id	sid	tid	token	lemma	pos
fbem-12580	1	1	frontiers	frontier	NOUN
fbem-12580	1	2	in	in	ADP
fbem-12580	1	3	business	business	NOUN
fbem-12580	1	4	,	,	PUNCT
fbem-12580	1	5	economics	economic	NOUN
fbem-12580	1	6	and	and	CCONJ
fbem-12580	1	7	management	management	NOUN
fbem-12580	1	8	issn	issn	PROPN
fbem-12580	1	9	:	:	PUNCT
fbem-12580	1	10	2766	2766	NUM
fbem-12580	1	11	-	-	PUNCT
fbem-12580	1	12	824x	824x	NUM
fbem-12580	1	13	|	|	ADJ
fbem-12580	1	14	vol	vol	NOUN
fbem-12580	1	15	.	.	PUNCT
fbem-12580	2	1	11	11	NUM
fbem-12580	2	2	,	,	PUNCT
fbem-12580	2	3	no	no	INTJ
fbem-12580	2	4	.	.	NOUN
fbem-12580	2	5	2	2	NUM
fbem-12580	2	6	,	,	PUNCT
fbem-12580	2	7	2023	2023	NUM
fbem-12580	2	8	163	163	NUM
fbem-12580	2	9	equity	equity	NOUN
fbem-12580	2	10	concentration	concentration	NOUN
fbem-12580	2	11	and	and	CCONJ
fbem-12580	2	12	investment	investment	NOUN
fbem-12580	2	13	efficiency	efficiency	NOUN
fbem-12580	3	1	zheng	zheng	PROPN
fbem-12580	3	2	wei	wei	PROPN
fbem-12580	3	3	*	*	PROPN
fbem-12580	3	4	east	east	PROPN
fbem-12580	3	5	china	china	PROPN
fbem-12580	3	6	university	university	PROPN
fbem-12580	3	7	of	of	ADP
fbem-12580	3	8	political	political	ADJ
fbem-12580	3	9	science	science	NOUN
fbem-12580	3	10	and	and	CCONJ
fbem-12580	3	11	law	law	NOUN
fbem-12580	3	12	,	,	PUNCT
fbem-12580	3	13	shanghai	shanghai	PROPN
fbem-12580	3	14	,	,	PUNCT
fbem-12580	3	15	china	china	PROPN
fbem-12580	3	16	*	*	PUNCT
fbem-12580	3	17	corresponding	correspond	VERB
fbem-12580	3	18	author	author	NOUN
fbem-12580	3	19	email	email	NOUN
fbem-12580	3	20	:	:	PUNCT
fbem-12580	3	21	wz1051429054@126.com	wz1051429054@126.com	X
fbem-12580	3	22	abstract	abstract	NOUN
fbem-12580	3	23	:	:	PUNCT
fbem-12580	4	1	investment	investment	NOUN
fbem-12580	4	2	activities	activity	NOUN
fbem-12580	4	3	are	be	AUX
fbem-12580	4	4	the	the	DET
fbem-12580	4	5	core	core	ADJ
fbem-12580	4	6	components	component	NOUN
fbem-12580	4	7	of	of	ADP
fbem-12580	4	8	a	a	DET
fbem-12580	4	9	company	company	NOUN
fbem-12580	4	10	's	's	PART
fbem-12580	4	11	financial	financial	ADJ
fbem-12580	4	12	operations	operation	NOUN
fbem-12580	4	13	,	,	PUNCT
fbem-12580	4	14	and	and	CCONJ
fbem-12580	4	15	the	the	DET
fbem-12580	4	16	efficiency	efficiency	NOUN
fbem-12580	4	17	of	of	ADP
fbem-12580	4	18	these	these	DET
fbem-12580	4	19	investments	investment	NOUN
fbem-12580	4	20	can	can	AUX
fbem-12580	4	21	significantly	significantly	ADV
fbem-12580	4	22	impact	impact	VERB
fbem-12580	4	23	the	the	DET
fbem-12580	4	24	company	company	NOUN
fbem-12580	4	25	's	's	PART
fbem-12580	4	26	operational	operational	ADJ
fbem-12580	4	27	status	status	NOUN
fbem-12580	4	28	,	,	PUNCT
fbem-12580	4	29	profitability	profitability	NOUN
fbem-12580	4	30	,	,	PUNCT
fbem-12580	4	31	value	value	NOUN
fbem-12580	4	32	creation	creation	NOUN
fbem-12580	4	33	,	,	PUNCT
fbem-12580	4	34	and	and	CCONJ
fbem-12580	4	35	future	future	ADJ
fbem-12580	4	36	development	development	NOUN
fbem-12580	4	37	.	.	PUNCT
fbem-12580	5	1	this	this	DET
fbem-12580	5	2	article	article	NOUN
fbem-12580	5	3	focuses	focus	VERB
fbem-12580	5	4	on	on	ADP
fbem-12580	5	5	a	a	DET
fbem-12580	5	6	-	-	PUNCT
fbem-12580	5	7	share	share	NOUN
fbem-12580	5	8	listed	list	VERB
fbem-12580	5	9	companies	company	NOUN
fbem-12580	5	10	,	,	PUNCT
fbem-12580	5	11	first	first	ADV
fbem-12580	5	12	analyzing	analyze	VERB
fbem-12580	5	13	the	the	DET
fbem-12580	5	14	factors	factor	NOUN
fbem-12580	5	15	that	that	PRON
fbem-12580	5	16	influence	influence	VERB
fbem-12580	5	17	the	the	DET
fbem-12580	5	18	efficiency	efficiency	NOUN
fbem-12580	5	19	of	of	ADP
fbem-12580	5	20	corporate	corporate	ADJ
fbem-12580	5	21	investments	investment	NOUN
fbem-12580	5	22	.	.	PUNCT
fbem-12580	6	1	it	it	PRON
fbem-12580	6	2	then	then	ADV
fbem-12580	6	3	explores	explore	VERB
fbem-12580	6	4	the	the	DET
fbem-12580	6	5	specific	specific	ADJ
fbem-12580	6	6	impact	impact	NOUN
fbem-12580	6	7	of	of	ADP
fbem-12580	6	8	equity	equity	NOUN
fbem-12580	6	9	concentration	concentration	NOUN
fbem-12580	6	10	on	on	ADP
fbem-12580	6	11	inefficient	inefficient	ADJ
fbem-12580	6	12	investments	investment	NOUN
fbem-12580	6	13	.	.	PUNCT
fbem-12580	7	1	the	the	DET
fbem-12580	7	2	study	study	NOUN
fbem-12580	7	3	utilizes	utilize	VERB
fbem-12580	7	4	empirical	empirical	ADJ
fbem-12580	7	5	analysis	analysis	NOUN
fbem-12580	7	6	methods	method	NOUN
fbem-12580	7	7	and	and	CCONJ
fbem-12580	7	8	data	datum	NOUN
fbem-12580	7	9	from	from	ADP
fbem-12580	7	10	a	a	DET
fbem-12580	7	11	-	-	PUNCT
fbem-12580	7	12	share	share	NOUN
fbem-12580	7	13	listed	list	VERB
fbem-12580	7	14	companies	company	NOUN
fbem-12580	7	15	in	in	ADP
fbem-12580	7	16	non	non	ADJ
fbem-12580	7	17	-	-	ADJ
fbem-12580	7	18	financial	financial	ADJ
fbem-12580	7	19	industries	industry	NOUN
fbem-12580	7	20	from	from	ADP
fbem-12580	7	21	2017	2017	NUM
fbem-12580	7	22	to	to	ADP
fbem-12580	7	23	2020	2020	NUM
fbem-12580	7	24	.	.	PUNCT
fbem-12580	8	1	the	the	DET
fbem-12580	8	2	research	research	NOUN
fbem-12580	8	3	concludes	conclude	VERB
fbem-12580	8	4	that	that	SCONJ
fbem-12580	8	5	there	there	PRON
fbem-12580	8	6	is	be	VERB
fbem-12580	8	7	a	a	DET
fbem-12580	8	8	significant	significant	ADJ
fbem-12580	8	9	positive	positive	ADJ
fbem-12580	8	10	correlation	correlation	NOUN
fbem-12580	8	11	between	between	ADP
fbem-12580	8	12	equity	equity	NOUN
fbem-12580	8	13	concentration	concentration	NOUN
fbem-12580	8	14	and	and	CCONJ
fbem-12580	8	15	inefficient	inefficient	ADJ
fbem-12580	8	16	investments	investment	NOUN
fbem-12580	8	17	.	.	PUNCT
fbem-12580	9	1	to	to	PART
fbem-12580	9	2	ensure	ensure	VERB
fbem-12580	9	3	the	the	DET
fbem-12580	9	4	reliability	reliability	NOUN
fbem-12580	9	5	of	of	ADP
fbem-12580	9	6	the	the	DET
fbem-12580	9	7	empirical	empirical	ADJ
fbem-12580	9	8	results	result	NOUN
fbem-12580	9	9	,	,	PUNCT
fbem-12580	9	10	robustness	robustness	NOUN
fbem-12580	9	11	tests	test	NOUN
fbem-12580	9	12	were	be	AUX
fbem-12580	9	13	conducted	conduct	VERB
fbem-12580	9	14	on	on	ADP
fbem-12580	9	15	the	the	DET
fbem-12580	9	16	sample	sample	NOUN
fbem-12580	9	17	regression	regression	NOUN
fbem-12580	9	18	results	result	NOUN
fbem-12580	9	19	.	.	PUNCT
fbem-12580	10	1	keywords	keyword	NOUN
fbem-12580	10	2	:	:	PUNCT
fbem-12580	10	3	equity	equity	NOUN
fbem-12580	10	4	concentration	concentration	NOUN
fbem-12580	10	5	,	,	PUNCT
fbem-12580	10	6	internal	internal	ADJ
fbem-12580	10	7	control	control	NOUN
fbem-12580	10	8	,	,	PUNCT
fbem-12580	10	9	investment	investment	NOUN
fbem-12580	10	10	efficiency	efficiency	NOUN
fbem-12580	10	11	,	,	PUNCT
fbem-12580	10	12	empirical	empirical	ADJ
fbem-12580	10	13	.	.	PUNCT
fbem-12580	11	1	1	1	X
fbem-12580	11	2	.	.	X
fbem-12580	11	3	introduction	introduction	NOUN
fbem-12580	11	4	investment	investment	NOUN
fbem-12580	11	5	activities	activity	NOUN
fbem-12580	11	6	are	be	AUX
fbem-12580	11	7	a	a	DET
fbem-12580	11	8	crucial	crucial	ADJ
fbem-12580	11	9	component	component	NOUN
fbem-12580	11	10	of	of	ADP
fbem-12580	11	11	financial	financial	ADJ
fbem-12580	11	12	management	management	NOUN
fbem-12580	11	13	for	for	ADP
fbem-12580	11	14	companies	company	NOUN
fbem-12580	11	15	.	.	PUNCT
fbem-12580	12	1	efficient	efficient	ADJ
fbem-12580	12	2	investments	investment	NOUN
fbem-12580	12	3	enable	enable	VERB
fbem-12580	12	4	companies	company	NOUN
fbem-12580	12	5	to	to	PART
fbem-12580	12	6	excel	excel	VERB
fbem-12580	12	7	in	in	ADP
fbem-12580	12	8	fierce	fierce	ADJ
fbem-12580	12	9	market	market	NOUN
fbem-12580	12	10	competition	competition	NOUN
fbem-12580	12	11	.	.	PUNCT
fbem-12580	13	1	currently	currently	ADV
fbem-12580	13	2	,	,	PUNCT
fbem-12580	13	3	the	the	DET
fbem-12580	13	4	domestic	domestic	ADJ
fbem-12580	13	5	capital	capital	NOUN
fbem-12580	13	6	market	market	NOUN
fbem-12580	13	7	system	system	NOUN
fbem-12580	13	8	is	be	AUX
fbem-12580	13	9	still	still	ADV
fbem-12580	13	10	evolving	evolve	VERB
fbem-12580	13	11	,	,	PUNCT
fbem-12580	13	12	and	and	CCONJ
fbem-12580	13	13	most	most	ADJ
fbem-12580	13	14	listed	list	VERB
fbem-12580	13	15	companies	company	NOUN
fbem-12580	13	16	face	face	VERB
fbem-12580	13	17	issues	issue	NOUN
fbem-12580	13	18	related	relate	VERB
fbem-12580	13	19	to	to	ADP
fbem-12580	13	20	inefficient	inefficient	ADJ
fbem-12580	13	21	investments	investment	NOUN
fbem-12580	13	22	,	,	PUNCT
fbem-12580	13	23	including	include	VERB
fbem-12580	13	24	underinvestment	underinvestment	ADJ
fbem-12580	13	25	and	and	CCONJ
fbem-12580	13	26	inefficient	inefficient	ADJ
fbem-12580	13	27	capital	capital	NOUN
fbem-12580	13	28	allocation	allocation	NOUN
fbem-12580	13	29	.	.	PUNCT
fbem-12580	14	1	underinvestment	underinvestment	ADJ
fbem-12580	14	2	can	can	AUX
fbem-12580	14	3	cause	cause	VERB
fbem-12580	14	4	companies	company	NOUN
fbem-12580	14	5	to	to	PART
fbem-12580	14	6	miss	miss	VERB
fbem-12580	14	7	valuable	valuable	ADJ
fbem-12580	14	8	growth	growth	NOUN
fbem-12580	14	9	opportunities	opportunity	NOUN
fbem-12580	14	10	,	,	PUNCT
fbem-12580	14	11	hinder	hinder	VERB
fbem-12580	14	12	profitability	profitability	NOUN
fbem-12580	14	13	improvements	improvement	NOUN
fbem-12580	14	14	,	,	PUNCT
fbem-12580	14	15	and	and	CCONJ
fbem-12580	14	16	limit	limit	VERB
fbem-12580	14	17	the	the	DET
fbem-12580	14	18	increase	increase	NOUN
fbem-12580	14	19	in	in	ADP
fbem-12580	14	20	company	company	NOUN
fbem-12580	14	21	value	value	NOUN
fbem-12580	14	22	.	.	PUNCT
fbem-12580	15	1	on	on	ADP
fbem-12580	15	2	the	the	DET
fbem-12580	15	3	other	other	ADJ
fbem-12580	15	4	hand	hand	NOUN
fbem-12580	15	5	,	,	PUNCT
fbem-12580	15	6	inefficient	inefficient	ADJ
fbem-12580	15	7	investments	investment	NOUN
fbem-12580	15	8	burden	burden	NOUN
fbem-12580	15	9	companies	company	NOUN
fbem-12580	15	10	by	by	ADP
fbem-12580	15	11	wasting	waste	VERB
fbem-12580	15	12	precious	precious	ADJ
fbem-12580	15	13	and	and	CCONJ
fbem-12580	15	14	limited	limited	ADJ
fbem-12580	15	15	resources	resource	NOUN
fbem-12580	15	16	,	,	PUNCT
fbem-12580	15	17	which	which	PRON
fbem-12580	15	18	can	can	AUX
fbem-12580	15	19	lead	lead	VERB
fbem-12580	15	20	to	to	ADP
fbem-12580	15	21	financial	financial	ADJ
fbem-12580	15	22	crises	crisis	NOUN
fbem-12580	15	23	.	.	PUNCT
fbem-12580	16	1	these	these	DET
fbem-12580	16	2	irrational	irrational	ADJ
fbem-12580	16	3	and	and	CCONJ
fbem-12580	16	4	inefficient	inefficient	ADJ
fbem-12580	16	5	investment	investment	NOUN
fbem-12580	16	6	behaviors	behavior	NOUN
fbem-12580	16	7	result	result	VERB
fbem-12580	16	8	in	in	ADP
fbem-12580	16	9	significant	significant	ADJ
fbem-12580	16	10	losses	loss	NOUN
fbem-12580	16	11	for	for	ADP
fbem-12580	16	12	companies	company	NOUN
fbem-12580	16	13	,	,	PUNCT
fbem-12580	16	14	impede	impede	VERB
fbem-12580	16	15	their	their	PRON
fbem-12580	16	16	healthy	healthy	ADJ
fbem-12580	16	17	development	development	NOUN
fbem-12580	16	18	,	,	PUNCT
fbem-12580	16	19	and	and	CCONJ
fbem-12580	16	20	undermine	undermine	VERB
fbem-12580	16	21	the	the	DET
fbem-12580	16	22	fundamental	fundamental	ADJ
fbem-12580	16	23	interests	interest	NOUN
fbem-12580	16	24	of	of	ADP
fbem-12580	16	25	investors	investor	NOUN
fbem-12580	16	26	.	.	PUNCT
fbem-12580	17	1	therefore	therefore	ADV
fbem-12580	17	2	,	,	PUNCT
fbem-12580	17	3	exploring	explore	VERB
fbem-12580	17	4	effective	effective	ADJ
fbem-12580	17	5	ways	way	NOUN
fbem-12580	17	6	and	and	CCONJ
fbem-12580	17	7	methods	method	NOUN
fbem-12580	17	8	to	to	PART
fbem-12580	17	9	curb	curb	VERB
fbem-12580	17	10	inefficient	inefficient	ADJ
fbem-12580	17	11	investments	investment	NOUN
fbem-12580	17	12	holds	hold	VERB
fbem-12580	17	13	significant	significant	ADJ
fbem-12580	17	14	practical	practical	ADJ
fbem-12580	17	15	significance	significance	NOUN
fbem-12580	17	16	.	.	PUNCT
fbem-12580	18	1	the	the	DET
fbem-12580	18	2	separation	separation	NOUN
fbem-12580	18	3	of	of	ADP
fbem-12580	18	4	ownership	ownership	NOUN
fbem-12580	18	5	and	and	CCONJ
fbem-12580	18	6	control	control	NOUN
fbem-12580	18	7	in	in	ADP
fbem-12580	18	8	listed	list	VERB
fbem-12580	18	9	companies	company	NOUN
fbem-12580	18	10	has	have	AUX
fbem-12580	18	11	led	lead	VERB
fbem-12580	18	12	to	to	ADP
fbem-12580	18	13	issues	issue	NOUN
fbem-12580	18	14	such	such	ADJ
fbem-12580	18	15	as	as	ADP
fbem-12580	18	16	information	information	NOUN
fbem-12580	18	17	asymmetry	asymmetry	NOUN
fbem-12580	18	18	and	and	CCONJ
fbem-12580	18	19	agency	agency	NOUN
fbem-12580	18	20	costs	cost	NOUN
fbem-12580	18	21	,	,	PUNCT
fbem-12580	18	22	resulting	result	VERB
fbem-12580	18	23	in	in	ADP
fbem-12580	18	24	various	various	ADJ
fbem-12580	18	25	conflicts	conflict	NOUN
fbem-12580	18	26	within	within	ADP
fbem-12580	18	27	companies	company	NOUN
fbem-12580	18	28	,	,	PUNCT
fbem-12580	18	29	such	such	ADJ
fbem-12580	18	30	as	as	ADP
fbem-12580	18	31	shareholder	shareholder	NOUN
fbem-12580	18	32	-	-	PUNCT
fbem-12580	18	33	manager	manager	NOUN
fbem-12580	18	34	and	and	CCONJ
fbem-12580	18	35	controlling	control	VERB
fbem-12580	18	36	shareholder	shareholder	NOUN
fbem-12580	18	37	-	-	PUNCT
fbem-12580	18	38	minority	minority	NOUN
fbem-12580	18	39	shareholder	shareholder	NOUN
fbem-12580	18	40	conflicts	conflict	NOUN
fbem-12580	18	41	.	.	PUNCT
fbem-12580	19	1	managers	manager	NOUN
fbem-12580	19	2	may	may	AUX
fbem-12580	19	3	misuse	misuse	VERB
fbem-12580	19	4	their	their	PRON
fbem-12580	19	5	authority	authority	NOUN
fbem-12580	19	6	to	to	PART
fbem-12580	19	7	invest	invest	VERB
fbem-12580	19	8	funds	fund	NOUN
fbem-12580	19	9	in	in	ADP
fbem-12580	19	10	non	non	ADJ
fbem-12580	19	11	-	-	ADJ
fbem-12580	19	12	profitable	profitable	ADJ
fbem-12580	19	13	projects	project	NOUN
fbem-12580	19	14	for	for	ADP
fbem-12580	19	15	their	their	PRON
fbem-12580	19	16	personal	personal	ADJ
fbem-12580	19	17	gain	gain	NOUN
fbem-12580	19	18	,	,	PUNCT
fbem-12580	19	19	building	build	VERB
fbem-12580	19	20	their	their	PRON
fbem-12580	19	21	"	"	PUNCT
fbem-12580	19	22	business	business	NOUN
fbem-12580	19	23	empires	empire	NOUN
fbem-12580	19	24	"	"	PUNCT
fbem-12580	19	25	at	at	ADP
fbem-12580	19	26	the	the	DET
fbem-12580	19	27	expense	expense	NOUN
fbem-12580	19	28	of	of	ADP
fbem-12580	19	29	the	the	DET
fbem-12580	19	30	company	company	NOUN
fbem-12580	19	31	's	's	PART
fbem-12580	19	32	interests	interest	NOUN
fbem-12580	19	33	.	.	PUNCT
fbem-12580	20	1	controlling	control	VERB
fbem-12580	20	2	shareholders	shareholder	NOUN
fbem-12580	20	3	may	may	AUX
fbem-12580	20	4	also	also	ADV
fbem-12580	20	5	use	use	VERB
fbem-12580	20	6	their	their	PRON
fbem-12580	20	7	control	control	NOUN
fbem-12580	20	8	over	over	ADP
fbem-12580	20	9	corporate	corporate	ADJ
fbem-12580	20	10	decision	decision	NOUN
fbem-12580	20	11	-	-	PUNCT
fbem-12580	20	12	making	making	NOUN
fbem-12580	20	13	,	,	PUNCT
fbem-12580	20	14	along	along	ADP
fbem-12580	20	15	with	with	ADP
fbem-12580	20	16	unfair	unfair	ADJ
fbem-12580	20	17	practices	practice	NOUN
fbem-12580	20	18	like	like	ADP
fbem-12580	20	19	related	relate	VERB
fbem-12580	20	20	-	-	PUNCT
fbem-12580	20	21	party	party	NOUN
fbem-12580	20	22	transactions	transaction	NOUN
fbem-12580	20	23	,	,	PUNCT
fbem-12580	20	24	to	to	PART
fbem-12580	20	25	exploit	exploit	VERB
fbem-12580	20	26	the	the	DET
fbem-12580	20	27	wealth	wealth	NOUN
fbem-12580	20	28	of	of	ADP
fbem-12580	20	29	minority	minority	NOUN
fbem-12580	20	30	shareholders	shareholder	NOUN
fbem-12580	20	31	,	,	PUNCT
fbem-12580	20	32	all	all	PRON
fbem-12580	20	33	of	of	ADP
fbem-12580	20	34	which	which	PRON
fbem-12580	20	35	can	can	AUX
fbem-12580	20	36	lead	lead	VERB
fbem-12580	20	37	to	to	ADP
fbem-12580	20	38	inefficient	inefficient	ADJ
fbem-12580	20	39	investments	investment	NOUN
fbem-12580	20	40	.	.	PUNCT
fbem-12580	21	1	in	in	ADP
fbem-12580	21	2	the	the	DET
fbem-12580	21	3	context	context	NOUN
fbem-12580	21	4	of	of	ADP
fbem-12580	21	5	china	china	PROPN
fbem-12580	21	6	's	's	PART
fbem-12580	21	7	economic	economic	ADJ
fbem-12580	21	8	transformation	transformation	NOUN
fbem-12580	21	9	,	,	PUNCT
fbem-12580	21	10	listed	list	VERB
fbem-12580	21	11	companies	company	NOUN
fbem-12580	21	12	often	often	ADV
fbem-12580	21	13	exhibit	exhibit	VERB
fbem-12580	21	14	a	a	DET
fbem-12580	21	15	typical	typical	ADJ
fbem-12580	21	16	concentrated	concentrated	ADJ
fbem-12580	21	17	ownership	ownership	NOUN
fbem-12580	21	18	structure	structure	NOUN
fbem-12580	21	19	,	,	PUNCT
fbem-12580	21	20	with	with	ADP
fbem-12580	21	21	many	many	ADJ
fbem-12580	21	22	state	state	NOUN
fbem-12580	21	23	-	-	PUNCT
fbem-12580	21	24	owned	own	VERB
fbem-12580	21	25	enterprises	enterprise	NOUN
fbem-12580	21	26	facing	face	VERB
fbem-12580	21	27	governance	governance	NOUN
fbem-12580	21	28	issues	issue	NOUN
fbem-12580	21	29	where	where	SCONJ
fbem-12580	21	30	a	a	DET
fbem-12580	21	31	single	single	ADJ
fbem-12580	21	32	dominant	dominant	ADJ
fbem-12580	21	33	shareholder	shareholder	NOUN
fbem-12580	21	34	holds	hold	VERB
fbem-12580	21	35	a	a	DET
fbem-12580	21	36	significant	significant	ADJ
fbem-12580	21	37	stake	stake	NOUN
fbem-12580	21	38	.	.	PUNCT
fbem-12580	22	1	when	when	SCONJ
fbem-12580	22	2	a	a	DET
fbem-12580	22	3	company	company	NOUN
fbem-12580	22	4	has	have	VERB
fbem-12580	22	5	a	a	DET
fbem-12580	22	6	high	high	ADJ
fbem-12580	22	7	degree	degree	NOUN
fbem-12580	22	8	of	of	ADP
fbem-12580	22	9	equity	equity	NOUN
fbem-12580	22	10	concentration	concentration	NOUN
fbem-12580	22	11	,	,	PUNCT
fbem-12580	22	12	the	the	DET
fbem-12580	22	13	main	main	ADJ
fbem-12580	22	14	conflict	conflict	NOUN
fbem-12580	22	15	of	of	ADP
fbem-12580	22	16	agency	agency	NOUN
fbem-12580	22	17	problems	problem	VERB
fbem-12580	22	18	shifts	shift	NOUN
fbem-12580	22	19	from	from	ADP
fbem-12580	22	20	shareholder	shareholder	NOUN
fbem-12580	22	21	-	-	PUNCT
fbem-12580	22	22	manager	manager	NOUN
fbem-12580	22	23	conflicts	conflict	NOUN
fbem-12580	22	24	to	to	ADP
fbem-12580	22	25	controlling	control	VERB
fbem-12580	22	26	shareholder	shareholder	NOUN
fbem-12580	22	27	-	-	PUNCT
fbem-12580	22	28	minority	minority	NOUN
fbem-12580	22	29	shareholder	shareholder	NOUN
fbem-12580	22	30	conflicts	conflict	NOUN
fbem-12580	22	31	.	.	PUNCT
fbem-12580	23	1	in	in	ADP
fbem-12580	23	2	such	such	ADJ
fbem-12580	23	3	situations	situation	NOUN
fbem-12580	23	4	,	,	PUNCT
fbem-12580	23	5	controlling	control	VERB
fbem-12580	23	6	shareholders	shareholder	NOUN
fbem-12580	23	7	can	can	AUX
fbem-12580	23	8	control	control	VERB
fbem-12580	23	9	the	the	DET
fbem-12580	23	10	company	company	NOUN
fbem-12580	23	11	's	's	PART
fbem-12580	23	12	operations	operation	NOUN
fbem-12580	23	13	and	and	CCONJ
fbem-12580	23	14	management	management	NOUN
fbem-12580	23	15	,	,	PUNCT
fbem-12580	23	16	potentially	potentially	ADV
fbem-12580	23	17	weakening	weaken	VERB
fbem-12580	23	18	or	or	CCONJ
fbem-12580	23	19	suppressing	suppress	VERB
fbem-12580	23	20	the	the	DET
fbem-12580	23	21	oversight	oversight	NOUN
fbem-12580	23	22	function	function	NOUN
fbem-12580	23	23	of	of	ADP
fbem-12580	23	24	minority	minority	NOUN
fbem-12580	23	25	shareholders	shareholder	NOUN
fbem-12580	23	26	.	.	PUNCT
fbem-12580	24	1	without	without	ADP
fbem-12580	24	2	strong	strong	ADJ
fbem-12580	24	3	internal	internal	ADJ
fbem-12580	24	4	control	control	NOUN
fbem-12580	24	5	mechanisms	mechanism	NOUN
fbem-12580	24	6	and	and	CCONJ
fbem-12580	24	7	corporate	corporate	ADJ
fbem-12580	24	8	governance	governance	NOUN
fbem-12580	24	9	structures	structure	NOUN
fbem-12580	24	10	,	,	PUNCT
fbem-12580	24	11	controlling	control	VERB
fbem-12580	24	12	shareholders	shareholder	NOUN
fbem-12580	24	13	are	be	AUX
fbem-12580	24	14	more	more	ADV
fbem-12580	24	15	likely	likely	ADJ
fbem-12580	24	16	to	to	PART
fbem-12580	24	17	engage	engage	VERB
fbem-12580	24	18	in	in	ADP
fbem-12580	24	19	inefficient	inefficient	ADJ
fbem-12580	24	20	investments	investment	NOUN
fbem-12580	24	21	for	for	ADP
fbem-12580	24	22	their	their	PRON
fbem-12580	24	23	own	own	ADJ
fbem-12580	24	24	benefit	benefit	NOUN
fbem-12580	24	25	,	,	PUNCT
fbem-12580	24	26	thereby	thereby	ADV
fbem-12580	24	27	harming	harm	VERB
fbem-12580	24	28	the	the	DET
fbem-12580	24	29	interests	interest	NOUN
fbem-12580	24	30	of	of	ADP
fbem-12580	24	31	the	the	DET
fbem-12580	24	32	company	company	NOUN
fbem-12580	24	33	and	and	CCONJ
fbem-12580	24	34	minority	minority	NOUN
fbem-12580	24	35	shareholders	shareholder	NOUN
fbem-12580	24	36	.	.	PUNCT
fbem-12580	25	1	therefore	therefore	ADV
fbem-12580	25	2	,	,	PUNCT
fbem-12580	25	3	the	the	DET
fbem-12580	25	4	impact	impact	NOUN
fbem-12580	25	5	of	of	ADP
fbem-12580	25	6	equity	equity	NOUN
fbem-12580	25	7	concentration	concentration	NOUN
fbem-12580	25	8	in	in	ADP
fbem-12580	25	9	listed	list	VERB
fbem-12580	25	10	companies	company	NOUN
fbem-12580	25	11	on	on	ADP
fbem-12580	25	12	inefficient	inefficient	ADJ
fbem-12580	25	13	investments	investment	NOUN
fbem-12580	25	14	should	should	AUX
fbem-12580	25	15	not	not	PART
fbem-12580	25	16	be	be	AUX
fbem-12580	25	17	underestimated	underestimate	VERB
fbem-12580	25	18	and	and	CCONJ
fbem-12580	25	19	requires	require	VERB
fbem-12580	25	20	the	the	DET
fbem-12580	25	21	attention	attention	NOUN
fbem-12580	25	22	of	of	ADP
fbem-12580	25	23	researchers.corporate	researchers.corporate	NOUN
fbem-12580	25	24	governance	governance	NOUN
fbem-12580	25	25	and	and	CCONJ
fbem-12580	25	26	a	a	DET
fbem-12580	25	27	company	company	NOUN
fbem-12580	25	28	's	's	PART
fbem-12580	25	29	investment	investment	NOUN
fbem-12580	25	30	behavior	behavior	NOUN
fbem-12580	25	31	are	be	AUX
fbem-12580	25	32	closely	closely	ADV
fbem-12580	25	33	interconnected	interconnect	VERB
fbem-12580	25	34	,	,	PUNCT
fbem-12580	25	35	with	with	ADP
fbem-12580	25	36	internal	internal	ADJ
fbem-12580	25	37	control	control	NOUN
fbem-12580	25	38	playing	play	VERB
fbem-12580	25	39	an	an	DET
fbem-12580	25	40	increasingly	increasingly	ADV
fbem-12580	25	41	vital	vital	ADJ
fbem-12580	25	42	role	role	NOUN
fbem-12580	25	43	in	in	ADP
fbem-12580	25	44	a	a	DET
fbem-12580	25	45	company	company	NOUN
fbem-12580	25	46	's	's	PART
fbem-12580	25	47	operational	operational	ADJ
fbem-12580	25	48	and	and	CCONJ
fbem-12580	25	49	developmental	developmental	ADJ
fbem-12580	25	50	processes	process	NOUN
fbem-12580	25	51	.	.	PUNCT
fbem-12580	26	1	since	since	SCONJ
fbem-12580	26	2	the	the	DET
fbem-12580	26	3	release	release	NOUN
fbem-12580	26	4	of	of	ADP
fbem-12580	26	5	the	the	DET
fbem-12580	26	6	"	"	PUNCT
fbem-12580	26	7	internal	internal	ADJ
fbem-12580	26	8	control	control	NOUN
fbem-12580	26	9	integrated	integrate	VERB
fbem-12580	26	10	framework	framework	NOUN
fbem-12580	26	11	"	"	PUNCT
fbem-12580	26	12	by	by	ADP
fbem-12580	26	13	the	the	DET
fbem-12580	26	14	coso	coso	PROPN
fbem-12580	26	15	committee	committee	PROPN
fbem-12580	26	16	,	,	PUNCT
fbem-12580	26	17	the	the	DET
fbem-12580	26	18	chinese	chinese	ADJ
fbem-12580	26	19	government	government	NOUN
fbem-12580	26	20	has	have	AUX
fbem-12580	26	21	also	also	ADV
fbem-12580	26	22	introduced	introduce	VERB
fbem-12580	26	23	the	the	DET
fbem-12580	26	24	"	"	PUNCT
fbem-12580	26	25	basic	basic	ADJ
fbem-12580	26	26	standards	standard	NOUN
fbem-12580	26	27	for	for	ADP
fbem-12580	26	28	enterprise	enterprise	NOUN
fbem-12580	26	29	internal	internal	ADJ
fbem-12580	26	30	control	control	NOUN
fbem-12580	26	31	"	"	PUNCT
fbem-12580	26	32	and	and	CCONJ
fbem-12580	26	33	the	the	DET
fbem-12580	26	34	"	"	PUNCT
fbem-12580	26	35	guidelines	guideline	NOUN
fbem-12580	26	36	for	for	ADP
fbem-12580	26	37	supporting	support	VERB
fbem-12580	26	38	enterprise	enterprise	NOUN
fbem-12580	26	39	internal	internal	ADJ
fbem-12580	26	40	control	control	NOUN
fbem-12580	26	41	"	"	PUNCT
fbem-12580	26	42	in	in	ADP
fbem-12580	26	43	2008	2008	NUM
fbem-12580	26	44	and	and	CCONJ
fbem-12580	26	45	2010	2010	NUM
fbem-12580	26	46	respectively	respectively	ADV
fbem-12580	26	47	.	.	PUNCT
fbem-12580	27	1	these	these	DET
fbem-12580	27	2	initiatives	initiative	NOUN
fbem-12580	27	3	have	have	AUX
fbem-12580	27	4	aimed	aim	VERB
fbem-12580	27	5	to	to	PART
fbem-12580	27	6	guide	guide	VERB
fbem-12580	27	7	and	and	CCONJ
fbem-12580	27	8	supervise	supervise	VERB
fbem-12580	27	9	listed	list	VERB
fbem-12580	27	10	companies	company	NOUN
fbem-12580	27	11	in	in	ADP
fbem-12580	27	12	establishing	establish	VERB
fbem-12580	27	13	robust	robust	ADJ
fbem-12580	27	14	internal	internal	ADJ
fbem-12580	27	15	control	control	NOUN
fbem-12580	27	16	systems	system	NOUN
fbem-12580	27	17	.	.	PUNCT
fbem-12580	28	1	internal	internal	ADJ
fbem-12580	28	2	control	control	PROPN
fbem-12580	28	3	effectively	effectively	ADV
fbem-12580	28	4	regulates	regulate	VERB
fbem-12580	28	5	the	the	DET
fbem-12580	28	6	behavior	behavior	NOUN
fbem-12580	28	7	of	of	ADP
fbem-12580	28	8	company	company	NOUN
fbem-12580	28	9	employees	employee	NOUN
fbem-12580	28	10	,	,	PUNCT
fbem-12580	28	11	defines	define	VERB
fbem-12580	28	12	responsibilities	responsibility	NOUN
fbem-12580	28	13	and	and	CCONJ
fbem-12580	28	14	rights	right	NOUN
fbem-12580	28	15	,	,	PUNCT
fbem-12580	28	16	and	and	CCONJ
fbem-12580	28	17	achieves	achieve	VERB
fbem-12580	28	18	a	a	DET
fbem-12580	28	19	balance	balance	NOUN
fbem-12580	28	20	of	of	ADP
fbem-12580	28	21	power	power	NOUN
fbem-12580	28	22	among	among	ADP
fbem-12580	28	23	various	various	ADJ
fbem-12580	28	24	stakeholders	stakeholder	NOUN
fbem-12580	28	25	through	through	ADP
fbem-12580	28	26	a	a	DET
fbem-12580	28	27	range	range	NOUN
fbem-12580	28	28	of	of	ADP
fbem-12580	28	29	institutional	institutional	ADJ
fbem-12580	28	30	arrangements	arrangement	NOUN
fbem-12580	28	31	,	,	PUNCT
fbem-12580	28	32	such	such	ADJ
fbem-12580	28	33	as	as	ADP
fbem-12580	28	34	authorization	authorization	NOUN
fbem-12580	28	35	and	and	CCONJ
fbem-12580	28	36	approval	approval	NOUN
fbem-12580	28	37	systems	system	NOUN
fbem-12580	28	38	,	,	PUNCT
fbem-12580	28	39	internal	internal	ADJ
fbem-12580	28	40	audit	audit	NOUN
fbem-12580	28	41	systems	system	NOUN
fbem-12580	28	42	,	,	PUNCT
fbem-12580	28	43	and	and	CCONJ
fbem-12580	28	44	more	more	ADJ
fbem-12580	28	45	.	.	PUNCT
fbem-12580	29	1	it	it	PRON
fbem-12580	29	2	serves	serve	VERB
fbem-12580	29	3	to	to	PART
fbem-12580	29	4	prevent	prevent	VERB
fbem-12580	29	5	and	and	CCONJ
fbem-12580	29	6	mitigate	mitigate	VERB
fbem-12580	29	7	conflicts	conflict	NOUN
fbem-12580	29	8	of	of	ADP
fbem-12580	29	9	interest	interest	NOUN
fbem-12580	29	10	between	between	ADP
fbem-12580	29	11	shareholders	shareholder	NOUN
fbem-12580	29	12	and	and	CCONJ
fbem-12580	29	13	managers	manager	NOUN
fbem-12580	29	14	,	,	PUNCT
fbem-12580	29	15	controlling	control	VERB
fbem-12580	29	16	shareholders	shareholder	NOUN
fbem-12580	29	17	and	and	CCONJ
fbem-12580	29	18	minority	minority	NOUN
fbem-12580	29	19	shareholders	shareholder	NOUN
fbem-12580	29	20	,	,	PUNCT
fbem-12580	29	21	and	and	CCONJ
fbem-12580	29	22	constrains	constrain	VERB
fbem-12580	29	23	the	the	DET
fbem-12580	29	24	investment	investment	NOUN
fbem-12580	29	25	activities	activity	NOUN
fbem-12580	29	26	of	of	ADP
fbem-12580	29	27	all	all	DET
fbem-12580	29	28	parties	party	NOUN
fbem-12580	29	29	,	,	PUNCT
fbem-12580	29	30	ensuring	ensure	VERB
fbem-12580	29	31	the	the	DET
fbem-12580	29	32	scientific	scientific	ADJ
fbem-12580	29	33	and	and	CCONJ
fbem-12580	29	34	efficient	efficient	ADJ
fbem-12580	29	35	decision	decision	NOUN
fbem-12580	29	36	-	-	PUNCT
fbem-12580	29	37	making	making	NOUN
fbem-12580	29	38	of	of	ADP
fbem-12580	29	39	corporate	corporate	ADJ
fbem-12580	29	40	investments	investment	NOUN
fbem-12580	29	41	.	.	PUNCT
fbem-12580	30	1	with	with	ADP
fbem-12580	30	2	this	this	DET
fbem-12580	30	3	context	context	NOUN
fbem-12580	30	4	in	in	ADP
fbem-12580	30	5	mind	mind	NOUN
fbem-12580	30	6	,	,	PUNCT
fbem-12580	30	7	this	this	DET
fbem-12580	30	8	article	article	NOUN
fbem-12580	30	9	primarily	primarily	ADV
fbem-12580	30	10	focuses	focus	VERB
fbem-12580	30	11	on	on	ADP
fbem-12580	30	12	the	the	DET
fbem-12580	30	13	impact	impact	NOUN
fbem-12580	30	14	of	of	ADP
fbem-12580	30	15	equity	equity	NOUN
fbem-12580	30	16	concentration	concentration	NOUN
fbem-12580	30	17	in	in	ADP
fbem-12580	30	18	listed	list	VERB
fbem-12580	30	19	companies	company	NOUN
fbem-12580	30	20	on	on	ADP
fbem-12580	30	21	inefficient	inefficient	ADJ
fbem-12580	30	22	investments	investment	NOUN
fbem-12580	30	23	.	.	PUNCT
fbem-12580	31	1	simultaneously	simultaneously	ADV
fbem-12580	31	2	,	,	PUNCT
fbem-12580	31	3	it	it	PRON
fbem-12580	31	4	integrates	integrate	VERB
fbem-12580	31	5	the	the	DET
fbem-12580	31	6	study	study	NOUN
fbem-12580	31	7	of	of	ADP
fbem-12580	31	8	internal	internal	ADJ
fbem-12580	31	9	control	control	NOUN
fbem-12580	31	10	into	into	ADP
fbem-12580	31	11	the	the	DET
fbem-12580	31	12	relationship	relationship	NOUN
fbem-12580	31	13	between	between	ADP
fbem-12580	31	14	these	these	DET
fbem-12580	31	15	factors	factor	NOUN
fbem-12580	31	16	,	,	PUNCT
fbem-12580	31	17	analyzing	analyze	VERB
fbem-12580	31	18	how	how	SCONJ
fbem-12580	31	19	internal	internal	ADJ
fbem-12580	31	20	control	control	NOUN
fbem-12580	31	21	influences	influence	VERB
fbem-12580	31	22	the	the	DET
fbem-12580	31	23	mechanism	mechanism	NOUN
fbem-12580	31	24	of	of	ADP
fbem-12580	31	25	equity	equity	NOUN
fbem-12580	31	26	concentration	concentration	NOUN
fbem-12580	31	27	.	.	PUNCT
fbem-12580	32	1	the	the	DET
fbem-12580	32	2	research	research	NOUN
fbem-12580	32	3	presented	present	VERB
fbem-12580	32	4	in	in	ADP
fbem-12580	32	5	this	this	DET
fbem-12580	32	6	article	article	NOUN
fbem-12580	32	7	will	will	AUX
fbem-12580	32	8	offer	offer	VERB
fbem-12580	32	9	recommendations	recommendation	NOUN
fbem-12580	32	10	for	for	ADP
fbem-12580	32	11	addressing	address	VERB
fbem-12580	32	12	issues	issue	NOUN
fbem-12580	32	13	related	relate	VERB
fbem-12580	32	14	to	to	ADP
fbem-12580	32	15	equity	equity	NOUN
fbem-12580	32	16	concentration	concentration	NOUN
fbem-12580	32	17	and	and	CCONJ
fbem-12580	32	18	inefficient	inefficient	ADJ
fbem-12580	32	19	investments	investment	NOUN
fbem-12580	32	20	in	in	ADP
fbem-12580	32	21	corporate	corporate	ADJ
fbem-12580	32	22	management	management	NOUN
fbem-12580	32	23	.	.	PUNCT
fbem-12580	33	1	it	it	PRON
fbem-12580	33	2	will	will	AUX
fbem-12580	33	3	guide	guide	VERB
fbem-12580	33	4	companies	company	NOUN
fbem-12580	33	5	in	in	ADP
fbem-12580	33	6	optimizing	optimize	VERB
fbem-12580	33	7	their	their	PRON
fbem-12580	33	8	governance	governance	NOUN
fbem-12580	33	9	structures	structure	NOUN
fbem-12580	33	10	,	,	PUNCT
fbem-12580	33	11	introducing	introduce	VERB
fbem-12580	33	12	diverse	diverse	ADJ
fbem-12580	33	13	investment	investment	NOUN
fbem-12580	33	14	entities	entity	NOUN
fbem-12580	33	15	,	,	PUNCT
fbem-12580	33	16	and	and	CCONJ
fbem-12580	33	17	simultaneously	simultaneously	ADV
fbem-12580	33	18	strengthening	strengthen	VERB
fbem-12580	33	19	their	their	PRON
fbem-12580	33	20	internal	internal	ADJ
fbem-12580	33	21	control	control	NOUN
fbem-12580	33	22	systems	system	NOUN
fbem-12580	33	23	.	.	PUNCT
fbem-12580	34	1	only	only	ADV
fbem-12580	34	2	through	through	ADP
fbem-12580	34	3	these	these	DET
fbem-12580	34	4	measures	measure	NOUN
fbem-12580	34	5	can	can	AUX
fbem-12580	34	6	inefficient	inefficient	ADJ
fbem-12580	34	7	investments	investment	NOUN
fbem-12580	34	8	be	be	AUX
fbem-12580	34	9	avoided	avoid	VERB
fbem-12580	34	10	,	,	PUNCT
fbem-12580	34	11	and	and	CCONJ
fbem-12580	34	12	investment	investment	NOUN
fbem-12580	34	13	efficiency	efficiency	NOUN
fbem-12580	34	14	improved	improve	VERB
fbem-12580	34	15	.	.	PUNCT
fbem-12580	35	1	164	164	NUM
fbem-12580	35	2	2	2	NUM
fbem-12580	35	3	.	.	PUNCT
fbem-12580	35	4	theoretical	theoretical	ADJ
fbem-12580	35	5	basis	basis	NOUN
fbem-12580	35	6	and	and	CCONJ
fbem-12580	35	7	literature	literature	NOUN
fbem-12580	35	8	review	review	NOUN
fbem-12580	35	9	2.1	2.1	NUM
fbem-12580	35	10	.	.	PUNCT
fbem-12580	36	1	research	research	NOUN
fbem-12580	36	2	on	on	ADP
fbem-12580	36	3	equity	equity	NOUN
fbem-12580	36	4	concentration	concentration	NOUN
fbem-12580	36	5	and	and	CCONJ
fbem-12580	36	6	investment	investment	NOUN
fbem-12580	36	7	efficiency	efficiency	NOUN
fbem-12580	36	8	investment	investment	NOUN
fbem-12580	36	9	activities	activity	NOUN
fbem-12580	36	10	can	can	AUX
fbem-12580	36	11	create	create	VERB
fbem-12580	36	12	wealth	wealth	NOUN
fbem-12580	36	13	for	for	ADP
fbem-12580	36	14	a	a	DET
fbem-12580	36	15	company	company	NOUN
fbem-12580	36	16	and	and	CCONJ
fbem-12580	36	17	enhance	enhance	VERB
fbem-12580	36	18	its	its	PRON
fbem-12580	36	19	value	value	NOUN
fbem-12580	36	20	.	.	PUNCT
fbem-12580	37	1	the	the	DET
fbem-12580	37	2	efficiency	efficiency	NOUN
fbem-12580	37	3	of	of	ADP
fbem-12580	37	4	these	these	DET
fbem-12580	37	5	investment	investment	NOUN
fbem-12580	37	6	activities	activity	NOUN
fbem-12580	37	7	directly	directly	ADV
fbem-12580	37	8	determines	determine	VERB
fbem-12580	37	9	whether	whether	SCONJ
fbem-12580	37	10	the	the	DET
fbem-12580	37	11	investment	investment	NOUN
fbem-12580	37	12	projects	project	NOUN
fbem-12580	37	13	can	can	AUX
fbem-12580	37	14	yield	yield	VERB
fbem-12580	37	15	high	high	ADJ
fbem-12580	37	16	returns	return	NOUN
fbem-12580	37	17	and	and	CCONJ
fbem-12580	37	18	generate	generate	VERB
fbem-12580	37	19	substantial	substantial	ADJ
fbem-12580	37	20	profits	profit	NOUN
fbem-12580	37	21	for	for	ADP
fbem-12580	37	22	the	the	DET
fbem-12580	37	23	company	company	NOUN
fbem-12580	37	24	,	,	PUNCT
fbem-12580	37	25	thus	thus	ADV
fbem-12580	37	26	maximizing	maximize	VERB
fbem-12580	37	27	its	its	PRON
fbem-12580	37	28	value	value	NOUN
fbem-12580	37	29	.	.	PUNCT
fbem-12580	38	1	similar	similar	ADJ
fbem-12580	38	2	to	to	ADP
fbem-12580	38	3	the	the	DET
fbem-12580	38	4	definition	definition	NOUN
fbem-12580	38	5	of	of	ADP
fbem-12580	38	6	efficiency	efficiency	NOUN
fbem-12580	38	7	,	,	PUNCT
fbem-12580	38	8	investment	investment	NOUN
fbem-12580	38	9	efficiency	efficiency	NOUN
fbem-12580	38	10	refers	refer	VERB
fbem-12580	38	11	to	to	ADP
fbem-12580	38	12	the	the	DET
fbem-12580	38	13	ratio	ratio	NOUN
fbem-12580	38	14	of	of	ADP
fbem-12580	38	15	the	the	DET
fbem-12580	38	16	returns	return	NOUN
fbem-12580	38	17	obtained	obtain	VERB
fbem-12580	38	18	from	from	ADP
fbem-12580	38	19	a	a	DET
fbem-12580	38	20	company	company	NOUN
fbem-12580	38	21	's	's	PART
fbem-12580	38	22	investments	investment	NOUN
fbem-12580	38	23	to	to	ADP
fbem-12580	38	24	the	the	DET
fbem-12580	38	25	resources	resource	NOUN
fbem-12580	38	26	,	,	PUNCT
fbem-12580	38	27	including	include	VERB
fbem-12580	38	28	capital	capital	NOUN
fbem-12580	38	29	,	,	PUNCT
fbem-12580	38	30	invested	invest	VERB
fbem-12580	38	31	.	.	PUNCT
fbem-12580	39	1	the	the	PRON
fbem-12580	39	2	higher	high	ADJ
fbem-12580	39	3	the	the	DET
fbem-12580	39	4	investment	investment	NOUN
fbem-12580	39	5	efficiency	efficiency	NOUN
fbem-12580	39	6	,	,	PUNCT
fbem-12580	39	7	the	the	DET
fbem-12580	39	8	more	more	ADJ
fbem-12580	39	9	returns	return	NOUN
fbem-12580	39	10	a	a	DET
fbem-12580	39	11	company	company	NOUN
fbem-12580	39	12	can	can	AUX
fbem-12580	39	13	generate	generate	VERB
fbem-12580	39	14	with	with	ADP
fbem-12580	39	15	a	a	DET
fbem-12580	39	16	given	give	VERB
fbem-12580	39	17	amount	amount	NOUN
fbem-12580	39	18	of	of	ADP
fbem-12580	39	19	investment	investment	NOUN
fbem-12580	39	20	,	,	PUNCT
fbem-12580	39	21	resulting	result	VERB
fbem-12580	39	22	in	in	ADP
fbem-12580	39	23	greater	great	ADJ
fbem-12580	39	24	profits.jensen	profits.jensen	NUM
fbem-12580	39	25	(	(	PUNCT
fbem-12580	39	26	2019	2019	NUM
fbem-12580	39	27	)	)	PUNCT
fbem-12580	39	28	argues	argue	VERB
fbem-12580	39	29	that	that	SCONJ
fbem-12580	39	30	in	in	ADP
fbem-12580	39	31	a	a	DET
fbem-12580	39	32	normal	normal	ADJ
fbem-12580	39	33	capital	capital	NOUN
fbem-12580	39	34	market	market	NOUN
fbem-12580	39	35	,	,	PUNCT
fbem-12580	39	36	as	as	ADV
fbem-12580	39	37	long	long	ADV
fbem-12580	39	38	as	as	SCONJ
fbem-12580	39	39	a	a	DET
fbem-12580	39	40	company	company	NOUN
fbem-12580	39	41	invests	invest	VERB
fbem-12580	39	42	in	in	ADP
fbem-12580	39	43	projects	project	NOUN
fbem-12580	39	44	with	with	ADP
fbem-12580	39	45	positive	positive	ADJ
fbem-12580	39	46	net	net	ADJ
fbem-12580	39	47	present	present	ADJ
fbem-12580	39	48	value	value	NOUN
fbem-12580	39	49	(	(	PUNCT
fbem-12580	39	50	npv	npv	NOUN
fbem-12580	39	51	)	)	PUNCT
fbem-12580	39	52	,	,	PUNCT
fbem-12580	39	53	it	it	PRON
fbem-12580	39	54	can	can	AUX
fbem-12580	39	55	be	be	AUX
fbem-12580	39	56	considered	consider	VERB
fbem-12580	39	57	an	an	DET
fbem-12580	39	58	efficient	efficient	ADJ
fbem-12580	39	59	investment	investment	NOUN
fbem-12580	39	60	.	.	PUNCT
fbem-12580	40	1	however	however	ADV
fbem-12580	40	2	,	,	PUNCT
fbem-12580	40	3	in	in	ADP
fbem-12580	40	4	practice	practice	NOUN
fbem-12580	40	5	,	,	PUNCT
fbem-12580	40	6	there	there	PRON
fbem-12580	40	7	are	be	VERB
fbem-12580	40	8	differences	difference	NOUN
fbem-12580	40	9	between	between	ADP
fbem-12580	40	10	theory	theory	NOUN
fbem-12580	40	11	and	and	CCONJ
fbem-12580	40	12	the	the	DET
fbem-12580	40	13	actual	actual	ADJ
fbem-12580	40	14	operational	operational	ADJ
fbem-12580	40	15	situations	situation	NOUN
fbem-12580	40	16	of	of	ADP
fbem-12580	40	17	companies	company	NOUN
fbem-12580	40	18	.	.	PUNCT
fbem-12580	41	1	due	due	ADP
fbem-12580	41	2	to	to	ADP
fbem-12580	41	3	issues	issue	NOUN
fbem-12580	41	4	such	such	ADJ
fbem-12580	41	5	as	as	ADP
fbem-12580	41	6	information	information	NOUN
fbem-12580	41	7	asymmetry	asymmetry	NOUN
fbem-12580	41	8	and	and	CCONJ
fbem-12580	41	9	agency	agency	NOUN
fbem-12580	41	10	conflicts	conflict	NOUN
fbem-12580	41	11	,	,	PUNCT
fbem-12580	41	12	many	many	ADJ
fbem-12580	41	13	publicly	publicly	ADV
fbem-12580	41	14	traded	trade	VERB
fbem-12580	41	15	companies	company	NOUN
fbem-12580	41	16	exhibit	exhibit	VERB
fbem-12580	41	17	varying	vary	VERB
fbem-12580	41	18	degrees	degree	NOUN
fbem-12580	41	19	of	of	ADP
fbem-12580	41	20	inefficient	inefficient	ADJ
fbem-12580	41	21	investment	investment	NOUN
fbem-12580	41	22	behavior	behavior	NOUN
fbem-12580	41	23	.	.	PUNCT
fbem-12580	42	1	this	this	PRON
fbem-12580	42	2	not	not	PART
fbem-12580	42	3	only	only	ADV
fbem-12580	42	4	leads	lead	VERB
fbem-12580	42	5	to	to	ADP
fbem-12580	42	6	investment	investment	NOUN
fbem-12580	42	7	failures	failure	NOUN
fbem-12580	42	8	but	but	CCONJ
fbem-12580	42	9	also	also	ADV
fbem-12580	42	10	results	result	VERB
fbem-12580	42	11	in	in	ADP
fbem-12580	42	12	the	the	DET
fbem-12580	42	13	wastage	wastage	NOUN
fbem-12580	42	14	of	of	ADP
fbem-12580	42	15	the	the	DET
fbem-12580	42	16	company	company	NOUN
fbem-12580	42	17	's	's	PART
fbem-12580	42	18	resources	resource	NOUN
fbem-12580	42	19	,	,	PUNCT
fbem-12580	42	20	harming	harm	VERB
fbem-12580	42	21	its	its	PRON
fbem-12580	42	22	interests	interest	NOUN
fbem-12580	42	23	.	.	PUNCT
fbem-12580	43	1	inefficient	inefficient	ADJ
fbem-12580	43	2	investments	investment	NOUN
fbem-12580	43	3	can	can	AUX
fbem-12580	43	4	be	be	AUX
fbem-12580	43	5	categorized	categorize	VERB
fbem-12580	43	6	into	into	ADP
fbem-12580	43	7	two	two	NUM
fbem-12580	43	8	types	type	NOUN
fbem-12580	43	9	:	:	PUNCT
fbem-12580	43	10	underinvestment	underinvestment	ADJ
fbem-12580	43	11	and	and	CCONJ
fbem-12580	43	12	overinvestment	overinvestment	ADJ
fbem-12580	43	13	.	.	PUNCT
fbem-12580	44	1	underinvestment	underinvestment	ADJ
fbem-12580	44	2	means	mean	VERB
fbem-12580	44	3	that	that	SCONJ
fbem-12580	44	4	a	a	DET
fbem-12580	44	5	company	company	NOUN
fbem-12580	44	6	foregoes	forego	VERB
fbem-12580	44	7	projects	project	NOUN
fbem-12580	44	8	with	with	ADP
fbem-12580	44	9	positive	positive	ADJ
fbem-12580	44	10	npv	npv	NOUN
fbem-12580	44	11	that	that	PRON
fbem-12580	44	12	could	could	AUX
fbem-12580	44	13	benefit	benefit	VERB
fbem-12580	44	14	its	its	PRON
fbem-12580	44	15	future	future	ADJ
fbem-12580	44	16	development	development	NOUN
fbem-12580	44	17	.	.	PUNCT
fbem-12580	45	1	overinvestment	overinvestment	ADJ
fbem-12580	45	2	,	,	PUNCT
fbem-12580	45	3	on	on	ADP
fbem-12580	45	4	the	the	DET
fbem-12580	45	5	other	other	ADJ
fbem-12580	45	6	hand	hand	NOUN
fbem-12580	45	7	,	,	PUNCT
fbem-12580	45	8	occurs	occur	VERB
fbem-12580	45	9	when	when	SCONJ
fbem-12580	45	10	a	a	DET
fbem-12580	45	11	company	company	NOUN
fbem-12580	45	12	's	's	PART
fbem-12580	45	13	investments	investment	NOUN
fbem-12580	45	14	exceed	exceed	VERB
fbem-12580	45	15	its	its	PRON
fbem-12580	45	16	own	own	ADJ
fbem-12580	45	17	resources	resource	NOUN
fbem-12580	45	18	or	or	CCONJ
fbem-12580	45	19	capabilities	capability	NOUN
fbem-12580	45	20	,	,	PUNCT
fbem-12580	45	21	deviating	deviate	VERB
fbem-12580	45	22	from	from	ADP
fbem-12580	45	23	its	its	PRON
fbem-12580	45	24	future	future	ADJ
fbem-12580	45	25	growth	growth	NOUN
fbem-12580	45	26	direction	direction	NOUN
fbem-12580	45	27	and	and	CCONJ
fbem-12580	45	28	investing	invest	VERB
fbem-12580	45	29	in	in	ADP
fbem-12580	45	30	projects	project	NOUN
fbem-12580	45	31	with	with	ADP
fbem-12580	45	32	negative	negative	ADJ
fbem-12580	45	33	npv	npv	NOUN
fbem-12580	45	34	,	,	PUNCT
fbem-12580	45	35	which	which	PRON
fbem-12580	45	36	can	can	AUX
fbem-12580	45	37	lead	lead	VERB
fbem-12580	45	38	to	to	ADP
fbem-12580	45	39	losses	loss	NOUN
fbem-12580	45	40	for	for	ADP
fbem-12580	45	41	the	the	DET
fbem-12580	45	42	company.in	company.in	X
fbem-12580	45	43	the	the	DET
fbem-12580	45	44	context	context	NOUN
fbem-12580	45	45	of	of	ADP
fbem-12580	45	46	publicly	publicly	ADV
fbem-12580	45	47	traded	trade	VERB
fbem-12580	45	48	companies	company	NOUN
fbem-12580	45	49	,	,	PUNCT
fbem-12580	45	50	inefficient	inefficient	ADJ
fbem-12580	45	51	investment	investment	NOUN
fbem-12580	45	52	behavior	behavior	NOUN
fbem-12580	45	53	primarily	primarily	ADV
fbem-12580	45	54	refers	refer	VERB
fbem-12580	45	55	to	to	ADP
fbem-12580	45	56	actions	action	NOUN
fbem-12580	45	57	taken	take	VERB
fbem-12580	45	58	by	by	ADP
fbem-12580	45	59	the	the	DET
fbem-12580	45	60	company	company	NOUN
fbem-12580	45	61	's	's	PART
fbem-12580	45	62	management	management	NOUN
fbem-12580	45	63	or	or	CCONJ
fbem-12580	45	64	controlling	control	VERB
fbem-12580	45	65	shareholders	shareholder	NOUN
fbem-12580	45	66	who	who	PRON
fbem-12580	45	67	have	have	AUX
fbem-12580	45	68	decisionmaking	decisionmake	VERB
fbem-12580	45	69	authority	authority	NOUN
fbem-12580	45	70	over	over	ADP
fbem-12580	45	71	the	the	DET
fbem-12580	45	72	company	company	NOUN
fbem-12580	45	73	's	's	PART
fbem-12580	45	74	production	production	NOUN
fbem-12580	45	75	and	and	CCONJ
fbem-12580	45	76	operations	operation	NOUN
fbem-12580	45	77	.	.	PUNCT
fbem-12580	46	1	they	they	PRON
fbem-12580	46	2	may	may	AUX
fbem-12580	46	3	use	use	VERB
fbem-12580	46	4	their	their	PRON
fbem-12580	46	5	power	power	NOUN
fbem-12580	46	6	to	to	PART
fbem-12580	46	7	directly	directly	ADV
fbem-12580	46	8	or	or	CCONJ
fbem-12580	46	9	indirectly	indirectly	ADV
fbem-12580	46	10	influence	influence	VERB
fbem-12580	46	11	the	the	DET
fbem-12580	46	12	establishment	establishment	NOUN
fbem-12580	46	13	of	of	ADP
fbem-12580	46	14	the	the	DET
fbem-12580	46	15	company	company	NOUN
fbem-12580	46	16	's	's	PART
fbem-12580	46	17	internal	internal	ADJ
fbem-12580	46	18	control	control	NOUN
fbem-12580	46	19	system	system	NOUN
fbem-12580	46	20	,	,	PUNCT
fbem-12580	46	21	the	the	DET
fbem-12580	46	22	design	design	NOUN
fbem-12580	46	23	of	of	ADP
fbem-12580	46	24	operational	operational	ADJ
fbem-12580	46	25	mechanisms	mechanism	NOUN
fbem-12580	46	26	,	,	PUNCT
fbem-12580	46	27	or	or	CCONJ
fbem-12580	46	28	the	the	DET
fbem-12580	46	29	arrangement	arrangement	NOUN
fbem-12580	46	30	of	of	ADP
fbem-12580	46	31	decision	decision	NOUN
fbem-12580	46	32	-	-	PUNCT
fbem-12580	46	33	making	make	VERB
fbem-12580	46	34	procedures	procedure	NOUN
fbem-12580	46	35	,	,	PUNCT
fbem-12580	46	36	thereby	thereby	ADV
fbem-12580	46	37	engaging	engage	VERB
fbem-12580	46	38	in	in	ADP
fbem-12580	46	39	investment	investment	NOUN
fbem-12580	46	40	activities	activity	NOUN
fbem-12580	46	41	that	that	PRON
fbem-12580	46	42	harm	harm	VERB
fbem-12580	46	43	the	the	DET
fbem-12580	46	44	interests	interest	NOUN
fbem-12580	46	45	of	of	ADP
fbem-12580	46	46	the	the	DET
fbem-12580	46	47	company	company	NOUN
fbem-12580	46	48	or	or	CCONJ
fbem-12580	46	49	minority	minority	NOUN
fbem-12580	46	50	shareholders	shareholder	NOUN
fbem-12580	46	51	.	.	PUNCT
fbem-12580	47	1	such	such	ADJ
fbem-12580	47	2	inefficient	inefficient	ADJ
fbem-12580	47	3	investment	investment	NOUN
fbem-12580	47	4	behavior	behavior	NOUN
fbem-12580	47	5	not	not	PART
fbem-12580	47	6	only	only	ADV
fbem-12580	47	7	results	result	NOUN
fbem-12580	47	8	in	in	ADP
fbem-12580	47	9	most	most	ADJ
fbem-12580	47	10	investment	investment	NOUN
fbem-12580	47	11	projects	project	NOUN
fbem-12580	47	12	failing	fail	VERB
fbem-12580	47	13	to	to	PART
fbem-12580	47	14	achieve	achieve	VERB
fbem-12580	47	15	the	the	DET
fbem-12580	47	16	desired	desire	VERB
fbem-12580	47	17	results	result	NOUN
fbem-12580	47	18	but	but	CCONJ
fbem-12580	47	19	can	can	AUX
fbem-12580	47	20	also	also	ADV
fbem-12580	47	21	force	force	VERB
fbem-12580	47	22	the	the	DET
fbem-12580	47	23	company	company	NOUN
fbem-12580	47	24	to	to	PART
fbem-12580	47	25	make	make	VERB
fbem-12580	47	26	additional	additional	ADJ
fbem-12580	47	27	investments	investment	NOUN
fbem-12580	47	28	to	to	PART
fbem-12580	47	29	achieve	achieve	VERB
fbem-12580	47	30	expected	expect	VERB
fbem-12580	47	31	returns	return	NOUN
fbem-12580	47	32	.	.	PUNCT
fbem-12580	48	1	this	this	PRON
fbem-12580	48	2	can	can	AUX
fbem-12580	48	3	lead	lead	VERB
fbem-12580	48	4	to	to	ADP
fbem-12580	48	5	a	a	DET
fbem-12580	48	6	serious	serious	ADJ
fbem-12580	48	7	phenomenon	phenomenon	NOUN
fbem-12580	48	8	known	know	VERB
fbem-12580	48	9	as	as	ADP
fbem-12580	48	10	"	"	PUNCT
fbem-12580	48	11	vicious	vicious	ADJ
fbem-12580	48	12	capital	capital	NOUN
fbem-12580	48	13	expansion	expansion	NOUN
fbem-12580	48	14	,	,	PUNCT
fbem-12580	48	15	"	"	PUNCT
fbem-12580	48	16	causing	cause	VERB
fbem-12580	48	17	significant	significant	ADJ
fbem-12580	48	18	,	,	PUNCT
fbem-12580	48	19	difficult	difficult	ADJ
fbem-12580	48	20	-	-	PUNCT
fbem-12580	48	21	to	to	ADP
fbem-12580	48	22	-	-	PUNCT
fbem-12580	48	23	estimate	estimate	NOUN
fbem-12580	48	24	losses	loss	NOUN
fbem-12580	48	25	to	to	ADP
fbem-12580	48	26	the	the	DET
fbem-12580	48	27	company	company	NOUN
fbem-12580	48	28	's	's	PART
fbem-12580	48	29	development	development	NOUN
fbem-12580	48	30	.	.	PUNCT
fbem-12580	49	1	the	the	DET
fbem-12580	49	2	relationship	relationship	NOUN
fbem-12580	49	3	between	between	ADP
fbem-12580	49	4	ownership	ownership	NOUN
fbem-12580	49	5	concentration	concentration	NOUN
fbem-12580	49	6	and	and	CCONJ
fbem-12580	49	7	investment	investment	NOUN
fbem-12580	49	8	efficiency	efficiency	NOUN
fbem-12580	49	9	has	have	AUX
fbem-12580	49	10	been	be	AUX
fbem-12580	49	11	the	the	DET
fbem-12580	49	12	subject	subject	NOUN
fbem-12580	49	13	of	of	ADP
fbem-12580	49	14	research	research	NOUN
fbem-12580	49	15	,	,	PUNCT
fbem-12580	49	16	but	but	CCONJ
fbem-12580	49	17	existing	exist	VERB
fbem-12580	49	18	literature	literature	NOUN
fbem-12580	49	19	diverges	diverge	VERB
fbem-12580	49	20	in	in	ADP
fbem-12580	49	21	terms	term	NOUN
fbem-12580	49	22	of	of	ADP
fbem-12580	49	23	its	its	PRON
fbem-12580	49	24	starting	starting	NOUN
fbem-12580	49	25	point	point	NOUN
fbem-12580	49	26	,	,	PUNCT
fbem-12580	49	27	variables	variable	NOUN
fbem-12580	49	28	,	,	PUNCT
fbem-12580	49	29	and	and	CCONJ
fbem-12580	49	30	measurement	measurement	NOUN
fbem-12580	49	31	methods	method	NOUN
fbem-12580	49	32	,	,	PUNCT
fbem-12580	49	33	leading	lead	VERB
fbem-12580	49	34	to	to	ADP
fbem-12580	49	35	inconsistent	inconsistent	ADJ
fbem-12580	49	36	and	and	CCONJ
fbem-12580	49	37	even	even	ADV
fbem-12580	49	38	contradictory	contradictory	ADJ
fbem-12580	49	39	research	research	NOUN
fbem-12580	49	40	findings	finding	NOUN
fbem-12580	49	41	.	.	PUNCT
fbem-12580	50	1	foreign	foreign	ADJ
fbem-12580	50	2	scholars	scholar	NOUN
fbem-12580	50	3	hold	hold	VERB
fbem-12580	50	4	two	two	NUM
fbem-12580	50	5	different	different	ADJ
fbem-12580	50	6	views	view	NOUN
fbem-12580	50	7	on	on	ADP
fbem-12580	50	8	this	this	DET
fbem-12580	50	9	issue	issue	NOUN
fbem-12580	50	10	.	.	PUNCT
fbem-12580	51	1	some	some	DET
fbem-12580	51	2	scholars	scholar	NOUN
fbem-12580	51	3	believe	believe	VERB
fbem-12580	51	4	there	there	PRON
fbem-12580	51	5	is	be	VERB
fbem-12580	51	6	a	a	DET
fbem-12580	51	7	significant	significant	ADJ
fbem-12580	51	8	negative	negative	ADJ
fbem-12580	51	9	relationship	relationship	NOUN
fbem-12580	51	10	between	between	ADP
fbem-12580	51	11	ownership	ownership	NOUN
fbem-12580	51	12	concentration	concentration	NOUN
fbem-12580	51	13	and	and	CCONJ
fbem-12580	51	14	corporate	corporate	ADJ
fbem-12580	51	15	investment	investment	NOUN
fbem-12580	51	16	efficiency	efficiency	NOUN
fbem-12580	51	17	.	.	PUNCT
fbem-12580	52	1	for	for	ADP
fbem-12580	52	2	example	example	NOUN
fbem-12580	52	3	,	,	PUNCT
fbem-12580	52	4	almeida	almeida	PROPN
fbem-12580	52	5	and	and	CCONJ
fbem-12580	52	6	wolfenzon	wolfenzon	NOUN
fbem-12580	52	7	(	(	PUNCT
fbem-12580	52	8	2005	2005	NUM
fbem-12580	52	9	)	)	PUNCT
fbem-12580	52	10	conducted	conduct	VERB
fbem-12580	52	11	a	a	DET
fbem-12580	52	12	study	study	NOUN
fbem-12580	52	13	on	on	ADP
fbem-12580	52	14	corporate	corporate	ADJ
fbem-12580	52	15	ownership	ownership	NOUN
fbem-12580	52	16	structures	structure	NOUN
fbem-12580	52	17	and	and	CCONJ
fbem-12580	52	18	found	find	VERB
fbem-12580	52	19	that	that	SCONJ
fbem-12580	52	20	high	high	ADJ
fbem-12580	52	21	ownership	ownership	NOUN
fbem-12580	52	22	concentration	concentration	NOUN
fbem-12580	52	23	places	place	VERB
fbem-12580	52	24	large	large	ADJ
fbem-12580	52	25	shareholders	shareholder	NOUN
fbem-12580	52	26	in	in	ADP
fbem-12580	52	27	a	a	DET
fbem-12580	52	28	dominant	dominant	ADJ
fbem-12580	52	29	and	and	CCONJ
fbem-12580	52	30	core	core	NOUN
fbem-12580	52	31	position	position	NOUN
fbem-12580	52	32	,	,	PUNCT
fbem-12580	52	33	which	which	PRON
fbem-12580	52	34	can	can	AUX
fbem-12580	52	35	lead	lead	VERB
fbem-12580	52	36	to	to	ADP
fbem-12580	52	37	overinvestment	overinvestment	NOUN
fbem-12580	52	38	in	in	ADP
fbem-12580	52	39	pursuit	pursuit	NOUN
fbem-12580	52	40	of	of	ADP
fbem-12580	52	41	aggressive	aggressive	ADJ
fbem-12580	52	42	returns	return	NOUN
fbem-12580	52	43	or	or	CCONJ
fbem-12580	52	44	underinvestment	underinvestment	ADJ
fbem-12580	52	45	to	to	PART
fbem-12580	52	46	reduce	reduce	VERB
fbem-12580	52	47	private	private	ADJ
fbem-12580	52	48	costs	cost	NOUN
fbem-12580	52	49	.	.	PUNCT
fbem-12580	53	1	aggarwal	aggarwal	NOUN
fbem-12580	53	2	and	and	CCONJ
fbem-12580	53	3	samwick	samwick	PROPN
fbem-12580	53	4	(	(	PUNCT
fbem-12580	53	5	2006	2006	NUM
fbem-12580	53	6	)	)	PUNCT
fbem-12580	53	7	argue	argue	VERB
fbem-12580	53	8	that	that	SCONJ
fbem-12580	53	9	when	when	SCONJ
fbem-12580	53	10	controlling	control	VERB
fbem-12580	53	11	shareholders	shareholder	NOUN
fbem-12580	53	12	have	have	VERB
fbem-12580	53	13	absolute	absolute	ADJ
fbem-12580	53	14	decision	decision	NOUN
fbem-12580	53	15	-	-	PUNCT
fbem-12580	53	16	making	make	VERB
fbem-12580	53	17	power	power	NOUN
fbem-12580	53	18	,	,	PUNCT
fbem-12580	53	19	they	they	PRON
fbem-12580	53	20	often	often	ADV
fbem-12580	53	21	influence	influence	VERB
fbem-12580	53	22	investment	investment	NOUN
fbem-12580	53	23	decisions	decision	NOUN
fbem-12580	53	24	made	make	VERB
fbem-12580	53	25	by	by	ADP
fbem-12580	53	26	managers	manager	NOUN
fbem-12580	53	27	,	,	PUNCT
fbem-12580	53	28	directing	direct	VERB
fbem-12580	53	29	investments	investment	NOUN
fbem-12580	53	30	towards	towards	ADP
fbem-12580	53	31	projects	project	NOUN
fbem-12580	53	32	that	that	PRON
fbem-12580	53	33	serve	serve	VERB
fbem-12580	53	34	their	their	PRON
fbem-12580	53	35	own	own	ADJ
fbem-12580	53	36	interests	interest	NOUN
fbem-12580	53	37	,	,	PUNCT
fbem-12580	53	38	which	which	PRON
fbem-12580	53	39	can	can	AUX
fbem-12580	53	40	result	result	VERB
fbem-12580	53	41	in	in	ADP
fbem-12580	53	42	low	low	ADJ
fbem-12580	53	43	investment	investment	NOUN
fbem-12580	53	44	efficiency	efficiency	NOUN
fbem-12580	53	45	and	and	CCONJ
fbem-12580	53	46	a	a	DET
fbem-12580	53	47	deviation	deviation	NOUN
fbem-12580	53	48	in	in	ADP
fbem-12580	53	49	the	the	DET
fbem-12580	53	50	company	company	NOUN
fbem-12580	53	51	's	's	PART
fbem-12580	53	52	value	value	NOUN
fbem-12580	53	53	.	.	PUNCT
fbem-12580	54	1	empirical	empirical	ADJ
fbem-12580	54	2	analyses	analysis	NOUN
fbem-12580	54	3	by	by	ADP
fbem-12580	54	4	pindado	pindado	NOUN
fbem-12580	54	5	(	(	PUNCT
fbem-12580	54	6	2005	2005	NUM
fbem-12580	54	7	)	)	PUNCT
fbem-12580	54	8	indicate	indicate	VERB
fbem-12580	54	9	that	that	SCONJ
fbem-12580	54	10	reasonable	reasonable	ADJ
fbem-12580	54	11	ownership	ownership	NOUN
fbem-12580	54	12	concentration	concentration	NOUN
fbem-12580	54	13	incentivizes	incentivize	VERB
fbem-12580	54	14	large	large	ADJ
fbem-12580	54	15	shareholders	shareholder	NOUN
fbem-12580	54	16	to	to	PART
fbem-12580	54	17	enhance	enhance	VERB
fbem-12580	54	18	their	their	PRON
fbem-12580	54	19	supervision	supervision	NOUN
fbem-12580	54	20	of	of	ADP
fbem-12580	54	21	managerial	managerial	ADJ
fbem-12580	54	22	activities	activity	NOUN
fbem-12580	54	23	,	,	PUNCT
fbem-12580	54	24	leading	lead	VERB
fbem-12580	54	25	to	to	ADP
fbem-12580	54	26	rational	rational	ADJ
fbem-12580	54	27	investment	investment	NOUN
fbem-12580	54	28	decisions	decision	NOUN
fbem-12580	54	29	by	by	ADP
fbem-12580	54	30	managers	manager	NOUN
fbem-12580	54	31	.	.	PUNCT
fbem-12580	55	1	however	however	ADV
fbem-12580	55	2	,	,	PUNCT
fbem-12580	55	3	in	in	ADP
fbem-12580	55	4	situations	situation	NOUN
fbem-12580	55	5	of	of	ADP
fbem-12580	55	6	high	high	ADJ
fbem-12580	55	7	ownership	ownership	NOUN
fbem-12580	55	8	concentration	concentration	NOUN
fbem-12580	55	9	,	,	PUNCT
fbem-12580	55	10	there	there	PRON
fbem-12580	55	11	can	can	AUX
fbem-12580	55	12	be	be	AUX
fbem-12580	55	13	an	an	DET
fbem-12580	55	14	exacerbation	exacerbation	NOUN
fbem-12580	55	15	of	of	ADP
fbem-12580	55	16	agency	agency	NOUN
fbem-12580	55	17	conflicts	conflict	NOUN
fbem-12580	55	18	between	between	ADP
fbem-12580	55	19	large	large	ADJ
fbem-12580	55	20	and	and	CCONJ
fbem-12580	55	21	minority	minority	NOUN
fbem-12580	55	22	shareholders	shareholder	NOUN
fbem-12580	55	23	,	,	PUNCT
fbem-12580	55	24	leading	lead	VERB
fbem-12580	55	25	to	to	ADP
fbem-12580	55	26	increased	increase	VERB
fbem-12580	55	27	inefficient	inefficient	ADJ
fbem-12580	55	28	investment	investment	NOUN
fbem-12580	55	29	behavior	behavior	NOUN
fbem-12580	55	30	.	.	PUNCT
fbem-12580	56	1	domestic	domestic	ADJ
fbem-12580	56	2	literature	literature	NOUN
fbem-12580	56	3	in	in	ADP
fbem-12580	56	4	china	china	PROPN
fbem-12580	56	5	has	have	AUX
fbem-12580	56	6	also	also	ADV
fbem-12580	56	7	put	put	VERB
fbem-12580	56	8	forth	forth	ADP
fbem-12580	56	9	two	two	NUM
fbem-12580	56	10	different	different	ADJ
fbem-12580	56	11	viewpoints	viewpoint	NOUN
fbem-12580	56	12	.	.	PUNCT
fbem-12580	57	1	some	some	DET
fbem-12580	57	2	studies	study	NOUN
fbem-12580	57	3	argue	argue	VERB
fbem-12580	57	4	that	that	SCONJ
fbem-12580	57	5	an	an	DET
fbem-12580	57	6	increase	increase	NOUN
fbem-12580	57	7	in	in	ADP
fbem-12580	57	8	ownership	ownership	NOUN
fbem-12580	57	9	concentration	concentration	NOUN
fbem-12580	57	10	leads	lead	VERB
fbem-12580	57	11	to	to	ADP
fbem-12580	57	12	a	a	DET
fbem-12580	57	13	decrease	decrease	NOUN
fbem-12580	57	14	in	in	ADP
fbem-12580	57	15	corporate	corporate	ADJ
fbem-12580	57	16	investment	investment	NOUN
fbem-12580	57	17	efficiency	efficiency	NOUN
fbem-12580	57	18	.	.	PUNCT
fbem-12580	58	1	huang	huang	PROPN
fbem-12580	58	2	lei	lei	PROPN
fbem-12580	58	3	et	et	PROPN
fbem-12580	58	4	al	al	PROPN
fbem-12580	58	5	.	.	PROPN
fbem-12580	58	6	(	(	PUNCT
fbem-12580	58	7	2011	2011	NUM
fbem-12580	58	8	)	)	PUNCT
fbem-12580	58	9	argue	argue	VERB
fbem-12580	58	10	that	that	SCONJ
fbem-12580	58	11	in	in	ADP
fbem-12580	58	12	china	china	PROPN
fbem-12580	58	13	's	's	PART
fbem-12580	58	14	immature	immature	ADJ
fbem-12580	58	15	capital	capital	NOUN
fbem-12580	58	16	market	market	NOUN
fbem-12580	58	17	,	,	PUNCT
fbem-12580	58	18	with	with	ADP
fbem-12580	58	19	weak	weak	ADJ
fbem-12580	58	20	internal	internal	ADJ
fbem-12580	58	21	control	control	NOUN
fbem-12580	58	22	and	and	CCONJ
fbem-12580	58	23	external	external	ADJ
fbem-12580	58	24	monitoring	monitoring	NOUN
fbem-12580	58	25	capabilities	capability	NOUN
fbem-12580	58	26	,	,	PUNCT
fbem-12580	58	27	many	many	ADJ
fbem-12580	58	28	companies	company	NOUN
fbem-12580	58	29	have	have	VERB
fbem-12580	58	30	imperfect	imperfect	ADJ
fbem-12580	58	31	corporate	corporate	ADJ
fbem-12580	58	32	governance	governance	NOUN
fbem-12580	58	33	mechanisms	mechanism	NOUN
fbem-12580	58	34	,	,	PUNCT
fbem-12580	58	35	and	and	CCONJ
fbem-12580	58	36	ownership	ownership	NOUN
fbem-12580	58	37	concentration	concentration	NOUN
fbem-12580	58	38	is	be	AUX
fbem-12580	58	39	common	common	ADJ
fbem-12580	58	40	.	.	PUNCT
fbem-12580	59	1	the	the	DET
fbem-12580	59	2	largest	large	ADJ
fbem-12580	59	3	shareholder	shareholder	NOUN
fbem-12580	59	4	often	often	ADV
fbem-12580	59	5	has	have	VERB
fbem-12580	59	6	high	high	ADJ
fbem-12580	59	7	control	control	NOUN
fbem-12580	59	8	and	and	CCONJ
fbem-12580	59	9	decision	decision	NOUN
fbem-12580	59	10	-	-	PUNCT
fbem-12580	59	11	making	make	VERB
fbem-12580	59	12	power	power	NOUN
fbem-12580	59	13	and	and	CCONJ
fbem-12580	59	14	may	may	AUX
fbem-12580	59	15	have	have	VERB
fbem-12580	59	16	the	the	DET
fbem-12580	59	17	intention	intention	NOUN
fbem-12580	59	18	and	and	CCONJ
fbem-12580	59	19	ability	ability	NOUN
fbem-12580	59	20	to	to	PART
fbem-12580	59	21	satisfy	satisfy	VERB
fbem-12580	59	22	personal	personal	ADJ
fbem-12580	59	23	interests	interest	NOUN
fbem-12580	59	24	through	through	ADP
fbem-12580	59	25	improper	improper	ADJ
fbem-12580	59	26	means	mean	NOUN
fbem-12580	59	27	like	like	ADP
fbem-12580	59	28	misusing	misuse	VERB
fbem-12580	59	29	funds	fund	NOUN
fbem-12580	59	30	,	,	PUNCT
fbem-12580	59	31	leading	lead	VERB
fbem-12580	59	32	to	to	ADP
fbem-12580	59	33	irrational	irrational	ADJ
fbem-12580	59	34	and	and	CCONJ
fbem-12580	59	35	inefficient	inefficient	ADJ
fbem-12580	59	36	investment	investment	NOUN
fbem-12580	59	37	behavior.however	behavior.however	NOUN
fbem-12580	59	38	,	,	PUNCT
fbem-12580	59	39	there	there	PRON
fbem-12580	59	40	are	be	VERB
fbem-12580	59	41	also	also	ADV
fbem-12580	59	42	studies	study	NOUN
fbem-12580	59	43	suggesting	suggest	VERB
fbem-12580	59	44	that	that	SCONJ
fbem-12580	59	45	the	the	DET
fbem-12580	59	46	relationship	relationship	NOUN
fbem-12580	59	47	is	be	AUX
fbem-12580	59	48	not	not	PART
fbem-12580	59	49	simply	simply	ADV
fbem-12580	59	50	linear	linear	ADJ
fbem-12580	59	51	and	and	CCONJ
fbem-12580	59	52	may	may	AUX
fbem-12580	59	53	exhibit	exhibit	VERB
fbem-12580	59	54	non	non	ADJ
fbem-12580	59	55	-	-	ADJ
fbem-12580	59	56	linear	linear	ADJ
fbem-12580	59	57	patterns	pattern	NOUN
fbem-12580	59	58	.	.	PUNCT
fbem-12580	60	1	chen	chen	PROPN
fbem-12580	60	2	gongrong	gongrong	PROPN
fbem-12580	60	3	and	and	CCONJ
fbem-12580	60	4	xu	xu	PROPN
fbem-12580	60	5	wei	wei	PROPN
fbem-12580	60	6	(	(	PUNCT
fbem-12580	60	7	2011	2011	NUM
fbem-12580	60	8	)	)	PUNCT
fbem-12580	60	9	analyzed	analyze	VERB
fbem-12580	60	10	data	datum	NOUN
fbem-12580	60	11	from	from	ADP
fbem-12580	60	12	a	a	DET
fbem-12580	60	13	-	-	PUNCT
fbem-12580	60	14	share	share	NOUN
fbem-12580	60	15	manufacturing	manufacturing	NOUN
fbem-12580	60	16	companies	company	NOUN
fbem-12580	60	17	listed	list	VERB
fbem-12580	60	18	on	on	ADP
fbem-12580	60	19	the	the	DET
fbem-12580	60	20	shanghai	shanghai	PROPN
fbem-12580	60	21	and	and	CCONJ
fbem-12580	60	22	shenzhen	shenzhen	PROPN
fbem-12580	60	23	stock	stock	PROPN
fbem-12580	60	24	exchanges	exchange	NOUN
fbem-12580	60	25	between	between	ADP
fbem-12580	60	26	2005	2005	NUM
fbem-12580	60	27	and	and	CCONJ
fbem-12580	60	28	2007	2007	NUM
fbem-12580	60	29	.	.	PUNCT
fbem-12580	61	1	they	they	PRON
fbem-12580	61	2	found	find	VERB
fbem-12580	61	3	that	that	SCONJ
fbem-12580	61	4	corporate	corporate	ADJ
fbem-12580	61	5	investment	investment	NOUN
fbem-12580	61	6	efficiency	efficiency	NOUN
fbem-12580	61	7	initially	initially	ADV
fbem-12580	61	8	increased	increase	VERB
fbem-12580	61	9	,	,	PUNCT
fbem-12580	61	10	then	then	ADV
fbem-12580	61	11	decreased	decrease	VERB
fbem-12580	61	12	,	,	PUNCT
fbem-12580	61	13	and	and	CCONJ
fbem-12580	61	14	then	then	ADV
fbem-12580	61	15	increased	increase	VERB
fbem-12580	61	16	again	again	ADV
fbem-12580	61	17	as	as	SCONJ
fbem-12580	61	18	the	the	DET
fbem-12580	61	19	ownership	ownership	NOUN
fbem-12580	61	20	concentration	concentration	NOUN
fbem-12580	61	21	of	of	ADP
fbem-12580	61	22	the	the	DET
fbem-12580	61	23	largest	large	ADJ
fbem-12580	61	24	shareholder	shareholder	NOUN
fbem-12580	61	25	increased	increase	VERB
fbem-12580	61	26	,	,	PUNCT
fbem-12580	61	27	exhibiting	exhibit	VERB
fbem-12580	61	28	an	an	DET
fbem-12580	61	29	"	"	PUNCT
fbem-12580	61	30	n"-shaped	n"-shape	VERB
fbem-12580	61	31	curve	curve	NOUN
fbem-12580	61	32	relationship	relationship	NOUN
fbem-12580	61	33	.	.	PUNCT
fbem-12580	62	1	2.2	2.2	NUM
fbem-12580	62	2	.	.	PUNCT
fbem-12580	62	3	research	research	NOUN
fbem-12580	62	4	on	on	ADP
fbem-12580	62	5	internal	internal	ADJ
fbem-12580	62	6	control	control	NOUN
fbem-12580	62	7	and	and	CCONJ
fbem-12580	62	8	investment	investment	NOUN
fbem-12580	62	9	efficiency	efficiency	NOUN
fbem-12580	62	10	as	as	ADP
fbem-12580	62	11	a	a	DET
fbem-12580	62	12	company	company	NOUN
fbem-12580	62	13	's	's	PART
fbem-12580	62	14	range	range	NOUN
fbem-12580	62	15	of	of	ADP
fbem-12580	62	16	activities	activity	NOUN
fbem-12580	62	17	,	,	PUNCT
fbem-12580	62	18	including	include	VERB
fbem-12580	62	19	production	production	NOUN
fbem-12580	62	20	,	,	PUNCT
fbem-12580	62	21	sales	sale	NOUN
fbem-12580	62	22	,	,	PUNCT
fbem-12580	62	23	investment	investment	NOUN
fbem-12580	62	24	,	,	PUNCT
fbem-12580	62	25	and	and	CCONJ
fbem-12580	62	26	financing	financing	NOUN
fbem-12580	62	27	,	,	PUNCT
fbem-12580	62	28	continues	continue	VERB
fbem-12580	62	29	to	to	PART
fbem-12580	62	30	expand	expand	VERB
fbem-12580	62	31	and	and	CCONJ
fbem-12580	62	32	evolve	evolve	VERB
fbem-12580	62	33	,	,	PUNCT
fbem-12580	62	34	and	and	CCONJ
fbem-12580	62	35	as	as	SCONJ
fbem-12580	62	36	new	new	ADJ
fbem-12580	62	37	business	business	NOUN
fbem-12580	62	38	lines	line	NOUN
fbem-12580	62	39	are	be	AUX
fbem-12580	62	40	added	add	VERB
fbem-12580	62	41	,	,	PUNCT
fbem-12580	62	42	the	the	DET
fbem-12580	62	43	need	need	NOUN
fbem-12580	62	44	for	for	ADP
fbem-12580	62	45	corporate	corporate	ADJ
fbem-12580	62	46	governance	governance	NOUN
fbem-12580	62	47	becomes	become	VERB
fbem-12580	62	48	increasingly	increasingly	ADV
fbem-12580	62	49	urgent	urgent	ADJ
fbem-12580	62	50	.	.	PUNCT
fbem-12580	63	1	corporate	corporate	ADJ
fbem-12580	63	2	governance	governance	NOUN
fbem-12580	63	3	involves	involve	VERB
fbem-12580	63	4	supervising	supervise	VERB
fbem-12580	63	5	and	and	CCONJ
fbem-12580	63	6	regulating	regulate	VERB
fbem-12580	63	7	the	the	DET
fbem-12580	63	8	internal	internal	ADJ
fbem-12580	63	9	operational	operational	ADJ
fbem-12580	63	10	activities	activity	NOUN
fbem-12580	63	11	of	of	ADP
fbem-12580	63	12	a	a	DET
fbem-12580	63	13	company	company	NOUN
fbem-12580	63	14	through	through	ADP
fbem-12580	63	15	methods	method	NOUN
fbem-12580	63	16	such	such	ADJ
fbem-12580	63	17	as	as	ADP
fbem-12580	63	18	authorization	authorization	NOUN
fbem-12580	63	19	,	,	PUNCT
fbem-12580	63	20	approval	approval	NOUN
fbem-12580	63	21	,	,	PUNCT
fbem-12580	63	22	and	and	CCONJ
fbem-12580	63	23	process	process	NOUN
fbem-12580	63	24	control	control	NOUN
fbem-12580	63	25	,	,	PUNCT
fbem-12580	63	26	allowing	allow	VERB
fbem-12580	63	27	the	the	DET
fbem-12580	63	28	company	company	NOUN
fbem-12580	63	29	to	to	PART
fbem-12580	63	30	develop	develop	VERB
fbem-12580	63	31	and	and	CCONJ
fbem-12580	63	32	operate	operate	VERB
fbem-12580	63	33	in	in	ADP
fbem-12580	63	34	an	an	DET
fbem-12580	63	35	orderly	orderly	ADJ
fbem-12580	63	36	and	and	CCONJ
fbem-12580	63	37	organized	organized	ADJ
fbem-12580	63	38	manner	manner	NOUN
fbem-12580	63	39	.	.	PUNCT
fbem-12580	64	1	within	within	ADP
fbem-12580	64	2	corporate	corporate	ADJ
fbem-12580	64	3	governance	governance	NOUN
fbem-12580	64	4	,	,	PUNCT
fbem-12580	64	5	internal	internal	ADJ
fbem-12580	64	6	control	control	NOUN
fbem-12580	64	7	has	have	AUX
fbem-12580	64	8	consistently	consistently	ADV
fbem-12580	64	9	been	be	AUX
fbem-12580	64	10	a	a	DET
fbem-12580	64	11	critically	critically	ADV
fbem-12580	64	12	important	important	ADJ
fbem-12580	64	13	component.internal	component.internal	ADJ
fbem-12580	64	14	control	control	NOUN
fbem-12580	64	15	refers	refer	VERB
fbem-12580	64	16	to	to	ADP
fbem-12580	64	17	the	the	DET
fbem-12580	64	18	methods	method	NOUN
fbem-12580	64	19	,	,	PUNCT
fbem-12580	64	20	measures	measure	NOUN
fbem-12580	64	21	,	,	PUNCT
fbem-12580	64	22	and	and	CCONJ
fbem-12580	64	23	means	mean	VERB
fbem-12580	64	24	employed	employ	VERB
fbem-12580	64	25	by	by	ADP
fbem-12580	64	26	a	a	DET
fbem-12580	64	27	company	company	NOUN
fbem-12580	64	28	or	or	CCONJ
fbem-12580	64	29	business	business	NOUN
fbem-12580	64	30	unit	unit	NOUN
fbem-12580	64	31	to	to	PART
fbem-12580	64	32	achieve	achieve	VERB
fbem-12580	64	33	its	its	PRON
fbem-12580	64	34	business	business	NOUN
fbem-12580	64	35	objectives	objective	NOUN
fbem-12580	64	36	,	,	PUNCT
fbem-12580	64	37	safeguard	safeguard	VERB
fbem-12580	64	38	the	the	DET
fbem-12580	64	39	security	security	NOUN
fbem-12580	64	40	and	and	CCONJ
fbem-12580	64	41	integrity	integrity	NOUN
fbem-12580	64	42	of	of	ADP
fbem-12580	64	43	assets	asset	NOUN
fbem-12580	64	44	,	,	PUNCT
fbem-12580	64	45	ensure	ensure	VERB
fbem-12580	64	46	the	the	DET
fbem-12580	64	47	accuracy	accuracy	NOUN
fbem-12580	64	48	and	and	CCONJ
fbem-12580	64	49	reliability	reliability	NOUN
fbem-12580	64	50	of	of	ADP
fbem-12580	64	51	accounting	accounting	NOUN
fbem-12580	64	52	information	information	NOUN
fbem-12580	64	53	,	,	PUNCT
fbem-12580	64	54	and	and	CCONJ
fbem-12580	64	55	effectively	effectively	ADV
fbem-12580	64	56	implement	implement	VERB
fbem-12580	64	57	its	its	PRON
fbem-12580	64	58	business	business	NOUN
fbem-12580	64	59	strategies	strategy	NOUN
fbem-12580	64	60	,	,	PUNCT
fbem-12580	64	61	enabling	enable	VERB
fbem-12580	64	62	efficient	efficient	ADJ
fbem-12580	64	63	and	and	CCONJ
fbem-12580	64	64	orderly	orderly	ADJ
fbem-12580	64	65	business	business	NOUN
fbem-12580	64	66	operations	operation	NOUN
fbem-12580	64	67	.	.	PUNCT
fbem-12580	65	1	in	in	ADP
fbem-12580	65	2	1992	1992	NUM
fbem-12580	65	3	,	,	PUNCT
fbem-12580	65	4	the	the	DET
fbem-12580	65	5	committee	committee	NOUN
fbem-12580	65	6	of	of	ADP
fbem-12580	65	7	sponsoring	sponsor	VERB
fbem-12580	65	8	organizations	organization	NOUN
fbem-12580	65	9	of	of	ADP
fbem-12580	65	10	the	the	DET
fbem-12580	65	11	treadway	treadway	PROPN
fbem-12580	65	12	commission	commission	PROPN
fbem-12580	65	13	(	(	PUNCT
fbem-12580	65	14	coso	coso	NOUN
fbem-12580	65	15	)	)	PUNCT
fbem-12580	65	16	in	in	ADP
fbem-12580	65	17	the	the	DET
fbem-12580	65	18	united	united	PROPN
fbem-12580	65	19	states	states	PROPN
fbem-12580	65	20	released	release	VERB
fbem-12580	65	21	the	the	DET
fbem-12580	65	22	"	"	PUNCT
fbem-12580	65	23	internal	internal	ADJ
fbem-12580	65	24	control	control	NOUN
fbem-12580	65	25	integrated	integrate	VERB
fbem-12580	65	26	framework	framework	NOUN
fbem-12580	65	27	.	.	PUNCT
fbem-12580	65	28	"	"	PUNCT
fbem-12580	66	1	the	the	DET
fbem-12580	66	2	publication	publication	NOUN
fbem-12580	66	3	of	of	ADP
fbem-12580	66	4	this	this	DET
fbem-12580	66	5	framework	framework	NOUN
fbem-12580	66	6	marked	mark	VERB
fbem-12580	66	7	a	a	DET
fbem-12580	66	8	new	new	ADJ
fbem-12580	66	9	stage	stage	NOUN
fbem-12580	66	10	in	in	ADP
fbem-12580	66	11	the	the	DET
fbem-12580	66	12	development	development	NOUN
fbem-12580	66	13	of	of	ADP
fbem-12580	66	14	internal	internal	ADJ
fbem-12580	66	15	control	control	NOUN
fbem-12580	66	16	.	.	PUNCT
fbem-12580	67	1	this	this	DET
fbem-12580	67	2	framework	framework	NOUN
fbem-12580	67	3	provided	provide	VERB
fbem-12580	67	4	a	a	DET
fbem-12580	67	5	standardized	standardized	ADJ
fbem-12580	67	6	definition	definition	NOUN
fbem-12580	67	7	of	of	ADP
fbem-12580	67	8	internal	internal	ADJ
fbem-12580	67	9	control	control	NOUN
fbem-12580	67	10	and	and	CCONJ
fbem-12580	67	11	divided	divide	VERB
fbem-12580	67	12	it	it	PRON
fbem-12580	67	13	into	into	ADP
fbem-12580	67	14	five	five	NUM
fbem-12580	67	15	key	key	ADJ
fbem-12580	67	16	components	component	NOUN
fbem-12580	67	17	,	,	PUNCT
fbem-12580	67	18	including	include	VERB
fbem-12580	67	19	the	the	DET
fbem-12580	67	20	control	control	NOUN
fbem-12580	67	21	environment	environment	NOUN
fbem-12580	67	22	,	,	PUNCT
fbem-12580	67	23	risk	risk	NOUN
fbem-12580	67	24	assessment	assessment	NOUN
fbem-12580	67	25	,	,	PUNCT
fbem-12580	67	26	control	control	NOUN
fbem-12580	67	27	activities	activity	NOUN
fbem-12580	67	28	,	,	PUNCT
fbem-12580	67	29	information	information	NOUN
fbem-12580	67	30	and	and	CCONJ
fbem-12580	67	31	communication	communication	NOUN
fbem-12580	67	32	,	,	PUNCT
fbem-12580	67	33	and	and	CCONJ
fbem-12580	67	34	monitoring	monitoring	NOUN
fbem-12580	67	35	.	.	PUNCT
fbem-12580	68	1	subsequently	subsequently	ADV
fbem-12580	68	2	,	,	PUNCT
fbem-12580	68	3	internal	internal	ADJ
fbem-12580	68	4	control	control	NOUN
fbem-12580	68	5	garnered	garner	VERB
fbem-12580	68	6	broader	broad	ADJ
fbem-12580	68	7	attention	attention	NOUN
fbem-12580	68	8	worldwide	worldwide	ADV
fbem-12580	68	9	,	,	PUNCT
fbem-12580	68	10	prompting	prompt	VERB
fbem-12580	68	11	scholars	scholar	NOUN
fbem-12580	68	12	to	to	PART
fbem-12580	68	13	conduct	conduct	VERB
fbem-12580	68	14	in	in	ADP
fbem-12580	68	15	-	-	PUNCT
fbem-12580	68	16	depth	depth	NOUN
fbem-12580	68	17	research	research	NOUN
fbem-12580	68	18	165	165	NUM
fbem-12580	68	19	and	and	CCONJ
fbem-12580	68	20	empirical	empirical	ADJ
fbem-12580	68	21	studies	study	NOUN
fbem-12580	68	22	.	.	PUNCT
fbem-12580	69	1	it	it	PRON
fbem-12580	69	2	also	also	ADV
fbem-12580	69	3	led	lead	VERB
fbem-12580	69	4	to	to	ADP
fbem-12580	69	5	the	the	DET
fbem-12580	69	6	development	development	NOUN
fbem-12580	69	7	of	of	ADP
fbem-12580	69	8	internal	internal	ADJ
fbem-12580	69	9	control	control	NOUN
fbem-12580	69	10	assessment	assessment	NOUN
fbem-12580	69	11	systems	system	NOUN
fbem-12580	69	12	and	and	CCONJ
fbem-12580	69	13	comprehensive	comprehensive	ADJ
fbem-12580	69	14	risk	risk	NOUN
fbem-12580	69	15	management	management	NOUN
fbem-12580	69	16	practices	practice	NOUN
fbem-12580	69	17	,	,	PUNCT
fbem-12580	69	18	among	among	ADP
fbem-12580	69	19	other	other	ADJ
fbem-12580	69	20	related	related	ADJ
fbem-12580	69	21	topics	topic	NOUN
fbem-12580	69	22	.	.	PUNCT
fbem-12580	70	1	based	base	VERB
fbem-12580	70	2	on	on	ADP
fbem-12580	70	3	the	the	DET
fbem-12580	70	4	existing	exist	VERB
fbem-12580	70	5	relevant	relevant	ADJ
fbem-12580	70	6	research	research	NOUN
fbem-12580	70	7	literature	literature	NOUN
fbem-12580	70	8	,	,	PUNCT
fbem-12580	70	9	both	both	CCONJ
fbem-12580	70	10	domestic	domestic	ADJ
fbem-12580	70	11	and	and	CCONJ
fbem-12580	70	12	international	international	ADJ
fbem-12580	70	13	scholars	scholar	NOUN
fbem-12580	70	14	mostly	mostly	ADV
fbem-12580	70	15	examine	examine	VERB
fbem-12580	70	16	the	the	DET
fbem-12580	70	17	impact	impact	NOUN
fbem-12580	70	18	of	of	ADP
fbem-12580	70	19	internal	internal	ADJ
fbem-12580	70	20	control	control	NOUN
fbem-12580	70	21	on	on	ADP
fbem-12580	70	22	investment	investment	NOUN
fbem-12580	70	23	efficiency	efficiency	NOUN
fbem-12580	70	24	based	base	VERB
fbem-12580	70	25	on	on	ADP
fbem-12580	70	26	agency	agency	NOUN
fbem-12580	70	27	theory	theory	NOUN
fbem-12580	70	28	and	and	CCONJ
fbem-12580	70	29	information	information	NOUN
fbem-12580	70	30	asymmetry	asymmetry	NOUN
fbem-12580	70	31	theory	theory	NOUN
fbem-12580	70	32	.	.	PUNCT
fbem-12580	71	1	they	they	PRON
fbem-12580	71	2	have	have	AUX
fbem-12580	71	3	reached	reach	VERB
fbem-12580	71	4	a	a	DET
fbem-12580	71	5	relatively	relatively	ADV
fbem-12580	71	6	consistent	consistent	ADJ
fbem-12580	71	7	conclusion	conclusion	NOUN
fbem-12580	71	8	that	that	SCONJ
fbem-12580	71	9	high	high	ADJ
fbem-12580	71	10	-	-	PUNCT
fbem-12580	71	11	quality	quality	NOUN
fbem-12580	71	12	internal	internal	ADJ
fbem-12580	71	13	control	control	NOUN
fbem-12580	71	14	can	can	AUX
fbem-12580	71	15	significantly	significantly	ADV
fbem-12580	71	16	improve	improve	VERB
fbem-12580	71	17	a	a	DET
fbem-12580	71	18	company	company	NOUN
fbem-12580	71	19	's	's	PART
fbem-12580	71	20	investment	investment	NOUN
fbem-12580	71	21	efficiency	efficiency	NOUN
fbem-12580	71	22	.	.	PUNCT
fbem-12580	72	1	this	this	DET
fbem-12580	72	2	viewpoint	viewpoint	NOUN
fbem-12580	72	3	is	be	AUX
fbem-12580	72	4	widely	widely	ADV
fbem-12580	72	5	recognized	recognize	VERB
fbem-12580	72	6	in	in	ADP
fbem-12580	72	7	both	both	CCONJ
fbem-12580	72	8	theoretical	theoretical	ADJ
fbem-12580	72	9	and	and	CCONJ
fbem-12580	72	10	practical	practical	ADJ
fbem-12580	72	11	circles	circle	NOUN
fbem-12580	72	12	.	.	PUNCT
fbem-12580	73	1	foreign	foreign	ADJ
fbem-12580	73	2	scholars	scholar	NOUN
fbem-12580	73	3	tend	tend	VERB
fbem-12580	73	4	to	to	PART
fbem-12580	73	5	believe	believe	VERB
fbem-12580	73	6	that	that	SCONJ
fbem-12580	73	7	internal	internal	ADJ
fbem-12580	73	8	control	control	NOUN
fbem-12580	73	9	primarily	primarily	ADV
fbem-12580	73	10	enhances	enhance	VERB
fbem-12580	73	11	the	the	DET
fbem-12580	73	12	level	level	NOUN
fbem-12580	73	13	of	of	ADP
fbem-12580	73	14	investment	investment	NOUN
fbem-12580	73	15	efficiency	efficiency	NOUN
fbem-12580	73	16	in	in	ADP
fbem-12580	73	17	companies	company	NOUN
fbem-12580	73	18	by	by	ADP
fbem-12580	73	19	reducing	reduce	VERB
fbem-12580	73	20	the	the	DET
fbem-12580	73	21	degree	degree	NOUN
fbem-12580	73	22	of	of	ADP
fbem-12580	73	23	information	information	NOUN
fbem-12580	73	24	asymmetry	asymmetry	NOUN
fbem-12580	73	25	.	.	PUNCT
fbem-12580	74	1	doyle	doyle	PROPN
fbem-12580	74	2	et	et	PROPN
fbem-12580	74	3	al	al	PROPN
fbem-12580	74	4	.	.	PROPN
fbem-12580	75	1	(	(	PUNCT
fbem-12580	75	2	2007	2007	NUM
fbem-12580	75	3	)	)	PUNCT
fbem-12580	75	4	argue	argue	VERB
fbem-12580	75	5	that	that	SCONJ
fbem-12580	75	6	as	as	SCONJ
fbem-12580	75	7	the	the	DET
fbem-12580	75	8	effectiveness	effectiveness	NOUN
fbem-12580	75	9	of	of	ADP
fbem-12580	75	10	internal	internal	ADJ
fbem-12580	75	11	control	control	NOUN
fbem-12580	75	12	design	design	NOUN
fbem-12580	75	13	and	and	CCONJ
fbem-12580	75	14	implementation	implementation	NOUN
fbem-12580	75	15	improves	improve	VERB
fbem-12580	75	16	,	,	PUNCT
fbem-12580	75	17	the	the	DET
fbem-12580	75	18	quality	quality	NOUN
fbem-12580	75	19	of	of	ADP
fbem-12580	75	20	financial	financial	ADJ
fbem-12580	75	21	reporting	reporting	NOUN
fbem-12580	75	22	significantly	significantly	ADV
fbem-12580	75	23	increases	increase	NOUN
fbem-12580	75	24	,	,	PUNCT
fbem-12580	75	25	effectively	effectively	ADV
fbem-12580	75	26	mitigating	mitigate	VERB
fbem-12580	75	27	information	information	NOUN
fbem-12580	75	28	asymmetry	asymmetry	NOUN
fbem-12580	75	29	and	and	CCONJ
fbem-12580	75	30	alleviating	alleviate	VERB
fbem-12580	75	31	the	the	DET
fbem-12580	75	32	problem	problem	NOUN
fbem-12580	75	33	of	of	ADP
fbem-12580	75	34	low	low	ADJ
fbem-12580	75	35	investment	investment	NOUN
fbem-12580	75	36	efficiency	efficiency	NOUN
fbem-12580	75	37	due	due	ADP
fbem-12580	75	38	to	to	ADP
fbem-12580	75	39	financing	financing	NOUN
fbem-12580	75	40	constraints	constraint	NOUN
fbem-12580	75	41	.	.	PUNCT
fbem-12580	76	1	ashbaugh	ashbaugh	NOUN
fbem-12580	76	2	-	-	PUNCT
fbem-12580	76	3	skaife	skaife	NOUN
fbem-12580	76	4	et	et	PROPN
fbem-12580	76	5	al	al	PROPN
fbem-12580	76	6	.	.	PUNCT
fbem-12580	77	1	(	(	PUNCT
fbem-12580	77	2	2008	2008	NUM
fbem-12580	77	3	)	)	PUNCT
fbem-12580	77	4	found	find	VERB
fbem-12580	77	5	that	that	SCONJ
fbem-12580	77	6	if	if	SCONJ
fbem-12580	77	7	a	a	DET
fbem-12580	77	8	company	company	NOUN
fbem-12580	77	9	's	's	PART
fbem-12580	77	10	internal	internal	ADJ
fbem-12580	77	11	control	control	NOUN
fbem-12580	77	12	design	design	NOUN
fbem-12580	77	13	and	and	CCONJ
fbem-12580	77	14	implementation	implementation	NOUN
fbem-12580	77	15	system	system	NOUN
fbem-12580	77	16	has	have	VERB
fbem-12580	77	17	significant	significant	ADJ
fbem-12580	77	18	or	or	CCONJ
fbem-12580	77	19	material	material	ADJ
fbem-12580	77	20	defects	defect	NOUN
fbem-12580	77	21	but	but	CCONJ
fbem-12580	77	22	corrects	correct	NOUN
fbem-12580	77	23	these	these	DET
fbem-12580	77	24	defects	defect	NOUN
fbem-12580	77	25	in	in	ADP
fbem-12580	77	26	subsequent	subsequent	ADJ
fbem-12580	77	27	years	year	NOUN
fbem-12580	77	28	,	,	PUNCT
fbem-12580	77	29	the	the	DET
fbem-12580	77	30	effectiveness	effectiveness	NOUN
fbem-12580	77	31	of	of	ADP
fbem-12580	77	32	its	its	PRON
fbem-12580	77	33	internal	internal	ADJ
fbem-12580	77	34	control	control	NOUN
fbem-12580	77	35	is	be	AUX
fbem-12580	77	36	enhanced	enhance	VERB
fbem-12580	77	37	,	,	PUNCT
fbem-12580	77	38	and	and	CCONJ
fbem-12580	77	39	the	the	DET
fbem-12580	77	40	quality	quality	NOUN
fbem-12580	77	41	of	of	ADP
fbem-12580	77	42	accounting	accounting	NOUN
fbem-12580	77	43	information	information	NOUN
fbem-12580	77	44	improves	improve	VERB
fbem-12580	77	45	.	.	PUNCT
fbem-12580	78	1	david	david	PROPN
fbem-12580	78	2	de	de	PROPN
fbem-12580	78	3	angelis	angelis	PROPN
fbem-12580	78	4	(	(	PUNCT
fbem-12580	78	5	2016	2016	NUM
fbem-12580	78	6	)	)	PUNCT
fbem-12580	78	7	conducted	conduct	VERB
fbem-12580	78	8	a	a	DET
fbem-12580	78	9	study	study	NOUN
fbem-12580	78	10	on	on	ADP
fbem-12580	78	11	the	the	DET
fbem-12580	78	12	relationship	relationship	NOUN
fbem-12580	78	13	between	between	ADP
fbem-12580	78	14	internal	internal	ADJ
fbem-12580	78	15	control	control	NOUN
fbem-12580	78	16	and	and	CCONJ
fbem-12580	78	17	inefficient	inefficient	ADJ
fbem-12580	78	18	investment	investment	NOUN
fbem-12580	78	19	using	use	VERB
fbem-12580	78	20	u.s	u.s	PROPN
fbem-12580	78	21	.	.	PROPN
fbem-12580	78	22	listed	list	VERB
fbem-12580	78	23	companies	company	NOUN
fbem-12580	78	24	from	from	ADP
fbem-12580	78	25	2001	2001	NUM
fbem-12580	78	26	to	to	ADP
fbem-12580	78	27	2006	2006	NUM
fbem-12580	78	28	as	as	ADP
fbem-12580	78	29	a	a	DET
fbem-12580	78	30	sample	sample	NOUN
fbem-12580	78	31	.	.	PUNCT
fbem-12580	79	1	empirical	empirical	ADJ
fbem-12580	79	2	results	result	NOUN
fbem-12580	79	3	indicate	indicate	VERB
fbem-12580	79	4	that	that	SCONJ
fbem-12580	79	5	information	information	NOUN
fbem-12580	79	6	asymmetry	asymmetry	NOUN
fbem-12580	79	7	is	be	AUX
fbem-12580	79	8	a	a	DET
fbem-12580	79	9	fundamental	fundamental	ADJ
fbem-12580	79	10	reason	reason	NOUN
fbem-12580	79	11	for	for	ADP
fbem-12580	79	12	many	many	ADJ
fbem-12580	79	13	cases	case	NOUN
fbem-12580	79	14	of	of	ADP
fbem-12580	79	15	inefficient	inefficient	ADJ
fbem-12580	79	16	investment	investment	NOUN
fbem-12580	79	17	.	.	PUNCT
fbem-12580	80	1	he	he	PRON
fbem-12580	80	2	further	far	ADV
fbem-12580	80	3	points	point	VERB
fbem-12580	80	4	out	out	ADP
fbem-12580	80	5	in	in	ADP
fbem-12580	80	6	subsequent	subsequent	ADJ
fbem-12580	80	7	research	research	NOUN
fbem-12580	80	8	that	that	SCONJ
fbem-12580	80	9	the	the	DET
fbem-12580	80	10	sarbanes	sarbanes	PROPN
fbem-12580	80	11	-	-	PUNCT
fbem-12580	80	12	oxley	oxley	ADJ
fbem-12580	80	13	act	act	NOUN
fbem-12580	80	14	introduced	introduce	VERB
fbem-12580	80	15	in	in	ADP
fbem-12580	80	16	the	the	DET
fbem-12580	80	17	united	united	PROPN
fbem-12580	80	18	states	states	PROPN
fbem-12580	80	19	effectively	effectively	ADV
fbem-12580	80	20	limits	limit	VERB
fbem-12580	80	21	and	and	CCONJ
fbem-12580	80	22	constrains	constrain	VERB
fbem-12580	80	23	the	the	DET
fbem-12580	80	24	occurrence	occurrence	NOUN
fbem-12580	80	25	of	of	ADP
fbem-12580	80	26	inefficient	inefficient	ADJ
fbem-12580	80	27	investments	investment	NOUN
fbem-12580	80	28	,	,	PUNCT
fbem-12580	80	29	leading	lead	VERB
fbem-12580	80	30	to	to	ADP
fbem-12580	80	31	favorable	favorable	ADJ
fbem-12580	80	32	developments	development	NOUN
fbem-12580	80	33	in	in	ADP
fbem-12580	80	34	the	the	DET
fbem-12580	80	35	country	country	NOUN
fbem-12580	80	36	's	's	PART
fbem-12580	80	37	capital	capital	NOUN
fbem-12580	80	38	markets	market	NOUN
fbem-12580	80	39	and	and	CCONJ
fbem-12580	80	40	capital	capital	NOUN
fbem-12580	80	41	allocation	allocation	NOUN
fbem-12580	80	42	efficiency	efficiency	NOUN
fbem-12580	80	43	.	.	PUNCT
fbem-12580	81	1	3	3	X
fbem-12580	81	2	.	.	X
fbem-12580	81	3	theoretical	theoretical	ADJ
fbem-12580	81	4	analysis	analysis	NOUN
fbem-12580	81	5	and	and	CCONJ
fbem-12580	81	6	research	research	NOUN
fbem-12580	81	7	hypotheses	hypothesis	NOUN
fbem-12580	81	8	3.1	3.1	NUM
fbem-12580	81	9	.	.	PUNCT
fbem-12580	82	1	the	the	DET
fbem-12580	82	2	relationship	relationship	NOUN
fbem-12580	82	3	between	between	ADP
fbem-12580	82	4	equity	equity	NOUN
fbem-12580	82	5	concentration	concentration	NOUN
fbem-12580	82	6	and	and	CCONJ
fbem-12580	82	7	investment	investment	NOUN
fbem-12580	82	8	efficiency	efficiency	NOUN
fbem-12580	82	9	due	due	ADP
fbem-12580	82	10	to	to	ADP
fbem-12580	82	11	the	the	DET
fbem-12580	82	12	current	current	ADJ
fbem-12580	82	13	immaturity	immaturity	NOUN
fbem-12580	82	14	of	of	ADP
fbem-12580	82	15	china	china	PROPN
fbem-12580	82	16	's	's	PART
fbem-12580	82	17	capital	capital	NOUN
fbem-12580	82	18	market	market	NOUN
fbem-12580	82	19	,	,	PUNCT
fbem-12580	82	20	the	the	DET
fbem-12580	82	21	government	government	NOUN
fbem-12580	82	22	and	and	CCONJ
fbem-12580	82	23	relevant	relevant	ADJ
fbem-12580	82	24	regulatory	regulatory	ADJ
fbem-12580	82	25	authorities	authority	NOUN
fbem-12580	82	26	have	have	AUX
fbem-12580	82	27	not	not	PART
fbem-12580	82	28	yet	yet	ADV
fbem-12580	82	29	formulated	formulate	VERB
fbem-12580	82	30	comprehensive	comprehensive	ADJ
fbem-12580	82	31	policies	policy	NOUN
fbem-12580	82	32	and	and	CCONJ
fbem-12580	82	33	documents	document	NOUN
fbem-12580	82	34	related	relate	VERB
fbem-12580	82	35	to	to	ADP
fbem-12580	82	36	protecting	protect	VERB
fbem-12580	82	37	the	the	DET
fbem-12580	82	38	interests	interest	NOUN
fbem-12580	82	39	of	of	ADP
fbem-12580	82	40	external	external	ADJ
fbem-12580	82	41	investors	investor	NOUN
fbem-12580	82	42	.	.	PUNCT
fbem-12580	83	1	small	small	ADJ
fbem-12580	83	2	and	and	CCONJ
fbem-12580	83	3	medium	medium	ADJ
fbem-12580	83	4	-	-	PUNCT
fbem-12580	83	5	sized	sized	ADJ
fbem-12580	83	6	shareholders	shareholder	NOUN
fbem-12580	83	7	lack	lack	VERB
fbem-12580	83	8	sufficient	sufficient	ADJ
fbem-12580	83	9	motivation	motivation	NOUN
fbem-12580	83	10	to	to	PART
fbem-12580	83	11	supervise	supervise	VERB
fbem-12580	83	12	the	the	DET
fbem-12580	83	13	company	company	NOUN
fbem-12580	83	14	's	's	PART
fbem-12580	83	15	operations	operation	NOUN
fbem-12580	83	16	.	.	PUNCT
fbem-12580	84	1	on	on	ADP
fbem-12580	84	2	the	the	DET
fbem-12580	84	3	other	other	ADJ
fbem-12580	84	4	hand	hand	NOUN
fbem-12580	84	5	,	,	PUNCT
fbem-12580	84	6	major	major	ADJ
fbem-12580	84	7	shareholders	shareholder	NOUN
fbem-12580	84	8	or	or	CCONJ
fbem-12580	84	9	controlling	control	VERB
fbem-12580	84	10	shareholders	shareholder	NOUN
fbem-12580	84	11	hold	hold	VERB
fbem-12580	84	12	a	a	DET
fbem-12580	84	13	higher	high	ADJ
fbem-12580	84	14	proportion	proportion	NOUN
fbem-12580	84	15	of	of	ADP
fbem-12580	84	16	shares	share	NOUN
fbem-12580	84	17	and	and	CCONJ
fbem-12580	84	18	have	have	VERB
fbem-12580	84	19	a	a	DET
fbem-12580	84	20	closer	close	ADJ
fbem-12580	84	21	interest	interest	NOUN
fbem-12580	84	22	in	in	ADP
fbem-12580	84	23	the	the	DET
fbem-12580	84	24	invested	invest	VERB
fbem-12580	84	25	company	company	NOUN
fbem-12580	84	26	.	.	PUNCT
fbem-12580	85	1	therefore	therefore	ADV
fbem-12580	85	2	,	,	PUNCT
fbem-12580	85	3	they	they	PRON
fbem-12580	85	4	have	have	VERB
fbem-12580	85	5	a	a	DET
fbem-12580	85	6	stronger	strong	ADJ
fbem-12580	85	7	incentive	incentive	NOUN
fbem-12580	85	8	to	to	PART
fbem-12580	85	9	oversee	oversee	VERB
fbem-12580	85	10	the	the	DET
fbem-12580	85	11	company	company	NOUN
fbem-12580	85	12	's	's	PART
fbem-12580	85	13	production	production	NOUN
fbem-12580	85	14	and	and	CCONJ
fbem-12580	85	15	operations	operation	NOUN
fbem-12580	85	16	,	,	PUNCT
fbem-12580	85	17	restrain	restrain	VERB
fbem-12580	85	18	and	and	CCONJ
fbem-12580	85	19	balance	balance	VERB
fbem-12580	85	20	the	the	DET
fbem-12580	85	21	actions	action	NOUN
fbem-12580	85	22	of	of	ADP
fbem-12580	85	23	the	the	DET
fbem-12580	85	24	management	management	NOUN
fbem-12580	85	25	,	,	PUNCT
fbem-12580	85	26	to	to	ADP
fbem-12580	85	27	some	some	DET
fbem-12580	85	28	extent	extent	NOUN
fbem-12580	85	29	,	,	PUNCT
fbem-12580	85	30	alleviating	alleviate	VERB
fbem-12580	85	31	the	the	DET
fbem-12580	85	32	principal	principal	ADJ
fbem-12580	85	33	-	-	PUNCT
fbem-12580	85	34	agent	agent	NOUN
fbem-12580	85	35	problems	problem	NOUN
fbem-12580	85	36	caused	cause	VERB
fbem-12580	85	37	by	by	ADP
fbem-12580	85	38	the	the	DET
fbem-12580	85	39	separation	separation	NOUN
fbem-12580	85	40	of	of	ADP
fbem-12580	85	41	ownership	ownership	NOUN
fbem-12580	85	42	and	and	CCONJ
fbem-12580	85	43	control	control	NOUN
fbem-12580	85	44	.	.	PUNCT
fbem-12580	86	1	however	however	ADV
fbem-12580	86	2	,	,	PUNCT
fbem-12580	86	3	the	the	DET
fbem-12580	86	4	emergence	emergence	NOUN
fbem-12580	86	5	of	of	ADP
fbem-12580	86	6	dominant	dominant	ADJ
fbem-12580	86	7	controlling	control	VERB
fbem-12580	86	8	shareholders	shareholder	NOUN
fbem-12580	86	9	,	,	PUNCT
fbem-12580	86	10	with	with	ADP
fbem-12580	86	11	excessively	excessively	ADV
fbem-12580	86	12	high	high	ADJ
fbem-12580	86	13	ownership	ownership	NOUN
fbem-12580	86	14	stakes	stake	NOUN
fbem-12580	86	15	,	,	PUNCT
fbem-12580	86	16	also	also	ADV
fbem-12580	86	17	grants	grant	VERB
fbem-12580	86	18	them	they	PRON
fbem-12580	86	19	excessive	excessive	ADJ
fbem-12580	86	20	control	control	NOUN
fbem-12580	86	21	over	over	ADP
fbem-12580	86	22	the	the	DET
fbem-12580	86	23	company	company	NOUN
fbem-12580	86	24	,	,	PUNCT
fbem-12580	86	25	which	which	PRON
fbem-12580	86	26	brings	bring	VERB
fbem-12580	86	27	about	about	ADP
fbem-12580	86	28	many	many	ADJ
fbem-12580	86	29	adverse	adverse	ADJ
fbem-12580	86	30	effects	effect	NOUN
fbem-12580	86	31	on	on	ADP
fbem-12580	86	32	the	the	DET
fbem-12580	86	33	company	company	NOUN
fbem-12580	86	34	's	's	PART
fbem-12580	86	35	development	development	NOUN
fbem-12580	86	36	.	.	PUNCT
fbem-12580	87	1	research	research	NOUN
fbem-12580	87	2	has	have	AUX
fbem-12580	87	3	found	find	VERB
fbem-12580	87	4	that	that	SCONJ
fbem-12580	87	5	the	the	DET
fbem-12580	87	6	majority	majority	NOUN
fbem-12580	87	7	of	of	ADP
fbem-12580	87	8	listed	list	VERB
fbem-12580	87	9	companies	company	NOUN
fbem-12580	87	10	in	in	ADP
fbem-12580	87	11	china	china	PROPN
fbem-12580	87	12	have	have	AUX
fbem-12580	87	13	controlling	control	VERB
fbem-12580	87	14	shareholders	shareholder	NOUN
fbem-12580	87	15	.	.	PUNCT
fbem-12580	88	1	these	these	DET
fbem-12580	88	2	controlling	control	VERB
fbem-12580	88	3	shareholders	shareholder	NOUN
fbem-12580	88	4	,	,	PUNCT
fbem-12580	88	5	due	due	ADP
fbem-12580	88	6	to	to	ADP
fbem-12580	88	7	their	their	PRON
fbem-12580	88	8	ownership	ownership	NOUN
fbem-12580	88	9	of	of	ADP
fbem-12580	88	10	the	the	DET
fbem-12580	88	11	highest	high	ADJ
fbem-12580	88	12	proportion	proportion	NOUN
fbem-12580	88	13	of	of	ADP
fbem-12580	88	14	shares	share	NOUN
fbem-12580	88	15	,	,	PUNCT
fbem-12580	88	16	hold	hold	VERB
fbem-12580	88	17	the	the	DET
fbem-12580	88	18	control	control	NOUN
fbem-12580	88	19	of	of	ADP
fbem-12580	88	20	the	the	DET
fbem-12580	88	21	listed	list	VERB
fbem-12580	88	22	companies	company	NOUN
fbem-12580	88	23	and	and	CCONJ
fbem-12580	88	24	enjoy	enjoy	VERB
fbem-12580	88	25	absolute	absolute	ADJ
fbem-12580	88	26	decision	decision	NOUN
fbem-12580	88	27	-	-	PUNCT
fbem-12580	88	28	making	make	VERB
fbem-12580	88	29	power	power	NOUN
fbem-12580	88	30	.	.	PUNCT
fbem-12580	89	1	compared	compare	VERB
fbem-12580	89	2	to	to	ADP
fbem-12580	89	3	other	other	ADJ
fbem-12580	89	4	small	small	ADJ
fbem-12580	89	5	and	and	CCONJ
fbem-12580	89	6	medium	medium	ADJ
fbem-12580	89	7	-	-	PUNCT
fbem-12580	89	8	sized	sized	ADJ
fbem-12580	89	9	shareholders	shareholder	NOUN
fbem-12580	89	10	,	,	PUNCT
fbem-12580	89	11	controlling	control	VERB
fbem-12580	89	12	shareholders	shareholder	NOUN
fbem-12580	89	13	not	not	PART
fbem-12580	89	14	only	only	ADV
fbem-12580	89	15	share	share	VERB
fbem-12580	89	16	in	in	ADP
fbem-12580	89	17	the	the	DET
fbem-12580	89	18	company	company	NOUN
fbem-12580	89	19	's	's	PART
fbem-12580	89	20	profits	profit	NOUN
fbem-12580	89	21	based	base	VERB
fbem-12580	89	22	on	on	ADP
fbem-12580	89	23	their	their	PRON
fbem-12580	89	24	shareholding	shareholding	NOUN
fbem-12580	89	25	percentage	percentage	NOUN
fbem-12580	89	26	but	but	CCONJ
fbem-12580	89	27	also	also	ADV
fbem-12580	89	28	use	use	VERB
fbem-12580	89	29	their	their	PRON
fbem-12580	89	30	control	control	NOUN
fbem-12580	89	31	to	to	PART
fbem-12580	89	32	seek	seek	VERB
fbem-12580	89	33	private	private	ADJ
fbem-12580	89	34	benefits	benefit	NOUN
fbem-12580	89	35	.	.	PUNCT
fbem-12580	90	1	these	these	DET
fbem-12580	90	2	private	private	ADJ
fbem-12580	90	3	benefits	benefit	NOUN
fbem-12580	90	4	are	be	AUX
fbem-12580	90	5	obtained	obtain	VERB
fbem-12580	90	6	by	by	ADP
fbem-12580	90	7	infringing	infringe	VERB
fbem-12580	90	8	on	on	ADP
fbem-12580	90	9	the	the	DET
fbem-12580	90	10	interests	interest	NOUN
fbem-12580	90	11	of	of	ADP
fbem-12580	90	12	small	small	ADJ
fbem-12580	90	13	and	and	CCONJ
fbem-12580	90	14	medium	medium	ADJ
fbem-12580	90	15	-	-	PUNCT
fbem-12580	90	16	sized	sized	ADJ
fbem-12580	90	17	shareholders	shareholder	NOUN
fbem-12580	90	18	,	,	PUNCT
fbem-12580	90	19	resulting	result	VERB
fbem-12580	90	20	in	in	ADP
fbem-12580	90	21	excess	excess	ADJ
fbem-12580	90	22	returns.of	returns.of	NOUN
fbem-12580	90	23	course	course	NOUN
fbem-12580	90	24	,	,	PUNCT
fbem-12580	90	25	controlling	control	VERB
fbem-12580	90	26	shareholders	shareholder	NOUN
fbem-12580	90	27	have	have	VERB
fbem-12580	90	28	to	to	PART
fbem-12580	90	29	incur	incur	VERB
fbem-12580	90	30	certain	certain	ADJ
fbem-12580	90	31	costs	cost	NOUN
fbem-12580	90	32	in	in	ADP
fbem-12580	90	33	seeking	seek	VERB
fbem-12580	90	34	these	these	DET
fbem-12580	90	35	private	private	ADJ
fbem-12580	90	36	benefits	benefit	NOUN
fbem-12580	90	37	,	,	PUNCT
fbem-12580	90	38	such	such	ADJ
fbem-12580	90	39	as	as	ADP
fbem-12580	90	40	making	make	VERB
fbem-12580	90	41	continuous	continuous	ADJ
fbem-12580	90	42	investments	investment	NOUN
fbem-12580	90	43	to	to	PART
fbem-12580	90	44	maintain	maintain	VERB
fbem-12580	90	45	control	control	NOUN
fbem-12580	90	46	,	,	PUNCT
fbem-12580	90	47	the	the	DET
fbem-12580	90	48	cost	cost	NOUN
fbem-12580	90	49	of	of	ADP
fbem-12580	90	50	gathering	gather	VERB
fbem-12580	90	51	information	information	NOUN
fbem-12580	90	52	,	,	PUNCT
fbem-12580	90	53	supervising	supervise	VERB
fbem-12580	90	54	management	management	NOUN
fbem-12580	90	55	behavior	behavior	NOUN
fbem-12580	90	56	,	,	PUNCT
fbem-12580	90	57	and	and	CCONJ
fbem-12580	90	58	the	the	DET
fbem-12580	90	59	risk	risk	NOUN
fbem-12580	90	60	of	of	ADP
fbem-12580	90	61	potential	potential	ADJ
fbem-12580	90	62	legal	legal	ADJ
fbem-12580	90	63	lawsuits	lawsuit	NOUN
fbem-12580	90	64	,	,	PUNCT
fbem-12580	90	65	among	among	ADP
fbem-12580	90	66	others	other	NOUN
fbem-12580	90	67	.	.	PUNCT
fbem-12580	91	1	it	it	PRON
fbem-12580	91	2	's	be	AUX
fbem-12580	91	3	evident	evident	ADJ
fbem-12580	91	4	that	that	SCONJ
fbem-12580	91	5	the	the	DET
fbem-12580	91	6	more	more	ADV
fbem-12580	91	7	private	private	ADJ
fbem-12580	91	8	benefits	benefit	NOUN
fbem-12580	91	9	controlling	control	VERB
fbem-12580	91	10	shareholders	shareholder	NOUN
fbem-12580	91	11	seek	seek	VERB
fbem-12580	91	12	,	,	PUNCT
fbem-12580	91	13	the	the	PRON
fbem-12580	91	14	greater	great	ADJ
fbem-12580	91	15	the	the	DET
fbem-12580	91	16	costs	cost	NOUN
fbem-12580	91	17	they	they	PRON
fbem-12580	91	18	incur	incur	VERB
fbem-12580	91	19	.	.	PUNCT
fbem-12580	92	1	to	to	PART
fbem-12580	92	2	maximize	maximize	VERB
fbem-12580	92	3	their	their	PRON
fbem-12580	92	4	own	own	ADJ
fbem-12580	92	5	interests	interest	NOUN
fbem-12580	92	6	,	,	PUNCT
fbem-12580	92	7	controlling	control	VERB
fbem-12580	92	8	shareholders	shareholder	NOUN
fbem-12580	92	9	will	will	AUX
fbem-12580	92	10	naturally	naturally	ADV
fbem-12580	92	11	prefer	prefer	VERB
fbem-12580	92	12	larger	large	ADJ
fbem-12580	92	13	enterprise	enterprise	NOUN
fbem-12580	92	14	sizes	size	NOUN
fbem-12580	92	15	,	,	PUNCT
fbem-12580	92	16	which	which	PRON
fbem-12580	92	17	is	be	AUX
fbem-12580	92	18	reflected	reflect	VERB
fbem-12580	92	19	in	in	ADP
fbem-12580	92	20	their	their	PRON
fbem-12580	92	21	investment	investment	NOUN
fbem-12580	92	22	behavior	behavior	NOUN
fbem-12580	92	23	.	.	PUNCT
fbem-12580	93	1	investment	investment	NOUN
fbem-12580	93	2	decisions	decision	NOUN
fbem-12580	93	3	under	under	ADP
fbem-12580	93	4	the	the	DET
fbem-12580	93	5	control	control	NOUN
fbem-12580	93	6	of	of	ADP
fbem-12580	93	7	controlling	control	VERB
fbem-12580	93	8	shareholders	shareholder	NOUN
fbem-12580	93	9	tend	tend	VERB
fbem-12580	93	10	to	to	PART
fbem-12580	93	11	lean	lean	VERB
fbem-12580	93	12	towards	towards	ADP
fbem-12580	93	13	expanding	expand	VERB
fbem-12580	93	14	investment	investment	NOUN
fbem-12580	93	15	levels	level	NOUN
fbem-12580	93	16	to	to	PART
fbem-12580	93	17	gain	gain	VERB
fbem-12580	93	18	larger	large	ADJ
fbem-12580	93	19	control	control	NOUN
fbem-12580	93	20	-	-	PUNCT
fbem-12580	93	21	related	relate	VERB
fbem-12580	93	22	benefits	benefit	NOUN
fbem-12580	93	23	.	.	PUNCT
fbem-12580	94	1	controlling	control	VERB
fbem-12580	94	2	shareholders	shareholder	NOUN
fbem-12580	94	3	typically	typically	ADV
fbem-12580	94	4	adopt	adopt	VERB
fbem-12580	94	5	diversified	diversified	ADJ
fbem-12580	94	6	and	and	CCONJ
fbem-12580	94	7	related	relate	VERB
fbem-12580	94	8	-	-	PUNCT
fbem-12580	94	9	party	party	NOUN
fbem-12580	94	10	transaction	transaction	NOUN
fbem-12580	94	11	investment	investment	NOUN
fbem-12580	94	12	approaches	approach	NOUN
fbem-12580	94	13	,	,	PUNCT
fbem-12580	94	14	and	and	CCONJ
fbem-12580	94	15	this	this	DET
fbem-12580	94	16	strong	strong	ADJ
fbem-12580	94	17	tendency	tendency	NOUN
fbem-12580	94	18	towards	towards	ADP
fbem-12580	94	19	overinvestment	overinvestment	NOUN
fbem-12580	94	20	can	can	AUX
fbem-12580	94	21	have	have	VERB
fbem-12580	94	22	a	a	DET
fbem-12580	94	23	serious	serious	ADJ
fbem-12580	94	24	negative	negative	ADJ
fbem-12580	94	25	impact	impact	NOUN
fbem-12580	94	26	on	on	ADP
fbem-12580	94	27	the	the	DET
fbem-12580	94	28	company	company	NOUN
fbem-12580	94	29	's	's	PART
fbem-12580	94	30	development	development	NOUN
fbem-12580	94	31	.	.	PUNCT
fbem-12580	95	1	based	base	VERB
fbem-12580	95	2	on	on	ADP
fbem-12580	95	3	the	the	DET
fbem-12580	95	4	above	above	ADJ
fbem-12580	95	5	analysis	analysis	NOUN
fbem-12580	95	6	,	,	PUNCT
fbem-12580	95	7	this	this	DET
fbem-12580	95	8	paper	paper	NOUN
fbem-12580	95	9	proposes	propose	VERB
fbem-12580	95	10	the	the	DET
fbem-12580	95	11	following	follow	VERB
fbem-12580	95	12	research	research	NOUN
fbem-12580	95	13	hypotheses	hypothesis	NOUN
fbem-12580	95	14	:	:	PUNCT
fbem-12580	95	15	h1	h1	NOUN
fbem-12580	95	16	:	:	PUNCT
fbem-12580	95	17	under	under	ADP
fbem-12580	95	18	certain	certain	ADJ
fbem-12580	95	19	other	other	ADJ
fbem-12580	95	20	conditions	condition	NOUN
fbem-12580	95	21	,	,	PUNCT
fbem-12580	95	22	equity	equity	NOUN
fbem-12580	95	23	concentration	concentration	NOUN
fbem-12580	95	24	is	be	AUX
fbem-12580	95	25	positively	positively	ADV
fbem-12580	95	26	correlated	correlate	VERB
fbem-12580	95	27	with	with	ADP
fbem-12580	95	28	inefficient	inefficient	ADJ
fbem-12580	95	29	investment	investment	NOUN
fbem-12580	95	30	.	.	PUNCT
fbem-12580	96	1	3.2	3.2	NUM
fbem-12580	96	2	.	.	PUNCT
fbem-12580	97	1	the	the	DET
fbem-12580	97	2	impact	impact	NOUN
fbem-12580	97	3	of	of	ADP
fbem-12580	97	4	internal	internal	ADJ
fbem-12580	97	5	control	control	NOUN
fbem-12580	97	6	on	on	ADP
fbem-12580	97	7	the	the	DET
fbem-12580	97	8	relationship	relationship	NOUN
fbem-12580	97	9	between	between	ADP
fbem-12580	97	10	equity	equity	NOUN
fbem-12580	97	11	concentration	concentration	NOUN
fbem-12580	97	12	and	and	CCONJ
fbem-12580	97	13	investment	investment	NOUN
fbem-12580	97	14	efficiency	efficiency	NOUN
fbem-12580	97	15	internal	internal	ADJ
fbem-12580	97	16	control	control	NOUN
fbem-12580	97	17	,	,	PUNCT
fbem-12580	97	18	as	as	ADP
fbem-12580	97	19	an	an	DET
fbem-12580	97	20	integral	integral	ADJ
fbem-12580	97	21	part	part	NOUN
fbem-12580	97	22	of	of	ADP
fbem-12580	97	23	corporate	corporate	ADJ
fbem-12580	97	24	governance	governance	NOUN
fbem-12580	97	25	,	,	PUNCT
fbem-12580	97	26	encompasses	encompass	VERB
fbem-12580	97	27	a	a	DET
fbem-12580	97	28	comprehensive	comprehensive	ADJ
fbem-12580	97	29	system	system	NOUN
fbem-12580	97	30	and	and	CCONJ
fbem-12580	97	31	measures	measure	NOUN
fbem-12580	97	32	.	.	PUNCT
fbem-12580	98	1	it	it	PRON
fbem-12580	98	2	ensures	ensure	VERB
fbem-12580	98	3	a	a	DET
fbem-12580	98	4	reasonable	reasonable	ADJ
fbem-12580	98	5	allocation	allocation	NOUN
fbem-12580	98	6	of	of	ADP
fbem-12580	98	7	rights	right	NOUN
fbem-12580	98	8	and	and	CCONJ
fbem-12580	98	9	responsibilities	responsibility	NOUN
fbem-12580	98	10	within	within	ADP
fbem-12580	98	11	the	the	DET
fbem-12580	98	12	company	company	NOUN
fbem-12580	98	13	through	through	ADP
fbem-12580	98	14	mechanisms	mechanism	NOUN
fbem-12580	98	15	such	such	ADJ
fbem-12580	98	16	as	as	ADP
fbem-12580	98	17	separating	separate	VERB
fbem-12580	98	18	incompatible	incompatible	ADJ
fbem-12580	98	19	roles	role	NOUN
fbem-12580	98	20	and	and	CCONJ
fbem-12580	98	21	authorization	authorization	NOUN
fbem-12580	98	22	approval	approval	NOUN
fbem-12580	98	23	.	.	PUNCT
fbem-12580	99	1	methods	method	NOUN
fbem-12580	99	2	like	like	ADP
fbem-12580	99	3	budget	budget	NOUN
fbem-12580	99	4	management	management	NOUN
fbem-12580	99	5	and	and	CCONJ
fbem-12580	99	6	the	the	DET
fbem-12580	99	7	establishment	establishment	NOUN
fbem-12580	99	8	of	of	ADP
fbem-12580	99	9	an	an	DET
fbem-12580	99	10	audit	audit	NOUN
fbem-12580	99	11	committee	committee	NOUN
fbem-12580	99	12	can	can	AUX
fbem-12580	99	13	be	be	AUX
fbem-12580	99	14	used	use	VERB
fbem-12580	99	15	to	to	PART
fbem-12580	99	16	supervise	supervise	VERB
fbem-12580	99	17	controlling	control	VERB
fbem-12580	99	18	shareholders	shareholder	NOUN
fbem-12580	99	19	and	and	CCONJ
fbem-12580	99	20	management	management	NOUN
fbem-12580	99	21	.	.	PUNCT
fbem-12580	100	1	therefore	therefore	ADV
fbem-12580	100	2	,	,	PUNCT
fbem-12580	100	3	when	when	SCONJ
fbem-12580	100	4	establishing	establish	VERB
fbem-12580	100	5	and	and	CCONJ
fbem-12580	100	6	implementing	implement	VERB
fbem-12580	100	7	internal	internal	ADJ
fbem-12580	100	8	control	control	NOUN
fbem-12580	100	9	systems	system	NOUN
fbem-12580	100	10	,	,	PUNCT
fbem-12580	100	11	companies	company	NOUN
fbem-12580	100	12	should	should	AUX
fbem-12580	100	13	strictly	strictly	ADV
fbem-12580	100	14	adhere	adhere	VERB
fbem-12580	100	15	to	to	ADP
fbem-12580	100	16	the	the	DET
fbem-12580	100	17	principle	principle	NOUN
fbem-12580	100	18	of	of	ADP
fbem-12580	100	19	power	power	NOUN
fbem-12580	100	20	balance	balance	NOUN
fbem-12580	100	21	in	in	ADP
fbem-12580	100	22	aspects	aspect	NOUN
fbem-12580	100	23	such	such	ADJ
fbem-12580	100	24	as	as	ADP
fbem-12580	100	25	corporate	corporate	ADJ
fbem-12580	100	26	structure	structure	NOUN
fbem-12580	100	27	planning	planning	NOUN
fbem-12580	100	28	and	and	CCONJ
fbem-12580	100	29	departmental	departmental	ADJ
fbem-12580	100	30	design	design	NOUN
fbem-12580	100	31	.	.	PUNCT
fbem-12580	101	1	this	this	PRON
fbem-12580	101	2	ensures	ensure	VERB
fbem-12580	101	3	the	the	DET
fbem-12580	101	4	effectiveness	effectiveness	NOUN
fbem-12580	101	5	of	of	ADP
fbem-12580	101	6	internal	internal	ADJ
fbem-12580	101	7	control	control	NOUN
fbem-12580	101	8	,	,	PUNCT
fbem-12580	101	9	constrains	constrain	VERB
fbem-12580	101	10	the	the	DET
fbem-12580	101	11	behavior	behavior	NOUN
fbem-12580	101	12	of	of	ADP
fbem-12580	101	13	controlling	control	VERB
fbem-12580	101	14	shareholders	shareholder	NOUN
fbem-12580	101	15	,	,	PUNCT
fbem-12580	101	16	suppresses	suppress	VERB
fbem-12580	101	17	their	their	PRON
fbem-12580	101	18	tendencies	tendency	NOUN
fbem-12580	101	19	towards	towards	ADP
fbem-12580	101	20	inefficient	inefficient	ADJ
fbem-12580	101	21	investments	investment	NOUN
fbem-12580	101	22	,	,	PUNCT
fbem-12580	101	23	enhances	enhance	VERB
fbem-12580	101	24	the	the	DET
fbem-12580	101	25	scientific	scientific	ADJ
fbem-12580	101	26	nature	nature	NOUN
fbem-12580	101	27	of	of	ADP
fbem-12580	101	28	the	the	DET
fbem-12580	101	29	company	company	NOUN
fbem-12580	101	30	's	's	PART
fbem-12580	101	31	investment	investment	NOUN
fbem-12580	101	32	strategy	strategy	NOUN
fbem-12580	101	33	,	,	PUNCT
fbem-12580	101	34	and	and	CCONJ
fbem-12580	101	35	safeguards	safeguard	VERB
fbem-12580	101	36	the	the	DET
fbem-12580	101	37	company	company	NOUN
fbem-12580	101	38	's	's	PART
fbem-12580	101	39	investment	investment	NOUN
fbem-12580	101	40	returns.in	returns.in	NUM
fbem-12580	101	41	this	this	DET
fbem-12580	101	42	way	way	NOUN
fbem-12580	101	43	,	,	PUNCT
fbem-12580	101	44	a	a	DET
fbem-12580	101	45	scientifically	scientifically	ADV
fbem-12580	101	46	sound	sound	ADJ
fbem-12580	101	47	internal	internal	ADJ
fbem-12580	101	48	control	control	NOUN
fbem-12580	101	49	system	system	NOUN
fbem-12580	101	50	can	can	AUX
fbem-12580	101	51	create	create	VERB
fbem-12580	101	52	a	a	DET
fbem-12580	101	53	wellordered	wellordere	VERB
fbem-12580	101	54	internal	internal	ADJ
fbem-12580	101	55	environment	environment	NOUN
fbem-12580	101	56	for	for	ADP
fbem-12580	101	57	the	the	DET
fbem-12580	101	58	company	company	NOUN
fbem-12580	101	59	,	,	PUNCT
fbem-12580	101	60	establish	establish	VERB
fbem-12580	101	61	a	a	DET
fbem-12580	101	62	standardized	standardized	ADJ
fbem-12580	101	63	and	and	CCONJ
fbem-12580	101	64	effective	effective	ADJ
fbem-12580	101	65	governance	governance	NOUN
fbem-12580	101	66	structure	structure	NOUN
fbem-12580	101	67	and	and	CCONJ
fbem-12580	101	68	decisionmaking	decisionmake	VERB
fbem-12580	101	69	mechanism	mechanism	NOUN
fbem-12580	101	70	,	,	PUNCT
fbem-12580	101	71	and	and	CCONJ
fbem-12580	101	72	provide	provide	VERB
fbem-12580	101	73	a	a	DET
fbem-12580	101	74	series	series	NOUN
fbem-12580	101	75	of	of	ADP
fbem-12580	101	76	rules	rule	NOUN
fbem-12580	101	77	and	and	CCONJ
fbem-12580	101	78	authorities	authority	NOUN
fbem-12580	101	79	to	to	PART
fbem-12580	101	80	constrain	constrain	VERB
fbem-12580	101	81	and	and	CCONJ
fbem-12580	101	82	supervise	supervise	VERB
fbem-12580	101	83	management	management	NOUN
fbem-12580	101	84	and	and	CCONJ
fbem-12580	101	85	shareholders	shareholder	NOUN
fbem-12580	101	86	.	.	PUNCT
fbem-12580	102	1	in	in	ADP
fbem-12580	102	2	situations	situation	NOUN
fbem-12580	102	3	with	with	ADP
fbem-12580	102	4	a	a	DET
fbem-12580	102	5	high	high	ADJ
fbem-12580	102	6	concentration	concentration	NOUN
fbem-12580	102	7	of	of	ADP
fbem-12580	102	8	equity	equity	NOUN
fbem-12580	102	9	,	,	PUNCT
fbem-12580	102	10	it	it	PRON
fbem-12580	102	11	can	can	AUX
fbem-12580	102	12	prevent	prevent	VERB
fbem-12580	102	13	major	major	ADJ
fbem-12580	102	14	shareholders	shareholder	NOUN
fbem-12580	102	15	from	from	ADP
fbem-12580	102	16	making	make	VERB
fbem-12580	102	17	investment	investment	NOUN
fbem-12580	102	18	decisions	decision	NOUN
fbem-12580	102	19	,	,	PUNCT
fbem-12580	102	20	either	either	CCONJ
fbem-12580	102	21	individually	individually	ADV
fbem-12580	102	22	or	or	CCONJ
fbem-12580	102	23	in	in	ADP
fbem-12580	102	24	collusion	collusion	NOUN
fbem-12580	102	25	,	,	PUNCT
fbem-12580	102	26	that	that	PRON
fbem-12580	102	27	harm	harm	VERB
fbem-12580	102	28	the	the	DET
fbem-12580	102	29	interests	interest	NOUN
fbem-12580	102	30	of	of	ADP
fbem-12580	102	31	small	small	ADJ
fbem-12580	102	32	and	and	CCONJ
fbem-12580	102	33	medium	medium	ADJ
fbem-12580	102	34	-	-	PUNCT
fbem-12580	102	35	sized	sized	ADJ
fbem-12580	102	36	shareholders	shareholder	NOUN
fbem-12580	102	37	and	and	CCONJ
fbem-12580	102	38	the	the	DET
fbem-12580	102	39	company	company	NOUN
fbem-12580	102	40	for	for	ADP
fbem-12580	102	41	their	their	PRON
fbem-12580	102	42	own	own	ADJ
fbem-12580	102	43	benefit	benefit	NOUN
fbem-12580	102	44	,	,	PUNCT
fbem-12580	102	45	thus	thus	ADV
fbem-12580	102	46	avoiding	avoid	VERB
fbem-12580	102	47	inefficient	inefficient	ADJ
fbem-12580	102	48	investments	investment	NOUN
fbem-12580	102	49	.	.	PUNCT
fbem-12580	103	1	based	base	VERB
fbem-12580	103	2	on	on	ADP
fbem-12580	103	3	the	the	DET
fbem-12580	103	4	above	above	ADJ
fbem-12580	103	5	analysis	analysis	NOUN
fbem-12580	103	6	,	,	PUNCT
fbem-12580	103	7	this	this	DET
fbem-12580	103	8	paper	paper	NOUN
fbem-12580	103	9	proposes	propose	VERB
fbem-12580	103	10	the	the	DET
fbem-12580	103	11	following	follow	VERB
fbem-12580	103	12	research	research	NOUN
fbem-12580	103	13	hypotheses	hypothesis	NOUN
fbem-12580	103	14	:	:	PUNCT
fbem-12580	103	15	h2	h2	NOUN
fbem-12580	103	16	:	:	PUNCT
fbem-12580	103	17	under	under	ADP
fbem-12580	103	18	certain	certain	ADJ
fbem-12580	103	19	other	other	ADJ
fbem-12580	103	20	conditions	condition	NOUN
fbem-12580	103	21	,	,	PUNCT
fbem-12580	103	22	internal	internal	ADJ
fbem-12580	103	23	control	control	NOUN
fbem-12580	103	24	can	can	AUX
fbem-12580	103	25	weaken	weaken	VERB
fbem-12580	103	26	the	the	DET
fbem-12580	103	27	positive	positive	ADJ
fbem-12580	103	28	correlation	correlation	NOUN
fbem-12580	103	29	between	between	ADP
fbem-12580	103	30	equity	equity	NOUN
fbem-12580	103	31	concentration	concentration	NOUN
fbem-12580	103	32	and	and	CCONJ
fbem-12580	103	33	inefficient	inefficient	ADJ
fbem-12580	103	34	investment	investment	NOUN
fbem-12580	103	35	.	.	PUNCT
fbem-12580	104	1	166	166	NUM
fbem-12580	104	2	4	4	NUM
fbem-12580	104	3	.	.	PUNCT
fbem-12580	104	4	variable	variable	ADJ
fbem-12580	104	5	definition	definition	NOUN
fbem-12580	104	6	and	and	CCONJ
fbem-12580	104	7	model	model	NOUN
fbem-12580	104	8	design	design	NOUN
fbem-12580	104	9	4.1	4.1	NUM
fbem-12580	104	10	.	.	PUNCT
fbem-12580	105	1	sample	sample	NOUN
fbem-12580	105	2	selection	selection	NOUN
fbem-12580	105	3	and	and	CCONJ
fbem-12580	105	4	data	datum	NOUN
fbem-12580	105	5	sources	source	NOUN
fbem-12580	105	6	this	this	DET
fbem-12580	105	7	study	study	NOUN
fbem-12580	105	8	focused	focus	VERB
fbem-12580	105	9	on	on	ADP
fbem-12580	105	10	a	a	DET
fbem-12580	105	11	-	-	PUNCT
fbem-12580	105	12	share	share	NOUN
fbem-12580	105	13	listed	list	VERB
fbem-12580	105	14	companies	company	NOUN
fbem-12580	105	15	on	on	ADP
fbem-12580	105	16	the	the	DET
fbem-12580	105	17	shanghai	shanghai	PROPN
fbem-12580	105	18	and	and	CCONJ
fbem-12580	105	19	shenzhen	shenzhen	PROPN
fbem-12580	105	20	stock	stock	PROPN
fbem-12580	105	21	exchanges	exchange	NOUN
fbem-12580	105	22	from	from	ADP
fbem-12580	105	23	2017	2017	NUM
fbem-12580	105	24	to	to	ADP
fbem-12580	105	25	2020	2020	NUM
fbem-12580	105	26	as	as	ADP
fbem-12580	105	27	its	its	PRON
fbem-12580	105	28	research	research	NOUN
fbem-12580	105	29	subjects	subject	NOUN
fbem-12580	105	30	.	.	PUNCT
fbem-12580	106	1	the	the	DET
fbem-12580	106	2	internal	internal	PROPN
fbem-12580	106	3	control	control	PROPN
fbem-12580	106	4	index	index	NOUN
fbem-12580	106	5	data	datum	NOUN
fbem-12580	106	6	was	be	AUX
fbem-12580	106	7	sourced	source	VERB
fbem-12580	106	8	from	from	ADP
fbem-12580	106	9	the	the	DET
fbem-12580	106	10	di	di	NOUN
fbem-12580	106	11	bo	bo	PROPN
fbem-12580	106	12	internal	internal	PROPN
fbem-12580	106	13	control	control	PROPN
fbem-12580	106	14	and	and	CCONJ
fbem-12580	106	15	risk	risk	NOUN
fbem-12580	106	16	management	management	NOUN
fbem-12580	106	17	database	database	NOUN
fbem-12580	106	18	,	,	PUNCT
fbem-12580	106	19	while	while	SCONJ
fbem-12580	106	20	all	all	DET
fbem-12580	106	21	financial	financial	ADJ
fbem-12580	106	22	data	datum	NOUN
fbem-12580	106	23	were	be	AUX
fbem-12580	106	24	obtained	obtain	VERB
fbem-12580	106	25	through	through	ADP
fbem-12580	106	26	the	the	DET
fbem-12580	106	27	csmar	csmar	PROPN
fbem-12580	106	28	.	.	PUNCT
fbem-12580	107	1	data	data	PROPN
fbem-12580	107	2	organization	organization	NOUN
fbem-12580	107	3	and	and	CCONJ
fbem-12580	107	4	statistical	statistical	ADJ
fbem-12580	107	5	analysis	analysis	NOUN
fbem-12580	107	6	were	be	AUX
fbem-12580	107	7	conducted	conduct	VERB
fbem-12580	107	8	using	use	VERB
fbem-12580	107	9	excel	excel	NOUN
fbem-12580	107	10	and	and	CCONJ
fbem-12580	107	11	stata	stata	VERB
fbem-12580	107	12	15	15	NUM
fbem-12580	107	13	software	software	NOUN
fbem-12580	107	14	.	.	PUNCT
fbem-12580	108	1	additionally	additionally	ADV
fbem-12580	108	2	,	,	PUNCT
fbem-12580	108	3	this	this	DET
fbem-12580	108	4	study	study	NOUN
fbem-12580	108	5	applied	apply	VERB
fbem-12580	108	6	winsorization	winsorization	NOUN
fbem-12580	108	7	(	(	PUNCT
fbem-12580	108	8	winsor2	winsor2	NOUN
fbem-12580	108	9	)	)	PUNCT
fbem-12580	108	10	to	to	ADP
fbem-12580	108	11	all	all	DET
fbem-12580	108	12	continuous	continuous	ADJ
fbem-12580	108	13	variables	variable	NOUN
fbem-12580	108	14	,	,	PUNCT
fbem-12580	108	15	limiting	limit	VERB
fbem-12580	108	16	both	both	DET
fbem-12580	108	17	tails	tail	NOUN
fbem-12580	108	18	to	to	ADP
fbem-12580	108	19	1	1	NUM
fbem-12580	108	20	%	%	NOUN
fbem-12580	108	21	to	to	PART
fbem-12580	108	22	handle	handle	VERB
fbem-12580	108	23	extreme	extreme	ADJ
fbem-12580	108	24	values	value	NOUN
fbem-12580	108	25	.	.	PUNCT
fbem-12580	109	1	during	during	ADP
fbem-12580	109	2	the	the	DET
fbem-12580	109	3	sample	sample	NOUN
fbem-12580	109	4	selection	selection	NOUN
fbem-12580	109	5	process	process	NOUN
fbem-12580	109	6	,	,	PUNCT
fbem-12580	109	7	the	the	DET
fbem-12580	109	8	following	follow	VERB
fbem-12580	109	9	data	datum	NOUN
fbem-12580	109	10	treatments	treatment	NOUN
fbem-12580	109	11	were	be	AUX
fbem-12580	109	12	applied	apply	VERB
fbem-12580	109	13	:	:	PUNCT
fbem-12580	109	14	1	1	X
fbem-12580	109	15	.	.	X
fbem-12580	109	16	exclusion	exclusion	NOUN
fbem-12580	109	17	of	of	ADP
fbem-12580	109	18	companies	company	NOUN
fbem-12580	109	19	simultaneously	simultaneously	ADV
fbem-12580	109	20	issuing	issue	VERB
fbem-12580	109	21	b	b	NOUN
fbem-12580	109	22	-	-	PUNCT
fbem-12580	109	23	shares	share	NOUN
fbem-12580	109	24	and	and	CCONJ
fbem-12580	109	25	h	h	NOUN
fbem-12580	109	26	-	-	PUNCT
fbem-12580	109	27	shares	share	NOUN
fbem-12580	109	28	because	because	SCONJ
fbem-12580	109	29	a	a	DET
fbem-12580	109	30	-	-	PUNCT
fbem-12580	109	31	share	share	NOUN
fbem-12580	109	32	disclosure	disclosure	NOUN
fbem-12580	109	33	might	might	AUX
fbem-12580	109	34	be	be	AUX
fbem-12580	109	35	influenced	influence	VERB
fbem-12580	109	36	by	by	ADP
fbem-12580	109	37	b	b	NOUN
fbem-12580	109	38	-	-	PUNCT
fbem-12580	109	39	shares	share	NOUN
fbem-12580	109	40	and	and	CCONJ
fbem-12580	109	41	h	h	NOUN
fbem-12580	109	42	-	-	NOUN
fbem-12580	109	43	shares	share	NOUN
fbem-12580	109	44	.	.	PUNCT
fbem-12580	110	1	2	2	X
fbem-12580	110	2	.	.	X
fbem-12580	110	3	exclusion	exclusion	NOUN
fbem-12580	110	4	of	of	ADP
fbem-12580	110	5	st	st	PROPN
fbem-12580	110	6	and	and	CCONJ
fbem-12580	110	7	pt	pt	PROPN
fbem-12580	110	8	stocks	stock	NOUN
fbem-12580	110	9	due	due	ADJ
fbem-12580	110	10	to	to	ADP
fbem-12580	110	11	the	the	DET
fbem-12580	110	12	potential	potential	ADJ
fbem-12580	110	13	significant	significant	ADJ
fbem-12580	110	14	bias	bias	NOUN
fbem-12580	110	15	they	they	PRON
fbem-12580	110	16	can	can	AUX
fbem-12580	110	17	introduce	introduce	VERB
fbem-12580	110	18	to	to	ADP
fbem-12580	110	19	the	the	DET
fbem-12580	110	20	statistical	statistical	ADJ
fbem-12580	110	21	results	result	NOUN
fbem-12580	110	22	as	as	ADP
fbem-12580	110	23	a	a	DET
fbem-12580	110	24	result	result	NOUN
fbem-12580	110	25	of	of	ADP
fbem-12580	110	26	extreme	extreme	ADJ
fbem-12580	110	27	values	value	NOUN
fbem-12580	110	28	.	.	PUNCT
fbem-12580	111	1	3	3	X
fbem-12580	111	2	.	.	X
fbem-12580	111	3	exclusion	exclusion	NOUN
fbem-12580	111	4	of	of	ADP
fbem-12580	111	5	companies	company	NOUN
fbem-12580	111	6	in	in	ADP
fbem-12580	111	7	the	the	DET
fbem-12580	111	8	financial	financial	ADJ
fbem-12580	111	9	and	and	CCONJ
fbem-12580	111	10	insurance	insurance	NOUN
fbem-12580	111	11	industries	industry	NOUN
fbem-12580	111	12	because	because	SCONJ
fbem-12580	111	13	listed	list	VERB
fbem-12580	111	14	companies	company	NOUN
fbem-12580	111	15	in	in	ADP
fbem-12580	111	16	these	these	DET
fbem-12580	111	17	sectors	sector	NOUN
fbem-12580	111	18	have	have	VERB
fbem-12580	111	19	special	special	ADJ
fbem-12580	111	20	characteristics	characteristic	NOUN
fbem-12580	111	21	in	in	ADP
fbem-12580	111	22	terms	term	NOUN
fbem-12580	111	23	of	of	ADP
fbem-12580	111	24	compensation	compensation	NOUN
fbem-12580	111	25	assessment	assessment	NOUN
fbem-12580	111	26	and	and	CCONJ
fbem-12580	111	27	performance	performance	NOUN
fbem-12580	111	28	evaluation	evaluation	NOUN
fbem-12580	111	29	,	,	PUNCT
fbem-12580	111	30	which	which	PRON
fbem-12580	111	31	differentiate	differentiate	VERB
fbem-12580	111	32	them	they	PRON
fbem-12580	111	33	from	from	ADP
fbem-12580	111	34	general	general	ADJ
fbem-12580	111	35	enterprises	enterprise	NOUN
fbem-12580	111	36	.	.	PUNCT
fbem-12580	112	1	as	as	ADP
fbem-12580	112	2	a	a	DET
fbem-12580	112	3	result	result	NOUN
fbem-12580	112	4	,	,	PUNCT
fbem-12580	112	5	the	the	DET
fbem-12580	112	6	study	study	NOUN
fbem-12580	112	7	ended	end	VERB
fbem-12580	112	8	up	up	ADP
fbem-12580	112	9	with	with	ADP
fbem-12580	112	10	a	a	DET
fbem-12580	112	11	total	total	NOUN
fbem-12580	112	12	of	of	ADP
fbem-12580	112	13	1,298	1,298	NUM
fbem-12580	112	14	listed	list	VERB
fbem-12580	112	15	companies	company	NOUN
fbem-12580	112	16	,	,	PUNCT
fbem-12580	112	17	yielding	yield	VERB
fbem-12580	112	18	5,192	5,192	NUM
fbem-12580	112	19	valid	valid	ADJ
fbem-12580	112	20	observations	observation	NOUN
fbem-12580	112	21	.	.	PUNCT
fbem-12580	113	1	4.2	4.2	NUM
fbem-12580	113	2	.	.	PUNCT
fbem-12580	114	1	variable	variable	ADJ
fbem-12580	114	2	definitions	definition	NOUN
fbem-12580	114	3	4.2.1	4.2.1	NOUN
fbem-12580	114	4	.	.	PUNCT
fbem-12580	115	1	investment	investment	NOUN
fbem-12580	115	2	efficiency	efficiency	NOUN
fbem-12580	115	3	this	this	DET
fbem-12580	115	4	study	study	NOUN
fbem-12580	115	5	employed	employ	VERB
fbem-12580	115	6	regression	regression	NOUN
fbem-12580	115	7	analysis	analysis	NOUN
fbem-12580	115	8	to	to	PART
fbem-12580	115	9	quantify	quantify	VERB
fbem-12580	115	10	the	the	DET
fbem-12580	115	11	investment	investment	NOUN
fbem-12580	115	12	efficiency	efficiency	NOUN
fbem-12580	115	13	of	of	ADP
fbem-12580	115	14	listed	list	VERB
fbem-12580	115	15	companies	company	NOUN
fbem-12580	115	16	,	,	PUNCT
fbem-12580	115	17	drawing	draw	VERB
fbem-12580	115	18	inspiration	inspiration	NOUN
fbem-12580	115	19	from	from	ADP
fbem-12580	115	20	richardson	richardson	PROPN
fbem-12580	115	21	's	's	PART
fbem-12580	115	22	(	(	PUNCT
fbem-12580	115	23	2006	2006	NUM
fbem-12580	115	24	)	)	PUNCT
fbem-12580	115	25	residual	residual	ADJ
fbem-12580	115	26	measurement	measurement	NOUN
fbem-12580	115	27	model	model	NOUN
fbem-12580	115	28	and	and	CCONJ
fbem-12580	115	29	models	model	NOUN
fbem-12580	115	30	developed	develop	VERB
fbem-12580	115	31	by	by	ADP
fbem-12580	115	32	fang	fang	X
fbem-12580	115	33	hongxing	hongxe	VERB
fbem-12580	115	34	and	and	CCONJ
fbem-12580	115	35	others	other	NOUN
fbem-12580	115	36	in	in	ADP
fbem-12580	115	37	2013	2013	NUM
fbem-12580	115	38	.	.	PUNCT
fbem-12580	116	1	the	the	DET
fbem-12580	116	2	specific	specific	ADJ
fbem-12580	116	3	calculation	calculation	NOUN
fbem-12580	116	4	formula	formula	NOUN
fbem-12580	116	5	is	be	AUX
fbem-12580	116	6	:	:	PUNCT
fbem-12580	116	7	,	,	PUNCT
fbem-12580	116	8	0	0	NUM
fbem-12580	116	9	1	1	NUM
fbem-12580	116	10	,	,	PUNCT
fbem-12580	116	11	1	1	NUM
fbem-12580	116	12	2	2	NUM
fbem-12580	116	13	,	,	PUNCT
fbem-12580	116	14	1	1	NUM
fbem-12580	116	15	3	3	NUM
fbem-12580	116	16	,	,	PUNCT
fbem-12580	116	17	1	1	NUM
fbem-12580	116	18	4	4	NUM
fbem-12580	116	19	,	,	PUNCT
fbem-12580	116	20	1	1	NUM
fbem-12580	116	21	5	5	NUM
fbem-12580	116	22	,	,	PUNCT
fbem-12580	116	23	1	1	NUM
fbem-12580	116	24	6	6	NUM
fbem-12580	116	25	,	,	PUNCT
fbem-12580	116	26	1	1	NUM
fbem-12580	116	27	7	7	NUM
fbem-12580	116	28	,	,	PUNCT
fbem-12580	116	29	1	1	NUM
fbem-12580	116	30	8	8	NUM
fbem-12580	116	31	9	9	NUM
fbem-12580	116	32	,	,	PUNCT
fbem-12580	116	33	+	+	PUNCT
fbem-12580	117	1	+	+	CCONJ
fbem-12580	117	2	i	i	PRON
fbem-12580	117	3	t	t	VERB
fbem-12580	118	1	i	i	PRON
fbem-12580	118	2	t	t	X
fbem-12580	119	1	i	i	PRON
fbem-12580	119	2	t	t	X
fbem-12580	120	1	i	i	PRON
fbem-12580	120	2	t	t	X
fbem-12580	121	1	i	i	PRON
fbem-12580	121	2	t	t	X
fbem-12580	122	1	i	i	PRON
fbem-12580	122	2	t	t	X
fbem-12580	123	1	i	i	PRON
fbem-12580	123	2	t	t	X
fbem-12580	124	1	i	i	PRON
fbem-12580	124	2	t	t	X
fbem-12580	125	1	i	i	PRON
fbem-12580	125	2	t	t	PROPN
fbem-12580	125	3	inv	inv	VERB
fbem-12580	125	4	cash	cash	NOUN
fbem-12580	125	5	growth	growth	NOUN
fbem-12580	125	6	lev	lev	NOUN
fbem-12580	125	7	size	size	NOUN
fbem-12580	125	8	ret	ret	PROPN
fbem-12580	125	9	age	age	NOUN
fbem-12580	125	10	inv	inv	ADJ
fbem-12580	125	11	year	year	NOUN
fbem-12580	125	12	ind	ind	NOUN
fbem-12580	125	13			NOUN
fbem-12580	125	14			X
fbem-12580	125	15			X
fbem-12580	125	16			X
fbem-12580	125	17			X
fbem-12580	125	18			X
fbem-12580	125	19			X
fbem-12580	125	20			X
fbem-12580	125	21			X
fbem-12580	125	22			X
fbem-12580	125	23			PROPN
fbem-12580	125	24			PROPN
fbem-12580	125	25			PROPN
fbem-12580	125	26			PROPN
fbem-12580	125	27			PROPN
fbem-12580	125	28			PROPN
fbem-12580	125	29			PROPN
fbem-12580	125	30			PROPN
fbem-12580	125	31			PRON
fbem-12580	125	32			PUNCT
fbem-12580	125	33			PROPN
fbem-12580	125	34			PROPN
fbem-12580	125	35			PROPN
fbem-12580	125	36			PROPN
fbem-12580	125	37			PROPN
fbem-12580	125	38			PROPN
fbem-12580	125	39			PROPN
fbem-12580	125	40			PROPN
fbem-12580	125	41			PROPN
fbem-12580	125	42			PROPN
fbem-12580	125	43			PROPN
fbem-12580	125	44			PROPN
fbem-12580	125	45			PUNCT
fbem-12580	125	46			X
fbem-12580	125	47			X
fbem-12580	125	48	(	(	PUNCT
fbem-12580	125	49	1	1	X
fbem-12580	125	50	)	)	PUNCT
fbem-12580	125	51	inv	inv	NOUN
fbem-12580	125	52	represents	represent	VERB
fbem-12580	125	53	the	the	DET
fbem-12580	125	54	incremental	incremental	ADJ
fbem-12580	125	55	investment	investment	NOUN
fbem-12580	125	56	,	,	PUNCT
fbem-12580	125	57	calculated	calculate	VERB
fbem-12580	125	58	as	as	ADP
fbem-12580	125	59	the	the	DET
fbem-12580	125	60	difference	difference	NOUN
fbem-12580	125	61	between	between	ADP
fbem-12580	125	62	the	the	DET
fbem-12580	125	63	cash	cash	NOUN
fbem-12580	125	64	paid	pay	VERB
fbem-12580	125	65	for	for	ADP
fbem-12580	125	66	purchasing	purchase	VERB
fbem-12580	125	67	fixed	fix	VERB
fbem-12580	125	68	assets	asset	NOUN
fbem-12580	125	69	,	,	PUNCT
fbem-12580	125	70	intangible	intangible	ADJ
fbem-12580	125	71	assets	asset	NOUN
fbem-12580	125	72	,	,	PUNCT
fbem-12580	125	73	and	and	CCONJ
fbem-12580	125	74	other	other	ADJ
fbem-12580	125	75	long	long	ADJ
fbem-12580	125	76	-	-	PUNCT
fbem-12580	125	77	term	term	NOUN
fbem-12580	125	78	assets	asset	NOUN
fbem-12580	125	79	by	by	ADP
fbem-12580	125	80	company	company	NOUN
fbem-12580	125	81	i	i	PRON
fbem-12580	125	82	in	in	ADP
fbem-12580	125	83	year	year	NOUN
fbem-12580	125	84	t	t	PROPN
fbem-12580	125	85	and	and	CCONJ
fbem-12580	125	86	the	the	DET
fbem-12580	125	87	cash	cash	NOUN
fbem-12580	125	88	received	receive	VERB
fbem-12580	125	89	from	from	ADP
fbem-12580	125	90	the	the	DET
fbem-12580	125	91	disposal	disposal	NOUN
fbem-12580	125	92	of	of	ADP
fbem-12580	125	93	fixed	fix	VERB
fbem-12580	125	94	assets	asset	NOUN
fbem-12580	125	95	,	,	PUNCT
fbem-12580	125	96	intangible	intangible	ADJ
fbem-12580	125	97	assets	asset	NOUN
fbem-12580	125	98	,	,	PUNCT
fbem-12580	125	99	and	and	CCONJ
fbem-12580	125	100	other	other	ADJ
fbem-12580	125	101	long	long	ADJ
fbem-12580	125	102	-	-	PUNCT
fbem-12580	125	103	term	term	NOUN
fbem-12580	125	104	assets	asset	NOUN
fbem-12580	125	105	,	,	PUNCT
fbem-12580	125	106	divided	divide	VERB
fbem-12580	125	107	by	by	ADP
fbem-12580	125	108	the	the	DET
fbem-12580	125	109	initial	initial	ADJ
fbem-12580	125	110	total	total	NOUN
fbem-12580	125	111	assets.cash	assets.cash	NOUN
fbem-12580	125	112	represents	represent	VERB
fbem-12580	125	113	the	the	DET
fbem-12580	125	114	amount	amount	NOUN
fbem-12580	125	115	of	of	ADP
fbem-12580	125	116	cash	cash	NOUN
fbem-12580	125	117	held	hold	VERB
fbem-12580	125	118	,	,	PUNCT
fbem-12580	125	119	i.e.	i.e.	X
fbem-12580	125	120	,	,	PUNCT
fbem-12580	125	121	the	the	DET
fbem-12580	125	122	monetary	monetary	ADJ
fbem-12580	125	123	funds	fund	NOUN
fbem-12580	125	124	of	of	ADP
fbem-12580	125	125	company	company	NOUN
fbem-12580	125	126	i	i	PRON
fbem-12580	125	127	at	at	ADP
fbem-12580	125	128	the	the	DET
fbem-12580	125	129	end	end	NOUN
fbem-12580	125	130	of	of	ADP
fbem-12580	125	131	year	year	NOUN
fbem-12580	125	132	t-1	t-1	PROPN
fbem-12580	125	133	divided	divide	VERB
fbem-12580	125	134	by	by	ADP
fbem-12580	125	135	the	the	DET
fbem-12580	125	136	total	total	NOUN
fbem-12580	126	1	assets.growth	assets.growth	PROPN
fbem-12580	126	2	represents	represent	VERB
fbem-12580	126	3	growth	growth	NOUN
fbem-12580	126	4	ability	ability	NOUN
fbem-12580	126	5	,	,	PUNCT
fbem-12580	126	6	calculated	calculate	VERB
fbem-12580	126	7	as	as	ADP
fbem-12580	126	8	the	the	DET
fbem-12580	126	9	revenue	revenue	NOUN
fbem-12580	126	10	growth	growth	NOUN
fbem-12580	126	11	rate	rate	NOUN
fbem-12580	126	12	of	of	ADP
fbem-12580	126	13	company	company	NOUN
fbem-12580	126	14	i	i	PRON
fbem-12580	126	15	in	in	ADP
fbem-12580	126	16	year	year	PROPN
fbem-12580	126	17	t-1	t-1	PROPN
fbem-12580	126	18	,	,	PUNCT
fbem-12580	126	19	which	which	PRON
fbem-12580	126	20	is	be	AUX
fbem-12580	126	21	the	the	DET
fbem-12580	126	22	difference	difference	NOUN
fbem-12580	126	23	between	between	ADP
fbem-12580	126	24	the	the	DET
fbem-12580	126	25	current	current	ADJ
fbem-12580	126	26	year	year	NOUN
fbem-12580	126	27	's	's	PART
fbem-12580	126	28	revenue	revenue	NOUN
fbem-12580	126	29	and	and	CCONJ
fbem-12580	126	30	the	the	DET
fbem-12580	126	31	previous	previous	ADJ
fbem-12580	126	32	year	year	NOUN
fbem-12580	126	33	's	's	PART
fbem-12580	126	34	revenue	revenue	NOUN
fbem-12580	126	35	divided	divide	VERB
fbem-12580	126	36	by	by	ADP
fbem-12580	126	37	the	the	DET
fbem-12580	126	38	previous	previous	ADJ
fbem-12580	126	39	year	year	NOUN
fbem-12580	126	40	's	's	PART
fbem-12580	126	41	revenue.lev	revenue.lev	NOUN
fbem-12580	126	42	represents	represent	VERB
fbem-12580	126	43	debt	debt	NOUN
fbem-12580	126	44	-	-	PUNCT
fbem-12580	126	45	paying	pay	VERB
fbem-12580	126	46	ability	ability	NOUN
fbem-12580	126	47	,	,	PUNCT
fbem-12580	126	48	i.e.	i.e.	X
fbem-12580	126	49	,	,	PUNCT
fbem-12580	126	50	the	the	DET
fbem-12580	126	51	asset	asset	NOUN
fbem-12580	126	52	-	-	PUNCT
fbem-12580	126	53	liability	liability	NOUN
fbem-12580	126	54	ratio	ratio	NOUN
fbem-12580	126	55	of	of	ADP
fbem-12580	126	56	company	company	NOUN
fbem-12580	126	57	i	i	PRON
fbem-12580	126	58	in	in	ADP
fbem-12580	126	59	year	year	NOUN
fbem-12580	126	60	t1.size	t1.size	PROPN
fbem-12580	126	61	represents	represent	VERB
fbem-12580	126	62	company	company	NOUN
fbem-12580	126	63	size	size	NOUN
fbem-12580	126	64	,	,	PUNCT
fbem-12580	126	65	calculated	calculate	VERB
fbem-12580	126	66	as	as	ADP
fbem-12580	126	67	the	the	DET
fbem-12580	126	68	natural	natural	ADJ
fbem-12580	126	69	logarithm	logarithm	NOUN
fbem-12580	126	70	of	of	ADP
fbem-12580	126	71	the	the	DET
fbem-12580	126	72	total	total	ADJ
fbem-12580	126	73	assets	asset	NOUN
fbem-12580	126	74	of	of	ADP
fbem-12580	126	75	company	company	NOUN
fbem-12580	126	76	i	i	PRON
fbem-12580	126	77	in	in	ADP
fbem-12580	126	78	year	year	NOUN
fbem-12580	126	79	t-1.ret	t-1.ret	PROPN
fbem-12580	126	80	represents	represent	VERB
fbem-12580	126	81	the	the	DET
fbem-12580	126	82	stock	stock	NOUN
fbem-12580	126	83	return	return	NOUN
fbem-12580	126	84	rate	rate	NOUN
fbem-12580	126	85	of	of	ADP
fbem-12580	126	86	company	company	NOUN
fbem-12580	126	87	i	i	PRON
fbem-12580	126	88	in	in	ADP
fbem-12580	126	89	year	year	NOUN
fbem-12580	126	90	t-1.age	t-1.age	NOUN
fbem-12580	126	91	represents	represent	VERB
fbem-12580	126	92	the	the	DET
fbem-12580	126	93	number	number	NOUN
fbem-12580	126	94	of	of	ADP
fbem-12580	126	95	years	year	NOUN
fbem-12580	126	96	company	company	NOUN
fbem-12580	126	97	i	i	PRON
fbem-12580	126	98	has	have	AUX
fbem-12580	126	99	been	be	AUX
fbem-12580	126	100	listed	list	VERB
fbem-12580	126	101	up	up	ADP
fbem-12580	126	102	to	to	ADP
fbem-12580	126	103	the	the	DET
fbem-12580	126	104	end	end	NOUN
fbem-12580	126	105	of	of	ADP
fbem-12580	126	106	year	year	NOUN
fbem-12580	126	107	t-1	t-1	PROPN
fbem-12580	126	108	.	.	PUNCT
fbem-12580	127	1	4.2.2	4.2.2	X
fbem-12580	127	2	.	.	PUNCT
fbem-12580	128	1	internal	internal	ADJ
fbem-12580	128	2	controls	control	NOUN
fbem-12580	128	3	this	this	DET
fbem-12580	128	4	paper	paper	NOUN
fbem-12580	128	5	selects	select	VERB
fbem-12580	128	6	the	the	DET
fbem-12580	128	7	internal	internal	PROPN
fbem-12580	128	8	control	control	NOUN
fbem-12580	128	9	index	index	NOUN
fbem-12580	128	10	of	of	ADP
fbem-12580	128	11	dibo/100	dibo/100	NOUN
fbem-12580	128	12	as	as	ADP
fbem-12580	128	13	a	a	DET
fbem-12580	128	14	proxy	proxy	ADJ
fbem-12580	128	15	variable	variable	NOUN
fbem-12580	128	16	,	,	PUNCT
fbem-12580	128	17	because	because	SCONJ
fbem-12580	128	18	the	the	DET
fbem-12580	128	19	index	index	NOUN
fbem-12580	128	20	is	be	AUX
fbem-12580	128	21	authoritative	authoritative	ADJ
fbem-12580	128	22	and	and	CCONJ
fbem-12580	128	23	can	can	AUX
fbem-12580	128	24	be	be	AUX
fbem-12580	128	25	used	use	VERB
fbem-12580	128	26	as	as	ADP
fbem-12580	128	27	a	a	DET
fbem-12580	128	28	visual	visual	ADJ
fbem-12580	128	29	reference	reference	NOUN
fbem-12580	128	30	,	,	PUNCT
fbem-12580	128	31	which	which	PRON
fbem-12580	128	32	can	can	AUX
fbem-12580	128	33	comprehensively	comprehensively	ADV
fbem-12580	128	34	reflect	reflect	VERB
fbem-12580	128	35	the	the	DET
fbem-12580	128	36	internal	internal	ADJ
fbem-12580	128	37	control	control	NOUN
fbem-12580	128	38	level	level	NOUN
fbem-12580	128	39	of	of	ADP
fbem-12580	128	40	listed	list	VERB
fbem-12580	128	41	companies	company	NOUN
fbem-12580	128	42	.	.	PUNCT
fbem-12580	129	1	4.2.3	4.2.3	X
fbem-12580	129	2	.	.	PUNCT
fbem-12580	130	1	equity	equity	NOUN
fbem-12580	130	2	concentration	concentration	NOUN
fbem-12580	130	3	in	in	ADP
fbem-12580	130	4	existing	exist	VERB
fbem-12580	130	5	literature	literature	NOUN
fbem-12580	130	6	,	,	PUNCT
fbem-12580	130	7	there	there	PRON
fbem-12580	130	8	are	be	VERB
fbem-12580	130	9	primarily	primarily	ADV
fbem-12580	130	10	two	two	NUM
fbem-12580	130	11	methods	method	NOUN
fbem-12580	130	12	used	use	VERB
fbem-12580	130	13	to	to	PART
fbem-12580	130	14	measure	measure	VERB
fbem-12580	130	15	equity	equity	NOUN
fbem-12580	130	16	concentration	concentration	NOUN
fbem-12580	130	17	.	.	PUNCT
fbem-12580	131	1	the	the	DET
fbem-12580	131	2	first	first	ADJ
fbem-12580	131	3	method	method	NOUN
fbem-12580	131	4	is	be	AUX
fbem-12580	131	5	to	to	PART
fbem-12580	131	6	directly	directly	ADV
fbem-12580	131	7	sum	sum	VERB
fbem-12580	131	8	the	the	DET
fbem-12580	131	9	ownership	ownership	NOUN
fbem-12580	131	10	percentages	percentage	NOUN
fbem-12580	131	11	of	of	ADP
fbem-12580	131	12	the	the	DET
fbem-12580	131	13	largest	large	ADJ
fbem-12580	131	14	shareholder	shareholder	NOUN
fbem-12580	131	15	,	,	PUNCT
fbem-12580	131	16	the	the	DET
fbem-12580	131	17	top	top	ADJ
fbem-12580	131	18	three	three	NUM
fbem-12580	131	19	,	,	PUNCT
fbem-12580	131	20	top	top	ADJ
fbem-12580	131	21	five	five	NUM
fbem-12580	131	22	,	,	PUNCT
fbem-12580	131	23	or	or	CCONJ
fbem-12580	131	24	top	top	ADJ
fbem-12580	131	25	ten	ten	NUM
fbem-12580	131	26	shareholders	shareholder	NOUN
fbem-12580	131	27	.	.	PUNCT
fbem-12580	132	1	the	the	DET
fbem-12580	132	2	second	second	ADJ
fbem-12580	132	3	method	method	NOUN
fbem-12580	132	4	involves	involve	VERB
fbem-12580	132	5	using	use	VERB
fbem-12580	132	6	the	the	DET
fbem-12580	132	7	herfindahl	herfindahl	NOUN
fbem-12580	132	8	-	-	PUNCT
fbem-12580	132	9	hirschman	hirschman	NOUN
fbem-12580	132	10	index	index	NOUN
fbem-12580	132	11	(	(	PUNCT
fbem-12580	132	12	hhi	hhi	NOUN
fbem-12580	132	13	)	)	PUNCT
fbem-12580	132	14	,	,	PUNCT
fbem-12580	132	15	which	which	PRON
fbem-12580	132	16	is	be	AUX
fbem-12580	132	17	calculated	calculate	VERB
fbem-12580	132	18	as	as	ADP
fbem-12580	132	19	the	the	DET
fbem-12580	132	20	sum	sum	NOUN
fbem-12580	132	21	of	of	ADP
fbem-12580	132	22	the	the	DET
fbem-12580	132	23	squares	square	NOUN
fbem-12580	132	24	of	of	ADP
fbem-12580	132	25	the	the	DET
fbem-12580	132	26	ownership	ownership	NOUN
fbem-12580	132	27	percentages	percentage	NOUN
fbem-12580	132	28	of	of	ADP
fbem-12580	132	29	the	the	DET
fbem-12580	132	30	top	top	ADJ
fbem-12580	132	31	shareholders.this	shareholders.this	NOUN
fbem-12580	132	32	study	study	NOUN
fbem-12580	132	33	has	have	AUX
fbem-12580	132	34	chosen	choose	VERB
fbem-12580	132	35	to	to	PART
fbem-12580	132	36	use	use	VERB
fbem-12580	132	37	the	the	DET
fbem-12580	132	38	ownership	ownership	NOUN
fbem-12580	132	39	percentage	percentage	NOUN
fbem-12580	132	40	of	of	ADP
fbem-12580	132	41	the	the	DET
fbem-12580	132	42	largest	large	ADJ
fbem-12580	132	43	shareholder	shareholder	NOUN
fbem-12580	132	44	to	to	PART
fbem-12580	132	45	measure	measure	VERB
fbem-12580	132	46	equity	equity	NOUN
fbem-12580	132	47	concentration	concentration	NOUN
fbem-12580	132	48	.	.	PUNCT
fbem-12580	133	1	this	this	DET
fbem-12580	133	2	choice	choice	NOUN
fbem-12580	133	3	is	be	AUX
fbem-12580	133	4	made	make	VERB
fbem-12580	133	5	because	because	SCONJ
fbem-12580	133	6	it	it	PRON
fbem-12580	133	7	represents	represent	VERB
fbem-12580	133	8	the	the	DET
fbem-12580	133	9	standard	standard	ADJ
fbem-12580	133	10	definition	definition	NOUN
fbem-12580	133	11	of	of	ADP
fbem-12580	133	12	equity	equity	NOUN
fbem-12580	133	13	concentration	concentration	NOUN
fbem-12580	133	14	and	and	CCONJ
fbem-12580	133	15	is	be	AUX
fbem-12580	133	16	widely	widely	ADV
fbem-12580	133	17	accepted	accept	VERB
fbem-12580	133	18	and	and	CCONJ
fbem-12580	133	19	used	use	VERB
fbem-12580	133	20	by	by	ADP
fbem-12580	133	21	scholars	scholar	NOUN
fbem-12580	133	22	both	both	CCONJ
fbem-12580	133	23	domestically	domestically	ADV
fbem-12580	133	24	and	and	CCONJ
fbem-12580	133	25	internationally	internationally	ADV
fbem-12580	133	26	.	.	PUNCT
fbem-12580	134	1	in	in	ADP
fbem-12580	134	2	robustness	robustness	NOUN
fbem-12580	134	3	tests	test	NOUN
fbem-12580	134	4	,	,	PUNCT
fbem-12580	134	5	the	the	DET
fbem-12580	134	6	study	study	NOUN
fbem-12580	134	7	also	also	ADV
fbem-12580	134	8	uses	use	VERB
fbem-12580	134	9	the	the	DET
fbem-12580	134	10	square	square	NOUN
fbem-12580	134	11	of	of	ADP
fbem-12580	134	12	the	the	DET
fbem-12580	134	13	ownership	ownership	NOUN
fbem-12580	134	14	percentage	percentage	NOUN
fbem-12580	134	15	of	of	ADP
fbem-12580	134	16	the	the	DET
fbem-12580	134	17	largest	large	ADJ
fbem-12580	134	18	shareholder	shareholder	NOUN
fbem-12580	134	19	as	as	ADP
fbem-12580	134	20	a	a	DET
fbem-12580	134	21	substitute	substitute	NOUN
fbem-12580	134	22	measure	measure	NOUN
fbem-12580	134	23	for	for	ADP
fbem-12580	134	24	the	the	DET
fbem-12580	134	25	herfindahlhirschman	herfindahlhirschman	PROPN
fbem-12580	134	26	index	index	NOUN
fbem-12580	134	27	.	.	PUNCT
fbem-12580	135	1	this	this	PRON
fbem-12580	135	2	is	be	AUX
fbem-12580	135	3	done	do	VERB
fbem-12580	135	4	because	because	SCONJ
fbem-12580	135	5	the	the	DET
fbem-12580	135	6	hhi	hhi	NOUN
fbem-12580	135	7	can	can	AUX
fbem-12580	135	8	highlight	highlight	VERB
fbem-12580	135	9	the	the	DET
fbem-12580	135	10	differences	difference	NOUN
fbem-12580	135	11	in	in	ADP
fbem-12580	135	12	ownership	ownership	NOUN
fbem-12580	135	13	percentages	percentage	NOUN
fbem-12580	135	14	more	more	ADV
fbem-12580	135	15	significantly	significantly	ADV
fbem-12580	135	16	and	and	CCONJ
fbem-12580	135	17	effectively	effectively	ADV
fbem-12580	135	18	compensate	compensate	VERB
fbem-12580	135	19	for	for	ADP
fbem-12580	135	20	the	the	DET
fbem-12580	135	21	limitation	limitation	NOUN
fbem-12580	135	22	of	of	ADP
fbem-12580	135	23	using	use	VERB
fbem-12580	135	24	only	only	ADV
fbem-12580	135	25	the	the	DET
fbem-12580	135	26	ownership	ownership	NOUN
fbem-12580	135	27	percentage	percentage	NOUN
fbem-12580	135	28	of	of	ADP
fbem-12580	135	29	the	the	DET
fbem-12580	135	30	largest	large	ADJ
fbem-12580	135	31	shareholder	shareholder	NOUN
fbem-12580	135	32	,	,	PUNCT
fbem-12580	135	33	ultimately	ultimately	ADV
fbem-12580	135	34	leading	lead	VERB
fbem-12580	135	35	to	to	ADP
fbem-12580	135	36	more	more	ADV
fbem-12580	135	37	accurate	accurate	ADJ
fbem-12580	135	38	analytical	analytical	ADJ
fbem-12580	135	39	results	result	NOUN
fbem-12580	135	40	.	.	PUNCT
fbem-12580	136	1	4.2.4	4.2.4	X
fbem-12580	136	2	.	.	PUNCT
fbem-12580	137	1	variables	variable	NOUN
fbem-12580	137	2	table	table	VERB
fbem-12580	137	3	1	1	NUM
fbem-12580	137	4	.	.	PUNCT
fbem-12580	138	1	variables	variable	NOUN
fbem-12580	138	2	variable	variable	ADJ
fbem-12580	138	3	type	type	NOUN
fbem-12580	138	4	variable	variable	ADJ
fbem-12580	138	5	name	name	NOUN
fbem-12580	138	6	meaning	mean	VERB
fbem-12580	138	7	explained	explain	VERB
fbem-12580	138	8	variable	variable	ADJ
fbem-12580	138	9	ainvt	ainvt	NOUN
fbem-12580	138	10	for	for	ADP
fbem-12580	138	11	non	non	ADJ
fbem-12580	138	12	-	-	ADJ
fbem-12580	138	13	efficiency	efficiency	ADJ
fbem-12580	138	14	investment	investment	NOUN
fbem-12580	138	15	,	,	PUNCT
fbem-12580	138	16	take	take	VERB
fbem-12580	138	17	the	the	DET
fbem-12580	138	18	absolute	absolute	ADJ
fbem-12580	138	19	value	value	NOUN
fbem-12580	138	20	of	of	ADP
fbem-12580	138	21	the	the	DET
fbem-12580	138	22	residual	residual	NOUN
fbem-12580	138	23	of	of	ADP
fbem-12580	138	24	model	model	NOUN
fbem-12580	138	25	(	(	PUNCT
fbem-12580	138	26	1	1	NUM
fbem-12580	138	27	)	)	PUNCT
fbem-12580	138	28	.	.	PUNCT
fbem-12580	139	1	explanatory	explanatory	ADJ
fbem-12580	139	2	variables	variable	NOUN
fbem-12580	139	3	top	top	ADJ
fbem-12580	139	4	equity	equity	NOUN
fbem-12580	139	5	concentration	concentration	NOUN
fbem-12580	139	6	ic	ic	PROPN
fbem-12580	139	7	internal	internal	ADJ
fbem-12580	139	8	control	control	NOUN
fbem-12580	139	9	quality	quality	NOUN
fbem-12580	139	10	control	control	NOUN
fbem-12580	139	11	variables	variable	NOUN
fbem-12580	139	12	size	size	NOUN
fbem-12580	139	13	enterprise	enterprise	NOUN
fbem-12580	139	14	size	size	NOUN
fbem-12580	139	15	roe	roe	NOUN
fbem-12580	139	16	return	return	NOUN
fbem-12580	139	17	on	on	ADP
fbem-12580	139	18	equity	equity	NOUN
fbem-12580	139	19	growth	growth	NOUN
fbem-12580	139	20	total	total	NOUN
fbem-12580	139	21	asset	asset	NOUN
fbem-12580	139	22	growth	growth	NOUN
fbem-12580	139	23	rate	rate	NOUN
fbem-12580	139	24	tbq	tbq	NOUN
fbem-12580	139	25	tobin	tobin	NOUN
fbem-12580	139	26	q	q	PROPN
fbem-12580	139	27	value	value	NOUN
fbem-12580	139	28	lev	lev	NOUN
fbem-12580	139	29	gearing	gearing	NOUN
fbem-12580	139	30	ratio	ratio	NOUN
fbem-12580	139	31	ind	ind	NOUN
fbem-12580	139	32	industry	industry	PROPN
fbem-12580	139	33	variables	variable	NOUN
fbem-12580	139	34	year	year	NOUN
fbem-12580	139	35	year	year	NOUN
fbem-12580	139	36	variable	variable	NOUN
fbem-12580	139	37	167	167	NUM
fbem-12580	139	38	4.3	4.3	NUM
fbem-12580	139	39	.	.	PUNCT
fbem-12580	140	1	model	model	PROPN
fbem-12580	140	2	building	building	NOUN
fbem-12580	140	3	in	in	ADP
fbem-12580	140	4	order	order	NOUN
fbem-12580	140	5	to	to	PART
fbem-12580	140	6	explore	explore	VERB
fbem-12580	140	7	the	the	DET
fbem-12580	140	8	influence	influence	NOUN
fbem-12580	140	9	of	of	ADP
fbem-12580	140	10	equity	equity	NOUN
fbem-12580	140	11	concentration	concentration	NOUN
fbem-12580	140	12	on	on	ADP
fbem-12580	140	13	investment	investment	NOUN
fbem-12580	140	14	efficiency	efficiency	NOUN
fbem-12580	140	15	and	and	CCONJ
fbem-12580	140	16	verify	verify	VERB
fbem-12580	140	17	whether	whether	SCONJ
fbem-12580	140	18	the	the	DET
fbem-12580	140	19	hypothesis	hypothesis	NOUN
fbem-12580	140	20	h1	h1	NOUN
fbem-12580	140	21	is	be	AUX
fbem-12580	140	22	valid	valid	ADJ
fbem-12580	140	23	,	,	PUNCT
fbem-12580	140	24	based	base	VERB
fbem-12580	140	25	on	on	ADP
fbem-12580	140	26	the	the	DET
fbem-12580	140	27	above	above	ADJ
fbem-12580	140	28	variables	variable	NOUN
fbem-12580	140	29	,	,	PUNCT
fbem-12580	140	30	this	this	DET
fbem-12580	140	31	paper	paper	NOUN
fbem-12580	140	32	constructs	construct	VERB
fbem-12580	140	33	a	a	DET
fbem-12580	140	34	regression	regression	NOUN
fbem-12580	140	35	estimation	estimation	NOUN
fbem-12580	140	36	model	model	NOUN
fbem-12580	140	37	(	(	PUNCT
fbem-12580	140	38	2	2	NUM
fbem-12580	140	39	):	):	PUNCT
fbem-12580	140	40	titititititi	titititititi	PROPN
fbem-12580	140	41	levtbqgrowthroesizetopainvt	levtbqgrowthroesizetopainvt	NOUN
fbem-12580	140	42	,	,	PUNCT
fbem-12580	140	43	6,5,4,3,2,10t	6,5,4,3,2,10t	NUM
fbem-12580	140	44	,	,	PUNCT
fbem-12580	140	45	i	i	PRON
fbem-12580	140	46			PUNCT
fbem-12580	140	47			ADP
fbem-12580	140	48	ti	ti	PROPN
fbem-12580	140	49	indyear	indyear	NOUN
fbem-12580	140	50	,	,	PUNCT
fbem-12580	140	51			ADV
fbem-12580	140	52			ADV
fbem-12580	140	53	(	(	PUNCT
fbem-12580	140	54	2	2	NUM
fbem-12580	140	55	)	)	PUNCT
fbem-12580	140	56	in	in	ADP
fbem-12580	140	57	order	order	NOUN
fbem-12580	140	58	to	to	PART
fbem-12580	140	59	test	test	VERB
fbem-12580	140	60	the	the	DET
fbem-12580	140	61	moderating	moderate	VERB
fbem-12580	140	62	effect	effect	NOUN
fbem-12580	140	63	of	of	ADP
fbem-12580	140	64	internal	internal	ADJ
fbem-12580	140	65	control	control	NOUN
fbem-12580	140	66	on	on	ADP
fbem-12580	140	67	the	the	DET
fbem-12580	140	68	relationship	relationship	NOUN
fbem-12580	140	69	between	between	ADP
fbem-12580	140	70	equity	equity	NOUN
fbem-12580	140	71	concentration	concentration	NOUN
fbem-12580	140	72	and	and	CCONJ
fbem-12580	140	73	investment	investment	NOUN
fbem-12580	140	74	efficiency	efficiency	NOUN
fbem-12580	140	75	,	,	PUNCT
fbem-12580	140	76	and	and	CCONJ
fbem-12580	140	77	to	to	PART
fbem-12580	140	78	verify	verify	VERB
fbem-12580	140	79	whether	whether	SCONJ
fbem-12580	140	80	the	the	DET
fbem-12580	140	81	hypothesis	hypothesis	NOUN
fbem-12580	140	82	h2	h2	NOUN
fbem-12580	140	83	is	be	AUX
fbem-12580	140	84	valid	valid	ADJ
fbem-12580	140	85	,	,	PUNCT
fbem-12580	140	86	based	base	VERB
fbem-12580	140	87	on	on	ADP
fbem-12580	140	88	the	the	DET
fbem-12580	140	89	above	above	ADJ
fbem-12580	140	90	variables	variable	NOUN
fbem-12580	140	91	,	,	PUNCT
fbem-12580	140	92	this	this	DET
fbem-12580	140	93	paper	paper	NOUN
fbem-12580	140	94	constructs	construct	VERB
fbem-12580	140	95	a	a	DET
fbem-12580	140	96	regression	regression	NOUN
fbem-12580	140	97	estimation	estimation	NOUN
fbem-12580	140	98	model	model	NOUN
fbem-12580	140	99	(	(	PUNCT
fbem-12580	140	100	3	3	NUM
fbem-12580	140	101	):	):	PUNCT
fbem-12580	140	102	titititititi	titititititi	NOUN
fbem-12580	140	103	growthroesizeictopictopainvt	growthroesizeictopictopainvt	NOUN
fbem-12580	140	104	,	,	PUNCT
fbem-12580	140	105	6,5,4,3,2,10t	6,5,4,3,2,10t	NUM
fbem-12580	140	106	,	,	PUNCT
fbem-12580	140	107	i	i	PRON
fbem-12580	140	108			NOUN
fbem-12580	140	109			ADP
fbem-12580	140	110	tititi	tititi	PROPN
fbem-12580	140	111	indyearlevtbq	indyearlevtbq	PROPN
fbem-12580	140	112	,	,	PUNCT
fbem-12580	140	113	,	,	PUNCT
fbem-12580	140	114	8,7	8,7	NUM
fbem-12580	140	115			PROPN
fbem-12580	140	116			PROPN
fbem-12580	140	117			X
fbem-12580	140	118	(	(	PUNCT
fbem-12580	140	119	3	3	NUM
fbem-12580	140	120	)	)	PUNCT
fbem-12580	140	121	5	5	NUM
fbem-12580	140	122	.	.	PUNCT
fbem-12580	141	1	empirical	empirical	ADJ
fbem-12580	141	2	analysis	analysis	NOUN
fbem-12580	141	3	5.1	5.1	NUM
fbem-12580	141	4	.	.	PUNCT
fbem-12580	142	1	descriptive	descriptive	ADJ
fbem-12580	142	2	statistical	statistical	ADJ
fbem-12580	142	3	analysis	analysis	NOUN
fbem-12580	142	4	table	table	NOUN
fbem-12580	142	5	2	2	NUM
fbem-12580	142	6	presents	present	VERB
fbem-12580	142	7	the	the	DET
fbem-12580	142	8	descriptive	descriptive	ADJ
fbem-12580	142	9	statistics	statistic	NOUN
fbem-12580	142	10	for	for	ADP
fbem-12580	142	11	the	the	DET
fbem-12580	142	12	main	main	ADJ
fbem-12580	142	13	variables	variable	NOUN
fbem-12580	142	14	,	,	PUNCT
fbem-12580	142	15	providing	provide	VERB
fbem-12580	142	16	an	an	DET
fbem-12580	142	17	overview	overview	NOUN
fbem-12580	142	18	of	of	ADP
fbem-12580	142	19	the	the	DET
fbem-12580	142	20	overall	overall	ADJ
fbem-12580	142	21	distribution	distribution	NOUN
fbem-12580	142	22	of	of	ADP
fbem-12580	142	23	these	these	DET
fbem-12580	142	24	variables	variable	NOUN
fbem-12580	142	25	.	.	PUNCT
fbem-12580	143	1	the	the	DET
fbem-12580	143	2	mean	mean	NOUN
fbem-12580	143	3	of	of	ADP
fbem-12580	143	4	non	non	ADJ
fbem-12580	143	5	-	-	ADJ
fbem-12580	143	6	efficiency	efficiency	ADJ
fbem-12580	143	7	investment	investment	NOUN
fbem-12580	143	8	is	be	AUX
fbem-12580	143	9	0.0314	0.0314	NUM
fbem-12580	143	10	,	,	PUNCT
fbem-12580	143	11	indicating	indicate	VERB
fbem-12580	143	12	a	a	DET
fbem-12580	143	13	relatively	relatively	ADV
fbem-12580	143	14	severe	severe	ADJ
fbem-12580	143	15	overinvestment	overinvestment	ADJ
fbem-12580	143	16	phenomenon	phenomenon	NOUN
fbem-12580	143	17	among	among	ADP
fbem-12580	143	18	listed	list	VERB
fbem-12580	143	19	companies	company	NOUN
fbem-12580	143	20	.	.	PUNCT
fbem-12580	144	1	the	the	DET
fbem-12580	144	2	maximum	maximum	ADJ
fbem-12580	144	3	value	value	NOUN
fbem-12580	144	4	of	of	ADP
fbem-12580	144	5	0.289	0.289	NUM
fbem-12580	144	6	and	and	CCONJ
fbem-12580	144	7	the	the	DET
fbem-12580	144	8	minimum	minimum	ADJ
fbem-12580	144	9	value	value	NOUN
fbem-12580	144	10	of	of	ADP
fbem-12580	144	11	0.0001	0.0001	NUM
fbem-12580	144	12	show	show	NOUN
fbem-12580	144	13	significant	significant	ADJ
fbem-12580	144	14	differences	difference	NOUN
fbem-12580	144	15	in	in	ADP
fbem-12580	144	16	investment	investment	NOUN
fbem-12580	144	17	efficiency	efficiency	NOUN
fbem-12580	144	18	among	among	ADP
fbem-12580	144	19	listed	list	VERB
fbem-12580	144	20	companies	company	NOUN
fbem-12580	144	21	.	.	PUNCT
fbem-12580	145	1	among	among	ADP
fbem-12580	145	2	the	the	DET
fbem-12580	145	3	internal	internal	ADJ
fbem-12580	145	4	control	control	NOUN
fbem-12580	145	5	variables	variable	NOUN
fbem-12580	145	6	,	,	PUNCT
fbem-12580	145	7	the	the	DET
fbem-12580	145	8	mean	mean	NOUN
fbem-12580	145	9	is	be	AUX
fbem-12580	145	10	6.440	6.440	NUM
fbem-12580	145	11	,	,	PUNCT
fbem-12580	145	12	with	with	ADP
fbem-12580	145	13	a	a	DET
fbem-12580	145	14	difference	difference	NOUN
fbem-12580	145	15	greater	great	ADJ
fbem-12580	145	16	than	than	ADP
fbem-12580	145	17	9	9	NUM
fbem-12580	145	18	between	between	ADP
fbem-12580	145	19	the	the	DET
fbem-12580	145	20	maximum	maximum	ADJ
fbem-12580	145	21	and	and	CCONJ
fbem-12580	145	22	minimum	minimum	ADJ
fbem-12580	145	23	values	value	NOUN
fbem-12580	145	24	.	.	PUNCT
fbem-12580	146	1	this	this	PRON
fbem-12580	146	2	suggests	suggest	VERB
fbem-12580	146	3	that	that	SCONJ
fbem-12580	146	4	the	the	DET
fbem-12580	146	5	overall	overall	ADJ
fbem-12580	146	6	internal	internal	ADJ
fbem-12580	146	7	control	control	NOUN
fbem-12580	146	8	level	level	NOUN
fbem-12580	146	9	of	of	ADP
fbem-12580	146	10	listed	list	VERB
fbem-12580	146	11	companies	company	NOUN
fbem-12580	146	12	in	in	ADP
fbem-12580	146	13	china	china	PROPN
fbem-12580	146	14	is	be	AUX
fbem-12580	146	15	moderate	moderate	ADJ
fbem-12580	146	16	and	and	CCONJ
fbem-12580	146	17	requires	require	VERB
fbem-12580	146	18	further	far	ADV
fbem-12580	146	19	strengthening	strengthening	NOUN
fbem-12580	146	20	of	of	ADP
fbem-12580	146	21	internal	internal	ADJ
fbem-12580	146	22	control	control	NOUN
fbem-12580	146	23	implementation	implementation	NOUN
fbem-12580	146	24	.	.	PUNCT
fbem-12580	147	1	the	the	DET
fbem-12580	147	2	mean	mean	NOUN
fbem-12580	147	3	of	of	ADP
fbem-12580	147	4	the	the	DET
fbem-12580	147	5	ownership	ownership	NOUN
fbem-12580	147	6	percentage	percentage	NOUN
fbem-12580	147	7	of	of	ADP
fbem-12580	147	8	the	the	DET
fbem-12580	147	9	largest	large	ADJ
fbem-12580	147	10	shareholder	shareholder	NOUN
fbem-12580	147	11	is	be	AUX
fbem-12580	147	12	0.325	0.325	NUM
fbem-12580	147	13	,	,	PUNCT
fbem-12580	147	14	with	with	ADP
fbem-12580	147	15	a	a	DET
fbem-12580	147	16	maximum	maximum	ADJ
fbem-12580	147	17	value	value	NOUN
fbem-12580	147	18	of	of	ADP
fbem-12580	147	19	0.891	0.891	NUM
fbem-12580	147	20	and	and	CCONJ
fbem-12580	147	21	a	a	DET
fbem-12580	147	22	minimum	minimum	ADJ
fbem-12580	147	23	value	value	NOUN
fbem-12580	147	24	very	very	ADV
fbem-12580	147	25	close	close	ADV
fbem-12580	147	26	to	to	ADP
fbem-12580	147	27	0	0	NUM
fbem-12580	147	28	.	.	PUNCT
fbem-12580	148	1	this	this	PRON
fbem-12580	148	2	indicates	indicate	VERB
fbem-12580	148	3	a	a	DET
fbem-12580	148	4	high	high	ADJ
fbem-12580	148	5	overall	overall	ADJ
fbem-12580	148	6	equity	equity	NOUN
fbem-12580	148	7	concentration	concentration	NOUN
fbem-12580	148	8	among	among	ADP
fbem-12580	148	9	a	a	DET
fbem-12580	148	10	-	-	PUNCT
fbem-12580	148	11	share	share	NOUN
fbem-12580	148	12	listed	list	VERB
fbem-12580	148	13	companies	company	NOUN
fbem-12580	148	14	,	,	PUNCT
fbem-12580	148	15	with	with	ADP
fbem-12580	148	16	significant	significant	ADJ
fbem-12580	148	17	individual	individual	ADJ
fbem-12580	148	18	variations	variation	NOUN
fbem-12580	148	19	,	,	PUNCT
fbem-12580	148	20	providing	provide	VERB
fbem-12580	148	21	a	a	DET
fbem-12580	148	22	good	good	ADJ
fbem-12580	148	23	opportunity	opportunity	NOUN
fbem-12580	148	24	for	for	ADP
fbem-12580	148	25	this	this	DET
fbem-12580	148	26	study	study	NOUN
fbem-12580	148	27	.	.	PUNCT
fbem-12580	149	1	for	for	ADP
fbem-12580	149	2	the	the	DET
fbem-12580	149	3	growth	growth	NOUN
fbem-12580	149	4	indicator	indicator	NOUN
fbem-12580	149	5	growth	growth	NOUN
fbem-12580	149	6	,	,	PUNCT
fbem-12580	149	7	the	the	DET
fbem-12580	149	8	maximum	maximum	ADJ
fbem-12580	149	9	value	value	NOUN
fbem-12580	149	10	is	be	AUX
fbem-12580	149	11	423.0	423.0	NUM
fbem-12580	149	12	,	,	PUNCT
fbem-12580	149	13	the	the	DET
fbem-12580	149	14	minimum	minimum	ADJ
fbem-12580	149	15	value	value	NOUN
fbem-12580	149	16	is	be	AUX
fbem-12580	149	17	-11.68	-11.68	PROPN
fbem-12580	149	18	,	,	PUNCT
fbem-12580	149	19	with	with	ADP
fbem-12580	149	20	a	a	DET
fbem-12580	149	21	large	large	ADJ
fbem-12580	149	22	numerical	numerical	ADJ
fbem-12580	149	23	difference	difference	NOUN
fbem-12580	149	24	,	,	PUNCT
fbem-12580	149	25	and	and	CCONJ
fbem-12580	149	26	some	some	DET
fbem-12580	149	27	companies	company	NOUN
fbem-12580	149	28	exhibit	exhibit	VERB
fbem-12580	149	29	negative	negative	ADJ
fbem-12580	149	30	growth	growth	NOUN
fbem-12580	149	31	,	,	PUNCT
fbem-12580	149	32	highlighting	highlight	VERB
fbem-12580	149	33	concerns	concern	NOUN
fbem-12580	149	34	about	about	ADP
fbem-12580	149	35	their	their	PRON
fbem-12580	149	36	growth	growth	NOUN
fbem-12580	149	37	prospects	prospect	NOUN
fbem-12580	149	38	.	.	PUNCT
fbem-12580	150	1	the	the	DET
fbem-12580	150	2	standard	standard	ADJ
fbem-12580	150	3	deviation	deviation	NOUN
fbem-12580	150	4	of	of	ADP
fbem-12580	150	5	6.523	6.523	NUM
fbem-12580	150	6	indicates	indicate	VERB
fbem-12580	150	7	a	a	DET
fbem-12580	150	8	high	high	ADJ
fbem-12580	150	9	level	level	NOUN
fbem-12580	150	10	of	of	ADP
fbem-12580	150	11	dispersion	dispersion	NOUN
fbem-12580	150	12	in	in	ADP
fbem-12580	150	13	the	the	DET
fbem-12580	150	14	growth	growth	NOUN
fbem-12580	150	15	characteristics	characteristic	NOUN
fbem-12580	150	16	of	of	ADP
fbem-12580	150	17	the	the	DET
fbem-12580	150	18	sample	sample	NOUN
fbem-12580	150	19	companies	company	NOUN
fbem-12580	150	20	.	.	PUNCT
fbem-12580	151	1	the	the	DET
fbem-12580	151	2	average	average	ADJ
fbem-12580	151	3	value	value	NOUN
fbem-12580	151	4	of	of	ADP
fbem-12580	151	5	the	the	DET
fbem-12580	151	6	asset	asset	NOUN
fbem-12580	151	7	-	-	PUNCT
fbem-12580	151	8	liability	liability	NOUN
fbem-12580	151	9	ratio	ratio	NOUN
fbem-12580	151	10	lev	lev	NOUN
fbem-12580	151	11	is	be	AUX
fbem-12580	151	12	0.495	0.495	NUM
fbem-12580	151	13	,	,	PUNCT
fbem-12580	151	14	with	with	ADP
fbem-12580	151	15	a	a	DET
fbem-12580	151	16	minimum	minimum	ADJ
fbem-12580	151	17	value	value	NOUN
fbem-12580	151	18	of	of	ADP
fbem-12580	151	19	0.0131	0.0131	NUM
fbem-12580	151	20	and	and	CCONJ
fbem-12580	151	21	a	a	DET
fbem-12580	151	22	maximum	maximum	ADJ
fbem-12580	151	23	value	value	NOUN
fbem-12580	151	24	of	of	ADP
fbem-12580	151	25	0.990	0.990	NUM
fbem-12580	151	26	,	,	PUNCT
fbem-12580	151	27	showing	show	VERB
fbem-12580	151	28	significant	significant	ADJ
fbem-12580	151	29	differences	difference	NOUN
fbem-12580	151	30	in	in	ADP
fbem-12580	151	31	the	the	DET
fbem-12580	151	32	debt	debt	NOUN
fbem-12580	151	33	levels	level	NOUN
fbem-12580	151	34	among	among	ADP
fbem-12580	151	35	listed	list	VERB
fbem-12580	151	36	companies	company	NOUN
fbem-12580	151	37	.	.	PUNCT
fbem-12580	152	1	the	the	DET
fbem-12580	152	2	tobin	tobin	NOUN
fbem-12580	152	3	's	's	PART
fbem-12580	152	4	q	q	NOUN
fbem-12580	152	5	value	value	NOUN
fbem-12580	152	6	tbq	tbq	NOUN
fbem-12580	152	7	has	have	VERB
fbem-12580	152	8	a	a	DET
fbem-12580	152	9	minimum	minimum	NOUN
fbem-12580	152	10	of	of	ADP
fbem-12580	152	11	0.0375	0.0375	NUM
fbem-12580	152	12	and	and	CCONJ
fbem-12580	152	13	a	a	DET
fbem-12580	152	14	maximum	maximum	NOUN
fbem-12580	152	15	of	of	ADP
fbem-12580	152	16	28.93	28.93	NUM
fbem-12580	152	17	,	,	PUNCT
fbem-12580	152	18	demonstrating	demonstrate	VERB
fbem-12580	152	19	substantial	substantial	ADJ
fbem-12580	152	20	differences	difference	NOUN
fbem-12580	152	21	in	in	ADP
fbem-12580	152	22	tobin	tobin	NOUN
fbem-12580	152	23	's	's	PART
fbem-12580	152	24	q	q	NOUN
fbem-12580	152	25	values	value	NOUN
fbem-12580	152	26	among	among	ADP
fbem-12580	152	27	the	the	DET
fbem-12580	152	28	listed	list	VERB
fbem-12580	152	29	companies	company	NOUN
fbem-12580	152	30	.	.	PUNCT
fbem-12580	153	1	the	the	DET
fbem-12580	153	2	average	average	ADJ
fbem-12580	153	3	return	return	NOUN
fbem-12580	153	4	on	on	ADP
fbem-12580	153	5	equity	equity	NOUN
fbem-12580	153	6	roe	roe	PROPN
fbem-12580	153	7	is	be	AUX
fbem-12580	153	8	0.0622	0.0622	NUM
fbem-12580	153	9	,	,	PUNCT
fbem-12580	153	10	with	with	ADP
fbem-12580	153	11	a	a	DET
fbem-12580	153	12	maximum	maximum	NOUN
fbem-12580	153	13	of	of	ADP
fbem-12580	153	14	2.379	2.379	NUM
fbem-12580	153	15	and	and	CCONJ
fbem-12580	153	16	a	a	DET
fbem-12580	153	17	minimum	minimum	NOUN
fbem-12580	153	18	of	of	ADP
fbem-12580	153	19	-4.32	-4.32	NUM
fbem-12580	153	20	,	,	PUNCT
fbem-12580	153	21	indicating	indicate	VERB
fbem-12580	153	22	significant	significant	ADJ
fbem-12580	153	23	variations	variation	NOUN
fbem-12580	153	24	in	in	ADP
fbem-12580	153	25	the	the	DET
fbem-12580	153	26	return	return	NOUN
fbem-12580	153	27	on	on	ADP
fbem-12580	153	28	equity	equity	NOUN
fbem-12580	153	29	among	among	ADP
fbem-12580	153	30	listed	list	VERB
fbem-12580	153	31	companies	company	NOUN
fbem-12580	153	32	.	.	PUNCT
fbem-12580	154	1	table	table	NOUN
fbem-12580	154	2	2	2	NUM
fbem-12580	154	3	.	.	PUNCT
fbem-12580	154	4	descriptive	descriptive	ADJ
fbem-12580	154	5	statistical	statistical	ADJ
fbem-12580	154	6	results	result	NOUN
fbem-12580	154	7	for	for	ADP
fbem-12580	154	8	major	major	ADJ
fbem-12580	154	9	variables	variable	NOUN
fbem-12580	154	10	variables	variable	NOUN
fbem-12580	154	11	n	n	ADV
fbem-12580	154	12	mean	mean	VERB
fbem-12580	154	13	sd	sd	ADP
fbem-12580	154	14	min	min	PROPN
fbem-12580	154	15	max	max	PROPN
fbem-12580	154	16	ainvt	ainvt	VERB
fbem-12580	154	17	5,192	5,192	NUM
fbem-12580	154	18	0.0314	0.0314	NUM
fbem-12580	154	19	0.0369	0.0369	NUM
fbem-12580	154	20	0.0001	0.0001	NUM
fbem-12580	154	21	0.289	0.289	NUM
fbem-12580	154	22	top	top	NOUN
fbem-12580	154	23	5,192	5,192	NUM
fbem-12580	154	24	0.325	0.325	NUM
fbem-12580	154	25	0.146	0.146	NUM
fbem-12580	154	26	0.0300	0.0300	NUM
fbem-12580	154	27	0.891	0.891	NUM
fbem-12580	154	28	size	size	NOUN
fbem-12580	154	29	5,192	5,192	NUM
fbem-12580	154	30	22.92	22.92	NUM
fbem-12580	154	31	1.351	1.351	NUM
fbem-12580	154	32	19.21	19.21	NUM
fbem-12580	154	33	28.64	28.64	NUM
fbem-12580	154	34	growth	growth	NOUN
fbem-12580	154	35	5,192	5,192	NUM
fbem-12580	154	36	0.495	0.495	NUM
fbem-12580	154	37	6.523	6.523	NUM
fbem-12580	154	38	-11.68	-11.68	PROPN
fbem-12580	154	39	423.0	423.0	NUM
fbem-12580	154	40	lev	lev	NOUN
fbem-12580	154	41	5,192	5,192	NUM
fbem-12580	154	42	0.450	0.450	NUM
fbem-12580	154	43	0.193	0.193	NUM
fbem-12580	154	44	0.0131	0.0131	NUM
fbem-12580	154	45	0.990	0.990	NUM
fbem-12580	154	46	tbq	tbq	NOUN
fbem-12580	154	47	5,192	5,192	NUM
fbem-12580	154	48	1.465	1.465	NUM
fbem-12580	154	49	1.580	1.580	NUM
fbem-12580	154	50	0.0375	0.0375	NUM
fbem-12580	154	51	28.93	28.93	NUM
fbem-12580	154	52	roe	roe	NOUN
fbem-12580	154	53	5,192	5,192	NUM
fbem-12580	154	54	0.0622	0.0622	NUM
fbem-12580	154	55	0.165	0.165	NUM
fbem-12580	154	56	-4.320	-4.320	NUM
fbem-12580	154	57	2.379	2.379	NUM
fbem-12580	154	58	ic	ic	NUM
fbem-12580	154	59	5,192	5,192	NUM
fbem-12580	154	60	6.440	6.440	NUM
fbem-12580	154	61	1.096	1.096	NUM
fbem-12580	154	62	0	0	NUM
fbem-12580	154	63	9.413	9.413	NUM
fbem-12580	154	64	5.2	5.2	NUM
fbem-12580	154	65	.	.	PUNCT
fbem-12580	155	1	correlation	correlation	NOUN
fbem-12580	155	2	analysis	analysis	NOUN
fbem-12580	155	3	the	the	DET
fbem-12580	155	4	pearson	pearson	PROPN
fbem-12580	155	5	correlation	correlation	NOUN
fbem-12580	155	6	coefficients	coefficient	VERB
fbem-12580	155	7	for	for	ADP
fbem-12580	155	8	the	the	DET
fbem-12580	155	9	main	main	ADJ
fbem-12580	155	10	variables	variable	NOUN
fbem-12580	155	11	are	be	AUX
fbem-12580	155	12	presented	present	VERB
fbem-12580	155	13	in	in	ADP
fbem-12580	155	14	table	table	NOUN
fbem-12580	155	15	3	3	NUM
fbem-12580	155	16	.	.	PUNCT
fbem-12580	156	1	the	the	DET
fbem-12580	156	2	correlation	correlation	NOUN
fbem-12580	156	3	coefficient	coefficient	NOUN
fbem-12580	156	4	between	between	ADP
fbem-12580	156	5	equity	equity	NOUN
fbem-12580	156	6	concentration	concentration	NOUN
fbem-12580	156	7	and	and	CCONJ
fbem-12580	156	8	non	non	ADJ
fbem-12580	156	9	-	-	ADJ
fbem-12580	156	10	efficiency	efficiency	ADJ
fbem-12580	156	11	investment	investment	NOUN
fbem-12580	156	12	is	be	AUX
fbem-12580	156	13	0.038	0.038	NUM
fbem-12580	156	14	,	,	PUNCT
fbem-12580	156	15	and	and	CCONJ
fbem-12580	156	16	it	it	PRON
fbem-12580	156	17	is	be	AUX
fbem-12580	156	18	significant	significant	ADJ
fbem-12580	156	19	at	at	ADP
fbem-12580	156	20	the	the	DET
fbem-12580	156	21	1	1	NUM
fbem-12580	156	22	%	%	NOUN
fbem-12580	156	23	level	level	NOUN
fbem-12580	156	24	.	.	PUNCT
fbem-12580	157	1	this	this	PRON
fbem-12580	157	2	suggests	suggest	VERB
fbem-12580	157	3	that	that	SCONJ
fbem-12580	157	4	an	an	DET
fbem-12580	157	5	increase	increase	NOUN
fbem-12580	157	6	in	in	ADP
fbem-12580	157	7	equity	equity	NOUN
fbem-12580	157	8	concentration	concentration	NOUN
fbem-12580	157	9	leads	lead	VERB
fbem-12580	157	10	to	to	ADP
fbem-12580	157	11	an	an	DET
fbem-12580	157	12	increase	increase	NOUN
fbem-12580	157	13	in	in	ADP
fbem-12580	157	14	nonefficiency	nonefficiency	NOUN
fbem-12580	157	15	investment	investment	NOUN
fbem-12580	157	16	,	,	PUNCT
fbem-12580	157	17	providing	provide	VERB
fbem-12580	157	18	preliminary	preliminary	ADJ
fbem-12580	157	19	support	support	NOUN
fbem-12580	157	20	for	for	ADP
fbem-12580	157	21	h1.the	h1.the	DET
fbem-12580	157	22	correlation	correlation	NOUN
fbem-12580	157	23	coefficient	coefficient	NOUN
fbem-12580	157	24	between	between	ADP
fbem-12580	157	25	the	the	DET
fbem-12580	157	26	internal	internal	PROPN
fbem-12580	157	27	control	control	NOUN
fbem-12580	157	28	index	index	NOUN
fbem-12580	157	29	and	and	CCONJ
fbem-12580	157	30	non	non	ADJ
fbem-12580	157	31	-	-	ADJ
fbem-12580	157	32	efficiency	efficiency	ADJ
fbem-12580	157	33	investment	investment	NOUN
fbem-12580	157	34	is	be	AUX
fbem-12580	157	35	-0.01	-0.01	NUM
fbem-12580	157	36	,	,	PUNCT
fbem-12580	157	37	but	but	CCONJ
fbem-12580	157	38	it	it	PRON
fbem-12580	157	39	is	be	AUX
fbem-12580	157	40	not	not	PART
fbem-12580	157	41	significant	significant	ADJ
fbem-12580	157	42	.	.	PUNCT
fbem-12580	158	1	this	this	PRON
fbem-12580	158	2	indicates	indicate	VERB
fbem-12580	158	3	that	that	SCONJ
fbem-12580	158	4	the	the	DET
fbem-12580	158	5	enhancement	enhancement	NOUN
fbem-12580	158	6	of	of	ADP
fbem-12580	158	7	internal	internal	ADJ
fbem-12580	158	8	control	control	NOUN
fbem-12580	158	9	variables	variable	NOUN
fbem-12580	158	10	in	in	ADP
fbem-12580	158	11	a	a	DET
fbem-12580	158	12	company	company	NOUN
fbem-12580	158	13	does	do	AUX
fbem-12580	158	14	not	not	PART
fbem-12580	158	15	seem	seem	VERB
fbem-12580	158	16	to	to	PART
fbem-12580	158	17	have	have	VERB
fbem-12580	158	18	a	a	DET
fbem-12580	158	19	significant	significant	ADJ
fbem-12580	158	20	impact	impact	NOUN
fbem-12580	158	21	on	on	ADP
fbem-12580	158	22	suppressing	suppress	VERB
fbem-12580	158	23	non	non	ADJ
fbem-12580	158	24	-	-	ADJ
fbem-12580	158	25	efficiency	efficiency	ADJ
fbem-12580	158	26	investment	investment	NOUN
fbem-12580	158	27	.	.	PUNCT
fbem-12580	159	1	the	the	DET
fbem-12580	159	2	correlation	correlation	NOUN
fbem-12580	159	3	coefficient	coefficient	NOUN
fbem-12580	159	4	between	between	ADP
fbem-12580	159	5	company	company	NOUN
fbem-12580	159	6	size	size	NOUN
fbem-12580	159	7	and	and	CCONJ
fbem-12580	159	8	nonefficiency	nonefficiency	NOUN
fbem-12580	159	9	investment	investment	NOUN
fbem-12580	159	10	is	be	AUX
fbem-12580	159	11	-0.033	-0.033	ADJ
fbem-12580	159	12	,	,	PUNCT
fbem-12580	159	13	and	and	CCONJ
fbem-12580	159	14	it	it	PRON
fbem-12580	159	15	is	be	AUX
fbem-12580	159	16	significant	significant	ADJ
fbem-12580	159	17	at	at	ADP
fbem-12580	159	18	the	the	DET
fbem-12580	159	19	5	5	NUM
fbem-12580	159	20	%	%	NOUN
fbem-12580	159	21	level	level	NOUN
fbem-12580	159	22	.	.	PUNCT
fbem-12580	160	1	this	this	PRON
fbem-12580	160	2	suggests	suggest	VERB
fbem-12580	160	3	that	that	SCONJ
fbem-12580	160	4	larger	large	ADJ
fbem-12580	160	5	companies	company	NOUN
fbem-12580	160	6	tend	tend	VERB
fbem-12580	160	7	to	to	PART
fbem-12580	160	8	have	have	VERB
fbem-12580	160	9	a	a	DET
fbem-12580	160	10	weaker	weak	ADJ
fbem-12580	160	11	tendency	tendency	NOUN
fbem-12580	160	12	towards	towards	ADP
fbem-12580	160	13	non	non	ADJ
fbem-12580	160	14	-	-	ADJ
fbem-12580	160	15	efficiency	efficiency	ADJ
fbem-12580	160	16	investment	investment	NOUN
fbem-12580	160	17	.	.	PUNCT
fbem-12580	161	1	the	the	DET
fbem-12580	161	2	correlation	correlation	NOUN
fbem-12580	161	3	coefficient	coefficient	NOUN
fbem-12580	161	4	between	between	ADP
fbem-12580	161	5	the	the	DET
fbem-12580	161	6	asset	asset	NOUN
fbem-12580	161	7	-	-	PUNCT
fbem-12580	161	8	liability	liability	NOUN
fbem-12580	161	9	ratio	ratio	NOUN
fbem-12580	161	10	and	and	CCONJ
fbem-12580	161	11	non	non	ADJ
fbem-12580	161	12	-	-	ADJ
fbem-12580	161	13	efficiency	efficiency	ADJ
fbem-12580	161	14	investment	investment	NOUN
fbem-12580	161	15	is	be	AUX
fbem-12580	161	16	-0.027	-0.027	ADJ
fbem-12580	161	17	,	,	PUNCT
fbem-12580	161	18	and	and	CCONJ
fbem-12580	161	19	it	it	PRON
fbem-12580	161	20	is	be	AUX
fbem-12580	161	21	significant	significant	ADJ
fbem-12580	161	22	at	at	ADP
fbem-12580	161	23	the	the	DET
fbem-12580	161	24	5	5	NUM
fbem-12580	161	25	%	%	NOUN
fbem-12580	161	26	level	level	NOUN
fbem-12580	161	27	.	.	PUNCT
fbem-12580	162	1	168	168	NUM
fbem-12580	162	2	table	table	NOUN
fbem-12580	162	3	3	3	NUM
fbem-12580	162	4	.	.	PUNCT
fbem-12580	162	5	correlation	correlation	NOUN
fbem-12580	162	6	analysis	analysis	NOUN
fbem-12580	162	7	ainvt	ainvt	NOUN
fbem-12580	162	8	top	top	VERB
fbem-12580	162	9	ic	ic	PROPN
fbem-12580	162	10	size	size	NOUN
fbem-12580	162	11	growth	growth	NOUN
fbem-12580	162	12	roe	roe	PROPN
fbem-12580	162	13	lev	lev	PROPN
fbem-12580	162	14	tbq	tbq	NOUN
fbem-12580	162	15	ainvt	ainvt	NOUN
fbem-12580	162	16	1	1	NUM
fbem-12580	162	17	top	top	NOUN
fbem-12580	162	18	0.038	0.038	NUM
fbem-12580	162	19	*	*	PUNCT
fbem-12580	162	20	*	*	PUNCT
fbem-12580	162	21	*	*	PUNCT
fbem-12580	162	22	1	1	NUM
fbem-12580	162	23	ic	ic	INTJ
fbem-12580	162	24	-0.0100	-0.0100	VERB
fbem-12580	163	1	0.168	0.168	NUM
fbem-12580	163	2	*	*	PUNCT
fbem-12580	163	3	*	*	PUNCT
fbem-12580	163	4	*	*	SYM
fbem-12580	163	5	1	1	NUM
fbem-12580	163	6	size	size	NOUN
fbem-12580	163	7	-0.033	-0.033	PUNCT
fbem-12580	163	8	*	*	PUNCT
fbem-12580	163	9	*	*	PUNCT
fbem-12580	163	10	0.252	0.252	NUM
fbem-12580	163	11	*	*	PUNCT
fbem-12580	163	12	*	*	PUNCT
fbem-12580	163	13	*	*	PUNCT
fbem-12580	163	14	0.241	0.241	NUM
fbem-12580	163	15	*	*	PUNCT
fbem-12580	163	16	*	*	PUNCT
fbem-12580	163	17	*	*	SYM
fbem-12580	163	18	1	1	NUM
fbem-12580	163	19	growth	growth	NOUN
fbem-12580	163	20	0.033	0.033	NUM
fbem-12580	163	21	*	*	PUNCT
fbem-12580	163	22	*	*	PUNCT
fbem-12580	163	23	0.030	0.030	NUM
fbem-12580	163	24	*	*	PUNCT
fbem-12580	163	25	*	*	X
fbem-12580	164	1	0.0170	0.0170	NUM
fbem-12580	164	2	0.014	0.014	NUM
fbem-12580	164	3	1	1	NUM
fbem-12580	164	4	roe	roe	NOUN
fbem-12580	164	5	0.038	0.038	NUM
fbem-12580	164	6	*	*	PUNCT
fbem-12580	164	7	*	*	PUNCT
fbem-12580	164	8	*	*	PUNCT
fbem-12580	164	9	0.147	0.147	NUM
fbem-12580	164	10	*	*	PUNCT
fbem-12580	164	11	*	*	PUNCT
fbem-12580	164	12	*	*	PUNCT
fbem-12580	164	13	0.339	0.339	NUM
fbem-12580	164	14	*	*	PUNCT
fbem-12580	164	15	*	*	PUNCT
fbem-12580	164	16	*	*	PUNCT
fbem-12580	164	17	0.152	0.152	NUM
fbem-12580	164	18	*	*	PUNCT
fbem-12580	164	19	*	*	PUNCT
fbem-12580	164	20	*	*	PUNCT
fbem-12580	164	21	0.0160	0.0160	NUM
fbem-12580	164	22	1	1	NUM
fbem-12580	164	23	lev	lev	NOUN
fbem-12580	164	24	-0.027	-0.027	NOUN
fbem-12580	164	25	*	*	PUNCT
fbem-12580	164	26	*	*	PUNCT
fbem-12580	164	27	0.071	0.071	NUM
fbem-12580	164	28	*	*	PUNCT
fbem-12580	164	29	*	*	PUNCT
fbem-12580	164	30	*	*	PUNCT
fbem-12580	165	1	0.0110	0.0110	NUM
fbem-12580	165	2	0.533	0.533	NUM
fbem-12580	165	3	*	*	PUNCT
fbem-12580	165	4	*	*	PUNCT
fbem-12580	165	5	*	*	PUNCT
fbem-12580	165	6	0.046	0.046	NUM
fbem-12580	165	7	*	*	PUNCT
fbem-12580	165	8	*	*	PUNCT
fbem-12580	165	9	*	*	PUNCT
fbem-12580	165	10	-0.106	-0.106	PUNCT
fbem-12580	166	1	*	*	PUNCT
fbem-12580	166	2	*	*	PUNCT
fbem-12580	166	3	*	*	PUNCT
fbem-12580	166	4	1	1	NUM
fbem-12580	166	5	tbq	tbq	NOUN
fbem-12580	166	6	0.075	0.075	NUM
fbem-12580	166	7	*	*	PUNCT
fbem-12580	166	8	*	*	PUNCT
fbem-12580	166	9	*	*	PUNCT
fbem-12580	166	10	0.040	0.040	NUM
fbem-12580	166	11	*	*	PUNCT
fbem-12580	166	12	*	*	PUNCT
fbem-12580	166	13	*	*	PUNCT
fbem-12580	167	1	0.0210	0.0210	NUM
fbem-12580	167	2	-0.342	-0.342	PUNCT
fbem-12580	167	3	*	*	PUNCT
fbem-12580	167	4	*	*	PUNCT
fbem-12580	167	5	*	*	PUNCT
fbem-12580	167	6	-0.0140	-0.0140	NOUN
fbem-12580	167	7	0.165	0.165	NUM
fbem-12580	167	8	*	*	PUNCT
fbem-12580	167	9	*	*	PUNCT
fbem-12580	167	10	*	*	PUNCT
fbem-12580	167	11	-0.414	-0.414	PUNCT
fbem-12580	168	1	*	*	PUNCT
fbem-12580	168	2	*	*	PUNCT
fbem-12580	168	3	*	*	PUNCT
fbem-12580	168	4	1	1	NUM
fbem-12580	168	5	5.3	5.3	NUM
fbem-12580	168	6	.	.	PUNCT
fbem-12580	169	1	regression	regression	VERB
fbem-12580	169	2	analysis	analysis	NOUN
fbem-12580	169	3	5.3.1	5.3.1	NUM
fbem-12580	169	4	.	.	PUNCT
fbem-12580	169	5	empirical	empirical	ADJ
fbem-12580	169	6	results	result	NOUN
fbem-12580	169	7	and	and	CCONJ
fbem-12580	169	8	analysis	analysis	NOUN
fbem-12580	169	9	of	of	ADP
fbem-12580	169	10	equity	equity	NOUN
fbem-12580	169	11	concentration	concentration	NOUN
fbem-12580	169	12	on	on	ADP
fbem-12580	169	13	inefficient	inefficient	ADJ
fbem-12580	169	14	investment	investment	NOUN
fbem-12580	169	15	the	the	DET
fbem-12580	169	16	results	result	NOUN
fbem-12580	169	17	of	of	ADP
fbem-12580	169	18	the	the	DET
fbem-12580	169	19	ols	ol	NOUN
fbem-12580	169	20	multiple	multiple	ADJ
fbem-12580	169	21	regression	regression	NOUN
fbem-12580	169	22	model	model	NOUN
fbem-12580	169	23	(	(	PUNCT
fbem-12580	169	24	model	model	NOUN
fbem-12580	169	25	2	2	NUM
fbem-12580	169	26	)	)	PUNCT
fbem-12580	169	27	for	for	ADP
fbem-12580	169	28	equity	equity	NOUN
fbem-12580	169	29	concentration	concentration	NOUN
fbem-12580	169	30	and	and	CCONJ
fbem-12580	169	31	investment	investment	NOUN
fbem-12580	169	32	efficiency	efficiency	NOUN
fbem-12580	169	33	are	be	AUX
fbem-12580	169	34	presented	present	VERB
fbem-12580	169	35	in	in	ADP
fbem-12580	169	36	table	table	NOUN
fbem-12580	169	37	4.looking	4.looke	VERB
fbem-12580	169	38	at	at	ADP
fbem-12580	169	39	the	the	DET
fbem-12580	169	40	regression	regression	NOUN
fbem-12580	169	41	results	result	NOUN
fbem-12580	169	42	for	for	ADP
fbem-12580	169	43	the	the	DET
fbem-12580	169	44	full	full	ADJ
fbem-12580	169	45	sample	sample	NOUN
fbem-12580	169	46	,	,	PUNCT
fbem-12580	169	47	the	the	DET
fbem-12580	169	48	coefficient	coefficient	NOUN
fbem-12580	169	49	of	of	ADP
fbem-12580	169	50	equity	equity	NOUN
fbem-12580	169	51	concentration	concentration	NOUN
fbem-12580	169	52	on	on	ADP
fbem-12580	169	53	the	the	DET
fbem-12580	169	54	absolute	absolute	ADJ
fbem-12580	169	55	value	value	NOUN
fbem-12580	169	56	of	of	ADP
fbem-12580	169	57	non	non	ADJ
fbem-12580	169	58	-	-	ADJ
fbem-12580	169	59	efficiency	efficiency	ADJ
fbem-12580	169	60	investment	investment	NOUN
fbem-12580	169	61	is	be	AUX
fbem-12580	169	62	0.0121	0.0121	NUM
fbem-12580	169	63	,	,	PUNCT
fbem-12580	169	64	and	and	CCONJ
fbem-12580	169	65	it	it	PRON
fbem-12580	169	66	is	be	AUX
fbem-12580	169	67	significant	significant	ADJ
fbem-12580	169	68	at	at	ADP
fbem-12580	169	69	the	the	DET
fbem-12580	169	70	1	1	NUM
fbem-12580	169	71	%	%	NOUN
fbem-12580	169	72	level	level	NOUN
fbem-12580	169	73	.	.	PUNCT
fbem-12580	170	1	this	this	PRON
fbem-12580	170	2	indicates	indicate	VERB
fbem-12580	170	3	that	that	SCONJ
fbem-12580	170	4	high	high	ADJ
fbem-12580	170	5	equity	equity	NOUN
fbem-12580	170	6	concentration	concentration	NOUN
fbem-12580	170	7	significantly	significantly	ADV
fbem-12580	170	8	increases	increase	VERB
fbem-12580	170	9	a	a	DET
fbem-12580	170	10	company	company	NOUN
fbem-12580	170	11	's	's	PART
fbem-12580	170	12	nonefficiency	nonefficiency	NOUN
fbem-12580	170	13	investment	investment	NOUN
fbem-12580	170	14	,	,	PUNCT
fbem-12580	170	15	meaning	mean	VERB
fbem-12580	170	16	that	that	SCONJ
fbem-12580	170	17	equity	equity	NOUN
fbem-12580	170	18	concentration	concentration	NOUN
fbem-12580	170	19	is	be	AUX
fbem-12580	170	20	negatively	negatively	ADV
fbem-12580	170	21	correlated	correlate	VERB
fbem-12580	170	22	with	with	ADP
fbem-12580	170	23	investment	investment	NOUN
fbem-12580	170	24	efficiency	efficiency	NOUN
fbem-12580	170	25	.	.	PUNCT
fbem-12580	171	1	this	this	DET
fbem-12580	171	2	result	result	NOUN
fbem-12580	171	3	confirms	confirm	VERB
fbem-12580	171	4	hypothesis	hypothesis	NOUN
fbem-12580	171	5	h1	h1	NOUN
fbem-12580	171	6	.	.	PUNCT
fbem-12580	172	1	examining	examine	VERB
fbem-12580	172	2	the	the	DET
fbem-12580	172	3	regression	regression	NOUN
fbem-12580	172	4	results	result	NOUN
fbem-12580	172	5	for	for	ADP
fbem-12580	172	6	the	the	DET
fbem-12580	172	7	control	control	NOUN
fbem-12580	172	8	variables	variable	NOUN
fbem-12580	172	9	,	,	PUNCT
fbem-12580	172	10	company	company	NOUN
fbem-12580	172	11	size	size	NOUN
fbem-12580	172	12	and	and	CCONJ
fbem-12580	172	13	non	non	ADJ
fbem-12580	172	14	-	-	ADJ
fbem-12580	172	15	efficiency	efficiency	ADJ
fbem-12580	172	16	investment	investment	NOUN
fbem-12580	172	17	are	be	AUX
fbem-12580	172	18	both	both	PRON
fbem-12580	172	19	significantly	significantly	ADV
fbem-12580	172	20	negatively	negatively	ADV
fbem-12580	172	21	correlated	correlate	VERB
fbem-12580	172	22	at	at	ADP
fbem-12580	172	23	the	the	DET
fbem-12580	172	24	1	1	NUM
fbem-12580	172	25	%	%	NOUN
fbem-12580	172	26	confidence	confidence	NOUN
fbem-12580	172	27	level	level	NOUN
fbem-12580	172	28	,	,	PUNCT
fbem-12580	172	29	indicating	indicate	VERB
fbem-12580	172	30	that	that	SCONJ
fbem-12580	172	31	larger	large	ADJ
fbem-12580	172	32	companies	company	NOUN
fbem-12580	172	33	tend	tend	VERB
fbem-12580	172	34	to	to	PART
fbem-12580	172	35	have	have	VERB
fbem-12580	172	36	a	a	DET
fbem-12580	172	37	reduced	reduce	VERB
fbem-12580	172	38	tendency	tendency	NOUN
fbem-12580	172	39	towards	towards	ADP
fbem-12580	172	40	non	non	ADJ
fbem-12580	172	41	-	-	ADJ
fbem-12580	172	42	efficiency	efficiency	ADJ
fbem-12580	172	43	investment	investment	NOUN
fbem-12580	172	44	,	,	PUNCT
fbem-12580	172	45	leading	lead	VERB
fbem-12580	172	46	to	to	ADP
fbem-12580	172	47	an	an	DET
fbem-12580	172	48	optimization	optimization	NOUN
fbem-12580	172	49	of	of	ADP
fbem-12580	172	50	resource	resource	NOUN
fbem-12580	172	51	allocation	allocation	NOUN
fbem-12580	172	52	.	.	PUNCT
fbem-12580	173	1	total	total	ADJ
fbem-12580	173	2	asset	asset	NOUN
fbem-12580	173	3	growth	growth	NOUN
fbem-12580	173	4	rate	rate	NOUN
fbem-12580	173	5	is	be	AUX
fbem-12580	173	6	significantly	significantly	ADV
fbem-12580	173	7	positively	positively	ADV
fbem-12580	173	8	correlated	correlate	VERB
fbem-12580	173	9	with	with	ADP
fbem-12580	173	10	underinvestment	underinvestment	NOUN
fbem-12580	173	11	at	at	ADP
fbem-12580	173	12	the	the	DET
fbem-12580	173	13	1	1	NUM
fbem-12580	173	14	%	%	NOUN
fbem-12580	173	15	level	level	NOUN
fbem-12580	173	16	,	,	PUNCT
fbem-12580	173	17	suggesting	suggest	VERB
fbem-12580	173	18	that	that	SCONJ
fbem-12580	173	19	companies	company	NOUN
fbem-12580	173	20	with	with	ADP
fbem-12580	173	21	higher	high	ADJ
fbem-12580	173	22	total	total	ADJ
fbem-12580	173	23	asset	asset	NOUN
fbem-12580	173	24	growth	growth	NOUN
fbem-12580	173	25	rates	rate	NOUN
fbem-12580	173	26	are	be	AUX
fbem-12580	173	27	more	more	ADV
fbem-12580	173	28	likely	likely	ADJ
fbem-12580	173	29	to	to	PART
fbem-12580	173	30	experience	experience	VERB
fbem-12580	173	31	underinvestment	underinvestment	ADJ
fbem-12580	173	32	.	.	PUNCT
fbem-12580	174	1	tobin	tobin	PROPN
fbem-12580	174	2	's	's	PART
fbem-12580	174	3	q	q	NOUN
fbem-12580	174	4	value	value	NOUN
fbem-12580	174	5	is	be	AUX
fbem-12580	174	6	significantly	significantly	ADV
fbem-12580	174	7	positively	positively	ADV
fbem-12580	174	8	correlated	correlate	VERB
fbem-12580	174	9	with	with	ADP
fbem-12580	174	10	non	non	ADJ
fbem-12580	174	11	-	-	ADJ
fbem-12580	174	12	efficiency	efficiency	ADJ
fbem-12580	174	13	investment	investment	NOUN
fbem-12580	174	14	at	at	ADP
fbem-12580	174	15	the	the	DET
fbem-12580	174	16	1	1	NUM
fbem-12580	174	17	%	%	NOUN
fbem-12580	174	18	level	level	NOUN
fbem-12580	174	19	,	,	PUNCT
fbem-12580	174	20	indicating	indicate	VERB
fbem-12580	174	21	that	that	SCONJ
fbem-12580	174	22	this	this	DET
fbem-12580	174	23	factor	factor	NOUN
fbem-12580	174	24	exacerbates	exacerbate	VERB
fbem-12580	174	25	the	the	DET
fbem-12580	174	26	problem	problem	NOUN
fbem-12580	174	27	of	of	ADP
fbem-12580	174	28	nonefficiency	nonefficiency	NOUN
fbem-12580	174	29	investment	investment	NOUN
fbem-12580	174	30	in	in	ADP
fbem-12580	174	31	companies	company	NOUN
fbem-12580	174	32	.	.	PUNCT
fbem-12580	175	1	table	table	NOUN
fbem-12580	175	2	4	4	NUM
fbem-12580	175	3	.	.	PUNCT
fbem-12580	175	4	model	model	NOUN
fbem-12580	175	5	2	2	NUM
fbem-12580	175	6	regression	regression	NOUN
fbem-12580	175	7	results	result	NOUN
fbem-12580	175	8	variables	variable	NOUN
fbem-12580	175	9	ainvt	ainvt	VERB
fbem-12580	175	10	top	top	VERB
fbem-12580	175	11	0.0121	0.0121	NUM
fbem-12580	175	12	*	*	PUNCT
fbem-12580	175	13	*	*	PUNCT
fbem-12580	175	14	*	*	PUNCT
fbem-12580	175	15	(	(	PUNCT
fbem-12580	175	16	3.35	3.35	NUM
fbem-12580	175	17	)	)	PUNCT
fbem-12580	175	18	size	size	NOUN
fbem-12580	175	19	-0.0001	-0.0001	NOUN
fbem-12580	175	20	(	(	PUNCT
fbem-12580	175	21	0.16	0.16	NUM
fbem-12580	175	22	)	)	PUNCT
fbem-12580	175	23	growth	growth	NOUN
fbem-12580	175	24	0.0002	0.0002	NUM
fbem-12580	175	25	*	*	PUNCT
fbem-12580	175	26	*	*	PUNCT
fbem-12580	175	27	*	*	PUNCT
fbem-12580	175	28	(	(	PUNCT
fbem-12580	175	29	2.61	2.61	NUM
fbem-12580	175	30	)	)	PUNCT
fbem-12580	175	31	roe	roe	NOUN
fbem-12580	175	32	0.0045	0.0045	NUM
fbem-12580	175	33	(	(	PUNCT
fbem-12580	175	34	1.38	1.38	NUM
fbem-12580	175	35	)	)	PUNCT
fbem-12580	175	36	lev	lev	NOUN
fbem-12580	175	37	0.0037	0.0037	NUM
fbem-12580	175	38	(	(	PUNCT
fbem-12580	175	39	1.12	1.12	NUM
fbem-12580	175	40	)	)	PUNCT
fbem-12580	175	41	tbq	tbq	NOUN
fbem-12580	175	42	0.0018	0.0018	NUM
fbem-12580	175	43	*	*	PUNCT
fbem-12580	175	44	*	*	PUNCT
fbem-12580	175	45	*	*	PUNCT
fbem-12580	175	46	(	(	PUNCT
fbem-12580	175	47	4.88	4.88	NUM
fbem-12580	175	48	)	)	PUNCT
fbem-12580	175	49	year	year	NOUN
fbem-12580	175	50	-0.0037	-0.0037	NOUN
fbem-12580	175	51	*	*	PUNCT
fbem-12580	175	52	*	*	PUNCT
fbem-12580	175	53	*	*	PUNCT
fbem-12580	175	54	(	(	PUNCT
fbem-12580	175	55	-8.12	-8.12	NUM
fbem-12580	175	56	)	)	PUNCT
fbem-12580	175	57	ind	ind	NOUN
fbem-12580	175	58	-0.0001	-0.0001	NOUN
fbem-12580	175	59	*	*	PUNCT
fbem-12580	176	1	*	*	PUNCT
fbem-12580	176	2	*	*	PUNCT
fbem-12580	176	3	(	(	PUNCT
fbem-12580	176	4	-3.82	-3.82	NOUN
fbem-12580	176	5	)	)	PUNCT
fbem-12580	176	6	constant	constant	ADJ
fbem-12580	176	7	0.2153	0.2153	NUM
fbem-12580	176	8	*	*	PUNCT
fbem-12580	176	9	*	*	PUNCT
fbem-12580	176	10	*	*	PUNCT
fbem-12580	176	11	(	(	PUNCT
fbem-12580	176	12	4.60	4.60	NUM
fbem-12580	176	13	)	)	PUNCT
fbem-12580	176	14	observations	observation	NOUN
fbem-12580	176	15	5,192	5,192	NUM
fbem-12580	176	16	r	r	NOUN
fbem-12580	176	17	-	-	PUNCT
fbem-12580	176	18	squared	square	VERB
fbem-12580	176	19	0.024	0.024	NUM
fbem-12580	176	20	169	169	NUM
fbem-12580	176	21	5.3.2	5.3.2	NUM
fbem-12580	176	22	.	.	PUNCT
fbem-12580	177	1	empirical	empirical	ADJ
fbem-12580	177	2	results	result	NOUN
fbem-12580	177	3	and	and	CCONJ
fbem-12580	177	4	analysis	analysis	NOUN
fbem-12580	177	5	of	of	ADP
fbem-12580	177	6	equity	equity	NOUN
fbem-12580	177	7	concentration	concentration	NOUN
fbem-12580	177	8	,	,	PUNCT
fbem-12580	177	9	internal	internal	ADJ
fbem-12580	177	10	control	control	NOUN
fbem-12580	177	11	and	and	CCONJ
fbem-12580	177	12	inefficient	inefficient	ADJ
fbem-12580	177	13	investment	investment	NOUN
fbem-12580	177	14	based	base	VERB
fbem-12580	177	15	on	on	ADP
fbem-12580	177	16	the	the	DET
fbem-12580	177	17	results	result	NOUN
fbem-12580	177	18	of	of	ADP
fbem-12580	177	19	the	the	DET
fbem-12580	177	20	multiple	multiple	ADJ
fbem-12580	177	21	regression	regression	NOUN
fbem-12580	177	22	model	model	NOUN
fbem-12580	177	23	(	(	PUNCT
fbem-12580	177	24	model	model	NOUN
fbem-12580	177	25	3	3	NUM
fbem-12580	177	26	)	)	PUNCT
fbem-12580	177	27	,	,	PUNCT
fbem-12580	177	28	including	include	VERB
fbem-12580	177	29	the	the	DET
fbem-12580	177	30	interaction	interaction	NOUN
fbem-12580	177	31	term	term	NOUN
fbem-12580	177	32	between	between	ADP
fbem-12580	177	33	equity	equity	NOUN
fbem-12580	177	34	concentration	concentration	NOUN
fbem-12580	177	35	and	and	CCONJ
fbem-12580	177	36	internal	internal	ADJ
fbem-12580	177	37	control	control	NOUN
fbem-12580	177	38	,	,	PUNCT
fbem-12580	177	39	the	the	DET
fbem-12580	177	40	regression	regression	NOUN
fbem-12580	177	41	results	result	NOUN
fbem-12580	177	42	are	be	AUX
fbem-12580	177	43	shown	show	VERB
fbem-12580	177	44	in	in	ADP
fbem-12580	177	45	table	table	NOUN
fbem-12580	177	46	5.the	5.the	DET
fbem-12580	177	47	coefficient	coefficient	NOUN
fbem-12580	177	48	for	for	ADP
fbem-12580	177	49	equity	equity	NOUN
fbem-12580	177	50	concentration	concentration	NOUN
fbem-12580	177	51	top	top	NOUN
fbem-12580	177	52	is	be	AUX
fbem-12580	177	53	0.0015	0.0015	NUM
fbem-12580	177	54	,	,	PUNCT
fbem-12580	177	55	and	and	CCONJ
fbem-12580	177	56	it	it	PRON
fbem-12580	177	57	is	be	AUX
fbem-12580	177	58	significant	significant	ADJ
fbem-12580	177	59	at	at	ADP
fbem-12580	177	60	the	the	DET
fbem-12580	177	61	5	5	NUM
fbem-12580	177	62	%	%	NOUN
fbem-12580	177	63	level	level	NOUN
fbem-12580	177	64	,	,	PUNCT
fbem-12580	177	65	indicating	indicate	VERB
fbem-12580	177	66	that	that	SCONJ
fbem-12580	177	67	equity	equity	NOUN
fbem-12580	177	68	concentration	concentration	NOUN
fbem-12580	177	69	is	be	AUX
fbem-12580	177	70	still	still	ADV
fbem-12580	177	71	significantly	significantly	ADV
fbem-12580	177	72	positively	positively	ADV
fbem-12580	177	73	correlated	correlate	VERB
fbem-12580	177	74	with	with	ADP
fbem-12580	177	75	non	non	ADJ
fbem-12580	177	76	-	-	ADJ
fbem-12580	177	77	efficiency	efficiency	ADJ
fbem-12580	177	78	investment	investment	NOUN
fbem-12580	177	79	.	.	PUNCT
fbem-12580	178	1	at	at	ADP
fbem-12580	178	2	the	the	DET
fbem-12580	178	3	same	same	ADJ
fbem-12580	178	4	time	time	NOUN
fbem-12580	178	5	,	,	PUNCT
fbem-12580	178	6	the	the	DET
fbem-12580	178	7	coefficient	coefficient	NOUN
fbem-12580	178	8	for	for	ADP
fbem-12580	178	9	the	the	DET
fbem-12580	178	10	interaction	interaction	NOUN
fbem-12580	178	11	term	term	NOUN
fbem-12580	178	12	between	between	ADP
fbem-12580	178	13	equity	equity	NOUN
fbem-12580	178	14	concentration	concentration	NOUN
fbem-12580	178	15	and	and	CCONJ
fbem-12580	178	16	internal	internal	ADJ
fbem-12580	178	17	control	control	NOUN
fbem-12580	178	18	(	(	PUNCT
fbem-12580	178	19	top*ic	top*ic	NOUN
fbem-12580	178	20	)	)	PUNCT
fbem-12580	178	21	is	be	AUX
fbem-12580	178	22	-0.0015	-0.0015	ADJ
fbem-12580	178	23	,	,	PUNCT
fbem-12580	178	24	and	and	CCONJ
fbem-12580	178	25	it	it	PRON
fbem-12580	178	26	is	be	AUX
fbem-12580	178	27	significant	significant	ADJ
fbem-12580	178	28	at	at	ADP
fbem-12580	178	29	the	the	DET
fbem-12580	178	30	1	1	NUM
fbem-12580	178	31	%	%	NOUN
fbem-12580	178	32	level	level	NOUN
fbem-12580	178	33	.	.	PUNCT
fbem-12580	179	1	this	this	PRON
fbem-12580	179	2	suggests	suggest	VERB
fbem-12580	179	3	that	that	SCONJ
fbem-12580	179	4	this	this	DET
fbem-12580	179	5	interaction	interaction	NOUN
fbem-12580	179	6	term	term	NOUN
fbem-12580	179	7	is	be	AUX
fbem-12580	179	8	negatively	negatively	ADV
fbem-12580	179	9	correlated	correlate	VERB
fbem-12580	179	10	with	with	ADP
fbem-12580	179	11	non	non	ADJ
fbem-12580	179	12	-	-	ADJ
fbem-12580	179	13	efficiency	efficiency	ADJ
fbem-12580	179	14	investment	investment	NOUN
fbem-12580	179	15	and	and	CCONJ
fbem-12580	179	16	is	be	AUX
fbem-12580	179	17	relatively	relatively	ADV
fbem-12580	179	18	significant	significant	ADJ
fbem-12580	179	19	.	.	PUNCT
fbem-12580	180	1	internal	internal	ADJ
fbem-12580	180	2	control	control	NOUN
fbem-12580	180	3	has	have	VERB
fbem-12580	180	4	a	a	DET
fbem-12580	180	5	negative	negative	ADJ
fbem-12580	180	6	impact	impact	NOUN
fbem-12580	180	7	on	on	ADP
fbem-12580	180	8	the	the	DET
fbem-12580	180	9	positive	positive	ADJ
fbem-12580	180	10	relationship	relationship	NOUN
fbem-12580	180	11	between	between	ADP
fbem-12580	180	12	equity	equity	NOUN
fbem-12580	180	13	concentration	concentration	NOUN
fbem-12580	180	14	and	and	CCONJ
fbem-12580	180	15	non	non	ADJ
fbem-12580	180	16	-	-	ADJ
fbem-12580	180	17	efficiency	efficiency	ADJ
fbem-12580	180	18	investment	investment	NOUN
fbem-12580	180	19	.	.	PUNCT
fbem-12580	181	1	this	this	PRON
fbem-12580	181	2	confirms	confirm	VERB
fbem-12580	181	3	hypothesis	hypothesis	NOUN
fbem-12580	181	4	h2.other	h2.other	NOUN
fbem-12580	181	5	control	control	NOUN
fbem-12580	181	6	variables	variable	NOUN
fbem-12580	181	7	show	show	VERB
fbem-12580	181	8	results	result	NOUN
fbem-12580	181	9	that	that	PRON
fbem-12580	181	10	are	be	AUX
fbem-12580	181	11	generally	generally	ADV
fbem-12580	181	12	consistent	consistent	ADJ
fbem-12580	181	13	with	with	ADP
fbem-12580	181	14	those	those	PRON
fbem-12580	181	15	from	from	ADP
fbem-12580	181	16	models	model	NOUN
fbem-12580	181	17	2	2	NUM
fbem-12580	181	18	and	and	CCONJ
fbem-12580	181	19	3	3	NUM
fbem-12580	181	20	and	and	CCONJ
fbem-12580	181	21	do	do	AUX
fbem-12580	181	22	not	not	PART
fbem-12580	181	23	require	require	VERB
fbem-12580	181	24	further	further	ADJ
fbem-12580	181	25	explanation	explanation	NOUN
fbem-12580	181	26	.	.	PUNCT
fbem-12580	182	1	the	the	PRON
fbem-12580	182	2	higher	high	ADJ
fbem-12580	182	3	a	a	DET
fbem-12580	182	4	company	company	NOUN
fbem-12580	182	5	's	's	PART
fbem-12580	182	6	internal	internal	ADJ
fbem-12580	182	7	control	control	NOUN
fbem-12580	182	8	level	level	NOUN
fbem-12580	182	9	,	,	PUNCT
fbem-12580	182	10	the	the	PRON
fbem-12580	182	11	smaller	small	ADJ
fbem-12580	182	12	the	the	DET
fbem-12580	182	13	positive	positive	ADJ
fbem-12580	182	14	effect	effect	NOUN
fbem-12580	182	15	of	of	ADP
fbem-12580	182	16	equity	equity	NOUN
fbem-12580	182	17	concentration	concentration	NOUN
fbem-12580	182	18	on	on	ADP
fbem-12580	182	19	non	non	ADJ
fbem-12580	182	20	-	-	ADJ
fbem-12580	182	21	efficiency	efficiency	ADJ
fbem-12580	182	22	investment	investment	NOUN
fbem-12580	182	23	.	.	PUNCT
fbem-12580	183	1	internal	internal	ADJ
fbem-12580	183	2	control	control	PROPN
fbem-12580	183	3	systems	system	NOUN
fbem-12580	183	4	create	create	VERB
fbem-12580	183	5	a	a	DET
fbem-12580	183	6	well	well	ADV
fbem-12580	183	7	-	-	PUNCT
fbem-12580	183	8	ordered	order	VERB
fbem-12580	183	9	control	control	NOUN
fbem-12580	183	10	environment	environment	NOUN
fbem-12580	183	11	for	for	ADP
fbem-12580	183	12	the	the	DET
fbem-12580	183	13	company	company	NOUN
fbem-12580	183	14	,	,	PUNCT
fbem-12580	183	15	leading	lead	VERB
fbem-12580	183	16	to	to	ADP
fbem-12580	183	17	the	the	DET
fbem-12580	183	18	establishment	establishment	NOUN
fbem-12580	183	19	of	of	ADP
fbem-12580	183	20	a	a	DET
fbem-12580	183	21	rational	rational	ADJ
fbem-12580	183	22	organizational	organizational	ADJ
fbem-12580	183	23	structure	structure	NOUN
fbem-12580	183	24	and	and	CCONJ
fbem-12580	183	25	decision	decision	NOUN
fbem-12580	183	26	-	-	PUNCT
fbem-12580	183	27	making	making	NOUN
fbem-12580	183	28	mechanism	mechanism	NOUN
fbem-12580	183	29	.	.	PUNCT
fbem-12580	184	1	this	this	PRON
fbem-12580	184	2	helps	help	VERB
fbem-12580	184	3	prevent	prevent	VERB
fbem-12580	184	4	major	major	ADJ
fbem-12580	184	5	shareholders	shareholder	NOUN
fbem-12580	184	6	from	from	ADP
fbem-12580	184	7	investing	invest	VERB
fbem-12580	184	8	in	in	ADP
fbem-12580	184	9	projects	project	NOUN
fbem-12580	184	10	with	with	ADP
fbem-12580	184	11	poor	poor	ADJ
fbem-12580	184	12	liquidity	liquidity	NOUN
fbem-12580	184	13	and	and	CCONJ
fbem-12580	184	14	returns	return	NOUN
fbem-12580	184	15	for	for	ADP
fbem-12580	184	16	their	their	PRON
fbem-12580	184	17	personal	personal	ADJ
fbem-12580	184	18	gain	gain	NOUN
fbem-12580	184	19	,	,	PUNCT
fbem-12580	184	20	reduces	reduce	VERB
fbem-12580	184	21	non	non	ADJ
fbem-12580	184	22	-	-	ADJ
fbem-12580	184	23	efficiency	efficiency	ADJ
fbem-12580	184	24	investment	investment	NOUN
fbem-12580	184	25	behaviors	behavior	NOUN
fbem-12580	184	26	caused	cause	VERB
fbem-12580	184	27	by	by	ADP
fbem-12580	184	28	agency	agency	NOUN
fbem-12580	184	29	problems	problem	NOUN
fbem-12580	184	30	and	and	CCONJ
fbem-12580	184	31	information	information	NOUN
fbem-12580	184	32	asymmetry	asymmetry	NOUN
fbem-12580	184	33	issues	issue	NOUN
fbem-12580	184	34	,	,	PUNCT
fbem-12580	184	35	and	and	CCONJ
fbem-12580	184	36	effectively	effectively	ADV
fbem-12580	184	37	mitigates	mitigate	VERB
fbem-12580	184	38	the	the	DET
fbem-12580	184	39	negative	negative	ADJ
fbem-12580	184	40	impact	impact	NOUN
fbem-12580	184	41	of	of	ADP
fbem-12580	184	42	equity	equity	NOUN
fbem-12580	184	43	concentration	concentration	NOUN
fbem-12580	184	44	on	on	ADP
fbem-12580	184	45	non	non	ADJ
fbem-12580	184	46	-	-	ADJ
fbem-12580	184	47	efficiency	efficiency	ADJ
fbem-12580	184	48	investment	investment	NOUN
fbem-12580	184	49	.	.	PUNCT
fbem-12580	185	1	table	table	NOUN
fbem-12580	185	2	5	5	NUM
fbem-12580	185	3	.	.	PUNCT
fbem-12580	185	4	model	model	NOUN
fbem-12580	185	5	3	3	NUM
fbem-12580	185	6	regression	regression	NOUN
fbem-12580	185	7	results	result	NOUN
fbem-12580	185	8	variables	variable	NOUN
fbem-12580	185	9	ainvt	ainvt	VERB
fbem-12580	185	10	top	top	ADJ
fbem-12580	185	11	0.0015	0.0015	NUM
fbem-12580	185	12	*	*	NOUN
fbem-12580	185	13	*	*	PUNCT
fbem-12580	185	14	(	(	PUNCT
fbem-12580	185	15	2.28	2.28	NUM
fbem-12580	185	16	)	)	PUNCT
fbem-12580	185	17	ic	ic	NOUN
fbem-12580	185	18	-0.0053	-0.0053	VERB
fbem-12580	185	19	*	*	PUNCT
fbem-12580	186	1	*	*	PUNCT
fbem-12580	186	2	*	*	PUNCT
fbem-12580	186	3	(	(	PUNCT
fbem-12580	186	4	-57.67	-57.67	PROPN
fbem-12580	186	5	)	)	PUNCT
fbem-12580	186	6	ictop	ictop	NOUN
fbem-12580	186	7	-0.0015	-0.0015	NOUN
fbem-12580	186	8	*	*	PUNCT
fbem-12580	186	9	*	*	PUNCT
fbem-12580	186	10	*	*	PUNCT
fbem-12580	186	11	(	(	PUNCT
fbem-12580	186	12	-392.08	-392.08	PROPN
fbem-12580	186	13	)	)	PUNCT
fbem-12580	186	14	size	size	NOUN
fbem-12580	186	15	0.0003	0.0003	NUM
fbem-12580	186	16	*	*	NOUN
fbem-12580	186	17	*	*	PUNCT
fbem-12580	186	18	*	*	PUNCT
fbem-12580	186	19	(	(	PUNCT
fbem-12580	186	20	2.98	2.98	NUM
fbem-12580	186	21	)	)	PUNCT
fbem-12580	186	22	growth	growth	NOUN
fbem-12580	186	23	-0.0000	-0.0000	X
fbem-12580	186	24	(	(	PUNCT
fbem-12580	186	25	-1.00	-1.00	NUM
fbem-12580	186	26	)	)	PUNCT
fbem-12580	186	27	roe	roe	NOUN
fbem-12580	186	28	-0.0004	-0.0004	NOUN
fbem-12580	186	29	(	(	PUNCT
fbem-12580	186	30	-0.69	-0.69	NOUN
fbem-12580	186	31	)	)	PUNCT
fbem-12580	186	32	lev	lev	NOUN
fbem-12580	186	33	-0.0007	-0.0007	NOUN
fbem-12580	186	34	(	(	PUNCT
fbem-12580	186	35	-1.15	-1.15	NOUN
fbem-12580	186	36	)	)	PUNCT
fbem-12580	186	37	tbq	tbq	NOUN
fbem-12580	186	38	0.0003	0.0003	NUM
fbem-12580	186	39	*	*	PUNCT
fbem-12580	186	40	*	*	PUNCT
fbem-12580	186	41	*	*	PUNCT
fbem-12580	186	42	(	(	PUNCT
fbem-12580	186	43	4.09	4.09	NUM
fbem-12580	186	44	)	)	PUNCT
fbem-12580	186	45	year	year	NOUN
fbem-12580	186	46	-0.0003	-0.0003	NOUN
fbem-12580	186	47	*	*	PUNCT
fbem-12580	187	1	*	*	PUNCT
fbem-12580	187	2	*	*	PUNCT
fbem-12580	187	3	(	(	PUNCT
fbem-12580	187	4	-3.06	-3.06	NOUN
fbem-12580	187	5	)	)	PUNCT
fbem-12580	187	6	ind	ind	NOUN
fbem-12580	187	7	0.0000	0.0000	NUM
fbem-12580	187	8	(	(	PUNCT
fbem-12580	187	9	1.24	1.24	NUM
fbem-12580	187	10	)	)	PUNCT
fbem-12580	187	11	constant	constant	ADJ
fbem-12580	187	12	0.0201	0.0201	NUM
fbem-12580	187	13	*	*	NOUN
fbem-12580	187	14	*	*	PUNCT
fbem-12580	187	15	(	(	PUNCT
fbem-12580	187	16	2.37	2.37	NUM
fbem-12580	187	17	)	)	PUNCT
fbem-12580	187	18	observations	observation	NOUN
fbem-12580	187	19	5,192	5,192	NUM
fbem-12580	187	20	r	r	NOUN
fbem-12580	187	21	-	-	PUNCT
fbem-12580	187	22	squared	square	VERB
fbem-12580	187	23	0.968	0.968	NUM
fbem-12580	187	24	6	6	NUM
fbem-12580	187	25	.	.	PUNCT
fbem-12580	188	1	robustness	robustness	NOUN
fbem-12580	188	2	test	test	NOUN
fbem-12580	188	3	the	the	DET
fbem-12580	188	4	regression	regression	NOUN
fbem-12580	188	5	results	result	NOUN
fbem-12580	188	6	for	for	ADP
fbem-12580	188	7	robustness	robustness	NOUN
fbem-12580	188	8	tests	test	NOUN
fbem-12580	188	9	are	be	AUX
fbem-12580	188	10	presented	present	VERB
fbem-12580	188	11	in	in	ADP
fbem-12580	188	12	table	table	NOUN
fbem-12580	188	13	6	6	NUM
fbem-12580	188	14	.	.	PUNCT
fbem-12580	189	1	in	in	ADP
fbem-12580	189	2	these	these	DET
fbem-12580	189	3	robustness	robustness	NOUN
fbem-12580	189	4	tests	test	NOUN
fbem-12580	189	5	,	,	PUNCT
fbem-12580	189	6	the	the	DET
fbem-12580	189	7	study	study	NOUN
fbem-12580	189	8	added	add	VERB
fbem-12580	189	9	the	the	DET
fbem-12580	189	10	variable	variable	ADJ
fbem-12580	189	11	management	management	NOUN
fbem-12580	189	12	expense	expense	NOUN
fbem-12580	189	13	ratio	ratio	NOUN
fbem-12580	189	14	(	(	PUNCT
fbem-12580	189	15	mf	mf	X
fbem-12580	189	16	)	)	PUNCT
fbem-12580	189	17	to	to	PART
fbem-12580	189	18	make	make	VERB
fbem-12580	189	19	the	the	DET
fbem-12580	189	20	control	control	NOUN
fbem-12580	189	21	variables	variable	VERB
fbem-12580	189	22	more	more	ADV
fbem-12580	189	23	comprehensive	comprehensive	ADJ
fbem-12580	189	24	and	and	CCONJ
fbem-12580	189	25	to	to	PART
fbem-12580	189	26	ensure	ensure	VERB
fbem-12580	189	27	more	more	ADV
fbem-12580	189	28	accurate	accurate	ADJ
fbem-12580	189	29	results	result	NOUN
fbem-12580	189	30	.	.	PUNCT
fbem-12580	190	1	the	the	DET
fbem-12580	190	2	empirical	empirical	ADJ
fbem-12580	190	3	results	result	NOUN
fbem-12580	190	4	demonstrate	demonstrate	VERB
fbem-12580	190	5	that	that	SCONJ
fbem-12580	190	6	the	the	DET
fbem-12580	190	7	coefficient	coefficient	NOUN
fbem-12580	190	8	of	of	ADP
fbem-12580	190	9	equity	equity	NOUN
fbem-12580	190	10	concentration	concentration	NOUN
fbem-12580	190	11	on	on	ADP
fbem-12580	190	12	non	non	ADJ
fbem-12580	190	13	-	-	ADJ
fbem-12580	190	14	efficiency	efficiency	ADJ
fbem-12580	190	15	investment	investment	NOUN
fbem-12580	190	16	is	be	AUX
fbem-12580	190	17	0.0117	0.0117	NUM
fbem-12580	190	18	,	,	PUNCT
fbem-12580	190	19	and	and	CCONJ
fbem-12580	190	20	it	it	PRON
fbem-12580	190	21	is	be	AUX
fbem-12580	190	22	significant	significant	ADJ
fbem-12580	190	23	at	at	ADP
fbem-12580	190	24	the	the	DET
fbem-12580	190	25	1	1	NUM
fbem-12580	190	26	%	%	NOUN
fbem-12580	190	27	confidence	confidence	NOUN
fbem-12580	190	28	level	level	NOUN
fbem-12580	190	29	.	.	PUNCT
fbem-12580	191	1	this	this	PRON
fbem-12580	191	2	indicates	indicate	VERB
fbem-12580	191	3	that	that	SCONJ
fbem-12580	191	4	equity	equity	NOUN
fbem-12580	191	5	concentration	concentration	NOUN
fbem-12580	191	6	significantly	significantly	ADV
fbem-12580	191	7	increases	increase	VERB
fbem-12580	191	8	non	non	ADJ
fbem-12580	191	9	-	-	ADJ
fbem-12580	191	10	efficiency	efficiency	ADJ
fbem-12580	191	11	investment	investment	NOUN
fbem-12580	191	12	behavior	behavior	NOUN
fbem-12580	191	13	in	in	ADP
fbem-12580	191	14	companies	company	NOUN
fbem-12580	191	15	,	,	PUNCT
fbem-12580	191	16	supporting	support	VERB
fbem-12580	191	17	the	the	DET
fbem-12580	191	18	previous	previous	ADJ
fbem-12580	191	19	hypothesis	hypothesis	NOUN
fbem-12580	191	20	.	.	PUNCT
fbem-12580	192	1	it	it	PRON
fbem-12580	192	2	suggests	suggest	VERB
fbem-12580	192	3	that	that	SCONJ
fbem-12580	192	4	the	the	DET
fbem-12580	192	5	research	research	NOUN
fbem-12580	192	6	conclusions	conclusion	NOUN
fbem-12580	192	7	in	in	ADP
fbem-12580	192	8	this	this	DET
fbem-12580	192	9	study	study	NOUN
fbem-12580	192	10	are	be	AUX
fbem-12580	192	11	robust	robust	ADJ
fbem-12580	192	12	and	and	CCONJ
fbem-12580	192	13	applicable	applicable	ADJ
fbem-12580	192	14	.	.	PUNCT
fbem-12580	193	1	in	in	ADP
fbem-12580	193	2	this	this	DET
fbem-12580	193	3	robustness	robustness	NOUN
fbem-12580	193	4	test	test	NOUN
fbem-12580	193	5	,	,	PUNCT
fbem-12580	193	6	the	the	DET
fbem-12580	193	7	results	result	NOUN
fbem-12580	193	8	obtained	obtain	VERB
fbem-12580	193	9	from	from	ADP
fbem-12580	193	10	the	the	DET
fbem-12580	193	11	regression	regression	NOUN
fbem-12580	193	12	model	model	NOUN
fbem-12580	193	13	are	be	AUX
fbem-12580	193	14	generally	generally	ADV
fbem-12580	193	15	consistent	consistent	ADJ
fbem-12580	193	16	with	with	ADP
fbem-12580	193	17	the	the	DET
fbem-12580	193	18	previous	previous	ADJ
fbem-12580	193	19	findings	finding	NOUN
fbem-12580	193	20	.	.	PUNCT
fbem-12580	194	1	therefore	therefore	ADV
fbem-12580	194	2	,	,	PUNCT
fbem-12580	194	3	it	it	PRON
fbem-12580	194	4	can	can	AUX
fbem-12580	194	5	be	be	AUX
fbem-12580	194	6	concluded	conclude	VERB
fbem-12580	194	7	that	that	SCONJ
fbem-12580	194	8	the	the	DET
fbem-12580	194	9	research	research	NOUN
fbem-12580	194	10	results	result	VERB
fbem-12580	194	11	in	in	ADP
fbem-12580	194	12	this	this	DET
fbem-12580	194	13	study	study	NOUN
fbem-12580	194	14	are	be	AUX
fbem-12580	194	15	robust	robust	ADJ
fbem-12580	194	16	,	,	PUNCT
fbem-12580	194	17	even	even	ADV
fbem-12580	194	18	when	when	SCONJ
fbem-12580	194	19	potential	potential	ADJ
fbem-12580	194	20	sources	source	NOUN
fbem-12580	194	21	of	of	ADP
fbem-12580	194	22	interference	interference	NOUN
fbem-12580	194	23	are	be	AUX
fbem-12580	194	24	considered	consider	VERB
fbem-12580	194	25	.	.	PUNCT
fbem-12580	195	1	table	table	NOUN
fbem-12580	195	2	6	6	NUM
fbem-12580	195	3	.	.	PUNCT
fbem-12580	196	1	robustness	robustness	NOUN
fbem-12580	196	2	tests	test	NOUN
fbem-12580	196	3	variables	variable	NOUN
fbem-12580	196	4	ainvt	ainvt	VERB
fbem-12580	196	5	top	top	VERB
fbem-12580	196	6	0.0117	0.0117	NUM
fbem-12580	196	7	*	*	PUNCT
fbem-12580	196	8	*	*	PUNCT
fbem-12580	196	9	*	*	PUNCT
fbem-12580	196	10	(	(	PUNCT
fbem-12580	196	11	-3.23	-3.23	NOUN
fbem-12580	196	12	)	)	PUNCT
fbem-12580	196	13	size	size	NOUN
fbem-12580	196	14	0.0002	0.0002	NUM
fbem-12580	196	15	(	(	PUNCT
fbem-12580	196	16	0.49	0.49	NUM
fbem-12580	196	17	)	)	PUNCT
fbem-12580	196	18	growth	growth	NOUN
fbem-12580	196	19	0.0002	0.0002	NUM
fbem-12580	196	20	*	*	PUNCT
fbem-12580	196	21	*	*	PUNCT
fbem-12580	196	22	*	*	PUNCT
fbem-12580	196	23	(	(	PUNCT
fbem-12580	196	24	2.59	2.59	NUM
fbem-12580	196	25	)	)	PUNCT
fbem-12580	196	26	roe	roe	NOUN
fbem-12580	196	27	0.0059	0.0059	NUM
fbem-12580	196	28	*	*	PUNCT
fbem-12580	196	29	(	(	PUNCT
fbem-12580	196	30	1.80	1.80	NUM
fbem-12580	196	31	)	)	PUNCT
fbem-12580	196	32	lev	lev	NOUN
fbem-12580	196	33	0.0043	0.0043	NUM
fbem-12580	196	34	(	(	PUNCT
fbem-12580	196	35	1.29	1.29	NUM
fbem-12580	196	36	)	)	PUNCT
fbem-12580	196	37	tbq	tbq	NOUN
fbem-12580	196	38	0.0016	0.0016	NUM
fbem-12580	196	39	*	*	PUNCT
fbem-12580	196	40	*	*	PUNCT
fbem-12580	196	41	*	*	PUNCT
fbem-12580	196	42	(	(	PUNCT
fbem-12580	196	43	4.48	4.48	NUM
fbem-12580	196	44	)	)	PUNCT
fbem-12580	196	45	mf	mf	VERB
fbem-12580	196	46	0.0150	0.0150	NUM
fbem-12580	196	47	*	*	PUNCT
fbem-12580	196	48	*	*	PUNCT
fbem-12580	196	49	*	*	PUNCT
fbem-12580	196	50	(	(	PUNCT
fbem-12580	196	51	3.66	3.66	NUM
fbem-12580	196	52	)	)	PUNCT
fbem-12580	196	53	year	year	NOUN
fbem-12580	196	54	-0.0036	-0.0036	NOUN
fbem-12580	196	55	*	*	PUNCT
fbem-12580	196	56	*	*	PUNCT
fbem-12580	196	57	*	*	PUNCT
fbem-12580	196	58	(	(	PUNCT
fbem-12580	196	59	-7.80	-7.80	NUM
fbem-12580	196	60	)	)	PUNCT
fbem-12580	196	61	ind	ind	NOUN
fbem-12580	196	62	-0.0001	-0.0001	NOUN
fbem-12580	196	63	*	*	PUNCT
fbem-12580	196	64	*	*	PUNCT
fbem-12580	196	65	*	*	PUNCT
fbem-12580	196	66	(	(	PUNCT
fbem-12580	196	67	-4.12	-4.12	NOUN
fbem-12580	196	68	)	)	PUNCT
fbem-12580	196	69	constant	constant	ADJ
fbem-12580	196	70	0.2241	0.2241	NUM
fbem-12580	196	71	*	*	PUNCT
fbem-12580	196	72	*	*	PUNCT
fbem-12580	196	73	*	*	PUNCT
fbem-12580	196	74	(	(	PUNCT
fbem-12580	196	75	4.78	4.78	NUM
fbem-12580	196	76	)	)	PUNCT
fbem-12580	196	77	observations	observation	NOUN
fbem-12580	196	78	5,192	5,192	NUM
fbem-12580	196	79	r	r	NOUN
fbem-12580	196	80	-	-	PUNCT
fbem-12580	196	81	squared	square	VERB
fbem-12580	196	82	0.027	0.027	NUM
fbem-12580	196	83	7	7	NUM
fbem-12580	196	84	.	.	PUNCT
fbem-12580	196	85	research	research	NOUN
fbem-12580	196	86	conclusion	conclusion	NOUN
fbem-12580	196	87	this	this	DET
fbem-12580	196	88	study	study	NOUN
fbem-12580	196	89	,	,	PUNCT
fbem-12580	196	90	focusing	focus	VERB
fbem-12580	196	91	on	on	ADP
fbem-12580	196	92	a	a	DET
fbem-12580	196	93	-	-	PUNCT
fbem-12580	196	94	share	share	NOUN
fbem-12580	196	95	listed	list	VERB
fbem-12580	196	96	companies	company	NOUN
fbem-12580	196	97	in	in	ADP
fbem-12580	196	98	china	china	PROPN
fbem-12580	196	99	from	from	ADP
fbem-12580	196	100	2017	2017	NUM
fbem-12580	196	101	to	to	ADP
fbem-12580	196	102	2020	2020	NUM
fbem-12580	196	103	and	and	CCONJ
fbem-12580	196	104	examining	examine	VERB
fbem-12580	196	105	the	the	DET
fbem-12580	196	106	impact	impact	NOUN
fbem-12580	196	107	of	of	ADP
fbem-12580	196	108	equity	equity	NOUN
fbem-12580	196	109	concentration	concentration	NOUN
fbem-12580	196	110	on	on	ADP
fbem-12580	196	111	non	non	ADJ
fbem-12580	196	112	-	-	ADJ
fbem-12580	196	113	efficiency	efficiency	ADJ
fbem-12580	196	114	investment	investment	NOUN
fbem-12580	196	115	from	from	ADP
fbem-12580	196	116	an	an	DET
fbem-12580	196	117	internal	internal	ADJ
fbem-12580	196	118	control	control	NOUN
fbem-12580	196	119	perspective	perspective	NOUN
fbem-12580	196	120	,	,	PUNCT
fbem-12580	196	121	draws	draw	VERB
fbem-12580	196	122	the	the	DET
fbem-12580	196	123	following	following	ADJ
fbem-12580	196	124	conclusions	conclusion	NOUN
fbem-12580	196	125	:	:	PUNCT
fbem-12580	196	126	1	1	X
fbem-12580	196	127	.	.	X
fbem-12580	196	128	china	china	PROPN
fbem-12580	196	129	's	's	PART
fbem-12580	196	130	listed	list	VERB
fbem-12580	196	131	companies	company	NOUN
fbem-12580	196	132	exhibit	exhibit	VERB
fbem-12580	196	133	a	a	DET
fbem-12580	196	134	significant	significant	ADJ
fbem-12580	196	135	issue	issue	NOUN
fbem-12580	196	136	of	of	ADP
fbem-12580	196	137	excessively	excessively	ADV
fbem-12580	196	138	concentrated	concentrated	ADJ
fbem-12580	196	139	equity	equity	NOUN
fbem-12580	196	140	,	,	PUNCT
fbem-12580	196	141	where	where	SCONJ
fbem-12580	196	142	the	the	DET
fbem-12580	196	143	"	"	PUNCT
fbem-12580	196	144	one	one	NUM
fbem-12580	196	145	-	-	PUNCT
fbem-12580	196	146	shareholder	shareholder	NOUN
fbem-12580	196	147	dominance	dominance	NOUN
fbem-12580	196	148	"	"	PUNCT
fbem-12580	196	149	problem	problem	NOUN
fbem-12580	196	150	is	be	AUX
fbem-12580	196	151	widespread	widespread	ADJ
fbem-12580	196	152	.	.	PUNCT
fbem-12580	197	1	simultaneously	simultaneously	ADV
fbem-12580	197	2	,	,	PUNCT
fbem-12580	197	3	nonefficiency	nonefficiency	NOUN
fbem-12580	197	4	investment	investment	NOUN
fbem-12580	197	5	has	have	AUX
fbem-12580	197	6	become	become	VERB
fbem-12580	197	7	increasingly	increasingly	ADV
fbem-12580	197	8	serious	serious	ADJ
fbem-12580	197	9	,	,	PUNCT
fbem-12580	197	10	negatively	negatively	ADV
fbem-12580	197	11	impacting	impact	VERB
fbem-12580	197	12	the	the	DET
fbem-12580	197	13	healthy	healthy	ADJ
fbem-12580	197	14	and	and	CCONJ
fbem-12580	197	15	sustainable	sustainable	ADJ
fbem-12580	197	16	development	development	NOUN
fbem-12580	197	17	of	of	ADP
fbem-12580	197	18	these	these	DET
fbem-12580	197	19	companies	company	NOUN
fbem-12580	197	20	.	.	PUNCT
fbem-12580	198	1	thus	thus	ADV
fbem-12580	198	2	,	,	PUNCT
fbem-12580	198	3	addressing	address	VERB
fbem-12580	198	4	the	the	DET
fbem-12580	198	5	need	need	NOUN
fbem-12580	198	6	to	to	PART
fbem-12580	198	7	reform	reform	VERB
fbem-12580	198	8	the	the	DET
fbem-12580	198	9	equity	equity	NOUN
fbem-12580	198	10	structure	structure	NOUN
fbem-12580	198	11	,	,	PUNCT
fbem-12580	198	12	reduce	reduce	VERB
fbem-12580	198	13	equity	equity	NOUN
fbem-12580	198	14	concentration	concentration	NOUN
fbem-12580	198	15	,	,	PUNCT
fbem-12580	198	16	enhance	enhance	VERB
fbem-12580	198	17	investment	investment	NOUN
fbem-12580	198	18	efficiency	efficiency	NOUN
fbem-12580	198	19	,	,	PUNCT
fbem-12580	198	20	and	and	CCONJ
fbem-12580	198	21	curb	curb	NOUN
fbem-12580	198	22	overinvestment	overinvestment	NOUN
fbem-12580	198	23	is	be	AUX
fbem-12580	198	24	imperative	imperative	ADJ
fbem-12580	198	25	.	.	PUNCT
fbem-12580	199	1	170	170	NUM
fbem-12580	199	2	2	2	X
fbem-12580	199	3	.	.	PUNCT
fbem-12580	199	4	equity	equity	NOUN
fbem-12580	199	5	concentration	concentration	NOUN
fbem-12580	199	6	is	be	AUX
fbem-12580	199	7	significantly	significantly	ADV
fbem-12580	199	8	positively	positively	ADV
fbem-12580	199	9	correlated	correlate	VERB
fbem-12580	199	10	with	with	ADP
fbem-12580	199	11	non	non	ADJ
fbem-12580	199	12	-	-	ADJ
fbem-12580	199	13	efficiency	efficiency	ADJ
fbem-12580	199	14	investment	investment	NOUN
fbem-12580	199	15	.	.	PUNCT
fbem-12580	200	1	the	the	PRON
fbem-12580	200	2	higher	high	ADJ
fbem-12580	200	3	the	the	DET
fbem-12580	200	4	level	level	NOUN
fbem-12580	200	5	of	of	ADP
fbem-12580	200	6	equity	equity	NOUN
fbem-12580	200	7	concentration	concentration	NOUN
fbem-12580	200	8	,	,	PUNCT
fbem-12580	200	9	the	the	PRON
fbem-12580	200	10	more	more	ADV
fbem-12580	200	11	severe	severe	ADJ
fbem-12580	200	12	the	the	DET
fbem-12580	200	13	problem	problem	NOUN
fbem-12580	200	14	of	of	ADP
fbem-12580	200	15	non	non	ADJ
fbem-12580	200	16	-	-	ADJ
fbem-12580	200	17	efficiency	efficiency	ADJ
fbem-12580	200	18	investment	investment	NOUN
fbem-12580	200	19	within	within	ADP
fbem-12580	200	20	a	a	DET
fbem-12580	200	21	company	company	NOUN
fbem-12580	200	22	.	.	PUNCT
fbem-12580	201	1	currently	currently	ADV
fbem-12580	201	2	,	,	PUNCT
fbem-12580	201	3	the	the	DET
fbem-12580	201	4	core	core	NOUN
fbem-12580	201	5	issue	issue	NOUN
fbem-12580	201	6	in	in	ADP
fbem-12580	201	7	corporate	corporate	ADJ
fbem-12580	201	8	governance	governance	NOUN
fbem-12580	201	9	is	be	AUX
fbem-12580	201	10	the	the	DET
fbem-12580	201	11	agency	agency	NOUN
fbem-12580	201	12	conflict	conflict	NOUN
fbem-12580	201	13	between	between	ADP
fbem-12580	201	14	controlling	control	VERB
fbem-12580	201	15	shareholders	shareholder	NOUN
fbem-12580	201	16	and	and	CCONJ
fbem-12580	201	17	minority	minority	NOUN
fbem-12580	201	18	shareholders	shareholder	NOUN
fbem-12580	201	19	.	.	PUNCT
fbem-12580	202	1	in	in	ADP
fbem-12580	202	2	this	this	DET
fbem-12580	202	3	context	context	NOUN
fbem-12580	202	4	,	,	PUNCT
fbem-12580	202	5	as	as	SCONJ
fbem-12580	202	6	the	the	DET
fbem-12580	202	7	ownership	ownership	NOUN
fbem-12580	202	8	percentage	percentage	NOUN
fbem-12580	202	9	continues	continue	VERB
fbem-12580	202	10	to	to	PART
fbem-12580	202	11	rise	rise	VERB
fbem-12580	202	12	,	,	PUNCT
fbem-12580	202	13	controlling	control	VERB
fbem-12580	202	14	shareholders	shareholder	NOUN
fbem-12580	202	15	can	can	AUX
fbem-12580	202	16	exert	exert	VERB
fbem-12580	202	17	more	more	ADJ
fbem-12580	202	18	influence	influence	NOUN
fbem-12580	202	19	on	on	ADP
fbem-12580	202	20	company	company	NOUN
fbem-12580	202	21	management	management	NOUN
fbem-12580	202	22	decisions	decision	NOUN
fbem-12580	202	23	.	.	PUNCT
fbem-12580	203	1	this	this	PRON
fbem-12580	203	2	weakens	weaken	VERB
fbem-12580	203	3	the	the	DET
fbem-12580	203	4	checks	check	NOUN
fbem-12580	203	5	and	and	CCONJ
fbem-12580	203	6	balances	balance	NOUN
fbem-12580	203	7	from	from	ADP
fbem-12580	203	8	minority	minority	NOUN
fbem-12580	203	9	shareholders	shareholder	NOUN
fbem-12580	203	10	,	,	PUNCT
fbem-12580	203	11	allowing	allow	VERB
fbem-12580	203	12	controlling	control	VERB
fbem-12580	203	13	shareholders	shareholder	NOUN
fbem-12580	203	14	to	to	PART
fbem-12580	203	15	engage	engage	VERB
fbem-12580	203	16	in	in	ADP
fbem-12580	203	17	"	"	PUNCT
fbem-12580	203	18	asset	asset	NOUN
fbem-12580	203	19	stripping	strip	VERB
fbem-12580	203	20	"	"	PUNCT
fbem-12580	203	21	behavior	behavior	NOUN
fbem-12580	203	22	with	with	ADP
fbem-12580	203	23	greater	great	ADJ
fbem-12580	203	24	impunity	impunity	NOUN
fbem-12580	203	25	.	.	PUNCT
fbem-12580	204	1	consequently	consequently	ADV
fbem-12580	204	2	,	,	PUNCT
fbem-12580	204	3	non	non	ADJ
fbem-12580	204	4	-	-	ADJ
fbem-12580	204	5	efficiency	efficiency	ADJ
fbem-12580	204	6	investment	investment	NOUN
fbem-12580	204	7	problems	problem	NOUN
fbem-12580	204	8	become	become	VERB
fbem-12580	204	9	more	more	ADV
fbem-12580	204	10	pronounced	pronounced	ADJ
fbem-12580	204	11	,	,	PUNCT
fbem-12580	204	12	leading	lead	VERB
fbem-12580	204	13	to	to	ADP
fbem-12580	204	14	reduced	reduce	VERB
fbem-12580	204	15	investment	investment	NOUN
fbem-12580	204	16	efficiency	efficiency	NOUN
fbem-12580	204	17	and	and	CCONJ
fbem-12580	204	18	potential	potential	ADJ
fbem-12580	204	19	financial	financial	ADJ
fbem-12580	204	20	distress	distress	NOUN
fbem-12580	204	21	for	for	ADP
fbem-12580	204	22	the	the	DET
fbem-12580	204	23	company	company	NOUN
fbem-12580	204	24	.	.	PUNCT
fbem-12580	205	1	3	3	X
fbem-12580	205	2	.	.	X
fbem-12580	205	3	internal	internal	ADJ
fbem-12580	205	4	control	control	NOUN
fbem-12580	205	5	is	be	AUX
fbem-12580	205	6	significantly	significantly	ADV
fbem-12580	205	7	negatively	negatively	ADV
fbem-12580	205	8	correlated	correlate	VERB
fbem-12580	205	9	with	with	ADP
fbem-12580	205	10	non	non	ADJ
fbem-12580	205	11	-	-	ADJ
fbem-12580	205	12	efficiency	efficiency	ADJ
fbem-12580	205	13	investment	investment	NOUN
fbem-12580	205	14	.	.	PUNCT
fbem-12580	206	1	higher	high	ADJ
fbem-12580	206	2	levels	level	NOUN
fbem-12580	206	3	of	of	ADP
fbem-12580	206	4	internal	internal	ADJ
fbem-12580	206	5	control	control	NOUN
fbem-12580	206	6	can	can	AUX
fbem-12580	206	7	mitigate	mitigate	VERB
fbem-12580	206	8	the	the	DET
fbem-12580	206	9	agency	agency	NOUN
fbem-12580	206	10	conflicts	conflict	NOUN
fbem-12580	206	11	between	between	ADP
fbem-12580	206	12	shareholders	shareholder	NOUN
fbem-12580	206	13	and	and	CCONJ
fbem-12580	206	14	management	management	NOUN
fbem-12580	206	15	,	,	PUNCT
fbem-12580	206	16	as	as	ADV
fbem-12580	206	17	well	well	ADV
fbem-12580	206	18	as	as	ADP
fbem-12580	206	19	between	between	ADP
fbem-12580	206	20	controlling	control	VERB
fbem-12580	206	21	shareholders	shareholder	NOUN
fbem-12580	206	22	and	and	CCONJ
fbem-12580	206	23	minority	minority	NOUN
fbem-12580	206	24	shareholders	shareholder	NOUN
fbem-12580	206	25	.	.	PUNCT
fbem-12580	207	1	it	it	PRON
fbem-12580	207	2	also	also	ADV
fbem-12580	207	3	helps	help	VERB
fbem-12580	207	4	alleviate	alleviate	VERB
fbem-12580	207	5	information	information	NOUN
fbem-12580	207	6	asymmetry	asymmetry	NOUN
fbem-12580	207	7	issues	issue	NOUN
fbem-12580	207	8	between	between	ADP
fbem-12580	207	9	the	the	DET
fbem-12580	207	10	company	company	NOUN
fbem-12580	207	11	and	and	CCONJ
fbem-12580	207	12	the	the	DET
fbem-12580	207	13	external	external	ADJ
fbem-12580	207	14	market	market	NOUN
fbem-12580	207	15	,	,	PUNCT
fbem-12580	207	16	contributing	contribute	VERB
fbem-12580	207	17	to	to	ADP
fbem-12580	207	18	the	the	DET
fbem-12580	207	19	suppression	suppression	NOUN
fbem-12580	207	20	of	of	ADP
fbem-12580	207	21	nonefficiency	nonefficiency	NOUN
fbem-12580	207	22	investment	investment	NOUN
fbem-12580	207	23	and	and	CCONJ
fbem-12580	207	24	the	the	DET
fbem-12580	207	25	enhancement	enhancement	NOUN
fbem-12580	207	26	of	of	ADP
fbem-12580	207	27	investment	investment	NOUN
fbem-12580	207	28	efficiency	efficiency	NOUN
fbem-12580	207	29	.	.	PUNCT
fbem-12580	208	1	4	4	X
fbem-12580	208	2	.	.	X
fbem-12580	208	3	internal	internal	ADJ
fbem-12580	208	4	control	control	NOUN
fbem-12580	208	5	,	,	PUNCT
fbem-12580	208	6	as	as	ADP
fbem-12580	208	7	a	a	DET
fbem-12580	208	8	moderating	moderate	VERB
fbem-12580	208	9	variable	variable	NOUN
fbem-12580	208	10	,	,	PUNCT
fbem-12580	208	11	effectively	effectively	ADV
fbem-12580	208	12	weakens	weaken	VERB
fbem-12580	208	13	the	the	DET
fbem-12580	208	14	positive	positive	ADJ
fbem-12580	208	15	effect	effect	NOUN
fbem-12580	208	16	of	of	ADP
fbem-12580	208	17	equity	equity	NOUN
fbem-12580	208	18	concentration	concentration	NOUN
fbem-12580	208	19	on	on	ADP
fbem-12580	208	20	nonefficiency	nonefficiency	NOUN
fbem-12580	208	21	investment	investment	NOUN
fbem-12580	208	22	.	.	PUNCT
fbem-12580	209	1	as	as	ADP
fbem-12580	209	2	a	a	DET
fbem-12580	209	3	critical	critical	ADJ
fbem-12580	209	4	component	component	NOUN
fbem-12580	209	5	of	of	ADP
fbem-12580	209	6	corporate	corporate	ADJ
fbem-12580	209	7	governance	governance	NOUN
fbem-12580	209	8	,	,	PUNCT
fbem-12580	209	9	strong	strong	ADJ
fbem-12580	209	10	internal	internal	ADJ
fbem-12580	209	11	control	control	NOUN
fbem-12580	209	12	mechanisms	mechanism	NOUN
fbem-12580	209	13	,	,	PUNCT
fbem-12580	209	14	such	such	ADJ
fbem-12580	209	15	as	as	ADP
fbem-12580	209	16	authorization	authorization	NOUN
fbem-12580	209	17	and	and	CCONJ
fbem-12580	209	18	approval	approval	NOUN
fbem-12580	209	19	processes	process	NOUN
fbem-12580	209	20	,	,	PUNCT
fbem-12580	209	21	budget	budget	NOUN
fbem-12580	209	22	management	management	NOUN
fbem-12580	209	23	,	,	PUNCT
fbem-12580	209	24	and	and	CCONJ
fbem-12580	209	25	the	the	DET
fbem-12580	209	26	establishment	establishment	NOUN
fbem-12580	209	27	of	of	ADP
fbem-12580	209	28	audit	audit	NOUN
fbem-12580	209	29	committees	committee	NOUN
fbem-12580	209	30	and	and	CCONJ
fbem-12580	209	31	supervisory	supervisory	ADJ
fbem-12580	209	32	boards	board	NOUN
fbem-12580	209	33	,	,	PUNCT
fbem-12580	209	34	can	can	AUX
fbem-12580	209	35	mitigate	mitigate	VERB
fbem-12580	209	36	agency	agency	NOUN
fbem-12580	209	37	conflicts	conflict	NOUN
fbem-12580	209	38	between	between	ADP
fbem-12580	209	39	controlling	control	VERB
fbem-12580	209	40	shareholders	shareholder	NOUN
fbem-12580	209	41	and	and	CCONJ
fbem-12580	209	42	minority	minority	NOUN
fbem-12580	209	43	shareholders	shareholder	NOUN
fbem-12580	209	44	.	.	PUNCT
fbem-12580	210	1	this	this	DET
fbem-12580	210	2	reduction	reduction	NOUN
fbem-12580	210	3	in	in	ADP
fbem-12580	210	4	agency	agency	NOUN
fbem-12580	210	5	conflicts	conflict	NOUN
fbem-12580	210	6	diminishes	diminish	VERB
fbem-12580	210	7	non	non	ADJ
fbem-12580	210	8	-	-	ADJ
fbem-12580	210	9	efficiency	efficiency	ADJ
fbem-12580	210	10	investment	investment	NOUN
fbem-12580	210	11	driven	drive	VERB
fbem-12580	210	12	by	by	ADP
fbem-12580	210	13	controlling	control	VERB
fbem-12580	210	14	shareholders	shareholder	NOUN
fbem-12580	210	15	seeking	seek	VERB
fbem-12580	210	16	personal	personal	ADJ
fbem-12580	210	17	gain	gain	NOUN
fbem-12580	210	18	.	.	PUNCT
fbem-12580	211	1	in	in	ADP
fbem-12580	211	2	summary	summary	NOUN
fbem-12580	211	3	,	,	PUNCT
fbem-12580	211	4	high	high	ADJ
fbem-12580	211	5	-	-	PUNCT
fbem-12580	211	6	quality	quality	NOUN
fbem-12580	211	7	internal	internal	ADJ
fbem-12580	211	8	control	control	NOUN
fbem-12580	211	9	mechanisms	mechanism	NOUN
fbem-12580	211	10	can	can	AUX
fbem-12580	211	11	curb	curb	VERB
fbem-12580	211	12	non	non	ADJ
fbem-12580	211	13	-	-	ADJ
fbem-12580	211	14	efficiency	efficiency	ADJ
fbem-12580	211	15	investment	investment	NOUN
fbem-12580	211	16	resulting	result	VERB
fbem-12580	211	17	from	from	ADP
fbem-12580	211	18	excessively	excessively	ADV
fbem-12580	211	19	concentrated	concentrated	ADJ
fbem-12580	211	20	equity	equity	NOUN
fbem-12580	211	21	.	.	PUNCT
fbem-12580	212	1	references	reference	NOUN
fbem-12580	212	2	[	[	X
fbem-12580	212	3	1	1	NUM
fbem-12580	212	4	]	]	PUNCT
fbem-12580	212	5	aggarwal	aggarwal	NOUN
fbem-12580	212	6	r	r	NOUN
fbem-12580	212	7	k	k	PROPN
fbem-12580	212	8	,	,	PUNCT
fbem-12580	212	9	samwick	samwick	VERB
fbem-12580	212	10	a	a	DET
fbem-12580	212	11	a.	a.	NOUN
fbem-12580	212	12	empire	empire	NOUN
fbem-12580	212	13	-	-	PUNCT
fbem-12580	212	14	builders	builder	NOUN
fbem-12580	212	15	and	and	CCONJ
fbem-12580	212	16	shirkers	shirker	NOUN
fbem-12580	212	17	:	:	PUNCT
fbem-12580	212	18	investment	investment	NOUN
fbem-12580	212	19	,	,	PUNCT
fbem-12580	212	20	firm	firm	ADJ
fbem-12580	212	21	performance	performance	NOUN
fbem-12580	212	22	,	,	PUNCT
fbem-12580	212	23	and	and	CCONJ
fbem-12580	212	24	managerial	managerial	ADJ
fbem-12580	212	25	incentives[j	incentives[j	PROPN
fbem-12580	212	26	]	]	PUNCT
fbem-12580	212	27	.	.	PUNCT
fbem-12580	213	1	journal	journal	PROPN
fbem-12580	213	2	of	of	ADP
fbem-12580	213	3	corporate	corporate	ADJ
fbem-12580	213	4	finance	finance	NOUN
fbem-12580	213	5	,	,	PUNCT
fbem-12580	213	6	2006	2006	NUM
fbem-12580	213	7	,	,	PUNCT
fbem-12580	213	8	12(3	12(3	NUM
fbem-12580	213	9	):	):	PUNCT
fbem-12580	213	10	489	489	NUM
fbem-12580	213	11	-	-	SYM
fbem-12580	213	12	515	515	NUM
fbem-12580	213	13	.	.	PUNCT
fbem-12580	214	1	[	[	X
fbem-12580	214	2	2	2	X
fbem-12580	214	3	]	]	PUNCT
fbem-12580	214	4	almeida	almeida	PROPN
fbem-12580	214	5	h	h	PROPN
fbem-12580	214	6	,	,	PUNCT
fbem-12580	214	7	wolfenzon	wolfenzon	ADP
fbem-12580	214	8	d.	d.	PROPN
fbem-12580	214	9	the	the	DET
fbem-12580	214	10	effect	effect	NOUN
fbem-12580	214	11	of	of	ADP
fbem-12580	214	12	external	external	ADJ
fbem-12580	214	13	finance	finance	NOUN
fbem-12580	214	14	on	on	ADP
fbem-12580	214	15	the	the	DET
fbem-12580	214	16	equilibrium	equilibrium	NOUN
fbem-12580	214	17	allocation	allocation	NOUN
fbem-12580	214	18	of	of	ADP
fbem-12580	214	19	capital[j	capital[j	PROPN
fbem-12580	214	20	]	]	PUNCT
fbem-12580	214	21	.	.	PUNCT
fbem-12580	215	1	journal	journal	PROPN
fbem-12580	215	2	of	of	ADP
fbem-12580	215	3	financial	financial	ADJ
fbem-12580	215	4	economics	economic	NOUN
fbem-12580	215	5	,	,	PUNCT
fbem-12580	215	6	2005	2005	NUM
fbem-12580	215	7	,	,	PUNCT
fbem-12580	215	8	75(1	75(1	NUM
fbem-12580	215	9	):	):	PUNCT
fbem-12580	215	10	133	133	NUM
fbem-12580	215	11	-	-	SYM
fbem-12580	215	12	164	164	NUM
fbem-12580	215	13	.	.	PUNCT
fbem-12580	216	1	[	[	X
fbem-12580	216	2	3	3	X
fbem-12580	216	3	]	]	PUNCT
fbem-12580	216	4	ashbaugh	ashbaugh	NOUN
fbem-12580	216	5	skaife	skaife	PROPN
fbem-12580	216	6	h	h	PROPN
fbem-12580	216	7	,	,	PUNCT
fbem-12580	216	8	collins	collins	PROPN
fbem-12580	216	9	d	d	PROPN
fbem-12580	216	10	w	w	PROPN
fbem-12580	216	11	,	,	PUNCT
fbem-12580	216	12	kinney	kinney	PROPN
fbem-12580	216	13	jr	jr	PROPN
fbem-12580	216	14	w	w	PROPN
fbem-12580	216	15	r	r	PROPN
fbem-12580	216	16	,	,	PUNCT
fbem-12580	216	17	et	et	PROPN
fbem-12580	216	18	al	al	PROPN
fbem-12580	216	19	.	.	PUNCT
fbem-12580	217	1	the	the	DET
fbem-12580	217	2	effect	effect	NOUN
fbem-12580	217	3	of	of	ADP
fbem-12580	217	4	sox	sox	PROPN
fbem-12580	217	5	internal	internal	ADJ
fbem-12580	217	6	control	control	NOUN
fbem-12580	217	7	deficiencies	deficiency	NOUN
fbem-12580	217	8	and	and	CCONJ
fbem-12580	217	9	their	their	PRON
fbem-12580	217	10	remediation	remediation	NOUN
fbem-12580	217	11	on	on	ADP
fbem-12580	217	12	accrual	accrual	ADJ
fbem-12580	217	13	quality[j	quality[j	NOUN
fbem-12580	217	14	]	]	PUNCT
fbem-12580	217	15	.	.	PUNCT
fbem-12580	218	1	the	the	DET
fbem-12580	218	2	accounting	accounting	PROPN
fbem-12580	218	3	review	review	NOUN
fbem-12580	218	4	,	,	PUNCT
fbem-12580	218	5	2008	2008	NUM
fbem-12580	218	6	,	,	PUNCT
fbem-12580	218	7	83(1	83(1	NUM
fbem-12580	218	8	):	):	PUNCT
fbem-12580	218	9	217250	217250	NUM
fbem-12580	218	10	.	.	PUNCT
fbem-12580	219	1	[	[	X
fbem-12580	219	2	4	4	NUM
fbem-12580	219	3	]	]	X
fbem-12580	219	4	de	de	X
fbem-12580	219	5	angelis	angelis	X
fbem-12580	219	6	d	d	PROPN
fbem-12580	219	7	,	,	PUNCT
fbem-12580	219	8	grinstein	grinstein	VERB
fbem-12580	219	9	y.	y.	PROPN
fbem-12580	219	10	relative	relative	ADJ
fbem-12580	219	11	performance	performance	NOUN
fbem-12580	219	12	evaluation	evaluation	NOUN
fbem-12580	219	13	in	in	ADP
fbem-12580	219	14	ceo	ceo	NOUN
fbem-12580	219	15	compensation	compensation	NOUN
fbem-12580	219	16	:	:	PUNCT
fbem-12580	219	17	a	a	DET
fbem-12580	219	18	non	non	ADJ
fbem-12580	219	19	-	-	ADJ
fbem-12580	219	20	agency	agency	ADJ
fbem-12580	219	21	explanation[r	explanation[r	PROPN
fbem-12580	219	22	]	]	PUNCT
fbem-12580	219	23	.	.	PUNCT
fbem-12580	220	1	working	work	VERB
fbem-12580	220	2	paper	paper	NOUN
fbem-12580	220	3	,	,	PUNCT
fbem-12580	220	4	2016	2016	NUM
fbem-12580	220	5	.	.	PUNCT
fbem-12580	221	1	[	[	X
fbem-12580	221	2	5	5	NUM
fbem-12580	221	3	]	]	X
fbem-12580	221	4	doyle	doyle	PROPN
fbem-12580	221	5	j	j	PROPN
fbem-12580	221	6	t	t	PROPN
fbem-12580	221	7	,	,	PUNCT
fbem-12580	221	8	ge	ge	PROPN
fbem-12580	221	9	w	w	PROPN
fbem-12580	221	10	,	,	PUNCT
fbem-12580	221	11	mcvay	mcvay	PROPN
fbem-12580	221	12	s.	s.	PROPN
fbem-12580	221	13	accruals	accruals	PROPN
fbem-12580	221	14	quality	quality	NOUN
fbem-12580	221	15	and	and	CCONJ
fbem-12580	221	16	internal	internal	ADJ
fbem-12580	221	17	control	control	NOUN
fbem-12580	221	18	over	over	ADP
fbem-12580	221	19	financial	financial	ADJ
fbem-12580	221	20	reporting[j	reporting[j	NOUN
fbem-12580	221	21	]	]	PUNCT
fbem-12580	221	22	.	.	PUNCT
fbem-12580	222	1	the	the	DET
fbem-12580	222	2	accounting	accounting	NOUN
fbem-12580	222	3	review	review	NOUN
fbem-12580	222	4	,	,	PUNCT
fbem-12580	222	5	2007	2007	NUM
fbem-12580	222	6	,	,	PUNCT
fbem-12580	222	7	82(5	82(5	NUM
fbem-12580	222	8	):	):	PUNCT
fbem-12580	222	9	1141	1141	NUM
fbem-12580	222	10	-	-	SYM
fbem-12580	222	11	1170	1170	NUM
fbem-12580	222	12	.	.	PUNCT
fbem-12580	223	1	[	[	X
fbem-12580	223	2	6	6	NUM
fbem-12580	223	3	]	]	PUNCT
fbem-12580	223	4	jensen	jensen	PROPN
fbem-12580	223	5	m	m	PROPN
fbem-12580	223	6	c	c	NOUN
fbem-12580	223	7	,	,	PUNCT
fbem-12580	223	8	meckling	meckle	VERB
fbem-12580	223	9	w	w	PROPN
fbem-12580	223	10	h.	h.	PROPN
fbem-12580	223	11	theory	theory	NOUN
fbem-12580	223	12	of	of	ADP
fbem-12580	223	13	the	the	DET
fbem-12580	223	14	firm	firm	NOUN
fbem-12580	223	15	:	:	PUNCT
fbem-12580	223	16	managerial	managerial	ADJ
fbem-12580	223	17	behavior	behavior	NOUN
fbem-12580	223	18	,	,	PUNCT
fbem-12580	223	19	agency	agency	NOUN
fbem-12580	223	20	costs	cost	NOUN
fbem-12580	223	21	and	and	CCONJ
fbem-12580	223	22	ownership	ownership	NOUN
fbem-12580	223	23	structure[a	structure[a	NOUN
fbem-12580	223	24	]	]	PUNCT
fbem-12580	223	25	.	.	PUNCT
fbem-12580	224	1	corporate	corporate	ADJ
fbem-12580	224	2	governance[m	governance[m	PROPN
fbem-12580	224	3	]	]	PUNCT
fbem-12580	224	4	.	.	PUNCT
fbem-12580	225	1	gower	gower	PROPN
fbem-12580	225	2	,	,	PUNCT
fbem-12580	225	3	2019	2019	NUM
fbem-12580	225	4	:	:	PUNCT
fbem-12580	225	5	77	77	NUM
fbem-12580	225	6	-	-	SYM
fbem-12580	225	7	132	132	NUM
fbem-12580	225	8	.	.	PUNCT
fbem-12580	226	1	[	[	X
fbem-12580	226	2	7	7	X
fbem-12580	226	3	]	]	PUNCT
fbem-12580	226	4	pindado	pindado	PROPN
fbem-12580	226	5	j	j	PROPN
fbem-12580	226	6	,	,	PUNCT
fbem-12580	226	7	de	de	PROPN
fbem-12580	226	8	la	la	PROPN
fbem-12580	226	9	torre	torre	PROPN
fbem-12580	226	10	c.	c.	PROPN
fbem-12580	226	11	a	a	DET
fbem-12580	226	12	complementary	complementary	ADJ
fbem-12580	226	13	approach	approach	NOUN
fbem-12580	226	14	to	to	ADP
fbem-12580	226	15	the	the	DET
fbem-12580	226	16	financial	financial	ADJ
fbem-12580	226	17	and	and	CCONJ
fbem-12580	226	18	strategy	strategy	NOUN
fbem-12580	226	19	views	view	NOUN
fbem-12580	226	20	of	of	ADP
fbem-12580	226	21	capital	capital	NOUN
fbem-12580	226	22	structure	structure	NOUN
fbem-12580	226	23	:	:	PUNCT
fbem-12580	226	24	theory	theory	NOUN
fbem-12580	226	25	and	and	CCONJ
fbem-12580	226	26	evidence	evidence	NOUN
fbem-12580	226	27	from	from	ADP
fbem-12580	226	28	the	the	DET
fbem-12580	226	29	ownership	ownership	NOUN
fbem-12580	226	30	structure[j	structure[j	NOUN
fbem-12580	226	31	]	]	PUNCT
fbem-12580	226	32	.	.	PUNCT
fbem-12580	227	1	available	available	ADJ
fbem-12580	227	2	at	at	ADP
fbem-12580	227	3	ssrn	ssrn	NOUN
fbem-12580	227	4	666167	666167	NUM
fbem-12580	227	5	,	,	PUNCT
fbem-12580	227	6	2005	2005	NUM
fbem-12580	227	7	.	.	PUNCT
fbem-12580	228	1	[	[	X
fbem-12580	228	2	8	8	NUM
fbem-12580	228	3	]	]	X
fbem-12580	228	4	chen	chen	PROPN
fbem-12580	228	5	,	,	PUNCT
fbem-12580	228	6	gongrong	gongrong	ADJ
fbem-12580	228	7	,	,	PUNCT
fbem-12580	228	8	and	and	CCONJ
fbem-12580	228	9	xu	xu	PROPN
fbem-12580	228	10	wei	wei	PROPN
fbem-12580	228	11	.	.	PUNCT
fbem-12580	229	1	"	"	PUNCT
fbem-12580	229	2	an	an	DET
fbem-12580	229	3	empirical	empirical	ADJ
fbem-12580	229	4	study	study	NOUN
fbem-12580	229	5	on	on	ADP
fbem-12580	229	6	the	the	DET
fbem-12580	229	7	relationship	relationship	NOUN
fbem-12580	229	8	between	between	ADP
fbem-12580	229	9	characteristics	characteristic	NOUN
fbem-12580	229	10	of	of	ADP
fbem-12580	229	11	major	major	ADJ
fbem-12580	229	12	shareholders	shareholder	NOUN
fbem-12580	229	13	and	and	CCONJ
fbem-12580	229	14	corporate	corporate	ADJ
fbem-12580	229	15	investment	investment	NOUN
fbem-12580	229	16	efficiency	efficiency	NOUN
fbem-12580	229	17	.	.	PUNCT
fbem-12580	229	18	"	"	PUNCT
fbem-12580	230	1	friends	friend	NOUN
fbem-12580	230	2	of	of	ADP
fbem-12580	230	3	accounting	accounting	NOUN
fbem-12580	230	4	,	,	PUNCT
fbem-12580	230	5	2011(01	2011(01	NUM
fbem-12580	230	6	)	)	PUNCT
fbem-12580	230	7	,	,	PUNCT
fbem-12580	230	8	99	99	NUM
fbem-12580	230	9	-	-	SYM
fbem-12580	230	10	104	104	NUM
fbem-12580	230	11	.	.	PUNCT
fbem-12580	231	1	[	[	X
fbem-12580	231	2	9	9	NUM
fbem-12580	231	3	]	]	X
fbem-12580	231	4	huang	huang	PROPN
fbem-12580	231	5	,	,	PUNCT
fbem-12580	231	6	lei	lei	PROPN
fbem-12580	231	7	,	,	PUNCT
fbem-12580	231	8	mou	mou	PROPN
fbem-12580	231	9	shaobo	shaobo	NOUN
fbem-12580	231	10	,	,	PUNCT
fbem-12580	231	11	and	and	CCONJ
fbem-12580	231	12	ye	ye	PROPN
fbem-12580	231	13	yong	yong	PROPN
fbem-12580	231	14	.	.	PUNCT
fbem-12580	232	1	"	"	PUNCT
fbem-12580	232	2	analysis	analysis	NOUN
fbem-12580	232	3	of	of	ADP
fbem-12580	232	4	the	the	DET
fbem-12580	232	5	impact	impact	NOUN
fbem-12580	232	6	of	of	ADP
fbem-12580	232	7	equity	equity	NOUN
fbem-12580	232	8	structure	structure	NOUN
fbem-12580	232	9	on	on	ADP
fbem-12580	232	10	the	the	DET
fbem-12580	232	11	investment	investment	NOUN
fbem-12580	232	12	behavior	behavior	NOUN
fbem-12580	232	13	of	of	ADP
fbem-12580	232	14	listed	list	VERB
fbem-12580	232	15	companies	company	NOUN
fbem-12580	232	16	.	.	PUNCT
fbem-12580	232	17	"	"	PUNCT
fbem-12580	233	1	economic	economic	ADJ
fbem-12580	233	2	system	system	NOUN
fbem-12580	233	3	reform	reform	NOUN
fbem-12580	233	4	,	,	PUNCT
fbem-12580	233	5	2011(06	2011(06	NUM
fbem-12580	233	6	)	)	PUNCT
fbem-12580	233	7	,	,	PUNCT
fbem-12580	233	8	138140	138140	NUM
fbem-12580	233	9	.	.	PUNCT