id	sid	tid	token	lemma	pos
fbem-12125	1	1	frontiers	frontier	NOUN
fbem-12125	1	2	in	in	ADP
fbem-12125	1	3	business	business	NOUN
fbem-12125	1	4	,	,	PUNCT
fbem-12125	1	5	economics	economic	NOUN
fbem-12125	1	6	and	and	CCONJ
fbem-12125	1	7	management	management	NOUN
fbem-12125	1	8	issn	issn	PROPN
fbem-12125	1	9	:	:	PUNCT
fbem-12125	1	10	2766	2766	NUM
fbem-12125	1	11	-	-	PUNCT
fbem-12125	1	12	824x	824x	NUM
fbem-12125	1	13	|	|	ADJ
fbem-12125	1	14	vol	vol	NOUN
fbem-12125	1	15	.	.	PUNCT
fbem-12125	2	1	11	11	NUM
fbem-12125	2	2	,	,	PUNCT
fbem-12125	2	3	no	no	INTJ
fbem-12125	2	4	.	.	NOUN
fbem-12125	2	5	1	1	NUM
fbem-12125	2	6	,	,	PUNCT
fbem-12125	2	7	2023	2023	NUM
fbem-12125	2	8	245	245	NUM
fbem-12125	2	9	corporate	corporate	ADJ
fbem-12125	2	10	sustainability	sustainability	NOUN
fbem-12125	2	11	and	and	CCONJ
fbem-12125	2	12	firm	firm	ADJ
fbem-12125	2	13	value	value	NOUN
fbem-12125	2	14	:	:	PUNCT
fbem-12125	2	15	evidence	evidence	NOUN
fbem-12125	2	16	from	from	ADP
fbem-12125	2	17	china	china	PROPN
fbem-12125	2	18	yiqi	yiqi	PROPN
fbem-12125	2	19	yang	yang	PROPN
fbem-12125	2	20	hunan	hunan	PROPN
fbem-12125	2	21	agricultural	agricultural	PROPN
fbem-12125	2	22	university	university	PROPN
fbem-12125	2	23	,	,	PUNCT
fbem-12125	2	24	changsha	changsha	PROPN
fbem-12125	2	25	,	,	PUNCT
fbem-12125	2	26	hunan	hunan	PROPN
fbem-12125	2	27	,	,	PUNCT
fbem-12125	2	28	china	china	PROPN
fbem-12125	2	29	hauyangyiqi@163.com	hauyangyiqi@163.com	PROPN
fbem-12125	2	30	abstract	abstract	NOUN
fbem-12125	2	31	:	:	PUNCT
fbem-12125	2	32	in	in	ADP
fbem-12125	2	33	recent	recent	ADJ
fbem-12125	2	34	years	year	NOUN
fbem-12125	2	35	,	,	PUNCT
fbem-12125	2	36	sustainable	sustainable	ADJ
fbem-12125	2	37	development	development	NOUN
fbem-12125	2	38	has	have	AUX
fbem-12125	2	39	become	become	VERB
fbem-12125	2	40	a	a	DET
fbem-12125	2	41	hot	hot	ADJ
fbem-12125	2	42	topic	topic	NOUN
fbem-12125	2	43	globally	globally	ADV
fbem-12125	2	44	,	,	PUNCT
fbem-12125	2	45	and	and	CCONJ
fbem-12125	2	46	more	more	ADJ
fbem-12125	2	47	and	and	CCONJ
fbem-12125	2	48	more	more	ADJ
fbem-12125	2	49	people	people	NOUN
fbem-12125	2	50	are	be	AUX
fbem-12125	2	51	realizing	realize	VERB
fbem-12125	2	52	the	the	DET
fbem-12125	2	53	crucial	crucial	ADJ
fbem-12125	2	54	importance	importance	NOUN
fbem-12125	2	55	of	of	ADP
fbem-12125	2	56	environmental	environmental	ADJ
fbem-12125	2	57	,	,	PUNCT
fbem-12125	2	58	social	social	ADJ
fbem-12125	2	59	,	,	PUNCT
fbem-12125	2	60	and	and	CCONJ
fbem-12125	2	61	governance	governance	NOUN
fbem-12125	2	62	(	(	PUNCT
fbem-12125	2	63	esg	esg	NOUN
fbem-12125	2	64	)	)	PUNCT
fbem-12125	2	65	factors	factor	NOUN
fbem-12125	2	66	in	in	ADP
fbem-12125	2	67	corporate	corporate	ADJ
fbem-12125	2	68	decision	decision	NOUN
fbem-12125	2	69	-	-	PUNCT
fbem-12125	2	70	making	make	VERB
fbem-12125	2	71	and	and	CCONJ
fbem-12125	2	72	long	long	ADJ
fbem-12125	2	73	-	-	PUNCT
fbem-12125	2	74	term	term	NOUN
fbem-12125	2	75	development	development	NOUN
fbem-12125	2	76	.	.	PUNCT
fbem-12125	3	1	using	use	VERB
fbem-12125	3	2	the	the	DET
fbem-12125	3	3	sample	sample	NOUN
fbem-12125	3	4	from	from	ADP
fbem-12125	3	5	china	china	PROPN
fbem-12125	3	6	,	,	PUNCT
fbem-12125	3	7	we	we	PRON
fbem-12125	3	8	testify	testify	VERB
fbem-12125	3	9	whether	whether	SCONJ
fbem-12125	3	10	corporate	corporate	ADJ
fbem-12125	3	11	sustainability	sustainability	NOUN
fbem-12125	3	12	have	have	VERB
fbem-12125	3	13	effect	effect	NOUN
fbem-12125	3	14	on	on	ADP
fbem-12125	3	15	firm	firm	ADJ
fbem-12125	3	16	value	value	NOUN
fbem-12125	3	17	.	.	PUNCT
fbem-12125	4	1	we	we	PRON
fbem-12125	4	2	find	find	VERB
fbem-12125	4	3	that	that	SCONJ
fbem-12125	4	4	corporate	corporate	ADJ
fbem-12125	4	5	sustainability	sustainability	NOUN
fbem-12125	4	6	improves	improve	VERB
fbem-12125	4	7	firm	firm	ADJ
fbem-12125	4	8	value	value	NOUN
fbem-12125	4	9	,	,	PUNCT
fbem-12125	4	10	as	as	SCONJ
fbem-12125	4	11	it	it	PRON
fbem-12125	4	12	reduces	reduce	VERB
fbem-12125	4	13	the	the	DET
fbem-12125	4	14	information	information	NOUN
fbem-12125	4	15	risks	risk	NOUN
fbem-12125	4	16	and	and	CCONJ
fbem-12125	4	17	operating	operating	NOUN
fbem-12125	4	18	risks	risk	NOUN
fbem-12125	4	19	.	.	PUNCT
fbem-12125	5	1	esg	esg	PROPN
fbem-12125	5	2	is	be	AUX
fbem-12125	5	3	a	a	DET
fbem-12125	5	4	win	win	NOUN
fbem-12125	5	5	-	-	PUNCT
fbem-12125	5	6	win	win	NOUN
fbem-12125	5	7	measure	measure	NOUN
fbem-12125	5	8	for	for	ADP
fbem-12125	5	9	both	both	DET
fbem-12125	5	10	regulators	regulator	NOUN
fbem-12125	5	11	and	and	CCONJ
fbem-12125	5	12	listed	list	VERB
fbem-12125	5	13	firms	firm	NOUN
fbem-12125	5	14	,	,	PUNCT
fbem-12125	5	15	therefore	therefore	ADV
fbem-12125	5	16	there	there	PRON
fbem-12125	5	17	is	be	VERB
fbem-12125	5	18	a	a	DET
fbem-12125	5	19	shared	share	VERB
fbem-12125	5	20	interest	interest	NOUN
fbem-12125	5	21	in	in	ADP
fbem-12125	5	22	ensuring	ensure	VERB
fbem-12125	5	23	that	that	SCONJ
fbem-12125	5	24	esg	esg	PROPN
fbem-12125	5	25	considerations	consideration	NOUN
fbem-12125	5	26	are	be	AUX
fbem-12125	5	27	integrated	integrate	VERB
fbem-12125	5	28	into	into	ADP
fbem-12125	5	29	business	business	NOUN
fbem-12125	5	30	practices	practice	NOUN
fbem-12125	5	31	.	.	PUNCT
fbem-12125	6	1	in	in	ADP
fbem-12125	6	2	theory	theory	NOUN
fbem-12125	6	3	we	we	PRON
fbem-12125	6	4	enrich	enrich	VERB
fbem-12125	6	5	the	the	DET
fbem-12125	6	6	literature	literature	NOUN
fbem-12125	6	7	on	on	ADP
fbem-12125	6	8	the	the	DET
fbem-12125	6	9	economic	economic	ADJ
fbem-12125	6	10	conse	conse	NOUN
fbem-12125	6	11	-	-	PUNCT
fbem-12125	6	12	quences	quence	NOUN
fbem-12125	6	13	of	of	ADP
fbem-12125	6	14	corporate	corporate	ADJ
fbem-12125	6	15	sustainability	sustainability	NOUN
fbem-12125	6	16	and	and	CCONJ
fbem-12125	6	17	complement	complement	VERB
fbem-12125	6	18	to	to	ADP
fbem-12125	6	19	the	the	DET
fbem-12125	6	20	literature	literature	NOUN
fbem-12125	6	21	on	on	ADP
fbem-12125	6	22	deter	deter	NOUN
fbem-12125	6	23	-	-	PUNCT
fbem-12125	6	24	minants	minant	NOUN
fbem-12125	6	25	of	of	ADP
fbem-12125	6	26	firm	firm	ADJ
fbem-12125	6	27	value	value	NOUN
fbem-12125	6	28	.	.	PUNCT
fbem-12125	7	1	in	in	ADP
fbem-12125	7	2	practical	practical	ADJ
fbem-12125	7	3	significance	significance	NOUN
fbem-12125	7	4	,	,	PUNCT
fbem-12125	7	5	this	this	DET
fbem-12125	7	6	study	study	NOUN
fbem-12125	7	7	provides	provide	VERB
fbem-12125	7	8	implica	implica	NOUN
fbem-12125	7	9	-	-	PUNCT
fbem-12125	7	10	tions	tion	NOUN
fbem-12125	7	11	for	for	ADP
fbem-12125	7	12	both	both	PRON
fbem-12125	7	13	government	government	NOUN
fbem-12125	7	14	and	and	CCONJ
fbem-12125	7	15	listed	list	VERB
fbem-12125	7	16	firms	firm	NOUN
fbem-12125	7	17	to	to	PART
fbem-12125	7	18	focus	focus	VERB
fbem-12125	7	19	on	on	ADP
fbem-12125	7	20	esg	esg	PROPN
fbem-12125	7	21	.	.	PUNCT
fbem-12125	8	1	keywords	keyword	NOUN
fbem-12125	8	2	:	:	PUNCT
fbem-12125	8	3	esg	esg	NOUN
fbem-12125	8	4	;	;	PUNCT
fbem-12125	8	5	corporate	corporate	ADJ
fbem-12125	8	6	sustainability	sustainability	NOUN
fbem-12125	8	7	;	;	PUNCT
fbem-12125	8	8	corporate	corporate	ADJ
fbem-12125	8	9	value	value	NOUN
fbem-12125	8	10	;	;	PUNCT
fbem-12125	8	11	tobin	tobin	PROPN
fbem-12125	8	12	’s	’s	PART
fbem-12125	8	13	q.	q.	PROPN
fbem-12125	8	14	1	1	X
fbem-12125	8	15	.	.	PUNCT
fbem-12125	9	1	introduction	introduction	NOUN
fbem-12125	9	2	in	in	ADP
fbem-12125	9	3	recent	recent	ADJ
fbem-12125	9	4	years	year	NOUN
fbem-12125	9	5	,	,	PUNCT
fbem-12125	9	6	there	there	PRON
fbem-12125	9	7	has	have	AUX
fbem-12125	9	8	been	be	AUX
fbem-12125	9	9	extensive	extensive	ADJ
fbem-12125	9	10	discussions	discussion	NOUN
fbem-12125	9	11	and	and	CCONJ
fbem-12125	9	12	researches	research	NOUN
fbem-12125	9	13	on	on	ADP
fbem-12125	9	14	how	how	SCONJ
fbem-12125	9	15	to	to	PART
fbem-12125	9	16	achieve	achieve	VERB
fbem-12125	9	17	sustainable	sustainable	ADJ
fbem-12125	9	18	development	development	NOUN
fbem-12125	9	19	,	,	PUNCT
fbem-12125	9	20	and	and	CCONJ
fbem-12125	9	21	the	the	DET
fbem-12125	9	22	united	united	PROPN
fbem-12125	9	23	nations	nations	PROPN
fbem-12125	9	24	has	have	AUX
fbem-12125	9	25	been	be	AUX
fbem-12125	9	26	advocating	advocate	VERB
fbem-12125	9	27	for	for	SCONJ
fbem-12125	9	28	countries	country	NOUN
fbem-12125	9	29	to	to	PART
fbem-12125	9	30	collectively	collectively	ADV
fbem-12125	9	31	focus	focus	VERB
fbem-12125	9	32	on	on	ADP
fbem-12125	9	33	climate	climate	NOUN
fbem-12125	9	34	issues	issue	NOUN
fbem-12125	9	35	and	and	CCONJ
fbem-12125	9	36	strengthen	strengthen	VERB
fbem-12125	9	37	climate	climate	NOUN
fbem-12125	9	38	governance	governance	NOUN
fbem-12125	9	39	.	.	PUNCT
fbem-12125	10	1	the	the	DET
fbem-12125	10	2	concept	concept	NOUN
fbem-12125	10	3	of	of	ADP
fbem-12125	10	4	esg	esg	PROPN
fbem-12125	10	5	was	be	AUX
fbem-12125	10	6	first	first	ADV
fbem-12125	10	7	introduced	introduce	VERB
fbem-12125	10	8	in	in	ADP
fbem-12125	10	9	2004	2004	NUM
fbem-12125	10	10	,	,	PUNCT
fbem-12125	10	11	and	and	CCONJ
fbem-12125	10	12	the	the	DET
fbem-12125	10	13	trend	trend	NOUN
fbem-12125	10	14	of	of	ADP
fbem-12125	10	15	disclosing	disclose	VERB
fbem-12125	10	16	esg	esg	NOUN
fbem-12125	10	17	reports	report	NOUN
fbem-12125	10	18	by	by	ADP
fbem-12125	10	19	companies	company	NOUN
fbem-12125	10	20	gradually	gradually	ADV
fbem-12125	10	21	formed	form	VERB
fbem-12125	10	22	in	in	ADP
fbem-12125	10	23	the	the	DET
fbem-12125	10	24	following	following	ADJ
fbem-12125	10	25	decade	decade	NOUN
fbem-12125	10	26	.	.	PUNCT
fbem-12125	11	1	esg	esg	PROPN
fbem-12125	11	2	contains	contain	VERB
fbem-12125	11	3	three	three	NUM
fbem-12125	11	4	dimensions	dimension	NOUN
fbem-12125	11	5	of	of	ADP
fbem-12125	11	6	information	information	NOUN
fbem-12125	11	7	:	:	PUNCT
fbem-12125	11	8	environment	environment	NOUN
fbem-12125	11	9	,	,	PUNCT
fbem-12125	11	10	society	society	NOUN
fbem-12125	11	11	,	,	PUNCT
fbem-12125	11	12	governance	governance	NOUN
fbem-12125	11	13	.	.	PUNCT
fbem-12125	12	1	environments	environment	NOUN
fbem-12125	12	2	information	information	NOUN
fbem-12125	12	3	has	have	AUX
fbem-12125	12	4	drawn	draw	VERB
fbem-12125	12	5	regulators	regulator	NOUN
fbem-12125	12	6	’	’	PART
fbem-12125	12	7	attention	attention	NOUN
fbem-12125	12	8	,	,	PUNCT
fbem-12125	12	9	as	as	SCONJ
fbem-12125	12	10	the	the	DET
fbem-12125	12	11	climate	climate	NOUN
fbem-12125	12	12	risk	risk	NOUN
fbem-12125	12	13	is	be	AUX
fbem-12125	12	14	getting	get	VERB
fbem-12125	12	15	more	more	ADV
fbem-12125	12	16	serious	serious	ADJ
fbem-12125	12	17	.	.	PUNCT
fbem-12125	13	1	society	society	NOUN
fbem-12125	13	2	relates	relate	VERB
fbem-12125	13	3	to	to	ADP
fbem-12125	13	4	the	the	DET
fbem-12125	13	5	responsibility	responsibility	NOUN
fbem-12125	13	6	the	the	DET
fbem-12125	13	7	firm	firm	NOUN
fbem-12125	13	8	take	take	VERB
fbem-12125	13	9	to	to	ADP
fbem-12125	13	10	the	the	DET
fbem-12125	13	11	whole	whole	ADJ
fbem-12125	13	12	society	society	NOUN
fbem-12125	13	13	,	,	PUNCT
fbem-12125	13	14	such	such	ADJ
fbem-12125	13	15	as	as	ADP
fbem-12125	13	16	the	the	DET
fbem-12125	13	17	responsibility	responsibility	NOUN
fbem-12125	13	18	of	of	ADP
fbem-12125	13	19	employment	employment	NOUN
fbem-12125	13	20	,	,	PUNCT
fbem-12125	13	21	charity	charity	NOUN
fbem-12125	13	22	.	.	PUNCT
fbem-12125	14	1	governance	governance	NOUN
fbem-12125	14	2	are	be	AUX
fbem-12125	14	3	focuses	focus	VERB
fbem-12125	14	4	on	on	ADP
fbem-12125	14	5	the	the	DET
fbem-12125	14	6	corporate	corporate	ADJ
fbem-12125	14	7	strategy	strategy	NOUN
fbem-12125	14	8	and	and	CCONJ
fbem-12125	14	9	operation	operation	NOUN
fbem-12125	14	10	.	.	PUNCT
fbem-12125	15	1	stock	stock	NOUN
fbem-12125	15	2	market	market	NOUN
fbem-12125	15	3	performance	performance	NOUN
fbem-12125	15	4	of	of	ADP
fbem-12125	15	5	a	a	DET
fbem-12125	15	6	firm	firm	NOUN
fbem-12125	15	7	is	be	AUX
fbem-12125	15	8	reflected	reflect	VERB
fbem-12125	15	9	by	by	ADP
fbem-12125	15	10	the	the	DET
fbem-12125	15	11	return	return	NOUN
fbem-12125	15	12	rate	rate	NOUN
fbem-12125	15	13	and	and	CCONJ
fbem-12125	15	14	the	the	DET
fbem-12125	15	15	volatility	volatility	NOUN
fbem-12125	15	16	.	.	PUNCT
fbem-12125	16	1	as	as	SCONJ
fbem-12125	16	2	the	the	DET
fbem-12125	16	3	good	good	ADJ
fbem-12125	16	4	firm	firm	NOUN
fbem-12125	16	5	is	be	AUX
fbem-12125	16	6	matched	match	VERB
fbem-12125	16	7	to	to	ADP
fbem-12125	16	8	a	a	DET
fbem-12125	16	9	higher	high	ADJ
fbem-12125	16	10	share	share	NOUN
fbem-12125	16	11	price	price	NOUN
fbem-12125	16	12	,	,	PUNCT
fbem-12125	16	13	the	the	DET
fbem-12125	16	14	capital	capital	NOUN
fbem-12125	16	15	allocation	allocation	NOUN
fbem-12125	16	16	is	be	AUX
fbem-12125	16	17	effective	effective	ADJ
fbem-12125	16	18	in	in	ADP
fbem-12125	16	19	an	an	DET
fbem-12125	16	20	effective	effective	ADJ
fbem-12125	16	21	market	market	NOUN
fbem-12125	16	22	.	.	PUNCT
fbem-12125	17	1	previous	previous	ADJ
fbem-12125	17	2	studies	study	NOUN
fbem-12125	17	3	have	have	AUX
fbem-12125	17	4	already	already	ADV
fbem-12125	17	5	researched	research	VERB
fbem-12125	17	6	the	the	DET
fbem-12125	17	7	impact	impact	NOUN
fbem-12125	17	8	of	of	ADP
fbem-12125	17	9	esg	esg	PROPN
fbem-12125	17	10	on	on	ADP
fbem-12125	17	11	analysts	analyst	NOUN
fbem-12125	17	12	'	'	PART
fbem-12125	17	13	earnings	earning	NOUN
fbem-12125	17	14	forecast	forecast	NOUN
fbem-12125	17	15	accuracy	accuracy	NOUN
fbem-12125	17	16	,	,	PUNCT
fbem-12125	17	17	firm	firm	ADJ
fbem-12125	17	18	performance	performance	NOUN
fbem-12125	17	19	,	,	PUNCT
fbem-12125	17	20	market	market	NOUN
fbem-12125	17	21	value	value	NOUN
fbem-12125	17	22	[	[	X
fbem-12125	17	23	1]-[3	1]-[3	NUM
fbem-12125	17	24	]	]	X
fbem-12125	17	25	.	.	PUNCT
fbem-12125	18	1	existing	exist	VERB
fbem-12125	18	2	literatures	literature	NOUN
fbem-12125	18	3	document	document	VERB
fbem-12125	18	4	that	that	DET
fbem-12125	18	5	firm	firm	ADJ
fbem-12125	18	6	size	size	NOUN
fbem-12125	18	7	and	and	CCONJ
fbem-12125	18	8	industry	industry	NOUN
fbem-12125	18	9	influence	influence	NOUN
fbem-12125	18	10	esg	esg	NOUN
fbem-12125	18	11	performance	performance	NOUN
fbem-12125	18	12	[	[	X
fbem-12125	18	13	4],[5	4],[5	NUM
fbem-12125	18	14	]	]	PUNCT
fbem-12125	18	15	.	.	PUNCT
fbem-12125	19	1	while	while	SCONJ
fbem-12125	19	2	literatures	literature	NOUN
fbem-12125	19	3	of	of	ADP
fbem-12125	19	4	the	the	DET
fbem-12125	19	5	stock	stock	NOUN
fbem-12125	19	6	market	market	NOUN
fbem-12125	19	7	performance	performance	NOUN
fbem-12125	19	8	showed	show	VERB
fbem-12125	19	9	that	that	SCONJ
fbem-12125	19	10	democracy	democracy	NOUN
fbem-12125	19	11	,	,	PUNCT
fbem-12125	19	12	political	political	ADJ
fbem-12125	19	13	risks	risk	NOUN
fbem-12125	19	14	and	and	CCONJ
fbem-12125	19	15	corporate	corporate	ADJ
fbem-12125	19	16	governance	governance	NOUN
fbem-12125	19	17	have	have	VERB
fbem-12125	19	18	effects	effect	NOUN
fbem-12125	19	19	on	on	ADP
fbem-12125	19	20	stock	stock	NOUN
fbem-12125	19	21	market	market	NOUN
fbem-12125	19	22	performance	performance	NOUN
fbem-12125	19	23	[	[	X
fbem-12125	19	24	6],[7	6],[7	NUM
fbem-12125	19	25	]	]	PUNCT
fbem-12125	19	26	.	.	PUNCT
fbem-12125	20	1	in	in	ADP
fbem-12125	20	2	this	this	DET
fbem-12125	20	3	paper	paper	NOUN
fbem-12125	20	4	,	,	PUNCT
fbem-12125	20	5	we	we	PRON
fbem-12125	20	6	testify	testify	VERB
fbem-12125	20	7	whether	whether	SCONJ
fbem-12125	20	8	the	the	DET
fbem-12125	20	9	esg	esg	PROPN
fbem-12125	20	10	ratings	rating	NOUN
fbem-12125	20	11	have	have	VERB
fbem-12125	20	12	effect	effect	NOUN
fbem-12125	20	13	on	on	ADP
fbem-12125	20	14	the	the	DET
fbem-12125	20	15	firm	firm	ADJ
fbem-12125	20	16	stock	stock	NOUN
fbem-12125	20	17	market	market	NOUN
fbem-12125	20	18	performance	performance	NOUN
fbem-12125	20	19	using	use	VERB
fbem-12125	20	20	the	the	DET
fbem-12125	20	21	sample	sample	NOUN
fbem-12125	20	22	from	from	ADP
fbem-12125	20	23	china	china	PROPN
fbem-12125	20	24	and	and	CCONJ
fbem-12125	20	25	ols	ols	PROPN
fbem-12125	20	26	(	(	PUNCT
fbem-12125	20	27	ordinary	ordinary	ADJ
fbem-12125	20	28	least	least	ADJ
fbem-12125	20	29	squares	square	NOUN
fbem-12125	20	30	)	)	PUNCT
fbem-12125	20	31	to	to	PART
fbem-12125	20	32	evaluate	evaluate	VERB
fbem-12125	20	33	the	the	DET
fbem-12125	20	34	goodness	goodness	NOUN
fbem-12125	20	35	of	of	ADP
fbem-12125	20	36	fit	fit	ADJ
fbem-12125	20	37	and	and	CCONJ
fbem-12125	20	38	predictive	predictive	ADJ
fbem-12125	20	39	ability	ability	NOUN
fbem-12125	20	40	of	of	ADP
fbem-12125	20	41	the	the	DET
fbem-12125	20	42	regression	regression	NOUN
fbem-12125	20	43	model	model	NOUN
fbem-12125	20	44	.	.	PUNCT
fbem-12125	21	1	we	we	PRON
fbem-12125	21	2	find	find	VERB
fbem-12125	21	3	that	that	SCONJ
fbem-12125	21	4	esg	esg	PROPN
fbem-12125	21	5	ratings	rating	NOUN
fbem-12125	21	6	significantly	significantly	ADV
fbem-12125	21	7	improve	improve	VERB
fbem-12125	21	8	the	the	DET
fbem-12125	21	9	firm	firm	ADJ
fbem-12125	21	10	stock	stock	NOUN
fbem-12125	21	11	market	market	NOUN
fbem-12125	21	12	performance	performance	NOUN
fbem-12125	21	13	.	.	PUNCT
fbem-12125	22	1	esg	esg	NOUN
fbem-12125	22	2	impacts	impact	NOUN
fbem-12125	22	3	on	on	ADP
fbem-12125	22	4	stock	stock	NOUN
fbem-12125	22	5	market	market	NOUN
fbem-12125	22	6	performance	performance	NOUN
fbem-12125	22	7	by	by	ADP
fbem-12125	22	8	reducing	reduce	VERB
fbem-12125	22	9	the	the	DET
fbem-12125	22	10	information	information	NOUN
fbem-12125	22	11	risk	risk	NOUN
fbem-12125	22	12	and	and	CCONJ
fbem-12125	22	13	operation	operation	NOUN
fbem-12125	22	14	risk	risk	NOUN
fbem-12125	22	15	.	.	PUNCT
fbem-12125	23	1	in	in	ADP
fbem-12125	23	2	theory	theory	NOUN
fbem-12125	23	3	we	we	PRON
fbem-12125	23	4	enrich	enrich	VERB
fbem-12125	23	5	the	the	DET
fbem-12125	23	6	literature	literature	NOUN
fbem-12125	23	7	on	on	ADP
fbem-12125	23	8	the	the	DET
fbem-12125	23	9	economic	economic	ADJ
fbem-12125	23	10	consequences	consequence	NOUN
fbem-12125	23	11	of	of	ADP
fbem-12125	23	12	corporate	corporate	ADJ
fbem-12125	23	13	sustainability	sustainability	NOUN
fbem-12125	23	14	and	and	CCONJ
fbem-12125	23	15	complement	complement	VERB
fbem-12125	23	16	to	to	ADP
fbem-12125	23	17	the	the	DET
fbem-12125	23	18	literature	literature	NOUN
fbem-12125	23	19	on	on	ADP
fbem-12125	23	20	determinants	determinant	NOUN
fbem-12125	23	21	of	of	ADP
fbem-12125	23	22	firm	firm	ADJ
fbem-12125	23	23	value	value	NOUN
fbem-12125	23	24	.	.	PUNCT
fbem-12125	24	1	in	in	ADP
fbem-12125	24	2	practical	practical	ADJ
fbem-12125	24	3	significance	significance	NOUN
fbem-12125	24	4	,	,	PUNCT
fbem-12125	24	5	this	this	DET
fbem-12125	24	6	study	study	NOUN
fbem-12125	24	7	provides	provide	VERB
fbem-12125	24	8	implications	implication	NOUN
fbem-12125	24	9	for	for	SCONJ
fbem-12125	24	10	both	both	PRON
fbem-12125	24	11	government	government	NOUN
fbem-12125	24	12	and	and	CCONJ
fbem-12125	24	13	listed	list	VERB
fbem-12125	24	14	firms	firm	NOUN
fbem-12125	24	15	to	to	PART
fbem-12125	24	16	focus	focus	VERB
fbem-12125	24	17	on	on	ADP
fbem-12125	24	18	esg	esg	PROPN
fbem-12125	24	19	.	.	PUNCT
fbem-12125	25	1	government	government	NOUN
fbem-12125	25	2	officials	official	NOUN
fbem-12125	25	3	should	should	AUX
fbem-12125	25	4	strengthen	strengthen	VERB
fbem-12125	25	5	their	their	PRON
fbem-12125	25	6	attention	attention	NOUN
fbem-12125	25	7	and	and	CCONJ
fbem-12125	25	8	support	support	NOUN
fbem-12125	25	9	for	for	ADP
fbem-12125	25	10	sustainable	sustainable	ADJ
fbem-12125	25	11	development	development	NOUN
fbem-12125	25	12	,	,	PUNCT
fbem-12125	25	13	promote	promote	VERB
fbem-12125	25	14	the	the	DET
fbem-12125	25	15	development	development	NOUN
fbem-12125	25	16	and	and	CCONJ
fbem-12125	25	17	implementation	implementation	NOUN
fbem-12125	25	18	of	of	ADP
fbem-12125	25	19	relevant	relevant	ADJ
fbem-12125	25	20	laws	law	NOUN
fbem-12125	25	21	and	and	CCONJ
fbem-12125	25	22	policies	policy	NOUN
fbem-12125	25	23	,	,	PUNCT
fbem-12125	25	24	encourage	encourage	VERB
fbem-12125	25	25	companies	company	NOUN
fbem-12125	25	26	to	to	PART
fbem-12125	25	27	take	take	VERB
fbem-12125	25	28	social	social	ADJ
fbem-12125	25	29	responsibilities	responsibility	NOUN
fbem-12125	25	30	,	,	PUNCT
fbem-12125	25	31	improve	improve	VERB
fbem-12125	25	32	their	their	PRON
fbem-12125	25	33	esg	esg	NOUN
fbem-12125	25	34	performance	performance	NOUN
fbem-12125	25	35	,	,	PUNCT
fbem-12125	25	36	and	and	CCONJ
fbem-12125	25	37	promote	promote	VERB
fbem-12125	25	38	sustainable	sustainable	ADJ
fbem-12125	25	39	development	development	NOUN
fbem-12125	25	40	.	.	PUNCT
fbem-12125	26	1	companies	company	NOUN
fbem-12125	26	2	should	should	AUX
fbem-12125	26	3	realize	realize	VERB
fbem-12125	26	4	the	the	DET
fbem-12125	26	5	importance	importance	NOUN
fbem-12125	26	6	of	of	ADP
fbem-12125	26	7	esg	esg	PROPN
fbem-12125	26	8	to	to	ADP
fbem-12125	26	9	their	their	PRON
fbem-12125	26	10	long	long	ADJ
fbem-12125	26	11	-	-	PUNCT
fbem-12125	26	12	term	term	NOUN
fbem-12125	26	13	development	development	NOUN
fbem-12125	26	14	and	and	CCONJ
fbem-12125	26	15	value	value	NOUN
fbem-12125	26	16	creation	creation	NOUN
fbem-12125	26	17	,	,	PUNCT
fbem-12125	26	18	incorporate	incorporate	VERB
fbem-12125	26	19	it	it	PRON
fbem-12125	26	20	into	into	ADP
fbem-12125	26	21	their	their	PRON
fbem-12125	26	22	corporate	corporate	ADJ
fbem-12125	26	23	strategy	strategy	NOUN
fbem-12125	26	24	and	and	CCONJ
fbem-12125	26	25	business	business	NOUN
fbem-12125	26	26	decision	decision	NOUN
fbem-12125	26	27	-	-	PUNCT
fbem-12125	26	28	making	making	NOUN
fbem-12125	26	29	,	,	PUNCT
fbem-12125	26	30	establish	establish	VERB
fbem-12125	26	31	related	relate	VERB
fbem-12125	26	32	esg	esg	NOUN
fbem-12125	26	33	management	management	NOUN
fbem-12125	26	34	systems	system	NOUN
fbem-12125	26	35	and	and	CCONJ
fbem-12125	26	36	policies	policy	NOUN
fbem-12125	26	37	,	,	PUNCT
fbem-12125	26	38	strengthen	strengthen	VERB
fbem-12125	26	39	the	the	DET
fbem-12125	26	40	collection	collection	NOUN
fbem-12125	26	41	and	and	CCONJ
fbem-12125	26	42	disclosure	disclosure	NOUN
fbem-12125	26	43	of	of	ADP
fbem-12125	26	44	esg	esg	PROPN
fbem-12125	26	45	data	data	PROPN
fbem-12125	26	46	,	,	PUNCT
fbem-12125	26	47	enhance	enhance	VERB
fbem-12125	26	48	transparency	transparency	NOUN
fbem-12125	26	49	and	and	CCONJ
fbem-12125	26	50	trustworthiness	trustworthiness	NOUN
fbem-12125	26	51	,	,	PUNCT
fbem-12125	26	52	and	and	CCONJ
fbem-12125	26	53	increase	increase	VERB
fbem-12125	26	54	market	market	NOUN
fbem-12125	26	55	competitiveness	competitiveness	NOUN
fbem-12125	26	56	.	.	PUNCT
fbem-12125	27	1	the	the	DET
fbem-12125	27	2	paper	paper	NOUN
fbem-12125	27	3	can	can	AUX
fbem-12125	27	4	be	be	AUX
fbem-12125	27	5	organized	organize	VERB
fbem-12125	27	6	as	as	SCONJ
fbem-12125	27	7	follows	follow	VERB
fbem-12125	27	8	.	.	PUNCT
fbem-12125	28	1	section	section	NOUN
fbem-12125	28	2	2	2	NUM
fbem-12125	28	3	presents	present	NOUN
fbem-12125	28	4	literature	literature	NOUN
fbem-12125	28	5	review	review	NOUN
fbem-12125	28	6	,	,	PUNCT
fbem-12125	28	7	while	while	SCONJ
fbem-12125	28	8	section	section	NOUN
fbem-12125	28	9	3	3	NUM
fbem-12125	28	10	develops	develop	VERB
fbem-12125	28	11	hypotheses	hypothesis	NOUN
fbem-12125	28	12	.	.	PUNCT
fbem-12125	29	1	section	section	NOUN
fbem-12125	29	2	4	4	NUM
fbem-12125	29	3	demonstrates	demonstrate	VERB
fbem-12125	29	4	the	the	DET
fbem-12125	29	5	research	research	NOUN
fbem-12125	29	6	design	design	NOUN
fbem-12125	29	7	.	.	PUNCT
fbem-12125	30	1	section	section	NOUN
fbem-12125	30	2	5	5	NUM
fbem-12125	30	3	discusses	discuss	VERB
fbem-12125	30	4	the	the	DET
fbem-12125	30	5	baseline	baseline	ADJ
fbem-12125	30	6	empirical	empirical	ADJ
fbem-12125	30	7	results	result	NOUN
fbem-12125	30	8	.	.	PUNCT
fbem-12125	31	1	2	2	X
fbem-12125	31	2	.	.	X
fbem-12125	31	3	literature	literature	NOUN
fbem-12125	31	4	review	review	VERB
fbem-12125	31	5	2.1	2.1	NUM
fbem-12125	31	6	.	.	PUNCT
fbem-12125	32	1	literature	literature	NOUN
fbem-12125	32	2	review	review	PROPN
fbem-12125	32	3	on	on	ADP
fbem-12125	32	4	esg	esg	PROPN
fbem-12125	32	5	previous	previous	ADJ
fbem-12125	32	6	studies	study	NOUN
fbem-12125	32	7	have	have	AUX
fbem-12125	32	8	documented	document	VERB
fbem-12125	32	9	the	the	DET
fbem-12125	32	10	economic	economic	ADJ
fbem-12125	32	11	consequence	consequence	NOUN
fbem-12125	32	12	of	of	ADP
fbem-12125	32	13	esg	esg	PROPN
fbem-12125	32	14	.	.	PUNCT
fbem-12125	33	1	buallay	buallay	NOUN
fbem-12125	33	2	documents	document	NOUN
fbem-12125	33	3	that	that	PRON
fbem-12125	33	4	esg	esg	PROPN
fbem-12125	33	5	disclosure	disclosure	NOUN
fbem-12125	33	6	has	have	VERB
fbem-12125	33	7	a	a	DET
fbem-12125	33	8	positive	positive	ADJ
fbem-12125	33	9	effect	effect	NOUN
fbem-12125	33	10	on	on	ADP
fbem-12125	33	11	firm	firm	NOUN
fbem-12125	33	12	’s	’s	PART
fbem-12125	33	13	financial	financial	ADJ
fbem-12125	33	14	and	and	CCONJ
fbem-12125	33	15	operational	operational	ADJ
fbem-12125	33	16	performance	performance	NOUN
fbem-12125	34	1	[	[	X
fbem-12125	34	2	2	2	NUM
fbem-12125	34	3	]	]	PUNCT
fbem-12125	34	4	.	.	PUNCT
fbem-12125	35	1	esg	esg	PROPN
fbem-12125	35	2	disclosure	disclosure	NOUN
fbem-12125	35	3	includes	include	VERB
fbem-12125	35	4	three	three	NUM
fbem-12125	35	5	dimensions	dimension	NOUN
fbem-12125	35	6	:	:	PUNCT
fbem-12125	35	7	environment	environment	NOUN
fbem-12125	35	8	,	,	PUNCT
fbem-12125	35	9	society	society	NOUN
fbem-12125	35	10	,	,	PUNCT
fbem-12125	35	11	governance	governance	NOUN
fbem-12125	35	12	.	.	PUNCT
fbem-12125	36	1	in	in	ADP
fbem-12125	36	2	environmental	environmental	ADJ
fbem-12125	36	3	dimension	dimension	NOUN
fbem-12125	36	4	,	,	PUNCT
fbem-12125	36	5	the	the	DET
fbem-12125	36	6	esg	esg	PROPN
fbem-12125	36	7	disclosure	disclosure	NOUN
fbem-12125	36	8	has	have	VERB
fbem-12125	36	9	positive	positive	ADJ
fbem-12125	36	10	effect	effect	NOUN
fbem-12125	36	11	on	on	ADP
fbem-12125	36	12	return	return	NOUN
fbem-12125	36	13	on	on	ADP
fbem-12125	36	14	assets	asset	NOUN
fbem-12125	36	15	(	(	PUNCT
fbem-12125	36	16	roa	roa	NOUN
fbem-12125	36	17	)	)	PUNCT
fbem-12125	36	18	and	and	CCONJ
fbem-12125	36	19	tobin	tobin	PROPN
fbem-12125	36	20	’s	’s	PART
fbem-12125	36	21	q(tq	q(tq	PROPN
fbem-12125	36	22	)	)	PUNCT
fbem-12125	36	23	.	.	PUNCT
fbem-12125	37	1	esg	esg	NOUN
fbem-12125	37	2	performance	performance	NOUN
fbem-12125	37	3	ascension	ascension	NOUN
fbem-12125	37	4	of	of	ADP
fbem-12125	37	5	listed	list	VERB
fbem-12125	37	6	company	company	NOUN
fbem-12125	37	7	improves	improve	VERB
fbem-12125	37	8	the	the	DET
fbem-12125	37	9	firm	firm	NOUN
fbem-12125	37	10	’s	’s	PART
fbem-12125	37	11	market	market	NOUN
fbem-12125	37	12	value	value	NOUN
fbem-12125	37	13	.	.	PUNCT
fbem-12125	38	1	company	company	NOUN
fbem-12125	38	2	’s	’s	PART
fbem-12125	38	3	financial	financial	ADJ
fbem-12125	38	4	performance	performance	NOUN
fbem-12125	38	5	has	have	VERB
fbem-12125	38	6	obvious	obvious	ADJ
fbem-12125	38	7	intermediary	intermediary	ADJ
fbem-12125	38	8	role	role	NOUN
fbem-12125	38	9	.	.	PUNCT
fbem-12125	39	1	the	the	DET
fbem-12125	39	2	operational	operational	ADJ
fbem-12125	39	3	capacity	capacity	NOUN
fbem-12125	39	4	is	be	AUX
fbem-12125	39	5	also	also	ADV
fbem-12125	39	6	a	a	DET
fbem-12125	39	7	vital	vital	ADJ
fbem-12125	39	8	intermediary	intermediary	ADJ
fbem-12125	39	9	role	role	NOUN
fbem-12125	39	10	[	[	X
fbem-12125	39	11	3	3	NUM
fbem-12125	39	12	]	]	PUNCT
fbem-12125	39	13	.	.	PUNCT
fbem-12125	40	1	incorporate	incorporate	VERB
fbem-12125	40	2	esg	esg	PROPN
fbem-12125	40	3	into	into	ADP
fbem-12125	40	4	investment	investment	NOUN
fbem-12125	40	5	appraisal	appraisal	NOUN
fbem-12125	40	6	creates	create	VERB
fbem-12125	40	7	a	a	DET
fbem-12125	40	8	better	well	ADJ
fbem-12125	40	9	decision	decision	NOUN
fbem-12125	40	10	-	-	PUNCT
fbem-12125	40	11	making	making	NOUN
fbem-12125	40	12	.	.	PUNCT
fbem-12125	41	1	and	and	CCONJ
fbem-12125	41	2	the	the	DET
fbem-12125	41	3	best	good	ADJ
fbem-12125	41	4	situation	situation	NOUN
fbem-12125	41	5	depends	depend	VERB
fbem-12125	41	6	on	on	ADP
fbem-12125	41	7	fund	fund	NOUN
fbem-12125	41	8	manager	manager	NOUN
fbem-12125	41	9	’s	’s	PART
fbem-12125	41	10	preference	preference	NOUN
fbem-12125	41	11	and	and	CCONJ
fbem-12125	41	12	deviate	deviate	VERB
fbem-12125	41	13	from	from	ADP
fbem-12125	41	14	the	the	DET
fbem-12125	41	15	fund	fund	NOUN
fbem-12125	41	16	manager	manager	NOUN
fbem-12125	41	17	has	have	AUX
fbem-12125	41	18	not	not	PART
fbem-12125	41	19	basis	basis	NOUN
fbem-12125	41	20	[	[	X
fbem-12125	41	21	8	8	NUM
fbem-12125	41	22	]	]	PUNCT
fbem-12125	41	23	.	.	PUNCT
fbem-12125	42	1	firms	firm	NOUN
fbem-12125	42	2	with	with	ADP
fbem-12125	42	3	esg	esg	PROPN
fbem-12125	42	4	concerns	concern	NOUN
fbem-12125	42	5	benefits	benefit	NOUN
fbem-12125	42	6	from	from	ADP
fbem-12125	42	7	esg	esg	PROPN
fbem-12125	42	8	related	related	ADJ
fbem-12125	42	9	disclosure	disclosure	NOUN
fbem-12125	42	10	.	.	PUNCT
fbem-12125	43	1	but	but	CCONJ
fbem-12125	43	2	when	when	SCONJ
fbem-12125	43	3	they	they	PRON
fbem-12125	43	4	increase	increase	VERB
fbem-12125	43	5	the	the	DET
fbem-12125	43	6	disclosure	disclosure	NOUN
fbem-12125	43	7	,	,	PUNCT
fbem-12125	43	8	firm	firm	ADJ
fbem-12125	43	9	with	with	ADP
fbem-12125	43	10	esg	esg	PROPN
fbem-12125	43	11	strength	strength	NOUN
fbem-12125	43	12	suffer	suffer	VERB
fbem-12125	43	13	lower	low	ADJ
fbem-12125	43	14	value	value	NOUN
fbem-12125	43	15	estimate	estimate	NOUN
fbem-12125	44	1	[	[	X
fbem-12125	44	2	9	9	NUM
fbem-12125	44	3	]	]	PUNCT
fbem-12125	44	4	.	.	PUNCT
fbem-12125	45	1	shakil	shakil	ADJ
fbem-12125	45	2	documents	document	NOUN
fbem-12125	45	3	that	that	PRON
fbem-12125	45	4	esg	esg	PROPN
fbem-12125	45	5	disclosure	disclosure	NOUN
fbem-12125	45	6	has	have	VERB
fbem-12125	45	7	a	a	DET
fbem-12125	45	8	negative	negative	ADJ
fbem-12125	45	9	effect	effect	NOUN
fbem-12125	45	10	on	on	ADP
fbem-12125	45	11	financial	financial	ADJ
fbem-12125	45	12	risks	risk	NOUN
fbem-12125	45	13	.	.	PUNCT
fbem-12125	46	1	firm	firm	NOUN
fbem-12125	46	2	performs	perform	VERB
fbem-12125	46	3	reasonably	reasonably	ADV
fbem-12125	46	4	on	on	ADP
fbem-12125	46	5	esg	esg	PROPN
fbem-12125	46	6	has	have	VERB
fbem-12125	46	7	lower	low	ADJ
fbem-12125	46	8	total	total	ADJ
fbem-12125	46	9	risk	risk	NOUN
fbem-12125	46	10	[	[	X
fbem-12125	46	11	10	10	NUM
fbem-12125	46	12	]	]	PUNCT
fbem-12125	46	13	.	.	PUNCT
fbem-12125	47	1	as	as	ADP
fbem-12125	47	2	for	for	ADP
fbem-12125	47	3	the	the	DET
fbem-12125	47	4	determinants	determinant	NOUN
fbem-12125	47	5	of	of	ADP
fbem-12125	47	6	esg	esg	PROPN
fbem-12125	47	7	,	,	PUNCT
fbem-12125	47	8	firm	firm	ADJ
fbem-12125	47	9	scale	scale	NOUN
fbem-12125	47	10	,	,	PUNCT
fbem-12125	47	11	availability	availability	NOUN
fbem-12125	47	12	of	of	ADP
fbem-12125	47	13	esg	esg	PROPN
fbem-12125	47	14	data	datum	NOUN
fbem-12125	47	15	the	the	DET
fbem-12125	47	16	firm	firm	NOUN
fbem-12125	47	17	provide	provide	NOUN
fbem-12125	47	18	has	have	VERB
fbem-12125	47	19	a	a	DET
fbem-12125	47	20	positive	positive	ADJ
fbem-12125	47	21	effect	effect	NOUN
fbem-12125	47	22	on	on	ADP
fbem-12125	47	23	the	the	DET
fbem-12125	47	24	firm	firm	NOUN
fbem-12125	47	25	’s	’s	PART
fbem-12125	47	26	esg	esg	NOUN
fbem-12125	47	27	performance	performance	NOUN
fbem-12125	47	28	[	[	X
fbem-12125	47	29	4	4	NUM
fbem-12125	47	30	]	]	PUNCT
fbem-12125	47	31	.	.	PUNCT
fbem-12125	48	1	sensitivity	sensitivity	NOUN
fbem-12125	48	2	industries	industry	NOUN
fbem-12125	48	3	perform	perform	VERB
fbem-12125	48	4	better	well	ADV
fbem-12125	48	5	in	in	ADP
fbem-12125	48	6	246	246	NUM
fbem-12125	48	7	environment	environment	NOUN
fbem-12125	48	8	dimension	dimension	NOUN
fbem-12125	48	9	of	of	ADP
fbem-12125	48	10	esg	esg	PROPN
fbem-12125	48	11	.	.	PUNCT
fbem-12125	49	1	systematic	systematic	ADJ
fbem-12125	49	2	risk	risk	NOUN
fbem-12125	49	3	and	and	CCONJ
fbem-12125	49	4	esg	esg	NOUN
fbem-12125	49	5	performance	performance	NOUN
fbem-12125	49	6	relationship	relationship	NOUN
fbem-12125	49	7	assume	assume	VERB
fbem-12125	49	8	the	the	DET
fbem-12125	49	9	inverted	inverted	ADJ
fbem-12125	49	10	u	u	ADJ
fbem-12125	49	11	-	-	ADJ
fbem-12125	49	12	shaped	shape	VERB
fbem-12125	49	13	curve	curve	NOUN
fbem-12125	49	14	.	.	PUNCT
fbem-12125	50	1	firm	firm	NOUN
fbem-12125	50	2	’s	’s	PART
fbem-12125	50	3	negative	negative	ADJ
fbem-12125	50	4	profitability	profitability	NOUN
fbem-12125	50	5	is	be	AUX
fbem-12125	50	6	associated	associate	VERB
fbem-12125	50	7	with	with	ADP
fbem-12125	50	8	the	the	DET
fbem-12125	50	9	environmental	environmental	ADJ
fbem-12125	50	10	performance	performance	NOUN
fbem-12125	50	11	[	[	X
fbem-12125	50	12	5	5	NUM
fbem-12125	50	13	]	]	PUNCT
fbem-12125	50	14	.	.	PUNCT
fbem-12125	51	1	2.2	2.2	NUM
fbem-12125	51	2	.	.	PUNCT
fbem-12125	52	1	literature	literature	NOUN
fbem-12125	52	2	review	review	PROPN
fbem-12125	52	3	on	on	ADP
fbem-12125	52	4	stock	stock	NOUN
fbem-12125	52	5	market	market	NOUN
fbem-12125	52	6	performance	performance	NOUN
fbem-12125	52	7	previous	previous	ADJ
fbem-12125	52	8	studies	study	NOUN
fbem-12125	52	9	have	have	AUX
fbem-12125	52	10	documented	document	VERB
fbem-12125	52	11	the	the	DET
fbem-12125	52	12	determinants	determinant	NOUN
fbem-12125	52	13	of	of	ADP
fbem-12125	52	14	stock	stock	NOUN
fbem-12125	52	15	market	market	NOUN
fbem-12125	52	16	performance	performance	NOUN
fbem-12125	52	17	.	.	PUNCT
fbem-12125	53	1	there	there	PRON
fbem-12125	53	2	is	be	VERB
fbem-12125	53	3	a	a	DET
fbem-12125	53	4	parabolic	parabolic	ADJ
fbem-12125	53	5	relationship	relationship	NOUN
fbem-12125	53	6	between	between	ADP
fbem-12125	53	7	level	level	NOUN
fbem-12125	53	8	of	of	ADP
fbem-12125	53	9	democracy	democracy	NOUN
fbem-12125	53	10	and	and	CCONJ
fbem-12125	53	11	political	political	ADJ
fbem-12125	53	12	risk	risk	NOUN
fbem-12125	53	13	.	.	PUNCT
fbem-12125	54	1	and	and	CCONJ
fbem-12125	54	2	the	the	DET
fbem-12125	54	3	political	political	ADJ
fbem-12125	54	4	risk	risk	NOUN
fbem-12125	54	5	has	have	VERB
fbem-12125	54	6	a	a	DET
fbem-12125	54	7	positive	positive	ADJ
fbem-12125	54	8	effect	effect	NOUN
fbem-12125	54	9	on	on	ADP
fbem-12125	54	10	the	the	DET
fbem-12125	54	11	equity	equity	NOUN
fbem-12125	54	12	return	return	NOUN
fbem-12125	54	13	[	[	X
fbem-12125	54	14	6	6	NUM
fbem-12125	54	15	]	]	PUNCT
fbem-12125	54	16	.	.	PUNCT
fbem-12125	55	1	governance	governance	NOUN
fbem-12125	55	2	institutions	institution	NOUN
fbem-12125	55	3	environment	environment	NOUN
fbem-12125	55	4	has	have	VERB
fbem-12125	55	5	a	a	DET
fbem-12125	55	6	positive	positive	ADJ
fbem-12125	55	7	effect	effect	NOUN
fbem-12125	55	8	on	on	ADP
fbem-12125	55	9	stock	stock	NOUN
fbem-12125	55	10	market	market	NOUN
fbem-12125	55	11	performance	performance	NOUN
fbem-12125	55	12	.	.	PUNCT
fbem-12125	56	1	quality	quality	NOUN
fbem-12125	56	2	of	of	ADP
fbem-12125	56	3	governance	governance	NOUN
fbem-12125	56	4	has	have	VERB
fbem-12125	56	5	a	a	DET
fbem-12125	56	6	negative	negative	ADJ
fbem-12125	56	7	effect	effect	NOUN
fbem-12125	56	8	on	on	ADP
fbem-12125	56	9	total	total	ADJ
fbem-12125	56	10	risk	risk	NOUN
fbem-12125	56	11	and	and	CCONJ
fbem-12125	56	12	specific	specific	ADJ
fbem-12125	56	13	risk	risk	NOUN
fbem-12125	56	14	[	[	X
fbem-12125	56	15	7	7	NUM
fbem-12125	56	16	]	]	PUNCT
fbem-12125	56	17	.	.	PUNCT
fbem-12125	57	1	the	the	DET
fbem-12125	57	2	better	well	ADJ
fbem-12125	57	3	esg	esg	NOUN
fbem-12125	57	4	performance	performance	NOUN
fbem-12125	57	5	of	of	ADP
fbem-12125	57	6	a	a	DET
fbem-12125	57	7	firm	firm	NOUN
fbem-12125	57	8	,	,	PUNCT
fbem-12125	57	9	the	the	DET
fbem-12125	57	10	higher	high	ADJ
fbem-12125	57	11	stock	stock	NOUN
fbem-12125	57	12	returns	return	NOUN
fbem-12125	57	13	of	of	ADP
fbem-12125	57	14	a	a	DET
fbem-12125	57	15	firm	firm	NOUN
fbem-12125	57	16	,	,	PUNCT
fbem-12125	57	17	and	and	CCONJ
fbem-12125	57	18	the	the	DET
fbem-12125	57	19	lower	low	ADJ
fbem-12125	57	20	stock	stock	NOUN
fbem-12125	57	21	volatility	volatility	NOUN
fbem-12125	57	22	.	.	PUNCT
fbem-12125	58	1	as	as	ADP
fbem-12125	58	2	to	to	ADP
fbem-12125	58	3	the	the	DET
fbem-12125	58	4	influence	influence	NOUN
fbem-12125	58	5	channel	channel	NOUN
fbem-12125	58	6	,	,	PUNCT
fbem-12125	58	7	the	the	DET
fbem-12125	58	8	firm	firm	NOUN
fbem-12125	58	9	with	with	ADP
fbem-12125	58	10	better	well	ADJ
fbem-12125	58	11	esg	esg	NOUN
fbem-12125	58	12	performance	performance	NOUN
fbem-12125	58	13	often	often	ADV
fbem-12125	58	14	has	have	VERB
fbem-12125	58	15	a	a	DET
fbem-12125	58	16	better	well	ADJ
fbem-12125	58	17	performance	performance	NOUN
fbem-12125	58	18	in	in	ADP
fbem-12125	58	19	financial	financial	ADJ
fbem-12125	58	20	performance	performance	NOUN
fbem-12125	58	21	,	,	PUNCT
fbem-12125	58	22	quality	quality	NOUN
fbem-12125	58	23	of	of	ADP
fbem-12125	58	24	earnings	earning	NOUN
fbem-12125	58	25	and	and	CCONJ
fbem-12125	58	26	investment	investment	NOUN
fbem-12125	58	27	efficiency	efficiency	NOUN
fbem-12125	58	28	,	,	PUNCT
fbem-12125	58	29	which	which	PRON
fbem-12125	58	30	is	be	AUX
fbem-12125	58	31	the	the	DET
fbem-12125	58	32	reason	reason	NOUN
fbem-12125	58	33	of	of	ADP
fbem-12125	58	34	better	well	ADJ
fbem-12125	58	35	stock	stock	NOUN
fbem-12125	58	36	market	market	NOUN
fbem-12125	58	37	performance	performance	NOUN
fbem-12125	58	38	[	[	X
fbem-12125	58	39	11	11	NUM
fbem-12125	58	40	]	]	PUNCT
fbem-12125	58	41	.	.	PUNCT
fbem-12125	59	1	further	further	ADJ
fbem-12125	59	2	study	study	NOUN
fbem-12125	59	3	shows	show	VERB
fbem-12125	59	4	that	that	SCONJ
fbem-12125	59	5	shareholder	shareholder	NOUN
fbem-12125	59	6	responsibility	responsibility	NOUN
fbem-12125	59	7	,	,	PUNCT
fbem-12125	59	8	environmental	environmental	ADJ
fbem-12125	59	9	responsibility	responsibility	NOUN
fbem-12125	59	10	and	and	CCONJ
fbem-12125	59	11	social	social	ADJ
fbem-12125	59	12	responsibility	responsibility	NOUN
fbem-12125	59	13	have	have	VERB
fbem-12125	59	14	positive	positive	ADJ
fbem-12125	59	15	effect	effect	NOUN
fbem-12125	59	16	on	on	ADP
fbem-12125	59	17	stock	stock	NOUN
fbem-12125	59	18	market	market	NOUN
fbem-12125	59	19	performance	performance	NOUN
fbem-12125	59	20	,	,	PUNCT
fbem-12125	59	21	while	while	SCONJ
fbem-12125	59	22	stuff	stuff	NOUN
fbem-12125	59	23	responsibility	responsibility	NOUN
fbem-12125	59	24	,	,	PUNCT
fbem-12125	59	25	supplier	supplier	NOUN
fbem-12125	59	26	responsibility	responsibility	NOUN
fbem-12125	59	27	,	,	PUNCT
fbem-12125	59	28	customer	customer	NOUN
fbem-12125	59	29	responsibility	responsibility	NOUN
fbem-12125	59	30	and	and	CCONJ
fbem-12125	59	31	consumer	consumer	NOUN
fbem-12125	59	32	’s	’s	NOUN
fbem-12125	59	33	right	right	NOUN
fbem-12125	59	34	and	and	CCONJ
fbem-12125	59	35	interest	interest	NOUN
fbem-12125	59	36	have	have	VERB
fbem-12125	59	37	negative	negative	ADJ
fbem-12125	59	38	responsibility	responsibility	NOUN
fbem-12125	59	39	on	on	ADP
fbem-12125	59	40	financial	financial	ADJ
fbem-12125	59	41	performance	performance	NOUN
fbem-12125	59	42	.	.	PUNCT
fbem-12125	60	1	3	3	X
fbem-12125	60	2	.	.	X
fbem-12125	60	3	hypotheses	hypothesis	NOUN
fbem-12125	60	4	development	development	PROPN
fbem-12125	60	5	esg	esg	PROPN
fbem-12125	60	6	expresses	express	VERB
fbem-12125	60	7	more	more	ADJ
fbem-12125	60	8	information	information	NOUN
fbem-12125	60	9	of	of	ADP
fbem-12125	60	10	the	the	DET
fbem-12125	60	11	firm	firm	NOUN
fbem-12125	60	12	to	to	ADP
fbem-12125	60	13	investors	investor	NOUN
fbem-12125	60	14	.	.	PUNCT
fbem-12125	61	1	esg	esg	PROPN
fbem-12125	61	2	provide	provide	VERB
fbem-12125	61	3	to	to	ADP
fbem-12125	61	4	investors	investor	NOUN
fbem-12125	61	5	more	more	ADJ
fbem-12125	61	6	non	non	ADJ
fbem-12125	61	7	-	-	ADJ
fbem-12125	61	8	financial	financial	ADJ
fbem-12125	61	9	and	and	CCONJ
fbem-12125	61	10	financial	financial	ADJ
fbem-12125	61	11	information	information	NOUN
fbem-12125	61	12	,	,	PUNCT
fbem-12125	61	13	mitigating	mitigate	VERB
fbem-12125	61	14	the	the	DET
fbem-12125	61	15	information	information	NOUN
fbem-12125	61	16	asymmetry	asymmetry	NOUN
fbem-12125	61	17	.	.	PUNCT
fbem-12125	62	1	firm	firm	ADJ
fbem-12125	62	2	with	with	ADP
fbem-12125	62	3	strengths	strength	NOUN
fbem-12125	62	4	in	in	ADP
fbem-12125	62	5	esg	esg	PROPN
fbem-12125	62	6	can	can	AUX
fbem-12125	62	7	send	send	VERB
fbem-12125	62	8	out	out	ADP
fbem-12125	62	9	optimistic	optimistic	ADJ
fbem-12125	62	10	information	information	NOUN
fbem-12125	62	11	to	to	ADP
fbem-12125	62	12	externals	external	NOUN
fbem-12125	62	13	,	,	PUNCT
fbem-12125	62	14	and	and	CCONJ
fbem-12125	62	15	investors	investor	NOUN
fbem-12125	62	16	can	can	AUX
fbem-12125	62	17	understand	understand	VERB
fbem-12125	62	18	the	the	DET
fbem-12125	62	19	firm	firm	NOUN
fbem-12125	62	20	’s	’s	PART
fbem-12125	62	21	advantage	advantage	NOUN
fbem-12125	62	22	better	well	ADV
fbem-12125	62	23	.	.	PUNCT
fbem-12125	63	1	as	as	SCONJ
fbem-12125	63	2	the	the	DET
fbem-12125	63	3	investor	investor	NOUN
fbem-12125	63	4	’s	’s	PART
fbem-12125	63	5	confidence	confidence	NOUN
fbem-12125	63	6	on	on	ADP
fbem-12125	63	7	the	the	DET
fbem-12125	63	8	firm	firm	NOUN
fbem-12125	63	9	improved	improve	VERB
fbem-12125	63	10	,	,	PUNCT
fbem-12125	63	11	they	they	PRON
fbem-12125	63	12	may	may	AUX
fbem-12125	63	13	increase	increase	VERB
fbem-12125	63	14	the	the	DET
fbem-12125	63	15	investments	investment	NOUN
fbem-12125	63	16	of	of	ADP
fbem-12125	63	17	the	the	DET
fbem-12125	63	18	firm	firm	NOUN
fbem-12125	63	19	and	and	CCONJ
fbem-12125	63	20	the	the	DET
fbem-12125	63	21	externals	external	NOUN
fbem-12125	63	22	will	will	AUX
fbem-12125	63	23	hold	hold	VERB
fbem-12125	63	24	optimistic	optimistic	ADJ
fbem-12125	63	25	attitude	attitude	NOUN
fbem-12125	63	26	to	to	ADP
fbem-12125	63	27	the	the	DET
fbem-12125	63	28	firm	firm	NOUN
fbem-12125	63	29	,	,	PUNCT
fbem-12125	63	30	which	which	PRON
fbem-12125	63	31	reflects	reflect	VERB
fbem-12125	63	32	on	on	ADP
fbem-12125	63	33	stock	stock	NOUN
fbem-12125	63	34	market	market	NOUN
fbem-12125	63	35	higher	high	ADJ
fbem-12125	63	36	share	share	NOUN
fbem-12125	63	37	prices	price	NOUN
fbem-12125	63	38	and	and	CCONJ
fbem-12125	63	39	return	return	VERB
fbem-12125	63	40	rate	rate	NOUN
fbem-12125	63	41	in	in	ADP
fbem-12125	63	42	effective	effective	ADJ
fbem-12125	63	43	market	market	NOUN
fbem-12125	63	44	.	.	PUNCT
fbem-12125	64	1	and	and	CCONJ
fbem-12125	64	2	the	the	DET
fbem-12125	64	3	share	share	NOUN
fbem-12125	64	4	will	will	AUX
fbem-12125	64	5	be	be	AUX
fbem-12125	64	6	less	less	ADV
fbem-12125	64	7	volatile	volatile	ADJ
fbem-12125	64	8	,	,	PUNCT
fbem-12125	64	9	and	and	CCONJ
fbem-12125	64	10	be	be	AUX
fbem-12125	64	11	more	more	ADV
fbem-12125	64	12	steadily	steadily	ADV
fbem-12125	64	13	increased	increase	VERB
fbem-12125	64	14	.	.	PUNCT
fbem-12125	65	1	esg	esg	NOUN
fbem-12125	65	2	factors	factor	NOUN
fbem-12125	65	3	have	have	VERB
fbem-12125	65	4	a	a	DET
fbem-12125	65	5	significant	significant	ADJ
fbem-12125	65	6	impact	impact	NOUN
fbem-12125	65	7	on	on	ADP
fbem-12125	65	8	the	the	DET
fbem-12125	65	9	operation	operation	NOUN
fbem-12125	65	10	of	of	ADP
fbem-12125	65	11	a	a	DET
fbem-12125	65	12	company	company	NOUN
fbem-12125	65	13	.	.	PUNCT
fbem-12125	66	1	according	accord	VERB
fbem-12125	66	2	to	to	ADP
fbem-12125	66	3	henriksson	henriksson	PROPN
fbem-12125	66	4	et	et	PROPN
fbem-12125	66	5	al	al	PROPN
fbem-12125	66	6	.	.	PROPN
fbem-12125	67	1	(	(	PUNCT
fbem-12125	67	2	2019	2019	NUM
fbem-12125	67	3	)	)	PUNCT
fbem-12125	67	4	,	,	PUNCT
fbem-12125	67	5	companies	company	NOUN
fbem-12125	67	6	with	with	ADP
fbem-12125	67	7	better	well	ADJ
fbem-12125	67	8	esg	esg	PROPN
fbem-12125	67	9	scores	score	NOUN
fbem-12125	67	10	tend	tend	VERB
fbem-12125	67	11	to	to	PART
fbem-12125	67	12	have	have	VERB
fbem-12125	67	13	lower	low	ADJ
fbem-12125	67	14	equity	equity	NOUN
fbem-12125	67	15	capital	capital	NOUN
fbem-12125	67	16	costs	cost	NOUN
fbem-12125	67	17	and	and	CCONJ
fbem-12125	67	18	higher	high	ADJ
fbem-12125	67	19	credit	credit	NOUN
fbem-12125	67	20	ratings	rating	NOUN
fbem-12125	68	1	[	[	X
fbem-12125	68	2	12	12	NUM
fbem-12125	68	3	]	]	PUNCT
fbem-12125	68	4	.	.	PUNCT
fbem-12125	69	1	this	this	PRON
fbem-12125	69	2	is	be	AUX
fbem-12125	69	3	because	because	SCONJ
fbem-12125	69	4	investors	investor	NOUN
fbem-12125	69	5	require	require	VERB
fbem-12125	69	6	a	a	DET
fbem-12125	69	7	higher	high	ADJ
fbem-12125	69	8	return	return	NOUN
fbem-12125	69	9	when	when	SCONJ
fbem-12125	69	10	information	information	NOUN
fbem-12125	69	11	transparency	transparency	NOUN
fbem-12125	69	12	is	be	AUX
fbem-12125	69	13	low	low	ADJ
fbem-12125	69	14	,	,	PUNCT
fbem-12125	69	15	and	and	CCONJ
fbem-12125	69	16	esg	esg	NOUN
fbem-12125	69	17	provides	provide	VERB
fbem-12125	69	18	more	more	ADJ
fbem-12125	69	19	information	information	NOUN
fbem-12125	69	20	to	to	ADP
fbem-12125	69	21	investors	investor	NOUN
fbem-12125	69	22	.	.	PUNCT
fbem-12125	70	1	therefore	therefore	ADV
fbem-12125	70	2	,	,	PUNCT
fbem-12125	70	3	companies	company	NOUN
fbem-12125	70	4	with	with	ADP
fbem-12125	70	5	better	well	ADJ
fbem-12125	70	6	esg	esg	NOUN
fbem-12125	70	7	performance	performance	NOUN
fbem-12125	70	8	can	can	AUX
fbem-12125	70	9	enjoy	enjoy	VERB
fbem-12125	70	10	a	a	DET
fbem-12125	70	11	lower	low	ADJ
fbem-12125	70	12	cost	cost	NOUN
fbem-12125	70	13	of	of	ADP
fbem-12125	70	14	capital	capital	NOUN
fbem-12125	70	15	and	and	CCONJ
fbem-12125	70	16	a	a	DET
fbem-12125	70	17	better	well	ADJ
fbem-12125	70	18	reputation	reputation	NOUN
fbem-12125	70	19	among	among	ADP
fbem-12125	70	20	investors	investor	NOUN
fbem-12125	70	21	.	.	PUNCT
fbem-12125	71	1	moreover	moreover	ADV
fbem-12125	71	2	,	,	PUNCT
fbem-12125	71	3	luo	luo	PROPN
fbem-12125	71	4	et	et	PROPN
fbem-12125	71	5	al	al	PROPN
fbem-12125	71	6	.	.	PROPN
fbem-12125	71	7	(	(	PUNCT
fbem-12125	71	8	2022	2022	NUM
fbem-12125	71	9	)	)	PUNCT
fbem-12125	71	10	demonstrate	demonstrate	VERB
fbem-12125	71	11	that	that	SCONJ
fbem-12125	71	12	incorporating	incorporate	VERB
fbem-12125	71	13	esg	esg	PROPN
fbem-12125	71	14	information	information	NOUN
fbem-12125	71	15	into	into	ADP
fbem-12125	71	16	the	the	DET
fbem-12125	71	17	forecast	forecast	NOUN
fbem-12125	71	18	process	process	NOUN
fbem-12125	71	19	can	can	AUX
fbem-12125	71	20	improve	improve	VERB
fbem-12125	71	21	analysts	analyst	NOUN
fbem-12125	71	22	'	'	PART
fbem-12125	71	23	earnings	earning	NOUN
fbem-12125	71	24	forecast	forecast	NOUN
fbem-12125	72	1	[	[	X
fbem-12125	72	2	1	1	NUM
fbem-12125	72	3	]	]	PUNCT
fbem-12125	72	4	.	.	PUNCT
fbem-12125	73	1	this	this	PRON
fbem-12125	73	2	is	be	AUX
fbem-12125	73	3	because	because	SCONJ
fbem-12125	73	4	external	external	ADJ
fbem-12125	73	5	stakeholders	stakeholder	NOUN
fbem-12125	73	6	can	can	AUX
fbem-12125	73	7	better	well	ADV
fbem-12125	73	8	monitor	monitor	VERB
fbem-12125	73	9	the	the	DET
fbem-12125	73	10	company	company	NOUN
fbem-12125	73	11	's	's	PART
fbem-12125	73	12	management	management	NOUN
fbem-12125	73	13	actions	action	NOUN
fbem-12125	73	14	and	and	CCONJ
fbem-12125	73	15	governance	governance	NOUN
fbem-12125	73	16	practices	practice	NOUN
fbem-12125	73	17	,	,	PUNCT
fbem-12125	73	18	which	which	PRON
fbem-12125	73	19	reduces	reduce	VERB
fbem-12125	73	20	the	the	DET
fbem-12125	73	21	likelihood	likelihood	NOUN
fbem-12125	73	22	of	of	ADP
fbem-12125	73	23	earnings	earning	NOUN
fbem-12125	73	24	management	management	NOUN
fbem-12125	73	25	and	and	CCONJ
fbem-12125	73	26	improves	improve	VERB
fbem-12125	73	27	earnings	earning	NOUN
fbem-12125	73	28	quality	quality	NOUN
fbem-12125	73	29	.	.	PUNCT
fbem-12125	74	1	companies	company	NOUN
fbem-12125	74	2	with	with	ADP
fbem-12125	74	3	better	well	ADJ
fbem-12125	74	4	esg	esg	NOUN
fbem-12125	74	5	performance	performance	NOUN
fbem-12125	74	6	also	also	ADV
fbem-12125	74	7	tend	tend	VERB
fbem-12125	74	8	to	to	PART
fbem-12125	74	9	follow	follow	VERB
fbem-12125	74	10	good	good	ADJ
fbem-12125	74	11	business	business	NOUN
fbem-12125	74	12	ethics	ethic	NOUN
fbem-12125	74	13	and	and	CCONJ
fbem-12125	74	14	regulations	regulation	NOUN
fbem-12125	74	15	,	,	PUNCT
fbem-12125	74	16	which	which	PRON
fbem-12125	74	17	is	be	AUX
fbem-12125	74	18	good	good	ADJ
fbem-12125	74	19	for	for	ADP
fbem-12125	74	20	the	the	DET
fbem-12125	74	21	long	long	ADJ
fbem-12125	74	22	-	-	PUNCT
fbem-12125	74	23	term	term	NOUN
fbem-12125	74	24	development	development	NOUN
fbem-12125	74	25	of	of	ADP
fbem-12125	74	26	the	the	DET
fbem-12125	74	27	firm	firm	NOUN
fbem-12125	74	28	.	.	PUNCT
fbem-12125	75	1	as	as	ADP
fbem-12125	75	2	a	a	DET
fbem-12125	75	3	result	result	NOUN
fbem-12125	75	4	,	,	PUNCT
fbem-12125	75	5	the	the	DET
fbem-12125	75	6	risk	risk	NOUN
fbem-12125	75	7	of	of	ADP
fbem-12125	75	8	stock	stock	NOUN
fbem-12125	75	9	failure	failure	NOUN
fbem-12125	75	10	is	be	AUX
fbem-12125	75	11	reduced	reduce	VERB
fbem-12125	75	12	,	,	PUNCT
fbem-12125	75	13	and	and	CCONJ
fbem-12125	75	14	the	the	DET
fbem-12125	75	15	image	image	NOUN
fbem-12125	75	16	,	,	PUNCT
fbem-12125	75	17	reputation	reputation	NOUN
fbem-12125	75	18	,	,	PUNCT
fbem-12125	75	19	and	and	CCONJ
fbem-12125	75	20	goodwill	goodwill	NOUN
fbem-12125	75	21	of	of	ADP
fbem-12125	75	22	the	the	DET
fbem-12125	75	23	company	company	NOUN
fbem-12125	75	24	improve	improve	VERB
fbem-12125	75	25	.	.	PUNCT
fbem-12125	76	1	as	as	SCONJ
fbem-12125	76	2	managements	management	NOUN
fbem-12125	76	3	and	and	CCONJ
fbem-12125	76	4	those	those	PRON
fbem-12125	76	5	in	in	ADP
fbem-12125	76	6	charge	charge	NOUN
fbem-12125	76	7	of	of	ADP
fbem-12125	76	8	governance	governance	NOUN
fbem-12125	76	9	strive	strive	VERB
fbem-12125	76	10	to	to	PART
fbem-12125	76	11	improve	improve	VERB
fbem-12125	76	12	the	the	DET
fbem-12125	76	13	effectiveness	effectiveness	NOUN
fbem-12125	76	14	of	of	ADP
fbem-12125	76	15	governance	governance	NOUN
fbem-12125	76	16	,	,	PUNCT
fbem-12125	76	17	they	they	PRON
fbem-12125	76	18	can	can	AUX
fbem-12125	76	19	avoid	avoid	VERB
fbem-12125	76	20	the	the	DET
fbem-12125	76	21	misuse	misuse	NOUN
fbem-12125	76	22	of	of	ADP
fbem-12125	76	23	capital	capital	NOUN
fbem-12125	76	24	and	and	CCONJ
fbem-12125	76	25	improve	improve	VERB
fbem-12125	76	26	the	the	DET
fbem-12125	76	27	efficiency	efficiency	NOUN
fbem-12125	76	28	of	of	ADP
fbem-12125	76	29	investment	investment	NOUN
fbem-12125	76	30	appraisal	appraisal	NOUN
fbem-12125	76	31	.	.	PUNCT
fbem-12125	77	1	this	this	PRON
fbem-12125	77	2	,	,	PUNCT
fbem-12125	77	3	in	in	ADP
fbem-12125	77	4	turn	turn	NOUN
fbem-12125	77	5	,	,	PUNCT
fbem-12125	77	6	leads	lead	VERB
fbem-12125	77	7	to	to	ADP
fbem-12125	77	8	better	well	ADJ
fbem-12125	77	9	financial	financial	ADJ
fbem-12125	77	10	and	and	CCONJ
fbem-12125	77	11	operational	operational	ADJ
fbem-12125	77	12	performance	performance	NOUN
fbem-12125	77	13	,	,	PUNCT
fbem-12125	77	14	resulting	result	VERB
fbem-12125	77	15	in	in	ADP
fbem-12125	77	16	improved	improved	ADJ
fbem-12125	77	17	profitability	profitability	NOUN
fbem-12125	77	18	and	and	CCONJ
fbem-12125	77	19	earnings	earning	NOUN
fbem-12125	77	20	,	,	PUNCT
fbem-12125	77	21	and	and	CCONJ
fbem-12125	77	22	reducing	reduce	VERB
fbem-12125	77	23	operational	operational	ADJ
fbem-12125	77	24	risks	risk	NOUN
fbem-12125	77	25	.	.	PUNCT
fbem-12125	78	1	by	by	ADP
fbem-12125	78	2	adopting	adopt	VERB
fbem-12125	78	3	esg	esg	NOUN
fbem-12125	78	4	strategies	strategy	NOUN
fbem-12125	78	5	,	,	PUNCT
fbem-12125	78	6	companies	company	NOUN
fbem-12125	78	7	can	can	AUX
fbem-12125	78	8	also	also	ADV
fbem-12125	78	9	gain	gain	VERB
fbem-12125	78	10	a	a	DET
fbem-12125	78	11	competitive	competitive	ADJ
fbem-12125	78	12	advantage	advantage	NOUN
fbem-12125	78	13	and	and	CCONJ
fbem-12125	78	14	foster	foster	ADJ
fbem-12125	78	15	innovation	innovation	NOUN
fbem-12125	78	16	,	,	PUNCT
fbem-12125	78	17	as	as	SCONJ
fbem-12125	78	18	they	they	PRON
fbem-12125	78	19	are	be	AUX
fbem-12125	78	20	better	well	ADV
fbem-12125	78	21	able	able	ADJ
fbem-12125	78	22	to	to	PART
fbem-12125	78	23	meet	meet	VERB
fbem-12125	78	24	the	the	DET
fbem-12125	78	25	needs	need	NOUN
fbem-12125	78	26	of	of	ADP
fbem-12125	78	27	socially	socially	ADV
fbem-12125	78	28	conscious	conscious	ADJ
fbem-12125	78	29	consumers	consumer	NOUN
fbem-12125	78	30	and	and	CCONJ
fbem-12125	78	31	stakeholders	stakeholder	NOUN
fbem-12125	78	32	.	.	PUNCT
fbem-12125	79	1	moreover	moreover	ADV
fbem-12125	79	2	,	,	PUNCT
fbem-12125	79	3	companies	company	NOUN
fbem-12125	79	4	with	with	ADP
fbem-12125	79	5	better	well	ADJ
fbem-12125	79	6	esg	esg	NOUN
fbem-12125	79	7	performance	performance	NOUN
fbem-12125	79	8	are	be	AUX
fbem-12125	79	9	more	more	ADV
fbem-12125	79	10	attractive	attractive	ADJ
fbem-12125	79	11	to	to	ADP
fbem-12125	79	12	socially	socially	ADV
fbem-12125	79	13	responsible	responsible	ADJ
fbem-12125	79	14	investors	investor	NOUN
fbem-12125	79	15	.	.	PUNCT
fbem-12125	80	1	verheyden	verheyden	PROPN
fbem-12125	80	2	et	et	PROPN
fbem-12125	80	3	al	al	PROPN
fbem-12125	80	4	.	.	PROPN
fbem-12125	81	1	(	(	PUNCT
fbem-12125	81	2	2016	2016	NUM
fbem-12125	81	3	)	)	PUNCT
fbem-12125	81	4	show	show	VERB
fbem-12125	81	5	that	that	SCONJ
fbem-12125	81	6	incorporating	incorporate	VERB
fbem-12125	81	7	esg	esg	PROPN
fbem-12125	81	8	information	information	NOUN
fbem-12125	81	9	into	into	ADP
fbem-12125	81	10	each	each	DET
fbem-12125	81	11	investment	investment	NOUN
fbem-12125	81	12	method	method	NOUN
fbem-12125	81	13	can	can	AUX
fbem-12125	81	14	facilitate	facilitate	VERB
fbem-12125	81	15	better	well	ADJ
fbem-12125	81	16	decision	decision	NOUN
fbem-12125	81	17	-	-	PUNCT
fbem-12125	81	18	making	making	NOUN
fbem-12125	81	19	[	[	X
fbem-12125	81	20	8	8	NUM
fbem-12125	81	21	]	]	PUNCT
fbem-12125	81	22	.	.	PUNCT
fbem-12125	82	1	the	the	DET
fbem-12125	82	2	optimal	optimal	ADJ
fbem-12125	82	3	allocation	allocation	NOUN
fbem-12125	82	4	depends	depend	VERB
fbem-12125	82	5	on	on	ADP
fbem-12125	82	6	the	the	DET
fbem-12125	82	7	fund	fund	NOUN
fbem-12125	82	8	manager	manager	NOUN
fbem-12125	82	9	's	's	PART
fbem-12125	82	10	preference	preference	NOUN
fbem-12125	82	11	and	and	CCONJ
fbem-12125	82	12	willingness	willingness	NOUN
fbem-12125	82	13	to	to	PART
fbem-12125	82	14	deviate	deviate	VERB
fbem-12125	82	15	from	from	ADP
fbem-12125	82	16	the	the	DET
fbem-12125	82	17	benchmark	benchmark	NOUN
fbem-12125	82	18	before	before	ADP
fbem-12125	82	19	screening	screen	VERB
fbem-12125	82	20	.	.	PUNCT
fbem-12125	83	1	these	these	DET
fbem-12125	83	2	investors	investor	NOUN
fbem-12125	83	3	tend	tend	VERB
fbem-12125	83	4	to	to	PART
fbem-12125	83	5	consider	consider	VERB
fbem-12125	83	6	a	a	DET
fbem-12125	83	7	company	company	NOUN
fbem-12125	83	8	's	's	PART
fbem-12125	83	9	social	social	ADJ
fbem-12125	83	10	and	and	CCONJ
fbem-12125	83	11	environmental	environmental	ADJ
fbem-12125	83	12	impact	impact	NOUN
fbem-12125	83	13	,	,	PUNCT
fbem-12125	83	14	as	as	ADV
fbem-12125	83	15	well	well	ADV
fbem-12125	83	16	as	as	ADP
fbem-12125	83	17	its	its	PRON
fbem-12125	83	18	financial	financial	ADJ
fbem-12125	83	19	performance	performance	NOUN
fbem-12125	83	20	,	,	PUNCT
fbem-12125	83	21	when	when	SCONJ
fbem-12125	83	22	making	make	VERB
fbem-12125	83	23	investment	investment	NOUN
fbem-12125	83	24	decisions	decision	NOUN
fbem-12125	83	25	.	.	PUNCT
fbem-12125	84	1	therefore	therefore	ADV
fbem-12125	84	2	,	,	PUNCT
fbem-12125	84	3	companies	company	NOUN
fbem-12125	84	4	with	with	ADP
fbem-12125	84	5	better	well	ADJ
fbem-12125	84	6	esg	esg	NOUN
fbem-12125	84	7	performance	performance	NOUN
fbem-12125	84	8	are	be	AUX
fbem-12125	84	9	more	more	ADV
fbem-12125	84	10	likely	likely	ADJ
fbem-12125	84	11	to	to	PART
fbem-12125	84	12	attract	attract	VERB
fbem-12125	84	13	socially	socially	ADV
fbem-12125	84	14	responsible	responsible	ADJ
fbem-12125	84	15	investors	investor	NOUN
fbem-12125	84	16	,	,	PUNCT
fbem-12125	84	17	which	which	PRON
fbem-12125	84	18	can	can	AUX
fbem-12125	84	19	lead	lead	VERB
fbem-12125	84	20	to	to	ADP
fbem-12125	84	21	increased	increase	VERB
fbem-12125	84	22	demand	demand	NOUN
fbem-12125	84	23	for	for	ADP
fbem-12125	84	24	their	their	PRON
fbem-12125	84	25	shares	share	NOUN
fbem-12125	84	26	and	and	CCONJ
fbem-12125	84	27	a	a	DET
fbem-12125	84	28	higher	high	ADJ
fbem-12125	84	29	valuation	valuation	NOUN
fbem-12125	84	30	of	of	ADP
fbem-12125	84	31	their	their	PRON
fbem-12125	84	32	stock	stock	NOUN
fbem-12125	84	33	.	.	PUNCT
fbem-12125	85	1	in	in	ADP
fbem-12125	85	2	summary	summary	NOUN
fbem-12125	85	3	,	,	PUNCT
fbem-12125	85	4	we	we	PRON
fbem-12125	85	5	argue	argue	VERB
fbem-12125	85	6	that	that	SCONJ
fbem-12125	85	7	esg	esg	PROPN
fbem-12125	85	8	information	information	NOUN
fbem-12125	85	9	strengthen	strengthen	VERB
fbem-12125	85	10	the	the	DET
fbem-12125	85	11	firm	firm	NOUN
fbem-12125	85	12	’s	’s	PART
fbem-12125	85	13	stock	stock	NOUN
fbem-12125	85	14	market	market	NOUN
fbem-12125	85	15	performance	performance	NOUN
fbem-12125	85	16	by	by	ADP
fbem-12125	85	17	reducing	reduce	VERB
fbem-12125	85	18	the	the	DET
fbem-12125	85	19	information	information	NOUN
fbem-12125	85	20	and	and	CCONJ
fbem-12125	85	21	operating	operating	NOUN
fbem-12125	85	22	risks	risk	NOUN
fbem-12125	85	23	.	.	PUNCT
fbem-12125	86	1	based	base	VERB
fbem-12125	86	2	on	on	ADP
fbem-12125	86	3	the	the	DET
fbem-12125	86	4	above	above	ADJ
fbem-12125	86	5	analyses	analysis	NOUN
fbem-12125	86	6	,	,	PUNCT
fbem-12125	86	7	this	this	DET
fbem-12125	86	8	study	study	NOUN
fbem-12125	86	9	proposes	propose	VERB
fbem-12125	86	10	the	the	DET
fbem-12125	86	11	following	follow	VERB
fbem-12125	86	12	hypothesis	hypothesis	NOUN
fbem-12125	86	13	.	.	PUNCT
fbem-12125	87	1	hypothesis	hypothesis	NOUN
fbem-12125	87	2	1	1	NUM
fbem-12125	87	3	:	:	PUNCT
fbem-12125	87	4	firm	firm	ADJ
fbem-12125	87	5	esg	esg	PROPN
fbem-12125	87	6	factor	factor	NOUN
fbem-12125	87	7	improves	improve	VERB
fbem-12125	87	8	the	the	DET
fbem-12125	87	9	stock	stock	NOUN
fbem-12125	87	10	market	market	NOUN
fbem-12125	87	11	performance	performance	NOUN
fbem-12125	87	12	.	.	PUNCT
fbem-12125	88	1	4	4	X
fbem-12125	88	2	.	.	X
fbem-12125	88	3	research	research	NOUN
fbem-12125	88	4	design	design	NOUN
fbem-12125	88	5	4.1	4.1	NUM
fbem-12125	88	6	.	.	PUNCT
fbem-12125	89	1	sample	sample	NOUN
fbem-12125	89	2	and	and	CCONJ
fbem-12125	89	3	data	datum	NOUN
fbem-12125	89	4	sources	source	NOUN
fbem-12125	89	5	our	our	PRON
fbem-12125	89	6	sample	sample	NOUN
fbem-12125	89	7	consists	consist	VERB
fbem-12125	89	8	of	of	ADP
fbem-12125	89	9	all	all	DET
fbem-12125	89	10	chinese	chinese	ADJ
fbem-12125	89	11	listed	list	VERB
fbem-12125	89	12	firms	firm	NOUN
fbem-12125	89	13	on	on	ADP
fbem-12125	89	14	shanghai	shanghai	PROPN
fbem-12125	89	15	and	and	CCONJ
fbem-12125	89	16	shenzhen	shenzhen	PROPN
fbem-12125	89	17	stock	stock	PROPN
fbem-12125	89	18	exchanges	exchange	NOUN
fbem-12125	89	19	during	during	ADP
fbem-12125	89	20	the	the	DET
fbem-12125	89	21	period	period	NOUN
fbem-12125	89	22	of	of	ADP
fbem-12125	89	23	20092020	20092020	NUM
fbem-12125	89	24	.	.	PUNCT
fbem-12125	90	1	our	our	PRON
fbem-12125	90	2	sample	sample	NOUN
fbem-12125	90	3	starts	start	VERB
fbem-12125	90	4	from	from	ADP
fbem-12125	90	5	2009	2009	NUM
fbem-12125	90	6	because	because	SCONJ
fbem-12125	90	7	esg	esg	PROPN
fbem-12125	90	8	rating	rating	NOUN
fbem-12125	90	9	of	of	ADP
fbem-12125	90	10	sino	sino	ADJ
fbem-12125	90	11	-	-	PUNCT
fbem-12125	90	12	securities	security	NOUN
fbem-12125	90	13	index	index	NOUN
fbem-12125	90	14	began	begin	VERB
fbem-12125	90	15	to	to	PART
fbem-12125	90	16	rate	rate	VERB
fbem-12125	90	17	in	in	ADP
fbem-12125	90	18	2009	2009	NUM
fbem-12125	90	19	,	,	PUNCT
fbem-12125	90	20	and	and	CCONJ
fbem-12125	90	21	the	the	DET
fbem-12125	90	22	newest	new	ADJ
fbem-12125	90	23	data	datum	NOUN
fbem-12125	90	24	is	be	AUX
fbem-12125	90	25	updated	update	VERB
fbem-12125	90	26	in	in	ADP
fbem-12125	90	27	2020	2020	NUM
fbem-12125	90	28	.	.	PUNCT
fbem-12125	91	1	we	we	PRON
fbem-12125	91	2	exclude	exclude	VERB
fbem-12125	91	3	:	:	PUNCT
fbem-12125	91	4	(	(	PUNCT
fbem-12125	91	5	1	1	X
fbem-12125	91	6	)	)	PUNCT
fbem-12125	91	7	firms	firm	NOUN
fbem-12125	91	8	in	in	ADP
fbem-12125	91	9	financing	finance	VERB
fbem-12125	91	10	industry	industry	NOUN
fbem-12125	91	11	as	as	SCONJ
fbem-12125	91	12	they	they	PRON
fbem-12125	91	13	have	have	VERB
fbem-12125	91	14	different	different	ADJ
fbem-12125	91	15	regulation	regulation	NOUN
fbem-12125	91	16	environment	environment	NOUN
fbem-12125	91	17	and	and	CCONJ
fbem-12125	91	18	accounting	accounting	NOUN
fbem-12125	91	19	reporting	reporting	NOUN
fbem-12125	91	20	regulations	regulation	NOUN
fbem-12125	91	21	.	.	PUNCT
fbem-12125	92	1	(	(	PUNCT
fbem-12125	92	2	2	2	X
fbem-12125	92	3	)	)	PUNCT
fbem-12125	92	4	firms	firm	NOUN
fbem-12125	92	5	with	with	ADP
fbem-12125	92	6	financial	financial	ADJ
fbem-12125	92	7	difficulties	difficulty	NOUN
fbem-12125	92	8	and	and	CCONJ
fbem-12125	92	9	listing	list	VERB
fbem-12125	92	10	suspension	suspension	NOUN
fbem-12125	92	11	(	(	PUNCT
fbem-12125	92	12	st	st	NOUN
fbem-12125	92	13	)	)	PUNCT
fbem-12125	92	14	.	.	PUNCT
fbem-12125	93	1	observations	observation	NOUN
fbem-12125	93	2	are	be	AUX
fbem-12125	93	3	32044	32044	NUM
fbem-12125	93	4	.	.	PUNCT
fbem-12125	94	1	the	the	DET
fbem-12125	94	2	data	datum	NOUN
fbem-12125	94	3	of	of	ADP
fbem-12125	94	4	financial	financial	ADJ
fbem-12125	94	5	and	and	CCONJ
fbem-12125	94	6	corporate	corporate	ADJ
fbem-12125	94	7	governance	governance	NOUN
fbem-12125	94	8	are	be	AUX
fbem-12125	94	9	obtained	obtain	VERB
fbem-12125	94	10	from	from	ADP
fbem-12125	94	11	csmar	csmar	PROPN
fbem-12125	94	12	database	database	NOUN
fbem-12125	94	13	.	.	PUNCT
fbem-12125	95	1	the	the	DET
fbem-12125	95	2	esg	esg	PROPN
fbem-12125	95	3	data	datum	NOUN
fbem-12125	95	4	are	be	AUX
fbem-12125	95	5	from	from	ADP
fbem-12125	95	6	sino	sino	ADJ
fbem-12125	95	7	-	-	PUNCT
fbem-12125	95	8	securities	security	NOUN
fbem-12125	95	9	index	index	NOUN
fbem-12125	95	10	,	,	PUNCT
fbem-12125	95	11	wind	wind	NOUN
fbem-12125	95	12	database	database	NOUN
fbem-12125	95	13	.	.	PUNCT
fbem-12125	96	1	4.2	4.2	NUM
fbem-12125	96	2	.	.	PUNCT
fbem-12125	96	3	variance	variance	NOUN
fbem-12125	96	4	definition	definition	NOUN
fbem-12125	96	5	independent	independent	ADJ
fbem-12125	96	6	variables	variable	NOUN
fbem-12125	96	7	.	.	PUNCT
fbem-12125	97	1	following	follow	VERB
fbem-12125	97	2	the	the	DET
fbem-12125	97	3	previous	previous	ADJ
fbem-12125	97	4	study	study	NOUN
fbem-12125	97	5	(	(	PUNCT
fbem-12125	97	6	luo	luo	PROPN
fbem-12125	97	7	and	and	CCONJ
fbem-12125	97	8	wu	wu	PROPN
fbem-12125	97	9	,	,	PUNCT
fbem-12125	97	10	2022	2022	NUM
fbem-12125	97	11	)	)	PUNCT
fbem-12125	98	1	[	[	X
fbem-12125	98	2	1	1	NUM
fbem-12125	98	3	]	]	PUNCT
fbem-12125	98	4	,	,	PUNCT
fbem-12125	98	5	we	we	PRON
fbem-12125	98	6	use	use	VERB
fbem-12125	98	7	csi	csi	PROPN
fbem-12125	98	8	esg	esg	PROPN
fbem-12125	98	9	rating	rating	NOUN
fbem-12125	98	10	(	(	PUNCT
fbem-12125	98	11	esg	esg	PROPN
fbem-12125	98	12	)	)	PUNCT
fbem-12125	98	13	as	as	ADP
fbem-12125	98	14	the	the	DET
fbem-12125	98	15	proxy	proxy	NOUN
fbem-12125	98	16	of	of	ADP
fbem-12125	98	17	esg	esg	PROPN
fbem-12125	98	18	fulfilment	fulfilment	NOUN
fbem-12125	98	19	.	.	PUNCT
fbem-12125	99	1	the	the	DET
fbem-12125	99	2	csi	csi	PROPN
fbem-12125	99	3	esg	esg	PROPN
fbem-12125	99	4	rating	rating	NOUN
fbem-12125	99	5	system	system	NOUN
fbem-12125	99	6	is	be	AUX
fbem-12125	99	7	based	base	VERB
fbem-12125	99	8	on	on	ADP
fbem-12125	99	9	international	international	ADJ
fbem-12125	99	10	mainstream	mainstream	NOUN
fbem-12125	99	11	methods	method	NOUN
fbem-12125	99	12	and	and	CCONJ
fbem-12125	99	13	practical	practical	ADJ
fbem-12125	99	14	experience	experience	NOUN
fbem-12125	99	15	,	,	PUNCT
fbem-12125	99	16	as	as	ADV
fbem-12125	99	17	well	well	ADV
fbem-12125	99	18	as	as	ADP
fbem-12125	99	19	the	the	DET
fbem-12125	99	20	core	core	NOUN
fbem-12125	99	21	tenets	tenet	NOUN
fbem-12125	99	22	of	of	ADP
fbem-12125	99	23	international	international	ADJ
fbem-12125	99	24	esg	esg	PROPN
fbem-12125	99	25	,	,	PUNCT
fbem-12125	99	26	combined	combine	VERB
fbem-12125	99	27	with	with	ADP
fbem-12125	99	28	china	china	PROPN
fbem-12125	99	29	's	's	PART
fbem-12125	99	30	national	national	ADJ
fbem-12125	99	31	conditions	condition	NOUN
fbem-12125	99	32	and	and	CCONJ
fbem-12125	99	33	the	the	DET
fbem-12125	99	34	characteristics	characteristic	NOUN
fbem-12125	99	35	of	of	ADP
fbem-12125	99	36	the	the	DET
fbem-12125	99	37	capital	capital	NOUN
fbem-12125	99	38	market	market	NOUN
fbem-12125	99	39	,	,	PUNCT
fbem-12125	99	40	from	from	ADP
fbem-12125	99	41	the	the	DET
fbem-12125	99	42	three	three	NUM
fbem-12125	99	43	dimensions	dimension	NOUN
fbem-12125	99	44	of	of	ADP
fbem-12125	99	45	environmental	environmental	ADJ
fbem-12125	99	46	,	,	PUNCT
fbem-12125	99	47	social	social	ADJ
fbem-12125	99	48	and	and	CCONJ
fbem-12125	99	49	corporate	corporate	ADJ
fbem-12125	99	50	governance	governance	NOUN
fbem-12125	99	51	.	.	PUNCT
fbem-12125	100	1	this	this	DET
fbem-12125	100	2	score	score	NOUN
fbem-12125	100	3	captures	capture	VERB
fbem-12125	100	4	how	how	SCONJ
fbem-12125	100	5	firms	firm	NOUN
fbem-12125	100	6	report	report	VERB
fbem-12125	100	7	their	their	PRON
fbem-12125	100	8	esg	esg	NOUN
fbem-12125	100	9	initiatives	initiative	NOUN
fbem-12125	100	10	along	along	ADP
fbem-12125	100	11	16	16	NUM
fbem-12125	100	12	indicators	indicator	NOUN
fbem-12125	100	13	and	and	CCONJ
fbem-12125	100	14	44	44	NUM
fbem-12125	100	15	sub	sub	NOUN
fbem-12125	100	16	-	-	NOUN
fbem-12125	100	17	indicators	indicator	NOUN
fbem-12125	100	18	,	,	PUNCT
fbem-12125	100	19	and	and	CCONJ
fbem-12125	100	20	use	use	VERB
fbem-12125	100	21	9	9	NUM
fbem-12125	100	22	ratings	rating	NOUN
fbem-12125	100	23	from	from	ADP
fbem-12125	100	24	c	c	PROPN
fbem-12125	100	25	to	to	PART
fbem-12125	100	26	aaa	aaa	VERB
fbem-12125	100	27	scoring	score	VERB
fbem-12125	100	28	the	the	DET
fbem-12125	100	29	firms	firm	NOUN
fbem-12125	100	30	’	’	PART
fbem-12125	100	31	performance	performance	NOUN
fbem-12125	100	32	.	.	PUNCT
fbem-12125	101	1	aaa	aaa	PROPN
fbem-12125	101	2	indicates	indicate	VERB
fbem-12125	101	3	best	good	ADJ
fbem-12125	101	4	esg	esg	NOUN
fbem-12125	101	5	rating	rating	NOUN
fbem-12125	101	6	.	.	PUNCT
fbem-12125	102	1	we	we	PRON
fbem-12125	102	2	acknowledge	acknowledge	VERB
fbem-12125	102	3	that	that	SCONJ
fbem-12125	102	4	there	there	PRON
fbem-12125	102	5	is	be	VERB
fbem-12125	102	6	a	a	DET
fbem-12125	102	7	divergence	divergence	NOUN
fbem-12125	102	8	between	between	ADP
fbem-12125	102	9	different	different	ADJ
fbem-12125	102	10	esg	esg	NOUN
fbem-12125	102	11	ratings	rating	NOUN
fbem-12125	102	12	provided	provide	VERB
fbem-12125	102	13	by	by	ADP
fbem-12125	102	14	distinct	distinct	ADJ
fbem-12125	102	15	rating	rating	NOUN
fbem-12125	102	16	organizations	organization	NOUN
fbem-12125	102	17	.	.	PUNCT
fbem-12125	103	1	dependent	dependent	ADJ
fbem-12125	103	2	variables	variable	NOUN
fbem-12125	103	3	.	.	PUNCT
fbem-12125	104	1	following	follow	VERB
fbem-12125	104	2	buallay	buallay	NOUN
fbem-12125	104	3	(	(	PUNCT
fbem-12125	104	4	2019	2019	NUM
fbem-12125	104	5	)	)	PUNCT
fbem-12125	104	6	’s	’s	PART
fbem-12125	104	7	study	study	NOUN
fbem-12125	105	1	[	[	X
fbem-12125	105	2	2	2	NUM
fbem-12125	105	3	]	]	PUNCT
fbem-12125	105	4	,	,	PUNCT
fbem-12125	105	5	this	this	DET
fbem-12125	105	6	paper	paper	NOUN
fbem-12125	105	7	uses	use	VERB
fbem-12125	105	8	tobin	tobin	PROPN
fbem-12125	105	9	’s	’s	PART
fbem-12125	105	10	q	q	X
fbem-12125	105	11	(	(	PUNCT
fbem-12125	105	12	tobinqa	tobinqa	ADJ
fbem-12125	105	13	;	;	PUNCT
fbem-12125	105	14	tobinqb	tobinqb	VERB
fbem-12125	105	15	;	;	PUNCT
fbem-12125	105	16	tobinqc	tobinqc	ADV
fbem-12125	105	17	;	;	PUNCT
fbem-12125	105	18	tobinqd	tobinqd	NOUN
fbem-12125	105	19	)	)	PUNCT
fbem-12125	105	20	as	as	ADP
fbem-12125	105	21	the	the	DET
fbem-12125	105	22	proxy	proxy	NOUN
fbem-12125	105	23	of	of	ADP
fbem-12125	105	24	stock	stock	NOUN
fbem-12125	105	25	market	market	NOUN
fbem-12125	105	26	performance	performance	NOUN
fbem-12125	105	27	of	of	ADP
fbem-12125	105	28	firms	firm	NOUN
fbem-12125	105	29	.	.	PUNCT
fbem-12125	106	1	tobin	tobin	PROPN
fbem-12125	106	2	's	's	PART
fbem-12125	106	3	q	q	NOUN
fbem-12125	106	4	is	be	AUX
fbem-12125	106	5	the	the	DET
fbem-12125	106	6	ratio	ratio	NOUN
fbem-12125	106	7	of	of	ADP
fbem-12125	106	8	the	the	DET
fbem-12125	106	9	market	market	NOUN
fbem-12125	106	10	value	value	NOUN
fbem-12125	106	11	of	of	ADP
fbem-12125	106	12	capital	capital	NOUN
fbem-12125	106	13	to	to	ADP
fbem-12125	106	14	its	its	PRON
fbem-12125	106	15	replacement	replacement	NOUN
fbem-12125	106	16	cost	cost	NOUN
fbem-12125	106	17	.	.	PUNCT
fbem-12125	107	1	the	the	DET
fbem-12125	107	2	higher	high	ADJ
fbem-12125	107	3	of	of	ADP
fbem-12125	107	4	the	the	DET
fbem-12125	107	5	value	value	NOUN
fbem-12125	107	6	of	of	ADP
fbem-12125	107	7	tobin	tobin	PROPN
fbem-12125	107	8	’s	’s	PART
fbem-12125	107	9	q	q	NOUN
fbem-12125	107	10	,	,	PUNCT
fbem-12125	107	11	the	the	DET
fbem-12125	107	12	better	well	ADJ
fbem-12125	107	13	performance	performance	NOUN
fbem-12125	107	14	of	of	ADP
fbem-12125	107	15	stock	stock	NOUN
fbem-12125	107	16	market	market	NOUN
fbem-12125	107	17	.	.	PUNCT
fbem-12125	108	1	control	control	NOUN
fbem-12125	108	2	variables	variable	NOUN
fbem-12125	108	3	.	.	PUNCT
fbem-12125	109	1	in	in	ADP
fbem-12125	109	2	line	line	NOUN
fbem-12125	109	3	with	with	ADP
fbem-12125	109	4	extant	extant	ADJ
fbem-12125	109	5	literature	literature	NOUN
fbem-12125	109	6	(	(	PUNCT
fbem-12125	109	7	francis	francis	PROPN
fbem-12125	109	8	et	et	PROPN
fbem-12125	109	9	al	al	PROPN
fbem-12125	109	10	,	,	PUNCT
fbem-12125	109	11	2019	2019	NUM
fbem-12125	109	12	;	;	PUNCT
fbem-12125	109	13	wang	wang	PROPN
fbem-12125	109	14	et	et	PROPN
fbem-12125	109	15	al	al	PROPN
fbem-12125	109	16	,	,	PUNCT
fbem-12125	109	17	2017	2017	NUM
fbem-12125	109	18	)	)	PUNCT
fbem-12125	110	1	[	[	X
fbem-12125	110	2	13	13	NUM
fbem-12125	110	3	]	]	X
fbem-12125	110	4	[	[	X
fbem-12125	110	5	14	14	NUM
fbem-12125	110	6	]	]	PUNCT
fbem-12125	110	7	,	,	PUNCT
fbem-12125	110	8	this	this	DET
fbem-12125	110	9	paper	paper	NOUN
fbem-12125	110	10	controls	control	VERB
fbem-12125	110	11	for	for	ADP
fbem-12125	110	12	firm	firm	ADJ
fbem-12125	110	13	size(size	size(size	NOUN
fbem-12125	110	14	)	)	PUNCT
fbem-12125	110	15	,	,	PUNCT
fbem-12125	110	16	firm	firm	ADJ
fbem-12125	110	17	leverage	leverage	NOUN
fbem-12125	110	18	(	(	PUNCT
fbem-12125	110	19	lev	lev	NOUN
fbem-12125	110	20	)	)	PUNCT
fbem-12125	110	21	,	,	PUNCT
fbem-12125	110	22	proportion	proportion	NOUN
fbem-12125	110	23	of	of	ADP
fbem-12125	110	24	operation	operation	NOUN
fbem-12125	110	25	247	247	NUM
fbem-12125	110	26	cash	cash	NOUN
fbem-12125	110	27	flow	flow	NOUN
fbem-12125	110	28	(	(	PUNCT
fbem-12125	110	29	cfo	cfo	NOUN
fbem-12125	110	30	)	)	PUNCT
fbem-12125	110	31	,	,	PUNCT
fbem-12125	110	32	mortgage	mortgage	NOUN
fbem-12125	110	33	ability	ability	NOUN
fbem-12125	110	34	(	(	PUNCT
fbem-12125	110	35	ppe	ppe	PROPN
fbem-12125	110	36	)	)	PUNCT
fbem-12125	110	37	,	,	PUNCT
fbem-12125	110	38	board	board	NOUN
fbem-12125	110	39	of	of	ADP
fbem-12125	110	40	director	director	NOUN
fbem-12125	110	41	size	size	NOUN
fbem-12125	110	42	(	(	PUNCT
fbem-12125	110	43	board	board	NOUN
fbem-12125	110	44	)	)	PUNCT
fbem-12125	110	45	,	,	PUNCT
fbem-12125	110	46	independence	independence	NOUN
fbem-12125	110	47	of	of	ADP
fbem-12125	110	48	board	board	NOUN
fbem-12125	110	49	of	of	ADP
fbem-12125	110	50	directors	director	NOUN
fbem-12125	110	51	(	(	PUNCT
fbem-12125	110	52	indep	indep	NOUN
fbem-12125	110	53	)	)	PUNCT
fbem-12125	110	54	.	.	PUNCT
fbem-12125	111	1	the	the	DET
fbem-12125	111	2	higher	high	ADJ
fbem-12125	111	3	of	of	ADP
fbem-12125	111	4	ratio	ratio	NOUN
fbem-12125	111	5	,	,	PUNCT
fbem-12125	111	6	the	the	DET
fbem-12125	111	7	more	more	ADJ
fbem-12125	111	8	independence	independence	NOUN
fbem-12125	111	9	of	of	ADP
fbem-12125	111	10	firm	firm	ADJ
fbem-12125	111	11	board	board	NOUN
fbem-12125	111	12	of	of	ADP
fbem-12125	111	13	directors	director	NOUN
fbem-12125	111	14	.	.	PUNCT
fbem-12125	112	1	table	table	NOUN
fbem-12125	112	2	1	1	NUM
fbem-12125	112	3	.	.	PUNCT
fbem-12125	112	4	variable	variable	ADJ
fbem-12125	112	5	definition	definition	NOUN
fbem-12125	112	6	.	.	PUNCT
fbem-12125	113	1	variable	variable	ADJ
fbem-12125	113	2	type	type	NOUN
fbem-12125	113	3	variable	variable	ADJ
fbem-12125	113	4	name	name	NOUN
fbem-12125	113	5	variable	variable	ADJ
fbem-12125	113	6	value	value	NOUN
fbem-12125	113	7	description	description	NOUN
fbem-12125	113	8	explained	explain	VERB
fbem-12125	113	9	variables	variable	NOUN
fbem-12125	113	10	tobinqa	tobinqa	ADJ
fbem-12125	113	11	market	market	NOUN
fbem-12125	113	12	value	value	NOUN
fbem-12125	113	13	a/	a/	VERB
fbem-12125	113	14	total	total	ADJ
fbem-12125	113	15	assets	asset	NOUN
fbem-12125	113	16	;	;	PUNCT
fbem-12125	113	17	when	when	SCONJ
fbem-12125	113	18	the	the	DET
fbem-12125	113	19	denominator	denominator	NOUN
fbem-12125	113	20	is	be	AUX
fbem-12125	113	21	not	not	PART
fbem-12125	113	22	published	publish	VERB
fbem-12125	113	23	or	or	CCONJ
fbem-12125	113	24	is	be	AUX
fbem-12125	113	25	zero	zero	NUM
fbem-12125	113	26	or	or	CCONJ
fbem-12125	113	27	less	less	ADJ
fbem-12125	113	28	than	than	ADP
fbem-12125	113	29	zero	zero	NUM
fbem-12125	113	30	,	,	PUNCT
fbem-12125	113	31	it	it	PRON
fbem-12125	113	32	is	be	AUX
fbem-12125	113	33	indicated	indicate	VERB
fbem-12125	113	34	as	as	ADP
fbem-12125	113	35	null	null	NOUN
fbem-12125	113	36	.	.	PUNCT
fbem-12125	114	1	tobinqb	tobinqb	PROPN
fbem-12125	114	2	market	market	NOUN
fbem-12125	114	3	value	value	NOUN
fbem-12125	114	4	a/	a/	NOUN
fbem-12125	114	5	(	(	PUNCT
fbem-12125	114	6	total	total	ADJ
fbem-12125	114	7	assets	asset	NOUN
fbem-12125	114	8	net	net	ADJ
fbem-12125	114	9	intangible	intangible	ADJ
fbem-12125	114	10	assets	asset	NOUN
fbem-12125	114	11	net	net	ADJ
fbem-12125	114	12	goodwill	goodwill	NOUN
fbem-12125	114	13	)	)	PUNCT
fbem-12125	114	14	tobinqc	tobinqc	ADV
fbem-12125	114	15	market	market	NOUN
fbem-12125	114	16	value	value	NOUN
fbem-12125	114	17	b/	b/	NOUN
fbem-12125	114	18	total	total	ADJ
fbem-12125	114	19	assets	asset	NOUN
fbem-12125	114	20	tobinqd	tobinqd	NOUN
fbem-12125	114	21	market	market	NOUN
fbem-12125	114	22	value	value	NOUN
fbem-12125	114	23	b/	b/	NOUN
fbem-12125	114	24	(	(	PUNCT
fbem-12125	114	25	total	total	ADJ
fbem-12125	114	26	assets	asset	NOUN
fbem-12125	114	27	net	net	ADJ
fbem-12125	114	28	intangible	intangible	ADJ
fbem-12125	114	29	assets	asset	NOUN
fbem-12125	114	30	net	net	ADJ
fbem-12125	114	31	goodwill	goodwill	NOUN
fbem-12125	114	32	)	)	PUNCT
fbem-12125	114	33	explanatory	explanatory	ADJ
fbem-12125	114	34	variables	variable	NOUN
fbem-12125	114	35	esg	esg	PROPN
fbem-12125	114	36	c;cc;ccc;b;bb;bbb;a;aa	c;cc;ccc;b;bb;bbb;a;aa	NOUN
fbem-12125	114	37	;	;	PUNCT
fbem-12125	114	38	aaa	aaa	NOUN
fbem-12125	114	39	control	control	NOUN
fbem-12125	114	40	variables	variable	NOUN
fbem-12125	114	41	size	size	VERB
fbem-12125	114	42	natural	natural	ADJ
fbem-12125	114	43	logarithm	logarithm	NOUN
fbem-12125	114	44	of	of	ADP
fbem-12125	114	45	the	the	DET
fbem-12125	114	46	total	total	ADJ
fbem-12125	114	47	assets	asset	NOUN
fbem-12125	114	48	of	of	ADP
fbem-12125	114	49	the	the	DET
fbem-12125	114	50	company	company	NOUN
fbem-12125	114	51	ppe	ppe	VERB
fbem-12125	114	52	the	the	DET
fbem-12125	114	53	net	net	ADJ
fbem-12125	114	54	value	value	NOUN
fbem-12125	114	55	of	of	ADP
fbem-12125	114	56	the	the	DET
fbem-12125	114	57	original	original	ADJ
fbem-12125	114	58	price	price	NOUN
fbem-12125	114	59	of	of	ADP
fbem-12125	114	60	fixed	fix	VERB
fbem-12125	114	61	assets	asset	NOUN
fbem-12125	114	62	after	after	ADP
fbem-12125	114	63	deducting	deduct	VERB
fbem-12125	114	64	accumulated	accumulate	VERB
fbem-12125	114	65	depreciation	depreciation	NOUN
fbem-12125	114	66	and	and	CCONJ
fbem-12125	114	67	impairment	impairment	ADJ
fbem-12125	114	68	provisions	provision	NOUN
fbem-12125	114	69	for	for	ADP
fbem-12125	114	70	fixed	fix	VERB
fbem-12125	114	71	assets	asset	NOUN
fbem-12125	114	72	.	.	PUNCT
fbem-12125	115	1	cfo	cfo	NOUN
fbem-12125	115	2	operating	operate	VERB
fbem-12125	115	3	cashflow/	cashflow/	NUM
fbem-12125	115	4	total	total	ADJ
fbem-12125	115	5	assets	asset	NOUN
fbem-12125	115	6	lev	lev	NOUN
fbem-12125	115	7	total	total	VERB
fbem-12125	115	8	liabilities/	liabilities/	NUM
fbem-12125	115	9	total	total	ADJ
fbem-12125	115	10	assets	asset	NOUN
fbem-12125	115	11	indep	indep	NOUN
fbem-12125	115	12	numer	numer	NOUN
fbem-12125	115	13	of	of	ADP
fbem-12125	115	14	non	non	ADJ
fbem-12125	115	15	-	-	ADJ
fbem-12125	115	16	executive	executive	ADJ
fbem-12125	115	17	directors/	directors/	NUM
fbem-12125	115	18	number	number	NOUN
fbem-12125	115	19	of	of	ADP
fbem-12125	115	20	total	total	ADJ
fbem-12125	115	21	directors	director	NOUN
fbem-12125	115	22	.	.	PUNCT
fbem-12125	116	1	board	board	PROPN
fbem-12125	116	2	natural	natural	ADJ
fbem-12125	116	3	logarithm	logarithm	NOUN
fbem-12125	116	4	of	of	ADP
fbem-12125	116	5	number	number	NOUN
fbem-12125	116	6	of	of	ADP
fbem-12125	116	7	directors	director	NOUN
fbem-12125	116	8	4.3	4.3	NUM
fbem-12125	116	9	.	.	PUNCT
fbem-12125	117	1	empirical	empirical	ADJ
fbem-12125	117	2	model	model	NOUN
fbem-12125	117	3	the	the	DET
fbem-12125	117	4	core	core	ADJ
fbem-12125	117	5	purpose	purpose	NOUN
fbem-12125	117	6	of	of	ADP
fbem-12125	117	7	this	this	DET
fbem-12125	117	8	study	study	NOUN
fbem-12125	117	9	is	be	AUX
fbem-12125	117	10	to	to	PART
fbem-12125	117	11	testify	testify	VERB
fbem-12125	117	12	whether	whether	SCONJ
fbem-12125	117	13	esg	esg	PROPN
fbem-12125	117	14	will	will	AUX
fbem-12125	117	15	improve	improve	VERB
fbem-12125	117	16	the	the	DET
fbem-12125	117	17	firm	firm	ADJ
fbem-12125	117	18	stock	stock	NOUN
fbem-12125	117	19	market	market	NOUN
fbem-12125	117	20	performance	performance	NOUN
fbem-12125	117	21	.	.	PUNCT
fbem-12125	118	1	to	to	PART
fbem-12125	118	2	effectively	effectively	ADV
fbem-12125	118	3	examine	examine	VERB
fbem-12125	118	4	the	the	DET
fbem-12125	118	5	casual	casual	ADJ
fbem-12125	118	6	effects	effect	NOUN
fbem-12125	118	7	of	of	ADP
fbem-12125	118	8	esg	esg	PROPN
fbem-12125	118	9	on	on	ADP
fbem-12125	118	10	firm	firm	ADJ
fbem-12125	118	11	stock	stock	NOUN
fbem-12125	118	12	market	market	NOUN
fbem-12125	118	13	performance	performance	NOUN
fbem-12125	118	14	,	,	PUNCT
fbem-12125	118	15	the	the	DET
fbem-12125	118	16	study	study	NOUN
fbem-12125	118	17	implements	implement	VERB
fbem-12125	118	18	ols	ol	NOUN
fbem-12125	118	19	method	method	NOUN
fbem-12125	118	20	.	.	PUNCT
fbem-12125	119	1	𝑇𝑜𝑏𝑖𝑛𝑄𝐴𝑖,𝑡+1	𝑇𝑜𝑏𝑖𝑛𝑄𝐴𝑖,𝑡+1	NOUN
fbem-12125	119	2	=	=	SYM
fbem-12125	119	3	𝛼0	𝛼0	PROPN
fbem-12125	119	4	+	+	CCONJ
fbem-12125	120	1	𝛽0𝐸𝑆𝐺𝑖,𝑡	𝛽0𝐸𝑆𝐺𝑖,𝑡	PROPN
fbem-12125	120	2	+	+	NOUN
fbem-12125	120	3	∑	∑	PROPN
fbem-12125	120	4	𝛽𝑗	𝛽𝑗	PRON
fbem-12125	120	5	𝑐𝑜𝑛𝑡𝑟𝑜𝑙𝑠	𝑐𝑜𝑛𝑡𝑟𝑜𝑙𝑠	NOUN
fbem-12125	120	6	𝑗	𝑗	NOUN
fbem-12125	120	7	1	1	NUM
fbem-12125	120	8	+	+	CCONJ
fbem-12125	120	9	𝑦𝑒𝑎𝑟𝐹𝐸	𝑦𝑒𝑎𝑟𝐹𝐸	PROPN
fbem-12125	120	10	+	+	CCONJ
fbem-12125	120	11	𝑓𝑖𝑟𝑚	𝑓𝑖𝑟𝑚	PROPN
fbem-12125	120	12	𝐹𝐸	𝐹𝐸	PROPN
fbem-12125	121	1	+	+	CCONJ
fbem-12125	121	2	𝑒	𝑒	PROPN
fbem-12125	121	3	(	(	PUNCT
fbem-12125	121	4	1	1	NUM
fbem-12125	121	5	)	)	PUNCT
fbem-12125	121	6	5	5	NUM
fbem-12125	121	7	.	.	PUNCT
fbem-12125	121	8	empirical	empirical	ADJ
fbem-12125	121	9	results	result	NOUN
fbem-12125	121	10	5.1	5.1	NUM
fbem-12125	121	11	.	.	PUNCT
fbem-12125	122	1	descriptive	descriptive	ADJ
fbem-12125	122	2	statistics	statistic	NOUN
fbem-12125	122	3	table	table	NOUN
fbem-12125	122	4	2	2	NUM
fbem-12125	122	5	presents	present	VERB
fbem-12125	122	6	the	the	DET
fbem-12125	122	7	descriptive	descriptive	ADJ
fbem-12125	122	8	statistics	statistic	NOUN
fbem-12125	122	9	.	.	PUNCT
fbem-12125	123	1	the	the	DET
fbem-12125	123	2	mean(median	mean(median	ADJ
fbem-12125	123	3	)	)	PUNCT
fbem-12125	123	4	value	value	NOUN
fbem-12125	123	5	of	of	ADP
fbem-12125	123	6	tobinqa	tobinqa	PROPN
fbem-12125	123	7	is	be	AUX
fbem-12125	123	8	2.102(1.625	2.102(1.625	NUM
fbem-12125	123	9	)	)	PUNCT
fbem-12125	123	10	,	,	PUNCT
fbem-12125	123	11	and	and	CCONJ
fbem-12125	123	12	the	the	DET
fbem-12125	123	13	standard	standard	ADJ
fbem-12125	123	14	deviation	deviation	NOUN
fbem-12125	123	15	is	be	AUX
fbem-12125	123	16	1.481	1.481	NUM
fbem-12125	123	17	.	.	PUNCT
fbem-12125	124	1	the	the	DET
fbem-12125	124	2	first	first	ADJ
fbem-12125	124	3	quartile	quartile	NOUN
fbem-12125	124	4	of	of	ADP
fbem-12125	124	5	the	the	DET
fbem-12125	124	6	tobinqa	tobinqa	PROPN
fbem-12125	124	7	is	be	AUX
fbem-12125	124	8	1.243	1.243	NUM
fbem-12125	124	9	,	,	PUNCT
fbem-12125	124	10	and	and	CCONJ
fbem-12125	124	11	the	the	DET
fbem-12125	124	12	third	third	ADJ
fbem-12125	124	13	quartile	quartile	NOUN
fbem-12125	124	14	is	be	AUX
fbem-12125	124	15	2.355	2.355	NUM
fbem-12125	124	16	.	.	PUNCT
fbem-12125	125	1	the	the	DET
fbem-12125	125	2	mean(median	mean(median	ADJ
fbem-12125	125	3	)	)	PUNCT
fbem-12125	125	4	value	value	NOUN
fbem-12125	125	5	of	of	ADP
fbem-12125	125	6	tobinqb	tobinqb	NOUN
fbem-12125	125	7	is	be	AUX
fbem-12125	125	8	2.311(1.767	2.311(1.767	NOUN
fbem-12125	125	9	)	)	PUNCT
fbem-12125	125	10	,	,	PUNCT
fbem-12125	125	11	and	and	CCONJ
fbem-12125	125	12	the	the	DET
fbem-12125	125	13	standard	standard	ADJ
fbem-12125	125	14	deviation	deviation	NOUN
fbem-12125	125	15	is	be	AUX
fbem-12125	125	16	1.692	1.692	NUM
fbem-12125	125	17	.	.	PUNCT
fbem-12125	126	1	the	the	DET
fbem-12125	126	2	first	first	ADJ
fbem-12125	126	3	quartile	quartile	NOUN
fbem-12125	126	4	of	of	ADP
fbem-12125	126	5	the	the	DET
fbem-12125	126	6	tobinqb	tobinqb	NOUN
fbem-12125	126	7	is	be	AUX
fbem-12125	126	8	1.330	1.330	NUM
fbem-12125	126	9	,	,	PUNCT
fbem-12125	126	10	and	and	CCONJ
fbem-12125	126	11	the	the	DET
fbem-12125	126	12	third	third	ADJ
fbem-12125	126	13	quartile	quartile	NOUN
fbem-12125	126	14	is	be	AUX
fbem-12125	126	15	2.609	2.609	NUM
fbem-12125	126	16	.	.	PUNCT
fbem-12125	127	1	the	the	DET
fbem-12125	127	2	mean(median	mean(median	ADJ
fbem-12125	127	3	)	)	PUNCT
fbem-12125	127	4	value	value	NOUN
fbem-12125	127	5	of	of	ADP
fbem-12125	127	6	tobinqc	tobinqc	ADV
fbem-12125	127	7	is	be	AUX
fbem-12125	127	8	2.650	2.650	NUM
fbem-12125	127	9	(	(	PUNCT
fbem-12125	127	10	1.985	1.985	NUM
fbem-12125	127	11	)	)	PUNCT
fbem-12125	127	12	,	,	PUNCT
fbem-12125	127	13	and	and	CCONJ
fbem-12125	127	14	the	the	DET
fbem-12125	127	15	standard	standard	ADJ
fbem-12125	127	16	deviation	deviation	NOUN
fbem-12125	127	17	is	be	AUX
fbem-12125	127	18	2.051	2.051	NUM
fbem-12125	127	19	.	.	PUNCT
fbem-12125	128	1	the	the	DET
fbem-12125	128	2	first	first	ADJ
fbem-12125	128	3	quartile	quartile	NOUN
fbem-12125	128	4	of	of	ADP
fbem-12125	128	5	the	the	DET
fbem-12125	128	6	tobinqc	tobinqc	ADV
fbem-12125	128	7	is	be	AUX
fbem-12125	128	8	1.365	1.365	NUM
fbem-12125	128	9	,	,	PUNCT
fbem-12125	128	10	and	and	CCONJ
fbem-12125	128	11	the	the	DET
fbem-12125	128	12	third	third	ADJ
fbem-12125	128	13	quartile	quartile	NOUN
fbem-12125	128	14	is	be	AUX
fbem-12125	128	15	3.121	3.121	NUM
fbem-12125	128	16	.	.	PUNCT
fbem-12125	129	1	the	the	DET
fbem-12125	129	2	mean(median	mean(median	ADJ
fbem-12125	129	3	)	)	PUNCT
fbem-12125	129	4	value	value	NOUN
fbem-12125	129	5	of	of	ADP
fbem-12125	129	6	tobinqd	tobinqd	NOUN
fbem-12125	129	7	is	be	AUX
fbem-12125	129	8	2.910	2.910	NUM
fbem-12125	129	9	(	(	PUNCT
fbem-12125	129	10	2.165	2.165	NUM
fbem-12125	129	11	)	)	PUNCT
fbem-12125	129	12	,	,	PUNCT
fbem-12125	129	13	and	and	CCONJ
fbem-12125	129	14	the	the	DET
fbem-12125	129	15	standard	standard	ADJ
fbem-12125	129	16	deviation	deviation	NOUN
fbem-12125	129	17	is	be	AUX
fbem-12125	129	18	2.316	2.316	NUM
fbem-12125	129	19	.	.	PUNCT
fbem-12125	130	1	the	the	DET
fbem-12125	130	2	first	first	ADJ
fbem-12125	130	3	quartile	quartile	NOUN
fbem-12125	130	4	of	of	ADP
fbem-12125	130	5	the	the	DET
fbem-12125	130	6	tobinqd	tobinqd	NOUN
fbem-12125	130	7	is	be	AUX
fbem-12125	130	8	1.468	1.468	NUM
fbem-12125	130	9	,	,	PUNCT
fbem-12125	130	10	and	and	CCONJ
fbem-12125	130	11	the	the	DET
fbem-12125	130	12	third	third	ADJ
fbem-12125	130	13	quartile	quartile	NOUN
fbem-12125	130	14	is	be	AUX
fbem-12125	130	15	3.440	3.440	NUM
fbem-12125	130	16	.	.	PUNCT
fbem-12125	131	1	the	the	DET
fbem-12125	131	2	mean	mean	ADJ
fbem-12125	131	3	(	(	PUNCT
fbem-12125	131	4	median	median	ADJ
fbem-12125	131	5	)	)	PUNCT
fbem-12125	131	6	value	value	NOUN
fbem-12125	131	7	of	of	ADP
fbem-12125	131	8	esg	esg	PROPN
fbem-12125	131	9	is	be	AUX
fbem-12125	131	10	6.461	6.461	NUM
fbem-12125	131	11	(	(	PUNCT
fbem-12125	131	12	6.000	6.000	NUM
fbem-12125	131	13	)	)	PUNCT
fbem-12125	131	14	,	,	PUNCT
fbem-12125	131	15	and	and	CCONJ
fbem-12125	131	16	the	the	DET
fbem-12125	131	17	standard	standard	ADJ
fbem-12125	131	18	deviation	deviation	NOUN
fbem-12125	131	19	is	be	AUX
fbem-12125	131	20	1.116	1.116	NUM
fbem-12125	131	21	.	.	PUNCT
fbem-12125	132	1	the	the	DET
fbem-12125	132	2	first	first	ADJ
fbem-12125	132	3	quartile	quartile	NOUN
fbem-12125	132	4	of	of	ADP
fbem-12125	132	5	the	the	DET
fbem-12125	132	6	esg	esg	NOUN
fbem-12125	132	7	is	be	AUX
fbem-12125	132	8	6.000	6.000	NUM
fbem-12125	132	9	,	,	PUNCT
fbem-12125	132	10	which	which	PRON
fbem-12125	132	11	is	be	AUX
fbem-12125	132	12	same	same	ADJ
fbem-12125	132	13	as	as	ADP
fbem-12125	132	14	the	the	DET
fbem-12125	132	15	median	median	ADJ
fbem-12125	132	16	value	value	NOUN
fbem-12125	132	17	of	of	ADP
fbem-12125	132	18	esg	esg	PROPN
fbem-12125	132	19	and	and	CCONJ
fbem-12125	132	20	the	the	DET
fbem-12125	132	21	third	third	ADJ
fbem-12125	132	22	quartile	quartile	NOUN
fbem-12125	132	23	is	be	AUX
fbem-12125	132	24	7.000.the	7.000.the	DET
fbem-12125	132	25	mean	mean	ADJ
fbem-12125	132	26	value	value	NOUN
fbem-12125	132	27	of	of	ADP
fbem-12125	132	28	the	the	DET
fbem-12125	132	29	size	size	NOUN
fbem-12125	132	30	is	be	AUX
fbem-12125	132	31	22.163	22.163	NUM
fbem-12125	132	32	,	,	PUNCT
fbem-12125	132	33	and	and	CCONJ
fbem-12125	132	34	the	the	DET
fbem-12125	132	35	standard	standard	ADJ
fbem-12125	132	36	deviation	deviation	NOUN
fbem-12125	132	37	is	be	AUX
fbem-12125	132	38	1.438.the	1.438.the	DET
fbem-12125	132	39	mean	mean	ADJ
fbem-12125	132	40	value	value	NOUN
fbem-12125	132	41	of	of	ADP
fbem-12125	132	42	the	the	DET
fbem-12125	132	43	ppe	ppe	PROPN
fbem-12125	132	44	is	be	AUX
fbem-12125	132	45	0.210	0.210	NUM
fbem-12125	132	46	,	,	PUNCT
fbem-12125	132	47	and	and	CCONJ
fbem-12125	132	48	the	the	DET
fbem-12125	132	49	standard	standard	ADJ
fbem-12125	132	50	deviation	deviation	NOUN
fbem-12125	132	51	is	be	AUX
fbem-12125	132	52	0.165.the	0.165.the	DET
fbem-12125	132	53	mean	mean	ADJ
fbem-12125	132	54	value	value	NOUN
fbem-12125	132	55	of	of	ADP
fbem-12125	132	56	the	the	DET
fbem-12125	132	57	operating	operating	NOUN
fbem-12125	132	58	cashflow	cashflow	NOUN
fbem-12125	132	59	is	be	AUX
fbem-12125	132	60	0.044	0.044	NUM
fbem-12125	132	61	,	,	PUNCT
fbem-12125	132	62	and	and	CCONJ
fbem-12125	132	63	the	the	DET
fbem-12125	132	64	standard	standard	ADJ
fbem-12125	132	65	deviation	deviation	NOUN
fbem-12125	132	66	is	be	AUX
fbem-12125	132	67	0.074.the	0.074.the	DET
fbem-12125	132	68	mean	mean	ADJ
fbem-12125	132	69	value	value	NOUN
fbem-12125	132	70	of	of	ADP
fbem-12125	132	71	the	the	DET
fbem-12125	132	72	leverage	leverage	NOUN
fbem-12125	132	73	is	be	AUX
fbem-12125	132	74	0.439	0.439	NUM
fbem-12125	132	75	,	,	PUNCT
fbem-12125	132	76	and	and	CCONJ
fbem-12125	132	77	the	the	DET
fbem-12125	132	78	standard	standard	ADJ
fbem-12125	132	79	deviation	deviation	NOUN
fbem-12125	132	80	is	be	AUX
fbem-12125	132	81	0.222.the	0.222.the	DET
fbem-12125	132	82	mean	mean	ADJ
fbem-12125	132	83	value	value	NOUN
fbem-12125	132	84	of	of	ADP
fbem-12125	132	85	the	the	DET
fbem-12125	132	86	independence	independence	NOUN
fbem-12125	132	87	of	of	ADP
fbem-12125	132	88	the	the	DET
fbem-12125	132	89	board	board	NOUN
fbem-12125	132	90	of	of	ADP
fbem-12125	132	91	directors	director	NOUN
fbem-12125	132	92	is	be	AUX
fbem-12125	132	93	0.380	0.380	NUM
fbem-12125	132	94	,	,	PUNCT
fbem-12125	132	95	and	and	CCONJ
fbem-12125	132	96	the	the	DET
fbem-12125	132	97	standard	standard	ADJ
fbem-12125	132	98	deviation	deviation	NOUN
fbem-12125	132	99	is	be	AUX
fbem-12125	132	100	0.071.the	0.071.the	DET
fbem-12125	132	101	mean	mean	ADJ
fbem-12125	132	102	value	value	NOUN
fbem-12125	132	103	of	of	ADP
fbem-12125	132	104	the	the	DET
fbem-12125	132	105	number	number	NOUN
fbem-12125	132	106	of	of	ADP
fbem-12125	132	107	board	board	NOUN
fbem-12125	132	108	of	of	ADP
fbem-12125	132	109	directors	director	NOUN
fbem-12125	132	110	is	be	AUX
fbem-12125	132	111	2.288	2.288	NUM
fbem-12125	132	112	,	,	PUNCT
fbem-12125	132	113	and	and	CCONJ
fbem-12125	132	114	the	the	DET
fbem-12125	132	115	standard	standard	ADJ
fbem-12125	132	116	deviation	deviation	NOUN
fbem-12125	132	117	is	be	AUX
fbem-12125	132	118	0.258	0.258	NUM
fbem-12125	132	119	.	.	PUNCT
fbem-12125	133	1	table	table	NOUN
fbem-12125	133	2	2	2	NUM
fbem-12125	133	3	.	.	PUNCT
fbem-12125	133	4	descriptive	descriptive	ADJ
fbem-12125	133	5	statistics	statistic	NOUN
fbem-12125	133	6	.	.	PUNCT
fbem-12125	134	1	variable	variable	ADJ
fbem-12125	135	1	n	n	PRON
fbem-12125	135	2	mean	mean	VERB
fbem-12125	135	3	sd	sd	ADP
fbem-12125	135	4	p25	p25	NOUN
fbem-12125	135	5	p50	p50	NOUN
fbem-12125	135	6	p75	p75	NOUN
fbem-12125	135	7	tobin	tobin	PROPN
fbem-12125	135	8	qa	qa	PROPN
fbem-12125	135	9	32425	32425	NUM
fbem-12125	135	10	2.102	2.102	NUM
fbem-12125	135	11	1.481	1.481	NUM
fbem-12125	135	12	1.243	1.243	NUM
fbem-12125	135	13	1.625	1.625	NUM
fbem-12125	135	14	2.355	2.355	NUM
fbem-12125	135	15	tobin	tobin	NOUN
fbem-12125	135	16	qb	qb	PROPN
fbem-12125	135	17	32425	32425	NUM
fbem-12125	135	18	2.311	2.311	NUM
fbem-12125	135	19	1.692	1.692	NUM
fbem-12125	135	20	1.33	1.33	NUM
fbem-12125	135	21	1.767	1.767	NUM
fbem-12125	135	22	2.609	2.609	NUM
fbem-12125	135	23	tobin	tobin	PROPN
fbem-12125	135	24	qc	qc	PROPN
fbem-12125	135	25	32425	32425	NUM
fbem-12125	135	26	2.65	2.65	NUM
fbem-12125	135	27	2.051	2.051	NUM
fbem-12125	135	28	1.365	1.365	NUM
fbem-12125	135	29	1.985	1.985	NUM
fbem-12125	135	30	3.121	3.121	NUM
fbem-12125	135	31	tobin	tobin	PROPN
fbem-12125	135	32	qd	qd	ADP
fbem-12125	135	33	32425	32425	NUM
fbem-12125	135	34	2.91	2.91	NUM
fbem-12125	135	35	2.316	2.316	NUM
fbem-12125	135	36	1.468	1.468	NUM
fbem-12125	135	37	2.165	2.165	NUM
fbem-12125	135	38	3.44	3.44	NUM
fbem-12125	135	39	esg	esg	NOUN
fbem-12125	135	40	32425	32425	NUM
fbem-12125	135	41	6.461	6.461	NUM
fbem-12125	135	42	1.116	1.116	NUM
fbem-12125	135	43	6	6	NUM
fbem-12125	135	44	6	6	NUM
fbem-12125	135	45	7	7	NUM
fbem-12125	135	46	size	size	NOUN
fbem-12125	135	47	32425	32425	NUM
fbem-12125	135	48	22.163	22.163	NUM
fbem-12125	135	49	1.438	1.438	NUM
fbem-12125	135	50	21.157	21.157	NUM
fbem-12125	135	51	21.936	21.936	NUM
fbem-12125	135	52	22.9	22.9	NUM
fbem-12125	135	53	ppe	ppe	NOUN
fbem-12125	135	54	32425	32425	NUM
fbem-12125	135	55	0.21	0.21	NUM
fbem-12125	135	56	0.165	0.165	NUM
fbem-12125	135	57	0.08	0.08	NUM
fbem-12125	135	58	0.175	0.175	NUM
fbem-12125	135	59	0.303	0.303	NUM
fbem-12125	135	60	cfo	cfo	NOUN
fbem-12125	135	61	32425	32425	NUM
fbem-12125	135	62	0.044	0.044	NUM
fbem-12125	135	63	0.074	0.074	NUM
fbem-12125	135	64	0.005	0.005	NUM
fbem-12125	135	65	0.044	0.044	NUM
fbem-12125	135	66	0.087	0.087	NUM
fbem-12125	135	67	lev	lev	NOUN
fbem-12125	135	68	32425	32425	NUM
fbem-12125	135	69	0.439	0.439	NUM
fbem-12125	135	70	0.222	0.222	NUM
fbem-12125	135	71	0.261	0.261	NUM
fbem-12125	135	72	0.428	0.428	NUM
fbem-12125	135	73	0.6	0.6	NUM
fbem-12125	135	74	indep	indep	NOUN
fbem-12125	135	75	32425	32425	NUM
fbem-12125	135	76	0.38	0.38	NUM
fbem-12125	135	77	0.071	0.071	NUM
fbem-12125	135	78	0.333	0.333	NUM
fbem-12125	135	79	0.364	0.364	NUM
fbem-12125	135	80	0.429	0.429	NUM
fbem-12125	135	81	board	board	NOUN
fbem-12125	135	82	32425	32425	NUM
fbem-12125	135	83	2.288	2.288	NUM
fbem-12125	135	84	0.258	0.258	NUM
fbem-12125	135	85	2.197	2.197	NUM
fbem-12125	135	86	2.303	2.303	NUM
fbem-12125	135	87	2.485	2.485	NUM
fbem-12125	135	88	table	table	NOUN
fbem-12125	135	89	3	3	NUM
fbem-12125	135	90	presents	present	VERB
fbem-12125	135	91	the	the	DET
fbem-12125	135	92	distribution	distribution	NOUN
fbem-12125	135	93	of	of	ADP
fbem-12125	135	94	accounting	accounting	NOUN
fbem-12125	135	95	year	year	NOUN
fbem-12125	135	96	.	.	PUNCT
fbem-12125	136	1	it	it	PRON
fbem-12125	136	2	described	describe	VERB
fbem-12125	136	3	the	the	DET
fbem-12125	136	4	frequency	frequency	NOUN
fbem-12125	136	5	of	of	ADP
fbem-12125	136	6	each	each	DET
fbem-12125	136	7	accounting	accounting	NOUN
fbem-12125	136	8	year	year	NOUN
fbem-12125	136	9	and	and	CCONJ
fbem-12125	136	10	transfer	transfer	VERB
fbem-12125	136	11	into	into	ADP
fbem-12125	136	12	a	a	DET
fbem-12125	136	13	percentage	percentage	NOUN
fbem-12125	136	14	.	.	PUNCT
fbem-12125	137	1	the	the	DET
fbem-12125	137	2	minimum	minimum	ADJ
fbem-12125	137	3	frequency	frequency	NOUN
fbem-12125	137	4	is	be	AUX
fbem-12125	137	5	4.81	4.81	NUM
fbem-12125	137	6	%	%	NOUN
fbem-12125	137	7	,	,	PUNCT
fbem-12125	137	8	and	and	CCONJ
fbem-12125	137	9	the	the	DET
fbem-12125	137	10	maximum	maximum	ADJ
fbem-12125	137	11	frequency	frequency	NOUN
fbem-12125	137	12	is	be	AUX
fbem-12125	137	13	12.46	12.46	NUM
fbem-12125	137	14	%	%	NOUN
fbem-12125	137	15	.	.	PUNCT
fbem-12125	138	1	table	table	NOUN
fbem-12125	138	2	3	3	NUM
fbem-12125	138	3	.	.	NOUN
fbem-12125	138	4	year	year	NOUN
fbem-12125	138	5	distribution	distribution	NOUN
fbem-12125	138	6	.	.	PUNCT
fbem-12125	139	1	year	year	NOUN
fbem-12125	139	2	freq	freq	PROPN
fbem-12125	139	3	.	.	PUNCT
fbem-12125	140	1	percent	percent	NOUN
fbem-12125	140	2	cum	cum	NOUN
fbem-12125	140	3	.	.	PUNCT
fbem-12125	141	1	2009	2009	NUM
fbem-12125	141	2	1,560	1,560	NUM
fbem-12125	141	3	4.81	4.81	NUM
fbem-12125	141	4	4.81	4.81	NUM
fbem-12125	141	5	2010	2010	NUM
fbem-12125	141	6	1,861	1,861	NUM
fbem-12125	141	7	5.74	5.74	NUM
fbem-12125	141	8	10.55	10.55	NUM
fbem-12125	141	9	2011	2011	NUM
fbem-12125	141	10	2,166	2,166	NUM
fbem-12125	141	11	6.68	6.68	NUM
fbem-12125	141	12	17.23	17.23	NUM
fbem-12125	141	13	2012	2012	NUM
fbem-12125	141	14	2,366	2,366	NUM
fbem-12125	141	15	7.3	7.3	NUM
fbem-12125	141	16	24.53	24.53	NUM
fbem-12125	141	17	2013	2013	NUM
fbem-12125	141	18	2,347	2,347	NUM
fbem-12125	141	19	7.24	7.24	NUM
fbem-12125	141	20	31.77	31.77	NUM
fbem-12125	141	21	2014	2014	NUM
fbem-12125	141	22	2,373	2,373	NUM
fbem-12125	141	23	7.32	7.32	NUM
fbem-12125	141	24	39.08	39.08	NUM
fbem-12125	141	25	2015	2015	NUM
fbem-12125	141	26	2,554	2,554	NUM
fbem-12125	141	27	7.88	7.88	NUM
fbem-12125	141	28	46.96	46.96	NUM
fbem-12125	141	29	2016	2016	NUM
fbem-12125	141	30	2,778	2,778	NUM
fbem-12125	141	31	8.57	8.57	NUM
fbem-12125	141	32	55.53	55.53	NUM
fbem-12125	141	33	2017	2017	NUM
fbem-12125	141	34	3,221	3,221	NUM
fbem-12125	141	35	9.93	9.93	NUM
fbem-12125	141	36	65.46	65.46	NUM
fbem-12125	141	37	2018	2018	NUM
fbem-12125	141	38	3,502	3,502	NUM
fbem-12125	141	39	10.8	10.8	NUM
fbem-12125	141	40	76.26	76.26	NUM
fbem-12125	141	41	2019	2019	NUM
fbem-12125	142	1	3,657	3,657	NUM
fbem-12125	142	2	11.28	11.28	NUM
fbem-12125	142	3	87.54	87.54	NUM
fbem-12125	142	4	2020	2020	NUM
fbem-12125	142	5	4,040	4,040	NUM
fbem-12125	142	6	12.46	12.46	NUM
fbem-12125	142	7	100	100	NUM
fbem-12125	142	8	total	total	NOUN
fbem-12125	142	9	32,425	32,425	NUM
fbem-12125	142	10	100	100	NUM
fbem-12125	142	11	5.2	5.2	NUM
fbem-12125	142	12	.	.	PUNCT
fbem-12125	143	1	main	main	ADJ
fbem-12125	143	2	results	result	NOUN
fbem-12125	143	3	table	table	NOUN
fbem-12125	143	4	4	4	NUM
fbem-12125	143	5	presents	present	VERB
fbem-12125	143	6	the	the	DET
fbem-12125	143	7	baseline	baseline	ADJ
fbem-12125	143	8	results	result	NOUN
fbem-12125	143	9	of	of	ADP
fbem-12125	143	10	firm	firm	ADJ
fbem-12125	143	11	stock	stock	NOUN
fbem-12125	143	12	market	market	NOUN
fbem-12125	143	13	performance	performance	NOUN
fbem-12125	143	14	.	.	PUNCT
fbem-12125	144	1	columns	column	NOUN
fbem-12125	144	2	(	(	PUNCT
fbem-12125	144	3	1	1	NUM
fbem-12125	144	4	)	)	PUNCT
fbem-12125	144	5	,	,	PUNCT
fbem-12125	144	6	(	(	PUNCT
fbem-12125	144	7	2	2	NUM
fbem-12125	144	8	)	)	PUNCT
fbem-12125	144	9	,	,	PUNCT
fbem-12125	144	10	(	(	PUNCT
fbem-12125	144	11	3	3	NUM
fbem-12125	144	12	)	)	PUNCT
fbem-12125	144	13	,	,	PUNCT
fbem-12125	144	14	(	(	PUNCT
fbem-12125	144	15	4	4	X
fbem-12125	144	16	)	)	PUNCT
fbem-12125	144	17	of	of	ADP
fbem-12125	144	18	table	table	NOUN
fbem-12125	144	19	4	4	NUM
fbem-12125	144	20	report	report	NOUN
fbem-12125	144	21	the	the	DET
fbem-12125	144	22	regression	regression	NOUN
fbem-12125	144	23	results	result	VERB
fbem-12125	144	24	for	for	ADP
fbem-12125	144	25	the	the	DET
fbem-12125	144	26	tobinqa	tobinqa	ADJ
fbem-12125	144	27	,	,	PUNCT
fbem-12125	144	28	tobinqb	tobinqb	VERB
fbem-12125	144	29	,	,	PUNCT
fbem-12125	144	30	tobinqc	tobinqc	ADV
fbem-12125	144	31	and	and	CCONJ
fbem-12125	144	32	tobinqd	tobinqd	NOUN
fbem-12125	144	33	,	,	PUNCT
fbem-12125	144	34	respectively	respectively	ADV
fbem-12125	144	35	.	.	PUNCT
fbem-12125	145	1	as	as	SCONJ
fbem-12125	145	2	shown	show	VERB
fbem-12125	145	3	in	in	ADP
fbem-12125	145	4	column	column	NOUN
fbem-12125	145	5	(	(	PUNCT
fbem-12125	145	6	1	1	NUM
fbem-12125	145	7	)	)	PUNCT
fbem-12125	145	8	,	,	PUNCT
fbem-12125	145	9	the	the	DET
fbem-12125	145	10	coefficient	coefficient	NOUN
fbem-12125	145	11	on	on	ADP
fbem-12125	145	12	esg	esg	PROPN
fbem-12125	145	13	is	be	AUX
fbem-12125	145	14	significantly	significantly	ADV
fbem-12125	145	15	positive	positive	ADJ
fbem-12125	145	16	at	at	ADP
fbem-12125	145	17	the	the	DET
fbem-12125	145	18	1	1	NUM
fbem-12125	145	19	%	%	NOUN
fbem-12125	145	20	level	level	NOUN
fbem-12125	145	21	(	(	PUNCT
fbem-12125	145	22	coefficient	coefficient	NOUN
fbem-12125	145	23	=	=	NOUN
fbem-12125	145	24	0.030	0.030	NUM
fbem-12125	145	25	)	)	PUNCT
fbem-12125	145	26	,	,	PUNCT
fbem-12125	145	27	suggesting	suggest	VERB
fbem-12125	145	28	that	that	SCONJ
fbem-12125	145	29	after	after	ADP
fbem-12125	145	30	controlling	control	VERB
fbem-12125	145	31	for	for	ADP
fbem-12125	145	32	corporate	corporate	ADJ
fbem-12125	145	33	governance	governance	NOUN
fbem-12125	145	34	level	level	NOUN
fbem-12125	145	35	characteristics	characteristic	NOUN
fbem-12125	145	36	and	and	CCONJ
fbem-12125	145	37	operational	operational	ADJ
fbem-12125	145	38	level	level	NOUN
fbem-12125	145	39	characteristics	characteristic	NOUN
fbem-12125	145	40	,	,	PUNCT
fbem-12125	145	41	corporate	corporate	ADJ
fbem-12125	145	42	sustainability	sustainability	NOUN
fbem-12125	145	43	increases	increase	VERB
fbem-12125	145	44	corporate	corporate	ADJ
fbem-12125	145	45	value	value	NOUN
fbem-12125	145	46	.	.	PUNCT
fbem-12125	146	1	as	as	SCONJ
fbem-12125	146	2	shown	show	VERB
fbem-12125	146	3	in	in	ADP
fbem-12125	146	4	column	column	NOUN
fbem-12125	146	5	(	(	PUNCT
fbem-12125	146	6	2	2	NUM
fbem-12125	146	7	)	)	PUNCT
fbem-12125	146	8	,	,	PUNCT
fbem-12125	146	9	t	t	PROPN
fbem-12125	146	10	value	value	NOUN
fbem-12125	146	11	is	be	AUX
fbem-12125	146	12	2.52	2.52	NUM
fbem-12125	146	13	and	and	CCONJ
fbem-12125	146	14	coefficient	coefficient	NOUN
fbem-12125	146	15	is	be	AUX
fbem-12125	146	16	0.022	0.022	NUM
fbem-12125	146	17	,	,	PUNCT
fbem-12125	146	18	so	so	SCONJ
fbem-12125	146	19	the	the	DET
fbem-12125	146	20	coefficient	coefficient	NOUN
fbem-12125	146	21	on	on	ADP
fbem-12125	146	22	esg	esg	PROPN
fbem-12125	146	23	is	be	AUX
fbem-12125	146	24	significantly	significantly	ADV
fbem-12125	146	25	positive	positive	ADJ
fbem-12125	146	26	at	at	ADP
fbem-12125	146	27	the	the	DET
fbem-12125	146	28	5	5	NUM
fbem-12125	146	29	%	%	NOUN
fbem-12125	146	30	level	level	NOUN
fbem-12125	146	31	,	,	PUNCT
fbem-12125	146	32	suggesting	suggest	VERB
fbem-12125	146	33	that	that	SCONJ
fbem-12125	146	34	after	after	ADP
fbem-12125	146	35	controlling	control	VERB
fbem-12125	146	36	for	for	ADP
fbem-12125	146	37	248	248	NUM
fbem-12125	146	38	corporate	corporate	ADJ
fbem-12125	146	39	governance	governance	NOUN
fbem-12125	146	40	level	level	NOUN
fbem-12125	146	41	characteristics	characteristic	NOUN
fbem-12125	146	42	and	and	CCONJ
fbem-12125	146	43	operational	operational	ADJ
fbem-12125	146	44	level	level	NOUN
fbem-12125	146	45	characteristics	characteristic	NOUN
fbem-12125	146	46	,	,	PUNCT
fbem-12125	146	47	corporate	corporate	ADJ
fbem-12125	146	48	sustainability	sustainability	NOUN
fbem-12125	146	49	increases	increase	VERB
fbem-12125	146	50	corporate	corporate	ADJ
fbem-12125	146	51	value	value	NOUN
fbem-12125	146	52	.	.	PUNCT
fbem-12125	147	1	as	as	SCONJ
fbem-12125	147	2	shown	show	VERB
fbem-12125	147	3	in	in	ADP
fbem-12125	147	4	column	column	NOUN
fbem-12125	147	5	(	(	PUNCT
fbem-12125	147	6	3	3	NUM
fbem-12125	147	7	)	)	PUNCT
fbem-12125	147	8	,	,	PUNCT
fbem-12125	147	9	t	t	PROPN
fbem-12125	147	10	value	value	NOUN
fbem-12125	147	11	is	be	AUX
fbem-12125	147	12	4.27	4.27	NUM
fbem-12125	147	13	and	and	CCONJ
fbem-12125	147	14	coefficient	coefficient	NOUN
fbem-12125	147	15	is	be	AUX
fbem-12125	147	16	0.040	0.040	NUM
fbem-12125	147	17	,	,	PUNCT
fbem-12125	147	18	so	so	SCONJ
fbem-12125	147	19	the	the	DET
fbem-12125	147	20	coefficient	coefficient	NOUN
fbem-12125	147	21	on	on	ADP
fbem-12125	147	22	esg	esg	PROPN
fbem-12125	147	23	is	be	AUX
fbem-12125	147	24	significantly	significantly	ADV
fbem-12125	147	25	positive	positive	ADJ
fbem-12125	147	26	at	at	ADP
fbem-12125	147	27	the	the	DET
fbem-12125	147	28	5	5	NUM
fbem-12125	147	29	%	%	NOUN
fbem-12125	147	30	level	level	NOUN
fbem-12125	147	31	,	,	PUNCT
fbem-12125	147	32	suggesting	suggest	VERB
fbem-12125	147	33	that	that	SCONJ
fbem-12125	147	34	after	after	ADP
fbem-12125	147	35	controlling	control	VERB
fbem-12125	147	36	for	for	ADP
fbem-12125	147	37	corporate	corporate	ADJ
fbem-12125	147	38	governance	governance	NOUN
fbem-12125	147	39	level	level	NOUN
fbem-12125	147	40	characteristics	characteristic	NOUN
fbem-12125	147	41	and	and	CCONJ
fbem-12125	147	42	operational	operational	ADJ
fbem-12125	147	43	level	level	NOUN
fbem-12125	147	44	characteristics	characteristic	NOUN
fbem-12125	147	45	,	,	PUNCT
fbem-12125	147	46	corporate	corporate	ADJ
fbem-12125	147	47	sustainability	sustainability	NOUN
fbem-12125	147	48	increases	increase	VERB
fbem-12125	147	49	corporate	corporate	ADJ
fbem-12125	147	50	value	value	NOUN
fbem-12125	147	51	.	.	PUNCT
fbem-12125	148	1	as	as	SCONJ
fbem-12125	148	2	shown	show	VERB
fbem-12125	148	3	in	in	ADP
fbem-12125	148	4	column	column	NOUN
fbem-12125	148	5	(	(	PUNCT
fbem-12125	148	6	4	4	NUM
fbem-12125	148	7	)	)	PUNCT
fbem-12125	148	8	,	,	PUNCT
fbem-12125	148	9	t	t	PROPN
fbem-12125	148	10	value	value	NOUN
fbem-12125	148	11	is	be	AUX
fbem-12125	148	12	2.72	2.72	NUM
fbem-12125	148	13	and	and	CCONJ
fbem-12125	148	14	coefficient	coefficient	NOUN
fbem-12125	148	15	is	be	AUX
fbem-12125	148	16	0.029	0.029	NUM
fbem-12125	148	17	,	,	PUNCT
fbem-12125	148	18	so	so	CCONJ
fbem-12125	148	19	the	the	DET
fbem-12125	148	20	coefficient	coefficient	NOUN
fbem-12125	148	21	on	on	ADP
fbem-12125	148	22	esg	esg	PROPN
fbem-12125	148	23	is	be	AUX
fbem-12125	148	24	significantly	significantly	ADV
fbem-12125	148	25	positive	positive	ADJ
fbem-12125	148	26	at	at	ADP
fbem-12125	148	27	the	the	DET
fbem-12125	148	28	1	1	NUM
fbem-12125	148	29	%	%	NOUN
fbem-12125	148	30	level	level	NOUN
fbem-12125	148	31	,	,	PUNCT
fbem-12125	148	32	suggesting	suggest	VERB
fbem-12125	148	33	that	that	SCONJ
fbem-12125	148	34	after	after	ADP
fbem-12125	148	35	controlling	control	VERB
fbem-12125	148	36	for	for	ADP
fbem-12125	148	37	corporate	corporate	ADJ
fbem-12125	148	38	governance	governance	NOUN
fbem-12125	148	39	level	level	NOUN
fbem-12125	148	40	characteristics	characteristic	NOUN
fbem-12125	148	41	and	and	CCONJ
fbem-12125	148	42	operational	operational	ADJ
fbem-12125	148	43	level	level	NOUN
fbem-12125	148	44	characteristics	characteristic	NOUN
fbem-12125	148	45	,	,	PUNCT
fbem-12125	148	46	corporate	corporate	ADJ
fbem-12125	148	47	sustainability	sustainability	NOUN
fbem-12125	148	48	increases	increase	VERB
fbem-12125	148	49	corporate	corporate	ADJ
fbem-12125	148	50	value	value	NOUN
fbem-12125	148	51	.	.	PUNCT
fbem-12125	149	1	table	table	NOUN
fbem-12125	149	2	4	4	NUM
fbem-12125	149	3	.	.	PUNCT
fbem-12125	149	4	main	main	ADJ
fbem-12125	149	5	results	result	NOUN
fbem-12125	149	6	.	.	PUNCT
fbem-12125	150	1	tobin	tobin	PROPN
fbem-12125	150	2	qa	qa	PROPN
fbem-12125	150	3	tobin	tobin	PROPN
fbem-12125	150	4	qb	qb	PROPN
fbem-12125	150	5	tobin	tobin	PROPN
fbem-12125	150	6	qc	qc	PROPN
fbem-12125	150	7	tobin	tobin	PROPN
fbem-12125	150	8	qd	qd	PROPN
fbem-12125	150	9	esg	esg	PROPN
fbem-12125	150	10	0.030	0.030	NUM
fbem-12125	150	11	*	*	PUNCT
fbem-12125	150	12	*	*	PUNCT
fbem-12125	150	13	*	*	PUNCT
fbem-12125	150	14	0.022	0.022	NUM
fbem-12125	150	15	*	*	PUNCT
fbem-12125	150	16	*	*	PUNCT
fbem-12125	150	17	0.040	0.040	NUM
fbem-12125	150	18	*	*	PUNCT
fbem-12125	150	19	*	*	PUNCT
fbem-12125	150	20	*	*	PUNCT
fbem-12125	150	21	0.029	0.029	NUM
fbem-12125	150	22	*	*	PUNCT
fbem-12125	150	23	*	*	PUNCT
fbem-12125	150	24	*	*	PUNCT
fbem-12125	150	25	-4.13	-4.13	PRON
fbem-12125	150	26	-2.52	-2.52	ADJ
fbem-12125	150	27	-4.27	-4.27	ADJ
fbem-12125	150	28	-2.72	-2.72	NOUN
fbem-12125	150	29	size	size	NOUN
fbem-12125	150	30	-0.851	-0.851	PUNCT
fbem-12125	150	31	*	*	NOUN
fbem-12125	150	32	*	*	PUNCT
fbem-12125	150	33	*	*	PUNCT
fbem-12125	150	34	-0.847	-0.847	PUNCT
fbem-12125	150	35	*	*	PUNCT
fbem-12125	150	36	*	*	PUNCT
fbem-12125	150	37	*	*	PUNCT
fbem-12125	150	38	-1.072	-1.072	PUNCT
fbem-12125	150	39	*	*	PUNCT
fbem-12125	150	40	*	*	PUNCT
fbem-12125	150	41	*	*	PUNCT
fbem-12125	150	42	-1.056	-1.056	PUNCT
fbem-12125	150	43	*	*	PUNCT
fbem-12125	150	44	*	*	PUNCT
fbem-12125	150	45	*	*	PUNCT
fbem-12125	150	46	(	(	PUNCT
fbem-12125	150	47	-68.32	-68.32	PROPN
fbem-12125	150	48	)	)	PUNCT
fbem-12125	150	49	(	(	PUNCT
fbem-12125	150	50	-58.46	-58.46	PROPN
fbem-12125	150	51	)	)	PUNCT
fbem-12125	150	52	(	(	PUNCT
fbem-12125	150	53	-68.17	-68.17	PROPN
fbem-12125	150	54	)	)	PUNCT
fbem-12125	150	55	(	(	PUNCT
fbem-12125	150	56	-58.07	-58.07	NUM
fbem-12125	150	57	)	)	PUNCT
fbem-12125	150	58	ppe	ppe	NOUN
fbem-12125	150	59	-0.368	-0.368	PROPN
fbem-12125	150	60	*	*	PROPN
fbem-12125	150	61	*	*	PUNCT
fbem-12125	150	62	*	*	PUNCT
fbem-12125	150	63	-0.843	-0.843	NOUN
fbem-12125	150	64	*	*	PUNCT
fbem-12125	150	65	*	*	PUNCT
fbem-12125	150	66	*	*	PUNCT
fbem-12125	150	67	-1.203	-1.203	PUNCT
fbem-12125	150	68	*	*	PUNCT
fbem-12125	150	69	*	*	PUNCT
fbem-12125	150	70	*	*	NOUN
fbem-12125	150	71	-1.798	-1.798	NOUN
fbem-12125	150	72	*	*	PUNCT
fbem-12125	150	73	*	*	PUNCT
fbem-12125	150	74	*	*	PUNCT
fbem-12125	150	75	(	(	PUNCT
fbem-12125	150	76	-5.10	-5.10	NUM
fbem-12125	150	77	)	)	PUNCT
fbem-12125	150	78	(	(	PUNCT
fbem-12125	150	79	-10.03	-10.03	PROPN
fbem-12125	150	80	)	)	PUNCT
fbem-12125	150	81	(	(	PUNCT
fbem-12125	150	82	-13.21	-13.21	PROPN
fbem-12125	150	83	)	)	PUNCT
fbem-12125	150	84	(	(	PUNCT
fbem-12125	150	85	-17.07	-17.07	PROPN
fbem-12125	150	86	)	)	PUNCT
fbem-12125	150	87	cfo	cfo	VERB
fbem-12125	150	88	0.978	0.978	NUM
fbem-12125	150	89	*	*	PUNCT
fbem-12125	150	90	*	*	PUNCT
fbem-12125	150	91	*	*	PUNCT
fbem-12125	150	92	1.205	1.205	NUM
fbem-12125	150	93	*	*	PUNCT
fbem-12125	150	94	*	*	PUNCT
fbem-12125	150	95	*	*	PUNCT
fbem-12125	150	96	1.333	1.333	NUM
fbem-12125	150	97	*	*	PUNCT
fbem-12125	150	98	*	*	PUNCT
fbem-12125	150	99	*	*	PUNCT
fbem-12125	151	1	1.629	1.629	NUM
fbem-12125	151	2	*	*	PUNCT
fbem-12125	151	3	*	*	PUNCT
fbem-12125	151	4	*	*	PUNCT
fbem-12125	151	5	-10.96	-10.96	PUNCT
fbem-12125	151	6	-11.6	-11.6	PUNCT
fbem-12125	151	7	-11.83	-11.83	PROPN
fbem-12125	151	8	-12.51	-12.51	PROPN
fbem-12125	151	9	lev	lev	NOUN
fbem-12125	151	10	0.857	0.857	NUM
fbem-12125	151	11	*	*	PUNCT
fbem-12125	151	12	*	*	PUNCT
fbem-12125	151	13	*	*	PUNCT
fbem-12125	151	14	0.984	0.984	NUM
fbem-12125	151	15	*	*	PUNCT
fbem-12125	151	16	*	*	PUNCT
fbem-12125	151	17	*	*	PUNCT
fbem-12125	151	18	-0.004	-0.004	PROPN
fbem-12125	151	19	0.03	0.03	NUM
fbem-12125	151	20	-17.06	-17.06	PROPN
fbem-12125	151	21	-16.84	-16.84	PROPN
fbem-12125	151	22	(	(	PUNCT
fbem-12125	151	23	-0.06	-0.06	NUM
fbem-12125	151	24	)	)	PUNCT
fbem-12125	151	25	-0.41	-0.41	NUM
fbem-12125	151	26	indep	indep	NOUN
fbem-12125	151	27	0.357	0.357	NUM
fbem-12125	151	28	*	*	PUNCT
fbem-12125	151	29	*	*	PUNCT
fbem-12125	151	30	*	*	PUNCT
fbem-12125	151	31	0.382	0.382	NUM
fbem-12125	151	32	*	*	PUNCT
fbem-12125	151	33	*	*	PUNCT
fbem-12125	151	34	*	*	X
fbem-12125	151	35	0.108	0.108	NUM
fbem-12125	151	36	0.111	0.111	NUM
fbem-12125	151	37	-3.72	-3.72	NUM
fbem-12125	151	38	-3.42	-3.42	NUM
fbem-12125	151	39	-0.89	-0.89	NUM
fbem-12125	151	40	-0.79	-0.79	PROPN
fbem-12125	151	41	board	board	NOUN
fbem-12125	151	42	0.018	0.018	NUM
fbem-12125	151	43	0.028	0.028	NUM
fbem-12125	151	44	0.088	0.088	NUM
fbem-12125	151	45	*	*	PUNCT
fbem-12125	151	46	*	*	PUNCT
fbem-12125	151	47	0.116	0.116	NUM
fbem-12125	151	48	*	*	PUNCT
fbem-12125	151	49	*	*	PUNCT
fbem-12125	151	50	*	*	PUNCT
fbem-12125	151	51	-0.6	-0.6	X
fbem-12125	151	52	-0.79	-0.79	NOUN
fbem-12125	151	53	-2.31	-2.31	PART
fbem-12125	151	54	-2.62	-2.62	NUM
fbem-12125	151	55	constant	constant	ADJ
fbem-12125	151	56	20.260	20.260	NUM
fbem-12125	151	57	*	*	NOUN
fbem-12125	151	58	*	*	PUNCT
fbem-12125	151	59	*	*	PUNCT
fbem-12125	151	60	20.448	20.448	NUM
fbem-12125	151	61	*	*	PUNCT
fbem-12125	151	62	*	*	PUNCT
fbem-12125	151	63	*	*	PUNCT
fbem-12125	151	64	26.102	26.102	NUM
fbem-12125	151	65	*	*	PUNCT
fbem-12125	151	66	*	*	PUNCT
fbem-12125	151	67	*	*	PUNCT
fbem-12125	151	68	26.095	26.095	NUM
fbem-12125	151	69	*	*	PUNCT
fbem-12125	151	70	*	*	PUNCT
fbem-12125	151	71	*	*	PUNCT
fbem-12125	152	1	-72.62	-72.62	PUNCT
fbem-12125	152	2	-62.99	-62.99	PROPN
fbem-12125	152	3	-74.1	-74.1	PUNCT
fbem-12125	152	4	-64.1	-64.1	ADP
fbem-12125	152	5	firm	firm	ADJ
fbem-12125	153	1	fe	fe	INTJ
fbem-12125	154	1	yes	yes	INTJ
fbem-12125	154	2	yes	yes	INTJ
fbem-12125	155	1	yes	yes	INTJ
fbem-12125	156	1	yes	yes	INTJ
fbem-12125	156	2	year	year	NOUN
fbem-12125	157	1	fe	fe	INTJ
fbem-12125	158	1	yes	yes	INTJ
fbem-12125	158	2	yes	yes	INTJ
fbem-12125	159	1	yes	yes	INTJ
fbem-12125	160	1	yes	yes	INTJ
fbem-12125	160	2	n	n	CCONJ
fbem-12125	160	3	32044	32044	NUM
fbem-12125	160	4	32044	32044	NUM
fbem-12125	160	5	32044	32044	NUM
fbem-12125	160	6	32044	32044	NUM
fbem-12125	160	7	adj	adj	PROPN
fbem-12125	160	8	r2	r2	PROPN
fbem-12125	160	9	0.613	0.613	NUM
fbem-12125	160	10	0.599	0.599	NUM
fbem-12125	160	11	0.67	0.67	NUM
fbem-12125	160	12	0.656	0.656	NUM
fbem-12125	160	13	note	note	NOUN
fbem-12125	160	14	:	:	PUNCT
fbem-12125	160	15	*	*	PUNCT
fbem-12125	160	16	,	,	PUNCT
fbem-12125	160	17	*	*	PUNCT
fbem-12125	160	18	*	*	PUNCT
fbem-12125	160	19	and	and	CCONJ
fbem-12125	160	20	*	*	PUNCT
fbem-12125	160	21	*	*	PUNCT
fbem-12125	160	22	*	*	PUNCT
fbem-12125	160	23	indicate	indicate	VERB
fbem-12125	160	24	significance	significance	NOUN
fbem-12125	160	25	at	at	ADP
fbem-12125	160	26	the	the	DET
fbem-12125	160	27	10	10	NUM
fbem-12125	160	28	%	%	NOUN
fbem-12125	160	29	,	,	PUNCT
fbem-12125	160	30	5	5	NUM
fbem-12125	160	31	%	%	NOUN
fbem-12125	160	32	and	and	CCONJ
fbem-12125	160	33	1	1	NUM
fbem-12125	160	34	%	%	NOUN
fbem-12125	160	35	levels	level	NOUN
fbem-12125	160	36	(	(	PUNCT
fbem-12125	160	37	two	two	NUM
fbem-12125	160	38	-	-	PUNCT
fbem-12125	160	39	tailed	tail	VERB
fbem-12125	160	40	)	)	PUNCT
fbem-12125	160	41	,	,	PUNCT
fbem-12125	160	42	respectively	respectively	ADV
fbem-12125	160	43	.	.	PUNCT
fbem-12125	161	1	refer	refer	VERB
fbem-12125	161	2	to	to	ADP
fbem-12125	161	3	table	table	NOUN
fbem-12125	161	4	1	1	NUM
fbem-12125	161	5	for	for	ADP
fbem-12125	161	6	the	the	DET
fbem-12125	161	7	variable	variable	ADJ
fbem-12125	161	8	definition	definition	NOUN
fbem-12125	161	9	and	and	CCONJ
fbem-12125	161	10	measurement	measurement	NOUN
fbem-12125	161	11	.	.	PUNCT
fbem-12125	162	1	6	6	X
fbem-12125	162	2	.	.	X
fbem-12125	162	3	conclusion	conclusion	NOUN
fbem-12125	162	4	corporate	corporate	ADJ
fbem-12125	162	5	esg	esg	PROPN
fbem-12125	162	6	improves	improve	VERB
fbem-12125	162	7	the	the	DET
fbem-12125	162	8	corporate	corporate	ADJ
fbem-12125	162	9	stock	stock	NOUN
fbem-12125	162	10	market	market	NOUN
fbem-12125	162	11	performance	performance	NOUN
fbem-12125	162	12	.	.	PUNCT
fbem-12125	163	1	to	to	PART
fbem-12125	163	2	be	be	AUX
fbem-12125	163	3	more	more	ADV
fbem-12125	163	4	specific	specific	ADJ
fbem-12125	163	5	,	,	PUNCT
fbem-12125	163	6	esg	esg	NOUN
fbem-12125	163	7	rating	rating	NOUN
fbem-12125	163	8	is	be	AUX
fbem-12125	163	9	the	the	DET
fbem-12125	163	10	proxy	proxy	NOUN
fbem-12125	163	11	of	of	ADP
fbem-12125	163	12	corporate	corporate	ADJ
fbem-12125	163	13	sustainability	sustainability	NOUN
fbem-12125	163	14	,	,	PUNCT
fbem-12125	163	15	and	and	CCONJ
fbem-12125	163	16	tobin	tobin	PROPN
fbem-12125	163	17	’s	’s	PART
fbem-12125	163	18	q	q	NOUN
fbem-12125	163	19	is	be	AUX
fbem-12125	163	20	the	the	DET
fbem-12125	163	21	proxy	proxy	NOUN
fbem-12125	163	22	of	of	ADP
fbem-12125	163	23	corporate	corporate	ADJ
fbem-12125	163	24	value	value	NOUN
fbem-12125	163	25	.	.	PUNCT
fbem-12125	164	1	our	our	PRON
fbem-12125	164	2	deficiency	deficiency	NOUN
fbem-12125	164	3	is	be	AUX
fbem-12125	164	4	that	that	SCONJ
fbem-12125	164	5	we	we	PRON
fbem-12125	164	6	use	use	VERB
fbem-12125	164	7	the	the	DET
fbem-12125	164	8	sample	sample	NOUN
fbem-12125	164	9	of	of	ADP
fbem-12125	164	10	single	single	ADJ
fbem-12125	164	11	country	country	NOUN
fbem-12125	164	12	of	of	ADP
fbem-12125	164	13	china	china	PROPN
fbem-12125	164	14	,	,	PUNCT
fbem-12125	164	15	and	and	CCONJ
fbem-12125	164	16	we	we	PRON
fbem-12125	164	17	hope	hope	VERB
fbem-12125	164	18	in	in	ADP
fbem-12125	164	19	future	future	NOUN
fbem-12125	164	20	there	there	PRON
fbem-12125	164	21	will	will	AUX
fbem-12125	164	22	be	be	AUX
fbem-12125	164	23	more	more	ADV
fbem-12125	164	24	further	further	ADJ
fbem-12125	164	25	researches	research	NOUN
fbem-12125	164	26	using	use	VERB
fbem-12125	164	27	cross	cross	ADJ
fbem-12125	164	28	-	-	ADJ
fbem-12125	164	29	country	country	ADJ
fbem-12125	164	30	samples	sample	NOUN
fbem-12125	164	31	.	.	PUNCT
fbem-12125	165	1	references	reference	NOUN
fbem-12125	165	2	[	[	X
fbem-12125	165	3	1	1	NUM
fbem-12125	165	4	]	]	X
fbem-12125	165	5	luo	luo	PROPN
fbem-12125	165	6	,	,	PUNCT
fbem-12125	165	7	k.	k.	PROPN
fbem-12125	165	8	,	,	PUNCT
fbem-12125	165	9	&	&	CCONJ
fbem-12125	165	10	wu	wu	PROPN
fbem-12125	165	11	,	,	PUNCT
fbem-12125	165	12	s.	s.	PROPN
fbem-12125	165	13	(	(	PUNCT
fbem-12125	165	14	2022	2022	NUM
fbem-12125	165	15	)	)	PUNCT
fbem-12125	165	16	.	.	PUNCT
fbem-12125	166	1	corporate	corporate	ADJ
fbem-12125	166	2	sustainability	sustainability	NOUN
fbem-12125	166	3	and	and	CCONJ
fbem-12125	166	4	analysts	analyst	NOUN
fbem-12125	166	5	'	'	PART
fbem-12125	166	6	earnings	earning	NOUN
fbem-12125	166	7	forecast	forecast	NOUN
fbem-12125	166	8	accuracy	accuracy	NOUN
fbem-12125	166	9	:	:	PUNCT
fbem-12125	166	10	evidence	evidence	NOUN
fbem-12125	166	11	from	from	ADP
fbem-12125	166	12	environmental	environmental	ADJ
fbem-12125	166	13	,	,	PUNCT
fbem-12125	166	14	social	social	ADJ
fbem-12125	166	15	and	and	CCONJ
fbem-12125	166	16	governance	governance	NOUN
fbem-12125	166	17	ratings	rating	NOUN
fbem-12125	166	18	.	.	PUNCT
fbem-12125	167	1	corporate	corporate	ADJ
fbem-12125	167	2	social	social	ADJ
fbem-12125	167	3	responsibility	responsibility	NOUN
fbem-12125	167	4	and	and	CCONJ
fbem-12125	167	5	environmental	environmental	ADJ
fbem-12125	167	6	management	management	NOUN
fbem-12125	167	7	,	,	PUNCT
fbem-12125	167	8	29(5	29(5	NUM
fbem-12125	167	9	)	)	PUNCT
fbem-12125	167	10	,	,	PUNCT
fbem-12125	167	11	1465	1465	NUM
fbem-12125	167	12	-	-	SYM
fbem-12125	167	13	1481	1481	NUM
fbem-12125	167	14	.	.	PUNCT
fbem-12125	168	1	[	[	X
fbem-12125	168	2	2	2	NUM
fbem-12125	168	3	]	]	PUNCT
fbem-12125	168	4	buallay	buallay	NOUN
fbem-12125	168	5	,	,	PUNCT
fbem-12125	168	6	a.	a.	NOUN
fbem-12125	168	7	(	(	PUNCT
fbem-12125	168	8	2019	2019	NUM
fbem-12125	168	9	)	)	PUNCT
fbem-12125	168	10	.	.	PUNCT
fbem-12125	169	1	is	be	AUX
fbem-12125	169	2	sustainability	sustainability	NOUN
fbem-12125	169	3	reporting	reporting	NOUN
fbem-12125	169	4	(	(	PUNCT
fbem-12125	169	5	esg	esg	NOUN
fbem-12125	169	6	)	)	PUNCT
fbem-12125	169	7	associated	associate	VERB
fbem-12125	169	8	with	with	ADP
fbem-12125	169	9	performance	performance	NOUN
fbem-12125	169	10	?	?	PUNCT
fbem-12125	170	1	evidence	evidence	NOUN
fbem-12125	170	2	from	from	ADP
fbem-12125	170	3	the	the	DET
fbem-12125	170	4	european	european	ADJ
fbem-12125	170	5	banking	banking	NOUN
fbem-12125	170	6	sector	sector	NOUN
fbem-12125	170	7	.	.	PUNCT
fbem-12125	171	1	management	management	NOUN
fbem-12125	171	2	of	of	ADP
fbem-12125	171	3	environmental	environmental	ADJ
fbem-12125	171	4	quality	quality	NOUN
fbem-12125	171	5	:	:	PUNCT
fbem-12125	171	6	an	an	DET
fbem-12125	171	7	international	international	ADJ
fbem-12125	171	8	journal	journal	NOUN
fbem-12125	171	9	,	,	PUNCT
fbem-12125	171	10	30(1	30(1	NUM
fbem-12125	171	11	)	)	PUNCT
fbem-12125	171	12	,	,	PUNCT
fbem-12125	171	13	98	98	NUM
fbem-12125	171	14	-	-	SYM
fbem-12125	171	15	115	115	NUM
fbem-12125	171	16	.	.	PUNCT
fbem-12125	172	1	[	[	X
fbem-12125	172	2	3	3	NUM
fbem-12125	172	3	]	]	X
fbem-12125	172	4	zhou	zhou	PROPN
fbem-12125	172	5	,	,	PUNCT
fbem-12125	172	6	g.	g.	PROPN
fbem-12125	172	7	,	,	PUNCT
fbem-12125	172	8	liu	liu	PROPN
fbem-12125	172	9	,	,	PUNCT
fbem-12125	172	10	l.	l.	PROPN
fbem-12125	172	11	,	,	PUNCT
fbem-12125	172	12	&	&	CCONJ
fbem-12125	172	13	luo	luo	PROPN
fbem-12125	172	14	,	,	PUNCT
fbem-12125	172	15	s.	s.	PROPN
fbem-12125	172	16	(	(	PUNCT
fbem-12125	172	17	2022	2022	NUM
fbem-12125	172	18	)	)	PUNCT
fbem-12125	172	19	.	.	PUNCT
fbem-12125	173	1	sustainable	sustainable	ADJ
fbem-12125	173	2	development	development	NOUN
fbem-12125	173	3	,	,	PUNCT
fbem-12125	173	4	esg	esg	NOUN
fbem-12125	173	5	performance	performance	NOUN
fbem-12125	173	6	and	and	CCONJ
fbem-12125	173	7	company	company	NOUN
fbem-12125	173	8	market	market	NOUN
fbem-12125	173	9	value	value	NOUN
fbem-12125	173	10	:	:	PUNCT
fbem-12125	173	11	mediating	mediate	VERB
fbem-12125	173	12	effect	effect	NOUN
fbem-12125	173	13	of	of	ADP
fbem-12125	173	14	financial	financial	ADJ
fbem-12125	173	15	performance	performance	NOUN
fbem-12125	173	16	.	.	PUNCT
fbem-12125	174	1	business	business	NOUN
fbem-12125	174	2	strategy	strategy	NOUN
fbem-12125	174	3	and	and	CCONJ
fbem-12125	174	4	the	the	DET
fbem-12125	174	5	environment	environment	NOUN
fbem-12125	174	6	,	,	PUNCT
fbem-12125	174	7	31(7	31(7	PROPN
fbem-12125	174	8	)	)	PUNCT
fbem-12125	174	9	,	,	PUNCT
fbem-12125	174	10	3371	3371	NUM
fbem-12125	174	11	-	-	SYM
fbem-12125	174	12	3387	3387	NUM
fbem-12125	174	13	.	.	PUNCT
fbem-12125	175	1	[	[	X
fbem-12125	175	2	4	4	NUM
fbem-12125	175	3	]	]	X
fbem-12125	175	4	drempetic	drempetic	PROPN
fbem-12125	175	5	,	,	PUNCT
fbem-12125	175	6	s.	s.	PROPN
fbem-12125	175	7	,	,	PUNCT
fbem-12125	175	8	klein	klein	PROPN
fbem-12125	175	9	,	,	PUNCT
fbem-12125	175	10	c.	c.	PROPN
fbem-12125	175	11	,	,	PUNCT
fbem-12125	175	12	&	&	CCONJ
fbem-12125	175	13	zwergel	zwergel	PROPN
fbem-12125	175	14	,	,	PUNCT
fbem-12125	175	15	b.	b.	PROPN
fbem-12125	175	16	(	(	PUNCT
fbem-12125	175	17	2020	2020	NUM
fbem-12125	175	18	)	)	PUNCT
fbem-12125	175	19	.	.	PUNCT
fbem-12125	176	1	the	the	DET
fbem-12125	176	2	influence	influence	NOUN
fbem-12125	176	3	of	of	ADP
fbem-12125	176	4	firm	firm	ADJ
fbem-12125	176	5	size	size	NOUN
fbem-12125	176	6	on	on	ADP
fbem-12125	176	7	the	the	DET
fbem-12125	176	8	esg	esg	PROPN
fbem-12125	176	9	score	score	NOUN
fbem-12125	176	10	:	:	PUNCT
fbem-12125	176	11	corporate	corporate	ADJ
fbem-12125	176	12	sustainability	sustainability	NOUN
fbem-12125	176	13	ratings	rating	NOUN
fbem-12125	176	14	under	under	ADP
fbem-12125	176	15	review	review	NOUN
fbem-12125	176	16	.	.	PUNCT
fbem-12125	177	1	journal	journal	PROPN
fbem-12125	177	2	of	of	ADP
fbem-12125	177	3	business	business	NOUN
fbem-12125	177	4	ethics	ethic	NOUN
fbem-12125	177	5	,	,	PUNCT
fbem-12125	177	6	167	167	NUM
fbem-12125	177	7	,	,	PUNCT
fbem-12125	177	8	333	333	NUM
fbem-12125	177	9	-	-	SYM
fbem-12125	177	10	360	360	NUM
fbem-12125	177	11	.	.	PUNCT
fbem-12125	178	1	[	[	X
fbem-12125	178	2	5	5	NUM
fbem-12125	178	3	]	]	SYM
fbem-12125	178	4	garcia	garcia	PROPN
fbem-12125	178	5	,	,	PUNCT
fbem-12125	178	6	a.	a.	PROPN
fbem-12125	178	7	s.	s.	PROPN
fbem-12125	178	8	,	,	PUNCT
fbem-12125	178	9	mendes	mendes	PROPN
fbem-12125	178	10	-	-	PUNCT
fbem-12125	178	11	da	da	NOUN
fbem-12125	178	12	-	-	PUNCT
fbem-12125	178	13	silva	silva	NOUN
fbem-12125	178	14	,	,	PUNCT
fbem-12125	178	15	w.	w.	PROPN
fbem-12125	178	16	,	,	PUNCT
fbem-12125	178	17	&	&	CCONJ
fbem-12125	178	18	orsato	orsato	PROPN
fbem-12125	178	19	,	,	PUNCT
fbem-12125	178	20	r.	r.	PROPN
fbem-12125	178	21	j.	j.	PROPN
fbem-12125	178	22	(	(	PUNCT
fbem-12125	178	23	2017	2017	NUM
fbem-12125	178	24	)	)	PUNCT
fbem-12125	178	25	.	.	PUNCT
fbem-12125	179	1	sensitive	sensitive	ADJ
fbem-12125	179	2	industries	industry	NOUN
fbem-12125	179	3	produce	produce	VERB
fbem-12125	179	4	better	well	ADJ
fbem-12125	179	5	esg	esg	NOUN
fbem-12125	179	6	performance	performance	NOUN
fbem-12125	179	7	:	:	PUNCT
fbem-12125	179	8	evidence	evidence	NOUN
fbem-12125	179	9	from	from	ADP
fbem-12125	179	10	emerging	emerge	VERB
fbem-12125	179	11	markets	market	NOUN
fbem-12125	179	12	.	.	PUNCT
fbem-12125	180	1	journal	journal	NOUN
fbem-12125	180	2	of	of	ADP
fbem-12125	180	3	cleaner	clean	ADJ
fbem-12125	180	4	production	production	NOUN
fbem-12125	180	5	,	,	PUNCT
fbem-12125	180	6	150	150	NUM
fbem-12125	180	7	,	,	PUNCT
fbem-12125	180	8	135	135	NUM
fbem-12125	180	9	-	-	SYM
fbem-12125	180	10	147	147	NUM
fbem-12125	180	11	.	.	PUNCT
fbem-12125	181	1	[	[	X
fbem-12125	181	2	6	6	NUM
fbem-12125	181	3	]	]	X
fbem-12125	181	4	lehkonen	lehkonen	PROPN
fbem-12125	181	5	,	,	PUNCT
fbem-12125	181	6	h.	h.	PROPN
fbem-12125	181	7	,	,	PUNCT
fbem-12125	181	8	&	&	CCONJ
fbem-12125	181	9	heimonen	heimonen	PROPN
fbem-12125	181	10	,	,	PUNCT
fbem-12125	181	11	k.	k.	PROPN
fbem-12125	181	12	(	(	PUNCT
fbem-12125	181	13	2015	2015	NUM
fbem-12125	181	14	)	)	PUNCT
fbem-12125	181	15	.	.	PUNCT
fbem-12125	182	1	democracy	democracy	NOUN
fbem-12125	182	2	,	,	PUNCT
fbem-12125	182	3	political	political	ADJ
fbem-12125	182	4	risks	risk	NOUN
fbem-12125	182	5	and	and	CCONJ
fbem-12125	182	6	stock	stock	NOUN
fbem-12125	182	7	market	market	NOUN
fbem-12125	182	8	performance	performance	NOUN
fbem-12125	182	9	.	.	PUNCT
fbem-12125	183	1	journal	journal	NOUN
fbem-12125	183	2	of	of	ADP
fbem-12125	183	3	international	international	ADJ
fbem-12125	183	4	money	money	NOUN
fbem-12125	183	5	and	and	CCONJ
fbem-12125	183	6	finance	finance	NOUN
fbem-12125	183	7	,	,	PUNCT
fbem-12125	183	8	59	59	NUM
fbem-12125	183	9	,	,	PUNCT
fbem-12125	183	10	77	77	NUM
fbem-12125	183	11	-	-	SYM
fbem-12125	183	12	99	99	NUM
fbem-12125	183	13	.	.	PUNCT
fbem-12125	184	1	[	[	X
fbem-12125	184	2	7	7	NUM
fbem-12125	184	3	]	]	X
fbem-12125	184	4	hooper	hooper	NOUN
fbem-12125	184	5	,	,	PUNCT
fbem-12125	184	6	v.	v.	PROPN
fbem-12125	184	7	,	,	PUNCT
fbem-12125	184	8	sim	sim	ADJ
fbem-12125	184	9	,	,	PUNCT
fbem-12125	184	10	a.	a.	PROPN
fbem-12125	184	11	b.	b.	PROPN
fbem-12125	184	12	,	,	PUNCT
fbem-12125	184	13	&	&	CCONJ
fbem-12125	184	14	uppal	uppal	PROPN
fbem-12125	184	15	,	,	PUNCT
fbem-12125	184	16	a.	a.	NOUN
fbem-12125	184	17	(	(	PUNCT
fbem-12125	184	18	2009	2009	NUM
fbem-12125	184	19	)	)	PUNCT
fbem-12125	184	20	.	.	PUNCT
fbem-12125	185	1	governance	governance	NOUN
fbem-12125	185	2	and	and	CCONJ
fbem-12125	185	3	stock	stock	NOUN
fbem-12125	185	4	market	market	NOUN
fbem-12125	185	5	performance	performance	NOUN
fbem-12125	185	6	.	.	PUNCT
fbem-12125	186	1	economic	economic	ADJ
fbem-12125	186	2	systems	system	NOUN
fbem-12125	186	3	,	,	PUNCT
fbem-12125	186	4	33(2	33(2	NUM
fbem-12125	186	5	)	)	PUNCT
fbem-12125	186	6	,	,	PUNCT
fbem-12125	186	7	93	93	NUM
fbem-12125	186	8	-	-	SYM
fbem-12125	186	9	116	116	NUM
fbem-12125	186	10	.	.	PUNCT
fbem-12125	187	1	[	[	X
fbem-12125	187	2	8	8	NUM
fbem-12125	187	3	]	]	X
fbem-12125	187	4	verheyden	verheyden	ADJ
fbem-12125	187	5	,	,	PUNCT
fbem-12125	187	6	t.	t.	PROPN
fbem-12125	187	7	,	,	PUNCT
fbem-12125	187	8	eccles	eccles	PROPN
fbem-12125	187	9	,	,	PUNCT
fbem-12125	187	10	r.	r.	PROPN
fbem-12125	187	11	g.	g.	PROPN
fbem-12125	187	12	,	,	PUNCT
fbem-12125	187	13	&	&	CCONJ
fbem-12125	187	14	feiner	feiner	PROPN
fbem-12125	187	15	,	,	PUNCT
fbem-12125	187	16	a.	a.	PROPN
fbem-12125	187	17	(	(	PUNCT
fbem-12125	187	18	2016	2016	NUM
fbem-12125	187	19	)	)	PUNCT
fbem-12125	187	20	.	.	PUNCT
fbem-12125	188	1	esg	esg	NOUN
fbem-12125	188	2	for	for	ADP
fbem-12125	188	3	all	all	PRON
fbem-12125	188	4	?	?	PUNCT
fbem-12125	189	1	the	the	DET
fbem-12125	189	2	impact	impact	NOUN
fbem-12125	189	3	of	of	ADP
fbem-12125	189	4	esg	esg	PROPN
fbem-12125	189	5	screening	screen	VERB
fbem-12125	189	6	on	on	ADP
fbem-12125	189	7	return	return	NOUN
fbem-12125	189	8	,	,	PUNCT
fbem-12125	189	9	risk	risk	NOUN
fbem-12125	189	10	,	,	PUNCT
fbem-12125	189	11	and	and	CCONJ
fbem-12125	189	12	diversification	diversification	NOUN
fbem-12125	189	13	.	.	PUNCT
fbem-12125	190	1	journal	journal	PROPN
fbem-12125	190	2	of	of	ADP
fbem-12125	190	3	applied	apply	VERB
fbem-12125	190	4	corporate	corporate	ADJ
fbem-12125	190	5	finance	finance	NOUN
fbem-12125	190	6	,	,	PUNCT
fbem-12125	190	7	28(2	28(2	NUM
fbem-12125	190	8	)	)	PUNCT
fbem-12125	190	9	,	,	PUNCT
fbem-12125	190	10	47	47	NUM
fbem-12125	190	11	-	-	SYM
fbem-12125	190	12	55	55	NUM
fbem-12125	190	13	.	.	PUNCT
fbem-12125	191	1	[	[	X
fbem-12125	191	2	9	9	NUM
fbem-12125	191	3	]	]	SYM
fbem-12125	191	4	fatemi	fatemi	PROPN
fbem-12125	191	5	,	,	PUNCT
fbem-12125	191	6	a.	a.	NOUN
fbem-12125	191	7	,	,	PUNCT
fbem-12125	191	8	glaum	glaum	NOUN
fbem-12125	191	9	,	,	PUNCT
fbem-12125	191	10	m.	m.	NOUN
fbem-12125	191	11	,	,	PUNCT
fbem-12125	191	12	&	&	CCONJ
fbem-12125	191	13	kaiser	kaiser	PROPN
fbem-12125	191	14	,	,	PUNCT
fbem-12125	191	15	s.	s.	PROPN
fbem-12125	191	16	(	(	PUNCT
fbem-12125	191	17	2018	2018	NUM
fbem-12125	191	18	)	)	PUNCT
fbem-12125	191	19	.	.	PUNCT
fbem-12125	192	1	esg	esg	NOUN
fbem-12125	192	2	performance	performance	NOUN
fbem-12125	192	3	and	and	CCONJ
fbem-12125	192	4	firm	firm	ADJ
fbem-12125	192	5	value	value	NOUN
fbem-12125	192	6	:	:	PUNCT
fbem-12125	192	7	the	the	DET
fbem-12125	192	8	moderating	moderate	VERB
fbem-12125	192	9	role	role	NOUN
fbem-12125	192	10	of	of	ADP
fbem-12125	192	11	disclosure	disclosure	NOUN
fbem-12125	192	12	.	.	PUNCT
fbem-12125	193	1	global	global	ADJ
fbem-12125	193	2	finance	finance	PROPN
fbem-12125	193	3	journal	journal	NOUN
fbem-12125	193	4	,	,	PUNCT
fbem-12125	193	5	38	38	NUM
fbem-12125	193	6	,	,	PUNCT
fbem-12125	193	7	45	45	NUM
fbem-12125	193	8	-	-	SYM
fbem-12125	193	9	64	64	NUM
fbem-12125	193	10	.	.	PUNCT
fbem-12125	194	1	[	[	X
fbem-12125	194	2	10	10	NUM
fbem-12125	194	3	]	]	SYM
fbem-12125	194	4	shakil	shakil	NOUN
fbem-12125	194	5	,	,	PUNCT
fbem-12125	194	6	m.	m.	NOUN
fbem-12125	194	7	h.	h.	PROPN
fbem-12125	194	8	(	(	PUNCT
fbem-12125	194	9	2021	2021	NUM
fbem-12125	194	10	)	)	PUNCT
fbem-12125	194	11	.	.	PUNCT
fbem-12125	195	1	environmental	environmental	ADJ
fbem-12125	195	2	,	,	PUNCT
fbem-12125	195	3	social	social	ADJ
fbem-12125	195	4	and	and	CCONJ
fbem-12125	195	5	governance	governance	NOUN
fbem-12125	195	6	performance	performance	NOUN
fbem-12125	195	7	and	and	CCONJ
fbem-12125	195	8	financial	financial	ADJ
fbem-12125	195	9	risk	risk	NOUN
fbem-12125	195	10	:	:	PUNCT
fbem-12125	195	11	moderating	moderate	VERB
fbem-12125	195	12	role	role	NOUN
fbem-12125	195	13	of	of	ADP
fbem-12125	195	14	esg	esg	PROPN
fbem-12125	195	15	controversies	controversy	NOUN
fbem-12125	195	16	and	and	CCONJ
fbem-12125	195	17	board	board	NOUN
fbem-12125	195	18	gender	gender	NOUN
fbem-12125	195	19	diversity	diversity	NOUN
fbem-12125	195	20	.	.	PUNCT
fbem-12125	196	1	resources	resource	NOUN
fbem-12125	196	2	policy	policy	NOUN
fbem-12125	196	3	,	,	PUNCT
fbem-12125	196	4	72	72	NUM
fbem-12125	196	5	,	,	PUNCT
fbem-12125	196	6	102144	102144	NUM
fbem-12125	196	7	.	.	PUNCT
fbem-12125	197	1	[	[	X
fbem-12125	197	2	11	11	NUM
fbem-12125	197	3	]	]	PUNCT
fbem-12125	197	4	shen	shen	NOUN
fbem-12125	197	5	,	,	PUNCT
fbem-12125	197	6	h.	h.	PROPN
fbem-12125	197	7	b.	b.	PROPN
fbem-12125	197	8	,	,	PUNCT
fbem-12125	197	9	tian	tian	PROPN
fbem-12125	197	10	,	,	PUNCT
fbem-12125	197	11	c.	c.	PROPN
fbem-12125	197	12	,	,	PUNCT
fbem-12125	197	13	&	&	CCONJ
fbem-12125	197	14	zong	zong	PROPN
fbem-12125	197	15	,	,	PUNCT
fbem-12125	197	16	y.	y.	PROPN
fbem-12125	197	17	(	(	PUNCT
fbem-12125	197	18	2021	2021	NUM
fbem-12125	197	19	)	)	PUNCT
fbem-12125	197	20	.	.	PUNCT
fbem-12125	198	1	does	do	AUX
fbem-12125	198	2	corporate	corporate	ADJ
fbem-12125	198	3	social	social	ADJ
fbem-12125	198	4	responsibility	responsibility	NOUN
fbem-12125	198	5	affect	affect	VERB
fbem-12125	198	6	stock	stock	NOUN
fbem-12125	198	7	market	market	NOUN
fbem-12125	198	8	performance	performance	NOUN
fbem-12125	198	9	of	of	ADP
fbem-12125	198	10	listed	list	VERB
fbem-12125	198	11	companies	company	NOUN
fbem-12125	198	12	?	?	PUNCT
fbem-12125	199	1	an	an	DET
fbem-12125	199	2	empirical	empirical	ADJ
fbem-12125	199	3	test	test	NOUN
fbem-12125	199	4	based	base	VERB
fbem-12125	199	5	on	on	ADP
fbem-12125	199	6	wind	wind	NOUN
fbem-12125	199	7	rating	rating	NOUN
fbem-12125	199	8	data	datum	NOUN
fbem-12125	199	9	.	.	PUNCT
fbem-12125	200	1	journal	journal	PROPN
fbem-12125	200	2	of	of	ADP
fbem-12125	200	3	southeast	southeast	PROPN
fbem-12125	200	4	university	university	PROPN
fbem-12125	200	5	(	(	PUNCT
fbem-12125	200	6	philosophy	philosophy	NOUN
fbem-12125	200	7	and	and	CCONJ
fbem-12125	200	8	social	social	ADJ
fbem-12125	200	9	science	science	NOUN
fbem-12125	200	10	edition	edition	NOUN
fbem-12125	200	11	)	)	PUNCT
fbem-12125	200	12	.	.	PUNCT
fbem-12125	201	1	[	[	X
fbem-12125	201	2	12	12	NUM
fbem-12125	201	3	]	]	X
fbem-12125	201	4	henriksson	henriksson	PROPN
fbem-12125	201	5	,	,	PUNCT
fbem-12125	201	6	r.	r.	PROPN
fbem-12125	201	7	,	,	PUNCT
fbem-12125	201	8	livnat	livnat	PROPN
fbem-12125	201	9	,	,	PUNCT
fbem-12125	201	10	j.	j.	PROPN
fbem-12125	201	11	,	,	PUNCT
fbem-12125	201	12	pfeifer	pfeifer	PROPN
fbem-12125	201	13	,	,	PUNCT
fbem-12125	201	14	p.	p.	NOUN
fbem-12125	201	15	,	,	PUNCT
fbem-12125	201	16	&	&	CCONJ
fbem-12125	201	17	stumpp	stumpp	PROPN
fbem-12125	201	18	,	,	PUNCT
fbem-12125	201	19	m.	m.	NOUN
fbem-12125	201	20	(	(	PUNCT
fbem-12125	201	21	2019	2019	NUM
fbem-12125	201	22	)	)	PUNCT
fbem-12125	201	23	.	.	PUNCT
fbem-12125	202	1	integrating	integrate	VERB
fbem-12125	202	2	esg	esg	PROPN
fbem-12125	202	3	in	in	ADP
fbem-12125	202	4	portfolio	portfolio	NOUN
fbem-12125	202	5	construction	construction	NOUN
fbem-12125	202	6	.	.	PUNCT
fbem-12125	203	1	the	the	DET
fbem-12125	203	2	journal	journal	PROPN
fbem-12125	203	3	of	of	ADP
fbem-12125	203	4	portfolio	portfolio	NOUN
fbem-12125	203	5	management	management	NOUN
fbem-12125	203	6	,	,	PUNCT
fbem-12125	203	7	45(4	45(4	NUM
fbem-12125	203	8	)	)	PUNCT
fbem-12125	203	9	,	,	PUNCT
fbem-12125	203	10	67	67	NUM
fbem-12125	203	11	-	-	SYM
fbem-12125	203	12	81	81	NUM
fbem-12125	203	13	.	.	PUNCT
fbem-12125	204	1	[	[	X
fbem-12125	204	2	13	13	NUM
fbem-12125	204	3	]	]	SYM
fbem-12125	204	4	francis	francis	PROPN
fbem-12125	204	5	,	,	PUNCT
fbem-12125	204	6	j.	j.	PROPN
fbem-12125	204	7	r.	r.	PROPN
fbem-12125	204	8	,	,	PUNCT
fbem-12125	204	9	neuman	neuman	NOUN
fbem-12125	204	10	,	,	PUNCT
fbem-12125	204	11	s.	s.	PROPN
fbem-12125	204	12	s.	s.	PROPN
fbem-12125	204	13	,	,	PUNCT
fbem-12125	204	14	&	&	CCONJ
fbem-12125	204	15	newton	newton	PROPN
fbem-12125	204	16	,	,	PUNCT
fbem-12125	204	17	n.	n.	PROPN
fbem-12125	204	18	j.	j.	PROPN
fbem-12125	204	19	(	(	PUNCT
fbem-12125	204	20	2019	2019	NUM
fbem-12125	204	21	)	)	PUNCT
fbem-12125	204	22	.	.	PUNCT
fbem-12125	204	23	does	do	AUX
fbem-12125	204	24	tax	tax	NOUN
fbem-12125	204	25	planning	planning	NOUN
fbem-12125	204	26	affect	affect	VERB
fbem-12125	204	27	analysts	analyst	NOUN
fbem-12125	204	28	'	'	PART
fbem-12125	204	29	forecast	forecast	NOUN
fbem-12125	204	30	accuracy	accuracy	NOUN
fbem-12125	204	31	?	?	PUNCT
fbem-12125	204	32	.	.	PUNCT
fbem-12125	205	1	contemporary	contemporary	ADJ
fbem-12125	205	2	accounting	accounting	PROPN
fbem-12125	205	3	research	research	PROPN
fbem-12125	205	4	,	,	PUNCT
fbem-12125	205	5	36(4	36(4	NUM
fbem-12125	205	6	)	)	PUNCT
fbem-12125	205	7	,	,	PUNCT
fbem-12125	205	8	2663	2663	NUM
fbem-12125	205	9	-	-	SYM
fbem-12125	205	10	2694	2694	NUM
fbem-12125	205	11	.	.	PUNCT
fbem-12125	206	1	[	[	X
fbem-12125	206	2	14	14	NUM
fbem-12125	206	3	]	]	X
fbem-12125	206	4	wang	wang	PROPN
fbem-12125	206	5	,	,	PUNCT
fbem-12125	206	6	s.	s.	PROPN
fbem-12125	206	7	,	,	PUNCT
fbem-12125	206	8	wei	wei	PROPN
fbem-12125	206	9	,	,	PUNCT
fbem-12125	206	10	c.	c.	PROPN
fbem-12125	206	11	,	,	PUNCT
fbem-12125	206	12	&	&	CCONJ
fbem-12125	206	13	han	han	PROPN
fbem-12125	206	14	,	,	PUNCT
fbem-12125	206	15	l.	l.	PROPN
fbem-12125	206	16	(	(	PUNCT
fbem-12125	206	17	2017	2017	NUM
fbem-12125	206	18	)	)	PUNCT
fbem-12125	206	19	.	.	PUNCT
fbem-12125	207	1	do	do	AUX
fbem-12125	207	2	business	business	NOUN
fbem-12125	207	3	relationships	relationship	NOUN
fbem-12125	207	4	affect	affect	VERB
fbem-12125	207	5	the	the	DET
fbem-12125	207	6	accuracy	accuracy	NOUN
fbem-12125	207	7	of	of	ADP
fbem-12125	207	8	analyst	analyst	NOUN
fbem-12125	207	9	earnings	earning	NOUN
fbem-12125	207	10	forecasts	forecast	NOUN
fbem-12125	207	11	?	?	PUNCT
fbem-12125	208	1	evidence	evidence	NOUN
fbem-12125	208	2	from	from	ADP
fbem-12125	208	3	china	china	PROPN
fbem-12125	208	4	.	.	PUNCT
fbem-12125	209	1	asia‐pacific	asia‐pacific	PROPN
fbem-12125	209	2	journal	journal	PROPN
fbem-12125	209	3	of	of	ADP
fbem-12125	209	4	financial	financial	ADJ
fbem-12125	209	5	studies	study	NOUN
fbem-12125	209	6	,	,	PUNCT
fbem-12125	209	7	46(1	46(1	PROPN
fbem-12125	209	8	)	)	PUNCT
fbem-12125	209	9	,	,	PUNCT
fbem-12125	209	10	155	155	NUM
fbem-12125	209	11	-	-	SYM
fbem-12125	209	12	177	177	NUM
fbem-12125	209	13	.	.	PUNCT
fbem-12125	210	1	javascript	javascript	NOUN
fbem-12125	210	2	:	:	PUNCT
fbem-12125	210	3	;	;	PUNCT