	p.	p.	NOUN
easat-9256	572	50	101946	101946	NUM
easat-9256	572	51	,	,	PUNCT
easat-9256	572	52	2023	2023	NUM
easat-9256	572	53	.	.	PUNCT
easat-9256	573	1	https://doi.org/10.1016/j.ribaf.2023.101946	https://doi.org/10.1016/j.ribaf.2023.101946	NOUN
easat-9256	573	2	[	[	X
easat-9256	573	3	67	67	NUM
easat-9256	573	4	]	]	PUNCT
easat-9256	573	5	a.	a.	NOUN
easat-9256	573	6	houcine	houcine	NOUN
easat-9256	573	7	,	,	PUNCT
easat-9256	573	8	"	"	PUNCT
easat-9256	573	9	does	do	AUX
easat-9256	573	10	accounting	accounting	NOUN
easat-9256	573	11	conservatism	conservatism	NOUN
easat-9256	573	12	affect	affect	VERB
easat-9256	573	13	firm	firm	ADJ
easat-9256	573	14	investment	investment	NOUN
easat-9256	573	15	efficiency	efficiency	NOUN
easat-9256	573	16	in	in	ADP
easat-9256	573	17	an	an	DET
easat-9256	573	18	emerging	emerge	VERB
easat-9256	573	19	market	market	NOUN
easat-9256	573	20	?	?	PUNCT
easat-9256	574	1	evidence	evidence	NOUN
easat-9256	574	2	from	from	ADP
easat-9256	574	3	tunisian	tunisian	ADJ
easat-9256	574	4	context	context	NOUN
easat-9256	574	5	,	,	PUNCT
easat-9256	574	6	"	"	PUNCT
easat-9256	574	7	african	african	ADJ
easat-9256	574	8	journal	journal	NOUN
easat-9256	574	9	of	of	ADP
easat-9256	574	10	accounting	accounting	NOUN
easat-9256	574	11	,	,	PUNCT
easat-9256	574	12	auditing	auditing	NOUN
easat-9256	574	13	and	and	CCONJ
easat-9256	574	14	finance	finance	NOUN
easat-9256	574	15	,	,	PUNCT
easat-9256	574	16	vol	vol	NOUN
easat-9256	574	17	.	.	PROPN
easat-9256	574	18	2	2	NUM
easat-9256	574	19	,	,	PUNCT
easat-9256	574	20	no	no	INTJ
easat-9256	574	21	.	.	NOUN
easat-9256	574	22	3	3	NUM
easat-9256	574	23	,	,	PUNCT
easat-9256	574	24	pp	pp	ADJ
easat-9256	574	25	.	.	PUNCT
easat-9256	575	1	209	209	NUM
easat-9256	575	2	-	-	SYM
easat-9256	575	3	232	232	NUM
easat-9256	575	4	,	,	PUNCT
easat-9256	575	5	2013	2013	NUM
easat-9256	575	6	.	.	PUNCT
easat-9256	576	1	https://doi.org/10.1504/ajaaf.2013.057630	https://doi.org/10.1504/ajaaf.2013.057630	PROPN
easat-9256	576	2	https://doi.org/10.1016/j.ijhm.2020.102693	https://doi.org/10.1016/j.ijhm.2020.102693	PROPN
easat-9256	576	3	https://doi.org/10.22495/cocv12i2c2p4	https://doi.org/10.22495/cocv12i2c2p4	NOUN
easat-9256	576	4	https://doi.org/10.1016/0304-405x(84)90023-0	https://doi.org/10.1016/0304-405x(84)90023-0	PROPN
easat-9256	576	5	https://doi.org/10.58777/rfb.v1i1.34	https://doi.org/10.58777/rfb.v1i1.34	PROPN
easat-9256	576	6	https://doi.org/10.1016/j.bir.2023.05.006	https://doi.org/10.1016/j.bir.2023.05.006	ADJ
easat-9256	576	7	https://doi.org/10.1016/j.jbusres.2018.04.033	https://doi.org/10.1016/j.jbusres.2018.04.033	ADJ
easat-9256	576	8	https://doi.org/10.1016/j.ribaf.2023.101946	https://doi.org/10.1016/j.ribaf.2023.101946	NOUN
easat-9256	576	9	https://doi.org/10.1504/ajaaf.2013.057630	https://doi.org/10.1504/ajaaf.2013.057630	PROPN