id	sid	tid	token	lemma	pos
fbem-14600	1	1	frontiers	frontier	NOUN
fbem-14600	1	2	in	in	ADP
fbem-14600	1	3	business	business	NOUN
fbem-14600	1	4	,	,	PUNCT
fbem-14600	1	5	economics	economic	NOUN
fbem-14600	1	6	and	and	CCONJ
fbem-14600	1	7	management	management	NOUN
fbem-14600	1	8	issn	issn	PROPN
fbem-14600	1	9	:	:	PUNCT
fbem-14600	1	10	2766	2766	NUM
fbem-14600	1	11	-	-	PUNCT
fbem-14600	1	12	824x	824x	NUM
fbem-14600	1	13	|	|	ADJ
fbem-14600	1	14	vol	vol	NOUN
fbem-14600	1	15	.	.	PROPN
fbem-14600	2	1	12	12	NUM
fbem-14600	2	2	,	,	PUNCT
fbem-14600	2	3	no	no	INTJ
fbem-14600	2	4	.	.	NOUN
fbem-14600	2	5	2	2	NUM
fbem-14600	2	6	,	,	PUNCT
fbem-14600	2	7	2023	2023	NUM
fbem-14600	2	8	68	68	NUM
fbem-14600	2	9	political	political	ADJ
fbem-14600	2	10	connections	connection	NOUN
fbem-14600	2	11	,	,	PUNCT
fbem-14600	2	12	corporate	corporate	ADJ
fbem-14600	2	13	transparency	transparency	NOUN
fbem-14600	2	14	,	,	PUNCT
fbem-14600	2	15	and	and	CCONJ
fbem-14600	2	16	investor	investor	NOUN
fbem-14600	2	17	protection	protection	PROPN
fbem-14600	2	18	zhenguo	zhenguo	PROPN
fbem-14600	2	19	liu1	liu1	PROPN
fbem-14600	2	20	,	,	PUNCT
fbem-14600	2	21	*	*	PROPN
fbem-14600	2	22	1	1	NUM
fbem-14600	2	23	school	school	NOUN
fbem-14600	2	24	of	of	ADP
fbem-14600	2	25	economics	economic	NOUN
fbem-14600	2	26	and	and	CCONJ
fbem-14600	2	27	management	management	NOUN
fbem-14600	2	28	,	,	PUNCT
fbem-14600	2	29	guangxi	guangxi	PROPN
fbem-14600	2	30	normal	normal	ADJ
fbem-14600	2	31	university	university	PROPN
fbem-14600	2	32	,	,	PUNCT
fbem-14600	2	33	guilin	guilin	PROPN
fbem-14600	2	34	,	,	PUNCT
fbem-14600	2	35	co	co	NOUN
fbem-14600	2	36	541006	541006	NUM
fbem-14600	2	37	,	,	PUNCT
fbem-14600	2	38	china	china	PROPN
fbem-14600	2	39	*	*	PUNCT
fbem-14600	2	40	corresponding	correspond	VERB
fbem-14600	2	41	author	author	NOUN
fbem-14600	2	42	:	:	PUNCT
fbem-14600	2	43	zhenguo	zhenguo	PROPN
fbem-14600	2	44	liu	liu	PROPN
fbem-14600	2	45	(	(	PUNCT
fbem-14600	2	46	649564990@qq.com	649564990@qq.com	NUM
fbem-14600	2	47	)	)	PUNCT
fbem-14600	2	48	abstract	abstract	NOUN
fbem-14600	2	49	:	:	PUNCT
fbem-14600	2	50	this	this	DET
fbem-14600	2	51	paper	paper	NOUN
fbem-14600	2	52	examines	examine	VERB
fbem-14600	2	53	the	the	DET
fbem-14600	2	54	impact	impact	NOUN
fbem-14600	2	55	of	of	ADP
fbem-14600	2	56	political	political	ADJ
fbem-14600	2	57	connections	connection	NOUN
fbem-14600	2	58	of	of	ADP
fbem-14600	2	59	listed	list	VERB
fbem-14600	2	60	companies	company	NOUN
fbem-14600	2	61	on	on	ADP
fbem-14600	2	62	the	the	DET
fbem-14600	2	63	level	level	NOUN
fbem-14600	2	64	of	of	ADP
fbem-14600	2	65	investor	investor	NOUN
fbem-14600	2	66	protection	protection	NOUN
fbem-14600	2	67	using	use	VERB
fbem-14600	2	68	china	china	PROPN
fbem-14600	2	69	a	a	DET
fbem-14600	2	70	-	-	PUNCT
fbem-14600	2	71	share	share	NOUN
fbem-14600	2	72	listed	list	VERB
fbem-14600	2	73	companies	company	NOUN
fbem-14600	2	74	as	as	ADP
fbem-14600	2	75	research	research	NOUN
fbem-14600	2	76	samples	sample	NOUN
fbem-14600	2	77	from	from	ADP
fbem-14600	2	78	2010	2010	NUM
fbem-14600	2	79	to	to	ADP
fbem-14600	2	80	2021	2021	NUM
fbem-14600	2	81	.	.	PUNCT
fbem-14600	3	1	the	the	DET
fbem-14600	3	2	research	research	NOUN
fbem-14600	3	3	reveals	reveal	VERB
fbem-14600	3	4	that	that	SCONJ
fbem-14600	3	5	corporate	corporate	ADJ
fbem-14600	3	6	political	political	ADJ
fbem-14600	3	7	connections	connection	NOUN
fbem-14600	3	8	can	can	AUX
fbem-14600	3	9	enhance	enhance	VERB
fbem-14600	3	10	the	the	DET
fbem-14600	3	11	level	level	NOUN
fbem-14600	3	12	of	of	ADP
fbem-14600	3	13	investor	investor	NOUN
fbem-14600	3	14	protection	protection	NOUN
fbem-14600	3	15	,	,	PUNCT
fbem-14600	3	16	and	and	CCONJ
fbem-14600	3	17	this	this	DET
fbem-14600	3	18	conclusion	conclusion	NOUN
fbem-14600	3	19	holds	hold	VERB
fbem-14600	3	20	true	true	ADJ
fbem-14600	3	21	after	after	ADP
fbem-14600	3	22	a	a	DET
fbem-14600	3	23	series	series	NOUN
fbem-14600	3	24	of	of	ADP
fbem-14600	3	25	robustness	robustness	NOUN
fbem-14600	3	26	tests	test	NOUN
fbem-14600	3	27	.	.	PUNCT
fbem-14600	4	1	mediation	mediation	NOUN
fbem-14600	4	2	mechanism	mechanism	NOUN
fbem-14600	4	3	tests	test	NOUN
fbem-14600	4	4	indicate	indicate	VERB
fbem-14600	4	5	that	that	SCONJ
fbem-14600	4	6	political	political	ADJ
fbem-14600	4	7	connections	connection	NOUN
fbem-14600	4	8	,	,	PUNCT
fbem-14600	4	9	by	by	ADP
fbem-14600	4	10	increasing	increase	VERB
fbem-14600	4	11	corporate	corporate	ADJ
fbem-14600	4	12	transparency	transparency	NOUN
fbem-14600	4	13	,	,	PUNCT
fbem-14600	4	14	contribute	contribute	VERB
fbem-14600	4	15	to	to	ADP
fbem-14600	4	16	the	the	DET
fbem-14600	4	17	improvement	improvement	NOUN
fbem-14600	4	18	of	of	ADP
fbem-14600	4	19	investor	investor	NOUN
fbem-14600	4	20	protection	protection	NOUN
fbem-14600	4	21	.	.	PUNCT
fbem-14600	5	1	this	this	DET
fbem-14600	5	2	study	study	NOUN
fbem-14600	5	3	provides	provide	VERB
fbem-14600	5	4	important	important	ADJ
fbem-14600	5	5	insights	insight	NOUN
fbem-14600	5	6	for	for	ADP
fbem-14600	5	7	safeguarding	safeguard	VERB
fbem-14600	5	8	investor	investor	NOUN
fbem-14600	5	9	interests	interest	NOUN
fbem-14600	5	10	,	,	PUNCT
fbem-14600	5	11	boosting	boost	VERB
fbem-14600	5	12	investor	investor	NOUN
fbem-14600	5	13	confidence	confidence	NOUN
fbem-14600	5	14	,	,	PUNCT
fbem-14600	5	15	and	and	CCONJ
fbem-14600	5	16	reducing	reduce	VERB
fbem-14600	5	17	the	the	DET
fbem-14600	5	18	difficulty	difficulty	NOUN
fbem-14600	5	19	of	of	ADP
fbem-14600	5	20	corporate	corporate	ADJ
fbem-14600	5	21	financing	financing	NOUN
fbem-14600	5	22	.	.	PUNCT
fbem-14600	6	1	keywords	keyword	NOUN
fbem-14600	6	2	:	:	PUNCT
fbem-14600	6	3	corporate	corporate	ADJ
fbem-14600	6	4	political	political	ADJ
fbem-14600	6	5	connections	connection	NOUN
fbem-14600	6	6	,	,	PUNCT
fbem-14600	6	7	investor	investor	NOUN
fbem-14600	6	8	protection	protection	NOUN
fbem-14600	6	9	,	,	PUNCT
fbem-14600	6	10	corporate	corporate	ADJ
fbem-14600	6	11	transparency	transparency	NOUN
fbem-14600	6	12	,	,	PUNCT
fbem-14600	6	13	capital	capital	NOUN
fbem-14600	6	14	market	market	NOUN
fbem-14600	6	15	development	development	NOUN
fbem-14600	6	16	.	.	PUNCT
fbem-14600	7	1	1	1	X
fbem-14600	7	2	.	.	X
fbem-14600	7	3	introduction	introduction	NOUN
fbem-14600	7	4	corporate	corporate	ADJ
fbem-14600	7	5	political	political	ADJ
fbem-14600	7	6	connections	connection	NOUN
fbem-14600	7	7	are	be	AUX
fbem-14600	7	8	a	a	DET
fbem-14600	7	9	highly	highly	ADV
fbem-14600	7	10	scrutinized	scrutinize	VERB
fbem-14600	7	11	topic	topic	NOUN
fbem-14600	7	12	in	in	ADP
fbem-14600	7	13	today	today	NOUN
fbem-14600	7	14	's	's	PART
fbem-14600	7	15	business	business	NOUN
fbem-14600	7	16	environment	environment	NOUN
fbem-14600	7	17	.	.	PUNCT
fbem-14600	8	1	with	with	ADP
fbem-14600	8	2	the	the	DET
fbem-14600	8	3	continuous	continuous	ADJ
fbem-14600	8	4	development	development	NOUN
fbem-14600	8	5	of	of	ADP
fbem-14600	8	6	the	the	DET
fbem-14600	8	7	global	global	ADJ
fbem-14600	8	8	economy	economy	NOUN
fbem-14600	8	9	and	and	CCONJ
fbem-14600	8	10	the	the	DET
fbem-14600	8	11	expansion	expansion	NOUN
fbem-14600	8	12	of	of	ADP
fbem-14600	8	13	companies	company	NOUN
fbem-14600	8	14	on	on	ADP
fbem-14600	8	15	a	a	DET
fbem-14600	8	16	global	global	ADJ
fbem-14600	8	17	scale	scale	NOUN
fbem-14600	8	18	,	,	PUNCT
fbem-14600	8	19	the	the	DET
fbem-14600	8	20	connection	connection	NOUN
fbem-14600	8	21	between	between	ADP
fbem-14600	8	22	businesses	business	NOUN
fbem-14600	8	23	and	and	CCONJ
fbem-14600	8	24	politics	politic	NOUN
fbem-14600	8	25	has	have	AUX
fbem-14600	8	26	become	become	VERB
fbem-14600	8	27	even	even	ADV
fbem-14600	8	28	more	more	ADV
fbem-14600	8	29	pronounced	pronounced	ADJ
fbem-14600	8	30	.	.	PUNCT
fbem-14600	9	1	this	this	DET
fbem-14600	9	2	connection	connection	NOUN
fbem-14600	9	3	not	not	PART
fbem-14600	9	4	only	only	ADV
fbem-14600	9	5	influences	influence	VERB
fbem-14600	9	6	corporate	corporate	ADJ
fbem-14600	9	7	decisionmaking	decisionmaking	NOUN
fbem-14600	9	8	but	but	CCONJ
fbem-14600	9	9	also	also	ADV
fbem-14600	9	10	has	have	VERB
fbem-14600	9	11	profound	profound	ADJ
fbem-14600	9	12	effects	effect	NOUN
fbem-14600	9	13	on	on	ADP
fbem-14600	9	14	investors	investor	NOUN
fbem-14600	9	15	.	.	PUNCT
fbem-14600	10	1	this	this	DET
fbem-14600	10	2	paper	paper	NOUN
fbem-14600	10	3	aims	aim	VERB
fbem-14600	10	4	to	to	PART
fbem-14600	10	5	delve	delve	VERB
fbem-14600	10	6	into	into	ADP
fbem-14600	10	7	the	the	DET
fbem-14600	10	8	relationship	relationship	NOUN
fbem-14600	10	9	between	between	ADP
fbem-14600	10	10	corporate	corporate	ADJ
fbem-14600	10	11	political	political	ADJ
fbem-14600	10	12	connections	connection	NOUN
fbem-14600	10	13	and	and	CCONJ
fbem-14600	10	14	investor	investor	NOUN
fbem-14600	10	15	protection	protection	NOUN
fbem-14600	10	16	,	,	PUNCT
fbem-14600	10	17	revealing	reveal	VERB
fbem-14600	10	18	through	through	ADP
fbem-14600	10	19	empirical	empirical	ADJ
fbem-14600	10	20	analysis	analysis	NOUN
fbem-14600	10	21	the	the	DET
fbem-14600	10	22	potential	potential	ADJ
fbem-14600	10	23	impact	impact	NOUN
fbem-14600	10	24	of	of	ADP
fbem-14600	10	25	this	this	DET
fbem-14600	10	26	connection	connection	NOUN
fbem-14600	10	27	on	on	ADP
fbem-14600	10	28	investor	investor	NOUN
fbem-14600	10	29	rights	right	NOUN
fbem-14600	10	30	.	.	PUNCT
fbem-14600	11	1	investor	investor	NOUN
fbem-14600	11	2	protection	protection	NOUN
fbem-14600	11	3	is	be	AUX
fbem-14600	11	4	a	a	DET
fbem-14600	11	5	crucial	crucial	ADJ
fbem-14600	11	6	element	element	NOUN
fbem-14600	11	7	in	in	ADP
fbem-14600	11	8	ensuring	ensure	VERB
fbem-14600	11	9	that	that	SCONJ
fbem-14600	11	10	investors	investor	NOUN
fbem-14600	11	11	have	have	VERB
fbem-14600	11	12	rights	right	NOUN
fbem-14600	11	13	and	and	CCONJ
fbem-14600	11	14	are	be	AUX
fbem-14600	11	15	treated	treat	VERB
fbem-14600	11	16	fairly	fairly	ADV
fbem-14600	11	17	in	in	ADP
fbem-14600	11	18	corporate	corporate	ADJ
fbem-14600	11	19	governance	governance	NOUN
fbem-14600	11	20	.	.	PUNCT
fbem-14600	12	1	in	in	ADP
fbem-14600	12	2	this	this	DET
fbem-14600	12	3	era	era	NOUN
fbem-14600	12	4	of	of	ADP
fbem-14600	12	5	information	information	NOUN
fbem-14600	12	6	explosion	explosion	NOUN
fbem-14600	12	7	and	and	CCONJ
fbem-14600	12	8	globalization	globalization	NOUN
fbem-14600	12	9	,	,	PUNCT
fbem-14600	12	10	investors	investor	NOUN
fbem-14600	12	11	show	show	VERB
fbem-14600	12	12	an	an	DET
fbem-14600	12	13	increasing	increase	VERB
fbem-14600	12	14	concern	concern	NOUN
fbem-14600	12	15	for	for	ADP
fbem-14600	12	16	the	the	DET
fbem-14600	12	17	governance	governance	NOUN
fbem-14600	12	18	structure	structure	NOUN
fbem-14600	12	19	of	of	ADP
fbem-14600	12	20	companies	company	NOUN
fbem-14600	12	21	and	and	CCONJ
fbem-14600	12	22	the	the	DET
fbem-14600	12	23	behavior	behavior	NOUN
fbem-14600	12	24	of	of	ADP
fbem-14600	12	25	management	management	NOUN
fbem-14600	12	26	.	.	PUNCT
fbem-14600	13	1	meanwhile	meanwhile	ADV
fbem-14600	13	2	,	,	PUNCT
fbem-14600	13	3	companies	company	NOUN
fbem-14600	13	4	often	often	ADV
fbem-14600	13	5	pursue	pursue	VERB
fbem-14600	13	6	their	their	PRON
fbem-14600	13	7	interests	interest	NOUN
fbem-14600	13	8	by	by	ADP
fbem-14600	13	9	interacting	interact	VERB
fbem-14600	13	10	with	with	ADP
fbem-14600	13	11	the	the	DET
fbem-14600	13	12	political	political	ADJ
fbem-14600	13	13	system	system	NOUN
fbem-14600	13	14	,	,	PUNCT
fbem-14600	13	15	which	which	PRON
fbem-14600	13	16	includes	include	VERB
fbem-14600	13	17	establishing	establish	VERB
fbem-14600	13	18	relationships	relationship	NOUN
fbem-14600	13	19	with	with	ADP
fbem-14600	13	20	government	government	NOUN
fbem-14600	13	21	officials	official	NOUN
fbem-14600	13	22	,	,	PUNCT
fbem-14600	13	23	political	political	ADJ
fbem-14600	13	24	parties	party	NOUN
fbem-14600	13	25	,	,	PUNCT
fbem-14600	13	26	or	or	CCONJ
fbem-14600	13	27	other	other	ADJ
fbem-14600	13	28	political	political	ADJ
fbem-14600	13	29	entities	entity	NOUN
fbem-14600	13	30	.	.	PUNCT
fbem-14600	14	1	whether	whether	SCONJ
fbem-14600	14	2	such	such	ADJ
fbem-14600	14	3	corporate	corporate	ADJ
fbem-14600	14	4	political	political	ADJ
fbem-14600	14	5	connections	connection	NOUN
fbem-14600	14	6	have	have	AUX
fbem-14600	14	7	a	a	DET
fbem-14600	14	8	positive	positive	ADJ
fbem-14600	14	9	or	or	CCONJ
fbem-14600	14	10	negative	negative	ADJ
fbem-14600	14	11	impact	impact	NOUN
fbem-14600	14	12	on	on	ADP
fbem-14600	14	13	investor	investor	NOUN
fbem-14600	14	14	protection	protection	NOUN
fbem-14600	14	15	has	have	AUX
fbem-14600	14	16	become	become	VERB
fbem-14600	14	17	a	a	DET
fbem-14600	14	18	focal	focal	ADJ
fbem-14600	14	19	point	point	NOUN
fbem-14600	14	20	of	of	ADP
fbem-14600	14	21	academic	academic	ADJ
fbem-14600	14	22	and	and	CCONJ
fbem-14600	14	23	business	business	NOUN
fbem-14600	14	24	attention	attention	NOUN
fbem-14600	14	25	.	.	PUNCT
fbem-14600	15	1	globally	globally	ADV
fbem-14600	15	2	,	,	PUNCT
fbem-14600	15	3	corporate	corporate	ADJ
fbem-14600	15	4	political	political	ADJ
fbem-14600	15	5	connections	connection	NOUN
fbem-14600	15	6	can	can	AUX
fbem-14600	15	7	take	take	VERB
fbem-14600	15	8	various	various	ADJ
fbem-14600	15	9	forms	form	NOUN
fbem-14600	15	10	,	,	PUNCT
fbem-14600	15	11	including	include	VERB
fbem-14600	15	12	political	political	ADJ
fbem-14600	15	13	contributions	contribution	NOUN
fbem-14600	15	14	,	,	PUNCT
fbem-14600	15	15	lobbying	lobbying	NOUN
fbem-14600	15	16	,	,	PUNCT
fbem-14600	15	17	and	and	CCONJ
fbem-14600	15	18	personal	personal	ADJ
fbem-14600	15	19	relationships	relationship	NOUN
fbem-14600	15	20	between	between	ADP
fbem-14600	15	21	top	top	ADJ
fbem-14600	15	22	management	management	NOUN
fbem-14600	15	23	and	and	CCONJ
fbem-14600	15	24	political	political	ADJ
fbem-14600	15	25	leaders	leader	NOUN
fbem-14600	15	26	(	(	PUNCT
fbem-14600	15	27	wei	wei	PROPN
fbem-14600	15	28	et	et	PROPN
fbem-14600	15	29	al	al	PROPN
fbem-14600	15	30	.	.	PROPN
fbem-14600	15	31	,	,	PUNCT
fbem-14600	15	32	2023	2023	NUM
fbem-14600	15	33	)	)	PUNCT
fbem-14600	15	34	.	.	PUNCT
fbem-14600	16	1	while	while	SCONJ
fbem-14600	16	2	these	these	DET
fbem-14600	16	3	connections	connection	NOUN
fbem-14600	16	4	may	may	AUX
fbem-14600	16	5	bring	bring	VERB
fbem-14600	16	6	certain	certain	ADJ
fbem-14600	16	7	benefits	benefit	NOUN
fbem-14600	16	8	to	to	ADP
fbem-14600	16	9	companies	company	NOUN
fbem-14600	16	10	in	in	ADP
fbem-14600	16	11	the	the	DET
fbem-14600	16	12	short	short	ADJ
fbem-14600	16	13	term	term	NOUN
fbem-14600	16	14	,	,	PUNCT
fbem-14600	16	15	their	their	PRON
fbem-14600	16	16	potential	potential	ADJ
fbem-14600	16	17	long	long	ADJ
fbem-14600	16	18	-	-	PUNCT
fbem-14600	16	19	term	term	NOUN
fbem-14600	16	20	impact	impact	NOUN
fbem-14600	16	21	could	could	AUX
fbem-14600	16	22	negatively	negatively	ADV
fbem-14600	16	23	affect	affect	VERB
fbem-14600	16	24	investors	investor	NOUN
fbem-14600	16	25	.	.	PUNCT
fbem-14600	17	1	therefore	therefore	ADV
fbem-14600	17	2	,	,	PUNCT
fbem-14600	17	3	understanding	understand	VERB
fbem-14600	17	4	the	the	DET
fbem-14600	17	5	relationship	relationship	NOUN
fbem-14600	17	6	between	between	ADP
fbem-14600	17	7	corporate	corporate	ADJ
fbem-14600	17	8	political	political	ADJ
fbem-14600	17	9	connections	connection	NOUN
fbem-14600	17	10	and	and	CCONJ
fbem-14600	17	11	investor	investor	NOUN
fbem-14600	17	12	protection	protection	NOUN
fbem-14600	17	13	helps	helps	AUX
fbem-14600	17	14	reveal	reveal	VERB
fbem-14600	17	15	the	the	DET
fbem-14600	17	16	potential	potential	ADJ
fbem-14600	17	17	risks	risk	NOUN
fbem-14600	17	18	and	and	CCONJ
fbem-14600	17	19	opportunities	opportunity	NOUN
fbem-14600	17	20	behind	behind	ADP
fbem-14600	17	21	these	these	DET
fbem-14600	17	22	connections	connection	NOUN
fbem-14600	17	23	.	.	PUNCT
fbem-14600	18	1	in	in	ADP
fbem-14600	18	2	conclusion	conclusion	NOUN
fbem-14600	18	3	,	,	PUNCT
fbem-14600	18	4	this	this	DET
fbem-14600	18	5	paper	paper	NOUN
fbem-14600	18	6	will	will	AUX
fbem-14600	18	7	employ	employ	VERB
fbem-14600	18	8	an	an	DET
fbem-14600	18	9	empirical	empirical	ADJ
fbem-14600	18	10	analysis	analysis	NOUN
fbem-14600	18	11	approach	approach	NOUN
fbem-14600	18	12	,	,	PUNCT
fbem-14600	18	13	using	use	VERB
fbem-14600	18	14	a	a	DET
fbem-14600	18	15	-	-	PUNCT
fbem-14600	18	16	share	share	NOUN
fbem-14600	18	17	listed	list	VERB
fbem-14600	18	18	companies	company	NOUN
fbem-14600	18	19	from	from	ADP
fbem-14600	18	20	2010	2010	NUM
fbem-14600	18	21	to	to	ADP
fbem-14600	18	22	2021	2021	NUM
fbem-14600	18	23	as	as	ADP
fbem-14600	18	24	samples	sample	NOUN
fbem-14600	18	25	.	.	PUNCT
fbem-14600	19	1	it	it	PRON
fbem-14600	19	2	will	will	AUX
fbem-14600	19	3	utilize	utilize	VERB
fbem-14600	19	4	a	a	DET
fbem-14600	19	5	panel	panel	NOUN
fbem-14600	19	6	fixed	fix	VERB
fbem-14600	19	7	-	-	PUNCT
fbem-14600	19	8	effects	effect	NOUN
fbem-14600	19	9	model	model	NOUN
fbem-14600	19	10	to	to	PART
fbem-14600	19	11	investigate	investigate	VERB
fbem-14600	19	12	the	the	DET
fbem-14600	19	13	impact	impact	NOUN
fbem-14600	19	14	of	of	ADP
fbem-14600	19	15	corporate	corporate	ADJ
fbem-14600	19	16	political	political	ADJ
fbem-14600	19	17	connections	connection	NOUN
fbem-14600	19	18	on	on	ADP
fbem-14600	19	19	investor	investor	NOUN
fbem-14600	19	20	protection	protection	NOUN
fbem-14600	19	21	and	and	CCONJ
fbem-14600	19	22	its	its	PRON
fbem-14600	19	23	underlying	underlying	ADJ
fbem-14600	19	24	mechanisms	mechanism	NOUN
fbem-14600	19	25	.	.	PUNCT
fbem-14600	20	1	this	this	DET
fbem-14600	20	2	research	research	NOUN
fbem-14600	20	3	aims	aim	VERB
fbem-14600	20	4	to	to	PART
fbem-14600	20	5	enhance	enhance	VERB
fbem-14600	20	6	the	the	DET
fbem-14600	20	7	understanding	understanding	NOUN
fbem-14600	20	8	of	of	ADP
fbem-14600	20	9	how	how	SCONJ
fbem-14600	20	10	political	political	ADJ
fbem-14600	20	11	connections	connection	NOUN
fbem-14600	20	12	affect	affect	VERB
fbem-14600	20	13	investor	investor	NOUN
fbem-14600	20	14	protection	protection	NOUN
fbem-14600	20	15	,	,	PUNCT
fbem-14600	20	16	expanding	expand	VERB
fbem-14600	20	17	the	the	DET
fbem-14600	20	18	economic	economic	ADJ
fbem-14600	20	19	consequences	consequence	NOUN
fbem-14600	20	20	of	of	ADP
fbem-14600	20	21	corporate	corporate	ADJ
fbem-14600	20	22	political	political	ADJ
fbem-14600	20	23	connections	connection	NOUN
fbem-14600	20	24	.	.	PUNCT
fbem-14600	21	1	the	the	DET
fbem-14600	21	2	findings	finding	NOUN
fbem-14600	21	3	will	will	AUX
fbem-14600	21	4	provide	provide	VERB
fbem-14600	21	5	valuable	valuable	ADJ
fbem-14600	21	6	insights	insight	NOUN
fbem-14600	21	7	for	for	ADP
fbem-14600	21	8	corporate	corporate	ADJ
fbem-14600	21	9	decision	decision	NOUN
fbem-14600	21	10	-	-	PUNCT
fbem-14600	21	11	makers	maker	NOUN
fbem-14600	21	12	,	,	PUNCT
fbem-14600	21	13	scholars	scholar	NOUN
fbem-14600	21	14	,	,	PUNCT
fbem-14600	21	15	and	and	CCONJ
fbem-14600	21	16	regulatory	regulatory	ADJ
fbem-14600	21	17	bodies	body	NOUN
fbem-14600	21	18	,	,	PUNCT
fbem-14600	21	19	fostering	foster	VERB
fbem-14600	21	20	the	the	DET
fbem-14600	21	21	establishment	establishment	NOUN
fbem-14600	21	22	of	of	ADP
fbem-14600	21	23	a	a	DET
fbem-14600	21	24	healthier	healthy	ADJ
fbem-14600	21	25	,	,	PUNCT
fbem-14600	21	26	more	more	ADV
fbem-14600	21	27	transparent	transparent	ADJ
fbem-14600	21	28	,	,	PUNCT
fbem-14600	21	29	and	and	CCONJ
fbem-14600	21	30	fair	fair	ADJ
fbem-14600	21	31	corporate	corporate	ADJ
fbem-14600	21	32	governance	governance	NOUN
fbem-14600	21	33	environment	environment	NOUN
fbem-14600	21	34	.	.	PUNCT
fbem-14600	22	1	2	2	X
fbem-14600	22	2	.	.	X
fbem-14600	22	3	theoretical	theoretical	ADJ
fbem-14600	22	4	analysis	analysis	NOUN
fbem-14600	22	5	and	and	CCONJ
fbem-14600	22	6	hypothesis	hypothesis	NOUN
fbem-14600	22	7	formulation	formulation	NOUN
fbem-14600	22	8	2.1	2.1	NUM
fbem-14600	22	9	.	.	PUNCT
fbem-14600	23	1	political	political	ADJ
fbem-14600	23	2	connections	connection	NOUN
fbem-14600	23	3	,	,	PUNCT
fbem-14600	23	4	and	and	CCONJ
fbem-14600	23	5	investor	investor	NOUN
fbem-14600	23	6	protection	protection	NOUN
fbem-14600	23	7	2.1.1	2.1.1	NUM
fbem-14600	23	8	.	.	PUNCT
fbem-14600	24	1	sub	sub	ADJ
fbem-14600	24	2	-	-	NOUN
fbem-14600	24	3	section	section	ADJ
fbem-14600	24	4	headings	heading	NOUN
fbem-14600	24	5	corporate	corporate	ADJ
fbem-14600	24	6	political	political	ADJ
fbem-14600	24	7	connections	connection	NOUN
fbem-14600	24	8	also	also	ADV
fbem-14600	24	9	constitute	constitute	VERB
fbem-14600	24	10	an	an	DET
fbem-14600	24	11	intangible	intangible	ADJ
fbem-14600	24	12	asset	asset	NOUN
fbem-14600	24	13	for	for	ADP
fbem-14600	24	14	companies	company	NOUN
fbem-14600	24	15	(	(	PUNCT
fbem-14600	24	16	fisman	fisman	NOUN
fbem-14600	24	17	,	,	PUNCT
fbem-14600	24	18	2001	2001	NUM
fbem-14600	24	19	)	)	PUNCT
fbem-14600	24	20	.	.	PUNCT
fbem-14600	25	1	political	political	ADJ
fbem-14600	25	2	connections	connection	NOUN
fbem-14600	25	3	can	can	AUX
fbem-14600	25	4	bring	bring	VERB
fbem-14600	25	5	resources	resource	NOUN
fbem-14600	25	6	and	and	CCONJ
fbem-14600	25	7	support	support	NOUN
fbem-14600	25	8	to	to	ADP
fbem-14600	25	9	companies	company	NOUN
fbem-14600	25	10	,	,	PUNCT
fbem-14600	25	11	fostering	foster	VERB
fbem-14600	25	12	corporate	corporate	ADJ
fbem-14600	25	13	philanthropy	philanthropy	NOUN
fbem-14600	25	14	and	and	CCONJ
fbem-14600	25	15	furthering	further	VERB
fbem-14600	25	16	corporate	corporate	ADJ
fbem-14600	25	17	social	social	ADJ
fbem-14600	25	18	responsibility	responsibility	NOUN
fbem-14600	25	19	,	,	PUNCT
fbem-14600	25	20	thereby	thereby	ADV
fbem-14600	25	21	providing	provide	VERB
fbem-14600	25	22	benefits	benefit	NOUN
fbem-14600	25	23	to	to	ADP
fbem-14600	25	24	stakeholders	stakeholder	NOUN
fbem-14600	25	25	.	.	PUNCT
fbem-14600	26	1	in	in	ADP
fbem-14600	26	2	certain	certain	ADJ
fbem-14600	26	3	situations	situation	NOUN
fbem-14600	26	4	,	,	PUNCT
fbem-14600	26	5	this	this	PRON
fbem-14600	26	6	can	can	AUX
fbem-14600	26	7	translate	translate	VERB
fbem-14600	26	8	into	into	ADP
fbem-14600	26	9	protection	protection	NOUN
fbem-14600	26	10	for	for	ADP
fbem-14600	26	11	investors	investor	NOUN
fbem-14600	26	12	.	.	PUNCT
fbem-14600	27	1	the	the	DET
fbem-14600	27	2	critical	critical	ADJ
fbem-14600	27	3	resources	resource	NOUN
fbem-14600	27	4	required	require	VERB
fbem-14600	27	5	for	for	ADP
fbem-14600	27	6	a	a	DET
fbem-14600	27	7	company	company	NOUN
fbem-14600	27	8	's	's	PART
fbem-14600	27	9	sustained	sustained	ADJ
fbem-14600	27	10	development	development	NOUN
fbem-14600	27	11	are	be	AUX
fbem-14600	27	12	often	often	ADV
fbem-14600	27	13	not	not	PART
fbem-14600	27	14	entirely	entirely	ADV
fbem-14600	27	15	owned	own	VERB
fbem-14600	27	16	by	by	ADP
fbem-14600	27	17	the	the	DET
fbem-14600	27	18	company	company	NOUN
fbem-14600	27	19	.	.	PUNCT
fbem-14600	28	1	to	to	PART
fbem-14600	28	2	enhance	enhance	VERB
fbem-14600	28	3	control	control	NOUN
fbem-14600	28	4	over	over	ADP
fbem-14600	28	5	external	external	ADJ
fbem-14600	28	6	resources	resource	NOUN
fbem-14600	28	7	,	,	PUNCT
fbem-14600	28	8	companies	company	NOUN
fbem-14600	28	9	need	need	VERB
fbem-14600	28	10	to	to	PART
fbem-14600	28	11	implement	implement	VERB
fbem-14600	28	12	minimal	minimal	ADJ
fbem-14600	28	13	restrictive	restrictive	ADJ
fbem-14600	28	14	measures	measure	NOUN
fbem-14600	28	15	(	(	PUNCT
fbem-14600	28	16	pfeffer	pfeffer	NOUN
fbem-14600	28	17	and	and	CCONJ
fbem-14600	28	18	salancik	salancik	VERB
fbem-14600	28	19	,	,	PUNCT
fbem-14600	28	20	2015	2015	NUM
fbem-14600	28	21	)	)	PUNCT
fbem-14600	28	22	.	.	PUNCT
fbem-14600	29	1	political	political	ADJ
fbem-14600	29	2	connections	connection	NOUN
fbem-14600	29	3	can	can	AUX
fbem-14600	29	4	also	also	ADV
fbem-14600	29	5	yield	yield	VERB
fbem-14600	29	6	benefits	benefit	NOUN
fbem-14600	29	7	from	from	ADP
fbem-14600	29	8	the	the	DET
fbem-14600	29	9	government	government	NOUN
fbem-14600	29	10	,	,	PUNCT
fbem-14600	29	11	such	such	ADJ
fbem-14600	29	12	as	as	ADP
fbem-14600	29	13	tax	tax	NOUN
fbem-14600	29	14	incentives	incentive	NOUN
fbem-14600	29	15	and	and	CCONJ
fbem-14600	29	16	debt	debt	NOUN
fbem-14600	29	17	financing	financing	NOUN
fbem-14600	29	18	(	(	PUNCT
fbem-14600	29	19	faccio	faccio	X
fbem-14600	29	20	et	et	PROPN
fbem-14600	29	21	al	al	PROPN
fbem-14600	29	22	.	.	PROPN
fbem-14600	29	23	,	,	PUNCT
fbem-14600	29	24	2006	2006	NUM
fbem-14600	29	25	;	;	PUNCT
fbem-14600	29	26	fan	fan	PROPN
fbem-14600	29	27	,	,	PUNCT
fbem-14600	29	28	j.	j.	PROPN
fbem-14600	29	29	p.	p.	PROPN
fbem-14600	29	30	h.	h.	PROPN
fbem-14600	29	31	et	et	PROPN
fbem-14600	29	32	al	al	PROPN
fbem-14600	29	33	.	.	PROPN
fbem-14600	29	34	,	,	PUNCT
fbem-14600	29	35	2007	2007	NUM
fbem-14600	29	36	)	)	PUNCT
fbem-14600	29	37	.	.	PUNCT
fbem-14600	30	1	government	government	NOUN
fbem-14600	30	2	support	support	NOUN
fbem-14600	30	3	may	may	AUX
fbem-14600	30	4	help	help	VERB
fbem-14600	30	5	companies	company	NOUN
fbem-14600	30	6	better	well	ADV
fbem-14600	30	7	navigate	navigate	VERB
fbem-14600	30	8	market	market	NOUN
fbem-14600	30	9	competition	competition	NOUN
fbem-14600	30	10	,	,	PUNCT
fbem-14600	30	11	improve	improve	VERB
fbem-14600	30	12	long	long	ADJ
fbem-14600	30	13	-	-	PUNCT
fbem-14600	30	14	term	term	NOUN
fbem-14600	30	15	stability	stability	NOUN
fbem-14600	30	16	,	,	PUNCT
fbem-14600	30	17	and	and	CCONJ
fbem-14600	30	18	safeguard	safeguard	VERB
fbem-14600	30	19	investor	investor	NOUN
fbem-14600	30	20	interests	interest	NOUN
fbem-14600	30	21	.	.	PUNCT
fbem-14600	31	1	political	political	ADJ
fbem-14600	31	2	connections	connection	NOUN
fbem-14600	31	3	may	may	AUX
fbem-14600	31	4	reduce	reduce	VERB
fbem-14600	31	5	the	the	DET
fbem-14600	31	6	impact	impact	NOUN
fbem-14600	31	7	of	of	ADP
fbem-14600	31	8	political	political	ADJ
fbem-14600	31	9	instability	instability	NOUN
fbem-14600	31	10	,	,	PUNCT
fbem-14600	31	11	decrease	decrease	VERB
fbem-14600	31	12	external	external	ADJ
fbem-14600	31	13	risks	risk	NOUN
fbem-14600	31	14	,	,	PUNCT
fbem-14600	31	15	and	and	CCONJ
fbem-14600	31	16	enable	enable	VERB
fbem-14600	31	17	companies	company	NOUN
fbem-14600	31	18	to	to	PART
fbem-14600	31	19	achieve	achieve	VERB
fbem-14600	31	20	greater	great	ADJ
fbem-14600	31	21	stability	stability	NOUN
fbem-14600	31	22	,	,	PUNCT
fbem-14600	31	23	making	make	VERB
fbem-14600	31	24	them	they	PRON
fbem-14600	31	25	more	more	ADV
fbem-14600	31	26	attractive	attractive	ADJ
fbem-14600	31	27	to	to	ADP
fbem-14600	31	28	investors	investor	NOUN
fbem-14600	31	29	and	and	CCONJ
fbem-14600	31	30	thereby	thereby	ADV
fbem-14600	31	31	enhancing	enhance	VERB
fbem-14600	31	32	investor	investor	NOUN
fbem-14600	31	33	protection	protection	NOUN
fbem-14600	31	34	.	.	PUNCT
fbem-14600	32	1	in	in	ADP
fbem-14600	32	2	companies	company	NOUN
fbem-14600	32	3	with	with	ADP
fbem-14600	32	4	weaker	weak	ADJ
fbem-14600	32	5	political	political	ADJ
fbem-14600	32	6	connections	connection	NOUN
fbem-14600	32	7	,	,	PUNCT
fbem-14600	32	8	accounting	account	VERB
fbem-14600	32	9	transparency	transparency	NOUN
fbem-14600	32	10	tends	tend	VERB
fbem-14600	32	11	to	to	PART
fbem-14600	32	12	increase	increase	VERB
fbem-14600	32	13	with	with	ADP
fbem-14600	32	14	the	the	DET
fbem-14600	32	15	degree	degree	NOUN
fbem-14600	32	16	of	of	ADP
fbem-14600	32	17	political	political	ADJ
fbem-14600	32	18	connections	connection	NOUN
fbem-14600	32	19	(	(	PUNCT
fbem-14600	32	20	liu	liu	PROPN
fbem-14600	32	21	et	et	PROPN
fbem-14600	32	22	al	al	PROPN
fbem-14600	32	23	.	.	PROPN
fbem-14600	32	24	,	,	PUNCT
fbem-14600	32	25	2017	2017	NUM
fbem-14600	32	26	)	)	PUNCT
fbem-14600	32	27	.	.	PUNCT
fbem-14600	33	1	therefore	therefore	ADV
fbem-14600	33	2	,	,	PUNCT
fbem-14600	33	3	increased	increase	VERB
fbem-14600	33	4	transparency	transparency	NOUN
fbem-14600	33	5	may	may	AUX
fbem-14600	33	6	lead	lead	VERB
fbem-14600	33	7	companies	company	NOUN
fbem-14600	33	8	to	to	PART
fbem-14600	33	9	comply	comply	VERB
fbem-14600	33	10	more	more	ADV
fbem-14600	33	11	with	with	ADP
fbem-14600	33	12	legal	legal	ADJ
fbem-14600	33	13	regulations	regulation	NOUN
fbem-14600	33	14	,	,	PUNCT
fbem-14600	33	15	adhere	adhere	VERB
fbem-14600	33	16	to	to	ADP
fbem-14600	33	17	prescribed	prescribed	ADJ
fbem-14600	33	18	standards	standard	NOUN
fbem-14600	33	19	,	,	PUNCT
fbem-14600	33	20	and	and	CCONJ
fbem-14600	33	21	elevate	elevate	VERB
fbem-14600	33	22	transparency	transparency	NOUN
fbem-14600	33	23	levels	level	NOUN
fbem-14600	33	24	,	,	PUNCT
fbem-14600	33	25	ultimately	ultimately	ADV
fbem-14600	33	26	benefiting	benefit	VERB
fbem-14600	33	27	investor	investor	NOUN
fbem-14600	33	28	protection	protection	NOUN
fbem-14600	33	29	regulations	regulation	NOUN
fbem-14600	33	30	and	and	CCONJ
fbem-14600	33	31	improving	improve	VERB
fbem-14600	33	32	overall	overall	ADJ
fbem-14600	33	33	corporate	corporate	ADJ
fbem-14600	33	34	governance	governance	NOUN
fbem-14600	33	35	.	.	PUNCT
fbem-14600	34	1	companies	company	NOUN
fbem-14600	34	2	with	with	ADP
fbem-14600	34	3	political	political	ADJ
fbem-14600	34	4	connections	connection	NOUN
fbem-14600	34	5	exhibit	exhibit	VERB
fbem-14600	34	6	better	well	ADJ
fbem-14600	34	7	corporate	corporate	ADJ
fbem-14600	34	8	social	social	ADJ
fbem-14600	34	9	responsibility	responsibility	NOUN
fbem-14600	34	10	(	(	PUNCT
fbem-14600	34	11	xu	xu	PROPN
fbem-14600	34	12	and	and	CCONJ
fbem-14600	34	13	liu	liu	PROPN
fbem-14600	34	14	,	,	PUNCT
fbem-14600	34	15	2020	2020	NUM
fbem-14600	34	16	)	)	PUNCT
fbem-14600	34	17	.	.	PUNCT
fbem-14600	35	1	political	political	ADJ
fbem-14600	35	2	connections	connection	NOUN
fbem-14600	35	3	bring	bring	VERB
fbem-14600	35	4	about	about	ADP
fbem-14600	35	5	an	an	DET
fbem-14600	35	6	awareness	awareness	NOUN
fbem-14600	35	7	of	of	ADP
fbem-14600	35	8	social	social	ADJ
fbem-14600	35	9	responsibility	responsibility	NOUN
fbem-14600	35	10	,	,	PUNCT
fbem-14600	35	11	making	make	VERB
fbem-14600	35	12	69	69	NUM
fbem-14600	35	13	companies	company	NOUN
fbem-14600	35	14	more	more	ADV
fbem-14600	35	15	attentive	attentive	ADJ
fbem-14600	35	16	to	to	ADP
fbem-14600	35	17	societal	societal	ADJ
fbem-14600	35	18	obligations	obligation	NOUN
fbem-14600	35	19	,	,	PUNCT
fbem-14600	35	20	including	include	VERB
fbem-14600	35	21	responsibilities	responsibility	NOUN
fbem-14600	35	22	to	to	ADP
fbem-14600	35	23	investors	investor	NOUN
fbem-14600	35	24	.	.	PUNCT
fbem-14600	36	1	companies	company	NOUN
fbem-14600	36	2	may	may	AUX
fbem-14600	36	3	actively	actively	ADV
fbem-14600	36	4	fulfill	fulfill	VERB
fbem-14600	36	5	their	their	PRON
fbem-14600	36	6	social	social	ADJ
fbem-14600	36	7	responsibilities	responsibility	NOUN
fbem-14600	36	8	,	,	PUNCT
fbem-14600	36	9	including	include	VERB
fbem-14600	36	10	increasing	increase	VERB
fbem-14600	36	11	transparency	transparency	NOUN
fbem-14600	36	12	,	,	PUNCT
fbem-14600	36	13	to	to	PART
fbem-14600	36	14	meet	meet	VERB
fbem-14600	36	15	investor	investor	NOUN
fbem-14600	36	16	expectations	expectation	NOUN
fbem-14600	36	17	through	through	ADP
fbem-14600	36	18	interactions	interaction	NOUN
fbem-14600	36	19	with	with	ADP
fbem-14600	36	20	the	the	DET
fbem-14600	36	21	political	political	ADJ
fbem-14600	36	22	system	system	NOUN
fbem-14600	36	23	.	.	PUNCT
fbem-14600	37	1	in	in	ADP
fbem-14600	37	2	summary	summary	NOUN
fbem-14600	37	3	,	,	PUNCT
fbem-14600	37	4	the	the	DET
fbem-14600	37	5	following	follow	VERB
fbem-14600	37	6	hypotheses	hypothesis	NOUN
fbem-14600	37	7	are	be	AUX
fbem-14600	37	8	proposed	propose	VERB
fbem-14600	37	9	:	:	PUNCT
fbem-14600	37	10	h1	h1	NOUN
fbem-14600	37	11	:	:	PUNCT
fbem-14600	37	12	corporate	corporate	ADJ
fbem-14600	37	13	political	political	ADJ
fbem-14600	37	14	connections	connection	NOUN
fbem-14600	37	15	have	have	VERB
fbem-14600	37	16	a	a	DET
fbem-14600	37	17	significantly	significantly	ADV
fbem-14600	37	18	positive	positive	ADJ
fbem-14600	37	19	impact	impact	NOUN
fbem-14600	37	20	on	on	ADP
fbem-14600	37	21	investor	investor	NOUN
fbem-14600	37	22	protection	protection	NOUN
fbem-14600	37	23	.	.	PUNCT
fbem-14600	38	1	h2	h2	NOUN
fbem-14600	38	2	:	:	PUNCT
fbem-14600	38	3	corporate	corporate	ADJ
fbem-14600	38	4	transparency	transparency	NOUN
fbem-14600	38	5	plays	play	VERB
fbem-14600	38	6	a	a	DET
fbem-14600	38	7	mediating	mediate	VERB
fbem-14600	38	8	role	role	NOUN
fbem-14600	38	9	in	in	ADP
fbem-14600	38	10	the	the	DET
fbem-14600	38	11	positive	positive	ADJ
fbem-14600	38	12	impact	impact	NOUN
fbem-14600	38	13	of	of	ADP
fbem-14600	38	14	corporate	corporate	ADJ
fbem-14600	38	15	political	political	ADJ
fbem-14600	38	16	connections	connection	NOUN
fbem-14600	38	17	on	on	ADP
fbem-14600	38	18	promoting	promote	VERB
fbem-14600	38	19	investor	investor	NOUN
fbem-14600	38	20	protection	protection	NOUN
fbem-14600	38	21	.	.	PUNCT
fbem-14600	39	1	3	3	X
fbem-14600	39	2	.	.	X
fbem-14600	39	3	research	research	NOUN
fbem-14600	39	4	design	design	PROPN
fbem-14600	39	5	3.1	3.1	NUM
fbem-14600	39	6	.	.	PUNCT
fbem-14600	39	7	research	research	NOUN
fbem-14600	39	8	sample	sample	NOUN
fbem-14600	39	9	and	and	CCONJ
fbem-14600	39	10	data	datum	NOUN
fbem-14600	39	11	source	source	NOUN
fbem-14600	39	12	this	this	DET
fbem-14600	39	13	study	study	NOUN
fbem-14600	39	14	utilizes	utilize	VERB
fbem-14600	39	15	the	the	DET
fbem-14600	39	16	complete	complete	ADJ
fbem-14600	39	17	set	set	NOUN
fbem-14600	39	18	of	of	ADP
fbem-14600	39	19	chinese	chinese	ADJ
fbem-14600	39	20	a	a	DET
fbem-14600	39	21	-	-	PUNCT
fbem-14600	39	22	share	share	NOUN
fbem-14600	39	23	listed	list	VERB
fbem-14600	39	24	companies	company	NOUN
fbem-14600	39	25	from	from	ADP
fbem-14600	39	26	2010	2010	NUM
fbem-14600	39	27	to	to	ADP
fbem-14600	39	28	2021	2021	NUM
fbem-14600	39	29	as	as	ADP
fbem-14600	39	30	the	the	DET
fbem-14600	39	31	research	research	NOUN
fbem-14600	39	32	sample	sample	NOUN
fbem-14600	39	33	.	.	PUNCT
fbem-14600	40	1	the	the	DET
fbem-14600	40	2	fundamental	fundamental	ADJ
fbem-14600	40	3	company	company	NOUN
fbem-14600	40	4	information	information	NOUN
fbem-14600	40	5	and	and	CCONJ
fbem-14600	40	6	key	key	ADJ
fbem-14600	40	7	financial	financial	ADJ
fbem-14600	40	8	data	datum	NOUN
fbem-14600	40	9	are	be	AUX
fbem-14600	40	10	sourced	source	VERB
fbem-14600	40	11	from	from	ADP
fbem-14600	40	12	the	the	DET
fbem-14600	40	13	csmar	csmar	PROPN
fbem-14600	40	14	database	database	NOUN
fbem-14600	40	15	,	,	PUNCT
fbem-14600	40	16	while	while	SCONJ
fbem-14600	40	17	the	the	DET
fbem-14600	40	18	investor	investor	NOUN
fbem-14600	40	19	protection	protection	NOUN
fbem-14600	40	20	index	index	NOUN
fbem-14600	40	21	is	be	AUX
fbem-14600	40	22	obtained	obtain	VERB
fbem-14600	40	23	from	from	ADP
fbem-14600	40	24	the	the	DET
fbem-14600	40	25	investor	investor	NOUN
fbem-14600	40	26	protection	protection	PROPN
fbem-14600	40	27	research	research	NOUN
fbem-14600	40	28	center	center	NOUN
fbem-14600	40	29	at	at	ADP
fbem-14600	40	30	beijing	beijing	PROPN
fbem-14600	40	31	technology	technology	PROPN
fbem-14600	40	32	and	and	CCONJ
fbem-14600	40	33	business	business	NOUN
fbem-14600	40	34	university	university	NOUN
fbem-14600	40	35	.	.	PUNCT
fbem-14600	41	1	several	several	ADJ
fbem-14600	41	2	data	datum	NOUN
fbem-14600	41	3	preprocessing	preprocessing	NOUN
fbem-14600	41	4	steps	step	NOUN
fbem-14600	41	5	were	be	AUX
fbem-14600	41	6	undertaken	undertake	VERB
fbem-14600	41	7	:	:	PUNCT
fbem-14600	41	8	exclusion	exclusion	NOUN
fbem-14600	41	9	of	of	ADP
fbem-14600	41	10	financial	financial	ADJ
fbem-14600	41	11	industry	industry	NOUN
fbem-14600	41	12	data	datum	NOUN
fbem-14600	41	13	.	.	PUNCT
fbem-14600	42	1	removal	removal	NOUN
fbem-14600	42	2	of	of	ADP
fbem-14600	42	3	st	st	PROPN
fbem-14600	42	4	and	and	CCONJ
fbem-14600	42	5	*	*	PROPN
fbem-14600	42	6	st	st	PROPN
fbem-14600	42	7	data	data	PROPN
fbem-14600	42	8	.	.	PUNCT
fbem-14600	43	1	elimination	elimination	NOUN
fbem-14600	43	2	of	of	ADP
fbem-14600	43	3	samples	sample	NOUN
fbem-14600	43	4	with	with	ADP
fbem-14600	43	5	missing	miss	VERB
fbem-14600	43	6	financial	financial	ADJ
fbem-14600	43	7	data	datum	NOUN
fbem-14600	43	8	.	.	PUNCT
fbem-14600	44	1	following	follow	VERB
fbem-14600	44	2	these	these	DET
fbem-14600	44	3	procedures	procedure	NOUN
fbem-14600	44	4	,	,	PUNCT
fbem-14600	44	5	a	a	DET
fbem-14600	44	6	total	total	NOUN
fbem-14600	44	7	of	of	ADP
fbem-14600	44	8	23,576	23,576	NUM
fbem-14600	44	9	observations	observation	NOUN
fbem-14600	44	10	were	be	AUX
fbem-14600	44	11	obtained	obtain	VERB
fbem-14600	44	12	.	.	PUNCT
fbem-14600	45	1	additionally	additionally	ADV
fbem-14600	45	2	,	,	PUNCT
fbem-14600	45	3	a	a	DET
fbem-14600	45	4	further	further	ADJ
fbem-14600	45	5	refinement	refinement	NOUN
fbem-14600	45	6	involved	involve	VERB
fbem-14600	45	7	trimming	trim	VERB
fbem-14600	45	8	continuous	continuous	ADJ
fbem-14600	45	9	variables	variable	NOUN
fbem-14600	45	10	at	at	ADP
fbem-14600	45	11	the	the	DET
fbem-14600	45	12	top	top	ADJ
fbem-14600	45	13	and	and	CCONJ
fbem-14600	45	14	bottom	bottom	ADJ
fbem-14600	45	15	1	1	NUM
fbem-14600	45	16	%	%	NOUN
fbem-14600	45	17	to	to	PART
fbem-14600	45	18	mitigate	mitigate	VERB
fbem-14600	45	19	the	the	DET
fbem-14600	45	20	impact	impact	NOUN
fbem-14600	45	21	of	of	ADP
fbem-14600	45	22	outliers	outlier	NOUN
fbem-14600	45	23	on	on	ADP
fbem-14600	45	24	the	the	DET
fbem-14600	45	25	research	research	NOUN
fbem-14600	45	26	conclusions	conclusion	NOUN
fbem-14600	45	27	.	.	PUNCT
fbem-14600	46	1	all	all	DET
fbem-14600	46	2	data	datum	NOUN
fbem-14600	46	3	processing	processing	NOUN
fbem-14600	46	4	procedures	procedure	NOUN
fbem-14600	46	5	were	be	AUX
fbem-14600	46	6	conducted	conduct	VERB
fbem-14600	46	7	using	use	VERB
fbem-14600	46	8	excel	excel	NOUN
fbem-14600	46	9	and	and	CCONJ
fbem-14600	46	10	stata	stata	VERB
fbem-14600	46	11	17	17	NUM
fbem-14600	46	12	.	.	PUNCT
fbem-14600	47	1	these	these	DET
fbem-14600	47	2	meticulous	meticulous	ADJ
fbem-14600	47	3	data	datum	NOUN
fbem-14600	47	4	handling	handling	NOUN
fbem-14600	47	5	steps	step	NOUN
fbem-14600	47	6	contribute	contribute	VERB
fbem-14600	47	7	to	to	ADP
fbem-14600	47	8	the	the	DET
fbem-14600	47	9	reliability	reliability	NOUN
fbem-14600	47	10	and	and	CCONJ
fbem-14600	47	11	robustness	robustness	NOUN
fbem-14600	47	12	of	of	ADP
fbem-14600	47	13	the	the	DET
fbem-14600	47	14	study	study	NOUN
fbem-14600	47	15	's	's	PART
fbem-14600	47	16	outcomes	outcome	NOUN
fbem-14600	47	17	.	.	PUNCT
fbem-14600	48	1	3.2	3.2	NUM
fbem-14600	48	2	.	.	PUNCT
fbem-14600	49	1	research	research	NOUN
fbem-14600	49	2	variables	variable	VERB
fbem-14600	49	3	3.2.1	3.2.1	NUM
fbem-14600	49	4	.	.	PUNCT
fbem-14600	50	1	dependent	dependent	ADJ
fbem-14600	50	2	variable	variable	NOUN
fbem-14600	50	3	:	:	PUNCT
fbem-14600	50	4	investor	investor	NOUN
fbem-14600	50	5	protection	protection	NOUN
fbem-14600	50	6	drawing	drawing	NOUN
fbem-14600	50	7	inspiration	inspiration	NOUN
fbem-14600	50	8	from	from	ADP
fbem-14600	50	9	wang	wang	PROPN
fbem-14600	50	10	yunchen	yunchen	PROPN
fbem-14600	50	11	et	et	PROPN
fbem-14600	50	12	al	al	PROPN
fbem-14600	50	13	.	.	PUNCT
fbem-14600	51	1	(	(	PUNCT
fbem-14600	51	2	2017	2017	NUM
fbem-14600	51	3	)	)	PUNCT
fbem-14600	51	4	,	,	PUNCT
fbem-14600	51	5	the	the	DET
fbem-14600	51	6	crucial	crucial	ADJ
fbem-14600	51	7	dependent	dependent	ADJ
fbem-14600	51	8	variable	variable	NOUN
fbem-14600	51	9	,	,	PUNCT
fbem-14600	51	10	the	the	DET
fbem-14600	51	11	measure	measure	NOUN
fbem-14600	51	12	of	of	ADP
fbem-14600	51	13	investor	investor	NOUN
fbem-14600	51	14	protection	protection	NOUN
fbem-14600	51	15	,	,	PUNCT
fbem-14600	51	16	is	be	AUX
fbem-14600	51	17	gauged	gauge	VERB
fbem-14600	51	18	using	use	VERB
fbem-14600	51	19	the	the	DET
fbem-14600	51	20	"	"	PUNCT
fbem-14600	51	21	accounting	accounting	NOUN
fbem-14600	51	22	investor	investor	NOUN
fbem-14600	51	23	protection	protection	PROPN
fbem-14600	51	24	index	index	PROPN
fbem-14600	51	25	"	"	PUNCT
fbem-14600	51	26	released	release	VERB
fbem-14600	51	27	by	by	ADP
fbem-14600	51	28	the	the	DET
fbem-14600	51	29	investor	investor	NOUN
fbem-14600	51	30	protection	protection	PROPN
fbem-14600	51	31	research	research	NOUN
fbem-14600	51	32	center	center	NOUN
fbem-14600	51	33	at	at	ADP
fbem-14600	51	34	beijing	beijing	PROPN
fbem-14600	51	35	technology	technology	PROPN
fbem-14600	51	36	and	and	CCONJ
fbem-14600	51	37	business	business	NOUN
fbem-14600	51	38	university	university	NOUN
fbem-14600	51	39	.	.	PUNCT
fbem-14600	52	1	this	this	DET
fbem-14600	52	2	index	index	NOUN
fbem-14600	52	3	,	,	PUNCT
fbem-14600	52	4	established	establish	VERB
fbem-14600	52	5	within	within	ADP
fbem-14600	52	6	the	the	DET
fbem-14600	52	7	framework	framework	NOUN
fbem-14600	52	8	of	of	ADP
fbem-14600	52	9	accounting	accounting	NOUN
fbem-14600	52	10	investor	investor	NOUN
fbem-14600	52	11	protection	protection	NOUN
fbem-14600	52	12	theory	theory	NOUN
fbem-14600	52	13	,	,	PUNCT
fbem-14600	52	14	assesses	assess	VERB
fbem-14600	52	15	the	the	DET
fbem-14600	52	16	extent	extent	NOUN
fbem-14600	52	17	to	to	PART
fbem-14600	52	18	which	which	PRON
fbem-14600	52	19	listed	list	VERB
fbem-14600	52	20	companies	company	NOUN
fbem-14600	52	21	protect	protect	VERB
fbem-14600	52	22	investor	investor	NOUN
fbem-14600	52	23	interests	interest	NOUN
fbem-14600	52	24	by	by	ADP
fbem-14600	52	25	evaluating	evaluate	VERB
fbem-14600	52	26	five	five	NUM
fbem-14600	52	27	indicators	indicator	NOUN
fbem-14600	52	28	.	.	PUNCT
fbem-14600	53	1	it	it	PRON
fbem-14600	53	2	has	have	AUX
fbem-14600	53	3	been	be	AUX
fbem-14600	53	4	verified	verify	VERB
fbem-14600	53	5	to	to	PART
fbem-14600	53	6	effectively	effectively	ADV
fbem-14600	53	7	measure	measure	VERB
fbem-14600	53	8	the	the	DET
fbem-14600	53	9	level	level	NOUN
fbem-14600	53	10	of	of	ADP
fbem-14600	53	11	investor	investor	NOUN
fbem-14600	53	12	protection	protection	NOUN
fbem-14600	53	13	by	by	ADP
fbem-14600	53	14	chinese	chinese	ADJ
fbem-14600	53	15	listed	list	VERB
fbem-14600	53	16	companies	company	NOUN
fbem-14600	53	17	,	,	PUNCT
fbem-14600	53	18	demonstrating	demonstrate	VERB
fbem-14600	53	19	good	good	ADJ
fbem-14600	53	20	explanatory	explanatory	ADJ
fbem-14600	53	21	power	power	NOUN
fbem-14600	53	22	for	for	ADP
fbem-14600	53	23	violations	violation	NOUN
fbem-14600	53	24	and	and	CCONJ
fbem-14600	53	25	accounting	accounting	NOUN
fbem-14600	53	26	earnings	earning	NOUN
fbem-14600	53	27	in	in	ADP
fbem-14600	53	28	the	the	DET
fbem-14600	53	29	subsequent	subsequent	ADJ
fbem-14600	53	30	year	year	NOUN
fbem-14600	53	31	(	(	PUNCT
fbem-14600	53	32	xie	xie	PROPN
fbem-14600	53	33	zhihua	zhihua	PROPN
fbem-14600	53	34	et	et	PROPN
fbem-14600	53	35	al	al	PROPN
fbem-14600	53	36	.	.	PROPN
fbem-14600	53	37	,	,	PUNCT
fbem-14600	53	38	2014	2014	NUM
fbem-14600	53	39	)	)	PUNCT
fbem-14600	53	40	.	.	PUNCT
fbem-14600	54	1	3.2.2	3.2.2	X
fbem-14600	54	2	.	.	PUNCT
fbem-14600	54	3	independent	independent	ADJ
fbem-14600	54	4	variable	variable	NOUN
fbem-14600	54	5	:	:	PUNCT
fbem-14600	54	6	political	political	ADJ
fbem-14600	54	7	connections	connection	NOUN
fbem-14600	54	8	(	(	PUNCT
fbem-14600	54	9	pc	pc	NOUN
fbem-14600	54	10	)	)	PUNCT
fbem-14600	54	11	the	the	DET
fbem-14600	54	12	explanatory	explanatory	ADJ
fbem-14600	54	13	variable	variable	NOUN
fbem-14600	54	14	in	in	ADP
fbem-14600	54	15	this	this	DET
fbem-14600	54	16	study	study	NOUN
fbem-14600	54	17	is	be	AUX
fbem-14600	54	18	political	political	ADJ
fbem-14600	54	19	connections	connection	NOUN
fbem-14600	54	20	(	(	PUNCT
fbem-14600	54	21	pc	pc	NOUN
fbem-14600	54	22	)	)	PUNCT
fbem-14600	54	23	,	,	PUNCT
fbem-14600	54	24	following	follow	VERB
fbem-14600	54	25	the	the	DET
fbem-14600	54	26	approach	approach	NOUN
fbem-14600	54	27	of	of	ADP
fbem-14600	54	28	luo	luo	PROPN
fbem-14600	54	29	xiying	xiying	PROPN
fbem-14600	54	30	et	et	PROPN
fbem-14600	54	31	al	al	PROPN
fbem-14600	54	32	.	.	PROPN
fbem-14600	55	1	(	(	PUNCT
fbem-14600	55	2	2019	2019	NUM
fbem-14600	55	3	)	)	PUNCT
fbem-14600	55	4	.	.	PUNCT
fbem-14600	56	1	if	if	SCONJ
fbem-14600	56	2	either	either	CCONJ
fbem-14600	56	3	the	the	DET
fbem-14600	56	4	chairman	chairman	NOUN
fbem-14600	56	5	or	or	CCONJ
fbem-14600	56	6	ceo	ceo	NOUN
fbem-14600	56	7	of	of	ADP
fbem-14600	56	8	a	a	DET
fbem-14600	56	9	company	company	NOUN
fbem-14600	56	10	has	have	AUX
fbem-14600	56	11	held	hold	VERB
fbem-14600	56	12	or	or	CCONJ
fbem-14600	56	13	currently	currently	ADV
fbem-14600	56	14	holds	hold	VERB
fbem-14600	56	15	a	a	DET
fbem-14600	56	16	government	government	NOUN
fbem-14600	56	17	position	position	NOUN
fbem-14600	56	18	,	,	PUNCT
fbem-14600	56	19	pc	pc	NOUN
fbem-14600	56	20	is	be	AUX
fbem-14600	56	21	assigned	assign	VERB
fbem-14600	56	22	a	a	DET
fbem-14600	56	23	value	value	NOUN
fbem-14600	56	24	of	of	ADP
fbem-14600	56	25	1	1	NUM
fbem-14600	56	26	;	;	PUNCT
fbem-14600	56	27	otherwise	otherwise	ADV
fbem-14600	56	28	,	,	PUNCT
fbem-14600	56	29	it	it	PRON
fbem-14600	56	30	is	be	AUX
fbem-14600	56	31	0	0	NUM
fbem-14600	56	32	,	,	PUNCT
fbem-14600	56	33	indicating	indicate	VERB
fbem-14600	56	34	the	the	DET
fbem-14600	56	35	degree	degree	NOUN
fbem-14600	56	36	of	of	ADP
fbem-14600	56	37	the	the	DET
fbem-14600	56	38	company	company	NOUN
fbem-14600	56	39	's	's	PART
fbem-14600	56	40	political	political	ADJ
fbem-14600	56	41	connection	connection	NOUN
fbem-14600	56	42	.	.	PUNCT
fbem-14600	57	1	in	in	ADP
fbem-14600	57	2	further	further	ADJ
fbem-14600	57	3	robustness	robustness	NOUN
fbem-14600	57	4	checks	check	NOUN
fbem-14600	57	5	,	,	PUNCT
fbem-14600	57	6	referencing	reference	VERB
fbem-14600	57	7	studies	study	NOUN
fbem-14600	57	8	by	by	ADP
fbem-14600	57	9	fan	fan	PROPN
fbem-14600	57	10	,	,	PUNCT
fbem-14600	57	11	j.	j.	PROPN
fbem-14600	57	12	p.	p.	PROPN
fbem-14600	57	13	et	et	PROPN
fbem-14600	57	14	al	al	PROPN
fbem-14600	57	15	.	.	PROPN
fbem-14600	58	1	(	(	PUNCT
fbem-14600	58	2	2007	2007	NUM
fbem-14600	58	3	)	)	PUNCT
fbem-14600	58	4	and	and	CCONJ
fbem-14600	58	5	jia	jia	PROPN
fbem-14600	58	6	ming	ming	PROPN
fbem-14600	58	7	and	and	CCONJ
fbem-14600	58	8	zhang	zhang	PROPN
fbem-14600	58	9	zhe	zhe	PROPN
fbem-14600	58	10	(	(	PUNCT
fbem-14600	58	11	2010	2010	NUM
fbem-14600	58	12	)	)	PUNCT
fbem-14600	58	13	,	,	PUNCT
fbem-14600	58	14	the	the	DET
fbem-14600	58	15	level	level	NOUN
fbem-14600	58	16	of	of	ADP
fbem-14600	58	17	political	political	ADJ
fbem-14600	58	18	connection	connection	NOUN
fbem-14600	58	19	is	be	AUX
fbem-14600	58	20	represented	represent	VERB
fbem-14600	58	21	by	by	ADP
fbem-14600	58	22	pclevel	pclevel	NOUN
fbem-14600	58	23	.	.	PUNCT
fbem-14600	59	1	if	if	SCONJ
fbem-14600	59	2	the	the	DET
fbem-14600	59	3	chairman	chairman	NOUN
fbem-14600	59	4	or	or	CCONJ
fbem-14600	59	5	ceo	ceo	NOUN
fbem-14600	59	6	has	have	AUX
fbem-14600	59	7	served	serve	VERB
fbem-14600	59	8	or	or	CCONJ
fbem-14600	59	9	is	be	AUX
fbem-14600	59	10	currently	currently	ADV
fbem-14600	59	11	serving	serve	VERB
fbem-14600	59	12	in	in	ADP
fbem-14600	59	13	government	government	NOUN
fbem-14600	59	14	,	,	PUNCT
fbem-14600	59	15	party	party	NOUN
fbem-14600	59	16	committees	committee	NOUN
fbem-14600	59	17	(	(	PUNCT
fbem-14600	59	18	discipline	discipline	NOUN
fbem-14600	59	19	inspection	inspection	NOUN
fbem-14600	59	20	commissions	commission	NOUN
fbem-14600	59	21	)	)	PUNCT
fbem-14600	59	22	,	,	PUNCT
fbem-14600	59	23	people	people	NOUN
fbem-14600	59	24	's	's	PART
fbem-14600	59	25	congress	congress	NOUN
fbem-14600	59	26	,	,	PUNCT
fbem-14600	59	27	political	political	ADJ
fbem-14600	59	28	consultative	consultative	ADJ
fbem-14600	59	29	conference	conference	NOUN
fbem-14600	59	30	,	,	PUNCT
fbem-14600	59	31	procuratorate	procuratorate	NOUN
fbem-14600	59	32	,	,	PUNCT
fbem-14600	59	33	or	or	CCONJ
fbem-14600	59	34	the	the	DET
fbem-14600	59	35	judiciary	judiciary	NOUN
fbem-14600	59	36	,	,	PUNCT
fbem-14600	59	37	pclevel	pclevel	PROPN
fbem-14600	59	38	is	be	AUX
fbem-14600	59	39	assigned	assign	VERB
fbem-14600	59	40	values	value	NOUN
fbem-14600	59	41	as	as	SCONJ
fbem-14600	59	42	follows	follow	VERB
fbem-14600	59	43	:	:	PUNCT
fbem-14600	59	44	cadre	cadre	NOUN
fbem-14600	59	45	at	at	ADP
fbem-14600	59	46	the	the	DET
fbem-14600	59	47	division	division	NOUN
fbem-14600	59	48	level	level	NOUN
fbem-14600	59	49	(	(	PUNCT
fbem-14600	59	50	pclevel	pclevel	NOUN
fbem-14600	59	51	=	=	SYM
fbem-14600	59	52	1	1	NUM
fbem-14600	59	53	)	)	PUNCT
fbem-14600	59	54	,	,	PUNCT
fbem-14600	59	55	cadre	cadre	NOUN
fbem-14600	59	56	at	at	ADP
fbem-14600	59	57	the	the	DET
fbem-14600	59	58	bureau	bureau	NOUN
fbem-14600	59	59	level	level	NOUN
fbem-14600	59	60	(	(	PUNCT
fbem-14600	59	61	pclevel	pclevel	NOUN
fbem-14600	59	62	=	=	SYM
fbem-14600	59	63	2	2	NUM
fbem-14600	59	64	)	)	PUNCT
fbem-14600	59	65	,	,	PUNCT
fbem-14600	59	66	cadre	cadre	NOUN
fbem-14600	59	67	at	at	ADP
fbem-14600	59	68	the	the	DET
fbem-14600	59	69	department	department	NOUN
fbem-14600	59	70	level	level	NOUN
fbem-14600	59	71	(	(	PUNCT
fbem-14600	59	72	pclevel	pclevel	NOUN
fbem-14600	59	73	=	=	SYM
fbem-14600	59	74	3	3	NUM
fbem-14600	59	75	)	)	PUNCT
fbem-14600	59	76	,	,	PUNCT
fbem-14600	59	77	cadre	cadre	NOUN
fbem-14600	59	78	at	at	ADP
fbem-14600	59	79	the	the	DET
fbem-14600	59	80	ministerial	ministerial	ADJ
fbem-14600	59	81	level	level	NOUN
fbem-14600	59	82	(	(	PUNCT
fbem-14600	59	83	pclevel	pclevel	NOUN
fbem-14600	59	84	=	=	NOUN
fbem-14600	59	85	4	4	NUM
fbem-14600	59	86	)	)	PUNCT
fbem-14600	59	87	,	,	PUNCT
fbem-14600	59	88	and	and	CCONJ
fbem-14600	59	89	no	no	DET
fbem-14600	59	90	political	political	ADJ
fbem-14600	59	91	connection	connection	NOUN
fbem-14600	59	92	(	(	PUNCT
fbem-14600	59	93	pclevel	pclevel	NOUN
fbem-14600	59	94	=	=	NOUN
fbem-14600	59	95	0	0	NUM
fbem-14600	59	96	)	)	PUNCT
fbem-14600	59	97	.	.	PUNCT
fbem-14600	60	1	if	if	SCONJ
fbem-14600	60	2	data	datum	NOUN
fbem-14600	60	3	are	be	AUX
fbem-14600	60	4	available	available	ADJ
fbem-14600	60	5	for	for	ADP
fbem-14600	60	6	both	both	DET
fbem-14600	60	7	definitions	definition	NOUN
fbem-14600	60	8	of	of	ADP
fbem-14600	60	9	pclevel	pclevel	NOUN
fbem-14600	60	10	,	,	PUNCT
fbem-14600	60	11	the	the	DET
fbem-14600	60	12	maximum	maximum	ADJ
fbem-14600	60	13	value	value	NOUN
fbem-14600	60	14	is	be	AUX
fbem-14600	60	15	considered	consider	VERB
fbem-14600	60	16	as	as	ADP
fbem-14600	60	17	the	the	DET
fbem-14600	60	18	level	level	NOUN
fbem-14600	60	19	of	of	ADP
fbem-14600	60	20	political	political	ADJ
fbem-14600	60	21	connection	connection	NOUN
fbem-14600	60	22	for	for	ADP
fbem-14600	60	23	the	the	DET
fbem-14600	60	24	company	company	NOUN
fbem-14600	60	25	.	.	PUNCT
fbem-14600	61	1	3.2.3	3.2.3	X
fbem-14600	61	2	.	.	X
fbem-14600	61	3	mediating	mediate	VERB
fbem-14600	61	4	variable	variable	NOUN
fbem-14600	61	5	:	:	PUNCT
fbem-14600	61	6	information	information	NOUN
fbem-14600	61	7	transparency	transparency	NOUN
fbem-14600	61	8	(	(	PUNCT
fbem-14600	61	9	dscore	dscore	ADJ
fbem-14600	61	10	)	)	PUNCT
fbem-14600	61	11	drawing	draw	VERB
fbem-14600	61	12	from	from	ADP
fbem-14600	61	13	the	the	DET
fbem-14600	61	14	research	research	NOUN
fbem-14600	61	15	of	of	ADP
fbem-14600	61	16	xin	xin	PROPN
fbem-14600	61	17	qingquan	qingquan	PROPN
fbem-14600	61	18	et	et	PROPN
fbem-14600	61	19	al	al	PROPN
fbem-14600	61	20	.	.	PROPN
fbem-14600	61	21	(	(	PUNCT
fbem-14600	61	22	2014	2014	NUM
fbem-14600	61	23	)	)	PUNCT
fbem-14600	61	24	and	and	CCONJ
fbem-14600	61	25	li	li	PROPN
fbem-14600	61	26	xiaohui	xiaohui	PROPN
fbem-14600	61	27	and	and	CCONJ
fbem-14600	61	28	yang	yang	PROPN
fbem-14600	61	29	kun	kun	PROPN
fbem-14600	61	30	(	(	PUNCT
fbem-14600	61	31	2016	2016	NUM
fbem-14600	61	32	)	)	PUNCT
fbem-14600	61	33	,	,	PUNCT
fbem-14600	61	34	information	information	NOUN
fbem-14600	61	35	transparency	transparency	NOUN
fbem-14600	61	36	(	(	PUNCT
fbem-14600	61	37	dscore	dscore	ADJ
fbem-14600	61	38	)	)	PUNCT
fbem-14600	61	39	is	be	AUX
fbem-14600	61	40	adopted	adopt	VERB
fbem-14600	61	41	as	as	ADP
fbem-14600	61	42	the	the	DET
fbem-14600	61	43	mediating	mediate	VERB
fbem-14600	61	44	variable	variable	NOUN
fbem-14600	61	45	.	.	PUNCT
fbem-14600	62	1	using	use	VERB
fbem-14600	62	2	information	information	NOUN
fbem-14600	62	3	publicly	publicly	ADV
fbem-14600	62	4	disclosed	disclose	VERB
fbem-14600	62	5	by	by	ADP
fbem-14600	62	6	the	the	DET
fbem-14600	62	7	shenzhen	shenzhen	PROPN
fbem-14600	62	8	and	and	CCONJ
fbem-14600	62	9	shanghai	shanghai	PROPN
fbem-14600	62	10	stock	stock	NOUN
fbem-14600	62	11	exchanges	exchange	NOUN
fbem-14600	62	12	in	in	ADP
fbem-14600	62	13	the	the	DET
fbem-14600	62	14	csmar	csmar	PROPN
fbem-14600	62	15	database	database	NOUN
fbem-14600	62	16	,	,	PUNCT
fbem-14600	62	17	transparency	transparency	NOUN
fbem-14600	62	18	of	of	ADP
fbem-14600	62	19	listed	list	VERB
fbem-14600	62	20	companies	company	NOUN
fbem-14600	62	21	is	be	AUX
fbem-14600	62	22	assessed	assess	VERB
fbem-14600	62	23	as	as	ADP
fbem-14600	62	24	either	either	PRON
fbem-14600	62	25	"	"	PUNCT
fbem-14600	62	26	fail	fail	ADJ
fbem-14600	62	27	,	,	PUNCT
fbem-14600	62	28	"	"	PUNCT
fbem-14600	62	29	"	"	PUNCT
fbem-14600	62	30	pass	pass	VERB
fbem-14600	62	31	,	,	PUNCT
fbem-14600	62	32	"	"	PUNCT
fbem-14600	62	33	"	"	PUNCT
fbem-14600	62	34	good	good	ADJ
fbem-14600	62	35	,	,	PUNCT
fbem-14600	62	36	"	"	PUNCT
fbem-14600	62	37	or	or	CCONJ
fbem-14600	62	38	"	"	PUNCT
fbem-14600	62	39	excellent	excellent	ADJ
fbem-14600	62	40	,	,	PUNCT
fbem-14600	62	41	"	"	PUNCT
fbem-14600	62	42	corresponding	correspond	VERB
fbem-14600	62	43	to	to	ADP
fbem-14600	62	44	values	value	NOUN
fbem-14600	62	45	1	1	NUM
fbem-14600	62	46	,	,	PUNCT
fbem-14600	62	47	2	2	NUM
fbem-14600	62	48	,	,	PUNCT
fbem-14600	62	49	3	3	NUM
fbem-14600	62	50	,	,	PUNCT
fbem-14600	62	51	and	and	CCONJ
fbem-14600	62	52	4	4	NUM
fbem-14600	62	53	,	,	PUNCT
fbem-14600	62	54	respectively	respectively	ADV
fbem-14600	62	55	.	.	PUNCT
fbem-14600	63	1	3.2.4	3.2.4	NUM
fbem-14600	63	2	.	.	PUNCT
fbem-14600	64	1	control	control	NOUN
fbem-14600	64	2	variables	variable	NOUN
fbem-14600	64	3	building	build	VERB
fbem-14600	64	4	upon	upon	SCONJ
fbem-14600	64	5	existing	exist	VERB
fbem-14600	64	6	literature	literature	NOUN
fbem-14600	64	7	(	(	PUNCT
fbem-14600	64	8	li	li	PROPN
fbem-14600	64	9	shanmin	shanmin	PROPN
fbem-14600	64	10	et	et	PROPN
fbem-14600	64	11	al	al	PROPN
fbem-14600	64	12	.	.	PROPN
fbem-14600	64	13	,	,	PUNCT
fbem-14600	64	14	2016	2016	NUM
fbem-14600	64	15	)	)	PUNCT
fbem-14600	64	16	(	(	PUNCT
fbem-14600	64	17	wang	wang	PROPN
fbem-14600	64	18	yunchen	yunchen	PROPN
fbem-14600	64	19	et	et	PROPN
fbem-14600	64	20	al	al	PROPN
fbem-14600	64	21	.	.	PROPN
fbem-14600	64	22	,	,	PUNCT
fbem-14600	64	23	2017	2017	NUM
fbem-14600	64	24	)	)	PUNCT
fbem-14600	64	25	,	,	PUNCT
fbem-14600	64	26	the	the	DET
fbem-14600	64	27	regression	regression	NOUN
fbem-14600	64	28	model	model	NOUN
fbem-14600	64	29	incorporates	incorporate	VERB
fbem-14600	64	30	several	several	ADJ
fbem-14600	64	31	control	control	NOUN
fbem-14600	64	32	variables	variable	NOUN
fbem-14600	64	33	that	that	PRON
fbem-14600	64	34	may	may	AUX
fbem-14600	64	35	influence	influence	VERB
fbem-14600	64	36	investor	investor	NOUN
fbem-14600	64	37	protection	protection	NOUN
fbem-14600	64	38	.	.	PUNCT
fbem-14600	65	1	these	these	DET
fbem-14600	65	2	variables	variable	NOUN
fbem-14600	65	3	include	include	VERB
fbem-14600	65	4	company	company	NOUN
fbem-14600	65	5	size	size	NOUN
fbem-14600	65	6	(	(	PUNCT
fbem-14600	65	7	size	size	NOUN
fbem-14600	65	8	)	)	PUNCT
fbem-14600	65	9	,	,	PUNCT
fbem-14600	65	10	asset	asset	NOUN
fbem-14600	65	11	-	-	PUNCT
fbem-14600	65	12	liability	liability	NOUN
fbem-14600	65	13	ratio	ratio	NOUN
fbem-14600	65	14	(	(	PUNCT
fbem-14600	65	15	lev	lev	NOUN
fbem-14600	65	16	)	)	PUNCT
fbem-14600	65	17	,	,	PUNCT
fbem-14600	65	18	return	return	VERB
fbem-14600	65	19	on	on	ADP
fbem-14600	65	20	assets	asset	NOUN
fbem-14600	65	21	(	(	PUNCT
fbem-14600	65	22	roe	roe	NOUN
fbem-14600	65	23	)	)	PUNCT
fbem-14600	65	24	,	,	PUNCT
fbem-14600	65	25	compensation	compensation	NOUN
fbem-14600	65	26	incentives	incentive	NOUN
fbem-14600	65	27	(	(	PUNCT
fbem-14600	65	28	pay	pay	NOUN
fbem-14600	65	29	)	)	PUNCT
fbem-14600	65	30	,	,	PUNCT
fbem-14600	65	31	growth	growth	NOUN
fbem-14600	65	32	(	(	PUNCT
fbem-14600	65	33	growth	growth	NOUN
fbem-14600	65	34	)	)	PUNCT
fbem-14600	65	35	,	,	PUNCT
fbem-14600	65	36	audit	audit	NOUN
fbem-14600	65	37	fees	fee	NOUN
fbem-14600	65	38	(	(	PUNCT
fbem-14600	65	39	fee	fee	NOUN
fbem-14600	65	40	)	)	PUNCT
fbem-14600	65	41	,	,	PUNCT
fbem-14600	65	42	the	the	DET
fbem-14600	65	43	separation	separation	NOUN
fbem-14600	65	44	of	of	ADP
fbem-14600	65	45	ownership	ownership	NOUN
fbem-14600	65	46	and	and	CCONJ
fbem-14600	65	47	control	control	NOUN
fbem-14600	65	48	(	(	PUNCT
fbem-14600	65	49	cv	cv	PROPN
fbem-14600	65	50	)	)	PUNCT
fbem-14600	65	51	,	,	PUNCT
fbem-14600	65	52	the	the	DET
fbem-14600	65	53	shareholding	shareholding	NOUN
fbem-14600	65	54	ratio	ratio	NOUN
fbem-14600	65	55	of	of	ADP
fbem-14600	65	56	the	the	DET
fbem-14600	65	57	largest	large	ADJ
fbem-14600	65	58	shareholder	shareholder	NOUN
fbem-14600	65	59	(	(	PUNCT
fbem-14600	65	60	top	top	NOUN
fbem-14600	65	61	)	)	PUNCT
fbem-14600	65	62	,	,	PUNCT
fbem-14600	65	63	dual	dual	ADJ
fbem-14600	65	64	leadership	leadership	NOUN
fbem-14600	65	65	roles	role	NOUN
fbem-14600	65	66	(	(	PUNCT
fbem-14600	65	67	dual	dual	ADJ
fbem-14600	65	68	)	)	PUNCT
fbem-14600	65	69	,	,	PUNCT
fbem-14600	65	70	and	and	CCONJ
fbem-14600	65	71	the	the	DET
fbem-14600	65	72	nature	nature	NOUN
fbem-14600	65	73	of	of	ADP
fbem-14600	65	74	the	the	DET
fbem-14600	65	75	enterprise	enterprise	NOUN
fbem-14600	65	76	(	(	PUNCT
fbem-14600	65	77	soe	soe	PROPN
fbem-14600	65	78	)	)	PUNCT
fbem-14600	65	79	.	.	PUNCT
fbem-14600	66	1	for	for	ADP
fbem-14600	66	2	specific	specific	ADJ
fbem-14600	66	3	definitions	definition	NOUN
fbem-14600	66	4	,	,	PUNCT
fbem-14600	66	5	refer	refer	VERB
fbem-14600	66	6	to	to	ADP
fbem-14600	66	7	table	table	NOUN
fbem-14600	66	8	1	1	NUM
fbem-14600	66	9	.	.	PUNCT
fbem-14600	66	10	table	table	NOUN
fbem-14600	66	11	1	1	NUM
fbem-14600	66	12	.	.	PUNCT
fbem-14600	66	13	variable	variable	ADJ
fbem-14600	66	14	definition	definition	NOUN
fbem-14600	66	15	table	table	NOUN
fbem-14600	66	16	variable	variable	ADJ
fbem-14600	66	17	variable	variable	ADJ
fbem-14600	66	18	definitions	definition	NOUN
fbem-14600	66	19	dependent	dependent	ADJ
fbem-14600	66	20	variable	variable	ADJ
fbem-14600	66	21	ip	ip	PRON
fbem-14600	66	22	accounting	accounting	NOUN
fbem-14600	66	23	investor	investor	NOUN
fbem-14600	66	24	protection	protection	NOUN
fbem-14600	66	25	index	index	PROPN
fbem-14600	66	26	independent	independent	ADJ
fbem-14600	66	27	variable	variable	ADJ
fbem-14600	66	28	pc	pc	NOUN
fbem-14600	66	29	for	for	ADP
fbem-14600	66	30	the	the	DET
fbem-14600	66	31	sample	sample	NOUN
fbem-14600	66	32	companies	company	NOUN
fbem-14600	66	33	,	,	PUNCT
fbem-14600	66	34	if	if	SCONJ
fbem-14600	66	35	they	they	PRON
fbem-14600	66	36	have	have	VERB
fbem-14600	66	37	political	political	ADJ
fbem-14600	66	38	connections	connection	NOUN
fbem-14600	66	39	in	in	ADP
fbem-14600	66	40	the	the	DET
fbem-14600	66	41	current	current	ADJ
fbem-14600	66	42	year	year	NOUN
fbem-14600	66	43	,	,	PUNCT
fbem-14600	66	44	assign	assign	VERB
fbem-14600	66	45	a	a	DET
fbem-14600	66	46	value	value	NOUN
fbem-14600	66	47	of	of	ADP
fbem-14600	66	48	1	1	NUM
fbem-14600	66	49	;	;	PUNCT
fbem-14600	66	50	otherwise	otherwise	ADV
fbem-14600	66	51	,	,	PUNCT
fbem-14600	66	52	assign	assign	VERB
fbem-14600	66	53	a	a	DET
fbem-14600	66	54	value	value	NOUN
fbem-14600	66	55	of	of	ADP
fbem-14600	66	56	0	0	NUM
fbem-14600	66	57	.	.	PUNCT
fbem-14600	66	58	pclevl	pclevl	NOUN
fbem-14600	66	59	for	for	ADP
fbem-14600	66	60	the	the	DET
fbem-14600	66	61	degree	degree	NOUN
fbem-14600	66	62	of	of	ADP
fbem-14600	66	63	political	political	ADJ
fbem-14600	66	64	connection	connection	NOUN
fbem-14600	66	65	for	for	ADP
fbem-14600	66	66	sample	sample	NOUN
fbem-14600	66	67	companies	company	NOUN
fbem-14600	66	68	in	in	ADP
fbem-14600	66	69	the	the	DET
fbem-14600	66	70	current	current	ADJ
fbem-14600	66	71	year	year	NOUN
fbem-14600	66	72	,	,	PUNCT
fbem-14600	66	73	refer	refer	VERB
fbem-14600	66	74	to	to	ADP
fbem-14600	66	75	the	the	DET
fbem-14600	66	76	earlier	early	ADJ
fbem-14600	66	77	definition	definition	NOUN
fbem-14600	66	78	.	.	PUNCT
fbem-14600	67	1	mediating	mediate	VERB
fbem-14600	67	2	variable	variable	ADJ
fbem-14600	67	3	dscore	dscore	ADJ
fbem-14600	67	4	a	a	DET
fbem-14600	67	5	=	=	NOUN
fbem-14600	67	6	excellent	excellent	ADJ
fbem-14600	67	7	,	,	PUNCT
fbem-14600	67	8	b	b	NOUN
fbem-14600	67	9	=	=	SYM
fbem-14600	67	10	good	good	ADJ
fbem-14600	67	11	,	,	PUNCT
fbem-14600	67	12	c	c	NOUN
fbem-14600	67	13	=	=	NOUN
fbem-14600	67	14	pass	pass	VERB
fbem-14600	67	15	,	,	PUNCT
fbem-14600	67	16	d	d	X
fbem-14600	67	17	=	=	SYM
fbem-14600	67	18	fail	fail	ADJ
fbem-14600	67	19	,	,	PUNCT
fbem-14600	67	20	based	base	VERB
fbem-14600	67	21	on	on	ADP
fbem-14600	67	22	disclosures	disclosure	NOUN
fbem-14600	67	23	by	by	ADP
fbem-14600	67	24	the	the	DET
fbem-14600	67	25	shenzhen	shenzhen	PROPN
fbem-14600	67	26	and	and	CCONJ
fbem-14600	67	27	shanghai	shanghai	PROPN
fbem-14600	67	28	stock	stock	PROPN
fbem-14600	67	29	exchanges	exchange	NOUN
fbem-14600	67	30	.	.	PUNCT
fbem-14600	68	1	control	control	NOUN
fbem-14600	68	2	variables	variables	PROPN
fbem-14600	68	3	size	size	NOUN
fbem-14600	68	4	ln	ln	X
fbem-14600	68	5	(	(	PUNCT
fbem-14600	68	6	total	total	ADJ
fbem-14600	68	7	assets	asset	NOUN
fbem-14600	68	8	)	)	PUNCT
fbem-14600	68	9	lev	lev	NOUN
fbem-14600	68	10	end	end	NOUN
fbem-14600	68	11	-	-	PUNCT
fbem-14600	68	12	of	of	ADP
fbem-14600	68	13	-	-	PUNCT
fbem-14600	68	14	period	period	NOUN
fbem-14600	68	15	total	total	ADJ
fbem-14600	68	16	liabilities	liability	NOUN
fbem-14600	68	17	divided	divide	VERB
fbem-14600	68	18	by	by	ADP
fbem-14600	68	19	end	end	NOUN
fbem-14600	68	20	-	-	PUNCT
fbem-14600	68	21	of	of	ADP
fbem-14600	68	22	-	-	PUNCT
fbem-14600	68	23	period	period	NOUN
fbem-14600	68	24	total	total	ADJ
fbem-14600	68	25	assets	asset	NOUN
fbem-14600	68	26	roa	roa	PROPN
fbem-14600	68	27	net	net	ADJ
fbem-14600	68	28	profit	profit	NOUN
fbem-14600	68	29	divided	divide	VERB
fbem-14600	68	30	by	by	ADP
fbem-14600	68	31	total	total	ADJ
fbem-14600	68	32	assets	asset	NOUN
fbem-14600	68	33	fee	fee	NOUN
fbem-14600	68	34	natural	natural	ADJ
fbem-14600	68	35	logarithm	logarithm	NOUN
fbem-14600	68	36	of	of	ADP
fbem-14600	68	37	the	the	DET
fbem-14600	68	38	audit	audit	NOUN
fbem-14600	68	39	fees	fee	NOUN
fbem-14600	68	40	of	of	ADP
fbem-14600	68	41	the	the	DET
fbem-14600	68	42	company	company	NOUN
fbem-14600	68	43	pay	pay	VERB
fbem-14600	68	44	natural	natural	ADJ
fbem-14600	68	45	logarithm	logarithm	NOUN
fbem-14600	68	46	of	of	ADP
fbem-14600	68	47	the	the	DET
fbem-14600	68	48	total	total	ADJ
fbem-14600	68	49	compensation	compensation	NOUN
fbem-14600	68	50	for	for	ADP
fbem-14600	68	51	the	the	DET
fbem-14600	68	52	top	top	ADJ
fbem-14600	68	53	three	three	NUM
fbem-14600	68	54	executives	executive	NOUN
fbem-14600	68	55	growth	growth	NOUN
fbem-14600	68	56	operating	operate	VERB
fbem-14600	68	57	income	income	NOUN
fbem-14600	68	58	growth	growth	NOUN
fbem-14600	68	59	rate	rate	NOUN
fbem-14600	68	60	cv	cv	PROPN
fbem-14600	68	61	the	the	DET
fbem-14600	68	62	difference	difference	NOUN
fbem-14600	68	63	between	between	ADP
fbem-14600	68	64	ownership	ownership	NOUN
fbem-14600	68	65	and	and	CCONJ
fbem-14600	68	66	control	control	NOUN
fbem-14600	68	67	in	in	ADP
fbem-14600	68	68	the	the	DET
fbem-14600	68	69	company	company	NOUN
fbem-14600	68	70	top	top	VERB
fbem-14600	68	71	the	the	DET
fbem-14600	68	72	shareholding	shareholding	NOUN
fbem-14600	68	73	ratio	ratio	NOUN
fbem-14600	68	74	of	of	ADP
fbem-14600	68	75	the	the	DET
fbem-14600	68	76	largest	large	ADJ
fbem-14600	68	77	shareholder	shareholder	NOUN
fbem-14600	68	78	dual	dual	ADJ
fbem-14600	68	79	assign	assign	VERB
fbem-14600	68	80	a	a	DET
fbem-14600	68	81	value	value	NOUN
fbem-14600	68	82	of	of	ADP
fbem-14600	68	83	1	1	NUM
fbem-14600	68	84	if	if	SCONJ
fbem-14600	68	85	the	the	DET
fbem-14600	68	86	ceo	ceo	NOUN
fbem-14600	68	87	concurrently	concurrently	ADV
fbem-14600	68	88	serves	serve	VERB
fbem-14600	68	89	as	as	ADP
fbem-14600	68	90	the	the	DET
fbem-14600	68	91	chairman	chairman	NOUN
fbem-14600	68	92	of	of	ADP
fbem-14600	68	93	the	the	DET
fbem-14600	68	94	board	board	NOUN
fbem-14600	68	95	;	;	PUNCT
fbem-14600	68	96	otherwise	otherwise	ADV
fbem-14600	68	97	,	,	PUNCT
fbem-14600	68	98	assign	assign	VERB
fbem-14600	68	99	a	a	DET
fbem-14600	68	100	value	value	NOUN
fbem-14600	68	101	of	of	ADP
fbem-14600	68	102	0	0	NUM
fbem-14600	68	103	.	.	PUNCT
fbem-14600	69	1	soe	soe	PROPN
fbem-14600	69	2	assign	assign	VERB
fbem-14600	69	3	a	a	DET
fbem-14600	69	4	value	value	NOUN
fbem-14600	69	5	of	of	ADP
fbem-14600	69	6	1	1	NUM
fbem-14600	69	7	if	if	SCONJ
fbem-14600	69	8	the	the	DET
fbem-14600	69	9	company	company	NOUN
fbem-14600	69	10	is	be	AUX
fbem-14600	69	11	state	state	NOUN
fbem-14600	69	12	-	-	PUNCT
fbem-14600	69	13	owned	own	VERB
fbem-14600	69	14	;	;	PUNCT
fbem-14600	69	15	otherwise	otherwise	ADV
fbem-14600	69	16	,	,	PUNCT
fbem-14600	69	17	assign	assign	VERB
fbem-14600	69	18	a	a	DET
fbem-14600	69	19	value	value	NOUN
fbem-14600	69	20	of	of	ADP
fbem-14600	69	21	0	0	NUM
fbem-14600	69	22	.	.	PUNCT
fbem-14600	69	23	70	70	NUM
fbem-14600	69	24	3.3	3.3	NUM
fbem-14600	69	25	.	.	PUNCT
fbem-14600	70	1	model	model	NOUN
fbem-14600	70	2	construction	construction	NOUN
fbem-14600	70	3	this	this	DET
fbem-14600	70	4	study	study	NOUN
fbem-14600	70	5	conducts	conduct	VERB
fbem-14600	70	6	empirical	empirical	ADJ
fbem-14600	70	7	analysis	analysis	NOUN
fbem-14600	70	8	by	by	ADP
fbem-14600	70	9	constructing	construct	VERB
fbem-14600	70	10	the	the	DET
fbem-14600	70	11	following	follow	VERB
fbem-14600	70	12	fixed	fix	VERB
fbem-14600	70	13	-	-	PUNCT
fbem-14600	70	14	effects	effect	NOUN
fbem-14600	70	15	regression	regression	NOUN
fbem-14600	70	16	models	model	NOUN
fbem-14600	70	17	:	:	PUNCT
fbem-14600	70	18	first	first	ADV
fbem-14600	70	19	,	,	PUNCT
fbem-14600	70	20	the	the	DET
fbem-14600	70	21	baseline	baseline	PROPN
fbem-14600	70	22	regression	regression	NOUN
fbem-14600	70	23	model	model	NOUN
fbem-14600	70	24	(	(	PUNCT
fbem-14600	70	25	1	1	X
fbem-14600	70	26	)	)	PUNCT
fbem-14600	70	27	is	be	AUX
fbem-14600	70	28	established	establish	VERB
fbem-14600	70	29	to	to	PART
fbem-14600	70	30	examine	examine	VERB
fbem-14600	70	31	whether	whether	SCONJ
fbem-14600	70	32	corporate	corporate	ADJ
fbem-14600	70	33	political	political	ADJ
fbem-14600	70	34	connections	connection	NOUN
fbem-14600	70	35	can	can	AUX
fbem-14600	70	36	promote	promote	VERB
fbem-14600	70	37	activities	activity	NOUN
fbem-14600	70	38	that	that	PRON
fbem-14600	70	39	protect	protect	VERB
fbem-14600	70	40	investors	investor	NOUN
fbem-14600	70	41	,	,	PUNCT
fbem-14600	70	42	validating	validate	VERB
fbem-14600	70	43	hypothesis	hypothesis	NOUN
fbem-14600	70	44	1	1	NUM
fbem-14600	70	45	.	.	PUNCT
fbem-14600	71	1	in	in	ADP
fbem-14600	71	2	model	model	NOUN
fbem-14600	71	3	(	(	PUNCT
fbem-14600	71	4	1	1	NUM
fbem-14600	71	5	)	)	PUNCT
fbem-14600	71	6	,	,	PUNCT
fbem-14600	71	7	where	where	SCONJ
fbem-14600	71	8	pc	pc	NOUN
fbem-14600	71	9	represents	represent	VERB
fbem-14600	71	10	the	the	DET
fbem-14600	71	11	degree	degree	NOUN
fbem-14600	71	12	of	of	ADP
fbem-14600	71	13	corporate	corporate	ADJ
fbem-14600	71	14	political	political	ADJ
fbem-14600	71	15	connections	connection	NOUN
fbem-14600	71	16	,	,	PUNCT
fbem-14600	71	17	and	and	CCONJ
fbem-14600	71	18	ip	ip	NOUN
fbem-14600	71	19	represents	represent	VERB
fbem-14600	71	20	the	the	DET
fbem-14600	71	21	investor	investor	NOUN
fbem-14600	71	22	protection	protection	NOUN
fbem-14600	71	23	index	index	NOUN
fbem-14600	71	24	:	:	PUNCT
fbem-14600	71	25	𝐼𝑃	𝐼𝑃	VERB
fbem-14600	71	26	𝛼	𝛼	NOUN
fbem-14600	71	27	𝛼	𝛼	NOUN
fbem-14600	71	28	𝑃𝐶	𝑃𝐶	PROPN
fbem-14600	71	29	𝛼𝑋	𝛼𝑋	NOUN
fbem-14600	71	30	∑𝑖𝑛𝑑𝑖	∑𝑖𝑛𝑑𝑖	NOUN
fbem-14600	71	31	∑𝑦𝑒𝑎𝑟	∑𝑦𝑒𝑎𝑟	PROPN
fbem-14600	72	1	𝜀	𝜀	PROPN
fbem-14600	72	2	(	(	PUNCT
fbem-14600	72	3	1	1	NUM
fbem-14600	72	4	)	)	PUNCT
fbem-14600	72	5	second	second	ADJ
fbem-14600	72	6	,	,	PUNCT
fbem-14600	72	7	following	follow	VERB
fbem-14600	72	8	the	the	DET
fbem-14600	72	9	approach	approach	NOUN
fbem-14600	72	10	of	of	ADP
fbem-14600	72	11	wen	wen	PROPN
fbem-14600	72	12	zhonglin	zhonglin	PROPN
fbem-14600	72	13	and	and	CCONJ
fbem-14600	72	14	ye	ye	PROPN
fbem-14600	72	15	baojuan	baojuan	PROPN
fbem-14600	72	16	(	(	PUNCT
fbem-14600	72	17	wen	wen	PROPN
fbem-14600	72	18	zhonglin	zhonglin	PROPN
fbem-14600	72	19	and	and	CCONJ
fbem-14600	72	20	ye	ye	PROPN
fbem-14600	72	21	baojuan	baojuan	PROPN
fbem-14600	72	22	,	,	PUNCT
fbem-14600	72	23	2014	2014	NUM
fbem-14600	72	24	)	)	PUNCT
fbem-14600	72	25	,	,	PUNCT
fbem-14600	72	26	we	we	PRON
fbem-14600	72	27	examine	examine	VERB
fbem-14600	72	28	whether	whether	SCONJ
fbem-14600	72	29	corporate	corporate	ADJ
fbem-14600	72	30	transparency	transparency	NOUN
fbem-14600	72	31	plays	play	VERB
fbem-14600	72	32	a	a	DET
fbem-14600	72	33	mediating	mediate	VERB
fbem-14600	72	34	role	role	NOUN
fbem-14600	72	35	in	in	ADP
fbem-14600	72	36	the	the	DET
fbem-14600	72	37	relationship	relationship	NOUN
fbem-14600	72	38	between	between	ADP
fbem-14600	72	39	corporate	corporate	ADJ
fbem-14600	72	40	political	political	ADJ
fbem-14600	72	41	connections	connection	NOUN
fbem-14600	72	42	and	and	CCONJ
fbem-14600	72	43	investor	investor	NOUN
fbem-14600	72	44	protection	protection	NOUN
fbem-14600	72	45	.	.	PUNCT
fbem-14600	73	1	building	build	VERB
fbem-14600	73	2	on	on	ADP
fbem-14600	73	3	model	model	NOUN
fbem-14600	73	4	(	(	PUNCT
fbem-14600	73	5	1	1	NUM
fbem-14600	73	6	)	)	PUNCT
fbem-14600	73	7	,	,	PUNCT
fbem-14600	73	8	the	the	DET
fbem-14600	73	9	second	second	ADJ
fbem-14600	73	10	step	step	NOUN
fbem-14600	73	11	establishes	establish	VERB
fbem-14600	73	12	model	model	NOUN
fbem-14600	73	13	(	(	PUNCT
fbem-14600	73	14	2	2	NUM
fbem-14600	73	15	)	)	PUNCT
fbem-14600	73	16	to	to	PART
fbem-14600	73	17	test	test	VERB
fbem-14600	73	18	the	the	DET
fbem-14600	73	19	impact	impact	NOUN
fbem-14600	73	20	of	of	ADP
fbem-14600	73	21	corporate	corporate	ADJ
fbem-14600	73	22	political	political	ADJ
fbem-14600	73	23	connections	connection	NOUN
fbem-14600	73	24	on	on	ADP
fbem-14600	73	25	the	the	DET
fbem-14600	73	26	level	level	NOUN
fbem-14600	73	27	of	of	ADP
fbem-14600	73	28	corporate	corporate	ADJ
fbem-14600	73	29	transparency	transparency	NOUN
fbem-14600	73	30	,	,	PUNCT
fbem-14600	73	31	where	where	SCONJ
fbem-14600	73	32	dscore	dscore	ADJ
fbem-14600	73	33	represents	represent	VERB
fbem-14600	73	34	the	the	DET
fbem-14600	73	35	level	level	NOUN
fbem-14600	73	36	of	of	ADP
fbem-14600	73	37	corporate	corporate	ADJ
fbem-14600	73	38	transparency	transparency	NOUN
fbem-14600	73	39	.	.	PUNCT
fbem-14600	74	1	in	in	ADP
fbem-14600	74	2	the	the	DET
fbem-14600	74	3	third	third	ADJ
fbem-14600	74	4	step	step	NOUN
fbem-14600	74	5	,	,	PUNCT
fbem-14600	74	6	model	model	NOUN
fbem-14600	74	7	(	(	PUNCT
fbem-14600	74	8	3	3	NUM
fbem-14600	74	9	)	)	PUNCT
fbem-14600	74	10	includes	include	VERB
fbem-14600	74	11	both	both	PRON
fbem-14600	74	12	corporate	corporate	ADJ
fbem-14600	74	13	political	political	ADJ
fbem-14600	74	14	connections	connection	NOUN
fbem-14600	74	15	and	and	CCONJ
fbem-14600	74	16	corporate	corporate	ADJ
fbem-14600	74	17	transparency	transparency	NOUN
fbem-14600	74	18	in	in	ADP
fbem-14600	74	19	the	the	DET
fbem-14600	74	20	investor	investor	NOUN
fbem-14600	74	21	protection	protection	PROPN
fbem-14600	74	22	regression	regression	NOUN
fbem-14600	74	23	model	model	NOUN
fbem-14600	74	24	,	,	PUNCT
fbem-14600	74	25	validating	validate	VERB
fbem-14600	74	26	hypothesis	hypothesis	NOUN
fbem-14600	74	27	2	2	NUM
fbem-14600	74	28	.	.	PUNCT
fbem-14600	75	1	𝐷𝑠𝑐𝑜𝑟𝑒	𝐷𝑠𝑐𝑜𝑟𝑒	PROPN
fbem-14600	75	2	𝛽	𝛽	PROPN
fbem-14600	75	3	𝛽	𝛽	NOUN
fbem-14600	75	4	𝑃𝐶	𝑃𝐶	PROPN
fbem-14600	75	5	𝛽𝑋	𝛽𝑋	PROPN
fbem-14600	75	6	∑𝑖𝑛𝑑𝑖	∑𝑖𝑛𝑑𝑖	NOUN
fbem-14600	75	7	∑𝑦𝑒𝑎𝑟	∑𝑦𝑒𝑎𝑟	PROPN
fbem-14600	75	8	𝜀	𝜀	PROPN
fbem-14600	75	9	(	(	PUNCT
fbem-14600	75	10	2	2	NUM
fbem-14600	75	11	)	)	PUNCT
fbem-14600	75	12	𝐼𝑃	𝐼𝑃	PROPN
fbem-14600	75	13	𝛾	𝛾	NOUN
fbem-14600	75	14	𝛾	𝛾	NOUN
fbem-14600	75	15	𝑃𝐶	𝑃𝐶	NOUN
fbem-14600	75	16	𝛾	𝛾	ADP
fbem-14600	75	17	𝐷𝑠𝑐𝑜𝑟𝑒	𝐷𝑠𝑐𝑜𝑟𝑒	PROPN
fbem-14600	75	18	𝛾𝑋	𝛾𝑋	ADJ
fbem-14600	75	19	∑𝑖𝑛𝑑𝑖	∑𝑖𝑛𝑑𝑖	PROPN
fbem-14600	75	20	∑𝑦𝑒𝑎𝑟	∑𝑦𝑒𝑎𝑟	PROPN
fbem-14600	75	21	𝜀	𝜀	PROPN
fbem-14600	75	22	(	(	PUNCT
fbem-14600	75	23	3	3	NUM
fbem-14600	75	24	)	)	PUNCT
fbem-14600	75	25	here	here	ADV
fbem-14600	75	26	,	,	PUNCT
fbem-14600	75	27	i	i	PRON
fbem-14600	75	28	represents	represent	VERB
fbem-14600	75	29	the	the	DET
fbem-14600	75	30	sample	sample	NOUN
fbem-14600	75	31	companies	company	NOUN
fbem-14600	75	32	,	,	PUNCT
fbem-14600	75	33	t	t	PROPN
fbem-14600	75	34	represents	represent	VERB
fbem-14600	75	35	the	the	DET
fbem-14600	75	36	year	year	NOUN
fbem-14600	75	37	,	,	PUNCT
fbem-14600	75	38	and	and	CCONJ
fbem-14600	75	39	ε	ε	PROPN
fbem-14600	75	40	is	be	AUX
fbem-14600	75	41	the	the	DET
fbem-14600	75	42	random	random	ADJ
fbem-14600	75	43	error	error	NOUN
fbem-14600	75	44	term	term	NOUN
fbem-14600	75	45	.	.	PUNCT
fbem-14600	76	1	4	4	X
fbem-14600	76	2	.	.	X
fbem-14600	76	3	empirical	empirical	ADJ
fbem-14600	76	4	analysis	analysis	NOUN
fbem-14600	76	5	4.1	4.1	NUM
fbem-14600	76	6	.	.	PUNCT
fbem-14600	77	1	descriptive	descriptive	ADJ
fbem-14600	77	2	statistics	statistic	NOUN
fbem-14600	77	3	table	table	NOUN
fbem-14600	77	4	2	2	NUM
fbem-14600	77	5	presents	present	VERB
fbem-14600	77	6	the	the	DET
fbem-14600	77	7	descriptive	descriptive	ADJ
fbem-14600	77	8	statistics	statistic	NOUN
fbem-14600	77	9	results	result	VERB
fbem-14600	77	10	for	for	ADP
fbem-14600	77	11	this	this	DET
fbem-14600	77	12	study	study	NOUN
fbem-14600	77	13	.	.	PUNCT
fbem-14600	78	1	it	it	PRON
fbem-14600	78	2	can	can	AUX
fbem-14600	78	3	be	be	AUX
fbem-14600	78	4	observed	observe	VERB
fbem-14600	78	5	that	that	SCONJ
fbem-14600	78	6	the	the	DET
fbem-14600	78	7	mean	mean	NOUN
fbem-14600	78	8	of	of	ADP
fbem-14600	78	9	the	the	DET
fbem-14600	78	10	investor	investor	NOUN
fbem-14600	78	11	protection	protection	NOUN
fbem-14600	78	12	index	index	NOUN
fbem-14600	78	13	(	(	PUNCT
fbem-14600	78	14	ip	ip	NOUN
fbem-14600	78	15	)	)	PUNCT
fbem-14600	78	16	is	be	AUX
fbem-14600	78	17	55.70	55.70	NUM
fbem-14600	78	18	,	,	PUNCT
fbem-14600	78	19	with	with	ADP
fbem-14600	78	20	a	a	DET
fbem-14600	78	21	maximum	maximum	ADJ
fbem-14600	78	22	value	value	NOUN
fbem-14600	78	23	of	of	ADP
fbem-14600	78	24	74.43	74.43	NUM
fbem-14600	78	25	and	and	CCONJ
fbem-14600	78	26	a	a	DET
fbem-14600	78	27	minimum	minimum	ADJ
fbem-14600	78	28	value	value	NOUN
fbem-14600	78	29	of	of	ADP
fbem-14600	78	30	28.34	28.34	NUM
fbem-14600	78	31	.	.	PUNCT
fbem-14600	79	1	this	this	PRON
fbem-14600	79	2	indicates	indicate	VERB
fbem-14600	79	3	significant	significant	ADJ
fbem-14600	79	4	variations	variation	NOUN
fbem-14600	79	5	in	in	ADP
fbem-14600	79	6	the	the	DET
fbem-14600	79	7	level	level	NOUN
fbem-14600	79	8	of	of	ADP
fbem-14600	79	9	investor	investor	NOUN
fbem-14600	79	10	protection	protection	NOUN
fbem-14600	79	11	among	among	ADP
fbem-14600	79	12	chinese	chinese	ADJ
fbem-14600	79	13	listed	list	VERB
fbem-14600	79	14	companies	company	NOUN
fbem-14600	79	15	.	.	PUNCT
fbem-14600	80	1	the	the	DET
fbem-14600	80	2	mean	mean	NOUN
fbem-14600	80	3	of	of	ADP
fbem-14600	80	4	corporate	corporate	ADJ
fbem-14600	80	5	political	political	ADJ
fbem-14600	80	6	connections	connection	NOUN
fbem-14600	80	7	(	(	PUNCT
fbem-14600	80	8	pc	pc	NOUN
fbem-14600	80	9	)	)	PUNCT
fbem-14600	80	10	is	be	AUX
fbem-14600	80	11	0.298	0.298	NUM
fbem-14600	80	12	,	,	PUNCT
fbem-14600	80	13	with	with	ADP
fbem-14600	80	14	a	a	DET
fbem-14600	80	15	maximum	maximum	ADJ
fbem-14600	80	16	value	value	NOUN
fbem-14600	80	17	of	of	ADP
fbem-14600	80	18	1	1	NUM
fbem-14600	80	19	and	and	CCONJ
fbem-14600	80	20	a	a	DET
fbem-14600	80	21	minimum	minimum	ADJ
fbem-14600	80	22	value	value	NOUN
fbem-14600	80	23	of	of	ADP
fbem-14600	80	24	0	0	NUM
fbem-14600	80	25	,	,	PUNCT
fbem-14600	80	26	while	while	SCONJ
fbem-14600	80	27	the	the	DET
fbem-14600	80	28	mean	mean	NOUN
fbem-14600	80	29	of	of	ADP
fbem-14600	80	30	the	the	DET
fbem-14600	80	31	political	political	ADJ
fbem-14600	80	32	connection	connection	NOUN
fbem-14600	80	33	level	level	NOUN
fbem-14600	80	34	(	(	PUNCT
fbem-14600	80	35	pclevel	pclevel	NOUN
fbem-14600	80	36	)	)	PUNCT
fbem-14600	80	37	is	be	AUX
fbem-14600	80	38	0.923	0.923	NUM
fbem-14600	80	39	,	,	PUNCT
fbem-14600	80	40	with	with	ADP
fbem-14600	80	41	a	a	DET
fbem-14600	80	42	maximum	maximum	ADJ
fbem-14600	80	43	value	value	NOUN
fbem-14600	80	44	of	of	ADP
fbem-14600	80	45	4	4	NUM
fbem-14600	80	46	and	and	CCONJ
fbem-14600	80	47	a	a	DET
fbem-14600	80	48	minimum	minimum	ADJ
fbem-14600	80	49	value	value	NOUN
fbem-14600	80	50	of	of	ADP
fbem-14600	80	51	0	0	NUM
fbem-14600	80	52	.	.	PUNCT
fbem-14600	81	1	this	this	PRON
fbem-14600	81	2	suggests	suggest	VERB
fbem-14600	81	3	considerable	considerable	ADJ
fbem-14600	81	4	differences	difference	NOUN
fbem-14600	81	5	in	in	ADP
fbem-14600	81	6	the	the	DET
fbem-14600	81	7	political	political	ADJ
fbem-14600	81	8	connections	connection	NOUN
fbem-14600	81	9	across	across	ADP
fbem-14600	81	10	different	different	ADJ
fbem-14600	81	11	companies	company	NOUN
fbem-14600	81	12	.	.	PUNCT
fbem-14600	82	1	the	the	DET
fbem-14600	82	2	mean	mean	NOUN
fbem-14600	82	3	of	of	ADP
fbem-14600	82	4	the	the	DET
fbem-14600	82	5	intermediary	intermediary	ADJ
fbem-14600	82	6	variable	variable	NOUN
fbem-14600	82	7	,	,	PUNCT
fbem-14600	82	8	corporate	corporate	ADJ
fbem-14600	82	9	transparency	transparency	NOUN
fbem-14600	82	10	(	(	PUNCT
fbem-14600	82	11	dscore	dscore	ADJ
fbem-14600	82	12	)	)	PUNCT
fbem-14600	82	13	,	,	PUNCT
fbem-14600	82	14	is	be	AUX
fbem-14600	82	15	3.016	3.016	NUM
fbem-14600	82	16	,	,	PUNCT
fbem-14600	82	17	with	with	ADP
fbem-14600	82	18	a	a	DET
fbem-14600	82	19	maximum	maximum	ADJ
fbem-14600	82	20	value	value	NOUN
fbem-14600	82	21	of	of	ADP
fbem-14600	82	22	4	4	NUM
fbem-14600	82	23	and	and	CCONJ
fbem-14600	82	24	a	a	DET
fbem-14600	82	25	minimum	minimum	ADJ
fbem-14600	82	26	value	value	NOUN
fbem-14600	82	27	of	of	ADP
fbem-14600	82	28	0	0	NUM
fbem-14600	82	29	,	,	PUNCT
fbem-14600	82	30	signifying	signify	VERB
fbem-14600	82	31	substantial	substantial	ADJ
fbem-14600	82	32	differences	difference	NOUN
fbem-14600	82	33	in	in	ADP
fbem-14600	82	34	transparency	transparency	NOUN
fbem-14600	82	35	levels	level	NOUN
fbem-14600	82	36	among	among	ADP
fbem-14600	82	37	different	different	ADJ
fbem-14600	82	38	companies	company	NOUN
fbem-14600	82	39	.	.	PUNCT
fbem-14600	83	1	descriptive	descriptive	ADJ
fbem-14600	83	2	statistics	statistic	NOUN
fbem-14600	83	3	for	for	SCONJ
fbem-14600	83	4	the	the	DET
fbem-14600	83	5	control	control	NOUN
fbem-14600	83	6	variables	variable	NOUN
fbem-14600	83	7	align	align	VERB
fbem-14600	83	8	closely	closely	ADV
fbem-14600	83	9	with	with	ADP
fbem-14600	83	10	existing	exist	VERB
fbem-14600	83	11	literature	literature	NOUN
fbem-14600	83	12	.	.	PUNCT
fbem-14600	84	1	overall	overall	ADV
fbem-14600	84	2	,	,	PUNCT
fbem-14600	84	3	these	these	DET
fbem-14600	84	4	results	result	NOUN
fbem-14600	84	5	underscore	underscore	VERB
fbem-14600	84	6	the	the	DET
fbem-14600	84	7	considerable	considerable	ADJ
fbem-14600	84	8	heterogeneity	heterogeneity	NOUN
fbem-14600	84	9	in	in	ADP
fbem-14600	84	10	investor	investor	NOUN
fbem-14600	84	11	protection	protection	NOUN
fbem-14600	84	12	,	,	PUNCT
fbem-14600	84	13	corporate	corporate	ADJ
fbem-14600	84	14	political	political	ADJ
fbem-14600	84	15	connections	connection	NOUN
fbem-14600	84	16	,	,	PUNCT
fbem-14600	84	17	and	and	CCONJ
fbem-14600	84	18	transparency	transparency	NOUN
fbem-14600	84	19	levels	level	NOUN
fbem-14600	84	20	among	among	ADP
fbem-14600	84	21	chinese	chinese	ADJ
fbem-14600	84	22	listed	list	VERB
fbem-14600	84	23	companies	company	NOUN
fbem-14600	84	24	,	,	PUNCT
fbem-14600	84	25	providing	provide	VERB
fbem-14600	84	26	a	a	DET
fbem-14600	84	27	foundation	foundation	NOUN
fbem-14600	84	28	for	for	ADP
fbem-14600	84	29	the	the	DET
fbem-14600	84	30	subsequent	subsequent	ADJ
fbem-14600	84	31	analyses	analysis	NOUN
fbem-14600	84	32	.	.	PUNCT
fbem-14600	85	1	table	table	NOUN
fbem-14600	85	2	2	2	NUM
fbem-14600	85	3	.	.	PUNCT
fbem-14600	85	4	descriptive	descriptive	ADJ
fbem-14600	85	5	statistics	statistic	NOUN
fbem-14600	85	6	of	of	ADP
fbem-14600	85	7	variables	variable	NOUN
fbem-14600	85	8	variable	variable	ADJ
fbem-14600	85	9	obs	obs	NOUN
fbem-14600	85	10	mean	mean	VERB
fbem-14600	85	11	std.dev	std.dev	PROPN
fbem-14600	85	12	.	.	PUNCT
fbem-14600	86	1	min	min	PROPN
fbem-14600	86	2	max	max	PROPN
fbem-14600	86	3	ip	ip	VERB
fbem-14600	86	4	23,576	23,576	NUM
fbem-14600	86	5	55.70	55.70	NUM
fbem-14600	86	6	4.510	4.510	NUM
fbem-14600	86	7	28.34	28.34	NUM
fbem-14600	86	8	74.43	74.43	NUM
fbem-14600	86	9	pc	pc	NOUN
fbem-14600	86	10	23,576	23,576	NUM
fbem-14600	86	11	0.298	0.298	NUM
fbem-14600	86	12	0.457	0.457	NUM
fbem-14600	86	13	0	0	NUM
fbem-14600	86	14	1	1	NUM
fbem-14600	86	15	pclevel	pclevel	NOUN
fbem-14600	86	16	23,576	23,576	NUM
fbem-14600	86	17	0.923	0.923	NUM
fbem-14600	86	18	1.506	1.506	NUM
fbem-14600	86	19	0	0	NUM
fbem-14600	86	20	4	4	NUM
fbem-14600	86	21	dscore	dscore	ADJ
fbem-14600	86	22	23,576	23,576	NUM
fbem-14600	86	23	3.016	3.016	NUM
fbem-14600	86	24	0.653	0.653	NUM
fbem-14600	86	25	1	1	NUM
fbem-14600	86	26	4	4	NUM
fbem-14600	86	27	size	size	NOUN
fbem-14600	86	28	23,576	23,576	NUM
fbem-14600	86	29	22.13	22.13	NUM
fbem-14600	86	30	1.291	1.291	NUM
fbem-14600	86	31	15.58	15.58	NUM
fbem-14600	86	32	28.64	28.64	NUM
fbem-14600	86	33	lev	lev	NOUN
fbem-14600	86	34	23,576	23,576	NUM
fbem-14600	86	35	0.431	0.431	NUM
fbem-14600	86	36	0.362	0.362	NUM
fbem-14600	86	37	-0.195	-0.195	PUNCT
fbem-14600	86	38	31.47	31.47	NUM
fbem-14600	86	39	roa	roa	NOUN
fbem-14600	86	40	23,576	23,576	NUM
fbem-14600	86	41	0.0385	0.0385	NUM
fbem-14600	86	42	0.210	0.210	NUM
fbem-14600	86	43	-2.285	-2.285	SYM
fbem-14600	86	44	20.79	20.79	NUM
fbem-14600	86	45	fee	fee	NOUN
fbem-14600	86	46	23,576	23,576	NUM
fbem-14600	86	47	13.80	13.80	NUM
fbem-14600	86	48	0.680	0.680	NUM
fbem-14600	86	49	9.210	9.210	NUM
fbem-14600	86	50	21.42	21.42	NUM
fbem-14600	86	51	pay	pay	NOUN
fbem-14600	86	52	23,576	23,576	NUM
fbem-14600	86	53	15.28	15.28	NUM
fbem-14600	86	54	0.713	0.713	NUM
fbem-14600	86	55	10.08	10.08	NUM
fbem-14600	86	56	18.86	18.86	NUM
fbem-14600	86	57	growth	growth	NOUN
fbem-14600	86	58	23,576	23,576	NUM
fbem-14600	86	59	1.038	1.038	NUM
fbem-14600	86	60	97.17	97.17	NUM
fbem-14600	86	61	-1.309	-1.309	NOUN
fbem-14600	86	62	14883	14883	NUM
fbem-14600	86	63	cv	cv	NOUN
fbem-14600	86	64	23,576	23,576	NUM
fbem-14600	86	65	4.435	4.435	NUM
fbem-14600	86	66	7.375	7.375	NUM
fbem-14600	86	67	-7.640	-7.640	NUM
fbem-14600	86	68	58.14	58.14	NUM
fbem-14600	86	69	top	top	NOUN
fbem-14600	86	70	23,576	23,576	NUM
fbem-14600	86	71	0.331	0.331	NUM
fbem-14600	86	72	0.146	0.146	NUM
fbem-14600	86	73	0.0243	0.0243	NUM
fbem-14600	86	74	0.900	0.900	NUM
fbem-14600	86	75	dual	dual	ADJ
fbem-14600	86	76	23,576	23,576	NUM
fbem-14600	86	77	0.302	0.302	NUM
fbem-14600	86	78	0.459	0.459	NUM
fbem-14600	86	79	0	0	NUM
fbem-14600	86	80	1	1	NUM
fbem-14600	86	81	soe	soe	PROPN
fbem-14600	86	82	23,576	23,576	NUM
fbem-14600	86	83	0.306	0.306	NUM
fbem-14600	86	84	0.461	0.461	NUM
fbem-14600	86	85	0	0	NUM
fbem-14600	86	86	1	1	NUM
fbem-14600	86	87	4.2	4.2	NUM
fbem-14600	86	88	.	.	PUNCT
fbem-14600	87	1	regression	regression	NOUN
fbem-14600	87	2	results	result	NOUN
fbem-14600	87	3	of	of	ADP
fbem-14600	87	4	corporate	corporate	ADJ
fbem-14600	87	5	political	political	ADJ
fbem-14600	87	6	connections	connection	NOUN
fbem-14600	87	7	on	on	ADP
fbem-14600	87	8	investor	investor	NOUN
fbem-14600	87	9	protection	protection	NOUN
fbem-14600	87	10	index	index	NOUN
fbem-14600	87	11	the	the	DET
fbem-14600	87	12	sub	sub	NOUN
fbem-14600	87	13	-	-	NOUN
fbem-14600	87	14	table	table	NOUN
fbem-14600	87	15	in	in	ADP
fbem-14600	87	16	table	table	NOUN
fbem-14600	87	17	3	3	NUM
fbem-14600	87	18	presents	present	VERB
fbem-14600	87	19	the	the	DET
fbem-14600	87	20	regression	regression	NOUN
fbem-14600	87	21	results	result	NOUN
fbem-14600	87	22	of	of	ADP
fbem-14600	87	23	corporate	corporate	ADJ
fbem-14600	87	24	political	political	ADJ
fbem-14600	87	25	connections	connection	NOUN
fbem-14600	87	26	on	on	ADP
fbem-14600	87	27	the	the	DET
fbem-14600	87	28	investor	investor	NOUN
fbem-14600	87	29	protection	protection	PROPN
fbem-14600	87	30	index	index	NOUN
fbem-14600	87	31	.	.	PUNCT
fbem-14600	88	1	in	in	ADP
fbem-14600	88	2	column	column	NOUN
fbem-14600	88	3	(	(	PUNCT
fbem-14600	88	4	1	1	NUM
fbem-14600	88	5	)	)	PUNCT
fbem-14600	88	6	,	,	PUNCT
fbem-14600	88	7	without	without	ADP
fbem-14600	88	8	considering	consider	VERB
fbem-14600	88	9	fixed	fix	VERB
fbem-14600	88	10	effects	effect	NOUN
fbem-14600	88	11	for	for	ADP
fbem-14600	88	12	years	year	NOUN
fbem-14600	88	13	and	and	CCONJ
fbem-14600	88	14	industries	industry	NOUN
fbem-14600	88	15	,	,	PUNCT
fbem-14600	88	16	the	the	DET
fbem-14600	88	17	regression	regression	NOUN
fbem-14600	88	18	coefficient	coefficient	NOUN
fbem-14600	88	19	for	for	ADP
fbem-14600	88	20	corporate	corporate	ADJ
fbem-14600	88	21	political	political	ADJ
fbem-14600	88	22	connections	connection	NOUN
fbem-14600	88	23	(	(	PUNCT
fbem-14600	88	24	pc	pc	NOUN
fbem-14600	88	25	)	)	PUNCT
fbem-14600	88	26	is	be	AUX
fbem-14600	88	27	0.1893	0.1893	NUM
fbem-14600	88	28	,	,	PUNCT
fbem-14600	88	29	exhibiting	exhibit	VERB
fbem-14600	88	30	a	a	DET
fbem-14600	88	31	significant	significant	ADJ
fbem-14600	88	32	positive	positive	ADJ
fbem-14600	88	33	correlation	correlation	NOUN
fbem-14600	88	34	at	at	ADP
fbem-14600	88	35	the	the	DET
fbem-14600	88	36	1	1	NUM
fbem-14600	88	37	%	%	NOUN
fbem-14600	88	38	significance	significance	NOUN
fbem-14600	88	39	level	level	NOUN
fbem-14600	88	40	.	.	PUNCT
fbem-14600	89	1	this	this	PRON
fbem-14600	89	2	indicates	indicate	VERB
fbem-14600	89	3	a	a	DET
fbem-14600	89	4	substantial	substantial	ADJ
fbem-14600	89	5	enhancement	enhancement	NOUN
fbem-14600	89	6	in	in	ADP
fbem-14600	89	7	the	the	DET
fbem-14600	89	8	level	level	NOUN
fbem-14600	89	9	of	of	ADP
fbem-14600	89	10	accounting	accounting	NOUN
fbem-14600	89	11	investor	investor	NOUN
fbem-14600	89	12	protection	protection	NOUN
fbem-14600	89	13	due	due	ADP
fbem-14600	89	14	to	to	ADP
fbem-14600	89	15	corporate	corporate	ADJ
fbem-14600	89	16	political	political	ADJ
fbem-14600	89	17	connections	connection	NOUN
fbem-14600	89	18	.	.	PUNCT
fbem-14600	90	1	in	in	ADP
fbem-14600	90	2	column	column	NOUN
fbem-14600	90	3	(	(	PUNCT
fbem-14600	90	4	2	2	NUM
fbem-14600	90	5	)	)	PUNCT
fbem-14600	90	6	,	,	PUNCT
fbem-14600	90	7	after	after	ADP
fbem-14600	90	8	controlling	control	VERB
fbem-14600	90	9	for	for	ADP
fbem-14600	90	10	fixed	fix	VERB
fbem-14600	90	11	effects	effect	NOUN
fbem-14600	90	12	for	for	ADP
fbem-14600	90	13	years	year	NOUN
fbem-14600	90	14	and	and	CCONJ
fbem-14600	90	15	industries	industry	NOUN
fbem-14600	90	16	,	,	PUNCT
fbem-14600	90	17	the	the	DET
fbem-14600	90	18	coefficient	coefficient	NOUN
fbem-14600	90	19	for	for	ADP
fbem-14600	90	20	corporate	corporate	ADJ
fbem-14600	90	21	political	political	ADJ
fbem-14600	90	22	connections	connection	NOUN
fbem-14600	90	23	(	(	PUNCT
fbem-14600	90	24	pc	pc	NOUN
fbem-14600	90	25	)	)	PUNCT
fbem-14600	90	26	remains	remain	VERB
fbem-14600	90	27	positively	positively	ADV
fbem-14600	90	28	significant	significant	ADJ
fbem-14600	90	29	at	at	ADP
fbem-14600	90	30	the	the	DET
fbem-14600	90	31	1	1	NUM
fbem-14600	90	32	%	%	NOUN
fbem-14600	90	33	level	level	NOUN
fbem-14600	90	34	.	.	PUNCT
fbem-14600	91	1	these	these	DET
fbem-14600	91	2	results	result	NOUN
fbem-14600	91	3	suggest	suggest	VERB
fbem-14600	91	4	that	that	SCONJ
fbem-14600	91	5	corporate	corporate	ADJ
fbem-14600	91	6	political	political	ADJ
fbem-14600	91	7	connections	connection	NOUN
fbem-14600	91	8	significantly	significantly	ADV
fbem-14600	91	9	elevate	elevate	VERB
fbem-14600	91	10	the	the	DET
fbem-14600	91	11	level	level	NOUN
fbem-14600	91	12	of	of	ADP
fbem-14600	91	13	accounting	accounting	NOUN
fbem-14600	91	14	investor	investor	NOUN
fbem-14600	91	15	protection	protection	NOUN
fbem-14600	91	16	.	.	PUNCT
fbem-14600	92	1	the	the	DET
fbem-14600	92	2	economic	economic	ADJ
fbem-14600	92	3	implications	implication	NOUN
fbem-14600	92	4	reveal	reveal	VERB
fbem-14600	92	5	that	that	SCONJ
fbem-14600	92	6	,	,	PUNCT
fbem-14600	92	7	considering	consider	VERB
fbem-14600	92	8	control	control	NOUN
fbem-14600	92	9	variables	variable	NOUN
fbem-14600	92	10	,	,	PUNCT
fbem-14600	92	11	year	year	NOUN
fbem-14600	92	12	fixed	fix	VERB
fbem-14600	92	13	effects	effect	NOUN
fbem-14600	92	14	,	,	PUNCT
fbem-14600	92	15	and	and	CCONJ
fbem-14600	92	16	industry	industry	NOUN
fbem-14600	92	17	fixed	fix	VERB
fbem-14600	92	18	effects	effect	NOUN
fbem-14600	92	19	,	,	PUNCT
fbem-14600	92	20	the	the	DET
fbem-14600	92	21	coefficient	coefficient	NOUN
fbem-14600	92	22	for	for	ADP
fbem-14600	92	23	corporate	corporate	ADJ
fbem-14600	92	24	political	political	ADJ
fbem-14600	92	25	connections	connection	NOUN
fbem-14600	92	26	(	(	PUNCT
fbem-14600	92	27	pc	pc	NOUN
fbem-14600	92	28	)	)	PUNCT
fbem-14600	92	29	is	be	AUX
fbem-14600	92	30	0.2215	0.2215	VERB
fbem-14600	92	31	.	.	PUNCT
fbem-14600	93	1	this	this	PRON
fbem-14600	93	2	implies	imply	VERB
fbem-14600	93	3	that	that	SCONJ
fbem-14600	93	4	,	,	PUNCT
fbem-14600	93	5	holding	hold	VERB
fbem-14600	93	6	other	other	ADJ
fbem-14600	93	7	factors	factor	NOUN
fbem-14600	93	8	constant	constant	ADJ
fbem-14600	93	9	,	,	PUNCT
fbem-14600	93	10	for	for	ADP
fbem-14600	93	11	each	each	DET
fbem-14600	93	12	increase	increase	NOUN
fbem-14600	93	13	of	of	ADP
fbem-14600	93	14	1	1	NUM
fbem-14600	93	15	standard	standard	ADJ
fbem-14600	93	16	deviation	deviation	NOUN
fbem-14600	93	17	in	in	ADP
fbem-14600	93	18	political	political	ADJ
fbem-14600	93	19	connections	connection	NOUN
fbem-14600	93	20	,	,	PUNCT
fbem-14600	93	21	the	the	DET
fbem-14600	93	22	level	level	NOUN
fbem-14600	93	23	of	of	ADP
fbem-14600	93	24	accounting	accounting	NOUN
fbem-14600	93	25	investor	investor	NOUN
fbem-14600	93	26	protection	protection	NOUN
fbem-14600	93	27	will	will	AUX
fbem-14600	93	28	increase	increase	VERB
fbem-14600	93	29	by	by	ADP
fbem-14600	93	30	approximately	approximately	ADV
fbem-14600	93	31	2.24	2.24	NUM
fbem-14600	93	32	%	%	NOUN
fbem-14600	93	33	(	(	PUNCT
fbem-14600	93	34	0.2169	0.2169	NUM
fbem-14600	93	35	*	*	PUNCT
fbem-14600	93	36	0.457/4.510	0.457/4.510	NOUN
fbem-14600	93	37	)	)	PUNCT
fbem-14600	93	38	,	,	PUNCT
fbem-14600	93	39	demonstrating	demonstrate	VERB
fbem-14600	93	40	economic	economic	ADJ
fbem-14600	93	41	significance	significance	NOUN
fbem-14600	93	42	.	.	PUNCT
fbem-14600	94	1	in	in	ADP
fbem-14600	94	2	conclusion	conclusion	NOUN
fbem-14600	94	3	,	,	PUNCT
fbem-14600	94	4	hypothesis	hypothesis	NOUN
fbem-14600	94	5	h1	h1	NOUN
fbem-14600	94	6	is	be	AUX
fbem-14600	94	7	supported	support	VERB
fbem-14600	94	8	,	,	PUNCT
fbem-14600	94	9	and	and	CCONJ
fbem-14600	94	10	the	the	DET
fbem-14600	94	11	vif	vif	NOUN
fbem-14600	94	12	test	test	NOUN
fbem-14600	94	13	values	value	NOUN
fbem-14600	94	14	,	,	PUNCT
fbem-14600	94	15	ranging	range	VERB
fbem-14600	94	16	between	between	ADP
fbem-14600	94	17	1	1	NUM
fbem-14600	94	18	and	and	CCONJ
fbem-14600	94	19	2	2	NUM
fbem-14600	94	20	,	,	PUNCT
fbem-14600	94	21	are	be	AUX
fbem-14600	94	22	all	all	ADV
fbem-14600	94	23	below	below	ADP
fbem-14600	94	24	10	10	NUM
fbem-14600	94	25	,	,	PUNCT
fbem-14600	94	26	indicating	indicate	VERB
fbem-14600	94	27	the	the	DET
fbem-14600	94	28	absence	absence	NOUN
fbem-14600	94	29	of	of	ADP
fbem-14600	94	30	multicollinearity	multicollinearity	NOUN
fbem-14600	94	31	issues	issue	NOUN
fbem-14600	94	32	.	.	PUNCT
fbem-14600	95	1	71	71	NUM
fbem-14600	95	2	table	table	NOUN
fbem-14600	95	3	3	3	NUM
fbem-14600	95	4	.	.	PUNCT
fbem-14600	95	5	baseline	baseline	PROPN
fbem-14600	95	6	regression	regression	NOUN
fbem-14600	95	7	results	result	NOUN
fbem-14600	95	8	of	of	ADP
fbem-14600	95	9	political	political	ADJ
fbem-14600	95	10	connections	connection	NOUN
fbem-14600	95	11	(	(	PUNCT
fbem-14600	95	12	1	1	NUM
fbem-14600	95	13	)	)	PUNCT
fbem-14600	95	14	(	(	PUNCT
fbem-14600	95	15	2	2	X
fbem-14600	95	16	)	)	PUNCT
fbem-14600	95	17	ip	ip	NOUN
fbem-14600	95	18	ip	ip	PRON
fbem-14600	95	19	pc	pc	NOUN
fbem-14600	95	20	0.1893	0.1893	NUM
fbem-14600	95	21	*	*	PUNCT
fbem-14600	95	22	*	*	PUNCT
fbem-14600	95	23	*	*	PUNCT
fbem-14600	96	1	0.2215	0.2215	NUM
fbem-14600	96	2	*	*	PUNCT
fbem-14600	96	3	*	*	PUNCT
fbem-14600	96	4	*	*	PUNCT
fbem-14600	96	5	(	(	PUNCT
fbem-14600	96	6	3.2092	3.2092	NUM
fbem-14600	96	7	)	)	PUNCT
fbem-14600	96	8	(	(	PUNCT
fbem-14600	96	9	3.7741	3.7741	NUM
fbem-14600	96	10	)	)	PUNCT
fbem-14600	96	11	size	size	NOUN
fbem-14600	96	12	0.6482	0.6482	NUM
fbem-14600	96	13	*	*	PUNCT
fbem-14600	96	14	*	*	PUNCT
fbem-14600	96	15	*	*	PUNCT
fbem-14600	96	16	0.7144	0.7144	NUM
fbem-14600	96	17	*	*	PUNCT
fbem-14600	96	18	*	*	PUNCT
fbem-14600	96	19	*	*	PUNCT
fbem-14600	96	20	(	(	PUNCT
fbem-14600	96	21	18.9836	18.9836	NUM
fbem-14600	96	22	)	)	PUNCT
fbem-14600	96	23	(	(	PUNCT
fbem-14600	96	24	20.6652	20.6652	NUM
fbem-14600	96	25	)	)	PUNCT
fbem-14600	96	26	lev	lev	NOUN
fbem-14600	96	27	-1.5962	-1.5962	NOUN
fbem-14600	96	28	*	*	PUNCT
fbem-14600	96	29	*	*	PUNCT
fbem-14600	96	30	*	*	PUNCT
fbem-14600	96	31	-1.6634	-1.6634	X
fbem-14600	96	32	*	*	PUNCT
fbem-14600	96	33	*	*	PUNCT
fbem-14600	96	34	*	*	PUNCT
fbem-14600	96	35	(	(	PUNCT
fbem-14600	96	36	-20.5329	-20.5329	NUM
fbem-14600	96	37	)	)	PUNCT
fbem-14600	96	38	(	(	PUNCT
fbem-14600	96	39	-21.6555	-21.6555	NOUN
fbem-14600	96	40	)	)	PUNCT
fbem-14600	96	41	roa	roa	NOUN
fbem-14600	96	42	0.1262	0.1262	NUM
fbem-14600	96	43	0.0161	0.0161	NUM
fbem-14600	96	44	(	(	PUNCT
fbem-14600	96	45	0.9660	0.9660	NUM
fbem-14600	96	46	)	)	PUNCT
fbem-14600	96	47	(	(	PUNCT
fbem-14600	96	48	0.1263	0.1263	NUM
fbem-14600	96	49	)	)	PUNCT
fbem-14600	96	50	fee	fee	NOUN
fbem-14600	96	51	0.2446	0.2446	NUM
fbem-14600	96	52	*	*	PUNCT
fbem-14600	96	53	*	*	PUNCT
fbem-14600	96	54	*	*	PUNCT
fbem-14600	96	55	0.3860	0.3860	NOUN
fbem-14600	96	56	*	*	PUNCT
fbem-14600	96	57	*	*	PUNCT
fbem-14600	96	58	*	*	PUNCT
fbem-14600	96	59	(	(	PUNCT
fbem-14600	96	60	4.0787	4.0787	NUM
fbem-14600	96	61	)	)	PUNCT
fbem-14600	96	62	(	(	PUNCT
fbem-14600	96	63	6.2796	6.2796	NUM
fbem-14600	96	64	)	)	PUNCT
fbem-14600	96	65	pay	pay	VERB
fbem-14600	96	66	1.2972	1.2972	NUM
fbem-14600	96	67	*	*	NOUN
fbem-14600	96	68	*	*	PUNCT
fbem-14600	96	69	*	*	PUNCT
fbem-14600	97	1	1.2206	1.2206	NUM
fbem-14600	97	2	*	*	PUNCT
fbem-14600	97	3	*	*	PUNCT
fbem-14600	97	4	*	*	PUNCT
fbem-14600	97	5	(	(	PUNCT
fbem-14600	97	6	28.7503	28.7503	NUM
fbem-14600	97	7	)	)	PUNCT
fbem-14600	97	8	(	(	PUNCT
fbem-14600	97	9	26.4378	26.4378	X
fbem-14600	97	10	)	)	PUNCT
fbem-14600	97	11	growth	growth	NOUN
fbem-14600	97	12	-0.0005	-0.0005	NOUN
fbem-14600	97	13	*	*	PUNCT
fbem-14600	98	1	-0.0005	-0.0005	PUNCT
fbem-14600	98	2	*	*	PUNCT
fbem-14600	98	3	(	(	PUNCT
fbem-14600	98	4	-1.6615	-1.6615	ADJ
fbem-14600	98	5	)	)	PUNCT
fbem-14600	98	6	(	(	PUNCT
fbem-14600	98	7	-1.6968	-1.6968	X
fbem-14600	98	8	)	)	PUNCT
fbem-14600	98	9	cv	cv	PROPN
fbem-14600	99	1	0.0118	0.0118	NUM
fbem-14600	99	2	*	*	PUNCT
fbem-14600	99	3	*	*	PUNCT
fbem-14600	99	4	*	*	X
fbem-14600	99	5	0.0058	0.0058	NUM
fbem-14600	99	6	(	(	PUNCT
fbem-14600	99	7	3.1887	3.1887	NUM
fbem-14600	99	8	)	)	PUNCT
fbem-14600	99	9	(	(	PUNCT
fbem-14600	99	10	1.5885	1.5885	NUM
fbem-14600	99	11	)	)	PUNCT
fbem-14600	99	12	top	top	NOUN
fbem-14600	99	13	1.7862	1.7862	NUM
fbem-14600	99	14	*	*	PUNCT
fbem-14600	99	15	*	*	PUNCT
fbem-14600	99	16	*	*	PUNCT
fbem-14600	100	1	2.0475	2.0475	NUM
fbem-14600	100	2	*	*	PUNCT
fbem-14600	100	3	*	*	PUNCT
fbem-14600	100	4	*	*	PUNCT
fbem-14600	100	5	(	(	PUNCT
fbem-14600	100	6	9.2534	9.2534	NUM
fbem-14600	100	7	)	)	PUNCT
fbem-14600	100	8	(	(	PUNCT
fbem-14600	100	9	10.7326	10.7326	NUM
fbem-14600	100	10	)	)	PUNCT
fbem-14600	100	11	dual	dual	ADJ
fbem-14600	100	12	-0.4141	-0.4141	NOUN
fbem-14600	100	13	*	*	PUNCT
fbem-14600	100	14	*	*	PUNCT
fbem-14600	100	15	*	*	PUNCT
fbem-14600	100	16	-0.4447	-0.4447	NOUN
fbem-14600	100	17	*	*	PUNCT
fbem-14600	100	18	*	*	PUNCT
fbem-14600	100	19	*	*	PUNCT
fbem-14600	100	20	(	(	PUNCT
fbem-14600	100	21	-6.7565	-6.7565	ADJ
fbem-14600	100	22	)	)	PUNCT
fbem-14600	100	23	(	(	PUNCT
fbem-14600	100	24	-7.4177	-7.4177	NOUN
fbem-14600	100	25	)	)	PUNCT
fbem-14600	100	26	soe	soe	PROPN
fbem-14600	100	27	0.7949	0.7949	NUM
fbem-14600	100	28	*	*	PUNCT
fbem-14600	100	29	*	*	PUNCT
fbem-14600	100	30	*	*	PUNCT
fbem-14600	100	31	0.6797	0.6797	NUM
fbem-14600	100	32	*	*	PUNCT
fbem-14600	100	33	*	*	PUNCT
fbem-14600	100	34	*	*	PUNCT
fbem-14600	100	35	(	(	PUNCT
fbem-14600	100	36	11.9925	11.9925	NUM
fbem-14600	100	37	)	)	PUNCT
fbem-14600	100	38	(	(	PUNCT
fbem-14600	100	39	10.2315	10.2315	NUM
fbem-14600	100	40	)	)	PUNCT
fbem-14600	101	1	_	_	NOUN
fbem-14600	101	2	cons	con	NOUN
fbem-14600	101	3	18.0173	18.0173	NUM
fbem-14600	101	4	*	*	PUNCT
fbem-14600	101	5	*	*	PUNCT
fbem-14600	101	6	*	*	PUNCT
fbem-14600	101	7	19.8273	19.8273	NUM
fbem-14600	101	8	*	*	PUNCT
fbem-14600	101	9	*	*	PUNCT
fbem-14600	101	10	*	*	PUNCT
fbem-14600	101	11	(	(	PUNCT
fbem-14600	101	12	27.2727	27.2727	NUM
fbem-14600	101	13	)	)	PUNCT
fbem-14600	101	14	(	(	PUNCT
fbem-14600	101	15	26.5951	26.5951	NUM
fbem-14600	101	16	)	)	PUNCT
fbem-14600	101	17	yearfe	yearfe	ADV
fbem-14600	102	1	no	no	INTJ
fbem-14600	102	2	yes	yes	INTJ
fbem-14600	102	3	indfe	indfe	INTJ
fbem-14600	103	1	no	no	INTJ
fbem-14600	103	2	yes	yes	INTJ
fbem-14600	104	1	n	n	CCONJ
fbem-14600	104	2	23576	23576	NUM
fbem-14600	104	3	23576	23576	NUM
fbem-14600	105	1	r2_a	r2_a	VERB
fbem-14600	105	2	0.1679	0.1679	NUM
fbem-14600	105	3	0.2091	0.2091	NUM
fbem-14600	105	4	5	5	NUM
fbem-14600	105	5	.	.	PUNCT
fbem-14600	106	1	robustness	robustness	NOUN
fbem-14600	106	2	checks	check	NOUN
fbem-14600	106	3	5.1	5.1	NUM
fbem-14600	106	4	.	.	PUNCT
fbem-14600	107	1	replace	replace	VERB
fbem-14600	107	2	independent	independent	ADJ
fbem-14600	107	3	and	and	CCONJ
fbem-14600	107	4	dependent	dependent	ADJ
fbem-14600	107	5	variables	variable	NOUN
fbem-14600	107	6	to	to	PART
fbem-14600	107	7	ensure	ensure	VERB
fbem-14600	107	8	the	the	DET
fbem-14600	107	9	robustness	robustness	NOUN
fbem-14600	107	10	of	of	ADP
fbem-14600	107	11	the	the	DET
fbem-14600	107	12	research	research	NOUN
fbem-14600	107	13	findings	finding	NOUN
fbem-14600	107	14	in	in	ADP
fbem-14600	107	15	this	this	DET
fbem-14600	107	16	paper	paper	NOUN
fbem-14600	107	17	,	,	PUNCT
fbem-14600	107	18	we	we	PRON
fbem-14600	107	19	adopted	adopt	VERB
fbem-14600	107	20	the	the	DET
fbem-14600	107	21	political	political	ADJ
fbem-14600	107	22	connection	connection	NOUN
fbem-14600	107	23	level	level	NOUN
fbem-14600	107	24	(	(	PUNCT
fbem-14600	107	25	pclevel	pclevel	NOUN
fbem-14600	107	26	)	)	PUNCT
fbem-14600	107	27	as	as	ADP
fbem-14600	107	28	a	a	DET
fbem-14600	107	29	measure	measure	NOUN
fbem-14600	107	30	of	of	ADP
fbem-14600	107	31	the	the	DET
fbem-14600	107	32	degree	degree	NOUN
fbem-14600	107	33	of	of	ADP
fbem-14600	107	34	political	political	ADJ
fbem-14600	107	35	connections	connection	NOUN
fbem-14600	107	36	,	,	PUNCT
fbem-14600	107	37	as	as	SCONJ
fbem-14600	107	38	suggested	suggest	VERB
fbem-14600	107	39	by	by	ADP
fbem-14600	107	40	fan	fan	PROPN
fbem-14600	107	41	(	(	PUNCT
fbem-14600	107	42	fan	fan	PROPN
fbem-14600	107	43	,	,	PUNCT
fbem-14600	107	44	j.	j.	PROPN
fbem-14600	108	1	p.	p.	PROPN
fbem-14600	108	2	et	et	PROPN
fbem-14600	109	1	al	al	PROPN
fbem-14600	109	2	.	.	PROPN
fbem-14600	109	3	,	,	PUNCT
fbem-14600	109	4	2007	2007	NUM
fbem-14600	109	5	)	)	PUNCT
fbem-14600	109	6	and	and	CCONJ
fbem-14600	109	7	jia	jia	PROPN
fbem-14600	109	8	ming	ming	PROPN
fbem-14600	109	9	and	and	CCONJ
fbem-14600	109	10	zhang	zhang	PROPN
fbem-14600	109	11	zhe	zhe	PROPN
fbem-14600	109	12	(	(	PUNCT
fbem-14600	109	13	jia	jia	PROPN
fbem-14600	109	14	ming	ming	PROPN
fbem-14600	109	15	and	and	CCONJ
fbem-14600	109	16	zhang	zhang	PROPN
fbem-14600	109	17	zhe	zhe	PROPN
fbem-14600	109	18	,	,	PUNCT
fbem-14600	109	19	2010	2010	NUM
fbem-14600	109	20	)	)	PUNCT
fbem-14600	109	21	.	.	PUNCT
fbem-14600	110	1	the	the	DET
fbem-14600	110	2	specific	specific	ADJ
fbem-14600	110	3	definition	definition	NOUN
fbem-14600	110	4	has	have	AUX
fbem-14600	110	5	been	be	AUX
fbem-14600	110	6	explained	explain	VERB
fbem-14600	110	7	in	in	ADP
fbem-14600	110	8	the	the	DET
fbem-14600	110	9	previous	previous	ADJ
fbem-14600	110	10	sections	section	NOUN
fbem-14600	110	11	.	.	PUNCT
fbem-14600	111	1	in	in	ADP
fbem-14600	111	2	the	the	DET
fbem-14600	111	3	first	first	ADJ
fbem-14600	111	4	set	set	NOUN
fbem-14600	111	5	of	of	ADP
fbem-14600	111	6	results	result	NOUN
fbem-14600	111	7	(	(	PUNCT
fbem-14600	111	8	column	column	NOUN
fbem-14600	111	9	1	1	NUM
fbem-14600	111	10	)	)	PUNCT
fbem-14600	111	11	,	,	PUNCT
fbem-14600	111	12	the	the	DET
fbem-14600	111	13	findings	finding	NOUN
fbem-14600	111	14	indicate	indicate	VERB
fbem-14600	111	15	that	that	SCONJ
fbem-14600	111	16	the	the	DET
fbem-14600	111	17	level	level	NOUN
fbem-14600	111	18	of	of	ADP
fbem-14600	111	19	political	political	ADJ
fbem-14600	111	20	connections	connection	NOUN
fbem-14600	111	21	significantly	significantly	ADV
fbem-14600	111	22	promotes	promote	VERB
fbem-14600	111	23	investor	investor	NOUN
fbem-14600	111	24	protection	protection	NOUN
fbem-14600	111	25	at	at	ADP
fbem-14600	111	26	a	a	DET
fbem-14600	111	27	1	1	NUM
fbem-14600	111	28	%	%	NOUN
fbem-14600	111	29	significance	significance	NOUN
fbem-14600	111	30	level	level	NOUN
fbem-14600	111	31	.	.	PUNCT
fbem-14600	112	1	to	to	PART
fbem-14600	112	2	gauge	gauge	VERB
fbem-14600	112	3	investor	investor	NOUN
fbem-14600	112	4	protection	protection	NOUN
fbem-14600	112	5	using	use	VERB
fbem-14600	112	6	financial	financial	ADJ
fbem-14600	112	7	report	report	NOUN
fbem-14600	112	8	quality	quality	NOUN
fbem-14600	112	9	(	(	PUNCT
fbem-14600	112	10	audit	audit	NOUN
fbem-14600	112	11	)	)	PUNCT
fbem-14600	112	12	,	,	PUNCT
fbem-14600	112	13	we	we	PRON
fbem-14600	112	14	followed	follow	VERB
fbem-14600	112	15	the	the	DET
fbem-14600	112	16	approach	approach	NOUN
fbem-14600	112	17	of	of	ADP
fbem-14600	112	18	jiang	jiang	PROPN
fbem-14600	112	19	fuxiu	fuxiu	PROPN
fbem-14600	112	20	et	et	PROPN
fbem-14600	112	21	al	al	PROPN
fbem-14600	112	22	.	.	PUNCT
fbem-14600	113	1	(	(	PUNCT
fbem-14600	113	2	jiang	jiang	PROPN
fbem-14600	113	3	fuxiu	fuxiu	PROPN
fbem-14600	113	4	et	et	PROPN
fbem-14600	113	5	al	al	PROPN
fbem-14600	113	6	.	.	PROPN
fbem-14600	113	7	,	,	PUNCT
fbem-14600	113	8	2008	2008	NUM
fbem-14600	113	9	)	)	PUNCT
fbem-14600	113	10	.	.	PUNCT
fbem-14600	114	1	financial	financial	ADJ
fbem-14600	114	2	report	report	NOUN
fbem-14600	114	3	quality	quality	NOUN
fbem-14600	114	4	reflects	reflect	VERB
fbem-14600	114	5	the	the	DET
fbem-14600	114	6	authenticity	authenticity	NOUN
fbem-14600	114	7	and	and	CCONJ
fbem-14600	114	8	accuracy	accuracy	NOUN
fbem-14600	114	9	of	of	ADP
fbem-14600	114	10	a	a	DET
fbem-14600	114	11	company	company	NOUN
fbem-14600	114	12	's	's	PART
fbem-14600	114	13	annual	annual	ADJ
fbem-14600	114	14	report	report	NOUN
fbem-14600	114	15	data	datum	NOUN
fbem-14600	114	16	.	.	PUNCT
fbem-14600	115	1	the	the	DET
fbem-14600	115	2	more	more	ADV
fbem-14600	115	3	authentic	authentic	ADJ
fbem-14600	115	4	the	the	DET
fbem-14600	115	5	data	datum	NOUN
fbem-14600	115	6	,	,	PUNCT
fbem-14600	115	7	the	the	PRON
fbem-14600	115	8	better	well	ADJ
fbem-14600	115	9	the	the	DET
fbem-14600	115	10	quality	quality	NOUN
fbem-14600	115	11	of	of	ADP
fbem-14600	115	12	information	information	NOUN
fbem-14600	115	13	external	external	ADJ
fbem-14600	115	14	investors	investor	NOUN
fbem-14600	115	15	receive	receive	VERB
fbem-14600	115	16	,	,	PUNCT
fbem-14600	115	17	thereby	thereby	ADV
fbem-14600	115	18	enhancing	enhance	VERB
fbem-14600	115	19	the	the	DET
fbem-14600	115	20	protective	protective	ADJ
fbem-14600	115	21	effect	effect	NOUN
fbem-14600	115	22	.	.	PUNCT
fbem-14600	116	1	given	give	VERB
fbem-14600	116	2	that	that	SCONJ
fbem-14600	116	3	an	an	DET
fbem-14600	116	4	unqualified	unqualified	ADJ
fbem-14600	116	5	opinion	opinion	NOUN
fbem-14600	116	6	indicates	indicate	VERB
fbem-14600	116	7	high	high	ADJ
fbem-14600	116	8	accuracy	accuracy	NOUN
fbem-14600	116	9	in	in	ADP
fbem-14600	116	10	annual	annual	ADJ
fbem-14600	116	11	report	report	NOUN
fbem-14600	116	12	information	information	NOUN
fbem-14600	116	13	,	,	PUNCT
fbem-14600	116	14	it	it	PRON
fbem-14600	116	15	is	be	AUX
fbem-14600	116	16	assigned	assign	VERB
fbem-14600	116	17	a	a	DET
fbem-14600	116	18	value	value	NOUN
fbem-14600	116	19	of	of	ADP
fbem-14600	116	20	1	1	NUM
fbem-14600	116	21	.	.	PUNCT
fbem-14600	117	1	on	on	ADP
fbem-14600	117	2	the	the	DET
fbem-14600	117	3	other	other	ADJ
fbem-14600	117	4	hand	hand	NOUN
fbem-14600	117	5	,	,	PUNCT
fbem-14600	117	6	qualified	qualified	ADJ
fbem-14600	117	7	opinions	opinion	NOUN
fbem-14600	117	8	with	with	ADP
fbem-14600	117	9	explanatory	explanatory	ADJ
fbem-14600	117	10	paragraphs	paragraph	NOUN
fbem-14600	117	11	,	,	PUNCT
fbem-14600	117	12	qualified	qualified	ADJ
fbem-14600	117	13	opinions	opinion	NOUN
fbem-14600	117	14	,	,	PUNCT
fbem-14600	117	15	unqualified	unqualified	ADJ
fbem-14600	117	16	opinions	opinion	NOUN
fbem-14600	117	17	with	with	ADP
fbem-14600	117	18	explanatory	explanatory	ADJ
fbem-14600	117	19	paragraphs	paragraph	NOUN
fbem-14600	117	20	,	,	PUNCT
fbem-14600	117	21	and	and	CCONJ
fbem-14600	117	22	disclaimers	disclaimer	NOUN
fbem-14600	117	23	are	be	AUX
fbem-14600	117	24	assigned	assign	VERB
fbem-14600	117	25	a	a	DET
fbem-14600	117	26	value	value	NOUN
fbem-14600	117	27	of	of	ADP
fbem-14600	117	28	0	0	NUM
fbem-14600	117	29	.	.	PUNCT
fbem-14600	118	1	column	column	NOUN
fbem-14600	118	2	2	2	NUM
fbem-14600	118	3	demonstrates	demonstrate	VERB
fbem-14600	118	4	that	that	SCONJ
fbem-14600	118	5	political	political	ADJ
fbem-14600	118	6	connections	connection	NOUN
fbem-14600	118	7	(	(	PUNCT
fbem-14600	118	8	pc	pc	NOUN
fbem-14600	118	9	)	)	PUNCT
fbem-14600	118	10	significantly	significantly	ADV
fbem-14600	118	11	improve	improve	VERB
fbem-14600	118	12	financial	financial	ADJ
fbem-14600	118	13	report	report	NOUN
fbem-14600	118	14	quality	quality	NOUN
fbem-14600	118	15	at	at	ADP
fbem-14600	118	16	a	a	DET
fbem-14600	118	17	1	1	NUM
fbem-14600	118	18	%	%	NOUN
fbem-14600	118	19	significance	significance	NOUN
fbem-14600	118	20	level	level	NOUN
fbem-14600	118	21	.	.	PUNCT
fbem-14600	119	1	to	to	PART
fbem-14600	119	2	measure	measure	VERB
fbem-14600	119	3	investor	investor	NOUN
fbem-14600	119	4	protection	protection	NOUN
fbem-14600	119	5	using	use	VERB
fbem-14600	119	6	related	relate	VERB
fbem-14600	119	7	-	-	PUNCT
fbem-14600	119	8	party	party	NOUN
fbem-14600	119	9	transactions	transaction	NOUN
fbem-14600	119	10	,	,	PUNCT
fbem-14600	119	11	which	which	PRON
fbem-14600	119	12	are	be	AUX
fbem-14600	119	13	often	often	ADV
fbem-14600	119	14	used	use	VERB
fbem-14600	119	15	by	by	ADP
fbem-14600	119	16	controlling	control	VERB
fbem-14600	119	17	shareholders	shareholder	NOUN
fbem-14600	119	18	to	to	PART
fbem-14600	119	19	extract	extract	VERB
fbem-14600	119	20	resources	resource	NOUN
fbem-14600	119	21	and	and	CCONJ
fbem-14600	119	22	benefits	benefit	NOUN
fbem-14600	119	23	,	,	PUNCT
fbem-14600	119	24	we	we	PRON
fbem-14600	119	25	followed	follow	VERB
fbem-14600	119	26	the	the	DET
fbem-14600	119	27	approach	approach	NOUN
fbem-14600	119	28	of	of	ADP
fbem-14600	119	29	zheng	zheng	PROPN
fbem-14600	119	30	guojian	guojian	PROPN
fbem-14600	119	31	et	et	PROPN
fbem-14600	119	32	al	al	PROPN
fbem-14600	119	33	.	.	PUNCT
fbem-14600	120	1	(	(	PUNCT
fbem-14600	120	2	zheng	zheng	PROPN
fbem-14600	120	3	guojian	guojian	PROPN
fbem-14600	120	4	et	et	PROPN
fbem-14600	120	5	al	al	PROPN
fbem-14600	120	6	.	.	PROPN
fbem-14600	120	7	,	,	PUNCT
fbem-14600	120	8	2013	2013	NUM
fbem-14600	120	9	)	)	PUNCT
fbem-14600	120	10	.	.	PUNCT
fbem-14600	121	1	large	large	ADJ
fbem-14600	121	2	shareholders	shareholder	NOUN
fbem-14600	121	3	,	,	PUNCT
fbem-14600	121	4	who	who	PRON
fbem-14600	121	5	usually	usually	ADV
fbem-14600	121	6	control	control	VERB
fbem-14600	121	7	the	the	DET
fbem-14600	121	8	company	company	NOUN
fbem-14600	121	9	's	's	PART
fbem-14600	121	10	management	management	NOUN
fbem-14600	121	11	directly	directly	ADV
fbem-14600	121	12	or	or	CCONJ
fbem-14600	121	13	indirectly	indirectly	ADV
fbem-14600	121	14	,	,	PUNCT
fbem-14600	121	15	may	may	AUX
fbem-14600	121	16	impact	impact	VERB
fbem-14600	121	17	other	other	ADJ
fbem-14600	121	18	investors	investor	NOUN
fbem-14600	121	19	'	'	PART
fbem-14600	121	20	legitimate	legitimate	ADJ
fbem-14600	121	21	rights	right	NOUN
fbem-14600	121	22	through	through	ADP
fbem-14600	121	23	related	relate	VERB
fbem-14600	121	24	-	-	PUNCT
fbem-14600	121	25	party	party	NOUN
fbem-14600	121	26	transactions	transaction	NOUN
fbem-14600	121	27	.	.	PUNCT
fbem-14600	122	1	therefore	therefore	ADV
fbem-14600	122	2	,	,	PUNCT
fbem-14600	122	3	this	this	DET
fbem-14600	122	4	paper	paper	NOUN
fbem-14600	122	5	uses	use	VERB
fbem-14600	122	6	the	the	DET
fbem-14600	122	7	frequency	frequency	NOUN
fbem-14600	122	8	of	of	ADP
fbem-14600	122	9	related	relate	VERB
fbem-14600	122	10	-	-	PUNCT
fbem-14600	122	11	party	party	NOUN
fbem-14600	122	12	transactions	transaction	NOUN
fbem-14600	122	13	(	(	PUNCT
fbem-14600	122	14	related	relate	VERB
fbem-14600	122	15	)	)	PUNCT
fbem-14600	122	16	to	to	PART
fbem-14600	122	17	gauge	gauge	VERB
fbem-14600	122	18	investor	investor	NOUN
fbem-14600	122	19	protection	protection	NOUN
fbem-14600	122	20	.	.	PUNCT
fbem-14600	123	1	in	in	ADP
fbem-14600	123	2	column	column	NOUN
fbem-14600	123	3	3	3	NUM
fbem-14600	123	4	,	,	PUNCT
fbem-14600	123	5	the	the	DET
fbem-14600	123	6	results	result	NOUN
fbem-14600	123	7	indicate	indicate	VERB
fbem-14600	123	8	that	that	SCONJ
fbem-14600	123	9	political	political	ADJ
fbem-14600	123	10	connections	connection	NOUN
fbem-14600	123	11	(	(	PUNCT
fbem-14600	123	12	pc	pc	NOUN
fbem-14600	123	13	)	)	PUNCT
fbem-14600	123	14	significantly	significantly	ADV
fbem-14600	123	15	reduce	reduce	VERB
fbem-14600	123	16	the	the	DET
fbem-14600	123	17	occurrence	occurrence	NOUN
fbem-14600	123	18	of	of	ADP
fbem-14600	123	19	related	relate	VERB
fbem-14600	123	20	-	-	PUNCT
fbem-14600	123	21	party	party	NOUN
fbem-14600	123	22	transactions	transaction	NOUN
fbem-14600	123	23	at	at	ADP
fbem-14600	123	24	a	a	DET
fbem-14600	123	25	1	1	NUM
fbem-14600	123	26	%	%	NOUN
fbem-14600	123	27	significance	significance	NOUN
fbem-14600	123	28	level	level	NOUN
fbem-14600	123	29	.	.	PUNCT
fbem-14600	124	1	thus	thus	ADV
fbem-14600	124	2	,	,	PUNCT
fbem-14600	124	3	the	the	DET
fbem-14600	124	4	robustness	robustness	NOUN
fbem-14600	124	5	tests	test	NOUN
fbem-14600	124	6	demonstrate	demonstrate	VERB
fbem-14600	124	7	that	that	SCONJ
fbem-14600	124	8	the	the	DET
fbem-14600	124	9	conclusions	conclusion	NOUN
fbem-14600	124	10	of	of	ADP
fbem-14600	124	11	hypothesis	hypothesis	NOUN
fbem-14600	124	12	1	1	NUM
fbem-14600	124	13	in	in	ADP
fbem-14600	124	14	this	this	DET
fbem-14600	124	15	paper	paper	NOUN
fbem-14600	124	16	are	be	AUX
fbem-14600	124	17	sound	sound	ADJ
fbem-14600	124	18	and	and	CCONJ
fbem-14600	124	19	reliable	reliable	ADJ
fbem-14600	124	20	.	.	PUNCT
fbem-14600	125	1	table	table	NOUN
fbem-14600	125	2	4	4	NUM
fbem-14600	125	3	.	.	PUNCT
fbem-14600	125	4	robustness	robustness	NOUN
fbem-14600	125	5	test	test	NOUN
fbem-14600	125	6	regression	regression	NOUN
fbem-14600	125	7	results	result	NOUN
fbem-14600	125	8	(	(	PUNCT
fbem-14600	125	9	1	1	NUM
fbem-14600	125	10	)	)	PUNCT
fbem-14600	125	11	(	(	PUNCT
fbem-14600	125	12	2	2	NUM
fbem-14600	125	13	)	)	PUNCT
fbem-14600	125	14	(	(	PUNCT
fbem-14600	125	15	3	3	X
fbem-14600	125	16	)	)	PUNCT
fbem-14600	125	17	ip	ip	PRON
fbem-14600	125	18	audit	audit	NOUN
fbem-14600	125	19	related	relate	VERB
fbem-14600	125	20	pc	pc	NOUN
fbem-14600	125	21	0.0087	0.0087	NUM
fbem-14600	125	22	*	*	PUNCT
fbem-14600	125	23	*	*	PUNCT
fbem-14600	125	24	*	*	NOUN
fbem-14600	125	25	-3.0754	-3.0754	ADJ
fbem-14600	125	26	*	*	PUNCT
fbem-14600	125	27	*	*	PUNCT
fbem-14600	125	28	*	*	PUNCT
fbem-14600	125	29	(	(	PUNCT
fbem-14600	125	30	3.1360	3.1360	NUM
fbem-14600	125	31	)	)	PUNCT
fbem-14600	125	32	(	(	PUNCT
fbem-14600	125	33	-4.5262	-4.5262	INTJ
fbem-14600	125	34	)	)	PUNCT
fbem-14600	125	35	pclevel	pclevel	VERB
fbem-14600	125	36	0.0858	0.0858	NUM
fbem-14600	125	37	*	*	PUNCT
fbem-14600	125	38	*	*	PUNCT
fbem-14600	125	39	*	*	PUNCT
fbem-14600	125	40	(	(	PUNCT
fbem-14600	125	41	4.8065	4.8065	NUM
fbem-14600	125	42	)	)	PUNCT
fbem-14600	125	43	size	size	NOUN
fbem-14600	125	44	0.7091	0.7091	NUM
fbem-14600	125	45	*	*	PUNCT
fbem-14600	125	46	*	*	PUNCT
fbem-14600	125	47	*	*	PUNCT
fbem-14600	126	1	0.0356	0.0356	NUM
fbem-14600	126	2	*	*	PUNCT
fbem-14600	126	3	*	*	PUNCT
fbem-14600	126	4	*	*	PUNCT
fbem-14600	126	5	17.1924	17.1924	NUM
fbem-14600	126	6	*	*	PUNCT
fbem-14600	126	7	*	*	PUNCT
fbem-14600	126	8	*	*	PUNCT
fbem-14600	126	9	(	(	PUNCT
fbem-14600	126	10	20.4885	20.4885	NUM
fbem-14600	126	11	)	)	PUNCT
fbem-14600	126	12	(	(	PUNCT
fbem-14600	126	13	21.7300	21.7300	NUM
fbem-14600	126	14	)	)	PUNCT
fbem-14600	126	15	(	(	PUNCT
fbem-14600	126	16	42.9548	42.9548	NUM
fbem-14600	126	17	)	)	PUNCT
fbem-14600	126	18	lev	lev	NOUN
fbem-14600	126	19	-1.6614	-1.6614	PROPN
fbem-14600	126	20	*	*	PROPN
fbem-14600	126	21	*	*	PUNCT
fbem-14600	126	22	*	*	PUNCT
fbem-14600	126	23	-0.1238	-0.1238	PUNCT
fbem-14600	126	24	*	*	PUNCT
fbem-14600	126	25	*	*	PUNCT
fbem-14600	126	26	*	*	PUNCT
fbem-14600	126	27	13.5310	13.5310	NUM
fbem-14600	126	28	*	*	PUNCT
fbem-14600	126	29	*	*	PUNCT
fbem-14600	126	30	*	*	PUNCT
fbem-14600	126	31	(	(	PUNCT
fbem-14600	126	32	-21.6323	-21.6323	NUM
fbem-14600	126	33	)	)	PUNCT
fbem-14600	126	34	(	(	PUNCT
fbem-14600	126	35	-34.0232	-34.0232	INTJ
fbem-14600	126	36	)	)	PUNCT
fbem-14600	126	37	(	(	PUNCT
fbem-14600	126	38	15.2145	15.2145	NUM
fbem-14600	126	39	)	)	PUNCT
fbem-14600	126	40	roa	roa	NOUN
fbem-14600	126	41	0.0163	0.0163	NUM
fbem-14600	126	42	0.0560	0.0560	NUM
fbem-14600	126	43	*	*	PUNCT
fbem-14600	126	44	*	*	PUNCT
fbem-14600	126	45	*	*	PUNCT
fbem-14600	126	46	-1.5655	-1.5655	NOUN
fbem-14600	126	47	(	(	PUNCT
fbem-14600	126	48	0.1280	0.1280	NUM
fbem-14600	126	49	)	)	PUNCT
fbem-14600	126	50	(	(	PUNCT
fbem-14600	126	51	9.2529	9.2529	NUM
fbem-14600	126	52	)	)	PUNCT
fbem-14600	126	53	(	(	PUNCT
fbem-14600	126	54	-1.0589	-1.0589	NOUN
fbem-14600	126	55	)	)	PUNCT
fbem-14600	126	56	fee	fee	NOUN
fbem-14600	126	57	0.3862	0.3862	NUM
fbem-14600	126	58	*	*	PUNCT
fbem-14600	126	59	*	*	PUNCT
fbem-14600	126	60	*	*	NOUN
fbem-14600	126	61	-0.0578	-0.0578	NOUN
fbem-14600	126	62	*	*	PUNCT
fbem-14600	126	63	*	*	PUNCT
fbem-14600	126	64	*	*	PUNCT
fbem-14600	127	1	7.8073	7.8073	NUM
fbem-14600	127	2	*	*	PUNCT
fbem-14600	127	3	*	*	PUNCT
fbem-14600	127	4	*	*	PUNCT
fbem-14600	127	5	(	(	PUNCT
fbem-14600	127	6	6.2844	6.2844	NUM
fbem-14600	127	7	)	)	PUNCT
fbem-14600	127	8	(	(	PUNCT
fbem-14600	127	9	-19.8492	-19.8492	NUM
fbem-14600	127	10	)	)	PUNCT
fbem-14600	127	11	(	(	PUNCT
fbem-14600	127	12	10.9710	10.9710	NUM
fbem-14600	127	13	)	)	PUNCT
fbem-14600	127	14	pay	pay	VERB
fbem-14600	127	15	1.2192	1.2192	NUM
fbem-14600	127	16	*	*	PUNCT
fbem-14600	127	17	*	*	PUNCT
fbem-14600	127	18	*	*	PUNCT
fbem-14600	127	19	0.0272	0.0272	NUM
fbem-14600	127	20	*	*	PUNCT
fbem-14600	127	21	*	*	PUNCT
fbem-14600	127	22	*	*	NOUN
fbem-14600	127	23	-6.0685	-6.0685	NOUN
fbem-14600	127	24	*	*	PUNCT
fbem-14600	127	25	*	*	PUNCT
fbem-14600	127	26	*	*	PUNCT
fbem-14600	127	27	(	(	PUNCT
fbem-14600	127	28	26.4147	26.4147	NUM
fbem-14600	127	29	)	)	PUNCT
fbem-14600	127	30	(	(	PUNCT
fbem-14600	127	31	12.4461	12.4461	NUM
fbem-14600	127	32	)	)	PUNCT
fbem-14600	127	33	(	(	PUNCT
fbem-14600	127	34	-11.3527	-11.3527	NUM
fbem-14600	127	35	)	)	PUNCT
fbem-14600	127	36	growth	growth	NOUN
fbem-14600	127	37	-0.0005	-0.0005	NOUN
fbem-14600	127	38	*	*	X
fbem-14600	127	39	0.0000	0.0000	NUM
fbem-14600	127	40	-0.0017	-0.0017	X
fbem-14600	127	41	(	(	PUNCT
fbem-14600	127	42	-1.6938	-1.6938	PROPN
fbem-14600	127	43	)	)	PUNCT
fbem-14600	127	44	(	(	PUNCT
fbem-14600	127	45	0.0554	0.0554	NUM
fbem-14600	127	46	)	)	PUNCT
fbem-14600	127	47	(	(	PUNCT
fbem-14600	127	48	-0.5441	-0.5441	NOUN
fbem-14600	127	49	)	)	PUNCT
fbem-14600	127	50	cv	cv	PROPN
fbem-14600	127	51	0.0057	0.0057	NUM
fbem-14600	127	52	-0.0005	-0.0005	NOUN
fbem-14600	127	53	*	*	PUNCT
fbem-14600	127	54	*	*	PUNCT
fbem-14600	127	55	*	*	PUNCT
fbem-14600	128	1	0.5111	0.5111	NUM
fbem-14600	128	2	*	*	PUNCT
fbem-14600	128	3	*	*	PUNCT
fbem-14600	128	4	*	*	PUNCT
fbem-14600	128	5	(	(	PUNCT
fbem-14600	128	6	1.5560	1.5560	NUM
fbem-14600	128	7	)	)	PUNCT
fbem-14600	128	8	(	(	PUNCT
fbem-14600	128	9	-3.0983	-3.0983	NOUN
fbem-14600	128	10	)	)	PUNCT
fbem-14600	128	11	(	(	PUNCT
fbem-14600	128	12	12.1116	12.1116	NUM
fbem-14600	128	13	)	)	PUNCT
fbem-14600	128	14	top	top	ADJ
fbem-14600	128	15	2.0512	2.0512	NUM
fbem-14600	128	16	*	*	PUNCT
fbem-14600	128	17	*	*	PUNCT
fbem-14600	128	18	*	*	PUNCT
fbem-14600	128	19	0.1077	0.1077	NUM
fbem-14600	128	20	*	*	PUNCT
fbem-14600	128	21	*	*	PUNCT
fbem-14600	128	22	*	*	PUNCT
fbem-14600	128	23	8.5135	8.5135	NUM
fbem-14600	128	24	*	*	PUNCT
fbem-14600	128	25	*	*	PUNCT
fbem-14600	128	26	*	*	PUNCT
fbem-14600	128	27	(	(	PUNCT
fbem-14600	128	28	10.7540	10.7540	NUM
fbem-14600	128	29	)	)	PUNCT
fbem-14600	128	30	(	(	PUNCT
fbem-14600	128	31	11.9164	11.9164	NUM
fbem-14600	128	32	)	)	PUNCT
fbem-14600	128	33	(	(	PUNCT
fbem-14600	128	34	3.8545	3.8545	NUM
fbem-14600	128	35	)	)	PUNCT
fbem-14600	128	36	dual	dual	ADJ
fbem-14600	128	37	-0.4447	-0.4447	NOUN
fbem-14600	128	38	*	*	PUNCT
fbem-14600	128	39	*	*	PUNCT
fbem-14600	128	40	*	*	PUNCT
fbem-14600	128	41	0.0093	0.0093	NUM
fbem-14600	128	42	*	*	PUNCT
fbem-14600	128	43	*	*	PUNCT
fbem-14600	128	44	*	*	NOUN
fbem-14600	128	45	-1.3309	-1.3309	NOUN
fbem-14600	128	46	*	*	PUNCT
fbem-14600	128	47	(	(	PUNCT
fbem-14600	128	48	-7.4229	-7.4229	NOUN
fbem-14600	128	49	)	)	PUNCT
fbem-14600	128	50	(	(	PUNCT
fbem-14600	128	51	3.2822	3.2822	NUM
fbem-14600	128	52	)	)	PUNCT
fbem-14600	128	53	(	(	PUNCT
fbem-14600	128	54	-1.9176	-1.9176	NOUN
fbem-14600	128	55	)	)	PUNCT
fbem-14600	128	56	soe	soe	PROPN
fbem-14600	128	57	0.6928	0.6928	NUM
fbem-14600	128	58	*	*	PUNCT
fbem-14600	128	59	*	*	PUNCT
fbem-14600	128	60	*	*	PUNCT
fbem-14600	128	61	0.0199	0.0199	NUM
fbem-14600	128	62	*	*	PUNCT
fbem-14600	128	63	*	*	PUNCT
fbem-14600	128	64	*	*	PUNCT
fbem-14600	129	1	9.3191	9.3191	NUM
fbem-14600	129	2	*	*	PUNCT
fbem-14600	129	3	*	*	PUNCT
fbem-14600	129	4	*	*	PUNCT
fbem-14600	129	5	(	(	PUNCT
fbem-14600	129	6	10.4083	10.4083	NUM
fbem-14600	129	7	)	)	PUNCT
fbem-14600	129	8	(	(	PUNCT
fbem-14600	129	9	6.3222	6.3222	NUM
fbem-14600	129	10	)	)	PUNCT
fbem-14600	129	11	(	(	PUNCT
fbem-14600	129	12	12.1157	12.1157	NUM
fbem-14600	129	13	)	)	PUNCT
fbem-14600	129	14	_	_	NOUN
fbem-14600	129	15	cons	con	NOUN
fbem-14600	129	16	19.9353	19.9353	NUM
fbem-14600	129	17	*	*	PUNCT
fbem-14600	129	18	*	*	PUNCT
fbem-14600	129	19	*	*	PUNCT
fbem-14600	130	1	0.5631	0.5631	NUM
fbem-14600	130	2	*	*	PUNCT
fbem-14600	130	3	*	*	PUNCT
fbem-14600	130	4	*	*	PUNCT
fbem-14600	130	5	-3.8e+02	-3.8e+02	PUNCT
fbem-14600	130	6	*	*	PUNCT
fbem-14600	130	7	*	*	PUNCT
fbem-14600	130	8	*	*	PUNCT
fbem-14600	130	9	(	(	PUNCT
fbem-14600	130	10	26.7462	26.7462	NUM
fbem-14600	130	11	)	)	PUNCT
fbem-14600	130	12	(	(	PUNCT
fbem-14600	130	13	15.9456	15.9456	NUM
fbem-14600	130	14	)	)	PUNCT
fbem-14600	130	15	(	(	PUNCT
fbem-14600	130	16	-44.0969	-44.0969	NUM
fbem-14600	130	17	)	)	PUNCT
fbem-14600	130	18	yearfe	yearfe	NOUN
fbem-14600	131	1	yes	yes	INTJ
fbem-14600	131	2	yes	yes	INTJ
fbem-14600	132	1	yes	yes	INTJ
fbem-14600	132	2	indfe	indfe	INTJ
fbem-14600	133	1	yes	yes	INTJ
fbem-14600	134	1	yes	yes	INTJ
fbem-14600	135	1	yes	yes	INTJ
fbem-14600	136	1	n	n	CCONJ
fbem-14600	136	2	23576	23576	NUM
fbem-14600	136	3	23576	23576	NUM
fbem-14600	136	4	23576	23576	NUM
fbem-14600	137	1	r2_a	r2_a	VERB
fbem-14600	137	2	0.2094	0.2094	NUM
fbem-14600	137	3	0.1142	0.1142	NUM
fbem-14600	137	4	0.2949	0.2949	NUM
fbem-14600	137	5	72	72	NUM
fbem-14600	137	6	5.2	5.2	NUM
fbem-14600	137	7	.	.	PUNCT
fbem-14600	138	1	instrumental	instrumental	ADJ
fbem-14600	138	2	variable	variable	ADJ
fbem-14600	138	3	method	method	NOUN
fbem-14600	138	4	(	(	PUNCT
fbem-14600	138	5	2sls	2sls	NOUN
fbem-14600	138	6	)	)	PUNCT
fbem-14600	138	7	to	to	PART
fbem-14600	138	8	further	far	ADV
fbem-14600	138	9	alleviate	alleviate	VERB
fbem-14600	138	10	endogeneity	endogeneity	NOUN
fbem-14600	138	11	issues	issue	NOUN
fbem-14600	138	12	,	,	PUNCT
fbem-14600	138	13	this	this	DET
fbem-14600	138	14	study	study	NOUN
fbem-14600	138	15	adopts	adopt	VERB
fbem-14600	138	16	the	the	DET
fbem-14600	138	17	approach	approach	NOUN
fbem-14600	138	18	proposed	propose	VERB
fbem-14600	138	19	by	by	ADP
fbem-14600	138	20	luo	luo	PROPN
fbem-14600	138	21	xiyin	xiyin	PROPN
fbem-14600	138	22	(	(	PUNCT
fbem-14600	138	23	luo	luo	PROPN
fbem-14600	138	24	xiyin	xiyin	PROPN
fbem-14600	138	25	and	and	CCONJ
fbem-14600	138	26	liu	liu	PROPN
fbem-14600	138	27	wei	wei	PROPN
fbem-14600	138	28	,	,	PUNCT
fbem-14600	138	29	2019	2019	NUM
fbem-14600	138	30	)	)	PUNCT
fbem-14600	138	31	,	,	PUNCT
fbem-14600	138	32	using	use	VERB
fbem-14600	138	33	the	the	DET
fbem-14600	138	34	mean	mean	ADJ
fbem-14600	138	35	industry	industry	NOUN
fbem-14600	138	36	political	political	ADJ
fbem-14600	138	37	connection	connection	NOUN
fbem-14600	138	38	level	level	NOUN
fbem-14600	138	39	(	(	PUNCT
fbem-14600	138	40	mean_pclevel	mean_pclevel	NOUN
fbem-14600	138	41	)	)	PUNCT
fbem-14600	138	42	as	as	ADP
fbem-14600	138	43	an	an	DET
fbem-14600	138	44	instrumental	instrumental	ADJ
fbem-14600	138	45	variable	variable	NOUN
fbem-14600	138	46	.	.	PUNCT
fbem-14600	139	1	since	since	SCONJ
fbem-14600	139	2	this	this	DET
fbem-14600	139	3	study	study	NOUN
fbem-14600	139	4	has	have	VERB
fbem-14600	139	5	only	only	ADV
fbem-14600	139	6	one	one	NUM
fbem-14600	139	7	instrumental	instrumental	ADJ
fbem-14600	139	8	variable	variable	NOUN
fbem-14600	139	9	,	,	PUNCT
fbem-14600	139	10	there	there	PRON
fbem-14600	139	11	is	be	VERB
fbem-14600	139	12	no	no	DET
fbem-14600	139	13	problem	problem	NOUN
fbem-14600	139	14	of	of	ADP
fbem-14600	139	15	over	over	ADP
fbem-14600	139	16	-	-	PUNCT
fbem-14600	139	17	identification	identification	NOUN
fbem-14600	139	18	.	.	PUNCT
fbem-14600	140	1	the	the	DET
fbem-14600	140	2	results	result	NOUN
fbem-14600	140	3	of	of	ADP
fbem-14600	140	4	the	the	DET
fbem-14600	140	5	weak	weak	ADJ
fbem-14600	140	6	instrumental	instrumental	ADJ
fbem-14600	140	7	variable	variable	ADJ
fbem-14600	140	8	test	test	NOUN
fbem-14600	140	9	show	show	VERB
fbem-14600	140	10	that	that	SCONJ
fbem-14600	140	11	the	the	DET
fbem-14600	140	12	first	first	ADJ
fbem-14600	140	13	-	-	PUNCT
fbem-14600	140	14	stage	stage	NOUN
fbem-14600	140	15	f	f	NOUN
fbem-14600	140	16	-	-	PUNCT
fbem-14600	140	17	statistic	statistic	NOUN
fbem-14600	140	18	is	be	AUX
fbem-14600	140	19	306.95	306.95	NUM
fbem-14600	140	20	,	,	PUNCT
fbem-14600	140	21	which	which	PRON
fbem-14600	140	22	is	be	AUX
fbem-14600	140	23	greater	great	ADJ
fbem-14600	140	24	than	than	ADP
fbem-14600	140	25	10	10	NUM
fbem-14600	140	26	,	,	PUNCT
fbem-14600	140	27	and	and	CCONJ
fbem-14600	140	28	the	the	DET
fbem-14600	140	29	minimum	minimum	NOUN
fbem-14600	140	30	eigenvalue	eigenvalue	NOUN
fbem-14600	140	31	statistic	statistic	NOUN
fbem-14600	140	32	is	be	AUX
fbem-14600	140	33	300.84	300.84	NUM
fbem-14600	140	34	,	,	PUNCT
fbem-14600	140	35	exceeding	exceed	VERB
fbem-14600	140	36	13.96	13.96	NUM
fbem-14600	140	37	(	(	PUNCT
fbem-14600	140	38	at	at	ADP
fbem-14600	140	39	the	the	DET
fbem-14600	140	40	15	15	NUM
fbem-14600	140	41	%	%	NOUN
fbem-14600	140	42	level	level	NOUN
fbem-14600	140	43	)	)	PUNCT
fbem-14600	140	44	.	.	PUNCT
fbem-14600	141	1	this	this	PRON
fbem-14600	141	2	indicates	indicate	VERB
fbem-14600	141	3	that	that	SCONJ
fbem-14600	141	4	mean_pclevel	mean_pclevel	NOUN
fbem-14600	141	5	has	have	VERB
fbem-14600	141	6	good	good	ADJ
fbem-14600	141	7	explanatory	explanatory	ADJ
fbem-14600	141	8	power	power	NOUN
fbem-14600	141	9	for	for	ADP
fbem-14600	141	10	the	the	DET
fbem-14600	141	11	endogenous	endogenous	ADJ
fbem-14600	141	12	explanatory	explanatory	ADJ
fbem-14600	141	13	variable	variable	NOUN
fbem-14600	141	14	and	and	CCONJ
fbem-14600	141	15	is	be	AUX
fbem-14600	141	16	not	not	PART
fbem-14600	141	17	considered	consider	VERB
fbem-14600	141	18	a	a	DET
fbem-14600	141	19	weak	weak	ADJ
fbem-14600	141	20	instrumental	instrumental	ADJ
fbem-14600	141	21	variable	variable	NOUN
fbem-14600	141	22	.	.	PUNCT
fbem-14600	142	1	in	in	ADP
fbem-14600	142	2	summary	summary	NOUN
fbem-14600	142	3	,	,	PUNCT
fbem-14600	142	4	the	the	DET
fbem-14600	142	5	choice	choice	NOUN
fbem-14600	142	6	of	of	ADP
fbem-14600	142	7	instrumental	instrumental	ADJ
fbem-14600	142	8	variable	variable	NOUN
fbem-14600	142	9	in	in	ADP
fbem-14600	142	10	this	this	DET
fbem-14600	142	11	study	study	NOUN
fbem-14600	142	12	is	be	AUX
fbem-14600	142	13	reasonable	reasonable	ADJ
fbem-14600	142	14	.	.	PUNCT
fbem-14600	143	1	table	table	NOUN
fbem-14600	143	2	5	5	NUM
fbem-14600	143	3	below	below	ADP
fbem-14600	143	4	presents	present	VERB
fbem-14600	143	5	the	the	DET
fbem-14600	143	6	results	result	NOUN
fbem-14600	143	7	of	of	ADP
fbem-14600	143	8	the	the	DET
fbem-14600	143	9	2sls	2sls	PROPN
fbem-14600	143	10	regression	regression	NOUN
fbem-14600	143	11	.	.	PUNCT
fbem-14600	144	1	column	column	NOUN
fbem-14600	144	2	(	(	PUNCT
fbem-14600	144	3	1	1	X
fbem-14600	144	4	)	)	PUNCT
fbem-14600	144	5	is	be	AUX
fbem-14600	144	6	the	the	DET
fbem-14600	144	7	first	first	ADJ
fbem-14600	144	8	stage	stage	NOUN
fbem-14600	144	9	of	of	ADP
fbem-14600	144	10	2sls	2sls	NOUN
fbem-14600	144	11	,	,	PUNCT
fbem-14600	144	12	the	the	DET
fbem-14600	144	13	regression	regression	NOUN
fbem-14600	144	14	of	of	ADP
fbem-14600	144	15	the	the	DET
fbem-14600	144	16	instrumental	instrumental	ADJ
fbem-14600	144	17	variable	variable	NOUN
fbem-14600	144	18	(	(	PUNCT
fbem-14600	144	19	mean_pclevel	mean_pclevel	PROPN
fbem-14600	144	20	)	)	PUNCT
fbem-14600	144	21	on	on	ADP
fbem-14600	144	22	the	the	DET
fbem-14600	144	23	endogenous	endogenous	ADJ
fbem-14600	144	24	explanatory	explanatory	ADJ
fbem-14600	144	25	variable	variable	NOUN
fbem-14600	144	26	(	(	PUNCT
fbem-14600	144	27	pc	pc	NOUN
fbem-14600	144	28	)	)	PUNCT
fbem-14600	144	29	,	,	PUNCT
fbem-14600	144	30	with	with	ADP
fbem-14600	144	31	a	a	DET
fbem-14600	144	32	coefficient	coefficient	NOUN
fbem-14600	144	33	of	of	ADP
fbem-14600	144	34	0.337	0.337	NUM
fbem-14600	144	35	,	,	PUNCT
fbem-14600	144	36	significant	significant	ADJ
fbem-14600	144	37	at	at	ADP
fbem-14600	144	38	the	the	DET
fbem-14600	144	39	1	1	NUM
fbem-14600	144	40	%	%	NOUN
fbem-14600	144	41	level	level	NOUN
fbem-14600	144	42	.	.	PUNCT
fbem-14600	145	1	column	column	NOUN
fbem-14600	145	2	(	(	PUNCT
fbem-14600	145	3	2	2	X
fbem-14600	145	4	)	)	PUNCT
fbem-14600	145	5	shows	show	VERB
fbem-14600	145	6	the	the	DET
fbem-14600	145	7	results	result	NOUN
fbem-14600	145	8	of	of	ADP
fbem-14600	145	9	the	the	DET
fbem-14600	145	10	second	second	ADJ
fbem-14600	145	11	stage	stage	NOUN
fbem-14600	145	12	of	of	ADP
fbem-14600	145	13	2sls	2sls	NUM
fbem-14600	145	14	regression	regression	NOUN
fbem-14600	145	15	,	,	PUNCT
fbem-14600	145	16	where	where	SCONJ
fbem-14600	145	17	the	the	DET
fbem-14600	145	18	coefficient	coefficient	NOUN
fbem-14600	145	19	of	of	ADP
fbem-14600	145	20	pc	pc	NOUN
fbem-14600	145	21	is	be	AUX
fbem-14600	145	22	1.109	1.109	NUM
fbem-14600	145	23	,	,	PUNCT
fbem-14600	145	24	significant	significant	ADJ
fbem-14600	145	25	at	at	ADP
fbem-14600	145	26	the	the	DET
fbem-14600	145	27	5	5	NUM
fbem-14600	145	28	%	%	NOUN
fbem-14600	145	29	confidence	confidence	NOUN
fbem-14600	145	30	level	level	NOUN
fbem-14600	145	31	.	.	PUNCT
fbem-14600	146	1	this	this	PRON
fbem-14600	146	2	implies	imply	VERB
fbem-14600	146	3	that	that	SCONJ
fbem-14600	146	4	even	even	ADV
fbem-14600	146	5	after	after	ADP
fbem-14600	146	6	considering	consider	VERB
fbem-14600	146	7	potential	potential	ADJ
fbem-14600	146	8	endogeneity	endogeneity	NOUN
fbem-14600	146	9	issues	issue	NOUN
fbem-14600	146	10	,	,	PUNCT
fbem-14600	146	11	the	the	DET
fbem-14600	146	12	positive	positive	ADJ
fbem-14600	146	13	impact	impact	NOUN
fbem-14600	146	14	of	of	ADP
fbem-14600	146	15	political	political	ADJ
fbem-14600	146	16	connections	connection	NOUN
fbem-14600	146	17	on	on	ADP
fbem-14600	146	18	the	the	DET
fbem-14600	146	19	level	level	NOUN
fbem-14600	146	20	of	of	ADP
fbem-14600	146	21	accounting	accounting	NOUN
fbem-14600	146	22	investor	investor	NOUN
fbem-14600	146	23	protection	protection	NOUN
fbem-14600	146	24	remains	remain	VERB
fbem-14600	146	25	significant	significant	ADJ
fbem-14600	146	26	.	.	PUNCT
fbem-14600	147	1	therefore	therefore	ADV
fbem-14600	147	2	,	,	PUNCT
fbem-14600	147	3	the	the	DET
fbem-14600	147	4	conclusion	conclusion	NOUN
fbem-14600	147	5	of	of	ADP
fbem-14600	147	6	hypothesis	hypothesis	NOUN
fbem-14600	147	7	1	1	NUM
fbem-14600	147	8	is	be	AUX
fbem-14600	147	9	robust	robust	ADJ
fbem-14600	147	10	.	.	PUNCT
fbem-14600	147	11	table	table	NOUN
fbem-14600	147	12	5	5	NUM
fbem-14600	147	13	.	.	PUNCT
fbem-14600	148	1	instrumental	instrumental	ADJ
fbem-14600	148	2	variable	variable	ADJ
fbem-14600	148	3	regression	regression	NOUN
fbem-14600	148	4	results	result	NOUN
fbem-14600	148	5	(	(	PUNCT
fbem-14600	148	6	1	1	NUM
fbem-14600	148	7	)	)	PUNCT
fbem-14600	148	8	(	(	PUNCT
fbem-14600	148	9	2	2	X
fbem-14600	148	10	)	)	PUNCT
fbem-14600	148	11	first	first	ADJ
fbem-14600	148	12	second	second	ADJ
fbem-14600	148	13	variables	variable	NOUN
fbem-14600	148	14	pc	pc	VERB
fbem-14600	148	15	ip	ip	NOUN
fbem-14600	148	16	mean_pclevel	mean_pclevel	NOUN
fbem-14600	148	17	0.337	0.337	NUM
fbem-14600	148	18	*	*	PUNCT
fbem-14600	148	19	*	*	PUNCT
fbem-14600	148	20	*	*	PUNCT
fbem-14600	148	21	(	(	PUNCT
fbem-14600	148	22	0.019	0.019	NUM
fbem-14600	148	23	)	)	PUNCT
fbem-14600	148	24	pc	pc	NOUN
fbem-14600	148	25	1.109	1.109	NUM
fbem-14600	148	26	*	*	PUNCT
fbem-14600	148	27	*	*	PUNCT
fbem-14600	148	28	(	(	PUNCT
fbem-14600	148	29	2.10	2.10	NUM
fbem-14600	148	30	)	)	PUNCT
fbem-14600	148	31	size	size	NOUN
fbem-14600	148	32	0.042	0.042	NUM
fbem-14600	148	33	*	*	PUNCT
fbem-14600	148	34	*	*	PUNCT
fbem-14600	148	35	*	*	PUNCT
fbem-14600	148	36	0.611	0.611	NUM
fbem-14600	148	37	*	*	PUNCT
fbem-14600	148	38	*	*	PUNCT
fbem-14600	148	39	*	*	PUNCT
fbem-14600	148	40	(	(	PUNCT
fbem-14600	148	41	0.004	0.004	NUM
fbem-14600	148	42	)	)	PUNCT
fbem-14600	148	43	(	(	PUNCT
fbem-14600	148	44	15.08	15.08	NUM
fbem-14600	148	45	)	)	PUNCT
fbem-14600	148	46	lev	lev	NOUN
fbem-14600	148	47	-0.022	-0.022	PROPN
fbem-14600	148	48	*	*	PUNCT
fbem-14600	148	49	*	*	PUNCT
fbem-14600	148	50	*	*	PUNCT
fbem-14600	148	51	-1.580	-1.580	PROPN
fbem-14600	148	52	*	*	PUNCT
fbem-14600	148	53	*	*	PUNCT
fbem-14600	148	54	*	*	PUNCT
fbem-14600	148	55	(	(	PUNCT
fbem-14600	148	56	0.009	0.009	NUM
fbem-14600	148	57	)	)	PUNCT
fbem-14600	148	58	(	(	PUNCT
fbem-14600	148	59	-20.07	-20.07	NOUN
fbem-14600	148	60	)	)	PUNCT
fbem-14600	148	61	roa	roa	NOUN
fbem-14600	148	62	-0.002	-0.002	PUNCT
fbem-14600	148	63	0.128	0.128	NUM
fbem-14600	148	64	(	(	PUNCT
fbem-14600	148	65	0.014	0.014	NUM
fbem-14600	148	66	)	)	PUNCT
fbem-14600	148	67	(	(	PUNCT
fbem-14600	148	68	0.97	0.97	NUM
fbem-14600	148	69	)	)	PUNCT
fbem-14600	148	70	fee	fee	NOUN
fbem-14600	148	71	-0.040	-0.040	NUM
fbem-14600	148	72	*	*	PUNCT
fbem-14600	148	73	*	*	PUNCT
fbem-14600	148	74	*	*	PUNCT
fbem-14600	148	75	0.284	0.284	NUM
fbem-14600	148	76	*	*	PUNCT
fbem-14600	148	77	*	*	PUNCT
fbem-14600	148	78	*	*	PUNCT
fbem-14600	148	79	(	(	PUNCT
fbem-14600	148	80	0.007	0.007	NUM
fbem-14600	148	81	)	)	PUNCT
fbem-14600	148	82	(	(	PUNCT
fbem-14600	148	83	4.42	4.42	NUM
fbem-14600	148	84	)	)	PUNCT
fbem-14600	148	85	pay	pay	NOUN
fbem-14600	148	86	-0.046	-0.046	NOUN
fbem-14600	148	87	*	*	PUNCT
fbem-14600	148	88	*	*	PUNCT
fbem-14600	148	89	*	*	PUNCT
fbem-14600	148	90	1.338	1.338	NUM
fbem-14600	148	91	*	*	PUNCT
fbem-14600	148	92	*	*	PUNCT
fbem-14600	148	93	*	*	PUNCT
fbem-14600	148	94	(	(	PUNCT
fbem-14600	148	95	0.005	0.005	NUM
fbem-14600	148	96	)	)	PUNCT
fbem-14600	148	97	(	(	PUNCT
fbem-14600	148	98	26.30	26.30	NUM
fbem-14600	148	99	)	)	PUNCT
fbem-14600	148	100	growth	growth	NOUN
fbem-14600	148	101	0.000	0.000	NUM
fbem-14600	148	102	-0.001	-0.001	NOUN
fbem-14600	148	103	*	*	PUNCT
fbem-14600	148	104	(	(	PUNCT
fbem-14600	148	105	0.000	0.000	NUM
fbem-14600	148	106	)	)	PUNCT
fbem-14600	148	107	(	(	PUNCT
fbem-14600	148	108	-1.80	-1.80	X
fbem-14600	148	109	)	)	PUNCT
fbem-14600	148	110	cv	cv	PROPN
fbem-14600	148	111	-0.001	-0.001	PROPN
fbem-14600	148	112	*	*	PROPN
fbem-14600	148	113	0.012	0.012	NUM
fbem-14600	148	114	*	*	PUNCT
fbem-14600	148	115	*	*	PUNCT
fbem-14600	148	116	*	*	PUNCT
fbem-14600	148	117	(	(	PUNCT
fbem-14600	148	118	0.000	0.000	NUM
fbem-14600	148	119	)	)	PUNCT
fbem-14600	148	120	(	(	PUNCT
fbem-14600	148	121	3.32	3.32	NUM
fbem-14600	148	122	)	)	PUNCT
fbem-14600	148	123	top	top	NOUN
fbem-14600	148	124	-0.022	-0.022	NOUN
fbem-14600	148	125	1.793	1.793	NUM
fbem-14600	148	126	*	*	PUNCT
fbem-14600	148	127	*	*	PUNCT
fbem-14600	148	128	*	*	PUNCT
fbem-14600	148	129	(	(	PUNCT
fbem-14600	148	130	0.021	0.021	NUM
fbem-14600	148	131	)	)	PUNCT
fbem-14600	148	132	(	(	PUNCT
fbem-14600	148	133	9.24	9.24	NUM
fbem-14600	148	134	)	)	PUNCT
fbem-14600	148	135	dual	dual	ADJ
fbem-14600	148	136	-0.054	-0.054	NOUN
fbem-14600	148	137	*	*	PUNCT
fbem-14600	148	138	*	*	PUNCT
fbem-14600	148	139	*	*	PUNCT
fbem-14600	148	140	-0.364	-0.364	X
fbem-14600	148	141	*	*	PUNCT
fbem-14600	148	142	*	*	PUNCT
fbem-14600	148	143	*	*	PUNCT
fbem-14600	148	144	(	(	PUNCT
fbem-14600	148	145	0.007	0.007	NUM
fbem-14600	148	146	)	)	PUNCT
fbem-14600	148	147	(	(	PUNCT
fbem-14600	148	148	-5.35	-5.35	NOUN
fbem-14600	148	149	)	)	PUNCT
fbem-14600	148	150	soe	soe	PROPN
fbem-14600	148	151	-0.101	-0.101	NOUN
fbem-14600	148	152	*	*	PUNCT
fbem-14600	148	153	*	*	PUNCT
fbem-14600	148	154	*	*	PUNCT
fbem-14600	148	155	0.890	0.890	NUM
fbem-14600	148	156	*	*	PUNCT
fbem-14600	148	157	*	*	PUNCT
fbem-14600	148	158	*	*	PUNCT
fbem-14600	148	159	(	(	PUNCT
fbem-14600	148	160	0.007	0.007	NUM
fbem-14600	148	161	)	)	PUNCT
fbem-14600	148	162	(	(	PUNCT
fbem-14600	148	163	10.34	10.34	NUM
fbem-14600	148	164	)	)	PUNCT
fbem-14600	148	165	constant	constant	ADJ
fbem-14600	148	166	0.380	0.380	NUM
fbem-14600	148	167	*	*	PUNCT
fbem-14600	148	168	*	*	PUNCT
fbem-14600	148	169	*	*	PUNCT
fbem-14600	148	170	17.363	17.363	NUM
fbem-14600	148	171	*	*	PUNCT
fbem-14600	148	172	*	*	PUNCT
fbem-14600	148	173	*	*	PUNCT
fbem-14600	148	174	(	(	PUNCT
fbem-14600	148	175	0.075	0.075	NUM
fbem-14600	148	176	)	)	PUNCT
fbem-14600	148	177	(	(	PUNCT
fbem-14600	148	178	22.79	22.79	NUM
fbem-14600	148	179	)	)	PUNCT
fbem-14600	148	180	yearfe	yearfe	ADV
fbem-14600	149	1	yes	yes	INTJ
fbem-14600	149	2	yes	yes	INTJ
fbem-14600	150	1	indfe	indfe	INTJ
fbem-14600	151	1	yes	yes	INTJ
fbem-14600	151	2	yes	yes	INTJ
fbem-14600	151	3	observations	observation	NOUN
fbem-14600	151	4	23,576	23,576	NUM
fbem-14600	151	5	23,576	23,576	NUM
fbem-14600	151	6	r	r	NOUN
fbem-14600	151	7	-	-	PUNCT
fbem-14600	151	8	squared	square	VERB
fbem-14600	151	9	0.027	0.027	NUM
fbem-14600	151	10	0.160	0.160	NUM
fbem-14600	151	11	6	6	NUM
fbem-14600	151	12	.	.	PUNCT
fbem-14600	152	1	mediation	mediation	NOUN
fbem-14600	152	2	mechanism	mechanism	NOUN
fbem-14600	152	3	test	test	NOUN
fbem-14600	152	4	table	table	NOUN
fbem-14600	152	5	6	6	NUM
fbem-14600	152	6	presents	present	VERB
fbem-14600	152	7	the	the	DET
fbem-14600	152	8	results	result	NOUN
fbem-14600	152	9	of	of	ADP
fbem-14600	152	10	the	the	DET
fbem-14600	152	11	direct	direct	ADJ
fbem-14600	152	12	relationship	relationship	NOUN
fbem-14600	152	13	between	between	ADP
fbem-14600	152	14	the	the	DET
fbem-14600	152	15	degree	degree	NOUN
fbem-14600	152	16	of	of	ADP
fbem-14600	152	17	political	political	ADJ
fbem-14600	152	18	association	association	NOUN
fbem-14600	152	19	transformation	transformation	NOUN
fbem-14600	152	20	and	and	CCONJ
fbem-14600	152	21	investor	investor	NOUN
fbem-14600	152	22	protection	protection	NOUN
fbem-14600	152	23	.	.	PUNCT
fbem-14600	153	1	in	in	ADP
fbem-14600	153	2	column	column	NOUN
fbem-14600	153	3	(	(	PUNCT
fbem-14600	153	4	1	1	NUM
fbem-14600	153	5	)	)	PUNCT
fbem-14600	153	6	,	,	PUNCT
fbem-14600	153	7	the	the	DET
fbem-14600	153	8	coefficient	coefficient	NOUN
fbem-14600	153	9	for	for	ADP
fbem-14600	153	10	political	political	ADJ
fbem-14600	153	11	association	association	NOUN
fbem-14600	153	12	(	(	PUNCT
fbem-14600	153	13	pc	pc	NOUN
fbem-14600	153	14	)	)	PUNCT
fbem-14600	153	15	is	be	AUX
fbem-14600	153	16	0.2215	0.2215	NUM
fbem-14600	153	17	,	,	PUNCT
fbem-14600	153	18	indicating	indicate	VERB
fbem-14600	153	19	a	a	DET
fbem-14600	153	20	total	total	ADJ
fbem-14600	153	21	effect	effect	NOUN
fbem-14600	153	22	on	on	ADP
fbem-14600	153	23	investor	investor	NOUN
fbem-14600	153	24	protection	protection	NOUN
fbem-14600	153	25	of	of	ADP
fbem-14600	153	26	0.2215	0.2215	NUM
fbem-14600	153	27	,	,	PUNCT
fbem-14600	153	28	significant	significant	ADJ
fbem-14600	153	29	at	at	ADP
fbem-14600	153	30	the	the	DET
fbem-14600	153	31	1	1	NUM
fbem-14600	153	32	%	%	NOUN
fbem-14600	153	33	level	level	NOUN
fbem-14600	153	34	.	.	PUNCT
fbem-14600	154	1	in	in	ADP
fbem-14600	154	2	column	column	NOUN
fbem-14600	154	3	(	(	PUNCT
fbem-14600	154	4	2	2	NUM
fbem-14600	154	5	)	)	PUNCT
fbem-14600	154	6	,	,	PUNCT
fbem-14600	154	7	the	the	DET
fbem-14600	154	8	regression	regression	NOUN
fbem-14600	154	9	coefficient	coefficient	NOUN
fbem-14600	154	10	for	for	ADP
fbem-14600	154	11	the	the	DET
fbem-14600	154	12	relationship	relationship	NOUN
fbem-14600	154	13	between	between	ADP
fbem-14600	154	14	political	political	ADJ
fbem-14600	154	15	association	association	NOUN
fbem-14600	154	16	and	and	CCONJ
fbem-14600	154	17	the	the	DET
fbem-14600	154	18	level	level	NOUN
fbem-14600	154	19	of	of	ADP
fbem-14600	154	20	corporate	corporate	ADJ
fbem-14600	154	21	transparency	transparency	NOUN
fbem-14600	154	22	is	be	AUX
fbem-14600	154	23	0.0655	0.0655	NUM
fbem-14600	154	24	,	,	PUNCT
fbem-14600	154	25	significant	significant	ADJ
fbem-14600	154	26	at	at	ADP
fbem-14600	154	27	the	the	DET
fbem-14600	154	28	1	1	NUM
fbem-14600	154	29	%	%	NOUN
fbem-14600	154	30	level	level	NOUN
fbem-14600	154	31	.	.	PUNCT
fbem-14600	155	1	this	this	PRON
fbem-14600	155	2	suggests	suggest	VERB
fbem-14600	155	3	that	that	SCONJ
fbem-14600	155	4	a	a	DET
fbem-14600	155	5	positive	positive	ADJ
fbem-14600	155	6	transformation	transformation	NOUN
fbem-14600	155	7	in	in	ADP
fbem-14600	155	8	political	political	ADJ
fbem-14600	155	9	association	association	NOUN
fbem-14600	155	10	enhances	enhance	VERB
fbem-14600	155	11	corporate	corporate	ADJ
fbem-14600	155	12	transparency	transparency	NOUN
fbem-14600	155	13	.	.	PUNCT
fbem-14600	156	1	in	in	ADP
fbem-14600	156	2	column	column	NOUN
fbem-14600	156	3	(	(	PUNCT
fbem-14600	156	4	3	3	NUM
fbem-14600	156	5	)	)	PUNCT
fbem-14600	156	6	,	,	PUNCT
fbem-14600	156	7	when	when	SCONJ
fbem-14600	156	8	both	both	DET
fbem-14600	156	9	political	political	ADJ
fbem-14600	156	10	association	association	NOUN
fbem-14600	156	11	and	and	CCONJ
fbem-14600	156	12	the	the	DET
fbem-14600	156	13	level	level	NOUN
fbem-14600	156	14	of	of	ADP
fbem-14600	156	15	corporate	corporate	ADJ
fbem-14600	156	16	transparency	transparency	NOUN
fbem-14600	156	17	are	be	AUX
fbem-14600	156	18	included	include	VERB
fbem-14600	156	19	in	in	ADP
fbem-14600	156	20	the	the	DET
fbem-14600	156	21	regression	regression	NOUN
fbem-14600	156	22	model	model	NOUN
fbem-14600	156	23	for	for	ADP
fbem-14600	156	24	investor	investor	NOUN
fbem-14600	156	25	protection	protection	NOUN
fbem-14600	156	26	,	,	PUNCT
fbem-14600	156	27	the	the	DET
fbem-14600	156	28	coefficient	coefficient	NOUN
fbem-14600	156	29	for	for	ADP
fbem-14600	156	30	political	political	ADJ
fbem-14600	156	31	association	association	NOUN
fbem-14600	156	32	remains	remain	VERB
fbem-14600	156	33	significant	significant	ADJ
fbem-14600	156	34	at	at	ADP
fbem-14600	156	35	the	the	DET
fbem-14600	156	36	5	5	NUM
fbem-14600	156	37	%	%	NOUN
fbem-14600	156	38	confidence	confidence	NOUN
fbem-14600	156	39	level	level	NOUN
fbem-14600	156	40	.	.	PUNCT
fbem-14600	157	1	however	however	ADV
fbem-14600	157	2	,	,	PUNCT
fbem-14600	157	3	the	the	DET
fbem-14600	157	4	coefficient	coefficient	NOUN
fbem-14600	157	5	decreases	decrease	VERB
fbem-14600	157	6	from	from	ADP
fbem-14600	157	7	0.2169	0.2169	NUM
fbem-14600	157	8	in	in	ADP
fbem-14600	157	9	the	the	DET
fbem-14600	157	10	first	first	ADJ
fbem-14600	157	11	step	step	NOUN
fbem-14600	157	12	to	to	ADP
fbem-14600	157	13	0.1341	0.1341	NUM
fbem-14600	157	14	,	,	PUNCT
fbem-14600	157	15	while	while	SCONJ
fbem-14600	157	16	the	the	DET
fbem-14600	157	17	coefficient	coefficient	NOUN
fbem-14600	157	18	for	for	ADP
fbem-14600	157	19	corporate	corporate	ADJ
fbem-14600	157	20	transparency	transparency	NOUN
fbem-14600	157	21	is	be	AUX
fbem-14600	157	22	1.3329	1.3329	NUM
fbem-14600	157	23	,	,	PUNCT
fbem-14600	157	24	significant	significant	ADJ
fbem-14600	157	25	at	at	ADP
fbem-14600	157	26	the	the	DET
fbem-14600	157	27	1	1	NUM
fbem-14600	157	28	%	%	NOUN
fbem-14600	157	29	level	level	NOUN
fbem-14600	157	30	.	.	PUNCT
fbem-14600	158	1	this	this	PRON
fbem-14600	158	2	indicates	indicate	VERB
fbem-14600	158	3	that	that	SCONJ
fbem-14600	158	4	the	the	DET
fbem-14600	158	5	level	level	NOUN
fbem-14600	158	6	of	of	ADP
fbem-14600	158	7	corporate	corporate	ADJ
fbem-14600	158	8	transparency	transparency	NOUN
fbem-14600	158	9	acts	act	VERB
fbem-14600	158	10	as	as	ADP
fbem-14600	158	11	an	an	DET
fbem-14600	158	12	intermediary	intermediary	ADJ
fbem-14600	158	13	variable	variable	NOUN
fbem-14600	158	14	in	in	ADP
fbem-14600	158	15	the	the	DET
fbem-14600	158	16	driving	drive	VERB
fbem-14600	158	17	effect	effect	NOUN
fbem-14600	158	18	of	of	ADP
fbem-14600	158	19	political	political	ADJ
fbem-14600	158	20	association	association	NOUN
fbem-14600	158	21	transformation	transformation	NOUN
fbem-14600	158	22	on	on	ADP
fbem-14600	158	23	investor	investor	NOUN
fbem-14600	158	24	protection	protection	NOUN
fbem-14600	158	25	.	.	PUNCT
fbem-14600	159	1	specifically	specifically	ADV
fbem-14600	159	2	,	,	PUNCT
fbem-14600	159	3	the	the	DET
fbem-14600	159	4	total	total	ADJ
fbem-14600	159	5	effect	effect	NOUN
fbem-14600	159	6	of	of	ADP
fbem-14600	159	7	political	political	ADJ
fbem-14600	159	8	association	association	NOUN
fbem-14600	159	9	on	on	ADP
fbem-14600	159	10	investor	investor	NOUN
fbem-14600	159	11	protection	protection	NOUN
fbem-14600	159	12	is	be	AUX
fbem-14600	159	13	0.2215	0.2215	NUM
fbem-14600	159	14	,	,	PUNCT
fbem-14600	159	15	and	and	CCONJ
fbem-14600	159	16	the	the	DET
fbem-14600	159	17	indirect	indirect	ADJ
fbem-14600	159	18	effect	effect	NOUN
fbem-14600	159	19	of	of	ADP
fbem-14600	159	20	improving	improve	VERB
fbem-14600	159	21	corporate	corporate	ADJ
fbem-14600	159	22	transparency	transparency	NOUN
fbem-14600	159	23	as	as	ADP
fbem-14600	159	24	a	a	DET
fbem-14600	159	25	mediator	mediator	NOUN
fbem-14600	159	26	is	be	AUX
fbem-14600	159	27	0.0873	0.0873	NUM
fbem-14600	159	28	(=	(=	NOUN
fbem-14600	159	29	0.0655	0.0655	NUM
fbem-14600	159	30	*	*	VERB
fbem-14600	159	31	1.3329	1.3329	NUM
fbem-14600	159	32	)	)	PUNCT
fbem-14600	159	33	,	,	PUNCT
fbem-14600	159	34	representing	represent	VERB
fbem-14600	159	35	approximately	approximately	ADV
fbem-14600	159	36	39.4	39.4	NUM
fbem-14600	159	37	%	%	NOUN
fbem-14600	159	38	of	of	ADP
fbem-14600	159	39	the	the	DET
fbem-14600	159	40	total	total	ADJ
fbem-14600	159	41	effect	effect	NOUN
fbem-14600	159	42	.	.	PUNCT
fbem-14600	160	1	to	to	PART
fbem-14600	160	2	further	far	ADV
fbem-14600	160	3	validate	validate	VERB
fbem-14600	160	4	the	the	DET
fbem-14600	160	5	reliability	reliability	NOUN
fbem-14600	160	6	of	of	ADP
fbem-14600	160	7	this	this	DET
fbem-14600	160	8	mediation	mediation	NOUN
fbem-14600	160	9	test	test	NOUN
fbem-14600	160	10	,	,	PUNCT
fbem-14600	160	11	sobel	sobel	NOUN
fbem-14600	160	12	and	and	CCONJ
fbem-14600	160	13	bootstrap	bootstrap	NOUN
fbem-14600	160	14	methods	method	NOUN
fbem-14600	160	15	(	(	PUNCT
fbem-14600	160	16	500	500	NUM
fbem-14600	160	17	times	time	NOUN
fbem-14600	160	18	with	with	ADP
fbem-14600	160	19	replacement	replacement	NOUN
fbem-14600	160	20	)	)	PUNCT
fbem-14600	160	21	were	be	AUX
fbem-14600	160	22	employed	employ	VERB
fbem-14600	160	23	,	,	PUNCT
fbem-14600	160	24	confirming	confirm	VERB
fbem-14600	160	25	the	the	DET
fbem-14600	160	26	existence	existence	NOUN
fbem-14600	160	27	of	of	ADP
fbem-14600	160	28	the	the	DET
fbem-14600	160	29	mediation	mediation	NOUN
fbem-14600	160	30	effect	effect	NOUN
fbem-14600	160	31	.	.	PUNCT
fbem-14600	161	1	furthermore	furthermore	ADV
fbem-14600	161	2	,	,	PUNCT
fbem-14600	161	3	a	a	DET
fbem-14600	161	4	mediation	mediation	NOUN
fbem-14600	161	5	test	test	NOUN
fbem-14600	161	6	was	be	AUX
fbem-14600	161	7	conducted	conduct	VERB
fbem-14600	161	8	using	use	VERB
fbem-14600	161	9	the	the	DET
fbem-14600	161	10	level	level	NOUN
fbem-14600	161	11	of	of	ADP
fbem-14600	161	12	political	political	ADJ
fbem-14600	161	13	association	association	NOUN
fbem-14600	161	14	(	(	PUNCT
fbem-14600	161	15	pclevel	pclevel	ADJ
fbem-14600	161	16	)	)	PUNCT
fbem-14600	161	17	,	,	PUNCT
fbem-14600	161	18	and	and	CCONJ
fbem-14600	161	19	the	the	DET
fbem-14600	161	20	results	result	NOUN
fbem-14600	161	21	are	be	AUX
fbem-14600	161	22	shown	show	VERB
fbem-14600	161	23	in	in	ADP
fbem-14600	161	24	table	table	NOUN
fbem-14600	161	25	7	7	NUM
fbem-14600	161	26	.	.	PUNCT
fbem-14600	162	1	in	in	ADP
fbem-14600	162	2	summary	summary	NOUN
fbem-14600	162	3	,	,	PUNCT
fbem-14600	162	4	hypothesis	hypothesis	NOUN
fbem-14600	162	5	h2	h2	NOUN
fbem-14600	162	6	is	be	AUX
fbem-14600	162	7	validated	validate	VERB
fbem-14600	162	8	.	.	PUNCT
fbem-14600	163	1	table	table	NOUN
fbem-14600	163	2	6	6	NUM
fbem-14600	163	3	.	.	PUNCT
fbem-14600	163	4	presents	present	VERB
fbem-14600	163	5	the	the	DET
fbem-14600	163	6	regression	regression	NOUN
fbem-14600	163	7	results	result	NOUN
fbem-14600	163	8	for	for	ADP
fbem-14600	163	9	testing	test	VERB
fbem-14600	163	10	the	the	DET
fbem-14600	163	11	mediating	mediate	VERB
fbem-14600	163	12	effect	effect	NOUN
fbem-14600	163	13	of	of	ADP
fbem-14600	163	14	political	political	ADJ
fbem-14600	163	15	connections	connection	NOUN
fbem-14600	163	16	(	(	PUNCT
fbem-14600	163	17	pc	pc	NOUN
fbem-14600	163	18	)	)	PUNCT
fbem-14600	163	19	.	.	PUNCT
fbem-14600	164	1	(	(	PUNCT
fbem-14600	164	2	1	1	X
fbem-14600	164	3	)	)	PUNCT
fbem-14600	164	4	(	(	PUNCT
fbem-14600	164	5	2	2	NUM
fbem-14600	164	6	)	)	PUNCT
fbem-14600	164	7	(	(	PUNCT
fbem-14600	164	8	3	3	X
fbem-14600	164	9	)	)	PUNCT
fbem-14600	164	10	ip	ip	NOUN
fbem-14600	164	11	dscore	dscore	ADJ
fbem-14600	164	12	ip	ip	ADV
fbem-14600	164	13	dscore	dscore	ADJ
fbem-14600	164	14	1.3329	1.3329	NUM
fbem-14600	164	15	*	*	PUNCT
fbem-14600	164	16	*	*	PUNCT
fbem-14600	164	17	*	*	PUNCT
fbem-14600	164	18	(	(	PUNCT
fbem-14600	164	19	30.9796	30.9796	NUM
fbem-14600	164	20	)	)	PUNCT
fbem-14600	164	21	pc	pc	NOUN
fbem-14600	164	22	0.2215	0.2215	NUM
fbem-14600	164	23	*	*	PUNCT
fbem-14600	164	24	*	*	PUNCT
fbem-14600	164	25	*	*	PUNCT
fbem-14600	164	26	0.0655	0.0655	PUNCT
fbem-14600	164	27	*	*	PUNCT
fbem-14600	164	28	*	*	PUNCT
fbem-14600	164	29	*	*	PUNCT
fbem-14600	164	30	0.1341	0.1341	NUM
fbem-14600	164	31	*	*	SYM
fbem-14600	164	32	*	*	PUNCT
fbem-14600	164	33	(	(	PUNCT
fbem-14600	164	34	3.7741	3.7741	NUM
fbem-14600	164	35	)	)	PUNCT
fbem-14600	164	36	(	(	PUNCT
fbem-14600	164	37	7.5202	7.5202	NUM
fbem-14600	164	38	)	)	PUNCT
fbem-14600	164	39	(	(	PUNCT
fbem-14600	164	40	2.3288	2.3288	NUM
fbem-14600	164	41	)	)	PUNCT
fbem-14600	164	42	size	size	NOUN
fbem-14600	164	43	0.7144	0.7144	NUM
fbem-14600	164	44	*	*	PUNCT
fbem-14600	164	45	*	*	PUNCT
fbem-14600	164	46	*	*	PUNCT
fbem-14600	164	47	0.1371	0.1371	NUM
fbem-14600	164	48	*	*	PUNCT
fbem-14600	164	49	*	*	PUNCT
fbem-14600	164	50	*	*	PUNCT
fbem-14600	165	1	0.5316	0.5316	NUM
fbem-14600	165	2	*	*	PUNCT
fbem-14600	165	3	*	*	PUNCT
fbem-14600	165	4	*	*	PUNCT
fbem-14600	165	5	(	(	PUNCT
fbem-14600	165	6	20.6652	20.6652	NUM
fbem-14600	165	7	)	)	PUNCT
fbem-14600	165	8	(	(	PUNCT
fbem-14600	165	9	26.7113	26.7113	NUM
fbem-14600	165	10	)	)	PUNCT
fbem-14600	165	11	(	(	PUNCT
fbem-14600	165	12	15.4553	15.4553	NUM
fbem-14600	165	13	)	)	PUNCT
fbem-14600	165	14	lev	lev	NOUN
fbem-14600	165	15	-1.6634	-1.6634	PROPN
fbem-14600	165	16	*	*	PUNCT
fbem-14600	165	17	*	*	PUNCT
fbem-14600	165	18	*	*	PUNCT
fbem-14600	165	19	-0.2485	-0.2485	X
fbem-14600	165	20	*	*	PUNCT
fbem-14600	165	21	*	*	PUNCT
fbem-14600	165	22	*	*	PUNCT
fbem-14600	165	23	-1.3322	-1.3322	X
fbem-14600	165	24	*	*	PUNCT
fbem-14600	165	25	*	*	PUNCT
fbem-14600	165	26	*	*	PUNCT
fbem-14600	165	27	(	(	PUNCT
fbem-14600	165	28	-21.6555	-21.6555	NOUN
fbem-14600	165	29	)	)	PUNCT
fbem-14600	165	30	(	(	PUNCT
fbem-14600	165	31	-21.7858	-21.7858	X
fbem-14600	165	32	)	)	PUNCT
fbem-14600	165	33	(	(	PUNCT
fbem-14600	165	34	-17.5170	-17.5170	X
fbem-14600	165	35	)	)	PUNCT
fbem-14600	165	36	roa	roa	NOUN
fbem-14600	165	37	0.0161	0.0161	NUM
fbem-14600	165	38	0.2589	0.2589	NUM
fbem-14600	165	39	*	*	PUNCT
fbem-14600	165	40	*	*	PUNCT
fbem-14600	165	41	*	*	PUNCT
fbem-14600	165	42	-0.3290	-0.3290	PROPN
fbem-14600	165	43	*	*	PUNCT
fbem-14600	165	44	*	*	PUNCT
fbem-14600	165	45	*	*	PUNCT
fbem-14600	165	46	(	(	PUNCT
fbem-14600	165	47	0.1263	0.1263	NUM
fbem-14600	165	48	)	)	PUNCT
fbem-14600	165	49	(	(	PUNCT
fbem-14600	165	50	13.6538	13.6538	NUM
fbem-14600	165	51	)	)	PUNCT
fbem-14600	165	52	(	(	PUNCT
fbem-14600	165	53	-2.6181	-2.6181	PROPN
fbem-14600	165	54	)	)	PUNCT
fbem-14600	165	55	fee	fee	NOUN
fbem-14600	165	56	0.3860	0.3860	NOUN
fbem-14600	165	57	*	*	PUNCT
fbem-14600	165	58	*	*	PUNCT
fbem-14600	165	59	*	*	PUNCT
fbem-14600	165	60	-0.1763	-0.1763	PUNCT
fbem-14600	165	61	*	*	PUNCT
fbem-14600	165	62	*	*	PUNCT
fbem-14600	165	63	*	*	PUNCT
fbem-14600	165	64	0.6209	0.6209	NUM
fbem-14600	165	65	*	*	PUNCT
fbem-14600	165	66	*	*	PUNCT
fbem-14600	165	67	*	*	PUNCT
fbem-14600	165	68	(	(	PUNCT
fbem-14600	165	69	6.2796	6.2796	NUM
fbem-14600	165	70	)	)	PUNCT
fbem-14600	165	71	(	(	PUNCT
fbem-14600	165	72	-19.3101	-19.3101	CCONJ
fbem-14600	165	73	)	)	PUNCT
fbem-14600	165	74	(	(	PUNCT
fbem-14600	165	75	10.2250	10.2250	NUM
fbem-14600	165	76	)	)	PUNCT
fbem-14600	165	77	pay	pay	VERB
fbem-14600	165	78	1.2206	1.2206	NUM
fbem-14600	165	79	*	*	PUNCT
fbem-14600	165	80	*	*	PUNCT
fbem-14600	165	81	*	*	PUNCT
fbem-14600	165	82	0.1946	0.1946	NUM
fbem-14600	165	83	*	*	PUNCT
fbem-14600	165	84	*	*	PUNCT
fbem-14600	165	85	*	*	X
fbem-14600	165	86	0.9613	0.9613	NUM
fbem-14600	165	87	*	*	PUNCT
fbem-14600	165	88	*	*	PUNCT
fbem-14600	165	89	*	*	PUNCT
fbem-14600	165	90	(	(	PUNCT
fbem-14600	165	91	26.4378	26.4378	NUM
fbem-14600	165	92	)	)	PUNCT
fbem-14600	165	93	(	(	PUNCT
fbem-14600	165	94	28.3758	28.3758	NUM
fbem-14600	165	95	)	)	PUNCT
fbem-14600	165	96	(	(	PUNCT
fbem-14600	165	97	20.8864	20.8864	NUM
fbem-14600	165	98	)	)	PUNCT
fbem-14600	165	99	growth	growth	NOUN
fbem-14600	165	100	-0.0005	-0.0005	NOUN
fbem-14600	165	101	*	*	PUNCT
fbem-14600	165	102	-0.0000	-0.0000	X
fbem-14600	165	103	-0.0004	-0.0004	X
fbem-14600	165	104	(	(	PUNCT
fbem-14600	165	105	-1.6968	-1.6968	PROPN
fbem-14600	165	106	)	)	PUNCT
fbem-14600	165	107	(	(	PUNCT
fbem-14600	165	108	-0.7749	-0.7749	NOUN
fbem-14600	165	109	)	)	PUNCT
fbem-14600	165	110	(	(	PUNCT
fbem-14600	165	111	-1.5745	-1.5745	PROPN
fbem-14600	165	112	)	)	PUNCT
fbem-14600	165	113	cv	cv	PROPN
fbem-14600	165	114	0.0058	0.0058	NUM
fbem-14600	165	115	-0.0006	-0.0006	NOUN
fbem-14600	165	116	0.0067	0.0067	NUM
fbem-14600	165	117	*	*	PUNCT
fbem-14600	165	118	(	(	PUNCT
fbem-14600	165	119	1.5885	1.5885	NUM
fbem-14600	165	120	)	)	PUNCT
fbem-14600	165	121	(	(	PUNCT
fbem-14600	165	122	-1.1991	-1.1991	PROPN
fbem-14600	165	123	)	)	PUNCT
fbem-14600	165	124	(	(	PUNCT
fbem-14600	165	125	1.8626	1.8626	NUM
fbem-14600	165	126	)	)	PUNCT
fbem-14600	165	127	top	top	VERB
fbem-14600	165	128	2.0475	2.0475	NUM
fbem-14600	165	129	*	*	PUNCT
fbem-14600	165	130	*	*	PUNCT
fbem-14600	165	131	*	*	PUNCT
fbem-14600	165	132	0.5489	0.5489	NUM
fbem-14600	165	133	*	*	PUNCT
fbem-14600	165	134	*	*	PUNCT
fbem-14600	165	135	*	*	PUNCT
fbem-14600	165	136	1.3159	1.3159	NUM
fbem-14600	165	137	*	*	PUNCT
fbem-14600	165	138	*	*	PUNCT
fbem-14600	165	139	*	*	PUNCT
fbem-14600	165	140	(	(	PUNCT
fbem-14600	165	141	10.7326	10.7326	NUM
fbem-14600	165	142	)	)	PUNCT
fbem-14600	165	143	(	(	PUNCT
fbem-14600	165	144	19.3741	19.3741	NUM
fbem-14600	165	145	)	)	PUNCT
fbem-14600	165	146	(	(	PUNCT
fbem-14600	165	147	6.9812	6.9812	NUM
fbem-14600	165	148	)	)	PUNCT
fbem-14600	165	149	dual	dual	ADJ
fbem-14600	165	150	-0.4447	-0.4447	NOUN
fbem-14600	165	151	*	*	PUNCT
fbem-14600	165	152	*	*	PUNCT
fbem-14600	165	153	*	*	PUNCT
fbem-14600	165	154	0.0228	0.0228	NUM
fbem-14600	165	155	*	*	NOUN
fbem-14600	165	156	*	*	NOUN
fbem-14600	165	157	-0.4750	-0.4750	NOUN
fbem-14600	165	158	*	*	PUNCT
fbem-14600	165	159	*	*	PUNCT
fbem-14600	165	160	*	*	PUNCT
fbem-14600	165	161	(	(	PUNCT
fbem-14600	165	162	-7.4177	-7.4177	NOUN
fbem-14600	165	163	)	)	PUNCT
fbem-14600	165	164	(	(	PUNCT
fbem-14600	165	165	2.5599	2.5599	NUM
fbem-14600	165	166	)	)	PUNCT
fbem-14600	165	167	(	(	PUNCT
fbem-14600	165	168	-8.0831	-8.0831	NUM
fbem-14600	165	169	)	)	PUNCT
fbem-14600	165	170	soe	soe	PROPN
fbem-14600	165	171	0.6797	0.6797	NUM
fbem-14600	165	172	*	*	PUNCT
fbem-14600	165	173	*	*	PUNCT
fbem-14600	165	174	*	*	PUNCT
fbem-14600	165	175	0.1268	0.1268	NUM
fbem-14600	165	176	*	*	PUNCT
fbem-14600	165	177	*	*	PUNCT
fbem-14600	165	178	*	*	PUNCT
fbem-14600	165	179	0.5106	0.5106	NUM
fbem-14600	165	180	*	*	PUNCT
fbem-14600	165	181	*	*	PUNCT
fbem-14600	165	182	*	*	PUNCT
fbem-14600	165	183	(	(	PUNCT
fbem-14600	165	184	10.2315	10.2315	NUM
fbem-14600	165	185	)	)	PUNCT
fbem-14600	165	186	(	(	PUNCT
fbem-14600	165	187	12.8569	12.8569	NUM
fbem-14600	165	188	)	)	PUNCT
fbem-14600	165	189	(	(	PUNCT
fbem-14600	165	190	7.8142	7.8142	NUM
fbem-14600	165	191	)	)	PUNCT
fbem-14600	166	1	_	_	NOUN
fbem-14600	166	2	cons	con	NOUN
fbem-14600	166	3	19.8273	19.8273	NUM
fbem-14600	166	4	*	*	PUNCT
fbem-14600	166	5	*	*	PUNCT
fbem-14600	166	6	*	*	PUNCT
fbem-14600	166	7	-0.8697	-0.8697	NOUN
fbem-14600	166	8	*	*	PUNCT
fbem-14600	166	9	*	*	PUNCT
fbem-14600	166	10	*	*	PUNCT
fbem-14600	166	11	20.9865	20.9865	NUM
fbem-14600	166	12	*	*	PUNCT
fbem-14600	166	13	*	*	PUNCT
fbem-14600	166	14	*	*	PUNCT
fbem-14600	166	15	(	(	PUNCT
fbem-14600	166	16	26.5951	26.5951	NUM
fbem-14600	166	17	)	)	PUNCT
fbem-14600	166	18	(	(	PUNCT
fbem-14600	166	19	-7.8551	-7.8551	ADV
fbem-14600	166	20	)	)	PUNCT
fbem-14600	166	21	(	(	PUNCT
fbem-14600	166	22	28.6801	28.6801	NUM
fbem-14600	166	23	)	)	PUNCT
fbem-14600	166	24	yearfe	yearfe	ADV
fbem-14600	167	1	yes	yes	INTJ
fbem-14600	167	2	yes	yes	INTJ
fbem-14600	168	1	yes	yes	INTJ
fbem-14600	168	2	indfe	indfe	INTJ
fbem-14600	169	1	yes	yes	INTJ
fbem-14600	170	1	yes	yes	INTJ
fbem-14600	171	1	yes	yes	INTJ
fbem-14600	172	1	n	n	CCONJ
fbem-14600	172	2	23576	23576	NUM
fbem-14600	172	3	23576	23576	NUM
fbem-14600	172	4	23576	23576	NUM
fbem-14600	173	1	r2_a	r2_a	VERB
fbem-14600	173	2	0.2091	0.2091	NUM
fbem-14600	173	3	0.1687	0.1687	NUM
fbem-14600	173	4	0.2401	0.2401	NUM
fbem-14600	173	5	73	73	NUM
fbem-14600	173	6	table	table	NOUN
fbem-14600	173	7	7	7	NUM
fbem-14600	173	8	.	.	PUNCT
fbem-14600	173	9	regression	regression	NOUN
fbem-14600	173	10	results	result	NOUN
fbem-14600	173	11	of	of	ADP
fbem-14600	173	12	mediation	mediation	NOUN
fbem-14600	173	13	effect	effect	NOUN
fbem-14600	173	14	test	test	NOUN
fbem-14600	173	15	for	for	ADP
fbem-14600	173	16	pclevel	pclevel	ADJ
fbem-14600	173	17	(	(	PUNCT
fbem-14600	173	18	1	1	NUM
fbem-14600	173	19	)	)	PUNCT
fbem-14600	173	20	(	(	PUNCT
fbem-14600	173	21	2	2	NUM
fbem-14600	173	22	)	)	PUNCT
fbem-14600	173	23	(	(	PUNCT
fbem-14600	173	24	3	3	X
fbem-14600	173	25	)	)	PUNCT
fbem-14600	173	26	ip	ip	NOUN
fbem-14600	173	27	dscore	dscore	ADJ
fbem-14600	173	28	ip	ip	ADV
fbem-14600	173	29	dscore	dscore	ADJ
fbem-14600	173	30	1.3305	1.3305	NUM
fbem-14600	173	31	*	*	PUNCT
fbem-14600	173	32	*	*	PUNCT
fbem-14600	173	33	*	*	PUNCT
fbem-14600	173	34	(	(	PUNCT
fbem-14600	173	35	30.9254	30.9254	NUM
fbem-14600	173	36	)	)	PUNCT
fbem-14600	173	37	pclevel	pclevel	VERB
fbem-14600	173	38	0.0858	0.0858	NUM
fbem-14600	173	39	*	*	PUNCT
fbem-14600	173	40	*	*	PUNCT
fbem-14600	173	41	*	*	X
fbem-14600	173	42	0.0207	0.0207	NUM
fbem-14600	173	43	*	*	PUNCT
fbem-14600	173	44	*	*	PUNCT
fbem-14600	173	45	*	*	PUNCT
fbem-14600	173	46	0.0582	0.0582	NUM
fbem-14600	173	47	*	*	PUNCT
fbem-14600	173	48	*	*	PUNCT
fbem-14600	173	49	*	*	PUNCT
fbem-14600	173	50	(	(	PUNCT
fbem-14600	173	51	4.8065	4.8065	NUM
fbem-14600	173	52	)	)	PUNCT
fbem-14600	173	53	(	(	PUNCT
fbem-14600	173	54	7.8076	7.8076	NUM
fbem-14600	173	55	)	)	PUNCT
fbem-14600	173	56	(	(	PUNCT
fbem-14600	173	57	3.3249	3.3249	NUM
fbem-14600	173	58	)	)	PUNCT
fbem-14600	173	59	size	size	NOUN
fbem-14600	173	60	0.7091	0.7091	NUM
fbem-14600	173	61	*	*	PUNCT
fbem-14600	173	62	*	*	PUNCT
fbem-14600	173	63	*	*	PUNCT
fbem-14600	173	64	0.1362	0.1362	NUM
fbem-14600	173	65	*	*	PUNCT
fbem-14600	173	66	*	*	PUNCT
fbem-14600	173	67	*	*	PUNCT
fbem-14600	173	68	0.5278	0.5278	NUM
fbem-14600	173	69	*	*	PUNCT
fbem-14600	173	70	*	*	PUNCT
fbem-14600	173	71	*	*	PUNCT
fbem-14600	173	72	(	(	PUNCT
fbem-14600	173	73	20.4885	20.4885	NUM
fbem-14600	173	74	)	)	PUNCT
fbem-14600	173	75	(	(	PUNCT
fbem-14600	173	76	26.5062	26.5062	NUM
fbem-14600	173	77	)	)	PUNCT
fbem-14600	173	78	(	(	PUNCT
fbem-14600	173	79	15.3298	15.3298	NUM
fbem-14600	173	80	)	)	PUNCT
fbem-14600	173	81	lev	lev	NOUN
fbem-14600	173	82	-1.6614	-1.6614	PROPN
fbem-14600	173	83	*	*	PROPN
fbem-14600	173	84	*	*	PUNCT
fbem-14600	173	85	*	*	PUNCT
fbem-14600	173	86	-0.2484	-0.2484	X
fbem-14600	173	87	*	*	PUNCT
fbem-14600	173	88	*	*	PUNCT
fbem-14600	173	89	*	*	PUNCT
fbem-14600	173	90	-1.3309	-1.3309	NOUN
fbem-14600	173	91	*	*	PUNCT
fbem-14600	174	1	*	*	PUNCT
fbem-14600	174	2	*	*	PUNCT
fbem-14600	174	3	(	(	PUNCT
fbem-14600	174	4	-21.6323	-21.6323	NUM
fbem-14600	174	5	)	)	PUNCT
fbem-14600	174	6	(	(	PUNCT
fbem-14600	174	7	-21.7745	-21.7745	NUM
fbem-14600	174	8	)	)	PUNCT
fbem-14600	174	9	(	(	PUNCT
fbem-14600	174	10	-17.5021	-17.5021	X
fbem-14600	174	11	)	)	PUNCT
fbem-14600	174	12	roa	roa	NOUN
fbem-14600	174	13	0.0163	0.0163	NUM
fbem-14600	174	14	0.2588	0.2588	NUM
fbem-14600	174	15	*	*	PUNCT
fbem-14600	174	16	*	*	PUNCT
fbem-14600	174	17	*	*	PUNCT
fbem-14600	174	18	-0.3280	-0.3280	NOUN
fbem-14600	174	19	*	*	PUNCT
fbem-14600	175	1	*	*	PUNCT
fbem-14600	175	2	*	*	PUNCT
fbem-14600	175	3	(	(	PUNCT
fbem-14600	175	4	0.1280	0.1280	NUM
fbem-14600	175	5	)	)	PUNCT
fbem-14600	175	6	(	(	PUNCT
fbem-14600	175	7	13.6482	13.6482	NUM
fbem-14600	175	8	)	)	PUNCT
fbem-14600	175	9	(	(	PUNCT
fbem-14600	175	10	-2.6103	-2.6103	NOUN
fbem-14600	175	11	)	)	PUNCT
fbem-14600	175	12	fee	fee	NOUN
fbem-14600	175	13	0.3862	0.3862	NUM
fbem-14600	175	14	*	*	PUNCT
fbem-14600	175	15	*	*	PUNCT
fbem-14600	175	16	*	*	PUNCT
fbem-14600	175	17	-0.1763	-0.1763	PUNCT
fbem-14600	175	18	*	*	PUNCT
fbem-14600	176	1	*	*	PUNCT
fbem-14600	176	2	*	*	PUNCT
fbem-14600	176	3	0.6207	0.6207	NOUN
fbem-14600	176	4	*	*	PUNCT
fbem-14600	176	5	*	*	PUNCT
fbem-14600	176	6	*	*	PUNCT
fbem-14600	176	7	(	(	PUNCT
fbem-14600	176	8	6.2844	6.2844	NUM
fbem-14600	176	9	)	)	PUNCT
fbem-14600	176	10	(	(	PUNCT
fbem-14600	176	11	-19.3138	-19.3138	NUM
fbem-14600	176	12	)	)	PUNCT
fbem-14600	176	13	(	(	PUNCT
fbem-14600	176	14	10.2234	10.2234	NUM
fbem-14600	176	15	)	)	PUNCT
fbem-14600	176	16	pay	pay	VERB
fbem-14600	176	17	1.2192	1.2192	NUM
fbem-14600	176	18	*	*	PUNCT
fbem-14600	176	19	*	*	PUNCT
fbem-14600	176	20	*	*	PUNCT
fbem-14600	177	1	0.1941	0.1941	NUM
fbem-14600	177	2	*	*	PUNCT
fbem-14600	177	3	*	*	PUNCT
fbem-14600	177	4	*	*	PUNCT
fbem-14600	178	1	0.9610	0.9610	NUM
fbem-14600	178	2	*	*	PUNCT
fbem-14600	178	3	*	*	PUNCT
fbem-14600	178	4	*	*	PUNCT
fbem-14600	178	5	(	(	PUNCT
fbem-14600	178	6	26.4147	26.4147	NUM
fbem-14600	178	7	)	)	PUNCT
fbem-14600	178	8	(	(	PUNCT
fbem-14600	178	9	28.3080	28.3080	NUM
fbem-14600	178	10	)	)	PUNCT
fbem-14600	178	11	(	(	PUNCT
fbem-14600	178	12	20.8864	20.8864	NUM
fbem-14600	178	13	)	)	PUNCT
fbem-14600	178	14	growth	growth	NOUN
fbem-14600	178	15	-0.0005	-0.0005	NOUN
fbem-14600	178	16	*	*	PUNCT
fbem-14600	178	17	-0.0000	-0.0000	X
fbem-14600	178	18	-0.0004	-0.0004	X
fbem-14600	178	19	(	(	PUNCT
fbem-14600	178	20	-1.6938	-1.6938	PROPN
fbem-14600	178	21	)	)	PUNCT
fbem-14600	178	22	(	(	PUNCT
fbem-14600	178	23	-0.7590	-0.7590	NOUN
fbem-14600	178	24	)	)	PUNCT
fbem-14600	178	25	(	(	PUNCT
fbem-14600	178	26	-1.5748	-1.5748	NOUN
fbem-14600	178	27	)	)	PUNCT
fbem-14600	178	28	cv	cv	PROPN
fbem-14600	178	29	0.0057	0.0057	NUM
fbem-14600	178	30	-0.0007	-0.0007	NOUN
fbem-14600	178	31	0.0066	0.0066	NUM
fbem-14600	178	32	*	*	SYM
fbem-14600	178	33	(	(	PUNCT
fbem-14600	178	34	1.5560	1.5560	NUM
fbem-14600	178	35	)	)	PUNCT
fbem-14600	178	36	(	(	PUNCT
fbem-14600	178	37	-1.2779	-1.2779	X
fbem-14600	178	38	)	)	PUNCT
fbem-14600	178	39	(	(	PUNCT
fbem-14600	178	40	1.8448	1.8448	NUM
fbem-14600	178	41	)	)	PUNCT
fbem-14600	178	42	top	top	ADJ
fbem-14600	178	43	2.0512	2.0512	NUM
fbem-14600	178	44	*	*	PUNCT
fbem-14600	178	45	*	*	PUNCT
fbem-14600	178	46	*	*	PUNCT
fbem-14600	178	47	0.5491	0.5491	NUM
fbem-14600	178	48	*	*	PUNCT
fbem-14600	178	49	*	*	PUNCT
fbem-14600	178	50	*	*	PUNCT
fbem-14600	178	51	1.3205	1.3205	NUM
fbem-14600	178	52	*	*	PUNCT
fbem-14600	178	53	*	*	PUNCT
fbem-14600	178	54	*	*	PUNCT
fbem-14600	178	55	(	(	PUNCT
fbem-14600	178	56	10.7540	10.7540	NUM
fbem-14600	178	57	)	)	PUNCT
fbem-14600	178	58	(	(	PUNCT
fbem-14600	178	59	19.3839	19.3839	NUM
fbem-14600	178	60	)	)	PUNCT
fbem-14600	178	61	(	(	PUNCT
fbem-14600	178	62	7.0068	7.0068	NUM
fbem-14600	178	63	)	)	PUNCT
fbem-14600	178	64	dual	dual	ADJ
fbem-14600	178	65	-0.4447	-0.4447	NOUN
fbem-14600	178	66	*	*	PUNCT
fbem-14600	178	67	*	*	PUNCT
fbem-14600	178	68	*	*	PUNCT
fbem-14600	178	69	0.0222	0.0222	NUM
fbem-14600	178	70	*	*	PUNCT
fbem-14600	178	71	*	*	NOUN
fbem-14600	178	72	-0.4741	-0.4741	ADJ
fbem-14600	178	73	*	*	PUNCT
fbem-14600	178	74	*	*	PUNCT
fbem-14600	178	75	*	*	PUNCT
fbem-14600	178	76	(	(	PUNCT
fbem-14600	178	77	-7.4229	-7.4229	NOUN
fbem-14600	178	78	)	)	PUNCT
fbem-14600	178	79	(	(	PUNCT
fbem-14600	178	80	2.4907	2.4907	NUM
fbem-14600	178	81	)	)	PUNCT
fbem-14600	178	82	(	(	PUNCT
fbem-14600	178	83	-8.0731	-8.0731	NOUN
fbem-14600	178	84	)	)	PUNCT
fbem-14600	178	85	soe	soe	PROPN
fbem-14600	178	86	0.6928	0.6928	NUM
fbem-14600	178	87	*	*	PUNCT
fbem-14600	178	88	*	*	PUNCT
fbem-14600	178	89	*	*	PUNCT
fbem-14600	178	90	0.1287	0.1287	NUM
fbem-14600	178	91	*	*	PUNCT
fbem-14600	178	92	*	*	PUNCT
fbem-14600	178	93	*	*	PUNCT
fbem-14600	178	94	0.5216	0.5216	NUM
fbem-14600	178	95	*	*	PUNCT
fbem-14600	178	96	*	*	PUNCT
fbem-14600	178	97	*	*	PUNCT
fbem-14600	178	98	(	(	PUNCT
fbem-14600	178	99	10.4083	10.4083	NUM
fbem-14600	178	100	)	)	PUNCT
fbem-14600	178	101	(	(	PUNCT
fbem-14600	178	102	13.0171	13.0171	NUM
fbem-14600	178	103	)	)	PUNCT
fbem-14600	178	104	(	(	PUNCT
fbem-14600	178	105	7.9648	7.9648	NUM
fbem-14600	178	106	)	)	PUNCT
fbem-14600	179	1	_	_	NOUN
fbem-14600	179	2	cons	con	NOUN
fbem-14600	179	3	19.9353	19.9353	NUM
fbem-14600	179	4	*	*	NOUN
fbem-14600	179	5	*	*	PUNCT
fbem-14600	179	6	*	*	NOUN
fbem-14600	179	7	-0.8408	-0.8408	X
fbem-14600	179	8	*	*	PUNCT
fbem-14600	179	9	*	*	PUNCT
fbem-14600	179	10	*	*	PUNCT
fbem-14600	179	11	21.0541	21.0541	NUM
fbem-14600	179	12	*	*	PUNCT
fbem-14600	179	13	*	*	PUNCT
fbem-14600	179	14	*	*	PUNCT
fbem-14600	179	15	(	(	PUNCT
fbem-14600	179	16	26.7462	26.7462	NUM
fbem-14600	179	17	)	)	PUNCT
fbem-14600	179	18	(	(	PUNCT
fbem-14600	179	19	-7.5953	-7.5953	NOUN
fbem-14600	179	20	)	)	PUNCT
fbem-14600	179	21	(	(	PUNCT
fbem-14600	179	22	28.7796	28.7796	NUM
fbem-14600	179	23	)	)	PUNCT
fbem-14600	179	24	yearfe	yearfe	ADV
fbem-14600	180	1	yes	yes	INTJ
fbem-14600	180	2	yes	yes	INTJ
fbem-14600	181	1	yes	yes	INTJ
fbem-14600	181	2	indfe	indfe	INTJ
fbem-14600	182	1	yes	yes	INTJ
fbem-14600	183	1	yes	yes	INTJ
fbem-14600	184	1	yes	yes	INTJ
fbem-14600	185	1	n	n	CCONJ
fbem-14600	185	2	23576	23576	NUM
fbem-14600	185	3	23576	23576	NUM
fbem-14600	185	4	23576	23576	NUM
fbem-14600	186	1	r2_a	r2_a	VERB
fbem-14600	186	2	0.2094	0.2094	NUM
fbem-14600	186	3	0.1689	0.1689	NUM
fbem-14600	186	4	0.2403	0.2403	NUM
fbem-14600	186	5	7	7	NUM
fbem-14600	186	6	.	.	PUNCT
fbem-14600	186	7	conclusion	conclusion	NOUN
fbem-14600	186	8	and	and	CCONJ
fbem-14600	186	9	implications	implication	NOUN
fbem-14600	186	10	in	in	ADP
fbem-14600	186	11	the	the	DET
fbem-14600	186	12	construction	construction	NOUN
fbem-14600	186	13	of	of	ADP
fbem-14600	186	14	the	the	DET
fbem-14600	186	15	new	new	ADJ
fbem-14600	186	16	development	development	NOUN
fbem-14600	186	17	paradigm	paradigm	NOUN
fbem-14600	186	18	,	,	PUNCT
fbem-14600	186	19	the	the	DET
fbem-14600	186	20	capital	capital	NOUN
fbem-14600	186	21	market	market	NOUN
fbem-14600	186	22	can	can	AUX
fbem-14600	186	23	play	play	VERB
fbem-14600	186	24	a	a	DET
fbem-14600	186	25	strategic	strategic	ADJ
fbem-14600	186	26	supporting	support	VERB
fbem-14600	186	27	role	role	NOUN
fbem-14600	186	28	.	.	PUNCT
fbem-14600	187	1	strengthening	strengthen	VERB
fbem-14600	187	2	investor	investor	NOUN
fbem-14600	187	3	protection	protection	NOUN
fbem-14600	187	4	can	can	AUX
fbem-14600	187	5	enhance	enhance	VERB
fbem-14600	187	6	investor	investor	NOUN
fbem-14600	187	7	confidence	confidence	NOUN
fbem-14600	187	8	in	in	ADP
fbem-14600	187	9	the	the	DET
fbem-14600	187	10	capital	capital	NOUN
fbem-14600	187	11	market	market	NOUN
fbem-14600	187	12	.	.	PUNCT
fbem-14600	188	1	in	in	ADP
fbem-14600	188	2	light	light	NOUN
fbem-14600	188	3	of	of	ADP
fbem-14600	188	4	this	this	PRON
fbem-14600	188	5	,	,	PUNCT
fbem-14600	188	6	this	this	DET
fbem-14600	188	7	study	study	NOUN
fbem-14600	188	8	uses	use	VERB
fbem-14600	188	9	data	datum	NOUN
fbem-14600	188	10	from	from	ADP
fbem-14600	188	11	chinese	chinese	PROPN
fbem-14600	188	12	a	a	PROPN
fbem-14600	188	13	-	-	PUNCT
fbem-14600	188	14	share	share	NOUN
fbem-14600	188	15	listed	list	VERB
fbem-14600	188	16	companies	company	NOUN
fbem-14600	188	17	from	from	ADP
fbem-14600	188	18	2010	2010	NUM
fbem-14600	188	19	to	to	ADP
fbem-14600	188	20	2021	2021	NUM
fbem-14600	188	21	as	as	SCONJ
fbem-14600	188	22	the	the	DET
fbem-14600	188	23	research	research	NOUN
fbem-14600	188	24	sample	sample	NOUN
fbem-14600	188	25	to	to	PART
fbem-14600	188	26	empirically	empirically	ADV
fbem-14600	188	27	examine	examine	VERB
fbem-14600	188	28	the	the	DET
fbem-14600	188	29	impact	impact	NOUN
fbem-14600	188	30	and	and	CCONJ
fbem-14600	188	31	mechanism	mechanism	NOUN
fbem-14600	188	32	of	of	ADP
fbem-14600	188	33	corporate	corporate	ADJ
fbem-14600	188	34	political	political	ADJ
fbem-14600	188	35	connections	connection	NOUN
fbem-14600	188	36	on	on	ADP
fbem-14600	188	37	the	the	DET
fbem-14600	188	38	level	level	NOUN
fbem-14600	188	39	of	of	ADP
fbem-14600	188	40	investor	investor	NOUN
fbem-14600	188	41	protection	protection	NOUN
fbem-14600	188	42	.	.	PUNCT
fbem-14600	189	1	after	after	ADP
fbem-14600	189	2	a	a	DET
fbem-14600	189	3	series	series	NOUN
fbem-14600	189	4	of	of	ADP
fbem-14600	189	5	analyses	analysis	NOUN
fbem-14600	189	6	,	,	PUNCT
fbem-14600	189	7	the	the	DET
fbem-14600	189	8	following	follow	VERB
fbem-14600	189	9	conclusions	conclusion	NOUN
fbem-14600	189	10	are	be	AUX
fbem-14600	189	11	drawn	draw	VERB
fbem-14600	189	12	:	:	PUNCT
fbem-14600	189	13	corporate	corporate	ADJ
fbem-14600	189	14	political	political	ADJ
fbem-14600	189	15	connections	connection	NOUN
fbem-14600	189	16	can	can	AUX
fbem-14600	189	17	enhance	enhance	VERB
fbem-14600	189	18	the	the	DET
fbem-14600	189	19	level	level	NOUN
fbem-14600	189	20	of	of	ADP
fbem-14600	189	21	investor	investor	NOUN
fbem-14600	189	22	protection	protection	NOUN
fbem-14600	189	23	,	,	PUNCT
fbem-14600	189	24	a	a	DET
fbem-14600	189	25	conclusion	conclusion	NOUN
fbem-14600	189	26	that	that	PRON
fbem-14600	189	27	holds	hold	VERB
fbem-14600	189	28	true	true	ADJ
fbem-14600	189	29	even	even	ADV
fbem-14600	189	30	after	after	SCONJ
fbem-14600	189	31	robustness	robustness	NOUN
fbem-14600	189	32	checks	check	NOUN
fbem-14600	189	33	through	through	ADP
fbem-14600	189	34	the	the	DET
fbem-14600	189	35	replacement	replacement	NOUN
fbem-14600	189	36	of	of	ADP
fbem-14600	189	37	explanatory	explanatory	ADJ
fbem-14600	189	38	and	and	CCONJ
fbem-14600	189	39	response	response	NOUN
fbem-14600	189	40	variables	variable	NOUN
fbem-14600	189	41	and	and	CCONJ
fbem-14600	189	42	two	two	NUM
fbem-14600	189	43	-	-	PUNCT
fbem-14600	189	44	stage	stage	NOUN
fbem-14600	189	45	least	least	ADJ
fbem-14600	189	46	squares	square	NOUN
fbem-14600	189	47	regression	regression	NOUN
fbem-14600	189	48	(	(	PUNCT
fbem-14600	189	49	2sls	2sls	NOUN
fbem-14600	189	50	)	)	PUNCT
fbem-14600	189	51	.	.	PUNCT
fbem-14600	190	1	mediation	mediation	NOUN
fbem-14600	190	2	analysis	analysis	NOUN
fbem-14600	190	3	reveals	reveal	VERB
fbem-14600	190	4	that	that	SCONJ
fbem-14600	190	5	corporate	corporate	ADJ
fbem-14600	190	6	political	political	ADJ
fbem-14600	190	7	connections	connection	NOUN
fbem-14600	190	8	increase	increase	VERB
fbem-14600	190	9	corporate	corporate	ADJ
fbem-14600	190	10	transparency	transparency	NOUN
fbem-14600	190	11	,	,	PUNCT
fbem-14600	190	12	thereby	thereby	ADV
fbem-14600	190	13	enhancing	enhance	VERB
fbem-14600	190	14	the	the	DET
fbem-14600	190	15	level	level	NOUN
fbem-14600	190	16	of	of	ADP
fbem-14600	190	17	investor	investor	NOUN
fbem-14600	190	18	protection	protection	NOUN
fbem-14600	190	19	,	,	PUNCT
fbem-14600	190	20	with	with	ADP
fbem-14600	190	21	transparency	transparency	NOUN
fbem-14600	190	22	contributing	contribute	VERB
fbem-14600	190	23	to	to	ADP
fbem-14600	190	24	approximately	approximately	ADV
fbem-14600	190	25	39.4	39.4	NUM
fbem-14600	190	26	%	%	NOUN
fbem-14600	190	27	of	of	ADP
fbem-14600	190	28	the	the	DET
fbem-14600	190	29	overall	overall	ADJ
fbem-14600	190	30	mediation	mediation	NOUN
fbem-14600	190	31	effect	effect	NOUN
fbem-14600	190	32	.	.	PUNCT
fbem-14600	191	1	based	base	VERB
fbem-14600	191	2	on	on	ADP
fbem-14600	191	3	the	the	DET
fbem-14600	191	4	empirical	empirical	ADJ
fbem-14600	191	5	analysis	analysis	NOUN
fbem-14600	191	6	results	result	NOUN
fbem-14600	191	7	,	,	PUNCT
fbem-14600	191	8	the	the	DET
fbem-14600	191	9	following	follow	VERB
fbem-14600	191	10	recommendations	recommendation	NOUN
fbem-14600	191	11	are	be	AUX
fbem-14600	191	12	proposed	propose	VERB
fbem-14600	191	13	to	to	PART
fbem-14600	191	14	fulfill	fulfill	VERB
fbem-14600	191	15	the	the	DET
fbem-14600	191	16	protection	protection	NOUN
fbem-14600	191	17	of	of	ADP
fbem-14600	191	18	investor	investor	NOUN
fbem-14600	191	19	interests	interest	NOUN
fbem-14600	191	20	by	by	ADP
fbem-14600	191	21	chinese	chinese	ADJ
fbem-14600	191	22	listed	list	VERB
fbem-14600	191	23	companies	company	NOUN
fbem-14600	191	24	,	,	PUNCT
fbem-14600	191	25	boost	boost	VERB
fbem-14600	191	26	investor	investor	NOUN
fbem-14600	191	27	confidence	confidence	NOUN
fbem-14600	191	28	,	,	PUNCT
fbem-14600	191	29	and	and	CCONJ
fbem-14600	191	30	promote	promote	VERB
fbem-14600	191	31	the	the	DET
fbem-14600	191	32	increase	increase	NOUN
fbem-14600	191	33	in	in	ADP
fbem-14600	191	34	the	the	DET
fbem-14600	191	35	proportion	proportion	NOUN
fbem-14600	191	36	of	of	ADP
fbem-14600	191	37	direct	direct	ADJ
fbem-14600	191	38	financing	financing	NOUN
fbem-14600	191	39	:	:	PUNCT
fbem-14600	191	40	the	the	DET
fbem-14600	191	41	government	government	NOUN
fbem-14600	191	42	should	should	AUX
fbem-14600	191	43	actively	actively	ADV
fbem-14600	191	44	participate	participate	VERB
fbem-14600	191	45	in	in	ADP
fbem-14600	191	46	supporting	support	VERB
fbem-14600	191	47	the	the	DET
fbem-14600	191	48	process	process	NOUN
fbem-14600	191	49	of	of	ADP
fbem-14600	191	50	corporate	corporate	ADJ
fbem-14600	191	51	political	political	ADJ
fbem-14600	191	52	connections	connection	NOUN
fbem-14600	191	53	through	through	ADP
fbem-14600	191	54	policy	policy	NOUN
fbem-14600	191	55	guidance	guidance	NOUN
fbem-14600	191	56	and	and	CCONJ
fbem-14600	191	57	setting	set	VERB
fbem-14600	191	58	examples	example	NOUN
fbem-14600	191	59	.	.	PUNCT
fbem-14600	192	1	this	this	DET
fbem-14600	192	2	involvement	involvement	NOUN
fbem-14600	192	3	can	can	AUX
fbem-14600	192	4	enhance	enhance	VERB
fbem-14600	192	5	corporate	corporate	ADJ
fbem-14600	192	6	transparency	transparency	NOUN
fbem-14600	192	7	and	and	CCONJ
fbem-14600	192	8	governance	governance	NOUN
fbem-14600	192	9	,	,	PUNCT
fbem-14600	192	10	strengthen	strengthen	VERB
fbem-14600	192	11	supervision	supervision	NOUN
fbem-14600	192	12	over	over	ADP
fbem-14600	192	13	corporate	corporate	ADJ
fbem-14600	192	14	transparency	transparency	NOUN
fbem-14600	192	15	,	,	PUNCT
fbem-14600	192	16	encourage	encourage	VERB
fbem-14600	192	17	companies	company	NOUN
fbem-14600	192	18	to	to	PART
fbem-14600	192	19	engage	engage	VERB
fbem-14600	192	20	in	in	ADP
fbem-14600	192	21	political	political	ADJ
fbem-14600	192	22	connections	connection	NOUN
fbem-14600	192	23	actively	actively	ADV
fbem-14600	192	24	,	,	PUNCT
fbem-14600	192	25	and	and	CCONJ
fbem-14600	192	26	thereby	thereby	ADV
fbem-14600	192	27	boost	boost	VERB
fbem-14600	192	28	investor	investor	NOUN
fbem-14600	192	29	confidence	confidence	NOUN
fbem-14600	192	30	,	,	PUNCT
fbem-14600	192	31	ultimately	ultimately	ADV
fbem-14600	192	32	protecting	protect	VERB
fbem-14600	192	33	investor	investor	NOUN
fbem-14600	192	34	rights	right	NOUN
fbem-14600	192	35	.	.	PUNCT
fbem-14600	193	1	companies	company	NOUN
fbem-14600	193	2	should	should	AUX
fbem-14600	193	3	adopt	adopt	VERB
fbem-14600	193	4	a	a	DET
fbem-14600	193	5	proactive	proactive	ADJ
fbem-14600	193	6	attitude	attitude	NOUN
fbem-14600	193	7	toward	toward	ADP
fbem-14600	193	8	political	political	ADJ
fbem-14600	193	9	connections	connection	NOUN
fbem-14600	193	10	,	,	PUNCT
fbem-14600	193	11	aiming	aim	VERB
fbem-14600	193	12	to	to	PART
fbem-14600	193	13	improve	improve	VERB
fbem-14600	193	14	corporate	corporate	ADJ
fbem-14600	193	15	transparency	transparency	NOUN
fbem-14600	193	16	and	and	CCONJ
fbem-14600	193	17	governance	governance	NOUN
fbem-14600	193	18	.	.	PUNCT
fbem-14600	194	1	leveraging	leverage	VERB
fbem-14600	194	2	the	the	DET
fbem-14600	194	3	advantages	advantage	NOUN
fbem-14600	194	4	of	of	ADP
fbem-14600	194	5	political	political	ADJ
fbem-14600	194	6	connections	connection	NOUN
fbem-14600	194	7	,	,	PUNCT
fbem-14600	194	8	companies	company	NOUN
fbem-14600	194	9	can	can	AUX
fbem-14600	194	10	enhance	enhance	VERB
fbem-14600	194	11	transparency	transparency	NOUN
fbem-14600	194	12	by	by	ADP
fbem-14600	194	13	providing	provide	VERB
fbem-14600	194	14	accurate	accurate	ADJ
fbem-14600	194	15	and	and	CCONJ
fbem-14600	194	16	comprehensive	comprehensive	ADJ
fbem-14600	194	17	information	information	NOUN
fbem-14600	194	18	through	through	ADP
fbem-14600	194	19	disclosing	disclose	VERB
fbem-14600	194	20	clear	clear	ADJ
fbem-14600	194	21	reports	report	NOUN
fbem-14600	194	22	on	on	ADP
fbem-14600	194	23	business	business	NOUN
fbem-14600	194	24	operations	operation	NOUN
fbem-14600	194	25	and	and	CCONJ
fbem-14600	194	26	financial	financial	ADJ
fbem-14600	194	27	conditions	condition	NOUN
fbem-14600	194	28	.	.	PUNCT
fbem-14600	195	1	this	this	DET
fbem-14600	195	2	approach	approach	NOUN
fbem-14600	195	3	contributes	contribute	VERB
fbem-14600	195	4	to	to	ADP
fbem-14600	195	5	elevating	elevate	VERB
fbem-14600	195	6	the	the	DET
fbem-14600	195	7	level	level	NOUN
fbem-14600	195	8	of	of	ADP
fbem-14600	195	9	protection	protection	NOUN
fbem-14600	195	10	for	for	ADP
fbem-14600	195	11	investor	investor	NOUN
fbem-14600	195	12	interests	interest	NOUN
fbem-14600	195	13	.	.	PUNCT
fbem-14600	196	1	references	reference	NOUN
fbem-14600	196	2	[	[	X
fbem-14600	196	3	1	1	NUM
fbem-14600	196	4	]	]	X
fbem-14600	196	5	jia	jia	PROPN
fbem-14600	196	6	,	,	PUNCT
fbem-14600	196	7	m.	m.	NOUN
fbem-14600	196	8	,	,	PUNCT
fbem-14600	196	9	&	&	CCONJ
fbem-14600	196	10	zhang	zhang	PROPN
fbem-14600	196	11	,	,	PUNCT
fbem-14600	196	12	z.	z.	PROPN
fbem-14600	196	13	(	(	PUNCT
fbem-14600	196	14	2010	2010	NUM
fbem-14600	196	15	)	)	PUNCT
fbem-14600	196	16	.	.	PUNCT
fbem-14600	197	1	does	do	AUX
fbem-14600	197	2	political	political	ADJ
fbem-14600	197	3	affiliation	affiliation	NOUN
fbem-14600	197	4	of	of	ADP
fbem-14600	197	5	executives	executive	NOUN
fbem-14600	197	6	affect	affect	VERB
fbem-14600	197	7	corporate	corporate	ADJ
fbem-14600	197	8	philanthropy	philanthropy	NOUN
fbem-14600	197	9	?	?	PUNCT
fbem-14600	198	1	management	management	NOUN
fbem-14600	198	2	world	world	NOUN
fbem-14600	198	3	,	,	PUNCT
fbem-14600	198	4	2010(4	2010(4	NUM
fbem-14600	198	5	)	)	PUNCT
fbem-14600	198	6	,	,	PUNCT
fbem-14600	198	7	99	99	NUM
fbem-14600	198	8	-	-	SYM
fbem-14600	198	9	113	113	NUM
fbem-14600	198	10	+	+	NUM
fbem-14600	198	11	187	187	NUM
fbem-14600	198	12	.	.	PUNCT
fbem-14600	199	1	[	[	X
fbem-14600	199	2	2	2	NUM
fbem-14600	199	3	]	]	X
fbem-14600	199	4	jiang	jiang	PROPN
fbem-14600	199	5	,	,	PUNCT
fbem-14600	199	6	f.	f.	PROPN
fbem-14600	199	7	,	,	PUNCT
fbem-14600	199	8	zhi	zhi	PROPN
fbem-14600	199	9	,	,	PUNCT
fbem-14600	199	10	x.	x.	PROPN
fbem-14600	199	11	,	,	PUNCT
fbem-14600	199	12	&	&	CCONJ
fbem-14600	199	13	zhang	zhang	PROPN
fbem-14600	199	14	,	,	PUNCT
fbem-14600	199	15	m.	m.	NOUN
fbem-14600	199	16	(	(	PUNCT
fbem-14600	199	17	2008	2008	NUM
fbem-14600	199	18	)	)	PUNCT
fbem-14600	199	19	.	.	PUNCT
fbem-14600	200	1	investor	investor	NOUN
fbem-14600	200	2	protection	protection	NOUN
fbem-14600	200	3	and	and	CCONJ
fbem-14600	200	4	equity	equity	NOUN
fbem-14600	200	5	financing	financing	NOUN
fbem-14600	200	6	cost	cost	NOUN
fbem-14600	200	7	:	:	PUNCT
fbem-14600	200	8	evidence	evidence	NOUN
fbem-14600	200	9	from	from	ADP
fbem-14600	200	10	chinese	chinese	ADJ
fbem-14600	200	11	listed	list	VERB
fbem-14600	200	12	companies	company	NOUN
fbem-14600	200	13	.	.	PUNCT
fbem-14600	201	1	management	management	NOUN
fbem-14600	201	2	world	world	NOUN
fbem-14600	201	3	,	,	PUNCT
fbem-14600	201	4	2008(2	2008(2	NUM
fbem-14600	201	5	)	)	PUNCT
fbem-14600	201	6	,	,	PUNCT
fbem-14600	201	7	117	117	NUM
fbem-14600	201	8	-	-	SYM
fbem-14600	201	9	125	125	NUM
fbem-14600	201	10	.	.	PUNCT
fbem-14600	202	1	[	[	X
fbem-14600	202	2	3	3	NUM
fbem-14600	202	3	]	]	SYM
fbem-14600	202	4	li	li	PROPN
fbem-14600	202	5	,	,	PUNCT
fbem-14600	202	6	s.	s.	PROPN
fbem-14600	202	7	,	,	PUNCT
fbem-14600	202	8	xu	xu	PROPN
fbem-14600	202	9	,	,	PUNCT
fbem-14600	202	10	j.	j.	PROPN
fbem-14600	202	11	,	,	PUNCT
fbem-14600	202	12	zhang	zhang	PROPN
fbem-14600	202	13	,	,	PUNCT
fbem-14600	202	14	d.	d.	PROPN
fbem-14600	202	15	,	,	PUNCT
fbem-14600	202	16	&	&	CCONJ
fbem-14600	202	17	chen	chen	PROPN
fbem-14600	202	18	,	,	PUNCT
fbem-14600	202	19	y.	y.	PROPN
fbem-14600	202	20	(	(	PUNCT
fbem-14600	202	21	2016	2016	NUM
fbem-14600	202	22	)	)	PUNCT
fbem-14600	202	23	.	.	PUNCT
fbem-14600	203	1	can	can	AUX
fbem-14600	203	2	anti	anti	ADJ
fbem-14600	203	3	-	-	ADJ
fbem-14600	203	4	takeover	takeover	ADJ
fbem-14600	203	5	provisions	provision	NOUN
fbem-14600	203	6	in	in	ADP
fbem-14600	203	7	corporate	corporate	ADJ
fbem-14600	203	8	charters	charter	NOUN
fbem-14600	203	9	protect	protect	VERB
fbem-14600	203	10	the	the	DET
fbem-14600	203	11	interests	interest	NOUN
fbem-14600	203	12	of	of	ADP
fbem-14600	203	13	small	small	ADJ
fbem-14600	203	14	and	and	CCONJ
fbem-14600	203	15	medium	medium	ADJ
fbem-14600	203	16	-	-	PUNCT
fbem-14600	203	17	sized	sized	ADJ
fbem-14600	203	18	investors	investor	NOUN
fbem-14600	203	19	?	?	PUNCT
fbem-14600	204	1	evidence	evidence	NOUN
fbem-14600	204	2	from	from	ADP
fbem-14600	204	3	a	a	DET
fbem-14600	204	4	-	-	PUNCT
fbem-14600	204	5	share	share	NOUN
fbem-14600	204	6	listed	list	VERB
fbem-14600	204	7	companies	company	NOUN
fbem-14600	204	8	in	in	ADP
fbem-14600	204	9	china	china	PROPN
fbem-14600	204	10	.	.	PUNCT
fbem-14600	205	1	nankai	nankai	PROPN
fbem-14600	205	2	business	business	PROPN
fbem-14600	205	3	review	review	PROPN
fbem-14600	205	4	,	,	PUNCT
fbem-14600	205	5	19(4	19(4	PROPN
fbem-14600	205	6	)	)	PUNCT
fbem-14600	205	7	,	,	PUNCT
fbem-14600	205	8	49	49	NUM
fbem-14600	205	9	-	-	SYM
fbem-14600	205	10	62	62	NUM
fbem-14600	205	11	.	.	PUNCT
fbem-14600	206	1	[	[	X
fbem-14600	206	2	4	4	NUM
fbem-14600	206	3	]	]	SYM
fbem-14600	206	4	li	li	PROPN
fbem-14600	206	5	,	,	PUNCT
fbem-14600	206	6	x.	x.	PROPN
fbem-14600	206	7	,	,	PUNCT
fbem-14600	206	8	&	&	CCONJ
fbem-14600	206	9	yang	yang	PROPN
fbem-14600	206	10	,	,	PUNCT
fbem-14600	206	11	k.	k.	PROPN
fbem-14600	206	12	(	(	PUNCT
fbem-14600	206	13	2016	2016	NUM
fbem-14600	206	14	)	)	PUNCT
fbem-14600	206	15	.	.	PUNCT
fbem-14600	207	1	research	research	NOUN
fbem-14600	207	2	on	on	ADP
fbem-14600	207	3	auditor	auditor	NOUN
fbem-14600	207	4	change	change	NOUN
fbem-14600	207	5	,	,	PUNCT
fbem-14600	207	6	abnormal	abnormal	ADJ
fbem-14600	207	7	audit	audit	NOUN
fbem-14600	207	8	fees	fee	NOUN
fbem-14600	207	9	and	and	CCONJ
fbem-14600	207	10	accounting	accounting	NOUN
fbem-14600	207	11	information	information	NOUN
fbem-14600	207	12	transparency	transparency	NOUN
fbem-14600	207	13	.	.	PUNCT
fbem-14600	208	1	journal	journal	PROPN
fbem-14600	208	2	of	of	ADP
fbem-14600	208	3	central	central	PROPN
fbem-14600	208	4	university	university	PROPN
fbem-14600	208	5	of	of	ADP
fbem-14600	208	6	finance	finance	NOUN
fbem-14600	208	7	and	and	CCONJ
fbem-14600	208	8	economics	economic	NOUN
fbem-14600	208	9	,	,	PUNCT
fbem-14600	208	10	2016(10	2016(10	NUM
fbem-14600	208	11	)	)	PUNCT
fbem-14600	208	12	,	,	PUNCT
fbem-14600	208	13	60	60	NUM
fbem-14600	208	14	-	-	SYM
fbem-14600	208	15	69	69	NUM
fbem-14600	208	16	.	.	PUNCT
fbem-14600	209	1	[	[	X
fbem-14600	209	2	5	5	NUM
fbem-14600	209	3	]	]	X
fbem-14600	209	4	luo	luo	PROPN
fbem-14600	209	5	,	,	PUNCT
fbem-14600	209	6	x.	x.	NOUN
fbem-14600	209	7	,	,	PUNCT
fbem-14600	209	8	&	&	CCONJ
fbem-14600	209	9	liu	liu	PROPN
fbem-14600	209	10	,	,	PUNCT
fbem-14600	209	11	w.	w.	PROPN
fbem-14600	209	12	(	(	PUNCT
fbem-14600	209	13	2019	2019	NUM
fbem-14600	209	14	)	)	PUNCT
fbem-14600	209	15	.	.	PUNCT
fbem-14600	210	1	political	political	ADJ
fbem-14600	210	2	connections	connection	NOUN
fbem-14600	210	3	and	and	CCONJ
fbem-14600	210	4	environmental	environmental	ADJ
fbem-14600	210	5	violations	violation	NOUN
fbem-14600	210	6	of	of	ADP
fbem-14600	210	7	enterprises	enterprise	NOUN
fbem-14600	210	8	:	:	PUNCT
fbem-14600	210	9	protection	protection	NOUN
fbem-14600	210	10	or	or	CCONJ
fbem-14600	210	11	supervision	supervision	NOUN
fbem-14600	210	12	?	?	PUNCT
fbem-14600	211	1	evidence	evidence	NOUN
fbem-14600	211	2	from	from	ADP
fbem-14600	211	3	the	the	DET
fbem-14600	211	4	ipe	ipe	NOUN
fbem-14600	211	5	database	database	NOUN
fbem-14600	211	6	.	.	PUNCT
fbem-14600	212	1	journal	journal	PROPN
fbem-14600	212	2	of	of	ADP
fbem-14600	212	3	shanxi	shanxi	PROPN
fbem-14600	212	4	university	university	PROPN
fbem-14600	212	5	of	of	ADP
fbem-14600	212	6	finance	finance	NOUN
fbem-14600	212	7	and	and	CCONJ
fbem-14600	212	8	economics	economic	NOUN
fbem-14600	212	9	,	,	PUNCT
fbem-14600	212	10	41(10	41(10	PROPN
fbem-14600	212	11	)	)	PUNCT
fbem-14600	212	12	,	,	PUNCT
fbem-14600	212	13	85	85	NUM
fbem-14600	212	14	-	-	SYM
fbem-14600	212	15	99	99	NUM
fbem-14600	212	16	.	.	PUNCT
fbem-14600	213	1	[	[	X
fbem-14600	213	2	6	6	NUM
fbem-14600	213	3	]	]	X
fbem-14600	213	4	wang	wang	PROPN
fbem-14600	213	5	,	,	PUNCT
fbem-14600	213	6	y.	y.	PROPN
fbem-14600	213	7	,	,	PUNCT
fbem-14600	213	8	chen	chen	PROPN
fbem-14600	213	9	,	,	PUNCT
fbem-14600	213	10	y.	y.	PROPN
fbem-14600	213	11	,	,	PUNCT
fbem-14600	213	12	&	&	CCONJ
fbem-14600	213	13	tang	tang	PROPN
fbem-14600	213	14	,	,	PUNCT
fbem-14600	213	15	m.	m.	NOUN
fbem-14600	213	16	(	(	PUNCT
fbem-14600	213	17	2017	2017	NUM
fbem-14600	213	18	)	)	PUNCT
fbem-14600	213	19	.	.	PUNCT
fbem-14600	214	1	institutional	institutional	ADJ
fbem-14600	214	2	environment	environment	NOUN
fbem-14600	214	3	,	,	PUNCT
fbem-14600	214	4	information	information	NOUN
fbem-14600	214	5	disclosure	disclosure	NOUN
fbem-14600	214	6	quality	quality	NOUN
fbem-14600	214	7	and	and	CCONJ
fbem-14600	214	8	investor	investor	NOUN
fbem-14600	214	9	protection	protection	NOUN
fbem-14600	214	10	.	.	PUNCT
fbem-14600	215	1	journal	journal	PROPN
fbem-14600	215	2	of	of	ADP
fbem-14600	215	3	beijing	beijing	PROPN
fbem-14600	215	4	technology	technology	PROPN
fbem-14600	215	5	and	and	CCONJ
fbem-14600	215	6	business	business	NOUN
fbem-14600	215	7	university	university	NOUN
fbem-14600	215	8	(	(	PUNCT
fbem-14600	215	9	social	social	ADJ
fbem-14600	215	10	sciences	science	NOUN
fbem-14600	215	11	)	)	PUNCT
fbem-14600	215	12	,	,	PUNCT
fbem-14600	215	13	32(5	32(5	NUM
fbem-14600	215	14	)	)	PUNCT
fbem-14600	215	15	,	,	PUNCT
fbem-14600	215	16	59	59	NUM
fbem-14600	215	17	-	-	SYM
fbem-14600	215	18	67	67	NUM
fbem-14600	215	19	.	.	PUNCT
fbem-14600	216	1	[	[	X
fbem-14600	216	2	7	7	NUM
fbem-14600	216	3	]	]	X
fbem-14600	216	4	wen	wen	PROPN
fbem-14600	216	5	,	,	PUNCT
fbem-14600	216	6	z.	z.	PROPN
fbem-14600	216	7	,	,	PUNCT
fbem-14600	216	8	&	&	CCONJ
fbem-14600	216	9	ye	ye	PROPN
fbem-14600	216	10	,	,	PUNCT
fbem-14600	216	11	b.	b.	PROPN
fbem-14600	216	12	(	(	PUNCT
fbem-14600	216	13	2014	2014	NUM
fbem-14600	216	14	)	)	PUNCT
fbem-14600	216	15	.	.	PUNCT
fbem-14600	217	1	mediation	mediation	NOUN
fbem-14600	217	2	effect	effect	NOUN
fbem-14600	217	3	analysis	analysis	NOUN
fbem-14600	217	4	:	:	PUNCT
fbem-14600	217	5	method	method	NOUN
fbem-14600	217	6	and	and	CCONJ
fbem-14600	217	7	model	model	NOUN
fbem-14600	217	8	development	development	NOUN
fbem-14600	217	9	.	.	PUNCT
fbem-14600	218	1	advances	advance	NOUN
fbem-14600	218	2	in	in	ADP
fbem-14600	218	3	psychological	psychological	ADJ
fbem-14600	218	4	science	science	NOUN
fbem-14600	218	5	,	,	PUNCT
fbem-14600	218	6	22(5	22(5	NOUN
fbem-14600	218	7	)	)	PUNCT
fbem-14600	218	8	,	,	PUNCT
fbem-14600	218	9	731	731	NUM
fbem-14600	218	10	-	-	SYM
fbem-14600	218	11	745	745	NUM
fbem-14600	218	12	.	.	PUNCT
fbem-14600	219	1	[	[	X
fbem-14600	219	2	8	8	NUM
fbem-14600	219	3	]	]	X
fbem-14600	219	4	xie	xie	PROPN
fbem-14600	219	5	,	,	PUNCT
fbem-14600	219	6	z.	z.	PROPN
fbem-14600	219	7	,	,	PUNCT
fbem-14600	219	8	cui	cui	PROPN
fbem-14600	219	9	,	,	PUNCT
fbem-14600	219	10	x.	x.	PROPN
fbem-14600	219	11	,	,	PUNCT
fbem-14600	219	12	du	du	PROPN
fbem-14600	219	13	,	,	PUNCT
fbem-14600	219	14	h.	h.	PROPN
fbem-14600	219	15	,	,	PUNCT
fbem-14600	219	16	du	du	PROPN
fbem-14600	219	17	,	,	PUNCT
fbem-14600	219	18	y.	y.	PROPN
fbem-14600	219	19	,	,	PUNCT
fbem-14600	219	20	ke	ke	PROPN
fbem-14600	219	21	,	,	PUNCT
fbem-14600	219	22	j.	j.	PROPN
fbem-14600	219	23	,	,	PUNCT
fbem-14600	219	24	liu	liu	PROPN
fbem-14600	219	25	,	,	PUNCT
fbem-14600	219	26	h.	h.	PROPN
fbem-14600	219	27	,	,	PUNCT
fbem-14600	219	28	liu	liu	PROPN
fbem-14600	219	29	,	,	PUNCT
fbem-14600	219	30	l.	l.	PROPN
fbem-14600	219	31	,	,	PUNCT
fbem-14600	219	32	liu	liu	PROPN
fbem-14600	219	33	,	,	PUNCT
fbem-14600	219	34	t.	t.	PROPN
fbem-14600	219	35	,	,	PUNCT
fbem-14600	219	36	ma	ma	PROPN
fbem-14600	219	37	,	,	PUNCT
fbem-14600	219	38	j.	j.	PROPN
fbem-14600	219	39	,	,	PUNCT
fbem-14600	219	40	mao	mao	PROPN
fbem-14600	219	41	,	,	PUNCT
fbem-14600	219	42	x.	x.	PROPN
fbem-14600	219	43	,	,	PUNCT
fbem-14600	219	44	mu	mu	PROPN
fbem-14600	219	45	,	,	PUNCT
fbem-14600	219	46	l.	l.	PROPN
fbem-14600	219	47	,	,	PUNCT
fbem-14600	219	48	niu	niu	PROPN
fbem-14600	219	49	,	,	PUNCT
fbem-14600	219	50	h.	h.	PROPN
fbem-14600	219	51	,	,	PUNCT
fbem-14600	219	52	su	su	PROPN
fbem-14600	219	53	,	,	PUNCT
fbem-14600	219	54	l.	l.	PROPN
fbem-14600	219	55	,	,	PUNCT
fbem-14600	219	56	sun	sun	PROPN
fbem-14600	219	57	,	,	PUNCT
fbem-14600	219	58	y.	y.	PROPN
fbem-14600	219	59	,	,	PUNCT
fbem-14600	219	60	wang	wang	PROPN
fbem-14600	219	61	,	,	PUNCT
fbem-14600	219	62	f.	f.	PROPN
fbem-14600	219	63	,	,	PUNCT
fbem-14600	219	64	wang	wang	PROPN
fbem-14600	219	65	,	,	PUNCT
fbem-14600	219	66	j.	j.	PROPN
fbem-14600	219	67	,	,	PUNCT
fbem-14600	219	68	wang	wang	PROPN
fbem-14600	219	69	,	,	PUNCT
fbem-14600	219	70	j.	j.	PROPN
fbem-14600	219	71	,	,	PUNCT
fbem-14600	219	72	wang	wang	PROPN
fbem-14600	219	73	,	,	PUNCT
fbem-14600	219	74	x.	x.	PROPN
fbem-14600	219	75	,	,	PUNCT
fbem-14600	219	76	yang	yang	PROPN
fbem-14600	219	77	,	,	PUNCT
fbem-14600	219	78	y.	y.	PROPN
fbem-14600	219	79	,	,	PUNCT
fbem-14600	219	80	zhang	zhang	PROPN
fbem-14600	219	81	,	,	PUNCT
fbem-14600	219	82	h.	h.	PROPN
fbem-14600	219	83	,	,	PUNCT
fbem-14600	219	84	zhang	zhang	PROPN
fbem-14600	219	85	,	,	PUNCT
fbem-14600	219	86	j.	j.	PROPN
fbem-14600	219	87	,	,	PUNCT
fbem-14600	219	88	&	&	CCONJ
fbem-14600	219	89	zhi	zhi	PROPN
fbem-14600	219	90	,	,	PUNCT
fbem-14600	219	91	c.	c.	PROPN
fbem-14600	219	92	(	(	PUNCT
fbem-14600	219	93	2014	2014	NUM
fbem-14600	219	94	)	)	PUNCT
fbem-14600	219	95	.	.	PUNCT
fbem-14600	220	1	investor	investor	NOUN
fbem-14600	220	2	protection	protection	NOUN
fbem-14600	220	3	function	function	NOUN
fbem-14600	220	4	and	and	CCONJ
fbem-14600	220	5	evaluation	evaluation	NOUN
fbem-14600	220	6	of	of	ADP
fbem-14600	220	7	accounting	accounting	NOUN
fbem-14600	220	8	.	.	PUNCT
fbem-14600	221	1	accounting	accounting	NOUN
fbem-14600	221	2	research	research	NOUN
fbem-14600	221	3	,	,	PUNCT
fbem-14600	221	4	2014(4	2014(4	NUM
fbem-14600	221	5	)	)	PUNCT
fbem-14600	221	6	,	,	PUNCT
fbem-14600	221	7	34	34	NUM
fbem-14600	221	8	-	-	SYM
fbem-14600	221	9	41	41	NUM
fbem-14600	221	10	+	+	NOUN
fbem-14600	221	11	95	95	NUM
fbem-14600	221	12	.	.	PUNCT
fbem-14600	222	1	[	[	X
fbem-14600	222	2	9	9	NUM
fbem-14600	222	3	]	]	X
fbem-14600	222	4	xin	xin	PROPN
fbem-14600	222	5	,	,	PUNCT
fbem-14600	222	6	q.	q.	PROPN
fbem-14600	222	7	,	,	PUNCT
fbem-14600	222	8	kong	kong	PROPN
fbem-14600	222	9	,	,	PUNCT
fbem-14600	222	10	d.	d.	PROPN
fbem-14600	222	11	,	,	PUNCT
fbem-14600	222	12	&	&	CCONJ
fbem-14600	222	13	hao	hao	PROPN
fbem-14600	222	14	,	,	PUNCT
fbem-14600	222	15	y.	y.	PROPN
fbem-14600	222	16	(	(	PUNCT
fbem-14600	222	17	2014	2014	NUM
fbem-14600	222	18	)	)	PUNCT
fbem-14600	222	19	.	.	PUNCT
fbem-14600	223	1	corporate	corporate	ADJ
fbem-14600	223	2	transparency	transparency	NOUN
fbem-14600	223	3	and	and	CCONJ
fbem-14600	223	4	stock	stock	NOUN
fbem-14600	223	5	price	price	NOUN
fbem-14600	223	6	volatility	volatility	NOUN
fbem-14600	223	7	.	.	PUNCT
fbem-14600	224	1	journal	journal	NOUN
fbem-14600	224	2	of	of	ADP
fbem-14600	224	3	financial	financial	ADJ
fbem-14600	224	4	research	research	NOUN
fbem-14600	224	5	,	,	PUNCT
fbem-14600	224	6	2014(10	2014(10	NUM
fbem-14600	224	7	)	)	PUNCT
fbem-14600	224	8	,	,	PUNCT
fbem-14600	224	9	193	193	NUM
fbem-14600	224	10	-	-	SYM
fbem-14600	224	11	206	206	NUM
fbem-14600	224	12	.	.	PUNCT
fbem-14600	225	1	[	[	X
fbem-14600	225	2	10	10	NUM
fbem-14600	225	3	]	]	X
fbem-14600	225	4	zheng	zheng	PROPN
fbem-14600	225	5	,	,	PUNCT
fbem-14600	225	6	g.	g.	PROPN
fbem-14600	225	7	,	,	PUNCT
fbem-14600	225	8	lin	lin	PROPN
fbem-14600	225	9	,	,	PUNCT
fbem-14600	225	10	d.	d.	PROPN
fbem-14600	225	11	,	,	PUNCT
fbem-14600	225	12	&	&	CCONJ
fbem-14600	225	13	zhang	zhang	PROPN
fbem-14600	225	14	,	,	PUNCT
fbem-14600	225	15	f.	f.	PROPN
fbem-14600	225	16	(	(	PUNCT
fbem-14600	225	17	2013	2013	NUM
fbem-14600	225	18	)	)	PUNCT
fbem-14600	225	19	.	.	PUNCT
fbem-14600	226	1	financial	financial	ADJ
fbem-14600	226	2	distress	distress	NOUN
fbem-14600	226	3	,	,	PUNCT
fbem-14600	226	4	tunneling	tunneling	NOUN
fbem-14600	226	5	and	and	CCONJ
fbem-14600	226	6	effectiveness	effectiveness	NOUN
fbem-14600	226	7	of	of	ADP
fbem-14600	226	8	corporate	corporate	ADJ
fbem-14600	226	9	governance	governance	NOUN
fbem-14600	226	10	:	:	PUNCT
fbem-14600	226	11	evidence	evidence	NOUN
fbem-14600	226	12	from	from	ADP
fbem-14600	226	13	financial	financial	ADJ
fbem-14600	226	14	data	datum	NOUN
fbem-14600	226	15	of	of	ADP
fbem-14600	226	16	large	large	ADJ
fbem-14600	226	17	shareholders	shareholder	NOUN
fbem-14600	226	18	.	.	PUNCT
fbem-14600	227	1	management	management	NOUN
fbem-14600	227	2	world	world	NOUN
fbem-14600	227	3	,	,	PUNCT
fbem-14600	227	4	2013(5	2013(5	NOUN
fbem-14600	227	5	)	)	PUNCT
fbem-14600	227	6	,	,	PUNCT
fbem-14600	227	7	157	157	NUM
fbem-14600	227	8	-	-	SYM
fbem-14600	227	9	168	168	NUM
fbem-14600	227	10	.	.	PUNCT
fbem-14600	228	1	[	[	X
fbem-14600	228	2	11	11	NUM
fbem-14600	228	3	]	]	SYM
fbem-14600	228	4	faccio	faccio	PROPN
fbem-14600	228	5	,	,	PUNCT
fbem-14600	228	6	m.	m.	NOUN
fbem-14600	228	7	,	,	PUNCT
fbem-14600	228	8	r.	r.	PROPN
fbem-14600	228	9	w.	w.	PROPN
fbem-14600	228	10	masulis	masulis	PROPN
fbem-14600	228	11	,	,	PUNCT
fbem-14600	228	12	and	and	CCONJ
fbem-14600	228	13	j.	j.	PROPN
fbem-14600	228	14	j.	j.	PROPN
fbem-14600	228	15	mcconnell	mcconnell	PROPN
fbem-14600	228	16	.	.	PUNCT
fbem-14600	229	1	political	political	ADJ
fbem-14600	229	2	connections	connection	NOUN
fbem-14600	229	3	and	and	CCONJ
fbem-14600	229	4	corporate	corporate	ADJ
fbem-14600	229	5	bailouts[j	bailouts[j	NOUN
fbem-14600	229	6	]	]	PUNCT
fbem-14600	229	7	.	.	PUNCT
fbem-14600	230	1	the	the	DET
fbem-14600	230	2	journal	journal	PROPN
fbem-14600	230	3	of	of	ADP
fbem-14600	230	4	finance	finance	NOUN
fbem-14600	230	5	,	,	PUNCT
fbem-14600	230	6	2006	2006	NUM
fbem-14600	230	7	,	,	PUNCT
fbem-14600	230	8	61(6):2597	61(6):2597	NOUN
fbem-14600	230	9	-	-	SYM
fbem-14600	230	10	2635	2635	NUM
fbem-14600	230	11	.	.	PUNCT
fbem-14600	231	1	[	[	X
fbem-14600	231	2	12	12	NUM
fbem-14600	231	3	]	]	X
fbem-14600	231	4	fan	fan	PROPN
fbem-14600	231	5	,	,	PUNCT
fbem-14600	231	6	j.	j.	PROPN
fbem-14600	231	7	p.	p.	PROPN
fbem-14600	231	8	h.	h.	PROPN
fbem-14600	231	9	,	,	PUNCT
fbem-14600	231	10	t.	t.	PROPN
fbem-14600	231	11	j.	j.	PROPN
fbem-14600	231	12	wong	wong	PROPN
fbem-14600	231	13	,	,	PUNCT
fbem-14600	231	14	and	and	CCONJ
fbem-14600	231	15	t.	t.	PROPN
fbem-14600	231	16	zhang	zhang	PROPN
fbem-14600	231	17	.	.	PUNCT
fbem-14600	231	18	politically	politically	ADV
fbem-14600	231	19	connected	connect	VERB
fbem-14600	231	20	ceos	ceo	NOUN
fbem-14600	231	21	,	,	PUNCT
fbem-14600	231	22	corporate	corporate	ADJ
fbem-14600	231	23	governance	governance	NOUN
fbem-14600	231	24	,	,	PUNCT
fbem-14600	231	25	and	and	CCONJ
fbem-14600	231	26	post	post	ADJ
fbem-14600	231	27	-	-	ADJ
fbem-14600	231	28	ipo	ipo	ADJ
fbem-14600	231	29	performance	performance	NOUN
fbem-14600	231	30	of	of	ADP
fbem-14600	231	31	china	china	PROPN
fbem-14600	231	32	’s	’s	PART
fbem-14600	231	33	newly	newly	ADV
fbem-14600	231	34	partially	partially	ADV
fbem-14600	231	35	privatized	privatize	VERB
fbem-14600	231	36	firms[j	firms[j	NOUN
fbem-14600	231	37	]	]	PUNCT
fbem-14600	231	38	.	.	PUNCT
fbem-14600	232	1	journal	journal	PROPN
fbem-14600	232	2	of	of	ADP
fbem-14600	232	3	financial	financial	ADJ
fbem-14600	232	4	economics	economic	NOUN
fbem-14600	232	5	,	,	PUNCT
fbem-14600	232	6	2007	2007	NUM
fbem-14600	232	7	,	,	PUNCT
fbem-14600	232	8	84(2):330	84(2):330	NOUN
fbem-14600	232	9	-	-	SYM
fbem-14600	232	10	357	357	NUM
fbem-14600	232	11	.	.	PUNCT
fbem-14600	233	1	[	[	X
fbem-14600	233	2	13	13	NUM
fbem-14600	233	3	]	]	SYM
fbem-14600	233	4	fan	fan	PROPN
fbem-14600	233	5	,	,	PUNCT
fbem-14600	233	6	j.	j.	PROPN
fbem-14600	233	7	p.	p.	PROPN
fbem-14600	233	8	,	,	PUNCT
fbem-14600	233	9	t.	t.	PROPN
fbem-14600	233	10	j.	j.	PROPN
fbem-14600	233	11	wong	wong	PROPN
fbem-14600	233	12	,	,	PUNCT
fbem-14600	233	13	and	and	CCONJ
fbem-14600	233	14	t.	t.	PROPN
fbem-14600	233	15	zhang	zhang	PROPN
fbem-14600	233	16	.	.	PUNCT
fbem-14600	233	17	politically	politically	ADV
fbem-14600	233	18	connected	connect	VERB
fbem-14600	233	19	ceos	ceo	NOUN
fbem-14600	233	20	,	,	PUNCT
fbem-14600	233	21	corporate	corporate	ADJ
fbem-14600	233	22	governance	governance	NOUN
fbem-14600	233	23	,	,	PUNCT
fbem-14600	233	24	and	and	CCONJ
fbem-14600	233	25	post	post	ADJ
fbem-14600	233	26	-	-	ADJ
fbem-14600	233	27	ipo	ipo	ADJ
fbem-14600	233	28	performance	performance	NOUN
fbem-14600	233	29	of	of	ADP
fbem-14600	233	30	china	china	PROPN
fbem-14600	233	31	’s	’s	PART
fbem-14600	233	32	newly	newly	ADV
fbem-14600	233	33	partially	partially	ADV
fbem-14600	233	34	privatized	privatize	VERB
fbem-14600	233	35	firms[j	firms[j	NOUN
fbem-14600	233	36	]	]	PUNCT
fbem-14600	233	37	.	.	PUNCT
fbem-14600	234	1	journal	journal	PROPN
fbem-14600	234	2	of	of	ADP
fbem-14600	234	3	financial	financial	ADJ
fbem-14600	234	4	economics	economic	NOUN
fbem-14600	234	5	,	,	PUNCT
fbem-14600	234	6	2007	2007	NUM
fbem-14600	234	7	,	,	PUNCT
fbem-14600	234	8	84(2):330	84(2):330	NOUN
fbem-14600	234	9	-	-	SYM
fbem-14600	234	10	357	357	NUM
fbem-14600	234	11	.	.	PUNCT
fbem-14600	235	1	[	[	X
fbem-14600	235	2	14	14	NUM
fbem-14600	235	3	]	]	PUNCT
fbem-14600	235	4	fisman	fisman	NOUN
fbem-14600	235	5	,	,	PUNCT
fbem-14600	235	6	r.	r.	PROPN
fbem-14600	235	7	estimating	estimate	VERB
fbem-14600	235	8	the	the	DET
fbem-14600	235	9	value	value	NOUN
fbem-14600	235	10	of	of	ADP
fbem-14600	235	11	political	political	ADJ
fbem-14600	235	12	connections[j	connections[j	PROPN
fbem-14600	235	13	]	]	PUNCT
fbem-14600	235	14	.	.	PUNCT
fbem-14600	236	1	american	american	PROPN
fbem-14600	236	2	economic	economic	PROPN
fbem-14600	236	3	review	review	PROPN
fbem-14600	236	4	,	,	PUNCT
fbem-14600	236	5	2001	2001	NUM
fbem-14600	236	6	,	,	PUNCT
fbem-14600	236	7	91(4):1095	91(4):1095	NUM
fbem-14600	236	8	-	-	SYM
fbem-14600	236	9	1102	1102	NUM
fbem-14600	236	10	.	.	PUNCT
fbem-14600	237	1	[	[	X
fbem-14600	237	2	15	15	NUM
fbem-14600	237	3	]	]	X
fbem-14600	237	4	liu	liu	PROPN
fbem-14600	237	5	,	,	PUNCT
fbem-14600	237	6	y.	y.	PROPN
fbem-14600	237	7	,	,	PUNCT
fbem-14600	237	8	x.	x.	PROPN
fbem-14600	237	9	li	li	PROPN
fbem-14600	237	10	,	,	PUNCT
fbem-14600	237	11	h.	h.	PROPN
fbem-14600	237	12	zeng	zeng	PROPN
fbem-14600	237	13	,	,	PUNCT
fbem-14600	237	14	and	and	CCONJ
fbem-14600	237	15	y.	y.	PROPN
fbem-14600	237	16	an	an	PROPN
fbem-14600	237	17	.	.	PUNCT
fbem-14600	237	18	political	political	ADJ
fbem-14600	237	19	connections	connection	NOUN
fbem-14600	237	20	,	,	PUNCT
fbem-14600	237	21	auditor	auditor	NOUN
fbem-14600	237	22	choice	choice	NOUN
fbem-14600	237	23	and	and	CCONJ
fbem-14600	237	24	corporate	corporate	ADJ
fbem-14600	237	25	accounting	accounting	NOUN
fbem-14600	237	26	transparency	transparency	NOUN
fbem-14600	237	27	:	:	PUNCT
fbem-14600	237	28	74	74	NUM
fbem-14600	237	29	evidence	evidence	NOUN
fbem-14600	237	30	from	from	ADP
fbem-14600	237	31	private	private	ADJ
fbem-14600	237	32	sector	sector	NOUN
fbem-14600	237	33	firms	firm	NOUN
fbem-14600	237	34	in	in	ADP
fbem-14600	237	35	china[j	china[j	PROPN
fbem-14600	237	36	]	]	PUNCT
fbem-14600	237	37	.	.	PUNCT
fbem-14600	238	1	accounting	accounting	PROPN
fbem-14600	238	2	&	&	CCONJ
fbem-14600	238	3	finance	finance	PROPN
fbem-14600	238	4	,	,	PUNCT
fbem-14600	238	5	2017	2017	NUM
fbem-14600	238	6	,	,	PUNCT
fbem-14600	238	7	57(4):1071	57(4):1071	NUM
fbem-14600	238	8	-	-	SYM
fbem-14600	238	9	1099	1099	NUM
fbem-14600	238	10	.	.	PUNCT
fbem-14600	239	1	[	[	X
fbem-14600	239	2	16	16	NUM
fbem-14600	239	3	]	]	X
fbem-14600	239	4	pfeffer	pfeffer	PROPN
fbem-14600	239	5	,	,	PUNCT
fbem-14600	239	6	j.	j.	PROPN
fbem-14600	239	7	,	,	PUNCT
fbem-14600	239	8	and	and	CCONJ
fbem-14600	239	9	g.	g.	PROPN
fbem-14600	239	10	salancik	salancik	PROPN
fbem-14600	239	11	.	.	PUNCT
fbem-14600	240	1	external	external	ADJ
fbem-14600	240	2	control	control	NOUN
fbem-14600	240	3	of	of	ADP
fbem-14600	240	4	organizations	organization	NOUN
fbem-14600	240	5	—	—	PUNCT
fbem-14600	240	6	resource	resource	NOUN
fbem-14600	240	7	dependence	dependence	NOUN
fbem-14600	240	8	perspective	perspective	NOUN
fbem-14600	241	1	[	[	X
fbem-14600	241	2	a	a	X
fbem-14600	241	3	]	]	X
fbem-14600	241	4	.	.	PUNCT
fbem-14600	242	1	organizational	organizational	ADJ
fbem-14600	242	2	behavior	behavior	NOUN
fbem-14600	242	3	2[c	2[c	NOUN
fbem-14600	242	4	]	]	PUNCT
fbem-14600	242	5	.	.	PUNCT
fbem-14600	243	1	routledge	routledge	PROPN
fbem-14600	243	2	,	,	PUNCT
fbem-14600	243	3	2015	2015	NUM
fbem-14600	243	4	:	:	PUNCT
fbem-14600	243	5	373	373	NUM
fbem-14600	243	6	-	-	SYM
fbem-14600	243	7	388	388	NUM
fbem-14600	243	8	.	.	PUNCT
fbem-14600	244	1	[	[	X
fbem-14600	244	2	17	17	NUM
fbem-14600	244	3	]	]	X
fbem-14600	244	4	wei	wei	PROPN
fbem-14600	244	5	,	,	PUNCT
fbem-14600	244	6	y.	y.	PROPN
fbem-14600	244	7	,	,	PUNCT
fbem-14600	244	8	n.	n.	PROPN
fbem-14600	244	9	jia	jia	PROPN
fbem-14600	244	10	,	,	PUNCT
fbem-14600	244	11	and	and	CCONJ
fbem-14600	244	12	j.	j.	PROPN
fbem-14600	244	13	p.	p.	PROPN
fbem-14600	244	14	bonardi	bonardi	PROPN
fbem-14600	244	15	.	.	PUNCT
fbem-14600	245	1	corporate	corporate	ADJ
fbem-14600	245	2	political	political	ADJ
fbem-14600	245	3	connections	connection	NOUN
fbem-14600	245	4	:	:	PUNCT
fbem-14600	245	5	a	a	DET
fbem-14600	245	6	multidisciplinary	multidisciplinary	NOUN
fbem-14600	245	7	review[j	review[j	PROPN
fbem-14600	245	8	]	]	PUNCT
fbem-14600	245	9	.	.	PUNCT
fbem-14600	246	1	journal	journal	PROPN
fbem-14600	246	2	of	of	ADP
fbem-14600	246	3	management	management	NOUN
fbem-14600	246	4	,	,	PUNCT
fbem-14600	246	5	2023	2023	NUM
fbem-14600	246	6	,	,	PUNCT
fbem-14600	246	7	49(6):1870	49(6):1870	NUM
fbem-14600	246	8	-	-	SYM
fbem-14600	246	9	1910	1910	NUM
fbem-14600	246	10	.	.	PUNCT
fbem-14600	247	1	[	[	X
fbem-14600	247	2	18	18	NUM
fbem-14600	247	3	]	]	SYM
fbem-14600	247	4	xu	xu	PROPN
fbem-14600	247	5	,	,	PUNCT
fbem-14600	247	6	s.	s.	PROPN
fbem-14600	247	7	,	,	PUNCT
fbem-14600	247	8	and	and	CCONJ
fbem-14600	247	9	d.	d.	PROPN
fbem-14600	247	10	liu	liu	PROPN
fbem-14600	247	11	.	.	PUNCT
fbem-14600	248	1	political	political	ADJ
fbem-14600	248	2	connections	connection	NOUN
fbem-14600	248	3	and	and	CCONJ
fbem-14600	248	4	corporate	corporate	ADJ
fbem-14600	248	5	social	social	ADJ
fbem-14600	248	6	responsibility	responsibility	NOUN
fbem-14600	248	7	:	:	PUNCT
fbem-14600	248	8	political	political	ADJ
fbem-14600	248	9	incentives	incentive	NOUN
fbem-14600	248	10	in	in	ADP
fbem-14600	248	11	china[j	china[j	NOUN
fbem-14600	248	12	]	]	PUNCT
fbem-14600	248	13	.	.	PUNCT
fbem-14600	249	1	business	business	NOUN
fbem-14600	249	2	ethics	ethic	NOUN
fbem-14600	249	3	:	:	PUNCT
fbem-14600	249	4	a	a	DET
fbem-14600	249	5	european	european	PROPN
fbem-14600	249	6	review	review	NOUN
fbem-14600	249	7	,	,	PUNCT
fbem-14600	249	8	2020	2020	NUM
fbem-14600	249	9	,	,	PUNCT
fbem-14600	249	10	29(4):664	29(4):664	PROPN
fbem-14600	249	11	-	-	NUM
fbem-14600	249	12	693	693	NUM
fbem-14600	249	13	.	.	PUNCT