id	sid	tid	token	lemma	pos
fbem-12586	1	1	frontiers	frontier	NOUN
fbem-12586	1	2	in	in	ADP
fbem-12586	1	3	business	business	NOUN
fbem-12586	1	4	,	,	PUNCT
fbem-12586	1	5	economics	economic	NOUN
fbem-12586	1	6	and	and	CCONJ
fbem-12586	1	7	management	management	NOUN
fbem-12586	1	8	issn	issn	PROPN
fbem-12586	1	9	:	:	PUNCT
fbem-12586	1	10	2766	2766	NUM
fbem-12586	1	11	-	-	PUNCT
fbem-12586	1	12	824x	824x	NUM
fbem-12586	1	13	|	|	ADJ
fbem-12586	1	14	vol	vol	NOUN
fbem-12586	1	15	.	.	PUNCT
fbem-12586	2	1	11	11	NUM
fbem-12586	2	2	,	,	PUNCT
fbem-12586	2	3	no	no	INTJ
fbem-12586	2	4	.	.	NOUN
fbem-12586	2	5	2	2	NUM
fbem-12586	2	6	,	,	PUNCT
fbem-12586	2	7	2023	2023	NUM
fbem-12586	2	8	179	179	NUM
fbem-12586	2	9	the	the	DET
fbem-12586	2	10	impact	impact	NOUN
fbem-12586	2	11	of	of	ADP
fbem-12586	2	12	equity	equity	NOUN
fbem-12586	2	13	incentives	incentive	NOUN
fbem-12586	2	14	on	on	ADP
fbem-12586	2	15	the	the	DET
fbem-12586	2	16	performance	performance	NOUN
fbem-12586	2	17	of	of	ADP
fbem-12586	2	18	listed	list	VERB
fbem-12586	2	19	companies	company	NOUN
fbem-12586	2	20	huatian	huatian	ADJ
fbem-12586	2	21	xia	xia	PROPN
fbem-12586	2	22	*	*	PROPN
fbem-12586	2	23	school	school	NOUN
fbem-12586	2	24	of	of	ADP
fbem-12586	2	25	business	business	NOUN
fbem-12586	2	26	,	,	PUNCT
fbem-12586	2	27	east	east	PROPN
fbem-12586	2	28	china	china	PROPN
fbem-12586	2	29	university	university	PROPN
fbem-12586	2	30	of	of	ADP
fbem-12586	2	31	political	political	ADJ
fbem-12586	2	32	science	science	NOUN
fbem-12586	2	33	and	and	CCONJ
fbem-12586	2	34	law	law	NOUN
fbem-12586	2	35	,	,	PUNCT
fbem-12586	2	36	shanghai	shanghai	PROPN
fbem-12586	2	37	,	,	PUNCT
fbem-12586	2	38	china	china	PROPN
fbem-12586	2	39	*	*	PUNCT
fbem-12586	2	40	corresponding	correspond	VERB
fbem-12586	2	41	author	author	NOUN
fbem-12586	2	42	email	email	NOUN
fbem-12586	2	43	:	:	PUNCT
fbem-12586	3	1	xht550243@163.com	xht550243@163.com	X
fbem-12586	3	2	abstract	abstract	NOUN
fbem-12586	3	3	:	:	PUNCT
fbem-12586	3	4	with	with	ADP
fbem-12586	3	5	the	the	DET
fbem-12586	3	6	formal	formal	ADJ
fbem-12586	3	7	implementation	implementation	NOUN
fbem-12586	3	8	of	of	ADP
fbem-12586	3	9	the	the	DET
fbem-12586	3	10	administrative	administrative	ADJ
fbem-12586	3	11	measures	measure	NOUN
fbem-12586	3	12	for	for	ADP
fbem-12586	3	13	equity	equity	NOUN
fbem-12586	3	14	incentives	incentive	NOUN
fbem-12586	3	15	of	of	ADP
fbem-12586	3	16	listed	list	VERB
fbem-12586	3	17	companies	company	NOUN
fbem-12586	3	18	,	,	PUNCT
fbem-12586	3	19	the	the	DET
fbem-12586	3	20	scope	scope	NOUN
fbem-12586	3	21	of	of	ADP
fbem-12586	3	22	equity	equity	NOUN
fbem-12586	3	23	incentives	incentive	NOUN
fbem-12586	3	24	for	for	ADP
fbem-12586	3	25	listed	list	VERB
fbem-12586	3	26	companies	company	NOUN
fbem-12586	3	27	in	in	ADP
fbem-12586	3	28	china	china	PROPN
fbem-12586	3	29	has	have	AUX
fbem-12586	3	30	been	be	AUX
fbem-12586	3	31	expanding	expand	VERB
fbem-12586	3	32	,	,	PUNCT
fbem-12586	3	33	and	and	CCONJ
fbem-12586	3	34	the	the	DET
fbem-12586	3	35	equity	equity	NOUN
fbem-12586	3	36	incentive	incentive	NOUN
fbem-12586	3	37	system	system	NOUN
fbem-12586	3	38	has	have	AUX
fbem-12586	3	39	been	be	AUX
fbem-12586	3	40	gradually	gradually	ADV
fbem-12586	3	41	improved	improve	VERB
fbem-12586	3	42	.	.	PUNCT
fbem-12586	4	1	among	among	ADP
fbem-12586	4	2	them	they	PRON
fbem-12586	4	3	,	,	PUNCT
fbem-12586	4	4	executive	executive	ADJ
fbem-12586	4	5	equity	equity	NOUN
fbem-12586	4	6	incentive	incentive	NOUN
fbem-12586	4	7	and	and	CCONJ
fbem-12586	4	8	employee	employee	NOUN
fbem-12586	4	9	equity	equity	NOUN
fbem-12586	4	10	incentive	incentive	NOUN
fbem-12586	4	11	are	be	AUX
fbem-12586	4	12	two	two	NUM
fbem-12586	4	13	important	important	ADJ
fbem-12586	4	14	subjects	subject	NOUN
fbem-12586	4	15	in	in	ADP
fbem-12586	4	16	the	the	DET
fbem-12586	4	17	incentive	incentive	NOUN
fbem-12586	4	18	plan	plan	NOUN
fbem-12586	4	19	,	,	PUNCT
fbem-12586	4	20	and	and	CCONJ
fbem-12586	4	21	their	their	PRON
fbem-12586	4	22	respective	respective	ADJ
fbem-12586	4	23	impacts	impact	NOUN
fbem-12586	4	24	on	on	ADP
fbem-12586	4	25	corporate	corporate	ADJ
fbem-12586	4	26	performance	performance	NOUN
fbem-12586	4	27	have	have	AUX
fbem-12586	4	28	also	also	ADV
fbem-12586	4	29	attracted	attract	VERB
fbem-12586	4	30	much	much	ADJ
fbem-12586	4	31	attention	attention	NOUN
fbem-12586	4	32	,	,	PUNCT
fbem-12586	4	33	which	which	DET
fbem-12586	4	34	part	part	NOUN
fbem-12586	4	35	has	have	VERB
fbem-12586	4	36	a	a	DET
fbem-12586	4	37	greater	great	ADJ
fbem-12586	4	38	impact	impact	NOUN
fbem-12586	4	39	,	,	PUNCT
fbem-12586	4	40	and	and	CCONJ
fbem-12586	4	41	whether	whether	SCONJ
fbem-12586	4	42	the	the	DET
fbem-12586	4	43	two	two	NUM
fbem-12586	4	44	are	be	AUX
fbem-12586	4	45	opposed	oppose	VERB
fbem-12586	4	46	has	have	AUX
fbem-12586	4	47	become	become	VERB
fbem-12586	4	48	a	a	DET
fbem-12586	4	49	question	question	NOUN
fbem-12586	4	50	discussed	discuss	VERB
fbem-12586	4	51	by	by	ADP
fbem-12586	4	52	many	many	ADJ
fbem-12586	4	53	scholars	scholar	NOUN
fbem-12586	4	54	.	.	PUNCT
fbem-12586	5	1	based	base	VERB
fbem-12586	5	2	on	on	ADP
fbem-12586	5	3	human	human	ADJ
fbem-12586	5	4	capital	capital	NOUN
fbem-12586	5	5	theory	theory	NOUN
fbem-12586	5	6	and	and	CCONJ
fbem-12586	5	7	entrusted	entrust	VERB
fbem-12586	5	8	agent	agent	NOUN
fbem-12586	5	9	theory	theory	NOUN
fbem-12586	5	10	,	,	PUNCT
fbem-12586	5	11	this	this	DET
fbem-12586	5	12	paper	paper	NOUN
fbem-12586	5	13	selects	select	VERB
fbem-12586	5	14	a	a	DET
fbem-12586	5	15	-	-	PUNCT
fbem-12586	5	16	share	share	NOUN
fbem-12586	5	17	listed	list	VERB
fbem-12586	5	18	companies	company	NOUN
fbem-12586	5	19	that	that	PRON
fbem-12586	5	20	implemented	implement	VERB
fbem-12586	5	21	equity	equity	NOUN
fbem-12586	5	22	incentive	incentive	NOUN
fbem-12586	5	23	plans	plan	NOUN
fbem-12586	5	24	from	from	ADP
fbem-12586	5	25	2011	2011	NUM
fbem-12586	5	26	to	to	ADP
fbem-12586	5	27	2020	2020	NUM
fbem-12586	5	28	as	as	ADP
fbem-12586	5	29	a	a	DET
fbem-12586	5	30	sample	sample	NOUN
fbem-12586	5	31	,	,	PUNCT
fbem-12586	5	32	and	and	CCONJ
fbem-12586	5	33	uses	use	VERB
fbem-12586	5	34	a	a	DET
fbem-12586	5	35	fixed	fix	VERB
fbem-12586	5	36	-	-	PUNCT
fbem-12586	5	37	effect	effect	NOUN
fbem-12586	5	38	regression	regression	NOUN
fbem-12586	5	39	model	model	NOUN
fbem-12586	5	40	to	to	PART
fbem-12586	5	41	investigate	investigate	VERB
fbem-12586	5	42	the	the	DET
fbem-12586	5	43	impact	impact	NOUN
fbem-12586	5	44	of	of	ADP
fbem-12586	5	45	different	different	ADJ
fbem-12586	5	46	equity	equity	NOUN
fbem-12586	5	47	incentives	incentive	NOUN
fbem-12586	5	48	on	on	ADP
fbem-12586	5	49	company	company	NOUN
fbem-12586	5	50	performance	performance	NOUN
fbem-12586	5	51	.	.	PUNCT
fbem-12586	6	1	it	it	PRON
fbem-12586	6	2	is	be	AUX
fbem-12586	6	3	found	find	VERB
fbem-12586	6	4	that	that	SCONJ
fbem-12586	6	5	executive	executive	ADJ
fbem-12586	6	6	equity	equity	NOUN
fbem-12586	6	7	incentive	incentive	NOUN
fbem-12586	6	8	can	can	AUX
fbem-12586	6	9	have	have	VERB
fbem-12586	6	10	a	a	DET
fbem-12586	6	11	positive	positive	ADJ
fbem-12586	6	12	impact	impact	NOUN
fbem-12586	6	13	on	on	ADP
fbem-12586	6	14	the	the	DET
fbem-12586	6	15	company	company	NOUN
fbem-12586	6	16	's	's	PART
fbem-12586	6	17	performance	performance	NOUN
fbem-12586	6	18	,	,	PUNCT
fbem-12586	6	19	and	and	CCONJ
fbem-12586	6	20	executive	executive	ADJ
fbem-12586	6	21	equity	equity	NOUN
fbem-12586	6	22	incentive	incentive	NOUN
fbem-12586	6	23	enables	enable	VERB
fbem-12586	6	24	them	they	PRON
fbem-12586	6	25	to	to	PART
fbem-12586	6	26	join	join	VERB
fbem-12586	6	27	the	the	DET
fbem-12586	6	28	enterprise	enterprise	NOUN
fbem-12586	6	29	management	management	NOUN
fbem-12586	6	30	decision	decision	NOUN
fbem-12586	6	31	-	-	PUNCT
fbem-12586	6	32	making	making	NOUN
fbem-12586	6	33	as	as	ADP
fbem-12586	6	34	the	the	DET
fbem-12586	6	35	"	"	PUNCT
fbem-12586	6	36	master	master	NOUN
fbem-12586	6	37	"	"	PUNCT
fbem-12586	6	38	,	,	PUNCT
fbem-12586	6	39	share	share	VERB
fbem-12586	6	40	the	the	DET
fbem-12586	6	41	surplus	surplus	ADJ
fbem-12586	6	42	value	value	NOUN
fbem-12586	6	43	of	of	ADP
fbem-12586	6	44	the	the	DET
fbem-12586	6	45	enterprise	enterprise	NOUN
fbem-12586	6	46	with	with	ADP
fbem-12586	6	47	the	the	DET
fbem-12586	6	48	owner	owner	NOUN
fbem-12586	6	49	,	,	PUNCT
fbem-12586	6	50	promote	promote	VERB
fbem-12586	6	51	the	the	DET
fbem-12586	6	52	enthusiasm	enthusiasm	NOUN
fbem-12586	6	53	and	and	CCONJ
fbem-12586	6	54	creativity	creativity	NOUN
fbem-12586	6	55	of	of	ADP
fbem-12586	6	56	senior	senior	ADJ
fbem-12586	6	57	executives	executive	NOUN
fbem-12586	6	58	,	,	PUNCT
fbem-12586	6	59	reduce	reduce	VERB
fbem-12586	6	60	the	the	DET
fbem-12586	6	61	agency	agency	NOUN
fbem-12586	6	62	cost	cost	NOUN
fbem-12586	6	63	between	between	ADP
fbem-12586	6	64	shareholders	shareholder	NOUN
fbem-12586	6	65	and	and	CCONJ
fbem-12586	6	66	executives	executive	NOUN
fbem-12586	6	67	,	,	PUNCT
fbem-12586	6	68	and	and	CCONJ
fbem-12586	6	69	meet	meet	VERB
fbem-12586	6	70	the	the	DET
fbem-12586	6	71	needs	need	NOUN
fbem-12586	6	72	of	of	ADP
fbem-12586	6	73	long	long	ADJ
fbem-12586	6	74	-	-	PUNCT
fbem-12586	6	75	term	term	NOUN
fbem-12586	6	76	development	development	NOUN
fbem-12586	6	77	of	of	ADP
fbem-12586	6	78	enterprises	enterprise	NOUN
fbem-12586	6	79	.	.	PUNCT
fbem-12586	7	1	second	second	ADV
fbem-12586	7	2	,	,	PUNCT
fbem-12586	7	3	the	the	DET
fbem-12586	7	4	effect	effect	NOUN
fbem-12586	7	5	of	of	ADP
fbem-12586	7	6	employee	employee	NOUN
fbem-12586	7	7	equity	equity	NOUN
fbem-12586	7	8	incentives	incentive	NOUN
fbem-12586	7	9	is	be	AUX
fbem-12586	7	10	better	well	ADJ
fbem-12586	7	11	than	than	ADP
fbem-12586	7	12	that	that	PRON
fbem-12586	7	13	of	of	ADP
fbem-12586	7	14	executives	executive	NOUN
fbem-12586	7	15	.	.	PUNCT
fbem-12586	8	1	employees	employee	NOUN
fbem-12586	8	2	can	can	AUX
fbem-12586	8	3	only	only	ADV
fbem-12586	8	4	receive	receive	VERB
fbem-12586	8	5	the	the	DET
fbem-12586	8	6	benefits	benefit	NOUN
fbem-12586	8	7	of	of	ADP
fbem-12586	8	8	equity	equity	NOUN
fbem-12586	8	9	incentives	incentive	NOUN
fbem-12586	8	10	by	by	ADP
fbem-12586	8	11	working	work	VERB
fbem-12586	8	12	hard	hard	ADV
fbem-12586	8	13	to	to	PART
fbem-12586	8	14	meet	meet	VERB
fbem-12586	8	15	the	the	DET
fbem-12586	8	16	conditions	condition	NOUN
fbem-12586	8	17	for	for	ADP
fbem-12586	8	18	exercise	exercise	NOUN
fbem-12586	8	19	(	(	PUNCT
fbem-12586	8	20	unlocking	unlock	VERB
fbem-12586	8	21	)	)	PUNCT
fbem-12586	8	22	.	.	PUNCT
fbem-12586	9	1	as	as	ADP
fbem-12586	9	2	the	the	DET
fbem-12586	9	3	most	most	ADV
fbem-12586	9	4	direct	direct	ADJ
fbem-12586	9	5	participants	participant	NOUN
fbem-12586	9	6	and	and	CCONJ
fbem-12586	9	7	executors	executor	NOUN
fbem-12586	9	8	in	in	ADP
fbem-12586	9	9	the	the	DET
fbem-12586	9	10	company	company	NOUN
fbem-12586	9	11	's	's	PART
fbem-12586	9	12	business	business	NOUN
fbem-12586	9	13	activities	activity	NOUN
fbem-12586	9	14	,	,	PUNCT
fbem-12586	9	15	employees	employee	NOUN
fbem-12586	9	16	have	have	VERB
fbem-12586	9	17	the	the	DET
fbem-12586	9	18	motivation	motivation	NOUN
fbem-12586	9	19	and	and	CCONJ
fbem-12586	9	20	ability	ability	NOUN
fbem-12586	9	21	to	to	PART
fbem-12586	9	22	work	work	VERB
fbem-12586	9	23	hard	hard	ADV
fbem-12586	9	24	to	to	PART
fbem-12586	9	25	achieve	achieve	VERB
fbem-12586	9	26	equity	equity	NOUN
fbem-12586	9	27	incentive	incentive	NOUN
fbem-12586	9	28	conditions	condition	NOUN
fbem-12586	9	29	and	and	CCONJ
fbem-12586	9	30	realize	realize	VERB
fbem-12586	9	31	their	their	PRON
fbem-12586	9	32	own	own	ADJ
fbem-12586	9	33	benefits	benefit	NOUN
fbem-12586	9	34	.	.	PUNCT
fbem-12586	10	1	that	that	PRON
fbem-12586	10	2	is	is	ADV
fbem-12586	10	3	,	,	PUNCT
fbem-12586	10	4	the	the	DET
fbem-12586	10	5	incentive	incentive	NOUN
fbem-12586	10	6	effect	effect	NOUN
fbem-12586	10	7	of	of	ADP
fbem-12586	10	8	large	large	ADJ
fbem-12586	10	9	-	-	PUNCT
fbem-12586	10	10	scale	scale	NOUN
fbem-12586	10	11	employee	employee	NOUN
fbem-12586	10	12	equity	equity	NOUN
fbem-12586	10	13	incentive	incentive	NOUN
fbem-12586	10	14	is	be	AUX
fbem-12586	10	15	better	well	ADJ
fbem-12586	10	16	,	,	PUNCT
fbem-12586	10	17	and	and	CCONJ
fbem-12586	10	18	the	the	DET
fbem-12586	10	19	effect	effect	NOUN
fbem-12586	10	20	on	on	ADP
fbem-12586	10	21	the	the	DET
fbem-12586	10	22	performance	performance	NOUN
fbem-12586	10	23	of	of	ADP
fbem-12586	10	24	listed	list	VERB
fbem-12586	10	25	companies	company	NOUN
fbem-12586	10	26	is	be	AUX
fbem-12586	10	27	more	more	ADV
fbem-12586	10	28	significant	significant	ADJ
fbem-12586	10	29	.	.	PUNCT
fbem-12586	11	1	keywords	keyword	NOUN
fbem-12586	11	2	:	:	PUNCT
fbem-12586	11	3	employee	employee	NOUN
fbem-12586	11	4	equity	equity	NOUN
fbem-12586	11	5	incentive	incentive	NOUN
fbem-12586	11	6	;	;	PUNCT
fbem-12586	11	7	executive	executive	ADJ
fbem-12586	11	8	equity	equity	NOUN
fbem-12586	11	9	incentive	incentive	NOUN
fbem-12586	11	10	;	;	PUNCT
fbem-12586	11	11	company	company	NOUN
fbem-12586	11	12	performance	performance	NOUN
fbem-12586	11	13	;	;	PUNCT
fbem-12586	11	14	principal	principal	ADJ
fbem-12586	11	15	-	-	PUNCT
fbem-12586	11	16	agent	agent	NOUN
fbem-12586	11	17	theory	theory	NOUN
fbem-12586	11	18	.	.	PUNCT
fbem-12586	12	1	1	1	X
fbem-12586	12	2	.	.	X
fbem-12586	12	3	introduction	introduction	NOUN
fbem-12586	12	4	on	on	ADP
fbem-12586	12	5	august	august	PROPN
fbem-12586	12	6	13	13	NUM
fbem-12586	12	7	,	,	PUNCT
fbem-12586	12	8	2016	2016	NUM
fbem-12586	12	9	,	,	PUNCT
fbem-12586	12	10	the	the	DET
fbem-12586	12	11	administrative	administrative	ADJ
fbem-12586	12	12	measures	measure	NOUN
fbem-12586	12	13	for	for	ADP
fbem-12586	12	14	equity	equity	NOUN
fbem-12586	12	15	incentives	incentive	NOUN
fbem-12586	12	16	of	of	ADP
fbem-12586	12	17	listed	list	VERB
fbem-12586	12	18	companies	company	NOUN
fbem-12586	12	19	came	come	VERB
fbem-12586	12	20	into	into	ADP
fbem-12586	12	21	effect	effect	NOUN
fbem-12586	12	22	,	,	PUNCT
fbem-12586	12	23	marking	mark	VERB
fbem-12586	12	24	the	the	DET
fbem-12586	12	25	continuous	continuous	ADJ
fbem-12586	12	26	expansion	expansion	NOUN
fbem-12586	12	27	of	of	ADP
fbem-12586	12	28	the	the	DET
fbem-12586	12	29	scope	scope	NOUN
fbem-12586	12	30	of	of	ADP
fbem-12586	12	31	equity	equity	NOUN
fbem-12586	12	32	incentives	incentive	NOUN
fbem-12586	12	33	for	for	ADP
fbem-12586	12	34	listed	list	VERB
fbem-12586	12	35	companies	company	NOUN
fbem-12586	12	36	in	in	ADP
fbem-12586	12	37	china	china	PROPN
fbem-12586	12	38	and	and	CCONJ
fbem-12586	12	39	the	the	DET
fbem-12586	12	40	gradual	gradual	ADJ
fbem-12586	12	41	improvement	improvement	NOUN
fbem-12586	12	42	of	of	ADP
fbem-12586	12	43	the	the	DET
fbem-12586	12	44	equity	equity	NOUN
fbem-12586	12	45	incentive	incentive	NOUN
fbem-12586	12	46	system	system	NOUN
fbem-12586	12	47	.	.	PUNCT
fbem-12586	13	1	as	as	ADV
fbem-12586	13	2	early	early	ADV
fbem-12586	13	3	as	as	ADP
fbem-12586	13	4	december	december	PROPN
fbem-12586	13	5	31	31	NUM
fbem-12586	13	6	,	,	PUNCT
fbem-12586	13	7	2005	2005	NUM
fbem-12586	13	8	,	,	PUNCT
fbem-12586	13	9	the	the	DET
fbem-12586	13	10	china	china	PROPN
fbem-12586	13	11	securities	securities	PROPN
fbem-12586	13	12	regulatory	regulatory	PROPN
fbem-12586	13	13	commission	commission	PROPN
fbem-12586	13	14	(	(	PUNCT
fbem-12586	13	15	csrc	csrc	PROPN
fbem-12586	13	16	)	)	PUNCT
fbem-12586	13	17	issued	issue	VERB
fbem-12586	13	18	the	the	DET
fbem-12586	13	19	administrative	administrative	ADJ
fbem-12586	13	20	measures	measure	NOUN
fbem-12586	13	21	for	for	ADP
fbem-12586	13	22	equity	equity	NOUN
fbem-12586	13	23	incentives	incentive	NOUN
fbem-12586	13	24	of	of	ADP
fbem-12586	13	25	listed	list	VERB
fbem-12586	13	26	companies	company	NOUN
fbem-12586	13	27	(	(	PUNCT
fbem-12586	13	28	for	for	ADP
fbem-12586	13	29	trial	trial	NOUN
fbem-12586	13	30	implementation	implementation	NOUN
fbem-12586	13	31	)	)	PUNCT
fbem-12586	13	32	,	,	PUNCT
fbem-12586	13	33	and	and	CCONJ
fbem-12586	13	34	many	many	ADJ
fbem-12586	13	35	companies	company	NOUN
fbem-12586	13	36	have	have	AUX
fbem-12586	13	37	tried	try	VERB
fbem-12586	13	38	to	to	PART
fbem-12586	13	39	introduce	introduce	VERB
fbem-12586	13	40	equity	equity	NOUN
fbem-12586	13	41	incentive	incentive	NOUN
fbem-12586	13	42	plans	plan	NOUN
fbem-12586	13	43	.	.	PUNCT
fbem-12586	14	1	according	accord	VERB
fbem-12586	14	2	to	to	ADP
fbem-12586	14	3	wind	wind	NOUN
fbem-12586	14	4	information	information	NOUN
fbem-12586	14	5	's	's	PART
fbem-12586	14	6	statistics	statistic	NOUN
fbem-12586	14	7	,	,	PUNCT
fbem-12586	14	8	as	as	ADP
fbem-12586	14	9	of	of	ADP
fbem-12586	14	10	june	june	PROPN
fbem-12586	14	11	30	30	NUM
fbem-12586	14	12	,	,	PUNCT
fbem-12586	14	13	2016	2016	NUM
fbem-12586	14	14	,	,	PUNCT
fbem-12586	14	15	a	a	DET
fbem-12586	14	16	-	-	PUNCT
fbem-12586	14	17	share	share	NOUN
fbem-12586	14	18	listed	list	VERB
fbem-12586	14	19	companies	company	NOUN
fbem-12586	14	20	have	have	AUX
fbem-12586	14	21	issued	issue	VERB
fbem-12586	14	22	a	a	DET
fbem-12586	14	23	total	total	NOUN
fbem-12586	14	24	of	of	ADP
fbem-12586	14	25	1211	1211	NUM
fbem-12586	14	26	equity	equity	NOUN
fbem-12586	14	27	incentive	incentive	NOUN
fbem-12586	14	28	plan	plan	NOUN
fbem-12586	14	29	announcements	announcement	NOUN
fbem-12586	14	30	,	,	PUNCT
fbem-12586	14	31	and	and	CCONJ
fbem-12586	14	32	finally	finally	ADV
fbem-12586	14	33	924	924	NUM
fbem-12586	14	34	equity	equity	NOUN
fbem-12586	14	35	incentive	incentive	NOUN
fbem-12586	14	36	plans	plan	NOUN
fbem-12586	14	37	of	of	ADP
fbem-12586	14	38	688	688	NUM
fbem-12586	14	39	a	a	DET
fbem-12586	14	40	-	-	PUNCT
fbem-12586	14	41	share	share	NOUN
fbem-12586	14	42	companies	company	NOUN
fbem-12586	14	43	have	have	AUX
fbem-12586	14	44	been	be	AUX
fbem-12586	14	45	implemented	implement	VERB
fbem-12586	14	46	.	.	PUNCT
fbem-12586	15	1	among	among	ADP
fbem-12586	15	2	them	they	PRON
fbem-12586	15	3	,	,	PUNCT
fbem-12586	15	4	from	from	ADP
fbem-12586	15	5	2014	2014	NUM
fbem-12586	15	6	to	to	ADP
fbem-12586	15	7	the	the	DET
fbem-12586	15	8	first	first	ADJ
fbem-12586	15	9	half	half	NOUN
fbem-12586	15	10	of	of	ADP
fbem-12586	15	11	2016	2016	NUM
fbem-12586	15	12	alone	alone	ADV
fbem-12586	15	13	,	,	PUNCT
fbem-12586	15	14	412	412	NUM
fbem-12586	15	15	companies	company	NOUN
fbem-12586	15	16	issued	issue	VERB
fbem-12586	15	17	500	500	NUM
fbem-12586	15	18	equity	equity	NOUN
fbem-12586	15	19	incentive	incentive	NOUN
fbem-12586	15	20	plan	plan	NOUN
fbem-12586	15	21	implementation	implementation	NOUN
fbem-12586	15	22	announcements	announcement	NOUN
fbem-12586	15	23	.	.	PUNCT
fbem-12586	16	1	according	accord	VERB
fbem-12586	16	2	to	to	ADP
fbem-12586	16	3	a	a	DET
fbem-12586	16	4	series	series	NOUN
fbem-12586	16	5	of	of	ADP
fbem-12586	16	6	previous	previous	ADJ
fbem-12586	16	7	relevant	relevant	ADJ
fbem-12586	16	8	research	research	NOUN
fbem-12586	16	9	literature	literature	NOUN
fbem-12586	16	10	,	,	PUNCT
fbem-12586	16	11	the	the	DET
fbem-12586	16	12	investment	investment	NOUN
fbem-12586	16	13	behavior	behavior	NOUN
fbem-12586	16	14	of	of	ADP
fbem-12586	16	15	companies	company	NOUN
fbem-12586	16	16	that	that	PRON
fbem-12586	16	17	implement	implement	VERB
fbem-12586	16	18	equity	equity	NOUN
fbem-12586	16	19	incentives	incentive	NOUN
fbem-12586	16	20	is	be	AUX
fbem-12586	16	21	more	more	ADV
fbem-12586	16	22	effective	effective	ADJ
fbem-12586	16	23	and	and	CCONJ
fbem-12586	16	24	more	more	ADV
fbem-12586	16	25	efficient	efficient	ADJ
fbem-12586	16	26	than	than	ADP
fbem-12586	16	27	that	that	PRON
fbem-12586	16	28	of	of	ADP
fbem-12586	16	29	companies	company	NOUN
fbem-12586	16	30	that	that	PRON
fbem-12586	16	31	do	do	AUX
fbem-12586	16	32	not	not	PART
fbem-12586	16	33	implement	implement	VERB
fbem-12586	16	34	them	they	PRON
fbem-12586	16	35	,	,	PUNCT
fbem-12586	16	36	and	and	CCONJ
fbem-12586	16	37	there	there	PRON
fbem-12586	16	38	are	be	VERB
fbem-12586	16	39	positive	positive	ADJ
fbem-12586	16	40	governance	governance	NOUN
fbem-12586	16	41	effects	effect	NOUN
fbem-12586	16	42	of	of	ADP
fbem-12586	16	43	executive	executive	ADJ
fbem-12586	16	44	equity	equity	NOUN
fbem-12586	16	45	incentives	incentive	NOUN
fbem-12586	16	46	,	,	PUNCT
fbem-12586	16	47	which	which	PRON
fbem-12586	16	48	have	have	VERB
fbem-12586	16	49	a	a	DET
fbem-12586	16	50	positive	positive	ADJ
fbem-12586	16	51	impact	impact	NOUN
fbem-12586	16	52	on	on	ADP
fbem-12586	16	53	business	business	NOUN
fbem-12586	16	54	activities	activity	NOUN
fbem-12586	16	55	and	and	CCONJ
fbem-12586	16	56	performance	performance	NOUN
fbem-12586	16	57	[	[	X
fbem-12586	16	58	1	1	NUM
fbem-12586	16	59	]	]	PUNCT
fbem-12586	16	60	.	.	PUNCT
fbem-12586	17	1	however	however	ADV
fbem-12586	17	2	,	,	PUNCT
fbem-12586	17	3	with	with	ADP
fbem-12586	17	4	the	the	DET
fbem-12586	17	5	practice	practice	NOUN
fbem-12586	17	6	of	of	ADP
fbem-12586	17	7	equity	equity	NOUN
fbem-12586	17	8	incentives	incentive	NOUN
fbem-12586	17	9	in	in	ADP
fbem-12586	17	10	companies	company	NOUN
fbem-12586	17	11	,	,	PUNCT
fbem-12586	17	12	the	the	DET
fbem-12586	17	13	positive	positive	ADJ
fbem-12586	17	14	impact	impact	NOUN
fbem-12586	17	15	of	of	ADP
fbem-12586	17	16	executive	executive	ADJ
fbem-12586	17	17	equity	equity	NOUN
fbem-12586	17	18	incentives	incentive	NOUN
fbem-12586	17	19	on	on	ADP
fbem-12586	17	20	corporate	corporate	ADJ
fbem-12586	17	21	operating	operating	NOUN
fbem-12586	17	22	performance	performance	NOUN
fbem-12586	17	23	has	have	AUX
fbem-12586	17	24	been	be	AUX
fbem-12586	17	25	increasingly	increasingly	ADV
fbem-12586	17	26	questioned	question	VERB
fbem-12586	17	27	.	.	PUNCT
fbem-12586	18	1	most	most	ADJ
fbem-12586	18	2	of	of	ADP
fbem-12586	18	3	the	the	DET
fbem-12586	18	4	previous	previous	ADJ
fbem-12586	18	5	literature	literature	NOUN
fbem-12586	18	6	has	have	AUX
fbem-12586	18	7	assumed	assume	VERB
fbem-12586	18	8	that	that	SCONJ
fbem-12586	18	9	the	the	DET
fbem-12586	18	10	choice	choice	NOUN
fbem-12586	18	11	of	of	ADP
fbem-12586	18	12	corporate	corporate	ADJ
fbem-12586	18	13	financial	financial	ADJ
fbem-12586	18	14	policy	policy	NOUN
fbem-12586	18	15	is	be	AUX
fbem-12586	18	16	based	base	VERB
fbem-12586	18	17	on	on	ADP
fbem-12586	18	18	maximizing	maximize	VERB
fbem-12586	18	19	shareholder	shareholder	NOUN
fbem-12586	18	20	wealth	wealth	NOUN
fbem-12586	18	21	,	,	PUNCT
fbem-12586	18	22	while	while	SCONJ
fbem-12586	18	23	the	the	DET
fbem-12586	18	24	choice	choice	NOUN
fbem-12586	18	25	of	of	ADP
fbem-12586	18	26	corporate	corporate	ADJ
fbem-12586	18	27	financial	financial	ADJ
fbem-12586	18	28	policy	policy	NOUN
fbem-12586	18	29	from	from	ADP
fbem-12586	18	30	the	the	DET
fbem-12586	18	31	perspective	perspective	NOUN
fbem-12586	18	32	of	of	ADP
fbem-12586	18	33	management	management	NOUN
fbem-12586	18	34	defense	defense	NOUN
fbem-12586	18	35	is	be	AUX
fbem-12586	18	36	more	more	ADV
fbem-12586	18	37	influenced	influence	VERB
fbem-12586	18	38	by	by	ADP
fbem-12586	18	39	the	the	DET
fbem-12586	18	40	manager	manager	NOUN
fbem-12586	18	41	's	's	PART
fbem-12586	18	42	personal	personal	ADJ
fbem-12586	18	43	goals	goal	NOUN
fbem-12586	18	44	and	and	CCONJ
fbem-12586	18	45	preferences	preference	NOUN
fbem-12586	18	46	.	.	PUNCT
fbem-12586	19	1	according	accord	VERB
fbem-12586	19	2	to	to	ADP
fbem-12586	19	3	morck	morck	PROPN
fbem-12586	19	4	et	et	PROPN
fbem-12586	19	5	al	al	PROPN
fbem-12586	19	6	.	.	PROPN
fbem-12586	20	1	(	(	PUNCT
fbem-12586	20	2	1988	1988	NUM
fbem-12586	20	3	)	)	PUNCT
fbem-12586	20	4	,	,	PUNCT
fbem-12586	20	5	371	371	NUM
fbem-12586	20	6	large	large	ADJ
fbem-12586	20	7	american	american	ADJ
fbem-12586	20	8	companies	company	NOUN
fbem-12586	20	9	were	be	AUX
fbem-12586	20	10	used	use	VERB
fbem-12586	20	11	to	to	PART
fbem-12586	20	12	examine	examine	VERB
fbem-12586	20	13	the	the	DET
fbem-12586	20	14	relationship	relationship	NOUN
fbem-12586	20	15	between	between	ADP
fbem-12586	20	16	insider	insider	NOUN
fbem-12586	20	17	stock	stock	NOUN
fbem-12586	20	18	ownership	ownership	NOUN
fbem-12586	20	19	and	and	CCONJ
fbem-12586	20	20	company	company	NOUN
fbem-12586	20	21	performance	performance	NOUN
fbem-12586	20	22	,	,	PUNCT
fbem-12586	20	23	and	and	CCONJ
fbem-12586	20	24	found	find	VERB
fbem-12586	20	25	that	that	SCONJ
fbem-12586	20	26	there	there	PRON
fbem-12586	20	27	was	be	VERB
fbem-12586	20	28	a	a	DET
fbem-12586	20	29	nonlinear	nonlinear	ADJ
fbem-12586	20	30	relationship	relationship	NOUN
fbem-12586	20	31	between	between	ADP
fbem-12586	20	32	the	the	DET
fbem-12586	20	33	two	two	NUM
fbem-12586	20	34	,	,	PUNCT
fbem-12586	20	35	that	that	ADV
fbem-12586	20	36	is	is	ADV
fbem-12586	20	37	,	,	PUNCT
fbem-12586	20	38	as	as	SCONJ
fbem-12586	20	39	the	the	DET
fbem-12586	20	40	proportion	proportion	NOUN
fbem-12586	20	41	of	of	ADP
fbem-12586	20	42	insider	insider	NOUN
fbem-12586	20	43	shareholding	shareholding	NOUN
fbem-12586	20	44	increased	increase	VERB
fbem-12586	20	45	,	,	PUNCT
fbem-12586	20	46	tobin	tobin	NOUN
fbem-12586	20	47	's	's	PART
fbem-12586	20	48	q	q	NOUN
fbem-12586	20	49	value	value	NOUN
fbem-12586	20	50	(	(	PUNCT
fbem-12586	20	51	company	company	NOUN
fbem-12586	20	52	performance	performance	NOUN
fbem-12586	20	53	)	)	PUNCT
fbem-12586	20	54	showed	show	VERB
fbem-12586	20	55	a	a	DET
fbem-12586	20	56	trend	trend	NOUN
fbem-12586	20	57	of	of	ADP
fbem-12586	20	58	rising	rise	VERB
fbem-12586	20	59	first	first	ADV
fbem-12586	20	60	and	and	CCONJ
fbem-12586	20	61	then	then	ADV
fbem-12586	20	62	decreasing	decrease	VERB
fbem-12586	20	63	.	.	PUNCT
fbem-12586	21	1	the	the	DET
fbem-12586	21	2	theoretical	theoretical	ADJ
fbem-12586	21	3	explanation	explanation	NOUN
fbem-12586	21	4	for	for	ADP
fbem-12586	21	5	this	this	DET
fbem-12586	21	6	phenomenon	phenomenon	NOUN
fbem-12586	21	7	is	be	AUX
fbem-12586	21	8	that	that	SCONJ
fbem-12586	21	9	as	as	SCONJ
fbem-12586	21	10	the	the	DET
fbem-12586	21	11	shareholding	shareholding	NOUN
fbem-12586	21	12	ratio	ratio	NOUN
fbem-12586	21	13	of	of	ADP
fbem-12586	21	14	managers	manager	NOUN
fbem-12586	21	15	increases	increase	VERB
fbem-12586	21	16	and	and	CCONJ
fbem-12586	21	17	exceeds	exceed	VERB
fbem-12586	21	18	a	a	DET
fbem-12586	21	19	certain	certain	ADJ
fbem-12586	21	20	level	level	NOUN
fbem-12586	21	21	,	,	PUNCT
fbem-12586	21	22	the	the	DET
fbem-12586	21	23	market	market	NOUN
fbem-12586	21	24	(	(	PUNCT
fbem-12586	21	25	manager	manager	NOUN
fbem-12586	21	26	market	market	NOUN
fbem-12586	21	27	,	,	PUNCT
fbem-12586	21	28	company	company	NOUN
fbem-12586	21	29	control	control	NOUN
fbem-12586	21	30	market	market	NOUN
fbem-12586	21	31	)	)	PUNCT
fbem-12586	21	32	has	have	VERB
fbem-12586	21	33	a	a	DET
fbem-12586	21	34	decrease	decrease	NOUN
fbem-12586	21	35	in	in	ADP
fbem-12586	21	36	the	the	DET
fbem-12586	21	37	binding	bind	VERB
fbem-12586	21	38	force	force	NOUN
fbem-12586	21	39	on	on	ADP
fbem-12586	21	40	managers	manager	NOUN
fbem-12586	21	41	,	,	PUNCT
fbem-12586	21	42	and	and	CCONJ
fbem-12586	21	43	the	the	DET
fbem-12586	21	44	manager	manager	NOUN
fbem-12586	21	45	's	's	PART
fbem-12586	21	46	position	position	NOUN
fbem-12586	21	47	in	in	ADP
fbem-12586	21	48	the	the	DET
fbem-12586	21	49	company	company	NOUN
fbem-12586	21	50	will	will	AUX
fbem-12586	21	51	be	be	AUX
fbem-12586	21	52	very	very	ADV
fbem-12586	21	53	solid	solid	ADJ
fbem-12586	21	54	,	,	PUNCT
fbem-12586	21	55	prompting	prompt	VERB
fbem-12586	21	56	him	he	PRON
fbem-12586	21	57	to	to	PART
fbem-12586	21	58	pursue	pursue	VERB
fbem-12586	21	59	the	the	DET
fbem-12586	21	60	goal	goal	NOUN
fbem-12586	21	61	of	of	ADP
fbem-12586	21	62	maximizing	maximize	VERB
fbem-12586	21	63	non	non	ADJ
fbem-12586	21	64	-	-	ADJ
fbem-12586	21	65	corporate	corporate	ADJ
fbem-12586	21	66	value	value	NOUN
fbem-12586	21	67	,	,	PUNCT
fbem-12586	21	68	which	which	PRON
fbem-12586	21	69	will	will	AUX
fbem-12586	21	70	inevitably	inevitably	ADV
fbem-12586	21	71	lead	lead	VERB
fbem-12586	21	72	to	to	ADP
fbem-12586	21	73	the	the	DET
fbem-12586	21	74	reduction	reduction	NOUN
fbem-12586	21	75	of	of	ADP
fbem-12586	21	76	enterprise	enterprise	NOUN
fbem-12586	21	77	value	value	NOUN
fbem-12586	21	78	.	.	PUNCT
fbem-12586	22	1	from	from	ADP
fbem-12586	22	2	the	the	DET
fbem-12586	22	3	perspective	perspective	NOUN
fbem-12586	22	4	of	of	ADP
fbem-12586	22	5	the	the	DET
fbem-12586	22	6	degree	degree	NOUN
fbem-12586	22	7	of	of	ADP
fbem-12586	22	8	equity	equity	NOUN
fbem-12586	22	9	incentive	incentive	NOUN
fbem-12586	22	10	of	of	ADP
fbem-12586	22	11	the	the	DET
fbem-12586	22	12	company	company	NOUN
fbem-12586	22	13	,	,	PUNCT
fbem-12586	22	14	with	with	ADP
fbem-12586	22	15	the	the	DET
fbem-12586	22	16	increase	increase	NOUN
fbem-12586	22	17	of	of	ADP
fbem-12586	22	18	the	the	DET
fbem-12586	22	19	scale	scale	NOUN
fbem-12586	22	20	and	and	CCONJ
fbem-12586	22	21	number	number	NOUN
fbem-12586	22	22	of	of	ADP
fbem-12586	22	23	equity	equity	NOUN
fbem-12586	22	24	incentives	incentive	NOUN
fbem-12586	22	25	of	of	ADP
fbem-12586	22	26	executives	executive	NOUN
fbem-12586	22	27	,	,	PUNCT
fbem-12586	22	28	the	the	DET
fbem-12586	22	29	company	company	NOUN
fbem-12586	22	30	's	's	PART
fbem-12586	22	31	performance	performance	NOUN
fbem-12586	22	32	does	do	AUX
fbem-12586	22	33	not	not	PART
fbem-12586	22	34	necessarily	necessarily	ADV
fbem-12586	22	35	change	change	VERB
fbem-12586	22	36	in	in	ADP
fbem-12586	22	37	the	the	DET
fbem-12586	22	38	same	same	ADJ
fbem-12586	22	39	direction	direction	NOUN
fbem-12586	22	40	[	[	X
fbem-12586	22	41	2	2	NUM
fbem-12586	22	42	]	]	PUNCT
fbem-12586	22	43	.	.	PUNCT
fbem-12586	23	1	in	in	ADP
fbem-12586	23	2	the	the	DET
fbem-12586	23	3	above	above	ADJ
fbem-12586	23	4	context	context	NOUN
fbem-12586	23	5	,	,	PUNCT
fbem-12586	23	6	the	the	DET
fbem-12586	23	7	core	core	NOUN
fbem-12586	23	8	issue	issue	NOUN
fbem-12586	23	9	of	of	ADP
fbem-12586	23	10	this	this	DET
fbem-12586	23	11	paper	paper	NOUN
fbem-12586	23	12	is	be	AUX
fbem-12586	23	13	whether	whether	SCONJ
fbem-12586	23	14	employee	employee	NOUN
fbem-12586	23	15	equity	equity	NOUN
fbem-12586	23	16	incentive	incentive	NOUN
fbem-12586	23	17	is	be	AUX
fbem-12586	23	18	conducive	conducive	ADJ
fbem-12586	23	19	to	to	ADP
fbem-12586	23	20	improving	improve	VERB
fbem-12586	23	21	the	the	DET
fbem-12586	23	22	business	business	NOUN
fbem-12586	23	23	performance	performance	NOUN
fbem-12586	23	24	of	of	ADP
fbem-12586	23	25	the	the	DET
fbem-12586	23	26	enterprise	enterprise	NOUN
fbem-12586	23	27	and	and	CCONJ
fbem-12586	23	28	whether	whether	SCONJ
fbem-12586	23	29	expanding	expand	VERB
fbem-12586	23	30	the	the	DET
fbem-12586	23	31	scope	scope	NOUN
fbem-12586	23	32	of	of	ADP
fbem-12586	23	33	employee	employee	NOUN
fbem-12586	23	34	equity	equity	NOUN
fbem-12586	23	35	incentive	incentive	NOUN
fbem-12586	23	36	is	be	AUX
fbem-12586	23	37	more	more	ADV
fbem-12586	23	38	conducive	conducive	ADJ
fbem-12586	23	39	to	to	ADP
fbem-12586	23	40	the	the	DET
fbem-12586	23	41	improvement	improvement	NOUN
fbem-12586	23	42	of	of	ADP
fbem-12586	23	43	the	the	DET
fbem-12586	23	44	long	long	ADJ
fbem-12586	23	45	-	-	PUNCT
fbem-12586	23	46	term	term	NOUN
fbem-12586	23	47	value	value	NOUN
fbem-12586	23	48	of	of	ADP
fbem-12586	23	49	the	the	DET
fbem-12586	23	50	enterprise	enterprise	NOUN
fbem-12586	23	51	,	,	PUNCT
fbem-12586	23	52	that	that	ADV
fbem-12586	23	53	is	is	ADV
fbem-12586	23	54	,	,	PUNCT
fbem-12586	23	55	whether	whether	SCONJ
fbem-12586	23	56	the	the	DET
fbem-12586	23	57	employee	employee	NOUN
fbem-12586	23	58	equity	equity	NOUN
fbem-12586	23	59	incentive	incentive	NOUN
fbem-12586	23	60	and	and	CCONJ
fbem-12586	23	61	the	the	DET
fbem-12586	23	62	executive	executive	ADJ
fbem-12586	23	63	equity	equity	NOUN
fbem-12586	23	64	incentive	incentive	NOUN
fbem-12586	23	65	cooperate	cooperate	VERB
fbem-12586	23	66	with	with	ADP
fbem-12586	23	67	each	each	DET
fbem-12586	23	68	other	other	ADJ
fbem-12586	23	69	to	to	PART
fbem-12586	23	70	play	play	VERB
fbem-12586	23	71	a	a	DET
fbem-12586	23	72	remedial	remedial	ADJ
fbem-12586	23	73	effect	effect	NOUN
fbem-12586	23	74	on	on	ADP
fbem-12586	23	75	the	the	DET
fbem-12586	23	76	improvement	improvement	NOUN
fbem-12586	23	77	of	of	ADP
fbem-12586	23	78	the	the	DET
fbem-12586	23	79	company	company	NOUN
fbem-12586	23	80	's	's	PART
fbem-12586	23	81	performance	performance	NOUN
fbem-12586	23	82	.	.	PUNCT
fbem-12586	24	1	due	due	ADP
fbem-12586	24	2	to	to	ADP
fbem-12586	24	3	the	the	DET
fbem-12586	24	4	short	short	ADJ
fbem-12586	24	5	implementation	implementation	NOUN
fbem-12586	24	6	time	time	NOUN
fbem-12586	24	7	of	of	ADP
fbem-12586	24	8	the	the	DET
fbem-12586	24	9	equity	equity	NOUN
fbem-12586	24	10	incentive	incentive	NOUN
fbem-12586	24	11	system	system	NOUN
fbem-12586	24	12	of	of	ADP
fbem-12586	24	13	listed	list	VERB
fbem-12586	24	14	companies	company	NOUN
fbem-12586	24	15	in	in	ADP
fbem-12586	24	16	china	china	PROPN
fbem-12586	24	17	,	,	PUNCT
fbem-12586	24	18	most	most	ADJ
fbem-12586	24	19	of	of	ADP
fbem-12586	24	20	the	the	DET
fbem-12586	24	21	180	180	NUM
fbem-12586	24	22	research	research	NOUN
fbem-12586	24	23	focuses	focus	VERB
fbem-12586	24	24	on	on	ADP
fbem-12586	24	25	the	the	DET
fbem-12586	24	26	relationship	relationship	NOUN
fbem-12586	24	27	between	between	ADP
fbem-12586	24	28	the	the	DET
fbem-12586	24	29	equity	equity	NOUN
fbem-12586	24	30	incentive	incentive	NOUN
fbem-12586	24	31	of	of	ADP
fbem-12586	24	32	chinese	chinese	ADJ
fbem-12586	24	33	executives	executive	NOUN
fbem-12586	24	34	and	and	CCONJ
fbem-12586	24	35	the	the	DET
fbem-12586	24	36	company	company	NOUN
fbem-12586	24	37	's	's	PART
fbem-12586	24	38	performance	performance	NOUN
fbem-12586	24	39	,	,	PUNCT
fbem-12586	24	40	and	and	CCONJ
fbem-12586	24	41	less	less	ADJ
fbem-12586	24	42	attention	attention	NOUN
fbem-12586	24	43	is	be	AUX
fbem-12586	24	44	paid	pay	VERB
fbem-12586	24	45	to	to	ADP
fbem-12586	24	46	the	the	DET
fbem-12586	24	47	equity	equity	NOUN
fbem-12586	24	48	incentive	incentive	NOUN
fbem-12586	24	49	of	of	ADP
fbem-12586	24	50	employees	employee	NOUN
fbem-12586	24	51	.	.	PUNCT
fbem-12586	25	1	some	some	DET
fbem-12586	25	2	scholars	scholar	NOUN
fbem-12586	25	3	believe	believe	VERB
fbem-12586	25	4	that	that	SCONJ
fbem-12586	25	5	when	when	SCONJ
fbem-12586	25	6	the	the	DET
fbem-12586	25	7	interests	interest	NOUN
fbem-12586	25	8	of	of	ADP
fbem-12586	25	9	shareholders	shareholder	NOUN
fbem-12586	25	10	and	and	CCONJ
fbem-12586	25	11	executives	executive	NOUN
fbem-12586	25	12	are	be	AUX
fbem-12586	25	13	inconsistent	inconsistent	ADJ
fbem-12586	25	14	,	,	PUNCT
fbem-12586	25	15	executives	executive	NOUN
fbem-12586	25	16	may	may	AUX
fbem-12586	25	17	use	use	VERB
fbem-12586	25	18	their	their	PRON
fbem-12586	25	19	rights	right	NOUN
fbem-12586	25	20	to	to	PART
fbem-12586	25	21	make	make	VERB
fbem-12586	25	22	profits	profit	NOUN
fbem-12586	25	23	through	through	ADP
fbem-12586	25	24	earnings	earning	NOUN
fbem-12586	25	25	management	management	NOUN
fbem-12586	25	26	or	or	CCONJ
fbem-12586	25	27	influence	influence	VERB
fbem-12586	25	28	the	the	DET
fbem-12586	25	29	formulation	formulation	NOUN
fbem-12586	25	30	and	and	CCONJ
fbem-12586	25	31	implementation	implementation	NOUN
fbem-12586	25	32	of	of	ADP
fbem-12586	25	33	equity	equity	NOUN
fbem-12586	25	34	incentive	incentive	NOUN
fbem-12586	25	35	plans	plan	NOUN
fbem-12586	25	36	,	,	PUNCT
fbem-12586	25	37	but	but	CCONJ
fbem-12586	25	38	the	the	DET
fbem-12586	25	39	future	future	ADJ
fbem-12586	25	40	performance	performance	NOUN
fbem-12586	25	41	of	of	ADP
fbem-12586	25	42	the	the	DET
fbem-12586	25	43	company	company	NOUN
fbem-12586	25	44	fails	fail	VERB
fbem-12586	25	45	to	to	PART
fbem-12586	25	46	improve	improve	VERB
fbem-12586	25	47	;	;	PUNCT
fbem-12586	25	48	while	while	SCONJ
fbem-12586	25	49	employees	employee	NOUN
fbem-12586	25	50	do	do	AUX
fbem-12586	25	51	not	not	PART
fbem-12586	25	52	have	have	VERB
fbem-12586	25	53	the	the	DET
fbem-12586	25	54	rights	right	NOUN
fbem-12586	25	55	and	and	CCONJ
fbem-12586	25	56	influence	influence	NOUN
fbem-12586	25	57	of	of	ADP
fbem-12586	25	58	executives	executive	NOUN
fbem-12586	25	59	on	on	ADP
fbem-12586	25	60	the	the	DET
fbem-12586	25	61	board	board	NOUN
fbem-12586	25	62	of	of	ADP
fbem-12586	25	63	directors	director	NOUN
fbem-12586	25	64	,	,	PUNCT
fbem-12586	25	65	employees	employee	NOUN
fbem-12586	25	66	can	can	AUX
fbem-12586	25	67	only	only	ADV
fbem-12586	25	68	improve	improve	VERB
fbem-12586	25	69	their	their	PRON
fbem-12586	25	70	risk	risk	NOUN
fbem-12586	25	71	-	-	PUNCT
fbem-12586	25	72	taking	take	VERB
fbem-12586	25	73	ability	ability	NOUN
fbem-12586	25	74	by	by	ADP
fbem-12586	25	75	working	work	VERB
fbem-12586	25	76	hard	hard	ADV
fbem-12586	25	77	in	in	ADP
fbem-12586	25	78	order	order	NOUN
fbem-12586	25	79	to	to	PART
fbem-12586	25	80	obtain	obtain	VERB
fbem-12586	25	81	the	the	DET
fbem-12586	25	82	benefits	benefit	NOUN
fbem-12586	25	83	of	of	ADP
fbem-12586	25	84	equity	equity	NOUN
fbem-12586	25	85	incentives	incentive	NOUN
fbem-12586	25	86	of	of	ADP
fbem-12586	25	87	listed	list	VERB
fbem-12586	25	88	companiesrealize	companiesrealize	VERB
fbem-12586	25	89	the	the	DET
fbem-12586	25	90	company	company	NOUN
fbem-12586	25	91	's	's	PART
fbem-12586	25	92	performance	performance	NOUN
fbem-12586	25	93	and	and	CCONJ
fbem-12586	25	94	individual	individual	ADJ
fbem-12586	25	95	performance	performance	NOUN
fbem-12586	25	96	conditions	condition	NOUN
fbem-12586	25	97	required	require	VERB
fbem-12586	25	98	by	by	ADP
fbem-12586	25	99	the	the	DET
fbem-12586	25	100	equity	equity	NOUN
fbem-12586	25	101	incentive	incentive	PROPN
fbem-12586	25	102	plan	plan	NOUN
fbem-12586	25	103	,	,	PUNCT
fbem-12586	25	104	and	and	CCONJ
fbem-12586	25	105	strive	strive	VERB
fbem-12586	25	106	to	to	PART
fbem-12586	25	107	improve	improve	VERB
fbem-12586	25	108	the	the	DET
fbem-12586	25	109	company	company	NOUN
fbem-12586	25	110	's	's	PART
fbem-12586	25	111	performance	performance	NOUN
fbem-12586	25	112	.	.	PUNCT
fbem-12586	26	1	in	in	ADP
fbem-12586	26	2	the	the	DET
fbem-12586	26	3	listed	list	VERB
fbem-12586	26	4	companies	company	NOUN
fbem-12586	26	5	that	that	PRON
fbem-12586	26	6	currently	currently	ADV
fbem-12586	26	7	implement	implement	VERB
fbem-12586	26	8	equity	equity	NOUN
fbem-12586	26	9	incentives	incentive	NOUN
fbem-12586	26	10	in	in	ADP
fbem-12586	26	11	china	china	PROPN
fbem-12586	26	12	,	,	PUNCT
fbem-12586	26	13	while	while	SCONJ
fbem-12586	26	14	implementing	implement	VERB
fbem-12586	26	15	equity	equity	NOUN
fbem-12586	26	16	incentives	incentive	NOUN
fbem-12586	26	17	for	for	ADP
fbem-12586	26	18	executives	executive	NOUN
fbem-12586	26	19	,	,	PUNCT
fbem-12586	26	20	it	it	PRON
fbem-12586	26	21	has	have	AUX
fbem-12586	26	22	become	become	VERB
fbem-12586	26	23	a	a	DET
fbem-12586	26	24	trend	trend	NOUN
fbem-12586	26	25	to	to	PART
fbem-12586	26	26	expand	expand	VERB
fbem-12586	26	27	the	the	DET
fbem-12586	26	28	scope	scope	NOUN
fbem-12586	26	29	of	of	ADP
fbem-12586	26	30	incentive	incentive	NOUN
fbem-12586	26	31	targets	target	NOUN
fbem-12586	26	32	and	and	CCONJ
fbem-12586	26	33	implement	implement	VERB
fbem-12586	26	34	equity	equity	NOUN
fbem-12586	26	35	incentives	incentive	NOUN
fbem-12586	26	36	for	for	ADP
fbem-12586	26	37	employees	employee	NOUN
fbem-12586	26	38	,	,	PUNCT
fbem-12586	26	39	so	so	SCONJ
fbem-12586	26	40	it	it	PRON
fbem-12586	26	41	is	be	AUX
fbem-12586	26	42	of	of	ADP
fbem-12586	26	43	great	great	ADJ
fbem-12586	26	44	significance	significance	NOUN
fbem-12586	26	45	to	to	PART
fbem-12586	26	46	study	study	VERB
fbem-12586	26	47	the	the	DET
fbem-12586	26	48	impact	impact	NOUN
fbem-12586	26	49	of	of	ADP
fbem-12586	26	50	employee	employee	NOUN
fbem-12586	26	51	equity	equity	NOUN
fbem-12586	26	52	incentives	incentive	NOUN
fbem-12586	26	53	on	on	ADP
fbem-12586	26	54	company	company	NOUN
fbem-12586	26	55	performance	performance	NOUN
fbem-12586	26	56	.	.	PUNCT
fbem-12586	27	1	the	the	DET
fbem-12586	27	2	main	main	ADJ
fbem-12586	27	3	contributions	contribution	NOUN
fbem-12586	27	4	of	of	ADP
fbem-12586	27	5	this	this	DET
fbem-12586	27	6	paper	paper	NOUN
fbem-12586	27	7	are	be	AUX
fbem-12586	27	8	reflected	reflect	VERB
fbem-12586	27	9	in	in	ADP
fbem-12586	27	10	two	two	NUM
fbem-12586	27	11	aspects	aspect	NOUN
fbem-12586	27	12	:	:	PUNCT
fbem-12586	27	13	first	first	ADV
fbem-12586	27	14	,	,	PUNCT
fbem-12586	27	15	the	the	DET
fbem-12586	27	16	use	use	NOUN
fbem-12586	27	17	of	of	ADP
fbem-12586	27	18	human	human	ADJ
fbem-12586	27	19	capital	capital	NOUN
fbem-12586	27	20	theory	theory	NOUN
fbem-12586	27	21	and	and	CCONJ
fbem-12586	27	22	entrusted	entrust	VERB
fbem-12586	27	23	agent	agent	NOUN
fbem-12586	27	24	theory	theory	NOUN
fbem-12586	27	25	to	to	PART
fbem-12586	27	26	construct	construct	VERB
fbem-12586	27	27	a	a	DET
fbem-12586	27	28	theoretical	theoretical	ADJ
fbem-12586	27	29	analysis	analysis	NOUN
fbem-12586	27	30	framework	framework	NOUN
fbem-12586	27	31	to	to	PART
fbem-12586	27	32	explain	explain	VERB
fbem-12586	27	33	the	the	DET
fbem-12586	27	34	positive	positive	ADJ
fbem-12586	27	35	significance	significance	NOUN
fbem-12586	27	36	of	of	ADP
fbem-12586	27	37	employee	employee	NOUN
fbem-12586	27	38	equity	equity	NOUN
fbem-12586	27	39	incentives	incentive	NOUN
fbem-12586	27	40	;	;	PUNCT
fbem-12586	27	41	second	second	X
fbem-12586	27	42	,	,	PUNCT
fbem-12586	27	43	the	the	DET
fbem-12586	27	44	in	in	ADP
fbem-12586	27	45	-	-	PUNCT
fbem-12586	27	46	depth	depth	NOUN
fbem-12586	27	47	study	study	NOUN
fbem-12586	27	48	of	of	ADP
fbem-12586	27	49	equity	equity	NOUN
fbem-12586	27	50	incentive	incentive	PROPN
fbem-12586	27	51	intensity	intensity	NOUN
fbem-12586	27	52	,	,	PUNCT
fbem-12586	27	53	and	and	CCONJ
fbem-12586	27	54	analyze	analyze	VERB
fbem-12586	27	55	the	the	DET
fbem-12586	27	56	interaction	interaction	NOUN
fbem-12586	27	57	effect	effect	NOUN
fbem-12586	27	58	between	between	ADP
fbem-12586	27	59	employee	employee	NOUN
fbem-12586	27	60	equity	equity	NOUN
fbem-12586	27	61	incentive	incentive	NOUN
fbem-12586	27	62	and	and	CCONJ
fbem-12586	27	63	executive	executive	ADJ
fbem-12586	27	64	equity	equity	NOUN
fbem-12586	27	65	incentive	incentive	NOUN
fbem-12586	27	66	strength	strength	NOUN
fbem-12586	27	67	,	,	PUNCT
fbem-12586	27	68	which	which	PRON
fbem-12586	27	69	verifies	verify	VERB
fbem-12586	27	70	that	that	SCONJ
fbem-12586	27	71	employee	employee	NOUN
fbem-12586	27	72	equity	equity	NOUN
fbem-12586	27	73	incentive	incentive	NOUN
fbem-12586	27	74	intensity	intensity	NOUN
fbem-12586	27	75	has	have	VERB
fbem-12586	27	76	a	a	DET
fbem-12586	27	77	more	more	ADV
fbem-12586	27	78	obvious	obvious	ADJ
fbem-12586	27	79	improvement	improvement	NOUN
fbem-12586	27	80	effect	effect	NOUN
fbem-12586	27	81	on	on	ADP
fbem-12586	27	82	business	business	NOUN
fbem-12586	27	83	performance	performance	NOUN
fbem-12586	27	84	.	.	PUNCT
fbem-12586	28	1	2	2	X
fbem-12586	28	2	.	.	X
fbem-12586	28	3	theoretical	theoretical	ADJ
fbem-12586	28	4	analysis	analysis	NOUN
fbem-12586	28	5	and	and	CCONJ
fbem-12586	28	6	research	research	NOUN
fbem-12586	28	7	hypotheses	hypothesis	NOUN
fbem-12586	28	8	2.1	2.1	NUM
fbem-12586	28	9	.	.	PUNCT
fbem-12586	29	1	theoretical	theoretical	ADJ
fbem-12586	29	2	analysis	analysis	NOUN
fbem-12586	29	3	of	of	ADP
fbem-12586	29	4	the	the	DET
fbem-12586	29	5	factors	factor	NOUN
fbem-12586	29	6	influencing	influence	VERB
fbem-12586	29	7	the	the	DET
fbem-12586	29	8	business	business	NOUN
fbem-12586	29	9	performance	performance	NOUN
fbem-12586	29	10	of	of	ADP
fbem-12586	29	11	enterprises	enterprise	NOUN
fbem-12586	29	12	under	under	ADP
fbem-12586	29	13	normal	normal	ADJ
fbem-12586	29	14	circumstances	circumstance	NOUN
fbem-12586	30	1	,	,	PUNCT
fbem-12586	30	2	the	the	DET
fbem-12586	30	3	factors	factor	NOUN
fbem-12586	30	4	affecting	affect	VERB
fbem-12586	30	5	the	the	DET
fbem-12586	30	6	business	business	NOUN
fbem-12586	30	7	performance	performance	NOUN
fbem-12586	30	8	of	of	ADP
fbem-12586	30	9	enterprises	enterprise	NOUN
fbem-12586	30	10	include	include	VERB
fbem-12586	30	11	external	external	ADJ
fbem-12586	30	12	environmental	environmental	ADJ
fbem-12586	30	13	factors	factor	NOUN
fbem-12586	30	14	and	and	CCONJ
fbem-12586	30	15	internal	internal	ADJ
fbem-12586	30	16	factors	factor	NOUN
fbem-12586	30	17	.	.	PUNCT
fbem-12586	31	1	external	external	ADJ
fbem-12586	31	2	environmental	environmental	ADJ
fbem-12586	31	3	factors	factor	NOUN
fbem-12586	31	4	include	include	VERB
fbem-12586	31	5	many	many	ADJ
fbem-12586	31	6	aspects	aspect	NOUN
fbem-12586	31	7	,	,	PUNCT
fbem-12586	31	8	among	among	ADP
fbem-12586	31	9	which	which	PRON
fbem-12586	31	10	socio	socio	NOUN
fbem-12586	31	11	-	-	PUNCT
fbem-12586	31	12	economic	economic	ADJ
fbem-12586	31	13	environmental	environmental	ADJ
fbem-12586	31	14	factors	factor	NOUN
fbem-12586	31	15	are	be	AUX
fbem-12586	31	16	crucial	crucial	ADJ
fbem-12586	31	17	,	,	PUNCT
fbem-12586	31	18	such	such	ADJ
fbem-12586	31	19	as	as	ADP
fbem-12586	31	20	economic	economic	ADJ
fbem-12586	31	21	cycles	cycle	NOUN
fbem-12586	31	22	,	,	PUNCT
fbem-12586	31	23	inflation	inflation	NOUN
fbem-12586	31	24	and	and	CCONJ
fbem-12586	31	25	government	government	NOUN
fbem-12586	31	26	industrial	industrial	ADJ
fbem-12586	31	27	policies	policy	NOUN
fbem-12586	31	28	.	.	PUNCT
fbem-12586	32	1	the	the	DET
fbem-12586	32	2	internal	internal	ADJ
fbem-12586	32	3	factors	factor	NOUN
fbem-12586	32	4	of	of	ADP
fbem-12586	32	5	the	the	DET
fbem-12586	32	6	enterprise	enterprise	NOUN
fbem-12586	32	7	mainly	mainly	ADV
fbem-12586	32	8	include	include	VERB
fbem-12586	32	9	resource	resource	NOUN
fbem-12586	32	10	factors	factor	NOUN
fbem-12586	32	11	,	,	PUNCT
fbem-12586	32	12	governance	governance	NOUN
fbem-12586	32	13	factors	factor	NOUN
fbem-12586	32	14	and	and	CCONJ
fbem-12586	32	15	innovation	innovation	NOUN
fbem-12586	32	16	factors	factor	NOUN
fbem-12586	32	17	.	.	PUNCT
fbem-12586	33	1	resource	resource	NOUN
fbem-12586	33	2	factors	factor	NOUN
fbem-12586	33	3	include	include	VERB
fbem-12586	33	4	the	the	DET
fbem-12586	33	5	types	type	NOUN
fbem-12586	33	6	of	of	ADP
fbem-12586	33	7	assets	asset	NOUN
fbem-12586	33	8	and	and	CCONJ
fbem-12586	33	9	intangible	intangible	ADJ
fbem-12586	33	10	resources	resource	NOUN
fbem-12586	33	11	owned	own	VERB
fbem-12586	33	12	by	by	ADP
fbem-12586	33	13	an	an	DET
fbem-12586	33	14	enterprise	enterprise	NOUN
fbem-12586	33	15	.	.	PUNCT
fbem-12586	34	1	return	return	NOUN
fbem-12586	34	2	on	on	ADP
fbem-12586	34	3	enterprise	enterprise	NOUN
fbem-12586	34	4	assets	asset	NOUN
fbem-12586	34	5	is	be	AUX
fbem-12586	34	6	an	an	DET
fbem-12586	34	7	important	important	ADJ
fbem-12586	34	8	indicator	indicator	NOUN
fbem-12586	34	9	to	to	PART
fbem-12586	34	10	measure	measure	VERB
fbem-12586	34	11	the	the	DET
fbem-12586	34	12	business	business	NOUN
fbem-12586	34	13	performance	performance	NOUN
fbem-12586	34	14	of	of	ADP
fbem-12586	34	15	enterprises	enterprise	NOUN
fbem-12586	34	16	,	,	PUNCT
fbem-12586	34	17	within	within	ADP
fbem-12586	34	18	a	a	DET
fbem-12586	34	19	certain	certain	ADJ
fbem-12586	34	20	range	range	NOUN
fbem-12586	34	21	,	,	PUNCT
fbem-12586	34	22	the	the	PRON
fbem-12586	34	23	larger	large	ADJ
fbem-12586	34	24	the	the	DET
fbem-12586	34	25	scale	scale	NOUN
fbem-12586	34	26	of	of	ADP
fbem-12586	34	27	enterprise	enterprise	NOUN
fbem-12586	34	28	assets	asset	NOUN
fbem-12586	34	29	,	,	PUNCT
fbem-12586	34	30	the	the	PRON
fbem-12586	34	31	easier	easy	ADJ
fbem-12586	34	32	it	it	PRON
fbem-12586	34	33	is	be	AUX
fbem-12586	34	34	to	to	PART
fbem-12586	34	35	produce	produce	VERB
fbem-12586	34	36	scale	scale	NOUN
fbem-12586	34	37	effects	effect	NOUN
fbem-12586	34	38	and	and	CCONJ
fbem-12586	34	39	asset	asset	NOUN
fbem-12586	34	40	portfolio	portfolio	NOUN
fbem-12586	34	41	effects	effect	NOUN
fbem-12586	34	42	,	,	PUNCT
fbem-12586	34	43	and	and	CCONJ
fbem-12586	34	44	then	then	ADV
fbem-12586	34	45	improve	improve	VERB
fbem-12586	34	46	the	the	DET
fbem-12586	34	47	use	use	NOUN
fbem-12586	34	48	of	of	ADP
fbem-12586	34	49	assets	asset	NOUN
fbem-12586	34	50	.	.	PUNCT
fbem-12586	35	1	in	in	ADP
fbem-12586	35	2	addition	addition	NOUN
fbem-12586	35	3	to	to	ADP
fbem-12586	35	4	tangible	tangible	ADJ
fbem-12586	35	5	assets	asset	NOUN
fbem-12586	35	6	and	and	CCONJ
fbem-12586	35	7	intangible	intangible	ADJ
fbem-12586	35	8	assets	asset	NOUN
fbem-12586	35	9	,	,	PUNCT
fbem-12586	35	10	enterprises	enterprise	NOUN
fbem-12586	35	11	also	also	ADV
fbem-12586	35	12	have	have	VERB
fbem-12586	35	13	intangible	intangible	ADJ
fbem-12586	35	14	resources	resource	NOUN
fbem-12586	35	15	that	that	PRON
fbem-12586	35	16	are	be	AUX
fbem-12586	35	17	not	not	PART
fbem-12586	35	18	included	include	VERB
fbem-12586	35	19	in	in	ADP
fbem-12586	35	20	the	the	DET
fbem-12586	35	21	scope	scope	NOUN
fbem-12586	35	22	of	of	ADP
fbem-12586	35	23	accounting	accounting	NOUN
fbem-12586	35	24	,	,	PUNCT
fbem-12586	35	25	the	the	DET
fbem-12586	35	26	most	most	ADV
fbem-12586	35	27	typical	typical	ADJ
fbem-12586	35	28	of	of	ADP
fbem-12586	35	29	which	which	PRON
fbem-12586	35	30	is	be	AUX
fbem-12586	35	31	human	human	ADJ
fbem-12586	35	32	resources	resource	NOUN
fbem-12586	35	33	,	,	PUNCT
fbem-12586	35	34	which	which	PRON
fbem-12586	35	35	can	can	AUX
fbem-12586	35	36	also	also	ADV
fbem-12586	35	37	be	be	AUX
fbem-12586	35	38	called	call	VERB
fbem-12586	35	39	human	human	ADJ
fbem-12586	35	40	capital	capital	NOUN
fbem-12586	35	41	.	.	PUNCT
fbem-12586	36	1	the	the	DET
fbem-12586	36	2	theory	theory	NOUN
fbem-12586	36	3	of	of	ADP
fbem-12586	36	4	human	human	ADJ
fbem-12586	36	5	capital	capital	NOUN
fbem-12586	36	6	was	be	AUX
fbem-12586	36	7	first	first	ADV
fbem-12586	36	8	proposed	propose	VERB
fbem-12586	36	9	by	by	ADP
fbem-12586	36	10	the	the	DET
fbem-12586	36	11	american	american	PROPN
fbem-12586	36	12	economists	economists	PROPN
fbem-12586	36	13	schultz	schultz	PROPN
fbem-12586	36	14	and	and	CCONJ
fbem-12586	36	15	becker	becker	PROPN
fbem-12586	36	16	in	in	ADP
fbem-12586	36	17	the	the	DET
fbem-12586	36	18	sixties	sixty	NOUN
fbem-12586	36	19	of	of	ADP
fbem-12586	36	20	the	the	DET
fbem-12586	36	21	twentieth	twentieth	ADJ
fbem-12586	36	22	century	century	NOUN
fbem-12586	36	23	.	.	PUNCT
fbem-12586	37	1	schultz	schultz	PROPN
fbem-12586	37	2	and	and	CCONJ
fbem-12586	37	3	becker	becker	PROPN
fbem-12586	37	4	point	point	VERB
fbem-12586	37	5	out	out	ADP
fbem-12586	37	6	that	that	DET
fbem-12586	37	7	capital	capital	NOUN
fbem-12586	37	8	in	in	ADP
fbem-12586	37	9	economics	economic	NOUN
fbem-12586	37	10	can	can	AUX
fbem-12586	37	11	be	be	AUX
fbem-12586	37	12	divided	divide	VERB
fbem-12586	37	13	into	into	ADP
fbem-12586	37	14	two	two	NUM
fbem-12586	37	15	types	type	NOUN
fbem-12586	37	16	of	of	ADP
fbem-12586	37	17	capital	capital	NOUN
fbem-12586	37	18	:	:	PUNCT
fbem-12586	37	19	physical	physical	ADJ
fbem-12586	37	20	capital	capital	NOUN
fbem-12586	37	21	and	and	CCONJ
fbem-12586	37	22	human	human	ADJ
fbem-12586	37	23	capital	capital	NOUN
fbem-12586	37	24	.	.	PUNCT
fbem-12586	38	1	material	material	NOUN
fbem-12586	38	2	capital	capital	NOUN
fbem-12586	38	3	generally	generally	ADV
fbem-12586	38	4	refers	refer	VERB
fbem-12586	38	5	to	to	ADP
fbem-12586	38	6	the	the	DET
fbem-12586	38	7	company	company	NOUN
fbem-12586	38	8	's	's	PART
fbem-12586	38	9	land	land	NOUN
fbem-12586	38	10	,	,	PUNCT
fbem-12586	38	11	plant	plant	NOUN
fbem-12586	38	12	,	,	PUNCT
fbem-12586	38	13	machinery	machinery	NOUN
fbem-12586	38	14	and	and	CCONJ
fbem-12586	38	15	equipment	equipment	NOUN
fbem-12586	38	16	,	,	PUNCT
fbem-12586	38	17	means	mean	NOUN
fbem-12586	38	18	of	of	ADP
fbem-12586	38	19	transportation	transportation	NOUN
fbem-12586	38	20	and	and	CCONJ
fbem-12586	38	21	other	other	ADJ
fbem-12586	38	22	tangible	tangible	ADJ
fbem-12586	38	23	assets	asset	NOUN
fbem-12586	38	24	,	,	PUNCT
fbem-12586	38	25	while	while	SCONJ
fbem-12586	38	26	human	human	ADJ
fbem-12586	38	27	capital	capital	NOUN
fbem-12586	38	28	mainly	mainly	ADV
fbem-12586	38	29	refers	refer	VERB
fbem-12586	38	30	to	to	ADP
fbem-12586	38	31	human	human	ADJ
fbem-12586	38	32	resources	resource	NOUN
fbem-12586	38	33	that	that	PRON
fbem-12586	38	34	integrate	integrate	VERB
fbem-12586	38	35	human	human	ADJ
fbem-12586	38	36	knowledge	knowledge	NOUN
fbem-12586	38	37	,	,	PUNCT
fbem-12586	38	38	labor	labor	NOUN
fbem-12586	38	39	,	,	PUNCT
fbem-12586	38	40	experience	experience	NOUN
fbem-12586	38	41	,	,	PUNCT
fbem-12586	38	42	physical	physical	ADJ
fbem-12586	38	43	fitness	fitness	NOUN
fbem-12586	38	44	and	and	CCONJ
fbem-12586	38	45	so	so	ADV
fbem-12586	38	46	on	on	ADV
fbem-12586	38	47	.	.	PUNCT
fbem-12586	39	1	in	in	ADP
fbem-12586	39	2	the	the	DET
fbem-12586	39	3	company	company	NOUN
fbem-12586	39	4	's	's	PART
fbem-12586	39	5	production	production	NOUN
fbem-12586	39	6	and	and	CCONJ
fbem-12586	39	7	operation	operation	NOUN
fbem-12586	39	8	process	process	NOUN
fbem-12586	39	9	,	,	PUNCT
fbem-12586	39	10	the	the	DET
fbem-12586	39	11	value	value	NOUN
fbem-12586	39	12	created	create	VERB
fbem-12586	39	13	by	by	ADP
fbem-12586	39	14	human	human	ADJ
fbem-12586	39	15	capital	capital	NOUN
fbem-12586	39	16	for	for	ADP
fbem-12586	39	17	the	the	DET
fbem-12586	39	18	company	company	NOUN
fbem-12586	39	19	is	be	AUX
fbem-12586	39	20	far	far	ADV
fbem-12586	39	21	greater	great	ADJ
fbem-12586	39	22	than	than	ADP
fbem-12586	39	23	that	that	PRON
fbem-12586	39	24	of	of	ADP
fbem-12586	39	25	physical	physical	ADJ
fbem-12586	39	26	capital	capital	NOUN
fbem-12586	39	27	,	,	PUNCT
fbem-12586	39	28	and	and	CCONJ
fbem-12586	39	29	how	how	SCONJ
fbem-12586	39	30	to	to	PART
fbem-12586	39	31	attract	attract	VERB
fbem-12586	39	32	and	and	CCONJ
fbem-12586	39	33	retain	retain	VERB
fbem-12586	39	34	talents	talent	NOUN
fbem-12586	39	35	and	and	CCONJ
fbem-12586	39	36	maximize	maximize	VERB
fbem-12586	39	37	the	the	DET
fbem-12586	39	38	value	value	NOUN
fbem-12586	39	39	of	of	ADP
fbem-12586	39	40	the	the	DET
fbem-12586	39	41	company	company	NOUN
fbem-12586	39	42	's	's	PART
fbem-12586	39	43	executives	executive	NOUN
fbem-12586	39	44	and	and	CCONJ
fbem-12586	39	45	employees	employee	NOUN
fbem-12586	39	46	is	be	AUX
fbem-12586	39	47	an	an	DET
fbem-12586	39	48	issue	issue	NOUN
fbem-12586	39	49	that	that	SCONJ
fbem-12586	39	50	the	the	DET
fbem-12586	39	51	company	company	NOUN
fbem-12586	39	52	needs	need	VERB
fbem-12586	39	53	to	to	PART
fbem-12586	39	54	pay	pay	VERB
fbem-12586	39	55	attention	attention	NOUN
fbem-12586	39	56	to	to	ADP
fbem-12586	39	57	when	when	SCONJ
fbem-12586	39	58	making	make	VERB
fbem-12586	39	59	relevant	relevant	ADJ
fbem-12586	39	60	decisions	decision	NOUN
fbem-12586	39	61	.	.	PUNCT
fbem-12586	40	1	the	the	DET
fbem-12586	40	2	value	value	NOUN
fbem-12586	40	3	of	of	ADP
fbem-12586	40	4	human	human	ADJ
fbem-12586	40	5	capital	capital	NOUN
fbem-12586	40	6	in	in	ADP
fbem-12586	40	7	the	the	DET
fbem-12586	40	8	company	company	NOUN
fbem-12586	40	9	's	's	PART
fbem-12586	40	10	business	business	NOUN
fbem-12586	40	11	process	process	NOUN
fbem-12586	40	12	mainly	mainly	ADV
fbem-12586	40	13	refers	refer	VERB
fbem-12586	40	14	to	to	ADP
fbem-12586	40	15	the	the	DET
fbem-12586	40	16	value	value	NOUN
fbem-12586	40	17	that	that	PRON
fbem-12586	40	18	can	can	AUX
fbem-12586	40	19	be	be	AUX
fbem-12586	40	20	created	create	VERB
fbem-12586	40	21	for	for	ADP
fbem-12586	40	22	the	the	DET
fbem-12586	40	23	company	company	NOUN
fbem-12586	40	24	by	by	ADP
fbem-12586	40	25	using	use	VERB
fbem-12586	40	26	executives	executive	NOUN
fbem-12586	40	27	and	and	CCONJ
fbem-12586	40	28	employees	employee	NOUN
fbem-12586	40	29	as	as	ADP
fbem-12586	40	30	the	the	DET
fbem-12586	40	31	carrier	carrier	NOUN
fbem-12586	40	32	.	.	PUNCT
fbem-12586	41	1	how	how	SCONJ
fbem-12586	41	2	to	to	PART
fbem-12586	41	3	leverage	leverage	VERB
fbem-12586	41	4	and	and	CCONJ
fbem-12586	41	5	increase	increase	VERB
fbem-12586	41	6	the	the	DET
fbem-12586	41	7	motivation	motivation	NOUN
fbem-12586	41	8	of	of	ADP
fbem-12586	41	9	executives	executive	NOUN
fbem-12586	41	10	and	and	CCONJ
fbem-12586	41	11	employees	employee	NOUN
fbem-12586	41	12	is	be	AUX
fbem-12586	41	13	a	a	DET
fbem-12586	41	14	key	key	ADJ
fbem-12586	41	15	issue	issue	NOUN
fbem-12586	41	16	that	that	SCONJ
fbem-12586	41	17	companies	company	NOUN
fbem-12586	41	18	need	need	VERB
fbem-12586	41	19	to	to	PART
fbem-12586	41	20	consider	consider	VERB
fbem-12586	41	21	when	when	SCONJ
fbem-12586	41	22	entering	enter	VERB
fbem-12586	41	23	into	into	ADP
fbem-12586	41	24	contractual	contractual	ADJ
fbem-12586	41	25	contracts	contract	NOUN
fbem-12586	41	26	with	with	ADP
fbem-12586	41	27	them	they	PRON
fbem-12586	41	28	.	.	PUNCT
fbem-12586	42	1	the	the	DET
fbem-12586	42	2	significance	significance	NOUN
fbem-12586	42	3	of	of	ADP
fbem-12586	42	4	corporate	corporate	ADJ
fbem-12586	42	5	governance	governance	NOUN
fbem-12586	42	6	factors	factor	NOUN
fbem-12586	42	7	to	to	ADP
fbem-12586	42	8	enterprise	enterprise	NOUN
fbem-12586	42	9	business	business	NOUN
fbem-12586	42	10	performance	performance	NOUN
fbem-12586	42	11	lies	lie	VERB
fbem-12586	42	12	in	in	ADP
fbem-12586	42	13	improving	improve	VERB
fbem-12586	42	14	the	the	DET
fbem-12586	42	15	governance	governance	NOUN
fbem-12586	42	16	structure	structure	NOUN
fbem-12586	42	17	and	and	CCONJ
fbem-12586	42	18	governance	governance	NOUN
fbem-12586	42	19	means	mean	VERB
fbem-12586	42	20	to	to	PART
fbem-12586	42	21	achieve	achieve	VERB
fbem-12586	42	22	the	the	DET
fbem-12586	42	23	purpose	purpose	NOUN
fbem-12586	42	24	of	of	ADP
fbem-12586	42	25	reducing	reduce	VERB
fbem-12586	42	26	agency	agency	NOUN
fbem-12586	42	27	costs	cost	NOUN
fbem-12586	42	28	and	and	CCONJ
fbem-12586	42	29	improving	improve	VERB
fbem-12586	42	30	the	the	DET
fbem-12586	42	31	utilization	utilization	NOUN
fbem-12586	42	32	efficiency	efficiency	NOUN
fbem-12586	42	33	of	of	ADP
fbem-12586	42	34	enterprise	enterprise	NOUN
fbem-12586	42	35	resources	resource	NOUN
fbem-12586	42	36	.	.	PUNCT
fbem-12586	43	1	in	in	ADP
fbem-12586	43	2	modern	modern	ADJ
fbem-12586	43	3	corporate	corporate	ADJ
fbem-12586	43	4	enterprises	enterprise	NOUN
fbem-12586	43	5	,	,	PUNCT
fbem-12586	43	6	in	in	ADP
fbem-12586	43	7	order	order	NOUN
fbem-12586	43	8	to	to	PART
fbem-12586	43	9	improve	improve	VERB
fbem-12586	43	10	the	the	DET
fbem-12586	43	11	company	company	NOUN
fbem-12586	43	12	's	's	PART
fbem-12586	43	13	operating	operating	NOUN
fbem-12586	43	14	efficiency	efficiency	NOUN
fbem-12586	43	15	,	,	PUNCT
fbem-12586	43	16	shareholders	shareholder	NOUN
fbem-12586	43	17	,	,	PUNCT
fbem-12586	43	18	as	as	ADP
fbem-12586	43	19	company	company	NOUN
fbem-12586	43	20	owners	owner	NOUN
fbem-12586	43	21	,	,	PUNCT
fbem-12586	43	22	will	will	AUX
fbem-12586	43	23	be	be	AUX
fbem-12586	43	24	willing	willing	ADJ
fbem-12586	43	25	to	to	PART
fbem-12586	43	26	hire	hire	VERB
fbem-12586	43	27	professional	professional	ADJ
fbem-12586	43	28	managers	manager	NOUN
fbem-12586	43	29	as	as	SCONJ
fbem-12586	43	30	company	company	NOUN
fbem-12586	43	31	operators	operator	NOUN
fbem-12586	43	32	to	to	PART
fbem-12586	43	33	maximize	maximize	VERB
fbem-12586	43	34	the	the	DET
fbem-12586	43	35	interests	interest	NOUN
fbem-12586	43	36	of	of	ADP
fbem-12586	43	37	shareholders	shareholder	NOUN
fbem-12586	43	38	.	.	PUNCT
fbem-12586	44	1	however	however	ADV
fbem-12586	44	2	,	,	PUNCT
fbem-12586	44	3	with	with	ADP
fbem-12586	44	4	this	this	PRON
fbem-12586	44	5	comes	come	VERB
fbem-12586	44	6	the	the	DET
fbem-12586	44	7	pervasive	pervasive	ADJ
fbem-12586	44	8	issue	issue	NOUN
fbem-12586	44	9	of	of	ADP
fbem-12586	44	10	proxy	proxy	NOUN
fbem-12586	44	11	between	between	ADP
fbem-12586	44	12	executives	executive	NOUN
fbem-12586	44	13	and	and	CCONJ
fbem-12586	44	14	shareholders	shareholder	NOUN
fbem-12586	44	15	.	.	PUNCT
fbem-12586	45	1	the	the	DET
fbem-12586	45	2	core	core	NOUN
fbem-12586	45	3	reason	reason	NOUN
fbem-12586	45	4	for	for	ADP
fbem-12586	45	5	the	the	DET
fbem-12586	45	6	existence	existence	NOUN
fbem-12586	45	7	of	of	ADP
fbem-12586	45	8	the	the	DET
fbem-12586	45	9	principal	principal	ADJ
fbem-12586	45	10	-	-	PUNCT
fbem-12586	45	11	agent	agent	NOUN
fbem-12586	45	12	problem	problem	NOUN
fbem-12586	45	13	is	be	AUX
fbem-12586	45	14	that	that	SCONJ
fbem-12586	45	15	the	the	DET
fbem-12586	45	16	information	information	NOUN
fbem-12586	45	17	asymmetry	asymmetry	NOUN
fbem-12586	45	18	between	between	ADP
fbem-12586	45	19	shareholders	shareholder	NOUN
fbem-12586	45	20	and	and	CCONJ
fbem-12586	45	21	executives	executive	NOUN
fbem-12586	45	22	due	due	ADJ
fbem-12586	45	23	to	to	ADP
fbem-12586	45	24	the	the	DET
fbem-12586	45	25	"	"	PUNCT
fbem-12586	45	26	separation	separation	NOUN
fbem-12586	45	27	of	of	ADP
fbem-12586	45	28	powers	power	NOUN
fbem-12586	45	29	"	"	PUNCT
fbem-12586	45	30	will	will	AUX
fbem-12586	45	31	lead	lead	VERB
fbem-12586	45	32	to	to	ADP
fbem-12586	45	33	"	"	PUNCT
fbem-12586	45	34	moral	moral	ADJ
fbem-12586	45	35	hazard	hazard	NOUN
fbem-12586	45	36	"	"	PUNCT
fbem-12586	45	37	and	and	CCONJ
fbem-12586	45	38	"	"	PUNCT
fbem-12586	45	39	adverse	adverse	ADJ
fbem-12586	45	40	selection	selection	NOUN
fbem-12586	45	41	"	"	PUNCT
fbem-12586	45	42	of	of	ADP
fbem-12586	45	43	executives	executive	NOUN
fbem-12586	45	44	,	,	PUNCT
fbem-12586	45	45	and	and	CCONJ
fbem-12586	45	46	lead	lead	VERB
fbem-12586	45	47	to	to	ADP
fbem-12586	45	48	inconsistent	inconsistent	ADJ
fbem-12586	45	49	interests	interest	NOUN
fbem-12586	45	50	between	between	ADP
fbem-12586	45	51	executives	executive	NOUN
fbem-12586	45	52	and	and	CCONJ
fbem-12586	45	53	shareholders	shareholder	NOUN
fbem-12586	45	54	.	.	PUNCT
fbem-12586	46	1	to	to	PART
fbem-12586	46	2	reduce	reduce	VERB
fbem-12586	46	3	agency	agency	NOUN
fbem-12586	46	4	costs	cost	NOUN
fbem-12586	46	5	,	,	PUNCT
fbem-12586	46	6	companies	company	NOUN
fbem-12586	46	7	can	can	AUX
fbem-12586	46	8	employ	employ	VERB
fbem-12586	46	9	measures	measure	NOUN
fbem-12586	46	10	such	such	ADJ
fbem-12586	46	11	as	as	ADP
fbem-12586	46	12	supervision	supervision	NOUN
fbem-12586	46	13	and	and	CCONJ
fbem-12586	46	14	incentives	incentive	NOUN
fbem-12586	46	15	.	.	PUNCT
fbem-12586	47	1	as	as	SCONJ
fbem-12586	47	2	companies	company	NOUN
fbem-12586	47	3	grow	grow	VERB
fbem-12586	47	4	in	in	ADP
fbem-12586	47	5	size	size	NOUN
fbem-12586	47	6	,	,	PUNCT
fbem-12586	47	7	the	the	DET
fbem-12586	47	8	cost	cost	NOUN
fbem-12586	47	9	of	of	ADP
fbem-12586	47	10	supervising	supervise	VERB
fbem-12586	47	11	agents	agent	NOUN
fbem-12586	47	12	is	be	AUX
fbem-12586	47	13	high	high	ADJ
fbem-12586	47	14	due	due	ADP
fbem-12586	47	15	to	to	ADP
fbem-12586	47	16	the	the	DET
fbem-12586	47	17	limited	limited	ADJ
fbem-12586	47	18	time	time	NOUN
fbem-12586	47	19	,	,	PUNCT
fbem-12586	47	20	energy	energy	NOUN
fbem-12586	47	21	and	and	CCONJ
fbem-12586	47	22	capacity	capacity	NOUN
fbem-12586	47	23	of	of	ADP
fbem-12586	47	24	shareholders	shareholder	NOUN
fbem-12586	47	25	,	,	PUNCT
fbem-12586	47	26	and	and	CCONJ
fbem-12586	47	27	the	the	DET
fbem-12586	47	28	use	use	NOUN
fbem-12586	47	29	of	of	ADP
fbem-12586	47	30	incentives	incentive	NOUN
fbem-12586	47	31	as	as	ADP
fbem-12586	47	32	a	a	DET
fbem-12586	47	33	solution	solution	NOUN
fbem-12586	47	34	to	to	PART
fbem-12586	47	35	reduce	reduce	VERB
fbem-12586	47	36	agency	agency	NOUN
fbem-12586	47	37	costs	cost	NOUN
fbem-12586	47	38	is	be	AUX
fbem-12586	47	39	generally	generally	ADV
fbem-12586	47	40	recognized	recognize	VERB
fbem-12586	47	41	.	.	PUNCT
fbem-12586	48	1	an	an	DET
fbem-12586	48	2	appropriate	appropriate	ADJ
fbem-12586	48	3	equity	equity	NOUN
fbem-12586	48	4	incentive	incentive	NOUN
fbem-12586	48	5	system	system	NOUN
fbem-12586	48	6	may	may	AUX
fbem-12586	48	7	weaken	weaken	VERB
fbem-12586	48	8	management	management	NOUN
fbem-12586	48	9	's	's	PART
fbem-12586	48	10	self	self	NOUN
fbem-12586	48	11	-	-	PUNCT
fbem-12586	48	12	interested	interested	ADJ
fbem-12586	48	13	behavior	behavior	NOUN
fbem-12586	48	14	,	,	PUNCT
fbem-12586	48	15	promote	promote	VERB
fbem-12586	48	16	management	management	NOUN
fbem-12586	48	17	's	's	PART
fbem-12586	48	18	investment	investment	NOUN
fbem-12586	48	19	decisions	decision	NOUN
fbem-12586	48	20	in	in	ADP
fbem-12586	48	21	accordance	accordance	NOUN
fbem-12586	48	22	with	with	ADP
fbem-12586	48	23	the	the	DET
fbem-12586	48	24	criteria	criterion	NOUN
fbem-12586	48	25	of	of	ADP
fbem-12586	48	26	maximizing	maximize	VERB
fbem-12586	48	27	enterprise	enterprise	NOUN
fbem-12586	48	28	value	value	NOUN
fbem-12586	48	29	,	,	PUNCT
fbem-12586	48	30	and	and	CCONJ
fbem-12586	48	31	improve	improve	VERB
fbem-12586	48	32	investment	investment	NOUN
fbem-12586	48	33	efficiency	efficiency	NOUN
fbem-12586	48	34	and	and	CCONJ
fbem-12586	48	35	effectiveness	effectiveness	NOUN
fbem-12586	48	36	.	.	PUNCT
fbem-12586	49	1	at	at	ADP
fbem-12586	49	2	the	the	DET
fbem-12586	49	3	same	same	ADJ
fbem-12586	49	4	time	time	NOUN
fbem-12586	49	5	,	,	PUNCT
fbem-12586	49	6	the	the	DET
fbem-12586	49	7	great	great	ADJ
fbem-12586	49	8	importance	importance	NOUN
fbem-12586	49	9	attached	attach	VERB
fbem-12586	49	10	to	to	ADP
fbem-12586	49	11	the	the	DET
fbem-12586	49	12	remuneration	remuneration	NOUN
fbem-12586	49	13	of	of	ADP
fbem-12586	49	14	the	the	DET
fbem-12586	49	15	company	company	NOUN
fbem-12586	49	16	's	's	PART
fbem-12586	49	17	management	management	NOUN
fbem-12586	49	18	and	and	CCONJ
fbem-12586	49	19	core	core	NOUN
fbem-12586	49	20	employees	employee	NOUN
fbem-12586	49	21	and	and	CCONJ
fbem-12586	49	22	the	the	DET
fbem-12586	49	23	implementation	implementation	NOUN
fbem-12586	49	24	of	of	ADP
fbem-12586	49	25	incentive	incentive	NOUN
fbem-12586	49	26	measures	measure	NOUN
fbem-12586	49	27	such	such	ADJ
fbem-12586	49	28	as	as	ADP
fbem-12586	49	29	equity	equity	NOUN
fbem-12586	49	30	incentives	incentive	NOUN
fbem-12586	49	31	can	can	AUX
fbem-12586	49	32	alleviate	alleviate	VERB
fbem-12586	49	33	the	the	DET
fbem-12586	49	34	conflict	conflict	NOUN
fbem-12586	49	35	of	of	ADP
fbem-12586	49	36	interest	interest	NOUN
fbem-12586	49	37	between	between	ADP
fbem-12586	49	38	shareholders	shareholder	NOUN
fbem-12586	49	39	,	,	PUNCT
fbem-12586	49	40	management	management	NOUN
fbem-12586	49	41	and	and	CCONJ
fbem-12586	49	42	employees	employee	NOUN
fbem-12586	49	43	,	,	PUNCT
fbem-12586	49	44	enable	enable	VERB
fbem-12586	49	45	management	management	NOUN
fbem-12586	49	46	and	and	CCONJ
fbem-12586	49	47	employees	employee	NOUN
fbem-12586	49	48	to	to	PART
fbem-12586	49	49	devote	devote	VERB
fbem-12586	49	50	themselves	themselves	PRON
fbem-12586	49	51	to	to	ADP
fbem-12586	49	52	the	the	DET
fbem-12586	49	53	production	production	NOUN
fbem-12586	49	54	and	and	CCONJ
fbem-12586	49	55	management	management	NOUN
fbem-12586	49	56	control	control	NOUN
fbem-12586	49	57	of	of	ADP
fbem-12586	49	58	the	the	DET
fbem-12586	49	59	enterprise	enterprise	NOUN
fbem-12586	49	60	,	,	PUNCT
fbem-12586	49	61	and	and	CCONJ
fbem-12586	49	62	improve	improve	VERB
fbem-12586	49	63	the	the	DET
fbem-12586	49	64	business	business	NOUN
fbem-12586	49	65	performance	performance	NOUN
fbem-12586	49	66	of	of	ADP
fbem-12586	49	67	the	the	DET
fbem-12586	49	68	enterprise	enterprise	NOUN
fbem-12586	49	69	.	.	PUNCT
fbem-12586	50	1	innovation	innovation	NOUN
fbem-12586	50	2	theory	theory	NOUN
fbem-12586	50	3	mainly	mainly	ADV
fbem-12586	50	4	emphasizes	emphasize	VERB
fbem-12586	50	5	that	that	SCONJ
fbem-12586	50	6	investment	investment	NOUN
fbem-12586	50	7	in	in	ADP
fbem-12586	50	8	intellectual	intellectual	ADJ
fbem-12586	50	9	capital	capital	NOUN
fbem-12586	50	10	is	be	AUX
fbem-12586	50	11	extremely	extremely	ADV
fbem-12586	50	12	important	important	ADJ
fbem-12586	50	13	for	for	ADP
fbem-12586	50	14	the	the	DET
fbem-12586	50	15	development	development	NOUN
fbem-12586	50	16	of	of	ADP
fbem-12586	50	17	enterprises	enterprise	NOUN
fbem-12586	50	18	.	.	PUNCT
fbem-12586	51	1	the	the	DET
fbem-12586	51	2	accumulation	accumulation	NOUN
fbem-12586	51	3	of	of	ADP
fbem-12586	51	4	intellectual	intellectual	ADJ
fbem-12586	51	5	capital	capital	NOUN
fbem-12586	51	6	and	and	CCONJ
fbem-12586	51	7	human	human	ADJ
fbem-12586	51	8	capital	capital	NOUN
fbem-12586	51	9	is	be	AUX
fbem-12586	51	10	an	an	DET
fbem-12586	51	11	important	important	ADJ
fbem-12586	51	12	factor	factor	NOUN
fbem-12586	51	13	affecting	affect	VERB
fbem-12586	51	14	enterprise	enterprise	NOUN
fbem-12586	51	15	innovation	innovation	NOUN
fbem-12586	51	16	,	,	PUNCT
fbem-12586	51	17	through	through	ADP
fbem-12586	51	18	intellectual	intellectual	ADJ
fbem-12586	51	19	capital	capital	NOUN
fbem-12586	51	20	investment	investment	NOUN
fbem-12586	51	21	and	and	CCONJ
fbem-12586	51	22	r&d	r&d	NOUN
fbem-12586	51	23	investment	investment	NOUN
fbem-12586	51	24	,	,	PUNCT
fbem-12586	51	25	it	it	PRON
fbem-12586	51	26	can	can	AUX
fbem-12586	51	27	enhance	enhance	VERB
fbem-12586	51	28	the	the	DET
fbem-12586	51	29	technological	technological	ADJ
fbem-12586	51	30	innovation	innovation	NOUN
fbem-12586	51	31	and	and	CCONJ
fbem-12586	51	32	product	product	NOUN
fbem-12586	51	33	innovation	innovation	NOUN
fbem-12586	51	34	results	result	NOUN
fbem-12586	51	35	of	of	ADP
fbem-12586	51	36	enterprises	enterprise	NOUN
fbem-12586	51	37	,	,	PUNCT
fbem-12586	51	38	enhance	enhance	VERB
fbem-12586	51	39	the	the	DET
fbem-12586	51	40	market	market	NOUN
fbem-12586	51	41	competitiveness	competitiveness	NOUN
fbem-12586	51	42	of	of	ADP
fbem-12586	51	43	enterprises	enterprise	NOUN
fbem-12586	51	44	to	to	PART
fbem-12586	51	45	obtain	obtain	VERB
fbem-12586	51	46	good	good	ADJ
fbem-12586	51	47	business	business	NOUN
fbem-12586	51	48	performance	performance	NOUN
fbem-12586	51	49	.	.	PUNCT
fbem-12586	52	1	2.2	2.2	NUM
fbem-12586	52	2	.	.	PUNCT
fbem-12586	53	1	equity	equity	NOUN
fbem-12586	53	2	incentives	incentive	NOUN
fbem-12586	53	3	and	and	CCONJ
fbem-12586	53	4	enterprise	enterprise	NOUN
fbem-12586	53	5	performance	performance	NOUN
fbem-12586	53	6	2.2.1	2.2.1	NUM
fbem-12586	53	7	.	.	PUNCT
fbem-12586	54	1	resource	resource	NOUN
fbem-12586	54	2	factors	factor	NOUN
fbem-12586	54	3	innovative	innovative	ADJ
fbem-12586	54	4	human	human	ADJ
fbem-12586	54	5	capital	capital	NOUN
fbem-12586	54	6	is	be	AUX
fbem-12586	54	7	especially	especially	ADV
fbem-12586	54	8	critical	critical	ADJ
fbem-12586	54	9	to	to	ADP
fbem-12586	54	10	growth	growth	NOUN
fbem-12586	54	11	.	.	PUNCT
fbem-12586	55	1	those	those	DET
fbem-12586	55	2	core	core	NOUN
fbem-12586	55	3	employees	employee	NOUN
fbem-12586	55	4	who	who	PRON
fbem-12586	55	5	have	have	VERB
fbem-12586	55	6	specialized	specialized	ADJ
fbem-12586	55	7	technology	technology	NOUN
fbem-12586	55	8	,	,	PUNCT
fbem-12586	55	9	181	181	NUM
fbem-12586	55	10	master	master	NOUN
fbem-12586	55	11	the	the	DET
fbem-12586	55	12	core	core	NOUN
fbem-12586	55	13	business	business	NOUN
fbem-12586	55	14	,	,	PUNCT
fbem-12586	55	15	control	control	VERB
fbem-12586	55	16	key	key	ADJ
fbem-12586	55	17	resources	resource	NOUN
fbem-12586	55	18	,	,	PUNCT
fbem-12586	55	19	and	and	CCONJ
fbem-12586	55	20	have	have	VERB
fbem-12586	55	21	an	an	DET
fbem-12586	55	22	important	important	ADJ
fbem-12586	55	23	impact	impact	NOUN
fbem-12586	55	24	on	on	ADP
fbem-12586	55	25	the	the	DET
fbem-12586	55	26	operation	operation	NOUN
fbem-12586	55	27	and	and	CCONJ
fbem-12586	55	28	development	development	NOUN
fbem-12586	55	29	of	of	ADP
fbem-12586	55	30	the	the	DET
fbem-12586	55	31	enterprise	enterprise	NOUN
fbem-12586	55	32	are	be	AUX
fbem-12586	55	33	the	the	DET
fbem-12586	55	34	important	important	ADJ
fbem-12586	55	35	subjects	subject	NOUN
fbem-12586	55	36	of	of	ADP
fbem-12586	55	37	experience	experience	NOUN
fbem-12586	55	38	,	,	PUNCT
fbem-12586	55	39	knowledge	knowledge	NOUN
fbem-12586	55	40	and	and	CCONJ
fbem-12586	55	41	technology	technology	NOUN
fbem-12586	55	42	creation	creation	NOUN
fbem-12586	55	43	,	,	PUNCT
fbem-12586	55	44	and	and	CCONJ
fbem-12586	55	45	are	be	AUX
fbem-12586	55	46	the	the	DET
fbem-12586	55	47	carriers	carrier	NOUN
fbem-12586	55	48	and	and	CCONJ
fbem-12586	55	49	executors	executor	NOUN
fbem-12586	55	50	of	of	ADP
fbem-12586	55	51	the	the	DET
fbem-12586	55	52	core	core	NOUN
fbem-12586	55	53	competitiveness	competitiveness	NOUN
fbem-12586	55	54	of	of	ADP
fbem-12586	55	55	the	the	DET
fbem-12586	55	56	enterprise	enterprise	NOUN
fbem-12586	55	57	in	in	ADP
fbem-12586	55	58	r&d	r&d	NOUN
fbem-12586	55	59	,	,	PUNCT
fbem-12586	55	60	design	design	NOUN
fbem-12586	55	61	,	,	PUNCT
fbem-12586	55	62	manufacturing	manufacturing	NOUN
fbem-12586	55	63	,	,	PUNCT
fbem-12586	55	64	marketing	marketing	NOUN
fbem-12586	55	65	,	,	PUNCT
fbem-12586	55	66	service	service	NOUN
fbem-12586	55	67	and	and	CCONJ
fbem-12586	55	68	other	other	ADJ
fbem-12586	55	69	links	link	NOUN
fbem-12586	55	70	,	,	PUNCT
fbem-12586	55	71	thus	thus	ADV
fbem-12586	55	72	becoming	become	VERB
fbem-12586	55	73	the	the	DET
fbem-12586	55	74	most	most	ADV
fbem-12586	55	75	important	important	ADJ
fbem-12586	55	76	driving	driving	NOUN
fbem-12586	55	77	force	force	NOUN
fbem-12586	55	78	for	for	ADP
fbem-12586	55	79	enhancing	enhance	VERB
fbem-12586	55	80	the	the	DET
fbem-12586	55	81	value	value	NOUN
fbem-12586	55	82	of	of	ADP
fbem-12586	55	83	the	the	DET
fbem-12586	55	84	enterprise	enterprise	NOUN
fbem-12586	55	85	.	.	PUNCT
fbem-12586	56	1	due	due	ADP
fbem-12586	56	2	to	to	ADP
fbem-12586	56	3	the	the	DET
fbem-12586	56	4	intensification	intensification	NOUN
fbem-12586	56	5	of	of	ADP
fbem-12586	56	6	competition	competition	NOUN
fbem-12586	56	7	for	for	ADP
fbem-12586	56	8	core	core	ADJ
fbem-12586	56	9	talent	talent	NOUN
fbem-12586	56	10	demand	demand	NOUN
fbem-12586	56	11	by	by	ADP
fbem-12586	56	12	enterprises	enterprise	NOUN
fbem-12586	56	13	,	,	PUNCT
fbem-12586	56	14	the	the	DET
fbem-12586	56	15	loss	loss	NOUN
fbem-12586	56	16	of	of	ADP
fbem-12586	56	17	core	core	NOUN
fbem-12586	56	18	employees	employee	NOUN
fbem-12586	56	19	will	will	AUX
fbem-12586	56	20	reduce	reduce	VERB
fbem-12586	56	21	the	the	DET
fbem-12586	56	22	competitiveness	competitiveness	NOUN
fbem-12586	56	23	of	of	ADP
fbem-12586	56	24	enterprises	enterprise	NOUN
fbem-12586	56	25	,	,	PUNCT
fbem-12586	56	26	increase	increase	VERB
fbem-12586	56	27	the	the	DET
fbem-12586	56	28	replacement	replacement	NOUN
fbem-12586	56	29	cost	cost	NOUN
fbem-12586	56	30	of	of	ADP
fbem-12586	56	31	human	human	ADJ
fbem-12586	56	32	resources	resource	NOUN
fbem-12586	56	33	,	,	PUNCT
fbem-12586	56	34	and	and	CCONJ
fbem-12586	56	35	lose	lose	VERB
fbem-12586	56	36	core	core	NOUN
fbem-12586	56	37	technology	technology	NOUN
fbem-12586	56	38	and	and	CCONJ
fbem-12586	56	39	key	key	ADJ
fbem-12586	56	40	resources	resource	NOUN
fbem-12586	56	41	.	.	PUNCT
fbem-12586	57	1	in	in	ADP
fbem-12586	57	2	order	order	NOUN
fbem-12586	57	3	to	to	PART
fbem-12586	57	4	prevent	prevent	VERB
fbem-12586	57	5	the	the	DET
fbem-12586	57	6	loss	loss	NOUN
fbem-12586	57	7	of	of	ADP
fbem-12586	57	8	core	core	NOUN
fbem-12586	57	9	employees	employee	NOUN
fbem-12586	57	10	who	who	PRON
fbem-12586	57	11	create	create	VERB
fbem-12586	57	12	most	most	ADJ
fbem-12586	57	13	wealth	wealth	NOUN
fbem-12586	57	14	and	and	CCONJ
fbem-12586	57	15	profits	profit	NOUN
fbem-12586	57	16	and	and	CCONJ
fbem-12586	57	17	enhance	enhance	VERB
fbem-12586	57	18	the	the	DET
fbem-12586	57	19	core	core	NOUN
fbem-12586	57	20	competitiveness	competitiveness	NOUN
fbem-12586	57	21	of	of	ADP
fbem-12586	57	22	enterprises	enterprise	NOUN
fbem-12586	57	23	,	,	PUNCT
fbem-12586	57	24	enterprises	enterprise	NOUN
fbem-12586	57	25	should	should	AUX
fbem-12586	57	26	build	build	VERB
fbem-12586	57	27	effective	effective	ADJ
fbem-12586	57	28	long	long	ADJ
fbem-12586	57	29	-	-	PUNCT
fbem-12586	57	30	term	term	NOUN
fbem-12586	57	31	incentive	incentive	NOUN
fbem-12586	57	32	mechanisms	mechanism	NOUN
fbem-12586	57	33	for	for	ADP
fbem-12586	57	34	core	core	NOUN
fbem-12586	57	35	employees	employee	NOUN
fbem-12586	57	36	.	.	PUNCT
fbem-12586	58	1	therefore	therefore	ADV
fbem-12586	58	2	,	,	PUNCT
fbem-12586	58	3	this	this	DET
fbem-12586	58	4	paper	paper	NOUN
fbem-12586	58	5	presents	present	VERB
fbem-12586	58	6	hypothesis	hypothesis	NOUN
fbem-12586	58	7	1	1	NUM
fbem-12586	58	8	.	.	PUNCT
fbem-12586	59	1	h1	h1	PROPN
fbem-12586	59	2	:	:	PUNCT
fbem-12586	59	3	employee	employee	NOUN
fbem-12586	59	4	equity	equity	NOUN
fbem-12586	59	5	incentives	incentive	NOUN
fbem-12586	59	6	are	be	AUX
fbem-12586	59	7	positively	positively	ADV
fbem-12586	59	8	correlated	correlate	VERB
fbem-12586	59	9	with	with	ADP
fbem-12586	59	10	enterprise	enterprise	NOUN
fbem-12586	59	11	performance	performance	NOUN
fbem-12586	59	12	.	.	PUNCT
fbem-12586	60	1	2.2.2	2.2.2	X
fbem-12586	60	2	.	.	PUNCT
fbem-12586	60	3	governance	governance	NOUN
fbem-12586	60	4	factors	factor	NOUN
fbem-12586	60	5	in	in	ADP
fbem-12586	60	6	the	the	DET
fbem-12586	60	7	30s	30	NOUN
fbem-12586	60	8	of	of	ADP
fbem-12586	60	9	the	the	DET
fbem-12586	60	10	20th	20th	ADJ
fbem-12586	60	11	century	century	NOUN
fbem-12586	60	12	,	,	PUNCT
fbem-12586	60	13	burleigh	burleigh	ADJ
fbem-12586	60	14	and	and	CCONJ
fbem-12586	60	15	mynnes	mynne	NOUN
fbem-12586	60	16	put	put	VERB
fbem-12586	60	17	forward	forward	ADP
fbem-12586	60	18	the	the	DET
fbem-12586	60	19	"	"	PUNCT
fbem-12586	60	20	principal	principal	ADJ
fbem-12586	60	21	-	-	PUNCT
fbem-12586	60	22	agent	agent	NOUN
fbem-12586	60	23	theory	theory	NOUN
fbem-12586	60	24	"	"	PUNCT
fbem-12586	60	25	,	,	PUNCT
fbem-12586	60	26	which	which	PRON
fbem-12586	60	27	believed	believe	VERB
fbem-12586	60	28	that	that	SCONJ
fbem-12586	60	29	the	the	DET
fbem-12586	60	30	right	right	NOUN
fbem-12586	60	31	to	to	PART
fbem-12586	60	32	operate	operate	VERB
fbem-12586	60	33	and	and	CCONJ
fbem-12586	60	34	the	the	DET
fbem-12586	60	35	ownership	ownership	NOUN
fbem-12586	60	36	of	of	ADP
fbem-12586	60	37	enterprises	enterprise	NOUN
fbem-12586	60	38	should	should	AUX
fbem-12586	60	39	be	be	AUX
fbem-12586	60	40	separated	separate	VERB
fbem-12586	60	41	,	,	PUNCT
fbem-12586	60	42	and	and	CCONJ
fbem-12586	60	43	the	the	DET
fbem-12586	60	44	integration	integration	NOUN
fbem-12586	60	45	of	of	ADP
fbem-12586	60	46	the	the	DET
fbem-12586	60	47	two	two	NUM
fbem-12586	60	48	rights	right	NOUN
fbem-12586	60	49	has	have	VERB
fbem-12586	60	50	a	a	DET
fbem-12586	60	51	greater	great	ADJ
fbem-12586	60	52	impact	impact	NOUN
fbem-12586	60	53	on	on	ADP
fbem-12586	60	54	the	the	DET
fbem-12586	60	55	development	development	NOUN
fbem-12586	60	56	of	of	ADP
fbem-12586	60	57	enterprises	enterprise	NOUN
fbem-12586	60	58	.	.	PUNCT
fbem-12586	61	1	the	the	DET
fbem-12586	61	2	enterprise	enterprise	NOUN
fbem-12586	61	3	owner	owner	NOUN
fbem-12586	61	4	can	can	AUX
fbem-12586	61	5	retain	retain	VERB
fbem-12586	61	6	the	the	DET
fbem-12586	61	7	remaining	remain	VERB
fbem-12586	61	8	claim	claim	NOUN
fbem-12586	61	9	rights	right	NOUN
fbem-12586	61	10	and	and	CCONJ
fbem-12586	61	11	transfer	transfer	VERB
fbem-12586	61	12	the	the	DET
fbem-12586	61	13	management	management	NOUN
fbem-12586	61	14	rights	right	NOUN
fbem-12586	61	15	to	to	ADP
fbem-12586	61	16	more	more	ADV
fbem-12586	61	17	professional	professional	ADJ
fbem-12586	61	18	and	and	CCONJ
fbem-12586	61	19	powerful	powerful	ADJ
fbem-12586	61	20	managers	manager	NOUN
fbem-12586	61	21	[	[	X
fbem-12586	61	22	3	3	NUM
fbem-12586	61	23	]	]	PUNCT
fbem-12586	61	24	.	.	PUNCT
fbem-12586	62	1	the	the	DET
fbem-12586	62	2	core	core	NOUN
fbem-12586	62	3	of	of	ADP
fbem-12586	62	4	the	the	DET
fbem-12586	62	5	principal	principal	ADJ
fbem-12586	62	6	-	-	PUNCT
fbem-12586	62	7	agent	agent	NOUN
fbem-12586	62	8	theory	theory	NOUN
fbem-12586	62	9	is	be	AUX
fbem-12586	62	10	the	the	DET
fbem-12586	62	11	"	"	PUNCT
fbem-12586	62	12	economic	economic	ADJ
fbem-12586	62	13	man	man	NOUN
fbem-12586	62	14	"	"	PUNCT
fbem-12586	62	15	hypothesis	hypothesis	NOUN
fbem-12586	62	16	,	,	PUNCT
fbem-12586	62	17	the	the	DET
fbem-12586	62	18	shareholders	shareholder	NOUN
fbem-12586	62	19	and	and	CCONJ
fbem-12586	62	20	executives	executive	NOUN
fbem-12586	62	21	of	of	ADP
fbem-12586	62	22	the	the	DET
fbem-12586	62	23	enterprise	enterprise	NOUN
fbem-12586	62	24	belong	belong	VERB
fbem-12586	62	25	to	to	ADP
fbem-12586	62	26	the	the	DET
fbem-12586	62	27	so	so	ADV
fbem-12586	62	28	-	-	PUNCT
fbem-12586	62	29	called	call	VERB
fbem-12586	62	30	"	"	PUNCT
fbem-12586	62	31	economic	economic	ADJ
fbem-12586	62	32	man	man	NOUN
fbem-12586	62	33	"	"	PUNCT
fbem-12586	62	34	in	in	ADP
fbem-12586	62	35	social	social	ADJ
fbem-12586	62	36	activities	activity	NOUN
fbem-12586	62	37	,	,	PUNCT
fbem-12586	62	38	and	and	CCONJ
fbem-12586	62	39	each	each	DET
fbem-12586	62	40	role	role	NOUN
fbem-12586	62	41	will	will	AUX
fbem-12586	62	42	tend	tend	VERB
fbem-12586	62	43	to	to	PART
fbem-12586	62	44	take	take	VERB
fbem-12586	62	45	some	some	DET
fbem-12586	62	46	actions	action	NOUN
fbem-12586	62	47	to	to	PART
fbem-12586	62	48	seek	seek	VERB
fbem-12586	62	49	benefits	benefit	NOUN
fbem-12586	62	50	and	and	CCONJ
fbem-12586	62	51	avoid	avoid	VERB
fbem-12586	62	52	disadvantages	disadvantage	NOUN
fbem-12586	62	53	to	to	PART
fbem-12586	62	54	realize	realize	VERB
fbem-12586	62	55	their	their	PRON
fbem-12586	62	56	own	own	ADJ
fbem-12586	62	57	interests	interest	NOUN
fbem-12586	62	58	in	in	ADP
fbem-12586	62	59	economic	economic	ADJ
fbem-12586	62	60	activities	activity	NOUN
fbem-12586	62	61	as	as	ADV
fbem-12586	62	62	much	much	ADV
fbem-12586	62	63	as	as	ADP
fbem-12586	62	64	possible	possible	ADJ
fbem-12586	62	65	.	.	PUNCT
fbem-12586	63	1	generally	generally	ADV
fbem-12586	63	2	speaking	speak	VERB
fbem-12586	63	3	,	,	PUNCT
fbem-12586	63	4	the	the	DET
fbem-12586	63	5	shareholders	shareholder	NOUN
fbem-12586	63	6	of	of	ADP
fbem-12586	63	7	an	an	DET
fbem-12586	63	8	enterprise	enterprise	NOUN
fbem-12586	63	9	seek	seek	VERB
fbem-12586	63	10	the	the	DET
fbem-12586	63	11	appreciation	appreciation	NOUN
fbem-12586	63	12	of	of	ADP
fbem-12586	63	13	invested	invest	VERB
fbem-12586	63	14	capital	capital	NOUN
fbem-12586	63	15	,	,	PUNCT
fbem-12586	63	16	that	that	ADV
fbem-12586	63	17	is	is	ADV
fbem-12586	63	18	,	,	PUNCT
fbem-12586	63	19	to	to	PART
fbem-12586	63	20	optimize	optimize	VERB
fbem-12586	63	21	the	the	DET
fbem-12586	63	22	value	value	NOUN
fbem-12586	63	23	of	of	ADP
fbem-12586	63	24	the	the	DET
fbem-12586	63	25	company	company	NOUN
fbem-12586	63	26	,	,	PUNCT
fbem-12586	63	27	while	while	SCONJ
fbem-12586	63	28	the	the	DET
fbem-12586	63	29	executives	executive	NOUN
fbem-12586	63	30	seek	seek	VERB
fbem-12586	63	31	high	high	ADJ
fbem-12586	63	32	compensation	compensation	NOUN
fbem-12586	63	33	and	and	CCONJ
fbem-12586	63	34	low	low	ADJ
fbem-12586	63	35	risk	risk	NOUN
fbem-12586	63	36	,	,	PUNCT
fbem-12586	63	37	that	that	ADV
fbem-12586	63	38	is	is	ADV
fbem-12586	63	39	,	,	PUNCT
fbem-12586	63	40	the	the	DET
fbem-12586	63	41	maximization	maximization	NOUN
fbem-12586	63	42	of	of	ADP
fbem-12586	63	43	personal	personal	ADJ
fbem-12586	63	44	value	value	NOUN
fbem-12586	63	45	,	,	PUNCT
fbem-12586	63	46	and	and	CCONJ
fbem-12586	63	47	the	the	DET
fbem-12586	63	48	agency	agency	NOUN
fbem-12586	63	49	cost	cost	NOUN
fbem-12586	63	50	is	be	AUX
fbem-12586	63	51	caused	cause	VERB
fbem-12586	63	52	by	by	ADP
fbem-12586	63	53	the	the	DET
fbem-12586	63	54	conflict	conflict	NOUN
fbem-12586	63	55	of	of	ADP
fbem-12586	63	56	interests	interest	NOUN
fbem-12586	63	57	between	between	ADP
fbem-12586	63	58	the	the	DET
fbem-12586	63	59	two	two	NUM
fbem-12586	63	60	.	.	PUNCT
fbem-12586	64	1	it	it	PRON
fbem-12586	64	2	is	be	AUX
fbem-12586	64	3	precisely	precisely	ADV
fbem-12586	64	4	because	because	SCONJ
fbem-12586	64	5	the	the	DET
fbem-12586	64	6	separation	separation	NOUN
fbem-12586	64	7	of	of	ADP
fbem-12586	64	8	ownership	ownership	NOUN
fbem-12586	64	9	and	and	CCONJ
fbem-12586	64	10	management	management	NOUN
fbem-12586	64	11	rights	right	NOUN
fbem-12586	64	12	can	can	AUX
fbem-12586	64	13	easily	easily	ADV
fbem-12586	64	14	lead	lead	VERB
fbem-12586	64	15	to	to	ADP
fbem-12586	64	16	differences	difference	NOUN
fbem-12586	64	17	in	in	ADP
fbem-12586	64	18	the	the	DET
fbem-12586	64	19	interests	interest	NOUN
fbem-12586	64	20	of	of	ADP
fbem-12586	64	21	the	the	DET
fbem-12586	64	22	two	two	NUM
fbem-12586	64	23	,	,	PUNCT
fbem-12586	64	24	increase	increase	VERB
fbem-12586	64	25	agency	agency	NOUN
fbem-12586	64	26	costs	cost	NOUN
fbem-12586	64	27	,	,	PUNCT
fbem-12586	64	28	and	and	CCONJ
fbem-12586	64	29	affect	affect	VERB
fbem-12586	64	30	enterprise	enterprise	NOUN
fbem-12586	64	31	performance	performance	NOUN
fbem-12586	64	32	.	.	PUNCT
fbem-12586	65	1	in	in	ADP
fbem-12586	65	2	listed	list	VERB
fbem-12586	65	3	enterprises	enterprise	NOUN
fbem-12586	65	4	with	with	ADP
fbem-12586	65	5	relatively	relatively	ADV
fbem-12586	65	6	concentrated	concentrated	ADJ
fbem-12586	65	7	equity	equity	NOUN
fbem-12586	65	8	,	,	PUNCT
fbem-12586	65	9	there	there	PRON
fbem-12586	65	10	is	be	VERB
fbem-12586	65	11	generally	generally	ADV
fbem-12586	65	12	a	a	DET
fbem-12586	65	13	phenomenon	phenomenon	NOUN
fbem-12586	65	14	of	of	ADP
fbem-12586	65	15	"	"	PUNCT
fbem-12586	65	16	double	double	ADJ
fbem-12586	65	17	entrusted	entrust	VERB
fbem-12586	65	18	agent	agent	NOUN
fbem-12586	65	19	"	"	PUNCT
fbem-12586	65	20	,	,	PUNCT
fbem-12586	65	21	and	and	CCONJ
fbem-12586	65	22	the	the	DET
fbem-12586	65	23	theoretical	theoretical	ADJ
fbem-12586	65	24	system	system	NOUN
fbem-12586	65	25	established	establish	VERB
fbem-12586	65	26	based	base	VERB
fbem-12586	65	27	on	on	ADP
fbem-12586	65	28	this	this	DET
fbem-12586	65	29	phenomenon	phenomenon	NOUN
fbem-12586	65	30	is	be	AUX
fbem-12586	65	31	called	call	VERB
fbem-12586	65	32	"	"	PUNCT
fbem-12586	65	33	double	double	ADJ
fbem-12586	65	34	entrusted	entrust	VERB
fbem-12586	65	35	agent	agent	NOUN
fbem-12586	65	36	theory	theory	NOUN
fbem-12586	65	37	"	"	PUNCT
fbem-12586	65	38	,	,	PUNCT
fbem-12586	65	39	the	the	DET
fbem-12586	65	40	core	core	NOUN
fbem-12586	65	41	of	of	ADP
fbem-12586	65	42	which	which	PRON
fbem-12586	65	43	is	be	AUX
fbem-12586	65	44	to	to	PART
fbem-12586	65	45	build	build	VERB
fbem-12586	65	46	an	an	DET
fbem-12586	65	47	optimal	optimal	ADJ
fbem-12586	65	48	governance	governance	NOUN
fbem-12586	65	49	mechanism	mechanism	NOUN
fbem-12586	65	50	and	and	CCONJ
fbem-12586	65	51	structure	structure	NOUN
fbem-12586	65	52	,	,	PUNCT
fbem-12586	65	53	which	which	PRON
fbem-12586	65	54	can	can	AUX
fbem-12586	65	55	not	not	PART
fbem-12586	65	56	only	only	ADV
fbem-12586	65	57	promote	promote	VERB
fbem-12586	65	58	operators	operator	NOUN
fbem-12586	65	59	to	to	PART
fbem-12586	65	60	make	make	VERB
fbem-12586	65	61	decisions	decision	NOUN
fbem-12586	65	62	in	in	ADP
fbem-12586	65	63	line	line	NOUN
fbem-12586	65	64	with	with	ADP
fbem-12586	65	65	the	the	DET
fbem-12586	65	66	rights	right	NOUN
fbem-12586	65	67	and	and	CCONJ
fbem-12586	65	68	interests	interest	NOUN
fbem-12586	65	69	of	of	ADP
fbem-12586	65	70	shareholders	shareholder	NOUN
fbem-12586	65	71	,	,	PUNCT
fbem-12586	65	72	but	but	CCONJ
fbem-12586	65	73	also	also	ADV
fbem-12586	65	74	prevent	prevent	VERB
fbem-12586	65	75	malicious	malicious	ADJ
fbem-12586	65	76	acts	act	NOUN
fbem-12586	65	77	of	of	ADP
fbem-12586	65	78	controlling	control	VERB
fbem-12586	65	79	shareholders	shareholder	NOUN
fbem-12586	65	80	,	,	PUNCT
fbem-12586	65	81	and	and	CCONJ
fbem-12586	65	82	then	then	ADV
fbem-12586	65	83	protect	protect	VERB
fbem-12586	65	84	the	the	DET
fbem-12586	65	85	legitimate	legitimate	ADJ
fbem-12586	65	86	rights	right	NOUN
fbem-12586	65	87	and	and	CCONJ
fbem-12586	65	88	interests	interest	NOUN
fbem-12586	65	89	of	of	ADP
fbem-12586	65	90	minority	minority	NOUN
fbem-12586	65	91	shareholders	shareholder	NOUN
fbem-12586	66	1	[	[	X
fbem-12586	66	2	4	4	NUM
fbem-12586	66	3	]	]	PUNCT
fbem-12586	66	4	.	.	PUNCT
fbem-12586	67	1	with	with	ADP
fbem-12586	67	2	the	the	DET
fbem-12586	67	3	emergence	emergence	NOUN
fbem-12586	67	4	of	of	ADP
fbem-12586	67	5	equity	equity	NOUN
fbem-12586	67	6	incentives	incentive	NOUN
fbem-12586	67	7	,	,	PUNCT
fbem-12586	67	8	corporate	corporate	ADJ
fbem-12586	67	9	executives	executive	NOUN
fbem-12586	67	10	have	have	AUX
fbem-12586	67	11	been	be	AUX
fbem-12586	67	12	taken	take	VERB
fbem-12586	67	13	seriously	seriously	ADV
fbem-12586	67	14	,	,	PUNCT
fbem-12586	67	15	and	and	CCONJ
fbem-12586	67	16	this	this	DET
fbem-12586	67	17	conflict	conflict	NOUN
fbem-12586	67	18	of	of	ADP
fbem-12586	67	19	interest	interest	NOUN
fbem-12586	67	20	between	between	ADP
fbem-12586	67	21	corporate	corporate	ADJ
fbem-12586	67	22	shareholders	shareholder	NOUN
fbem-12586	67	23	and	and	CCONJ
fbem-12586	67	24	executives	executive	NOUN
fbem-12586	67	25	has	have	AUX
fbem-12586	67	26	been	be	AUX
fbem-12586	67	27	eased	ease	VERB
fbem-12586	67	28	and	and	CCONJ
fbem-12586	67	29	changed	change	VERB
fbem-12586	67	30	.	.	PUNCT
fbem-12586	68	1	equity	equity	NOUN
fbem-12586	68	2	incentives	incentive	NOUN
fbem-12586	68	3	enable	enable	VERB
fbem-12586	68	4	the	the	DET
fbem-12586	68	5	executives	executive	NOUN
fbem-12586	68	6	of	of	ADP
fbem-12586	68	7	an	an	DET
fbem-12586	68	8	enterprise	enterprise	NOUN
fbem-12586	68	9	to	to	PART
fbem-12586	68	10	obtain	obtain	VERB
fbem-12586	68	11	certain	certain	ADJ
fbem-12586	68	12	shareholder	shareholder	NOUN
fbem-12586	68	13	rights	right	NOUN
fbem-12586	68	14	and	and	CCONJ
fbem-12586	68	15	interests	interest	NOUN
fbem-12586	68	16	,	,	PUNCT
fbem-12586	68	17	so	so	SCONJ
fbem-12586	68	18	that	that	SCONJ
fbem-12586	68	19	the	the	DET
fbem-12586	68	20	relationship	relationship	NOUN
fbem-12586	68	21	between	between	ADP
fbem-12586	68	22	them	they	PRON
fbem-12586	68	23	and	and	CCONJ
fbem-12586	68	24	the	the	DET
fbem-12586	68	25	original	original	ADJ
fbem-12586	68	26	shareholders	shareholder	NOUN
fbem-12586	68	27	changes	change	NOUN
fbem-12586	68	28	,	,	PUNCT
fbem-12586	68	29	and	and	CCONJ
fbem-12586	68	30	the	the	DET
fbem-12586	68	31	two	two	NUM
fbem-12586	68	32	can	can	AUX
fbem-12586	68	33	enjoy	enjoy	VERB
fbem-12586	68	34	the	the	DET
fbem-12586	68	35	value	value	NOUN
fbem-12586	68	36	of	of	ADP
fbem-12586	68	37	enterprise	enterprise	NOUN
fbem-12586	68	38	development	development	NOUN
fbem-12586	68	39	as	as	ADP
fbem-12586	68	40	a	a	DET
fbem-12586	68	41	community	community	NOUN
fbem-12586	68	42	of	of	ADP
fbem-12586	68	43	interests	interest	NOUN
fbem-12586	68	44	.	.	PUNCT
fbem-12586	69	1	hanson	hanson	PROPN
fbem-12586	69	2	and	and	CCONJ
fbem-12586	69	3	song	song	NOUN
fbem-12586	69	4	(	(	PUNCT
fbem-12586	69	5	2000	2000	NUM
fbem-12586	69	6	)	)	PUNCT
fbem-12586	69	7	point	point	VERB
fbem-12586	69	8	out	out	ADP
fbem-12586	69	9	that	that	SCONJ
fbem-12586	69	10	equity	equity	NOUN
fbem-12586	69	11	incentives	incentive	NOUN
fbem-12586	69	12	can	can	AUX
fbem-12586	69	13	effectively	effectively	ADV
fbem-12586	69	14	suppress	suppress	VERB
fbem-12586	69	15	the	the	DET
fbem-12586	69	16	first	first	ADJ
fbem-12586	69	17	type	type	NOUN
fbem-12586	69	18	of	of	ADP
fbem-12586	69	19	agency	agency	NOUN
fbem-12586	69	20	costs	cost	NOUN
fbem-12586	69	21	between	between	ADP
fbem-12586	69	22	shareholders	shareholder	NOUN
fbem-12586	69	23	and	and	CCONJ
fbem-12586	69	24	managers	manager	NOUN
fbem-12586	69	25	[	[	X
fbem-12586	69	26	5	5	NUM
fbem-12586	69	27	]	]	PUNCT
fbem-12586	69	28	.	.	PUNCT
fbem-12586	70	1	tzioumis	tzioumis	PROPN
fbem-12586	70	2	(	(	PUNCT
fbem-12586	70	3	2008	2008	NUM
fbem-12586	70	4	)	)	PUNCT
fbem-12586	70	5	conducted	conduct	VERB
fbem-12586	70	6	a	a	DET
fbem-12586	70	7	sample	sample	NOUN
fbem-12586	70	8	of	of	ADP
fbem-12586	70	9	listed	list	VERB
fbem-12586	70	10	companies	company	NOUN
fbem-12586	70	11	in	in	ADP
fbem-12586	70	12	the	the	DET
fbem-12586	70	13	united	united	PROPN
fbem-12586	70	14	states	states	PROPN
fbem-12586	70	15	that	that	PRON
fbem-12586	70	16	implement	implement	VERB
fbem-12586	70	17	equity	equity	NOUN
fbem-12586	70	18	incentives	incentive	NOUN
fbem-12586	70	19	and	and	CCONJ
fbem-12586	70	20	found	find	VERB
fbem-12586	70	21	that	that	SCONJ
fbem-12586	70	22	the	the	DET
fbem-12586	70	23	implementation	implementation	NOUN
fbem-12586	70	24	of	of	ADP
fbem-12586	70	25	equity	equity	NOUN
fbem-12586	70	26	incentive	incentive	NOUN
fbem-12586	70	27	plans	plan	NOUN
fbem-12586	70	28	can	can	AUX
fbem-12586	70	29	significantly	significantly	ADV
fbem-12586	70	30	reduce	reduce	VERB
fbem-12586	70	31	the	the	DET
fbem-12586	70	32	first	first	ADJ
fbem-12586	70	33	type	type	NOUN
fbem-12586	70	34	of	of	ADP
fbem-12586	70	35	agency	agency	NOUN
fbem-12586	70	36	costs	cost	NOUN
fbem-12586	70	37	of	of	ADP
fbem-12586	70	38	companies	company	NOUN
fbem-12586	70	39	[	[	X
fbem-12586	70	40	6	6	NUM
fbem-12586	70	41	]	]	PUNCT
fbem-12586	70	42	.	.	PUNCT
fbem-12586	71	1	chou	chou	PROPN
fbem-12586	71	2	jianzhong	jianzhong	PROPN
fbem-12586	71	3	et	et	PROPN
fbem-12586	71	4	al	al	PROPN
fbem-12586	71	5	.	.	PROPN
fbem-12586	72	1	(	(	PUNCT
fbem-12586	72	2	2008	2008	NUM
fbem-12586	72	3	)	)	PUNCT
fbem-12586	72	4	believe	believe	VERB
fbem-12586	72	5	that	that	SCONJ
fbem-12586	72	6	executive	executive	ADJ
fbem-12586	72	7	equity	equity	NOUN
fbem-12586	72	8	incentives	incentive	NOUN
fbem-12586	72	9	can	can	AUX
fbem-12586	72	10	significantly	significantly	ADV
fbem-12586	72	11	reduce	reduce	VERB
fbem-12586	72	12	the	the	DET
fbem-12586	72	13	second	second	ADJ
fbem-12586	72	14	type	type	NOUN
fbem-12586	72	15	of	of	ADP
fbem-12586	72	16	agency	agency	NOUN
fbem-12586	72	17	costs	cost	NOUN
fbem-12586	72	18	between	between	ADP
fbem-12586	72	19	large	large	ADJ
fbem-12586	72	20	shareholders	shareholder	NOUN
fbem-12586	72	21	and	and	CCONJ
fbem-12586	72	22	small	small	ADJ
fbem-12586	72	23	and	and	CCONJ
fbem-12586	72	24	medium	medium	ADJ
fbem-12586	72	25	-	-	PUNCT
fbem-12586	72	26	sized	sized	ADJ
fbem-12586	72	27	shareholders	shareholder	NOUN
fbem-12586	73	1	[	[	X
fbem-12586	73	2	7	7	NUM
fbem-12586	73	3	]	]	PUNCT
fbem-12586	73	4	.	.	PUNCT
fbem-12586	74	1	when	when	SCONJ
fbem-12586	74	2	the	the	DET
fbem-12586	74	3	majority	majority	NOUN
fbem-12586	74	4	shareholder	shareholder	NOUN
fbem-12586	74	5	"	"	PUNCT
fbem-12586	74	6	digs	dig	VERB
fbem-12586	74	7	the	the	DET
fbem-12586	74	8	tunnel	tunnel	NOUN
fbem-12586	74	9	"	"	PUNCT
fbem-12586	74	10	and	and	CCONJ
fbem-12586	74	11	"	"	PUNCT
fbem-12586	74	12	hollows	hollow	VERB
fbem-12586	74	13	out	out	ADP
fbem-12586	74	14	"	"	PUNCT
fbem-12586	74	15	the	the	DET
fbem-12586	74	16	company	company	NOUN
fbem-12586	74	17	's	's	PART
fbem-12586	74	18	value	value	NOUN
fbem-12586	74	19	and	and	CCONJ
fbem-12586	74	20	makes	make	VERB
fbem-12586	74	21	decisions	decision	NOUN
fbem-12586	74	22	that	that	PRON
fbem-12586	74	23	infringe	infringe	VERB
fbem-12586	74	24	on	on	ADP
fbem-12586	74	25	the	the	DET
fbem-12586	74	26	interests	interest	NOUN
fbem-12586	74	27	of	of	ADP
fbem-12586	74	28	minority	minority	NOUN
fbem-12586	74	29	shareholders	shareholder	NOUN
fbem-12586	74	30	,	,	PUNCT
fbem-12586	74	31	the	the	DET
fbem-12586	74	32	senior	senior	ADJ
fbem-12586	74	33	management	management	NOUN
fbem-12586	74	34	has	have	VERB
fbem-12586	74	35	a	a	DET
fbem-12586	74	36	greater	great	ADJ
fbem-12586	74	37	incentive	incentive	NOUN
fbem-12586	74	38	to	to	PART
fbem-12586	74	39	resist	resist	VERB
fbem-12586	74	40	the	the	DET
fbem-12586	74	41	wrong	wrong	ADJ
fbem-12586	74	42	guidance	guidance	NOUN
fbem-12586	74	43	of	of	ADP
fbem-12586	74	44	the	the	DET
fbem-12586	74	45	majority	majority	NOUN
fbem-12586	74	46	shareholder	shareholder	NOUN
fbem-12586	74	47	,	,	PUNCT
fbem-12586	74	48	so	so	SCONJ
fbem-12586	74	49	as	as	SCONJ
fbem-12586	74	50	to	to	PART
fbem-12586	74	51	make	make	VERB
fbem-12586	74	52	decisions	decision	NOUN
fbem-12586	74	53	that	that	PRON
fbem-12586	74	54	are	be	AUX
fbem-12586	74	55	conducive	conducive	ADJ
fbem-12586	74	56	to	to	ADP
fbem-12586	74	57	improving	improve	VERB
fbem-12586	74	58	the	the	DET
fbem-12586	74	59	company	company	NOUN
fbem-12586	74	60	's	's	PART
fbem-12586	74	61	business	business	NOUN
fbem-12586	74	62	performance	performance	NOUN
fbem-12586	74	63	.	.	PUNCT
fbem-12586	75	1	the	the	DET
fbem-12586	75	2	implementation	implementation	NOUN
fbem-12586	75	3	of	of	ADP
fbem-12586	75	4	equity	equity	NOUN
fbem-12586	75	5	incentives	incentive	NOUN
fbem-12586	75	6	makes	make	VERB
fbem-12586	75	7	executives	executive	NOUN
fbem-12586	75	8	a	a	DET
fbem-12586	75	9	member	member	NOUN
fbem-12586	75	10	of	of	ADP
fbem-12586	75	11	minority	minority	NOUN
fbem-12586	75	12	shareholders	shareholder	NOUN
fbem-12586	75	13	,	,	PUNCT
fbem-12586	75	14	increases	increase	VERB
fbem-12586	75	15	their	their	PRON
fbem-12586	75	16	willingness	willingness	NOUN
fbem-12586	75	17	to	to	PART
fbem-12586	75	18	improve	improve	VERB
fbem-12586	75	19	the	the	DET
fbem-12586	75	20	company	company	NOUN
fbem-12586	75	21	's	's	PART
fbem-12586	75	22	performance	performance	NOUN
fbem-12586	75	23	,	,	PUNCT
fbem-12586	75	24	reduces	reduce	VERB
fbem-12586	75	25	their	their	PRON
fbem-12586	75	26	willingness	willingness	NOUN
fbem-12586	75	27	to	to	PART
fbem-12586	75	28	collude	collude	VERB
fbem-12586	75	29	with	with	ADP
fbem-12586	75	30	controlling	control	VERB
fbem-12586	75	31	shareholders	shareholder	NOUN
fbem-12586	75	32	,	,	PUNCT
fbem-12586	75	33	and	and	CCONJ
fbem-12586	75	34	inhibits	inhibit	VERB
fbem-12586	75	35	the	the	DET
fbem-12586	75	36	second	second	ADJ
fbem-12586	75	37	type	type	NOUN
fbem-12586	75	38	of	of	ADP
fbem-12586	75	39	agency	agency	NOUN
fbem-12586	75	40	conflict	conflict	NOUN
fbem-12586	75	41	.	.	PUNCT
fbem-12586	76	1	therefore	therefore	ADV
fbem-12586	76	2	,	,	PUNCT
fbem-12586	76	3	this	this	DET
fbem-12586	76	4	paper	paper	NOUN
fbem-12586	76	5	presents	present	VERB
fbem-12586	76	6	hypothesis	hypothesis	NOUN
fbem-12586	76	7	2	2	NUM
fbem-12586	76	8	.	.	PUNCT
fbem-12586	76	9	h2	h2	NOUN
fbem-12586	76	10	:	:	PUNCT
fbem-12586	76	11	executive	executive	ADJ
fbem-12586	76	12	equity	equity	NOUN
fbem-12586	76	13	incentives	incentive	NOUN
fbem-12586	76	14	are	be	AUX
fbem-12586	76	15	positively	positively	ADV
fbem-12586	76	16	correlated	correlate	VERB
fbem-12586	76	17	with	with	ADP
fbem-12586	76	18	corporate	corporate	ADJ
fbem-12586	76	19	performance	performance	NOUN
fbem-12586	76	20	.	.	PUNCT
fbem-12586	77	1	2.2.3	2.2.3	X
fbem-12586	77	2	.	.	PUNCT
fbem-12586	77	3	innovation	innovation	NOUN
fbem-12586	77	4	factors	factor	NOUN
fbem-12586	77	5	according	accord	VERB
fbem-12586	77	6	to	to	ADP
fbem-12586	77	7	manso	manso	PROPN
fbem-12586	77	8	(	(	PUNCT
fbem-12586	77	9	2011	2011	NUM
fbem-12586	77	10	)	)	PUNCT
fbem-12586	77	11	,	,	PUNCT
fbem-12586	77	12	the	the	DET
fbem-12586	77	13	implementation	implementation	NOUN
fbem-12586	77	14	of	of	ADP
fbem-12586	77	15	longterm	longterm	PROPN
fbem-12586	77	16	equity	equity	NOUN
fbem-12586	77	17	incentive	incentive	NOUN
fbem-12586	77	18	plans	plan	NOUN
fbem-12586	77	19	for	for	ADP
fbem-12586	77	20	corporate	corporate	ADJ
fbem-12586	77	21	executives	executive	NOUN
fbem-12586	77	22	can	can	AUX
fbem-12586	77	23	lead	lead	VERB
fbem-12586	77	24	to	to	ADP
fbem-12586	77	25	a	a	DET
fbem-12586	77	26	longer	long	ADJ
fbem-12586	77	27	-	-	PUNCT
fbem-12586	77	28	term	term	NOUN
fbem-12586	77	29	focus	focus	NOUN
fbem-12586	77	30	on	on	ADP
fbem-12586	77	31	investment	investment	NOUN
fbem-12586	77	32	and	and	CCONJ
fbem-12586	77	33	innovation	innovation	NOUN
fbem-12586	77	34	by	by	ADP
fbem-12586	77	35	management	management	NOUN
fbem-12586	77	36	,	,	PUNCT
fbem-12586	77	37	which	which	PRON
fbem-12586	77	38	ultimately	ultimately	ADV
fbem-12586	77	39	improves	improve	VERB
fbem-12586	77	40	business	business	NOUN
fbem-12586	77	41	performance	performance	NOUN
fbem-12586	77	42	[	[	X
fbem-12586	77	43	8	8	NUM
fbem-12586	77	44	]	]	PUNCT
fbem-12586	77	45	.	.	PUNCT
fbem-12586	78	1	burns	burn	VERB
fbem-12586	78	2	et	et	PROPN
fbem-12586	78	3	al	al	PROPN
fbem-12586	78	4	.	.	PROPN
fbem-12586	79	1	(	(	PUNCT
fbem-12586	79	2	2015	2015	NUM
fbem-12586	79	3	)	)	PUNCT
fbem-12586	79	4	concluded	conclude	VERB
fbem-12586	79	5	through	through	ADP
fbem-12586	79	6	a	a	DET
fbem-12586	79	7	large	large	ADJ
fbem-12586	79	8	number	number	NOUN
fbem-12586	79	9	of	of	ADP
fbem-12586	79	10	literature	literature	NOUN
fbem-12586	79	11	studies	study	NOUN
fbem-12586	79	12	that	that	SCONJ
fbem-12586	79	13	the	the	DET
fbem-12586	79	14	implementation	implementation	NOUN
fbem-12586	79	15	of	of	ADP
fbem-12586	79	16	equity	equity	NOUN
fbem-12586	79	17	incentive	incentive	NOUN
fbem-12586	79	18	plans	plan	NOUN
fbem-12586	79	19	significantly	significantly	ADV
fbem-12586	79	20	improved	improve	VERB
fbem-12586	79	21	the	the	DET
fbem-12586	79	22	tolerance	tolerance	NOUN
fbem-12586	79	23	of	of	ADP
fbem-12586	79	24	enterprises	enterprise	NOUN
fbem-12586	79	25	to	to	ADP
fbem-12586	79	26	risks	risk	NOUN
fbem-12586	79	27	,	,	PUNCT
fbem-12586	79	28	thereby	thereby	ADV
fbem-12586	79	29	improving	improve	VERB
fbem-12586	79	30	the	the	DET
fbem-12586	79	31	performance	performance	NOUN
fbem-12586	79	32	level	level	NOUN
fbem-12586	79	33	of	of	ADP
fbem-12586	79	34	enterprises	enterprise	NOUN
fbem-12586	79	35	[	[	X
fbem-12586	79	36	9	9	NUM
fbem-12586	79	37	]	]	PUNCT
fbem-12586	79	38	.	.	PUNCT
fbem-12586	80	1	xu	xu	PROPN
fbem-12586	80	2	ning	ning	PROPN
fbem-12586	80	3	and	and	CCONJ
fbem-12586	80	4	xu	xu	PROPN
fbem-12586	80	5	xiangyi	xiangyi	PROPN
fbem-12586	80	6	(	(	PUNCT
fbem-12586	80	7	2012	2012	NUM
fbem-12586	80	8	)	)	PUNCT
fbem-12586	80	9	started	start	VERB
fbem-12586	80	10	from	from	ADP
fbem-12586	80	11	the	the	DET
fbem-12586	80	12	financial	financial	ADJ
fbem-12586	80	13	industry	industry	NOUN
fbem-12586	80	14	,	,	PUNCT
fbem-12586	80	15	and	and	CCONJ
fbem-12586	80	16	after	after	ADP
fbem-12586	80	17	research	research	NOUN
fbem-12586	80	18	,	,	PUNCT
fbem-12586	80	19	they	they	PRON
fbem-12586	80	20	concluded	conclude	VERB
fbem-12586	80	21	that	that	SCONJ
fbem-12586	80	22	the	the	DET
fbem-12586	80	23	implementation	implementation	NOUN
fbem-12586	80	24	of	of	ADP
fbem-12586	80	25	equity	equity	NOUN
fbem-12586	80	26	incentives	incentive	NOUN
fbem-12586	80	27	did	do	AUX
fbem-12586	80	28	reduce	reduce	VERB
fbem-12586	80	29	agency	agency	NOUN
fbem-12586	80	30	costs	cost	NOUN
fbem-12586	80	31	,	,	PUNCT
fbem-12586	80	32	thereby	thereby	ADV
fbem-12586	80	33	increasing	increase	VERB
fbem-12586	80	34	the	the	DET
fbem-12586	80	35	level	level	NOUN
fbem-12586	80	36	of	of	ADP
fbem-12586	80	37	corporate	corporate	ADJ
fbem-12586	80	38	financial	financial	ADJ
fbem-12586	80	39	performance	performance	NOUN
fbem-12586	80	40	[	[	X
fbem-12586	80	41	10	10	NUM
fbem-12586	80	42	]	]	PUNCT
fbem-12586	80	43	.	.	PUNCT
fbem-12586	81	1	the	the	DET
fbem-12586	81	2	empirical	empirical	ADJ
fbem-12586	81	3	research	research	NOUN
fbem-12586	81	4	of	of	ADP
fbem-12586	81	5	liu	liu	PROPN
fbem-12586	81	6	baohua	baohua	PROPN
fbem-12586	81	7	and	and	CCONJ
fbem-12586	81	8	wang	wang	PROPN
fbem-12586	81	9	lei	lei	PROPN
fbem-12586	81	10	(	(	PUNCT
fbem-12586	81	11	2018	2018	NUM
fbem-12586	81	12	)	)	PUNCT
fbem-12586	81	13	concluded	conclude	VERB
fbem-12586	81	14	that	that	SCONJ
fbem-12586	81	15	the	the	DET
fbem-12586	81	16	shareholding	shareholding	NOUN
fbem-12586	81	17	ratio	ratio	NOUN
fbem-12586	81	18	of	of	ADP
fbem-12586	81	19	management	management	NOUN
fbem-12586	81	20	has	have	VERB
fbem-12586	81	21	a	a	DET
fbem-12586	81	22	positive	positive	ADJ
fbem-12586	81	23	correlation	correlation	NOUN
fbem-12586	81	24	with	with	ADP
fbem-12586	81	25	the	the	DET
fbem-12586	81	26	r&d	r&d	NOUN
fbem-12586	81	27	investment	investment	NOUN
fbem-12586	81	28	(	(	PUNCT
fbem-12586	81	29	r&d	r&d	NOUN
fbem-12586	81	30	)	)	PUNCT
fbem-12586	81	31	and	and	CCONJ
fbem-12586	81	32	performance	performance	NOUN
fbem-12586	81	33	of	of	ADP
fbem-12586	81	34	enterprises	enterprise	NOUN
fbem-12586	81	35	,	,	PUNCT
fbem-12586	81	36	that	that	ADV
fbem-12586	81	37	is	is	ADV
fbem-12586	81	38	,	,	PUNCT
fbem-12586	81	39	the	the	DET
fbem-12586	81	40	implementation	implementation	NOUN
fbem-12586	81	41	of	of	ADP
fbem-12586	81	42	equity	equity	NOUN
fbem-12586	81	43	incentive	incentive	NOUN
fbem-12586	81	44	mechanism	mechanism	NOUN
fbem-12586	81	45	can	can	AUX
fbem-12586	81	46	strengthen	strengthen	VERB
fbem-12586	81	47	the	the	DET
fbem-12586	81	48	rationality	rationality	NOUN
fbem-12586	81	49	of	of	ADP
fbem-12586	81	50	enterprises	enterprise	NOUN
fbem-12586	81	51	'	'	PART
fbem-12586	81	52	r&d	r&d	NOUN
fbem-12586	81	53	investment	investment	NOUN
fbem-12586	81	54	,	,	PUNCT
fbem-12586	81	55	so	so	SCONJ
fbem-12586	81	56	as	as	SCONJ
fbem-12586	81	57	to	to	PART
fbem-12586	81	58	improve	improve	VERB
fbem-12586	81	59	the	the	DET
fbem-12586	81	60	financial	financial	ADJ
fbem-12586	81	61	performance	performance	NOUN
fbem-12586	81	62	of	of	ADP
fbem-12586	81	63	enterprises	enterprise	NOUN
fbem-12586	81	64	[	[	X
fbem-12586	81	65	11	11	NUM
fbem-12586	81	66	]	]	PUNCT
fbem-12586	81	67	.	.	PUNCT
fbem-12586	82	1	in	in	ADP
fbem-12586	82	2	people	people	NOUN
fbem-12586	82	3	's	's	PART
fbem-12586	82	4	inherent	inherent	ADJ
fbem-12586	82	5	concepts	concept	NOUN
fbem-12586	82	6	and	and	CCONJ
fbem-12586	82	7	thinking	think	VERB
fbem-12586	82	8	,	,	PUNCT
fbem-12586	82	9	"	"	PUNCT
fbem-12586	82	10	executives	executive	NOUN
fbem-12586	82	11	or	or	CCONJ
fbem-12586	82	12	authorities	authority	NOUN
fbem-12586	82	13	know	know	VERB
fbem-12586	82	14	best	well	ADV
fbem-12586	82	15	"	"	PUNCT
fbem-12586	82	16	,	,	PUNCT
fbem-12586	82	17	the	the	DET
fbem-12586	82	18	incentive	incentive	NOUN
fbem-12586	82	19	effect	effect	NOUN
fbem-12586	82	20	on	on	ADP
fbem-12586	82	21	executives	executive	NOUN
fbem-12586	82	22	should	should	AUX
fbem-12586	82	23	be	be	AUX
fbem-12586	82	24	better	well	ADJ
fbem-12586	82	25	than	than	ADP
fbem-12586	82	26	the	the	DET
fbem-12586	82	27	incentive	incentive	NOUN
fbem-12586	82	28	effect	effect	NOUN
fbem-12586	82	29	on	on	ADP
fbem-12586	82	30	employees	employee	NOUN
fbem-12586	82	31	,	,	PUNCT
fbem-12586	82	32	although	although	SCONJ
fbem-12586	82	33	there	there	PRON
fbem-12586	82	34	is	be	VERB
fbem-12586	82	35	no	no	DET
fbem-12586	82	36	literature	literature	NOUN
fbem-12586	82	37	to	to	PART
fbem-12586	82	38	provide	provide	VERB
fbem-12586	82	39	good	good	ADJ
fbem-12586	82	40	evidence	evidence	NOUN
fbem-12586	82	41	to	to	PART
fbem-12586	82	42	support	support	VERB
fbem-12586	82	43	this	this	DET
fbem-12586	82	44	concept	concept	NOUN
fbem-12586	82	45	or	or	CCONJ
fbem-12586	82	46	give	give	VERB
fbem-12586	82	47	corresponding	correspond	VERB
fbem-12586	82	48	theoretical	theoretical	ADJ
fbem-12586	82	49	explanations	explanation	NOUN
fbem-12586	82	50	.	.	PUNCT
fbem-12586	83	1	according	accord	VERB
fbem-12586	83	2	to	to	ADP
fbem-12586	83	3	gary	gary	PROPN
fbem-12586	83	4	hamel	hamel	PROPN
fbem-12586	83	5	,	,	PUNCT
fbem-12586	83	6	a	a	DET
fbem-12586	83	7	master	master	NOUN
fbem-12586	83	8	of	of	ADP
fbem-12586	83	9	strategic	strategic	ADJ
fbem-12586	83	10	management	management	NOUN
fbem-12586	83	11	,	,	PUNCT
fbem-12586	83	12	"	"	PUNCT
fbem-12586	83	13	if	if	SCONJ
fbem-12586	83	14	you	you	PRON
fbem-12586	83	15	want	want	VERB
fbem-12586	83	16	to	to	PART
fbem-12586	83	17	free	free	VERB
fbem-12586	83	18	up	up	ADP
fbem-12586	83	19	employees	employee	NOUN
fbem-12586	83	20	and	and	CCONJ
fbem-12586	83	21	let	let	VERB
fbem-12586	83	22	them	they	PRON
fbem-12586	83	23	contribute	contribute	VERB
fbem-12586	83	24	more	more	ADJ
fbem-12586	83	25	,	,	PUNCT
fbem-12586	83	26	you	you	PRON
fbem-12586	83	27	must	must	AUX
fbem-12586	83	28	tie	tie	VERB
fbem-12586	83	29	the	the	DET
fbem-12586	83	30	hands	hand	NOUN
fbem-12586	83	31	of	of	ADP
fbem-12586	83	32	management	management	NOUN
fbem-12586	83	33	.	.	PUNCT
fbem-12586	83	34	"	"	PUNCT
fbem-12586	84	1	hammer	hammer	NOUN
fbem-12586	84	2	cites	cite	VERB
fbem-12586	84	3	executives	executive	NOUN
fbem-12586	84	4	'	'	PART
fbem-12586	84	5	investment	investment	NOUN
fbem-12586	84	6	in	in	ADP
fbem-12586	84	7	innovation	innovation	NOUN
fbem-12586	84	8	as	as	ADP
fbem-12586	84	9	an	an	DET
fbem-12586	84	10	example	example	NOUN
fbem-12586	84	11	,	,	PUNCT
fbem-12586	84	12	"	"	PUNCT
fbem-12586	84	13	executives	executive	NOUN
fbem-12586	84	14	'	'	PART
fbem-12586	84	15	initial	initial	ADJ
fbem-12586	84	16	concern	concern	NOUN
fbem-12586	84	17	will	will	AUX
fbem-12586	84	18	interpret	interpret	VERB
fbem-12586	84	19	innovation	innovation	NOUN
fbem-12586	84	20	opportunities	opportunity	NOUN
fbem-12586	84	21	as	as	ADP
fbem-12586	84	22	implausible	implausible	ADJ
fbem-12586	84	23	and	and	CCONJ
fbem-12586	84	24	illogical	illogical	ADJ
fbem-12586	84	25	and	and	CCONJ
fbem-12586	84	26	gradually	gradually	ADV
fbem-12586	84	27	rule	rule	VERB
fbem-12586	84	28	them	they	PRON
fbem-12586	84	29	out	out	ADP
fbem-12586	84	30	.	.	PUNCT
fbem-12586	84	31	"	"	PUNCT
fbem-12586	85	1	in	in	ADP
fbem-12586	85	2	summary	summary	NOUN
fbem-12586	85	3	,	,	PUNCT
fbem-12586	85	4	this	this	DET
fbem-12586	85	5	paper	paper	NOUN
fbem-12586	85	6	presents	present	VERB
fbem-12586	85	7	hypothesis	hypothesis	NOUN
fbem-12586	85	8	3	3	NUM
fbem-12586	85	9	.	.	PUNCT
fbem-12586	86	1	h3	h3	NOUN
fbem-12586	86	2	:	:	PUNCT
fbem-12586	86	3	the	the	DET
fbem-12586	86	4	effect	effect	NOUN
fbem-12586	86	5	of	of	ADP
fbem-12586	86	6	employee	employee	NOUN
fbem-12586	86	7	equity	equity	NOUN
fbem-12586	86	8	incentive	incentive	NOUN
fbem-12586	86	9	is	be	AUX
fbem-12586	86	10	greater	great	ADJ
fbem-12586	86	11	than	than	ADP
fbem-12586	86	12	that	that	PRON
fbem-12586	86	13	of	of	ADP
fbem-12586	86	14	executive	executive	ADJ
fbem-12586	86	15	equity	equity	NOUN
fbem-12586	86	16	incentive	incentive	NOUN
fbem-12586	86	17	.	.	PUNCT
fbem-12586	87	1	3	3	X
fbem-12586	87	2	.	.	X
fbem-12586	87	3	research	research	NOUN
fbem-12586	87	4	design	design	NOUN
fbem-12586	87	5	and	and	CCONJ
fbem-12586	87	6	data	datum	NOUN
fbem-12586	87	7	description	description	NOUN
fbem-12586	87	8	3.1	3.1	NUM
fbem-12586	87	9	.	.	PUNCT
fbem-12586	87	10	sample	sample	NOUN
fbem-12586	87	11	selection	selection	NOUN
fbem-12586	87	12	and	and	CCONJ
fbem-12586	87	13	data	datum	NOUN
fbem-12586	87	14	source	source	NOUN
fbem-12586	87	15	this	this	DET
fbem-12586	87	16	paper	paper	NOUN
fbem-12586	87	17	selects	select	VERB
fbem-12586	87	18	a	a	DET
fbem-12586	87	19	-	-	PUNCT
fbem-12586	87	20	share	share	NOUN
fbem-12586	87	21	listed	list	VERB
fbem-12586	87	22	companies	company	NOUN
fbem-12586	87	23	that	that	PRON
fbem-12586	87	24	implemented	implement	VERB
fbem-12586	87	25	equity	equity	NOUN
fbem-12586	87	26	incentive	incentive	NOUN
fbem-12586	87	27	plans	plan	NOUN
fbem-12586	87	28	from	from	ADP
fbem-12586	87	29	2011	2011	NUM
fbem-12586	87	30	to	to	ADP
fbem-12586	87	31	2020	2020	NUM
fbem-12586	87	32	as	as	ADP
fbem-12586	87	33	a	a	DET
fbem-12586	87	34	182	182	NUM
fbem-12586	87	35	sample	sample	NOUN
fbem-12586	87	36	,	,	PUNCT
fbem-12586	87	37	and	and	CCONJ
fbem-12586	87	38	the	the	DET
fbem-12586	87	39	financial	financial	ADJ
fbem-12586	87	40	data	datum	NOUN
fbem-12586	87	41	related	relate	VERB
fbem-12586	87	42	to	to	ADP
fbem-12586	87	43	corporate	corporate	ADJ
fbem-12586	87	44	performance	performance	NOUN
fbem-12586	87	45	involved	involve	VERB
fbem-12586	87	46	in	in	ADP
fbem-12586	87	47	the	the	DET
fbem-12586	87	48	sample	sample	NOUN
fbem-12586	87	49	are	be	AUX
fbem-12586	87	50	obtained	obtain	VERB
fbem-12586	87	51	through	through	ADP
fbem-12586	87	52	the	the	DET
fbem-12586	87	53	csmar	csmar	PROPN
fbem-12586	87	54	database	database	NOUN
fbem-12586	87	55	.	.	PUNCT
fbem-12586	88	1	in	in	ADP
fbem-12586	88	2	order	order	NOUN
fbem-12586	88	3	to	to	PART
fbem-12586	88	4	ensure	ensure	VERB
fbem-12586	88	5	the	the	DET
fbem-12586	88	6	validity	validity	NOUN
fbem-12586	88	7	of	of	ADP
fbem-12586	88	8	the	the	DET
fbem-12586	88	9	data	datum	NOUN
fbem-12586	88	10	and	and	CCONJ
fbem-12586	88	11	reduce	reduce	VERB
fbem-12586	88	12	the	the	DET
fbem-12586	88	13	interference	interference	NOUN
fbem-12586	88	14	of	of	ADP
fbem-12586	88	15	abnormal	abnormal	ADJ
fbem-12586	88	16	data	datum	NOUN
fbem-12586	88	17	,	,	PUNCT
fbem-12586	88	18	this	this	DET
fbem-12586	88	19	paper	paper	NOUN
fbem-12586	88	20	processes	process	VERB
fbem-12586	88	21	the	the	DET
fbem-12586	88	22	sample	sample	NOUN
fbem-12586	88	23	data	datum	NOUN
fbem-12586	88	24	as	as	SCONJ
fbem-12586	88	25	follows	follow	VERB
fbem-12586	88	26	:	:	PUNCT
fbem-12586	88	27	(	(	PUNCT
fbem-12586	88	28	1	1	X
fbem-12586	88	29	)	)	PUNCT
fbem-12586	88	30	if	if	SCONJ
fbem-12586	88	31	a	a	DET
fbem-12586	88	32	company	company	NOUN
fbem-12586	88	33	issues	issue	VERB
fbem-12586	88	34	equity	equity	NOUN
fbem-12586	88	35	incentive	incentive	NOUN
fbem-12586	88	36	announcements	announcement	NOUN
fbem-12586	88	37	multiple	multiple	ADJ
fbem-12586	88	38	times	time	NOUN
fbem-12586	88	39	within	within	ADP
fbem-12586	88	40	three	three	NUM
fbem-12586	88	41	years	year	NOUN
fbem-12586	88	42	,	,	PUNCT
fbem-12586	88	43	select	select	VERB
fbem-12586	88	44	the	the	DET
fbem-12586	88	45	first	first	ADJ
fbem-12586	88	46	equity	equity	NOUN
fbem-12586	88	47	incentive	incentive	NOUN
fbem-12586	88	48	announcement	announcement	NOUN
fbem-12586	88	49	and	and	CCONJ
fbem-12586	88	50	successful	successful	ADJ
fbem-12586	88	51	implementation	implementation	NOUN
fbem-12586	88	52	as	as	ADP
fbem-12586	88	53	the	the	DET
fbem-12586	88	54	sample	sample	NOUN
fbem-12586	88	55	.	.	PUNCT
fbem-12586	89	1	(	(	PUNCT
fbem-12586	89	2	2	2	NUM
fbem-12586	89	3	)	)	PUNCT
fbem-12586	89	4	because	because	SCONJ
fbem-12586	89	5	the	the	DET
fbem-12586	89	6	accounting	accounting	NOUN
fbem-12586	89	7	standards	standard	NOUN
fbem-12586	89	8	of	of	ADP
fbem-12586	89	9	the	the	DET
fbem-12586	89	10	financial	financial	ADJ
fbem-12586	89	11	industry	industry	NOUN
fbem-12586	89	12	are	be	AUX
fbem-12586	89	13	quite	quite	ADV
fbem-12586	89	14	different	different	ADJ
fbem-12586	89	15	from	from	ADP
fbem-12586	89	16	those	those	PRON
fbem-12586	89	17	of	of	ADP
fbem-12586	89	18	the	the	DET
fbem-12586	89	19	non	non	ADJ
fbem-12586	89	20	-	-	ADJ
fbem-12586	89	21	financial	financial	ADJ
fbem-12586	89	22	industry	industry	NOUN
fbem-12586	89	23	and	and	CCONJ
fbem-12586	89	24	are	be	AUX
fbem-12586	89	25	not	not	PART
fbem-12586	89	26	comparable	comparable	ADJ
fbem-12586	89	27	,	,	PUNCT
fbem-12586	89	28	financial	financial	ADJ
fbem-12586	89	29	and	and	CCONJ
fbem-12586	89	30	insurance	insurance	NOUN
fbem-12586	89	31	listed	list	VERB
fbem-12586	89	32	companies	company	NOUN
fbem-12586	89	33	are	be	AUX
fbem-12586	89	34	excluded	exclude	VERB
fbem-12586	89	35	.	.	PUNCT
fbem-12586	90	1	(	(	PUNCT
fbem-12586	90	2	3	3	X
fbem-12586	90	3	)	)	PUNCT
fbem-12586	90	4	exclude	exclude	VERB
fbem-12586	90	5	st	st	PROPN
fbem-12586	90	6	and	and	CCONJ
fbem-12586	90	7	*	*	PROPN
fbem-12586	90	8	st	st	PROPN
fbem-12586	90	9	companies	company	NOUN
fbem-12586	90	10	,	,	PUNCT
fbem-12586	90	11	that	that	ADV
fbem-12586	90	12	is	is	ADV
fbem-12586	90	13	,	,	PUNCT
fbem-12586	90	14	companies	company	NOUN
fbem-12586	90	15	with	with	ADP
fbem-12586	90	16	delisting	delist	VERB
fbem-12586	90	17	risk	risk	NOUN
fbem-12586	90	18	of	of	ADP
fbem-12586	90	19	losing	lose	VERB
fbem-12586	90	20	money	money	NOUN
fbem-12586	90	21	for	for	ADP
fbem-12586	90	22	two	two	NUM
fbem-12586	90	23	consecutive	consecutive	ADJ
fbem-12586	90	24	years	year	NOUN
fbem-12586	90	25	of	of	ADP
fbem-12586	90	26	operation	operation	NOUN
fbem-12586	90	27	and	and	CCONJ
fbem-12586	90	28	losing	lose	VERB
fbem-12586	90	29	money	money	NOUN
fbem-12586	90	30	in	in	ADP
fbem-12586	90	31	the	the	DET
fbem-12586	90	32	company	company	NOUN
fbem-12586	90	33	's	's	PART
fbem-12586	90	34	operation	operation	NOUN
fbem-12586	90	35	for	for	ADP
fbem-12586	90	36	three	three	NUM
fbem-12586	90	37	consecutive	consecutive	ADJ
fbem-12586	90	38	years	year	NOUN
fbem-12586	90	39	.	.	PUNCT
fbem-12586	91	1	(	(	PUNCT
fbem-12586	91	2	4	4	X
fbem-12586	91	3	)	)	PUNCT
fbem-12586	91	4	exclude	exclude	VERB
fbem-12586	91	5	companies	company	NOUN
fbem-12586	91	6	with	with	ADP
fbem-12586	91	7	incomplete	incomplete	ADJ
fbem-12586	91	8	data	datum	NOUN
fbem-12586	91	9	information	information	NOUN
fbem-12586	91	10	.	.	PUNCT
fbem-12586	92	1	after	after	ADP
fbem-12586	92	2	screening	screen	VERB
fbem-12586	92	3	the	the	DET
fbem-12586	92	4	samples	sample	NOUN
fbem-12586	92	5	in	in	ADP
fbem-12586	92	6	the	the	DET
fbem-12586	92	7	above	above	ADJ
fbem-12586	92	8	way	way	NOUN
fbem-12586	92	9	,	,	PUNCT
fbem-12586	92	10	the	the	DET
fbem-12586	92	11	sample	sample	NOUN
fbem-12586	92	12	of	of	ADP
fbem-12586	92	13	eligible	eligible	ADJ
fbem-12586	92	14	listed	list	VERB
fbem-12586	92	15	companies	company	NOUN
fbem-12586	92	16	was	be	AUX
fbem-12586	92	17	1444	1444	NUM
fbem-12586	92	18	,	,	PUNCT
fbem-12586	92	19	and	and	CCONJ
fbem-12586	92	20	9370	9370	NUM
fbem-12586	92	21	valid	valid	ADJ
fbem-12586	92	22	samples	sample	NOUN
fbem-12586	92	23	were	be	AUX
fbem-12586	92	24	used	use	VERB
fbem-12586	92	25	as	as	ADP
fbem-12586	92	26	research	research	NOUN
fbem-12586	92	27	objects	object	NOUN
fbem-12586	92	28	,	,	PUNCT
fbem-12586	92	29	and	and	CCONJ
fbem-12586	92	30	a	a	DET
fbem-12586	92	31	regression	regression	NOUN
fbem-12586	92	32	model	model	NOUN
fbem-12586	92	33	was	be	AUX
fbem-12586	92	34	established	establish	VERB
fbem-12586	92	35	for	for	ADP
fbem-12586	92	36	empirical	empirical	ADJ
fbem-12586	92	37	research	research	NOUN
fbem-12586	92	38	.	.	PUNCT
fbem-12586	93	1	all	all	DET
fbem-12586	93	2	variables	variable	NOUN
fbem-12586	93	3	were	be	AUX
fbem-12586	93	4	studied	study	VERB
fbem-12586	93	5	with	with	ADP
fbem-12586	93	6	1	1	NUM
fbem-12586	93	7	%	%	NOUN
fbem-12586	93	8	tail	tail	NOUN
fbem-12586	93	9	reduction	reduction	NOUN
fbem-12586	93	10	.	.	PUNCT
fbem-12586	94	1	3.2	3.2	NUM
fbem-12586	94	2	.	.	PUNCT
fbem-12586	95	1	variable	variable	ADJ
fbem-12586	95	2	definition	definition	NOUN
fbem-12586	95	3	and	and	CCONJ
fbem-12586	95	4	selection	selection	NOUN
fbem-12586	95	5	3.2.1	3.2.1	NUM
fbem-12586	95	6	.	.	PUNCT
fbem-12586	96	1	variables	variable	NOUN
fbem-12586	96	2	to	to	PART
fbem-12586	96	3	be	be	AUX
fbem-12586	96	4	explained	explain	VERB
fbem-12586	96	5	the	the	DET
fbem-12586	96	6	explanatory	explanatory	ADJ
fbem-12586	96	7	variables	variable	NOUN
fbem-12586	96	8	in	in	ADP
fbem-12586	96	9	this	this	DET
fbem-12586	96	10	paper	paper	NOUN
fbem-12586	96	11	are	be	AUX
fbem-12586	96	12	firm	firm	ADJ
fbem-12586	96	13	performance	performance	NOUN
fbem-12586	96	14	,	,	PUNCT
fbem-12586	96	15	and	and	CCONJ
fbem-12586	96	16	most	most	ADV
fbem-12586	96	17	domestic	domestic	ADJ
fbem-12586	96	18	and	and	CCONJ
fbem-12586	96	19	foreign	foreign	ADJ
fbem-12586	96	20	studies	study	NOUN
fbem-12586	96	21	use	use	VERB
fbem-12586	96	22	tobin	tobin	NOUN
fbem-12586	96	23	's	's	PART
fbem-12586	96	24	q	q	NOUN
fbem-12586	96	25	value	value	NOUN
fbem-12586	96	26	and	and	CCONJ
fbem-12586	96	27	return	return	VERB
fbem-12586	96	28	on	on	ADP
fbem-12586	96	29	assets	asset	NOUN
fbem-12586	96	30	to	to	PART
fbem-12586	96	31	measure	measure	VERB
fbem-12586	96	32	.	.	PUNCT
fbem-12586	97	1	at	at	ADP
fbem-12586	97	2	present	present	ADJ
fbem-12586	97	3	,	,	PUNCT
fbem-12586	97	4	there	there	PRON
fbem-12586	97	5	is	be	VERB
fbem-12586	97	6	still	still	ADV
fbem-12586	97	7	a	a	DET
fbem-12586	97	8	large	large	ADJ
fbem-12586	97	9	asymmetry	asymmetry	NOUN
fbem-12586	97	10	between	between	ADP
fbem-12586	97	11	the	the	DET
fbem-12586	97	12	stock	stock	NOUN
fbem-12586	97	13	price	price	NOUN
fbem-12586	97	14	of	of	ADP
fbem-12586	97	15	enterprises	enterprise	NOUN
fbem-12586	97	16	in	in	ADP
fbem-12586	97	17	china	china	PROPN
fbem-12586	97	18	's	's	PART
fbem-12586	97	19	capital	capital	NOUN
fbem-12586	97	20	market	market	NOUN
fbem-12586	97	21	and	and	CCONJ
fbem-12586	97	22	the	the	DET
fbem-12586	97	23	actual	actual	ADJ
fbem-12586	97	24	performance	performance	NOUN
fbem-12586	97	25	level	level	NOUN
fbem-12586	97	26	,	,	PUNCT
fbem-12586	97	27	so	so	SCONJ
fbem-12586	97	28	this	this	DET
fbem-12586	97	29	paper	paper	NOUN
fbem-12586	97	30	refers	refer	VERB
fbem-12586	97	31	to	to	ADP
fbem-12586	97	32	the	the	DET
fbem-12586	97	33	research	research	NOUN
fbem-12586	97	34	of	of	ADP
fbem-12586	97	35	chen	chen	PROPN
fbem-12586	97	36	wenqiang	wenqiang	PROPN
fbem-12586	97	37	and	and	CCONJ
fbem-12586	97	38	jia	jia	PROPN
fbem-12586	97	39	shenghua	shenghua	PROPN
fbem-12586	97	40	(	(	PUNCT
fbem-12586	97	41	2015	2015	NUM
fbem-12586	97	42	)	)	PUNCT
fbem-12586	97	43	,	,	PUNCT
fbem-12586	97	44	and	and	CCONJ
fbem-12586	97	45	does	do	AUX
fbem-12586	97	46	not	not	PART
fbem-12586	97	47	use	use	VERB
fbem-12586	97	48	tobin	tobin	NOUN
fbem-12586	97	49	's	's	PART
fbem-12586	97	50	q	q	NOUN
fbem-12586	97	51	value	value	NOUN
fbem-12586	97	52	to	to	PART
fbem-12586	97	53	measure	measure	VERB
fbem-12586	97	54	corporate	corporate	ADJ
fbem-12586	97	55	performance	performance	NOUN
fbem-12586	97	56	,	,	PUNCT
fbem-12586	97	57	but	but	CCONJ
fbem-12586	97	58	adopts	adopt	VERB
fbem-12586	97	59	the	the	DET
fbem-12586	97	60	return	return	NOUN
fbem-12586	97	61	on	on	ADP
fbem-12586	97	62	net	net	ADJ
fbem-12586	97	63	assets	asset	NOUN
fbem-12586	97	64	indicator	indicator	NOUN
fbem-12586	97	65	,	,	PUNCT
fbem-12586	97	66	that	that	ADV
fbem-12586	97	67	is	is	ADV
fbem-12586	97	68	,	,	PUNCT
fbem-12586	97	69	net	net	ADJ
fbem-12586	97	70	profit	profit	NOUN
fbem-12586	97	71	after	after	ADP
fbem-12586	97	72	tax	tax	NOUN
fbem-12586	97	73	/	/	SYM
fbem-12586	97	74	net	net	ADJ
fbem-12586	97	75	assets	asset	NOUN
fbem-12586	98	1	[	[	X
fbem-12586	98	2	12	12	NUM
fbem-12586	98	3	]	]	PUNCT
fbem-12586	98	4	.	.	PUNCT
fbem-12586	99	1	3.2.2	3.2.2	NUM
fbem-12586	99	2	.	.	PUNCT
fbem-12586	99	3	explanatory	explanatory	ADJ
fbem-12586	99	4	variables	variable	NOUN
fbem-12586	99	5	this	this	DET
fbem-12586	99	6	paper	paper	NOUN
fbem-12586	99	7	refers	refer	VERB
fbem-12586	99	8	to	to	ADP
fbem-12586	99	9	the	the	DET
fbem-12586	99	10	practices	practice	NOUN
fbem-12586	99	11	of	of	ADP
fbem-12586	99	12	lu	lu	PROPN
fbem-12586	99	13	tong	tong	PROPN
fbem-12586	99	14	,	,	PUNCT
fbem-12586	99	15	dang	dang	INTJ
fbem-12586	99	16	yin	yin	PROPN
fbem-12586	99	17	(	(	PUNCT
fbem-12586	99	18	2014	2014	NUM
fbem-12586	99	19	)	)	PUNCT
fbem-12586	99	20	and	and	CCONJ
fbem-12586	99	21	liang	liang	PROPN
fbem-12586	99	22	shangkun	shangkun	PROPN
fbem-12586	99	23	(	(	PUNCT
fbem-12586	99	24	2016	2016	NUM
fbem-12586	99	25	)	)	PUNCT
fbem-12586	99	26	,	,	PUNCT
fbem-12586	99	27	and	and	CCONJ
fbem-12586	99	28	uses	use	VERB
fbem-12586	99	29	the	the	DET
fbem-12586	99	30	ratio	ratio	NOUN
fbem-12586	99	31	of	of	ADP
fbem-12586	99	32	the	the	DET
fbem-12586	99	33	number	number	NOUN
fbem-12586	99	34	of	of	ADP
fbem-12586	99	35	stock	stock	NOUN
fbem-12586	99	36	options	option	NOUN
fbem-12586	99	37	and	and	CCONJ
fbem-12586	99	38	restricted	restrict	VERB
fbem-12586	99	39	shares	share	NOUN
fbem-12586	99	40	actually	actually	ADV
fbem-12586	99	41	granted	grant	VERB
fbem-12586	99	42	to	to	ADP
fbem-12586	99	43	executives	executive	NOUN
fbem-12586	99	44	or	or	CCONJ
fbem-12586	99	45	employees	employee	NOUN
fbem-12586	99	46	to	to	ADP
fbem-12586	99	47	the	the	DET
fbem-12586	99	48	total	total	ADJ
fbem-12586	99	49	number	number	NOUN
fbem-12586	99	50	of	of	ADP
fbem-12586	99	51	shares	share	NOUN
fbem-12586	99	52	of	of	ADP
fbem-12586	99	53	the	the	DET
fbem-12586	99	54	company	company	NOUN
fbem-12586	99	55	announced	announce	VERB
fbem-12586	99	56	in	in	ADP
fbem-12586	99	57	the	the	DET
fbem-12586	99	58	equity	equity	NOUN
fbem-12586	99	59	incentive	incentive	NOUN
fbem-12586	99	60	grant	grant	NOUN
fbem-12586	99	61	plan	plan	NOUN
fbem-12586	99	62	of	of	ADP
fbem-12586	99	63	listed	list	VERB
fbem-12586	99	64	companies	company	NOUN
fbem-12586	99	65	,	,	PUNCT
fbem-12586	99	66	respectively	respectively	ADV
fbem-12586	99	67	,	,	PUNCT
fbem-12586	99	68	as	as	ADP
fbem-12586	99	69	a	a	DET
fbem-12586	99	70	proxy	proxy	NOUN
fbem-12586	99	71	variable	variable	NOUN
fbem-12586	99	72	for	for	ADP
fbem-12586	99	73	the	the	DET
fbem-12586	99	74	equity	equity	NOUN
fbem-12586	99	75	incentive	incentive	NOUN
fbem-12586	99	76	strength	strength	NOUN
fbem-12586	99	77	of	of	ADP
fbem-12586	99	78	executives	executive	NOUN
fbem-12586	99	79	(	(	PUNCT
fbem-12586	99	80	exeratio	exeratio	NOUN
fbem-12586	99	81	)	)	PUNCT
fbem-12586	99	82	and	and	CCONJ
fbem-12586	99	83	employee	employee	NOUN
fbem-12586	99	84	equity	equity	NOUN
fbem-12586	99	85	incentive	incentive	PROPN
fbem-12586	99	86	intensity	intensity	NOUN
fbem-12586	99	87	(	(	PUNCT
fbem-12586	99	88	empratio	empratio	NOUN
fbem-12586	99	89	)	)	PUNCT
fbem-12586	100	1	[	[	X
fbem-12586	100	2	13	13	NUM
fbem-12586	100	3	]	]	PUNCT
fbem-12586	100	4	.	.	PUNCT
fbem-12586	101	1	at	at	ADP
fbem-12586	101	2	the	the	DET
fbem-12586	101	3	same	same	ADJ
fbem-12586	101	4	time	time	NOUN
fbem-12586	101	5	,	,	PUNCT
fbem-12586	101	6	referring	refer	VERB
fbem-12586	101	7	to	to	ADP
fbem-12586	101	8	the	the	DET
fbem-12586	101	9	research	research	NOUN
fbem-12586	101	10	of	of	ADP
fbem-12586	101	11	jiang	jiang	PROPN
fbem-12586	101	12	yingbing	yingbe	VERB
fbem-12586	101	13	and	and	CCONJ
fbem-12586	101	14	yu	yu	PROPN
fbem-12586	101	15	yaping	yaping	PROPN
fbem-12586	101	16	(	(	PUNCT
fbem-12586	101	17	2017	2017	NUM
fbem-12586	101	18	)	)	PUNCT
fbem-12586	101	19	,	,	PUNCT
fbem-12586	101	20	the	the	DET
fbem-12586	101	21	number	number	NOUN
fbem-12586	101	22	of	of	ADP
fbem-12586	101	23	equity	equity	NOUN
fbem-12586	101	24	incentives	incentive	NOUN
fbem-12586	101	25	granted	grant	VERB
fbem-12586	101	26	by	by	ADP
fbem-12586	101	27	the	the	DET
fbem-12586	101	28	company	company	NOUN
fbem-12586	101	29	is	be	AUX
fbem-12586	101	30	non	non	ADJ
fbem-12586	101	31	-	-	ADJ
fbem-12586	101	32	cumulative	cumulative	ADJ
fbem-12586	101	33	,	,	PUNCT
fbem-12586	101	34	and	and	CCONJ
fbem-12586	101	35	the	the	DET
fbem-12586	101	36	strength	strength	NOUN
fbem-12586	101	37	of	of	ADP
fbem-12586	101	38	equity	equity	NOUN
fbem-12586	101	39	incentives	incentive	NOUN
fbem-12586	101	40	is	be	AUX
fbem-12586	101	41	measured	measure	VERB
fbem-12586	101	42	by	by	ADP
fbem-12586	101	43	the	the	DET
fbem-12586	101	44	number	number	NOUN
fbem-12586	101	45	of	of	ADP
fbem-12586	101	46	new	new	ADJ
fbem-12586	101	47	grants	grant	NOUN
fbem-12586	101	48	each	each	DET
fbem-12586	101	49	year	year	NOUN
fbem-12586	102	1	[	[	X
fbem-12586	102	2	14	14	NUM
fbem-12586	102	3	]	]	PUNCT
fbem-12586	102	4	.	.	PUNCT
fbem-12586	103	1	take	take	VERB
fbem-12586	103	2	whether	whether	SCONJ
fbem-12586	103	3	to	to	PART
fbem-12586	103	4	carry	carry	VERB
fbem-12586	103	5	out	out	ADP
fbem-12586	103	6	executive	executive	ADJ
fbem-12586	103	7	equity	equity	NOUN
fbem-12586	103	8	incentive	incentive	NOUN
fbem-12586	103	9	or	or	CCONJ
fbem-12586	103	10	employee	employee	NOUN
fbem-12586	103	11	equity	equity	NOUN
fbem-12586	103	12	incentive	incentive	NOUN
fbem-12586	103	13	in	in	ADP
fbem-12586	103	14	the	the	DET
fbem-12586	103	15	current	current	ADJ
fbem-12586	103	16	year	year	NOUN
fbem-12586	103	17	as	as	ADP
fbem-12586	103	18	a	a	DET
fbem-12586	103	19	virtual	virtual	ADJ
fbem-12586	103	20	variable	variable	NOUN
fbem-12586	103	21	.	.	PUNCT
fbem-12586	104	1	3.2.3	3.2.3	X
fbem-12586	104	2	.	.	X
fbem-12586	104	3	control	control	NOUN
fbem-12586	104	4	variables	variable	NOUN
fbem-12586	104	5	referring	refer	VERB
fbem-12586	104	6	to	to	ADP
fbem-12586	104	7	the	the	DET
fbem-12586	104	8	research	research	NOUN
fbem-12586	104	9	of	of	ADP
fbem-12586	104	10	lu	lu	PROPN
fbem-12586	104	11	tong	tong	PROPN
fbem-12586	104	12	and	and	CCONJ
fbem-12586	104	13	dang	dang	INTJ
fbem-12586	104	14	yin	yin	PROPN
fbem-12586	104	15	(	(	PUNCT
fbem-12586	104	16	2014	2014	NUM
fbem-12586	104	17	)	)	PUNCT
fbem-12586	104	18	and	and	CCONJ
fbem-12586	104	19	jiang	jiang	PROPN
fbem-12586	104	20	yingbing	yingbe	VERB
fbem-12586	104	21	and	and	CCONJ
fbem-12586	104	22	yu	yu	PROPN
fbem-12586	104	23	yaping	yaping	PROPN
fbem-12586	104	24	(	(	PUNCT
fbem-12586	104	25	2017	2017	NUM
fbem-12586	104	26	)	)	PUNCT
fbem-12586	104	27	,	,	PUNCT
fbem-12586	104	28	this	this	DET
fbem-12586	104	29	paper	paper	NOUN
fbem-12586	104	30	mainly	mainly	ADV
fbem-12586	104	31	controls	control	VERB
fbem-12586	104	32	the	the	DET
fbem-12586	104	33	factors	factor	NOUN
fbem-12586	104	34	affecting	affect	VERB
fbem-12586	104	35	the	the	DET
fbem-12586	104	36	effect	effect	NOUN
fbem-12586	104	37	of	of	ADP
fbem-12586	104	38	equity	equity	NOUN
fbem-12586	104	39	incentives	incentive	NOUN
fbem-12586	104	40	,	,	PUNCT
fbem-12586	104	41	such	such	ADJ
fbem-12586	104	42	as	as	ADP
fbem-12586	104	43	executive	executive	ADJ
fbem-12586	104	44	salaries	salary	NOUN
fbem-12586	104	45	,	,	PUNCT
fbem-12586	104	46	employee	employee	NOUN
fbem-12586	104	47	salaries	salary	NOUN
fbem-12586	104	48	,	,	PUNCT
fbem-12586	104	49	management	management	NOUN
fbem-12586	104	50	shareholding	shareholding	NOUN
fbem-12586	104	51	ratio	ratio	NOUN
fbem-12586	104	52	,	,	PUNCT
fbem-12586	104	53	integration	integration	NOUN
fbem-12586	104	54	of	of	ADP
fbem-12586	104	55	two	two	NUM
fbem-12586	104	56	positions	position	NOUN
fbem-12586	104	57	,	,	PUNCT
fbem-12586	104	58	and	and	CCONJ
fbem-12586	104	59	company	company	NOUN
fbem-12586	104	60	growth	growth	NOUN
fbem-12586	104	61	,	,	PUNCT
fbem-12586	104	62	and	and	CCONJ
fbem-12586	104	63	also	also	ADV
fbem-12586	104	64	controls	control	VERB
fbem-12586	104	65	corporate	corporate	ADJ
fbem-12586	104	66	governance	governance	NOUN
fbem-12586	104	67	variables	variable	NOUN
fbem-12586	104	68	such	such	ADJ
fbem-12586	104	69	as	as	ADP
fbem-12586	104	70	leverage	leverage	NOUN
fbem-12586	104	71	level	level	NOUN
fbem-12586	104	72	,	,	PUNCT
fbem-12586	104	73	board	board	NOUN
fbem-12586	104	74	size	size	NOUN
fbem-12586	104	75	,	,	PUNCT
fbem-12586	104	76	and	and	CCONJ
fbem-12586	104	77	proportion	proportion	NOUN
fbem-12586	104	78	of	of	ADP
fbem-12586	104	79	independent	independent	ADJ
fbem-12586	104	80	directors	director	NOUN
fbem-12586	104	81	[	[	X
fbem-12586	104	82	13,14	13,14	NUM
fbem-12586	104	83	]	]	PUNCT
fbem-12586	104	84	.	.	PUNCT
fbem-12586	105	1	table	table	NOUN
fbem-12586	105	2	1	1	NUM
fbem-12586	105	3	describes	describe	VERB
fbem-12586	105	4	the	the	DET
fbem-12586	105	5	specific	specific	ADJ
fbem-12586	105	6	variables	variable	NOUN
fbem-12586	105	7	.	.	PUNCT
fbem-12586	106	1	table	table	NOUN
fbem-12586	106	2	1	1	NUM
fbem-12586	106	3	describes	describe	VERB
fbem-12586	106	4	the	the	DET
fbem-12586	106	5	names	name	NOUN
fbem-12586	106	6	and	and	CCONJ
fbem-12586	106	7	definitions	definition	NOUN
fbem-12586	106	8	of	of	ADP
fbem-12586	106	9	each	each	DET
fbem-12586	106	10	variable	variable	NOUN
fbem-12586	106	11	.	.	PUNCT
fbem-12586	107	1	table	table	NOUN
fbem-12586	107	2	1	1	NUM
fbem-12586	107	3	.	.	PUNCT
fbem-12586	108	1	definition	definition	NOUN
fbem-12586	108	2	of	of	ADP
fbem-12586	108	3	variables	variable	NOUN
fbem-12586	108	4	the	the	DET
fbem-12586	108	5	variable	variable	ADJ
fbem-12586	108	6	name	name	NOUN
fbem-12586	108	7	symbol	symbol	NOUN
fbem-12586	108	8	variable	variable	ADJ
fbem-12586	108	9	definitions	definition	NOUN
fbem-12586	108	10	the	the	DET
fbem-12586	108	11	variable	variable	NOUN
fbem-12586	108	12	being	be	AUX
fbem-12586	108	13	explained	explain	VERB
fbem-12586	108	14	return	return	NOUN
fbem-12586	108	15	on	on	ADP
fbem-12586	108	16	equity	equity	NOUN
fbem-12586	108	17	roe	roe	PROPN
fbem-12586	108	18	net	net	ADJ
fbem-12586	108	19	profit	profit	NOUN
fbem-12586	108	20	/	/	SYM
fbem-12586	108	21	net	net	ADJ
fbem-12586	108	22	assets	asset	NOUN
fbem-12586	108	23	explanatory	explanatory	ADJ
fbem-12586	108	24	variables	variable	NOUN
fbem-12586	108	25	executive	executive	ADJ
fbem-12586	108	26	equity	equity	NOUN
fbem-12586	108	27	incentives	incentive	NOUN
fbem-12586	108	28	exeincentive	exeincentive	VERB
fbem-12586	108	29	the	the	DET
fbem-12586	108	30	dummy	dummy	ADJ
fbem-12586	108	31	variable	variable	NOUN
fbem-12586	108	32	,	,	PUNCT
fbem-12586	108	33	the	the	DET
fbem-12586	108	34	equity	equity	NOUN
fbem-12586	108	35	incentive	incentive	NOUN
fbem-12586	108	36	for	for	ADP
fbem-12586	108	37	executives	executive	NOUN
fbem-12586	108	38	is	be	AUX
fbem-12586	108	39	1	1	NUM
fbem-12586	108	40	in	in	ADP
fbem-12586	108	41	the	the	DET
fbem-12586	108	42	current	current	ADJ
fbem-12586	108	43	year	year	NOUN
fbem-12586	108	44	,	,	PUNCT
fbem-12586	108	45	and	and	CCONJ
fbem-12586	108	46	the	the	DET
fbem-12586	108	47	equity	equity	NOUN
fbem-12586	108	48	incentive	incentive	NOUN
fbem-12586	108	49	for	for	ADP
fbem-12586	108	50	executives	executive	NOUN
fbem-12586	108	51	who	who	PRON
fbem-12586	108	52	are	be	AUX
fbem-12586	108	53	not	not	PART
fbem-12586	108	54	implemented	implement	VERB
fbem-12586	108	55	is	be	AUX
fbem-12586	108	56	0	0	NUM
fbem-12586	108	57	employee	employee	NOUN
fbem-12586	108	58	equity	equity	NOUN
fbem-12586	108	59	incentives	incentive	VERB
fbem-12586	108	60	empincentive	empincentive	ADJ
fbem-12586	108	61	for	for	ADP
fbem-12586	108	62	dummy	dummy	ADJ
fbem-12586	108	63	variables	variable	NOUN
fbem-12586	108	64	,	,	PUNCT
fbem-12586	108	65	the	the	DET
fbem-12586	108	66	equity	equity	NOUN
fbem-12586	108	67	incentive	incentive	NOUN
fbem-12586	108	68	for	for	ADP
fbem-12586	108	69	employees	employee	NOUN
fbem-12586	108	70	in	in	ADP
fbem-12586	108	71	the	the	DET
fbem-12586	108	72	current	current	ADJ
fbem-12586	108	73	year	year	NOUN
fbem-12586	108	74	is	be	AUX
fbem-12586	108	75	1	1	NUM
fbem-12586	108	76	,	,	PUNCT
fbem-12586	108	77	and	and	CCONJ
fbem-12586	108	78	the	the	DET
fbem-12586	108	79	equity	equity	NOUN
fbem-12586	108	80	incentive	incentive	NOUN
fbem-12586	108	81	for	for	ADP
fbem-12586	108	82	employees	employee	NOUN
fbem-12586	108	83	who	who	PRON
fbem-12586	108	84	are	be	AUX
fbem-12586	108	85	not	not	PART
fbem-12586	108	86	implemented	implement	VERB
fbem-12586	108	87	is	be	AUX
fbem-12586	108	88	0	0	NUM
fbem-12586	108	89	executive	executive	NOUN
fbem-12586	108	90	equity	equity	NOUN
fbem-12586	108	91	incentive	incentive	NOUN
fbem-12586	108	92	strength	strength	NOUN
fbem-12586	108	93	(	(	PUNCT
fbem-12586	108	94	%	%	INTJ
fbem-12586	108	95	)	)	PUNCT
fbem-12586	108	96	exeratio	exeratio	NOUN
fbem-12586	109	1	executives	executive	NOUN
fbem-12586	109	2	are	be	AUX
fbem-12586	109	3	granted	grant	VERB
fbem-12586	109	4	stock	stock	NOUN
fbem-12586	109	5	options	option	NOUN
fbem-12586	109	6	(	(	PUNCT
fbem-12586	109	7	restricted	restrict	VERB
fbem-12586	109	8	number	number	NOUN
fbem-12586	109	9	of	of	ADP
fbem-12586	109	10	shares	share	NOUN
fbem-12586	109	11	)	)	PUNCT
fbem-12586	109	12	/	/	SYM
fbem-12586	109	13	total	total	ADJ
fbem-12586	109	14	number	number	NOUN
fbem-12586	109	15	of	of	ADP
fbem-12586	110	1	company	company	NOUN
fbem-12586	110	2	shares	share	NOUN
fbem-12586	110	3	employee	employee	NOUN
fbem-12586	110	4	equity	equity	NOUN
fbem-12586	110	5	incentive	incentive	NOUN
fbem-12586	110	6	strength	strength	NOUN
fbem-12586	110	7	(	(	PUNCT
fbem-12586	110	8	%	%	NOUN
fbem-12586	110	9	)	)	PUNCT
fbem-12586	110	10	empratio	empratio	NOUN
fbem-12586	110	11	stock	stock	NOUN
fbem-12586	110	12	options	option	NOUN
fbem-12586	110	13	(	(	PUNCT
fbem-12586	110	14	number	number	NOUN
fbem-12586	110	15	of	of	ADP
fbem-12586	110	16	restricted	restricted	ADJ
fbem-12586	110	17	shares	share	NOUN
fbem-12586	110	18	)	)	PUNCT
fbem-12586	110	19	granted	grant	VERB
fbem-12586	110	20	to	to	ADP
fbem-12586	110	21	employees	employee	NOUN
fbem-12586	110	22	/	/	SYM
fbem-12586	110	23	total	total	ADJ
fbem-12586	110	24	number	number	NOUN
fbem-12586	110	25	of	of	ADP
fbem-12586	110	26	company	company	NOUN
fbem-12586	110	27	shares	share	NOUN
fbem-12586	110	28	control	control	VERB
fbem-12586	110	29	variables	variable	NOUN
fbem-12586	110	30	employee	employee	NOUN
fbem-12586	110	31	salaries	salary	NOUN
fbem-12586	110	32	lnempwage	lnempwage	NOUN
fbem-12586	110	33	(	(	PUNCT
fbem-12586	110	34	cash	cash	NOUN
fbem-12586	110	35	paid	pay	VERB
fbem-12586	110	36	to	to	ADP
fbem-12586	110	37	and	and	CCONJ
fbem-12586	110	38	for	for	ADP
fbem-12586	110	39	employees	employee	NOUN
fbem-12586	110	40	total	total	VERB
fbem-12586	110	41	annual	annual	ADJ
fbem-12586	110	42	salary	salary	NOUN
fbem-12586	110	43	of	of	ADP
fbem-12586	110	44	executives	executive	NOUN
fbem-12586	110	45	)	)	PUNCT
fbem-12586	110	46	/	/	PUNCT
fbem-12586	111	1	(	(	PUNCT
fbem-12586	111	2	number	number	NOUN
fbem-12586	111	3	of	of	ADP
fbem-12586	111	4	employees	employee	NOUN
fbem-12586	111	5	in	in	ADP
fbem-12586	111	6	the	the	DET
fbem-12586	111	7	enterprise	enterprise	NOUN
fbem-12586	111	8	number	number	NOUN
fbem-12586	111	9	of	of	ADP
fbem-12586	111	10	executives	executive	NOUN
fbem-12586	111	11	)	)	PUNCT
fbem-12586	111	12	,	,	PUNCT
fbem-12586	111	13	then	then	ADV
fbem-12586	111	14	take	take	VERB
fbem-12586	111	15	the	the	DET
fbem-12586	111	16	natural	natural	ADJ
fbem-12586	111	17	logarithm	logarithm	NOUN
fbem-12586	111	18	executive	executive	NOUN
fbem-12586	111	19	salaries	salary	NOUN
fbem-12586	111	20	lnexewage	lnexewage	NOUN
fbem-12586	111	21	the	the	DET
fbem-12586	111	22	average	average	ADJ
fbem-12586	111	23	annual	annual	ADJ
fbem-12586	111	24	salary	salary	NOUN
fbem-12586	111	25	of	of	ADP
fbem-12586	111	26	executives	executive	NOUN
fbem-12586	111	27	,	,	PUNCT
fbem-12586	111	28	taken	take	VERB
fbem-12586	111	29	as	as	SCONJ
fbem-12586	111	30	the	the	DET
fbem-12586	111	31	natural	natural	ADJ
fbem-12586	111	32	logarithm	logarithm	PROPN
fbem-12586	111	33	board	board	NOUN
fbem-12586	111	34	size	size	NOUN
fbem-12586	111	35	bsize	bsize	VERB
fbem-12586	111	36	the	the	DET
fbem-12586	111	37	natural	natural	ADJ
fbem-12586	111	38	logarithm	logarithm	NOUN
fbem-12586	111	39	of	of	ADP
fbem-12586	111	40	the	the	DET
fbem-12586	111	41	number	number	NOUN
fbem-12586	111	42	of	of	ADP
fbem-12586	111	43	board	board	NOUN
fbem-12586	111	44	members	member	NOUN
fbem-12586	111	45	company	company	NOUN
fbem-12586	111	46	size	size	NOUN
fbem-12586	111	47	size	size	NOUN
fbem-12586	111	48	the	the	DET
fbem-12586	111	49	natural	natural	ADJ
fbem-12586	111	50	logarithm	logarithm	NOUN
fbem-12586	111	51	of	of	ADP
fbem-12586	111	52	total	total	ADJ
fbem-12586	111	53	assets	asset	NOUN
fbem-12586	111	54	at	at	ADP
fbem-12586	111	55	the	the	DET
fbem-12586	111	56	end	end	NOUN
fbem-12586	111	57	of	of	ADP
fbem-12586	111	58	the	the	DET
fbem-12586	111	59	year	year	NOUN
fbem-12586	111	60	gearing	gear	VERB
fbem-12586	111	61	ratio	ratio	NOUN
fbem-12586	111	62	leverage	leverage	NOUN
fbem-12586	111	63	total	total	ADJ
fbem-12586	111	64	liabilities	liability	NOUN
fbem-12586	111	65	/	/	SYM
fbem-12586	111	66	total	total	ADJ
fbem-12586	111	67	assets	asset	NOUN
fbem-12586	111	68	capital	capital	NOUN
fbem-12586	111	69	intensity	intensity	NOUN
fbem-12586	111	70	(	(	PUNCT
fbem-12586	111	71	%	%	INTJ
fbem-12586	111	72	)	)	PUNCT
fbem-12586	111	73	tangibility	tangibility	NOUN
fbem-12586	111	74	net	net	ADJ
fbem-12586	111	75	fixed	fix	VERB
fbem-12586	111	76	assets	asset	NOUN
fbem-12586	111	77	/	/	SYM
fbem-12586	111	78	total	total	ADJ
fbem-12586	111	79	assets	asset	NOUN
fbem-12586	111	80	total	total	ADJ
fbem-12586	111	81	cash	cash	NOUN
fbem-12586	111	82	recovery	recovery	NOUN
fbem-12586	111	83	rate	rate	NOUN
fbem-12586	111	84	cash	cash	NOUN
fbem-12586	111	85	net	net	ADJ
fbem-12586	111	86	cash	cash	NOUN
fbem-12586	111	87	flow	flow	NOUN
fbem-12586	111	88	from	from	ADP
fbem-12586	111	89	operating	operate	VERB
fbem-12586	111	90	activities	activity	NOUN
fbem-12586	111	91	/	/	SYM
fbem-12586	111	92	closing	close	VERB
fbem-12586	111	93	balance	balance	NOUN
fbem-12586	111	94	of	of	ADP
fbem-12586	111	95	assets	asset	NOUN
fbem-12586	111	96	percentage	percentage	NOUN
fbem-12586	111	97	of	of	ADP
fbem-12586	111	98	management	management	NOUN
fbem-12586	111	99	shareholding	shareholding	NOUN
fbem-12586	111	100	exeshare	exeshare	NOUN
fbem-12586	111	101	number	number	NOUN
fbem-12586	111	102	of	of	ADP
fbem-12586	111	103	management	management	NOUN
fbem-12586	111	104	holdings	holding	NOUN
fbem-12586	111	105	/	/	SYM
fbem-12586	111	106	number	number	NOUN
fbem-12586	111	107	of	of	ADP
fbem-12586	111	108	shares	share	NOUN
fbem-12586	111	109	in	in	ADP
fbem-12586	111	110	the	the	DET
fbem-12586	111	111	company	company	NOUN
fbem-12586	111	112	two	two	NUM
fbem-12586	111	113	jobs	job	NOUN
fbem-12586	111	114	in	in	ADP
fbem-12586	111	115	one	one	NUM
fbem-12586	111	116	dual	dual	ADJ
fbem-12586	111	117	whether	whether	SCONJ
fbem-12586	111	118	the	the	DET
fbem-12586	111	119	chairman	chairman	NOUN
fbem-12586	111	120	is	be	AUX
fbem-12586	111	121	also	also	ADV
fbem-12586	111	122	the	the	DET
fbem-12586	111	123	general	general	ADJ
fbem-12586	111	124	manager	manager	NOUN
fbem-12586	111	125	,	,	PUNCT
fbem-12586	111	126	it	it	PRON
fbem-12586	111	127	is	be	AUX
fbem-12586	111	128	1	1	NUM
fbem-12586	111	129	,	,	PUNCT
fbem-12586	111	130	otherwise	otherwise	ADV
fbem-12586	111	131	it	it	PRON
fbem-12586	111	132	is	be	AUX
fbem-12586	111	133	0	0	NUM
fbem-12586	111	134	the	the	DET
fbem-12586	111	135	largest	large	ADJ
fbem-12586	111	136	shareholder	shareholder	NOUN
fbem-12586	111	137	's	's	PART
fbem-12586	111	138	shareholding	shareholding	NOUN
fbem-12586	111	139	top1	top1	PROPN
fbem-12586	111	140	number	number	NOUN
fbem-12586	111	141	of	of	ADP
fbem-12586	111	142	shares	share	NOUN
fbem-12586	111	143	held	hold	VERB
fbem-12586	111	144	by	by	ADP
fbem-12586	111	145	the	the	DET
fbem-12586	111	146	largest	large	ADJ
fbem-12586	111	147	shareholder	shareholder	NOUN
fbem-12586	111	148	/	/	SYM
fbem-12586	111	149	total	total	ADJ
fbem-12586	111	150	number	number	NOUN
fbem-12586	111	151	of	of	ADP
fbem-12586	111	152	shares	share	NOUN
fbem-12586	111	153	in	in	ADP
fbem-12586	111	154	the	the	DET
fbem-12586	111	155	company	company	NOUN
fbem-12586	111	156	company	company	NOUN
fbem-12586	111	157	growth	growth	NOUN
fbem-12586	111	158	growth	growth	VERB
fbem-12586	111	159	the	the	DET
fbem-12586	111	160	growth	growth	NOUN
fbem-12586	111	161	rate	rate	NOUN
fbem-12586	111	162	of	of	ADP
fbem-12586	111	163	the	the	DET
fbem-12586	111	164	company	company	NOUN
fbem-12586	111	165	's	's	PART
fbem-12586	111	166	operating	operate	VERB
fbem-12586	111	167	income	income	NOUN
fbem-12586	111	168	183	183	NUM
fbem-12586	111	169	3.3	3.3	NUM
fbem-12586	111	170	.	.	PUNCT
fbem-12586	112	1	model	model	NOUN
fbem-12586	112	2	design	design	NOUN
fbem-12586	112	3	to	to	PART
fbem-12586	112	4	test	test	VERB
fbem-12586	112	5	the	the	DET
fbem-12586	112	6	hypothesis	hypothesis	NOUN
fbem-12586	112	7	,	,	PUNCT
fbem-12586	112	8	this	this	DET
fbem-12586	112	9	paper	paper	NOUN
fbem-12586	112	10	constructs	construct	VERB
fbem-12586	112	11	the	the	DET
fbem-12586	112	12	following	follow	VERB
fbem-12586	112	13	regression	regression	NOUN
fbem-12586	112	14	model	model	NOUN
fbem-12586	112	15	:	:	PUNCT
fbem-12586	112	16	𝑹𝑶𝑬𝒊，𝒕	𝑹𝑶𝑬𝒊，𝒕	VERB
fbem-12586	112	17	𝜶	𝜶	ADP
fbem-12586	112	18	𝜷𝟏𝒆𝒙𝒆𝒊𝒏𝒄𝒆𝒏𝒕𝒊𝒗𝒆𝒊,𝒕	𝜷𝟏𝒆𝒙𝒆𝒊𝒏𝒄𝒆𝒏𝒕𝒊𝒗𝒆𝒊,𝒕	ADV
fbem-12586	112	19	𝟏	𝟏	NUM
fbem-12586	112	20	𝜷𝟐𝒆𝒎𝒑𝒊𝒏𝒄𝒆𝒏𝒕𝒊𝒗𝒆𝒊,𝒕	𝜷𝟐𝒆𝒎𝒑𝒊𝒏𝒄𝒆𝒏𝒕𝒊𝒗𝒆𝒊,𝒕	NUM
fbem-12586	112	21	𝟏	𝟏	NUM
fbem-12586	112	22	𝜷𝟑𝒆𝒙𝒆𝒓𝒂𝒕𝒊𝒐𝒊,𝒕	𝜷𝟑𝒆𝒙𝒆𝒓𝒂𝒕𝒊𝒐𝒊,𝒕	ADV
fbem-12586	112	23	𝟏	𝟏	NUM
fbem-12586	112	24	𝜷𝟒𝒆𝒎𝒑𝒓𝒂𝒕𝒊𝒐𝒊,𝒕	𝜷𝟒𝒆𝒎𝒑𝒓𝒂𝒕𝒊𝒐𝒊,𝒕	NUM
fbem-12586	112	25	𝟏	𝟏	NUM
fbem-12586	112	26	𝜸𝑿𝒊,𝒕	𝜸𝑿𝒊,𝒕	PUNCT
fbem-12586	112	27	𝟏	𝟏	NUM
fbem-12586	112	28	𝜺𝒊,𝒕	𝜺𝒊,𝒕	PUNCT
fbem-12586	112	29	among	among	ADP
fbem-12586	112	30	them	they	PRON
fbem-12586	112	31	,	,	PUNCT
fbem-12586	112	32	due	due	ADP
fbem-12586	112	33	to	to	ADP
fbem-12586	112	34	the	the	DET
fbem-12586	112	35	lagging	lagging	ADJ
fbem-12586	112	36	effect	effect	NOUN
fbem-12586	112	37	of	of	ADP
fbem-12586	112	38	equity	equity	NOUN
fbem-12586	112	39	incentives	incentive	NOUN
fbem-12586	112	40	,	,	PUNCT
fbem-12586	112	41	this	this	DET
fbem-12586	112	42	paper	paper	NOUN
fbem-12586	112	43	adopts	adopt	VERB
fbem-12586	112	44	lag	lag	NOUN
fbem-12586	112	45	treatment	treatment	NOUN
fbem-12586	112	46	for	for	ADP
fbem-12586	112	47	both	both	CCONJ
fbem-12586	112	48	explanatory	explanatory	ADJ
fbem-12586	112	49	variables	variable	NOUN
fbem-12586	112	50	and	and	CCONJ
fbem-12586	112	51	control	control	NOUN
fbem-12586	112	52	variables	variable	NOUN
fbem-12586	112	53	.	.	PUNCT
fbem-12586	113	1	x	x	PRON
fbem-12586	113	2	represents	represent	VERB
fbem-12586	113	3	the	the	DET
fbem-12586	113	4	control	control	NOUN
fbem-12586	113	5	variable	variable	NOUN
fbem-12586	113	6	.	.	PUNCT
fbem-12586	114	1	the	the	DET
fbem-12586	114	2	model	model	NOUN
fbem-12586	114	3	controls	control	VERB
fbem-12586	114	4	for	for	ADP
fbem-12586	114	5	both	both	CCONJ
fbem-12586	114	6	annual	annual	ADJ
fbem-12586	114	7	and	and	CCONJ
fbem-12586	114	8	industry	industry	NOUN
fbem-12586	114	9	fixed	fix	VERB
fbem-12586	114	10	effects	effect	NOUN
fbem-12586	114	11	.	.	PUNCT
fbem-12586	115	1	4	4	X
fbem-12586	115	2	.	.	X
fbem-12586	115	3	empirical	empirical	ADJ
fbem-12586	115	4	results	result	NOUN
fbem-12586	115	5	and	and	CCONJ
fbem-12586	115	6	analysis	analysis	NOUN
fbem-12586	115	7	4.1	4.1	NUM
fbem-12586	115	8	.	.	PUNCT
fbem-12586	116	1	descriptive	descriptive	ADJ
fbem-12586	116	2	statistics	statistic	NOUN
fbem-12586	116	3	table	table	NOUN
fbem-12586	116	4	2	2	NUM
fbem-12586	116	5	.	.	PUNCT
fbem-12586	116	6	descriptive	descriptive	ADJ
fbem-12586	116	7	statistics	statistic	NOUN
fbem-12586	116	8	variable	variable	NOUN
fbem-12586	116	9	n	n	PRON
fbem-12586	116	10	mean	mean	VERB
fbem-12586	116	11	sd	sd	ADP
fbem-12586	116	12	min	min	PROPN
fbem-12586	116	13	p50	p50	PROPN
fbem-12586	116	14	.max	.max	PROPN
fbem-12586	116	15	roe	roe	PROPN
fbem-12586	116	16	9370	9370	NUM
fbem-12586	116	17	0.0600	0.0600	NUM
fbem-12586	116	18	0.130	0.130	NUM
fbem-12586	116	19	-0.730	-0.730	NUM
fbem-12586	116	20	0.0700	0.0700	NUM
fbem-12586	116	21	0.310	0.310	NUM
fbem-12586	116	22	exeincentive	exeincentive	ADJ
fbem-12586	116	23	9370	9370	NUM
fbem-12586	116	24	0.180	0.180	NUM
fbem-12586	116	25	0.380	0.380	NUM
fbem-12586	116	26	0	0	NUM
fbem-12586	116	27	0	0	NUM
fbem-12586	116	28	1	1	NUM
fbem-12586	116	29	empincentive	empincentive	VERB
fbem-12586	116	30	9370	9370	NUM
fbem-12586	116	31	0.240	0.240	NUM
fbem-12586	116	32	0.420	0.420	NUM
fbem-12586	116	33	0	0	NUM
fbem-12586	116	34	0	0	NUM
fbem-12586	116	35	1	1	NUM
fbem-12586	116	36	exeratio	exeratio	NOUN
fbem-12586	116	37	9370	9370	NUM
fbem-12586	116	38	0.0700	0.0700	NUM
fbem-12586	116	39	0.290	0.290	NUM
fbem-12586	116	40	0	0	NUM
fbem-12586	116	41	0	0	NUM
fbem-12586	116	42	5.790	5.790	NUM
fbem-12586	116	43	empratio	empratio	NOUN
fbem-12586	116	44	9370	9370	NUM
fbem-12586	116	45	0.300	0.300	NUM
fbem-12586	116	46	0.830	0.830	NUM
fbem-12586	116	47	0	0	NUM
fbem-12586	116	48	0	0	NUM
fbem-12586	116	49	9.500	9.500	NUM
fbem-12586	116	50	lnempwage	lnempwage	NOUN
fbem-12586	116	51	9370	9370	NUM
fbem-12586	116	52	11.39	11.39	NUM
fbem-12586	116	53	0.550	0.550	NUM
fbem-12586	116	54	9.680	9.680	NUM
fbem-12586	116	55	11.38	11.38	NUM
fbem-12586	116	56	12.81	12.81	NUM
fbem-12586	116	57	lnexewage	lnexewage	NOUN
fbem-12586	116	58	9370	9370	NUM
fbem-12586	116	59	15.43	15.43	NUM
fbem-12586	116	60	0.720	0.720	NUM
fbem-12586	116	61	13.66	13.66	NUM
fbem-12586	116	62	15.39	15.39	NUM
fbem-12586	116	63	17.40	17.40	NUM
fbem-12586	116	64	bsize	bsize	NOUN
fbem-12586	116	65	9370	9370	NUM
fbem-12586	116	66	2.100	2.100	NUM
fbem-12586	116	67	0.190	0.190	NUM
fbem-12586	116	68	1.610	1.610	NUM
fbem-12586	116	69	2.200	2.200	NUM
fbem-12586	116	70	2.560	2.560	NUM
fbem-12586	116	71	size	size	NOUN
fbem-12586	116	72	9370	9370	NUM
fbem-12586	116	73	22.25	22.25	NUM
fbem-12586	116	74	1.230	1.230	NUM
fbem-12586	116	75	19.83	19.83	NUM
fbem-12586	116	76	22.07	22.07	NUM
fbem-12586	116	77	26.09	26.09	NUM
fbem-12586	116	78	leverage	leverage	NOUN
fbem-12586	116	79	9370	9370	NUM
fbem-12586	116	80	0.410	0.410	NUM
fbem-12586	116	81	0.190	0.190	NUM
fbem-12586	116	82	0.0500	0.0500	NUM
fbem-12586	116	83	0.410	0.410	NUM
fbem-12586	116	84	0.870	0.870	NUM
fbem-12586	116	85	tangibility	tangibility	NOUN
fbem-12586	116	86	9370	9370	NUM
fbem-12586	116	87	2.260	2.260	NUM
fbem-12586	116	88	1.460	1.460	NUM
fbem-12586	116	89	0.410	0.410	NUM
fbem-12586	116	90	1.880	1.880	NUM
fbem-12586	116	91	9.410	9.410	NUM
fbem-12586	116	92	cash	cash	NOUN
fbem-12586	116	93	9370	9370	NUM
fbem-12586	116	94	0.0500	0.0500	NUM
fbem-12586	116	95	0.0700	0.0700	NUM
fbem-12586	116	96	-0.150	-0.150	NOUN
fbem-12586	116	97	0.0500	0.0500	NUM
fbem-12586	116	98	0.240	0.240	NUM
fbem-12586	116	99	exeshare	exeshare	VERB
fbem-12586	116	100	9370	9370	NUM
fbem-12586	116	101	17.67	17.67	NUM
fbem-12586	116	102	20.16	20.16	NUM
fbem-12586	116	103	0	0	NUM
fbem-12586	117	1	7.870	7.870	NUM
fbem-12586	117	2	71.77	71.77	NUM
fbem-12586	117	3	dual	dual	ADJ
fbem-12586	117	4	9370	9370	NUM
fbem-12586	117	5	0.330	0.330	NUM
fbem-12586	117	6	0.470	0.470	NUM
fbem-12586	117	7	0	0	NUM
fbem-12586	117	8	0	0	NUM
fbem-12586	117	9	1	1	NUM
fbem-12586	117	10	top1	top1	NOUN
fbem-12586	117	11	9370	9370	NUM
fbem-12586	117	12	31.91	31.91	NUM
fbem-12586	117	13	13.93	13.93	NUM
fbem-12586	117	14	8	8	NUM
fbem-12586	117	15	30	30	NUM
fbem-12586	117	16	70.03	70.03	NUM
fbem-12586	117	17	growth	growth	NOUN
fbem-12586	117	18	9370	9370	NUM
fbem-12586	117	19	0.360	0.360	NUM
fbem-12586	117	20	0.760	0.760	NUM
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fbem-12586	117	22	0.160	0.160	NUM
fbem-12586	117	23	5.210	5.210	NUM
fbem-12586	117	24	table	table	NOUN
fbem-12586	117	25	3	3	NUM
fbem-12586	117	26	.	.	PUNCT
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fbem-12586	117	29	results	result	NOUN
fbem-12586	117	30	(	(	PUNCT
fbem-12586	117	31	1	1	NUM
fbem-12586	117	32	)	)	PUNCT
fbem-12586	117	33	(	(	PUNCT
fbem-12586	117	34	2	2	NUM
fbem-12586	117	35	)	)	PUNCT
fbem-12586	117	36	(	(	PUNCT
fbem-12586	117	37	3	3	X
fbem-12586	117	38	)	)	PUNCT
fbem-12586	117	39	(	(	PUNCT
fbem-12586	117	40	4	4	X
fbem-12586	117	41	)	)	PUNCT
fbem-12586	117	42	variables	variable	VERB
fbem-12586	117	43	y	y	PROPN
fbem-12586	117	44	y	y	PROPN
fbem-12586	117	45	y	y	PROPN
fbem-12586	117	46	y	y	PROPN
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fbem-12586	117	48	0.012	0.012	NUM
fbem-12586	117	49	*	*	NOUN
fbem-12586	117	50	*	*	PUNCT
fbem-12586	117	51	*	*	PUNCT
fbem-12586	117	52	(	(	PUNCT
fbem-12586	117	53	3.05	3.05	NUM
fbem-12586	117	54	)	)	PUNCT
fbem-12586	117	55	l.empincentive	l.empincentive	ADJ
fbem-12586	117	56	0.014	0.014	NUM
fbem-12586	117	57	*	*	NOUN
fbem-12586	117	58	*	*	PUNCT
fbem-12586	117	59	*	*	PUNCT
fbem-12586	117	60	(	(	PUNCT
fbem-12586	117	61	3.70	3.70	NUM
fbem-12586	117	62	)	)	PUNCT
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fbem-12586	117	65	*	*	NOUN
fbem-12586	117	66	*	*	PUNCT
fbem-12586	117	67	(	(	PUNCT
fbem-12586	117	68	2.52	2.52	NUM
fbem-12586	117	69	)	)	PUNCT
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fbem-12586	117	71	0.006	0.006	NUM
fbem-12586	117	72	*	*	PUNCT
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fbem-12586	118	2	(	(	PUNCT
fbem-12586	118	3	3.55	3.55	NUM
fbem-12586	118	4	)	)	PUNCT
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fbem-12586	118	6	-0.008	-0.008	NOUN
fbem-12586	118	7	-0.008	-0.008	NOUN
fbem-12586	118	8	-0.008	-0.008	NOUN
fbem-12586	118	9	-0.008	-0.008	INTJ
fbem-12586	118	10	(	(	PUNCT
fbem-12586	118	11	-1.26	-1.26	NUM
fbem-12586	118	12	)	)	PUNCT
fbem-12586	118	13	(	(	PUNCT
fbem-12586	118	14	-1.24	-1.24	NOUN
fbem-12586	118	15	)	)	PUNCT
fbem-12586	118	16	(	(	PUNCT
fbem-12586	118	17	-1.24	-1.24	NOUN
fbem-12586	118	18	)	)	PUNCT
fbem-12586	118	19	(	(	PUNCT
fbem-12586	118	20	-1.29	-1.29	PROPN
fbem-12586	118	21	)	)	PUNCT
fbem-12586	118	22	l.lnexewage	l.lnexewage	NOUN
fbem-12586	118	23	0.012	0.012	NUM
fbem-12586	118	24	*	*	NOUN
fbem-12586	118	25	*	*	PROPN
fbem-12586	118	26	0.012	0.012	NUM
fbem-12586	118	27	*	*	NUM
fbem-12586	118	28	0.012	0.012	NUM
fbem-12586	118	29	*	*	X
fbem-12586	118	30	*	*	PROPN
fbem-12586	118	31	0.012	0.012	NUM
fbem-12586	118	32	*	*	NOUN
fbem-12586	118	33	*	*	PUNCT
fbem-12586	118	34	(	(	PUNCT
fbem-12586	118	35	1.97	1.97	NUM
fbem-12586	118	36	)	)	PUNCT
fbem-12586	118	37	(	(	PUNCT
fbem-12586	118	38	1.89	1.89	NUM
fbem-12586	118	39	)	)	PUNCT
fbem-12586	118	40	(	(	PUNCT
fbem-12586	118	41	2.01	2.01	NUM
fbem-12586	118	42	)	)	PUNCT
fbem-12586	118	43	(	(	PUNCT
fbem-12586	118	44	1.99	1.99	NUM
fbem-12586	118	45	)	)	PUNCT
fbem-12586	118	46	l.bsize	l.bsize	VERB
fbem-12586	118	47	-0.038	-0.038	PUNCT
fbem-12586	118	48	*	*	PUNCT
fbem-12586	118	49	*	*	PUNCT
fbem-12586	118	50	-0.038	-0.038	PUNCT
fbem-12586	118	51	*	*	PUNCT
fbem-12586	118	52	*	*	PUNCT
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fbem-12586	118	54	*	*	PUNCT
fbem-12586	118	55	*	*	PUNCT
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fbem-12586	118	57	*	*	PUNCT
fbem-12586	118	58	*	*	PUNCT
fbem-12586	118	59	(	(	PUNCT
fbem-12586	118	60	-2.01	-2.01	NUM
fbem-12586	118	61	)	)	PUNCT
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fbem-12586	118	63	-1.99	-1.99	NOUN
fbem-12586	118	64	)	)	PUNCT
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fbem-12586	118	66	-1.97	-1.97	NOUN
fbem-12586	118	67	)	)	PUNCT
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fbem-12586	118	69	-1.97	-1.97	NOUN
fbem-12586	118	70	)	)	PUNCT
fbem-12586	118	71	l.size	l.size	NOUN
fbem-12586	118	72	-0.032	-0.032	PUNCT
fbem-12586	118	73	*	*	PUNCT
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fbem-12586	118	75	*	*	PUNCT
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fbem-12586	118	77	*	*	PUNCT
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fbem-12586	118	80	-0.031	-0.031	NOUN
fbem-12586	119	1	*	*	PUNCT
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fbem-12586	119	3	*	*	PUNCT
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fbem-12586	119	5	*	*	PUNCT
fbem-12586	119	6	*	*	PUNCT
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fbem-12586	119	8	(	(	PUNCT
fbem-12586	119	9	-5.49	-5.49	NOUN
fbem-12586	119	10	)	)	PUNCT
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fbem-12586	119	12	-5.55	-5.55	NUM
fbem-12586	119	13	)	)	PUNCT
fbem-12586	119	14	(	(	PUNCT
fbem-12586	119	15	-5.40	-5.40	NOUN
fbem-12586	119	16	)	)	PUNCT
fbem-12586	119	17	(	(	PUNCT
fbem-12586	119	18	-5.44	-5.44	NOUN
fbem-12586	119	19	)	)	PUNCT
fbem-12586	119	20	l.leverage	l.leverage	NOUN
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fbem-12586	119	22	-0.021	-0.021	NOUN
fbem-12586	120	1	-0.021	-0.021	NUM
fbem-12586	120	2	-0.021	-0.021	NOUN
fbem-12586	120	3	(	(	PUNCT
fbem-12586	120	4	-0.78	-0.78	NUM
fbem-12586	120	5	)	)	PUNCT
fbem-12586	120	6	(	(	PUNCT
fbem-12586	120	7	-0.79	-0.79	NOUN
fbem-12586	120	8	)	)	PUNCT
fbem-12586	120	9	(	(	PUNCT
fbem-12586	120	10	-0.81	-0.81	NOUN
fbem-12586	120	11	)	)	PUNCT
fbem-12586	120	12	(	(	PUNCT
fbem-12586	120	13	-0.78	-0.78	NUM
fbem-12586	120	14	)	)	PUNCT
fbem-12586	120	15	l.tangibility	l.tangibility	NOUN
fbem-12586	120	16	-0.008	-0.008	NOUN
fbem-12586	120	17	*	*	PUNCT
fbem-12586	120	18	*	*	PUNCT
fbem-12586	120	19	*	*	PUNCT
fbem-12586	121	1	-0.008	-0.008	NOUN
fbem-12586	121	2	*	*	PUNCT
fbem-12586	121	3	*	*	PUNCT
fbem-12586	122	1	-0.008	-0.008	NOUN
fbem-12586	122	2	*	*	PUNCT
fbem-12586	122	3	*	*	PUNCT
fbem-12586	122	4	*	*	PUNCT
fbem-12586	123	1	-0.008	-0.008	NOUN
fbem-12586	123	2	*	*	PUNCT
fbem-12586	123	3	*	*	PUNCT
fbem-12586	123	4	*	*	PUNCT
fbem-12586	123	5	(	(	PUNCT
fbem-12586	123	6	-2.60	-2.60	NUM
fbem-12586	123	7	)	)	PUNCT
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fbem-12586	123	9	-2.56	-2.56	NUM
fbem-12586	123	10	)	)	PUNCT
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fbem-12586	123	13	)	)	PUNCT
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fbem-12586	123	15	-2.61	-2.61	NOUN
fbem-12586	123	16	)	)	PUNCT
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fbem-12586	123	19	*	*	PUNCT
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fbem-12586	123	23	*	*	PUNCT
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fbem-12586	123	27	*	*	PUNCT
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fbem-12586	123	31	*	*	PUNCT
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fbem-12586	123	34	(	(	PUNCT
fbem-12586	123	35	6.58	6.58	NUM
fbem-12586	123	36	)	)	PUNCT
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fbem-12586	123	39	)	)	PUNCT
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fbem-12586	123	41	6.57	6.57	NUM
fbem-12586	123	42	)	)	PUNCT
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fbem-12586	123	44	6.55	6.55	NUM
fbem-12586	123	45	)	)	PUNCT
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fbem-12586	123	52	*	*	PUNCT
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fbem-12586	123	56	*	*	PUNCT
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fbem-12586	123	63	(	(	PUNCT
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fbem-12586	123	65	)	)	PUNCT
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fbem-12586	123	68	)	)	PUNCT
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fbem-12586	123	71	)	)	PUNCT
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fbem-12586	123	74	)	)	PUNCT
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fbem-12586	123	82	)	)	PUNCT
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fbem-12586	123	85	)	)	PUNCT
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fbem-12586	123	88	)	)	PUNCT
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fbem-12586	123	91	)	)	PUNCT
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fbem-12586	123	93	0.002	0.002	NUM
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fbem-12586	123	98	*	*	PUNCT
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fbem-12586	123	119	5.00	5.00	NUM
fbem-12586	123	120	)	)	PUNCT
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fbem-12586	123	139	5.54	5.54	NUM
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fbem-12586	123	142	5.52	5.52	NUM
fbem-12586	123	143	)	)	PUNCT
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fbem-12586	123	167	(	(	PUNCT
fbem-12586	123	168	5.90	5.90	NUM
fbem-12586	123	169	)	)	PUNCT
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fbem-12586	123	172	)	)	PUNCT
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fbem-12586	123	175	)	)	PUNCT
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fbem-12586	123	188	0.068	0.068	NUM
fbem-12586	123	189	0.067	0.067	NUM
fbem-12586	123	190	0.068	0.068	NUM
fbem-12586	123	191	number	number	NOUN
fbem-12586	123	192	of	of	ADP
fbem-12586	123	193	i	i	PROPN
fbem-12586	123	194	d	d	PROPN
fbem-12586	123	195	1,444	1,444	NUM
fbem-12586	123	196	1,444	1,444	NUM
fbem-12586	123	197	1,444	1,444	NUM
fbem-12586	123	198	1,444	1,444	NUM
fbem-12586	123	199	company	company	NOUN
fbem-12586	123	200	fe	fe	INTJ
fbem-12586	124	1	yes	yes	INTJ
fbem-12586	124	2	yes	yes	INTJ
fbem-12586	125	1	yes	yes	INTJ
fbem-12586	126	1	yes	yes	INTJ
fbem-12586	126	2	year	year	NOUN
fbem-12586	127	1	fe	fe	INTJ
fbem-12586	128	1	yes	yes	INTJ
fbem-12586	128	2	yes	yes	INTJ
fbem-12586	129	1	yes	yes	INTJ
fbem-12586	129	2	yes	yes	INTJ
fbem-12586	129	3	pval	pval	NOUN
fbem-12586	129	4	in	in	ADP
fbem-12586	129	5	parentheses	parenthesis	NOUN
fbem-12586	129	6	p<0.01	p<0.01	PROPN
fbem-12586	129	7	,	,	PUNCT
fbem-12586	129	8	*	*	PUNCT
fbem-12586	129	9	*	*	PUNCT
fbem-12586	129	10	p<0.05	p<0.05	NOUN
fbem-12586	129	11	,	,	PUNCT
fbem-12586	129	12	*	*	PUNCT
fbem-12586	129	13	p<0.1	p<0.1	NUM
fbem-12586	129	14	184	184	NUM
fbem-12586	129	15	in	in	ADP
fbem-12586	129	16	this	this	DET
fbem-12586	129	17	paper	paper	NOUN
fbem-12586	129	18	,	,	PUNCT
fbem-12586	129	19	stata16	stata16	NOUN
fbem-12586	129	20	was	be	AUX
fbem-12586	129	21	used	use	VERB
fbem-12586	129	22	to	to	PART
fbem-12586	129	23	perform	perform	VERB
fbem-12586	129	24	descriptive	descriptive	ADJ
fbem-12586	129	25	statistical	statistical	ADJ
fbem-12586	129	26	analysis	analysis	NOUN
fbem-12586	129	27	of	of	ADP
fbem-12586	129	28	the	the	DET
fbem-12586	129	29	filtered	filter	VERB
fbem-12586	129	30	sample	sample	NOUN
fbem-12586	129	31	data	datum	NOUN
fbem-12586	129	32	.	.	PUNCT
fbem-12586	130	1	from	from	ADP
fbem-12586	130	2	the	the	DET
fbem-12586	130	3	results	result	NOUN
fbem-12586	130	4	,	,	PUNCT
fbem-12586	130	5	the	the	DET
fbem-12586	130	6	firm	firm	ADJ
fbem-12586	130	7	performance	performance	NOUN
fbem-12586	130	8	(	(	PUNCT
fbem-12586	130	9	roe	roe	NOUN
fbem-12586	130	10	)	)	PUNCT
fbem-12586	130	11	ranges	range	VERB
fbem-12586	130	12	from	from	ADP
fbem-12586	130	13	-0.730	-0.730	NOUN
fbem-12586	130	14	to	to	ADP
fbem-12586	130	15	0.310	0.310	NUM
fbem-12586	130	16	with	with	ADP
fbem-12586	130	17	a	a	DET
fbem-12586	130	18	standard	standard	ADJ
fbem-12586	130	19	deviation	deviation	NOUN
fbem-12586	130	20	of	of	ADP
fbem-12586	130	21	0.380	0.380	NUM
fbem-12586	130	22	,	,	PUNCT
fbem-12586	130	23	indicating	indicate	VERB
fbem-12586	130	24	that	that	SCONJ
fbem-12586	130	25	the	the	DET
fbem-12586	130	26	sample	sample	NOUN
fbem-12586	130	27	is	be	AUX
fbem-12586	130	28	not	not	PART
fbem-12586	130	29	highly	highly	ADV
fbem-12586	130	30	dispersed	disperse	VERB
fbem-12586	130	31	.	.	PUNCT
fbem-12586	131	1	the	the	DET
fbem-12586	131	2	average	average	ADJ
fbem-12586	131	3	equity	equity	NOUN
fbem-12586	131	4	incentive	incentive	NOUN
fbem-12586	131	5	value	value	NOUN
fbem-12586	131	6	of	of	ADP
fbem-12586	131	7	independent	independent	ADJ
fbem-12586	131	8	variable	variable	ADJ
fbem-12586	131	9	employees	employee	NOUN
fbem-12586	131	10	was	be	AUX
fbem-12586	131	11	0.240	0.240	NUM
fbem-12586	131	12	,	,	PUNCT
fbem-12586	131	13	which	which	PRON
fbem-12586	131	14	was	be	AUX
fbem-12586	131	15	higher	high	ADJ
fbem-12586	131	16	than	than	ADP
fbem-12586	131	17	0.180	0.180	NUM
fbem-12586	131	18	of	of	ADP
fbem-12586	131	19	executive	executive	ADJ
fbem-12586	131	20	equity	equity	NOUN
fbem-12586	131	21	incentive	incentive	NOUN
fbem-12586	131	22	,	,	PUNCT
fbem-12586	131	23	and	and	CCONJ
fbem-12586	131	24	the	the	DET
fbem-12586	131	25	strength	strength	NOUN
fbem-12586	131	26	of	of	ADP
fbem-12586	131	27	employee	employee	NOUN
fbem-12586	131	28	equity	equity	NOUN
fbem-12586	131	29	incentive	incentive	NOUN
fbem-12586	131	30	of	of	ADP
fbem-12586	131	31	listed	list	VERB
fbem-12586	131	32	enterprises	enterprise	NOUN
fbem-12586	131	33	was	be	AUX
fbem-12586	131	34	higher	high	ADJ
fbem-12586	131	35	than	than	ADP
fbem-12586	131	36	that	that	PRON
fbem-12586	131	37	of	of	ADP
fbem-12586	131	38	executive	executive	ADJ
fbem-12586	131	39	equity	equity	NOUN
fbem-12586	131	40	incentive	incentive	NOUN
fbem-12586	131	41	.	.	PUNCT
fbem-12586	132	1	descriptive	descriptive	ADJ
fbem-12586	132	2	statistics	statistic	NOUN
fbem-12586	132	3	for	for	ADP
fbem-12586	132	4	other	other	ADJ
fbem-12586	132	5	variables	variable	NOUN
fbem-12586	132	6	are	be	AUX
fbem-12586	132	7	detailed	detail	VERB
fbem-12586	132	8	in	in	ADP
fbem-12586	132	9	table	table	NOUN
fbem-12586	132	10	2	2	NUM
fbem-12586	132	11	.	.	NOUN
fbem-12586	132	12	4.2	4.2	NUM
fbem-12586	132	13	.	.	PUNCT
fbem-12586	133	1	basic	basic	ADJ
fbem-12586	133	2	regression	regression	NOUN
fbem-12586	133	3	results	result	NOUN
fbem-12586	133	4	and	and	CCONJ
fbem-12586	133	5	analysis	analysis	NOUN
fbem-12586	133	6	table	table	NOUN
fbem-12586	133	7	3	3	NUM
fbem-12586	133	8	shows	show	VERB
fbem-12586	133	9	that	that	SCONJ
fbem-12586	133	10	regressions	regression	NOUN
fbem-12586	133	11	1	1	NUM
fbem-12586	133	12	and	and	CCONJ
fbem-12586	133	13	3	3	NUM
fbem-12586	133	14	indicate	indicate	VERB
fbem-12586	133	15	the	the	DET
fbem-12586	133	16	regression	regression	NOUN
fbem-12586	133	17	results	result	NOUN
fbem-12586	133	18	of	of	ADP
fbem-12586	133	19	executive	executive	ADJ
fbem-12586	133	20	equity	equity	NOUN
fbem-12586	133	21	incentive	incentive	NOUN
fbem-12586	133	22	and	and	CCONJ
fbem-12586	133	23	roe	roe	NOUN
fbem-12586	133	24	,	,	PUNCT
fbem-12586	133	25	and	and	CCONJ
fbem-12586	133	26	regressions	regression	NOUN
fbem-12586	133	27	2	2	NUM
fbem-12586	133	28	and	and	CCONJ
fbem-12586	133	29	4	4	NUM
fbem-12586	133	30	indicate	indicate	VERB
fbem-12586	133	31	the	the	DET
fbem-12586	133	32	regression	regression	NOUN
fbem-12586	133	33	results	result	NOUN
fbem-12586	133	34	of	of	ADP
fbem-12586	133	35	employee	employee	NOUN
fbem-12586	133	36	equity	equity	NOUN
fbem-12586	133	37	incentive	incentive	NOUN
fbem-12586	133	38	and	and	CCONJ
fbem-12586	133	39	roe	roe	NOUN
fbem-12586	133	40	.	.	PUNCT
fbem-12586	134	1	among	among	ADP
fbem-12586	134	2	them	they	PRON
fbem-12586	134	3	,	,	PUNCT
fbem-12586	134	4	the	the	DET
fbem-12586	134	5	regression	regression	NOUN
fbem-12586	134	6	coefficient	coefficient	NOUN
fbem-12586	134	7	of	of	ADP
fbem-12586	134	8	executive	executive	ADJ
fbem-12586	134	9	equity	equity	NOUN
fbem-12586	134	10	incentive	incentive	NOUN
fbem-12586	134	11	intensity	intensity	NOUN
fbem-12586	134	12	is	be	AUX
fbem-12586	134	13	0.012	0.012	NUM
fbem-12586	134	14	and	and	CCONJ
fbem-12586	134	15	significant	significant	ADJ
fbem-12586	134	16	,	,	PUNCT
fbem-12586	134	17	and	and	CCONJ
fbem-12586	134	18	the	the	DET
fbem-12586	134	19	regression	regression	NOUN
fbem-12586	134	20	coefficient	coefficient	NOUN
fbem-12586	134	21	of	of	ADP
fbem-12586	134	22	whether	whether	SCONJ
fbem-12586	134	23	or	or	CCONJ
fbem-12586	134	24	not	not	PART
fbem-12586	134	25	to	to	PART
fbem-12586	134	26	carry	carry	VERB
fbem-12586	134	27	out	out	ADP
fbem-12586	134	28	executive	executive	ADJ
fbem-12586	134	29	equity	equity	NOUN
fbem-12586	134	30	incentive	incentive	NOUN
fbem-12586	134	31	is	be	AUX
fbem-12586	134	32	also	also	ADV
fbem-12586	134	33	significant	significant	ADJ
fbem-12586	134	34	,	,	PUNCT
fbem-12586	134	35	which	which	PRON
fbem-12586	134	36	shows	show	VERB
fbem-12586	134	37	that	that	SCONJ
fbem-12586	134	38	executive	executive	ADJ
fbem-12586	134	39	equity	equity	NOUN
fbem-12586	134	40	incentive	incentive	NOUN
fbem-12586	134	41	plays	play	VERB
fbem-12586	134	42	the	the	DET
fbem-12586	134	43	expected	expect	VERB
fbem-12586	134	44	role	role	NOUN
fbem-12586	134	45	and	and	CCONJ
fbem-12586	134	46	has	have	VERB
fbem-12586	134	47	a	a	DET
fbem-12586	134	48	positive	positive	ADJ
fbem-12586	134	49	impact	impact	NOUN
fbem-12586	134	50	on	on	ADP
fbem-12586	134	51	the	the	DET
fbem-12586	134	52	company	company	NOUN
fbem-12586	134	53	's	's	PART
fbem-12586	134	54	performance	performance	NOUN
fbem-12586	134	55	.	.	PUNCT
fbem-12586	135	1	at	at	ADP
fbem-12586	135	2	the	the	DET
fbem-12586	135	3	same	same	ADJ
fbem-12586	135	4	time	time	NOUN
fbem-12586	135	5	,	,	PUNCT
fbem-12586	135	6	the	the	DET
fbem-12586	135	7	regression	regression	NOUN
fbem-12586	135	8	coefficient	coefficient	NOUN
fbem-12586	135	9	of	of	ADP
fbem-12586	135	10	employee	employee	NOUN
fbem-12586	135	11	equity	equity	NOUN
fbem-12586	135	12	incentive	incentive	NOUN
fbem-12586	135	13	intensity	intensity	NOUN
fbem-12586	135	14	was	be	AUX
fbem-12586	135	15	0.006	0.006	NUM
fbem-12586	135	16	,	,	PUNCT
fbem-12586	135	17	which	which	PRON
fbem-12586	135	18	was	be	AUX
fbem-12586	135	19	significant	significant	ADJ
fbem-12586	135	20	at	at	ADP
fbem-12586	135	21	the	the	DET
fbem-12586	135	22	1	1	NUM
fbem-12586	135	23	%	%	NOUN
fbem-12586	135	24	level	level	NOUN
fbem-12586	135	25	,	,	PUNCT
fbem-12586	135	26	and	and	CCONJ
fbem-12586	135	27	whether	whether	SCONJ
fbem-12586	135	28	or	or	CCONJ
fbem-12586	135	29	not	not	PART
fbem-12586	135	30	employee	employee	NOUN
fbem-12586	135	31	equity	equity	NOUN
fbem-12586	135	32	incentive	incentive	NOUN
fbem-12586	135	33	was	be	AUX
fbem-12586	135	34	carried	carry	VERB
fbem-12586	135	35	out	out	ADP
fbem-12586	135	36	was	be	AUX
fbem-12586	135	37	positively	positively	ADV
fbem-12586	135	38	correlated	correlate	VERB
fbem-12586	135	39	with	with	ADP
fbem-12586	135	40	roe	roe	NOUN
fbem-12586	135	41	at	at	ADP
fbem-12586	135	42	the	the	DET
fbem-12586	135	43	1	1	NUM
fbem-12586	135	44	%	%	NOUN
fbem-12586	135	45	level	level	NOUN
fbem-12586	135	46	,	,	PUNCT
fbem-12586	135	47	which	which	PRON
fbem-12586	135	48	showed	show	VERB
fbem-12586	135	49	that	that	SCONJ
fbem-12586	135	50	the	the	DET
fbem-12586	135	51	company	company	NOUN
fbem-12586	135	52	's	's	PART
fbem-12586	135	53	performance	performance	NOUN
fbem-12586	135	54	could	could	AUX
fbem-12586	135	55	be	be	AUX
fbem-12586	135	56	significantly	significantly	ADV
fbem-12586	135	57	improved	improve	VERB
fbem-12586	135	58	with	with	ADP
fbem-12586	135	59	the	the	DET
fbem-12586	135	60	increase	increase	NOUN
fbem-12586	135	61	of	of	ADP
fbem-12586	135	62	employee	employee	NOUN
fbem-12586	135	63	equity	equity	NOUN
fbem-12586	135	64	incentive	incentive	PROPN
fbem-12586	135	65	intensity	intensity	NOUN
fbem-12586	135	66	.	.	PUNCT
fbem-12586	136	1	the	the	DET
fbem-12586	136	2	results	result	NOUN
fbem-12586	136	3	initially	initially	ADV
fbem-12586	136	4	support	support	VERB
fbem-12586	136	5	hypotheses	hypothesis	NOUN
fbem-12586	136	6	1	1	NUM
fbem-12586	136	7	and	and	CCONJ
fbem-12586	136	8	2	2	NUM
fbem-12586	136	9	of	of	ADP
fbem-12586	136	10	this	this	DET
fbem-12586	136	11	paper	paper	NOUN
fbem-12586	136	12	.	.	PUNCT
fbem-12586	137	1	4.3	4.3	NUM
fbem-12586	137	2	.	.	PUNCT
fbem-12586	138	1	robustness	robustness	NOUN
fbem-12586	138	2	test	test	NOUN
fbem-12586	138	3	4.3.1	4.3.1	NUM
fbem-12586	138	4	.	.	PUNCT
fbem-12586	139	1	consider	consider	VERB
fbem-12586	139	2	substituting	substitute	VERB
fbem-12586	139	3	the	the	DET
fbem-12586	139	4	explanatory	explanatory	ADJ
fbem-12586	139	5	variable	variable	NOUN
fbem-12586	139	6	and	and	CCONJ
fbem-12586	139	7	adding	add	VERB
fbem-12586	139	8	the	the	DET
fbem-12586	139	9	missing	miss	VERB
fbem-12586	139	10	variable	variable	ADJ
fbem-12586	139	11	table	table	NOUN
fbem-12586	139	12	4	4	NUM
fbem-12586	139	13	.	.	PUNCT
fbem-12586	140	1	replacing	replace	VERB
fbem-12586	140	2	the	the	DET
fbem-12586	140	3	explained	explain	VERB
fbem-12586	140	4	variable	variable	NOUN
fbem-12586	140	5	and	and	CCONJ
fbem-12586	140	6	adding	add	VERB
fbem-12586	140	7	missing	miss	VERB
fbem-12586	140	8	variables	variable	NOUN
fbem-12586	140	9	(	(	PUNCT
fbem-12586	140	10	1	1	NUM
fbem-12586	140	11	)	)	PUNCT
fbem-12586	140	12	(	(	PUNCT
fbem-12586	140	13	2	2	NUM
fbem-12586	140	14	)	)	PUNCT
fbem-12586	140	15	(	(	PUNCT
fbem-12586	140	16	3	3	X
fbem-12586	140	17	)	)	PUNCT
fbem-12586	140	18	(	(	PUNCT
fbem-12586	140	19	4	4	X
fbem-12586	140	20	)	)	PUNCT
fbem-12586	140	21	variables	variable	VERB
fbem-12586	140	22	y	y	PROPN
fbem-12586	140	23	y	y	PROPN
fbem-12586	140	24	y	y	PROPN
fbem-12586	140	25	y	y	PROPN
fbem-12586	140	26	l.exeincentive	l.exeincentive	ADJ
fbem-12586	140	27	0.021	0.021	NUM
fbem-12586	140	28	(	(	PUNCT
fbem-12586	140	29	0.55	0.55	NUM
fbem-12586	140	30	)	)	PUNCT
fbem-12586	140	31	l.empincentive	l.empincentive	PROPN
fbem-12586	140	32	0.071	0.071	NUM
fbem-12586	140	33	*	*	PUNCT
fbem-12586	140	34	*	*	PUNCT
fbem-12586	140	35	(	(	PUNCT
fbem-12586	140	36	2.06	2.06	NUM
fbem-12586	140	37	)	)	PUNCT
fbem-12586	140	38	l.exeratio	l.exeratio	VERB
fbem-12586	140	39	0.045	0.045	NUM
fbem-12586	140	40	(	(	PUNCT
fbem-12586	140	41	0.73	0.73	NUM
fbem-12586	140	42	)	)	PUNCT
fbem-12586	140	43	l.empratio	l.empratio	NOUN
fbem-12586	140	44	0.012	0.012	NUM
fbem-12586	140	45	(	(	PUNCT
fbem-12586	140	46	0.64	0.64	NUM
fbem-12586	140	47	)	)	PUNCT
fbem-12586	140	48	l.lnempwage	l.lnempwage	NOUN
fbem-12586	140	49	-0.048	-0.048	NOUN
fbem-12586	140	50	-0.048	-0.048	NOUN
fbem-12586	140	51	-0.047	-0.047	PUNCT
fbem-12586	140	52	-0.048	-0.048	NOUN
fbem-12586	140	53	(	(	PUNCT
fbem-12586	140	54	-0.81	-0.81	NOUN
fbem-12586	140	55	)	)	PUNCT
fbem-12586	140	56	(	(	PUNCT
fbem-12586	140	57	-0.81	-0.81	NOUN
fbem-12586	140	58	)	)	PUNCT
fbem-12586	140	59	(	(	PUNCT
fbem-12586	140	60	-0.79	-0.79	NOUN
fbem-12586	140	61	)	)	PUNCT
fbem-12586	140	62	(	(	PUNCT
fbem-12586	140	63	-0.81	-0.81	NOUN
fbem-12586	140	64	)	)	PUNCT
fbem-12586	140	65	l.lnexewage	l.lnexewage	NOUN
fbem-12586	140	66	0.137	0.137	PRON
fbem-12586	140	67	*	*	PUNCT
fbem-12586	140	68	*	*	PUNCT
fbem-12586	140	69	*	*	PUNCT
fbem-12586	140	70	0.132	0.132	NUM
fbem-12586	140	71	*	*	NOUN
fbem-12586	140	72	*	*	PUNCT
fbem-12586	140	73	0.137	0.137	NUM
fbem-12586	140	74	*	*	PUNCT
fbem-12586	140	75	*	*	PUNCT
fbem-12586	140	76	*	*	PUNCT
fbem-12586	140	77	0.137	0.137	NUM
fbem-12586	140	78	*	*	PUNCT
fbem-12586	140	79	*	*	PUNCT
fbem-12586	140	80	*	*	PUNCT
fbem-12586	140	81	(	(	PUNCT
fbem-12586	140	82	2.65	2.65	NUM
fbem-12586	140	83	)	)	PUNCT
fbem-12586	140	84	(	(	PUNCT
fbem-12586	140	85	2.56	2.56	NUM
fbem-12586	140	86	)	)	PUNCT
fbem-12586	140	87	(	(	PUNCT
fbem-12586	140	88	2.64	2.64	NUM
fbem-12586	140	89	)	)	PUNCT
fbem-12586	140	90	(	(	PUNCT
fbem-12586	140	91	2.64	2.64	NUM
fbem-12586	140	92	)	)	PUNCT
fbem-12586	140	93	l.bsize	l.bsize	NOUN
fbem-12586	140	94	-0.105	-0.105	NOUN
fbem-12586	140	95	-0.104	-0.104	X
fbem-12586	140	96	-0.104	-0.104	PUNCT
fbem-12586	140	97	-0.104	-0.104	PUNCT
fbem-12586	141	1	(	(	PUNCT
fbem-12586	141	2	-0.61	-0.61	NOUN
fbem-12586	141	3	)	)	PUNCT
fbem-12586	141	4	(	(	PUNCT
fbem-12586	141	5	-0.61	-0.61	NOUN
fbem-12586	141	6	)	)	PUNCT
fbem-12586	141	7	(	(	PUNCT
fbem-12586	141	8	-0.61	-0.61	NOUN
fbem-12586	141	9	)	)	PUNCT
fbem-12586	141	10	(	(	PUNCT
fbem-12586	141	11	-0.61	-0.61	NOUN
fbem-12586	141	12	)	)	PUNCT
fbem-12586	141	13	l.size	l.size	NOUN
fbem-12586	141	14	-0.697	-0.697	PUNCT
fbem-12586	141	15	*	*	PUNCT
fbem-12586	141	16	*	*	PUNCT
fbem-12586	141	17	*	*	PUNCT
fbem-12586	141	18	-0.701	-0.701	PUNCT
fbem-12586	141	19	*	*	PUNCT
fbem-12586	141	20	*	*	PUNCT
fbem-12586	141	21	*	*	PUNCT
fbem-12586	142	1	-0.696	-0.696	PUNCT
fbem-12586	142	2	*	*	PUNCT
fbem-12586	142	3	*	*	PUNCT
fbem-12586	142	4	*	*	PUNCT
fbem-12586	142	5	-0.697	-0.697	PUNCT
fbem-12586	142	6	*	*	PUNCT
fbem-12586	142	7	*	*	PUNCT
fbem-12586	142	8	*	*	PUNCT
fbem-12586	142	9	(	(	PUNCT
fbem-12586	142	10	-12.24	-12.24	NOUN
fbem-12586	142	11	)	)	PUNCT
fbem-12586	142	12	(	(	PUNCT
fbem-12586	142	13	-12.28	-12.28	NOUN
fbem-12586	142	14	)	)	PUNCT
fbem-12586	142	15	(	(	PUNCT
fbem-12586	142	16	-12.18	-12.18	NOUN
fbem-12586	142	17	)	)	PUNCT
fbem-12586	142	18	(	(	PUNCT
fbem-12586	142	19	-12.19	-12.19	NOUN
fbem-12586	142	20	)	)	PUNCT
fbem-12586	142	21	l.leverage	l.leverage	NOUN
fbem-12586	142	22	0.098	0.098	NUM
fbem-12586	142	23	0.097	0.097	NUM
fbem-12586	142	24	0.096	0.096	NUM
fbem-12586	142	25	0.098	0.098	NUM
fbem-12586	142	26	(	(	PUNCT
fbem-12586	142	27	0.49	0.49	NUM
fbem-12586	142	28	)	)	PUNCT
fbem-12586	142	29	(	(	PUNCT
fbem-12586	142	30	0.48	0.48	NUM
fbem-12586	142	31	)	)	PUNCT
fbem-12586	142	32	(	(	PUNCT
fbem-12586	142	33	0.47	0.47	NUM
fbem-12586	142	34	)	)	PUNCT
fbem-12586	142	35	(	(	PUNCT
fbem-12586	142	36	0.49	0.49	NUM
fbem-12586	142	37	)	)	PUNCT
fbem-12586	142	38	l.tangibility	l.tangibility	NOUN
fbem-12586	142	39	-0.049	-0.049	NOUN
fbem-12586	142	40	*	*	NOUN
fbem-12586	142	41	*	*	NOUN
fbem-12586	142	42	-0.048	-0.048	NOUN
fbem-12586	142	43	*	*	NOUN
fbem-12586	142	44	*	*	NOUN
fbem-12586	142	45	-0.049	-0.049	PUNCT
fbem-12586	142	46	*	*	PUNCT
fbem-12586	142	47	*	*	NOUN
fbem-12586	142	48	-0.049	-0.049	PUNCT
fbem-12586	142	49	*	*	PUNCT
fbem-12586	142	50	*	*	PUNCT
fbem-12586	142	51	(	(	PUNCT
fbem-12586	142	52	-2.36	-2.36	NOUN
fbem-12586	142	53	)	)	PUNCT
fbem-12586	142	54	(	(	PUNCT
fbem-12586	142	55	-2.29	-2.29	NOUN
fbem-12586	142	56	)	)	PUNCT
fbem-12586	142	57	(	(	PUNCT
fbem-12586	142	58	-2.37	-2.37	NUM
fbem-12586	142	59	)	)	PUNCT
fbem-12586	142	60	(	(	PUNCT
fbem-12586	142	61	-2.36	-2.36	NOUN
fbem-12586	142	62	)	)	PUNCT
fbem-12586	142	63	l.cash	l.cash	NOUN
fbem-12586	142	64	1.562	1.562	NUM
fbem-12586	142	65	*	*	PUNCT
fbem-12586	142	66	*	*	PUNCT
fbem-12586	142	67	*	*	PUNCT
fbem-12586	143	1	1.556	1.556	NUM
fbem-12586	143	2	*	*	PUNCT
fbem-12586	143	3	*	*	PUNCT
fbem-12586	143	4	*	*	PUNCT
fbem-12586	143	5	1.562	1.562	NUM
fbem-12586	143	6	*	*	PUNCT
fbem-12586	143	7	*	*	PUNCT
fbem-12586	143	8	*	*	PUNCT
fbem-12586	143	9	1.560	1.560	NUM
fbem-12586	143	10	*	*	PUNCT
fbem-12586	143	11	*	*	PUNCT
fbem-12586	143	12	*	*	PUNCT
fbem-12586	143	13	(	(	PUNCT
fbem-12586	143	14	4.88	4.88	NUM
fbem-12586	143	15	)	)	PUNCT
fbem-12586	143	16	(	(	PUNCT
fbem-12586	143	17	4.86	4.86	NUM
fbem-12586	143	18	)	)	PUNCT
fbem-12586	143	19	(	(	PUNCT
fbem-12586	143	20	4.88	4.88	NUM
fbem-12586	143	21	)	)	PUNCT
fbem-12586	143	22	(	(	PUNCT
fbem-12586	143	23	4.86	4.86	NUM
fbem-12586	143	24	)	)	PUNCT
fbem-12586	143	25	l.exeshare	l.exeshare	NOUN
fbem-12586	143	26	-0.006	-0.006	PROPN
fbem-12586	143	27	*	*	PUNCT
fbem-12586	143	28	*	*	PUNCT
fbem-12586	143	29	*	*	PUNCT
fbem-12586	143	30	-0.006	-0.006	PROPN
fbem-12586	143	31	*	*	PUNCT
fbem-12586	143	32	*	*	PUNCT
fbem-12586	143	33	*	*	PUNCT
fbem-12586	143	34	-0.006	-0.006	PROPN
fbem-12586	143	35	*	*	PUNCT
fbem-12586	143	36	*	*	PUNCT
fbem-12586	143	37	*	*	PUNCT
fbem-12586	143	38	-0.006	-0.006	PROPN
fbem-12586	143	39	*	*	PUNCT
fbem-12586	143	40	*	*	PUNCT
fbem-12586	143	41	*	*	PUNCT
fbem-12586	143	42	(	(	PUNCT
fbem-12586	143	43	-2.69	-2.69	NOUN
fbem-12586	143	44	)	)	PUNCT
fbem-12586	143	45	(	(	PUNCT
fbem-12586	143	46	-2.70	-2.70	NOUN
fbem-12586	143	47	)	)	PUNCT
fbem-12586	143	48	(	(	PUNCT
fbem-12586	143	49	-2.68	-2.68	NOUN
fbem-12586	143	50	)	)	PUNCT
fbem-12586	143	51	(	(	PUNCT
fbem-12586	143	52	-2.68	-2.68	NOUN
fbem-12586	143	53	)	)	PUNCT
fbem-12586	143	54	l.dual	l.dual	ADJ
fbem-12586	143	55	-0.051	-0.051	NOUN
fbem-12586	143	56	-0.053	-0.053	PROPN
fbem-12586	143	57	-0.051	-0.051	PROPN
fbem-12586	143	58	-0.051	-0.051	PROPN
fbem-12586	143	59	(	(	PUNCT
fbem-12586	143	60	-0.99	-0.99	PROPN
fbem-12586	143	61	)	)	PUNCT
fbem-12586	143	62	(	(	PUNCT
fbem-12586	143	63	-1.03	-1.03	NUM
fbem-12586	143	64	)	)	PUNCT
fbem-12586	143	65	(	(	PUNCT
fbem-12586	143	66	-0.99	-0.99	NOUN
fbem-12586	143	67	)	)	PUNCT
fbem-12586	143	68	(	(	PUNCT
fbem-12586	143	69	-0.99	-0.99	NOUN
fbem-12586	143	70	)	)	PUNCT
fbem-12586	143	71	l.top1	l.top1	VERB
fbem-12586	143	72	0.001	0.001	NUM
fbem-12586	143	73	0.001	0.001	NUM
fbem-12586	143	74	0.001	0.001	NUM
fbem-12586	143	75	0.001	0.001	NUM
fbem-12586	143	76	(	(	PUNCT
fbem-12586	143	77	0.25	0.25	NUM
fbem-12586	143	78	)	)	PUNCT
fbem-12586	143	79	(	(	PUNCT
fbem-12586	143	80	0.23	0.23	NUM
fbem-12586	143	81	)	)	PUNCT
fbem-12586	143	82	(	(	PUNCT
fbem-12586	143	83	0.25	0.25	NUM
fbem-12586	143	84	)	)	PUNCT
fbem-12586	143	85	(	(	PUNCT
fbem-12586	143	86	0.25	0.25	NUM
fbem-12586	143	87	)	)	PUNCT
fbem-12586	143	88	l.growth	l.growth	NOUN
fbem-12586	143	89	0.084	0.084	NUM
fbem-12586	143	90	*	*	PUNCT
fbem-12586	144	1	*	*	PUNCT
fbem-12586	144	2	*	*	PUNCT
fbem-12586	144	3	0.084	0.084	NUM
fbem-12586	144	4	*	*	PUNCT
fbem-12586	144	5	*	*	PUNCT
fbem-12586	144	6	*	*	PUNCT
fbem-12586	144	7	0.085	0.085	NUM
fbem-12586	144	8	*	*	PUNCT
fbem-12586	144	9	*	*	PUNCT
fbem-12586	144	10	*	*	PUNCT
fbem-12586	144	11	0.085	0.085	NUM
fbem-12586	144	12	*	*	PUNCT
fbem-12586	144	13	*	*	PUNCT
fbem-12586	144	14	*	*	PUNCT
fbem-12586	144	15	(	(	PUNCT
fbem-12586	144	16	2.86	2.86	NUM
fbem-12586	144	17	)	)	PUNCT
fbem-12586	144	18	(	(	PUNCT
fbem-12586	144	19	2.83	2.83	NUM
fbem-12586	144	20	)	)	PUNCT
fbem-12586	144	21	(	(	PUNCT
fbem-12586	144	22	2.86	2.86	NUM
fbem-12586	144	23	)	)	PUNCT
fbem-12586	144	24	(	(	PUNCT
fbem-12586	144	25	2.86	2.86	NUM
fbem-12586	144	26	)	)	PUNCT
fbem-12586	144	27	lnage	lnage	NOUN
fbem-12586	144	28	0.324	0.324	PRON
fbem-12586	144	29	*	*	PUNCT
fbem-12586	144	30	*	*	PUNCT
fbem-12586	144	31	*	*	PUNCT
fbem-12586	144	32	0.331	0.331	NUM
fbem-12586	144	33	*	*	PUNCT
fbem-12586	144	34	*	*	PUNCT
fbem-12586	144	35	*	*	PUNCT
fbem-12586	145	1	0.324	0.324	NUM
fbem-12586	145	2	*	*	PUNCT
fbem-12586	145	3	*	*	PUNCT
fbem-12586	145	4	*	*	PUNCT
fbem-12586	145	5	0.325	0.325	NUM
fbem-12586	145	6	*	*	PUNCT
fbem-12586	145	7	*	*	PUNCT
fbem-12586	145	8	*	*	PUNCT
fbem-12586	145	9	(	(	PUNCT
fbem-12586	145	10	3.68	3.68	NUM
fbem-12586	145	11	)	)	PUNCT
fbem-12586	145	12	(	(	PUNCT
fbem-12586	145	13	3.76	3.76	NUM
fbem-12586	145	14	)	)	PUNCT
fbem-12586	145	15	(	(	PUNCT
fbem-12586	145	16	3.67	3.67	NUM
fbem-12586	145	17	)	)	PUNCT
fbem-12586	145	18	(	(	PUNCT
fbem-12586	145	19	3.68	3.68	NUM
fbem-12586	145	20	)	)	PUNCT
fbem-12586	145	21	constant	constant	ADJ
fbem-12586	145	22	15.755	15.755	NUM
fbem-12586	145	23	*	*	NOUN
fbem-12586	145	24	*	*	PUNCT
fbem-12586	145	25	*	*	PUNCT
fbem-12586	145	26	15.879	15.879	NUM
fbem-12586	145	27	*	*	PUNCT
fbem-12586	145	28	*	*	PUNCT
fbem-12586	145	29	*	*	PUNCT
fbem-12586	145	30	15.720	15.720	NUM
fbem-12586	145	31	*	*	PUNCT
fbem-12586	145	32	*	*	PUNCT
fbem-12586	145	33	*	*	PUNCT
fbem-12586	145	34	15.744	15.744	NUM
fbem-12586	145	35	*	*	PUNCT
fbem-12586	145	36	*	*	PUNCT
fbem-12586	145	37	*	*	PUNCT
fbem-12586	145	38	(	(	PUNCT
fbem-12586	145	39	11.59	11.59	NUM
fbem-12586	145	40	)	)	PUNCT
fbem-12586	145	41	(	(	PUNCT
fbem-12586	145	42	11.69	11.69	NUM
fbem-12586	145	43	)	)	PUNCT
fbem-12586	145	44	(	(	PUNCT
fbem-12586	145	45	11.54	11.54	NUM
fbem-12586	145	46	)	)	PUNCT
fbem-12586	145	47	(	(	PUNCT
fbem-12586	145	48	11.56	11.56	NUM
fbem-12586	145	49	)	)	PUNCT
fbem-12586	145	50	observations	observation	NOUN
fbem-12586	145	51	7,629	7,629	NUM
fbem-12586	145	52	7,629	7,629	NUM
fbem-12586	145	53	7,629	7,629	NUM
fbem-12586	145	54	7,629	7,629	NUM
fbem-12586	145	55	r	r	NOUN
fbem-12586	145	56	-	-	PUNCT
fbem-12586	145	57	squared	square	VERB
fbem-12586	145	58	0.084	0.084	NUM
fbem-12586	145	59	0.085	0.085	NUM
fbem-12586	145	60	0.084	0.084	NUM
fbem-12586	145	61	0.084	0.084	NUM
fbem-12586	145	62	number	number	NOUN
fbem-12586	145	63	of	of	ADP
fbem-12586	145	64	i	i	PROPN
fbem-12586	145	65	d	d	PROPN
fbem-12586	145	66	1,444	1,444	NUM
fbem-12586	145	67	1,444	1,444	NUM
fbem-12586	145	68	1,444	1,444	NUM
fbem-12586	145	69	1,444	1,444	NUM
fbem-12586	145	70	company	company	NOUN
fbem-12586	145	71	fe	fe	INTJ
fbem-12586	146	1	yes	yes	INTJ
fbem-12586	146	2	yes	yes	INTJ
fbem-12586	147	1	yes	yes	INTJ
fbem-12586	148	1	yes	yes	INTJ
fbem-12586	148	2	year	year	NOUN
fbem-12586	149	1	fe	fe	INTJ
fbem-12586	150	1	yes	yes	INTJ
fbem-12586	150	2	yes	yes	INTJ
fbem-12586	151	1	yes	yes	INTJ
fbem-12586	151	2	yes	yes	INTJ
fbem-12586	151	3	pval	pval	NOUN
fbem-12586	151	4	in	in	ADP
fbem-12586	151	5	parentheses	parenthesis	NOUN
fbem-12586	151	6	p<0.01	p<0.01	PROPN
fbem-12586	151	7	,	,	PUNCT
fbem-12586	151	8	*	*	PUNCT
fbem-12586	151	9	*	*	PUNCT
fbem-12586	151	10	p<0.05	p<0.05	NOUN
fbem-12586	151	11	,	,	PUNCT
fbem-12586	151	12	*	*	SYM
fbem-12586	151	13	p<0.1	p<0.1	NUM
fbem-12586	151	14	in	in	ADP
fbem-12586	151	15	this	this	DET
fbem-12586	151	16	paper	paper	NOUN
fbem-12586	151	17	,	,	PUNCT
fbem-12586	151	18	tobin	tobin	PROPN
fbem-12586	151	19	's	's	PART
fbem-12586	151	20	q	q	NOUN
fbem-12586	151	21	value	value	NOUN
fbem-12586	151	22	is	be	AUX
fbem-12586	151	23	first	first	ADV
fbem-12586	151	24	used	use	VERB
fbem-12586	151	25	instead	instead	ADV
fbem-12586	151	26	of	of	ADP
fbem-12586	151	27	roe	roe	NOUN
fbem-12586	151	28	as	as	ADP
fbem-12586	151	29	the	the	DET
fbem-12586	151	30	explanatory	explanatory	ADJ
fbem-12586	151	31	variable	variable	NOUN
fbem-12586	151	32	.	.	PUNCT
fbem-12586	152	1	secondly	secondly	ADV
fbem-12586	152	2	,	,	PUNCT
fbem-12586	152	3	considering	consider	VERB
fbem-12586	152	4	that	that	SCONJ
fbem-12586	152	5	the	the	DET
fbem-12586	152	6	185	185	NUM
fbem-12586	152	7	company	company	NOUN
fbem-12586	152	8	's	's	PART
fbem-12586	152	9	equity	equity	NOUN
fbem-12586	152	10	incentive	incentive	NOUN
fbem-12586	152	11	experience	experience	NOUN
fbem-12586	152	12	may	may	AUX
fbem-12586	152	13	have	have	VERB
fbem-12586	152	14	a	a	DET
fbem-12586	152	15	mediating	mediate	VERB
fbem-12586	152	16	effect	effect	NOUN
fbem-12586	152	17	on	on	ADP
fbem-12586	152	18	the	the	DET
fbem-12586	152	19	impact	impact	NOUN
fbem-12586	152	20	of	of	ADP
fbem-12586	152	21	equity	equity	NOUN
fbem-12586	152	22	incentive	incentive	NOUN
fbem-12586	152	23	implementation	implementation	NOUN
fbem-12586	152	24	on	on	ADP
fbem-12586	152	25	the	the	DET
fbem-12586	152	26	company	company	NOUN
fbem-12586	152	27	's	's	PART
fbem-12586	152	28	performance	performance	NOUN
fbem-12586	152	29	,	,	PUNCT
fbem-12586	152	30	this	this	DET
fbem-12586	152	31	paper	paper	NOUN
fbem-12586	152	32	introduces	introduce	NOUN
fbem-12586	152	33	lnage	lnage	NOUN
fbem-12586	152	34	,	,	PUNCT
fbem-12586	152	35	that	that	ADV
fbem-12586	152	36	is	is	ADV
fbem-12586	152	37	,	,	PUNCT
fbem-12586	152	38	the	the	DET
fbem-12586	152	39	logarithm	logarithm	NOUN
fbem-12586	152	40	of	of	ADP
fbem-12586	152	41	the	the	DET
fbem-12586	152	42	company	company	NOUN
fbem-12586	152	43	's	's	PART
fbem-12586	152	44	founding	founding	NOUN
fbem-12586	152	45	year	year	NOUN
fbem-12586	152	46	,	,	PUNCT
fbem-12586	152	47	as	as	ADP
fbem-12586	152	48	a	a	DET
fbem-12586	152	49	variable	variable	NOUN
fbem-12586	152	50	to	to	PART
fbem-12586	152	51	measure	measure	VERB
fbem-12586	152	52	the	the	DET
fbem-12586	152	53	equity	equity	NOUN
fbem-12586	152	54	incentive	incentive	NOUN
fbem-12586	152	55	experience	experience	NOUN
fbem-12586	152	56	.	.	PUNCT
fbem-12586	153	1	the	the	DET
fbem-12586	153	2	above	above	ADJ
fbem-12586	153	3	results	result	NOUN
fbem-12586	153	4	are	be	AUX
fbem-12586	153	5	presented	present	VERB
fbem-12586	153	6	in	in	ADP
fbem-12586	153	7	table	table	NOUN
fbem-12586	153	8	4	4	NUM
fbem-12586	153	9	.	.	PUNCT
fbem-12586	154	1	according	accord	VERB
fbem-12586	154	2	to	to	ADP
fbem-12586	154	3	table	table	NOUN
fbem-12586	154	4	4	4	NUM
fbem-12586	154	5	,	,	PUNCT
fbem-12586	154	6	the	the	DET
fbem-12586	154	7	effect	effect	NOUN
fbem-12586	154	8	of	of	ADP
fbem-12586	154	9	employee	employee	NOUN
fbem-12586	154	10	equity	equity	NOUN
fbem-12586	154	11	incentive	incentive	NOUN
fbem-12586	154	12	is	be	AUX
fbem-12586	154	13	still	still	ADV
fbem-12586	154	14	significant	significant	ADJ
fbem-12586	154	15	,	,	PUNCT
fbem-12586	154	16	and	and	CCONJ
fbem-12586	154	17	other	other	ADJ
fbem-12586	154	18	independent	independent	ADJ
fbem-12586	154	19	variables	variable	NOUN
fbem-12586	154	20	are	be	AUX
fbem-12586	154	21	not	not	PART
fbem-12586	154	22	significant	significant	ADJ
fbem-12586	154	23	,	,	PUNCT
fbem-12586	154	24	which	which	PRON
fbem-12586	154	25	to	to	ADP
fbem-12586	154	26	some	some	DET
fbem-12586	154	27	extent	extent	NOUN
fbem-12586	154	28	indicates	indicate	VERB
fbem-12586	154	29	that	that	SCONJ
fbem-12586	154	30	the	the	DET
fbem-12586	154	31	effect	effect	NOUN
fbem-12586	154	32	of	of	ADP
fbem-12586	154	33	employee	employee	NOUN
fbem-12586	154	34	equity	equity	NOUN
fbem-12586	154	35	incentive	incentive	NOUN
fbem-12586	154	36	is	be	AUX
fbem-12586	154	37	better	well	ADJ
fbem-12586	154	38	than	than	ADP
fbem-12586	154	39	that	that	PRON
fbem-12586	154	40	of	of	ADP
fbem-12586	154	41	executive	executive	ADJ
fbem-12586	154	42	equity	equity	NOUN
fbem-12586	154	43	incentive	incentive	NOUN
fbem-12586	154	44	verification	verification	NOUN
fbem-12586	154	45	hypothesis	hypothesis	NOUN
fbem-12586	154	46	3	3	NUM
fbem-12586	154	47	.	.	NOUN
fbem-12586	154	48	4.3.2	4.3.2	NUM
fbem-12586	154	49	.	.	PUNCT
fbem-12586	155	1	year	year	NOUN
fbem-12586	155	2	of	of	ADP
fbem-12586	155	3	adjustment	adjustment	NOUN
fbem-12586	155	4	table	table	NOUN
fbem-12586	155	5	5	5	NUM
fbem-12586	155	6	.	.	PUNCT
fbem-12586	156	1	adjust	adjust	VERB
fbem-12586	156	2	year	year	NOUN
fbem-12586	156	3	(	(	PUNCT
fbem-12586	156	4	1	1	NUM
fbem-12586	156	5	)	)	PUNCT
fbem-12586	156	6	(	(	PUNCT
fbem-12586	156	7	2	2	NUM
fbem-12586	156	8	)	)	PUNCT
fbem-12586	156	9	(	(	PUNCT
fbem-12586	156	10	3	3	X
fbem-12586	156	11	)	)	PUNCT
fbem-12586	156	12	(	(	PUNCT
fbem-12586	156	13	4	4	X
fbem-12586	156	14	)	)	PUNCT
fbem-12586	156	15	variables	variable	VERB
fbem-12586	156	16	y	y	PROPN
fbem-12586	156	17	y	y	PROPN
fbem-12586	156	18	y	y	PROPN
fbem-12586	156	19	y	y	PROPN
fbem-12586	156	20	l.exeincentive	l.exeincentive	ADP
fbem-12586	156	21	0.008	0.008	NUM
fbem-12586	156	22	*	*	PUNCT
fbem-12586	156	23	(	(	PUNCT
fbem-12586	156	24	1.71	1.71	NUM
fbem-12586	156	25	)	)	PUNCT
fbem-12586	156	26	l.empincentive	l.empincentive	NOUN
fbem-12586	156	27	0.012	0.012	NUM
fbem-12586	156	28	*	*	NOUN
fbem-12586	156	29	*	*	PUNCT
fbem-12586	156	30	(	(	PUNCT
fbem-12586	156	31	2.48	2.48	NUM
fbem-12586	156	32	)	)	PUNCT
fbem-12586	156	33	l.exeratio	l.exeratio	VERB
fbem-12586	156	34	0.014	0.014	NUM
fbem-12586	156	35	*	*	PUNCT
fbem-12586	156	36	(	(	PUNCT
fbem-12586	156	37	1.86	1.86	NUM
fbem-12586	156	38	)	)	PUNCT
fbem-12586	156	39	l.empratio	l.empratio	NOUN
fbem-12586	156	40	0.005	0.005	NUM
fbem-12586	156	41	*	*	PUNCT
fbem-12586	156	42	*	*	PUNCT
fbem-12586	156	43	(	(	PUNCT
fbem-12586	156	44	2.35	2.35	NUM
fbem-12586	156	45	)	)	PUNCT
fbem-12586	156	46	l.lnempwage	l.lnempwage	NOUN
fbem-12586	156	47	-0.022	-0.022	PROPN
fbem-12586	156	48	*	*	PUNCT
fbem-12586	156	49	*	*	PUNCT
fbem-12586	157	1	-0.022	-0.022	PUNCT
fbem-12586	157	2	*	*	PUNCT
fbem-12586	157	3	*	*	PUNCT
fbem-12586	158	1	-0.022	-0.022	PUNCT
fbem-12586	158	2	*	*	PUNCT
fbem-12586	158	3	*	*	PUNCT
fbem-12586	158	4	-0.023	-0.023	PROPN
fbem-12586	158	5	*	*	PUNCT
fbem-12586	158	6	*	*	PUNCT
fbem-12586	158	7	(	(	PUNCT
fbem-12586	158	8	-2.52	-2.52	ADJ
fbem-12586	158	9	)	)	PUNCT
fbem-12586	158	10	(	(	PUNCT
fbem-12586	158	11	-2.51	-2.51	NUM
fbem-12586	158	12	)	)	PUNCT
fbem-12586	158	13	(	(	PUNCT
fbem-12586	158	14	-2.51	-2.51	NUM
fbem-12586	158	15	)	)	PUNCT
fbem-12586	158	16	(	(	PUNCT
fbem-12586	158	17	-2.57	-2.57	X
fbem-12586	158	18	)	)	PUNCT
fbem-12586	158	19	l.lnexewage	l.lnexewage	NOUN
fbem-12586	158	20	0.005	0.005	NUM
fbem-12586	158	21	0.005	0.005	NUM
fbem-12586	158	22	0.005	0.005	NUM
fbem-12586	158	23	0.005	0.005	NUM
fbem-12586	158	24	(	(	PUNCT
fbem-12586	158	25	0.62	0.62	NUM
fbem-12586	158	26	)	)	PUNCT
fbem-12586	158	27	(	(	PUNCT
fbem-12586	158	28	0.55	0.55	NUM
fbem-12586	158	29	)	)	PUNCT
fbem-12586	158	30	(	(	PUNCT
fbem-12586	158	31	0.62	0.62	NUM
fbem-12586	158	32	)	)	PUNCT
fbem-12586	158	33	(	(	PUNCT
fbem-12586	158	34	0.59	0.59	NUM
fbem-12586	158	35	)	)	PUNCT
fbem-12586	158	36	l.bsize	l.bsize	PROPN
fbem-12586	158	37	-0.029	-0.029	PROPN
fbem-12586	158	38	-0.029	-0.029	NOUN
fbem-12586	158	39	-0.029	-0.029	NOUN
fbem-12586	158	40	-0.028	-0.028	INTJ
fbem-12586	158	41	(	(	PUNCT
fbem-12586	158	42	-1.12	-1.12	NOUN
fbem-12586	158	43	)	)	PUNCT
fbem-12586	158	44	(	(	PUNCT
fbem-12586	158	45	-1.13	-1.13	NOUN
fbem-12586	158	46	)	)	PUNCT
fbem-12586	158	47	(	(	PUNCT
fbem-12586	158	48	-1.12	-1.12	NOUN
fbem-12586	158	49	)	)	PUNCT
fbem-12586	158	50	(	(	PUNCT
fbem-12586	158	51	-1.09	-1.09	NOUN
fbem-12586	158	52	)	)	PUNCT
fbem-12586	158	53	l.size	l.size	NOUN
fbem-12586	158	54	-0.040	-0.040	NUM
fbem-12586	158	55	*	*	NOUN
fbem-12586	158	56	*	*	PUNCT
fbem-12586	158	57	*	*	PUNCT
fbem-12586	158	58	-0.040	-0.040	PUNCT
fbem-12586	158	59	*	*	PUNCT
fbem-12586	158	60	*	*	PUNCT
fbem-12586	158	61	*	*	NOUN
fbem-12586	158	62	-0.039	-0.039	NOUN
fbem-12586	158	63	*	*	PUNCT
fbem-12586	158	64	*	*	PUNCT
fbem-12586	158	65	*	*	NOUN
fbem-12586	158	66	-0.039	-0.039	NOUN
fbem-12586	158	67	*	*	PUNCT
fbem-12586	158	68	*	*	PUNCT
fbem-12586	158	69	*	*	PUNCT
fbem-12586	158	70	(	(	PUNCT
fbem-12586	158	71	-4.62	-4.62	NUM
fbem-12586	158	72	)	)	PUNCT
fbem-12586	158	73	(	(	PUNCT
fbem-12586	158	74	-4.64	-4.64	NOUN
fbem-12586	158	75	)	)	PUNCT
fbem-12586	158	76	(	(	PUNCT
fbem-12586	158	77	-4.58	-4.58	NUM
fbem-12586	158	78	)	)	PUNCT
fbem-12586	158	79	(	(	PUNCT
fbem-12586	158	80	-4.59	-4.59	NUM
fbem-12586	158	81	)	)	PUNCT
fbem-12586	158	82	l.leverage	l.leverage	NOUN
fbem-12586	158	83	0.046	0.046	NUM
fbem-12586	158	84	0.044	0.044	NUM
fbem-12586	158	85	0.046	0.046	NUM
fbem-12586	158	86	0.046	0.046	NUM
fbem-12586	158	87	(	(	PUNCT
fbem-12586	158	88	1.35	1.35	NUM
fbem-12586	158	89	)	)	PUNCT
fbem-12586	158	90	(	(	PUNCT
fbem-12586	158	91	1.31	1.31	NUM
fbem-12586	158	92	)	)	PUNCT
fbem-12586	158	93	(	(	PUNCT
fbem-12586	158	94	1.35	1.35	NUM
fbem-12586	158	95	)	)	PUNCT
fbem-12586	158	96	(	(	PUNCT
fbem-12586	158	97	1.34	1.34	NUM
fbem-12586	158	98	)	)	PUNCT
fbem-12586	158	99	l.tangibility	l.tangibility	NOUN
fbem-12586	158	100	-0.008	-0.008	NOUN
fbem-12586	158	101	*	*	PUNCT
fbem-12586	158	102	*	*	PUNCT
fbem-12586	159	1	-0.008	-0.008	NOUN
fbem-12586	159	2	*	*	PUNCT
fbem-12586	159	3	*	*	PUNCT
fbem-12586	160	1	-0.008	-0.008	NOUN
fbem-12586	160	2	*	*	PUNCT
fbem-12586	160	3	*	*	PUNCT
fbem-12586	161	1	-0.008	-0.008	NOUN
fbem-12586	161	2	*	*	PUNCT
fbem-12586	161	3	*	*	PUNCT
fbem-12586	161	4	(	(	PUNCT
fbem-12586	161	5	-2.20	-2.20	NUM
fbem-12586	161	6	)	)	PUNCT
fbem-12586	161	7	(	(	PUNCT
fbem-12586	161	8	-2.16	-2.16	NOUN
fbem-12586	161	9	)	)	PUNCT
fbem-12586	161	10	(	(	PUNCT
fbem-12586	161	11	-2.25	-2.25	NOUN
fbem-12586	161	12	)	)	PUNCT
fbem-12586	161	13	(	(	PUNCT
fbem-12586	161	14	-2.21	-2.21	NOUN
fbem-12586	161	15	)	)	PUNCT
fbem-12586	161	16	l.cash	l.cash	NOUN
fbem-12586	161	17	0.174	0.174	NUM
fbem-12586	161	18	*	*	PUNCT
fbem-12586	161	19	*	*	PUNCT
fbem-12586	161	20	*	*	PUNCT
fbem-12586	161	21	0.173	0.173	NUM
fbem-12586	161	22	*	*	PUNCT
fbem-12586	161	23	*	*	PUNCT
fbem-12586	161	24	*	*	PUNCT
fbem-12586	161	25	0.174	0.174	NUM
fbem-12586	161	26	*	*	PUNCT
fbem-12586	161	27	*	*	PUNCT
fbem-12586	161	28	*	*	PUNCT
fbem-12586	161	29	0.173	0.173	NUM
fbem-12586	161	30	*	*	PUNCT
fbem-12586	161	31	*	*	PUNCT
fbem-12586	161	32	*	*	PUNCT
fbem-12586	161	33	(	(	PUNCT
fbem-12586	161	34	4.38	4.38	NUM
fbem-12586	161	35	)	)	PUNCT
fbem-12586	161	36	(	(	PUNCT
fbem-12586	161	37	4.35	4.35	NUM
fbem-12586	161	38	)	)	PUNCT
fbem-12586	161	39	(	(	PUNCT
fbem-12586	161	40	4.37	4.37	NUM
fbem-12586	161	41	)	)	PUNCT
fbem-12586	161	42	(	(	PUNCT
fbem-12586	161	43	4.35	4.35	NUM
fbem-12586	161	44	)	)	PUNCT
fbem-12586	161	45	l.exeshare	l.exeshare	VERB
fbem-12586	161	46	0.001	0.001	NUM
fbem-12586	161	47	0.000	0.000	NUM
fbem-12586	161	48	0.001	0.001	NUM
fbem-12586	161	49	0.001	0.001	NUM
fbem-12586	161	50	(	(	PUNCT
fbem-12586	161	51	1.40	1.40	NUM
fbem-12586	161	52	)	)	PUNCT
fbem-12586	161	53	(	(	PUNCT
fbem-12586	161	54	1.38	1.38	NUM
fbem-12586	161	55	)	)	PUNCT
fbem-12586	161	56	(	(	PUNCT
fbem-12586	161	57	1.40	1.40	NUM
fbem-12586	161	58	)	)	PUNCT
fbem-12586	161	59	(	(	PUNCT
fbem-12586	161	60	1.39	1.39	NUM
fbem-12586	161	61	)	)	PUNCT
fbem-12586	161	62	l.dual	l.dual	ADJ
fbem-12586	161	63	-0.007	-0.007	NOUN
fbem-12586	161	64	-0.007	-0.007	NOUN
fbem-12586	161	65	-0.007	-0.007	NOUN
fbem-12586	161	66	-0.007	-0.007	PUNCT
fbem-12586	161	67	(	(	PUNCT
fbem-12586	161	68	-0.76	-0.76	PROPN
fbem-12586	161	69	)	)	PUNCT
fbem-12586	161	70	(	(	PUNCT
fbem-12586	161	71	-0.80	-0.80	NOUN
fbem-12586	161	72	)	)	PUNCT
fbem-12586	161	73	(	(	PUNCT
fbem-12586	161	74	-0.77	-0.77	NOUN
fbem-12586	161	75	)	)	PUNCT
fbem-12586	161	76	(	(	PUNCT
fbem-12586	161	77	-0.78	-0.78	NUM
fbem-12586	161	78	)	)	PUNCT
fbem-12586	161	79	l.top1	l.top1	VERB
fbem-12586	161	80	0.002	0.002	NUM
fbem-12586	161	81	*	*	PUNCT
fbem-12586	161	82	*	*	PUNCT
fbem-12586	161	83	*	*	PUNCT
fbem-12586	161	84	0.002	0.002	NUM
fbem-12586	161	85	*	*	PUNCT
fbem-12586	161	86	*	*	PUNCT
fbem-12586	161	87	*	*	PUNCT
fbem-12586	161	88	0.002	0.002	NUM
fbem-12586	161	89	*	*	PUNCT
fbem-12586	161	90	*	*	PUNCT
fbem-12586	161	91	*	*	PUNCT
fbem-12586	161	92	0.002	0.002	NUM
fbem-12586	161	93	*	*	PUNCT
fbem-12586	161	94	*	*	PUNCT
fbem-12586	161	95	*	*	PUNCT
fbem-12586	161	96	(	(	PUNCT
fbem-12586	161	97	3.31	3.31	NUM
fbem-12586	161	98	)	)	PUNCT
fbem-12586	161	99	(	(	PUNCT
fbem-12586	161	100	3.30	3.30	NUM
fbem-12586	161	101	)	)	PUNCT
fbem-12586	161	102	(	(	PUNCT
fbem-12586	161	103	3.33	3.33	NUM
fbem-12586	161	104	)	)	PUNCT
fbem-12586	161	105	(	(	PUNCT
fbem-12586	161	106	3.35	3.35	NUM
fbem-12586	161	107	)	)	PUNCT
fbem-12586	161	108	l.growth	l.growth	NOUN
fbem-12586	161	109	0.015	0.015	NUM
fbem-12586	161	110	*	*	PUNCT
fbem-12586	161	111	*	*	PUNCT
fbem-12586	161	112	*	*	PUNCT
fbem-12586	161	113	0.015	0.015	NUM
fbem-12586	161	114	*	*	PUNCT
fbem-12586	161	115	*	*	PUNCT
fbem-12586	161	116	*	*	PUNCT
fbem-12586	161	117	0.015	0.015	NUM
fbem-12586	161	118	*	*	PUNCT
fbem-12586	161	119	*	*	PUNCT
fbem-12586	161	120	*	*	PUNCT
fbem-12586	161	121	0.015	0.015	NUM
fbem-12586	161	122	*	*	PUNCT
fbem-12586	161	123	*	*	PUNCT
fbem-12586	161	124	*	*	PUNCT
fbem-12586	161	125	(	(	PUNCT
fbem-12586	161	126	4.48	4.48	NUM
fbem-12586	161	127	)	)	PUNCT
fbem-12586	161	128	(	(	PUNCT
fbem-12586	161	129	4.46	4.46	NUM
fbem-12586	161	130	)	)	PUNCT
fbem-12586	161	131	(	(	PUNCT
fbem-12586	161	132	4.50	4.50	NUM
fbem-12586	161	133	)	)	PUNCT
fbem-12586	161	134	(	(	PUNCT
fbem-12586	161	135	4.52	4.52	NUM
fbem-12586	161	136	)	)	PUNCT
fbem-12586	161	137	constant	constant	ADJ
fbem-12586	161	138	1.092	1.092	NUM
fbem-12586	161	139	*	*	PUNCT
fbem-12586	161	140	*	*	PUNCT
fbem-12586	161	141	*	*	PUNCT
fbem-12586	161	142	1.100	1.100	NUM
fbem-12586	161	143	*	*	PUNCT
fbem-12586	161	144	*	*	PUNCT
fbem-12586	161	145	*	*	PUNCT
fbem-12586	161	146	1.085	1.085	NUM
fbem-12586	161	147	*	*	PUNCT
fbem-12586	161	148	*	*	PUNCT
fbem-12586	161	149	*	*	PUNCT
fbem-12586	161	150	1.091	1.091	NUM
fbem-12586	161	151	*	*	PUNCT
fbem-12586	161	152	*	*	PUNCT
fbem-12586	161	153	*	*	PUNCT
fbem-12586	161	154	(	(	PUNCT
fbem-12586	161	155	5.69	5.69	NUM
fbem-12586	161	156	)	)	PUNCT
fbem-12586	161	157	(	(	PUNCT
fbem-12586	161	158	5.74	5.74	NUM
fbem-12586	161	159	)	)	PUNCT
fbem-12586	161	160	(	(	PUNCT
fbem-12586	161	161	5.65	5.65	NUM
fbem-12586	161	162	)	)	PUNCT
fbem-12586	161	163	(	(	PUNCT
fbem-12586	161	164	5.67	5.67	NUM
fbem-12586	161	165	)	)	PUNCT
fbem-12586	161	166	observations	observation	NOUN
fbem-12586	161	167	5,871	5,871	NUM
fbem-12586	161	168	5,871	5,871	NUM
fbem-12586	161	169	5,871	5,871	NUM
fbem-12586	161	170	5,871	5,871	NUM
fbem-12586	161	171	r	r	NOUN
fbem-12586	161	172	-	-	PUNCT
fbem-12586	161	173	squared	square	VERB
fbem-12586	161	174	0.047	0.047	NUM
fbem-12586	161	175	0.048	0.048	NUM
fbem-12586	161	176	0.047	0.047	NUM
fbem-12586	161	177	0.048	0.048	NUM
fbem-12586	161	178	number	number	NOUN
fbem-12586	161	179	of	of	ADP
fbem-12586	161	180	i	i	PROPN
fbem-12586	161	181	d	d	PROPN
fbem-12586	161	182	1,432	1,432	NUM
fbem-12586	161	183	1,432	1,432	NUM
fbem-12586	161	184	1,432	1,432	NUM
fbem-12586	161	185	1,432	1,432	NUM
fbem-12586	161	186	company	company	NOUN
fbem-12586	161	187	fe	fe	INTJ
fbem-12586	162	1	yes	yes	INTJ
fbem-12586	162	2	yes	yes	INTJ
fbem-12586	163	1	yes	yes	INTJ
fbem-12586	164	1	yes	yes	INTJ
fbem-12586	164	2	year	year	NOUN
fbem-12586	165	1	fe	fe	INTJ
fbem-12586	166	1	yes	yes	INTJ
fbem-12586	166	2	yes	yes	INTJ
fbem-12586	167	1	yes	yes	INTJ
fbem-12586	168	1	yes	yes	INTJ
fbem-12586	168	2	robust	robust	ADJ
fbem-12586	168	3	t	t	NOUN
fbem-12586	168	4	-	-	PUNCT
fbem-12586	168	5	statistics	statistic	NOUN
fbem-12586	168	6	in	in	ADP
fbem-12586	168	7	parentheses	parenthesis	NOUN
fbem-12586	168	8	p<0.01	p<0.01	PROPN
fbem-12586	168	9	,	,	PUNCT
fbem-12586	168	10	*	*	PUNCT
fbem-12586	168	11	*	*	PUNCT
fbem-12586	168	12	p<0.05	p<0.05	NOUN
fbem-12586	168	13	,	,	PUNCT
fbem-12586	168	14	*	*	PUNCT
fbem-12586	168	15	p<0.1	p<0.1	NUM
fbem-12586	168	16	the	the	DET
fbem-12586	168	17	data	datum	NOUN
fbem-12586	168	18	in	in	ADP
fbem-12586	168	19	this	this	DET
fbem-12586	168	20	paper	paper	NOUN
fbem-12586	168	21	starts	start	VERB
fbem-12586	168	22	in	in	ADP
fbem-12586	168	23	2011	2011	NUM
fbem-12586	168	24	and	and	CCONJ
fbem-12586	168	25	focuses	focus	VERB
fbem-12586	168	26	on	on	ADP
fbem-12586	168	27	equity	equity	NOUN
fbem-12586	168	28	incentives	incentive	NOUN
fbem-12586	168	29	.	.	PUNCT
fbem-12586	169	1	considering	consider	VERB
fbem-12586	169	2	the	the	DET
fbem-12586	169	3	lack	lack	NOUN
fbem-12586	169	4	of	of	ADP
fbem-12586	169	5	experience	experience	NOUN
fbem-12586	169	6	in	in	ADP
fbem-12586	169	7	equity	equity	NOUN
fbem-12586	169	8	incentive	incentive	NOUN
fbem-12586	169	9	plans	plan	NOUN
fbem-12586	169	10	of	of	ADP
fbem-12586	169	11	listed	list	VERB
fbem-12586	169	12	companies	company	NOUN
fbem-12586	169	13	in	in	ADP
fbem-12586	169	14	the	the	DET
fbem-12586	169	15	early	early	ADJ
fbem-12586	169	16	years	year	NOUN
fbem-12586	169	17	,	,	PUNCT
fbem-12586	169	18	the	the	DET
fbem-12586	169	19	impact	impact	NOUN
fbem-12586	169	20	on	on	ADP
fbem-12586	169	21	the	the	DET
fbem-12586	169	22	company	company	NOUN
fbem-12586	169	23	's	's	PART
fbem-12586	169	24	performance	performance	NOUN
fbem-12586	169	25	may	may	AUX
fbem-12586	169	26	be	be	AUX
fbem-12586	169	27	biased	bias	VERB
fbem-12586	169	28	,	,	PUNCT
fbem-12586	169	29	so	so	ADV
fbem-12586	169	30	the	the	DET
fbem-12586	169	31	year	year	NOUN
fbem-12586	169	32	of	of	ADP
fbem-12586	169	33	the	the	DET
fbem-12586	169	34	research	research	NOUN
fbem-12586	169	35	data	datum	NOUN
fbem-12586	169	36	is	be	AUX
fbem-12586	169	37	adjusted	adjust	VERB
fbem-12586	169	38	to	to	ADP
fbem-12586	169	39	2014	2014	NUM
fbem-12586	169	40	-	-	SYM
fbem-12586	169	41	2020	2020	NUM
fbem-12586	169	42	as	as	ADP
fbem-12586	169	43	a	a	DET
fbem-12586	169	44	robustness	robustness	NOUN
fbem-12586	169	45	test	test	NOUN
fbem-12586	169	46	,	,	PUNCT
fbem-12586	169	47	and	and	CCONJ
fbem-12586	169	48	the	the	DET
fbem-12586	169	49	results	result	NOUN
fbem-12586	169	50	of	of	ADP
fbem-12586	169	51	table	table	NOUN
fbem-12586	169	52	5	5	NUM
fbem-12586	169	53	further	far	ADV
fbem-12586	169	54	verify	verify	VERB
fbem-12586	169	55	the	the	DET
fbem-12586	169	56	conclusion	conclusion	NOUN
fbem-12586	169	57	of	of	ADP
fbem-12586	169	58	this	this	DET
fbem-12586	169	59	paper	paper	NOUN
fbem-12586	169	60	.	.	PUNCT
fbem-12586	170	1	4.3.3	4.3.3	X
fbem-12586	170	2	.	.	PUNCT
fbem-12586	170	3	replace	replace	VERB
fbem-12586	170	4	the	the	DET
fbem-12586	170	5	model	model	NOUN
fbem-12586	170	6	186	186	NUM
fbem-12586	170	7	table	table	NOUN
fbem-12586	170	8	6	6	NUM
fbem-12586	170	9	.	.	PUNCT
fbem-12586	170	10	replacement	replacement	NOUN
fbem-12586	170	11	model	model	NOUN
fbem-12586	170	12	m1	m1	PROPN
fbem-12586	170	13	m2	m2	PROPN
fbem-12586	170	14	m3	m3	PROPN
fbem-12586	170	15	m4	m4	PROPN
fbem-12586	170	16	variables	variable	NOUN
fbem-12586	170	17	roe	roe	PROPN
fbem-12586	170	18	roe	roe	PROPN
fbem-12586	170	19	roe	roe	PROPN
fbem-12586	170	20	roe	roe	PROPN
fbem-12586	170	21	l.exeincentive	l.exeincentive	ADP
fbem-12586	170	22	0.0133	0.0133	NUM
fbem-12586	170	23	*	*	PUNCT
fbem-12586	170	24	*	*	PUNCT
fbem-12586	170	25	*	*	PUNCT
fbem-12586	170	26	(	(	PUNCT
fbem-12586	170	27	0.000745	0.000745	NUM
fbem-12586	170	28	)	)	PUNCT
fbem-12586	170	29	l.empincentive	l.empincentive	NOUN
fbem-12586	170	30	0.0165	0.0165	NUM
fbem-12586	170	31	*	*	PUNCT
fbem-12586	170	32	*	*	PUNCT
fbem-12586	170	33	*	*	PUNCT
fbem-12586	170	34	(	(	PUNCT
fbem-12586	170	35	4.31e-06	4.31e-06	NUM
fbem-12586	170	36	)	)	PUNCT
fbem-12586	170	37	l.exeratio	l.exeratio	VERB
fbem-12586	170	38	0.0130	0.0130	NUM
fbem-12586	170	39	*	*	NOUN
fbem-12586	170	40	*	*	PUNCT
fbem-12586	170	41	(	(	PUNCT
fbem-12586	170	42	0.0187	0.0187	NUM
fbem-12586	170	43	)	)	PUNCT
fbem-12586	170	44	l.empratio	l.empratio	NOUN
fbem-12586	171	1	0.00708	0.00708	NUM
fbem-12586	171	2	*	*	PUNCT
fbem-12586	171	3	*	*	PUNCT
fbem-12586	171	4	*	*	PUNCT
fbem-12586	171	5	(	(	PUNCT
fbem-12586	171	6	9.43e-05	9.43e-05	NUM
fbem-12586	171	7	)	)	PUNCT
fbem-12586	171	8	l.lnempwage	l.lnempwage	NOUN
fbem-12586	171	9	-0.0182	-0.0182	NOUN
fbem-12586	171	10	*	*	PUNCT
fbem-12586	171	11	*	*	PUNCT
fbem-12586	171	12	*	*	PUNCT
fbem-12586	171	13	-0.0186	-0.0186	ADJ
fbem-12586	171	14	*	*	PUNCT
fbem-12586	171	15	*	*	PUNCT
fbem-12586	171	16	*	*	NOUN
fbem-12586	171	17	-0.0180	-0.0180	NOUN
fbem-12586	171	18	*	*	PUNCT
fbem-12586	171	19	*	*	PUNCT
fbem-12586	171	20	*	*	PUNCT
fbem-12586	171	21	-0.0184	-0.0184	VERB
fbem-12586	171	22	*	*	PUNCT
fbem-12586	172	1	*	*	PUNCT
fbem-12586	172	2	*	*	PUNCT
fbem-12586	172	3	(	(	PUNCT
fbem-12586	172	4	9.66e-10	9.66e-10	NUM
fbem-12586	172	5	)	)	PUNCT
fbem-12586	172	6	(	(	PUNCT
fbem-12586	172	7	3.88e-10	3.88e-10	NUM
fbem-12586	172	8	)	)	PUNCT
fbem-12586	172	9	(	(	PUNCT
fbem-12586	172	10	1.58e-09	1.58e-09	NUM
fbem-12586	172	11	)	)	PUNCT
fbem-12586	172	12	(	(	PUNCT
fbem-12586	172	13	5.28e-10	5.28e-10	NUM
fbem-12586	172	14	)	)	PUNCT
fbem-12586	172	15	l.lnexewage	l.lnexewage	NOUN
fbem-12586	173	1	0.0185	0.0185	NUM
fbem-12586	173	2	*	*	PUNCT
fbem-12586	173	3	*	*	PUNCT
fbem-12586	173	4	*	*	PUNCT
fbem-12586	173	5	0.0182	0.0182	NUM
fbem-12586	173	6	*	*	NOUN
fbem-12586	173	7	*	*	PUNCT
fbem-12586	173	8	*	*	PUNCT
fbem-12586	173	9	0.0188	0.0188	NUM
fbem-12586	173	10	*	*	PUNCT
fbem-12586	173	11	*	*	PUNCT
fbem-12586	173	12	*	*	PUNCT
fbem-12586	173	13	0.0186	0.0186	NUM
fbem-12586	173	14	*	*	PUNCT
fbem-12586	173	15	*	*	PUNCT
fbem-12586	173	16	*	*	PUNCT
fbem-12586	173	17	(	(	PUNCT
fbem-12586	173	18	0	0	NUM
fbem-12586	173	19	)	)	PUNCT
fbem-12586	173	20	(	(	PUNCT
fbem-12586	173	21	0	0	NUM
fbem-12586	173	22	)	)	PUNCT
fbem-12586	173	23	(	(	PUNCT
fbem-12586	173	24	0	0	NUM
fbem-12586	173	25	)	)	PUNCT
fbem-12586	173	26	(	(	PUNCT
fbem-12586	173	27	0	0	X
fbem-12586	173	28	)	)	PUNCT
fbem-12586	173	29	l.bsize	l.bsize	VERB
fbem-12586	173	30	0.0153	0.0153	NUM
fbem-12586	173	31	*	*	NUM
fbem-12586	173	32	0.0158	0.0158	NUM
fbem-12586	173	33	*	*	NOUN
fbem-12586	173	34	0.0150	0.0150	NUM
fbem-12586	173	35	*	*	SYM
fbem-12586	173	36	0.0153	0.0153	NUM
fbem-12586	173	37	*	*	SYM
fbem-12586	173	38	(	(	PUNCT
fbem-12586	173	39	0.0667	0.0667	NUM
fbem-12586	173	40	)	)	PUNCT
fbem-12586	173	41	(	(	PUNCT
fbem-12586	173	42	0.0571	0.0571	NUM
fbem-12586	173	43	)	)	PUNCT
fbem-12586	173	44	(	(	PUNCT
fbem-12586	173	45	0.0715	0.0715	NUM
fbem-12586	173	46	)	)	PUNCT
fbem-12586	173	47	(	(	PUNCT
fbem-12586	173	48	0.0658	0.0658	NUM
fbem-12586	173	49	)	)	PUNCT
fbem-12586	173	50	l.size	l.size	VERB
fbem-12586	173	51	0.00730	0.00730	NUM
fbem-12586	173	52	*	*	PUNCT
fbem-12586	173	53	*	*	PUNCT
fbem-12586	173	54	*	*	PUNCT
fbem-12586	173	55	0.00735	0.00735	NUM
fbem-12586	173	56	*	*	PUNCT
fbem-12586	173	57	*	*	PUNCT
fbem-12586	173	58	*	*	PUNCT
fbem-12586	174	1	0.00743	0.00743	NUM
fbem-12586	174	2	*	*	PUNCT
fbem-12586	174	3	*	*	PUNCT
fbem-12586	174	4	*	*	PUNCT
fbem-12586	174	5	0.00739	0.00739	NUM
fbem-12586	174	6	*	*	PUNCT
fbem-12586	174	7	*	*	PUNCT
fbem-12586	174	8	*	*	PUNCT
fbem-12586	174	9	(	(	PUNCT
fbem-12586	174	10	0.000256	0.000256	NUM
fbem-12586	174	11	)	)	PUNCT
fbem-12586	174	12	(	(	PUNCT
fbem-12586	174	13	0.000229	0.000229	NUM
fbem-12586	174	14	)	)	PUNCT
fbem-12586	174	15	(	(	PUNCT
fbem-12586	174	16	0.000203	0.000203	NUM
fbem-12586	174	17	)	)	PUNCT
fbem-12586	174	18	(	(	PUNCT
fbem-12586	174	19	0.000214	0.000214	NUM
fbem-12586	174	20	)	)	PUNCT
fbem-12586	174	21	l.leverage	l.leverage	NOUN
fbem-12586	174	22	-0.0544	-0.0544	NOUN
fbem-12586	174	23	*	*	PROPN
fbem-12586	174	24	*	*	PUNCT
fbem-12586	174	25	*	*	PUNCT
fbem-12586	174	26	-0.0540	-0.0540	PUNCT
fbem-12586	174	27	*	*	PUNCT
fbem-12586	174	28	*	*	PUNCT
fbem-12586	174	29	*	*	PUNCT
fbem-12586	174	30	-0.0553	-0.0553	ADJ
fbem-12586	174	31	*	*	PUNCT
fbem-12586	174	32	*	*	PUNCT
fbem-12586	174	33	*	*	PUNCT
fbem-12586	174	34	-0.0551	-0.0551	PUNCT
fbem-12586	174	35	*	*	PUNCT
fbem-12586	174	36	*	*	PUNCT
fbem-12586	174	37	*	*	PUNCT
fbem-12586	174	38	(	(	PUNCT
fbem-12586	174	39	1.44e-07	1.44e-07	NUM
fbem-12586	174	40	)	)	PUNCT
fbem-12586	174	41	(	(	PUNCT
fbem-12586	174	42	1.74e-07	1.74e-07	NUM
fbem-12586	174	43	)	)	PUNCT
fbem-12586	174	44	(	(	PUNCT
fbem-12586	174	45	9.06e-08	9.06e-08	NUM
fbem-12586	174	46	)	)	PUNCT
fbem-12586	174	47	(	(	PUNCT
fbem-12586	174	48	9.94e-08	9.94e-08	NUM
fbem-12586	174	49	)	)	PUNCT
fbem-12586	174	50	l.tangibility	l.tangibility	NOUN
fbem-12586	174	51	-0.0129	-0.0129	NOUN
fbem-12586	174	52	*	*	PUNCT
fbem-12586	174	53	*	*	PUNCT
fbem-12586	174	54	*	*	NOUN
fbem-12586	174	55	-0.0128	-0.0128	NOUN
fbem-12586	174	56	*	*	PUNCT
fbem-12586	174	57	*	*	PUNCT
fbem-12586	174	58	*	*	PUNCT
fbem-12586	174	59	-0.0130	-0.0130	NOUN
fbem-12586	174	60	*	*	PUNCT
fbem-12586	174	61	*	*	PUNCT
fbem-12586	174	62	*	*	PUNCT
fbem-12586	174	63	-0.0128	-0.0128	NOUN
fbem-12586	174	64	*	*	PUNCT
fbem-12586	174	65	*	*	PUNCT
fbem-12586	174	66	*	*	PUNCT
fbem-12586	174	67	(	(	PUNCT
fbem-12586	174	68	0	0	NUM
fbem-12586	174	69	)	)	PUNCT
fbem-12586	174	70	(	(	PUNCT
fbem-12586	174	71	0	0	NUM
fbem-12586	174	72	)	)	PUNCT
fbem-12586	174	73	(	(	PUNCT
fbem-12586	174	74	0	0	NUM
fbem-12586	174	75	)	)	PUNCT
fbem-12586	174	76	(	(	PUNCT
fbem-12586	174	77	0	0	X
fbem-12586	174	78	)	)	PUNCT
fbem-12586	174	79	l.cash	l.cash	NOUN
fbem-12586	174	80	0.407	0.407	NUM
fbem-12586	174	81	*	*	PUNCT
fbem-12586	174	82	*	*	PUNCT
fbem-12586	174	83	*	*	PUNCT
fbem-12586	174	84	0.406	0.406	NUM
fbem-12586	174	85	*	*	PUNCT
fbem-12586	174	86	*	*	PUNCT
fbem-12586	174	87	*	*	PUNCT
fbem-12586	174	88	0.408	0.408	NUM
fbem-12586	174	89	*	*	PUNCT
fbem-12586	174	90	*	*	PUNCT
fbem-12586	174	91	*	*	PUNCT
fbem-12586	174	92	0.408	0.408	NUM
fbem-12586	174	93	*	*	PUNCT
fbem-12586	174	94	*	*	PUNCT
fbem-12586	174	95	*	*	PUNCT
fbem-12586	174	96	(	(	PUNCT
fbem-12586	174	97	0	0	NUM
fbem-12586	174	98	)	)	PUNCT
fbem-12586	174	99	(	(	PUNCT
fbem-12586	174	100	0	0	NUM
fbem-12586	174	101	)	)	PUNCT
fbem-12586	174	102	(	(	PUNCT
fbem-12586	174	103	0	0	NUM
fbem-12586	174	104	)	)	PUNCT
fbem-12586	174	105	(	(	PUNCT
fbem-12586	174	106	0	0	NUM
fbem-12586	174	107	)	)	PUNCT
fbem-12586	174	108	l.exeshare	l.exeshare	VERB
fbem-12586	174	109	0.000206	0.000206	NUM
fbem-12586	174	110	*	*	PUNCT
fbem-12586	174	111	*	*	PUNCT
fbem-12586	174	112	0.000187	0.000187	PUNCT
fbem-12586	174	113	*	*	PUNCT
fbem-12586	174	114	*	*	PUNCT
fbem-12586	175	1	0.000220	0.000220	NUM
fbem-12586	175	2	*	*	PUNCT
fbem-12586	175	3	*	*	PUNCT
fbem-12586	175	4	*	*	PUNCT
fbem-12586	175	5	0.000206	0.000206	NUM
fbem-12586	175	6	*	*	PUNCT
fbem-12586	175	7	*	*	PUNCT
fbem-12586	175	8	(	(	PUNCT
fbem-12586	175	9	0.0114	0.0114	NUM
fbem-12586	175	10	)	)	PUNCT
fbem-12586	175	11	(	(	PUNCT
fbem-12586	175	12	0.0217	0.0217	NUM
fbem-12586	175	13	)	)	PUNCT
fbem-12586	175	14	(	(	PUNCT
fbem-12586	175	15	0.00675	0.00675	NUM
fbem-12586	175	16	)	)	PUNCT
fbem-12586	175	17	(	(	PUNCT
fbem-12586	175	18	0.0114	0.0114	NUM
fbem-12586	175	19	)	)	PUNCT
fbem-12586	175	20	l.dual	l.dual	ADJ
fbem-12586	175	21	-0.00506	-0.00506	NOUN
fbem-12586	175	22	-0.00550	-0.00550	PROPN
fbem-12586	175	23	*	*	PUNCT
fbem-12586	176	1	-0.00486	-0.00486	PROPN
fbem-12586	176	2	-0.00533	-0.00533	ADJ
fbem-12586	176	3	(	(	PUNCT
fbem-12586	176	4	0.126	0.126	NUM
fbem-12586	176	5	)	)	PUNCT
fbem-12586	176	6	(	(	PUNCT
fbem-12586	176	7	0.0964	0.0964	NUM
fbem-12586	176	8	)	)	PUNCT
fbem-12586	176	9	(	(	PUNCT
fbem-12586	176	10	0.142	0.142	NUM
fbem-12586	176	11	)	)	PUNCT
fbem-12586	176	12	(	(	PUNCT
fbem-12586	176	13	0.107	0.107	NUM
fbem-12586	176	14	)	)	PUNCT
fbem-12586	176	15	l.top1	l.top1	NOUN
fbem-12586	176	16	0.00125	0.00125	NUM
fbem-12586	176	17	*	*	PUNCT
fbem-12586	176	18	*	*	PUNCT
fbem-12586	176	19	*	*	PUNCT
fbem-12586	176	20	0.00125	0.00125	PUNCT
fbem-12586	176	21	*	*	PUNCT
fbem-12586	176	22	*	*	PUNCT
fbem-12586	176	23	*	*	PUNCT
fbem-12586	176	24	0.00125	0.00125	PUNCT
fbem-12586	176	25	*	*	PUNCT
fbem-12586	176	26	*	*	PUNCT
fbem-12586	176	27	*	*	PUNCT
fbem-12586	176	28	0.00126	0.00126	PUNCT
fbem-12586	176	29	*	*	PUNCT
fbem-12586	176	30	*	*	PUNCT
fbem-12586	176	31	*	*	PUNCT
fbem-12586	176	32	(	(	PUNCT
fbem-12586	176	33	0	0	NUM
fbem-12586	176	34	)	)	PUNCT
fbem-12586	176	35	(	(	PUNCT
fbem-12586	176	36	0	0	NUM
fbem-12586	176	37	)	)	PUNCT
fbem-12586	176	38	(	(	PUNCT
fbem-12586	176	39	0	0	NUM
fbem-12586	176	40	)	)	PUNCT
fbem-12586	176	41	(	(	PUNCT
fbem-12586	176	42	0	0	NUM
fbem-12586	176	43	)	)	PUNCT
fbem-12586	176	44	l.growth	l.growth	NOUN
fbem-12586	176	45	0.0187	0.0187	NUM
fbem-12586	176	46	*	*	PUNCT
fbem-12586	176	47	*	*	PUNCT
fbem-12586	176	48	*	*	PUNCT
fbem-12586	176	49	0.0185	0.0185	NUM
fbem-12586	176	50	*	*	PUNCT
fbem-12586	176	51	*	*	PUNCT
fbem-12586	176	52	*	*	PUNCT
fbem-12586	176	53	0.0189	0.0189	NUM
fbem-12586	176	54	*	*	PUNCT
fbem-12586	176	55	*	*	PUNCT
fbem-12586	176	56	*	*	PUNCT
fbem-12586	176	57	0.0187	0.0187	NUM
fbem-12586	176	58	*	*	PUNCT
fbem-12586	176	59	*	*	PUNCT
fbem-12586	176	60	*	*	PUNCT
fbem-12586	176	61	(	(	PUNCT
fbem-12586	176	62	0	0	NUM
fbem-12586	176	63	)	)	PUNCT
fbem-12586	176	64	(	(	PUNCT
fbem-12586	176	65	0	0	NUM
fbem-12586	176	66	)	)	PUNCT
fbem-12586	176	67	(	(	PUNCT
fbem-12586	176	68	0	0	NUM
fbem-12586	176	69	)	)	PUNCT
fbem-12586	176	70	(	(	PUNCT
fbem-12586	176	71	0	0	X
fbem-12586	176	72	)	)	PUNCT
fbem-12586	176	73	constant	constant	ADJ
fbem-12586	176	74	-0.235	-0.235	ADJ
fbem-12586	176	75	*	*	PUNCT
fbem-12586	176	76	*	*	PUNCT
fbem-12586	176	77	*	*	PUNCT
fbem-12586	176	78	-0.229	-0.229	PUNCT
fbem-12586	176	79	*	*	PUNCT
fbem-12586	176	80	*	*	PUNCT
fbem-12586	176	81	*	*	PUNCT
fbem-12586	176	82	-0.243	-0.243	PROPN
fbem-12586	176	83	*	*	PUNCT
fbem-12586	176	84	*	*	PUNCT
fbem-12586	176	85	*	*	PUNCT
fbem-12586	176	86	-0.235	-0.235	ADJ
fbem-12586	176	87	*	*	PUNCT
fbem-12586	176	88	*	*	PUNCT
fbem-12586	176	89	*	*	PUNCT
fbem-12586	176	90	(	(	PUNCT
fbem-12586	176	91	2.61e-07	2.61e-07	NUM
fbem-12586	176	92	)	)	PUNCT
fbem-12586	176	93	(	(	PUNCT
fbem-12586	176	94	5.19e-07	5.19e-07	NUM
fbem-12586	176	95	)	)	PUNCT
fbem-12586	176	96	(	(	PUNCT
fbem-12586	176	97	1.15e-07	1.15e-07	NUM
fbem-12586	176	98	)	)	PUNCT
fbem-12586	176	99	(	(	PUNCT
fbem-12586	176	100	2.64e-07	2.64e-07	X
fbem-12586	176	101	)	)	PUNCT
fbem-12586	176	102	observations	observation	NOUN
fbem-12586	176	103	7,629	7,629	NUM
fbem-12586	176	104	7,629	7,629	NUM
fbem-12586	176	105	7,629	7,629	NUM
fbem-12586	176	106	7,629	7,629	NUM
fbem-12586	176	107	r	r	NOUN
fbem-12586	176	108	-	-	PUNCT
fbem-12586	176	109	squared	square	VERB
fbem-12586	176	110	0.114	0.114	NUM
fbem-12586	176	111	0.115	0.115	NUM
fbem-12586	176	112	0.113	0.113	NUM
fbem-12586	176	113	0.114	0.114	NUM
fbem-12586	176	114	f	f	PROPN
fbem-12586	176	115	81.52	81.52	NUM
fbem-12586	176	116	82.44	82.44	NUM
fbem-12586	176	117	80.97	80.97	NUM
fbem-12586	176	118	81.88	81.88	NUM
fbem-12586	176	119	pval	pval	NOUN
fbem-12586	176	120	in	in	ADP
fbem-12586	176	121	parentheses	parenthesis	NOUN
fbem-12586	176	122	p<0.01	p<0.01	PROPN
fbem-12586	176	123	,	,	PUNCT
fbem-12586	176	124	*	*	PUNCT
fbem-12586	176	125	*	*	PUNCT
fbem-12586	176	126	p<0.05	p<0.05	NOUN
fbem-12586	176	127	,	,	PUNCT
fbem-12586	176	128	*	*	SYM
fbem-12586	176	129	p<0.1	p<0.1	NUM
fbem-12586	176	130	in	in	ADP
fbem-12586	176	131	order	order	NOUN
fbem-12586	176	132	to	to	PART
fbem-12586	176	133	avoid	avoid	VERB
fbem-12586	176	134	the	the	DET
fbem-12586	176	135	research	research	NOUN
fbem-12586	176	136	bias	bias	NOUN
fbem-12586	176	137	caused	cause	VERB
fbem-12586	176	138	by	by	ADP
fbem-12586	176	139	the	the	DET
fbem-12586	176	140	single	single	ADJ
fbem-12586	176	141	model	model	NOUN
fbem-12586	176	142	,	,	PUNCT
fbem-12586	176	143	this	this	DET
fbem-12586	176	144	paper	paper	NOUN
fbem-12586	176	145	uses	use	VERB
fbem-12586	176	146	ols	ol	NOUN
fbem-12586	176	147	to	to	ADP
fbem-12586	176	148	regress	regress	NOUN
fbem-12586	176	149	the	the	DET
fbem-12586	176	150	equity	equity	NOUN
fbem-12586	176	151	incentive	incentive	NOUN
fbem-12586	176	152	strength	strength	NOUN
fbem-12586	176	153	of	of	ADP
fbem-12586	176	154	executives	executive	NOUN
fbem-12586	176	155	and	and	CCONJ
fbem-12586	176	156	employees	employee	NOUN
fbem-12586	176	157	.	.	PUNCT
fbem-12586	177	1	the	the	DET
fbem-12586	177	2	regression	regression	NOUN
fbem-12586	177	3	results	result	VERB
fbem-12586	177	4	in	in	ADP
fbem-12586	177	5	table	table	NOUN
fbem-12586	177	6	6	6	NUM
fbem-12586	177	7	show	show	NOUN
fbem-12586	177	8	that	that	SCONJ
fbem-12586	177	9	the	the	DET
fbem-12586	177	10	conclusions	conclusion	NOUN
fbem-12586	177	11	of	of	ADP
fbem-12586	177	12	this	this	DET
fbem-12586	177	13	paper	paper	NOUN
fbem-12586	177	14	still	still	ADV
fbem-12586	177	15	hold	hold	VERB
fbem-12586	177	16	.	.	PUNCT
fbem-12586	178	1	5	5	X
fbem-12586	178	2	.	.	X
fbem-12586	178	3	conclusion	conclusion	NOUN
fbem-12586	178	4	this	this	DET
fbem-12586	178	5	paper	paper	NOUN
fbem-12586	178	6	takes	take	VERB
fbem-12586	178	7	the	the	DET
fbem-12586	178	8	companies	company	NOUN
fbem-12586	178	9	of	of	ADP
fbem-12586	178	10	a	a	DET
fbem-12586	178	11	-	-	PUNCT
fbem-12586	178	12	share	share	NOUN
fbem-12586	178	13	listed	list	VERB
fbem-12586	178	14	companies	company	NOUN
fbem-12586	178	15	that	that	PRON
fbem-12586	178	16	implemented	implement	VERB
fbem-12586	178	17	equity	equity	NOUN
fbem-12586	178	18	incentives	incentive	NOUN
fbem-12586	178	19	from	from	ADP
fbem-12586	178	20	2011	2011	NUM
fbem-12586	178	21	to	to	ADP
fbem-12586	178	22	2020	2020	NUM
fbem-12586	178	23	as	as	ADP
fbem-12586	178	24	a	a	DET
fbem-12586	178	25	sample	sample	NOUN
fbem-12586	178	26	to	to	PART
fbem-12586	178	27	study	study	VERB
fbem-12586	178	28	the	the	DET
fbem-12586	178	29	impact	impact	NOUN
fbem-12586	178	30	of	of	ADP
fbem-12586	178	31	equity	equity	NOUN
fbem-12586	178	32	incentive	incentive	NOUN
fbem-12586	178	33	targets	target	NOUN
fbem-12586	178	34	on	on	ADP
fbem-12586	178	35	the	the	DET
fbem-12586	178	36	company	company	NOUN
fbem-12586	178	37	's	's	PART
fbem-12586	178	38	performance	performance	NOUN
fbem-12586	178	39	.	.	PUNCT
fbem-12586	179	1	different	different	ADJ
fbem-12586	179	2	incentive	incentive	NOUN
fbem-12586	179	3	targets	target	NOUN
fbem-12586	179	4	,	,	PUNCT
fbem-12586	179	5	the	the	DET
fbem-12586	179	6	equity	equity	NOUN
fbem-12586	179	7	incentive	incentive	NOUN
fbem-12586	179	8	mechanism	mechanism	NOUN
fbem-12586	179	9	is	be	AUX
fbem-12586	179	10	different	different	ADJ
fbem-12586	179	11	,	,	PUNCT
fbem-12586	179	12	and	and	CCONJ
fbem-12586	179	13	the	the	DET
fbem-12586	179	14	impact	impact	NOUN
fbem-12586	179	15	on	on	ADP
fbem-12586	179	16	the	the	DET
fbem-12586	179	17	company	company	NOUN
fbem-12586	179	18	's	's	PART
fbem-12586	179	19	performance	performance	NOUN
fbem-12586	179	20	will	will	AUX
fbem-12586	179	21	be	be	AUX
fbem-12586	179	22	different	different	ADJ
fbem-12586	179	23	.	.	PUNCT
fbem-12586	180	1	we	we	PRON
fbem-12586	180	2	can	can	AUX
fbem-12586	180	3	draw	draw	VERB
fbem-12586	180	4	the	the	DET
fbem-12586	180	5	following	following	ADJ
fbem-12586	180	6	conclusions	conclusion	NOUN
fbem-12586	180	7	:	:	PUNCT
fbem-12586	180	8	first	first	ADJ
fbem-12586	180	9	,	,	PUNCT
fbem-12586	180	10	high	high	ADJ
fbem-12586	180	11	-	-	PUNCT
fbem-12586	180	12	management	management	NOUN
fbem-12586	180	13	equity	equity	NOUN
fbem-12586	180	14	incentive	incentive	NOUN
fbem-12586	180	15	can	can	AUX
fbem-12586	180	16	bring	bring	VERB
fbem-12586	180	17	positive	positive	ADJ
fbem-12586	180	18	impact	impact	NOUN
fbem-12586	180	19	on	on	ADP
fbem-12586	180	20	the	the	DET
fbem-12586	180	21	company	company	NOUN
fbem-12586	180	22	's	's	PART
fbem-12586	180	23	performance	performance	NOUN
fbem-12586	180	24	,	,	PUNCT
fbem-12586	180	25	based	base	VERB
fbem-12586	180	26	on	on	ADP
fbem-12586	180	27	the	the	DET
fbem-12586	180	28	principalagent	principalagent	NOUN
fbem-12586	180	29	theory	theory	NOUN
fbem-12586	180	30	,	,	PUNCT
fbem-12586	180	31	the	the	DET
fbem-12586	180	32	executive	executive	NOUN
fbem-12586	180	33	's	's	PART
fbem-12586	180	34	equity	equity	NOUN
fbem-12586	180	35	incentive	incentive	NOUN
fbem-12586	180	36	enables	enable	VERB
fbem-12586	180	37	them	they	PRON
fbem-12586	180	38	to	to	PART
fbem-12586	180	39	join	join	VERB
fbem-12586	180	40	the	the	DET
fbem-12586	180	41	enterprise	enterprise	NOUN
fbem-12586	180	42	management	management	NOUN
fbem-12586	180	43	decision	decision	NOUN
fbem-12586	180	44	-	-	PUNCT
fbem-12586	180	45	making	making	NOUN
fbem-12586	180	46	as	as	ADP
fbem-12586	180	47	the	the	DET
fbem-12586	180	48	"	"	PUNCT
fbem-12586	180	49	master	master	NOUN
fbem-12586	180	50	"	"	PUNCT
fbem-12586	180	51	,	,	PUNCT
fbem-12586	180	52	share	share	VERB
fbem-12586	180	53	the	the	DET
fbem-12586	180	54	surplus	surplus	ADJ
fbem-12586	180	55	value	value	NOUN
fbem-12586	180	56	of	of	ADP
fbem-12586	180	57	the	the	DET
fbem-12586	180	58	enterprise	enterprise	NOUN
fbem-12586	180	59	with	with	ADP
fbem-12586	180	60	the	the	DET
fbem-12586	180	61	owner	owner	NOUN
fbem-12586	180	62	,	,	PUNCT
fbem-12586	180	63	so	so	SCONJ
fbem-12586	180	64	as	as	SCONJ
fbem-12586	180	65	to	to	PART
fbem-12586	180	66	form	form	VERB
fbem-12586	180	67	a	a	DET
fbem-12586	180	68	community	community	NOUN
fbem-12586	180	69	of	of	ADP
fbem-12586	180	70	interests	interest	NOUN
fbem-12586	180	71	with	with	ADP
fbem-12586	180	72	the	the	DET
fbem-12586	180	73	enterprise	enterprise	NOUN
fbem-12586	180	74	,	,	PUNCT
fbem-12586	180	75	promote	promote	VERB
fbem-12586	180	76	the	the	DET
fbem-12586	180	77	enthusiasm	enthusiasm	NOUN
fbem-12586	180	78	and	and	CCONJ
fbem-12586	180	79	creativity	creativity	NOUN
fbem-12586	180	80	of	of	ADP
fbem-12586	180	81	senior	senior	ADJ
fbem-12586	180	82	executives	executive	NOUN
fbem-12586	180	83	,	,	PUNCT
fbem-12586	180	84	reduce	reduce	VERB
fbem-12586	180	85	opportunistic	opportunistic	ADJ
fbem-12586	180	86	behavior	behavior	NOUN
fbem-12586	180	87	,	,	PUNCT
fbem-12586	180	88	reduce	reduce	VERB
fbem-12586	180	89	the	the	DET
fbem-12586	180	90	agency	agency	NOUN
fbem-12586	180	91	cost	cost	NOUN
fbem-12586	180	92	between	between	ADP
fbem-12586	180	93	shareholders	shareholder	NOUN
fbem-12586	180	94	and	and	CCONJ
fbem-12586	180	95	executives	executive	NOUN
fbem-12586	180	96	,	,	PUNCT
fbem-12586	180	97	and	and	CCONJ
fbem-12586	180	98	meet	meet	VERB
fbem-12586	180	99	the	the	DET
fbem-12586	180	100	needs	need	NOUN
fbem-12586	180	101	of	of	ADP
fbem-12586	180	102	long	long	ADJ
fbem-12586	180	103	-	-	PUNCT
fbem-12586	180	104	term	term	NOUN
fbem-12586	180	105	development	development	NOUN
fbem-12586	180	106	of	of	ADP
fbem-12586	180	107	enterprises	enterprise	NOUN
fbem-12586	180	108	。	。	PROPN
fbem-12586	180	109	second	second	ADJ
fbem-12586	180	110	,	,	PUNCT
fbem-12586	180	111	the	the	DET
fbem-12586	180	112	effect	effect	NOUN
fbem-12586	180	113	of	of	ADP
fbem-12586	180	114	employee	employee	NOUN
fbem-12586	180	115	equity	equity	NOUN
fbem-12586	180	116	incentives	incentive	NOUN
fbem-12586	180	117	is	be	AUX
fbem-12586	180	118	better	well	ADJ
fbem-12586	180	119	than	than	ADP
fbem-12586	180	120	that	that	PRON
fbem-12586	180	121	of	of	ADP
fbem-12586	180	122	executives	executive	NOUN
fbem-12586	180	123	.	.	PUNCT
fbem-12586	181	1	the	the	DET
fbem-12586	181	2	biggest	big	ADJ
fbem-12586	181	3	difference	difference	NOUN
fbem-12586	181	4	between	between	ADP
fbem-12586	181	5	the	the	DET
fbem-12586	181	6	company	company	NOUN
fbem-12586	181	7	's	's	PART
fbem-12586	181	8	employees	employee	NOUN
fbem-12586	181	9	and	and	CCONJ
fbem-12586	181	10	executives	executive	NOUN
fbem-12586	181	11	is	be	AUX
fbem-12586	181	12	that	that	SCONJ
fbem-12586	181	13	they	they	PRON
fbem-12586	181	14	have	have	VERB
fbem-12586	181	15	different	different	ADJ
fbem-12586	181	16	rights	right	NOUN
fbem-12586	181	17	in	in	ADP
fbem-12586	181	18	their	their	PRON
fbem-12586	181	19	hands	hand	NOUN
fbem-12586	181	20	,	,	PUNCT
fbem-12586	181	21	and	and	CCONJ
fbem-12586	181	22	executives	executive	NOUN
fbem-12586	181	23	can	can	AUX
fbem-12586	181	24	influence	influence	VERB
fbem-12586	181	25	the	the	DET
fbem-12586	181	26	formulation	formulation	NOUN
fbem-12586	181	27	and	and	CCONJ
fbem-12586	181	28	implementation	implementation	NOUN
fbem-12586	181	29	of	of	ADP
fbem-12586	181	30	their	their	PRON
fbem-12586	181	31	own	own	ADJ
fbem-12586	181	32	equity	equity	NOUN
fbem-12586	181	33	incentive	incentive	NOUN
fbem-12586	181	34	plans	plan	NOUN
fbem-12586	181	35	through	through	ADP
fbem-12586	181	36	the	the	DET
fbem-12586	181	37	board	board	NOUN
fbem-12586	181	38	of	of	ADP
fbem-12586	181	39	directors	director	NOUN
fbem-12586	181	40	,	,	PUNCT
fbem-12586	181	41	and	and	CCONJ
fbem-12586	181	42	maximize	maximize	VERB
fbem-12586	181	43	their	their	PRON
fbem-12586	181	44	own	own	ADJ
fbem-12586	181	45	interests	interest	NOUN
fbem-12586	181	46	through	through	ADP
fbem-12586	181	47	earnings	earning	NOUN
fbem-12586	181	48	management	management	NOUN
fbem-12586	181	49	when	when	SCONJ
fbem-12586	181	50	their	their	PRON
fbem-12586	181	51	performance	performance	NOUN
fbem-12586	181	52	indicators	indicator	NOUN
fbem-12586	181	53	are	be	AUX
fbem-12586	181	54	not	not	PART
fbem-12586	181	55	expected	expect	VERB
fbem-12586	181	56	to	to	PART
fbem-12586	181	57	meet	meet	VERB
fbem-12586	181	58	the	the	DET
fbem-12586	181	59	requirements	requirement	NOUN
fbem-12586	181	60	,	,	PUNCT
fbem-12586	181	61	but	but	CCONJ
fbem-12586	181	62	they	they	PRON
fbem-12586	181	63	have	have	AUX
fbem-12586	181	64	not	not	PART
fbem-12586	181	65	actually	actually	ADV
fbem-12586	181	66	promoted	promote	VERB
fbem-12586	181	67	the	the	DET
fbem-12586	181	68	company	company	NOUN
fbem-12586	181	69	's	's	PART
fbem-12586	181	70	future	future	ADJ
fbem-12586	181	71	performance	performance	NOUN
fbem-12586	181	72	.	.	PUNCT
fbem-12586	182	1	employees	employee	NOUN
fbem-12586	182	2	can	can	AUX
fbem-12586	182	3	only	only	ADV
fbem-12586	182	4	reap	reap	VERB
fbem-12586	182	5	the	the	DET
fbem-12586	182	6	benefits	benefit	NOUN
fbem-12586	182	7	of	of	ADP
fbem-12586	182	8	equity	equity	NOUN
fbem-12586	182	9	incentives	incentive	NOUN
fbem-12586	182	10	by	by	ADP
fbem-12586	182	11	working	work	VERB
fbem-12586	182	12	hard	hard	ADV
fbem-12586	182	13	to	to	PART
fbem-12586	182	14	meet	meet	VERB
fbem-12586	182	15	the	the	DET
fbem-12586	182	16	conditions	condition	NOUN
fbem-12586	182	17	for	for	ADP
fbem-12586	182	18	exercising	exercise	VERB
fbem-12586	182	19	(	(	PUNCT
fbem-12586	182	20	unlocking	unlock	VERB
fbem-12586	182	21	)	)	PUNCT
fbem-12586	182	22	.	.	PUNCT
fbem-12586	183	1	as	as	ADP
fbem-12586	183	2	the	the	DET
fbem-12586	183	3	most	most	ADV
fbem-12586	183	4	direct	direct	ADJ
fbem-12586	183	5	participants	participant	NOUN
fbem-12586	183	6	and	and	CCONJ
fbem-12586	183	7	executors	executor	NOUN
fbem-12586	183	8	in	in	ADP
fbem-12586	183	9	the	the	DET
fbem-12586	183	10	company	company	NOUN
fbem-12586	183	11	's	's	PART
fbem-12586	183	12	business	business	NOUN
fbem-12586	183	13	activities	activity	NOUN
fbem-12586	183	14	,	,	PUNCT
fbem-12586	183	15	employees	employee	NOUN
fbem-12586	183	16	have	have	VERB
fbem-12586	183	17	the	the	DET
fbem-12586	183	18	motivation	motivation	NOUN
fbem-12586	183	19	and	and	CCONJ
fbem-12586	183	20	ability	ability	NOUN
fbem-12586	183	21	to	to	PART
fbem-12586	183	22	work	work	VERB
fbem-12586	183	23	hard	hard	ADV
fbem-12586	183	24	to	to	PART
fbem-12586	183	25	achieve	achieve	VERB
fbem-12586	183	26	equity	equity	NOUN
fbem-12586	183	27	incentive	incentive	NOUN
fbem-12586	183	28	conditions	condition	NOUN
fbem-12586	183	29	and	and	CCONJ
fbem-12586	183	30	realize	realize	VERB
fbem-12586	183	31	their	their	PRON
fbem-12586	183	32	187	187	NUM
fbem-12586	183	33	own	own	ADJ
fbem-12586	183	34	benefits	benefit	NOUN
fbem-12586	183	35	.	.	PUNCT
fbem-12586	184	1	it	it	PRON
fbem-12586	184	2	is	be	AUX
fbem-12586	184	3	found	find	VERB
fbem-12586	184	4	that	that	SCONJ
fbem-12586	184	5	the	the	DET
fbem-12586	184	6	incentive	incentive	NOUN
fbem-12586	184	7	effect	effect	NOUN
fbem-12586	184	8	of	of	ADP
fbem-12586	184	9	largescale	largescale	NOUN
fbem-12586	184	10	employee	employee	NOUN
fbem-12586	184	11	equity	equity	NOUN
fbem-12586	184	12	incentive	incentive	NOUN
fbem-12586	184	13	is	be	AUX
fbem-12586	184	14	better	well	ADJ
fbem-12586	184	15	,	,	PUNCT
fbem-12586	184	16	and	and	CCONJ
fbem-12586	184	17	the	the	DET
fbem-12586	184	18	effect	effect	NOUN
fbem-12586	184	19	on	on	ADP
fbem-12586	184	20	the	the	DET
fbem-12586	184	21	performance	performance	NOUN
fbem-12586	184	22	of	of	ADP
fbem-12586	184	23	listed	list	VERB
fbem-12586	184	24	companies	company	NOUN
fbem-12586	184	25	is	be	AUX
fbem-12586	184	26	more	more	ADV
fbem-12586	184	27	significant	significant	ADJ
fbem-12586	184	28	.	.	PUNCT
fbem-12586	185	1	based	base	VERB
fbem-12586	185	2	on	on	ADP
fbem-12586	185	3	the	the	DET
fbem-12586	185	4	research	research	NOUN
fbem-12586	185	5	conclusions	conclusion	NOUN
fbem-12586	185	6	of	of	ADP
fbem-12586	185	7	this	this	DET
fbem-12586	185	8	paper	paper	NOUN
fbem-12586	185	9	,	,	PUNCT
fbem-12586	185	10	in	in	ADP
fbem-12586	185	11	order	order	NOUN
fbem-12586	185	12	to	to	PART
fbem-12586	185	13	better	well	ADV
fbem-12586	185	14	play	play	VERB
fbem-12586	185	15	the	the	DET
fbem-12586	185	16	incentive	incentive	NOUN
fbem-12586	185	17	and	and	CCONJ
fbem-12586	185	18	constraint	constraint	NOUN
fbem-12586	185	19	role	role	NOUN
fbem-12586	185	20	of	of	ADP
fbem-12586	185	21	equity	equity	NOUN
fbem-12586	185	22	incentive	incentive	NOUN
fbem-12586	185	23	plan	plan	NOUN
fbem-12586	185	24	,	,	PUNCT
fbem-12586	185	25	the	the	DET
fbem-12586	185	26	following	follow	VERB
fbem-12586	185	27	suggestions	suggestion	NOUN
fbem-12586	185	28	are	be	AUX
fbem-12586	185	29	put	put	VERB
fbem-12586	185	30	forward	forward	ADV
fbem-12586	185	31	:	:	PUNCT
fbem-12586	185	32	first	first	ADV
fbem-12586	185	33	,	,	PUNCT
fbem-12586	185	34	encourage	encourage	VERB
fbem-12586	185	35	listed	list	VERB
fbem-12586	185	36	companies	company	NOUN
fbem-12586	185	37	to	to	PART
fbem-12586	185	38	implement	implement	VERB
fbem-12586	185	39	employee	employee	NOUN
fbem-12586	185	40	equity	equity	NOUN
fbem-12586	185	41	incentives	incentive	NOUN
fbem-12586	185	42	.	.	PUNCT
fbem-12586	186	1	following	follow	VERB
fbem-12586	186	2	the	the	DET
fbem-12586	186	3	issuance	issuance	NOUN
fbem-12586	186	4	of	of	ADP
fbem-12586	186	5	the	the	DET
fbem-12586	186	6	guiding	guide	VERB
fbem-12586	186	7	opinions	opinion	NOUN
fbem-12586	186	8	on	on	ADP
fbem-12586	186	9	the	the	DET
fbem-12586	186	10	implementation	implementation	NOUN
fbem-12586	186	11	of	of	ADP
fbem-12586	186	12	employee	employee	NOUN
fbem-12586	186	13	stock	stock	NOUN
fbem-12586	186	14	ownership	ownership	NOUN
fbem-12586	186	15	plans	plan	NOUN
fbem-12586	186	16	by	by	ADP
fbem-12586	186	17	listed	list	VERB
fbem-12586	186	18	companies	company	NOUN
fbem-12586	186	19	in	in	ADP
fbem-12586	186	20	2014	2014	NUM
fbem-12586	186	21	,	,	PUNCT
fbem-12586	186	22	the	the	DET
fbem-12586	186	23	csrc	csrc	NOUN
fbem-12586	186	24	issued	issue	VERB
fbem-12586	186	25	the	the	DET
fbem-12586	186	26	administrative	administrative	ADJ
fbem-12586	186	27	measures	measure	NOUN
fbem-12586	186	28	for	for	ADP
fbem-12586	186	29	equity	equity	NOUN
fbem-12586	186	30	incentives	incentive	NOUN
fbem-12586	186	31	of	of	ADP
fbem-12586	186	32	listed	list	VERB
fbem-12586	186	33	companies	company	NOUN
fbem-12586	186	34	in	in	ADP
fbem-12586	186	35	2016	2016	NUM
fbem-12586	186	36	,	,	PUNCT
fbem-12586	186	37	which	which	PRON
fbem-12586	186	38	further	far	ADV
fbem-12586	186	39	improved	improve	VERB
fbem-12586	186	40	the	the	DET
fbem-12586	186	41	incentive	incentive	NOUN
fbem-12586	186	42	conditions	condition	NOUN
fbem-12586	186	43	and	and	CCONJ
fbem-12586	186	44	incentive	incentive	NOUN
fbem-12586	186	45	targets	target	NOUN
fbem-12586	186	46	,	,	PUNCT
fbem-12586	186	47	and	and	CCONJ
fbem-12586	186	48	these	these	DET
fbem-12586	186	49	policies	policy	NOUN
fbem-12586	186	50	and	and	CCONJ
fbem-12586	186	51	regulations	regulation	NOUN
fbem-12586	186	52	all	all	PRON
fbem-12586	186	53	reflect	reflect	VERB
fbem-12586	186	54	the	the	DET
fbem-12586	186	55	supportive	supportive	ADJ
fbem-12586	186	56	attitude	attitude	NOUN
fbem-12586	186	57	towards	towards	ADP
fbem-12586	186	58	employee	employee	NOUN
fbem-12586	186	59	equity	equity	NOUN
fbem-12586	186	60	incentives	incentive	NOUN
fbem-12586	186	61	.	.	PUNCT
fbem-12586	187	1	therefore	therefore	ADV
fbem-12586	187	2	,	,	PUNCT
fbem-12586	187	3	the	the	DET
fbem-12586	187	4	implementation	implementation	NOUN
fbem-12586	187	5	of	of	ADP
fbem-12586	187	6	equity	equity	NOUN
fbem-12586	187	7	incentives	incentive	NOUN
fbem-12586	187	8	for	for	ADP
fbem-12586	187	9	employees	employee	NOUN
fbem-12586	187	10	should	should	AUX
fbem-12586	187	11	become	become	VERB
fbem-12586	187	12	a	a	DET
fbem-12586	187	13	key	key	ADJ
fbem-12586	187	14	factor	factor	NOUN
fbem-12586	187	15	to	to	PART
fbem-12586	187	16	be	be	AUX
fbem-12586	187	17	considered	consider	VERB
fbem-12586	187	18	in	in	ADP
fbem-12586	187	19	the	the	DET
fbem-12586	187	20	company	company	NOUN
fbem-12586	187	21	's	's	PART
fbem-12586	187	22	equity	equity	NOUN
fbem-12586	187	23	incentive	incentive	NOUN
fbem-12586	187	24	plan	plan	NOUN
fbem-12586	187	25	,	,	PUNCT
fbem-12586	187	26	and	and	CCONJ
fbem-12586	187	27	the	the	DET
fbem-12586	187	28	scope	scope	NOUN
fbem-12586	187	29	of	of	ADP
fbem-12586	187	30	employee	employee	NOUN
fbem-12586	187	31	equity	equity	NOUN
fbem-12586	187	32	incentives	incentive	NOUN
fbem-12586	187	33	should	should	AUX
fbem-12586	187	34	be	be	AUX
fbem-12586	187	35	appropriately	appropriately	ADV
fbem-12586	187	36	expanded	expand	VERB
fbem-12586	187	37	.	.	PUNCT
fbem-12586	188	1	second	second	ADV
fbem-12586	188	2	,	,	PUNCT
fbem-12586	188	3	pay	pay	VERB
fbem-12586	188	4	attention	attention	NOUN
fbem-12586	188	5	to	to	ADP
fbem-12586	188	6	the	the	DET
fbem-12586	188	7	formulation	formulation	NOUN
fbem-12586	188	8	of	of	ADP
fbem-12586	188	9	equity	equity	NOUN
fbem-12586	188	10	incentive	incentive	NOUN
fbem-12586	188	11	plans	plan	NOUN
fbem-12586	188	12	based	base	VERB
fbem-12586	188	13	on	on	ADP
fbem-12586	188	14	the	the	DET
fbem-12586	188	15	characteristics	characteristic	NOUN
fbem-12586	188	16	of	of	ADP
fbem-12586	188	17	different	different	ADJ
fbem-12586	188	18	incentive	incentive	NOUN
fbem-12586	188	19	targets	target	NOUN
fbem-12586	188	20	.	.	PUNCT
fbem-12586	189	1	therefore	therefore	ADV
fbem-12586	189	2	,	,	PUNCT
fbem-12586	189	3	it	it	PRON
fbem-12586	189	4	is	be	AUX
fbem-12586	189	5	necessary	necessary	ADJ
fbem-12586	189	6	to	to	PART
fbem-12586	189	7	design	design	VERB
fbem-12586	189	8	the	the	DET
fbem-12586	189	9	elements	element	NOUN
fbem-12586	189	10	in	in	ADP
fbem-12586	189	11	the	the	DET
fbem-12586	189	12	equity	equity	NOUN
fbem-12586	189	13	incentive	incentive	PROPN
fbem-12586	189	14	plan	plan	NOUN
fbem-12586	189	15	,	,	PUNCT
fbem-12586	189	16	formulate	formulate	VERB
fbem-12586	189	17	an	an	DET
fbem-12586	189	18	incentive	incentive	NOUN
fbem-12586	189	19	plan	plan	NOUN
fbem-12586	189	20	that	that	PRON
fbem-12586	189	21	meets	meet	VERB
fbem-12586	189	22	the	the	DET
fbem-12586	189	23	characteristics	characteristic	NOUN
fbem-12586	189	24	of	of	ADP
fbem-12586	189	25	the	the	DET
fbem-12586	189	26	incentive	incentive	NOUN
fbem-12586	189	27	object	object	NOUN
fbem-12586	189	28	,	,	PUNCT
fbem-12586	189	29	and	and	CCONJ
fbem-12586	189	30	motivate	motivate	VERB
fbem-12586	189	31	employees	employee	NOUN
fbem-12586	189	32	to	to	PART
fbem-12586	189	33	work	work	VERB
fbem-12586	189	34	hard	hard	ADV
fbem-12586	189	35	to	to	PART
fbem-12586	189	36	create	create	VERB
fbem-12586	189	37	value	value	NOUN
fbem-12586	189	38	for	for	ADP
fbem-12586	189	39	the	the	DET
fbem-12586	189	40	company	company	NOUN
fbem-12586	189	41	.	.	PUNCT
fbem-12586	190	1	references	reference	NOUN
fbem-12586	190	2	[	[	X
fbem-12586	190	3	1	1	NUM
fbem-12586	190	4	]	]	X
fbem-12586	190	5	li	li	PROPN
fbem-12586	190	6	bin	bin	PROPN
fbem-12586	190	7	,	,	PUNCT
fbem-12586	190	8	sun	sun	PROPN
fbem-12586	190	9	yue	yue	PROPN
fbem-12586	190	10	-	-	PUNCT
fbem-12586	190	11	jing	jing	PROPN
fbem-12586	190	12	.	.	PUNCT
fbem-12586	191	1	managers	manager	NOUN
fbem-12586	191	2	'	'	PART
fbem-12586	191	3	ownership	ownership	NOUN
fbem-12586	191	4	incentive	incentive	NOUN
fbem-12586	191	5	,	,	PUNCT
fbem-12586	191	6	restriction	restriction	NOUN
fbem-12586	191	7	level	level	NOUN
fbem-12586	191	8	and	and	CCONJ
fbem-12586	191	9	enterprises	enterprise	NOUN
fbem-12586	191	10	'	'	PART
fbem-12586	191	11	performance	performance	NOUN
fbem-12586	191	12	——	——	PUNCT
fbem-12586	191	13	empirical	empirical	ADJ
fbem-12586	191	14	analysis	analysis	NOUN
fbem-12586	191	15	based	base	VERB
fbem-12586	191	16	on	on	ADP
fbem-12586	191	17	the	the	DET
fbem-12586	191	18	private	private	ADJ
fbem-12586	191	19	listed	list	VERB
fbem-12586	191	20	companies	company	NOUN
fbem-12586	191	21	.	.	PUNCT
fbem-12586	192	1	china	china	PROPN
fbem-12586	192	2	soft	soft	ADJ
fbem-12586	192	3	science	science	NOUN
fbem-12586	192	4	,	,	PUNCT
fbem-12586	192	5	2009(08):119	2009(08):119	NUM
fbem-12586	192	6	-	-	SYM
fbem-12586	192	7	131	131	NUM
fbem-12586	192	8	.	.	PUNCT
fbem-12586	193	1	[	[	X
fbem-12586	193	2	2	2	NUM
fbem-12586	193	3	]	]	PUNCT
fbem-12586	193	4	wei	wei	PROPN
fbem-12586	193	5	gang	gang	PROPN
fbem-12586	193	6	.	.	PUNCT
fbem-12586	194	1	incentives	incentive	NOUN
fbem-12586	194	2	for	for	ADP
fbem-12586	194	3	top	top	ADJ
fbem-12586	194	4	-	-	PUNCT
fbem-12586	194	5	management	management	NOUN
fbem-12586	194	6	and	and	CCONJ
fbem-12586	194	7	performance	performance	NOUN
fbem-12586	194	8	of	of	ADP
fbem-12586	194	9	listed	list	VERB
fbem-12586	194	10	companies	company	NOUN
fbem-12586	194	11	.	.	PUNCT
fbem-12586	195	1	economic	economic	ADJ
fbem-12586	195	2	research	research	NOUN
fbem-12586	195	3	journal	journal	NOUN
fbem-12586	195	4	,	,	PUNCT
fbem-12586	195	5	2000	2000	NUM
fbem-12586	195	6	,	,	PUNCT
fbem-12586	195	7	(	(	PUNCT
fbem-12586	195	8	03):32	03):32	NOUN
fbem-12586	195	9	-	-	SYM
fbem-12586	195	10	39	39	NUM
fbem-12586	195	11	+	+	NOUN
fbem-12586	195	12	64	64	NUM
fbem-12586	195	13	+	+	SYM
fbem-12586	195	14	80	80	NUM
fbem-12586	195	15	+	+	SYM
fbem-12586	195	16	2	2	NUM
fbem-12586	195	17	+	+	NOUN
fbem-12586	195	18	4	4	NUM
fbem-12586	195	19	.	.	PUNCT
fbem-12586	196	1	[	[	X
fbem-12586	196	2	3	3	X
fbem-12586	196	3	]	]	X
fbem-12586	196	4	yan	yan	PROPN
fbem-12586	197	1	ji	ji	PROPN
fbem-12586	197	2	-	-	PROPN
fbem-12586	197	3	chao	chao	PROPN
fbem-12586	197	4	,	,	PUNCT
fbem-12586	197	5	liu	liu	PROPN
fbem-12586	197	6	rui	rui	PROPN
fbem-12586	197	7	-	-	PUNCT
fbem-12586	197	8	han	han	PROPN
fbem-12586	197	9	.	.	PUNCT
fbem-12586	198	1	a	a	DET
fbem-12586	198	2	literature	literature	NOUN
fbem-12586	198	3	review	review	NOUN
fbem-12586	198	4	on	on	ADP
fbem-12586	198	5	managerial	managerial	ADJ
fbem-12586	198	6	ownership	ownership	NOUN
fbem-12586	198	7	and	and	CCONJ
fbem-12586	198	8	firm	firm	ADJ
fbem-12586	198	9	value	value	NOUN
fbem-12586	198	10	:	:	PUNCT
fbem-12586	198	11	based	base	VERB
fbem-12586	198	12	on	on	ADP
fbem-12586	198	13	the	the	DET
fbem-12586	198	14	perspective	perspective	NOUN
fbem-12586	198	15	of	of	ADP
fbem-12586	198	16	berle&means	berle&means	PROPN
fbem-12586	198	17	research	research	NOUN
fbem-12586	198	18	paradigm	paradigm	NOUN
fbem-12586	198	19	.	.	PUNCT
fbem-12586	199	1	journal	journal	NOUN
fbem-12586	199	2	of	of	ADP
fbem-12586	199	3	capital	capital	PROPN
fbem-12586	199	4	university	university	PROPN
fbem-12586	199	5	of	of	ADP
fbem-12586	199	6	economics	economic	NOUN
fbem-12586	199	7	and	and	CCONJ
fbem-12586	199	8	business	business	NOUN
fbem-12586	199	9	,	,	PUNCT
fbem-12586	199	10	2013	2013	NUM
fbem-12586	199	11	,	,	PUNCT
fbem-12586	199	12	15(6	15(6	NUM
fbem-12586	199	13	):	):	PUNCT
fbem-12586	199	14	96	96	NUM
fbem-12586	199	15	-	-	SYM
fbem-12586	199	16	102	102	NUM
fbem-12586	199	17	.	.	PUNCT
fbem-12586	200	1	[	[	X
fbem-12586	200	2	4	4	X
fbem-12586	200	3	]	]	X
fbem-12586	200	4	yan	yan	PROPN
fbem-12586	200	5	ruo	ruo	PROPN
fbem-12586	200	6	-	-	PUNCT
fbem-12586	200	7	sen	sen	PROPN
fbem-12586	200	8	.	.	PROPN
fbem-12586	200	9	literature	literature	PROPN
fbem-12586	200	10	review	review	PROPN
fbem-12586	200	11	on	on	ADP
fbem-12586	200	12	optimal	optimal	ADJ
fbem-12586	200	13	governance	governance	NOUN
fbem-12586	200	14	of	of	ADP
fbem-12586	200	15	equity	equity	NOUN
fbem-12586	200	16	concentrated	concentrate	VERB
fbem-12586	200	17	corporations	corporation	NOUN
fbem-12586	200	18	based	base	VERB
fbem-12586	200	19	on	on	ADP
fbem-12586	200	20	double	double	ADJ
fbem-12586	200	21	principalagent	principalagent	NOUN
fbem-12586	200	22	theory	theory	NOUN
fbem-12586	200	23	.	.	PUNCT
fbem-12586	201	1	modern	modern	ADJ
fbem-12586	201	2	economic	economic	ADJ
fbem-12586	201	3	science	science	NOUN
fbem-12586	201	4	,	,	PUNCT
fbem-12586	201	5	2006	2006	NUM
fbem-12586	201	6	,	,	PUNCT
fbem-12586	201	7	28	28	NUM
fbem-12586	201	8	(	(	PUNCT
fbem-12586	201	9	4	4	NUM
fbem-12586	201	10	):	):	PUNCT
fbem-12586	201	11	90	90	NUM
fbem-12586	201	12	-	-	SYM
fbem-12586	201	13	95	95	NUM
fbem-12586	201	14	.	.	PUNCT
fbem-12586	202	1	[	[	X
fbem-12586	202	2	5	5	X
fbem-12586	202	3	]	]	X
fbem-12586	202	4	hanson	hanson	NOUN
fbem-12586	202	5	r	r	PROPN
fbem-12586	202	6	c	c	PROPN
fbem-12586	202	7	,	,	PUNCT
fbem-12586	202	8	song	song	NOUN
fbem-12586	202	9	m	m	PROPN
fbem-12586	202	10	h.	h.	PROPN
fbem-12586	202	11	managerial	managerial	ADJ
fbem-12586	202	12	ownership	ownership	NOUN
fbem-12586	202	13	,	,	PUNCT
fbem-12586	202	14	board	board	NOUN
fbem-12586	202	15	structure	structure	NOUN
fbem-12586	202	16	,	,	PUNCT
fbem-12586	202	17	and	and	CCONJ
fbem-12586	202	18	the	the	DET
fbem-12586	202	19	division	division	NOUN
fbem-12586	202	20	of	of	ADP
fbem-12586	202	21	gains	gain	NOUN
fbem-12586	202	22	in	in	ADP
fbem-12586	202	23	divestitures	divestiture	NOUN
fbem-12586	202	24	.	.	PUNCT
fbem-12586	203	1	journal	journal	NOUN
fbem-12586	203	2	of	of	ADP
fbem-12586	203	3	corporate	corporate	ADJ
fbem-12586	203	4	finance	finance	NOUN
fbem-12586	203	5	,	,	PUNCT
fbem-12586	203	6	2000	2000	NUM
fbem-12586	203	7	,	,	PUNCT
fbem-12586	203	8	6	6	NUM
fbem-12586	203	9	(	(	PUNCT
fbem-12586	203	10	1	1	NUM
fbem-12586	203	11	)	)	PUNCT
fbem-12586	203	12	:	:	PUNCT
fbem-12586	204	1	55	55	NUM
fbem-12586	204	2	-	-	SYM
fbem-12586	204	3	70	70	NUM
fbem-12586	204	4	.	.	PUNCT
fbem-12586	205	1	[	[	X
fbem-12586	205	2	6	6	NUM
fbem-12586	205	3	]	]	PUNCT
fbem-12586	205	4	tzioumis	tzioumis	NOUN
fbem-12586	205	5	k.	k.	PROPN
fbem-12586	206	1	why	why	SCONJ
fbem-12586	206	2	do	do	AUX
fbem-12586	206	3	firms	firm	NOUN
fbem-12586	206	4	adopt	adopt	VERB
fbem-12586	206	5	ceo	ceo	NOUN
fbem-12586	206	6	stock	stock	NOUN
fbem-12586	206	7	options	option	NOUN
fbem-12586	206	8	?	?	PUNCT
fbem-12586	207	1	evidence	evidence	NOUN
fbem-12586	207	2	from	from	ADP
fbem-12586	207	3	the	the	DET
fbem-12586	207	4	united	united	PROPN
fbem-12586	207	5	states	states	PROPN
fbem-12586	207	6	.	.	PUNCT
fbem-12586	208	1	journal	journal	NOUN
fbem-12586	208	2	of	of	ADP
fbem-12586	208	3	economic	economic	ADJ
fbem-12586	208	4	behavior	behavior	NOUN
fbem-12586	208	5	＆	＆	PROPN
fbem-12586	208	6	organization	organization	NOUN
fbem-12586	208	7	,	,	PUNCT
fbem-12586	208	8	2008	2008	NUM
fbem-12586	208	9	,	,	PUNCT
fbem-12586	208	10	68(1	68(1	NOUN
fbem-12586	208	11	)	)	PUNCT
fbem-12586	208	12	:	:	PUNCT
fbem-12586	208	13	100	100	NUM
fbem-12586	208	14	-	-	SYM
fbem-12586	208	15	111	111	NUM
fbem-12586	208	16	.	.	PUNCT
fbem-12586	209	1	[	[	X
fbem-12586	209	2	7	7	X
fbem-12586	209	3	]	]	X
fbem-12586	209	4	chou	chou	PROPN
fbem-12586	209	5	jian	jian	PROPN
fbem-12586	209	6	-	-	PUNCT
fbem-12586	209	7	zhong	zhong	PROPN
fbem-12586	209	8	,	,	PUNCT
fbem-12586	209	9	huang	huang	PROPN
fbem-12586	209	10	zhi	zhi	PROPN
fbem-12586	209	11	-	-	PROPN
fbem-12586	209	12	zhong	zhong	PROPN
fbem-12586	209	13	,	,	PUNCT
fbem-12586	209	14	xie	xie	PROPN
fbem-12586	209	15	jun	jun	PROPN
fbem-12586	209	16	.	.	PROPN
fbem-12586	209	17	can	can	AUX
fbem-12586	209	18	equity	equity	NOUN
fbem-12586	209	19	incentive	incentive	NOUN
fbem-12586	209	20	deter	deter	VERB
fbem-12586	209	21	the	the	DET
fbem-12586	209	22	tunneling	tunneling	NOUN
fbem-12586	209	23	of	of	ADP
fbem-12586	209	24	large	large	ADJ
fbem-12586	209	25	shareholders	shareholder	NOUN
fbem-12586	209	26	.	.	PUNCT
fbem-12586	210	1	business	business	NOUN
fbem-12586	210	2	and	and	CCONJ
fbem-12586	210	3	management	management	NOUN
fbem-12586	210	4	journal	journal	NOUN
fbem-12586	210	5	,	,	PUNCT
fbem-12586	210	6	2008	2008	NUM
fbem-12586	210	7	,	,	PUNCT
fbem-12586	210	8	(	(	PUNCT
fbem-12586	210	9	17	17	NUM
fbem-12586	210	10	):	):	PUNCT
fbem-12586	210	11	50	50	NUM
fbem-12586	210	12	-	-	SYM
fbem-12586	210	13	55	55	NUM
fbem-12586	210	14	.	.	PUNCT
fbem-12586	211	1	[	[	X
fbem-12586	211	2	8	8	NUM
fbem-12586	211	3	]	]	PUNCT
fbem-12586	211	4	manso	manso	NOUN
fbem-12586	211	5	g.	g.	PROPN
fbem-12586	211	6	motivating	motivating	PROPN
fbem-12586	211	7	innovation	innovation	PROPN
fbem-12586	211	8	.	.	PUNCT
fbem-12586	212	1	journal	journal	PROPN
fbem-12586	212	2	of	of	ADP
fbem-12586	212	3	finance	finance	NOUN
fbem-12586	212	4	,	,	PUNCT
fbem-12586	212	5	2011	2011	NUM
fbem-12586	212	6	,	,	PUNCT
fbem-12586	212	7	66(5	66(5	NUM
fbem-12586	212	8	):	):	PUNCT
fbem-12586	212	9	1823	1823	NUM
fbem-12586	212	10	-	-	SYM
fbem-12586	212	11	1860	1860	NUM
fbem-12586	212	12	.	.	PUNCT
fbem-12586	213	1	[	[	X
fbem-12586	213	2	9	9	NUM
fbem-12586	213	3	]	]	PUNCT
fbem-12586	213	4	burns	burn	NOUN
fbem-12586	213	5	n	n	CCONJ
fbem-12586	213	6	,	,	PUNCT
fbem-12586	213	7	mctier	mctier	NOUN
fbem-12586	213	8	b	b	PROPN
fbem-12586	213	9	c	c	PROPN
fbem-12586	213	10	,	,	PUNCT
fbem-12586	213	11	minnick	minnick	PROPN
fbem-12586	213	12	k.	k.	PROPN
fbem-12586	213	13	equity	equity	PROPN
fbem-12586	213	14	-	-	PUNCT
fbem-12586	213	15	incentive	incentive	NOUN
fbem-12586	213	16	compensation	compensation	NOUN
fbem-12586	213	17	and	and	CCONJ
fbem-12586	213	18	payout	payout	ADJ
fbem-12586	213	19	policy	policy	NOUN
fbem-12586	213	20	in	in	ADP
fbem-12586	213	21	europe	europe	PROPN
fbem-12586	213	22	.	.	PUNCT
fbem-12586	214	1	journal	journal	NOUN
fbem-12586	214	2	of	of	ADP
fbem-12586	214	3	corporate	corporate	ADJ
fbem-12586	214	4	finance	finance	NOUN
fbem-12586	214	5	,	,	PUNCT
fbem-12586	214	6	2015	2015	NUM
fbem-12586	214	7	,	,	PUNCT
fbem-12586	214	8	(	(	PUNCT
fbem-12586	214	9	30	30	NUM
fbem-12586	214	10	):	):	PUNCT
fbem-12586	214	11	85	85	NUM
fbem-12586	214	12	-	-	SYM
fbem-12586	214	13	97	97	NUM
fbem-12586	214	14	.	.	PUNCT
fbem-12586	215	1	[	[	X
fbem-12586	215	2	10	10	NUM
fbem-12586	215	3	]	]	PUNCT
fbem-12586	215	4	xu	xu	PROPN
fbem-12586	215	5	ning	ning	PROPN
fbem-12586	215	6	,	,	PUNCT
fbem-12586	215	7	xu	xu	PROPN
fbem-12586	215	8	xiangyi	xiangyi	PROPN
fbem-12586	215	9	.	.	PUNCT
fbem-12586	216	1	equity	equity	NOUN
fbem-12586	216	2	incentives	incentive	NOUN
fbem-12586	216	3	granted	grant	VERB
fbem-12586	216	4	to	to	PART
fbem-12586	216	5	supervisor	supervisor	VERB
fbem-12586	216	6	,	,	PUNCT
fbem-12586	216	7	collision	collision	NOUN
fbem-12586	216	8	orientation	orientation	NOUN
fbem-12586	216	9	and	and	CCONJ
fbem-12586	216	10	corporate	corporate	ADJ
fbem-12586	216	11	governance	governance	NOUN
fbem-12586	216	12	restrictionempirical	restrictionempirical	ADJ
fbem-12586	216	13	research	research	NOUN
fbem-12586	216	14	based	base	VERB
fbem-12586	216	15	on	on	ADP
fbem-12586	216	16	listed	list	VERB
fbem-12586	216	17	companies	company	NOUN
fbem-12586	216	18	'	'	PART
fbem-12586	216	19	panel	panel	NOUN
fbem-12586	216	20	data	datum	NOUN
fbem-12586	216	21	in	in	ADP
fbem-12586	216	22	china	china	PROPN
fbem-12586	216	23	.	.	PUNCT
fbem-12586	217	1	business	business	NOUN
fbem-12586	217	2	and	and	CCONJ
fbem-12586	217	3	management	management	NOUN
fbem-12586	217	4	journal	journal	NOUN
fbem-12586	217	5	,	,	PUNCT
fbem-12586	217	6	2012	2012	NUM
fbem-12586	217	7	,	,	PUNCT
fbem-12586	217	8	(	(	PUNCT
fbem-12586	217	9	1	1	NUM
fbem-12586	217	10	):	):	PUNCT
fbem-12586	217	11	52	52	NUM
fbem-12586	217	12	-	-	SYM
fbem-12586	217	13	60	60	NUM
fbem-12586	217	14	.	.	PUNCT
fbem-12586	218	1	[	[	X
fbem-12586	218	2	11	11	NUM
fbem-12586	218	3	]	]	X
fbem-12586	218	4	liu	liu	PROPN
fbem-12586	218	5	bao	bao	PROPN
fbem-12586	218	6	-	-	PUNCT
fbem-12586	218	7	hua	hua	PROPN
fbem-12586	218	8	,	,	PUNCT
fbem-12586	218	9	wang	wang	PROPN
fbem-12586	218	10	lei	lei	PROPN
fbem-12586	218	11	.	.	PUNCT
fbem-12586	218	12	performance	performance	NOUN
fbem-12586	218	13	-	-	PUNCT
fbem-12586	218	14	based	base	VERB
fbem-12586	218	15	equity	equity	NOUN
fbem-12586	218	16	incentives	incentive	NOUN
fbem-12586	218	17	,	,	PUNCT
fbem-12586	218	18	exercise	exercise	NOUN
fbem-12586	218	19	rights	right	NOUN
fbem-12586	218	20	vesting	vest	VERB
fbem-12586	218	21	restriction	restriction	NOUN
fbem-12586	218	22	,	,	PUNCT
fbem-12586	218	23	and	and	CCONJ
fbem-12586	218	24	corporate	corporate	ADJ
fbem-12586	218	25	innovation	innovation	NOUN
fbem-12586	218	26	.	.	PUNCT
fbem-12586	219	1	nankai	nankai	PROPN
fbem-12586	219	2	business	business	PROPN
fbem-12586	219	3	review	review	PROPN
fbem-12586	219	4	,	,	PUNCT
fbem-12586	219	5	2018	2018	NUM
fbem-12586	219	6	,	,	PUNCT
fbem-12586	219	7	21(1	21(1	NUM
fbem-12586	219	8	):	):	PUNCT
fbem-12586	219	9	17	17	NUM
fbem-12586	219	10	-	-	SYM
fbem-12586	219	11	27,38	27,38	NOUN
fbem-12586	219	12	.	.	PUNCT
fbem-12586	220	1	[	[	X
fbem-12586	220	2	12	12	NUM
fbem-12586	220	3	]	]	X
fbem-12586	220	4	chen	chen	PROPN
fbem-12586	220	5	wen	wen	PROPN
fbem-12586	220	6	-	-	PROPN
fbem-12586	220	7	qiang	qiang	PROPN
fbem-12586	220	8	,	,	PUNCT
fbem-12586	220	9	jia	jia	PROPN
fbem-12586	220	10	sheng	sheng	PROPN
fbem-12586	220	11	-	-	PUNCT
fbem-12586	220	12	hua	hua	PROPN
fbem-12586	220	13	.	.	PUNCT
fbem-12586	221	1	equity	equity	PROPN
fbem-12586	221	2	incentive	incentive	PROPN
fbem-12586	221	3	,	,	PUNCT
fbem-12586	221	4	agency	agency	NOUN
fbem-12586	221	5	costs	cost	NOUN
fbem-12586	221	6	and	and	CCONJ
fbem-12586	221	7	corporate	corporate	ADJ
fbem-12586	221	8	performance	performance	NOUN
fbem-12586	221	9	——	——	PUNCT
fbem-12586	221	10	based	base	VERB
fbem-12586	221	11	on	on	ADP
fbem-12586	221	12	the	the	DET
fbem-12586	221	13	analysis	analysis	NOUN
fbem-12586	221	14	framework	framework	NOUN
fbem-12586	221	15	of	of	ADP
fbem-12586	221	16	double	double	ADJ
fbem-12586	221	17	principal	principal	ADJ
fbem-12586	221	18	-	-	PUNCT
fbem-12586	221	19	agent	agent	NOUN
fbem-12586	221	20	problem	problem	NOUN
fbem-12586	221	21	.	.	PUNCT
fbem-12586	222	1	modern	modern	ADJ
fbem-12586	222	2	economic	economic	ADJ
fbem-12586	222	3	science	science	NOUN
fbem-12586	222	4	,	,	PUNCT
fbem-12586	222	5	2015	2015	NUM
fbem-12586	222	6	,	,	PUNCT
fbem-12586	222	7	37(2	37(2	PRON
fbem-12586	222	8	):	):	PUNCT
fbem-12586	222	9	106	106	NUM
fbem-12586	222	10	-	-	SYM
fbem-12586	222	11	113	113	NUM
fbem-12586	222	12	,	,	PUNCT
fbem-12586	222	13	128	128	NUM
fbem-12586	222	14	.	.	PUNCT
fbem-12586	223	1	[	[	X
fbem-12586	223	2	13	13	NUM
fbem-12586	223	3	]	]	X
fbem-12586	223	4	lu	lu	VERB
fbem-12586	223	5	tong	tong	PROPN
fbem-12586	223	6	,	,	PUNCT
fbem-12586	223	7	dang	dang	PROPN
fbem-12586	223	8	yin	yin	PROPN
fbem-12586	223	9	.	.	PUNCT
fbem-12586	224	1	corporate	corporate	ADJ
fbem-12586	224	2	governance	governance	NOUN
fbem-12586	224	3	and	and	CCONJ
fbem-12586	224	4	innovation	innovation	NOUN
fbem-12586	224	5	:	:	PUNCT
fbem-12586	224	6	differences	difference	NOUN
fbem-12586	224	7	among	among	ADP
fbem-12586	224	8	industry	industry	NOUN
fbem-12586	224	9	categories	category	NOUN
fbem-12586	224	10	.	.	PUNCT
fbem-12586	225	1	economic	economic	ADJ
fbem-12586	225	2	research	research	NOUN
fbem-12586	225	3	journal	journal	NOUN
fbem-12586	225	4	,	,	PUNCT
fbem-12586	225	5	2014,49(06):115	2014,49(06):115	PROPN
fbem-12586	225	6	-	-	PUNCT
fbem-12586	225	7	128	128	NUM
fbem-12586	225	8	.	.	PUNCT
fbem-12586	226	1	[	[	X
fbem-12586	226	2	14	14	NUM
fbem-12586	226	3	]	]	X
fbem-12586	226	4	liang	liang	PROPN
fbem-12586	226	5	shang	shang	PROPN
fbem-12586	226	6	-	-	PUNCT
fbem-12586	226	7	kun	kun	PROPN
fbem-12586	226	8	.	.	PUNCT
fbem-12586	227	1	will	will	AUX
fbem-12586	227	2	the	the	DET
fbem-12586	227	3	incentive	incentive	NOUN
fbem-12586	227	4	intensity	intensity	NOUN
fbem-12586	227	5	of	of	ADP
fbem-12586	227	6	equity	equity	NOUN
fbem-12586	227	7	compensation	compensation	NOUN
fbem-12586	227	8	affect	affect	VERB
fbem-12586	227	9	enterprise	enterprise	NOUN
fbem-12586	227	10	's	's	PART
fbem-12586	227	11	cost	cost	NOUN
fbem-12586	227	12	stickiness	stickiness	NOUN
fbem-12586	227	13	.	.	PUNCT
fbem-12586	228	1	the	the	DET
fbem-12586	228	2	journal	journal	PROPN
fbem-12586	228	3	of	of	ADP
fbem-12586	228	4	world	world	NOUN
fbem-12586	228	5	economy	economy	NOUN
fbem-12586	228	6	,	,	PUNCT
fbem-12586	228	7	2016,39(06	2016,39(06	NUM
fbem-12586	228	8	):	):	PUNCT
fbem-12586	228	9	168	168	NUM
fbem-12586	228	10	-	-	SYM
fbem-12586	228	11	192	192	NUM
fbem-12586	228	12	.	.	PUNCT
fbem-12586	229	1	[	[	X
fbem-12586	229	2	15	15	NUM
fbem-12586	229	3	]	]	X
fbem-12586	229	4	jiang	jiang	PROPN
fbem-12586	229	5	ying	ying	PROPN
fbem-12586	229	6	-	-	PUNCT
fbem-12586	229	7	bing	bing	PROPN
fbem-12586	229	8	,	,	PUNCT
fbem-12586	229	9	yu	yu	PROPN
fbem-12586	229	10	ya	ya	PROPN
fbem-12586	229	11	-	-	PUNCT
fbem-12586	229	12	ping	ping	PROPN
fbem-12586	229	13	.	.	PUNCT
fbem-12586	230	1	who	who	PRON
fbem-12586	230	2	are	be	AUX
fbem-12586	230	3	more	more	ADV
fbem-12586	230	4	direct	direct	ADJ
fbem-12586	230	5	innovators	innovator	NOUN
fbem-12586	230	6	?	?	PUNCT
fbem-12586	231	1	core	core	NOUN
fbem-12586	231	2	employee	employee	NOUN
fbem-12586	231	3	equity	equity	NOUN
fbem-12586	231	4	incentives	incentive	NOUN
fbem-12586	231	5	and	and	CCONJ
fbem-12586	231	6	innovation	innovation	NOUN
fbem-12586	231	7	output	output	NOUN
fbem-12586	231	8	.	.	PUNCT
fbem-12586	232	1	business	business	NOUN
fbem-12586	232	2	and	and	CCONJ
fbem-12586	232	3	management	management	NOUN
fbem-12586	232	4	journal	journal	NOUN
fbem-12586	232	5	,	,	PUNCT
fbem-12586	232	6	2017,39(03	2017,39(03	NUM
fbem-12586	232	7	):	):	PUNCT
fbem-12586	232	8	109127	109127	NUM
fbem-12586	232	9	.	.	PUNCT