id	sid	tid	token	lemma	pos
emaj-46	1	1	emerging	emerge	VERB
emaj-46	1	2	markets	market	NOUN
emaj-46	1	3	journal	journal	NOUN
emaj-46	1	4	firm	firm	NOUN
emaj-46	1	5	,	,	PUNCT
emaj-46	1	6	country	country	NOUN
emaj-46	1	7	and	and	CCONJ
emaj-46	1	8	macroeconomic	macroeconomic	ADJ
emaj-46	1	9	determinants	determinant	NOUN
emaj-46	1	10	of	of	ADP
emaj-46	1	11	capital	capital	NOUN
emaj-46	1	12	structure	structure	NOUN
emaj-46	1	13	:	:	PUNCT
emaj-46	1	14	evidence	evidence	NOUN
emaj-46	1	15	from	from	ADP
emaj-46	1	16	turkish	turkish	ADJ
emaj-46	1	17	banking	banking	NOUN
emaj-46	1	18	sector	sector	NOUN
emaj-46	1	19	dr	dr	PROPN
emaj-46	1	20	.	.	PROPN
emaj-46	1	21	nuri	nuri	PROPN
emaj-46	1	22	baltacı	baltacı	PROPN
emaj-46	1	23	gümüşhane	gümüşhane	PROPN
emaj-46	1	24	university	university	PROPN
emaj-46	1	25	|	|	ADV
emaj-46	1	26	e	e	NOUN
emaj-46	1	27	-	-	NOUN
emaj-46	1	28	mail	mail	NOUN
emaj-46	1	29	:	:	PUNCT
emaj-46	1	30	nbaltaci@gumushane.edu.tr	nbaltaci@gumushane.edu.tr	PROPN
emaj-46	1	31	dr	dr	PROPN
emaj-46	1	32	.	.	PROPN
emaj-46	1	33	hasan	hasan	PROPN
emaj-46	1	34	ayaydın	ayaydın	PROPN
emaj-46	1	35	gümüşhane	gümüşhane	PROPN
emaj-46	1	36	university	university	PROPN
emaj-46	1	37	|	|	ADV
emaj-46	1	38	e	e	NOUN
emaj-46	1	39	-	-	NOUN
emaj-46	1	40	mail	mail	NOUN
emaj-46	1	41	:	:	PUNCT
emaj-46	2	1	hayaydin61@gumushane.edu.tr	hayaydin61@gumushane.edu.tr	PROPN
emaj-46	2	2	abstract	abstract	VERB
emaj-46	2	3	this	this	DET
emaj-46	2	4	study	study	NOUN
emaj-46	2	5	explores	explore	VERB
emaj-46	2	6	the	the	DET
emaj-46	2	7	significance	significance	NOUN
emaj-46	2	8	of	of	ADP
emaj-46	2	9	firm	firm	ADJ
emaj-46	2	10	-	-	PUNCT
emaj-46	2	11	specific	specific	ADJ
emaj-46	2	12	,	,	PUNCT
emaj-46	2	13	country	country	NOUN
emaj-46	2	14	,	,	PUNCT
emaj-46	2	15	and	and	CCONJ
emaj-46	2	16	macroeconomic	macroeconomic	ADJ
emaj-46	2	17	factors	factor	NOUN
emaj-46	2	18	in	in	ADP
emaj-46	2	19	explaining	explain	VERB
emaj-46	2	20	variation	variation	NOUN
emaj-46	2	21	in	in	ADP
emaj-46	2	22	leverage	leverage	NOUN
emaj-46	2	23	using	use	VERB
emaj-46	2	24	a	a	DET
emaj-46	2	25	sample	sample	NOUN
emaj-46	2	26	of	of	ADP
emaj-46	2	27	banks	bank	NOUN
emaj-46	2	28	from	from	ADP
emaj-46	2	29	turkish	turkish	ADJ
emaj-46	2	30	banking	banking	NOUN
emaj-46	2	31	sector	sector	NOUN
emaj-46	2	32	.	.	PUNCT
emaj-46	3	1	the	the	DET
emaj-46	3	2	analysis	analysis	NOUN
emaj-46	3	3	is	be	AUX
emaj-46	3	4	based	base	VERB
emaj-46	3	5	on	on	ADP
emaj-46	3	6	quarterly	quarterly	ADJ
emaj-46	3	7	firm	firm	ADJ
emaj-46	3	8	-	-	PUNCT
emaj-46	3	9	level	level	NOUN
emaj-46	3	10	data	datum	NOUN
emaj-46	3	11	from	from	ADP
emaj-46	3	12	turkish	turkish	ADJ
emaj-46	3	13	banking	banking	NOUN
emaj-46	3	14	sector	sector	NOUN
emaj-46	3	15	in	in	ADP
emaj-46	3	16	2002–2012	2002–2012	NUM
emaj-46	3	17	.	.	PUNCT
emaj-46	4	1	we	we	PRON
emaj-46	4	2	aims	aim	VERB
emaj-46	4	3	to	to	PART
emaj-46	4	4	contribute	contribute	VERB
emaj-46	4	5	to	to	ADP
emaj-46	4	6	the	the	DET
emaj-46	4	7	empirical	empirical	ADJ
emaj-46	4	8	capital	capital	NOUN
emaj-46	4	9	structure	structure	NOUN
emaj-46	4	10	literature	literature	NOUN
emaj-46	4	11	in	in	ADP
emaj-46	4	12	the	the	DET
emaj-46	4	13	following	following	ADJ
emaj-46	4	14	ways	way	NOUN
emaj-46	4	15	.	.	PUNCT
emaj-46	5	1	our	our	PRON
emaj-46	5	2	first	first	ADJ
emaj-46	5	3	contribution	contribution	NOUN
emaj-46	5	4	comes	come	VERB
emaj-46	5	5	from	from	ADP
emaj-46	5	6	assessing	assess	VERB
emaj-46	5	7	the	the	DET
emaj-46	5	8	importance	importance	NOUN
emaj-46	5	9	of	of	ADP
emaj-46	5	10	firm	firm	ADJ
emaj-46	5	11	-	-	PUNCT
emaj-46	5	12	specific	specific	ADJ
emaj-46	5	13	factors	factor	NOUN
emaj-46	5	14	,	,	PUNCT
emaj-46	5	15	country	country	NOUN
emaj-46	5	16	-	-	PUNCT
emaj-46	5	17	level	level	NOUN
emaj-46	5	18	factors	factor	NOUN
emaj-46	5	19	and	and	CCONJ
emaj-46	5	20	industrial	industrial	ADJ
emaj-46	5	21	factors	factor	NOUN
emaj-46	5	22	for	for	ADP
emaj-46	5	23	capital	capital	NOUN
emaj-46	5	24	structure	structure	NOUN
emaj-46	5	25	decisions	decision	NOUN
emaj-46	5	26	in	in	ADP
emaj-46	5	27	turkish	turkish	ADJ
emaj-46	5	28	banking	banking	NOUN
emaj-46	5	29	sector	sector	NOUN
emaj-46	5	30	.	.	PUNCT
emaj-46	6	1	second	second	ADV
emaj-46	6	2	,	,	PUNCT
emaj-46	6	3	we	we	PRON
emaj-46	6	4	employ	employ	VERB
emaj-46	6	5	appropriate	appropriate	ADJ
emaj-46	6	6	and	and	CCONJ
emaj-46	6	7	advanced	advanced	ADJ
emaj-46	6	8	dynamic	dynamic	ADJ
emaj-46	6	9	panel	panel	NOUN
emaj-46	6	10	data	datum	NOUN
emaj-46	6	11	estimators	estimator	NOUN
emaj-46	6	12	,	,	PUNCT
emaj-46	6	13	blundell	blundell	PROPN
emaj-46	6	14	and	and	CCONJ
emaj-46	6	15	bond	bond	NOUN
emaj-46	6	16	’s	’s	PART
emaj-46	6	17	(	(	PUNCT
emaj-46	6	18	1998	1998	NUM
emaj-46	6	19	)	)	PUNCT
emaj-46	6	20	generalized	generalized	ADJ
emaj-46	6	21	methods	method	NOUN
emaj-46	6	22	of	of	ADP
emaj-46	6	23	moment	moment	NOUN
emaj-46	6	24	’s	’s	PART
emaj-46	6	25	estimators	estimator	NOUN
emaj-46	6	26	(	(	PUNCT
emaj-46	6	27	gmm	gmm	NOUN
emaj-46	6	28	system	system	NOUN
emaj-46	6	29	)	)	PUNCT
emaj-46	6	30	.	.	PUNCT
emaj-46	7	1	we	we	PRON
emaj-46	7	2	find	find	VERB
emaj-46	7	3	that	that	SCONJ
emaj-46	7	4	leverage	leverage	NOUN
emaj-46	7	5	is	be	AUX
emaj-46	7	6	significantly	significantly	ADV
emaj-46	7	7	and	and	CCONJ
emaj-46	7	8	positively	positively	ADV
emaj-46	7	9	associated	associate	VERB
emaj-46	7	10	with	with	ADP
emaj-46	7	11	average	average	ADJ
emaj-46	7	12	industry	industry	NOUN
emaj-46	7	13	leverage	leverage	NOUN
emaj-46	7	14	,	,	PUNCT
emaj-46	7	15	firm	firm	ADJ
emaj-46	7	16	size	size	NOUN
emaj-46	7	17	and	and	CCONJ
emaj-46	7	18	gdp	gdp	NOUN
emaj-46	7	19	growth	growth	NOUN
emaj-46	7	20	.	.	PUNCT
emaj-46	8	1	we	we	PRON
emaj-46	8	2	find	find	VERB
emaj-46	8	3	also	also	ADV
emaj-46	8	4	that	that	SCONJ
emaj-46	8	5	leverage	leverage	NOUN
emaj-46	8	6	is	be	AUX
emaj-46	8	7	significantly	significantly	ADV
emaj-46	8	8	and	and	CCONJ
emaj-46	8	9	negatively	negatively	ADV
emaj-46	8	10	associated	associate	VERB
emaj-46	8	11	with	with	ADP
emaj-46	8	12	tangibility	tangibility	NOUN
emaj-46	8	13	,	,	PUNCT
emaj-46	8	14	profitability	profitability	NOUN
emaj-46	8	15	,	,	PUNCT
emaj-46	8	16	inflation	inflation	NOUN
emaj-46	8	17	and	and	CCONJ
emaj-46	8	18	financial	financial	ADJ
emaj-46	8	19	risk	risk	NOUN
emaj-46	8	20	.	.	PUNCT
emaj-46	9	1	the	the	DET
emaj-46	9	2	regression	regression	NOUN
emaj-46	9	3	results	result	VERB
emaj-46	9	4	for	for	ADP
emaj-46	9	5	leverage	leverage	NOUN
emaj-46	9	6	are	be	AUX
emaj-46	9	7	both	both	PRON
emaj-46	9	8	theoretically	theoretically	ADV
emaj-46	9	9	and	and	CCONJ
emaj-46	9	10	empirically	empirically	ADV
emaj-46	9	11	plausible	plausible	ADJ
emaj-46	9	12	for	for	ADP
emaj-46	9	13	banks	bank	NOUN
emaj-46	9	14	in	in	ADP
emaj-46	9	15	turkey	turkey	NOUN
emaj-46	9	16	.	.	PUNCT
emaj-46	10	1	moreover	moreover	ADV
emaj-46	10	2	,	,	PUNCT
emaj-46	10	3	tangibility	tangibility	NOUN
emaj-46	10	4	,	,	PUNCT
emaj-46	10	5	profitability	profitability	NOUN
emaj-46	10	6	and	and	CCONJ
emaj-46	10	7	gdp	gdp	NOUN
emaj-46	10	8	growth	growth	NOUN
emaj-46	10	9	are	be	AUX
emaj-46	10	10	consistent	consistent	ADJ
emaj-46	10	11	with	with	ADP
emaj-46	10	12	the	the	DET
emaj-46	10	13	predictions	prediction	NOUN
emaj-46	10	14	of	of	ADP
emaj-46	10	15	the	the	DET
emaj-46	10	16	pecking	pecking	NOUN
emaj-46	10	17	order	order	NOUN
emaj-46	10	18	theory	theory	NOUN
emaj-46	10	19	,	,	PUNCT
emaj-46	10	20	while	while	SCONJ
emaj-46	10	21	firm	firm	ADJ
emaj-46	10	22	size	size	NOUN
emaj-46	10	23	is	be	AUX
emaj-46	10	24	consistent	consistent	ADJ
emaj-46	10	25	with	with	ADP
emaj-46	10	26	the	the	DET
emaj-46	10	27	predictions	prediction	NOUN
emaj-46	10	28	of	of	ADP
emaj-46	10	29	the	the	DET
emaj-46	10	30	trade	trade	NOUN
emaj-46	10	31	-	-	PUNCT
emaj-46	10	32	off	off	ADP
emaj-46	10	33	theory	theory	NOUN
emaj-46	10	34	.	.	PUNCT
emaj-46	11	1	our	our	PRON
emaj-46	11	2	findings	finding	NOUN
emaj-46	11	3	suggest	suggest	VERB
emaj-46	11	4	that	that	SCONJ
emaj-46	11	5	the	the	DET
emaj-46	11	6	capital	capital	NOUN
emaj-46	11	7	structures	structure	NOUN
emaj-46	11	8	of	of	ADP
emaj-46	11	9	financial	financial	ADJ
emaj-46	11	10	and	and	CCONJ
emaj-46	11	11	non	non	ADJ
emaj-46	11	12	-	-	ADJ
emaj-46	11	13	financial	financial	ADJ
emaj-46	11	14	firms	firm	NOUN
emaj-46	11	15	are	be	AUX
emaj-46	11	16	ultimately	ultimately	ADV
emaj-46	11	17	determined	determine	VERB
emaj-46	11	18	by	by	ADP
emaj-46	11	19	the	the	DET
emaj-46	11	20	same	same	ADJ
emaj-46	11	21	drivers	driver	NOUN
emaj-46	11	22	.	.	PUNCT
emaj-46	12	1	keywords	keyword	NOUN
emaj-46	12	2	:	:	PUNCT
emaj-46	12	3	capital	capital	NOUN
emaj-46	12	4	structure	structure	NOUN
emaj-46	12	5	,	,	PUNCT
emaj-46	12	6	turkish	turkish	ADJ
emaj-46	12	7	banking	banking	NOUN
emaj-46	12	8	sector	sector	NOUN
emaj-46	12	9	,	,	PUNCT
emaj-46	12	10	trade	trade	NOUN
emaj-46	12	11	-	-	PUNCT
emaj-46	12	12	off	off	ADP
emaj-46	12	13	theory	theory	NOUN
emaj-46	12	14	,	,	PUNCT
emaj-46	12	15	pecking	pecking	NOUN
emaj-46	12	16	order	order	NOUN
emaj-46	12	17	theory	theory	NOUN
emaj-46	12	18	,	,	PUNCT
emaj-46	12	19	gmm	gmm	PROPN
emaj-46	12	20	system	system	NOUN
emaj-46	12	21	estimation	estimation	NOUN
emaj-46	12	22	new	new	ADJ
emaj-46	12	23	articles	article	NOUN
emaj-46	12	24	in	in	ADP
emaj-46	12	25	this	this	DET
emaj-46	12	26	journal	journal	NOUN
emaj-46	12	27	are	be	AUX
emaj-46	12	28	licensed	license	VERB
emaj-46	12	29	under	under	ADP
emaj-46	12	30	a	a	DET
emaj-46	12	31	creative	creative	ADJ
emaj-46	12	32	commons	common	NOUN
emaj-46	12	33	attribution	attribution	NOUN
emaj-46	12	34	3.0	3.0	NUM
emaj-46	12	35	united	unite	VERB
emaj-46	12	36	states	states	PROPN
emaj-46	12	37	license	license	NOUN
emaj-46	12	38	.	.	PUNCT
emaj-46	13	1	this	this	DET
emaj-46	13	2	journal	journal	NOUN
emaj-46	13	3	is	be	AUX
emaj-46	13	4	published	publish	VERB
emaj-46	13	5	by	by	ADP
emaj-46	13	6	the	the	DET
emaj-46	13	7	university	university	NOUN
emaj-46	13	8	library	library	NOUN
emaj-46	13	9	system	system	NOUN
emaj-46	13	10	of	of	ADP
emaj-46	13	11	the	the	DET
emaj-46	13	12	university	university	PROPN
emaj-46	13	13	of	of	ADP
emaj-46	13	14	pittsburgh	pittsburgh	PROPN
emaj-46	13	15	as	as	ADP
emaj-46	13	16	part	part	NOUN
emaj-46	13	17	of	of	ADP
emaj-46	13	18	its	its	PRON
emaj-46	13	19	d	d	NOUN
emaj-46	13	20	-	-	PUNCT
emaj-46	13	21	scribe	scribe	VERB
emaj-46	13	22	digital	digital	ADJ
emaj-46	13	23	publishing	publishing	NOUN
emaj-46	13	24	program	program	NOUN
emaj-46	13	25	,	,	PUNCT
emaj-46	13	26	and	and	CCONJ
emaj-46	13	27	is	be	AUX
emaj-46	13	28	cosponsored	cosponsor	VERB
emaj-46	13	29	by	by	ADP
emaj-46	13	30	the	the	DET
emaj-46	13	31	university	university	PROPN
emaj-46	13	32	of	of	ADP
emaj-46	13	33	pittsburgh	pittsburgh	PROPN
emaj-46	13	34	press	press	NOUN
emaj-46	13	35	.	.	PUNCT
emaj-46	14	1	volume	volume	NOUN
emaj-46	14	2	3	3	NUM
emaj-46	14	3	no	no	DET
emaj-46	14	4	3	3	NUM
emaj-46	14	5	(	(	PUNCT
emaj-46	14	6	2014	2014	NUM
emaj-46	14	7	)	)	PUNCT
emaj-46	14	8	|	|	ADV
emaj-46	14	9	issn	issn	VERB
emaj-46	14	10	2158	2158	NUM
emaj-46	14	11	-	-	SYM
emaj-46	14	12	8708	8708	NUM
emaj-46	14	13	(	(	PUNCT
emaj-46	14	14	online	online	NOUN
emaj-46	14	15	)	)	PUNCT
emaj-46	14	16	|	|	ADV
emaj-46	14	17	doi	doi	X
emaj-46	14	18	10.5195	10.5195	NUM
emaj-46	14	19	/	/	SYM
emaj-46	14	20	emaj.2014.46	emaj.2014.46	NOUN
emaj-46	15	1	|	|	ADV
emaj-46	15	2	http://emaj.pitt.edu	http://emaj.pitt.edu	VERB
emaj-46	15	3	|	|	ADV
emaj-46	15	4	mailto:nbaltaci@gumushane.edu.tr	mailto:nbaltaci@gumushane.edu.tr	PROPN
emaj-46	15	5	mailto:hayaydin61@gumushane.edu.tr	mailto:hayaydin61@gumushane.edu.tr	PROPN
emaj-46	15	6	http://econpapers.repec.org/scripts/search/search.asp?kw=sector	http://econpapers.repec.org/scripts/search/search.asp?kw=sector	NOUN
emaj-46	15	7	http://econpapers.repec.org/scripts/search/search.asp?kw=gmm	http://econpapers.repec.org/scripts/search/search.asp?kw=gmm	NOUN
emaj-46	15	8	http://econpapers.repec.org/scripts/search/search.asp?kw=estimation	http://econpapers.repec.org/scripts/search/search.asp?kw=estimation	NOUN
emaj-46	15	9	http://www.library.pitt.edu/	http://www.library.pitt.edu/	PROPN
emaj-46	15	10	http://www.pitt.edu/	http://www.pitt.edu/	NOUN
emaj-46	15	11	http://www.library.pitt.edu/articles/digpubtype/index.html	http://www.library.pitt.edu/articles/digpubtype/index.html	PUNCT
emaj-46	16	1	http://www.upress.pitt.edu/upressindex.aspx	http://www.upress.pitt.edu/upressindex.aspx	NOUN
emaj-46	16	2	volume	volume	NOUN
emaj-46	16	3	3	3	NUM
emaj-46	16	4	no	no	DET
emaj-46	16	5	3	3	NUM
emaj-46	16	6	(	(	PUNCT
emaj-46	16	7	2014	2014	NUM
emaj-46	16	8	)	)	PUNCT
emaj-46	16	9	|	|	ADV
emaj-46	16	10	issn	issn	VERB
emaj-46	16	11	2158	2158	NUM
emaj-46	16	12	-	-	SYM
emaj-46	16	13	8708	8708	NUM
emaj-46	16	14	(	(	PUNCT
emaj-46	16	15	online	online	NOUN
emaj-46	16	16	)	)	PUNCT
emaj-46	16	17	|	|	ADV
emaj-46	16	18	doi	doi	X
emaj-46	16	19	10.5195	10.5195	NUM
emaj-46	16	20	/	/	SYM
emaj-46	16	21	emaj.2014.46	emaj.2014.46	NOUN
emaj-46	16	22	|	|	ADV
emaj-46	16	23	http://emaj.pitt.edu	http://emaj.pitt.edu	VERB
emaj-46	16	24	firm	firm	NOUN
emaj-46	16	25	,	,	PUNCT
emaj-46	16	26	country	country	NOUN
emaj-46	16	27	and	and	CCONJ
emaj-46	16	28	macroeconomic	macroeconomic	ADJ
emaj-46	16	29	determinants	determinant	NOUN
emaj-46	16	30	of	of	ADP
emaj-46	16	31	capital	capital	NOUN
emaj-46	16	32	structure	structure	NOUN
emaj-46	16	33	:	:	PUNCT
emaj-46	16	34	evidence	evidence	NOUN
emaj-46	16	35	from	from	ADP
emaj-46	16	36	turkish	turkish	ADJ
emaj-46	16	37	banking	banking	NOUN
emaj-46	16	38	sector	sector	NOUN
emaj-46	16	39	emerging	emerge	VERB
emaj-46	16	40	markets	market	NOUN
emaj-46	16	41	journal	journal	NOUN
emaj-46	16	42	|	|	ADV
emaj-46	16	43	p	p	NOUN
emaj-46	16	44	a	a	DET
emaj-46	16	45	g	g	NOUN
emaj-46	16	46	e	e	NOUN
emaj-46	16	47	|47	|47	NOUN
emaj-46	16	48	firm	firm	ADJ
emaj-46	16	49	,	,	PUNCT
emaj-46	16	50	country	country	NOUN
emaj-46	16	51	and	and	CCONJ
emaj-46	16	52	macroeconomic	macroeconomic	ADJ
emaj-46	16	53	determinants	determinant	NOUN
emaj-46	16	54	of	of	ADP
emaj-46	16	55	capital	capital	NOUN
emaj-46	16	56	structure	structure	NOUN
emaj-46	16	57	:	:	PUNCT
emaj-46	16	58	evidence	evidence	NOUN
emaj-46	16	59	from	from	ADP
emaj-46	16	60	turkish	turkish	ADJ
emaj-46	16	61	banking	banking	NOUN
emaj-46	16	62	sector	sector	NOUN
emaj-46	16	63	dr	dr	PROPN
emaj-46	16	64	.	.	PROPN
emaj-46	16	65	nuri	nuri	PROPN
emaj-46	16	66	baltacı	baltacı	PROPN
emaj-46	16	67	dr	dr	PROPN
emaj-46	16	68	.	.	PROPN
emaj-46	16	69	hasan	hasan	PROPN
emaj-46	16	70	ayaydın	ayaydın	PROPN
emaj-46	17	1	1	1	NUM
emaj-46	17	2	.	.	PUNCT
emaj-46	18	1	introduction	introduction	NOUN
emaj-46	18	2	capital	capital	NOUN
emaj-46	18	3	structure	structure	NOUN
emaj-46	18	4	decisions	decision	NOUN
emaj-46	18	5	affect	affect	VERB
emaj-46	18	6	a	a	DET
emaj-46	18	7	firm	firm	NOUN
emaj-46	18	8	in	in	ADP
emaj-46	18	9	two	two	NUM
emaj-46	18	10	ways	way	NOUN
emaj-46	18	11	.	.	PUNCT
emaj-46	19	1	firstly	firstly	ADV
emaj-46	19	2	,	,	PUNCT
emaj-46	19	3	firms	firm	NOUN
emaj-46	19	4	of	of	ADP
emaj-46	19	5	the	the	DET
emaj-46	19	6	same	same	ADJ
emaj-46	19	7	risk	risk	NOUN
emaj-46	19	8	class	class	NOUN
emaj-46	19	9	could	could	AUX
emaj-46	19	10	possibly	possibly	ADV
emaj-46	19	11	have	have	VERB
emaj-46	19	12	higher	high	ADJ
emaj-46	19	13	cost	cost	NOUN
emaj-46	19	14	of	of	ADP
emaj-46	19	15	capital	capital	NOUN
emaj-46	19	16	with	with	ADP
emaj-46	19	17	higher	high	ADJ
emaj-46	19	18	leverage	leverage	NOUN
emaj-46	19	19	.	.	PUNCT
emaj-46	20	1	secondly	secondly	ADV
emaj-46	20	2	,	,	PUNCT
emaj-46	20	3	capital	capital	NOUN
emaj-46	20	4	structure	structure	NOUN
emaj-46	20	5	may	may	AUX
emaj-46	20	6	affect	affect	VERB
emaj-46	20	7	the	the	DET
emaj-46	20	8	valuation	valuation	NOUN
emaj-46	20	9	of	of	ADP
emaj-46	20	10	the	the	DET
emaj-46	20	11	firm	firm	NOUN
emaj-46	20	12	,	,	PUNCT
emaj-46	20	13	with	with	ADP
emaj-46	20	14	more	more	ADJ
emaj-46	20	15	leveraged	leveraged	ADJ
emaj-46	20	16	firms	firm	NOUN
emaj-46	20	17	,	,	PUNCT
emaj-46	20	18	being	be	AUX
emaj-46	20	19	riskier	risky	ADJ
emaj-46	20	20	,	,	PUNCT
emaj-46	20	21	being	be	AUX
emaj-46	20	22	valued	value	VERB
emaj-46	20	23	lower	lower	ADV
emaj-46	20	24	than	than	ADP
emaj-46	20	25	less	less	ADV
emaj-46	20	26	leveraged	leveraged	ADJ
emaj-46	20	27	firms	firm	NOUN
emaj-46	20	28	.	.	PUNCT
emaj-46	21	1	thus	thus	ADV
emaj-46	21	2	,	,	PUNCT
emaj-46	21	3	capital	capital	NOUN
emaj-46	21	4	structure	structure	NOUN
emaj-46	21	5	is	be	AUX
emaj-46	21	6	an	an	DET
emaj-46	21	7	important	important	ADJ
emaj-46	21	8	decision	decision	NOUN
emaj-46	21	9	for	for	SCONJ
emaj-46	21	10	it	it	PRON
emaj-46	21	11	could	could	AUX
emaj-46	21	12	lead	lead	VERB
emaj-46	21	13	to	to	ADP
emaj-46	21	14	an	an	DET
emaj-46	21	15	optimal	optimal	ADJ
emaj-46	21	16	financing	financing	NOUN
emaj-46	21	17	mix	mix	NOUN
emaj-46	21	18	which	which	PRON
emaj-46	21	19	could	could	AUX
emaj-46	21	20	maximize	maximize	VERB
emaj-46	21	21	the	the	DET
emaj-46	21	22	market	market	NOUN
emaj-46	21	23	price	price	NOUN
emaj-46	21	24	of	of	ADP
emaj-46	21	25	the	the	DET
emaj-46	21	26	firm	firm	NOUN
emaj-46	21	27	(	(	PUNCT
emaj-46	21	28	lim	lim	PROPN
emaj-46	21	29	,	,	PUNCT
emaj-46	21	30	2012	2012	NUM
emaj-46	21	31	)	)	PUNCT
emaj-46	21	32	.	.	PUNCT
emaj-46	22	1	studies	study	NOUN
emaj-46	22	2	on	on	ADP
emaj-46	22	3	capital	capital	NOUN
emaj-46	22	4	structures	structure	NOUN
emaj-46	22	5	of	of	ADP
emaj-46	22	6	corporations	corporation	NOUN
emaj-46	22	7	have	have	VERB
emaj-46	22	8	a	a	DET
emaj-46	22	9	long	long	ADJ
emaj-46	22	10	history	history	NOUN
emaj-46	22	11	,	,	PUNCT
emaj-46	22	12	dating	date	VERB
emaj-46	22	13	back	back	ADV
emaj-46	22	14	to	to	ADP
emaj-46	22	15	the	the	DET
emaj-46	22	16	nineteen	nineteen	NUM
emaj-46	22	17	fifties	fifty	NOUN
emaj-46	22	18	with	with	ADP
emaj-46	22	19	the	the	DET
emaj-46	22	20	appearance	appearance	NOUN
emaj-46	22	21	of	of	ADP
emaj-46	22	22	the	the	DET
emaj-46	22	23	works	work	NOUN
emaj-46	22	24	of	of	ADP
emaj-46	22	25	lintner	lintner	NOUN
emaj-46	22	26	(	(	PUNCT
emaj-46	22	27	1956	1956	NUM
emaj-46	22	28	)	)	PUNCT
emaj-46	22	29	,	,	PUNCT
emaj-46	22	30	hirshleifer	hirshleifer	NOUN
emaj-46	22	31	(	(	PUNCT
emaj-46	22	32	1958	1958	NUM
emaj-46	22	33	)	)	PUNCT
emaj-46	22	34	and	and	CCONJ
emaj-46	22	35	modigliani	modigliani	PROPN
emaj-46	22	36	and	and	CCONJ
emaj-46	22	37	miller	miller	PROPN
emaj-46	22	38	(	(	PUNCT
emaj-46	22	39	1958	1958	NUM
emaj-46	22	40	)	)	PUNCT
emaj-46	22	41	.	.	PUNCT
emaj-46	23	1	theoretical	theoretical	ADJ
emaj-46	23	2	and	and	CCONJ
emaj-46	23	3	empirical	empirical	ADJ
emaj-46	23	4	studies	study	NOUN
emaj-46	23	5	that	that	PRON
emaj-46	23	6	followed	follow	VERB
emaj-46	23	7	subsequently	subsequently	ADV
emaj-46	23	8	form	form	VERB
emaj-46	23	9	an	an	DET
emaj-46	23	10	extremely	extremely	ADV
emaj-46	23	11	large	large	ADJ
emaj-46	23	12	body	body	NOUN
emaj-46	23	13	of	of	ADP
emaj-46	23	14	literature	literature	NOUN
emaj-46	23	15	.	.	PUNCT
emaj-46	24	1	modigliani	modigliani	PROPN
emaj-46	24	2	and	and	CCONJ
emaj-46	24	3	miller	miller	PROPN
emaj-46	24	4	(	(	PUNCT
emaj-46	24	5	1958	1958	NUM
emaj-46	24	6	)	)	PUNCT
emaj-46	24	7	showed	show	VERB
emaj-46	24	8	that	that	SCONJ
emaj-46	24	9	in	in	ADP
emaj-46	24	10	the	the	DET
emaj-46	24	11	perfect	perfect	ADJ
emaj-46	24	12	financial	financial	ADJ
emaj-46	24	13	market	market	NOUN
emaj-46	24	14	,	,	PUNCT
emaj-46	24	15	under	under	ADP
emaj-46	24	16	certain	certain	ADJ
emaj-46	24	17	assumptions	assumption	NOUN
emaj-46	24	18	,	,	PUNCT
emaj-46	24	19	the	the	DET
emaj-46	24	20	value	value	NOUN
emaj-46	24	21	of	of	ADP
emaj-46	24	22	a	a	DET
emaj-46	24	23	company	company	NOUN
emaj-46	24	24	is	be	AUX
emaj-46	24	25	independent	independent	ADJ
emaj-46	24	26	of	of	ADP
emaj-46	24	27	its	its	PRON
emaj-46	24	28	financing	financing	NOUN
emaj-46	24	29	choice	choice	NOUN
emaj-46	24	30	.	.	PUNCT
emaj-46	25	1	firm	firm	ADJ
emaj-46	25	2	capital	capital	NOUN
emaj-46	25	3	structure	structure	NOUN
emaj-46	25	4	is	be	AUX
emaj-46	25	5	irrelevant	irrelevant	ADJ
emaj-46	25	6	in	in	ADP
emaj-46	25	7	efficient	efficient	ADJ
emaj-46	25	8	financial	financial	ADJ
emaj-46	25	9	markets	market	NOUN
emaj-46	25	10	as	as	SCONJ
emaj-46	25	11	shown	show	VERB
emaj-46	25	12	by	by	ADP
emaj-46	25	13	modigliani	modigliani	PROPN
emaj-46	25	14	and	and	CCONJ
emaj-46	25	15	miller	miller	PROPN
emaj-46	25	16	(	(	PUNCT
emaj-46	25	17	1958	1958	NUM
emaj-46	25	18	)	)	PUNCT
emaj-46	25	19	.	.	PUNCT
emaj-46	26	1	the	the	DET
emaj-46	26	2	issue	issue	NOUN
emaj-46	26	3	of	of	ADP
emaj-46	26	4	a	a	DET
emaj-46	26	5	given	give	VERB
emaj-46	26	6	capital	capital	NOUN
emaj-46	26	7	structure	structure	NOUN
emaj-46	26	8	that	that	PRON
emaj-46	26	9	may	may	AUX
emaj-46	26	10	increase	increase	VERB
emaj-46	26	11	the	the	DET
emaj-46	26	12	shareholder	shareholder	NOUN
emaj-46	26	13	value	value	NOUN
emaj-46	26	14	is	be	AUX
emaj-46	26	15	one	one	NUM
emaj-46	26	16	of	of	ADP
emaj-46	26	17	the	the	DET
emaj-46	26	18	most	most	ADV
emaj-46	26	19	important	important	ADJ
emaj-46	26	20	discussions	discussion	NOUN
emaj-46	26	21	in	in	ADP
emaj-46	26	22	the	the	DET
emaj-46	26	23	finance	finance	NOUN
emaj-46	26	24	field	field	NOUN
emaj-46	26	25	,	,	PUNCT
emaj-46	26	26	both	both	PRON
emaj-46	26	27	theoretically	theoretically	ADV
emaj-46	26	28	and	and	CCONJ
emaj-46	26	29	empirically	empirically	ADV
emaj-46	26	30	(	(	PUNCT
emaj-46	26	31	kayo	kayo	PROPN
emaj-46	26	32	and	and	CCONJ
emaj-46	26	33	kimura	kimura	NOUN
emaj-46	26	34	,	,	PUNCT
emaj-46	26	35	2011	2011	NUM
emaj-46	26	36	)	)	PUNCT
emaj-46	26	37	.	.	PUNCT
emaj-46	27	1	since	since	SCONJ
emaj-46	27	2	modigliani	modigliani	PROPN
emaj-46	27	3	and	and	CCONJ
emaj-46	27	4	miller	miller	PROPN
emaj-46	27	5	’s	’s	PART
emaj-46	27	6	(	(	PUNCT
emaj-46	27	7	1958	1958	NUM
emaj-46	27	8	)	)	PUNCT
emaj-46	27	9	“	"	PUNCT
emaj-46	27	10	capital	capital	NOUN
emaj-46	27	11	structure	structure	NOUN
emaj-46	27	12	irrelevance	irrelevance	NOUN
emaj-46	27	13	”	"	PUNCT
emaj-46	27	14	propositions	proposition	NOUN
emaj-46	27	15	,	,	PUNCT
emaj-46	27	16	we	we	PRON
emaj-46	27	17	have	have	AUX
emaj-46	27	18	been	be	AUX
emaj-46	27	19	witnessing	witness	VERB
emaj-46	27	20	the	the	DET
emaj-46	27	21	development	development	NOUN
emaj-46	27	22	of	of	ADP
emaj-46	27	23	many	many	ADJ
emaj-46	27	24	theoretical	theoretical	ADJ
emaj-46	27	25	points	point	NOUN
emaj-46	27	26	of	of	ADP
emaj-46	27	27	view	view	NOUN
emaj-46	27	28	in	in	ADP
emaj-46	27	29	this	this	DET
emaj-46	27	30	arena	arena	NOUN
emaj-46	27	31	.	.	PUNCT
emaj-46	28	1	subsequent	subsequent	ADJ
emaj-46	28	2	theoretical	theoretical	ADJ
emaj-46	28	3	work	work	NOUN
emaj-46	28	4	has	have	AUX
emaj-46	28	5	taken	take	VERB
emaj-46	28	6	into	into	ADP
emaj-46	28	7	account	account	NOUN
emaj-46	28	8	the	the	DET
emaj-46	28	9	imperfections	imperfection	NOUN
emaj-46	28	10	of	of	ADP
emaj-46	28	11	financial	financial	ADJ
emaj-46	28	12	markets	market	NOUN
emaj-46	28	13	and	and	CCONJ
emaj-46	28	14	has	have	AUX
emaj-46	28	15	shown	show	VERB
emaj-46	28	16	that	that	PRON
emaj-46	28	17	firm	firm	ADJ
emaj-46	28	18	capital	capital	NOUN
emaj-46	28	19	structure	structure	NOUN
emaj-46	28	20	emerges	emerge	VERB
emaj-46	28	21	from	from	ADP
emaj-46	28	22	firm	firm	ADJ
emaj-46	28	23	-	-	PUNCT
emaj-46	28	24	specific	specific	ADJ
emaj-46	28	25	and	and	CCONJ
emaj-46	28	26	macroeconomic	macroeconomic	ADJ
emaj-46	28	27	factors	factor	NOUN
emaj-46	28	28	.	.	PUNCT
emaj-46	29	1	the	the	DET
emaj-46	29	2	preponderance	preponderance	NOUN
emaj-46	29	3	of	of	ADP
emaj-46	29	4	the	the	DET
emaj-46	29	5	studies	study	NOUN
emaj-46	29	6	on	on	ADP
emaj-46	29	7	capital	capital	NOUN
emaj-46	29	8	structure	structure	NOUN
emaj-46	29	9	mainly	mainly	ADV
emaj-46	29	10	focuses	focus	VERB
emaj-46	29	11	on	on	ADP
emaj-46	29	12	the	the	DET
emaj-46	29	13	analysis	analysis	NOUN
emaj-46	29	14	of	of	ADP
emaj-46	29	15	certain	certain	ADJ
emaj-46	29	16	firm	firm	ADJ
emaj-46	29	17	characteristics	characteristic	NOUN
emaj-46	29	18	–	–	PUNCT
emaj-46	29	19	e.g.	e.g.	ADV
emaj-46	29	20	,	,	PUNCT
emaj-46	29	21	profitability	profitability	NOUN
emaj-46	29	22	,	,	PUNCT
emaj-46	29	23	tangibility	tangibility	NOUN
emaj-46	29	24	,	,	PUNCT
emaj-46	29	25	size	size	NOUN
emaj-46	29	26	,	,	PUNCT
emaj-46	29	27	etc.–as	etc.–as	NOUN
emaj-46	29	28	determinants	determinant	NOUN
emaj-46	29	29	of	of	ADP
emaj-46	29	30	leverage	leverage	NOUN
emaj-46	29	31	.	.	PUNCT
emaj-46	30	1	for	for	ADP
emaj-46	30	2	example	example	NOUN
emaj-46	30	3	,	,	PUNCT
emaj-46	30	4	frank	frank	ADJ
emaj-46	30	5	and	and	CCONJ
emaj-46	30	6	goyal	goyal	PROPN
emaj-46	30	7	(	(	PUNCT
emaj-46	30	8	2009	2009	NUM
emaj-46	30	9	)	)	PUNCT
emaj-46	30	10	,	,	PUNCT
emaj-46	30	11	lemmon	lemmon	PROPN
emaj-46	30	12	et	et	PROPN
emaj-46	30	13	al	al	PROPN
emaj-46	30	14	.	.	PROPN
emaj-46	31	1	(	(	PUNCT
emaj-46	31	2	2008	2008	NUM
emaj-46	31	3	)	)	PUNCT
emaj-46	31	4	evaluate	evaluate	VERB
emaj-46	31	5	the	the	DET
emaj-46	31	6	contribution	contribution	NOUN
emaj-46	31	7	of	of	ADP
emaj-46	31	8	firm	firm	ADJ
emaj-46	31	9	-	-	PUNCT
emaj-46	31	10	specific	specific	ADJ
emaj-46	31	11	factors	factor	NOUN
emaj-46	31	12	to	to	PART
emaj-46	31	13	leverage	leverage	VERB
emaj-46	31	14	variation	variation	NOUN
emaj-46	31	15	of	of	ADP
emaj-46	31	16	u.s	u.s	PROPN
emaj-46	31	17	.	.	PROPN
emaj-46	31	18	firms	firm	NOUN
emaj-46	31	19	.	.	PUNCT
emaj-46	32	1	the	the	DET
emaj-46	32	2	empirical	empirical	ADJ
emaj-46	32	3	studies	study	NOUN
emaj-46	32	4	on	on	ADP
emaj-46	32	5	the	the	DET
emaj-46	32	6	capital	capital	NOUN
emaj-46	32	7	structure	structure	NOUN
emaj-46	32	8	choices	choice	NOUN
emaj-46	32	9	of	of	ADP
emaj-46	32	10	firms	firm	NOUN
emaj-46	32	11	that	that	PRON
emaj-46	32	12	started	start	VERB
emaj-46	32	13	appearing	appear	VERB
emaj-46	32	14	in	in	ADP
emaj-46	32	15	the	the	DET
emaj-46	32	16	eighties	eighty	NOUN
emaj-46	32	17	(	(	PUNCT
emaj-46	32	18	marsh	marsh	PROPN
emaj-46	32	19	,	,	PUNCT
emaj-46	32	20	1982	1982	NUM
emaj-46	32	21	;	;	PUNCT
emaj-46	32	22	jalilavand	jalilavand	NOUN
emaj-46	32	23	and	and	CCONJ
emaj-46	32	24	harris	harris	PROPN
emaj-46	32	25	,	,	PUNCT
emaj-46	32	26	1984	1984	NUM
emaj-46	32	27	;	;	PUNCT
emaj-46	32	28	titman	titman	NOUN
emaj-46	32	29	and	and	CCONJ
emaj-46	32	30	wessels	wessels	PROPN
emaj-46	32	31	,	,	PUNCT
emaj-46	32	32	1988	1988	NUM
emaj-46	32	33	)	)	PUNCT
emaj-46	32	34	and	and	CCONJ
emaj-46	32	35	continued	continue	VERB
emaj-46	32	36	later	later	ADV
emaj-46	32	37	are	be	AUX
emaj-46	32	38	mostly	mostly	ADV
emaj-46	32	39	based	base	VERB
emaj-46	32	40	on	on	ADP
emaj-46	32	41	data	datum	NOUN
emaj-46	32	42	from	from	ADP
emaj-46	32	43	developed	developed	ADJ
emaj-46	32	44	countries	country	NOUN
emaj-46	32	45	.	.	PUNCT
emaj-46	33	1	bevan	bevan	PROPN
emaj-46	33	2	and	and	CCONJ
emaj-46	33	3	danbolt	danbolt	NOUN
emaj-46	33	4	(	(	PUNCT
emaj-46	33	5	2002	2002	NUM
emaj-46	33	6	)	)	PUNCT
emaj-46	33	7	use	use	VERB
emaj-46	33	8	data	datum	NOUN
emaj-46	33	9	from	from	ADP
emaj-46	33	10	the	the	DET
emaj-46	33	11	u.k	u.k	PROPN
emaj-46	33	12	.	.	PROPN
emaj-46	33	13	and	and	CCONJ
emaj-46	33	14	gaud	gaud	VERB
emaj-46	33	15	et	et	PROPN
emaj-46	33	16	al	al	PROPN
emaj-46	33	17	.	.	PROPN
emaj-46	34	1	(	(	PUNCT
emaj-46	34	2	2005	2005	NUM
emaj-46	34	3	)	)	PUNCT
emaj-46	34	4	analyzed	analyze	VERB
emaj-46	34	5	data	datum	NOUN
emaj-46	34	6	from	from	ADP
emaj-46	34	7	swiss	swiss	ADJ
emaj-46	34	8	companies	company	NOUN
emaj-46	34	9	.	.	PUNCT
emaj-46	35	1	recent	recent	ADJ
emaj-46	35	2	and	and	CCONJ
emaj-46	35	3	growing	grow	VERB
emaj-46	35	4	research	research	NOUN
emaj-46	35	5	has	have	AUX
emaj-46	35	6	incorporated	incorporate	VERB
emaj-46	35	7	country	country	NOUN
emaj-46	35	8	-	-	PUNCT
emaj-46	35	9	level	level	NOUN
emaj-46	35	10	characteristics	characteristic	NOUN
emaj-46	35	11	into	into	ADP
emaj-46	35	12	the	the	DET
emaj-46	35	13	traditional	traditional	ADJ
emaj-46	35	14	firm	firm	ADJ
emaj-46	35	15	-	-	PUNCT
emaj-46	35	16	level	level	NOUN
emaj-46	35	17	determinants	determinant	NOUN
emaj-46	35	18	to	to	PART
emaj-46	35	19	explain	explain	VERB
emaj-46	35	20	a	a	DET
emaj-46	35	21	firm	firm	NOUN
emaj-46	35	22	's	's	PART
emaj-46	35	23	leverage	leverage	NOUN
emaj-46	35	24	.	.	PUNCT
emaj-46	36	1	several	several	ADJ
emaj-46	36	2	studies	study	NOUN
emaj-46	36	3	analyze	analyze	VERB
emaj-46	36	4	the	the	DET
emaj-46	36	5	role	role	NOUN
emaj-46	36	6	of	of	ADP
emaj-46	36	7	countries	country	NOUN
emaj-46	36	8	and	and	CCONJ
emaj-46	36	9	industries	industry	NOUN
emaj-46	36	10	on	on	ADP
emaj-46	36	11	financing	financing	NOUN
emaj-46	36	12	policies	policy	NOUN
emaj-46	36	13	.	.	PUNCT
emaj-46	37	1	these	these	DET
emaj-46	37	2	authors	author	NOUN
emaj-46	37	3	(	(	PUNCT
emaj-46	37	4	booth	booth	NOUN
emaj-46	37	5	et	et	PROPN
emaj-46	37	6	al	al	PROPN
emaj-46	37	7	.	.	PROPN
emaj-46	37	8	,	,	PUNCT
emaj-46	37	9	2001	2001	NUM
emaj-46	37	10	;	;	PUNCT
emaj-46	37	11	demirguckunt	demirguckunt	NOUN
emaj-46	37	12	and	and	CCONJ
emaj-46	37	13	maksimovic	maksimovic	ADJ
emaj-46	37	14	,	,	PUNCT
emaj-46	37	15	1999	1999	NUM
emaj-46	37	16	;	;	PUNCT
emaj-46	37	17	hanousek	hanousek	NOUN
emaj-46	37	18	and	and	CCONJ
emaj-46	37	19	shamshur	shamshur	NOUN
emaj-46	37	20	,	,	PUNCT
emaj-46	37	21	2011	2011	NUM
emaj-46	37	22	;	;	PUNCT
emaj-46	37	23	rajan	rajan	PROPN
emaj-46	37	24	and	and	CCONJ
emaj-46	37	25	zingales	zingale	NOUN
emaj-46	37	26	,	,	PUNCT
emaj-46	37	27	1995	1995	NUM
emaj-46	37	28	;	;	PUNCT
emaj-46	37	29	giannetti	giannetti	NOUN
emaj-46	37	30	,	,	PUNCT
emaj-46	37	31	2003	2003	NUM
emaj-46	37	32	;	;	PUNCT
emaj-46	37	33	jõeveer	jõeveer	NOUN
emaj-46	37	34	,	,	PUNCT
emaj-46	37	35	2005	2005	NUM
emaj-46	37	36	;	;	PUNCT
emaj-46	37	37	de	de	PROPN
emaj-46	37	38	jong	jong	PROPN
emaj-46	37	39	et	et	PROPN
emaj-46	37	40	al	al	PROPN
emaj-46	37	41	.	.	PROPN
emaj-46	37	42	,	,	PUNCT
emaj-46	37	43	2008	2008	NUM
emaj-46	37	44	;	;	PUNCT
emaj-46	37	45	bancel	bancel	NOUN
emaj-46	37	46	and	and	CCONJ
emaj-46	37	47	mittoo	mittoo	NOUN
emaj-46	37	48	,	,	PUNCT
emaj-46	37	49	2004	2004	NUM
emaj-46	37	50	;	;	PUNCT
emaj-46	37	51	antoniou	antoniou	PROPN
emaj-46	37	52	et	et	PROPN
emaj-46	37	53	al	al	PROPN
emaj-46	37	54	.	.	PROPN
emaj-46	37	55	,	,	PUNCT
emaj-46	37	56	2008	2008	NUM
emaj-46	37	57	;	;	PUNCT
emaj-46	37	58	beck	beck	PROPN
emaj-46	37	59	et	et	PROPN
emaj-46	37	60	al	al	PROPN
emaj-46	37	61	.	.	PROPN
emaj-46	37	62	,	,	PUNCT
emaj-46	37	63	2008	2008	NUM
emaj-46	37	64	;	;	PUNCT
emaj-46	37	65	psillaki	psillaki	NOUN
emaj-46	37	66	and	and	CCONJ
emaj-46	37	67	daskalakis	daskalaki	NOUN
emaj-46	37	68	,	,	PUNCT
emaj-46	37	69	2009	2009	NUM
emaj-46	37	70	;	;	PUNCT
emaj-46	37	71	gropp	gropp	NOUN
emaj-46	37	72	and	and	CCONJ
emaj-46	37	73	heider	heider	NOUN
emaj-46	37	74	,	,	PUNCT
emaj-46	37	75	2010	2010	NUM
emaj-46	37	76	;	;	PUNCT
emaj-46	37	77	gungoraydinoglu	gungoraydinoglu	NOUN
emaj-46	37	78	and	and	CCONJ
emaj-46	37	79	oztekin	oztekin	ADJ
emaj-46	37	80	,	,	PUNCT
emaj-46	37	81	2011	2011	NUM
emaj-46	37	82	;	;	PUNCT
emaj-46	37	83	kayo	kayo	PROPN
emaj-46	37	84	and	and	CCONJ
emaj-46	37	85	kimura	kimura	NOUN
emaj-46	37	86	,	,	PUNCT
emaj-46	37	87	2011	2011	NUM
emaj-46	37	88	;	;	PUNCT
emaj-46	37	89	oztekin	oztekin	ADJ
emaj-46	37	90	and	and	CCONJ
emaj-46	37	91	flannery	flannery	PROPN
emaj-46	37	92	,	,	PUNCT
emaj-46	37	93	2012	2012	NUM
emaj-46	37	94	;	;	PUNCT
emaj-46	37	95	joeveer	joeveer	NOUN
emaj-46	37	96	,	,	PUNCT
emaj-46	37	97	2013	2013	NUM
emaj-46	37	98	and	and	CCONJ
emaj-46	37	99	drobetz	drobetz	VERB
emaj-46	37	100	et	et	PROPN
emaj-46	37	101	al	al	PROPN
emaj-46	37	102	,	,	PUNCT
emaj-46	37	103	2013	2013	NUM
emaj-46	37	104	)	)	PUNCT
emaj-46	37	105	suggest	suggest	VERB
emaj-46	37	106	that	that	SCONJ
emaj-46	37	107	,	,	PUNCT
emaj-46	37	108	along	along	ADP
emaj-46	37	109	with	with	ADP
emaj-46	37	110	firm	firm	ADJ
emaj-46	37	111	characteristics	characteristic	NOUN
emaj-46	37	112	,	,	PUNCT
emaj-46	37	113	country	country	NOUN
emaj-46	37	114	-	-	PUNCT
emaj-46	37	115	specific	specific	ADJ
emaj-46	37	116	factors	factor	NOUN
emaj-46	37	117	may	may	AUX
emaj-46	37	118	also	also	ADV
emaj-46	37	119	influence	influence	VERB
emaj-46	37	120	firm	firm	ADJ
emaj-46	37	121	capital	capital	NOUN
emaj-46	37	122	structure	structure	NOUN
emaj-46	37	123	.	.	PUNCT
emaj-46	38	1	these	these	DET
emaj-46	38	2	studies	study	NOUN
emaj-46	38	3	compare	compare	VERB
emaj-46	38	4	the	the	DET
emaj-46	38	5	capital	capital	NOUN
emaj-46	38	6	structure	structure	NOUN
emaj-46	38	7	of	of	ADP
emaj-46	38	8	firms	firm	NOUN
emaj-46	38	9	from	from	ADP
emaj-46	38	10	different	different	ADJ
emaj-46	38	11	countries	country	NOUN
emaj-46	38	12	,	,	PUNCT
emaj-46	38	13	taking	take	VERB
emaj-46	38	14	into	into	ADP
emaj-46	38	15	account	account	NOUN
emaj-46	38	16	factors	factor	NOUN
emaj-46	38	17	such	such	ADJ
emaj-46	38	18	as	as	ADP
emaj-46	38	19	gross	gross	ADJ
emaj-46	38	20	domestic	domestic	ADJ
emaj-46	38	21	product	product	NOUN
emaj-46	38	22	(	(	PUNCT
emaj-46	38	23	gdp	gdp	NOUN
emaj-46	38	24	)	)	PUNCT
emaj-46	38	25	,	,	PUNCT
emaj-46	38	26	inflation	inflation	NOUN
emaj-46	38	27	,	,	PUNCT
emaj-46	38	28	development	development	NOUN
emaj-46	38	29	of	of	ADP
emaj-46	38	30	stock	stock	NOUN
emaj-46	38	31	markets	market	NOUN
emaj-46	38	32	,	,	PUNCT
emaj-46	38	33	etc	etc	X
emaj-46	38	34	.	.	X
emaj-46	38	35	country	country	NOUN
emaj-46	38	36	characteristics	characteristics	PROPN
emaj-46	38	37	influence	influence	NOUN
emaj-46	38	38	firms	firm	NOUN
emaj-46	38	39	'	'	PART
emaj-46	38	40	costs	cost	NOUN
emaj-46	38	41	and	and	CCONJ
emaj-46	38	42	benefits	benefit	NOUN
emaj-46	38	43	in	in	ADP
emaj-46	38	44	determining	determine	VERB
emaj-46	38	45	their	their	PRON
emaj-46	38	46	capital	capital	NOUN
emaj-46	38	47	structure	structure	NOUN
emaj-46	38	48	.	.	PUNCT
emaj-46	39	1	countries	country	NOUN
emaj-46	39	2	differ	differ	VERB
emaj-46	39	3	in	in	ADP
emaj-46	39	4	the	the	DET
emaj-46	39	5	quality	quality	NOUN
emaj-46	39	6	of	of	ADP
emaj-46	39	7	institutions	institution	NOUN
emaj-46	39	8	that	that	PRON
emaj-46	39	9	may	may	AUX
emaj-46	39	10	potentially	potentially	ADV
emaj-46	39	11	affect	affect	VERB
emaj-46	39	12	the	the	DET
emaj-46	39	13	trade	trade	NOUN
emaj-46	39	14	-	-	PUNCT
emaj-46	39	15	off	off	NOUN
emaj-46	39	16	among	among	ADP
emaj-46	39	17	the	the	DET
emaj-46	39	18	bankruptcy	bankruptcy	NOUN
emaj-46	39	19	costs	cost	NOUN
emaj-46	39	20	and	and	CCONJ
emaj-46	39	21	tax	tax	NOUN
emaj-46	39	22	benefits	benefit	NOUN
emaj-46	39	23	,	,	PUNCT
emaj-46	39	24	agency	agency	NOUN
emaj-46	39	25	costs	cost	NOUN
emaj-46	39	26	,	,	PUNCT
emaj-46	39	27	and	and	CCONJ
emaj-46	39	28	information	information	NOUN
emaj-46	39	29	asymmetry	asymmetry	NOUN
emaj-46	39	30	costs	cost	NOUN
emaj-46	39	31	imposed	impose	VERB
emaj-46	39	32	on	on	ADP
emaj-46	39	33	firms	firm	NOUN
emaj-46	39	34	(	(	PUNCT
emaj-46	39	35	gungoraydinoglu	gungoraydinoglu	NOUN
emaj-46	39	36	and	and	CCONJ
emaj-46	39	37	oztekin	oztekin	ADJ
emaj-46	39	38	,	,	PUNCT
emaj-46	39	39	2011	2011	NUM
emaj-46	39	40	)	)	PUNCT
emaj-46	39	41	.	.	PUNCT
emaj-46	40	1	subsequent	subsequent	ADJ
emaj-46	40	2	to	to	ADP
emaj-46	40	3	the	the	DET
emaj-46	40	4	departures	departure	NOUN
emaj-46	40	5	from	from	ADP
emaj-46	40	6	modigliani	modigliani	PROPN
emaj-46	40	7	and	and	CCONJ
emaj-46	40	8	miller	miller	PROPN
emaj-46	40	9	(	(	PUNCT
emaj-46	40	10	1958	1958	NUM
emaj-46	40	11	)	)	PUNCT
emaj-46	40	12	’s	’s	PART
emaj-46	40	13	irrelevance	irrelevance	NOUN
emaj-46	40	14	proposition	proposition	NOUN
emaj-46	40	15	,	,	PUNCT
emaj-46	40	16	there	there	PRON
emaj-46	40	17	is	be	VERB
emaj-46	40	18	a	a	DET
emaj-46	40	19	long	long	ADJ
emaj-46	40	20	tradition	tradition	NOUN
emaj-46	40	21	in	in	ADP
emaj-46	40	22	corporate	corporate	ADJ
emaj-46	40	23	finance	finance	NOUN
emaj-46	40	24	to	to	PART
emaj-46	40	25	investigate	investigate	VERB
emaj-46	40	26	the	the	DET
emaj-46	40	27	capital	capital	NOUN
emaj-46	40	28	structure	structure	NOUN
emaj-46	40	29	decisions	decision	NOUN
emaj-46	40	30	of	of	ADP
emaj-46	40	31	non	non	ADJ
emaj-46	40	32	-	-	ADJ
emaj-46	40	33	financial	financial	ADJ
emaj-46	40	34	firms	firm	NOUN
emaj-46	40	35	.	.	PUNCT
emaj-46	41	1	it	it	PRON
emaj-46	41	2	is	be	AUX
emaj-46	41	3	easy	easy	ADJ
emaj-46	41	4	to	to	PART
emaj-46	41	5	find	find	VERB
emaj-46	41	6	studies	study	NOUN
emaj-46	41	7	that	that	PRON
emaj-46	41	8	analyze	analyze	VERB
emaj-46	41	9	firm	firm	ADJ
emaj-46	41	10	characteristics	characteristic	NOUN
emaj-46	41	11	as	as	ADP
emaj-46	41	12	determinants	determinant	NOUN
emaj-46	41	13	of	of	ADP
emaj-46	41	14	capital	capital	NOUN
emaj-46	41	15	structure	structure	NOUN
emaj-46	41	16	,	,	PUNCT
emaj-46	41	17	but	but	CCONJ
emaj-46	41	18	,	,	PUNCT
emaj-46	41	19	the	the	DET
emaj-46	41	20	literature	literature	NOUN
emaj-46	41	21	often	often	ADV
emaj-46	41	22	neglects	neglect	VERB
emaj-46	41	23	the	the	DET
emaj-46	41	24	role	role	NOUN
emaj-46	41	25	of	of	ADP
emaj-46	41	26	industry	industry	NOUN
emaj-46	41	27	and	and	CCONJ
emaj-46	41	28	country	country	NOUN
emaj-46	41	29	in	in	ADP
emaj-46	41	30	banking	banking	NOUN
emaj-46	41	31	sector	sector	NOUN
emaj-46	41	32	.	.	PUNCT
emaj-46	42	1	an	an	DET
emaj-46	42	2	early	early	ADJ
emaj-46	42	3	investigation	investigation	NOUN
emaj-46	42	4	of	of	ADP
emaj-46	42	5	banks	bank	NOUN
emaj-46	42	6	’	’	PART
emaj-46	42	7	capital	capital	NOUN
emaj-46	42	8	structures	structure	NOUN
emaj-46	42	9	using	use	VERB
emaj-46	42	10	a	a	DET
emaj-46	42	11	corporate	corporate	ADJ
emaj-46	42	12	finance	finance	NOUN
emaj-46	42	13	approach	approach	NOUN
emaj-46	42	14	is	be	AUX
emaj-46	42	15	marcus	marcus	PROPN
emaj-46	42	16	(	(	PUNCT
emaj-46	42	17	1983	1983	NUM
emaj-46	42	18	)	)	PUNCT
emaj-46	42	19	.	.	PUNCT
emaj-46	43	1	he	he	PRON
emaj-46	43	2	examines	examine	VERB
emaj-46	43	3	the	the	DET
emaj-46	43	4	decline	decline	NOUN
emaj-46	43	5	in	in	ADP
emaj-46	43	6	capital	capital	NOUN
emaj-46	43	7	to	to	ADP
emaj-46	43	8	asset	asset	NOUN
emaj-46	43	9	ratios	ratio	NOUN
emaj-46	43	10	dr	dr	PROPN
emaj-46	43	11	.	.	PROPN
emaj-46	43	12	nuri	nuri	PROPN
emaj-46	43	13	baltacı	baltacı	PROPN
emaj-46	43	14	,	,	PUNCT
emaj-46	43	15	dr	dr	PROPN
emaj-46	43	16	.	.	PROPN
emaj-46	43	17	hasan	hasan	PROPN
emaj-46	43	18	ayaydın	ayaydın	PROPN
emaj-46	43	19	p	p	PROPN
emaj-46	43	20	a	a	DET
emaj-46	43	21	g	g	NOUN
emaj-46	43	22	e	e	NOUN
emaj-46	43	23	|48|	|48|	ADJ
emaj-46	43	24	emerging	emerge	VERB
emaj-46	43	25	markets	market	NOUN
emaj-46	43	26	journal	journal	NOUN
emaj-46	43	27	volume	volume	NOUN
emaj-46	43	28	3	3	NUM
emaj-46	43	29	no	no	DET
emaj-46	43	30	3	3	NUM
emaj-46	43	31	(	(	PUNCT
emaj-46	43	32	2014	2014	NUM
emaj-46	43	33	)	)	PUNCT
emaj-46	43	34	|	|	ADV
emaj-46	43	35	issn	issn	VERB
emaj-46	43	36	2158	2158	NUM
emaj-46	43	37	-	-	SYM
emaj-46	43	38	8708	8708	NUM
emaj-46	43	39	(	(	PUNCT
emaj-46	43	40	online	online	NOUN
emaj-46	43	41	)	)	PUNCT
emaj-46	43	42	|	|	ADV
emaj-46	43	43	doi	doi	X
emaj-46	43	44	10.5195	10.5195	NUM
emaj-46	43	45	/	/	SYM
emaj-46	43	46	emaj.2014.46	emaj.2014.46	NOUN
emaj-46	44	1	|	|	ADV
emaj-46	44	2	http://emaj.pitt.edu	http://emaj.pitt.edu	X
emaj-46	44	3	of	of	ADP
emaj-46	44	4	us	we	PRON
emaj-46	44	5	banks	bank	NOUN
emaj-46	44	6	in	in	ADP
emaj-46	44	7	the	the	DET
emaj-46	44	8	1970s	1970s	NUM
emaj-46	44	9	.	.	PUNCT
emaj-46	45	1	barth	barth	NOUN
emaj-46	45	2	et	et	PROPN
emaj-46	45	3	al	al	PROPN
emaj-46	45	4	.	.	PROPN
emaj-46	45	5	(	(	PUNCT
emaj-46	45	6	2005	2005	NUM
emaj-46	45	7	)	)	PUNCT
emaj-46	45	8	,	,	PUNCT
emaj-46	45	9	berger	berger	PROPN
emaj-46	45	10	et	et	PROPN
emaj-46	45	11	al	al	PROPN
emaj-46	45	12	.	.	PROPN
emaj-46	46	1	(	(	PUNCT
emaj-46	46	2	2008	2008	NUM
emaj-46	46	3	)	)	PUNCT
emaj-46	46	4	and	and	CCONJ
emaj-46	46	5	brewer	brewer	VERB
emaj-46	46	6	et	et	PROPN
emaj-46	46	7	al	al	PROPN
emaj-46	46	8	.	.	PUNCT
emaj-46	47	1	(	(	PUNCT
emaj-46	47	2	2008	2008	NUM
emaj-46	47	3	)	)	PUNCT
emaj-46	47	4	observe	observe	VERB
emaj-46	47	5	that	that	SCONJ
emaj-46	47	6	the	the	DET
emaj-46	47	7	levels	level	NOUN
emaj-46	47	8	of	of	ADP
emaj-46	47	9	bank	bank	NOUN
emaj-46	47	10	capital	capital	NOUN
emaj-46	47	11	are	be	AUX
emaj-46	47	12	much	much	ADV
emaj-46	47	13	higher	high	ADJ
emaj-46	47	14	than	than	ADP
emaj-46	47	15	the	the	DET
emaj-46	47	16	regulatory	regulatory	ADJ
emaj-46	47	17	minimum	minimum	NOUN
emaj-46	47	18	.	.	PUNCT
emaj-46	48	1	banks	bank	NOUN
emaj-46	48	2	may	may	AUX
emaj-46	48	3	be	be	AUX
emaj-46	48	4	optimising	optimise	VERB
emaj-46	48	5	their	their	PRON
emaj-46	48	6	capital	capital	NOUN
emaj-46	48	7	structure	structure	NOUN
emaj-46	48	8	,	,	PUNCT
emaj-46	48	9	possibly	possibly	ADV
emaj-46	48	10	much	much	ADV
emaj-46	48	11	like	like	ADP
emaj-46	48	12	non	non	ADJ
emaj-46	48	13	-	-	ADJ
emaj-46	48	14	financial	financial	ADJ
emaj-46	48	15	firms	firm	NOUN
emaj-46	48	16	,	,	PUNCT
emaj-46	48	17	which	which	PRON
emaj-46	48	18	would	would	AUX
emaj-46	48	19	relegate	relegate	VERB
emaj-46	48	20	capital	capital	NOUN
emaj-46	48	21	requirements	requirement	NOUN
emaj-46	48	22	to	to	ADP
emaj-46	48	23	second	second	ADJ
emaj-46	48	24	order	order	NOUN
emaj-46	48	25	importance	importance	NOUN
emaj-46	48	26	(	(	PUNCT
emaj-46	48	27	gropp	gropp	NOUN
emaj-46	48	28	and	and	CCONJ
emaj-46	48	29	heider	heider	NOUN
emaj-46	48	30	,	,	PUNCT
emaj-46	48	31	2010:590	2010:590	NUM
emaj-46	48	32	)	)	PUNCT
emaj-46	48	33	.	.	PUNCT
emaj-46	49	1	flannery	flannery	PROPN
emaj-46	49	2	(	(	PUNCT
emaj-46	49	3	1994	1994	NUM
emaj-46	49	4	)	)	PUNCT
emaj-46	49	5	,	,	PUNCT
emaj-46	49	6	myers	myers	PROPN
emaj-46	49	7	and	and	CCONJ
emaj-46	49	8	rajan	rajan	PROPN
emaj-46	49	9	(	(	PUNCT
emaj-46	49	10	1998	1998	NUM
emaj-46	49	11	)	)	PUNCT
emaj-46	49	12	,	,	PUNCT
emaj-46	49	13	diamond	diamond	NOUN
emaj-46	49	14	and	and	CCONJ
emaj-46	49	15	rajan	rajan	PROPN
emaj-46	49	16	(	(	PUNCT
emaj-46	49	17	2000	2000	NUM
emaj-46	49	18	)	)	PUNCT
emaj-46	49	19	and	and	CCONJ
emaj-46	49	20	allen	allen	VERB
emaj-46	49	21	et	et	PROPN
emaj-46	49	22	al	al	PROPN
emaj-46	49	23	.	.	PROPN
emaj-46	49	24	(	(	PUNCT
emaj-46	49	25	2011	2011	NUM
emaj-46	49	26	)	)	PUNCT
emaj-46	49	27	develop	develop	VERB
emaj-46	49	28	theories	theory	NOUN
emaj-46	49	29	of	of	ADP
emaj-46	49	30	optimal	optimal	ADJ
emaj-46	49	31	bank	bank	NOUN
emaj-46	49	32	capital	capital	NOUN
emaj-46	49	33	structure	structure	NOUN
emaj-46	49	34	,	,	PUNCT
emaj-46	49	35	in	in	ADP
emaj-46	49	36	which	which	PRON
emaj-46	49	37	capital	capital	NOUN
emaj-46	49	38	requirements	requirement	NOUN
emaj-46	49	39	are	be	AUX
emaj-46	49	40	not	not	PART
emaj-46	49	41	necessarily	necessarily	ADV
emaj-46	49	42	binding	bind	VERB
emaj-46	49	43	.	.	PUNCT
emaj-46	50	1	but	but	CCONJ
emaj-46	50	2	what	what	PRON
emaj-46	50	3	determines	determine	VERB
emaj-46	50	4	banks	bank	NOUN
emaj-46	50	5	’	’	PART
emaj-46	50	6	capital	capital	NOUN
emaj-46	50	7	structures	structure	NOUN
emaj-46	50	8	in	in	ADP
emaj-46	50	9	turkey	turkey	NOUN
emaj-46	50	10	?	?	PUNCT
emaj-46	51	1	to	to	PART
emaj-46	51	2	answer	answer	VERB
emaj-46	51	3	the	the	DET
emaj-46	51	4	question	question	NOUN
emaj-46	51	5	,	,	PUNCT
emaj-46	51	6	we	we	PRON
emaj-46	51	7	analysis	analysis	VERB
emaj-46	51	8	firm	firm	NOUN
emaj-46	51	9	,	,	PUNCT
emaj-46	51	10	industry	industry	NOUN
emaj-46	51	11	,	,	PUNCT
emaj-46	51	12	country	country	NOUN
emaj-46	51	13	and	and	CCONJ
emaj-46	51	14	macroeconomic	macroeconomic	ADJ
emaj-46	51	15	determinants	determinant	NOUN
emaj-46	51	16	of	of	ADP
emaj-46	51	17	capital	capital	NOUN
emaj-46	51	18	structure	structure	NOUN
emaj-46	51	19	in	in	ADP
emaj-46	51	20	turkey	turkey	NOUN
emaj-46	51	21	.	.	PUNCT
emaj-46	52	1	turkish	turkish	ADJ
emaj-46	52	2	banks	bank	NOUN
emaj-46	52	3	have	have	AUX
emaj-46	52	4	become	become	VERB
emaj-46	52	5	the	the	DET
emaj-46	52	6	focus	focus	NOUN
emaj-46	52	7	of	of	ADP
emaj-46	52	8	attention	attention	NOUN
emaj-46	52	9	recently	recently	ADV
emaj-46	52	10	.	.	PUNCT
emaj-46	53	1	firm	firm	ADJ
emaj-46	53	2	,	,	PUNCT
emaj-46	53	3	country	country	NOUN
emaj-46	53	4	and	and	CCONJ
emaj-46	53	5	macroeconomic	macroeconomic	ADJ
emaj-46	53	6	determinants	determinant	NOUN
emaj-46	53	7	of	of	ADP
emaj-46	53	8	capital	capital	NOUN
emaj-46	53	9	structure	structure	NOUN
emaj-46	53	10	is	be	AUX
emaj-46	53	11	a	a	DET
emaj-46	53	12	subject	subject	NOUN
emaj-46	53	13	of	of	ADP
emaj-46	53	14	attention	attention	NOUN
emaj-46	53	15	.	.	PUNCT
emaj-46	54	1	this	this	DET
emaj-46	54	2	paper	paper	NOUN
emaj-46	54	3	aims	aim	VERB
emaj-46	54	4	to	to	PART
emaj-46	54	5	contribute	contribute	VERB
emaj-46	54	6	to	to	ADP
emaj-46	54	7	the	the	DET
emaj-46	54	8	knowledge	knowledge	NOUN
emaj-46	54	9	of	of	ADP
emaj-46	54	10	capital	capital	NOUN
emaj-46	54	11	structure	structure	NOUN
emaj-46	54	12	by	by	ADP
emaj-46	54	13	examining	examine	VERB
emaj-46	54	14	the	the	DET
emaj-46	54	15	determinants	determinant	NOUN
emaj-46	54	16	of	of	ADP
emaj-46	54	17	capital	capital	NOUN
emaj-46	54	18	structure	structure	NOUN
emaj-46	54	19	across	across	ADP
emaj-46	54	20	a	a	DET
emaj-46	54	21	large	large	ADJ
emaj-46	54	22	panel	panel	NOUN
emaj-46	54	23	of	of	ADP
emaj-46	54	24	banks	bank	NOUN
emaj-46	54	25	and	and	CCONJ
emaj-46	54	26	by	by	ADP
emaj-46	54	27	focusing	focus	VERB
emaj-46	54	28	on	on	ADP
emaj-46	54	29	both	both	CCONJ
emaj-46	54	30	the	the	DET
emaj-46	54	31	characteristics	characteristic	NOUN
emaj-46	54	32	of	of	ADP
emaj-46	54	33	the	the	DET
emaj-46	54	34	bank	bank	NOUN
emaj-46	54	35	and	and	CCONJ
emaj-46	54	36	macroeconomic	macroeconomic	ADJ
emaj-46	54	37	factors	factor	NOUN
emaj-46	54	38	.	.	PUNCT
emaj-46	55	1	in	in	ADP
emaj-46	55	2	this	this	DET
emaj-46	55	3	article	article	NOUN
emaj-46	55	4	,	,	PUNCT
emaj-46	55	5	we	we	PRON
emaj-46	55	6	contribute	contribute	VERB
emaj-46	55	7	to	to	ADP
emaj-46	55	8	the	the	DET
emaj-46	55	9	empirical	empirical	ADJ
emaj-46	55	10	capital	capital	NOUN
emaj-46	55	11	structure	structure	NOUN
emaj-46	55	12	literature	literature	NOUN
emaj-46	55	13	in	in	ADP
emaj-46	55	14	the	the	DET
emaj-46	55	15	following	following	ADJ
emaj-46	55	16	ways	way	NOUN
emaj-46	55	17	.	.	PUNCT
emaj-46	56	1	our	our	PRON
emaj-46	56	2	first	first	ADJ
emaj-46	56	3	contribution	contribution	NOUN
emaj-46	56	4	comes	come	VERB
emaj-46	56	5	from	from	ADP
emaj-46	56	6	assessing	assess	VERB
emaj-46	56	7	the	the	DET
emaj-46	56	8	importance	importance	NOUN
emaj-46	56	9	of	of	ADP
emaj-46	56	10	country	country	NOUN
emaj-46	56	11	-	-	PUNCT
emaj-46	56	12	level	level	NOUN
emaj-46	56	13	factor	factor	NOUN
emaj-46	56	14	for	for	ADP
emaj-46	56	15	capital	capital	NOUN
emaj-46	56	16	structure	structure	NOUN
emaj-46	56	17	decisions	decision	NOUN
emaj-46	56	18	and	and	CCONJ
emaj-46	56	19	evaluating	evaluate	VERB
emaj-46	56	20	the	the	DET
emaj-46	56	21	relative	relative	ADJ
emaj-46	56	22	importance	importance	NOUN
emaj-46	56	23	of	of	ADP
emaj-46	56	24	the	the	DET
emaj-46	56	25	country	country	NOUN
emaj-46	56	26	-	-	PUNCT
emaj-46	56	27	specific	specific	ADJ
emaj-46	56	28	factors	factor	NOUN
emaj-46	56	29	in	in	ADP
emaj-46	56	30	determining	determine	VERB
emaj-46	56	31	a	a	DET
emaj-46	56	32	firm	firm	NOUN
emaj-46	56	33	's	's	PART
emaj-46	56	34	leverage	leverage	NOUN
emaj-46	56	35	compared	compare	VERB
emaj-46	56	36	with	with	ADP
emaj-46	56	37	the	the	DET
emaj-46	56	38	firm	firm	ADJ
emaj-46	56	39	-	-	PUNCT
emaj-46	56	40	specific	specific	ADJ
emaj-46	56	41	factors	factor	NOUN
emaj-46	56	42	and	and	CCONJ
emaj-46	56	43	industrial	industrial	ADJ
emaj-46	56	44	factors	factor	NOUN
emaj-46	56	45	in	in	ADP
emaj-46	56	46	turkish	turkish	ADJ
emaj-46	56	47	banking	banking	NOUN
emaj-46	56	48	sector	sector	NOUN
emaj-46	56	49	.	.	PUNCT
emaj-46	57	1	second	second	ADV
emaj-46	57	2	,	,	PUNCT
emaj-46	57	3	we	we	PRON
emaj-46	57	4	employ	employ	VERB
emaj-46	57	5	appropriate	appropriate	ADJ
emaj-46	57	6	and	and	CCONJ
emaj-46	57	7	advanced	advanced	ADJ
emaj-46	57	8	dynamic	dynamic	ADJ
emaj-46	57	9	panel	panel	NOUN
emaj-46	57	10	data	datum	NOUN
emaj-46	57	11	estimators	estimator	NOUN
emaj-46	57	12	,	,	PUNCT
emaj-46	57	13	blundell	blundell	PROPN
emaj-46	57	14	and	and	CCONJ
emaj-46	57	15	bond	bond	NOUN
emaj-46	57	16	’s	’s	PART
emaj-46	57	17	(	(	PUNCT
emaj-46	57	18	1998	1998	NUM
emaj-46	57	19	)	)	PUNCT
emaj-46	57	20	generalized	generalized	ADJ
emaj-46	57	21	methods	method	NOUN
emaj-46	57	22	of	of	ADP
emaj-46	57	23	moment	moment	NOUN
emaj-46	57	24	’s	’s	PART
emaj-46	57	25	estimators	estimator	NOUN
emaj-46	57	26	(	(	PUNCT
emaj-46	57	27	system	system	NOUN
emaj-46	57	28	gmm	gmm	PROPN
emaj-46	57	29	,	,	PUNCT
emaj-46	57	30	to	to	PART
emaj-46	57	31	estimate	estimate	VERB
emaj-46	57	32	the	the	DET
emaj-46	57	33	determinants	determinant	NOUN
emaj-46	57	34	of	of	ADP
emaj-46	57	35	capital	capital	NOUN
emaj-46	57	36	structure	structure	NOUN
emaj-46	57	37	.	.	PUNCT
emaj-46	58	1	the	the	DET
emaj-46	58	2	paper	paper	NOUN
emaj-46	58	3	is	be	AUX
emaj-46	58	4	organized	organize	VERB
emaj-46	58	5	as	as	SCONJ
emaj-46	58	6	follows	follow	VERB
emaj-46	58	7	:	:	PUNCT
emaj-46	58	8	in	in	ADP
emaj-46	58	9	the	the	DET
emaj-46	58	10	next	next	ADJ
emaj-46	58	11	section	section	NOUN
emaj-46	58	12	we	we	PRON
emaj-46	58	13	provide	provide	VERB
emaj-46	58	14	an	an	DET
emaj-46	58	15	overview	overview	NOUN
emaj-46	58	16	of	of	ADP
emaj-46	58	17	the	the	DET
emaj-46	58	18	related	related	ADJ
emaj-46	58	19	research	research	NOUN
emaj-46	58	20	and	and	CCONJ
emaj-46	58	21	capital	capital	NOUN
emaj-46	58	22	structure	structure	NOUN
emaj-46	58	23	theories	theory	NOUN
emaj-46	58	24	.	.	PUNCT
emaj-46	59	1	in	in	ADP
emaj-46	59	2	section	section	NOUN
emaj-46	59	3	3	3	NUM
emaj-46	59	4	we	we	PRON
emaj-46	59	5	introduce	introduce	VERB
emaj-46	59	6	the	the	DET
emaj-46	59	7	data	datum	NOUN
emaj-46	59	8	and	and	CCONJ
emaj-46	59	9	the	the	DET
emaj-46	59	10	estimation	estimation	NOUN
emaj-46	59	11	methodology	methodology	NOUN
emaj-46	59	12	.	.	PUNCT
emaj-46	60	1	section	section	NOUN
emaj-46	60	2	4	4	NUM
emaj-46	60	3	contains	contain	VERB
emaj-46	60	4	the	the	DET
emaj-46	60	5	results	result	NOUN
emaj-46	60	6	,	,	PUNCT
emaj-46	60	7	followed	follow	VERB
emaj-46	60	8	by	by	ADP
emaj-46	60	9	a	a	DET
emaj-46	60	10	concluding	concluding	NOUN
emaj-46	60	11	section	section	NOUN
emaj-46	60	12	.	.	PUNCT
emaj-46	61	1	2	2	X
emaj-46	61	2	.	.	X
emaj-46	61	3	capital	capital	NOUN
emaj-46	61	4	structure	structure	NOUN
emaj-46	61	5	theories	theory	NOUN
emaj-46	61	6	and	and	CCONJ
emaj-46	61	7	determinants	determinant	NOUN
emaj-46	61	8	of	of	ADP
emaj-46	61	9	capital	capital	NOUN
emaj-46	61	10	structure	structure	NOUN
emaj-46	61	11	concerning	concern	VERB
emaj-46	61	12	firm	firm	ADJ
emaj-46	61	13	-	-	PUNCT
emaj-46	61	14	level	level	NOUN
emaj-46	61	15	determinants	determinant	NOUN
emaj-46	61	16	of	of	ADP
emaj-46	61	17	leverage	leverage	NOUN
emaj-46	61	18	,	,	PUNCT
emaj-46	61	19	two	two	NUM
emaj-46	61	20	main	main	ADJ
emaj-46	61	21	theoretical	theoretical	ADJ
emaj-46	61	22	approaches	approach	NOUN
emaj-46	61	23	are	be	AUX
emaj-46	61	24	particularly	particularly	ADV
emaj-46	61	25	important	important	ADJ
emaj-46	61	26	:	:	PUNCT
emaj-46	61	27	the	the	DET
emaj-46	61	28	trade	trade	NOUN
emaj-46	61	29	-	-	PUNCT
emaj-46	61	30	off	off	ADP
emaj-46	61	31	theory	theory	NOUN
emaj-46	61	32	and	and	CCONJ
emaj-46	61	33	the	the	DET
emaj-46	61	34	pecking	pecking	NOUN
emaj-46	61	35	order	order	NOUN
emaj-46	61	36	theory	theory	NOUN
emaj-46	61	37	.	.	PUNCT
emaj-46	62	1	these	these	PRON
emaj-46	62	2	offer	offer	VERB
emaj-46	62	3	several	several	ADJ
emaj-46	62	4	predictions	prediction	NOUN
emaj-46	62	5	regarding	regard	VERB
emaj-46	62	6	to	to	PART
emaj-46	62	7	firmspecific	firmspecific	VERB
emaj-46	62	8	and	and	CCONJ
emaj-46	62	9	country	country	NOUN
emaj-46	62	10	-	-	PUNCT
emaj-46	62	11	specific	specific	ADJ
emaj-46	62	12	factors	factor	NOUN
emaj-46	62	13	affecting	affect	VERB
emaj-46	62	14	firm	firm	ADJ
emaj-46	62	15	leverage	leverage	NOUN
emaj-46	62	16	.	.	PUNCT
emaj-46	63	1	according	accord	VERB
emaj-46	63	2	to	to	ADP
emaj-46	63	3	the	the	DET
emaj-46	63	4	trade	trade	NOUN
emaj-46	63	5	-	-	PUNCT
emaj-46	63	6	off	off	ADP
emaj-46	63	7	theory	theory	NOUN
emaj-46	63	8	,	,	PUNCT
emaj-46	63	9	capital	capital	NOUN
emaj-46	63	10	structure	structure	NOUN
emaj-46	63	11	choices	choice	NOUN
emaj-46	63	12	are	be	AUX
emaj-46	63	13	determined	determine	VERB
emaj-46	63	14	by	by	ADP
emaj-46	63	15	a	a	DET
emaj-46	63	16	trade	trade	NOUN
emaj-46	63	17	-	-	PUNCT
emaj-46	63	18	off	off	NOUN
emaj-46	63	19	between	between	ADP
emaj-46	63	20	the	the	DET
emaj-46	63	21	benefits	benefit	NOUN
emaj-46	63	22	and	and	CCONJ
emaj-46	63	23	costs	cost	NOUN
emaj-46	63	24	of	of	ADP
emaj-46	63	25	debt	debt	NOUN
emaj-46	63	26	(	(	PUNCT
emaj-46	63	27	kraus	kraus	NOUN
emaj-46	63	28	and	and	CCONJ
emaj-46	63	29	litzenberger	litzenberger	NOUN
emaj-46	63	30	,	,	PUNCT
emaj-46	63	31	1973	1973	NUM
emaj-46	63	32	)	)	PUNCT
emaj-46	63	33	.	.	PUNCT
emaj-46	64	1	classic	classic	ADJ
emaj-46	64	2	arguments	argument	NOUN
emaj-46	64	3	for	for	ADP
emaj-46	64	4	this	this	DET
emaj-46	64	5	trade	trade	NOUN
emaj-46	64	6	-	-	PUNCT
emaj-46	64	7	off	off	NOUN
emaj-46	64	8	are	be	AUX
emaj-46	64	9	based	base	VERB
emaj-46	64	10	on	on	ADP
emaj-46	64	11	bankruptcy	bankruptcy	NOUN
emaj-46	64	12	costs	cost	NOUN
emaj-46	64	13	,	,	PUNCT
emaj-46	64	14	tax	tax	NOUN
emaj-46	64	15	benefits	benefit	NOUN
emaj-46	64	16	,	,	PUNCT
emaj-46	64	17	and	and	CCONJ
emaj-46	64	18	agency	agency	NOUN
emaj-46	64	19	costs	cost	NOUN
emaj-46	64	20	related	relate	VERB
emaj-46	64	21	to	to	ADP
emaj-46	64	22	asset	asset	NOUN
emaj-46	64	23	substitution	substitution	NOUN
emaj-46	64	24	(	(	PUNCT
emaj-46	64	25	myers	myer	NOUN
emaj-46	64	26	,	,	PUNCT
emaj-46	64	27	1977	1977	NUM
emaj-46	64	28	)	)	PUNCT
emaj-46	64	29	,	,	PUNCT
emaj-46	64	30	and	and	CCONJ
emaj-46	64	31	overinvestment	overinvestment	ADJ
emaj-46	64	32	(	(	PUNCT
emaj-46	64	33	jensen	jensen	PROPN
emaj-46	64	34	,	,	PUNCT
emaj-46	64	35	1986	1986	NUM
emaj-46	64	36	;	;	PUNCT
emaj-46	64	37	stulz	stulz	ADJ
emaj-46	64	38	,	,	PUNCT
emaj-46	64	39	1990	1990	NUM
emaj-46	64	40	)	)	PUNCT
emaj-46	64	41	.	.	PUNCT
emaj-46	65	1	each	each	DET
emaj-46	65	2	firm	firm	NOUN
emaj-46	65	3	has	have	VERB
emaj-46	65	4	a	a	DET
emaj-46	65	5	valuemaximizing	valuemaximize	VERB
emaj-46	65	6	target	target	NOUN
emaj-46	65	7	leverage	leverage	NOUN
emaj-46	65	8	ratio	ratio	NOUN
emaj-46	65	9	that	that	PRON
emaj-46	65	10	it	it	PRON
emaj-46	65	11	strives	strive	VERB
emaj-46	65	12	to	to	PART
emaj-46	65	13	reach	reach	VERB
emaj-46	65	14	(	(	PUNCT
emaj-46	65	15	gungoraydinoglu	gungoraydinoglu	NOUN
emaj-46	65	16	and	and	CCONJ
emaj-46	65	17	öztekin	öztekin	NOUN
emaj-46	65	18	,	,	PUNCT
emaj-46	65	19	2011	2011	NUM
emaj-46	65	20	)	)	PUNCT
emaj-46	65	21	.	.	PUNCT
emaj-46	66	1	as	as	ADP
emaj-46	66	2	a	a	DET
emaj-46	66	3	result	result	NOUN
emaj-46	66	4	,	,	PUNCT
emaj-46	66	5	although	although	SCONJ
emaj-46	66	6	increased	increase	VERB
emaj-46	66	7	leverage	leverage	NOUN
emaj-46	66	8	mitigates	mitigate	VERB
emaj-46	66	9	the	the	DET
emaj-46	66	10	agency	agency	NOUN
emaj-46	66	11	costs	cost	NOUN
emaj-46	66	12	of	of	ADP
emaj-46	66	13	equity	equity	NOUN
emaj-46	66	14	,	,	PUNCT
emaj-46	66	15	it	it	PRON
emaj-46	66	16	exacerbates	exacerbate	VERB
emaj-46	66	17	bondholder	bondholder	NOUN
emaj-46	66	18	–	–	PUNCT
emaj-46	66	19	shareholder	shareholder	NOUN
emaj-46	66	20	conflicts	conflict	NOUN
emaj-46	66	21	(	(	PUNCT
emaj-46	66	22	drobetz	drobetz	VERB
emaj-46	66	23	et	et	PROPN
emaj-46	66	24	al	al	PROPN
emaj-46	66	25	,	,	PUNCT
emaj-46	66	26	2013	2013	NUM
emaj-46	66	27	)	)	PUNCT
emaj-46	66	28	.	.	PUNCT
emaj-46	67	1	the	the	DET
emaj-46	67	2	pecking	pecking	NOUN
emaj-46	67	3	order	order	NOUN
emaj-46	67	4	theory	theory	NOUN
emaj-46	67	5	(	(	PUNCT
emaj-46	67	6	also	also	ADV
emaj-46	67	7	referred	refer	VERB
emaj-46	67	8	to	to	ADP
emaj-46	67	9	as	as	ADP
emaj-46	67	10	the	the	DET
emaj-46	67	11	information	information	NOUN
emaj-46	67	12	asymmetry	asymmetry	NOUN
emaj-46	67	13	theory	theory	NOUN
emaj-46	67	14	)	)	PUNCT
emaj-46	67	15	,	,	PUNCT
emaj-46	67	16	developed	develop	VERB
emaj-46	67	17	by	by	ADP
emaj-46	67	18	myers	myer	NOUN
emaj-46	67	19	and	and	CCONJ
emaj-46	67	20	majluf	majluf	PROPN
emaj-46	67	21	(	(	PUNCT
emaj-46	67	22	1984	1984	NUM
emaj-46	67	23	)	)	PUNCT
emaj-46	67	24	and	and	CCONJ
emaj-46	67	25	myers	myers	PROPN
emaj-46	67	26	(	(	PUNCT
emaj-46	67	27	1984	1984	NUM
emaj-46	67	28	)	)	PUNCT
emaj-46	67	29	,	,	PUNCT
emaj-46	67	30	argues	argue	VERB
emaj-46	67	31	that	that	SCONJ
emaj-46	67	32	the	the	DET
emaj-46	67	33	adverse	adverse	ADJ
emaj-46	67	34	selection	selection	NOUN
emaj-46	67	35	costs	cost	NOUN
emaj-46	67	36	of	of	ADP
emaj-46	67	37	issuing	issue	VERB
emaj-46	67	38	risky	risky	ADJ
emaj-46	67	39	securities	security	NOUN
emaj-46	67	40	,	,	PUNCT
emaj-46	67	41	because	because	SCONJ
emaj-46	67	42	of	of	ADP
emaj-46	67	43	either	either	CCONJ
emaj-46	67	44	asymmetric	asymmetric	ADJ
emaj-46	67	45	information	information	NOUN
emaj-46	67	46	(	(	PUNCT
emaj-46	67	47	myers	myer	NOUN
emaj-46	67	48	,	,	PUNCT
emaj-46	67	49	1984	1984	NUM
emaj-46	67	50	;	;	PUNCT
emaj-46	67	51	myers	myer	NOUN
emaj-46	67	52	and	and	CCONJ
emaj-46	67	53	majluf	majluf	NOUN
emaj-46	67	54	,	,	PUNCT
emaj-46	67	55	1984	1984	NUM
emaj-46	67	56	)	)	PUNCT
emaj-46	67	57	or	or	CCONJ
emaj-46	67	58	managerial	managerial	ADJ
emaj-46	67	59	optimism	optimism	NOUN
emaj-46	67	60	(	(	PUNCT
emaj-46	67	61	heaton	heaton	PROPN
emaj-46	67	62	,	,	PUNCT
emaj-46	67	63	2002	2002	NUM
emaj-46	67	64	)	)	PUNCT
emaj-46	67	65	,	,	PUNCT
emaj-46	67	66	lead	lead	VERB
emaj-46	67	67	to	to	ADP
emaj-46	67	68	a	a	DET
emaj-46	67	69	preference	preference	NOUN
emaj-46	67	70	ranking	rank	VERB
emaj-46	67	71	over	over	ADP
emaj-46	67	72	financing	financing	NOUN
emaj-46	67	73	sources	source	NOUN
emaj-46	67	74	by	by	ADP
emaj-46	67	75	creating	create	VERB
emaj-46	67	76	a	a	DET
emaj-46	67	77	wedge	wedge	NOUN
emaj-46	67	78	between	between	ADP
emaj-46	67	79	internal	internal	ADJ
emaj-46	67	80	and	and	CCONJ
emaj-46	67	81	external	external	ADJ
emaj-46	67	82	financing	financing	NOUN
emaj-46	67	83	costs	cost	NOUN
emaj-46	67	84	and	and	CCONJ
emaj-46	67	85	by	by	ADP
emaj-46	67	86	increasing	increase	VERB
emaj-46	67	87	the	the	DET
emaj-46	67	88	difficulty	difficulty	NOUN
emaj-46	67	89	of	of	ADP
emaj-46	67	90	issuing	issue	VERB
emaj-46	67	91	securities	security	NOUN
emaj-46	67	92	.	.	PUNCT
emaj-46	68	1	to	to	PART
emaj-46	68	2	minimize	minimize	VERB
emaj-46	68	3	adverse	adverse	ADJ
emaj-46	68	4	selection	selection	NOUN
emaj-46	68	5	costs	cost	NOUN
emaj-46	68	6	,	,	PUNCT
emaj-46	68	7	firms	firm	NOUN
emaj-46	68	8	first	first	ADV
emaj-46	68	9	issue	issue	VERB
emaj-46	68	10	internal	internal	ADJ
emaj-46	68	11	funds	fund	NOUN
emaj-46	68	12	,	,	PUNCT
emaj-46	68	13	debt	debt	NOUN
emaj-46	68	14	,	,	PUNCT
emaj-46	68	15	and	and	CCONJ
emaj-46	68	16	then	then	ADV
emaj-46	68	17	equity	equity	NOUN
emaj-46	68	18	(	(	PUNCT
emaj-46	68	19	gungoraydinoglu	gungoraydinoglu	PROPN
emaj-46	68	20	and	and	CCONJ
emaj-46	68	21	öztekin	öztekin	NOUN
emaj-46	68	22	,	,	PUNCT
emaj-46	68	23	2011	2011	NUM
emaj-46	68	24	)	)	PUNCT
emaj-46	68	25	.	.	PUNCT
emaj-46	69	1	there	there	PRON
emaj-46	69	2	is	be	VERB
emaj-46	69	3	no	no	DET
emaj-46	69	4	concept	concept	NOUN
emaj-46	69	5	of	of	ADP
emaj-46	69	6	target	target	NOUN
emaj-46	69	7	capital	capital	NOUN
emaj-46	69	8	structure	structure	NOUN
emaj-46	69	9	for	for	ADP
emaj-46	69	10	a	a	DET
emaj-46	69	11	firm	firm	NOUN
emaj-46	69	12	in	in	ADP
emaj-46	69	13	the	the	DET
emaj-46	69	14	pecking	pecking	NOUN
emaj-46	69	15	order	order	NOUN
emaj-46	69	16	theory	theory	NOUN
emaj-46	69	17	.	.	PUNCT
emaj-46	70	1	the	the	DET
emaj-46	70	2	explanation	explanation	NOUN
emaj-46	70	3	provided	provide	VERB
emaj-46	70	4	by	by	ADP
emaj-46	70	5	myers	myer	NOUN
emaj-46	70	6	for	for	ADP
emaj-46	70	7	the	the	DET
emaj-46	70	8	pecking	pecking	NOUN
emaj-46	70	9	order	order	NOUN
emaj-46	70	10	theory	theory	NOUN
emaj-46	70	11	is	be	AUX
emaj-46	70	12	based	base	VERB
emaj-46	70	13	on	on	ADP
emaj-46	70	14	the	the	DET
emaj-46	70	15	assumption	assumption	NOUN
emaj-46	70	16	that	that	SCONJ
emaj-46	70	17	firm	firm	ADJ
emaj-46	70	18	insiders	insider	NOUN
emaj-46	70	19	have	have	AUX
emaj-46	70	20	more	more	ADJ
emaj-46	70	21	information	information	NOUN
emaj-46	70	22	than	than	ADP
emaj-46	70	23	outsiders	outsider	NOUN
emaj-46	70	24	(	(	PUNCT
emaj-46	70	25	chakroborty	chakroborty	NOUN
emaj-46	70	26	,	,	PUNCT
emaj-46	70	27	2010	2010	NUM
emaj-46	70	28	)	)	PUNCT
emaj-46	70	29	.	.	PUNCT
emaj-46	71	1	the	the	DET
emaj-46	71	2	pecking	pecking	NOUN
emaj-46	71	3	order	order	NOUN
emaj-46	71	4	theory	theory	NOUN
emaj-46	71	5	ranks	rank	VERB
emaj-46	71	6	financing	financing	NOUN
emaj-46	71	7	sources	source	NOUN
emaj-46	71	8	according	accord	VERB
emaj-46	71	9	to	to	ADP
emaj-46	71	10	the	the	DET
emaj-46	71	11	degree	degree	NOUN
emaj-46	71	12	they	they	PRON
emaj-46	71	13	are	be	AUX
emaj-46	71	14	affected	affect	VERB
emaj-46	71	15	by	by	ADP
emaj-46	71	16	information	information	NOUN
emaj-46	71	17	asymmetry	asymmetry	NOUN
emaj-46	71	18	.	.	PUNCT
emaj-46	72	1	as	as	ADP
emaj-46	72	2	a	a	DET
emaj-46	72	3	result	result	NOUN
emaj-46	72	4	,	,	PUNCT
emaj-46	72	5	firms	firm	NOUN
emaj-46	72	6	use	use	VERB
emaj-46	72	7	internal	internal	ADJ
emaj-46	72	8	funds	fund	NOUN
emaj-46	72	9	in	in	ADP
emaj-46	72	10	the	the	DET
emaj-46	72	11	first	first	ADJ
emaj-46	72	12	place	place	NOUN
emaj-46	72	13	.	.	PUNCT
emaj-46	73	1	if	if	SCONJ
emaj-46	73	2	they	they	PRON
emaj-46	73	3	need	need	VERB
emaj-46	73	4	external	external	ADJ
emaj-46	73	5	funds	fund	NOUN
emaj-46	73	6	,	,	PUNCT
emaj-46	73	7	they	they	PRON
emaj-46	73	8	prefer	prefer	VERB
emaj-46	73	9	to	to	PART
emaj-46	73	10	issue	issue	VERB
emaj-46	73	11	debt	debt	NOUN
emaj-46	73	12	over	over	ADP
emaj-46	73	13	equity	equity	NOUN
emaj-46	73	14	(	(	PUNCT
emaj-46	73	15	drobetz	drobetz	VERB
emaj-46	73	16	et	et	PROPN
emaj-46	73	17	al	al	PROPN
emaj-46	73	18	,	,	PUNCT
emaj-46	73	19	2013:4	2013:4	NUM
emaj-46	73	20	)	)	PUNCT
emaj-46	73	21	.	.	PUNCT
emaj-46	74	1	in	in	ADP
emaj-46	74	2	contrast	contrast	NOUN
emaj-46	74	3	with	with	ADP
emaj-46	74	4	the	the	DET
emaj-46	74	5	trade	trade	NOUN
emaj-46	74	6	-	-	PUNCT
emaj-46	74	7	off	off	ADP
emaj-46	74	8	theory	theory	NOUN
emaj-46	74	9	,	,	PUNCT
emaj-46	74	10	the	the	DET
emaj-46	74	11	pecking	pecking	NOUN
emaj-46	74	12	order	order	NOUN
emaj-46	74	13	theory	theory	NOUN
emaj-46	74	14	does	do	AUX
emaj-46	74	15	not	not	PART
emaj-46	74	16	predict	predict	VERB
emaj-46	74	17	that	that	SCONJ
emaj-46	74	18	firms	firm	NOUN
emaj-46	74	19	have	have	VERB
emaj-46	74	20	well	well	ADV
emaj-46	74	21	-	-	PUNCT
emaj-46	74	22	defined	define	VERB
emaj-46	74	23	target	target	NOUN
emaj-46	74	24	leverage	leverage	NOUN
emaj-46	74	25	(	(	PUNCT
emaj-46	74	26	dang	dang	INTJ
emaj-46	74	27	,	,	PUNCT
emaj-46	74	28	2013	2013	NUM
emaj-46	74	29	)	)	PUNCT
emaj-46	74	30	.	.	PUNCT
emaj-46	75	1	these	these	DET
emaj-46	75	2	theories	theory	NOUN
emaj-46	75	3	,	,	PUNCT
emaj-46	75	4	in	in	ADP
emaj-46	75	5	contrast	contrast	NOUN
emaj-46	75	6	to	to	ADP
emaj-46	75	7	modigliani	modigliani	PROPN
emaj-46	75	8	and	and	CCONJ
emaj-46	75	9	miller	miller	PROPN
emaj-46	75	10	’s	’s	PART
emaj-46	75	11	(	(	PUNCT
emaj-46	75	12	1958	1958	NUM
emaj-46	75	13	)	)	PUNCT
emaj-46	75	14	assumption	assumption	NOUN
emaj-46	75	15	of	of	ADP
emaj-46	75	16	a	a	DET
emaj-46	75	17	perfect	perfect	ADJ
emaj-46	75	18	market	market	NOUN
emaj-46	75	19	,	,	PUNCT
emaj-46	75	20	suggest	suggest	VERB
emaj-46	75	21	that	that	SCONJ
emaj-46	75	22	several	several	ADJ
emaj-46	75	23	factors	factor	NOUN
emaj-46	75	24	may	may	AUX
emaj-46	75	25	determine	determine	VERB
emaj-46	75	26	firm	firm	ADJ
emaj-46	75	27	leverage	leverage	NOUN
emaj-46	75	28	,	,	PUNCT
emaj-46	75	29	either	either	CCONJ
emaj-46	75	30	firm	firm	ADJ
emaj-46	75	31	-	-	PUNCT
emaj-46	75	32	internal	internal	ADJ
emaj-46	75	33	or	or	CCONJ
emaj-46	75	34	firm	firm	ADJ
emaj-46	75	35	-	-	PUNCT
emaj-46	75	36	external	external	ADJ
emaj-46	75	37	.	.	PUNCT
emaj-46	76	1	a	a	DET
emaj-46	76	2	particular	particular	ADJ
emaj-46	76	3	factor	factor	NOUN
emaj-46	76	4	might	might	AUX
emaj-46	76	5	be	be	AUX
emaj-46	76	6	positive	positive	ADJ
emaj-46	76	7	or	or	CCONJ
emaj-46	76	8	negative	negative	ADJ
emaj-46	76	9	depending	depend	VERB
emaj-46	76	10	on	on	ADP
emaj-46	76	11	the	the	DET
emaj-46	76	12	theoretical	theoretical	ADJ
emaj-46	76	13	lens	len	NOUN
emaj-46	76	14	.	.	PUNCT
emaj-46	77	1	volume	volume	NOUN
emaj-46	77	2	3	3	NUM
emaj-46	77	3	no	no	DET
emaj-46	77	4	3	3	NUM
emaj-46	77	5	(	(	PUNCT
emaj-46	77	6	2014	2014	NUM
emaj-46	77	7	)	)	PUNCT
emaj-46	77	8	|	|	ADV
emaj-46	77	9	issn	issn	VERB
emaj-46	77	10	2158	2158	NUM
emaj-46	77	11	-	-	SYM
emaj-46	77	12	8708	8708	NUM
emaj-46	77	13	(	(	PUNCT
emaj-46	77	14	online	online	NOUN
emaj-46	77	15	)	)	PUNCT
emaj-46	77	16	|	|	ADV
emaj-46	77	17	doi	doi	X
emaj-46	77	18	10.5195	10.5195	NUM
emaj-46	77	19	/	/	SYM
emaj-46	77	20	emaj.2014.46	emaj.2014.46	NOUN
emaj-46	77	21	|	|	ADV
emaj-46	77	22	http://emaj.pitt.edu	http://emaj.pitt.edu	VERB
emaj-46	77	23	firm	firm	NOUN
emaj-46	77	24	,	,	PUNCT
emaj-46	77	25	country	country	NOUN
emaj-46	77	26	and	and	CCONJ
emaj-46	77	27	macroeconomic	macroeconomic	ADJ
emaj-46	77	28	determinants	determinant	NOUN
emaj-46	77	29	of	of	ADP
emaj-46	77	30	capital	capital	NOUN
emaj-46	77	31	structure	structure	NOUN
emaj-46	77	32	:	:	PUNCT
emaj-46	77	33	evidence	evidence	NOUN
emaj-46	77	34	from	from	ADP
emaj-46	77	35	turkish	turkish	ADJ
emaj-46	77	36	banking	banking	NOUN
emaj-46	77	37	sector	sector	NOUN
emaj-46	77	38	emerging	emerge	VERB
emaj-46	77	39	markets	market	NOUN
emaj-46	77	40	journal	journal	NOUN
emaj-46	78	1	|	|	ADV
emaj-46	78	2	p	p	NOUN
emaj-46	78	3	a	a	DET
emaj-46	78	4	g	g	NOUN
emaj-46	78	5	e	e	NOUN
emaj-46	78	6	|49	|49	VERB
emaj-46	78	7	2.1	2.1	NUM
emaj-46	78	8	.	.	PUNCT
emaj-46	78	9	firm	firm	ADJ
emaj-46	78	10	-	-	PUNCT
emaj-46	78	11	level	level	NOUN
emaj-46	78	12	determinants	determinant	NOUN
emaj-46	78	13	among	among	ADP
emaj-46	78	14	the	the	DET
emaj-46	78	15	firm	firm	ADJ
emaj-46	78	16	-	-	PUNCT
emaj-46	78	17	level	level	NOUN
emaj-46	78	18	determinants	determinant	NOUN
emaj-46	78	19	of	of	ADP
emaj-46	78	20	capital	capital	NOUN
emaj-46	78	21	structure	structure	NOUN
emaj-46	78	22	,	,	PUNCT
emaj-46	78	23	we	we	PRON
emaj-46	78	24	discuss	discuss	VERB
emaj-46	78	25	profitability	profitability	NOUN
emaj-46	78	26	,	,	PUNCT
emaj-46	78	27	size	size	NOUN
emaj-46	78	28	and	and	CCONJ
emaj-46	78	29	tangibility	tangibility	NOUN
emaj-46	78	30	.	.	PUNCT
emaj-46	79	1	2.1.1	2.1.1	NUM
emaj-46	79	2	.	.	PUNCT
emaj-46	79	3	profitability	profitability	NOUN
emaj-46	79	4	there	there	PRON
emaj-46	79	5	is	be	VERB
emaj-46	79	6	no	no	DET
emaj-46	79	7	consensus	consensus	NOUN
emaj-46	79	8	regarding	regard	VERB
emaj-46	79	9	the	the	DET
emaj-46	79	10	influence	influence	NOUN
emaj-46	79	11	of	of	ADP
emaj-46	79	12	profitability	profitability	NOUN
emaj-46	79	13	on	on	ADP
emaj-46	79	14	capital	capital	NOUN
emaj-46	79	15	structure	structure	NOUN
emaj-46	79	16	.	.	PUNCT
emaj-46	80	1	according	accord	VERB
emaj-46	80	2	to	to	ADP
emaj-46	80	3	the	the	DET
emaj-46	80	4	pecking	pecking	NOUN
emaj-46	80	5	order	order	NOUN
emaj-46	80	6	theory	theory	NOUN
emaj-46	80	7	,	,	PUNCT
emaj-46	80	8	firms	firm	NOUN
emaj-46	80	9	use	use	VERB
emaj-46	80	10	internal	internal	ADJ
emaj-46	80	11	sources	source	NOUN
emaj-46	80	12	of	of	ADP
emaj-46	80	13	financing	financing	NOUN
emaj-46	80	14	first	first	ADV
emaj-46	80	15	and	and	CCONJ
emaj-46	80	16	then	then	ADV
emaj-46	80	17	go	go	VERB
emaj-46	80	18	for	for	ADP
emaj-46	80	19	external	external	ADJ
emaj-46	80	20	sources	source	NOUN
emaj-46	80	21	of	of	ADP
emaj-46	80	22	financing	financing	NOUN
emaj-46	80	23	.	.	PUNCT
emaj-46	81	1	firms	firm	NOUN
emaj-46	81	2	with	with	ADP
emaj-46	81	3	higher	high	ADJ
emaj-46	81	4	profitability	profitability	NOUN
emaj-46	81	5	will	will	AUX
emaj-46	81	6	prefer	prefer	VERB
emaj-46	81	7	internal	internal	ADJ
emaj-46	81	8	financing	financing	NOUN
emaj-46	81	9	to	to	ADP
emaj-46	81	10	debt	debt	NOUN
emaj-46	81	11	and	and	CCONJ
emaj-46	81	12	hence	hence	ADV
emaj-46	81	13	a	a	DET
emaj-46	81	14	negative	negative	ADJ
emaj-46	81	15	relationship	relationship	NOUN
emaj-46	81	16	is	be	AUX
emaj-46	81	17	expected	expect	VERB
emaj-46	81	18	between	between	ADP
emaj-46	81	19	profitability	profitability	NOUN
emaj-46	81	20	and	and	CCONJ
emaj-46	81	21	leverage	leverage	NOUN
emaj-46	81	22	.	.	PUNCT
emaj-46	82	1	most	most	ADJ
emaj-46	82	2	empirical	empirical	ADJ
emaj-46	82	3	studies	study	NOUN
emaj-46	82	4	confirm	confirm	VERB
emaj-46	82	5	the	the	DET
emaj-46	82	6	pecking	pecking	NOUN
emaj-46	82	7	order	order	NOUN
emaj-46	82	8	theory	theory	NOUN
emaj-46	82	9	(	(	PUNCT
emaj-46	82	10	titman	titman	NOUN
emaj-46	82	11	and	and	CCONJ
emaj-46	82	12	wessels	wessels	PROPN
emaj-46	82	13	,	,	PUNCT
emaj-46	82	14	1988	1988	NUM
emaj-46	82	15	;	;	PUNCT
emaj-46	82	16	rajan	rajan	PROPN
emaj-46	82	17	and	and	CCONJ
emaj-46	82	18	zingales	zingale	NOUN
emaj-46	82	19	,	,	PUNCT
emaj-46	82	20	1995	1995	NUM
emaj-46	82	21	;	;	PUNCT
emaj-46	82	22	booth	booth	NOUN
emaj-46	82	23	et	et	PROPN
emaj-46	82	24	al	al	PROPN
emaj-46	82	25	.	.	PROPN
emaj-46	82	26	,	,	PUNCT
emaj-46	82	27	2001	2001	NUM
emaj-46	82	28	;	;	PUNCT
emaj-46	82	29	fama	fama	PROPN
emaj-46	82	30	and	and	CCONJ
emaj-46	82	31	french	french	NOUN
emaj-46	82	32	,	,	PUNCT
emaj-46	82	33	2002	2002	NUM
emaj-46	82	34	;	;	PUNCT
emaj-46	82	35	chen	chen	PROPN
emaj-46	82	36	,	,	PUNCT
emaj-46	82	37	2004	2004	NUM
emaj-46	82	38	;	;	PUNCT
emaj-46	82	39	delcoure	delcoure	NOUN
emaj-46	82	40	,	,	PUNCT
emaj-46	82	41	2007	2007	NUM
emaj-46	82	42	;	;	PUNCT
emaj-46	82	43	daskalakis	daskalaki	NOUN
emaj-46	82	44	and	and	CCONJ
emaj-46	82	45	psillaki	psillaki	PROPN
emaj-46	82	46	,	,	PUNCT
emaj-46	82	47	2008	2008	NUM
emaj-46	82	48	;	;	PUNCT
emaj-46	82	49	chakraborty	chakraborty	PROPN
emaj-46	82	50	,	,	PUNCT
emaj-46	82	51	2010	2010	NUM
emaj-46	82	52	;	;	PUNCT
emaj-46	82	53	gropp	gropp	NOUN
emaj-46	82	54	and	and	CCONJ
emaj-46	82	55	heider	heider	NOUN
emaj-46	82	56	,	,	PUNCT
emaj-46	82	57	2010	2010	NUM
emaj-46	82	58	;	;	PUNCT
emaj-46	82	59	kayo	kayo	PROPN
emaj-46	82	60	and	and	CCONJ
emaj-46	82	61	kimura	kimura	NOUN
emaj-46	82	62	,	,	PUNCT
emaj-46	82	63	2011	2011	NUM
emaj-46	82	64	;	;	PUNCT
emaj-46	82	65	oztekin	oztekin	ADJ
emaj-46	82	66	and	and	CCONJ
emaj-46	82	67	flannery	flannery	PROPN
emaj-46	82	68	,	,	PUNCT
emaj-46	82	69	2012	2012	NUM
emaj-46	82	70	;	;	PUNCT
emaj-46	82	71	joeveer	joeveer	NOUN
emaj-46	82	72	,	,	PUNCT
emaj-46	82	73	2013	2013	NUM
emaj-46	82	74	;	;	PUNCT
emaj-46	82	75	chakraborty	chakraborty	PROPN
emaj-46	82	76	,	,	PUNCT
emaj-46	82	77	2013	2013	NUM
emaj-46	82	78	;	;	PUNCT
emaj-46	82	79	dang	dang	PROPN
emaj-46	82	80	,	,	PUNCT
emaj-46	82	81	2013	2013	NUM
emaj-46	82	82	)	)	PUNCT
emaj-46	82	83	.	.	PUNCT
emaj-46	83	1	while	while	SCONJ
emaj-46	83	2	profitability	profitability	NOUN
emaj-46	83	3	is	be	AUX
emaj-46	83	4	frequently	frequently	ADV
emaj-46	83	5	treated	treat	VERB
emaj-46	83	6	as	as	ADP
emaj-46	83	7	a	a	DET
emaj-46	83	8	capital	capital	NOUN
emaj-46	83	9	structure	structure	NOUN
emaj-46	83	10	determinant	determinant	ADJ
emaj-46	83	11	,	,	PUNCT
emaj-46	83	12	shyam	shyam	PROPN
emaj-46	83	13	-	-	PUNCT
emaj-46	83	14	sunder	sunder	NOUN
emaj-46	83	15	and	and	CCONJ
emaj-46	83	16	myers	myers	PROPN
emaj-46	83	17	(	(	PUNCT
emaj-46	83	18	1999	1999	NUM
emaj-46	83	19	)	)	PUNCT
emaj-46	83	20	propose	propose	VERB
emaj-46	83	21	a	a	DET
emaj-46	83	22	more	more	ADV
emaj-46	83	23	direct	direct	ADJ
emaj-46	83	24	approach	approach	NOUN
emaj-46	83	25	to	to	PART
emaj-46	83	26	test	test	VERB
emaj-46	83	27	the	the	DET
emaj-46	83	28	pecking	pecking	NOUN
emaj-46	83	29	order	order	NOUN
emaj-46	83	30	,	,	PUNCT
emaj-46	83	31	contrarily	contrarily	ADV
emaj-46	83	32	to	to	ADP
emaj-46	83	33	the	the	DET
emaj-46	83	34	studies	study	NOUN
emaj-46	83	35	that	that	PRON
emaj-46	83	36	show	show	VERB
emaj-46	83	37	evidence	evidence	NOUN
emaj-46	83	38	that	that	SCONJ
emaj-46	83	39	pecking	pecking	NOUN
emaj-46	83	40	order	order	NOUN
emaj-46	83	41	does	do	AUX
emaj-46	83	42	not	not	PART
emaj-46	83	43	hold	hold	VERB
emaj-46	83	44	(	(	PUNCT
emaj-46	83	45	frank	frank	ADJ
emaj-46	83	46	and	and	CCONJ
emaj-46	83	47	goyal	goyal	PROPN
emaj-46	83	48	,	,	PUNCT
emaj-46	83	49	2003	2003	NUM
emaj-46	83	50	;	;	PUNCT
emaj-46	83	51	leary	leary	PROPN
emaj-46	83	52	and	and	CCONJ
emaj-46	83	53	roberts	roberts	PROPN
emaj-46	83	54	,	,	PUNCT
emaj-46	83	55	2010	2010	NUM
emaj-46	83	56	)	)	PUNCT
emaj-46	83	57	.	.	PUNCT
emaj-46	84	1	according	accord	VERB
emaj-46	84	2	to	to	ADP
emaj-46	84	3	the	the	DET
emaj-46	84	4	trade	trade	NOUN
emaj-46	84	5	-	-	PUNCT
emaj-46	84	6	off	off	ADP
emaj-46	84	7	theory	theory	NOUN
emaj-46	84	8	,	,	PUNCT
emaj-46	84	9	more	more	ADV
emaj-46	84	10	profitable	profitable	ADJ
emaj-46	84	11	firms	firm	NOUN
emaj-46	84	12	are	be	AUX
emaj-46	84	13	supposed	suppose	VERB
emaj-46	84	14	to	to	PART
emaj-46	84	15	have	have	VERB
emaj-46	84	16	more	more	ADJ
emaj-46	84	17	debt	debt	NOUN
emaj-46	84	18	-	-	PUNCT
emaj-46	84	19	serving	serve	VERB
emaj-46	84	20	capacity	capacity	NOUN
emaj-46	84	21	and	and	CCONJ
emaj-46	84	22	more	more	ADJ
emaj-46	84	23	taxable	taxable	ADJ
emaj-46	84	24	income	income	NOUN
emaj-46	84	25	to	to	PART
emaj-46	84	26	shield	shield	VERB
emaj-46	84	27	.	.	PUNCT
emaj-46	85	1	therefore	therefore	ADV
emaj-46	85	2	,	,	PUNCT
emaj-46	85	3	according	accord	VERB
emaj-46	85	4	to	to	ADP
emaj-46	85	5	this	this	DET
emaj-46	85	6	theory	theory	NOUN
emaj-46	85	7	,	,	PUNCT
emaj-46	85	8	when	when	SCONJ
emaj-46	85	9	firms	firm	NOUN
emaj-46	85	10	are	be	AUX
emaj-46	85	11	profitable	profitable	ADJ
emaj-46	85	12	they	they	PRON
emaj-46	85	13	are	be	AUX
emaj-46	85	14	likely	likely	ADJ
emaj-46	85	15	to	to	PART
emaj-46	85	16	prefer	prefer	VERB
emaj-46	85	17	debt	debt	NOUN
emaj-46	85	18	to	to	ADP
emaj-46	85	19	other	other	ADJ
emaj-46	85	20	sources	source	NOUN
emaj-46	85	21	in	in	ADP
emaj-46	85	22	order	order	NOUN
emaj-46	85	23	to	to	PART
emaj-46	85	24	benefit	benefit	VERB
emaj-46	85	25	from	from	ADP
emaj-46	85	26	the	the	DET
emaj-46	85	27	tax	tax	NOUN
emaj-46	85	28	shield	shield	NOUN
emaj-46	85	29	.	.	PUNCT
emaj-46	86	1	(	(	PUNCT
emaj-46	86	2	chakraborty	chakraborty	NOUN
emaj-46	86	3	,	,	PUNCT
emaj-46	86	4	2010	2010	NUM
emaj-46	86	5	)	)	PUNCT
emaj-46	86	6	.	.	PUNCT
emaj-46	87	1	the	the	DET
emaj-46	87	2	trade	trade	NOUN
emaj-46	87	3	-	-	PUNCT
emaj-46	87	4	off	off	ADP
emaj-46	87	5	hypothesis	hypothesis	NOUN
emaj-46	87	6	states	state	VERB
emaj-46	87	7	a	a	DET
emaj-46	87	8	positive	positive	ADJ
emaj-46	87	9	relationship	relationship	NOUN
emaj-46	87	10	because	because	SCONJ
emaj-46	87	11	low	low	ADJ
emaj-46	87	12	profitability	profitability	NOUN
emaj-46	87	13	may	may	AUX
emaj-46	87	14	increase	increase	VERB
emaj-46	87	15	bankruptcy	bankruptcy	NOUN
emaj-46	87	16	risk	risk	NOUN
emaj-46	87	17	.	.	PUNCT
emaj-46	88	1	hence	hence	ADV
emaj-46	88	2	a	a	DET
emaj-46	88	3	positive	positive	ADJ
emaj-46	88	4	relationship	relationship	NOUN
emaj-46	88	5	is	be	AUX
emaj-46	88	6	expected	expect	VERB
emaj-46	88	7	between	between	ADP
emaj-46	88	8	profitability	profitability	NOUN
emaj-46	88	9	and	and	CCONJ
emaj-46	88	10	leverage	leverage	NOUN
emaj-46	88	11	(	(	PUNCT
emaj-46	88	12	kaya	kaya	PROPN
emaj-46	88	13	and	and	CCONJ
emaj-46	88	14	kimura	kimura	PROPN
emaj-46	88	15	,	,	PUNCT
emaj-46	88	16	2011	2011	NUM
emaj-46	88	17	)	)	PUNCT
emaj-46	88	18	.	.	PUNCT
emaj-46	89	1	a	a	DET
emaj-46	89	2	positive	positive	ADJ
emaj-46	89	3	relationship	relationship	NOUN
emaj-46	89	4	would	would	AUX
emaj-46	89	5	confirm	confirm	VERB
emaj-46	89	6	the	the	DET
emaj-46	89	7	trade	trade	NOUN
emaj-46	89	8	-	-	PUNCT
emaj-46	89	9	off	off	ADP
emaj-46	89	10	theory	theory	NOUN
emaj-46	89	11	and	and	CCONJ
emaj-46	89	12	a	a	DET
emaj-46	89	13	negative	negative	ADJ
emaj-46	89	14	relationship	relationship	NOUN
emaj-46	89	15	would	would	AUX
emaj-46	89	16	confirm	confirm	VERB
emaj-46	89	17	the	the	DET
emaj-46	89	18	pecking	pecking	NOUN
emaj-46	89	19	order	order	NOUN
emaj-46	89	20	theory	theory	NOUN
emaj-46	89	21	.	.	PUNCT
emaj-46	90	1	2.1.2	2.1.2	X
emaj-46	90	2	.	.	X
emaj-46	90	3	tangibility	tangibility	NOUN
emaj-46	90	4	asset	asset	NOUN
emaj-46	90	5	tangibility	tangibility	NOUN
emaj-46	90	6	is	be	AUX
emaj-46	90	7	a	a	DET
emaj-46	90	8	measure	measure	NOUN
emaj-46	90	9	for	for	ADP
emaj-46	90	10	the	the	DET
emaj-46	90	11	level	level	NOUN
emaj-46	90	12	of	of	ADP
emaj-46	90	13	a	a	DET
emaj-46	90	14	firm	firm	NOUN
emaj-46	90	15	’s	’s	PART
emaj-46	90	16	collateralizable	collateralizable	ADJ
emaj-46	90	17	value	value	NOUN
emaj-46	90	18	.	.	PUNCT
emaj-46	91	1	from	from	ADP
emaj-46	91	2	a	a	DET
emaj-46	91	3	trade	trade	NOUN
emaj-46	91	4	-	-	PUNCT
emaj-46	91	5	off	off	ADP
emaj-46	91	6	perspective	perspective	NOUN
emaj-46	91	7	,	,	PUNCT
emaj-46	91	8	one	one	PRON
emaj-46	91	9	expects	expect	VERB
emaj-46	91	10	that	that	SCONJ
emaj-46	91	11	firms	firm	NOUN
emaj-46	91	12	with	with	ADP
emaj-46	91	13	a	a	DET
emaj-46	91	14	higher	high	ADJ
emaj-46	91	15	ratio	ratio	NOUN
emaj-46	91	16	of	of	ADP
emaj-46	91	17	fixed	fix	VERB
emaj-46	91	18	-	-	PUNCT
emaj-46	91	19	to	to	ADP
emaj-46	91	20	-	-	PUNCT
emaj-46	91	21	total	total	NOUN
emaj-46	91	22	assets	asset	NOUN
emaj-46	91	23	are	be	AUX
emaj-46	91	24	subject	subject	ADJ
emaj-46	91	25	to	to	ADP
emaj-46	91	26	lower	low	ADJ
emaj-46	91	27	costs	cost	NOUN
emaj-46	91	28	of	of	ADP
emaj-46	91	29	financial	financial	ADJ
emaj-46	91	30	distress	distress	NOUN
emaj-46	91	31	,	,	PUNCT
emaj-46	91	32	as	as	SCONJ
emaj-46	91	33	tangible	tangible	ADJ
emaj-46	91	34	assets	asset	NOUN
emaj-46	91	35	suffer	suffer	VERB
emaj-46	91	36	from	from	ADP
emaj-46	91	37	a	a	DET
emaj-46	91	38	smaller	small	ADJ
emaj-46	91	39	loss	loss	NOUN
emaj-46	91	40	of	of	ADP
emaj-46	91	41	value	value	NOUN
emaj-46	91	42	in	in	ADP
emaj-46	91	43	case	case	NOUN
emaj-46	91	44	of	of	ADP
emaj-46	91	45	bankruptcy	bankruptcy	NOUN
emaj-46	91	46	.	.	PUNCT
emaj-46	92	1	in	in	ADP
emaj-46	92	2	addition	addition	NOUN
emaj-46	92	3	,	,	PUNCT
emaj-46	92	4	tangible	tangible	ADJ
emaj-46	92	5	assets	asset	NOUN
emaj-46	92	6	are	be	AUX
emaj-46	92	7	easier	easy	ADJ
emaj-46	92	8	to	to	PART
emaj-46	92	9	value	value	VERB
emaj-46	92	10	for	for	ADP
emaj-46	92	11	outsiders	outsider	NOUN
emaj-46	92	12	,	,	PUNCT
emaj-46	92	13	resulting	result	VERB
emaj-46	92	14	in	in	ADP
emaj-46	92	15	lower	low	ADJ
emaj-46	92	16	information	information	NOUN
emaj-46	92	17	asymmetry	asymmetry	NOUN
emaj-46	92	18	,	,	PUNCT
emaj-46	92	19	less	less	ADV
emaj-46	92	20	pronounced	pronounced	ADJ
emaj-46	92	21	agency	agency	NOUN
emaj-46	92	22	costs	cost	NOUN
emaj-46	92	23	of	of	ADP
emaj-46	92	24	debt	debt	NOUN
emaj-46	92	25	,	,	PUNCT
emaj-46	92	26	and	and	CCONJ
emaj-46	92	27	a	a	DET
emaj-46	92	28	higher	high	ADJ
emaj-46	92	29	debt	debt	NOUN
emaj-46	92	30	capacity	capacity	NOUN
emaj-46	92	31	.	.	PUNCT
emaj-46	93	1	therefore	therefore	ADV
emaj-46	93	2	,	,	PUNCT
emaj-46	93	3	the	the	DET
emaj-46	93	4	trade	trade	NOUN
emaj-46	93	5	-	-	PUNCT
emaj-46	93	6	off	off	ADP
emaj-46	93	7	theory	theory	NOUN
emaj-46	93	8	predicts	predict	VERB
emaj-46	93	9	a	a	DET
emaj-46	93	10	positive	positive	ADJ
emaj-46	93	11	relationship	relationship	NOUN
emaj-46	93	12	between	between	ADP
emaj-46	93	13	tangibility	tangibility	NOUN
emaj-46	93	14	and	and	CCONJ
emaj-46	93	15	leverage	leverage	NOUN
emaj-46	93	16	(	(	PUNCT
emaj-46	93	17	drobetz	drobetz	VERB
emaj-46	93	18	et	et	PROPN
emaj-46	93	19	al	al	PROPN
emaj-46	93	20	,	,	PUNCT
emaj-46	93	21	2013	2013	NUM
emaj-46	93	22	)	)	PUNCT
emaj-46	93	23	.	.	PUNCT
emaj-46	94	1	however	however	ADV
emaj-46	94	2	,	,	PUNCT
emaj-46	94	3	the	the	DET
emaj-46	94	4	pecking	pecking	NOUN
emaj-46	94	5	order	order	NOUN
emaj-46	94	6	theory	theory	NOUN
emaj-46	94	7	predicts	predict	VERB
emaj-46	94	8	that	that	SCONJ
emaj-46	94	9	firms	firm	NOUN
emaj-46	94	10	with	with	ADP
emaj-46	94	11	less	less	ADJ
emaj-46	94	12	collateral	collateral	ADJ
emaj-46	94	13	face	face	VERB
emaj-46	94	14	higher	high	ADJ
emaj-46	94	15	information	information	NOUN
emaj-46	94	16	costs	cost	NOUN
emaj-46	94	17	and	and	CCONJ
emaj-46	94	18	,	,	PUNCT
emaj-46	94	19	thus	thus	ADV
emaj-46	94	20	,	,	PUNCT
emaj-46	94	21	prefers	prefer	VERB
emaj-46	94	22	debt	debt	NOUN
emaj-46	94	23	to	to	ADP
emaj-46	94	24	equity	equity	NOUN
emaj-46	94	25	.	.	PUNCT
emaj-46	95	1	in	in	ADP
emaj-46	95	2	other	other	ADJ
emaj-46	95	3	words	word	NOUN
emaj-46	95	4	,	,	PUNCT
emaj-46	95	5	collateral	collateral	NOUN
emaj-46	95	6	and	and	CCONJ
emaj-46	95	7	target	target	NOUN
emaj-46	95	8	leverage	leverage	NOUN
emaj-46	95	9	are	be	AUX
emaj-46	95	10	negatively	negatively	ADV
emaj-46	95	11	related	relate	VERB
emaj-46	95	12	(	(	PUNCT
emaj-46	95	13	dang	dang	INTJ
emaj-46	95	14	,	,	PUNCT
emaj-46	95	15	2013	2013	NUM
emaj-46	95	16	)	)	PUNCT
emaj-46	95	17	.	.	PUNCT
emaj-46	96	1	some	some	DET
emaj-46	96	2	studies	study	NOUN
emaj-46	96	3	report	report	VERB
emaj-46	96	4	a	a	DET
emaj-46	96	5	significant	significant	ADJ
emaj-46	96	6	positive	positive	ADJ
emaj-46	96	7	relationship	relationship	NOUN
emaj-46	96	8	between	between	ADP
emaj-46	96	9	tangibility	tangibility	NOUN
emaj-46	96	10	and	and	CCONJ
emaj-46	96	11	total	total	ADJ
emaj-46	96	12	debt	debt	NOUN
emaj-46	96	13	(	(	PUNCT
emaj-46	96	14	titman	titman	NOUN
emaj-46	96	15	and	and	CCONJ
emaj-46	96	16	wessels	wessels	PROPN
emaj-46	96	17	,	,	PUNCT
emaj-46	96	18	1988	1988	NUM
emaj-46	96	19	;	;	PUNCT
emaj-46	96	20	rajan	rajan	PROPN
emaj-46	96	21	and	and	CCONJ
emaj-46	96	22	zingales	zingale	NOUN
emaj-46	96	23	,	,	PUNCT
emaj-46	96	24	1995	1995	NUM
emaj-46	96	25	;	;	PUNCT
emaj-46	96	26	delcoure	delcoure	NOUN
emaj-46	96	27	,	,	PUNCT
emaj-46	96	28	2007	2007	NUM
emaj-46	96	29	;	;	PUNCT
emaj-46	96	30	chakraborty	chakraborty	PROPN
emaj-46	96	31	,	,	PUNCT
emaj-46	96	32	2010	2010	NUM
emaj-46	96	33	;	;	PUNCT
emaj-46	96	34	gropp	gropp	NOUN
emaj-46	96	35	and	and	CCONJ
emaj-46	96	36	heider	heider	NOUN
emaj-46	96	37	,	,	PUNCT
emaj-46	96	38	2010	2010	NUM
emaj-46	96	39	;	;	PUNCT
emaj-46	96	40	kayo	kayo	PROPN
emaj-46	96	41	and	and	CCONJ
emaj-46	96	42	kimura	kimura	NOUN
emaj-46	96	43	,	,	PUNCT
emaj-46	96	44	2011	2011	NUM
emaj-46	96	45	;	;	PUNCT
emaj-46	96	46	dang	dang	PROPN
emaj-46	96	47	,	,	PUNCT
emaj-46	96	48	2013	2013	NUM
emaj-46	96	49	)	)	PUNCT
emaj-46	96	50	.	.	PUNCT
emaj-46	97	1	wiwattanakantang	wiwattanakantang	PROPN
emaj-46	97	2	(	(	PUNCT
emaj-46	97	3	1999	1999	NUM
emaj-46	97	4	)	)	PUNCT
emaj-46	97	5	and	and	CCONJ
emaj-46	97	6	chen	chen	PROPN
emaj-46	97	7	(	(	PUNCT
emaj-46	97	8	2004	2004	NUM
emaj-46	97	9	)	)	PUNCT
emaj-46	97	10	observes	observe	VERB
emaj-46	97	11	a	a	DET
emaj-46	97	12	positive	positive	ADJ
emaj-46	97	13	relationship	relationship	NOUN
emaj-46	97	14	between	between	ADP
emaj-46	97	15	tangibility	tangibility	NOUN
emaj-46	97	16	and	and	CCONJ
emaj-46	97	17	leverage	leverage	NOUN
emaj-46	97	18	respectively	respectively	ADV
emaj-46	97	19	in	in	ADP
emaj-46	97	20	thailand	thailand	PROPN
emaj-46	97	21	and	and	CCONJ
emaj-46	97	22	china	china	PROPN
emaj-46	97	23	but	but	CCONJ
emaj-46	97	24	booth	booth	PROPN
emaj-46	97	25	et	et	PROPN
emaj-46	97	26	al	al	PROPN
emaj-46	97	27	.	.	PROPN
emaj-46	98	1	(	(	PUNCT
emaj-46	98	2	2001	2001	NUM
emaj-46	98	3	)	)	PUNCT
emaj-46	98	4	for	for	ADP
emaj-46	98	5	ten	ten	NUM
emaj-46	98	6	developing	develop	VERB
emaj-46	98	7	countries	country	NOUN
emaj-46	98	8	and	and	CCONJ
emaj-46	98	9	huang	huang	PROPN
emaj-46	98	10	and	and	CCONJ
emaj-46	98	11	song	song	NOUN
emaj-46	98	12	(	(	PUNCT
emaj-46	98	13	2006	2006	NUM
emaj-46	98	14	)	)	PUNCT
emaj-46	98	15	,	,	PUNCT
emaj-46	98	16	joeveer	joeveer	NOUN
emaj-46	98	17	(	(	PUNCT
emaj-46	98	18	2013	2013	NUM
emaj-46	98	19	)	)	PUNCT
emaj-46	98	20	,	,	PUNCT
emaj-46	98	21	oztekin	oztekin	NOUN
emaj-46	98	22	and	and	CCONJ
emaj-46	98	23	flannery	flannery	PROPN
emaj-46	98	24	(	(	PUNCT
emaj-46	98	25	2012	2012	NUM
emaj-46	98	26	)	)	PUNCT
emaj-46	98	27	and	and	CCONJ
emaj-46	98	28	chakraborty	chakraborty	PROPN
emaj-46	98	29	(	(	PUNCT
emaj-46	98	30	2013	2013	NUM
emaj-46	98	31	)	)	PUNCT
emaj-46	98	32	find	find	VERB
emaj-46	98	33	a	a	DET
emaj-46	98	34	negative	negative	ADJ
emaj-46	98	35	relationship	relationship	NOUN
emaj-46	98	36	.	.	PUNCT
emaj-46	99	1	the	the	DET
emaj-46	99	2	pecking	pecking	NOUN
emaj-46	99	3	order	order	NOUN
emaj-46	99	4	theory	theory	NOUN
emaj-46	99	5	recognizes	recognize	VERB
emaj-46	99	6	a	a	DET
emaj-46	99	7	negative	negative	ADJ
emaj-46	99	8	relationship	relationship	NOUN
emaj-46	99	9	between	between	ADP
emaj-46	99	10	tangibility	tangibility	NOUN
emaj-46	99	11	and	and	CCONJ
emaj-46	99	12	leverage	leverage	NOUN
emaj-46	99	13	,	,	PUNCT
emaj-46	99	14	whereas	whereas	SCONJ
emaj-46	99	15	the	the	DET
emaj-46	99	16	trade	trade	NOUN
emaj-46	99	17	-	-	PUNCT
emaj-46	99	18	off	off	ADP
emaj-46	99	19	theory	theory	NOUN
emaj-46	99	20	defends	defend	VERB
emaj-46	99	21	a	a	DET
emaj-46	99	22	positive	positive	ADJ
emaj-46	99	23	one	one	NOUN
emaj-46	99	24	.	.	PUNCT
emaj-46	100	1	2.1.3	2.1.3	NUM
emaj-46	100	2	.	.	PUNCT
emaj-46	100	3	firm	firm	ADJ
emaj-46	100	4	size	size	NOUN
emaj-46	100	5	the	the	DET
emaj-46	100	6	effect	effect	NOUN
emaj-46	100	7	of	of	ADP
emaj-46	100	8	firm	firm	ADJ
emaj-46	100	9	size	size	NOUN
emaj-46	100	10	on	on	ADP
emaj-46	100	11	leverage	leverage	NOUN
emaj-46	100	12	is	be	AUX
emaj-46	100	13	ambiguous	ambiguous	ADJ
emaj-46	100	14	.	.	PUNCT
emaj-46	101	1	larger	large	ADJ
emaj-46	101	2	firms	firm	NOUN
emaj-46	101	3	tend	tend	VERB
emaj-46	101	4	to	to	PART
emaj-46	101	5	be	be	AUX
emaj-46	101	6	more	more	ADV
emaj-46	101	7	diversified	diversified	ADJ
emaj-46	101	8	and	and	CCONJ
emaj-46	101	9	,	,	PUNCT
emaj-46	101	10	thus	thus	ADV
emaj-46	101	11	,	,	PUNCT
emaj-46	101	12	less	less	ADV
emaj-46	101	13	prone	prone	ADJ
emaj-46	101	14	to	to	ADP
emaj-46	101	15	bankruptcy	bankruptcy	NOUN
emaj-46	101	16	.	.	PUNCT
emaj-46	102	1	also	also	ADV
emaj-46	102	2	,	,	PUNCT
emaj-46	102	3	larger	large	ADJ
emaj-46	102	4	firms	firm	NOUN
emaj-46	102	5	have	have	VERB
emaj-46	102	6	better	well	ADJ
emaj-46	102	7	access	access	NOUN
emaj-46	102	8	to	to	ADP
emaj-46	102	9	credit	credit	NOUN
emaj-46	102	10	markets	market	NOUN
emaj-46	102	11	compared	compare	VERB
emaj-46	102	12	to	to	ADP
emaj-46	102	13	smaller	small	ADJ
emaj-46	102	14	firms	firm	NOUN
emaj-46	102	15	.	.	PUNCT
emaj-46	103	1	in	in	ADP
emaj-46	103	2	addition	addition	NOUN
emaj-46	103	3	,	,	PUNCT
emaj-46	103	4	larger	large	ADJ
emaj-46	103	5	firms	firm	NOUN
emaj-46	103	6	have	have	VERB
emaj-46	103	7	more	more	ADV
emaj-46	103	8	diluted	diluted	ADJ
emaj-46	103	9	ownership	ownership	NOUN
emaj-46	103	10	leading	lead	VERB
emaj-46	103	11	to	to	ADP
emaj-46	103	12	less	less	ADJ
emaj-46	103	13	control	control	NOUN
emaj-46	103	14	over	over	ADP
emaj-46	103	15	managerial	managerial	ADJ
emaj-46	103	16	decisions	decision	NOUN
emaj-46	103	17	(	(	PUNCT
emaj-46	103	18	delcoure	delcoure	NOUN
emaj-46	103	19	,	,	PUNCT
emaj-46	103	20	2007	2007	NUM
emaj-46	103	21	)	)	PUNCT
emaj-46	103	22	.	.	PUNCT
emaj-46	104	1	larger	large	ADJ
emaj-46	104	2	firms	firm	NOUN
emaj-46	104	3	with	with	ADP
emaj-46	104	4	less	less	ADJ
emaj-46	104	5	asymmetric	asymmetric	ADJ
emaj-46	104	6	information	information	NOUN
emaj-46	104	7	problems	problem	NOUN
emaj-46	104	8	should	should	AUX
emaj-46	104	9	tend	tend	VERB
emaj-46	104	10	to	to	PART
emaj-46	104	11	have	have	VERB
emaj-46	104	12	more	more	ADJ
emaj-46	104	13	equity	equity	NOUN
emaj-46	104	14	than	than	ADP
emaj-46	104	15	debt	debt	NOUN
emaj-46	104	16	and	and	CCONJ
emaj-46	104	17	hence	hence	ADV
emaj-46	104	18	have	have	VERB
emaj-46	104	19	lower	low	ADJ
emaj-46	104	20	leverage	leverage	NOUN
emaj-46	104	21	(	(	PUNCT
emaj-46	104	22	chakroborty	chakroborty	NOUN
emaj-46	104	23	,	,	PUNCT
emaj-46	104	24	2010	2010	NUM
emaj-46	104	25	)	)	PUNCT
emaj-46	104	26	.	.	PUNCT
emaj-46	105	1	the	the	DET
emaj-46	105	2	larger	large	ADJ
emaj-46	105	3	firms	firm	NOUN
emaj-46	105	4	face	face	VERB
emaj-46	105	5	lower	low	ADJ
emaj-46	105	6	information	information	NOUN
emaj-46	105	7	costs	cost	NOUN
emaj-46	105	8	and	and	CCONJ
emaj-46	105	9	can	can	AUX
emaj-46	105	10	raise	raise	VERB
emaj-46	105	11	equity	equity	NOUN
emaj-46	105	12	capital	capital	NOUN
emaj-46	105	13	more	more	ADV
emaj-46	105	14	easily	easily	ADV
emaj-46	105	15	than	than	ADP
emaj-46	105	16	the	the	DET
emaj-46	105	17	small	small	ADJ
emaj-46	105	18	firms	firm	NOUN
emaj-46	105	19	.	.	PUNCT
emaj-46	106	1	therefore	therefore	ADV
emaj-46	106	2	,	,	PUNCT
emaj-46	106	3	in	in	ADP
emaj-46	106	4	the	the	DET
emaj-46	106	5	presence	presence	NOUN
emaj-46	106	6	of	of	ADP
emaj-46	106	7	asymmetric	asymmetric	ADJ
emaj-46	106	8	information	information	NOUN
emaj-46	106	9	,	,	PUNCT
emaj-46	106	10	firm	firm	ADJ
emaj-46	106	11	size	size	NOUN
emaj-46	106	12	and	and	CCONJ
emaj-46	106	13	target	target	NOUN
emaj-46	106	14	leverage	leverage	NOUN
emaj-46	106	15	may	may	AUX
emaj-46	106	16	have	have	VERB
emaj-46	106	17	a	a	DET
emaj-46	106	18	negative	negative	ADJ
emaj-46	106	19	relation	relation	NOUN
emaj-46	106	20	.	.	PUNCT
emaj-46	107	1	following	follow	VERB
emaj-46	107	2	the	the	DET
emaj-46	107	3	pecking	pecking	NOUN
emaj-46	107	4	order	order	NOUN
emaj-46	107	5	theory	theory	NOUN
emaj-46	107	6	of	of	ADP
emaj-46	107	7	capital	capital	NOUN
emaj-46	107	8	structure	structure	NOUN
emaj-46	107	9	,	,	PUNCT
emaj-46	107	10	it	it	PRON
emaj-46	107	11	is	be	AUX
emaj-46	107	12	expected	expect	VERB
emaj-46	107	13	that	that	SCONJ
emaj-46	107	14	the	the	DET
emaj-46	107	15	size	size	NOUN
emaj-46	107	16	of	of	ADP
emaj-46	107	17	the	the	DET
emaj-46	107	18	firm	firm	NOUN
emaj-46	107	19	will	will	AUX
emaj-46	107	20	be	be	AUX
emaj-46	107	21	negatively	negatively	ADV
emaj-46	107	22	related	relate	VERB
emaj-46	107	23	to	to	ADP
emaj-46	107	24	leverage	leverage	NOUN
emaj-46	107	25	.	.	PUNCT
emaj-46	108	1	on	on	ADP
emaj-46	108	2	the	the	DET
emaj-46	108	3	other	other	ADJ
emaj-46	108	4	hand	hand	NOUN
emaj-46	108	5	,	,	PUNCT
emaj-46	108	6	the	the	DET
emaj-46	108	7	trade	trade	NOUN
emaj-46	108	8	-	-	PUNCT
emaj-46	108	9	off	off	ADP
emaj-46	108	10	theory	theory	NOUN
emaj-46	108	11	suggests	suggest	VERB
emaj-46	108	12	that	that	SCONJ
emaj-46	108	13	large	large	ADJ
emaj-46	108	14	firms	firm	NOUN
emaj-46	108	15	face	face	VERB
emaj-46	108	16	lower	low	ADJ
emaj-46	108	17	financial	financial	ADJ
emaj-46	108	18	distress	distress	NOUN
emaj-46	108	19	and	and	CCONJ
emaj-46	108	20	agency	agency	NOUN
emaj-46	108	21	costs	cost	NOUN
emaj-46	108	22	and	and	CCONJ
emaj-46	108	23	,	,	PUNCT
emaj-46	108	24	thus	thus	ADV
emaj-46	108	25	,	,	PUNCT
emaj-46	108	26	are	be	AUX
emaj-46	108	27	able	able	ADJ
emaj-46	108	28	to	to	PART
emaj-46	108	29	borrow	borrow	VERB
emaj-46	108	30	more	more	ADJ
emaj-46	108	31	than	than	ADP
emaj-46	108	32	small	small	ADJ
emaj-46	108	33	firms	firm	NOUN
emaj-46	108	34	(	(	PUNCT
emaj-46	108	35	dang	dang	INTJ
emaj-46	108	36	,	,	PUNCT
emaj-46	108	37	2013	2013	NUM
emaj-46	108	38	)	)	PUNCT
emaj-46	108	39	.	.	PUNCT
emaj-46	109	1	the	the	DET
emaj-46	109	2	implication	implication	NOUN
emaj-46	109	3	follows	follow	VERB
emaj-46	109	4	that	that	SCONJ
emaj-46	109	5	firm	firm	ADJ
emaj-46	109	6	size	size	NOUN
emaj-46	109	7	has	have	VERB
emaj-46	109	8	a	a	DET
emaj-46	109	9	positive	positive	ADJ
emaj-46	109	10	effect	effect	NOUN
emaj-46	109	11	on	on	ADP
emaj-46	109	12	target	target	NOUN
emaj-46	109	13	leverage	leverage	NOUN
emaj-46	109	14	.	.	PUNCT
emaj-46	110	1	some	some	DET
emaj-46	110	2	studies	study	NOUN
emaj-46	110	3	find	find	VERB
emaj-46	110	4	positive	positive	ADJ
emaj-46	110	5	relationship	relationship	NOUN
emaj-46	110	6	between	between	ADP
emaj-46	110	7	firm	firm	ADJ
emaj-46	110	8	sizes	size	NOUN
emaj-46	110	9	and	and	CCONJ
emaj-46	110	10	leverage	leverage	NOUN
emaj-46	110	11	(	(	PUNCT
emaj-46	110	12	booth	booth	NOUN
emaj-46	110	13	et	et	PROPN
emaj-46	110	14	al	al	PROPN
emaj-46	110	15	.	.	PROPN
emaj-46	110	16	,	,	PUNCT
emaj-46	110	17	2001	2001	NUM
emaj-46	110	18	;	;	PUNCT
emaj-46	110	19	wiwattanakantang	wiwattanakantang	PROPN
emaj-46	110	20	,	,	PUNCT
emaj-46	110	21	1999	1999	NUM
emaj-46	110	22	;	;	PUNCT
emaj-46	110	23	huang	huang	PROPN
emaj-46	110	24	and	and	CCONJ
emaj-46	110	25	song	song	NOUN
emaj-46	110	26	,	,	PUNCT
emaj-46	110	27	2006	2006	NUM
emaj-46	110	28	;	;	PUNCT
emaj-46	110	29	delcoure	delcoure	NOUN
emaj-46	110	30	,	,	PUNCT
emaj-46	110	31	2007	2007	NUM
emaj-46	110	32	;	;	PUNCT
emaj-46	110	33	daskalakis	daskalaki	NOUN
emaj-46	110	34	and	and	CCONJ
emaj-46	110	35	psillaki	psillaki	PROPN
emaj-46	110	36	,	,	PUNCT
emaj-46	110	37	2008	2008	NUM
emaj-46	110	38	;	;	PUNCT
emaj-46	110	39	gropp	gropp	NOUN
emaj-46	110	40	and	and	CCONJ
emaj-46	110	41	heider	heider	NOUN
emaj-46	110	42	,	,	PUNCT
emaj-46	110	43	2010	2010	NUM
emaj-46	110	44	;	;	PUNCT
emaj-46	110	45	kayo	kayo	PROPN
emaj-46	110	46	and	and	CCONJ
emaj-46	110	47	kimura	kimura	NOUN
emaj-46	110	48	,	,	PUNCT
emaj-46	110	49	2011	2011	NUM
emaj-46	110	50	;	;	PUNCT
emaj-46	110	51	lim	lim	PROPN
emaj-46	110	52	,	,	PUNCT
emaj-46	110	53	2012	2012	NUM
emaj-46	110	54	;	;	PUNCT
emaj-46	110	55	dr	dr	PROPN
emaj-46	110	56	.	.	PROPN
emaj-46	110	57	nuri	nuri	PROPN
emaj-46	110	58	baltacı	baltacı	PROPN
emaj-46	110	59	,	,	PUNCT
emaj-46	110	60	dr	dr	PROPN
emaj-46	110	61	.	.	PROPN
emaj-46	110	62	hasan	hasan	PROPN
emaj-46	110	63	ayaydın	ayaydın	PROPN
emaj-46	111	1	p	p	PROPN
emaj-46	111	2	a	a	DET
emaj-46	111	3	g	g	NOUN
emaj-46	111	4	e	e	NOUN
emaj-46	111	5	|50|	|50|	NOUN
emaj-46	111	6	emerging	emerge	VERB
emaj-46	111	7	markets	market	NOUN
emaj-46	111	8	journal	journal	NOUN
emaj-46	111	9	volume	volume	NOUN
emaj-46	111	10	3	3	NUM
emaj-46	111	11	no	no	DET
emaj-46	111	12	3	3	NUM
emaj-46	111	13	(	(	PUNCT
emaj-46	111	14	2014	2014	NUM
emaj-46	111	15	)	)	PUNCT
emaj-46	111	16	|	|	ADV
emaj-46	111	17	issn	issn	VERB
emaj-46	111	18	2158	2158	NUM
emaj-46	111	19	-	-	SYM
emaj-46	111	20	8708	8708	NUM
emaj-46	111	21	(	(	PUNCT
emaj-46	111	22	online	online	NOUN
emaj-46	111	23	)	)	PUNCT
emaj-46	111	24	|	|	ADV
emaj-46	111	25	doi	doi	X
emaj-46	111	26	10.5195	10.5195	NUM
emaj-46	111	27	/	/	SYM
emaj-46	111	28	emaj.2014.46	emaj.2014.46	NOUN
emaj-46	111	29	|	|	ADV
emaj-46	111	30	http://emaj.pitt.edu	http://emaj.pitt.edu	VERB
emaj-46	111	31	oztekin	oztekin	NOUN
emaj-46	111	32	and	and	CCONJ
emaj-46	111	33	flannery	flannery	PROPN
emaj-46	111	34	,	,	PUNCT
emaj-46	111	35	2012	2012	NUM
emaj-46	111	36	;	;	PUNCT
emaj-46	111	37	joeveer	joeveer	NOUN
emaj-46	111	38	,	,	PUNCT
emaj-46	111	39	2013	2013	NUM
emaj-46	111	40	;	;	PUNCT
emaj-46	111	41	dang	dang	PROPN
emaj-46	111	42	,	,	PUNCT
emaj-46	111	43	2013	2013	NUM
emaj-46	111	44	)	)	PUNCT
emaj-46	111	45	,	,	PUNCT
emaj-46	111	46	others	other	NOUN
emaj-46	111	47	observe	observe	VERB
emaj-46	111	48	that	that	PRON
emaj-46	111	49	firm	firm	ADJ
emaj-46	111	50	size	size	NOUN
emaj-46	111	51	is	be	AUX
emaj-46	111	52	negatively	negatively	ADV
emaj-46	111	53	related	relate	VERB
emaj-46	111	54	to	to	ADP
emaj-46	111	55	leverage	leverage	NOUN
emaj-46	111	56	(	(	PUNCT
emaj-46	111	57	rajan	rajan	NOUN
emaj-46	111	58	and	and	CCONJ
emaj-46	111	59	zingales	zingale	NOUN
emaj-46	111	60	,	,	PUNCT
emaj-46	111	61	1995	1995	NUM
emaj-46	111	62	;	;	PUNCT
emaj-46	111	63	bevan	bevan	NOUN
emaj-46	111	64	and	and	CCONJ
emaj-46	111	65	danbolt	danbolt	NOUN
emaj-46	111	66	,	,	PUNCT
emaj-46	111	67	2002	2002	NUM
emaj-46	111	68	;	;	PUNCT
emaj-46	111	69	titman	titman	NOUN
emaj-46	111	70	and	and	CCONJ
emaj-46	111	71	wessels	wessels	PROPN
emaj-46	111	72	,	,	PUNCT
emaj-46	111	73	1988	1988	NUM
emaj-46	111	74	;	;	PUNCT
emaj-46	111	75	chakraborty	chakraborty	PROPN
emaj-46	111	76	,	,	PUNCT
emaj-46	111	77	2010	2010	NUM
emaj-46	111	78	;	;	PUNCT
emaj-46	111	79	gungoraydinoglu	gungoraydinoglu	NOUN
emaj-46	111	80	and	and	CCONJ
emaj-46	111	81	oztekin	oztekin	ADJ
emaj-46	111	82	,	,	PUNCT
emaj-46	111	83	2011	2011	NUM
emaj-46	111	84	;	;	PUNCT
emaj-46	111	85	chakraborty	chakraborty	PROPN
emaj-46	111	86	,	,	PUNCT
emaj-46	111	87	2013	2013	NUM
emaj-46	111	88	)	)	PUNCT
emaj-46	111	89	.	.	PUNCT
emaj-46	112	1	a	a	DET
emaj-46	112	2	positive	positive	ADJ
emaj-46	112	3	relationship	relationship	NOUN
emaj-46	112	4	between	between	ADP
emaj-46	112	5	firm	firm	ADJ
emaj-46	112	6	size	size	NOUN
emaj-46	112	7	and	and	CCONJ
emaj-46	112	8	leverage	leverage	NOUN
emaj-46	112	9	would	would	AUX
emaj-46	112	10	confirm	confirm	VERB
emaj-46	112	11	the	the	DET
emaj-46	112	12	trade	trade	NOUN
emaj-46	112	13	-	-	PUNCT
emaj-46	112	14	off	off	ADP
emaj-46	112	15	theory	theory	NOUN
emaj-46	112	16	and	and	CCONJ
emaj-46	112	17	a	a	DET
emaj-46	112	18	negative	negative	ADJ
emaj-46	112	19	relationship	relationship	NOUN
emaj-46	112	20	would	would	AUX
emaj-46	112	21	confirm	confirm	VERB
emaj-46	112	22	the	the	DET
emaj-46	112	23	pecking	pecking	NOUN
emaj-46	112	24	order	order	NOUN
emaj-46	112	25	.	.	PUNCT
emaj-46	113	1	2.2	2.2	NUM
emaj-46	113	2	.	.	PUNCT
emaj-46	113	3	country	country	NOUN
emaj-46	113	4	and	and	CCONJ
emaj-46	113	5	macroeconomic	macroeconomic	ADJ
emaj-46	113	6	determinants	determinant	NOUN
emaj-46	113	7	a	a	DET
emaj-46	113	8	remaining	remain	VERB
emaj-46	113	9	question	question	NOUN
emaj-46	113	10	is	be	AUX
emaj-46	113	11	whether	whether	SCONJ
emaj-46	113	12	capital	capital	NOUN
emaj-46	113	13	structure	structure	NOUN
emaj-46	113	14	is	be	AUX
emaj-46	113	15	driven	drive	VERB
emaj-46	113	16	by	by	ADP
emaj-46	113	17	underlying	underlie	VERB
emaj-46	113	18	macroeconomic	macroeconomic	ADJ
emaj-46	113	19	factors	factor	NOUN
emaj-46	113	20	which	which	PRON
emaj-46	113	21	influence	influence	NOUN
emaj-46	113	22	firms	firm	NOUN
emaj-46	113	23	’	'	PUNCT
emaj-46	113	24	capital	capital	NOUN
emaj-46	113	25	raising	raise	VERB
emaj-46	113	26	and	and	CCONJ
emaj-46	113	27	induce	induce	VERB
emaj-46	113	28	them	they	PRON
emaj-46	113	29	to	to	PART
emaj-46	113	30	choose	choose	VERB
emaj-46	113	31	different	different	ADJ
emaj-46	113	32	levels	level	NOUN
emaj-46	113	33	of	of	ADP
emaj-46	113	34	leverage	leverage	NOUN
emaj-46	113	35	at	at	ADP
emaj-46	113	36	different	different	ADJ
emaj-46	113	37	points	point	NOUN
emaj-46	113	38	(	(	PUNCT
emaj-46	113	39	erel	erel	NOUN
emaj-46	113	40	et	et	PROPN
emaj-46	113	41	al	al	PROPN
emaj-46	113	42	.	.	PROPN
emaj-46	113	43	,	,	PUNCT
emaj-46	113	44	2012	2012	NUM
emaj-46	113	45	)	)	PUNCT
emaj-46	113	46	.	.	PUNCT
emaj-46	114	1	the	the	DET
emaj-46	114	2	business	business	NOUN
emaj-46	114	3	cycle	cycle	NOUN
emaj-46	114	4	can	can	AUX
emaj-46	114	5	affect	affect	VERB
emaj-46	114	6	financing	financing	NOUN
emaj-46	114	7	choices	choice	NOUN
emaj-46	114	8	and	and	CCONJ
emaj-46	114	9	leverage	leverage	NOUN
emaj-46	114	10	ratios	ratio	NOUN
emaj-46	114	11	.	.	PUNCT
emaj-46	115	1	the	the	DET
emaj-46	115	2	demand	demand	NOUN
emaj-46	115	3	-	-	PUNCT
emaj-46	115	4	forcapital	forcapital	ADJ
emaj-46	115	5	mechanism	mechanism	NOUN
emaj-46	115	6	is	be	AUX
emaj-46	115	7	based	base	VERB
emaj-46	115	8	on	on	ADP
emaj-46	115	9	changes	change	NOUN
emaj-46	115	10	in	in	ADP
emaj-46	115	11	information	information	NOUN
emaj-46	115	12	asymmetry	asymmetry	NOUN
emaj-46	115	13	between	between	ADP
emaj-46	115	14	firms	firm	NOUN
emaj-46	115	15	and	and	CCONJ
emaj-46	115	16	investors	investor	NOUN
emaj-46	115	17	over	over	ADP
emaj-46	115	18	the	the	DET
emaj-46	115	19	business	business	NOUN
emaj-46	115	20	cycle	cycle	NOUN
emaj-46	115	21	.	.	PUNCT
emaj-46	116	1	if	if	SCONJ
emaj-46	116	2	the	the	DET
emaj-46	116	3	adverse	adverse	ADJ
emaj-46	116	4	selection	selection	NOUN
emaj-46	116	5	costs	cost	NOUN
emaj-46	116	6	associated	associate	VERB
emaj-46	116	7	with	with	ADP
emaj-46	116	8	information	information	NOUN
emaj-46	116	9	asymmetry	asymmetry	NOUN
emaj-46	116	10	are	be	AUX
emaj-46	116	11	negatively	negatively	ADV
emaj-46	116	12	related	relate	VERB
emaj-46	116	13	to	to	ADP
emaj-46	116	14	the	the	DET
emaj-46	116	15	business	business	NOUN
emaj-46	116	16	cycle	cycle	NOUN
emaj-46	116	17	,	,	PUNCT
emaj-46	116	18	poor	poor	ADJ
emaj-46	116	19	macroeconomic	macroeconomic	ADJ
emaj-46	116	20	conditions	condition	NOUN
emaj-46	116	21	will	will	AUX
emaj-46	116	22	induce	induce	VERB
emaj-46	116	23	firms	firm	NOUN
emaj-46	116	24	to	to	PART
emaj-46	116	25	issue	issue	VERB
emaj-46	116	26	less	less	ADJ
emaj-46	116	27	information	information	NOUN
emaj-46	116	28	-	-	PUNCT
emaj-46	116	29	sensitive	sensitive	ADJ
emaj-46	116	30	securities	security	NOUN
emaj-46	116	31	.	.	PUNCT
emaj-46	117	1	therefore	therefore	ADV
emaj-46	117	2	,	,	PUNCT
emaj-46	117	3	they	they	PRON
emaj-46	117	4	tend	tend	VERB
emaj-46	117	5	to	to	PART
emaj-46	117	6	use	use	VERB
emaj-46	117	7	less	less	ADJ
emaj-46	117	8	equity	equity	NOUN
emaj-46	117	9	and	and	CCONJ
emaj-46	117	10	more	more	ADJ
emaj-46	117	11	debt	debt	NOUN
emaj-46	117	12	(	(	PUNCT
emaj-46	117	13	drobetz	drobetz	VERB
emaj-46	117	14	et	et	PROPN
emaj-46	117	15	al	al	PROPN
emaj-46	117	16	,	,	PUNCT
emaj-46	117	17	2013	2013	NUM
emaj-46	117	18	)	)	PUNCT
emaj-46	117	19	.	.	PUNCT
emaj-46	118	1	the	the	DET
emaj-46	118	2	conjecture	conjecture	NOUN
emaj-46	118	3	that	that	SCONJ
emaj-46	118	4	macroeconomic	macroeconomic	ADJ
emaj-46	118	5	conditions	condition	NOUN
emaj-46	118	6	affect	affect	VERB
emaj-46	118	7	firms	firm	NOUN
emaj-46	118	8	’	'	PUNCT
emaj-46	118	9	ability	ability	NOUN
emaj-46	118	10	to	to	PART
emaj-46	118	11	raise	raise	VERB
emaj-46	118	12	capital	capital	NOUN
emaj-46	118	13	seems	seem	VERB
emaj-46	118	14	particularly	particularly	ADV
emaj-46	118	15	important	important	ADJ
emaj-46	118	16	for	for	ADP
emaj-46	118	17	the	the	DET
emaj-46	118	18	banking	banking	NOUN
emaj-46	118	19	industry	industry	NOUN
emaj-46	118	20	that	that	PRON
emaj-46	118	21	is	be	AUX
emaj-46	118	22	affected	affect	VERB
emaj-46	118	23	by	by	ADP
emaj-46	118	24	current	current	ADJ
emaj-46	118	25	financial	financial	ADJ
emaj-46	118	26	crises	crisis	NOUN
emaj-46	118	27	around	around	ADP
emaj-46	118	28	the	the	DET
emaj-46	118	29	world	world	NOUN
emaj-46	118	30	.	.	PUNCT
emaj-46	119	1	hence	hence	ADV
emaj-46	119	2	,	,	PUNCT
emaj-46	119	3	we	we	PRON
emaj-46	119	4	added	add	VERB
emaj-46	119	5	model	model	NOUN
emaj-46	119	6	of	of	ADP
emaj-46	119	7	the	the	DET
emaj-46	119	8	study	study	NOUN
emaj-46	119	9	country	country	NOUN
emaj-46	119	10	and	and	CCONJ
emaj-46	119	11	macroeconomic	macroeconomic	ADJ
emaj-46	119	12	determinants	determinant	NOUN
emaj-46	119	13	of	of	ADP
emaj-46	119	14	capital	capital	NOUN
emaj-46	119	15	structure	structure	NOUN
emaj-46	119	16	.	.	PUNCT
emaj-46	120	1	following	follow	VERB
emaj-46	120	2	ferson	ferson	NOUN
emaj-46	120	3	and	and	CCONJ
emaj-46	120	4	harvey	harvey	PROPN
emaj-46	120	5	(	(	PUNCT
emaj-46	120	6	1994	1994	NUM
emaj-46	120	7	)	)	PUNCT
emaj-46	120	8	,	,	PUNCT
emaj-46	120	9	de	de	PROPN
emaj-46	120	10	jong	jong	PROPN
emaj-46	120	11	et	et	PROPN
emaj-46	120	12	al	al	PROPN
emaj-46	120	13	(	(	PUNCT
emaj-46	120	14	2008	2008	NUM
emaj-46	120	15	)	)	PUNCT
emaj-46	120	16	,	,	PUNCT
emaj-46	120	17	we	we	PRON
emaj-46	120	18	use	use	VERB
emaj-46	120	19	inflation	inflation	NOUN
emaj-46	120	20	rate	rate	NOUN
emaj-46	120	21	,	,	PUNCT
emaj-46	120	22	gdp	gdp	NOUN
emaj-46	120	23	growth	growth	NOUN
emaj-46	120	24	rate	rate	NOUN
emaj-46	120	25	in	in	ADP
emaj-46	120	26	order	order	NOUN
emaj-46	120	27	to	to	PART
emaj-46	120	28	control	control	VERB
emaj-46	120	29	for	for	ADP
emaj-46	120	30	the	the	DET
emaj-46	120	31	effects	effect	NOUN
emaj-46	120	32	of	of	ADP
emaj-46	120	33	countries	country	NOUN
emaj-46	120	34	economic	economic	ADJ
emaj-46	120	35	conditions	condition	NOUN
emaj-46	120	36	on	on	ADP
emaj-46	120	37	capital	capital	NOUN
emaj-46	120	38	structure	structure	NOUN
emaj-46	120	39	.	.	PUNCT
emaj-46	121	1	2.2.1	2.2.1	X
emaj-46	121	2	.	.	X
emaj-46	121	3	gdp	gdp	NOUN
emaj-46	121	4	growth	growth	NOUN
emaj-46	121	5	rate	rate	NOUN
emaj-46	121	6	joeveer	joeveer	NOUN
emaj-46	121	7	(	(	PUNCT
emaj-46	121	8	2013	2013	NUM
emaj-46	121	9	)	)	PUNCT
emaj-46	121	10	suggests	suggest	VERB
emaj-46	121	11	that	that	SCONJ
emaj-46	121	12	macroeconomic	macroeconomic	ADJ
emaj-46	121	13	conditions	condition	NOUN
emaj-46	121	14	may	may	AUX
emaj-46	121	15	affect	affect	VERB
emaj-46	121	16	the	the	DET
emaj-46	121	17	leverage	leverage	NOUN
emaj-46	121	18	through	through	ADP
emaj-46	121	19	the	the	DET
emaj-46	121	20	fact	fact	NOUN
emaj-46	121	21	that	that	SCONJ
emaj-46	121	22	they	they	PRON
emaj-46	121	23	proxy	proxy	VERB
emaj-46	121	24	the	the	DET
emaj-46	121	25	growth	growth	NOUN
emaj-46	121	26	opportunities	opportunity	NOUN
emaj-46	121	27	in	in	ADP
emaj-46	121	28	the	the	DET
emaj-46	121	29	overall	overall	ADJ
emaj-46	121	30	economy	economy	NOUN
emaj-46	121	31	.	.	PUNCT
emaj-46	122	1	since	since	SCONJ
emaj-46	122	2	equity	equity	NOUN
emaj-46	122	3	financing	financing	NOUN
emaj-46	122	4	is	be	AUX
emaj-46	122	5	less	less	ADV
emaj-46	122	6	common	common	ADJ
emaj-46	122	7	in	in	ADP
emaj-46	122	8	eastern	eastern	PROPN
emaj-46	122	9	europe	europe	PROPN
emaj-46	122	10	the	the	DET
emaj-46	122	11	investment	investment	NOUN
emaj-46	122	12	opportunities	opportunity	NOUN
emaj-46	122	13	will	will	AUX
emaj-46	122	14	be	be	AUX
emaj-46	122	15	mostly	mostly	ADV
emaj-46	122	16	financed	finance	VERB
emaj-46	122	17	by	by	ADP
emaj-46	122	18	debt	debt	NOUN
emaj-46	122	19	and	and	CCONJ
emaj-46	122	20	therefore	therefore	ADV
emaj-46	122	21	they	they	PRON
emaj-46	122	22	would	would	AUX
emaj-46	122	23	expect	expect	VERB
emaj-46	122	24	gdp	gdp	NOUN
emaj-46	122	25	growth	growth	NOUN
emaj-46	122	26	to	to	PART
emaj-46	122	27	be	be	AUX
emaj-46	122	28	positively	positively	ADV
emaj-46	122	29	related	relate	VERB
emaj-46	122	30	to	to	ADP
emaj-46	122	31	leverage	leverage	NOUN
emaj-46	122	32	(	(	PUNCT
emaj-46	122	33	joeveer	joeveer	NOUN
emaj-46	122	34	,	,	PUNCT
emaj-46	122	35	2013	2013	NUM
emaj-46	122	36	)	)	PUNCT
emaj-46	122	37	and	and	CCONJ
emaj-46	122	38	gdp	gdp	NOUN
emaj-46	122	39	growth	growth	NOUN
emaj-46	122	40	has	have	AUX
emaj-46	122	41	been	be	AUX
emaj-46	122	42	found	find	VERB
emaj-46	122	43	to	to	PART
emaj-46	122	44	be	be	AUX
emaj-46	122	45	positively	positively	ADV
emaj-46	122	46	related	relate	VERB
emaj-46	122	47	to	to	ADP
emaj-46	122	48	leverage	leverage	NOUN
emaj-46	122	49	.	.	PUNCT
emaj-46	123	1	therefore	therefore	ADV
emaj-46	123	2	,	,	PUNCT
emaj-46	123	3	gdp	gdp	NOUN
emaj-46	123	4	growth	growth	NOUN
emaj-46	123	5	rate	rate	NOUN
emaj-46	123	6	indicates	indicate	VERB
emaj-46	123	7	growth	growth	NOUN
emaj-46	123	8	opportunities	opportunity	NOUN
emaj-46	123	9	in	in	ADP
emaj-46	123	10	the	the	DET
emaj-46	123	11	overall	overall	ADJ
emaj-46	123	12	economy	economy	NOUN
emaj-46	123	13	.	.	PUNCT
emaj-46	124	1	that	that	PRON
emaj-46	124	2	is	is	ADV
emaj-46	124	3	,	,	PUNCT
emaj-46	124	4	it	it	PRON
emaj-46	124	5	is	be	AUX
emaj-46	124	6	can	can	AUX
emaj-46	124	7	be	be	AUX
emaj-46	124	8	evaluated	evaluate	VERB
emaj-46	124	9	that	that	SCONJ
emaj-46	124	10	gdp	gdp	NOUN
emaj-46	124	11	growth	growth	NOUN
emaj-46	124	12	contexts	context	NOUN
emaj-46	124	13	the	the	DET
emaj-46	124	14	pecking	pecking	NOUN
emaj-46	124	15	order	order	NOUN
emaj-46	124	16	theory	theory	NOUN
emaj-46	124	17	and	and	CCONJ
emaj-46	124	18	trade	trade	NOUN
emaj-46	124	19	-	-	PUNCT
emaj-46	124	20	off	off	ADP
emaj-46	124	21	theory	theory	NOUN
emaj-46	124	22	.	.	PUNCT
emaj-46	125	1	firms	firm	NOUN
emaj-46	125	2	with	with	ADP
emaj-46	125	3	higher	high	ADJ
emaj-46	125	4	growth	growth	NOUN
emaj-46	125	5	opportunities	opportunity	NOUN
emaj-46	125	6	would	would	AUX
emaj-46	125	7	need	need	VERB
emaj-46	125	8	more	more	ADJ
emaj-46	125	9	fund	fund	NOUN
emaj-46	125	10	.	.	PUNCT
emaj-46	126	1	according	accord	VERB
emaj-46	126	2	to	to	ADP
emaj-46	126	3	the	the	DET
emaj-46	126	4	pecking	pecking	NOUN
emaj-46	126	5	order	order	NOUN
emaj-46	126	6	theory	theory	NOUN
emaj-46	126	7	,	,	PUNCT
emaj-46	126	8	there	there	PRON
emaj-46	126	9	will	will	AUX
emaj-46	126	10	be	be	AUX
emaj-46	126	11	stronger	strong	ADJ
emaj-46	126	12	preference	preference	NOUN
emaj-46	126	13	for	for	ADP
emaj-46	126	14	external	external	ADJ
emaj-46	126	15	financing	financing	NOUN
emaj-46	126	16	,	,	PUNCT
emaj-46	126	17	especially	especially	ADV
emaj-46	126	18	for	for	ADP
emaj-46	126	19	debt	debt	NOUN
emaj-46	126	20	(	(	PUNCT
emaj-46	126	21	chakraborty	chakraborty	NOUN
emaj-46	126	22	,	,	PUNCT
emaj-46	126	23	2010	2010	NUM
emaj-46	126	24	)	)	PUNCT
emaj-46	126	25	.	.	PUNCT
emaj-46	127	1	the	the	DET
emaj-46	127	2	pecking	pecking	NOUN
emaj-46	127	3	order	order	NOUN
emaj-46	127	4	hypothesis	hypothesis	NOUN
emaj-46	127	5	predicts	predict	VERB
emaj-46	127	6	that	that	SCONJ
emaj-46	127	7	firms	firm	NOUN
emaj-46	127	8	with	with	ADP
emaj-46	127	9	higher	high	ADJ
emaj-46	127	10	growth	growth	NOUN
emaj-46	127	11	opportunities	opportunity	NOUN
emaj-46	127	12	indicate	indicate	VERB
emaj-46	127	13	the	the	DET
emaj-46	127	14	greater	great	ADJ
emaj-46	127	15	demand	demand	NOUN
emaj-46	127	16	of	of	ADP
emaj-46	127	17	capital	capital	NOUN
emaj-46	127	18	,	,	PUNCT
emaj-46	127	19	thus	thus	ADV
emaj-46	127	20	external	external	ADJ
emaj-46	127	21	fund	fund	NOUN
emaj-46	127	22	is	be	AUX
emaj-46	127	23	preferred	prefer	VERB
emaj-46	127	24	through	through	ADP
emaj-46	127	25	debt	debt	NOUN
emaj-46	127	26	financing	financing	NOUN
emaj-46	127	27	(	(	PUNCT
emaj-46	127	28	lim	lim	PROPN
emaj-46	127	29	,	,	PUNCT
emaj-46	127	30	2012	2012	NUM
emaj-46	127	31	)	)	PUNCT
emaj-46	127	32	.	.	PUNCT
emaj-46	128	1	rajan	rajan	PROPN
emaj-46	128	2	and	and	CCONJ
emaj-46	128	3	zingales	zingales	PROPN
emaj-46	128	4	(	(	PUNCT
emaj-46	128	5	1995	1995	NUM
emaj-46	128	6	)	)	PUNCT
emaj-46	128	7	,	,	PUNCT
emaj-46	128	8	booth	booth	NOUN
emaj-46	128	9	et	et	PROPN
emaj-46	128	10	al	al	PROPN
emaj-46	128	11	.	.	PROPN
emaj-46	129	1	(	(	PUNCT
emaj-46	129	2	2001	2001	NUM
emaj-46	129	3	)	)	PUNCT
emaj-46	129	4	,	,	PUNCT
emaj-46	129	5	chen	chen	PROPN
emaj-46	129	6	(	(	PUNCT
emaj-46	129	7	2004	2004	NUM
emaj-46	129	8	)	)	PUNCT
emaj-46	129	9	,	,	PUNCT
emaj-46	129	10	delcoure	delcoure	NOUN
emaj-46	129	11	(	(	PUNCT
emaj-46	129	12	2007	2007	NUM
emaj-46	129	13	)	)	PUNCT
emaj-46	129	14	,	,	PUNCT
emaj-46	129	15	daskalakis	daskalaki	NOUN
emaj-46	129	16	and	and	CCONJ
emaj-46	129	17	psillaki	psillaki	PROPN
emaj-46	129	18	(	(	PUNCT
emaj-46	129	19	2008	2008	NUM
emaj-46	129	20	)	)	PUNCT
emaj-46	129	21	,	,	PUNCT
emaj-46	129	22	frank	frank	PROPN
emaj-46	129	23	and	and	CCONJ
emaj-46	129	24	goyal	goyal	PROPN
emaj-46	129	25	(	(	PUNCT
emaj-46	129	26	2009	2009	NUM
emaj-46	129	27	)	)	PUNCT
emaj-46	129	28	,	,	PUNCT
emaj-46	129	29	gropp	gropp	NOUN
emaj-46	129	30	and	and	CCONJ
emaj-46	129	31	heider	heider	NOUN
emaj-46	129	32	(	(	PUNCT
emaj-46	129	33	2010	2010	NUM
emaj-46	129	34	)	)	PUNCT
emaj-46	129	35	,	,	PUNCT
emaj-46	129	36	gungoraydinoglu	gungoraydinoglu	NOUN
emaj-46	129	37	and	and	CCONJ
emaj-46	129	38	öztekin	öztekin	PROPN
emaj-46	129	39	(	(	PUNCT
emaj-46	129	40	2011	2011	NUM
emaj-46	129	41	)	)	PUNCT
emaj-46	129	42	and	and	CCONJ
emaj-46	129	43	drobetz	drobetz	VERB
emaj-46	129	44	et	et	PROPN
emaj-46	129	45	al	al	PROPN
emaj-46	129	46	(	(	PUNCT
emaj-46	129	47	2013	2013	NUM
emaj-46	129	48	)	)	PUNCT
emaj-46	129	49	find	find	VERB
emaj-46	129	50	positive	positive	ADJ
emaj-46	129	51	relationship	relationship	NOUN
emaj-46	129	52	between	between	ADP
emaj-46	129	53	growth	growth	NOUN
emaj-46	129	54	and	and	CCONJ
emaj-46	129	55	leverage	leverage	NOUN
emaj-46	129	56	.	.	PUNCT
emaj-46	130	1	on	on	ADP
emaj-46	130	2	the	the	DET
emaj-46	130	3	other	other	ADJ
emaj-46	130	4	hand	hand	NOUN
emaj-46	130	5	,	,	PUNCT
emaj-46	130	6	according	accord	VERB
emaj-46	130	7	to	to	ADP
emaj-46	130	8	the	the	DET
emaj-46	130	9	trade	trade	NOUN
emaj-46	130	10	-	-	PUNCT
emaj-46	130	11	off	off	ADP
emaj-46	130	12	theory	theory	NOUN
emaj-46	130	13	firms	firm	NOUN
emaj-46	130	14	with	with	ADP
emaj-46	130	15	high	high	ADJ
emaj-46	130	16	growth	growth	NOUN
emaj-46	130	17	opportunities	opportunity	NOUN
emaj-46	130	18	are	be	AUX
emaj-46	130	19	likely	likely	ADJ
emaj-46	130	20	to	to	PART
emaj-46	130	21	suffer	suffer	VERB
emaj-46	130	22	from	from	ADP
emaj-46	130	23	financial	financial	ADJ
emaj-46	130	24	distress	distress	NOUN
emaj-46	130	25	and	and	CCONJ
emaj-46	130	26	the	the	DET
emaj-46	130	27	debt	debt	NOUN
emaj-46	130	28	overhang	overhang	NOUN
emaj-46	130	29	problem	problem	NOUN
emaj-46	130	30	(	(	PUNCT
emaj-46	130	31	myers	myer	NOUN
emaj-46	130	32	,	,	PUNCT
emaj-46	130	33	1977	1977	NUM
emaj-46	130	34	)	)	PUNCT
emaj-46	130	35	.	.	PUNCT
emaj-46	131	1	these	these	DET
emaj-46	131	2	firms	firm	NOUN
emaj-46	131	3	have	have	VERB
emaj-46	131	4	strong	strong	ADJ
emaj-46	131	5	incentive	incentive	NOUN
emaj-46	131	6	to	to	PART
emaj-46	131	7	rely	rely	VERB
emaj-46	131	8	more	more	ADV
emaj-46	131	9	on	on	ADP
emaj-46	131	10	equity	equity	NOUN
emaj-46	131	11	than	than	ADP
emaj-46	131	12	on	on	ADP
emaj-46	131	13	debt	debt	NOUN
emaj-46	131	14	finance	finance	NOUN
emaj-46	131	15	(	(	PUNCT
emaj-46	131	16	dang	dang	INTJ
emaj-46	131	17	,	,	PUNCT
emaj-46	131	18	2013	2013	NUM
emaj-46	131	19	)	)	PUNCT
emaj-46	131	20	.	.	PUNCT
emaj-46	132	1	in	in	ADP
emaj-46	132	2	addition	addition	NOUN
emaj-46	132	3	,	,	PUNCT
emaj-46	132	4	myers	myers	PROPN
emaj-46	132	5	(	(	PUNCT
emaj-46	132	6	1977	1977	NUM
emaj-46	132	7	)	)	PUNCT
emaj-46	132	8	argued	argue	VERB
emaj-46	132	9	the	the	DET
emaj-46	132	10	negative	negative	ADJ
emaj-46	132	11	relationship	relationship	NOUN
emaj-46	132	12	between	between	ADP
emaj-46	132	13	growth	growth	NOUN
emaj-46	132	14	and	and	CCONJ
emaj-46	132	15	leverage	leverage	NOUN
emaj-46	132	16	from	from	ADP
emaj-46	132	17	the	the	DET
emaj-46	132	18	perspective	perspective	NOUN
emaj-46	132	19	of	of	ADP
emaj-46	132	20	agency	agency	NOUN
emaj-46	132	21	costs	cost	NOUN
emaj-46	132	22	.	.	PUNCT
emaj-46	133	1	firms	firm	NOUN
emaj-46	133	2	with	with	ADP
emaj-46	133	3	greater	great	ADJ
emaj-46	133	4	growth	growth	NOUN
emaj-46	133	5	potential	potential	NOUN
emaj-46	133	6	have	have	VERB
emaj-46	133	7	more	more	ADJ
emaj-46	133	8	flexibility	flexibility	NOUN
emaj-46	133	9	to	to	PART
emaj-46	133	10	have	have	VERB
emaj-46	133	11	suboptimal	suboptimal	ADJ
emaj-46	133	12	behaviors	behavior	NOUN
emaj-46	133	13	,	,	PUNCT
emaj-46	133	14	thus	thus	ADV
emaj-46	133	15	transferring	transfer	VERB
emaj-46	133	16	the	the	DET
emaj-46	133	17	wealth	wealth	NOUN
emaj-46	133	18	from	from	ADP
emaj-46	133	19	debt	debt	NOUN
emaj-46	133	20	holders	holder	NOUN
emaj-46	133	21	to	to	ADP
emaj-46	133	22	shareholders	shareholder	NOUN
emaj-46	133	23	(	(	PUNCT
emaj-46	133	24	lim	lim	PROPN
emaj-46	133	25	,	,	PUNCT
emaj-46	133	26	2012	2012	NUM
emaj-46	133	27	)	)	PUNCT
emaj-46	133	28	.	.	PUNCT
emaj-46	134	1	the	the	DET
emaj-46	134	2	findings	finding	NOUN
emaj-46	134	3	of	of	ADP
emaj-46	134	4	titman	titman	NOUN
emaj-46	134	5	and	and	CCONJ
emaj-46	134	6	wessels	wessels	PROPN
emaj-46	134	7	(	(	PUNCT
emaj-46	134	8	1988	1988	NUM
emaj-46	134	9	)	)	PUNCT
emaj-46	134	10	,	,	PUNCT
emaj-46	134	11	rajan	rajan	PROPN
emaj-46	134	12	and	and	CCONJ
emaj-46	134	13	zingales	zingales	PROPN
emaj-46	134	14	(	(	PUNCT
emaj-46	134	15	1995	1995	NUM
emaj-46	134	16	)	)	PUNCT
emaj-46	134	17	,	,	PUNCT
emaj-46	134	18	kayo	kayo	PROPN
emaj-46	134	19	and	and	CCONJ
emaj-46	134	20	kimura	kimura	NOUN
emaj-46	134	21	(	(	PUNCT
emaj-46	134	22	2011	2011	NUM
emaj-46	134	23	)	)	PUNCT
emaj-46	134	24	,	,	PUNCT
emaj-46	134	25	joeveer	joeveer	NOUN
emaj-46	134	26	(	(	PUNCT
emaj-46	134	27	2013	2013	NUM
emaj-46	134	28	)	)	PUNCT
emaj-46	134	29	and	and	CCONJ
emaj-46	134	30	öztekin	öztekin	NOUN
emaj-46	134	31	and	and	CCONJ
emaj-46	134	32	flannery	flannery	PROPN
emaj-46	134	33	(	(	PUNCT
emaj-46	134	34	2012	2012	NUM
emaj-46	134	35	)	)	PUNCT
emaj-46	134	36	confirmed	confirm	VERB
emaj-46	134	37	trade	trade	NOUN
emaj-46	134	38	-	-	PUNCT
emaj-46	134	39	off	off	ADP
emaj-46	134	40	theory	theory	NOUN
emaj-46	134	41	.	.	PUNCT
emaj-46	135	1	a	a	DET
emaj-46	135	2	negative	negative	ADJ
emaj-46	135	3	relationship	relationship	NOUN
emaj-46	135	4	between	between	ADP
emaj-46	135	5	gdp	gdp	NOUN
emaj-46	135	6	growth	growth	NOUN
emaj-46	135	7	rate	rate	NOUN
emaj-46	135	8	and	and	CCONJ
emaj-46	135	9	leverage	leverage	NOUN
emaj-46	135	10	would	would	AUX
emaj-46	135	11	confirm	confirm	VERB
emaj-46	135	12	the	the	DET
emaj-46	135	13	trade	trade	NOUN
emaj-46	135	14	-	-	PUNCT
emaj-46	135	15	off	off	ADP
emaj-46	135	16	theory	theory	NOUN
emaj-46	135	17	and	and	CCONJ
emaj-46	135	18	a	a	DET
emaj-46	135	19	positive	positive	ADJ
emaj-46	135	20	relationship	relationship	NOUN
emaj-46	135	21	would	would	AUX
emaj-46	135	22	confirm	confirm	VERB
emaj-46	135	23	the	the	DET
emaj-46	135	24	pecking	pecking	NOUN
emaj-46	135	25	order	order	NOUN
emaj-46	135	26	.	.	PUNCT
emaj-46	136	1	2.2.2	2.2.2	X
emaj-46	136	2	.	.	PUNCT
emaj-46	136	3	inflation	inflation	NOUN
emaj-46	136	4	rate	rate	NOUN
emaj-46	136	5	inflation	inflation	NOUN
emaj-46	136	6	is	be	AUX
emaj-46	136	7	one	one	NUM
emaj-46	136	8	of	of	ADP
emaj-46	136	9	the	the	DET
emaj-46	136	10	main	main	ADJ
emaj-46	136	11	indicators	indicator	NOUN
emaj-46	136	12	of	of	ADP
emaj-46	136	13	a	a	DET
emaj-46	136	14	country	country	NOUN
emaj-46	136	15	's	's	PART
emaj-46	136	16	stability	stability	NOUN
emaj-46	136	17	.	.	PUNCT
emaj-46	137	1	an	an	DET
emaj-46	137	2	increase	increase	NOUN
emaj-46	137	3	in	in	ADP
emaj-46	137	4	inflation	inflation	NOUN
emaj-46	137	5	rate	rate	NOUN
emaj-46	137	6	brings	bring	VERB
emaj-46	137	7	about	about	ADP
emaj-46	137	8	uncertainty	uncertainty	NOUN
emaj-46	137	9	in	in	ADP
emaj-46	137	10	economic	economic	ADJ
emaj-46	137	11	situation	situation	NOUN
emaj-46	137	12	.	.	PUNCT
emaj-46	138	1	this	this	DET
emaj-46	138	2	uncertainty	uncertainty	NOUN
emaj-46	138	3	causes	cause	VERB
emaj-46	138	4	firms	firm	NOUN
emaj-46	138	5	'	'	PART
emaj-46	138	6	inability	inability	NOUN
emaj-46	138	7	to	to	PART
emaj-46	138	8	repay	repay	VERB
emaj-46	138	9	their	their	PRON
emaj-46	138	10	debts	debt	NOUN
emaj-46	138	11	.	.	PUNCT
emaj-46	139	1	higher	high	ADJ
emaj-46	139	2	inflation	inflation	NOUN
emaj-46	139	3	decreases	decrease	VERB
emaj-46	139	4	the	the	DET
emaj-46	139	5	benefits	benefit	NOUN
emaj-46	139	6	of	of	ADP
emaj-46	139	7	leverage	leverage	NOUN
emaj-46	139	8	because	because	SCONJ
emaj-46	139	9	of	of	ADP
emaj-46	139	10	higher	high	ADJ
emaj-46	139	11	bankruptcy	bankruptcy	NOUN
emaj-46	139	12	costs	cost	NOUN
emaj-46	139	13	of	of	ADP
emaj-46	139	14	debt	debt	NOUN
emaj-46	139	15	imposed	impose	VERB
emaj-46	139	16	on	on	ADP
emaj-46	139	17	firms	firm	NOUN
emaj-46	139	18	(	(	PUNCT
emaj-46	139	19	gungoraydinoglu	gungoraydinoglu	NOUN
emaj-46	139	20	and	and	CCONJ
emaj-46	139	21	öztekin	öztekin	NOUN
emaj-46	139	22	,	,	PUNCT
emaj-46	139	23	2011	2011	NUM
emaj-46	139	24	)	)	PUNCT
emaj-46	139	25	.	.	PUNCT
emaj-46	140	1	in	in	ADP
emaj-46	140	2	this	this	DET
emaj-46	140	3	case	case	NOUN
emaj-46	140	4	,	,	PUNCT
emaj-46	140	5	lenders	lender	NOUN
emaj-46	140	6	demand	demand	VERB
emaj-46	140	7	a	a	DET
emaj-46	140	8	higher	high	ADJ
emaj-46	140	9	return	return	NOUN
emaj-46	140	10	for	for	ADP
emaj-46	140	11	the	the	DET
emaj-46	140	12	risk	risk	NOUN
emaj-46	140	13	they	they	PRON
emaj-46	140	14	undertake	undertake	VERB
emaj-46	140	15	.	.	PUNCT
emaj-46	141	1	higher	high	ADJ
emaj-46	141	2	interest	interest	NOUN
emaj-46	141	3	rate	rate	NOUN
emaj-46	141	4	increases	increase	VERB
emaj-46	141	5	firm	firm	ADJ
emaj-46	141	6	’s	’s	PART
emaj-46	141	7	cost	cost	NOUN
emaj-46	141	8	of	of	ADP
emaj-46	141	9	debt	debt	NOUN
emaj-46	141	10	expected	expect	VERB
emaj-46	141	11	,	,	PUNCT
emaj-46	141	12	firms	firm	NOUN
emaj-46	141	13	reduce	reduce	VERB
emaj-46	141	14	debt	debt	NOUN
emaj-46	141	15	ratios	ratio	NOUN
emaj-46	141	16	.	.	PUNCT
emaj-46	142	1	in	in	ADP
emaj-46	142	2	addition	addition	NOUN
emaj-46	142	3	,	,	PUNCT
emaj-46	142	4	in	in	ADP
emaj-46	142	5	periods	period	NOUN
emaj-46	142	6	with	with	ADP
emaj-46	142	7	higher	high	ADJ
emaj-46	142	8	inflation	inflation	NOUN
emaj-46	142	9	,	,	PUNCT
emaj-46	142	10	firms	firm	NOUN
emaj-46	142	11	use	use	VERB
emaj-46	142	12	currently	currently	ADV
emaj-46	142	13	weak	weak	ADJ
emaj-46	142	14	dollars	dollar	NOUN
emaj-46	142	15	to	to	PART
emaj-46	142	16	repay	repay	VERB
emaj-46	142	17	debt	debt	NOUN
emaj-46	142	18	and	and	CCONJ
emaj-46	142	19	lower	lower	VERB
emaj-46	142	20	their	their	PRON
emaj-46	142	21	leverage	leverage	NOUN
emaj-46	142	22	ratios	ratio	NOUN
emaj-46	142	23	(	(	PUNCT
emaj-46	142	24	drobetz	drobetz	VERB
emaj-46	142	25	et	et	PROPN
emaj-46	142	26	al	al	PROPN
emaj-46	142	27	,	,	PUNCT
emaj-46	142	28	2013	2013	NUM
emaj-46	142	29	)	)	PUNCT
emaj-46	142	30	.	.	PUNCT
emaj-46	143	1	therefore	therefore	ADV
emaj-46	143	2	,	,	PUNCT
emaj-46	143	3	inflation	inflation	NOUN
emaj-46	143	4	has	have	VERB
emaj-46	143	5	a	a	DET
emaj-46	143	6	negative	negative	ADJ
emaj-46	143	7	effect	effect	NOUN
emaj-46	143	8	on	on	ADP
emaj-46	143	9	leverage	leverage	NOUN
emaj-46	143	10	.	.	PUNCT
emaj-46	144	1	joeveer	joeveer	NOUN
emaj-46	144	2	(	(	PUNCT
emaj-46	144	3	2012	2012	NUM
emaj-46	144	4	)	)	PUNCT
emaj-46	144	5	maintains	maintain	VERB
emaj-46	144	6	that	that	SCONJ
emaj-46	144	7	expected	expect	VERB
emaj-46	144	8	inflation	inflation	NOUN
emaj-46	144	9	is	be	AUX
emaj-46	144	10	predicted	predict	VERB
emaj-46	144	11	to	to	PART
emaj-46	144	12	be	be	AUX
emaj-46	144	13	positively	positively	ADV
emaj-46	144	14	related	relate	VERB
emaj-46	144	15	to	to	PART
emaj-46	144	16	volume	volume	VERB
emaj-46	144	17	3	3	NUM
emaj-46	144	18	no	no	DET
emaj-46	144	19	3	3	NUM
emaj-46	144	20	(	(	PUNCT
emaj-46	144	21	2014	2014	NUM
emaj-46	144	22	)	)	PUNCT
emaj-46	144	23	|	|	ADV
emaj-46	144	24	issn	issn	VERB
emaj-46	144	25	2158	2158	NUM
emaj-46	144	26	-	-	SYM
emaj-46	144	27	8708	8708	NUM
emaj-46	144	28	(	(	PUNCT
emaj-46	144	29	online	online	NOUN
emaj-46	144	30	)	)	PUNCT
emaj-46	144	31	|	|	ADV
emaj-46	144	32	doi	doi	X
emaj-46	144	33	10.5195	10.5195	NUM
emaj-46	144	34	/	/	SYM
emaj-46	144	35	emaj.2014.46	emaj.2014.46	NOUN
emaj-46	144	36	|	|	ADV
emaj-46	144	37	http://emaj.pitt.edu	http://emaj.pitt.edu	VERB
emaj-46	144	38	firm	firm	NOUN
emaj-46	144	39	,	,	PUNCT
emaj-46	144	40	country	country	NOUN
emaj-46	144	41	and	and	CCONJ
emaj-46	144	42	macroeconomic	macroeconomic	ADJ
emaj-46	144	43	determinants	determinant	NOUN
emaj-46	144	44	of	of	ADP
emaj-46	144	45	capital	capital	NOUN
emaj-46	144	46	structure	structure	NOUN
emaj-46	144	47	:	:	PUNCT
emaj-46	144	48	evidence	evidence	NOUN
emaj-46	144	49	from	from	ADP
emaj-46	144	50	turkish	turkish	ADJ
emaj-46	144	51	banking	banking	NOUN
emaj-46	144	52	sector	sector	NOUN
emaj-46	144	53	emerging	emerge	VERB
emaj-46	144	54	markets	market	NOUN
emaj-46	144	55	journal	journal	NOUN
emaj-46	145	1	|	|	ADV
emaj-46	145	2	p	p	NOUN
emaj-46	145	3	a	a	DET
emaj-46	145	4	g	g	NOUN
emaj-46	145	5	e	e	NOUN
emaj-46	145	6	|51	|51	NOUN
emaj-46	145	7	leverage	leverage	NOUN
emaj-46	145	8	due	due	ADJ
emaj-46	145	9	to	to	ADP
emaj-46	145	10	higher	high	ADJ
emaj-46	145	11	real	real	ADJ
emaj-46	145	12	value	value	NOUN
emaj-46	145	13	of	of	ADP
emaj-46	145	14	tax	tax	NOUN
emaj-46	145	15	deductions	deduction	NOUN
emaj-46	145	16	on	on	ADP
emaj-46	145	17	debt	debt	NOUN
emaj-46	145	18	.	.	PUNCT
emaj-46	146	1	demirguc	demirguc	PROPN
emaj-46	146	2	-	-	PUNCT
emaj-46	146	3	kunt	kunt	PROPN
emaj-46	146	4	and	and	CCONJ
emaj-46	146	5	maksimoviç	maksimoviç	NOUN
emaj-46	146	6	(	(	PUNCT
emaj-46	146	7	1999	1999	NUM
emaj-46	146	8	)	)	PUNCT
emaj-46	146	9	,	,	PUNCT
emaj-46	146	10	gungoraydinoglu	gungoraydinoglu	NOUN
emaj-46	146	11	and	and	CCONJ
emaj-46	146	12	öztekin	öztekin	PROPN
emaj-46	146	13	(	(	PUNCT
emaj-46	146	14	2011	2011	NUM
emaj-46	146	15	)	)	PUNCT
emaj-46	146	16	,	,	PUNCT
emaj-46	146	17	öztekin	öztekin	NOUN
emaj-46	146	18	and	and	CCONJ
emaj-46	146	19	flannery	flannery	PROPN
emaj-46	146	20	(	(	PUNCT
emaj-46	146	21	2012	2012	NUM
emaj-46	146	22	)	)	PUNCT
emaj-46	146	23	,	,	PUNCT
emaj-46	146	24	drobetz	drobetz	VERB
emaj-46	146	25	et	et	PROPN
emaj-46	146	26	al	al	PROPN
emaj-46	146	27	(	(	PUNCT
emaj-46	146	28	2013	2013	NUM
emaj-46	146	29	)	)	PUNCT
emaj-46	146	30	and	and	CCONJ
emaj-46	146	31	joeveer	joeveer	NOUN
emaj-46	146	32	(	(	PUNCT
emaj-46	146	33	2013	2013	NUM
emaj-46	146	34	)	)	PUNCT
emaj-46	146	35	find	find	VERB
emaj-46	146	36	negative	negative	ADJ
emaj-46	146	37	relationship	relationship	NOUN
emaj-46	146	38	between	between	ADP
emaj-46	146	39	inflation	inflation	NOUN
emaj-46	146	40	and	and	CCONJ
emaj-46	146	41	leverage	leverage	NOUN
emaj-46	146	42	.	.	PUNCT
emaj-46	147	1	2.2.3	2.2.3	X
emaj-46	147	2	.	.	PUNCT
emaj-46	147	3	financial	financial	ADJ
emaj-46	147	4	risk	risk	NOUN
emaj-46	147	5	the	the	DET
emaj-46	147	6	overall	overall	ADJ
emaj-46	147	7	aim	aim	NOUN
emaj-46	147	8	of	of	ADP
emaj-46	147	9	the	the	DET
emaj-46	147	10	financial	financial	ADJ
emaj-46	147	11	risk	risk	NOUN
emaj-46	147	12	rating	rating	NOUN
emaj-46	147	13	is	be	AUX
emaj-46	147	14	to	to	PART
emaj-46	147	15	provide	provide	VERB
emaj-46	147	16	a	a	DET
emaj-46	147	17	means	means	NOUN
emaj-46	147	18	of	of	ADP
emaj-46	147	19	assessing	assess	VERB
emaj-46	147	20	a	a	DET
emaj-46	147	21	country	country	NOUN
emaj-46	147	22	’s	’s	PART
emaj-46	147	23	ability	ability	NOUN
emaj-46	147	24	to	to	PART
emaj-46	147	25	pay	pay	VERB
emaj-46	147	26	its	its	PRON
emaj-46	147	27	way	way	NOUN
emaj-46	147	28	.	.	PUNCT
emaj-46	148	1	in	in	ADP
emaj-46	148	2	essence	essence	NOUN
emaj-46	148	3	,	,	PUNCT
emaj-46	148	4	this	this	PRON
emaj-46	148	5	requires	require	VERB
emaj-46	148	6	a	a	DET
emaj-46	148	7	system	system	NOUN
emaj-46	148	8	of	of	ADP
emaj-46	148	9	measuring	measure	VERB
emaj-46	148	10	a	a	DET
emaj-46	148	11	country	country	NOUN
emaj-46	148	12	’s	’s	PART
emaj-46	148	13	ability	ability	NOUN
emaj-46	148	14	to	to	PART
emaj-46	148	15	finance	finance	VERB
emaj-46	148	16	its	its	PRON
emaj-46	148	17	official	official	ADJ
emaj-46	148	18	,	,	PUNCT
emaj-46	148	19	commercial	commercial	ADJ
emaj-46	148	20	,	,	PUNCT
emaj-46	148	21	and	and	CCONJ
emaj-46	148	22	trade	trade	NOUN
emaj-46	148	23	debt	debt	NOUN
emaj-46	148	24	obligations	obligation	NOUN
emaj-46	148	25	.	.	PUNCT
emaj-46	149	1	according	accord	VERB
emaj-46	149	2	to	to	ADP
emaj-46	149	3	icrg	icrg	ADJ
emaj-46	149	4	methodology	methodology	NOUN
emaj-46	149	5	,	,	PUNCT
emaj-46	149	6	the	the	DET
emaj-46	149	7	financial	financial	ADJ
emaj-46	149	8	risk	risk	NOUN
emaj-46	149	9	includes	include	VERB
emaj-46	149	10	following	follow	VERB
emaj-46	149	11	:	:	PUNCT
emaj-46	149	12	foreign	foreign	ADJ
emaj-46	149	13	debt	debt	NOUN
emaj-46	149	14	as	as	ADP
emaj-46	149	15	a	a	DET
emaj-46	149	16	percentage	percentage	NOUN
emaj-46	149	17	of	of	ADP
emaj-46	149	18	gdp	gdp	NOUN
emaj-46	149	19	,	,	PUNCT
emaj-46	149	20	foreign	foreign	ADJ
emaj-46	149	21	debt	debt	NOUN
emaj-46	149	22	service	service	NOUN
emaj-46	149	23	as	as	ADP
emaj-46	149	24	a	a	DET
emaj-46	149	25	percentage	percentage	NOUN
emaj-46	149	26	of	of	ADP
emaj-46	149	27	exports	export	NOUN
emaj-46	149	28	of	of	ADP
emaj-46	149	29	goods	good	NOUN
emaj-46	149	30	and	and	CCONJ
emaj-46	149	31	services	service	NOUN
emaj-46	149	32	,	,	PUNCT
emaj-46	149	33	current	current	ADJ
emaj-46	149	34	account	account	NOUN
emaj-46	149	35	as	as	ADP
emaj-46	149	36	a	a	DET
emaj-46	149	37	percentage	percentage	NOUN
emaj-46	149	38	of	of	ADP
emaj-46	149	39	exports	export	NOUN
emaj-46	149	40	of	of	ADP
emaj-46	149	41	goods	good	NOUN
emaj-46	149	42	and	and	CCONJ
emaj-46	149	43	services	service	NOUN
emaj-46	149	44	,	,	PUNCT
emaj-46	149	45	net	net	ADJ
emaj-46	149	46	international	international	ADJ
emaj-46	149	47	liquidity	liquidity	NOUN
emaj-46	149	48	as	as	ADP
emaj-46	149	49	months	month	NOUN
emaj-46	149	50	of	of	ADP
emaj-46	149	51	import	import	NOUN
emaj-46	149	52	cover	cover	NOUN
emaj-46	149	53	,	,	PUNCT
emaj-46	149	54	exchange	exchange	NOUN
emaj-46	149	55	rate	rate	NOUN
emaj-46	149	56	stability	stability	NOUN
emaj-46	149	57	(	(	PUNCT
emaj-46	149	58	icrg	icrg	ADJ
emaj-46	149	59	,	,	PUNCT
emaj-46	149	60	2013	2013	NUM
emaj-46	149	61	)	)	PUNCT
emaj-46	149	62	.	.	PUNCT
emaj-46	150	1	hence	hence	ADV
emaj-46	150	2	,	,	PUNCT
emaj-46	150	3	we	we	PRON
emaj-46	150	4	added	add	VERB
emaj-46	150	5	also	also	ADV
emaj-46	150	6	financial	financial	ADJ
emaj-46	150	7	risk	risk	NOUN
emaj-46	150	8	index	index	NOUN
emaj-46	150	9	the	the	DET
emaj-46	150	10	model	model	NOUN
emaj-46	150	11	.	.	PUNCT
emaj-46	151	1	joeveer	joeveer	NOUN
emaj-46	151	2	(	(	PUNCT
emaj-46	151	3	2013	2013	NUM
emaj-46	151	4	)	)	PUNCT
emaj-46	151	5	find	find	VERB
emaj-46	151	6	negative	negative	ADJ
emaj-46	151	7	relationship	relationship	NOUN
emaj-46	151	8	between	between	ADP
emaj-46	151	9	country	country	NOUN
emaj-46	151	10	credit	credit	NOUN
emaj-46	151	11	rating	rating	NOUN
emaj-46	151	12	and	and	CCONJ
emaj-46	151	13	leverage	leverage	NOUN
emaj-46	151	14	.	.	PUNCT
emaj-46	152	1	to	to	ADP
emaj-46	152	2	our	our	PRON
emaj-46	152	3	knowledge	knowledge	NOUN
emaj-46	152	4	,	,	PUNCT
emaj-46	152	5	there	there	PRON
emaj-46	152	6	are	be	VERB
emaj-46	152	7	no	no	DET
emaj-46	152	8	studies	study	NOUN
emaj-46	152	9	on	on	ADP
emaj-46	152	10	capital	capital	NOUN
emaj-46	152	11	structure	structure	NOUN
emaj-46	152	12	that	that	PRON
emaj-46	152	13	consider	consider	VERB
emaj-46	152	14	financial	financial	ADJ
emaj-46	152	15	risk	risk	NOUN
emaj-46	152	16	as	as	ADP
emaj-46	152	17	a	a	DET
emaj-46	152	18	determinant	determinant	NOUN
emaj-46	152	19	of	of	ADP
emaj-46	152	20	leverage	leverage	NOUN
emaj-46	152	21	and	and	CCONJ
emaj-46	152	22	this	this	DET
emaj-46	152	23	aspect	aspect	NOUN
emaj-46	152	24	is	be	AUX
emaj-46	152	25	,	,	PUNCT
emaj-46	152	26	we	we	PRON
emaj-46	152	27	believe	believe	VERB
emaj-46	152	28	,	,	PUNCT
emaj-46	152	29	one	one	NUM
emaj-46	152	30	of	of	ADP
emaj-46	152	31	the	the	DET
emaj-46	152	32	relevant	relevant	ADJ
emaj-46	152	33	contributions	contribution	NOUN
emaj-46	152	34	of	of	ADP
emaj-46	152	35	our	our	PRON
emaj-46	152	36	paper	paper	NOUN
emaj-46	152	37	.	.	PUNCT
emaj-46	153	1	lastly	lastly	ADV
emaj-46	153	2	,	,	PUNCT
emaj-46	153	3	we	we	PRON
emaj-46	153	4	analyze	analyze	VERB
emaj-46	153	5	the	the	DET
emaj-46	153	6	influence	influence	NOUN
emaj-46	153	7	of	of	ADP
emaj-46	153	8	financial	financial	ADJ
emaj-46	153	9	risk	risk	NOUN
emaj-46	153	10	on	on	ADP
emaj-46	153	11	firm	firm	ADJ
emaj-46	153	12	leverage	leverage	NOUN
emaj-46	153	13	using	use	VERB
emaj-46	153	14	the	the	DET
emaj-46	153	15	financial	financial	ADJ
emaj-46	153	16	risk	risk	NOUN
emaj-46	153	17	index	index	NOUN
emaj-46	153	18	from	from	ADP
emaj-46	153	19	icrg	icrg	NOUN
emaj-46	153	20	.	.	PUNCT
emaj-46	154	1	2.2.4	2.2.4	NUM
emaj-46	154	2	.	.	X
emaj-46	154	3	average	average	ADJ
emaj-46	154	4	industry	industry	NOUN
emaj-46	154	5	leverage	leverage	NOUN
emaj-46	154	6	studies	study	NOUN
emaj-46	154	7	on	on	ADP
emaj-46	154	8	capital	capital	NOUN
emaj-46	154	9	structure	structure	NOUN
emaj-46	154	10	often	often	ADV
emaj-46	154	11	employ	employ	VERB
emaj-46	154	12	dummy	dummy	ADJ
emaj-46	154	13	variables	variable	NOUN
emaj-46	154	14	to	to	PART
emaj-46	154	15	control	control	VERB
emaj-46	154	16	the	the	DET
emaj-46	154	17	effect	effect	NOUN
emaj-46	154	18	of	of	ADP
emaj-46	154	19	industry	industry	NOUN
emaj-46	154	20	on	on	ADP
emaj-46	154	21	leverage	leverage	NOUN
emaj-46	154	22	.	.	PUNCT
emaj-46	155	1	it	it	PRON
emaj-46	155	2	would	would	AUX
emaj-46	155	3	be	be	AUX
emaj-46	155	4	reasonable	reasonable	ADJ
emaj-46	155	5	to	to	PART
emaj-46	155	6	suppose	suppose	VERB
emaj-46	155	7	that	that	SCONJ
emaj-46	155	8	specific	specific	ADJ
emaj-46	155	9	characteristics	characteristic	NOUN
emaj-46	155	10	of	of	ADP
emaj-46	155	11	a	a	DET
emaj-46	155	12	given	give	VERB
emaj-46	155	13	industry	industry	NOUN
emaj-46	155	14	could	could	AUX
emaj-46	155	15	also	also	ADV
emaj-46	155	16	influence	influence	VERB
emaj-46	155	17	the	the	DET
emaj-46	155	18	firm	firm	ADJ
emaj-46	155	19	capital	capital	NOUN
emaj-46	155	20	structure	structure	NOUN
emaj-46	155	21	.	.	PUNCT
emaj-46	156	1	therefore	therefore	ADV
emaj-46	156	2	,	,	PUNCT
emaj-46	156	3	following	follow	VERB
emaj-46	156	4	joeveer	joeveer	NOUN
emaj-46	156	5	(	(	PUNCT
emaj-46	156	6	2013	2013	NUM
emaj-46	156	7	)	)	PUNCT
emaj-46	156	8	and	and	CCONJ
emaj-46	156	9	frank	frank	PROPN
emaj-46	156	10	and	and	CCONJ
emaj-46	156	11	goyal	goyal	PROPN
emaj-46	156	12	(	(	PUNCT
emaj-46	156	13	2009	2009	NUM
emaj-46	156	14	)	)	PUNCT
emaj-46	156	15	,	,	PUNCT
emaj-46	156	16	we	we	PRON
emaj-46	156	17	analyze	analyze	VERB
emaj-46	156	18	the	the	DET
emaj-46	156	19	influence	influence	NOUN
emaj-46	156	20	of	of	ADP
emaj-46	156	21	industry	industry	NOUN
emaj-46	156	22	on	on	ADP
emaj-46	156	23	firm	firm	ADJ
emaj-46	156	24	leverage	leverage	NOUN
emaj-46	156	25	using	use	VERB
emaj-46	156	26	the	the	DET
emaj-46	156	27	average	average	ADJ
emaj-46	156	28	industry	industry	NOUN
emaj-46	156	29	leverage	leverage	NOUN
emaj-46	156	30	.	.	PUNCT
emaj-46	157	1	since	since	SCONJ
emaj-46	157	2	the	the	DET
emaj-46	157	3	firm	firm	NOUN
emaj-46	157	4	takes	take	VERB
emaj-46	157	5	into	into	ADP
emaj-46	157	6	account	account	NOUN
emaj-46	157	7	firms	firm	NOUN
emaj-46	157	8	’	’	PART
emaj-46	157	9	capital	capital	NOUN
emaj-46	157	10	structure	structure	NOUN
emaj-46	157	11	and	and	CCONJ
emaj-46	157	12	leverage	leverage	NOUN
emaj-46	157	13	in	in	ADP
emaj-46	157	14	the	the	DET
emaj-46	157	15	industry	industry	NOUN
emaj-46	157	16	,	,	PUNCT
emaj-46	157	17	average	average	ADJ
emaj-46	157	18	industry	industry	NOUN
emaj-46	157	19	leverage	leverage	NOUN
emaj-46	157	20	is	be	AUX
emaj-46	157	21	expected	expect	VERB
emaj-46	157	22	to	to	PART
emaj-46	157	23	be	be	AUX
emaj-46	157	24	positively	positively	ADV
emaj-46	157	25	related	relate	VERB
emaj-46	157	26	to	to	ADP
emaj-46	157	27	leverage	leverage	NOUN
emaj-46	157	28	.	.	PUNCT
emaj-46	158	1	frank	frank	PROPN
emaj-46	158	2	and	and	CCONJ
emaj-46	158	3	goyal	goyal	PROPN
emaj-46	158	4	(	(	PUNCT
emaj-46	158	5	2009	2009	NUM
emaj-46	158	6	)	)	PUNCT
emaj-46	158	7	,	,	PUNCT
emaj-46	158	8	oztekin	oztekin	NOUN
emaj-46	158	9	and	and	CCONJ
emaj-46	158	10	flannery	flannery	PROPN
emaj-46	158	11	(	(	PUNCT
emaj-46	158	12	2012	2012	NUM
emaj-46	158	13	)	)	PUNCT
emaj-46	158	14	and	and	CCONJ
emaj-46	158	15	joeveer	joeveer	NOUN
emaj-46	158	16	(	(	PUNCT
emaj-46	158	17	2013	2013	NUM
emaj-46	158	18	)	)	PUNCT
emaj-46	158	19	find	find	VERB
emaj-46	158	20	positive	positive	ADJ
emaj-46	158	21	relationship	relationship	NOUN
emaj-46	158	22	between	between	ADP
emaj-46	158	23	average	average	ADJ
emaj-46	158	24	industry	industry	NOUN
emaj-46	158	25	leverage	leverage	NOUN
emaj-46	158	26	and	and	CCONJ
emaj-46	158	27	leverage	leverage	NOUN
emaj-46	158	28	.	.	PUNCT
emaj-46	159	1	3	3	X
emaj-46	159	2	.	.	X
emaj-46	159	3	methodology	methodology	NOUN
emaj-46	159	4	and	and	CCONJ
emaj-46	159	5	data	datum	NOUN
emaj-46	159	6	prior	prior	ADJ
emaj-46	159	7	research	research	NOUN
emaj-46	159	8	has	have	AUX
emaj-46	159	9	examined	examine	VERB
emaj-46	159	10	the	the	DET
emaj-46	159	11	factors	factor	NOUN
emaj-46	159	12	that	that	PRON
emaj-46	159	13	determine	determine	VERB
emaj-46	159	14	leverage	leverage	NOUN
emaj-46	159	15	(	(	PUNCT
emaj-46	159	16	flannery	flannery	PROPN
emaj-46	159	17	and	and	CCONJ
emaj-46	159	18	rangan	rangan	VERB
emaj-46	159	19	,	,	PUNCT
emaj-46	159	20	2006	2006	NUM
emaj-46	159	21	;	;	PUNCT
emaj-46	159	22	frank	frank	PROPN
emaj-46	159	23	and	and	CCONJ
emaj-46	159	24	goyal	goyal	PROPN
emaj-46	159	25	,	,	PUNCT
emaj-46	159	26	2005	2005	NUM
emaj-46	159	27	,	,	PUNCT
emaj-46	159	28	2009	2009	NUM
emaj-46	159	29	;	;	PUNCT
emaj-46	159	30	hovakimian	hovakimian	PROPN
emaj-46	159	31	et	et	PROPN
emaj-46	159	32	al	al	PROPN
emaj-46	159	33	.	.	PROPN
emaj-46	159	34	,	,	PUNCT
emaj-46	159	35	2001	2001	NUM
emaj-46	159	36	,	,	PUNCT
emaj-46	159	37	2011	2011	NUM
emaj-46	159	38	)	)	PUNCT
emaj-46	159	39	.	.	PUNCT
emaj-46	160	1	we	we	PRON
emaj-46	160	2	follow	follow	VERB
emaj-46	160	3	the	the	DET
emaj-46	160	4	existing	exist	VERB
emaj-46	160	5	literature	literature	NOUN
emaj-46	160	6	on	on	ADP
emaj-46	160	7	the	the	DET
emaj-46	160	8	selection	selection	NOUN
emaj-46	160	9	of	of	ADP
emaj-46	160	10	the	the	DET
emaj-46	160	11	firm	firm	ADJ
emaj-46	160	12	-	-	PUNCT
emaj-46	160	13	specific	specific	ADJ
emaj-46	160	14	factors	factor	NOUN
emaj-46	160	15	affecting	affect	VERB
emaj-46	160	16	leverage	leverage	NOUN
emaj-46	160	17	but	but	CCONJ
emaj-46	160	18	also	also	ADV
emaj-46	160	19	incorporate	incorporate	VERB
emaj-46	160	20	country	country	NOUN
emaj-46	160	21	-	-	PUNCT
emaj-46	160	22	specific	specific	ADJ
emaj-46	160	23	macroeconomic	macroeconomic	ADJ
emaj-46	160	24	factors	factor	NOUN
emaj-46	160	25	that	that	PRON
emaj-46	160	26	are	be	AUX
emaj-46	160	27	theoretically	theoretically	ADV
emaj-46	160	28	important	important	ADJ
emaj-46	160	29	in	in	ADP
emaj-46	160	30	a	a	DET
emaj-46	160	31	firm	firm	NOUN
emaj-46	160	32	's	's	PART
emaj-46	160	33	determination	determination	NOUN
emaj-46	160	34	of	of	ADP
emaj-46	160	35	leverage	leverage	NOUN
emaj-46	160	36	(	(	PUNCT
emaj-46	160	37	cook	cook	NOUN
emaj-46	160	38	and	and	CCONJ
emaj-46	160	39	tang	tang	PROPN
emaj-46	160	40	,	,	PUNCT
emaj-46	160	41	2010	2010	NUM
emaj-46	160	42	;	;	PUNCT
emaj-46	160	43	frank	frank	PROPN
emaj-46	160	44	and	and	CCONJ
emaj-46	160	45	goyal	goyal	PROPN
emaj-46	160	46	,	,	PUNCT
emaj-46	160	47	2009	2009	NUM
emaj-46	160	48	;	;	PUNCT
emaj-46	160	49	korajczyk	korajczyk	NOUN
emaj-46	160	50	and	and	CCONJ
emaj-46	160	51	levy	levy	NOUN
emaj-46	160	52	,	,	PUNCT
emaj-46	160	53	2003	2003	NUM
emaj-46	160	54	)	)	PUNCT
emaj-46	160	55	.	.	PUNCT
emaj-46	161	1	the	the	DET
emaj-46	161	2	lack	lack	NOUN
emaj-46	161	3	of	of	ADP
emaj-46	161	4	country	country	NOUN
emaj-46	161	5	-	-	PUNCT
emaj-46	161	6	specific	specific	ADJ
emaj-46	161	7	variability	variability	NOUN
emaj-46	161	8	in	in	ADP
emaj-46	161	9	their	their	PRON
emaj-46	161	10	study	study	NOUN
emaj-46	161	11	,	,	PUNCT
emaj-46	161	12	however	however	ADV
emaj-46	161	13	,	,	PUNCT
emaj-46	161	14	means	mean	VERB
emaj-46	161	15	that	that	SCONJ
emaj-46	161	16	they	they	PRON
emaj-46	161	17	are	be	AUX
emaj-46	161	18	unable	unable	ADJ
emaj-46	161	19	to	to	PART
emaj-46	161	20	measure	measure	VERB
emaj-46	161	21	macroeconomic	macroeconomic	ADJ
emaj-46	161	22	factors	factor	NOUN
emaj-46	161	23	,	,	PUNCT
emaj-46	161	24	which	which	PRON
emaj-46	161	25	is	be	AUX
emaj-46	161	26	the	the	DET
emaj-46	161	27	focus	focus	NOUN
emaj-46	161	28	of	of	ADP
emaj-46	161	29	the	the	DET
emaj-46	161	30	present	present	ADJ
emaj-46	161	31	paper	paper	NOUN
emaj-46	161	32	.	.	PUNCT
emaj-46	162	1	the	the	DET
emaj-46	162	2	dynamic	dynamic	ADJ
emaj-46	162	3	panel	panel	NOUN
emaj-46	162	4	model	model	NOUN
emaj-46	162	5	in	in	ADP
emaj-46	162	6	eq	eq	PROPN
emaj-46	162	7	.	.	PUNCT
emaj-46	163	1	(	(	PUNCT
emaj-46	163	2	1	1	NUM
emaj-46	163	3	)	)	PUNCT
emaj-46	163	4	,	,	PUNCT
emaj-46	163	5	(	(	PUNCT
emaj-46	163	6	2	2	NUM
emaj-46	163	7	)	)	PUNCT
emaj-46	163	8	,	,	PUNCT
emaj-46	163	9	(	(	PUNCT
emaj-46	163	10	3	3	X
emaj-46	163	11	)	)	PUNCT
emaj-46	163	12	and	and	CCONJ
emaj-46	163	13	(	(	PUNCT
emaj-46	163	14	4	4	X
emaj-46	163	15	)	)	PUNCT
emaj-46	163	16	requires	require	VERB
emaj-46	163	17	instruments	instrument	NOUN
emaj-46	163	18	for	for	ADP
emaj-46	163	19	the	the	DET
emaj-46	163	20	endogenous	endogenous	ADJ
emaj-46	163	21	transformed	transform	VERB
emaj-46	163	22	lagged	lag	VERB
emaj-46	163	23	dependent	dependent	ADJ
emaj-46	163	24	variable	variable	NOUN
emaj-46	163	25	(	(	PUNCT
emaj-46	163	26	baltagi	baltagi	ADJ
emaj-46	163	27	,	,	PUNCT
emaj-46	163	28	2001	2001	NUM
emaj-46	163	29	)	)	PUNCT
emaj-46	163	30	and	and	CCONJ
emaj-46	163	31	other	other	ADJ
emaj-46	163	32	potentially	potentially	ADV
emaj-46	163	33	endogenous	endogenous	ADJ
emaj-46	163	34	explanatory	explanatory	ADJ
emaj-46	163	35	variables	variable	NOUN
emaj-46	163	36	.	.	PUNCT
emaj-46	164	1	we	we	PRON
emaj-46	164	2	use	use	VERB
emaj-46	164	3	blundell	blundell	PROPN
emaj-46	164	4	and	and	CCONJ
emaj-46	164	5	bond	bond	NOUN
emaj-46	164	6	’s	’s	PART
emaj-46	164	7	(	(	PUNCT
emaj-46	164	8	1998	1998	NUM
emaj-46	164	9	)	)	PUNCT
emaj-46	164	10	generalized	generalized	ADJ
emaj-46	164	11	methods	method	NOUN
emaj-46	164	12	of	of	ADP
emaj-46	164	13	moments	moment	NOUN
emaj-46	164	14	estimators	estimator	NOUN
emaj-46	164	15	(	(	PUNCT
emaj-46	164	16	system	system	NOUN
emaj-46	164	17	gmm	gmm	NOUN
emaj-46	164	18	)	)	PUNCT
emaj-46	164	19	methodology	methodology	NOUN
emaj-46	164	20	to	to	PART
emaj-46	164	21	estimate	estimate	VERB
emaj-46	164	22	eq	eq	ADP
emaj-46	164	23	.	.	PUNCT
emaj-46	165	1	(	(	PUNCT
emaj-46	165	2	1	1	NUM
emaj-46	165	3	)	)	PUNCT
emaj-46	165	4	,	,	PUNCT
emaj-46	165	5	(	(	PUNCT
emaj-46	165	6	2	2	NUM
emaj-46	165	7	)	)	PUNCT
emaj-46	165	8	,	,	PUNCT
emaj-46	165	9	(	(	PUNCT
emaj-46	165	10	3	3	X
emaj-46	165	11	)	)	PUNCT
emaj-46	165	12	and	and	CCONJ
emaj-46	165	13	(	(	PUNCT
emaj-46	165	14	4	4	NUM
emaj-46	165	15	)	)	PUNCT
emaj-46	165	16	.	.	PUNCT
emaj-46	166	1	the	the	DET
emaj-46	166	2	choice	choice	NOUN
emaj-46	166	3	of	of	ADP
emaj-46	166	4	our	our	PRON
emaj-46	166	5	econometric	econometric	ADJ
emaj-46	166	6	model	model	NOUN
emaj-46	166	7	is	be	AUX
emaj-46	166	8	essentially	essentially	ADV
emaj-46	166	9	based	base	VERB
emaj-46	166	10	on	on	ADP
emaj-46	166	11	the	the	DET
emaj-46	166	12	following	follow	VERB
emaj-46	166	13	set	set	NOUN
emaj-46	166	14	of	of	ADP
emaj-46	166	15	concerns	concern	NOUN
emaj-46	166	16	:	:	PUNCT
emaj-46	166	17	(	(	PUNCT
emaj-46	166	18	i	i	NOUN
emaj-46	166	19	)	)	PUNCT
emaj-46	166	20	the	the	DET
emaj-46	166	21	potential	potential	ADJ
emaj-46	166	22	endogeneity	endogeneity	NOUN
emaj-46	166	23	of	of	ADP
emaj-46	166	24	domestic	domestic	ADJ
emaj-46	166	25	savings	saving	NOUN
emaj-46	166	26	;	;	PUNCT
emaj-46	166	27	(	(	PUNCT
emaj-46	166	28	ii	ii	NOUN
emaj-46	166	29	)	)	PUNCT
emaj-46	166	30	the	the	DET
emaj-46	166	31	dynamic	dynamic	ADJ
emaj-46	166	32	relationship	relationship	NOUN
emaj-46	166	33	between	between	ADP
emaj-46	166	34	domestic	domestic	ADJ
emaj-46	166	35	savings	saving	NOUN
emaj-46	166	36	and	and	CCONJ
emaj-46	166	37	investment	investment	NOUN
emaj-46	166	38	as	as	SCONJ
emaj-46	166	39	both	both	PRON
emaj-46	166	40	are	be	AUX
emaj-46	166	41	impacted	impact	VERB
emaj-46	166	42	by	by	ADP
emaj-46	166	43	the	the	DET
emaj-46	166	44	prior	prior	ADJ
emaj-46	166	45	values	value	NOUN
emaj-46	166	46	of	of	ADP
emaj-46	166	47	each	each	DET
emaj-46	166	48	other	other	ADJ
emaj-46	166	49	;	;	PUNCT
emaj-46	166	50	and	and	CCONJ
emaj-46	166	51	(	(	PUNCT
emaj-46	166	52	iii	iii	NOUN
emaj-46	166	53	)	)	PUNCT
emaj-46	166	54	unobserved	unobserved	ADJ
emaj-46	166	55	countryspecific	countryspecific	NOUN
emaj-46	166	56	effects	effect	NOUN
emaj-46	166	57	.	.	PUNCT
emaj-46	167	1	we	we	PRON
emaj-46	167	2	estimate	estimate	VERB
emaj-46	167	3	the	the	DET
emaj-46	167	4	following	follow	VERB
emaj-46	167	5	two	two	NUM
emaj-46	167	6	transformed	transform	VERB
emaj-46	167	7	models	model	NOUN
emaj-46	167	8	:	:	PUNCT
emaj-46	167	9	model	model	NOUN
emaj-46	167	10	1a	1a	NOUN
emaj-46	167	11	:	:	PUNCT
emaj-46	167	12	lev1it	lev1it	PROPN
emaj-46	167	13	=	=	SYM
emaj-46	167	14	ɣlev1it1+β1ind1it+β2sizeit+β3gro	ɣlev1it1+β1ind1it+β2sizeit+β3gro	NOUN
emaj-46	167	15	wthit+β4infit+β5tangyit+β6roait+vit	wthit+β4infit+β5tangyit+β6roait+vit	NOUN
emaj-46	167	16	eq	eq	NOUN
emaj-46	167	17	.	.	PUNCT
emaj-46	168	1	(	(	PUNCT
emaj-46	168	2	1	1	X
emaj-46	168	3	)	)	PUNCT
emaj-46	168	4	model	model	NOUN
emaj-46	168	5	1b	1b	NUM
emaj-46	168	6	:	:	PUNCT
emaj-46	168	7	lev1it	lev1it	PROPN
emaj-46	168	8	=	=	SYM
emaj-46	168	9	ɣlev1it1+β1ind1it+β2sizeit+β3gro	ɣlev1it1+β1ind1it+β2sizeit+β3gro	NOUN
emaj-46	168	10	wthit+β4infit+β5tangyit+β6roait+β7finriskit+vit	wthit+β4infit+β5tangyit+β6roait+β7finriskit+vit	PROPN
emaj-46	168	11	eq	eq	X
emaj-46	168	12	.	.	PUNCT
emaj-46	169	1	(	(	PUNCT
emaj-46	169	2	2	2	X
emaj-46	169	3	)	)	PUNCT
emaj-46	169	4	model	model	NOUN
emaj-46	169	5	2a	2a	NUM
emaj-46	169	6	:	:	PUNCT
emaj-46	169	7	lev2it	lev2it	NOUN
emaj-46	169	8	=	=	SYM
emaj-46	169	9	ɣlev2it1+β1ind2it+β2sizeit+β3gro	ɣlev2it1+β1ind2it+β2sizeit+β3gro	NOUN
emaj-46	169	10	wthit+β4infit+β5tangyit+β6roait+vit	wthit+β4infit+β5tangyit+β6roait+vit	NOUN
emaj-46	169	11	eq	eq	NOUN
emaj-46	169	12	.	.	PUNCT
emaj-46	170	1	(	(	PUNCT
emaj-46	170	2	3	3	X
emaj-46	170	3	)	)	PUNCT
emaj-46	170	4	model	model	NOUN
emaj-46	170	5	2b	2b	NOUN
emaj-46	170	6	:	:	PUNCT
emaj-46	170	7	lev2it	lev2it	NOUN
emaj-46	170	8	=	=	SYM
emaj-46	170	9	ɣlev2it1+β1ind2it+β2sizeit+β3gro	ɣlev2it1+β1ind2it+β2sizeit+β3gro	NOUN
emaj-46	170	10	wthit+β4infit+β5tangyit+β6roait+β7finriskit+vit	wthit+β4infit+β5tangyit+β6roait+β7finriskit+vit	PROPN
emaj-46	170	11	eq	eq	X
emaj-46	170	12	.	.	PUNCT
emaj-46	171	1	(	(	PUNCT
emaj-46	171	2	4	4	X
emaj-46	171	3	)	)	PUNCT
emaj-46	171	4	dr	dr	PROPN
emaj-46	171	5	.	.	PROPN
emaj-46	171	6	nuri	nuri	PROPN
emaj-46	171	7	baltacı	baltacı	PROPN
emaj-46	171	8	,	,	PUNCT
emaj-46	171	9	dr	dr	PROPN
emaj-46	171	10	.	.	PROPN
emaj-46	171	11	hasan	hasan	PROPN
emaj-46	171	12	ayaydın	ayaydın	PROPN
emaj-46	172	1	p	p	PROPN
emaj-46	172	2	a	a	DET
emaj-46	172	3	g	g	NOUN
emaj-46	172	4	e	e	NOUN
emaj-46	172	5	|52|	|52|	NOUN
emaj-46	172	6	emerging	emerge	VERB
emaj-46	172	7	markets	market	NOUN
emaj-46	172	8	journal	journal	NOUN
emaj-46	172	9	volume	volume	NOUN
emaj-46	172	10	3	3	NUM
emaj-46	172	11	no	no	DET
emaj-46	172	12	3	3	NUM
emaj-46	172	13	(	(	PUNCT
emaj-46	172	14	2014	2014	NUM
emaj-46	172	15	)	)	PUNCT
emaj-46	172	16	|	|	ADV
emaj-46	172	17	issn	issn	VERB
emaj-46	172	18	2158	2158	NUM
emaj-46	172	19	-	-	SYM
emaj-46	172	20	8708	8708	NUM
emaj-46	172	21	(	(	PUNCT
emaj-46	172	22	online	online	NOUN
emaj-46	172	23	)	)	PUNCT
emaj-46	172	24	|	|	ADV
emaj-46	172	25	doi	doi	X
emaj-46	172	26	10.5195	10.5195	NUM
emaj-46	172	27	/	/	SYM
emaj-46	172	28	emaj.2014.46	emaj.2014.46	NOUN
emaj-46	172	29	|	|	ADV
emaj-46	172	30	http://emaj.pitt.edu	http://emaj.pitt.edu	VERB
emaj-46	172	31	where	where	SCONJ
emaj-46	172	32	subscripts	subscript	VERB
emaj-46	172	33	i	i	PRON
emaj-46	172	34	and	and	CCONJ
emaj-46	172	35	t	t	PROPN
emaj-46	172	36	indicate	indicate	VERB
emaj-46	172	37	bank	bank	NOUN
emaj-46	172	38	and	and	CCONJ
emaj-46	172	39	time	time	NOUN
emaj-46	172	40	period	period	NOUN
emaj-46	172	41	,	,	PUNCT
emaj-46	172	42	respectively	respectively	ADV
emaj-46	172	43	.	.	PUNCT
emaj-46	173	1	β0	β0	NOUN
emaj-46	173	2	that	that	PRON
emaj-46	173	3	is	be	AUX
emaj-46	173	4	common	common	ADJ
emaj-46	173	5	to	to	ADP
emaj-46	173	6	all	all	DET
emaj-46	173	7	recipient	recipient	NOUN
emaj-46	173	8	banks	bank	NOUN
emaj-46	173	9	.	.	PUNCT
emaj-46	174	1	ind	ind	NOUN
emaj-46	174	2	represents	represent	VERB
emaj-46	174	3	average	average	ADJ
emaj-46	174	4	industry	industry	NOUN
emaj-46	174	5	leverage	leverage	NOUN
emaj-46	174	6	.	.	PUNCT
emaj-46	175	1	we	we	PRON
emaj-46	175	2	use	use	VERB
emaj-46	175	3	two	two	NUM
emaj-46	175	4	average	average	ADJ
emaj-46	175	5	industry	industry	NOUN
emaj-46	175	6	leverage	leverage	NOUN
emaj-46	175	7	measures	measure	NOUN
emaj-46	175	8	:	:	PUNCT
emaj-46	175	9	ind1	ind1	NOUN
emaj-46	175	10	and	and	CCONJ
emaj-46	175	11	ind2	ind2	PROPN
emaj-46	175	12	.	.	PUNCT
emaj-46	176	1	ind1	ind1	NOUN
emaj-46	176	2	is	be	AUX
emaj-46	176	3	defined	define	VERB
emaj-46	176	4	as	as	ADP
emaj-46	176	5	average	average	ADJ
emaj-46	176	6	deposits	deposit	NOUN
emaj-46	176	7	plus	plus	CCONJ
emaj-46	176	8	liabilities	liability	NOUN
emaj-46	176	9	to	to	PART
emaj-46	176	10	total	total	ADJ
emaj-46	176	11	equities	equity	NOUN
emaj-46	176	12	,	,	PUNCT
emaj-46	176	13	while	while	SCONJ
emaj-46	176	14	ind2	ind2	NOUN
emaj-46	176	15	is	be	AUX
emaj-46	176	16	defined	define	VERB
emaj-46	176	17	as	as	ADP
emaj-46	176	18	average	average	ADJ
emaj-46	176	19	deposits	deposit	NOUN
emaj-46	176	20	plus	plus	CCONJ
emaj-46	176	21	liabilities	liability	NOUN
emaj-46	176	22	to	to	PART
emaj-46	176	23	total	total	ADJ
emaj-46	176	24	book	book	NOUN
emaj-46	176	25	assets	asset	NOUN
emaj-46	176	26	,	,	PUNCT
emaj-46	176	27	size	size	NOUN
emaj-46	176	28	is	be	AUX
emaj-46	176	29	natural	natural	ADJ
emaj-46	176	30	logarithm	logarithm	NOUN
emaj-46	176	31	of	of	ADP
emaj-46	176	32	assets	asset	NOUN
emaj-46	176	33	as	as	ADP
emaj-46	176	34	a	a	DET
emaj-46	176	35	proxy	proxy	NOUN
emaj-46	176	36	for	for	ADP
emaj-46	176	37	the	the	DET
emaj-46	176	38	firm	firm	ADJ
emaj-46	176	39	size	size	NOUN
emaj-46	176	40	,	,	PUNCT
emaj-46	176	41	growth	growth	NOUN
emaj-46	176	42	is	be	AUX
emaj-46	176	43	growth	growth	NOUN
emaj-46	176	44	rate	rate	NOUN
emaj-46	176	45	defined	define	VERB
emaj-46	176	46	as	as	ADP
emaj-46	176	47	the	the	DET
emaj-46	176	48	rate	rate	NOUN
emaj-46	176	49	of	of	ADP
emaj-46	176	50	change	change	NOUN
emaj-46	176	51	in	in	ADP
emaj-46	176	52	the	the	DET
emaj-46	176	53	gross	gross	ADJ
emaj-46	176	54	domestic	domestic	ADJ
emaj-46	176	55	product	product	NOUN
emaj-46	176	56	,	,	PUNCT
emaj-46	176	57	inf	inf	PROPN
emaj-46	176	58	is	be	AUX
emaj-46	176	59	inflation	inflation	NOUN
emaj-46	176	60	rate	rate	NOUN
emaj-46	176	61	measured	measure	VERB
emaj-46	176	62	by	by	ADP
emaj-46	176	63	rate	rate	NOUN
emaj-46	176	64	of	of	ADP
emaj-46	176	65	change	change	NOUN
emaj-46	176	66	in	in	ADP
emaj-46	176	67	the	the	DET
emaj-46	176	68	consumer	consumer	NOUN
emaj-46	176	69	price	price	NOUN
emaj-46	176	70	index	index	NOUN
emaj-46	176	71	,	,	PUNCT
emaj-46	176	72	tangy	tangy	NOUN
emaj-46	176	73	is	be	AUX
emaj-46	176	74	tangibility	tangibility	NOUN
emaj-46	176	75	by	by	ADP
emaj-46	176	76	the	the	DET
emaj-46	176	77	ratio	ratio	NOUN
emaj-46	176	78	of	of	ADP
emaj-46	176	79	fixed	fix	VERB
emaj-46	176	80	assets	asset	NOUN
emaj-46	176	81	to	to	ADP
emaj-46	176	82	total	total	ADJ
emaj-46	176	83	assets	asset	NOUN
emaj-46	176	84	,	,	PUNCT
emaj-46	176	85	roa	roa	PROPN
emaj-46	176	86	is	be	AUX
emaj-46	176	87	profitability	profitability	NOUN
emaj-46	176	88	defined	define	VERB
emaj-46	176	89	as	as	ADP
emaj-46	176	90	the	the	DET
emaj-46	176	91	ratio	ratio	NOUN
emaj-46	176	92	of	of	ADP
emaj-46	176	93	net	net	ADJ
emaj-46	176	94	profit	profit	NOUN
emaj-46	176	95	to	to	ADP
emaj-46	176	96	total	total	ADJ
emaj-46	176	97	assets	asset	NOUN
emaj-46	176	98	,	,	PUNCT
emaj-46	176	99	finrisk	finrisk	NOUN
emaj-46	176	100	is	be	AUX
emaj-46	176	101	financial	financial	ADJ
emaj-46	176	102	risk	risk	NOUN
emaj-46	176	103	index	index	NOUN
emaj-46	176	104	from	from	ADP
emaj-46	176	105	icrg	icrg	NOUN
emaj-46	176	106	.	.	PUNCT
emaj-46	177	1	our	our	PRON
emaj-46	177	2	sample	sample	NOUN
emaj-46	177	3	consists	consist	VERB
emaj-46	177	4	of	of	ADP
emaj-46	177	5	39	39	NUM
emaj-46	177	6	banks	bank	NOUN
emaj-46	177	7	covered	cover	VERB
emaj-46	177	8	in	in	ADP
emaj-46	177	9	the	the	DET
emaj-46	177	10	turkish	turkish	ADJ
emaj-46	177	11	banking	banking	NOUN
emaj-46	177	12	sector	sector	NOUN
emaj-46	177	13	during	during	ADP
emaj-46	177	14	the	the	DET
emaj-46	177	15	period	period	NOUN
emaj-46	177	16	between	between	ADP
emaj-46	177	17	2002	2002	NUM
emaj-46	177	18	and	and	CCONJ
emaj-46	177	19	2012	2012	NUM
emaj-46	177	20	.	.	PUNCT
emaj-46	178	1	there	there	PRON
emaj-46	178	2	are	be	VERB
emaj-46	178	3	several	several	ADJ
emaj-46	178	4	different	different	ADJ
emaj-46	178	5	leverage	leverage	NOUN
emaj-46	178	6	measures	measure	NOUN
emaj-46	178	7	used	use	VERB
emaj-46	178	8	in	in	ADP
emaj-46	178	9	capital	capital	NOUN
emaj-46	178	10	structure	structure	NOUN
emaj-46	178	11	studies	study	NOUN
emaj-46	178	12	(	(	PUNCT
emaj-46	178	13	see	see	VERB
emaj-46	178	14	the	the	DET
emaj-46	178	15	discussion	discussion	NOUN
emaj-46	178	16	of	of	ADP
emaj-46	178	17	leverage	leverage	NOUN
emaj-46	178	18	definitions	definition	NOUN
emaj-46	178	19	in	in	ADP
emaj-46	178	20	rajan	rajan	PROPN
emaj-46	178	21	and	and	CCONJ
emaj-46	178	22	zingales	zingale	NOUN
emaj-46	178	23	,	,	PUNCT
emaj-46	178	24	1995	1995	NUM
emaj-46	178	25	)	)	PUNCT
emaj-46	178	26	.	.	PUNCT
emaj-46	179	1	banks	bank	NOUN
emaj-46	179	2	’	'	PUNCT
emaj-46	179	3	capital	capital	NOUN
emaj-46	179	4	structure	structure	NOUN
emaj-46	179	5	fundamentally	fundamentally	ADV
emaj-46	179	6	differs	differ	VERB
emaj-46	179	7	from	from	ADP
emaj-46	179	8	the	the	DET
emaj-46	179	9	one	one	NUM
emaj-46	179	10	of	of	ADP
emaj-46	179	11	non	non	ADJ
emaj-46	179	12	-	-	ADJ
emaj-46	179	13	financial	financial	ADJ
emaj-46	179	14	firms	firm	NOUN
emaj-46	179	15	since	since	SCONJ
emaj-46	179	16	it	it	PRON
emaj-46	179	17	includes	include	VERB
emaj-46	179	18	deposits	deposit	NOUN
emaj-46	179	19	etc	etc	X
emaj-46	179	20	.	.	X
emaj-46	179	21	,	,	PUNCT
emaj-46	179	22	a	a	DET
emaj-46	179	23	source	source	NOUN
emaj-46	179	24	of	of	ADP
emaj-46	179	25	financing	financing	NOUN
emaj-46	179	26	generally	generally	ADV
emaj-46	179	27	not	not	PART
emaj-46	179	28	available	available	ADJ
emaj-46	179	29	to	to	ADP
emaj-46	179	30	firms	firm	NOUN
emaj-46	179	31	.	.	PUNCT
emaj-46	180	1	different	different	ADJ
emaj-46	180	2	rates	rate	NOUN
emaj-46	180	3	in	in	ADP
emaj-46	180	4	the	the	DET
emaj-46	180	5	banking	banking	NOUN
emaj-46	180	6	sector	sector	NOUN
emaj-46	180	7	are	be	AUX
emaj-46	180	8	used	use	VERB
emaj-46	180	9	to	to	PART
emaj-46	180	10	determine	determine	VERB
emaj-46	180	11	capital	capital	NOUN
emaj-46	180	12	structure	structure	NOUN
emaj-46	180	13	decisions	decision	NOUN
emaj-46	180	14	.	.	PUNCT
emaj-46	181	1	fallowing	fallowe	VERB
emaj-46	181	2	studies	study	NOUN
emaj-46	181	3	(	(	PUNCT
emaj-46	181	4	nacour	nacour	NOUN
emaj-46	181	5	and	and	CCONJ
emaj-46	181	6	goaied	goaie	VERB
emaj-46	181	7	,	,	PUNCT
emaj-46	181	8	2001	2001	NUM
emaj-46	181	9	;	;	PUNCT
emaj-46	181	10	bashir	bashir	PROPN
emaj-46	181	11	,	,	PUNCT
emaj-46	181	12	2003	2003	NUM
emaj-46	181	13	;	;	PUNCT
emaj-46	181	14	pratomo	pratomo	VERB
emaj-46	181	15	and	and	CCONJ
emaj-46	181	16	i̇smail	i̇smail	ADJ
emaj-46	181	17	,	,	PUNCT
emaj-46	181	18	2006	2006	NUM
emaj-46	181	19	)	)	PUNCT
emaj-46	181	20	,	,	PUNCT
emaj-46	181	21	we	we	PRON
emaj-46	181	22	use	use	VERB
emaj-46	181	23	two	two	NUM
emaj-46	181	24	leverage	leverage	NOUN
emaj-46	181	25	measures	measure	NOUN
emaj-46	181	26	:	:	PUNCT
emaj-46	181	27	lev1	lev1	NOUN
emaj-46	181	28	and	and	CCONJ
emaj-46	181	29	lev2	lev2	PROPN
emaj-46	181	30	.	.	PUNCT
emaj-46	182	1	the	the	DET
emaj-46	182	2	two	two	NUM
emaj-46	182	3	leverage	leverage	NOUN
emaj-46	182	4	measures	measure	NOUN
emaj-46	182	5	used	use	VERB
emaj-46	182	6	in	in	ADP
emaj-46	182	7	this	this	DET
emaj-46	182	8	study	study	NOUN
emaj-46	182	9	differ	differ	VERB
emaj-46	182	10	from	from	ADP
emaj-46	182	11	each	each	DET
emaj-46	182	12	other	other	ADJ
emaj-46	182	13	.	.	PUNCT
emaj-46	183	1	lev1	lev1	PROPN
emaj-46	183	2	is	be	AUX
emaj-46	183	3	defined	define	VERB
emaj-46	183	4	as	as	ADP
emaj-46	183	5	deposits	deposit	NOUN
emaj-46	183	6	plus	plus	CCONJ
emaj-46	183	7	liabilities	liability	NOUN
emaj-46	183	8	to	to	PART
emaj-46	183	9	total	total	ADJ
emaj-46	183	10	equities	equity	NOUN
emaj-46	183	11	,	,	PUNCT
emaj-46	183	12	while	while	SCONJ
emaj-46	183	13	lev2	lev2	NOUN
emaj-46	183	14	is	be	AUX
emaj-46	183	15	defined	define	VERB
emaj-46	183	16	as	as	ADP
emaj-46	183	17	deposits	deposit	NOUN
emaj-46	183	18	plus	plus	CCONJ
emaj-46	183	19	liabilities	liability	NOUN
emaj-46	183	20	to	to	PART
emaj-46	183	21	total	total	ADJ
emaj-46	183	22	book	book	NOUN
emaj-46	183	23	assets	asset	NOUN
emaj-46	183	24	.	.	PUNCT
emaj-46	184	1	the	the	DET
emaj-46	184	2	all	all	DET
emaj-46	184	3	data	datum	NOUN
emaj-46	184	4	are	be	AUX
emaj-46	184	5	on	on	ADP
emaj-46	184	6	quarterly	quarterly	ADJ
emaj-46	184	7	basis	basis	NOUN
emaj-46	184	8	.	.	PUNCT
emaj-46	185	1	the	the	DET
emaj-46	185	2	all	all	DET
emaj-46	185	3	firm	firm	ADJ
emaj-46	185	4	-	-	PUNCT
emaj-46	185	5	specific	specific	ADJ
emaj-46	185	6	data	datum	NOUN
emaj-46	185	7	used	use	VERB
emaj-46	185	8	in	in	ADP
emaj-46	185	9	this	this	DET
emaj-46	185	10	paper	paper	NOUN
emaj-46	185	11	are	be	AUX
emaj-46	185	12	taken	take	VERB
emaj-46	185	13	from	from	ADP
emaj-46	185	14	banks	bank	NOUN
emaj-46	185	15	association	association	NOUN
emaj-46	185	16	of	of	ADP
emaj-46	185	17	turkey	turkey	PROPN
emaj-46	185	18	(	(	PUNCT
emaj-46	185	19	bat	bat	NOUN
emaj-46	185	20	)	)	PUNCT
emaj-46	185	21	.	.	PUNCT
emaj-46	186	1	the	the	DET
emaj-46	186	2	country	country	NOUN
emaj-46	186	3	and	and	CCONJ
emaj-46	186	4	macroeconomic	macroeconomic	ADJ
emaj-46	186	5	variables	variable	NOUN
emaj-46	186	6	are	be	AUX
emaj-46	186	7	obtained	obtain	VERB
emaj-46	186	8	from	from	ADP
emaj-46	186	9	a	a	DET
emaj-46	186	10	variety	variety	NOUN
emaj-46	186	11	of	of	ADP
emaj-46	186	12	sources	source	NOUN
emaj-46	186	13	.	.	PUNCT
emaj-46	187	1	gdp	gdp	NOUN
emaj-46	187	2	growth	growth	NOUN
emaj-46	187	3	is	be	AUX
emaj-46	187	4	obtained	obtain	VERB
emaj-46	187	5	turkey	turkey	PROPN
emaj-46	187	6	statistical	statistical	PROPN
emaj-46	187	7	institute	institute	PROPN
emaj-46	187	8	(	(	PUNCT
emaj-46	187	9	tsi	tsi	PROPN
emaj-46	187	10	)	)	PUNCT
emaj-46	187	11	.	.	PUNCT
emaj-46	188	1	inflation	inflation	NOUN
emaj-46	188	2	is	be	AUX
emaj-46	188	3	taken	take	VERB
emaj-46	188	4	from	from	ADP
emaj-46	188	5	cbrt	cbrt	ADJ
emaj-46	188	6	electronic	electronic	ADJ
emaj-46	188	7	data	datum	NOUN
emaj-46	188	8	delivery	delivery	NOUN
emaj-46	188	9	system	system	NOUN
emaj-46	188	10	general	general	ADJ
emaj-46	188	11	statistics	statistic	NOUN
emaj-46	188	12	.	.	PUNCT
emaj-46	189	1	financial	financial	ADJ
emaj-46	189	2	risk	risk	NOUN
emaj-46	189	3	index	index	NOUN
emaj-46	189	4	data	datum	NOUN
emaj-46	189	5	is	be	AUX
emaj-46	189	6	taken	take	VERB
emaj-46	189	7	from	from	ADP
emaj-46	189	8	international	international	ADJ
emaj-46	189	9	country	country	NOUN
emaj-46	189	10	risk	risk	NOUN
emaj-46	189	11	guide	guide	NOUN
emaj-46	189	12	(	(	PUNCT
emaj-46	189	13	icrg	icrg	ADJ
emaj-46	189	14	)	)	PUNCT
emaj-46	189	15	.	.	PUNCT
emaj-46	190	1	table	table	NOUN
emaj-46	190	2	1	1	NUM
emaj-46	190	3	provides	provide	VERB
emaj-46	190	4	descriptive	descriptive	ADJ
emaj-46	190	5	statistics	statistic	NOUN
emaj-46	190	6	of	of	ADP
emaj-46	190	7	all	all	DET
emaj-46	190	8	variables	variable	NOUN
emaj-46	190	9	.	.	PUNCT
emaj-46	191	1	the	the	DET
emaj-46	191	2	two	two	NUM
emaj-46	191	3	measures	measure	NOUN
emaj-46	191	4	of	of	ADP
emaj-46	191	5	leverage	leverage	NOUN
emaj-46	191	6	differ	differ	VERB
emaj-46	191	7	sharply	sharply	ADV
emaj-46	191	8	during	during	ADP
emaj-46	191	9	the	the	DET
emaj-46	191	10	entire	entire	ADJ
emaj-46	191	11	period	period	NOUN
emaj-46	191	12	2002–2012	2002–2012	NUM
emaj-46	191	13	.	.	PUNCT
emaj-46	192	1	during	during	ADP
emaj-46	192	2	the	the	DET
emaj-46	192	3	entire	entire	ADJ
emaj-46	192	4	period	period	NOUN
emaj-46	192	5	2002–2012	2002–2012	NUM
emaj-46	192	6	,	,	PUNCT
emaj-46	192	7	lev1	lev1	PROPN
emaj-46	192	8	is	be	AUX
emaj-46	192	9	0.492	0.492	NUM
emaj-46	192	10	whereas	whereas	SCONJ
emaj-46	192	11	lev2	lev2	NOUN
emaj-46	192	12	is	be	AUX
emaj-46	192	13	0.586	0.586	NUM
emaj-46	192	14	.	.	PUNCT
emaj-46	193	1	as	as	SCONJ
emaj-46	193	2	can	can	AUX
emaj-46	193	3	be	be	AUX
emaj-46	193	4	seen	see	VERB
emaj-46	193	5	from	from	ADP
emaj-46	193	6	table	table	NOUN
emaj-46	193	7	1	1	NUM
emaj-46	193	8	;	;	PUNCT
emaj-46	193	9	we	we	PRON
emaj-46	193	10	get	get	VERB
emaj-46	193	11	similar	similar	ADJ
emaj-46	193	12	pictures	picture	NOUN
emaj-46	193	13	for	for	ADP
emaj-46	193	14	the	the	DET
emaj-46	193	15	industry	industry	NOUN
emaj-46	193	16	leverage	leverage	NOUN
emaj-46	193	17	from	from	ADP
emaj-46	193	18	the	the	DET
emaj-46	193	19	two	two	NUM
emaj-46	193	20	alternative	alternative	ADJ
emaj-46	193	21	measures	measure	NOUN
emaj-46	193	22	.	.	PUNCT
emaj-46	194	1	size	size	NOUN
emaj-46	194	2	variable	variable	NOUN
emaj-46	194	3	is	be	AUX
emaj-46	194	4	a	a	DET
emaj-46	194	5	value	value	NOUN
emaj-46	194	6	between	between	ADP
emaj-46	194	7	"	"	PUNCT
emaj-46	194	8	0.7	0.7	NUM
emaj-46	194	9	"	"	PUNCT
emaj-46	194	10	and	and	CCONJ
emaj-46	194	11	"	"	PUNCT
emaj-46	194	12	8.2	8.2	NUM
emaj-46	194	13	”	"	PUNCT
emaj-46	194	14	.	.	PUNCT
emaj-46	195	1	financial	financial	ADJ
emaj-46	195	2	risk	risk	NOUN
emaj-46	195	3	index	index	NOUN
emaj-46	195	4	value	value	NOUN
emaj-46	195	5	is	be	AUX
emaj-46	195	6	changed	change	VERB
emaj-46	195	7	"	"	PUNCT
emaj-46	195	8	27.5	27.5	NUM
emaj-46	195	9	"	"	PUNCT
emaj-46	195	10	and	and	CCONJ
emaj-46	195	11	"	"	PUNCT
emaj-46	195	12	36.5	36.5	NUM
emaj-46	195	13	"	"	PUNCT
emaj-46	195	14	and	and	CCONJ
emaj-46	195	15	the	the	DET
emaj-46	195	16	average	average	ADJ
emaj-46	195	17	value	value	NOUN
emaj-46	195	18	of	of	ADP
emaj-46	195	19	its	its	PRON
emaj-46	195	20	is	be	AUX
emaj-46	195	21	"	"	PUNCT
emaj-46	195	22	32.4	32.4	NUM
emaj-46	195	23	"	"	PUNCT
emaj-46	195	24	.	.	PUNCT
emaj-46	196	1	table	table	NOUN
emaj-46	196	2	1	1	NUM
emaj-46	196	3	:	:	PUNCT
emaj-46	196	4	descriptive	descriptive	ADJ
emaj-46	196	5	statistics	statistic	NOUN
emaj-46	196	6	table	table	NOUN
emaj-46	196	7	2	2	NUM
emaj-46	196	8	reports	report	VERB
emaj-46	196	9	the	the	DET
emaj-46	196	10	correlation	correlation	NOUN
emaj-46	196	11	coefficients	coefficient	VERB
emaj-46	196	12	between	between	ADP
emaj-46	196	13	the	the	DET
emaj-46	196	14	variables	variable	NOUN
emaj-46	196	15	.	.	PUNCT
emaj-46	197	1	the	the	DET
emaj-46	197	2	two	two	NUM
emaj-46	197	3	alternative	alternative	ADJ
emaj-46	197	4	measures	measure	NOUN
emaj-46	197	5	of	of	ADP
emaj-46	197	6	leverage	leverage	NOUN
emaj-46	197	7	are	be	AUX
emaj-46	197	8	highly	highly	ADV
emaj-46	197	9	correlated	correlate	VERB
emaj-46	197	10	,	,	PUNCT
emaj-46	197	11	as	as	SCONJ
emaj-46	197	12	the	the	DET
emaj-46	197	13	correlation	correlation	NOUN
emaj-46	197	14	coefficient	coefficient	NOUN
emaj-46	197	15	is	be	AUX
emaj-46	197	16	0.639	0.639	NUM
emaj-46	197	17	.	.	PUNCT
emaj-46	198	1	table	table	NOUN
emaj-46	198	2	2	2	NUM
emaj-46	198	3	:	:	PUNCT
emaj-46	198	4	correlation	correlation	NOUN
emaj-46	198	5	coefficients	coefficient	NOUN
emaj-46	198	6	between	between	ADP
emaj-46	198	7	variables	variable	NOUN
emaj-46	198	8	variables	variable	NOUN
emaj-46	198	9	o	o	PROPN
emaj-46	198	10	obs	obs	PROPN
emaj-46	198	11	.	.	PUNCT
emaj-46	199	1	m	m	VERB
emaj-46	199	2	mean	mean	VERB
emaj-46	199	3	s	s	PART
emaj-46	199	4	std	std	PROPN
emaj-46	199	5	.	.	PROPN
emaj-46	200	1	dev	dev	PROPN
emaj-46	200	2	.	.	PUNCT
emaj-46	201	1	m	m	PROPN
emaj-46	202	1	min	min	PROPN
emaj-46	202	2	m	m	PROPN
emaj-46	202	3	max	max	PROPN
emaj-46	202	4	lev1t-1	lev1t-1	PROPN
emaj-46	202	5	1	1	NUM
emaj-46	202	6	560	560	NUM
emaj-46	202	7	4	4	NUM
emaj-46	202	8	.4923	.4923	NUM
emaj-46	202	9	3	3	NUM
emaj-46	202	10	.8549	.8549	PROPN
emaj-46	202	11	3	3	NUM
emaj-46	202	12	.8549	.8549	PROPN
emaj-46	202	13	4	4	NUM
emaj-46	202	14	7.6026	7.6026	NUM
emaj-46	202	15	lev2t-1	lev2t-1	PROPN
emaj-46	202	16	1	1	NUM
emaj-46	202	17	560	560	NUM
emaj-46	202	18	.	.	PUNCT
emaj-46	202	19	5867	5867	NUM
emaj-46	202	20	.	.	PUNCT
emaj-46	202	21	3045	3045	NUM
emaj-46	202	22	.	.	PUNCT
emaj-46	203	1	3045	3045	NUM
emaj-46	203	2	6	6	NUM
emaj-46	203	3	.9392	.9392	PROPN
emaj-46	203	4	inds1	inds1	PROPN
emaj-46	203	5	1	1	NUM
emaj-46	203	6	560	560	NUM
emaj-46	203	7	.	.	PUNCT
emaj-46	204	1	6507	6507	NUM
emaj-46	204	2	.	.	PUNCT
emaj-46	205	1	0022	0022	NUM
emaj-46	205	2	.	.	PUNCT
emaj-46	206	1	6474	6474	NUM
emaj-46	206	2	.	.	PUNCT
emaj-46	207	1	6536	6536	NUM
emaj-46	207	2	inds2	inds2	ADJ
emaj-46	207	3	1	1	NUM
emaj-46	207	4	560	560	NUM
emaj-46	207	5	.	.	PUNCT
emaj-46	207	6	5847	5847	NUM
emaj-46	207	7	.	.	PUNCT
emaj-46	208	1	0006	0006	NUM
emaj-46	208	2	.	.	PUNCT
emaj-46	209	1	5837	5837	NUM
emaj-46	209	2	.	.	PUNCT
emaj-46	210	1	5860	5860	NUM
emaj-46	210	2	size	size	NOUN
emaj-46	210	3	1	1	NUM
emaj-46	210	4	560	560	NUM
emaj-46	210	5	5	5	NUM
emaj-46	210	6	.5728	.5728	NOUN
emaj-46	210	7	1	1	NUM
emaj-46	210	8	.7425	.7425	NOUN
emaj-46	210	9	.	.	PUNCT
emaj-46	211	1	7009	7009	NUM
emaj-46	211	2	8	8	NUM
emaj-46	211	3	.2306	.2306	NOUN
emaj-46	211	4	growth	growth	NOUN
emaj-46	211	5	1	1	NUM
emaj-46	211	6	560	560	NUM
emaj-46	211	7	5	5	NUM
emaj-46	211	8	.3875	.3875	NUM
emaj-46	211	9	5	5	NUM
emaj-46	211	10	.5005	.5005	NOUN
emaj-46	211	11	14.7	14.7	NUM
emaj-46	211	12	1	1	NUM
emaj-46	211	13	2.6	2.6	NUM
emaj-46	211	14	inf	inf	NOUN
emaj-46	211	15	1	1	NUM
emaj-46	211	16	560	560	NUM
emaj-46	211	17	1	1	NUM
emaj-46	211	18	46.66	46.66	NUM
emaj-46	211	19	3	3	NUM
emaj-46	211	20	3.7394	3.7394	NUM
emaj-46	211	21	9	9	NUM
emaj-46	211	22	6	6	NUM
emaj-46	211	23	2	2	NUM
emaj-46	211	24	07.5	07.5	NUM
emaj-46	211	25	tangy	tangy	NOUN
emaj-46	211	26	1	1	NUM
emaj-46	211	27	560	560	NUM
emaj-46	211	28	.	.	PUNCT
emaj-46	211	29	0213	0213	NUM
emaj-46	211	30	.	.	PUNCT
emaj-46	212	1	0272	0272	NUM
emaj-46	212	2	.	.	PUNCT
emaj-46	213	1	0002	0002	NUM
emaj-46	213	2	.	.	PUNCT
emaj-46	214	1	3547	3547	NUM
emaj-46	214	2	roa	roa	NOUN
emaj-46	214	3	1	1	NUM
emaj-46	214	4	560	560	NUM
emaj-46	214	5	.	.	PUNCT
emaj-46	214	6	0110	0110	NUM
emaj-46	214	7	.	.	PUNCT
emaj-46	215	1	0449	0449	NUM
emaj-46	215	2	.6323	.6323	PROPN
emaj-46	215	3	.	.	PUNCT
emaj-46	216	1	3221	3221	NUM
emaj-46	216	2	finrisk	finrisk	NOUN
emaj-46	216	3	1	1	NUM
emaj-46	216	4	560	560	NUM
emaj-46	216	5	3	3	NUM
emaj-46	216	6	2.4500	2.4500	NUM
emaj-46	216	7	1	1	NUM
emaj-46	216	8	.8336	.8336	NOUN
emaj-46	216	9	2	2	NUM
emaj-46	216	10	7.5	7.5	NUM
emaj-46	216	11	3	3	NUM
emaj-46	216	12	6.5	6.5	NUM
emaj-46	216	13	volume	volume	NOUN
emaj-46	216	14	3	3	NUM
emaj-46	216	15	no	no	DET
emaj-46	216	16	3	3	NUM
emaj-46	216	17	(	(	PUNCT
emaj-46	216	18	2014	2014	NUM
emaj-46	216	19	)	)	PUNCT
emaj-46	216	20	|	|	ADV
emaj-46	216	21	issn	issn	VERB
emaj-46	216	22	2158	2158	NUM
emaj-46	216	23	-	-	SYM
emaj-46	216	24	8708	8708	NUM
emaj-46	216	25	(	(	PUNCT
emaj-46	216	26	online	online	NOUN
emaj-46	216	27	)	)	PUNCT
emaj-46	216	28	|	|	ADV
emaj-46	216	29	doi	doi	X
emaj-46	216	30	10.5195	10.5195	NUM
emaj-46	216	31	/	/	SYM
emaj-46	216	32	emaj.2014.46	emaj.2014.46	NOUN
emaj-46	216	33	|	|	ADV
emaj-46	216	34	http://emaj.pitt.edu	http://emaj.pitt.edu	VERB
emaj-46	216	35	firm	firm	NOUN
emaj-46	216	36	,	,	PUNCT
emaj-46	216	37	country	country	NOUN
emaj-46	216	38	and	and	CCONJ
emaj-46	216	39	macroeconomic	macroeconomic	ADJ
emaj-46	216	40	determinants	determinant	NOUN
emaj-46	216	41	of	of	ADP
emaj-46	216	42	capital	capital	NOUN
emaj-46	216	43	structure	structure	NOUN
emaj-46	216	44	:	:	PUNCT
emaj-46	216	45	evidence	evidence	NOUN
emaj-46	216	46	from	from	ADP
emaj-46	216	47	turkish	turkish	ADJ
emaj-46	216	48	banking	banking	NOUN
emaj-46	216	49	sector	sector	NOUN
emaj-46	216	50	emerging	emerge	VERB
emaj-46	216	51	markets	market	NOUN
emaj-46	216	52	journal	journal	NOUN
emaj-46	217	1	|	|	ADV
emaj-46	217	2	p	p	NOUN
emaj-46	217	3	a	a	DET
emaj-46	217	4	g	g	NOUN
emaj-46	217	5	e	e	NOUN
emaj-46	217	6	|53	|53	ADV
emaj-46	217	7	among	among	ADP
emaj-46	217	8	the	the	DET
emaj-46	217	9	explanatory	explanatory	ADJ
emaj-46	217	10	variables	variable	NOUN
emaj-46	217	11	,	,	PUNCT
emaj-46	217	12	inf	inf	NOUN
emaj-46	217	13	and	and	CCONJ
emaj-46	217	14	size	size	NOUN
emaj-46	217	15	are	be	AUX
emaj-46	217	16	highly	highly	ADV
emaj-46	217	17	correlated	correlate	VERB
emaj-46	217	18	with	with	ADP
emaj-46	217	19	inds	ind	NOUN
emaj-46	217	20	1	1	NUM
emaj-46	217	21	,	,	PUNCT
emaj-46	217	22	2	2	NUM
emaj-46	217	23	(	(	PUNCT
emaj-46	217	24	correlation	correlation	NOUN
emaj-46	217	25	coefficients	coefficient	NOUN
emaj-46	217	26	are	be	AUX
emaj-46	217	27	0.9632	0.9632	NUM
emaj-46	217	28	and	and	CCONJ
emaj-46	217	29	0.988	0.988	NUM
emaj-46	217	30	,	,	PUNCT
emaj-46	217	31	0.639	0.639	NUM
emaj-46	217	32	and	and	CCONJ
emaj-46	217	33	0.559	0.559	NUM
emaj-46	217	34	)	)	PUNCT
emaj-46	217	35	.	.	PUNCT
emaj-46	218	1	moreover	moreover	ADV
emaj-46	218	2	,	,	PUNCT
emaj-46	218	3	size	size	NOUN
emaj-46	218	4	is	be	AUX
emaj-46	218	5	highly	highly	ADV
emaj-46	218	6	correlated	correlate	VERB
emaj-46	218	7	with	with	ADP
emaj-46	218	8	two	two	NUM
emaj-46	218	9	alternative	alternative	ADJ
emaj-46	218	10	measures	measure	NOUN
emaj-46	218	11	of	of	ADP
emaj-46	218	12	leverage	leverage	NOUN
emaj-46	218	13	,	,	PUNCT
emaj-46	218	14	lev1	lev1	NOUN
emaj-46	218	15	and	and	CCONJ
emaj-46	218	16	lev2	lev2	PROPN
emaj-46	218	17	(	(	PUNCT
emaj-46	218	18	correlation	correlation	NOUN
emaj-46	218	19	coefficients	coefficient	NOUN
emaj-46	218	20	are	be	AUX
emaj-46	218	21	0.270	0.270	NUM
emaj-46	218	22	and	and	CCONJ
emaj-46	218	23	0.252	0.252	NUM
emaj-46	218	24	)	)	PUNCT
emaj-46	218	25	.	.	PUNCT
emaj-46	219	1	a	a	DET
emaj-46	219	2	bank	bank	NOUN
emaj-46	219	3	’s	’s	PART
emaj-46	219	4	leverage	leverage	NOUN
emaj-46	219	5	correlates	correlate	VERB
emaj-46	219	6	positively	positively	ADV
emaj-46	219	7	with	with	ADP
emaj-46	219	8	size	size	NOUN
emaj-46	219	9	,	,	PUNCT
emaj-46	219	10	growth	growth	NOUN
emaj-46	219	11	and	and	CCONJ
emaj-46	219	12	negatively	negatively	ADV
emaj-46	219	13	with	with	ADP
emaj-46	219	14	inds	ind	NOUN
emaj-46	219	15	,	,	PUNCT
emaj-46	219	16	inf	inf	NOUN
emaj-46	219	17	,	,	PUNCT
emaj-46	219	18	tangy	tangy	ADJ
emaj-46	219	19	,	,	PUNCT
emaj-46	219	20	roa	roa	NOUN
emaj-46	219	21	and	and	CCONJ
emaj-46	219	22	finrisk	finrisk	NOUN
emaj-46	219	23	variables	variable	NOUN
emaj-46	219	24	.	.	PUNCT
emaj-46	220	1	4	4	X
emaj-46	220	2	.	.	X
emaj-46	220	3	empirical	empirical	ADJ
emaj-46	220	4	results	result	NOUN
emaj-46	220	5	and	and	CCONJ
emaj-46	220	6	discussion	discussion	NOUN
emaj-46	220	7	table	table	NOUN
emaj-46	220	8	3	3	NUM
emaj-46	220	9	reports	report	VERB
emaj-46	220	10	the	the	DET
emaj-46	220	11	empirical	empirical	ADJ
emaj-46	220	12	results	result	NOUN
emaj-46	220	13	from	from	ADP
emaj-46	220	14	our	our	PRON
emaj-46	220	15	estimations	estimation	NOUN
emaj-46	220	16	of	of	ADP
emaj-46	220	17	target	target	NOUN
emaj-46	220	18	leverage	leverage	NOUN
emaj-46	220	19	,	,	PUNCT
emaj-46	220	20	modeled	model	VERB
emaj-46	220	21	by	by	ADP
emaj-46	220	22	equation	equation	NOUN
emaj-46	220	23	2	2	NUM
emaj-46	220	24	,	,	PUNCT
emaj-46	220	25	3	3	NUM
emaj-46	220	26	.	.	X
emaj-46	221	1	all	all	DET
emaj-46	221	2	coefficients	coefficient	NOUN
emaj-46	221	3	on	on	ADP
emaj-46	221	4	firm	firm	ADJ
emaj-46	221	5	-	-	PUNCT
emaj-46	221	6	specific	specific	ADJ
emaj-46	221	7	variables	variable	NOUN
emaj-46	221	8	have	have	AUX
emaj-46	221	9	expected	expect	VERB
emaj-46	221	10	signs	sign	NOUN
emaj-46	221	11	.	.	PUNCT
emaj-46	222	1	the	the	DET
emaj-46	222	2	results	result	NOUN
emaj-46	222	3	of	of	ADP
emaj-46	222	4	all	all	DET
emaj-46	222	5	the	the	DET
emaj-46	222	6	model	model	NOUN
emaj-46	222	7	(	(	PUNCT
emaj-46	222	8	model	model	NOUN
emaj-46	222	9	1a	1a	PROPN
emaj-46	222	10	,	,	PUNCT
emaj-46	222	11	b	b	NOUN
emaj-46	222	12	and	and	CCONJ
emaj-46	222	13	model	model	NOUN
emaj-46	222	14	2a	2a	NUM
emaj-46	222	15	,	,	PUNCT
emaj-46	222	16	b	b	X
emaj-46	222	17	)	)	PUNCT
emaj-46	222	18	are	be	AUX
emaj-46	222	19	parallel	parallel	ADJ
emaj-46	222	20	to	to	ADP
emaj-46	222	21	a	a	DET
emaj-46	222	22	large	large	ADJ
emaj-46	222	23	extent	extent	NOUN
emaj-46	222	24	.	.	PUNCT
emaj-46	223	1	firm	firm	ADJ
emaj-46	223	2	size	size	NOUN
emaj-46	223	3	variable	variable	NOUN
emaj-46	223	4	is	be	AUX
emaj-46	223	5	not	not	PART
emaj-46	223	6	statistically	statistically	ADV
emaj-46	223	7	significant	significant	ADJ
emaj-46	223	8	in	in	ADP
emaj-46	223	9	model	model	NOUN
emaj-46	223	10	1a	1a	PROPN
emaj-46	223	11	,	,	PUNCT
emaj-46	223	12	b	b	X
emaj-46	223	13	,	,	PUNCT
emaj-46	223	14	while	while	SCONJ
emaj-46	223	15	financial	financial	ADJ
emaj-46	223	16	risk	risk	NOUN
emaj-46	223	17	variable	variable	NOUN
emaj-46	223	18	is	be	AUX
emaj-46	223	19	not	not	PART
emaj-46	223	20	statistically	statistically	ADV
emaj-46	223	21	significant	significant	ADJ
emaj-46	223	22	in	in	ADP
emaj-46	223	23	model	model	NOUN
emaj-46	223	24	2a	2a	NUM
emaj-46	223	25	,	,	PUNCT
emaj-46	223	26	b.	b.	PROPN
emaj-46	223	27	table	table	NOUN
emaj-46	224	1	3	3	NUM
emaj-46	224	2	:	:	PUNCT
emaj-46	224	3	empirical	empirical	ADJ
emaj-46	224	4	results	result	NOUN
emaj-46	224	5	from	from	ADP
emaj-46	224	6	estimations	estimation	NOUN
emaj-46	224	7	of	of	ADP
emaj-46	224	8	target	target	NOUN
emaj-46	224	9	leverage	leverage	NOUN
emaj-46	224	10	the	the	DET
emaj-46	224	11	models	model	NOUN
emaj-46	224	12	.	.	PUNCT
emaj-46	225	1	independent	independent	ADJ
emaj-46	225	2	variables	variables	PROPN
emaj-46	225	3	model	model	PROPN
emaj-46	225	4	1a	1a	PROPN
emaj-46	225	5	model	model	PROPN
emaj-46	225	6	1b	1b	PROPN
emaj-46	225	7	model	model	PROPN
emaj-46	225	8	2a	2a	PROPN
emaj-46	225	9	model	model	PROPN
emaj-46	225	10	2b	2b	NUM
emaj-46	225	11	lev1t-1	lev1t-1	ADP
emaj-46	225	12	0.603	0.603	NUM
emaj-46	225	13	*	*	PUNCT
emaj-46	225	14	*	*	PUNCT
emaj-46	226	1	*	*	PUNCT
emaj-46	226	2	(	(	PUNCT
emaj-46	226	3	0.0522	0.0522	NUM
emaj-46	226	4	)	)	PUNCT
emaj-46	226	5	0.595	0.595	NUM
emaj-46	226	6	*	*	PUNCT
emaj-46	226	7	*	*	PUNCT
emaj-46	226	8	*	*	PUNCT
emaj-46	226	9	(	(	PUNCT
emaj-46	226	10	0.049	0.049	NUM
emaj-46	226	11	)	)	PUNCT
emaj-46	226	12	lev2t-1	lev2t-1	ADP
emaj-46	226	13	0.236	0.236	NUM
emaj-46	226	14	*	*	PUNCT
emaj-46	226	15	*	*	PUNCT
emaj-46	226	16	(	(	PUNCT
emaj-46	226	17	0.114	0.114	NUM
emaj-46	226	18	)	)	PUNCT
emaj-46	226	19	0.232	0.232	NUM
emaj-46	227	1	*	*	PUNCT
emaj-46	227	2	*	*	PUNCT
emaj-46	227	3	(	(	PUNCT
emaj-46	227	4	0.113	0.113	NUM
emaj-46	227	5	)	)	PUNCT
emaj-46	227	6	inds1	inds1	NOUN
emaj-46	228	1	1.334	1.334	NUM
emaj-46	228	2	*	*	PUNCT
emaj-46	228	3	*	*	PUNCT
emaj-46	228	4	*	*	PUNCT
emaj-46	228	5	(	(	PUNCT
emaj-46	228	6	0.410	0.410	NUM
emaj-46	228	7	)	)	PUNCT
emaj-46	228	8	2.133	2.133	NUM
emaj-46	228	9	*	*	PUNCT
emaj-46	228	10	*	*	PUNCT
emaj-46	228	11	*	*	PUNCT
emaj-46	228	12	(	(	PUNCT
emaj-46	228	13	0.604	0.604	NUM
emaj-46	228	14	)	)	PUNCT
emaj-46	228	15	inds2	inds2	NOUN
emaj-46	229	1	0.991	0.991	NUM
emaj-46	229	2	*	*	PUNCT
emaj-46	229	3	*	*	PUNCT
emaj-46	229	4	*	*	PUNCT
emaj-46	229	5	(	(	PUNCT
emaj-46	229	6	0.222	0.222	NUM
emaj-46	229	7	)	)	PUNCT
emaj-46	229	8	0.980	0.980	NUM
emaj-46	229	9	*	*	PUNCT
emaj-46	229	10	*	*	PUNCT
emaj-46	229	11	*	*	PUNCT
emaj-46	229	12	(	(	PUNCT
emaj-46	229	13	0.220	0.220	NUM
emaj-46	229	14	)	)	PUNCT
emaj-46	229	15	size	size	NOUN
emaj-46	229	16	0.291	0.291	NUM
emaj-46	229	17	(	(	PUNCT
emaj-46	229	18	0.099	0.099	NUM
emaj-46	229	19	)	)	PUNCT
emaj-46	229	20	0.049	0.049	NUM
emaj-46	229	21	(	(	PUNCT
emaj-46	229	22	0.095	0.095	NUM
emaj-46	229	23	)	)	PUNCT
emaj-46	229	24	0.008	0.008	NUM
emaj-46	229	25	*	*	PUNCT
emaj-46	229	26	(	(	PUNCT
emaj-46	229	27	0.004	0.004	NUM
emaj-46	229	28	)	)	PUNCT
emaj-46	229	29	0.007	0.007	NUM
emaj-46	229	30	*	*	PUNCT
emaj-46	229	31	(	(	PUNCT
emaj-46	229	32	0.004	0.004	NUM
emaj-46	229	33	)	)	PUNCT
emaj-46	229	34	growth	growth	NOUN
emaj-46	229	35	0.034	0.034	NUM
emaj-46	229	36	*	*	PUNCT
emaj-46	229	37	*	*	PUNCT
emaj-46	229	38	*	*	PUNCT
emaj-46	229	39	(	(	PUNCT
emaj-46	229	40	0.008	0.008	NUM
emaj-46	229	41	)	)	PUNCT
emaj-46	229	42	0.053	0.053	NUM
emaj-46	229	43	*	*	PUNCT
emaj-46	229	44	*	*	PUNCT
emaj-46	229	45	*	*	PUNCT
emaj-46	229	46	(	(	PUNCT
emaj-46	229	47	0.013	0.013	NUM
emaj-46	229	48	)	)	PUNCT
emaj-46	229	49	0.001	0.001	NUM
emaj-46	229	50	*	*	PUNCT
emaj-46	229	51	*	*	PUNCT
emaj-46	229	52	*	*	PUNCT
emaj-46	229	53	(	(	PUNCT
emaj-46	229	54	0.0004	0.0004	NUM
emaj-46	229	55	)	)	PUNCT
emaj-46	229	56	0.001	0.001	NUM
emaj-46	229	57	*	*	PUNCT
emaj-46	229	58	*	*	PUNCT
emaj-46	229	59	*	*	PUNCT
emaj-46	229	60	(	(	PUNCT
emaj-46	229	61	0.0004	0.0004	NUM
emaj-46	229	62	)	)	PUNCT
emaj-46	229	63	inf	inf	NOUN
emaj-46	229	64	-0.019	-0.019	PUNCT
emaj-46	229	65	*	*	PUNCT
emaj-46	229	66	*	*	PUNCT
emaj-46	229	67	*	*	PUNCT
emaj-46	229	68	(	(	PUNCT
emaj-46	229	69	0.006	0.006	NUM
emaj-46	229	70	)	)	PUNCT
emaj-46	229	71	-0.019	-0.019	NOUN
emaj-46	229	72	*	*	PUNCT
emaj-46	229	73	*	*	PUNCT
emaj-46	229	74	*	*	PUNCT
emaj-46	229	75	(	(	PUNCT
emaj-46	229	76	0.006	0.006	NUM
emaj-46	229	77	)	)	PUNCT
emaj-46	229	78	-0.001	-0.001	PUNCT
emaj-46	230	1	*	*	PUNCT
emaj-46	230	2	*	*	PUNCT
emaj-46	230	3	*	*	PUNCT
emaj-46	230	4	(	(	PUNCT
emaj-46	230	5	0.0003	0.0003	NUM
emaj-46	230	6	)	)	PUNCT
emaj-46	230	7	-0.001	-0.001	NOUN
emaj-46	231	1	*	*	PUNCT
emaj-46	231	2	*	*	PUNCT
emaj-46	231	3	*	*	PUNCT
emaj-46	231	4	(	(	PUNCT
emaj-46	231	5	0.0003	0.0003	NUM
emaj-46	231	6	)	)	PUNCT
emaj-46	231	7	tangy	tangy	ADJ
emaj-46	231	8	-47.477	-47.477	NOUN
emaj-46	231	9	*	*	PUNCT
emaj-46	231	10	*	*	PUNCT
emaj-46	231	11	*	*	PUNCT
emaj-46	231	12	(	(	PUNCT
emaj-46	231	13	18.019	18.019	NUM
emaj-46	231	14	)	)	PUNCT
emaj-46	231	15	48.247	48.247	NUM
emaj-46	232	1	*	*	PUNCT
emaj-46	232	2	*	*	PUNCT
emaj-46	232	3	(	(	PUNCT
emaj-46	232	4	18.262	18.262	NUM
emaj-46	232	5	)	)	PUNCT
emaj-46	233	1	-2.087	-2.087	PROPN
emaj-46	233	2	*	*	PUNCT
emaj-46	233	3	*	*	PUNCT
emaj-46	233	4	(	(	PUNCT
emaj-46	233	5	0.939	0.939	NUM
emaj-46	233	6	)	)	PUNCT
emaj-46	233	7	-2.104	-2.104	NOUN
emaj-46	234	1	*	*	PUNCT
emaj-46	234	2	*	*	PUNCT
emaj-46	234	3	(	(	PUNCT
emaj-46	234	4	0.941	0.941	NUM
emaj-46	234	5	)	)	PUNCT
emaj-46	234	6	roa	roa	NOUN
emaj-46	234	7	-3.661	-3.661	NOUN
emaj-46	234	8	*	*	PUNCT
emaj-46	234	9	*	*	PUNCT
emaj-46	234	10	(	(	PUNCT
emaj-46	234	11	1.749	1.749	NUM
emaj-46	234	12	)	)	PUNCT
emaj-46	234	13	-3.428	-3.428	PROPN
emaj-46	235	1	*	*	PUNCT
emaj-46	235	2	*	*	PUNCT
emaj-46	235	3	(	(	PUNCT
emaj-46	235	4	1.620	1.620	NUM
emaj-46	235	5	)	)	PUNCT
emaj-46	235	6	-0.466	-0.466	PROPN
emaj-46	235	7	*	*	PUNCT
emaj-46	235	8	*	*	PUNCT
emaj-46	235	9	(	(	PUNCT
emaj-46	235	10	0.212	0.212	NUM
emaj-46	235	11	)	)	PUNCT
emaj-46	235	12	-0.475	-0.475	NOUN
emaj-46	235	13	*	*	PUNCT
emaj-46	235	14	*	*	PUNCT
emaj-46	235	15	(	(	PUNCT
emaj-46	235	16	0.216	0.216	NUM
emaj-46	235	17	)	)	PUNCT
emaj-46	235	18	finrisk	finrisk	NOUN
emaj-46	235	19	-0.113	-0.113	NOUN
emaj-46	235	20	*	*	PUNCT
emaj-46	235	21	*	*	PUNCT
emaj-46	235	22	*	*	PUNCT
emaj-46	235	23	(	(	PUNCT
emaj-46	235	24	0.035	0.035	NUM
emaj-46	235	25	)	)	PUNCT
emaj-46	235	26	0.0003	0.0003	NUM
emaj-46	235	27	(	(	PUNCT
emaj-46	235	28	0.001	0.001	NUM
emaj-46	235	29	)	)	PUNCT
emaj-46	235	30	ar(2	ar(2	PROPN
emaj-46	235	31	)	)	PUNCT
emaj-46	235	32	0.7236	0.7236	NUM
emaj-46	235	33	0.7402	0.7402	NUM
emaj-46	235	34	0.2540	0.2540	NUM
emaj-46	235	35	0.2532	0.2532	NUM
emaj-46	235	36	wald	wald	X
emaj-46	235	37	chi2	chi2	PROPN
emaj-46	235	38	2116.03	2116.03	NUM
emaj-46	235	39	2283.61	2283.61	NUM
emaj-46	235	40	352.07	352.07	NUM
emaj-46	235	41	472.09	472.09	NUM
emaj-46	235	42	f	f	PROPN
emaj-46	235	43	prob	prob	NOUN
emaj-46	235	44	.	.	PUNCT
emaj-46	236	1	0.0000	0.0000	NUM
emaj-46	236	2	0.0000	0.0000	NUM
emaj-46	236	3	0.0000	0.0000	NUM
emaj-46	236	4	0.0000	0.0000	NUM
emaj-46	236	5	observations	observation	NOUN
emaj-46	236	6	1521	1521	NUM
emaj-46	236	7	1521	1521	NUM
emaj-46	236	8	1521	1521	NUM
emaj-46	236	9	1521	1521	NUM
emaj-46	236	10	banks	bank	NOUN
emaj-46	236	11	39	39	NUM
emaj-46	236	12	39	39	NUM
emaj-46	236	13	39	39	NUM
emaj-46	236	14	39	39	NUM
emaj-46	236	15	instruments	instrument	NOUN
emaj-46	236	16	785	785	NUM
emaj-46	236	17	786	786	NUM
emaj-46	236	18	785	785	NUM
emaj-46	236	19	786	786	NUM
emaj-46	236	20	robust	robust	ADJ
emaj-46	236	21	ses	se	NOUN
emaj-46	236	22	of	of	ADP
emaj-46	236	23	coefficients	coefficient	NOUN
emaj-46	236	24	is	be	AUX
emaj-46	236	25	reported	report	VERB
emaj-46	236	26	in	in	ADP
emaj-46	236	27	parentheses	parenthesis	NOUN
emaj-46	236	28	.	.	PUNCT
emaj-46	237	1	*	*	PUNCT
emaj-46	237	2	,	,	PUNCT
emaj-46	237	3	*	*	PUNCT
emaj-46	237	4	*	*	PUNCT
emaj-46	237	5	and	and	CCONJ
emaj-46	237	6	*	*	PUNCT
emaj-46	237	7	*	*	PUNCT
emaj-46	237	8	*	*	PUNCT
emaj-46	237	9	indicate	indicate	VERB
emaj-46	237	10	the	the	DET
emaj-46	237	11	coefficient	coefficient	NOUN
emaj-46	237	12	significant	significant	ADJ
emaj-46	237	13	at	at	ADP
emaj-46	237	14	the	the	DET
emaj-46	237	15	10	10	NUM
emaj-46	237	16	,	,	PUNCT
emaj-46	237	17	5	5	NUM
emaj-46	237	18	and	and	CCONJ
emaj-46	237	19	1	1	NUM
emaj-46	237	20	%	%	NOUN
emaj-46	237	21	levels	level	NOUN
emaj-46	237	22	,	,	PUNCT
emaj-46	237	23	respectively	respectively	ADV
emaj-46	237	24	.	.	PUNCT
emaj-46	238	1	the	the	DET
emaj-46	238	2	coefficient	coefficient	NOUN
emaj-46	238	3	on	on	ADP
emaj-46	238	4	average	average	ADJ
emaj-46	238	5	industry	industry	NOUN
emaj-46	238	6	leverage	leverage	NOUN
emaj-46	238	7	is	be	AUX
emaj-46	238	8	positive	positive	ADJ
emaj-46	238	9	and	and	CCONJ
emaj-46	238	10	statistically	statistically	ADV
emaj-46	238	11	significant	significant	ADJ
emaj-46	238	12	meaning	meaning	NOUN
emaj-46	238	13	that	that	SCONJ
emaj-46	238	14	specific	specific	ADJ
emaj-46	238	15	characteristics	characteristic	NOUN
emaj-46	238	16	of	of	ADP
emaj-46	238	17	a	a	DET
emaj-46	238	18	given	give	VERB
emaj-46	238	19	industry	industry	NOUN
emaj-46	238	20	influence	influence	NOUN
emaj-46	238	21	the	the	DET
emaj-46	238	22	firm	firm	ADJ
emaj-46	238	23	capital	capital	NOUN
emaj-46	238	24	structure	structure	NOUN
emaj-46	238	25	.	.	PUNCT
emaj-46	239	1	this	this	DET
emaj-46	239	2	finding	finding	NOUN
emaj-46	239	3	is	be	AUX
emaj-46	239	4	consistent	consistent	ADJ
emaj-46	239	5	with	with	ADP
emaj-46	239	6	the	the	DET
emaj-46	239	7	previous	previous	ADJ
emaj-46	239	8	empirical	empirical	ADJ
emaj-46	239	9	evidence	evidence	NOUN
emaj-46	239	10	(	(	PUNCT
emaj-46	239	11	e.g.	e.g.	ADV
emaj-46	239	12	frank	frank	PROPN
emaj-46	239	13	and	and	CCONJ
emaj-46	239	14	goyal	goyal	PROPN
emaj-46	239	15	,	,	PUNCT
emaj-46	239	16	2009	2009	NUM
emaj-46	239	17	;	;	PUNCT
emaj-46	239	18	oztekin	oztekin	NOUN
emaj-46	239	19	and	and	CCONJ
emaj-46	239	20	flannery	flannery	PROPN
emaj-46	239	21	,	,	PUNCT
emaj-46	239	22	2012	2012	NUM
emaj-46	239	23	and	and	CCONJ
emaj-46	239	24	joeveer	joeveer	NOUN
emaj-46	239	25	,	,	PUNCT
emaj-46	239	26	2013	2013	NUM
emaj-46	239	27	)	)	PUNCT
emaj-46	239	28	.	.	PUNCT
emaj-46	240	1	the	the	DET
emaj-46	240	2	results	result	NOUN
emaj-46	240	3	for	for	ADP
emaj-46	240	4	turkey	turkey	NOUN
emaj-46	240	5	banks	bank	NOUN
emaj-46	240	6	show	show	VERB
emaj-46	240	7	that	that	SCONJ
emaj-46	240	8	leverage	leverage	NOUN
emaj-46	240	9	is	be	AUX
emaj-46	240	10	significantly	significantly	ADV
emaj-46	240	11	and	and	CCONJ
emaj-46	240	12	positively	positively	ADV
emaj-46	240	13	associated	associate	VERB
emaj-46	240	14	with	with	ADP
emaj-46	240	15	firm	firm	ADJ
emaj-46	240	16	size	size	NOUN
emaj-46	240	17	.	.	PUNCT
emaj-46	241	1	this	this	DET
emaj-46	241	2	finding	finding	NOUN
emaj-46	241	3	is	be	AUX
emaj-46	241	4	consistent	consistent	ADJ
emaj-46	241	5	with	with	ADP
emaj-46	241	6	the	the	DET
emaj-46	241	7	trade	trade	NOUN
emaj-46	241	8	-	-	PUNCT
emaj-46	241	9	off	off	ADP
emaj-46	241	10	theory	theory	NOUN
emaj-46	241	11	that	that	SCONJ
emaj-46	241	12	large	large	ADJ
emaj-46	241	13	firms	firm	NOUN
emaj-46	241	14	face	face	VERB
emaj-46	241	15	lower	low	ADJ
emaj-46	241	16	financial	financial	ADJ
emaj-46	241	17	distress	distress	NOUN
emaj-46	241	18	and	and	CCONJ
emaj-46	241	19	agency	agency	NOUN
emaj-46	241	20	costs	cost	NOUN
emaj-46	241	21	and	and	CCONJ
emaj-46	241	22	,	,	PUNCT
emaj-46	241	23	thus	thus	ADV
emaj-46	241	24	,	,	PUNCT
emaj-46	241	25	are	be	AUX
emaj-46	241	26	able	able	ADJ
emaj-46	241	27	to	to	PART
emaj-46	241	28	borrow	borrow	VERB
emaj-46	241	29	more	more	ADJ
emaj-46	241	30	than	than	ADP
emaj-46	241	31	small	small	ADJ
emaj-46	241	32	firms	firm	NOUN
emaj-46	241	33	.	.	PUNCT
emaj-46	242	1	empirically	empirically	ADV
emaj-46	242	2	,	,	PUNCT
emaj-46	242	3	this	this	DET
emaj-46	242	4	finding	finding	NOUN
emaj-46	242	5	is	be	AUX
emaj-46	242	6	consistent	consistent	ADJ
emaj-46	242	7	with	with	ADP
emaj-46	242	8	the	the	DET
emaj-46	242	9	previous	previous	ADJ
emaj-46	242	10	empirical	empirical	ADJ
emaj-46	242	11	evidence	evidence	NOUN
emaj-46	242	12	(	(	PUNCT
emaj-46	242	13	e.g.	e.g.	ADV
emaj-46	242	14	booth	booth	NOUN
emaj-46	242	15	et	et	PROPN
emaj-46	242	16	al	al	PROPN
emaj-46	242	17	.	.	PROPN
emaj-46	242	18	,	,	PUNCT
emaj-46	242	19	2001	2001	NUM
emaj-46	242	20	;	;	PUNCT
emaj-46	242	21	wiwattanakantang	wiwattanakantang	PROPN
emaj-46	242	22	,	,	PUNCT
emaj-46	242	23	1999	1999	NUM
emaj-46	242	24	;	;	PUNCT
emaj-46	242	25	huang	huang	PROPN
emaj-46	242	26	and	and	CCONJ
emaj-46	242	27	song	song	NOUN
emaj-46	242	28	,	,	PUNCT
emaj-46	242	29	2006	2006	NUM
emaj-46	242	30	;	;	PUNCT
emaj-46	242	31	delcoure	delcoure	NOUN
emaj-46	242	32	,	,	PUNCT
emaj-46	242	33	2007	2007	NUM
emaj-46	242	34	;	;	PUNCT
emaj-46	242	35	antoniou	antoniou	PROPN
emaj-46	242	36	et	et	PROPN
emaj-46	242	37	al	al	PROPN
emaj-46	242	38	.	.	PROPN
emaj-46	242	39	,	,	PUNCT
emaj-46	242	40	2008	2008	NUM
emaj-46	242	41	;	;	PUNCT
emaj-46	242	42	daskalakis	daskalaki	NOUN
emaj-46	242	43	and	and	CCONJ
emaj-46	242	44	psillaki	psillaki	PROPN
emaj-46	242	45	,	,	PUNCT
emaj-46	242	46	2008	2008	NUM
emaj-46	242	47	;	;	PUNCT
emaj-46	242	48	gropp	gropp	NOUN
emaj-46	242	49	and	and	CCONJ
emaj-46	242	50	heider	heider	NOUN
emaj-46	242	51	,	,	PUNCT
emaj-46	242	52	2010	2010	NUM
emaj-46	242	53	;	;	PUNCT
emaj-46	242	54	kayo	kayo	PROPN
emaj-46	242	55	and	and	CCONJ
emaj-46	242	56	kimura	kimura	NOUN
emaj-46	242	57	,	,	PUNCT
emaj-46	242	58	2011	2011	NUM
emaj-46	242	59	;	;	PUNCT
emaj-46	242	60	lim	lim	PROPN
emaj-46	242	61	,	,	PUNCT
emaj-46	242	62	2012	2012	NUM
emaj-46	242	63	;	;	PUNCT
emaj-46	242	64	oztekin	oztekin	ADJ
emaj-46	242	65	and	and	CCONJ
emaj-46	242	66	flannery	flannery	PROPN
emaj-46	242	67	,	,	PUNCT
emaj-46	242	68	2012	2012	NUM
emaj-46	242	69	;	;	PUNCT
emaj-46	242	70	joeveer	joeveer	NOUN
emaj-46	242	71	,	,	PUNCT
emaj-46	242	72	2013	2013	NUM
emaj-46	242	73	;	;	PUNCT
emaj-46	242	74	dang	dang	PROPN
emaj-46	242	75	,	,	PUNCT
emaj-46	242	76	2013	2013	NUM
emaj-46	242	77	)	)	PUNCT
emaj-46	242	78	,	,	PUNCT
emaj-46	242	79	tangibility	tangibility	NOUN
emaj-46	242	80	enters	enter	VERB
emaj-46	242	81	with	with	ADP
emaj-46	242	82	negative	negative	ADJ
emaj-46	242	83	and	and	CCONJ
emaj-46	242	84	significant	significant	ADJ
emaj-46	242	85	signs	sign	NOUN
emaj-46	242	86	in	in	ADP
emaj-46	242	87	the	the	DET
emaj-46	242	88	lev1	lev1	NOUN
emaj-46	242	89	and	and	CCONJ
emaj-46	242	90	lev2	lev2	PROPN
emaj-46	242	91	regression	regression	NOUN
emaj-46	242	92	.	.	PUNCT
emaj-46	243	1	the	the	DET
emaj-46	243	2	negative	negative	ADJ
emaj-46	243	3	influence	influence	NOUN
emaj-46	243	4	of	of	ADP
emaj-46	243	5	tangibility	tangibility	NOUN
emaj-46	243	6	suggests	suggest	VERB
emaj-46	243	7	that	that	SCONJ
emaj-46	243	8	the	the	DET
emaj-46	243	9	collateral	collateral	ADJ
emaj-46	243	10	aspect	aspect	NOUN
emaj-46	243	11	of	of	ADP
emaj-46	243	12	fixed	fix	VERB
emaj-46	243	13	assets	asset	NOUN
emaj-46	243	14	is	be	AUX
emaj-46	243	15	an	an	DET
emaj-46	243	16	important	important	ADJ
emaj-46	243	17	leverage	leverage	NOUN
emaj-46	243	18	driver	driver	NOUN
emaj-46	243	19	for	for	ADP
emaj-46	243	20	the	the	DET
emaj-46	243	21	countries	country	NOUN
emaj-46	243	22	in	in	ADP
emaj-46	243	23	our	our	PRON
emaj-46	243	24	sample	sample	NOUN
emaj-46	243	25	.	.	PUNCT
emaj-46	244	1	this	this	DET
emaj-46	244	2	finding	finding	NOUN
emaj-46	244	3	is	be	AUX
emaj-46	244	4	consistent	consistent	ADJ
emaj-46	244	5	with	with	ADP
emaj-46	244	6	dr	dr	PROPN
emaj-46	244	7	.	.	PROPN
emaj-46	244	8	nuri	nuri	PROPN
emaj-46	244	9	baltacı	baltacı	PROPN
emaj-46	244	10	,	,	PUNCT
emaj-46	244	11	dr	dr	PROPN
emaj-46	244	12	.	.	PROPN
emaj-46	244	13	hasan	hasan	PROPN
emaj-46	244	14	ayaydın	ayaydın	PROPN
emaj-46	245	1	p	p	PROPN
emaj-46	245	2	a	a	DET
emaj-46	245	3	g	g	NOUN
emaj-46	245	4	e	e	NOUN
emaj-46	245	5	|54|	|54|	X
emaj-46	245	6	emerging	emerge	VERB
emaj-46	245	7	markets	market	NOUN
emaj-46	245	8	journal	journal	NOUN
emaj-46	245	9	volume	volume	NOUN
emaj-46	245	10	3	3	NUM
emaj-46	245	11	no	no	DET
emaj-46	245	12	3	3	NUM
emaj-46	245	13	(	(	PUNCT
emaj-46	245	14	2014	2014	NUM
emaj-46	245	15	)	)	PUNCT
emaj-46	245	16	|	|	ADV
emaj-46	245	17	issn	issn	VERB
emaj-46	245	18	2158	2158	NUM
emaj-46	245	19	-	-	SYM
emaj-46	245	20	8708	8708	NUM
emaj-46	245	21	(	(	PUNCT
emaj-46	245	22	online	online	NOUN
emaj-46	245	23	)	)	PUNCT
emaj-46	245	24	|	|	ADV
emaj-46	245	25	doi	doi	X
emaj-46	245	26	10.5195	10.5195	NUM
emaj-46	245	27	/	/	SYM
emaj-46	245	28	emaj.2014.46	emaj.2014.46	NOUN
emaj-46	245	29	|	|	ADV
emaj-46	245	30	http://emaj.pitt.edu	http://emaj.pitt.edu	VERB
emaj-46	245	31	the	the	DET
emaj-46	245	32	pecking	pecking	NOUN
emaj-46	245	33	order	order	NOUN
emaj-46	245	34	theory	theory	NOUN
emaj-46	245	35	view	view	NOUN
emaj-46	245	36	that	that	SCONJ
emaj-46	245	37	firms	firm	NOUN
emaj-46	245	38	with	with	ADP
emaj-46	245	39	less	less	ADJ
emaj-46	245	40	collateral	collateral	ADJ
emaj-46	245	41	face	face	VERB
emaj-46	245	42	higher	high	ADJ
emaj-46	245	43	information	information	NOUN
emaj-46	245	44	costs	cost	NOUN
emaj-46	245	45	and	and	CCONJ
emaj-46	245	46	,	,	PUNCT
emaj-46	245	47	thus	thus	ADV
emaj-46	245	48	,	,	PUNCT
emaj-46	245	49	prefers	prefer	VERB
emaj-46	245	50	debt	debt	NOUN
emaj-46	245	51	to	to	ADP
emaj-46	245	52	equity	equity	NOUN
emaj-46	245	53	.	.	PUNCT
emaj-46	246	1	empirically	empirically	ADV
emaj-46	246	2	,	,	PUNCT
emaj-46	246	3	our	our	PRON
emaj-46	246	4	finding	finding	NOUN
emaj-46	246	5	is	be	AUX
emaj-46	246	6	consistent	consistent	ADJ
emaj-46	246	7	with	with	ADP
emaj-46	246	8	previous	previous	ADJ
emaj-46	246	9	empirical	empirical	ADJ
emaj-46	246	10	evidence	evidence	NOUN
emaj-46	246	11	(	(	PUNCT
emaj-46	246	12	e.g.	e.g.	ADV
emaj-46	246	13	rajan	rajan	NOUN
emaj-46	246	14	and	and	CCONJ
emaj-46	246	15	zingales	zingale	NOUN
emaj-46	246	16	,	,	PUNCT
emaj-46	246	17	1995	1995	NUM
emaj-46	246	18	;	;	PUNCT
emaj-46	246	19	brooth	brooth	NOUN
emaj-46	246	20	et	et	PROPN
emaj-46	246	21	al	al	PROPN
emaj-46	246	22	.	.	PROPN
emaj-46	246	23	,	,	PUNCT
emaj-46	246	24	2001	2001	NUM
emaj-46	246	25	;	;	PUNCT
emaj-46	246	26	huang	huang	PROPN
emaj-46	246	27	and	and	CCONJ
emaj-46	246	28	song	song	NOUN
emaj-46	246	29	,	,	PUNCT
emaj-46	246	30	2006	2006	NUM
emaj-46	246	31	;	;	PUNCT
emaj-46	246	32	antoniou	antoniou	PROPN
emaj-46	246	33	et	et	PROPN
emaj-46	246	34	al	al	PROPN
emaj-46	246	35	.	.	PROPN
emaj-46	246	36	,	,	PUNCT
emaj-46	246	37	2008	2008	NUM
emaj-46	246	38	;	;	PUNCT
emaj-46	246	39	de	de	PROPN
emaj-46	246	40	jong	jong	PROPN
emaj-46	246	41	et	et	PROPN
emaj-46	246	42	al	al	PROPN
emaj-46	246	43	.	.	PROPN
emaj-46	246	44	,	,	PUNCT
emaj-46	246	45	2008	2008	NUM
emaj-46	246	46	,	,	PUNCT
emaj-46	246	47	joeveer	joeveer	NOUN
emaj-46	246	48	,	,	PUNCT
emaj-46	246	49	2013	2013	NUM
emaj-46	246	50	;	;	PUNCT
emaj-46	246	51	oztekin	oztekin	ADJ
emaj-46	246	52	and	and	CCONJ
emaj-46	246	53	flannery	flannery	PROPN
emaj-46	246	54	,	,	PUNCT
emaj-46	246	55	2012	2012	NUM
emaj-46	246	56	;	;	PUNCT
emaj-46	246	57	and	and	CCONJ
emaj-46	246	58	chakraborty	chakraborty	NOUN
emaj-46	246	59	,	,	PUNCT
emaj-46	246	60	2013	2013	NUM
emaj-46	246	61	)	)	PUNCT
emaj-46	246	62	.	.	PUNCT
emaj-46	247	1	the	the	DET
emaj-46	247	2	coefficient	coefficient	NOUN
emaj-46	247	3	on	on	ADP
emaj-46	247	4	profitability	profitability	NOUN
emaj-46	247	5	is	be	AUX
emaj-46	247	6	negative	negative	ADJ
emaj-46	247	7	and	and	CCONJ
emaj-46	247	8	statistically	statistically	ADV
emaj-46	247	9	significant	significant	ADJ
emaj-46	247	10	meaning	meaning	NOUN
emaj-46	247	11	that	that	SCONJ
emaj-46	247	12	the	the	DET
emaj-46	247	13	more	more	ADV
emaj-46	247	14	profitable	profitable	ADJ
emaj-46	247	15	firms	firm	NOUN
emaj-46	247	16	are	be	AUX
emaj-46	247	17	likely	likely	ADJ
emaj-46	247	18	to	to	PART
emaj-46	247	19	have	have	VERB
emaj-46	247	20	less	less	ADJ
emaj-46	247	21	debt	debt	NOUN
emaj-46	247	22	.	.	PUNCT
emaj-46	248	1	this	this	DET
emaj-46	248	2	finding	finding	NOUN
emaj-46	248	3	appears	appear	VERB
emaj-46	248	4	to	to	PART
emaj-46	248	5	be	be	AUX
emaj-46	248	6	most	most	ADV
emaj-46	248	7	consistent	consistent	ADJ
emaj-46	248	8	with	with	ADP
emaj-46	248	9	the	the	DET
emaj-46	248	10	pecking	pecking	NOUN
emaj-46	248	11	order	order	NOUN
emaj-46	248	12	theory	theory	NOUN
emaj-46	248	13	’s	’s	PART
emaj-46	248	14	prediction	prediction	NOUN
emaj-46	248	15	that	that	SCONJ
emaj-46	248	16	firms	firm	NOUN
emaj-46	248	17	with	with	ADP
emaj-46	248	18	large	large	ADJ
emaj-46	248	19	profits	profit	NOUN
emaj-46	248	20	and	and	CCONJ
emaj-46	248	21	sufficient	sufficient	ADJ
emaj-46	248	22	retained	retain	VERB
emaj-46	248	23	earnings	earning	NOUN
emaj-46	248	24	are	be	AUX
emaj-46	248	25	less	less	ADV
emaj-46	248	26	likely	likely	ADJ
emaj-46	248	27	to	to	PART
emaj-46	248	28	rely	rely	VERB
emaj-46	248	29	on	on	ADP
emaj-46	248	30	debt	debt	NOUN
emaj-46	248	31	financing	financing	NOUN
emaj-46	248	32	.	.	PUNCT
emaj-46	249	1	empirically	empirically	ADV
emaj-46	249	2	,	,	PUNCT
emaj-46	249	3	our	our	PRON
emaj-46	249	4	results	result	NOUN
emaj-46	249	5	are	be	AUX
emaj-46	249	6	in	in	ADP
emaj-46	249	7	line	line	NOUN
emaj-46	249	8	with	with	ADP
emaj-46	249	9	the	the	DET
emaj-46	249	10	welldocumented	welldocumented	ADJ
emaj-46	249	11	international	international	ADJ
emaj-46	249	12	evidence	evidence	NOUN
emaj-46	249	13	on	on	ADP
emaj-46	249	14	the	the	DET
emaj-46	249	15	relation	relation	NOUN
emaj-46	249	16	between	between	ADP
emaj-46	249	17	leverage	leverage	NOUN
emaj-46	249	18	and	and	CCONJ
emaj-46	249	19	profitability	profitability	NOUN
emaj-46	249	20	(	(	PUNCT
emaj-46	249	21	e.g.	e.g.	ADV
emaj-46	249	22	titman	titman	NOUN
emaj-46	249	23	and	and	CCONJ
emaj-46	249	24	wessels	wessels	PROPN
emaj-46	249	25	,	,	PUNCT
emaj-46	249	26	1988	1988	NUM
emaj-46	249	27	;	;	PUNCT
emaj-46	249	28	rajan	rajan	PROPN
emaj-46	249	29	and	and	CCONJ
emaj-46	249	30	zingales	zingale	NOUN
emaj-46	249	31	,	,	PUNCT
emaj-46	249	32	1995	1995	NUM
emaj-46	249	33	;	;	PUNCT
emaj-46	249	34	booth	booth	NOUN
emaj-46	249	35	et	et	PROPN
emaj-46	249	36	al	al	PROPN
emaj-46	249	37	.	.	PROPN
emaj-46	249	38	,	,	PUNCT
emaj-46	249	39	2001	2001	NUM
emaj-46	249	40	;	;	PUNCT
emaj-46	249	41	fama	fama	PROPN
emaj-46	249	42	and	and	CCONJ
emaj-46	249	43	french	french	NOUN
emaj-46	249	44	,	,	PUNCT
emaj-46	249	45	2002	2002	NUM
emaj-46	249	46	;	;	PUNCT
emaj-46	249	47	chen	chen	PROPN
emaj-46	249	48	,	,	PUNCT
emaj-46	249	49	2004	2004	NUM
emaj-46	249	50	;	;	PUNCT
emaj-46	249	51	delcoure	delcoure	NOUN
emaj-46	249	52	,	,	PUNCT
emaj-46	249	53	2007	2007	NUM
emaj-46	249	54	;	;	PUNCT
emaj-46	249	55	daskalakis	daskalaki	NOUN
emaj-46	249	56	and	and	CCONJ
emaj-46	249	57	psillaki	psillaki	PROPN
emaj-46	249	58	,	,	PUNCT
emaj-46	249	59	2008	2008	NUM
emaj-46	249	60	;	;	PUNCT
emaj-46	249	61	frank	frank	PROPN
emaj-46	249	62	and	and	CCONJ
emaj-46	249	63	goyal	goyal	PROPN
emaj-46	249	64	,	,	PUNCT
emaj-46	249	65	2009	2009	NUM
emaj-46	249	66	;	;	PUNCT
emaj-46	249	67	chakraborty	chakraborty	PROPN
emaj-46	249	68	,	,	PUNCT
emaj-46	249	69	2010	2010	NUM
emaj-46	249	70	;	;	PUNCT
emaj-46	249	71	gropp	gropp	NOUN
emaj-46	249	72	and	and	CCONJ
emaj-46	249	73	heider	heider	NOUN
emaj-46	249	74	,	,	PUNCT
emaj-46	249	75	2010	2010	NUM
emaj-46	249	76	;	;	PUNCT
emaj-46	249	77	kayo	kayo	PROPN
emaj-46	249	78	and	and	CCONJ
emaj-46	249	79	kimura	kimura	NOUN
emaj-46	249	80	,	,	PUNCT
emaj-46	249	81	2011	2011	NUM
emaj-46	249	82	;	;	PUNCT
emaj-46	249	83	oztekin	oztekin	ADJ
emaj-46	249	84	and	and	CCONJ
emaj-46	249	85	flannery	flannery	PROPN
emaj-46	249	86	,	,	PUNCT
emaj-46	249	87	2012	2012	NUM
emaj-46	249	88	;	;	PUNCT
emaj-46	249	89	joeveer	joeveer	NOUN
emaj-46	249	90	,	,	PUNCT
emaj-46	249	91	2013	2013	NUM
emaj-46	249	92	;	;	PUNCT
emaj-46	249	93	chakraborty	chakraborty	PROPN
emaj-46	249	94	,	,	PUNCT
emaj-46	249	95	2013	2013	NUM
emaj-46	249	96	;	;	PUNCT
emaj-46	249	97	dang	dang	PROPN
emaj-46	249	98	,	,	PUNCT
emaj-46	249	99	2013	2013	NUM
emaj-46	249	100	)	)	PUNCT
emaj-46	249	101	.	.	PUNCT
emaj-46	250	1	gdp	gdp	NOUN
emaj-46	250	2	growth	growth	NOUN
emaj-46	250	3	has	have	VERB
emaj-46	250	4	positive	positive	ADJ
emaj-46	250	5	signs	sign	NOUN
emaj-46	250	6	in	in	ADP
emaj-46	250	7	both	both	DET
emaj-46	250	8	leverage	leverage	NOUN
emaj-46	250	9	regressions	regression	NOUN
emaj-46	250	10	.	.	PUNCT
emaj-46	251	1	this	this	DET
emaj-46	251	2	finding	finding	NOUN
emaj-46	251	3	appears	appear	VERB
emaj-46	251	4	to	to	PART
emaj-46	251	5	be	be	AUX
emaj-46	251	6	consistent	consistent	ADJ
emaj-46	251	7	with	with	ADP
emaj-46	251	8	the	the	DET
emaj-46	251	9	pecking	pecking	NOUN
emaj-46	251	10	order	order	NOUN
emaj-46	251	11	theory	theory	NOUN
emaj-46	251	12	’s	’s	PART
emaj-46	251	13	prediction	prediction	NOUN
emaj-46	251	14	that	that	SCONJ
emaj-46	251	15	firms	firm	NOUN
emaj-46	251	16	with	with	ADP
emaj-46	251	17	higher	high	ADJ
emaj-46	251	18	growth	growth	NOUN
emaj-46	251	19	opportunities	opportunity	NOUN
emaj-46	251	20	would	would	AUX
emaj-46	251	21	need	need	VERB
emaj-46	251	22	more	more	ADJ
emaj-46	251	23	fund	fund	NOUN
emaj-46	251	24	and	and	CCONJ
emaj-46	251	25	that	that	SCONJ
emaj-46	251	26	firms	firm	NOUN
emaj-46	251	27	with	with	ADP
emaj-46	251	28	higher	high	ADJ
emaj-46	251	29	growth	growth	NOUN
emaj-46	251	30	opportunities	opportunity	NOUN
emaj-46	251	31	indicate	indicate	VERB
emaj-46	251	32	the	the	DET
emaj-46	251	33	greater	great	ADJ
emaj-46	251	34	demand	demand	NOUN
emaj-46	251	35	of	of	ADP
emaj-46	251	36	capital	capital	NOUN
emaj-46	251	37	,	,	PUNCT
emaj-46	251	38	thus	thus	ADV
emaj-46	251	39	external	external	ADJ
emaj-46	251	40	fund	fund	NOUN
emaj-46	251	41	is	be	AUX
emaj-46	251	42	preferred	prefer	VERB
emaj-46	251	43	through	through	ADP
emaj-46	251	44	debt	debt	NOUN
emaj-46	251	45	financing	financing	NOUN
emaj-46	251	46	.	.	PUNCT
emaj-46	252	1	our	our	PRON
emaj-46	252	2	finding	finding	NOUN
emaj-46	252	3	is	be	AUX
emaj-46	252	4	consistent	consistent	ADJ
emaj-46	252	5	with	with	ADP
emaj-46	252	6	previous	previous	ADJ
emaj-46	252	7	empirical	empirical	ADJ
emaj-46	252	8	evidence	evidence	NOUN
emaj-46	252	9	(	(	PUNCT
emaj-46	252	10	e.g.	e.g.	ADV
emaj-46	252	11	rajan	rajan	NOUN
emaj-46	252	12	and	and	CCONJ
emaj-46	252	13	zingales	zingale	NOUN
emaj-46	252	14	,	,	PUNCT
emaj-46	252	15	1995	1995	NUM
emaj-46	252	16	;	;	PUNCT
emaj-46	253	1	booth	booth	NOUN
emaj-46	253	2	et	et	PROPN
emaj-46	253	3	al	al	PROPN
emaj-46	253	4	.	.	PROPN
emaj-46	253	5	,	,	PUNCT
emaj-46	253	6	2001	2001	NUM
emaj-46	253	7	;	;	PUNCT
emaj-46	253	8	chen	chen	PROPN
emaj-46	253	9	,	,	PUNCT
emaj-46	253	10	2004	2004	NUM
emaj-46	253	11	;	;	PUNCT
emaj-46	253	12	delcoure	delcoure	NOUN
emaj-46	253	13	,	,	PUNCT
emaj-46	253	14	2007	2007	NUM
emaj-46	253	15	;	;	PUNCT
emaj-46	253	16	daskalakis	daskalaki	NOUN
emaj-46	253	17	and	and	CCONJ
emaj-46	253	18	psillaki	psillaki	PROPN
emaj-46	253	19	,	,	PUNCT
emaj-46	253	20	2008	2008	NUM
emaj-46	253	21	;	;	PUNCT
emaj-46	253	22	frank	frank	PROPN
emaj-46	253	23	and	and	CCONJ
emaj-46	253	24	goyal	goyal	PROPN
emaj-46	253	25	,	,	PUNCT
emaj-46	253	26	2009	2009	NUM
emaj-46	253	27	;	;	PUNCT
emaj-46	253	28	gropp	gropp	NOUN
emaj-46	253	29	and	and	CCONJ
emaj-46	253	30	heider	heider	NOUN
emaj-46	253	31	,	,	PUNCT
emaj-46	253	32	2010	2010	NUM
emaj-46	253	33	;	;	PUNCT
emaj-46	253	34	gungoraydinoglu	gungoraydinoglu	NOUN
emaj-46	253	35	and	and	CCONJ
emaj-46	253	36	öztekin	öztekin	NOUN
emaj-46	253	37	,	,	PUNCT
emaj-46	253	38	2011	2011	NUM
emaj-46	253	39	and	and	CCONJ
emaj-46	253	40	drobetz	drobetz	VERB
emaj-46	253	41	et	et	PROPN
emaj-46	253	42	al	al	PROPN
emaj-46	253	43	,	,	PUNCT
emaj-46	253	44	2013	2013	NUM
emaj-46	253	45	)	)	PUNCT
emaj-46	253	46	the	the	DET
emaj-46	253	47	inflation	inflation	NOUN
emaj-46	253	48	and	and	CCONJ
emaj-46	253	49	financial	financial	ADJ
emaj-46	253	50	risk	risk	NOUN
emaj-46	253	51	index	index	NOUN
emaj-46	253	52	have	have	VERB
emaj-46	253	53	negative	negative	ADJ
emaj-46	253	54	signs	sign	NOUN
emaj-46	253	55	in	in	ADP
emaj-46	253	56	both	both	DET
emaj-46	253	57	leverage	leverage	NOUN
emaj-46	253	58	regressions	regression	NOUN
emaj-46	253	59	confirming	confirm	VERB
emaj-46	253	60	the	the	DET
emaj-46	253	61	predictions	prediction	NOUN
emaj-46	253	62	.	.	PUNCT
emaj-46	254	1	the	the	DET
emaj-46	254	2	negative	negative	ADJ
emaj-46	254	3	influence	influence	NOUN
emaj-46	254	4	of	of	ADP
emaj-46	254	5	inflation	inflation	NOUN
emaj-46	254	6	suggests	suggest	VERB
emaj-46	254	7	that	that	SCONJ
emaj-46	254	8	an	an	DET
emaj-46	254	9	increase	increase	NOUN
emaj-46	254	10	in	in	ADP
emaj-46	254	11	inflation	inflation	NOUN
emaj-46	254	12	rate	rate	NOUN
emaj-46	254	13	brings	bring	VERB
emaj-46	254	14	about	about	ADP
emaj-46	254	15	uncertainty	uncertainty	NOUN
emaj-46	254	16	in	in	ADP
emaj-46	254	17	economic	economic	ADJ
emaj-46	254	18	situation	situation	NOUN
emaj-46	254	19	.	.	PUNCT
emaj-46	255	1	this	this	DET
emaj-46	255	2	uncertainty	uncertainty	NOUN
emaj-46	255	3	causes	cause	VERB
emaj-46	255	4	firms	firm	NOUN
emaj-46	255	5	'	'	PART
emaj-46	255	6	inability	inability	NOUN
emaj-46	255	7	to	to	PART
emaj-46	255	8	repay	repay	VERB
emaj-46	255	9	their	their	PRON
emaj-46	255	10	debts	debt	NOUN
emaj-46	255	11	.	.	PUNCT
emaj-46	256	1	higher	high	ADJ
emaj-46	256	2	inflation	inflation	NOUN
emaj-46	256	3	decreases	decrease	VERB
emaj-46	256	4	the	the	DET
emaj-46	256	5	benefits	benefit	NOUN
emaj-46	256	6	of	of	ADP
emaj-46	256	7	leverage	leverage	NOUN
emaj-46	256	8	because	because	SCONJ
emaj-46	256	9	of	of	ADP
emaj-46	256	10	higher	high	ADJ
emaj-46	256	11	bankruptcy	bankruptcy	NOUN
emaj-46	256	12	costs	cost	NOUN
emaj-46	256	13	of	of	ADP
emaj-46	256	14	debt	debt	NOUN
emaj-46	256	15	imposed	impose	VERB
emaj-46	256	16	on	on	ADP
emaj-46	256	17	firms	firm	NOUN
emaj-46	256	18	.	.	PUNCT
emaj-46	257	1	lenders	lender	NOUN
emaj-46	257	2	demand	demand	VERB
emaj-46	257	3	a	a	DET
emaj-46	257	4	higher	high	ADJ
emaj-46	257	5	return	return	NOUN
emaj-46	257	6	for	for	ADP
emaj-46	257	7	the	the	DET
emaj-46	257	8	risk	risk	NOUN
emaj-46	257	9	they	they	PRON
emaj-46	257	10	undertake	undertake	VERB
emaj-46	257	11	.	.	PUNCT
emaj-46	258	1	higher	high	ADJ
emaj-46	258	2	interest	interest	NOUN
emaj-46	258	3	rate	rate	NOUN
emaj-46	258	4	increases	increase	VERB
emaj-46	258	5	firm	firm	ADJ
emaj-46	258	6	’s	’s	PART
emaj-46	258	7	cost	cost	NOUN
emaj-46	258	8	of	of	ADP
emaj-46	258	9	debt	debt	NOUN
emaj-46	258	10	expected	expect	VERB
emaj-46	258	11	,	,	PUNCT
emaj-46	258	12	firms	firm	NOUN
emaj-46	258	13	reduce	reduce	VERB
emaj-46	258	14	debt	debt	NOUN
emaj-46	258	15	ratios	ratio	NOUN
emaj-46	258	16	.	.	PUNCT
emaj-46	259	1	our	our	PRON
emaj-46	259	2	results	result	NOUN
emaj-46	259	3	are	be	AUX
emaj-46	259	4	in	in	ADP
emaj-46	259	5	line	line	NOUN
emaj-46	259	6	with	with	ADP
emaj-46	259	7	the	the	DET
emaj-46	259	8	international	international	ADJ
emaj-46	259	9	evidence	evidence	NOUN
emaj-46	259	10	on	on	ADP
emaj-46	259	11	the	the	DET
emaj-46	259	12	relation	relation	NOUN
emaj-46	259	13	between	between	ADP
emaj-46	259	14	leverage	leverage	NOUN
emaj-46	259	15	and	and	CCONJ
emaj-46	259	16	inflation	inflation	NOUN
emaj-46	259	17	(	(	PUNCT
emaj-46	259	18	demirguc	demirguc	PROPN
emaj-46	259	19	-	-	PUNCT
emaj-46	259	20	kunt	kunt	PROPN
emaj-46	259	21	and	and	CCONJ
emaj-46	259	22	maksimoviç	maksimoviç	NOUN
emaj-46	259	23	,	,	PUNCT
emaj-46	259	24	1999	1999	NUM
emaj-46	259	25	;	;	PUNCT
emaj-46	259	26	gungoraydinoglu	gungoraydinoglu	NOUN
emaj-46	259	27	and	and	CCONJ
emaj-46	259	28	öztekin	öztekin	NOUN
emaj-46	259	29	,	,	PUNCT
emaj-46	259	30	2011	2011	NUM
emaj-46	259	31	;	;	PUNCT
emaj-46	259	32	öztekin	öztekin	NOUN
emaj-46	259	33	and	and	CCONJ
emaj-46	259	34	flannery	flannery	PROPN
emaj-46	259	35	,	,	PUNCT
emaj-46	259	36	2012	2012	NUM
emaj-46	259	37	;	;	PUNCT
emaj-46	259	38	drobetz	drobetz	PROPN
emaj-46	259	39	et	et	PROPN
emaj-46	259	40	al	al	PROPN
emaj-46	259	41	,	,	PUNCT
emaj-46	259	42	2013	2013	NUM
emaj-46	259	43	;	;	PUNCT
emaj-46	259	44	and	and	CCONJ
emaj-46	259	45	joeveer	joeveer	NOUN
emaj-46	259	46	,	,	PUNCT
emaj-46	259	47	2013	2013	NUM
emaj-46	259	48	)	)	PUNCT
emaj-46	259	49	.	.	PUNCT
emaj-46	260	1	in	in	ADP
emaj-46	260	2	sum	sum	NOUN
emaj-46	260	3	,	,	PUNCT
emaj-46	260	4	the	the	DET
emaj-46	260	5	regression	regression	NOUN
emaj-46	260	6	results	result	VERB
emaj-46	260	7	for	for	ADP
emaj-46	260	8	leverage	leverage	NOUN
emaj-46	260	9	are	be	AUX
emaj-46	260	10	both	both	PRON
emaj-46	260	11	theoretically	theoretically	ADV
emaj-46	260	12	and	and	CCONJ
emaj-46	260	13	empirically	empirically	ADV
emaj-46	260	14	plausible	plausible	ADJ
emaj-46	260	15	for	for	ADP
emaj-46	260	16	banks	bank	NOUN
emaj-46	260	17	in	in	ADP
emaj-46	260	18	turkey	turkey	NOUN
emaj-46	260	19	.	.	PUNCT
emaj-46	261	1	moreover	moreover	ADV
emaj-46	261	2	,	,	PUNCT
emaj-46	261	3	tangibility	tangibility	NOUN
emaj-46	261	4	,	,	PUNCT
emaj-46	261	5	profitability	profitability	NOUN
emaj-46	261	6	and	and	CCONJ
emaj-46	261	7	gdp	gdp	NOUN
emaj-46	261	8	growth	growth	NOUN
emaj-46	261	9	are	be	AUX
emaj-46	261	10	consistent	consistent	ADJ
emaj-46	261	11	with	with	ADP
emaj-46	261	12	the	the	DET
emaj-46	261	13	predictions	prediction	NOUN
emaj-46	261	14	of	of	ADP
emaj-46	261	15	the	the	DET
emaj-46	261	16	pecking	pecking	NOUN
emaj-46	261	17	order	order	NOUN
emaj-46	261	18	theory	theory	NOUN
emaj-46	261	19	,	,	PUNCT
emaj-46	261	20	while	while	SCONJ
emaj-46	261	21	firm	firm	ADJ
emaj-46	261	22	size	size	NOUN
emaj-46	261	23	is	be	AUX
emaj-46	261	24	consistent	consistent	ADJ
emaj-46	261	25	with	with	ADP
emaj-46	261	26	the	the	DET
emaj-46	261	27	predictions	prediction	NOUN
emaj-46	261	28	of	of	ADP
emaj-46	261	29	the	the	DET
emaj-46	261	30	trade	trade	NOUN
emaj-46	261	31	-	-	PUNCT
emaj-46	261	32	off	off	ADP
emaj-46	261	33	theory	theory	NOUN
emaj-46	261	34	.	.	PUNCT
emaj-46	262	1	5	5	X
emaj-46	262	2	.	.	X
emaj-46	262	3	conclusions	conclusion	NOUN
emaj-46	262	4	in	in	ADP
emaj-46	262	5	this	this	DET
emaj-46	262	6	paper	paper	NOUN
emaj-46	262	7	we	we	PRON
emaj-46	262	8	study	study	VERB
emaj-46	262	9	the	the	DET
emaj-46	262	10	importance	importance	NOUN
emaj-46	262	11	of	of	ADP
emaj-46	262	12	firmspecific	firmspecific	ADJ
emaj-46	262	13	,	,	PUNCT
emaj-46	262	14	country	country	NOUN
emaj-46	262	15	and	and	CCONJ
emaj-46	262	16	macroeconomic	macroeconomic	ADJ
emaj-46	262	17	factors	factor	NOUN
emaj-46	262	18	for	for	ADP
emaj-46	262	19	determining	determine	VERB
emaj-46	262	20	the	the	DET
emaj-46	262	21	capital	capital	NOUN
emaj-46	262	22	structure	structure	NOUN
emaj-46	262	23	of	of	ADP
emaj-46	262	24	banks	bank	NOUN
emaj-46	262	25	.	.	PUNCT
emaj-46	263	1	the	the	DET
emaj-46	263	2	analysis	analysis	NOUN
emaj-46	263	3	is	be	AUX
emaj-46	263	4	based	base	VERB
emaj-46	263	5	on	on	ADP
emaj-46	263	6	firm	firm	ADJ
emaj-46	263	7	-	-	PUNCT
emaj-46	263	8	level	level	NOUN
emaj-46	263	9	data	datum	NOUN
emaj-46	263	10	from	from	ADP
emaj-46	263	11	turkish	turkish	ADJ
emaj-46	263	12	banking	banking	NOUN
emaj-46	263	13	sector	sector	NOUN
emaj-46	263	14	in	in	ADP
emaj-46	263	15	2002–2012	2002–2012	NUM
emaj-46	263	16	.	.	PUNCT
emaj-46	264	1	we	we	PRON
emaj-46	264	2	use	use	VERB
emaj-46	264	3	two	two	NUM
emaj-46	264	4	measures	measure	NOUN
emaj-46	264	5	of	of	ADP
emaj-46	264	6	leverage	leverage	NOUN
emaj-46	264	7	in	in	ADP
emaj-46	264	8	this	this	DET
emaj-46	264	9	paper	paper	NOUN
emaj-46	264	10	.	.	PUNCT
emaj-46	265	1	this	this	DET
emaj-46	265	2	paper	paper	NOUN
emaj-46	265	3	aims	aim	VERB
emaj-46	265	4	to	to	PART
emaj-46	265	5	contribute	contribute	VERB
emaj-46	265	6	to	to	ADP
emaj-46	265	7	the	the	DET
emaj-46	265	8	knowledge	knowledge	NOUN
emaj-46	265	9	of	of	ADP
emaj-46	265	10	capital	capital	NOUN
emaj-46	265	11	structure	structure	NOUN
emaj-46	265	12	by	by	ADP
emaj-46	265	13	examining	examine	VERB
emaj-46	265	14	the	the	DET
emaj-46	265	15	determinants	determinant	NOUN
emaj-46	265	16	of	of	ADP
emaj-46	265	17	capital	capital	NOUN
emaj-46	265	18	structure	structure	NOUN
emaj-46	265	19	across	across	ADP
emaj-46	265	20	a	a	DET
emaj-46	265	21	large	large	ADJ
emaj-46	265	22	panel	panel	NOUN
emaj-46	265	23	of	of	ADP
emaj-46	265	24	banks	bank	NOUN
emaj-46	265	25	and	and	CCONJ
emaj-46	265	26	by	by	ADP
emaj-46	265	27	focusing	focus	VERB
emaj-46	265	28	on	on	ADP
emaj-46	265	29	both	both	CCONJ
emaj-46	265	30	the	the	DET
emaj-46	265	31	characteristics	characteristic	NOUN
emaj-46	265	32	of	of	ADP
emaj-46	265	33	the	the	DET
emaj-46	265	34	bank	bank	NOUN
emaj-46	265	35	and	and	CCONJ
emaj-46	265	36	macroeconomic	macroeconomic	ADJ
emaj-46	265	37	factors	factor	NOUN
emaj-46	265	38	.	.	PUNCT
emaj-46	266	1	in	in	ADP
emaj-46	266	2	this	this	DET
emaj-46	266	3	article	article	NOUN
emaj-46	266	4	,	,	PUNCT
emaj-46	266	5	we	we	PRON
emaj-46	266	6	contribute	contribute	VERB
emaj-46	266	7	to	to	ADP
emaj-46	266	8	the	the	DET
emaj-46	266	9	empirical	empirical	ADJ
emaj-46	266	10	capital	capital	NOUN
emaj-46	266	11	structure	structure	NOUN
emaj-46	266	12	literature	literature	NOUN
emaj-46	266	13	in	in	ADP
emaj-46	266	14	the	the	DET
emaj-46	266	15	following	following	ADJ
emaj-46	266	16	ways	way	NOUN
emaj-46	266	17	.	.	PUNCT
emaj-46	267	1	our	our	PRON
emaj-46	267	2	first	first	ADJ
emaj-46	267	3	contribution	contribution	NOUN
emaj-46	267	4	comes	come	VERB
emaj-46	267	5	from	from	ADP
emaj-46	267	6	assessing	assess	VERB
emaj-46	267	7	the	the	DET
emaj-46	267	8	importance	importance	NOUN
emaj-46	267	9	of	of	ADP
emaj-46	267	10	country	country	NOUN
emaj-46	267	11	-	-	PUNCT
emaj-46	267	12	level	level	NOUN
emaj-46	267	13	factor	factor	NOUN
emaj-46	267	14	for	for	ADP
emaj-46	267	15	capital	capital	NOUN
emaj-46	267	16	structure	structure	NOUN
emaj-46	267	17	decisions	decision	NOUN
emaj-46	267	18	and	and	CCONJ
emaj-46	267	19	evaluating	evaluate	VERB
emaj-46	267	20	the	the	DET
emaj-46	267	21	relative	relative	ADJ
emaj-46	267	22	importance	importance	NOUN
emaj-46	267	23	of	of	ADP
emaj-46	267	24	the	the	DET
emaj-46	267	25	country	country	NOUN
emaj-46	267	26	-	-	PUNCT
emaj-46	267	27	specific	specific	ADJ
emaj-46	267	28	factors	factor	NOUN
emaj-46	267	29	in	in	ADP
emaj-46	267	30	determining	determine	VERB
emaj-46	267	31	a	a	DET
emaj-46	267	32	firm	firm	NOUN
emaj-46	267	33	's	's	PART
emaj-46	267	34	leverage	leverage	NOUN
emaj-46	267	35	compared	compare	VERB
emaj-46	267	36	with	with	ADP
emaj-46	267	37	the	the	DET
emaj-46	267	38	firm	firm	ADJ
emaj-46	267	39	-	-	PUNCT
emaj-46	267	40	specific	specific	ADJ
emaj-46	267	41	factors	factor	NOUN
emaj-46	267	42	and	and	CCONJ
emaj-46	267	43	industrial	industrial	ADJ
emaj-46	267	44	factors	factor	NOUN
emaj-46	267	45	in	in	ADP
emaj-46	267	46	turkish	turkish	ADJ
emaj-46	267	47	banking	banking	NOUN
emaj-46	267	48	sector	sector	NOUN
emaj-46	267	49	.	.	PUNCT
emaj-46	268	1	second	second	ADV
emaj-46	268	2	,	,	PUNCT
emaj-46	268	3	we	we	PRON
emaj-46	268	4	employ	employ	VERB
emaj-46	268	5	appropriate	appropriate	ADJ
emaj-46	268	6	and	and	CCONJ
emaj-46	268	7	advanced	advanced	ADJ
emaj-46	268	8	dynamic	dynamic	ADJ
emaj-46	268	9	panel	panel	NOUN
emaj-46	268	10	data	datum	NOUN
emaj-46	268	11	estimators	estimator	NOUN
emaj-46	268	12	,	,	PUNCT
emaj-46	268	13	blundell	blundell	PROPN
emaj-46	268	14	and	and	CCONJ
emaj-46	268	15	bond	bond	NOUN
emaj-46	268	16	’s	’s	PART
emaj-46	268	17	(	(	PUNCT
emaj-46	268	18	1998	1998	NUM
emaj-46	268	19	)	)	PUNCT
emaj-46	268	20	generalized	generalized	ADJ
emaj-46	268	21	methods	method	NOUN
emaj-46	268	22	of	of	ADP
emaj-46	268	23	moment	moment	NOUN
emaj-46	268	24	’s	’s	PART
emaj-46	268	25	estimators	estimator	NOUN
emaj-46	268	26	(	(	PUNCT
emaj-46	268	27	system	system	NOUN
emaj-46	268	28	gmm	gmm	PROPN
emaj-46	268	29	)	)	PUNCT
emaj-46	268	30	,	,	PUNCT
emaj-46	268	31	to	to	PART
emaj-46	268	32	estimate	estimate	VERB
emaj-46	268	33	the	the	DET
emaj-46	268	34	determinants	determinant	NOUN
emaj-46	268	35	of	of	ADP
emaj-46	268	36	capital	capital	NOUN
emaj-46	268	37	structure	structure	NOUN
emaj-46	268	38	.	.	PUNCT
emaj-46	269	1	we	we	PRON
emaj-46	269	2	find	find	VERB
emaj-46	269	3	that	that	SCONJ
emaj-46	269	4	leverage	leverage	NOUN
emaj-46	269	5	is	be	AUX
emaj-46	269	6	significantly	significantly	ADV
emaj-46	269	7	and	and	CCONJ
emaj-46	269	8	positively	positively	ADV
emaj-46	269	9	associated	associate	VERB
emaj-46	269	10	with	with	ADP
emaj-46	269	11	average	average	ADJ
emaj-46	269	12	industry	industry	NOUN
emaj-46	269	13	leverage	leverage	NOUN
emaj-46	269	14	,	,	PUNCT
emaj-46	269	15	firm	firm	ADJ
emaj-46	269	16	size	size	NOUN
emaj-46	269	17	and	and	CCONJ
emaj-46	269	18	gdp	gdp	NOUN
emaj-46	269	19	growth	growth	NOUN
emaj-46	269	20	.	.	PUNCT
emaj-46	270	1	we	we	PRON
emaj-46	270	2	find	find	VERB
emaj-46	270	3	also	also	ADV
emaj-46	270	4	that	that	SCONJ
emaj-46	270	5	leverage	leverage	NOUN
emaj-46	270	6	is	be	AUX
emaj-46	270	7	significantly	significantly	ADV
emaj-46	270	8	and	and	CCONJ
emaj-46	270	9	negatively	negatively	ADV
emaj-46	270	10	associated	associate	VERB
emaj-46	270	11	with	with	ADP
emaj-46	270	12	tangibility	tangibility	NOUN
emaj-46	270	13	,	,	PUNCT
emaj-46	270	14	profitability	profitability	NOUN
emaj-46	270	15	,	,	PUNCT
emaj-46	270	16	inflation	inflation	NOUN
emaj-46	270	17	and	and	CCONJ
emaj-46	270	18	financial	financial	ADJ
emaj-46	270	19	risk	risk	NOUN
emaj-46	270	20	.	.	PUNCT
emaj-46	271	1	empirically	empirically	ADV
emaj-46	271	2	,	,	PUNCT
emaj-46	271	3	our	our	PRON
emaj-46	271	4	results	result	NOUN
emaj-46	271	5	are	be	AUX
emaj-46	271	6	in	in	ADP
emaj-46	271	7	line	line	NOUN
emaj-46	271	8	with	with	ADP
emaj-46	271	9	the	the	DET
emaj-46	271	10	well	well	ADV
emaj-46	271	11	-	-	PUNCT
emaj-46	271	12	documented	document	VERB
emaj-46	271	13	international	international	ADJ
emaj-46	271	14	evidence	evidence	NOUN
emaj-46	271	15	on	on	ADP
emaj-46	271	16	the	the	DET
emaj-46	271	17	relation	relation	NOUN
emaj-46	271	18	between	between	ADP
emaj-46	271	19	leverage	leverage	NOUN
emaj-46	271	20	and	and	CCONJ
emaj-46	271	21	determinants	determinant	NOUN
emaj-46	271	22	.	.	PUNCT
emaj-46	272	1	the	the	DET
emaj-46	272	2	regression	regression	NOUN
emaj-46	272	3	results	result	VERB
emaj-46	272	4	for	for	ADP
emaj-46	272	5	leverage	leverage	NOUN
emaj-46	272	6	are	be	AUX
emaj-46	272	7	both	both	PRON
emaj-46	272	8	theoretically	theoretically	ADV
emaj-46	272	9	and	and	CCONJ
emaj-46	272	10	empirically	empirically	ADV
emaj-46	272	11	plausible	plausible	ADJ
emaj-46	272	12	for	for	ADP
emaj-46	272	13	banks	bank	NOUN
emaj-46	272	14	in	in	ADP
emaj-46	272	15	turkey	turkey	NOUN
emaj-46	272	16	.	.	PUNCT
emaj-46	273	1	moreover	moreover	ADV
emaj-46	273	2	,	,	PUNCT
emaj-46	273	3	tangibility	tangibility	NOUN
emaj-46	273	4	,	,	PUNCT
emaj-46	273	5	profitability	profitability	NOUN
emaj-46	273	6	and	and	CCONJ
emaj-46	273	7	gdp	gdp	NOUN
emaj-46	273	8	growth	growth	NOUN
emaj-46	273	9	are	be	AUX
emaj-46	273	10	consistent	consistent	ADJ
emaj-46	273	11	with	with	ADP
emaj-46	273	12	the	the	DET
emaj-46	273	13	predictions	prediction	NOUN
emaj-46	273	14	of	of	ADP
emaj-46	273	15	the	the	DET
emaj-46	273	16	pecking	pecking	NOUN
emaj-46	273	17	order	order	NOUN
emaj-46	273	18	theory	theory	NOUN
emaj-46	273	19	,	,	PUNCT
emaj-46	273	20	while	while	SCONJ
emaj-46	273	21	firm	firm	ADJ
emaj-46	273	22	size	size	NOUN
emaj-46	273	23	is	be	AUX
emaj-46	273	24	consistent	consistent	ADJ
emaj-46	273	25	with	with	ADP
emaj-46	273	26	the	the	DET
emaj-46	273	27	predictions	prediction	NOUN
emaj-46	273	28	of	of	ADP
emaj-46	273	29	the	the	DET
emaj-46	273	30	trade	trade	NOUN
emaj-46	273	31	-	-	PUNCT
emaj-46	273	32	off	off	ADP
emaj-46	273	33	theory	theory	NOUN
emaj-46	273	34	.	.	PUNCT
emaj-46	274	1	volume	volume	NOUN
emaj-46	274	2	3	3	NUM
emaj-46	274	3	no	no	DET
emaj-46	274	4	3	3	NUM
emaj-46	274	5	(	(	PUNCT
emaj-46	274	6	2014	2014	NUM
emaj-46	274	7	)	)	PUNCT
emaj-46	274	8	|	|	ADV
emaj-46	274	9	issn	issn	VERB
emaj-46	274	10	2158	2158	NUM
emaj-46	274	11	-	-	SYM
emaj-46	274	12	8708	8708	NUM
emaj-46	274	13	(	(	PUNCT
emaj-46	274	14	online	online	NOUN
emaj-46	274	15	)	)	PUNCT
emaj-46	274	16	|	|	ADV
emaj-46	274	17	doi	doi	X
emaj-46	274	18	10.5195	10.5195	NUM
emaj-46	274	19	/	/	SYM
emaj-46	274	20	emaj.2014.46	emaj.2014.46	NOUN
emaj-46	274	21	|	|	ADV
emaj-46	274	22	http://emaj.pitt.edu	http://emaj.pitt.edu	VERB
emaj-46	274	23	firm	firm	NOUN
emaj-46	274	24	,	,	PUNCT
emaj-46	274	25	country	country	NOUN
emaj-46	274	26	and	and	CCONJ
emaj-46	274	27	macroeconomic	macroeconomic	ADJ
emaj-46	274	28	determinants	determinant	NOUN
emaj-46	274	29	of	of	ADP
emaj-46	274	30	capital	capital	NOUN
emaj-46	274	31	structure	structure	NOUN
emaj-46	274	32	:	:	PUNCT
emaj-46	274	33	evidence	evidence	NOUN
emaj-46	274	34	from	from	ADP
emaj-46	274	35	turkish	turkish	ADJ
emaj-46	274	36	banking	banking	NOUN
emaj-46	274	37	sector	sector	NOUN
emaj-46	274	38	emerging	emerge	VERB
emaj-46	274	39	markets	market	NOUN
emaj-46	274	40	journal	journal	NOUN
emaj-46	274	41	|	|	ADV
emaj-46	274	42	p	p	NOUN
emaj-46	274	43	a	a	DET
emaj-46	274	44	g	g	NOUN
emaj-46	274	45	e	e	NOUN
emaj-46	274	46	|55	|55	NOUN
emaj-46	274	47	our	our	PRON
emaj-46	274	48	findings	finding	NOUN
emaj-46	274	49	suggest	suggest	VERB
emaj-46	274	50	that	that	SCONJ
emaj-46	274	51	the	the	DET
emaj-46	274	52	capital	capital	NOUN
emaj-46	274	53	structures	structure	NOUN
emaj-46	274	54	of	of	ADP
emaj-46	274	55	financial	financial	ADJ
emaj-46	274	56	and	and	CCONJ
emaj-46	274	57	non	non	ADJ
emaj-46	274	58	-	-	ADJ
emaj-46	274	59	financial	financial	ADJ
emaj-46	274	60	firms	firm	NOUN
emaj-46	274	61	are	be	AUX
emaj-46	274	62	ultimately	ultimately	ADV
emaj-46	274	63	determined	determine	VERB
emaj-46	274	64	by	by	ADP
emaj-46	274	65	the	the	DET
emaj-46	274	66	same	same	ADJ
emaj-46	274	67	drivers	driver	NOUN
emaj-46	274	68	.	.	PUNCT
emaj-46	275	1	in	in	ADP
emaj-46	275	2	addition	addition	NOUN
emaj-46	275	3	,	,	PUNCT
emaj-46	275	4	our	our	PRON
emaj-46	275	5	results	result	NOUN
emaj-46	275	6	have	have	VERB
emaj-46	275	7	important	important	ADJ
emaj-46	275	8	managerial	managerial	ADJ
emaj-46	275	9	implications	implication	NOUN
emaj-46	275	10	:	:	PUNCT
emaj-46	275	11	they	they	PRON
emaj-46	275	12	show	show	VERB
emaj-46	275	13	that	that	SCONJ
emaj-46	275	14	bank	bank	NOUN
emaj-46	275	15	’s	’s	PART
emaj-46	275	16	managers	manager	NOUN
emaj-46	275	17	should	should	AUX
emaj-46	275	18	focus	focus	VERB
emaj-46	275	19	a	a	DET
emaj-46	275	20	significant	significant	ADJ
emaj-46	275	21	part	part	NOUN
emaj-46	275	22	of	of	ADP
emaj-46	275	23	their	their	PRON
emaj-46	275	24	attention	attention	NOUN
emaj-46	275	25	on	on	ADP
emaj-46	275	26	firm	firm	ADJ
emaj-46	275	27	characteristics	characteristic	NOUN
emaj-46	275	28	and	and	CCONJ
emaj-46	275	29	can	can	AUX
emaj-46	275	30	not	not	PART
emaj-46	275	31	ignore	ignore	VERB
emaj-46	275	32	the	the	DET
emaj-46	275	33	importance	importance	NOUN
emaj-46	275	34	of	of	ADP
emaj-46	275	35	external	external	ADJ
emaj-46	275	36	environments	environment	NOUN
emaj-46	275	37	(	(	PUNCT
emaj-46	275	38	e.g.	e.g.	ADV
emaj-46	275	39	,	,	PUNCT
emaj-46	275	40	industry	industry	NOUN
emaj-46	275	41	,	,	PUNCT
emaj-46	275	42	country	country	NOUN
emaj-46	275	43	,	,	PUNCT
emaj-46	275	44	macroeconomics	macroeconomic	NOUN
emaj-46	275	45	)	)	PUNCT
emaj-46	275	46	when	when	SCONJ
emaj-46	275	47	making	make	VERB
emaj-46	275	48	financing	financing	NOUN
emaj-46	275	49	decisions	decision	NOUN
emaj-46	275	50	.	.	PUNCT
emaj-46	276	1	references	reference	NOUN
emaj-46	276	2	allen	allen	PROPN
emaj-46	276	3	,	,	PUNCT
emaj-46	276	4	f.	f.	PROPN
emaj-46	276	5	,	,	PUNCT
emaj-46	276	6	carletti	carletti	PROPN
emaj-46	276	7	,	,	PUNCT
emaj-46	276	8	e.	e.	PROPN
emaj-46	276	9	,	,	PUNCT
emaj-46	276	10	marquez	marquez	PROPN
emaj-46	276	11	,	,	PUNCT
emaj-46	276	12	r.	r.	PROPN
emaj-46	276	13	2011	2011	NUM
emaj-46	276	14	.	.	PUNCT
emaj-46	277	1	“	"	PUNCT
emaj-46	277	2	credit	credit	NOUN
emaj-46	277	3	market	market	NOUN
emaj-46	277	4	competition	competition	NOUN
emaj-46	277	5	and	and	CCONJ
emaj-46	277	6	capital	capital	NOUN
emaj-46	277	7	regulation	regulation	NOUN
emaj-46	277	8	,	,	PUNCT
emaj-46	277	9	review	review	NOUN
emaj-46	277	10	of	of	ADP
emaj-46	277	11	financial	financial	ADJ
emaj-46	277	12	studies	study	NOUN
emaj-46	277	13	24(4	24(4	NOUN
emaj-46	277	14	)	)	PUNCT
emaj-46	277	15	,	,	PUNCT
emaj-46	277	16	983	983	NUM
emaj-46	277	17	-	-	SYM
emaj-46	277	18	1018	1018	NUM
emaj-46	277	19	.	.	PUNCT
emaj-46	278	1	antoniou	antoniou	PROPN
emaj-46	278	2	,	,	PUNCT
emaj-46	278	3	a.	a.	NOUN
emaj-46	278	4	,	,	PUNCT
emaj-46	278	5	guney	guney	NOUN
emaj-46	278	6	,	,	PUNCT
emaj-46	278	7	y.	y.	NOUN
emaj-46	278	8	,	,	PUNCT
emaj-46	278	9	paudyal	paudyal	NOUN
emaj-46	278	10	,	,	PUNCT
emaj-46	278	11	k.	k.	PROPN
emaj-46	278	12	,	,	PUNCT
emaj-46	278	13	2008	2008	NUM
emaj-46	278	14	.	.	PUNCT
emaj-46	279	1	“	"	PUNCT
emaj-46	279	2	the	the	DET
emaj-46	279	3	determinants	determinant	NOUN
emaj-46	279	4	of	of	ADP
emaj-46	279	5	capital	capital	NOUN
emaj-46	279	6	structure	structure	NOUN
emaj-46	279	7	:	:	PUNCT
emaj-46	279	8	capital	capital	NOUN
emaj-46	279	9	market	market	NOUN
emaj-46	279	10	-	-	PUNCT
emaj-46	279	11	oriented	orient	VERB
emaj-46	279	12	versus	versus	ADP
emaj-46	279	13	bank	bank	NOUN
emaj-46	279	14	-	-	PUNCT
emaj-46	279	15	oriented	orient	VERB
emaj-46	279	16	i̇nstitutions	i̇nstitution	NOUN
emaj-46	279	17	”	"	PUNCT
emaj-46	279	18	.	.	PUNCT
emaj-46	280	1	journal	journal	PROPN
emaj-46	280	2	of	of	ADP
emaj-46	280	3	financial	financial	ADJ
emaj-46	280	4	and	and	CCONJ
emaj-46	280	5	quantitative	quantitative	ADJ
emaj-46	280	6	analysis	analysis	NOUN
emaj-46	280	7	43	43	NUM
emaj-46	280	8	,	,	PUNCT
emaj-46	280	9	59–92	59–92	NUM
emaj-46	280	10	.	.	PUNCT
emaj-46	281	1	baltagi	baltagi	PROPN
emaj-46	281	2	,	,	PUNCT
emaj-46	281	3	b.h	b.h	PROPN
emaj-46	281	4	.	.	PROPN
emaj-46	281	5	,	,	PUNCT
emaj-46	281	6	2001	2001	NUM
emaj-46	281	7	.	.	PUNCT
emaj-46	282	1	“	"	PUNCT
emaj-46	282	2	econometric	econometric	ADJ
emaj-46	282	3	analysis	analysis	NOUN
emaj-46	282	4	of	of	ADP
emaj-46	282	5	panel	panel	NOUN
emaj-46	282	6	data	datum	NOUN
emaj-46	282	7	”	"	PUNCT
emaj-46	282	8	.	.	PUNCT
emaj-46	283	1	wiley	wiley	PROPN
emaj-46	283	2	,	,	PUNCT
emaj-46	283	3	west	west	PROPN
emaj-46	283	4	sussex	sussex	PROPN
emaj-46	283	5	.	.	PUNCT
emaj-46	284	1	bancel	bancel	PROPN
emaj-46	284	2	,	,	PUNCT
emaj-46	284	3	f.	f.	PROPN
emaj-46	284	4	,	,	PUNCT
emaj-46	284	5	mittoo	mittoo	PROPN
emaj-46	284	6	,	,	PUNCT
emaj-46	284	7	u.r	u.r	PROPN
emaj-46	284	8	.	.	PROPN
emaj-46	284	9	,	,	PUNCT
emaj-46	284	10	2004	2004	NUM
emaj-46	284	11	.	.	PUNCT
emaj-46	285	1	“	"	PUNCT
emaj-46	285	2	crosscountry	crosscountry	PROPN
emaj-46	285	3	determinants	determinant	NOUN
emaj-46	285	4	of	of	ADP
emaj-46	285	5	capital	capital	NOUN
emaj-46	285	6	structure	structure	NOUN
emaj-46	285	7	choice	choice	NOUN
emaj-46	285	8	.	.	PUNCT
emaj-46	286	1	a	a	DET
emaj-46	286	2	survey	survey	NOUN
emaj-46	286	3	of	of	ADP
emaj-46	286	4	european	european	ADJ
emaj-46	286	5	firms	firm	NOUN
emaj-46	286	6	”	"	PUNCT
emaj-46	286	7	.	.	PUNCT
emaj-46	287	1	financial	financial	ADJ
emaj-46	287	2	management	management	NOUN
emaj-46	287	3	33	33	NUM
emaj-46	287	4	,	,	PUNCT
emaj-46	287	5	103–132	103–132	NUM
emaj-46	287	6	.	.	PUNCT
emaj-46	288	1	barth	barth	PROPN
emaj-46	288	2	,	,	PUNCT
emaj-46	288	3	j.	j.	PROPN
emaj-46	288	4	,	,	PUNCT
emaj-46	288	5	caprio	caprio	PROPN
emaj-46	288	6	,	,	PUNCT
emaj-46	288	7	g.	g.	PROPN
emaj-46	288	8	,	,	PUNCT
emaj-46	288	9	levine	levine	PROPN
emaj-46	288	10	,	,	PUNCT
emaj-46	288	11	r.	r.	PROPN
emaj-46	288	12	2005	2005	NUM
emaj-46	288	13	.	.	PUNCT
emaj-46	289	1	“	"	PUNCT
emaj-46	289	2	rethinking	rethink	VERB
emaj-46	289	3	bank	bank	NOUN
emaj-46	289	4	regulation	regulation	NOUN
emaj-46	289	5	:	:	PUNCT
emaj-46	289	6	till	till	SCONJ
emaj-46	289	7	angels	angel	NOUN
emaj-46	289	8	govern	govern	VERB
emaj-46	289	9	”	"	PUNCT
emaj-46	289	10	,	,	PUNCT
emaj-46	289	11	cambridge	cambridge	PROPN
emaj-46	289	12	university	university	PROPN
emaj-46	289	13	press	press	PROPN
emaj-46	289	14	,	,	PUNCT
emaj-46	289	15	cambridge	cambridge	NOUN
emaj-46	289	16	and	and	CCONJ
emaj-46	289	17	new	new	PROPN
emaj-46	289	18	york	york	PROPN
emaj-46	289	19	.	.	PUNCT
emaj-46	290	1	bashir	bashir	PROPN
emaj-46	290	2	,	,	PUNCT
emaj-46	290	3	a.	a.	PROPN
emaj-46	290	4	h.	h.	PROPN
emaj-46	290	5	m.	m.	PROPN
emaj-46	290	6	2003	2003	NUM
emaj-46	290	7	.	.	PUNCT
emaj-46	291	1	“	"	PUNCT
emaj-46	291	2	determinants	determinant	NOUN
emaj-46	291	3	of	of	ADP
emaj-46	291	4	profitability	profitability	NOUN
emaj-46	291	5	in	in	ADP
emaj-46	291	6	islamic	islamic	ADJ
emaj-46	291	7	banks	bank	NOUN
emaj-46	291	8	:	:	PUNCT
emaj-46	291	9	some	some	DET
emaj-46	291	10	evidence	evidence	NOUN
emaj-46	291	11	from	from	ADP
emaj-46	291	12	the	the	DET
emaj-46	291	13	middle	middle	PROPN
emaj-46	291	14	east	east	PROPN
emaj-46	291	15	”	"	PUNCT
emaj-46	291	16	,	,	PUNCT
emaj-46	291	17	islamic	islamic	ADJ
emaj-46	291	18	economic	economic	ADJ
emaj-46	291	19	studies	study	NOUN
emaj-46	291	20	,	,	PUNCT
emaj-46	291	21	11(1	11(1	NUM
emaj-46	291	22	)	)	PUNCT
emaj-46	291	23	,	,	PUNCT
emaj-46	291	24	31	31	NUM
emaj-46	291	25	-	-	SYM
emaj-46	291	26	57	57	NUM
emaj-46	291	27	.	.	PUNCT
emaj-46	292	1	beck	beck	PROPN
emaj-46	292	2	,	,	PUNCT
emaj-46	292	3	t.	t.	PROPN
emaj-46	292	4	,	,	PUNCT
emaj-46	292	5	demirgüç	demirgüç	PROPN
emaj-46	292	6	-	-	PUNCT
emaj-46	292	7	kunt	kunt	PROPN
emaj-46	292	8	,	,	PUNCT
emaj-46	292	9	a.	a.	NOUN
emaj-46	292	10	,	,	PUNCT
emaj-46	292	11	maksimovic	maksimovic	ADJ
emaj-46	292	12	,	,	PUNCT
emaj-46	292	13	v.	v.	ADP
emaj-46	292	14	,	,	PUNCT
emaj-46	292	15	2008	2008	NUM
emaj-46	292	16	.	.	PUNCT
emaj-46	293	1	“	"	PUNCT
emaj-46	293	2	financing	finance	VERB
emaj-46	293	3	patterns	pattern	NOUN
emaj-46	293	4	around	around	ADP
emaj-46	293	5	the	the	DET
emaj-46	293	6	world	world	NOUN
emaj-46	293	7	:	:	PUNCT
emaj-46	293	8	are	be	AUX
emaj-46	293	9	small	small	ADJ
emaj-46	293	10	firms	firm	NOUN
emaj-46	293	11	different	different	ADJ
emaj-46	293	12	?	?	PUNCT
emaj-46	293	13	.	.	PUNCT
emaj-46	294	1	journal	journal	PROPN
emaj-46	294	2	of	of	ADP
emaj-46	294	3	financial	financial	ADJ
emaj-46	294	4	economics	economic	NOUN
emaj-46	294	5	89	89	NUM
emaj-46	294	6	,	,	PUNCT
emaj-46	294	7	467–487	467–487	NUM
emaj-46	294	8	.	.	PUNCT
emaj-46	295	1	berger	berger	PROPN
emaj-46	295	2	,	,	PUNCT
emaj-46	295	3	a.	a.	PROPN
emaj-46	295	4	,	,	PUNCT
emaj-46	295	5	de	de	X
emaj-46	295	6	young	young	PROPN
emaj-46	295	7	,	,	PUNCT
emaj-46	295	8	r.	r.	PROPN
emaj-46	295	9	,	,	PUNCT
emaj-46	295	10	flannery	flannery	PROPN
emaj-46	295	11	,	,	PUNCT
emaj-46	295	12	m.	m.	NOUN
emaj-46	295	13	,	,	PUNCT
emaj-46	295	14	lee	lee	PROPN
emaj-46	295	15	,	,	PUNCT
emaj-46	295	16	d.	d.	PROPN
emaj-46	295	17	,	,	PUNCT
emaj-46	295	18	oztekin	oztekin	ADJ
emaj-46	295	19	,	,	PUNCT
emaj-46	295	20	o.	o.	NOUN
emaj-46	295	21	2008	2008	NUM
emaj-46	295	22	.	.	PUNCT
emaj-46	296	1	“	"	PUNCT
emaj-46	296	2	how	how	SCONJ
emaj-46	296	3	do	do	AUX
emaj-46	296	4	large	large	ADJ
emaj-46	296	5	banking	banking	NOUN
emaj-46	296	6	organizations	organization	NOUN
emaj-46	296	7	manage	manage	VERB
emaj-46	296	8	their	their	PRON
emaj-46	296	9	capital	capital	NOUN
emaj-46	296	10	ratios	ratio	NOUN
emaj-46	296	11	?	?	PUNCT
emaj-46	296	12	”	"	PUNCT
emaj-46	296	13	.	.	PUNCT
emaj-46	297	1	journal	journal	PROPN
emaj-46	297	2	of	of	ADP
emaj-46	297	3	financial	financial	ADJ
emaj-46	297	4	services	service	NOUN
emaj-46	297	5	research	research	VERB
emaj-46	297	6	34	34	NUM
emaj-46	297	7	,	,	PUNCT
emaj-46	297	8	123–149	123–149	NUM
emaj-46	297	9	.	.	PUNCT
emaj-46	298	1	bevan	bevan	PROPN
emaj-46	298	2	,	,	PUNCT
emaj-46	298	3	a.a	a.a	PROPN
emaj-46	298	4	.	.	PROPN
emaj-46	298	5	,	,	PUNCT
emaj-46	298	6	danbolt	danbolt	PROPN
emaj-46	298	7	,	,	PUNCT
emaj-46	298	8	j.	j.	PROPN
emaj-46	298	9	,	,	PUNCT
emaj-46	298	10	2002	2002	NUM
emaj-46	298	11	.	.	PUNCT
emaj-46	299	1	“	"	PUNCT
emaj-46	299	2	capital	capital	NOUN
emaj-46	299	3	structure	structure	NOUN
emaj-46	299	4	and	and	CCONJ
emaj-46	299	5	i̇ts	i̇ts	PROPN
emaj-46	299	6	determinants	determinant	NOUN
emaj-46	299	7	i̇n	i̇n	VERB
emaj-46	299	8	the	the	DET
emaj-46	299	9	uk	uk	PROPN
emaj-46	299	10	-	-	PUNCT
emaj-46	299	11	a	a	DET
emaj-46	299	12	decompositional	decompositional	ADJ
emaj-46	299	13	analysis	analysis	NOUN
emaj-46	299	14	”	"	PUNCT
emaj-46	299	15	.	.	PUNCT
emaj-46	300	1	applied	apply	VERB
emaj-46	300	2	financial	financial	ADJ
emaj-46	300	3	economics	economic	NOUN
emaj-46	300	4	12	12	NUM
emaj-46	300	5	,	,	PUNCT
emaj-46	300	6	159–170	159–170	NUM
emaj-46	300	7	.	.	PUNCT
emaj-46	301	1	blundell	blundell	PROPN
emaj-46	301	2	,	,	PUNCT
emaj-46	301	3	r.	r.	PROPN
emaj-46	301	4	w.	w.	PROPN
emaj-46	301	5	and	and	CCONJ
emaj-46	301	6	bond	bond	PROPN
emaj-46	301	7	,	,	PUNCT
emaj-46	301	8	s.	s.	PROPN
emaj-46	301	9	r.	r.	PROPN
emaj-46	301	10	1998	1998	NUM
emaj-46	301	11	.	.	PUNCT
emaj-46	302	1	“	"	PUNCT
emaj-46	302	2	initial	initial	ADJ
emaj-46	302	3	conditions	condition	NOUN
emaj-46	302	4	and	and	CCONJ
emaj-46	302	5	moment	moment	NOUN
emaj-46	302	6	restrictions	restriction	NOUN
emaj-46	302	7	i̇n	i̇n	PROPN
emaj-46	302	8	dynamic	dynamic	ADJ
emaj-46	302	9	panel	panel	NOUN
emaj-46	302	10	data	data	NOUN
emaj-46	302	11	models	model	NOUN
emaj-46	302	12	”	"	PUNCT
emaj-46	302	13	.	.	PUNCT
emaj-46	303	1	journal	journal	PROPN
emaj-46	303	2	of	of	ADP
emaj-46	303	3	econometrics	econometric	NOUN
emaj-46	303	4	,	,	PUNCT
emaj-46	303	5	87	87	NUM
emaj-46	303	6	,	,	PUNCT
emaj-46	303	7	115–43	115–43	PROPN
emaj-46	303	8	.	.	PUNCT
emaj-46	304	1	booth	booth	PROPN
emaj-46	304	2	,	,	PUNCT
emaj-46	304	3	l.	l.	PROPN
emaj-46	304	4	,	,	PUNCT
emaj-46	304	5	aivazian	aivazian	PROPN
emaj-46	304	6	,	,	PUNCT
emaj-46	304	7	v.	v.	ADV
emaj-46	304	8	,	,	PUNCT
emaj-46	304	9	demirgüç	demirgüç	NOUN
emaj-46	304	10	-	-	PUNCT
emaj-46	304	11	kunt	kunt	PROPN
emaj-46	304	12	,	,	PUNCT
emaj-46	304	13	a.	a.	NOUN
emaj-46	304	14	,	,	PUNCT
emaj-46	304	15	maksimovic	maksimovic	ADJ
emaj-46	304	16	,	,	PUNCT
emaj-46	304	17	v.	v.	ADV
emaj-46	304	18	,	,	PUNCT
emaj-46	304	19	2001	2001	NUM
emaj-46	304	20	.	.	PUNCT
emaj-46	305	1	“	"	PUNCT
emaj-46	305	2	capital	capital	NOUN
emaj-46	305	3	structures	structure	NOUN
emaj-46	305	4	in	in	ADP
emaj-46	305	5	developing	develop	VERB
emaj-46	305	6	countries	country	NOUN
emaj-46	305	7	”	"	PUNCT
emaj-46	305	8	.	.	PUNCT
emaj-46	306	1	the	the	DET
emaj-46	306	2	journal	journal	NOUN
emaj-46	306	3	of	of	ADP
emaj-46	306	4	finance	finance	NOUN
emaj-46	306	5	56	56	NUM
emaj-46	306	6	,	,	PUNCT
emaj-46	306	7	87–130	87–130	NUM
emaj-46	306	8	.	.	PUNCT
emaj-46	307	1	brewer	brewer	PROPN
emaj-46	307	2	,	,	PUNCT
emaj-46	307	3	e.	e.	PROPN
emaj-46	307	4	,	,	PUNCT
emaj-46	307	5	kaufman	kaufman	PROPN
emaj-46	307	6	,	,	PUNCT
emaj-46	307	7	g.	g.	PROPN
emaj-46	307	8	,	,	PUNCT
emaj-46	307	9	wall	wall	PROPN
emaj-46	307	10	,	,	PUNCT
emaj-46	307	11	l.	l.	PROPN
emaj-46	307	12	2008	2008	NUM
emaj-46	307	13	.	.	PUNCT
emaj-46	308	1	“	"	PUNCT
emaj-46	308	2	bank	bank	NOUN
emaj-46	308	3	capital	capital	NOUN
emaj-46	308	4	ratios	ratio	NOUN
emaj-46	308	5	across	across	ADP
emaj-46	308	6	countries	country	NOUN
emaj-46	308	7	:	:	PUNCT
emaj-46	308	8	why	why	SCONJ
emaj-46	308	9	do	do	AUX
emaj-46	308	10	they	they	PRON
emaj-46	308	11	vary	vary	VERB
emaj-46	308	12	?	?	PUNCT
emaj-46	308	13	,	,	PUNCT
emaj-46	308	14	journal	journal	NOUN
emaj-46	308	15	of	of	ADP
emaj-46	308	16	financial	financial	ADJ
emaj-46	308	17	services	service	NOUN
emaj-46	308	18	research	research	NOUN
emaj-46	308	19	34	34	NUM
emaj-46	308	20	,	,	PUNCT
emaj-46	308	21	177–201	177–201	NUM
emaj-46	308	22	.	.	PUNCT
emaj-46	309	1	chakraborty	chakraborty	PROPN
emaj-46	309	2	,	,	PUNCT
emaj-46	309	3	i.	i.	PROPN
emaj-46	309	4	2010	2010	NUM
emaj-46	309	5	.	.	PUNCT
emaj-46	310	1	“	"	PUNCT
emaj-46	310	2	capital	capital	NOUN
emaj-46	310	3	structure	structure	NOUN
emaj-46	310	4	i̇n	i̇n	VERB
emaj-46	310	5	an	an	DET
emaj-46	310	6	emerging	emerge	VERB
emaj-46	310	7	stock	stock	NOUN
emaj-46	310	8	market	market	NOUN
emaj-46	310	9	:	:	PUNCT
emaj-46	310	10	the	the	DET
emaj-46	310	11	case	case	NOUN
emaj-46	310	12	of	of	ADP
emaj-46	310	13	india	india	PROPN
emaj-46	310	14	”	"	PUNCT
emaj-46	310	15	,	,	PUNCT
emaj-46	310	16	research	research	NOUN
emaj-46	310	17	in	in	ADP
emaj-46	310	18	international	international	ADJ
emaj-46	310	19	business	business	NOUN
emaj-46	310	20	and	and	CCONJ
emaj-46	310	21	finance	finance	NOUN
emaj-46	310	22	24	24	NUM
emaj-46	310	23	,	,	PUNCT
emaj-46	310	24	295–314	295–314	NUM
emaj-46	310	25	.	.	PUNCT
emaj-46	311	1	chakraborty	chakraborty	PROPN
emaj-46	311	2	,	,	PUNCT
emaj-46	311	3	i.	i.	PROPN
emaj-46	311	4	2013	2013	NUM
emaj-46	311	5	.	.	PUNCT
emaj-46	312	1	“	"	PUNCT
emaj-46	312	2	does	do	AUX
emaj-46	312	3	capital	capital	NOUN
emaj-46	312	4	structure	structure	NOUN
emaj-46	312	5	depend	depend	VERB
emaj-46	312	6	on	on	ADP
emaj-46	312	7	group	group	NOUN
emaj-46	312	8	affiliation	affiliation	NOUN
emaj-46	312	9	?	?	PUNCT
emaj-46	313	1	an	an	DET
emaj-46	313	2	analysis	analysis	NOUN
emaj-46	313	3	of	of	ADP
emaj-46	313	4	indian	indian	ADJ
emaj-46	313	5	firms	firm	NOUN
emaj-46	313	6	”	"	PUNCT
emaj-46	313	7	.	.	PUNCT
emaj-46	314	1	journal	journal	NOUN
emaj-46	314	2	of	of	ADP
emaj-46	314	3	policy	policy	NOUN
emaj-46	314	4	modeling	model	VERB
emaj-46	314	5	35	35	NUM
emaj-46	314	6	,	,	PUNCT
emaj-46	314	7	110–120	110–120	NUM
emaj-46	314	8	.	.	PUNCT
emaj-46	315	1	chen	chen	PROPN
emaj-46	315	2	,	,	PUNCT
emaj-46	315	3	j.	j.	PROPN
emaj-46	315	4	j.	j.	PROPN
emaj-46	315	5	,	,	PUNCT
emaj-46	315	6	2004	2004	NUM
emaj-46	315	7	.	.	PUNCT
emaj-46	316	1	“	"	PUNCT
emaj-46	316	2	determinants	determinant	NOUN
emaj-46	316	3	of	of	ADP
emaj-46	316	4	capital	capital	NOUN
emaj-46	316	5	structure	structure	NOUN
emaj-46	316	6	of	of	ADP
emaj-46	316	7	chinese	chinese	ADJ
emaj-46	316	8	-	-	PUNCT
emaj-46	316	9	listed	list	VERB
emaj-46	316	10	companies	company	NOUN
emaj-46	316	11	”	"	PUNCT
emaj-46	316	12	.	.	PUNCT
emaj-46	317	1	journal	journal	PROPN
emaj-46	317	2	of	of	ADP
emaj-46	317	3	business	business	NOUN
emaj-46	317	4	research	research	NOUN
emaj-46	317	5	57	57	NUM
emaj-46	317	6	,	,	PUNCT
emaj-46	317	7	1341–1351	1341–1351	NUM
emaj-46	317	8	.	.	PUNCT
emaj-46	318	1	cook	cook	PROPN
emaj-46	318	2	,	,	PUNCT
emaj-46	318	3	o.d	o.d	PROPN
emaj-46	318	4	.	.	PROPN
emaj-46	318	5	,	,	PUNCT
emaj-46	318	6	tang	tang	PROPN
emaj-46	318	7	,	,	PUNCT
emaj-46	318	8	t.	t.	PROPN
emaj-46	318	9	,	,	PUNCT
emaj-46	318	10	2010	2010	NUM
emaj-46	318	11	.	.	PUNCT
emaj-46	319	1	“	"	PUNCT
emaj-46	319	2	macroeconomic	macroeconomic	ADJ
emaj-46	319	3	conditions	condition	NOUN
emaj-46	319	4	and	and	CCONJ
emaj-46	319	5	capital	capital	NOUN
emaj-46	319	6	structure	structure	NOUN
emaj-46	319	7	adjustment	adjustment	NOUN
emaj-46	319	8	speed	speed	NOUN
emaj-46	319	9	”	"	PUNCT
emaj-46	319	10	.	.	PUNCT
emaj-46	320	1	journal	journal	NOUN
emaj-46	320	2	of	of	ADP
emaj-46	320	3	corporate	corporate	ADJ
emaj-46	320	4	finance	finance	NOUN
emaj-46	320	5	16	16	NUM
emaj-46	320	6	(	(	PUNCT
emaj-46	320	7	1	1	NUM
emaj-46	320	8	)	)	PUNCT
emaj-46	320	9	,	,	PUNCT
emaj-46	320	10	73–87	73–87	NUM
emaj-46	320	11	.	.	PUNCT
emaj-46	321	1	dang	dang	PROPN
emaj-46	321	2	,	,	PUNCT
emaj-46	321	3	v.a	v.a	PROPN
emaj-46	321	4	.	.	PROPN
emaj-46	321	5	2013	2013	NUM
emaj-46	321	6	.	.	PUNCT
emaj-46	322	1	“	"	PUNCT
emaj-46	322	2	testing	test	VERB
emaj-46	322	3	capital	capital	NOUN
emaj-46	322	4	structure	structure	NOUN
emaj-46	322	5	theories	theory	NOUN
emaj-46	322	6	using	use	VERB
emaj-46	322	7	error	error	NOUN
emaj-46	322	8	correction	correction	NOUN
emaj-46	322	9	models	model	NOUN
emaj-46	322	10	:	:	PUNCT
emaj-46	322	11	evidence	evidence	NOUN
emaj-46	322	12	from	from	ADP
emaj-46	322	13	the	the	DET
emaj-46	322	14	uk	uk	PROPN
emaj-46	322	15	,	,	PUNCT
emaj-46	322	16	france	france	PROPN
emaj-46	322	17	and	and	CCONJ
emaj-46	322	18	germany	germany	PROPN
emaj-46	322	19	”	"	PUNCT
emaj-46	322	20	,	,	PUNCT
emaj-46	322	21	applied	apply	VERB
emaj-46	322	22	economics	economic	NOUN
emaj-46	322	23	45	45	NUM
emaj-46	322	24	,	,	PUNCT
emaj-46	322	25	171–190	171–190	NUM
emaj-46	322	26	.	.	PUNCT
emaj-46	322	27	dr	dr	PROPN
emaj-46	322	28	.	.	PROPN
emaj-46	322	29	nuri	nuri	PROPN
emaj-46	322	30	baltacı	baltacı	PROPN
emaj-46	322	31	,	,	PUNCT
emaj-46	322	32	dr	dr	PROPN
emaj-46	322	33	.	.	PROPN
emaj-46	322	34	hasan	hasan	PROPN
emaj-46	322	35	ayaydın	ayaydın	PROPN
emaj-46	323	1	p	p	PROPN
emaj-46	323	2	a	a	DET
emaj-46	323	3	g	g	NOUN
emaj-46	323	4	e	e	NOUN
emaj-46	323	5	|56|	|56|	NOUN
emaj-46	323	6	emerging	emerge	VERB
emaj-46	323	7	markets	market	NOUN
emaj-46	323	8	journal	journal	NOUN
emaj-46	323	9	volume	volume	NOUN
emaj-46	323	10	3	3	NUM
emaj-46	324	1	no	no	DET
emaj-46	324	2	3	3	NUM
emaj-46	324	3	(	(	PUNCT
emaj-46	324	4	2014	2014	NUM
emaj-46	324	5	)	)	PUNCT
emaj-46	325	1	|	|	ADV
emaj-46	325	2	issn	issn	VERB
emaj-46	325	3	2158	2158	NUM
emaj-46	325	4	-	-	SYM
emaj-46	325	5	8708	8708	NUM
emaj-46	325	6	(	(	PUNCT
emaj-46	325	7	online	online	NOUN
emaj-46	325	8	)	)	PUNCT
emaj-46	325	9	|	|	ADV
emaj-46	325	10	doi	doi	X
emaj-46	325	11	10.5195	10.5195	NUM
emaj-46	325	12	/	/	SYM
emaj-46	325	13	emaj.2014.46	emaj.2014.46	NOUN
emaj-46	325	14	|	|	ADV
emaj-46	325	15	http://emaj.pitt.edu	http://emaj.pitt.edu	VERB
emaj-46	325	16	daskalakis	daskalaki	NOUN
emaj-46	325	17	,	,	PUNCT
emaj-46	325	18	n.	n.	NOUN
emaj-46	325	19	,	,	PUNCT
emaj-46	325	20	psillaki	psillaki	NOUN
emaj-46	325	21	,	,	PUNCT
emaj-46	325	22	m.	m.	NOUN
emaj-46	325	23	2008	2008	NUM
emaj-46	325	24	.	.	PUNCT
emaj-46	326	1	“	"	PUNCT
emaj-46	326	2	do	do	AUX
emaj-46	326	3	country	country	NOUN
emaj-46	326	4	or	or	CCONJ
emaj-46	326	5	firm	firm	ADJ
emaj-46	326	6	factors	factor	NOUN
emaj-46	326	7	explain	explain	VERB
emaj-46	326	8	capital	capital	NOUN
emaj-46	326	9	structure	structure	NOUN
emaj-46	326	10	?	?	PUNCT
emaj-46	327	1	evidence	evidence	NOUN
emaj-46	327	2	from	from	ADP
emaj-46	327	3	smes	smes	PROPN
emaj-46	327	4	i̇n	i̇n	PROPN
emaj-46	327	5	france	france	PROPN
emaj-46	327	6	and	and	CCONJ
emaj-46	327	7	greece	greece	PROPN
emaj-46	327	8	”	"	PUNCT
emaj-46	327	9	.	.	PUNCT
emaj-46	328	1	applied	apply	VERB
emaj-46	328	2	financial	financial	ADJ
emaj-46	328	3	economics	economic	NOUN
emaj-46	328	4	18	18	NUM
emaj-46	328	5	,	,	PUNCT
emaj-46	328	6	87–97	87–97	NUM
emaj-46	328	7	.	.	PUNCT
emaj-46	329	1	de	de	PROPN
emaj-46	329	2	jong	jong	PROPN
emaj-46	329	3	,	,	PUNCT
emaj-46	329	4	a.	a.	PROPN
emaj-46	329	5	,	,	PUNCT
emaj-46	329	6	kabir	kabir	PROPN
emaj-46	329	7	,	,	PUNCT
emaj-46	329	8	r.	r.	PROPN
emaj-46	329	9	,	,	PUNCT
emaj-46	329	10	nguyen	nguyen	PROPN
emaj-46	329	11	,	,	PUNCT
emaj-46	329	12	t.t	t.t	PROPN
emaj-46	329	13	.	.	PROPN
emaj-46	329	14	,	,	PUNCT
emaj-46	329	15	2008	2008	NUM
emaj-46	329	16	.	.	PUNCT
emaj-46	330	1	“	"	PUNCT
emaj-46	330	2	capital	capital	NOUN
emaj-46	330	3	structure	structure	NOUN
emaj-46	330	4	around	around	ADP
emaj-46	330	5	the	the	DET
emaj-46	330	6	world	world	NOUN
emaj-46	330	7	:	:	PUNCT
emaj-46	330	8	the	the	DET
emaj-46	330	9	roles	role	NOUN
emaj-46	330	10	of	of	ADP
emaj-46	330	11	firmand	firmand	NOUN
emaj-46	330	12	country	country	NOUN
emaj-46	330	13	-	-	PUNCT
emaj-46	330	14	specific	specific	ADJ
emaj-46	330	15	determinants	determinant	NOUN
emaj-46	330	16	”	"	PUNCT
emaj-46	330	17	,	,	PUNCT
emaj-46	330	18	journal	journal	NOUN
emaj-46	330	19	of	of	ADP
emaj-46	330	20	banking	banking	NOUN
emaj-46	330	21	and	and	CCONJ
emaj-46	330	22	finance	finance	NOUN
emaj-46	330	23	32	32	NUM
emaj-46	330	24	,	,	PUNCT
emaj-46	330	25	1954–1969	1954–1969	NUM
emaj-46	330	26	.	.	PUNCT
emaj-46	331	1	delcoure	delcoure	NOUN
emaj-46	331	2	,	,	PUNCT
emaj-46	331	3	n.	n.	NOUN
emaj-46	331	4	2007	2007	NUM
emaj-46	331	5	.	.	PUNCT
emaj-46	332	1	“	"	PUNCT
emaj-46	332	2	the	the	DET
emaj-46	332	3	determinants	determinant	NOUN
emaj-46	332	4	of	of	ADP
emaj-46	332	5	capital	capital	NOUN
emaj-46	332	6	structure	structure	NOUN
emaj-46	332	7	i̇n	i̇n	NOUN
emaj-46	332	8	transitional	transitional	ADJ
emaj-46	332	9	economies	economy	NOUN
emaj-46	332	10	”	"	PUNCT
emaj-46	332	11	.	.	PUNCT
emaj-46	333	1	international	international	ADJ
emaj-46	333	2	review	review	NOUN
emaj-46	333	3	of	of	ADP
emaj-46	333	4	economics	economic	NOUN
emaj-46	333	5	and	and	CCONJ
emaj-46	333	6	finance	finance	NOUN
emaj-46	333	7	16	16	NUM
emaj-46	333	8	,	,	PUNCT
emaj-46	333	9	400	400	NUM
emaj-46	333	10	-	-	SYM
emaj-46	333	11	415	415	NUM
emaj-46	333	12	.	.	PUNCT
emaj-46	334	1	demirgüç	demirgüç	PROPN
emaj-46	334	2	-	-	PUNCT
emaj-46	334	3	kunt	kunt	PROPN
emaj-46	334	4	,	,	PUNCT
emaj-46	334	5	a.	a.	NOUN
emaj-46	334	6	,	,	PUNCT
emaj-46	334	7	maksimovic	maksimovic	ADJ
emaj-46	334	8	,	,	PUNCT
emaj-46	334	9	v.	v.	ADV
emaj-46	334	10	,	,	PUNCT
emaj-46	334	11	1999	1999	NUM
emaj-46	334	12	.	.	PUNCT
emaj-46	335	1	“	"	PUNCT
emaj-46	335	2	institutions	institution	NOUN
emaj-46	335	3	,	,	PUNCT
emaj-46	335	4	financial	financial	ADJ
emaj-46	335	5	markets	market	NOUN
emaj-46	335	6	,	,	PUNCT
emaj-46	335	7	and	and	CCONJ
emaj-46	335	8	firm	firm	ADJ
emaj-46	335	9	debt	debt	NOUN
emaj-46	335	10	maturity	maturity	NOUN
emaj-46	335	11	”	"	PUNCT
emaj-46	335	12	.	.	PUNCT
emaj-46	336	1	journal	journal	PROPN
emaj-46	336	2	of	of	ADP
emaj-46	336	3	financial	financial	ADJ
emaj-46	336	4	economics	economic	NOUN
emaj-46	336	5	54	54	NUM
emaj-46	336	6	,	,	PUNCT
emaj-46	336	7	295–336	295–336	NUM
emaj-46	336	8	.	.	PUNCT
emaj-46	337	1	diamond	diamond	PROPN
emaj-46	337	2	,	,	PUNCT
emaj-46	337	3	d.	d.	PROPN
emaj-46	337	4	,	,	PUNCT
emaj-46	337	5	rajan	rajan	PROPN
emaj-46	337	6	,	,	PUNCT
emaj-46	337	7	r.	r.	PROPN
emaj-46	337	8	2000	2000	NUM
emaj-46	337	9	.	.	PUNCT
emaj-46	338	1	“	"	PUNCT
emaj-46	338	2	a	a	DET
emaj-46	338	3	theory	theory	NOUN
emaj-46	338	4	of	of	ADP
emaj-46	338	5	bank	bank	NOUN
emaj-46	338	6	capital	capital	NOUN
emaj-46	338	7	,	,	PUNCT
emaj-46	338	8	journal	journal	NOUN
emaj-46	338	9	of	of	ADP
emaj-46	338	10	finance	finance	NOUN
emaj-46	338	11	55	55	NUM
emaj-46	338	12	,	,	PUNCT
emaj-46	338	13	2431–2465	2431–2465	NUM
emaj-46	338	14	.	.	PUNCT
emaj-46	339	1	drobetz	drobetz	VERB
emaj-46	339	2	,	,	PUNCT
emaj-46	339	3	w.	w.	PROPN
emaj-46	339	4	,	,	PUNCT
emaj-46	339	5	gounopoulos	gounopoulos	PROPN
emaj-46	339	6	,	,	PUNCT
emaj-46	339	7	d.	d.	PROPN
emaj-46	339	8	,	,	PUNCT
emaj-46	339	9	merikas	merikas	PROPN
emaj-46	339	10	,	,	PUNCT
emaj-46	339	11	a.	a.	NOUN
emaj-46	339	12	,	,	PUNCT
emaj-46	339	13	schröder	schröder	NOUN
emaj-46	339	14	,	,	PUNCT
emaj-46	339	15	h.	h.	PROPN
emaj-46	339	16	2013	2013	NUM
emaj-46	339	17	.	.	PUNCT
emaj-46	340	1	“	"	PUNCT
emaj-46	340	2	capital	capital	NOUN
emaj-46	340	3	structure	structure	NOUN
emaj-46	340	4	decisions	decision	NOUN
emaj-46	340	5	of	of	ADP
emaj-46	340	6	globally	globally	ADV
emaj-46	340	7	-	-	PUNCT
emaj-46	340	8	listed	list	VERB
emaj-46	340	9	shipping	shipping	NOUN
emaj-46	340	10	companies	company	NOUN
emaj-46	340	11	”	"	PUNCT
emaj-46	340	12	,	,	PUNCT
emaj-46	340	13	transportation	transportation	NOUN
emaj-46	340	14	research	research	NOUN
emaj-46	340	15	part	part	NOUN
emaj-46	340	16	e	e	NOUN
emaj-46	340	17	:	:	PUNCT
emaj-46	340	18	logistics	logistic	NOUN
emaj-46	340	19	and	and	CCONJ
emaj-46	340	20	transportation	transportation	NOUN
emaj-46	340	21	review	review	NOUN
emaj-46	340	22	52	52	NUM
emaj-46	340	23	,	,	PUNCT
emaj-46	340	24	49–76	49–76	NUM
emaj-46	340	25	.	.	PUNCT
emaj-46	340	26	erel	erel	PROPN
emaj-46	340	27	,	,	PUNCT
emaj-46	340	28	i.	i.	PROPN
emaj-46	340	29	,	,	PUNCT
emaj-46	340	30	brandon	brandon	PROPN
emaj-46	340	31	,	,	PUNCT
emaj-46	340	32	j.	j.	PROPN
emaj-46	340	33	,	,	PUNCT
emaj-46	340	34	woojin	woojin	PROPN
emaj-46	340	35	,	,	PUNCT
emaj-46	340	36	k.	k.	PROPN
emaj-46	340	37	,	,	PUNCT
emaj-46	340	38	michael	michael	PROPN
emaj-46	340	39	s.w	s.w	PROPN
emaj-46	340	40	.	.	PROPN
emaj-46	340	41	2012	2012	NUM
emaj-46	340	42	.	.	PUNCT
emaj-46	341	1	“	"	PUNCT
emaj-46	341	2	macroeconomic	macroeconomic	ADJ
emaj-46	341	3	conditions	condition	NOUN
emaj-46	341	4	and	and	CCONJ
emaj-46	341	5	capital	capital	NOUN
emaj-46	341	6	raising	raising	NOUN
emaj-46	341	7	”	"	PUNCT
emaj-46	341	8	.	.	PUNCT
emaj-46	342	1	review	review	NOUN
emaj-46	342	2	of	of	ADP
emaj-46	342	3	financial	financial	ADJ
emaj-46	342	4	studies	study	NOUN
emaj-46	342	5	25	25	NUM
emaj-46	342	6	,	,	PUNCT
emaj-46	342	7	341–376	341–376	NUM
emaj-46	342	8	.	.	PUNCT
emaj-46	343	1	fama	fama	PROPN
emaj-46	343	2	,	,	PUNCT
emaj-46	343	3	e.f	e.f	PROPN
emaj-46	343	4	.	.	PROPN
emaj-46	343	5	,	,	PUNCT
emaj-46	343	6	french	french	PROPN
emaj-46	343	7	,	,	PUNCT
emaj-46	343	8	k.r	k.r	PROPN
emaj-46	343	9	.	.	PROPN
emaj-46	343	10	2002	2002	NUM
emaj-46	343	11	.	.	PUNCT
emaj-46	344	1	“	"	PUNCT
emaj-46	344	2	testing	test	VERB
emaj-46	344	3	trade	trade	NOUN
emaj-46	344	4	-	-	PUNCT
emaj-46	344	5	off	off	NOUN
emaj-46	344	6	and	and	CCONJ
emaj-46	344	7	pecking	pecking	NOUN
emaj-46	344	8	order	order	NOUN
emaj-46	344	9	predictions	prediction	NOUN
emaj-46	344	10	about	about	ADP
emaj-46	344	11	dividends	dividend	NOUN
emaj-46	344	12	and	and	CCONJ
emaj-46	344	13	debt	debt	NOUN
emaj-46	344	14	”	"	PUNCT
emaj-46	344	15	,	,	PUNCT
emaj-46	344	16	the	the	DET
emaj-46	344	17	review	review	NOUN
emaj-46	344	18	of	of	ADP
emaj-46	344	19	financial	financial	ADJ
emaj-46	344	20	studies	study	NOUN
emaj-46	344	21	15	15	NUM
emaj-46	344	22	,	,	PUNCT
emaj-46	344	23	1–33	1–33	PROPN
emaj-46	344	24	.	.	PUNCT
emaj-46	345	1	ferson	ferson	PROPN
emaj-46	345	2	,	,	PUNCT
emaj-46	345	3	w.	w.	PROPN
emaj-46	345	4	e.	e.	PROPN
emaj-46	345	5	,	,	PUNCT
emaj-46	345	6	harvey	harvey	PROPN
emaj-46	345	7	,	,	PUNCT
emaj-46	345	8	c.r	c.r	PROPN
emaj-46	345	9	.	.	PROPN
emaj-46	345	10	1994	1994	NUM
emaj-46	345	11	.	.	PUNCT
emaj-46	346	1	“	"	PUNCT
emaj-46	346	2	sources	source	NOUN
emaj-46	346	3	of	of	ADP
emaj-46	346	4	risk	risk	NOUN
emaj-46	346	5	and	and	CCONJ
emaj-46	346	6	expected	expect	VERB
emaj-46	346	7	returns	return	NOUN
emaj-46	346	8	i̇n	i̇n	PROPN
emaj-46	346	9	global	global	ADJ
emaj-46	346	10	equity	equity	NOUN
emaj-46	346	11	markets	market	NOUN
emaj-46	346	12	”	"	PUNCT
emaj-46	346	13	.	.	PUNCT
emaj-46	347	1	journal	journal	NOUN
emaj-46	347	2	of	of	ADP
emaj-46	347	3	banking	banking	NOUN
emaj-46	347	4	and	and	CCONJ
emaj-46	347	5	finance	finance	NOUN
emaj-46	347	6	18	18	NUM
emaj-46	347	7	,	,	PUNCT
emaj-46	347	8	778–803	778–803	NUM
emaj-46	347	9	.	.	PUNCT
emaj-46	348	1	flannery	flannery	PROPN
emaj-46	348	2	,	,	PUNCT
emaj-46	348	3	m.	m.	PROPN
emaj-46	348	4	j.	j.	PROPN
emaj-46	348	5	,	,	PUNCT
emaj-46	348	6	rangan	rangan	VERB
emaj-46	348	7	,	,	PUNCT
emaj-46	348	8	k.	k.	PROPN
emaj-46	349	1	p.	p.	NOUN
emaj-46	349	2	2006	2006	NUM
emaj-46	349	3	.	.	PUNCT
emaj-46	350	1	“	"	PUNCT
emaj-46	350	2	partial	partial	ADJ
emaj-46	350	3	adjustment	adjustment	NOUN
emaj-46	350	4	toward	toward	ADP
emaj-46	350	5	target	target	NOUN
emaj-46	350	6	capital	capital	NOUN
emaj-46	350	7	structures	structure	NOUN
emaj-46	350	8	”	"	PUNCT
emaj-46	350	9	,	,	PUNCT
emaj-46	350	10	journal	journal	NOUN
emaj-46	350	11	of	of	ADP
emaj-46	350	12	financial	financial	ADJ
emaj-46	350	13	economics	economic	NOUN
emaj-46	350	14	79	79	NUM
emaj-46	350	15	,	,	PUNCT
emaj-46	350	16	469–506	469–506	NUM
emaj-46	350	17	.	.	PUNCT
emaj-46	351	1	flannery	flannery	PROPN
emaj-46	351	2	,	,	PUNCT
emaj-46	351	3	m.	m.	NOUN
emaj-46	351	4	1994	1994	NUM
emaj-46	351	5	.	.	PUNCT
emaj-46	352	1	“	"	PUNCT
emaj-46	352	2	debt	debt	NOUN
emaj-46	352	3	maturity	maturity	NOUN
emaj-46	352	4	and	and	CCONJ
emaj-46	352	5	the	the	DET
emaj-46	352	6	deadweight	deadweight	NOUN
emaj-46	352	7	cost	cost	NOUN
emaj-46	352	8	of	of	ADP
emaj-46	352	9	leverage	leverage	NOUN
emaj-46	352	10	:	:	PUNCT
emaj-46	352	11	optimally	optimally	ADV
emaj-46	352	12	financing	finance	VERB
emaj-46	352	13	banking	banking	NOUN
emaj-46	352	14	firms	firm	NOUN
emaj-46	352	15	,	,	PUNCT
emaj-46	352	16	american	american	PROPN
emaj-46	352	17	economic	economic	PROPN
emaj-46	352	18	review	review	NOUN
emaj-46	352	19	84	84	NUM
emaj-46	352	20	,	,	PUNCT
emaj-46	352	21	320–331	320–331	NUM
emaj-46	352	22	.	.	PUNCT
emaj-46	353	1	frank	frank	PROPN
emaj-46	353	2	,	,	PUNCT
emaj-46	353	3	m.	m.	NOUN
emaj-46	353	4	,	,	PUNCT
emaj-46	353	5	goyal	goyal	PROPN
emaj-46	353	6	,	,	PUNCT
emaj-46	353	7	v.	v.	PROPN
emaj-46	353	8	k.	k.	PROPN
emaj-46	353	9	2009	2009	NUM
emaj-46	353	10	.	.	PUNCT
emaj-46	354	1	“	"	PUNCT
emaj-46	354	2	capital	capital	NOUN
emaj-46	354	3	structure	structure	NOUN
emaj-46	354	4	decisions	decision	NOUN
emaj-46	354	5	:	:	PUNCT
emaj-46	354	6	which	which	DET
emaj-46	354	7	factors	factor	NOUN
emaj-46	354	8	are	be	AUX
emaj-46	354	9	reliably	reliably	ADV
emaj-46	354	10	i̇mportant	i̇mportant	ADJ
emaj-46	354	11	?	?	PUNCT
emaj-46	354	12	,	,	PUNCT
emaj-46	354	13	financial	financial	ADJ
emaj-46	354	14	management	management	NOUN
emaj-46	354	15	38	38	NUM
emaj-46	354	16	,	,	PUNCT
emaj-46	354	17	1–37	1–37	PROPN
emaj-46	354	18	.	.	PUNCT
emaj-46	355	1	frank	frank	PROPN
emaj-46	355	2	,	,	PUNCT
emaj-46	355	3	m.z	m.z	PROPN
emaj-46	355	4	.	.	PROPN
emaj-46	355	5	,	,	PUNCT
emaj-46	355	6	goyal	goyal	PROPN
emaj-46	355	7	,	,	PUNCT
emaj-46	355	8	v.k	v.k	PROPN
emaj-46	355	9	.	.	PROPN
emaj-46	355	10	2003	2003	NUM
emaj-46	355	11	.	.	PUNCT
emaj-46	356	1	“	"	PUNCT
emaj-46	356	2	testing	test	VERB
emaj-46	356	3	the	the	DET
emaj-46	356	4	pecking	pecking	NOUN
emaj-46	356	5	order	order	NOUN
emaj-46	356	6	theory	theory	NOUN
emaj-46	356	7	of	of	ADP
emaj-46	356	8	capital	capital	NOUN
emaj-46	356	9	structure	structure	NOUN
emaj-46	356	10	”	"	PUNCT
emaj-46	356	11	,	,	PUNCT
emaj-46	356	12	journal	journal	NOUN
emaj-46	356	13	of	of	ADP
emaj-46	356	14	financial	financial	ADJ
emaj-46	356	15	economics	economic	NOUN
emaj-46	356	16	67	67	NUM
emaj-46	356	17	,	,	PUNCT
emaj-46	356	18	217–248	217–248	NUM
emaj-46	356	19	.	.	PUNCT
emaj-46	357	1	gaud	gaud	PROPN
emaj-46	357	2	,	,	PUNCT
emaj-46	357	3	p.	p.	PROPN
emaj-46	357	4	,	,	PUNCT
emaj-46	357	5	jani	jani	PROPN
emaj-46	357	6	,	,	PUNCT
emaj-46	357	7	e.	e.	PROPN
emaj-46	357	8	,	,	PUNCT
emaj-46	357	9	hoesli	hoesli	NOUN
emaj-46	357	10	,	,	PUNCT
emaj-46	357	11	m.	m.	NOUN
emaj-46	357	12	,	,	PUNCT
emaj-46	357	13	bender	bender	PROPN
emaj-46	357	14	,	,	PUNCT
emaj-46	357	15	a.	a.	NOUN
emaj-46	357	16	,	,	PUNCT
emaj-46	357	17	2005	2005	NUM
emaj-46	357	18	.	.	PUNCT
emaj-46	358	1	“	"	PUNCT
emaj-46	358	2	the	the	DET
emaj-46	358	3	capital	capital	NOUN
emaj-46	358	4	structure	structure	NOUN
emaj-46	358	5	of	of	ADP
emaj-46	358	6	swiss	swiss	ADJ
emaj-46	358	7	companies	company	NOUN
emaj-46	358	8	:	:	PUNCT
emaj-46	358	9	an	an	DET
emaj-46	358	10	empirical	empirical	ADJ
emaj-46	358	11	analysis	analysis	NOUN
emaj-46	358	12	using	use	VERB
emaj-46	358	13	dynamic	dynamic	ADJ
emaj-46	358	14	panel	panel	NOUN
emaj-46	358	15	data	datum	NOUN
emaj-46	358	16	.	.	PUNCT
emaj-46	359	1	european	european	ADJ
emaj-46	359	2	financial	financial	ADJ
emaj-46	359	3	management	management	PROPN
emaj-46	359	4	11(1	11(1	NUM
emaj-46	359	5	)	)	PUNCT
emaj-46	359	6	,	,	PUNCT
emaj-46	359	7	51–69	51–69	NUM
emaj-46	359	8	.	.	PUNCT
emaj-46	360	1	giannetti	giannetti	NOUN
emaj-46	360	2	,	,	PUNCT
emaj-46	360	3	m.	m.	NOUN
emaj-46	360	4	,	,	PUNCT
emaj-46	360	5	2003	2003	NUM
emaj-46	360	6	.	.	PUNCT
emaj-46	361	1	“	"	PUNCT
emaj-46	361	2	do	do	AUX
emaj-46	361	3	better	well	ADJ
emaj-46	361	4	i̇nstitutions	i̇nstitution	NOUN
emaj-46	361	5	mitigate	mitigate	VERB
emaj-46	361	6	agency	agency	NOUN
emaj-46	361	7	problems	problem	NOUN
emaj-46	361	8	?	?	PUNCT
emaj-46	362	1	evidence	evidence	NOUN
emaj-46	362	2	from	from	ADP
emaj-46	362	3	corporate	corporate	ADJ
emaj-46	362	4	finance	finance	NOUN
emaj-46	362	5	choices	choice	NOUN
emaj-46	362	6	.	.	PUNCT
emaj-46	363	1	journal	journal	NOUN
emaj-46	363	2	of	of	ADP
emaj-46	363	3	financial	financial	ADJ
emaj-46	363	4	quantitate	quantitate	NOUN
emaj-46	363	5	analysis	analysis	NOUN
emaj-46	363	6	38	38	NUM
emaj-46	363	7	,	,	PUNCT
emaj-46	363	8	185–212	185–212	NUM
emaj-46	363	9	.	.	PUNCT
emaj-46	363	10	groop	groop	PROPN
emaj-46	363	11	,	,	PUNCT
emaj-46	363	12	h.	h.	PROPN
emaj-46	363	13	,	,	PUNCT
emaj-46	363	14	heider	heider	NOUN
emaj-46	363	15	,	,	PUNCT
emaj-46	363	16	f.	f.	PROPN
emaj-46	363	17	2010	2010	NUM
emaj-46	363	18	.	.	PUNCT
emaj-46	364	1	“	"	PUNCT
emaj-46	364	2	the	the	DET
emaj-46	364	3	determinants	determinant	NOUN
emaj-46	364	4	of	of	ADP
emaj-46	364	5	bank	bank	NOUN
emaj-46	364	6	capital	capital	NOUN
emaj-46	364	7	structure	structure	NOUN
emaj-46	364	8	”	"	PUNCT
emaj-46	364	9	.	.	PUNCT
emaj-46	365	1	review	review	NOUN
emaj-46	365	2	of	of	ADP
emaj-46	365	3	finance	finance	NOUN
emaj-46	365	4	14	14	NUM
emaj-46	365	5	,	,	PUNCT
emaj-46	365	6	587–622	587–622	NUM
emaj-46	365	7	.	.	PUNCT
emaj-46	366	1	gungoraydinoglui	gungoraydinoglui	NOUN
emaj-46	366	2	,	,	PUNCT
emaj-46	366	3	a.	a.	NOUN
emaj-46	366	4	,	,	PUNCT
emaj-46	366	5	oztekin	oztekin	ADJ
emaj-46	366	6	,	,	PUNCT
emaj-46	366	7	o.	o.	NOUN
emaj-46	366	8	2011	2011	NUM
emaj-46	366	9	.	.	PUNCT
emaj-46	367	1	“	"	PUNCT
emaj-46	367	2	firmand	firmand	NOUN
emaj-46	367	3	country	country	NOUN
emaj-46	367	4	-	-	PUNCT
emaj-46	367	5	level	level	NOUN
emaj-46	367	6	determinants	determinant	NOUN
emaj-46	367	7	of	of	ADP
emaj-46	367	8	corporate	corporate	ADJ
emaj-46	367	9	leverage	leverage	NOUN
emaj-46	367	10	:	:	PUNCT
emaj-46	367	11	some	some	DET
emaj-46	367	12	new	new	ADJ
emaj-46	367	13	i̇nternational	i̇nternational	ADJ
emaj-46	367	14	evidence	evidence	NOUN
emaj-46	367	15	”	"	PUNCT
emaj-46	367	16	.	.	PUNCT
emaj-46	368	1	journal	journal	NOUN
emaj-46	368	2	of	of	ADP
emaj-46	368	3	corporate	corporate	ADJ
emaj-46	368	4	finance	finance	NOUN
emaj-46	368	5	17	17	NUM
emaj-46	368	6	,	,	PUNCT
emaj-46	368	7	1457	1457	NUM
emaj-46	368	8	–	–	PUNCT
emaj-46	368	9	1474	1474	NUM
emaj-46	368	10	.	.	PUNCT
emaj-46	369	1	hanousek	hanousek	PROPN
emaj-46	369	2	,	,	PUNCT
emaj-46	369	3	j.	j.	PROPN
emaj-46	369	4	,	,	PUNCT
emaj-46	369	5	shamshur	shamshur	PROPN
emaj-46	369	6	,	,	PUNCT
emaj-46	369	7	a.	a.	NOUN
emaj-46	369	8	,	,	PUNCT
emaj-46	369	9	2011	2011	NUM
emaj-46	369	10	.	.	PUNCT
emaj-46	370	1	“	"	PUNCT
emaj-46	370	2	a	a	DET
emaj-46	370	3	stubborn	stubborn	ADJ
emaj-46	370	4	persistence	persistence	NOUN
emaj-46	370	5	:	:	PUNCT
emaj-46	370	6	is	be	AUX
emaj-46	370	7	the	the	DET
emaj-46	370	8	stability	stability	NOUN
emaj-46	370	9	of	of	ADP
emaj-46	370	10	leverage	leverage	NOUN
emaj-46	370	11	ratios	ratio	NOUN
emaj-46	370	12	determined	determine	VERB
emaj-46	370	13	by	by	ADP
emaj-46	370	14	the	the	DET
emaj-46	370	15	stability	stability	NOUN
emaj-46	370	16	of	of	ADP
emaj-46	370	17	the	the	DET
emaj-46	370	18	economy	economy	NOUN
emaj-46	370	19	?	?	PUNCT
emaj-46	370	20	”	"	PUNCT
emaj-46	370	21	journal	journal	NOUN
emaj-46	370	22	of	of	ADP
emaj-46	370	23	corporate	corporate	ADJ
emaj-46	370	24	finance	finance	NOUN
emaj-46	370	25	17(5	17(5	NUM
emaj-46	370	26	)	)	PUNCT
emaj-46	370	27	,	,	PUNCT
emaj-46	370	28	1360–1376	1360–1376	NUM
emaj-46	370	29	.	.	PUNCT
emaj-46	371	1	heaton	heaton	PROPN
emaj-46	371	2	,	,	PUNCT
emaj-46	371	3	j.b	j.b	PROPN
emaj-46	371	4	.	.	PROPN
emaj-46	371	5	,	,	PUNCT
emaj-46	371	6	2002	2002	NUM
emaj-46	371	7	.	.	PUNCT
emaj-46	372	1	“	"	PUNCT
emaj-46	372	2	managerial	managerial	ADJ
emaj-46	372	3	optimism	optimism	NOUN
emaj-46	372	4	and	and	CCONJ
emaj-46	372	5	corporate	corporate	ADJ
emaj-46	372	6	finance	finance	NOUN
emaj-46	372	7	”	"	PUNCT
emaj-46	372	8	,	,	PUNCT
emaj-46	372	9	financial	financial	ADJ
emaj-46	372	10	management	management	NOUN
emaj-46	372	11	31	31	NUM
emaj-46	372	12	,	,	PUNCT
emaj-46	372	13	33–45	33–45	NUM
emaj-46	372	14	.	.	PUNCT
emaj-46	372	15	hirshleifer	hirshleifer	PROPN
emaj-46	372	16	,	,	PUNCT
emaj-46	372	17	j.	j.	PROPN
emaj-46	372	18	,	,	PUNCT
emaj-46	372	19	1958	1958	NUM
emaj-46	372	20	.	.	PUNCT
emaj-46	373	1	“	"	PUNCT
emaj-46	373	2	on	on	ADP
emaj-46	373	3	the	the	DET
emaj-46	373	4	theory	theory	NOUN
emaj-46	373	5	of	of	ADP
emaj-46	373	6	optimal	optimal	ADJ
emaj-46	373	7	i̇nvestment	i̇nvestment	NOUN
emaj-46	373	8	decision	decision	NOUN
emaj-46	373	9	”	"	PUNCT
emaj-46	373	10	.	.	PUNCT
emaj-46	374	1	journal	journal	NOUN
emaj-46	374	2	of	of	ADP
emaj-46	374	3	political	political	ADJ
emaj-46	374	4	economy	economy	NOUN
emaj-46	374	5	66	66	NUM
emaj-46	374	6	(	(	PUNCT
emaj-46	374	7	4	4	NUM
emaj-46	374	8	)	)	PUNCT
emaj-46	374	9	,	,	PUNCT
emaj-46	374	10	329–352	329–352	NUM
emaj-46	374	11	.	.	PUNCT
emaj-46	375	1	volume	volume	NOUN
emaj-46	375	2	3	3	NUM
emaj-46	375	3	no	no	DET
emaj-46	375	4	3	3	NUM
emaj-46	375	5	(	(	PUNCT
emaj-46	375	6	2014	2014	NUM
emaj-46	375	7	)	)	PUNCT
emaj-46	375	8	|	|	ADV
emaj-46	375	9	issn	issn	VERB
emaj-46	375	10	2158	2158	NUM
emaj-46	375	11	-	-	SYM
emaj-46	375	12	8708	8708	NUM
emaj-46	375	13	(	(	PUNCT
emaj-46	375	14	online	online	NOUN
emaj-46	375	15	)	)	PUNCT
emaj-46	375	16	|	|	ADV
emaj-46	375	17	doi	doi	X
emaj-46	375	18	10.5195	10.5195	NUM
emaj-46	375	19	/	/	SYM
emaj-46	375	20	emaj.2014.46	emaj.2014.46	NOUN
emaj-46	375	21	|	|	ADV
emaj-46	375	22	http://emaj.pitt.edu	http://emaj.pitt.edu	VERB
emaj-46	375	23	firm	firm	NOUN
emaj-46	375	24	,	,	PUNCT
emaj-46	375	25	country	country	NOUN
emaj-46	375	26	and	and	CCONJ
emaj-46	375	27	macroeconomic	macroeconomic	ADJ
emaj-46	375	28	determinants	determinant	NOUN
emaj-46	375	29	of	of	ADP
emaj-46	375	30	capital	capital	NOUN
emaj-46	375	31	structure	structure	NOUN
emaj-46	375	32	:	:	PUNCT
emaj-46	375	33	evidence	evidence	NOUN
emaj-46	375	34	from	from	ADP
emaj-46	375	35	turkish	turkish	ADJ
emaj-46	375	36	banking	banking	NOUN
emaj-46	375	37	sector	sector	NOUN
emaj-46	375	38	emerging	emerge	VERB
emaj-46	375	39	markets	market	NOUN
emaj-46	375	40	journal	journal	NOUN
emaj-46	376	1	|	|	ADV
emaj-46	376	2	p	p	NOUN
emaj-46	376	3	a	a	DET
emaj-46	376	4	g	g	PROPN
emaj-46	376	5	e	e	PROPN
emaj-46	376	6	|57	|57	NOUN
emaj-46	376	7	hovakimian	hovakimian	ADJ
emaj-46	376	8	,	,	PUNCT
emaj-46	376	9	a.	a.	PROPN
emaj-46	376	10	,	,	PUNCT
emaj-46	376	11	li	li	PROPN
emaj-46	376	12	,	,	PUNCT
emaj-46	376	13	g.	g.	PROPN
emaj-46	376	14	,	,	PUNCT
emaj-46	376	15	2011	2011	NUM
emaj-46	376	16	.	.	PUNCT
emaj-46	377	1	“	"	PUNCT
emaj-46	377	2	in	in	ADP
emaj-46	377	3	search	search	NOUN
emaj-46	377	4	of	of	ADP
emaj-46	377	5	conclusive	conclusive	ADJ
emaj-46	377	6	evidence	evidence	NOUN
emaj-46	377	7	:	:	PUNCT
emaj-46	377	8	how	how	SCONJ
emaj-46	377	9	to	to	PART
emaj-46	377	10	test	test	VERB
emaj-46	377	11	for	for	ADP
emaj-46	377	12	adjustment	adjustment	NOUN
emaj-46	377	13	to	to	PART
emaj-46	377	14	target	target	VERB
emaj-46	377	15	capital	capital	NOUN
emaj-46	377	16	structure	structure	NOUN
emaj-46	377	17	”	"	PUNCT
emaj-46	377	18	.	.	PUNCT
emaj-46	378	1	journal	journal	NOUN
emaj-46	378	2	of	of	ADP
emaj-46	378	3	corporate	corporate	ADJ
emaj-46	378	4	finance	finance	NOUN
emaj-46	378	5	17	17	NUM
emaj-46	378	6	(	(	PUNCT
emaj-46	378	7	1	1	NUM
emaj-46	378	8	)	)	PUNCT
emaj-46	378	9	,	,	PUNCT
emaj-46	378	10	33–44	33–44	NUM
emaj-46	378	11	.	.	PUNCT
emaj-46	379	1	hovakimian	hovakimian	PROPN
emaj-46	379	2	,	,	PUNCT
emaj-46	379	3	a.	a.	NOUN
emaj-46	379	4	,	,	PUNCT
emaj-46	379	5	opler	opler	ADJ
emaj-46	379	6	,	,	PUNCT
emaj-46	379	7	t.	t.	PROPN
emaj-46	379	8	,	,	PUNCT
emaj-46	379	9	titman	titman	NOUN
emaj-46	379	10	,	,	PUNCT
emaj-46	379	11	s.	s.	PROPN
emaj-46	379	12	,	,	PUNCT
emaj-46	379	13	2001	2001	NUM
emaj-46	379	14	.	.	PUNCT
emaj-46	380	1	“	"	PUNCT
emaj-46	380	2	the	the	DET
emaj-46	380	3	debt	debt	NOUN
emaj-46	380	4	-	-	PUNCT
emaj-46	380	5	equity	equity	NOUN
emaj-46	380	6	choice	choice	NOUN
emaj-46	380	7	”	"	PUNCT
emaj-46	380	8	.	.	PUNCT
emaj-46	381	1	journal	journal	PROPN
emaj-46	381	2	financial	financial	ADJ
emaj-46	381	3	and	and	CCONJ
emaj-46	381	4	quantitative	quantitative	ADJ
emaj-46	381	5	analysis	analysis	NOUN
emaj-46	381	6	36	36	NUM
emaj-46	381	7	(	(	PUNCT
emaj-46	381	8	1	1	NUM
emaj-46	381	9	)	)	PUNCT
emaj-46	381	10	,	,	PUNCT
emaj-46	381	11	1–24	1–24	PROPN
emaj-46	381	12	.	.	PUNCT
emaj-46	382	1	huang	huang	PROPN
emaj-46	382	2	,	,	PUNCT
emaj-46	382	3	g.	g.	PROPN
emaj-46	382	4	,	,	PUNCT
emaj-46	382	5	song	song	NOUN
emaj-46	382	6	,	,	PUNCT
emaj-46	382	7	f.m	f.m	PROPN
emaj-46	382	8	.	.	PROPN
emaj-46	382	9	,	,	PUNCT
emaj-46	382	10	2006	2006	NUM
emaj-46	382	11	.	.	PUNCT
emaj-46	383	1	“	"	PUNCT
emaj-46	383	2	the	the	DET
emaj-46	383	3	determinants	determinant	NOUN
emaj-46	383	4	of	of	ADP
emaj-46	383	5	capital	capital	NOUN
emaj-46	383	6	structure	structure	NOUN
emaj-46	383	7	:	:	PUNCT
emaj-46	383	8	evidence	evidence	NOUN
emaj-46	383	9	from	from	ADP
emaj-46	383	10	china	china	PROPN
emaj-46	383	11	”	"	PUNCT
emaj-46	383	12	.	.	PUNCT
emaj-46	384	1	china	china	PROPN
emaj-46	384	2	economic	economic	PROPN
emaj-46	384	3	review	review	PROPN
emaj-46	384	4	17	17	NUM
emaj-46	384	5	,	,	PUNCT
emaj-46	384	6	14–36	14–36	NUM
emaj-46	384	7	.	.	PUNCT
emaj-46	385	1	icrg	icrg	ADJ
emaj-46	385	2	(	(	PUNCT
emaj-46	385	3	2013	2013	NUM
emaj-46	385	4	)	)	PUNCT
emaj-46	385	5	,	,	PUNCT
emaj-46	385	6	http://www.prsgroup.com/icrg_methodology.aspx	http://www.prsgroup.com/icrg_methodology.aspx	NOUN
emaj-46	385	7	#	#	SYM
emaj-46	385	8	finriskrating	finriskrating	NOUN
emaj-46	385	9	,	,	PUNCT
emaj-46	385	10	05.03.2013	05.03.2013	PROPN
emaj-46	385	11	.	.	PROPN
emaj-46	385	12	jalilavand	jalilavand	PROPN
emaj-46	385	13	,	,	PUNCT
emaj-46	385	14	a.	a.	PROPN
emaj-46	385	15	,	,	PUNCT
emaj-46	385	16	harris	harris	PROPN
emaj-46	385	17	,	,	PUNCT
emaj-46	385	18	r.s	r.s	PROPN
emaj-46	385	19	.	.	PROPN
emaj-46	385	20	,	,	PUNCT
emaj-46	385	21	1984	1984	NUM
emaj-46	385	22	.	.	PUNCT
emaj-46	386	1	“	"	PUNCT
emaj-46	386	2	corporate	corporate	ADJ
emaj-46	386	3	behavior	behavior	NOUN
emaj-46	386	4	i̇n	i̇n	NOUN
emaj-46	386	5	adjusting	adjust	VERB
emaj-46	386	6	to	to	ADP
emaj-46	386	7	capital	capital	NOUN
emaj-46	386	8	structure	structure	NOUN
emaj-46	386	9	and	and	CCONJ
emaj-46	386	10	dividend	dividend	NOUN
emaj-46	386	11	targets	target	NOUN
emaj-46	386	12	:	:	PUNCT
emaj-46	386	13	an	an	DET
emaj-46	386	14	econometric	econometric	ADJ
emaj-46	386	15	study	study	NOUN
emaj-46	386	16	”	"	PUNCT
emaj-46	386	17	.	.	PUNCT
emaj-46	387	1	journal	journal	PROPN
emaj-46	387	2	of	of	ADP
emaj-46	387	3	finance	finance	NOUN
emaj-46	387	4	39	39	NUM
emaj-46	387	5	,	,	PUNCT
emaj-46	387	6	127–145	127–145	NUM
emaj-46	387	7	.	.	PUNCT
emaj-46	388	1	jensen	jensen	PROPN
emaj-46	388	2	,	,	PUNCT
emaj-46	388	3	m.c	m.c	PROPN
emaj-46	388	4	.	.	PROPN
emaj-46	388	5	,	,	PUNCT
emaj-46	388	6	1986	1986	NUM
emaj-46	388	7	.	.	PUNCT
emaj-46	389	1	“	"	PUNCT
emaj-46	389	2	agency	agency	NOUN
emaj-46	389	3	costs	cost	NOUN
emaj-46	389	4	of	of	ADP
emaj-46	389	5	free	free	ADJ
emaj-46	389	6	cash	cash	NOUN
emaj-46	389	7	flows	flow	NOUN
emaj-46	389	8	,	,	PUNCT
emaj-46	389	9	corporate	corporate	ADJ
emaj-46	389	10	finance	finance	NOUN
emaj-46	389	11	and	and	CCONJ
emaj-46	389	12	takeovers	takeover	NOUN
emaj-46	389	13	”	"	PUNCT
emaj-46	389	14	.	.	PUNCT
emaj-46	390	1	american	american	PROPN
emaj-46	390	2	economic	economic	PROPN
emaj-46	390	3	review	review	NOUN
emaj-46	390	4	76	76	NUM
emaj-46	390	5	,	,	PUNCT
emaj-46	390	6	323	323	NUM
emaj-46	390	7	–	–	PUNCT
emaj-46	390	8	339	339	NUM
emaj-46	390	9	.	.	PUNCT
emaj-46	391	1	joeveer	joeveer	NOUN
emaj-46	391	2	,	,	PUNCT
emaj-46	391	3	k.	k.	PROPN
emaj-46	391	4	2013	2013	NUM
emaj-46	391	5	.	.	PUNCT
emaj-46	392	1	“	"	PUNCT
emaj-46	392	2	firm	firm	ADJ
emaj-46	392	3	,	,	PUNCT
emaj-46	392	4	country	country	NOUN
emaj-46	392	5	and	and	CCONJ
emaj-46	392	6	macroeconomic	macroeconomic	ADJ
emaj-46	392	7	determinants	determinant	NOUN
emaj-46	392	8	of	of	ADP
emaj-46	392	9	capital	capital	NOUN
emaj-46	392	10	structure	structure	NOUN
emaj-46	392	11	:	:	PUNCT
emaj-46	392	12	evidence	evidence	NOUN
emaj-46	392	13	from	from	ADP
emaj-46	392	14	transition	transition	NOUN
emaj-46	392	15	economies	economy	NOUN
emaj-46	392	16	”	"	PUNCT
emaj-46	392	17	,	,	PUNCT
emaj-46	392	18	journal	journal	NOUN
emaj-46	392	19	of	of	ADP
emaj-46	392	20	comparative	comparative	ADJ
emaj-46	392	21	economics	economic	NOUN
emaj-46	392	22	41(1	41(1	NOUN
emaj-46	392	23	)	)	PUNCT
emaj-46	392	24	,	,	PUNCT
emaj-46	392	25	294–308	294–308	NUM
emaj-46	392	26	.	.	PUNCT
emaj-46	393	1	joeveer	joeveer	NOUN
emaj-46	393	2	,	,	PUNCT
emaj-46	393	3	k.	k.	PROPN
emaj-46	393	4	,	,	PUNCT
emaj-46	393	5	2005	2005	NUM
emaj-46	393	6	,	,	PUNCT
emaj-46	393	7	what	what	PRON
emaj-46	393	8	do	do	AUX
emaj-46	393	9	we	we	PRON
emaj-46	393	10	know	know	VERB
emaj-46	393	11	about	about	ADP
emaj-46	393	12	the	the	DET
emaj-46	393	13	capital	capital	NOUN
emaj-46	393	14	structure	structure	NOUN
emaj-46	393	15	of	of	ADP
emaj-46	393	16	small	small	ADJ
emaj-46	393	17	firms	firm	NOUN
emaj-46	393	18	?	?	PUNCT
emaj-46	394	1	cerge	cerge	NOUN
emaj-46	394	2	-	-	PUNCT
emaj-46	394	3	ei	ei	NOUN
emaj-46	394	4	working	working	NOUN
emaj-46	394	5	paper	paper	NOUN
emaj-46	394	6	,	,	PUNCT
emaj-46	394	7	283	283	NUM
emaj-46	394	8	.	.	PUNCT
emaj-46	394	9	http://papers.ssrn.com/sol3/papers.cfm?abstract_id=	http://papers.ssrn.com/sol3/papers.cfm?abstract_id=	PROPN
emaj-46	394	10	1148201(10.03.2013	1148201(10.03.2013	NUM
emaj-46	394	11	)	)	PUNCT
emaj-46	394	12	.	.	PUNCT
emaj-46	395	1	kayo	kayo	PROPN
emaj-46	395	2	,	,	PUNCT
emaj-46	395	3	e.	e.	PROPN
emaj-46	395	4	k.	k.	PROPN
emaj-46	395	5	,	,	PUNCT
emaj-46	395	6	kimura	kimura	PROPN
emaj-46	395	7	,	,	PUNCT
emaj-46	395	8	h.	h.	PROPN
emaj-46	395	9	2011	2011	NUM
emaj-46	395	10	.	.	PUNCT
emaj-46	396	1	“	"	PUNCT
emaj-46	396	2	hierarchical	hierarchical	ADJ
emaj-46	396	3	determinants	determinant	NOUN
emaj-46	396	4	of	of	ADP
emaj-46	396	5	capital	capital	NOUN
emaj-46	396	6	structure	structure	NOUN
emaj-46	396	7	”	"	PUNCT
emaj-46	396	8	,	,	PUNCT
emaj-46	396	9	journal	journal	NOUN
emaj-46	396	10	of	of	ADP
emaj-46	396	11	banking	banking	NOUN
emaj-46	396	12	and	and	CCONJ
emaj-46	396	13	finance	finance	NOUN
emaj-46	396	14	35	35	NUM
emaj-46	396	15	,	,	PUNCT
emaj-46	396	16	358–371	358–371	NUM
emaj-46	396	17	.	.	PUNCT
emaj-46	397	1	korajczyk	korajczyk	PROPN
emaj-46	397	2	,	,	PUNCT
emaj-46	397	3	r.a	r.a	PROPN
emaj-46	397	4	.	.	PROPN
emaj-46	397	5	,	,	PUNCT
emaj-46	397	6	levy	levy	NOUN
emaj-46	397	7	,	,	PUNCT
emaj-46	397	8	a.	a.	NOUN
emaj-46	397	9	,	,	PUNCT
emaj-46	397	10	2003	2003	NUM
emaj-46	397	11	.	.	PUNCT
emaj-46	398	1	“	"	PUNCT
emaj-46	398	2	capital	capital	NOUN
emaj-46	398	3	structure	structure	NOUN
emaj-46	398	4	choice	choice	NOUN
emaj-46	398	5	:	:	PUNCT
emaj-46	398	6	macroeconomic	macroeconomic	ADJ
emaj-46	398	7	conditions	condition	NOUN
emaj-46	398	8	and	and	CCONJ
emaj-46	398	9	financial	financial	ADJ
emaj-46	398	10	constraints	constraint	NOUN
emaj-46	398	11	.	.	PUNCT
emaj-46	399	1	journal	journal	PROPN
emaj-46	399	2	financial	financial	ADJ
emaj-46	399	3	economics	economic	NOUN
emaj-46	399	4	68	68	NUM
emaj-46	399	5	,	,	PUNCT
emaj-46	399	6	75–109	75–109	NUM
emaj-46	399	7	.	.	PUNCT
emaj-46	399	8	kraus	kraus	PROPN
emaj-46	399	9	,	,	PUNCT
emaj-46	399	10	a.	a.	NOUN
emaj-46	399	11	and	and	CCONJ
emaj-46	399	12	litzenberger	litzenberger	NOUN
emaj-46	399	13	,	,	PUNCT
emaj-46	399	14	r.	r.	PROPN
emaj-46	399	15	h.	h.	PROPN
emaj-46	399	16	1973	1973	NUM
emaj-46	399	17	.	.	PUNCT
emaj-46	400	1	“	"	PUNCT
emaj-46	400	2	a	a	DET
emaj-46	400	3	state	state	NOUN
emaj-46	400	4	preference	preference	NOUN
emaj-46	400	5	model	model	NOUN
emaj-46	400	6	of	of	ADP
emaj-46	400	7	optimal	optimal	ADJ
emaj-46	400	8	financial	financial	ADJ
emaj-46	400	9	leverage	leverage	NOUN
emaj-46	400	10	”	"	PUNCT
emaj-46	400	11	.	.	PUNCT
emaj-46	401	1	journal	journal	PROPN
emaj-46	401	2	of	of	ADP
emaj-46	401	3	finance	finance	PROPN
emaj-46	401	4	28	28	NUM
emaj-46	401	5	,	,	PUNCT
emaj-46	401	6	911–22	911–22	NUM
emaj-46	401	7	.	.	PUNCT
emaj-46	402	1	leary	leary	PROPN
emaj-46	402	2	,	,	PUNCT
emaj-46	402	3	m.	m.	NOUN
emaj-46	402	4	,	,	PUNCT
emaj-46	402	5	roberts	roberts	PROPN
emaj-46	402	6	,	,	PUNCT
emaj-46	402	7	m.	m.	NOUN
emaj-46	402	8	2010	2010	NUM
emaj-46	402	9	.	.	PUNCT
emaj-46	403	1	“	"	PUNCT
emaj-46	403	2	the	the	DET
emaj-46	403	3	pecking	pecking	NOUN
emaj-46	403	4	order	order	NOUN
emaj-46	403	5	,	,	PUNCT
emaj-46	403	6	debt	debt	NOUN
emaj-46	403	7	capacity	capacity	NOUN
emaj-46	403	8	,	,	PUNCT
emaj-46	403	9	and	and	CCONJ
emaj-46	403	10	i̇nformation	i̇nformation	NOUN
emaj-46	403	11	asymmetry	asymmetry	PROPN
emaj-46	403	12	”	"	PUNCT
emaj-46	403	13	,	,	PUNCT
emaj-46	403	14	journal	journal	NOUN
emaj-46	403	15	of	of	ADP
emaj-46	403	16	financial	financial	ADJ
emaj-46	403	17	economics	economic	NOUN
emaj-46	403	18	95	95	NUM
emaj-46	403	19	,	,	PUNCT
emaj-46	403	20	332–355	332–355	NUM
emaj-46	403	21	.	.	PUNCT
emaj-46	403	22	lemmon	lemmon	PROPN
emaj-46	403	23	,	,	PUNCT
emaj-46	403	24	m.	m.	PROPN
emaj-46	403	25	l.	l.	PROPN
emaj-46	403	26	,	,	PUNCT
emaj-46	403	27	roberts	roberts	PROPN
emaj-46	403	28	,	,	PUNCT
emaj-46	403	29	m.	m.	PROPN
emaj-46	403	30	r.	r.	PROPN
emaj-46	403	31	,	,	PUNCT
emaj-46	403	32	zender	zender	PROPN
emaj-46	403	33	,	,	PUNCT
emaj-46	403	34	j.	j.	PROPN
emaj-46	403	35	f.	f.	PROPN
emaj-46	403	36	2008	2008	NUM
emaj-46	403	37	.	.	PUNCT
emaj-46	404	1	“	"	PUNCT
emaj-46	404	2	back	back	ADV
emaj-46	404	3	to	to	ADP
emaj-46	404	4	the	the	DET
emaj-46	404	5	beginning	beginning	NOUN
emaj-46	404	6	:	:	PUNCT
emaj-46	404	7	persistence	persistence	NOUN
emaj-46	404	8	and	and	CCONJ
emaj-46	404	9	the	the	DET
emaj-46	404	10	cross	cross	NOUN
emaj-46	404	11	section	section	NOUN
emaj-46	404	12	of	of	ADP
emaj-46	404	13	corporate	corporate	ADJ
emaj-46	404	14	capital	capital	NOUN
emaj-46	404	15	structure	structure	NOUN
emaj-46	404	16	”	"	PUNCT
emaj-46	404	17	,	,	PUNCT
emaj-46	404	18	journal	journal	NOUN
emaj-46	404	19	of	of	ADP
emaj-46	404	20	finance	finance	NOUN
emaj-46	404	21	,	,	PUNCT
emaj-46	404	22	63	63	NUM
emaj-46	404	23	,	,	PUNCT
emaj-46	404	24	1575–608	1575–608	NOUN
emaj-46	404	25	.	.	PUNCT
emaj-46	405	1	lim	lim	PROPN
emaj-46	405	2	,	,	PUNCT
emaj-46	405	3	t.c	t.c	PROPN
emaj-46	405	4	.	.	PROPN
emaj-46	405	5	2012	2012	NUM
emaj-46	405	6	.	.	PUNCT
emaj-46	406	1	“	"	PUNCT
emaj-46	406	2	determinants	determinant	NOUN
emaj-46	406	3	of	of	ADP
emaj-46	406	4	capital	capital	NOUN
emaj-46	406	5	structure	structure	NOUN
emaj-46	406	6	empirical	empirical	ADJ
emaj-46	406	7	evidence	evidence	NOUN
emaj-46	406	8	from	from	ADP
emaj-46	406	9	financial	financial	ADJ
emaj-46	406	10	services	service	NOUN
emaj-46	406	11	listed	list	VERB
emaj-46	406	12	firms	firm	NOUN
emaj-46	406	13	in	in	ADP
emaj-46	406	14	china	china	PROPN
emaj-46	406	15	.	.	PUNCT
emaj-46	407	1	international	international	ADJ
emaj-46	407	2	journal	journal	PROPN
emaj-46	407	3	of	of	ADP
emaj-46	407	4	economics	economic	NOUN
emaj-46	407	5	and	and	CCONJ
emaj-46	407	6	finance	finance	VERB
emaj-46	407	7	4(3	4(3	NUM
emaj-46	407	8	)	)	PUNCT
emaj-46	407	9	,	,	PUNCT
emaj-46	407	10	191	191	NUM
emaj-46	407	11	-	-	SYM
emaj-46	407	12	203	203	NUM
emaj-46	407	13	.	.	PUNCT
emaj-46	408	1	lintner	lintner	PROPN
emaj-46	408	2	,	,	PUNCT
emaj-46	408	3	j.	j.	PROPN
emaj-46	408	4	,	,	PUNCT
emaj-46	408	5	1956	1956	NUM
emaj-46	408	6	.	.	PUNCT
emaj-46	409	1	“	"	PUNCT
emaj-46	409	2	distribution	distribution	NOUN
emaj-46	409	3	of	of	ADP
emaj-46	409	4	i̇ncomes	i̇ncome	NOUN
emaj-46	409	5	of	of	ADP
emaj-46	409	6	corporations	corporation	NOUN
emaj-46	409	7	among	among	ADP
emaj-46	409	8	dividends	dividend	NOUN
emaj-46	409	9	,	,	PUNCT
emaj-46	409	10	retained	retain	VERB
emaj-46	409	11	earnings	earning	NOUN
emaj-46	409	12	and	and	CCONJ
emaj-46	409	13	taxes	taxis	NOUN
emaj-46	409	14	”	"	PUNCT
emaj-46	409	15	.	.	PUNCT
emaj-46	410	1	american	american	PROPN
emaj-46	410	2	economic	economic	PROPN
emaj-46	410	3	review	review	PROPN
emaj-46	410	4	46	46	NUM
emaj-46	410	5	(	(	PUNCT
emaj-46	410	6	2	2	NUM
emaj-46	410	7	)	)	PUNCT
emaj-46	410	8	,	,	PUNCT
emaj-46	410	9	97–143	97–143	PROPN
emaj-46	410	10	.	.	PUNCT
emaj-46	411	1	marcus	marcus	PROPN
emaj-46	411	2	,	,	PUNCT
emaj-46	411	3	a.	a.	NOUN
emaj-46	411	4	1983	1983	NUM
emaj-46	411	5	.	.	PUNCT
emaj-46	412	1	“	"	PUNCT
emaj-46	412	2	the	the	DET
emaj-46	412	3	bank	bank	NOUN
emaj-46	412	4	capital	capital	NOUN
emaj-46	412	5	decision	decision	NOUN
emaj-46	412	6	:	:	PUNCT
emaj-46	412	7	a	a	DET
emaj-46	412	8	time	time	NOUN
emaj-46	412	9	series	series	PROPN
emaj-46	412	10	-	-	PUNCT
emaj-46	412	11	cross	cross	NOUN
emaj-46	412	12	section	section	NOUN
emaj-46	412	13	analysis	analysis	NOUN
emaj-46	412	14	,	,	PUNCT
emaj-46	412	15	journal	journal	NOUN
emaj-46	412	16	of	of	ADP
emaj-46	412	17	finance	finance	NOUN
emaj-46	412	18	38	38	NUM
emaj-46	412	19	,	,	PUNCT
emaj-46	412	20	1217–1232	1217–1232	NUM
emaj-46	412	21	.	.	PUNCT
emaj-46	413	1	marsh	marsh	PROPN
emaj-46	413	2	p.	p.	PROPN
emaj-46	413	3	1982	1982	NUM
emaj-46	413	4	.	.	PUNCT
emaj-46	414	1	“	"	PUNCT
emaj-46	414	2	the	the	DET
emaj-46	414	3	choice	choice	NOUN
emaj-46	414	4	between	between	ADP
emaj-46	414	5	equity	equity	NOUN
emaj-46	414	6	and	and	CCONJ
emaj-46	414	7	debt	debt	NOUN
emaj-46	414	8	:	:	PUNCT
emaj-46	414	9	an	an	DET
emaj-46	414	10	empirical	empirical	ADJ
emaj-46	414	11	study	study	NOUN
emaj-46	414	12	”	"	PUNCT
emaj-46	414	13	.	.	PUNCT
emaj-46	415	1	journal	journal	PROPN
emaj-46	415	2	of	of	ADP
emaj-46	415	3	finance	finance	PROPN
emaj-46	415	4	37	37	NUM
emaj-46	415	5	,	,	PUNCT
emaj-46	415	6	121	121	NUM
emaj-46	415	7	-	-	SYM
emaj-46	415	8	144	144	NUM
emaj-46	415	9	.	.	PUNCT
emaj-46	416	1	modigliani	modigliani	PROPN
emaj-46	416	2	f.	f.	PROPN
emaj-46	416	3	,	,	PUNCT
emaj-46	416	4	miller	miller	PROPN
emaj-46	416	5	m.h	m.h	PROPN
emaj-46	416	6	.	.	PROPN
emaj-46	416	7	1963	1963	NUM
emaj-46	416	8	.	.	PUNCT
emaj-46	417	1	“	"	PUNCT
emaj-46	417	2	corporate	corporate	ADJ
emaj-46	417	3	income	income	NOUN
emaj-46	417	4	taxes	taxis	NOUN
emaj-46	417	5	and	and	CCONJ
emaj-46	417	6	the	the	DET
emaj-46	417	7	cost	cost	NOUN
emaj-46	417	8	of	of	ADP
emaj-46	417	9	capital	capital	NOUN
emaj-46	417	10	:	:	PUNCT
emaj-46	417	11	a	a	DET
emaj-46	417	12	correction	correction	NOUN
emaj-46	417	13	”	"	PUNCT
emaj-46	417	14	.	.	PUNCT
emaj-46	418	1	american	american	PROPN
emaj-46	418	2	economic	economic	PROPN
emaj-46	418	3	review	review	PROPN
emaj-46	418	4	53	53	NUM
emaj-46	418	5	,	,	PUNCT
emaj-46	418	6	433443	433443	NUM
emaj-46	418	7	.	.	PUNCT
emaj-46	419	1	modigliani	modigliani	PROPN
emaj-46	419	2	,	,	PUNCT
emaj-46	419	3	f.	f.	PROPN
emaj-46	419	4	,	,	PUNCT
emaj-46	419	5	miller	miller	PROPN
emaj-46	419	6	,	,	PUNCT
emaj-46	419	7	m.	m.	NOUN
emaj-46	419	8	h.	h.	PROPN
emaj-46	419	9	1958	1958	NUM
emaj-46	419	10	.	.	PUNCT
emaj-46	420	1	“	"	PUNCT
emaj-46	420	2	the	the	DET
emaj-46	420	3	cost	cost	NOUN
emaj-46	420	4	of	of	ADP
emaj-46	420	5	capital	capital	NOUN
emaj-46	420	6	,	,	PUNCT
emaj-46	420	7	corporate	corporate	ADJ
emaj-46	420	8	finance	finance	NOUN
emaj-46	420	9	and	and	CCONJ
emaj-46	420	10	the	the	DET
emaj-46	420	11	theory	theory	NOUN
emaj-46	420	12	of	of	ADP
emaj-46	420	13	investment	investment	NOUN
emaj-46	420	14	,	,	PUNCT
emaj-46	420	15	american	american	PROPN
emaj-46	420	16	economic	economic	PROPN
emaj-46	420	17	review	review	NOUN
emaj-46	420	18	49	49	NUM
emaj-46	420	19	,	,	PUNCT
emaj-46	420	20	261–97	261–97	NUM
emaj-46	420	21	.	.	PUNCT
emaj-46	421	1	myers	myers	PROPN
emaj-46	421	2	,	,	PUNCT
emaj-46	421	3	s.	s.	PROPN
emaj-46	421	4	c.	c.	PROPN
emaj-46	421	5	1984	1984	NUM
emaj-46	421	6	.	.	PUNCT
emaj-46	422	1	“	"	PUNCT
emaj-46	422	2	the	the	DET
emaj-46	422	3	capital	capital	NOUN
emaj-46	422	4	structure	structure	NOUN
emaj-46	422	5	puzzle	puzzle	NOUN
emaj-46	422	6	,	,	PUNCT
emaj-46	422	7	journal	journal	NOUN
emaj-46	422	8	of	of	ADP
emaj-46	422	9	finance	finance	NOUN
emaj-46	422	10	34	34	NUM
emaj-46	422	11	,	,	PUNCT
emaj-46	422	12	575–92	575–92	PROPN
emaj-46	422	13	.	.	PUNCT
emaj-46	423	1	myers	myers	PROPN
emaj-46	423	2	,	,	PUNCT
emaj-46	423	3	s.	s.	PROPN
emaj-46	423	4	c.	c.	PROPN
emaj-46	423	5	2001	2001	NUM
emaj-46	423	6	.	.	PUNCT
emaj-46	423	7	”	"	PUNCT
emaj-46	423	8	capital	capital	NOUN
emaj-46	423	9	structure	structure	NOUN
emaj-46	423	10	”	"	PUNCT
emaj-46	423	11	.	.	PUNCT
emaj-46	424	1	journal	journal	PROPN
emaj-46	424	2	of	of	ADP
emaj-46	424	3	economic	economic	ADJ
emaj-46	424	4	perspectives	perspective	NOUN
emaj-46	424	5	15	15	NUM
emaj-46	424	6	,	,	PUNCT
emaj-46	424	7	81–102	81–102	NUM
emaj-46	424	8	.	.	PUNCT
emaj-46	425	1	dr	dr	PROPN
emaj-46	425	2	.	.	PROPN
emaj-46	425	3	nuri	nuri	PROPN
emaj-46	425	4	baltacı	baltacı	PROPN
emaj-46	425	5	,	,	PUNCT
emaj-46	425	6	dr	dr	PROPN
emaj-46	425	7	.	.	PROPN
emaj-46	425	8	hasan	hasan	PROPN
emaj-46	425	9	ayaydın	ayaydın	PROPN
emaj-46	426	1	p	p	PROPN
emaj-46	426	2	a	a	DET
emaj-46	426	3	g	g	NOUN
emaj-46	426	4	e	e	NOUN
emaj-46	426	5	|58|	|58|	NOUN
emaj-46	426	6	emerging	emerge	VERB
emaj-46	426	7	markets	market	NOUN
emaj-46	426	8	journal	journal	NOUN
emaj-46	426	9	volume	volume	NOUN
emaj-46	426	10	3	3	NUM
emaj-46	426	11	no	no	DET
emaj-46	426	12	3	3	NUM
emaj-46	426	13	(	(	PUNCT
emaj-46	426	14	2014	2014	NUM
emaj-46	426	15	)	)	PUNCT
emaj-46	426	16	|	|	ADV
emaj-46	426	17	issn	issn	VERB
emaj-46	426	18	2158	2158	NUM
emaj-46	426	19	-	-	SYM
emaj-46	426	20	8708	8708	NUM
emaj-46	426	21	(	(	PUNCT
emaj-46	426	22	online	online	NOUN
emaj-46	426	23	)	)	PUNCT
emaj-46	426	24	|	|	ADV
emaj-46	426	25	doi	doi	X
emaj-46	426	26	10.5195	10.5195	NUM
emaj-46	426	27	/	/	SYM
emaj-46	426	28	emaj.2014.46	emaj.2014.46	NOUN
emaj-46	427	1	|	|	NOUN
emaj-46	427	2	http://emaj.pitt.edu	http://emaj.pitt.edu	PROPN
emaj-46	427	3	myers	myers	PROPN
emaj-46	427	4	,	,	PUNCT
emaj-46	427	5	s.	s.	PROPN
emaj-46	427	6	c.	c.	PROPN
emaj-46	427	7	,	,	PUNCT
emaj-46	427	8	majluf	majluf	PROPN
emaj-46	427	9	,	,	PUNCT
emaj-46	427	10	n.	n.	PROPN
emaj-46	427	11	s.	s.	PROPN
emaj-46	427	12	1984	1984	NUM
emaj-46	427	13	.	.	PUNCT
emaj-46	428	1	“	"	PUNCT
emaj-46	428	2	corporate	corporate	ADJ
emaj-46	428	3	financing	financing	NOUN
emaj-46	428	4	and	and	CCONJ
emaj-46	428	5	i̇nvestments	i̇nvestment	NOUN
emaj-46	428	6	decisions	decision	NOUN
emaj-46	428	7	when	when	SCONJ
emaj-46	428	8	firms	firm	NOUN
emaj-46	428	9	have	have	VERB
emaj-46	428	10	i̇nformation	i̇nformation	NOUN
emaj-46	428	11	that	that	SCONJ
emaj-46	428	12	i̇nvestors	i̇nvestor	NOUN
emaj-46	428	13	do	do	AUX
emaj-46	428	14	not	not	PART
emaj-46	428	15	have	have	VERB
emaj-46	428	16	,	,	PUNCT
emaj-46	428	17	journal	journal	NOUN
emaj-46	428	18	of	of	ADP
emaj-46	428	19	financial	financial	ADJ
emaj-46	428	20	economics	economic	NOUN
emaj-46	428	21	13	13	NUM
emaj-46	428	22	,	,	PUNCT
emaj-46	428	23	187	187	NUM
emaj-46	428	24	–	–	SYM
emaj-46	428	25	221	221	NUM
emaj-46	428	26	.	.	PUNCT
emaj-46	429	1	myers	myers	PROPN
emaj-46	429	2	,	,	PUNCT
emaj-46	429	3	s.	s.	PROPN
emaj-46	429	4	,	,	PUNCT
emaj-46	429	5	rajan	rajan	PROPN
emaj-46	429	6	,	,	PUNCT
emaj-46	429	7	r.	r.	PROPN
emaj-46	429	8	1998	1998	NUM
emaj-46	429	9	.	.	PUNCT
emaj-46	430	1	“	"	PUNCT
emaj-46	430	2	the	the	DET
emaj-46	430	3	paradox	paradox	NOUN
emaj-46	430	4	of	of	ADP
emaj-46	430	5	liquidity	liquidity	NOUN
emaj-46	430	6	”	"	PUNCT
emaj-46	430	7	,	,	PUNCT
emaj-46	430	8	quarterly	quarterly	ADJ
emaj-46	430	9	journal	journal	NOUN
emaj-46	430	10	of	of	ADP
emaj-46	430	11	economics	economic	NOUN
emaj-46	430	12	113	113	NUM
emaj-46	430	13	,	,	PUNCT
emaj-46	430	14	733–771	733–771	NUM
emaj-46	430	15	.	.	PUNCT
emaj-46	431	1	myers	myers	PROPN
emaj-46	431	2	,	,	PUNCT
emaj-46	431	3	s.c	s.c	PROPN
emaj-46	431	4	.	.	PROPN
emaj-46	431	5	,	,	PUNCT
emaj-46	431	6	1977	1977	NUM
emaj-46	431	7	.	.	PUNCT
emaj-46	432	1	“	"	PUNCT
emaj-46	432	2	determinants	determinant	NOUN
emaj-46	432	3	of	of	ADP
emaj-46	432	4	corporate	corporate	ADJ
emaj-46	432	5	borrowing	borrowing	NOUN
emaj-46	432	6	”	"	PUNCT
emaj-46	432	7	.	.	PUNCT
emaj-46	433	1	journal	journal	PROPN
emaj-46	433	2	of	of	ADP
emaj-46	433	3	financial	financial	ADJ
emaj-46	433	4	economics	economic	NOUN
emaj-46	433	5	5	5	NUM
emaj-46	433	6	,	,	PUNCT
emaj-46	433	7	147–175	147–175	NUM
emaj-46	433	8	.	.	PUNCT
emaj-46	434	1	myers	myers	PROPN
emaj-46	434	2	,	,	PUNCT
emaj-46	434	3	s.c	s.c	PROPN
emaj-46	434	4	.	.	PROPN
emaj-46	434	5	,	,	PUNCT
emaj-46	434	6	majluf	majluf	PROPN
emaj-46	434	7	,	,	PUNCT
emaj-46	434	8	n.s	n.s	PROPN
emaj-46	434	9	.	.	PROPN
emaj-46	434	10	,	,	PUNCT
emaj-46	434	11	1984	1984	NUM
emaj-46	434	12	.	.	PUNCT
emaj-46	435	1	“	"	PUNCT
emaj-46	435	2	corporate	corporate	ADJ
emaj-46	435	3	financing	financing	NOUN
emaj-46	435	4	and	and	CCONJ
emaj-46	435	5	i̇nvestment	i̇nvestment	NOUN
emaj-46	435	6	decisions	decision	NOUN
emaj-46	435	7	when	when	SCONJ
emaj-46	435	8	firms	firm	NOUN
emaj-46	435	9	have	have	VERB
emaj-46	435	10	i̇nformation	i̇nformation	NOUN
emaj-46	435	11	that	that	SCONJ
emaj-46	435	12	i̇nvestors	i̇nvestor	NOUN
emaj-46	435	13	do	do	AUX
emaj-46	435	14	not	not	PART
emaj-46	435	15	have	have	VERB
emaj-46	435	16	.	.	PUNCT
emaj-46	436	1	journal	journal	NOUN
emaj-46	436	2	of	of	ADP
emaj-46	436	3	financial	financial	ADJ
emaj-46	436	4	economics	economic	NOUN
emaj-46	436	5	13	13	NUM
emaj-46	436	6	,	,	PUNCT
emaj-46	436	7	187	187	NUM
emaj-46	436	8	–	–	PUNCT
emaj-46	436	9	224	224	NUM
emaj-46	436	10	.	.	PUNCT
emaj-46	437	1	naceur	naceur	PROPN
emaj-46	437	2	,	,	PUNCT
emaj-46	437	3	b.	b.	PROPN
emaj-46	437	4	s.	s.	PROPN
emaj-46	437	5	ve	ve	AUX
emaj-46	437	6	goaied	goaie	VERB
emaj-46	437	7	,	,	PUNCT
emaj-46	437	8	m.	m.	NOUN
emaj-46	437	9	2001	2001	NUM
emaj-46	437	10	.	.	PUNCT
emaj-46	438	1	“	"	PUNCT
emaj-46	438	2	the	the	DET
emaj-46	438	3	determinants	determinant	NOUN
emaj-46	438	4	of	of	ADP
emaj-46	438	5	the	the	DET
emaj-46	438	6	tunisian	tunisian	ADJ
emaj-46	438	7	deposit	deposit	NOUN
emaj-46	438	8	banks	bank	NOUN
emaj-46	438	9	’	’	PART
emaj-46	438	10	performance	performance	NOUN
emaj-46	438	11	”	"	PUNCT
emaj-46	438	12	,	,	PUNCT
emaj-46	438	13	applied	apply	VERB
emaj-46	438	14	financial	financial	ADJ
emaj-46	438	15	economics	economic	NOUN
emaj-46	438	16	,	,	PUNCT
emaj-46	438	17	11(3	11(3	NUM
emaj-46	438	18	)	)	PUNCT
emaj-46	438	19	,	,	PUNCT
emaj-46	438	20	317	317	NUM
emaj-46	438	21	-	-	SYM
emaj-46	438	22	319	319	NUM
emaj-46	438	23	.	.	PUNCT
emaj-46	439	1	oztekin	oztekin	VERB
emaj-46	439	2	,	,	PUNCT
emaj-46	439	3	o.	o.	PROPN
emaj-46	439	4	,	,	PUNCT
emaj-46	439	5	flannery	flannery	PROPN
emaj-46	439	6	,	,	PUNCT
emaj-46	439	7	m.j	m.j	PROPN
emaj-46	439	8	.	.	PROPN
emaj-46	439	9	2012	2012	NUM
emaj-46	439	10	.	.	PUNCT
emaj-46	440	1	“	"	PUNCT
emaj-46	440	2	institutional	institutional	ADJ
emaj-46	440	3	determinants	determinant	NOUN
emaj-46	440	4	of	of	ADP
emaj-46	440	5	capital	capital	NOUN
emaj-46	440	6	structure	structure	NOUN
emaj-46	440	7	adjustment	adjustment	NOUN
emaj-46	440	8	speeds	speed	NOUN
emaj-46	440	9	”	"	PUNCT
emaj-46	440	10	,	,	PUNCT
emaj-46	440	11	journal	journal	NOUN
emaj-46	440	12	of	of	ADP
emaj-46	440	13	financial	financial	ADJ
emaj-46	440	14	economics	economic	NOUN
emaj-46	440	15	103	103	NUM
emaj-46	440	16	,	,	PUNCT
emaj-46	440	17	88–112	88–112	PROPN
emaj-46	440	18	.	.	PUNCT
emaj-46	440	19	pratomo	pratomo	PROPN
emaj-46	440	20	,	,	PUNCT
emaj-46	440	21	w.a	w.a	PROPN
emaj-46	440	22	and	and	CCONJ
emaj-46	440	23	ismail	ismail	PROPN
emaj-46	440	24	,	,	PUNCT
emaj-46	440	25	a.g	a.g	PROPN
emaj-46	440	26	.	.	PROPN
emaj-46	440	27	2006	2006	NUM
emaj-46	440	28	.	.	PUNCT
emaj-46	441	1	“	"	PUNCT
emaj-46	441	2	islamıc	islamıc	PROPN
emaj-46	441	3	bank	bank	NOUN
emaj-46	441	4	performance	performance	NOUN
emaj-46	441	5	and	and	CCONJ
emaj-46	441	6	capıtal	capıtal	ADJ
emaj-46	441	7	structure	structure	NOUN
emaj-46	441	8	”	"	PUNCT
emaj-46	441	9	.	.	PUNCT
emaj-46	442	1	m.p.r.a	m.p.r.a	PROPN
emaj-46	442	2	-	-	PUNCT
emaj-46	442	3	munich	munich	PROPN
emaj-46	442	4	personal	personal	PROPN
emaj-46	442	5	repec	repec	PROPN
emaj-46	442	6	archive	archive	PROPN
emaj-46	442	7	.	.	PUNCT
emaj-46	443	1	mpra	mpra	PROPN
emaj-46	443	2	paper	paper	PROPN
emaj-46	443	3	no	no	INTJ
emaj-46	443	4	.	.	PROPN
emaj-46	443	5	6012	6012	NUM
emaj-46	443	6	posted	post	VERB
emaj-46	443	7	29	29	NUM
emaj-46	443	8	.	.	PUNCT
emaj-46	444	1	http://mpra.ub.unimuenchen.de/6012/.	http://mpra.ub.unimuenchen.de/6012/.	PROPN
emaj-46	444	2	rajan	rajan	PROPN
emaj-46	444	3	,	,	PUNCT
emaj-46	444	4	r.g	r.g	PROPN
emaj-46	444	5	.	.	PROPN
emaj-46	444	6	,	,	PUNCT
emaj-46	444	7	zingales	zingales	PROPN
emaj-46	444	8	,	,	PUNCT
emaj-46	444	9	l.	l.	PROPN
emaj-46	444	10	,	,	PUNCT
emaj-46	444	11	1995	1995	NUM
emaj-46	444	12	.	.	PUNCT
emaj-46	445	1	“	"	PUNCT
emaj-46	445	2	what	what	PRON
emaj-46	445	3	do	do	AUX
emaj-46	445	4	we	we	PRON
emaj-46	445	5	know	know	VERB
emaj-46	445	6	about	about	ADP
emaj-46	445	7	capital	capital	NOUN
emaj-46	445	8	structure	structure	NOUN
emaj-46	445	9	?	?	PUNCT
emaj-46	446	1	some	some	DET
emaj-46	446	2	evidence	evidence	NOUN
emaj-46	446	3	from	from	ADP
emaj-46	446	4	i̇nternational	i̇nternational	ADJ
emaj-46	446	5	data	datum	NOUN
emaj-46	446	6	”	"	PUNCT
emaj-46	446	7	,	,	PUNCT
emaj-46	446	8	the	the	DET
emaj-46	446	9	journal	journal	NOUN
emaj-46	446	10	of	of	ADP
emaj-46	446	11	finance	finance	NOUN
emaj-46	446	12	50	50	NUM
emaj-46	446	13	,	,	PUNCT
emaj-46	446	14	1421–1460	1421–1460	NUM
emaj-46	446	15	.	.	PUNCT
emaj-46	447	1	shyam	shyam	NOUN
emaj-46	447	2	-	-	PUNCT
emaj-46	447	3	sunder	sunder	PROPN
emaj-46	447	4	,	,	PUNCT
emaj-46	447	5	l.	l.	PROPN
emaj-46	447	6	,	,	PUNCT
emaj-46	447	7	myers	myers	PROPN
emaj-46	447	8	,	,	PUNCT
emaj-46	447	9	s.c	s.c	PROPN
emaj-46	447	10	.	.	PROPN
emaj-46	447	11	1999	1999	NUM
emaj-46	447	12	.	.	PUNCT
emaj-46	448	1	“	"	PUNCT
emaj-46	448	2	testing	test	VERB
emaj-46	448	3	static	static	ADJ
emaj-46	448	4	tradeoff	tradeoff	NOUN
emaj-46	448	5	against	against	ADP
emaj-46	448	6	pecking	pecking	NOUN
emaj-46	448	7	order	order	NOUN
emaj-46	448	8	models	model	NOUN
emaj-46	448	9	of	of	ADP
emaj-46	448	10	capital	capital	NOUN
emaj-46	448	11	structure	structure	NOUN
emaj-46	448	12	”	"	PUNCT
emaj-46	448	13	,	,	PUNCT
emaj-46	448	14	journal	journal	NOUN
emaj-46	448	15	of	of	ADP
emaj-46	448	16	financial	financial	ADJ
emaj-46	448	17	economics	economic	NOUN
emaj-46	448	18	51	51	NUM
emaj-46	448	19	,	,	PUNCT
emaj-46	448	20	219–244	219–244	NUM
emaj-46	448	21	.	.	PUNCT
emaj-46	449	1	stulz	stulz	PROPN
emaj-46	449	2	,	,	PUNCT
emaj-46	449	3	r.m	r.m	PROPN
emaj-46	449	4	.	.	PROPN
emaj-46	449	5	,	,	PUNCT
emaj-46	449	6	1990	1990	NUM
emaj-46	449	7	.	.	PUNCT
emaj-46	450	1	“	"	PUNCT
emaj-46	450	2	managerial	managerial	ADJ
emaj-46	450	3	discretion	discretion	NOUN
emaj-46	450	4	and	and	CCONJ
emaj-46	450	5	optimal	optimal	ADJ
emaj-46	450	6	financing	financing	NOUN
emaj-46	450	7	policies	policy	NOUN
emaj-46	450	8	”	"	PUNCT
emaj-46	450	9	.	.	PUNCT
emaj-46	451	1	journal	journal	PROPN
emaj-46	451	2	of	of	ADP
emaj-46	451	3	financial	financial	ADJ
emaj-46	451	4	economics	economic	NOUN
emaj-46	451	5	26	26	NUM
emaj-46	451	6	,	,	PUNCT
emaj-46	451	7	3–27	3–27	PROPN
emaj-46	451	8	.	.	PUNCT
emaj-46	452	1	titman	titman	PROPN
emaj-46	452	2	,	,	PUNCT
emaj-46	452	3	s.	s.	PROPN
emaj-46	452	4	,	,	PUNCT
emaj-46	452	5	wessels	wessels	PROPN
emaj-46	452	6	,	,	PUNCT
emaj-46	452	7	r.	r.	PROPN
emaj-46	452	8	,	,	PUNCT
emaj-46	452	9	1988	1988	NUM
emaj-46	452	10	.	.	PUNCT
emaj-46	453	1	“	"	PUNCT
emaj-46	453	2	the	the	DET
emaj-46	453	3	determinants	determinant	NOUN
emaj-46	453	4	of	of	ADP
emaj-46	453	5	capital	capital	NOUN
emaj-46	453	6	structure	structure	NOUN
emaj-46	453	7	choice	choice	NOUN
emaj-46	453	8	”	"	PUNCT
emaj-46	453	9	.	.	PUNCT
emaj-46	454	1	journal	journal	PROPN
emaj-46	454	2	of	of	ADP
emaj-46	454	3	finance	finance	PROPN
emaj-46	454	4	43	43	NUM
emaj-46	454	5	,	,	PUNCT
emaj-46	454	6	1–19	1–19	PROPN
emaj-46	454	7	.	.	PUNCT
emaj-46	455	1	wiwattanakantang	wiwattanakantang	PROPN
emaj-46	455	2	,	,	PUNCT
emaj-46	455	3	y.	y.	PROPN
emaj-46	455	4	,	,	PUNCT
emaj-46	455	5	1999	1999	NUM
emaj-46	455	6	.	.	PUNCT
emaj-46	456	1	“	"	PUNCT
emaj-46	456	2	an	an	DET
emaj-46	456	3	empirical	empirical	ADJ
emaj-46	456	4	study	study	NOUN
emaj-46	456	5	on	on	ADP
emaj-46	456	6	the	the	DET
emaj-46	456	7	determinants	determinant	NOUN
emaj-46	456	8	of	of	ADP
emaj-46	456	9	capital	capital	NOUN
emaj-46	456	10	structure	structure	NOUN
emaj-46	456	11	of	of	ADP
emaj-46	456	12	thai	thai	PROPN
emaj-46	456	13	firm	firm	NOUN
emaj-46	456	14	”	"	PUNCT
emaj-46	456	15	.	.	PUNCT
emaj-46	457	1	pacific	pacific	ADJ
emaj-46	457	2	-	-	PUNCT
emaj-46	457	3	basin	basin	NOUN
emaj-46	457	4	finance	finance	NOUN
emaj-46	457	5	journal	journal	NOUN
emaj-46	457	6	7	7	NUM
emaj-46	457	7	,	,	PUNCT
emaj-46	457	8	371–403	371–403	NUM
emaj-46	457	9	.	.	PUNCT