id	sid	tid	token	lemma	pos
fbem-10378	1	1	frontiers	frontier	NOUN
fbem-10378	1	2	in	in	ADP
fbem-10378	1	3	business	business	NOUN
fbem-10378	1	4	,	,	PUNCT
fbem-10378	1	5	economics	economic	NOUN
fbem-10378	1	6	and	and	CCONJ
fbem-10378	1	7	management	management	NOUN
fbem-10378	1	8	issn	issn	PROPN
fbem-10378	1	9	:	:	PUNCT
fbem-10378	1	10	2766	2766	NUM
fbem-10378	1	11	-	-	PUNCT
fbem-10378	1	12	824x	824x	NUM
fbem-10378	1	13	|	|	ADJ
fbem-10378	1	14	vol	vol	NOUN
fbem-10378	1	15	.	.	PROPN
fbem-10378	2	1	10	10	NUM
fbem-10378	2	2	,	,	PUNCT
fbem-10378	2	3	no	no	INTJ
fbem-10378	2	4	.	.	NOUN
fbem-10378	2	5	1	1	NUM
fbem-10378	2	6	,	,	PUNCT
fbem-10378	2	7	2023	2023	NUM
fbem-10378	2	8	234	234	NUM
fbem-10378	2	9	the	the	DET
fbem-10378	2	10	impact	impact	NOUN
fbem-10378	2	11	of	of	ADP
fbem-10378	2	12	institutional	institutional	ADJ
fbem-10378	2	13	cross‐shareholdings	cross‐shareholding	NOUN
fbem-10378	2	14	on	on	ADP
fbem-10378	2	15	financial	financial	ADJ
fbem-10378	2	16	distress	distress	PROPN
fbem-10378	2	17	xinyi	xinyi	PROPN
fbem-10378	2	18	geng	geng	PROPN
fbem-10378	3	1	*	*	PROPN
fbem-10378	3	2	,	,	PUNCT
fbem-10378	3	3	yan	yan	PROPN
fbem-10378	3	4	zhao	zhao	PROPN
fbem-10378	3	5	,	,	PUNCT
fbem-10378	3	6	yimei	yimei	PROPN
fbem-10378	3	7	chen	chen	PROPN
fbem-10378	3	8	school	school	PROPN
fbem-10378	3	9	of	of	ADP
fbem-10378	3	10	accountancy	accountancy	PROPN
fbem-10378	3	11	,	,	PUNCT
fbem-10378	3	12	anhui	anhui	PROPN
fbem-10378	3	13	university	university	PROPN
fbem-10378	3	14	of	of	ADP
fbem-10378	3	15	finance	finance	NOUN
fbem-10378	3	16	and	and	CCONJ
fbem-10378	3	17	economics	economic	NOUN
fbem-10378	3	18	,	,	PUNCT
fbem-10378	3	19	bengbu	bengbu	NOUN
fbem-10378	3	20	,	,	PUNCT
fbem-10378	3	21	233030	233030	NUM
fbem-10378	3	22	,	,	PUNCT
fbem-10378	3	23	china	china	PROPN
fbem-10378	3	24	*	*	PUNCT
fbem-10378	3	25	corresponding	correspond	VERB
fbem-10378	3	26	author	author	NOUN
fbem-10378	3	27	:	:	PUNCT
fbem-10378	3	28	xinyi	xinyi	PROPN
fbem-10378	3	29	geng(email	geng(email	PROPN
fbem-10378	3	30	:	:	PUNCT
fbem-10378	3	31	gengxy1128@163.com	gengxy1128@163.com	X
fbem-10378	3	32	)	)	PUNCT
fbem-10378	3	33	abstract	abstract	NOUN
fbem-10378	3	34	:	:	PUNCT
fbem-10378	3	35	using	use	VERB
fbem-10378	3	36	the	the	DET
fbem-10378	3	37	data	datum	NOUN
fbem-10378	3	38	of	of	ADP
fbem-10378	3	39	4,057	4,057	NUM
fbem-10378	3	40	listed	list	VERB
fbem-10378	3	41	companies	company	NOUN
fbem-10378	3	42	in	in	ADP
fbem-10378	3	43	shanghai	shanghai	PROPN
fbem-10378	3	44	and	and	CCONJ
fbem-10378	3	45	shenzhen	shenzhen	PROPN
fbem-10378	3	46	a	a	PROPN
fbem-10378	3	47	-	-	PUNCT
fbem-10378	3	48	shares	share	NOUN
fbem-10378	3	49	from	from	ADP
fbem-10378	3	50	2012	2012	NUM
fbem-10378	3	51	to	to	ADP
fbem-10378	3	52	2021	2021	NUM
fbem-10378	3	53	,	,	PUNCT
fbem-10378	3	54	we	we	PRON
fbem-10378	3	55	explore	explore	VERB
fbem-10378	3	56	the	the	DET
fbem-10378	3	57	impact	impact	NOUN
fbem-10378	3	58	of	of	ADP
fbem-10378	3	59	institutional	institutional	ADJ
fbem-10378	3	60	cross	cross	NOUN
fbem-10378	3	61	-	-	NOUN
fbem-10378	3	62	shareholdings	shareholding	NOUN
fbem-10378	3	63	on	on	ADP
fbem-10378	3	64	financial	financial	ADJ
fbem-10378	3	65	distress	distress	NOUN
fbem-10378	3	66	and	and	CCONJ
fbem-10378	3	67	its	its	PRON
fbem-10378	3	68	mechanism	mechanism	NOUN
fbem-10378	3	69	of	of	ADP
fbem-10378	3	70	action	action	NOUN
fbem-10378	3	71	.	.	PUNCT
fbem-10378	4	1	the	the	DET
fbem-10378	4	2	research	research	NOUN
fbem-10378	4	3	results	result	NOUN
fbem-10378	4	4	show	show	VERB
fbem-10378	4	5	that	that	SCONJ
fbem-10378	4	6	institutional	institutional	ADJ
fbem-10378	4	7	cross	cross	NOUN
fbem-10378	4	8	-	-	NOUN
fbem-10378	4	9	shareholding	shareholding	NOUN
fbem-10378	4	10	is	be	AUX
fbem-10378	4	11	positively	positively	ADV
fbem-10378	4	12	related	relate	VERB
fbem-10378	4	13	to	to	ADP
fbem-10378	4	14	financial	financial	ADJ
fbem-10378	4	15	distress	distress	NOUN
fbem-10378	4	16	.	.	PUNCT
fbem-10378	5	1	further	further	ADJ
fbem-10378	5	2	research	research	NOUN
fbem-10378	5	3	finds	find	VERB
fbem-10378	5	4	that	that	SCONJ
fbem-10378	5	5	:	:	PUNCT
fbem-10378	5	6	management	management	NOUN
fbem-10378	5	7	shareholding	shareholding	NOUN
fbem-10378	5	8	ratio	ratio	NOUN
fbem-10378	5	9	is	be	AUX
fbem-10378	5	10	an	an	DET
fbem-10378	5	11	important	important	ADJ
fbem-10378	5	12	channel	channel	NOUN
fbem-10378	5	13	for	for	ADP
fbem-10378	5	14	institutional	institutional	ADJ
fbem-10378	5	15	cross	cross	NOUN
fbem-10378	5	16	-	-	NOUN
fbem-10378	5	17	shareholding	shareholding	NOUN
fbem-10378	5	18	to	to	PART
fbem-10378	5	19	influence	influence	VERB
fbem-10378	5	20	financial	financial	ADJ
fbem-10378	5	21	distress	distress	NOUN
fbem-10378	5	22	;	;	PUNCT
fbem-10378	5	23	the	the	DET
fbem-10378	5	24	impact	impact	NOUN
fbem-10378	5	25	of	of	ADP
fbem-10378	5	26	institutional	institutional	ADJ
fbem-10378	5	27	crossshareholding	crossshareholde	VERB
fbem-10378	5	28	on	on	ADP
fbem-10378	5	29	financial	financial	ADJ
fbem-10378	5	30	distress	distress	NOUN
fbem-10378	5	31	is	be	AUX
fbem-10378	5	32	more	more	ADV
fbem-10378	5	33	significant	significant	ADJ
fbem-10378	5	34	in	in	ADP
fbem-10378	5	35	standard	standard	ADJ
fbem-10378	5	36	unqualified	unqualified	ADJ
fbem-10378	5	37	audit	audit	NOUN
fbem-10378	5	38	opinion	opinion	NOUN
fbem-10378	5	39	and	and	CCONJ
fbem-10378	5	40	non	non	ADJ
fbem-10378	5	41	-	-	ADJ
fbem-10378	5	42	state	state	NOUN
fbem-10378	5	43	-	-	PUNCT
fbem-10378	5	44	owned	own	VERB
fbem-10378	5	45	enterprises	enterprise	NOUN
fbem-10378	5	46	.	.	PUNCT
fbem-10378	6	1	the	the	DET
fbem-10378	6	2	findings	finding	NOUN
fbem-10378	6	3	of	of	ADP
fbem-10378	6	4	this	this	DET
fbem-10378	6	5	paper	paper	NOUN
fbem-10378	6	6	provide	provide	VERB
fbem-10378	6	7	theoretical	theoretical	ADJ
fbem-10378	6	8	and	and	CCONJ
fbem-10378	6	9	empirical	empirical	ADJ
fbem-10378	6	10	evidence	evidence	NOUN
fbem-10378	6	11	for	for	ADP
fbem-10378	6	12	the	the	DET
fbem-10378	6	13	effect	effect	NOUN
fbem-10378	6	14	of	of	ADP
fbem-10378	6	15	institutional	institutional	ADJ
fbem-10378	6	16	cross	cross	NOUN
fbem-10378	6	17	-	-	NOUN
fbem-10378	6	18	shareholding	shareholding	NOUN
fbem-10378	6	19	on	on	ADP
fbem-10378	6	20	corporate	corporate	ADJ
fbem-10378	6	21	financial	financial	ADJ
fbem-10378	6	22	distress	distress	NOUN
fbem-10378	6	23	and	and	CCONJ
fbem-10378	6	24	its	its	PRON
fbem-10378	6	25	impact	impact	NOUN
fbem-10378	6	26	mechanism	mechanism	NOUN
fbem-10378	6	27	.	.	PUNCT
fbem-10378	7	1	keywords	keyword	NOUN
fbem-10378	7	2	:	:	PUNCT
fbem-10378	7	3	institutional	institutional	ADJ
fbem-10378	7	4	cross	cross	NOUN
fbem-10378	7	5	-	-	ADJ
fbem-10378	7	6	shareholding	shareholding	ADJ
fbem-10378	7	7	,	,	PUNCT
fbem-10378	7	8	financial	financial	ADJ
fbem-10378	7	9	distress	distress	NOUN
fbem-10378	7	10	,	,	PUNCT
fbem-10378	7	11	management	management	NOUN
fbem-10378	7	12	's	's	PART
fbem-10378	7	13	shareholding	shareholding	NOUN
fbem-10378	7	14	,	,	PUNCT
fbem-10378	7	15	governance	governance	NOUN
fbem-10378	7	16	effects	effect	NOUN
fbem-10378	7	17	.	.	PUNCT
fbem-10378	8	1	1	1	X
fbem-10378	8	2	.	.	X
fbem-10378	8	3	introduction	introduction	NOUN
fbem-10378	8	4	since	since	SCONJ
fbem-10378	8	5	2000	2000	NUM
fbem-10378	8	6	,	,	PUNCT
fbem-10378	8	7	the	the	DET
fbem-10378	8	8	securities	security	NOUN
fbem-10378	8	9	and	and	CCONJ
fbem-10378	8	10	futures	future	NOUN
fbem-10378	8	11	commission	commission	PROPN
fbem-10378	8	12	(	(	PUNCT
fbem-10378	8	13	sfc	sfc	PROPN
fbem-10378	8	14	)	)	PUNCT
fbem-10378	8	15	first	first	ADV
fbem-10378	8	16	proposed	propose	VERB
fbem-10378	8	17	the	the	DET
fbem-10378	8	18	strategy	strategy	NOUN
fbem-10378	8	19	of	of	ADP
fbem-10378	8	20	"	"	PUNCT
fbem-10378	8	21	extraordinary	extraordinary	ADJ
fbem-10378	8	22	development	development	NOUN
fbem-10378	8	23	of	of	ADP
fbem-10378	8	24	institutional	institutional	ADJ
fbem-10378	8	25	investors	investor	NOUN
fbem-10378	8	26	"	"	PUNCT
fbem-10378	8	27	,	,	PUNCT
fbem-10378	8	28	as	as	ADP
fbem-10378	8	29	of	of	ADP
fbem-10378	8	30	december	december	PROPN
fbem-10378	8	31	2021	2021	NUM
fbem-10378	8	32	,	,	PUNCT
fbem-10378	8	33	the	the	DET
fbem-10378	8	34	market	market	NOUN
fbem-10378	8	35	value	value	NOUN
fbem-10378	8	36	of	of	ADP
fbem-10378	8	37	institutional	institutional	ADJ
fbem-10378	8	38	holdings	holding	NOUN
fbem-10378	8	39	accounted	account	VERB
fbem-10378	8	40	for	for	ADP
fbem-10378	8	41	44	44	NUM
fbem-10378	8	42	%	%	NOUN
fbem-10378	8	43	of	of	ADP
fbem-10378	8	44	the	the	DET
fbem-10378	8	45	market	market	NOUN
fbem-10378	8	46	value	value	NOUN
fbem-10378	8	47	of	of	ADP
fbem-10378	8	48	institutional	institutional	ADJ
fbem-10378	8	49	investors	investor	NOUN
fbem-10378	8	50	have	have	AUX
fbem-10378	8	51	become	become	VERB
fbem-10378	8	52	the	the	DET
fbem-10378	8	53	backbone	backbone	NOUN
fbem-10378	8	54	of	of	ADP
fbem-10378	8	55	china	china	PROPN
fbem-10378	8	56	's	's	PART
fbem-10378	8	57	capital	capital	NOUN
fbem-10378	8	58	market	market	NOUN
fbem-10378	8	59	,	,	PUNCT
fbem-10378	8	60	and	and	CCONJ
fbem-10378	8	61	at	at	ADP
fbem-10378	8	62	the	the	DET
fbem-10378	8	63	same	same	ADJ
fbem-10378	8	64	time	time	NOUN
fbem-10378	8	65	,	,	PUNCT
fbem-10378	8	66	the	the	DET
fbem-10378	8	67	phenomenon	phenomenon	NOUN
fbem-10378	8	68	of	of	ADP
fbem-10378	8	69	their	their	PRON
fbem-10378	8	70	cross	cross	NOUN
fbem-10378	8	71	-	-	NOUN
fbem-10378	8	72	holdings	holding	NOUN
fbem-10378	8	73	is	be	AUX
fbem-10378	8	74	also	also	ADV
fbem-10378	8	75	becoming	become	VERB
fbem-10378	8	76	more	more	ADV
fbem-10378	8	77	and	and	CCONJ
fbem-10378	8	78	more	more	ADV
fbem-10378	8	79	common	common	ADJ
fbem-10378	8	80	.	.	PUNCT
fbem-10378	9	1	institutional	institutional	ADJ
fbem-10378	9	2	cross	cross	NOUN
fbem-10378	9	3	-	-	ADJ
fbem-10378	9	4	shareholding	shareholding	NOUN
fbem-10378	9	5	refers	refer	VERB
fbem-10378	9	6	to	to	ADP
fbem-10378	9	7	the	the	DET
fbem-10378	9	8	same	same	ADJ
fbem-10378	9	9	institution	institution	NOUN
fbem-10378	9	10	simultaneously	simultaneously	ADV
fbem-10378	9	11	holding	hold	VERB
fbem-10378	9	12	two	two	NUM
fbem-10378	9	13	or	or	CCONJ
fbem-10378	9	14	more	more	ADJ
fbem-10378	9	15	listed	list	VERB
fbem-10378	9	16	companies	company	NOUN
fbem-10378	9	17	in	in	ADP
fbem-10378	9	18	the	the	DET
fbem-10378	9	19	same	same	ADJ
fbem-10378	9	20	industry	industry	NOUN
fbem-10378	9	21	with	with	ADP
fbem-10378	9	22	large	large	ADJ
fbem-10378	9	23	shareholdings	shareholding	NOUN
fbem-10378	9	24	(	(	PUNCT
fbem-10378	9	25	shareholding	shareholding	NOUN
fbem-10378	9	26	ratio	ratio	NOUN
fbem-10378	9	27	greater	great	ADJ
fbem-10378	9	28	than	than	ADP
fbem-10378	9	29	5%)[1	5%)[1	NUM
fbem-10378	9	30	]	]	PUNCT
fbem-10378	9	31	.	.	PUNCT
fbem-10378	10	1	on	on	ADP
fbem-10378	10	2	the	the	DET
fbem-10378	10	3	one	one	NUM
fbem-10378	10	4	hand	hand	NOUN
fbem-10378	10	5	,	,	PUNCT
fbem-10378	10	6	as	as	ADP
fbem-10378	10	7	a	a	DET
fbem-10378	10	8	specialised	specialised	ADJ
fbem-10378	10	9	external	external	ADJ
fbem-10378	10	10	investor	investor	NOUN
fbem-10378	10	11	,	,	PUNCT
fbem-10378	10	12	crossshareholding	crossshareholde	VERB
fbem-10378	10	13	institutions	institution	NOUN
fbem-10378	10	14	can	can	AUX
fbem-10378	10	15	promote	promote	VERB
fbem-10378	10	16	the	the	DET
fbem-10378	10	17	sharing	sharing	NOUN
fbem-10378	10	18	of	of	ADP
fbem-10378	10	19	information	information	NOUN
fbem-10378	10	20	resources	resource	NOUN
fbem-10378	10	21	among	among	ADP
fbem-10378	10	22	enterprises	enterprise	NOUN
fbem-10378	10	23	due	due	ADP
fbem-10378	10	24	to	to	ADP
fbem-10378	10	25	their	their	PRON
fbem-10378	10	26	holding	holding	NOUN
fbem-10378	10	27	of	of	ADP
fbem-10378	10	28	multiple	multiple	ADJ
fbem-10378	10	29	enterprises	enterprise	NOUN
fbem-10378	10	30	in	in	ADP
fbem-10378	10	31	the	the	DET
fbem-10378	10	32	same	same	ADJ
fbem-10378	10	33	industry	industry	NOUN
fbem-10378	10	34	;	;	PUNCT
fbem-10378	10	35	and	and	CCONJ
fbem-10378	10	36	due	due	ADP
fbem-10378	10	37	to	to	ADP
fbem-10378	10	38	the	the	DET
fbem-10378	10	39	lower	low	ADJ
fbem-10378	10	40	marginal	marginal	ADJ
fbem-10378	10	41	cost	cost	NOUN
fbem-10378	10	42	of	of	ADP
fbem-10378	10	43	supervision	supervision	NOUN
fbem-10378	10	44	and	and	CCONJ
fbem-10378	10	45	higher	high	ADJ
fbem-10378	10	46	marginal	marginal	ADJ
fbem-10378	10	47	returns	return	NOUN
fbem-10378	10	48	,	,	PUNCT
fbem-10378	10	49	cross	cross	ADJ
fbem-10378	10	50	-	-	ADJ
fbem-10378	10	51	shareholding	shareholding	ADJ
fbem-10378	10	52	institutions	institution	NOUN
fbem-10378	10	53	will	will	AUX
fbem-10378	10	54	be	be	AUX
fbem-10378	10	55	more	more	ADV
fbem-10378	10	56	actively	actively	ADV
fbem-10378	10	57	involved	involve	VERB
fbem-10378	10	58	in	in	ADP
fbem-10378	10	59	corporate	corporate	ADJ
fbem-10378	10	60	governance	governance	NOUN
fbem-10378	10	61	compared	compare	VERB
fbem-10378	10	62	to	to	ADP
fbem-10378	10	63	other	other	ADJ
fbem-10378	10	64	investors	investor	NOUN
fbem-10378	10	65	,	,	PUNCT
fbem-10378	10	66	which	which	PRON
fbem-10378	10	67	has	have	VERB
fbem-10378	10	68	a	a	DET
fbem-10378	10	69	positive	positive	ADJ
fbem-10378	10	70	impact	impact	NOUN
fbem-10378	10	71	on	on	ADP
fbem-10378	10	72	corporate	corporate	ADJ
fbem-10378	10	73	governance	governance	NOUN
fbem-10378	10	74	as	as	ADV
fbem-10378	10	75	well	well	ADV
fbem-10378	10	76	as	as	ADP
fbem-10378	10	77	the	the	DET
fbem-10378	10	78	enhancement	enhancement	NOUN
fbem-10378	10	79	of	of	ADP
fbem-10378	10	80	the	the	DET
fbem-10378	10	81	integration	integration	NOUN
fbem-10378	10	82	of	of	ADP
fbem-10378	10	83	idiosyncratic	idiosyncratic	ADJ
fbem-10378	10	84	information	information	NOUN
fbem-10378	10	85	into	into	ADP
fbem-10378	10	86	the	the	DET
fbem-10378	10	87	stock	stock	NOUN
fbem-10378	10	88	price	price	NOUN
fbem-10378	10	89	.	.	PUNCT
fbem-10378	11	1	on	on	ADP
fbem-10378	11	2	the	the	DET
fbem-10378	11	3	other	other	ADJ
fbem-10378	11	4	hand	hand	NOUN
fbem-10378	11	5	,	,	PUNCT
fbem-10378	11	6	when	when	SCONJ
fbem-10378	11	7	institutional	institutional	ADJ
fbem-10378	11	8	investors	investor	NOUN
fbem-10378	11	9	tend	tend	VERB
fbem-10378	11	10	to	to	PART
fbem-10378	11	11	pursue	pursue	VERB
fbem-10378	11	12	short	short	ADJ
fbem-10378	11	13	-	-	PUNCT
fbem-10378	11	14	term	term	NOUN
fbem-10378	11	15	interests	interest	NOUN
fbem-10378	11	16	,	,	PUNCT
fbem-10378	11	17	they	they	PRON
fbem-10378	11	18	often	often	ADV
fbem-10378	11	19	choose	choose	VERB
fbem-10378	11	20	to	to	PART
fbem-10378	11	21	conspire	conspire	VERB
fbem-10378	11	22	with	with	ADP
fbem-10378	11	23	management	management	NOUN
fbem-10378	11	24	to	to	PART
fbem-10378	11	25	carry	carry	VERB
fbem-10378	11	26	out	out	ADP
fbem-10378	11	27	surplus	surplus	NOUN
fbem-10378	11	28	management	management	NOUN
fbem-10378	11	29	,	,	PUNCT
fbem-10378	11	30	thereby	thereby	ADV
fbem-10378	11	31	harming	harm	VERB
fbem-10378	11	32	the	the	DET
fbem-10378	11	33	interests	interest	NOUN
fbem-10378	11	34	of	of	ADP
fbem-10378	11	35	enterprises	enterprise	NOUN
fbem-10378	11	36	and	and	CCONJ
fbem-10378	11	37	enhancing	enhance	VERB
fbem-10378	11	38	financial	financial	ADJ
fbem-10378	11	39	distress	distress	NOUN
fbem-10378	11	40	.	.	PUNCT
fbem-10378	12	1	financial	financial	ADJ
fbem-10378	12	2	distress	distress	NOUN
fbem-10378	12	3	enterprises	enterprise	NOUN
fbem-10378	12	4	are	be	AUX
fbem-10378	12	5	manifested	manifest	VERB
fbem-10378	12	6	in	in	ADP
fbem-10378	12	7	the	the	DET
fbem-10378	12	8	inability	inability	NOUN
fbem-10378	12	9	to	to	PART
fbem-10378	12	10	perform	perform	VERB
fbem-10378	12	11	or	or	CCONJ
fbem-10378	12	12	repay	repay	VERB
fbem-10378	12	13	debts	debt	NOUN
fbem-10378	12	14	on	on	ADP
fbem-10378	12	15	time	time	NOUN
fbem-10378	12	16	,	,	PUNCT
fbem-10378	12	17	negative	negative	ADJ
fbem-10378	12	18	net	net	ADJ
fbem-10378	12	19	assets	asset	NOUN
fbem-10378	12	20	,	,	PUNCT
fbem-10378	12	21	bankruptcy	bankruptcy	NOUN
fbem-10378	12	22	and	and	CCONJ
fbem-10378	12	23	liquidation	liquidation	NOUN
fbem-10378	12	24	,	,	PUNCT
fbem-10378	12	25	illiquidity	illiquidity	NOUN
fbem-10378	12	26	and	and	CCONJ
fbem-10378	12	27	cash	cash	NOUN
fbem-10378	12	28	outflow	outflow	NOUN
fbem-10378	12	29	,	,	PUNCT
fbem-10378	12	30	etc	etc	X
fbem-10378	12	31	.	.	X
fbem-10378	13	1	[	[	X
fbem-10378	13	2	2	2	NUM
fbem-10378	13	3	]	]	PUNCT
fbem-10378	13	4	.	.	PUNCT
fbem-10378	14	1	once	once	ADV
fbem-10378	14	2	the	the	DET
fbem-10378	14	3	financial	financial	ADJ
fbem-10378	14	4	distress	distress	NOUN
fbem-10378	14	5	is	be	AUX
fbem-10378	14	6	not	not	PART
fbem-10378	14	7	resolved	resolve	VERB
fbem-10378	14	8	in	in	ADP
fbem-10378	14	9	time	time	NOUN
fbem-10378	14	10	,	,	PUNCT
fbem-10378	14	11	it	it	PRON
fbem-10378	14	12	may	may	AUX
fbem-10378	14	13	eventually	eventually	ADV
fbem-10378	14	14	lead	lead	VERB
fbem-10378	14	15	to	to	ADP
fbem-10378	14	16	bankruptcy	bankruptcy	NOUN
fbem-10378	14	17	and	and	CCONJ
fbem-10378	14	18	liquidation	liquidation	NOUN
fbem-10378	14	19	of	of	ADP
fbem-10378	14	20	the	the	DET
fbem-10378	14	21	enterprise	enterprise	NOUN
fbem-10378	14	22	[	[	X
fbem-10378	14	23	3	3	NUM
fbem-10378	14	24	]	]	PUNCT
fbem-10378	14	25	,	,	PUNCT
fbem-10378	14	26	therefore	therefore	ADV
fbem-10378	14	27	,	,	PUNCT
fbem-10378	14	28	digging	dig	VERB
fbem-10378	14	29	into	into	ADP
fbem-10378	14	30	the	the	DET
fbem-10378	14	31	motivation	motivation	NOUN
fbem-10378	14	32	of	of	ADP
fbem-10378	14	33	financial	financial	ADJ
fbem-10378	14	34	distress	distress	NOUN
fbem-10378	14	35	has	have	AUX
fbem-10378	14	36	become	become	VERB
fbem-10378	14	37	the	the	DET
fbem-10378	14	38	key	key	NOUN
fbem-10378	14	39	to	to	PART
fbem-10378	14	40	resolve	resolve	VERB
fbem-10378	14	41	financial	financial	ADJ
fbem-10378	14	42	distress	distress	NOUN
fbem-10378	14	43	.	.	PUNCT
fbem-10378	15	1	some	some	DET
fbem-10378	15	2	studies	study	NOUN
fbem-10378	15	3	have	have	AUX
fbem-10378	15	4	been	be	AUX
fbem-10378	15	5	conducted	conduct	VERB
fbem-10378	15	6	to	to	PART
fbem-10378	15	7	analyse	analyse	VERB
fbem-10378	15	8	the	the	DET
fbem-10378	15	9	impact	impact	NOUN
fbem-10378	15	10	of	of	ADP
fbem-10378	15	11	micro	micro	NOUN
fbem-10378	15	12	-	-	NOUN
fbem-10378	15	13	factors	factor	NOUN
fbem-10378	15	14	of	of	ADP
fbem-10378	15	15	enterprises	enterprise	NOUN
fbem-10378	15	16	,	,	PUNCT
fbem-10378	15	17	such	such	ADJ
fbem-10378	15	18	as	as	ADP
fbem-10378	15	19	return	return	NOUN
fbem-10378	15	20	on	on	ADP
fbem-10378	15	21	total	total	ADJ
fbem-10378	15	22	assets	asset	NOUN
fbem-10378	15	23	,	,	PUNCT
fbem-10378	15	24	interest	interest	NOUN
fbem-10378	15	25	coverage	coverage	NOUN
fbem-10378	15	26	multiples	multiple	NOUN
fbem-10378	15	27	,	,	PUNCT
fbem-10378	15	28	current	current	ADJ
fbem-10378	15	29	ratio	ratio	NOUN
fbem-10378	15	30	[	[	X
fbem-10378	15	31	4	4	NUM
fbem-10378	15	32	]	]	PUNCT
fbem-10378	15	33	,	,	PUNCT
fbem-10378	15	34	cash	cash	NOUN
fbem-10378	15	35	flow	flow	NOUN
fbem-10378	15	36	ratio	ratio	NOUN
fbem-10378	15	37	and	and	CCONJ
fbem-10378	15	38	cash	cash	NOUN
fbem-10378	15	39	to	to	ADP
fbem-10378	15	40	debt	debt	NOUN
fbem-10378	15	41	ratio	ratio	NOUN
fbem-10378	15	42	[	[	X
fbem-10378	15	43	5	5	NUM
fbem-10378	15	44	]	]	PUNCT
fbem-10378	15	45	,	,	PUNCT
fbem-10378	15	46	enterprise	enterprise	NOUN
fbem-10378	15	47	revenue	revenue	NOUN
fbem-10378	15	48	from	from	ADP
fbem-10378	15	49	main	main	ADJ
fbem-10378	15	50	business	business	NOUN
fbem-10378	15	51	and	and	CCONJ
fbem-10378	15	52	cost	cost	NOUN
fbem-10378	15	53	,	,	PUNCT
fbem-10378	15	54	internal	internal	ADJ
fbem-10378	15	55	governance	governance	NOUN
fbem-10378	15	56	level	level	NOUN
fbem-10378	15	57	,	,	PUNCT
fbem-10378	15	58	capital	capital	NOUN
fbem-10378	15	59	structure	structure	NOUN
fbem-10378	15	60	,	,	PUNCT
fbem-10378	15	61	etc	etc	X
fbem-10378	15	62	.	.	X
fbem-10378	16	1	in	in	ADP
fbem-10378	16	2	addition	addition	NOUN
fbem-10378	16	3	,	,	PUNCT
fbem-10378	16	4	there	there	PRON
fbem-10378	16	5	are	be	VERB
fbem-10378	16	6	macro	macro	ADJ
fbem-10378	16	7	factors	factor	NOUN
fbem-10378	16	8	such	such	ADJ
fbem-10378	16	9	as	as	ADP
fbem-10378	16	10	the	the	DET
fbem-10378	16	11	degree	degree	NOUN
fbem-10378	16	12	of	of	ADP
fbem-10378	16	13	market	market	NOUN
fbem-10378	16	14	competition	competition	NOUN
fbem-10378	16	15	[	[	X
fbem-10378	16	16	6	6	NUM
fbem-10378	16	17	]	]	PUNCT
fbem-10378	16	18	,	,	PUNCT
fbem-10378	16	19	inflation	inflation	NOUN
fbem-10378	17	1	[	[	X
fbem-10378	17	2	7	7	NUM
fbem-10378	17	3	]	]	PUNCT
fbem-10378	17	4	,	,	PUNCT
fbem-10378	17	5	and	and	CCONJ
fbem-10378	17	6	monetary	monetary	ADJ
fbem-10378	17	7	policy	policy	NOUN
fbem-10378	17	8	.	.	PUNCT
fbem-10378	18	1	at	at	ADP
fbem-10378	18	2	present	present	ADJ
fbem-10378	18	3	,	,	PUNCT
fbem-10378	18	4	the	the	DET
fbem-10378	18	5	academic	academic	ADJ
fbem-10378	18	6	research	research	NOUN
fbem-10378	18	7	on	on	ADP
fbem-10378	18	8	the	the	DET
fbem-10378	18	9	role	role	NOUN
fbem-10378	18	10	of	of	ADP
fbem-10378	18	11	institutional	institutional	ADJ
fbem-10378	18	12	investors	investor	NOUN
fbem-10378	18	13	on	on	ADP
fbem-10378	18	14	financial	financial	ADJ
fbem-10378	18	15	distress	distress	NOUN
fbem-10378	18	16	has	have	AUX
fbem-10378	18	17	not	not	PART
fbem-10378	18	18	formed	form	VERB
fbem-10378	18	19	a	a	DET
fbem-10378	18	20	consistent	consistent	ADJ
fbem-10378	18	21	conclusion	conclusion	NOUN
fbem-10378	18	22	.	.	PUNCT
fbem-10378	19	1	some	some	DET
fbem-10378	19	2	studies	study	NOUN
fbem-10378	19	3	from	from	ADP
fbem-10378	19	4	the	the	DET
fbem-10378	19	5	"	"	PUNCT
fbem-10378	19	6	resources	resource	NOUN
fbem-10378	19	7	"	"	PUNCT
fbem-10378	19	8	and	and	CCONJ
fbem-10378	19	9	"	"	PUNCT
fbem-10378	19	10	information	information	NOUN
fbem-10378	19	11	"	"	PUNCT
fbem-10378	19	12	perspective	perspective	NOUN
fbem-10378	19	13	analysis	analysis	NOUN
fbem-10378	19	14	that	that	SCONJ
fbem-10378	19	15	institutional	institutional	ADJ
fbem-10378	19	16	ownership	ownership	NOUN
fbem-10378	19	17	has	have	VERB
fbem-10378	19	18	a	a	DET
fbem-10378	19	19	mitigating	mitigate	VERB
fbem-10378	19	20	effect	effect	NOUN
fbem-10378	19	21	.	.	PUNCT
fbem-10378	20	1	institutional	institutional	ADJ
fbem-10378	20	2	investors	investor	NOUN
fbem-10378	20	3	have	have	VERB
fbem-10378	20	4	a	a	DET
fbem-10378	20	5	wide	wide	ADJ
fbem-10378	20	6	range	range	NOUN
fbem-10378	20	7	of	of	ADP
fbem-10378	20	8	information	information	NOUN
fbem-10378	20	9	channels	channel	NOUN
fbem-10378	20	10	[	[	X
fbem-10378	20	11	8	8	NUM
fbem-10378	20	12	]	]	PUNCT
fbem-10378	20	13	and	and	CCONJ
fbem-10378	20	14	strong	strong	ADJ
fbem-10378	20	15	information	information	NOUN
fbem-10378	20	16	analysis	analysis	NOUN
fbem-10378	20	17	ability	ability	NOUN
fbem-10378	20	18	[	[	X
fbem-10378	20	19	9	9	NUM
fbem-10378	20	20	]	]	PUNCT
fbem-10378	20	21	,	,	PUNCT
fbem-10378	20	22	effectively	effectively	ADV
fbem-10378	20	23	alleviate	alleviate	VERB
fbem-10378	20	24	information	information	NOUN
fbem-10378	20	25	asymmetry	asymmetry	NOUN
fbem-10378	21	1	[	[	X
fbem-10378	21	2	10	10	NUM
fbem-10378	21	3	]	]	PUNCT
fbem-10378	21	4	,	,	PUNCT
fbem-10378	21	5	can	can	AUX
fbem-10378	21	6	broaden	broaden	VERB
fbem-10378	21	7	financing	financing	NOUN
fbem-10378	21	8	channels	channel	NOUN
fbem-10378	21	9	for	for	ADP
fbem-10378	21	10	enterprises	enterprise	NOUN
fbem-10378	21	11	,	,	PUNCT
fbem-10378	21	12	reduce	reduce	VERB
fbem-10378	21	13	financing	financing	NOUN
fbem-10378	21	14	costs	cost	NOUN
fbem-10378	21	15	[	[	X
fbem-10378	21	16	11	11	NUM
fbem-10378	21	17	]	]	PUNCT
fbem-10378	21	18	,	,	PUNCT
fbem-10378	21	19	thus	thus	ADV
fbem-10378	21	20	alleviating	alleviate	VERB
fbem-10378	21	21	the	the	DET
fbem-10378	21	22	financial	financial	ADJ
fbem-10378	21	23	difficulties	difficulty	NOUN
fbem-10378	21	24	caused	cause	VERB
fbem-10378	21	25	by	by	ADP
fbem-10378	21	26	financing	finance	VERB
fbem-10378	21	27	constraints	constraint	NOUN
fbem-10378	21	28	.	.	PUNCT
fbem-10378	22	1	some	some	DET
fbem-10378	22	2	other	other	ADJ
fbem-10378	22	3	studies	study	NOUN
fbem-10378	22	4	analyse	analyse	VERB
fbem-10378	22	5	the	the	DET
fbem-10378	22	6	effect	effect	NOUN
fbem-10378	22	7	of	of	ADP
fbem-10378	22	8	institutional	institutional	ADJ
fbem-10378	22	9	shareholding	shareholding	NOUN
fbem-10378	22	10	from	from	ADP
fbem-10378	22	11	the	the	DET
fbem-10378	22	12	governance	governance	NOUN
fbem-10378	22	13	perspective	perspective	NOUN
fbem-10378	22	14	.	.	PUNCT
fbem-10378	23	1	for	for	ADP
fbem-10378	23	2	example	example	NOUN
fbem-10378	23	3	,	,	PUNCT
fbem-10378	23	4	studies	study	NOUN
fbem-10378	23	5	have	have	AUX
fbem-10378	23	6	shown	show	VERB
fbem-10378	23	7	that	that	SCONJ
fbem-10378	23	8	institutional	institutional	ADJ
fbem-10378	23	9	investors	investor	NOUN
fbem-10378	23	10	will	will	AUX
fbem-10378	23	11	actively	actively	ADV
fbem-10378	23	12	participate	participate	VERB
fbem-10378	23	13	in	in	ADP
fbem-10378	23	14	the	the	DET
fbem-10378	23	15	company	company	NOUN
fbem-10378	23	16	's	's	PART
fbem-10378	23	17	investment	investment	NOUN
fbem-10378	23	18	and	and	CCONJ
fbem-10378	23	19	financing	financing	NOUN
fbem-10378	23	20	decisions	decision	NOUN
fbem-10378	23	21	in	in	ADP
fbem-10378	23	22	order	order	NOUN
fbem-10378	23	23	to	to	PART
fbem-10378	23	24	reduce	reduce	VERB
fbem-10378	23	25	investment	investment	NOUN
fbem-10378	23	26	risks	risk	NOUN
fbem-10378	23	27	and	and	CCONJ
fbem-10378	23	28	obtain	obtain	VERB
fbem-10378	23	29	higher	high	ADJ
fbem-10378	23	30	returns	return	NOUN
fbem-10378	23	31	[	[	X
fbem-10378	23	32	9	9	NUM
fbem-10378	23	33	]	]	PUNCT
fbem-10378	23	34	,	,	PUNCT
fbem-10378	23	35	which	which	PRON
fbem-10378	23	36	has	have	VERB
fbem-10378	23	37	an	an	DET
fbem-10378	23	38	external	external	ADJ
fbem-10378	23	39	governance	governance	NOUN
fbem-10378	23	40	role	role	NOUN
fbem-10378	23	41	.	.	PUNCT
fbem-10378	24	1	while	while	SCONJ
fbem-10378	24	2	gillan	gillan	PROPN
fbem-10378	24	3	and	and	CCONJ
fbem-10378	24	4	starks	stark	VERB
fbem-10378	24	5	[	[	X
fbem-10378	24	6	12	12	NUM
fbem-10378	24	7	]	]	PUNCT
fbem-10378	24	8	believe	believe	VERB
fbem-10378	24	9	that	that	SCONJ
fbem-10378	24	10	it	it	PRON
fbem-10378	24	11	is	be	AUX
fbem-10378	24	12	difficult	difficult	ADJ
fbem-10378	24	13	for	for	SCONJ
fbem-10378	24	14	institutional	institutional	ADJ
fbem-10378	24	15	investors	investor	NOUN
fbem-10378	24	16	to	to	PART
fbem-10378	24	17	play	play	VERB
fbem-10378	24	18	a	a	DET
fbem-10378	24	19	supervisory	supervisory	ADJ
fbem-10378	24	20	role	role	NOUN
fbem-10378	24	21	on	on	ADP
fbem-10378	24	22	the	the	DET
fbem-10378	24	23	management	management	NOUN
fbem-10378	24	24	,	,	PUNCT
fbem-10378	24	25	due	due	ADP
fbem-10378	24	26	to	to	ADP
fbem-10378	24	27	the	the	DET
fbem-10378	24	28	fact	fact	NOUN
fbem-10378	24	29	that	that	SCONJ
fbem-10378	24	30	it	it	PRON
fbem-10378	24	31	is	be	AUX
fbem-10378	24	32	difficult	difficult	ADJ
fbem-10378	24	33	for	for	SCONJ
fbem-10378	24	34	institutional	institutional	ADJ
fbem-10378	24	35	investors	investor	NOUN
fbem-10378	24	36	to	to	PART
fbem-10378	24	37	fight	fight	VERB
fbem-10378	24	38	against	against	ADP
fbem-10378	24	39	the	the	DET
fbem-10378	24	40	controlling	control	VERB
fbem-10378	24	41	shareholders	shareholder	NOUN
fbem-10378	25	1	[	[	X
fbem-10378	25	2	13	13	NUM
fbem-10378	25	3	]	]	PUNCT
fbem-10378	25	4	,	,	PUNCT
fbem-10378	25	5	and	and	CCONJ
fbem-10378	25	6	they	they	PRON
fbem-10378	25	7	tend	tend	VERB
fbem-10378	25	8	to	to	PART
fbem-10378	25	9	play	play	VERB
fbem-10378	25	10	the	the	DET
fbem-10378	25	11	role	role	NOUN
fbem-10378	25	12	of	of	ADP
fbem-10378	25	13	profit	profit	NOUN
fbem-10378	25	14	grabbers	grabber	NOUN
fbem-10378	25	15	[	[	X
fbem-10378	25	16	14	14	NUM
fbem-10378	25	17	]	]	PUNCT
fbem-10378	25	18	.	.	PUNCT
fbem-10378	26	1	in	in	ADP
fbem-10378	26	2	summary	summary	NOUN
fbem-10378	26	3	,	,	PUNCT
fbem-10378	26	4	scholars	scholar	NOUN
fbem-10378	26	5	have	have	AUX
fbem-10378	26	6	made	make	VERB
fbem-10378	26	7	a	a	DET
fbem-10378	26	8	lot	lot	NOUN
fbem-10378	26	9	of	of	ADP
fbem-10378	26	10	research	research	NOUN
fbem-10378	26	11	on	on	ADP
fbem-10378	26	12	the	the	DET
fbem-10378	26	13	impact	impact	NOUN
fbem-10378	26	14	factors	factor	NOUN
fbem-10378	26	15	of	of	ADP
fbem-10378	26	16	financial	financial	ADJ
fbem-10378	26	17	distress	distress	NOUN
fbem-10378	26	18	.	.	PUNCT
fbem-10378	27	1	but	but	CCONJ
fbem-10378	27	2	whether	whether	SCONJ
fbem-10378	27	3	institutional	institutional	ADJ
fbem-10378	27	4	crossshareholding	crossshareholde	VERB
fbem-10378	27	5	promotes	promote	NOUN
fbem-10378	27	6	or	or	CCONJ
fbem-10378	27	7	inhibits	inhibit	VERB
fbem-10378	27	8	financial	financial	ADJ
fbem-10378	27	9	distress	distress	NOUN
fbem-10378	27	10	,	,	PUNCT
fbem-10378	27	11	few	few	ADJ
fbem-10378	27	12	literatures	literature	NOUN
fbem-10378	27	13	give	give	VERB
fbem-10378	27	14	an	an	DET
fbem-10378	27	15	answer	answer	NOUN
fbem-10378	27	16	,	,	PUNCT
fbem-10378	27	17	which	which	PRON
fbem-10378	27	18	is	be	AUX
fbem-10378	27	19	an	an	DET
fbem-10378	27	20	important	important	ADJ
fbem-10378	27	21	question	question	NOUN
fbem-10378	27	22	that	that	SCONJ
fbem-10378	27	23	this	this	DET
fbem-10378	27	24	paper	paper	NOUN
fbem-10378	27	25	tries	try	VERB
fbem-10378	27	26	to	to	PART
fbem-10378	27	27	address	address	VERB
fbem-10378	27	28	.	.	PUNCT
fbem-10378	28	1	this	this	DET
fbem-10378	28	2	paper	paper	NOUN
fbem-10378	28	3	selects	select	NOUN
fbem-10378	28	4	listed	list	VERB
fbem-10378	28	5	companies	company	NOUN
fbem-10378	28	6	from	from	ADP
fbem-10378	28	7	2012	2012	NUM
fbem-10378	28	8	to	to	ADP
fbem-10378	28	9	2021	2021	NUM
fbem-10378	28	10	as	as	ADP
fbem-10378	28	11	the	the	DET
fbem-10378	28	12	research	research	NOUN
fbem-10378	28	13	object	object	NOUN
fbem-10378	28	14	to	to	PART
fbem-10378	28	15	examine	examine	VERB
fbem-10378	28	16	the	the	DET
fbem-10378	28	17	relationship	relationship	NOUN
fbem-10378	28	18	between	between	ADP
fbem-10378	28	19	institutional	institutional	ADJ
fbem-10378	28	20	cross	cross	NOUN
fbem-10378	28	21	-	-	NOUN
fbem-10378	28	22	shareholdings	shareholding	NOUN
fbem-10378	28	23	and	and	CCONJ
fbem-10378	28	24	financial	financial	ADJ
fbem-10378	28	25	distress	distress	NOUN
fbem-10378	28	26	.	.	PUNCT
fbem-10378	29	1	the	the	DET
fbem-10378	29	2	core	core	ADJ
fbem-10378	29	3	issues	issue	NOUN
fbem-10378	29	4	of	of	ADP
fbem-10378	29	5	concern	concern	NOUN
fbem-10378	29	6	in	in	ADP
fbem-10378	29	7	this	this	DET
fbem-10378	29	8	paper	paper	NOUN
fbem-10378	29	9	are	be	AUX
fbem-10378	29	10	:	:	PUNCT
fbem-10378	29	11	what	what	PRON
fbem-10378	29	12	kind	kind	NOUN
fbem-10378	29	13	of	of	ADP
fbem-10378	29	14	impact	impact	NOUN
fbem-10378	29	15	will	will	AUX
fbem-10378	29	16	institutional	institutional	ADJ
fbem-10378	29	17	cross	cross	NOUN
fbem-10378	29	18	-	-	NOUN
fbem-10378	29	19	holdings	holding	NOUN
fbem-10378	29	20	have	have	AUX
fbem-10378	29	21	on	on	ADP
fbem-10378	29	22	financial	financial	ADJ
fbem-10378	29	23	distress	distress	NOUN
fbem-10378	29	24	?	?	PUNCT
fbem-10378	30	1	what	what	PRON
fbem-10378	30	2	is	be	AUX
fbem-10378	30	3	the	the	DET
fbem-10378	30	4	transmission	transmission	NOUN
fbem-10378	30	5	mechanism	mechanism	NOUN
fbem-10378	30	6	between	between	ADP
fbem-10378	30	7	the	the	DET
fbem-10378	30	8	two	two	NUM
fbem-10378	30	9	?	?	PUNCT
fbem-10378	31	1	the	the	DET
fbem-10378	31	2	possible	possible	ADJ
fbem-10378	31	3	contributions	contribution	NOUN
fbem-10378	31	4	of	of	ADP
fbem-10378	31	5	this	this	DET
fbem-10378	31	6	paper	paper	NOUN
fbem-10378	31	7	are	be	AUX
fbem-10378	31	8	:	:	PUNCT
fbem-10378	31	9	(	(	PUNCT
fbem-10378	31	10	1	1	X
fbem-10378	31	11	)	)	PUNCT
fbem-10378	31	12	in	in	ADP
fbem-10378	31	13	the	the	DET
fbem-10378	31	14	current	current	ADJ
fbem-10378	31	15	institutional	institutional	ADJ
fbem-10378	31	16	investors	investor	NOUN
fbem-10378	31	17	in	in	ADP
fbem-10378	31	18	china	china	PROPN
fbem-10378	31	19	's	's	PART
fbem-10378	31	20	shareholding	shareholding	NOUN
fbem-10378	31	21	structure	structure	NOUN
fbem-10378	31	22	is	be	AUX
fbem-10378	31	23	concentrated	concentrate	VERB
fbem-10378	31	24	,	,	PUNCT
fbem-10378	31	25	the	the	DET
fbem-10378	31	26	proportion	proportion	NOUN
fbem-10378	31	27	of	of	ADP
fbem-10378	31	28	shareholding	shareholding	NOUN
fbem-10378	31	29	increases	increase	NOUN
fbem-10378	31	30	,	,	PUNCT
fbem-10378	31	31	and	and	CCONJ
fbem-10378	31	32	gradually	gradually	ADV
fbem-10378	31	33	tends	tend	VERB
fbem-10378	31	34	to	to	ADP
fbem-10378	31	35	the	the	DET
fbem-10378	31	36	reality	reality	NOUN
fbem-10378	31	37	of	of	ADP
fbem-10378	31	38	long	long	ADJ
fbem-10378	31	39	-	-	PUNCT
fbem-10378	31	40	term	term	NOUN
fbem-10378	31	41	investment	investment	NOUN
fbem-10378	31	42	background	background	NOUN
fbem-10378	31	43	,	,	PUNCT
fbem-10378	31	44	in	in	ADP
fbem-10378	31	45	-	-	PUNCT
fbem-10378	31	46	depth	depth	NOUN
fbem-10378	31	47	investigation	investigation	NOUN
fbem-10378	31	48	of	of	ADP
fbem-10378	31	49	cross	cross	NOUN
fbem-10378	31	50	-	-	NOUN
fbem-10378	31	51	shareholding	shareholding	NOUN
fbem-10378	31	52	of	of	ADP
fbem-10378	31	53	institutional	institutional	ADJ
fbem-10378	31	54	investors	investor	NOUN
fbem-10378	31	55	how	how	SCONJ
fbem-10378	31	56	to	to	PART
fbem-10378	31	57	influence	influence	VERB
fbem-10378	31	58	the	the	DET
fbem-10378	31	59	micro	micro	NOUN
fbem-10378	31	60	-	-	NOUN
fbem-10378	31	61	enterprise	enterprise	ADJ
fbem-10378	31	62	financial	financial	ADJ
fbem-10378	31	63	decision	decision	NOUN
fbem-10378	31	64	-	-	PUNCT
fbem-10378	31	65	making	making	NOUN
fbem-10378	31	66	,	,	PUNCT
fbem-10378	31	67	for	for	ADP
fbem-10378	31	68	the	the	DET
fbem-10378	31	69	improvement	improvement	NOUN
fbem-10378	31	70	of	of	ADP
fbem-10378	31	71	corporate	corporate	ADJ
fbem-10378	31	72	governance	governance	NOUN
fbem-10378	31	73	has	have	VERB
fbem-10378	31	74	a	a	DET
fbem-10378	31	75	certain	certain	ADJ
fbem-10378	31	76	practical	practical	ADJ
fbem-10378	31	77	significance	significance	NOUN
fbem-10378	31	78	.	.	PUNCT
fbem-10378	32	1	(	(	PUNCT
fbem-10378	32	2	2	2	X
fbem-10378	32	3	)	)	PUNCT
fbem-10378	32	4	expanding	expand	VERB
fbem-10378	32	5	the	the	DET
fbem-10378	32	6	academic	academic	ADJ
fbem-10378	32	7	research	research	NOUN
fbem-10378	32	8	on	on	ADP
fbem-10378	32	9	the	the	DET
fbem-10378	32	10	economic	economic	ADJ
fbem-10378	32	11	consequences	consequence	NOUN
fbem-10378	32	12	of	of	ADP
fbem-10378	32	13	235	235	NUM
fbem-10378	32	14	institutional	institutional	ADJ
fbem-10378	32	15	cross	cross	NOUN
fbem-10378	32	16	-	-	NOUN
fbem-10378	32	17	shareholding	shareholding	NOUN
fbem-10378	32	18	,	,	PUNCT
fbem-10378	32	19	the	the	DET
fbem-10378	32	20	empirical	empirical	ADJ
fbem-10378	32	21	research	research	NOUN
fbem-10378	32	22	on	on	ADP
fbem-10378	32	23	cross	cross	ADJ
fbem-10378	32	24	-	-	ADJ
fbem-10378	32	25	shareholding	shareholding	ADJ
fbem-10378	32	26	institutional	institutional	ADJ
fbem-10378	32	27	investors	investor	NOUN
fbem-10378	32	28	is	be	AUX
fbem-10378	32	29	still	still	ADV
fbem-10378	32	30	in	in	ADP
fbem-10378	32	31	its	its	PRON
fbem-10378	32	32	infancy	infancy	NOUN
fbem-10378	32	33	,	,	PUNCT
fbem-10378	32	34	and	and	CCONJ
fbem-10378	32	35	the	the	DET
fbem-10378	32	36	findings	finding	NOUN
fbem-10378	32	37	have	have	AUX
fbem-10378	32	38	not	not	PART
fbem-10378	32	39	yet	yet	ADV
fbem-10378	32	40	reached	reach	VERB
fbem-10378	32	41	a	a	DET
fbem-10378	32	42	consensus	consensus	NOUN
fbem-10378	32	43	.	.	PUNCT
fbem-10378	33	1	the	the	DET
fbem-10378	33	2	research	research	NOUN
fbem-10378	33	3	of	of	ADP
fbem-10378	33	4	this	this	DET
fbem-10378	33	5	paper	paper	NOUN
fbem-10378	33	6	brings	bring	VERB
fbem-10378	33	7	a	a	DET
fbem-10378	33	8	new	new	ADJ
fbem-10378	33	9	empirical	empirical	ADJ
fbem-10378	33	10	basis	basis	NOUN
fbem-10378	33	11	for	for	ADP
fbem-10378	33	12	the	the	DET
fbem-10378	33	13	promotion	promotion	NOUN
fbem-10378	33	14	effect	effect	NOUN
fbem-10378	33	15	of	of	ADP
fbem-10378	33	16	cross	cross	ADJ
fbem-10378	33	17	-	-	ADJ
fbem-10378	33	18	shareholding	shareholding	ADJ
fbem-10378	33	19	institutional	institutional	ADJ
fbem-10378	33	20	investors	investor	NOUN
fbem-10378	33	21	on	on	ADP
fbem-10378	33	22	enterprise	enterprise	NOUN
fbem-10378	33	23	development	development	NOUN
fbem-10378	33	24	.	.	PUNCT
fbem-10378	34	1	2	2	X
fbem-10378	34	2	.	.	X
fbem-10378	34	3	theoretical	theoretical	ADJ
fbem-10378	34	4	analysis	analysis	NOUN
fbem-10378	34	5	and	and	CCONJ
fbem-10378	34	6	research	research	NOUN
fbem-10378	34	7	hypothesis	hypothesis	NOUN
fbem-10378	34	8	institutional	institutional	ADJ
fbem-10378	34	9	cross	cross	NOUN
fbem-10378	34	10	-	-	ADJ
fbem-10378	34	11	shareholding	shareholding	ADJ
fbem-10378	34	12	and	and	CCONJ
fbem-10378	34	13	financial	financial	ADJ
fbem-10378	34	14	difficulties	difficulty	NOUN
fbem-10378	34	15	on	on	ADP
fbem-10378	34	16	the	the	DET
fbem-10378	34	17	one	one	NUM
fbem-10378	34	18	hand	hand	NOUN
fbem-10378	34	19	,	,	PUNCT
fbem-10378	34	20	the	the	DET
fbem-10378	34	21	development	development	NOUN
fbem-10378	34	22	of	of	ADP
fbem-10378	34	23	china	china	PROPN
fbem-10378	34	24	's	's	PART
fbem-10378	34	25	institutional	institutional	ADJ
fbem-10378	34	26	investors	investor	NOUN
fbem-10378	34	27	late	late	ADV
fbem-10378	34	28	,	,	PUNCT
fbem-10378	34	29	the	the	DET
fbem-10378	34	30	mechanism	mechanism	NOUN
fbem-10378	34	31	is	be	AUX
fbem-10378	34	32	not	not	PART
fbem-10378	34	33	mature	mature	ADJ
fbem-10378	34	34	enough	enough	ADV
fbem-10378	34	35	,	,	PUNCT
fbem-10378	34	36	and	and	CCONJ
fbem-10378	34	37	their	their	PRON
fbem-10378	34	38	own	own	ADJ
fbem-10378	34	39	professional	professional	ADJ
fbem-10378	34	40	knowledge	knowledge	NOUN
fbem-10378	34	41	has	have	VERB
fbem-10378	34	42	to	to	PART
fbem-10378	34	43	be	be	AUX
fbem-10378	34	44	strengthened	strengthen	VERB
fbem-10378	34	45	and	and	CCONJ
fbem-10378	34	46	improved	improve	VERB
fbem-10378	34	47	,	,	PUNCT
fbem-10378	34	48	when	when	SCONJ
fbem-10378	34	49	encountered	encounter	VERB
fbem-10378	34	50	with	with	ADP
fbem-10378	34	51	high	high	ADJ
fbem-10378	34	52	-	-	PUNCT
fbem-10378	34	53	risk	risk	NOUN
fbem-10378	34	54	high	high	ADJ
fbem-10378	34	55	-	-	PUNCT
fbem-10378	34	56	yield	yield	NOUN
fbem-10378	34	57	and	and	CCONJ
fbem-10378	34	58	other	other	ADJ
fbem-10378	34	59	major	major	ADJ
fbem-10378	34	60	decisions	decision	NOUN
fbem-10378	34	61	,	,	PUNCT
fbem-10378	34	62	often	often	ADV
fbem-10378	34	63	form	form	VERB
fbem-10378	34	64	a	a	DET
fbem-10378	34	65	"	"	PUNCT
fbem-10378	34	66	herd	herd	ADJ
fbem-10378	34	67	effect	effect	NOUN
fbem-10378	34	68	"	"	PUNCT
fbem-10378	35	1	[	[	X
fbem-10378	35	2	15	15	NUM
fbem-10378	35	3	]	]	PUNCT
fbem-10378	35	4	,	,	PUNCT
fbem-10378	35	5	the	the	DET
fbem-10378	35	6	herd	herd	ADJ
fbem-10378	35	7	effect	effect	NOUN
fbem-10378	35	8	of	of	ADP
fbem-10378	35	9	cross	cross	NOUN
fbem-10378	35	10	-	-	ADJ
fbem-10378	35	11	holding	holding	NOUN
fbem-10378	35	12	of	of	ADP
fbem-10378	35	13	institutional	institutional	ADJ
fbem-10378	35	14	investors	investor	NOUN
fbem-10378	35	15	will	will	AUX
fbem-10378	35	16	ignore	ignore	VERB
fbem-10378	35	17	their	their	PRON
fbem-10378	35	18	own	own	ADJ
fbem-10378	35	19	mastery	mastery	NOUN
fbem-10378	35	20	of	of	ADP
fbem-10378	35	21	private	private	ADJ
fbem-10378	35	22	information	information	NOUN
fbem-10378	35	23	and	and	CCONJ
fbem-10378	35	24	trust	trust	VERB
fbem-10378	35	25	the	the	DET
fbem-10378	35	26	information	information	NOUN
fbem-10378	35	27	of	of	ADP
fbem-10378	35	28	other	other	ADJ
fbem-10378	35	29	investors	investor	NOUN
fbem-10378	35	30	.	.	PUNCT
fbem-10378	36	1	when	when	SCONJ
fbem-10378	36	2	the	the	DET
fbem-10378	36	3	performance	performance	NOUN
fbem-10378	36	4	of	of	ADP
fbem-10378	36	5	the	the	DET
fbem-10378	36	6	enterprise	enterprise	NOUN
fbem-10378	36	7	declines	decline	VERB
fbem-10378	36	8	,	,	PUNCT
fbem-10378	36	9	the	the	DET
fbem-10378	36	10	cross	cross	ADJ
fbem-10378	36	11	-	-	ADJ
fbem-10378	36	12	holding	holding	ADJ
fbem-10378	36	13	institutional	institutional	ADJ
fbem-10378	36	14	investors	investor	NOUN
fbem-10378	36	15	will	will	AUX
fbem-10378	36	16	choose	choose	VERB
fbem-10378	36	17	to	to	PART
fbem-10378	36	18	sell	sell	VERB
fbem-10378	36	19	their	their	PRON
fbem-10378	36	20	shares	share	NOUN
fbem-10378	36	21	to	to	ADP
fbem-10378	36	22	exit	exit	NOUN
fbem-10378	36	23	,	,	PUNCT
fbem-10378	36	24	thus	thus	ADV
fbem-10378	36	25	exacerbating	exacerbate	VERB
fbem-10378	36	26	the	the	DET
fbem-10378	36	27	financial	financial	ADJ
fbem-10378	36	28	difficulties	difficulty	NOUN
fbem-10378	36	29	of	of	ADP
fbem-10378	36	30	the	the	DET
fbem-10378	36	31	enterprise	enterprise	NOUN
fbem-10378	36	32	.	.	PUNCT
fbem-10378	37	1	when	when	SCONJ
fbem-10378	37	2	the	the	DET
fbem-10378	37	3	cost	cost	NOUN
fbem-10378	37	4	of	of	ADP
fbem-10378	37	5	crossholding	crossholde	VERB
fbem-10378	37	6	institutional	institutional	ADJ
fbem-10378	37	7	investors	investor	NOUN
fbem-10378	37	8	is	be	AUX
fbem-10378	37	9	greater	great	ADJ
fbem-10378	37	10	than	than	ADP
fbem-10378	37	11	the	the	DET
fbem-10378	37	12	benefit	benefit	NOUN
fbem-10378	37	13	,	,	PUNCT
fbem-10378	37	14	rational	rational	ADJ
fbem-10378	37	15	institutional	institutional	ADJ
fbem-10378	37	16	investors	investor	NOUN
fbem-10378	37	17	will	will	AUX
fbem-10378	37	18	reduce	reduce	VERB
fbem-10378	37	19	the	the	DET
fbem-10378	37	20	supervision	supervision	NOUN
fbem-10378	37	21	of	of	ADP
fbem-10378	37	22	the	the	DET
fbem-10378	37	23	management	management	NOUN
fbem-10378	37	24	,	,	PUNCT
fbem-10378	37	25	or	or	CCONJ
fbem-10378	37	26	even	even	ADV
fbem-10378	37	27	conspire	conspire	VERB
fbem-10378	37	28	with	with	ADP
fbem-10378	37	29	the	the	DET
fbem-10378	37	30	management	management	NOUN
fbem-10378	37	31	to	to	PART
fbem-10378	37	32	maximise	maximise	VERB
fbem-10378	37	33	their	their	PRON
fbem-10378	37	34	own	own	ADJ
fbem-10378	37	35	interests	interest	NOUN
fbem-10378	37	36	,	,	PUNCT
fbem-10378	37	37	and	and	CCONJ
fbem-10378	37	38	the	the	DET
fbem-10378	37	39	management	management	NOUN
fbem-10378	37	40	will	will	AUX
fbem-10378	37	41	also	also	ADV
fbem-10378	37	42	increase	increase	VERB
fbem-10378	37	43	the	the	DET
fbem-10378	37	44	proportion	proportion	NOUN
fbem-10378	37	45	of	of	ADP
fbem-10378	37	46	shares	share	NOUN
fbem-10378	37	47	for	for	ADP
fbem-10378	37	48	their	their	PRON
fbem-10378	37	49	own	own	ADJ
fbem-10378	37	50	benefit	benefit	NOUN
fbem-10378	37	51	,	,	PUNCT
fbem-10378	37	52	reduce	reduce	VERB
fbem-10378	37	53	the	the	DET
fbem-10378	37	54	disclosure	disclosure	NOUN
fbem-10378	37	55	of	of	ADP
fbem-10378	37	56	bad	bad	ADJ
fbem-10378	37	57	information	information	NOUN
fbem-10378	37	58	,	,	PUNCT
fbem-10378	37	59	and	and	CCONJ
fbem-10378	37	60	aggravate	aggravate	VERB
fbem-10378	37	61	the	the	DET
fbem-10378	37	62	financial	financial	ADJ
fbem-10378	37	63	difficulties	difficulty	NOUN
fbem-10378	37	64	of	of	ADP
fbem-10378	37	65	the	the	DET
fbem-10378	37	66	enterprise	enterprise	NOUN
fbem-10378	37	67	.	.	PUNCT
fbem-10378	38	1	on	on	ADP
fbem-10378	38	2	the	the	DET
fbem-10378	38	3	other	other	ADJ
fbem-10378	38	4	hand	hand	NOUN
fbem-10378	38	5	,	,	PUNCT
fbem-10378	38	6	compared	compare	VERB
fbem-10378	38	7	to	to	ADP
fbem-10378	38	8	the	the	DET
fbem-10378	38	9	benefits	benefit	NOUN
fbem-10378	38	10	of	of	ADP
fbem-10378	38	11	maintaining	maintain	VERB
fbem-10378	38	12	a	a	DET
fbem-10378	38	13	business	business	NOUN
fbem-10378	38	14	relationship	relationship	NOUN
fbem-10378	38	15	with	with	ADP
fbem-10378	38	16	the	the	DET
fbem-10378	38	17	investee	investee	NOUN
fbem-10378	38	18	unit	unit	NOUN
fbem-10378	38	19	,	,	PUNCT
fbem-10378	38	20	the	the	DET
fbem-10378	38	21	benefits	benefit	NOUN
fbem-10378	38	22	of	of	ADP
fbem-10378	38	23	capital	capital	NOUN
fbem-10378	38	24	appreciation	appreciation	NOUN
fbem-10378	38	25	may	may	AUX
fbem-10378	38	26	be	be	AUX
fbem-10378	38	27	more	more	ADJ
fbem-10378	38	28	[	[	X
fbem-10378	38	29	16	16	NUM
fbem-10378	38	30	]	]	PUNCT
fbem-10378	38	31	,	,	PUNCT
fbem-10378	38	32	therefore	therefore	ADV
fbem-10378	38	33	,	,	PUNCT
fbem-10378	38	34	crossshareholding	crossshareholde	VERB
fbem-10378	38	35	of	of	ADP
fbem-10378	38	36	institutional	institutional	ADJ
fbem-10378	38	37	investors	investor	NOUN
fbem-10378	38	38	have	have	VERB
fbem-10378	38	39	enough	enough	ADJ
fbem-10378	38	40	incentives	incentive	NOUN
fbem-10378	38	41	to	to	PART
fbem-10378	38	42	supervise	supervise	VERB
fbem-10378	38	43	the	the	DET
fbem-10378	38	44	management	management	NOUN
fbem-10378	38	45	and	and	CCONJ
fbem-10378	38	46	participate	participate	VERB
fbem-10378	38	47	in	in	ADP
fbem-10378	38	48	the	the	DET
fbem-10378	38	49	management	management	NOUN
fbem-10378	38	50	of	of	ADP
fbem-10378	38	51	the	the	DET
fbem-10378	38	52	listed	list	VERB
fbem-10378	38	53	company	company	NOUN
fbem-10378	38	54	,	,	PUNCT
fbem-10378	38	55	and	and	CCONJ
fbem-10378	38	56	when	when	SCONJ
fbem-10378	38	57	the	the	DET
fbem-10378	38	58	proportion	proportion	NOUN
fbem-10378	38	59	of	of	ADP
fbem-10378	38	60	shareholding	shareholding	NOUN
fbem-10378	38	61	is	be	AUX
fbem-10378	38	62	higher	high	ADJ
fbem-10378	38	63	,	,	PUNCT
fbem-10378	38	64	it	it	PRON
fbem-10378	38	65	will	will	AUX
fbem-10378	38	66	send	send	VERB
fbem-10378	38	67	a	a	DET
fbem-10378	38	68	signal	signal	NOUN
fbem-10378	38	69	to	to	ADP
fbem-10378	38	70	the	the	DET
fbem-10378	38	71	market	market	NOUN
fbem-10378	38	72	that	that	SCONJ
fbem-10378	38	73	the	the	DET
fbem-10378	38	74	enterprise	enterprise	NOUN
fbem-10378	38	75	is	be	AUX
fbem-10378	38	76	of	of	ADP
fbem-10378	38	77	high	high	ADJ
fbem-10378	38	78	quality	quality	NOUN
fbem-10378	38	79	,	,	PUNCT
fbem-10378	38	80	and	and	CCONJ
fbem-10378	38	81	play	play	VERB
fbem-10378	38	82	the	the	DET
fbem-10378	38	83	role	role	NOUN
fbem-10378	38	84	of	of	ADP
fbem-10378	38	85	the	the	DET
fbem-10378	38	86	"	"	PUNCT
fbem-10378	38	87	investment	investment	NOUN
fbem-10378	38	88	vane	vane	NOUN
fbem-10378	38	89	"	"	PUNCT
fbem-10378	38	90	,	,	PUNCT
fbem-10378	38	91	and	and	CCONJ
fbem-10378	38	92	improve	improve	VERB
fbem-10378	38	93	the	the	DET
fbem-10378	38	94	financial	financial	ADJ
fbem-10378	38	95	distress	distress	NOUN
fbem-10378	38	96	of	of	ADP
fbem-10378	38	97	the	the	DET
fbem-10378	38	98	enterprise	enterprise	NOUN
fbem-10378	38	99	.	.	PUNCT
fbem-10378	39	1	when	when	SCONJ
fbem-10378	39	2	the	the	DET
fbem-10378	39	3	shareholding	shareholding	NOUN
fbem-10378	39	4	ratio	ratio	NOUN
fbem-10378	39	5	is	be	AUX
fbem-10378	39	6	high	high	ADJ
fbem-10378	39	7	,	,	PUNCT
fbem-10378	39	8	it	it	PRON
fbem-10378	39	9	will	will	AUX
fbem-10378	39	10	send	send	VERB
fbem-10378	39	11	a	a	DET
fbem-10378	39	12	signal	signal	NOUN
fbem-10378	39	13	to	to	ADP
fbem-10378	39	14	the	the	DET
fbem-10378	39	15	market	market	NOUN
fbem-10378	39	16	that	that	SCONJ
fbem-10378	39	17	the	the	DET
fbem-10378	39	18	enterprise	enterprise	NOUN
fbem-10378	39	19	is	be	AUX
fbem-10378	39	20	of	of	ADP
fbem-10378	39	21	high	high	ADJ
fbem-10378	39	22	quality	quality	NOUN
fbem-10378	39	23	,	,	PUNCT
fbem-10378	39	24	play	play	VERB
fbem-10378	39	25	the	the	DET
fbem-10378	39	26	role	role	NOUN
fbem-10378	39	27	of	of	ADP
fbem-10378	39	28	"	"	PUNCT
fbem-10378	39	29	investment	investment	NOUN
fbem-10378	39	30	wind	wind	NOUN
fbem-10378	39	31	vane	vane	NOUN
fbem-10378	39	32	"	"	PUNCT
fbem-10378	39	33	,	,	PUNCT
fbem-10378	39	34	improve	improve	VERB
fbem-10378	39	35	the	the	DET
fbem-10378	39	36	investment	investment	NOUN
fbem-10378	39	37	confidence	confidence	NOUN
fbem-10378	39	38	of	of	ADP
fbem-10378	39	39	other	other	ADJ
fbem-10378	39	40	investors	investor	NOUN
fbem-10378	39	41	,	,	PUNCT
fbem-10378	39	42	enrich	enrich	VERB
fbem-10378	39	43	the	the	DET
fbem-10378	39	44	external	external	ADJ
fbem-10378	39	45	financing	financing	NOUN
fbem-10378	39	46	channels	channel	NOUN
fbem-10378	39	47	,	,	PUNCT
fbem-10378	39	48	reduce	reduce	VERB
fbem-10378	39	49	the	the	DET
fbem-10378	39	50	financing	financing	NOUN
fbem-10378	39	51	constraints	constraint	NOUN
fbem-10378	39	52	[	[	X
fbem-10378	39	53	17	17	NUM
fbem-10378	39	54	]	]	PUNCT
fbem-10378	39	55	,	,	PUNCT
fbem-10378	39	56	and	and	CCONJ
fbem-10378	39	57	alleviate	alleviate	VERB
fbem-10378	39	58	the	the	DET
fbem-10378	39	59	financial	financial	ADJ
fbem-10378	39	60	difficulties	difficulty	NOUN
fbem-10378	39	61	.	.	PUNCT
fbem-10378	40	1	so	so	ADV
fbem-10378	40	2	,	,	PUNCT
fbem-10378	40	3	is	be	AUX
fbem-10378	40	4	institutional	institutional	ADJ
fbem-10378	40	5	cross	cross	NOUN
fbem-10378	40	6	-	-	ADJ
fbem-10378	40	7	shareholding	shareholde	VERB
fbem-10378	40	8	a	a	DET
fbem-10378	40	9	facilitator	facilitator	NOUN
fbem-10378	40	10	or	or	CCONJ
fbem-10378	40	11	inhibitor	inhibitor	NOUN
fbem-10378	40	12	of	of	ADP
fbem-10378	40	13	financial	financial	ADJ
fbem-10378	40	14	distress	distress	NOUN
fbem-10378	40	15	?	?	PUNCT
fbem-10378	41	1	few	few	ADJ
fbem-10378	41	2	literatures	literature	NOUN
fbem-10378	41	3	have	have	AUX
fbem-10378	41	4	studied	study	VERB
fbem-10378	41	5	this	this	PRON
fbem-10378	41	6	,	,	PUNCT
fbem-10378	41	7	so	so	ADV
fbem-10378	41	8	hypotheses	hypothesis	NOUN
fbem-10378	41	9	1	1	NUM
fbem-10378	41	10	and	and	CCONJ
fbem-10378	41	11	2	2	NUM
fbem-10378	41	12	are	be	AUX
fbem-10378	41	13	proposed	propose	VERB
fbem-10378	41	14	.	.	PUNCT
fbem-10378	42	1	h1	h1	PROPN
fbem-10378	42	2	:	:	PUNCT
fbem-10378	42	3	institutional	institutional	ADJ
fbem-10378	42	4	cross	cros	NOUN
fbem-10378	42	5	-	-	NOUN
fbem-10378	42	6	holdings	holding	NOUN
fbem-10378	42	7	can	can	AUX
fbem-10378	42	8	aggravate	aggravate	VERB
fbem-10378	42	9	corporate	corporate	ADJ
fbem-10378	42	10	financial	financial	ADJ
fbem-10378	42	11	distress	distress	NOUN
fbem-10378	42	12	.	.	PUNCT
fbem-10378	43	1	h1	h1	PROPN
fbem-10378	43	2	:	:	PUNCT
fbem-10378	43	3	institutional	institutional	ADJ
fbem-10378	43	4	cross	cross	NOUN
fbem-10378	43	5	-	-	NOUN
fbem-10378	43	6	shareholdings	shareholding	NOUN
fbem-10378	43	7	can	can	AUX
fbem-10378	43	8	alleviate	alleviate	VERB
fbem-10378	43	9	corporate	corporate	ADJ
fbem-10378	43	10	financial	financial	ADJ
fbem-10378	43	11	distress	distress	NOUN
fbem-10378	43	12	.	.	PUNCT
fbem-10378	44	1	3	3	X
fbem-10378	44	2	.	.	X
fbem-10378	44	3	variable	variable	ADJ
fbem-10378	44	4	selection	selection	NOUN
fbem-10378	44	5	and	and	CCONJ
fbem-10378	44	6	model	model	NOUN
fbem-10378	44	7	construction	construction	NOUN
fbem-10378	44	8	3.1	3.1	NUM
fbem-10378	44	9	.	.	PUNCT
fbem-10378	44	10	sample	sample	NOUN
fbem-10378	44	11	selection	selection	NOUN
fbem-10378	44	12	and	and	CCONJ
fbem-10378	44	13	data	datum	NOUN
fbem-10378	44	14	sources	source	NOUN
fbem-10378	44	15	after	after	ADP
fbem-10378	44	16	the	the	DET
fbem-10378	44	17	implementation	implementation	NOUN
fbem-10378	44	18	of	of	ADP
fbem-10378	44	19	the	the	DET
fbem-10378	44	20	pilot	pilot	NOUN
fbem-10378	44	21	rmb	rmb	PROPN
fbem-10378	44	22	qualified	qualified	ADJ
fbem-10378	44	23	foreign	foreign	ADJ
fbem-10378	44	24	institutional	institutional	ADJ
fbem-10378	44	25	investor	investor	NOUN
fbem-10378	44	26	system	system	NOUN
fbem-10378	44	27	in	in	ADP
fbem-10378	44	28	2011	2011	NUM
fbem-10378	44	29	,	,	PUNCT
fbem-10378	44	30	institutional	institutional	ADJ
fbem-10378	44	31	investors	investor	NOUN
fbem-10378	44	32	have	have	AUX
fbem-10378	44	33	gradually	gradually	ADV
fbem-10378	44	34	expanded	expand	VERB
fbem-10378	44	35	and	and	CCONJ
fbem-10378	44	36	their	their	PRON
fbem-10378	44	37	structure	structure	NOUN
fbem-10378	44	38	has	have	AUX
fbem-10378	44	39	developed	develop	VERB
fbem-10378	44	40	in	in	ADP
fbem-10378	44	41	the	the	DET
fbem-10378	44	42	direction	direction	NOUN
fbem-10378	44	43	of	of	ADP
fbem-10378	44	44	diversification	diversification	NOUN
fbem-10378	44	45	.	.	PUNCT
fbem-10378	45	1	therefore	therefore	ADV
fbem-10378	45	2	,	,	PUNCT
fbem-10378	45	3	ashare	ashare	VERB
fbem-10378	45	4	listed	list	VERB
fbem-10378	45	5	companies	company	NOUN
fbem-10378	45	6	in	in	ADP
fbem-10378	45	7	shanghai	shanghai	PROPN
fbem-10378	45	8	and	and	CCONJ
fbem-10378	45	9	shenzhen	shenzhen	PROPN
fbem-10378	45	10	from	from	ADP
fbem-10378	45	11	2012	2012	NUM
fbem-10378	45	12	to	to	ADP
fbem-10378	45	13	2021	2021	NUM
fbem-10378	45	14	are	be	AUX
fbem-10378	45	15	selected	select	VERB
fbem-10378	45	16	for	for	ADP
fbem-10378	45	17	the	the	DET
fbem-10378	45	18	study	study	NOUN
fbem-10378	45	19	.	.	PUNCT
fbem-10378	46	1	and	and	CCONJ
fbem-10378	46	2	the	the	DET
fbem-10378	46	3	following	follow	VERB
fbem-10378	46	4	screenings	screening	NOUN
fbem-10378	46	5	were	be	AUX
fbem-10378	46	6	conducted	conduct	VERB
fbem-10378	46	7	:	:	PUNCT
fbem-10378	46	8	(	(	PUNCT
fbem-10378	46	9	1	1	X
fbem-10378	46	10	)	)	PUNCT
fbem-10378	46	11	deletion	deletion	NOUN
fbem-10378	46	12	of	of	ADP
fbem-10378	46	13	financial	financial	ADJ
fbem-10378	46	14	and	and	CCONJ
fbem-10378	46	15	insurance	insurance	NOUN
fbem-10378	46	16	industry	industry	NOUN
fbem-10378	46	17	enterprises	enterprise	NOUN
fbem-10378	46	18	;	;	PUNCT
fbem-10378	46	19	(	(	PUNCT
fbem-10378	46	20	2	2	X
fbem-10378	46	21	)	)	PUNCT
fbem-10378	46	22	deletion	deletion	NOUN
fbem-10378	46	23	of	of	ADP
fbem-10378	46	24	st	st	PROPN
fbem-10378	46	25	and	and	CCONJ
fbem-10378	46	26	*	*	PROPN
fbem-10378	46	27	st	st	PROPN
fbem-10378	46	28	enterprises	enterprise	NOUN
fbem-10378	46	29	;	;	PUNCT
fbem-10378	46	30	(	(	PUNCT
fbem-10378	46	31	3	3	X
fbem-10378	46	32	)	)	PUNCT
fbem-10378	46	33	deletion	deletion	NOUN
fbem-10378	46	34	of	of	ADP
fbem-10378	46	35	samples	sample	NOUN
fbem-10378	46	36	with	with	ADP
fbem-10378	46	37	missing	miss	VERB
fbem-10378	46	38	data	datum	NOUN
fbem-10378	46	39	,	,	PUNCT
fbem-10378	46	40	and	and	CCONJ
fbem-10378	46	41	a	a	DET
fbem-10378	46	42	total	total	NOUN
fbem-10378	46	43	of	of	ADP
fbem-10378	46	44	25,889	25,889	NUM
fbem-10378	46	45	samples	sample	NOUN
fbem-10378	46	46	from	from	ADP
fbem-10378	46	47	4,057	4,057	NUM
fbem-10378	46	48	listed	list	VERB
fbem-10378	46	49	companies	company	NOUN
fbem-10378	46	50	were	be	AUX
fbem-10378	46	51	finally	finally	ADV
fbem-10378	46	52	obtained	obtain	VERB
fbem-10378	46	53	.	.	PUNCT
fbem-10378	47	1	all	all	DET
fbem-10378	47	2	the	the	DET
fbem-10378	47	3	data	datum	NOUN
fbem-10378	47	4	in	in	ADP
fbem-10378	47	5	this	this	DET
fbem-10378	47	6	paper	paper	NOUN
fbem-10378	47	7	are	be	AUX
fbem-10378	47	8	from	from	ADP
fbem-10378	47	9	the	the	DET
fbem-10378	47	10	cathay	cathay	PROPN
fbem-10378	47	11	pacific	pacific	PROPN
fbem-10378	47	12	database	database	NOUN
fbem-10378	47	13	,	,	PUNCT
fbem-10378	47	14	and	and	CCONJ
fbem-10378	47	15	the	the	DET
fbem-10378	47	16	data	data	NOUN
fbem-10378	47	17	processing	processing	NOUN
fbem-10378	47	18	uses	use	VERB
fbem-10378	47	19	stata17	stata17	NOUN
fbem-10378	47	20	,	,	PUNCT
fbem-10378	47	21	and	and	CCONJ
fbem-10378	47	22	all	all	DET
fbem-10378	47	23	the	the	DET
fbem-10378	47	24	variables	variable	NOUN
fbem-10378	47	25	are	be	AUX
fbem-10378	47	26	shrink	shrink	NOUN
fbem-10378	47	27	-	-	PUNCT
fbem-10378	47	28	tailed	tail	VERB
fbem-10378	47	29	at	at	ADP
fbem-10378	47	30	the	the	DET
fbem-10378	47	31	1	1	NUM
fbem-10378	47	32	%	%	NOUN
fbem-10378	47	33	and	and	CCONJ
fbem-10378	47	34	99	99	NUM
fbem-10378	47	35	%	%	NOUN
fbem-10378	47	36	levels	level	NOUN
fbem-10378	47	37	.	.	PUNCT
fbem-10378	48	1	3.2	3.2	NUM
fbem-10378	48	2	.	.	PUNCT
fbem-10378	48	3	definition	definition	NOUN
fbem-10378	48	4	of	of	ADP
fbem-10378	48	5	variables	variable	NOUN
fbem-10378	48	6	3.2.1	3.2.1	NUM
fbem-10378	48	7	.	.	PUNCT
fbem-10378	48	8	explained	explain	VERB
fbem-10378	48	9	variables	variable	NOUN
fbem-10378	48	10	the	the	DET
fbem-10378	48	11	explanatory	explanatory	ADJ
fbem-10378	48	12	variable	variable	NOUN
fbem-10378	48	13	is	be	AUX
fbem-10378	48	14	financial	financial	ADJ
fbem-10378	48	15	distress	distress	NOUN
fbem-10378	48	16	(	(	PUNCT
fbem-10378	48	17	z	z	NOUN
fbem-10378	48	18	)	)	PUNCT
fbem-10378	48	19	,	,	PUNCT
fbem-10378	48	20	which	which	PRON
fbem-10378	48	21	draws	draw	VERB
fbem-10378	48	22	on	on	ADP
fbem-10378	48	23	the	the	DET
fbem-10378	48	24	z	z	NOUN
fbem-10378	48	25	-	-	PUNCT
fbem-10378	48	26	score	score	NOUN
fbem-10378	48	27	model	model	NOUN
fbem-10378	48	28	constructed	construct	VERB
fbem-10378	48	29	by	by	ADP
fbem-10378	48	30	altman	altman	PROPN
fbem-10378	48	31	(	(	PUNCT
fbem-10378	48	32	1968)[18	1968)[18	NUM
fbem-10378	48	33	]	]	PUNCT
fbem-10378	48	34	to	to	PART
fbem-10378	48	35	measure	measure	VERB
fbem-10378	48	36	firms	firm	NOUN
fbem-10378	48	37	'	'	PART
fbem-10378	48	38	financial	financial	ADJ
fbem-10378	48	39	distress.a	distress.a	NOUN
fbem-10378	48	40	larger	large	ADJ
fbem-10378	48	41	z	z	NOUN
fbem-10378	48	42	-	-	PUNCT
fbem-10378	48	43	score	score	NOUN
fbem-10378	48	44	value	value	NOUN
fbem-10378	48	45	indicates	indicate	VERB
fbem-10378	48	46	a	a	DET
fbem-10378	48	47	lower	low	ADJ
fbem-10378	48	48	likelihood	likelihood	NOUN
fbem-10378	48	49	of	of	ADP
fbem-10378	48	50	financial	financial	ADJ
fbem-10378	48	51	distress	distress	NOUN
fbem-10378	48	52	.	.	PUNCT
fbem-10378	49	1	3.2.2	3.2.2	NUM
fbem-10378	49	2	.	.	PUNCT
fbem-10378	50	1	explanatory	explanatory	ADJ
fbem-10378	50	2	variables	variable	NOUN
fbem-10378	50	3	institutional	institutional	ADJ
fbem-10378	50	4	cross	cross	ADJ
fbem-10378	50	5	-	-	ADJ
fbem-10378	50	6	holding	holding	ADJ
fbem-10378	50	7	dummy	dummy	ADJ
fbem-10378	50	8	variable	variable	NOUN
fbem-10378	50	9	(	(	PUNCT
fbem-10378	50	10	crossdum	crossdum	PROPN
fbem-10378	50	11	)	)	PUNCT
fbem-10378	50	12	,	,	PUNCT
fbem-10378	50	13	with	with	ADP
fbem-10378	50	14	reference	reference	NOUN
fbem-10378	50	15	to	to	ADP
fbem-10378	50	16	the	the	DET
fbem-10378	50	17	practice	practice	NOUN
fbem-10378	50	18	of	of	ADP
fbem-10378	50	19	zhou	zhou	PROPN
fbem-10378	50	20	taiyun	taiyun	PROPN
fbem-10378	50	21	et	et	PROPN
fbem-10378	50	22	al	al	PROPN
fbem-10378	50	23	.	.	PROPN
fbem-10378	51	1	(	(	PUNCT
fbem-10378	51	2	2021	2021	NUM
fbem-10378	51	3	)	)	PUNCT
fbem-10378	52	1	[	[	X
fbem-10378	52	2	19	19	NUM
fbem-10378	52	3	]	]	X
fbem-10378	52	4	,	,	PUNCT
fbem-10378	52	5	if	if	SCONJ
fbem-10378	52	6	the	the	DET
fbem-10378	52	7	ratio	ratio	NOUN
fbem-10378	52	8	of	of	ADP
fbem-10378	52	9	the	the	DET
fbem-10378	52	10	number	number	NOUN
fbem-10378	52	11	of	of	ADP
fbem-10378	52	12	shares	share	NOUN
fbem-10378	52	13	held	hold	VERB
fbem-10378	52	14	by	by	ADP
fbem-10378	52	15	institutional	institutional	ADJ
fbem-10378	52	16	investors	investor	NOUN
fbem-10378	52	17	in	in	ADP
fbem-10378	52	18	the	the	DET
fbem-10378	52	19	enterprise	enterprise	NOUN
fbem-10378	52	20	and	and	CCONJ
fbem-10378	52	21	other	other	ADJ
fbem-10378	52	22	enterprises	enterprise	NOUN
fbem-10378	52	23	in	in	ADP
fbem-10378	52	24	the	the	DET
fbem-10378	52	25	same	same	ADJ
fbem-10378	52	26	industry	industry	NOUN
fbem-10378	52	27	to	to	ADP
fbem-10378	52	28	the	the	DET
fbem-10378	52	29	number	number	NOUN
fbem-10378	52	30	of	of	ADP
fbem-10378	52	31	shares	share	NOUN
fbem-10378	52	32	outstanding	outstanding	ADJ
fbem-10378	52	33	at	at	ADP
fbem-10378	52	34	the	the	DET
fbem-10378	52	35	same	same	ADJ
fbem-10378	52	36	time	time	NOUN
fbem-10378	52	37	in	in	ADP
fbem-10378	52	38	the	the	DET
fbem-10378	52	39	year	year	NOUN
fbem-10378	52	40	are	be	AUX
fbem-10378	52	41	more	more	ADJ
fbem-10378	52	42	than	than	ADP
fbem-10378	52	43	5	5	NUM
fbem-10378	52	44	%	%	NOUN
fbem-10378	52	45	,	,	PUNCT
fbem-10378	52	46	it	it	PRON
fbem-10378	52	47	is	be	AUX
fbem-10378	52	48	determined	determined	ADJ
fbem-10378	52	49	that	that	SCONJ
fbem-10378	52	50	there	there	PRON
fbem-10378	52	51	is	be	VERB
fbem-10378	52	52	an	an	DET
fbem-10378	52	53	institutional	institutional	ADJ
fbem-10378	52	54	investor	investor	NOUN
fbem-10378	52	55	cross	cross	NOUN
fbem-10378	52	56	-	-	ADJ
fbem-10378	52	57	holding	holding	NOUN
fbem-10378	52	58	of	of	ADP
fbem-10378	52	59	shares	share	NOUN
fbem-10378	52	60	in	in	ADP
fbem-10378	52	61	the	the	DET
fbem-10378	52	62	enterprise	enterprise	NOUN
fbem-10378	52	63	,	,	PUNCT
fbem-10378	52	64	then	then	ADV
fbem-10378	52	65	crossdum	crossdum	PROPN
fbem-10378	52	66	takes	take	VERB
fbem-10378	52	67	the	the	DET
fbem-10378	52	68	value	value	NOUN
fbem-10378	52	69	of	of	ADP
fbem-10378	52	70	1	1	NUM
fbem-10378	52	71	,	,	PUNCT
fbem-10378	52	72	or	or	CCONJ
fbem-10378	52	73	else	else	ADV
fbem-10378	52	74	0.(first	0.(first	ADJ
fbem-10378	52	75	,	,	PUNCT
fbem-10378	52	76	in	in	ADP
fbem-10378	52	77	china	china	PROPN
fbem-10378	52	78	5	5	NUM
fbem-10378	52	79	%	%	NOUN
fbem-10378	52	80	represents	represent	VERB
fbem-10378	52	81	the	the	DET
fbem-10378	52	82	warning	warning	NOUN
fbem-10378	52	83	line	line	NOUN
fbem-10378	52	84	for	for	ADP
fbem-10378	52	85	major	major	ADJ
fbem-10378	52	86	equity	equity	NOUN
fbem-10378	52	87	changes	change	NOUN
fbem-10378	52	88	;	;	PUNCT
fbem-10378	52	89	second	second	X
fbem-10378	52	90	,	,	PUNCT
fbem-10378	52	91	foreign	foreign	ADJ
fbem-10378	52	92	scholars	scholar	NOUN
fbem-10378	52	93	generally	generally	ADV
fbem-10378	52	94	believe	believe	VERB
fbem-10378	52	95	that	that	SCONJ
fbem-10378	52	96	shareholders	shareholder	NOUN
fbem-10378	52	97	holding	hold	VERB
fbem-10378	52	98	more	more	ADJ
fbem-10378	52	99	than	than	ADP
fbem-10378	52	100	5	5	NUM
fbem-10378	52	101	%	%	NOUN
fbem-10378	52	102	of	of	ADP
fbem-10378	52	103	the	the	DET
fbem-10378	52	104	shares	share	NOUN
fbem-10378	52	105	will	will	AUX
fbem-10378	52	106	have	have	VERB
fbem-10378	52	107	a	a	DET
fbem-10378	52	108	significant	significant	ADJ
fbem-10378	52	109	impact	impact	NOUN
fbem-10378	52	110	on	on	ADP
fbem-10378	52	111	business	business	NOUN
fbem-10378	52	112	decisions	decision	NOUN
fbem-10378	52	113	)	)	PUNCT
fbem-10378	52	114	.	.	PUNCT
fbem-10378	53	1	3.2.3	3.2.3	X
fbem-10378	53	2	.	.	X
fbem-10378	53	3	control	control	NOUN
fbem-10378	53	4	variables	variable	NOUN
fbem-10378	53	5	controls	control	VERB
fbem-10378	53	6	:	:	PUNCT
fbem-10378	53	7	in	in	ADP
fbem-10378	53	8	terms	term	NOUN
fbem-10378	53	9	of	of	ADP
fbem-10378	53	10	corporate	corporate	ADJ
fbem-10378	53	11	characteristics	characteristic	NOUN
fbem-10378	53	12	,	,	PUNCT
fbem-10378	53	13	enterprise	enterprise	NOUN
fbem-10378	53	14	size	size	NOUN
fbem-10378	53	15	(	(	PUNCT
fbem-10378	53	16	size	size	NOUN
fbem-10378	53	17	)	)	PUNCT
fbem-10378	53	18	,	,	PUNCT
fbem-10378	53	19	years	year	NOUN
fbem-10378	53	20	of	of	ADP
fbem-10378	53	21	listing	list	VERB
fbem-10378	53	22	(	(	PUNCT
fbem-10378	53	23	age	age	NOUN
fbem-10378	53	24	)	)	PUNCT
fbem-10378	53	25	,	,	PUNCT
fbem-10378	53	26	gearing	gear	VERB
fbem-10378	53	27	ratio	ratio	NOUN
fbem-10378	53	28	(	(	PUNCT
fbem-10378	53	29	lev	lev	NOUN
fbem-10378	53	30	)	)	PUNCT
fbem-10378	53	31	,	,	PUNCT
fbem-10378	53	32	return	return	VERB
fbem-10378	53	33	on	on	ADP
fbem-10378	53	34	assets	asset	NOUN
fbem-10378	53	35	(	(	PUNCT
fbem-10378	53	36	roa	roa	NOUN
fbem-10378	53	37	)	)	PUNCT
fbem-10378	53	38	,	,	PUNCT
fbem-10378	53	39	enterprise	enterprise	NOUN
fbem-10378	53	40	value	value	NOUN
fbem-10378	53	41	(	(	PUNCT
fbem-10378	53	42	tq	tq	NOUN
fbem-10378	53	43	)	)	PUNCT
fbem-10378	53	44	,	,	PUNCT
fbem-10378	53	45	and	and	CCONJ
fbem-10378	53	46	proportion	proportion	NOUN
fbem-10378	53	47	of	of	ADP
fbem-10378	53	48	fixed	fix	VERB
fbem-10378	53	49	assets	asset	NOUN
fbem-10378	53	50	(	(	PUNCT
fbem-10378	53	51	fa	fa	NOUN
fbem-10378	53	52	)	)	PUNCT
fbem-10378	53	53	are	be	AUX
fbem-10378	53	54	selected	select	VERB
fbem-10378	53	55	;	;	PUNCT
fbem-10378	53	56	in	in	ADP
fbem-10378	53	57	terms	term	NOUN
fbem-10378	53	58	of	of	ADP
fbem-10378	53	59	corporate	corporate	ADJ
fbem-10378	53	60	governance	governance	NOUN
fbem-10378	53	61	,	,	PUNCT
fbem-10378	53	62	the	the	DET
fbem-10378	53	63	proportion	proportion	NOUN
fbem-10378	53	64	of	of	ADP
fbem-10378	53	65	shareholding	shareholding	NOUN
fbem-10378	53	66	of	of	ADP
fbem-10378	53	67	the	the	DET
fbem-10378	53	68	first	first	ADJ
fbem-10378	53	69	largest	large	ADJ
fbem-10378	53	70	shareholder	shareholder	NOUN
fbem-10378	53	71	(	(	PUNCT
fbem-10378	53	72	top1	top1	PROPN
fbem-10378	53	73	)	)	PUNCT
fbem-10378	53	74	,	,	PUNCT
fbem-10378	53	75	the	the	DET
fbem-10378	53	76	size	size	NOUN
fbem-10378	53	77	of	of	ADP
fbem-10378	53	78	the	the	DET
fbem-10378	53	79	board	board	NOUN
fbem-10378	53	80	of	of	ADP
fbem-10378	53	81	directors	director	NOUN
fbem-10378	53	82	(	(	PUNCT
fbem-10378	53	83	board	board	NOUN
fbem-10378	53	84	)	)	PUNCT
fbem-10378	53	85	,	,	PUNCT
fbem-10378	53	86	the	the	DET
fbem-10378	53	87	proportion	proportion	NOUN
fbem-10378	53	88	of	of	ADP
fbem-10378	53	89	independent	independent	ADJ
fbem-10378	53	90	directors	director	NOUN
fbem-10378	53	91	(	(	PUNCT
fbem-10378	53	92	indep	indep	NOUN
fbem-10378	53	93	)	)	PUNCT
fbem-10378	53	94	,	,	PUNCT
fbem-10378	53	95	the	the	DET
fbem-10378	53	96	proportion	proportion	NOUN
fbem-10378	53	97	of	of	ADP
fbem-10378	53	98	shareholding	shareholding	NOUN
fbem-10378	53	99	of	of	ADP
fbem-10378	53	100	the	the	DET
fbem-10378	53	101	first	first	ADJ
fbem-10378	53	102	largest	large	ADJ
fbem-10378	53	103	shareholder	shareholder	NOUN
fbem-10378	53	104	(	(	PUNCT
fbem-10378	53	105	top1	top1	PROPN
fbem-10378	53	106	)	)	PUNCT
fbem-10378	53	107	,	,	PUNCT
fbem-10378	53	108	the	the	DET
fbem-10378	53	109	proportion	proportion	NOUN
fbem-10378	53	110	of	of	ADP
fbem-10378	53	111	independent	independent	ADJ
fbem-10378	53	112	directors	director	NOUN
fbem-10378	53	113	(	(	PUNCT
fbem-10378	53	114	indep	indep	NOUN
fbem-10378	53	115	)	)	PUNCT
fbem-10378	53	116	,	,	PUNCT
fbem-10378	53	117	the	the	DET
fbem-10378	53	118	proportion	proportion	NOUN
fbem-10378	53	119	of	of	ADP
fbem-10378	53	120	independent	independent	ADJ
fbem-10378	53	121	directors	director	NOUN
fbem-10378	53	122	(	(	PUNCT
fbem-10378	53	123	indep	indep	NOUN
fbem-10378	53	124	)	)	PUNCT
fbem-10378	53	125	,	,	PUNCT
fbem-10378	53	126	the	the	DET
fbem-10378	53	127	proportion	proportion	NOUN
fbem-10378	53	128	of	of	ADP
fbem-10378	53	129	independent	independent	ADJ
fbem-10378	53	130	directors	director	NOUN
fbem-10378	53	131	(	(	PUNCT
fbem-10378	53	132	indep	indep	NOUN
fbem-10378	53	133	)	)	PUNCT
fbem-10378	53	134	,	,	PUNCT
fbem-10378	53	135	and	and	CCONJ
fbem-10378	53	136	the	the	DET
fbem-10378	53	137	proportion	proportion	NOUN
fbem-10378	53	138	of	of	ADP
fbem-10378	53	139	independent	independent	ADJ
fbem-10378	53	140	directors	director	NOUN
fbem-10378	53	141	(	(	PUNCT
fbem-10378	53	142	indep	indep	NOUN
fbem-10378	53	143	)	)	PUNCT
fbem-10378	53	144	.	.	PUNCT
fbem-10378	54	1	directors	director	NOUN
fbem-10378	54	2	(	(	PUNCT
fbem-10378	54	3	indep	indep	NOUN
fbem-10378	54	4	)	)	PUNCT
fbem-10378	54	5	,	,	PUNCT
fbem-10378	54	6	institutional	institutional	ADJ
fbem-10378	54	7	investors	investor	NOUN
fbem-10378	54	8	'	'	PART
fbem-10378	54	9	shareholding	shareholding	NOUN
fbem-10378	54	10	(	(	PUNCT
fbem-10378	54	11	ins	in	NOUN
fbem-10378	54	12	)	)	PUNCT
fbem-10378	54	13	,	,	PUNCT
fbem-10378	54	14	and	and	CCONJ
fbem-10378	54	15	two	two	NUM
fbem-10378	54	16	positions	position	NOUN
fbem-10378	54	17	(	(	PUNCT
fbem-10378	54	18	dual	dual	ADJ
fbem-10378	54	19	)	)	PUNCT
fbem-10378	54	20	.	.	PUNCT
fbem-10378	55	1	the	the	DET
fbem-10378	55	2	symbols	symbol	NOUN
fbem-10378	55	3	and	and	CCONJ
fbem-10378	55	4	definitions	definition	NOUN
fbem-10378	55	5	of	of	ADP
fbem-10378	55	6	the	the	DET
fbem-10378	55	7	main	main	ADJ
fbem-10378	55	8	variables	variable	NOUN
fbem-10378	55	9	are	be	AUX
fbem-10378	55	10	shown	show	VERB
fbem-10378	55	11	in	in	ADP
fbem-10378	55	12	table	table	NOUN
fbem-10378	55	13	1	1	NUM
fbem-10378	55	14	.	.	ADP
fbem-10378	55	15	3.3	3.3	NUM
fbem-10378	55	16	.	.	PUNCT
fbem-10378	56	1	model	model	NOUN
fbem-10378	56	2	setting	set	VERB
fbem-10378	56	3	in	in	ADP
fbem-10378	56	4	this	this	DET
fbem-10378	56	5	paper	paper	NOUN
fbem-10378	56	6	,	,	PUNCT
fbem-10378	56	7	model	model	NOUN
fbem-10378	56	8	(	(	PUNCT
fbem-10378	56	9	1	1	NUM
fbem-10378	56	10	)	)	PUNCT
fbem-10378	56	11	is	be	AUX
fbem-10378	56	12	constructed	construct	VERB
fbem-10378	56	13	to	to	PART
fbem-10378	56	14	test	test	VERB
fbem-10378	56	15	the	the	DET
fbem-10378	56	16	effect	effect	NOUN
fbem-10378	56	17	of	of	ADP
fbem-10378	56	18	the	the	DET
fbem-10378	56	19	main	main	ADJ
fbem-10378	56	20	hypothesis	hypothesis	NOUN
fbem-10378	56	21	institutional	institutional	ADJ
fbem-10378	56	22	cross	cross	ADJ
fbem-10378	56	23	-	-	ADJ
fbem-10378	56	24	holding	holding	ADJ
fbem-10378	56	25	dummy	dummy	ADJ
fbem-10378	56	26	variable	variable	NOUN
fbem-10378	56	27	(	(	PUNCT
fbem-10378	56	28	crossdum	crossdum	PROPN
fbem-10378	56	29	)	)	PUNCT
fbem-10378	56	30	on	on	ADP
fbem-10378	56	31	financial	financial	ADJ
fbem-10378	56	32	distress	distress	NOUN
fbem-10378	56	33	(	(	PUNCT
fbem-10378	56	34	z	z	NOUN
fbem-10378	56	35	)	)	PUNCT
fbem-10378	56	36	.	.	PUNCT
fbem-10378	57	1	𝑍	𝑍	NOUN
fbem-10378	57	2	,	,	PUNCT
fbem-10378	57	3	𝛽	𝛽	NOUN
fbem-10378	57	4	𝛽	𝛽	PROPN
fbem-10378	57	5	𝐶𝑟𝑜𝑠𝑠𝐷𝑢𝑚	𝐶𝑟𝑜𝑠𝑠𝐷𝑢𝑚	PROPN
fbem-10378	57	6	,	,	PUNCT
fbem-10378	57	7	𝛽	𝛽	PROPN
fbem-10378	57	8	𝐶𝑜𝑛𝑡𝑟𝑜𝑙𝑠	𝐶𝑜𝑛𝑡𝑟𝑜𝑙𝑠	PROPN
fbem-10378	57	9	,	,	PUNCT
fbem-10378	57	10	𝑢	𝑢	PROPN
fbem-10378	57	11	𝑣	𝑣	ADP
fbem-10378	57	12	𝜀	𝜀	X
fbem-10378	57	13	,	,	PUNCT
fbem-10378	57	14	(	(	PUNCT
fbem-10378	57	15	1	1	X
fbem-10378	57	16	)	)	PUNCT
fbem-10378	57	17	where	where	SCONJ
fbem-10378	57	18	ui	ui	PROPN
fbem-10378	57	19	is	be	AUX
fbem-10378	57	20	the	the	DET
fbem-10378	57	21	individual	individual	ADJ
fbem-10378	57	22	effect	effect	NOUN
fbem-10378	57	23	,	,	PUNCT
fbem-10378	57	24	vt	vt	PROPN
fbem-10378	57	25	is	be	AUX
fbem-10378	57	26	the	the	DET
fbem-10378	57	27	time	time	NOUN
fbem-10378	57	28	effect	effect	NOUN
fbem-10378	57	29	,	,	PUNCT
fbem-10378	57	30	and	and	CCONJ
fbem-10378	57	31	𝜺i	𝜺i	NOUN
fbem-10378	57	32	,	,	PUNCT
fbem-10378	57	33	t	t	PROPN
fbem-10378	57	34	is	be	AUX
fbem-10378	57	35	the	the	DET
fbem-10378	57	36	random	random	ADJ
fbem-10378	57	37	perturbation	perturbation	NOUN
fbem-10378	57	38	term	term	NOUN
fbem-10378	57	39	.	.	PUNCT
fbem-10378	58	1	if	if	SCONJ
fbem-10378	58	2	the	the	DET
fbem-10378	58	3	coefficient	coefficient	NOUN
fbem-10378	58	4	β1	β1	PROPN
fbem-10378	58	5	is	be	AUX
fbem-10378	58	6	significantly	significantly	ADV
fbem-10378	58	7	positive	positive	ADJ
fbem-10378	58	8	,	,	PUNCT
fbem-10378	58	9	it	it	PRON
fbem-10378	58	10	means	mean	VERB
fbem-10378	58	11	that	that	SCONJ
fbem-10378	58	12	hypothesis	hypothesis	NOUN
fbem-10378	58	13	1	1	NUM
fbem-10378	58	14	is	be	AUX
fbem-10378	58	15	valid	valid	ADJ
fbem-10378	58	16	;	;	PUNCT
fbem-10378	58	17	if	if	SCONJ
fbem-10378	58	18	the	the	DET
fbem-10378	58	19	coefficient	coefficient	NOUN
fbem-10378	58	20	β1	β1	PROPN
fbem-10378	58	21	is	be	AUX
fbem-10378	58	22	significantly	significantly	ADV
fbem-10378	58	23	negative	negative	ADJ
fbem-10378	58	24	,	,	PUNCT
fbem-10378	58	25	hypothesis	hypothesis	NOUN
fbem-10378	58	26	2	2	NUM
fbem-10378	58	27	is	be	AUX
fbem-10378	58	28	valid	valid	ADJ
fbem-10378	58	29	.	.	PUNCT
fbem-10378	59	1	4	4	X
fbem-10378	59	2	.	.	X
fbem-10378	59	3	empirical	empirical	ADJ
fbem-10378	59	4	results	result	NOUN
fbem-10378	59	5	and	and	CCONJ
fbem-10378	59	6	analysis	analysis	NOUN
fbem-10378	59	7	4.1	4.1	NUM
fbem-10378	59	8	.	.	PUNCT
fbem-10378	60	1	descriptive	descriptive	ADJ
fbem-10378	60	2	statistics	statistic	NOUN
fbem-10378	60	3	table	table	NOUN
fbem-10378	60	4	2	2	NUM
fbem-10378	60	5	reports	report	VERB
fbem-10378	60	6	the	the	DET
fbem-10378	60	7	descriptive	descriptive	ADJ
fbem-10378	60	8	statistics	statistic	NOUN
fbem-10378	60	9	results	result	NOUN
fbem-10378	60	10	of	of	ADP
fbem-10378	60	11	the	the	DET
fbem-10378	60	12	main	main	ADJ
fbem-10378	60	13	variables	variable	NOUN
fbem-10378	60	14	,	,	PUNCT
fbem-10378	60	15	with	with	ADP
fbem-10378	60	16	z	z	NOUN
fbem-10378	60	17	standard	standard	ADJ
fbem-10378	60	18	deviation	deviation	NOUN
fbem-10378	60	19	of	of	ADP
fbem-10378	60	20	5.893	5.893	NUM
fbem-10378	60	21	,	,	PUNCT
fbem-10378	60	22	minimum	minimum	ADJ
fbem-10378	60	23	value	value	NOUN
fbem-10378	60	24	of	of	ADP
fbem-10378	60	25	-37.694	-37.694	PROPN
fbem-10378	60	26	and	and	CCONJ
fbem-10378	60	27	maximum	maximum	ADJ
fbem-10378	60	28	value	value	NOUN
fbem-10378	60	29	of	of	ADP
fbem-10378	60	30	0.004	0.004	NUM
fbem-10378	60	31	,	,	PUNCT
fbem-10378	60	32	indicating	indicate	VERB
fbem-10378	60	33	that	that	SCONJ
fbem-10378	60	34	the	the	DET
fbem-10378	60	35	financial	financial	ADJ
fbem-10378	60	36	distress	distress	NOUN
fbem-10378	60	37	of	of	ADP
fbem-10378	60	38	listed	list	VERB
fbem-10378	60	39	companies	company	NOUN
fbem-10378	60	40	in	in	ADP
fbem-10378	60	41	china	china	PROPN
fbem-10378	60	42	is	be	AUX
fbem-10378	60	43	at	at	ADP
fbem-10378	60	44	a	a	DET
fbem-10378	60	45	high	high	ADJ
fbem-10378	60	46	236	236	NUM
fbem-10378	60	47	level	level	NOUN
fbem-10378	60	48	and	and	CCONJ
fbem-10378	60	49	dispersion.the	dispersion.the	DET
fbem-10378	60	50	mean	mean	NOUN
fbem-10378	60	51	of	of	ADP
fbem-10378	60	52	crossdum	crossdum	PROPN
fbem-10378	60	53	is	be	AUX
fbem-10378	60	54	larger	large	ADJ
fbem-10378	60	55	than	than	ADP
fbem-10378	60	56	the	the	DET
fbem-10378	60	57	median	median	NOUN
fbem-10378	60	58	,	,	PUNCT
fbem-10378	60	59	which	which	PRON
fbem-10378	60	60	indicates	indicate	VERB
fbem-10378	60	61	that	that	SCONJ
fbem-10378	60	62	the	the	DET
fbem-10378	60	63	sample	sample	NOUN
fbem-10378	60	64	is	be	AUX
fbem-10378	60	65	slightly	slightly	ADV
fbem-10378	60	66	right	right	ADJ
fbem-10378	60	67	skewed	skewed	ADJ
fbem-10378	60	68	.	.	PUNCT
fbem-10378	61	1	the	the	DET
fbem-10378	61	2	results	result	NOUN
fbem-10378	61	3	of	of	ADP
fbem-10378	61	4	descriptive	descriptive	ADJ
fbem-10378	61	5	statistics	statistic	NOUN
fbem-10378	61	6	of	of	ADP
fbem-10378	61	7	other	other	ADJ
fbem-10378	61	8	control	control	NOUN
fbem-10378	61	9	variables	variable	NOUN
fbem-10378	61	10	(	(	PUNCT
fbem-10378	61	11	controls	control	NOUN
fbem-10378	61	12	)	)	PUNCT
fbem-10378	61	13	are	be	AUX
fbem-10378	61	14	basically	basically	ADV
fbem-10378	61	15	consistent	consistent	ADJ
fbem-10378	61	16	with	with	ADP
fbem-10378	61	17	existing	exist	VERB
fbem-10378	61	18	studies	study	NOUN
fbem-10378	61	19	.	.	PUNCT
fbem-10378	62	1	table	table	NOUN
fbem-10378	62	2	1	1	NUM
fbem-10378	62	3	.	.	PUNCT
fbem-10378	63	1	definitions	definition	NOUN
fbem-10378	63	2	of	of	ADP
fbem-10378	63	3	major	major	ADJ
fbem-10378	63	4	variables	variable	NOUN
fbem-10378	63	5	the	the	DET
fbem-10378	63	6	variable	variable	ADJ
fbem-10378	63	7	type	type	NOUN
fbem-10378	63	8	the	the	DET
fbem-10378	63	9	variable	variable	ADJ
fbem-10378	63	10	name	name	NOUN
fbem-10378	63	11	variable	variable	ADJ
fbem-10378	63	12	symbol	symbol	NOUN
fbem-10378	63	13	variable	variable	ADJ
fbem-10378	63	14	definitions	definition	VERB
fbem-10378	63	15	the	the	DET
fbem-10378	63	16	variable	variable	ADJ
fbem-10378	63	17	being	be	AUX
fbem-10378	63	18	explained	explain	VERB
fbem-10378	63	19	financial	financial	ADJ
fbem-10378	63	20	distress	distress	NOUN
fbem-10378	63	21	z	z	PROPN
fbem-10378	63	22	for	for	ADP
fbem-10378	63	23	ease	ease	NOUN
fbem-10378	63	24	of	of	ADP
fbem-10378	63	25	understanding	understanding	NOUN
fbem-10378	63	26	,	,	PUNCT
fbem-10378	63	27	take	take	VERB
fbem-10378	63	28	the	the	DET
fbem-10378	63	29	opposite	opposite	NOUN
fbem-10378	63	30	of	of	ADP
fbem-10378	63	31	z	z	NOUN
fbem-10378	63	32	—	—	PUNCT
fbem-10378	63	33	score	score	NOUN
fbem-10378	63	34	explanatory	explanatory	ADJ
fbem-10378	63	35	variables	variable	NOUN
fbem-10378	63	36	institutional	institutional	ADJ
fbem-10378	63	37	cross	cross	ADJ
fbem-10378	63	38	-	-	ADJ
fbem-10378	63	39	shareholding	shareholding	ADJ
fbem-10378	63	40	dummy	dummy	ADJ
fbem-10378	63	41	variable	variable	NOUN
fbem-10378	63	42	crossdum	crossdum	PROPN
fbem-10378	63	43	if	if	SCONJ
fbem-10378	63	44	the	the	DET
fbem-10378	63	45	enterprise	enterprise	NOUN
fbem-10378	63	46	has	have	VERB
fbem-10378	63	47	cross	cross	ADJ
fbem-10378	63	48	-	-	ADJ
fbem-10378	63	49	shareholding	shareholding	ADJ
fbem-10378	63	50	,	,	PUNCT
fbem-10378	63	51	institutional	institutional	ADJ
fbem-10378	63	52	investors	investor	NOUN
fbem-10378	63	53	will	will	AUX
fbem-10378	63	54	take	take	VERB
fbem-10378	63	55	1	1	NUM
fbem-10378	63	56	,	,	PUNCT
fbem-10378	63	57	otherwise	otherwise	ADV
fbem-10378	63	58	0	0	X
fbem-10378	63	59	.	.	PUNCT
fbem-10378	64	1	control	control	NOUN
fbem-10378	64	2	variables	variable	VERB
fbem-10378	64	3	enterprise	enterprise	NOUN
fbem-10378	64	4	size	size	NOUN
fbem-10378	64	5	size	size	NOUN
fbem-10378	64	6	the	the	DET
fbem-10378	64	7	natural	natural	ADJ
fbem-10378	64	8	logarithm	logarithm	NOUN
fbem-10378	64	9	of	of	ADP
fbem-10378	64	10	the	the	DET
fbem-10378	64	11	total	total	ADJ
fbem-10378	64	12	asset	asset	NOUN
fbem-10378	64	13	book	book	NOUN
fbem-10378	64	14	value	value	NOUN
fbem-10378	64	15	years	year	NOUN
fbem-10378	64	16	on	on	ADP
fbem-10378	64	17	the	the	DET
fbem-10378	64	18	market	market	NOUN
fbem-10378	64	19	age	age	NOUN
fbem-10378	64	20	the	the	DET
fbem-10378	64	21	natural	natural	ADJ
fbem-10378	64	22	logarithm	logarithm	NOUN
fbem-10378	64	23	of	of	ADP
fbem-10378	64	24	the	the	DET
fbem-10378	64	25	company	company	NOUN
fbem-10378	64	26	's	's	PART
fbem-10378	64	27	listing	listing	NOUN
fbem-10378	64	28	years	year	NOUN
fbem-10378	64	29	plus	plus	CCONJ
fbem-10378	64	30	1	1	NUM
fbem-10378	64	31	gearing	gearing	NOUN
fbem-10378	64	32	ratio	ratio	NOUN
fbem-10378	64	33	lev	lev	NOUN
fbem-10378	64	34	total	total	ADJ
fbem-10378	64	35	liabilities	liability	NOUN
fbem-10378	64	36	/	/	SYM
fbem-10378	64	37	total	total	ADJ
fbem-10378	64	38	assets	asset	NOUN
fbem-10378	64	39	return	return	VERB
fbem-10378	64	40	on	on	ADP
fbem-10378	64	41	assets	asset	NOUN
fbem-10378	64	42	roa	roa	PROPN
fbem-10378	64	43	net	net	ADJ
fbem-10378	64	44	profit	profit	NOUN
fbem-10378	64	45	/	/	SYM
fbem-10378	64	46	total	total	ADJ
fbem-10378	64	47	assets	asset	NOUN
fbem-10378	64	48	enterprise	enterprise	NOUN
fbem-10378	64	49	value	value	NOUN
fbem-10378	64	50	tq	tq	ADP
fbem-10378	64	51	market	market	NOUN
fbem-10378	64	52	capitalization	capitalization	NOUN
fbem-10378	64	53	/	/	SYM
fbem-10378	64	54	total	total	ADJ
fbem-10378	64	55	assets	asset	NOUN
fbem-10378	64	56	proportion	proportion	NOUN
fbem-10378	64	57	of	of	ADP
fbem-10378	64	58	fixed	fix	VERB
fbem-10378	64	59	assets	asset	NOUN
fbem-10378	64	60	fa	fa	X
fbem-10378	64	61	fixed	fix	VERB
fbem-10378	64	62	assets	asset	NOUN
fbem-10378	64	63	/	/	SYM
fbem-10378	64	64	total	total	ADJ
fbem-10378	64	65	assets	asset	NOUN
fbem-10378	64	66	the	the	DET
fbem-10378	64	67	largest	large	ADJ
fbem-10378	64	68	shareholder	shareholder	NOUN
fbem-10378	64	69	's	's	PART
fbem-10378	64	70	shareholding	shareholding	NOUN
fbem-10378	64	71	top1	top1	PROPN
fbem-10378	64	72	number	number	NOUN
fbem-10378	64	73	of	of	ADP
fbem-10378	64	74	shares	share	NOUN
fbem-10378	64	75	held	hold	VERB
fbem-10378	64	76	by	by	ADP
fbem-10378	64	77	the	the	DET
fbem-10378	64	78	largest	large	ADJ
fbem-10378	64	79	shareholder	shareholder	NOUN
fbem-10378	64	80	/	/	SYM
fbem-10378	64	81	total	total	ADJ
fbem-10378	64	82	number	number	NOUN
fbem-10378	64	83	of	of	ADP
fbem-10378	64	84	shares	share	NOUN
fbem-10378	64	85	board	board	NOUN
fbem-10378	64	86	size	size	NOUN
fbem-10378	64	87	board	board	NOUN
fbem-10378	64	88	number	number	NOUN
fbem-10378	64	89	of	of	ADP
fbem-10378	64	90	board	board	NOUN
fbem-10378	64	91	members	member	NOUN
fbem-10378	64	92	proportion	proportion	NOUN
fbem-10378	64	93	of	of	ADP
fbem-10378	64	94	independent	independent	ADJ
fbem-10378	64	95	directors	director	NOUN
fbem-10378	64	96	indep	indep	NOUN
fbem-10378	64	97	(	(	PUNCT
fbem-10378	64	98	number	number	NOUN
fbem-10378	64	99	of	of	ADP
fbem-10378	64	100	independent	independent	ADJ
fbem-10378	64	101	directors	director	NOUN
fbem-10378	64	102	/	/	PUNCT
fbem-10378	64	103	number	number	NOUN
fbem-10378	64	104	of	of	ADP
fbem-10378	64	105	board	board	NOUN
fbem-10378	64	106	members)×	members)×	NOUN
fbem-10378	64	107	100	100	NUM
fbem-10378	64	108	%	%	NOUN
fbem-10378	64	109	.	.	PUNCT
fbem-10378	65	1	percentage	percentage	NOUN
fbem-10378	65	2	of	of	ADP
fbem-10378	65	3	shareholding	shareholding	NOUN
fbem-10378	65	4	by	by	ADP
fbem-10378	65	5	institutional	institutional	ADJ
fbem-10378	65	6	investors	investor	NOUN
fbem-10378	65	7	ins	in	NOUN
fbem-10378	65	8	number	number	NOUN
fbem-10378	65	9	of	of	ADP
fbem-10378	65	10	shares	share	NOUN
fbem-10378	65	11	held	hold	VERB
fbem-10378	65	12	by	by	ADP
fbem-10378	65	13	institutional	institutional	ADJ
fbem-10378	65	14	investors	investor	NOUN
fbem-10378	65	15	/	/	SYM
fbem-10378	65	16	total	total	ADJ
fbem-10378	65	17	number	number	NOUN
fbem-10378	65	18	of	of	ADP
fbem-10378	65	19	shares	share	NOUN
fbem-10378	65	20	two	two	NUM
fbem-10378	65	21	jobs	job	NOUN
fbem-10378	65	22	in	in	ADP
fbem-10378	65	23	one	one	NUM
fbem-10378	65	24	dual	dual	ADJ
fbem-10378	65	25	1	1	NUM
fbem-10378	65	26	when	when	SCONJ
fbem-10378	65	27	the	the	DET
fbem-10378	65	28	chairman	chairman	NOUN
fbem-10378	65	29	and	and	CCONJ
fbem-10378	65	30	general	general	ADJ
fbem-10378	65	31	manager	manager	NOUN
fbem-10378	65	32	are	be	AUX
fbem-10378	65	33	concurrently	concurrently	ADV
fbem-10378	65	34	held	hold	VERB
fbem-10378	65	35	by	by	ADP
fbem-10378	65	36	one	one	NUM
fbem-10378	65	37	person	person	NOUN
fbem-10378	65	38	,	,	PUNCT
fbem-10378	65	39	otherwise	otherwise	ADV
fbem-10378	65	40	0	0	NUM
fbem-10378	65	41	table	table	NOUN
fbem-10378	65	42	2	2	NUM
fbem-10378	65	43	.	.	PUNCT
fbem-10378	65	44	descriptive	descriptive	ADJ
fbem-10378	65	45	statistical	statistical	ADJ
fbem-10378	65	46	results	result	NOUN
fbem-10378	65	47	of	of	ADP
fbem-10378	65	48	major	major	ADJ
fbem-10378	65	49	variables	variable	NOUN
fbem-10378	65	50	variables	variable	NOUN
fbem-10378	65	51	n	n	ADV
fbem-10378	65	52	mean	mean	VERB
fbem-10378	65	53	median	median	PROPN
fbem-10378	65	54	s.d	s.d	PROPN
fbem-10378	65	55	min	min	PROPN
fbem-10378	65	56	max	max	PROPN
fbem-10378	65	57	z	z	PROPN
fbem-10378	65	58	25889	25889	NUM
fbem-10378	65	59	-5.073	-5.073	NOUN
fbem-10378	65	60	-3.203	-3.203	X
fbem-10378	65	61	5.893	5.893	NUM
fbem-10378	65	62	-37.694	-37.694	NOUN
fbem-10378	65	63	0.004	0.004	NUM
fbem-10378	65	64	crossdum	crossdum	NOUN
fbem-10378	65	65	25889	25889	NUM
fbem-10378	65	66	0.192	0.192	NUM
fbem-10378	65	67	0.000	0.000	NUM
fbem-10378	65	68	0.394	0.394	NUM
fbem-10378	65	69	0.000	0.000	NUM
fbem-10378	65	70	1.000	1.000	NUM
fbem-10378	65	71	size	size	NOUN
fbem-10378	65	72	25889	25889	NUM
fbem-10378	65	73	22.206	22.206	NUM
fbem-10378	65	74	22.037	22.037	NUM
fbem-10378	65	75	1.248	1.248	NUM
fbem-10378	65	76	19.952	19.952	NUM
fbem-10378	65	77	26.080	26.080	NUM
fbem-10378	65	78	age	age	NOUN
fbem-10378	65	79	25889	25889	NUM
fbem-10378	65	80	2.142	2.142	NUM
fbem-10378	65	81	2.303	2.303	NUM
fbem-10378	65	82	0.808	0.808	NUM
fbem-10378	65	83	0.000	0.000	NUM
fbem-10378	65	84	3.332	3.332	NUM
fbem-10378	65	85	lev	lev	NOUN
fbem-10378	65	86	25889	25889	NUM
fbem-10378	65	87	0.417	0.417	NUM
fbem-10378	65	88	0.409	0.409	NUM
fbem-10378	65	89	0.200	0.200	NUM
fbem-10378	65	90	0.057	0.057	NUM
fbem-10378	65	91	0.883	0.883	NUM
fbem-10378	65	92	roa	roa	NOUN
fbem-10378	65	93	25889	25889	NUM
fbem-10378	65	94	0.036	0.036	NUM
fbem-10378	65	95	0.036	0.036	NUM
fbem-10378	65	96	0.065	0.065	NUM
fbem-10378	65	97	-0.282	-0.282	PUNCT
fbem-10378	65	98	0.196	0.196	NUM
fbem-10378	65	99	tq	tq	ADP
fbem-10378	65	100	25889	25889	NUM
fbem-10378	65	101	2.092	2.092	NUM
fbem-10378	65	102	1.651	1.651	NUM
fbem-10378	65	103	1.367	1.367	NUM
fbem-10378	65	104	0.855	0.855	NUM
fbem-10378	65	105	8.888	8.888	NUM
fbem-10378	65	106	fa	fa	NOUN
fbem-10378	65	107	25889	25889	NUM
fbem-10378	65	108	0.216	0.216	NUM
fbem-10378	65	109	0.183	0.183	NUM
fbem-10378	65	110	0.157	0.157	NUM
fbem-10378	65	111	0.003	0.003	NUM
fbem-10378	65	112	0.695	0.695	NUM
fbem-10378	65	113	top1	top1	NOUN
fbem-10378	65	114	25889	25889	NUM
fbem-10378	65	115	0.341	0.341	NUM
fbem-10378	65	116	0.319	0.319	NUM
fbem-10378	65	117	0.145	0.145	NUM
fbem-10378	65	118	0.092	0.092	NUM
fbem-10378	65	119	0.737	0.737	NUM
fbem-10378	65	120	board	board	NOUN
fbem-10378	65	121	25889	25889	NUM
fbem-10378	65	122	8.505	8.505	NUM
fbem-10378	65	123	9.000	9.000	NUM
fbem-10378	65	124	1.667	1.667	NUM
fbem-10378	65	125	5.000	5.000	NUM
fbem-10378	65	126	15.000	15.000	NUM
fbem-10378	65	127	indep	indep	NOUN
fbem-10378	65	128	25889	25889	NUM
fbem-10378	65	129	37.601	37.601	NUM
fbem-10378	65	130	36.36	36.36	NUM
fbem-10378	65	131	5.318	5.318	NUM
fbem-10378	65	132	33.330	33.330	NUM
fbem-10378	65	133	57.140	57.140	NUM
fbem-10378	65	134	ins	in	NOUN
fbem-10378	65	135	25889	25889	NUM
fbem-10378	65	136	0.426	0.426	NUM
fbem-10378	65	137	0.442	0.442	NUM
fbem-10378	65	138	0.247	0.247	NUM
fbem-10378	65	139	0.003	0.003	NUM
fbem-10378	65	140	0.906	0.906	NUM
fbem-10378	65	141	dual	dual	ADJ
fbem-10378	65	142	25889	25889	NUM
fbem-10378	65	143	0.289	0.289	NUM
fbem-10378	65	144	0.000	0.000	NUM
fbem-10378	65	145	0.453	0.453	NUM
fbem-10378	65	146	0.000	0.000	NUM
fbem-10378	65	147	1.000	1.000	NUM
fbem-10378	65	148	4.2	4.2	NUM
fbem-10378	65	149	.	.	PUNCT
fbem-10378	66	1	correlation	correlation	NOUN
fbem-10378	66	2	analysis	analysis	NOUN
fbem-10378	66	3	the	the	DET
fbem-10378	66	4	spearman	spearman	NOUN
fbem-10378	66	5	correlation	correlation	NOUN
fbem-10378	66	6	test	test	NOUN
fbem-10378	66	7	for	for	ADP
fbem-10378	66	8	the	the	DET
fbem-10378	66	9	main	main	ADJ
fbem-10378	66	10	variables	variable	NOUN
fbem-10378	66	11	is	be	AUX
fbem-10378	66	12	presented	present	VERB
fbem-10378	66	13	in	in	ADP
fbem-10378	66	14	table	table	NOUN
fbem-10378	66	15	3.the	3.the	DET
fbem-10378	66	16	correlation	correlation	NOUN
fbem-10378	66	17	coefficients	coefficient	NOUN
fbem-10378	66	18	are	be	AUX
fbem-10378	66	19	much	much	ADV
fbem-10378	66	20	less	less	ADJ
fbem-10378	66	21	than	than	ADP
fbem-10378	66	22	0.5	0.5	NUM
fbem-10378	66	23	,	,	PUNCT
fbem-10378	66	24	except	except	SCONJ
fbem-10378	66	25	for	for	ADP
fbem-10378	66	26	the	the	DET
fbem-10378	66	27	correlation	correlation	NOUN
fbem-10378	66	28	coefficients	coefficient	NOUN
fbem-10378	66	29	of	of	ADP
fbem-10378	66	30	ins	in	NOUN
fbem-10378	66	31	and	and	CCONJ
fbem-10378	66	32	top1	top1	PROPN
fbem-10378	66	33	,	,	PUNCT
fbem-10378	66	34	and	and	CCONJ
fbem-10378	66	35	the	the	DET
fbem-10378	66	36	correlation	correlation	NOUN
fbem-10378	66	37	coefficients	coefficient	NOUN
fbem-10378	66	38	of	of	ADP
fbem-10378	66	39	board	board	NOUN
fbem-10378	66	40	and	and	CCONJ
fbem-10378	66	41	indep	indep	NOUN
fbem-10378	66	42	,	,	PUNCT
fbem-10378	66	43	which	which	PRON
fbem-10378	66	44	are	be	AUX
fbem-10378	66	45	slightly	slightly	ADV
fbem-10378	66	46	larger.in	larger.in	X
fbem-10378	66	47	addition	addition	NOUN
fbem-10378	66	48	to	to	ADP
fbem-10378	66	49	this	this	PRON
fbem-10378	66	50	,	,	PUNCT
fbem-10378	66	51	the	the	DET
fbem-10378	66	52	mean	mean	ADJ
fbem-10378	66	53	value	value	NOUN
fbem-10378	66	54	of	of	ADP
fbem-10378	66	55	the	the	DET
fbem-10378	66	56	variance	variance	NOUN
fbem-10378	66	57	inflation	inflation	NOUN
fbem-10378	66	58	factor	factor	NOUN
fbem-10378	66	59	(	(	PUNCT
fbem-10378	66	60	vif	vif	PROPN
fbem-10378	66	61	)	)	PUNCT
fbem-10378	66	62	of	of	ADP
fbem-10378	66	63	the	the	DET
fbem-10378	66	64	variables	variable	NOUN
fbem-10378	66	65	is	be	AUX
fbem-10378	66	66	1.4	1.4	NUM
fbem-10378	66	67	,	,	PUNCT
fbem-10378	66	68	which	which	PRON
fbem-10378	66	69	is	be	AUX
fbem-10378	66	70	less	less	ADJ
fbem-10378	66	71	than	than	ADP
fbem-10378	66	72	10.therefore	10.therefore	NUM
fbem-10378	66	73	,	,	PUNCT
fbem-10378	66	74	it	it	PRON
fbem-10378	66	75	can	can	AUX
fbem-10378	66	76	be	be	AUX
fbem-10378	66	77	judged	judge	VERB
fbem-10378	66	78	that	that	SCONJ
fbem-10378	66	79	there	there	PRON
fbem-10378	66	80	is	be	VERB
fbem-10378	66	81	no	no	DET
fbem-10378	66	82	serious	serious	ADJ
fbem-10378	66	83	multiple	multiple	ADJ
fbem-10378	66	84	covariance	covariance	NOUN
fbem-10378	66	85	.	.	PUNCT
fbem-10378	67	1	table	table	NOUN
fbem-10378	67	2	3	3	NUM
fbem-10378	67	3	.	.	PUNCT
fbem-10378	67	4	correlation	correlation	NOUN
fbem-10378	67	5	coefficients	coefficient	NOUN
fbem-10378	67	6	for	for	ADP
fbem-10378	67	7	major	major	ADJ
fbem-10378	67	8	variables	variable	NOUN
fbem-10378	67	9	variables	variables	PROPN
fbem-10378	67	10	z	z	PROPN
fbem-10378	67	11	crossdum	crossdum	PROPN
fbem-10378	67	12	size	size	NOUN
fbem-10378	67	13	age	age	NOUN
fbem-10378	67	14	lev	lev	PROPN
fbem-10378	67	15	roa	roa	PROPN
fbem-10378	67	16	tq	tq	ADP
fbem-10378	67	17	fa	fa	PROPN
fbem-10378	67	18	top1	top1	PROPN
fbem-10378	67	19	board	board	PROPN
fbem-10378	67	20	indep	indep	PROPN
fbem-10378	67	21	ins	ins	PROPN
fbem-10378	67	22	dual	dual	PROPN
fbem-10378	67	23	z	z	PROPN
fbem-10378	67	24	1	1	NUM
fbem-10378	67	25	crossdum	crossdum	NOUN
fbem-10378	67	26	0.049	0.049	NUM
fbem-10378	67	27	*	*	PUNCT
fbem-10378	67	28	*	*	PUNCT
fbem-10378	67	29	*	*	SYM
fbem-10378	67	30	1	1	NUM
fbem-10378	67	31	size	size	NOUN
fbem-10378	67	32	0.356	0.356	NUM
fbem-10378	67	33	*	*	PUNCT
fbem-10378	67	34	*	*	PUNCT
fbem-10378	67	35	*	*	PUNCT
fbem-10378	67	36	0.296	0.296	NUM
fbem-10378	67	37	*	*	PUNCT
fbem-10378	67	38	*	*	PUNCT
fbem-10378	67	39	*	*	SYM
fbem-10378	67	40	1	1	NUM
fbem-10378	67	41	age	age	NOUN
fbem-10378	67	42	0.129	0.129	NUM
fbem-10378	67	43	*	*	PUNCT
fbem-10378	67	44	*	*	PUNCT
fbem-10378	67	45	*	*	PUNCT
fbem-10378	68	1	0.219	0.219	NUM
fbem-10378	68	2	*	*	PUNCT
fbem-10378	68	3	*	*	PUNCT
fbem-10378	68	4	*	*	PUNCT
fbem-10378	69	1	0.423	0.423	NUM
fbem-10378	69	2	*	*	PUNCT
fbem-10378	69	3	*	*	PUNCT
fbem-10378	69	4	*	*	PUNCT
fbem-10378	69	5	1	1	NUM
fbem-10378	69	6	lev	lev	NOUN
fbem-10378	69	7	0.593	0.593	NUM
fbem-10378	69	8	*	*	PUNCT
fbem-10378	69	9	*	*	PUNCT
fbem-10378	69	10	*	*	PUNCT
fbem-10378	69	11	0.120	0.120	NUM
fbem-10378	69	12	*	*	PUNCT
fbem-10378	69	13	*	*	PUNCT
fbem-10378	69	14	*	*	PUNCT
fbem-10378	69	15	0.484	0.484	NUM
fbem-10378	69	16	*	*	PUNCT
fbem-10378	69	17	*	*	PUNCT
fbem-10378	69	18	*	*	PUNCT
fbem-10378	69	19	0.336	0.336	NUM
fbem-10378	69	20	*	*	PUNCT
fbem-10378	69	21	*	*	PUNCT
fbem-10378	69	22	*	*	PUNCT
fbem-10378	69	23	1	1	NUM
fbem-10378	69	24	roa	roa	NOUN
fbem-10378	69	25	-0.292	-0.292	NOUN
fbem-10378	69	26	*	*	NOUN
fbem-10378	69	27	*	*	PUNCT
fbem-10378	69	28	*	*	PUNCT
fbem-10378	69	29	0.022	0.022	NUM
fbem-10378	69	30	*	*	PUNCT
fbem-10378	69	31	*	*	PUNCT
fbem-10378	69	32	*	*	PUNCT
fbem-10378	69	33	0.020	0.020	NUM
fbem-10378	69	34	*	*	PUNCT
fbem-10378	69	35	*	*	PUNCT
fbem-10378	69	36	*	*	PUNCT
fbem-10378	69	37	-0.188	-0.188	PUNCT
fbem-10378	69	38	*	*	PUNCT
fbem-10378	69	39	*	*	PUNCT
fbem-10378	69	40	*	*	PUNCT
fbem-10378	69	41	-0.357	-0.357	ADJ
fbem-10378	69	42	*	*	PUNCT
fbem-10378	69	43	*	*	PUNCT
fbem-10378	69	44	*	*	PUNCT
fbem-10378	69	45	1	1	NUM
fbem-10378	69	46	tq	tq	ADV
fbem-10378	69	47	-0.704	-0.704	NOUN
fbem-10378	69	48	*	*	NOUN
fbem-10378	69	49	*	*	PUNCT
fbem-10378	69	50	*	*	PUNCT
fbem-10378	69	51	-0.032	-0.032	PUNCT
fbem-10378	69	52	*	*	PUNCT
fbem-10378	69	53	*	*	PUNCT
fbem-10378	69	54	*	*	PUNCT
fbem-10378	69	55	-0.371	-0.371	PUNCT
fbem-10378	69	56	*	*	PUNCT
fbem-10378	69	57	*	*	PUNCT
fbem-10378	69	58	*	*	PUNCT
fbem-10378	69	59	-0.044	-0.044	X
fbem-10378	69	60	*	*	PUNCT
fbem-10378	69	61	*	*	PUNCT
fbem-10378	69	62	*	*	PUNCT
fbem-10378	69	63	-0.259	-0.259	PUNCT
fbem-10378	69	64	*	*	PUNCT
fbem-10378	69	65	*	*	PUNCT
fbem-10378	69	66	*	*	PUNCT
fbem-10378	69	67	0.148	0.148	NUM
fbem-10378	69	68	*	*	PUNCT
fbem-10378	69	69	*	*	PUNCT
fbem-10378	69	70	*	*	PUNCT
fbem-10378	69	71	1	1	NUM
fbem-10378	69	72	fa	fa	NUM
fbem-10378	69	73	0.153	0.153	NUM
fbem-10378	69	74	*	*	PUNCT
fbem-10378	69	75	*	*	PUNCT
fbem-10378	69	76	*	*	PUNCT
fbem-10378	69	77	0.144	0.144	NUM
fbem-10378	69	78	*	*	PUNCT
fbem-10378	69	79	*	*	PUNCT
fbem-10378	69	80	*	*	PUNCT
fbem-10378	69	81	0.152	0.152	NUM
fbem-10378	69	82	*	*	PUNCT
fbem-10378	69	83	*	*	PUNCT
fbem-10378	69	84	*	*	PUNCT
fbem-10378	69	85	0.154	0.154	NUM
fbem-10378	69	86	*	*	PUNCT
fbem-10378	69	87	*	*	PUNCT
fbem-10378	69	88	*	*	PUNCT
fbem-10378	69	89	0.122	0.122	NUM
fbem-10378	69	90	*	*	PUNCT
fbem-10378	69	91	*	*	PUNCT
fbem-10378	69	92	*	*	PUNCT
fbem-10378	69	93	-0.059	-0.059	PUNCT
fbem-10378	69	94	*	*	PUNCT
fbem-10378	69	95	*	*	PUNCT
fbem-10378	69	96	*	*	PUNCT
fbem-10378	69	97	-0.134	-0.134	PUNCT
fbem-10378	69	98	*	*	PUNCT
fbem-10378	69	99	*	*	PUNCT
fbem-10378	69	100	*	*	PUNCT
fbem-10378	69	101	1	1	NUM
fbem-10378	69	102	top1	top1	NOUN
fbem-10378	69	103	0.047	0.047	NUM
fbem-10378	69	104	*	*	PUNCT
fbem-10378	69	105	*	*	PUNCT
fbem-10378	69	106	*	*	PUNCT
fbem-10378	69	107	0.052	0.052	PRON
fbem-10378	69	108	*	*	PUNCT
fbem-10378	69	109	*	*	PUNCT
fbem-10378	69	110	*	*	PUNCT
fbem-10378	69	111	0.198	0.198	NUM
fbem-10378	69	112	*	*	PUNCT
fbem-10378	69	113	*	*	PUNCT
fbem-10378	69	114	*	*	PUNCT
fbem-10378	69	115	-0.071	-0.071	VERB
fbem-10378	69	116	*	*	PUNCT
fbem-10378	69	117	*	*	PUNCT
fbem-10378	69	118	*	*	PUNCT
fbem-10378	69	119	0.032	0.032	NUM
fbem-10378	69	120	*	*	PUNCT
fbem-10378	69	121	*	*	PUNCT
fbem-10378	69	122	*	*	PUNCT
fbem-10378	69	123	0.146	0.146	NUM
fbem-10378	69	124	*	*	PUNCT
fbem-10378	69	125	*	*	PUNCT
fbem-10378	69	126	*	*	PUNCT
fbem-10378	69	127	-0.104	-0.104	PUNCT
fbem-10378	69	128	*	*	PUNCT
fbem-10378	69	129	*	*	PUNCT
fbem-10378	69	130	*	*	PUNCT
fbem-10378	69	131	0.113	0.113	NUM
fbem-10378	69	132	*	*	PUNCT
fbem-10378	69	133	*	*	PUNCT
fbem-10378	69	134	*	*	SYM
fbem-10378	69	135	1	1	NUM
fbem-10378	69	136	board	board	NOUN
fbem-10378	69	137	0.132	0.132	NUM
fbem-10378	69	138	*	*	PUNCT
fbem-10378	69	139	*	*	PUNCT
fbem-10378	69	140	*	*	PUNCT
fbem-10378	69	141	0.158	0.158	NUM
fbem-10378	69	142	*	*	PUNCT
fbem-10378	69	143	*	*	PUNCT
fbem-10378	69	144	*	*	PUNCT
fbem-10378	69	145	0.289	0.289	NUM
fbem-10378	69	146	*	*	PUNCT
fbem-10378	69	147	*	*	PUNCT
fbem-10378	69	148	*	*	PUNCT
fbem-10378	69	149	0.181	0.181	NUM
fbem-10378	69	150	*	*	PUNCT
fbem-10378	69	151	*	*	PUNCT
fbem-10378	69	152	*	*	PUNCT
fbem-10378	69	153	0.157	0.157	NUM
fbem-10378	69	154	*	*	PUNCT
fbem-10378	69	155	*	*	PUNCT
fbem-10378	69	156	*	*	PUNCT
fbem-10378	69	157	0.011	0.011	NUM
fbem-10378	69	158	*	*	PUNCT
fbem-10378	69	159	-0.138	-0.138	PUNCT
fbem-10378	69	160	*	*	PUNCT
fbem-10378	69	161	*	*	PUNCT
fbem-10378	69	162	*	*	PUNCT
fbem-10378	69	163	0.166	0.166	NUM
fbem-10378	69	164	*	*	PUNCT
fbem-10378	69	165	*	*	PUNCT
fbem-10378	69	166	*	*	PUNCT
fbem-10378	69	167	0.037	0.037	NUM
fbem-10378	69	168	*	*	PUNCT
fbem-10378	69	169	*	*	PUNCT
fbem-10378	69	170	*	*	SYM
fbem-10378	69	171	1	1	NUM
fbem-10378	69	172	indep	indep	NOUN
fbem-10378	69	173	-0.036	-0.036	NOUN
fbem-10378	69	174	*	*	PUNCT
fbem-10378	69	175	*	*	PUNCT
fbem-10378	69	176	*	*	NOUN
fbem-10378	69	177	-0.039	-0.039	NOUN
fbem-10378	69	178	*	*	PUNCT
fbem-10378	69	179	*	*	PUNCT
fbem-10378	69	180	*	*	PUNCT
fbem-10378	69	181	-0.012	-0.012	PROPN
fbem-10378	69	182	*	*	PUNCT
fbem-10378	69	183	*	*	PUNCT
fbem-10378	69	184	-0.044	-0.044	PROPN
fbem-10378	69	185	*	*	PUNCT
fbem-10378	69	186	*	*	PUNCT
fbem-10378	69	187	*	*	PUNCT
fbem-10378	69	188	-0.013	-0.013	PROPN
fbem-10378	69	189	*	*	NOUN
fbem-10378	69	190	*	*	PUNCT
fbem-10378	69	191	-0.017	-0.017	PROPN
fbem-10378	69	192	*	*	PUNCT
fbem-10378	69	193	*	*	PUNCT
fbem-10378	69	194	*	*	PUNCT
fbem-10378	69	195	0.051	0.051	NUM
fbem-10378	69	196	*	*	PUNCT
fbem-10378	69	197	*	*	PUNCT
fbem-10378	69	198	*	*	PUNCT
fbem-10378	69	199	-0.049	-0.049	PUNCT
fbem-10378	69	200	*	*	PUNCT
fbem-10378	69	201	*	*	PUNCT
fbem-10378	69	202	*	*	PUNCT
fbem-10378	69	203	0.036	0.036	NUM
fbem-10378	69	204	*	*	PUNCT
fbem-10378	69	205	*	*	PUNCT
fbem-10378	69	206	*	*	PUNCT
fbem-10378	69	207	-0.515	-0.515	PUNCT
fbem-10378	69	208	*	*	PUNCT
fbem-10378	69	209	*	*	PUNCT
fbem-10378	69	210	*	*	SYM
fbem-10378	69	211	1	1	NUM
fbem-10378	69	212	ins	in	NOUN
fbem-10378	69	213	0.069	0.069	NUM
fbem-10378	69	214	*	*	PUNCT
fbem-10378	69	215	*	*	PUNCT
fbem-10378	69	216	*	*	PUNCT
fbem-10378	69	217	0.278	0.278	NUM
fbem-10378	69	218	*	*	PUNCT
fbem-10378	69	219	*	*	PUNCT
fbem-10378	69	220	*	*	PUNCT
fbem-10378	69	221	0.444	0.444	NUM
fbem-10378	69	222	*	*	PUNCT
fbem-10378	69	223	*	*	PUNCT
fbem-10378	69	224	*	*	NOUN
fbem-10378	69	225	0.237	0.237	NUM
fbem-10378	69	226	*	*	PUNCT
fbem-10378	69	227	*	*	PUNCT
fbem-10378	69	228	*	*	PUNCT
fbem-10378	69	229	0.184	0.184	NUM
fbem-10378	69	230	*	*	PUNCT
fbem-10378	69	231	*	*	PUNCT
fbem-10378	69	232	*	*	PUNCT
fbem-10378	69	233	0.101	0.101	NUM
fbem-10378	69	234	*	*	PUNCT
fbem-10378	69	235	*	*	PUNCT
fbem-10378	69	236	*	*	PUNCT
fbem-10378	69	237	-0.050	-0.050	PUNCT
fbem-10378	69	238	*	*	PUNCT
fbem-10378	69	239	*	*	PUNCT
fbem-10378	69	240	*	*	PUNCT
fbem-10378	69	241	0.173	0.173	NUM
fbem-10378	69	242	*	*	PUNCT
fbem-10378	69	243	*	*	PUNCT
fbem-10378	69	244	*	*	PUNCT
fbem-10378	69	245	0.504	0.504	NUM
fbem-10378	69	246	*	*	PUNCT
fbem-10378	69	247	*	*	PUNCT
fbem-10378	69	248	*	*	PUNCT
fbem-10378	69	249	0.239	0.239	NUM
fbem-10378	69	250	*	*	PUNCT
fbem-10378	69	251	*	*	PUNCT
fbem-10378	69	252	*	*	PUNCT
fbem-10378	69	253	-0.071	-0.071	VERB
fbem-10378	69	254	*	*	PUNCT
fbem-10378	69	255	*	*	PUNCT
fbem-10378	69	256	*	*	PUNCT
fbem-10378	69	257	1	1	NUM
fbem-10378	69	258	dual	dual	ADJ
fbem-10378	69	259	-0.083	-0.083	NOUN
fbem-10378	69	260	*	*	PUNCT
fbem-10378	69	261	*	*	PUNCT
fbem-10378	69	262	*	*	PUNCT
fbem-10378	69	263	-0.116	-0.116	PUNCT
fbem-10378	69	264	*	*	PUNCT
fbem-10378	69	265	*	*	PUNCT
fbem-10378	69	266	*	*	PUNCT
fbem-10378	69	267	-0.186	-0.186	PUNCT
fbem-10378	69	268	*	*	PUNCT
fbem-10378	69	269	*	*	PUNCT
fbem-10378	69	270	*	*	PUNCT
fbem-10378	69	271	-0.247	-0.247	PUNCT
fbem-10378	69	272	*	*	PUNCT
fbem-10378	69	273	*	*	PUNCT
fbem-10378	69	274	*	*	PUNCT
fbem-10378	69	275	-0.127	-0.127	NOUN
fbem-10378	69	276	*	*	PUNCT
fbem-10378	69	277	*	*	PUNCT
fbem-10378	69	278	*	*	PUNCT
fbem-10378	69	279	0.028	0.028	NUM
fbem-10378	69	280	*	*	PUNCT
fbem-10378	69	281	*	*	PUNCT
fbem-10378	69	282	*	*	PUNCT
fbem-10378	69	283	0.079	0.079	NUM
fbem-10378	69	284	*	*	PUNCT
fbem-10378	69	285	*	*	PUNCT
fbem-10378	69	286	*	*	PUNCT
fbem-10378	69	287	-0.107	-0.107	PUNCT
fbem-10378	69	288	*	*	PUNCT
fbem-10378	69	289	*	*	PUNCT
fbem-10378	69	290	*	*	PUNCT
fbem-10378	69	291	-0.047	-0.047	PUNCT
fbem-10378	69	292	*	*	PUNCT
fbem-10378	69	293	*	*	PUNCT
fbem-10378	69	294	*	*	PUNCT
fbem-10378	69	295	-0.193	-0.193	PUNCT
fbem-10378	69	296	*	*	PUNCT
fbem-10378	69	297	*	*	PUNCT
fbem-10378	69	298	*	*	PUNCT
fbem-10378	69	299	0.124	0.124	NUM
fbem-10378	69	300	*	*	PUNCT
fbem-10378	69	301	*	*	PUNCT
fbem-10378	69	302	*	*	PUNCT
fbem-10378	69	303	-0.204	-0.204	PUNCT
fbem-10378	69	304	*	*	PUNCT
fbem-10378	69	305	*	*	PUNCT
fbem-10378	69	306	*	*	PUNCT
fbem-10378	69	307	1	1	NUM
fbem-10378	69	308	concentrate	concentrate	NOUN
fbem-10378	69	309	:	:	PUNCT
fbem-10378	69	310	*	*	PUNCT
fbem-10378	69	311	,	,	PUNCT
fbem-10378	69	312	*	*	PUNCT
fbem-10378	69	313	*	*	PUNCT
fbem-10378	69	314	,	,	PUNCT
fbem-10378	69	315	*	*	PUNCT
fbem-10378	69	316	*	*	PUNCT
fbem-10378	69	317	*	*	NOUN
fbem-10378	69	318	significance	significance	NOUN
fbem-10378	69	319	levels	level	NOUN
fbem-10378	69	320	of	of	ADP
fbem-10378	69	321	10	10	NUM
fbem-10378	69	322	%	%	NOUN
fbem-10378	69	323	,	,	PUNCT
fbem-10378	69	324	5	5	NUM
fbem-10378	69	325	%	%	NOUN
fbem-10378	69	326	and	and	CCONJ
fbem-10378	69	327	1	1	NUM
fbem-10378	69	328	%	%	NOUN
fbem-10378	69	329	are	be	AUX
fbem-10378	69	330	indicated	indicate	VERB
fbem-10378	69	331	,	,	PUNCT
fbem-10378	69	332	respectively	respectively	ADV
fbem-10378	69	333	.	.	PUNCT
fbem-10378	70	1	the	the	DET
fbem-10378	70	2	table	table	NOUN
fbem-10378	70	3	below	below	ADV
fbem-10378	70	4	is	be	AUX
fbem-10378	70	5	the	the	DET
fbem-10378	70	6	same	same	ADJ
fbem-10378	70	7	.	.	PUNCT
fbem-10378	71	1	4.3	4.3	NUM
fbem-10378	71	2	.	.	PUNCT
fbem-10378	71	3	benchmark	benchmark	NOUN
fbem-10378	71	4	regression	regression	NOUN
fbem-10378	71	5	table	table	NOUN
fbem-10378	71	6	4	4	NUM
fbem-10378	71	7	shows	show	VERB
fbem-10378	71	8	the	the	DET
fbem-10378	71	9	results	result	NOUN
fbem-10378	71	10	of	of	ADP
fbem-10378	71	11	regression	regression	NOUN
fbem-10378	71	12	of	of	ADP
fbem-10378	71	13	institutional	institutional	ADJ
fbem-10378	71	14	cross	cross	ADJ
fbem-10378	71	15	-	-	ADJ
fbem-10378	71	16	holding	holding	ADJ
fbem-10378	71	17	dummy	dummy	ADJ
fbem-10378	71	18	variable	variable	NOUN
fbem-10378	71	19	(	(	PUNCT
fbem-10378	71	20	crossdum	crossdum	PROPN
fbem-10378	71	21	)	)	PUNCT
fbem-10378	71	22	on	on	ADP
fbem-10378	71	23	financial	financial	ADJ
fbem-10378	71	24	distress	distress	NOUN
fbem-10378	71	25	(	(	PUNCT
fbem-10378	71	26	z	z	NOUN
fbem-10378	71	27	)	)	PUNCT
fbem-10378	71	28	,	,	PUNCT
fbem-10378	71	29	and	and	CCONJ
fbem-10378	71	30	with	with	ADP
fbem-10378	71	31	the	the	DET
fbem-10378	71	32	addition	addition	NOUN
fbem-10378	71	33	of	of	ADP
fbem-10378	71	34	control	control	NOUN
fbem-10378	71	35	variables	variable	NOUN
fbem-10378	71	36	,	,	PUNCT
fbem-10378	71	37	the	the	DET
fbem-10378	71	38	effect	effect	NOUN
fbem-10378	71	39	of	of	ADP
fbem-10378	71	40	institutional	institutional	ADJ
fbem-10378	71	41	cross	cross	ADJ
fbem-10378	71	42	-	-	ADJ
fbem-10378	71	43	holding	holding	ADJ
fbem-10378	71	44	dummy	dummy	ADJ
fbem-10378	71	45	variable	variable	NOUN
fbem-10378	71	46	(	(	PUNCT
fbem-10378	71	47	crossdum	crossdum	PROPN
fbem-10378	71	48	)	)	PUNCT
fbem-10378	71	49	on	on	ADP
fbem-10378	71	50	financial	financial	ADJ
fbem-10378	71	51	distress	distress	NOUN
fbem-10378	71	52	(	(	PUNCT
fbem-10378	71	53	z	z	NOUN
fbem-10378	71	54	)	)	PUNCT
fbem-10378	71	55	is	be	AUX
fbem-10378	71	56	1.396	1.396	NUM
fbem-10378	71	57	and	and	CCONJ
fbem-10378	71	58	is	be	AUX
fbem-10378	71	59	significant	significant	ADJ
fbem-10378	71	60	at	at	ADP
fbem-10378	71	61	1	1	NUM
fbem-10378	71	62	per	per	ADP
fbem-10378	71	63	cent	cent	NOUN
fbem-10378	71	64	,	,	PUNCT
fbem-10378	71	65	which	which	PRON
fbem-10378	71	66	suggests	suggest	VERB
fbem-10378	71	67	that	that	SCONJ
fbem-10378	71	68	the	the	DET
fbem-10378	71	69	two	two	NUM
fbem-10378	71	70	are	be	AUX
fbem-10378	71	71	237	237	NUM
fbem-10378	71	72	positively	positively	ADV
fbem-10378	71	73	correlated	correlate	VERB
fbem-10378	71	74	,	,	PUNCT
fbem-10378	71	75	and	and	CCONJ
fbem-10378	71	76	hypothesis	hypothesis	NOUN
fbem-10378	71	77	h1	h1	NOUN
fbem-10378	71	78	is	be	AUX
fbem-10378	71	79	confirmed	confirm	VERB
fbem-10378	71	80	.	.	PUNCT
fbem-10378	72	1	table	table	NOUN
fbem-10378	72	2	4	4	NUM
fbem-10378	72	3	.	.	PUNCT
fbem-10378	73	1	results	result	NOUN
fbem-10378	73	2	of	of	ADP
fbem-10378	73	3	main	main	ADJ
fbem-10378	73	4	regression	regression	NOUN
fbem-10378	73	5	test	test	NOUN
fbem-10378	73	6	variables	variable	NOUN
fbem-10378	73	7	z	z	PROPN
fbem-10378	73	8	crossdum	crossdum	PROPN
fbem-10378	73	9	1.396	1.396	NUM
fbem-10378	73	10	*	*	PUNCT
fbem-10378	73	11	*	*	PUNCT
fbem-10378	74	1	*	*	PUNCT
fbem-10378	75	1	(	(	PUNCT
fbem-10378	75	2	6.56	6.56	NUM
fbem-10378	75	3	)	)	PUNCT
fbem-10378	75	4	size	size	NOUN
fbem-10378	75	5	-2.887	-2.887	PUNCT
fbem-10378	75	6	*	*	PUNCT
fbem-10378	75	7	*	*	PUNCT
fbem-10378	75	8	*	*	PUNCT
fbem-10378	75	9	(	(	PUNCT
fbem-10378	75	10	-19.79	-19.79	PROPN
fbem-10378	75	11	)	)	PUNCT
fbem-10378	75	12	age	age	NOUN
fbem-10378	75	13	1.952	1.952	NUM
fbem-10378	75	14	*	*	PUNCT
fbem-10378	75	15	*	*	PUNCT
fbem-10378	75	16	*	*	PUNCT
fbem-10378	75	17	(	(	PUNCT
fbem-10378	75	18	7.82	7.82	NUM
fbem-10378	75	19	)	)	PUNCT
fbem-10378	75	20	lev	lev	NOUN
fbem-10378	75	21	19.179	19.179	NUM
fbem-10378	75	22	*	*	PUNCT
fbem-10378	75	23	*	*	PUNCT
fbem-10378	75	24	*	*	PUNCT
fbem-10378	75	25	(	(	PUNCT
fbem-10378	75	26	34.72	34.72	NUM
fbem-10378	75	27	)	)	PUNCT
fbem-10378	75	28	roa	roa	NOUN
fbem-10378	75	29	1.336	1.336	NUM
fbem-10378	75	30	*	*	PUNCT
fbem-10378	75	31	*	*	PUNCT
fbem-10378	75	32	(	(	PUNCT
fbem-10378	75	33	2.00	2.00	NUM
fbem-10378	75	34	)	)	PUNCT
fbem-10378	75	35	tq	tq	ADV
fbem-10378	75	36	-5.591	-5.591	PUNCT
fbem-10378	75	37	(	(	PUNCT
fbem-10378	75	38	-230.04	-230.04	PROPN
fbem-10378	75	39	)	)	PUNCT
fbem-10378	75	40	fa	fa	NOUN
fbem-10378	76	1	-4.825	-4.825	NOUN
fbem-10378	76	2	*	*	PUNCT
fbem-10378	76	3	*	*	PUNCT
fbem-10378	76	4	*	*	PUNCT
fbem-10378	76	5	(	(	PUNCT
fbem-10378	76	6	-5.04	-5.04	NOUN
fbem-10378	76	7	)	)	PUNCT
fbem-10378	76	8	top1	top1	PROPN
fbem-10378	76	9	0.033	0.033	NUM
fbem-10378	76	10	(	(	PUNCT
fbem-10378	76	11	0.48	0.48	NUM
fbem-10378	76	12	)	)	PUNCT
fbem-10378	76	13	board	board	NOUN
fbem-10378	76	14	0.026	0.026	NUM
fbem-10378	76	15	(	(	PUNCT
fbem-10378	76	16	1.59	1.59	NUM
fbem-10378	76	17	)	)	PUNCT
fbem-10378	76	18	indep	indep	NOUN
fbem-10378	77	1	7.440	7.440	NUM
fbem-10378	77	2	*	*	PUNCT
fbem-10378	77	3	*	*	PUNCT
fbem-10378	77	4	*	*	PUNCT
fbem-10378	77	5	(	(	PUNCT
fbem-10378	77	6	11.81	11.81	NUM
fbem-10378	77	7	)	)	PUNCT
fbem-10378	77	8	ins	in	VERB
fbem-10378	77	9	0.182	0.182	NUM
fbem-10378	77	10	(	(	PUNCT
fbem-10378	77	11	1.06	1.06	NUM
fbem-10378	77	12	)	)	PUNCT
fbem-10378	77	13	dual	dual	ADJ
fbem-10378	77	14	1.396	1.396	NUM
fbem-10378	77	15	*	*	PUNCT
fbem-10378	77	16	*	*	PUNCT
fbem-10378	77	17	*	*	PUNCT
fbem-10378	77	18	(	(	PUNCT
fbem-10378	77	19	6.56	6.56	NUM
fbem-10378	77	20	)	)	PUNCT
fbem-10378	77	21	constant	constant	ADJ
fbem-10378	77	22	53.823	53.823	NUM
fbem-10378	77	23	*	*	PUNCT
fbem-10378	77	24	*	*	PUNCT
fbem-10378	77	25	*	*	PUNCT
fbem-10378	77	26	(	(	PUNCT
fbem-10378	77	27	17.20	17.20	NUM
fbem-10378	77	28	)	)	PUNCT
fbem-10378	77	29	time	time	NOUN
fbem-10378	77	30	/	/	SYM
fbem-10378	77	31	individual	individual	ADJ
fbem-10378	77	32	yes	yes	INTJ
fbem-10378	77	33	observations	observation	NOUN
fbem-10378	77	34	25889	25889	NUM
fbem-10378	77	35	adj_r^2	adj_r^2	NOUN
fbem-10378	77	36	0.721	0.721	NUM
fbem-10378	77	37	table	table	NOUN
fbem-10378	77	38	5	5	NUM
fbem-10378	77	39	.	.	PUNCT
fbem-10378	77	40	robustness	robustness	NOUN
fbem-10378	77	41	test	test	NOUN
fbem-10378	77	42	results	result	NOUN
fbem-10378	77	43	(	(	PUNCT
fbem-10378	77	44	1	1	NUM
fbem-10378	77	45	)	)	PUNCT
fbem-10378	77	46	(	(	PUNCT
fbem-10378	77	47	2	2	X
fbem-10378	77	48	)	)	PUNCT
fbem-10378	77	49	o	o	NOUN
fbem-10378	77	50	-	-	NOUN
fbem-10378	77	51	score	score	NOUN
fbem-10378	77	52	z	z	PROPN
fbem-10378	77	53	crossdum	crossdum	NOUN
fbem-10378	78	1	0.333	0.333	NUM
fbem-10378	78	2	*	*	PUNCT
fbem-10378	78	3	*	*	PUNCT
fbem-10378	78	4	*	*	PUNCT
fbem-10378	78	5	(	(	PUNCT
fbem-10378	78	6	8.05	8.05	NUM
fbem-10378	78	7	)	)	PUNCT
fbem-10378	78	8	l.crossdum	l.crossdum	NOUN
fbem-10378	78	9	0.369	0.369	NUM
fbem-10378	78	10	*	*	PUNCT
fbem-10378	78	11	*	*	PUNCT
fbem-10378	78	12	(	(	PUNCT
fbem-10378	78	13	2.01	2.01	NUM
fbem-10378	78	14	)	)	PUNCT
fbem-10378	78	15	size	size	NOUN
fbem-10378	78	16	-0.585	-0.585	NOUN
fbem-10378	78	17	*	*	PUNCT
fbem-10378	78	18	*	*	PUNCT
fbem-10378	78	19	*	*	PUNCT
fbem-10378	78	20	-1.211	-1.211	PUNCT
fbem-10378	78	21	*	*	PUNCT
fbem-10378	78	22	*	*	PUNCT
fbem-10378	78	23	*	*	PUNCT
fbem-10378	78	24	(	(	PUNCT
fbem-10378	78	25	-31.31	-31.31	PROPN
fbem-10378	78	26	)	)	PUNCT
fbem-10378	78	27	(	(	PUNCT
fbem-10378	78	28	-9.04	-9.04	NOUN
fbem-10378	78	29	)	)	PUNCT
fbem-10378	78	30	age	age	NOUN
fbem-10378	78	31	-1.917	-1.917	NOUN
fbem-10378	78	32	0.219	0.219	NUM
fbem-10378	78	33	(	(	PUNCT
fbem-10378	78	34	-84.92	-84.92	PROPN
fbem-10378	78	35	)	)	PUNCT
fbem-10378	78	36	(	(	PUNCT
fbem-10378	78	37	0.74	0.74	NUM
fbem-10378	78	38	)	)	PUNCT
fbem-10378	78	39	lev	lev	NOUN
fbem-10378	78	40	7.960	7.960	NUM
fbem-10378	78	41	18.248	18.248	NUM
fbem-10378	78	42	*	*	PUNCT
fbem-10378	78	43	*	*	PUNCT
fbem-10378	78	44	*	*	PUNCT
fbem-10378	78	45	(	(	PUNCT
fbem-10378	78	46	82.72	82.72	NUM
fbem-10378	78	47	)	)	PUNCT
fbem-10378	78	48	(	(	PUNCT
fbem-10378	78	49	37.20	37.20	NUM
fbem-10378	78	50	)	)	PUNCT
fbem-10378	78	51	roa	roa	PROPN
fbem-10378	78	52	-11.830	-11.830	PUNCT
fbem-10378	78	53	-1.884	-1.884	PROPN
fbem-10378	79	1	*	*	PUNCT
fbem-10378	79	2	*	*	PUNCT
fbem-10378	79	3	*	*	PUNCT
fbem-10378	79	4	(	(	PUNCT
fbem-10378	79	5	-45.83	-45.83	PROPN
fbem-10378	79	6	)	)	PUNCT
fbem-10378	79	7	(	(	PUNCT
fbem-10378	79	8	-3.42	-3.42	NUM
fbem-10378	79	9	)	)	PUNCT
fbem-10378	79	10	tq	tq	ADP
fbem-10378	79	11	-0.225	-0.225	NOUN
fbem-10378	79	12	*	*	PUNCT
fbem-10378	79	13	*	*	PUNCT
fbem-10378	79	14	*	*	PUNCT
fbem-10378	79	15	-2.800	-2.800	PUNCT
fbem-10378	79	16	(	(	PUNCT
fbem-10378	79	17	-17.25	-17.25	PROPN
fbem-10378	79	18	)	)	PUNCT
fbem-10378	79	19	(	(	PUNCT
fbem-10378	79	20	-80.31	-80.31	X
fbem-10378	79	21	)	)	PUNCT
fbem-10378	79	22	fa	fa	NOUN
fbem-10378	80	1	-0.194	-0.194	NOUN
fbem-10378	80	2	*	*	NOUN
fbem-10378	80	3	2.840	2.840	NUM
fbem-10378	80	4	*	*	PUNCT
fbem-10378	80	5	*	*	PUNCT
fbem-10378	80	6	*	*	PUNCT
fbem-10378	80	7	(	(	PUNCT
fbem-10378	80	8	-1.90	-1.90	NUM
fbem-10378	80	9	)	)	PUNCT
fbem-10378	80	10	(	(	PUNCT
fbem-10378	80	11	4.47	4.47	NUM
fbem-10378	80	12	)	)	PUNCT
fbem-10378	80	13	top1	top1	NOUN
fbem-10378	80	14	-1.021	-1.021	PUNCT
fbem-10378	80	15	*	*	PUNCT
fbem-10378	80	16	*	*	PUNCT
fbem-10378	80	17	*	*	PUNCT
fbem-10378	80	18	-0.648	-0.648	NOUN
fbem-10378	80	19	(	(	PUNCT
fbem-10378	80	20	-8.03	-8.03	NUM
fbem-10378	80	21	)	)	PUNCT
fbem-10378	80	22	(	(	PUNCT
fbem-10378	80	23	-0.77	-0.77	NOUN
fbem-10378	80	24	)	)	PUNCT
fbem-10378	80	25	board	board	NOUN
fbem-10378	80	26	0.041	0.041	NUM
fbem-10378	80	27	*	*	PUNCT
fbem-10378	80	28	*	*	PUNCT
fbem-10378	80	29	*	*	PUNCT
fbem-10378	80	30	0.111	0.111	NUM
fbem-10378	80	31	*	*	PUNCT
fbem-10378	80	32	(	(	PUNCT
fbem-10378	80	33	3.58	3.58	NUM
fbem-10378	80	34	)	)	PUNCT
fbem-10378	80	35	(	(	PUNCT
fbem-10378	80	36	1.93	1.93	NUM
fbem-10378	80	37	)	)	PUNCT
fbem-10378	80	38	indep	indep	NOUN
fbem-10378	80	39	0.008	0.008	NUM
fbem-10378	80	40	*	*	NOUN
fbem-10378	80	41	*	*	PROPN
fbem-10378	80	42	0.011	0.011	NUM
fbem-10378	80	43	(	(	PUNCT
fbem-10378	80	44	2.34	2.34	NUM
fbem-10378	80	45	)	)	PUNCT
fbem-10378	80	46	(	(	PUNCT
fbem-10378	80	47	0.80	0.80	NUM
fbem-10378	80	48	)	)	PUNCT
fbem-10378	80	49	ins	in	VERB
fbem-10378	80	50	1.573	1.573	NUM
fbem-10378	80	51	*	*	NOUN
fbem-10378	80	52	*	*	PUNCT
fbem-10378	80	53	*	*	PUNCT
fbem-10378	80	54	1.795	1.795	NUM
fbem-10378	80	55	*	*	PUNCT
fbem-10378	80	56	*	*	PUNCT
fbem-10378	80	57	*	*	PUNCT
fbem-10378	80	58	(	(	PUNCT
fbem-10378	80	59	19.00	19.00	NUM
fbem-10378	80	60	)	)	PUNCT
fbem-10378	80	61	(	(	PUNCT
fbem-10378	80	62	3.21	3.21	NUM
fbem-10378	80	63	)	)	PUNCT
fbem-10378	80	64	dual	dual	ADJ
fbem-10378	80	65	0.021	0.021	NUM
fbem-10378	80	66	0.331	0.331	NUM
fbem-10378	80	67	*	*	PUNCT
fbem-10378	80	68	*	*	PUNCT
fbem-10378	80	69	(	(	PUNCT
fbem-10378	80	70	0.60	0.60	NUM
fbem-10378	80	71	)	)	PUNCT
fbem-10378	80	72	(	(	PUNCT
fbem-10378	80	73	2.29	2.29	NUM
fbem-10378	80	74	)	)	PUNCT
fbem-10378	80	75	constant	constant	ADJ
fbem-10378	80	76	5.497	5.497	NUM
fbem-10378	80	77	*	*	PUNCT
fbem-10378	80	78	*	*	PUNCT
fbem-10378	80	79	*	*	PUNCT
fbem-10378	81	1	15.907	15.907	NUM
fbem-10378	81	2	*	*	PUNCT
fbem-10378	81	3	*	*	PUNCT
fbem-10378	81	4	*	*	PUNCT
fbem-10378	81	5	(	(	PUNCT
fbem-10378	81	6	13.94	13.94	NUM
fbem-10378	81	7	)	)	PUNCT
fbem-10378	81	8	(	(	PUNCT
fbem-10378	81	9	5.46	5.46	NUM
fbem-10378	81	10	)	)	PUNCT
fbem-10378	81	11	time	time	NOUN
fbem-10378	81	12	/	/	SYM
fbem-10378	81	13	individual	individual	NOUN
fbem-10378	81	14	yes	yes	INTJ
fbem-10378	81	15	yes	yes	INTJ
fbem-10378	81	16	observations	observation	NOUN
fbem-10378	81	17	25889	25889	NUM
fbem-10378	81	18	20681	20681	NUM
fbem-10378	81	19	adj_r^2	adj_r^2	PROPN
fbem-10378	81	20	0.454	0.454	NUM
fbem-10378	81	21	0.360	0.360	NUM
fbem-10378	81	22	238	238	NUM
fbem-10378	81	23	4.4	4.4	NUM
fbem-10378	81	24	.	.	PUNCT
fbem-10378	82	1	robustness	robustness	NOUN
fbem-10378	82	2	test	test	NOUN
fbem-10378	82	3	4.4.1	4.4.1	NUM
fbem-10378	82	4	.	.	PUNCT
fbem-10378	83	1	variable	variable	ADJ
fbem-10378	83	2	substitution	substitution	NOUN
fbem-10378	83	3	firstly	firstly	ADV
fbem-10378	83	4	,	,	PUNCT
fbem-10378	83	5	in	in	ADP
fbem-10378	83	6	order	order	NOUN
fbem-10378	83	7	to	to	PART
fbem-10378	83	8	exclude	exclude	VERB
fbem-10378	83	9	the	the	DET
fbem-10378	83	10	interference	interference	NOUN
fbem-10378	83	11	of	of	ADP
fbem-10378	83	12	variable	variable	NOUN
fbem-10378	83	13	setting	set	VERB
fbem-10378	83	14	errors	error	NOUN
fbem-10378	83	15	on	on	ADP
fbem-10378	83	16	the	the	DET
fbem-10378	83	17	results	result	NOUN
fbem-10378	83	18	,	,	PUNCT
fbem-10378	83	19	o	o	NOUN
fbem-10378	83	20	-	-	NOUN
fbem-10378	83	21	score	score	NOUN
fbem-10378	83	22	is	be	AUX
fbem-10378	83	23	selected	select	VERB
fbem-10378	83	24	as	as	ADP
fbem-10378	83	25	a	a	DET
fbem-10378	83	26	proxy	proxy	NOUN
fbem-10378	83	27	variable	variable	NOUN
fbem-10378	83	28	for	for	ADP
fbem-10378	83	29	the	the	DET
fbem-10378	83	30	dependent	dependent	ADJ
fbem-10378	83	31	variable	variable	NOUN
fbem-10378	83	32	,	,	PUNCT
fbem-10378	83	33	and	and	CCONJ
fbem-10378	83	34	a	a	DET
fbem-10378	83	35	larger	large	ADJ
fbem-10378	83	36	value	value	NOUN
fbem-10378	83	37	of	of	ADP
fbem-10378	83	38	oscore	oscore	NOUN
fbem-10378	83	39	indicates	indicate	VERB
fbem-10378	83	40	a	a	DET
fbem-10378	83	41	higher	high	ADJ
fbem-10378	83	42	risk	risk	NOUN
fbem-10378	83	43	of	of	ADP
fbem-10378	83	44	financial	financial	ADJ
fbem-10378	83	45	distress	distress	NOUN
fbem-10378	83	46	of	of	ADP
fbem-10378	83	47	the	the	DET
fbem-10378	83	48	firm	firm	NOUN
fbem-10378	83	49	.	.	PUNCT
fbem-10378	84	1	the	the	DET
fbem-10378	84	2	results	result	NOUN
fbem-10378	84	3	are	be	AUX
fbem-10378	84	4	shown	show	VERB
fbem-10378	84	5	in	in	ADP
fbem-10378	84	6	column	column	NOUN
fbem-10378	84	7	(	(	PUNCT
fbem-10378	84	8	1	1	NUM
fbem-10378	84	9	)	)	PUNCT
fbem-10378	84	10	of	of	ADP
fbem-10378	84	11	table	table	NOUN
fbem-10378	84	12	5	5	NUM
fbem-10378	84	13	the	the	DET
fbem-10378	84	14	results	result	NOUN
fbem-10378	84	15	show	show	VERB
fbem-10378	84	16	that	that	SCONJ
fbem-10378	84	17	the	the	DET
fbem-10378	84	18	signs	sign	NOUN
fbem-10378	84	19	of	of	ADP
fbem-10378	84	20	all	all	DET
fbem-10378	84	21	core	core	NOUN
fbem-10378	84	22	variables	variable	NOUN
fbem-10378	84	23	remain	remain	VERB
fbem-10378	84	24	unchanged	unchanged	ADJ
fbem-10378	84	25	and	and	CCONJ
fbem-10378	84	26	the	the	DET
fbem-10378	84	27	conclusion	conclusion	NOUN
fbem-10378	84	28	still	still	ADV
fbem-10378	84	29	holds	hold	VERB
fbem-10378	84	30	.	.	PUNCT
fbem-10378	85	1	4.4.2	4.4.2	NUM
fbem-10378	85	2	.	.	PUNCT
fbem-10378	85	3	one	one	NUM
fbem-10378	85	4	-	-	PUNCT
fbem-10378	85	5	period	period	NOUN
fbem-10378	85	6	lagged	lag	VERB
fbem-10378	85	7	independent	independent	ADJ
fbem-10378	85	8	variables	variable	NOUN
fbem-10378	85	9	secondly	secondly	ADV
fbem-10378	85	10	,	,	PUNCT
fbem-10378	85	11	considering	consider	VERB
fbem-10378	85	12	the	the	DET
fbem-10378	85	13	possible	possible	ADJ
fbem-10378	85	14	time	time	NOUN
fbem-10378	85	15	lag	lag	NOUN
fbem-10378	85	16	of	of	ADP
fbem-10378	85	17	institutional	institutional	ADJ
fbem-10378	85	18	cross	cross	ADJ
fbem-10378	85	19	-	-	ADJ
fbem-10378	85	20	holding	holding	ADJ
fbem-10378	85	21	dummy	dummy	ADJ
fbem-10378	85	22	variable	variable	NOUN
fbem-10378	85	23	on	on	ADP
fbem-10378	85	24	financial	financial	ADJ
fbem-10378	85	25	distress	distress	NOUN
fbem-10378	85	26	,	,	PUNCT
fbem-10378	85	27	the	the	DET
fbem-10378	85	28	lagged	lag	VERB
fbem-10378	85	29	one	one	NUM
fbem-10378	85	30	period	period	NOUN
fbem-10378	85	31	explanatory	explanatory	ADJ
fbem-10378	85	32	variables	variable	NOUN
fbem-10378	85	33	are	be	AUX
fbem-10378	85	34	selected	select	VERB
fbem-10378	85	35	for	for	ADP
fbem-10378	85	36	regression	regression	NOUN
fbem-10378	85	37	and	and	CCONJ
fbem-10378	85	38	the	the	DET
fbem-10378	85	39	results	result	NOUN
fbem-10378	85	40	in	in	ADP
fbem-10378	85	41	column	column	NOUN
fbem-10378	85	42	(	(	PUNCT
fbem-10378	85	43	2	2	X
fbem-10378	85	44	)	)	PUNCT
fbem-10378	85	45	show	show	VERB
fbem-10378	85	46	that	that	SCONJ
fbem-10378	85	47	the	the	DET
fbem-10378	85	48	conclusion	conclusion	NOUN
fbem-10378	85	49	remains	remain	VERB
fbem-10378	85	50	unchanged	unchanged	ADJ
fbem-10378	85	51	.	.	PUNCT
fbem-10378	86	1	5	5	X
fbem-10378	86	2	.	.	X
fbem-10378	86	3	further	further	ADJ
fbem-10378	86	4	research	research	VERB
fbem-10378	86	5	5.1	5.1	NUM
fbem-10378	86	6	.	.	PUNCT
fbem-10378	87	1	testing	testing	NOUN
fbem-10378	87	2	of	of	ADP
fbem-10378	87	3	intermediary	intermediary	ADJ
fbem-10378	87	4	mechanisms	mechanism	NOUN
fbem-10378	87	5	based	base	VERB
fbem-10378	87	6	on	on	ADP
fbem-10378	87	7	the	the	DET
fbem-10378	87	8	previous	previous	ADJ
fbem-10378	87	9	analyses	analysis	NOUN
fbem-10378	87	10	,	,	PUNCT
fbem-10378	87	11	management	management	NOUN
fbem-10378	87	12	shareholding	shareholding	NOUN
fbem-10378	87	13	ratio	ratio	NOUN
fbem-10378	87	14	(	(	PUNCT
fbem-10378	87	15	msr	msr	PROPN
fbem-10378	87	16	)	)	PUNCT
fbem-10378	87	17	may	may	AUX
fbem-10378	87	18	be	be	AUX
fbem-10378	87	19	the	the	DET
fbem-10378	87	20	transmission	transmission	NOUN
fbem-10378	87	21	mechanism	mechanism	NOUN
fbem-10378	87	22	between	between	ADP
fbem-10378	87	23	institutional	institutional	ADJ
fbem-10378	87	24	cross	cross	ADJ
fbem-10378	87	25	-	-	ADJ
fbem-10378	87	26	shareholding	shareholding	ADJ
fbem-10378	87	27	dummy	dummy	ADJ
fbem-10378	87	28	variables	variable	NOUN
fbem-10378	87	29	and	and	CCONJ
fbem-10378	87	30	financial	financial	ADJ
fbem-10378	87	31	distress	distress	NOUN
fbem-10378	87	32	.	.	PUNCT
fbem-10378	88	1	in	in	ADP
fbem-10378	88	2	this	this	DET
fbem-10378	88	3	paper	paper	NOUN
fbem-10378	88	4	,	,	PUNCT
fbem-10378	88	5	we	we	PRON
fbem-10378	88	6	refer	refer	VERB
fbem-10378	88	7	to	to	ADP
fbem-10378	88	8	the	the	DET
fbem-10378	88	9	methodology	methodology	NOUN
fbem-10378	88	10	of	of	ADP
fbem-10378	88	11	the	the	DET
fbem-10378	88	12	papers	paper	NOUN
fbem-10378	88	13	by	by	ADP
fbem-10378	88	14	wen	wen	PROPN
fbem-10378	88	15	zhonglin	zhonglin	PROPN
fbem-10378	88	16	et	et	PROPN
fbem-10378	88	17	al	al	PROPN
fbem-10378	88	18	.	.	PROPN
fbem-10378	89	1	(	(	PUNCT
fbem-10378	89	2	2005	2005	NUM
fbem-10378	89	3	)	)	PUNCT
fbem-10378	90	1	[	[	X
fbem-10378	90	2	20	20	NUM
fbem-10378	90	3	]	]	PUNCT
fbem-10378	90	4	and	and	CCONJ
fbem-10378	90	5	wen	wen	PROPN
fbem-10378	90	6	zhonglin	zhonglin	PROPN
fbem-10378	90	7	and	and	CCONJ
fbem-10378	90	8	ye	ye	PROPN
fbem-10378	90	9	baojuan	baojuan	PROPN
fbem-10378	90	10	(	(	PUNCT
fbem-10378	90	11	2014	2014	NUM
fbem-10378	90	12	)	)	PUNCT
fbem-10378	91	1	[	[	X
fbem-10378	91	2	21	21	NUM
fbem-10378	91	3	]	]	PUNCT
fbem-10378	91	4	,	,	PUNCT
fbem-10378	91	5	and	and	CCONJ
fbem-10378	91	6	use	use	VERB
fbem-10378	91	7	the	the	DET
fbem-10378	91	8	stepwise	stepwise	ADJ
fbem-10378	91	9	method	method	NOUN
fbem-10378	91	10	to	to	PART
fbem-10378	91	11	test	test	VERB
fbem-10378	91	12	the	the	DET
fbem-10378	91	13	model	model	NOUN
fbem-10378	91	14	and	and	CCONJ
fbem-10378	91	15	analyse	analyse	VERB
fbem-10378	91	16	the	the	DET
fbem-10378	91	17	mediating	mediate	VERB
fbem-10378	91	18	mechanism	mechanism	NOUN
fbem-10378	91	19	of	of	ADP
fbem-10378	91	20	management	management	NOUN
fbem-10378	91	21	shareholding	shareholding	NOUN
fbem-10378	91	22	ratio	ratio	NOUN
fbem-10378	91	23	in	in	ADP
fbem-10378	91	24	the	the	DET
fbem-10378	91	25	relationship	relationship	NOUN
fbem-10378	91	26	between	between	ADP
fbem-10378	91	27	the	the	DET
fbem-10378	91	28	two	two	NUM
fbem-10378	91	29	.	.	PUNCT
fbem-10378	92	1	𝑀𝑆𝑅	𝑀𝑆𝑅	NOUN
fbem-10378	92	2	,	,	PUNCT
fbem-10378	92	3	𝛼	𝛼	VERB
fbem-10378	92	4	𝛼	𝛼	PRON
fbem-10378	92	5	𝐶𝑟𝑜𝑠𝑠𝐷𝑢𝑚	𝐶𝑟𝑜𝑠𝑠𝐷𝑢𝑚	PROPN
fbem-10378	92	6	,	,	PUNCT
fbem-10378	92	7	𝐶𝑜𝑛𝑡𝑟𝑜𝑙𝑠	𝐶𝑜𝑛𝑡𝑟𝑜𝑙𝑠	PROPN
fbem-10378	92	8	,	,	PUNCT
fbem-10378	92	9	𝑈	𝑈	PROPN
fbem-10378	92	10	𝑣	𝑣	ADP
fbem-10378	92	11	𝜀	𝜀	X
fbem-10378	92	12	,	,	PUNCT
fbem-10378	92	13	(	(	PUNCT
fbem-10378	92	14	2	2	X
fbem-10378	92	15	)	)	PUNCT
fbem-10378	92	16	𝑍	𝑍	NOUN
fbem-10378	92	17	,	,	PUNCT
fbem-10378	92	18	𝛽	𝛽	NOUN
fbem-10378	92	19	𝛽	𝛽	PROPN
fbem-10378	92	20	𝐶𝑟𝑜𝑠𝑠𝐷𝑢𝑚	𝐶𝑟𝑜𝑠𝑠𝐷𝑢𝑚	PROPN
fbem-10378	92	21	,	,	PUNCT
fbem-10378	92	22	𝛽	𝛽	PROPN
fbem-10378	92	23	𝑀𝑆𝑅	𝑀𝑆𝑅	PROPN
fbem-10378	92	24	,	,	PUNCT
fbem-10378	92	25	𝐶𝑜𝑛𝑡𝑟𝑜𝑙𝑠	𝐶𝑜𝑛𝑡𝑟𝑜𝑙𝑠	PROPN
fbem-10378	92	26	,	,	PUNCT
fbem-10378	92	27	𝑈	𝑈	PROPN
fbem-10378	92	28	𝑣	𝑣	ADP
fbem-10378	92	29	𝜀	𝜀	X
fbem-10378	92	30	,	,	PUNCT
fbem-10378	92	31	(	(	PUNCT
fbem-10378	92	32	3	3	X
fbem-10378	92	33	)	)	PUNCT
fbem-10378	92	34	in	in	ADP
fbem-10378	92	35	this	this	DET
fbem-10378	92	36	case	case	NOUN
fbem-10378	92	37	,	,	PUNCT
fbem-10378	92	38	the	the	DET
fbem-10378	92	39	management	management	NOUN
fbem-10378	92	40	shareholding	shareholding	NOUN
fbem-10378	92	41	ratio	ratio	NOUN
fbem-10378	92	42	(	(	PUNCT
fbem-10378	92	43	msr	msr	NOUN
fbem-10378	92	44	)	)	PUNCT
fbem-10378	92	45	selects	select	VERB
fbem-10378	92	46	the	the	DET
fbem-10378	92	47	total	total	ADJ
fbem-10378	92	48	number	number	NOUN
fbem-10378	92	49	of	of	ADP
fbem-10378	92	50	shares	share	NOUN
fbem-10378	92	51	held	hold	VERB
fbem-10378	92	52	by	by	ADP
fbem-10378	92	53	the	the	DET
fbem-10378	92	54	board	board	NOUN
fbem-10378	92	55	of	of	ADP
fbem-10378	92	56	directors	director	NOUN
fbem-10378	92	57	,	,	PUNCT
fbem-10378	92	58	supervisory	supervisory	ADJ
fbem-10378	92	59	board	board	NOUN
fbem-10378	92	60	and	and	CCONJ
fbem-10378	92	61	executives	executive	NOUN
fbem-10378	92	62	as	as	ADP
fbem-10378	92	63	a	a	DET
fbem-10378	92	64	proportion	proportion	NOUN
fbem-10378	92	65	of	of	ADP
fbem-10378	92	66	the	the	DET
fbem-10378	92	67	total	total	ADJ
fbem-10378	92	68	number	number	NOUN
fbem-10378	92	69	of	of	ADP
fbem-10378	92	70	shares	share	NOUN
fbem-10378	92	71	in	in	ADP
fbem-10378	92	72	the	the	DET
fbem-10378	92	73	company	company	NOUN
fbem-10378	92	74	,	,	PUNCT
fbem-10378	92	75	and	and	CCONJ
fbem-10378	92	76	the	the	DET
fbem-10378	92	77	results	result	NOUN
fbem-10378	92	78	of	of	ADP
fbem-10378	92	79	the	the	DET
fbem-10378	92	80	mechanism	mechanism	NOUN
fbem-10378	92	81	test	test	NOUN
fbem-10378	92	82	are	be	AUX
fbem-10378	92	83	shown	show	VERB
fbem-10378	92	84	in	in	ADP
fbem-10378	92	85	table	table	NOUN
fbem-10378	92	86	6	6	NUM
fbem-10378	92	87	.	.	PUNCT
fbem-10378	93	1	column	column	NOUN
fbem-10378	93	2	(	(	PUNCT
fbem-10378	93	3	1	1	X
fbem-10378	93	4	)	)	PUNCT
fbem-10378	93	5	shows	show	VERB
fbem-10378	93	6	that	that	SCONJ
fbem-10378	93	7	the	the	DET
fbem-10378	93	8	institutional	institutional	ADJ
fbem-10378	93	9	cross	cross	ADJ
fbem-10378	93	10	-	-	ADJ
fbem-10378	93	11	shareholding	shareholding	ADJ
fbem-10378	93	12	dummy	dummy	ADJ
fbem-10378	93	13	variable	variable	NOUN
fbem-10378	93	14	(	(	PUNCT
fbem-10378	93	15	crossdum	crossdum	PROPN
fbem-10378	93	16	)	)	PUNCT
fbem-10378	93	17	exhibits	exhibit	VERB
fbem-10378	93	18	a	a	DET
fbem-10378	93	19	positive	positive	ADJ
fbem-10378	93	20	relationship	relationship	NOUN
fbem-10378	93	21	with	with	ADP
fbem-10378	93	22	management	management	NOUN
fbem-10378	93	23	shareholding	shareholding	NOUN
fbem-10378	93	24	ratio	ratio	NOUN
fbem-10378	93	25	(	(	PUNCT
fbem-10378	93	26	msr	msr	PROPN
fbem-10378	93	27	)	)	PUNCT
fbem-10378	93	28	.	.	PUNCT
fbem-10378	94	1	column	column	NOUN
fbem-10378	94	2	(	(	PUNCT
fbem-10378	94	3	2	2	X
fbem-10378	94	4	)	)	PUNCT
fbem-10378	94	5	also	also	ADV
fbem-10378	94	6	shows	show	VERB
fbem-10378	94	7	a	a	DET
fbem-10378	94	8	positive	positive	ADJ
fbem-10378	94	9	relationship	relationship	NOUN
fbem-10378	94	10	between	between	ADP
fbem-10378	94	11	management	management	NOUN
fbem-10378	94	12	shareholding	shareholding	NOUN
fbem-10378	94	13	ratio	ratio	NOUN
fbem-10378	94	14	and	and	CCONJ
fbem-10378	94	15	financial	financial	ADJ
fbem-10378	94	16	distress	distress	NOUN
fbem-10378	94	17	after	after	ADP
fbem-10378	94	18	adding	add	VERB
fbem-10378	94	19	the	the	DET
fbem-10378	94	20	mediating	mediate	VERB
fbem-10378	94	21	variable	variable	NOUN
fbem-10378	94	22	to	to	ADP
fbem-10378	94	23	the	the	DET
fbem-10378	94	24	baseline	baseline	PROPN
fbem-10378	94	25	regression	regression	NOUN
fbem-10378	94	26	.	.	PUNCT
fbem-10378	95	1	this	this	PRON
fbem-10378	95	2	indicates	indicate	VERB
fbem-10378	95	3	that	that	SCONJ
fbem-10378	95	4	institutional	institutional	ADJ
fbem-10378	95	5	cross	cross	ADJ
fbem-10378	95	6	-	-	ADJ
fbem-10378	95	7	holdings	holding	NOUN
fbem-10378	95	8	increase	increase	NOUN
fbem-10378	95	9	firms	firm	NOUN
fbem-10378	95	10	'	'	PART
fbem-10378	95	11	financial	financial	ADJ
fbem-10378	95	12	distress	distress	NOUN
fbem-10378	95	13	by	by	ADP
fbem-10378	95	14	contributing	contribute	VERB
fbem-10378	95	15	to	to	ADP
fbem-10378	95	16	management	management	NOUN
fbem-10378	95	17	shareholding	shareholding	NOUN
fbem-10378	95	18	ratio	ratio	NOUN
fbem-10378	95	19	.	.	PUNCT
fbem-10378	96	1	the	the	DET
fbem-10378	96	2	mechanism	mechanism	NOUN
fbem-10378	96	3	effect	effect	NOUN
fbem-10378	96	4	of	of	ADP
fbem-10378	96	5	management	management	NOUN
fbem-10378	96	6	shareholding	shareholding	NOUN
fbem-10378	96	7	ratio	ratio	NOUN
fbem-10378	96	8	(	(	PUNCT
fbem-10378	96	9	msr	msr	NOUN
fbem-10378	96	10	)	)	PUNCT
fbem-10378	96	11	holds	hold	VERB
fbem-10378	96	12	.	.	PUNCT
fbem-10378	97	1	table	table	NOUN
fbem-10378	97	2	6	6	NUM
fbem-10378	97	3	.	.	PUNCT
fbem-10378	98	1	results	result	NOUN
fbem-10378	98	2	of	of	ADP
fbem-10378	98	3	intermediary	intermediary	ADJ
fbem-10378	98	4	mechanism	mechanism	NOUN
fbem-10378	98	5	test	test	NOUN
fbem-10378	98	6	variables	variable	NOUN
fbem-10378	98	7	(	(	PUNCT
fbem-10378	98	8	1	1	NUM
fbem-10378	98	9	)	)	PUNCT
fbem-10378	98	10	(	(	PUNCT
fbem-10378	98	11	2	2	X
fbem-10378	98	12	)	)	PUNCT
fbem-10378	98	13	msr	msr	NOUN
fbem-10378	98	14	z	z	PROPN
fbem-10378	98	15	crossdum	crossdum	PROPN
fbem-10378	98	16	0.677	0.677	NUM
fbem-10378	98	17	*	*	PUNCT
fbem-10378	98	18	*	*	PUNCT
fbem-10378	98	19	*	*	PUNCT
fbem-10378	98	20	0.157	0.157	NUM
fbem-10378	98	21	*	*	SYM
fbem-10378	98	22	*	*	PUNCT
fbem-10378	98	23	(	(	PUNCT
fbem-10378	98	24	3.67	3.67	NUM
fbem-10378	98	25	)	)	PUNCT
fbem-10378	98	26	(	(	PUNCT
fbem-10378	98	27	2.23	2.23	NUM
fbem-10378	98	28	)	)	PUNCT
fbem-10378	98	29	msr	msr	NOUN
fbem-10378	98	30	0.009	0.009	NUM
fbem-10378	98	31	*	*	NOUN
fbem-10378	98	32	*	*	PUNCT
fbem-10378	98	33	*	*	PUNCT
fbem-10378	98	34	(	(	PUNCT
fbem-10378	98	35	3.34	3.34	NUM
fbem-10378	98	36	)	)	PUNCT
fbem-10378	98	37	size	size	NOUN
fbem-10378	98	38	1.830	1.830	NUM
fbem-10378	98	39	*	*	PUNCT
fbem-10378	98	40	*	*	PUNCT
fbem-10378	98	41	*	*	PUNCT
fbem-10378	98	42	-0.649	-0.649	PUNCT
fbem-10378	98	43	*	*	PUNCT
fbem-10378	98	44	*	*	PUNCT
fbem-10378	98	45	*	*	PUNCT
fbem-10378	98	46	(	(	PUNCT
fbem-10378	98	47	13.79	13.79	NUM
fbem-10378	98	48	)	)	PUNCT
fbem-10378	98	49	(	(	PUNCT
fbem-10378	98	50	-12.75	-12.75	ADJ
fbem-10378	98	51	)	)	PUNCT
fbem-10378	98	52	age	age	NOUN
fbem-10378	98	53	-11.369	-11.369	PUNCT
fbem-10378	98	54	-0.099	-0.099	PUNCT
fbem-10378	98	55	(	(	PUNCT
fbem-10378	98	56	-51.48	-51.48	PROPN
fbem-10378	98	57	)	)	PUNCT
fbem-10378	98	58	(	(	PUNCT
fbem-10378	98	59	-1.11	-1.11	NOUN
fbem-10378	98	60	)	)	PUNCT
fbem-10378	98	61	lev	lev	NOUN
fbem-10378	98	62	-3.726	-3.726	PUNCT
fbem-10378	98	63	*	*	PUNCT
fbem-10378	98	64	*	*	PUNCT
fbem-10378	98	65	*	*	X
fbem-10378	98	66	14.799	14.799	NUM
fbem-10378	98	67	(	(	PUNCT
fbem-10378	98	68	-7.65	-7.65	NUM
fbem-10378	98	69	)	)	PUNCT
fbem-10378	98	70	(	(	PUNCT
fbem-10378	98	71	79.47	79.47	NUM
fbem-10378	98	72	)	)	PUNCT
fbem-10378	98	73	roa	roa	NOUN
fbem-10378	98	74	9.381	9.381	NUM
fbem-10378	98	75	*	*	NOUN
fbem-10378	98	76	*	*	PUNCT
fbem-10378	98	77	*	*	PUNCT
fbem-10378	98	78	-1.417	-1.417	PUNCT
fbem-10378	98	79	*	*	PUNCT
fbem-10378	98	80	*	*	PUNCT
fbem-10378	98	81	*	*	PUNCT
fbem-10378	98	82	(	(	PUNCT
fbem-10378	98	83	10.76	10.76	NUM
fbem-10378	98	84	)	)	PUNCT
fbem-10378	98	85	(	(	PUNCT
fbem-10378	98	86	-4.24	-4.24	NOUN
fbem-10378	98	87	)	)	PUNCT
fbem-10378	98	88	tq	tq	ADV
fbem-10378	98	89	0.190	0.190	NOUN
fbem-10378	98	90	*	*	PUNCT
fbem-10378	98	91	*	*	PUNCT
fbem-10378	98	92	*	*	PUNCT
fbem-10378	98	93	-2.551	-2.551	PUNCT
fbem-10378	98	94	(	(	PUNCT
fbem-10378	98	95	3.64	3.64	NUM
fbem-10378	98	96	)	)	PUNCT
fbem-10378	98	97	(	(	PUNCT
fbem-10378	98	98	-128.02	-128.02	PROPN
fbem-10378	98	99	)	)	PUNCT
fbem-10378	98	100	fa	fa	NOUN
fbem-10378	98	101	0.116	0.116	NUM
fbem-10378	98	102	1.728	1.728	NUM
fbem-10378	98	103	*	*	PUNCT
fbem-10378	98	104	*	*	PUNCT
fbem-10378	99	1	*	*	PUNCT
fbem-10378	99	2	(	(	PUNCT
fbem-10378	99	3	0.18	0.18	NUM
fbem-10378	99	4	)	)	PUNCT
fbem-10378	99	5	(	(	PUNCT
fbem-10378	99	6	7.17	7.17	NUM
fbem-10378	99	7	)	)	PUNCT
fbem-10378	99	8	top1	top1	NOUN
fbem-10378	99	9	24.861	24.861	NUM
fbem-10378	99	10	*	*	PUNCT
fbem-10378	99	11	*	*	PUNCT
fbem-10378	99	12	*	*	PUNCT
fbem-10378	99	13	-1.547	-1.547	PUNCT
fbem-10378	99	14	*	*	PUNCT
fbem-10378	99	15	*	*	PUNCT
fbem-10378	99	16	*	*	PUNCT
fbem-10378	99	17	(	(	PUNCT
fbem-10378	99	18	29.55	29.55	NUM
fbem-10378	99	19	)	)	PUNCT
fbem-10378	99	20	(	(	PUNCT
fbem-10378	99	21	-4.72	-4.72	NOUN
fbem-10378	99	22	)	)	PUNCT
fbem-10378	99	23	board	board	NOUN
fbem-10378	100	1	0.398	0.398	NUM
fbem-10378	100	2	*	*	PUNCT
fbem-10378	100	3	*	*	PUNCT
fbem-10378	100	4	*	*	PUNCT
fbem-10378	100	5	0.011	0.011	NUM
fbem-10378	100	6	(	(	PUNCT
fbem-10378	100	7	6.69	6.69	NUM
fbem-10378	100	8	)	)	PUNCT
fbem-10378	100	9	(	(	PUNCT
fbem-10378	100	10	0.49	0.49	NUM
fbem-10378	100	11	)	)	PUNCT
fbem-10378	100	12	indep	indep	NOUN
fbem-10378	100	13	-0.006	-0.006	X
fbem-10378	100	14	0.000	0.000	NUM
fbem-10378	100	15	(	(	PUNCT
fbem-10378	100	16	-0.43	-0.43	NUM
fbem-10378	100	17	)	)	PUNCT
fbem-10378	100	18	(	(	PUNCT
fbem-10378	100	19	0.07	0.07	NUM
fbem-10378	100	20	)	)	PUNCT
fbem-10378	100	21	ins	in	NOUN
fbem-10378	100	22	-31.593	-31.593	PUNCT
fbem-10378	101	1	1.686	1.686	NUM
fbem-10378	101	2	*	*	PUNCT
fbem-10378	101	3	*	*	PUNCT
fbem-10378	101	4	*	*	PUNCT
fbem-10378	101	5	(	(	PUNCT
fbem-10378	101	6	-57.17	-57.17	PROPN
fbem-10378	101	7	)	)	PUNCT
fbem-10378	101	8	(	(	PUNCT
fbem-10378	101	9	7.45	7.45	NUM
fbem-10378	101	10	)	)	PUNCT
fbem-10378	101	11	dual	dual	ADJ
fbem-10378	101	12	-0.264	-0.264	NOUN
fbem-10378	101	13	*	*	SYM
fbem-10378	101	14	0.152	0.152	NUM
fbem-10378	101	15	*	*	PUNCT
fbem-10378	101	16	*	*	PUNCT
fbem-10378	101	17	*	*	PUNCT
fbem-10378	101	18	(	(	PUNCT
fbem-10378	101	19	-1.77	-1.77	ADJ
fbem-10378	101	20	)	)	PUNCT
fbem-10378	101	21	(	(	PUNCT
fbem-10378	101	22	2.68	2.68	NUM
fbem-10378	101	23	)	)	PUNCT
fbem-10378	101	24	constant	constant	ADJ
fbem-10378	101	25	-1.695	-1.695	NOUN
fbem-10378	101	26	7.406	7.406	NUM
fbem-10378	101	27	*	*	PUNCT
fbem-10378	101	28	*	*	PUNCT
fbem-10378	101	29	*	*	PUNCT
fbem-10378	101	30	(	(	PUNCT
fbem-10378	101	31	-0.59	-0.59	NUM
fbem-10378	101	32	)	)	PUNCT
fbem-10378	101	33	(	(	PUNCT
fbem-10378	101	34	6.76	6.76	NUM
fbem-10378	101	35	)	)	PUNCT
fbem-10378	101	36	time	time	NOUN
fbem-10378	101	37	/	/	SYM
fbem-10378	101	38	individual	individual	NOUN
fbem-10378	101	39	yes	yes	INTJ
fbem-10378	101	40	yes	yes	INTJ
fbem-10378	101	41	observations	observation	NOUN
fbem-10378	101	42	25889	25889	NUM
fbem-10378	101	43	25889	25889	NUM
fbem-10378	101	44	adj_r^2	adj_r^2	PROPN
fbem-10378	101	45	0.336	0.336	NUM
fbem-10378	101	46	0.584	0.584	NUM
fbem-10378	101	47	5.2	5.2	NUM
fbem-10378	101	48	.	.	PUNCT
fbem-10378	102	1	heterogeneity	heterogeneity	NOUN
fbem-10378	102	2	analysis	analysis	NOUN
fbem-10378	102	3	5.2.1	5.2.1	NUM
fbem-10378	102	4	.	.	PUNCT
fbem-10378	103	1	whether	whether	SCONJ
fbem-10378	103	2	it	it	PRON
fbem-10378	103	3	is	be	AUX
fbem-10378	103	4	a	a	DET
fbem-10378	103	5	standard	standard	ADJ
fbem-10378	103	6	audit	audit	NOUN
fbem-10378	103	7	opinion	opinion	NOUN
fbem-10378	103	8	considering	consider	VERB
fbem-10378	103	9	that	that	SCONJ
fbem-10378	103	10	different	different	ADJ
fbem-10378	103	11	audit	audit	NOUN
fbem-10378	103	12	opinions	opinion	NOUN
fbem-10378	103	13	may	may	AUX
fbem-10378	103	14	have	have	VERB
fbem-10378	103	15	an	an	DET
fbem-10378	103	16	impact	impact	NOUN
fbem-10378	103	17	on	on	ADP
fbem-10378	103	18	the	the	DET
fbem-10378	103	19	operation	operation	NOUN
fbem-10378	103	20	of	of	ADP
fbem-10378	103	21	enterprises	enterprise	NOUN
fbem-10378	103	22	,	,	PUNCT
fbem-10378	103	23	which	which	PRON
fbem-10378	103	24	in	in	ADP
fbem-10378	103	25	turn	turn	NOUN
fbem-10378	103	26	affects	affect	VERB
fbem-10378	103	27	financial	financial	ADJ
fbem-10378	103	28	distress	distress	NOUN
fbem-10378	103	29	,	,	PUNCT
fbem-10378	103	30	regressions	regression	NOUN
fbem-10378	103	31	are	be	AUX
fbem-10378	103	32	conducted	conduct	VERB
fbem-10378	103	33	by	by	ADP
fbem-10378	103	34	distinguishing	distinguish	VERB
fbem-10378	103	35	between	between	ADP
fbem-10378	103	36	audit	audit	NOUN
fbem-10378	103	37	opinions	opinion	NOUN
fbem-10378	103	38	,	,	PUNCT
fbem-10378	103	39	as	as	SCONJ
fbem-10378	103	40	can	can	AUX
fbem-10378	103	41	be	be	AUX
fbem-10378	103	42	seen	see	VERB
fbem-10378	103	43	from	from	ADP
fbem-10378	103	44	the	the	DET
fbem-10378	103	45	regression	regression	NOUN
fbem-10378	103	46	239	239	NUM
fbem-10378	103	47	results	result	NOUN
fbem-10378	103	48	in	in	ADP
fbem-10378	103	49	columns	column	NOUN
fbem-10378	103	50	(	(	PUNCT
fbem-10378	103	51	1	1	NUM
fbem-10378	103	52	)	)	PUNCT
fbem-10378	103	53	and	and	CCONJ
fbem-10378	103	54	(	(	PUNCT
fbem-10378	103	55	2	2	X
fbem-10378	103	56	)	)	PUNCT
fbem-10378	103	57	of	of	ADP
fbem-10378	103	58	table	table	NOUN
fbem-10378	103	59	7	7	NUM
fbem-10378	103	60	,	,	PUNCT
fbem-10378	103	61	the	the	DET
fbem-10378	103	62	coefficient	coefficient	NOUN
fbem-10378	103	63	of	of	ADP
fbem-10378	103	64	the	the	DET
fbem-10378	103	65	institutional	institutional	ADJ
fbem-10378	103	66	cross	cross	ADJ
fbem-10378	103	67	-	-	ADJ
fbem-10378	103	68	holding	holding	ADJ
fbem-10378	103	69	dummy	dummy	ADJ
fbem-10378	103	70	variable	variable	NOUN
fbem-10378	103	71	(	(	PUNCT
fbem-10378	103	72	crossdum	crossdum	PROPN
fbem-10378	103	73	)	)	PUNCT
fbem-10378	103	74	is	be	AUX
fbem-10378	103	75	insignificant	insignificant	ADJ
fbem-10378	103	76	in	in	ADP
fbem-10378	103	77	non	non	ADJ
fbem-10378	103	78	-	-	ADJ
fbem-10378	103	79	standard	standard	ADJ
fbem-10378	103	80	unqualified	unqualified	ADJ
fbem-10378	103	81	audit	audit	NOUN
fbem-10378	103	82	opinions	opinion	NOUN
fbem-10378	103	83	,	,	PUNCT
fbem-10378	103	84	and	and	CCONJ
fbem-10378	103	85	the	the	DET
fbem-10378	103	86	coefficient	coefficient	NOUN
fbem-10378	103	87	of	of	ADP
fbem-10378	103	88	the	the	DET
fbem-10378	103	89	independent	independent	ADJ
fbem-10378	103	90	variable	variable	NOUN
fbem-10378	103	91	is	be	AUX
fbem-10378	103	92	positive	positive	ADJ
fbem-10378	103	93	and	and	CCONJ
fbem-10378	103	94	significant	significant	ADJ
fbem-10378	103	95	at	at	ADP
fbem-10378	103	96	the	the	DET
fbem-10378	103	97	1	1	NUM
fbem-10378	103	98	per	per	NOUN
fbem-10378	103	99	cent	cent	NOUN
fbem-10378	103	100	level	level	NOUN
fbem-10378	103	101	in	in	ADP
fbem-10378	103	102	standard	standard	ADJ
fbem-10378	103	103	unqualified	unqualified	ADJ
fbem-10378	103	104	audit	audit	NOUN
fbem-10378	103	105	opinions	opinion	NOUN
fbem-10378	103	106	.	.	PUNCT
fbem-10378	104	1	significant	significant	ADJ
fbem-10378	104	2	at	at	ADP
fbem-10378	104	3	the	the	DET
fbem-10378	104	4	1	1	NUM
fbem-10378	104	5	%	%	NOUN
fbem-10378	104	6	level	level	NOUN
fbem-10378	104	7	,	,	PUNCT
fbem-10378	104	8	which	which	PRON
fbem-10378	104	9	implies	imply	VERB
fbem-10378	104	10	that	that	SCONJ
fbem-10378	104	11	the	the	DET
fbem-10378	104	12	positive	positive	ADJ
fbem-10378	104	13	relationship	relationship	NOUN
fbem-10378	104	14	between	between	ADP
fbem-10378	104	15	the	the	DET
fbem-10378	104	16	institutional	institutional	ADJ
fbem-10378	104	17	cross	cross	ADJ
fbem-10378	104	18	-	-	ADJ
fbem-10378	104	19	holding	holding	ADJ
fbem-10378	104	20	dummy	dummy	ADJ
fbem-10378	104	21	variable	variable	NOUN
fbem-10378	104	22	and	and	CCONJ
fbem-10378	104	23	financial	financial	ADJ
fbem-10378	104	24	distress	distress	NOUN
fbem-10378	104	25	only	only	ADV
fbem-10378	104	26	occurs	occur	VERB
fbem-10378	104	27	in	in	ADP
fbem-10378	104	28	firms	firm	NOUN
fbem-10378	104	29	with	with	ADP
fbem-10378	104	30	standard	standard	ADJ
fbem-10378	104	31	unqualified	unqualified	ADJ
fbem-10378	104	32	audit	audit	NOUN
fbem-10378	104	33	opinions	opinion	NOUN
fbem-10378	104	34	.	.	PUNCT
fbem-10378	105	1	compared	compare	VERB
fbem-10378	105	2	with	with	ADP
fbem-10378	105	3	non	non	ADJ
fbem-10378	105	4	-	-	ADJ
fbem-10378	105	5	standard	standard	ADJ
fbem-10378	105	6	unqualified	unqualified	ADJ
fbem-10378	105	7	audit	audit	NOUN
fbem-10378	105	8	opinion	opinion	NOUN
fbem-10378	105	9	,	,	PUNCT
fbem-10378	105	10	standard	standard	ADJ
fbem-10378	105	11	unqualified	unqualified	ADJ
fbem-10378	105	12	audit	audit	NOUN
fbem-10378	105	13	opinion	opinion	NOUN
fbem-10378	105	14	financial	financial	ADJ
fbem-10378	105	15	statement	statement	NOUN
fbem-10378	105	16	information	information	NOUN
fbem-10378	105	17	quality	quality	NOUN
fbem-10378	105	18	is	be	AUX
fbem-10378	105	19	higher	high	ADJ
fbem-10378	105	20	,	,	PUNCT
fbem-10378	105	21	which	which	PRON
fbem-10378	105	22	improves	improve	VERB
fbem-10378	105	23	the	the	DET
fbem-10378	105	24	transparency	transparency	NOUN
fbem-10378	105	25	of	of	ADP
fbem-10378	105	26	information	information	NOUN
fbem-10378	105	27	between	between	ADP
fbem-10378	105	28	the	the	DET
fbem-10378	105	29	enterprise	enterprise	NOUN
fbem-10378	105	30	and	and	CCONJ
fbem-10378	105	31	external	external	ADJ
fbem-10378	105	32	investors	investor	NOUN
fbem-10378	105	33	,	,	PUNCT
fbem-10378	105	34	so	so	SCONJ
fbem-10378	105	35	the	the	DET
fbem-10378	105	36	response	response	NOUN
fbem-10378	105	37	of	of	ADP
fbem-10378	105	38	financial	financial	ADJ
fbem-10378	105	39	distress	distress	NOUN
fbem-10378	105	40	to	to	ADP
fbem-10378	105	41	the	the	DET
fbem-10378	105	42	effect	effect	NOUN
fbem-10378	105	43	of	of	ADP
fbem-10378	105	44	institutional	institutional	ADJ
fbem-10378	105	45	cross	cross	NOUN
fbem-10378	105	46	-	-	NOUN
fbem-10378	105	47	holdings	holding	NOUN
fbem-10378	105	48	is	be	AUX
fbem-10378	105	49	more	more	ADV
fbem-10378	105	50	sensitive	sensitive	ADJ
fbem-10378	105	51	in	in	ADP
fbem-10378	105	52	enterprises	enterprise	NOUN
fbem-10378	105	53	with	with	ADP
fbem-10378	105	54	unqualified	unqualified	ADJ
fbem-10378	105	55	audit	audit	NOUN
fbem-10378	105	56	opinion	opinion	NOUN
fbem-10378	105	57	.	.	PUNCT
fbem-10378	106	1	5.2.2	5.2.2	X
fbem-10378	106	2	.	.	PUNCT
fbem-10378	107	1	whether	whether	SCONJ
fbem-10378	107	2	it	it	PRON
fbem-10378	107	3	is	be	AUX
fbem-10378	107	4	a	a	DET
fbem-10378	107	5	state	state	NOUN
fbem-10378	107	6	-	-	PUNCT
fbem-10378	107	7	owned	own	VERB
fbem-10378	107	8	enterprise	enterprise	NOUN
fbem-10378	107	9	on	on	ADP
fbem-10378	107	10	the	the	DET
fbem-10378	107	11	one	one	NUM
fbem-10378	107	12	hand	hand	NOUN
fbem-10378	107	13	,	,	PUNCT
fbem-10378	107	14	state	state	NOUN
fbem-10378	107	15	-	-	PUNCT
fbem-10378	107	16	owned	own	VERB
fbem-10378	107	17	enterprises	enterprise	NOUN
fbem-10378	107	18	bear	bear	VERB
fbem-10378	107	19	the	the	DET
fbem-10378	107	20	responsibility	responsibility	NOUN
fbem-10378	107	21	of	of	ADP
fbem-10378	107	22	realising	realise	VERB
fbem-10378	107	23	social	social	ADJ
fbem-10378	107	24	and	and	CCONJ
fbem-10378	107	25	economic	economic	ADJ
fbem-10378	107	26	benefits	benefit	NOUN
fbem-10378	107	27	[	[	X
fbem-10378	107	28	22	22	NUM
fbem-10378	107	29	]	]	PUNCT
fbem-10378	107	30	;	;	PUNCT
fbem-10378	107	31	on	on	ADP
fbem-10378	107	32	the	the	DET
fbem-10378	107	33	other	other	ADJ
fbem-10378	107	34	hand	hand	NOUN
fbem-10378	107	35	,	,	PUNCT
fbem-10378	107	36	compared	compare	VERB
fbem-10378	107	37	with	with	ADP
fbem-10378	107	38	non	non	ADJ
fbem-10378	107	39	-	-	ADJ
fbem-10378	107	40	state	state	NOUN
fbem-10378	107	41	-	-	PUNCT
fbem-10378	107	42	owned	own	VERB
fbem-10378	107	43	enterprises	enterprise	NOUN
fbem-10378	107	44	,	,	PUNCT
fbem-10378	107	45	soes	soe	NOUN
fbem-10378	107	46	have	have	VERB
fbem-10378	107	47	a	a	DET
fbem-10378	107	48	huge	huge	ADJ
fbem-10378	107	49	advantage	advantage	NOUN
fbem-10378	107	50	in	in	ADP
fbem-10378	107	51	accessing	access	VERB
fbem-10378	107	52	resources	resource	NOUN
fbem-10378	107	53	[	[	X
fbem-10378	107	54	23	23	NUM
fbem-10378	107	55	]	]	PUNCT
fbem-10378	107	56	,	,	PUNCT
fbem-10378	107	57	are	be	AUX
fbem-10378	107	58	weakly	weakly	ADV
fbem-10378	107	59	sensitive	sensitive	ADJ
fbem-10378	107	60	to	to	ADP
fbem-10378	107	61	market	market	NOUN
fbem-10378	107	62	changes	change	NOUN
fbem-10378	107	63	,	,	PUNCT
fbem-10378	107	64	and	and	CCONJ
fbem-10378	107	65	lack	lack	VERB
fbem-10378	107	66	a	a	DET
fbem-10378	107	67	strong	strong	ADJ
fbem-10378	107	68	willingness	willingness	NOUN
fbem-10378	107	69	to	to	PART
fbem-10378	107	70	alleviate	alleviate	VERB
fbem-10378	107	71	the	the	DET
fbem-10378	107	72	financial	financial	ADJ
fbem-10378	107	73	difficulties	difficulty	NOUN
fbem-10378	107	74	of	of	ADP
fbem-10378	107	75	enterprises	enterprise	NOUN
fbem-10378	107	76	.	.	PUNCT
fbem-10378	108	1	therefore	therefore	ADV
fbem-10378	108	2	,	,	PUNCT
fbem-10378	108	3	this	this	DET
fbem-10378	108	4	paper	paper	NOUN
fbem-10378	108	5	conducts	conduct	VERB
fbem-10378	108	6	group	group	NOUN
fbem-10378	108	7	regressions	regression	NOUN
fbem-10378	108	8	based	base	VERB
fbem-10378	108	9	on	on	ADP
fbem-10378	108	10	the	the	DET
fbem-10378	108	11	nature	nature	NOUN
fbem-10378	108	12	of	of	ADP
fbem-10378	108	13	property	property	NOUN
fbem-10378	108	14	rights	right	NOUN
fbem-10378	108	15	.	.	PUNCT
fbem-10378	109	1	the	the	DET
fbem-10378	109	2	results	result	NOUN
fbem-10378	109	3	,	,	PUNCT
fbem-10378	109	4	as	as	SCONJ
fbem-10378	109	5	shown	show	VERB
fbem-10378	109	6	in	in	ADP
fbem-10378	109	7	columns	column	NOUN
fbem-10378	109	8	(	(	PUNCT
fbem-10378	109	9	3	3	NUM
fbem-10378	109	10	)	)	PUNCT
fbem-10378	109	11	and	and	CCONJ
fbem-10378	109	12	(	(	PUNCT
fbem-10378	109	13	4	4	X
fbem-10378	109	14	)	)	PUNCT
fbem-10378	109	15	of	of	ADP
fbem-10378	109	16	table	table	NOUN
fbem-10378	109	17	7	7	NUM
fbem-10378	109	18	,	,	PUNCT
fbem-10378	109	19	indicate	indicate	VERB
fbem-10378	109	20	that	that	SCONJ
fbem-10378	109	21	there	there	PRON
fbem-10378	109	22	is	be	VERB
fbem-10378	109	23	a	a	DET
fbem-10378	109	24	positive	positive	ADJ
fbem-10378	109	25	relationship	relationship	NOUN
fbem-10378	109	26	between	between	ADP
fbem-10378	109	27	financial	financial	ADJ
fbem-10378	109	28	distress	distress	NOUN
fbem-10378	109	29	(	(	PUNCT
fbem-10378	109	30	z	z	NOUN
fbem-10378	109	31	)	)	PUNCT
fbem-10378	109	32	and	and	CCONJ
fbem-10378	109	33	the	the	DET
fbem-10378	109	34	institutional	institutional	ADJ
fbem-10378	109	35	cross	cross	ADJ
fbem-10378	109	36	-	-	ADJ
fbem-10378	109	37	shareholding	shareholding	ADJ
fbem-10378	109	38	dummy	dummy	ADJ
fbem-10378	109	39	variable	variable	NOUN
fbem-10378	109	40	(	(	PUNCT
fbem-10378	109	41	crossdum	crossdum	PROPN
fbem-10378	109	42	)	)	PUNCT
fbem-10378	109	43	in	in	ADP
fbem-10378	109	44	non	non	ADJ
fbem-10378	109	45	-	-	ADJ
fbem-10378	109	46	state	state	NOUN
fbem-10378	109	47	-	-	PUNCT
fbem-10378	109	48	owned	own	VERB
fbem-10378	109	49	enterprises	enterprise	NOUN
fbem-10378	109	50	,	,	PUNCT
fbem-10378	109	51	and	and	CCONJ
fbem-10378	109	52	there	there	PRON
fbem-10378	109	53	is	be	VERB
fbem-10378	109	54	no	no	DET
fbem-10378	109	55	such	such	ADJ
fbem-10378	109	56	relationship	relationship	NOUN
fbem-10378	109	57	in	in	ADP
fbem-10378	109	58	state	state	NOUN
fbem-10378	109	59	-	-	PUNCT
fbem-10378	109	60	owned	own	VERB
fbem-10378	109	61	enterprises	enterprise	NOUN
fbem-10378	109	62	.	.	PUNCT
fbem-10378	110	1	table	table	NOUN
fbem-10378	110	2	7	7	NUM
fbem-10378	110	3	.	.	PUNCT
fbem-10378	111	1	heterogeneity	heterogeneity	NOUN
fbem-10378	111	2	analysis	analysis	NOUN
fbem-10378	111	3	results	result	VERB
fbem-10378	111	4	variables	variable	NOUN
fbem-10378	111	5	(	(	PUNCT
fbem-10378	111	6	1	1	NUM
fbem-10378	111	7	)	)	PUNCT
fbem-10378	111	8	(	(	PUNCT
fbem-10378	111	9	2	2	NUM
fbem-10378	111	10	)	)	PUNCT
fbem-10378	111	11	(	(	PUNCT
fbem-10378	111	12	3	3	X
fbem-10378	111	13	)	)	PUNCT
fbem-10378	111	14	(	(	PUNCT
fbem-10378	111	15	4	4	X
fbem-10378	111	16	)	)	PUNCT
fbem-10378	111	17	whether	whether	SCONJ
fbem-10378	111	18	it	it	PRON
fbem-10378	111	19	is	be	AUX
fbem-10378	111	20	a	a	DET
fbem-10378	111	21	standard	standard	ADJ
fbem-10378	111	22	audit	audit	NOUN
fbem-10378	111	23	opinion	opinion	NOUN
fbem-10378	111	24	whether	whether	SCONJ
fbem-10378	111	25	it	it	PRON
fbem-10378	111	26	is	be	AUX
fbem-10378	111	27	a	a	DET
fbem-10378	111	28	state	state	NOUN
fbem-10378	111	29	-	-	PUNCT
fbem-10378	111	30	owned	own	VERB
fbem-10378	111	31	enterprise	enterprise	NOUN
fbem-10378	112	1	yes	yes	INTJ
fbem-10378	113	1	no	no	INTJ
fbem-10378	113	2	yes	yes	INTJ
fbem-10378	114	1	no	no	DET
fbem-10378	114	2	crossdum	crossdum	NOUN
fbem-10378	114	3	0.726	0.726	NOUN
fbem-10378	114	4	*	*	PUNCT
fbem-10378	114	5	*	*	PUNCT
fbem-10378	114	6	*	*	PUNCT
fbem-10378	114	7	-4.013	-4.013	ADJ
fbem-10378	114	8	-0.054	-0.054	ADP
fbem-10378	114	9	0.304	0.304	NUM
fbem-10378	114	10	*	*	PUNCT
fbem-10378	114	11	*	*	PUNCT
fbem-10378	114	12	*	*	PUNCT
fbem-10378	114	13	(	(	PUNCT
fbem-10378	114	14	4.40	4.40	NUM
fbem-10378	114	15	)	)	PUNCT
fbem-10378	114	16	(	(	PUNCT
fbem-10378	114	17	-0.57	-0.57	NUM
fbem-10378	114	18	)	)	PUNCT
fbem-10378	114	19	(	(	PUNCT
fbem-10378	114	20	-0.73	-0.73	X
fbem-10378	114	21	)	)	PUNCT
fbem-10378	114	22	(	(	PUNCT
fbem-10378	114	23	2.86	2.86	NUM
fbem-10378	114	24	)	)	PUNCT
fbem-10378	114	25	size	size	NOUN
fbem-10378	114	26	-1.029	-1.029	NOUN
fbem-10378	114	27	*	*	PUNCT
fbem-10378	114	28	*	*	PUNCT
fbem-10378	114	29	*	*	PUNCT
fbem-10378	114	30	-3.145	-3.145	PUNCT
fbem-10378	114	31	-0.758	-0.758	PUNCT
fbem-10378	114	32	*	*	NOUN
fbem-10378	114	33	*	*	PUNCT
fbem-10378	114	34	*	*	PUNCT
fbem-10378	114	35	-0.587	-0.587	ADJ
fbem-10378	114	36	*	*	PUNCT
fbem-10378	114	37	*	*	PUNCT
fbem-10378	114	38	*	*	PUNCT
fbem-10378	114	39	(	(	PUNCT
fbem-10378	114	40	-8.65	-8.65	NUM
fbem-10378	114	41	)	)	PUNCT
fbem-10378	114	42	(	(	PUNCT
fbem-10378	114	43	-1.03	-1.03	NUM
fbem-10378	114	44	)	)	PUNCT
fbem-10378	114	45	(	(	PUNCT
fbem-10378	114	46	-11.75	-11.75	PROPN
fbem-10378	114	47	)	)	PUNCT
fbem-10378	114	48	(	(	PUNCT
fbem-10378	114	49	-8.32	-8.32	NUM
fbem-10378	114	50	)	)	PUNCT
fbem-10378	114	51	age	age	NOUN
fbem-10378	114	52	-0.406	-0.406	NOUN
fbem-10378	114	53	*	*	PUNCT
fbem-10378	114	54	*	*	NOUN
fbem-10378	114	55	1.253	1.253	NUM
fbem-10378	114	56	-0.157	-0.157	PUNCT
fbem-10378	114	57	-0.350	-0.350	PUNCT
fbem-10378	114	58	*	*	PUNCT
fbem-10378	114	59	*	*	PUNCT
fbem-10378	114	60	*	*	PUNCT
fbem-10378	114	61	(	(	PUNCT
fbem-10378	114	62	-2.07	-2.07	NUM
fbem-10378	114	63	)	)	PUNCT
fbem-10378	114	64	(	(	PUNCT
fbem-10378	114	65	0.10	0.10	NUM
fbem-10378	114	66	)	)	PUNCT
fbem-10378	114	67	(	(	PUNCT
fbem-10378	114	68	-1.10	-1.10	NOUN
fbem-10378	114	69	)	)	PUNCT
fbem-10378	114	70	(	(	PUNCT
fbem-10378	114	71	-2.98	-2.98	X
fbem-10378	114	72	)	)	PUNCT
fbem-10378	114	73	lev	lev	NOUN
fbem-10378	114	74	18.135	18.135	NUM
fbem-10378	114	75	10.196	10.196	NUM
fbem-10378	114	76	11.163	11.163	NUM
fbem-10378	114	77	16.428	16.428	NUM
fbem-10378	114	78	(	(	PUNCT
fbem-10378	114	79	40.44	40.44	NUM
fbem-10378	114	80	)	)	PUNCT
fbem-10378	114	81	(	(	PUNCT
fbem-10378	114	82	0.92	0.92	NUM
fbem-10378	114	83	)	)	PUNCT
fbem-10378	114	84	(	(	PUNCT
fbem-10378	114	85	45.53	45.53	NUM
fbem-10378	114	86	)	)	PUNCT
fbem-10378	114	87	(	(	PUNCT
fbem-10378	114	88	65.60	65.60	NUM
fbem-10378	114	89	)	)	PUNCT
fbem-10378	114	90	roa	roa	NOUN
fbem-10378	114	91	-0.829	-0.829	PROPN
fbem-10378	114	92	-6.522	-6.522	PUNCT
fbem-10378	114	93	-2.389	-2.389	NOUN
fbem-10378	114	94	*	*	PUNCT
fbem-10378	114	95	*	*	PUNCT
fbem-10378	114	96	*	*	PUNCT
fbem-10378	114	97	-0.896	-0.896	PUNCT
fbem-10378	114	98	*	*	PUNCT
fbem-10378	114	99	*	*	PUNCT
fbem-10378	114	100	(	(	PUNCT
fbem-10378	114	101	-1.20	-1.20	NUM
fbem-10378	114	102	)	)	PUNCT
fbem-10378	114	103	(	(	PUNCT
fbem-10378	114	104	-1.38	-1.38	NOUN
fbem-10378	114	105	)	)	PUNCT
fbem-10378	114	106	(	(	PUNCT
fbem-10378	114	107	-4.85	-4.85	NOUN
fbem-10378	114	108	)	)	PUNCT
fbem-10378	114	109	(	(	PUNCT
fbem-10378	114	110	-2.09	-2.09	NUM
fbem-10378	114	111	)	)	PUNCT
fbem-10378	114	112	tq	tq	ADP
fbem-10378	114	113	-3.010	-3.010	NOUN
fbem-10378	115	1	-6.781	-6.781	PUNCT
fbem-10378	115	2	*	*	PUNCT
fbem-10378	115	3	*	*	PUNCT
fbem-10378	115	4	*	*	PUNCT
fbem-10378	115	5	-2.372	-2.372	X
fbem-10378	115	6	-2.609	-2.609	X
fbem-10378	115	7	(	(	PUNCT
fbem-10378	115	8	-85.55	-85.55	NOUN
fbem-10378	115	9	)	)	PUNCT
fbem-10378	115	10	(	(	PUNCT
fbem-10378	115	11	-58.54	-58.54	PROPN
fbem-10378	115	12	)	)	PUNCT
fbem-10378	115	13	(	(	PUNCT
fbem-10378	115	14	-85.97	-85.97	PROPN
fbem-10378	115	15	)	)	PUNCT
fbem-10378	115	16	(	(	PUNCT
fbem-10378	115	17	-99.75	-99.75	PROPN
fbem-10378	115	18	)	)	PUNCT
fbem-10378	115	19	fa	fa	NOUN
fbem-10378	115	20	2.541	2.541	NUM
fbem-10378	115	21	*	*	PUNCT
fbem-10378	115	22	*	*	PUNCT
fbem-10378	115	23	*	*	PUNCT
fbem-10378	115	24	6.716	6.716	NUM
fbem-10378	115	25	2.898	2.898	NUM
fbem-10378	115	26	*	*	PUNCT
fbem-10378	115	27	*	*	PUNCT
fbem-10378	115	28	*	*	PUNCT
fbem-10378	115	29	1.011	1.011	NUM
fbem-10378	115	30	*	*	PUNCT
fbem-10378	115	31	*	*	PUNCT
fbem-10378	115	32	*	*	PUNCT
fbem-10378	115	33	(	(	PUNCT
fbem-10378	115	34	4.47	4.47	NUM
fbem-10378	115	35	)	)	PUNCT
fbem-10378	115	36	(	(	PUNCT
fbem-10378	115	37	0.38	0.38	NUM
fbem-10378	115	38	)	)	PUNCT
fbem-10378	115	39	(	(	PUNCT
fbem-10378	115	40	11.10	11.10	NUM
fbem-10378	115	41	)	)	PUNCT
fbem-10378	115	42	(	(	PUNCT
fbem-10378	115	43	2.84	2.84	NUM
fbem-10378	115	44	)	)	PUNCT
fbem-10378	115	45	top1	top1	PROPN
fbem-10378	115	46	-0.489	-0.489	PUNCT
fbem-10378	116	1	-39.166	-39.166	PROPN
fbem-10378	116	2	-0.954	-0.954	PUNCT
fbem-10378	116	3	*	*	PUNCT
fbem-10378	116	4	*	*	PUNCT
fbem-10378	116	5	-1.377	-1.377	PUNCT
fbem-10378	116	6	*	*	PUNCT
fbem-10378	116	7	*	*	PUNCT
fbem-10378	116	8	*	*	PUNCT
fbem-10378	116	9	(	(	PUNCT
fbem-10378	116	10	-0.65	-0.65	NUM
fbem-10378	116	11	)	)	PUNCT
fbem-10378	116	12	(	(	PUNCT
fbem-10378	116	13	-1.31	-1.31	NUM
fbem-10378	116	14	)	)	PUNCT
fbem-10378	116	15	(	(	PUNCT
fbem-10378	116	16	-2.57	-2.57	NUM
fbem-10378	116	17	)	)	PUNCT
fbem-10378	116	18	(	(	PUNCT
fbem-10378	116	19	-2.90	-2.90	NOUN
fbem-10378	116	20	)	)	PUNCT
fbem-10378	116	21	board	board	NOUN
fbem-10378	116	22	0.065	0.065	NUM
fbem-10378	116	23	-2.915	-2.915	NOUN
fbem-10378	116	24	-0.007	-0.007	PROPN
fbem-10378	116	25	0.042	0.042	NUM
fbem-10378	116	26	(	(	PUNCT
fbem-10378	116	27	1.24	1.24	NUM
fbem-10378	116	28	)	)	PUNCT
fbem-10378	116	29	(	(	PUNCT
fbem-10378	116	30	-1.58	-1.58	NOUN
fbem-10378	116	31	)	)	PUNCT
fbem-10378	116	32	(	(	PUNCT
fbem-10378	116	33	-0.29	-0.29	NOUN
fbem-10378	116	34	)	)	PUNCT
fbem-10378	116	35	(	(	PUNCT
fbem-10378	116	36	1.20	1.20	NUM
fbem-10378	116	37	)	)	PUNCT
fbem-10378	116	38	indep	indep	NOUN
fbem-10378	116	39	0.009	0.009	NUM
fbem-10378	116	40	-0.178	-0.178	NOUN
fbem-10378	116	41	-0.001	-0.001	NOUN
fbem-10378	116	42	0.003	0.003	NUM
fbem-10378	116	43	(	(	PUNCT
fbem-10378	116	44	0.73	0.73	NUM
fbem-10378	116	45	)	)	PUNCT
fbem-10378	116	46	(	(	PUNCT
fbem-10378	116	47	-0.43	-0.43	NUM
fbem-10378	116	48	)	)	PUNCT
fbem-10378	116	49	(	(	PUNCT
fbem-10378	116	50	-0.14	-0.14	NOUN
fbem-10378	116	51	)	)	PUNCT
fbem-10378	116	52	(	(	PUNCT
fbem-10378	116	53	0.29	0.29	NUM
fbem-10378	116	54	)	)	PUNCT
fbem-10378	116	55	ins	in	VERB
fbem-10378	116	56	2.128	2.128	NUM
fbem-10378	116	57	*	*	PUNCT
fbem-10378	116	58	*	*	PUNCT
fbem-10378	116	59	*	*	PUNCT
fbem-10378	117	1	30.227	30.227	NUM
fbem-10378	117	2	*	*	SYM
fbem-10378	117	3	2.793	2.793	NUM
fbem-10378	117	4	*	*	PUNCT
fbem-10378	117	5	*	*	PUNCT
fbem-10378	117	6	*	*	PUNCT
fbem-10378	117	7	1.172	1.172	NUM
fbem-10378	117	8	*	*	PUNCT
fbem-10378	117	9	*	*	PUNCT
fbem-10378	117	10	*	*	PUNCT
fbem-10378	117	11	(	(	PUNCT
fbem-10378	117	12	4.28	4.28	NUM
fbem-10378	117	13	)	)	PUNCT
fbem-10378	117	14	(	(	PUNCT
fbem-10378	117	15	1.66	1.66	NUM
fbem-10378	117	16	)	)	PUNCT
fbem-10378	117	17	(	(	PUNCT
fbem-10378	117	18	9.24	9.24	NUM
fbem-10378	117	19	)	)	PUNCT
fbem-10378	117	20	(	(	PUNCT
fbem-10378	117	21	4.21	4.21	NUM
fbem-10378	117	22	)	)	PUNCT
fbem-10378	117	23	dual	dual	ADJ
fbem-10378	117	24	0.192	0.192	NUM
fbem-10378	117	25	10.263	10.263	NUM
fbem-10378	117	26	*	*	PUNCT
fbem-10378	117	27	*	*	PUNCT
fbem-10378	117	28	*	*	X
fbem-10378	117	29	0.085	0.085	NUM
fbem-10378	117	30	0.121	0.121	NUM
fbem-10378	117	31	(	(	PUNCT
fbem-10378	117	32	1.42	1.42	NUM
fbem-10378	117	33	)	)	PUNCT
fbem-10378	117	34	(	(	PUNCT
fbem-10378	117	35	2.74	2.74	NUM
fbem-10378	117	36	)	)	PUNCT
fbem-10378	117	37	(	(	PUNCT
fbem-10378	117	38	1.09	1.09	NUM
fbem-10378	117	39	)	)	PUNCT
fbem-10378	117	40	(	(	PUNCT
fbem-10378	117	41	1.60	1.60	NUM
fbem-10378	117	42	)	)	PUNCT
fbem-10378	117	43	constant	constant	ADJ
fbem-10378	117	44	13.906	13.906	NUM
fbem-10378	117	45	*	*	NOUN
fbem-10378	117	46	*	*	PUNCT
fbem-10378	117	47	*	*	PUNCT
fbem-10378	118	1	98.903	98.903	NUM
fbem-10378	118	2	10.326	10.326	NUM
fbem-10378	118	3	*	*	PUNCT
fbem-10378	118	4	*	*	PUNCT
fbem-10378	118	5	*	*	NOUN
fbem-10378	118	6	6.257	6.257	NUM
fbem-10378	118	7	*	*	PUNCT
fbem-10378	118	8	*	*	PUNCT
fbem-10378	118	9	*	*	PUNCT
fbem-10378	118	10	(	(	PUNCT
fbem-10378	118	11	5.43	5.43	NUM
fbem-10378	118	12	)	)	PUNCT
fbem-10378	118	13	(	(	PUNCT
fbem-10378	118	14	1.34	1.34	NUM
fbem-10378	118	15	)	)	PUNCT
fbem-10378	118	16	(	(	PUNCT
fbem-10378	118	17	7.34	7.34	NUM
fbem-10378	118	18	)	)	PUNCT
fbem-10378	118	19	(	(	PUNCT
fbem-10378	118	20	4.08	4.08	NUM
fbem-10378	118	21	)	)	PUNCT
fbem-10378	118	22	time	time	NOUN
fbem-10378	118	23	/	/	SYM
fbem-10378	118	24	individual	individual	NOUN
fbem-10378	119	1	yes	yes	INTJ
fbem-10378	119	2	yes	yes	INTJ
fbem-10378	120	1	yes	yes	INTJ
fbem-10378	121	1	yes	yes	INTJ
fbem-10378	121	2	observations	observation	NOUN
fbem-10378	121	3	25059	25059	NUM
fbem-10378	121	4	830	830	NUM
fbem-10378	121	5	8791	8791	NUM
fbem-10378	121	6	17098	17098	NUM
fbem-10378	121	7	𝑨𝒅𝒋_𝑹𝟐	𝑨𝒅𝒋_𝑹𝟐	VERB
fbem-10378	121	8	0.340	0.340	NUM
fbem-10378	121	9	0.951	0.951	NUM
fbem-10378	121	10	0.616	0.616	NUM
fbem-10378	121	11	0.587	0.587	NUM
fbem-10378	121	12	6	6	NUM
fbem-10378	121	13	.	.	PUNCT
fbem-10378	121	14	conclusions	conclusion	NOUN
fbem-10378	121	15	and	and	CCONJ
fbem-10378	121	16	recommendations	recommendation	NOUN
fbem-10378	121	17	6.1	6.1	NUM
fbem-10378	121	18	.	.	PUNCT
fbem-10378	122	1	research	research	NOUN
fbem-10378	122	2	conclusions	conclusion	NOUN
fbem-10378	122	3	this	this	DET
fbem-10378	122	4	paper	paper	NOUN
fbem-10378	122	5	explores	explore	VERB
fbem-10378	122	6	the	the	DET
fbem-10378	122	7	relationship	relationship	NOUN
fbem-10378	122	8	between	between	ADP
fbem-10378	122	9	institutional	institutional	ADJ
fbem-10378	122	10	cross	cross	NOUN
fbem-10378	122	11	-	-	NOUN
fbem-10378	122	12	shareholdings	shareholding	NOUN
fbem-10378	122	13	and	and	CCONJ
fbem-10378	122	14	financial	financial	ADJ
fbem-10378	122	15	distress	distress	NOUN
fbem-10378	122	16	and	and	CCONJ
fbem-10378	122	17	its	its	PRON
fbem-10378	122	18	path	path	NOUN
fbem-10378	122	19	of	of	ADP
fbem-10378	122	20	action	action	NOUN
fbem-10378	122	21	using	use	VERB
fbem-10378	122	22	data	datum	NOUN
fbem-10378	122	23	from	from	ADP
fbem-10378	122	24	a	a	DET
fbem-10378	122	25	-	-	PUNCT
fbem-10378	122	26	share	share	NOUN
fbem-10378	122	27	listed	list	VERB
fbem-10378	122	28	companies	company	NOUN
fbem-10378	122	29	in	in	ADP
fbem-10378	122	30	shanghai	shanghai	PROPN
fbem-10378	122	31	and	and	CCONJ
fbem-10378	122	32	shenzhen	shenzhen	PROPN
fbem-10378	122	33	from	from	ADP
fbem-10378	122	34	2012	2012	NUM
fbem-10378	122	35	to	to	ADP
fbem-10378	122	36	2021	2021	NUM
fbem-10378	122	37	.	.	PUNCT
fbem-10378	123	1	it	it	PRON
fbem-10378	123	2	is	be	AUX
fbem-10378	123	3	found	find	VERB
fbem-10378	123	4	that	that	SCONJ
fbem-10378	123	5	:	:	PUNCT
fbem-10378	123	6	first	first	X
fbem-10378	123	7	,	,	PUNCT
fbem-10378	123	8	institutional	institutional	ADJ
fbem-10378	123	9	cross	cross	NOUN
fbem-10378	123	10	-	-	NOUN
fbem-10378	123	11	shareholdings	shareholding	NOUN
fbem-10378	123	12	are	be	AUX
fbem-10378	123	13	positively	positively	ADV
fbem-10378	123	14	related	relate	VERB
fbem-10378	123	15	to	to	ADP
fbem-10378	123	16	financial	financial	ADJ
fbem-10378	123	17	distress	distress	NOUN
fbem-10378	123	18	;	;	PUNCT
fbem-10378	123	19	second	second	X
fbem-10378	123	20	,	,	PUNCT
fbem-10378	123	21	the	the	DET
fbem-10378	123	22	mediation	mediation	NOUN
fbem-10378	123	23	test	test	NOUN
fbem-10378	123	24	finds	find	VERB
fbem-10378	123	25	that	that	SCONJ
fbem-10378	123	26	institutional	institutional	ADJ
fbem-10378	123	27	cross	cross	NOUN
fbem-10378	123	28	-	-	ADJ
fbem-10378	123	29	shareholdings	shareholding	NOUN
fbem-10378	123	30	play	play	VERB
fbem-10378	123	31	a	a	DET
fbem-10378	123	32	role	role	NOUN
fbem-10378	123	33	in	in	ADP
fbem-10378	123	34	financial	financial	ADJ
fbem-10378	123	35	distress	distress	NOUN
fbem-10378	123	36	by	by	ADP
fbem-10378	123	37	affecting	affect	VERB
fbem-10378	123	38	the	the	DET
fbem-10378	123	39	proportion	proportion	NOUN
fbem-10378	123	40	of	of	ADP
fbem-10378	123	41	management	management	NOUN
fbem-10378	123	42	's	's	PART
fbem-10378	123	43	shareholdings	shareholding	NOUN
fbem-10378	123	44	;	;	PUNCT
fbem-10378	123	45	and	and	CCONJ
fbem-10378	123	46	third	third	ADV
fbem-10378	123	47	,	,	PUNCT
fbem-10378	123	48	the	the	DET
fbem-10378	123	49	heterogeneity	heterogeneity	NOUN
fbem-10378	123	50	analysis	analysis	NOUN
fbem-10378	123	51	shows	show	VERB
fbem-10378	123	52	that	that	SCONJ
fbem-10378	123	53	institutional	institutional	ADJ
fbem-10378	123	54	cross	cross	NOUN
fbem-10378	123	55	-	-	NOUN
fbem-10378	123	56	shareholdings	shareholding	NOUN
fbem-10378	123	57	are	be	AUX
fbem-10378	123	58	positively	positively	ADV
fbem-10378	123	59	related	relate	VERB
fbem-10378	123	60	to	to	ADP
fbem-10378	123	61	financial	financial	ADJ
fbem-10378	123	62	distress	distress	NOUN
fbem-10378	123	63	only	only	ADV
fbem-10378	123	64	in	in	ADP
fbem-10378	123	65	the	the	DET
fbem-10378	123	66	standard	standard	ADJ
fbem-10378	123	67	unqualified	unqualified	ADJ
fbem-10378	123	68	auditing	auditing	NOUN
fbem-10378	123	69	opinion	opinion	NOUN
fbem-10378	123	70	and	and	CCONJ
fbem-10378	123	71	in	in	ADP
fbem-10378	123	72	the	the	DET
fbem-10378	123	73	non	non	ADJ
fbem-10378	123	74	-	-	ADJ
fbem-10378	123	75	state	state	NOUN
fbem-10378	123	76	-	-	PUNCT
fbem-10378	123	77	owned	own	VERB
fbem-10378	123	78	enterprises	enterprise	NOUN
fbem-10378	123	79	compared	compare	VERB
fbem-10378	123	80	to	to	ADP
fbem-10378	123	81	the	the	DET
fbem-10378	123	82	non	non	ADJ
fbem-10378	123	83	-	-	ADJ
fbem-10378	123	84	standard	standard	ADJ
fbem-10378	123	85	auditing	auditing	NOUN
fbem-10378	123	86	opinion	opinion	NOUN
fbem-10378	123	87	enterprises	enterprise	NOUN
fbem-10378	123	88	and	and	CCONJ
fbem-10378	123	89	stateowned	stateowne	VERB
fbem-10378	123	90	enterprises	enterprise	NOUN
fbem-10378	123	91	.	.	PUNCT
fbem-10378	124	1	third	third	ADV
fbem-10378	124	2	,	,	PUNCT
fbem-10378	124	3	the	the	DET
fbem-10378	124	4	heterogeneity	heterogeneity	NOUN
fbem-10378	124	5	analysis	analysis	NOUN
fbem-10378	124	6	shows	show	VERB
fbem-10378	124	7	that	that	SCONJ
fbem-10378	124	8	institutional	institutional	ADJ
fbem-10378	124	9	cross	cross	NOUN
fbem-10378	124	10	-	-	NOUN
fbem-10378	124	11	holdings	holding	NOUN
fbem-10378	124	12	are	be	AUX
fbem-10378	124	13	positively	positively	ADV
fbem-10378	124	14	associated	associate	VERB
fbem-10378	124	15	with	with	ADP
fbem-10378	124	16	financial	financial	ADJ
fbem-10378	124	17	distress	distress	NOUN
fbem-10378	124	18	only	only	ADV
fbem-10378	124	19	in	in	ADP
fbem-10378	124	20	firms	firm	NOUN
fbem-10378	124	21	with	with	ADP
fbem-10378	124	22	standard	standard	ADJ
fbem-10378	124	23	unqualified	unqualified	ADJ
fbem-10378	124	24	audit	audit	NOUN
fbem-10378	124	25	opinions	opinion	NOUN
fbem-10378	124	26	and	and	CCONJ
fbem-10378	124	27	in	in	ADP
fbem-10378	124	28	non	non	ADJ
fbem-10378	124	29	-	-	ADJ
fbem-10378	124	30	state	state	NOUN
fbem-10378	124	31	-	-	PUNCT
fbem-10378	124	32	owned	own	VERB
fbem-10378	124	33	enterprises	enterprise	NOUN
fbem-10378	124	34	.	.	PUNCT
fbem-10378	125	1	6.2	6.2	NUM
fbem-10378	125	2	.	.	PUNCT
fbem-10378	126	1	policy	policy	NOUN
fbem-10378	126	2	recommendations	recommendation	NOUN
fbem-10378	126	3	first	first	ADV
fbem-10378	126	4	,	,	PUNCT
fbem-10378	126	5	establish	establish	VERB
fbem-10378	126	6	a	a	DET
fbem-10378	126	7	good	good	ADJ
fbem-10378	126	8	investment	investment	NOUN
fbem-10378	126	9	ecosystem	ecosystem	NOUN
fbem-10378	126	10	in	in	ADP
fbem-10378	126	11	the	the	DET
fbem-10378	126	12	market	market	NOUN
fbem-10378	126	13	.	.	PUNCT
fbem-10378	127	1	institutional	institutional	ADJ
fbem-10378	127	2	investment	investment	NOUN
fbem-10378	127	3	has	have	AUX
fbem-10378	127	4	gradually	gradually	ADV
fbem-10378	127	5	become	become	VERB
fbem-10378	127	6	an	an	DET
fbem-10378	127	7	important	important	ADJ
fbem-10378	127	8	source	source	NOUN
fbem-10378	127	9	of	of	ADP
fbem-10378	127	10	mediumand	mediumand	NOUN
fbem-10378	127	11	long	long	ADJ
fbem-10378	127	12	-	-	PUNCT
fbem-10378	127	13	term	term	NOUN
fbem-10378	127	14	capital	capital	NOUN
fbem-10378	127	15	in	in	ADP
fbem-10378	127	16	the	the	DET
fbem-10378	127	17	capital	capital	NOUN
fbem-10378	127	18	market	market	NOUN
fbem-10378	127	19	,	,	PUNCT
fbem-10378	127	20	but	but	CCONJ
fbem-10378	127	21	according	accord	VERB
fbem-10378	127	22	to	to	ADP
fbem-10378	127	23	the	the	DET
fbem-10378	127	24	conclusions	conclusion	NOUN
fbem-10378	127	25	of	of	ADP
fbem-10378	127	26	this	this	DET
fbem-10378	127	27	paper	paper	NOUN
fbem-10378	127	28	,	,	PUNCT
fbem-10378	127	29	institutional	institutional	ADJ
fbem-10378	127	30	cross	cross	NOUN
fbem-10378	127	31	-	-	ADJ
fbem-10378	127	32	shareholding	shareholding	NOUN
fbem-10378	127	33	exacerbates	exacerbate	VERB
fbem-10378	127	34	the	the	DET
fbem-10378	127	35	financial	financial	ADJ
fbem-10378	127	36	difficulties	difficulty	NOUN
fbem-10378	127	37	of	of	ADP
fbem-10378	127	38	enterprises	enterprise	NOUN
fbem-10378	127	39	,	,	PUNCT
fbem-10378	127	40	which	which	PRON
fbem-10378	127	41	means	mean	VERB
fbem-10378	127	42	that	that	SCONJ
fbem-10378	127	43	institutional	institutional	ADJ
fbem-10378	127	44	investment	investment	NOUN
fbem-10378	127	45	in	in	ADP
fbem-10378	127	46	china	china	PROPN
fbem-10378	127	47	's	's	PART
fbem-10378	127	48	capital	capital	NOUN
fbem-10378	127	49	market	market	NOUN
fbem-10378	127	50	is	be	AUX
fbem-10378	127	51	likely	likely	ADJ
fbem-10378	127	52	to	to	PART
fbem-10378	127	53	produce	produce	VERB
fbem-10378	127	54	the	the	DET
fbem-10378	127	55	phenomenon	phenomenon	NOUN
fbem-10378	127	56	of	of	ADP
fbem-10378	127	57	"	"	PUNCT
fbem-10378	127	58	conspiracy	conspiracy	NOUN
fbem-10378	127	59	"	"	PUNCT
fbem-10378	127	60	and	and	CCONJ
fbem-10378	127	61	other	other	ADJ
fbem-10378	127	62	phenomena	phenomenon	NOUN
fbem-10378	127	63	,	,	PUNCT
fbem-10378	127	64	and	and	CCONJ
fbem-10378	127	65	is	be	AUX
fbem-10378	127	66	unable	unable	ADJ
fbem-10378	127	67	to	to	PART
fbem-10378	127	68	alleviate	alleviate	VERB
fbem-10378	127	69	the	the	DET
fbem-10378	127	70	difficulties	difficulty	NOUN
fbem-10378	127	71	of	of	ADP
fbem-10378	127	72	enterprises	enterprise	NOUN
fbem-10378	127	73	.	.	PUNCT
fbem-10378	128	1	therefore	therefore	ADV
fbem-10378	128	2	,	,	PUNCT
fbem-10378	128	3	it	it	PRON
fbem-10378	128	4	is	be	AUX
fbem-10378	128	5	necessary	necessary	ADJ
fbem-10378	128	6	to	to	PART
fbem-10378	128	7	strengthen	strengthen	VERB
fbem-10378	128	8	the	the	DET
fbem-10378	128	9	long	long	ADJ
fbem-10378	128	10	-	-	PUNCT
fbem-10378	128	11	term	term	NOUN
fbem-10378	128	12	assessment	assessment	NOUN
fbem-10378	128	13	mechanism	mechanism	NOUN
fbem-10378	128	14	of	of	ADP
fbem-10378	128	15	240	240	NUM
fbem-10378	128	16	investment	investment	NOUN
fbem-10378	128	17	institutions	institution	NOUN
fbem-10378	128	18	from	from	ADP
fbem-10378	128	19	the	the	DET
fbem-10378	128	20	institutional	institutional	ADJ
fbem-10378	128	21	system	system	NOUN
fbem-10378	128	22	,	,	PUNCT
fbem-10378	128	23	to	to	PART
fbem-10378	128	24	incentivise	incentivise	VERB
fbem-10378	128	25	mediumand	mediumand	NOUN
fbem-10378	128	26	long	long	ADJ
fbem-10378	128	27	-	-	PUNCT
fbem-10378	128	28	term	term	NOUN
fbem-10378	128	29	investment	investment	NOUN
fbem-10378	128	30	and	and	CCONJ
fbem-10378	128	31	equity	equity	NOUN
fbem-10378	128	32	investment	investment	NOUN
fbem-10378	128	33	,	,	PUNCT
fbem-10378	128	34	and	and	CCONJ
fbem-10378	128	35	to	to	PART
fbem-10378	128	36	establish	establish	VERB
fbem-10378	128	37	a	a	DET
fbem-10378	128	38	good	good	ADJ
fbem-10378	128	39	market	market	NOUN
fbem-10378	128	40	investment	investment	NOUN
fbem-10378	128	41	ecosystem	ecosystem	NOUN
fbem-10378	128	42	.	.	PUNCT
fbem-10378	129	1	secondly	secondly	ADV
fbem-10378	129	2	,	,	PUNCT
fbem-10378	129	3	the	the	DET
fbem-10378	129	4	professionalism	professionalism	NOUN
fbem-10378	129	5	of	of	ADP
fbem-10378	129	6	institutional	institutional	ADJ
fbem-10378	129	7	crossshareholding	crossshareholde	VERB
fbem-10378	129	8	should	should	AUX
fbem-10378	129	9	be	be	AUX
fbem-10378	129	10	continuously	continuously	ADV
fbem-10378	129	11	improved	improve	VERB
fbem-10378	129	12	.	.	PUNCT
fbem-10378	130	1	as	as	ADP
fbem-10378	130	2	intermediaries	intermediary	NOUN
fbem-10378	130	3	,	,	PUNCT
fbem-10378	130	4	they	they	PRON
fbem-10378	130	5	play	play	VERB
fbem-10378	130	6	an	an	DET
fbem-10378	130	7	important	important	ADJ
fbem-10378	130	8	role	role	NOUN
fbem-10378	130	9	in	in	ADP
fbem-10378	130	10	the	the	DET
fbem-10378	130	11	connection	connection	NOUN
fbem-10378	130	12	between	between	ADP
fbem-10378	130	13	micro	micro	NOUN
fbem-10378	130	14	enterprises	enterprise	NOUN
fbem-10378	130	15	and	and	CCONJ
fbem-10378	130	16	macro	macro	ADJ
fbem-10378	130	17	markets	market	NOUN
fbem-10378	130	18	,	,	PUNCT
fbem-10378	130	19	therefore	therefore	ADV
fbem-10378	130	20	,	,	PUNCT
fbem-10378	130	21	the	the	DET
fbem-10378	130	22	information	information	NOUN
fbem-10378	130	23	mining	mining	NOUN
fbem-10378	130	24	,	,	PUNCT
fbem-10378	130	25	processing	processing	NOUN
fbem-10378	130	26	and	and	CCONJ
fbem-10378	130	27	analysing	analyse	VERB
fbem-10378	130	28	capabilities	capability	NOUN
fbem-10378	130	29	of	of	ADP
fbem-10378	130	30	cross	cross	ADJ
fbem-10378	130	31	-	-	ADJ
fbem-10378	130	32	shareholding	shareholding	ADJ
fbem-10378	130	33	institutions	institution	NOUN
fbem-10378	130	34	should	should	AUX
fbem-10378	130	35	be	be	AUX
fbem-10378	130	36	continuously	continuously	ADV
fbem-10378	130	37	strengthened	strengthen	VERB
fbem-10378	130	38	to	to	PART
fbem-10378	130	39	improve	improve	VERB
fbem-10378	130	40	the	the	DET
fbem-10378	130	41	level	level	NOUN
fbem-10378	130	42	of	of	ADP
fbem-10378	130	43	supervision	supervision	NOUN
fbem-10378	130	44	of	of	ADP
fbem-10378	130	45	enterprise	enterprise	NOUN
fbem-10378	130	46	management	management	NOUN
fbem-10378	130	47	.	.	PUNCT
fbem-10378	131	1	acknowledgment	acknowledgment	NOUN
fbem-10378	131	2	this	this	DET
fbem-10378	131	3	work	work	NOUN
fbem-10378	131	4	are	be	AUX
fbem-10378	131	5	supported	support	VERB
fbem-10378	131	6	by:①the	by:①the	DET
fbem-10378	131	7	postgraduate	postgraduate	ADJ
fbem-10378	131	8	scientific	scientific	ADJ
fbem-10378	131	9	research	research	NOUN
fbem-10378	131	10	innovation	innovation	NOUN
fbem-10378	131	11	fund	fund	NOUN
fbem-10378	131	12	of	of	ADP
fbem-10378	131	13	anhui	anhui	PROPN
fbem-10378	131	14	university	university	PROPN
fbem-10378	131	15	of	of	ADP
fbem-10378	131	16	finance	finance	NOUN
fbem-10378	131	17	and	and	CCONJ
fbem-10378	131	18	economics	economic	NOUN
fbem-10378	131	19	(	(	PUNCT
fbem-10378	131	20	acyc2022138	acyc2022138	PROPN
fbem-10378	131	21	)	)	PUNCT
fbem-10378	131	22	.	.	PUNCT
fbem-10378	132	1	②	②	NUM
fbem-10378	132	2	the	the	DET
fbem-10378	132	3	postgraduate	postgraduate	ADJ
fbem-10378	132	4	scientific	scientific	ADJ
fbem-10378	132	5	research	research	NOUN
fbem-10378	132	6	innovation	innovation	NOUN
fbem-10378	132	7	fund	fund	NOUN
fbem-10378	132	8	of	of	ADP
fbem-10378	132	9	anhui	anhui	PROPN
fbem-10378	132	10	university	university	PROPN
fbem-10378	132	11	of	of	ADP
fbem-10378	132	12	finance	finance	NOUN
fbem-10378	132	13	and	and	CCONJ
fbem-10378	132	14	economics	economic	NOUN
fbem-10378	132	15	(	(	PUNCT
fbem-10378	132	16	acyc2022169	acyc2022169	PROPN
fbem-10378	132	17	)	)	PUNCT
fbem-10378	132	18	.	.	PUNCT
fbem-10378	133	1	③	③	NUM
fbem-10378	134	1	the	the	DET
fbem-10378	134	2	natural	natural	ADJ
fbem-10378	134	3	science	science	NOUN
fbem-10378	134	4	key	key	ADJ
fbem-10378	134	5	research	research	NOUN
fbem-10378	134	6	project	project	NOUN
fbem-10378	134	7	of	of	ADP
fbem-10378	134	8	anhui	anhui	PROPN
fbem-10378	134	9	provincial	provincial	PROPN
fbem-10378	134	10	department	department	PROPN
fbem-10378	134	11	of	of	ADP
fbem-10378	134	12	education	education	PROPN
fbem-10378	134	13	(	(	PUNCT
fbem-10378	134	14	2022ah050603	2022ah050603	NUM
fbem-10378	134	15	)	)	PUNCT
fbem-10378	134	16	④	④	NUM
fbem-10378	134	17	the	the	DET
fbem-10378	134	18	provincial	provincial	ADJ
fbem-10378	134	19	quality	quality	NOUN
fbem-10378	134	20	engineering	engineering	NOUN
fbem-10378	134	21	teaching	teaching	NOUN
fbem-10378	134	22	research	research	NOUN
fbem-10378	134	23	key	key	ADJ
fbem-10378	134	24	project	project	NOUN
fbem-10378	134	25	of	of	ADP
fbem-10378	134	26	anhui	anhui	PROPN
fbem-10378	134	27	provincial	provincial	PROPN
fbem-10378	134	28	department	department	PROPN
fbem-10378	134	29	of	of	ADP
fbem-10378	134	30	education(2022jyxm005	education(2022jyxm005	PROPN
fbem-10378	134	31	)	)	PUNCT
fbem-10378	134	32	.	.	PUNCT
fbem-10378	135	1	references	reference	NOUN
fbem-10378	135	2	[	[	X
fbem-10378	135	3	1	1	NUM
fbem-10378	135	4	]	]	X
fbem-10378	135	5	brooks	brooks	PROPN
fbem-10378	135	6	,	,	PUNCT
fbem-10378	135	7	c.	c.	PROPN
fbem-10378	135	8	,	,	PUNCT
fbem-10378	135	9	z.	z.	PROPN
fbem-10378	135	10	chen	chen	PROPN
fbem-10378	135	11	and	and	CCONJ
fbem-10378	135	12	y.	y.	PROPN
fbem-10378	135	13	zeng	zeng	PROPN
fbem-10378	135	14	,	,	PUNCT
fbem-10378	135	15	institutional	institutional	ADJ
fbem-10378	135	16	crossownership	crossownership	NOUN
fbem-10378	135	17	and	and	CCONJ
fbem-10378	135	18	corporate	corporate	ADJ
fbem-10378	135	19	strategy	strategy	NOUN
fbem-10378	135	20	:	:	PUNCT
fbem-10378	135	21	the	the	DET
fbem-10378	135	22	case	case	NOUN
fbem-10378	135	23	of	of	ADP
fbem-10378	135	24	mergers	merger	NOUN
fbem-10378	135	25	and	and	CCONJ
fbem-10378	135	26	acquisitions	acquisition	NOUN
fbem-10378	135	27	,	,	PUNCT
fbem-10378	135	28	journal	journal	NOUN
fbem-10378	135	29	of	of	ADP
fbem-10378	135	30	corporate	corporate	ADJ
fbem-10378	135	31	finance	finance	NOUN
fbem-10378	135	32	,	,	PUNCT
fbem-10378	135	33	2018	2018	NUM
fbem-10378	135	34	,	,	PUNCT
fbem-10378	135	35	vol.48	vol.48	PROPN
fbem-10378	135	36	,	,	PUNCT
fbem-10378	135	37	187216	187216	NUM
fbem-10378	135	38	.	.	PUNCT
fbem-10378	136	1	[	[	X
fbem-10378	136	2	2	2	NUM
fbem-10378	136	3	]	]	X
fbem-10378	136	4	chen	chen	PROPN
fbem-10378	136	5	jing	jing	PROPN
fbem-10378	136	6	.	.	PUNCT
fbem-10378	137	1	an	an	DET
fbem-10378	137	2	empirical	empirical	ADJ
fbem-10378	137	3	analysis	analysis	NOUN
fbem-10378	137	4	of	of	ADP
fbem-10378	137	5	financial	financial	ADJ
fbem-10378	137	6	deterioration	deterioration	NOUN
fbem-10378	137	7	prediction	prediction	NOUN
fbem-10378	137	8	of	of	ADP
fbem-10378	137	9	listed	list	VERB
fbem-10378	137	10	companies[j	companies[j	NOUN
fbem-10378	137	11	]	]	PUNCT
fbem-10378	137	12	.	.	PUNCT
fbem-10378	138	1	accounting	accounting	NOUN
fbem-10378	138	2	research	research	NOUN
fbem-10378	138	3	,	,	PUNCT
fbem-10378	138	4	1999	1999	NUM
fbem-10378	138	5	,	,	PUNCT
fbem-10378	138	6	(	(	PUNCT
fbem-10378	138	7	04	04	NUM
fbem-10378	138	8	):	):	PUNCT
fbem-10378	138	9	32	32	NUM
fbem-10378	138	10	-	-	SYM
fbem-10378	138	11	39	39	NUM
fbem-10378	138	12	.	.	PUNCT
fbem-10378	139	1	[	[	X
fbem-10378	139	2	3	3	X
fbem-10378	139	3	]	]	X
fbem-10378	139	4	zhang	zhang	PROPN
fbem-10378	139	5	jinchang	jinchang	PROPN
fbem-10378	139	6	,	,	PUNCT
fbem-10378	139	7	wang	wang	PROPN
fbem-10378	139	8	dawei	dawei	PROPN
fbem-10378	139	9	.	.	PUNCT
fbem-10378	140	1	early	early	ADJ
fbem-10378	140	2	warning	warning	NOUN
fbem-10378	140	3	of	of	ADP
fbem-10378	140	4	financial	financial	ADJ
fbem-10378	140	5	difficulties	difficulty	NOUN
fbem-10378	140	6	:	:	PUNCT
fbem-10378	140	7	conceptual	conceptual	ADJ
fbem-10378	140	8	definition	definition	NOUN
fbem-10378	140	9	and	and	CCONJ
fbem-10378	140	10	theoretical	theoretical	ADJ
fbem-10378	140	11	analysis[j	analysis[j	PROPN
fbem-10378	140	12	]	]	PUNCT
fbem-10378	140	13	.	.	PUNCT
fbem-10378	141	1	financial	financial	ADJ
fbem-10378	141	2	series	series	PROPN
fbem-10378	141	3	,	,	PUNCT
fbem-10378	141	4	2020	2020	NUM
fbem-10378	141	5	,	,	PUNCT
fbem-10378	141	6	(	(	PUNCT
fbem-10378	141	7	12	12	NUM
fbem-10378	141	8	):	):	PUNCT
fbem-10378	141	9	61	61	NUM
fbem-10378	141	10	-	-	SYM
fbem-10378	141	11	69	69	NUM
fbem-10378	141	12	.	.	PUNCT
fbem-10378	142	1	[	[	X
fbem-10378	142	2	4	4	NUM
fbem-10378	142	3	]	]	PUNCT
fbem-10378	142	4	altman	altman	PROPN
fbem-10378	142	5	edward	edward	PROPN
fbem-10378	142	6	i	i	PROPN
fbem-10378	142	7	,	,	PUNCT
fbem-10378	142	8	haldeman	haldeman	PROPN
fbem-10378	142	9	robert	robert	PROPN
fbem-10378	142	10	g	g	PROPN
fbem-10378	142	11	,	,	PUNCT
fbem-10378	142	12	narayanan	narayanan	PROPN
fbem-10378	142	13	p.	p.	PROPN
fbem-10378	142	14	zetatm	zetatm	PROPN
fbem-10378	142	15	analysis	analysis	NOUN
fbem-10378	142	16	a	a	DET
fbem-10378	142	17	new	new	ADJ
fbem-10378	142	18	model	model	NOUN
fbem-10378	142	19	to	to	PART
fbem-10378	142	20	identify	identify	VERB
fbem-10378	142	21	bankruptcy	bankruptcy	NOUN
fbem-10378	142	22	risk	risk	NOUN
fbem-10378	142	23	of	of	ADP
fbem-10378	142	24	corporations[j].journal	corporations[j].journal	PROPN
fbem-10378	142	25	of	of	ADP
fbem-10378	142	26	banking	banking	NOUN
fbem-10378	142	27	&	&	CCONJ
fbem-10378	142	28	finance	finance	PROPN
fbem-10378	142	29	,	,	PUNCT
fbem-10378	142	30	1977	1977	NUM
fbem-10378	142	31	,	,	PUNCT
fbem-10378	142	32	1	1	NUM
fbem-10378	142	33	(	(	PUNCT
fbem-10378	142	34	01	01	NUM
fbem-10378	142	35	):	):	PUNCT
fbem-10378	142	36	29	29	NUM
fbem-10378	142	37	-	-	SYM
fbem-10378	142	38	54	54	NUM
fbem-10378	142	39	.	.	PUNCT
fbem-10378	143	1	[	[	X
fbem-10378	143	2	5	5	X
fbem-10378	143	3	]	]	X
fbem-10378	143	4	chen	chen	PROPN
fbem-10378	143	5	x	x	PROPN
fbem-10378	143	6	,	,	PUNCT
fbem-10378	143	7	harford	harford	PROPN
fbem-10378	143	8	j	j	PROPN
fbem-10378	143	9	,	,	PUNCT
fbem-10378	143	10	li	li	PROPN
fbem-10378	143	11	k.	k.	PROPN
fbem-10378	143	12	monitoring	monitoring	PROPN
fbem-10378	143	13	:	:	PUNCT
fbem-10378	143	14	which	which	DET
fbem-10378	143	15	institutions	institution	NOUN
fbem-10378	143	16	matter?[j	matter?[j	VERB
fbem-10378	143	17	]	]	PUNCT
fbem-10378	143	18	.	.	PUNCT
fbem-10378	144	1	journal	journal	PROPN
fbem-10378	144	2	of	of	ADP
fbem-10378	144	3	financial	financial	ADJ
fbem-10378	144	4	economics	economic	NOUN
fbem-10378	144	5	,	,	PUNCT
fbem-10378	144	6	2007	2007	NUM
fbem-10378	144	7	,	,	PUNCT
fbem-10378	144	8	(	(	PUNCT
fbem-10378	144	9	86	86	NUM
fbem-10378	144	10	):	):	SYM
fbem-10378	144	11	279305	279305	NUM
fbem-10378	144	12	.	.	PUNCT
fbem-10378	145	1	[	[	X
fbem-10378	145	2	6	6	NUM
fbem-10378	145	3	]	]	X
fbem-10378	145	4	li	li	PROPN
fbem-10378	145	5	bingcheng	bingcheng	PROPN
fbem-10378	145	6	.	.	PUNCT
fbem-10378	146	1	research	research	NOUN
fbem-10378	146	2	on	on	ADP
fbem-10378	146	3	the	the	DET
fbem-10378	146	4	formation	formation	NOUN
fbem-10378	146	5	process	process	NOUN
fbem-10378	146	6	of	of	ADP
fbem-10378	146	7	corporate	corporate	ADJ
fbem-10378	146	8	financial	financial	ADJ
fbem-10378	146	9	difficulties[j	difficulties[j	NOUN
fbem-10378	146	10	]	]	PUNCT
fbem-10378	146	11	.	.	PUNCT
fbem-10378	147	1	contemporary	contemporary	ADJ
fbem-10378	147	2	finance	finance	PROPN
fbem-10378	147	3	and	and	CCONJ
fbem-10378	147	4	economics	economic	NOUN
fbem-10378	147	5	,	,	PUNCT
fbem-10378	147	6	2004	2004	NUM
fbem-10378	147	7	,	,	PUNCT
fbem-10378	147	8	(	(	PUNCT
fbem-10378	147	9	01	01	NUM
fbem-10378	147	10	):	):	PUNCT
fbem-10378	147	11	109	109	NUM
fbem-10378	147	12	-	-	SYM
fbem-10378	147	13	112	112	NUM
fbem-10378	147	14	.	.	PUNCT
fbem-10378	148	1	[	[	X
fbem-10378	148	2	7	7	X
fbem-10378	148	3	]	]	X
fbem-10378	148	4	xiao	xiao	PROPN
fbem-10378	148	5	xianhui	xianhui	PROPN
fbem-10378	148	6	,	,	PUNCT
fbem-10378	148	7	xie	xie	PROPN
fbem-10378	148	8	chi	chi	PROPN
fbem-10378	148	9	.	.	PUNCT
fbem-10378	149	1	the	the	DET
fbem-10378	149	2	influence	influence	NOUN
fbem-10378	149	3	of	of	ADP
fbem-10378	149	4	macroeconomic	macroeconomic	ADJ
fbem-10378	149	5	factors	factor	NOUN
fbem-10378	149	6	on	on	ADP
fbem-10378	149	7	the	the	DET
fbem-10378	149	8	risk	risk	NOUN
fbem-10378	149	9	of	of	ADP
fbem-10378	149	10	financial	financial	ADJ
fbem-10378	149	11	distress	distress	NOUN
fbem-10378	149	12	of	of	ADP
fbem-10378	149	13	enterprises[j	enterprises[j	PROPN
fbem-10378	149	14	]	]	PUNCT
fbem-10378	149	15	.	.	PUNCT
fbem-10378	150	1	journal	journal	PROPN
fbem-10378	150	2	of	of	ADP
fbem-10378	150	3	xiangtan	xiangtan	PROPN
fbem-10378	150	4	university	university	PROPN
fbem-10378	150	5	(	(	PUNCT
fbem-10378	150	6	philosophy	philosophy	NOUN
fbem-10378	150	7	and	and	CCONJ
fbem-10378	150	8	social	social	ADJ
fbem-10378	150	9	sciences	science	NOUN
fbem-10378	150	10	edition	edition	NOUN
fbem-10378	150	11	)	)	PUNCT
fbem-10378	150	12	,	,	PUNCT
fbem-10378	150	13	2012	2012	NUM
fbem-10378	150	14	,	,	PUNCT
fbem-10378	150	15	36(04	36(04	NUM
fbem-10378	150	16	):	):	PUNCT
fbem-10378	150	17	88	88	NUM
fbem-10378	150	18	-	-	SYM
fbem-10378	150	19	93	93	NUM
fbem-10378	150	20	.	.	PUNCT
fbem-10378	151	1	[	[	X
fbem-10378	151	2	8	8	NUM
fbem-10378	151	3	]	]	X
fbem-10378	151	4	zhen	zhen	PROPN
fbem-10378	151	5	hongxian	hongxian	PROPN
fbem-10378	151	6	,	,	PUNCT
fbem-10378	151	7	wang	wang	PROPN
fbem-10378	151	8	jinle	jinle	PROPN
fbem-10378	151	9	.	.	PUNCT
fbem-10378	152	1	can	can	AUX
fbem-10378	152	2	institutional	institutional	ADJ
fbem-10378	152	3	investors	investor	NOUN
fbem-10378	152	4	ease	ease	VERB
fbem-10378	152	5	financing	financing	NOUN
fbem-10378	152	6	constraints	constraint	NOUN
fbem-10378	152	7	?	?	PUNCT
fbem-10378	152	8	—	—	PUNCT
fbem-10378	152	9	perspective	perspective	NOUN
fbem-10378	152	10	based	base	VERB
fbem-10378	152	11	on	on	ADP
fbem-10378	152	12	cash	cash	NOUN
fbem-10378	152	13	value	value	NOUN
fbem-10378	153	1	[	[	X
fbem-10378	153	2	j].accounting	j].accounte	VERB
fbem-10378	153	3	research,2016	research,2016	PROPN
fbem-10378	153	4	,	,	PUNCT
fbem-10378	153	5	(	(	PUNCT
fbem-10378	153	6	12	12	NUM
fbem-10378	153	7	):	):	PUNCT
fbem-10378	153	8	51	51	NUM
fbem-10378	153	9	-	-	SYM
fbem-10378	153	10	57	57	NUM
fbem-10378	153	11	.	.	PUNCT
fbem-10378	154	1	[	[	X
fbem-10378	154	2	9	9	NUM
fbem-10378	154	3	]	]	PUNCT
fbem-10378	154	4	bjerring	bjerre	VERB
fbem-10378	154	5	j	j	PROPN
fbem-10378	154	6	h	h	PROPN
fbem-10378	154	7	,	,	PUNCT
fbem-10378	154	8	lakonishok	lakonishok	PROPN
fbem-10378	154	9	j	j	PROPN
fbem-10378	154	10	,	,	PUNCT
fbem-10378	154	11	vermaelen	vermaelen	PROPN
fbem-10378	154	12	t.	t.	PROPN
fbem-10378	154	13	stock	stock	PROPN
fbem-10378	154	14	prices	price	NOUN
fbem-10378	154	15	and	and	CCONJ
fbem-10378	154	16	financial	financial	ADJ
fbem-10378	154	17	analysts	analyst	NOUN
fbem-10378	154	18	’	’	PART
fbem-10378	154	19	recommendations[j].the	recommendations[j].the	DET
fbem-10378	154	20	journal	journal	NOUN
fbem-10378	154	21	of	of	ADP
fbem-10378	154	22	finance,1983,38(01):187	finance,1983,38(01):187	PROPN
fbem-10378	154	23	-	-	SYM
fbem-10378	154	24	204	204	NUM
fbem-10378	154	25	.	.	PUNCT
fbem-10378	155	1	[	[	X
fbem-10378	155	2	10	10	NUM
fbem-10378	155	3	]	]	X
fbem-10378	155	4	chen	chen	PROPN
fbem-10378	155	5	zhuming	zhuming	PROPN
fbem-10378	155	6	,	,	PUNCT
fbem-10378	155	7	cheng	cheng	PROPN
fbem-10378	155	8	yu	yu	PROPN
fbem-10378	155	9	.	.	PROPN
fbem-10378	155	10	information	information	PROPN
fbem-10378	155	11	exchange	exchange	PROPN
fbem-10378	155	12	,	,	PUNCT
fbem-10378	155	13	stock	stock	NOUN
fbem-10378	155	14	liquidity	liquidity	NOUN
fbem-10378	155	15	and	and	CCONJ
fbem-10378	155	16	stock	stock	NOUN
fbem-10378	155	17	price	price	NOUN
fbem-10378	155	18	crash	crash	NOUN
fbem-10378	155	19	risk	risk	NOUN
fbem-10378	155	20	of	of	ADP
fbem-10378	155	21	institutional	institutional	ADJ
fbem-10378	155	22	investors[j	investors[j	PROPN
fbem-10378	155	23	]	]	PUNCT
fbem-10378	155	24	.	.	PUNCT
fbem-10378	156	1	southern	southern	ADJ
fbem-10378	156	2	finance,2020,(05):44	finance,2020,(05):44	PROPN
fbem-10378	156	3	-	-	PUNCT
fbem-10378	156	4	52	52	NUM
fbem-10378	156	5	.	.	PUNCT
fbem-10378	157	1	[	[	X
fbem-10378	157	2	11	11	NUM
fbem-10378	157	3	]	]	PUNCT
fbem-10378	157	4	shleifer	shleifer	NOUN
fbem-10378	157	5	a	a	PRON
fbem-10378	157	6	,	,	PUNCT
fbem-10378	157	7	vishny	vishny	PROPN
fbem-10378	157	8	r	r	PROPN
fbem-10378	157	9	w.	w.	PROPN
fbem-10378	157	10	large	large	ADJ
fbem-10378	157	11	shareholders	shareholder	NOUN
fbem-10378	157	12	and	and	CCONJ
fbem-10378	157	13	corperate	corperate	VERB
fbem-10378	157	14	control[j].scholarly	control[j].scholarly	ADV
fbem-10378	157	15	articles,1986,94(03	articles,1986,94(03	PROPN
fbem-10378	157	16	):	):	PUNCT
fbem-10378	157	17	461	461	NUM
fbem-10378	157	18	-	-	SYM
fbem-10378	157	19	488	488	NUM
fbem-10378	157	20	.	.	PUNCT
fbem-10378	158	1	[	[	X
fbem-10378	158	2	12	12	NUM
fbem-10378	158	3	]	]	X
fbem-10378	158	4	gillan	gillan	PROPN
fbem-10378	158	5	s	s	PROPN
fbem-10378	158	6	,	,	PUNCT
fbem-10378	158	7	starks	stark	VERB
fbem-10378	158	8	l	l	NOUN
fbem-10378	158	9	t.	t.	PROPN
fbem-10378	158	10	a	a	DET
fbem-10378	158	11	survey	survey	NOUN
fbem-10378	158	12	of	of	ADP
fbem-10378	158	13	shareholder	shareholder	NOUN
fbem-10378	158	14	activism	activism	NOUN
fbem-10378	158	15	:	:	PUNCT
fbem-10378	158	16	motivation	motivation	NOUN
fbem-10378	158	17	and	and	CCONJ
fbem-10378	158	18	empirical	empirical	ADJ
fbem-10378	158	19	evidence[j	evidence[j	NOUN
fbem-10378	158	20	]	]	PUNCT
fbem-10378	158	21	.	.	PUNCT
fbem-10378	159	1	electronic	electronic	ADJ
fbem-10378	159	2	journal,1998,2(03):56	journal,1998,2(03):56	NOUN
fbem-10378	159	3	-	-	SYM
fbem-10378	159	4	78	78	NUM
fbem-10378	159	5	.	.	PUNCT
fbem-10378	160	1	[	[	X
fbem-10378	160	2	13	13	NUM
fbem-10378	160	3	]	]	X
fbem-10378	160	4	xue	xue	PROPN
fbem-10378	160	5	kunkun	kunkun	PROPN
fbem-10378	160	6	,	,	PUNCT
fbem-10378	160	7	wang	wang	PROPN
fbem-10378	160	8	kai	kai	PROPN
fbem-10378	160	9	.	.	PUNCT
fbem-10378	161	1	institutional	institutional	ADJ
fbem-10378	161	2	shareholding	shareholding	NOUN
fbem-10378	161	3	and	and	CCONJ
fbem-10378	161	4	corporate	corporate	ADJ
fbem-10378	161	5	behavior	behavior	NOUN
fbem-10378	161	6	:	:	PUNCT
fbem-10378	161	7	catering	cater	VERB
fbem-10378	161	8	to	to	ADP
fbem-10378	161	9	or	or	CCONJ
fbem-10378	161	10	improving?——empirical	improving?——empirical	ADJ
fbem-10378	161	11	evidence	evidence	NOUN
fbem-10378	161	12	based	base	VERB
fbem-10378	161	13	on	on	ADP
fbem-10378	161	14	corporate	corporate	ADJ
fbem-10378	161	15	earnings	earning	NOUN
fbem-10378	161	16	management[j	management[j	NOUN
fbem-10378	161	17	]	]	PUNCT
fbem-10378	161	18	.	.	PUNCT
fbem-10378	162	1	journal	journal	PROPN
fbem-10378	162	2	of	of	ADP
fbem-10378	162	3	zhongnan	zhongnan	PROPN
fbem-10378	162	4	university	university	PROPN
fbem-10378	162	5	of	of	ADP
fbem-10378	162	6	economics	economic	NOUN
fbem-10378	162	7	and	and	CCONJ
fbem-10378	162	8	law,2021,(03):15	law,2021,(03):15	NOUN
fbem-10378	162	9	-	-	PUNCT
fbem-10378	162	10	25	25	NUM
fbem-10378	162	11	.	.	PUNCT
fbem-10378	163	1	[	[	X
fbem-10378	163	2	14	14	NUM
fbem-10378	163	3	]	]	X
fbem-10378	163	4	tang	tang	PROPN
fbem-10378	163	5	songlian	songlian	PROPN
fbem-10378	163	6	,	,	PUNCT
fbem-10378	163	7	yuan	yuan	PROPN
fbem-10378	163	8	chunsheng	chunsheng	PROPN
fbem-10378	163	9	.	.	PUNCT
fbem-10378	163	10	supervision	supervision	NOUN
fbem-10378	163	11	or	or	CCONJ
fbem-10378	163	12	seizure	seizure	VERB
fbem-10378	163	13	:	:	PUNCT
fbem-10378	163	14	a	a	DET
fbem-10378	163	15	study	study	NOUN
fbem-10378	163	16	on	on	ADP
fbem-10378	163	17	the	the	DET
fbem-10378	163	18	identification	identification	NOUN
fbem-10378	163	19	of	of	ADP
fbem-10378	163	20	the	the	DET
fbem-10378	163	21	governance	governance	NOUN
fbem-10378	163	22	role	role	NOUN
fbem-10378	163	23	of	of	ADP
fbem-10378	163	24	institutional	institutional	ADJ
fbem-10378	163	25	investors	investor	NOUN
fbem-10378	163	26	:	:	PUNCT
fbem-10378	163	27	empirical	empirical	ADJ
fbem-10378	163	28	evidence	evidence	NOUN
fbem-10378	163	29	from	from	ADP
fbem-10378	163	30	china	china	PROPN
fbem-10378	163	31	's	's	PART
fbem-10378	163	32	capital	capital	NOUN
fbem-10378	163	33	market	market	NOUN
fbem-10378	164	1	[	[	X
fbem-10378	164	2	j	j	X
fbem-10378	164	3	]	]	X
fbem-10378	164	4	.	.	PUNCT
fbem-10378	165	1	admin	admin	PROPN
fbem-10378	165	2	reviews,2010,22(08):19	reviews,2010,22(08):19	ADV
fbem-10378	165	3	-	-	PUNCT
fbem-10378	165	4	29	29	NUM
fbem-10378	165	5	.	.	PUNCT
fbem-10378	166	1	[	[	X
fbem-10378	166	2	15	15	NUM
fbem-10378	166	3	]	]	X
fbem-10378	166	4	ye	ye	PRON
fbem-10378	166	5	yingying	yingying	PROPN
fbem-10378	166	6	,	,	PUNCT
fbem-10378	166	7	yang	yang	PROPN
fbem-10378	166	8	qing	qing	PROPN
fbem-10378	166	9	,	,	PUNCT
fbem-10378	166	10	hu	hu	PROPN
fbem-10378	166	11	yang.does	yang.doe	NOUN
fbem-10378	166	12	equity	equity	NOUN
fbem-10378	166	13	pledge	pledge	NOUN
fbem-10378	166	14	trigger	trigger	NOUN
fbem-10378	166	15	herd	herd	NOUN
fbem-10378	166	16	behavior	behavior	NOUN
fbem-10378	166	17	of	of	ADP
fbem-10378	166	18	institutional	institutional	ADJ
fbem-10378	166	19	investors	investor	NOUN
fbem-10378	166	20	——	——	PUNCT
fbem-10378	166	21	the	the	DET
fbem-10378	166	22	mediating	mediate	VERB
fbem-10378	166	23	effect	effect	NOUN
fbem-10378	166	24	based	base	VERB
fbem-10378	166	25	on	on	ADP
fbem-10378	166	26	information	information	NOUN
fbem-10378	166	27	quality[j].accounting	quality[j].accounte	VERB
fbem-10378	166	28	research,2022(02):146	research,2022(02):146	NOUN
fbem-10378	166	29	-	-	PUNCT
fbem-10378	166	30	163	163	NUM
fbem-10378	166	31	.	.	PUNCT
fbem-10378	167	1	[	[	X
fbem-10378	167	2	16	16	NUM
fbem-10378	167	3	]	]	X
fbem-10378	167	4	liu	liu	PROPN
fbem-10378	167	5	xiaoxia	xiaoxia	PROPN
fbem-10378	167	6	,	,	PUNCT
fbem-10378	167	7	di	di	PROPN
fbem-10378	167	8	ran	run	VERB
fbem-10378	167	9	.	.	PUNCT
fbem-10378	168	1	heterogeneous	heterogeneous	ADJ
fbem-10378	168	2	institutional	institutional	ADJ
fbem-10378	168	3	investors	investor	NOUN
fbem-10378	168	4	'	'	PART
fbem-10378	168	5	shareholding	shareholding	NOUN
fbem-10378	168	6	and	and	CCONJ
fbem-10378	168	7	stock	stock	NOUN
fbem-10378	168	8	price	price	NOUN
fbem-10378	168	9	collapse	collapse	NOUN
fbem-10378	168	10	risk[j].modern	risk[j].modern	NOUN
fbem-10378	168	11	finance	finance	NOUN
fbem-10378	168	12	and	and	CCONJ
fbem-10378	168	13	economics(journal	economics(journal	NOUN
fbem-10378	168	14	of	of	ADP
fbem-10378	168	15	tianjin	tianjin	PROPN
fbem-10378	168	16	university	university	PROPN
fbem-10378	168	17	of	of	ADP
fbem-10378	168	18	finance	finance	PROPN
fbem-10378	168	19	and	and	CCONJ
fbem-10378	168	20	economics),2019,39(07):3	economics),2019,39(07):3	PROPN
fbem-10378	168	21	-	-	SYM
fbem-10378	168	22	21	21	NUM
fbem-10378	168	23	[	[	X
fbem-10378	168	24	17	17	NUM
fbem-10378	168	25	]	]	X
fbem-10378	168	26	wang	wang	PROPN
fbem-10378	168	27	bingnan	bingnan	PROPN
fbem-10378	168	28	,	,	PUNCT
fbem-10378	168	29	guo	guo	PROPN
fbem-10378	168	30	jingxian	jingxian	PROPN
fbem-10378	168	31	,	,	PUNCT
fbem-10378	168	32	lu	lu	PROPN
fbem-10378	168	33	ying	ying	PROPN
fbem-10378	168	34	,	,	PUNCT
fbem-10378	168	35	wang	wang	PROPN
fbem-10378	168	36	zhongsong	zhongsong	PROPN
fbem-10378	168	37	.	.	PUNCT
fbem-10378	169	1	research	research	NOUN
fbem-10378	169	2	on	on	ADP
fbem-10378	169	3	the	the	DET
fbem-10378	169	4	impact	impact	NOUN
fbem-10378	169	5	of	of	ADP
fbem-10378	169	6	institutional	institutional	ADJ
fbem-10378	169	7	shareholding	shareholding	NOUN
fbem-10378	169	8	on	on	ADP
fbem-10378	169	9	corporate	corporate	ADJ
fbem-10378	169	10	financial	financial	ADJ
fbem-10378	169	11	distress	distress	NOUN
fbem-10378	169	12	:	:	PUNCT
fbem-10378	169	13	the	the	DET
fbem-10378	169	14	moderating	moderate	VERB
fbem-10378	169	15	role	role	NOUN
fbem-10378	169	16	of	of	ADP
fbem-10378	169	17	enterprise	enterprise	NOUN
fbem-10378	169	18	digital	digital	ADJ
fbem-10378	169	19	transformation	transformation	NOUN
fbem-10378	169	20	.	.	PUNCT
fbem-10378	170	1	management	management	NOUN
fbem-10378	170	2	modernization	modernization	NOUN
fbem-10378	170	3	,	,	PUNCT
fbem-10378	170	4	2022	2022	NUM
fbem-10378	170	5	(	(	PUNCT
fbem-10378	170	6	06	06	NUM
fbem-10378	170	7	):	):	PUNCT
fbem-10378	170	8	22	22	NUM
fbem-10378	170	9	-	-	SYM
fbem-10378	170	10	29	29	NUM
fbem-10378	170	11	.	.	PUNCT
fbem-10378	171	1	[	[	X
fbem-10378	171	2	18	18	NUM
fbem-10378	171	3	]	]	PUNCT
fbem-10378	171	4	altman.financial	altman.financial	ADJ
fbem-10378	171	5	ratios	ratio	NOUN
fbem-10378	171	6	,	,	PUNCT
fbem-10378	171	7	discriminant	discriminant	ADJ
fbem-10378	171	8	analysis	analysis	NOUN
fbem-10378	171	9	and	and	CCONJ
fbem-10378	171	10	the	the	DET
fbem-10378	171	11	predictors	predictor	NOUN
fbem-10378	171	12	of	of	ADP
fbem-10378	171	13	cooporate	cooporate	ADJ
fbem-10378	171	14	bandruptcy[j].journal	bandruptcy[j].journal	NOUN
fbem-10378	171	15	of	of	ADP
fbem-10378	171	16	finance	finance	NOUN
fbem-10378	171	17	.	.	PUNCT
fbem-10378	172	1	1968,23(4):589	1968,23(4):589	NUM
fbem-10378	172	2	-	-	PUNCT
fbem-10378	172	3	609	609	NUM
fbem-10378	172	4	.	.	PUNCT
fbem-10378	173	1	[	[	X
fbem-10378	173	2	19	19	NUM
fbem-10378	173	3	]	]	X
fbem-10378	173	4	zhou	zhou	PROPN
fbem-10378	173	5	taiyun	taiyun	PROPN
fbem-10378	173	6	,	,	PUNCT
fbem-10378	173	7	xing	xing	PROPN
fbem-10378	173	8	fei	fei	PROPN
fbem-10378	173	9	,	,	PUNCT
fbem-10378	173	10	yao	yao	PROPN
fbem-10378	173	11	gang	gang	PROPN
fbem-10378	173	12	.	.	PUNCT
fbem-10378	174	1	the	the	DET
fbem-10378	174	2	impact	impact	NOUN
fbem-10378	174	3	of	of	ADP
fbem-10378	174	4	institutional	institutional	ADJ
fbem-10378	174	5	cross	cross	NOUN
fbem-10378	174	6	-	-	NOUN
fbem-10378	174	7	shareholding	shareholding	NOUN
fbem-10378	174	8	on	on	ADP
fbem-10378	174	9	enterprise	enterprise	NOUN
fbem-10378	174	10	value	value	NOUN
fbem-10378	174	11	[	[	X
fbem-10378	174	12	j	j	X
fbem-10378	174	13	]	]	X
fbem-10378	174	14	.	.	PUNCT
fbem-10378	175	1	securities	security	NOUN
fbem-10378	175	2	market	market	NOUN
fbem-10378	175	3	herald,2021(02):30	herald,2021(02):30	NOUN
fbem-10378	175	4	-	-	PUNCT
fbem-10378	175	5	40	40	NUM
fbem-10378	175	6	.	.	PUNCT
fbem-10378	176	1	[	[	X
fbem-10378	176	2	20	20	NUM
fbem-10378	176	3	]	]	X
fbem-10378	176	4	wen	wen	PROPN
fbem-10378	176	5	zhonglin	zhonglin	PROPN
fbem-10378	176	6	,	,	PUNCT
fbem-10378	176	7	hou	hou	PROPN
fbem-10378	176	8	jietai	jietai	PROPN
fbem-10378	176	9	,	,	PUNCT
fbem-10378	176	10	zhang	zhang	PROPN
fbem-10378	176	11	lei	lei	PROPN
fbem-10378	176	12	.	.	PROPN
fbem-10378	176	13	comparison	comparison	NOUN
fbem-10378	176	14	and	and	CCONJ
fbem-10378	176	15	application	application	NOUN
fbem-10378	176	16	of	of	ADP
fbem-10378	176	17	moderating	moderate	VERB
fbem-10378	176	18	effect	effect	NOUN
fbem-10378	176	19	and	and	CCONJ
fbem-10378	176	20	mediating	mediate	VERB
fbem-10378	176	21	effect	effect	NOUN
fbem-10378	176	22	[	[	X
fbem-10378	176	23	j	j	X
fbem-10378	176	24	]	]	X
fbem-10378	176	25	.	.	PUNCT
fbem-10378	177	1	journal	journal	PROPN
fbem-10378	177	2	of	of	ADP
fbem-10378	177	3	psychology	psychology	NOUN
fbem-10378	177	4	,	,	PUNCT
fbem-10378	177	5	2005(02):268	2005(02):268	NUM
fbem-10378	177	6	-	-	NOUN
fbem-10378	177	7	274	274	NUM
fbem-10378	177	8	.	.	PUNCT
fbem-10378	178	1	[	[	X
fbem-10378	178	2	21	21	NUM
fbem-10378	178	3	]	]	X
fbem-10378	178	4	wen	wen	PROPN
fbem-10378	178	5	zhonglin	zhonglin	PROPN
fbem-10378	178	6	,	,	PUNCT
fbem-10378	178	7	ye	ye	PROPN
fbem-10378	178	8	baojuan	baojuan	PROPN
fbem-10378	178	9	.	.	PUNCT
fbem-10378	179	1	mediation	mediation	NOUN
fbem-10378	179	2	effect	effect	NOUN
fbem-10378	179	3	analysis	analysis	NOUN
fbem-10378	179	4	:	:	PUNCT
fbem-10378	179	5	method	method	NOUN
fbem-10378	179	6	and	and	CCONJ
fbem-10378	179	7	model	model	NOUN
fbem-10378	179	8	development	development	NOUN
fbem-10378	180	1	[	[	X
fbem-10378	180	2	j	j	X
fbem-10378	180	3	]	]	X
fbem-10378	180	4	.	.	PUNCT
fbem-10378	181	1	advances	advance	NOUN
fbem-10378	181	2	in	in	ADP
fbem-10378	181	3	psychological	psychological	ADJ
fbem-10378	181	4	science,2014,22(05):731	science,2014,22(05):731	PROPN
fbem-10378	181	5	-	-	PUNCT
fbem-10378	181	6	745	745	NUM
fbem-10378	181	7	.	.	PUNCT
fbem-10378	182	1	[	[	X
fbem-10378	182	2	22	22	NUM
fbem-10378	182	3	]	]	X
fbem-10378	182	4	wu	wu	PROPN
fbem-10378	182	5	peng	peng	PROPN
fbem-10378	182	6	,	,	PUNCT
fbem-10378	182	7	yang	yang	PROPN
fbem-10378	182	8	ke	ke	PROPN
fbem-10378	182	9	,	,	PUNCT
fbem-10378	182	10	qiao	qiao	PROPN
fbem-10378	182	11	zhi	zhi	PROPN
fbem-10378	182	12	,	,	PUNCT
fbem-10378	182	13	et	et	PROPN
fbem-10378	182	14	al	al	PROPN
fbem-10378	182	15	.	.	PROPN
fbem-10378	182	16	research	research	NOUN
fbem-10378	182	17	on	on	ADP
fbem-10378	182	18	the	the	DET
fbem-10378	182	19	impact	impact	NOUN
fbem-10378	182	20	of	of	ADP
fbem-10378	182	21	corporate	corporate	ADJ
fbem-10378	182	22	esg	esg	NOUN
fbem-10378	182	23	performance	performance	NOUN
fbem-10378	182	24	on	on	ADP
fbem-10378	182	25	audit	audit	NOUN
fbem-10378	182	26	fees	fee	NOUN
fbem-10378	182	27	——	——	PUNCT
fbem-10378	182	28	empirical	empirical	ADJ
fbem-10378	182	29	evidence	evidence	NOUN
fbem-10378	182	30	from	from	ADP
fbem-10378	182	31	a	a	DET
fbem-10378	182	32	-	-	PUNCT
fbem-10378	182	33	share	share	NOUN
fbem-10378	182	34	listed	list	VERB
fbem-10378	182	35	companies[j].friends	companies[j].friend	NOUN
fbem-10378	182	36	of	of	ADP
fbem-10378	182	37	accounting	accounting	NOUN
fbem-10378	182	38	,	,	PUNCT
fbem-10378	182	39	2023(14):18	2023(14):18	NUM
fbem-10378	182	40	-	-	SYM
fbem-10378	182	41	27	27	NUM
fbem-10378	182	42	.	.	PUNCT
fbem-10378	183	1	[	[	X
fbem-10378	183	2	23	23	NUM
fbem-10378	183	3	]	]	X
fbem-10378	183	4	li	li	PROPN
fbem-10378	183	5	hongyin	hongyin	PROPN
fbem-10378	183	6	.	.	PUNCT
fbem-10378	184	1	can	can	AUX
fbem-10378	184	2	digital	digital	VERB
fbem-10378	184	3	transformation	transformation	NOUN
fbem-10378	184	4	curb	curb	VERB
fbem-10378	184	5	the	the	DET
fbem-10378	184	6	risk	risk	NOUN
fbem-10378	184	7	of	of	ADP
fbem-10378	184	8	stock	stock	NOUN
fbem-10378	184	9	price	price	NOUN
fbem-10378	184	10	crash	crash	NOUN
fbem-10378	184	11	?	?	PUNCT
fbem-10378	185	1	[	[	X
fbem-10378	185	2	j].finance	j].finance	NOUN
fbem-10378	185	3	and	and	CCONJ
fbem-10378	185	4	economics	economic	NOUN
fbem-10378	185	5	series,2023(07):58	series,2023(07):58	PROPN
fbem-10378	185	6	-	-	PUNCT
fbem-10378	185	7	67	67	NUM
fbem-10378	185	8	.	.	PUNCT