id	sid	tid	token	lemma	pos
emaj-18	1	1	microsoft	microsoft	PROPN
emaj-18	1	2	word	word	NOUN
emaj-18	1	3	18-263-1-ce.doc	18-263-1-ce.doc	NUM
emaj-18	1	4	volume	volume	NOUN
emaj-18	1	5	2	2	NUM
emaj-18	1	6	(	(	PUNCT
emaj-18	1	7	2012	2012	NUM
emaj-18	1	8	)	)	PUNCT
emaj-18	1	9	|	|	ADV
emaj-18	1	10	issn	issn	VERB
emaj-18	1	11	2158	2158	NUM
emaj-18	1	12	-	-	SYM
emaj-18	1	13	8708	8708	NUM
emaj-18	1	14	(	(	PUNCT
emaj-18	1	15	online	online	NOUN
emaj-18	1	16	)	)	PUNCT
emaj-18	1	17	|	|	ADV
emaj-18	1	18	doi	doi	X
emaj-18	1	19	10.5195	10.5195	NUM
emaj-18	1	20	/	/	SYM
emaj-18	1	21	emaj.2012.18	emaj.2012.18	NOUN
emaj-18	1	22	|	|	ADV
emaj-18	1	23	http://emaj.pitt.edu	http://emaj.pitt.edu	VERB
emaj-18	1	24	corporate	corporate	ADJ
emaj-18	1	25	governance	governance	NOUN
emaj-18	1	26	and	and	CCONJ
emaj-18	1	27	firm	firm	ADJ
emaj-18	1	28	value	value	NOUN
emaj-18	1	29	in	in	ADP
emaj-18	1	30	emerging	emerge	VERB
emaj-18	1	31	markets	market	NOUN
emaj-18	1	32	an	an	DET
emaj-18	1	33	empirical	empirical	ADJ
emaj-18	1	34	analysis	analysis	NOUN
emaj-18	1	35	of	of	ADP
emaj-18	1	36	adr	adr	PROPN
emaj-18	1	37	issuing	issue	VERB
emaj-18	1	38	emerging	emerge	VERB
emaj-18	1	39	market	market	NOUN
emaj-18	1	40	firms	firm	NOUN
emaj-18	1	41	aysun	aysun	PROPN
emaj-18	1	42	ficici	ficici	PROPN
emaj-18	1	43	southern	southern	PROPN
emaj-18	1	44	new	new	PROPN
emaj-18	1	45	hampshire	hampshire	PROPN
emaj-18	1	46	university	university	PROPN
emaj-18	1	47	|	|	ADV
emaj-18	1	48	e	e	NOUN
emaj-18	1	49	-	-	NOUN
emaj-18	1	50	mail	mail	NOUN
emaj-18	1	51	:	:	PUNCT
emaj-18	1	52	a.ficici@snhu.edu	a.ficici@snhu.edu	PROPN
emaj-18	1	53	c.	c.	PROPN
emaj-18	1	54	bulent	bulent	PROPN
emaj-18	1	55	aybar	aybar	PROPN
emaj-18	1	56	southern	southern	PROPN
emaj-18	1	57	new	new	PROPN
emaj-18	1	58	hampshire	hampshire	PROPN
emaj-18	1	59	university	university	PROPN
emaj-18	1	60	abstract	abstract	NOUN
emaj-18	1	61	this	this	DET
emaj-18	1	62	study	study	NOUN
emaj-18	1	63	explores	explore	VERB
emaj-18	1	64	the	the	DET
emaj-18	1	65	value	value	NOUN
emaj-18	1	66	implications	implication	NOUN
emaj-18	1	67	of	of	ADP
emaj-18	1	68	good	good	ADJ
emaj-18	1	69	corporate	corporate	ADJ
emaj-18	1	70	governance	governance	NOUN
emaj-18	1	71	for	for	ADP
emaj-18	1	72	a	a	DET
emaj-18	1	73	sample	sample	NOUN
emaj-18	1	74	of	of	ADP
emaj-18	1	75	54	54	NUM
emaj-18	1	76	adr	adr	PROPN
emaj-18	1	77	issuing	issue	VERB
emaj-18	1	78	emerging	emerge	VERB
emaj-18	1	79	market	market	NOUN
emaj-18	1	80	firms	firm	NOUN
emaj-18	1	81	(	(	PUNCT
emaj-18	1	82	emfs	emfs	PROPN
emaj-18	1	83	)	)	PUNCT
emaj-18	1	84	from	from	ADP
emaj-18	1	85	9	9	NUM
emaj-18	1	86	countries	country	NOUN
emaj-18	1	87	primarily	primarily	ADV
emaj-18	1	88	located	locate	VERB
emaj-18	1	89	in	in	ADP
emaj-18	1	90	the	the	DET
emaj-18	1	91	regions	region	NOUN
emaj-18	1	92	of	of	ADP
emaj-18	1	93	asia	asia	PROPN
emaj-18	1	94	,	,	PUNCT
emaj-18	1	95	eastern	eastern	PROPN
emaj-18	1	96	europe	europe	PROPN
emaj-18	1	97	and	and	CCONJ
emaj-18	1	98	latin	latin	PROPN
emaj-18	1	99	america	america	PROPN
emaj-18	1	100	and	and	CCONJ
emaj-18	1	101	the	the	PRON
emaj-18	1	102	and	and	CCONJ
emaj-18	1	103	employs	employ	VERB
emaj-18	1	104	recently	recently	ADV
emaj-18	1	105	constructed	construct	VERB
emaj-18	1	106	company	company	NOUN
emaj-18	1	107	composite	composite	ADJ
emaj-18	1	108	corporate	corporate	ADJ
emaj-18	1	109	governance	governance	NOUN
emaj-18	1	110	metric	metric	NOUN
emaj-18	1	111	along	along	ADP
emaj-18	1	112	with	with	ADP
emaj-18	1	113	some	some	DET
emaj-18	1	114	alternative	alternative	ADJ
emaj-18	1	115	corporate	corporate	ADJ
emaj-18	1	116	governance	governance	NOUN
emaj-18	1	117	measures	measure	NOUN
emaj-18	1	118	associated	associate	VERB
emaj-18	1	119	with	with	ADP
emaj-18	1	120	the	the	DET
emaj-18	1	121	origin	origin	NOUN
emaj-18	1	122	of	of	ADP
emaj-18	1	123	the	the	DET
emaj-18	1	124	issuing	issue	VERB
emaj-18	1	125	firm	firm	NOUN
emaj-18	1	126	.	.	PUNCT
emaj-18	2	1	although	although	SCONJ
emaj-18	2	2	the	the	DET
emaj-18	2	3	adr	adr	PROPN
emaj-18	2	4	literature	literature	PROPN
emaj-18	2	5	primarily	primarily	ADV
emaj-18	2	6	focuses	focus	VERB
emaj-18	2	7	on	on	ADP
emaj-18	2	8	the	the	DET
emaj-18	2	9	impact	impact	NOUN
emaj-18	2	10	of	of	ADP
emaj-18	2	11	subscription	subscription	NOUN
emaj-18	2	12	to	to	ADP
emaj-18	2	13	us	we	PRON
emaj-18	2	14	disclosure	disclosure	NOUN
emaj-18	2	15	requirements	requirement	NOUN
emaj-18	2	16	we	we	PRON
emaj-18	2	17	contend	contend	VERB
emaj-18	2	18	that	that	SCONJ
emaj-18	2	19	company	company	NOUN
emaj-18	2	20	and	and	CCONJ
emaj-18	2	21	country	country	NOUN
emaj-18	2	22	specific	specific	ADJ
emaj-18	2	23	corporate	corporate	ADJ
emaj-18	2	24	governance	governance	NOUN
emaj-18	2	25	standards	standard	NOUN
emaj-18	2	26	play	play	VERB
emaj-18	2	27	a	a	DET
emaj-18	2	28	significant	significant	ADJ
emaj-18	2	29	role	role	NOUN
emaj-18	2	30	in	in	ADP
emaj-18	2	31	the	the	DET
emaj-18	2	32	risk	risk	NOUN
emaj-18	2	33	reduction	reduction	NOUN
emaj-18	2	34	and	and	CCONJ
emaj-18	2	35	ensuing	ensue	VERB
emaj-18	2	36	value	value	NOUN
emaj-18	2	37	capture	capture	NOUN
emaj-18	2	38	.	.	PUNCT
emaj-18	3	1	the	the	DET
emaj-18	3	2	fundamental	fundamental	ADJ
emaj-18	3	3	inquiry	inquiry	NOUN
emaj-18	3	4	in	in	ADP
emaj-18	3	5	this	this	DET
emaj-18	3	6	study	study	NOUN
emaj-18	3	7	has	have	VERB
emaj-18	3	8	the	the	DET
emaj-18	3	9	following	follow	VERB
emaj-18	3	10	foci	focus	NOUN
emaj-18	3	11	:	:	PUNCT
emaj-18	3	12	the	the	DET
emaj-18	3	13	primary	primary	ADJ
emaj-18	3	14	focus	focus	NOUN
emaj-18	3	15	is	be	AUX
emaj-18	3	16	on	on	ADP
emaj-18	3	17	the	the	DET
emaj-18	3	18	impact	impact	NOUN
emaj-18	3	19	of	of	ADP
emaj-18	3	20	corporate	corporate	ADJ
emaj-18	3	21	governance	governance	NOUN
emaj-18	3	22	structures	structure	NOUN
emaj-18	3	23	on	on	ADP
emaj-18	3	24	firm	firm	ADJ
emaj-18	3	25	performance	performance	NOUN
emaj-18	3	26	as	as	ADP
emaj-18	3	27	to	to	ADP
emaj-18	3	28	whether	whether	SCONJ
emaj-18	3	29	adherence	adherence	NOUN
emaj-18	3	30	to	to	ADP
emaj-18	3	31	standards	standard	NOUN
emaj-18	3	32	creates	create	VERB
emaj-18	3	33	market	market	NOUN
emaj-18	3	34	value	value	NOUN
emaj-18	3	35	for	for	ADP
emaj-18	3	36	adr	adr	PROPN
emaj-18	3	37	issuing	issue	VERB
emaj-18	3	38	emfs	emfs	PROPN
emaj-18	3	39	.	.	PUNCT
emaj-18	4	1	do	do	AUX
emaj-18	4	2	good	good	ADJ
emaj-18	4	3	corporate	corporate	ADJ
emaj-18	4	4	governance	governance	NOUN
emaj-18	4	5	practices	practice	NOUN
emaj-18	4	6	affect	affect	VERB
emaj-18	4	7	the	the	DET
emaj-18	4	8	value	value	NOUN
emaj-18	4	9	of	of	ADP
emaj-18	4	10	emfs	emfs	NOUN
emaj-18	4	11	?	?	PUNCT
emaj-18	5	1	the	the	DET
emaj-18	5	2	secondary	secondary	ADJ
emaj-18	5	3	focus	focus	NOUN
emaj-18	5	4	is	be	AUX
emaj-18	5	5	concerned	concern	VERB
emaj-18	5	6	with	with	ADP
emaj-18	5	7	whether	whether	SCONJ
emaj-18	5	8	the	the	DET
emaj-18	5	9	impact	impact	NOUN
emaj-18	5	10	of	of	ADP
emaj-18	5	11	corruption	corruption	NOUN
emaj-18	5	12	level	level	NOUN
emaj-18	5	13	and	and	CCONJ
emaj-18	5	14	legal	legal	ADJ
emaj-18	5	15	system	system	NOUN
emaj-18	5	16	in	in	ADP
emaj-18	5	17	a	a	DET
emaj-18	5	18	firm	firm	NOUN
emaj-18	5	19	’s	’s	PART
emaj-18	5	20	home	home	NOUN
emaj-18	5	21	country	country	NOUN
emaj-18	5	22	affect	affect	VERB
emaj-18	5	23	the	the	DET
emaj-18	5	24	corporate	corporate	ADJ
emaj-18	5	25	structures	structure	NOUN
emaj-18	5	26	of	of	ADP
emaj-18	5	27	emfs	emfs	NOUN
emaj-18	5	28	thus	thus	ADV
emaj-18	5	29	affecting	affect	VERB
emaj-18	5	30	the	the	DET
emaj-18	5	31	market	market	NOUN
emaj-18	5	32	value	value	NOUN
emaj-18	5	33	of	of	ADP
emaj-18	5	34	firms	firm	NOUN
emaj-18	5	35	.	.	PUNCT
emaj-18	6	1	in	in	ADP
emaj-18	6	2	this	this	DET
emaj-18	6	3	study	study	NOUN
emaj-18	6	4	,	,	PUNCT
emaj-18	6	5	we	we	PRON
emaj-18	6	6	utilize	utilize	VERB
emaj-18	6	7	tobin	tobin	PROPN
emaj-18	6	8	’s	’s	PART
emaj-18	6	9	q	q	NOUN
emaj-18	6	10	as	as	ADP
emaj-18	6	11	the	the	DET
emaj-18	6	12	measure	measure	NOUN
emaj-18	6	13	of	of	ADP
emaj-18	6	14	firm	firm	ADJ
emaj-18	6	15	performance	performance	NOUN
emaj-18	6	16	/	/	SYM
emaj-18	6	17	market	market	NOUN
emaj-18	6	18	value	value	NOUN
emaj-18	6	19	.	.	PUNCT
emaj-18	7	1	our	our	PRON
emaj-18	7	2	findings	finding	NOUN
emaj-18	7	3	suggest	suggest	VERB
emaj-18	7	4	that	that	SCONJ
emaj-18	7	5	there	there	PRON
emaj-18	7	6	is	be	VERB
emaj-18	7	7	a	a	DET
emaj-18	7	8	significant	significant	ADJ
emaj-18	7	9	correlation	correlation	NOUN
emaj-18	7	10	between	between	ADP
emaj-18	7	11	corporate	corporate	ADJ
emaj-18	7	12	governance	governance	NOUN
emaj-18	7	13	structures	structure	NOUN
emaj-18	7	14	of	of	ADP
emaj-18	7	15	adr	adr	PROPN
emaj-18	7	16	issuing	issue	VERB
emaj-18	7	17	emfs	emfs	PROPN
emaj-18	7	18	and	and	CCONJ
emaj-18	7	19	their	their	PRON
emaj-18	7	20	market	market	NOUN
emaj-18	7	21	values	value	NOUN
emaj-18	7	22	and/or	and/or	CCONJ
emaj-18	7	23	performances	performance	VERB
emaj-18	7	24	.	.	PUNCT
emaj-18	8	1	the	the	DET
emaj-18	8	2	results	result	NOUN
emaj-18	8	3	also	also	ADV
emaj-18	8	4	indicate	indicate	VERB
emaj-18	8	5	that	that	SCONJ
emaj-18	8	6	the	the	DET
emaj-18	8	7	level	level	NOUN
emaj-18	8	8	of	of	ADP
emaj-18	8	9	corruption	corruption	NOUN
emaj-18	8	10	and	and	CCONJ
emaj-18	8	11	legal	legal	ADJ
emaj-18	8	12	structures	structure	NOUN
emaj-18	8	13	in	in	ADP
emaj-18	8	14	home	home	NOUN
emaj-18	8	15	countries	country	NOUN
emaj-18	8	16	of	of	ADP
emaj-18	8	17	emfs	emfs	PROPN
emaj-18	8	18	strongly	strongly	ADV
emaj-18	8	19	impact	impact	VERB
emaj-18	8	20	the	the	DET
emaj-18	8	21	corporate	corporate	ADJ
emaj-18	8	22	governance	governance	NOUN
emaj-18	8	23	structures	structure	NOUN
emaj-18	8	24	of	of	ADP
emaj-18	8	25	these	these	DET
emaj-18	8	26	firms	firm	NOUN
emaj-18	8	27	and	and	CCONJ
emaj-18	8	28	sequentially	sequentially	ADV
emaj-18	8	29	affect	affect	VERB
emaj-18	8	30	their	their	PRON
emaj-18	8	31	market	market	NOUN
emaj-18	8	32	values	value	NOUN
emaj-18	8	33	.	.	PUNCT
emaj-18	9	1	therefore	therefore	ADV
emaj-18	9	2	,	,	PUNCT
emaj-18	9	3	this	this	DET
emaj-18	9	4	research	research	NOUN
emaj-18	9	5	further	far	ADV
emaj-18	9	6	contributes	contribute	VERB
emaj-18	9	7	to	to	ADP
emaj-18	9	8	the	the	DET
emaj-18	9	9	scholarly	scholarly	ADJ
emaj-18	9	10	findings	finding	NOUN
emaj-18	9	11	and	and	CCONJ
emaj-18	9	12	suppositions	supposition	NOUN
emaj-18	9	13	that	that	SCONJ
emaj-18	9	14	corporate	corporate	ADJ
emaj-18	9	15	structures	structure	NOUN
emaj-18	9	16	of	of	ADP
emaj-18	9	17	firms	firm	NOUN
emaj-18	9	18	do	do	AUX
emaj-18	9	19	create	create	VERB
emaj-18	9	20	consequences	consequence	NOUN
emaj-18	9	21	on	on	ADP
emaj-18	9	22	firm	firm	ADJ
emaj-18	9	23	value	value	NOUN
emaj-18	9	24	.	.	PUNCT
emaj-18	10	1	keywords	keyword	NOUN
emaj-18	10	2	:	:	PUNCT
emaj-18	10	3	corporate	corporate	ADJ
emaj-18	10	4	governance	governance	NOUN
emaj-18	10	5	,	,	PUNCT
emaj-18	10	6	emerging	emerge	VERB
emaj-18	10	7	market	market	NOUN
emaj-18	10	8	,	,	PUNCT
emaj-18	10	9	adrs	adr	NOUN
emaj-18	10	10	,	,	PUNCT
emaj-18	10	11	tobins	tobin	VERB
emaj-18	10	12	q	q	NOUN
emaj-18	10	13	,	,	PUNCT
emaj-18	10	14	firm	firm	ADJ
emaj-18	10	15	value	value	NOUN
emaj-18	10	16	this	this	DET
emaj-18	10	17	work	work	NOUN
emaj-18	10	18	is	be	AUX
emaj-18	10	19	licensed	license	VERB
emaj-18	10	20	under	under	ADP
emaj-18	10	21	a	a	DET
emaj-18	10	22	creative	creative	ADJ
emaj-18	10	23	commons	common	NOUN
emaj-18	10	24	attribution	attribution	NOUN
emaj-18	10	25	-	-	PUNCT
emaj-18	10	26	noncommercial	noncommercial	ADJ
emaj-18	10	27	-	-	PUNCT
emaj-18	10	28	no	no	NOUN
emaj-18	10	29	derivative	derivative	NOUN
emaj-18	10	30	works	work	VERB
emaj-18	10	31	3.0	3.0	NUM
emaj-18	10	32	united	united	ADJ
emaj-18	10	33	states	states	PROPN
emaj-18	10	34	license	license	NOUN
emaj-18	10	35	.	.	PUNCT
emaj-18	11	1	this	this	DET
emaj-18	11	2	journal	journal	NOUN
emaj-18	11	3	is	be	AUX
emaj-18	11	4	published	publish	VERB
emaj-18	11	5	by	by	ADP
emaj-18	11	6	the	the	DET
emaj-18	11	7	university	university	NOUN
emaj-18	11	8	library	library	NOUN
emaj-18	11	9	system	system	NOUN
emaj-18	11	10	of	of	ADP
emaj-18	11	11	the	the	DET
emaj-18	11	12	university	university	PROPN
emaj-18	11	13	of	of	ADP
emaj-18	11	14	pittsburgh	pittsburgh	PROPN
emaj-18	11	15	as	as	ADP
emaj-18	11	16	part	part	NOUN
emaj-18	11	17	of	of	ADP
emaj-18	11	18	its	its	PRON
emaj-18	11	19	d	d	NOUN
emaj-18	11	20	-	-	PUNCT
emaj-18	11	21	scribe	scribe	VERB
emaj-18	11	22	digital	digital	ADJ
emaj-18	11	23	publishing	publishing	NOUN
emaj-18	11	24	program	program	NOUN
emaj-18	11	25	,	,	PUNCT
emaj-18	11	26	and	and	CCONJ
emaj-18	11	27	is	be	AUX
emaj-18	11	28	cosponsored	cosponsor	VERB
emaj-18	11	29	by	by	ADP
emaj-18	11	30	the	the	DET
emaj-18	11	31	university	university	PROPN
emaj-18	11	32	of	of	ADP
emaj-18	11	33	pittsburgh	pittsburgh	PROPN
emaj-18	11	34	press	press	NOUN
emaj-18	11	35	volume	volume	NOUN
emaj-18	11	36	2	2	NUM
emaj-18	11	37	(	(	PUNCT
emaj-18	11	38	2012	2012	NUM
emaj-18	11	39	)	)	PUNCT
emaj-18	11	40	|	|	ADV
emaj-18	11	41	issn	issn	VERB
emaj-18	11	42	2158	2158	NUM
emaj-18	11	43	-	-	SYM
emaj-18	11	44	8708	8708	NUM
emaj-18	11	45	(	(	PUNCT
emaj-18	11	46	online	online	NOUN
emaj-18	11	47	)	)	PUNCT
emaj-18	11	48	|	|	ADV
emaj-18	11	49	doi	doi	X
emaj-18	11	50	10.5195	10.5195	NUM
emaj-18	11	51	/	/	SYM
emaj-18	11	52	emaj.2012.18	emaj.2012.18	NOUN
emaj-18	11	53	|	|	ADV
emaj-18	11	54	http://emaj.pitt.edu	http://emaj.pitt.edu	VERB
emaj-18	11	55	corporate	corporate	ADJ
emaj-18	11	56	governance	governance	NOUN
emaj-18	11	57	and	and	CCONJ
emaj-18	11	58	firm	firm	ADJ
emaj-18	11	59	value	value	NOUN
emaj-18	11	60	in	in	ADP
emaj-18	11	61	emerging	emerge	VERB
emaj-18	11	62	markets	market	NOUN
emaj-18	11	63	an	an	DET
emaj-18	11	64	empirical	empirical	ADJ
emaj-18	11	65	analysis	analysis	NOUN
emaj-18	11	66	of	of	ADP
emaj-18	11	67	adr	adr	PROPN
emaj-18	11	68	issuing	issue	VERB
emaj-18	11	69	emerging	emerge	VERB
emaj-18	11	70	market	market	NOUN
emaj-18	11	71	firms	firm	NOUN
emaj-18	11	72	emerging	emerge	VERB
emaj-18	11	73	markets	market	NOUN
emaj-18	11	74	journal	journal	NOUN
emaj-18	11	75	|	|	ADV
emaj-18	11	76	p	p	NOUN
emaj-18	11	77	a	a	DET
emaj-18	11	78	g	g	NOUN
emaj-18	11	79	e	e	NOUN
emaj-18	11	80	|	|	ADV
emaj-18	11	81	38	38	NUM
emaj-18	11	82	volume	volume	NOUN
emaj-18	11	83	2	2	NUM
emaj-18	11	84	(	(	PUNCT
emaj-18	11	85	2012	2012	NUM
emaj-18	11	86	)	)	PUNCT
emaj-18	11	87	|	|	ADV
emaj-18	11	88	issn	issn	VERB
emaj-18	11	89	2158	2158	NUM
emaj-18	11	90	-	-	SYM
emaj-18	11	91	8708	8708	NUM
emaj-18	11	92	(	(	PUNCT
emaj-18	11	93	online	online	NOUN
emaj-18	11	94	)	)	PUNCT
emaj-18	11	95	|	|	ADV
emaj-18	11	96	doi	doi	X
emaj-18	11	97	10.5195	10.5195	NUM
emaj-18	11	98	/	/	SYM
emaj-18	11	99	emaj.2012.18	emaj.2012.18	NOUN
emaj-18	11	100	|	|	ADV
emaj-18	11	101	http://emaj.pitt.edu	http://emaj.pitt.edu	VERB
emaj-18	11	102	corporate	corporate	ADJ
emaj-18	11	103	governance	governance	NOUN
emaj-18	11	104	and	and	CCONJ
emaj-18	11	105	firm	firm	ADJ
emaj-18	11	106	value	value	NOUN
emaj-18	11	107	in	in	ADP
emaj-18	11	108	emerging	emerge	VERB
emaj-18	11	109	markets	market	NOUN
emaj-18	11	110	an	an	DET
emaj-18	11	111	empirical	empirical	ADJ
emaj-18	11	112	analysis	analysis	NOUN
emaj-18	11	113	of	of	ADP
emaj-18	11	114	adr	adr	PROPN
emaj-18	11	115	issuing	issue	VERB
emaj-18	11	116	emerging	emerge	VERB
emaj-18	11	117	market	market	NOUN
emaj-18	11	118	firms	firm	NOUN
emaj-18	11	119	aysun	aysun	PROPN
emaj-18	11	120	ficici	ficici	PROPN
emaj-18	11	121	c.	c.	PROPN
emaj-18	11	122	bulent	bulent	PROPN
emaj-18	11	123	aybar	aybar	PROPN
emaj-18	11	124	i.	i.	PROPN
emaj-18	11	125	introduction	introduction	PROPN
emaj-18	11	126	  	  	SPACE
emaj-18	11	127	asymmetric	asymmetric	ADJ
emaj-18	11	128	information	information	NOUN
emaj-18	11	129	in	in	ADP
emaj-18	11	130	financial	financial	ADJ
emaj-18	11	131	markets	market	NOUN
emaj-18	11	132	is	be	AUX
emaj-18	11	133	a	a	DET
emaj-18	11	134	taxing	tax	VERB
emaj-18	11	135	problem	problem	NOUN
emaj-18	11	136	.	.	PUNCT
emaj-18	12	1	an	an	DET
emaj-18	12	2	impediment	impediment	NOUN
emaj-18	12	3	to	to	ADP
emaj-18	12	4	capital	capital	NOUN
emaj-18	12	5	allocation	allocation	NOUN
emaj-18	12	6	is	be	AUX
emaj-18	12	7	implicit	implicit	ADJ
emaj-18	12	8	in	in	ADP
emaj-18	12	9	situations	situation	NOUN
emaj-18	12	10	,	,	PUNCT
emaj-18	12	11	which	which	PRON
emaj-18	12	12	a	a	DET
emaj-18	12	13	capital	capital	NOUN
emaj-18	12	14	user	user	NOUN
emaj-18	12	15	knows	know	VERB
emaj-18	12	16	far	far	ADV
emaj-18	12	17	more	more	ADJ
emaj-18	12	18	about	about	ADP
emaj-18	12	19	his	his	PRON
emaj-18	12	20	/	/	SYM
emaj-18	12	21	her	her	PRON
emaj-18	12	22	prospects	prospect	NOUN
emaj-18	12	23	and	and	CCONJ
emaj-18	12	24	problems	problem	NOUN
emaj-18	12	25	than	than	ADP
emaj-18	12	26	the	the	DET
emaj-18	12	27	supplier	supplier	NOUN
emaj-18	12	28	of	of	ADP
emaj-18	12	29	the	the	DET
emaj-18	12	30	capital	capital	NOUN
emaj-18	12	31	.	.	PUNCT
emaj-18	13	1	the	the	DET
emaj-18	13	2	resolution	resolution	NOUN
emaj-18	13	3	of	of	ADP
emaj-18	13	4	information	information	NOUN
emaj-18	13	5	problems	problem	NOUN
emaj-18	13	6	requires	require	VERB
emaj-18	13	7	carefully	carefully	ADV
emaj-18	13	8	designed	design	VERB
emaj-18	13	9	control	control	NOUN
emaj-18	13	10	mechanisms	mechanism	NOUN
emaj-18	13	11	such	such	ADJ
emaj-18	13	12	as	as	ADP
emaj-18	13	13	appropriate	appropriate	ADJ
emaj-18	13	14	contracts	contract	NOUN
emaj-18	13	15	,	,	PUNCT
emaj-18	13	16	courts	court	NOUN
emaj-18	13	17	to	to	PART
emaj-18	13	18	enforce	enforce	VERB
emaj-18	13	19	these	these	DET
emaj-18	13	20	contracts	contract	NOUN
emaj-18	13	21	,	,	PUNCT
emaj-18	13	22	corporate	corporate	ADJ
emaj-18	13	23	governance	governance	NOUN
emaj-18	13	24	rules	rule	NOUN
emaj-18	13	25	,	,	PUNCT
emaj-18	13	26	and	and	CCONJ
emaj-18	13	27	financial	financial	ADJ
emaj-18	13	28	intermediaries	intermediary	NOUN
emaj-18	13	29	willing	willing	ADJ
emaj-18	13	30	to	to	PART
emaj-18	13	31	act	act	VERB
emaj-18	13	32	as	as	ADP
emaj-18	13	33	corporate	corporate	ADJ
emaj-18	13	34	monitors	monitor	NOUN
emaj-18	13	35	.	.	PUNCT
emaj-18	14	1	these	these	DET
emaj-18	14	2	mechanisms	mechanism	NOUN
emaj-18	14	3	may	may	AUX
emaj-18	14	4	either	either	CCONJ
emaj-18	14	5	reduce	reduce	VERB
emaj-18	14	6	the	the	DET
emaj-18	14	7	amount	amount	NOUN
emaj-18	14	8	of	of	ADP
emaj-18	14	9	information	information	NOUN
emaj-18	14	10	needed	need	VERB
emaj-18	14	11	by	by	ADP
emaj-18	14	12	the	the	DET
emaj-18	14	13	investors	investor	NOUN
emaj-18	14	14	and	and	CCONJ
emaj-18	14	15	intermediaries	intermediary	NOUN
emaj-18	14	16	or	or	CCONJ
emaj-18	14	17	may	may	AUX
emaj-18	14	18	reduce	reduce	VERB
emaj-18	14	19	the	the	DET
emaj-18	14	20	cost	cost	NOUN
emaj-18	14	21	of	of	ADP
emaj-18	14	22	collecting	collect	VERB
emaj-18	14	23	it	it	PRON
emaj-18	14	24	.	.	PUNCT
emaj-18	15	1	the	the	DET
emaj-18	15	2	acuteness	acuteness	NOUN
emaj-18	15	3	of	of	ADP
emaj-18	15	4	the	the	DET
emaj-18	15	5	information	information	NOUN
emaj-18	15	6	problems	problem	NOUN
emaj-18	15	7	in	in	ADP
emaj-18	15	8	emerging	emerge	VERB
emaj-18	15	9	financial	financial	ADJ
emaj-18	15	10	markets	market	NOUN
emaj-18	15	11	has	have	AUX
emaj-18	15	12	been	be	AUX
emaj-18	15	13	an	an	DET
emaj-18	15	14	escalating	escalate	VERB
emaj-18	15	15	concern	concern	NOUN
emaj-18	15	16	for	for	ADP
emaj-18	15	17	global	global	ADJ
emaj-18	15	18	investors	investor	NOUN
emaj-18	15	19	as	as	ADP
emaj-18	15	20	the	the	DET
emaj-18	15	21	share	share	NOUN
emaj-18	15	22	of	of	ADP
emaj-18	15	23	emerging	emerge	VERB
emaj-18	15	24	market	market	NOUN
emaj-18	15	25	equities	equity	NOUN
emaj-18	15	26	and	and	CCONJ
emaj-18	15	27	bonds	bond	NOUN
emaj-18	15	28	in	in	ADP
emaj-18	15	29	global	global	ADJ
emaj-18	15	30	portfolio	portfolio	NOUN
emaj-18	15	31	allocations	allocation	NOUN
emaj-18	15	32	grew	grow	VERB
emaj-18	15	33	substantially	substantially	ADV
emaj-18	15	34	over	over	ADP
emaj-18	15	35	the	the	DET
emaj-18	15	36	last	last	ADJ
emaj-18	15	37	decade	decade	NOUN
emaj-18	15	38	.	.	PUNCT
emaj-18	16	1	there	there	PRON
emaj-18	16	2	is	be	VERB
emaj-18	16	3	no	no	DET
emaj-18	16	4	sign	sign	NOUN
emaj-18	16	5	of	of	ADP
emaj-18	16	6	reversal	reversal	NOUN
emaj-18	16	7	in	in	ADP
emaj-18	16	8	this	this	DET
emaj-18	16	9	trend	trend	NOUN
emaj-18	16	10	as	as	SCONJ
emaj-18	16	11	private	private	ADJ
emaj-18	16	12	capital	capital	NOUN
emaj-18	16	13	flows	flow	NOUN
emaj-18	16	14	in	in	ADP
emaj-18	16	15	these	these	DET
emaj-18	16	16	countries	country	NOUN
emaj-18	16	17	gain	gain	VERB
emaj-18	16	18	further	further	ADJ
emaj-18	16	19	momentum	momentum	NOUN
emaj-18	16	20	in	in	ADP
emaj-18	16	21	light	light	NOUN
emaj-18	16	22	of	of	ADP
emaj-18	16	23	promising	promise	VERB
emaj-18	16	24	demographics	demographic	NOUN
emaj-18	16	25	and	and	CCONJ
emaj-18	16	26	high	high	ADJ
emaj-18	16	27	growth	growth	NOUN
emaj-18	16	28	prospects	prospect	NOUN
emaj-18	16	29	in	in	ADP
emaj-18	16	30	emerging	emerge	VERB
emaj-18	16	31	markets	market	NOUN
emaj-18	16	32	.	.	PUNCT
emaj-18	17	1	the	the	DET
emaj-18	17	2	literature	literature	NOUN
emaj-18	17	3	on	on	ADP
emaj-18	17	4	information	information	NOUN
emaj-18	17	5	problems	problem	NOUN
emaj-18	17	6	in	in	ADP
emaj-18	17	7	financial	financial	ADJ
emaj-18	17	8	markets	market	NOUN
emaj-18	17	9	suggests	suggest	VERB
emaj-18	17	10	that	that	SCONJ
emaj-18	17	11	prevalence	prevalence	NOUN
emaj-18	17	12	of	of	ADP
emaj-18	17	13	information	information	NOUN
emaj-18	17	14	problems	problem	NOUN
emaj-18	17	15	create	create	VERB
emaj-18	17	16	a	a	DET
emaj-18	17	17	more	more	ADV
emaj-18	17	18	conducive	conducive	ADJ
emaj-18	17	19	environment	environment	NOUN
emaj-18	17	20	for	for	ADP
emaj-18	17	21	the	the	DET
emaj-18	17	22	development	development	NOUN
emaj-18	17	23	of	of	ADP
emaj-18	17	24	debt	debt	NOUN
emaj-18	17	25	markets	market	NOUN
emaj-18	17	26	rather	rather	ADV
emaj-18	17	27	than	than	ADP
emaj-18	17	28	public	public	ADJ
emaj-18	17	29	equity	equity	NOUN
emaj-18	17	30	markets	market	NOUN
emaj-18	17	31	.	.	PUNCT
emaj-18	18	1	in	in	ADP
emaj-18	18	2	essence	essence	NOUN
emaj-18	18	3	,	,	PUNCT
emaj-18	18	4	equity	equity	NOUN
emaj-18	18	5	investments	investment	NOUN
emaj-18	18	6	are	be	AUX
emaj-18	18	7	far	far	ADV
emaj-18	18	8	more	more	ADJ
emaj-18	18	9	information	information	NOUN
emaj-18	18	10	intensive	intensive	ADJ
emaj-18	18	11	than	than	ADP
emaj-18	18	12	debt	debt	NOUN
emaj-18	18	13	,	,	PUNCT
emaj-18	18	14	simply	simply	ADV
emaj-18	18	15	because	because	SCONJ
emaj-18	18	16	equity	equity	NOUN
emaj-18	18	17	investors	investor	NOUN
emaj-18	18	18	own	own	VERB
emaj-18	18	19	the	the	DET
emaj-18	18	20	residual	residual	ADJ
emaj-18	18	21	claims	claim	NOUN
emaj-18	18	22	on	on	ADP
emaj-18	18	23	the	the	DET
emaj-18	18	24	company	company	NOUN
emaj-18	18	25	.	.	PUNCT
emaj-18	19	1	accordingly	accordingly	ADV
emaj-18	19	2	,	,	PUNCT
emaj-18	19	3	they	they	PRON
emaj-18	19	4	should	should	AUX
emaj-18	19	5	be	be	AUX
emaj-18	19	6	fully	fully	ADV
emaj-18	19	7	aware	aware	ADJ
emaj-18	19	8	of	of	ADP
emaj-18	19	9	the	the	DET
emaj-18	19	10	range	range	NOUN
emaj-18	19	11	of	of	ADP
emaj-18	19	12	risks	risk	NOUN
emaj-18	19	13	and	and	CCONJ
emaj-18	19	14	opportunities	opportunity	NOUN
emaj-18	19	15	facing	face	VERB
emaj-18	19	16	the	the	DET
emaj-18	19	17	firm	firm	NOUN
emaj-18	19	18	.	.	PUNCT
emaj-18	20	1	this	this	DET
emaj-18	20	2	difficult	difficult	ADJ
emaj-18	20	3	task	task	NOUN
emaj-18	20	4	requires	require	VERB
emaj-18	20	5	a	a	DET
emaj-18	20	6	complex	complex	ADJ
emaj-18	20	7	screening	screening	NOUN
emaj-18	20	8	assignment	assignment	NOUN
emaj-18	20	9	which	which	PRON
emaj-18	20	10	is	be	AUX
emaj-18	20	11	unlikely	unlikely	ADJ
emaj-18	20	12	to	to	PART
emaj-18	20	13	be	be	AUX
emaj-18	20	14	fulfilled	fulfil	VERB
emaj-18	20	15	by	by	ADP
emaj-18	20	16	the	the	DET
emaj-18	20	17	average	average	ADJ
emaj-18	20	18	investor	investor	NOUN
emaj-18	20	19	.	.	PUNCT
emaj-18	21	1	therefore	therefore	ADV
emaj-18	21	2	,	,	PUNCT
emaj-18	21	3	the	the	DET
emaj-18	21	4	access	access	NOUN
emaj-18	21	5	to	to	ADP
emaj-18	21	6	equity	equity	NOUN
emaj-18	21	7	markets	market	NOUN
emaj-18	21	8	require	require	VERB
emaj-18	21	9	significant	significant	ADJ
emaj-18	21	10	support	support	NOUN
emaj-18	21	11	from	from	ADP
emaj-18	21	12	a	a	DET
emaj-18	21	13	range	range	NOUN
emaj-18	21	14	of	of	ADP
emaj-18	21	15	institutions	institution	NOUN
emaj-18	21	16	(	(	PUNCT
emaj-18	21	17	eg	eg	NOUN
emaj-18	21	18	underwriters	underwriter	NOUN
emaj-18	21	19	,	,	PUNCT
emaj-18	21	20	institutional	institutional	ADJ
emaj-18	21	21	investors	investor	NOUN
emaj-18	21	22	and	and	CCONJ
emaj-18	21	23	brokers	broker	NOUN
emaj-18	21	24	)	)	PUNCT
emaj-18	21	25	,	,	PUNCT
emaj-18	21	26	which	which	PRON
emaj-18	21	27	should	should	AUX
emaj-18	21	28	collectively	collectively	ADV
emaj-18	21	29	provide	provide	VERB
emaj-18	21	30	objective	objective	ADJ
emaj-18	21	31	information	information	NOUN
emaj-18	21	32	about	about	ADP
emaj-18	21	33	the	the	DET
emaj-18	21	34	company	company	NOUN
emaj-18	21	35	prospects	prospect	NOUN
emaj-18	21	36	.	.	PUNCT
emaj-18	22	1	it	it	PRON
emaj-18	22	2	is	be	AUX
emaj-18	22	3	no	no	DET
emaj-18	22	4	accident	accident	NOUN
emaj-18	22	5	that	that	SCONJ
emaj-18	22	6	the	the	DET
emaj-18	22	7	abundance	abundance	NOUN
emaj-18	22	8	of	of	ADP
emaj-18	22	9	financial	financial	ADJ
emaj-18	22	10	information	information	NOUN
emaj-18	22	11	and	and	CCONJ
emaj-18	22	12	its	its	PRON
emaj-18	22	13	effective	effective	ADJ
emaj-18	22	14	dissemination	dissemination	NOUN
emaj-18	22	15	is	be	AUX
emaj-18	22	16	an	an	DET
emaj-18	22	17	invariable	invariable	ADJ
emaj-18	22	18	characteristic	characteristic	NOUN
emaj-18	22	19	of	of	ADP
emaj-18	22	20	developed	develop	VERB
emaj-18	22	21	equity	equity	NOUN
emaj-18	22	22	markets	market	NOUN
emaj-18	22	23	where	where	SCONJ
emaj-18	22	24	external	external	ADJ
emaj-18	22	25	equity	equity	NOUN
emaj-18	22	26	constitutes	constitute	VERB
emaj-18	22	27	a	a	DET
emaj-18	22	28	significant	significant	ADJ
emaj-18	22	29	source	source	NOUN
emaj-18	22	30	of	of	ADP
emaj-18	22	31	capital	capital	NOUN
emaj-18	22	32	for	for	ADP
emaj-18	22	33	corporations	corporation	NOUN
emaj-18	22	34	.	.	PUNCT
emaj-18	23	1	in	in	ADP
emaj-18	23	2	the	the	DET
emaj-18	23	3	absence	absence	NOUN
emaj-18	23	4	of	of	ADP
emaj-18	23	5	such	such	ADJ
emaj-18	23	6	infrastructure	infrastructure	NOUN
emaj-18	23	7	,	,	PUNCT
emaj-18	23	8	debt	debt	NOUN
emaj-18	23	9	emerges	emerge	VERB
emaj-18	23	10	as	as	ADP
emaj-18	23	11	a	a	DET
emaj-18	23	12	practical	practical	ADJ
emaj-18	23	13	and	and	CCONJ
emaj-18	23	14	viable	viable	ADJ
emaj-18	23	15	alternative	alternative	NOUN
emaj-18	23	16	to	to	ADP
emaj-18	23	17	equity	equity	NOUN
emaj-18	23	18	.	.	PUNCT
emaj-18	24	1	indeed	indeed	ADV
emaj-18	24	2	debt	debt	NOUN
emaj-18	24	3	contracts	contract	NOUN
emaj-18	24	4	exist	exist	VERB
emaj-18	24	5	primarily	primarily	ADV
emaj-18	24	6	to	to	PART
emaj-18	24	7	overcome	overcome	VERB
emaj-18	24	8	information	information	NOUN
emaj-18	24	9	problems	problem	NOUN
emaj-18	24	10	such	such	ADJ
emaj-18	24	11	as	as	ADP
emaj-18	24	12	the	the	DET
emaj-18	24	13	ones	one	NOUN
emaj-18	24	14	encountered	encounter	VERB
emaj-18	24	15	in	in	ADP
emaj-18	24	16	equity	equity	NOUN
emaj-18	24	17	markets	market	NOUN
emaj-18	24	18	.	.	PUNCT
emaj-18	25	1	unlike	unlike	ADP
emaj-18	25	2	equity	equity	NOUN
emaj-18	25	3	,	,	PUNCT
emaj-18	25	4	debt	debt	NOUN
emaj-18	25	5	creates	create	VERB
emaj-18	25	6	simple	simple	ADJ
emaj-18	25	7	,	,	PUNCT
emaj-18	25	8	fixed	fix	VERB
emaj-18	25	9	obligations	obligation	NOUN
emaj-18	25	10	whose	whose	DET
emaj-18	25	11	promised	promise	VERB
emaj-18	25	12	cash	cash	NOUN
emaj-18	25	13	flows	flow	NOUN
emaj-18	25	14	are	be	AUX
emaj-18	25	15	the	the	DET
emaj-18	25	16	same	same	ADJ
emaj-18	25	17	regardless	regardless	ADV
emaj-18	25	18	of	of	ADP
emaj-18	25	19	how	how	SCONJ
emaj-18	25	20	well	well	ADV
emaj-18	25	21	or	or	CCONJ
emaj-18	25	22	badly	badly	ADV
emaj-18	25	23	firm	firm	ADJ
emaj-18	25	24	performs	perform	NOUN
emaj-18	25	25	.	.	PUNCT
emaj-18	26	1	the	the	DET
emaj-18	26	2	claims	claim	NOUN
emaj-18	26	3	are	be	AUX
emaj-18	26	4	in	in	ADP
emaj-18	26	5	principle	principle	NOUN
emaj-18	26	6	enforceable	enforceable	ADJ
emaj-18	26	7	and	and	CCONJ
emaj-18	26	8	almost	almost	ADV
emaj-18	26	9	everywhere	everywhere	ADV
emaj-18	26	10	debt	debt	NOUN
emaj-18	26	11	holders	holder	NOUN
emaj-18	26	12	are	be	AUX
emaj-18	26	13	in	in	ADP
emaj-18	26	14	a	a	DET
emaj-18	26	15	stronger	strong	ADJ
emaj-18	26	16	position	position	NOUN
emaj-18	26	17	than	than	ADP
emaj-18	26	18	holders	holder	NOUN
emaj-18	26	19	of	of	ADP
emaj-18	26	20	public	public	ADJ
emaj-18	26	21	equity	equity	NOUN
emaj-18	26	22	to	to	PART
emaj-18	26	23	obtain	obtain	VERB
emaj-18	26	24	their	their	PRON
emaj-18	26	25	return	return	NOUN
emaj-18	26	26	in	in	ADP
emaj-18	26	27	an	an	DET
emaj-18	26	28	environment	environment	NOUN
emaj-18	26	29	of	of	ADP
emaj-18	26	30	imperfect	imperfect	ADJ
emaj-18	26	31	information	information	NOUN
emaj-18	26	32	.	.	PUNCT
emaj-18	27	1	the	the	DET
emaj-18	27	2	extent	extent	NOUN
emaj-18	27	3	of	of	ADP
emaj-18	27	4	informational	informational	ADJ
emaj-18	27	5	asymmetry	asymmetry	NOUN
emaj-18	27	6	also	also	ADV
emaj-18	27	7	determines	determine	VERB
emaj-18	27	8	the	the	DET
emaj-18	27	9	structure	structure	NOUN
emaj-18	27	10	of	of	ADP
emaj-18	27	11	debt	debt	NOUN
emaj-18	27	12	markets	market	NOUN
emaj-18	27	13	.	.	PUNCT
emaj-18	28	1	relatively	relatively	ADV
emaj-18	28	2	sophisticated	sophisticated	ADJ
emaj-18	28	3	debt	debt	NOUN
emaj-18	28	4	securities	security	NOUN
emaj-18	28	5	such	such	ADJ
emaj-18	28	6	as	as	ADP
emaj-18	28	7	bonds	bond	NOUN
emaj-18	28	8	,	,	PUNCT
emaj-18	28	9	notes	note	NOUN
emaj-18	28	10	and	and	CCONJ
emaj-18	28	11	commercial	commercial	ADJ
emaj-18	28	12	papers	paper	NOUN
emaj-18	28	13	are	be	AUX
emaj-18	28	14	less	less	ADV
emaj-18	28	15	likely	likely	ADJ
emaj-18	28	16	to	to	PART
emaj-18	28	17	develop	develop	VERB
emaj-18	28	18	in	in	ADP
emaj-18	28	19	environments	environment	NOUN
emaj-18	28	20	characterized	characterize	VERB
emaj-18	28	21	by	by	ADP
emaj-18	28	22	inadequate	inadequate	ADJ
emaj-18	28	23	informational	informational	ADJ
emaj-18	28	24	infrastructure	infrastructure	NOUN
emaj-18	28	25	.	.	PUNCT
emaj-18	29	1	despite	despite	SCONJ
emaj-18	29	2	well	well	ADV
emaj-18	29	3	defined	define	VERB
emaj-18	29	4	cash	cash	NOUN
emaj-18	29	5	flow	flow	NOUN
emaj-18	29	6	rights	right	NOUN
emaj-18	29	7	,	,	PUNCT
emaj-18	29	8	buyers	buyer	NOUN
emaj-18	29	9	of	of	ADP
emaj-18	29	10	debt	debt	NOUN
emaj-18	29	11	securities	security	NOUN
emaj-18	29	12	still	still	ADV
emaj-18	29	13	need	need	VERB
emaj-18	29	14	to	to	PART
emaj-18	29	15	feel	feel	VERB
emaj-18	29	16	that	that	SCONJ
emaj-18	29	17	either	either	CCONJ
emaj-18	29	18	they	they	PRON
emaj-18	29	19	are	be	AUX
emaj-18	29	20	themselves	themselves	PRON
emaj-18	29	21	well	well	ADV
emaj-18	29	22	informed	informed	ADJ
emaj-18	29	23	or	or	CCONJ
emaj-18	29	24	that	that	SCONJ
emaj-18	29	25	some	some	DET
emaj-18	29	26	institution	institution	NOUN
emaj-18	29	27	such	such	ADJ
emaj-18	29	28	as	as	ADP
emaj-18	29	29	a	a	DET
emaj-18	29	30	rating	rating	NOUN
emaj-18	29	31	agency	agency	NOUN
emaj-18	29	32	is	be	AUX
emaj-18	29	33	able	able	ADJ
emaj-18	29	34	to	to	PART
emaj-18	29	35	inform	inform	VERB
emaj-18	29	36	them	they	PRON
emaj-18	29	37	indirectly	indirectly	ADV
emaj-18	29	38	about	about	ADP
emaj-18	29	39	the	the	DET
emaj-18	29	40	company	company	NOUN
emaj-18	29	41	prospects	prospect	NOUN
emaj-18	29	42	.	.	PUNCT
emaj-18	30	1	banks	bank	NOUN
emaj-18	30	2	in	in	ADP
emaj-18	30	3	contrast	contrast	NOUN
emaj-18	30	4	generate	generate	VERB
emaj-18	30	5	their	their	PRON
emaj-18	30	6	own	own	ADJ
emaj-18	30	7	private	private	ADJ
emaj-18	30	8	information	information	NOUN
emaj-18	30	9	and	and	CCONJ
emaj-18	30	10	are	be	AUX
emaj-18	30	11	thus	thus	ADV
emaj-18	30	12	the	the	DET
emaj-18	30	13	dominant	dominant	ADJ
emaj-18	30	14	suppliers	supplier	NOUN
emaj-18	30	15	of	of	ADP
emaj-18	30	16	debt	debt	NOUN
emaj-18	30	17	finance	finance	NOUN
emaj-18	30	18	when	when	SCONJ
emaj-18	30	19	public	public	ADJ
emaj-18	30	20	information	information	NOUN
emaj-18	30	21	is	be	AUX
emaj-18	30	22	inadequate	inadequate	ADJ
emaj-18	30	23	.	.	PUNCT
emaj-18	31	1	consequently	consequently	ADV
emaj-18	31	2	,	,	PUNCT
emaj-18	31	3	banks	bank	NOUN
emaj-18	31	4	play	play	VERB
emaj-18	31	5	a	a	DET
emaj-18	31	6	far	far	ADV
emaj-18	31	7	larger	large	ADJ
emaj-18	31	8	role	role	NOUN
emaj-18	31	9	in	in	ADP
emaj-18	31	10	corporate	corporate	ADJ
emaj-18	31	11	governance	governance	NOUN
emaj-18	31	12	and	and	CCONJ
emaj-18	31	13	firm	firm	ADJ
emaj-18	31	14	value	value	NOUN
emaj-18	31	15	in	in	ADP
emaj-18	31	16	emerging	emerge	VERB
emaj-18	31	17	markets	market	NOUN
emaj-18	31	18	an	an	DET
emaj-18	31	19	empirical	empirical	ADJ
emaj-18	31	20	analysis	analysis	NOUN
emaj-18	31	21	of	of	ADP
emaj-18	31	22	adr	adr	PROPN
emaj-18	31	23	issuing	issue	VERB
emaj-18	31	24	emerging	emerge	VERB
emaj-18	31	25	market	market	NOUN
emaj-18	31	26	firms	firm	NOUN
emaj-18	31	27	emerging	emerge	VERB
emaj-18	31	28	markets	market	NOUN
emaj-18	31	29	journal	journal	NOUN
emaj-18	31	30	|	|	ADV
emaj-18	31	31	p	p	NOUN
emaj-18	31	32	a	a	DET
emaj-18	31	33	g	g	NOUN
emaj-18	31	34	e	e	NOUN
emaj-18	31	35	|	|	ADV
emaj-18	31	36	39	39	NUM
emaj-18	31	37	volume	volume	NOUN
emaj-18	31	38	2	2	NUM
emaj-18	31	39	(	(	PUNCT
emaj-18	31	40	2012	2012	NUM
emaj-18	31	41	)	)	PUNCT
emaj-18	31	42	|	|	ADV
emaj-18	31	43	issn	issn	VERB
emaj-18	31	44	2158	2158	NUM
emaj-18	31	45	-	-	SYM
emaj-18	31	46	8708	8708	NUM
emaj-18	31	47	(	(	PUNCT
emaj-18	31	48	online	online	NOUN
emaj-18	31	49	)	)	PUNCT
emaj-18	31	50	|	|	ADV
emaj-18	31	51	doi	doi	X
emaj-18	31	52	10.5195	10.5195	NUM
emaj-18	31	53	/	/	SYM
emaj-18	31	54	emaj.2012.18	emaj.2012.18	NOUN
emaj-18	31	55	|	|	NOUN
emaj-18	31	56	http://emaj.pitt.edu	http://emaj.pitt.edu	NOUN
emaj-18	31	57	markets	market	NOUN
emaj-18	31	58	where	where	SCONJ
emaj-18	31	59	publicly	publicly	ADV
emaj-18	31	60	available	available	ADJ
emaj-18	31	61	information	information	NOUN
emaj-18	31	62	is	be	AUX
emaj-18	31	63	limited	limited	ADJ
emaj-18	31	64	.	.	PUNCT
emaj-18	32	1	informational	informational	ADJ
emaj-18	32	2	asymmetries	asymmetry	NOUN
emaj-18	32	3	constitute	constitute	VERB
emaj-18	32	4	an	an	DET
emaj-18	32	5	impediment	impediment	NOUN
emaj-18	32	6	in	in	ADP
emaj-18	32	7	development	development	NOUN
emaj-18	32	8	of	of	ADP
emaj-18	32	9	financial	financial	ADJ
emaj-18	32	10	markets	market	NOUN
emaj-18	32	11	.	.	PUNCT
emaj-18	33	1	emerging	emerge	VERB
emaj-18	33	2	markets	market	NOUN
emaj-18	33	3	suffer	suffer	VERB
emaj-18	33	4	from	from	ADP
emaj-18	33	5	this	this	DET
emaj-18	33	6	consequence	consequence	NOUN
emaj-18	33	7	.	.	PUNCT
emaj-18	34	1	information	information	NOUN
emaj-18	34	2	problems	problem	NOUN
emaj-18	34	3	in	in	ADP
emaj-18	34	4	emerging	emerge	VERB
emaj-18	34	5	markets	market	NOUN
emaj-18	34	6	led	lead	VERB
emaj-18	34	7	to	to	ADP
emaj-18	34	8	development	development	NOUN
emaj-18	34	9	of	of	ADP
emaj-18	34	10	bank	bank	NOUN
emaj-18	34	11	centered	center	VERB
emaj-18	34	12	financial	financial	ADJ
emaj-18	34	13	systems	system	NOUN
emaj-18	34	14	and	and	CCONJ
emaj-18	34	15	left	leave	VERB
emaj-18	34	16	corporations	corporation	NOUN
emaj-18	34	17	with	with	ADP
emaj-18	34	18	limited	limited	ADJ
emaj-18	34	19	choice	choice	NOUN
emaj-18	34	20	and	and	CCONJ
emaj-18	34	21	variety	variety	NOUN
emaj-18	34	22	of	of	ADP
emaj-18	34	23	financial	financial	ADJ
emaj-18	34	24	resources	resource	NOUN
emaj-18	34	25	.	.	PUNCT
emaj-18	35	1	despite	despite	SCONJ
emaj-18	35	2	renewed	renew	VERB
emaj-18	35	3	attempts	attempt	NOUN
emaj-18	35	4	to	to	PART
emaj-18	35	5	jumpstart	jumpstart	VERB
emaj-18	35	6	equity	equity	NOUN
emaj-18	35	7	market	market	NOUN
emaj-18	35	8	development	development	NOUN
emaj-18	35	9	in	in	ADP
emaj-18	35	10	emerging	emerge	VERB
emaj-18	35	11	markets	market	NOUN
emaj-18	35	12	,	,	PUNCT
emaj-18	35	13	relatively	relatively	ADV
emaj-18	35	14	slow	slow	ADJ
emaj-18	35	15	evolution	evolution	NOUN
emaj-18	35	16	of	of	ADP
emaj-18	35	17	the	the	DET
emaj-18	35	18	institutional	institutional	ADJ
emaj-18	35	19	infrastructure	infrastructure	NOUN
emaj-18	35	20	limits	limit	VERB
emaj-18	35	21	widespread	widespread	ADJ
emaj-18	35	22	use	use	NOUN
emaj-18	35	23	of	of	ADP
emaj-18	35	24	equity	equity	NOUN
emaj-18	35	25	markets	market	NOUN
emaj-18	35	26	to	to	PART
emaj-18	35	27	finance	finance	VERB
emaj-18	35	28	growth	growth	NOUN
emaj-18	35	29	.	.	PUNCT
emaj-18	36	1	a	a	DET
emaj-18	36	2	natural	natural	ADJ
emaj-18	36	3	outcome	outcome	NOUN
emaj-18	36	4	of	of	ADP
emaj-18	36	5	this	this	PRON
emaj-18	36	6	is	be	AUX
emaj-18	36	7	over	over	ADP
emaj-18	36	8	reliance	reliance	NOUN
emaj-18	36	9	on	on	ADP
emaj-18	36	10	the	the	DET
emaj-18	36	11	internal	internal	ADJ
emaj-18	36	12	funds	fund	NOUN
emaj-18	36	13	and	and	CCONJ
emaj-18	36	14	high	high	ADJ
emaj-18	36	15	cost	cost	NOUN
emaj-18	36	16	of	of	ADP
emaj-18	36	17	capital	capital	NOUN
emaj-18	36	18	due	due	ADP
emaj-18	36	19	to	to	ADP
emaj-18	36	20	limitations	limitation	NOUN
emaj-18	36	21	of	of	ADP
emaj-18	36	22	domestic	domestic	ADJ
emaj-18	36	23	financial	financial	ADJ
emaj-18	36	24	markets	market	NOUN
emaj-18	36	25	.	.	PUNCT
emaj-18	37	1	because	because	SCONJ
emaj-18	37	2	of	of	ADP
emaj-18	37	3	rampant	rampant	ADJ
emaj-18	37	4	information	information	NOUN
emaj-18	37	5	problems	problem	NOUN
emaj-18	37	6	,	,	PUNCT
emaj-18	37	7	and	and	CCONJ
emaj-18	37	8	infrastructure	infrastructure	NOUN
emaj-18	37	9	issues	issue	NOUN
emaj-18	37	10	,	,	PUNCT
emaj-18	37	11	equity	equity	NOUN
emaj-18	37	12	is	be	AUX
emaj-18	37	13	still	still	ADV
emaj-18	37	14	very	very	ADV
emaj-18	37	15	costly	costly	ADJ
emaj-18	37	16	.	.	PUNCT
emaj-18	38	1	therefore	therefore	ADV
emaj-18	38	2	,	,	PUNCT
emaj-18	38	3	a	a	DET
emaj-18	38	4	growing	grow	VERB
emaj-18	38	5	number	number	NOUN
emaj-18	38	6	of	of	ADP
emaj-18	38	7	em	em	PRON
emaj-18	38	8	companies	company	NOUN
emaj-18	38	9	attempt	attempt	VERB
emaj-18	38	10	to	to	PART
emaj-18	38	11	overcome	overcome	VERB
emaj-18	38	12	the	the	DET
emaj-18	38	13	limitations	limitation	NOUN
emaj-18	38	14	of	of	ADP
emaj-18	38	15	domestic	domestic	ADJ
emaj-18	38	16	financial	financial	ADJ
emaj-18	38	17	markets	market	NOUN
emaj-18	38	18	by	by	ADP
emaj-18	38	19	subscribing	subscribe	VERB
emaj-18	38	20	to	to	ADP
emaj-18	38	21	more	more	ADV
emaj-18	38	22	stringent	stringent	ADJ
emaj-18	38	23	disclosure	disclosure	NOUN
emaj-18	38	24	requirements	requirement	NOUN
emaj-18	38	25	in	in	ADP
emaj-18	38	26	more	more	ADV
emaj-18	38	27	developed	developed	ADJ
emaj-18	38	28	financial	financial	ADJ
emaj-18	38	29	markets	market	NOUN
emaj-18	38	30	particularly	particularly	ADV
emaj-18	38	31	by	by	ADP
emaj-18	38	32	accessing	access	VERB
emaj-18	38	33	tools	tool	NOUN
emaj-18	38	34	such	such	ADJ
emaj-18	38	35	as	as	ADP
emaj-18	38	36	american	american	ADJ
emaj-18	38	37	depositary	depositary	NOUN
emaj-18	38	38	receipts	receipt	NOUN
emaj-18	38	39	(	(	PUNCT
emaj-18	38	40	adrs	adr	NOUN
emaj-18	38	41	)	)	PUNCT
emaj-18	38	42	.	.	PUNCT
emaj-18	39	1	adr	adr	PROPN
emaj-18	39	2	issuance	issuance	NOUN
emaj-18	39	3	is	be	AUX
emaj-18	39	4	considered	consider	VERB
emaj-18	39	5	to	to	PART
emaj-18	39	6	be	be	AUX
emaj-18	39	7	a	a	DET
emaj-18	39	8	strong	strong	ADJ
emaj-18	39	9	signal	signal	NOUN
emaj-18	39	10	to	to	ADP
emaj-18	39	11	the	the	DET
emaj-18	39	12	market	market	NOUN
emaj-18	39	13	that	that	SCONJ
emaj-18	39	14	the	the	DET
emaj-18	39	15	issuing	issue	VERB
emaj-18	39	16	company	company	NOUN
emaj-18	39	17	is	be	AUX
emaj-18	39	18	ready	ready	ADJ
emaj-18	39	19	for	for	ADP
emaj-18	39	20	disclosure	disclosure	NOUN
emaj-18	39	21	and	and	CCONJ
emaj-18	39	22	compliance	compliance	NOUN
emaj-18	39	23	.	.	PUNCT
emaj-18	40	1	the	the	DET
emaj-18	40	2	commitment	commitment	NOUN
emaj-18	40	3	to	to	ADP
emaj-18	40	4	increased	increase	VERB
emaj-18	40	5	levels	level	NOUN
emaj-18	40	6	of	of	ADP
emaj-18	40	7	disclosure	disclosure	NOUN
emaj-18	40	8	is	be	AUX
emaj-18	40	9	expected	expect	VERB
emaj-18	40	10	to	to	PART
emaj-18	40	11	reduce	reduce	VERB
emaj-18	40	12	the	the	DET
emaj-18	40	13	potential	potential	ADJ
emaj-18	40	14	informational	informational	ADJ
emaj-18	40	15	asymmetries	asymmetry	NOUN
emaj-18	40	16	between	between	ADP
emaj-18	40	17	the	the	DET
emaj-18	40	18	management	management	NOUN
emaj-18	40	19	of	of	ADP
emaj-18	40	20	the	the	DET
emaj-18	40	21	firm	firm	NOUN
emaj-18	40	22	and	and	CCONJ
emaj-18	40	23	its	its	PRON
emaj-18	40	24	shareholders	shareholder	NOUN
emaj-18	40	25	or	or	CCONJ
emaj-18	40	26	among	among	ADP
emaj-18	40	27	buyers	buyer	NOUN
emaj-18	40	28	and	and	CCONJ
emaj-18	40	29	sellers	seller	NOUN
emaj-18	40	30	of	of	ADP
emaj-18	40	31	the	the	DET
emaj-18	40	32	firm	firm	NOUN
emaj-18	40	33	’s	’s	PART
emaj-18	40	34	shares	share	NOUN
emaj-18	40	35	.	.	PUNCT
emaj-18	41	1	the	the	DET
emaj-18	41	2	voluntary	voluntary	ADJ
emaj-18	41	3	disclosure	disclosure	NOUN
emaj-18	41	4	reduces	reduce	VERB
emaj-18	41	5	the	the	DET
emaj-18	41	6	risk	risk	NOUN
emaj-18	41	7	borne	bear	VERB
emaj-18	41	8	by	by	ADP
emaj-18	41	9	the	the	DET
emaj-18	41	10	investors	investor	NOUN
emaj-18	41	11	and	and	CCONJ
emaj-18	41	12	increases	increase	VERB
emaj-18	41	13	liquidity	liquidity	NOUN
emaj-18	41	14	of	of	ADP
emaj-18	41	15	firm	firm	NOUN
emaj-18	41	16	’s	’s	PART
emaj-18	41	17	stock	stock	NOUN
emaj-18	41	18	by	by	ADP
emaj-18	41	19	attracting	attract	VERB
emaj-18	41	20	larger	large	ADJ
emaj-18	41	21	group	group	NOUN
emaj-18	41	22	investors	investor	NOUN
emaj-18	41	23	,	,	PUNCT
emaj-18	41	24	who	who	PRON
emaj-18	41	25	are	be	AUX
emaj-18	41	26	more	more	ADV
emaj-18	41	27	confident	confident	ADJ
emaj-18	41	28	that	that	SCONJ
emaj-18	41	29	the	the	DET
emaj-18	41	30	stock	stock	NOUN
emaj-18	41	31	transactions	transaction	NOUN
emaj-18	41	32	occur	occur	VERB
emaj-18	41	33	at	at	ADP
emaj-18	41	34	fair	fair	ADJ
emaj-18	41	35	prices	price	NOUN
emaj-18	41	36	.	.	PUNCT
emaj-18	42	1	voluntary	voluntary	ADJ
emaj-18	42	2	disclosure	disclosure	NOUN
emaj-18	42	3	can	can	AUX
emaj-18	42	4	also	also	ADV
emaj-18	42	5	lower	lower	VERB
emaj-18	42	6	the	the	DET
emaj-18	42	7	cost	cost	NOUN
emaj-18	42	8	of	of	ADP
emaj-18	42	9	information	information	NOUN
emaj-18	42	10	acquisition	acquisition	NOUN
emaj-18	42	11	for	for	ADP
emaj-18	42	12	analysts	analyst	NOUN
emaj-18	42	13	and	and	CCONJ
emaj-18	42	14	hence	hence	ADV
emaj-18	42	15	increase	increase	VERB
emaj-18	42	16	the	the	DET
emaj-18	42	17	supply	supply	NOUN
emaj-18	42	18	of	of	ADP
emaj-18	42	19	information	information	NOUN
emaj-18	42	20	about	about	ADP
emaj-18	42	21	the	the	DET
emaj-18	42	22	company	company	NOUN
emaj-18	42	23	,	,	PUNCT
emaj-18	42	24	reinforcing	reinforce	VERB
emaj-18	42	25	further	further	ADJ
emaj-18	42	26	reductions	reduction	NOUN
emaj-18	42	27	in	in	ADP
emaj-18	42	28	informational	informational	ADJ
emaj-18	42	29	asymmetry	asymmetry	NOUN
emaj-18	42	30	.	.	PUNCT
emaj-18	43	1	as	as	ADP
emaj-18	43	2	a	a	DET
emaj-18	43	3	result	result	NOUN
emaj-18	43	4	,	,	PUNCT
emaj-18	43	5	em	em	PRON
emaj-18	43	6	firms	firm	NOUN
emaj-18	43	7	committed	commit	VERB
emaj-18	43	8	to	to	ADP
emaj-18	43	9	disclosure	disclosure	NOUN
emaj-18	43	10	reduce	reduce	VERB
emaj-18	43	11	their	their	PRON
emaj-18	43	12	external	external	ADJ
emaj-18	43	13	cost	cost	NOUN
emaj-18	43	14	of	of	ADP
emaj-18	43	15	capital	capital	NOUN
emaj-18	43	16	,	,	PUNCT
emaj-18	43	17	and	and	CCONJ
emaj-18	43	18	capitalize	capitalize	VERB
emaj-18	43	19	on	on	ADP
emaj-18	43	20	the	the	DET
emaj-18	43	21	growth	growth	NOUN
emaj-18	43	22	prospects	prospect	NOUN
emaj-18	43	23	in	in	ADP
emaj-18	43	24	their	their	PRON
emaj-18	43	25	respective	respective	ADJ
emaj-18	43	26	markets	market	NOUN
emaj-18	43	27	.	.	PUNCT
emaj-18	44	1	such	such	DET
emaj-18	44	2	a	a	DET
emaj-18	44	3	move	move	NOUN
emaj-18	44	4	by	by	ADP
emaj-18	44	5	an	an	DET
emaj-18	44	6	em	em	PROPN
emaj-18	44	7	firm	firm	NOUN
emaj-18	44	8	theoretically	theoretically	ADV
emaj-18	44	9	has	have	VERB
emaj-18	44	10	some	some	DET
emaj-18	44	11	value	value	NOUN
emaj-18	44	12	implications	implication	NOUN
emaj-18	44	13	.	.	PUNCT
emaj-18	45	1	in	in	ADP
emaj-18	45	2	other	other	ADJ
emaj-18	45	3	words	word	NOUN
emaj-18	45	4	,	,	PUNCT
emaj-18	45	5	in	in	ADP
emaj-18	45	6	general	general	ADJ
emaj-18	45	7	commitment	commitment	NOUN
emaj-18	45	8	to	to	ADP
emaj-18	45	9	good	good	ADJ
emaj-18	45	10	corporate	corporate	ADJ
emaj-18	45	11	governance	governance	NOUN
emaj-18	45	12	should	should	AUX
emaj-18	45	13	create	create	VERB
emaj-18	45	14	value	value	NOUN
emaj-18	45	15	for	for	ADP
emaj-18	45	16	the	the	DET
emaj-18	45	17	existing	exist	VERB
emaj-18	45	18	shareholders	shareholder	NOUN
emaj-18	45	19	of	of	ADP
emaj-18	45	20	the	the	DET
emaj-18	45	21	firm	firm	NOUN
emaj-18	45	22	.	.	PUNCT
emaj-18	46	1	the	the	DET
emaj-18	46	2	announcement	announcement	NOUN
emaj-18	46	3	and	and	CCONJ
emaj-18	46	4	more	more	ADV
emaj-18	46	5	importantly	importantly	ADV
emaj-18	46	6	verification	verification	NOUN
emaj-18	46	7	of	of	ADP
emaj-18	46	8	such	such	ADJ
emaj-18	46	9	behavior	behavior	NOUN
emaj-18	46	10	should	should	AUX
emaj-18	46	11	result	result	VERB
emaj-18	46	12	in	in	ADP
emaj-18	46	13	a	a	DET
emaj-18	46	14	decline	decline	NOUN
emaj-18	46	15	in	in	ADP
emaj-18	46	16	risk	risk	NOUN
emaj-18	46	17	premium	premium	NOUN
emaj-18	46	18	and	and	CCONJ
emaj-18	46	19	therefore	therefore	ADV
emaj-18	46	20	an	an	DET
emaj-18	46	21	increase	increase	NOUN
emaj-18	46	22	in	in	ADP
emaj-18	46	23	value	value	NOUN
emaj-18	46	24	.	.	PUNCT
emaj-18	47	1	a	a	DET
emaj-18	47	2	number	number	NOUN
emaj-18	47	3	of	of	ADP
emaj-18	47	4	empirical	empirical	ADJ
emaj-18	47	5	studies	study	NOUN
emaj-18	47	6	verify	verify	VERB
emaj-18	47	7	this	this	DET
emaj-18	47	8	expected	expect	VERB
emaj-18	47	9	increase	increase	NOUN
emaj-18	47	10	in	in	ADP
emaj-18	47	11	firm	firm	ADJ
emaj-18	47	12	value	value	NOUN
emaj-18	47	13	in	in	ADP
emaj-18	47	14	the	the	DET
emaj-18	47	15	context	context	NOUN
emaj-18	47	16	of	of	ADP
emaj-18	47	17	event	event	NOUN
emaj-18	47	18	studies	study	NOUN
emaj-18	47	19	by	by	ADP
emaj-18	47	20	analyzing	analyze	VERB
emaj-18	47	21	the	the	DET
emaj-18	47	22	returns	return	NOUN
emaj-18	47	23	around	around	ADP
emaj-18	47	24	the	the	DET
emaj-18	47	25	adr	adr	PROPN
emaj-18	47	26	listing	list	VERB
emaj-18	47	27	(	(	PUNCT
emaj-18	47	28	miller	miller	PROPN
emaj-18	47	29	1999	1999	NUM
emaj-18	47	30	,	,	PUNCT
emaj-18	47	31	forrester	forrester	PROPN
emaj-18	47	32	and	and	CCONJ
emaj-18	47	33	karolyi	karolyi	NOUN
emaj-18	47	34	2000	2000	NUM
emaj-18	47	35	)	)	PUNCT
emaj-18	47	36	.	.	PUNCT
emaj-18	48	1	the	the	DET
emaj-18	48	2	subscription	subscription	NOUN
emaj-18	48	3	to	to	ADP
emaj-18	48	4	higher	high	ADJ
emaj-18	48	5	standards	standard	NOUN
emaj-18	48	6	of	of	ADP
emaj-18	48	7	disclosure	disclosure	NOUN
emaj-18	48	8	by	by	ADP
emaj-18	48	9	issuing	issue	VERB
emaj-18	48	10	adr	adr	PROPN
emaj-18	48	11	in	in	ADP
emaj-18	48	12	the	the	DET
emaj-18	48	13	us	us	PROPN
emaj-18	48	14	market	market	NOUN
emaj-18	48	15	is	be	AUX
emaj-18	48	16	expected	expect	VERB
emaj-18	48	17	to	to	PART
emaj-18	48	18	generate	generate	VERB
emaj-18	48	19	the	the	DET
emaj-18	48	20	effects	effect	NOUN
emaj-18	48	21	discussed	discuss	VERB
emaj-18	48	22	above	above	ADV
emaj-18	48	23	.	.	PUNCT
emaj-18	49	1	klapper	klapper	NOUN
emaj-18	49	2	and	and	CCONJ
emaj-18	49	3	love	love	NOUN
emaj-18	49	4	(	(	PUNCT
emaj-18	49	5	2002	2002	NUM
emaj-18	49	6	)	)	PUNCT
emaj-18	49	7	suggest	suggest	VERB
emaj-18	49	8	that	that	SCONJ
emaj-18	49	9	foreign	foreign	ADJ
emaj-18	49	10	firms	firm	NOUN
emaj-18	49	11	issuing	issue	VERB
emaj-18	49	12	adrs	adr	NOUN
emaj-18	49	13	in	in	ADP
emaj-18	49	14	the	the	DET
emaj-18	49	15	us	us	PROPN
emaj-18	49	16	on	on	ADP
emaj-18	49	17	average	average	ADJ
emaj-18	49	18	have	have	VERB
emaj-18	49	19	better	well	ADJ
emaj-18	49	20	operating	operating	NOUN
emaj-18	49	21	performance	performance	NOUN
emaj-18	49	22	and	and	CCONJ
emaj-18	49	23	they	they	PRON
emaj-18	49	24	attribute	attribute	VERB
emaj-18	49	25	this	this	DET
emaj-18	49	26	finding	finding	NOUN
emaj-18	49	27	to	to	PART
emaj-18	49	28	better	well	ADJ
emaj-18	49	29	corporate	corporate	ADJ
emaj-18	49	30	governance	governance	NOUN
emaj-18	49	31	structures	structure	NOUN
emaj-18	49	32	emerging	emerge	VERB
emaj-18	49	33	as	as	ADP
emaj-18	49	34	a	a	DET
emaj-18	49	35	result	result	NOUN
emaj-18	49	36	compliance	compliance	NOUN
emaj-18	49	37	to	to	AUX
emaj-18	49	38	more	more	ADV
emaj-18	49	39	stringent	stringent	ADJ
emaj-18	49	40	us	us	PROPN
emaj-18	49	41	disclosure	disclosure	NOUN
emaj-18	49	42	requirements	requirement	NOUN
emaj-18	49	43	.	.	PUNCT
emaj-18	50	1	we	we	PRON
emaj-18	50	2	argue	argue	VERB
emaj-18	50	3	that	that	SCONJ
emaj-18	50	4	a	a	DET
emaj-18	50	5	number	number	NOUN
emaj-18	50	6	of	of	ADP
emaj-18	50	7	factors	factor	NOUN
emaj-18	50	8	are	be	AUX
emaj-18	50	9	expected	expect	VERB
emaj-18	50	10	to	to	PART
emaj-18	50	11	actively	actively	ADV
emaj-18	50	12	shape	shape	VERB
emaj-18	50	13	the	the	DET
emaj-18	50	14	resultant	resultant	NOUN
emaj-18	50	15	impact	impact	NOUN
emaj-18	50	16	on	on	ADP
emaj-18	50	17	performance	performance	NOUN
emaj-18	50	18	and	and	CCONJ
emaj-18	50	19	the	the	DET
emaj-18	50	20	value	value	NOUN
emaj-18	50	21	!	!	PUNCT
emaj-18	51	1	first	first	ADV
emaj-18	51	2	,	,	PUNCT
emaj-18	51	3	there	there	PRON
emaj-18	51	4	are	be	VERB
emaj-18	51	5	different	different	ADJ
emaj-18	51	6	tiers	tier	NOUN
emaj-18	51	7	of	of	ADP
emaj-18	51	8	adr	adr	PROPN
emaj-18	51	9	markets	market	NOUN
emaj-18	51	10	with	with	ADP
emaj-18	51	11	varying	vary	VERB
emaj-18	51	12	levels	level	NOUN
emaj-18	51	13	of	of	ADP
emaj-18	51	14	disclosure	disclosure	NOUN
emaj-18	51	15	and	and	CCONJ
emaj-18	51	16	to	to	PART
emaj-18	51	17	best	best	VERB
emaj-18	51	18	our	our	PRON
emaj-18	51	19	knowledge	knowledge	NOUN
emaj-18	51	20	there	there	PRON
emaj-18	51	21	are	be	VERB
emaj-18	51	22	no	no	DET
emaj-18	51	23	studies	study	NOUN
emaj-18	51	24	investigating	investigate	VERB
emaj-18	51	25	the	the	DET
emaj-18	51	26	value	value	NOUN
emaj-18	51	27	implications	implication	NOUN
emaj-18	51	28	for	for	ADP
emaj-18	51	29	the	the	DET
emaj-18	51	30	issuing	issue	VERB
emaj-18	51	31	firms	firm	NOUN
emaj-18	51	32	in	in	ADP
emaj-18	51	33	the	the	DET
emaj-18	51	34	post	post	NOUN
emaj-18	51	35	listing	listing	NOUN
emaj-18	51	36	period	period	NOUN
emaj-18	51	37	in	in	ADP
emaj-18	51	38	relation	relation	NOUN
emaj-18	51	39	to	to	ADP
emaj-18	51	40	their	their	PRON
emaj-18	51	41	commitment	commitment	NOUN
emaj-18	51	42	to	to	ADP
emaj-18	51	43	better	well	ADJ
emaj-18	51	44	corporate	corporate	ADJ
emaj-18	51	45	governance	governance	NOUN
emaj-18	51	46	.	.	PUNCT
emaj-18	52	1	secondly	secondly	ADV
emaj-18	52	2	,	,	PUNCT
emaj-18	52	3	the	the	DET
emaj-18	52	4	empirical	empirical	ADJ
emaj-18	52	5	literature	literature	NOUN
emaj-18	52	6	analyzing	analyzing	NOUN
emaj-18	52	7	value	value	NOUN
emaj-18	52	8	implications	implication	NOUN
emaj-18	52	9	around	around	ADP
emaj-18	52	10	the	the	DET
emaj-18	52	11	adr	adr	PROPN
emaj-18	52	12	issues	issue	NOUN
emaj-18	52	13	report	report	VERB
emaj-18	52	14	that	that	SCONJ
emaj-18	52	15	risk	risk	NOUN
emaj-18	52	16	reduction	reduction	NOUN
emaj-18	52	17	is	be	AUX
emaj-18	52	18	more	more	ADV
emaj-18	52	19	prevalent	prevalent	ADJ
emaj-18	52	20	for	for	ADP
emaj-18	52	21	developed	developed	ADJ
emaj-18	52	22	country	country	NOUN
emaj-18	52	23	firms	firm	NOUN
emaj-18	52	24	with	with	ADP
emaj-18	52	25	poor	poor	ADJ
emaj-18	52	26	corporate	corporate	ADJ
emaj-18	52	27	governance	governance	NOUN
emaj-18	52	28	standards	standard	NOUN
emaj-18	52	29	.	.	PUNCT
emaj-18	53	1	drawing	draw	VERB
emaj-18	53	2	on	on	ADP
emaj-18	53	3	this	this	DET
emaj-18	53	4	literature	literature	NOUN
emaj-18	53	5	,	,	PUNCT
emaj-18	53	6	we	we	PRON
emaj-18	53	7	argue	argue	VERB
emaj-18	53	8	that	that	SCONJ
emaj-18	53	9	the	the	DET
emaj-18	53	10	impact	impact	NOUN
emaj-18	53	11	of	of	ADP
emaj-18	53	12	home	home	NOUN
emaj-18	53	13	country	country	NOUN
emaj-18	53	14	legal	legal	ADJ
emaj-18	53	15	and	and	CCONJ
emaj-18	53	16	regulatory	regulatory	ADJ
emaj-18	53	17	environment	environment	NOUN
emaj-18	53	18	should	should	AUX
emaj-18	53	19	be	be	AUX
emaj-18	53	20	considered	consider	VERB
emaj-18	53	21	.	.	PUNCT
emaj-18	54	1	finally	finally	ADV
emaj-18	54	2	,	,	PUNCT
emaj-18	54	3	the	the	DET
emaj-18	54	4	extent	extent	NOUN
emaj-18	54	5	of	of	ADP
emaj-18	54	6	corruption	corruption	NOUN
emaj-18	54	7	in	in	ADP
emaj-18	54	8	the	the	DET
emaj-18	54	9	home	home	NOUN
emaj-18	54	10	country	country	NOUN
emaj-18	54	11	setting	set	VERB
emaj-18	54	12	would	would	AUX
emaj-18	54	13	affect	affect	VERB
emaj-18	54	14	the	the	DET
emaj-18	54	15	commitment	commitment	NOUN
emaj-18	54	16	to	to	ADP
emaj-18	54	17	better	well	ADJ
emaj-18	54	18	disclosure	disclosure	NOUN
emaj-18	54	19	over	over	ADP
emaj-18	54	20	the	the	DET
emaj-18	54	21	long	long	ADJ
emaj-18	54	22	run	run	NOUN
emaj-18	54	23	.	.	PUNCT
emaj-18	55	1	this	this	DET
emaj-18	55	2	study	study	NOUN
emaj-18	55	3	focuses	focus	VERB
emaj-18	55	4	on	on	ADP
emaj-18	55	5	the	the	DET
emaj-18	55	6	impact	impact	NOUN
emaj-18	55	7	of	of	ADP
emaj-18	55	8	corporate	corporate	ADJ
emaj-18	55	9	governance	governance	NOUN
emaj-18	55	10	structures	structure	NOUN
emaj-18	55	11	on	on	ADP
emaj-18	55	12	firm	firm	ADJ
emaj-18	55	13	corporate	corporate	ADJ
emaj-18	55	14	governance	governance	NOUN
emaj-18	55	15	and	and	CCONJ
emaj-18	55	16	firm	firm	ADJ
emaj-18	55	17	value	value	NOUN
emaj-18	55	18	in	in	ADP
emaj-18	55	19	emerging	emerge	VERB
emaj-18	55	20	markets	market	NOUN
emaj-18	55	21	an	an	DET
emaj-18	55	22	empirical	empirical	ADJ
emaj-18	55	23	analysis	analysis	NOUN
emaj-18	55	24	of	of	ADP
emaj-18	55	25	adr	adr	PROPN
emaj-18	55	26	issuing	issue	VERB
emaj-18	55	27	emerging	emerge	VERB
emaj-18	55	28	market	market	NOUN
emaj-18	55	29	firms	firm	NOUN
emaj-18	55	30	emerging	emerge	VERB
emaj-18	55	31	markets	market	NOUN
emaj-18	55	32	journal	journal	NOUN
emaj-18	55	33	|	|	ADV
emaj-18	55	34	p	p	NOUN
emaj-18	55	35	a	a	DET
emaj-18	55	36	g	g	NOUN
emaj-18	55	37	e	e	NOUN
emaj-18	55	38	|	|	ADV
emaj-18	55	39	40	40	NUM
emaj-18	55	40	volume	volume	NOUN
emaj-18	55	41	2	2	NUM
emaj-18	55	42	(	(	PUNCT
emaj-18	55	43	2012	2012	NUM
emaj-18	55	44	)	)	PUNCT
emaj-18	55	45	|	|	ADV
emaj-18	55	46	issn	issn	VERB
emaj-18	55	47	2158	2158	NUM
emaj-18	55	48	-	-	SYM
emaj-18	55	49	8708	8708	NUM
emaj-18	55	50	(	(	PUNCT
emaj-18	55	51	online	online	NOUN
emaj-18	55	52	)	)	PUNCT
emaj-18	56	1	|	|	ADV
emaj-18	56	2	doi	doi	X
emaj-18	56	3	10.5195	10.5195	NUM
emaj-18	56	4	/	/	SYM
emaj-18	56	5	emaj.2012.18	emaj.2012.18	NOUN
emaj-18	56	6	|	|	NOUN
emaj-18	56	7	http://emaj.pitt.edu	http://emaj.pitt.edu	VERB
emaj-18	56	8	performance	performance	NOUN
emaj-18	56	9	as	as	ADP
emaj-18	56	10	to	to	ADP
emaj-18	56	11	whether	whether	SCONJ
emaj-18	56	12	adherence	adherence	NOUN
emaj-18	56	13	to	to	ADP
emaj-18	56	14	those	those	DET
emaj-18	56	15	standards	standard	NOUN
emaj-18	56	16	creates	create	VERB
emaj-18	56	17	market	market	NOUN
emaj-18	56	18	value	value	NOUN
emaj-18	56	19	and	and	CCONJ
emaj-18	56	20	enhances	enhance	VERB
emaj-18	56	21	performance	performance	NOUN
emaj-18	56	22	for	for	ADP
emaj-18	56	23	emfs	emfs	NOUN
emaj-18	56	24	.	.	PUNCT
emaj-18	57	1	we	we	PRON
emaj-18	57	2	also	also	ADV
emaj-18	57	3	explore	explore	VERB
emaj-18	57	4	whether	whether	SCONJ
emaj-18	57	5	the	the	DET
emaj-18	57	6	impact	impact	NOUN
emaj-18	57	7	of	of	ADP
emaj-18	57	8	corruption	corruption	NOUN
emaj-18	57	9	level	level	NOUN
emaj-18	57	10	and	and	CCONJ
emaj-18	57	11	legal	legal	ADJ
emaj-18	57	12	systems	system	NOUN
emaj-18	57	13	in	in	ADP
emaj-18	57	14	a	a	DET
emaj-18	57	15	firm	firm	NOUN
emaj-18	57	16	’s	’s	PART
emaj-18	57	17	home	home	NOUN
emaj-18	57	18	country	country	NOUN
emaj-18	57	19	affect	affect	VERB
emaj-18	57	20	the	the	DET
emaj-18	57	21	corporate	corporate	ADJ
emaj-18	57	22	governance	governance	NOUN
emaj-18	57	23	structures	structure	NOUN
emaj-18	57	24	of	of	ADP
emaj-18	57	25	emfs	emfs	PROPN
emaj-18	57	26	and	and	CCONJ
emaj-18	57	27	subsequently	subsequently	ADV
emaj-18	57	28	affecting	affect	VERB
emaj-18	57	29	the	the	DET
emaj-18	57	30	market	market	NOUN
emaj-18	57	31	value	value	NOUN
emaj-18	57	32	and	and	CCONJ
emaj-18	57	33	performance	performance	NOUN
emaj-18	57	34	.	.	PUNCT
emaj-18	58	1	we	we	PRON
emaj-18	58	2	use	use	VERB
emaj-18	58	3	a	a	DET
emaj-18	58	4	sample	sample	NOUN
emaj-18	58	5	of	of	ADP
emaj-18	58	6	adr	adr	PROPN
emaj-18	58	7	issuing	issue	VERB
emaj-18	58	8	emerging	emerge	VERB
emaj-18	58	9	market	market	NOUN
emaj-18	58	10	firms	firm	NOUN
emaj-18	58	11	,	,	PUNCT
emaj-18	58	12	and	and	CCONJ
emaj-18	58	13	employ	employ	VERB
emaj-18	58	14	recently	recently	ADV
emaj-18	58	15	constructed	construct	VERB
emaj-18	58	16	company	company	NOUN
emaj-18	58	17	composite	composite	ADJ
emaj-18	58	18	corporate	corporate	ADJ
emaj-18	58	19	governance	governance	NOUN
emaj-18	58	20	metric	metric	NOUN
emaj-18	58	21	along	along	ADP
emaj-18	58	22	with	with	ADP
emaj-18	58	23	some	some	DET
emaj-18	58	24	alternative	alternative	ADJ
emaj-18	58	25	corporate	corporate	ADJ
emaj-18	58	26	governance	governance	NOUN
emaj-18	58	27	measures	measure	NOUN
emaj-18	58	28	associated	associate	VERB
emaj-18	58	29	with	with	ADP
emaj-18	58	30	the	the	DET
emaj-18	58	31	origin	origin	NOUN
emaj-18	58	32	of	of	ADP
emaj-18	58	33	the	the	DET
emaj-18	58	34	issuing	issue	VERB
emaj-18	58	35	firm	firm	NOUN
emaj-18	58	36	.	.	PUNCT
emaj-18	59	1	our	our	PRON
emaj-18	59	2	sample	sample	NOUN
emaj-18	59	3	is	be	AUX
emaj-18	59	4	composed	compose	VERB
emaj-18	59	5	of	of	ADP
emaj-18	59	6	a	a	DET
emaj-18	59	7	cross	cross	NOUN
emaj-18	59	8	-	-	NOUN
emaj-18	59	9	section	section	NOUN
emaj-18	59	10	of	of	ADP
emaj-18	59	11	54	54	NUM
emaj-18	59	12	em	em	PROPN
emaj-18	59	13	firms	firm	NOUN
emaj-18	59	14	in	in	ADP
emaj-18	59	15	various	various	ADJ
emaj-18	59	16	industries	industry	NOUN
emaj-18	59	17	from	from	ADP
emaj-18	59	18	9	9	NUM
emaj-18	59	19	countries	country	NOUN
emaj-18	59	20	(	(	PUNCT
emaj-18	59	21	brazil	brazil	PROPN
emaj-18	59	22	,	,	PUNCT
emaj-18	59	23	chile	chile	PROPN
emaj-18	59	24	,	,	PUNCT
emaj-18	59	25	india	india	PROPN
emaj-18	59	26	,	,	PUNCT
emaj-18	59	27	korea	korea	PROPN
emaj-18	59	28	,	,	PUNCT
emaj-18	59	29	malaysia	malaysia	PROPN
emaj-18	59	30	,	,	PUNCT
emaj-18	59	31	peru	peru	PROPN
emaj-18	59	32	,	,	PUNCT
emaj-18	59	33	philippines	philippine	NOUN
emaj-18	59	34	,	,	PUNCT
emaj-18	59	35	taiwan	taiwan	PROPN
emaj-18	59	36	and	and	CCONJ
emaj-18	59	37	thailand	thailand	PROPN
emaj-18	59	38	)	)	PUNCT
emaj-18	59	39	primarily	primarily	ADV
emaj-18	59	40	located	locate	VERB
emaj-18	59	41	in	in	ADP
emaj-18	59	42	asia	asia	PROPN
emaj-18	59	43	and	and	CCONJ
emaj-18	59	44	latin	latin	PROPN
emaj-18	59	45	america	america	PROPN
emaj-18	59	46	.	.	PUNCT
emaj-18	60	1	although	although	SCONJ
emaj-18	60	2	the	the	DET
emaj-18	60	3	adr	adr	PROPN
emaj-18	60	4	literature	literature	PROPN
emaj-18	60	5	primarily	primarily	ADV
emaj-18	60	6	focuses	focus	VERB
emaj-18	60	7	on	on	ADP
emaj-18	60	8	the	the	DET
emaj-18	60	9	impact	impact	NOUN
emaj-18	60	10	of	of	ADP
emaj-18	60	11	subscription	subscription	NOUN
emaj-18	60	12	to	to	ADP
emaj-18	60	13	us	we	PRON
emaj-18	60	14	disclosure	disclosure	NOUN
emaj-18	60	15	requirements	requirement	NOUN
emaj-18	60	16	,	,	PUNCT
emaj-18	60	17	such	such	ADJ
emaj-18	60	18	as	as	ADP
emaj-18	60	19	increased	increase	VERB
emaj-18	60	20	exposure	exposure	NOUN
emaj-18	60	21	to	to	ADP
emaj-18	60	22	the	the	DET
emaj-18	60	23	us	us	PROPN
emaj-18	60	24	capital	capital	NOUN
emaj-18	60	25	market	market	NOUN
emaj-18	60	26	,	,	PUNCT
emaj-18	60	27	and	and	CCONJ
emaj-18	60	28	increased	increase	VERB
emaj-18	60	29	liquidity	liquidity	NOUN
emaj-18	60	30	in	in	ADP
emaj-18	60	31	equity	equity	NOUN
emaj-18	60	32	through	through	ADP
emaj-18	60	33	higher	high	ADJ
emaj-18	60	34	trading	trading	NOUN
emaj-18	60	35	volumes	volume	NOUN
emaj-18	60	36	,	,	PUNCT
emaj-18	60	37	we	we	PRON
emaj-18	60	38	contend	contend	VERB
emaj-18	60	39	that	that	SCONJ
emaj-18	60	40	company	company	NOUN
emaj-18	60	41	and	and	CCONJ
emaj-18	60	42	country	country	NOUN
emaj-18	60	43	specific	specific	ADJ
emaj-18	60	44	corporate	corporate	ADJ
emaj-18	60	45	governance	governance	NOUN
emaj-18	60	46	standards	standard	NOUN
emaj-18	60	47	play	play	VERB
emaj-18	60	48	a	a	DET
emaj-18	60	49	significant	significant	ADJ
emaj-18	60	50	role	role	NOUN
emaj-18	60	51	in	in	ADP
emaj-18	60	52	the	the	DET
emaj-18	60	53	risk	risk	NOUN
emaj-18	60	54	reduction	reduction	NOUN
emaj-18	60	55	and	and	CCONJ
emaj-18	60	56	ensuing	ensue	VERB
emaj-18	60	57	value	value	NOUN
emaj-18	60	58	capture	capture	NOUN
emaj-18	60	59	.	.	PUNCT
emaj-18	61	1	the	the	DET
emaj-18	61	2	study	study	NOUN
emaj-18	61	3	is	be	AUX
emaj-18	61	4	organized	organize	VERB
emaj-18	61	5	as	as	SCONJ
emaj-18	61	6	follows	follow	VERB
emaj-18	61	7	:	:	PUNCT
emaj-18	61	8	section	section	NOUN
emaj-18	61	9	two	two	NUM
emaj-18	61	10	of	of	ADP
emaj-18	61	11	the	the	DET
emaj-18	61	12	paper	paper	NOUN
emaj-18	61	13	presents	present	VERB
emaj-18	61	14	a	a	DET
emaj-18	61	15	review	review	NOUN
emaj-18	61	16	of	of	ADP
emaj-18	61	17	the	the	DET
emaj-18	61	18	relevant	relevant	ADJ
emaj-18	61	19	literature	literature	NOUN
emaj-18	61	20	.	.	PUNCT
emaj-18	62	1	section	section	NOUN
emaj-18	62	2	three	three	NUM
emaj-18	62	3	focuses	focus	VERB
emaj-18	62	4	on	on	ADP
emaj-18	62	5	standard	standard	ADJ
emaj-18	62	6	and	and	CCONJ
emaj-18	62	7	poor	poor	ADJ
emaj-18	62	8	’s	’s	PART
emaj-18	62	9	(	(	PUNCT
emaj-18	62	10	s&p	s&p	PROPN
emaj-18	62	11	)	)	PUNCT
emaj-18	62	12	governance	governance	NOUN
emaj-18	62	13	benchmarks	benchmark	NOUN
emaj-18	62	14	.	.	PUNCT
emaj-18	63	1	section	section	NOUN
emaj-18	63	2	four	four	NUM
emaj-18	63	3	discusses	discuss	VERB
emaj-18	63	4	the	the	DET
emaj-18	63	5	data	datum	NOUN
emaj-18	63	6	and	and	CCONJ
emaj-18	63	7	methodology	methodology	NOUN
emaj-18	63	8	.	.	PUNCT
emaj-18	64	1	section	section	NOUN
emaj-18	64	2	five	five	NUM
emaj-18	64	3	presents	present	NOUN
emaj-18	64	4	empirical	empirical	ADJ
emaj-18	64	5	findings	finding	NOUN
emaj-18	64	6	and	and	CCONJ
emaj-18	64	7	finally	finally	ADV
emaj-18	64	8	section	section	VERB
emaj-18	64	9	six	six	NUM
emaj-18	64	10	concludes	conclude	VERB
emaj-18	64	11	the	the	DET
emaj-18	64	12	paper	paper	NOUN
emaj-18	64	13	with	with	ADP
emaj-18	64	14	closing	closing	NOUN
emaj-18	64	15	remarks	remark	NOUN
emaj-18	64	16	.	.	PUNCT
emaj-18	65	1	ii	ii	X
emaj-18	65	2	.	.	PUNCT
emaj-18	65	3	corporate	corporate	ADJ
emaj-18	65	4	 	 	SPACE
emaj-18	65	5	governance	governance	NOUN
emaj-18	65	6	,	,	PUNCT
emaj-18	65	7	  	  	SPACE
emaj-18	65	8	performance	performance	NOUN
emaj-18	65	9	 	 	SPACE
emaj-18	65	10	and	and	CCONJ
emaj-18	65	11	   	   	SPACE
emaj-18	65	12	value	value	NOUN
emaj-18	65	13	  	  	SPACE
emaj-18	65	14	linkage	linkage	NOUN
emaj-18	65	15	  	  	SPACE
emaj-18	65	16	there	there	PRON
emaj-18	65	17	is	be	VERB
emaj-18	65	18	a	a	DET
emaj-18	65	19	growing	grow	VERB
emaj-18	65	20	body	body	NOUN
emaj-18	65	21	of	of	ADP
emaj-18	65	22	literature	literature	NOUN
emaj-18	65	23	in	in	ADP
emaj-18	65	24	finance	finance	NOUN
emaj-18	65	25	providing	provide	VERB
emaj-18	65	26	evidence	evidence	NOUN
emaj-18	65	27	on	on	ADP
emaj-18	65	28	the	the	DET
emaj-18	65	29	linkage	linkage	NOUN
emaj-18	65	30	between	between	ADP
emaj-18	65	31	corporate	corporate	ADJ
emaj-18	65	32	governance	governance	NOUN
emaj-18	65	33	practices	practice	NOUN
emaj-18	65	34	,	,	PUNCT
emaj-18	65	35	corruption	corruption	NOUN
emaj-18	65	36	,	,	PUNCT
emaj-18	65	37	legal	legal	ADJ
emaj-18	65	38	infrastructure	infrastructure	NOUN
emaj-18	65	39	and	and	CCONJ
emaj-18	65	40	firm	firm	ADJ
emaj-18	65	41	performance	performance	NOUN
emaj-18	65	42	and	and	CCONJ
emaj-18	65	43	value	value	NOUN
emaj-18	65	44	.	.	PUNCT
emaj-18	66	1	doidge	doidge	PROPN
emaj-18	66	2	et.al	et.al	PROPN
emaj-18	66	3	(	(	PUNCT
emaj-18	66	4	2001	2001	NUM
emaj-18	66	5	)	)	PUNCT
emaj-18	66	6	show	show	VERB
emaj-18	66	7	that	that	SCONJ
emaj-18	66	8	home	home	NOUN
emaj-18	66	9	country	country	NOUN
emaj-18	66	10	characteristics	characteristic	NOUN
emaj-18	66	11	defining	define	VERB
emaj-18	66	12	governance	governance	NOUN
emaj-18	66	13	structures	structure	NOUN
emaj-18	66	14	such	such	ADJ
emaj-18	66	15	as	as	ADP
emaj-18	66	16	inadequate	inadequate	ADJ
emaj-18	66	17	investor	investor	NOUN
emaj-18	66	18	rights	right	NOUN
emaj-18	66	19	and	and	CCONJ
emaj-18	66	20	protection	protection	NOUN
emaj-18	66	21	of	of	ADP
emaj-18	66	22	minority	minority	NOUN
emaj-18	66	23	interests	interest	NOUN
emaj-18	66	24	are	be	AUX
emaj-18	66	25	associated	associate	VERB
emaj-18	66	26	with	with	ADP
emaj-18	66	27	poor	poor	ADJ
emaj-18	66	28	performance	performance	NOUN
emaj-18	66	29	and	and	CCONJ
emaj-18	66	30	lower	low	ADJ
emaj-18	66	31	value	value	NOUN
emaj-18	66	32	.	.	PUNCT
emaj-18	67	1	in	in	ADP
emaj-18	67	2	a	a	DET
emaj-18	67	3	parallel	parallel	ADJ
emaj-18	67	4	study	study	NOUN
emaj-18	67	5	dowell	dowell	PROPN
emaj-18	67	6	,	,	PUNCT
emaj-18	67	7	hart	hart	PROPN
emaj-18	67	8	and	and	CCONJ
emaj-18	67	9	yeung	yeung	PROPN
emaj-18	67	10	(	(	PUNCT
emaj-18	67	11	2000	2000	NUM
emaj-18	67	12	)	)	PUNCT
emaj-18	67	13	suggest	suggest	VERB
emaj-18	67	14	that	that	SCONJ
emaj-18	67	15	companies	company	NOUN
emaj-18	67	16	with	with	ADP
emaj-18	67	17	no	no	DET
emaj-18	67	18	or	or	CCONJ
emaj-18	67	19	little	little	ADJ
emaj-18	67	20	stringent	stringent	ADJ
emaj-18	67	21	adaptation	adaptation	NOUN
emaj-18	67	22	to	to	ADP
emaj-18	67	23	global	global	ADJ
emaj-18	67	24	governance	governance	NOUN
emaj-18	67	25	standards	standard	NOUN
emaj-18	67	26	have	have	VERB
emaj-18	67	27	lesser	less	ADJ
emaj-18	67	28	market	market	NOUN
emaj-18	67	29	value	value	NOUN
emaj-18	67	30	.	.	PUNCT
emaj-18	68	1	in	in	ADP
emaj-18	68	2	a	a	DET
emaj-18	68	3	study	study	NOUN
emaj-18	68	4	focusing	focus	VERB
emaj-18	68	5	on	on	ADP
emaj-18	68	6	emerging	emerge	VERB
emaj-18	68	7	market	market	NOUN
emaj-18	68	8	firms	firm	NOUN
emaj-18	68	9	klapper	klapper	NOUN
emaj-18	68	10	and	and	CCONJ
emaj-18	68	11	love	love	NOUN
emaj-18	68	12	(	(	PUNCT
emaj-18	68	13	2002	2002	NUM
emaj-18	68	14	)	)	PUNCT
emaj-18	68	15	argue	argue	VERB
emaj-18	68	16	that	that	SCONJ
emaj-18	68	17	inefficient	inefficient	ADJ
emaj-18	68	18	corporate	corporate	ADJ
emaj-18	68	19	governance	governance	NOUN
emaj-18	68	20	structures	structure	NOUN
emaj-18	68	21	and	and	CCONJ
emaj-18	68	22	poor	poor	ADJ
emaj-18	68	23	legal	legal	ADJ
emaj-18	68	24	infrastructure	infrastructure	NOUN
emaj-18	68	25	increase	increase	NOUN
emaj-18	68	26	risks	risk	NOUN
emaj-18	68	27	associated	associate	VERB
emaj-18	68	28	with	with	ADP
emaj-18	68	29	emerging	emerge	VERB
emaj-18	68	30	market	market	NOUN
emaj-18	68	31	investments	investment	NOUN
emaj-18	68	32	.	.	PUNCT
emaj-18	69	1	in	in	ADP
emaj-18	69	2	a	a	DET
emaj-18	69	3	single	single	ADJ
emaj-18	69	4	country	country	NOUN
emaj-18	69	5	study	study	NOUN
emaj-18	69	6	,	,	PUNCT
emaj-18	69	7	black	black	ADJ
emaj-18	69	8	,	,	PUNCT
emaj-18	69	9	jang	jang	PROPN
emaj-18	69	10	and	and	CCONJ
emaj-18	69	11	kim	kim	PROPN
emaj-18	69	12	(	(	PUNCT
emaj-18	69	13	2003	2003	NUM
emaj-18	69	14	)	)	PUNCT
emaj-18	69	15	examine	examine	VERB
emaj-18	69	16	the	the	DET
emaj-18	69	17	effects	effect	NOUN
emaj-18	69	18	of	of	ADP
emaj-18	69	19	corporate	corporate	ADJ
emaj-18	69	20	governance	governance	NOUN
emaj-18	69	21	structures	structure	NOUN
emaj-18	69	22	on	on	ADP
emaj-18	69	23	the	the	DET
emaj-18	69	24	market	market	NOUN
emaj-18	69	25	value	value	NOUN
emaj-18	69	26	of	of	ADP
emaj-18	69	27	korean	korean	ADJ
emaj-18	69	28	firms	firm	NOUN
emaj-18	69	29	and	and	CCONJ
emaj-18	69	30	suggest	suggest	VERB
emaj-18	69	31	that	that	SCONJ
emaj-18	69	32	corporate	corporate	ADJ
emaj-18	69	33	governance	governance	NOUN
emaj-18	69	34	is	be	AUX
emaj-18	69	35	a	a	DET
emaj-18	69	36	significant	significant	ADJ
emaj-18	69	37	dynamic	dynamic	NOUN
emaj-18	69	38	in	in	ADP
emaj-18	69	39	explaining	explain	VERB
emaj-18	69	40	the	the	DET
emaj-18	69	41	market	market	NOUN
emaj-18	69	42	value	value	NOUN
emaj-18	69	43	of	of	ADP
emaj-18	69	44	korean	korean	ADJ
emaj-18	69	45	public	public	ADJ
emaj-18	69	46	companies	company	NOUN
emaj-18	69	47	.	.	PUNCT
emaj-18	70	1	similarly	similarly	ADV
emaj-18	70	2	,	,	PUNCT
emaj-18	70	3	black	black	ADJ
emaj-18	70	4	(	(	PUNCT
emaj-18	70	5	2001	2001	NUM
emaj-18	70	6	)	)	PUNCT
emaj-18	70	7	finds	find	VERB
emaj-18	70	8	a	a	DET
emaj-18	70	9	robust	robust	ADJ
emaj-18	70	10	relationship	relationship	NOUN
emaj-18	70	11	between	between	ADP
emaj-18	70	12	the	the	DET
emaj-18	70	13	market	market	NOUN
emaj-18	70	14	value	value	NOUN
emaj-18	70	15	and	and	CCONJ
emaj-18	70	16	corporate	corporate	ADJ
emaj-18	70	17	governance	governance	NOUN
emaj-18	70	18	of	of	ADP
emaj-18	70	19	a	a	DET
emaj-18	70	20	small	small	ADJ
emaj-18	70	21	sample	sample	NOUN
emaj-18	70	22	of	of	ADP
emaj-18	70	23	russian	russian	ADJ
emaj-18	70	24	firms	firm	NOUN
emaj-18	70	25	.	.	PUNCT
emaj-18	71	1	a	a	DET
emaj-18	71	2	related	related	ADJ
emaj-18	71	3	body	body	NOUN
emaj-18	71	4	of	of	ADP
emaj-18	71	5	research	research	NOUN
emaj-18	71	6	,	,	PUNCT
emaj-18	71	7	which	which	PRON
emaj-18	71	8	mainly	mainly	ADV
emaj-18	71	9	includes	include	VERB
emaj-18	71	10	firms	firm	NOUN
emaj-18	71	11	from	from	ADP
emaj-18	71	12	the	the	DET
emaj-18	71	13	united	united	PROPN
emaj-18	71	14	states	states	PROPN
emaj-18	71	15	and	and	CCONJ
emaj-18	71	16	western	western	PROPN
emaj-18	71	17	europe	europe	PROPN
emaj-18	71	18	focuses	focus	VERB
emaj-18	71	19	on	on	ADP
emaj-18	71	20	ownership	ownership	NOUN
emaj-18	71	21	structure	structure	NOUN
emaj-18	71	22	and	and	CCONJ
emaj-18	71	23	shareholders	shareholder	NOUN
emaj-18	71	24	rights	right	NOUN
emaj-18	71	25	and	and	CCONJ
emaj-18	71	26	their	their	PRON
emaj-18	71	27	impact	impact	NOUN
emaj-18	71	28	on	on	ADP
emaj-18	71	29	the	the	DET
emaj-18	71	30	firm	firm	ADJ
emaj-18	71	31	value	value	NOUN
emaj-18	71	32	.	.	PUNCT
emaj-18	72	1	la	la	NOUN
emaj-18	72	2	porta	porta	PROPN
emaj-18	72	3	et.al	et.al	PROPN
emaj-18	72	4	(	(	PUNCT
emaj-18	72	5	1999	1999	NUM
emaj-18	72	6	)	)	PUNCT
emaj-18	72	7	and	and	CCONJ
emaj-18	72	8	la	la	ADV
emaj-18	72	9	porta	porta	NOUN
emaj-18	72	10	et.al	et.al	PROPN
emaj-18	72	11	(	(	PUNCT
emaj-18	72	12	2000	2000	NUM
emaj-18	72	13	)	)	PUNCT
emaj-18	72	14	emphasize	emphasize	VERB
emaj-18	72	15	the	the	DET
emaj-18	72	16	value	value	NOUN
emaj-18	72	17	implications	implication	NOUN
emaj-18	72	18	of	of	ADP
emaj-18	72	19	potential	potential	ADJ
emaj-18	72	20	conflicts	conflict	NOUN
emaj-18	72	21	of	of	ADP
emaj-18	72	22	interest	interest	NOUN
emaj-18	72	23	between	between	ADP
emaj-18	72	24	the	the	DET
emaj-18	72	25	controlling	controlling	NOUN
emaj-18	72	26	and	and	CCONJ
emaj-18	72	27	minority	minority	NOUN
emaj-18	72	28	shareholders	shareholder	NOUN
emaj-18	72	29	and	and	CCONJ
emaj-18	72	30	insiders	insider	NOUN
emaj-18	72	31	and	and	CCONJ
emaj-18	72	32	outsiders	outsider	NOUN
emaj-18	72	33	when	when	SCONJ
emaj-18	72	34	there	there	PRON
emaj-18	72	35	is	be	VERB
emaj-18	72	36	little	little	ADJ
emaj-18	72	37	or	or	CCONJ
emaj-18	72	38	no	no	PRON
emaj-18	72	39	transparency	transparency	NOUN
emaj-18	72	40	.	.	PUNCT
emaj-18	73	1	when	when	SCONJ
emaj-18	73	2	the	the	DET
emaj-18	73	3	interests	interest	NOUN
emaj-18	73	4	of	of	ADP
emaj-18	73	5	those	those	PRON
emaj-18	73	6	who	who	PRON
emaj-18	73	7	control	control	VERB
emaj-18	73	8	the	the	DET
emaj-18	73	9	firm	firm	NOUN
emaj-18	73	10	differ	differ	VERB
emaj-18	73	11	from	from	ADP
emaj-18	73	12	the	the	DET
emaj-18	73	13	interests	interest	NOUN
emaj-18	73	14	of	of	ADP
emaj-18	73	15	those	those	PRON
emaj-18	73	16	who	who	PRON
emaj-18	73	17	supply	supply	VERB
emaj-18	73	18	the	the	DET
emaj-18	73	19	firm	firm	NOUN
emaj-18	73	20	with	with	ADP
emaj-18	73	21	external	external	ADJ
emaj-18	73	22	finances	finance	NOUN
emaj-18	73	23	,	,	PUNCT
emaj-18	73	24	the	the	DET
emaj-18	73	25	predicament	predicament	NOUN
emaj-18	73	26	evolves	evolve	VERB
emaj-18	73	27	into	into	ADP
emaj-18	73	28	principal	principal	ADJ
emaj-18	73	29	agent	agent	NOUN
emaj-18	73	30	problem	problem	NOUN
emaj-18	73	31	and	and	CCONJ
emaj-18	73	32	the	the	DET
emaj-18	73	33	ensuing	ensue	VERB
emaj-18	73	34	agency	agency	NOUN
emaj-18	73	35	costs	cost	NOUN
emaj-18	73	36	have	have	VERB
emaj-18	73	37	significant	significant	ADJ
emaj-18	73	38	negative	negative	ADJ
emaj-18	73	39	impact	impact	NOUN
emaj-18	73	40	on	on	ADP
emaj-18	73	41	firm	firm	ADJ
emaj-18	73	42	value	value	NOUN
emaj-18	73	43	.	.	PUNCT
emaj-18	74	1	particularly	particularly	ADV
emaj-18	74	2	interesting	interesting	ADJ
emaj-18	74	3	implications	implication	NOUN
emaj-18	74	4	of	of	ADP
emaj-18	74	5	the	the	DET
emaj-18	74	6	agency	agency	NOUN
emaj-18	74	7	costs	cost	NOUN
emaj-18	74	8	engendered	engender	VERB
emaj-18	74	9	by	by	ADP
emaj-18	74	10	lack	lack	NOUN
emaj-18	74	11	of	of	ADP
emaj-18	74	12	transparency	transparency	NOUN
emaj-18	74	13	are	be	AUX
emaj-18	74	14	the	the	DET
emaj-18	74	15	dividend	dividend	NOUN
emaj-18	74	16	policy	policy	NOUN
emaj-18	74	17	and	and	CCONJ
emaj-18	74	18	company	company	NOUN
emaj-18	74	19	’s	’s	PART
emaj-18	74	20	ability	ability	NOUN
emaj-18	74	21	to	to	PART
emaj-18	74	22	exploit	exploit	VERB
emaj-18	74	23	growth	growth	NOUN
emaj-18	74	24	opportunities	opportunity	NOUN
emaj-18	74	25	.	.	PUNCT
emaj-18	75	1	the	the	DET
emaj-18	75	2	authors	author	NOUN
emaj-18	75	3	demonstrate	demonstrate	VERB
emaj-18	75	4	that	that	SCONJ
emaj-18	75	5	firms	firm	NOUN
emaj-18	75	6	operating	operate	VERB
emaj-18	75	7	in	in	ADP
emaj-18	75	8	countries	country	NOUN
emaj-18	75	9	,	,	PUNCT
emaj-18	75	10	where	where	SCONJ
emaj-18	75	11	minority	minority	NOUN
emaj-18	75	12	shareholders	shareholder	NOUN
emaj-18	75	13	are	be	AUX
emaj-18	75	14	better	well	ADV
emaj-18	75	15	protected	protect	VERB
emaj-18	75	16	,	,	PUNCT
emaj-18	75	17	pay	pay	VERB
emaj-18	75	18	higher	high	ADJ
emaj-18	75	19	dividends	dividend	NOUN
emaj-18	75	20	.	.	PUNCT
emaj-18	76	1	those	those	DET
emaj-18	76	2	firms	firm	NOUN
emaj-18	76	3	that	that	PRON
emaj-18	76	4	experience	experience	VERB
emaj-18	76	5	faster	fast	ADJ
emaj-18	76	6	growth	growth	NOUN
emaj-18	76	7	pay	pay	VERB
emaj-18	76	8	lower	low	ADJ
emaj-18	76	9	dividends	dividend	NOUN
emaj-18	76	10	than	than	ADP
emaj-18	76	11	the	the	DET
emaj-18	76	12	slower	slow	ADJ
emaj-18	76	13	growing	grow	VERB
emaj-18	76	14	firms	firm	NOUN
emaj-18	76	15	.	.	PUNCT
emaj-18	77	1	this	this	PRON
emaj-18	77	2	illustrates	illustrate	VERB
emaj-18	77	3	that	that	SCONJ
emaj-18	77	4	when	when	SCONJ
emaj-18	77	5	corporate	corporate	ADJ
emaj-18	77	6	governance	governance	NOUN
emaj-18	77	7	and	and	CCONJ
emaj-18	77	8	firm	firm	ADJ
emaj-18	77	9	value	value	NOUN
emaj-18	77	10	in	in	ADP
emaj-18	77	11	emerging	emerge	VERB
emaj-18	77	12	markets	market	NOUN
emaj-18	77	13	an	an	DET
emaj-18	77	14	empirical	empirical	ADJ
emaj-18	77	15	analysis	analysis	NOUN
emaj-18	77	16	of	of	ADP
emaj-18	77	17	adr	adr	PROPN
emaj-18	77	18	issuing	issue	VERB
emaj-18	77	19	emerging	emerge	VERB
emaj-18	77	20	market	market	NOUN
emaj-18	77	21	firms	firm	NOUN
emaj-18	77	22	emerging	emerge	VERB
emaj-18	77	23	markets	market	NOUN
emaj-18	77	24	journal	journal	NOUN
emaj-18	77	25	|	|	ADV
emaj-18	77	26	p	p	NOUN
emaj-18	77	27	a	a	DET
emaj-18	77	28	g	g	NOUN
emaj-18	77	29	e	e	NOUN
emaj-18	77	30	|	|	ADV
emaj-18	77	31	41	41	NUM
emaj-18	77	32	volume	volume	NOUN
emaj-18	77	33	2	2	NUM
emaj-18	77	34	(	(	PUNCT
emaj-18	77	35	2012	2012	NUM
emaj-18	77	36	)	)	PUNCT
emaj-18	77	37	|	|	ADV
emaj-18	77	38	issn	issn	VERB
emaj-18	77	39	2158	2158	NUM
emaj-18	77	40	-	-	SYM
emaj-18	77	41	8708	8708	NUM
emaj-18	77	42	(	(	PUNCT
emaj-18	77	43	online	online	NOUN
emaj-18	77	44	)	)	PUNCT
emaj-18	77	45	|	|	ADV
emaj-18	77	46	doi	doi	X
emaj-18	77	47	10.5195	10.5195	NUM
emaj-18	77	48	/	/	SYM
emaj-18	77	49	emaj.2012.18	emaj.2012.18	NOUN
emaj-18	77	50	|	|	ADV
emaj-18	77	51	http://emaj.pitt.edu	http://emaj.pitt.edu	VERB
emaj-18	77	52	the	the	DET
emaj-18	77	53	shareholders	shareholder	NOUN
emaj-18	77	54	are	be	AUX
emaj-18	77	55	legally	legally	ADV
emaj-18	77	56	protected	protect	VERB
emaj-18	77	57	they	they	PRON
emaj-18	77	58	are	be	AUX
emaj-18	77	59	likely	likely	ADJ
emaj-18	77	60	to	to	PART
emaj-18	77	61	wait	wait	VERB
emaj-18	77	62	since	since	SCONJ
emaj-18	77	63	the	the	DET
emaj-18	77	64	investment	investment	NOUN
emaj-18	77	65	opportunities	opportunity	NOUN
emaj-18	77	66	are	be	AUX
emaj-18	77	67	good	good	ADJ
emaj-18	77	68	.	.	PUNCT
emaj-18	78	1	conversely	conversely	ADV
emaj-18	78	2	,	,	PUNCT
emaj-18	78	3	poorly	poorly	ADV
emaj-18	78	4	protected	protect	VERB
emaj-18	78	5	shareholders	shareholder	NOUN
emaj-18	78	6	prefer	prefer	VERB
emaj-18	78	7	not	not	PART
emaj-18	78	8	to	to	PART
emaj-18	78	9	wait	wait	VERB
emaj-18	78	10	no	no	ADV
emaj-18	78	11	matter	matter	ADV
emaj-18	78	12	what	what	PRON
emaj-18	78	13	the	the	DET
emaj-18	78	14	investment	investment	NOUN
emaj-18	78	15	conditions	condition	NOUN
emaj-18	78	16	are	be	AUX
emaj-18	78	17	.	.	PUNCT
emaj-18	79	1	this	this	DET
emaj-18	79	2	imperative	imperative	NOUN
emaj-18	79	3	leads	lead	VERB
emaj-18	79	4	to	to	ADP
emaj-18	79	5	massive	massive	ADJ
emaj-18	79	6	misallocation	misallocation	NOUN
emaj-18	79	7	of	of	ADP
emaj-18	79	8	funds	fund	NOUN
emaj-18	79	9	,	,	PUNCT
emaj-18	79	10	and	and	CCONJ
emaj-18	79	11	in	in	ADP
emaj-18	79	12	turn	turn	NOUN
emaj-18	79	13	affects	affect	VERB
emaj-18	79	14	the	the	DET
emaj-18	79	15	firm	firm	ADJ
emaj-18	79	16	value	value	NOUN
emaj-18	79	17	.	.	PUNCT
emaj-18	80	1	such	such	ADJ
emaj-18	80	2	conflicts	conflict	NOUN
emaj-18	80	3	of	of	ADP
emaj-18	80	4	interest	interest	NOUN
emaj-18	80	5	emanating	emanate	VERB
emaj-18	80	6	from	from	ADP
emaj-18	80	7	lack	lack	NOUN
emaj-18	80	8	of	of	ADP
emaj-18	80	9	transparency	transparency	NOUN
emaj-18	80	10	and	and	CCONJ
emaj-18	80	11	inadequate	inadequate	ADJ
emaj-18	80	12	regulatory	regulatory	ADJ
emaj-18	80	13	safeguards	safeguard	NOUN
emaj-18	80	14	to	to	PART
emaj-18	80	15	protect	protect	VERB
emaj-18	80	16	minority	minority	NOUN
emaj-18	80	17	shareholders	shareholder	NOUN
emaj-18	80	18	are	be	AUX
emaj-18	80	19	endemic	endemic	ADJ
emaj-18	80	20	in	in	ADP
emaj-18	80	21	emerging	emerge	VERB
emaj-18	80	22	markets	market	NOUN
emaj-18	80	23	with	with	ADP
emaj-18	80	24	non	non	ADJ
emaj-18	80	25	-	-	ADJ
emaj-18	80	26	negligible	negligible	ADJ
emaj-18	80	27	value	value	NOUN
emaj-18	80	28	implications	implication	NOUN
emaj-18	80	29	.	.	PUNCT
emaj-18	81	1	other	other	ADJ
emaj-18	81	2	research	research	NOUN
emaj-18	81	3	examines	examine	VERB
emaj-18	81	4	corporate	corporate	ADJ
emaj-18	81	5	governance	governance	NOUN
emaj-18	81	6	and	and	CCONJ
emaj-18	81	7	firm	firm	ADJ
emaj-18	81	8	value	value	NOUN
emaj-18	81	9	by	by	ADP
emaj-18	81	10	focusing	focus	VERB
emaj-18	81	11	on	on	ADP
emaj-18	81	12	the	the	DET
emaj-18	81	13	issue	issue	NOUN
emaj-18	81	14	of	of	ADP
emaj-18	81	15	transparency	transparency	NOUN
emaj-18	81	16	from	from	ADP
emaj-18	81	17	investors	investor	NOUN
emaj-18	81	18	’	’	PART
emaj-18	81	19	perspective	perspective	NOUN
emaj-18	81	20	.	.	PUNCT
emaj-18	82	1	perotti	perotti	PROPN
emaj-18	82	2	and	and	CCONJ
emaj-18	82	3	von	von	PROPN
emaj-18	82	4	thadden	thadden	PROPN
emaj-18	82	5	(	(	PUNCT
emaj-18	82	6	1998	1998	NUM
emaj-18	82	7	)	)	PUNCT
emaj-18	82	8	suggest	suggest	VERB
emaj-18	82	9	that	that	SCONJ
emaj-18	82	10	although	although	SCONJ
emaj-18	82	11	corporate	corporate	ADJ
emaj-18	82	12	transparency	transparency	NOUN
emaj-18	82	13	has	have	VERB
emaj-18	82	14	both	both	DET
emaj-18	82	15	strategic	strategic	ADJ
emaj-18	82	16	advantages	advantage	NOUN
emaj-18	82	17	and	and	CCONJ
emaj-18	82	18	disadvantages	disadvantage	NOUN
emaj-18	82	19	,	,	PUNCT
emaj-18	82	20	in	in	ADP
emaj-18	82	21	general	general	ADJ
emaj-18	82	22	it	it	PRON
emaj-18	82	23	has	have	VERB
emaj-18	82	24	positive	positive	ADJ
emaj-18	82	25	value	value	NOUN
emaj-18	82	26	implications	implication	NOUN
emaj-18	82	27	since	since	SCONJ
emaj-18	82	28	investors	investor	NOUN
emaj-18	82	29	are	be	AUX
emaj-18	82	30	able	able	ADJ
emaj-18	82	31	to	to	PART
emaj-18	82	32	receive	receive	VERB
emaj-18	82	33	meaningful	meaningful	ADJ
emaj-18	82	34	information	information	NOUN
emaj-18	82	35	concerning	concern	VERB
emaj-18	82	36	their	their	PRON
emaj-18	82	37	investments	investment	NOUN
emaj-18	82	38	.	.	PUNCT
emaj-18	83	1	recent	recent	ADJ
emaj-18	83	2	proliferation	proliferation	NOUN
emaj-18	83	3	of	of	ADP
emaj-18	83	4	literature	literature	NOUN
emaj-18	83	5	on	on	ADP
emaj-18	83	6	economic	economic	ADJ
emaj-18	83	7	implications	implication	NOUN
emaj-18	83	8	of	of	ADP
emaj-18	83	9	corruption	corruption	NOUN
emaj-18	83	10	suggests	suggest	VERB
emaj-18	83	11	that	that	SCONJ
emaj-18	83	12	private	private	ADJ
emaj-18	83	13	firms	firm	NOUN
emaj-18	83	14	are	be	AUX
emaj-18	83	15	entangled	entangle	VERB
emaj-18	83	16	in	in	ADP
emaj-18	83	17	the	the	DET
emaj-18	83	18	process	process	NOUN
emaj-18	83	19	as	as	SCONJ
emaj-18	83	20	they	they	PRON
emaj-18	83	21	take	take	VERB
emaj-18	83	22	advantage	advantage	NOUN
emaj-18	83	23	of	of	ADP
emaj-18	83	24	administrative	administrative	ADJ
emaj-18	83	25	corruption	corruption	NOUN
emaj-18	83	26	,	,	PUNCT
emaj-18	83	27	involve	involve	VERB
emaj-18	83	28	in	in	ADP
emaj-18	83	29	public	public	ADJ
emaj-18	83	30	procurement	procurement	NOUN
emaj-18	83	31	kickbacks	kickback	NOUN
emaj-18	83	32	and	and	CCONJ
emaj-18	83	33	state	state	NOUN
emaj-18	83	34	capture	capture	NOUN
emaj-18	83	35	.	.	PUNCT
emaj-18	84	1	xun	xun	PROPN
emaj-18	84	2	(	(	PUNCT
emaj-18	84	3	2002	2002	NUM
emaj-18	84	4	)	)	PUNCT
emaj-18	84	5	,	,	PUNCT
emaj-18	84	6	examines	examine	VERB
emaj-18	84	7	the	the	DET
emaj-18	84	8	relationship	relationship	NOUN
emaj-18	84	9	between	between	ADP
emaj-18	84	10	corporate	corporate	ADJ
emaj-18	84	11	governance	governance	NOUN
emaj-18	84	12	and	and	CCONJ
emaj-18	84	13	corruption	corruption	NOUN
emaj-18	84	14	.	.	PUNCT
emaj-18	85	1	his	his	PRON
emaj-18	85	2	findings	finding	NOUN
emaj-18	85	3	suggest	suggest	VERB
emaj-18	85	4	that	that	SCONJ
emaj-18	85	5	poor	poor	ADJ
emaj-18	85	6	corporate	corporate	ADJ
emaj-18	85	7	governance	governance	NOUN
emaj-18	85	8	standards	standard	NOUN
emaj-18	85	9	contribute	contribute	VERB
emaj-18	85	10	to	to	ADP
emaj-18	85	11	the	the	DET
emaj-18	85	12	proliferation	proliferation	NOUN
emaj-18	85	13	of	of	ADP
emaj-18	85	14	corruption	corruption	NOUN
emaj-18	85	15	by	by	ADP
emaj-18	85	16	reducing	reduce	VERB
emaj-18	85	17	transparency	transparency	NOUN
emaj-18	85	18	and	and	CCONJ
emaj-18	85	19	impair	impair	VERB
emaj-18	85	20	the	the	DET
emaj-18	85	21	interests	interest	NOUN
emaj-18	85	22	of	of	ADP
emaj-18	85	23	investors	investor	NOUN
emaj-18	85	24	.	.	PUNCT
emaj-18	86	1	in	in	ADP
emaj-18	86	2	countries	country	NOUN
emaj-18	86	3	with	with	ADP
emaj-18	86	4	poor	poor	ADJ
emaj-18	86	5	corporate	corporate	ADJ
emaj-18	86	6	governance	governance	NOUN
emaj-18	86	7	practices	practice	NOUN
emaj-18	86	8	,	,	PUNCT
emaj-18	86	9	corruption	corruption	NOUN
emaj-18	86	10	develops	develop	VERB
emaj-18	86	11	into	into	ADP
emaj-18	86	12	a	a	DET
emaj-18	86	13	transparency	transparency	NOUN
emaj-18	86	14	issue	issue	NOUN
emaj-18	86	15	.	.	PUNCT
emaj-18	87	1	corruption	corruption	NOUN
emaj-18	87	2	may	may	AUX
emaj-18	87	3	falsify	falsify	VERB
emaj-18	87	4	the	the	DET
emaj-18	87	5	information	information	NOUN
emaj-18	87	6	received	receive	VERB
emaj-18	87	7	by	by	ADP
emaj-18	87	8	the	the	DET
emaj-18	87	9	investors	investor	NOUN
emaj-18	87	10	and	and	CCONJ
emaj-18	87	11	the	the	DET
emaj-18	87	12	insiders	insider	NOUN
emaj-18	87	13	may	may	AUX
emaj-18	87	14	be	be	AUX
emaj-18	87	15	treated	treat	VERB
emaj-18	87	16	preferentially	preferentially	ADV
emaj-18	87	17	through	through	ADP
emaj-18	87	18	asset	asset	NOUN
emaj-18	87	19	diversion	diversion	NOUN
emaj-18	87	20	,	,	PUNCT
emaj-18	87	21	transfer	transfer	NOUN
emaj-18	87	22	prices	price	NOUN
emaj-18	87	23	and	and	CCONJ
emaj-18	87	24	theft	theft	NOUN
emaj-18	87	25	.	.	PUNCT
emaj-18	88	1	consequently	consequently	ADV
emaj-18	88	2	,	,	PUNCT
emaj-18	88	3	impaired	impaired	ADJ
emaj-18	88	4	investor	investor	NOUN
emaj-18	88	5	trust	trust	NOUN
emaj-18	88	6	exacerbated	exacerbate	VERB
emaj-18	88	7	by	by	ADP
emaj-18	88	8	poor	poor	ADJ
emaj-18	88	9	corporate	corporate	ADJ
emaj-18	88	10	governance	governance	NOUN
emaj-18	88	11	standards	standard	NOUN
emaj-18	88	12	and	and	CCONJ
emaj-18	88	13	corruption	corruption	NOUN
emaj-18	88	14	raise	raise	VERB
emaj-18	88	15	the	the	DET
emaj-18	88	16	cost	cost	NOUN
emaj-18	88	17	of	of	ADP
emaj-18	88	18	capital	capital	NOUN
emaj-18	88	19	,	,	PUNCT
emaj-18	88	20	negatively	negatively	ADV
emaj-18	88	21	affect	affect	VERB
emaj-18	88	22	the	the	DET
emaj-18	88	23	operating	operating	NOUN
emaj-18	88	24	performance	performance	NOUN
emaj-18	88	25	and	and	CCONJ
emaj-18	88	26	reduce	reduce	VERB
emaj-18	88	27	value	value	NOUN
emaj-18	88	28	.	.	PUNCT
emaj-18	89	1	finally	finally	ADV
emaj-18	89	2	,	,	PUNCT
emaj-18	89	3	a	a	DET
emaj-18	89	4	growing	grow	VERB
emaj-18	89	5	body	body	NOUN
emaj-18	89	6	of	of	ADP
emaj-18	89	7	literature	literature	NOUN
emaj-18	89	8	indicates	indicate	VERB
emaj-18	89	9	that	that	SCONJ
emaj-18	89	10	variations	variation	NOUN
emaj-18	89	11	in	in	ADP
emaj-18	89	12	home	home	NOUN
emaj-18	89	13	country	country	NOUN
emaj-18	89	14	legal	legal	ADJ
emaj-18	89	15	structure	structure	NOUN
emaj-18	89	16	and	and	CCONJ
emaj-18	89	17	the	the	DET
emaj-18	89	18	laws	law	NOUN
emaj-18	89	19	that	that	PRON
emaj-18	89	20	protect	protect	VERB
emaj-18	89	21	investor	investor	NOUN
emaj-18	89	22	across	across	ADP
emaj-18	89	23	nations	nation	NOUN
emaj-18	89	24	have	have	VERB
emaj-18	89	25	significant	significant	ADJ
emaj-18	89	26	impact	impact	NOUN
emaj-18	89	27	on	on	ADP
emaj-18	89	28	corporate	corporate	ADJ
emaj-18	89	29	governance	governance	NOUN
emaj-18	89	30	mechanisms	mechanism	NOUN
emaj-18	89	31	as	as	ADV
emaj-18	89	32	well	well	ADV
emaj-18	89	33	as	as	ADP
emaj-18	89	34	ownership	ownership	NOUN
emaj-18	89	35	structure	structure	NOUN
emaj-18	89	36	,	,	PUNCT
emaj-18	89	37	dividend	dividend	NOUN
emaj-18	89	38	payout	payout	NOUN
emaj-18	89	39	,	,	PUNCT
emaj-18	89	40	cost	cost	NOUN
emaj-18	89	41	of	of	ADP
emaj-18	89	42	external	external	ADJ
emaj-18	89	43	finance	finance	NOUN
emaj-18	89	44	and	and	CCONJ
emaj-18	89	45	market	market	NOUN
emaj-18	89	46	valuations	valuation	NOUN
emaj-18	89	47	(	(	PUNCT
emaj-18	89	48	(	(	PUNCT
emaj-18	89	49	la	la	INTJ
emaj-18	89	50	porta	porta	NOUN
emaj-18	89	51	,	,	PUNCT
emaj-18	89	52	lopez	lopez	NOUN
emaj-18	89	53	-	-	PUNCT
emaj-18	89	54	de	de	NOUN
emaj-18	89	55	-	-	NOUN
emaj-18	89	56	silanes	silane	NOUN
emaj-18	89	57	,	,	PUNCT
emaj-18	89	58	and	and	CCONJ
emaj-18	89	59	vishny	vishny	PROPN
emaj-18	89	60	(	(	PUNCT
emaj-18	89	61	1999	1999	NUM
emaj-18	89	62	)	)	PUNCT
emaj-18	89	63	;	;	PUNCT
emaj-18	89	64	klapper	klapper	NOUN
emaj-18	89	65	and	and	CCONJ
emaj-18	89	66	love	love	NOUN
emaj-18	89	67	,	,	PUNCT
emaj-18	89	68	(	(	PUNCT
emaj-18	89	69	2002	2002	NUM
emaj-18	89	70	)	)	PUNCT
emaj-18	89	71	)	)	PUNCT
emaj-18	89	72	.	.	PUNCT
emaj-18	90	1	while	while	SCONJ
emaj-18	90	2	in	in	ADP
emaj-18	90	3	some	some	DET
emaj-18	90	4	countries	country	NOUN
emaj-18	90	5	investor	investor	NOUN
emaj-18	90	6	protection	protection	NOUN
emaj-18	90	7	laws	law	NOUN
emaj-18	90	8	may	may	AUX
emaj-18	90	9	not	not	PART
emaj-18	90	10	be	be	AUX
emaj-18	90	11	binding	bind	VERB
emaj-18	90	12	since	since	SCONJ
emaj-18	90	13	some	some	DET
emaj-18	90	14	firms	firm	NOUN
emaj-18	90	15	may	may	AUX
emaj-18	90	16	decline	decline	VERB
emaj-18	90	17	specific	specific	ADJ
emaj-18	90	18	provisions	provision	NOUN
emaj-18	90	19	,	,	PUNCT
emaj-18	90	20	others	other	NOUN
emaj-18	90	21	,	,	PUNCT
emaj-18	90	22	such	such	ADJ
emaj-18	90	23	as	as	ADP
emaj-18	90	24	adr	adr	PROPN
emaj-18	90	25	issuing	issue	VERB
emaj-18	90	26	firms	firm	NOUN
emaj-18	90	27	may	may	AUX
emaj-18	90	28	implement	implement	VERB
emaj-18	90	29	additional	additional	ADJ
emaj-18	90	30	provisions	provision	NOUN
emaj-18	90	31	to	to	PART
emaj-18	90	32	improve	improve	VERB
emaj-18	90	33	investor	investor	NOUN
emaj-18	90	34	protection	protection	NOUN
emaj-18	90	35	rights	right	NOUN
emaj-18	90	36	by	by	ADP
emaj-18	90	37	increasing	increase	VERB
emaj-18	90	38	disclosure	disclosure	NOUN
emaj-18	90	39	,	,	PUNCT
emaj-18	90	40	instituting	institute	VERB
emaj-18	90	41	better	well	ADJ
emaj-18	90	42	functioning	function	VERB
emaj-18	90	43	boards	board	NOUN
emaj-18	90	44	and	and	CCONJ
emaj-18	90	45	impose	impose	VERB
emaj-18	90	46	disciplinary	disciplinary	ADJ
emaj-18	90	47	means	mean	NOUN
emaj-18	90	48	to	to	PART
emaj-18	90	49	ensure	ensure	VERB
emaj-18	90	50	the	the	DET
emaj-18	90	51	rights	right	NOUN
emaj-18	90	52	of	of	ADP
emaj-18	90	53	minority	minority	NOUN
emaj-18	90	54	shareholders	shareholder	NOUN
emaj-18	90	55	.	.	PUNCT
emaj-18	91	1	klapper	klapper	NOUN
emaj-18	91	2	and	and	CCONJ
emaj-18	91	3	love	love	NOUN
emaj-18	91	4	(	(	PUNCT
emaj-18	91	5	2002	2002	NUM
emaj-18	91	6	)	)	PUNCT
emaj-18	91	7	find	find	VERB
emaj-18	91	8	that	that	SCONJ
emaj-18	91	9	corporate	corporate	ADJ
emaj-18	91	10	governance	governance	NOUN
emaj-18	91	11	structures	structure	NOUN
emaj-18	91	12	are	be	AUX
emaj-18	91	13	positively	positively	ADV
emaj-18	91	14	related	relate	VERB
emaj-18	91	15	to	to	ADP
emaj-18	91	16	country	country	NOUN
emaj-18	91	17	level	level	NOUN
emaj-18	91	18	measures	measure	NOUN
emaj-18	91	19	of	of	ADP
emaj-18	91	20	investor	investor	NOUN
emaj-18	91	21	protection	protection	NOUN
emaj-18	91	22	and	and	CCONJ
emaj-18	91	23	suggest	suggest	VERB
emaj-18	91	24	that	that	SCONJ
emaj-18	91	25	it	it	PRON
emaj-18	91	26	is	be	AUX
emaj-18	91	27	crucial	crucial	ADJ
emaj-18	91	28	for	for	SCONJ
emaj-18	91	29	firms	firm	NOUN
emaj-18	91	30	from	from	ADP
emaj-18	91	31	countries	country	NOUN
emaj-18	91	32	with	with	ADP
emaj-18	91	33	weak	weak	ADJ
emaj-18	91	34	legal	legal	ADJ
emaj-18	91	35	systems	system	NOUN
emaj-18	91	36	to	to	PART
emaj-18	91	37	adopt	adopt	VERB
emaj-18	91	38	better	well	ADJ
emaj-18	91	39	corporate	corporate	ADJ
emaj-18	91	40	governance	governance	NOUN
emaj-18	91	41	practices	practice	NOUN
emaj-18	91	42	.	.	PUNCT
emaj-18	92	1	similarly	similarly	ADV
emaj-18	92	2	,	,	PUNCT
emaj-18	92	3	black	black	ADJ
emaj-18	92	4	(	(	PUNCT
emaj-18	92	5	2001	2001	NUM
emaj-18	92	6	)	)	PUNCT
emaj-18	92	7	suggests	suggest	VERB
emaj-18	92	8	that	that	SCONJ
emaj-18	92	9	corporate	corporate	ADJ
emaj-18	92	10	governance	governance	NOUN
emaj-18	92	11	structures	structure	NOUN
emaj-18	92	12	of	of	ADP
emaj-18	92	13	firms	firm	NOUN
emaj-18	92	14	in	in	ADP
emaj-18	92	15	developing	develop	VERB
emaj-18	92	16	countries	country	NOUN
emaj-18	92	17	can	can	AUX
emaj-18	92	18	have	have	VERB
emaj-18	92	19	larger	large	ADJ
emaj-18	92	20	effects	effect	NOUN
emaj-18	92	21	,	,	PUNCT
emaj-18	92	22	since	since	SCONJ
emaj-18	92	23	these	these	DET
emaj-18	92	24	countries	country	NOUN
emaj-18	92	25	may	may	AUX
emaj-18	92	26	have	have	VERB
emaj-18	92	27	weaker	weak	ADJ
emaj-18	92	28	rules	rule	NOUN
emaj-18	92	29	.	.	PUNCT
emaj-18	93	1	iii	iii	X
emaj-18	93	2	.	.	PROPN
emaj-18	93	3	data	datum	NOUN
emaj-18	93	4	 	 	SPACE
emaj-18	93	5	and	and	CCONJ
emaj-18	93	6	 	 	SPACE
emaj-18	93	7	methodology	methodology	NOUN
emaj-18	93	8	  	  	SPACE
emaj-18	93	9	data	datum	NOUN
emaj-18	93	10	our	our	PRON
emaj-18	93	11	sample	sample	NOUN
emaj-18	93	12	includes	include	VERB
emaj-18	93	13	54	54	NUM
emaj-18	93	14	companies	company	NOUN
emaj-18	93	15	from	from	ADP
emaj-18	93	16	9	9	NUM
emaj-18	93	17	emerging	emerge	VERB
emaj-18	93	18	market	market	NOUN
emaj-18	93	19	countries	country	NOUN
emaj-18	93	20	with	with	ADP
emaj-18	93	21	adr	adr	PROPN
emaj-18	93	22	issues	issue	NOUN
emaj-18	93	23	in	in	ADP
emaj-18	93	24	us	we	PRON
emaj-18	93	25	.	.	PUNCT
emaj-18	94	1	our	our	PRON
emaj-18	94	2	sample	sample	NOUN
emaj-18	94	3	firms	firm	NOUN
emaj-18	94	4	originate	originate	VERB
emaj-18	94	5	mostly	mostly	ADV
emaj-18	94	6	from	from	ADP
emaj-18	94	7	asia	asia	PROPN
emaj-18	94	8	and	and	CCONJ
emaj-18	94	9	latin	latin	PROPN
emaj-18	94	10	america	america	PROPN
emaj-18	94	11	.	.	PUNCT
emaj-18	95	1	accounting	accounting	NOUN
emaj-18	95	2	data	datum	NOUN
emaj-18	95	3	to	to	PART
emaj-18	95	4	measure	measure	VERB
emaj-18	95	5	firm	firm	ADJ
emaj-18	95	6	performance	performance	NOUN
emaj-18	95	7	was	be	AUX
emaj-18	95	8	compiled	compile	VERB
emaj-18	95	9	from	from	ADP
emaj-18	95	10	datastream	datastream	ADJ
emaj-18	95	11	international	international	NOUN
emaj-18	95	12	.	.	PUNCT
emaj-18	96	1	the	the	DET
emaj-18	96	2	governance	governance	NOUN
emaj-18	96	3	data	datum	NOUN
emaj-18	96	4	which	which	PRON
emaj-18	96	5	includes	include	VERB
emaj-18	96	6	s&p	s&p	PROPN
emaj-18	96	7	’s	’s	PART
emaj-18	96	8	corporate	corporate	ADJ
emaj-18	96	9	governance	governance	NOUN
emaj-18	96	10	index	index	NOUN
emaj-18	96	11	and	and	CCONJ
emaj-18	96	12	composite	composite	ADJ
emaj-18	96	13	company	company	NOUN
emaj-18	96	14	governance	governance	NOUN
emaj-18	96	15	scores	score	NOUN
emaj-18	96	16	(	(	PUNCT
emaj-18	96	17	cgs	cgs	NOUN
emaj-18	96	18	)	)	PUNCT
emaj-18	96	19	were	be	AUX
emaj-18	96	20	obtained	obtain	VERB
emaj-18	96	21	from	from	ADP
emaj-18	96	22	standard	standard	ADJ
emaj-18	96	23	and	and	CCONJ
emaj-18	96	24	poor	poor	ADJ
emaj-18	96	25	’s	’s	NOUN
emaj-18	96	26	.	.	PUNCT
emaj-18	97	1	cgs	cgs	NOUN
emaj-18	97	2	is	be	AUX
emaj-18	97	3	rated	rate	VERB
emaj-18	97	4	from	from	ADP
emaj-18	97	5	1	1	NUM
emaj-18	97	6	to	to	PART
emaj-18	97	7	10	10	NUM
emaj-18	97	8	–	–	PUNCT
emaj-18	97	9	10	10	NUM
emaj-18	97	10	being	be	AUX
emaj-18	97	11	highest	high	ADJ
emaj-18	97	12	adherence	adherence	NOUN
emaj-18	97	13	to	to	ADP
emaj-18	97	14	corporate	corporate	ADJ
emaj-18	97	15	governance	governance	NOUN
emaj-18	97	16	standards	standard	NOUN
emaj-18	97	17	by	by	ADP
emaj-18	97	18	firms	firm	NOUN
emaj-18	97	19	.	.	PUNCT
emaj-18	98	1	corruption	corruption	NOUN
emaj-18	98	2	scores	score	NOUN
emaj-18	98	3	were	be	AUX
emaj-18	98	4	obtained	obtain	VERB
emaj-18	98	5	form	form	NOUN
emaj-18	98	6	transparency	transparency	NOUN
emaj-18	98	7	international	international	NOUN
emaj-18	98	8	.	.	PUNCT
emaj-18	99	1	the	the	DET
emaj-18	99	2	data	datum	NOUN
emaj-18	99	3	for	for	ADP
emaj-18	99	4	legal	legal	ADJ
emaj-18	99	5	structures	structure	NOUN
emaj-18	99	6	of	of	ADP
emaj-18	99	7	firms	firm	NOUN
emaj-18	99	8	is	be	AUX
emaj-18	99	9	obtained	obtain	VERB
emaj-18	99	10	from	from	ADP
emaj-18	99	11	the	the	DET
emaj-18	99	12	institute	institute	NOUN
emaj-18	99	13	of	of	ADP
emaj-18	99	14	corporate	corporate	ADJ
emaj-18	99	15	governance	governance	NOUN
emaj-18	99	16	at	at	ADP
emaj-18	99	17	yale	yale	PROPN
emaj-18	99	18	university	university	PROPN
emaj-18	99	19	.	.	PUNCT
emaj-18	100	1	corporate	corporate	ADJ
emaj-18	100	2	governance	governance	NOUN
emaj-18	100	3	and	and	CCONJ
emaj-18	100	4	firm	firm	ADJ
emaj-18	100	5	value	value	NOUN
emaj-18	100	6	in	in	ADP
emaj-18	100	7	emerging	emerge	VERB
emaj-18	100	8	markets	market	NOUN
emaj-18	100	9	an	an	DET
emaj-18	100	10	empirical	empirical	ADJ
emaj-18	100	11	analysis	analysis	NOUN
emaj-18	100	12	of	of	ADP
emaj-18	100	13	adr	adr	PROPN
emaj-18	100	14	issuing	issue	VERB
emaj-18	100	15	emerging	emerge	VERB
emaj-18	100	16	market	market	NOUN
emaj-18	100	17	firms	firm	NOUN
emaj-18	100	18	emerging	emerge	VERB
emaj-18	100	19	markets	market	NOUN
emaj-18	100	20	journal	journal	NOUN
emaj-18	100	21	|	|	ADV
emaj-18	100	22	p	p	NOUN
emaj-18	100	23	a	a	DET
emaj-18	100	24	g	g	NOUN
emaj-18	100	25	e	e	NOUN
emaj-18	100	26	|	|	ADV
emaj-18	100	27	42	42	NUM
emaj-18	100	28	volume	volume	NOUN
emaj-18	100	29	2	2	NUM
emaj-18	100	30	(	(	PUNCT
emaj-18	100	31	2012	2012	NUM
emaj-18	100	32	)	)	PUNCT
emaj-18	100	33	|	|	ADV
emaj-18	100	34	issn	issn	VERB
emaj-18	100	35	2158	2158	NUM
emaj-18	100	36	-	-	SYM
emaj-18	100	37	8708	8708	NUM
emaj-18	100	38	(	(	PUNCT
emaj-18	100	39	online	online	NOUN
emaj-18	100	40	)	)	PUNCT
emaj-18	101	1	|	|	ADV
emaj-18	101	2	doi	doi	X
emaj-18	101	3	10.5195	10.5195	NUM
emaj-18	101	4	/	/	SYM
emaj-18	101	5	emaj.2012.18	emaj.2012.18	NOUN
emaj-18	101	6	|	|	NOUN
emaj-18	101	7	http://emaj.pitt.edu	http://emaj.pitt.edu	PROPN
emaj-18	101	8	methodology	methodology	NOUN
emaj-18	101	9	a.	a.	NOUN
emaj-18	101	10	performance	performance	NOUN
emaj-18	101	11	measures	measure	NOUN
emaj-18	101	12	:	:	PUNCT
emaj-18	101	13	we	we	PRON
emaj-18	101	14	use	use	VERB
emaj-18	101	15	several	several	ADJ
emaj-18	101	16	performance	performance	NOUN
emaj-18	101	17	proxies	proxy	NOUN
emaj-18	101	18	based	base	VERB
emaj-18	101	19	on	on	ADP
emaj-18	101	20	accounting	accounting	NOUN
emaj-18	101	21	data	datum	NOUN
emaj-18	101	22	.	.	PUNCT
emaj-18	102	1	these	these	DET
emaj-18	102	2	performance	performance	NOUN
emaj-18	102	3	proxies	proxy	NOUN
emaj-18	102	4	are	be	AUX
emaj-18	102	5	return	return	NOUN
emaj-18	102	6	on	on	ADP
emaj-18	102	7	assets	asset	NOUN
emaj-18	102	8	(	(	PUNCT
emaj-18	102	9	roa	roa	NOUN
emaj-18	102	10	)	)	PUNCT
emaj-18	102	11	and	and	CCONJ
emaj-18	102	12	return	return	VERB
emaj-18	102	13	on	on	ADP
emaj-18	102	14	equity	equity	NOUN
emaj-18	102	15	(	(	PUNCT
emaj-18	102	16	roe	roe	PROPN
emaj-18	102	17	)	)	PUNCT
emaj-18	102	18	.	.	PUNCT
emaj-18	103	1	all	all	DET
emaj-18	103	2	return	return	NOUN
emaj-18	103	3	indicators	indicator	NOUN
emaj-18	103	4	are	be	AUX
emaj-18	103	5	based	base	VERB
emaj-18	103	6	on	on	ADP
emaj-18	103	7	the	the	DET
emaj-18	103	8	earnings	earning	NOUN
emaj-18	103	9	before	before	ADP
emaj-18	103	10	interest	interest	NOUN
emaj-18	103	11	taxes	taxis	NOUN
emaj-18	103	12	and	and	CCONJ
emaj-18	103	13	depreciation	depreciation	NOUN
emaj-18	103	14	(	(	PUNCT
emaj-18	103	15	ebitd	ebitd	NOUN
emaj-18	103	16	)	)	PUNCT
emaj-18	103	17	due	due	ADP
emaj-18	103	18	to	to	ADP
emaj-18	103	19	its	its	PRON
emaj-18	103	20	neutrality	neutrality	NOUN
emaj-18	103	21	to	to	ADP
emaj-18	103	22	depreciation	depreciation	NOUN
emaj-18	103	23	methods	method	NOUN
emaj-18	103	24	,	,	PUNCT
emaj-18	103	25	leverage	leverage	NOUN
emaj-18	103	26	and	and	CCONJ
emaj-18	103	27	tax	tax	NOUN
emaj-18	103	28	treatment	treatment	NOUN
emaj-18	103	29	.	.	PUNCT
emaj-18	104	1	while	while	SCONJ
emaj-18	104	2	all	all	DET
emaj-18	104	3	three	three	NUM
emaj-18	104	4	indicators	indicator	NOUN
emaj-18	104	5	measure	measure	VERB
emaj-18	104	6	management	management	NOUN
emaj-18	104	7	’s	’s	PART
emaj-18	104	8	operating	operating	NOUN
emaj-18	104	9	efficiency	efficiency	NOUN
emaj-18	104	10	,	,	PUNCT
emaj-18	104	11	they	they	PRON
emaj-18	104	12	represent	represent	VERB
emaj-18	104	13	returns	return	NOUN
emaj-18	104	14	on	on	ADP
emaj-18	104	15	different	different	ADJ
emaj-18	104	16	sources	source	NOUN
emaj-18	104	17	of	of	ADP
emaj-18	104	18	capital	capital	NOUN
emaj-18	104	19	.	.	PUNCT
emaj-18	105	1	we	we	PRON
emaj-18	105	2	also	also	ADV
emaj-18	105	3	use	use	VERB
emaj-18	105	4	tobin	tobin	NOUN
emaj-18	105	5	’s	’s	PART
emaj-18	105	6	q	q	NOUN
emaj-18	105	7	which	which	PRON
emaj-18	105	8	is	be	AUX
emaj-18	105	9	an	an	DET
emaj-18	105	10	important	important	ADJ
emaj-18	105	11	and	and	CCONJ
emaj-18	105	12	widely	widely	ADV
emaj-18	105	13	accepted	accept	VERB
emaj-18	105	14	measure	measure	NOUN
emaj-18	105	15	of	of	ADP
emaj-18	105	16	corporate	corporate	ADJ
emaj-18	105	17	performance	performance	NOUN
emaj-18	105	18	.	.	PUNCT
emaj-18	106	1	tobin’s	tobin’s	NOUN
emaj-18	106	2	-	-	PUNCT
emaj-18	106	3	q	q	NOUN
emaj-18	106	4	is	be	AUX
emaj-18	106	5	defined	define	VERB
emaj-18	106	6	as	as	ADP
emaj-18	106	7	the	the	DET
emaj-18	106	8	ratio	ratio	NOUN
emaj-18	106	9	of	of	ADP
emaj-18	106	10	market	market	NOUN
emaj-18	106	11	value	value	NOUN
emaj-18	106	12	of	of	ADP
emaj-18	106	13	the	the	DET
emaj-18	106	14	firm	firm	NOUN
emaj-18	106	15	to	to	ADP
emaj-18	106	16	the	the	DET
emaj-18	106	17	replacement	replacement	NOUN
emaj-18	106	18	cost	cost	NOUN
emaj-18	106	19	of	of	ADP
emaj-18	106	20	its	its	PRON
emaj-18	106	21	assets	asset	NOUN
emaj-18	106	22	.	.	PUNCT
emaj-18	107	1	we	we	PRON
emaj-18	107	2	employed	employ	VERB
emaj-18	107	3	doidge	doidge	NOUN
emaj-18	107	4	,	,	PUNCT
emaj-18	107	5	karolyi	karolyi	NOUN
emaj-18	107	6	and	and	CCONJ
emaj-18	107	7	stulz	stulz	ADJ
emaj-18	107	8	’s	’s	PART
emaj-18	107	9	(	(	PUNCT
emaj-18	107	10	2001	2001	NUM
emaj-18	107	11	)	)	PUNCT
emaj-18	107	12	approximation	approximation	NOUN
emaj-18	107	13	to	to	PART
emaj-18	107	14	calculate	calculate	VERB
emaj-18	107	15	the	the	DET
emaj-18	107	16	q	q	NOUN
emaj-18	107	17	ratio	ratio	NOUN
emaj-18	107	18	:	:	PUNCT
emaj-18	107	19	where	where	SCONJ
emaj-18	107	20	ta	ta	PROPN
emaj-18	107	21	is	be	AUX
emaj-18	107	22	the	the	DET
emaj-18	107	23	book	book	NOUN
emaj-18	107	24	value	value	NOUN
emaj-18	107	25	of	of	ADP
emaj-18	107	26	the	the	DET
emaj-18	107	27	total	total	ADJ
emaj-18	107	28	assets	asset	NOUN
emaj-18	107	29	of	of	ADP
emaj-18	107	30	the	the	DET
emaj-18	107	31	firm	firm	NOUN
emaj-18	107	32	,	,	PUNCT
emaj-18	107	33	bve	bve	PROPN
emaj-18	107	34	is	be	AUX
emaj-18	107	35	the	the	DET
emaj-18	107	36	book	book	NOUN
emaj-18	107	37	value	value	NOUN
emaj-18	107	38	of	of	ADP
emaj-18	107	39	the	the	DET
emaj-18	107	40	firm	firm	NOUN
emaj-18	107	41	’s	’s	PART
emaj-18	107	42	equity	equity	NOUN
emaj-18	107	43	and	and	CCONJ
emaj-18	107	44	mve	mve	NOUN
emaj-18	107	45	is	be	AUX
emaj-18	107	46	the	the	DET
emaj-18	107	47	product	product	NOUN
emaj-18	107	48	of	of	ADP
emaj-18	107	49	a	a	DET
emaj-18	107	50	firm	firm	NOUN
emaj-18	107	51	’s	’s	PART
emaj-18	107	52	share	share	NOUN
emaj-18	107	53	price	price	NOUN
emaj-18	107	54	and	and	CCONJ
emaj-18	107	55	the	the	DET
emaj-18	107	56	number	number	NOUN
emaj-18	107	57	of	of	ADP
emaj-18	107	58	outstanding	outstanding	ADJ
emaj-18	107	59	common	common	ADJ
emaj-18	107	60	shares	share	NOUN
emaj-18	107	61	.	.	PUNCT
emaj-18	108	1	this	this	DET
emaj-18	108	2	indicator	indicator	NOUN
emaj-18	108	3	is	be	AUX
emaj-18	108	4	employed	employ	VERB
emaj-18	108	5	to	to	PART
emaj-18	108	6	explain	explain	VERB
emaj-18	108	7	a	a	DET
emaj-18	108	8	number	number	NOUN
emaj-18	108	9	of	of	ADP
emaj-18	108	10	diverse	diverse	ADJ
emaj-18	108	11	corporate	corporate	ADJ
emaj-18	108	12	phenomena	phenomenon	NOUN
emaj-18	108	13	such	such	ADJ
emaj-18	108	14	as	as	ADP
emaj-18	108	15	cross	cross	ADJ
emaj-18	108	16	-	-	ADJ
emaj-18	108	17	sectional	sectional	ADJ
emaj-18	108	18	differences	difference	NOUN
emaj-18	108	19	in	in	ADP
emaj-18	108	20	investment	investment	NOUN
emaj-18	108	21	and	and	CCONJ
emaj-18	108	22	diversification	diversification	NOUN
emaj-18	108	23	decisions	decision	NOUN
emaj-18	108	24	,	,	PUNCT
emaj-18	108	25	the	the	DET
emaj-18	108	26	relationship	relationship	NOUN
emaj-18	108	27	between	between	ADP
emaj-18	108	28	managerial	managerial	ADJ
emaj-18	108	29	equity	equity	NOUN
emaj-18	108	30	ownership	ownership	NOUN
emaj-18	108	31	and	and	CCONJ
emaj-18	108	32	firm	firm	ADJ
emaj-18	108	33	value	value	NOUN
emaj-18	108	34	.	.	PUNCT
emaj-18	109	1	we	we	PRON
emaj-18	109	2	are	be	AUX
emaj-18	109	3	particularly	particularly	ADV
emaj-18	109	4	interested	interested	ADJ
emaj-18	109	5	in	in	ADP
emaj-18	109	6	using	use	VERB
emaj-18	109	7	tobin’s	tobin’s	NOUN
emaj-18	109	8	-	-	PUNCT
emaj-18	109	9	q	q	NOUN
emaj-18	109	10	to	to	PART
emaj-18	109	11	gain	gain	VERB
emaj-18	109	12	comparative	comparative	ADJ
emaj-18	109	13	insights	insight	NOUN
emaj-18	109	14	on	on	ADP
emaj-18	109	15	the	the	DET
emaj-18	109	16	effectiveness	effectiveness	NOUN
emaj-18	109	17	variant	variant	ADJ
emaj-18	109	18	corporate	corporate	ADJ
emaj-18	109	19	governance	governance	NOUN
emaj-18	109	20	practices	practice	NOUN
emaj-18	109	21	adopted	adopt	VERB
emaj-18	109	22	by	by	ADP
emaj-18	109	23	emerging	emerge	VERB
emaj-18	109	24	market	market	NOUN
emaj-18	109	25	firms	firm	NOUN
emaj-18	109	26	on	on	ADP
emaj-18	109	27	the	the	DET
emaj-18	109	28	firm	firm	ADJ
emaj-18	109	29	value	value	NOUN
emaj-18	109	30	.	.	PUNCT
emaj-18	110	1	b.	b.	PROPN
emaj-18	110	2	control	control	PROPN
emaj-18	110	3	variables	variable	NOUN
emaj-18	110	4	:	:	PUNCT
emaj-18	110	5	we	we	PRON
emaj-18	110	6	use	use	VERB
emaj-18	110	7	size	size	NOUN
emaj-18	110	8	and	and	CCONJ
emaj-18	110	9	leverage	leverage	NOUN
emaj-18	110	10	as	as	ADP
emaj-18	110	11	control	control	NOUN
emaj-18	110	12	variables	variable	NOUN
emaj-18	110	13	since	since	SCONJ
emaj-18	110	14	their	their	PRON
emaj-18	110	15	significance	significance	NOUN
emaj-18	110	16	is	be	AUX
emaj-18	110	17	empirically	empirically	ADV
emaj-18	110	18	well	well	ADV
emaj-18	110	19	established	establish	VERB
emaj-18	110	20	in	in	ADP
emaj-18	110	21	literature	literature	NOUN
emaj-18	110	22	addressing	address	VERB
emaj-18	110	23	performance	performance	NOUN
emaj-18	110	24	and	and	CCONJ
emaj-18	110	25	value	value	NOUN
emaj-18	110	26	issues	issue	NOUN
emaj-18	110	27	.	.	PUNCT
emaj-18	111	1	while	while	SCONJ
emaj-18	111	2	logarithm	logarithm	NOUN
emaj-18	111	3	of	of	ADP
emaj-18	111	4	sales	sale	NOUN
emaj-18	111	5	and	and	CCONJ
emaj-18	111	6	total	total	ADJ
emaj-18	111	7	assets	asset	NOUN
emaj-18	111	8	are	be	AUX
emaj-18	111	9	used	use	VERB
emaj-18	111	10	as	as	ADP
emaj-18	111	11	alternate	alternate	ADJ
emaj-18	111	12	size	size	NOUN
emaj-18	111	13	proxies	proxy	NOUN
emaj-18	111	14	,	,	PUNCT
emaj-18	111	15	debt	debt	NOUN
emaj-18	111	16	ratio	ratio	NOUN
emaj-18	111	17	is	be	AUX
emaj-18	111	18	used	use	VERB
emaj-18	111	19	as	as	ADP
emaj-18	111	20	a	a	DET
emaj-18	111	21	measure	measure	NOUN
emaj-18	111	22	of	of	ADP
emaj-18	111	23	leverage	leverage	NOUN
emaj-18	111	24	.	.	PUNCT
emaj-18	112	1	corporate	corporate	ADJ
emaj-18	112	2	governance	governance	NOUN
emaj-18	112	3	measures	measure	VERB
emaj-18	112	4	our	our	PRON
emaj-18	112	5	main	main	ADJ
emaj-18	112	6	corporate	corporate	ADJ
emaj-18	112	7	governance	governance	NOUN
emaj-18	112	8	measure	measure	NOUN
emaj-18	112	9	is	be	AUX
emaj-18	112	10	standard	standard	ADJ
emaj-18	112	11	and	and	CCONJ
emaj-18	112	12	poor	poor	ADJ
emaj-18	112	13	’s	’s	PART
emaj-18	112	14	corporate	corporate	ADJ
emaj-18	112	15	governance	governance	NOUN
emaj-18	112	16	scores	score	NOUN
emaj-18	112	17	(	(	PUNCT
emaj-18	112	18	cgi	cgi	NOUN
emaj-18	112	19	)	)	PUNCT
emaj-18	112	20	.	.	PUNCT
emaj-18	113	1	this	this	DET
emaj-18	113	2	index	index	NOUN
emaj-18	113	3	offers	offer	VERB
emaj-18	113	4	a	a	DET
emaj-18	113	5	detailed	detailed	ADJ
emaj-18	113	6	measure	measure	NOUN
emaj-18	113	7	of	of	ADP
emaj-18	113	8	a	a	DET
emaj-18	113	9	company	company	NOUN
emaj-18	113	10	’s	’s	PART
emaj-18	113	11	corporate	corporate	ADJ
emaj-18	113	12	governance	governance	NOUN
emaj-18	113	13	standards	standard	NOUN
emaj-18	113	14	by	by	ADP
emaj-18	113	15	reference	reference	NOUN
emaj-18	113	16	to	to	ADP
emaj-18	113	17	global	global	ADJ
emaj-18	113	18	practices	practice	NOUN
emaj-18	113	19	.	.	PUNCT
emaj-18	114	1	standard	standard	PROPN
emaj-18	114	2	&	&	CCONJ
emaj-18	114	3	poor	poor	PROPN
emaj-18	114	4	’s	’s	PART
emaj-18	114	5	corporate	corporate	ADJ
emaj-18	114	6	governance	governance	NOUN
emaj-18	114	7	profiles	profile	NOUN
emaj-18	114	8	assign	assign	VERB
emaj-18	114	9	scores	score	NOUN
emaj-18	114	10	to	to	ADP
emaj-18	114	11	companies	company	NOUN
emaj-18	114	12	according	accord	VERB
emaj-18	114	13	to	to	ADP
emaj-18	114	14	their	their	PRON
emaj-18	114	15	global	global	ADJ
emaj-18	114	16	practices	practice	NOUN
emaj-18	114	17	.	.	PUNCT
emaj-18	115	1	the	the	DET
emaj-18	115	2	assigned	assign	VERB
emaj-18	115	3	scores	score	NOUN
emaj-18	115	4	range	range	VERB
emaj-18	115	5	from	from	ADP
emaj-18	115	6	1	1	NUM
emaj-18	115	7	to	to	ADP
emaj-18	115	8	10	10	NUM
emaj-18	115	9	,	,	PUNCT
emaj-18	115	10	and	and	CCONJ
emaj-18	115	11	10	10	NUM
emaj-18	115	12	corresponds	correspond	NOUN
emaj-18	115	13	to	to	ADP
emaj-18	115	14	best	good	ADJ
emaj-18	115	15	corporate	corporate	ADJ
emaj-18	115	16	governance	governance	NOUN
emaj-18	115	17	practices	practice	NOUN
emaj-18	115	18	.	.	PUNCT
emaj-18	116	1	s&p	s&p	PROPN
emaj-18	116	2	total	total	ADJ
emaj-18	116	3	decile	decile	NOUN
emaj-18	116	4	scores	score	NOUN
emaj-18	116	5	are	be	AUX
emaj-18	116	6	employed	employ	VERB
emaj-18	116	7	as	as	SCONJ
emaj-18	116	8	the	the	DET
emaj-18	116	9	general	general	ADJ
emaj-18	116	10	corporate	corporate	ADJ
emaj-18	116	11	governance	governance	NOUN
emaj-18	116	12	index	index	NOUN
emaj-18	116	13	s&p	s&p	PROPN
emaj-18	116	14	corporate	corporate	ADJ
emaj-18	116	15	governance	governance	NOUN
emaj-18	116	16	index	index	NOUN
emaj-18	116	17	is	be	AUX
emaj-18	116	18	composed	compose	VERB
emaj-18	116	19	of	of	ADP
emaj-18	116	20	three	three	NUM
emaj-18	116	21	subindices	subindex	NOUN
emaj-18	116	22	which	which	PRON
emaj-18	116	23	collectively	collectively	ADV
emaj-18	116	24	determine	determine	VERB
emaj-18	116	25	the	the	DET
emaj-18	116	26	overall	overall	ADJ
emaj-18	116	27	cgi	cgi	NOUN
emaj-18	116	28	score	score	NOUN
emaj-18	116	29	.	.	PUNCT
emaj-18	117	1	these	these	DET
emaj-18	117	2	three	three	NUM
emaj-18	117	3	subcategory	subcategory	ADJ
emaj-18	117	4	indices	index	NOUN
emaj-18	117	5	address	address	VERB
emaj-18	117	6	various	various	ADJ
emaj-18	117	7	aspects	aspect	NOUN
emaj-18	117	8	of	of	ADP
emaj-18	117	9	corporate	corporate	ADJ
emaj-18	117	10	governance	governance	NOUN
emaj-18	117	11	.	.	PUNCT
emaj-18	118	1	sub	sub	NOUN
emaj-18	118	2	-	-	NOUN
emaj-18	118	3	index-1	index-1	PRON
emaj-18	118	4	focuses	focus	VERB
emaj-18	118	5	on	on	ADP
emaj-18	118	6	ownership	ownership	NOUN
emaj-18	118	7	structure	structure	NOUN
emaj-18	118	8	and	and	CCONJ
emaj-18	118	9	investor	investor	NOUN
emaj-18	118	10	relations	relation	NOUN
emaj-18	118	11	;	;	PUNCT
emaj-18	118	12	sub	sub	ADJ
emaj-18	118	13	-	-	ADJ
emaj-18	118	14	index-2	index-2	ADJ
emaj-18	118	15	addresses	address	NOUN
emaj-18	118	16	financial	financial	ADJ
emaj-18	118	17	transparency	transparency	NOUN
emaj-18	118	18	and	and	CCONJ
emaj-18	118	19	information	information	NOUN
emaj-18	118	20	disclosure	disclosure	NOUN
emaj-18	118	21	;	;	PUNCT
emaj-18	118	22	and	and	CCONJ
emaj-18	118	23	finally	finally	ADV
emaj-18	118	24	sub	sub	ADJ
emaj-18	118	25	-	-	ADJ
emaj-18	118	26	index-3	index-3	ADJ
emaj-18	118	27	measures	measure	NOUN
emaj-18	118	28	the	the	DET
emaj-18	118	29	board	board	NOUN
emaj-18	118	30	,	,	PUNCT
emaj-18	118	31	management	management	NOUN
emaj-18	118	32	and	and	CCONJ
emaj-18	118	33	governance	governance	NOUN
emaj-18	118	34	processes	process	NOUN
emaj-18	118	35	.	.	PUNCT
emaj-18	119	1	more	more	ADV
emaj-18	119	2	specifically	specifically	ADV
emaj-18	119	3	,	,	PUNCT
emaj-18	119	4	ownership	ownership	NOUN
emaj-18	119	5	structure	structure	NOUN
emaj-18	119	6	and	and	CCONJ
emaj-18	119	7	investor	investor	NOUN
emaj-18	119	8	relations	relation	NOUN
emaj-18	119	9	sub	sub	NOUN
emaj-18	119	10	-	-	NOUN
emaj-18	119	11	index	index	NOUN
emaj-18	119	12	is	be	AUX
emaj-18	119	13	concerned	concern	VERB
emaj-18	119	14	with	with	ADP
emaj-18	119	15	the	the	DET
emaj-18	119	16	role	role	NOUN
emaj-18	119	17	of	of	ADP
emaj-18	119	18	stakeholders	stakeholder	NOUN
emaj-18	119	19	in	in	ADP
emaj-18	119	20	corporate	corporate	ADJ
emaj-18	119	21	governance	governance	NOUN
emaj-18	119	22	and	and	CCONJ
emaj-18	119	23	equitable	equitable	ADJ
emaj-18	119	24	treatment	treatment	NOUN
emaj-18	119	25	of	of	ADP
emaj-18	119	26	shareholders	shareholder	NOUN
emaj-18	119	27	and	and	CCONJ
emaj-18	119	28	it	it	PRON
emaj-18	119	29	includes	include	VERB
emaj-18	119	30	:	:	PUNCT
emaj-18	119	31	(	(	PUNCT
emaj-18	119	32	1	1	X
emaj-18	119	33	)	)	PUNCT
emaj-18	119	34	fairness	fairness	NOUN
emaj-18	119	35	to	to	ADP
emaj-18	119	36	minority	minority	NOUN
emaj-18	119	37	shareholders	shareholder	NOUN
emaj-18	119	38	in	in	ADP
emaj-18	119	39	protecting	protect	VERB
emaj-18	119	40	against	against	ADP
emaj-18	119	41	fraud	fraud	NOUN
emaj-18	119	42	,	,	PUNCT
emaj-18	119	43	self	self	NOUN
emaj-18	119	44	-	-	PUNCT
emaj-18	119	45	dealing	dealing	NOUN
emaj-18	119	46	or	or	CCONJ
emaj-18	119	47	other	other	ADJ
emaj-18	119	48	insider	insider	NOUN
emaj-18	119	49	wrongdoing	wrongdoing	NOUN
emaj-18	119	50	;	;	PUNCT
emaj-18	119	51	(	(	PUNCT
emaj-18	119	52	2	2	X
emaj-18	119	53	)	)	PUNCT
emaj-18	119	54	responsibility	responsibility	NOUN
emaj-18	119	55	of	of	ADP
emaj-18	119	56	the	the	DET
emaj-18	119	57	corporation	corporation	NOUN
emaj-18	119	58	as	as	ADP
emaj-18	119	59	a	a	DET
emaj-18	119	60	member	member	NOUN
emaj-18	119	61	of	of	ADP
emaj-18	119	62	society	society	NOUN
emaj-18	119	63	to	to	PART
emaj-18	119	64	abide	abide	VERB
emaj-18	119	65	by	by	ADP
emaj-18	119	66	the	the	DET
emaj-18	119	67	laws	law	NOUN
emaj-18	119	68	and	and	CCONJ
emaj-18	119	69	act	act	VERB
emaj-18	119	70	with	with	ADP
emaj-18	119	71	regard	regard	NOUN
emaj-18	119	72	to	to	ADP
emaj-18	119	73	society	society	NOUN
emaj-18	119	74	’s	’s	PART
emaj-18	119	75	needs	need	NOUN
emaj-18	119	76	.	.	PUNCT
emaj-18	120	1	corporate	corporate	ADJ
emaj-18	120	2	laws	law	NOUN
emaj-18	120	3	and	and	CCONJ
emaj-18	120	4	regulations	regulation	NOUN
emaj-18	120	5	are	be	AUX
emaj-18	120	6	also	also	ADV
emaj-18	120	7	included	include	VERB
emaj-18	120	8	in	in	ADP
emaj-18	120	9	this	this	DET
emaj-18	120	10	subcategory	subcategory	NOUN
emaj-18	120	11	.	.	PUNCT
emaj-18	121	1	financial	financial	ADJ
emaj-18	121	2	transparency	transparency	NOUN
emaj-18	121	3	and	and	CCONJ
emaj-18	121	4	information	information	NOUN
emaj-18	121	5	disclosure	disclosure	NOUN
emaj-18	121	6	sub	sub	NOUN
emaj-18	121	7	-	-	NOUN
emaj-18	121	8	index	index	NOUN
emaj-18	121	9	focuses	focus	VERB
emaj-18	121	10	on	on	ADP
emaj-18	121	11	transparency	transparency	NOUN
emaj-18	121	12	and	and	CCONJ
emaj-18	121	13	improved	improve	VERB
emaj-18	121	14	disclosure	disclosure	NOUN
emaj-18	121	15	of	of	ADP
emaj-18	121	16	accurate	accurate	ADJ
emaj-18	121	17	and	and	CCONJ
emaj-18	121	18	timely	timely	ADJ
emaj-18	121	19	information	information	NOUN
emaj-18	121	20	.	.	PUNCT
emaj-18	122	1	finally	finally	ADV
emaj-18	122	2	,	,	PUNCT
emaj-18	122	3	board	board	NOUN
emaj-18	122	4	and	and	CCONJ
emaj-18	122	5	management	management	NOUN
emaj-18	122	6	and	and	CCONJ
emaj-18	122	7	processes	process	VERB
emaj-18	122	8	sub	sub	NOUN
emaj-18	122	9	-	-	NOUN
emaj-18	122	10	index	index	NOUN
emaj-18	122	11	is	be	AUX
emaj-18	122	12	concerned	concern	VERB
emaj-18	122	13	with	with	ADP
emaj-18	122	14	the	the	DET
emaj-18	122	15	rights	right	NOUN
emaj-18	122	16	of	of	ADP
emaj-18	122	17	the	the	DET
emaj-18	122	18	shareholders	shareholder	NOUN
emaj-18	122	19	corporate	corporate	ADJ
emaj-18	122	20	governance	governance	NOUN
emaj-18	122	21	and	and	CCONJ
emaj-18	122	22	firm	firm	ADJ
emaj-18	122	23	value	value	NOUN
emaj-18	122	24	in	in	ADP
emaj-18	122	25	emerging	emerge	VERB
emaj-18	122	26	markets	market	NOUN
emaj-18	122	27	an	an	DET
emaj-18	122	28	empirical	empirical	ADJ
emaj-18	122	29	analysis	analysis	NOUN
emaj-18	122	30	of	of	ADP
emaj-18	122	31	adr	adr	PROPN
emaj-18	122	32	issuing	issue	VERB
emaj-18	122	33	emerging	emerge	VERB
emaj-18	122	34	market	market	NOUN
emaj-18	122	35	firms	firm	NOUN
emaj-18	122	36	emerging	emerge	VERB
emaj-18	122	37	markets	market	NOUN
emaj-18	122	38	journal	journal	NOUN
emaj-18	122	39	|	|	ADV
emaj-18	122	40	p	p	NOUN
emaj-18	122	41	a	a	DET
emaj-18	122	42	g	g	NOUN
emaj-18	122	43	e	e	NOUN
emaj-18	122	44	|	|	ADV
emaj-18	122	45	43	43	NUM
emaj-18	122	46	volume	volume	NOUN
emaj-18	122	47	2	2	NUM
emaj-18	122	48	(	(	PUNCT
emaj-18	122	49	2012	2012	NUM
emaj-18	122	50	)	)	PUNCT
emaj-18	122	51	|	|	ADV
emaj-18	122	52	issn	issn	VERB
emaj-18	122	53	2158	2158	NUM
emaj-18	122	54	-	-	SYM
emaj-18	122	55	8708	8708	NUM
emaj-18	122	56	(	(	PUNCT
emaj-18	122	57	online	online	NOUN
emaj-18	122	58	)	)	PUNCT
emaj-18	122	59	|	|	ADV
emaj-18	122	60	doi	doi	X
emaj-18	122	61	10.5195	10.5195	NUM
emaj-18	122	62	/	/	SYM
emaj-18	122	63	emaj.2012.18	emaj.2012.18	NOUN
emaj-18	122	64	|	|	ADV
emaj-18	122	65	http://emaj.pitt.edu	http://emaj.pitt.edu	PROPN
emaj-18	122	66	and	and	CCONJ
emaj-18	122	67	accountability	accountability	NOUN
emaj-18	122	68	of	of	ADP
emaj-18	122	69	management	management	NOUN
emaj-18	122	70	through	through	ADP
emaj-18	122	71	effective	effective	ADJ
emaj-18	122	72	oversight	oversight	NOUN
emaj-18	122	73	based	base	VERB
emaj-18	122	74	on	on	ADP
emaj-18	122	75	a	a	DET
emaj-18	122	76	balance	balance	NOUN
emaj-18	122	77	of	of	ADP
emaj-18	122	78	power	power	NOUN
emaj-18	122	79	between	between	ADP
emaj-18	122	80	the	the	DET
emaj-18	122	81	board	board	NOUN
emaj-18	122	82	of	of	ADP
emaj-18	122	83	directors	director	NOUN
emaj-18	122	84	,	,	PUNCT
emaj-18	122	85	managers	manager	NOUN
emaj-18	122	86	,	,	PUNCT
emaj-18	122	87	shareholders	shareholder	NOUN
emaj-18	122	88	and	and	CCONJ
emaj-18	122	89	the	the	DET
emaj-18	122	90	auditor	auditor	NOUN
emaj-18	122	91	.	.	PUNCT
emaj-18	123	1	legal	legal	ADJ
emaj-18	123	2	system	system	NOUN
emaj-18	123	3	proxies	proxy	NOUN
emaj-18	123	4	in	in	ADP
emaj-18	123	5	an	an	DET
emaj-18	123	6	attempt	attempt	NOUN
emaj-18	123	7	to	to	PART
emaj-18	123	8	explore	explore	VERB
emaj-18	123	9	the	the	DET
emaj-18	123	10	linkage	linkage	NOUN
emaj-18	123	11	between	between	ADP
emaj-18	123	12	the	the	DET
emaj-18	123	13	corporate	corporate	ADJ
emaj-18	123	14	governance	governance	NOUN
emaj-18	123	15	structure	structure	NOUN
emaj-18	123	16	of	of	ADP
emaj-18	123	17	a	a	DET
emaj-18	123	18	firm	firm	NOUN
emaj-18	123	19	and	and	CCONJ
emaj-18	123	20	the	the	DET
emaj-18	123	21	legal	legal	ADJ
emaj-18	123	22	structure	structure	NOUN
emaj-18	123	23	of	of	ADP
emaj-18	123	24	its	its	PRON
emaj-18	123	25	home	home	NOUN
emaj-18	123	26	country	country	NOUN
emaj-18	123	27	,	,	PUNCT
emaj-18	123	28	we	we	PRON
emaj-18	123	29	developed	develop	VERB
emaj-18	123	30	a	a	DET
emaj-18	123	31	legal	legal	ADJ
emaj-18	123	32	system	system	NOUN
emaj-18	123	33	proxy	proxy	NOUN
emaj-18	123	34	.	.	PUNCT
emaj-18	124	1	we	we	PRON
emaj-18	124	2	loaded	load	VERB
emaj-18	124	3	28	28	NUM
emaj-18	124	4	variables	variable	NOUN
emaj-18	124	5	used	use	VERB
emaj-18	124	6	by	by	ADP
emaj-18	124	7	lopez	lopez	PROPN
emaj-18	124	8	de	de	PROPN
emaj-18	124	9	silanes	silane	NOUN
emaj-18	124	10	to	to	PART
emaj-18	124	11	describe	describe	VERB
emaj-18	124	12	a	a	DET
emaj-18	124	13	country	country	NOUN
emaj-18	124	14	’s	’s	PART
emaj-18	124	15	legal	legal	ADJ
emaj-18	124	16	structure	structure	NOUN
emaj-18	124	17	into	into	ADP
emaj-18	124	18	four	four	NUM
emaj-18	124	19	principal	principal	ADJ
emaj-18	124	20	components	component	NOUN
emaj-18	124	21	,	,	PUNCT
emaj-18	124	22	namely	namely	ADV
emaj-18	124	23	legal	legal	ADJ
emaj-18	124	24	structure	structure	NOUN
emaj-18	124	25	,	,	PUNCT
emaj-18	124	26	shareholder	shareholder	NOUN
emaj-18	124	27	protection	protection	NOUN
emaj-18	124	28	,	,	PUNCT
emaj-18	124	29	efficiency	efficiency	NOUN
emaj-18	124	30	and	and	CCONJ
emaj-18	124	31	country	country	NOUN
emaj-18	124	32	risk	risk	NOUN
emaj-18	124	33	.	.	PUNCT
emaj-18	125	1	corruption	corruption	NOUN
emaj-18	125	2	index	index	NOUN
emaj-18	125	3	the	the	DET
emaj-18	125	4	corporate	corporate	ADJ
emaj-18	125	5	governance	governance	NOUN
emaj-18	125	6	scores	score	NOUN
emaj-18	125	7	of	of	ADP
emaj-18	125	8	individual	individual	ADJ
emaj-18	125	9	countries	country	NOUN
emaj-18	125	10	are	be	AUX
emaj-18	125	11	obtained	obtain	VERB
emaj-18	125	12	from	from	ADP
emaj-18	125	13	transparency	transparency	NOUN
emaj-18	125	14	international	international	NOUN
emaj-18	125	15	.	.	PUNCT
emaj-18	126	1	the	the	DET
emaj-18	126	2	ratings	rating	NOUN
emaj-18	126	3	are	be	AUX
emaj-18	126	4	10	10	NUM
emaj-18	126	5	to	to	PART
emaj-18	126	6	1	1	NUM
emaj-18	126	7	.	.	PUNCT
emaj-18	127	1	the	the	DET
emaj-18	127	2	score	score	NOUN
emaj-18	127	3	1	1	NUM
emaj-18	127	4	indicates	indicate	VERB
emaj-18	127	5	the	the	DET
emaj-18	127	6	highest	high	ADJ
emaj-18	127	7	level	level	NOUN
emaj-18	127	8	of	of	ADP
emaj-18	127	9	corruption	corruption	NOUN
emaj-18	127	10	.	.	PUNCT
emaj-18	128	1	a.	a.	NOUN
emaj-18	128	2	empirical	empirical	ADJ
emaj-18	128	3	models	model	NOUN
emaj-18	128	4	:	:	PUNCT
emaj-18	128	5	we	we	PRON
emaj-18	128	6	use	use	VERB
emaj-18	128	7	several	several	ADJ
emaj-18	128	8	alternative	alternative	ADJ
emaj-18	128	9	specifications	specification	NOUN
emaj-18	128	10	to	to	PART
emaj-18	128	11	explore	explore	VERB
emaj-18	128	12	the	the	DET
emaj-18	128	13	impact	impact	NOUN
emaj-18	128	14	of	of	ADP
emaj-18	128	15	corporate	corporate	ADJ
emaj-18	128	16	governance	governance	NOUN
emaj-18	128	17	,	,	PUNCT
emaj-18	128	18	corruption	corruption	NOUN
emaj-18	128	19	and	and	CCONJ
emaj-18	128	20	legal	legal	ADJ
emaj-18	128	21	systems	system	NOUN
emaj-18	128	22	on	on	ADP
emaj-18	128	23	the	the	DET
emaj-18	128	24	firm	firm	ADJ
emaj-18	128	25	performance	performance	NOUN
emaj-18	128	26	and	and	CCONJ
emaj-18	128	27	value	value	NOUN
emaj-18	128	28	.	.	PUNCT
emaj-18	129	1	our	our	PRON
emaj-18	129	2	first	first	ADJ
emaj-18	129	3	specification	specification	NOUN
emaj-18	129	4	uses	use	VERB
emaj-18	129	5	tobin’s	tobin’s	NOUN
emaj-18	129	6	-	-	PUNCT
emaj-18	129	7	q	q	NOUN
emaj-18	129	8	as	as	ADP
emaj-18	129	9	a	a	DET
emaj-18	129	10	value	value	NOUN
emaj-18	129	11	metric	metric	NOUN
emaj-18	129	12	.	.	PUNCT
emaj-18	130	1	in	in	ADP
emaj-18	130	2	addition	addition	NOUN
emaj-18	130	3	to	to	ADP
emaj-18	130	4	the	the	DET
emaj-18	130	5	corporate	corporate	ADJ
emaj-18	130	6	governance	governance	NOUN
emaj-18	130	7	index	index	NOUN
emaj-18	130	8	(	(	PUNCT
emaj-18	130	9	cgi	cgi	NOUN
emaj-18	130	10	)	)	PUNCT
emaj-18	130	11	composite	composite	ADJ
emaj-18	130	12	score	score	NOUN
emaj-18	130	13	,	,	PUNCT
emaj-18	130	14	we	we	PRON
emaj-18	130	15	use	use	VERB
emaj-18	130	16	variables	variable	NOUN
emaj-18	130	17	to	to	PART
emaj-18	130	18	control	control	VERB
emaj-18	130	19	for	for	ADP
emaj-18	130	20	the	the	DET
emaj-18	130	21	size	size	NOUN
emaj-18	130	22	and	and	CCONJ
emaj-18	130	23	the	the	DET
emaj-18	130	24	leverage	leverage	NOUN
emaj-18	130	25	.	.	PUNCT
emaj-18	131	1	tq	tq	ADP
emaj-18	131	2	=	=	SYM
emaj-18	131	3	�	�	PROPN
emaj-18	131	4	0	0	NUM
emaj-18	131	5	+	+	NUM
emaj-18	131	6	�	�	PROPN
emaj-18	131	7	1	1	NUM
emaj-18	131	8	cgi	cgi	NOUN
emaj-18	131	9	+	+	CCONJ
emaj-18	131	10	�	�	PROPN
emaj-18	131	11	2	2	NUM
emaj-18	131	12	lev	lev	NOUN
emaj-18	131	13	+	+	SYM
emaj-18	131	14	�	�	PROPN
emaj-18	131	15	3	3	NUM
emaj-18	131	16	ln(sales	ln(sales	PROPN
emaj-18	131	17	)	)	PUNCT
emaj-18	132	1	+	+	CCONJ
emaj-18	132	2	�	�	PROPN
emaj-18	132	3	(	(	PUNCT
emaj-18	132	4	1	1	X
emaj-18	132	5	)	)	PUNCT
emaj-18	132	6	we	we	PRON
emaj-18	132	7	also	also	ADV
emaj-18	132	8	check	check	VERB
emaj-18	132	9	the	the	DET
emaj-18	132	10	significance	significance	NOUN
emaj-18	132	11	of	of	ADP
emaj-18	132	12	the	the	DET
emaj-18	132	13	cg	cg	NOUN
emaj-18	132	14	sub	sub	NOUN
emaj-18	132	15	-	-	NOUN
emaj-18	132	16	indices	index	NOUN
emaj-18	132	17	by	by	ADP
emaj-18	132	18	using	use	VERB
emaj-18	132	19	the	the	DET
emaj-18	132	20	following	follow	VERB
emaj-18	132	21	specification	specification	NOUN
emaj-18	132	22	:	:	PUNCT
emaj-18	132	23	tq	tq	ADP
emaj-18	132	24	=	=	SYM
emaj-18	132	25	β0	β0	PROPN
emaj-18	132	26	+	+	CCONJ
emaj-18	132	27	β1	β1	PROPN
emaj-18	132	28	sub1	sub1	PROPN
emaj-18	132	29	+	+	CCONJ
emaj-18	132	30	β2	β2	PROPN
emaj-18	132	31	sub2	sub2	PROPN
emaj-18	132	32	+	+	CCONJ
emaj-18	132	33	β3	β3	VERB
emaj-18	132	34	sub3	sub3	PROPN
emaj-18	132	35	+	+	CCONJ
emaj-18	132	36	β4	β4	PROPN
emaj-18	132	37	(	(	PUNCT
emaj-18	132	38	lev	lev	NOUN
emaj-18	132	39	)	)	PUNCT
emaj-18	132	40	+	+	CCONJ
emaj-18	132	41	β5	β5	NOUN
emaj-18	132	42	ln(sales)+ε	ln(sales)+ε	PUNCT
emaj-18	132	43	(	(	PUNCT
emaj-18	132	44	2	2	X
emaj-18	132	45	)	)	PUNCT
emaj-18	132	46	pricing	pricing	NOUN
emaj-18	132	47	inefficiencies	inefficiency	NOUN
emaj-18	132	48	and	and	CCONJ
emaj-18	132	49	high	high	ADJ
emaj-18	132	50	volatility	volatility	NOUN
emaj-18	132	51	in	in	ADP
emaj-18	132	52	emerging	emerge	VERB
emaj-18	132	53	markets	market	NOUN
emaj-18	132	54	raise	raise	VERB
emaj-18	132	55	some	some	DET
emaj-18	132	56	questions	question	NOUN
emaj-18	132	57	about	about	ADP
emaj-18	132	58	tobin’s	tobin’s	NOUN
emaj-18	132	59	-	-	PUNCT
emaj-18	132	60	q	q	NOUN
emaj-18	132	61	as	as	ADP
emaj-18	132	62	a	a	DET
emaj-18	132	63	reliable	reliable	ADJ
emaj-18	132	64	value	value	NOUN
emaj-18	132	65	metric	metric	ADJ
emaj-18	132	66	or	or	CCONJ
emaj-18	132	67	performance	performance	NOUN
emaj-18	132	68	measure	measure	NOUN
emaj-18	132	69	.	.	PUNCT
emaj-18	133	1	therefore	therefore	ADV
emaj-18	133	2	,	,	PUNCT
emaj-18	133	3	we	we	PRON
emaj-18	133	4	use	use	VERB
emaj-18	133	5	roa	roa	NOUN
emaj-18	133	6	and	and	CCONJ
emaj-18	133	7	roe	roe	PROPN
emaj-18	133	8	as	as	ADP
emaj-18	133	9	alternative	alternative	ADJ
emaj-18	133	10	performance	performance	NOUN
emaj-18	133	11	measures	measure	NOUN
emaj-18	133	12	.	.	PUNCT
emaj-18	134	1	our	our	PRON
emaj-18	134	2	specifications	specification	NOUN
emaj-18	134	3	take	take	VERB
emaj-18	134	4	the	the	DET
emaj-18	134	5	following	follow	VERB
emaj-18	134	6	form	form	NOUN
emaj-18	134	7	:	:	PUNCT
emaj-18	134	8	roa	roa	PROPN
emaj-18	134	9	=	=	PROPN
emaj-18	134	10	β0	β0	PROPN
emaj-18	135	1	+	+	CCONJ
emaj-18	135	2	β1	β1	PROPN
emaj-18	135	3	cgi	cgi	NOUN
emaj-18	135	4	+	+	CCONJ
emaj-18	135	5	β2	β2	VERB
emaj-18	135	6	lev	lev	NOUN
emaj-18	135	7	+	+	CCONJ
emaj-18	135	8	β3	β3	ADJ
emaj-18	135	9	ln(sales	ln(sales	PROPN
emaj-18	135	10	)	)	PUNCT
emaj-18	136	1	+	+	CCONJ
emaj-18	136	2	ε	ε	PROPN
emaj-18	136	3	(	(	PUNCT
emaj-18	136	4	3	3	NUM
emaj-18	136	5	)	)	PUNCT
emaj-18	136	6	roa	roa	NOUN
emaj-18	136	7	=	=	PROPN
emaj-18	136	8	β0	β0	PROPN
emaj-18	136	9	+	+	CCONJ
emaj-18	136	10	β1	β1	PROPN
emaj-18	136	11	sub1	sub1	PROPN
emaj-18	136	12	+	+	CCONJ
emaj-18	136	13	β2	β2	PROPN
emaj-18	136	14	sub2	sub2	PROPN
emaj-18	136	15	+	+	CCONJ
emaj-18	136	16	β3	β3	VERB
emaj-18	136	17	sub3	sub3	PROPN
emaj-18	136	18	+	+	CCONJ
emaj-18	136	19	β4	β4	PROPN
emaj-18	136	20	(	(	PUNCT
emaj-18	136	21	lev	lev	NOUN
emaj-18	136	22	)	)	PUNCT
emaj-18	136	23	+	+	CCONJ
emaj-18	136	24	β5	β5	NOUN
emaj-18	136	25	ln(sales)+ε	ln(sales)+ε	PUNCT
emaj-18	136	26	(	(	PUNCT
emaj-18	136	27	4	4	NUM
emaj-18	136	28	)	)	PUNCT
emaj-18	136	29	roe	roe	NOUN
emaj-18	136	30	=	=	SYM
emaj-18	136	31	β0	β0	PROPN
emaj-18	136	32	+	+	CCONJ
emaj-18	136	33	β1	β1	PROPN
emaj-18	136	34	cgi	cgi	NOUN
emaj-18	136	35	+	+	CCONJ
emaj-18	136	36	β2	β2	VERB
emaj-18	136	37	lev	lev	NOUN
emaj-18	136	38	+	+	CCONJ
emaj-18	136	39	β3	β3	ADJ
emaj-18	136	40	ln(sales	ln(sales	PROPN
emaj-18	136	41	)	)	PUNCT
emaj-18	137	1	+	+	CCONJ
emaj-18	137	2	ε	ε	PROPN
emaj-18	137	3	(	(	PUNCT
emaj-18	137	4	5	5	NUM
emaj-18	137	5	)	)	PUNCT
emaj-18	137	6	roe	roe	NOUN
emaj-18	137	7	=	=	SYM
emaj-18	137	8	β0	β0	PROPN
emaj-18	137	9	+	+	CCONJ
emaj-18	137	10	β1	β1	PROPN
emaj-18	137	11	sub1	sub1	PROPN
emaj-18	137	12	+	+	CCONJ
emaj-18	137	13	β2	β2	PROPN
emaj-18	137	14	sub2	sub2	PROPN
emaj-18	137	15	+	+	CCONJ
emaj-18	137	16	β3	β3	VERB
emaj-18	137	17	sub3	sub3	PROPN
emaj-18	137	18	+	+	CCONJ
emaj-18	137	19	β4	β4	PROPN
emaj-18	137	20	(	(	PUNCT
emaj-18	137	21	lev	lev	NOUN
emaj-18	137	22	)	)	PUNCT
emaj-18	137	23	+	+	CCONJ
emaj-18	137	24	β5	β5	NOUN
emaj-18	137	25	ln(sales)+ε	ln(sales)+ε	PUNCT
emaj-18	137	26	(	(	PUNCT
emaj-18	137	27	6	6	NUM
emaj-18	137	28	)	)	PUNCT
emaj-18	137	29	in	in	ADP
emaj-18	137	30	order	order	NOUN
emaj-18	137	31	to	to	PART
emaj-18	137	32	explore	explore	VERB
emaj-18	137	33	regional	regional	ADJ
emaj-18	137	34	and	and	CCONJ
emaj-18	137	35	industry	industry	NOUN
emaj-18	137	36	patterns	pattern	NOUN
emaj-18	137	37	we	we	PRON
emaj-18	137	38	use	use	VERB
emaj-18	137	39	region	region	NOUN
emaj-18	137	40	and	and	CCONJ
emaj-18	137	41	industry	industry	NOUN
emaj-18	137	42	dummies	dummy	NOUN
emaj-18	137	43	.	.	PUNCT
emaj-18	138	1	la_dummy	la_dummy	VERB
emaj-18	138	2	=	=	SYM
emaj-18	138	3	0	0	PUNCT
emaj-18	139	1	if	if	SCONJ
emaj-18	139	2	the	the	DET
emaj-18	139	3	firm	firm	NOUN
emaj-18	139	4	belongs	belong	VERB
emaj-18	139	5	to	to	ADP
emaj-18	139	6	an	an	DET
emaj-18	139	7	asian	asian	ADJ
emaj-18	139	8	country	country	NOUN
emaj-18	139	9	and	and	CCONJ
emaj-18	139	10	1	1	NUM
emaj-18	139	11	if	if	SCONJ
emaj-18	139	12	it	it	PRON
emaj-18	139	13	belongs	belong	VERB
emaj-18	139	14	to	to	ADP
emaj-18	139	15	a	a	DET
emaj-18	139	16	latin	latin	ADJ
emaj-18	139	17	american	american	ADJ
emaj-18	139	18	country	country	NOUN
emaj-18	139	19	.	.	PUNCT
emaj-18	140	1	we	we	PRON
emaj-18	140	2	classified	classify	VERB
emaj-18	140	3	firms	firm	NOUN
emaj-18	140	4	into	into	ADP
emaj-18	140	5	three	three	NUM
emaj-18	140	6	types	type	NOUN
emaj-18	140	7	of	of	ADP
emaj-18	140	8	industries	industry	NOUN
emaj-18	140	9	based	base	VERB
emaj-18	140	10	on	on	ADP
emaj-18	140	11	their	their	PRON
emaj-18	140	12	two	two	NUM
emaj-18	140	13	digit	digit	NOUN
emaj-18	140	14	sic	sic	ADJ
emaj-18	140	15	codes	code	NOUN
emaj-18	140	16	:	:	PUNCT
emaj-18	140	17	i	i	PRON
emaj-18	140	18	)	)	PUNCT
emaj-18	140	19	diversified	diversified	PROPN
emaj-18	140	20	ii	ii	PROPN
emaj-18	140	21	)	)	PUNCT
emaj-18	140	22	service	service	NOUN
emaj-18	140	23	industry	industry	NOUN
emaj-18	140	24	and	and	CCONJ
emaj-18	140	25	iii	iii	X
emaj-18	140	26	)	)	PUNCT
emaj-18	140	27	hightech	hightech	NOUN
emaj-18	140	28	industry	industry	NOUN
emaj-18	140	29	dummy_si	dummy_si	NOUN
emaj-18	140	30	=	=	SYM
emaj-18	140	31	1	1	NUM
emaj-18	140	32	if	if	SCONJ
emaj-18	140	33	industry	industry	NOUN
emaj-18	140	34	is	be	AUX
emaj-18	140	35	service	service	NOUN
emaj-18	140	36	industry0	industry0	NOUN
emaj-18	140	37	if	if	SCONJ
emaj-18	140	38	the	the	DET
emaj-18	140	39	industry	industry	NOUN
emaj-18	140	40	is	be	AUX
emaj-18	140	41	high	high	ADJ
emaj-18	140	42	-	-	PUNCT
emaj-18	140	43	tech	tech	NOUN
emaj-18	140	44	industry	industry	NOUN
emaj-18	140	45	dummy_di	dummy_di	NOUN
emaj-18	141	1	=	=	NOUN
emaj-18	141	2	1	1	NUM
emaj-18	141	3	if	if	SCONJ
emaj-18	141	4	industry	industry	NOUN
emaj-18	141	5	represents	represent	VERB
emaj-18	141	6	diversified	diversify	VERB
emaj-18	141	7	0	0	PUNCT
emaj-18	141	8	if	if	SCONJ
emaj-18	141	9	the	the	DET
emaj-18	141	10	industry	industry	NOUN
emaj-18	141	11	is	be	AUX
emaj-18	141	12	high	high	ADJ
emaj-18	141	13	–	–	PUNCT
emaj-18	141	14	tech	tech	NOUN
emaj-18	141	15	industry	industry	NOUN
emaj-18	141	16	with	with	ADP
emaj-18	141	17	the	the	DET
emaj-18	141	18	inclusion	inclusion	NOUN
emaj-18	141	19	of	of	ADP
emaj-18	141	20	regional	regional	ADJ
emaj-18	141	21	and	and	CCONJ
emaj-18	141	22	industry	industry	NOUN
emaj-18	141	23	dummies	dummy	NOUN
emaj-18	141	24	,	,	PUNCT
emaj-18	141	25	we	we	PRON
emaj-18	141	26	use	use	VERB
emaj-18	141	27	the	the	DET
emaj-18	141	28	following	following	ADJ
emaj-18	141	29	specifications	specification	NOUN
emaj-18	141	30	:	:	PUNCT
emaj-18	141	31	tq	tq	ADP
emaj-18	141	32	=	=	SYM
emaj-18	141	33	β0	β0	PROPN
emaj-18	141	34	+	+	CCONJ
emaj-18	141	35	β1	β1	PROPN
emaj-18	141	36	cgi	cgi	NOUN
emaj-18	141	37	+	+	CCONJ
emaj-18	141	38	β2	β2	VERB
emaj-18	141	39	lev	lev	NOUN
emaj-18	141	40	+	+	CCONJ
emaj-18	141	41	β3	β3	ADJ
emaj-18	141	42	ln(sales	ln(sales	PROPN
emaj-18	141	43	)	)	PUNCT
emaj-18	142	1	+	+	CCONJ
emaj-18	142	2	β4la_dummy+	β4la_dummy+	NUM
emaj-18	142	3	β3	β3	ADJ
emaj-18	142	4	dummy_si+	dummy_si+	NOUN
emaj-18	142	5	β5	β5	NOUN
emaj-18	142	6	dummy_di	dummy_di	NOUN
emaj-18	142	7	+	+	PROPN
emaj-18	142	8	ε	ε	PROPN
emaj-18	142	9	(	(	PUNCT
emaj-18	142	10	7	7	NUM
emaj-18	142	11	)	)	PUNCT
emaj-18	142	12	tq	tq	NOUN
emaj-18	142	13	=	=	SYM
emaj-18	142	14	β0	β0	PROPN
emaj-18	142	15	+	+	CCONJ
emaj-18	142	16	β1	β1	PROPN
emaj-18	142	17	sub1	sub1	PROPN
emaj-18	142	18	+	+	CCONJ
emaj-18	142	19	β2	β2	PROPN
emaj-18	142	20	sub2	sub2	PROPN
emaj-18	142	21	+	+	CCONJ
emaj-18	142	22	β3	β3	VERB
emaj-18	142	23	sub3	sub3	PROPN
emaj-18	142	24	+	+	CCONJ
emaj-18	142	25	β4	β4	PROPN
emaj-18	142	26	(	(	PUNCT
emaj-18	142	27	lev	lev	NOUN
emaj-18	142	28	)	)	PUNCT
emaj-18	142	29	+	+	CCONJ
emaj-18	142	30	β5	β5	NOUN
emaj-18	142	31	ln(sales)+	ln(sales)+	ADJ
emaj-18	142	32	β6la_dummy+	β6la_dummy+	SYM
emaj-18	142	33	β7	β7	ADJ
emaj-18	142	34	dummy_si+	dummy_si+	ADJ
emaj-18	142	35	β8	β8	NOUN
emaj-18	142	36	dummy_di	dummy_di	NOUN
emaj-18	142	37	+	+	PROPN
emaj-18	142	38	ε	ε	PROPN
emaj-18	142	39	(	(	PUNCT
emaj-18	142	40	8)	8)	NUM
emaj-18	142	41	corporate	corporate	ADJ
emaj-18	142	42	governance	governance	NOUN
emaj-18	142	43	and	and	CCONJ
emaj-18	142	44	firm	firm	ADJ
emaj-18	142	45	value	value	NOUN
emaj-18	142	46	in	in	ADP
emaj-18	142	47	emerging	emerge	VERB
emaj-18	142	48	markets	market	NOUN
emaj-18	142	49	an	an	DET
emaj-18	142	50	empirical	empirical	ADJ
emaj-18	142	51	analysis	analysis	NOUN
emaj-18	142	52	of	of	ADP
emaj-18	142	53	adr	adr	PROPN
emaj-18	142	54	issuing	issue	VERB
emaj-18	142	55	emerging	emerge	VERB
emaj-18	142	56	market	market	NOUN
emaj-18	142	57	firms	firm	NOUN
emaj-18	142	58	emerging	emerge	VERB
emaj-18	142	59	markets	market	NOUN
emaj-18	142	60	journal	journal	NOUN
emaj-18	142	61	|	|	ADV
emaj-18	142	62	p	p	NOUN
emaj-18	142	63	a	a	DET
emaj-18	142	64	g	g	NOUN
emaj-18	142	65	e	e	NOUN
emaj-18	142	66	|	|	ADV
emaj-18	142	67	44	44	NUM
emaj-18	142	68	volume	volume	NOUN
emaj-18	142	69	2	2	NUM
emaj-18	142	70	(	(	PUNCT
emaj-18	142	71	2012	2012	NUM
emaj-18	142	72	)	)	PUNCT
emaj-18	142	73	|	|	ADV
emaj-18	142	74	issn	issn	VERB
emaj-18	142	75	2158	2158	NUM
emaj-18	142	76	-	-	SYM
emaj-18	142	77	8708	8708	NUM
emaj-18	142	78	(	(	PUNCT
emaj-18	142	79	online	online	NOUN
emaj-18	142	80	)	)	PUNCT
emaj-18	142	81	|	|	ADV
emaj-18	142	82	doi	doi	X
emaj-18	142	83	10.5195	10.5195	NUM
emaj-18	142	84	/	/	SYM
emaj-18	142	85	emaj.2012.18	emaj.2012.18	NOUN
emaj-18	143	1	|	|	ADV
emaj-18	143	2	http://emaj.pitt.edu	http://emaj.pitt.edu	VERB
emaj-18	143	3	roa	roa	PROPN
emaj-18	143	4	=	=	PROPN
emaj-18	143	5	β0	β0	PROPN
emaj-18	144	1	+	+	CCONJ
emaj-18	144	2	β1	β1	PROPN
emaj-18	144	3	cgi	cgi	NOUN
emaj-18	144	4	+	+	CCONJ
emaj-18	144	5	β2	β2	VERB
emaj-18	144	6	lev	lev	NOUN
emaj-18	144	7	+	+	CCONJ
emaj-18	144	8	β3	β3	ADJ
emaj-18	144	9	ln(sales	ln(sales	PROPN
emaj-18	144	10	)	)	PUNCT
emaj-18	145	1	+	+	CCONJ
emaj-18	145	2	β4la_dummy+	β4la_dummy+	NUM
emaj-18	145	3	β3	β3	ADJ
emaj-18	145	4	dummy_si+	dummy_si+	NOUN
emaj-18	145	5	β5	β5	NOUN
emaj-18	145	6	dummy_di	dummy_di	NOUN
emaj-18	145	7	+	+	PROPN
emaj-18	145	8	ε	ε	PROPN
emaj-18	145	9	(	(	PUNCT
emaj-18	145	10	9	9	NUM
emaj-18	145	11	)	)	PUNCT
emaj-18	145	12	roa	roa	NOUN
emaj-18	145	13	=	=	PROPN
emaj-18	145	14	β0	β0	PROPN
emaj-18	145	15	+	+	CCONJ
emaj-18	145	16	β1	β1	PROPN
emaj-18	145	17	sub1	sub1	PROPN
emaj-18	145	18	+	+	CCONJ
emaj-18	145	19	β2	β2	PROPN
emaj-18	145	20	sub2	sub2	PROPN
emaj-18	145	21	+	+	CCONJ
emaj-18	145	22	β3	β3	VERB
emaj-18	145	23	sub3	sub3	PROPN
emaj-18	145	24	+	+	CCONJ
emaj-18	145	25	β4	β4	PROPN
emaj-18	145	26	(	(	PUNCT
emaj-18	145	27	lev	lev	NOUN
emaj-18	145	28	)	)	PUNCT
emaj-18	145	29	+	+	CCONJ
emaj-18	145	30	β5	β5	NOUN
emaj-18	145	31	ln(sales)+	ln(sales)+	ADJ
emaj-18	145	32	β6la_dummy+	β6la_dummy+	SYM
emaj-18	145	33	β7	β7	ADJ
emaj-18	145	34	dummy_si+	dummy_si+	ADJ
emaj-18	145	35	β8	β8	NOUN
emaj-18	145	36	dummy_di	dummy_di	NOUN
emaj-18	146	1	+	+	PROPN
emaj-18	146	2	ε	ε	PROPN
emaj-18	146	3	(	(	PUNCT
emaj-18	146	4	10	10	NUM
emaj-18	146	5	)	)	PUNCT
emaj-18	146	6	we	we	PRON
emaj-18	146	7	also	also	ADV
emaj-18	146	8	explored	explore	VERB
emaj-18	146	9	the	the	DET
emaj-18	146	10	impact	impact	NOUN
emaj-18	146	11	of	of	ADP
emaj-18	146	12	legal	legal	ADJ
emaj-18	146	13	system	system	NOUN
emaj-18	146	14	and	and	CCONJ
emaj-18	146	15	the	the	DET
emaj-18	146	16	corruption	corruption	NOUN
emaj-18	146	17	on	on	ADP
emaj-18	146	18	the	the	DET
emaj-18	146	19	firm	firm	ADJ
emaj-18	146	20	performance	performance	NOUN
emaj-18	146	21	by	by	ADP
emaj-18	146	22	using	use	VERB
emaj-18	146	23	the	the	DET
emaj-18	146	24	following	follow	VERB
emaj-18	146	25	specification	specification	NOUN
emaj-18	146	26	.	.	PUNCT
emaj-18	147	1	tq	tq	ADP
emaj-18	147	2	=	=	SYM
emaj-18	147	3	β0	β0	NOUN
emaj-18	148	1	+	+	CCONJ
emaj-18	148	2	β1	β1	PROPN
emaj-18	148	3	lev	lev	NOUN
emaj-18	148	4	+	+	CCONJ
emaj-18	148	5	β2	β2	PROPN
emaj-18	148	6	ln(sales	ln(sales	PROPN
emaj-18	148	7	)	)	PUNCT
emaj-18	149	1	+	+	CCONJ
emaj-18	149	2	β3	β3	VERB
emaj-18	149	3	cgi	cgi	NOUN
emaj-18	149	4	+	+	NOUN
emaj-18	149	5	β4ci	β4ci	PUNCT
emaj-18	149	6	+	+	NUM
emaj-18	149	7	β5	β5	ADJ
emaj-18	149	8	legal	legal	ADJ
emaj-18	149	9	structure	structure	NOUN
emaj-18	149	10	+	+	CCONJ
emaj-18	149	11	β6efficiency	β6efficiency	NOUN
emaj-18	149	12	+	+	CCONJ
emaj-18	149	13	β7	β7	ADJ
emaj-18	149	14	country	country	NOUN
emaj-18	149	15	risk	risk	NOUN
emaj-18	149	16	+	+	CCONJ
emaj-18	149	17	β8share	β8share	NOUN
emaj-18	149	18	holders	holder	NOUN
emaj-18	149	19	protection	protection	NOUN
emaj-18	149	20	(	(	PUNCT
emaj-18	149	21	11	11	NUM
emaj-18	149	22	)	)	PUNCT
emaj-18	149	23	roa	roa	NOUN
emaj-18	149	24	=	=	PROPN
emaj-18	149	25	β0	β0	PROPN
emaj-18	149	26	+	+	CCONJ
emaj-18	149	27	β1	β1	PROPN
emaj-18	149	28	lev	lev	NOUN
emaj-18	149	29	+	+	CCONJ
emaj-18	149	30	β2	β2	PROPN
emaj-18	149	31	ln(sales	ln(sales	PROPN
emaj-18	149	32	)	)	PUNCT
emaj-18	149	33	+	+	CCONJ
emaj-18	149	34	β3	β3	VERB
emaj-18	149	35	cgi	cgi	NOUN
emaj-18	149	36	+	+	NOUN
emaj-18	149	37	β4ci	β4ci	PUNCT
emaj-18	149	38	+	+	NUM
emaj-18	149	39	β5	β5	ADJ
emaj-18	149	40	legal	legal	ADJ
emaj-18	149	41	structure	structure	NOUN
emaj-18	149	42	+	+	CCONJ
emaj-18	149	43	β6efficiency	β6efficiency	NOUN
emaj-18	149	44	+	+	CCONJ
emaj-18	149	45	β7	β7	ADJ
emaj-18	149	46	country	country	NOUN
emaj-18	149	47	risk	risk	NOUN
emaj-18	149	48	+	+	CCONJ
emaj-18	149	49	β8share	β8share	NOUN
emaj-18	149	50	holders	holder	NOUN
emaj-18	149	51	protection	protection	NOUN
emaj-18	149	52	(	(	PUNCT
emaj-18	149	53	12	12	NUM
emaj-18	149	54	)	)	PUNCT
emaj-18	149	55	value	value	NOUN
emaj-18	149	56	creation	creation	NOUN
emaj-18	149	57	we	we	PRON
emaj-18	149	58	utilize	utilize	VERB
emaj-18	149	59	the	the	DET
emaj-18	149	60	ols	ol	NOUN
emaj-18	149	61	method	method	NOUN
emaj-18	149	62	to	to	PART
emaj-18	149	63	address	address	VERB
emaj-18	149	64	the	the	DET
emaj-18	149	65	research	research	NOUN
emaj-18	149	66	hypotheses	hypothesis	NOUN
emaj-18	149	67	:	:	PUNCT
emaj-18	149	68	hypothesis	hypothesis	NOUN
emaj-18	149	69	1	1	NUM
emaj-18	149	70	:	:	PUNCT
emaj-18	149	71	corporate	corporate	ADJ
emaj-18	149	72	governance	governance	NOUN
emaj-18	149	73	structure	structure	NOUN
emaj-18	149	74	of	of	ADP
emaj-18	149	75	a	a	DET
emaj-18	149	76	emerging	emerge	VERB
emaj-18	149	77	market	market	NOUN
emaj-18	149	78	mne	mne	PROPN
emaj-18	149	79	affects	affect	VERB
emaj-18	149	80	its	its	PRON
emaj-18	149	81	market	market	NOUN
emaj-18	149	82	value	value	NOUN
emaj-18	149	83	(	(	PUNCT
emaj-18	149	84	mv	mv	NOUN
emaj-18	149	85	)	)	PUNCT
emaj-18	149	86	.	.	PUNCT
emaj-18	150	1	hypothesis	hypothesis	NOUN
emaj-18	150	2	2	2	NUM
emaj-18	150	3	:	:	PUNCT
emaj-18	150	4	the	the	DET
emaj-18	150	5	level	level	NOUN
emaj-18	150	6	of	of	ADP
emaj-18	150	7	corruption	corruption	NOUN
emaj-18	150	8	in	in	ADP
emaj-18	150	9	a	a	DET
emaj-18	150	10	country	country	NOUN
emaj-18	150	11	affects	affect	VERB
emaj-18	150	12	the	the	DET
emaj-18	150	13	market	market	NOUN
emaj-18	150	14	value	value	NOUN
emaj-18	150	15	of	of	ADP
emaj-18	150	16	an	an	DET
emaj-18	150	17	emerging	emerge	VERB
emaj-18	150	18	market	market	NOUN
emaj-18	150	19	mne	mne	PROPN
emaj-18	150	20	.	.	PUNCT
emaj-18	151	1	hypothesis	hypothesis	NOUN
emaj-18	151	2	3	3	NUM
emaj-18	151	3	:	:	PUNCT
emaj-18	151	4	legal	legal	ADJ
emaj-18	151	5	system/	system/	NUM
emaj-18	151	6	structure	structure	NOUN
emaj-18	151	7	in	in	ADP
emaj-18	151	8	a	a	DET
emaj-18	151	9	country	country	NOUN
emaj-18	151	10	affects	affect	VERB
emaj-18	151	11	the	the	DET
emaj-18	151	12	corporate	corporate	ADJ
emaj-18	151	13	governance	governance	NOUN
emaj-18	151	14	structure	structure	NOUN
emaj-18	151	15	of	of	ADP
emaj-18	151	16	an	an	DET
emaj-18	151	17	emerging	emerge	VERB
emaj-18	151	18	market	market	NOUN
emaj-18	151	19	mne	mne	NOUN
emaj-18	151	20	,	,	PUNCT
emaj-18	151	21	thereby	thereby	ADV
emaj-18	151	22	affecting	affect	VERB
emaj-18	151	23	the	the	DET
emaj-18	151	24	market	market	NOUN
emaj-18	151	25	value	value	NOUN
emaj-18	151	26	of	of	ADP
emaj-18	151	27	the	the	DET
emaj-18	151	28	firm	firm	NOUN
emaj-18	151	29	..	..	PUNCT
emaj-18	151	30	iv	iv	X
emaj-18	151	31	.	.	PUNCT
emaj-18	151	32	empirical	empirical	PROPN
emaj-18	151	33	 	 	SPACE
emaj-18	151	34	findings	finding	NOUN
emaj-18	151	35	  	  	SPACE
emaj-18	151	36	data	datum	NOUN
emaj-18	151	37	analysis	analysis	NOUN
emaj-18	151	38	and	and	CCONJ
emaj-18	151	39	methodology	methodology	NOUN
emaj-18	151	40	ols	ol	NOUN
emaj-18	151	41	results	result	NOUN
emaj-18	151	42	for	for	ADP
emaj-18	151	43	tobin	tobin	NOUN
emaj-18	151	44	’s	’s	PART
emaj-18	151	45	q	q	NOUN
emaj-18	151	46	and	and	CCONJ
emaj-18	151	47	corporate	corporate	ADJ
emaj-18	151	48	governance	governance	NOUN
emaj-18	151	49	,	,	PUNCT
emaj-18	151	50	corruption	corruption	NOUN
emaj-18	151	51	and	and	CCONJ
emaj-18	151	52	legal	legal	ADJ
emaj-18	151	53	structures	structure	NOUN
emaj-18	151	54	:	:	PUNCT
emaj-18	151	55	a.	a.	NOUN
emaj-18	151	56	in	in	ADP
emaj-18	151	57	order	order	NOUN
emaj-18	151	58	to	to	PART
emaj-18	151	59	find	find	VERB
emaj-18	151	60	whether	whether	SCONJ
emaj-18	151	61	corporate	corporate	ADJ
emaj-18	151	62	governance	governance	NOUN
emaj-18	151	63	structure	structure	NOUN
emaj-18	151	64	of	of	ADP
emaj-18	151	65	a	a	DET
emaj-18	151	66	firm	firm	NOUN
emaj-18	151	67	affects	affect	VERB
emaj-18	151	68	its	its	PRON
emaj-18	151	69	market	market	NOUN
emaj-18	151	70	value	value	NOUN
emaj-18	151	71	,	,	PUNCT
emaj-18	151	72	a	a	DET
emaj-18	151	73	linear	linear	ADJ
emaj-18	151	74	regression	regression	NOUN
emaj-18	151	75	model	model	NOUN
emaj-18	151	76	is	be	AUX
emaj-18	151	77	chosen	choose	VERB
emaj-18	151	78	:	:	PUNCT
emaj-18	151	79	tq	tq	ADP
emaj-18	151	80	=	=	SYM
emaj-18	151	81	β0	β0	PROPN
emaj-18	151	82	+	+	CCONJ
emaj-18	151	83	β1	β1	PROPN
emaj-18	151	84	cgi	cgi	NOUN
emaj-18	151	85	+	+	CCONJ
emaj-18	151	86	ε	ε	PROPN
emaj-18	151	87	where	where	SCONJ
emaj-18	151	88	tq	tq	ADV
emaj-18	151	89	stands	stand	VERB
emaj-18	151	90	for	for	ADP
emaj-18	151	91	tobin	tobin	PROPN
emaj-18	151	92	’s	’s	PART
emaj-18	151	93	q	q	X
emaj-18	151	94	,	,	PUNCT
emaj-18	151	95	which	which	PRON
emaj-18	151	96	is	be	AUX
emaj-18	151	97	utilized	utilize	VERB
emaj-18	151	98	as	as	ADP
emaj-18	151	99	a	a	DET
emaj-18	151	100	proxy	proxy	NOUN
emaj-18	151	101	for	for	ADP
emaj-18	151	102	market	market	NOUN
emaj-18	151	103	value	value	NOUN
emaj-18	151	104	.	.	PUNCT
emaj-18	152	1	and	and	CCONJ
emaj-18	152	2	cgi	cgi	PROPN
emaj-18	152	3	stands	stand	VERB
emaj-18	152	4	for	for	ADP
emaj-18	152	5	corporate	corporate	ADJ
emaj-18	152	6	governance	governance	NOUN
emaj-18	152	7	index	index	NOUN
emaj-18	152	8	.	.	PUNCT
emaj-18	153	1	the	the	DET
emaj-18	153	2	results	result	NOUN
emaj-18	153	3	as	as	SCONJ
emaj-18	153	4	follows	follow	VERB
emaj-18	153	5	:	:	PUNCT
emaj-18	153	6	variables	variables	PROPN
emaj-18	153	7	�	�	PROPN
emaj-18	153	8	t	t	PROPN
emaj-18	153	9	r2	r2	PROPN
emaj-18	153	10	adj	adj	PROPN
emaj-18	153	11	r2	r2	PROPN
emaj-18	153	12	f	f	PROPN
emaj-18	153	13	tobin	tobin	PROPN
emaj-18	153	14	q	q	PROPN
emaj-18	154	1	vs	vs	ADP
emaj-18	154	2	cgi	cgi	PROPN
emaj-18	154	3	cgi	cgi	NOUN
emaj-18	154	4	3.52e-01	3.52e-01	NUM
emaj-18	155	1	2.53e+00	2.53e+00	NUM
emaj-18	155	2	0.124	0.124	NUM
emaj-18	155	3	0.124	0.124	NUM
emaj-18	155	4	6.378	6.378	NUM
emaj-18	155	5	the	the	DET
emaj-18	155	6	f	f	NOUN
emaj-18	155	7	-	-	PUNCT
emaj-18	155	8	value	value	NOUN
emaj-18	155	9	is	be	AUX
emaj-18	155	10	high	high	ADJ
emaj-18	155	11	and	and	CCONJ
emaj-18	155	12	the	the	DET
emaj-18	155	13	t	t	NOUN
emaj-18	155	14	-	-	PUNCT
emaj-18	155	15	statistic	statistic	NOUN
emaj-18	155	16	is	be	AUX
emaj-18	155	17	greater	great	ADJ
emaj-18	155	18	than	than	ADP
emaj-18	155	19	2	2	NUM
emaj-18	155	20	.	.	PUNCT
emaj-18	156	1	therefore	therefore	ADV
emaj-18	156	2	,	,	PUNCT
emaj-18	156	3	the	the	DET
emaj-18	156	4	above	above	ADJ
emaj-18	156	5	regression	regression	NOUN
emaj-18	156	6	demonstrates	demonstrate	VERB
emaj-18	156	7	that	that	SCONJ
emaj-18	156	8	as	as	ADP
emaj-18	156	9	governance	governance	NOUN
emaj-18	156	10	score	score	NOUN
emaj-18	156	11	increases	increase	NOUN
emaj-18	156	12	,	,	PUNCT
emaj-18	156	13	the	the	DET
emaj-18	156	14	market	market	NOUN
emaj-18	156	15	value	value	NOUN
emaj-18	156	16	increases	increase	NOUN
emaj-18	156	17	by	by	ADP
emaj-18	156	18	35.2	35.2	NUM
emaj-18	156	19	%	%	NOUN
emaj-18	156	20	.	.	PUNCT
emaj-18	157	1	since	since	SCONJ
emaj-18	157	2	a	a	DET
emaj-18	157	3	high	high	ADJ
emaj-18	157	4	number	number	NOUN
emaj-18	157	5	for	for	ADP
emaj-18	157	6	cgi	cgi	NOUN
emaj-18	157	7	ranking	ranking	NOUN
emaj-18	157	8	indicates	indicate	VERB
emaj-18	157	9	good	good	ADJ
emaj-18	157	10	governance	governance	NOUN
emaj-18	157	11	,	,	PUNCT
emaj-18	157	12	we	we	PRON
emaj-18	157	13	find	find	VERB
emaj-18	157	14	that	that	SCONJ
emaj-18	157	15	as	as	SCONJ
emaj-18	157	16	firms	firm	NOUN
emaj-18	157	17	implement	implement	VERB
emaj-18	157	18	strong	strong	ADJ
emaj-18	157	19	governance	governance	NOUN
emaj-18	157	20	practices	practice	NOUN
emaj-18	157	21	,	,	PUNCT
emaj-18	157	22	their	their	PRON
emaj-18	157	23	market	market	NOUN
emaj-18	157	24	values	value	NOUN
emaj-18	157	25	increase	increase	VERB
emaj-18	157	26	.	.	PUNCT
emaj-18	158	1	therefore	therefore	ADV
emaj-18	158	2	,	,	PUNCT
emaj-18	158	3	the	the	DET
emaj-18	158	4	results	result	NOUN
emaj-18	158	5	support	support	VERB
emaj-18	158	6	hypothesis	hypothesis	NOUN
emaj-18	158	7	1	1	NUM
emaj-18	158	8	.	.	PUNCT
emaj-18	158	9	b.	b.	PROPN
emaj-18	159	1	it	it	PRON
emaj-18	159	2	may	may	AUX
emaj-18	159	3	be	be	AUX
emaj-18	159	4	possible	possible	ADJ
emaj-18	159	5	that	that	SCONJ
emaj-18	159	6	the	the	DET
emaj-18	159	7	firm	firm	NOUN
emaj-18	159	8	’s	’s	PART
emaj-18	159	9	profitability	profitability	NOUN
emaj-18	159	10	may	may	AUX
emaj-18	159	11	affect	affect	VERB
emaj-18	159	12	the	the	DET
emaj-18	159	13	market	market	NOUN
emaj-18	159	14	value	value	NOUN
emaj-18	159	15	.	.	PUNCT
emaj-18	160	1	therefore	therefore	ADV
emaj-18	160	2	,	,	PUNCT
emaj-18	160	3	to	to	PART
emaj-18	160	4	control	control	VERB
emaj-18	160	5	for	for	ADP
emaj-18	160	6	the	the	DET
emaj-18	160	7	profitability	profitability	NOUN
emaj-18	160	8	effect	effect	NOUN
emaj-18	160	9	we	we	PRON
emaj-18	160	10	add	add	VERB
emaj-18	160	11	the	the	DET
emaj-18	160	12	ebit	ebit	NOUN
emaj-18	160	13	/	/	SYM
emaj-18	160	14	sales	sale	NOUN
emaj-18	160	15	variable	variable	NOUN
emaj-18	160	16	into	into	ADP
emaj-18	160	17	the	the	DET
emaj-18	160	18	model	model	NOUN
emaj-18	160	19	.	.	PUNCT
emaj-18	161	1	tq	tq	INTJ
emaj-18	161	2	=	=	SYM
emaj-18	161	3	β0	β0	PROPN
emaj-18	162	1	+	+	CCONJ
emaj-18	162	2	β1	β1	PROPN
emaj-18	162	3	cgi	cgi	NOUN
emaj-18	162	4	+	+	CCONJ
emaj-18	162	5	β2	β2	PROPN
emaj-18	162	6	ebit	ebit	NOUN
emaj-18	162	7	/	/	SYM
emaj-18	162	8	sales+	sales+	X
emaj-18	162	9	ε	ε	PROPN
emaj-18	162	10	the	the	DET
emaj-18	162	11	following	follow	VERB
emaj-18	162	12	table	table	NOUN
emaj-18	162	13	shows	show	VERB
emaj-18	162	14	the	the	DET
emaj-18	162	15	results	result	NOUN
emaj-18	162	16	of	of	ADP
emaj-18	162	17	the	the	DET
emaj-18	162	18	regression	regression	NOUN
emaj-18	162	19	:	:	PUNCT
emaj-18	162	20	variables	variables	PROPN
emaj-18	162	21	�	�	PROPN
emaj-18	162	22	t	t	PROPN
emaj-18	162	23	r2	r2	PROPN
emaj-18	162	24	adj	adj	PROPN
emaj-18	162	25	r2	r2	PROPN
emaj-18	162	26	f	f	PROPN
emaj-18	162	27	tobin	tobin	PROPN
emaj-18	162	28	q	q	PROPN
emaj-18	162	29	vs	vs	ADP
emaj-18	162	30	cgi	cgi	PROPN
emaj-18	162	31	,	,	PUNCT
emaj-18	162	32	ebit	ebit	NOUN
emaj-18	162	33	/	/	SYM
emaj-18	162	34	sales	sale	NOUN
emaj-18	162	35	cgi	cgi	NOUN
emaj-18	162	36	4.54e01	4.54e01	NUM
emaj-18	163	1	2.83e+00	2.83e+00	NUM
emaj-18	163	2	0.165	0.165	NUM
emaj-18	163	3	0.124	0.124	NUM
emaj-18	163	4	4.043	4.043	NUM
emaj-18	163	5	ebit	ebit	NOUN
emaj-18	163	6	/	/	SYM
emaj-18	163	7	sales	sale	NOUN
emaj-18	163	8	-0.172	-0.172	PRON
emaj-18	163	9	-1.072	-1.072	ADV
emaj-18	163	10	the	the	DET
emaj-18	163	11	adjusted	adjusted	ADJ
emaj-18	163	12	r	r	NOUN
emaj-18	163	13	-	-	PUNCT
emaj-18	163	14	square	square	NOUN
emaj-18	163	15	remains	remain	VERB
emaj-18	163	16	the	the	DET
emaj-18	163	17	same	same	ADJ
emaj-18	163	18	indicating	indicate	VERB
emaj-18	163	19	that	that	SCONJ
emaj-18	163	20	the	the	DET
emaj-18	163	21	added	add	VERB
emaj-18	163	22	variable	variable	NOUN
emaj-18	163	23	does	do	AUX
emaj-18	163	24	not	not	PART
emaj-18	163	25	corporate	corporate	ADJ
emaj-18	163	26	governance	governance	NOUN
emaj-18	163	27	and	and	CCONJ
emaj-18	163	28	firm	firm	ADJ
emaj-18	163	29	value	value	NOUN
emaj-18	163	30	in	in	ADP
emaj-18	163	31	emerging	emerge	VERB
emaj-18	163	32	markets	market	NOUN
emaj-18	163	33	an	an	DET
emaj-18	163	34	empirical	empirical	ADJ
emaj-18	163	35	analysis	analysis	NOUN
emaj-18	163	36	of	of	ADP
emaj-18	163	37	adr	adr	PROPN
emaj-18	163	38	issuing	issue	VERB
emaj-18	163	39	emerging	emerge	VERB
emaj-18	163	40	market	market	NOUN
emaj-18	163	41	firms	firm	NOUN
emaj-18	163	42	emerging	emerge	VERB
emaj-18	163	43	markets	market	NOUN
emaj-18	163	44	journal	journal	NOUN
emaj-18	163	45	|	|	ADV
emaj-18	163	46	p	p	NOUN
emaj-18	163	47	a	a	DET
emaj-18	163	48	g	g	NOUN
emaj-18	163	49	e	e	NOUN
emaj-18	163	50	|	|	ADV
emaj-18	163	51	45	45	NUM
emaj-18	163	52	volume	volume	NOUN
emaj-18	163	53	2	2	NUM
emaj-18	163	54	(	(	PUNCT
emaj-18	163	55	2012	2012	NUM
emaj-18	163	56	)	)	PUNCT
emaj-18	163	57	|	|	ADV
emaj-18	163	58	issn	issn	VERB
emaj-18	163	59	2158	2158	NUM
emaj-18	163	60	-	-	SYM
emaj-18	163	61	8708	8708	NUM
emaj-18	163	62	(	(	PUNCT
emaj-18	163	63	online	online	NOUN
emaj-18	163	64	)	)	PUNCT
emaj-18	163	65	|	|	ADV
emaj-18	163	66	doi	doi	X
emaj-18	163	67	10.5195	10.5195	NUM
emaj-18	163	68	/	/	SYM
emaj-18	163	69	emaj.2012.18	emaj.2012.18	NOUN
emaj-18	163	70	|	|	ADV
emaj-18	163	71	http://emaj.pitt.edu	http://emaj.pitt.edu	X
emaj-18	163	72	contribute	contribute	VERB
emaj-18	163	73	much	much	ADV
emaj-18	163	74	in	in	ADP
emaj-18	163	75	explaining	explain	VERB
emaj-18	163	76	the	the	DET
emaj-18	163	77	variation	variation	NOUN
emaj-18	163	78	in	in	ADP
emaj-18	163	79	the	the	DET
emaj-18	163	80	data	datum	NOUN
emaj-18	163	81	.	.	PUNCT
emaj-18	164	1	firm	firm	PROPN
emaj-18	164	2	’s	’s	PART
emaj-18	164	3	profitability	profitability	NOUN
emaj-18	164	4	(	(	PUNCT
emaj-18	164	5	measured	measure	VERB
emaj-18	164	6	by	by	ADP
emaj-18	164	7	ebit	ebit	PROPN
emaj-18	164	8	/	/	SYM
emaj-18	164	9	sales	sale	NOUN
emaj-18	164	10	)	)	PUNCT
emaj-18	164	11	is	be	AUX
emaj-18	164	12	negatively	negatively	ADV
emaj-18	164	13	correlated	correlate	VERB
emaj-18	164	14	with	with	ADP
emaj-18	164	15	tq	tq	ADV
emaj-18	164	16	.	.	PUNCT
emaj-18	165	1	the	the	DET
emaj-18	165	2	t	t	PROPN
emaj-18	165	3	-	-	PUNCT
emaj-18	165	4	statistic	statistic	NOUN
emaj-18	165	5	of	of	ADP
emaj-18	165	6	β1	β1	PROPN
emaj-18	165	7	increases	increase	NOUN
emaj-18	165	8	,	,	PUNCT
emaj-18	165	9	which	which	PRON
emaj-18	165	10	strengthens	strengthen	VERB
emaj-18	165	11	the	the	DET
emaj-18	165	12	variable	variable	NOUN
emaj-18	165	13	in	in	ADP
emaj-18	165	14	the	the	DET
emaj-18	165	15	model	model	NOUN
emaj-18	165	16	.	.	PUNCT
emaj-18	166	1	the	the	DET
emaj-18	166	2	above	above	ADJ
emaj-18	166	3	regression	regression	NOUN
emaj-18	166	4	displays	display	VERB
emaj-18	166	5	that	that	SCONJ
emaj-18	166	6	as	as	ADP
emaj-18	166	7	governance	governance	NOUN
emaj-18	166	8	score	score	NOUN
emaj-18	166	9	of	of	ADP
emaj-18	166	10	a	a	DET
emaj-18	166	11	firm	firm	ADJ
emaj-18	166	12	increases	increase	NOUN
emaj-18	166	13	,	,	PUNCT
emaj-18	166	14	its	its	PRON
emaj-18	166	15	market	market	NOUN
emaj-18	166	16	value	value	NOUN
emaj-18	166	17	increases	increase	NOUN
emaj-18	166	18	by	by	ADP
emaj-18	166	19	45.4	45.4	NUM
emaj-18	166	20	%	%	NOUN
emaj-18	166	21	.	.	PUNCT
emaj-18	167	1	hence	hence	ADV
emaj-18	167	2	the	the	DET
emaj-18	167	3	results	result	NOUN
emaj-18	167	4	from	from	ADP
emaj-18	167	5	this	this	DET
emaj-18	167	6	regression	regression	NOUN
emaj-18	167	7	as	as	ADV
emaj-18	167	8	well	well	ADV
emaj-18	167	9	support	support	NOUN
emaj-18	167	10	hypothesis	hypothesis	NOUN
emaj-18	167	11	1	1	NUM
emaj-18	167	12	.	.	PUNCT
emaj-18	168	1	c.	c.	NOUN
emaj-18	168	2	the	the	DET
emaj-18	168	3	size	size	NOUN
emaj-18	168	4	of	of	ADP
emaj-18	168	5	a	a	DET
emaj-18	168	6	firm	firm	NOUN
emaj-18	168	7	may	may	AUX
emaj-18	168	8	also	also	ADV
emaj-18	168	9	affect	affect	VERB
emaj-18	168	10	the	the	DET
emaj-18	168	11	market	market	NOUN
emaj-18	168	12	value	value	NOUN
emaj-18	168	13	.	.	PUNCT
emaj-18	169	1	to	to	PART
emaj-18	169	2	control	control	VERB
emaj-18	169	3	for	for	ADP
emaj-18	169	4	this	this	DET
emaj-18	169	5	effect	effect	NOUN
emaj-18	169	6	,	,	PUNCT
emaj-18	169	7	we	we	PRON
emaj-18	169	8	add	add	VERB
emaj-18	169	9	the	the	DET
emaj-18	169	10	ln	ln	ADJ
emaj-18	169	11	(	(	PUNCT
emaj-18	169	12	assets	asset	NOUN
emaj-18	169	13	)	)	PUNCT
emaj-18	169	14	into	into	ADP
emaj-18	169	15	the	the	DET
emaj-18	169	16	model	model	NOUN
emaj-18	169	17	.	.	PUNCT
emaj-18	170	1	we	we	PRON
emaj-18	170	2	use	use	VERB
emaj-18	170	3	ln(assets	ln(asset	NOUN
emaj-18	170	4	)	)	PUNCT
emaj-18	170	5	as	as	ADP
emaj-18	170	6	a	a	DET
emaj-18	170	7	proxy	proxy	NOUN
emaj-18	170	8	for	for	ADP
emaj-18	170	9	firm	firm	ADJ
emaj-18	170	10	size	size	NOUN
emaj-18	170	11	.	.	PUNCT
emaj-18	171	1	tq	tq	INTJ
emaj-18	171	2	=	=	SYM
emaj-18	171	3	β0	β0	PROPN
emaj-18	172	1	+	+	CCONJ
emaj-18	172	2	β1	β1	PROPN
emaj-18	172	3	cgi	cgi	NOUN
emaj-18	172	4	+	+	CCONJ
emaj-18	172	5	β2	β2	PROPN
emaj-18	172	6	ebit	ebit	NOUN
emaj-18	172	7	/	/	SYM
emaj-18	172	8	sales	sale	NOUN
emaj-18	172	9	+	+	CCONJ
emaj-18	172	10	β3	β3	ADJ
emaj-18	172	11	ln(assets	ln(asset	NOUN
emaj-18	172	12	)	)	PUNCT
emaj-18	173	1	+	+	CCONJ
emaj-18	173	2	ε	ε	PROPN
emaj-18	173	3	variables	variable	NOUN
emaj-18	173	4	�	�	PROPN
emaj-18	173	5	t	t	PROPN
emaj-18	173	6	r2	r2	PROPN
emaj-18	173	7	adj	adj	PROPN
emaj-18	173	8	r2	r2	PROPN
emaj-18	173	9	af	af	PROPN
emaj-18	173	10	tobin	tobin	PROPN
emaj-18	173	11	q	q	PROPN
emaj-18	173	12	vs	vs	ADP
emaj-18	173	13	cgi	cgi	PROPN
emaj-18	173	14	,	,	PUNCT
emaj-18	173	15	ebit	ebit	NOUN
emaj-18	173	16	/	/	SYM
emaj-18	173	17	sales	sale	NOUN
emaj-18	173	18	,	,	PUNCT
emaj-18	173	19	ln(assets	ln(asset	NOUN
emaj-18	173	20	)	)	PUNCT
emaj-18	173	21	cgi	cgi	NOUN
emaj-18	173	22	0.536	0.536	NUM
emaj-18	173	23	3.19e+00	3.19e+00	NUM
emaj-18	173	24	0.206	0.206	NUM
emaj-18	173	25	0.147	0.147	NUM
emaj-18	173	26	3.467	3.467	NUM
emaj-18	173	27	ebit	ebit	NOUN
emaj-18	173	28	/	/	SYM
emaj-18	173	29	sales	sale	NOUN
emaj-18	173	30	0.218	0.218	NUM
emaj-18	173	31	1.35e+00	1.35e+00	NUM
emaj-18	173	32	ln(assets	ln(asset	NOUN
emaj-18	173	33	)	)	PUNCT
emaj-18	173	34	0.217	0.217	NUM
emaj-18	173	35	1.45e+00	1.45e+00	NUM
emaj-18	173	36	the	the	DET
emaj-18	173	37	adjusted	adjusted	ADJ
emaj-18	173	38	r	r	NOUN
emaj-18	173	39	-	-	PUNCT
emaj-18	173	40	square	square	NOUN
emaj-18	173	41	has	have	AUX
emaj-18	173	42	increased	increase	VERB
emaj-18	173	43	indicating	indicate	VERB
emaj-18	173	44	that	that	SCONJ
emaj-18	173	45	the	the	DET
emaj-18	173	46	added	add	VERB
emaj-18	173	47	variable	variable	NOUN
emaj-18	173	48	contributes	contribute	VERB
emaj-18	173	49	in	in	ADP
emaj-18	173	50	explaining	explain	VERB
emaj-18	173	51	the	the	DET
emaj-18	173	52	variation	variation	NOUN
emaj-18	173	53	in	in	ADP
emaj-18	173	54	the	the	DET
emaj-18	173	55	data	datum	NOUN
emaj-18	173	56	.	.	PUNCT
emaj-18	174	1	size	size	NOUN
emaj-18	174	2	of	of	ADP
emaj-18	174	3	the	the	DET
emaj-18	174	4	firm	firm	NOUN
emaj-18	174	5	(	(	PUNCT
emaj-18	174	6	measured	measure	VERB
emaj-18	174	7	by	by	ADP
emaj-18	174	8	ln(assets	ln(asset	NOUN
emaj-18	174	9	)	)	PUNCT
emaj-18	174	10	)	)	PUNCT
emaj-18	174	11	is	be	AUX
emaj-18	174	12	positively	positively	ADV
emaj-18	174	13	correlated	correlate	VERB
emaj-18	174	14	with	with	ADP
emaj-18	174	15	tq	tq	ADV
emaj-18	174	16	.	.	PUNCT
emaj-18	175	1	the	the	DET
emaj-18	175	2	above	above	ADJ
emaj-18	175	3	regression	regression	NOUN
emaj-18	175	4	shows	show	VERB
emaj-18	175	5	that	that	SCONJ
emaj-18	175	6	as	as	ADP
emaj-18	175	7	governance	governance	NOUN
emaj-18	175	8	score	score	NOUN
emaj-18	175	9	increases	increase	NOUN
emaj-18	175	10	,	,	PUNCT
emaj-18	175	11	the	the	DET
emaj-18	175	12	market	market	NOUN
emaj-18	175	13	value	value	NOUN
emaj-18	175	14	increases	increase	NOUN
emaj-18	175	15	by	by	ADP
emaj-18	175	16	53.6	53.6	NUM
emaj-18	175	17	%	%	NOUN
emaj-18	175	18	;	;	PUNCT
emaj-18	175	19	thereby	thereby	ADV
emaj-18	175	20	,	,	PUNCT
emaj-18	175	21	it	it	PRON
emaj-18	175	22	supports	support	VERB
emaj-18	175	23	hypothesis	hypothesis	NOUN
emaj-18	175	24	1	1	NUM
emaj-18	175	25	.	.	PUNCT
emaj-18	175	26	d.	d.	PROPN
emaj-18	175	27	ln(sales	ln(sales	PROPN
emaj-18	175	28	)	)	PUNCT
emaj-18	175	29	could	could	AUX
emaj-18	175	30	also	also	ADV
emaj-18	175	31	be	be	AUX
emaj-18	175	32	a	a	DET
emaj-18	175	33	measure	measure	NOUN
emaj-18	175	34	of	of	ADP
emaj-18	175	35	firm	firm	NOUN
emaj-18	175	36	’s	’s	PART
emaj-18	175	37	size	size	NOUN
emaj-18	175	38	.	.	PUNCT
emaj-18	176	1	hence	hence	ADV
emaj-18	176	2	we	we	PRON
emaj-18	176	3	regress	regress	ADJ
emaj-18	176	4	with	with	ADP
emaj-18	176	5	ln(sales	ln(sale	NOUN
emaj-18	176	6	)	)	PUNCT
emaj-18	176	7	instead	instead	ADV
emaj-18	176	8	of	of	ADP
emaj-18	176	9	ln(assets	ln(asset	NOUN
emaj-18	176	10	)	)	PUNCT
emaj-18	176	11	.	.	PUNCT
emaj-18	177	1	tq	tq	INTJ
emaj-18	177	2	=	=	SYM
emaj-18	177	3	β0	β0	PROPN
emaj-18	178	1	+	+	CCONJ
emaj-18	178	2	β1	β1	PROPN
emaj-18	178	3	cgi	cgi	NOUN
emaj-18	178	4	+	+	CCONJ
emaj-18	178	5	β2	β2	PROPN
emaj-18	178	6	ebit	ebit	NOUN
emaj-18	178	7	/	/	SYM
emaj-18	178	8	sales	sale	NOUN
emaj-18	178	9	+	+	CCONJ
emaj-18	178	10	β3	β3	ADJ
emaj-18	178	11	ln(sales	ln(sales	PROPN
emaj-18	178	12	)	)	PUNCT
emaj-18	179	1	+	+	CCONJ
emaj-18	179	2	ε	ε	PROPN
emaj-18	179	3	variables	variable	NOUN
emaj-18	179	4	�	�	PROPN
emaj-18	179	5	t	t	PROPN
emaj-18	179	6	t	t	PROPN
emaj-18	179	7	r2	r2	PROPN
emaj-18	179	8	a	a	DET
emaj-18	179	9	ad	ad	NOUN
emaj-18	179	10	jr2	jr2	NOUN
emaj-18	179	11	a	a	DET
emaj-18	179	12	f	f	PROPN
emaj-18	179	13	tobin	tobin	PROPN
emaj-18	179	14	q	q	PROPN
emaj-18	180	1	vs	vs	ADP
emaj-18	180	2	cgi	cgi	PROPN
emaj-18	180	3	,	,	PUNCT
emaj-18	180	4	ebit	ebit	NOUN
emaj-18	180	5	/	/	SYM
emaj-18	180	6	sales	sale	NOUN
emaj-18	180	7	,	,	PUNCT
emaj-18	180	8	ln(sales	ln(sales	PROPN
emaj-18	180	9	)	)	PUNCT
emaj-18	180	10	cgi	cgi	NOUN
emaj-18	180	11	0	0	NUM
emaj-18	180	12	.466	.466	NUM
emaj-18	180	13	2	2	NUM
emaj-18	180	14	.63e+00	.63e+00	NOUN
emaj-18	180	15	0	0	NUM
emaj-18	180	16	.165	.165	NUM
emaj-18	180	17	0	0	NUM
emaj-18	180	18	.103	.103	NUM
emaj-18	180	19	2	2	NUM
emaj-18	180	20	.64	.64	NUM
emaj-18	180	21	ebit	ebit	NOUN
emaj-18	180	22	/	/	SYM
emaj-18	180	23	s	s	PART
emaj-18	180	24	ales	ale	NOUN
emaj-18	180	25	0.17	0.17	NUM
emaj-18	180	26	1.04e+00	1.04e+00	NUM
emaj-18	180	27	ln(sa	ln(sa	NOUN
emaj-18	180	28	les	le	NOUN
emaj-18	180	29	)	)	PUNCT
emaj-18	180	30	0	0	NUM
emaj-18	180	31	.027	.027	NUM
emaj-18	180	32	1	1	NUM
emaj-18	180	33	.62e-01	.62e-01	PUNCT
emaj-18	180	34	the	the	DET
emaj-18	180	35	adjusted	adjust	VERB
emaj-18	180	36	r	r	NOUN
emaj-18	180	37	-	-	PUNCT
emaj-18	180	38	square	square	NOUN
emaj-18	180	39	has	have	AUX
emaj-18	180	40	decreased	decrease	VERB
emaj-18	180	41	indicating	indicate	VERB
emaj-18	180	42	that	that	SCONJ
emaj-18	180	43	the	the	DET
emaj-18	180	44	added	add	VERB
emaj-18	180	45	variable	variable	NOUN
emaj-18	180	46	does	do	AUX
emaj-18	180	47	not	not	PART
emaj-18	180	48	contribute	contribute	VERB
emaj-18	180	49	in	in	ADP
emaj-18	180	50	explaining	explain	VERB
emaj-18	180	51	the	the	DET
emaj-18	180	52	variation	variation	NOUN
emaj-18	180	53	in	in	ADP
emaj-18	180	54	the	the	DET
emaj-18	180	55	data	datum	NOUN
emaj-18	180	56	.	.	PUNCT
emaj-18	181	1	hence	hence	ADV
emaj-18	181	2	we	we	PRON
emaj-18	181	3	take	take	VERB
emaj-18	181	4	ln(assets	ln(asset	NOUN
emaj-18	181	5	)	)	PUNCT
emaj-18	181	6	as	as	ADP
emaj-18	181	7	a	a	DET
emaj-18	181	8	better	well	ADJ
emaj-18	181	9	proxy	proxy	NOUN
emaj-18	181	10	for	for	ADP
emaj-18	181	11	firm	firm	ADJ
emaj-18	181	12	size	size	NOUN
emaj-18	181	13	.	.	PUNCT
emaj-18	182	1	e.	e.	PROPN
emaj-18	183	1	the	the	DET
emaj-18	183	2	investor	investor	NOUN
emaj-18	183	3	’s	’s	PART
emaj-18	183	4	confidence	confidence	NOUN
emaj-18	183	5	of	of	ADP
emaj-18	183	6	a	a	DET
emaj-18	183	7	firm	firm	NOUN
emaj-18	183	8	might	might	AUX
emaj-18	183	9	result	result	VERB
emaj-18	183	10	in	in	ADP
emaj-18	183	11	a	a	DET
emaj-18	183	12	greater	great	ADJ
emaj-18	183	13	market	market	NOUN
emaj-18	183	14	value	value	NOUN
emaj-18	183	15	.	.	PUNCT
emaj-18	184	1	to	to	PART
emaj-18	184	2	control	control	VERB
emaj-18	184	3	for	for	ADP
emaj-18	184	4	this	this	DET
emaj-18	184	5	effect	effect	NOUN
emaj-18	184	6	bv	bv	PROPN
emaj-18	184	7	/	/	SYM
emaj-18	184	8	mv	mv	PROPN
emaj-18	184	9	is	be	AUX
emaj-18	184	10	added	add	VERB
emaj-18	184	11	to	to	ADP
emaj-18	184	12	the	the	DET
emaj-18	184	13	model	model	NOUN
emaj-18	184	14	.	.	PUNCT
emaj-18	185	1	tq	tq	INTJ
emaj-18	185	2	=	=	SYM
emaj-18	185	3	β0	β0	PROPN
emaj-18	186	1	+	+	CCONJ
emaj-18	186	2	β1	β1	PROPN
emaj-18	186	3	cgi	cgi	NOUN
emaj-18	186	4	+	+	CCONJ
emaj-18	186	5	β2	β2	PROPN
emaj-18	186	6	ebit	ebit	NOUN
emaj-18	186	7	/	/	SYM
emaj-18	186	8	sales	sale	NOUN
emaj-18	186	9	+	+	CCONJ
emaj-18	186	10	β3	β3	ADJ
emaj-18	186	11	ln(sales	ln(sales	PROPN
emaj-18	186	12	)	)	PUNCT
emaj-18	187	1	+	+	CCONJ
emaj-18	187	2	β4	β4	PROPN
emaj-18	187	3	bv	bv	PROPN
emaj-18	187	4	/	/	PROPN
emaj-18	187	5	mv	mv	PROPN
emaj-18	187	6	+	+	PROPN
emaj-18	187	7	ε	ε	PROPN
emaj-18	187	8	variables	variable	NOUN
emaj-18	187	9	�	�	PROPN
emaj-18	187	10	t	t	PROPN
emaj-18	187	11	r2	r2	PROPN
emaj-18	187	12	adj	adj	PROPN
emaj-18	187	13	r2	r2	PROPN
emaj-18	187	14	f	f	PROPN
emaj-18	187	15	tobin	tobin	PROPN
emaj-18	188	1	q	q	PROPN
emaj-18	189	1	vs	vs	ADP
emaj-18	189	2	cgi	cgi	PROPN
emaj-18	189	3	,	,	PUNCT
emaj-18	189	4	ebit	ebit	NOUN
emaj-18	189	5	/	/	SYM
emaj-18	189	6	sales	sale	NOUN
emaj-18	189	7	,	,	PUNCT
emaj-18	189	8	ln(assets),mv	ln(assets),mv	VERB
emaj-18	189	9	to	to	ADP
emaj-18	189	10	bv	bv	PROPN
emaj-18	189	11	cgi	cgi	PROPN
emaj-18	190	1	3.345e03	3.345e03	NUM
emaj-18	190	2	3.975	3.975	NUM
emaj-18	190	3	0.525	0.525	NUM
emaj-18	190	4	0.477	0.477	NUM
emaj-18	190	5	10.785	10.785	NUM
emaj-18	190	6	ebit	ebit	NOUN
emaj-18	190	7	/	/	SYM
emaj-18	190	8	sales	sale	NOUN
emaj-18	190	9	-1.81e02	-1.81e02	PROPN
emaj-18	190	10	2.038	2.038	NUM
emaj-18	190	11	ln(assets	ln(asset	NOUN
emaj-18	190	12	)	)	PUNCT
emaj-18	190	13	3.323e03	3.323e03	NUM
emaj-18	190	14	3.000	3.000	NUM
emaj-18	190	15	mv	mv	NOUN
emaj-18	190	16	to	to	ADP
emaj-18	190	17	bv	bv	PROPN
emaj-18	190	18	1.819e02	1.819e02	PROPN
emaj-18	190	19	5.117	5.117	NUM
emaj-18	190	20	from	from	ADP
emaj-18	190	21	the	the	DET
emaj-18	190	22	above	above	ADJ
emaj-18	190	23	regression	regression	NOUN
emaj-18	190	24	we	we	PRON
emaj-18	190	25	observe	observe	VERB
emaj-18	190	26	that	that	SCONJ
emaj-18	190	27	the	the	DET
emaj-18	190	28	model	model	NOUN
emaj-18	190	29	improves	improve	VERB
emaj-18	190	30	.	.	PUNCT
emaj-18	191	1	adjusted	adjust	VERB
emaj-18	191	2	r	r	NOUN
emaj-18	191	3	-	-	PUNCT
emaj-18	191	4	square	square	NOUN
emaj-18	191	5	has	have	AUX
emaj-18	191	6	increased	increase	VERB
emaj-18	191	7	.	.	PUNCT
emaj-18	192	1	mv	mv	PROPN
emaj-18	192	2	/	/	SYM
emaj-18	192	3	bv	bv	PROPN
emaj-18	192	4	explains	explain	VERB
emaj-18	192	5	1.81	1.81	NUM
emaj-18	192	6	%	%	NOUN
emaj-18	192	7	of	of	ADP
emaj-18	192	8	the	the	DET
emaj-18	192	9	variation	variation	NOUN
emaj-18	192	10	in	in	ADP
emaj-18	192	11	the	the	DET
emaj-18	192	12	data	datum	NOUN
emaj-18	192	13	.	.	PUNCT
emaj-18	193	1	corporate	corporate	ADJ
emaj-18	193	2	governance	governance	NOUN
emaj-18	193	3	and	and	CCONJ
emaj-18	193	4	firm	firm	ADJ
emaj-18	193	5	value	value	NOUN
emaj-18	193	6	in	in	ADP
emaj-18	193	7	emerging	emerge	VERB
emaj-18	193	8	markets	market	NOUN
emaj-18	193	9	an	an	DET
emaj-18	193	10	empirical	empirical	ADJ
emaj-18	193	11	analysis	analysis	NOUN
emaj-18	193	12	of	of	ADP
emaj-18	193	13	adr	adr	PROPN
emaj-18	193	14	issuing	issue	VERB
emaj-18	193	15	emerging	emerge	VERB
emaj-18	193	16	market	market	NOUN
emaj-18	193	17	firms	firm	NOUN
emaj-18	193	18	emerging	emerge	VERB
emaj-18	193	19	markets	market	NOUN
emaj-18	193	20	journal	journal	NOUN
emaj-18	193	21	|	|	ADV
emaj-18	193	22	p	p	NOUN
emaj-18	193	23	a	a	PRON
emaj-18	193	24	g	g	NOUN
emaj-18	193	25	e	e	NOUN
emaj-18	194	1	|	|	ADV
emaj-18	194	2	46	46	NUM
emaj-18	194	3	volume	volume	NOUN
emaj-18	194	4	2	2	NUM
emaj-18	194	5	(	(	PUNCT
emaj-18	194	6	2012	2012	NUM
emaj-18	194	7	)	)	PUNCT
emaj-18	194	8	|	|	ADV
emaj-18	194	9	issn	issn	VERB
emaj-18	194	10	2158	2158	NUM
emaj-18	194	11	-	-	SYM
emaj-18	194	12	8708	8708	NUM
emaj-18	194	13	(	(	PUNCT
emaj-18	194	14	online	online	NOUN
emaj-18	194	15	)	)	PUNCT
emaj-18	194	16	|	|	ADV
emaj-18	194	17	doi	doi	X
emaj-18	194	18	10.5195	10.5195	NUM
emaj-18	194	19	/	/	SYM
emaj-18	194	20	emaj.2012.18	emaj.2012.18	NOUN
emaj-18	194	21	|	|	ADV
emaj-18	194	22	http://emaj.pitt.edu	http://emaj.pitt.edu	PROPN
emaj-18	195	1	f.	f.	PROPN
emaj-18	195	2	next	next	PROPN
emaj-18	195	3	tobin	tobin	PROPN
emaj-18	195	4	’s	’s	PART
emaj-18	195	5	q	q	NOUN
emaj-18	195	6	is	be	AUX
emaj-18	195	7	regressed	regress	VERB
emaj-18	195	8	against	against	ADP
emaj-18	195	9	the	the	DET
emaj-18	195	10	corruption	corruption	NOUN
emaj-18	195	11	index	index	NOUN
emaj-18	195	12	to	to	PART
emaj-18	195	13	find	find	VERB
emaj-18	195	14	whether	whether	SCONJ
emaj-18	195	15	corruption	corruption	NOUN
emaj-18	195	16	affects	affect	VERB
emaj-18	195	17	the	the	DET
emaj-18	195	18	market	market	NOUN
emaj-18	195	19	value	value	NOUN
emaj-18	195	20	of	of	ADP
emaj-18	195	21	a	a	DET
emaj-18	195	22	firm	firm	NOUN
emaj-18	195	23	.	.	PUNCT
emaj-18	196	1	tq	tq	INTJ
emaj-18	197	1	=	=	SYM
emaj-18	197	2	β0	β0	NOUN
emaj-18	197	3	+	+	CCONJ
emaj-18	197	4	β1	β1	NOUN
emaj-18	197	5	corruption	corruption	NOUN
emaj-18	197	6	index	index	NOUN
emaj-18	197	7	+	+	CCONJ
emaj-18	197	8	ε	ε	PROPN
emaj-18	197	9	the	the	DET
emaj-18	197	10	results	result	NOUN
emaj-18	197	11	of	of	ADP
emaj-18	197	12	the	the	DET
emaj-18	197	13	regression	regression	NOUN
emaj-18	197	14	are	be	AUX
emaj-18	197	15	as	as	SCONJ
emaj-18	197	16	follows	follow	VERB
emaj-18	197	17	:	:	PUNCT
emaj-18	197	18	variables	variables	PROPN
emaj-18	197	19	�	�	PROPN
emaj-18	197	20	t	t	PROPN
emaj-18	197	21	r2	r2	PROPN
emaj-18	197	22	adj	adj	PROPN
emaj-18	197	23	r2	r2	PROPN
emaj-18	197	24	f	f	PROPN
emaj-18	197	25	tobin	tobin	PROPN
emaj-18	197	26	q	q	PROPN
emaj-18	197	27	vs	vs	ADP
emaj-18	197	28	corruption	corruption	NOUN
emaj-18	197	29	index	index	NOUN
emaj-18	197	30	corruption	corruption	NOUN
emaj-18	197	31	index	index	NOUN
emaj-18	197	32	-0.07	-0.07	NUM
emaj-18	197	33	-4.71e+00	-4.71e+00	PROPN
emaj-18	197	34	0.005	0.005	NUM
emaj-18	197	35	-0.017	-0.017	PUNCT
emaj-18	197	36	0.222	0.222	NUM
emaj-18	197	37	there	there	PRON
emaj-18	197	38	seems	seem	VERB
emaj-18	197	39	to	to	PART
emaj-18	197	40	be	be	AUX
emaj-18	197	41	a	a	DET
emaj-18	197	42	negative	negative	ADJ
emaj-18	197	43	relation	relation	NOUN
emaj-18	197	44	between	between	ADP
emaj-18	197	45	corruption	corruption	NOUN
emaj-18	197	46	and	and	CCONJ
emaj-18	197	47	tq	tq	ADV
emaj-18	197	48	,	,	PUNCT
emaj-18	197	49	indicating	indicate	VERB
emaj-18	197	50	that	that	SCONJ
emaj-18	197	51	as	as	SCONJ
emaj-18	197	52	corruption	corruption	NOUN
emaj-18	197	53	scores	score	NOUN
emaj-18	197	54	go	go	VERB
emaj-18	197	55	up	up	ADP
emaj-18	197	56	(	(	PUNCT
emaj-18	197	57	high	high	ADJ
emaj-18	197	58	corruption	corruption	NOUN
emaj-18	197	59	)	)	PUNCT
emaj-18	197	60	,	,	PUNCT
emaj-18	197	61	the	the	DET
emaj-18	197	62	market	market	NOUN
emaj-18	197	63	value	value	NOUN
emaj-18	197	64	of	of	ADP
emaj-18	197	65	the	the	DET
emaj-18	197	66	firm	firm	NOUN
emaj-18	197	67	decreases	decrease	VERB
emaj-18	197	68	.	.	PUNCT
emaj-18	198	1	the	the	DET
emaj-18	198	2	findings	finding	NOUN
emaj-18	198	3	state	state	NOUN
emaj-18	198	4	that	that	SCONJ
emaj-18	198	5	high	high	ADJ
emaj-18	198	6	corruption	corruption	NOUN
emaj-18	198	7	level	level	NOUN
emaj-18	198	8	within	within	ADP
emaj-18	198	9	a	a	DET
emaj-18	198	10	country	country	NOUN
emaj-18	198	11	decreases	decrease	VERB
emaj-18	198	12	firm	firm	ADJ
emaj-18	198	13	value	value	NOUN
emaj-18	198	14	.	.	PUNCT
emaj-18	199	1	the	the	DET
emaj-18	199	2	results	result	NOUN
emaj-18	199	3	support	support	VERB
emaj-18	199	4	hypothesis	hypothesis	NOUN
emaj-18	199	5	2	2	NUM
emaj-18	199	6	.	.	PUNCT
emaj-18	199	7	g.	g.	NOUN
emaj-18	199	8	to	to	PART
emaj-18	199	9	find	find	VERB
emaj-18	199	10	the	the	DET
emaj-18	199	11	relationship	relationship	NOUN
emaj-18	199	12	between	between	ADP
emaj-18	199	13	market	market	NOUN
emaj-18	199	14	value	value	NOUN
emaj-18	199	15	(	(	PUNCT
emaj-18	199	16	tobin	tobin	PROPN
emaj-18	199	17	’s	’s	PART
emaj-18	199	18	q	q	NOUN
emaj-18	199	19	)	)	PUNCT
emaj-18	199	20	and	and	CCONJ
emaj-18	199	21	the	the	DET
emaj-18	199	22	4	4	NUM
emaj-18	199	23	principal	principal	ADJ
emaj-18	199	24	components	component	NOUN
emaj-18	199	25	:	:	PUNCT
emaj-18	199	26	structure	structure	NOUN
emaj-18	199	27	,	,	PUNCT
emaj-18	199	28	efficiency	efficiency	NOUN
emaj-18	199	29	,	,	PUNCT
emaj-18	199	30	country	country	NOUN
emaj-18	199	31	risk	risk	NOUN
emaj-18	199	32	and	and	CCONJ
emaj-18	199	33	shareholders	shareholder	NOUN
emaj-18	199	34	protection	protection	VERB
emaj-18	199	35	the	the	DET
emaj-18	199	36	following	follow	VERB
emaj-18	199	37	model	model	NOUN
emaj-18	199	38	is	be	AUX
emaj-18	199	39	utilized	utilize	VERB
emaj-18	199	40	:	:	PUNCT
emaj-18	199	41	tq	tq	ADP
emaj-18	199	42	=	=	SYM
emaj-18	199	43	β0	β0	NOUN
emaj-18	199	44	+	+	CCONJ
emaj-18	199	45	β1	β1	VERB
emaj-18	199	46	legal	legal	ADJ
emaj-18	199	47	structure	structure	NOUN
emaj-18	199	48	+	+	CCONJ
emaj-18	199	49	β2	β2	NOUN
emaj-18	199	50	efficiency	efficiency	NOUN
emaj-18	199	51	+	+	CCONJ
emaj-18	199	52	β3	β3	ADJ
emaj-18	199	53	country	country	NOUN
emaj-18	199	54	risk	risk	NOUN
emaj-18	199	55	+	+	CCONJ
emaj-18	199	56	β4	β4	PROPN
emaj-18	199	57	share	share	NOUN
emaj-18	199	58	holders	holder	NOUN
emaj-18	199	59	protection	protection	NOUN
emaj-18	199	60	+	+	CCONJ
emaj-18	199	61	ε	ε	PROPN
emaj-18	199	62	judging	judge	VERB
emaj-18	199	63	from	from	ADP
emaj-18	199	64	the	the	DET
emaj-18	199	65	above	above	ADJ
emaj-18	199	66	regression	regression	NOUN
emaj-18	199	67	,	,	PUNCT
emaj-18	199	68	it	it	PRON
emaj-18	199	69	can	can	AUX
emaj-18	199	70	be	be	AUX
emaj-18	199	71	noted	note	VERB
emaj-18	199	72	that	that	SCONJ
emaj-18	199	73	the	the	DET
emaj-18	199	74	type	type	NOUN
emaj-18	199	75	of	of	ADP
emaj-18	199	76	legal	legal	ADJ
emaj-18	199	77	structure	structure	NOUN
emaj-18	199	78	explains	explain	VERB
emaj-18	199	79	94.6	94.6	NUM
emaj-18	199	80	%	%	NOUN
emaj-18	199	81	of	of	ADP
emaj-18	199	82	the	the	DET
emaj-18	199	83	variation	variation	NOUN
emaj-18	199	84	in	in	ADP
emaj-18	199	85	the	the	DET
emaj-18	199	86	data	data	NOUN
emaj-18	199	87	.	.	PUNCT
emaj-18	200	1	(	(	PUNCT
emaj-18	200	2	type	type	NOUN
emaj-18	200	3	of	of	ADP
emaj-18	200	4	legal	legal	ADJ
emaj-18	200	5	structure	structure	NOUN
emaj-18	200	6	:	:	PUNCT
emaj-18	200	7	depending	depend	VERB
emaj-18	200	8	whether	whether	SCONJ
emaj-18	200	9	the	the	DET
emaj-18	200	10	country	country	NOUN
emaj-18	200	11	adheres	adhere	VERB
emaj-18	200	12	to	to	ADP
emaj-18	200	13	swiss	swiss	ADJ
emaj-18	200	14	law	law	NOUN
emaj-18	200	15	,	,	PUNCT
emaj-18	200	16	german	german	ADJ
emaj-18	200	17	law	law	NOUN
emaj-18	200	18	or	or	CCONJ
emaj-18	200	19	british	british	ADJ
emaj-18	200	20	law	law	NOUN
emaj-18	200	21	)	)	PUNCT
emaj-18	200	22	.	.	PUNCT
emaj-18	201	1	as	as	ADP
emaj-18	201	2	the	the	DET
emaj-18	201	3	efficiency	efficiency	NOUN
emaj-18	201	4	of	of	ADP
emaj-18	201	5	the	the	DET
emaj-18	201	6	legal	legal	ADJ
emaj-18	201	7	structure	structure	NOUN
emaj-18	201	8	increases	increase	NOUN
emaj-18	201	9	,	,	PUNCT
emaj-18	201	10	the	the	DET
emaj-18	201	11	market	market	NOUN
emaj-18	201	12	value	value	NOUN
emaj-18	201	13	increases	increase	NOUN
emaj-18	201	14	by	by	ADP
emaj-18	201	15	2.5	2.5	NUM
emaj-18	201	16	%	%	NOUN
emaj-18	201	17	.	.	PUNCT
emaj-18	202	1	as	as	SCONJ
emaj-18	202	2	country	country	NOUN
emaj-18	202	3	risk	risk	NOUN
emaj-18	202	4	increases	increase	VERB
emaj-18	202	5	the	the	DET
emaj-18	202	6	market	market	NOUN
emaj-18	202	7	value	value	NOUN
emaj-18	202	8	increases	increase	VERB
emaj-18	202	9	138	138	NUM
emaj-18	202	10	%	%	NOUN
emaj-18	202	11	and	and	CCONJ
emaj-18	202	12	as	as	SCONJ
emaj-18	202	13	shareholders	shareholder	NOUN
emaj-18	202	14	’	'	PUNCT
emaj-18	202	15	protection	protection	NOUN
emaj-18	202	16	increases	increase	NOUN
emaj-18	202	17	,	,	PUNCT
emaj-18	202	18	market	market	NOUN
emaj-18	202	19	value	value	NOUN
emaj-18	202	20	of	of	ADP
emaj-18	202	21	the	the	DET
emaj-18	202	22	firm	firm	NOUN
emaj-18	202	23	decreases	decrease	VERB
emaj-18	202	24	by	by	ADP
emaj-18	202	25	67.6	67.6	NUM
emaj-18	202	26	%	%	NOUN
emaj-18	202	27	.	.	PUNCT
emaj-18	203	1	the	the	DET
emaj-18	203	2	results	result	NOUN
emaj-18	203	3	from	from	ADP
emaj-18	203	4	this	this	DET
emaj-18	203	5	regression	regression	NOUN
emaj-18	203	6	support	support	NOUN
emaj-18	203	7	hypothesis	hypothesis	NOUN
emaj-18	203	8	3	3	NUM
emaj-18	203	9	,	,	PUNCT
emaj-18	203	10	illustrating	illustrate	VERB
emaj-18	203	11	that	that	SCONJ
emaj-18	203	12	legal	legal	ADJ
emaj-18	203	13	structure	structure	NOUN
emaj-18	203	14	in	in	ADP
emaj-18	203	15	a	a	DET
emaj-18	203	16	country	country	NOUN
emaj-18	203	17	,	,	PUNCT
emaj-18	203	18	country	country	NOUN
emaj-18	203	19	risk	risk	NOUN
emaj-18	203	20	,	,	PUNCT
emaj-18	203	21	and	and	CCONJ
emaj-18	203	22	shareholder	shareholder	NOUN
emaj-18	203	23	protection	protection	NOUN
emaj-18	203	24	do	do	AUX
emaj-18	203	25	affect	affect	VERB
emaj-18	203	26	firm	firm	ADJ
emaj-18	203	27	value	value	NOUN
emaj-18	203	28	.	.	PUNCT
emaj-18	204	1	here	here	ADV
emaj-18	204	2	some	some	DET
emaj-18	204	3	effects	effect	NOUN
emaj-18	204	4	on	on	ADP
emaj-18	204	5	market	market	NOUN
emaj-18	204	6	value	value	NOUN
emaj-18	204	7	are	be	AUX
emaj-18	204	8	negative	negative	ADJ
emaj-18	204	9	.	.	PUNCT
emaj-18	205	1	h.	h.	NOUN
emaj-18	205	2	the	the	DET
emaj-18	205	3	effect	effect	NOUN
emaj-18	205	4	of	of	ADP
emaj-18	205	5	the	the	DET
emaj-18	205	6	three	three	NUM
emaj-18	205	7	sub	sub	NOUN
emaj-18	205	8	indices	index	NOUN
emaj-18	205	9	used	use	VERB
emaj-18	205	10	in	in	ADP
emaj-18	205	11	the	the	DET
emaj-18	205	12	computation	computation	NOUN
emaj-18	205	13	of	of	ADP
emaj-18	205	14	corporate	corporate	ADJ
emaj-18	205	15	governance	governance	NOUN
emaj-18	205	16	scores	score	NOUN
emaj-18	205	17	on	on	ADP
emaj-18	205	18	tobin	tobin	PROPN
emaj-18	205	19	’s	’s	PART
emaj-18	205	20	q	q	NOUN
emaj-18	205	21	is	be	AUX
emaj-18	205	22	obtained	obtain	VERB
emaj-18	205	23	from	from	ADP
emaj-18	205	24	the	the	DET
emaj-18	205	25	following	follow	VERB
emaj-18	205	26	regression	regression	NOUN
emaj-18	205	27	:	:	PUNCT
emaj-18	205	28	tq	tq	ADP
emaj-18	205	29	=	=	SYM
emaj-18	205	30	β0	β0	PROPN
emaj-18	206	1	+	+	CCONJ
emaj-18	206	2	β1	β1	PROPN
emaj-18	206	3	sub1	sub1	PROPN
emaj-18	206	4	+	+	CCONJ
emaj-18	206	5	β2	β2	PROPN
emaj-18	206	6	sub2	sub2	PROPN
emaj-18	206	7	+	+	CCONJ
emaj-18	206	8	β3	β3	VERB
emaj-18	206	9	sub3	sub3	PROPN
emaj-18	206	10	+	+	CCONJ
emaj-18	206	11	ε	ε	PROPN
emaj-18	206	12	variables	variable	NOUN
emaj-18	206	13	�	�	PROPN
emaj-18	206	14	t	t	PROPN
emaj-18	206	15	r2	r2	PROPN
emaj-18	206	16	adj	adj	PROPN
emaj-18	206	17	r2	r2	PROPN
emaj-18	206	18	f	f	PROPN
emaj-18	206	19	tobin	tobin	PROPN
emaj-18	206	20	q	q	PROPN
emaj-18	206	21	vs	vs	ADP
emaj-18	206	22	legal	legal	ADJ
emaj-18	206	23	structure	structure	NOUN
emaj-18	206	24	,	,	PUNCT
emaj-18	206	25	effeiciency	effeiciency	NOUN
emaj-18	206	26	,	,	PUNCT
emaj-18	206	27	country	country	NOUN
emaj-18	206	28	risk	risk	NOUN
emaj-18	206	29	,	,	PUNCT
emaj-18	206	30	share	share	NOUN
emaj-18	206	31	holders	holder	NOUN
emaj-18	206	32	protection	protection	PROPN
emaj-18	206	33	legal	legal	ADJ
emaj-18	206	34	structure	structure	NOUN
emaj-18	206	35	-0.946	-0.946	PROPN
emaj-18	206	36	-3.48e+00	-3.48e+00	PROPN
emaj-18	206	37	0.388	0.388	NUM
emaj-18	206	38	0.33	0.33	NUM
emaj-18	206	39	6.656	6.656	NUM
emaj-18	206	40	efficiency	efficiency	NOUN
emaj-18	206	41	0.025	0.025	NUM
emaj-18	206	42	0.207	0.207	NUM
emaj-18	206	43	country	country	NOUN
emaj-18	206	44	risk	risk	NOUN
emaj-18	206	45	1.38	1.38	NUM
emaj-18	206	46	4.564	4.564	NUM
emaj-18	206	47	share	share	NOUN
emaj-18	206	48	holders	holder	NOUN
emaj-18	206	49	protection	protection	NOUN
emaj-18	206	50	-0.676	-0.676	X
emaj-18	206	51	-3.946	-3.946	PUNCT
emaj-18	206	52	corporate	corporate	ADJ
emaj-18	206	53	governance	governance	NOUN
emaj-18	206	54	and	and	CCONJ
emaj-18	206	55	firm	firm	ADJ
emaj-18	206	56	value	value	NOUN
emaj-18	206	57	in	in	ADP
emaj-18	206	58	emerging	emerge	VERB
emaj-18	206	59	markets	market	NOUN
emaj-18	206	60	an	an	DET
emaj-18	206	61	empirical	empirical	ADJ
emaj-18	206	62	analysis	analysis	NOUN
emaj-18	206	63	of	of	ADP
emaj-18	206	64	adr	adr	PROPN
emaj-18	206	65	issuing	issue	VERB
emaj-18	206	66	emerging	emerge	VERB
emaj-18	206	67	market	market	NOUN
emaj-18	206	68	firms	firm	NOUN
emaj-18	206	69	emerging	emerge	VERB
emaj-18	206	70	markets	market	NOUN
emaj-18	206	71	journal	journal	NOUN
emaj-18	206	72	|	|	ADV
emaj-18	206	73	p	p	NOUN
emaj-18	206	74	a	a	DET
emaj-18	206	75	g	g	NOUN
emaj-18	206	76	e	e	NOUN
emaj-18	207	1	|	|	ADV
emaj-18	207	2	47	47	NUM
emaj-18	207	3	volume	volume	NOUN
emaj-18	207	4	2	2	NUM
emaj-18	207	5	(	(	PUNCT
emaj-18	207	6	2012	2012	NUM
emaj-18	207	7	)	)	PUNCT
emaj-18	207	8	|	|	ADV
emaj-18	207	9	issn	issn	VERB
emaj-18	207	10	2158	2158	NUM
emaj-18	207	11	-	-	SYM
emaj-18	207	12	8708	8708	NUM
emaj-18	207	13	(	(	PUNCT
emaj-18	207	14	online	online	NOUN
emaj-18	207	15	)	)	PUNCT
emaj-18	207	16	|	|	ADV
emaj-18	207	17	doi	doi	X
emaj-18	207	18	10.5195	10.5195	NUM
emaj-18	207	19	/	/	SYM
emaj-18	207	20	emaj.2012.18	emaj.2012.18	NOUN
emaj-18	207	21	|	|	ADV
emaj-18	207	22	http://emaj.pitt.edu	http://emaj.pitt.edu	PROPN
emaj-18	207	23	variables	variable	NOUN
emaj-18	207	24	�	�	PROPN
emaj-18	207	25	t	t	PROPN
emaj-18	207	26	r2	r2	PROPN
emaj-18	207	27	adj	adj	PROPN
emaj-18	207	28	r2	r2	PROPN
emaj-18	207	29	f	f	PROPN
emaj-18	207	30	tobin	tobin	PROPN
emaj-18	207	31	q	q	PROPN
emaj-18	207	32	vs	vs	ADP
emaj-18	207	33	sub1,sub	sub1,sub	NOUN
emaj-18	207	34	2,sub	2,sub	NUM
emaj-18	207	35	3	3	NUM
emaj-18	207	36	sub1	sub1	PROPN
emaj-18	207	37	ownership	ownership	NOUN
emaj-18	207	38	structure	structure	NOUN
emaj-18	207	39	and	and	CCONJ
emaj-18	207	40	investor	investor	NOUN
emaj-18	207	41	relations	relation	NOUN
emaj-18	207	42	0.875	0.875	NUM
emaj-18	207	43	4.567	4.567	NUM
emaj-18	207	44	0.355	0.355	NUM
emaj-18	207	45	0.309	0.309	NUM
emaj-18	207	46	7.873	7.873	NUM
emaj-18	207	47	sub	sub	NOUN
emaj-18	207	48	2	2	NUM
emaj-18	207	49	financial	financial	ADJ
emaj-18	207	50	transparency	transparency	NOUN
emaj-18	207	51	and	and	CCONJ
emaj-18	207	52	information	information	NOUN
emaj-18	207	53	disclosure	disclosure	NOUN
emaj-18	207	54	-0.04	-0.04	PROPN
emaj-18	207	55	-0.234	-0.234	PUNCT
emaj-18	207	56	sub	sub	NOUN
emaj-18	207	57	3	3	NUM
emaj-18	207	58	board	board	NOUN
emaj-18	207	59	and	and	CCONJ
emaj-18	207	60	management	management	NOUN
emaj-18	207	61	and	and	CCONJ
emaj-18	207	62	processes	process	NOUN
emaj-18	207	63	-0.442	-0.442	PROPN
emaj-18	207	64	-2.049	-2.049	NOUN
emaj-18	207	65	from	from	ADP
emaj-18	207	66	the	the	DET
emaj-18	207	67	above	above	ADJ
emaj-18	207	68	regression	regression	NOUN
emaj-18	207	69	it	it	PRON
emaj-18	207	70	can	can	AUX
emaj-18	207	71	be	be	AUX
emaj-18	207	72	inferred	infer	VERB
emaj-18	207	73	that	that	SCONJ
emaj-18	207	74	as	as	ADP
emaj-18	207	75	ownership	ownership	NOUN
emaj-18	207	76	structure	structure	NOUN
emaj-18	207	77	and	and	CCONJ
emaj-18	207	78	investor	investor	NOUN
emaj-18	207	79	relations	relation	NOUN
emaj-18	207	80	scores	score	NOUN
emaj-18	207	81	increase	increase	VERB
emaj-18	207	82	,	,	PUNCT
emaj-18	207	83	market	market	NOUN
emaj-18	207	84	value	value	NOUN
emaj-18	207	85	increases	increase	NOUN
emaj-18	207	86	by	by	ADP
emaj-18	207	87	87.5	87.5	NUM
emaj-18	207	88	%	%	NOUN
emaj-18	207	89	.	.	PUNCT
emaj-18	208	1	high	high	ADJ
emaj-18	208	2	financial	financial	ADJ
emaj-18	208	3	transparency	transparency	NOUN
emaj-18	208	4	and	and	CCONJ
emaj-18	208	5	information	information	NOUN
emaj-18	208	6	disclosure	disclosure	NOUN
emaj-18	208	7	scores	score	NOUN
emaj-18	208	8	cause	cause	VERB
emaj-18	208	9	a	a	DET
emaj-18	208	10	decrease	decrease	NOUN
emaj-18	208	11	in	in	ADP
emaj-18	208	12	the	the	DET
emaj-18	208	13	market	market	NOUN
emaj-18	208	14	value	value	NOUN
emaj-18	208	15	by	by	ADP
emaj-18	208	16	4	4	NUM
emaj-18	208	17	%	%	NOUN
emaj-18	208	18	.	.	PUNCT
emaj-18	209	1	an	an	DET
emaj-18	209	2	increase	increase	NOUN
emaj-18	209	3	in	in	ADP
emaj-18	209	4	board	board	NOUN
emaj-18	209	5	and	and	CCONJ
emaj-18	209	6	management	management	NOUN
emaj-18	209	7	process	process	NOUN
emaj-18	209	8	scores	score	NOUN
emaj-18	209	9	causes	cause	VERB
emaj-18	209	10	the	the	DET
emaj-18	209	11	decrease	decrease	NOUN
emaj-18	209	12	in	in	ADP
emaj-18	209	13	the	the	DET
emaj-18	209	14	market	market	NOUN
emaj-18	209	15	value	value	NOUN
emaj-18	209	16	by	by	ADP
emaj-18	209	17	44.2	44.2	NUM
emaj-18	209	18	%	%	NOUN
emaj-18	209	19	.	.	PUNCT
emaj-18	210	1	the	the	DET
emaj-18	210	2	results	result	NOUN
emaj-18	210	3	support	support	VERB
emaj-18	210	4	hypothesis	hypothesis	NOUN
emaj-18	210	5	1	1	NUM
emaj-18	210	6	.	.	PUNCT
emaj-18	211	1	however	however	ADV
emaj-18	211	2	,	,	PUNCT
emaj-18	211	3	ownership	ownership	NOUN
emaj-18	211	4	structure	structure	NOUN
emaj-18	211	5	and	and	CCONJ
emaj-18	211	6	investor	investor	NOUN
emaj-18	211	7	relations	relation	NOUN
emaj-18	211	8	have	have	VERB
emaj-18	211	9	positive	positive	ADJ
emaj-18	211	10	effect	effect	NOUN
emaj-18	211	11	on	on	ADP
emaj-18	211	12	firm	firm	ADJ
emaj-18	211	13	market	market	NOUN
emaj-18	211	14	value	value	NOUN
emaj-18	211	15	,	,	PUNCT
emaj-18	211	16	and	and	CCONJ
emaj-18	211	17	sub	sub	NOUN
emaj-18	211	18	category	category	NOUN
emaj-18	211	19	2	2	NUM
emaj-18	211	20	financial	financial	ADJ
emaj-18	211	21	transparency	transparency	NOUN
emaj-18	211	22	and	and	CCONJ
emaj-18	211	23	information	information	NOUN
emaj-18	211	24	disclosure	disclosure	NOUN
emaj-18	211	25	,	,	PUNCT
emaj-18	211	26	and	and	CCONJ
emaj-18	211	27	sub	sub	NOUN
emaj-18	211	28	category	category	NOUN
emaj-18	211	29	3	3	NUM
emaj-18	211	30	–	–	PUNCT
emaj-18	211	31	board	board	NOUN
emaj-18	211	32	and	and	CCONJ
emaj-18	211	33	management	management	NOUN
emaj-18	211	34	process	process	NOUN
emaj-18	211	35	have	have	VERB
emaj-18	211	36	negative	negative	ADJ
emaj-18	211	37	effects	effect	NOUN
emaj-18	211	38	on	on	ADP
emaj-18	211	39	firm	firm	ADJ
emaj-18	211	40	market	market	NOUN
emaj-18	211	41	value	value	NOUN
emaj-18	211	42	.	.	PUNCT
emaj-18	212	1	b.	b.	PROPN
emaj-18	213	1	in	in	ADP
emaj-18	213	2	order	order	NOUN
emaj-18	213	3	to	to	PART
emaj-18	213	4	find	find	VERB
emaj-18	213	5	whether	whether	SCONJ
emaj-18	213	6	corporate	corporate	ADJ
emaj-18	213	7	governance	governance	NOUN
emaj-18	213	8	structure	structure	NOUN
emaj-18	213	9	of	of	ADP
emaj-18	213	10	a	a	DET
emaj-18	213	11	firm	firm	NOUN
emaj-18	213	12	across	across	ADP
emaj-18	213	13	the	the	DET
emaj-18	213	14	geographical	geographical	ADJ
emaj-18	213	15	region	region	NOUN
emaj-18	213	16	affects	affect	VERB
emaj-18	213	17	its	its	PRON
emaj-18	213	18	market	market	NOUN
emaj-18	213	19	value	value	NOUN
emaj-18	213	20	,	,	PUNCT
emaj-18	213	21	the	the	DET
emaj-18	213	22	following	follow	VERB
emaj-18	213	23	linear	linear	PROPN
emaj-18	213	24	regression	regression	NOUN
emaj-18	213	25	model	model	NOUN
emaj-18	213	26	is	be	AUX
emaj-18	213	27	employed	employ	VERB
emaj-18	213	28	:	:	PUNCT
emaj-18	213	29	tq	tq	ADP
emaj-18	213	30	=	=	SYM
emaj-18	213	31	�	�	PROPN
emaj-18	213	32	0	0	NUM
emaj-18	213	33	+	+	NUM
emaj-18	213	34	�	�	PROPN
emaj-18	213	35	1	1	NUM
emaj-18	213	36	cgi	cgi	NOUN
emaj-18	213	37	+	+	CCONJ
emaj-18	213	38	�	�	PROPN
emaj-18	213	39	2	2	NUM
emaj-18	213	40	la_dummy	la_dummy	NOUN
emaj-18	213	41	+	+	SYM
emaj-18	213	42	�	�	PROPN
emaj-18	213	43	la_dummy	la_dummy	NOUN
emaj-18	213	44	=	=	SYM
emaj-18	213	45	0	0	NUM
emaj-18	213	46	if	if	SCONJ
emaj-18	213	47	the	the	DET
emaj-18	213	48	firm	firm	NOUN
emaj-18	213	49	is	be	AUX
emaj-18	213	50	in	in	ADP
emaj-18	213	51	asia	asia	PROPN
emaj-18	213	52	and	and	CCONJ
emaj-18	213	53	1	1	NUM
emaj-18	213	54	if	if	SCONJ
emaj-18	213	55	in	in	ADP
emaj-18	213	56	latin	latin	PROPN
emaj-18	213	57	america	america	PROPN
emaj-18	213	58	.	.	PUNCT
emaj-18	214	1	this	this	DET
emaj-18	214	2	model	model	NOUN
emaj-18	214	3	assumes	assume	VERB
emaj-18	214	4	that	that	SCONJ
emaj-18	214	5	the	the	DET
emaj-18	214	6	rate	rate	NOUN
emaj-18	214	7	of	of	ADP
emaj-18	214	8	change	change	NOUN
emaj-18	214	9	of	of	ADP
emaj-18	214	10	market	market	NOUN
emaj-18	214	11	value	value	NOUN
emaj-18	214	12	with	with	ADP
emaj-18	214	13	respect	respect	NOUN
emaj-18	214	14	to	to	ADP
emaj-18	214	15	cgi	cgi	NOUN
emaj-18	214	16	is	be	AUX
emaj-18	214	17	a	a	DET
emaj-18	214	18	constant	constant	ADJ
emaj-18	214	19	across	across	ADP
emaj-18	214	20	the	the	DET
emaj-18	214	21	two	two	NUM
emaj-18	214	22	countries	country	NOUN
emaj-18	214	23	.	.	PUNCT
emaj-18	215	1	the	the	DET
emaj-18	215	2	results	result	NOUN
emaj-18	215	3	are	be	AUX
emaj-18	215	4	the	the	DET
emaj-18	215	5	following	follow	VERB
emaj-18	215	6	:	:	PUNCT
emaj-18	215	7	variables	variables	PROPN
emaj-18	215	8	�	�	PROPN
emaj-18	215	9	t	t	PROPN
emaj-18	215	10	r2	r2	PROPN
emaj-18	215	11	adj	adj	PROPN
emaj-18	215	12	r2	r2	PROPN
emaj-18	215	13	f	f	PROPN
emaj-18	215	14	tobin	tobin	PROPN
emaj-18	215	15	q	q	PROPN
emaj-18	215	16	vs	vs	ADP
emaj-18	215	17	cgi	cgi	PROPN
emaj-18	215	18	&	&	CCONJ
emaj-18	215	19	country	country	PROPN
emaj-18	215	20	dummy	dummy	PROPN
emaj-18	215	21	const	const	VERB
emaj-18	215	22	0.978	0.978	NUM
emaj-18	215	23	298.043	298.043	NUM
emaj-18	215	24	cgi	cgi	NOUN
emaj-18	215	25	2.259e-03	2.259e-03	NUM
emaj-18	215	26	2.819	2.819	NUM
emaj-18	215	27	.318	.318	NUM
emaj-18	215	28	.287	.287	NUM
emaj-18	215	29	10.242	10.242	NUM
emaj-18	215	30	la_dummy	la_dummy	NOUN
emaj-18	215	31	1.352e-02	1.352e-02	NUM
emaj-18	215	32	3.533	3.533	NUM
emaj-18	215	33	the	the	DET
emaj-18	215	34	two	two	NUM
emaj-18	215	35	equations	equation	NOUN
emaj-18	215	36	obtained	obtain	VERB
emaj-18	215	37	are	be	AUX
emaj-18	215	38	as	as	SCONJ
emaj-18	215	39	follows	follow	VERB
emaj-18	215	40	:	:	PUNCT
emaj-18	215	41	for	for	ADP
emaj-18	215	42	firms	firm	NOUN
emaj-18	215	43	in	in	ADP
emaj-18	215	44	latin	latin	PROPN
emaj-18	215	45	america	america	PROPN
emaj-18	215	46	,	,	PUNCT
emaj-18	215	47	tq	tq	ADP
emaj-18	215	48	=	=	SYM
emaj-18	215	49	1.978	1.978	NUM
emaj-18	215	50	+2.259e-03	+2.259e-03	PROPN
emaj-18	215	51	cgi	cgi	NOUN
emaj-18	215	52	+	+	CCONJ
emaj-18	215	53	ε	ε	X
emaj-18	215	54	corporate	corporate	ADJ
emaj-18	215	55	governance	governance	NOUN
emaj-18	215	56	and	and	CCONJ
emaj-18	215	57	firm	firm	ADJ
emaj-18	215	58	value	value	NOUN
emaj-18	215	59	in	in	ADP
emaj-18	215	60	emerging	emerge	VERB
emaj-18	215	61	markets	market	NOUN
emaj-18	215	62	an	an	DET
emaj-18	215	63	empirical	empirical	ADJ
emaj-18	215	64	analysis	analysis	NOUN
emaj-18	215	65	of	of	ADP
emaj-18	215	66	adr	adr	PROPN
emaj-18	215	67	issuing	issue	VERB
emaj-18	215	68	emerging	emerge	VERB
emaj-18	215	69	market	market	NOUN
emaj-18	215	70	firms	firm	NOUN
emaj-18	215	71	emerging	emerge	VERB
emaj-18	215	72	markets	market	NOUN
emaj-18	215	73	journal	journal	NOUN
emaj-18	215	74	|	|	ADV
emaj-18	215	75	p	p	NOUN
emaj-18	216	1	a	a	DET
emaj-18	216	2	g	g	NOUN
emaj-18	216	3	e	e	NOUN
emaj-18	216	4	|	|	ADV
emaj-18	216	5	48	48	NUM
emaj-18	216	6	volume	volume	NOUN
emaj-18	216	7	2	2	NUM
emaj-18	216	8	(	(	PUNCT
emaj-18	216	9	2012	2012	NUM
emaj-18	216	10	)	)	PUNCT
emaj-18	216	11	|	|	ADV
emaj-18	216	12	issn	issn	VERB
emaj-18	216	13	2158	2158	NUM
emaj-18	216	14	-	-	SYM
emaj-18	216	15	8708	8708	NUM
emaj-18	216	16	(	(	PUNCT
emaj-18	216	17	online	online	NOUN
emaj-18	216	18	)	)	PUNCT
emaj-18	216	19	|	|	ADV
emaj-18	216	20	doi	doi	X
emaj-18	216	21	10.5195	10.5195	NUM
emaj-18	216	22	/	/	SYM
emaj-18	216	23	emaj.2012.18	emaj.2012.18	NOUN
emaj-18	216	24	|	|	ADV
emaj-18	216	25	http://emaj.pitt.edu	http://emaj.pitt.edu	VERB
emaj-18	216	26	for	for	ADP
emaj-18	216	27	firms	firm	NOUN
emaj-18	216	28	in	in	ADP
emaj-18	216	29	asia	asia	PROPN
emaj-18	216	30	tq	tq	ADP
emaj-18	216	31	=	=	NOUN
emaj-18	216	32	0.978	0.978	NUM
emaj-18	216	33	+2.259e-03	+2.259e-03	NUM
emaj-18	216	34	cgi	cgi	NOUN
emaj-18	216	35	+	+	CCONJ
emaj-18	216	36	ε	ε	PROPN
emaj-18	216	37	the	the	DET
emaj-18	216	38	above	above	ADJ
emaj-18	216	39	equations	equation	NOUN
emaj-18	216	40	suggest	suggest	VERB
emaj-18	216	41	that	that	SCONJ
emaj-18	216	42	the	the	DET
emaj-18	216	43	mean	mean	NOUN
emaj-18	216	44	of	of	ADP
emaj-18	216	45	the	the	DET
emaj-18	216	46	tobin	tobin	NOUN
emaj-18	216	47	’s	’s	PART
emaj-18	216	48	q	q	NOUN
emaj-18	216	49	in	in	ADP
emaj-18	216	50	latin	latin	PROPN
emaj-18	216	51	america	america	PROPN
emaj-18	216	52	is	be	AUX
emaj-18	216	53	higher	high	ADJ
emaj-18	216	54	than	than	ADP
emaj-18	216	55	those	those	PRON
emaj-18	216	56	of	of	ADP
emaj-18	216	57	asia	asia	PROPN
emaj-18	216	58	.	.	PUNCT
emaj-18	217	1	this	this	PRON
emaj-18	217	2	could	could	AUX
emaj-18	217	3	be	be	AUX
emaj-18	217	4	attributed	attribute	VERB
emaj-18	217	5	to	to	ADP
emaj-18	217	6	investor	investor	NOUN
emaj-18	217	7	’s	’s	PART
emaj-18	217	8	perceptions	perception	NOUN
emaj-18	217	9	or	or	CCONJ
emaj-18	217	10	any	any	DET
emaj-18	217	11	such	such	ADJ
emaj-18	217	12	external	external	ADJ
emaj-18	217	13	variables	variable	NOUN
emaj-18	217	14	outside	outside	ADP
emaj-18	217	15	the	the	DET
emaj-18	217	16	scope	scope	NOUN
emaj-18	217	17	of	of	ADP
emaj-18	217	18	this	this	DET
emaj-18	217	19	research	research	NOUN
emaj-18	217	20	.	.	PUNCT
emaj-18	218	1	j.	j.	PROPN
emaj-18	219	1	in	in	ADP
emaj-18	219	2	order	order	NOUN
emaj-18	219	3	to	to	PART
emaj-18	219	4	find	find	VERB
emaj-18	219	5	whether	whether	SCONJ
emaj-18	219	6	corporate	corporate	ADJ
emaj-18	219	7	governance	governance	NOUN
emaj-18	219	8	structure	structure	NOUN
emaj-18	219	9	of	of	ADP
emaj-18	219	10	a	a	DET
emaj-18	219	11	firm	firm	NOUN
emaj-18	219	12	across	across	ADP
emaj-18	219	13	the	the	DET
emaj-18	219	14	industry	industry	NOUN
emaj-18	219	15	affects	affect	VERB
emaj-18	219	16	its	its	PRON
emaj-18	219	17	market	market	NOUN
emaj-18	219	18	value	value	NOUN
emaj-18	219	19	,	,	PUNCT
emaj-18	219	20	the	the	DET
emaj-18	219	21	following	follow	VERB
emaj-18	219	22	linear	linear	PROPN
emaj-18	219	23	regression	regression	NOUN
emaj-18	219	24	model	model	NOUN
emaj-18	219	25	is	be	AUX
emaj-18	219	26	chosen	choose	VERB
emaj-18	219	27	:	:	PUNCT
emaj-18	219	28	tq	tq	ADP
emaj-18	219	29	=	=	SYM
emaj-18	219	30	β0	β0	PROPN
emaj-18	219	31	+	+	CCONJ
emaj-18	220	1	β1	β1	PROPN
emaj-18	220	2	cgi	cgi	NOUN
emaj-18	220	3	+	+	CCONJ
emaj-18	220	4	β2	β2	VERB
emaj-18	220	5	dummy_mi	dummy_mi	NOUN
emaj-18	220	6	+	+	CCONJ
emaj-18	220	7	β3	β3	VERB
emaj-18	220	8	dummy_si	dummy_si	NOUN
emaj-18	220	9	+	+	CCONJ
emaj-18	220	10	ε	ε	PROPN
emaj-18	220	11	the	the	DET
emaj-18	220	12	above	above	ADJ
emaj-18	220	13	model	model	NOUN
emaj-18	220	14	assumes	assume	VERB
emaj-18	220	15	that	that	SCONJ
emaj-18	220	16	the	the	DET
emaj-18	220	17	rate	rate	NOUN
emaj-18	220	18	of	of	ADP
emaj-18	220	19	change	change	NOUN
emaj-18	220	20	of	of	ADP
emaj-18	220	21	market	market	NOUN
emaj-18	220	22	value	value	NOUN
emaj-18	220	23	with	with	ADP
emaj-18	220	24	respect	respect	NOUN
emaj-18	220	25	to	to	ADP
emaj-18	220	26	cgi	cgi	NOUN
emaj-18	220	27	in	in	ADP
emaj-18	220	28	the	the	DET
emaj-18	220	29	two	two	NUM
emaj-18	220	30	geographical	geographical	ADJ
emaj-18	220	31	areas	area	NOUN
emaj-18	220	32	is	be	AUX
emaj-18	220	33	a	a	DET
emaj-18	220	34	constant	constant	ADJ
emaj-18	220	35	.	.	PUNCT
emaj-18	221	1	three	three	NUM
emaj-18	221	2	types	type	NOUN
emaj-18	221	3	of	of	ADP
emaj-18	221	4	industries	industry	NOUN
emaj-18	221	5	are	be	AUX
emaj-18	221	6	identified	identify	VERB
emaj-18	221	7	as	as	ADP
emaj-18	221	8	i	i	PRON
emaj-18	221	9	)	)	PUNCT
emaj-18	221	10	mixed	mixed	ADJ
emaj-18	221	11	industry	industry	NOUN
emaj-18	221	12	ii	ii	PROPN
emaj-18	221	13	)	)	PUNCT
emaj-18	221	14	service	service	NOUN
emaj-18	221	15	industry	industry	NOUN
emaj-18	221	16	and	and	CCONJ
emaj-18	221	17	iii	iii	NOUN
emaj-18	221	18	)	)	PUNCT
emaj-18	221	19	high	high	ADJ
emaj-18	221	20	-	-	PUNCT
emaj-18	221	21	tech	tech	NOUN
emaj-18	221	22	industry	industry	NOUN
emaj-18	221	23	where	where	SCONJ
emaj-18	221	24	,	,	PUNCT
emaj-18	221	25	dummy_si	dummy_si	NOUN
emaj-18	221	26	=	=	NOUN
emaj-18	221	27	1	1	NUM
emaj-18	221	28	if	if	SCONJ
emaj-18	221	29	industry	industry	NOUN
emaj-18	221	30	is	be	AUX
emaj-18	221	31	service	service	NOUN
emaj-18	221	32	industry	industry	NOUN
emaj-18	221	33	0	0	NUM
emaj-18	221	34	if	if	SCONJ
emaj-18	221	35	the	the	DET
emaj-18	221	36	industry	industry	NOUN
emaj-18	221	37	is	be	AUX
emaj-18	221	38	high	high	ADJ
emaj-18	221	39	-	-	PUNCT
emaj-18	221	40	tech	tech	NOUN
emaj-18	221	41	industry	industry	NOUN
emaj-18	221	42	dummy_mi	dummy_mi	NOUN
emaj-18	221	43	=	=	PUNCT
emaj-18	222	1	1	1	NUM
emaj-18	222	2	if	if	SCONJ
emaj-18	222	3	industry	industry	NOUN
emaj-18	222	4	represents	represent	VERB
emaj-18	222	5	mixed	mixed	ADJ
emaj-18	222	6	industry	industry	NOUN
emaj-18	222	7	0	0	NUM
emaj-18	223	1	if	if	SCONJ
emaj-18	223	2	the	the	DET
emaj-18	223	3	industry	industry	NOUN
emaj-18	223	4	is	be	AUX
emaj-18	223	5	high	high	ADJ
emaj-18	223	6	–	–	PUNCT
emaj-18	223	7	tech	tech	NOUN
emaj-18	223	8	industry	industry	NOUN
emaj-18	223	9	variables	variable	VERB
emaj-18	223	10	�	�	PROPN
emaj-18	223	11	t	t	PROPN
emaj-18	223	12	r2	r2	PROPN
emaj-18	223	13	adj	adj	PROPN
emaj-18	223	14	r2	r2	PROPN
emaj-18	223	15	f	f	PROPN
emaj-18	223	16	tobin	tobin	PROPN
emaj-18	224	1	q	q	PROPN
emaj-18	225	1	vs	vs	ADP
emaj-18	225	2	cgi	cgi	PROPN
emaj-18	225	3	&	&	CCONJ
emaj-18	225	4	industry	industry	PROPN
emaj-18	225	5	dummy	dummy	ADJ
emaj-18	225	6	cgi	cgi	NOUN
emaj-18	225	7	8.829e-04	8.829e-04	NUM
emaj-18	225	8	1.023	1.023	NUM
emaj-18	225	9	.372	.372	NUM
emaj-18	225	10	.328	.328	NUM
emaj-18	225	11	8.474	8.474	NUM
emaj-18	225	12	dummy_mi	dummy_mi	NOUN
emaj-18	225	13	1.376e-02	1.376e-02	NUM
emaj-18	225	14	4.049	4.049	NUM
emaj-18	225	15	dummy_si	dummy_si	NOUN
emaj-18	225	16	5.217e-03	5.217e-03	NOUN
emaj-18	225	17	1.809	1.809	NUM
emaj-18	226	1	assuming	assume	VERB
emaj-18	226	2	that	that	SCONJ
emaj-18	226	3	the	the	DET
emaj-18	226	4	rate	rate	NOUN
emaj-18	226	5	of	of	ADP
emaj-18	226	6	change	change	NOUN
emaj-18	226	7	of	of	ADP
emaj-18	226	8	market	market	NOUN
emaj-18	226	9	value	value	NOUN
emaj-18	226	10	with	with	ADP
emaj-18	226	11	respect	respect	NOUN
emaj-18	226	12	to	to	ADP
emaj-18	226	13	cgi	cgi	NOUN
emaj-18	226	14	in	in	ADP
emaj-18	226	15	the	the	DET
emaj-18	226	16	two	two	NUM
emaj-18	226	17	geographical	geographical	ADJ
emaj-18	226	18	areas	area	NOUN
emaj-18	226	19	is	be	AUX
emaj-18	226	20	a	a	DET
emaj-18	226	21	constant	constant	ADJ
emaj-18	226	22	,	,	PUNCT
emaj-18	226	23	the	the	DET
emaj-18	226	24	following	follow	VERB
emaj-18	226	25	three	three	NUM
emaj-18	226	26	equations	equation	NOUN
emaj-18	226	27	can	can	AUX
emaj-18	226	28	be	be	AUX
emaj-18	226	29	obtained	obtain	VERB
emaj-18	226	30	from	from	ADP
emaj-18	226	31	the	the	DET
emaj-18	226	32	above	above	ADJ
emaj-18	226	33	regression	regression	NOUN
emaj-18	226	34	for	for	ADP
emaj-18	226	35	the	the	DET
emaj-18	226	36	three	three	NUM
emaj-18	226	37	industries	industry	NOUN
emaj-18	226	38	:	:	PUNCT
emaj-18	226	39	1	1	X
emaj-18	226	40	.	.	PUNCT
emaj-18	226	41	service	service	NOUN
emaj-18	226	42	industry	industry	NOUN
emaj-18	226	43	tq	tq	ADP
emaj-18	226	44	=	=	SYM
emaj-18	226	45	(	(	PUNCT
emaj-18	226	46	0.978	0.978	NUM
emaj-18	226	47	+	+	NUM
emaj-18	226	48	5.217e-03	5.217e-03	NUM
emaj-18	226	49	)	)	PUNCT
emaj-18	227	1	+	+	NUM
emaj-18	227	2	8.829e-04	8.829e-04	NUM
emaj-18	227	3	cgi	cgi	NOUN
emaj-18	227	4	+	+	CCONJ
emaj-18	227	5	ε	ε	PROPN
emaj-18	227	6	=	=	PUNCT
emaj-18	227	7	0.983217	0.983217	NUM
emaj-18	227	8	+	+	SYM
emaj-18	227	9	8.829e-04	8.829e-04	NUM
emaj-18	227	10	cgi	cgi	NOUN
emaj-18	227	11	+	+	CCONJ
emaj-18	227	12	ε	ε	PROPN
emaj-18	227	13	2	2	NUM
emaj-18	227	14	.	.	NOUN
emaj-18	227	15	mixed	mixed	ADJ
emaj-18	227	16	industry	industry	NOUN
emaj-18	227	17	tq	tq	ADP
emaj-18	227	18	=	=	SYM
emaj-18	227	19	(	(	PUNCT
emaj-18	227	20	0.978	0.978	NUM
emaj-18	227	21	+1.376e-02	+1.376e-02	ADJ
emaj-18	227	22	)	)	PUNCT
emaj-18	227	23	+	+	NUM
emaj-18	227	24	8.829e-04	8.829e-04	NUM
emaj-18	227	25	cgi	cgi	NOUN
emaj-18	227	26	+	+	CCONJ
emaj-18	227	27	ε	ε	PROPN
emaj-18	227	28	=	=	SYM
emaj-18	227	29	0.99176	0.99176	NUM
emaj-18	227	30	+	+	SYM
emaj-18	227	31	8.829e-04	8.829e-04	NUM
emaj-18	227	32	cgi	cgi	NOUN
emaj-18	227	33	+	+	CCONJ
emaj-18	227	34	ε	ε	PROPN
emaj-18	227	35	3	3	NUM
emaj-18	227	36	.	.	NOUN
emaj-18	227	37	high	high	ADJ
emaj-18	227	38	–	–	PUNCT
emaj-18	227	39	tech	tech	NOUN
emaj-18	227	40	industry	industry	NOUN
emaj-18	227	41	corporate	corporate	ADJ
emaj-18	227	42	governance	governance	NOUN
emaj-18	227	43	and	and	CCONJ
emaj-18	227	44	firm	firm	ADJ
emaj-18	227	45	value	value	NOUN
emaj-18	227	46	in	in	ADP
emaj-18	227	47	emerging	emerge	VERB
emaj-18	227	48	markets	market	NOUN
emaj-18	227	49	an	an	DET
emaj-18	227	50	empirical	empirical	ADJ
emaj-18	227	51	analysis	analysis	NOUN
emaj-18	227	52	of	of	ADP
emaj-18	227	53	adr	adr	PROPN
emaj-18	227	54	issuing	issue	VERB
emaj-18	227	55	emerging	emerge	VERB
emaj-18	227	56	market	market	NOUN
emaj-18	227	57	firms	firm	NOUN
emaj-18	227	58	emerging	emerge	VERB
emaj-18	227	59	markets	market	NOUN
emaj-18	227	60	journal	journal	NOUN
emaj-18	227	61	|	|	ADV
emaj-18	227	62	p	p	NOUN
emaj-18	227	63	a	a	DET
emaj-18	227	64	g	g	NOUN
emaj-18	227	65	e	e	NOUN
emaj-18	227	66	|	|	ADV
emaj-18	227	67	49	49	NUM
emaj-18	227	68	volume	volume	NOUN
emaj-18	227	69	2	2	NUM
emaj-18	227	70	(	(	PUNCT
emaj-18	227	71	2012	2012	NUM
emaj-18	227	72	)	)	PUNCT
emaj-18	227	73	|	|	ADV
emaj-18	227	74	issn	issn	VERB
emaj-18	227	75	2158	2158	NUM
emaj-18	227	76	-	-	SYM
emaj-18	227	77	8708	8708	NUM
emaj-18	227	78	(	(	PUNCT
emaj-18	227	79	online	online	NOUN
emaj-18	227	80	)	)	PUNCT
emaj-18	227	81	|	|	ADV
emaj-18	227	82	doi	doi	X
emaj-18	227	83	10.5195	10.5195	NUM
emaj-18	227	84	/	/	SYM
emaj-18	227	85	emaj.2012.18	emaj.2012.18	NOUN
emaj-18	227	86	|	|	ADV
emaj-18	227	87	http://emaj.pitt.edu	http://emaj.pitt.edu	VERB
emaj-18	227	88	tq	tq	ADP
emaj-18	227	89	=	=	SYM
emaj-18	227	90	(	(	PUNCT
emaj-18	227	91	0.978	0.978	NUM
emaj-18	227	92	)	)	PUNCT
emaj-18	227	93	+	+	NUM
emaj-18	227	94	8.829e-04	8.829e-04	NUM
emaj-18	227	95	cgi	cgi	NOUN
emaj-18	227	96	+	+	CCONJ
emaj-18	227	97	ε	ε	PROPN
emaj-18	227	98	the	the	DET
emaj-18	227	99	results	result	NOUN
emaj-18	227	100	indicate	indicate	VERB
emaj-18	227	101	that	that	SCONJ
emaj-18	227	102	the	the	DET
emaj-18	227	103	mean	mean	ADJ
emaj-18	227	104	market	market	NOUN
emaj-18	227	105	value	value	NOUN
emaj-18	227	106	of	of	ADP
emaj-18	227	107	firms	firm	NOUN
emaj-18	227	108	in	in	ADP
emaj-18	227	109	the	the	DET
emaj-18	227	110	mixed	mixed	ADJ
emaj-18	227	111	industry	industry	NOUN
emaj-18	227	112	category	category	NOUN
emaj-18	227	113	is	be	AUX
emaj-18	227	114	higher	high	ADJ
emaj-18	227	115	than	than	ADP
emaj-18	227	116	the	the	DET
emaj-18	227	117	other	other	ADJ
emaj-18	227	118	two	two	NUM
emaj-18	227	119	categories	category	NOUN
emaj-18	227	120	as	as	SCONJ
emaj-18	227	121	given	give	VERB
emaj-18	227	122	by	by	ADP
emaj-18	227	123	the	the	DET
emaj-18	227	124	y	y	PROPN
emaj-18	227	125	-	-	PUNCT
emaj-18	227	126	intercept	intercept	NOUN
emaj-18	227	127	.	.	PUNCT
emaj-18	228	1	the	the	DET
emaj-18	228	2	mean	mean	ADJ
emaj-18	228	3	market	market	NOUN
emaj-18	228	4	value	value	NOUN
emaj-18	228	5	of	of	ADP
emaj-18	228	6	the	the	DET
emaj-18	228	7	firms	firm	NOUN
emaj-18	228	8	in	in	ADP
emaj-18	228	9	the	the	DET
emaj-18	228	10	service	service	NOUN
emaj-18	228	11	industry	industry	NOUN
emaj-18	228	12	is	be	AUX
emaj-18	228	13	higher	high	ADJ
emaj-18	228	14	that	that	SCONJ
emaj-18	228	15	the	the	DET
emaj-18	228	16	ones	one	NOUN
emaj-18	228	17	in	in	ADP
emaj-18	228	18	the	the	DET
emaj-18	228	19	high	high	ADJ
emaj-18	228	20	-	-	PUNCT
emaj-18	228	21	tech	tech	NOUN
emaj-18	228	22	industry	industry	NOUN
emaj-18	228	23	.	.	PUNCT
emaj-18	229	1	v.	v.	ADP
emaj-18	229	2	conclusion	conclusion	NOUN
emaj-18	229	3	  	  	SPACE
emaj-18	229	4	the	the	DET
emaj-18	229	5	results	result	NOUN
emaj-18	229	6	support	support	VERB
emaj-18	229	7	a	a	DET
emaj-18	229	8	positive	positive	ADJ
emaj-18	229	9	correlation	correlation	NOUN
emaj-18	229	10	between	between	ADP
emaj-18	229	11	tobin	tobin	PROPN
emaj-18	229	12	’s	’s	PART
emaj-18	229	13	q	q	X
emaj-18	229	14	(	(	PUNCT
emaj-18	229	15	market	market	NOUN
emaj-18	229	16	value	value	NOUN
emaj-18	229	17	of	of	ADP
emaj-18	229	18	the	the	DET
emaj-18	229	19	firm	firm	NOUN
emaj-18	229	20	)	)	PUNCT
emaj-18	229	21	and	and	CCONJ
emaj-18	229	22	total	total	ADJ
emaj-18	229	23	corporate	corporate	ADJ
emaj-18	229	24	governance	governance	NOUN
emaj-18	229	25	scores	score	NOUN
emaj-18	229	26	of	of	ADP
emaj-18	229	27	emerging	emerge	VERB
emaj-18	229	28	market	market	NOUN
emaj-18	229	29	mnes	mne	NOUN
emaj-18	229	30	.	.	PUNCT
emaj-18	230	1	thereby	thereby	ADV
emaj-18	230	2	supporting	support	VERB
emaj-18	230	3	the	the	DET
emaj-18	230	4	hypothesis	hypothesis	NOUN
emaj-18	230	5	–	–	PUNCT
emaj-18	230	6	corporate	corporate	ADJ
emaj-18	230	7	governance	governance	NOUN
emaj-18	230	8	structures	structure	NOUN
emaj-18	230	9	of	of	ADP
emaj-18	230	10	emerging	emerge	VERB
emaj-18	230	11	market	market	NOUN
emaj-18	230	12	mnes	mne	NOUN
emaj-18	230	13	affect	affect	VERB
emaj-18	230	14	their	their	PRON
emaj-18	230	15	firm	firm	ADJ
emaj-18	230	16	value	value	NOUN
emaj-18	230	17	and	and	CCONJ
emaj-18	230	18	value	value	NOUN
emaj-18	230	19	creation	creation	NOUN
emaj-18	230	20	.	.	PUNCT
emaj-18	231	1	when	when	SCONJ
emaj-18	231	2	there	there	PRON
emaj-18	231	3	is	be	VERB
emaj-18	231	4	better	well	ADJ
emaj-18	231	5	corporate	corporate	ADJ
emaj-18	231	6	governance	governance	NOUN
emaj-18	231	7	within	within	ADP
emaj-18	231	8	the	the	DET
emaj-18	231	9	firms	firm	NOUN
emaj-18	231	10	,	,	PUNCT
emaj-18	231	11	the	the	DET
emaj-18	231	12	market	market	NOUN
emaj-18	231	13	value	value	NOUN
emaj-18	231	14	of	of	ADP
emaj-18	231	15	firms	firm	NOUN
emaj-18	231	16	increase	increase	VERB
emaj-18	231	17	.	.	PUNCT
emaj-18	232	1	when	when	SCONJ
emaj-18	232	2	we	we	PRON
emaj-18	232	3	consider	consider	VERB
emaj-18	232	4	the	the	DET
emaj-18	232	5	sub	sub	NOUN
emaj-18	232	6	-	-	NOUN
emaj-18	232	7	indices	index	NOUN
emaj-18	232	8	separately	separately	ADV
emaj-18	232	9	in	in	ADP
emaj-18	232	10	the	the	DET
emaj-18	232	11	regression	regression	NOUN
emaj-18	232	12	model	model	NOUN
emaj-18	232	13	,	,	PUNCT
emaj-18	232	14	it	it	PRON
emaj-18	232	15	is	be	AUX
emaj-18	232	16	inferred	infer	VERB
emaj-18	232	17	that	that	SCONJ
emaj-18	232	18	as	as	ADP
emaj-18	232	19	ownership	ownership	NOUN
emaj-18	232	20	structure	structure	NOUN
emaj-18	232	21	and	and	CCONJ
emaj-18	232	22	investor	investor	NOUN
emaj-18	232	23	relations	relation	NOUN
emaj-18	232	24	’	'	PUNCT
emaj-18	232	25	scores	score	NOUN
emaj-18	232	26	increase	increase	VERB
emaj-18	232	27	,	,	PUNCT
emaj-18	232	28	market	market	NOUN
emaj-18	232	29	value	value	NOUN
emaj-18	232	30	of	of	ADP
emaj-18	232	31	a	a	DET
emaj-18	232	32	firm	firm	ADJ
emaj-18	232	33	increases	increase	NOUN
emaj-18	232	34	as	as	ADV
emaj-18	232	35	well	well	ADV
emaj-18	232	36	.	.	PUNCT
emaj-18	233	1	however	however	ADV
emaj-18	233	2	,	,	PUNCT
emaj-18	233	3	high	high	ADJ
emaj-18	233	4	financial	financial	ADJ
emaj-18	233	5	transparency	transparency	NOUN
emaj-18	233	6	and	and	CCONJ
emaj-18	233	7	information	information	NOUN
emaj-18	233	8	disclosure	disclosure	NOUN
emaj-18	233	9	scores	score	NOUN
emaj-18	233	10	cause	cause	VERB
emaj-18	233	11	a	a	DET
emaj-18	233	12	decrease	decrease	NOUN
emaj-18	233	13	in	in	ADP
emaj-18	233	14	the	the	DET
emaj-18	233	15	firm	firm	ADJ
emaj-18	233	16	market	market	NOUN
emaj-18	233	17	value	value	NOUN
emaj-18	233	18	.	.	PUNCT
emaj-18	234	1	additionally	additionally	ADV
emaj-18	234	2	,	,	PUNCT
emaj-18	234	3	an	an	DET
emaj-18	234	4	increase	increase	NOUN
emaj-18	234	5	in	in	ADP
emaj-18	234	6	board	board	NOUN
emaj-18	234	7	and	and	CCONJ
emaj-18	234	8	management	management	NOUN
emaj-18	234	9	process	process	NOUN
emaj-18	234	10	scores	score	NOUN
emaj-18	234	11	,	,	PUNCT
emaj-18	234	12	causes	cause	VERB
emaj-18	234	13	a	a	DET
emaj-18	234	14	decrease	decrease	NOUN
emaj-18	234	15	in	in	ADP
emaj-18	234	16	the	the	DET
emaj-18	234	17	market	market	NOUN
emaj-18	234	18	value	value	NOUN
emaj-18	234	19	of	of	ADP
emaj-18	234	20	the	the	DET
emaj-18	234	21	firm	firm	NOUN
emaj-18	234	22	.	.	PUNCT
emaj-18	235	1	the	the	DET
emaj-18	235	2	results	result	NOUN
emaj-18	235	3	also	also	ADV
emaj-18	235	4	report	report	VERB
emaj-18	235	5	that	that	SCONJ
emaj-18	235	6	there	there	PRON
emaj-18	235	7	is	be	VERB
emaj-18	235	8	a	a	DET
emaj-18	235	9	negative	negative	ADJ
emaj-18	235	10	relationship	relationship	NOUN
emaj-18	235	11	between	between	ADP
emaj-18	235	12	tobin	tobin	PROPN
emaj-18	235	13	’s	’s	PART
emaj-18	235	14	q	q	NOUN
emaj-18	235	15	and	and	CCONJ
emaj-18	235	16	corruption	corruption	NOUN
emaj-18	235	17	,	,	PUNCT
emaj-18	235	18	indicating	indicate	VERB
emaj-18	235	19	that	that	SCONJ
emaj-18	235	20	as	as	SCONJ
emaj-18	235	21	corruption	corruption	NOUN
emaj-18	235	22	scores	score	NOUN
emaj-18	235	23	go	go	VERB
emaj-18	235	24	up	up	ADP
emaj-18	235	25	(	(	PUNCT
emaj-18	235	26	high	high	ADJ
emaj-18	235	27	corruption	corruption	NOUN
emaj-18	235	28	level	level	NOUN
emaj-18	235	29	within	within	ADP
emaj-18	235	30	a	a	DET
emaj-18	235	31	country	country	NOUN
emaj-18	235	32	)	)	PUNCT
emaj-18	235	33	,	,	PUNCT
emaj-18	235	34	the	the	DET
emaj-18	235	35	market	market	NOUN
emaj-18	235	36	value	value	NOUN
emaj-18	235	37	of	of	ADP
emaj-18	235	38	the	the	DET
emaj-18	235	39	firm	firm	NOUN
emaj-18	235	40	decreases	decrease	VERB
emaj-18	235	41	.	.	PUNCT
emaj-18	236	1	the	the	DET
emaj-18	236	2	findings	finding	NOUN
emaj-18	236	3	state	state	NOUN
emaj-18	236	4	that	that	SCONJ
emaj-18	236	5	high	high	ADJ
emaj-18	236	6	corruption	corruption	NOUN
emaj-18	236	7	level	level	NOUN
emaj-18	236	8	within	within	ADP
emaj-18	236	9	a	a	DET
emaj-18	236	10	given	give	VERB
emaj-18	236	11	country	country	NOUN
emaj-18	236	12	decreases	decrease	VERB
emaj-18	236	13	firm	firm	ADJ
emaj-18	236	14	value	value	NOUN
emaj-18	236	15	.	.	PUNCT
emaj-18	237	1	the	the	DET
emaj-18	237	2	type	type	NOUN
emaj-18	237	3	of	of	ADP
emaj-18	237	4	legal	legal	ADJ
emaj-18	237	5	structure	structure	NOUN
emaj-18	237	6	explains	explain	VERB
emaj-18	237	7	94.6	94.6	NUM
emaj-18	237	8	%	%	NOUN
emaj-18	237	9	of	of	ADP
emaj-18	237	10	the	the	DET
emaj-18	237	11	variation	variation	NOUN
emaj-18	237	12	in	in	ADP
emaj-18	237	13	the	the	DET
emaj-18	237	14	data	data	NOUN
emaj-18	237	15	.	.	PUNCT
emaj-18	238	1	(	(	PUNCT
emaj-18	238	2	type	type	NOUN
emaj-18	238	3	of	of	ADP
emaj-18	238	4	legal	legal	ADJ
emaj-18	238	5	structure	structure	NOUN
emaj-18	238	6	:	:	PUNCT
emaj-18	238	7	depending	depend	VERB
emaj-18	238	8	whether	whether	SCONJ
emaj-18	238	9	the	the	DET
emaj-18	238	10	country	country	NOUN
emaj-18	238	11	adheres	adhere	VERB
emaj-18	238	12	to	to	ADP
emaj-18	238	13	swiss	swiss	ADJ
emaj-18	238	14	law	law	NOUN
emaj-18	238	15	,	,	PUNCT
emaj-18	238	16	german	german	ADJ
emaj-18	238	17	law	law	NOUN
emaj-18	238	18	or	or	CCONJ
emaj-18	238	19	british	british	ADJ
emaj-18	238	20	law	law	NOUN
emaj-18	238	21	)	)	PUNCT
emaj-18	238	22	.	.	PUNCT
emaj-18	239	1	as	as	ADP
emaj-18	239	2	the	the	DET
emaj-18	239	3	efficiency	efficiency	NOUN
emaj-18	239	4	of	of	ADP
emaj-18	239	5	the	the	DET
emaj-18	239	6	legal	legal	ADJ
emaj-18	239	7	structure	structure	NOUN
emaj-18	239	8	increases	increase	NOUN
emaj-18	239	9	,	,	PUNCT
emaj-18	239	10	the	the	DET
emaj-18	239	11	market	market	NOUN
emaj-18	239	12	value	value	NOUN
emaj-18	239	13	increases	increase	NOUN
emaj-18	239	14	by	by	ADP
emaj-18	239	15	2.5	2.5	NUM
emaj-18	239	16	%	%	NOUN
emaj-18	239	17	.	.	PUNCT
emaj-18	240	1	as	as	SCONJ
emaj-18	240	2	country	country	NOUN
emaj-18	240	3	risk	risk	NOUN
emaj-18	240	4	increases	increase	VERB
emaj-18	240	5	the	the	DET
emaj-18	240	6	market	market	NOUN
emaj-18	240	7	value	value	NOUN
emaj-18	240	8	increases	increase	VERB
emaj-18	240	9	138	138	NUM
emaj-18	240	10	%	%	NOUN
emaj-18	240	11	and	and	CCONJ
emaj-18	240	12	as	as	SCONJ
emaj-18	240	13	shareholders	shareholder	NOUN
emaj-18	240	14	’	'	PUNCT
emaj-18	240	15	protection	protection	NOUN
emaj-18	240	16	increases	increase	NOUN
emaj-18	240	17	,	,	PUNCT
emaj-18	240	18	market	market	NOUN
emaj-18	240	19	value	value	NOUN
emaj-18	240	20	of	of	ADP
emaj-18	240	21	the	the	DET
emaj-18	240	22	firm	firm	NOUN
emaj-18	240	23	decreases	decrease	VERB
emaj-18	240	24	by	by	ADP
emaj-18	240	25	67.6	67.6	NUM
emaj-18	240	26	%	%	NOUN
emaj-18	240	27	.	.	PUNCT
emaj-18	241	1	this	this	DET
emaj-18	241	2	research	research	NOUN
emaj-18	241	3	further	far	ADV
emaj-18	241	4	contributes	contribute	VERB
emaj-18	241	5	to	to	ADP
emaj-18	241	6	the	the	DET
emaj-18	241	7	studies	study	NOUN
emaj-18	241	8	relating	relate	VERB
emaj-18	241	9	corporate	corporate	ADJ
emaj-18	241	10	governance	governance	NOUN
emaj-18	241	11	and	and	CCONJ
emaj-18	241	12	market	market	NOUN
emaj-18	241	13	value	value	NOUN
emaj-18	241	14	,	,	PUNCT
emaj-18	241	15	as	as	SCONJ
emaj-18	241	16	it	it	PRON
emaj-18	241	17	confirms	confirm	VERB
emaj-18	241	18	a	a	DET
emaj-18	241	19	positive	positive	ADJ
emaj-18	241	20	relationship	relationship	NOUN
emaj-18	241	21	between	between	ADP
emaj-18	241	22	the	the	DET
emaj-18	241	23	two	two	NUM
emaj-18	241	24	variables	variable	NOUN
emaj-18	241	25	.	.	PUNCT
emaj-18	242	1	the	the	DET
emaj-18	242	2	research	research	NOUN
emaj-18	242	3	also	also	ADV
emaj-18	242	4	includes	include	VERB
emaj-18	242	5	control	control	NOUN
emaj-18	242	6	variables	variable	NOUN
emaj-18	242	7	that	that	PRON
emaj-18	242	8	were	be	AUX
emaj-18	242	9	not	not	PART
emaj-18	242	10	previously	previously	ADV
emaj-18	242	11	used	use	VERB
emaj-18	242	12	in	in	ADP
emaj-18	242	13	other	other	ADJ
emaj-18	242	14	studies	study	NOUN
emaj-18	242	15	.	.	PUNCT
emaj-18	243	1	therefore	therefore	ADV
emaj-18	243	2	it	it	PRON
emaj-18	243	3	can	can	AUX
emaj-18	243	4	be	be	AUX
emaj-18	243	5	said	say	VERB
emaj-18	243	6	that	that	SCONJ
emaj-18	243	7	it	it	PRON
emaj-18	243	8	is	be	AUX
emaj-18	243	9	more	more	ADV
emaj-18	243	10	robust	robust	ADJ
emaj-18	243	11	than	than	ADP
emaj-18	243	12	the	the	DET
emaj-18	243	13	other	other	ADJ
emaj-18	243	14	studies	study	NOUN
emaj-18	243	15	.	.	PUNCT
emaj-18	244	1	our	our	PRON
emaj-18	244	2	findings	finding	NOUN
emaj-18	244	3	suggest	suggest	VERB
emaj-18	244	4	that	that	SCONJ
emaj-18	244	5	it	it	PRON
emaj-18	244	6	is	be	AUX
emaj-18	244	7	imperative	imperative	ADJ
emaj-18	244	8	for	for	SCONJ
emaj-18	244	9	firms	firm	NOUN
emaj-18	244	10	to	to	PART
emaj-18	244	11	enhance	enhance	VERB
emaj-18	244	12	their	their	PRON
emaj-18	244	13	corporate	corporate	ADJ
emaj-18	244	14	governance	governance	NOUN
emaj-18	244	15	standards	standard	NOUN
emaj-18	244	16	in	in	ADP
emaj-18	244	17	order	order	NOUN
emaj-18	244	18	to	to	PART
emaj-18	244	19	increase	increase	VERB
emaj-18	244	20	firm	firm	ADJ
emaj-18	244	21	value	value	NOUN
emaj-18	244	22	.	.	PUNCT
emaj-18	245	1	the	the	DET
emaj-18	245	2	findings	finding	NOUN
emaj-18	245	3	also	also	ADV
emaj-18	245	4	suggest	suggest	VERB
emaj-18	245	5	that	that	SCONJ
emaj-18	245	6	investors	investor	NOUN
emaj-18	245	7	need	need	VERB
emaj-18	245	8	to	to	PART
emaj-18	245	9	be	be	AUX
emaj-18	245	10	extra	extra	ADV
emaj-18	245	11	cautious	cautious	ADJ
emaj-18	245	12	when	when	SCONJ
emaj-18	245	13	investing	invest	VERB
emaj-18	245	14	in	in	ADP
emaj-18	245	15	firms	firm	NOUN
emaj-18	245	16	with	with	ADP
emaj-18	245	17	less	less	ADV
emaj-18	245	18	stringent	stringent	ADJ
emaj-18	245	19	corporate	corporate	ADJ
emaj-18	245	20	governance	governance	NOUN
emaj-18	245	21	mechanisms	mechanism	NOUN
emaj-18	245	22	.	.	PUNCT
emaj-18	246	1	future	future	ADJ
emaj-18	246	2	studies	study	NOUN
emaj-18	246	3	in	in	ADP
emaj-18	246	4	this	this	DET
emaj-18	246	5	area	area	NOUN
emaj-18	246	6	can	can	AUX
emaj-18	246	7	be	be	AUX
emaj-18	246	8	expanded	expand	VERB
emaj-18	246	9	by	by	ADP
emaj-18	246	10	incorporating	incorporate	VERB
emaj-18	246	11	other	other	ADJ
emaj-18	246	12	variables	variable	NOUN
emaj-18	246	13	to	to	PART
emaj-18	246	14	control	control	VERB
emaj-18	246	15	for	for	ADP
emaj-18	246	16	factors	factor	NOUN
emaj-18	246	17	outside	outside	ADP
emaj-18	246	18	of	of	ADP
emaj-18	246	19	the	the	DET
emaj-18	246	20	scope	scope	NOUN
emaj-18	246	21	of	of	ADP
emaj-18	246	22	this	this	DET
emaj-18	246	23	study	study	NOUN
emaj-18	246	24	.	.	PUNCT
emaj-18	247	1	vi	vi	X
emaj-18	247	2	.	.	PROPN
emaj-18	247	3	references	reference	NOUN
emaj-18	247	4	  	  	SPACE
emaj-18	247	5	1	1	NUM
emaj-18	247	6	.	.	X
emaj-18	247	7	agrawal	agrawal	PROPN
emaj-18	247	8	,	,	PUNCT
emaj-18	247	9	anup	anup	PROPN
emaj-18	247	10	.	.	PROPN
emaj-18	247	11	and	and	CCONJ
emaj-18	247	12	knoeber	knoeber	PROPN
emaj-18	247	13	,	,	PUNCT
emaj-18	247	14	charles	charles	PROPN
emaj-18	247	15	r.	r.	PROPN
emaj-18	247	16	“	"	PUNCT
emaj-18	247	17	firm	firm	ADJ
emaj-18	247	18	performance	performance	NOUN
emaj-18	247	19	and	and	CCONJ
emaj-18	247	20	mechanisms	mechanism	NOUN
emaj-18	247	21	to	to	PART
emaj-18	247	22	control	control	VERB
emaj-18	247	23	agency	agency	NOUN
emaj-18	247	24	problems	problem	NOUN
emaj-18	247	25	between	between	ADP
emaj-18	247	26	managers	manager	NOUN
emaj-18	247	27	and	and	CCONJ
emaj-18	247	28	shareholders	shareholder	NOUN
emaj-18	247	29	”	"	PUNCT
emaj-18	247	30	.	.	PUNCT
emaj-18	248	1	journal	journal	PROPN
emaj-18	248	2	of	of	ADP
emaj-18	248	3	financial	financial	ADJ
emaj-18	248	4	and	and	CCONJ
emaj-18	248	5	quantitative	quantitative	ADJ
emaj-18	248	6	analysis	analysis	NOUN
emaj-18	248	7	,	,	PUNCT
emaj-18	248	8	31(1996	31(1996	NUM
emaj-18	248	9	)	)	PUNCT
emaj-18	248	10	.	.	PUNCT
emaj-18	249	1	2	2	X
emaj-18	249	2	.	.	X
emaj-18	249	3	black	black	ADJ
emaj-18	249	4	,	,	PUNCT
emaj-18	249	5	jang	jang	PROPN
emaj-18	249	6	and	and	CCONJ
emaj-18	249	7	kim	kim	PROPN
emaj-18	249	8	(	(	PUNCT
emaj-18	249	9	2003	2003	NUM
emaj-18	249	10	)	)	PUNCT
emaj-18	249	11	,	,	PUNCT
emaj-18	249	12	“	"	PUNCT
emaj-18	249	13	does	do	AUX
emaj-18	249	14	corporate	corporate	ADJ
emaj-18	249	15	governance	governance	NOUN
emaj-18	249	16	affect	affect	VERB
emaj-18	249	17	firms	firm	NOUN
emaj-18	249	18	’	’	PART
emaj-18	249	19	market	market	NOUN
emaj-18	249	20	values?,”social	values?,”social	PROPN
emaj-18	249	21	science	science	NOUN
emaj-18	249	22	research	research	NOUN
emaj-18	249	23	network	network	NOUN
emaj-18	249	24	electronic	electronic	ADJ
emaj-18	249	25	library	library	NOUN
emaj-18	249	26	at	at	ADP
emaj-18	249	27	:	:	PUNCT
emaj-18	249	28	http://papers.ssrn.com/abstract	http://papers.ssrn.com/abstract	PROPN
emaj-18	249	29	=	=	NOUN
emaj-18	249	30	311275	311275	NUM
emaj-18	249	31	.	.	PUNCT
emaj-18	250	1	3	3	X
emaj-18	250	2	.	.	X
emaj-18	250	3	black	black	ADJ
emaj-18	250	4	,	,	PUNCT
emaj-18	250	5	bernard	bernard	PROPN
emaj-18	250	6	(	(	PUNCT
emaj-18	250	7	2001	2001	NUM
emaj-18	250	8	)	)	PUNCT
emaj-18	250	9	,	,	PUNCT
emaj-18	250	10	“	"	PUNCT
emaj-18	250	11	the	the	DET
emaj-18	250	12	corporate	corporate	ADJ
emaj-18	250	13	governance	governance	NOUN
emaj-18	250	14	behavior	behavior	NOUN
emaj-18	250	15	and	and	CCONJ
emaj-18	250	16	market	market	NOUN
emaj-18	250	17	value	value	NOUN
emaj-18	250	18	of	of	ADP
emaj-18	250	19	russian	russian	ADJ
emaj-18	250	20	firms	firm	NOUN
emaj-18	250	21	,	,	PUNCT
emaj-18	250	22	”	"	PUNCT
emaj-18	250	23	emerging	emerge	VERB
emaj-18	250	24	markets	market	NOUN
emaj-18	250	25	review	review	VERB
emaj-18	250	26	,	,	PUNCT
emaj-18	250	27	vol	vol	NOUN
emaj-18	250	28	.	.	PROPN
emaj-18	251	1	2	2	NUM
emaj-18	251	2	,	,	PUNCT
emaj-18	251	3	pp	pp	ADJ
emaj-18	251	4	.	.	PUNCT
emaj-18	252	1	89	89	NUM
emaj-18	252	2	-	-	SYM
emaj-18	252	3	108	108	NUM
emaj-18	252	4	.	.	PUNCT
emaj-18	253	1	corporate	corporate	ADJ
emaj-18	253	2	governance	governance	NOUN
emaj-18	253	3	and	and	CCONJ
emaj-18	253	4	firm	firm	ADJ
emaj-18	253	5	value	value	NOUN
emaj-18	253	6	in	in	ADP
emaj-18	253	7	emerging	emerge	VERB
emaj-18	253	8	markets	market	NOUN
emaj-18	253	9	an	an	DET
emaj-18	253	10	empirical	empirical	ADJ
emaj-18	253	11	analysis	analysis	NOUN
emaj-18	253	12	of	of	ADP
emaj-18	253	13	adr	adr	PROPN
emaj-18	253	14	issuing	issue	VERB
emaj-18	253	15	emerging	emerge	VERB
emaj-18	253	16	market	market	NOUN
emaj-18	253	17	firms	firm	NOUN
emaj-18	253	18	emerging	emerge	VERB
emaj-18	253	19	markets	market	NOUN
emaj-18	253	20	journal	journal	NOUN
emaj-18	253	21	|	|	ADV
emaj-18	253	22	p	p	NOUN
emaj-18	253	23	a	a	DET
emaj-18	253	24	g	g	NOUN
emaj-18	253	25	e	e	NOUN
emaj-18	253	26	|	|	ADV
emaj-18	253	27	50	50	NUM
emaj-18	253	28	volume	volume	NOUN
emaj-18	253	29	2	2	NUM
emaj-18	253	30	(	(	PUNCT
emaj-18	253	31	2012	2012	NUM
emaj-18	253	32	)	)	PUNCT
emaj-18	253	33	|	|	ADV
emaj-18	253	34	issn	issn	VERB
emaj-18	253	35	2158	2158	NUM
emaj-18	253	36	-	-	SYM
emaj-18	253	37	8708	8708	NUM
emaj-18	253	38	(	(	PUNCT
emaj-18	253	39	online	online	NOUN
emaj-18	253	40	)	)	PUNCT
emaj-18	253	41	|	|	ADV
emaj-18	253	42	doi	doi	X
emaj-18	253	43	10.5195	10.5195	NUM
emaj-18	253	44	/	/	SYM
emaj-18	253	45	emaj.2012.18	emaj.2012.18	NOUN
emaj-18	253	46	|	|	ADV
emaj-18	253	47	http://emaj.pitt.edu	http://emaj.pitt.edu	X
emaj-18	253	48	4	4	NUM
emaj-18	253	49	.	.	PUNCT
emaj-18	254	1	doidge	doidge	PROPN
emaj-18	254	2	,	,	PUNCT
emaj-18	254	3	c	c	X
emaj-18	254	4	,	,	PUNCT
emaj-18	254	5	andrew	andrew	PROPN
emaj-18	254	6	karolyi	karolyi	PROPN
emaj-18	254	7	,	,	PUNCT
emaj-18	254	8	and	and	CCONJ
emaj-18	254	9	rene	rene	PROPN
emaj-18	254	10	m.	m.	NOUN
emaj-18	254	11	stulz	stulz	PROPN
emaj-18	254	12	(	(	PUNCT
emaj-18	254	13	2002	2002	NUM
emaj-18	254	14	)	)	PUNCT
emaj-18	254	15	,	,	PUNCT
emaj-18	254	16	"	"	PUNCT
emaj-18	254	17	why	why	SCONJ
emaj-18	254	18	are	be	AUX
emaj-18	254	19	foreign	foreign	ADJ
emaj-18	254	20	firms	firm	NOUN
emaj-18	254	21	listed	list	VERB
emaj-18	254	22	in	in	ADP
emaj-18	254	23	the	the	DET
emaj-18	254	24	u.s	u.s	PROPN
emaj-18	254	25	.	.	PROPN
emaj-18	254	26	worth	worth	ADJ
emaj-18	254	27	more	more	ADV
emaj-18	254	28	?	?	PUNCT
emaj-18	254	29	,	,	PUNCT
emaj-18	254	30	"	"	PUNCT
emaj-18	254	31	working	work	VERB
emaj-18	254	32	paper	paper	NOUN
emaj-18	254	33	at	at	ADP
emaj-18	254	34	:	:	PUNCT
emaj-18	254	35	http://ssrn.com/abstract	http://ssrn.com/abstract	PROPN
emaj-18	254	36	=	=	SYM
emaj-18	254	37	2853397	2853397	NUM
emaj-18	254	38	.	.	PUNCT
emaj-18	255	1	5	5	X
emaj-18	255	2	.	.	X
emaj-18	255	3	dowell	dowell	PROPN
emaj-18	255	4	,	,	PUNCT
emaj-18	255	5	hart	hart	PROPN
emaj-18	255	6	and	and	CCONJ
emaj-18	255	7	yeung	yeung	PROPN
emaj-18	255	8	(	(	PUNCT
emaj-18	255	9	2000	2000	NUM
emaj-18	255	10	)	)	PUNCT
emaj-18	255	11	,	,	PUNCT
emaj-18	255	12	do	do	VERB
emaj-18	255	13	corporate	corporate	ADJ
emaj-18	255	14	global	global	ADJ
emaj-18	255	15	environmental	environmental	ADJ
emaj-18	255	16	standards	standard	NOUN
emaj-18	255	17	create	create	VERB
emaj-18	255	18	or	or	CCONJ
emaj-18	255	19	destroy	destroy	VERB
emaj-18	255	20	market	market	NOUN
emaj-18	255	21	value	value	NOUN
emaj-18	255	22	?	?	PUNCT
emaj-18	256	1	management	management	NOUN
emaj-18	256	2	science	science	NOUN
emaj-18	256	3	.	.	PUNCT
emaj-18	257	1	vol	vol	NOUN
emaj-18	257	2	,	,	PUNCT
emaj-18	257	3	46	46	NUM
emaj-18	257	4	no	no	NOUN
emaj-18	257	5	.	.	NOUN
emaj-18	257	6	8	8	NUM
emaj-18	257	7	1059	1059	NUM
emaj-18	257	8	-	-	SYM
emaj-18	257	9	1074	1074	NUM
emaj-18	257	10	.	.	PUNCT
emaj-18	258	1	6	6	NUM
emaj-18	258	2	.	.	X
emaj-18	258	3	fama	fama	PROPN
emaj-18	258	4	,	,	PUNCT
emaj-18	258	5	e.	e.	PROPN
emaj-18	258	6	,	,	PUNCT
emaj-18	258	7	l.	l.	PROPN
emaj-18	258	8	fisher	fisher	PROPN
emaj-18	258	9	,	,	PUNCT
emaj-18	258	10	m.	m.	PROPN
emaj-18	258	11	jensen	jensen	PROPN
emaj-18	258	12	and	and	CCONJ
emaj-18	258	13	r	r	NOUN
emaj-18	258	14	roll	roll	NOUN
emaj-18	258	15	.	.	PUNCT
emaj-18	259	1	(	(	PUNCT
emaj-18	259	2	1969	1969	NUM
emaj-18	259	3	)	)	PUNCT
emaj-18	259	4	“	"	PUNCT
emaj-18	259	5	the	the	DET
emaj-18	259	6	adjustment	adjustment	NOUN
emaj-18	259	7	of	of	ADP
emaj-18	259	8	stock	stock	NOUN
emaj-18	259	9	prices	price	NOUN
emaj-18	259	10	to	to	ADP
emaj-18	259	11	new	new	ADJ
emaj-18	259	12	information	information	NOUN
emaj-18	259	13	.	.	PUNCT
emaj-18	259	14	”	"	PUNCT
emaj-18	260	1	international	international	ADJ
emaj-18	260	2	economic	economic	ADJ
emaj-18	260	3	review	review	NOUN
emaj-18	260	4	10	10	NUM
emaj-18	260	5	:	:	SYM
emaj-18	260	6	1	1	NUM
emaj-18	260	7	-	-	SYM
emaj-18	260	8	21	21	NUM
emaj-18	260	9	.	.	PUNCT
emaj-18	261	1	7	7	X
emaj-18	261	2	.	.	X
emaj-18	262	1	gompers	gomper	NOUN
emaj-18	262	2	,	,	PUNCT
emaj-18	262	3	p	p	NOUN
emaj-18	262	4	,	,	PUNCT
emaj-18	262	5	joy	joy	NOUN
emaj-18	262	6	l.ishii	l.ishii	NOUN
emaj-18	262	7	,	,	PUNCT
emaj-18	262	8	and	and	CCONJ
emaj-18	262	9	andrew	andrew	PROPN
emaj-18	262	10	metrick	metrick	PROPN
emaj-18	262	11	(	(	PUNCT
emaj-18	262	12	2003	2003	NUM
emaj-18	262	13	)	)	PUNCT
emaj-18	262	14	,	,	PUNCT
emaj-18	262	15	"	"	PUNCT
emaj-18	262	16	corporate	corporate	ADJ
emaj-18	262	17	governance	governance	NOUN
emaj-18	262	18	and	and	CCONJ
emaj-18	262	19	equity	equity	NOUN
emaj-18	262	20	prices	price	NOUN
emaj-18	262	21	"	"	PUNCT
emaj-18	262	22	,	,	PUNCT
emaj-18	262	23	quarterly	quarterly	ADJ
emaj-18	262	24	journal	journal	NOUN
emaj-18	262	25	of	of	ADP
emaj-18	262	26	economics	economic	NOUN
emaj-18	262	27	,	,	PUNCT
emaj-18	262	28	vol	vol	NOUN
emaj-18	262	29	.	.	PROPN
emaj-18	262	30	118	118	NUM
emaj-18	262	31	,	,	PUNCT
emaj-18	262	32	pp	pp	ADJ
emaj-18	262	33	.	.	PUNCT
emaj-18	263	1	107	107	NUM
emaj-18	263	2	-	-	SYM
emaj-18	263	3	155	155	NUM
emaj-18	263	4	.	.	NOUN
emaj-18	263	5	8	8	NUM
emaj-18	263	6	.	.	PUNCT
emaj-18	263	7	hellman	hellman	PROPN
emaj-18	263	8	,	,	PUNCT
emaj-18	263	9	j.	j.	PROPN
emaj-18	263	10	,	,	PUNCT
emaj-18	263	11	g.	g.	PROPN
emaj-18	263	12	jones	jones	PROPN
emaj-18	263	13	,	,	PUNCT
emaj-18	263	14	and	and	CCONJ
emaj-18	263	15	d.	d.	PROPN
emaj-18	263	16	kaufmann	kaufmann	PROPN
emaj-18	263	17	(	(	PUNCT
emaj-18	263	18	2000	2000	NUM
emaj-18	263	19	)	)	PUNCT
emaj-18	263	20	,	,	PUNCT
emaj-18	263	21	“	"	PUNCT
emaj-18	263	22	are	be	AUX
emaj-18	263	23	foreign	foreign	ADJ
emaj-18	263	24	investors	investor	NOUN
emaj-18	263	25	and	and	CCONJ
emaj-18	263	26	multinationals	multinational	NOUN
emaj-18	263	27	engaging	engage	VERB
emaj-18	263	28	in	in	ADP
emaj-18	263	29	corrupt	corrupt	ADJ
emaj-18	263	30	practices	practice	NOUN
emaj-18	263	31	in	in	ADP
emaj-18	263	32	transition	transition	NOUN
emaj-18	263	33	economies	economy	NOUN
emaj-18	263	34	?	?	PUNCT
emaj-18	263	35	”	"	PUNCT
emaj-18	264	1	the	the	DET
emaj-18	264	2	world	world	PROPN
emaj-18	264	3	bank	bank	PROPN
emaj-18	264	4	/	/	SYM
emaj-18	264	5	the	the	DET
emaj-18	264	6	william	william	PROPN
emaj-18	264	7	davidson	davidson	PROPN
emaj-18	264	8	institute	institute	PROPN
emaj-18	264	9	.	.	PUNCT
emaj-18	265	1	9	9	X
emaj-18	265	2	.	.	X
emaj-18	265	3	hellman	hellman	NOUN
emaj-18	265	4	,	,	PUNCT
emaj-18	265	5	joel	joel	PROPN
emaj-18	265	6	and	and	CCONJ
emaj-18	265	7	jones	jones	PROPN
emaj-18	265	8	,	,	PUNCT
emaj-18	265	9	geraint	geraint	PROPN
emaj-18	265	10	and	and	CCONJ
emaj-18	265	11	kauffman	kauffman	PROPN
emaj-18	265	12	,	,	PUNCT
emaj-18	265	13	daniel	daniel	PROPN
emaj-18	265	14	and	and	CCONJ
emaj-18	265	15	schankerman	schankerman	NOUN
emaj-18	265	16	,	,	PUNCT
emaj-18	265	17	mark	mark	PROPN
emaj-18	265	18	a.	a.	NOUN
emaj-18	265	19	“	"	PUNCT
emaj-18	265	20	measuring	measure	VERB
emaj-18	265	21	governance	governance	NOUN
emaj-18	265	22	,	,	PUNCT
emaj-18	265	23	corruption	corruption	NOUN
emaj-18	265	24	,	,	PUNCT
emaj-18	265	25	and	and	CCONJ
emaj-18	265	26	state	state	NOUN
emaj-18	265	27	capture	capture	NOUN
emaj-18	265	28	:	:	PUNCT
emaj-18	265	29	how	how	SCONJ
emaj-18	265	30	firms	firm	NOUN
emaj-18	265	31	and	and	CCONJ
emaj-18	265	32	bureaucrats	bureaucrat	NOUN
emaj-18	265	33	shape	shape	VERB
emaj-18	265	34	the	the	DET
emaj-18	265	35	business	business	NOUN
emaj-18	265	36	environment	environment	NOUN
emaj-18	265	37	in	in	ADP
emaj-18	265	38	transition	transition	NOUN
emaj-18	265	39	economies	economy	NOUN
emaj-18	265	40	”	"	PUNCT
emaj-18	265	41	.	.	PUNCT
emaj-18	266	1	world	world	PROPN
emaj-18	266	2	bank	bank	PROPN
emaj-18	266	3	institute	institute	PROPN
emaj-18	266	4	of	of	ADP
emaj-18	266	5	governance	governance	NOUN
emaj-18	266	6	,	,	PUNCT
emaj-18	266	7	regulation	regulation	NOUN
emaj-18	266	8	and	and	CCONJ
emaj-18	266	9	finance	finance	NOUN
emaj-18	266	10	.	.	PUNCT
emaj-18	267	1	2312	2312	NUM
emaj-18	267	2	.	.	PUNCT
emaj-18	268	1	washington	washington	PROPN
emaj-18	268	2	d.c	d.c	PROPN
emaj-18	268	3	.	.	PUNCT
emaj-18	269	1	(	(	PUNCT
emaj-18	269	2	2000	2000	NUM
emaj-18	269	3	)	)	PUNCT
emaj-18	269	4	.	.	PUNCT
emaj-18	270	1	10	10	NUM
emaj-18	270	2	.	.	X
emaj-18	271	1	kaufmann	kaufmann	PROPN
emaj-18	271	2	,	,	PUNCT
emaj-18	271	3	d.	d.	PROPN
emaj-18	271	4	,	,	PUNCT
emaj-18	271	5	and	and	CCONJ
emaj-18	271	6	s.-j	s.-j	PROPN
emaj-18	271	7	.	.	PUNCT
emaj-18	272	1	wei	wei	PROPN
emaj-18	272	2	(	(	PUNCT
emaj-18	272	3	1999	1999	NUM
emaj-18	272	4	)	)	PUNCT
emaj-18	272	5	,	,	PUNCT
emaj-18	272	6	“	"	PUNCT
emaj-18	272	7	does	do	VERB
emaj-18	272	8	‘	'	PUNCT
emaj-18	272	9	grease	grease	NOUN
emaj-18	272	10	money	money	NOUN
emaj-18	272	11	’	'	PUNCT
emaj-18	272	12	speed	speed	NOUN
emaj-18	272	13	up	up	ADP
emaj-18	272	14	the	the	DET
emaj-18	272	15	wheels	wheel	NOUN
emaj-18	272	16	of	of	ADP
emaj-18	272	17	commerce	commerce	NOUN
emaj-18	272	18	?	?	PUNCT
emaj-18	272	19	”	"	PUNCT
emaj-18	273	1	the	the	DET
emaj-18	273	2	world	world	PROPN
emaj-18	273	3	bank	bank	PROPN
emaj-18	273	4	and	and	CCONJ
emaj-18	273	5	harvard	harvard	PROPN
emaj-18	273	6	university	university	PROPN
emaj-18	273	7	.	.	PUNCT
emaj-18	274	1	working	work	VERB
emaj-18	274	2	paper	paper	NOUN
emaj-18	274	3	.	.	PUNCT
emaj-18	275	1	no	no	INTJ
emaj-18	275	2	.	.	NOUN
emaj-18	275	3	2254	2254	NUM
emaj-18	275	4	.	.	PUNCT
emaj-18	276	1	11	11	NUM
emaj-18	276	2	.	.	X
emaj-18	277	1	kaufmann	kaufmann	PROPN
emaj-18	277	2	,	,	PUNCT
emaj-18	277	3	d.	d.	PROPN
emaj-18	277	4	,	,	PUNCT
emaj-18	277	5	and	and	CCONJ
emaj-18	277	6	s.-j	s.-j	PROPN
emaj-18	277	7	.	.	PUNCT
emaj-18	278	1	wei	wei	PROPN
emaj-18	278	2	(	(	PUNCT
emaj-18	278	3	2000	2000	NUM
emaj-18	278	4	)	)	PUNCT
emaj-18	278	5	,	,	PUNCT
emaj-18	278	6	“	"	PUNCT
emaj-18	278	7	measuring	measure	VERB
emaj-18	278	8	governance	governance	NOUN
emaj-18	278	9	,	,	PUNCT
emaj-18	278	10	corruption	corruption	NOUN
emaj-18	278	11	,	,	PUNCT
emaj-18	278	12	and	and	CCONJ
emaj-18	278	13	state	state	NOUN
emaj-18	278	14	capture	capture	NOUN
emaj-18	278	15	–	–	PUNCT
emaj-18	278	16	how	how	SCONJ
emaj-18	278	17	firms	firm	NOUN
emaj-18	278	18	and	and	CCONJ
emaj-18	278	19	bureaucrats	bureaucrat	NOUN
emaj-18	278	20	shape	shape	VERB
emaj-18	278	21	the	the	DET
emaj-18	278	22	business	business	NOUN
emaj-18	278	23	environment	environment	NOUN
emaj-18	278	24	in	in	ADP
emaj-18	278	25	transition	transition	NOUN
emaj-18	278	26	economies	economy	NOUN
emaj-18	278	27	”	"	PUNCT
emaj-18	278	28	the	the	DET
emaj-18	278	29	world	world	PROPN
emaj-18	278	30	bank	bank	PROPN
emaj-18	278	31	and	and	CCONJ
emaj-18	278	32	harvard	harvard	PROPN
emaj-18	278	33	university	university	PROPN
emaj-18	278	34	.	.	PUNCT
emaj-18	279	1	working	work	VERB
emaj-18	279	2	paper	paper	PROPN
emaj-18	279	3	no	no	INTJ
emaj-18	279	4	.	.	PROPN
emaj-18	280	1	2312	2312	NUM
emaj-18	280	2	.	.	PUNCT
emaj-18	281	1	12	12	NUM
emaj-18	281	2	.	.	PUNCT
emaj-18	281	3	klapper	klapper	PROPN
emaj-18	281	4	,	,	PUNCT
emaj-18	281	5	l.	l.	PROPN
emaj-18	281	6	and	and	CCONJ
emaj-18	281	7	inessa	inessa	PROPN
emaj-18	281	8	love	love	NOUN
emaj-18	281	9	(	(	PUNCT
emaj-18	281	10	2002	2002	NUM
emaj-18	281	11	)	)	PUNCT
emaj-18	281	12	,	,	PUNCT
emaj-18	281	13	“	"	PUNCT
emaj-18	281	14	corporate	corporate	ADJ
emaj-18	281	15	governance	governance	NOUN
emaj-18	281	16	,	,	PUNCT
emaj-18	281	17	investor	investor	NOUN
emaj-18	281	18	ptotection	ptotection	NOUN
emaj-18	281	19	,	,	PUNCT
emaj-18	281	20	and	and	CCONJ
emaj-18	281	21	performance	performance	NOUN
emaj-18	281	22	in	in	ADP
emaj-18	281	23	emerging	emerge	VERB
emaj-18	281	24	markets	market	NOUN
emaj-18	281	25	”	"	PUNCT
emaj-18	281	26	,	,	PUNCT
emaj-18	281	27	world	world	NOUN
emaj-18	281	28	bank	bank	PROPN
emaj-18	281	29	policy	policy	NOUN
emaj-18	281	30	research	research	NOUN
emaj-18	281	31	working	work	VERB
emaj-18	281	32	paper	paper	NOUN
emaj-18	281	33	2818	2818	NUM
emaj-18	281	34	.	.	PUNCT
emaj-18	282	1	13	13	NUM
emaj-18	282	2	.	.	PUNCT
emaj-18	282	3	laporta	laporta	PROPN
emaj-18	282	4	,	,	PUNCT
emaj-18	282	5	r.	r.	PROPN
emaj-18	282	6	f.	f.	PROPN
emaj-18	282	7	silanes	silanes	PROPN
emaj-18	282	8	,	,	PUNCT
emaj-18	282	9	and	and	CCONJ
emaj-18	282	10	a.	a.	NOUN
emaj-18	282	11	shleifer	shleifer	PROPN
emaj-18	282	12	(	(	PUNCT
emaj-18	282	13	1999	1999	NUM
emaj-18	282	14	)	)	PUNCT
emaj-18	282	15	“	"	PUNCT
emaj-18	282	16	corporate	corporate	ADJ
emaj-18	282	17	ownership	ownership	NOUN
emaj-18	282	18	around	around	ADP
emaj-18	282	19	the	the	DET
emaj-18	282	20	world	world	NOUN
emaj-18	282	21	,	,	PUNCT
emaj-18	282	22	”	"	PUNCT
emaj-18	282	23	journal	journal	NOUN
emaj-18	282	24	of	of	ADP
emaj-18	282	25	finance	finance	NOUN
emaj-18	282	26	,	,	PUNCT
emaj-18	282	27	vol	vol	NOUN
emaj-18	282	28	.	.	PROPN
emaj-18	282	29	54	54	NUM
emaj-18	282	30	,	,	PUNCT
emaj-18	282	31	pp	pp	ADJ
emaj-18	282	32	.	.	PUNCT
emaj-18	283	1	471	471	NUM
emaj-18	283	2	-	-	SYM
emaj-18	283	3	517	517	NUM
emaj-18	283	4	.	.	PUNCT
emaj-18	284	1	14	14	NUM
emaj-18	284	2	.	.	PUNCT
emaj-18	285	1	laporta	laporta	PROPN
emaj-18	285	2	,	,	PUNCT
emaj-18	285	3	r.	r.	PROPN
emaj-18	285	4	f.	f.	PROPN
emaj-18	285	5	silanes	silanes	PROPN
emaj-18	285	6	,	,	PUNCT
emaj-18	285	7	a.	a.	NOUN
emaj-18	285	8	shleifer	shleifer	NOUN
emaj-18	285	9	,	,	PUNCT
emaj-18	285	10	and	and	CCONJ
emaj-18	285	11	r.w	r.w	PROPN
emaj-18	285	12	.	.	PROPN
emaj-18	285	13	vishny	vishny	PROPN
emaj-18	285	14	(	(	PUNCT
emaj-18	285	15	2000	2000	NUM
emaj-18	285	16	)	)	PUNCT
emaj-18	285	17	“	"	PUNCT
emaj-18	285	18	agency	agency	NOUN
emaj-18	285	19	problems	problem	NOUN
emaj-18	285	20	and	and	CCONJ
emaj-18	285	21	dividend	dividend	NOUN
emaj-18	285	22	policies	policy	NOUN
emaj-18	285	23	around	around	ADP
emaj-18	285	24	the	the	DET
emaj-18	285	25	world	world	NOUN
emaj-18	285	26	,	,	PUNCT
emaj-18	285	27	”	"	PUNCT
emaj-18	285	28	journal	journal	NOUN
emaj-18	285	29	of	of	ADP
emaj-18	285	30	finance	finance	NOUN
emaj-18	285	31	,	,	PUNCT
emaj-18	285	32	vol	vol	NOUN
emaj-18	285	33	.	.	PROPN
emaj-18	285	34	55	55	NUM
emaj-18	285	35	,	,	PUNCT
emaj-18	285	36	pp	pp	ADJ
emaj-18	285	37	.	.	PUNCT
emaj-18	286	1	1	1	NUM
emaj-18	286	2	-	-	SYM
emaj-18	286	3	33	33	NUM
emaj-18	286	4	.	.	NOUN
emaj-18	287	1	15	15	NUM
emaj-18	287	2	.	.	PUNCT
emaj-18	288	1	laporta	laporta	PROPN
emaj-18	288	2	,	,	PUNCT
emaj-18	288	3	rafael	rafael	PROPN
emaj-18	288	4	and	and	CCONJ
emaj-18	288	5	lopez	lopez	PROPN
emaj-18	288	6	de	de	PROPN
emaj-18	288	7	silanes	silanes	PROPN
emaj-18	288	8	,	,	PUNCT
emaj-18	288	9	florencio	florencio	PROPN
emaj-18	288	10	and	and	CCONJ
emaj-18	288	11	shleifer	shleifer	PROPN
emaj-18	288	12	,	,	PUNCT
emaj-18	288	13	andrei	andrei	PROPN
emaj-18	288	14	and	and	CCONJ
emaj-18	288	15	vishny	vishny	PROPN
emaj-18	288	16	,	,	PUNCT
emaj-18	288	17	robert	robert	PROPN
emaj-18	288	18	w.	w.	PROPN
emaj-18	288	19	(	(	PUNCT
emaj-18	288	20	2000	2000	NUM
emaj-18	288	21	)	)	PUNCT
emaj-18	288	22	.	.	PUNCT
emaj-18	289	1	“	"	PUNCT
emaj-18	289	2	investor	investor	NOUN
emaj-18	289	3	protection	protection	NOUN
emaj-18	289	4	and	and	CCONJ
emaj-18	289	5	corporate	corporate	ADJ
emaj-18	289	6	governance	governance	NOUN
emaj-18	289	7	”	"	PUNCT
emaj-18	289	8	.	.	PUNCT
emaj-18	290	1	journal	journal	PROPN
emaj-18	290	2	of	of	ADP
emaj-18	290	3	financial	financial	ADJ
emaj-18	290	4	economics	economic	NOUN
emaj-18	290	5	.	.	PUNCT
emaj-18	291	1	58	58	NUM
emaj-18	291	2	,	,	PUNCT
emaj-18	291	3	pp	pp	ADJ
emaj-18	291	4	.	.	PUNCT
emaj-18	292	1	3	3	NUM
emaj-18	292	2	-	-	SYM
emaj-18	292	3	27	27	NUM
emaj-18	292	4	.	.	PUNCT
emaj-18	293	1	16	16	NUM
emaj-18	293	2	.	.	PUNCT
emaj-18	294	1	maher	maher	PROPN
emaj-18	294	2	,	,	PUNCT
emaj-18	294	3	m.	m.	NOUN
emaj-18	294	4	and	and	CCONJ
emaj-18	294	5	t.	t.	PROPN
emaj-18	294	6	andersson	andersson	PROPN
emaj-18	294	7	(	(	PUNCT
emaj-18	294	8	2000	2000	NUM
emaj-18	294	9	)	)	PUNCT
emaj-18	294	10	,	,	PUNCT
emaj-18	294	11	convergence	convergence	NOUN
emaj-18	294	12	and	and	CCONJ
emaj-18	294	13	diversity	diversity	NOUN
emaj-18	294	14	of	of	ADP
emaj-18	294	15	corporate	corporate	ADJ
emaj-18	294	16	regimes	regime	NOUN
emaj-18	294	17	and	and	CCONJ
emaj-18	294	18	capital	capital	NOUN
emaj-18	294	19	markets	market	NOUN
emaj-18	294	20	,	,	PUNCT
emaj-18	294	21	oxford	oxford	PROPN
emaj-18	294	22	university	university	PROPN
emaj-18	294	23	press	press	NOUN
emaj-18	294	24	,	,	PUNCT
emaj-18	294	25	oxford	oxford	PROPN
emaj-18	294	26	.	.	PUNCT
emaj-18	295	1	17	17	NUM
emaj-18	295	2	.	.	PUNCT
emaj-18	296	1	modigliani	modigliani	PROPN
emaj-18	296	2	,	,	PUNCT
emaj-18	296	3	franco	franco	PROPN
emaj-18	296	4	and	and	CCONJ
emaj-18	296	5	enrico	enrico	PROPN
emaj-18	296	6	perotti	perotti	PROPN
emaj-18	296	7	(	(	PUNCT
emaj-18	296	8	2000	2000	NUM
emaj-18	296	9	)	)	PUNCT
emaj-18	296	10	,	,	PUNCT
emaj-18	296	11	“	"	PUNCT
emaj-18	296	12	security	security	NOUN
emaj-18	296	13	versus	versus	ADP
emaj-18	296	14	bank	bank	NOUN
emaj-18	296	15	finance	finance	NOUN
emaj-18	296	16	:	:	PUNCT
emaj-18	296	17	the	the	DET
emaj-18	296	18	importance	importance	NOUN
emaj-18	296	19	of	of	ADP
emaj-18	296	20	a	a	DET
emaj-18	296	21	proper	proper	ADJ
emaj-18	296	22	enforcement	enforcement	NOUN
emaj-18	296	23	of	of	ADP
emaj-18	296	24	legal	legal	ADJ
emaj-18	296	25	rules	rule	NOUN
emaj-18	296	26	,	,	PUNCT
emaj-18	296	27	”	"	PUNCT
emaj-18	296	28	international	international	ADJ
emaj-18	296	29	review	review	NOUN
emaj-18	296	30	of	of	ADP
emaj-18	296	31	finance	finance	NOUN
emaj-18	296	32	,	,	PUNCT
emaj-18	296	33	vol	vol	NOUN
emaj-18	296	34	.	.	PROPN
emaj-18	297	1	1	1	NUM
emaj-18	297	2	,	,	PUNCT
emaj-18	297	3	pp	pp	ADJ
emaj-18	297	4	.	.	PUNCT
emaj-18	298	1	81	81	NUM
emaj-18	298	2	-	-	SYM
emaj-18	298	3	96	96	NUM
emaj-18	298	4	.	.	PUNCT
emaj-18	299	1	18	18	NUM
emaj-18	299	2	.	.	PUNCT
emaj-18	300	1	oecd	oecd	PROPN
emaj-18	300	2	report	report	PROPN
emaj-18	300	3	(	(	PUNCT
emaj-18	300	4	1987	1987	NUM
emaj-18	300	5	–	–	PUNCT
emaj-18	300	6	1997	1997	NUM
emaj-18	300	7	)	)	PUNCT
emaj-18	300	8	.	.	PUNCT
emaj-18	301	1	19	19	NUM
emaj-18	301	2	.	.	PUNCT
emaj-18	302	1	oecd	oecd	PROPN
emaj-18	302	2	,	,	PUNCT
emaj-18	302	3	“	"	PUNCT
emaj-18	302	4	principles	principle	NOUN
emaj-18	302	5	of	of	ADP
emaj-18	302	6	corporate	corporate	ADJ
emaj-18	302	7	governance	governance	NOUN
emaj-18	302	8	”	"	PUNCT
emaj-18	302	9	.	.	PUNCT
emaj-18	303	1	organisation	organisation	NOUN
emaj-18	303	2	for	for	ADP
emaj-18	303	3	economic	economic	ADJ
emaj-18	303	4	cooperation	cooperation	NOUN
emaj-18	303	5	and	and	CCONJ
emaj-18	303	6	development	development	NOUN
emaj-18	303	7	.	.	PUNCT
emaj-18	304	1	accessed	access	VERB
emaj-18	304	2	june	june	PROPN
emaj-18	304	3	2	2	NUM
emaj-18	304	4	,	,	PUNCT
emaj-18	304	5	2004	2004	NUM
emaj-18	304	6	.	.	PUNCT
emaj-18	305	1	http	http	ADJ
emaj-18	305	2	:	:	PUNCT
emaj-18	305	3	www.oecd.gov	www.oecd.gov	PROPN
emaj-18	305	4	20	20	NUM
emaj-18	305	5	.	.	PUNCT
emaj-18	306	1	patel	patel	PROPN
emaj-18	306	2	,	,	PUNCT
emaj-18	306	3	s.a	s.a	PROPN
emaj-18	306	4	.	.	PROPN
emaj-18	306	5	,	,	PUNCT
emaj-18	306	6	amra	amra	NOUN
emaj-18	306	7	balic	balic	NOUN
emaj-18	306	8	,	,	PUNCT
emaj-18	306	9	and	and	CCONJ
emaj-18	306	10	liliane	liliane	PROPN
emaj-18	306	11	bwakira	bwakira	PROPN
emaj-18	306	12	(	(	PUNCT
emaj-18	306	13	2002	2002	NUM
emaj-18	306	14	)	)	PUNCT
emaj-18	306	15	,	,	PUNCT
emaj-18	306	16	"	"	PUNCT
emaj-18	306	17	measuring	measure	VERB
emaj-18	306	18	transparency	transparency	NOUN
emaj-18	306	19	and	and	CCONJ
emaj-18	306	20	disclosure	disclosure	NOUN
emaj-18	306	21	at	at	ADP
emaj-18	306	22	firm	firm	ADJ
emaj-18	306	23	level	level	NOUN
emaj-18	306	24	in	in	ADP
emaj-18	306	25	emerging	emerge	VERB
emaj-18	306	26	markets	market	NOUN
emaj-18	306	27	,	,	PUNCT
emaj-18	306	28	"	"	PUNCT
emaj-18	306	29	emerging	emerge	VERB
emaj-18	306	30	markets	market	NOUN
emaj-18	306	31	review	review	VERB
emaj-18	306	32	,	,	PUNCT
emaj-18	306	33	vol.5	vol.5	PROPN
emaj-18	306	34	,	,	PUNCT
emaj-18	306	35	pp	pp	ADJ
emaj-18	306	36	.	.	PUNCT
emaj-18	307	1	169	169	NUM
emaj-18	307	2	-	-	SYM
emaj-18	307	3	191	191	NUM
emaj-18	307	4	.	.	PUNCT
emaj-18	308	1	corporate	corporate	ADJ
emaj-18	308	2	governance	governance	NOUN
emaj-18	308	3	and	and	CCONJ
emaj-18	308	4	firm	firm	ADJ
emaj-18	308	5	value	value	NOUN
emaj-18	308	6	in	in	ADP
emaj-18	308	7	emerging	emerge	VERB
emaj-18	308	8	markets	market	NOUN
emaj-18	308	9	an	an	DET
emaj-18	308	10	empirical	empirical	ADJ
emaj-18	308	11	analysis	analysis	NOUN
emaj-18	308	12	of	of	ADP
emaj-18	308	13	adr	adr	PROPN
emaj-18	308	14	issuing	issue	VERB
emaj-18	308	15	emerging	emerge	VERB
emaj-18	308	16	market	market	NOUN
emaj-18	308	17	firms	firm	NOUN
emaj-18	308	18	emerging	emerge	VERB
emaj-18	308	19	markets	market	NOUN
emaj-18	308	20	journal	journal	NOUN
emaj-18	308	21	|	|	ADV
emaj-18	308	22	p	p	NOUN
emaj-18	308	23	a	a	DET
emaj-18	308	24	g	g	NOUN
emaj-18	308	25	e	e	NOUN
emaj-18	309	1	|	|	ADV
emaj-18	309	2	51	51	NUM
emaj-18	309	3	volume	volume	NOUN
emaj-18	309	4	2	2	NUM
emaj-18	309	5	(	(	PUNCT
emaj-18	309	6	2012	2012	NUM
emaj-18	309	7	)	)	PUNCT
emaj-18	309	8	|	|	ADV
emaj-18	309	9	issn	issn	VERB
emaj-18	309	10	2158	2158	NUM
emaj-18	309	11	-	-	SYM
emaj-18	309	12	8708	8708	NUM
emaj-18	309	13	(	(	PUNCT
emaj-18	309	14	online	online	NOUN
emaj-18	309	15	)	)	PUNCT
emaj-18	309	16	|	|	ADV
emaj-18	309	17	doi	doi	X
emaj-18	309	18	10.5195	10.5195	NUM
emaj-18	309	19	/	/	SYM
emaj-18	309	20	emaj.2012.18	emaj.2012.18	NOUN
emaj-18	309	21	|	|	ADV
emaj-18	309	22	http://emaj.pitt.edu	http://emaj.pitt.edu	PROPN
emaj-18	309	23	21	21	NUM
emaj-18	309	24	.	.	PUNCT
emaj-18	310	1	transparency	transparency	NOUN
emaj-18	310	2	international	international	PROPN
emaj-18	310	3	.	.	PUNCT
emaj-18	311	1	cpi	cpi	PROPN
emaj-18	311	2	index	index	PROPN
emaj-18	311	3	.	.	PUNCT
emaj-18	312	1	http://www.transparency.org/policy_research/surveys_indices/cpi	http://www.transparency.org/policy_research/surveys_indices/cpi	PROPN
emaj-18	312	2	.	.	PUNCT
emaj-18	313	1	22	22	NUM
emaj-18	313	2	.	.	PUNCT
emaj-18	314	1	stulz	stulz	ADJ
emaj-18	314	2	,	,	PUNCT
emaj-18	314	3	rene	rene	PROPN
emaj-18	314	4	m	m	PROPN
emaj-18	314	5	and	and	CCONJ
emaj-18	314	6	lang	lang	PROPN
emaj-18	314	7	,	,	PUNCT
emaj-18	314	8	larry	larry	PROPN
emaj-18	314	9	h	h	PROPN
emaj-18	314	10	p.	p.	PROPN
emaj-18	314	11	(	(	PUNCT
emaj-18	314	12	1994	1994	NUM
emaj-18	314	13	)	)	PUNCT
emaj-18	314	14	.	.	PUNCT
emaj-18	315	1	tobin	tobin	PROPN
emaj-18	315	2	's	's	PART
emaj-18	315	3	q	q	ADJ
emaj-18	315	4	,	,	PUNCT
emaj-18	315	5	corporate	corporate	ADJ
emaj-18	315	6	diversification	diversification	NOUN
emaj-18	315	7	,	,	PUNCT
emaj-18	315	8	journal	journal	NOUN
emaj-18	315	9	of	of	ADP
emaj-18	315	10	political	political	ADJ
emaj-18	315	11	economy	economy	NOUN
emaj-18	315	12	.	.	PUNCT
emaj-18	316	1	102:6	102:6	NUM
emaj-18	316	2	,	,	PUNCT
emaj-18	316	3	pp	pp	ADJ
emaj-18	316	4	.	.	PUNCT
emaj-18	317	1	1248	1248	NUM
emaj-18	317	2	-	-	SYM
emaj-18	317	3	80	80	NUM
emaj-18	317	4	.	.	PUNCT
emaj-18	318	1	23	23	NUM
emaj-18	318	2	.	.	PUNCT
emaj-18	319	1	woochan	woochan	INTJ
emaj-18	319	2	,	,	PUNCT
emaj-18	319	3	kim	kim	PROPN
emaj-18	319	4	and	and	CCONJ
emaj-18	319	5	black	black	ADJ
emaj-18	319	6	,	,	PUNCT
emaj-18	319	7	bernard	bernard	PROPN
emaj-18	319	8	,	,	PUNCT
emaj-18	319	9	s.	s.	PROPN
emaj-18	319	10	and	and	CCONJ
emaj-18	319	11	jang	jang	PROPN
emaj-18	319	12	,	,	PUNCT
emaj-18	319	13	hasung	hasung	PROPN
emaj-18	319	14	.	.	PUNCT
emaj-18	319	15	.(2003	.(2003	PROPN
emaj-18	319	16	)	)	PUNCT
emaj-18	320	1	“	"	PUNCT
emaj-18	320	2	does	do	AUX
emaj-18	320	3	corporate	corporate	ADJ
emaj-18	320	4	governance	governance	NOUN
emaj-18	320	5	affect	affect	VERB
emaj-18	320	6	firms	firm	NOUN
emaj-18	320	7	’	’	PART
emaj-18	320	8	market	market	NOUN
emaj-18	320	9	values	value	NOUN
emaj-18	320	10	?	?	PUNCT
emaj-18	320	11	”	"	PUNCT
emaj-18	321	1	social	social	ADJ
emaj-18	321	2	science	science	NOUN
emaj-18	321	3	research	research	NOUN
emaj-18	321	4	network	network	NOUN
emaj-18	321	5	.	.	PUNCT
emaj-18	322	1	24	24	NUM
emaj-18	322	2	.	.	PUNCT
emaj-18	323	1	xun	xun	PROPN
emaj-18	323	2	,	,	PUNCT
emaj-18	323	3	wu	wu	PROPN
emaj-18	323	4	,	,	PUNCT
emaj-18	323	5	(	(	PUNCT
emaj-18	323	6	2002	2002	NUM
emaj-18	323	7	)	)	PUNCT
emaj-18	323	8	,	,	PUNCT
emaj-18	323	9	"	"	PUNCT
emaj-18	323	10	corporate	corporate	ADJ
emaj-18	323	11	governance	governance	NOUN
emaj-18	323	12	and	and	CCONJ
emaj-18	323	13	corruption	corruption	NOUN
emaj-18	323	14	:	:	PUNCT
emaj-18	323	15	a	a	DET
emaj-18	323	16	cross	cross	ADJ
emaj-18	323	17	country	country	NOUN
emaj-18	323	18	analysis	analysis	NOUN
emaj-18	323	19	,	,	PUNCT
emaj-18	323	20	"	"	PUNCT
emaj-18	323	21	public	public	ADJ
emaj-18	323	22	policy	policy	NOUN
emaj-18	323	23	program	program	NOUN
emaj-18	323	24	,	,	PUNCT
emaj-18	323	25	national	national	PROPN
emaj-18	323	26	university	university	PROPN
emaj-18	323	27	of	of	ADP
emaj-18	323	28	singapore	singapore	PROPN
emaj-18	323	29	.	.	PUNCT