id	sid	tid	token	lemma	pos
emaj-76	1	1	volume	volume	NOUN
emaj-76	1	2	5	5	NUM
emaj-76	1	3	no	no	DET
emaj-76	1	4	2	2	NUM
emaj-76	1	5	(	(	PUNCT
emaj-76	1	6	2015	2015	NUM
emaj-76	1	7	)	)	PUNCT
emaj-76	1	8	|	|	ADV
emaj-76	1	9	issn	issn	VERB
emaj-76	1	10	2158	2158	NUM
emaj-76	1	11	-	-	SYM
emaj-76	1	12	8708	8708	NUM
emaj-76	1	13	(	(	PUNCT
emaj-76	1	14	online	online	NOUN
emaj-76	1	15	)	)	PUNCT
emaj-76	1	16	|	|	ADV
emaj-76	1	17	doi	doi	X
emaj-76	1	18	10.5195	10.5195	NUM
emaj-76	1	19	/	/	SYM
emaj-76	1	20	emaj.2015.66	emaj.2015.66	NOUN
emaj-76	1	21	|	|	ADV
emaj-76	1	22	http://emaj.pitt.edu	http://emaj.pitt.edu	VERB
emaj-76	1	23	determinants	determinant	NOUN
emaj-76	1	24	of	of	ADP
emaj-76	1	25	debt	debt	NOUN
emaj-76	1	26	-	-	PUNCT
emaj-76	1	27	equity	equity	NOUN
emaj-76	1	28	choice	choice	NOUN
emaj-76	1	29	–	–	PUNCT
emaj-76	1	30	evidence	evidence	NOUN
emaj-76	1	31	from	from	ADP
emaj-76	1	32	poland	poland	PROPN
emaj-76	1	33	bogna	bogna	PROPN
emaj-76	1	34	kaźmierska	kaźmierska	PROPN
emaj-76	1	35	-	-	PUNCT
emaj-76	1	36	jóźwiak	jóźwiak	PROPN
emaj-76	1	37	university	university	PROPN
emaj-76	1	38	of	of	ADP
emaj-76	1	39	lodz	lodz	PROPN
emaj-76	1	40	,	,	PUNCT
emaj-76	1	41	poland	poland	PROPN
emaj-76	2	1	|	|	ADV
emaj-76	2	2	bognakaj@gmail.com	bognakaj@gmail.com	PROPN
emaj-76	2	3	jakub	jakub	PROPN
emaj-76	2	4	marszałek	marszałek	PROPN
emaj-76	2	5	university	university	PROPN
emaj-76	2	6	of	of	ADP
emaj-76	2	7	lodz	lodz	PROPN
emaj-76	2	8	,	,	PUNCT
emaj-76	2	9	poland	poland	PROPN
emaj-76	3	1	|	|	ADV
emaj-76	3	2	jakmarszalek@gmail.com	jakmarszalek@gmail.com	PROPN
emaj-76	4	1	paweł	paweł	VERB
emaj-76	4	2	sekuła	sekuła	PROPN
emaj-76	4	3	university	university	PROPN
emaj-76	4	4	of	of	ADP
emaj-76	4	5	lodz	lodz	PROPN
emaj-76	4	6	,	,	PUNCT
emaj-76	4	7	poland	poland	PROPN
emaj-76	4	8	|	|	ADV
emaj-76	4	9	pasek@uni.lodz.pl	pasek@uni.lodz.pl	NOUN
emaj-76	4	10	abstract	abstract	NOUN
emaj-76	4	11	the	the	DET
emaj-76	4	12	question	question	NOUN
emaj-76	4	13	of	of	ADP
emaj-76	4	14	debt	debt	NOUN
emaj-76	4	15	-	-	PUNCT
emaj-76	4	16	equity	equity	NOUN
emaj-76	4	17	choice	choice	NOUN
emaj-76	4	18	has	have	AUX
emaj-76	4	19	so	so	ADV
emaj-76	4	20	far	far	ADV
emaj-76	4	21	been	be	AUX
emaj-76	4	22	widely	widely	ADV
emaj-76	4	23	discussed	discuss	VERB
emaj-76	4	24	in	in	ADP
emaj-76	4	25	literature	literature	NOUN
emaj-76	4	26	.	.	PUNCT
emaj-76	5	1	the	the	DET
emaj-76	5	2	aim	aim	NOUN
emaj-76	5	3	of	of	ADP
emaj-76	5	4	the	the	DET
emaj-76	5	5	paper	paper	NOUN
emaj-76	5	6	is	be	AUX
emaj-76	5	7	to	to	PART
emaj-76	5	8	analyse	analyse	VERB
emaj-76	5	9	the	the	DET
emaj-76	5	10	determinants	determinant	NOUN
emaj-76	5	11	of	of	ADP
emaj-76	5	12	capital	capital	NOUN
emaj-76	5	13	structure	structure	NOUN
emaj-76	5	14	of	of	ADP
emaj-76	5	15	polish	polish	ADJ
emaj-76	5	16	enterprises	enterprise	NOUN
emaj-76	5	17	.	.	PUNCT
emaj-76	6	1	we	we	PRON
emaj-76	6	2	analysed	analyse	VERB
emaj-76	6	3	factors	factor	NOUN
emaj-76	6	4	that	that	PRON
emaj-76	6	5	may	may	AUX
emaj-76	6	6	impact	impact	VERB
emaj-76	6	7	the	the	DET
emaj-76	6	8	indebtedness	indebtedness	NOUN
emaj-76	6	9	.	.	PUNCT
emaj-76	7	1	this	this	DET
emaj-76	7	2	analysis	analysis	NOUN
emaj-76	7	3	fills	fill	VERB
emaj-76	7	4	in	in	ADP
emaj-76	7	5	the	the	DET
emaj-76	7	6	gap	gap	NOUN
emaj-76	7	7	in	in	ADP
emaj-76	7	8	worldwide	worldwide	ADJ
emaj-76	7	9	studies	study	NOUN
emaj-76	7	10	with	with	ADP
emaj-76	7	11	the	the	DET
emaj-76	7	12	case	case	NOUN
emaj-76	7	13	of	of	ADP
emaj-76	7	14	a	a	DET
emaj-76	7	15	country	country	NOUN
emaj-76	7	16	representing	represent	VERB
emaj-76	7	17	the	the	DET
emaj-76	7	18	group	group	NOUN
emaj-76	7	19	of	of	ADP
emaj-76	7	20	emerging	emerge	VERB
emaj-76	7	21	markets	market	NOUN
emaj-76	7	22	.	.	PUNCT
emaj-76	8	1	the	the	DET
emaj-76	8	2	paper	paper	NOUN
emaj-76	8	3	examines	examine	VERB
emaj-76	8	4	capital	capital	NOUN
emaj-76	8	5	structure	structure	NOUN
emaj-76	8	6	determinants	determinant	NOUN
emaj-76	8	7	of	of	ADP
emaj-76	8	8	non	non	ADJ
emaj-76	8	9	-	-	ADJ
emaj-76	8	10	financial	financial	ADJ
emaj-76	8	11	companies	company	NOUN
emaj-76	8	12	listed	list	VERB
emaj-76	8	13	on	on	ADP
emaj-76	8	14	the	the	DET
emaj-76	8	15	warsaw	warsaw	PROPN
emaj-76	8	16	stock	stock	PROPN
emaj-76	8	17	exchange	exchange	PROPN
emaj-76	8	18	.	.	PUNCT
emaj-76	9	1	we	we	PRON
emaj-76	9	2	used	use	VERB
emaj-76	9	3	five	five	NUM
emaj-76	9	4	independent	independent	ADJ
emaj-76	9	5	variables	variable	NOUN
emaj-76	9	6	compatible	compatible	ADJ
emaj-76	9	7	with	with	ADP
emaj-76	9	8	the	the	DET
emaj-76	9	9	up	up	ADP
emaj-76	9	10	-	-	PUNCT
emaj-76	9	11	to	to	ADP
emaj-76	9	12	-	-	PUNCT
emaj-76	9	13	date	date	NOUN
emaj-76	9	14	achievements	achievement	NOUN
emaj-76	9	15	in	in	ADP
emaj-76	9	16	the	the	DET
emaj-76	9	17	field	field	NOUN
emaj-76	9	18	.	.	PUNCT
emaj-76	10	1	the	the	DET
emaj-76	10	2	results	result	NOUN
emaj-76	10	3	indicate	indicate	VERB
emaj-76	10	4	that	that	SCONJ
emaj-76	10	5	there	there	PRON
emaj-76	10	6	is	be	VERB
emaj-76	10	7	an	an	DET
emaj-76	10	8	evidence	evidence	NOUN
emaj-76	10	9	of	of	ADP
emaj-76	10	10	a	a	DET
emaj-76	10	11	significant	significant	ADJ
emaj-76	10	12	negative	negative	ADJ
emaj-76	10	13	relationship	relationship	NOUN
emaj-76	10	14	among	among	ADP
emaj-76	10	15	the	the	DET
emaj-76	10	16	size	size	NOUN
emaj-76	10	17	of	of	ADP
emaj-76	10	18	a	a	DET
emaj-76	10	19	company	company	NOUN
emaj-76	10	20	,	,	PUNCT
emaj-76	10	21	its	its	PRON
emaj-76	10	22	growth	growth	NOUN
emaj-76	10	23	rate	rate	NOUN
emaj-76	10	24	,	,	PUNCT
emaj-76	10	25	profitability	profitability	NOUN
emaj-76	10	26	,	,	PUNCT
emaj-76	10	27	tangibility	tangibility	NOUN
emaj-76	10	28	and	and	CCONJ
emaj-76	10	29	the	the	DET
emaj-76	10	30	level	level	NOUN
emaj-76	10	31	of	of	ADP
emaj-76	10	32	total	total	ADJ
emaj-76	10	33	debt	debt	NOUN
emaj-76	10	34	.	.	PUNCT
emaj-76	11	1	the	the	DET
emaj-76	11	2	study	study	NOUN
emaj-76	11	3	shows	show	VERB
emaj-76	11	4	positive	positive	ADJ
emaj-76	11	5	relationship	relationship	NOUN
emaj-76	11	6	between	between	ADP
emaj-76	11	7	growth	growth	NOUN
emaj-76	11	8	prospects	prospect	NOUN
emaj-76	11	9	of	of	ADP
emaj-76	11	10	the	the	DET
emaj-76	11	11	company	company	NOUN
emaj-76	11	12	and	and	CCONJ
emaj-76	11	13	the	the	DET
emaj-76	11	14	debt	debt	NOUN
emaj-76	11	15	level	level	NOUN
emaj-76	11	16	.	.	PUNCT
emaj-76	12	1	the	the	DET
emaj-76	12	2	results	result	NOUN
emaj-76	12	3	of	of	ADP
emaj-76	12	4	the	the	DET
emaj-76	12	5	study	study	NOUN
emaj-76	12	6	indicate	indicate	VERB
emaj-76	12	7	that	that	SCONJ
emaj-76	12	8	the	the	DET
emaj-76	12	9	pecking	pecking	NOUN
emaj-76	12	10	order	order	NOUN
emaj-76	12	11	theory	theory	NOUN
emaj-76	12	12	better	well	ADV
emaj-76	12	13	explains	explain	VERB
emaj-76	12	14	the	the	DET
emaj-76	12	15	changes	change	NOUN
emaj-76	12	16	in	in	ADP
emaj-76	12	17	indebtedness	indebtedness	NOUN
emaj-76	12	18	of	of	ADP
emaj-76	12	19	analysed	analyse	VERB
emaj-76	12	20	companies	company	NOUN
emaj-76	12	21	than	than	ADP
emaj-76	12	22	other	other	ADJ
emaj-76	12	23	capital	capital	NOUN
emaj-76	12	24	structure	structure	NOUN
emaj-76	12	25	theories	theory	NOUN
emaj-76	12	26	.	.	PUNCT
emaj-76	13	1	obtained	obtain	VERB
emaj-76	13	2	results	result	NOUN
emaj-76	13	3	are	be	AUX
emaj-76	13	4	mostly	mostly	ADV
emaj-76	13	5	consistent	consistent	ADJ
emaj-76	13	6	with	with	ADP
emaj-76	13	7	earlier	early	ADJ
emaj-76	13	8	studies	study	NOUN
emaj-76	13	9	conducted	conduct	VERB
emaj-76	13	10	in	in	ADP
emaj-76	13	11	the	the	DET
emaj-76	13	12	poland	poland	PROPN
emaj-76	13	13	and	and	CCONJ
emaj-76	13	14	with	with	ADP
emaj-76	13	15	studies	study	NOUN
emaj-76	13	16	in	in	ADP
emaj-76	13	17	western	western	ADJ
emaj-76	13	18	economies	economy	NOUN
emaj-76	13	19	.	.	PUNCT
emaj-76	14	1	keywords	keyword	NOUN
emaj-76	14	2	:	:	PUNCT
emaj-76	14	3	capital	capital	NOUN
emaj-76	14	4	structure	structure	NOUN
emaj-76	14	5	,	,	PUNCT
emaj-76	14	6	trade	trade	NOUN
emaj-76	14	7	-	-	PUNCT
emaj-76	14	8	off	off	ADP
emaj-76	14	9	theory	theory	NOUN
emaj-76	14	10	,	,	PUNCT
emaj-76	14	11	pecking	pecking	NOUN
emaj-76	14	12	order	order	NOUN
emaj-76	14	13	theory	theory	NOUN
emaj-76	14	14	,	,	PUNCT
emaj-76	14	15	poland	poland	PROPN
emaj-76	14	16	,	,	PUNCT
emaj-76	14	17	emerging	emerge	VERB
emaj-76	14	18	market	market	NOUN
emaj-76	14	19	new	new	ADJ
emaj-76	14	20	articles	article	NOUN
emaj-76	14	21	in	in	ADP
emaj-76	14	22	this	this	DET
emaj-76	14	23	journal	journal	NOUN
emaj-76	14	24	are	be	AUX
emaj-76	14	25	licensed	license	VERB
emaj-76	14	26	under	under	ADP
emaj-76	14	27	a	a	DET
emaj-76	14	28	creative	creative	ADJ
emaj-76	14	29	commons	common	NOUN
emaj-76	14	30	attribution	attribution	NOUN
emaj-76	14	31	3.0	3.0	NUM
emaj-76	14	32	united	unite	VERB
emaj-76	14	33	states	states	PROPN
emaj-76	14	34	license	license	NOUN
emaj-76	14	35	.	.	PUNCT
emaj-76	15	1	this	this	DET
emaj-76	15	2	journal	journal	NOUN
emaj-76	15	3	is	be	AUX
emaj-76	15	4	published	publish	VERB
emaj-76	15	5	by	by	ADP
emaj-76	15	6	the	the	DET
emaj-76	15	7	university	university	NOUN
emaj-76	15	8	library	library	NOUN
emaj-76	15	9	system	system	NOUN
emaj-76	15	10	of	of	ADP
emaj-76	15	11	the	the	DET
emaj-76	15	12	university	university	PROPN
emaj-76	15	13	of	of	ADP
emaj-76	15	14	pittsburgh	pittsburgh	PROPN
emaj-76	15	15	as	as	ADP
emaj-76	15	16	part	part	NOUN
emaj-76	15	17	of	of	ADP
emaj-76	15	18	its	its	PRON
emaj-76	15	19	d	d	NOUN
emaj-76	15	20	-	-	PUNCT
emaj-76	15	21	scribe	scribe	VERB
emaj-76	15	22	digital	digital	ADJ
emaj-76	15	23	publishing	publishing	NOUN
emaj-76	15	24	program	program	NOUN
emaj-76	15	25	,	,	PUNCT
emaj-76	15	26	and	and	CCONJ
emaj-76	15	27	is	be	AUX
emaj-76	15	28	cosponsored	cosponsor	VERB
emaj-76	15	29	by	by	ADP
emaj-76	15	30	the	the	DET
emaj-76	15	31	university	university	PROPN
emaj-76	15	32	of	of	ADP
emaj-76	15	33	pittsburgh	pittsburgh	PROPN
emaj-76	15	34	press	press	NOUN
emaj-76	15	35	.	.	PUNCT
emaj-76	16	1	volume	volume	NOUN
emaj-76	16	2	5	5	NUM
emaj-76	16	3	no	no	DET
emaj-76	16	4	2	2	NUM
emaj-76	16	5	(	(	PUNCT
emaj-76	16	6	2015	2015	NUM
emaj-76	16	7	)	)	PUNCT
emaj-76	16	8	|	|	ADV
emaj-76	16	9	issn	issn	VERB
emaj-76	16	10	2158	2158	NUM
emaj-76	16	11	-	-	SYM
emaj-76	16	12	8708	8708	NUM
emaj-76	16	13	(	(	PUNCT
emaj-76	16	14	online	online	NOUN
emaj-76	16	15	)	)	PUNCT
emaj-76	16	16	|	|	ADV
emaj-76	16	17	doi	doi	X
emaj-76	16	18	10.5195	10.5195	NUM
emaj-76	16	19	/	/	SYM
emaj-76	16	20	emaj.2015.76	emaj.2015.76	NOUN
emaj-76	16	21	|	|	ADV
emaj-76	16	22	http://emaj.pitt.edu	http://emaj.pitt.edu	VERB
emaj-76	16	23	|	|	ADV
emaj-76	16	24	http://www.library.pitt.edu/	http://www.library.pitt.edu/	PROPN
emaj-76	16	25	http://www.pitt.edu/	http://www.pitt.edu/	NOUN
emaj-76	16	26	http://www.library.pitt.edu/articles/digpubtype/index.html	http://www.library.pitt.edu/articles/digpubtype/index.html	X
emaj-76	17	1	http://www.upress.pitt.edu/upressindex.aspx	http://www.upress.pitt.edu/upressindex.aspx	NOUN
emaj-76	17	2	volume	volume	NOUN
emaj-76	17	3	5	5	NUM
emaj-76	17	4	no	no	DET
emaj-76	17	5	2	2	NUM
emaj-76	17	6	(	(	PUNCT
emaj-76	17	7	2015	2015	NUM
emaj-76	17	8	)	)	PUNCT
emaj-76	17	9	|	|	ADV
emaj-76	17	10	issn	issn	VERB
emaj-76	17	11	2158	2158	NUM
emaj-76	17	12	-	-	SYM
emaj-76	17	13	8708	8708	NUM
emaj-76	17	14	(	(	PUNCT
emaj-76	17	15	online	online	NOUN
emaj-76	17	16	)	)	PUNCT
emaj-76	17	17	|	|	ADV
emaj-76	17	18	doi	doi	X
emaj-76	17	19	10.5195	10.5195	NUM
emaj-76	17	20	/	/	SYM
emaj-76	17	21	emaj.2015.76	emaj.2015.76	NOUN
emaj-76	17	22	|	|	ADV
emaj-76	17	23	http://emaj.pitt.edu	http://emaj.pitt.edu	PROPN
emaj-76	17	24	bogna	bogna	PROPN
emaj-76	17	25	kaźmierska	kaźmierska	PROPN
emaj-76	17	26	-	-	PUNCT
emaj-76	17	27	jóźwiak	jóźwiak	PROPN
emaj-76	17	28	,	,	PUNCT
emaj-76	17	29	jakub	jakub	PROPN
emaj-76	17	30	marszałek	marszałek	PROPN
emaj-76	17	31	,	,	PUNCT
emaj-76	17	32	paweł	paweł	VERB
emaj-76	17	33	sekuła	sekuła	VERB
emaj-76	17	34	emerging	emerge	VERB
emaj-76	17	35	markets	market	NOUN
emaj-76	17	36	journal	journal	NOUN
emaj-76	18	1	|	|	ADV
emaj-76	18	2	p	p	NOUN
emaj-76	18	3	a	a	DET
emaj-76	18	4	g	g	NOUN
emaj-76	18	5	e	e	NOUN
emaj-76	18	6	|1	|1	DET
emaj-76	18	7	determinants	determinant	NOUN
emaj-76	18	8	of	of	ADP
emaj-76	18	9	debt	debt	NOUN
emaj-76	18	10	-	-	PUNCT
emaj-76	18	11	equity	equity	NOUN
emaj-76	18	12	choice	choice	NOUN
emaj-76	18	13	–	–	PUNCT
emaj-76	18	14	evidence	evidence	NOUN
emaj-76	18	15	from	from	ADP
emaj-76	18	16	poland	poland	PROPN
emaj-76	18	17	bogna	bogna	PROPN
emaj-76	18	18	kaźmierska	kaźmierska	PROPN
emaj-76	18	19	-	-	PUNCT
emaj-76	18	20	jóźwiak	jóźwiak	PROPN
emaj-76	18	21	jakub	jakub	PROPN
emaj-76	18	22	marszałek	marszałek	PROPN
emaj-76	18	23	paweł	paweł	VERB
emaj-76	18	24	sekuła	sekuła	VERB
emaj-76	18	25	1	1	NUM
emaj-76	18	26	.	.	PUNCT
emaj-76	18	27	introduction	introduction	NOUN
emaj-76	18	28	capital	capital	NOUN
emaj-76	18	29	structure	structure	NOUN
emaj-76	18	30	of	of	ADP
emaj-76	18	31	an	an	DET
emaj-76	18	32	enterprise	enterprise	NOUN
emaj-76	18	33	and	and	CCONJ
emaj-76	18	34	its	its	PRON
emaj-76	18	35	impact	impact	NOUN
emaj-76	18	36	upon	upon	SCONJ
emaj-76	18	37	the	the	DET
emaj-76	18	38	functioning	functioning	NOUN
emaj-76	18	39	of	of	ADP
emaj-76	18	40	a	a	DET
emaj-76	18	41	business	business	NOUN
emaj-76	18	42	and	and	CCONJ
emaj-76	18	43	its	its	PRON
emaj-76	18	44	value	value	NOUN
emaj-76	18	45	was	be	AUX
emaj-76	18	46	,	,	PUNCT
emaj-76	18	47	is	be	AUX
emaj-76	18	48	and	and	CCONJ
emaj-76	18	49	will	will	AUX
emaj-76	18	50	remain	remain	VERB
emaj-76	18	51	the	the	DET
emaj-76	18	52	subject	subject	NOUN
emaj-76	18	53	of	of	ADP
emaj-76	18	54	numerous	numerous	ADJ
emaj-76	18	55	studies	study	NOUN
emaj-76	18	56	and	and	CCONJ
emaj-76	18	57	analyses	analysis	NOUN
emaj-76	18	58	.	.	PUNCT
emaj-76	19	1	two	two	NUM
emaj-76	19	2	the	the	DET
emaj-76	19	3	most	most	ADV
emaj-76	19	4	important	important	ADJ
emaj-76	19	5	capital	capital	NOUN
emaj-76	19	6	structure	structure	NOUN
emaj-76	19	7	theories	theory	NOUN
emaj-76	19	8	,	,	PUNCT
emaj-76	19	9	which	which	PRON
emaj-76	19	10	explain	explain	VERB
emaj-76	19	11	the	the	DET
emaj-76	19	12	behaviour	behaviour	NOUN
emaj-76	19	13	of	of	ADP
emaj-76	19	14	entrepreneurs	entrepreneur	NOUN
emaj-76	19	15	when	when	SCONJ
emaj-76	19	16	it	it	PRON
emaj-76	19	17	comes	come	VERB
emaj-76	19	18	to	to	ADP
emaj-76	19	19	the	the	DET
emaj-76	19	20	choice	choice	NOUN
emaj-76	19	21	of	of	ADP
emaj-76	19	22	the	the	DET
emaj-76	19	23	source	source	NOUN
emaj-76	19	24	of	of	ADP
emaj-76	19	25	funding	funding	NOUN
emaj-76	19	26	are	be	AUX
emaj-76	19	27	the	the	DET
emaj-76	19	28	trade	trade	NOUN
emaj-76	19	29	-	-	PUNCT
emaj-76	19	30	off	off	ADP
emaj-76	19	31	theory	theory	NOUN
emaj-76	19	32	based	base	VERB
emaj-76	19	33	on	on	ADP
emaj-76	19	34	the	the	DET
emaj-76	19	35	accomplishments	accomplishment	NOUN
emaj-76	19	36	of	of	ADP
emaj-76	19	37	f.	f.	PROPN
emaj-76	19	38	modigliani	modigliani	PROPN
emaj-76	19	39	and	and	CCONJ
emaj-76	19	40	m.	m.	PROPN
emaj-76	19	41	miller	miller	PROPN
emaj-76	19	42	(	(	PUNCT
emaj-76	19	43	1958	1958	NUM
emaj-76	19	44	)	)	PUNCT
emaj-76	19	45	and	and	CCONJ
emaj-76	19	46	the	the	DET
emaj-76	19	47	pecking	pecking	NOUN
emaj-76	19	48	order	order	NOUN
emaj-76	19	49	theory	theory	NOUN
emaj-76	19	50	developed	develop	VERB
emaj-76	19	51	by	by	ADP
emaj-76	19	52	s.c	s.c	PROPN
emaj-76	19	53	.	.	PROPN
emaj-76	19	54	myers	myers	PROPN
emaj-76	19	55	(	(	PUNCT
emaj-76	19	56	1984	1984	NUM
emaj-76	19	57	)	)	PUNCT
emaj-76	19	58	and	and	CCONJ
emaj-76	19	59	s.c	s.c	PROPN
emaj-76	19	60	.	.	PROPN
emaj-76	19	61	myers	myers	PROPN
emaj-76	19	62	and	and	CCONJ
emaj-76	19	63	n.s	n.s	PROPN
emaj-76	19	64	.	.	PROPN
emaj-76	19	65	majluf	majluf	PROPN
emaj-76	19	66	(	(	PUNCT
emaj-76	19	67	1984	1984	NUM
emaj-76	19	68	)	)	PUNCT
emaj-76	19	69	.	.	PUNCT
emaj-76	20	1	according	accord	VERB
emaj-76	20	2	to	to	ADP
emaj-76	20	3	the	the	DET
emaj-76	20	4	trade	trade	NOUN
emaj-76	20	5	-	-	PUNCT
emaj-76	20	6	off	off	ADP
emaj-76	20	7	theory	theory	NOUN
emaj-76	20	8	,	,	PUNCT
emaj-76	20	9	optimal	optimal	ADJ
emaj-76	20	10	capital	capital	NOUN
emaj-76	20	11	structure	structure	NOUN
emaj-76	20	12	is	be	AUX
emaj-76	20	13	the	the	DET
emaj-76	20	14	outcome	outcome	NOUN
emaj-76	20	15	of	of	ADP
emaj-76	20	16	compromise	compromise	NOUN
emaj-76	20	17	between	between	ADP
emaj-76	20	18	benefits	benefit	NOUN
emaj-76	20	19	and	and	CCONJ
emaj-76	20	20	costs	cost	NOUN
emaj-76	20	21	of	of	ADP
emaj-76	20	22	debt	debt	NOUN
emaj-76	20	23	.	.	PUNCT
emaj-76	21	1	under	under	ADP
emaj-76	21	2	the	the	DET
emaj-76	21	3	trade	trade	NOUN
emaj-76	21	4	-	-	PUNCT
emaj-76	21	5	off	off	ADP
emaj-76	21	6	theory	theory	NOUN
emaj-76	21	7	,	,	PUNCT
emaj-76	21	8	optimal	optimal	ADJ
emaj-76	21	9	capital	capital	NOUN
emaj-76	21	10	structure	structure	NOUN
emaj-76	21	11	level	level	NOUN
emaj-76	21	12	is	be	AUX
emaj-76	21	13	identified	identify	VERB
emaj-76	21	14	by	by	ADP
emaj-76	21	15	the	the	DET
emaj-76	21	16	debt	debt	NOUN
emaj-76	21	17	to	to	ADP
emaj-76	21	18	equity	equity	NOUN
emaj-76	21	19	ratio	ratio	NOUN
emaj-76	21	20	,	,	PUNCT
emaj-76	21	21	for	for	ADP
emaj-76	21	22	which	which	DET
emaj-76	21	23	risk	risk	NOUN
emaj-76	21	24	accompanying	accompany	VERB
emaj-76	21	25	the	the	DET
emaj-76	21	26	debt	debt	NOUN
emaj-76	21	27	is	be	AUX
emaj-76	21	28	compensated	compensate	VERB
emaj-76	21	29	with	with	ADP
emaj-76	21	30	tax	tax	NOUN
emaj-76	21	31	benefits	benefit	NOUN
emaj-76	21	32	connected	connect	VERB
emaj-76	21	33	with	with	ADP
emaj-76	21	34	debt	debt	NOUN
emaj-76	21	35	servicing	servicing	NOUN
emaj-76	21	36	.	.	PUNCT
emaj-76	22	1	nevertheless	nevertheless	ADV
emaj-76	22	2	,	,	PUNCT
emaj-76	22	3	s.	s.	PROPN
emaj-76	22	4	myers	myers	PROPN
emaj-76	22	5	(	(	PUNCT
emaj-76	22	6	1984	1984	NUM
emaj-76	22	7	)	)	PUNCT
emaj-76	22	8	concludes	conclude	VERB
emaj-76	22	9	that	that	SCONJ
emaj-76	22	10	we	we	PRON
emaj-76	22	11	still	still	ADV
emaj-76	22	12	do	do	AUX
emaj-76	22	13	not	not	PART
emaj-76	22	14	know	know	VERB
emaj-76	22	15	how	how	SCONJ
emaj-76	22	16	enterprises	enterprise	NOUN
emaj-76	22	17	shape	shape	VERB
emaj-76	22	18	their	their	PRON
emaj-76	22	19	capital	capital	NOUN
emaj-76	22	20	structure	structure	NOUN
emaj-76	22	21	.	.	PUNCT
emaj-76	23	1	in	in	ADP
emaj-76	23	2	his	his	PRON
emaj-76	23	3	considerations	consideration	NOUN
emaj-76	23	4	he	he	PRON
emaj-76	23	5	makes	make	VERB
emaj-76	23	6	references	reference	NOUN
emaj-76	23	7	to	to	ADP
emaj-76	23	8	the	the	DET
emaj-76	23	9	theory	theory	NOUN
emaj-76	23	10	of	of	ADP
emaj-76	23	11	dividend	dividend	NOUN
emaj-76	23	12	policy	policy	NOUN
emaj-76	23	13	and	and	CCONJ
emaj-76	23	14	limited	limited	ADJ
emaj-76	23	15	knowledge	knowledge	NOUN
emaj-76	23	16	on	on	ADP
emaj-76	23	17	optimal	optimal	ADJ
emaj-76	23	18	solutions	solution	NOUN
emaj-76	23	19	for	for	ADP
emaj-76	23	20	paying	pay	VERB
emaj-76	23	21	out	out	ADP
emaj-76	23	22	dividends	dividend	NOUN
emaj-76	23	23	.	.	PUNCT
emaj-76	24	1	he	he	PRON
emaj-76	24	2	analyses	analyse	VERB
emaj-76	24	3	the	the	DET
emaj-76	24	4	results	result	NOUN
emaj-76	24	5	of	of	ADP
emaj-76	24	6	studies	study	NOUN
emaj-76	24	7	conducted	conduct	VERB
emaj-76	24	8	and	and	CCONJ
emaj-76	24	9	published	publish	VERB
emaj-76	24	10	by	by	ADP
emaj-76	24	11	g.	g.	PROPN
emaj-76	24	12	donaldson	donaldson	PROPN
emaj-76	24	13	(	(	PUNCT
emaj-76	24	14	1961	1961	NUM
emaj-76	24	15	)	)	PUNCT
emaj-76	24	16	discussing	discuss	VERB
emaj-76	24	17	modes	mode	NOUN
emaj-76	24	18	of	of	ADP
emaj-76	24	19	financing	financing	NOUN
emaj-76	24	20	in	in	ADP
emaj-76	24	21	large	large	ADJ
emaj-76	24	22	us	us	PROPN
emaj-76	24	23	enterprises	enterprise	NOUN
emaj-76	24	24	,	,	PUNCT
emaj-76	24	25	which	which	PRON
emaj-76	24	26	demonstrated	demonstrate	VERB
emaj-76	24	27	that	that	SCONJ
emaj-76	24	28	they	they	PRON
emaj-76	24	29	prefer	prefer	VERB
emaj-76	24	30	internal	internal	ADJ
emaj-76	24	31	sources	source	NOUN
emaj-76	24	32	of	of	ADP
emaj-76	24	33	funding	funding	NOUN
emaj-76	24	34	.	.	PUNCT
emaj-76	25	1	results	result	NOUN
emaj-76	25	2	obtained	obtain	VERB
emaj-76	25	3	by	by	ADP
emaj-76	25	4	g.	g.	PROPN
emaj-76	25	5	donaldson	donaldson	PROPN
emaj-76	25	6	had	have	AUX
emaj-76	25	7	been	be	AUX
emaj-76	25	8	ignored	ignore	VERB
emaj-76	25	9	for	for	ADP
emaj-76	25	10	a	a	DET
emaj-76	25	11	rather	rather	ADV
emaj-76	25	12	long	long	ADJ
emaj-76	25	13	time	time	NOUN
emaj-76	25	14	as	as	SCONJ
emaj-76	25	15	no	no	DET
emaj-76	25	16	explanations	explanation	NOUN
emaj-76	25	17	could	could	AUX
emaj-76	25	18	be	be	AUX
emaj-76	25	19	found	find	VERB
emaj-76	25	20	for	for	ADP
emaj-76	25	21	such	such	DET
emaj-76	25	22	a	a	DET
emaj-76	25	23	behaviour	behaviour	NOUN
emaj-76	25	24	.	.	PUNCT
emaj-76	26	1	g.	g.	PROPN
emaj-76	26	2	donaldson	donaldson	PROPN
emaj-76	26	3	himself	himself	PRON
emaj-76	26	4	decided	decide	VERB
emaj-76	26	5	that	that	SCONJ
emaj-76	26	6	managers	manager	NOUN
emaj-76	26	7	included	include	VERB
emaj-76	26	8	in	in	ADP
emaj-76	26	9	the	the	DET
emaj-76	26	10	study	study	NOUN
emaj-76	26	11	were	be	AUX
emaj-76	26	12	not	not	PART
emaj-76	26	13	guided	guide	VERB
emaj-76	26	14	by	by	ADP
emaj-76	26	15	the	the	DET
emaj-76	26	16	wish	wish	NOUN
emaj-76	26	17	to	to	PART
emaj-76	26	18	maximise	maximise	VERB
emaj-76	26	19	shareholder	shareholder	NOUN
emaj-76	26	20	value	value	NOUN
emaj-76	26	21	.	.	PUNCT
emaj-76	27	1	finally	finally	ADV
emaj-76	27	2	,	,	PUNCT
emaj-76	27	3	s.c	s.c	PROPN
emaj-76	27	4	.	.	PROPN
emaj-76	27	5	myers	myers	PROPN
emaj-76	27	6	and	and	CCONJ
emaj-76	27	7	n.s	n.s	PROPN
emaj-76	27	8	.	.	PROPN
emaj-76	27	9	majluf	majluf	PROPN
emaj-76	27	10	(	(	PUNCT
emaj-76	27	11	1984	1984	NUM
emaj-76	27	12	)	)	PUNCT
emaj-76	27	13	presented	present	VERB
emaj-76	27	14	theoretical	theoretical	ADJ
emaj-76	27	15	justification	justification	NOUN
emaj-76	27	16	for	for	ADP
emaj-76	27	17	the	the	DET
emaj-76	27	18	above	above	ADJ
emaj-76	27	19	results	result	NOUN
emaj-76	27	20	based	base	VERB
emaj-76	27	21	on	on	ADP
emaj-76	27	22	the	the	DET
emaj-76	27	23	signalling	signal	VERB
emaj-76	27	24	properties	property	NOUN
emaj-76	27	25	of	of	ADP
emaj-76	27	26	specific	specific	ADJ
emaj-76	27	27	capital	capital	NOUN
emaj-76	27	28	and	and	CCONJ
emaj-76	27	29	by	by	ADP
emaj-76	27	30	that	that	PRON
emaj-76	27	31	they	they	PRON
emaj-76	27	32	formulated	formulate	VERB
emaj-76	27	33	the	the	DET
emaj-76	27	34	assumptions	assumption	NOUN
emaj-76	27	35	of	of	ADP
emaj-76	27	36	the	the	DET
emaj-76	27	37	pecking	pecking	NOUN
emaj-76	27	38	order	order	NOUN
emaj-76	27	39	of	of	ADP
emaj-76	27	40	theory	theory	NOUN
emaj-76	27	41	.	.	PUNCT
emaj-76	28	1	in	in	ADP
emaj-76	28	2	accordance	accordance	NOUN
emaj-76	28	3	with	with	ADP
emaj-76	28	4	the	the	DET
emaj-76	28	5	assumptions	assumption	NOUN
emaj-76	28	6	of	of	ADP
emaj-76	28	7	the	the	DET
emaj-76	28	8	pecking	pecking	NOUN
emaj-76	28	9	order	order	NOUN
emaj-76	28	10	theory	theory	NOUN
emaj-76	28	11	,	,	PUNCT
emaj-76	28	12	capital	capital	NOUN
emaj-76	28	13	structure	structure	NOUN
emaj-76	28	14	of	of	ADP
emaj-76	28	15	an	an	DET
emaj-76	28	16	enterprise	enterprise	NOUN
emaj-76	28	17	is	be	AUX
emaj-76	28	18	determined	determine	VERB
emaj-76	28	19	by	by	ADP
emaj-76	28	20	the	the	DET
emaj-76	28	21	preference	preference	NOUN
emaj-76	28	22	of	of	ADP
emaj-76	28	23	internal	internal	ADJ
emaj-76	28	24	over	over	ADP
emaj-76	28	25	external	external	ADJ
emaj-76	28	26	sources	source	NOUN
emaj-76	28	27	of	of	ADP
emaj-76	28	28	funding	funding	NOUN
emaj-76	28	29	.	.	PUNCT
emaj-76	29	1	when	when	SCONJ
emaj-76	29	2	internal	internal	ADJ
emaj-76	29	3	sources	source	NOUN
emaj-76	29	4	are	be	AUX
emaj-76	29	5	insufficient	insufficient	ADJ
emaj-76	29	6	,	,	PUNCT
emaj-76	29	7	debt	debt	NOUN
emaj-76	29	8	is	be	AUX
emaj-76	29	9	preferred	prefer	VERB
emaj-76	29	10	over	over	ADP
emaj-76	29	11	equity	equity	NOUN
emaj-76	29	12	,	,	PUNCT
emaj-76	29	13	meaning	mean	VERB
emaj-76	29	14	credit	credit	NOUN
emaj-76	29	15	or	or	CCONJ
emaj-76	29	16	the	the	DET
emaj-76	29	17	issuing	issuing	NOUN
emaj-76	29	18	of	of	ADP
emaj-76	29	19	bonds	bond	NOUN
emaj-76	29	20	comes	come	VERB
emaj-76	29	21	first	first	ADV
emaj-76	29	22	and	and	CCONJ
emaj-76	29	23	only	only	ADV
emaj-76	29	24	when	when	SCONJ
emaj-76	29	25	these	these	DET
emaj-76	29	26	possibilities	possibility	NOUN
emaj-76	29	27	have	have	AUX
emaj-76	29	28	been	be	AUX
emaj-76	29	29	exhausted	exhaust	VERB
emaj-76	29	30	,	,	PUNCT
emaj-76	29	31	new	new	ADJ
emaj-76	29	32	stock	stock	NOUN
emaj-76	29	33	is	be	AUX
emaj-76	29	34	issued	issue	VERB
emaj-76	29	35	.	.	PUNCT
emaj-76	30	1	high	high	ADJ
emaj-76	30	2	profits	profit	NOUN
emaj-76	30	3	encourage	encourage	VERB
emaj-76	30	4	managers	manager	NOUN
emaj-76	30	5	to	to	PART
emaj-76	30	6	accumulate	accumulate	VERB
emaj-76	30	7	financial	financial	ADJ
emaj-76	30	8	surpluses	surplus	NOUN
emaj-76	30	9	rather	rather	ADV
emaj-76	30	10	than	than	ADP
emaj-76	30	11	to	to	PART
emaj-76	30	12	increase	increase	VERB
emaj-76	30	13	debt	debt	NOUN
emaj-76	30	14	,	,	PUNCT
emaj-76	30	15	even	even	ADV
emaj-76	30	16	though	though	SCONJ
emaj-76	30	17	the	the	DET
emaj-76	30	18	latter	latter	ADJ
emaj-76	30	19	would	would	AUX
emaj-76	30	20	bring	bring	VERB
emaj-76	30	21	tax	tax	NOUN
emaj-76	30	22	benefits	benefit	NOUN
emaj-76	30	23	(	(	PUNCT
emaj-76	30	24	under	under	ADP
emaj-76	30	25	the	the	DET
emaj-76	30	26	trade	trade	NOUN
emaj-76	30	27	-	-	PUNCT
emaj-76	30	28	off	off	ADP
emaj-76	30	29	theory	theory	NOUN
emaj-76	30	30	)	)	PUNCT
emaj-76	30	31	.	.	PUNCT
emaj-76	31	1	trade	trade	NOUN
emaj-76	31	2	-	-	PUNCT
emaj-76	31	3	off	off	ADP
emaj-76	31	4	theory	theory	NOUN
emaj-76	31	5	may	may	AUX
emaj-76	31	6	be	be	AUX
emaj-76	31	7	explained	explain	VERB
emaj-76	31	8	from	from	ADP
emaj-76	31	9	the	the	DET
emaj-76	31	10	perspective	perspective	NOUN
emaj-76	31	11	of	of	ADP
emaj-76	31	12	information	information	NOUN
emaj-76	31	13	asymmetry	asymmetry	NOUN
emaj-76	31	14	and	and	CCONJ
emaj-76	31	15	transaction	transaction	NOUN
emaj-76	31	16	costs	cost	NOUN
emaj-76	31	17	.	.	PUNCT
emaj-76	32	1	managers	manager	NOUN
emaj-76	32	2	have	have	VERB
emaj-76	32	3	better	well	ADJ
emaj-76	32	4	access	access	NOUN
emaj-76	32	5	to	to	ADP
emaj-76	32	6	information	information	NOUN
emaj-76	32	7	than	than	ADP
emaj-76	32	8	external	external	ADJ
emaj-76	32	9	investors	investor	NOUN
emaj-76	32	10	.	.	PUNCT
emaj-76	33	1	s.c	s.c	PROPN
emaj-76	33	2	.	.	PROPN
emaj-76	33	3	meyers	meyers	PROPN
emaj-76	33	4	(	(	PUNCT
emaj-76	33	5	1984	1984	NUM
emaj-76	33	6	)	)	PUNCT
emaj-76	33	7	claims	claim	VERB
emaj-76	33	8	that	that	SCONJ
emaj-76	33	9	information	information	NOUN
emaj-76	33	10	asymmetry	asymmetry	NOUN
emaj-76	33	11	and	and	CCONJ
emaj-76	33	12	transaction	transaction	NOUN
emaj-76	33	13	costs	cost	NOUN
emaj-76	33	14	exceed	exceed	VERB
emaj-76	33	15	forces	force	NOUN
emaj-76	33	16	,	,	PUNCT
emaj-76	33	17	which	which	PRON
emaj-76	33	18	identify	identify	VERB
emaj-76	33	19	optimal	optimal	ADJ
emaj-76	33	20	financial	financial	ADJ
emaj-76	33	21	leverage	leverage	NOUN
emaj-76	33	22	in	in	ADP
emaj-76	33	23	the	the	DET
emaj-76	33	24	trade	trade	NOUN
emaj-76	33	25	-	-	PUNCT
emaj-76	33	26	off	off	ADP
emaj-76	33	27	model	model	NOUN
emaj-76	33	28	.	.	PUNCT
emaj-76	34	1	to	to	PART
emaj-76	34	2	minimise	minimise	VERB
emaj-76	34	3	financial	financial	ADJ
emaj-76	34	4	costs	cost	NOUN
emaj-76	34	5	,	,	PUNCT
emaj-76	34	6	enterprises	enterprise	NOUN
emaj-76	34	7	prefer	prefer	VERB
emaj-76	34	8	to	to	PART
emaj-76	34	9	start	start	VERB
emaj-76	34	10	financing	finance	VERB
emaj-76	34	11	investment	investment	NOUN
emaj-76	34	12	projects	project	NOUN
emaj-76	34	13	with	with	ADP
emaj-76	34	14	internal	internal	ADJ
emaj-76	34	15	resources	resource	NOUN
emaj-76	34	16	.	.	PUNCT
emaj-76	35	1	only	only	ADV
emaj-76	35	2	if	if	SCONJ
emaj-76	35	3	additional	additional	ADJ
emaj-76	35	4	financing	financing	NOUN
emaj-76	35	5	is	be	AUX
emaj-76	35	6	necessary	necessary	ADJ
emaj-76	35	7	,	,	PUNCT
emaj-76	35	8	they	they	PRON
emaj-76	35	9	use	use	VERB
emaj-76	35	10	external	external	ADJ
emaj-76	35	11	capital	capital	NOUN
emaj-76	35	12	,	,	PUNCT
emaj-76	35	13	starting	start	VERB
emaj-76	35	14	from	from	ADP
emaj-76	35	15	secure	secure	ADJ
emaj-76	35	16	debt	debt	NOUN
emaj-76	35	17	.	.	PUNCT
emaj-76	36	1	thus	thus	ADV
emaj-76	36	2	,	,	PUNCT
emaj-76	36	3	contrary	contrary	ADV
emaj-76	36	4	to	to	ADP
emaj-76	36	5	the	the	DET
emaj-76	36	6	trade	trade	NOUN
emaj-76	36	7	-	-	PUNCT
emaj-76	36	8	off	off	ADP
emaj-76	36	9	theory	theory	NOUN
emaj-76	36	10	,	,	PUNCT
emaj-76	36	11	the	the	DET
emaj-76	36	12	pecking	pecking	NOUN
emaj-76	36	13	order	order	NOUN
emaj-76	36	14	theory	theory	NOUN
emaj-76	36	15	does	do	AUX
emaj-76	36	16	not	not	PART
emaj-76	36	17	foresee	foresee	VERB
emaj-76	36	18	any	any	DET
emaj-76	36	19	long	long	ADJ
emaj-76	36	20	-	-	PUNCT
emaj-76	36	21	term	term	NOUN
emaj-76	36	22	coefficient	coefficient	NOUN
emaj-76	36	23	for	for	ADP
emaj-76	36	24	capital	capital	NOUN
emaj-76	36	25	structure	structure	NOUN
emaj-76	36	26	.	.	PUNCT
emaj-76	37	1	there	there	PRON
emaj-76	37	2	is	be	VERB
emaj-76	37	3	no	no	DET
emaj-76	37	4	optimal	optimal	ADJ
emaj-76	37	5	structure	structure	NOUN
emaj-76	37	6	of	of	ADP
emaj-76	37	7	capital	capital	NOUN
emaj-76	37	8	as	as	SCONJ
emaj-76	37	9	there	there	PRON
emaj-76	37	10	are	be	VERB
emaj-76	37	11	two	two	NUM
emaj-76	37	12	types	type	NOUN
emaj-76	37	13	of	of	ADP
emaj-76	37	14	equity	equity	NOUN
emaj-76	37	15	:	:	PUNCT
emaj-76	37	16	retained	retain	VERB
emaj-76	37	17	profit	profit	NOUN
emaj-76	37	18	(	(	PUNCT
emaj-76	37	19	preferred	prefer	VERB
emaj-76	37	20	by	by	ADP
emaj-76	37	21	the	the	DET
emaj-76	37	22	pecking	pecking	NOUN
emaj-76	37	23	order	order	NOUN
emaj-76	37	24	theory	theory	NOUN
emaj-76	37	25	)	)	PUNCT
emaj-76	37	26	and	and	CCONJ
emaj-76	37	27	capital	capital	NOUN
emaj-76	37	28	acquired	acquire	VERB
emaj-76	37	29	from	from	ADP
emaj-76	37	30	issuing	issue	VERB
emaj-76	37	31	new	new	ADJ
emaj-76	37	32	shares	share	NOUN
emaj-76	37	33	(	(	PUNCT
emaj-76	37	34	avoided	avoid	VERB
emaj-76	37	35	under	under	ADP
emaj-76	37	36	the	the	DET
emaj-76	37	37	pecking	pecking	NOUN
emaj-76	37	38	order	order	NOUN
emaj-76	37	39	theory	theory	NOUN
emaj-76	37	40	)	)	PUNCT
emaj-76	37	41	.	.	PUNCT
emaj-76	38	1	the	the	DET
emaj-76	38	2	choice	choice	NOUN
emaj-76	38	3	between	between	ADP
emaj-76	38	4	equity	equity	NOUN
emaj-76	38	5	and	and	CCONJ
emaj-76	38	6	debt	debt	NOUN
emaj-76	38	7	financing	financing	NOUN
emaj-76	38	8	has	have	AUX
emaj-76	38	9	been	be	AUX
emaj-76	38	10	widely	widely	ADV
emaj-76	38	11	discussed	discuss	VERB
emaj-76	38	12	in	in	ADP
emaj-76	38	13	literature	literature	NOUN
emaj-76	38	14	.	.	PUNCT
emaj-76	39	1	studies	study	NOUN
emaj-76	39	2	were	be	AUX
emaj-76	39	3	mainly	mainly	ADV
emaj-76	39	4	oriented	orient	VERB
emaj-76	39	5	at	at	ADP
emaj-76	39	6	the	the	DET
emaj-76	39	7	verification	verification	NOUN
emaj-76	39	8	of	of	ADP
emaj-76	39	9	the	the	DET
emaj-76	39	10	compatibility	compatibility	NOUN
emaj-76	39	11	of	of	ADP
emaj-76	39	12	the	the	DET
emaj-76	39	13	above	above	ADJ
emaj-76	39	14	mentioned	mention	VERB
emaj-76	39	15	theories	theory	NOUN
emaj-76	39	16	with	with	ADP
emaj-76	39	17	economic	economic	ADJ
emaj-76	39	18	practice	practice	NOUN
emaj-76	39	19	.	.	PUNCT
emaj-76	40	1	the	the	DET
emaj-76	40	2	paper	paper	NOUN
emaj-76	40	3	forms	form	VERB
emaj-76	40	4	a	a	DET
emaj-76	40	5	part	part	NOUN
emaj-76	40	6	of	of	ADP
emaj-76	40	7	this	this	DET
emaj-76	40	8	group	group	NOUN
emaj-76	40	9	of	of	ADP
emaj-76	40	10	studies	study	NOUN
emaj-76	40	11	.	.	PUNCT
emaj-76	41	1	its	its	PRON
emaj-76	41	2	main	main	ADJ
emaj-76	41	3	goal	goal	NOUN
emaj-76	41	4	is	be	AUX
emaj-76	41	5	to	to	PART
emaj-76	41	6	analyse	analyse	VERB
emaj-76	41	7	the	the	DET
emaj-76	41	8	determinants	determinant	NOUN
emaj-76	41	9	of	of	ADP
emaj-76	41	10	the	the	DET
emaj-76	41	11	capital	capital	NOUN
emaj-76	41	12	structure	structure	NOUN
emaj-76	41	13	of	of	ADP
emaj-76	41	14	polish	polish	ADJ
emaj-76	41	15	enterprises	enterprise	NOUN
emaj-76	41	16	.	.	PUNCT
emaj-76	42	1	we	we	PRON
emaj-76	42	2	analysed	analyse	VERB
emaj-76	42	3	factors	factor	NOUN
emaj-76	42	4	that	that	PRON
emaj-76	42	5	may	may	AUX
emaj-76	42	6	impact	impact	VERB
emaj-76	42	7	debt	debt	NOUN
emaj-76	42	8	.	.	PUNCT
emaj-76	43	1	the	the	DET
emaj-76	43	2	analysis	analysis	NOUN
emaj-76	43	3	complements	complement	VERB
emaj-76	43	4	worldwide	worldwide	ADV
emaj-76	43	5	research	research	NOUN
emaj-76	43	6	with	with	ADP
emaj-76	43	7	the	the	DET
emaj-76	43	8	specificity	specificity	NOUN
emaj-76	43	9	of	of	ADP
emaj-76	43	10	a	a	DET
emaj-76	43	11	country	country	NOUN
emaj-76	43	12	representing	represent	VERB
emaj-76	43	13	emerging	emerge	VERB
emaj-76	43	14	markets	market	NOUN
emaj-76	43	15	,	,	PUNCT
emaj-76	43	16	with	with	ADP
emaj-76	43	17	well	well	ADV
emaj-76	43	18	developed	develop	VERB
emaj-76	43	19	banking	banking	NOUN
emaj-76	43	20	sector	sector	NOUN
emaj-76	43	21	,	,	PUNCT
emaj-76	43	22	potential	potential	ADJ
emaj-76	43	23	source	source	NOUN
emaj-76	43	24	of	of	ADP
emaj-76	43	25	debt	debt	NOUN
emaj-76	43	26	,	,	PUNCT
emaj-76	43	27	and	and	CCONJ
emaj-76	43	28	capital	capital	NOUN
emaj-76	43	29	market	market	NOUN
emaj-76	43	30	meeting	meet	VERB
emaj-76	43	31	the	the	DET
emaj-76	43	32	needs	need	NOUN
emaj-76	43	33	of	of	ADP
emaj-76	43	34	equity	equity	NOUN
emaj-76	43	35	funding	funding	NOUN
emaj-76	43	36	.	.	PUNCT
emaj-76	44	1	this	this	DET
emaj-76	44	2	paper	paper	NOUN
emaj-76	44	3	is	be	AUX
emaj-76	44	4	organized	organize	VERB
emaj-76	44	5	as	as	SCONJ
emaj-76	44	6	follows	follow	VERB
emaj-76	44	7	:	:	PUNCT
emaj-76	44	8	section	section	NOUN
emaj-76	44	9	2	2	NUM
emaj-76	44	10	provides	provide	VERB
emaj-76	44	11	a	a	DET
emaj-76	44	12	literature	literature	NOUN
emaj-76	44	13	review	review	NOUN
emaj-76	44	14	,	,	PUNCT
emaj-76	44	15	section	section	NOUN
emaj-76	44	16	3	3	NUM
emaj-76	44	17	refers	refer	VERB
emaj-76	44	18	to	to	ADP
emaj-76	44	19	empirical	empirical	ADJ
emaj-76	44	20	research	research	NOUN
emaj-76	44	21	on	on	ADP
emaj-76	44	22	capital	capital	NOUN
emaj-76	44	23	structure	structure	NOUN
emaj-76	44	24	in	in	ADP
emaj-76	44	25	poland	poland	PROPN
emaj-76	44	26	,	,	PUNCT
emaj-76	44	27	section	section	NOUN
emaj-76	44	28	4	4	NUM
emaj-76	44	29	presents	present	VERB
emaj-76	44	30	data	datum	NOUN
emaj-76	44	31	description	description	NOUN
emaj-76	44	32	,	,	PUNCT
emaj-76	44	33	research	research	NOUN
emaj-76	44	34	methodology	methodology	NOUN
emaj-76	44	35	and	and	CCONJ
emaj-76	44	36	hypotheses	hypothesis	NOUN
emaj-76	44	37	,	,	PUNCT
emaj-76	44	38	results	result	NOUN
emaj-76	44	39	and	and	CCONJ
emaj-76	44	40	the	the	DET
emaj-76	44	41	analysis	analysis	NOUN
emaj-76	44	42	are	be	AUX
emaj-76	44	43	provided	provide	VERB
emaj-76	44	44	in	in	ADP
emaj-76	44	45	section	section	NOUN
emaj-76	44	46	5	5	NUM
emaj-76	44	47	,	,	PUNCT
emaj-76	44	48	summary	summary	NOUN
emaj-76	44	49	is	be	AUX
emaj-76	44	50	presented	present	VERB
emaj-76	44	51	in	in	ADP
emaj-76	44	52	section	section	NOUN
emaj-76	44	53	6	6	NUM
emaj-76	44	54	.	.	NOUN
emaj-76	45	1	2	2	NUM
emaj-76	45	2	.	.	X
emaj-76	45	3	literature	literature	NOUN
emaj-76	45	4	review	review	PROPN
emaj-76	45	5	research	research	NOUN
emaj-76	45	6	studies	study	NOUN
emaj-76	45	7	on	on	ADP
emaj-76	45	8	the	the	DET
emaj-76	45	9	structure	structure	NOUN
emaj-76	45	10	of	of	ADP
emaj-76	45	11	capital	capital	NOUN
emaj-76	45	12	test	test	NOUN
emaj-76	45	13	many	many	ADJ
emaj-76	45	14	dependant	dependant	ADJ
emaj-76	45	15	variables	variable	NOUN
emaj-76	45	16	as	as	SCONJ
emaj-76	45	17	proposed	propose	VERB
emaj-76	45	18	by	by	ADP
emaj-76	45	19	,	,	PUNCT
emaj-76	45	20	inter	inter	PROPN
emaj-76	45	21	alia	alia	PROPN
emaj-76	45	22	:	:	PUNCT
emaj-76	45	23	bradley	bradley	PROPN
emaj-76	45	24	et.al	et.al	PROPN
emaj-76	45	25	.	.	PUNCT
emaj-76	46	1	(	(	PUNCT
emaj-76	46	2	1984	1984	NUM
emaj-76	46	3	)	)	PUNCT
emaj-76	46	4	,	,	PUNCT
emaj-76	46	5	haris	haris	PROPN
emaj-76	46	6	and	and	CCONJ
emaj-76	46	7	raviv	raviv	PROPN
emaj-76	46	8	(	(	PUNCT
emaj-76	46	9	1991	1991	NUM
emaj-76	46	10	)	)	PUNCT
emaj-76	46	11	,	,	PUNCT
emaj-76	46	12	rajan	rajan	PROPN
emaj-76	46	13	and	and	CCONJ
emaj-76	46	14	zingales	zingales	PROPN
emaj-76	46	15	(	(	PUNCT
emaj-76	46	16	1995	1995	NUM
emaj-76	46	17	)	)	PUNCT
emaj-76	46	18	,	,	PUNCT
emaj-76	46	19	bevan	bevan	NOUN
emaj-76	46	20	and	and	CCONJ
emaj-76	46	21	danbolt	danbolt	NOUN
emaj-76	46	22	(	(	PUNCT
emaj-76	46	23	2002	2002	NUM
emaj-76	46	24	)	)	PUNCT
emaj-76	46	25	,	,	PUNCT
emaj-76	46	26	who	who	PRON
emaj-76	46	27	observed	observe	VERB
emaj-76	46	28	that	that	SCONJ
emaj-76	46	29	the	the	DET
emaj-76	46	30	capital	capital	NOUN
emaj-76	46	31	structure	structure	NOUN
emaj-76	46	32	of	of	ADP
emaj-76	46	33	an	an	DET
emaj-76	46	34	enterprise	enterprise	NOUN
emaj-76	46	35	is	be	AUX
emaj-76	46	36	mostly	mostly	ADV
emaj-76	46	37	influenced	influence	VERB
emaj-76	46	38	by	by	ADP
emaj-76	46	39	the	the	DET
emaj-76	46	40	size	size	NOUN
emaj-76	46	41	,	,	PUNCT
emaj-76	46	42	profitability	profitability	NOUN
emaj-76	46	43	,	,	PUNCT
emaj-76	46	44	tangibility	tangibility	NOUN
emaj-76	46	45	,	,	PUNCT
emaj-76	46	46	growth	growth	NOUN
emaj-76	46	47	rate	rate	NOUN
emaj-76	46	48	,	,	PUNCT
emaj-76	46	49	and	and	CCONJ
emaj-76	46	50	growth	growth	NOUN
emaj-76	46	51	prospectus	prospectus	NOUN
emaj-76	46	52	.	.	PUNCT
emaj-76	47	1	size	size	NOUN
emaj-76	47	2	of	of	ADP
emaj-76	47	3	the	the	DET
emaj-76	47	4	company	company	NOUN
emaj-76	47	5	many	many	ADJ
emaj-76	47	6	authors	author	NOUN
emaj-76	47	7	indicate	indicate	VERB
emaj-76	47	8	that	that	SCONJ
emaj-76	47	9	the	the	DET
emaj-76	47	10	main	main	ADJ
emaj-76	47	11	determinant	determinant	NOUN
emaj-76	47	12	of	of	ADP
emaj-76	47	13	the	the	DET
emaj-76	47	14	capital	capital	NOUN
emaj-76	47	15	structure	structure	NOUN
emaj-76	47	16	of	of	ADP
emaj-76	47	17	an	an	DET
emaj-76	47	18	enterprise	enterprise	NOUN
emaj-76	47	19	is	be	AUX
emaj-76	47	20	its	its	PRON
emaj-76	47	21	size	size	NOUN
emaj-76	47	22	.	.	PUNCT
emaj-76	48	1	however	however	ADV
emaj-76	48	2	,	,	PUNCT
emaj-76	48	3	results	result	NOUN
emaj-76	48	4	of	of	ADP
emaj-76	48	5	studies	study	NOUN
emaj-76	48	6	on	on	ADP
emaj-76	48	7	the	the	DET
emaj-76	48	8	impact	impact	NOUN
emaj-76	48	9	of	of	ADP
emaj-76	48	10	the	the	DET
emaj-76	48	11	size	size	NOUN
emaj-76	48	12	of	of	ADP
emaj-76	48	13	an	an	DET
emaj-76	48	14	enterprise	enterprise	NOUN
emaj-76	48	15	upon	upon	SCONJ
emaj-76	48	16	the	the	DET
emaj-76	48	17	structure	structure	NOUN
emaj-76	48	18	of	of	ADP
emaj-76	48	19	its	its	PRON
emaj-76	48	20	capital	capital	NOUN
emaj-76	48	21	are	be	AUX
emaj-76	48	22	rather	rather	ADV
emaj-76	48	23	ambiguous	ambiguous	ADJ
emaj-76	48	24	.	.	PUNCT
emaj-76	49	1	in	in	ADP
emaj-76	49	2	accordance	accordance	NOUN
emaj-76	49	3	with	with	ADP
emaj-76	49	4	the	the	DET
emaj-76	49	5	trade	trade	NOUN
emaj-76	49	6	-	-	PUNCT
emaj-76	49	7	off	off	ADP
emaj-76	49	8	theory	theory	NOUN
emaj-76	49	9	,	,	PUNCT
emaj-76	49	10	there	there	PRON
emaj-76	49	11	is	be	VERB
emaj-76	49	12	positive	positive	ADJ
emaj-76	49	13	relationship	relationship	NOUN
emaj-76	49	14	between	between	ADP
emaj-76	49	15	the	the	DET
emaj-76	49	16	size	size	NOUN
emaj-76	49	17	of	of	ADP
emaj-76	49	18	a	a	DET
emaj-76	49	19	company	company	NOUN
emaj-76	49	20	and	and	CCONJ
emaj-76	49	21	the	the	DET
emaj-76	49	22	leverage	leverage	NOUN
emaj-76	49	23	,	,	PUNCT
emaj-76	49	24	which	which	PRON
emaj-76	49	25	is	be	AUX
emaj-76	49	26	due	due	ADJ
emaj-76	49	27	to	to	ADP
emaj-76	49	28	the	the	DET
emaj-76	49	29	fact	fact	NOUN
emaj-76	49	30	that	that	SCONJ
emaj-76	49	31	large	large	ADJ
emaj-76	49	32	companies	company	NOUN
emaj-76	49	33	are	be	AUX
emaj-76	49	34	more	more	ADV
emaj-76	49	35	diversified	diversified	ADJ
emaj-76	49	36	and	and	CCONJ
emaj-76	49	37	less	less	ADV
emaj-76	49	38	threatened	threaten	VERB
emaj-76	49	39	with	with	ADP
emaj-76	49	40	the	the	DET
emaj-76	49	41	risk	risk	NOUN
emaj-76	49	42	of	of	ADP
emaj-76	49	43	bankruptcy	bankruptcy	NOUN
emaj-76	49	44	.	.	PUNCT
emaj-76	50	1	the	the	DET
emaj-76	50	2	pecking	pecking	NOUN
emaj-76	50	3	order	order	NOUN
emaj-76	50	4	theory	theory	NOUN
emaj-76	50	5	shows	show	VERB
emaj-76	50	6	volume	volume	NOUN
emaj-76	50	7	5	5	NUM
emaj-76	50	8	no	no	DET
emaj-76	50	9	2	2	NUM
emaj-76	50	10	(	(	PUNCT
emaj-76	50	11	2015	2015	NUM
emaj-76	50	12	)	)	PUNCT
emaj-76	50	13	|	|	ADV
emaj-76	50	14	issn	issn	VERB
emaj-76	50	15	2158	2158	NUM
emaj-76	50	16	-	-	SYM
emaj-76	50	17	8708	8708	NUM
emaj-76	50	18	(	(	PUNCT
emaj-76	50	19	online	online	NOUN
emaj-76	50	20	)	)	PUNCT
emaj-76	50	21	|	|	ADV
emaj-76	50	22	doi	doi	X
emaj-76	50	23	10.5195	10.5195	NUM
emaj-76	50	24	/	/	SYM
emaj-76	50	25	emaj.2015.76	emaj.2015.76	NOUN
emaj-76	50	26	|	|	ADV
emaj-76	50	27	http://emaj.pitt.edu	http://emaj.pitt.edu	VERB
emaj-76	50	28	determinants	determinant	NOUN
emaj-76	50	29	of	of	ADP
emaj-76	50	30	debt	debt	NOUN
emaj-76	50	31	-	-	PUNCT
emaj-76	50	32	equity	equity	NOUN
emaj-76	50	33	choice	choice	NOUN
emaj-76	50	34	–	–	PUNCT
emaj-76	50	35	evidence	evidence	NOUN
emaj-76	50	36	from	from	ADP
emaj-76	50	37	poland	poland	PROPN
emaj-76	50	38	page	page	NOUN
emaj-76	50	39	|2|	|2|	PRON
emaj-76	50	40	emerging	emerge	VERB
emaj-76	50	41	markets	market	NOUN
emaj-76	50	42	journal	journal	VERB
emaj-76	50	43	negative	negative	ADJ
emaj-76	50	44	relationship	relationship	NOUN
emaj-76	50	45	between	between	ADP
emaj-76	50	46	the	the	DET
emaj-76	50	47	size	size	NOUN
emaj-76	50	48	of	of	ADP
emaj-76	50	49	a	a	DET
emaj-76	50	50	firm	firm	NOUN
emaj-76	50	51	and	and	CCONJ
emaj-76	50	52	its	its	PRON
emaj-76	50	53	financial	financial	ADJ
emaj-76	50	54	leverage	leverage	NOUN
emaj-76	50	55	.	.	PUNCT
emaj-76	51	1	kester	kester	PROPN
emaj-76	51	2	(	(	PUNCT
emaj-76	51	3	1986	1986	NUM
emaj-76	51	4	)	)	PUNCT
emaj-76	51	5	draws	draw	VERB
emaj-76	51	6	attention	attention	NOUN
emaj-76	51	7	to	to	ADP
emaj-76	51	8	the	the	DET
emaj-76	51	9	problem	problem	NOUN
emaj-76	51	10	of	of	ADP
emaj-76	51	11	information	information	NOUN
emaj-76	51	12	asymmetry	asymmetry	NOUN
emaj-76	51	13	between	between	ADP
emaj-76	51	14	the	the	DET
emaj-76	51	15	board	board	NOUN
emaj-76	51	16	and	and	CCONJ
emaj-76	51	17	capital	capital	NOUN
emaj-76	51	18	market	market	NOUN
emaj-76	51	19	,	,	PUNCT
emaj-76	51	20	smaller	small	ADJ
emaj-76	51	21	in	in	ADP
emaj-76	51	22	large	large	ADJ
emaj-76	51	23	companies	company	NOUN
emaj-76	51	24	and	and	CCONJ
emaj-76	51	25	by	by	ADP
emaj-76	51	26	that	that	PRON
emaj-76	51	27	making	make	VERB
emaj-76	51	28	them	they	PRON
emaj-76	51	29	more	more	ADV
emaj-76	51	30	capable	capable	ADJ
emaj-76	51	31	of	of	ADP
emaj-76	51	32	issuing	issue	VERB
emaj-76	51	33	equity	equity	NOUN
emaj-76	51	34	.	.	PUNCT
emaj-76	52	1	studies	study	NOUN
emaj-76	52	2	by	by	ADP
emaj-76	52	3	rajan	rajan	PROPN
emaj-76	52	4	and	and	CCONJ
emaj-76	52	5	zingales	zingales	PROPN
emaj-76	52	6	(	(	PUNCT
emaj-76	52	7	1995	1995	NUM
emaj-76	52	8	)	)	PUNCT
emaj-76	52	9	indicate	indicate	VERB
emaj-76	52	10	that	that	SCONJ
emaj-76	52	11	the	the	DET
emaj-76	52	12	debt	debt	NOUN
emaj-76	52	13	of	of	ADP
emaj-76	52	14	british	british	ADJ
emaj-76	52	15	firms	firm	NOUN
emaj-76	52	16	is	be	AUX
emaj-76	52	17	positively	positively	ADV
emaj-76	52	18	correlated	correlate	VERB
emaj-76	52	19	with	with	ADP
emaj-76	52	20	their	their	PRON
emaj-76	52	21	size	size	NOUN
emaj-76	52	22	.	.	PUNCT
emaj-76	53	1	positive	positive	ADJ
emaj-76	53	2	correlation	correlation	NOUN
emaj-76	53	3	between	between	ADP
emaj-76	53	4	the	the	DET
emaj-76	53	5	size	size	NOUN
emaj-76	53	6	of	of	ADP
emaj-76	53	7	an	an	DET
emaj-76	53	8	enterprise	enterprise	NOUN
emaj-76	53	9	and	and	CCONJ
emaj-76	53	10	debt	debt	NOUN
emaj-76	53	11	was	be	AUX
emaj-76	53	12	also	also	ADV
emaj-76	53	13	confirmed	confirm	VERB
emaj-76	53	14	by	by	ADP
emaj-76	53	15	bevan	bevan	NOUN
emaj-76	53	16	and	and	CCONJ
emaj-76	53	17	danbolt	danbolt	NOUN
emaj-76	53	18	(	(	PUNCT
emaj-76	53	19	2002	2002	NUM
emaj-76	53	20	)	)	PUNCT
emaj-76	53	21	,	,	PUNCT
emaj-76	53	22	who	who	PRON
emaj-76	53	23	,	,	PUNCT
emaj-76	53	24	however	however	ADV
emaj-76	53	25	,	,	PUNCT
emaj-76	53	26	observed	observe	VERB
emaj-76	53	27	that	that	SCONJ
emaj-76	53	28	the	the	DET
emaj-76	53	29	relationship	relationship	NOUN
emaj-76	53	30	is	be	AUX
emaj-76	53	31	very	very	ADV
emaj-76	53	32	specific	specific	ADJ
emaj-76	53	33	and	and	CCONJ
emaj-76	53	34	depends	depend	VERB
emaj-76	53	35	on	on	ADP
emaj-76	53	36	the	the	DET
emaj-76	53	37	nature	nature	NOUN
emaj-76	53	38	(	(	PUNCT
emaj-76	53	39	type	type	NOUN
emaj-76	53	40	)	)	PUNCT
emaj-76	53	41	of	of	ADP
emaj-76	53	42	debt	debt	NOUN
emaj-76	53	43	.	.	PUNCT
emaj-76	54	1	results	result	NOUN
emaj-76	54	2	obtained	obtain	VERB
emaj-76	54	3	by	by	ADP
emaj-76	54	4	barclay	barclay	PROPN
emaj-76	54	5	and	and	CCONJ
emaj-76	54	6	smith	smith	PROPN
emaj-76	54	7	(	(	PUNCT
emaj-76	54	8	1996	1996	NUM
emaj-76	54	9	)	)	PUNCT
emaj-76	54	10	,	,	PUNCT
emaj-76	54	11	demirguc	demirguc	PROPN
emaj-76	54	12	-	-	PUNCT
emaj-76	54	13	kunt	kunt	PROPN
emaj-76	54	14	and	and	CCONJ
emaj-76	54	15	maksimovic	maksimovic	PROPN
emaj-76	54	16	(	(	PUNCT
emaj-76	54	17	1999	1999	NUM
emaj-76	54	18	)	)	PUNCT
emaj-76	54	19	confirm	confirm	VERB
emaj-76	54	20	that	that	SCONJ
emaj-76	54	21	debt	debt	NOUN
emaj-76	54	22	maturity	maturity	NOUN
emaj-76	54	23	is	be	AUX
emaj-76	54	24	positively	positively	ADV
emaj-76	54	25	correlated	correlate	VERB
emaj-76	54	26	with	with	ADP
emaj-76	54	27	company	company	NOUN
emaj-76	54	28	size	size	NOUN
emaj-76	54	29	.	.	PUNCT
emaj-76	55	1	no	no	DET
emaj-76	55	2	evidence	evidence	NOUN
emaj-76	55	3	for	for	ADP
emaj-76	55	4	the	the	DET
emaj-76	55	5	impact	impact	NOUN
emaj-76	55	6	of	of	ADP
emaj-76	55	7	the	the	DET
emaj-76	55	8	size	size	NOUN
emaj-76	55	9	of	of	ADP
emaj-76	55	10	a	a	DET
emaj-76	55	11	company	company	NOUN
emaj-76	55	12	was	be	AUX
emaj-76	55	13	detected	detect	VERB
emaj-76	55	14	by	by	ADP
emaj-76	55	15	remmers	remmer	NOUN
emaj-76	55	16	et.al	et.al	PROPN
emaj-76	55	17	.	.	PUNCT
emaj-76	56	1	(	(	PUNCT
emaj-76	56	2	1974	1974	NUM
emaj-76	56	3	)	)	PUNCT
emaj-76	56	4	.	.	PUNCT
emaj-76	57	1	while	while	SCONJ
emaj-76	57	2	kester	kester	PROPN
emaj-76	57	3	(	(	PUNCT
emaj-76	57	4	1986	1986	NUM
emaj-76	57	5	)	)	PUNCT
emaj-76	57	6	suggests	suggest	VERB
emaj-76	57	7	a	a	DET
emaj-76	57	8	statistically	statistically	ADV
emaj-76	57	9	non	non	ADJ
emaj-76	57	10	-	-	ADJ
emaj-76	57	11	significant	significant	ADJ
emaj-76	57	12	negative	negative	ADJ
emaj-76	57	13	relationship	relationship	NOUN
emaj-76	57	14	between	between	ADP
emaj-76	57	15	debt	debt	NOUN
emaj-76	57	16	and	and	CCONJ
emaj-76	57	17	company	company	NOUN
emaj-76	57	18	size	size	NOUN
emaj-76	57	19	.	.	PUNCT
emaj-76	58	1	natural	natural	ADJ
emaj-76	58	2	logarithm	logarithm	NOUN
emaj-76	58	3	of	of	ADP
emaj-76	58	4	total	total	ADJ
emaj-76	58	5	assets	asset	NOUN
emaj-76	58	6	will	will	AUX
emaj-76	58	7	be	be	AUX
emaj-76	58	8	the	the	DET
emaj-76	58	9	indicator	indicator	NOUN
emaj-76	58	10	for	for	ADP
emaj-76	58	11	firm	firm	ADJ
emaj-76	58	12	size	size	NOUN
emaj-76	58	13	in	in	ADP
emaj-76	58	14	this	this	DET
emaj-76	58	15	study	study	NOUN
emaj-76	58	16	.	.	PUNCT
emaj-76	59	1	thus	thus	ADV
emaj-76	59	2	,	,	PUNCT
emaj-76	59	3	based	base	VERB
emaj-76	59	4	on	on	ADP
emaj-76	59	5	the	the	DET
emaj-76	59	6	firm	firm	ADJ
emaj-76	59	7	size	size	NOUN
emaj-76	59	8	and	and	CCONJ
emaj-76	59	9	according	accord	VERB
emaj-76	59	10	to	to	ADP
emaj-76	59	11	the	the	DET
emaj-76	59	12	pecking	pecking	NOUN
emaj-76	59	13	order	order	NOUN
emaj-76	59	14	theory	theory	NOUN
emaj-76	59	15	,	,	PUNCT
emaj-76	59	16	we	we	PRON
emaj-76	59	17	formulate	formulate	VERB
emaj-76	59	18	the	the	DET
emaj-76	59	19	first	first	ADJ
emaj-76	59	20	hypothesis	hypothesis	NOUN
emaj-76	59	21	:	:	PUNCT
emaj-76	59	22	h1	h1	PROPN
emaj-76	59	23	:	:	PUNCT
emaj-76	59	24	it	it	PRON
emaj-76	59	25	is	be	AUX
emaj-76	59	26	hypothesized	hypothesize	VERB
emaj-76	59	27	that	that	SCONJ
emaj-76	59	28	the	the	DET
emaj-76	59	29	level	level	NOUN
emaj-76	59	30	of	of	ADP
emaj-76	59	31	leverage	leverage	NOUN
emaj-76	59	32	is	be	AUX
emaj-76	59	33	negatively	negatively	ADV
emaj-76	59	34	related	relate	VERB
emaj-76	59	35	to	to	ADP
emaj-76	59	36	company	company	NOUN
emaj-76	59	37	size	size	NOUN
emaj-76	59	38	.	.	PUNCT
emaj-76	60	1	profitability	profitability	NOUN
emaj-76	60	2	under	under	ADP
emaj-76	60	3	the	the	DET
emaj-76	60	4	pecking	pecking	NOUN
emaj-76	60	5	order	order	NOUN
emaj-76	60	6	theory	theory	NOUN
emaj-76	60	7	of	of	ADP
emaj-76	60	8	myers	myers	PROPN
emaj-76	60	9	and	and	CCONJ
emaj-76	60	10	majluf	majluf	PROPN
emaj-76	60	11	(	(	PUNCT
emaj-76	60	12	1984	1984	NUM
emaj-76	60	13	)	)	PUNCT
emaj-76	60	14	,	,	PUNCT
emaj-76	60	15	company	company	NOUN
emaj-76	60	16	’s	’s	PART
emaj-76	60	17	management	management	NOUN
emaj-76	60	18	prefers	prefer	VERB
emaj-76	60	19	internal	internal	ADJ
emaj-76	60	20	sources	source	NOUN
emaj-76	60	21	of	of	ADP
emaj-76	60	22	funding	funding	NOUN
emaj-76	60	23	over	over	ADP
emaj-76	60	24	external	external	ADJ
emaj-76	60	25	ones	one	NOUN
emaj-76	60	26	and	and	CCONJ
emaj-76	60	27	they	they	PRON
emaj-76	60	28	usually	usually	ADV
emaj-76	60	29	use	use	VERB
emaj-76	60	30	retained	retain	VERB
emaj-76	60	31	profits	profit	NOUN
emaj-76	60	32	followed	follow	VERB
emaj-76	60	33	by	by	ADP
emaj-76	60	34	debt	debt	NOUN
emaj-76	60	35	and	and	CCONJ
emaj-76	60	36	at	at	ADP
emaj-76	60	37	the	the	DET
emaj-76	60	38	very	very	ADJ
emaj-76	60	39	end	end	NOUN
emaj-76	60	40	they	they	PRON
emaj-76	60	41	decide	decide	VERB
emaj-76	60	42	to	to	PART
emaj-76	60	43	issue	issue	VERB
emaj-76	60	44	new	new	ADJ
emaj-76	60	45	equity	equity	NOUN
emaj-76	60	46	.	.	PUNCT
emaj-76	61	1	myers	myers	PROPN
emaj-76	61	2	suggests	suggest	VERB
emaj-76	61	3	the	the	DET
emaj-76	61	4	behaviour	behaviour	NOUN
emaj-76	61	5	may	may	AUX
emaj-76	61	6	be	be	AUX
emaj-76	61	7	caused	cause	VERB
emaj-76	61	8	by	by	ADP
emaj-76	61	9	the	the	DET
emaj-76	61	10	cost	cost	NOUN
emaj-76	61	11	of	of	ADP
emaj-76	61	12	issuing	issue	VERB
emaj-76	61	13	new	new	ADJ
emaj-76	61	14	equity	equity	NOUN
emaj-76	61	15	.	.	PUNCT
emaj-76	62	1	when	when	SCONJ
emaj-76	62	2	analysing	analyse	VERB
emaj-76	62	3	such	such	ADJ
emaj-76	62	4	costs	cost	NOUN
emaj-76	62	5	,	,	PUNCT
emaj-76	62	6	myers	myer	NOUN
emaj-76	62	7	and	and	CCONJ
emaj-76	62	8	majluf	majluf	PROPN
emaj-76	62	9	highlight	highlight	VERB
emaj-76	62	10	the	the	DET
emaj-76	62	11	issue	issue	NOUN
emaj-76	62	12	of	of	ADP
emaj-76	62	13	information	information	NOUN
emaj-76	62	14	asymmetry	asymmetry	NOUN
emaj-76	62	15	and	and	CCONJ
emaj-76	62	16	transaction	transaction	NOUN
emaj-76	62	17	costs	cost	NOUN
emaj-76	62	18	.	.	PUNCT
emaj-76	63	1	according	accord	VERB
emaj-76	63	2	to	to	ADP
emaj-76	63	3	the	the	DET
emaj-76	63	4	theory	theory	NOUN
emaj-76	63	5	,	,	PUNCT
emaj-76	63	6	there	there	PRON
emaj-76	63	7	is	be	VERB
emaj-76	63	8	negative	negative	ADJ
emaj-76	63	9	relationship	relationship	NOUN
emaj-76	63	10	between	between	ADP
emaj-76	63	11	profitability	profitability	NOUN
emaj-76	63	12	and	and	CCONJ
emaj-76	63	13	debt	debt	NOUN
emaj-76	63	14	.	.	PUNCT
emaj-76	64	1	enterprises	enterprise	NOUN
emaj-76	64	2	with	with	ADP
emaj-76	64	3	higher	high	ADJ
emaj-76	64	4	profitability	profitability	NOUN
emaj-76	64	5	generate	generate	VERB
emaj-76	64	6	higher	high	ADJ
emaj-76	64	7	cash	cash	NOUN
emaj-76	64	8	flows	flow	NOUN
emaj-76	64	9	and	and	CCONJ
emaj-76	64	10	,	,	PUNCT
emaj-76	64	11	as	as	ADP
emaj-76	64	12	a	a	DET
emaj-76	64	13	result	result	NOUN
emaj-76	64	14	,	,	PUNCT
emaj-76	64	15	enough	enough	ADJ
emaj-76	64	16	net	net	ADJ
emaj-76	64	17	profit	profit	NOUN
emaj-76	64	18	to	to	PART
emaj-76	64	19	be	be	AUX
emaj-76	64	20	used	use	VERB
emaj-76	64	21	as	as	ADP
emaj-76	64	22	internal	internal	ADJ
emaj-76	64	23	source	source	NOUN
emaj-76	64	24	of	of	ADP
emaj-76	64	25	financing	financing	NOUN
emaj-76	64	26	.	.	PUNCT
emaj-76	65	1	thus	thus	ADV
emaj-76	65	2	,	,	PUNCT
emaj-76	65	3	enterprises	enterprise	NOUN
emaj-76	65	4	may	may	AUX
emaj-76	65	5	strive	strive	VERB
emaj-76	65	6	to	to	PART
emaj-76	65	7	reduce	reduce	VERB
emaj-76	65	8	debt	debt	NOUN
emaj-76	65	9	.	.	PUNCT
emaj-76	66	1	taking	take	VERB
emaj-76	66	2	account	account	NOUN
emaj-76	66	3	of	of	ADP
emaj-76	66	4	the	the	DET
emaj-76	66	5	tax	tax	NOUN
emaj-76	66	6	shield	shield	NOUN
emaj-76	66	7	effect	effect	NOUN
emaj-76	66	8	,	,	PUNCT
emaj-76	66	9	enterprises	enterprise	NOUN
emaj-76	66	10	may	may	AUX
emaj-76	66	11	prefer	prefer	VERB
emaj-76	66	12	debt	debt	NOUN
emaj-76	66	13	over	over	ADP
emaj-76	66	14	equity	equity	NOUN
emaj-76	66	15	.	.	PUNCT
emaj-76	67	1	that	that	PRON
emaj-76	67	2	,	,	PUNCT
emaj-76	67	3	in	in	ADP
emaj-76	67	4	turn	turn	NOUN
emaj-76	67	5	,	,	PUNCT
emaj-76	67	6	would	would	AUX
emaj-76	67	7	suggest	suggest	VERB
emaj-76	67	8	negative	negative	ADJ
emaj-76	67	9	relationship	relationship	NOUN
emaj-76	67	10	between	between	ADP
emaj-76	67	11	company	company	NOUN
emaj-76	67	12	profitability	profitability	NOUN
emaj-76	67	13	and	and	CCONJ
emaj-76	67	14	its	its	PRON
emaj-76	67	15	debt	debt	NOUN
emaj-76	67	16	.	.	PUNCT
emaj-76	68	1	negative	negative	ADJ
emaj-76	68	2	relationship	relationship	NOUN
emaj-76	68	3	between	between	ADP
emaj-76	68	4	debt	debt	NOUN
emaj-76	68	5	and	and	CCONJ
emaj-76	68	6	profitability	profitability	NOUN
emaj-76	68	7	in	in	ADP
emaj-76	68	8	us	we	PRON
emaj-76	68	9	and	and	CCONJ
emaj-76	68	10	japanese	japanese	ADJ
emaj-76	68	11	enterprises	enterprise	NOUN
emaj-76	68	12	was	be	AUX
emaj-76	68	13	confirmed	confirm	VERB
emaj-76	68	14	by	by	ADP
emaj-76	68	15	the	the	DET
emaj-76	68	16	studies	study	NOUN
emaj-76	68	17	of	of	ADP
emaj-76	68	18	kester	kester	PROPN
emaj-76	68	19	(	(	PUNCT
emaj-76	68	20	1986	1986	NUM
emaj-76	68	21	)	)	PUNCT
emaj-76	68	22	.	.	PUNCT
emaj-76	69	1	titman	titman	NOUN
emaj-76	69	2	and	and	CCONJ
emaj-76	69	3	wessels	wessels	PROPN
emaj-76	69	4	(	(	PUNCT
emaj-76	69	5	1988	1988	NUM
emaj-76	69	6	)	)	PUNCT
emaj-76	69	7	also	also	ADV
emaj-76	69	8	confirm	confirm	VERB
emaj-76	69	9	the	the	DET
emaj-76	69	10	above	above	ADJ
emaj-76	69	11	relationship	relationship	NOUN
emaj-76	69	12	for	for	ADP
emaj-76	69	13	us	us	PROPN
emaj-76	69	14	companies	company	NOUN
emaj-76	69	15	.	.	PUNCT
emaj-76	70	1	rajan	rajan	PROPN
emaj-76	70	2	and	and	CCONJ
emaj-76	70	3	zingales	zingales	PROPN
emaj-76	70	4	(	(	PUNCT
emaj-76	70	5	1995	1995	NUM
emaj-76	70	6	)	)	PUNCT
emaj-76	70	7	conducted	conduct	VERB
emaj-76	70	8	a	a	DET
emaj-76	70	9	study	study	NOUN
emaj-76	70	10	among	among	ADP
emaj-76	70	11	companies	company	NOUN
emaj-76	70	12	from	from	ADP
emaj-76	70	13	g-7	g-7	NOUN
emaj-76	70	14	countries	country	NOUN
emaj-76	70	15	.	.	PUNCT
emaj-76	71	1	wald	wald	X
emaj-76	71	2	(	(	PUNCT
emaj-76	71	3	1999	1999	NUM
emaj-76	71	4	)	)	PUNCT
emaj-76	71	5	analysed	analyse	VERB
emaj-76	71	6	enterprises	enterprise	NOUN
emaj-76	71	7	from	from	ADP
emaj-76	71	8	developed	develop	VERB
emaj-76	71	9	countries	country	NOUN
emaj-76	71	10	,	,	PUNCT
emaj-76	71	11	booth	booth	NOUN
emaj-76	71	12	et.al	et.al	PROPN
emaj-76	71	13	.	.	PUNCT
emaj-76	72	1	(	(	PUNCT
emaj-76	72	2	2001	2001	NUM
emaj-76	72	3	)	)	PUNCT
emaj-76	72	4	focused	focus	VERB
emaj-76	72	5	on	on	ADP
emaj-76	72	6	enterprises	enterprise	NOUN
emaj-76	72	7	from	from	ADP
emaj-76	72	8	developing	develop	VERB
emaj-76	72	9	countries	country	NOUN
emaj-76	72	10	,	,	PUNCT
emaj-76	72	11	while	while	SCONJ
emaj-76	72	12	huang	huang	PROPN
emaj-76	72	13	and	and	CCONJ
emaj-76	72	14	song	song	NOUN
emaj-76	72	15	(	(	PUNCT
emaj-76	72	16	2006	2006	NUM
emaj-76	72	17	)	)	PUNCT
emaj-76	72	18	conducted	conduct	VERB
emaj-76	72	19	an	an	DET
emaj-76	72	20	analysis	analysis	NOUN
emaj-76	72	21	of	of	ADP
emaj-76	72	22	chinese	chinese	ADJ
emaj-76	72	23	enterprises	enterprise	NOUN
emaj-76	72	24	.	.	PUNCT
emaj-76	73	1	all	all	PRON
emaj-76	73	2	of	of	ADP
emaj-76	73	3	them	they	PRON
emaj-76	73	4	confirmed	confirm	VERB
emaj-76	73	5	negative	negative	ADJ
emaj-76	73	6	relationship	relationship	NOUN
emaj-76	73	7	between	between	ADP
emaj-76	73	8	the	the	DET
emaj-76	73	9	profitability	profitability	NOUN
emaj-76	73	10	and	and	CCONJ
emaj-76	73	11	debt	debt	NOUN
emaj-76	73	12	.	.	PUNCT
emaj-76	74	1	the	the	DET
emaj-76	74	2	return	return	NOUN
emaj-76	74	3	on	on	ADP
emaj-76	74	4	assets	asset	NOUN
emaj-76	74	5	(	(	PUNCT
emaj-76	74	6	roa	roa	NOUN
emaj-76	74	7	)	)	PUNCT
emaj-76	74	8	ratio	ratio	NOUN
emaj-76	74	9	will	will	AUX
emaj-76	74	10	be	be	AUX
emaj-76	74	11	the	the	DET
emaj-76	74	12	indicator	indicator	NOUN
emaj-76	74	13	of	of	ADP
emaj-76	74	14	profitability	profitability	NOUN
emaj-76	74	15	.	.	PUNCT
emaj-76	75	1	thus	thus	ADV
emaj-76	75	2	,	,	PUNCT
emaj-76	75	3	based	base	VERB
emaj-76	75	4	on	on	ADP
emaj-76	75	5	the	the	DET
emaj-76	75	6	firm	firm	ADJ
emaj-76	75	7	profitability	profitability	NOUN
emaj-76	75	8	,	,	PUNCT
emaj-76	75	9	we	we	PRON
emaj-76	75	10	formulate	formulate	VERB
emaj-76	75	11	the	the	DET
emaj-76	75	12	following	follow	VERB
emaj-76	75	13	hypothesis	hypothesis	NOUN
emaj-76	75	14	:	:	PUNCT
emaj-76	75	15	h2	h2	NOUN
emaj-76	75	16	:	:	PUNCT
emaj-76	75	17	there	there	PRON
emaj-76	75	18	is	be	VERB
emaj-76	75	19	a	a	DET
emaj-76	75	20	negative	negative	ADJ
emaj-76	75	21	relationship	relationship	NOUN
emaj-76	75	22	between	between	ADP
emaj-76	75	23	the	the	DET
emaj-76	75	24	level	level	NOUN
emaj-76	75	25	of	of	ADP
emaj-76	75	26	debt	debt	NOUN
emaj-76	75	27	and	and	CCONJ
emaj-76	75	28	the	the	DET
emaj-76	75	29	level	level	NOUN
emaj-76	75	30	of	of	ADP
emaj-76	75	31	profitability	profitability	NOUN
emaj-76	75	32	.	.	PUNCT
emaj-76	76	1	tangibility	tangibility	NOUN
emaj-76	76	2	the	the	DET
emaj-76	76	3	asymmetric	asymmetric	ADJ
emaj-76	76	4	information	information	NOUN
emaj-76	76	5	theories	theory	NOUN
emaj-76	76	6	of	of	ADP
emaj-76	76	7	capital	capital	NOUN
emaj-76	76	8	structure	structure	NOUN
emaj-76	76	9	suggest	suggest	VERB
emaj-76	76	10	there	there	PRON
emaj-76	76	11	is	be	VERB
emaj-76	76	12	a	a	DET
emaj-76	76	13	conflict	conflict	NOUN
emaj-76	76	14	of	of	ADP
emaj-76	76	15	interest	interest	NOUN
emaj-76	76	16	between	between	ADP
emaj-76	76	17	lenders	lender	NOUN
emaj-76	76	18	and	and	CCONJ
emaj-76	76	19	shareholders	shareholder	NOUN
emaj-76	76	20	(	(	PUNCT
emaj-76	76	21	jensen	jensen	PROPN
emaj-76	76	22	and	and	CCONJ
emaj-76	76	23	meckling	meckling	NOUN
emaj-76	76	24	,	,	PUNCT
emaj-76	76	25	1976	1976	NUM
emaj-76	76	26	)	)	PUNCT
emaj-76	76	27	.	.	PUNCT
emaj-76	77	1	debt	debt	NOUN
emaj-76	77	2	providers	provider	NOUN
emaj-76	77	3	are	be	AUX
emaj-76	77	4	exposed	expose	VERB
emaj-76	77	5	to	to	ADP
emaj-76	77	6	default	default	NOUN
emaj-76	77	7	risk	risk	NOUN
emaj-76	77	8	,	,	PUNCT
emaj-76	77	9	hence	hence	ADV
emaj-76	77	10	they	they	PRON
emaj-76	77	11	expect	expect	VERB
emaj-76	77	12	some	some	DET
emaj-76	77	13	guarantee	guarantee	NOUN
emaj-76	77	14	for	for	ADP
emaj-76	77	15	the	the	DET
emaj-76	77	16	debt	debt	NOUN
emaj-76	77	17	.	.	PUNCT
emaj-76	78	1	they	they	PRON
emaj-76	78	2	usually	usually	ADV
emaj-76	78	3	require	require	VERB
emaj-76	78	4	the	the	DET
emaj-76	78	5	debt	debt	NOUN
emaj-76	78	6	to	to	PART
emaj-76	78	7	be	be	AUX
emaj-76	78	8	secured	secure	VERB
emaj-76	78	9	by	by	ADP
emaj-76	78	10	fixed	fix	VERB
emaj-76	78	11	assets	asset	NOUN
emaj-76	78	12	.	.	PUNCT
emaj-76	79	1	thus	thus	ADV
emaj-76	79	2	,	,	PUNCT
emaj-76	79	3	the	the	DET
emaj-76	79	4	tangibility	tangibility	NOUN
emaj-76	79	5	may	may	AUX
emaj-76	79	6	become	become	VERB
emaj-76	79	7	the	the	DET
emaj-76	79	8	main	main	ADJ
emaj-76	79	9	determinant	determinant	NOUN
emaj-76	79	10	of	of	ADP
emaj-76	79	11	debt	debt	NOUN
emaj-76	79	12	in	in	ADP
emaj-76	79	13	enterprises	enterprise	NOUN
emaj-76	79	14	(	(	PUNCT
emaj-76	79	15	scott	scott	PROPN
emaj-76	79	16	,	,	PUNCT
emaj-76	79	17	1977	1977	NUM
emaj-76	79	18	;	;	PUNCT
emaj-76	79	19	williamson	williamson	PROPN
emaj-76	79	20	,	,	PUNCT
emaj-76	79	21	1988	1988	NUM
emaj-76	79	22	;	;	PUNCT
emaj-76	79	23	harris	harris	PROPN
emaj-76	79	24	and	and	CCONJ
emaj-76	79	25	raviv	raviv	NOUN
emaj-76	79	26	,	,	PUNCT
emaj-76	79	27	1990	1990	NUM
emaj-76	79	28	)	)	PUNCT
emaj-76	79	29	.	.	PUNCT
emaj-76	80	1	the	the	DET
emaj-76	80	2	relationship	relationship	NOUN
emaj-76	80	3	where	where	SCONJ
emaj-76	80	4	enterprises	enterprise	NOUN
emaj-76	80	5	with	with	ADP
emaj-76	80	6	higher	high	ADJ
emaj-76	80	7	share	share	NOUN
emaj-76	80	8	of	of	ADP
emaj-76	80	9	fixed	fix	VERB
emaj-76	80	10	assets	asset	NOUN
emaj-76	80	11	in	in	ADP
emaj-76	80	12	total	total	ADJ
emaj-76	80	13	assets	asset	NOUN
emaj-76	80	14	use	use	VERB
emaj-76	80	15	more	more	ADJ
emaj-76	80	16	debt	debt	NOUN
emaj-76	80	17	as	as	ADP
emaj-76	80	18	the	the	DET
emaj-76	80	19	source	source	NOUN
emaj-76	80	20	of	of	ADP
emaj-76	80	21	financing	financing	NOUN
emaj-76	80	22	was	be	AUX
emaj-76	80	23	confirmed	confirm	VERB
emaj-76	80	24	in	in	ADP
emaj-76	80	25	the	the	DET
emaj-76	80	26	studies	study	NOUN
emaj-76	80	27	of	of	ADP
emaj-76	80	28	breadley	breadley	NOUN
emaj-76	80	29	et.al	et.al	PROPN
emaj-76	80	30	.	.	PUNCT
emaj-76	81	1	(	(	PUNCT
emaj-76	81	2	1984	1984	NUM
emaj-76	81	3	)	)	PUNCT
emaj-76	81	4	,	,	PUNCT
emaj-76	81	5	titman	titman	NOUN
emaj-76	81	6	and	and	CCONJ
emaj-76	81	7	wessels	wessels	PROPN
emaj-76	81	8	(	(	PUNCT
emaj-76	81	9	1988	1988	NUM
emaj-76	81	10	)	)	PUNCT
emaj-76	81	11	,	,	PUNCT
emaj-76	81	12	and	and	CCONJ
emaj-76	81	13	rajan	rajan	PROPN
emaj-76	81	14	and	and	CCONJ
emaj-76	81	15	zingales	zingales	PROPN
emaj-76	81	16	(	(	PUNCT
emaj-76	81	17	1995	1995	NUM
emaj-76	81	18	)	)	PUNCT
emaj-76	81	19	.	.	PUNCT
emaj-76	82	1	this	this	DET
emaj-76	82	2	positive	positive	ADJ
emaj-76	82	3	relationship	relationship	NOUN
emaj-76	82	4	is	be	AUX
emaj-76	82	5	based	base	VERB
emaj-76	82	6	on	on	ADP
emaj-76	82	7	the	the	DET
emaj-76	82	8	assumptions	assumption	NOUN
emaj-76	82	9	of	of	ADP
emaj-76	82	10	the	the	DET
emaj-76	82	11	agency	agency	NOUN
emaj-76	82	12	theory	theory	NOUN
emaj-76	82	13	.	.	PUNCT
emaj-76	83	1	in	in	ADP
emaj-76	83	2	this	this	DET
emaj-76	83	3	study	study	NOUN
emaj-76	83	4	,	,	PUNCT
emaj-76	83	5	the	the	DET
emaj-76	83	6	fixed	fix	VERB
emaj-76	83	7	assets	asset	NOUN
emaj-76	83	8	over	over	ADP
emaj-76	83	9	total	total	ADJ
emaj-76	83	10	assets	asset	NOUN
emaj-76	83	11	ratio	ratio	NOUN
emaj-76	83	12	will	will	AUX
emaj-76	83	13	be	be	AUX
emaj-76	83	14	the	the	DET
emaj-76	83	15	proxy	proxy	NOUN
emaj-76	83	16	for	for	ADP
emaj-76	83	17	asset	asset	NOUN
emaj-76	83	18	tangibility	tangibility	NOUN
emaj-76	83	19	.	.	PUNCT
emaj-76	84	1	we	we	PRON
emaj-76	84	2	expect	expect	VERB
emaj-76	84	3	that	that	SCONJ
emaj-76	84	4	debt	debt	NOUN
emaj-76	84	5	level	level	NOUN
emaj-76	84	6	is	be	AUX
emaj-76	84	7	positively	positively	ADV
emaj-76	84	8	related	relate	VERB
emaj-76	84	9	to	to	ADP
emaj-76	84	10	tangibility	tangibility	NOUN
emaj-76	84	11	;	;	PUNCT
emaj-76	84	12	therefore	therefore	ADV
emaj-76	84	13	we	we	PRON
emaj-76	84	14	formulate	formulate	VERB
emaj-76	84	15	the	the	DET
emaj-76	84	16	following	follow	VERB
emaj-76	84	17	hypothesis	hypothesis	NOUN
emaj-76	84	18	:	:	PUNCT
emaj-76	84	19	h3	h3	VERB
emaj-76	84	20	:	:	PUNCT
emaj-76	84	21	there	there	PRON
emaj-76	84	22	is	be	VERB
emaj-76	84	23	a	a	DET
emaj-76	84	24	positive	positive	ADJ
emaj-76	84	25	relationship	relationship	NOUN
emaj-76	84	26	between	between	ADP
emaj-76	84	27	leverage	leverage	NOUN
emaj-76	84	28	and	and	CCONJ
emaj-76	84	29	tangibility	tangibility	NOUN
emaj-76	84	30	.	.	PUNCT
emaj-76	85	1	growth	growth	NOUN
emaj-76	85	2	myers	myer	NOUN
emaj-76	85	3	and	and	CCONJ
emaj-76	85	4	majluf	majluf	PROPN
emaj-76	85	5	(	(	PUNCT
emaj-76	85	6	1984	1984	NUM
emaj-76	85	7	)	)	PUNCT
emaj-76	85	8	analyzed	analyze	VERB
emaj-76	85	9	a	a	DET
emaj-76	85	10	firm	firm	NOUN
emaj-76	85	11	with	with	ADP
emaj-76	85	12	assets	asset	NOUN
emaj-76	85	13	in	in	ADP
emaj-76	85	14	place	place	NOUN
emaj-76	85	15	and	and	CCONJ
emaj-76	85	16	a	a	DET
emaj-76	85	17	growth	growth	NOUN
emaj-76	85	18	opportunity	opportunity	NOUN
emaj-76	85	19	requiring	require	VERB
emaj-76	85	20	additional	additional	ADJ
emaj-76	85	21	financing	financing	NOUN
emaj-76	85	22	.	.	PUNCT
emaj-76	86	1	in	in	ADP
emaj-76	86	2	this	this	DET
emaj-76	86	3	analysis	analysis	NOUN
emaj-76	86	4	the	the	DET
emaj-76	86	5	main	main	ADJ
emaj-76	86	6	assumption	assumption	NOUN
emaj-76	86	7	concerns	concern	NOUN
emaj-76	86	8	prefect	prefect	VERB
emaj-76	86	9	financial	financial	ADJ
emaj-76	86	10	markets	market	NOUN
emaj-76	86	11	,	,	PUNCT
emaj-76	86	12	except	except	SCONJ
emaj-76	86	13	that	that	SCONJ
emaj-76	86	14	investors	investor	NOUN
emaj-76	86	15	do	do	AUX
emaj-76	86	16	not	not	PART
emaj-76	86	17	have	have	AUX
emaj-76	86	18	information	information	NOUN
emaj-76	86	19	about	about	ADP
emaj-76	86	20	true	true	ADJ
emaj-76	86	21	value	value	NOUN
emaj-76	86	22	of	of	ADP
emaj-76	86	23	existing	exist	VERB
emaj-76	86	24	assets	asset	NOUN
emaj-76	86	25	and	and	CCONJ
emaj-76	86	26	opportunities	opportunity	NOUN
emaj-76	86	27	.	.	PUNCT
emaj-76	87	1	therefore	therefore	ADV
emaj-76	87	2	,	,	PUNCT
emaj-76	87	3	investors	investor	NOUN
emaj-76	87	4	can	can	AUX
emaj-76	87	5	not	not	PART
emaj-76	87	6	precisely	precisely	ADV
emaj-76	87	7	value	value	VERB
emaj-76	87	8	the	the	DET
emaj-76	87	9	securities	security	NOUN
emaj-76	87	10	needed	need	VERB
emaj-76	87	11	to	to	PART
emaj-76	87	12	finance	finance	VERB
emaj-76	87	13	the	the	DET
emaj-76	87	14	new	new	ADJ
emaj-76	87	15	investment	investment	NOUN
emaj-76	87	16	.	.	PUNCT
emaj-76	88	1	trade	trade	NOUN
emaj-76	88	2	-	-	PUNCT
emaj-76	88	3	off	off	ADP
emaj-76	88	4	theory	theory	NOUN
emaj-76	88	5	suggests	suggest	VERB
emaj-76	88	6	that	that	SCONJ
emaj-76	88	7	the	the	DET
emaj-76	88	8	costs	cost	NOUN
emaj-76	88	9	of	of	ADP
emaj-76	88	10	financial	financial	ADJ
emaj-76	88	11	distress	distress	NOUN
emaj-76	88	12	(	(	PUNCT
emaj-76	88	13	the	the	DET
emaj-76	88	14	costs	cost	NOUN
emaj-76	88	15	that	that	PRON
emaj-76	88	16	arise	arise	VERB
emaj-76	88	17	,	,	PUNCT
emaj-76	88	18	when	when	SCONJ
emaj-76	88	19	a	a	DET
emaj-76	88	20	company	company	NOUN
emaj-76	88	21	can	can	AUX
emaj-76	88	22	not	not	PART
emaj-76	88	23	meet	meet	VERB
emaj-76	88	24	its	its	PRON
emaj-76	88	25	financial	financial	ADJ
emaj-76	88	26	obligations	obligation	NOUN
emaj-76	88	27	)	)	PUNCT
emaj-76	88	28	is	be	AUX
emaj-76	88	29	the	the	DET
emaj-76	88	30	key	key	ADJ
emaj-76	88	31	factor	factor	NOUN
emaj-76	88	32	of	of	ADP
emaj-76	88	33	leverage	leverage	NOUN
emaj-76	88	34	.	.	PUNCT
emaj-76	89	1	myers	myers	PROPN
emaj-76	89	2	(	(	PUNCT
emaj-76	89	3	1977	1977	NUM
emaj-76	89	4	)	)	PUNCT
emaj-76	89	5	argues	argue	VERB
emaj-76	89	6	that	that	SCONJ
emaj-76	89	7	this	this	DET
emaj-76	89	8	cost	cost	NOUN
emaj-76	89	9	is	be	AUX
emaj-76	89	10	higher	high	ADJ
emaj-76	89	11	for	for	ADP
emaj-76	89	12	companies	company	NOUN
emaj-76	89	13	whose	whose	DET
emaj-76	89	14	value	value	NOUN
emaj-76	89	15	is	be	AUX
emaj-76	89	16	primarily	primarily	ADV
emaj-76	89	17	affected	affect	VERB
emaj-76	89	18	by	by	ADP
emaj-76	89	19	intangible	intangible	ADJ
emaj-76	89	20	investment	investment	NOUN
emaj-76	89	21	opportunities	opportunity	NOUN
emaj-76	89	22	or	or	CCONJ
emaj-76	89	23	growth	growth	NOUN
emaj-76	89	24	options	option	NOUN
emaj-76	89	25	.	.	PUNCT
emaj-76	90	1	therefore	therefore	ADV
emaj-76	90	2	,	,	PUNCT
emaj-76	90	3	lenders	lender	NOUN
emaj-76	90	4	may	may	AUX
emaj-76	90	5	be	be	AUX
emaj-76	90	6	unwilling	unwilling	ADJ
emaj-76	90	7	to	to	PART
emaj-76	90	8	finance	finance	VERB
emaj-76	90	9	firms	firm	NOUN
emaj-76	90	10	of	of	ADP
emaj-76	90	11	this	this	DET
emaj-76	90	12	type	type	NOUN
emaj-76	90	13	,	,	PUNCT
emaj-76	90	14	so	so	SCONJ
emaj-76	90	15	they	they	PRON
emaj-76	90	16	will	will	AUX
emaj-76	90	17	be	be	AUX
emaj-76	90	18	less	less	ADV
emaj-76	90	19	leveraged	leveraged	ADJ
emaj-76	90	20	than	than	ADP
emaj-76	90	21	mature	mature	ADJ
emaj-76	90	22	companies	company	NOUN
emaj-76	90	23	whose	whose	DET
emaj-76	90	24	value	value	NOUN
emaj-76	90	25	reflects	reflect	VERB
emaj-76	90	26	cash	cash	NOUN
emaj-76	90	27	flows	flow	NOUN
emaj-76	90	28	from	from	ADP
emaj-76	90	29	tangible	tangible	ADJ
emaj-76	90	30	assets	asset	NOUN
emaj-76	90	31	in	in	ADP
emaj-76	90	32	place	place	NOUN
emaj-76	90	33	.	.	PUNCT
emaj-76	91	1	in	in	ADP
emaj-76	91	2	accordance	accordance	NOUN
emaj-76	91	3	with	with	ADP
emaj-76	91	4	the	the	DET
emaj-76	91	5	above	above	ADJ
emaj-76	91	6	,	,	PUNCT
emaj-76	91	7	titman	titman	NOUN
emaj-76	91	8	and	and	CCONJ
emaj-76	91	9	wessels	wessels	PROPN
emaj-76	91	10	(	(	PUNCT
emaj-76	91	11	1988	1988	NUM
emaj-76	91	12	)	)	PUNCT
emaj-76	91	13	,	,	PUNCT
emaj-76	91	14	chung	chung	PROPN
emaj-76	91	15	(	(	PUNCT
emaj-76	91	16	1993	1993	NUM
emaj-76	91	17	)	)	PUNCT
emaj-76	91	18	,	,	PUNCT
emaj-76	91	19	and	and	CCONJ
emaj-76	91	20	rajan	rajan	PROPN
emaj-76	91	21	and	and	CCONJ
emaj-76	91	22	zingales	zingales	PROPN
emaj-76	91	23	(	(	PUNCT
emaj-76	91	24	1995	1995	NUM
emaj-76	91	25	)	)	PUNCT
emaj-76	91	26	confirm	confirm	VERB
emaj-76	91	27	negative	negative	ADJ
emaj-76	91	28	relationship	relationship	NOUN
emaj-76	91	29	between	between	ADP
emaj-76	91	30	growth	growth	NOUN
emaj-76	91	31	opportunities	opportunity	NOUN
emaj-76	91	32	and	and	CCONJ
emaj-76	91	33	total	total	ADJ
emaj-76	91	34	debt	debt	NOUN
emaj-76	91	35	.	.	PUNCT
emaj-76	92	1	kester	kester	PROPN
emaj-76	92	2	(	(	PUNCT
emaj-76	92	3	1986	1986	NUM
emaj-76	92	4	)	)	PUNCT
emaj-76	92	5	can	can	AUX
emaj-76	92	6	not	not	PART
emaj-76	92	7	find	find	VERB
emaj-76	92	8	any	any	DET
emaj-76	92	9	confirmation	confirmation	NOUN
emaj-76	92	10	for	for	ADP
emaj-76	92	11	expected	expect	VERB
emaj-76	92	12	negative	negative	ADJ
emaj-76	92	13	correlation	correlation	NOUN
emaj-76	92	14	between	between	ADP
emaj-76	92	15	growth	growth	NOUN
emaj-76	92	16	opportunities	opportunity	NOUN
emaj-76	92	17	and	and	CCONJ
emaj-76	92	18	debt	debt	NOUN
emaj-76	92	19	.	.	PUNCT
emaj-76	93	1	studies	study	NOUN
emaj-76	93	2	of	of	ADP
emaj-76	93	3	bevan	bevan	PROPN
emaj-76	93	4	and	and	CCONJ
emaj-76	93	5	danbolt	danbolt	NOUN
emaj-76	93	6	(	(	PUNCT
emaj-76	93	7	2002	2002	NUM
emaj-76	93	8	)	)	PUNCT
emaj-76	93	9	indicate	indicate	VERB
emaj-76	93	10	there	there	PRON
emaj-76	93	11	is	be	VERB
emaj-76	93	12	negative	negative	ADJ
emaj-76	93	13	correlation	correlation	NOUN
emaj-76	93	14	between	between	ADP
emaj-76	93	15	growth	growth	NOUN
emaj-76	93	16	opportunities	opportunity	NOUN
emaj-76	93	17	and	and	CCONJ
emaj-76	93	18	total	total	ADJ
emaj-76	93	19	debt	debt	NOUN
emaj-76	93	20	.	.	PUNCT
emaj-76	94	1	with	with	ADP
emaj-76	94	2	regard	regard	NOUN
emaj-76	94	3	to	to	ADP
emaj-76	94	4	growth	growth	NOUN
emaj-76	94	5	,	,	PUNCT
emaj-76	94	6	two	two	NUM
emaj-76	94	7	indicators	indicator	NOUN
emaj-76	94	8	are	be	AUX
emaj-76	94	9	used	use	VERB
emaj-76	94	10	in	in	ADP
emaj-76	94	11	this	this	DET
emaj-76	94	12	research	research	NOUN
emaj-76	94	13	.	.	PUNCT
emaj-76	95	1	the	the	DET
emaj-76	95	2	percentage	percentage	NOUN
emaj-76	95	3	change	change	NOUN
emaj-76	95	4	of	of	ADP
emaj-76	95	5	total	total	ADJ
emaj-76	95	6	assets	asset	NOUN
emaj-76	95	7	will	will	AUX
emaj-76	95	8	be	be	AUX
emaj-76	95	9	used	use	VERB
emaj-76	95	10	as	as	ADP
emaj-76	95	11	the	the	DET
emaj-76	95	12	indicator	indicator	NOUN
emaj-76	95	13	of	of	ADP
emaj-76	95	14	growth	growth	NOUN
emaj-76	95	15	rate	rate	NOUN
emaj-76	95	16	growth	growth	NOUN
emaj-76	95	17	in	in	ADP
emaj-76	95	18	total	total	ADJ
emaj-76	95	19	assets	asset	NOUN
emaj-76	95	20	can	can	AUX
emaj-76	95	21	be	be	AUX
emaj-76	95	22	viewed	view	VERB
emaj-76	95	23	as	as	ADP
emaj-76	95	24	growth	growth	NOUN
emaj-76	95	25	in	in	ADP
emaj-76	95	26	tangibility	tangibility	NOUN
emaj-76	95	27	.	.	PUNCT
emaj-76	96	1	growth	growth	NOUN
emaj-76	96	2	prospects	prospect	NOUN
emaj-76	96	3	will	will	AUX
emaj-76	96	4	be	be	AUX
emaj-76	96	5	measured	measure	VERB
emaj-76	96	6	by	by	ADP
emaj-76	96	7	the	the	DET
emaj-76	96	8	ratio	ratio	NOUN
emaj-76	96	9	(	(	PUNCT
emaj-76	96	10	(	(	PUNCT
emaj-76	96	11	total	total	ADJ
emaj-76	96	12	assets	asset	NOUN
emaj-76	96	13	–	–	PUNCT
emaj-76	96	14	volume	volume	NOUN
emaj-76	96	15	5	5	NUM
emaj-76	96	16	no	no	DET
emaj-76	96	17	2	2	NUM
emaj-76	96	18	(	(	PUNCT
emaj-76	96	19	2015	2015	NUM
emaj-76	96	20	)	)	PUNCT
emaj-76	96	21	|	|	ADV
emaj-76	96	22	issn	issn	VERB
emaj-76	96	23	2158	2158	NUM
emaj-76	96	24	-	-	SYM
emaj-76	96	25	8708	8708	NUM
emaj-76	96	26	(	(	PUNCT
emaj-76	96	27	online	online	NOUN
emaj-76	96	28	)	)	PUNCT
emaj-76	96	29	|	|	ADV
emaj-76	96	30	doi	doi	X
emaj-76	96	31	10.5195	10.5195	NUM
emaj-76	96	32	/	/	SYM
emaj-76	96	33	emaj.2015.76	emaj.2015.76	NOUN
emaj-76	96	34	|	|	ADV
emaj-76	96	35	http://emaj.pitt.edu	http://emaj.pitt.edu	PROPN
emaj-76	96	36	bogna	bogna	PROPN
emaj-76	96	37	kaźmierska	kaźmierska	PROPN
emaj-76	96	38	-	-	PUNCT
emaj-76	96	39	jóźwiak	jóźwiak	PROPN
emaj-76	96	40	,	,	PUNCT
emaj-76	96	41	jakub	jakub	PROPN
emaj-76	96	42	marszałek	marszałek	PROPN
emaj-76	96	43	,	,	PUNCT
emaj-76	96	44	paweł	paweł	VERB
emaj-76	96	45	sekuła	sekuła	VERB
emaj-76	96	46	emerging	emerge	VERB
emaj-76	96	47	markets	market	NOUN
emaj-76	96	48	journal	journal	NOUN
emaj-76	96	49	|	|	ADV
emaj-76	96	50	p	p	NOUN
emaj-76	96	51	a	a	DET
emaj-76	96	52	g	g	NOUN
emaj-76	96	53	e	e	NOUN
emaj-76	96	54	|3	|3	CCONJ
emaj-76	96	55	net	net	ADJ
emaj-76	96	56	book	book	NOUN
emaj-76	96	57	value	value	NOUN
emaj-76	96	58	+	+	CCONJ
emaj-76	96	59	market	market	NOUN
emaj-76	96	60	value	value	NOUN
emaj-76	96	61	)	)	PUNCT
emaj-76	96	62	/	/	SYM
emaj-76	96	63	total	total	ADJ
emaj-76	96	64	assets	asset	NOUN
emaj-76	96	65	)	)	PUNCT
emaj-76	96	66	.	.	PUNCT
emaj-76	97	1	growth	growth	NOUN
emaj-76	97	2	prospects	prospect	NOUN
emaj-76	97	3	inform	inform	VERB
emaj-76	97	4	about	about	ADP
emaj-76	97	5	investors	investor	NOUN
emaj-76	97	6	’	'	PUNCT
emaj-76	97	7	expectations	expectation	NOUN
emaj-76	97	8	when	when	SCONJ
emaj-76	97	9	it	it	PRON
emaj-76	97	10	comes	come	VERB
emaj-76	97	11	to	to	ADP
emaj-76	97	12	future	future	ADJ
emaj-76	97	13	growth	growth	NOUN
emaj-76	97	14	of	of	ADP
emaj-76	97	15	the	the	DET
emaj-76	97	16	company	company	NOUN
emaj-76	97	17	;	;	PUNCT
emaj-76	97	18	relatively	relatively	ADV
emaj-76	97	19	high	high	ADJ
emaj-76	97	20	ratio	ratio	NOUN
emaj-76	97	21	may	may	AUX
emaj-76	97	22	suggest	suggest	VERB
emaj-76	97	23	investors	investor	NOUN
emaj-76	97	24	anticipate	anticipate	VERB
emaj-76	97	25	dynamic	dynamic	ADJ
emaj-76	97	26	growth	growth	NOUN
emaj-76	97	27	of	of	ADP
emaj-76	97	28	a	a	DET
emaj-76	97	29	company	company	NOUN
emaj-76	97	30	in	in	ADP
emaj-76	97	31	the	the	DET
emaj-76	97	32	future	future	NOUN
emaj-76	97	33	hence	hence	ADV
emaj-76	97	34	their	their	PRON
emaj-76	97	35	inclination	inclination	NOUN
emaj-76	97	36	to	to	ADP
emaj-76	97	37	high	high	ADJ
emaj-76	97	38	market	market	NOUN
emaj-76	97	39	evaluation	evaluation	NOUN
emaj-76	97	40	compared	compare	VERB
emaj-76	97	41	to	to	ADP
emaj-76	97	42	the	the	DET
emaj-76	97	43	book	book	NOUN
emaj-76	97	44	value	value	NOUN
emaj-76	97	45	of	of	ADP
emaj-76	97	46	assets	asset	NOUN
emaj-76	97	47	.	.	PUNCT
emaj-76	98	1	based	base	VERB
emaj-76	98	2	on	on	ADP
emaj-76	98	3	the	the	DET
emaj-76	98	4	growth	growth	NOUN
emaj-76	98	5	rate	rate	NOUN
emaj-76	98	6	we	we	PRON
emaj-76	98	7	can	can	AUX
emaj-76	98	8	formulate	formulate	VERB
emaj-76	98	9	the	the	DET
emaj-76	98	10	next	next	ADJ
emaj-76	98	11	hypothesis	hypothesis	NOUN
emaj-76	98	12	:	:	PUNCT
emaj-76	98	13	h5	h5	PROPN
emaj-76	98	14	:	:	PUNCT
emaj-76	98	15	relationship	relationship	NOUN
emaj-76	98	16	between	between	ADP
emaj-76	98	17	debt	debt	NOUN
emaj-76	98	18	level	level	NOUN
emaj-76	98	19	and	and	CCONJ
emaj-76	98	20	growth	growth	NOUN
emaj-76	98	21	rate	rate	NOUN
emaj-76	98	22	is	be	AUX
emaj-76	98	23	negative	negative	ADJ
emaj-76	98	24	.	.	PUNCT
emaj-76	99	1	based	base	VERB
emaj-76	99	2	on	on	ADP
emaj-76	99	3	the	the	DET
emaj-76	99	4	growth	growth	NOUN
emaj-76	99	5	opportunities	opportunity	NOUN
emaj-76	99	6	we	we	PRON
emaj-76	99	7	formulate	formulate	VERB
emaj-76	99	8	the	the	DET
emaj-76	99	9	fourth	fourth	ADJ
emaj-76	99	10	hypothesis	hypothesis	NOUN
emaj-76	99	11	:	:	PUNCT
emaj-76	99	12	h4	h4	NOUN
emaj-76	99	13	:	:	PUNCT
emaj-76	99	14	relationship	relationship	NOUN
emaj-76	99	15	between	between	ADP
emaj-76	99	16	debt	debt	NOUN
emaj-76	99	17	level	level	NOUN
emaj-76	99	18	and	and	CCONJ
emaj-76	99	19	growth	growth	NOUN
emaj-76	99	20	opportunities	opportunity	NOUN
emaj-76	99	21	is	be	AUX
emaj-76	99	22	negative	negative	ADJ
emaj-76	99	23	.	.	PUNCT
emaj-76	100	1	3	3	X
emaj-76	100	2	.	.	X
emaj-76	100	3	capital	capital	NOUN
emaj-76	100	4	structure	structure	NOUN
emaj-76	100	5	research	research	NOUN
emaj-76	100	6	in	in	ADP
emaj-76	100	7	poland	poland	PROPN
emaj-76	100	8	studies	study	NOUN
emaj-76	100	9	on	on	ADP
emaj-76	100	10	the	the	DET
emaj-76	100	11	structure	structure	NOUN
emaj-76	100	12	of	of	ADP
emaj-76	100	13	capital	capital	NOUN
emaj-76	100	14	have	have	AUX
emaj-76	100	15	been	be	AUX
emaj-76	100	16	conducted	conduct	VERB
emaj-76	100	17	in	in	ADP
emaj-76	100	18	poland	poland	PROPN
emaj-76	100	19	since	since	SCONJ
emaj-76	100	20	the	the	DET
emaj-76	100	21	1990s	1990s	NUM
emaj-76	100	22	.	.	PUNCT
emaj-76	101	1	they	they	PRON
emaj-76	101	2	were	be	AUX
emaj-76	101	3	conducted	conduct	VERB
emaj-76	101	4	,	,	PUNCT
emaj-76	101	5	inter	inter	PROPN
emaj-76	101	6	alia	alia	NOUN
emaj-76	101	7	,	,	PUNCT
emaj-76	101	8	by	by	ADP
emaj-76	101	9	j.	j.	PROPN
emaj-76	101	10	gajdka	gajdka	PROPN
emaj-76	101	11	(	(	PUNCT
emaj-76	101	12	2002	2002	NUM
emaj-76	101	13	)	)	PUNCT
emaj-76	101	14	,	,	PUNCT
emaj-76	101	15	who	who	PRON
emaj-76	101	16	analysed	analyse	VERB
emaj-76	101	17	two	two	NUM
emaj-76	101	18	groups	group	NOUN
emaj-76	101	19	of	of	ADP
emaj-76	101	20	companies	company	NOUN
emaj-76	101	21	;	;	PUNCT
emaj-76	101	22	the	the	DET
emaj-76	101	23	first	first	ADJ
emaj-76	101	24	one	one	NOUN
emaj-76	101	25	included	include	VERB
emaj-76	101	26	48	48	NUM
emaj-76	101	27	companies	company	NOUN
emaj-76	101	28	(	(	PUNCT
emaj-76	101	29	except	except	SCONJ
emaj-76	101	30	for	for	ADP
emaj-76	101	31	the	the	DET
emaj-76	101	32	financial	financial	ADJ
emaj-76	101	33	sector	sector	NOUN
emaj-76	101	34	)	)	PUNCT
emaj-76	101	35	listed	list	VERB
emaj-76	101	36	at	at	ADP
emaj-76	101	37	the	the	DET
emaj-76	101	38	warsaw	warsaw	PROPN
emaj-76	101	39	stock	stock	PROPN
emaj-76	101	40	exchange	exchange	NOUN
emaj-76	101	41	from	from	ADP
emaj-76	101	42	1995	1995	NUM
emaj-76	101	43	until	until	ADP
emaj-76	101	44	1997	1997	NUM
emaj-76	101	45	,	,	PUNCT
emaj-76	101	46	the	the	DET
emaj-76	101	47	second	second	ADJ
emaj-76	101	48	one	one	NOUN
emaj-76	101	49	included	include	VERB
emaj-76	101	50	106	106	NUM
emaj-76	101	51	companies	company	NOUN
emaj-76	101	52	,	,	PUNCT
emaj-76	101	53	which	which	PRON
emaj-76	101	54	in	in	ADP
emaj-76	101	55	any	any	DET
emaj-76	101	56	year	year	NOUN
emaj-76	101	57	within	within	ADP
emaj-76	101	58	the	the	DET
emaj-76	101	59	adopted	adopt	VERB
emaj-76	101	60	period	period	NOUN
emaj-76	101	61	were	be	AUX
emaj-76	101	62	listed	list	VERB
emaj-76	101	63	at	at	ADP
emaj-76	101	64	the	the	DET
emaj-76	101	65	warsaw	warsaw	PROPN
emaj-76	101	66	stock	stock	PROPN
emaj-76	101	67	exchange	exchange	PROPN
emaj-76	101	68	.	.	PUNCT
emaj-76	102	1	gajdka	gajdka	PROPN
emaj-76	102	2	’s	’s	PART
emaj-76	102	3	results	result	NOUN
emaj-76	102	4	demonstrate	demonstrate	VERB
emaj-76	102	5	that	that	SCONJ
emaj-76	102	6	profitability	profitability	NOUN
emaj-76	102	7	relatively	relatively	ADV
emaj-76	102	8	well	well	ADV
emaj-76	102	9	explains	explain	VERB
emaj-76	102	10	changes	change	NOUN
emaj-76	102	11	in	in	ADP
emaj-76	102	12	the	the	DET
emaj-76	102	13	structure	structure	NOUN
emaj-76	102	14	of	of	ADP
emaj-76	102	15	capital	capital	NOUN
emaj-76	102	16	.	.	PUNCT
emaj-76	103	1	studies	study	NOUN
emaj-76	103	2	also	also	ADV
emaj-76	103	3	show	show	VERB
emaj-76	103	4	a	a	DET
emaj-76	103	5	reverse	reverse	ADJ
emaj-76	103	6	relationship	relationship	NOUN
emaj-76	103	7	between	between	ADP
emaj-76	103	8	operating	operate	VERB
emaj-76	103	9	profit	profit	NOUN
emaj-76	103	10	to	to	ADP
emaj-76	103	11	sales	sale	NOUN
emaj-76	103	12	ratio	ratio	NOUN
emaj-76	103	13	and	and	CCONJ
emaj-76	103	14	the	the	DET
emaj-76	103	15	variable	variable	NOUN
emaj-76	103	16	,	,	PUNCT
emaj-76	103	17	which	which	PRON
emaj-76	103	18	describes	describe	VERB
emaj-76	103	19	increase	increase	NOUN
emaj-76	103	20	in	in	ADP
emaj-76	103	21	debt	debt	NOUN
emaj-76	103	22	,	,	PUNCT
emaj-76	103	23	which	which	PRON
emaj-76	103	24	is	be	AUX
emaj-76	103	25	in	in	ADP
emaj-76	103	26	line	line	NOUN
emaj-76	103	27	with	with	ADP
emaj-76	103	28	the	the	DET
emaj-76	103	29	assumptions	assumption	NOUN
emaj-76	103	30	of	of	ADP
emaj-76	103	31	the	the	DET
emaj-76	103	32	pecking	pecking	NOUN
emaj-76	103	33	order	order	NOUN
emaj-76	103	34	theory	theory	NOUN
emaj-76	103	35	for	for	ADP
emaj-76	103	36	the	the	DET
emaj-76	103	37	sources	source	NOUN
emaj-76	103	38	of	of	ADP
emaj-76	103	39	financing	financing	NOUN
emaj-76	103	40	and	and	CCONJ
emaj-76	103	41	would	would	AUX
emaj-76	103	42	allow	allow	VERB
emaj-76	103	43	concluding	conclude	VERB
emaj-76	103	44	that	that	SCONJ
emaj-76	103	45	analysed	analyse	VERB
emaj-76	103	46	companies	company	NOUN
emaj-76	103	47	preferred	prefer	VERB
emaj-76	103	48	internal	internal	ADJ
emaj-76	103	49	sources	source	NOUN
emaj-76	103	50	of	of	ADP
emaj-76	103	51	financing	financing	NOUN
emaj-76	103	52	.	.	PUNCT
emaj-76	104	1	studies	study	NOUN
emaj-76	104	2	of	of	ADP
emaj-76	104	3	w.	w.	PROPN
emaj-76	104	4	frąckowiak	frąckowiak	PROPN
emaj-76	104	5	,	,	PUNCT
emaj-76	104	6	s.	s.	PROPN
emaj-76	104	7	gryglewicz	gryglewicz	PROPN
emaj-76	104	8	,	,	PUNCT
emaj-76	104	9	p.	p.	PROPN
emaj-76	104	10	stobiecki	stobiecki	PROPN
emaj-76	104	11	,	,	PUNCT
emaj-76	104	12	m.	m.	NOUN
emaj-76	104	13	stradomski	stradomski	NOUN
emaj-76	104	14	,	,	PUNCT
emaj-76	104	15	and	and	CCONJ
emaj-76	104	16	a.	a.	PROPN
emaj-76	104	17	szyszka	szyszka	PROPN
emaj-76	104	18	(	(	PUNCT
emaj-76	104	19	2005	2005	NUM
emaj-76	104	20	)	)	PUNCT
emaj-76	104	21	concerning	concern	VERB
emaj-76	104	22	non	non	ADJ
emaj-76	104	23	-	-	ADJ
emaj-76	104	24	financial	financial	ADJ
emaj-76	104	25	listed	list	VERB
emaj-76	104	26	companies	company	NOUN
emaj-76	104	27	(	(	PUNCT
emaj-76	104	28	1992	1992	NUM
emaj-76	104	29	-	-	SYM
emaj-76	104	30	2002	2002	NUM
emaj-76	104	31	)	)	PUNCT
emaj-76	104	32	compared	compare	VERB
emaj-76	104	33	to	to	ADP
emaj-76	104	34	selected	select	VERB
emaj-76	104	35	european	european	ADJ
emaj-76	104	36	countries	country	NOUN
emaj-76	104	37	(	(	PUNCT
emaj-76	104	38	united	united	PROPN
emaj-76	104	39	kingdom	kingdom	PROPN
emaj-76	104	40	,	,	PUNCT
emaj-76	104	41	germany	germany	PROPN
emaj-76	104	42	,	,	PUNCT
emaj-76	104	43	and	and	CCONJ
emaj-76	104	44	france	france	PROPN
emaj-76	104	45	;	;	PUNCT
emaj-76	104	46	19882002	19882002	NUM
emaj-76	104	47	)	)	PUNCT
emaj-76	104	48	indicate	indicate	VERB
emaj-76	104	49	that	that	SCONJ
emaj-76	104	50	enterprise	enterprise	NOUN
emaj-76	104	51	growth	growth	NOUN
emaj-76	104	52	perspectives	perspective	NOUN
emaj-76	104	53	negatively	negatively	ADV
emaj-76	104	54	impact	impact	VERB
emaj-76	104	55	debt	debt	NOUN
emaj-76	104	56	maturity	maturity	NOUN
emaj-76	104	57	structure	structure	NOUN
emaj-76	104	58	.	.	PUNCT
emaj-76	105	1	besides	besides	SCONJ
emaj-76	105	2	,	,	PUNCT
emaj-76	105	3	in	in	ADP
emaj-76	105	4	all	all	DET
emaj-76	105	5	countries	country	NOUN
emaj-76	105	6	it	it	PRON
emaj-76	105	7	was	be	AUX
emaj-76	105	8	observed	observe	VERB
emaj-76	105	9	that	that	SCONJ
emaj-76	105	10	the	the	DET
emaj-76	105	11	share	share	NOUN
emaj-76	105	12	of	of	ADP
emaj-76	105	13	tangibility	tangibility	NOUN
emaj-76	105	14	and	and	CCONJ
emaj-76	105	15	fixed	fix	VERB
emaj-76	105	16	assets	asset	NOUN
emaj-76	105	17	are	be	AUX
emaj-76	105	18	relevant	relevant	ADJ
emaj-76	105	19	for	for	ADP
emaj-76	105	20	long	long	ADJ
emaj-76	105	21	-	-	PUNCT
emaj-76	105	22	term	term	NOUN
emaj-76	105	23	debt	debt	NOUN
emaj-76	105	24	and	and	CCONJ
emaj-76	105	25	total	total	ADJ
emaj-76	105	26	debts	debt	NOUN
emaj-76	105	27	.	.	PUNCT
emaj-76	106	1	the	the	DET
emaj-76	106	2	authors	author	NOUN
emaj-76	106	3	conclude	conclude	VERB
emaj-76	106	4	that	that	SCONJ
emaj-76	106	5	enterprises	enterprise	NOUN
emaj-76	106	6	adjust	adjust	VERB
emaj-76	106	7	maturity	maturity	NOUN
emaj-76	106	8	deadlines	deadline	NOUN
emaj-76	106	9	of	of	ADP
emaj-76	106	10	debt	debt	NOUN
emaj-76	106	11	to	to	ADP
emaj-76	106	12	the	the	DET
emaj-76	106	13	age	age	NOUN
emaj-76	106	14	structure	structure	NOUN
emaj-76	106	15	of	of	ADP
emaj-76	106	16	assets	asset	NOUN
emaj-76	106	17	.	.	PUNCT
emaj-76	107	1	studies	study	NOUN
emaj-76	107	2	confirm	confirm	VERB
emaj-76	107	3	negative	negative	ADJ
emaj-76	107	4	impact	impact	NOUN
emaj-76	107	5	of	of	ADP
emaj-76	107	6	the	the	DET
emaj-76	107	7	size	size	NOUN
emaj-76	107	8	of	of	ADP
emaj-76	107	9	an	an	DET
emaj-76	107	10	enterprise	enterprise	NOUN
emaj-76	107	11	on	on	ADP
emaj-76	107	12	the	the	DET
emaj-76	107	13	share	share	NOUN
emaj-76	107	14	of	of	ADP
emaj-76	107	15	fixed	fix	VERB
emaj-76	107	16	assets	asset	NOUN
emaj-76	107	17	and	and	CCONJ
emaj-76	107	18	the	the	DET
emaj-76	107	19	relationship	relationship	NOUN
emaj-76	107	20	between	between	ADP
emaj-76	107	21	liquidity	liquidity	NOUN
emaj-76	107	22	and	and	CCONJ
emaj-76	107	23	the	the	DET
emaj-76	107	24	share	share	NOUN
emaj-76	107	25	of	of	ADP
emaj-76	107	26	long	long	ADJ
emaj-76	107	27	-	-	PUNCT
emaj-76	107	28	term	term	NOUN
emaj-76	107	29	capital	capital	NOUN
emaj-76	107	30	;	;	PUNCT
emaj-76	107	31	higher	high	ADJ
emaj-76	107	32	liability	liability	NOUN
emaj-76	107	33	is	be	AUX
emaj-76	107	34	connected	connect	VERB
emaj-76	107	35	with	with	ADP
emaj-76	107	36	higher	high	ADJ
emaj-76	107	37	share	share	NOUN
emaj-76	107	38	of	of	ADP
emaj-76	107	39	long	long	ADJ
emaj-76	107	40	-	-	PUNCT
emaj-76	107	41	term	term	NOUN
emaj-76	107	42	capital	capital	NOUN
emaj-76	107	43	.	.	PUNCT
emaj-76	108	1	k.	k.	PROPN
emaj-76	108	2	mazur	mazur	PROPN
emaj-76	108	3	(	(	PUNCT
emaj-76	108	4	2007	2007	NUM
emaj-76	108	5	)	)	PUNCT
emaj-76	108	6	researched	research	VERB
emaj-76	108	7	a	a	DET
emaj-76	108	8	group	group	NOUN
emaj-76	108	9	of	of	ADP
emaj-76	108	10	238	238	NUM
emaj-76	108	11	companies	company	NOUN
emaj-76	108	12	listed	list	VERB
emaj-76	108	13	in	in	ADP
emaj-76	108	14	the	the	DET
emaj-76	108	15	warsaw	warsaw	PROPN
emaj-76	108	16	stock	stock	PROPN
emaj-76	108	17	exchange	exchange	PROPN
emaj-76	108	18	over	over	ADP
emaj-76	108	19	the	the	DET
emaj-76	108	20	period	period	NOUN
emaj-76	108	21	2000	2000	NUM
emaj-76	108	22	-	-	SYM
emaj-76	108	23	2004	2004	NUM
emaj-76	108	24	.	.	PUNCT
emaj-76	109	1	results	result	NOUN
emaj-76	109	2	indicate	indicate	VERB
emaj-76	109	3	that	that	SCONJ
emaj-76	109	4	enterprises	enterprise	NOUN
emaj-76	109	5	with	with	ADP
emaj-76	109	6	higher	high	ADJ
emaj-76	109	7	profitability	profitability	NOUN
emaj-76	109	8	and	and	CCONJ
emaj-76	109	9	liquidity	liquidity	NOUN
emaj-76	109	10	prefer	prefer	VERB
emaj-76	109	11	internal	internal	ADJ
emaj-76	109	12	sources	source	NOUN
emaj-76	109	13	of	of	ADP
emaj-76	109	14	financing	financing	NOUN
emaj-76	109	15	.	.	PUNCT
emaj-76	110	1	the	the	DET
emaj-76	110	2	relevance	relevance	NOUN
emaj-76	110	3	of	of	ADP
emaj-76	110	4	the	the	DET
emaj-76	110	5	impact	impact	NOUN
emaj-76	110	6	of	of	ADP
emaj-76	110	7	assets	asset	NOUN
emaj-76	110	8	structure	structure	NOUN
emaj-76	110	9	and	and	CCONJ
emaj-76	110	10	the	the	DET
emaj-76	110	11	size	size	NOUN
emaj-76	110	12	of	of	ADP
emaj-76	110	13	a	a	DET
emaj-76	110	14	company	company	NOUN
emaj-76	110	15	upon	upon	SCONJ
emaj-76	110	16	capital	capital	NOUN
emaj-76	110	17	structure	structure	NOUN
emaj-76	110	18	was	be	AUX
emaj-76	110	19	also	also	ADV
emaj-76	110	20	confirmed	confirm	VERB
emaj-76	110	21	.	.	PUNCT
emaj-76	111	1	k.	k.	PROPN
emaj-76	111	2	mazur	mazur	PROPN
emaj-76	111	3	concludes	conclude	VERB
emaj-76	111	4	that	that	SCONJ
emaj-76	111	5	the	the	DET
emaj-76	111	6	pecking	pecking	NOUN
emaj-76	111	7	order	order	NOUN
emaj-76	111	8	theory	theory	NOUN
emaj-76	111	9	seems	seem	VERB
emaj-76	111	10	to	to	PART
emaj-76	111	11	better	well	ADV
emaj-76	111	12	predict	predict	VERB
emaj-76	111	13	the	the	DET
emaj-76	111	14	relevance	relevance	NOUN
emaj-76	111	15	and	and	CCONJ
emaj-76	111	16	direction	direction	NOUN
emaj-76	111	17	of	of	ADP
emaj-76	111	18	impact	impact	NOUN
emaj-76	111	19	of	of	ADP
emaj-76	111	20	analysed	analyse	VERB
emaj-76	111	21	factors	factor	NOUN
emaj-76	111	22	upon	upon	SCONJ
emaj-76	111	23	changes	change	NOUN
emaj-76	111	24	in	in	ADP
emaj-76	111	25	capital	capital	NOUN
emaj-76	111	26	structure	structure	NOUN
emaj-76	111	27	.	.	PUNCT
emaj-76	112	1	e.	e.	PROPN
emaj-76	112	2	chojnacka	chojnacka	PROPN
emaj-76	112	3	(	(	PUNCT
emaj-76	112	4	2011	2011	NUM
emaj-76	112	5	)	)	PUNCT
emaj-76	112	6	studied	study	VERB
emaj-76	112	7	companies	company	NOUN
emaj-76	112	8	listed	list	VERB
emaj-76	112	9	at	at	ADP
emaj-76	112	10	the	the	DET
emaj-76	112	11	warsaw	warsaw	PROPN
emaj-76	112	12	stock	stock	PROPN
emaj-76	112	13	exchange	exchange	NOUN
emaj-76	112	14	in	in	ADP
emaj-76	112	15	the	the	DET
emaj-76	112	16	period	period	NOUN
emaj-76	112	17	2002	2002	NUM
emaj-76	112	18	-	-	SYM
emaj-76	112	19	2008	2008	NUM
emaj-76	112	20	.	.	PUNCT
emaj-76	113	1	the	the	DET
emaj-76	113	2	author	author	NOUN
emaj-76	113	3	claims	claim	VERB
emaj-76	113	4	that	that	SCONJ
emaj-76	113	5	the	the	DET
emaj-76	113	6	pecking	pecking	NOUN
emaj-76	113	7	order	order	NOUN
emaj-76	113	8	theory	theory	NOUN
emaj-76	113	9	somehow	somehow	ADV
emaj-76	113	10	explains	explain	VERB
emaj-76	113	11	changes	change	NOUN
emaj-76	113	12	observed	observe	VERB
emaj-76	113	13	in	in	ADP
emaj-76	113	14	debt	debt	NOUN
emaj-76	113	15	in	in	ADP
emaj-76	113	16	groups	group	NOUN
emaj-76	113	17	of	of	ADP
emaj-76	113	18	analysed	analyse	VERB
emaj-76	113	19	companies	company	NOUN
emaj-76	114	1	[	[	X
emaj-76	114	2	chojnacka	chojnacka	NOUN
emaj-76	114	3	,	,	PUNCT
emaj-76	114	4	2011	2011	NUM
emaj-76	114	5	:	:	PUNCT
emaj-76	114	6	212	212	NUM
emaj-76	114	7	]	]	PUNCT
emaj-76	114	8	.	.	PUNCT
emaj-76	115	1	results	result	NOUN
emaj-76	115	2	show	show	VERB
emaj-76	115	3	that	that	SCONJ
emaj-76	115	4	the	the	DET
emaj-76	115	5	main	main	ADJ
emaj-76	115	6	explanatory	explanatory	ADJ
emaj-76	115	7	variable	variable	NOUN
emaj-76	115	8	of	of	ADP
emaj-76	115	9	the	the	DET
emaj-76	115	10	change	change	NOUN
emaj-76	115	11	in	in	ADP
emaj-76	115	12	debt	debt	NOUN
emaj-76	115	13	is	be	AUX
emaj-76	115	14	the	the	DET
emaj-76	115	15	shortage	shortage	NOUN
emaj-76	115	16	of	of	ADP
emaj-76	115	17	internal	internal	ADJ
emaj-76	115	18	sources	source	NOUN
emaj-76	115	19	of	of	ADP
emaj-76	115	20	funding	funding	NOUN
emaj-76	115	21	,	,	PUNCT
emaj-76	115	22	however	however	ADV
emaj-76	115	23	,	,	PUNCT
emaj-76	115	24	the	the	DET
emaj-76	115	25	intensity	intensity	NOUN
emaj-76	115	26	of	of	ADP
emaj-76	115	27	its	its	PRON
emaj-76	115	28	impact	impact	NOUN
emaj-76	115	29	is	be	AUX
emaj-76	115	30	lower	low	ADJ
emaj-76	115	31	than	than	SCONJ
emaj-76	115	32	suggested	suggest	VERB
emaj-76	115	33	by	by	ADP
emaj-76	115	34	the	the	DET
emaj-76	115	35	theory	theory	NOUN
emaj-76	115	36	.	.	PUNCT
emaj-76	116	1	4	4	X
emaj-76	116	2	.	.	X
emaj-76	116	3	data	datum	NOUN
emaj-76	116	4	and	and	CCONJ
emaj-76	116	5	methodology	methodology	NOUN
emaj-76	116	6	the	the	DET
emaj-76	116	7	analysis	analysis	NOUN
emaj-76	116	8	focused	focus	VERB
emaj-76	116	9	on	on	ADP
emaj-76	116	10	the	the	DET
emaj-76	116	11	group	group	NOUN
emaj-76	116	12	of	of	ADP
emaj-76	116	13	111	111	NUM
emaj-76	116	14	companies	company	NOUN
emaj-76	116	15	listed	list	VERB
emaj-76	116	16	at	at	ADP
emaj-76	116	17	the	the	DET
emaj-76	116	18	warsaw	warsaw	PROPN
emaj-76	116	19	stock	stock	PROPN
emaj-76	116	20	exchange	exchange	PROPN
emaj-76	116	21	.	.	PUNCT
emaj-76	117	1	these	these	PRON
emaj-76	117	2	were	be	AUX
emaj-76	117	3	nonfinancial	nonfinancial	ADJ
emaj-76	117	4	companies	company	NOUN
emaj-76	117	5	listed	list	VERB
emaj-76	117	6	throughout	throughout	ADP
emaj-76	117	7	the	the	DET
emaj-76	117	8	entire	entire	ADJ
emaj-76	117	9	analysed	analyse	VERB
emaj-76	117	10	period	period	NOUN
emaj-76	117	11	,	,	PUNCT
emaj-76	117	12	i.e.	i.e.	X
emaj-76	117	13	,	,	PUNCT
emaj-76	117	14	in	in	ADP
emaj-76	117	15	the	the	DET
emaj-76	117	16	years	year	NOUN
emaj-76	117	17	2002	2002	NUM
emaj-76	117	18	-	-	SYM
emaj-76	117	19	2012	2012	NUM
emaj-76	117	20	.	.	PUNCT
emaj-76	118	1	research	research	NOUN
emaj-76	118	2	sample	sample	NOUN
emaj-76	118	3	consisted	consist	VERB
emaj-76	118	4	of	of	ADP
emaj-76	118	5	1211	1211	NUM
emaj-76	118	6	observations	observation	NOUN
emaj-76	118	7	.	.	PUNCT
emaj-76	119	1	companies	company	NOUN
emaj-76	119	2	represented	represent	VERB
emaj-76	119	3	a	a	DET
emaj-76	119	4	variety	variety	NOUN
emaj-76	119	5	of	of	ADP
emaj-76	119	6	sectors	sector	NOUN
emaj-76	119	7	.	.	PUNCT
emaj-76	120	1	in	in	ADP
emaj-76	120	2	accordance	accordance	NOUN
emaj-76	120	3	with	with	ADP
emaj-76	120	4	the	the	DET
emaj-76	120	5	methodology	methodology	NOUN
emaj-76	120	6	adopted	adopt	VERB
emaj-76	120	7	by	by	ADP
emaj-76	120	8	the	the	DET
emaj-76	120	9	warsaw	warsaw	PROPN
emaj-76	120	10	stock	stock	PROPN
emaj-76	120	11	exchange	exchange	PROPN
emaj-76	120	12	,	,	PUNCT
emaj-76	120	13	17	17	NUM
emaj-76	120	14	companies	company	NOUN
emaj-76	120	15	represented	represent	VERB
emaj-76	120	16	construction	construction	NOUN
emaj-76	120	17	,	,	PUNCT
emaj-76	120	18	12	12	NUM
emaj-76	120	19	metal	metal	NOUN
emaj-76	120	20	industry	industry	NOUN
emaj-76	120	21	and	and	CCONJ
emaj-76	120	22	9	9	NUM
emaj-76	120	23	electro	electro	ADJ
emaj-76	120	24	engineering	engineering	NOUN
emaj-76	120	25	,	,	PUNCT
emaj-76	120	26	it	it	PRON
emaj-76	120	27	,	,	PUNCT
emaj-76	120	28	wholesale	wholesale	ADJ
emaj-76	120	29	trade	trade	NOUN
emaj-76	120	30	,	,	PUNCT
emaj-76	120	31	8	8	NUM
emaj-76	120	32	companies	company	NOUN
emaj-76	120	33	were	be	AUX
emaj-76	120	34	categorised	categorise	VERB
emaj-76	120	35	as	as	ADP
emaj-76	120	36	representing	represent	VERB
emaj-76	120	37	textile	textile	NOUN
emaj-76	120	38	and	and	CCONJ
emaj-76	120	39	food	food	NOUN
emaj-76	120	40	processing	processing	NOUN
emaj-76	120	41	industries	industry	NOUN
emaj-76	120	42	,	,	PUNCT
emaj-76	120	43	7	7	NUM
emaj-76	120	44	developers	developer	NOUN
emaj-76	120	45	,	,	PUNCT
emaj-76	120	46	4	4	NUM
emaj-76	120	47	companies	company	NOUN
emaj-76	120	48	from	from	ADP
emaj-76	120	49	media	medium	NOUN
emaj-76	120	50	,	,	PUNCT
emaj-76	120	51	construction	construction	NOUN
emaj-76	120	52	materials	material	NOUN
emaj-76	120	53	and	and	CCONJ
emaj-76	120	54	wood	wood	NOUN
emaj-76	120	55	processing	processing	NOUN
emaj-76	120	56	,	,	PUNCT
emaj-76	120	57	respectively	respectively	ADV
emaj-76	120	58	,	,	PUNCT
emaj-76	120	59	3	3	NUM
emaj-76	120	60	companies	company	NOUN
emaj-76	120	61	from	from	ADP
emaj-76	120	62	retail	retail	NOUN
emaj-76	120	63	,	,	PUNCT
emaj-76	120	64	telecommunication	telecommunication	NOUN
emaj-76	120	65	,	,	PUNCT
emaj-76	120	66	and	and	CCONJ
emaj-76	120	67	automotive	automotive	ADJ
emaj-76	120	68	industry	industry	NOUN
emaj-76	120	69	,	,	PUNCT
emaj-76	120	70	2	2	NUM
emaj-76	120	71	from	from	ADP
emaj-76	120	72	energy	energy	NOUN
emaj-76	120	73	sector	sector	NOUN
emaj-76	120	74	and	and	CCONJ
emaj-76	120	75	plastics	plastic	NOUN
emaj-76	120	76	plus	plus	CCONJ
emaj-76	120	77	single	single	ADJ
emaj-76	120	78	representatives	representative	NOUN
emaj-76	120	79	of	of	ADP
emaj-76	120	80	hotels	hotel	NOUN
emaj-76	120	81	,	,	PUNCT
emaj-76	120	82	raw	raw	ADJ
emaj-76	120	83	material	material	NOUN
emaj-76	120	84	and	and	CCONJ
emaj-76	120	85	fuel	fuel	NOUN
emaj-76	120	86	industries	industry	NOUN
emaj-76	120	87	;	;	PUNCT
emaj-76	120	88	4	4	NUM
emaj-76	120	89	companies	company	NOUN
emaj-76	120	90	were	be	AUX
emaj-76	120	91	identified	identify	VERB
emaj-76	120	92	as	as	ADP
emaj-76	120	93	other	other	ADJ
emaj-76	120	94	sectors	sector	NOUN
emaj-76	120	95	.	.	PUNCT
emaj-76	121	1	the	the	DET
emaj-76	121	2	size	size	NOUN
emaj-76	121	3	of	of	ADP
emaj-76	121	4	companies	company	NOUN
emaj-76	121	5	measured	measure	VERB
emaj-76	121	6	with	with	ADP
emaj-76	121	7	market	market	NOUN
emaj-76	121	8	capitalisation	capitalisation	NOUN
emaj-76	121	9	also	also	ADV
emaj-76	121	10	varied	varied	ADJ
emaj-76	121	11	.	.	PUNCT
emaj-76	122	1	however	however	ADV
emaj-76	122	2	,	,	PUNCT
emaj-76	122	3	at	at	ADP
emaj-76	122	4	this	this	DET
emaj-76	122	5	point	point	NOUN
emaj-76	122	6	we	we	PRON
emaj-76	122	7	should	should	AUX
emaj-76	122	8	stress	stress	VERB
emaj-76	122	9	the	the	DET
emaj-76	122	10	specificity	specificity	NOUN
emaj-76	122	11	of	of	ADP
emaj-76	122	12	the	the	DET
emaj-76	122	13	polish	polish	ADJ
emaj-76	122	14	market	market	NOUN
emaj-76	122	15	,	,	PUNCT
emaj-76	122	16	much	much	ADV
emaj-76	122	17	smaller	small	ADJ
emaj-76	122	18	than	than	ADP
emaj-76	122	19	developed	develop	VERB
emaj-76	122	20	capital	capital	NOUN
emaj-76	122	21	markets	market	NOUN
emaj-76	122	22	,	,	PUNCT
emaj-76	122	23	which	which	PRON
emaj-76	122	24	resulted	result	VERB
emaj-76	122	25	in	in	ADP
emaj-76	122	26	rather	rather	ADV
emaj-76	122	27	limited	limited	ADJ
emaj-76	122	28	share	share	NOUN
emaj-76	122	29	of	of	ADP
emaj-76	122	30	high	high	ADJ
emaj-76	122	31	market	market	NOUN
emaj-76	122	32	value	value	NOUN
emaj-76	122	33	companies	company	NOUN
emaj-76	122	34	in	in	ADP
emaj-76	122	35	the	the	DET
emaj-76	122	36	sample	sample	NOUN
emaj-76	122	37	.	.	PUNCT
emaj-76	123	1	considering	consider	VERB
emaj-76	123	2	market	market	NOUN
emaj-76	123	3	evaluation	evaluation	NOUN
emaj-76	123	4	as	as	ADP
emaj-76	123	5	at	at	ADP
emaj-76	123	6	the	the	DET
emaj-76	123	7	end	end	NOUN
emaj-76	123	8	of	of	ADP
emaj-76	123	9	december	december	PROPN
emaj-76	123	10	2012	2012	NUM
emaj-76	123	11	and	and	CCONJ
emaj-76	123	12	the	the	DET
emaj-76	123	13	then	then	ADJ
emaj-76	123	14	usd	usd	PROPN
emaj-76	123	15	/	/	SYM
emaj-76	123	16	pln	pln	PROPN
emaj-76	123	17	exchange	exchange	PROPN
emaj-76	123	18	rate	rate	NOUN
emaj-76	123	19	,	,	PUNCT
emaj-76	123	20	it	it	PRON
emaj-76	123	21	was	be	AUX
emaj-76	123	22	found	find	VERB
emaj-76	123	23	out	out	ADP
emaj-76	123	24	that	that	SCONJ
emaj-76	123	25	25	25	NUM
emaj-76	123	26	companies	company	NOUN
emaj-76	123	27	were	be	AUX
emaj-76	123	28	of	of	ADP
emaj-76	123	29	market	market	NOUN
emaj-76	123	30	value	value	NOUN
emaj-76	123	31	below	below	ADP
emaj-76	123	32	usd	usd	NOUN
emaj-76	123	33	10	10	NUM
emaj-76	123	34	million	million	NUM
emaj-76	123	35	,	,	PUNCT
emaj-76	123	36	36	36	NUM
emaj-76	123	37	companies	company	NOUN
emaj-76	123	38	were	be	AUX
emaj-76	123	39	worth	worth	ADJ
emaj-76	123	40	more	more	ADJ
emaj-76	123	41	than	than	ADP
emaj-76	123	42	usd	usd	PROPN
emaj-76	123	43	10	10	NUM
emaj-76	123	44	million	million	NUM
emaj-76	123	45	but	but	CCONJ
emaj-76	123	46	less	less	ADJ
emaj-76	123	47	than	than	ADP
emaj-76	123	48	usd	usd	PROPN
emaj-76	123	49	50	50	NUM
emaj-76	123	50	million	million	NUM
emaj-76	123	51	,	,	PUNCT
emaj-76	123	52	14	14	NUM
emaj-76	123	53	companies	company	NOUN
emaj-76	123	54	were	be	AUX
emaj-76	123	55	worth	worth	ADJ
emaj-76	123	56	more	more	ADJ
emaj-76	123	57	than	than	ADP
emaj-76	123	58	usd	usd	PROPN
emaj-76	123	59	50	50	NUM
emaj-76	123	60	million	million	NUM
emaj-76	123	61	but	but	CCONJ
emaj-76	123	62	less	less	ADJ
emaj-76	123	63	than	than	ADP
emaj-76	123	64	usd	usd	NOUN
emaj-76	123	65	100	100	NUM
emaj-76	123	66	million	million	NUM
emaj-76	123	67	,	,	PUNCT
emaj-76	123	68	26	26	NUM
emaj-76	123	69	companies	company	NOUN
emaj-76	123	70	were	be	AUX
emaj-76	123	71	worth	worth	ADJ
emaj-76	123	72	between	between	ADP
emaj-76	123	73	usd	usd	PROPN
emaj-76	123	74	100	100	NUM
emaj-76	123	75	million	million	NUM
emaj-76	123	76	and	and	CCONJ
emaj-76	123	77	usd	usd	NOUN
emaj-76	123	78	500	500	NUM
emaj-76	123	79	million	million	NUM
emaj-76	123	80	,	,	PUNCT
emaj-76	123	81	and	and	CCONJ
emaj-76	123	82	10	10	NUM
emaj-76	123	83	the	the	DET
emaj-76	123	84	largest	large	ADJ
emaj-76	123	85	companies	company	NOUN
emaj-76	123	86	were	be	AUX
emaj-76	123	87	worth	worth	ADJ
emaj-76	123	88	more	more	ADJ
emaj-76	123	89	than	than	ADP
emaj-76	123	90	usd	usd	PROPN
emaj-76	123	91	500	500	NUM
emaj-76	123	92	million	million	NUM
emaj-76	123	93	.	.	PUNCT
emaj-76	124	1	data	datum	NOUN
emaj-76	124	2	used	use	VERB
emaj-76	124	3	to	to	PART
emaj-76	124	4	analyse	analyse	VERB
emaj-76	124	5	the	the	DET
emaj-76	124	6	determinants	determinant	NOUN
emaj-76	124	7	of	of	ADP
emaj-76	124	8	capital	capital	NOUN
emaj-76	124	9	structure	structure	NOUN
emaj-76	124	10	in	in	ADP
emaj-76	124	11	researched	research	VERB
emaj-76	124	12	companies	company	NOUN
emaj-76	124	13	were	be	AUX
emaj-76	124	14	taken	take	VERB
emaj-76	124	15	from	from	ADP
emaj-76	124	16	the	the	DET
emaj-76	124	17	emis	emis	PROPN
emaj-76	124	18	database	database	NOUN
emaj-76	124	19	.	.	PUNCT
emaj-76	125	1	financial	financial	ADJ
emaj-76	125	2	data	datum	NOUN
emaj-76	125	3	were	be	AUX
emaj-76	125	4	taken	take	VERB
emaj-76	125	5	from	from	ADP
emaj-76	125	6	annual	annual	ADJ
emaj-76	125	7	consolidated	consolidated	ADJ
emaj-76	125	8	financial	financial	ADJ
emaj-76	125	9	statements	statement	NOUN
emaj-76	125	10	.	.	PUNCT
emaj-76	126	1	where	where	SCONJ
emaj-76	126	2	no	no	DET
emaj-76	126	3	statements	statement	NOUN
emaj-76	126	4	were	be	AUX
emaj-76	126	5	available	available	ADJ
emaj-76	126	6	,	,	PUNCT
emaj-76	126	7	we	we	PRON
emaj-76	126	8	used	use	VERB
emaj-76	126	9	the	the	DET
emaj-76	126	10	statements	statement	NOUN
emaj-76	126	11	of	of	ADP
emaj-76	126	12	individual	individual	ADJ
emaj-76	126	13	companies	company	NOUN
emaj-76	126	14	.	.	PUNCT
emaj-76	127	1	data	datum	NOUN
emaj-76	127	2	on	on	ADP
emaj-76	127	3	stock	stock	NOUN
emaj-76	127	4	prices	price	NOUN
emaj-76	127	5	come	come	VERB
emaj-76	127	6	from	from	ADP
emaj-76	127	7	the	the	DET
emaj-76	127	8	warsaw	warsaw	PROPN
emaj-76	127	9	stock	stock	PROPN
emaj-76	127	10	exchange	exchange	PROPN
emaj-76	127	11	quote	quote	INTJ
emaj-76	127	12	service	service	NOUN
emaj-76	127	13	.	.	PUNCT
emaj-76	128	1	volume	volume	NOUN
emaj-76	128	2	5	5	NUM
emaj-76	128	3	no	no	DET
emaj-76	128	4	2	2	NUM
emaj-76	128	5	(	(	PUNCT
emaj-76	128	6	2015	2015	NUM
emaj-76	128	7	)	)	PUNCT
emaj-76	128	8	|	|	ADV
emaj-76	128	9	issn	issn	VERB
emaj-76	128	10	2158	2158	NUM
emaj-76	128	11	-	-	SYM
emaj-76	128	12	8708	8708	NUM
emaj-76	128	13	(	(	PUNCT
emaj-76	128	14	online	online	NOUN
emaj-76	128	15	)	)	PUNCT
emaj-76	128	16	|	|	ADV
emaj-76	128	17	doi	doi	X
emaj-76	128	18	10.5195	10.5195	NUM
emaj-76	128	19	/	/	SYM
emaj-76	128	20	emaj.2015.76	emaj.2015.76	NOUN
emaj-76	128	21	|	|	ADV
emaj-76	128	22	http://emaj.pitt.edu	http://emaj.pitt.edu	VERB
emaj-76	128	23	determinants	determinant	NOUN
emaj-76	128	24	of	of	ADP
emaj-76	128	25	debt	debt	NOUN
emaj-76	128	26	-	-	PUNCT
emaj-76	128	27	equity	equity	NOUN
emaj-76	128	28	choice	choice	NOUN
emaj-76	128	29	–	–	PUNCT
emaj-76	128	30	evidence	evidence	NOUN
emaj-76	128	31	from	from	ADP
emaj-76	128	32	poland	poland	PROPN
emaj-76	128	33	page	page	NOUN
emaj-76	128	34	|4|	|4|	PROPN
emaj-76	128	35	emerging	emerge	VERB
emaj-76	128	36	markets	market	NOUN
emaj-76	128	37	journal	journal	VERB
emaj-76	128	38	the	the	DET
emaj-76	128	39	data	datum	NOUN
emaj-76	128	40	were	be	AUX
emaj-76	128	41	cross	cross	ADJ
emaj-76	128	42	-	-	ADJ
emaj-76	128	43	sectional	sectional	ADJ
emaj-76	128	44	and	and	CCONJ
emaj-76	128	45	time	time	NOUN
emaj-76	128	46	related	related	ADJ
emaj-76	128	47	but	but	CCONJ
emaj-76	128	48	also	also	ADV
emaj-76	128	49	panel	panel	NOUN
emaj-76	128	50	and	and	CCONJ
emaj-76	128	51	balanced	balanced	ADJ
emaj-76	128	52	.	.	PUNCT
emaj-76	129	1	in	in	ADP
emaj-76	129	2	such	such	ADJ
emaj-76	129	3	cases	case	NOUN
emaj-76	129	4	,	,	PUNCT
emaj-76	129	5	relationships	relationship	NOUN
emaj-76	129	6	between	between	ADP
emaj-76	129	7	variables	variable	NOUN
emaj-76	129	8	can	can	AUX
emaj-76	129	9	be	be	AUX
emaj-76	129	10	studied	study	VERB
emaj-76	129	11	using	use	VERB
emaj-76	129	12	the	the	DET
emaj-76	129	13	ordinary	ordinary	ADJ
emaj-76	129	14	least	least	ADJ
emaj-76	129	15	squares	square	NOUN
emaj-76	129	16	(	(	PUNCT
emaj-76	129	17	ols	ol	NOUN
emaj-76	129	18	)	)	PUNCT
emaj-76	129	19	.	.	PUNCT
emaj-76	130	1	we	we	PRON
emaj-76	130	2	need	need	VERB
emaj-76	130	3	to	to	PART
emaj-76	130	4	bear	bear	VERB
emaj-76	130	5	in	in	ADP
emaj-76	130	6	mind	mind	NOUN
emaj-76	130	7	,	,	PUNCT
emaj-76	130	8	however	however	ADV
emaj-76	130	9	,	,	PUNCT
emaj-76	130	10	that	that	SCONJ
emaj-76	130	11	no	no	DET
emaj-76	130	12	individual	individual	ADJ
emaj-76	130	13	effect	effect	NOUN
emaj-76	130	14	may	may	AUX
emaj-76	130	15	appear	appear	VERB
emaj-76	130	16	.	.	PUNCT
emaj-76	131	1	this	this	PRON
emaj-76	131	2	is	be	AUX
emaj-76	131	3	why	why	SCONJ
emaj-76	131	4	we	we	PRON
emaj-76	131	5	conducted	conduct	VERB
emaj-76	131	6	three	three	NUM
emaj-76	131	7	stages	stage	NOUN
emaj-76	131	8	of	of	ADP
emaj-76	131	9	research	research	NOUN
emaj-76	131	10	procedure	procedure	NOUN
emaj-76	131	11	.	.	PUNCT
emaj-76	132	1	first	first	ADV
emaj-76	132	2	,	,	PUNCT
emaj-76	132	3	using	use	VERB
emaj-76	132	4	the	the	DET
emaj-76	132	5	breusch	breusch	ADJ
emaj-76	132	6	-	-	PUNCT
emaj-76	132	7	pagan	pagan	ADJ
emaj-76	132	8	test	test	NOUN
emaj-76	132	9	we	we	PRON
emaj-76	132	10	checked	check	VERB
emaj-76	132	11	whether	whether	SCONJ
emaj-76	132	12	it	it	PRON
emaj-76	132	13	is	be	AUX
emaj-76	132	14	justified	justify	VERB
emaj-76	132	15	to	to	PART
emaj-76	132	16	introduce	introduce	VERB
emaj-76	132	17	individual	individual	ADJ
emaj-76	132	18	effects	effect	NOUN
emaj-76	132	19	.	.	PUNCT
emaj-76	133	1	when	when	SCONJ
emaj-76	133	2	no	no	DET
emaj-76	133	3	grounds	ground	NOUN
emaj-76	133	4	were	be	AUX
emaj-76	133	5	found	find	VERB
emaj-76	133	6	for	for	ADP
emaj-76	133	7	rejecting	reject	VERB
emaj-76	133	8	the	the	DET
emaj-76	133	9	zero	zero	NUM
emaj-76	133	10	hypothesis	hypothesis	NOUN
emaj-76	133	11	,	,	PUNCT
emaj-76	133	12	we	we	PRON
emaj-76	133	13	assumed	assume	VERB
emaj-76	133	14	that	that	SCONJ
emaj-76	133	15	a	a	DET
emaj-76	133	16	given	give	VERB
emaj-76	133	17	panel	panel	NOUN
emaj-76	133	18	model	model	NOUN
emaj-76	133	19	can	can	AUX
emaj-76	133	20	be	be	AUX
emaj-76	133	21	estimated	estimate	VERB
emaj-76	133	22	using	use	VERB
emaj-76	133	23	ordinary	ordinary	ADJ
emaj-76	133	24	least	least	ADJ
emaj-76	133	25	squares	square	NOUN
emaj-76	133	26	(	(	PUNCT
emaj-76	133	27	ols	ol	NOUN
emaj-76	133	28	)	)	PUNCT
emaj-76	133	29	.	.	PUNCT
emaj-76	134	1	where	where	SCONJ
emaj-76	134	2	the	the	DET
emaj-76	134	3	test	test	NOUN
emaj-76	134	4	produced	produce	VERB
emaj-76	134	5	high	high	ADJ
emaj-76	134	6	values	value	NOUN
emaj-76	134	7	(	(	PUNCT
emaj-76	134	8	lm	lm	INTJ
emaj-76	134	9	multiplier	multiplier	NOUN
emaj-76	134	10	)	)	PUNCT
emaj-76	134	11	,	,	PUNCT
emaj-76	134	12	we	we	PRON
emaj-76	134	13	rejected	reject	VERB
emaj-76	134	14	the	the	DET
emaj-76	134	15	zero	zero	NUM
emaj-76	134	16	hypothesis	hypothesis	NOUN
emaj-76	134	17	in	in	ADP
emaj-76	134	18	favour	favour	NOUN
emaj-76	134	19	of	of	ADP
emaj-76	134	20	an	an	DET
emaj-76	134	21	alternative	alternative	ADJ
emaj-76	134	22	one	one	NUM
emaj-76	134	23	and	and	CCONJ
emaj-76	134	24	introduced	introduce	VERB
emaj-76	134	25	individual	individual	ADJ
emaj-76	134	26	effects	effect	NOUN
emaj-76	134	27	.	.	PUNCT
emaj-76	135	1	in	in	ADP
emaj-76	135	2	the	the	DET
emaj-76	135	3	next	next	ADJ
emaj-76	135	4	stage	stage	NOUN
emaj-76	135	5	we	we	PRON
emaj-76	135	6	performed	perform	VERB
emaj-76	135	7	hausman	hausman	ADJ
emaj-76	135	8	test	test	NOUN
emaj-76	135	9	to	to	PART
emaj-76	135	10	choose	choose	VERB
emaj-76	135	11	between	between	ADP
emaj-76	135	12	fixed	fix	VERB
emaj-76	135	13	effects	effect	NOUN
emaj-76	135	14	and	and	CCONJ
emaj-76	135	15	random	random	ADJ
emaj-76	135	16	effects	effect	NOUN
emaj-76	135	17	.	.	PUNCT
emaj-76	136	1	high	high	ADJ
emaj-76	136	2	value	value	NOUN
emaj-76	136	3	of	of	ADP
emaj-76	136	4	h	h	NOUN
emaj-76	136	5	coefficient	coefficient	NOUN
emaj-76	136	6	of	of	ADP
emaj-76	136	7	the	the	DET
emaj-76	136	8	hausman	hausman	PROPN
emaj-76	136	9	test	test	NOUN
emaj-76	136	10	suggested	suggest	VERB
emaj-76	136	11	the	the	DET
emaj-76	136	12	model	model	NOUN
emaj-76	136	13	with	with	ADP
emaj-76	136	14	fixed	fix	VERB
emaj-76	136	15	effect	effect	NOUN
emaj-76	136	16	,	,	PUNCT
emaj-76	136	17	low	low	ADJ
emaj-76	136	18	value	value	NOUN
emaj-76	136	19	was	be	AUX
emaj-76	136	20	indicative	indicative	ADJ
emaj-76	136	21	of	of	ADP
emaj-76	136	22	random	random	ADJ
emaj-76	136	23	effect	effect	NOUN
emaj-76	136	24	.	.	PUNCT
emaj-76	137	1	in	in	ADP
emaj-76	137	2	the	the	DET
emaj-76	137	3	last	last	ADJ
emaj-76	137	4	stage	stage	NOUN
emaj-76	137	5	we	we	PRON
emaj-76	137	6	estimated	estimate	VERB
emaj-76	137	7	variables	variable	NOUN
emaj-76	137	8	using	use	VERB
emaj-76	137	9	a	a	DET
emaj-76	137	10	selected	select	VERB
emaj-76	137	11	model	model	NOUN
emaj-76	137	12	:	:	PUNCT
emaj-76	137	13	one	one	NUM
emaj-76	137	14	way	way	NOUN
emaj-76	137	15	fixed	fix	VERB
emaj-76	137	16	model	model	NOUN
emaj-76	137	17	or	or	CCONJ
emaj-76	137	18	one	one	NUM
emaj-76	137	19	way	way	NOUN
emaj-76	137	20	random	random	ADJ
emaj-76	137	21	model	model	NOUN
emaj-76	137	22	.	.	PUNCT
emaj-76	138	1	the	the	DET
emaj-76	138	2	test	test	NOUN
emaj-76	138	3	was	be	AUX
emaj-76	138	4	to	to	PART
emaj-76	138	5	analyse	analyse	VERB
emaj-76	138	6	determinants	determinant	NOUN
emaj-76	138	7	of	of	ADP
emaj-76	138	8	capital	capital	NOUN
emaj-76	138	9	structure	structure	NOUN
emaj-76	138	10	.	.	PUNCT
emaj-76	139	1	hence	hence	ADV
emaj-76	139	2	in	in	ADP
emaj-76	139	3	the	the	DET
emaj-76	139	4	model	model	NOUN
emaj-76	139	5	we	we	PRON
emaj-76	139	6	used	use	VERB
emaj-76	139	7	the	the	DET
emaj-76	139	8	td	td	NOUN
emaj-76	139	9	/	/	SYM
emaj-76	139	10	ta	ta	PROPN
emaj-76	139	11	–	–	PUNCT
emaj-76	139	12	total	total	ADJ
emaj-76	139	13	debt	debt	NOUN
emaj-76	139	14	to	to	ADP
emaj-76	139	15	total	total	ADJ
emaj-76	139	16	assets	asset	NOUN
emaj-76	139	17	ratio	ratio	NOUN
emaj-76	139	18	as	as	ADP
emaj-76	139	19	a	a	DET
emaj-76	139	20	response	response	NOUN
emaj-76	139	21	(	(	PUNCT
emaj-76	139	22	dependent	dependent	ADJ
emaj-76	139	23	)	)	PUNCT
emaj-76	139	24	variable	variable	NOUN
emaj-76	139	25	.	.	PUNCT
emaj-76	140	1	in	in	ADP
emaj-76	140	2	the	the	DET
emaj-76	140	3	test	test	NOUN
emaj-76	140	4	we	we	PRON
emaj-76	140	5	used	use	VERB
emaj-76	140	6	five	five	NUM
emaj-76	140	7	independent	independent	ADJ
emaj-76	140	8	variables	variable	NOUN
emaj-76	140	9	consistent	consistent	ADJ
emaj-76	140	10	with	with	ADP
emaj-76	140	11	the	the	DET
emaj-76	140	12	so	so	ADV
emaj-76	140	13	far	far	ADJ
emaj-76	140	14	achievements	achievement	NOUN
emaj-76	140	15	in	in	ADP
emaj-76	140	16	this	this	DET
emaj-76	140	17	area	area	NOUN
emaj-76	140	18	presented	present	VERB
emaj-76	140	19	in	in	ADP
emaj-76	140	20	part	part	NOUN
emaj-76	140	21	2	2	NUM
emaj-76	140	22	.	.	PUNCT
emaj-76	140	23			PROPN
emaj-76	140	24	firm	firm	ADJ
emaj-76	140	25	size	size	NOUN
emaj-76	140	26	natural	natural	ADJ
emaj-76	140	27	logarithm	logarithm	NOUN
emaj-76	140	28	of	of	ADP
emaj-76	140	29	total	total	ADJ
emaj-76	140	30	assets	asset	NOUN
emaj-76	140	31	ln(ta	ln(ta	PROPN
emaj-76	140	32	)	)	PUNCT
emaj-76	140	33			NOUN
emaj-76	140	34	profitability	profitability	NOUN
emaj-76	140	35	–	–	PUNCT
emaj-76	140	36	return	return	NOUN
emaj-76	140	37	on	on	ADP
emaj-76	140	38	assets	asset	NOUN
emaj-76	140	39	ratio	ratio	NOUN
emaj-76	140	40	(	(	PUNCT
emaj-76	140	41	roa	roa	PROPN
emaj-76	140	42	)	)	PUNCT
emaj-76	140	43	,	,	PUNCT
emaj-76	140	44	which	which	PRON
emaj-76	140	45	measures	measure	VERB
emaj-76	140	46	the	the	DET
emaj-76	140	47	efficiency	efficiency	NOUN
emaj-76	140	48	of	of	ADP
emaj-76	140	49	companies	company	NOUN
emaj-76	140	50	and	and	CCONJ
emaj-76	140	51	the	the	DET
emaj-76	140	52	use	use	NOUN
emaj-76	140	53	of	of	ADP
emaj-76	140	54	their	their	PRON
emaj-76	140	55	assets	asset	NOUN
emaj-76	140	56			NOUN
emaj-76	140	57	assets	asset	NOUN
emaj-76	140	58	tangibility	tangibility	NOUN
emaj-76	140	59	–	–	PUNCT
emaj-76	140	60	fixed	fix	VERB
emaj-76	140	61	assets	asset	NOUN
emaj-76	140	62	divided	divide	VERB
emaj-76	140	63	by	by	ADP
emaj-76	140	64	total	total	ADJ
emaj-76	140	65	assets	asset	NOUN
emaj-76	140	66	(	(	PUNCT
emaj-76	140	67	fa	fa	NOUN
emaj-76	140	68	/	/	SYM
emaj-76	140	69	ta	ta	NOUN
emaj-76	140	70	)	)	PUNCT
emaj-76	140	71	,	,	PUNCT
emaj-76	140	72	the	the	DET
emaj-76	140	73	coefficient	coefficient	NOUN
emaj-76	140	74	analyses	analyse	VERB
emaj-76	140	75	the	the	DET
emaj-76	140	76	structure	structure	NOUN
emaj-76	140	77	of	of	ADP
emaj-76	140	78	assets	asset	NOUN
emaj-76	140	79	,	,	PUNCT
emaj-76	140	80	which	which	PRON
emaj-76	140	81	may	may	AUX
emaj-76	140	82	determine	determine	VERB
emaj-76	140	83	decisions	decision	NOUN
emaj-76	140	84	on	on	ADP
emaj-76	140	85	how	how	SCONJ
emaj-76	140	86	to	to	PART
emaj-76	140	87	finance	finance	VERB
emaj-76	140	88	the	the	DET
emaj-76	140	89	assets	asset	NOUN
emaj-76	140	90	.	.	PUNCT
emaj-76	141	1	with	with	ADP
emaj-76	141	2	regard	regard	NOUN
emaj-76	141	3	to	to	ADP
emaj-76	141	4	growth	growth	NOUN
emaj-76	141	5	,	,	PUNCT
emaj-76	141	6	there	there	PRON
emaj-76	141	7	are	be	VERB
emaj-76	141	8	two	two	NUM
emaj-76	141	9	variables	variable	NOUN
emaj-76	141	10	:	:	PUNCT
emaj-76	141	11			NOUN
emaj-76	141	12	growth	growth	NOUN
emaj-76	141	13	opportunities	opportunity	NOUN
emaj-76	141	14	–	–	PUNCT
emaj-76	141	15	(	(	PUNCT
emaj-76	141	16	growth	growth	NOUN
emaj-76	141	17	rate	rate	NOUN
emaj-76	141	18	)	)	PUNCT
emaj-76	141	19	change	change	NOUN
emaj-76	141	20	of	of	ADP
emaj-76	141	21	total	total	ADJ
emaj-76	141	22	assets	asset	NOUN
emaj-76	141	23	–	–	PUNCT
emaj-76	141	24	increase	increase	VERB
emaj-76	141	25	in	in	ADP
emaj-76	141	26	total	total	ADJ
emaj-76	141	27	assets	asset	NOUN
emaj-76	141	28	treated	treat	VERB
emaj-76	141	29	as	as	ADP
emaj-76	141	30	the	the	DET
emaj-76	141	31	measure	measure	NOUN
emaj-76	141	32	of	of	ADP
emaj-76	141	33	company	company	NOUN
emaj-76	141	34	’s	’s	PART
emaj-76	141	35	growth	growth	NOUN
emaj-76	141	36	rate	rate	NOUN
emaj-76	141	37			NOUN
emaj-76	141	38	gp	gp	NOUN
emaj-76	141	39	–	–	PUNCT
emaj-76	141	40	(	(	PUNCT
emaj-76	141	41	(	(	PUNCT
emaj-76	141	42	total	total	ADJ
emaj-76	141	43	assets	asset	NOUN
emaj-76	141	44	–	–	PUNCT
emaj-76	141	45	net	net	ADJ
emaj-76	141	46	book	book	NOUN
emaj-76	141	47	value	value	NOUN
emaj-76	141	48	+	+	CCONJ
emaj-76	141	49	market	market	NOUN
emaj-76	141	50	capitalisation	capitalisation	NOUN
emaj-76	141	51	)	)	PUNCT
emaj-76	141	52	/	/	SYM
emaj-76	141	53	total	total	ADJ
emaj-76	141	54	assets	asset	NOUN
emaj-76	141	55	)	)	PUNCT
emaj-76	141	56	;	;	PUNCT
emaj-76	141	57	growth	growth	NOUN
emaj-76	141	58	prospects	prospect	NOUN
emaj-76	141	59	inform	inform	VERB
emaj-76	141	60	about	about	ADP
emaj-76	141	61	investors	investor	NOUN
emaj-76	141	62	expectations	expectation	NOUN
emaj-76	141	63	with	with	ADP
emaj-76	141	64	respect	respect	NOUN
emaj-76	141	65	to	to	ADP
emaj-76	141	66	the	the	DET
emaj-76	141	67	future	future	ADJ
emaj-76	141	68	growth	growth	NOUN
emaj-76	141	69	of	of	ADP
emaj-76	141	70	a	a	DET
emaj-76	141	71	company	company	NOUN
emaj-76	141	72	;	;	PUNCT
emaj-76	141	73	relatively	relatively	ADV
emaj-76	141	74	high	high	ADJ
emaj-76	141	75	ratio	ratio	NOUN
emaj-76	141	76	may	may	AUX
emaj-76	141	77	mean	mean	VERB
emaj-76	141	78	that	that	SCONJ
emaj-76	141	79	investors	investor	NOUN
emaj-76	141	80	anticipate	anticipate	VERB
emaj-76	141	81	future	future	ADJ
emaj-76	141	82	dynamic	dynamic	ADJ
emaj-76	141	83	growth	growth	NOUN
emaj-76	141	84	of	of	ADP
emaj-76	141	85	a	a	DET
emaj-76	141	86	company	company	NOUN
emaj-76	141	87	,	,	PUNCT
emaj-76	141	88	hence	hence	ADV
emaj-76	141	89	the	the	DET
emaj-76	141	90	tendency	tendency	NOUN
emaj-76	141	91	to	to	ADP
emaj-76	141	92	high	high	ADJ
emaj-76	141	93	market	market	NOUN
emaj-76	141	94	valuation	valuation	NOUN
emaj-76	141	95	compared	compare	VERB
emaj-76	141	96	to	to	ADP
emaj-76	141	97	book	book	NOUN
emaj-76	141	98	value	value	NOUN
emaj-76	141	99	of	of	ADP
emaj-76	141	100	assets	asset	NOUN
emaj-76	141	101	.	.	PUNCT
emaj-76	142	1	considering	consider	VERB
emaj-76	142	2	earlier	early	ADJ
emaj-76	142	3	studies	study	NOUN
emaj-76	142	4	,	,	PUNCT
emaj-76	142	5	we	we	PRON
emaj-76	142	6	used	use	VERB
emaj-76	142	7	the	the	DET
emaj-76	142	8	following	follow	VERB
emaj-76	142	9	panel	panel	NOUN
emaj-76	142	10	regression	regression	NOUN
emaj-76	142	11	model	model	NOUN
emaj-76	142	12	to	to	PART
emaj-76	142	13	analyse	analyse	VERB
emaj-76	142	14	determinants	determinant	NOUN
emaj-76	142	15	of	of	ADP
emaj-76	142	16	capital	capital	NOUN
emaj-76	142	17	structure	structure	NOUN
emaj-76	142	18	:	:	PUNCT
emaj-76	142	19	all	all	DET
emaj-76	142	20	dependent	dependent	ADJ
emaj-76	142	21	variables	variable	NOUN
emaj-76	142	22	are	be	AUX
emaj-76	142	23	represented	represent	VERB
emaj-76	142	24	by	by	ADP
emaj-76	142	25	selected	select	VERB
emaj-76	142	26	parameters	parameter	NOUN
emaj-76	142	27	of	of	ADP
emaj-76	142	28	i	i	PROPN
emaj-76	142	29	-	-	PUNCT
emaj-76	142	30	companies	company	NOUN
emaj-76	142	31	in	in	ADP
emaj-76	142	32	t	t	NOUN
emaj-76	142	33	-	-	PUNCT
emaj-76	142	34	time	time	NOUN
emaj-76	142	35	units	unit	NOUN
emaj-76	142	36	(	(	PUNCT
emaj-76	142	37	years	year	NOUN
emaj-76	142	38	)	)	PUNCT
emaj-76	142	39	,	,	PUNCT
emaj-76	142	40	and	and	CCONJ
emaj-76	142	41	is	be	AUX
emaj-76	142	42	the	the	DET
emaj-76	142	43	total	total	ADJ
emaj-76	142	44	random	random	ADJ
emaj-76	142	45	error	error	NOUN
emaj-76	142	46	.	.	PUNCT
emaj-76	143	1	5	5	X
emaj-76	143	2	.	.	NOUN
emaj-76	143	3	results	result	NOUN
emaj-76	143	4	and	and	CCONJ
emaj-76	143	5	analysis	analysis	NOUN
emaj-76	143	6	basic	basic	ADJ
emaj-76	143	7	statistics	statistic	NOUN
emaj-76	143	8	for	for	ADP
emaj-76	143	9	analysed	analyse	VERB
emaj-76	143	10	parameters	parameter	NOUN
emaj-76	143	11	are	be	AUX
emaj-76	143	12	presented	present	VERB
emaj-76	143	13	in	in	ADP
emaj-76	143	14	table	table	NOUN
emaj-76	143	15	1	1	NUM
emaj-76	143	16	.	.	NUM
emaj-76	143	17	tested	test	VERB
emaj-76	143	18	variables	variable	NOUN
emaj-76	143	19	seem	seem	VERB
emaj-76	143	20	relatively	relatively	ADV
emaj-76	143	21	little	little	ADJ
emaj-76	143	22	diversified	diversified	ADJ
emaj-76	143	23	.	.	PUNCT
emaj-76	144	1	average	average	ADJ
emaj-76	144	2	values	value	NOUN
emaj-76	144	3	do	do	AUX
emaj-76	144	4	not	not	PART
emaj-76	144	5	diverge	diverge	VERB
emaj-76	144	6	significantly	significantly	ADV
emaj-76	144	7	from	from	ADP
emaj-76	144	8	the	the	DET
emaj-76	144	9	median	median	NOUN
emaj-76	144	10	.	.	PUNCT
emaj-76	145	1	the	the	DET
emaj-76	145	2	least	least	ADJ
emaj-76	145	3	diversification	diversification	NOUN
emaj-76	145	4	was	be	AUX
emaj-76	145	5	observed	observe	VERB
emaj-76	145	6	for	for	ADP
emaj-76	145	7	tangibility	tangibility	NOUN
emaj-76	145	8	(	(	PUNCT
emaj-76	145	9	fa	fa	NOUN
emaj-76	145	10	/	/	SYM
emaj-76	145	11	ta	ta	NOUN
emaj-76	145	12	)	)	PUNCT
emaj-76	145	13	and	and	CCONJ
emaj-76	145	14	firm	firm	ADJ
emaj-76	145	15	size	size	NOUN
emaj-76	145	16	(	(	PUNCT
emaj-76	145	17	ln(ta	ln(ta	PROPN
emaj-76	145	18	)	)	PUNCT
emaj-76	145	19	)	)	PUNCT
emaj-76	145	20	.	.	PUNCT
emaj-76	146	1	the	the	DET
emaj-76	146	2	biggest	big	ADJ
emaj-76	146	3	differences	difference	NOUN
emaj-76	146	4	were	be	AUX
emaj-76	146	5	found	find	VERB
emaj-76	146	6	in	in	ADP
emaj-76	146	7	parameters	parameter	NOUN
emaj-76	146	8	describing	describe	VERB
emaj-76	146	9	growth	growth	NOUN
emaj-76	146	10	(	(	PUNCT
emaj-76	146	11	gr	gr	NOUN
emaj-76	146	12	and	and	CCONJ
emaj-76	146	13	gp	gp	NOUN
emaj-76	146	14	)	)	PUNCT
emaj-76	146	15	.	.	PUNCT
emaj-76	147	1	thus	thus	ADV
emaj-76	147	2	we	we	PRON
emaj-76	147	3	obtained	obtain	VERB
emaj-76	147	4	an	an	DET
emaj-76	147	5	interesting	interesting	ADJ
emaj-76	147	6	group	group	NOUN
emaj-76	147	7	of	of	ADP
emaj-76	147	8	similar	similar	ADJ
emaj-76	147	9	enterprises	enterprise	NOUN
emaj-76	147	10	,	,	PUNCT
emaj-76	147	11	which	which	PRON
emaj-76	147	12	pursue	pursue	VERB
emaj-76	147	13	similar	similar	ADJ
emaj-76	147	14	asset	asset	NOUN
emaj-76	147	15	management	management	NOUN
emaj-76	147	16	policy	policy	NOUN
emaj-76	147	17	but	but	CCONJ
emaj-76	147	18	have	have	VERB
emaj-76	147	19	significantly	significantly	ADV
emaj-76	147	20	different	different	ADJ
emaj-76	147	21	growth	growth	NOUN
emaj-76	147	22	prospects	prospect	NOUN
emaj-76	147	23	differently	differently	ADV
emaj-76	147	24	perceived	perceive	VERB
emaj-76	147	25	by	by	ADP
emaj-76	147	26	investors	investor	NOUN
emaj-76	147	27	.	.	PUNCT
emaj-76	148	1	table	table	NOUN
emaj-76	148	2	1	1	NUM
emaj-76	148	3	.	.	PUNCT
emaj-76	149	1	descriptive	descriptive	ADJ
emaj-76	149	2	statistics	statistic	NOUN
emaj-76	149	3	variables	variable	NOUN
emaj-76	149	4	mean	mean	VERB
emaj-76	149	5	median	median	ADJ
emaj-76	149	6	standard	standard	ADJ
emaj-76	149	7	deviation	deviation	NOUN
emaj-76	149	8	td	td	NOUN
emaj-76	149	9	/	/	SYM
emaj-76	149	10	ta	ta	X
emaj-76	149	11	0,5284	0,5284	NOUN
emaj-76	149	12	0,4706	0,4706	PROPN
emaj-76	149	13	0,5272	0,5272	PROPN
emaj-76	149	14	ln(ta	ln(ta	PROPN
emaj-76	149	15	)	)	PUNCT
emaj-76	150	1	12,2651	12,2651	NUM
emaj-76	150	2	12,2502	12,2502	NUM
emaj-76	150	3	1,8488	1,8488	NUM
emaj-76	150	4	roa	roa	NOUN
emaj-76	150	5	0,0124	0,0124	NOUN
emaj-76	150	6	0,0341	0,0341	NUM
emaj-76	150	7	0,1688	0,1688	PROPN
emaj-76	150	8	fa	fa	PROPN
emaj-76	150	9	/	/	SYM
emaj-76	150	10	ta	ta	PROPN
emaj-76	150	11	0,4847	0,4847	NOUN
emaj-76	150	12	0,4866	0,4866	X
emaj-76	151	1	0,2006	0,2006	PROPN
emaj-76	152	1	gr	gr	PROPN
emaj-76	152	2	0,2428	0,2428	PROPN
emaj-76	152	3	0,0369	0,0369	PROPN
emaj-76	152	4	1,4218	1,4218	NUM
emaj-76	152	5	gp	gp	NOUN
emaj-76	152	6	1,5095	1,5095	NUM
emaj-76	152	7	1,0853	1,0853	NUM
emaj-76	152	8	2,4816	2,4816	NUM
emaj-76	152	9	number	number	NOUN
emaj-76	152	10	of	of	ADP
emaj-76	152	11	observations	observation	NOUN
emaj-76	152	12	1221	1221	NUM
emaj-76	152	13	source	source	NOUN
emaj-76	152	14	:	:	PUNCT
emaj-76	152	15	own	own	ADJ
emaj-76	152	16	studies	study	NOUN
emaj-76	152	17	.	.	PUNCT
emaj-76	153	1	descriptive	descriptive	ADJ
emaj-76	153	2	statistics	statistic	NOUN
emaj-76	153	3	/	/	SYM
emaj-76	153	4	variables	variable	NOUN
emaj-76	153	5	are	be	AUX
emaj-76	153	6	linked	link	VERB
emaj-76	153	7	with	with	ADP
emaj-76	153	8	specific	specific	ADJ
emaj-76	153	9	relationships	relationship	NOUN
emaj-76	153	10	presented	present	VERB
emaj-76	153	11	in	in	ADP
emaj-76	153	12	table	table	NOUN
emaj-76	153	13	2	2	NUM
emaj-76	153	14	.	.	PUNCT
emaj-76	154	1	first	first	ADV
emaj-76	154	2	of	of	ADP
emaj-76	154	3	all	all	PRON
emaj-76	154	4	,	,	PUNCT
emaj-76	154	5	we	we	PRON
emaj-76	154	6	can	can	AUX
emaj-76	154	7	observe	observe	VERB
emaj-76	154	8	reverse	reverse	ADJ
emaj-76	154	9	relationship	relationship	NOUN
emaj-76	154	10	of	of	ADP
emaj-76	154	11	variables	variable	NOUN
emaj-76	154	12	connected	connect	VERB
emaj-76	154	13	with	with	ADP
emaj-76	154	14	growth	growth	NOUN
emaj-76	154	15	prospects	prospect	NOUN
emaj-76	154	16	with	with	ADP
emaj-76	154	17	firm	firm	ADJ
emaj-76	154	18	size	size	NOUN
emaj-76	154	19	and	and	CCONJ
emaj-76	154	20	asset	asset	NOUN
emaj-76	154	21	tangibility	tangibility	NOUN
emaj-76	154	22	.	.	PUNCT
emaj-76	155	1	the	the	DET
emaj-76	155	2	relationship	relationship	NOUN
emaj-76	155	3	seems	seem	VERB
emaj-76	155	4	rather	rather	ADV
emaj-76	155	5	obvious	obvious	ADJ
emaj-76	155	6	.	.	PUNCT
emaj-76	156	1	large	large	ADJ
emaj-76	156	2	enterprises	enterprise	NOUN
emaj-76	156	3	have	have	VERB
emaj-76	156	4	limited	limit	VERB
emaj-76	156	5	growth	growth	NOUN
emaj-76	156	6	opportunities	opportunity	NOUN
emaj-76	156	7	,	,	PUNCT
emaj-76	156	8	in	in	ADP
emaj-76	156	9	particular	particular	ADJ
emaj-76	156	10	in	in	ADP
emaj-76	156	11	real	real	ADJ
emaj-76	156	12	terms	term	NOUN
emaj-76	156	13	and	and	CCONJ
emaj-76	156	14	investors	investor	NOUN
emaj-76	156	15	do	do	AUX
emaj-76	156	16	realise	realise	VERB
emaj-76	156	17	it	it	PRON
emaj-76	156	18	.	.	PUNCT
emaj-76	157	1	however	however	ADV
emaj-76	157	2	,	,	PUNCT
emaj-76	157	3	the	the	DET
emaj-76	157	4	relationship	relationship	NOUN
emaj-76	157	5	is	be	AUX
emaj-76	157	6	so	so	ADV
emaj-76	157	7	weak	weak	ADJ
emaj-76	157	8	that	that	SCONJ
emaj-76	157	9	the	the	DET
emaj-76	157	10	above	above	ADJ
emaj-76	157	11	conclusions	conclusion	NOUN
emaj-76	157	12	do	do	AUX
emaj-76	157	13	not	not	PART
emaj-76	157	14	authorise	authorise	ADJ
emaj-76	157	15	to	to	PART
emaj-76	157	16	make	make	VERB
emaj-76	157	17	any	any	DET
emaj-76	157	18	further	further	ADJ
emaj-76	157	19	generalisations	generalisation	NOUN
emaj-76	157	20	.	.	PUNCT
emaj-76	158	1	the	the	DET
emaj-76	158	2	strongest	strong	ADJ
emaj-76	158	3	relationship	relationship	NOUN
emaj-76	158	4	was	be	AUX
emaj-76	158	5	observed	observe	VERB
emaj-76	158	6	for	for	ADP
emaj-76	158	7	the	the	DET
emaj-76	158	8	couple	couple	NOUN
emaj-76	158	9	ln(ta	ln(ta	PROPN
emaj-76	158	10	)	)	PUNCT
emaj-76	158	11	and	and	CCONJ
emaj-76	158	12	fa	fa	X
emaj-76	158	13	/	/	SYM
emaj-76	158	14	ta	ta	PROPN
emaj-76	158	15	.	.	PUNCT
emaj-76	159	1	it	it	PRON
emaj-76	159	2	also	also	ADV
emaj-76	159	3	seems	seem	VERB
emaj-76	159	4	obvious	obvious	ADJ
emaj-76	159	5	.	.	PUNCT
emaj-76	160	1	enterprises	enterprise	NOUN
emaj-76	160	2	pursuing	pursue	VERB
emaj-76	160	3	a	a	DET
emaj-76	160	4	specific	specific	ADJ
emaj-76	160	5	asset	asset	NOUN
emaj-76	160	6	management	management	NOUN
emaj-76	160	7	policy	policy	NOUN
emaj-76	160	8	maintain	maintain	VERB
emaj-76	160	9	their	their	PRON
emaj-76	160	10	structure	structure	NOUN
emaj-76	160	11	.	.	PUNCT
emaj-76	161	1	table	table	NOUN
emaj-76	161	2	2	2	NUM
emaj-76	161	3	.	.	PUNCT
emaj-76	161	4	correlation	correlation	NOUN
emaj-76	161	5	matrix	matrix	NOUN
emaj-76	161	6	of	of	ADP
emaj-76	161	7	independent	independent	ADJ
emaj-76	161	8	variables	variable	NOUN
emaj-76	161	9	variables	variable	NOUN
emaj-76	161	10	ln(ta	ln(ta	PROPN
emaj-76	161	11	)	)	PUNCT
emaj-76	161	12	roa	roa	PROPN
emaj-76	161	13	fa	fa	PROPN
emaj-76	161	14	/	/	SYM
emaj-76	161	15	ta	ta	PROPN
emaj-76	161	16	gr	gr	NOUN
emaj-76	161	17	gp	gp	NOUN
emaj-76	161	18	ln(ta	ln(ta	PROPN
emaj-76	161	19	)	)	PUNCT
emaj-76	161	20	1,0000	1,0000	NUM
emaj-76	161	21	roa	roa	NOUN
emaj-76	161	22	0,1892	0,1892	NOUN
emaj-76	161	23	1,0000	1,0000	NUM
emaj-76	161	24	fa	fa	NOUN
emaj-76	161	25	/	/	SYM
emaj-76	161	26	ta	ta	PROPN
emaj-76	162	1	0,2879	0,2879	NUM
emaj-76	162	2	-0,0222	-0,0222	PROPN
emaj-76	162	3	1,0000	1,0000	NUM
emaj-76	162	4	gr	gr	NOUN
emaj-76	162	5	-0,0023	-0,0023	PROPN
emaj-76	162	6	0,1322	0,1322	PROPN
emaj-76	162	7	-0,0509	-0,0509	PROPN
emaj-76	162	8	1,0000	1,0000	NUM
emaj-76	162	9	gp	gp	NOUN
emaj-76	163	1	-0,1944	-0,1944	NUM
emaj-76	163	2	0,0382	0,0382	NUM
emaj-76	163	3	-0,0858	-0,0858	PROPN
emaj-76	164	1	0,0474	0,0474	NOUN
emaj-76	164	2	1,0000	1,0000	NUM
emaj-76	164	3	source	source	NOUN
emaj-76	164	4	:	:	PUNCT
emaj-76	164	5	own	own	ADJ
emaj-76	164	6	studies	study	NOUN
emaj-76	164	7	.	.	PUNCT
emaj-76	165	1	volume	volume	NOUN
emaj-76	165	2	5	5	NUM
emaj-76	165	3	no	no	DET
emaj-76	165	4	2	2	NUM
emaj-76	165	5	(	(	PUNCT
emaj-76	165	6	2015	2015	NUM
emaj-76	165	7	)	)	PUNCT
emaj-76	165	8	|	|	ADV
emaj-76	165	9	issn	issn	VERB
emaj-76	165	10	2158	2158	NUM
emaj-76	165	11	-	-	SYM
emaj-76	165	12	8708	8708	NUM
emaj-76	165	13	(	(	PUNCT
emaj-76	165	14	online	online	NOUN
emaj-76	165	15	)	)	PUNCT
emaj-76	165	16	|	|	ADV
emaj-76	165	17	doi	doi	X
emaj-76	165	18	10.5195	10.5195	NUM
emaj-76	165	19	/	/	SYM
emaj-76	165	20	emaj.2015.76	emaj.2015.76	NOUN
emaj-76	165	21	|	|	ADV
emaj-76	165	22	http://emaj.pitt.edu	http://emaj.pitt.edu	PROPN
emaj-76	165	23	bogna	bogna	PROPN
emaj-76	165	24	kaźmierska	kaźmierska	PROPN
emaj-76	165	25	-	-	PUNCT
emaj-76	165	26	jóźwiak	jóźwiak	PROPN
emaj-76	165	27	,	,	PUNCT
emaj-76	165	28	jakub	jakub	PROPN
emaj-76	165	29	marszałek	marszałek	PROPN
emaj-76	165	30	,	,	PUNCT
emaj-76	165	31	paweł	paweł	VERB
emaj-76	165	32	sekuła	sekuła	VERB
emaj-76	165	33	emerging	emerge	VERB
emaj-76	165	34	markets	market	NOUN
emaj-76	165	35	journal	journal	NOUN
emaj-76	166	1	|	|	ADV
emaj-76	166	2	p	p	NOUN
emaj-76	166	3	a	a	DET
emaj-76	166	4	g	g	NOUN
emaj-76	166	5	e	e	NOUN
emaj-76	166	6	|5	|5	NUM
emaj-76	166	7	low	low	ADJ
emaj-76	166	8	correlation	correlation	NOUN
emaj-76	166	9	of	of	ADP
emaj-76	166	10	independent	independent	ADJ
emaj-76	166	11	variables	variable	NOUN
emaj-76	166	12	presented	present	VERB
emaj-76	166	13	in	in	ADP
emaj-76	166	14	table	table	NOUN
emaj-76	166	15	2	2	NUM
emaj-76	166	16	justifies	justify	VERB
emaj-76	166	17	further	further	ADJ
emaj-76	166	18	analysis	analysis	NOUN
emaj-76	166	19	of	of	ADP
emaj-76	166	20	debt	debt	NOUN
emaj-76	166	21	determinants	determinant	NOUN
emaj-76	166	22	.	.	PUNCT
emaj-76	167	1	we	we	PRON
emaj-76	167	2	started	start	VERB
emaj-76	167	3	with	with	ADP
emaj-76	167	4	identification	identification	NOUN
emaj-76	167	5	which	which	PRON
emaj-76	167	6	variables	variable	VERB
emaj-76	167	7	,	,	PUNCT
emaj-76	167	8	and	and	CCONJ
emaj-76	167	9	how	how	SCONJ
emaj-76	167	10	,	,	PUNCT
emaj-76	167	11	impact	impact	VERB
emaj-76	167	12	the	the	DET
emaj-76	167	13	relationship	relationship	NOUN
emaj-76	167	14	between	between	ADP
emaj-76	167	15	total	total	ADJ
emaj-76	167	16	debt	debt	NOUN
emaj-76	167	17	and	and	CCONJ
emaj-76	167	18	total	total	ADJ
emaj-76	167	19	assets	asset	NOUN
emaj-76	167	20	(	(	PUNCT
emaj-76	167	21	td	td	NOUN
emaj-76	167	22	/	/	SYM
emaj-76	167	23	ta	ta	NOUN
emaj-76	167	24	)	)	PUNCT
emaj-76	167	25	in	in	ADP
emaj-76	167	26	non	non	ADJ
emaj-76	167	27	-	-	ADJ
emaj-76	167	28	financial	financial	ADJ
emaj-76	167	29	enterprises	enterprise	NOUN
emaj-76	167	30	.	.	PUNCT
emaj-76	168	1	for	for	ADP
emaj-76	168	2	the	the	DET
emaj-76	168	3	model	model	NOUN
emaj-76	168	4	analysing	analyse	VERB
emaj-76	168	5	the	the	DET
emaj-76	168	6	impact	impact	NOUN
emaj-76	168	7	of	of	ADP
emaj-76	168	8	determinants	determinant	NOUN
emaj-76	168	9	on	on	ADP
emaj-76	168	10	total	total	ADJ
emaj-76	168	11	debt	debt	NOUN
emaj-76	168	12	in	in	ADP
emaj-76	168	13	companies	company	NOUN
emaj-76	168	14	,	,	PUNCT
emaj-76	168	15	breusch	breusch	PROPN
emaj-76	168	16	-	-	PUNCT
emaj-76	168	17	pagan	pagan	ADJ
emaj-76	168	18	and	and	CCONJ
emaj-76	168	19	hausman	hausman	ADJ
emaj-76	168	20	tests	test	NOUN
emaj-76	168	21	provided	provide	VERB
emaj-76	168	22	arguments	argument	NOUN
emaj-76	168	23	for	for	ADP
emaj-76	168	24	applying	apply	VERB
emaj-76	168	25	fixed	fix	VERB
emaj-76	168	26	effects	effect	NOUN
emaj-76	168	27	model	model	NOUN
emaj-76	168	28	.	.	PUNCT
emaj-76	169	1	breuschpagan	breuschpagan	PROPN
emaj-76	169	2	test	test	NOUN
emaj-76	169	3	showed	show	VERB
emaj-76	169	4	the	the	DET
emaj-76	169	5	value	value	NOUN
emaj-76	169	6	of	of	ADP
emaj-76	169	7	337.29	337.29	NUM
emaj-76	169	8	(	(	PUNCT
emaj-76	169	9	probability	probability	NOUN
emaj-76	169	10	0.0000	0.0000	NUM
emaj-76	169	11	)	)	PUNCT
emaj-76	169	12	and	and	CCONJ
emaj-76	169	13	hausman	hausman	ADJ
emaj-76	169	14	test	test	NOUN
emaj-76	169	15	33.26	33.26	NUM
emaj-76	169	16	(	(	PUNCT
emaj-76	169	17	probability	probability	NOUN
emaj-76	169	18	0.0000	0.0000	NUM
emaj-76	169	19	)	)	PUNCT
emaj-76	169	20	.	.	PUNCT
emaj-76	170	1	estimated	estimate	VERB
emaj-76	170	2	independent	independent	ADJ
emaj-76	170	3	variables	variable	NOUN
emaj-76	170	4	for	for	ADP
emaj-76	170	5	(	(	PUNCT
emaj-76	170	6	td	td	NOUN
emaj-76	170	7	/	/	SYM
emaj-76	170	8	ta	ta	NOUN
emaj-76	170	9	)	)	PUNCT
emaj-76	170	10	variable	variable	NOUN
emaj-76	170	11	are	be	AUX
emaj-76	170	12	given	give	VERB
emaj-76	170	13	in	in	ADP
emaj-76	170	14	table	table	NOUN
emaj-76	170	15	1	1	NUM
emaj-76	170	16	.	.	PUNCT
emaj-76	171	1	all	all	PRON
emaj-76	171	2	of	of	ADP
emaj-76	171	3	analysed	analyse	VERB
emaj-76	171	4	variables	variable	NOUN
emaj-76	171	5	exerted	exert	VERB
emaj-76	171	6	statistically	statistically	ADV
emaj-76	171	7	significant	significant	ADJ
emaj-76	171	8	influence	influence	NOUN
emaj-76	171	9	on	on	ADP
emaj-76	171	10	the	the	DET
emaj-76	171	11	dependent	dependent	ADJ
emaj-76	171	12	variable	variable	NOUN
emaj-76	171	13	ln	ln	NOUN
emaj-76	171	14	(	(	PUNCT
emaj-76	171	15	ta	ta	NOUN
emaj-76	171	16	)	)	PUNCT
emaj-76	171	17	(	(	PUNCT
emaj-76	171	18	negative	negative	ADJ
emaj-76	171	19	influence	influence	NOUN
emaj-76	171	20	for	for	ADP
emaj-76	171	21	p	p	NOUN
emaj-76	171	22	<	<	X
emaj-76	171	23	0,01	0,01	NUM
emaj-76	171	24	)	)	PUNCT
emaj-76	171	25	,	,	PUNCT
emaj-76	171	26	roa	roa	PROPN
emaj-76	171	27	(	(	PUNCT
emaj-76	171	28	negative	negative	ADJ
emaj-76	171	29	influence	influence	NOUN
emaj-76	171	30	for	for	ADP
emaj-76	171	31	p	p	NOUN
emaj-76	171	32	<	<	X
emaj-76	171	33	0,05	0,05	NOUN
emaj-76	171	34	)	)	PUNCT
emaj-76	171	35	,	,	PUNCT
emaj-76	171	36	fa	fa	PROPN
emaj-76	171	37	/	/	SYM
emaj-76	171	38	ta	ta	PROPN
emaj-76	171	39	(	(	PUNCT
emaj-76	171	40	negative	negative	ADJ
emaj-76	171	41	influence	influence	NOUN
emaj-76	171	42	for	for	ADP
emaj-76	171	43	p	p	NOUN
emaj-76	171	44	<	<	X
emaj-76	171	45	0,01	0,01	NUM
emaj-76	171	46	)	)	PUNCT
emaj-76	171	47	,	,	PUNCT
emaj-76	171	48	gr	gr	INTJ
emaj-76	171	49	(	(	PUNCT
emaj-76	171	50	negative	negative	ADJ
emaj-76	171	51	influence	influence	NOUN
emaj-76	171	52	for	for	ADP
emaj-76	171	53	p	p	NOUN
emaj-76	171	54	<	<	X
emaj-76	171	55	0,01	0,01	NUM
emaj-76	171	56	)	)	PUNCT
emaj-76	171	57	,	,	PUNCT
emaj-76	171	58	and	and	CCONJ
emaj-76	172	1	gp	gp	NOUN
emaj-76	172	2	(	(	PUNCT
emaj-76	172	3	positive	positive	ADJ
emaj-76	172	4	influence	influence	NOUN
emaj-76	172	5	for	for	ADP
emaj-76	172	6	p	p	NOUN
emaj-76	172	7	<	<	X
emaj-76	172	8	0,01	0,01	NUM
emaj-76	172	9	)	)	PUNCT
emaj-76	172	10	.	.	PUNCT
emaj-76	173	1	adjustment	adjustment	NOUN
emaj-76	173	2	degree	degree	NOUN
emaj-76	173	3	of	of	ADP
emaj-76	173	4	the	the	DET
emaj-76	173	5	model	model	NOUN
emaj-76	173	6	measured	measure	VERB
emaj-76	173	7	with	with	ADP
emaj-76	173	8	adjusted	adjust	VERB
emaj-76	173	9	r	r	NOUN
emaj-76	173	10	-	-	PUNCT
emaj-76	173	11	square	square	NOUN
emaj-76	173	12	was	be	AUX
emaj-76	173	13	31.05	31.05	NUM
emaj-76	173	14	%	%	NOUN
emaj-76	173	15	.	.	PUNCT
emaj-76	174	1	table	table	NOUN
emaj-76	174	2	3	3	NUM
emaj-76	174	3	.	.	PUNCT
emaj-76	175	1	analysis	analysis	NOUN
emaj-76	175	2	of	of	ADP
emaj-76	175	3	impact	impact	NOUN
emaj-76	175	4	of	of	ADP
emaj-76	175	5	selected	select	VERB
emaj-76	175	6	determinants	determinant	NOUN
emaj-76	175	7	upon	upon	SCONJ
emaj-76	175	8	(	(	PUNCT
emaj-76	175	9	td	td	NOUN
emaj-76	175	10	/	/	SYM
emaj-76	175	11	ta	ta	NOUN
emaj-76	175	12	)	)	PUNCT
emaj-76	175	13	variables	variable	NOUN
emaj-76	175	14	coefficient	coefficient	NOUN
emaj-76	175	15	stand	stand	NOUN
emaj-76	175	16	.	.	PUNCT
emaj-76	176	1	error	error	NOUN
emaj-76	176	2	tstudent	tstudent	NOUN
emaj-76	176	3	p	p	NOUN
emaj-76	176	4	value	value	NOUN
emaj-76	176	5	const	const	NOUN
emaj-76	176	6	1,28086	1,28086	NUM
emaj-76	176	7	0,19005	0,19005	ADJ
emaj-76	176	8	6,7394	6,7394	NOUN
emaj-76	176	9	<	<	X
emaj-76	176	10	0,00001	0,00001	NOUN
emaj-76	176	11	*	*	PUNCT
emaj-76	176	12	*	*	PUNCT
emaj-76	176	13	*	*	PUNCT
emaj-76	176	14	ln(ta	ln(ta	PROPN
emaj-76	176	15	)	)	PUNCT
emaj-76	177	1	-0,04998	-0,04998	PROPN
emaj-76	177	2	0,01589	0,01589	NUM
emaj-76	178	1	-3,1457	-3,1457	PROPN
emaj-76	179	1	0,00170	0,00170	PUNCT
emaj-76	179	2	*	*	PUNCT
emaj-76	179	3	*	*	PUNCT
emaj-76	179	4	*	*	PUNCT
emaj-76	179	5	roa	roa	PROPN
emaj-76	179	6	-0,20308	-0,20308	PROPN
emaj-76	179	7	0,08631	0,08631	PROPN
emaj-76	180	1	-2,3530	-2,3530	PROPN
emaj-76	181	1	0,01880	0,01880	PROPN
emaj-76	181	2	*	*	PUNCT
emaj-76	181	3	*	*	PUNCT
emaj-76	181	4	fa	fa	PROPN
emaj-76	181	5	/	/	SYM
emaj-76	181	6	ta	ta	PROPN
emaj-76	181	7	-0,37884	-0,37884	PROPN
emaj-76	181	8	0,11213	0,11213	NOUN
emaj-76	181	9	-3,3787	-3,3787	NUM
emaj-76	181	10	0,00075	0,00075	PRON
emaj-76	181	11	*	*	PUNCT
emaj-76	182	1	*	*	PUNCT
emaj-76	182	2	*	*	PUNCT
emaj-76	182	3	gr	gr	NUM
emaj-76	182	4	-0,03483	-0,03483	PROPN
emaj-76	182	5	0,00948	0,00948	NOUN
emaj-76	182	6	-3,6745	-3,6745	PROPN
emaj-76	182	7	0,00025	0,00025	AUX
emaj-76	182	8	*	*	X
emaj-76	182	9	*	*	PUNCT
emaj-76	182	10	*	*	PUNCT
emaj-76	182	11	gp	gp	X
emaj-76	182	12	0,03656	0,03656	ADJ
emaj-76	182	13	0,00597	0,00597	PROPN
emaj-76	182	14	6,1251	6,1251	NUM
emaj-76	182	15	<	<	X
emaj-76	182	16	0,00001	0,00001	NOUN
emaj-76	182	17	*	*	PUNCT
emaj-76	182	18	*	*	PUNCT
emaj-76	182	19	*	*	PUNCT
emaj-76	182	20	r	r	X
emaj-76	182	21	-	-	ADJ
emaj-76	182	22	square	square	NOUN
emaj-76	182	23	=	=	SYM
emaj-76	182	24	0,37551	0,37551	ADP
emaj-76	182	25	adjusted	adjust	VERB
emaj-76	182	26	r	r	NOUN
emaj-76	182	27	-	-	ADJ
emaj-76	182	28	square	square	ADJ
emaj-76	182	29	=	=	PUNCT
emaj-76	182	30	0,31051	0,31051	PROPN
emaj-76	182	31	f	f	PROPN
emaj-76	182	32	test	test	NOUN
emaj-76	182	33	=	=	SYM
emaj-76	182	34	(	(	PUNCT
emaj-76	182	35	115,1105	115,1105	NUM
emaj-76	182	36	)	)	PUNCT
emaj-76	183	1	=	=	SYM
emaj-76	183	2	5,77765	5,77765	PROPN
emaj-76	183	3	(	(	PUNCT
emaj-76	183	4	p	p	X
emaj-76	183	5	<	<	X
emaj-76	183	6	0,00001	0,00001	NOUN
emaj-76	183	7	)	)	PUNCT
emaj-76	183	8	significant	significant	ADJ
emaj-76	183	9	variable	variable	NOUN
emaj-76	183	10	at	at	ADP
emaj-76	183	11	*	*	PUNCT
emaj-76	183	12	p	p	X
emaj-76	183	13	<	<	X
emaj-76	183	14	0,10	0,10	NOUN
emaj-76	183	15	,	,	PUNCT
emaj-76	183	16	*	*	PUNCT
emaj-76	183	17	*	*	PUNCT
emaj-76	184	1	p	p	X
emaj-76	184	2	<	<	X
emaj-76	184	3	0,05	0,05	NOUN
emaj-76	184	4	,	,	PUNCT
emaj-76	184	5	*	*	PUNCT
emaj-76	184	6	*	*	PUNCT
emaj-76	184	7	*	*	PUNCT
emaj-76	184	8	p	p	X
emaj-76	184	9	<	<	X
emaj-76	184	10	0,01	0,01	NUM
emaj-76	184	11	source	source	NOUN
emaj-76	184	12	:	:	PUNCT
emaj-76	184	13	own	own	ADJ
emaj-76	184	14	studies	study	NOUN
emaj-76	184	15	.	.	PUNCT
emaj-76	185	1	all	all	PRON
emaj-76	185	2	of	of	ADP
emaj-76	185	3	the	the	DET
emaj-76	185	4	five	five	NUM
emaj-76	185	5	studied	studied	ADJ
emaj-76	185	6	variables	variable	NOUN
emaj-76	185	7	were	be	AUX
emaj-76	185	8	statistically	statistically	ADV
emaj-76	185	9	significant	significant	ADJ
emaj-76	185	10	.	.	PUNCT
emaj-76	186	1	by	by	ADP
emaj-76	186	2	analysing	analyse	VERB
emaj-76	186	3	estimates	estimate	NOUN
emaj-76	186	4	obtained	obtain	VERB
emaj-76	186	5	from	from	ADP
emaj-76	186	6	the	the	DET
emaj-76	186	7	panel	panel	NOUN
emaj-76	186	8	model	model	NOUN
emaj-76	186	9	,	,	PUNCT
emaj-76	186	10	we	we	PRON
emaj-76	186	11	can	can	AUX
emaj-76	186	12	conclude	conclude	VERB
emaj-76	186	13	that	that	SCONJ
emaj-76	186	14	all	all	DET
emaj-76	186	15	analysed	analyse	VERB
emaj-76	186	16	variables	variable	NOUN
emaj-76	186	17	,	,	PUNCT
emaj-76	186	18	with	with	ADP
emaj-76	186	19	the	the	DET
emaj-76	186	20	exception	exception	NOUN
emaj-76	186	21	of	of	ADP
emaj-76	186	22	roa	roa	NOUN
emaj-76	186	23	,	,	PUNCT
emaj-76	186	24	were	be	AUX
emaj-76	186	25	statistically	statistically	ADV
emaj-76	186	26	significant	significant	ADJ
emaj-76	186	27	for	for	ADP
emaj-76	186	28	p	p	NOUN
emaj-76	186	29	lower	low	ADJ
emaj-76	186	30	than	than	ADP
emaj-76	186	31	1	1	NUM
emaj-76	186	32	percent	percent	NOUN
emaj-76	186	33	.	.	PUNCT
emaj-76	187	1	the	the	DET
emaj-76	187	2	results	result	NOUN
emaj-76	187	3	indicate	indicate	VERB
emaj-76	187	4	that	that	SCONJ
emaj-76	187	5	there	there	PRON
emaj-76	187	6	is	be	VERB
emaj-76	187	7	an	an	DET
emaj-76	187	8	evidence	evidence	NOUN
emaj-76	187	9	of	of	ADP
emaj-76	187	10	a	a	DET
emaj-76	187	11	significant	significant	ADJ
emaj-76	187	12	negative	negative	ADJ
emaj-76	187	13	relationship	relationship	NOUN
emaj-76	187	14	between	between	ADP
emaj-76	187	15	the	the	DET
emaj-76	187	16	size	size	NOUN
emaj-76	187	17	of	of	ADP
emaj-76	187	18	a	a	DET
emaj-76	187	19	company	company	NOUN
emaj-76	187	20	and	and	CCONJ
emaj-76	187	21	the	the	DET
emaj-76	187	22	level	level	NOUN
emaj-76	187	23	of	of	ADP
emaj-76	187	24	total	total	ADJ
emaj-76	187	25	debt	debt	NOUN
emaj-76	187	26	.	.	PUNCT
emaj-76	188	1	this	this	PRON
emaj-76	188	2	supports	support	VERB
emaj-76	188	3	hypothesis	hypothesis	NOUN
emaj-76	188	4	h1	h1	NOUN
emaj-76	188	5	and	and	CCONJ
emaj-76	188	6	is	be	AUX
emaj-76	188	7	consistent	consistent	ADJ
emaj-76	188	8	with	with	ADP
emaj-76	188	9	the	the	DET
emaj-76	188	10	pecking	pecking	NOUN
emaj-76	188	11	order	order	NOUN
emaj-76	188	12	theory	theory	NOUN
emaj-76	188	13	of	of	ADP
emaj-76	188	14	capital	capital	NOUN
emaj-76	188	15	structure	structure	NOUN
emaj-76	188	16	.	.	PUNCT
emaj-76	189	1	the	the	DET
emaj-76	189	2	impact	impact	NOUN
emaj-76	189	3	of	of	ADP
emaj-76	189	4	ln(ta	ln(ta	PROPN
emaj-76	189	5	)	)	PUNCT
emaj-76	189	6	was	be	AUX
emaj-76	189	7	negative	negative	ADJ
emaj-76	189	8	,	,	PUNCT
emaj-76	189	9	which	which	PRON
emaj-76	189	10	could	could	AUX
emaj-76	189	11	be	be	AUX
emaj-76	189	12	indicative	indicative	ADJ
emaj-76	189	13	of	of	ADP
emaj-76	189	14	larger	large	ADJ
emaj-76	189	15	companies	company	NOUN
emaj-76	189	16	being	be	AUX
emaj-76	189	17	characterised	characterise	VERB
emaj-76	189	18	with	with	ADP
emaj-76	189	19	lower	low	ADJ
emaj-76	189	20	debt	debt	NOUN
emaj-76	189	21	as	as	ADP
emaj-76	189	22	,	,	PUNCT
emaj-76	189	23	in	in	ADP
emaj-76	189	24	accordance	accordance	NOUN
emaj-76	189	25	with	with	ADP
emaj-76	189	26	the	the	DET
emaj-76	189	27	pecking	pecking	NOUN
emaj-76	189	28	order	order	NOUN
emaj-76	189	29	theory	theory	NOUN
emaj-76	189	30	,	,	PUNCT
emaj-76	189	31	they	they	PRON
emaj-76	189	32	prefer	prefer	VERB
emaj-76	189	33	internal	internal	ADJ
emaj-76	189	34	over	over	ADP
emaj-76	189	35	external	external	ADJ
emaj-76	189	36	sources	source	NOUN
emaj-76	189	37	of	of	ADP
emaj-76	189	38	financing	financing	NOUN
emaj-76	189	39	.	.	PUNCT
emaj-76	190	1	as	as	SCONJ
emaj-76	190	2	expected	expect	VERB
emaj-76	190	3	,	,	PUNCT
emaj-76	190	4	there	there	PRON
emaj-76	190	5	is	be	VERB
emaj-76	190	6	evidence	evidence	NOUN
emaj-76	190	7	of	of	ADP
emaj-76	190	8	a	a	DET
emaj-76	190	9	significant	significant	ADJ
emaj-76	190	10	negative	negative	ADJ
emaj-76	190	11	relationship	relationship	NOUN
emaj-76	190	12	between	between	ADP
emaj-76	190	13	the	the	DET
emaj-76	190	14	level	level	NOUN
emaj-76	190	15	of	of	ADP
emaj-76	190	16	debt	debt	NOUN
emaj-76	190	17	and	and	CCONJ
emaj-76	190	18	profitability	profitability	NOUN
emaj-76	190	19	.	.	PUNCT
emaj-76	191	1	this	this	PRON
emaj-76	191	2	supports	support	VERB
emaj-76	191	3	hypothesis	hypothesis	NOUN
emaj-76	191	4	h2	h2	NOUN
emaj-76	191	5	and	and	CCONJ
emaj-76	191	6	is	be	AUX
emaj-76	191	7	consistent	consistent	ADJ
emaj-76	191	8	with	with	ADP
emaj-76	191	9	the	the	DET
emaj-76	191	10	findings	finding	NOUN
emaj-76	191	11	of	of	ADP
emaj-76	191	12	titman	titman	NOUN
emaj-76	191	13	and	and	CCONJ
emaj-76	191	14	wessels	wessels	PROPN
emaj-76	191	15	(	(	PUNCT
emaj-76	191	16	1988	1988	NUM
emaj-76	191	17	)	)	PUNCT
emaj-76	191	18	,	,	PUNCT
emaj-76	191	19	rajan	rajan	PROPN
emaj-76	191	20	and	and	CCONJ
emaj-76	191	21	zingales	zingales	PROPN
emaj-76	191	22	(	(	PUNCT
emaj-76	191	23	1995	1995	NUM
emaj-76	191	24	)	)	PUNCT
emaj-76	191	25	,	,	PUNCT
emaj-76	191	26	booth	booth	NOUN
emaj-76	191	27	et	et	PROPN
emaj-76	191	28	al	al	PROPN
emaj-76	191	29	.	.	PROPN
emaj-76	192	1	(	(	PUNCT
emaj-76	192	2	2001	2001	NUM
emaj-76	192	3	)	)	PUNCT
emaj-76	192	4	,	,	PUNCT
emaj-76	192	5	huang	huang	PROPN
emaj-76	192	6	and	and	CCONJ
emaj-76	192	7	song	song	NOUN
emaj-76	192	8	(	(	PUNCT
emaj-76	192	9	2006	2006	NUM
emaj-76	192	10	)	)	PUNCT
emaj-76	192	11	.	.	PUNCT
emaj-76	193	1	the	the	DET
emaj-76	193	2	above	above	ADJ
emaj-76	193	3	relationship	relationship	NOUN
emaj-76	193	4	means	mean	VERB
emaj-76	193	5	that	that	SCONJ
emaj-76	193	6	companies	company	NOUN
emaj-76	193	7	representing	represent	VERB
emaj-76	193	8	higher	high	ADJ
emaj-76	193	9	profitability	profitability	NOUN
emaj-76	193	10	carry	carry	VERB
emaj-76	193	11	lower	low	ADJ
emaj-76	193	12	debt	debt	NOUN
emaj-76	193	13	,	,	PUNCT
emaj-76	193	14	which	which	PRON
emaj-76	193	15	is	be	AUX
emaj-76	193	16	consistent	consistent	ADJ
emaj-76	193	17	with	with	ADP
emaj-76	193	18	the	the	DET
emaj-76	193	19	assumptions	assumption	NOUN
emaj-76	193	20	of	of	ADP
emaj-76	193	21	the	the	DET
emaj-76	193	22	pecking	pecking	NOUN
emaj-76	193	23	order	order	NOUN
emaj-76	193	24	theory	theory	NOUN
emaj-76	193	25	,	,	PUNCT
emaj-76	193	26	because	because	SCONJ
emaj-76	193	27	they	they	PRON
emaj-76	193	28	use	use	VERB
emaj-76	193	29	their	their	PRON
emaj-76	193	30	own	own	ADJ
emaj-76	193	31	financial	financial	ADJ
emaj-76	193	32	surpluses	surplus	NOUN
emaj-76	193	33	to	to	PART
emaj-76	193	34	avoid	avoid	VERB
emaj-76	193	35	incurring	incur	VERB
emaj-76	193	36	debt	debt	NOUN
emaj-76	193	37	.	.	PUNCT
emaj-76	194	1	the	the	DET
emaj-76	194	2	results	result	NOUN
emaj-76	194	3	indicate	indicate	VERB
emaj-76	194	4	that	that	SCONJ
emaj-76	194	5	there	there	PRON
emaj-76	194	6	is	be	VERB
emaj-76	194	7	an	an	DET
emaj-76	194	8	evidence	evidence	NOUN
emaj-76	194	9	of	of	ADP
emaj-76	194	10	a	a	DET
emaj-76	194	11	significant	significant	ADJ
emaj-76	194	12	negative	negative	ADJ
emaj-76	194	13	relationship	relationship	NOUN
emaj-76	194	14	between	between	ADP
emaj-76	194	15	growth	growth	NOUN
emaj-76	194	16	rate	rate	NOUN
emaj-76	194	17	and	and	CCONJ
emaj-76	194	18	the	the	DET
emaj-76	194	19	level	level	NOUN
emaj-76	194	20	of	of	ADP
emaj-76	194	21	total	total	ADJ
emaj-76	194	22	debt	debt	NOUN
emaj-76	194	23	.	.	PUNCT
emaj-76	195	1	this	this	PRON
emaj-76	195	2	supports	support	VERB
emaj-76	195	3	hypothesis	hypothesis	NOUN
emaj-76	195	4	h4	h4	NOUN
emaj-76	195	5	and	and	CCONJ
emaj-76	195	6	is	be	AUX
emaj-76	195	7	consistent	consistent	ADJ
emaj-76	195	8	with	with	ADP
emaj-76	195	9	what	what	PRON
emaj-76	195	10	titman	titman	NOUN
emaj-76	195	11	and	and	CCONJ
emaj-76	195	12	wessels	wessels	PROPN
emaj-76	195	13	(	(	PUNCT
emaj-76	195	14	1988	1988	NUM
emaj-76	195	15	)	)	PUNCT
emaj-76	195	16	,	,	PUNCT
emaj-76	195	17	rajan	rajan	PROPN
emaj-76	195	18	and	and	CCONJ
emaj-76	195	19	zingales	zingales	PROPN
emaj-76	195	20	(	(	PUNCT
emaj-76	195	21	1995	1995	NUM
emaj-76	195	22	)	)	PUNCT
emaj-76	195	23	concluded	conclude	VERB
emaj-76	195	24	.	.	PUNCT
emaj-76	196	1	results	result	NOUN
emaj-76	196	2	of	of	ADP
emaj-76	196	3	the	the	DET
emaj-76	196	4	study	study	NOUN
emaj-76	196	5	suggest	suggest	VERB
emaj-76	196	6	negative	negative	ADJ
emaj-76	196	7	relationship	relationship	NOUN
emaj-76	196	8	between	between	ADP
emaj-76	196	9	tangibility	tangibility	NOUN
emaj-76	196	10	and	and	CCONJ
emaj-76	196	11	debt	debt	NOUN
emaj-76	196	12	level	level	NOUN
emaj-76	196	13	,	,	PUNCT
emaj-76	196	14	meaning	mean	VERB
emaj-76	196	15	hypothesis	hypothesis	NOUN
emaj-76	196	16	h3	h3	NOUN
emaj-76	196	17	was	be	AUX
emaj-76	196	18	not	not	PART
emaj-76	196	19	confirmed	confirm	VERB
emaj-76	196	20	.	.	PUNCT
emaj-76	197	1	neither	neither	CCONJ
emaj-76	197	2	was	be	AUX
emaj-76	197	3	h5	h5	PROPN
emaj-76	197	4	hypothesis	hypothesis	NOUN
emaj-76	197	5	since	since	SCONJ
emaj-76	197	6	the	the	DET
emaj-76	197	7	study	study	NOUN
emaj-76	197	8	confirmed	confirm	VERB
emaj-76	197	9	positive	positive	ADJ
emaj-76	197	10	relationship	relationship	NOUN
emaj-76	197	11	between	between	ADP
emaj-76	197	12	growth	growth	NOUN
emaj-76	197	13	prospects	prospect	NOUN
emaj-76	197	14	and	and	CCONJ
emaj-76	197	15	debt	debt	NOUN
emaj-76	197	16	level	level	NOUN
emaj-76	197	17	.	.	PUNCT
emaj-76	198	1	the	the	DET
emaj-76	198	2	above	above	ADJ
emaj-76	198	3	results	result	NOUN
emaj-76	198	4	mean	mean	VERB
emaj-76	198	5	that	that	SCONJ
emaj-76	198	6	companies	company	NOUN
emaj-76	198	7	with	with	ADP
emaj-76	198	8	lower	low	ADJ
emaj-76	198	9	growth	growth	NOUN
emaj-76	198	10	dynamics	dynamic	NOUN
emaj-76	198	11	measured	measure	VERB
emaj-76	198	12	with	with	ADP
emaj-76	198	13	the	the	DET
emaj-76	198	14	rate	rate	NOUN
emaj-76	198	15	of	of	ADP
emaj-76	198	16	increase	increase	NOUN
emaj-76	198	17	in	in	ADP
emaj-76	198	18	assets	asset	NOUN
emaj-76	198	19	are	be	AUX
emaj-76	198	20	characterised	characterise	VERB
emaj-76	198	21	with	with	ADP
emaj-76	198	22	higher	high	ADJ
emaj-76	198	23	share	share	NOUN
emaj-76	198	24	of	of	ADP
emaj-76	198	25	debt	debt	NOUN
emaj-76	198	26	financing	financing	NOUN
emaj-76	198	27	.	.	PUNCT
emaj-76	199	1	that	that	PRON
emaj-76	199	2	would	would	AUX
emaj-76	199	3	mean	mean	VERB
emaj-76	199	4	companies	company	NOUN
emaj-76	199	5	unable	unable	ADJ
emaj-76	199	6	to	to	PART
emaj-76	199	7	work	work	VERB
emaj-76	199	8	out	out	ADP
emaj-76	199	9	adequate	adequate	ADJ
emaj-76	199	10	capital	capital	NOUN
emaj-76	199	11	are	be	AUX
emaj-76	199	12	trying	try	VERB
emaj-76	199	13	to	to	PART
emaj-76	199	14	acquire	acquire	VERB
emaj-76	199	15	it	it	PRON
emaj-76	199	16	by	by	ADP
emaj-76	199	17	incurring	incur	VERB
emaj-76	199	18	debt	debt	NOUN
emaj-76	199	19	.	.	PUNCT
emaj-76	200	1	negative	negative	ADJ
emaj-76	200	2	impact	impact	NOUN
emaj-76	200	3	of	of	ADP
emaj-76	200	4	(	(	PUNCT
emaj-76	200	5	fa	fa	NOUN
emaj-76	200	6	/	/	SYM
emaj-76	200	7	ta	ta	NOUN
emaj-76	200	8	)	)	PUNCT
emaj-76	200	9	upon	upon	SCONJ
emaj-76	200	10	response	response	NOUN
emaj-76	200	11	variable	variable	NOUN
emaj-76	200	12	should	should	AUX
emaj-76	200	13	be	be	AUX
emaj-76	200	14	interpreted	interpret	VERB
emaj-76	200	15	as	as	ADP
emaj-76	200	16	a	a	DET
emaj-76	200	17	lower	low	ADJ
emaj-76	200	18	propensity	propensity	NOUN
emaj-76	200	19	to	to	PART
emaj-76	200	20	incur	incur	VERB
emaj-76	200	21	debt	debt	NOUN
emaj-76	200	22	observed	observe	VERB
emaj-76	200	23	in	in	ADP
emaj-76	200	24	companies	company	NOUN
emaj-76	200	25	with	with	ADP
emaj-76	200	26	higher	high	ADJ
emaj-76	200	27	share	share	NOUN
emaj-76	200	28	of	of	ADP
emaj-76	200	29	fixed	fix	VERB
emaj-76	200	30	assets	asset	NOUN
emaj-76	200	31	.	.	PUNCT
emaj-76	201	1	we	we	PRON
emaj-76	201	2	may	may	AUX
emaj-76	201	3	thus	thus	ADV
emaj-76	201	4	conclude	conclude	VERB
emaj-76	201	5	that	that	SCONJ
emaj-76	201	6	,	,	PUNCT
emaj-76	201	7	managers	manager	NOUN
emaj-76	201	8	in	in	ADP
emaj-76	201	9	companies	company	NOUN
emaj-76	201	10	want	want	VERB
emaj-76	201	11	to	to	PART
emaj-76	201	12	finance	finance	VERB
emaj-76	201	13	as	as	ADV
emaj-76	201	14	much	much	ADJ
emaj-76	201	15	fixed	fix	VERB
emaj-76	201	16	assets	asset	NOUN
emaj-76	201	17	as	as	ADP
emaj-76	201	18	possible	possible	ADJ
emaj-76	201	19	with	with	ADP
emaj-76	201	20	secure	secure	ADJ
emaj-76	201	21	equity	equity	NOUN
emaj-76	201	22	with	with	ADP
emaj-76	201	23	unspecified	unspecified	ADJ
emaj-76	201	24	maturity	maturity	NOUN
emaj-76	201	25	date	date	NOUN
emaj-76	201	26	.	.	PUNCT
emaj-76	202	1	gp	gp	NOUN
emaj-76	202	2	variable	variable	NOUN
emaj-76	202	3	in	in	ADP
emaj-76	202	4	the	the	DET
emaj-76	202	5	model	model	NOUN
emaj-76	202	6	positively	positively	ADV
emaj-76	202	7	impacts	impact	NOUN
emaj-76	202	8	(	(	PUNCT
emaj-76	202	9	td	td	NOUN
emaj-76	202	10	/	/	SYM
emaj-76	202	11	ta	ta	NOUN
emaj-76	202	12	)	)	PUNCT
emaj-76	202	13	meaning	mean	VERB
emaj-76	202	14	the	the	DET
emaj-76	202	15	companies	company	NOUN
emaj-76	202	16	well	well	ADV
emaj-76	202	17	evaluated	evaluate	VERB
emaj-76	202	18	by	by	ADP
emaj-76	202	19	investors	investor	NOUN
emaj-76	202	20	with	with	ADP
emaj-76	202	21	relatively	relatively	ADV
emaj-76	202	22	high	high	ADJ
emaj-76	202	23	market	market	NOUN
emaj-76	202	24	valuations	valuation	NOUN
emaj-76	202	25	have	have	VERB
emaj-76	202	26	higher	high	ADJ
emaj-76	202	27	share	share	NOUN
emaj-76	202	28	of	of	ADP
emaj-76	202	29	debt	debt	NOUN
emaj-76	202	30	in	in	ADP
emaj-76	202	31	assets	asset	NOUN
emaj-76	202	32	financing	financing	NOUN
emaj-76	202	33	.	.	PUNCT
emaj-76	203	1	it	it	PRON
emaj-76	203	2	suggests	suggest	VERB
emaj-76	203	3	that	that	SCONJ
emaj-76	203	4	positive	positive	ADJ
emaj-76	203	5	perception	perception	NOUN
emaj-76	203	6	of	of	ADP
emaj-76	203	7	companies	company	NOUN
emaj-76	203	8	by	by	ADP
emaj-76	203	9	investors	investor	NOUN
emaj-76	203	10	facilitates	facilitate	VERB
emaj-76	203	11	the	the	DET
emaj-76	203	12	acquisition	acquisition	NOUN
emaj-76	203	13	of	of	ADP
emaj-76	203	14	external	external	ADJ
emaj-76	203	15	financing	financing	NOUN
emaj-76	203	16	.	.	PUNCT
emaj-76	204	1	summing	sum	VERB
emaj-76	204	2	up	up	ADP
emaj-76	204	3	the	the	DET
emaj-76	204	4	results	result	NOUN
emaj-76	204	5	we	we	PRON
emaj-76	204	6	need	need	VERB
emaj-76	204	7	to	to	PART
emaj-76	204	8	stress	stress	VERB
emaj-76	204	9	,	,	PUNCT
emaj-76	204	10	however	however	ADV
emaj-76	204	11	,	,	PUNCT
emaj-76	204	12	that	that	SCONJ
emaj-76	204	13	the	the	DET
emaj-76	204	14	ability	ability	NOUN
emaj-76	204	15	of	of	ADP
emaj-76	204	16	the	the	DET
emaj-76	204	17	model	model	NOUN
emaj-76	204	18	to	to	PART
emaj-76	204	19	explain	explain	VERB
emaj-76	204	20	the	the	DET
emaj-76	204	21	dependent	dependent	ADJ
emaj-76	204	22	variable	variable	NOUN
emaj-76	204	23	(	(	PUNCT
emaj-76	204	24	td	td	PROPN
emaj-76	204	25	/	/	SYM
emaj-76	204	26	ta	ta	NOUN
emaj-76	204	27	)	)	PUNCT
emaj-76	204	28	was	be	AUX
emaj-76	204	29	rather	rather	ADV
emaj-76	204	30	limited	limited	ADJ
emaj-76	204	31	and	and	CCONJ
emaj-76	204	32	adjusted	adjust	VERB
emaj-76	204	33	r	r	NOUN
emaj-76	204	34	-	-	PUNCT
emaj-76	204	35	squared	squared	ADJ
emaj-76	204	36	was	be	AUX
emaj-76	204	37	0.31	0.31	NUM
emaj-76	204	38	.	.	PUNCT
emaj-76	205	1	results	result	NOUN
emaj-76	205	2	of	of	ADP
emaj-76	205	3	the	the	DET
emaj-76	205	4	study	study	NOUN
emaj-76	205	5	demonstrate	demonstrate	VERB
emaj-76	205	6	that	that	SCONJ
emaj-76	205	7	the	the	DET
emaj-76	205	8	pecking	pecking	NOUN
emaj-76	205	9	order	order	NOUN
emaj-76	205	10	theory	theory	NOUN
emaj-76	205	11	better	well	ADV
emaj-76	205	12	explains	explain	VERB
emaj-76	205	13	changes	change	NOUN
emaj-76	205	14	in	in	ADP
emaj-76	205	15	the	the	DET
emaj-76	205	16	level	level	NOUN
emaj-76	205	17	of	of	ADP
emaj-76	205	18	debt	debt	NOUN
emaj-76	205	19	in	in	ADP
emaj-76	205	20	analysed	analyse	VERB
emaj-76	205	21	companies	company	NOUN
emaj-76	205	22	.	.	PUNCT
emaj-76	206	1	they	they	PRON
emaj-76	206	2	are	be	AUX
emaj-76	206	3	also	also	ADV
emaj-76	206	4	consistent	consistent	ADJ
emaj-76	206	5	with	with	ADP
emaj-76	206	6	earlier	early	ADJ
emaj-76	206	7	studies	study	NOUN
emaj-76	206	8	conducted	conduct	VERB
emaj-76	206	9	in	in	ADP
emaj-76	206	10	poland	poland	PROPN
emaj-76	206	11	and	and	CCONJ
emaj-76	206	12	in	in	ADP
emaj-76	206	13	western	western	ADJ
emaj-76	206	14	countries	country	NOUN
emaj-76	206	15	(	(	PUNCT
emaj-76	206	16	titman	titman	NOUN
emaj-76	206	17	and	and	CCONJ
emaj-76	206	18	wessels	wessels	PROPN
emaj-76	206	19	,	,	PUNCT
emaj-76	206	20	1988	1988	NUM
emaj-76	206	21	;	;	PUNCT
emaj-76	206	22	rajan	rajan	PROPN
emaj-76	206	23	and	and	CCONJ
emaj-76	206	24	zingales	zingale	NOUN
emaj-76	206	25	,	,	PUNCT
emaj-76	206	26	1995	1995	NUM
emaj-76	206	27	)	)	PUNCT
emaj-76	206	28	.	.	PUNCT
emaj-76	207	1	different	different	ADJ
emaj-76	207	2	results	result	NOUN
emaj-76	207	3	were	be	AUX
emaj-76	207	4	obtained	obtain	VERB
emaj-76	207	5	for	for	ADP
emaj-76	207	6	two	two	NUM
emaj-76	207	7	variables	variable	NOUN
emaj-76	207	8	:	:	PUNCT
emaj-76	207	9	tangibility	tangibility	NOUN
emaj-76	207	10	and	and	CCONJ
emaj-76	207	11	growth	growth	NOUN
emaj-76	207	12	opportunities	opportunity	NOUN
emaj-76	207	13	.	.	PUNCT
emaj-76	208	1	we	we	PRON
emaj-76	208	2	must	must	AUX
emaj-76	208	3	remember	remember	VERB
emaj-76	208	4	,	,	PUNCT
emaj-76	208	5	however	however	ADV
emaj-76	208	6	,	,	PUNCT
emaj-76	208	7	that	that	SCONJ
emaj-76	208	8	all	all	DET
emaj-76	208	9	variables	variable	NOUN
emaj-76	208	10	significantly	significantly	ADV
emaj-76	208	11	impact	impact	VERB
emaj-76	208	12	the	the	DET
emaj-76	208	13	level	level	NOUN
emaj-76	208	14	of	of	ADP
emaj-76	208	15	debt	debt	NOUN
emaj-76	208	16	of	of	ADP
emaj-76	208	17	an	an	DET
emaj-76	208	18	enterprise	enterprise	NOUN
emaj-76	208	19	.	.	PUNCT
emaj-76	209	1	6	6	X
emaj-76	209	2	.	.	X
emaj-76	209	3	conclusions	conclusion	NOUN
emaj-76	209	4	and	and	CCONJ
emaj-76	209	5	discussion	discussion	NOUN
emaj-76	209	6	studies	study	NOUN
emaj-76	209	7	devoted	devote	VERB
emaj-76	209	8	to	to	ADP
emaj-76	209	9	the	the	DET
emaj-76	209	10	propensity	propensity	NOUN
emaj-76	209	11	of	of	ADP
emaj-76	209	12	polish	polish	ADJ
emaj-76	209	13	companies	company	NOUN
emaj-76	209	14	listed	list	VERB
emaj-76	209	15	at	at	ADP
emaj-76	209	16	the	the	DET
emaj-76	209	17	warsaw	warsaw	PROPN
emaj-76	209	18	stock	stock	PROPN
emaj-76	209	19	exchange	exchange	PROPN
emaj-76	209	20	to	to	PART
emaj-76	209	21	incur	incur	VERB
emaj-76	209	22	debt	debt	NOUN
emaj-76	209	23	do	do	AUX
emaj-76	209	24	not	not	PART
emaj-76	209	25	allow	allow	VERB
emaj-76	209	26	confirming	confirm	VERB
emaj-76	209	27	all	all	DET
emaj-76	209	28	proposed	propose	VERB
emaj-76	209	29	hypotheses	hypothesis	NOUN
emaj-76	209	30	.	.	PUNCT
emaj-76	210	1	first	first	ADV
emaj-76	210	2	of	of	ADP
emaj-76	210	3	all	all	PRON
emaj-76	210	4	,	,	PUNCT
emaj-76	210	5	attention	attention	NOUN
emaj-76	210	6	is	be	AUX
emaj-76	210	7	drawn	draw	VERB
emaj-76	210	8	to	to	ADP
emaj-76	210	9	reversed	reverse	VERB
emaj-76	210	10	relationship	relationship	NOUN
emaj-76	210	11	between	between	ADP
emaj-76	210	12	debt	debt	NOUN
emaj-76	210	13	and	and	CCONJ
emaj-76	210	14	firm	firm	ADJ
emaj-76	210	15	size	size	NOUN
emaj-76	210	16	.	.	PUNCT
emaj-76	211	1	obtained	obtain	VERB
emaj-76	211	2	results	result	NOUN
emaj-76	211	3	confirm	confirm	VERB
emaj-76	211	4	the	the	DET
emaj-76	211	5	findings	finding	NOUN
emaj-76	211	6	of	of	ADP
emaj-76	211	7	the	the	DET
emaj-76	211	8	pecking	pecking	NOUN
emaj-76	211	9	order	order	NOUN
emaj-76	211	10	theory	theory	NOUN
emaj-76	211	11	.	.	PUNCT
emaj-76	212	1	that	that	PRON
emaj-76	212	2	would	would	AUX
emaj-76	212	3	mean	mean	VERB
emaj-76	212	4	there	there	PRON
emaj-76	212	5	is	be	VERB
emaj-76	212	6	information	information	NOUN
emaj-76	212	7	asymmetry	asymmetry	NOUN
emaj-76	212	8	between	between	ADP
emaj-76	212	9	the	the	DET
emaj-76	212	10	management	management	NOUN
emaj-76	212	11	and	and	CCONJ
emaj-76	212	12	investors	investor	NOUN
emaj-76	212	13	.	.	PUNCT
emaj-76	213	1	however	however	ADV
emaj-76	213	2	,	,	PUNCT
emaj-76	213	3	considering	consider	VERB
emaj-76	213	4	the	the	DET
emaj-76	213	5	conditions	condition	NOUN
emaj-76	213	6	of	of	ADP
emaj-76	213	7	the	the	DET
emaj-76	213	8	polish	polish	ADJ
emaj-76	213	9	financial	financial	ADJ
emaj-76	213	10	market	market	NOUN
emaj-76	213	11	we	we	PRON
emaj-76	213	12	may	may	AUX
emaj-76	213	13	note	note	VERB
emaj-76	213	14	that	that	SCONJ
emaj-76	213	15	it	it	PRON
emaj-76	213	16	is	be	AUX
emaj-76	213	17	its	its	PRON
emaj-76	213	18	very	very	ADJ
emaj-76	213	19	volume	volume	NOUN
emaj-76	213	20	5	5	NUM
emaj-76	213	21	no	no	DET
emaj-76	213	22	2	2	NUM
emaj-76	213	23	(	(	PUNCT
emaj-76	213	24	2015	2015	NUM
emaj-76	213	25	)	)	PUNCT
emaj-76	213	26	|	|	ADV
emaj-76	213	27	issn	issn	VERB
emaj-76	214	1	2158	2158	NUM
emaj-76	214	2	-	-	SYM
emaj-76	214	3	8708	8708	NUM
emaj-76	214	4	(	(	PUNCT
emaj-76	214	5	online	online	NOUN
emaj-76	214	6	)	)	PUNCT
emaj-76	214	7	|	|	ADV
emaj-76	214	8	doi	doi	X
emaj-76	214	9	10.5195	10.5195	NUM
emaj-76	214	10	/	/	SYM
emaj-76	214	11	emaj.2015.76	emaj.2015.76	NOUN
emaj-76	214	12	|	|	ADV
emaj-76	214	13	http://emaj.pitt.edu	http://emaj.pitt.edu	VERB
emaj-76	214	14	determinants	determinant	NOUN
emaj-76	214	15	of	of	ADP
emaj-76	214	16	debt	debt	NOUN
emaj-76	214	17	-	-	PUNCT
emaj-76	214	18	equity	equity	NOUN
emaj-76	214	19	choice	choice	NOUN
emaj-76	214	20	–	–	PUNCT
emaj-76	214	21	evidence	evidence	NOUN
emaj-76	214	22	from	from	ADP
emaj-76	214	23	poland	poland	PROPN
emaj-76	214	24	page	page	NOUN
emaj-76	214	25	|6|	|6|	NOUN
emaj-76	214	26	emerging	emerge	VERB
emaj-76	214	27	markets	market	NOUN
emaj-76	214	28	journal	journal	VERB
emaj-76	214	29	nature	nature	NOUN
emaj-76	214	30	that	that	PRON
emaj-76	214	31	may	may	AUX
emaj-76	214	32	determine	determine	VERB
emaj-76	214	33	financing	financing	NOUN
emaj-76	214	34	policy	policy	NOUN
emaj-76	214	35	of	of	ADP
emaj-76	214	36	enterprises	enterprise	NOUN
emaj-76	214	37	.	.	PUNCT
emaj-76	215	1	debt	debt	NOUN
emaj-76	215	2	is	be	AUX
emaj-76	215	3	supplied	supply	VERB
emaj-76	215	4	mainly	mainly	ADV
emaj-76	215	5	by	by	ADP
emaj-76	215	6	the	the	DET
emaj-76	215	7	banking	banking	NOUN
emaj-76	215	8	sector	sector	NOUN
emaj-76	215	9	,	,	PUNCT
emaj-76	215	10	which	which	PRON
emaj-76	215	11	limits	limit	VERB
emaj-76	215	12	possibilities	possibility	NOUN
emaj-76	215	13	of	of	ADP
emaj-76	215	14	any	any	DET
emaj-76	215	15	alternative	alternative	ADJ
emaj-76	215	16	financing	financing	NOUN
emaj-76	215	17	.	.	PUNCT
emaj-76	216	1	a	a	DET
emaj-76	216	2	growing	grow	VERB
emaj-76	216	3	enterprise	enterprise	NOUN
emaj-76	216	4	may	may	AUX
emaj-76	216	5	face	face	VERB
emaj-76	216	6	increasing	increase	VERB
emaj-76	216	7	problems	problem	NOUN
emaj-76	216	8	with	with	ADP
emaj-76	216	9	incurring	incur	VERB
emaj-76	216	10	debt	debt	NOUN
emaj-76	216	11	.	.	PUNCT
emaj-76	217	1	we	we	PRON
emaj-76	217	2	analysed	analyse	VERB
emaj-76	217	3	listed	list	VERB
emaj-76	217	4	companies	company	NOUN
emaj-76	217	5	,	,	PUNCT
emaj-76	217	6	which	which	PRON
emaj-76	217	7	had	have	VERB
emaj-76	217	8	an	an	DET
emaj-76	217	9	obvious	obvious	ADJ
emaj-76	217	10	alternative	alternative	NOUN
emaj-76	217	11	to	to	PART
emaj-76	217	12	issue	issue	VERB
emaj-76	217	13	equity	equity	NOUN
emaj-76	217	14	.	.	PUNCT
emaj-76	218	1	decreasing	decrease	VERB
emaj-76	218	2	share	share	NOUN
emaj-76	218	3	of	of	ADP
emaj-76	218	4	debt	debt	NOUN
emaj-76	218	5	in	in	ADP
emaj-76	218	6	larger	large	ADJ
emaj-76	218	7	operators	operator	NOUN
emaj-76	218	8	may	may	AUX
emaj-76	218	9	reflect	reflect	VERB
emaj-76	218	10	their	their	PRON
emaj-76	218	11	specific	specific	ADJ
emaj-76	218	12	unwillingness	unwillingness	NOUN
emaj-76	218	13	to	to	PART
emaj-76	218	14	take	take	VERB
emaj-76	218	15	financial	financial	ADJ
emaj-76	218	16	risk	risk	NOUN
emaj-76	218	17	and	and	CCONJ
emaj-76	218	18	the	the	DET
emaj-76	218	19	shifting	shift	VERB
emaj-76	218	20	it	it	PRON
emaj-76	218	21	over	over	ADP
emaj-76	218	22	to	to	ADP
emaj-76	218	23	the	the	DET
emaj-76	218	24	shareholders	shareholder	NOUN
emaj-76	218	25	.	.	PUNCT
emaj-76	219	1	such	such	ADJ
emaj-76	219	2	policy	policy	NOUN
emaj-76	219	3	has	have	AUX
emaj-76	219	4	got	get	VERB
emaj-76	219	5	its	its	PRON
emaj-76	219	6	pros	pro	NOUN
emaj-76	219	7	and	and	CCONJ
emaj-76	219	8	cons	con	NOUN
emaj-76	219	9	.	.	PUNCT
emaj-76	220	1	decreasing	decrease	VERB
emaj-76	220	2	leverage	leverage	NOUN
emaj-76	220	3	indicates	indicate	VERB
emaj-76	220	4	underused	underused	ADJ
emaj-76	220	5	economic	economic	ADJ
emaj-76	220	6	potential	potential	NOUN
emaj-76	220	7	of	of	ADP
emaj-76	220	8	a	a	DET
emaj-76	220	9	business	business	NOUN
emaj-76	220	10	.	.	PUNCT
emaj-76	221	1	this	this	PRON
emaj-76	221	2	is	be	AUX
emaj-76	221	3	an	an	DET
emaj-76	221	4	example	example	NOUN
emaj-76	221	5	of	of	ADP
emaj-76	221	6	a	a	DET
emaj-76	221	7	conservative	conservative	ADJ
emaj-76	221	8	financing	financing	NOUN
emaj-76	221	9	strategy	strategy	NOUN
emaj-76	221	10	:	:	PUNCT
emaj-76	221	11	safe	safe	ADJ
emaj-76	221	12	,	,	PUNCT
emaj-76	221	13	free	free	ADJ
emaj-76	221	14	of	of	ADP
emaj-76	221	15	substantial	substantial	ADJ
emaj-76	221	16	risk	risk	NOUN
emaj-76	221	17	of	of	ADP
emaj-76	221	18	bankruptcy	bankruptcy	NOUN
emaj-76	221	19	but	but	CCONJ
emaj-76	221	20	restricting	restrict	VERB
emaj-76	221	21	profitability	profitability	NOUN
emaj-76	221	22	.	.	PUNCT
emaj-76	222	1	it	it	PRON
emaj-76	222	2	is	be	AUX
emaj-76	222	3	also	also	ADV
emaj-76	222	4	confirmed	confirm	VERB
emaj-76	222	5	by	by	ADP
emaj-76	222	6	other	other	ADJ
emaj-76	222	7	results	result	NOUN
emaj-76	222	8	of	of	ADP
emaj-76	222	9	studies	study	NOUN
emaj-76	222	10	.	.	PUNCT
emaj-76	223	1	negative	negative	ADJ
emaj-76	223	2	relationship	relationship	NOUN
emaj-76	223	3	between	between	ADP
emaj-76	223	4	the	the	DET
emaj-76	223	5	level	level	NOUN
emaj-76	223	6	of	of	ADP
emaj-76	223	7	debt	debt	NOUN
emaj-76	223	8	and	and	CCONJ
emaj-76	223	9	profitability	profitability	NOUN
emaj-76	223	10	provides	provide	VERB
emaj-76	223	11	further	further	ADJ
emaj-76	223	12	evidence	evidence	NOUN
emaj-76	223	13	.	.	PUNCT
emaj-76	224	1	it	it	PRON
emaj-76	224	2	may	may	AUX
emaj-76	224	3	mean	mean	VERB
emaj-76	224	4	insufficient	insufficient	ADJ
emaj-76	224	5	profitability	profitability	NOUN
emaj-76	224	6	resulting	result	VERB
emaj-76	224	7	from	from	ADP
emaj-76	224	8	equity	equity	NOUN
emaj-76	224	9	financing	financing	NOUN
emaj-76	224	10	.	.	PUNCT
emaj-76	225	1	investment	investment	NOUN
emaj-76	225	2	projects	project	NOUN
emaj-76	225	3	are	be	AUX
emaj-76	225	4	too	too	ADV
emaj-76	225	5	conservative	conservative	ADJ
emaj-76	225	6	.	.	PUNCT
emaj-76	226	1	that	that	PRON
emaj-76	226	2	is	be	AUX
emaj-76	226	3	why	why	SCONJ
emaj-76	226	4	companies	company	NOUN
emaj-76	226	5	can	can	AUX
emaj-76	226	6	not	not	PART
emaj-76	226	7	use	use	VERB
emaj-76	226	8	their	their	PRON
emaj-76	226	9	development	development	NOUN
emaj-76	226	10	opportunities	opportunity	NOUN
emaj-76	226	11	to	to	ADP
emaj-76	226	12	the	the	DET
emaj-76	226	13	fullest	full	ADJ
emaj-76	226	14	potential	potential	NOUN
emaj-76	226	15	.	.	PUNCT
emaj-76	227	1	aversion	aversion	NOUN
emaj-76	227	2	to	to	ADP
emaj-76	227	3	debt	debt	NOUN
emaj-76	227	4	observed	observe	VERB
emaj-76	227	5	among	among	ADP
emaj-76	227	6	larger	large	ADJ
emaj-76	227	7	enterprises	enterprise	NOUN
emaj-76	227	8	may	may	AUX
emaj-76	227	9	also	also	ADV
emaj-76	227	10	result	result	VERB
emaj-76	227	11	from	from	ADP
emaj-76	227	12	their	their	PRON
emaj-76	227	13	limited	limited	ADJ
emaj-76	227	14	possibilities	possibility	NOUN
emaj-76	227	15	to	to	PART
emaj-76	227	16	use	use	VERB
emaj-76	227	17	the	the	DET
emaj-76	227	18	tax	tax	NOUN
emaj-76	227	19	shield	shield	NOUN
emaj-76	227	20	.	.	PUNCT
emaj-76	228	1	under	under	ADP
emaj-76	228	2	such	such	ADJ
emaj-76	228	3	circumstances	circumstance	NOUN
emaj-76	228	4	,	,	PUNCT
emaj-76	228	5	having	have	VERB
emaj-76	228	6	higher	high	ADJ
emaj-76	228	7	profitability	profitability	NOUN
emaj-76	228	8	may	may	AUX
emaj-76	228	9	be	be	AUX
emaj-76	228	10	little	little	ADJ
emaj-76	228	11	beneficial	beneficial	ADJ
emaj-76	228	12	from	from	ADP
emaj-76	228	13	economic	economic	ADJ
emaj-76	228	14	point	point	NOUN
emaj-76	228	15	of	of	ADP
emaj-76	228	16	view	view	NOUN
emaj-76	228	17	as	as	SCONJ
emaj-76	228	18	the	the	DET
emaj-76	228	19	company	company	NOUN
emaj-76	228	20	will	will	AUX
emaj-76	228	21	pay	pay	VERB
emaj-76	228	22	too	too	ADV
emaj-76	228	23	much	much	ADJ
emaj-76	228	24	of	of	ADP
emaj-76	228	25	its	its	PRON
emaj-76	228	26	surplus	surplus	NOUN
emaj-76	228	27	in	in	ADP
emaj-76	228	28	taxes	taxis	NOUN
emaj-76	228	29	.	.	PUNCT
emaj-76	229	1	obtained	obtain	VERB
emaj-76	229	2	results	result	NOUN
emaj-76	229	3	may	may	AUX
emaj-76	229	4	as	as	ADV
emaj-76	229	5	well	well	ADV
emaj-76	229	6	be	be	AUX
emaj-76	229	7	indicative	indicative	ADJ
emaj-76	229	8	of	of	ADP
emaj-76	229	9	ineffective	ineffective	ADJ
emaj-76	229	10	use	use	NOUN
emaj-76	229	11	of	of	ADP
emaj-76	229	12	the	the	DET
emaj-76	229	13	debt	debt	NOUN
emaj-76	229	14	in	in	ADP
emaj-76	229	15	an	an	DET
emaj-76	229	16	enterprise	enterprise	NOUN
emaj-76	229	17	.	.	PUNCT
emaj-76	230	1	on	on	ADP
emaj-76	230	2	the	the	DET
emaj-76	230	3	other	other	ADJ
emaj-76	230	4	extreme	extreme	NOUN
emaj-76	230	5	to	to	ADP
emaj-76	230	6	debt	debt	NOUN
emaj-76	230	7	and	and	CCONJ
emaj-76	230	8	profitability	profitability	NOUN
emaj-76	230	9	there	there	PRON
emaj-76	230	10	are	be	VERB
emaj-76	230	11	more	more	ADV
emaj-76	230	12	indebted	indebted	ADJ
emaj-76	230	13	companies	company	NOUN
emaj-76	230	14	,	,	PUNCT
emaj-76	230	15	which	which	PRON
emaj-76	230	16	perform	perform	VERB
emaj-76	230	17	worse	bad	ADJ
emaj-76	230	18	than	than	ADP
emaj-76	230	19	those	those	PRON
emaj-76	230	20	which	which	PRON
emaj-76	230	21	apply	apply	VERB
emaj-76	230	22	a	a	DET
emaj-76	230	23	more	more	ADV
emaj-76	230	24	conservative	conservative	ADJ
emaj-76	230	25	financing	financing	NOUN
emaj-76	230	26	strategy	strategy	NOUN
emaj-76	230	27	.	.	PUNCT
emaj-76	231	1	well	well	ADV
emaj-76	231	2	functioning	function	VERB
emaj-76	231	3	enterprises	enterprise	NOUN
emaj-76	231	4	,	,	PUNCT
emaj-76	231	5	which	which	PRON
emaj-76	231	6	use	use	VERB
emaj-76	231	7	debt	debt	NOUN
emaj-76	231	8	in	in	ADP
emaj-76	231	9	their	their	PRON
emaj-76	231	10	strategy	strategy	NOUN
emaj-76	231	11	should	should	AUX
emaj-76	231	12	achieve	achieve	VERB
emaj-76	231	13	better	well	ADJ
emaj-76	231	14	net	net	ADJ
emaj-76	231	15	results	result	NOUN
emaj-76	231	16	because	because	SCONJ
emaj-76	231	17	of	of	ADP
emaj-76	231	18	the	the	DET
emaj-76	231	19	tax	tax	NOUN
emaj-76	231	20	shield	shield	NOUN
emaj-76	231	21	.	.	PUNCT
emaj-76	232	1	hence	hence	ADV
emaj-76	232	2	,	,	PUNCT
emaj-76	232	3	if	if	SCONJ
emaj-76	232	4	an	an	DET
emaj-76	232	5	increase	increase	NOUN
emaj-76	232	6	in	in	ADP
emaj-76	232	7	assets	asset	NOUN
emaj-76	232	8	(	(	PUNCT
emaj-76	232	9	debt	debt	NOUN
emaj-76	232	10	)	)	PUNCT
emaj-76	232	11	is	be	AUX
emaj-76	232	12	not	not	PART
emaj-76	232	13	accompanied	accompany	VERB
emaj-76	232	14	by	by	ADP
emaj-76	232	15	higher	high	ADJ
emaj-76	232	16	increase	increase	NOUN
emaj-76	232	17	in	in	ADP
emaj-76	232	18	profit	profit	NOUN
emaj-76	232	19	,	,	PUNCT
emaj-76	232	20	debt	debt	NOUN
emaj-76	232	21	financing	financing	NOUN
emaj-76	232	22	does	do	AUX
emaj-76	232	23	not	not	PART
emaj-76	232	24	pay	pay	VERB
emaj-76	232	25	off	off	ADP
emaj-76	232	26	.	.	PUNCT
emaj-76	233	1	if	if	SCONJ
emaj-76	233	2	we	we	PRON
emaj-76	233	3	add	add	VERB
emaj-76	233	4	on	on	ADP
emaj-76	233	5	the	the	DET
emaj-76	233	6	risk	risk	NOUN
emaj-76	233	7	of	of	ADP
emaj-76	233	8	loosing	loose	VERB
emaj-76	233	9	liquidity	liquidity	NOUN
emaj-76	233	10	,	,	PUNCT
emaj-76	233	11	debt	debt	NOUN
emaj-76	233	12	financing	financing	NOUN
emaj-76	233	13	may	may	AUX
emaj-76	233	14	be	be	AUX
emaj-76	233	15	given	give	VERB
emaj-76	233	16	up	up	ADP
emaj-76	233	17	.	.	PUNCT
emaj-76	234	1	enterprises	enterprise	NOUN
emaj-76	234	2	included	include	VERB
emaj-76	234	3	in	in	ADP
emaj-76	234	4	the	the	DET
emaj-76	234	5	study	study	NOUN
emaj-76	234	6	seem	seem	VERB
emaj-76	234	7	to	to	PART
emaj-76	234	8	experience	experience	VERB
emaj-76	234	9	such	such	DET
emaj-76	234	10	a	a	DET
emaj-76	234	11	relationship	relationship	NOUN
emaj-76	234	12	and	and	CCONJ
emaj-76	234	13	they	they	PRON
emaj-76	234	14	prefer	prefer	VERB
emaj-76	234	15	safer	safe	ADJ
emaj-76	234	16	equity	equity	NOUN
emaj-76	234	17	financing	financing	NOUN
emaj-76	234	18	.	.	PUNCT
emaj-76	235	1	we	we	PRON
emaj-76	235	2	should	should	AUX
emaj-76	235	3	remember	remember	VERB
emaj-76	235	4	,	,	PUNCT
emaj-76	235	5	however	however	ADV
emaj-76	235	6	,	,	PUNCT
emaj-76	235	7	that	that	SCONJ
emaj-76	235	8	when	when	SCONJ
emaj-76	235	9	we	we	PRON
emaj-76	235	10	compare	compare	VERB
emaj-76	235	11	the	the	DET
emaj-76	235	12	profitability	profitability	NOUN
emaj-76	235	13	of	of	ADP
emaj-76	235	14	less	less	ADJ
emaj-76	235	15	and	and	CCONJ
emaj-76	235	16	more	more	ADV
emaj-76	235	17	indebted	indebted	ADJ
emaj-76	235	18	companies	company	NOUN
emaj-76	235	19	in	in	ADP
emaj-76	235	20	nominal	nominal	ADJ
emaj-76	235	21	terms	term	NOUN
emaj-76	235	22	,	,	PUNCT
emaj-76	235	23	the	the	DET
emaj-76	235	24	first	first	ADJ
emaj-76	235	25	group	group	NOUN
emaj-76	235	26	performs	perform	VERB
emaj-76	235	27	better	well	ADJ
emaj-76	235	28	.	.	PUNCT
emaj-76	236	1	companies	company	NOUN
emaj-76	236	2	of	of	ADP
emaj-76	236	3	a	a	DET
emaj-76	236	4	similar	similar	ADJ
emaj-76	236	5	size	size	NOUN
emaj-76	236	6	and	and	CCONJ
emaj-76	236	7	achieving	achieve	VERB
emaj-76	236	8	similar	similar	ADJ
emaj-76	236	9	gross	gross	ADJ
emaj-76	236	10	profit	profit	NOUN
emaj-76	236	11	have	have	VERB
emaj-76	236	12	different	different	ADJ
emaj-76	236	13	net	net	ADJ
emaj-76	236	14	profitability	profitability	NOUN
emaj-76	236	15	.	.	PUNCT
emaj-76	237	1	in	in	ADP
emaj-76	237	2	order	order	NOUN
emaj-76	237	3	to	to	PART
emaj-76	237	4	have	have	AUX
emaj-76	237	5	a	a	DET
emaj-76	237	6	similar	similar	ADJ
emaj-76	237	7	net	net	ADJ
emaj-76	237	8	profitability	profitability	NOUN
emaj-76	237	9	,	,	PUNCT
emaj-76	237	10	indebted	indebted	ADJ
emaj-76	237	11	companies	company	NOUN
emaj-76	237	12	would	would	AUX
emaj-76	237	13	have	have	VERB
emaj-76	237	14	to	to	PART
emaj-76	237	15	have	have	VERB
emaj-76	237	16	higher	high	ADJ
emaj-76	237	17	gross	gross	ADJ
emaj-76	237	18	profitability	profitability	NOUN
emaj-76	237	19	.	.	PUNCT
emaj-76	238	1	that	that	PRON
emaj-76	238	2	may	may	AUX
emaj-76	238	3	provide	provide	VERB
emaj-76	238	4	another	another	DET
emaj-76	238	5	explanation	explanation	NOUN
emaj-76	238	6	for	for	ADP
emaj-76	238	7	the	the	DET
emaj-76	238	8	relationship	relationship	NOUN
emaj-76	238	9	between	between	ADP
emaj-76	238	10	roa	roa	NOUN
emaj-76	238	11	and	and	CCONJ
emaj-76	238	12	total	total	ADJ
emaj-76	238	13	debt	debt	NOUN
emaj-76	238	14	.	.	PUNCT
emaj-76	239	1	the	the	DET
emaj-76	239	2	tangibility	tangibility	PROPN
emaj-76	239	3	hypothesis	hypothesis	NOUN
emaj-76	239	4	was	be	AUX
emaj-76	239	5	not	not	PART
emaj-76	239	6	confirmed	confirm	VERB
emaj-76	239	7	either	either	ADV
emaj-76	239	8	.	.	PUNCT
emaj-76	240	1	increased	increase	VERB
emaj-76	240	2	debt	debt	NOUN
emaj-76	240	3	is	be	AUX
emaj-76	240	4	not	not	PART
emaj-76	240	5	accompanied	accompany	VERB
emaj-76	240	6	by	by	ADP
emaj-76	240	7	the	the	DET
emaj-76	240	8	increase	increase	NOUN
emaj-76	240	9	in	in	ADP
emaj-76	240	10	fixed	fix	VERB
emaj-76	240	11	assets	asset	NOUN
emaj-76	240	12	value	value	NOUN
emaj-76	240	13	.	.	PUNCT
emaj-76	241	1	it	it	PRON
emaj-76	241	2	means	mean	VERB
emaj-76	241	3	,	,	PUNCT
emaj-76	241	4	the	the	DET
emaj-76	241	5	enterprises	enterprise	NOUN
emaj-76	241	6	covered	cover	VERB
emaj-76	241	7	by	by	ADP
emaj-76	241	8	the	the	DET
emaj-76	241	9	analysis	analysis	NOUN
emaj-76	241	10	do	do	AUX
emaj-76	241	11	not	not	PART
emaj-76	241	12	use	use	VERB
emaj-76	241	13	fixed	fix	VERB
emaj-76	241	14	assets	asset	NOUN
emaj-76	241	15	to	to	PART
emaj-76	241	16	secure	secure	VERB
emaj-76	241	17	their	their	PRON
emaj-76	241	18	debt	debt	NOUN
emaj-76	241	19	.	.	PUNCT
emaj-76	242	1	apparently	apparently	ADV
emaj-76	242	2	,	,	PUNCT
emaj-76	242	3	however	however	ADV
emaj-76	242	4	,	,	PUNCT
emaj-76	242	5	this	this	DET
emaj-76	242	6	relationship	relationship	NOUN
emaj-76	242	7	results	result	VERB
emaj-76	242	8	first	first	ADV
emaj-76	242	9	and	and	CCONJ
emaj-76	242	10	foremost	foremost	ADV
emaj-76	242	11	from	from	ADP
emaj-76	242	12	the	the	DET
emaj-76	242	13	reversed	reverse	VERB
emaj-76	242	14	relationship	relationship	NOUN
emaj-76	242	15	between	between	ADP
emaj-76	242	16	firm	firm	ADJ
emaj-76	242	17	size	size	NOUN
emaj-76	242	18	and	and	CCONJ
emaj-76	242	19	its	its	PRON
emaj-76	242	20	debt	debt	NOUN
emaj-76	242	21	.	.	PUNCT
emaj-76	243	1	similar	similar	ADJ
emaj-76	243	2	observation	observation	NOUN
emaj-76	243	3	was	be	AUX
emaj-76	243	4	made	make	VERB
emaj-76	243	5	for	for	ADP
emaj-76	243	6	growth	growth	NOUN
emaj-76	243	7	rate	rate	NOUN
emaj-76	243	8	of	of	ADP
emaj-76	243	9	an	an	DET
emaj-76	243	10	enterprise	enterprise	NOUN
emaj-76	243	11	and	and	CCONJ
emaj-76	243	12	debt	debt	NOUN
emaj-76	243	13	.	.	PUNCT
emaj-76	244	1	that	that	PRON
emaj-76	244	2	means	mean	VERB
emaj-76	244	3	enterprise	enterprise	NOUN
emaj-76	244	4	growth	growth	NOUN
emaj-76	244	5	,	,	PUNCT
emaj-76	244	6	including	include	VERB
emaj-76	244	7	fixed	fix	VERB
emaj-76	244	8	assets	asset	NOUN
emaj-76	244	9	,	,	PUNCT
emaj-76	244	10	is	be	AUX
emaj-76	244	11	not	not	PART
emaj-76	244	12	accompanied	accompany	VERB
emaj-76	244	13	by	by	ADP
emaj-76	244	14	increased	increase	VERB
emaj-76	244	15	debt	debt	NOUN
emaj-76	244	16	.	.	PUNCT
emaj-76	245	1	it	it	PRON
emaj-76	245	2	does	do	AUX
emaj-76	245	3	not	not	PART
emaj-76	245	4	prejudge	prejudge	VERB
emaj-76	245	5	,	,	PUNCT
emaj-76	245	6	however	however	ADV
emaj-76	245	7	,	,	PUNCT
emaj-76	245	8	changes	change	NOUN
emaj-76	245	9	in	in	ADP
emaj-76	245	10	fixed	fix	VERB
emaj-76	245	11	assets	asset	NOUN
emaj-76	245	12	value	value	NOUN
emaj-76	245	13	.	.	PUNCT
emaj-76	246	1	observed	observe	VERB
emaj-76	246	2	relationship	relationship	NOUN
emaj-76	246	3	corresponds	correspond	VERB
emaj-76	246	4	with	with	ADP
emaj-76	246	5	the	the	DET
emaj-76	246	6	rest	rest	NOUN
emaj-76	246	7	,	,	PUNCT
emaj-76	246	8	which	which	PRON
emaj-76	246	9	suggests	suggest	VERB
emaj-76	246	10	conservative	conservative	ADJ
emaj-76	246	11	financing	financing	NOUN
emaj-76	246	12	strategy	strategy	NOUN
emaj-76	246	13	.	.	PUNCT
emaj-76	247	1	negative	negative	ADJ
emaj-76	247	2	relationship	relationship	NOUN
emaj-76	247	3	between	between	ADP
emaj-76	247	4	tangibility	tangibility	NOUN
emaj-76	247	5	and	and	CCONJ
emaj-76	247	6	debt	debt	NOUN
emaj-76	247	7	means	mean	VERB
emaj-76	247	8	fixed	fix	VERB
emaj-76	247	9	assets	asset	NOUN
emaj-76	247	10	are	be	AUX
emaj-76	247	11	mostly	mostly	ADV
emaj-76	247	12	financed	finance	VERB
emaj-76	247	13	with	with	ADP
emaj-76	247	14	equity	equity	NOUN
emaj-76	247	15	.	.	PUNCT
emaj-76	248	1	this	this	PRON
emaj-76	248	2	may	may	AUX
emaj-76	248	3	also	also	ADV
emaj-76	248	4	be	be	AUX
emaj-76	248	5	interpreted	interpret	VERB
emaj-76	248	6	two	two	NUM
emaj-76	248	7	ways	way	NOUN
emaj-76	248	8	.	.	PUNCT
emaj-76	249	1	on	on	ADP
emaj-76	249	2	the	the	DET
emaj-76	249	3	one	one	NUM
emaj-76	249	4	hand	hand	NOUN
emaj-76	249	5	,	,	PUNCT
emaj-76	249	6	it	it	PRON
emaj-76	249	7	is	be	AUX
emaj-76	249	8	a	a	DET
emaj-76	249	9	positive	positive	ADJ
emaj-76	249	10	characteristic	characteristic	NOUN
emaj-76	249	11	since	since	SCONJ
emaj-76	249	12	it	it	PRON
emaj-76	249	13	enables	enable	VERB
emaj-76	249	14	the	the	DET
emaj-76	249	15	increasing	increasing	NOUN
emaj-76	249	16	of	of	ADP
emaj-76	249	17	the	the	DET
emaj-76	249	18	leverage	leverage	NOUN
emaj-76	249	19	in	in	ADP
emaj-76	249	20	the	the	DET
emaj-76	249	21	future	future	NOUN
emaj-76	249	22	and	and	CCONJ
emaj-76	249	23	using	use	VERB
emaj-76	249	24	fixed	fix	VERB
emaj-76	249	25	assets	asset	NOUN
emaj-76	249	26	as	as	ADP
emaj-76	249	27	collateral	collateral	NOUN
emaj-76	249	28	.	.	PUNCT
emaj-76	250	1	on	on	ADP
emaj-76	250	2	the	the	DET
emaj-76	250	3	other	other	ADJ
emaj-76	250	4	hand	hand	NOUN
emaj-76	250	5	,	,	PUNCT
emaj-76	250	6	it	it	PRON
emaj-76	250	7	may	may	AUX
emaj-76	250	8	result	result	VERB
emaj-76	250	9	from	from	ADP
emaj-76	250	10	low	low	ADJ
emaj-76	250	11	productivity	productivity	NOUN
emaj-76	250	12	of	of	ADP
emaj-76	250	13	fixed	fix	VERB
emaj-76	250	14	assets	asset	NOUN
emaj-76	250	15	making	make	VERB
emaj-76	250	16	them	they	PRON
emaj-76	250	17	unacceptable	unacceptable	ADJ
emaj-76	250	18	as	as	ADP
emaj-76	250	19	collateral	collateral	NOUN
emaj-76	250	20	.	.	PUNCT
emaj-76	251	1	references	reference	NOUN
emaj-76	251	2	barclay	barclay	PROPN
emaj-76	251	3	,	,	PUNCT
emaj-76	251	4	m.	m.	NOUN
emaj-76	251	5	j.	j.	PROPN
emaj-76	251	6	and	and	CCONJ
emaj-76	251	7	smith	smith	PROPN
emaj-76	251	8	,	,	PUNCT
emaj-76	251	9	c.	c.	PROPN
emaj-76	251	10	w.	w.	PROPN
emaj-76	251	11	(	(	PUNCT
emaj-76	251	12	1996	1996	NUM
emaj-76	251	13	)	)	PUNCT
emaj-76	251	14	.	.	PUNCT
emaj-76	252	1	on	on	ADP
emaj-76	252	2	financial	financial	ADJ
emaj-76	252	3	architecture	architecture	NOUN
emaj-76	252	4	:	:	PUNCT
emaj-76	252	5	leverage	leverage	NOUN
emaj-76	252	6	,	,	PUNCT
emaj-76	252	7	maturity	maturity	NOUN
emaj-76	252	8	and	and	CCONJ
emaj-76	252	9	priority	priority	NOUN
emaj-76	252	10	,	,	PUNCT
emaj-76	252	11	journal	journal	NOUN
emaj-76	252	12	of	of	ADP
emaj-76	252	13	applied	apply	VERB
emaj-76	252	14	corporate	corporate	ADJ
emaj-76	252	15	finance	finance	NOUN
emaj-76	252	16	,	,	PUNCT
emaj-76	252	17	8	8	NUM
emaj-76	252	18	(	(	PUNCT
emaj-76	252	19	4	4	NUM
emaj-76	252	20	)	)	PUNCT
emaj-76	252	21	,	,	PUNCT
emaj-76	252	22	4	4	NUM
emaj-76	252	23	-	-	SYM
emaj-76	252	24	17	17	NUM
emaj-76	252	25	.	.	PUNCT
emaj-76	253	1	bevan	bevan	PROPN
emaj-76	253	2	,	,	PUNCT
emaj-76	253	3	a.a	a.a	PROPN
emaj-76	253	4	.	.	PROPN
emaj-76	253	5	,	,	PUNCT
emaj-76	253	6	danbolt	danbolt	NOUN
emaj-76	253	7	j.	j.	PROPN
emaj-76	253	8	(	(	PUNCT
emaj-76	253	9	2002	2002	NUM
emaj-76	253	10	)	)	PUNCT
emaj-76	253	11	.	.	PUNCT
emaj-76	254	1	capital	capital	NOUN
emaj-76	254	2	structure	structure	NOUN
emaj-76	254	3	and	and	CCONJ
emaj-76	254	4	its	its	PRON
emaj-76	254	5	determinants	determinant	NOUN
emaj-76	254	6	in	in	ADP
emaj-76	254	7	the	the	DET
emaj-76	254	8	united	united	ADJ
emaj-76	254	9	kingdom	kingdom	PROPN
emaj-76	254	10	:	:	PUNCT
emaj-76	254	11	a	a	DET
emaj-76	254	12	decompositional	decompositional	ADJ
emaj-76	254	13	analysis	analysis	NOUN
emaj-76	254	14	,	,	PUNCT
emaj-76	254	15	applied	apply	VERB
emaj-76	254	16	financial	financial	ADJ
emaj-76	254	17	economics	economic	NOUN
emaj-76	254	18	,	,	PUNCT
emaj-76	254	19	12	12	NUM
emaj-76	254	20	(	(	PUNCT
emaj-76	254	21	3	3	NUM
emaj-76	254	22	)	)	PUNCT
emaj-76	254	23	,	,	PUNCT
emaj-76	254	24	159	159	NUM
emaj-76	254	25	-	-	SYM
emaj-76	254	26	170	170	NUM
emaj-76	254	27	.	.	PUNCT
emaj-76	255	1	bradley	bradley	PROPN
emaj-76	255	2	,	,	PUNCT
emaj-76	255	3	m.	m.	NOUN
emaj-76	255	4	,	,	PUNCT
emaj-76	255	5	jarrell	jarrell	PROPN
emaj-76	255	6	,	,	PUNCT
emaj-76	255	7	g.	g.	PROPN
emaj-76	255	8	&	&	CCONJ
emaj-76	255	9	kim	kim	PROPN
emaj-76	255	10	,	,	PUNCT
emaj-76	255	11	e.	e.	PROPN
emaj-76	255	12	h.	h.	PROPN
emaj-76	255	13	(	(	PUNCT
emaj-76	255	14	1984	1984	NUM
emaj-76	255	15	)	)	PUNCT
emaj-76	255	16	.	.	PUNCT
emaj-76	256	1	on	on	ADP
emaj-76	256	2	the	the	DET
emaj-76	256	3	existence	existence	NOUN
emaj-76	256	4	of	of	ADP
emaj-76	256	5	an	an	DET
emaj-76	256	6	optimal	optimal	ADJ
emaj-76	256	7	capital	capital	NOUN
emaj-76	256	8	structure	structure	NOUN
emaj-76	256	9	:	:	PUNCT
emaj-76	256	10	theory	theory	NOUN
emaj-76	256	11	and	and	CCONJ
emaj-76	256	12	evidence	evidence	NOUN
emaj-76	256	13	,	,	PUNCT
emaj-76	256	14	journal	journal	NOUN
emaj-76	256	15	of	of	ADP
emaj-76	256	16	finance	finance	NOUN
emaj-76	256	17	,	,	PUNCT
emaj-76	256	18	39	39	NUM
emaj-76	256	19	,	,	PUNCT
emaj-76	256	20	857	857	NUM
emaj-76	256	21	-	-	SYM
emaj-76	256	22	78	78	NUM
emaj-76	256	23	.	.	PUNCT
emaj-76	256	24	booth	booth	PROPN
emaj-76	256	25	,	,	PUNCT
emaj-76	256	26	l.	l.	PROPN
emaj-76	256	27	,	,	PUNCT
emaj-76	256	28	aivazian	aivazian	PROPN
emaj-76	256	29	,	,	PUNCT
emaj-76	256	30	v.	v.	PROPN
emaj-76	256	31	,	,	PUNCT
emaj-76	256	32	demirguc	demirguc	PROPN
emaj-76	256	33	-	-	PUNCT
emaj-76	256	34	kunt	kunt	PROPN
emaj-76	256	35	,	,	PUNCT
emaj-76	256	36	a.	a.	NOUN
emaj-76	256	37	,	,	PUNCT
emaj-76	256	38	maksimovic	maksimovic	ADJ
emaj-76	256	39	,	,	PUNCT
emaj-76	256	40	v.	v.	PROPN
emaj-76	256	41	(	(	PUNCT
emaj-76	256	42	2001	2001	NUM
emaj-76	256	43	)	)	PUNCT
emaj-76	256	44	.	.	PUNCT
emaj-76	257	1	capital	capital	NOUN
emaj-76	257	2	structures	structure	NOUN
emaj-76	257	3	in	in	ADP
emaj-76	257	4	developing	develop	VERB
emaj-76	257	5	countries	country	NOUN
emaj-76	257	6	,	,	PUNCT
emaj-76	257	7	journal	journal	NOUN
emaj-76	257	8	of	of	ADP
emaj-76	257	9	finance	finance	NOUN
emaj-76	257	10	,	,	PUNCT
emaj-76	257	11	56	56	NUM
emaj-76	257	12	,	,	PUNCT
emaj-76	257	13	87	87	NUM
emaj-76	257	14	-	-	SYM
emaj-76	257	15	130	130	NUM
emaj-76	257	16	.	.	PUNCT
emaj-76	258	1	chojnacka	chojnacka	PROPN
emaj-76	258	2	,	,	PUNCT
emaj-76	258	3	e.	e.	PROPN
emaj-76	258	4	(	(	PUNCT
emaj-76	258	5	2011	2011	NUM
emaj-76	258	6	)	)	PUNCT
emaj-76	258	7	.	.	PUNCT
emaj-76	259	1	struktura	struktura	PROPN
emaj-76	259	2	kapitału	kapitału	PROPN
emaj-76	259	3	spółek	spółek	PROPN
emaj-76	259	4	akcyjnych	akcyjnych	PROPN
emaj-76	259	5	w	w	PROPN
emaj-76	259	6	polsce	polsce	PROPN
emaj-76	259	7	,	,	PUNCT
emaj-76	259	8	cedewu	cedewu	NOUN
emaj-76	259	9	,	,	PUNCT
emaj-76	259	10	warszawa	warszawa	PROPN
emaj-76	259	11	.	.	PUNCT
emaj-76	260	1	volume	volume	NOUN
emaj-76	260	2	5	5	NUM
emaj-76	260	3	no	no	DET
emaj-76	260	4	2	2	NUM
emaj-76	260	5	(	(	PUNCT
emaj-76	260	6	2015	2015	NUM
emaj-76	260	7	)	)	PUNCT
emaj-76	260	8	|	|	ADV
emaj-76	260	9	issn	issn	VERB
emaj-76	260	10	2158	2158	NUM
emaj-76	260	11	-	-	SYM
emaj-76	260	12	8708	8708	NUM
emaj-76	260	13	(	(	PUNCT
emaj-76	260	14	online	online	NOUN
emaj-76	260	15	)	)	PUNCT
emaj-76	260	16	|	|	ADV
emaj-76	260	17	doi	doi	X
emaj-76	260	18	10.5195	10.5195	NUM
emaj-76	260	19	/	/	SYM
emaj-76	260	20	emaj.2015.76	emaj.2015.76	NOUN
emaj-76	261	1	|	|	ADV
emaj-76	261	2	http://emaj.pitt.edu	http://emaj.pitt.edu	PROPN
emaj-76	261	3	bogna	bogna	PROPN
emaj-76	261	4	kaźmierska	kaźmierska	PROPN
emaj-76	261	5	-	-	PUNCT
emaj-76	261	6	jóźwiak	jóźwiak	PROPN
emaj-76	261	7	,	,	PUNCT
emaj-76	261	8	jakub	jakub	PROPN
emaj-76	261	9	marszałek	marszałek	PROPN
emaj-76	261	10	,	,	PUNCT
emaj-76	261	11	paweł	paweł	VERB
emaj-76	261	12	sekuła	sekuła	VERB
emaj-76	261	13	emerging	emerge	VERB
emaj-76	261	14	markets	market	NOUN
emaj-76	261	15	journal	journal	NOUN
emaj-76	262	1	|	|	ADV
emaj-76	262	2	p	p	NOUN
emaj-76	262	3	a	a	DET
emaj-76	262	4	g	g	PROPN
emaj-76	262	5	e	e	X
emaj-76	262	6	|7	|7	X
emaj-76	262	7	chung	chung	PROPN
emaj-76	262	8	,	,	PUNCT
emaj-76	262	9	k.h	k.h	PROPN
emaj-76	262	10	.	.	PUNCT
emaj-76	263	1	(	(	PUNCT
emaj-76	263	2	1993	1993	NUM
emaj-76	263	3	)	)	PUNCT
emaj-76	263	4	.	.	PUNCT
emaj-76	264	1	assets	asset	NOUN
emaj-76	264	2	characteristics	characteristic	NOUN
emaj-76	264	3	and	and	CCONJ
emaj-76	264	4	corporate	corporate	ADJ
emaj-76	264	5	debt	debt	NOUN
emaj-76	264	6	policy	policy	NOUN
emaj-76	264	7	:	:	PUNCT
emaj-76	264	8	an	an	DET
emaj-76	264	9	empirical	empirical	ADJ
emaj-76	264	10	investigation	investigation	NOUN
emaj-76	264	11	,	,	PUNCT
emaj-76	264	12	journal	journal	NOUN
emaj-76	264	13	of	of	ADP
emaj-76	264	14	business	business	NOUN
emaj-76	264	15	finance	finance	NOUN
emaj-76	264	16	and	and	CCONJ
emaj-76	264	17	accounting	accounting	NOUN
emaj-76	264	18	,	,	PUNCT
emaj-76	264	19	20(1	20(1	NUM
emaj-76	264	20	)	)	PUNCT
emaj-76	264	21	,	,	PUNCT
emaj-76	264	22	83	83	NUM
emaj-76	264	23	-	-	SYM
emaj-76	264	24	98	98	NUM
emaj-76	264	25	.	.	PUNCT
emaj-76	265	1	demirgüç	demirgüç	PROPN
emaj-76	265	2	-	-	PUNCT
emaj-76	265	3	kunt	kunt	PROPN
emaj-76	265	4	,	,	PUNCT
emaj-76	265	5	a.	a.	NOUN
emaj-76	265	6	,	,	PUNCT
emaj-76	265	7	maksimovic	maksimovic	ADJ
emaj-76	265	8	,	,	PUNCT
emaj-76	265	9	v.	v.	PROPN
emaj-76	265	10	(	(	PUNCT
emaj-76	265	11	1999	1999	NUM
emaj-76	265	12	)	)	PUNCT
emaj-76	265	13	.	.	PUNCT
emaj-76	266	1	institutions	institution	NOUN
emaj-76	266	2	,	,	PUNCT
emaj-76	266	3	financial	financial	ADJ
emaj-76	266	4	markets	market	NOUN
emaj-76	266	5	and	and	CCONJ
emaj-76	266	6	firm	firm	ADJ
emaj-76	266	7	debt	debt	NOUN
emaj-76	266	8	maturity	maturity	NOUN
emaj-76	266	9	,	,	PUNCT
emaj-76	266	10	journal	journal	NOUN
emaj-76	266	11	of	of	ADP
emaj-76	266	12	financial	financial	ADJ
emaj-76	266	13	economics	economic	NOUN
emaj-76	266	14	,	,	PUNCT
emaj-76	266	15	54	54	NUM
emaj-76	266	16	,	,	PUNCT
emaj-76	266	17	295	295	NUM
emaj-76	266	18	-	-	SYM
emaj-76	266	19	336	336	NUM
emaj-76	266	20	.	.	PUNCT
emaj-76	267	1	donaldson	donaldson	PROPN
emaj-76	267	2	,	,	PUNCT
emaj-76	267	3	g.	g.	PROPN
emaj-76	267	4	(	(	PUNCT
emaj-76	267	5	1961	1961	NUM
emaj-76	267	6	)	)	PUNCT
emaj-76	267	7	.	.	PUNCT
emaj-76	268	1	corporate	corporate	ADJ
emaj-76	268	2	debt	debt	NOUN
emaj-76	268	3	capacity	capacity	NOUN
emaj-76	268	4	,	,	PUNCT
emaj-76	268	5	boston	boston	PROPN
emaj-76	268	6	,	,	PUNCT
emaj-76	268	7	division	division	NOUN
emaj-76	268	8	of	of	ADP
emaj-76	268	9	research	research	NOUN
emaj-76	268	10	,	,	PUNCT
emaj-76	268	11	harvard	harvard	PROPN
emaj-76	268	12	graduate	graduate	PROPN
emaj-76	268	13	school	school	PROPN
emaj-76	268	14	of	of	ADP
emaj-76	268	15	business	business	NOUN
emaj-76	268	16	and	and	CCONJ
emaj-76	268	17	administration	administration	NOUN
emaj-76	268	18	.	.	PUNCT
emaj-76	269	1	frąckowiak	frąckowiak	PROPN
emaj-76	269	2	,	,	PUNCT
emaj-76	269	3	w.	w.	PROPN
emaj-76	269	4	,	,	PUNCT
emaj-76	269	5	gryglewicz	gryglewicz	NOUN
emaj-76	269	6	,	,	PUNCT
emaj-76	269	7	s	s	NOUN
emaj-76	269	8	,	,	PUNCT
emaj-76	269	9	stobiecki	stobiecki	NOUN
emaj-76	269	10	,	,	PUNCT
emaj-76	269	11	p.	p.	NOUN
emaj-76	269	12	,	,	PUNCT
emaj-76	269	13	stradomski	stradomski	NOUN
emaj-76	269	14	,	,	PUNCT
emaj-76	269	15	m.	m.	NOUN
emaj-76	269	16	,	,	PUNCT
emaj-76	269	17	szyszka	szyszka	PROPN
emaj-76	269	18	,	,	PUNCT
emaj-76	269	19	a.	a.	NOUN
emaj-76	269	20	(	(	PUNCT
emaj-76	269	21	2005	2005	NUM
emaj-76	269	22	)	)	PUNCT
emaj-76	269	23	.	.	PUNCT
emaj-76	270	1	determinants	determinant	NOUN
emaj-76	270	2	of	of	ADP
emaj-76	270	3	corporate	corporate	ADJ
emaj-76	270	4	long	long	ADJ
emaj-76	270	5	-	-	PUNCT
emaj-76	270	6	term	term	NOUN
emaj-76	270	7	capital	capital	NOUN
emaj-76	270	8	policy	policy	NOUN
emaj-76	270	9	.	.	PUNCT
emaj-76	271	1	poland	poland	PROPN
emaj-76	271	2	vs.	vs.	ADP
emaj-76	271	3	france	france	PROPN
emaj-76	271	4	,	,	PUNCT
emaj-76	271	5	germany	germany	PROPN
emaj-76	271	6	,	,	PUNCT
emaj-76	271	7	and	and	CCONJ
emaj-76	271	8	great	great	ADJ
emaj-76	271	9	britain	britain	PROPN
emaj-76	271	10	:	:	PUNCT
emaj-76	271	11	comparative	comparative	ADJ
emaj-76	271	12	approach	approach	NOUN
emaj-76	271	13	and	and	CCONJ
emaj-76	271	14	panel	panel	NOUN
emaj-76	271	15	analysis	analysis	NOUN
emaj-76	271	16	,	,	PUNCT
emaj-76	271	17	32nd	32nd	ADJ
emaj-76	271	18	annual	annual	ADJ
emaj-76	271	19	meeting	meeting	NOUN
emaj-76	271	20	of	of	ADP
emaj-76	271	21	european	european	PROPN
emaj-76	271	22	finance	finance	PROPN
emaj-76	271	23	association	association	PROPN
emaj-76	271	24	,	,	PUNCT
emaj-76	271	25	moskwa	moskwa	PROPN
emaj-76	271	26	/	/	SYM
emaj-76	271	27	rochester	rochester	PROPN
emaj-76	271	28	:	:	PUNCT
emaj-76	271	29	social	social	ADJ
emaj-76	271	30	science	science	NOUN
emaj-76	271	31	research	research	NOUN
emaj-76	271	32	network	network	NOUN
emaj-76	271	33	.	.	PUNCT
emaj-76	272	1	retrieved	retrieve	VERB
emaj-76	272	2	march	march	PROPN
emaj-76	272	3	1	1	NUM
emaj-76	272	4	,	,	PUNCT
emaj-76	272	5	2015	2015	NUM
emaj-76	272	6	,	,	PUNCT
emaj-76	272	7	from	from	ADP
emaj-76	272	8	http://www.ewydawnictwo.eu/document/document	http://www.ewydawnictwo.eu/document/document	PROPN
emaj-76	272	9	preview/125	preview/125	PROPN
emaj-76	272	10	.	.	PUNCT
emaj-76	273	1	gajdka	gajdka	PROPN
emaj-76	273	2	,	,	PUNCT
emaj-76	273	3	j.	j.	PROPN
emaj-76	273	4	(	(	PUNCT
emaj-76	273	5	2002	2002	NUM
emaj-76	273	6	)	)	PUNCT
emaj-76	273	7	.	.	PUNCT
emaj-76	274	1	teorie	teorie	ADJ
emaj-76	274	2	struktury	struktury	NOUN
emaj-76	274	3	kapitału	kapitału	PROPN
emaj-76	274	4	ich	ich	INTJ
emaj-76	274	5	aplikacja	aplikacja	PROPN
emaj-76	274	6	w	w	PROPN
emaj-76	274	7	warunkach	warunkach	PROPN
emaj-76	274	8	polskich	polskich	NUM
emaj-76	274	9	,	,	PUNCT
emaj-76	274	10	wydawnictwo	wydawnictwo	PROPN
emaj-76	274	11	uł	uł	NOUN
emaj-76	274	12	,	,	PUNCT
emaj-76	274	13	łódź	łódź	PROPN
emaj-76	274	14	.	.	PUNCT
emaj-76	274	15	harris	harris	PROPN
emaj-76	274	16	,	,	PUNCT
emaj-76	274	17	m.	m.	NOUN
emaj-76	274	18	,	,	PUNCT
emaj-76	274	19	raviv	raviv	NOUN
emaj-76	274	20	,	,	PUNCT
emaj-76	274	21	a.	a.	NOUN
emaj-76	274	22	(	(	PUNCT
emaj-76	274	23	1990	1990	NUM
emaj-76	274	24	)	)	PUNCT
emaj-76	274	25	.	.	PUNCT
emaj-76	275	1	capital	capital	NOUN
emaj-76	275	2	structure	structure	NOUN
emaj-76	275	3	and	and	CCONJ
emaj-76	275	4	the	the	DET
emaj-76	275	5	informational	informational	ADJ
emaj-76	275	6	role	role	NOUN
emaj-76	275	7	of	of	ADP
emaj-76	275	8	debt	debt	NOUN
emaj-76	275	9	,	,	PUNCT
emaj-76	275	10	journal	journal	NOUN
emaj-76	275	11	of	of	ADP
emaj-76	275	12	finance	finance	NOUN
emaj-76	275	13	,	,	PUNCT
emaj-76	275	14	45	45	NUM
emaj-76	275	15	(	(	PUNCT
emaj-76	275	16	2	2	NUM
emaj-76	275	17	)	)	PUNCT
emaj-76	275	18	,	,	PUNCT
emaj-76	275	19	321	321	NUM
emaj-76	275	20	-	-	SYM
emaj-76	275	21	349	349	NUM
emaj-76	275	22	.	.	PUNCT
emaj-76	276	1	harris	harris	PROPN
emaj-76	276	2	,	,	PUNCT
emaj-76	276	3	m.	m.	NOUN
emaj-76	276	4	,	,	PUNCT
emaj-76	276	5	raviv	raviv	NOUN
emaj-76	276	6	,	,	PUNCT
emaj-76	276	7	a.	a.	NOUN
emaj-76	276	8	(	(	PUNCT
emaj-76	276	9	1991	1991	NUM
emaj-76	276	10	)	)	PUNCT
emaj-76	276	11	.	.	PUNCT
emaj-76	277	1	the	the	DET
emaj-76	277	2	theory	theory	NOUN
emaj-76	277	3	of	of	ADP
emaj-76	277	4	capital	capital	NOUN
emaj-76	277	5	structure	structure	NOUN
emaj-76	277	6	,	,	PUNCT
emaj-76	277	7	journal	journal	NOUN
emaj-76	277	8	of	of	ADP
emaj-76	277	9	finance	finance	NOUN
emaj-76	277	10	,	,	PUNCT
emaj-76	277	11	46	46	NUM
emaj-76	277	12	(	(	PUNCT
emaj-76	277	13	1	1	NUM
emaj-76	277	14	)	)	PUNCT
emaj-76	277	15	,	,	PUNCT
emaj-76	277	16	297	297	NUM
emaj-76	277	17	-	-	SYM
emaj-76	277	18	355	355	NUM
emaj-76	277	19	.	.	PUNCT
emaj-76	278	1	huang	huang	PROPN
emaj-76	278	2	,	,	PUNCT
emaj-76	278	3	s.gh	s.gh	PROPN
emaj-76	278	4	.	.	PROPN
emaj-76	278	5	,	,	PUNCT
emaj-76	278	6	song	song	PROPN
emaj-76	278	7	f.m	f.m	PROPN
emaj-76	278	8	.	.	PROPN
emaj-76	278	9	(	(	PUNCT
emaj-76	278	10	2006	2006	NUM
emaj-76	278	11	)	)	PUNCT
emaj-76	278	12	.	.	PUNCT
emaj-76	279	1	the	the	DET
emaj-76	279	2	determinants	determinant	NOUN
emaj-76	279	3	of	of	ADP
emaj-76	279	4	capital	capital	NOUN
emaj-76	279	5	structure	structure	NOUN
emaj-76	279	6	:	:	PUNCT
emaj-76	279	7	evidence	evidence	NOUN
emaj-76	279	8	from	from	ADP
emaj-76	279	9	china	china	PROPN
emaj-76	279	10	.	.	PUNCT
emaj-76	280	1	china	china	PROPN
emaj-76	280	2	economic	economic	PROPN
emaj-76	280	3	review	review	PROPN
emaj-76	280	4	,	,	PUNCT
emaj-76	280	5	17	17	NUM
emaj-76	280	6	,	,	PUNCT
emaj-76	280	7	pp	pp	ADJ
emaj-76	280	8	.	.	PUNCT
emaj-76	281	1	14	14	NUM
emaj-76	281	2	-	-	SYM
emaj-76	281	3	35	35	NUM
emaj-76	281	4	.	.	PUNCT
emaj-76	281	5	retrieved	retrieve	VERB
emaj-76	281	6	february	february	PROPN
emaj-76	281	7	10	10	NUM
emaj-76	281	8	,	,	PUNCT
emaj-76	281	9	2015	2015	NUM
emaj-76	281	10	,	,	PUNCT
emaj-76	281	11	from	from	ADP
emaj-76	281	12	http://dx.doi.org/10.1016/j.chieco.2005	http://dx.doi.org/10.1016/j.chieco.2005	PROPN
emaj-76	281	13	.02.007	.02.007	NOUN
emaj-76	281	14	.	.	PUNCT
emaj-76	282	1	jensen	jensen	PROPN
emaj-76	282	2	m.	m.	PROPN
emaj-76	282	3	,	,	PUNCT
emaj-76	282	4	meckling	meckle	VERB
emaj-76	282	5	w.	w.	NOUN
emaj-76	282	6	(	(	PUNCT
emaj-76	282	7	1976	1976	NUM
emaj-76	282	8	)	)	PUNCT
emaj-76	282	9	.	.	PUNCT
emaj-76	283	1	theory	theory	NOUN
emaj-76	283	2	of	of	ADP
emaj-76	283	3	the	the	DET
emaj-76	283	4	firm	firm	NOUN
emaj-76	283	5	:	:	PUNCT
emaj-76	283	6	managerial	managerial	ADJ
emaj-76	283	7	behavior	behavior	NOUN
emaj-76	283	8	,	,	PUNCT
emaj-76	283	9	agency	agency	NOUN
emaj-76	283	10	costs	cost	NOUN
emaj-76	283	11	and	and	CCONJ
emaj-76	283	12	ownership	ownership	NOUN
emaj-76	283	13	structure	structure	NOUN
emaj-76	283	14	,	,	PUNCT
emaj-76	283	15	journal	journal	NOUN
emaj-76	283	16	of	of	ADP
emaj-76	283	17	financial	financial	ADJ
emaj-76	283	18	economics	economic	NOUN
emaj-76	283	19	,	,	PUNCT
emaj-76	283	20	3	3	NUM
emaj-76	283	21	(	(	PUNCT
emaj-76	283	22	4	4	NUM
emaj-76	283	23	)	)	PUNCT
emaj-76	283	24	,	,	PUNCT
emaj-76	283	25	305	305	NUM
emaj-76	283	26	-	-	SYM
emaj-76	283	27	360	360	NUM
emaj-76	283	28	.	.	PUNCT
emaj-76	284	1	kester	kester	PROPN
emaj-76	284	2	,	,	PUNCT
emaj-76	284	3	c.w	c.w	PROPN
emaj-76	284	4	.	.	PROPN
emaj-76	284	5	(	(	PUNCT
emaj-76	284	6	1986	1986	NUM
emaj-76	284	7	)	)	PUNCT
emaj-76	284	8	.	.	PUNCT
emaj-76	285	1	capital	capital	NOUN
emaj-76	285	2	and	and	CCONJ
emaj-76	285	3	ownership	ownership	NOUN
emaj-76	285	4	structure	structure	NOUN
emaj-76	285	5	:	:	PUNCT
emaj-76	285	6	a	a	DET
emaj-76	285	7	comparison	comparison	NOUN
emaj-76	285	8	of	of	ADP
emaj-76	285	9	united	united	PROPN
emaj-76	285	10	states	states	PROPN
emaj-76	285	11	and	and	CCONJ
emaj-76	285	12	japanese	japanese	ADJ
emaj-76	285	13	manufacturing	manufacturing	NOUN
emaj-76	285	14	corporations	corporation	NOUN
emaj-76	285	15	,	,	PUNCT
emaj-76	285	16	financial	financial	ADJ
emaj-76	285	17	management	management	NOUN
emaj-76	285	18	,	,	PUNCT
emaj-76	285	19	15	15	NUM
emaj-76	285	20	,	,	PUNCT
emaj-76	285	21	5	5	NUM
emaj-76	285	22	-	-	SYM
emaj-76	285	23	16	16	NUM
emaj-76	285	24	.	.	PUNCT
emaj-76	286	1	mazur	mazur	PROPN
emaj-76	286	2	,	,	PUNCT
emaj-76	286	3	k.	k.	PROPN
emaj-76	286	4	(	(	PUNCT
emaj-76	286	5	2007	2007	NUM
emaj-76	286	6	)	)	PUNCT
emaj-76	286	7	.	.	PUNCT
emaj-76	287	1	the	the	DET
emaj-76	287	2	determinants	determinant	NOUN
emaj-76	287	3	of	of	ADP
emaj-76	287	4	capital	capital	NOUN
emaj-76	287	5	structure	structure	NOUN
emaj-76	287	6	choice	choice	NOUN
emaj-76	287	7	:	:	PUNCT
emaj-76	287	8	evidence	evidence	NOUN
emaj-76	287	9	from	from	ADP
emaj-76	287	10	polish	polish	ADJ
emaj-76	287	11	companies	company	NOUN
emaj-76	287	12	,	,	PUNCT
emaj-76	287	13	international	international	ADJ
emaj-76	287	14	atlantic	atlantic	ADJ
emaj-76	287	15	society	society	NOUN
emaj-76	287	16	,	,	PUNCT
emaj-76	287	17	495	495	NUM
emaj-76	287	18	-	-	SYM
emaj-76	287	19	514	514	NUM
emaj-76	287	20	.	.	PUNCT
emaj-76	288	1	modigliani	modigliani	PROPN
emaj-76	288	2	,	,	PUNCT
emaj-76	288	3	f.	f.	PROPN
emaj-76	288	4	,	,	PUNCT
emaj-76	288	5	miller	miller	PROPN
emaj-76	288	6	,	,	PUNCT
emaj-76	288	7	m.	m.	NOUN
emaj-76	288	8	(	(	PUNCT
emaj-76	288	9	1958	1958	NUM
emaj-76	288	10	)	)	PUNCT
emaj-76	288	11	.	.	PUNCT
emaj-76	289	1	the	the	DET
emaj-76	289	2	cost	cost	NOUN
emaj-76	289	3	of	of	ADP
emaj-76	289	4	capital	capital	NOUN
emaj-76	289	5	,	,	PUNCT
emaj-76	289	6	corporation	corporation	NOUN
emaj-76	289	7	finance	finance	NOUN
emaj-76	289	8	and	and	CCONJ
emaj-76	289	9	the	the	DET
emaj-76	289	10	theory	theory	NOUN
emaj-76	289	11	of	of	ADP
emaj-76	289	12	investment	investment	NOUN
emaj-76	289	13	,	,	PUNCT
emaj-76	289	14	american	american	PROPN
emaj-76	289	15	economic	economic	PROPN
emaj-76	289	16	review	review	PROPN
emaj-76	289	17	,	,	PUNCT
emaj-76	289	18	48	48	NUM
emaj-76	289	19	,	,	PUNCT
emaj-76	289	20	261	261	NUM
emaj-76	289	21	-	-	SYM
emaj-76	289	22	297	297	NUM
emaj-76	289	23	.	.	PUNCT
emaj-76	290	1	http://www.e-wydawnictwo.eu/document/documentpreview/125	http://www.e-wydawnictwo.eu/document/documentpreview/125	PUNCT
emaj-76	290	2	http://www.e-wydawnictwo.eu/document/documentpreview/125	http://www.e-wydawnictwo.eu/document/documentpreview/125	X
emaj-76	290	3	http://www.e-wydawnictwo.eu/document/documentpreview/125	http://www.e-wydawnictwo.eu/document/documentpreview/125	PUNCT
emaj-76	290	4	volume	volume	NOUN
emaj-76	290	5	5	5	NUM
emaj-76	290	6	no	no	DET
emaj-76	290	7	2	2	NUM
emaj-76	290	8	(	(	PUNCT
emaj-76	290	9	2015	2015	NUM
emaj-76	290	10	)	)	PUNCT
emaj-76	290	11	|	|	ADV
emaj-76	290	12	issn	issn	VERB
emaj-76	290	13	2158	2158	NUM
emaj-76	290	14	-	-	SYM
emaj-76	290	15	8708	8708	NUM
emaj-76	290	16	(	(	PUNCT
emaj-76	290	17	online	online	NOUN
emaj-76	290	18	)	)	PUNCT
emaj-76	290	19	|	|	ADV
emaj-76	290	20	doi	doi	X
emaj-76	290	21	10.5195	10.5195	NUM
emaj-76	290	22	/	/	SYM
emaj-76	290	23	emaj.2015.76	emaj.2015.76	NOUN
emaj-76	290	24	|	|	ADV
emaj-76	290	25	http://emaj.pitt.edu	http://emaj.pitt.edu	VERB
emaj-76	290	26	determinants	determinant	NOUN
emaj-76	290	27	of	of	ADP
emaj-76	290	28	debt	debt	NOUN
emaj-76	290	29	-	-	PUNCT
emaj-76	290	30	equity	equity	NOUN
emaj-76	290	31	choice	choice	NOUN
emaj-76	290	32	–	–	PUNCT
emaj-76	290	33	evidence	evidence	NOUN
emaj-76	290	34	from	from	ADP
emaj-76	290	35	poland	poland	PROPN
emaj-76	290	36	page	page	NOUN
emaj-76	290	37	|8|	|8|	NOUN
emaj-76	290	38	emerging	emerge	VERB
emaj-76	290	39	markets	market	NOUN
emaj-76	290	40	journal	journal	PROPN
emaj-76	290	41	myers	myers	PROPN
emaj-76	290	42	,	,	PUNCT
emaj-76	290	43	s.c	s.c	PROPN
emaj-76	290	44	.	.	PROPN
emaj-76	291	1	(	(	PUNCT
emaj-76	291	2	1977	1977	NUM
emaj-76	291	3	)	)	PUNCT
emaj-76	291	4	.	.	PUNCT
emaj-76	292	1	determinants	determinant	NOUN
emaj-76	292	2	of	of	ADP
emaj-76	292	3	corporate	corporate	ADJ
emaj-76	292	4	borrowing	borrowing	NOUN
emaj-76	292	5	,	,	PUNCT
emaj-76	292	6	journal	journal	NOUN
emaj-76	292	7	of	of	ADP
emaj-76	292	8	financial	financial	ADJ
emaj-76	292	9	economics	economic	NOUN
emaj-76	292	10	,	,	PUNCT
emaj-76	292	11	5	5	NUM
emaj-76	292	12	,	,	PUNCT
emaj-76	292	13	147	147	NUM
emaj-76	292	14	-	-	SYM
emaj-76	292	15	175	175	NUM
emaj-76	292	16	.	.	PUNCT
emaj-76	293	1	myers	myers	PROPN
emaj-76	293	2	,	,	PUNCT
emaj-76	293	3	s.c	s.c	PROPN
emaj-76	293	4	.	.	PROPN
emaj-76	293	5	(	(	PUNCT
emaj-76	293	6	1984	1984	NUM
emaj-76	293	7	)	)	PUNCT
emaj-76	293	8	.	.	PUNCT
emaj-76	294	1	the	the	DET
emaj-76	294	2	capital	capital	NOUN
emaj-76	294	3	structure	structure	NOUN
emaj-76	294	4	puzzle	puzzle	NOUN
emaj-76	294	5	,	,	PUNCT
emaj-76	294	6	journal	journal	NOUN
emaj-76	294	7	of	of	ADP
emaj-76	294	8	finance	finance	NOUN
emaj-76	294	9	,	,	PUNCT
emaj-76	294	10	39	39	NUM
emaj-76	294	11	,	,	PUNCT
emaj-76	294	12	575592	575592	NUM
emaj-76	294	13	.	.	PUNCT
emaj-76	295	1	myers	myers	PROPN
emaj-76	295	2	,	,	PUNCT
emaj-76	295	3	s.c	s.c	PROPN
emaj-76	295	4	.	.	PROPN
emaj-76	295	5	,	,	PUNCT
emaj-76	295	6	majluf	majluf	PROPN
emaj-76	295	7	,	,	PUNCT
emaj-76	295	8	n.s	n.s	PROPN
emaj-76	295	9	.	.	PROPN
emaj-76	295	10	(	(	PUNCT
emaj-76	295	11	1984	1984	NUM
emaj-76	295	12	)	)	PUNCT
emaj-76	295	13	.	.	PUNCT
emaj-76	296	1	corporate	corporate	ADJ
emaj-76	296	2	financing	financing	NOUN
emaj-76	296	3	and	and	CCONJ
emaj-76	296	4	investment	investment	NOUN
emaj-76	296	5	decisions	decision	NOUN
emaj-76	296	6	when	when	SCONJ
emaj-76	296	7	firms	firm	NOUN
emaj-76	296	8	have	have	VERB
emaj-76	296	9	information	information	NOUN
emaj-76	296	10	that	that	SCONJ
emaj-76	296	11	investors	investor	NOUN
emaj-76	296	12	do	do	AUX
emaj-76	296	13	not	not	PART
emaj-76	296	14	have	have	VERB
emaj-76	296	15	,	,	PUNCT
emaj-76	296	16	journal	journal	NOUN
emaj-76	296	17	of	of	ADP
emaj-76	296	18	financial	financial	ADJ
emaj-76	296	19	economics	economic	NOUN
emaj-76	296	20	,	,	PUNCT
emaj-76	296	21	13	13	NUM
emaj-76	296	22	(	(	PUNCT
emaj-76	296	23	2	2	NUM
emaj-76	296	24	)	)	PUNCT
emaj-76	296	25	,	,	PUNCT
emaj-76	296	26	187	187	NUM
emaj-76	296	27	-	-	SYM
emaj-76	296	28	221	221	NUM
emaj-76	296	29	.	.	PUNCT
emaj-76	297	1	rajan	rajan	PROPN
emaj-76	297	2	r.g	r.g	PROPN
emaj-76	297	3	.	.	PROPN
emaj-76	297	4	,	,	PUNCT
emaj-76	297	5	zingales	zingales	PROPN
emaj-76	297	6	l.	l.	PROPN
emaj-76	297	7	(	(	PUNCT
emaj-76	297	8	1995	1995	NUM
emaj-76	297	9	)	)	PUNCT
emaj-76	297	10	.	.	PUNCT
emaj-76	298	1	what	what	PRON
emaj-76	298	2	do	do	AUX
emaj-76	298	3	we	we	PRON
emaj-76	298	4	know	know	VERB
emaj-76	298	5	about	about	ADP
emaj-76	298	6	capital	capital	NOUN
emaj-76	298	7	structure	structure	NOUN
emaj-76	298	8	?	?	PUNCT
emaj-76	299	1	some	some	DET
emaj-76	299	2	evidence	evidence	NOUN
emaj-76	299	3	from	from	ADP
emaj-76	299	4	international	international	ADJ
emaj-76	299	5	data	datum	NOUN
emaj-76	299	6	,	,	PUNCT
emaj-76	299	7	the	the	DET
emaj-76	299	8	journal	journal	NOUN
emaj-76	299	9	of	of	ADP
emaj-76	299	10	finance	finance	NOUN
emaj-76	299	11	,	,	PUNCT
emaj-76	299	12	50	50	NUM
emaj-76	299	13	(	(	PUNCT
emaj-76	299	14	5	5	NUM
emaj-76	299	15	)	)	PUNCT
emaj-76	299	16	,	,	PUNCT
emaj-76	299	17	1421	1421	NUM
emaj-76	299	18	-	-	SYM
emaj-76	299	19	1460	1460	NUM
emaj-76	299	20	.	.	PUNCT
emaj-76	300	1	titman	titman	PROPN
emaj-76	300	2	,	,	PUNCT
emaj-76	300	3	s.	s.	PROPN
emaj-76	300	4	,	,	PUNCT
emaj-76	300	5	wessels	wessels	PROPN
emaj-76	300	6	,	,	PUNCT
emaj-76	300	7	r.	r.	PROPN
emaj-76	300	8	(	(	PUNCT
emaj-76	300	9	1988	1988	NUM
emaj-76	300	10	)	)	PUNCT
emaj-76	300	11	.	.	PUNCT
emaj-76	301	1	the	the	DET
emaj-76	301	2	determinants	determinant	NOUN
emaj-76	301	3	of	of	ADP
emaj-76	301	4	capital	capital	NOUN
emaj-76	301	5	structure	structure	NOUN
emaj-76	301	6	choice	choice	NOUN
emaj-76	301	7	,	,	PUNCT
emaj-76	301	8	the	the	DET
emaj-76	301	9	journal	journal	NOUN
emaj-76	301	10	of	of	ADP
emaj-76	301	11	finance	finance	NOUN
emaj-76	301	12	,	,	PUNCT
emaj-76	301	13	43	43	NUM
emaj-76	301	14	(	(	PUNCT
emaj-76	301	15	1	1	NUM
emaj-76	301	16	)	)	PUNCT
emaj-76	301	17	,	,	PUNCT
emaj-76	301	18	1	1	NUM
emaj-76	301	19	-	-	SYM
emaj-76	301	20	19	19	NUM
emaj-76	301	21	.	.	PUNCT
emaj-76	302	1	remmers	remmer	NOUN
emaj-76	302	2	,	,	PUNCT
emaj-76	302	3	l.	l.	PROPN
emaj-76	302	4	,	,	PUNCT
emaj-76	302	5	stonehill	stonehill	PROPN
emaj-76	302	6	,	,	PUNCT
emaj-76	302	7	a.	a.	PROPN
emaj-76	302	8	,	,	PUNCT
emaj-76	302	9	wright	wright	PROPN
emaj-76	302	10	,	,	PUNCT
emaj-76	302	11	r.	r.	PROPN
emaj-76	302	12	and	and	CCONJ
emaj-76	302	13	beekhuisen	beekhuisen	PROPN
emaj-76	302	14	,	,	PUNCT
emaj-76	302	15	t.	t.	PROPN
emaj-76	302	16	(	(	PUNCT
emaj-76	302	17	1974	1974	NUM
emaj-76	302	18	)	)	PUNCT
emaj-76	302	19	.	.	PUNCT
emaj-76	303	1	industry	industry	NOUN
emaj-76	303	2	and	and	CCONJ
emaj-76	303	3	size	size	NOUN
emaj-76	303	4	as	as	ADP
emaj-76	303	5	debt	debt	NOUN
emaj-76	303	6	ratio	ratio	NOUN
emaj-76	303	7	determinants	determinant	NOUN
emaj-76	303	8	in	in	ADP
emaj-76	303	9	manufacturing	manufacturing	NOUN
emaj-76	303	10	internationally	internationally	ADV
emaj-76	303	11	,	,	PUNCT
emaj-76	303	12	financial	financial	ADJ
emaj-76	303	13	management	management	NOUN
emaj-76	303	14	,	,	PUNCT
emaj-76	303	15	(	(	PUNCT
emaj-76	303	16	summer	summer	NOUN
emaj-76	303	17	)	)	PUNCT
emaj-76	303	18	,	,	PUNCT
emaj-76	303	19	2432	2432	NUM
emaj-76	303	20	.	.	PUNCT
emaj-76	304	1	scott	scott	PROPN
emaj-76	304	2	,	,	PUNCT
emaj-76	304	3	j.	j.	PROPN
emaj-76	304	4	h.	h.	PROPN
emaj-76	304	5	(	(	PUNCT
emaj-76	304	6	1977	1977	NUM
emaj-76	304	7	)	)	PUNCT
emaj-76	304	8	.	.	PUNCT
emaj-76	305	1	bankruptcy	bankruptcy	NOUN
emaj-76	305	2	,	,	PUNCT
emaj-76	305	3	secured	secured	ADJ
emaj-76	305	4	debt	debt	NOUN
emaj-76	305	5	,	,	PUNCT
emaj-76	305	6	and	and	CCONJ
emaj-76	305	7	optimal	optimal	ADJ
emaj-76	305	8	capital	capital	NOUN
emaj-76	305	9	structure	structure	NOUN
emaj-76	305	10	,	,	PUNCT
emaj-76	305	11	journal	journal	NOUN
emaj-76	305	12	of	of	ADP
emaj-76	305	13	finance	finance	NOUN
emaj-76	305	14	,	,	PUNCT
emaj-76	305	15	32	32	NUM
emaj-76	305	16	(	(	PUNCT
emaj-76	305	17	1	1	NUM
emaj-76	305	18	)	)	PUNCT
emaj-76	305	19	,	,	PUNCT
emaj-76	305	20	1	1	NUM
emaj-76	305	21	-	-	SYM
emaj-76	305	22	20	20	NUM
emaj-76	305	23	.	.	PUNCT
emaj-76	306	1	wald	wald	X
emaj-76	306	2	,	,	PUNCT
emaj-76	306	3	j.k	j.k	PROPN
emaj-76	306	4	.	.	PROPN
emaj-76	306	5	(	(	PUNCT
emaj-76	306	6	1999	1999	NUM
emaj-76	306	7	)	)	PUNCT
emaj-76	306	8	.	.	PUNCT
emaj-76	307	1	how	how	SCONJ
emaj-76	307	2	firm	firm	ADJ
emaj-76	307	3	characteristics	characteristic	NOUN
emaj-76	307	4	affect	affect	VERB
emaj-76	307	5	capital	capital	NOUN
emaj-76	307	6	structure	structure	NOUN
emaj-76	307	7	:	:	PUNCT
emaj-76	307	8	an	an	DET
emaj-76	307	9	international	international	ADJ
emaj-76	307	10	comparison	comparison	NOUN
emaj-76	307	11	,	,	PUNCT
emaj-76	307	12	journal	journal	NOUN
emaj-76	307	13	of	of	ADP
emaj-76	307	14	financial	financial	ADJ
emaj-76	307	15	research	research	NOUN
emaj-76	307	16	,	,	PUNCT
emaj-76	307	17	22(2	22(2	NUM
emaj-76	307	18	)	)	PUNCT
emaj-76	307	19	,	,	PUNCT
emaj-76	307	20	161	161	NUM
emaj-76	307	21	-	-	SYM
emaj-76	307	22	187	187	NUM
emaj-76	307	23	.	.	PUNCT
emaj-76	308	1	williamson	williamson	PROPN
emaj-76	308	2	,	,	PUNCT
emaj-76	308	3	o.	o.	PROPN
emaj-76	308	4	(	(	PUNCT
emaj-76	308	5	1988	1988	NUM
emaj-76	308	6	)	)	PUNCT
emaj-76	308	7	.	.	PUNCT
emaj-76	309	1	corporate	corporate	ADJ
emaj-76	309	2	finance	finance	NOUN
emaj-76	309	3	and	and	CCONJ
emaj-76	309	4	corporate	corporate	ADJ
emaj-76	309	5	governance	governance	NOUN
emaj-76	309	6	,	,	PUNCT
emaj-76	309	7	journal	journal	NOUN
emaj-76	309	8	of	of	ADP
emaj-76	309	9	finance	finance	NOUN
emaj-76	309	10	,	,	PUNCT
emaj-76	309	11	43(3	43(3	NUM
emaj-76	309	12	)	)	PUNCT
emaj-76	309	13	,	,	PUNCT
emaj-76	309	14	567	567	NUM
emaj-76	309	15	-	-	SYM
emaj-76	309	16	591	591	NUM
emaj-76	309	17	.	.	PUNCT