id sid tid token lemma pos fbem-15618 1 1 frontiers frontier NOUN fbem-15618 1 2 in in ADP fbem-15618 1 3 business business NOUN fbem-15618 1 4 , , PUNCT fbem-15618 1 5 economics economic NOUN fbem-15618 1 6 and and CCONJ fbem-15618 1 7 management management NOUN fbem-15618 1 8 issn issn PROPN fbem-15618 1 9 : : PUNCT fbem-15618 1 10 2766 2766 NUM fbem-15618 1 11 - - PUNCT fbem-15618 1 12 824x 824x NUM fbem-15618 1 13 | | ADJ fbem-15618 1 14 vol vol NOUN fbem-15618 1 15 . . PROPN fbem-15618 1 16 12 12 NUM fbem-15618 1 17 , , PUNCT fbem-15618 1 18 no no INTJ fbem-15618 1 19 . . NOUN fbem-15618 1 20 3 3 NUM fbem-15618 1 21 , , PUNCT fbem-15618 1 22 2023 2023 NUM fbem-15618 1 23 279 279 NUM fbem-15618 1 24 directors director NOUN fbem-15618 1 25 ' ' PART fbem-15618 1 26 and and CCONJ fbem-15618 1 27 officers officer NOUN fbem-15618 1 28 ' ' PART fbem-15618 1 29 liability liability NOUN fbem-15618 1 30 insurance insurance NOUN fbem-15618 1 31 and and CCONJ fbem-15618 1 32 audit audit NOUN fbem-15618 1 33 fees fee NOUN fbem-15618 1 34 : : PUNCT fbem-15618 1 35 evidence evidence NOUN fbem-15618 1 36 from from ADP fbem-15618 1 37 china china PROPN fbem-15618 1 38 desheng desheng PROPN fbem-15618 1 39 tang1 tang1 PROPN fbem-15618 1 40 and and CCONJ fbem-15618 1 41 changting changting NOUN fbem-15618 1 42 huang1 huang1 NOUN fbem-15618 1 43 , , PUNCT fbem-15618 1 44 * * PUNCT fbem-15618 2 1 1school 1school NUM fbem-15618 2 2 t t PROPN fbem-15618 2 3 of of ADP fbem-15618 2 4 guangxi guangxi PROPN fbem-15618 2 5 university university PROPN fbem-15618 2 6 , , PUNCT fbem-15618 2 7 guangxi guangxi PROPN fbem-15618 2 8 , , PUNCT fbem-15618 2 9 china china PROPN fbem-15618 2 10 * * PUNCT fbem-15618 2 11 corresponding correspond VERB fbem-15618 2 12 author author NOUN fbem-15618 2 13 email email NOUN fbem-15618 2 14 : : PUNCT fbem-15618 2 15 1871982146@qq.com 1871982146@qq.com NUM fbem-15618 2 16 abstract abstract NOUN fbem-15618 2 17 : : PUNCT fbem-15618 2 18 this this DET fbem-15618 2 19 paper paper NOUN fbem-15618 2 20 aims aim VERB fbem-15618 2 21 to to PART fbem-15618 2 22 deeply deeply ADV fbem-15618 2 23 investigate investigate VERB fbem-15618 2 24 the the DET fbem-15618 2 25 relationship relationship NOUN fbem-15618 2 26 between between ADP fbem-15618 2 27 directors director NOUN fbem-15618 2 28 ' ' PART fbem-15618 2 29 and and CCONJ fbem-15618 2 30 officers officer NOUN fbem-15618 2 31 ' ' PART fbem-15618 2 32 liability liability NOUN fbem-15618 2 33 insurance insurance NOUN fbem-15618 2 34 ( ( PUNCT fbem-15618 2 35 hereinafter hereinafter NOUN fbem-15618 2 36 referred refer VERB fbem-15618 2 37 to to ADP fbem-15618 2 38 as as ADP fbem-15618 2 39 d&o d&o NOUN fbem-15618 2 40 insurance insurance NOUN fbem-15618 2 41 ) ) PUNCT fbem-15618 2 42 and and CCONJ fbem-15618 2 43 audit audit NOUN fbem-15618 2 44 fees fee NOUN fbem-15618 2 45 . . PUNCT fbem-15618 3 1 based base VERB fbem-15618 3 2 on on ADP fbem-15618 3 3 data datum NOUN fbem-15618 3 4 from from ADP fbem-15618 3 5 china china PROPN fbem-15618 3 6 's 's PART fbem-15618 3 7 a a DET fbem-15618 3 8 - - PUNCT fbem-15618 3 9 share share NOUN fbem-15618 3 10 listed list VERB fbem-15618 3 11 companies company NOUN fbem-15618 3 12 from from ADP fbem-15618 3 13 2009 2009 NUM fbem-15618 3 14 to to ADP fbem-15618 3 15 2022 2022 NUM fbem-15618 3 16 , , PUNCT fbem-15618 3 17 this this DET fbem-15618 3 18 study study NOUN fbem-15618 3 19 empirically empirically ADV fbem-15618 3 20 analyzes analyze VERB fbem-15618 3 21 the the DET fbem-15618 3 22 specific specific ADJ fbem-15618 3 23 impact impact NOUN fbem-15618 3 24 of of ADP fbem-15618 3 25 d&o d&o NOUN fbem-15618 3 26 insurance insurance NOUN fbem-15618 3 27 on on ADP fbem-15618 3 28 audit audit NOUN fbem-15618 3 29 fees fee NOUN fbem-15618 3 30 . . PUNCT fbem-15618 4 1 the the DET fbem-15618 4 2 results result NOUN fbem-15618 4 3 show show VERB fbem-15618 4 4 that that SCONJ fbem-15618 4 5 after after ADP fbem-15618 4 6 purchasing purchase VERB fbem-15618 4 7 d&o d&o NOUN fbem-15618 4 8 insurance insurance NOUN fbem-15618 4 9 , , PUNCT fbem-15618 4 10 listed list VERB fbem-15618 4 11 companies company NOUN fbem-15618 4 12 experience experience VERB fbem-15618 4 13 a a DET fbem-15618 4 14 significant significant ADJ fbem-15618 4 15 increase increase NOUN fbem-15618 4 16 in in ADP fbem-15618 4 17 audit audit NOUN fbem-15618 4 18 fees fee NOUN fbem-15618 4 19 . . PUNCT fbem-15618 5 1 this this DET fbem-15618 5 2 conclusion conclusion NOUN fbem-15618 5 3 remains remain VERB fbem-15618 5 4 valid valid ADJ fbem-15618 5 5 after after ADP fbem-15618 5 6 robustness robustness NOUN fbem-15618 5 7 tests test NOUN fbem-15618 5 8 , , PUNCT fbem-15618 5 9 confirming confirm VERB fbem-15618 5 10 the the DET fbem-15618 5 11 positive positive ADJ fbem-15618 5 12 role role NOUN fbem-15618 5 13 of of ADP fbem-15618 5 14 d&o d&o NOUN fbem-15618 5 15 insurance insurance NOUN fbem-15618 5 16 in in ADP fbem-15618 5 17 corporate corporate ADJ fbem-15618 5 18 governance governance NOUN fbem-15618 5 19 . . PUNCT fbem-15618 6 1 further further ADJ fbem-15618 6 2 analysis analysis NOUN fbem-15618 6 3 of of ADP fbem-15618 6 4 its its PRON fbem-15618 6 5 mechanism mechanism NOUN fbem-15618 6 6 reveals reveal VERB fbem-15618 6 7 that that SCONJ fbem-15618 6 8 the the DET fbem-15618 6 9 increase increase NOUN fbem-15618 6 10 in in ADP fbem-15618 6 11 audit audit NOUN fbem-15618 6 12 fees fee NOUN fbem-15618 6 13 stems stem VERB fbem-15618 6 14 from from ADP fbem-15618 6 15 the the DET fbem-15618 6 16 demand demand NOUN fbem-15618 6 17 for for ADP fbem-15618 6 18 high high ADJ fbem-15618 6 19 audit audit NOUN fbem-15618 6 20 quality quality NOUN fbem-15618 6 21 driven drive VERB fbem-15618 6 22 by by ADP fbem-15618 6 23 d&o d&o NOUN fbem-15618 6 24 insurance insurance NOUN fbem-15618 6 25 as as ADP fbem-15618 6 26 a a DET fbem-15618 6 27 governance governance NOUN fbem-15618 6 28 mechanism mechanism NOUN fbem-15618 6 29 , , PUNCT fbem-15618 6 30 reflecting reflect VERB fbem-15618 6 31 its its PRON fbem-15618 6 32 supervisory supervisory ADJ fbem-15618 6 33 incentive incentive NOUN fbem-15618 6 34 effect effect NOUN fbem-15618 6 35 rather rather ADV fbem-15618 6 36 than than ADP fbem-15618 6 37 resulting result VERB fbem-15618 6 38 from from ADP fbem-15618 6 39 opportunistic opportunistic ADJ fbem-15618 6 40 and and CCONJ fbem-15618 6 41 moral moral ADJ fbem-15618 6 42 hazard hazard NOUN fbem-15618 6 43 behaviors behavior NOUN fbem-15618 6 44 . . PUNCT fbem-15618 7 1 additionally additionally ADV fbem-15618 7 2 , , PUNCT fbem-15618 7 3 the the DET fbem-15618 7 4 study study NOUN fbem-15618 7 5 finds find VERB fbem-15618 7 6 a a DET fbem-15618 7 7 significant significant ADJ fbem-15618 7 8 interactive interactive ADJ fbem-15618 7 9 effect effect NOUN fbem-15618 7 10 between between ADP fbem-15618 7 11 d&o d&o NOUN fbem-15618 7 12 insurance insurance NOUN fbem-15618 7 13 and and CCONJ fbem-15618 7 14 audit audit NOUN fbem-15618 7 15 fees fee NOUN fbem-15618 7 16 , , PUNCT fbem-15618 7 17 further far ADV fbem-15618 7 18 validating validate VERB fbem-15618 7 19 the the DET fbem-15618 7 20 existence existence NOUN fbem-15618 7 21 of of ADP fbem-15618 7 22 its its PRON fbem-15618 7 23 supervisory supervisory ADJ fbem-15618 7 24 incentive incentive NOUN fbem-15618 7 25 effect effect NOUN fbem-15618 7 26 . . PUNCT fbem-15618 8 1 this this DET fbem-15618 8 2 paper paper NOUN fbem-15618 8 3 provides provide VERB fbem-15618 8 4 strong strong ADJ fbem-15618 8 5 evidence evidence NOUN fbem-15618 8 6 for for ADP fbem-15618 8 7 the the DET fbem-15618 8 8 positive positive ADJ fbem-15618 8 9 impact impact NOUN fbem-15618 8 10 of of ADP fbem-15618 8 11 d&o d&o NOUN fbem-15618 8 12 insurance insurance NOUN fbem-15618 8 13 on on ADP fbem-15618 8 14 audit audit NOUN fbem-15618 8 15 fees fee NOUN fbem-15618 8 16 . . PUNCT fbem-15618 9 1 these these DET fbem-15618 9 2 findings finding NOUN fbem-15618 9 3 not not PART fbem-15618 9 4 only only ADV fbem-15618 9 5 deepen deepen VERB fbem-15618 9 6 our our PRON fbem-15618 9 7 understanding understanding NOUN fbem-15618 9 8 of of ADP fbem-15618 9 9 the the DET fbem-15618 9 10 governance governance NOUN fbem-15618 9 11 effects effect NOUN fbem-15618 9 12 of of ADP fbem-15618 9 13 d&o d&o NOUN fbem-15618 9 14 insurance insurance NOUN fbem-15618 9 15 but but CCONJ fbem-15618 9 16 also also ADV fbem-15618 9 17 provide provide VERB fbem-15618 9 18 important important ADJ fbem-15618 9 19 theoretical theoretical ADJ fbem-15618 9 20 support support NOUN fbem-15618 9 21 and and CCONJ fbem-15618 9 22 empirical empirical ADJ fbem-15618 9 23 evidence evidence NOUN fbem-15618 9 24 for for ADP fbem-15618 9 25 the the DET fbem-15618 9 26 future future ADJ fbem-15618 9 27 development development NOUN fbem-15618 9 28 of of ADP fbem-15618 9 29 d&o d&o NOUN fbem-15618 9 30 insurance insurance NOUN fbem-15618 9 31 in in ADP fbem-15618 9 32 china china PROPN fbem-15618 9 33 . . PUNCT fbem-15618 10 1 keywords keyword NOUN fbem-15618 10 2 : : PUNCT fbem-15618 10 3 d&o d&o NOUN fbem-15618 10 4 insurance insurance NOUN fbem-15618 10 5 ; ; PUNCT fbem-15618 10 6 audit audit NOUN fbem-15618 10 7 fees fee NOUN fbem-15618 10 8 ; ; PUNCT fbem-15618 10 9 opportunism opportunism NOUN fbem-15618 10 10 ; ; PUNCT fbem-15618 10 11 corporate corporate ADJ fbem-15618 10 12 governance governance NOUN fbem-15618 10 13 . . PUNCT fbem-15618 11 1 1 1 X fbem-15618 11 2 . . X fbem-15618 11 3 introduction introduction NOUN fbem-15618 11 4 d&o d&o NOUN fbem-15618 11 5 insurance insurance NOUN fbem-15618 11 6 is be AUX fbem-15618 11 7 designed design VERB fbem-15618 11 8 to to PART fbem-15618 11 9 provide provide VERB fbem-15618 11 10 protection protection NOUN fbem-15618 11 11 for for ADP fbem-15618 11 12 the the DET fbem-15618 11 13 management management NOUN fbem-15618 11 14 of of ADP fbem-15618 11 15 a a DET fbem-15618 11 16 company company NOUN fbem-15618 11 17 against against ADP fbem-15618 11 18 professional professional ADJ fbem-15618 11 19 risks risk NOUN fbem-15618 11 20 . . PUNCT fbem-15618 12 1 when when SCONJ fbem-15618 12 2 managers manager NOUN fbem-15618 12 3 make make VERB fbem-15618 12 4 mistakes mistake NOUN fbem-15618 12 5 in in ADP fbem-15618 12 6 their their PRON fbem-15618 12 7 work work NOUN fbem-15618 12 8 decisions decision NOUN fbem-15618 12 9 that that PRON fbem-15618 12 10 result result VERB fbem-15618 12 11 in in ADP fbem-15618 12 12 losses loss NOUN fbem-15618 12 13 for for ADP fbem-15618 12 14 the the DET fbem-15618 12 15 company company NOUN fbem-15618 12 16 and and CCONJ fbem-15618 12 17 face face VERB fbem-15618 12 18 shareholder shareholder NOUN fbem-15618 12 19 lawsuits lawsuit NOUN fbem-15618 12 20 , , PUNCT fbem-15618 12 21 this this DET fbem-15618 12 22 insurance insurance NOUN fbem-15618 12 23 can can AUX fbem-15618 12 24 reduce reduce VERB fbem-15618 12 25 or or CCONJ fbem-15618 12 26 exempt exempt VERB fbem-15618 12 27 their their PRON fbem-15618 12 28 liability liability NOUN fbem-15618 12 29 and and CCONJ fbem-15618 12 30 financial financial ADJ fbem-15618 12 31 compensation compensation NOUN fbem-15618 12 32 , , PUNCT fbem-15618 12 33 thereby thereby ADV fbem-15618 12 34 enhancing enhance VERB fbem-15618 12 35 their their PRON fbem-15618 12 36 confidence confidence NOUN fbem-15618 12 37 in in ADP fbem-15618 12 38 risk risk NOUN fbem-15618 12 39 decision decision NOUN fbem-15618 12 40 - - PUNCT fbem-15618 12 41 making making NOUN fbem-15618 12 42 . . PUNCT fbem-15618 13 1 this this DET fbem-15618 13 2 text text NOUN fbem-15618 13 3 conforms conform VERB fbem-15618 13 4 to to ADP fbem-15618 13 5 the the DET fbem-15618 13 6 academic academic ADJ fbem-15618 13 7 english english ADJ fbem-15618 13 8 standard standard NOUN fbem-15618 13 9 : : PUNCT fbem-15618 13 10 since since SCONJ fbem-15618 13 11 the the DET fbem-15618 13 12 introduction introduction NOUN fbem-15618 13 13 of of ADP fbem-15618 13 14 d&o d&o NOUN fbem-15618 13 15 insurance insurance NOUN fbem-15618 13 16 into into ADP fbem-15618 13 17 china china PROPN fbem-15618 13 18 in in ADP fbem-15618 13 19 2002 2002 NUM fbem-15618 13 20 , , PUNCT fbem-15618 13 21 the the DET fbem-15618 13 22 original original ADJ fbem-15618 13 23 intention intention NOUN fbem-15618 13 24 of of ADP fbem-15618 13 25 the the DET fbem-15618 13 26 capital capital NOUN fbem-15618 13 27 market market NOUN fbem-15618 13 28 is be AUX fbem-15618 13 29 to to PART fbem-15618 13 30 transfer transfer VERB fbem-15618 13 31 the the DET fbem-15618 13 32 professional professional ADJ fbem-15618 13 33 risks risk NOUN fbem-15618 13 34 of of ADP fbem-15618 13 35 directors director NOUN fbem-15618 13 36 and and CCONJ fbem-15618 13 37 executives executive NOUN fbem-15618 13 38 of of ADP fbem-15618 13 39 listed list VERB fbem-15618 13 40 companies company NOUN fbem-15618 13 41 to to ADP fbem-15618 13 42 professional professional ADJ fbem-15618 13 43 risk risk NOUN fbem-15618 13 44 managers manager NOUN fbem-15618 13 45 insurers insurer NOUN fbem-15618 13 46 . . PUNCT fbem-15618 14 1 this this DET fbem-15618 14 2 move move NOUN fbem-15618 14 3 not not PART fbem-15618 14 4 only only ADV fbem-15618 14 5 hopes hope VERB fbem-15618 14 6 to to PART fbem-15618 14 7 improve improve VERB fbem-15618 14 8 the the DET fbem-15618 14 9 external external ADJ fbem-15618 14 10 governance governance NOUN fbem-15618 14 11 level level NOUN fbem-15618 14 12 of of ADP fbem-15618 14 13 listed list VERB fbem-15618 14 14 companies company NOUN fbem-15618 14 15 and and CCONJ fbem-15618 14 16 reduce reduce VERB fbem-15618 14 17 the the DET fbem-15618 14 18 probability probability NOUN fbem-15618 14 19 of of ADP fbem-15618 14 20 agency agency NOUN fbem-15618 14 21 problems[1 problems[1 NOUN fbem-15618 14 22 ] ] PUNCT fbem-15618 14 23 , , PUNCT fbem-15618 14 24 but but CCONJ fbem-15618 14 25 also also ADV fbem-15618 14 26 reduce reduce VERB fbem-15618 14 27 corporate corporate ADJ fbem-15618 14 28 violations violation NOUN fbem-15618 14 29 and and CCONJ fbem-15618 14 30 financial financial ADJ fbem-15618 14 31 restatements restatement NOUN fbem-15618 14 32 . . PUNCT fbem-15618 15 1 research research NOUN fbem-15618 15 2 also also ADV fbem-15618 15 3 shows show VERB fbem-15618 15 4 that that SCONJ fbem-15618 15 5 d&o d&o NOUN fbem-15618 15 6 insurance insurance NOUN fbem-15618 15 7 helps help VERB fbem-15618 15 8 to to PART fbem-15618 15 9 inhibit inhibit VERB fbem-15618 15 10 managers manager NOUN fbem-15618 15 11 ' ' PART fbem-15618 15 12 short short ADJ fbem-15618 15 13 - - PUNCT fbem-15618 15 14 term term NOUN fbem-15618 15 15 behavior behavior NOUN fbem-15618 15 16 , , PUNCT fbem-15618 15 17 strengthen strengthen VERB fbem-15618 15 18 internal internal ADJ fbem-15618 15 19 control control NOUN fbem-15618 15 20 of of ADP fbem-15618 15 21 enterprises enterprise NOUN fbem-15618 15 22 , , PUNCT fbem-15618 15 23 and and CCONJ fbem-15618 15 24 thus thus ADV fbem-15618 15 25 improve improve VERB fbem-15618 15 26 the the DET fbem-15618 15 27 quality quality NOUN fbem-15618 15 28 of of ADP fbem-15618 15 29 accounting accounting NOUN fbem-15618 15 30 information[2 information[2 PROPN fbem-15618 15 31 ] ] PUNCT fbem-15618 15 32 . . PUNCT fbem-15618 16 1 from from ADP fbem-15618 16 2 this this DET fbem-15618 16 3 perspective perspective NOUN fbem-15618 16 4 , , PUNCT fbem-15618 16 5 higher high ADJ fbem-15618 16 6 regulatory regulatory ADJ fbem-15618 16 7 requirements requirement NOUN fbem-15618 16 8 require require VERB fbem-15618 16 9 higher high ADJ fbem-15618 16 10 audit audit NOUN fbem-15618 16 11 quality quality NOUN fbem-15618 16 12 , , PUNCT fbem-15618 16 13 which which PRON fbem-15618 16 14 makes make VERB fbem-15618 16 15 companies company NOUN fbem-15618 16 16 pay pay VERB fbem-15618 16 17 more more ADJ fbem-15618 16 18 audit audit NOUN fbem-15618 16 19 fees fee NOUN fbem-15618 16 20 . . PUNCT fbem-15618 17 1 however however ADV fbem-15618 17 2 , , PUNCT fbem-15618 17 3 some some DET fbem-15618 17 4 scholars scholar NOUN fbem-15618 17 5 have have AUX fbem-15618 17 6 pointed point VERB fbem-15618 17 7 out out ADP fbem-15618 17 8 that that SCONJ fbem-15618 17 9 the the DET fbem-15618 17 10 " " PUNCT fbem-15618 17 11 shielding shielding NOUN fbem-15618 17 12 " " PUNCT fbem-15618 17 13 effect effect NOUN fbem-15618 17 14 of of ADP fbem-15618 17 15 d&o d&o NOUN fbem-15618 17 16 insurance insurance NOUN fbem-15618 17 17 may may AUX fbem-15618 17 18 reduce reduce VERB fbem-15618 17 19 the the DET fbem-15618 17 20 cost cost NOUN fbem-15618 17 21 of of ADP fbem-15618 17 22 violations violation NOUN fbem-15618 17 23 for for ADP fbem-15618 17 24 managers manager NOUN fbem-15618 17 25 , , PUNCT fbem-15618 17 26 weaken weaken VERB fbem-15618 17 27 the the DET fbem-15618 17 28 litigation litigation NOUN fbem-15618 17 29 risk risk NOUN fbem-15618 17 30 of of ADP fbem-15618 17 31 shareholders shareholder NOUN fbem-15618 17 32 , , PUNCT fbem-15618 17 33 and and CCONJ fbem-15618 17 34 thus thus ADV fbem-15618 17 35 induce induce VERB fbem-15618 17 36 opportunistic opportunistic ADJ fbem-15618 17 37 behavior behavior NOUN fbem-15618 17 38 of of ADP fbem-15618 17 39 managers manager NOUN fbem-15618 17 40 [ [ X fbem-15618 17 41 3 3 NUM fbem-15618 17 42 ] ] PUNCT fbem-15618 17 43 . . PUNCT fbem-15618 18 1 in in ADP fbem-15618 18 2 addition addition NOUN fbem-15618 18 3 , , PUNCT fbem-15618 18 4 the the DET fbem-15618 18 5 insurance insurance NOUN fbem-15618 18 6 may may AUX fbem-15618 18 7 also also ADV fbem-15618 18 8 encourage encourage VERB fbem-15618 18 9 managers manager NOUN fbem-15618 18 10 ' ' PART fbem-15618 18 11 self self NOUN fbem-15618 18 12 - - PUNCT fbem-15618 18 13 interested interest VERB fbem-15618 18 14 behavior behavior NOUN fbem-15618 18 15 and and CCONJ fbem-15618 18 16 earnings earning NOUN fbem-15618 18 17 management management NOUN fbem-15618 18 18 , , PUNCT fbem-15618 18 19 increasing increase VERB fbem-15618 18 20 the the DET fbem-15618 18 21 litigation litigation NOUN fbem-15618 18 22 risk risk NOUN fbem-15618 18 23 of of ADP fbem-15618 18 24 the the DET fbem-15618 18 25 enterprise[4,5 enterprise[4,5 NOUN fbem-15618 18 26 ] ] PUNCT fbem-15618 18 27 . . PUNCT fbem-15618 19 1 however however ADV fbem-15618 19 2 , , PUNCT fbem-15618 19 3 higher high ADJ fbem-15618 19 4 risks risk NOUN fbem-15618 19 5 mean mean VERB fbem-15618 19 6 greater great ADJ fbem-15618 19 7 difficulty difficulty NOUN fbem-15618 19 8 in in ADP fbem-15618 19 9 audit audit NOUN fbem-15618 19 10 work work NOUN fbem-15618 19 11 , , PUNCT fbem-15618 19 12 which which PRON fbem-15618 19 13 will will AUX fbem-15618 19 14 inevitably inevitably ADV fbem-15618 19 15 increase increase VERB fbem-15618 19 16 audit audit NOUN fbem-15618 19 17 fees fee NOUN fbem-15618 19 18 . . PUNCT fbem-15618 20 1 based base VERB fbem-15618 20 2 on on ADP fbem-15618 20 3 the the DET fbem-15618 20 4 above above ADJ fbem-15618 20 5 analysis analysis NOUN fbem-15618 20 6 , , PUNCT fbem-15618 20 7 it it PRON fbem-15618 20 8 can can AUX fbem-15618 20 9 be be AUX fbem-15618 20 10 found find VERB fbem-15618 20 11 that that SCONJ fbem-15618 20 12 after after ADP fbem-15618 20 13 the the DET fbem-15618 20 14 introduction introduction NOUN fbem-15618 20 15 of of ADP fbem-15618 20 16 d&o d&o NOUN fbem-15618 20 17 insurance insurance NOUN fbem-15618 20 18 by by ADP fbem-15618 20 19 listed list VERB fbem-15618 20 20 companies company NOUN fbem-15618 20 21 , , PUNCT fbem-15618 20 22 both both CCONJ fbem-15618 20 23 the the DET fbem-15618 20 24 supervision supervision NOUN fbem-15618 20 25 and and CCONJ fbem-15618 20 26 incentive incentive NOUN fbem-15618 20 27 effects effect NOUN fbem-15618 20 28 and and CCONJ fbem-15618 20 29 opportunistic opportunistic ADJ fbem-15618 20 30 effects effect NOUN fbem-15618 20 31 may may AUX fbem-15618 20 32 lead lead VERB fbem-15618 20 33 to to ADP fbem-15618 20 34 an an DET fbem-15618 20 35 increase increase NOUN fbem-15618 20 36 in in ADP fbem-15618 20 37 audit audit NOUN fbem-15618 20 38 fees fee NOUN fbem-15618 20 39 for for ADP fbem-15618 20 40 the the DET fbem-15618 20 41 company company NOUN fbem-15618 20 42 . . PUNCT fbem-15618 21 1 therefore therefore ADV fbem-15618 21 2 , , PUNCT fbem-15618 21 3 in in ADP fbem-15618 21 4 - - PUNCT fbem-15618 21 5 depth depth NOUN fbem-15618 21 6 research research NOUN fbem-15618 21 7 on on ADP fbem-15618 21 8 which which DET fbem-15618 21 9 effect effect NOUN fbem-15618 21 10 leads lead VERB fbem-15618 21 11 to to ADP fbem-15618 21 12 the the DET fbem-15618 21 13 increase increase NOUN fbem-15618 21 14 in in ADP fbem-15618 21 15 audit audit NOUN fbem-15618 21 16 fees fee NOUN fbem-15618 21 17 is be AUX fbem-15618 21 18 of of ADP fbem-15618 21 19 great great ADJ fbem-15618 21 20 theoretical theoretical ADJ fbem-15618 21 21 and and CCONJ fbem-15618 21 22 practical practical ADJ fbem-15618 21 23 significance significance NOUN fbem-15618 21 24 . . PUNCT fbem-15618 22 1 through through ADP fbem-15618 22 2 the the DET fbem-15618 22 3 research research NOUN fbem-15618 22 4 of of ADP fbem-15618 22 5 this this DET fbem-15618 22 6 article article NOUN fbem-15618 22 7 , , PUNCT fbem-15618 22 8 it it PRON fbem-15618 22 9 can can AUX fbem-15618 22 10 further far ADV fbem-15618 22 11 reveal reveal VERB fbem-15618 22 12 the the DET fbem-15618 22 13 specific specific ADJ fbem-15618 22 14 impact impact NOUN fbem-15618 22 15 of of ADP fbem-15618 22 16 d&o d&o NOUN fbem-15618 22 17 insurance insurance NOUN fbem-15618 22 18 on on ADP fbem-15618 22 19 audit audit NOUN fbem-15618 22 20 fees fee NOUN fbem-15618 22 21 , , PUNCT fbem-15618 22 22 provide provide VERB fbem-15618 22 23 theoretical theoretical ADJ fbem-15618 22 24 basis basis NOUN fbem-15618 22 25 and and CCONJ fbem-15618 22 26 empirical empirical ADJ fbem-15618 22 27 support support NOUN fbem-15618 22 28 for for ADP fbem-15618 22 29 companies company NOUN fbem-15618 22 30 to to PART fbem-15618 22 31 purchase purchase VERB fbem-15618 22 32 d&o d&o NOUN fbem-15618 22 33 insurance insurance NOUN fbem-15618 22 34 , , PUNCT fbem-15618 22 35 and and CCONJ fbem-15618 22 36 also also ADV fbem-15618 22 37 provide provide VERB fbem-15618 22 38 a a DET fbem-15618 22 39 useful useful ADJ fbem-15618 22 40 reference reference NOUN fbem-15618 22 41 for for ADP fbem-15618 22 42 the the DET fbem-15618 22 43 promotion promotion NOUN fbem-15618 22 44 and and CCONJ fbem-15618 22 45 application application NOUN fbem-15618 22 46 of of ADP fbem-15618 22 47 domestic domestic ADJ fbem-15618 22 48 d&o d&o NOUN fbem-15618 22 49 insurance insurance NOUN fbem-15618 22 50 . . PUNCT fbem-15618 23 1 2 2 X fbem-15618 23 2 . . X fbem-15618 23 3 mechanism mechanism NOUN fbem-15618 23 4 analysis analysis NOUN fbem-15618 23 5 and and CCONJ fbem-15618 23 6 research research NOUN fbem-15618 23 7 hypothesis hypothesis NOUN fbem-15618 23 8 this this DET fbem-15618 23 9 text text NOUN fbem-15618 23 10 conforms conform VERB fbem-15618 23 11 to to ADP fbem-15618 23 12 the the DET fbem-15618 23 13 norms norm NOUN fbem-15618 23 14 of of ADP fbem-15618 23 15 academic academic ADJ fbem-15618 23 16 english english NOUN fbem-15618 23 17 : : PUNCT fbem-15618 23 18 under under ADP fbem-15618 23 19 the the DET fbem-15618 23 20 assumption assumption NOUN fbem-15618 23 21 of of ADP fbem-15618 23 22 rational rational ADJ fbem-15618 23 23 economic economic ADJ fbem-15618 23 24 man man NOUN fbem-15618 23 25 , , PUNCT fbem-15618 23 26 insurers insurer NOUN fbem-15618 23 27 will will AUX fbem-15618 23 28 seek seek VERB fbem-15618 23 29 to to PART fbem-15618 23 30 maximize maximize VERB fbem-15618 23 31 their their PRON fbem-15618 23 32 own own ADJ fbem-15618 23 33 interests interest NOUN fbem-15618 23 34 and and CCONJ fbem-15618 23 35 prevent prevent VERB fbem-15618 23 36 moral moral ADJ fbem-15618 23 37 hazard hazard NOUN fbem-15618 23 38 by by ADP fbem-15618 23 39 effectively effectively ADV fbem-15618 23 40 supervising supervise VERB fbem-15618 23 41 insured insure VERB fbem-15618 23 42 companies[6 companies[6 ADP fbem-15618 23 43 ] ] PUNCT fbem-15618 23 44 . . PUNCT fbem-15618 24 1 at at ADP fbem-15618 24 2 the the DET fbem-15618 24 3 same same ADJ fbem-15618 24 4 time time NOUN fbem-15618 24 5 , , PUNCT fbem-15618 24 6 the the DET fbem-15618 24 7 insured insure VERB fbem-15618 24 8 may may AUX fbem-15618 24 9 also also ADV fbem-15618 24 10 pursue pursue VERB fbem-15618 24 11 their their PRON fbem-15618 24 12 own own ADJ fbem-15618 24 13 interests interest NOUN fbem-15618 24 14 to to PART fbem-15618 24 15 maximize maximize VERB fbem-15618 24 16 their their PRON fbem-15618 24 17 profits profit NOUN fbem-15618 24 18 , , PUNCT fbem-15618 24 19 which which PRON fbem-15618 24 20 may may AUX fbem-15618 24 21 lead lead VERB fbem-15618 24 22 to to ADP fbem-15618 24 23 opportunistic opportunistic ADJ fbem-15618 24 24 behavior[7 behavior[7 ADP fbem-15618 24 25 ] ] X fbem-15618 24 26 . . PUNCT fbem-15618 25 1 in in ADP fbem-15618 25 2 view view NOUN fbem-15618 25 3 of of ADP fbem-15618 25 4 this this PRON fbem-15618 25 5 , , PUNCT fbem-15618 25 6 this this DET fbem-15618 25 7 article article NOUN fbem-15618 25 8 explores explore VERB fbem-15618 25 9 the the DET fbem-15618 25 10 impact impact NOUN fbem-15618 25 11 of of ADP fbem-15618 25 12 d&o d&o NOUN fbem-15618 25 13 insurance insurance NOUN fbem-15618 25 14 on on ADP fbem-15618 25 15 audit audit NOUN fbem-15618 25 16 fees fee NOUN fbem-15618 25 17 from from ADP fbem-15618 25 18 two two NUM fbem-15618 25 19 perspectives perspective NOUN fbem-15618 25 20 . . PUNCT fbem-15618 26 1 the the DET fbem-15618 26 2 supervisory supervisory ADJ fbem-15618 26 3 effect effect NOUN fbem-15618 26 4 of of ADP fbem-15618 26 5 d&o d&o NOUN fbem-15618 26 6 insurance insurance NOUN fbem-15618 26 7 helps help VERB fbem-15618 26 8 to to PART fbem-15618 26 9 increase increase VERB fbem-15618 26 10 audit audit NOUN fbem-15618 26 11 fees fee NOUN fbem-15618 26 12 . . PUNCT fbem-15618 27 1 firstly firstly ADV fbem-15618 27 2 , , PUNCT fbem-15618 27 3 listed list VERB fbem-15618 27 4 companies company NOUN fbem-15618 27 5 introduce introduce VERB fbem-15618 27 6 an an DET fbem-15618 27 7 external external ADJ fbem-15618 27 8 supervision supervision NOUN fbem-15618 27 9 mechanism mechanism NOUN fbem-15618 27 10 by by ADP fbem-15618 27 11 purchasing purchase VERB fbem-15618 27 12 d&o d&o NOUN fbem-15618 27 13 insurance insurance NOUN fbem-15618 27 14 . . PUNCT fbem-15618 28 1 as as ADP fbem-15618 28 2 the the DET fbem-15618 28 3 ultimate ultimate ADJ fbem-15618 28 4 payor payor NOUN fbem-15618 28 5 , , PUNCT fbem-15618 28 6 the the DET fbem-15618 28 7 insurer insurer NOUN fbem-15618 28 8 collects collect VERB fbem-15618 28 9 relatively relatively ADV fbem-15618 28 10 low low ADJ fbem-15618 28 11 underwriting underwriting NOUN fbem-15618 28 12 fees fee NOUN fbem-15618 28 13 but but CCONJ fbem-15618 28 14 needs need VERB fbem-15618 28 15 to to PART fbem-15618 28 16 bear bear VERB fbem-15618 28 17 the the DET fbem-15618 28 18 uncertainty uncertainty NOUN fbem-15618 28 19 of of ADP fbem-15618 28 20 huge huge ADJ fbem-15618 28 21 compensation compensation NOUN fbem-15618 28 22 . . PUNCT fbem-15618 29 1 therefore therefore ADV fbem-15618 29 2 , , PUNCT fbem-15618 29 3 rational rational ADJ fbem-15618 29 4 insurers insurer NOUN fbem-15618 29 5 will will AUX fbem-15618 29 6 take take VERB fbem-15618 29 7 measures measure NOUN fbem-15618 29 8 to to PART fbem-15618 29 9 reduce reduce VERB fbem-15618 29 10 the the DET fbem-15618 29 11 possibility possibility NOUN fbem-15618 29 12 of of ADP fbem-15618 29 13 moral moral ADJ fbem-15618 29 14 hazard hazard NOUN fbem-15618 29 15 and and CCONJ fbem-15618 29 16 opportunistic opportunistic ADJ fbem-15618 29 17 behavior behavior NOUN fbem-15618 29 18 to to PART fbem-15618 29 19 maximize maximize VERB fbem-15618 29 20 their their PRON fbem-15618 29 21 own own ADJ fbem-15618 29 22 interests interest NOUN fbem-15618 29 23 . . PUNCT fbem-15618 30 1 secondly secondly ADV fbem-15618 30 2 , , PUNCT fbem-15618 30 3 after after ADP fbem-15618 30 4 taking take VERB fbem-15618 30 5 on on ADP fbem-15618 30 6 the the DET fbem-15618 30 7 d&o d&o NOUN fbem-15618 30 8 insurance insurance NOUN fbem-15618 30 9 contract contract NOUN fbem-15618 30 10 , , PUNCT fbem-15618 30 11 the the DET fbem-15618 30 12 insurance insurance NOUN fbem-15618 30 13 company company NOUN fbem-15618 30 14 will will AUX fbem-15618 30 15 require require VERB fbem-15618 30 16 the the DET fbem-15618 30 17 enterprise enterprise NOUN fbem-15618 30 18 to to PART fbem-15618 30 19 disclose disclose VERB fbem-15618 30 20 more more ADJ fbem-15618 30 21 highquality highquality NOUN fbem-15618 30 22 information information NOUN fbem-15618 30 23 and and CCONJ fbem-15618 30 24 choose choose VERB fbem-15618 30 25 a a DET fbem-15618 30 26 more more ADV fbem-15618 30 27 professional professional ADJ fbem-15618 30 28 audit audit NOUN fbem-15618 30 29 firm firm NOUN fbem-15618 30 30 in in ADP fbem-15618 30 31 order order NOUN fbem-15618 30 32 to to PART fbem-15618 30 33 avoid avoid VERB fbem-15618 30 34 huge huge ADJ fbem-15618 30 35 compensation compensation NOUN fbem-15618 30 36 and and CCONJ fbem-15618 30 37 improve improve VERB fbem-15618 30 38 the the DET fbem-15618 30 39 enterprise enterprise NOUN fbem-15618 30 40 's 's PART fbem-15618 30 41 risk risk NOUN fbem-15618 30 42 - - PUNCT fbem-15618 30 43 taking take VERB fbem-15618 30 44 ability ability NOUN fbem-15618 30 45 . . PUNCT fbem-15618 31 1 therefore therefore ADV fbem-15618 31 2 , , PUNCT fbem-15618 31 3 the the DET fbem-15618 31 4 insurer insurer NOUN fbem-15618 31 5 expects expect VERB fbem-15618 31 6 the the DET fbem-15618 31 7 moral moral ADJ fbem-15618 31 8 hazard hazard NOUN fbem-15618 31 9 and and CCONJ fbem-15618 31 10 opportunistic opportunistic ADJ fbem-15618 31 11 behavior behavior NOUN fbem-15618 31 12 of of ADP fbem-15618 31 13 the the DET fbem-15618 31 14 insured insure VERB fbem-15618 31 15 , , PUNCT fbem-15618 31 16 and and CCONJ fbem-15618 31 17 will will AUX fbem-15618 31 18 strengthen strengthen VERB fbem-15618 31 19 supervision supervision NOUN fbem-15618 31 20 , , PUNCT fbem-15618 31 21 thereby thereby ADV fbem-15618 31 22 increasing increase VERB fbem-15618 31 23 the the DET fbem-15618 31 24 audit audit NOUN fbem-15618 31 25 fees fee NOUN fbem-15618 31 26 of of ADP fbem-15618 31 27 listed list VERB fbem-15618 31 28 companies company NOUN fbem-15618 31 29 . . PUNCT fbem-15618 32 1 from from ADP fbem-15618 32 2 the the DET fbem-15618 32 3 perspective perspective NOUN fbem-15618 32 4 of of ADP fbem-15618 32 5 opportunism opportunism NOUN fbem-15618 32 6 , , PUNCT fbem-15618 32 7 the the DET fbem-15618 32 8 insured insure VERB fbem-15618 32 9 may may AUX fbem-15618 32 10 pursue pursue VERB fbem-15618 32 11 the the DET fbem-15618 32 12 maximization maximization NOUN fbem-15618 32 13 of of ADP fbem-15618 32 14 their their PRON fbem-15618 32 15 own own ADJ fbem-15618 32 16 interests interest NOUN fbem-15618 32 17 . . PUNCT fbem-15618 33 1 however however ADV fbem-15618 33 2 , , PUNCT fbem-15618 33 3 280 280 NUM fbem-15618 33 4 such such ADJ fbem-15618 33 5 behavioral behavioral ADJ fbem-15618 33 6 motives motive NOUN fbem-15618 33 7 are be AUX fbem-15618 33 8 suppressed suppress VERB fbem-15618 33 9 due due ADJ fbem-15618 33 10 to to ADP fbem-15618 33 11 various various ADJ fbem-15618 33 12 constraints constraint NOUN fbem-15618 33 13 such such ADJ fbem-15618 33 14 as as ADP fbem-15618 33 15 shareholders shareholder NOUN fbem-15618 33 16 , , PUNCT fbem-15618 33 17 laws law NOUN fbem-15618 33 18 , , PUNCT fbem-15618 33 19 and and CCONJ fbem-15618 33 20 regulations regulation NOUN fbem-15618 33 21 , , PUNCT fbem-15618 33 22 resulting result VERB fbem-15618 33 23 in in ADP fbem-15618 33 24 excessively excessively ADV fbem-15618 33 25 high high ADJ fbem-15618 33 26 opportunism opportunism NOUN fbem-15618 33 27 costs cost NOUN fbem-15618 33 28 . . PUNCT fbem-15618 34 1 nevertheless nevertheless ADV fbem-15618 34 2 , , PUNCT fbem-15618 34 3 the the DET fbem-15618 34 4 " " PUNCT fbem-15618 34 5 shielding shielding NOUN fbem-15618 34 6 " " PUNCT fbem-15618 34 7 effect effect NOUN fbem-15618 34 8 of of ADP fbem-15618 34 9 d&o d&o NOUN fbem-15618 34 10 insurance insurance NOUN fbem-15618 34 11 weakens weaken VERB fbem-15618 34 12 the the DET fbem-15618 34 13 constraints constraint NOUN fbem-15618 34 14 of of ADP fbem-15618 34 15 shareholders shareholder NOUN fbem-15618 34 16 and and CCONJ fbem-15618 34 17 laws law NOUN fbem-15618 34 18 on on ADP fbem-15618 34 19 managers manager NOUN fbem-15618 34 20 [ [ X fbem-15618 34 21 8 8 NUM fbem-15618 34 22 ] ] PUNCT fbem-15618 34 23 , , PUNCT fbem-15618 34 24 which which PRON fbem-15618 34 25 may may AUX fbem-15618 34 26 lead lead VERB fbem-15618 34 27 managers manager NOUN fbem-15618 34 28 to to PART fbem-15618 34 29 engage engage VERB fbem-15618 34 30 in in ADP fbem-15618 34 31 opportunistic opportunistic ADJ fbem-15618 34 32 behavior behavior NOUN fbem-15618 34 33 under under ADP fbem-15618 34 34 the the DET fbem-15618 34 35 " " PUNCT fbem-15618 34 36 shield shield NOUN fbem-15618 34 37 " " PUNCT fbem-15618 34 38 of of ADP fbem-15618 34 39 d&o d&o NOUN fbem-15618 34 40 insurance insurance NOUN fbem-15618 34 41 . . PUNCT fbem-15618 35 1 this this PRON fbem-15618 35 2 can can AUX fbem-15618 35 3 result result VERB fbem-15618 35 4 in in ADP fbem-15618 35 5 the the DET fbem-15618 35 6 company company NOUN fbem-15618 35 7 incurring incur VERB fbem-15618 35 8 excessive excessive ADJ fbem-15618 35 9 agency agency NOUN fbem-15618 35 10 costs cost NOUN fbem-15618 35 11 , , PUNCT fbem-15618 35 12 such such ADJ fbem-15618 35 13 as as ADP fbem-15618 35 14 perks perk NOUN fbem-15618 35 15 of of ADP fbem-15618 35 16 office office NOUN fbem-15618 35 17 and and CCONJ fbem-15618 35 18 actively actively ADV fbem-15618 35 19 promoting promote VERB fbem-15618 35 20 mergers merger NOUN fbem-15618 35 21 and and CCONJ fbem-15618 35 22 acquisitions acquisition NOUN fbem-15618 35 23 to to PART fbem-15618 35 24 obtain obtain VERB fbem-15618 35 25 benefits benefit NOUN fbem-15618 35 26 , , PUNCT fbem-15618 35 27 which which PRON fbem-15618 35 28 may may AUX fbem-15618 35 29 be be AUX fbem-15618 35 30 deliberately deliberately ADV fbem-15618 35 31 concealed conceal VERB fbem-15618 35 32 . . PUNCT fbem-15618 36 1 consequently consequently ADV fbem-15618 36 2 , , PUNCT fbem-15618 36 3 such such ADJ fbem-15618 36 4 behavior behavior NOUN fbem-15618 36 5 not not PART fbem-15618 36 6 only only ADV fbem-15618 36 7 increases increase VERB fbem-15618 36 8 the the DET fbem-15618 36 9 risk risk NOUN fbem-15618 36 10 and and CCONJ fbem-15618 36 11 difficulty difficulty NOUN fbem-15618 36 12 of of ADP fbem-15618 36 13 material material ADJ fbem-15618 36 14 misstatements misstatement NOUN fbem-15618 36 15 for for ADP fbem-15618 36 16 the the DET fbem-15618 36 17 company company NOUN fbem-15618 36 18 but but CCONJ fbem-15618 36 19 also also ADV fbem-15618 36 20 harms harm VERB fbem-15618 36 21 the the DET fbem-15618 36 22 interests interest NOUN fbem-15618 36 23 of of ADP fbem-15618 36 24 shareholders shareholder NOUN fbem-15618 36 25 and and CCONJ fbem-15618 36 26 insurers insurer NOUN fbem-15618 36 27 . . PUNCT fbem-15618 37 1 to to PART fbem-15618 37 2 reduce reduce VERB fbem-15618 37 3 potential potential ADJ fbem-15618 37 4 risks risk NOUN fbem-15618 37 5 , , PUNCT fbem-15618 37 6 audit audit NOUN fbem-15618 37 7 firms firm NOUN fbem-15618 37 8 may may AUX fbem-15618 37 9 increase increase VERB fbem-15618 37 10 their their PRON fbem-15618 37 11 investment investment NOUN fbem-15618 37 12 to to PART fbem-15618 37 13 ensure ensure VERB fbem-15618 37 14 audit audit NOUN fbem-15618 37 15 quality quality NOUN fbem-15618 37 16 . . PUNCT fbem-15618 38 1 however however ADV fbem-15618 38 2 , , PUNCT fbem-15618 38 3 due due ADP fbem-15618 38 4 to to ADP fbem-15618 38 5 the the DET fbem-15618 38 6 prevalence prevalence NOUN fbem-15618 38 7 of of ADP fbem-15618 38 8 opportunistic opportunistic ADJ fbem-15618 38 9 behavior behavior NOUN fbem-15618 38 10 among among ADP fbem-15618 38 11 company company NOUN fbem-15618 38 12 management management NOUN fbem-15618 38 13 , , PUNCT fbem-15618 38 14 it it PRON fbem-15618 38 15 may may AUX fbem-15618 38 16 be be AUX fbem-15618 38 17 difficult difficult ADJ fbem-15618 38 18 to to PART fbem-15618 38 19 improve improve VERB fbem-15618 38 20 audit audit NOUN fbem-15618 38 21 quality[3 quality[3 NOUN fbem-15618 38 22 ] ] PUNCT fbem-15618 38 23 . . PUNCT fbem-15618 39 1 in in ADP fbem-15618 39 2 summary summary NOUN fbem-15618 39 3 , , PUNCT fbem-15618 39 4 after after ADP fbem-15618 39 5 purchasing purchase VERB fbem-15618 39 6 d&o d&o NOUN fbem-15618 39 7 insurance insurance NOUN fbem-15618 39 8 , , PUNCT fbem-15618 39 9 rational rational ADJ fbem-15618 39 10 insurers insurer NOUN fbem-15618 39 11 will will AUX fbem-15618 39 12 take take VERB fbem-15618 39 13 effective effective ADJ fbem-15618 39 14 supervisory supervisory ADJ fbem-15618 39 15 measures measure NOUN fbem-15618 39 16 to to PART fbem-15618 39 17 reduce reduce VERB fbem-15618 39 18 the the DET fbem-15618 39 19 probability probability NOUN fbem-15618 39 20 of of ADP fbem-15618 39 21 opportunistic opportunistic ADJ fbem-15618 39 22 behavior behavior NOUN fbem-15618 39 23 and and CCONJ fbem-15618 39 24 company company NOUN fbem-15618 39 25 risks risk NOUN fbem-15618 39 26 , , PUNCT fbem-15618 39 27 as as ADV fbem-15618 39 28 well well ADV fbem-15618 39 29 as as ADP fbem-15618 39 30 the the DET fbem-15618 39 31 possibility possibility NOUN fbem-15618 39 32 and and CCONJ fbem-15618 39 33 complexity complexity NOUN fbem-15618 39 34 of of ADP fbem-15618 39 35 material material NOUN fbem-15618 39 36 misstatements misstatement NOUN fbem-15618 39 37 , , PUNCT fbem-15618 39 38 in in ADP fbem-15618 39 39 order order NOUN fbem-15618 39 40 to to PART fbem-15618 39 41 maximize maximize VERB fbem-15618 39 42 their their PRON fbem-15618 39 43 own own ADJ fbem-15618 39 44 interests interest NOUN fbem-15618 39 45 . . PUNCT fbem-15618 40 1 however however ADV fbem-15618 40 2 , , PUNCT fbem-15618 40 3 d&o d&o NOUN fbem-15618 40 4 insurance insurance NOUN fbem-15618 40 5 may may AUX fbem-15618 40 6 also also ADV fbem-15618 40 7 have have VERB fbem-15618 40 8 an an DET fbem-15618 40 9 opportunistic opportunistic ADJ fbem-15618 40 10 " " PUNCT fbem-15618 40 11 shielding shielding NOUN fbem-15618 40 12 " " PUNCT fbem-15618 40 13 effect effect NOUN fbem-15618 40 14 that that PRON fbem-15618 40 15 can can AUX fbem-15618 40 16 induce induce VERB fbem-15618 40 17 managerial managerial ADJ fbem-15618 40 18 opportunism opportunism NOUN fbem-15618 40 19 . . PUNCT fbem-15618 41 1 in in ADP fbem-15618 41 2 such such ADJ fbem-15618 41 3 cases case NOUN fbem-15618 41 4 , , PUNCT fbem-15618 41 5 managers manager NOUN fbem-15618 41 6 may may AUX fbem-15618 41 7 deliberately deliberately ADV fbem-15618 41 8 conceal conceal VERB fbem-15618 41 9 financial financial ADJ fbem-15618 41 10 information information NOUN fbem-15618 41 11 and and CCONJ fbem-15618 41 12 manipulate manipulate VERB fbem-15618 41 13 earnings earning NOUN fbem-15618 41 14 , , PUNCT fbem-15618 41 15 leading lead VERB fbem-15618 41 16 to to ADP fbem-15618 41 17 increased increase VERB fbem-15618 41 18 company company NOUN fbem-15618 41 19 risk risk NOUN fbem-15618 41 20 . . PUNCT fbem-15618 42 1 therefore therefore ADV fbem-15618 42 2 , , PUNCT fbem-15618 42 3 if if SCONJ fbem-15618 42 4 the the DET fbem-15618 42 5 introduction introduction NOUN fbem-15618 42 6 of of ADP fbem-15618 42 7 d&o d&o NOUN fbem-15618 42 8 insurance insurance NOUN fbem-15618 42 9 in in ADP fbem-15618 42 10 a a DET fbem-15618 42 11 listed list VERB fbem-15618 42 12 company company NOUN fbem-15618 42 13 results result VERB fbem-15618 42 14 in in ADP fbem-15618 42 15 significant significant ADJ fbem-15618 42 16 improvements improvement NOUN fbem-15618 42 17 in in ADP fbem-15618 42 18 audit audit NOUN fbem-15618 42 19 quality quality NOUN fbem-15618 42 20 and and CCONJ fbem-15618 42 21 company company NOUN fbem-15618 42 22 value value NOUN fbem-15618 42 23 , , PUNCT fbem-15618 42 24 along along ADP fbem-15618 42 25 with with ADP fbem-15618 42 26 a a DET fbem-15618 42 27 significant significant ADJ fbem-15618 42 28 reduction reduction NOUN fbem-15618 42 29 in in ADP fbem-15618 42 30 agency agency NOUN fbem-15618 42 31 costs cost NOUN fbem-15618 42 32 , , PUNCT fbem-15618 42 33 it it PRON fbem-15618 42 34 suggests suggest VERB fbem-15618 42 35 that that SCONJ fbem-15618 42 36 d&o d&o NOUN fbem-15618 42 37 insurance insurance NOUN fbem-15618 42 38 mainly mainly ADV fbem-15618 42 39 exerts exert VERB fbem-15618 42 40 a a DET fbem-15618 42 41 supervisory supervisory ADJ fbem-15618 42 42 and and CCONJ fbem-15618 42 43 incentive incentive NOUN fbem-15618 42 44 effect effect NOUN fbem-15618 42 45 . . PUNCT fbem-15618 43 1 conversely conversely ADV fbem-15618 43 2 , , PUNCT fbem-15618 43 3 if if SCONJ fbem-15618 43 4 there there PRON fbem-15618 43 5 is be VERB fbem-15618 43 6 no no DET fbem-15618 43 7 significant significant ADJ fbem-15618 43 8 change change NOUN fbem-15618 43 9 or or CCONJ fbem-15618 43 10 even even ADV fbem-15618 43 11 a a DET fbem-15618 43 12 significant significant ADJ fbem-15618 43 13 decrease decrease NOUN fbem-15618 43 14 in in ADP fbem-15618 43 15 audit audit NOUN fbem-15618 43 16 quality quality NOUN fbem-15618 43 17 , , PUNCT fbem-15618 43 18 a a DET fbem-15618 43 19 decrease decrease NOUN fbem-15618 43 20 in in ADP fbem-15618 43 21 company company NOUN fbem-15618 43 22 value value NOUN fbem-15618 43 23 , , PUNCT fbem-15618 43 24 and and CCONJ fbem-15618 43 25 an an DET fbem-15618 43 26 increase increase NOUN fbem-15618 43 27 in in ADP fbem-15618 43 28 agency agency NOUN fbem-15618 43 29 costs cost NOUN fbem-15618 43 30 , , PUNCT fbem-15618 43 31 it it PRON fbem-15618 43 32 indicates indicate VERB fbem-15618 43 33 that that SCONJ fbem-15618 43 34 d&o d&o NOUN fbem-15618 43 35 insurance insurance NOUN fbem-15618 43 36 is be AUX fbem-15618 43 37 more more ADV fbem-15618 43 38 likely likely ADJ fbem-15618 43 39 to to PART fbem-15618 43 40 exhibit exhibit VERB fbem-15618 43 41 an an DET fbem-15618 43 42 opportunistic opportunistic ADJ fbem-15618 43 43 effect effect NOUN fbem-15618 43 44 . . PUNCT fbem-15618 44 1 by by ADP fbem-15618 44 2 observing observe VERB fbem-15618 44 3 changes change NOUN fbem-15618 44 4 in in ADP fbem-15618 44 5 these these DET fbem-15618 44 6 indicators indicator NOUN fbem-15618 44 7 , , PUNCT fbem-15618 44 8 we we PRON fbem-15618 44 9 can can AUX fbem-15618 44 10 determine determine VERB fbem-15618 44 11 whether whether SCONJ fbem-15618 44 12 d&o d&o NOUN fbem-15618 44 13 insurance insurance NOUN fbem-15618 44 14 primarily primarily ADV fbem-15618 44 15 exerts exert VERB fbem-15618 44 16 a a DET fbem-15618 44 17 supervisory supervisory ADJ fbem-15618 44 18 and and CCONJ fbem-15618 44 19 incentive incentive NOUN fbem-15618 44 20 effect effect NOUN fbem-15618 44 21 or or CCONJ fbem-15618 44 22 an an DET fbem-15618 44 23 opportunistic opportunistic ADJ fbem-15618 44 24 effect effect NOUN fbem-15618 44 25 in in ADP fbem-15618 44 26 listed list VERB fbem-15618 44 27 companies company NOUN fbem-15618 44 28 . . PUNCT fbem-15618 45 1 based base VERB fbem-15618 45 2 on on ADP fbem-15618 45 3 the the DET fbem-15618 45 4 above above ADJ fbem-15618 45 5 analysis analysis NOUN fbem-15618 45 6 , , PUNCT fbem-15618 45 7 this this DET fbem-15618 45 8 paper paper NOUN fbem-15618 45 9 proposes propose VERB fbem-15618 45 10 hypothesis hypothesis NOUN fbem-15618 45 11 1 1 NUM fbem-15618 45 12 and and CCONJ fbem-15618 45 13 its its PRON fbem-15618 45 14 opposing opposing ADJ fbem-15618 45 15 hypotheses hypothesis NOUN fbem-15618 45 16 2a 2a NUM fbem-15618 45 17 and and CCONJ fbem-15618 45 18 2b 2b NOUN fbem-15618 45 19 . . PUNCT fbem-15618 46 1 hypothesis hypothesis NOUN fbem-15618 46 2 1 1 NUM fbem-15618 46 3 : : PUNCT fbem-15618 46 4 after after ADP fbem-15618 46 5 purchasing purchase VERB fbem-15618 46 6 d&o d&o NOUN fbem-15618 46 7 insurance insurance NOUN fbem-15618 46 8 , , PUNCT fbem-15618 46 9 the the DET fbem-15618 46 10 audit audit NOUN fbem-15618 46 11 fees fee NOUN fbem-15618 46 12 of of ADP fbem-15618 46 13 listed list VERB fbem-15618 46 14 companies company NOUN fbem-15618 46 15 will will AUX fbem-15618 46 16 increase increase VERB fbem-15618 46 17 . . PUNCT fbem-15618 47 1 hypothesis hypothesis NOUN fbem-15618 47 2 2a 2a NUM fbem-15618 47 3 : : PUNCT fbem-15618 47 4 after after SCONJ fbem-15618 47 5 a a DET fbem-15618 47 6 listed list VERB fbem-15618 47 7 company company NOUN fbem-15618 47 8 purchases purchase NOUN fbem-15618 47 9 d&o d&o NOUN fbem-15618 47 10 insurance insurance NOUN fbem-15618 47 11 , , PUNCT fbem-15618 47 12 the the DET fbem-15618 47 13 insurer insurer NOUN fbem-15618 47 14 will will AUX fbem-15618 47 15 fulfill fulfill VERB fbem-15618 47 16 its its PRON fbem-15618 47 17 supervisory supervisory ADJ fbem-15618 47 18 obligations obligation NOUN fbem-15618 47 19 and and CCONJ fbem-15618 47 20 impose impose VERB fbem-15618 47 21 stricter strict ADJ fbem-15618 47 22 audit audit NOUN fbem-15618 47 23 requirements requirement NOUN fbem-15618 47 24 , , PUNCT fbem-15618 47 25 resulting result VERB fbem-15618 47 26 in in ADP fbem-15618 47 27 a a DET fbem-15618 47 28 decrease decrease NOUN fbem-15618 47 29 in in ADP fbem-15618 47 30 agency agency NOUN fbem-15618 47 31 costs cost NOUN fbem-15618 47 32 and and CCONJ fbem-15618 47 33 an an DET fbem-15618 47 34 increase increase NOUN fbem-15618 47 35 in in ADP fbem-15618 47 36 corporate corporate ADJ fbem-15618 47 37 value value NOUN fbem-15618 47 38 . . PUNCT fbem-15618 48 1 hypothesis hypothesis NOUN fbem-15618 48 2 2b 2b NOUN fbem-15618 48 3 : : PUNCT fbem-15618 48 4 after after ADP fbem-15618 48 5 purchasing purchase VERB fbem-15618 48 6 d&o d&o NOUN fbem-15618 48 7 insurance insurance NOUN fbem-15618 48 8 , , PUNCT fbem-15618 48 9 listed list VERB fbem-15618 48 10 companies company NOUN fbem-15618 48 11 may may AUX fbem-15618 48 12 engage engage VERB fbem-15618 48 13 in in ADP fbem-15618 48 14 opportunistic opportunistic ADJ fbem-15618 48 15 behavior behavior NOUN fbem-15618 48 16 , , PUNCT fbem-15618 48 17 leading lead VERB fbem-15618 48 18 to to ADP fbem-15618 48 19 a a DET fbem-15618 48 20 decline decline NOUN fbem-15618 48 21 in in ADP fbem-15618 48 22 corporate corporate ADJ fbem-15618 48 23 value value NOUN fbem-15618 48 24 and and CCONJ fbem-15618 48 25 an an DET fbem-15618 48 26 increase increase NOUN fbem-15618 48 27 in in ADP fbem-15618 48 28 agency agency NOUN fbem-15618 48 29 costs cost NOUN fbem-15618 48 30 . . PUNCT fbem-15618 49 1 3 3 X fbem-15618 49 2 . . X fbem-15618 49 3 data datum NOUN fbem-15618 49 4 sources source NOUN fbem-15618 49 5 and and CCONJ fbem-15618 49 6 research research NOUN fbem-15618 49 7 design design NOUN fbem-15618 49 8 3.1 3.1 NUM fbem-15618 49 9 . . PUNCT fbem-15618 50 1 data datum NOUN fbem-15618 50 2 sources source NOUN fbem-15618 50 3 in in ADP fbem-15618 50 4 2009 2009 NUM fbem-15618 50 5 , , PUNCT fbem-15618 50 6 the the DET fbem-15618 50 7 china china PROPN fbem-15618 50 8 insurance insurance PROPN fbem-15618 50 9 regulatory regulatory PROPN fbem-15618 50 10 commission commission NOUN fbem-15618 50 11 issued issue VERB fbem-15618 50 12 the the DET fbem-15618 50 13 " " PUNCT fbem-15618 50 14 notice notice NOUN fbem-15618 50 15 on on ADP fbem-15618 50 16 further far ADV fbem-15618 50 17 regulating regulate VERB fbem-15618 50 18 the the DET fbem-15618 50 19 order order NOUN fbem-15618 50 20 of of ADP fbem-15618 50 21 the the DET fbem-15618 50 22 insurance insurance NOUN fbem-15618 50 23 market market NOUN fbem-15618 50 24 and and CCONJ fbem-15618 50 25 cleaning clean VERB fbem-15618 50 26 up up ADP fbem-15618 50 27 illegal illegal ADJ fbem-15618 50 28 and and CCONJ fbem-15618 50 29 irregular irregular ADJ fbem-15618 50 30 behaviors behavior NOUN fbem-15618 50 31 in in ADP fbem-15618 50 32 the the DET fbem-15618 50 33 insurance insurance NOUN fbem-15618 50 34 intermediary intermediary NOUN fbem-15618 50 35 market market NOUN fbem-15618 50 36 , , PUNCT fbem-15618 50 37 " " PUNCT fbem-15618 50 38 which which PRON fbem-15618 50 39 required require VERB fbem-15618 50 40 insurance insurance NOUN fbem-15618 50 41 companies company NOUN fbem-15618 50 42 to to PART fbem-15618 50 43 clean clean VERB fbem-15618 50 44 up up ADP fbem-15618 50 45 and and CCONJ fbem-15618 50 46 correct correct VERB fbem-15618 50 47 illegal illegal ADJ fbem-15618 50 48 and and CCONJ fbem-15618 50 49 irregular irregular ADJ fbem-15618 50 50 behaviors behavior NOUN fbem-15618 50 51 involving involve VERB fbem-15618 50 52 shareholders shareholder NOUN fbem-15618 50 53 , , PUNCT fbem-15618 50 54 related related ADJ fbem-15618 50 55 parties party NOUN fbem-15618 50 56 , , PUNCT fbem-15618 50 57 customers customer NOUN fbem-15618 50 58 , , PUNCT fbem-15618 50 59 employees employee NOUN fbem-15618 50 60 , , PUNCT fbem-15618 50 61 and and CCONJ fbem-15618 50 62 other other ADJ fbem-15618 50 63 stakeholders stakeholder NOUN fbem-15618 50 64 . . PUNCT fbem-15618 51 1 this this DET fbem-15618 51 2 measure measure NOUN fbem-15618 51 3 provided provide VERB fbem-15618 51 4 a a DET fbem-15618 51 5 strong strong ADJ fbem-15618 51 6 impetus impetus NOUN fbem-15618 51 7 for for ADP fbem-15618 51 8 the the DET fbem-15618 51 9 development development NOUN fbem-15618 51 10 of of ADP fbem-15618 51 11 d&o d&o PROPN fbem-15618 51 12 insurance insurance NOUN fbem-15618 51 13 . . PUNCT fbem-15618 52 1 based base VERB fbem-15618 52 2 on on ADP fbem-15618 52 3 this this DET fbem-15618 52 4 background background NOUN fbem-15618 52 5 , , PUNCT fbem-15618 52 6 this this DET fbem-15618 52 7 paper paper NOUN fbem-15618 52 8 selects select VERB fbem-15618 52 9 annual annual ADJ fbem-15618 52 10 data datum NOUN fbem-15618 52 11 from from ADP fbem-15618 52 12 2009 2009 NUM fbem-15618 52 13 to to ADP fbem-15618 52 14 2022 2022 NUM fbem-15618 52 15 for for ADP fbem-15618 52 16 listed list VERB fbem-15618 52 17 companies company NOUN fbem-15618 52 18 on on ADP fbem-15618 52 19 the the DET fbem-15618 52 20 shanghai shanghai PROPN fbem-15618 52 21 and and CCONJ fbem-15618 52 22 shenzhen shenzhen PROPN fbem-15618 52 23 a a PROPN fbem-15618 52 24 - - PUNCT fbem-15618 52 25 share share NOUN fbem-15618 52 26 markets market NOUN fbem-15618 52 27 as as ADP fbem-15618 52 28 the the DET fbem-15618 52 29 research research NOUN fbem-15618 52 30 sample sample NOUN fbem-15618 52 31 , , PUNCT fbem-15618 52 32 and and CCONJ fbem-15618 52 33 screens screen VERB fbem-15618 52 34 them they PRON fbem-15618 52 35 according accord VERB fbem-15618 52 36 to to ADP fbem-15618 52 37 the the DET fbem-15618 52 38 following follow VERB fbem-15618 52 39 criteria criterion NOUN fbem-15618 52 40 : : PUNCT fbem-15618 52 41 firstly firstly ADV fbem-15618 52 42 , , PUNCT fbem-15618 52 43 excluding exclude VERB fbem-15618 52 44 samples sample NOUN fbem-15618 52 45 of of ADP fbem-15618 52 46 financial financial ADJ fbem-15618 52 47 and and CCONJ fbem-15618 52 48 insurance insurance NOUN fbem-15618 52 49 companies company NOUN fbem-15618 52 50 ; ; PUNCT fbem-15618 52 51 secondly secondly ADV fbem-15618 52 52 , , PUNCT fbem-15618 52 53 excluding exclude VERB fbem-15618 52 54 samples sample NOUN fbem-15618 52 55 of of ADP fbem-15618 52 56 companies company NOUN fbem-15618 52 57 with with ADP fbem-15618 52 58 discontinuous discontinuous ADJ fbem-15618 52 59 or or CCONJ fbem-15618 52 60 missing miss VERB fbem-15618 52 61 key key ADJ fbem-15618 52 62 indicators indicator NOUN fbem-15618 52 63 ; ; PUNCT fbem-15618 52 64 thirdly thirdly ADV fbem-15618 52 65 , , PUNCT fbem-15618 52 66 excluding exclude VERB fbem-15618 52 67 samples sample NOUN fbem-15618 52 68 of of ADP fbem-15618 52 69 st st NOUN fbem-15618 52 70 companies company NOUN fbem-15618 52 71 ; ; PUNCT fbem-15618 52 72 and and CCONJ fbem-15618 52 73 finally finally ADV fbem-15618 52 74 , , PUNCT fbem-15618 52 75 excluding exclude VERB fbem-15618 52 76 samples sample NOUN fbem-15618 52 77 of of ADP fbem-15618 52 78 companies company NOUN fbem-15618 52 79 with with ADP fbem-15618 52 80 missing miss VERB fbem-15618 52 81 cross cross ADJ fbem-15618 52 82 - - ADJ fbem-15618 52 83 sectional sectional ADJ fbem-15618 52 84 data datum NOUN fbem-15618 52 85 for for ADP fbem-15618 52 86 the the DET fbem-15618 52 87 current current ADJ fbem-15618 52 88 year year NOUN fbem-15618 52 89 . . PUNCT fbem-15618 53 1 to to PART fbem-15618 53 2 ensure ensure VERB fbem-15618 53 3 robustness robustness NOUN fbem-15618 53 4 of of ADP fbem-15618 53 5 the the DET fbem-15618 53 6 results result NOUN fbem-15618 53 7 , , PUNCT fbem-15618 53 8 this this DET fbem-15618 53 9 paper paper NOUN fbem-15618 53 10 also also ADV fbem-15618 53 11 applies apply VERB fbem-15618 53 12 a a DET fbem-15618 53 13 winsorize winsorize NOUN fbem-15618 53 14 treatment treatment NOUN fbem-15618 53 15 to to ADP fbem-15618 53 16 continuous continuous ADJ fbem-15618 53 17 variables variable NOUN fbem-15618 53 18 at at ADP fbem-15618 53 19 the the DET fbem-15618 53 20 upper upper ADJ fbem-15618 53 21 and and CCONJ fbem-15618 53 22 lower low ADJ fbem-15618 53 23 1 1 NUM fbem-15618 53 24 % % NOUN fbem-15618 53 25 levels level NOUN fbem-15618 53 26 . . PUNCT fbem-15618 54 1 the the DET fbem-15618 54 2 raw raw ADJ fbem-15618 54 3 data datum NOUN fbem-15618 54 4 used use VERB fbem-15618 54 5 in in ADP fbem-15618 54 6 this this DET fbem-15618 54 7 paper paper NOUN fbem-15618 54 8 is be AUX fbem-15618 54 9 sourced source VERB fbem-15618 54 10 from from ADP fbem-15618 54 11 the the DET fbem-15618 54 12 csmar csmar PROPN fbem-15618 54 13 ( ( PUNCT fbem-15618 54 14 china china PROPN fbem-15618 54 15 stock stock PROPN fbem-15618 54 16 market market PROPN fbem-15618 54 17 & & CCONJ fbem-15618 54 18 accounting accounting PROPN fbem-15618 54 19 research research NOUN fbem-15618 54 20 ) ) PUNCT fbem-15618 54 21 database database NOUN fbem-15618 54 22 , , PUNCT fbem-15618 54 23 while while SCONJ fbem-15618 54 24 the the DET fbem-15618 54 25 relevant relevant ADJ fbem-15618 54 26 data datum NOUN fbem-15618 54 27 for for ADP fbem-15618 54 28 d&o d&o NOUN fbem-15618 54 29 insurance insurance NOUN fbem-15618 54 30 is be AUX fbem-15618 54 31 obtained obtain VERB fbem-15618 54 32 from from ADP fbem-15618 54 33 the the DET fbem-15618 54 34 china china PROPN fbem-15618 54 35 research research PROPN fbem-15618 54 36 data data PROPN fbem-15618 54 37 service service NOUN fbem-15618 54 38 platform platform NOUN fbem-15618 54 39 ( ( PUNCT fbem-15618 54 40 cnrds cnrd NOUN fbem-15618 54 41 ) ) PUNCT fbem-15618 54 42 . . PUNCT fbem-15618 55 1 3.2 3.2 NUM fbem-15618 55 2 . . PUNCT fbem-15618 56 1 research research NOUN fbem-15618 56 2 design design NOUN fbem-15618 56 3 first first ADV fbem-15618 56 4 , , PUNCT fbem-15618 56 5 in in ADP fbem-15618 56 6 order order NOUN fbem-15618 56 7 to to PART fbem-15618 56 8 examine examine VERB fbem-15618 56 9 the the DET fbem-15618 56 10 impact impact NOUN fbem-15618 56 11 of of ADP fbem-15618 56 12 d&o d&o NOUN fbem-15618 56 13 insurance insurance NOUN fbem-15618 56 14 on on ADP fbem-15618 56 15 audit audit NOUN fbem-15618 56 16 fees fee NOUN fbem-15618 56 17 , , PUNCT fbem-15618 56 18 this this DET fbem-15618 56 19 article article NOUN fbem-15618 56 20 sets set VERB fbem-15618 56 21 up up ADP fbem-15618 56 22 the the DET fbem-15618 56 23 following follow VERB fbem-15618 56 24 multiple multiple ADJ fbem-15618 56 25 regression regression NOUN fbem-15618 56 26 model model NOUN fbem-15618 56 27 for for ADP fbem-15618 56 28 identification identification NOUN fbem-15618 56 29 . . PUNCT fbem-15618 57 1 𝐴𝑒𝑑𝑖𝑑_𝐹𝑒𝑒 𝐴𝑒𝑑𝑖𝑑_𝐹𝑒𝑒 NOUN fbem-15618 57 2 , , PUNCT fbem-15618 57 3 𝛽 𝛽 NOUN fbem-15618 57 4 𝛽 𝛽 PROPN fbem-15618 57 5 πΌπ‘›π‘ π‘’π‘Ÿπ‘Žπ‘›π‘π‘’ πΌπ‘›π‘ π‘’π‘Ÿπ‘Žπ‘›π‘π‘’ PROPN fbem-15618 57 6 , , PUNCT fbem-15618 57 7 βˆ‘ βˆ‘ PUNCT fbem-15618 57 8 𝜎 𝜎 PROPN fbem-15618 57 9 πΆπ‘œπ‘›π‘‘π‘Ÿπ‘œπ‘™ πΆπ‘œπ‘›π‘‘π‘Ÿπ‘œπ‘™ PROPN fbem-15618 57 10 πœ€ πœ€ PROPN fbem-15618 57 11 ( ( PUNCT fbem-15618 57 12 1 1 NUM fbem-15618 57 13 ) ) PUNCT fbem-15618 57 14 the the DET fbem-15618 57 15 dependent dependent ADJ fbem-15618 57 16 variable variable NOUN fbem-15618 57 17 , , PUNCT fbem-15618 57 18 audit_fee audit_fee PROPN fbem-15618 57 19 , , PUNCT fbem-15618 57 20 represents represent VERB fbem-15618 57 21 the the DET fbem-15618 57 22 audit audit NOUN fbem-15618 57 23 fees fee NOUN fbem-15618 57 24 paid pay VERB fbem-15618 57 25 by by ADP fbem-15618 57 26 listed list VERB fbem-15618 57 27 companies company NOUN fbem-15618 57 28 to to PART fbem-15618 57 29 audit audit VERB fbem-15618 57 30 firms firm NOUN fbem-15618 57 31 for for ADP fbem-15618 57 32 both both CCONJ fbem-15618 57 33 domestic domestic ADJ fbem-15618 57 34 and and CCONJ fbem-15618 57 35 international international ADJ fbem-15618 57 36 audits audits NOUN fbem-15618 57 37 each each DET fbem-15618 57 38 year year NOUN fbem-15618 57 39 , , PUNCT fbem-15618 57 40 which which PRON fbem-15618 57 41 is be AUX fbem-15618 57 42 expressed express VERB fbem-15618 57 43 as as ADP fbem-15618 57 44 the the DET fbem-15618 57 45 natural natural ADJ fbem-15618 57 46 logarithm logarithm NOUN fbem-15618 57 47 of of ADP fbem-15618 57 48 the the DET fbem-15618 57 49 sum sum NOUN fbem-15618 57 50 . . PUNCT fbem-15618 58 1 the the DET fbem-15618 58 2 independent independent ADJ fbem-15618 58 3 variable variable NOUN fbem-15618 58 4 , , PUNCT fbem-15618 58 5 insurance insurance NOUN fbem-15618 58 6 , , PUNCT fbem-15618 58 7 indicates indicate VERB fbem-15618 58 8 whether whether SCONJ fbem-15618 58 9 a a DET fbem-15618 58 10 company company NOUN fbem-15618 58 11 has have AUX fbem-15618 58 12 purchased purchase VERB fbem-15618 58 13 d&o d&o NOUN fbem-15618 58 14 insurance insurance NOUN fbem-15618 58 15 and and CCONJ fbem-15618 58 16 is be AUX fbem-15618 58 17 represented represent VERB fbem-15618 58 18 by by ADP fbem-15618 58 19 a a DET fbem-15618 58 20 dummy dummy ADJ fbem-15618 58 21 variable variable NOUN fbem-15618 58 22 . . PUNCT fbem-15618 59 1 if if SCONJ fbem-15618 59 2 a a DET fbem-15618 59 3 company company NOUN fbem-15618 59 4 has have AUX fbem-15618 59 5 purchased purchase VERB fbem-15618 59 6 the the DET fbem-15618 59 7 insurance insurance NOUN fbem-15618 59 8 , , PUNCT fbem-15618 59 9 it it PRON fbem-15618 59 10 is be AUX fbem-15618 59 11 assigned assign VERB fbem-15618 59 12 a a DET fbem-15618 59 13 value value NOUN fbem-15618 59 14 of of ADP fbem-15618 59 15 1 1 NUM fbem-15618 59 16 ; ; PUNCT fbem-15618 59 17 if if SCONJ fbem-15618 59 18 not not PART fbem-15618 59 19 , , PUNCT fbem-15618 59 20 it it PRON fbem-15618 59 21 is be AUX fbem-15618 59 22 assigned assign VERB fbem-15618 59 23 a a DET fbem-15618 59 24 value value NOUN fbem-15618 59 25 of of ADP fbem-15618 59 26 0 0 NUM fbem-15618 59 27 . . PUNCT fbem-15618 60 1 the the DET fbem-15618 60 2 remaining remain VERB fbem-15618 60 3 variables variable NOUN fbem-15618 60 4 are be AUX fbem-15618 60 5 control control NOUN fbem-15618 60 6 variables variable NOUN fbem-15618 60 7 , , PUNCT fbem-15618 60 8 industry industry NOUN fbem-15618 60 9 , , PUNCT fbem-15618 60 10 and and CCONJ fbem-15618 60 11 year year NOUN fbem-15618 60 12 , , PUNCT fbem-15618 60 13 which which PRON fbem-15618 60 14 are be AUX fbem-15618 60 15 presented present VERB fbem-15618 60 16 in in ADP fbem-15618 60 17 table table NOUN fbem-15618 60 18 1 1 NUM fbem-15618 60 19 . . PUNCT fbem-15618 61 1 secondly secondly ADV fbem-15618 61 2 , , PUNCT fbem-15618 61 3 in in ADP fbem-15618 61 4 order order NOUN fbem-15618 61 5 to to PART fbem-15618 61 6 examine examine VERB fbem-15618 61 7 whether whether SCONJ fbem-15618 61 8 d&o d&o NOUN fbem-15618 61 9 insurance insurance NOUN fbem-15618 61 10 plays play VERB fbem-15618 61 11 a a DET fbem-15618 61 12 supervisory supervisory ADJ fbem-15618 61 13 role role NOUN fbem-15618 61 14 in in ADP fbem-15618 61 15 the the DET fbem-15618 61 16 influencing influence VERB fbem-15618 61 17 process process NOUN fbem-15618 61 18 or or CCONJ fbem-15618 61 19 triggers trigger VERB fbem-15618 61 20 opportunistic opportunistic ADJ fbem-15618 61 21 behavior behavior NOUN fbem-15618 61 22 , , PUNCT fbem-15618 61 23 this this DET fbem-15618 61 24 article article NOUN fbem-15618 61 25 sets set VERB fbem-15618 61 26 up up ADP fbem-15618 61 27 the the DET fbem-15618 61 28 following following ADJ fbem-15618 61 29 model model NOUN fbem-15618 61 30 for for ADP fbem-15618 61 31 testing testing NOUN fbem-15618 61 32 . . PUNCT fbem-15618 62 1 πΌπ‘›π‘“π‘œπ‘Ÿπ‘šπ‘Žπ‘‘π‘–π‘œπ‘› πΌπ‘›π‘“π‘œπ‘Ÿπ‘šπ‘Žπ‘‘π‘–π‘œπ‘› INTJ fbem-15618 62 2 , , PUNCT fbem-15618 62 3 𝛽 𝛽 NOUN fbem-15618 62 4 𝛽 𝛽 PROPN fbem-15618 62 5 πΌπ‘›π‘ π‘’π‘Ÿπ‘Žπ‘›π‘π‘’ πΌπ‘›π‘ π‘’π‘Ÿπ‘Žπ‘›π‘π‘’ PROPN fbem-15618 62 6 , , PUNCT fbem-15618 62 7 𝛽 𝛽 NOUN fbem-15618 62 8 πΌπ‘›π‘ π‘’π‘Ÿπ‘Žπ‘›π‘π‘’ πΌπ‘›π‘ π‘’π‘Ÿπ‘Žπ‘›π‘π‘’ PROPN fbem-15618 62 9 βˆ— βˆ— VERB fbem-15618 62 10 𝐴𝑒𝑑𝑖𝑑_𝐹𝑒𝑒 𝐴𝑒𝑑𝑖𝑑_𝐹𝑒𝑒 NOUN fbem-15618 62 11 , , PUNCT fbem-15618 62 12 𝛽 𝛽 NOUN fbem-15618 62 13 𝐴𝑒𝑑𝑖𝑑_𝐹𝑒𝑒 𝐴𝑒𝑑𝑖𝑑_𝐹𝑒𝑒 NOUN fbem-15618 62 14 , , PUNCT fbem-15618 62 15 βˆ‘ βˆ‘ PROPN fbem-15618 62 16 𝜎 𝜎 PROPN fbem-15618 62 17 πΆπ‘œπ‘›π‘‘π‘Ÿπ‘œπ‘™ πΆπ‘œπ‘›π‘‘π‘Ÿπ‘œπ‘™ PROPN fbem-15618 62 18 , , PUNCT fbem-15618 62 19 , , PUNCT fbem-15618 62 20 πœ€ πœ€ X fbem-15618 62 21 , , PUNCT fbem-15618 62 22 ( ( PUNCT fbem-15618 62 23 2 2 X fbem-15618 62 24 ) ) PUNCT fbem-15618 62 25 𝐴𝑔𝑒𝑛𝑐𝑦_πΆπ‘œπ‘ π‘‘π‘  𝐴𝑔𝑒𝑛𝑐𝑦_πΆπ‘œπ‘ π‘‘π‘  NOUN fbem-15618 62 26 , , PUNCT fbem-15618 62 27 𝛽 𝛽 NOUN fbem-15618 62 28 𝛽 𝛽 PROPN fbem-15618 62 29 πΌπ‘›π‘ π‘’π‘Ÿπ‘Žπ‘›π‘π‘’ πΌπ‘›π‘ π‘’π‘Ÿπ‘Žπ‘›π‘π‘’ PROPN fbem-15618 62 30 , , PUNCT fbem-15618 62 31 𝛽 𝛽 NOUN fbem-15618 62 32 πΌπ‘›π‘ π‘’π‘Ÿπ‘Žπ‘›π‘π‘’ πΌπ‘›π‘ π‘’π‘Ÿπ‘Žπ‘›π‘π‘’ PROPN fbem-15618 62 33 βˆ— βˆ— VERB fbem-15618 62 34 𝐴𝑒𝑑𝑖𝑑_𝐹𝑒𝑒 𝐴𝑒𝑑𝑖𝑑_𝐹𝑒𝑒 NOUN fbem-15618 62 35 , , PUNCT fbem-15618 62 36 𝛽 𝛽 NOUN fbem-15618 62 37 𝐴𝑒𝑑𝑖𝑑_𝐹𝑒𝑒 𝐴𝑒𝑑𝑖𝑑_𝐹𝑒𝑒 NOUN fbem-15618 62 38 , , PUNCT fbem-15618 62 39 βˆ‘ βˆ‘ PROPN fbem-15618 62 40 𝜎 𝜎 PROPN fbem-15618 62 41 πΆπ‘œπ‘›π‘‘π‘Ÿπ‘œπ‘™ πΆπ‘œπ‘›π‘‘π‘Ÿπ‘œπ‘™ PROPN fbem-15618 62 42 , , PUNCT fbem-15618 62 43 , , PUNCT fbem-15618 62 44 πœ€ πœ€ X fbem-15618 62 45 , , PUNCT fbem-15618 62 46 ( ( PUNCT fbem-15618 62 47 3 3 X fbem-15618 62 48 ) ) PUNCT fbem-15618 62 49 among among ADP fbem-15618 62 50 them they PRON fbem-15618 62 51 , , PUNCT fbem-15618 62 52 the the DET fbem-15618 62 53 explained explain VERB fbem-15618 62 54 variables variable NOUN fbem-15618 62 55 information information NOUN fbem-15618 62 56 and and CCONJ fbem-15618 62 57 agency_costs agency_cost NOUN fbem-15618 62 58 measure measure VERB fbem-15618 62 59 analyst analyst NOUN fbem-15618 62 60 attention attention NOUN fbem-15618 62 61 and and CCONJ fbem-15618 62 62 agency agency NOUN fbem-15618 62 63 costs cost NOUN fbem-15618 62 64 , , PUNCT fbem-15618 62 65 respectively respectively ADV fbem-15618 62 66 , , PUNCT fbem-15618 62 67 while while SCONJ fbem-15618 62 68 audit audit NOUN fbem-15618 62 69 fees fee NOUN fbem-15618 62 70 serve serve VERB fbem-15618 62 71 as as ADP fbem-15618 62 72 a a DET fbem-15618 62 73 moderating moderate VERB fbem-15618 62 74 effect effect NOUN fbem-15618 62 75 . . PUNCT fbem-15618 63 1 by by ADP fbem-15618 63 2 introducing introduce VERB fbem-15618 63 3 interaction interaction NOUN fbem-15618 63 4 terms term NOUN fbem-15618 63 5 , , PUNCT fbem-15618 63 6 we we PRON fbem-15618 63 7 can can AUX fbem-15618 63 8 test test VERB fbem-15618 63 9 the the DET fbem-15618 63 10 moderating moderate VERB fbem-15618 63 11 effect effect NOUN fbem-15618 63 12 of of ADP fbem-15618 63 13 audit audit NOUN fbem-15618 63 14 fees fee NOUN fbem-15618 63 15 on on ADP fbem-15618 63 16 agency agency NOUN fbem-15618 63 17 costs cost NOUN fbem-15618 63 18 or or CCONJ fbem-15618 63 19 analyst analyst NOUN fbem-15618 63 20 attention attention NOUN fbem-15618 63 21 , , PUNCT fbem-15618 63 22 and and CCONJ fbem-15618 63 23 thus thus ADV fbem-15618 63 24 detect detect VERB fbem-15618 63 25 the the DET fbem-15618 63 26 improvement improvement NOUN fbem-15618 63 27 in in ADP fbem-15618 63 28 internal internal ADJ fbem-15618 63 29 control control NOUN fbem-15618 63 30 indicators indicator NOUN fbem-15618 63 31 as as SCONJ fbem-15618 63 32 d&o d&o NOUN fbem-15618 63 33 insurance insurance NOUN fbem-15618 63 34 is be AUX fbem-15618 63 35 introduced introduce VERB fbem-15618 63 36 and and CCONJ fbem-15618 63 37 audit audit NOUN fbem-15618 63 38 fees fee NOUN fbem-15618 63 39 increase increase NOUN fbem-15618 63 40 . . PUNCT fbem-15618 64 1 4 4 X fbem-15618 64 2 . . X fbem-15618 64 3 empirical empirical ADJ fbem-15618 64 4 analysis analysis NOUN fbem-15618 64 5 4.1 4.1 NUM fbem-15618 64 6 . . PUNCT fbem-15618 65 1 descriptive descriptive ADJ fbem-15618 65 2 statistics statistic NOUN fbem-15618 65 3 table table NOUN fbem-15618 65 4 2 2 NUM fbem-15618 65 5 reports report VERB fbem-15618 65 6 the the DET fbem-15618 65 7 descriptive descriptive ADJ fbem-15618 65 8 statistics statistic NOUN fbem-15618 65 9 of of ADP fbem-15618 65 10 the the DET fbem-15618 65 11 main main ADJ fbem-15618 65 12 variables variable NOUN fbem-15618 65 13 . . PUNCT fbem-15618 66 1 through through ADP fbem-15618 66 2 data datum NOUN fbem-15618 66 3 comparison comparison NOUN fbem-15618 66 4 , , PUNCT fbem-15618 66 5 it it PRON fbem-15618 66 6 can can AUX fbem-15618 66 7 be be AUX fbem-15618 66 8 found find VERB fbem-15618 66 9 that that SCONJ fbem-15618 66 10 companies company NOUN fbem-15618 66 11 that that PRON fbem-15618 66 12 have have AUX fbem-15618 66 13 purchased purchase VERB fbem-15618 66 14 d&o d&o NOUN fbem-15618 66 15 insurance insurance NOUN fbem-15618 66 16 pay pay VERB fbem-15618 66 17 significantly significantly ADV fbem-15618 66 18 higher high ADJ fbem-15618 66 19 audit audit NOUN fbem-15618 66 20 fees fee NOUN fbem-15618 66 21 , , PUNCT fbem-15618 66 22 while while SCONJ fbem-15618 66 23 the the DET fbem-15618 66 24 difference difference NOUN fbem-15618 66 25 between between ADP fbem-15618 66 26 companies company NOUN fbem-15618 66 27 that that PRON fbem-15618 66 28 have have AUX fbem-15618 66 29 not not PART fbem-15618 66 30 purchased purchase VERB fbem-15618 66 31 d&o d&o NOUN fbem-15618 66 32 insurance insurance NOUN fbem-15618 66 33 and and CCONJ fbem-15618 66 34 the the DET fbem-15618 66 35 full full ADJ fbem-15618 66 36 sample sample NOUN fbem-15618 66 37 is be AUX fbem-15618 66 38 not not PART fbem-15618 66 39 significant significant ADJ fbem-15618 66 40 , , PUNCT fbem-15618 66 41 indicating indicate VERB fbem-15618 66 42 that that SCONJ fbem-15618 66 43 the the DET fbem-15618 66 44 introduction introduction NOUN fbem-15618 66 45 of of ADP fbem-15618 66 46 d&o d&o NOUN fbem-15618 66 47 insurance insurance NOUN fbem-15618 66 48 has have VERB fbem-15618 66 49 a a DET fbem-15618 66 50 real real ADJ fbem-15618 66 51 impact impact NOUN fbem-15618 66 52 on on ADP fbem-15618 66 53 audit audit NOUN fbem-15618 66 54 fees fee NOUN fbem-15618 66 55 . . PUNCT fbem-15618 67 1 secondly secondly ADV fbem-15618 67 2 , , PUNCT fbem-15618 67 3 281 281 NUM fbem-15618 67 4 from from ADP fbem-15618 67 5 the the DET fbem-15618 67 6 data data NOUN fbem-15618 67 7 point point NOUN fbem-15618 67 8 of of ADP fbem-15618 67 9 view view NOUN fbem-15618 67 10 , , PUNCT fbem-15618 67 11 listed list VERB fbem-15618 67 12 companies company NOUN fbem-15618 67 13 that that PRON fbem-15618 67 14 have have AUX fbem-15618 67 15 introduced introduce VERB fbem-15618 67 16 d&o d&o NOUN fbem-15618 67 17 insurance insurance NOUN fbem-15618 67 18 have have AUX fbem-15618 67 19 chosen choose VERB fbem-15618 67 20 more more ADJ fbem-15618 67 21 top top ADJ fbem-15618 67 22 ten ten NUM fbem-15618 67 23 audit audit NOUN fbem-15618 67 24 firms firm NOUN fbem-15618 67 25 with with ADP fbem-15618 67 26 higher high ADJ fbem-15618 67 27 audit audit NOUN fbem-15618 67 28 technology technology NOUN fbem-15618 67 29 , , PUNCT fbem-15618 67 30 indicating indicate VERB fbem-15618 67 31 that that SCONJ fbem-15618 67 32 they they PRON fbem-15618 67 33 have have VERB fbem-15618 67 34 higher high ADJ fbem-15618 67 35 requirements requirement NOUN fbem-15618 67 36 for for ADP fbem-15618 67 37 audit audit NOUN fbem-15618 67 38 quality quality NOUN fbem-15618 67 39 . . PUNCT fbem-15618 68 1 therefore therefore ADV fbem-15618 68 2 , , PUNCT fbem-15618 68 3 this this DET fbem-15618 68 4 article article NOUN fbem-15618 68 5 controls control VERB fbem-15618 68 6 it it PRON fbem-15618 68 7 to to PART fbem-15618 68 8 avoid avoid VERB fbem-15618 68 9 bias bias NOUN fbem-15618 68 10 in in ADP fbem-15618 68 11 the the DET fbem-15618 68 12 results result NOUN fbem-15618 68 13 . . PUNCT fbem-15618 69 1 table table NOUN fbem-15618 69 2 1 1 NUM fbem-15618 69 3 . . PUNCT fbem-15618 70 1 variable variable ADJ fbem-15618 70 2 definitions definition NOUN fbem-15618 70 3 variable variable ADJ fbem-15618 70 4 variable variable ADJ fbem-15618 70 5 name name NOUN fbem-15618 70 6 variable variable PROPN fbem-15618 70 7 code code NOUN fbem-15618 70 8 definition definition NOUN fbem-15618 70 9 dependent dependent ADJ fbem-15618 70 10 variable variable ADJ fbem-15618 70 11 audit audit NOUN fbem-15618 70 12 fees fee NOUN fbem-15618 70 13 audit_fee audit_fee VERB fbem-15618 70 14 the the DET fbem-15618 70 15 sum sum NOUN fbem-15618 70 16 of of ADP fbem-15618 70 17 domestic domestic ADJ fbem-15618 70 18 and and CCONJ fbem-15618 70 19 international international ADJ fbem-15618 70 20 audit audit NOUN fbem-15618 70 21 fees fee NOUN fbem-15618 70 22 paid pay VERB fbem-15618 70 23 annually annually ADV fbem-15618 70 24 by by ADP fbem-15618 70 25 listed list VERB fbem-15618 70 26 companies company NOUN fbem-15618 70 27 to to PART fbem-15618 70 28 audit audit NOUN fbem-15618 70 29 firms firm NOUN fbem-15618 70 30 , , PUNCT fbem-15618 70 31 expressed express VERB fbem-15618 70 32 as as ADP fbem-15618 70 33 the the DET fbem-15618 70 34 natural natural ADJ fbem-15618 70 35 logarithm logarithm NOUN fbem-15618 70 36 . . PUNCT fbem-15618 71 1 independent independent ADJ fbem-15618 71 2 variable variable ADJ fbem-15618 71 3 d&o d&o PROPN fbem-15618 71 4 insurance insurance NOUN fbem-15618 71 5 insured insure VERB fbem-15618 71 6 dummy dummy ADJ fbem-15618 71 7 variable variable NOUN fbem-15618 71 8 . . PUNCT fbem-15618 72 1 takes take VERB fbem-15618 72 2 the the DET fbem-15618 72 3 value value NOUN fbem-15618 72 4 of of ADP fbem-15618 72 5 1 1 NUM fbem-15618 72 6 if if SCONJ fbem-15618 72 7 the the DET fbem-15618 72 8 listed list VERB fbem-15618 72 9 company company NOUN fbem-15618 72 10 has have AUX fbem-15618 72 11 purchased purchase VERB fbem-15618 72 12 d&o d&o NOUN fbem-15618 72 13 insurance insurance NOUN fbem-15618 72 14 , , PUNCT fbem-15618 72 15 and and CCONJ fbem-15618 72 16 0 0 NUM fbem-15618 72 17 otherwise otherwise ADV fbem-15618 72 18 . . PUNCT fbem-15618 73 1 control control NOUN fbem-15618 73 2 variables variable VERB fbem-15618 73 3 corporate corporate ADJ fbem-15618 73 4 leverage leverage NOUN fbem-15618 73 5 lev lev VERB fbem-15618 73 6 the the DET fbem-15618 73 7 ratio ratio NOUN fbem-15618 73 8 of of ADP fbem-15618 73 9 total total ADJ fbem-15618 73 10 liabilities liability NOUN fbem-15618 73 11 at at ADP fbem-15618 73 12 the the DET fbem-15618 73 13 end end NOUN fbem-15618 73 14 of of ADP fbem-15618 73 15 the the DET fbem-15618 73 16 year year NOUN fbem-15618 73 17 to to ADP fbem-15618 73 18 total total ADJ fbem-15618 73 19 assets asset NOUN fbem-15618 73 20 at at ADP fbem-15618 73 21 the the DET fbem-15618 73 22 end end NOUN fbem-15618 73 23 of of ADP fbem-15618 73 24 the the DET fbem-15618 73 25 year year NOUN fbem-15618 73 26 . . PUNCT fbem-15618 74 1 net net ADJ fbem-15618 74 2 profit profit NOUN fbem-15618 74 3 margin margin NOUN fbem-15618 74 4 roe roe NOUN fbem-15618 74 5 return return NOUN fbem-15618 74 6 on on ADP fbem-15618 74 7 equity equity NOUN fbem-15618 74 8 . . PUNCT fbem-15618 75 1 company company NOUN fbem-15618 75 2 size size NOUN fbem-15618 75 3 size size NOUN fbem-15618 75 4 the the DET fbem-15618 75 5 natural natural ADJ fbem-15618 75 6 logarithm logarithm NOUN fbem-15618 75 7 of of ADP fbem-15618 75 8 total total ADJ fbem-15618 75 9 assets asset NOUN fbem-15618 75 10 at at ADP fbem-15618 75 11 the the DET fbem-15618 75 12 end end NOUN fbem-15618 75 13 of of ADP fbem-15618 75 14 the the DET fbem-15618 75 15 year year NOUN fbem-15618 75 16 . . PUNCT fbem-15618 76 1 company company NOUN fbem-15618 76 2 growth growth NOUN fbem-15618 76 3 rate rate NOUN fbem-15618 76 4 growth growth NOUN fbem-15618 76 5 the the DET fbem-15618 76 6 growth growth NOUN fbem-15618 76 7 rate rate NOUN fbem-15618 76 8 of of ADP fbem-15618 76 9 total total ADJ fbem-15618 76 10 operating operating NOUN fbem-15618 76 11 income income NOUN fbem-15618 76 12 . . PUNCT fbem-15618 77 1 nature nature NOUN fbem-15618 77 2 of of ADP fbem-15618 77 3 property property NOUN fbem-15618 77 4 rights right NOUN fbem-15618 77 5 soe soe PROPN fbem-15618 77 6 dummy dummy ADJ fbem-15618 77 7 variable variable NOUN fbem-15618 77 8 . . PUNCT fbem-15618 78 1 takes take VERB fbem-15618 78 2 the the DET fbem-15618 78 3 value value NOUN fbem-15618 78 4 of of ADP fbem-15618 78 5 1 1 NUM fbem-15618 78 6 if if SCONJ fbem-15618 78 7 it it PRON fbem-15618 78 8 is be AUX fbem-15618 78 9 a a DET fbem-15618 78 10 state state NOUN fbem-15618 78 11 - - PUNCT fbem-15618 78 12 owned own VERB fbem-15618 78 13 enterprise enterprise NOUN fbem-15618 78 14 , , PUNCT fbem-15618 78 15 and and CCONJ fbem-15618 78 16 0 0 NUM fbem-15618 78 17 otherwise otherwise ADV fbem-15618 78 18 . . PUNCT fbem-15618 79 1 proportion proportion NOUN fbem-15618 79 2 of of ADP fbem-15618 79 3 independent independent ADJ fbem-15618 79 4 directors director NOUN fbem-15618 79 5 indep indep VERB fbem-15618 79 6 the the DET fbem-15618 79 7 proportion proportion NOUN fbem-15618 79 8 of of ADP fbem-15618 79 9 independent independent ADJ fbem-15618 79 10 directors director NOUN fbem-15618 79 11 to to ADP fbem-15618 79 12 the the DET fbem-15618 79 13 total total ADJ fbem-15618 79 14 number number NOUN fbem-15618 79 15 of of ADP fbem-15618 79 16 board board NOUN fbem-15618 79 17 members member NOUN fbem-15618 79 18 . . PUNCT fbem-15618 80 1 company company NOUN fbem-15618 80 2 value value VERB fbem-15618 80 3 tobinq tobinq NOUN fbem-15618 80 4 the the DET fbem-15618 80 5 ratio ratio NOUN fbem-15618 80 6 of of ADP fbem-15618 80 7 enterprise enterprise NOUN fbem-15618 80 8 value value NOUN fbem-15618 80 9 to to ADP fbem-15618 80 10 its its PRON fbem-15618 80 11 replacement replacement NOUN fbem-15618 80 12 cost cost NOUN fbem-15618 80 13 . . PUNCT fbem-15618 81 1 duality duality NOUN fbem-15618 81 2 dual dual ADJ fbem-15618 81 3 dummy dummy ADJ fbem-15618 81 4 variable variable NOUN fbem-15618 81 5 . . PUNCT fbem-15618 82 1 takes take VERB fbem-15618 82 2 the the DET fbem-15618 82 3 value value NOUN fbem-15618 82 4 of of ADP fbem-15618 82 5 1 1 NUM fbem-15618 82 6 if if SCONJ fbem-15618 82 7 the the DET fbem-15618 82 8 chairman chairman NOUN fbem-15618 82 9 and and CCONJ fbem-15618 82 10 ceo ceo NOUN fbem-15618 82 11 positions position NOUN fbem-15618 82 12 are be AUX fbem-15618 82 13 held hold VERB fbem-15618 82 14 by by ADP fbem-15618 82 15 the the DET fbem-15618 82 16 same same ADJ fbem-15618 82 17 person person NOUN fbem-15618 82 18 , , PUNCT fbem-15618 82 19 and and CCONJ fbem-15618 82 20 0 0 NUM fbem-15618 82 21 otherwise otherwise ADV fbem-15618 82 22 . . PUNCT fbem-15618 83 1 time time NOUN fbem-15618 83 2 since since SCONJ fbem-15618 83 3 ipo ipo NOUN fbem-15618 83 4 age age NOUN fbem-15618 83 5 the the DET fbem-15618 83 6 total total ADJ fbem-15618 83 7 time time NOUN fbem-15618 83 8 since since SCONJ fbem-15618 83 9 the the DET fbem-15618 83 10 company company NOUN fbem-15618 83 11 's 's PART fbem-15618 83 12 initial initial ADJ fbem-15618 83 13 public public ADJ fbem-15618 83 14 offering offering NOUN fbem-15618 83 15 . . PUNCT fbem-15618 84 1 audit audit NOUN fbem-15618 84 2 firm firm ADJ fbem-15618 84 3 choice choice NOUN fbem-15618 84 4 big10 big10 PROPN fbem-15618 84 5 dummy dummy ADJ fbem-15618 84 6 variable variable NOUN fbem-15618 84 7 . . PUNCT fbem-15618 85 1 takes take VERB fbem-15618 85 2 the the DET fbem-15618 85 3 value value NOUN fbem-15618 85 4 of of ADP fbem-15618 85 5 1 1 NUM fbem-15618 85 6 if if SCONJ fbem-15618 85 7 it it PRON fbem-15618 85 8 is be AUX fbem-15618 85 9 one one NUM fbem-15618 85 10 of of ADP fbem-15618 85 11 the the DET fbem-15618 85 12 top top ADJ fbem-15618 85 13 10 10 NUM fbem-15618 85 14 audit audit NOUN fbem-15618 85 15 firms firm NOUN fbem-15618 85 16 , , PUNCT fbem-15618 85 17 and and CCONJ fbem-15618 85 18 0 0 NUM fbem-15618 85 19 otherwise otherwise ADV fbem-15618 85 20 . . PUNCT fbem-15618 86 1 audit audit NOUN fbem-15618 86 2 opinion opinion NOUN fbem-15618 86 3 opinion opinion NOUN fbem-15618 86 4 dummy dummy ADJ fbem-15618 86 5 variable variable NOUN fbem-15618 86 6 . . PUNCT fbem-15618 87 1 takes take VERB fbem-15618 87 2 the the DET fbem-15618 87 3 value value NOUN fbem-15618 87 4 of of ADP fbem-15618 87 5 1 1 NUM fbem-15618 87 6 if if SCONJ fbem-15618 87 7 the the DET fbem-15618 87 8 previous previous ADJ fbem-15618 87 9 year year NOUN fbem-15618 87 10 's 's PART fbem-15618 87 11 opinion opinion NOUN fbem-15618 87 12 was be AUX fbem-15618 87 13 a a DET fbem-15618 87 14 standard standard ADJ fbem-15618 87 15 unqualified unqualified ADJ fbem-15618 87 16 opinion opinion NOUN fbem-15618 87 17 , , PUNCT fbem-15618 87 18 and and CCONJ fbem-15618 87 19 0 0 NUM fbem-15618 87 20 otherwise otherwise ADV fbem-15618 87 21 . . PUNCT fbem-15618 88 1 year year NOUN fbem-15618 88 2 year year NOUN fbem-15618 88 3 year year NOUN fbem-15618 88 4 dummy dummy ADJ fbem-15618 88 5 variables variable NOUN fbem-15618 88 6 . . PUNCT fbem-15618 89 1 set set VERB fbem-15618 89 2 according accord VERB fbem-15618 89 3 to to ADP fbem-15618 89 4 different different ADJ fbem-15618 89 5 years year NOUN fbem-15618 89 6 . . PUNCT fbem-15618 90 1 industry industry NOUN fbem-15618 90 2 ind ind NOUN fbem-15618 90 3 industry industry NOUN fbem-15618 90 4 dummy dummy ADJ fbem-15618 90 5 variables variable NOUN fbem-15618 90 6 . . PUNCT fbem-15618 91 1 covers cover VERB fbem-15618 91 2 multiple multiple ADJ fbem-15618 91 3 industries industry NOUN fbem-15618 91 4 in in ADP fbem-15618 91 5 the the DET fbem-15618 91 6 research research NOUN fbem-15618 91 7 sample sample NOUN fbem-15618 91 8 , , PUNCT fbem-15618 91 9 with with ADP fbem-15618 91 10 different different ADJ fbem-15618 91 11 industry industry NOUN fbem-15618 91 12 dummy dummy NOUN fbem-15618 91 13 variables variable NOUN fbem-15618 91 14 set set VERB fbem-15618 91 15 accordingly accordingly ADV fbem-15618 91 16 . . PUNCT fbem-15618 92 1 table table NOUN fbem-15618 92 2 2 2 NUM fbem-15618 92 3 . . PUNCT fbem-15618 92 4 descriptive descriptive ADJ fbem-15618 92 5 statistics statistic NOUN fbem-15618 92 6 variable variable VERB fbem-15618 93 1 all all DET fbem-15618 93 2 sample sample NOUN fbem-15618 93 3 ( ( PUNCT fbem-15618 93 4 n=34737 n=34737 PROPN fbem-15618 93 5 ) ) PUNCT fbem-15618 93 6 insured=1 insured=1 PROPN fbem-15618 93 7 ( ( PUNCT fbem-15618 93 8 n=3388 n=3388 PROPN fbem-15618 93 9 ) ) PUNCT fbem-15618 93 10 insured=0 insured=0 PROPN fbem-15618 93 11 ( ( PUNCT fbem-15618 93 12 n=31349 n=31349 PROPN fbem-15618 93 13 ) ) PUNCT fbem-15618 93 14 mean mean NOUN fbem-15618 93 15 sd sd ADP fbem-15618 93 16 median median NOUN fbem-15618 93 17 mean mean NOUN fbem-15618 93 18 sd sd ADP fbem-15618 93 19 median median ADJ fbem-15618 93 20 mean mean NOUN fbem-15618 93 21 sd sd ADP fbem-15618 93 22 median median PROPN fbem-15618 93 23 audit_fee audit_fee PROPN fbem-15618 93 24 13.67 13.67 NUM fbem-15618 93 25 0.665 0.665 NUM fbem-15618 93 26 13.58 13.58 NUM fbem-15618 93 27 14.19 14.19 NUM fbem-15618 93 28 0.880 0.880 NUM fbem-15618 93 29 14.05 14.05 NUM fbem-15618 93 30 13.61 13.61 NUM fbem-15618 93 31 0.616 0.616 NUM fbem-15618 93 32 13.53 13.53 NUM fbem-15618 93 33 insured insure VERB fbem-15618 93 34 0.000 0.000 NUM fbem-15618 93 35 0.000 0.000 NUM fbem-15618 93 36 0.000 0.000 NUM fbem-15618 93 37 1.000 1.000 NUM fbem-15618 93 38 0.000 0.000 NUM fbem-15618 93 39 1.000 1.000 NUM fbem-15618 93 40 0.098 0.098 NUM fbem-15618 93 41 0.297 0.297 NUM fbem-15618 93 42 0.000 0.000 NUM fbem-15618 93 43 lev lev NOUN fbem-15618 93 44 0.418 0.418 NUM fbem-15618 93 45 0.202 0.202 NUM fbem-15618 93 46 0.410 0.410 NUM fbem-15618 93 47 0.499 0.499 NUM fbem-15618 93 48 0.199 0.199 NUM fbem-15618 93 49 0.514 0.514 NUM fbem-15618 93 50 0.426 0.426 NUM fbem-15618 93 51 0.203 0.203 NUM fbem-15618 93 52 0.420 0.420 NUM fbem-15618 93 53 roe roe NOUN fbem-15618 93 54 0.067 0.067 NUM fbem-15618 93 55 0.124 0.124 NUM fbem-15618 93 56 0.073 0.073 NUM fbem-15618 93 57 0.059 0.059 NUM fbem-15618 93 58 0.146 0.146 NUM fbem-15618 93 59 0.071 0.071 NUM fbem-15618 93 60 0.066 0.066 NUM fbem-15618 93 61 0.126 0.126 NUM fbem-15618 93 62 0.073 0.073 NUM fbem-15618 93 63 size size NOUN fbem-15618 93 64 22.12 22.12 NUM fbem-15618 93 65 1.204 1.204 NUM fbem-15618 93 66 21.95 21.95 NUM fbem-15618 93 67 23.26 23.26 NUM fbem-15618 93 68 1.589 1.589 NUM fbem-15618 93 69 23.14 23.14 NUM fbem-15618 93 70 22.23 22.23 NUM fbem-15618 93 71 1.292 1.292 NUM fbem-15618 93 72 22.03 22.03 NUM fbem-15618 93 73 growth growth NOUN fbem-15618 93 74 0.170 0.170 NUM fbem-15618 93 75 0.396 0.396 NUM fbem-15618 93 76 0.109 0.109 NUM fbem-15618 93 77 0.149 0.149 NUM fbem-15618 93 78 0.395 0.395 NUM fbem-15618 93 79 0.088 0.088 NUM fbem-15618 93 80 0.168 0.168 NUM fbem-15618 93 81 0.396 0.396 NUM fbem-15618 93 82 0.107 0.107 NUM fbem-15618 93 83 soe soe PROPN fbem-15618 93 84 0.352 0.352 NUM fbem-15618 93 85 0.478 0.478 NUM fbem-15618 93 86 0.000 0.000 NUM fbem-15618 93 87 0.610 0.610 NUM fbem-15618 93 88 0.488 0.488 NUM fbem-15618 93 89 1.000 1.000 NUM fbem-15618 93 90 0.377 0.377 NUM fbem-15618 93 91 0.485 0.485 NUM fbem-15618 93 92 0.000 0.000 NUM fbem-15618 93 93 indep indep NOUN fbem-15618 93 94 0.375 0.375 NUM fbem-15618 93 95 0.053 0.053 NUM fbem-15618 93 96 0.357 0.357 NUM fbem-15618 93 97 0.379 0.379 NUM fbem-15618 93 98 0.056 0.056 NUM fbem-15618 93 99 0.364 0.364 NUM fbem-15618 93 100 0.376 0.376 NUM fbem-15618 93 101 0.0530 0.0530 NUM fbem-15618 93 102 0.364 0.364 NUM fbem-15618 93 103 tobinq tobinq NOUN fbem-15618 93 104 2.069 2.069 NUM fbem-15618 93 105 1.296 1.296 NUM fbem-15618 93 106 1.653 1.653 NUM fbem-15618 93 107 1.786 1.786 NUM fbem-15618 93 108 1.242 1.242 NUM fbem-15618 93 109 1.386 1.386 NUM fbem-15618 93 110 2.041 2.041 NUM fbem-15618 93 111 1.294 1.294 NUM fbem-15618 93 112 1.625 1.625 NUM fbem-15618 93 113 dual dual ADJ fbem-15618 93 114 0.287 0.287 NUM fbem-15618 93 115 0.452 0.452 NUM fbem-15618 93 116 0.000 0.000 NUM fbem-15618 93 117 0.174 0.174 NUM fbem-15618 93 118 0.380 0.380 NUM fbem-15618 93 119 0.000 0.000 NUM fbem-15618 93 120 0.276 0.276 NUM fbem-15618 93 121 0.447 0.447 NUM fbem-15618 93 122 0.000 0.000 NUM fbem-15618 93 123 age age NOUN fbem-15618 93 124 2.887 2.887 NUM fbem-15618 93 125 0.337 0.337 NUM fbem-15618 93 126 2.944 2.944 NUM fbem-15618 93 127 3.035 3.035 NUM fbem-15618 93 128 0.309 0.309 NUM fbem-15618 93 129 3.091 3.091 NUM fbem-15618 93 130 2.901 2.901 NUM fbem-15618 93 131 0.338 0.338 NUM fbem-15618 93 132 2.944 2.944 NUM fbem-15618 93 133 big10 big10 NOUN fbem-15618 93 134 0.570 0.570 NUM fbem-15618 93 135 0.495 0.495 NUM fbem-15618 93 136 1.000 1.000 NUM fbem-15618 93 137 0.686 0.686 NUM fbem-15618 93 138 0.464 0.464 NUM fbem-15618 93 139 1.000 1.000 NUM fbem-15618 93 140 0.562 0.562 NUM fbem-15618 93 141 0.496 0.496 NUM fbem-15618 93 142 1.000 1.000 NUM fbem-15618 93 143 opinion opinion NOUN fbem-15618 93 144 0.976 0.976 NUM fbem-15618 93 145 0.152 0.152 NUM fbem-15618 93 146 1.000 1.000 NUM fbem-15618 93 147 0.975 0.975 NUM fbem-15618 93 148 0.156 0.156 NUM fbem-15618 93 149 1.000 1.000 NUM fbem-15618 93 150 0.976 0.976 NUM fbem-15618 93 151 0.152 0.152 NUM fbem-15618 93 152 1.000 1.000 NUM fbem-15618 93 153 4.2 4.2 NUM fbem-15618 93 154 . . PUNCT fbem-15618 94 1 regression regression VERB fbem-15618 94 2 analysis analysis NOUN fbem-15618 94 3 table table NOUN fbem-15618 94 4 3 3 NUM fbem-15618 94 5 reports report VERB fbem-15618 94 6 the the DET fbem-15618 94 7 multiple multiple ADJ fbem-15618 94 8 regression regression NOUN fbem-15618 94 9 results result NOUN fbem-15618 94 10 of of ADP fbem-15618 94 11 d&o d&o NOUN fbem-15618 94 12 insurance insurance NOUN fbem-15618 94 13 on on ADP fbem-15618 94 14 audit audit NOUN fbem-15618 94 15 fees fee NOUN fbem-15618 94 16 . . PUNCT fbem-15618 95 1 column column NOUN fbem-15618 95 2 ( ( PUNCT fbem-15618 95 3 1 1 X fbem-15618 95 4 ) ) PUNCT fbem-15618 95 5 shows show VERB fbem-15618 95 6 the the DET fbem-15618 95 7 results result NOUN fbem-15618 95 8 of of ADP fbem-15618 95 9 the the DET fbem-15618 95 10 single single ADJ fbem-15618 95 11 regression regression NOUN fbem-15618 95 12 . . PUNCT fbem-15618 96 1 column column NOUN fbem-15618 96 2 ( ( PUNCT fbem-15618 96 3 2 2 X fbem-15618 96 4 ) ) PUNCT fbem-15618 96 5 shows show VERB fbem-15618 96 6 the the DET fbem-15618 96 7 multiple multiple ADJ fbem-15618 96 8 regression regression NOUN fbem-15618 96 9 results result NOUN fbem-15618 96 10 after after ADP fbem-15618 96 11 adding add VERB fbem-15618 96 12 control control NOUN fbem-15618 96 13 variables variable NOUN fbem-15618 96 14 . . PUNCT fbem-15618 97 1 column column NOUN fbem-15618 97 2 ( ( PUNCT fbem-15618 97 3 3 3 X fbem-15618 97 4 ) ) PUNCT fbem-15618 97 5 is be AUX fbem-15618 97 6 the the DET fbem-15618 97 7 result result NOUN fbem-15618 97 8 after after ADP fbem-15618 97 9 adding add VERB fbem-15618 97 10 control control NOUN fbem-15618 97 11 variables variable NOUN fbem-15618 97 12 and and CCONJ fbem-15618 97 13 controlling control VERB fbem-15618 97 14 for for ADP fbem-15618 97 15 year year NOUN fbem-15618 97 16 and and CCONJ fbem-15618 97 17 industry industry NOUN fbem-15618 97 18 . . PUNCT fbem-15618 98 1 the the DET fbem-15618 98 2 regression regression NOUN fbem-15618 98 3 coefficient coefficient NOUN fbem-15618 98 4 of of ADP fbem-15618 98 5 d&o d&o NOUN fbem-15618 98 6 insurance insurance NOUN fbem-15618 98 7 on on ADP fbem-15618 98 8 audit audit NOUN fbem-15618 98 9 fees fee NOUN fbem-15618 98 10 is be AUX fbem-15618 98 11 0.147 0.147 NUM fbem-15618 98 12 , , PUNCT fbem-15618 98 13 showing show VERB fbem-15618 98 14 a a DET fbem-15618 98 15 positive positive ADJ fbem-15618 98 16 correlation correlation NOUN fbem-15618 98 17 at at ADP fbem-15618 98 18 the the DET fbem-15618 98 19 1 1 NUM fbem-15618 98 20 % % NOUN fbem-15618 98 21 significance significance NOUN fbem-15618 98 22 level level NOUN fbem-15618 98 23 . . PUNCT fbem-15618 99 1 the the DET fbem-15618 99 2 results result NOUN fbem-15618 99 3 indicate indicate VERB fbem-15618 99 4 that that SCONJ fbem-15618 99 5 the the DET fbem-15618 99 6 introduction introduction NOUN fbem-15618 99 7 of of ADP fbem-15618 99 8 d&o d&o NOUN fbem-15618 99 9 insurance insurance NOUN fbem-15618 99 10 by by ADP fbem-15618 99 11 companies company NOUN fbem-15618 99 12 will will AUX fbem-15618 99 13 lead lead VERB fbem-15618 99 14 to to ADP fbem-15618 99 15 a a DET fbem-15618 99 16 significant significant ADJ fbem-15618 99 17 increase increase NOUN fbem-15618 99 18 in in ADP fbem-15618 99 19 audit audit NOUN fbem-15618 99 20 fees fee NOUN fbem-15618 99 21 . . PUNCT fbem-15618 100 1 table table NOUN fbem-15618 100 2 3 3 NUM fbem-15618 100 3 . . PUNCT fbem-15618 100 4 multiple multiple ADJ fbem-15618 100 5 regression regression NOUN fbem-15618 100 6 results result VERB fbem-15618 100 7 variable variable ADJ fbem-15618 100 8 ( ( PUNCT fbem-15618 100 9 1 1 NUM fbem-15618 100 10 ) ) PUNCT fbem-15618 100 11 ( ( PUNCT fbem-15618 100 12 2 2 NUM fbem-15618 100 13 ) ) PUNCT fbem-15618 100 14 ( ( PUNCT fbem-15618 100 15 3 3 X fbem-15618 100 16 ) ) PUNCT fbem-15618 100 17 audit_fee audit_fee PROPN fbem-15618 100 18 audit_fee audit_fee PROPN fbem-15618 100 19 audit_fee audit_fee PROPN fbem-15618 100 20 insurance insurance NOUN fbem-15618 100 21 0.524 0.524 NUM fbem-15618 100 22 * * PUNCT fbem-15618 100 23 * * PUNCT fbem-15618 100 24 * * PUNCT fbem-15618 100 25 ( ( PUNCT fbem-15618 100 26 34.82 34.82 NUM fbem-15618 100 27 ) ) PUNCT fbem-15618 100 28 0.151 0.151 NUM fbem-15618 100 29 * * PUNCT fbem-15618 100 30 * * PUNCT fbem-15618 100 31 * * PUNCT fbem-15618 100 32 ( ( PUNCT fbem-15618 100 33 14.39 14.39 NUM fbem-15618 100 34 ) ) PUNCT fbem-15618 100 35 0.147 0.147 NUM fbem-15618 100 36 * * PUNCT fbem-15618 100 37 * * PUNCT fbem-15618 100 38 * * PUNCT fbem-15618 100 39 ( ( PUNCT fbem-15618 100 40 12.53 12.53 NUM fbem-15618 100 41 ) ) PUNCT fbem-15618 100 42 n n CCONJ fbem-15618 100 43 34373 34373 NUM fbem-15618 100 44 34373 34373 NUM fbem-15618 100 45 34373 34373 NUM fbem-15618 100 46 year year NOUN fbem-15618 101 1 no no INTJ fbem-15618 101 2 no no INTJ fbem-15618 101 3 yes yes INTJ fbem-15618 101 4 industry industry NOUN fbem-15618 102 1 no no INTJ fbem-15618 102 2 no no INTJ fbem-15618 102 3 yes yes INTJ fbem-15618 102 4 control control NOUN fbem-15618 103 1 no no INTJ fbem-15618 104 1 yes yes INTJ fbem-15618 104 2 yes yes INTJ fbem-15618 104 3 adj_r2 adj_r2 PROPN fbem-15618 105 1 0.047 0.047 NUM fbem-15618 105 2 0.576 0.576 NUM fbem-15618 105 3 0.607 0.607 NUM fbem-15618 105 4 282 282 NUM fbem-15618 105 5 4.3 4.3 NUM fbem-15618 105 6 . . PUNCT fbem-15618 106 1 analysis analysis NOUN fbem-15618 106 2 of of ADP fbem-15618 106 3 the the DET fbem-15618 106 4 impact impact NOUN fbem-15618 106 5 mechanism mechanism NOUN fbem-15618 106 6 of of ADP fbem-15618 106 7 d&o d&o NOUN fbem-15618 106 8 insurance insurance NOUN fbem-15618 106 9 on on ADP fbem-15618 106 10 audit audit NOUN fbem-15618 106 11 fees fee NOUN fbem-15618 106 12 the the DET fbem-15618 106 13 introduction introduction NOUN fbem-15618 106 14 of of ADP fbem-15618 106 15 d&o d&o NOUN fbem-15618 106 16 insurance insurance NOUN fbem-15618 106 17 may may AUX fbem-15618 106 18 have have VERB fbem-15618 106 19 multiple multiple ADJ fbem-15618 106 20 impacts impact NOUN fbem-15618 106 21 on on ADP fbem-15618 106 22 audit audit NOUN fbem-15618 106 23 fees fee NOUN fbem-15618 106 24 . . PUNCT fbem-15618 107 1 on on ADP fbem-15618 107 2 the the DET fbem-15618 107 3 one one NUM fbem-15618 107 4 hand hand NOUN fbem-15618 107 5 , , PUNCT fbem-15618 107 6 the the DET fbem-15618 107 7 introduction introduction NOUN fbem-15618 107 8 of of ADP fbem-15618 107 9 d&o d&o NOUN fbem-15618 107 10 insurance insurance NOUN fbem-15618 107 11 may may AUX fbem-15618 107 12 promote promote VERB fbem-15618 107 13 companies company NOUN fbem-15618 107 14 to to PART fbem-15618 107 15 adopt adopt VERB fbem-15618 107 16 stricter strict ADJ fbem-15618 107 17 external external ADJ fbem-15618 107 18 audit audit NOUN fbem-15618 107 19 standards standard NOUN fbem-15618 107 20 through through ADP fbem-15618 107 21 the the DET fbem-15618 107 22 supervision supervision NOUN fbem-15618 107 23 and and CCONJ fbem-15618 107 24 incentive incentive NOUN fbem-15618 107 25 effects effect NOUN fbem-15618 107 26 of of ADP fbem-15618 107 27 the the DET fbem-15618 107 28 insurer insurer NOUN fbem-15618 107 29 , , PUNCT fbem-15618 107 30 resulting result VERB fbem-15618 107 31 in in ADP fbem-15618 107 32 an an DET fbem-15618 107 33 increase increase NOUN fbem-15618 107 34 in in ADP fbem-15618 107 35 audit audit NOUN fbem-15618 107 36 fees fee NOUN fbem-15618 107 37 . . PUNCT fbem-15618 108 1 in in ADP fbem-15618 108 2 this this DET fbem-15618 108 3 case case NOUN fbem-15618 108 4 , , PUNCT fbem-15618 108 5 d&o d&o NOUN fbem-15618 108 6 insurance insurance NOUN fbem-15618 108 7 actually actually ADV fbem-15618 108 8 improves improve VERB fbem-15618 108 9 corporate corporate ADJ fbem-15618 108 10 governance governance NOUN fbem-15618 108 11 and and CCONJ fbem-15618 108 12 strengthens strengthen VERB fbem-15618 108 13 the the DET fbem-15618 108 14 supervision supervision NOUN fbem-15618 108 15 and and CCONJ fbem-15618 108 16 restraint restraint NOUN fbem-15618 108 17 of of ADP fbem-15618 108 18 directors director NOUN fbem-15618 108 19 and and CCONJ fbem-15618 108 20 executives executive NOUN fbem-15618 108 21 ' ' PART fbem-15618 108 22 behavior behavior NOUN fbem-15618 108 23 . . PUNCT fbem-15618 109 1 on on ADP fbem-15618 109 2 the the DET fbem-15618 109 3 other other ADJ fbem-15618 109 4 hand hand NOUN fbem-15618 109 5 , , PUNCT fbem-15618 109 6 the the DET fbem-15618 109 7 bottom bottom ADJ fbem-15618 109 8 - - PUNCT fbem-15618 109 9 up up ADP fbem-15618 109 10 role role NOUN fbem-15618 109 11 of of ADP fbem-15618 109 12 d&o d&o NOUN fbem-15618 109 13 insurance insurance NOUN fbem-15618 109 14 may may AUX fbem-15618 109 15 stimulate stimulate VERB fbem-15618 109 16 opportunistic opportunistic ADJ fbem-15618 109 17 behavior behavior NOUN fbem-15618 109 18 among among ADP fbem-15618 109 19 directors director NOUN fbem-15618 109 20 and and CCONJ fbem-15618 109 21 executives executive NOUN fbem-15618 109 22 , , PUNCT fbem-15618 109 23 which which PRON fbem-15618 109 24 may may AUX fbem-15618 109 25 lead lead VERB fbem-15618 109 26 audit audit NOUN fbem-15618 109 27 firms firm NOUN fbem-15618 109 28 to to PART fbem-15618 109 29 increase increase VERB fbem-15618 109 30 audit audit NOUN fbem-15618 109 31 fees fee NOUN fbem-15618 109 32 in in ADP fbem-15618 109 33 order order NOUN fbem-15618 109 34 to to PART fbem-15618 109 35 avoid avoid VERB fbem-15618 109 36 potential potential ADJ fbem-15618 109 37 audit audit NOUN fbem-15618 109 38 risks risk NOUN fbem-15618 109 39 . . PUNCT fbem-15618 110 1 in in ADP fbem-15618 110 2 this this DET fbem-15618 110 3 case case NOUN fbem-15618 110 4 , , PUNCT fbem-15618 110 5 d&o d&o NOUN fbem-15618 110 6 insurance insurance NOUN fbem-15618 110 7 may may AUX fbem-15618 110 8 become become VERB fbem-15618 110 9 an an DET fbem-15618 110 10 " " PUNCT fbem-15618 110 11 umbrella umbrella NOUN fbem-15618 110 12 " " PUNCT fbem-15618 110 13 for for ADP fbem-15618 110 14 opportunistic opportunistic ADJ fbem-15618 110 15 behavior behavior NOUN fbem-15618 110 16 , , PUNCT fbem-15618 110 17 making make VERB fbem-15618 110 18 some some DET fbem-15618 110 19 directors director NOUN fbem-15618 110 20 and and CCONJ fbem-15618 110 21 executives executive NOUN fbem-15618 110 22 more more ADV fbem-15618 110 23 inclined inclined ADJ fbem-15618 110 24 to to PART fbem-15618 110 25 take take VERB fbem-15618 110 26 risky risky ADJ fbem-15618 110 27 decision decision NOUN fbem-15618 110 28 - - PUNCT fbem-15618 110 29 making make VERB fbem-15618 110 30 behaviors behavior NOUN fbem-15618 110 31 . . PUNCT fbem-15618 111 1 therefore therefore ADV fbem-15618 111 2 , , PUNCT fbem-15618 111 3 the the DET fbem-15618 111 4 increase increase NOUN fbem-15618 111 5 in in ADP fbem-15618 111 6 audit audit NOUN fbem-15618 111 7 fees fee NOUN fbem-15618 111 8 may may AUX fbem-15618 111 9 be be AUX fbem-15618 111 10 due due ADJ fbem-15618 111 11 to to ADP fbem-15618 111 12 the the DET fbem-15618 111 13 monitoring monitoring NOUN fbem-15618 111 14 and and CCONJ fbem-15618 111 15 incentive incentive NOUN fbem-15618 111 16 effects effect NOUN fbem-15618 111 17 of of ADP fbem-15618 111 18 d&o d&o NOUN fbem-15618 111 19 insurance insurance NOUN fbem-15618 111 20 , , PUNCT fbem-15618 111 21 or or CCONJ fbem-15618 111 22 it it PRON fbem-15618 111 23 may may AUX fbem-15618 111 24 be be AUX fbem-15618 111 25 caused cause VERB fbem-15618 111 26 by by ADP fbem-15618 111 27 opportunistic opportunistic ADJ fbem-15618 111 28 behavior behavior NOUN fbem-15618 111 29 . . PUNCT fbem-15618 112 1 in in ADP fbem-15618 112 2 order order NOUN fbem-15618 112 3 to to PART fbem-15618 112 4 more more ADV fbem-15618 112 5 accurately accurately ADV fbem-15618 112 6 determine determine VERB fbem-15618 112 7 the the DET fbem-15618 112 8 reasons reason NOUN fbem-15618 112 9 for for ADP fbem-15618 112 10 the the DET fbem-15618 112 11 increase increase NOUN fbem-15618 112 12 in in ADP fbem-15618 112 13 audit audit NOUN fbem-15618 112 14 fees fee NOUN fbem-15618 112 15 , , PUNCT fbem-15618 112 16 further further ADJ fbem-15618 112 17 research research NOUN fbem-15618 112 18 and and CCONJ fbem-15618 112 19 analysis analysis NOUN fbem-15618 112 20 of of ADP fbem-15618 112 21 the the DET fbem-15618 112 22 specific specific ADJ fbem-15618 112 23 circumstances circumstance NOUN fbem-15618 112 24 of of ADP fbem-15618 112 25 the the DET fbem-15618 112 26 company company NOUN fbem-15618 112 27 and and CCONJ fbem-15618 112 28 the the DET fbem-15618 112 29 actual actual ADJ fbem-15618 112 30 operation operation NOUN fbem-15618 112 31 of of ADP fbem-15618 112 32 d&o d&o NOUN fbem-15618 112 33 insurance insurance NOUN fbem-15618 112 34 are be AUX fbem-15618 112 35 needed need VERB fbem-15618 112 36 . . PUNCT fbem-15618 113 1 at at ADP fbem-15618 113 2 the the DET fbem-15618 113 3 same same ADJ fbem-15618 113 4 time time NOUN fbem-15618 113 5 , , PUNCT fbem-15618 113 6 other other ADJ fbem-15618 113 7 factors factor NOUN fbem-15618 113 8 that that PRON fbem-15618 113 9 may may AUX fbem-15618 113 10 affect affect VERB fbem-15618 113 11 audit audit NOUN fbem-15618 113 12 fees fee NOUN fbem-15618 113 13 , , PUNCT fbem-15618 113 14 such such ADJ fbem-15618 113 15 as as ADP fbem-15618 113 16 the the DET fbem-15618 113 17 company company NOUN fbem-15618 113 18 's 's PART fbem-15618 113 19 governance governance NOUN fbem-15618 113 20 structure structure NOUN fbem-15618 113 21 and and CCONJ fbem-15618 113 22 internal internal ADJ fbem-15618 113 23 control control NOUN fbem-15618 113 24 quality quality NOUN fbem-15618 113 25 , , PUNCT fbem-15618 113 26 also also ADV fbem-15618 113 27 need need VERB fbem-15618 113 28 to to PART fbem-15618 113 29 be be AUX fbem-15618 113 30 addressed address VERB fbem-15618 113 31 . . PUNCT fbem-15618 114 1 after after ADP fbem-15618 114 2 the the DET fbem-15618 114 3 introduction introduction NOUN fbem-15618 114 4 of of ADP fbem-15618 114 5 d&o d&o NOUN fbem-15618 114 6 insurance insurance NOUN fbem-15618 114 7 , , PUNCT fbem-15618 114 8 if if SCONJ fbem-15618 114 9 the the DET fbem-15618 114 10 insurance insurance NOUN fbem-15618 114 11 transfers transfer VERB fbem-15618 114 12 the the DET fbem-15618 114 13 liability liability NOUN fbem-15618 114 14 risk risk NOUN fbem-15618 114 15 of of ADP fbem-15618 114 16 directors director NOUN fbem-15618 114 17 and and CCONJ fbem-15618 114 18 executives executive NOUN fbem-15618 114 19 due due ADP fbem-15618 114 20 to to ADP fbem-15618 114 21 its its PRON fbem-15618 114 22 " " PUNCT fbem-15618 114 23 shield shield NOUN fbem-15618 114 24 " " PUNCT fbem-15618 114 25 function function NOUN fbem-15618 114 26 , , PUNCT fbem-15618 114 27 thereby thereby ADV fbem-15618 114 28 reducing reduce VERB fbem-15618 114 29 their their PRON fbem-15618 114 30 liability liability NOUN fbem-15618 114 31 costs cost NOUN fbem-15618 114 32 , , PUNCT fbem-15618 114 33 this this PRON fbem-15618 114 34 may may AUX fbem-15618 114 35 induce induce VERB fbem-15618 114 36 opportunistic opportunistic ADJ fbem-15618 114 37 behavior behavior NOUN fbem-15618 114 38 or or CCONJ fbem-15618 114 39 moral moral ADJ fbem-15618 114 40 hazard hazard NOUN fbem-15618 114 41 among among ADP fbem-15618 114 42 directors director NOUN fbem-15618 114 43 and and CCONJ fbem-15618 114 44 executives executive NOUN fbem-15618 114 45 . . PUNCT fbem-15618 115 1 when when SCONJ fbem-15618 115 2 the the DET fbem-15618 115 3 expected expect VERB fbem-15618 115 4 risk risk NOUN fbem-15618 115 5 increases increase NOUN fbem-15618 115 6 , , PUNCT fbem-15618 115 7 in in ADP fbem-15618 115 8 order order NOUN fbem-15618 115 9 to to PART fbem-15618 115 10 reduce reduce VERB fbem-15618 115 11 the the DET fbem-15618 115 12 risk risk NOUN fbem-15618 115 13 borne bear VERB fbem-15618 115 14 by by ADP fbem-15618 115 15 itself itself PRON fbem-15618 115 16 , , PUNCT fbem-15618 115 17 the the DET fbem-15618 115 18 audit audit NOUN fbem-15618 115 19 firm firm NOUN fbem-15618 115 20 may may AUX fbem-15618 115 21 increase increase VERB fbem-15618 115 22 the the DET fbem-15618 115 23 input input NOUN fbem-15618 115 24 of of ADP fbem-15618 115 25 audit audit NOUN fbem-15618 115 26 work work NOUN fbem-15618 115 27 , , PUNCT fbem-15618 115 28 resulting result VERB fbem-15618 115 29 in in ADP fbem-15618 115 30 the the DET fbem-15618 115 31 increase increase NOUN fbem-15618 115 32 of of ADP fbem-15618 115 33 audit audit NOUN fbem-15618 115 34 fees fee NOUN fbem-15618 115 35 . . PUNCT fbem-15618 116 1 however however ADV fbem-15618 116 2 , , PUNCT fbem-15618 116 3 in in ADP fbem-15618 116 4 the the DET fbem-15618 116 5 context context NOUN fbem-15618 116 6 of of ADP fbem-15618 116 7 opportunistic opportunistic ADJ fbem-15618 116 8 behavior behavior NOUN fbem-15618 116 9 of of ADP fbem-15618 116 10 managers manager NOUN fbem-15618 116 11 , , PUNCT fbem-15618 116 12 even even ADV fbem-15618 116 13 if if SCONJ fbem-15618 116 14 the the DET fbem-15618 116 15 auditor auditor NOUN fbem-15618 116 16 enhances enhance VERB fbem-15618 116 17 audit audit NOUN fbem-15618 116 18 work work NOUN fbem-15618 116 19 , , PUNCT fbem-15618 116 20 the the DET fbem-15618 116 21 information information NOUN fbem-15618 116 22 transparency transparency NOUN fbem-15618 116 23 of of ADP fbem-15618 116 24 the the DET fbem-15618 116 25 company company NOUN fbem-15618 116 26 may may AUX fbem-15618 116 27 remain remain VERB fbem-15618 116 28 unchanged unchanged ADJ fbem-15618 116 29 or or CCONJ fbem-15618 116 30 even even ADV fbem-15618 116 31 decline decline VERB fbem-15618 116 32 . . PUNCT fbem-15618 117 1 in in ADP fbem-15618 117 2 addition addition NOUN fbem-15618 117 3 , , PUNCT fbem-15618 117 4 opportunistic opportunistic ADJ fbem-15618 117 5 behavior behavior NOUN fbem-15618 117 6 of of ADP fbem-15618 117 7 managers manager NOUN fbem-15618 117 8 may may AUX fbem-15618 117 9 also also ADV fbem-15618 117 10 lead lead VERB fbem-15618 117 11 to to ADP fbem-15618 117 12 the the DET fbem-15618 117 13 increase increase NOUN fbem-15618 117 14 of of ADP fbem-15618 117 15 agency agency NOUN fbem-15618 117 16 costs cost NOUN fbem-15618 117 17 and and CCONJ fbem-15618 117 18 the the DET fbem-15618 117 19 decrease decrease NOUN fbem-15618 117 20 of of ADP fbem-15618 117 21 company company NOUN fbem-15618 117 22 value value NOUN fbem-15618 117 23 . . PUNCT fbem-15618 118 1 4.3.1 4.3.1 X fbem-15618 118 2 . . PUNCT fbem-15618 118 3 d&o d&o NOUN fbem-15618 118 4 insurance insurance NOUN fbem-15618 118 5 , , PUNCT fbem-15618 118 6 audit audit NOUN fbem-15618 118 7 fees fee NOUN fbem-15618 118 8 , , PUNCT fbem-15618 118 9 and and CCONJ fbem-15618 118 10 audit audit NOUN fbem-15618 118 11 quality quality NOUN fbem-15618 118 12 from from ADP fbem-15618 118 13 the the DET fbem-15618 118 14 perspective perspective NOUN fbem-15618 118 15 of of ADP fbem-15618 118 16 audit audit NOUN fbem-15618 118 17 quality quality NOUN fbem-15618 118 18 , , PUNCT fbem-15618 118 19 if if SCONJ fbem-15618 118 20 the the DET fbem-15618 118 21 introduction introduction NOUN fbem-15618 118 22 of of ADP fbem-15618 118 23 d&o d&o NOUN fbem-15618 118 24 insurance insurance NOUN fbem-15618 118 25 leads lead VERB fbem-15618 118 26 to to ADP fbem-15618 118 27 an an DET fbem-15618 118 28 increase increase NOUN fbem-15618 118 29 in in ADP fbem-15618 118 30 audit audit NOUN fbem-15618 118 31 fees fee NOUN fbem-15618 118 32 for for ADP fbem-15618 118 33 public public ADJ fbem-15618 118 34 companies company NOUN fbem-15618 118 35 through through ADP fbem-15618 118 36 its its PRON fbem-15618 118 37 supervisory supervisory ADJ fbem-15618 118 38 effect effect NOUN fbem-15618 118 39 , , PUNCT fbem-15618 118 40 it it PRON fbem-15618 118 41 generally generally ADV fbem-15618 118 42 implies imply VERB fbem-15618 118 43 that that SCONJ fbem-15618 118 44 after after ADP fbem-15618 118 45 the the DET fbem-15618 118 46 introduction introduction NOUN fbem-15618 118 47 of of ADP fbem-15618 118 48 d&o d&o NOUN fbem-15618 118 49 insurance insurance NOUN fbem-15618 118 50 , , PUNCT fbem-15618 118 51 indicators indicator NOUN fbem-15618 118 52 reflecting reflect VERB fbem-15618 118 53 audit audit NOUN fbem-15618 118 54 quality quality NOUN fbem-15618 118 55 such such ADJ fbem-15618 118 56 as as ADP fbem-15618 118 57 earnings earning NOUN fbem-15618 118 58 management management NOUN fbem-15618 118 59 of of ADP fbem-15618 118 60 public public ADJ fbem-15618 118 61 companies company NOUN fbem-15618 118 62 will will AUX fbem-15618 118 63 decrease decrease VERB fbem-15618 118 64 with with ADP fbem-15618 118 65 the the DET fbem-15618 118 66 introduction introduction NOUN fbem-15618 118 67 of of ADP fbem-15618 118 68 d&o d&o NOUN fbem-15618 118 69 insurance insurance NOUN fbem-15618 118 70 and and CCONJ fbem-15618 118 71 the the DET fbem-15618 118 72 increase increase NOUN fbem-15618 118 73 in in ADP fbem-15618 118 74 audit audit NOUN fbem-15618 118 75 fees fee NOUN fbem-15618 118 76 . . PUNCT fbem-15618 119 1 this this PRON fbem-15618 119 2 is be AUX fbem-15618 119 3 because because SCONJ fbem-15618 119 4 the the DET fbem-15618 119 5 supervisory supervisory ADJ fbem-15618 119 6 effect effect NOUN fbem-15618 119 7 of of ADP fbem-15618 119 8 d&o d&o NOUN fbem-15618 119 9 insurance insurance NOUN fbem-15618 119 10 helps help VERB fbem-15618 119 11 to to PART fbem-15618 119 12 strengthen strengthen VERB fbem-15618 119 13 corporate corporate ADJ fbem-15618 119 14 governance governance NOUN fbem-15618 119 15 and and CCONJ fbem-15618 119 16 improve improve VERB fbem-15618 119 17 internal internal ADJ fbem-15618 119 18 control control NOUN fbem-15618 119 19 , , PUNCT fbem-15618 119 20 thereby thereby ADV fbem-15618 119 21 enhancing enhance VERB fbem-15618 119 22 audit audit NOUN fbem-15618 119 23 quality quality NOUN fbem-15618 119 24 . . PUNCT fbem-15618 120 1 however however ADV fbem-15618 120 2 , , PUNCT fbem-15618 120 3 if if SCONJ fbem-15618 120 4 the the DET fbem-15618 120 5 introduction introduction NOUN fbem-15618 120 6 of of ADP fbem-15618 120 7 d&o d&o NOUN fbem-15618 120 8 insurance insurance NOUN fbem-15618 120 9 stimulates stimulate VERB fbem-15618 120 10 opportunistic opportunistic ADJ fbem-15618 120 11 motives motive NOUN fbem-15618 120 12 among among ADP fbem-15618 120 13 directors director NOUN fbem-15618 120 14 and and CCONJ fbem-15618 120 15 executives executive NOUN fbem-15618 120 16 , , PUNCT fbem-15618 120 17 leading lead VERB fbem-15618 120 18 to to ADP fbem-15618 120 19 the the DET fbem-15618 120 20 emergence emergence NOUN fbem-15618 120 21 of of ADP fbem-15618 120 22 moral moral ADJ fbem-15618 120 23 hazard hazard NOUN fbem-15618 120 24 behavior behavior NOUN fbem-15618 120 25 , , PUNCT fbem-15618 120 26 the the DET fbem-15618 120 27 internal internal ADJ fbem-15618 120 28 control control NOUN fbem-15618 120 29 quality quality NOUN fbem-15618 120 30 and and CCONJ fbem-15618 120 31 accounting accounting NOUN fbem-15618 120 32 information information NOUN fbem-15618 120 33 transparency transparency NOUN fbem-15618 120 34 of of ADP fbem-15618 120 35 public public ADJ fbem-15618 120 36 companies company NOUN fbem-15618 120 37 may may AUX fbem-15618 120 38 decline decline VERB fbem-15618 120 39 due due ADP fbem-15618 120 40 to to ADP fbem-15618 120 41 the the DET fbem-15618 120 42 presence presence NOUN fbem-15618 120 43 of of ADP fbem-15618 120 44 opportunistic opportunistic ADJ fbem-15618 120 45 behavior behavior NOUN fbem-15618 120 46 . . PUNCT fbem-15618 121 1 this this PRON fbem-15618 121 2 is be AUX fbem-15618 121 3 because because SCONJ fbem-15618 121 4 opportunistic opportunistic ADJ fbem-15618 121 5 behavior behavior NOUN fbem-15618 121 6 can can AUX fbem-15618 121 7 lead lead VERB fbem-15618 121 8 to to ADP fbem-15618 121 9 the the DET fbem-15618 121 10 weakening weakening NOUN fbem-15618 121 11 of of ADP fbem-15618 121 12 corporate corporate ADJ fbem-15618 121 13 governance governance NOUN fbem-15618 121 14 and and CCONJ fbem-15618 121 15 the the DET fbem-15618 121 16 failure failure NOUN fbem-15618 121 17 of of ADP fbem-15618 121 18 internal internal ADJ fbem-15618 121 19 control control NOUN fbem-15618 121 20 , , PUNCT fbem-15618 121 21 which which PRON fbem-15618 121 22 in in ADP fbem-15618 121 23 turn turn NOUN fbem-15618 121 24 has have VERB fbem-15618 121 25 a a DET fbem-15618 121 26 negative negative ADJ fbem-15618 121 27 impact impact NOUN fbem-15618 121 28 on on ADP fbem-15618 121 29 audit audit NOUN fbem-15618 121 30 quality quality NOUN fbem-15618 121 31 . . PUNCT fbem-15618 122 1 therefore therefore ADV fbem-15618 122 2 , , PUNCT fbem-15618 122 3 the the DET fbem-15618 122 4 impact impact NOUN fbem-15618 122 5 of of ADP fbem-15618 122 6 the the DET fbem-15618 122 7 introduction introduction NOUN fbem-15618 122 8 of of ADP fbem-15618 122 9 d&o d&o NOUN fbem-15618 122 10 insurance insurance NOUN fbem-15618 122 11 on on ADP fbem-15618 122 12 audit audit NOUN fbem-15618 122 13 quality quality NOUN fbem-15618 122 14 depends depend VERB fbem-15618 122 15 on on ADP fbem-15618 122 16 whether whether SCONJ fbem-15618 122 17 it it PRON fbem-15618 122 18 can can AUX fbem-15618 122 19 exert exert VERB fbem-15618 122 20 a a DET fbem-15618 122 21 supervisory supervisory ADJ fbem-15618 122 22 effect effect NOUN fbem-15618 122 23 and and CCONJ fbem-15618 122 24 whether whether SCONJ fbem-15618 122 25 it it PRON fbem-15618 122 26 stimulates stimulate VERB fbem-15618 122 27 opportunistic opportunistic ADJ fbem-15618 122 28 behavior behavior NOUN fbem-15618 122 29 among among ADP fbem-15618 122 30 directors director NOUN fbem-15618 122 31 and and CCONJ fbem-15618 122 32 executives executive NOUN fbem-15618 122 33 . . PUNCT fbem-15618 123 1 although although SCONJ fbem-15618 123 2 audit audit NOUN fbem-15618 123 3 fees fee NOUN fbem-15618 123 4 are be AUX fbem-15618 123 5 often often ADV fbem-15618 123 6 seen see VERB fbem-15618 123 7 as as ADP fbem-15618 123 8 a a DET fbem-15618 123 9 direct direct ADJ fbem-15618 123 10 reflection reflection NOUN fbem-15618 123 11 of of ADP fbem-15618 123 12 audit audit NOUN fbem-15618 123 13 quality quality NOUN fbem-15618 123 14 , , PUNCT fbem-15618 123 15 with with ADP fbem-15618 123 16 higher high ADJ fbem-15618 123 17 audit audit NOUN fbem-15618 123 18 fees fee NOUN fbem-15618 123 19 generally generally ADV fbem-15618 123 20 interpreted interpret VERB fbem-15618 123 21 as as ADP fbem-15618 123 22 an an DET fbem-15618 123 23 improvement improvement NOUN fbem-15618 123 24 in in ADP fbem-15618 123 25 audit audit NOUN fbem-15618 123 26 quality quality NOUN fbem-15618 123 27 , , PUNCT fbem-15618 123 28 to to AUX fbem-15618 123 29 more more ADV fbem-15618 123 30 deeply deeply ADV fbem-15618 123 31 explore explore VERB fbem-15618 123 32 the the DET fbem-15618 123 33 mechanism mechanism NOUN fbem-15618 123 34 of of ADP fbem-15618 123 35 d&o d&o NOUN fbem-15618 123 36 insurance insurance NOUN fbem-15618 123 37 from from ADP fbem-15618 123 38 the the DET fbem-15618 123 39 perspective perspective NOUN fbem-15618 123 40 of of ADP fbem-15618 123 41 audit audit NOUN fbem-15618 123 42 quality quality NOUN fbem-15618 123 43 , , PUNCT fbem-15618 123 44 we we PRON fbem-15618 123 45 have have AUX fbem-15618 123 46 used use VERB fbem-15618 123 47 the the DET fbem-15618 123 48 discretionary discretionary ADJ fbem-15618 123 49 accruals accrual NOUN fbem-15618 123 50 calculated calculate VERB fbem-15618 123 51 using use VERB fbem-15618 123 52 the the DET fbem-15618 123 53 modified modify VERB fbem-15618 123 54 jones jones PROPN fbem-15618 123 55 model model NOUN fbem-15618 123 56 as as ADP fbem-15618 123 57 a a DET fbem-15618 123 58 proxy proxy NOUN fbem-15618 123 59 for for ADP fbem-15618 123 60 audit audit NOUN fbem-15618 123 61 quality[9 quality[9 NOUN fbem-15618 123 62 ] ] X fbem-15618 123 63 , , PUNCT fbem-15618 123 64 because because SCONJ fbem-15618 123 65 higher high ADJ fbem-15618 123 66 audit audit NOUN fbem-15618 123 67 quality quality NOUN fbem-15618 123 68 implies imply VERB fbem-15618 123 69 less less ADJ fbem-15618 123 70 tolerance tolerance NOUN fbem-15618 123 71 for for ADP fbem-15618 123 72 earnings earning NOUN fbem-15618 123 73 management management NOUN fbem-15618 123 74 behavior behavior NOUN fbem-15618 123 75 . . PUNCT fbem-15618 124 1 [ [ X fbem-15618 124 2 10 10 NUM fbem-15618 124 3 ] ] PUNCT fbem-15618 124 4 . . PUNCT fbem-15618 125 1 the the DET fbem-15618 125 2 results result NOUN fbem-15618 125 3 of of ADP fbem-15618 125 4 ( ( PUNCT fbem-15618 125 5 1 1 NUM fbem-15618 125 6 ) ) PUNCT fbem-15618 125 7 , , PUNCT fbem-15618 125 8 ( ( PUNCT fbem-15618 125 9 2 2 NUM fbem-15618 125 10 ) ) PUNCT fbem-15618 125 11 , , PUNCT fbem-15618 125 12 and and CCONJ fbem-15618 125 13 ( ( PUNCT fbem-15618 125 14 3 3 X fbem-15618 125 15 ) ) PUNCT fbem-15618 125 16 in in ADP fbem-15618 125 17 table table NOUN fbem-15618 125 18 4 4 NUM fbem-15618 125 19 report report NOUN fbem-15618 125 20 the the DET fbem-15618 125 21 regression regression NOUN fbem-15618 125 22 results result NOUN fbem-15618 125 23 of of ADP fbem-15618 125 24 of of ADP fbem-15618 125 25 d&o d&o NOUN fbem-15618 125 26 insurance insurance NOUN fbem-15618 125 27 , , PUNCT fbem-15618 125 28 audit audit NOUN fbem-15618 125 29 fees fee NOUN fbem-15618 125 30 , , PUNCT fbem-15618 125 31 and and CCONJ fbem-15618 125 32 audit audit NOUN fbem-15618 125 33 quality quality NOUN fbem-15618 125 34 . . PUNCT fbem-15618 126 1 both both DET fbem-15618 126 2 columns column NOUN fbem-15618 126 3 ( ( PUNCT fbem-15618 126 4 1 1 NUM fbem-15618 126 5 ) ) PUNCT fbem-15618 126 6 and and CCONJ fbem-15618 126 7 ( ( PUNCT fbem-15618 126 8 2 2 X fbem-15618 126 9 ) ) PUNCT fbem-15618 126 10 are be AUX fbem-15618 126 11 significant significant ADJ fbem-15618 126 12 at at ADP fbem-15618 126 13 the the DET fbem-15618 126 14 1 1 NUM fbem-15618 126 15 % % NOUN fbem-15618 126 16 significance significance NOUN fbem-15618 126 17 level level NOUN fbem-15618 126 18 . . PUNCT fbem-15618 127 1 column column NOUN fbem-15618 127 2 ( ( PUNCT fbem-15618 127 3 1 1 X fbem-15618 127 4 ) ) PUNCT fbem-15618 127 5 indicates indicate VERB fbem-15618 127 6 that that SCONJ fbem-15618 127 7 the the DET fbem-15618 127 8 introduction introduction NOUN fbem-15618 127 9 of of ADP fbem-15618 127 10 d&o d&o NOUN fbem-15618 127 11 insurance insurance NOUN fbem-15618 127 12 can can AUX fbem-15618 127 13 effectively effectively ADV fbem-15618 127 14 improve improve VERB fbem-15618 127 15 the the DET fbem-15618 127 16 quality quality NOUN fbem-15618 127 17 of of ADP fbem-15618 127 18 internal internal ADJ fbem-15618 127 19 control control NOUN fbem-15618 127 20 and and CCONJ fbem-15618 127 21 reduce reduce VERB fbem-15618 127 22 the the DET fbem-15618 127 23 occurrence occurrence NOUN fbem-15618 127 24 of of ADP fbem-15618 127 25 earnings earning NOUN fbem-15618 127 26 management management NOUN fbem-15618 127 27 behavior behavior NOUN fbem-15618 127 28 . . PUNCT fbem-15618 128 1 column column NOUN fbem-15618 128 2 ( ( PUNCT fbem-15618 128 3 2 2 X fbem-15618 128 4 ) ) PUNCT fbem-15618 128 5 shows show VERB fbem-15618 128 6 that that SCONJ fbem-15618 128 7 audit audit NOUN fbem-15618 128 8 fees fee NOUN fbem-15618 128 9 can can AUX fbem-15618 128 10 also also ADV fbem-15618 128 11 effectively effectively ADV fbem-15618 128 12 reduce reduce VERB fbem-15618 128 13 the the DET fbem-15618 128 14 occurrence occurrence NOUN fbem-15618 128 15 of of ADP fbem-15618 128 16 earnings earning NOUN fbem-15618 128 17 management management NOUN fbem-15618 128 18 behavior behavior NOUN fbem-15618 128 19 . . PUNCT fbem-15618 129 1 the the DET fbem-15618 129 2 results result NOUN fbem-15618 129 3 of of ADP fbem-15618 129 4 column column NOUN fbem-15618 129 5 ( ( PUNCT fbem-15618 129 6 3 3 X fbem-15618 129 7 ) ) PUNCT fbem-15618 129 8 reveal reveal VERB fbem-15618 129 9 that that SCONJ fbem-15618 129 10 the the DET fbem-15618 129 11 interaction interaction NOUN fbem-15618 129 12 term term NOUN fbem-15618 129 13 between between ADP fbem-15618 129 14 d&o d&o NOUN fbem-15618 129 15 insurance insurance NOUN fbem-15618 129 16 and and CCONJ fbem-15618 129 17 audit audit NOUN fbem-15618 129 18 fees fee NOUN fbem-15618 129 19 has have VERB fbem-15618 129 20 a a DET fbem-15618 129 21 significant significant ADJ fbem-15618 129 22 negative negative ADJ fbem-15618 129 23 correlation correlation NOUN fbem-15618 129 24 with with ADP fbem-15618 129 25 accruals accrual NOUN fbem-15618 129 26 , , PUNCT fbem-15618 129 27 indicating indicate VERB fbem-15618 129 28 that that SCONJ fbem-15618 129 29 the the DET fbem-15618 129 30 company company NOUN fbem-15618 129 31 has have AUX fbem-15618 129 32 exerted exert VERB fbem-15618 129 33 a a DET fbem-15618 129 34 sufficient sufficient ADJ fbem-15618 129 35 supervisory supervisory ADJ fbem-15618 129 36 effect effect NOUN fbem-15618 129 37 after after ADP fbem-15618 129 38 introducing introduce VERB fbem-15618 129 39 d&o d&o NOUN fbem-15618 129 40 insurance insurance NOUN fbem-15618 129 41 . . PUNCT fbem-15618 130 1 4.3.2 4.3.2 X fbem-15618 130 2 . . PUNCT fbem-15618 131 1 d&o d&o NOUN fbem-15618 131 2 insurance insurance NOUN fbem-15618 131 3 , , PUNCT fbem-15618 131 4 audit audit NOUN fbem-15618 131 5 fees fee NOUN fbem-15618 131 6 , , PUNCT fbem-15618 131 7 and and CCONJ fbem-15618 131 8 enterprise enterprise NOUN fbem-15618 131 9 value value NOUN fbem-15618 131 10 if if SCONJ fbem-15618 131 11 the the DET fbem-15618 131 12 introduction introduction NOUN fbem-15618 131 13 of of ADP fbem-15618 131 14 d&o d&o NOUN fbem-15618 131 15 insurance insurance NOUN fbem-15618 131 16 leads lead VERB fbem-15618 131 17 to to ADP fbem-15618 131 18 an an DET fbem-15618 131 19 increase increase NOUN fbem-15618 131 20 in in ADP fbem-15618 131 21 agency agency NOUN fbem-15618 131 22 costs cost NOUN fbem-15618 131 23 and and CCONJ fbem-15618 131 24 a a DET fbem-15618 131 25 decrease decrease NOUN fbem-15618 131 26 in in ADP fbem-15618 131 27 enterprise enterprise NOUN fbem-15618 131 28 value value NOUN fbem-15618 131 29 for for ADP fbem-15618 131 30 public public ADJ fbem-15618 131 31 companies company NOUN fbem-15618 131 32 , , PUNCT fbem-15618 131 33 it it PRON fbem-15618 131 34 can can AUX fbem-15618 131 35 be be AUX fbem-15618 131 36 seen see VERB fbem-15618 131 37 as as ADP fbem-15618 131 38 evidence evidence NOUN fbem-15618 131 39 that that PRON fbem-15618 131 40 d&o d&o NOUN fbem-15618 131 41 insurance insurance NOUN fbem-15618 131 42 has have AUX fbem-15618 131 43 induced induce VERB fbem-15618 131 44 opportunistic opportunistic ADJ fbem-15618 131 45 behavior behavior NOUN fbem-15618 131 46 by by ADP fbem-15618 131 47 transferring transfer VERB fbem-15618 131 48 risk risk NOUN fbem-15618 131 49 from from ADP fbem-15618 131 50 directors director NOUN fbem-15618 131 51 and and CCONJ fbem-15618 131 52 executives executive NOUN fbem-15618 131 53 . . PUNCT fbem-15618 132 1 in in ADP fbem-15618 132 2 this this DET fbem-15618 132 3 case case NOUN fbem-15618 132 4 , , PUNCT fbem-15618 132 5 d&o d&o NOUN fbem-15618 132 6 insurance insurance NOUN fbem-15618 132 7 may may AUX fbem-15618 132 8 act act VERB fbem-15618 132 9 as as ADP fbem-15618 132 10 a a DET fbem-15618 132 11 " " PUNCT fbem-15618 132 12 shield shield NOUN fbem-15618 132 13 " " PUNCT fbem-15618 132 14 for for ADP fbem-15618 132 15 opportunistic opportunistic ADJ fbem-15618 132 16 behavior behavior NOUN fbem-15618 132 17 , , PUNCT fbem-15618 132 18 making make VERB fbem-15618 132 19 some some DET fbem-15618 132 20 directors director NOUN fbem-15618 132 21 and and CCONJ fbem-15618 132 22 executives executive NOUN fbem-15618 132 23 more more ADV fbem-15618 132 24 inclined inclined ADJ fbem-15618 132 25 to to PART fbem-15618 132 26 take take VERB fbem-15618 132 27 riskier risky ADJ fbem-15618 132 28 decision decision NOUN fbem-15618 132 29 - - PUNCT fbem-15618 132 30 making make VERB fbem-15618 132 31 actions action NOUN fbem-15618 132 32 , , PUNCT fbem-15618 132 33 thereby thereby ADV fbem-15618 132 34 increasing increase VERB fbem-15618 132 35 agency agency NOUN fbem-15618 132 36 costs cost NOUN fbem-15618 132 37 and and CCONJ fbem-15618 132 38 reducing reduce VERB fbem-15618 132 39 enterprise enterprise NOUN fbem-15618 132 40 value value NOUN fbem-15618 132 41 . . PUNCT fbem-15618 133 1 however however ADV fbem-15618 133 2 , , PUNCT fbem-15618 133 3 if if SCONJ fbem-15618 133 4 there there PRON fbem-15618 133 5 is be VERB fbem-15618 133 6 a a DET fbem-15618 133 7 noticeable noticeable ADJ fbem-15618 133 8 improvement improvement NOUN fbem-15618 133 9 in in ADP fbem-15618 133 10 agency agency NOUN fbem-15618 133 11 costs cost NOUN fbem-15618 133 12 and and CCONJ fbem-15618 133 13 enterprise enterprise NOUN fbem-15618 133 14 value value NOUN fbem-15618 133 15 after after ADP fbem-15618 133 16 the the DET fbem-15618 133 17 introduction introduction NOUN fbem-15618 133 18 of of ADP fbem-15618 133 19 d&o d&o NOUN fbem-15618 133 20 insurance insurance NOUN fbem-15618 133 21 , , PUNCT fbem-15618 133 22 it it PRON fbem-15618 133 23 suggests suggest VERB fbem-15618 133 24 that that SCONJ fbem-15618 133 25 d&o d&o NOUN fbem-15618 133 26 insurance insurance NOUN fbem-15618 133 27 is be AUX fbem-15618 133 28 exerting exert VERB fbem-15618 133 29 a a DET fbem-15618 133 30 supervisory supervisory ADJ fbem-15618 133 31 and and CCONJ fbem-15618 133 32 incentive incentive NOUN fbem-15618 133 33 effect effect NOUN fbem-15618 133 34 . . PUNCT fbem-15618 134 1 the the DET fbem-15618 134 2 supervisory supervisory ADJ fbem-15618 134 3 and and CCONJ fbem-15618 134 4 incentive incentive NOUN fbem-15618 134 5 effect effect NOUN fbem-15618 134 6 of of ADP fbem-15618 134 7 d&o d&o NOUN fbem-15618 134 8 insurance insurance NOUN fbem-15618 134 9 may may AUX fbem-15618 134 10 enhance enhance VERB fbem-15618 134 11 corporate corporate ADJ fbem-15618 134 12 governance governance NOUN fbem-15618 134 13 by by ADP fbem-15618 134 14 strengthening strengthen VERB fbem-15618 134 15 the the DET fbem-15618 134 16 monitoring monitoring NOUN fbem-15618 134 17 and and CCONJ fbem-15618 134 18 restraint restraint NOUN fbem-15618 134 19 of of ADP fbem-15618 134 20 directors director NOUN fbem-15618 134 21 ' ' PART fbem-15618 134 22 and and CCONJ fbem-15618 134 23 executives executive NOUN fbem-15618 134 24 ' ' PART fbem-15618 134 25 behavior behavior NOUN fbem-15618 134 26 , , PUNCT fbem-15618 134 27 thereby thereby ADV fbem-15618 134 28 reducing reduce VERB fbem-15618 134 29 agency agency NOUN fbem-15618 134 30 costs cost NOUN fbem-15618 134 31 and and CCONJ fbem-15618 134 32 increasing increase VERB fbem-15618 134 33 enterprise enterprise NOUN fbem-15618 134 34 value value NOUN fbem-15618 134 35 . . PUNCT fbem-15618 135 1 therefore therefore ADV fbem-15618 135 2 , , PUNCT fbem-15618 135 3 by by ADP fbem-15618 135 4 observing observe VERB fbem-15618 135 5 the the DET fbem-15618 135 6 changes change NOUN fbem-15618 135 7 in in ADP fbem-15618 135 8 agency agency NOUN fbem-15618 135 9 costs cost NOUN fbem-15618 135 10 and and CCONJ fbem-15618 135 11 enterprise enterprise NOUN fbem-15618 135 12 value value NOUN fbem-15618 135 13 after after ADP fbem-15618 135 14 the the DET fbem-15618 135 15 introduction introduction NOUN fbem-15618 135 16 of of ADP fbem-15618 135 17 d&o d&o NOUN fbem-15618 135 18 insurance insurance NOUN fbem-15618 135 19 , , PUNCT fbem-15618 135 20 we we PRON fbem-15618 135 21 can can AUX fbem-15618 135 22 determine determine VERB fbem-15618 135 23 whether whether SCONJ fbem-15618 135 24 d&o d&o NOUN fbem-15618 135 25 insurance insurance NOUN fbem-15618 135 26 has have AUX fbem-15618 135 27 exerted exert VERB fbem-15618 135 28 a a DET fbem-15618 135 29 supervisory supervisory ADJ fbem-15618 135 30 and and CCONJ fbem-15618 135 31 incentive incentive NOUN fbem-15618 135 32 effect effect NOUN fbem-15618 135 33 or or CCONJ fbem-15618 135 34 induced induce VERB fbem-15618 135 35 opportunistic opportunistic ADJ fbem-15618 135 36 behavior behavior NOUN fbem-15618 135 37 . . PUNCT fbem-15618 136 1 this this PRON fbem-15618 136 2 requires require VERB fbem-15618 136 3 further further ADJ fbem-15618 136 4 research research NOUN fbem-15618 136 5 and and CCONJ fbem-15618 136 6 analysis analysis NOUN fbem-15618 136 7 of of ADP fbem-15618 136 8 the the DET fbem-15618 136 9 specific specific ADJ fbem-15618 136 10 situation situation NOUN fbem-15618 136 11 of of ADP fbem-15618 136 12 the the DET fbem-15618 136 13 company company NOUN fbem-15618 136 14 and and CCONJ fbem-15618 136 15 the the DET fbem-15618 136 16 actual actual ADJ fbem-15618 136 17 operation operation NOUN fbem-15618 136 18 of of ADP fbem-15618 136 19 d&o d&o PROPN fbem-15618 136 20 insurance insurance NOUN fbem-15618 136 21 . . PUNCT fbem-15618 137 1 to to PART fbem-15618 137 2 examine examine VERB fbem-15618 137 3 the the DET fbem-15618 137 4 impact impact NOUN fbem-15618 137 5 of of ADP fbem-15618 137 6 d&o d&o NOUN fbem-15618 137 7 insurance insurance NOUN fbem-15618 137 8 on on ADP fbem-15618 137 9 enterprise enterprise NOUN fbem-15618 137 10 value value NOUN fbem-15618 137 11 , , PUNCT fbem-15618 137 12 we we PRON fbem-15618 137 13 have have AUX fbem-15618 137 14 chosen choose VERB fbem-15618 137 15 tobin tobin PROPN fbem-15618 137 16 's 's PART fbem-15618 137 17 q q NOUN fbem-15618 137 18 as as ADP fbem-15618 137 19 a a DET fbem-15618 137 20 metric metric NOUN fbem-15618 137 21 for for ADP fbem-15618 137 22 measuring measure VERB fbem-15618 137 23 enterprise enterprise NOUN fbem-15618 137 24 value value NOUN fbem-15618 137 25 . . PUNCT fbem-15618 138 1 the the DET fbem-15618 138 2 results result NOUN fbem-15618 138 3 of of ADP fbem-15618 138 4 ( ( PUNCT fbem-15618 138 5 4 4 NUM fbem-15618 138 6 ) ) PUNCT fbem-15618 138 7 , , PUNCT fbem-15618 138 8 ( ( PUNCT fbem-15618 138 9 5 5 NUM fbem-15618 138 10 ) ) PUNCT fbem-15618 138 11 , , PUNCT fbem-15618 138 12 and and CCONJ fbem-15618 138 13 ( ( PUNCT fbem-15618 138 14 6 6 NUM fbem-15618 138 15 ) ) PUNCT fbem-15618 138 16 in in ADP fbem-15618 138 17 table table NOUN fbem-15618 138 18 4 4 NUM fbem-15618 138 19 report report NOUN fbem-15618 138 20 the the DET fbem-15618 138 21 regression regression NOUN fbem-15618 138 22 results result NOUN fbem-15618 138 23 of of ADP fbem-15618 138 24 d&o d&o NOUN fbem-15618 138 25 insurance insurance NOUN fbem-15618 138 26 , , PUNCT fbem-15618 138 27 audit audit NOUN fbem-15618 138 28 fees fee NOUN fbem-15618 138 29 , , PUNCT fbem-15618 138 30 and and CCONJ fbem-15618 138 31 corporate corporate ADJ fbem-15618 138 32 value value NOUN fbem-15618 138 33 . . PUNCT fbem-15618 139 1 from from ADP fbem-15618 139 2 the the DET fbem-15618 139 3 results result NOUN fbem-15618 139 4 of of ADP fbem-15618 139 5 columns column NOUN fbem-15618 139 6 ( ( PUNCT fbem-15618 139 7 4 4 NUM fbem-15618 139 8 ) ) PUNCT fbem-15618 139 9 and and CCONJ fbem-15618 139 10 ( ( PUNCT fbem-15618 139 11 5 5 NUM fbem-15618 139 12 ) ) PUNCT fbem-15618 139 13 , , PUNCT fbem-15618 139 14 it it PRON fbem-15618 139 15 can can AUX fbem-15618 139 16 be be AUX fbem-15618 139 17 seen see VERB fbem-15618 139 18 that that SCONJ fbem-15618 139 19 not not PART fbem-15618 139 20 only only ADV fbem-15618 139 21 the the DET fbem-15618 139 22 introduction introduction NOUN fbem-15618 139 23 of of ADP fbem-15618 139 24 d&o d&o NOUN fbem-15618 139 25 insurance insurance NOUN fbem-15618 139 26 can can AUX fbem-15618 139 27 improve improve VERB fbem-15618 139 28 corporate corporate ADJ fbem-15618 139 29 value value NOUN fbem-15618 139 30 , , PUNCT fbem-15618 139 31 but but CCONJ fbem-15618 139 32 also also ADV fbem-15618 139 33 the the DET fbem-15618 139 34 increase increase NOUN fbem-15618 139 35 in in ADP fbem-15618 139 36 audit audit NOUN fbem-15618 139 37 fees fee NOUN fbem-15618 139 38 can can AUX fbem-15618 139 39 also also ADV fbem-15618 139 40 enhance enhance VERB fbem-15618 139 41 corporate corporate ADJ fbem-15618 139 42 value value NOUN fbem-15618 139 43 . . PUNCT fbem-15618 140 1 the the DET fbem-15618 140 2 results result NOUN fbem-15618 140 3 of of ADP fbem-15618 140 4 column column NOUN fbem-15618 140 5 ( ( PUNCT fbem-15618 140 6 6 6 NUM fbem-15618 140 7 ) ) PUNCT fbem-15618 140 8 show show VERB fbem-15618 140 9 that that SCONJ fbem-15618 140 10 the the DET fbem-15618 140 11 interaction interaction NOUN fbem-15618 140 12 term term NOUN fbem-15618 140 13 between between ADP fbem-15618 140 14 d&o d&o NOUN fbem-15618 140 15 insurance insurance NOUN fbem-15618 140 16 and and CCONJ fbem-15618 140 17 audit audit NOUN fbem-15618 140 18 fees fee NOUN fbem-15618 140 19 is be AUX fbem-15618 140 20 significantly significantly ADV fbem-15618 140 21 positively positively ADV fbem-15618 140 22 correlated correlate VERB fbem-15618 140 23 with with ADP fbem-15618 140 24 corporate corporate ADJ fbem-15618 140 25 value value NOUN fbem-15618 140 26 , , PUNCT fbem-15618 140 27 indicating indicate VERB fbem-15618 140 28 that that SCONJ fbem-15618 140 29 the the DET fbem-15618 140 30 introduction introduction NOUN fbem-15618 140 31 of of ADP fbem-15618 140 32 d&o d&o NOUN fbem-15618 140 33 insurance insurance NOUN fbem-15618 140 34 into into ADP fbem-15618 140 35 the the DET fbem-15618 140 36 company company NOUN fbem-15618 140 37 has have AUX fbem-15618 140 38 played play VERB fbem-15618 140 39 a a DET fbem-15618 140 40 full full ADJ fbem-15618 140 41 supervisory supervisory ADJ fbem-15618 140 42 role role NOUN fbem-15618 140 43 , , PUNCT fbem-15618 140 44 reduced reduced ADJ fbem-15618 140 45 agency agency NOUN fbem-15618 140 46 costs cost NOUN fbem-15618 140 47 , , PUNCT fbem-15618 140 48 and and CCONJ fbem-15618 140 49 improved improve VERB fbem-15618 140 50 corporate corporate ADJ fbem-15618 140 51 value value NOUN fbem-15618 140 52 . . PUNCT fbem-15618 141 1 283 283 NUM fbem-15618 141 2 table table NOUN fbem-15618 141 3 4 4 NUM fbem-15618 141 4 . . PUNCT fbem-15618 142 1 the the DET fbem-15618 142 2 mechanism mechanism NOUN fbem-15618 142 3 test test NOUN fbem-15618 142 4 of of ADP fbem-15618 142 5 d&o d&o NOUN fbem-15618 142 6 insurance insurance NOUN fbem-15618 142 7 variable variable ADJ fbem-15618 142 8 audit audit NOUN fbem-15618 142 9 quality quality NOUN fbem-15618 142 10 corporate corporate ADJ fbem-15618 142 11 value value NOUN fbem-15618 142 12 ( ( PUNCT fbem-15618 142 13 1 1 NUM fbem-15618 142 14 ) ) PUNCT fbem-15618 142 15 ( ( PUNCT fbem-15618 142 16 2 2 NUM fbem-15618 142 17 ) ) PUNCT fbem-15618 142 18 ( ( PUNCT fbem-15618 142 19 3 3 X fbem-15618 142 20 ) ) PUNCT fbem-15618 142 21 ( ( PUNCT fbem-15618 142 22 4 4 NUM fbem-15618 142 23 ) ) PUNCT fbem-15618 142 24 ( ( PUNCT fbem-15618 142 25 5 5 NUM fbem-15618 142 26 ) ) PUNCT fbem-15618 142 27 ( ( PUNCT fbem-15618 142 28 6 6 X fbem-15618 142 29 ) ) PUNCT fbem-15618 142 30 da da PROPN fbem-15618 142 31 da da PROPN fbem-15618 142 32 da da PROPN fbem-15618 142 33 tobin tobin PROPN fbem-15618 142 34 - - PUNCT fbem-15618 142 35 q q PROPN fbem-15618 142 36 tobin tobin PROPN fbem-15618 142 37 - - PUNCT fbem-15618 142 38 q q PROPN fbem-15618 142 39 tobin tobin PROPN fbem-15618 142 40 - - PUNCT fbem-15618 142 41 q q NOUN fbem-15618 142 42 insurance insurance NOUN fbem-15618 142 43 -0.008 -0.008 NOUN fbem-15618 142 44 * * PUNCT fbem-15618 142 45 * * PUNCT fbem-15618 142 46 * * PUNCT fbem-15618 142 47 ( ( PUNCT fbem-15618 142 48 -3.73 -3.73 NOUN fbem-15618 142 49 ) ) PUNCT fbem-15618 142 50 -0.043 -0.043 NOUN fbem-15618 142 51 * * PUNCT fbem-15618 142 52 * * PUNCT fbem-15618 142 53 ( ( PUNCT fbem-15618 142 54 -2 -2 INTJ fbem-15618 142 55 . . PROPN fbem-15618 142 56 18 18 NUM fbem-15618 142 57 ) ) PUNCT fbem-15618 142 58 0.168 0.168 NUM fbem-15618 142 59 * * PUNCT fbem-15618 142 60 * * PUNCT fbem-15618 142 61 * * PUNCT fbem-15618 142 62 ( ( PUNCT fbem-15618 142 63 5.78 5.78 NUM fbem-15618 142 64 ) ) PUNCT fbem-15618 142 65 0.637 0.637 NUM fbem-15618 142 66 * * PUNCT fbem-15618 142 67 ( ( PUNCT fbem-15618 142 68 1.89 1.89 NUM fbem-15618 142 69 ) ) PUNCT fbem-15618 142 70 audit_fee audit_fee PROPN fbem-15618 142 71 -0.013 -0.013 PUNCT fbem-15618 142 72 * * PUNCT fbem-15618 142 73 * * PUNCT fbem-15618 142 74 * * PUNCT fbem-15618 142 75 ( ( PUNCT fbem-15618 142 76 -10.98 -10.98 NOUN fbem-15618 142 77 ) ) PUNCT fbem-15618 142 78 -0.012 -0.012 NOUN fbem-15618 142 79 * * PUNCT fbem-15618 142 80 * * PUNCT fbem-15618 142 81 * * PUNCT fbem-15618 142 82 ( ( PUNCT fbem-15618 142 83 -10.63 -10.63 PROPN fbem-15618 142 84 ) ) PUNCT fbem-15618 142 85 0.165 0.165 NUM fbem-15618 142 86 * * PUNCT fbem-15618 142 87 * * PUNCT fbem-15618 142 88 * * PUNCT fbem-15618 142 89 ( ( PUNCT fbem-15618 142 90 9.04 9.04 NUM fbem-15618 142 91 ) ) PUNCT fbem-15618 142 92 0.149 0.149 NUM fbem-15618 142 93 * * PUNCT fbem-15618 142 94 * * PUNCT fbem-15618 142 95 * * PUNCT fbem-15618 142 96 ( ( PUNCT fbem-15618 142 97 7.08 7.08 NUM fbem-15618 142 98 ) ) PUNCT fbem-15618 142 99 insurance insurance NOUN fbem-15618 142 100 * * NOUN fbem-15618 142 101 audit_fee audit_fee PROPN fbem-15618 142 102 -0.003 -0.003 NOUN fbem-15618 142 103 * * PUNCT fbem-15618 142 104 * * PUNCT fbem-15618 142 105 ( ( PUNCT fbem-15618 142 106 -2.25 -2.25 NOUN fbem-15618 142 107 ) ) PUNCT fbem-15618 142 108 0.058 0.058 NUM fbem-15618 142 109 * * SYM fbem-15618 142 110 * * PUNCT fbem-15618 142 111 ( ( PUNCT fbem-15618 142 112 2.21 2.21 NUM fbem-15618 142 113 ) ) PUNCT fbem-15618 142 114 n n PROPN fbem-15618 142 115 34737 34737 NUM fbem-15618 142 116 34737 34737 NUM fbem-15618 142 117 34737 34737 NUM fbem-15618 142 118 34737 34737 NUM fbem-15618 142 119 34737 34737 NUM fbem-15618 142 120 34737 34737 NUM fbem-15618 142 121 year year NOUN fbem-15618 143 1 yes yes INTJ fbem-15618 143 2 yes yes INTJ fbem-15618 144 1 yes yes INTJ fbem-15618 145 1 yes yes INTJ fbem-15618 146 1 yes yes INTJ fbem-15618 146 2 yes yes INTJ fbem-15618 146 3 industry industry NOUN fbem-15618 147 1 yes yes INTJ fbem-15618 148 1 yes yes INTJ fbem-15618 149 1 yes yes INTJ fbem-15618 150 1 yes yes INTJ fbem-15618 151 1 yes yes INTJ fbem-15618 151 2 yes yes INTJ fbem-15618 151 3 control control NOUN fbem-15618 152 1 yes yes INTJ fbem-15618 153 1 yes yes INTJ fbem-15618 154 1 yes yes INTJ fbem-15618 155 1 yes yes INTJ fbem-15618 156 1 yes yes INTJ fbem-15618 157 1 yes yes INTJ fbem-15618 157 2 adj_r2 adj_r2 PROPN fbem-15618 158 1 0.113 0.113 NUM fbem-15618 158 2 0.109 0.109 NUM fbem-15618 158 3 0.104 0.104 NUM fbem-15618 158 4 0.349 0.349 NUM fbem-15618 158 5 0.305 0.305 NUM fbem-15618 158 6 0.127 0.127 NUM fbem-15618 158 7 4.4 4.4 NUM fbem-15618 158 8 . . PUNCT fbem-15618 159 1 robustness robustness NOUN fbem-15618 159 2 test test NOUN fbem-15618 159 3 4.4.1 4.4.1 NUM fbem-15618 159 4 . . PUNCT fbem-15618 160 1 psm psm PROPN fbem-15618 160 2 method method PROPN fbem-15618 160 3 test test NOUN fbem-15618 160 4 due due ADP fbem-15618 160 5 to to ADP fbem-15618 160 6 the the DET fbem-15618 160 7 fact fact NOUN fbem-15618 160 8 that that SCONJ fbem-15618 160 9 only only ADV fbem-15618 160 10 about about ADV fbem-15618 160 11 10 10 NUM fbem-15618 160 12 % % NOUN fbem-15618 160 13 of of ADP fbem-15618 160 14 the the DET fbem-15618 160 15 companies company NOUN fbem-15618 160 16 in in ADP fbem-15618 160 17 the the DET fbem-15618 160 18 sample sample NOUN fbem-15618 160 19 have have AUX fbem-15618 160 20 purchased purchase VERB fbem-15618 160 21 d&o d&o NOUN fbem-15618 160 22 insurance insurance NOUN fbem-15618 160 23 , , PUNCT fbem-15618 160 24 there there PRON fbem-15618 160 25 may may AUX fbem-15618 160 26 be be AUX fbem-15618 160 27 sample sample NOUN fbem-15618 160 28 selection selection NOUN fbem-15618 160 29 bias bias NOUN fbem-15618 160 30 , , PUNCT fbem-15618 160 31 which which PRON fbem-15618 160 32 may may AUX fbem-15618 160 33 affect affect VERB fbem-15618 160 34 the the DET fbem-15618 160 35 accuracy accuracy NOUN fbem-15618 160 36 of of ADP fbem-15618 160 37 the the DET fbem-15618 160 38 regression regression NOUN fbem-15618 160 39 results result NOUN fbem-15618 160 40 . . PUNCT fbem-15618 161 1 in in ADP fbem-15618 161 2 order order NOUN fbem-15618 161 3 to to PART fbem-15618 161 4 eliminate eliminate VERB fbem-15618 161 5 this this DET fbem-15618 161 6 bias bias NOUN fbem-15618 161 7 , , PUNCT fbem-15618 161 8 this this DET fbem-15618 161 9 article article NOUN fbem-15618 161 10 uses use VERB fbem-15618 161 11 a a DET fbem-15618 161 12 1:1 1:1 NUM fbem-15618 161 13 propensity propensity NOUN fbem-15618 161 14 score score NOUN fbem-15618 161 15 matching matching NOUN fbem-15618 161 16 method method NOUN fbem-15618 161 17 ( ( PUNCT fbem-15618 161 18 psm psm NOUN fbem-15618 161 19 ) ) PUNCT fbem-15618 161 20 to to PART fbem-15618 161 21 match match VERB fbem-15618 161 22 the the DET fbem-15618 161 23 samples sample NOUN fbem-15618 161 24 to to PART fbem-15618 161 25 ensure ensure VERB fbem-15618 161 26 the the DET fbem-15618 161 27 reliability reliability NOUN fbem-15618 161 28 of of ADP fbem-15618 161 29 the the DET fbem-15618 161 30 regression regression NOUN fbem-15618 161 31 analysis analysis NOUN fbem-15618 161 32 . . PUNCT fbem-15618 162 1 through through ADP fbem-15618 162 2 this this DET fbem-15618 162 3 method method NOUN fbem-15618 162 4 , , PUNCT fbem-15618 162 5 we we PRON fbem-15618 162 6 can can AUX fbem-15618 162 7 more more ADV fbem-15618 162 8 accurately accurately ADV fbem-15618 162 9 estimate estimate VERB fbem-15618 162 10 the the DET fbem-15618 162 11 impact impact NOUN fbem-15618 162 12 of of ADP fbem-15618 162 13 d&o d&o NOUN fbem-15618 162 14 insurance insurance NOUN fbem-15618 162 15 on on ADP fbem-15618 162 16 company company NOUN fbem-15618 162 17 performance performance NOUN fbem-15618 162 18 and and CCONJ fbem-15618 162 19 obtain obtain VERB fbem-15618 162 20 more more ADV fbem-15618 162 21 credible credible ADJ fbem-15618 162 22 conclusions conclusion NOUN fbem-15618 162 23 . . PUNCT fbem-15618 163 1 column column NOUN fbem-15618 163 2 ( ( PUNCT fbem-15618 163 3 1 1 X fbem-15618 163 4 ) ) PUNCT fbem-15618 163 5 of of ADP fbem-15618 163 6 table table NOUN fbem-15618 163 7 5 5 NUM fbem-15618 163 8 is be AUX fbem-15618 163 9 the the DET fbem-15618 163 10 regression regression NOUN fbem-15618 163 11 result result NOUN fbem-15618 163 12 tested test VERB fbem-15618 163 13 by by ADP fbem-15618 163 14 psm psm PROPN fbem-15618 163 15 , , PUNCT fbem-15618 163 16 which which PRON fbem-15618 163 17 shows show VERB fbem-15618 163 18 that that SCONJ fbem-15618 163 19 companies company NOUN fbem-15618 163 20 purchasing purchase VERB fbem-15618 163 21 d&o d&o NOUN fbem-15618 163 22 insurance insurance NOUN fbem-15618 163 23 can can AUX fbem-15618 163 24 effectively effectively ADV fbem-15618 163 25 increase increase VERB fbem-15618 163 26 audit audit NOUN fbem-15618 163 27 fees fee NOUN fbem-15618 163 28 . . PUNCT fbem-15618 164 1 4.4.2 4.4.2 X fbem-15618 164 2 . . PUNCT fbem-15618 164 3 method method PROPN fbem-15618 164 4 iv iv NUM fbem-15618 164 5 test test NOUN fbem-15618 164 6 considering consider VERB fbem-15618 164 7 that that SCONJ fbem-15618 164 8 companies company NOUN fbem-15618 164 9 with with ADP fbem-15618 164 10 higher high ADJ fbem-15618 164 11 audit audit NOUN fbem-15618 164 12 quality quality NOUN fbem-15618 164 13 usually usually ADV fbem-15618 164 14 have have VERB fbem-15618 164 15 sound sound ADJ fbem-15618 164 16 governance governance NOUN fbem-15618 164 17 mechanisms mechanism NOUN fbem-15618 164 18 , , PUNCT fbem-15618 164 19 d&o d&o NOUN fbem-15618 164 20 insurance insurance NOUN fbem-15618 164 21 , , PUNCT fbem-15618 164 22 as as ADP fbem-15618 164 23 an an DET fbem-15618 164 24 external external ADJ fbem-15618 164 25 governance governance NOUN fbem-15618 164 26 tool tool NOUN fbem-15618 164 27 , , PUNCT fbem-15618 164 28 may may AUX fbem-15618 164 29 be be AUX fbem-15618 164 30 introduced introduce VERB fbem-15618 164 31 by by ADP fbem-15618 164 32 these these DET fbem-15618 164 33 companies company NOUN fbem-15618 164 34 to to PART fbem-15618 164 35 further far ADV fbem-15618 164 36 improve improve VERB fbem-15618 164 37 governance governance NOUN fbem-15618 164 38 efficiency efficiency NOUN fbem-15618 164 39 . . PUNCT fbem-15618 165 1 in in ADP fbem-15618 165 2 order order NOUN fbem-15618 165 3 to to PART fbem-15618 165 4 control control VERB fbem-15618 165 5 this this DET fbem-15618 165 6 potential potential ADJ fbem-15618 165 7 reverse reverse ADJ fbem-15618 165 8 causality causality NOUN fbem-15618 165 9 effect effect NOUN fbem-15618 165 10 and and CCONJ fbem-15618 165 11 enhance enhance VERB fbem-15618 165 12 the the DET fbem-15618 165 13 credibility credibility NOUN fbem-15618 165 14 of of ADP fbem-15618 165 15 causal causal ADJ fbem-15618 165 16 inference inference NOUN fbem-15618 165 17 in in ADP fbem-15618 165 18 empirical empirical ADJ fbem-15618 165 19 research research NOUN fbem-15618 165 20 , , PUNCT fbem-15618 165 21 this this DET fbem-15618 165 22 article article NOUN fbem-15618 165 23 uses use VERB fbem-15618 165 24 a a DET fbem-15618 165 25 two two NUM fbem-15618 165 26 - - PUNCT fbem-15618 165 27 stage stage NOUN fbem-15618 165 28 least least ADJ fbem-15618 165 29 squares square NOUN fbem-15618 165 30 method method NOUN fbem-15618 165 31 for for ADP fbem-15618 165 32 regression regression NOUN fbem-15618 165 33 analysis analysis NOUN fbem-15618 165 34 again again ADV fbem-15618 165 35 . . PUNCT fbem-15618 166 1 this this DET fbem-15618 166 2 method method NOUN fbem-15618 166 3 helps help VERB fbem-15618 166 4 to to PART fbem-15618 166 5 more more ADV fbem-15618 166 6 accurately accurately ADV fbem-15618 166 7 identify identify VERB fbem-15618 166 8 the the DET fbem-15618 166 9 impact impact NOUN fbem-15618 166 10 of of ADP fbem-15618 166 11 d&o d&o NOUN fbem-15618 166 12 insurance insurance NOUN fbem-15618 166 13 on on ADP fbem-15618 166 14 corporate corporate ADJ fbem-15618 166 15 governance governance NOUN fbem-15618 166 16 efficiency efficiency NOUN fbem-15618 166 17 and and CCONJ fbem-15618 166 18 provides provide VERB fbem-15618 166 19 more more ADV fbem-15618 166 20 reliable reliable ADJ fbem-15618 166 21 empirical empirical ADJ fbem-15618 166 22 results result NOUN fbem-15618 166 23 . . PUNCT fbem-15618 167 1 therefore therefore ADV fbem-15618 167 2 , , PUNCT fbem-15618 167 3 this this DET fbem-15618 167 4 article article NOUN fbem-15618 167 5 chooses choose VERB fbem-15618 167 6 to to PART fbem-15618 167 7 use use VERB fbem-15618 167 8 the the DET fbem-15618 167 9 annual annual ADJ fbem-15618 167 10 average average NOUN fbem-15618 167 11 of of ADP fbem-15618 167 12 purchasing purchase VERB fbem-15618 167 13 d&o d&o NOUN fbem-15618 167 14 insurance insurance NOUN fbem-15618 167 15 as as ADP fbem-15618 167 16 an an DET fbem-15618 167 17 instrumental instrumental ADJ fbem-15618 167 18 variable[7 variable[7 NOUN fbem-15618 167 19 ] ] PUNCT fbem-15618 167 20 . . PUNCT fbem-15618 168 1 the the DET fbem-15618 168 2 reason reason NOUN fbem-15618 168 3 is be AUX fbem-15618 168 4 that that SCONJ fbem-15618 168 5 the the DET fbem-15618 168 6 correlation correlation NOUN fbem-15618 168 7 between between ADP fbem-15618 168 8 the the DET fbem-15618 168 9 annual annual ADJ fbem-15618 168 10 average average NOUN fbem-15618 168 11 of of ADP fbem-15618 168 12 purchasing purchase VERB fbem-15618 168 13 d&o d&o NOUN fbem-15618 168 14 insurance insurance NOUN fbem-15618 168 15 and and CCONJ fbem-15618 168 16 audit audit NOUN fbem-15618 168 17 quality quality NOUN fbem-15618 168 18 is be AUX fbem-15618 168 19 low low ADJ fbem-15618 168 20 , , PUNCT fbem-15618 168 21 and and CCONJ fbem-15618 168 22 the the PRON fbem-15618 168 23 higher high ADJ fbem-15618 168 24 the the DET fbem-15618 168 25 average average NOUN fbem-15618 168 26 , , PUNCT fbem-15618 168 27 the the PRON fbem-15618 168 28 greater great ADJ fbem-15618 168 29 the the DET fbem-15618 168 30 probability probability NOUN fbem-15618 168 31 that that SCONJ fbem-15618 168 32 the the DET fbem-15618 168 33 company company NOUN fbem-15618 168 34 will will AUX fbem-15618 168 35 purchase purchase VERB fbem-15618 168 36 d&o d&o NOUN fbem-15618 168 37 insurance insurance NOUN fbem-15618 168 38 . . PUNCT fbem-15618 169 1 columns column NOUN fbem-15618 169 2 ( ( PUNCT fbem-15618 169 3 2 2 NUM fbem-15618 169 4 ) ) PUNCT fbem-15618 169 5 and and CCONJ fbem-15618 169 6 ( ( PUNCT fbem-15618 169 7 3 3 X fbem-15618 169 8 ) ) PUNCT fbem-15618 169 9 of of ADP fbem-15618 169 10 table table NOUN fbem-15618 169 11 5 5 NUM fbem-15618 169 12 report report NOUN fbem-15618 169 13 the the DET fbem-15618 169 14 regression regression NOUN fbem-15618 169 15 results result NOUN fbem-15618 169 16 of of ADP fbem-15618 169 17 the the DET fbem-15618 169 18 instrumental instrumental ADJ fbem-15618 169 19 variable variable ADJ fbem-15618 169 20 two two NUM fbem-15618 169 21 - - PUNCT fbem-15618 169 22 stage stage NOUN fbem-15618 169 23 least least ADJ fbem-15618 169 24 squares square NOUN fbem-15618 169 25 method method NOUN fbem-15618 169 26 . . PUNCT fbem-15618 170 1 the the DET fbem-15618 170 2 regression regression NOUN fbem-15618 170 3 results result NOUN fbem-15618 170 4 show show VERB fbem-15618 170 5 that that SCONJ fbem-15618 170 6 d&o d&o NOUN fbem-15618 170 7 insurance insurance NOUN fbem-15618 170 8 can can AUX fbem-15618 170 9 significantly significantly ADV fbem-15618 170 10 increase increase VERB fbem-15618 170 11 audit audit NOUN fbem-15618 170 12 fees fee NOUN fbem-15618 170 13 , , PUNCT fbem-15618 170 14 which which PRON fbem-15618 170 15 strongly strongly ADV fbem-15618 170 16 proves prove VERB fbem-15618 170 17 the the DET fbem-15618 170 18 correctness correctness NOUN fbem-15618 170 19 of of ADP fbem-15618 170 20 the the DET fbem-15618 170 21 core core NOUN fbem-15618 170 22 conclusion conclusion NOUN fbem-15618 170 23 of of ADP fbem-15618 170 24 this this DET fbem-15618 170 25 article article NOUN fbem-15618 170 26 . . PUNCT fbem-15618 171 1 table table NOUN fbem-15618 171 2 5 5 NUM fbem-15618 171 3 . . PUNCT fbem-15618 171 4 robustness robustness NOUN fbem-15618 171 5 test test NOUN fbem-15618 171 6 variable variable NOUN fbem-15618 171 7 ( ( PUNCT fbem-15618 171 8 1 1 NUM fbem-15618 171 9 ) ) PUNCT fbem-15618 171 10 ( ( PUNCT fbem-15618 171 11 2 2 NUM fbem-15618 171 12 ) ) PUNCT fbem-15618 171 13 ( ( PUNCT fbem-15618 171 14 3 3 X fbem-15618 171 15 ) ) PUNCT fbem-15618 171 16 audit_fee audit_fee PROPN fbem-15618 171 17 insurance insurance NOUN fbem-15618 171 18 audit_fee audit_fee PROPN fbem-15618 171 19 insurance insurance NOUN fbem-15618 171 20 0.133 0.133 NUM fbem-15618 171 21 * * PUNCT fbem-15618 171 22 * * PUNCT fbem-15618 171 23 * * PUNCT fbem-15618 171 24 ( ( PUNCT fbem-15618 171 25 8.36 8.36 NUM fbem-15618 171 26 ) ) PUNCT fbem-15618 171 27 -0.119 -0.119 PUNCT fbem-15618 172 1 * * PUNCT fbem-15618 172 2 * * PUNCT fbem-15618 172 3 * * PUNCT fbem-15618 172 4 ( ( PUNCT fbem-15618 172 5 -4.22 -4.22 NUM fbem-15618 172 6 ) ) PUNCT fbem-15618 172 7 mean_ins mean_in NOUN fbem-15618 172 8 0.034 0.034 NUM fbem-15618 172 9 * * PUNCT fbem-15618 173 1 * * PUNCT fbem-15618 173 2 * * PUNCT fbem-15618 173 3 ( ( PUNCT fbem-15618 173 4 11.37 11.37 NUM fbem-15618 173 5 ) ) PUNCT fbem-15618 173 6 n n CCONJ fbem-15618 173 7 3488 3488 NUM fbem-15618 173 8 34737 34737 NUM fbem-15618 173 9 34737 34737 NUM fbem-15618 173 10 year year NOUN fbem-15618 174 1 yes yes INTJ fbem-15618 174 2 yes yes INTJ fbem-15618 175 1 yes yes INTJ fbem-15618 175 2 industry industry NOUN fbem-15618 176 1 yes yes INTJ fbem-15618 177 1 yes yes INTJ fbem-15618 177 2 yes yes INTJ fbem-15618 177 3 control control NOUN fbem-15618 178 1 yes yes INTJ fbem-15618 179 1 yes yes INTJ fbem-15618 180 1 yes yes INTJ fbem-15618 180 2 adj_r2 adj_r2 PROPN fbem-15618 180 3 0.688 0.688 NUM fbem-15618 180 4 0.101 0.101 NUM fbem-15618 180 5 5 5 NUM fbem-15618 180 6 . . PUNCT fbem-15618 181 1 conclusion conclusion NOUN fbem-15618 181 2 based base VERB fbem-15618 181 3 on on ADP fbem-15618 181 4 the the DET fbem-15618 181 5 data datum NOUN fbem-15618 181 6 of of ADP fbem-15618 181 7 listed list VERB fbem-15618 181 8 companies company NOUN fbem-15618 181 9 in in ADP fbem-15618 181 10 shanghai shanghai PROPN fbem-15618 181 11 and and CCONJ fbem-15618 181 12 shenzhen shenzhen PROPN fbem-15618 181 13 from from ADP fbem-15618 181 14 2009 2009 NUM fbem-15618 181 15 to to ADP fbem-15618 181 16 2022 2022 NUM fbem-15618 181 17 , , PUNCT fbem-15618 181 18 this this DET fbem-15618 181 19 article article NOUN fbem-15618 181 20 empirically empirically ADV fbem-15618 181 21 examines examine VERB fbem-15618 181 22 the the DET fbem-15618 181 23 impact impact NOUN fbem-15618 181 24 of of ADP fbem-15618 181 25 d&o d&o NOUN fbem-15618 181 26 insurance insurance NOUN fbem-15618 181 27 on on ADP fbem-15618 181 28 audit audit NOUN fbem-15618 181 29 fees fee NOUN fbem-15618 181 30 and and CCONJ fbem-15618 181 31 deeply deeply ADV fbem-15618 181 32 explores explore VERB fbem-15618 181 33 the the DET fbem-15618 181 34 mechanism mechanism NOUN fbem-15618 181 35 of of ADP fbem-15618 181 36 d&o d&o NOUN fbem-15618 181 37 insurance insurance NOUN fbem-15618 181 38 . . PUNCT fbem-15618 182 1 the the DET fbem-15618 182 2 research research NOUN fbem-15618 182 3 results result NOUN fbem-15618 182 4 show show VERB fbem-15618 182 5 that that SCONJ fbem-15618 182 6 the the DET fbem-15618 182 7 introduction introduction NOUN fbem-15618 182 8 of of ADP fbem-15618 182 9 d&o d&o NOUN fbem-15618 182 10 insurance insurance NOUN fbem-15618 182 11 significantly significantly ADV fbem-15618 182 12 increases increase VERB fbem-15618 182 13 the the DET fbem-15618 182 14 audit audit NOUN fbem-15618 182 15 fees fee NOUN fbem-15618 182 16 of of ADP fbem-15618 182 17 listed list VERB fbem-15618 182 18 companies company NOUN fbem-15618 182 19 . . PUNCT fbem-15618 183 1 further further ADJ fbem-15618 183 2 analysis analysis NOUN fbem-15618 183 3 of of ADP fbem-15618 183 4 its its PRON fbem-15618 183 5 mechanism mechanism NOUN fbem-15618 183 6 of of ADP fbem-15618 183 7 action action NOUN fbem-15618 183 8 reveals reveal VERB fbem-15618 183 9 that that SCONJ fbem-15618 183 10 the the DET fbem-15618 183 11 increase increase NOUN fbem-15618 183 12 in in ADP fbem-15618 183 13 audit audit NOUN fbem-15618 183 14 fees fee NOUN fbem-15618 183 15 stems stem VERB fbem-15618 183 16 from from ADP fbem-15618 183 17 the the DET fbem-15618 183 18 demand demand NOUN fbem-15618 183 19 for for ADP fbem-15618 183 20 high high ADJ fbem-15618 183 21 audit audit NOUN fbem-15618 183 22 quality quality NOUN fbem-15618 183 23 by by ADP fbem-15618 183 24 d&o d&o NOUN fbem-15618 183 25 insurance insurance NOUN fbem-15618 183 26 as as ADP fbem-15618 183 27 a a DET fbem-15618 183 28 governance governance NOUN fbem-15618 183 29 mechanism mechanism NOUN fbem-15618 183 30 , , PUNCT fbem-15618 183 31 which which PRON fbem-15618 183 32 reflects reflect VERB fbem-15618 183 33 its its PRON fbem-15618 183 34 supervision supervision NOUN fbem-15618 183 35 and and CCONJ fbem-15618 183 36 incentive incentive NOUN fbem-15618 183 37 effects effect NOUN fbem-15618 183 38 , , PUNCT fbem-15618 183 39 rather rather ADV fbem-15618 183 40 than than ADP fbem-15618 183 41 due due ADJ fbem-15618 183 42 to to ADP fbem-15618 183 43 opportunistic opportunistic ADJ fbem-15618 183 44 and and CCONJ fbem-15618 183 45 moral moral ADJ fbem-15618 183 46 hazard hazard NOUN fbem-15618 183 47 behaviors behavior NOUN fbem-15618 183 48 . . PUNCT fbem-15618 184 1 in in ADP fbem-15618 184 2 addition addition NOUN fbem-15618 184 3 , , PUNCT fbem-15618 184 4 the the DET fbem-15618 184 5 study study NOUN fbem-15618 184 6 also also ADV fbem-15618 184 7 found find VERB fbem-15618 184 8 that that SCONJ fbem-15618 184 9 there there PRON fbem-15618 184 10 is be VERB fbem-15618 184 11 a a DET fbem-15618 184 12 significant significant ADJ fbem-15618 184 13 interactive interactive ADJ fbem-15618 184 14 effect effect NOUN fbem-15618 184 15 between between ADP fbem-15618 184 16 d&o d&o NOUN fbem-15618 184 17 insurance insurance NOUN fbem-15618 184 18 and and CCONJ fbem-15618 184 19 audit audit NOUN fbem-15618 184 20 fees fee NOUN fbem-15618 184 21 , , PUNCT fbem-15618 184 22 which which PRON fbem-15618 184 23 once once ADV fbem-15618 184 24 again again ADV fbem-15618 184 25 verifies verify VERB fbem-15618 184 26 the the DET fbem-15618 184 27 existence existence NOUN fbem-15618 184 28 of of ADP fbem-15618 184 29 its its PRON fbem-15618 184 30 supervision supervision NOUN fbem-15618 184 31 and and CCONJ fbem-15618 184 32 incentive incentive NOUN fbem-15618 184 33 effects effect NOUN fbem-15618 184 34 . . PUNCT fbem-15618 185 1 based base VERB fbem-15618 185 2 on on ADP fbem-15618 185 3 the the DET fbem-15618 185 4 research research NOUN fbem-15618 185 5 results result NOUN fbem-15618 185 6 of of ADP fbem-15618 185 7 this this DET fbem-15618 185 8 article article NOUN fbem-15618 185 9 , , PUNCT fbem-15618 185 10 we we PRON fbem-15618 185 11 draw draw VERB fbem-15618 185 12 the the DET fbem-15618 185 13 following following ADJ fbem-15618 185 14 implications implication NOUN fbem-15618 185 15 : : PUNCT fbem-15618 185 16 firstly firstly ADV fbem-15618 185 17 , , PUNCT fbem-15618 185 18 d&o d&o NOUN fbem-15618 185 19 insurance insurance NOUN fbem-15618 185 20 has have VERB fbem-15618 185 21 the the DET fbem-15618 185 22 dual dual ADJ fbem-15618 185 23 nature nature NOUN fbem-15618 185 24 of of ADP fbem-15618 185 25 supervision supervision NOUN fbem-15618 185 26 and and CCONJ fbem-15618 185 27 incentive incentive NOUN fbem-15618 185 28 effects effect NOUN fbem-15618 185 29 and and CCONJ fbem-15618 185 30 may may AUX fbem-15618 185 31 lead lead VERB fbem-15618 185 32 to to ADP fbem-15618 185 33 opportunistic opportunistic ADJ fbem-15618 185 34 behavior behavior NOUN fbem-15618 185 35 , , PUNCT fbem-15618 185 36 so so SCONJ fbem-15618 185 37 we we PRON fbem-15618 185 38 need need VERB fbem-15618 185 39 to to PART fbem-15618 185 40 fully fully ADV fbem-15618 185 41 understand understand VERB fbem-15618 185 42 its its PRON fbem-15618 185 43 true true ADJ fbem-15618 185 44 governance governance NOUN fbem-15618 185 45 effect effect NOUN fbem-15618 185 46 and and CCONJ fbem-15618 185 47 action action NOUN fbem-15618 185 48 path path NOUN fbem-15618 185 49 , , PUNCT fbem-15618 185 50 so so SCONJ fbem-15618 185 51 as as SCONJ fbem-15618 185 52 to to PART fbem-15618 185 53 fully fully ADV fbem-15618 185 54 exert exert VERB fbem-15618 185 55 its its PRON fbem-15618 185 56 positive positive ADJ fbem-15618 185 57 governance governance NOUN fbem-15618 185 58 function function NOUN fbem-15618 185 59 and and CCONJ fbem-15618 185 60 avoid avoid VERB fbem-15618 185 61 possible possible ADJ fbem-15618 185 62 negative negative ADJ fbem-15618 185 63 effects effect NOUN fbem-15618 185 64 . . PUNCT fbem-15618 186 1 secondly secondly ADV fbem-15618 186 2 , , PUNCT fbem-15618 186 3 as as ADP fbem-15618 186 4 an an DET fbem-15618 186 5 effective effective ADJ fbem-15618 186 6 external external ADJ fbem-15618 186 7 governance governance NOUN fbem-15618 186 8 284 284 NUM fbem-15618 186 9 mechanism mechanism NOUN fbem-15618 186 10 , , PUNCT fbem-15618 186 11 d&o d&o NOUN fbem-15618 186 12 insurance insurance NOUN fbem-15618 186 13 can can AUX fbem-15618 186 14 not not PART fbem-15618 186 15 only only ADV fbem-15618 186 16 supervise supervise VERB fbem-15618 186 17 the the DET fbem-15618 186 18 behavior behavior NOUN fbem-15618 186 19 of of ADP fbem-15618 186 20 directors director NOUN fbem-15618 186 21 and and CCONJ fbem-15618 186 22 executives executive NOUN fbem-15618 186 23 , , PUNCT fbem-15618 186 24 but but CCONJ fbem-15618 186 25 also also ADV fbem-15618 186 26 motivate motivate VERB fbem-15618 186 27 them they PRON fbem-15618 186 28 to to PART fbem-15618 186 29 work work VERB fbem-15618 186 30 hard hard ADV fbem-15618 186 31 , , PUNCT fbem-15618 186 32 innovate innovate VERB fbem-15618 186 33 boldly boldly ADV fbem-15618 186 34 , , PUNCT fbem-15618 186 35 and and CCONJ fbem-15618 186 36 inhibit inhibit VERB fbem-15618 186 37 opportunistic opportunistic ADJ fbem-15618 186 38 behavior behavior NOUN fbem-15618 186 39 . . PUNCT fbem-15618 187 1 therefore therefore ADV fbem-15618 187 2 , , PUNCT fbem-15618 187 3 the the DET fbem-15618 187 4 introduction introduction NOUN fbem-15618 187 5 of of ADP fbem-15618 187 6 this this DET fbem-15618 187 7 mechanism mechanism NOUN fbem-15618 187 8 is be AUX fbem-15618 187 9 of of ADP fbem-15618 187 10 positive positive ADJ fbem-15618 187 11 significance significance NOUN fbem-15618 187 12 for for ADP fbem-15618 187 13 improving improve VERB fbem-15618 187 14 the the DET fbem-15618 187 15 construction construction NOUN fbem-15618 187 16 of of ADP fbem-15618 187 17 modern modern ADJ fbem-15618 187 18 enterprise enterprise NOUN fbem-15618 187 19 system system NOUN fbem-15618 187 20 , , PUNCT fbem-15618 187 21 enriching enrich VERB fbem-15618 187 22 the the DET fbem-15618 187 23 external external ADJ fbem-15618 187 24 governance governance NOUN fbem-15618 187 25 mechanism mechanism NOUN fbem-15618 187 26 of of ADP fbem-15618 187 27 listed list VERB fbem-15618 187 28 companies company NOUN fbem-15618 187 29 , , PUNCT fbem-15618 187 30 and and CCONJ fbem-15618 187 31 enhancing enhance VERB fbem-15618 187 32 the the DET fbem-15618 187 33 level level NOUN fbem-15618 187 34 of of ADP fbem-15618 187 35 corporate corporate ADJ fbem-15618 187 36 governance governance NOUN fbem-15618 187 37 . . PUNCT fbem-15618 188 1 acknowledgment acknowledgment NOUN fbem-15618 188 2 this this DET fbem-15618 188 3 paper paper NOUN fbem-15618 188 4 is be AUX fbem-15618 188 5 supported support VERB fbem-15618 188 6 by by ADP fbem-15618 188 7 the the DET fbem-15618 188 8 guangxi guangxi PROPN fbem-15618 188 9 graduate graduate PROPN fbem-15618 188 10 education education PROPN fbem-15618 188 11 innovation innovation NOUN fbem-15618 188 12 project project NOUN fbem-15618 188 13 , , PUNCT fbem-15618 188 14 with with ADP fbem-15618 188 15 project project NOUN fbem-15618 188 16 number number NOUN fbem-15618 188 17 a3430022003 a3430022003 NOUN fbem-15618 188 18 . . PUNCT fbem-15618 189 1 thank thank VERB fbem-15618 189 2 you you PRON fbem-15618 189 3 for for ADP fbem-15618 189 4 the the DET fbem-15618 189 5 financial financial ADJ fbem-15618 189 6 support support NOUN fbem-15618 189 7 provided provide VERB fbem-15618 189 8 by by ADP fbem-15618 189 9 this this DET fbem-15618 189 10 project project NOUN fbem-15618 189 11 , , PUNCT fbem-15618 189 12 which which PRON fbem-15618 189 13 has have AUX fbem-15618 189 14 enabled enable VERB fbem-15618 189 15 the the DET fbem-15618 189 16 smooth smooth ADJ fbem-15618 189 17 conduct conduct NOUN fbem-15618 189 18 of of ADP fbem-15618 189 19 research research NOUN fbem-15618 189 20 work work NOUN fbem-15618 189 21 . . PUNCT fbem-15618 190 1 at at ADP fbem-15618 190 2 the the DET fbem-15618 190 3 same same ADJ fbem-15618 190 4 time time NOUN fbem-15618 190 5 , , PUNCT fbem-15618 190 6 i i PRON fbem-15618 190 7 also also ADV fbem-15618 190 8 thank thank VERB fbem-15618 190 9 the the DET fbem-15618 190 10 relevant relevant ADJ fbem-15618 190 11 institutions institution NOUN fbem-15618 190 12 and and CCONJ fbem-15618 190 13 individuals individual NOUN fbem-15618 190 14 for for ADP fbem-15618 190 15 their their PRON fbem-15618 190 16 support support NOUN fbem-15618 190 17 and and CCONJ fbem-15618 190 18 assistance assistance NOUN fbem-15618 190 19 during during ADP fbem-15618 190 20 the the DET fbem-15618 190 21 project project NOUN fbem-15618 190 22 application application NOUN fbem-15618 190 23 and and CCONJ fbem-15618 190 24 implementation implementation NOUN fbem-15618 190 25 process process NOUN fbem-15618 190 26 . . PUNCT fbem-15618 191 1 finally finally ADV fbem-15618 191 2 , , PUNCT fbem-15618 191 3 i i PRON fbem-15618 191 4 would would AUX fbem-15618 191 5 like like VERB fbem-15618 191 6 to to PART fbem-15618 191 7 thank thank VERB fbem-15618 191 8 the the DET fbem-15618 191 9 reviewers reviewer NOUN fbem-15618 191 10 and and CCONJ fbem-15618 191 11 editors editor NOUN fbem-15618 191 12 for for ADP fbem-15618 191 13 their their PRON fbem-15618 191 14 careful careful ADJ fbem-15618 191 15 review review NOUN fbem-15618 191 16 and and CCONJ fbem-15618 191 17 valuable valuable ADJ fbem-15618 191 18 comments comment NOUN fbem-15618 191 19 . . PUNCT fbem-15618 192 1 their their PRON fbem-15618 192 2 suggestions suggestion NOUN fbem-15618 192 3 have have AUX fbem-15618 192 4 played play VERB fbem-15618 192 5 an an DET fbem-15618 192 6 important important ADJ fbem-15618 192 7 role role NOUN fbem-15618 192 8 in in ADP fbem-15618 192 9 improving improve VERB fbem-15618 192 10 and and CCONJ fbem-15618 192 11 enhancing enhance VERB fbem-15618 192 12 this this DET fbem-15618 192 13 article article NOUN fbem-15618 192 14 . . PUNCT fbem-15618 193 1 references reference NOUN fbem-15618 193 2 [ [ X fbem-15618 193 3 1 1 NUM fbem-15618 193 4 ] ] X fbem-15618 193 5 noel noel PROPN fbem-15618 193 6 o'sullivan o'sullivan PROPN fbem-15618 193 7 . . PUNCT fbem-15618 194 1 the the DET fbem-15618 194 2 impact impact NOUN fbem-15618 194 3 of of ADP fbem-15618 194 4 directors director NOUN fbem-15618 194 5 ’ ' PUNCT fbem-15618 194 6 and and CCONJ fbem-15618 194 7 officers officer NOUN fbem-15618 194 8 ’ ’ PART fbem-15618 194 9 insurance insurance NOUN fbem-15618 194 10 on on ADP fbem-15618 194 11 audit audit NOUN fbem-15618 194 12 pricing pricing NOUN fbem-15618 194 13 : : PUNCT fbem-15618 194 14 evidence evidence NOUN fbem-15618 194 15 from from ADP fbem-15618 194 16 uk uk PROPN fbem-15618 194 17 companies[j companies[j PROPN fbem-15618 194 18 ] ] PUNCT fbem-15618 194 19 . . PUNCT fbem-15618 195 1 accounting accounting PROPN fbem-15618 195 2 forum forum PROPN fbem-15618 195 3 , , PUNCT fbem-15618 195 4 2009 2009 NUM fbem-15618 195 5 , , PUNCT fbem-15618 195 6 33(2 33(2 NUM fbem-15618 195 7 ): ): PUNCT fbem-15618 195 8 146 146 NUM fbem-15618 195 9 - - SYM fbem-15618 195 10 161 161 NUM fbem-15618 195 11 . . PUNCT fbem-15618 196 1 [ [ X fbem-15618 196 2 2 2 NUM fbem-15618 196 3 ] ] PUNCT fbem-15618 196 4 yw yw PROPN fbem-15618 196 5 wang wang PROPN fbem-15618 196 6 , , PUNCT fbem-15618 196 7 cw cw PROPN fbem-15618 196 8 chen chen PROPN fbem-15618 196 9 . . PUNCT fbem-15618 197 1 directors director NOUN fbem-15618 197 2 ' ' PART fbem-15618 197 3 and and CCONJ fbem-15618 197 4 officers officer NOUN fbem-15618 197 5 ' ' PART fbem-15618 197 6 liability liability NOUN fbem-15618 197 7 insurance insurance NOUN fbem-15618 197 8 and and CCONJ fbem-15618 197 9 the the DET fbem-15618 197 10 sensitivity sensitivity NOUN fbem-15618 197 11 of of ADP fbem-15618 197 12 ; ; PUNCT fbem-15618 197 13 directors director NOUN fbem-15618 197 14 ' ' PART fbem-15618 197 15 compensation compensation NOUN fbem-15618 197 16 to to PART fbem-15618 197 17 firm firm VERB fbem-15618 197 18 performance performance NOUN fbem-15618 197 19 [ [ X fbem-15618 197 20 j j X fbem-15618 197 21 ] ] X fbem-15618 197 22 . . PUNCT fbem-15618 198 1 international international ADJ fbem-15618 198 2 review review PROPN fbem-15618 198 3 of of ADP fbem-15618 198 4 economics economics PROPN fbem-15618 198 5 & & CCONJ fbem-15618 198 6 finance finance PROPN fbem-15618 198 7 , , PUNCT fbem-15618 198 8 2016 2016 NUM fbem-15618 198 9 , , PUNCT fbem-15618 198 10 45286 45286 NUM fbem-15618 198 11 - - SYM fbem-15618 198 12 297 297 NUM fbem-15618 198 13 . . PUNCT fbem-15618 199 1 [ [ X fbem-15618 199 2 3 3 X fbem-15618 199 3 ] ] PUNCT fbem-15618 199 4 zhihong zhihong PROPN fbem-15618 199 5 chen chen PROPN fbem-15618 199 6 , , PUNCT fbem-15618 199 7 oliver oliver PROPN fbem-15618 199 8 - - PUNCT fbem-15618 199 9 zhen zhen PROPN fbem-15618 199 10 li li PROPN fbem-15618 199 11 , , PUNCT fbem-15618 199 12 hong hong PROPN fbem-15618 199 13 zou zou PROPN fbem-15618 199 14 . . PUNCT fbem-15618 200 1 directorsΧ³ directorsΧ³ PROPN fbem-15618 200 2 and and CCONJ fbem-15618 200 3 officersΧ³ officersΧ³ ADJ fbem-15618 200 4 liability liability NOUN fbem-15618 200 5 insurance insurance NOUN fbem-15618 200 6 and and CCONJ fbem-15618 200 7 the the DET fbem-15618 200 8 cost cost NOUN fbem-15618 200 9 of of ADP fbem-15618 200 10 equity[j equity[j PROPN fbem-15618 200 11 ] ] PUNCT fbem-15618 200 12 . . PUNCT fbem-15618 201 1 journal journal PROPN fbem-15618 201 2 of of ADP fbem-15618 201 3 accounting accounting NOUN fbem-15618 201 4 and and CCONJ fbem-15618 201 5 economics economic NOUN fbem-15618 201 6 , , PUNCT fbem-15618 201 7 2016 2016 NUM fbem-15618 201 8 , , PUNCT fbem-15618 201 9 61(1 61(1 NOUN fbem-15618 201 10 ): ): PUNCT fbem-15618 201 11 100 100 NUM fbem-15618 201 12 - - SYM fbem-15618 201 13 120 120 NUM fbem-15618 201 14 . . PUNCT fbem-15618 202 1 [ [ X fbem-15618 202 2 4 4 X fbem-15618 202 3 ] ] X fbem-15618 202 4 h h NOUN fbem-15618 202 5 zou zou PROPN fbem-15618 202 6 , , PUNCT fbem-15618 202 7 s s PROPN fbem-15618 202 8 wong wong PROPN fbem-15618 202 9 , , PUNCT fbem-15618 202 10 c c PROPN fbem-15618 202 11 shum shum X fbem-15618 202 12 , , PUNCT fbem-15618 202 13 et et PROPN fbem-15618 202 14 al al PROPN fbem-15618 202 15 . . PUNCT fbem-15618 203 1 controlling control VERB fbem-15618 203 2 - - PUNCT fbem-15618 203 3 minority minority NOUN fbem-15618 203 4 shareholder shareholder NOUN fbem-15618 203 5 incentive incentive NOUN fbem-15618 203 6 conflicts conflict NOUN fbem-15618 203 7 and and CCONJ fbem-15618 203 8 directors director NOUN fbem-15618 203 9 ’ ' PUNCT fbem-15618 203 10 and and CCONJ fbem-15618 203 11 officers officer NOUN fbem-15618 203 12 ’ ’ PART fbem-15618 203 13 liability liability NOUN fbem-15618 203 14 insurance insurance NOUN fbem-15618 203 15 : : PUNCT fbem-15618 203 16 evidence evidence NOUN fbem-15618 203 17 from from ADP fbem-15618 203 18 china[j china[j PROPN fbem-15618 203 19 ] ] PUNCT fbem-15618 203 20 . . PUNCT fbem-15618 204 1 journal journal PROPN fbem-15618 204 2 of of ADP fbem-15618 204 3 banking banking NOUN fbem-15618 204 4 & & CCONJ fbem-15618 204 5 finance finance NOUN fbem-15618 204 6 , , PUNCT fbem-15618 204 7 2008 2008 NUM fbem-15618 204 8 , , PUNCT fbem-15618 204 9 32(12 32(12 NUM fbem-15618 204 10 ): ): PUNCT fbem-15618 204 11 2636 2636 NUM fbem-15618 204 12 - - SYM fbem-15618 204 13 2645 2645 NUM fbem-15618 204 14 . . PUNCT fbem-15618 205 1 [ [ X fbem-15618 205 2 5 5 X fbem-15618 205 3 ] ] X fbem-15618 205 4 chen chen PROPN fbem-15618 205 5 lin lin PROPN fbem-15618 205 6 , , PUNCT fbem-15618 205 7 micah micah PROPN fbem-15618 205 8 - - PUNCT fbem-15618 205 9 s. s. PROPN fbem-15618 205 10 officer officer PROPN fbem-15618 205 11 , , PUNCT fbem-15618 205 12 hong hong PROPN fbem-15618 205 13 zou zou PROPN fbem-15618 205 14 . . PUNCT fbem-15618 206 1 directors director NOUN fbem-15618 206 2 ' ' PART fbem-15618 206 3 and and CCONJ fbem-15618 206 4 officers officer NOUN fbem-15618 206 5 ' ' PART fbem-15618 206 6 liability liability NOUN fbem-15618 206 7 insurance insurance NOUN fbem-15618 206 8 and and CCONJ fbem-15618 206 9 acquisition acquisition NOUN fbem-15618 206 10 outcomes[j outcomes[j PROPN fbem-15618 206 11 ] ] PUNCT fbem-15618 206 12 . . PUNCT fbem-15618 207 1 journal journal PROPN fbem-15618 207 2 of of ADP fbem-15618 207 3 financial financial ADJ fbem-15618 207 4 economics economic NOUN fbem-15618 207 5 , , PUNCT fbem-15618 207 6 2011 2011 NUM fbem-15618 207 7 , , PUNCT fbem-15618 207 8 102(3 102(3 NUM fbem-15618 207 9 ): ): PUNCT fbem-15618 207 10 507 507 NUM fbem-15618 207 11 - - SYM fbem-15618 207 12 525 525 NUM fbem-15618 207 13 . . PUNCT fbem-15618 208 1 [ [ X fbem-15618 208 2 6 6 NUM fbem-15618 208 3 ] ] PUNCT fbem-15618 208 4 t t PROPN fbem-15618 208 5 baker baker PROPN fbem-15618 208 6 , , PUNCT fbem-15618 208 7 sj sj PROPN fbem-15618 208 8 griffith griffith PROPN fbem-15618 208 9 . . PUNCT fbem-15618 209 1 predicting predict VERB fbem-15618 209 2 corporate corporate ADJ fbem-15618 209 3 governance governance NOUN fbem-15618 209 4 risk risk NOUN fbem-15618 209 5 : : PUNCT fbem-15618 209 6 evidence evidence NOUN fbem-15618 209 7 from from ADP fbem-15618 209 8 the the DET fbem-15618 209 9 directors director NOUN fbem-15618 209 10 ' ' PART fbem-15618 209 11 & & CCONJ fbem-15618 209 12 officers officer NOUN fbem-15618 209 13 ' ' PART fbem-15618 209 14 liability liability NOUN fbem-15618 209 15 insurance insurance NOUN fbem-15618 209 16 market[j market[j NOUN fbem-15618 209 17 ] ] PUNCT fbem-15618 209 18 . . PUNCT fbem-15618 210 1 university university PROPN fbem-15618 210 2 of of ADP fbem-15618 210 3 chicago chicago PROPN fbem-15618 210 4 law law PROPN fbem-15618 210 5 review review NOUN fbem-15618 210 6 , , PUNCT fbem-15618 210 7 2007 2007 NUM fbem-15618 210 8 , , PUNCT fbem-15618 210 9 74(2 74(2 NUM fbem-15618 210 10 ): ): PUNCT fbem-15618 210 11 487 487 NUM fbem-15618 210 12 - - SYM fbem-15618 210 13 544 544 NUM fbem-15618 210 14 . . PUNCT fbem-15618 211 1 [ [ X fbem-15618 211 2 7 7 NUM fbem-15618 211 3 ] ] X fbem-15618 211 4 rongli rongli NOUN fbem-15618 211 5 yuan yuan PROPN fbem-15618 211 6 , , PUNCT fbem-15618 211 7 jian jian PROPN fbem-15618 211 8 sun sun PROPN fbem-15618 211 9 , , PUNCT fbem-15618 211 10 feng feng PROPN fbem-15618 211 11 cao cao PROPN fbem-15618 211 12 . . PUNCT fbem-15618 212 1 directors director NOUN fbem-15618 212 2 ' ' PART fbem-15618 212 3 and and CCONJ fbem-15618 212 4 officers officer NOUN fbem-15618 212 5 ' ' PART fbem-15618 212 6 liability liability NOUN fbem-15618 212 7 insurance insurance NOUN fbem-15618 212 8 and and CCONJ fbem-15618 212 9 stock stock NOUN fbem-15618 212 10 price price NOUN fbem-15618 212 11 crash crash NOUN fbem-15618 212 12 risk[j risk[j NOUN fbem-15618 212 13 ] ] PUNCT fbem-15618 212 14 . . PUNCT fbem-15618 213 1 journal journal PROPN fbem-15618 213 2 of of ADP fbem-15618 213 3 corporate corporate ADJ fbem-15618 213 4 finance finance NOUN fbem-15618 213 5 , , PUNCT fbem-15618 213 6 2016 2016 NUM fbem-15618 213 7 , , PUNCT fbem-15618 213 8 37173 37173 NUM fbem-15618 213 9 - - SYM fbem-15618 213 10 192 192 NUM fbem-15618 213 11 . . PUNCT fbem-15618 214 1 [ [ X fbem-15618 214 2 8 8 X fbem-15618 214 3 ] ] X fbem-15618 214 4 hyeesoo-(sally)-h hyeesoo-(sally)-h PROPN fbem-15618 214 5 . . PUNCT fbem-15618 214 6 chung chung PROPN fbem-15618 214 7 , , PUNCT fbem-15618 214 8 stephen stephen NOUN fbem-15618 214 9 - - PUNCT fbem-15618 214 10 a. a. NOUN fbem-15618 214 11 hillegeist hillegeist NOUN fbem-15618 214 12 , , PUNCT fbem-15618 214 13 jinyoung jinyoung PROPN fbem-15618 214 14 - - PUNCT fbem-15618 214 15 p. p. PROPN fbem-15618 214 16 wynn wynn PROPN fbem-15618 214 17 . . PUNCT fbem-15618 215 1 directors director NOUN fbem-15618 215 2 ’ ' PUNCT fbem-15618 215 3 and and CCONJ fbem-15618 215 4 officers officer NOUN fbem-15618 215 5 ’ ’ PART fbem-15618 215 6 legal legal ADJ fbem-15618 215 7 liability liability NOUN fbem-15618 215 8 insurance insurance NOUN fbem-15618 215 9 and and CCONJ fbem-15618 215 10 audit audit NOUN fbem-15618 215 11 pricing[j pricing[j NOUN fbem-15618 215 12 ] ] PUNCT fbem-15618 215 13 . . PUNCT fbem-15618 216 1 journal journal PROPN fbem-15618 216 2 of of ADP fbem-15618 216 3 accounting accounting NOUN fbem-15618 216 4 and and CCONJ fbem-15618 216 5 public public ADJ fbem-15618 216 6 policy policy NOUN fbem-15618 216 7 , , PUNCT fbem-15618 216 8 2015 2015 NUM fbem-15618 216 9 , , PUNCT fbem-15618 216 10 34(6 34(6 NUM fbem-15618 216 11 ): ): PUNCT fbem-15618 216 12 551 551 NUM fbem-15618 216 13 - - SYM fbem-15618 216 14 577 577 NUM fbem-15618 216 15 . . PUNCT fbem-15618 217 1 [ [ X fbem-15618 217 2 9 9 NUM fbem-15618 217 3 ] ] X fbem-15618 217 4 patricia patricia PROPN fbem-15618 217 5 - - PUNCT fbem-15618 217 6 m. m. NOUN fbem-15618 217 7 dechow dechow PROPN fbem-15618 217 8 , , PUNCT fbem-15618 217 9 richard richard PROPN fbem-15618 217 10 - - PUNCT fbem-15618 217 11 g. g. PROPN fbem-15618 217 12 sloan sloan PROPN fbem-15618 217 13 , , PUNCT fbem-15618 217 14 amy amy PROPN fbem-15618 217 15 - - PUNCT fbem-15618 217 16 p. p. NOUN fbem-15618 217 17 sweeney sweeney NOUN fbem-15618 217 18 . . PUNCT fbem-15618 218 1 detecting detect VERB fbem-15618 218 2 earnings earning NOUN fbem-15618 218 3 management[j management[j NOUN fbem-15618 218 4 ] ] PUNCT fbem-15618 218 5 . . PUNCT fbem-15618 219 1 the the DET fbem-15618 219 2 accounting accounting NOUN fbem-15618 219 3 review review NOUN fbem-15618 219 4 , , PUNCT fbem-15618 219 5 1995 1995 NUM fbem-15618 219 6 , , PUNCT fbem-15618 219 7 70(2 70(2 NUM fbem-15618 219 8 ): ): PUNCT fbem-15618 219 9 193 193 NUM fbem-15618 219 10 - - SYM fbem-15618 219 11 225 225 NUM fbem-15618 219 12 . . PUNCT fbem-15618 220 1 [ [ X fbem-15618 220 2 10 10 NUM fbem-15618 220 3 ] ] PUNCT fbem-15618 220 4 ml ml AUX fbem-15618 220 5 defond defond NOUN fbem-15618 220 6 , , PUNCT fbem-15618 220 7 k k PROPN fbem-15618 220 8 raghunandan raghunandan PROPN fbem-15618 220 9 , , PUNCT fbem-15618 220 10 kr kr PROPN fbem-15618 220 11 subramanyam subramanyam PROPN fbem-15618 220 12 . . PUNCT fbem-15618 221 1 do do AUX fbem-15618 221 2 nonaudit nonaudit PROPN fbem-15618 221 3 service service NOUN fbem-15618 221 4 fees fee NOUN fbem-15618 221 5 impair impair VERB fbem-15618 221 6 auditor auditor NOUN fbem-15618 221 7 independence independence NOUN fbem-15618 221 8 ? ? PUNCT fbem-15618 222 1 evidence evidence NOUN fbem-15618 222 2 from from ADP fbem-15618 222 3 going go VERB fbem-15618 222 4 concern concern NOUN fbem-15618 222 5 audit audit PROPN fbem-15618 222 6 opinions[j opinions[j PROPN fbem-15618 222 7 ] ] PUNCT fbem-15618 222 8 . . PUNCT fbem-15618 223 1 journal journal PROPN fbem-15618 223 2 of of ADP fbem-15618 223 3 accounting accounting NOUN fbem-15618 223 4 research research NOUN fbem-15618 223 5 , , PUNCT fbem-15618 223 6 2002 2002 NUM fbem-15618 223 7 , , PUNCT fbem-15618 223 8 40(4 40(4 NUM fbem-15618 223 9 ): ): PUNCT fbem-15618 223 10 1247 1247 NUM fbem-15618 223 11 - - SYM fbem-15618 223 12 1274 1274 NUM fbem-15618 223 13 . . PUNCT