id	sid	tid	token	lemma	pos
fbem-18285	1	1	frontiers	frontier	NOUN
fbem-18285	1	2	in	in	ADP
fbem-18285	1	3	business	business	NOUN
fbem-18285	1	4	,	,	PUNCT
fbem-18285	1	5	economics	economic	NOUN
fbem-18285	1	6	and	and	CCONJ
fbem-18285	1	7	management	management	NOUN
fbem-18285	1	8	issn	issn	PROPN
fbem-18285	1	9	:	:	PUNCT
fbem-18285	1	10	2766	2766	NUM
fbem-18285	1	11	-	-	PUNCT
fbem-18285	1	12	824x	824x	NUM
fbem-18285	1	13	|	|	ADJ
fbem-18285	1	14	vol	vol	NOUN
fbem-18285	1	15	.	.	PROPN
fbem-18285	1	16	13	13	NUM
fbem-18285	1	17	,	,	PUNCT
fbem-18285	1	18	no	no	INTJ
fbem-18285	1	19	.	.	NOUN
fbem-18285	1	20	3	3	NUM
fbem-18285	1	21	,	,	PUNCT
fbem-18285	1	22	2024	2024	NUM
fbem-18285	1	23	247	247	NUM
fbem-18285	1	24	esg	esg	NOUN
fbem-18285	1	25	disclosure	disclosure	NOUN
fbem-18285	1	26	,	,	PUNCT
fbem-18285	1	27	institutional	institutional	ADJ
fbem-18285	1	28	investor	investor	NOUN
fbem-18285	1	29	preferences	preference	NOUN
fbem-18285	1	30	and	and	CCONJ
fbem-18285	1	31	firm	firm	ADJ
fbem-18285	1	32	value	value	NOUN
fbem-18285	1	33	qian	qian	PROPN
fbem-18285	1	34	xiao	xiao	PROPN
fbem-18285	1	35	college	college	PROPN
fbem-18285	1	36	of	of	ADP
fbem-18285	1	37	nanjing	nanjing	PROPN
fbem-18285	1	38	normal	normal	ADJ
fbem-18285	1	39	university	university	PROPN
fbem-18285	1	40	,	,	PUNCT
fbem-18285	1	41	china	china	PROPN
fbem-18285	1	42	abstract	abstract	NOUN
fbem-18285	1	43	:	:	PUNCT
fbem-18285	1	44	based	base	VERB
fbem-18285	1	45	on	on	ADP
fbem-18285	1	46	stakeholder	stakeholder	NOUN
fbem-18285	1	47	theory	theory	NOUN
fbem-18285	1	48	and	and	CCONJ
fbem-18285	1	49	signal	signal	NOUN
fbem-18285	1	50	and	and	CCONJ
fbem-18285	1	51	reputation	reputation	NOUN
fbem-18285	1	52	theory	theory	NOUN
fbem-18285	1	53	etc	etc	NOUN
fbem-18285	1	54	,	,	PUNCT
fbem-18285	1	55	this	this	DET
fbem-18285	1	56	paper	paper	NOUN
fbem-18285	1	57	evaluates	evaluate	VERB
fbem-18285	1	58	the	the	DET
fbem-18285	1	59	quality	quality	NOUN
fbem-18285	1	60	level	level	NOUN
fbem-18285	1	61	of	of	ADP
fbem-18285	1	62	esg	esg	PROPN
fbem-18285	1	63	disclosure	disclosure	NOUN
fbem-18285	1	64	of	of	ADP
fbem-18285	1	65	listed	list	VERB
fbem-18285	1	66	companies	company	NOUN
fbem-18285	1	67	using	use	VERB
fbem-18285	1	68	wind	wind	NOUN
fbem-18285	1	69	esg	esg	PROPN
fbem-18285	1	70	score	score	NOUN
fbem-18285	1	71	,	,	PUNCT
fbem-18285	1	72	and	and	CCONJ
fbem-18285	1	73	introduces	introduce	VERB
fbem-18285	1	74	the	the	DET
fbem-18285	1	75	variable	variable	NOUN
fbem-18285	1	76	of	of	ADP
fbem-18285	1	77	institutional	institutional	ADJ
fbem-18285	1	78	investors	investor	NOUN
fbem-18285	1	79	'	'	PART
fbem-18285	1	80	shareholding	shareholding	NOUN
fbem-18285	1	81	ratio	ratio	NOUN
fbem-18285	1	82	,	,	PUNCT
fbem-18285	1	83	selects	select	VERB
fbem-18285	1	84	2780	2780	NUM
fbem-18285	1	85	listed	list	VERB
fbem-18285	1	86	companies	company	NOUN
fbem-18285	1	87	from	from	ADP
fbem-18285	1	88	2018	2018	NUM
fbem-18285	1	89	-	-	SYM
fbem-18285	1	90	2022	2022	NUM
fbem-18285	1	91	as	as	ADP
fbem-18285	1	92	samples	sample	NOUN
fbem-18285	1	93	,	,	PUNCT
fbem-18285	1	94	analyses	analyse	VERB
fbem-18285	1	95	whether	whether	SCONJ
fbem-18285	1	96	institutional	institutional	ADJ
fbem-18285	1	97	investors	investor	NOUN
fbem-18285	1	98	have	have	VERB
fbem-18285	1	99	esg	esg	NOUN
fbem-18285	1	100	investment	investment	NOUN
fbem-18285	1	101	preferences	preference	NOUN
fbem-18285	1	102	,	,	PUNCT
fbem-18285	1	103	and	and	CCONJ
fbem-18285	1	104	investigates	investigate	VERB
fbem-18285	1	105	the	the	DET
fbem-18285	1	106	value	value	NOUN
fbem-18285	1	107	of	of	ADP
fbem-18285	1	108	the	the	DET
fbem-18285	1	109	quality	quality	NOUN
fbem-18285	1	110	level	level	NOUN
fbem-18285	1	111	of	of	ADP
fbem-18285	1	112	esg	esg	PROPN
fbem-18285	1	113	disclosure	disclosure	NOUN
fbem-18285	1	114	on	on	ADP
fbem-18285	1	115	the	the	DET
fbem-18285	1	116	value	value	NOUN
fbem-18285	1	117	of	of	ADP
fbem-18285	1	118	listed	list	VERB
fbem-18285	1	119	companies	company	NOUN
fbem-18285	1	120	'	'	PART
fbem-18285	1	121	impact	impact	NOUN
fbem-18285	1	122	mechanism	mechanism	NOUN
fbem-18285	1	123	,	,	PUNCT
fbem-18285	1	124	and	and	CCONJ
fbem-18285	1	125	further	further	ADJ
fbem-18285	1	126	heterogeneity	heterogeneity	NOUN
fbem-18285	1	127	analysis	analysis	NOUN
fbem-18285	1	128	on	on	ADP
fbem-18285	1	129	this	this	DET
fbem-18285	1	130	basis	basis	NOUN
fbem-18285	1	131	.	.	PUNCT
fbem-18285	2	1	the	the	DET
fbem-18285	2	2	empirical	empirical	ADJ
fbem-18285	2	3	results	result	NOUN
fbem-18285	2	4	show	show	VERB
fbem-18285	2	5	that	that	SCONJ
fbem-18285	2	6	,	,	PUNCT
fbem-18285	2	7	firstly	firstly	ADV
fbem-18285	2	8	,	,	PUNCT
fbem-18285	2	9	improving	improve	VERB
fbem-18285	2	10	the	the	DET
fbem-18285	2	11	quality	quality	NOUN
fbem-18285	2	12	of	of	ADP
fbem-18285	2	13	esg	esg	PROPN
fbem-18285	2	14	information	information	NOUN
fbem-18285	2	15	disclosure	disclosure	NOUN
fbem-18285	2	16	by	by	ADP
fbem-18285	2	17	listed	list	VERB
fbem-18285	2	18	enterprises	enterprise	NOUN
fbem-18285	2	19	in	in	ADP
fbem-18285	2	20	china	china	PROPN
fbem-18285	2	21	is	be	AUX
fbem-18285	2	22	conducive	conducive	ADJ
fbem-18285	2	23	to	to	ADP
fbem-18285	2	24	significantly	significantly	ADV
fbem-18285	2	25	increasing	increase	VERB
fbem-18285	2	26	their	their	PRON
fbem-18285	2	27	enterprise	enterprise	NOUN
fbem-18285	2	28	value	value	NOUN
fbem-18285	2	29	;	;	PUNCT
fbem-18285	2	30	secondly	secondly	ADV
fbem-18285	2	31	,	,	PUNCT
fbem-18285	2	32	institutional	institutional	ADJ
fbem-18285	2	33	investors	investor	NOUN
fbem-18285	2	34	have	have	VERB
fbem-18285	2	35	esg	esg	NOUN
fbem-18285	2	36	investment	investment	NOUN
fbem-18285	2	37	preferences	preference	NOUN
fbem-18285	2	38	and	and	CCONJ
fbem-18285	2	39	attach	attach	VERB
fbem-18285	2	40	more	more	ADJ
fbem-18285	2	41	importance	importance	NOUN
fbem-18285	2	42	to	to	ADP
fbem-18285	2	43	the	the	DET
fbem-18285	2	44	ability	ability	NOUN
fbem-18285	2	45	of	of	ADP
fbem-18285	2	46	listed	list	VERB
fbem-18285	2	47	enterprises	enterprise	NOUN
fbem-18285	2	48	to	to	PART
fbem-18285	2	49	develop	develop	VERB
fbem-18285	2	50	in	in	ADP
fbem-18285	2	51	the	the	DET
fbem-18285	2	52	long	long	ADJ
fbem-18285	2	53	term	term	NOUN
fbem-18285	2	54	;	;	PUNCT
fbem-18285	2	55	thirdly	thirdly	ADV
fbem-18285	2	56	,	,	PUNCT
fbem-18285	2	57	the	the	DET
fbem-18285	2	58	proportion	proportion	NOUN
fbem-18285	2	59	of	of	ADP
fbem-18285	2	60	institutional	institutional	ADJ
fbem-18285	2	61	investor	investor	NOUN
fbem-18285	2	62	shareholding	shareholding	NOUN
fbem-18285	2	63	plays	play	VERB
fbem-18285	2	64	a	a	DET
fbem-18285	2	65	partly	partly	ADV
fbem-18285	2	66	intermediary	intermediary	ADJ
fbem-18285	2	67	role	role	NOUN
fbem-18285	2	68	in	in	ADP
fbem-18285	2	69	the	the	DET
fbem-18285	2	70	process	process	NOUN
fbem-18285	2	71	of	of	ADP
fbem-18285	2	72	the	the	DET
fbem-18285	2	73	impact	impact	NOUN
fbem-18285	2	74	of	of	ADP
fbem-18285	2	75	esg	esg	PROPN
fbem-18285	2	76	information	information	NOUN
fbem-18285	2	77	disclosure	disclosure	NOUN
fbem-18285	2	78	quality	quality	NOUN
fbem-18285	2	79	on	on	ADP
fbem-18285	2	80	the	the	DET
fbem-18285	2	81	value	value	NOUN
fbem-18285	2	82	of	of	ADP
fbem-18285	2	83	the	the	DET
fbem-18285	2	84	enterprise	enterprise	NOUN
fbem-18285	2	85	,	,	PUNCT
fbem-18285	2	86	i.e.	i.e.	X
fbem-18285	2	87	,	,	PUNCT
fbem-18285	2	88	listed	list	VERB
fbem-18285	2	89	enterprises	enterprise	NOUN
fbem-18285	2	90	with	with	ADP
fbem-18285	2	91	high	high	ADJ
fbem-18285	2	92	-	-	PUNCT
fbem-18285	2	93	quality	quality	NOUN
fbem-18285	2	94	esg	esg	NOUN
fbem-18285	2	95	disclosure	disclosure	NOUN
fbem-18285	2	96	level	level	NOUN
fbem-18285	2	97	can	can	AUX
fbem-18285	2	98	attract	attract	VERB
fbem-18285	2	99	the	the	DET
fbem-18285	2	100	attention	attention	NOUN
fbem-18285	2	101	of	of	ADP
fbem-18285	2	102	institutional	institutional	ADJ
fbem-18285	2	103	investors	investor	NOUN
fbem-18285	2	104	to	to	ADP
fbem-18285	2	105	the	the	DET
fbem-18285	2	106	enterprise	enterprise	NOUN
fbem-18285	2	107	value	value	NOUN
fbem-18285	2	108	.	.	PUNCT
fbem-18285	3	1	third	third	ADJ
fbem-18285	3	2	,	,	PUNCT
fbem-18285	3	3	the	the	DET
fbem-18285	3	4	proportion	proportion	NOUN
fbem-18285	3	5	of	of	ADP
fbem-18285	3	6	institutional	institutional	ADJ
fbem-18285	3	7	investors	investor	NOUN
fbem-18285	3	8	'	'	PART
fbem-18285	3	9	shareholding	shareholding	NOUN
fbem-18285	3	10	plays	play	VERB
fbem-18285	3	11	a	a	DET
fbem-18285	3	12	partial	partial	ADJ
fbem-18285	3	13	mediating	mediate	VERB
fbem-18285	3	14	role	role	NOUN
fbem-18285	3	15	in	in	ADP
fbem-18285	3	16	the	the	DET
fbem-18285	3	17	process	process	NOUN
fbem-18285	3	18	of	of	ADP
fbem-18285	3	19	esg	esg	PROPN
fbem-18285	3	20	disclosure	disclosure	NOUN
fbem-18285	3	21	quality	quality	NOUN
fbem-18285	3	22	level	level	NOUN
fbem-18285	3	23	affecting	affect	VERB
fbem-18285	3	24	enterprise	enterprise	NOUN
fbem-18285	3	25	value	value	NOUN
fbem-18285	3	26	,	,	PUNCT
fbem-18285	3	27	i.e.	i.e.	X
fbem-18285	3	28	,	,	PUNCT
fbem-18285	3	29	listed	list	VERB
fbem-18285	3	30	firms	firm	NOUN
fbem-18285	3	31	with	with	ADP
fbem-18285	3	32	high	high	ADJ
fbem-18285	3	33	-	-	PUNCT
fbem-18285	3	34	quality	quality	NOUN
fbem-18285	3	35	esg	esg	PROPN
fbem-18285	3	36	information	information	NOUN
fbem-18285	3	37	disclosure	disclosure	NOUN
fbem-18285	3	38	can	can	AUX
fbem-18285	3	39	attract	attract	VERB
fbem-18285	3	40	institutional	institutional	ADJ
fbem-18285	3	41	investors	investor	NOUN
fbem-18285	3	42	to	to	PART
fbem-18285	3	43	increase	increase	VERB
fbem-18285	3	44	their	their	PRON
fbem-18285	3	45	shareholding	shareholding	NOUN
fbem-18285	3	46	,	,	PUNCT
fbem-18285	3	47	thus	thus	ADV
fbem-18285	3	48	enhancing	enhance	VERB
fbem-18285	3	49	their	their	PRON
fbem-18285	3	50	enterprise	enterprise	NOUN
fbem-18285	3	51	value	value	NOUN
fbem-18285	3	52	.	.	PUNCT
fbem-18285	4	1	fourthly	fourthly	ADV
fbem-18285	4	2	,	,	PUNCT
fbem-18285	4	3	the	the	DET
fbem-18285	4	4	extent	extent	NOUN
fbem-18285	4	5	to	to	PART
fbem-18285	4	6	which	which	PRON
fbem-18285	4	7	the	the	DET
fbem-18285	4	8	quality	quality	NOUN
fbem-18285	4	9	level	level	NOUN
fbem-18285	4	10	of	of	ADP
fbem-18285	4	11	esg	esg	PROPN
fbem-18285	4	12	disclosure	disclosure	NOUN
fbem-18285	4	13	affects	affect	VERB
fbem-18285	4	14	the	the	DET
fbem-18285	4	15	value	value	NOUN
fbem-18285	4	16	of	of	ADP
fbem-18285	4	17	listed	list	VERB
fbem-18285	4	18	firms	firm	NOUN
fbem-18285	4	19	varies	vary	VERB
fbem-18285	4	20	according	accord	VERB
fbem-18285	4	21	to	to	ADP
fbem-18285	4	22	the	the	DET
fbem-18285	4	23	attributes	attribute	NOUN
fbem-18285	4	24	of	of	ADP
fbem-18285	4	25	the	the	DET
fbem-18285	4	26	firms	firm	NOUN
fbem-18285	4	27	:	:	PUNCT
fbem-18285	4	28	there	there	PRON
fbem-18285	4	29	is	be	VERB
fbem-18285	4	30	a	a	DET
fbem-18285	4	31	significant	significant	ADJ
fbem-18285	4	32	difference	difference	NOUN
fbem-18285	4	33	between	between	ADP
fbem-18285	4	34	large	large	ADJ
fbem-18285	4	35	-	-	PUNCT
fbem-18285	4	36	scale	scale	NOUN
fbem-18285	4	37	and	and	CCONJ
fbem-18285	4	38	small	small	ADJ
fbem-18285	4	39	-	-	PUNCT
fbem-18285	4	40	scale	scale	NOUN
fbem-18285	4	41	,	,	PUNCT
fbem-18285	4	42	highly	highly	ADV
fbem-18285	4	43	marketised	marketised	ADJ
fbem-18285	4	44	and	and	CCONJ
fbem-18285	4	45	low	low	ADV
fbem-18285	4	46	-	-	PUNCT
fbem-18285	4	47	marketised	marketise	VERB
fbem-18285	4	48	listed	list	VERB
fbem-18285	4	49	firms	firm	NOUN
fbem-18285	4	50	;	;	PUNCT
fbem-18285	4	51	and	and	CCONJ
fbem-18285	4	52	there	there	PRON
fbem-18285	4	53	is	be	VERB
fbem-18285	4	54	no	no	DET
fbem-18285	4	55	difference	difference	NOUN
fbem-18285	4	56	shown	show	VERB
fbem-18285	4	57	between	between	ADP
fbem-18285	4	58	state	state	NOUN
fbem-18285	4	59	-	-	PUNCT
fbem-18285	4	60	owned	own	VERB
fbem-18285	4	61	and	and	CCONJ
fbem-18285	4	62	non	non	ADJ
fbem-18285	4	63	-	-	ADJ
fbem-18285	4	64	state	state	NOUN
fbem-18285	4	65	-	-	PUNCT
fbem-18285	4	66	owned	own	VERB
fbem-18285	4	67	,	,	PUNCT
fbem-18285	4	68	lightpollution	lightpollution	NOUN
fbem-18285	4	69	and	and	CCONJ
fbem-18285	4	70	heavy	heavy	ADJ
fbem-18285	4	71	-	-	PUNCT
fbem-18285	4	72	pollution	pollution	NOUN
fbem-18285	4	73	listed	list	VERB
fbem-18285	4	74	firms	firm	NOUN
fbem-18285	4	75	,	,	PUNCT
fbem-18285	4	76	and	and	CCONJ
fbem-18285	4	77	all	all	PRON
fbem-18285	4	78	of	of	ADP
fbem-18285	4	79	the	the	DET
fbem-18285	4	80	above	above	ADJ
fbem-18285	4	81	conclusions	conclusion	NOUN
fbem-18285	4	82	are	be	AUX
fbem-18285	4	83	robust	robust	ADJ
fbem-18285	4	84	.	.	PUNCT
fbem-18285	5	1	accordingly	accordingly	ADV
fbem-18285	5	2	,	,	PUNCT
fbem-18285	5	3	this	this	DET
fbem-18285	5	4	paper	paper	NOUN
fbem-18285	5	5	puts	put	VERB
fbem-18285	5	6	forward	forward	ADP
fbem-18285	5	7	recommendations	recommendation	NOUN
fbem-18285	5	8	to	to	PART
fbem-18285	5	9	strengthen	strengthen	VERB
fbem-18285	5	10	the	the	DET
fbem-18285	5	11	construction	construction	NOUN
fbem-18285	5	12	of	of	ADP
fbem-18285	5	13	the	the	DET
fbem-18285	5	14	domestic	domestic	ADJ
fbem-18285	5	15	esg	esg	PROPN
fbem-18285	5	16	disclosure	disclosure	NOUN
fbem-18285	5	17	and	and	CCONJ
fbem-18285	5	18	governance	governance	NOUN
fbem-18285	5	19	system	system	NOUN
fbem-18285	5	20	,	,	PUNCT
fbem-18285	5	21	encourage	encourage	VERB
fbem-18285	5	22	listed	list	VERB
fbem-18285	5	23	enterprises	enterprise	NOUN
fbem-18285	5	24	to	to	PART
fbem-18285	5	25	practice	practice	VERB
fbem-18285	5	26	the	the	DET
fbem-18285	5	27	concept	concept	NOUN
fbem-18285	5	28	of	of	ADP
fbem-18285	5	29	esg	esg	PROPN
fbem-18285	5	30	responsibility	responsibility	NOUN
fbem-18285	5	31	,	,	PUNCT
fbem-18285	5	32	and	and	CCONJ
fbem-18285	5	33	develop	develop	VERB
fbem-18285	5	34	mediumand	mediumand	NOUN
fbem-18285	5	35	long	long	ADJ
fbem-18285	5	36	-	-	PUNCT
fbem-18285	5	37	term	term	NOUN
fbem-18285	5	38	institutional	institutional	ADJ
fbem-18285	5	39	investors	investor	NOUN
fbem-18285	5	40	,	,	PUNCT
fbem-18285	5	41	aiming	aim	VERB
fbem-18285	5	42	to	to	PART
fbem-18285	5	43	promote	promote	VERB
fbem-18285	5	44	listed	list	VERB
fbem-18285	5	45	enterprises	enterprise	NOUN
fbem-18285	5	46	to	to	PART
fbem-18285	5	47	achieve	achieve	VERB
fbem-18285	5	48	sustainable	sustainable	ADJ
fbem-18285	5	49	development	development	NOUN
fbem-18285	5	50	,	,	PUNCT
fbem-18285	5	51	and	and	CCONJ
fbem-18285	5	52	thus	thus	ADV
fbem-18285	5	53	promote	promote	VERB
fbem-18285	5	54	the	the	DET
fbem-18285	5	55	construction	construction	NOUN
fbem-18285	5	56	of	of	ADP
fbem-18285	5	57	the	the	DET
fbem-18285	5	58	domestic	domestic	ADJ
fbem-18285	5	59	esg	esg	PROPN
fbem-18285	5	60	disclosure	disclosure	NOUN
fbem-18285	5	61	system	system	NOUN
fbem-18285	5	62	.	.	PUNCT
fbem-18285	6	1	keywords	keyword	NOUN
fbem-18285	6	2	:	:	PUNCT
fbem-18285	6	3	esg	esg	NOUN
fbem-18285	6	4	disclosure	disclosure	NOUN
fbem-18285	6	5	;	;	PUNCT
fbem-18285	6	6	enterprise	enterprise	NOUN
fbem-18285	6	7	value	value	NOUN
fbem-18285	6	8	;	;	PUNCT
fbem-18285	6	9	institutional	institutional	ADJ
fbem-18285	6	10	investors	investor	NOUN
fbem-18285	6	11	;	;	PUNCT
fbem-18285	6	12	mediation	mediation	NOUN
fbem-18285	6	13	effect	effect	NOUN
fbem-18285	6	14	.	.	PUNCT
fbem-18285	7	1	1	1	X
fbem-18285	7	2	.	.	X
fbem-18285	7	3	introduction	introduction	NOUN
fbem-18285	7	4	since	since	SCONJ
fbem-18285	7	5	the	the	DET
fbem-18285	7	6	"	"	PUNCT
fbem-18285	7	7	dual	dual	ADJ
fbem-18285	7	8	carbon	carbon	NOUN
fbem-18285	7	9	"	"	PUNCT
fbem-18285	7	10	goal	goal	NOUN
fbem-18285	7	11	was	be	AUX
fbem-18285	7	12	proposed	propose	VERB
fbem-18285	7	13	,	,	PUNCT
fbem-18285	7	14	esg	esg	NOUN
fbem-18285	7	15	disclosure	disclosure	NOUN
fbem-18285	7	16	as	as	SCONJ
fbem-18285	7	17	the	the	DET
fbem-18285	7	18	infrastructure	infrastructure	NOUN
fbem-18285	7	19	of	of	ADP
fbem-18285	7	20	esg	esg	PROPN
fbem-18285	7	21	ecosystem	ecosystem	NOUN
fbem-18285	7	22	has	have	AUX
fbem-18285	7	23	aroused	arouse	VERB
fbem-18285	7	24	heated	heated	ADJ
fbem-18285	7	25	debates	debate	NOUN
fbem-18285	7	26	in	in	ADP
fbem-18285	7	27	both	both	DET
fbem-18285	7	28	theory	theory	NOUN
fbem-18285	7	29	and	and	CCONJ
fbem-18285	7	30	practice	practice	NOUN
fbem-18285	7	31	.	.	PUNCT
fbem-18285	8	1	in	in	ADP
fbem-18285	8	2	the	the	DET
fbem-18285	8	3	wake	wake	NOUN
fbem-18285	8	4	of	of	ADP
fbem-18285	8	5	the	the	DET
fbem-18285	8	6	new	new	ADJ
fbem-18285	8	7	crown	crown	NOUN
fbem-18285	8	8	epidemic	epidemic	NOUN
fbem-18285	8	9	,	,	PUNCT
fbem-18285	8	10	investors	investor	NOUN
fbem-18285	8	11	in	in	ADP
fbem-18285	8	12	the	the	DET
fbem-18285	8	13	global	global	ADJ
fbem-18285	8	14	capital	capital	NOUN
fbem-18285	8	15	market	market	NOUN
fbem-18285	8	16	have	have	AUX
fbem-18285	8	17	attached	attach	VERB
fbem-18285	8	18	greater	great	ADJ
fbem-18285	8	19	importance	importance	NOUN
fbem-18285	8	20	to	to	ADP
fbem-18285	8	21	sustainable	sustainable	ADJ
fbem-18285	8	22	development	development	NOUN
fbem-18285	8	23	strategies	strategy	NOUN
fbem-18285	8	24	on	on	ADP
fbem-18285	8	25	the	the	DET
fbem-18285	8	26	basis	basis	NOUN
fbem-18285	8	27	of	of	ADP
fbem-18285	8	28	the	the	DET
fbem-18285	8	29	traditional	traditional	ADJ
fbem-18285	8	30	growth	growth	NOUN
fbem-18285	8	31	model	model	NOUN
fbem-18285	8	32	,	,	PUNCT
fbem-18285	8	33	which	which	PRON
fbem-18285	8	34	has	have	AUX
fbem-18285	8	35	triggered	trigger	VERB
fbem-18285	8	36	a	a	DET
fbem-18285	8	37	new	new	ADJ
fbem-18285	8	38	round	round	NOUN
fbem-18285	8	39	of	of	ADP
fbem-18285	8	40	esg	esg	PROPN
fbem-18285	8	41	investment	investment	NOUN
fbem-18285	8	42	around	around	ADP
fbem-18285	8	43	the	the	DET
fbem-18285	8	44	world	world	NOUN
fbem-18285	8	45	,	,	PUNCT
fbem-18285	8	46	especially	especially	ADV
fbem-18285	8	47	in	in	ADP
fbem-18285	8	48	europe	europe	PROPN
fbem-18285	8	49	and	and	CCONJ
fbem-18285	8	50	the	the	DET
fbem-18285	8	51	united	united	PROPN
fbem-18285	8	52	states	states	PROPN
fbem-18285	8	53	.	.	PUNCT
fbem-18285	9	1	and	and	CCONJ
fbem-18285	9	2	it	it	PRON
fbem-18285	9	3	is	be	AUX
fbem-18285	9	4	difficult	difficult	ADJ
fbem-18285	9	5	to	to	PART
fbem-18285	9	6	conduct	conduct	VERB
fbem-18285	9	7	a	a	DET
fbem-18285	9	8	comprehensive	comprehensive	ADJ
fbem-18285	9	9	and	and	CCONJ
fbem-18285	9	10	systematic	systematic	ADJ
fbem-18285	9	11	assessment	assessment	NOUN
fbem-18285	9	12	and	and	CCONJ
fbem-18285	9	13	examination	examination	NOUN
fbem-18285	9	14	of	of	ADP
fbem-18285	9	15	enterprises	enterprise	NOUN
fbem-18285	9	16	only	only	ADV
fbem-18285	9	17	by	by	ADP
fbem-18285	9	18	relying	rely	VERB
fbem-18285	9	19	on	on	ADP
fbem-18285	9	20	financial	financial	ADJ
fbem-18285	9	21	information	information	NOUN
fbem-18285	9	22	.	.	PUNCT
fbem-18285	10	1	at	at	ADP
fbem-18285	10	2	present	present	ADJ
fbem-18285	10	3	,	,	PUNCT
fbem-18285	10	4	domestic	domestic	ADJ
fbem-18285	10	5	enterprises	enterprise	NOUN
fbem-18285	10	6	voluntarily	voluntarily	ADV
fbem-18285	10	7	disclose	disclose	VERB
fbem-18285	10	8	relatively	relatively	ADV
fbem-18285	10	9	little	little	ADJ
fbem-18285	10	10	information	information	NOUN
fbem-18285	10	11	related	relate	VERB
fbem-18285	10	12	to	to	ADP
fbem-18285	10	13	environmental	environmental	ADJ
fbem-18285	10	14	,	,	PUNCT
fbem-18285	10	15	social	social	ADJ
fbem-18285	10	16	and	and	CCONJ
fbem-18285	10	17	governance	governance	NOUN
fbem-18285	10	18	performance	performance	NOUN
fbem-18285	10	19	,	,	PUNCT
fbem-18285	10	20	and	and	CCONJ
fbem-18285	10	21	the	the	DET
fbem-18285	10	22	quality	quality	NOUN
fbem-18285	10	23	of	of	ADP
fbem-18285	10	24	information	information	NOUN
fbem-18285	10	25	disclosure	disclosure	NOUN
fbem-18285	10	26	is	be	AUX
fbem-18285	10	27	low	low	ADJ
fbem-18285	10	28	and	and	CCONJ
fbem-18285	10	29	insufficiently	insufficiently	ADV
fbem-18285	10	30	motivated	motivate	VERB
fbem-18285	10	31	,	,	PUNCT
fbem-18285	10	32	which	which	PRON
fbem-18285	10	33	has	have	AUX
fbem-18285	10	34	become	become	VERB
fbem-18285	10	35	a	a	DET
fbem-18285	10	36	resistance	resistance	NOUN
fbem-18285	10	37	to	to	ADP
fbem-18285	10	38	the	the	DET
fbem-18285	10	39	development	development	NOUN
fbem-18285	10	40	of	of	ADP
fbem-18285	10	41	esg	esg	PROPN
fbem-18285	10	42	investment	investment	NOUN
fbem-18285	10	43	concepts	concept	NOUN
fbem-18285	10	44	.	.	PUNCT
fbem-18285	11	1	is	be	AUX
fbem-18285	11	2	disclosure	disclosure	NOUN
fbem-18285	11	3	of	of	ADP
fbem-18285	11	4	such	such	ADJ
fbem-18285	11	5	nonfinancial	nonfinancial	ADJ
fbem-18285	11	6	performance	performance	NOUN
fbem-18285	11	7	necessary	necessary	ADJ
fbem-18285	11	8	,	,	PUNCT
fbem-18285	11	9	how	how	SCONJ
fbem-18285	11	10	does	do	AUX
fbem-18285	11	11	esg	esg	PROPN
fbem-18285	11	12	disclosure	disclosure	NOUN
fbem-18285	11	13	affect	affect	VERB
fbem-18285	11	14	company	company	NOUN
fbem-18285	11	15	value	value	NOUN
fbem-18285	11	16	,	,	PUNCT
fbem-18285	11	17	and	and	CCONJ
fbem-18285	11	18	how	how	SCONJ
fbem-18285	11	19	does	do	AUX
fbem-18285	11	20	esg	esg	PROPN
fbem-18285	11	21	disclosure	disclosure	NOUN
fbem-18285	11	22	affect	affect	VERB
fbem-18285	11	23	company	company	NOUN
fbem-18285	11	24	value	value	NOUN
fbem-18285	11	25	?	?	PUNCT
fbem-18285	12	1	do	do	AUX
fbem-18285	12	2	experienced	experience	VERB
fbem-18285	12	3	and	and	CCONJ
fbem-18285	12	4	professional	professional	ADJ
fbem-18285	12	5	institutional	institutional	ADJ
fbem-18285	12	6	investors	investor	NOUN
fbem-18285	12	7	have	have	VERB
fbem-18285	12	8	esg	esg	NOUN
fbem-18285	12	9	investment	investment	NOUN
fbem-18285	12	10	preferences	preference	NOUN
fbem-18285	12	11	?	?	PUNCT
fbem-18285	13	1	by	by	ADP
fbem-18285	13	2	studying	study	VERB
fbem-18285	13	3	these	these	DET
fbem-18285	13	4	issues	issue	NOUN
fbem-18285	13	5	,	,	PUNCT
fbem-18285	13	6	this	this	DET
fbem-18285	13	7	paper	paper	NOUN
fbem-18285	13	8	can	can	AUX
fbem-18285	13	9	enrich	enrich	VERB
fbem-18285	13	10	china	china	PROPN
fbem-18285	13	11	's	's	PART
fbem-18285	13	12	esg	esg	PROPN
fbem-18285	13	13	disclosure	disclosure	NOUN
fbem-18285	13	14	and	and	CCONJ
fbem-18285	13	15	other	other	ADJ
fbem-18285	13	16	related	related	ADJ
fbem-18285	13	17	theories	theory	NOUN
fbem-18285	13	18	,	,	PUNCT
fbem-18285	13	19	and	and	CCONJ
fbem-18285	13	20	has	have	VERB
fbem-18285	13	21	certain	certain	ADJ
fbem-18285	13	22	practical	practical	ADJ
fbem-18285	13	23	significance	significance	NOUN
fbem-18285	13	24	for	for	SCONJ
fbem-18285	13	25	enterprises	enterprise	NOUN
fbem-18285	13	26	to	to	PART
fbem-18285	13	27	improve	improve	VERB
fbem-18285	13	28	corporate	corporate	ADJ
fbem-18285	13	29	governance	governance	NOUN
fbem-18285	13	30	and	and	CCONJ
fbem-18285	13	31	promote	promote	VERB
fbem-18285	13	32	sustainable	sustainable	ADJ
fbem-18285	13	33	development	development	NOUN
fbem-18285	13	34	.	.	PUNCT
fbem-18285	14	1	taking	take	VERB
fbem-18285	14	2	all	all	DET
fbem-18285	14	3	a	a	DET
fbem-18285	14	4	-	-	PUNCT
fbem-18285	14	5	share	share	NOUN
fbem-18285	14	6	listed	list	VERB
fbem-18285	14	7	companies	company	NOUN
fbem-18285	14	8	that	that	PRON
fbem-18285	14	9	have	have	AUX
fbem-18285	14	10	obtained	obtain	VERB
fbem-18285	14	11	esg	esg	PROPN
fbem-18285	14	12	disclosure	disclosure	NOUN
fbem-18285	14	13	quality	quality	NOUN
fbem-18285	14	14	ratings	rating	NOUN
fbem-18285	14	15	as	as	ADP
fbem-18285	14	16	the	the	DET
fbem-18285	14	17	main	main	ADJ
fbem-18285	14	18	research	research	NOUN
fbem-18285	14	19	object	object	NOUN
fbem-18285	14	20	,	,	PUNCT
fbem-18285	14	21	this	this	DET
fbem-18285	14	22	paper	paper	NOUN
fbem-18285	14	23	selects	select	VERB
fbem-18285	14	24	financial	financial	ADJ
fbem-18285	14	25	data	datum	NOUN
fbem-18285	14	26	and	and	CCONJ
fbem-18285	14	27	esg	esg	NOUN
fbem-18285	14	28	rating	rating	NOUN
fbem-18285	14	29	data	datum	NOUN
fbem-18285	14	30	released	release	VERB
fbem-18285	14	31	by	by	ADP
fbem-18285	14	32	wind	wind	NOUN
fbem-18285	14	33	from	from	ADP
fbem-18285	14	34	2018	2018	NUM
fbem-18285	14	35	to	to	ADP
fbem-18285	14	36	2022	2022	NUM
fbem-18285	14	37	,	,	PUNCT
fbem-18285	14	38	and	and	CCONJ
fbem-18285	14	39	studies	study	NOUN
fbem-18285	14	40	the	the	DET
fbem-18285	14	41	relationship	relationship	NOUN
fbem-18285	14	42	between	between	ADP
fbem-18285	14	43	the	the	DET
fbem-18285	14	44	esg	esg	PROPN
fbem-18285	14	45	disclosure	disclosure	NOUN
fbem-18285	14	46	quality	quality	NOUN
fbem-18285	14	47	level	level	NOUN
fbem-18285	14	48	of	of	ADP
fbem-18285	14	49	listed	list	VERB
fbem-18285	14	50	companies	company	NOUN
fbem-18285	14	51	and	and	CCONJ
fbem-18285	14	52	their	their	PRON
fbem-18285	14	53	corporate	corporate	ADJ
fbem-18285	14	54	value	value	NOUN
fbem-18285	14	55	and	and	CCONJ
fbem-18285	14	56	further	further	ADJ
fbem-18285	14	57	tests	test	NOUN
fbem-18285	14	58	institutional	institutional	ADJ
fbem-18285	14	59	investor	investor	NOUN
fbem-18285	14	60	preferences	preference	NOUN
fbem-18285	14	61	.	.	PUNCT
fbem-18285	15	1	the	the	DET
fbem-18285	15	2	possible	possible	ADJ
fbem-18285	15	3	contributions	contribution	NOUN
fbem-18285	15	4	are	be	AUX
fbem-18285	15	5	mainly	mainly	ADV
fbem-18285	15	6	reflected	reflect	VERB
fbem-18285	15	7	in	in	ADP
fbem-18285	15	8	three	three	NUM
fbem-18285	15	9	aspects	aspect	NOUN
fbem-18285	15	10	:	:	PUNCT
fbem-18285	15	11	first	first	ADJ
fbem-18285	15	12	,	,	PUNCT
fbem-18285	15	13	further	far	ADV
fbem-18285	15	14	expanding	expand	VERB
fbem-18285	15	15	the	the	DET
fbem-18285	15	16	research	research	NOUN
fbem-18285	15	17	perspective	perspective	NOUN
fbem-18285	15	18	and	and	CCONJ
fbem-18285	15	19	content	content	NOUN
fbem-18285	15	20	of	of	ADP
fbem-18285	15	21	institutional	institutional	ADJ
fbem-18285	15	22	investors	investor	NOUN
fbem-18285	15	23	.	.	PUNCT
fbem-18285	16	1	existing	exist	VERB
fbem-18285	16	2	literature	literature	NOUN
fbem-18285	16	3	focuses	focus	VERB
fbem-18285	16	4	on	on	ADP
fbem-18285	16	5	the	the	DET
fbem-18285	16	6	impact	impact	NOUN
fbem-18285	16	7	of	of	ADP
fbem-18285	16	8	institutional	institutional	ADJ
fbem-18285	16	9	investors	investor	NOUN
fbem-18285	16	10	'	'	PART
fbem-18285	16	11	shareholding	shareholding	NOUN
fbem-18285	16	12	on	on	ADP
fbem-18285	16	13	corporate	corporate	ADJ
fbem-18285	16	14	performance	performance	NOUN
fbem-18285	16	15	,	,	PUNCT
fbem-18285	16	16	corporate	corporate	ADJ
fbem-18285	16	17	risk	risk	NOUN
fbem-18285	16	18	and	and	CCONJ
fbem-18285	16	19	corporate	corporate	ADJ
fbem-18285	16	20	innovation	innovation	NOUN
fbem-18285	16	21	,	,	PUNCT
fbem-18285	16	22	this	this	DET
fbem-18285	16	23	paper	paper	NOUN
fbem-18285	16	24	clarifies	clarify	VERB
fbem-18285	16	25	the	the	DET
fbem-18285	16	26	specific	specific	ADJ
fbem-18285	16	27	role	role	NOUN
fbem-18285	16	28	played	play	VERB
fbem-18285	16	29	by	by	ADP
fbem-18285	16	30	institutional	institutional	ADJ
fbem-18285	16	31	investors	investor	NOUN
fbem-18285	16	32	'	'	PART
fbem-18285	16	33	shareholding	shareholding	NOUN
fbem-18285	16	34	in	in	ADP
fbem-18285	16	35	the	the	DET
fbem-18285	16	36	development	development	NOUN
fbem-18285	16	37	process	process	NOUN
fbem-18285	16	38	of	of	ADP
fbem-18285	16	39	corporate	corporate	ADJ
fbem-18285	16	40	esg	esg	NOUN
fbem-18285	16	41	disclosure	disclosure	NOUN
fbem-18285	16	42	and	and	CCONJ
fbem-18285	16	43	further	far	ADV
fbem-18285	16	44	analyses	analysis	NOUN
fbem-18285	16	45	the	the	DET
fbem-18285	16	46	mediating	mediate	VERB
fbem-18285	16	47	effect	effect	NOUN
fbem-18285	16	48	.	.	PUNCT
fbem-18285	17	1	second	second	ADV
fbem-18285	17	2	,	,	PUNCT
fbem-18285	17	3	it	it	PRON
fbem-18285	17	4	summarises	summarise	VERB
fbem-18285	17	5	the	the	DET
fbem-18285	17	6	channels	channel	NOUN
fbem-18285	17	7	through	through	ADP
fbem-18285	17	8	which	which	PRON
fbem-18285	17	9	esg	esg	NOUN
fbem-18285	17	10	disclosure	disclosure	NOUN
fbem-18285	17	11	of	of	ADP
fbem-18285	17	12	listed	list	VERB
fbem-18285	17	13	enterprises	enterprise	NOUN
fbem-18285	17	14	can	can	AUX
fbem-18285	17	15	have	have	VERB
fbem-18285	17	16	an	an	DET
fbem-18285	17	17	effect	effect	NOUN
fbem-18285	17	18	on	on	ADP
fbem-18285	17	19	their	their	PRON
fbem-18285	17	20	corporate	corporate	ADJ
fbem-18285	17	21	value	value	NOUN
fbem-18285	17	22	as	as	ADP
fbem-18285	17	23	improving	improve	VERB
fbem-18285	17	24	multi	multi	ADJ
fbem-18285	17	25	-	-	ADJ
fbem-18285	17	26	stakeholder	stakeholder	ADJ
fbem-18285	17	27	relationships	relationship	NOUN
fbem-18285	17	28	,	,	PUNCT
fbem-18285	17	29	sending	send	VERB
fbem-18285	17	30	positive	positive	ADJ
fbem-18285	17	31	signals	signal	NOUN
fbem-18285	17	32	and	and	CCONJ
fbem-18285	17	33	establishing	establish	VERB
fbem-18285	17	34	a	a	DET
fbem-18285	17	35	good	good	ADJ
fbem-18285	17	36	reputation	reputation	NOUN
fbem-18285	17	37	,	,	PUNCT
fbem-18285	17	38	which	which	PRON
fbem-18285	17	39	further	far	ADV
fbem-18285	17	40	enriches	enrich	VERB
fbem-18285	17	41	the	the	DET
fbem-18285	17	42	theoretical	theoretical	ADJ
fbem-18285	17	43	research	research	NOUN
fbem-18285	17	44	on	on	ADP
fbem-18285	17	45	the	the	DET
fbem-18285	17	46	level	level	NOUN
fbem-18285	17	47	of	of	ADP
fbem-18285	17	48	esg	esg	PROPN
fbem-18285	17	49	disclosure	disclosure	NOUN
fbem-18285	17	50	of	of	ADP
fbem-18285	17	51	enterprises	enterprise	NOUN
fbem-18285	17	52	.	.	PUNCT
fbem-18285	18	1	third	third	ADJ
fbem-18285	18	2	,	,	PUNCT
fbem-18285	18	3	based	base	VERB
fbem-18285	18	4	on	on	ADP
fbem-18285	18	5	the	the	DET
fbem-18285	18	6	scale	scale	NOUN
fbem-18285	18	7	of	of	ADP
fbem-18285	18	8	listed	list	VERB
fbem-18285	18	9	enterprises	enterprise	NOUN
fbem-18285	18	10	and	and	CCONJ
fbem-18285	18	11	the	the	DET
fbem-18285	18	12	degree	degree	NOUN
fbem-18285	18	13	of	of	ADP
fbem-18285	18	14	marketisation	marketisation	NOUN
fbem-18285	18	15	,	,	PUNCT
fbem-18285	18	16	it	it	PRON
fbem-18285	18	17	explores	explore	VERB
fbem-18285	18	18	the	the	DET
fbem-18285	18	19	heterogeneity	heterogeneity	NOUN
fbem-18285	18	20	of	of	ADP
fbem-18285	18	21	esg	esg	PROPN
fbem-18285	18	22	disclosure	disclosure	NOUN
fbem-18285	18	23	of	of	ADP
fbem-18285	18	24	listed	list	VERB
fbem-18285	18	25	enterprises	enterprise	NOUN
fbem-18285	18	26	in	in	ADP
fbem-18285	18	27	terms	term	NOUN
fbem-18285	18	28	of	of	ADP
fbem-18285	18	29	its	its	PRON
fbem-18285	18	30	effect	effect	NOUN
fbem-18285	18	31	on	on	ADP
fbem-18285	18	32	the	the	DET
fbem-18285	18	33	value	value	NOUN
fbem-18285	18	34	of	of	ADP
fbem-18285	18	35	enterprises	enterprise	NOUN
fbem-18285	18	36	,	,	PUNCT
fbem-18285	18	37	and	and	CCONJ
fbem-18285	18	38	seeks	seek	VERB
fbem-18285	18	39	to	to	PART
fbem-18285	18	40	promote	promote	VERB
fbem-18285	18	41	the	the	DET
fbem-18285	18	42	value	value	NOUN
fbem-18285	18	43	of	of	ADP
fbem-18285	18	44	enterprises	enterprise	NOUN
fbem-18285	18	45	.	.	PUNCT
fbem-18285	19	1	third	third	ADJ
fbem-18285	19	2	,	,	PUNCT
fbem-18285	19	3	based	base	VERB
fbem-18285	19	4	on	on	ADP
fbem-18285	19	5	multiple	multiple	ADJ
fbem-18285	19	6	perspectives	perspective	NOUN
fbem-18285	19	7	such	such	ADJ
fbem-18285	19	8	as	as	ADP
fbem-18285	19	9	the	the	DET
fbem-18285	19	10	size	size	NOUN
fbem-18285	19	11	of	of	ADP
fbem-18285	19	12	listed	list	VERB
fbem-18285	19	13	enterprises	enterprise	NOUN
fbem-18285	19	14	and	and	CCONJ
fbem-18285	19	15	the	the	DET
fbem-18285	19	16	degree	degree	NOUN
fbem-18285	19	17	of	of	ADP
fbem-18285	19	18	marketisation	marketisation	NOUN
fbem-18285	19	19	,	,	PUNCT
fbem-18285	19	20	we	we	PRON
fbem-18285	19	21	explore	explore	VERB
fbem-18285	19	22	the	the	DET
fbem-18285	19	23	heterogeneity	heterogeneity	NOUN
fbem-18285	19	24	of	of	ADP
fbem-18285	19	25	esg	esg	PROPN
fbem-18285	19	26	disclosure	disclosure	NOUN
fbem-18285	19	27	level	level	NOUN
fbem-18285	19	28	of	of	ADP
fbem-18285	19	29	listed	list	VERB
fbem-18285	19	30	enterprises	enterprise	NOUN
fbem-18285	19	31	to	to	PART
fbem-18285	19	32	enhance	enhance	VERB
fbem-18285	19	33	the	the	DET
fbem-18285	19	34	value	value	NOUN
fbem-18285	19	35	of	of	ADP
fbem-18285	19	36	enterprises	enterprise	NOUN
fbem-18285	19	37	,	,	PUNCT
fbem-18285	19	38	and	and	CCONJ
fbem-18285	19	39	seek	seek	VERB
fbem-18285	19	40	to	to	PART
fbem-18285	19	41	stimulate	stimulate	VERB
fbem-18285	19	42	the	the	DET
fbem-18285	19	43	motivation	motivation	NOUN
fbem-18285	19	44	of	of	ADP
fbem-18285	19	45	esg	esg	PROPN
fbem-18285	19	46	disclosure	disclosure	NOUN
fbem-18285	19	47	,	,	PUNCT
fbem-18285	19	48	enhance	enhance	VERB
fbem-18285	19	49	the	the	DET
fbem-18285	19	50	quality	quality	NOUN
fbem-18285	19	51	of	of	ADP
fbem-18285	19	52	esg	esg	PROPN
fbem-18285	19	53	disclosure	disclosure	NOUN
fbem-18285	19	54	,	,	PUNCT
fbem-18285	19	55	and	and	CCONJ
fbem-18285	19	56	promote	promote	VERB
fbem-18285	19	57	the	the	DET
fbem-18285	19	58	construction	construction	NOUN
fbem-18285	19	59	of	of	ADP
fbem-18285	19	60	china	china	PROPN
fbem-18285	19	61	's	's	PART
fbem-18285	19	62	esg	esg	PROPN
fbem-18285	19	63	disclosure	disclosure	NOUN
fbem-18285	19	64	standards	standard	NOUN
fbem-18285	19	65	.	.	PUNCT
fbem-18285	20	1	248	248	NUM
fbem-18285	20	2	2	2	NUM
fbem-18285	20	3	.	.	PUNCT
fbem-18285	20	4	literature	literature	NOUN
fbem-18285	20	5	review	review	VERB
fbem-18285	20	6	2.1	2.1	NUM
fbem-18285	20	7	.	.	PUNCT
fbem-18285	21	1	esg	esg	NOUN
fbem-18285	21	2	disclosure	disclosure	NOUN
fbem-18285	21	3	and	and	CCONJ
fbem-18285	21	4	institutional	institutional	ADJ
fbem-18285	21	5	investor	investor	NOUN
fbem-18285	21	6	preferences	preference	NOUN
fbem-18285	21	7	in	in	ADP
fbem-18285	21	8	the	the	DET
fbem-18285	21	9	existing	exist	VERB
fbem-18285	21	10	studies	study	NOUN
fbem-18285	21	11	,	,	PUNCT
fbem-18285	21	12	foreign	foreign	ADJ
fbem-18285	21	13	scholars	scholar	NOUN
fbem-18285	21	14	have	have	AUX
fbem-18285	21	15	not	not	PART
fbem-18285	21	16	reached	reach	VERB
fbem-18285	21	17	a	a	DET
fbem-18285	21	18	consistent	consistent	ADJ
fbem-18285	21	19	conclusion	conclusion	NOUN
fbem-18285	21	20	on	on	ADP
fbem-18285	21	21	the	the	DET
fbem-18285	21	22	relationship	relationship	NOUN
fbem-18285	21	23	between	between	ADP
fbem-18285	21	24	the	the	DET
fbem-18285	21	25	level	level	NOUN
fbem-18285	21	26	of	of	ADP
fbem-18285	21	27	esg	esg	PROPN
fbem-18285	21	28	disclosure	disclosure	NOUN
fbem-18285	21	29	and	and	CCONJ
fbem-18285	21	30	institutional	institutional	ADJ
fbem-18285	21	31	investors	investor	NOUN
fbem-18285	21	32	'	'	PART
fbem-18285	21	33	shareholding	shareholding	NOUN
fbem-18285	21	34	for	for	ADP
fbem-18285	21	35	the	the	DET
fbem-18285	21	36	time	time	NOUN
fbem-18285	21	37	being	be	AUX
fbem-18285	21	38	.	.	PUNCT
fbem-18285	22	1	on	on	ADP
fbem-18285	22	2	the	the	DET
fbem-18285	22	3	one	one	NUM
fbem-18285	22	4	hand	hand	NOUN
fbem-18285	22	5	,	,	PUNCT
fbem-18285	22	6	(	(	PUNCT
fbem-18285	22	7	aluchna	aluchna	NOUN
fbem-18285	22	8	et	et	VERB
fbem-18285	22	9	al	al	PROPN
fbem-18285	22	10	.	.	PROPN
fbem-18285	22	11	,2022	,2022	PUNCT
fbem-18285	22	12	)	)	PUNCT
fbem-18285	22	13	argued	argue	VERB
fbem-18285	22	14	that	that	SCONJ
fbem-18285	22	15	institutional	institutional	ADJ
fbem-18285	22	16	investors	investor	NOUN
fbem-18285	22	17	are	be	AUX
fbem-18285	22	18	more	more	ADV
fbem-18285	22	19	concerned	concerned	ADJ
fbem-18285	22	20	about	about	ADP
fbem-18285	22	21	the	the	DET
fbem-18285	22	22	negative	negative	ADJ
fbem-18285	22	23	impacts	impact	NOUN
fbem-18285	22	24	of	of	ADP
fbem-18285	22	25	esg	esg	PROPN
fbem-18285	22	26	information	information	NOUN
fbem-18285	22	27	disclosed	disclose	VERB
fbem-18285	22	28	by	by	ADP
fbem-18285	22	29	enterprises	enterprise	NOUN
fbem-18285	22	30	,	,	PUNCT
fbem-18285	22	31	and	and	CCONJ
fbem-18285	22	32	this	this	PRON
fbem-18285	22	33	will	will	AUX
fbem-18285	22	34	inhibit	inhibit	VERB
fbem-18285	22	35	the	the	DET
fbem-18285	22	36	behaviour	behaviour	NOUN
fbem-18285	22	37	of	of	ADP
fbem-18285	22	38	enterprises	enterprise	NOUN
fbem-18285	22	39	in	in	ADP
fbem-18285	22	40	disclosing	disclose	VERB
fbem-18285	22	41	esg	esg	NOUN
fbem-18285	22	42	information	information	NOUN
fbem-18285	22	43	,	,	PUNCT
fbem-18285	22	44	which	which	PRON
fbem-18285	22	45	is	be	AUX
fbem-18285	22	46	not	not	PART
fbem-18285	22	47	conducive	conducive	ADJ
fbem-18285	22	48	to	to	ADP
fbem-18285	22	49	the	the	DET
fbem-18285	22	50	promotion	promotion	NOUN
fbem-18285	22	51	of	of	ADP
fbem-18285	22	52	esg	esg	PROPN
fbem-18285	22	53	practices	practice	NOUN
fbem-18285	22	54	[	[	X
fbem-18285	22	55	1	1	NUM
fbem-18285	22	56	]	]	PUNCT
fbem-18285	22	57	.	.	PUNCT
fbem-18285	23	1	on	on	ADP
fbem-18285	23	2	the	the	DET
fbem-18285	23	3	other	other	ADJ
fbem-18285	23	4	hand	hand	NOUN
fbem-18285	23	5	,	,	PUNCT
fbem-18285	23	6	(	(	PUNCT
fbem-18285	23	7	chenetal	chenetal	ADJ
fbem-18285	23	8	.	.	PUNCT
fbem-18285	23	9	,2020	,2020	PUNCT
fbem-18285	23	10	)	)	PUNCT
fbem-18285	23	11	stated	state	VERB
fbem-18285	23	12	that	that	SCONJ
fbem-18285	23	13	institutional	institutional	ADJ
fbem-18285	23	14	investors	investor	NOUN
fbem-18285	23	15	focus	focus	VERB
fbem-18285	23	16	on	on	ADP
fbem-18285	23	17	the	the	DET
fbem-18285	23	18	esg	esg	NOUN
fbem-18285	23	19	performance	performance	NOUN
fbem-18285	23	20	ratings	rating	NOUN
fbem-18285	23	21	of	of	ADP
fbem-18285	23	22	firms	firm	NOUN
fbem-18285	23	23	in	in	ADP
fbem-18285	23	24	their	their	PRON
fbem-18285	23	25	investment	investment	NOUN
fbem-18285	23	26	decisions	decision	NOUN
fbem-18285	23	27	and	and	CCONJ
fbem-18285	23	28	force	force	NOUN
fbem-18285	23	29	firms	firm	NOUN
fbem-18285	23	30	to	to	PART
fbem-18285	23	31	actively	actively	ADV
fbem-18285	23	32	build	build	VERB
fbem-18285	23	33	esg	esg	NOUN
fbem-18285	23	34	disclosure	disclosure	NOUN
fbem-18285	24	1	[	[	X
fbem-18285	24	2	2].yu	2].yu	NUM
fbem-18285	24	3	and	and	CCONJ
fbem-18285	24	4	vanluu	vanluu	ADJ
fbem-18285	24	5	(	(	PUNCT
fbem-18285	24	6	2021	2021	NUM
fbem-18285	24	7	)	)	PUNCT
fbem-18285	24	8	focused	focus	VERB
fbem-18285	24	9	on	on	ADP
fbem-18285	24	10	the	the	DET
fbem-18285	24	11	differences	difference	NOUN
fbem-18285	24	12	between	between	ADP
fbem-18285	24	13	corporate	corporate	ADJ
fbem-18285	24	14	esg	esg	NOUN
fbem-18285	24	15	disclosure	disclosure	NOUN
fbem-18285	24	16	and	and	CCONJ
fbem-18285	24	17	institutional	institutional	ADJ
fbem-18285	24	18	investors	investor	NOUN
fbem-18285	24	19	in	in	ADP
fbem-18285	24	20	the	the	DET
fbem-18285	24	21	fund	fund	NOUN
fbem-18285	24	22	sector	sector	NOUN
fbem-18285	24	23	and	and	CCONJ
fbem-18285	24	24	further	far	ADV
fbem-18285	24	25	classified	classify	VERB
fbem-18285	24	26	the	the	DET
fbem-18285	24	27	fund	fund	NOUN
fbem-18285	24	28	types	type	NOUN
fbem-18285	24	29	to	to	PART
fbem-18285	24	30	refine	refine	VERB
fbem-18285	24	31	the	the	DET
fbem-18285	24	32	study	study	NOUN
fbem-18285	24	33	[	[	X
fbem-18285	24	34	3	3	NUM
fbem-18285	24	35	]	]	PUNCT
fbem-18285	24	36	.	.	PUNCT
fbem-18285	25	1	meanwhile	meanwhile	ADV
fbem-18285	25	2	,	,	PUNCT
fbem-18285	25	3	institutional	institutional	ADJ
fbem-18285	25	4	investors	investor	NOUN
fbem-18285	25	5	can	can	AUX
fbem-18285	25	6	motivate	motivate	VERB
fbem-18285	25	7	more	more	ADJ
fbem-18285	25	8	enterprises	enterprise	NOUN
fbem-18285	25	9	to	to	PART
fbem-18285	25	10	improve	improve	VERB
fbem-18285	25	11	the	the	DET
fbem-18285	25	12	transparency	transparency	NOUN
fbem-18285	25	13	of	of	ADP
fbem-18285	25	14	their	their	PRON
fbem-18285	25	15	esg	esg	NOUN
fbem-18285	25	16	information	information	NOUN
fbem-18285	25	17	to	to	PART
fbem-18285	25	18	mitigate	mitigate	VERB
fbem-18285	25	19	agency	agency	NOUN
fbem-18285	25	20	conflicts	conflict	NOUN
fbem-18285	25	21	through	through	ADP
fbem-18285	25	22	effective	effective	ADJ
fbem-18285	25	23	feedback	feedback	NOUN
fbem-18285	25	24	on	on	ADP
fbem-18285	25	25	corporate	corporate	ADJ
fbem-18285	25	26	governance	governance	NOUN
fbem-18285	25	27	mechanisms	mechanism	NOUN
fbem-18285	25	28	.	.	PUNCT
fbem-18285	26	1	zhou	zhou	PROPN
fbem-18285	26	2	fangzhao	fangzhao	PROPN
fbem-18285	26	3	(	(	PUNCT
fbem-18285	26	4	2020	2020	NUM
fbem-18285	26	5	)	)	PUNCT
fbem-18285	26	6	and	and	CCONJ
fbem-18285	26	7	others	other	NOUN
fbem-18285	26	8	empirically	empirically	ADV
fbem-18285	26	9	found	find	VERB
fbem-18285	26	10	that	that	SCONJ
fbem-18285	26	11	there	there	PRON
fbem-18285	26	12	is	be	VERB
fbem-18285	26	13	a	a	DET
fbem-18285	26	14	positive	positive	ADJ
fbem-18285	26	15	and	and	CCONJ
fbem-18285	26	16	significant	significant	ADJ
fbem-18285	26	17	relationship	relationship	NOUN
fbem-18285	26	18	between	between	ADP
fbem-18285	26	19	the	the	DET
fbem-18285	26	20	performance	performance	NOUN
fbem-18285	26	21	of	of	ADP
fbem-18285	26	22	esg	esg	PROPN
fbem-18285	26	23	information	information	NOUN
fbem-18285	26	24	ratings	rating	NOUN
fbem-18285	26	25	and	and	CCONJ
fbem-18285	26	26	the	the	DET
fbem-18285	26	27	shareholding	shareholding	NOUN
fbem-18285	26	28	ratio	ratio	NOUN
fbem-18285	26	29	of	of	ADP
fbem-18285	26	30	institutional	institutional	ADJ
fbem-18285	26	31	investors	investor	NOUN
fbem-18285	26	32	,	,	PUNCT
fbem-18285	26	33	and	and	CCONJ
fbem-18285	26	34	when	when	SCONJ
fbem-18285	26	35	further	far	ADV
fbem-18285	26	36	dividing	divide	VERB
fbem-18285	26	37	the	the	DET
fbem-18285	26	38	types	type	NOUN
fbem-18285	26	39	of	of	ADP
fbem-18285	26	40	institutional	institutional	ADJ
fbem-18285	26	41	investors	investor	NOUN
fbem-18285	26	42	,	,	PUNCT
fbem-18285	26	43	it	it	PRON
fbem-18285	26	44	was	be	AUX
fbem-18285	26	45	found	find	VERB
fbem-18285	26	46	that	that	SCONJ
fbem-18285	26	47	the	the	DET
fbem-18285	26	48	performance	performance	NOUN
fbem-18285	26	49	of	of	ADP
fbem-18285	26	50	esg	esg	PROPN
fbem-18285	26	51	information	information	NOUN
fbem-18285	26	52	ratings	rating	NOUN
fbem-18285	26	53	is	be	AUX
fbem-18285	26	54	positively	positively	ADV
fbem-18285	26	55	correlated	correlate	VERB
fbem-18285	26	56	with	with	ADP
fbem-18285	26	57	the	the	DET
fbem-18285	26	58	shareholding	shareholding	NOUN
fbem-18285	26	59	ratio	ratio	NOUN
fbem-18285	26	60	of	of	ADP
fbem-18285	26	61	independent	independent	ADJ
fbem-18285	26	62	and	and	CCONJ
fbem-18285	26	63	long	long	ADJ
fbem-18285	26	64	-	-	PUNCT
fbem-18285	26	65	term	term	NOUN
fbem-18285	26	66	stable	stable	ADJ
fbem-18285	26	67	institutional	institutional	ADJ
fbem-18285	26	68	investors	investor	NOUN
fbem-18285	26	69	,	,	PUNCT
fbem-18285	26	70	and	and	CCONJ
fbem-18285	26	71	the	the	DET
fbem-18285	26	72	conclusion	conclusion	NOUN
fbem-18285	26	73	was	be	AUX
fbem-18285	26	74	drawn	draw	VERB
fbem-18285	26	75	that	that	SCONJ
fbem-18285	26	76	institutional	institutional	ADJ
fbem-18285	26	77	investors	investor	NOUN
fbem-18285	26	78	prefer	prefer	VERB
fbem-18285	26	79	investing	invest	VERB
fbem-18285	26	80	in	in	ADP
fbem-18285	26	81	firms	firm	NOUN
fbem-18285	26	82	with	with	ADP
fbem-18285	26	83	good	good	ADJ
fbem-18285	26	84	esg	esg	PROPN
fbem-18285	26	85	performance[11].since	performance[11].since	PROPN
fbem-18285	26	86	institutional	institutional	ADJ
fbem-18285	26	87	investors	investor	NOUN
fbem-18285	26	88	have	have	VERB
fbem-18285	26	89	more	more	ADV
fbem-18285	26	90	solid	solid	ADJ
fbem-18285	26	91	financial	financial	ADJ
fbem-18285	26	92	foundations	foundation	NOUN
fbem-18285	26	93	and	and	CCONJ
fbem-18285	26	94	investment	investment	NOUN
fbem-18285	26	95	experience	experience	NOUN
fbem-18285	26	96	,	,	PUNCT
fbem-18285	26	97	it	it	PRON
fbem-18285	26	98	is	be	AUX
fbem-18285	26	99	important	important	ADJ
fbem-18285	26	100	for	for	SCONJ
fbem-18285	26	101	them	they	PRON
fbem-18285	26	102	to	to	PART
fbem-18285	26	103	have	have	VERB
fbem-18285	26	104	more	more	ADJ
fbem-18285	26	105	experience	experience	NOUN
fbem-18285	26	106	in	in	ADP
fbem-18285	26	107	corporate	corporate	ADJ
fbem-18285	26	108	governance	governance	NOUN
fbem-18285	26	109	.	.	PUNCT
fbem-18285	27	1	financial	financial	ADJ
fbem-18285	27	2	foundation	foundation	PROPN
fbem-18285	27	3	is	be	AUX
fbem-18285	27	4	more	more	ADV
fbem-18285	27	5	solid	solid	ADJ
fbem-18285	27	6	and	and	CCONJ
fbem-18285	27	7	their	their	PRON
fbem-18285	27	8	investment	investment	NOUN
fbem-18285	27	9	experience	experience	NOUN
fbem-18285	27	10	is	be	AUX
fbem-18285	27	11	richer	rich	ADJ
fbem-18285	27	12	,	,	PUNCT
fbem-18285	27	13	they	they	PRON
fbem-18285	27	14	are	be	AUX
fbem-18285	27	15	better	well	ADJ
fbem-18285	27	16	able	able	ADJ
fbem-18285	27	17	to	to	PART
fbem-18285	27	18	identify	identify	VERB
fbem-18285	27	19	corporate	corporate	ADJ
fbem-18285	27	20	fraud	fraud	NOUN
fbem-18285	27	21	risks	risk	NOUN
fbem-18285	27	22	.	.	PUNCT
fbem-18285	28	1	therefore	therefore	ADV
fbem-18285	28	2	,	,	PUNCT
fbem-18285	28	3	institutional	institutional	ADJ
fbem-18285	28	4	investors	investor	NOUN
fbem-18285	28	5	tend	tend	VERB
fbem-18285	28	6	to	to	PART
fbem-18285	28	7	focus	focus	VERB
fbem-18285	28	8	on	on	ADP
fbem-18285	28	9	companies	company	NOUN
fbem-18285	28	10	with	with	ADP
fbem-18285	28	11	high	high	ADJ
fbem-18285	28	12	quality	quality	NOUN
fbem-18285	28	13	level	level	NOUN
fbem-18285	28	14	of	of	ADP
fbem-18285	28	15	esg	esg	PROPN
fbem-18285	28	16	disclosure	disclosure	NOUN
fbem-18285	28	17	.	.	PUNCT
fbem-18285	29	1	therefore	therefore	ADV
fbem-18285	29	2	,	,	PUNCT
fbem-18285	29	3	from	from	ADP
fbem-18285	29	4	a	a	DET
fbem-18285	29	5	long	long	ADJ
fbem-18285	29	6	-	-	PUNCT
fbem-18285	29	7	term	term	NOUN
fbem-18285	29	8	investment	investment	NOUN
fbem-18285	29	9	perspective	perspective	NOUN
fbem-18285	29	10	,	,	PUNCT
fbem-18285	29	11	sustainability	sustainability	NOUN
fbem-18285	29	12	is	be	AUX
fbem-18285	29	13	an	an	DET
fbem-18285	29	14	important	important	ADJ
fbem-18285	29	15	factor	factor	NOUN
fbem-18285	29	16	in	in	ADP
fbem-18285	29	17	ensuring	ensure	VERB
fbem-18285	29	18	the	the	DET
fbem-18285	29	19	long	long	ADJ
fbem-18285	29	20	-	-	PUNCT
fbem-18285	29	21	term	term	NOUN
fbem-18285	29	22	sound	sound	NOUN
fbem-18285	29	23	development	development	NOUN
fbem-18285	29	24	of	of	ADP
fbem-18285	29	25	enterprises	enterprise	NOUN
fbem-18285	29	26	,	,	PUNCT
fbem-18285	29	27	including	include	VERB
fbem-18285	29	28	their	their	PRON
fbem-18285	29	29	environmental	environmental	ADJ
fbem-18285	29	30	,	,	PUNCT
fbem-18285	29	31	social	social	ADJ
fbem-18285	29	32	and	and	CCONJ
fbem-18285	29	33	governance	governance	NOUN
fbem-18285	29	34	performance	performance	NOUN
fbem-18285	29	35	.	.	PUNCT
fbem-18285	30	1	institutional	institutional	ADJ
fbem-18285	30	2	investors	investor	NOUN
fbem-18285	30	3	will	will	AUX
fbem-18285	30	4	assess	assess	VERB
fbem-18285	30	5	the	the	DET
fbem-18285	30	6	performance	performance	NOUN
fbem-18285	30	7	of	of	ADP
fbem-18285	30	8	an	an	DET
fbem-18285	30	9	enterprise	enterprise	NOUN
fbem-18285	30	10	in	in	ADP
fbem-18285	30	11	terms	term	NOUN
fbem-18285	30	12	of	of	ADP
fbem-18285	30	13	environmental	environmental	ADJ
fbem-18285	30	14	management	management	NOUN
fbem-18285	30	15	,	,	PUNCT
fbem-18285	30	16	social	social	ADJ
fbem-18285	30	17	responsibility	responsibility	NOUN
fbem-18285	30	18	and	and	CCONJ
fbem-18285	30	19	good	good	ADJ
fbem-18285	30	20	governance	governance	NOUN
fbem-18285	30	21	,	,	PUNCT
fbem-18285	30	22	and	and	CCONJ
fbem-18285	30	23	use	use	VERB
fbem-18285	30	24	them	they	PRON
fbem-18285	30	25	as	as	ADP
fbem-18285	30	26	important	important	ADJ
fbem-18285	30	27	references	reference	NOUN
fbem-18285	30	28	in	in	ADP
fbem-18285	30	29	their	their	PRON
fbem-18285	30	30	investment	investment	NOUN
fbem-18285	30	31	decisions	decision	NOUN
fbem-18285	30	32	.	.	PUNCT
fbem-18285	31	1	institutional	institutional	ADJ
fbem-18285	31	2	investors	investor	NOUN
fbem-18285	31	3	tend	tend	VERB
fbem-18285	31	4	to	to	PART
fbem-18285	31	5	be	be	AUX
fbem-18285	31	6	more	more	ADV
fbem-18285	31	7	inclined	inclined	ADJ
fbem-18285	31	8	to	to	PART
fbem-18285	31	9	invest	invest	VERB
fbem-18285	31	10	in	in	ADP
fbem-18285	31	11	enterprises	enterprise	NOUN
fbem-18285	31	12	that	that	PRON
fbem-18285	31	13	can	can	AUX
fbem-18285	31	14	demonstrate	demonstrate	VERB
fbem-18285	31	15	a	a	DET
fbem-18285	31	16	sustainable	sustainable	ADJ
fbem-18285	31	17	development	development	NOUN
fbem-18285	31	18	strategy	strategy	NOUN
fbem-18285	31	19	and	and	CCONJ
fbem-18285	31	20	actively	actively	ADV
fbem-18285	31	21	fulfil	fulfil	VERB
fbem-18285	31	22	their	their	PRON
fbem-18285	31	23	social	social	ADJ
fbem-18285	31	24	responsibilities	responsibility	NOUN
fbem-18285	31	25	,	,	PUNCT
fbem-18285	31	26	thereby	thereby	ADV
fbem-18285	31	27	reducing	reduce	VERB
fbem-18285	31	28	the	the	DET
fbem-18285	31	29	overall	overall	ADJ
fbem-18285	31	30	risk	risk	NOUN
fbem-18285	31	31	of	of	ADP
fbem-18285	31	32	their	their	PRON
fbem-18285	31	33	investment	investment	NOUN
fbem-18285	31	34	portfolios	portfolio	NOUN
fbem-18285	31	35	and	and	CCONJ
fbem-18285	31	36	enhancing	enhance	VERB
fbem-18285	31	37	the	the	DET
fbem-18285	31	38	sustainability	sustainability	NOUN
fbem-18285	31	39	of	of	ADP
fbem-18285	31	40	their	their	PRON
fbem-18285	31	41	returns	return	NOUN
fbem-18285	31	42	.	.	PUNCT
fbem-18285	32	1	2.2	2.2	NUM
fbem-18285	32	2	.	.	PUNCT
fbem-18285	32	3	institutional	institutional	ADJ
fbem-18285	32	4	investor	investor	NOUN
fbem-18285	32	5	preferences	preference	NOUN
fbem-18285	32	6	and	and	CCONJ
fbem-18285	32	7	firm	firm	ADJ
fbem-18285	32	8	value	value	NOUN
fbem-18285	32	9	research	research	NOUN
fbem-18285	32	10	on	on	ADP
fbem-18285	32	11	institutional	institutional	ADJ
fbem-18285	32	12	investors	investor	NOUN
fbem-18285	32	13	'	'	PART
fbem-18285	32	14	participation	participation	NOUN
fbem-18285	32	15	in	in	ADP
fbem-18285	32	16	corporate	corporate	ADJ
fbem-18285	32	17	governance	governance	NOUN
fbem-18285	32	18	focuses	focus	VERB
fbem-18285	32	19	on	on	ADP
fbem-18285	32	20	investor	investor	NOUN
fbem-18285	32	21	protection	protection	NOUN
fbem-18285	32	22	[	[	X
fbem-18285	32	23	12	12	NUM
fbem-18285	32	24	]	]	PUNCT
fbem-18285	32	25	,	,	PUNCT
fbem-18285	32	26	surplus	surplus	ADJ
fbem-18285	32	27	management	management	NOUN
fbem-18285	32	28	[	[	X
fbem-18285	32	29	13	13	NUM
fbem-18285	32	30	]	]	PUNCT
fbem-18285	32	31	,	,	PUNCT
fbem-18285	32	32	governance	governance	NOUN
fbem-18285	32	33	level	level	NOUN
fbem-18285	32	34	[	[	X
fbem-18285	32	35	14	14	NUM
fbem-18285	32	36	]	]	X
fbem-18285	33	1	[	[	X
fbem-18285	33	2	15	15	NUM
fbem-18285	33	3	]	]	PUNCT
fbem-18285	33	4	,	,	PUNCT
fbem-18285	33	5	information	information	NOUN
fbem-18285	33	6	disclosure4	disclosure4	NOUN
fbem-18285	33	7	,	,	PUNCT
fbem-18285	33	8	and	and	CCONJ
fbem-18285	33	9	firm	firm	ADJ
fbem-18285	33	10	value16	value16	NOUN
fbem-18285	33	11	.	.	PUNCT
fbem-18285	34	1	with	with	ADP
fbem-18285	34	2	the	the	DET
fbem-18285	34	3	rise	rise	NOUN
fbem-18285	34	4	of	of	ADP
fbem-18285	34	5	esg	esg	PROPN
fbem-18285	34	6	responsible	responsible	ADJ
fbem-18285	34	7	investment	investment	NOUN
fbem-18285	34	8	concepts	concept	NOUN
fbem-18285	34	9	,	,	PUNCT
fbem-18285	34	10	institutional	institutional	ADJ
fbem-18285	34	11	investors	investor	NOUN
fbem-18285	34	12	are	be	AUX
fbem-18285	34	13	increasingly	increasingly	ADV
fbem-18285	34	14	looking	look	VERB
fbem-18285	34	15	at	at	ADP
fbem-18285	34	16	relevant	relevant	ADJ
fbem-18285	34	17	information	information	NOUN
fbem-18285	34	18	such	such	ADJ
fbem-18285	34	19	as	as	ADP
fbem-18285	34	20	nonfinancial	nonfinancial	ADJ
fbem-18285	34	21	indicators	indicator	NOUN
fbem-18285	34	22	disclosed	disclose	VERB
fbem-18285	34	23	by	by	ADP
fbem-18285	34	24	companies	company	NOUN
fbem-18285	34	25	.	.	PUNCT
fbem-18285	35	1	(	(	PUNCT
fbem-18285	35	2	joseph	joseph	PROPN
fbem-18285	35	3	et	et	PROPN
fbem-18285	35	4	al	al	PROPN
fbem-18285	35	5	.	.	PROPN
fbem-18285	35	6	,2016	,2016	PUNCT
fbem-18285	35	7	)	)	PUNCT
fbem-18285	35	8	show	show	VERB
fbem-18285	35	9	that	that	SCONJ
fbem-18285	35	10	institutional	institutional	ADJ
fbem-18285	35	11	investors	investor	NOUN
fbem-18285	35	12	tend	tend	VERB
fbem-18285	35	13	to	to	PART
fbem-18285	35	14	prefer	prefer	VERB
fbem-18285	35	15	holding	hold	VERB
fbem-18285	35	16	stocks	stock	NOUN
fbem-18285	35	17	of	of	ADP
fbem-18285	35	18	listed	list	VERB
fbem-18285	35	19	companies	company	NOUN
fbem-18285	35	20	with	with	ADP
fbem-18285	35	21	higher	high	ADJ
fbem-18285	35	22	information	information	NOUN
fbem-18285	35	23	transparency	transparency	NOUN
fbem-18285	35	24	,	,	PUNCT
fbem-18285	35	25	better	well	ADJ
fbem-18285	35	26	corporate	corporate	ADJ
fbem-18285	35	27	governance	governance	NOUN
fbem-18285	35	28	,	,	PUNCT
fbem-18285	35	29	and	and	CCONJ
fbem-18285	35	30	relatively	relatively	ADV
fbem-18285	35	31	lower	low	ADJ
fbem-18285	35	32	risk[5].cao	risk[5].cao	PROPN
fbem-18285	35	33	et	et	PROPN
fbem-18285	35	34	al	al	PROPN
fbem-18285	35	35	.	.	PROPN
fbem-18285	36	1	(	(	PUNCT
fbem-18285	36	2	2020	2020	NUM
fbem-18285	36	3	)	)	PUNCT
fbem-18285	36	4	,	,	PUNCT
fbem-18285	36	5	in	in	ADP
fbem-18285	36	6	their	their	PRON
fbem-18285	36	7	study	study	NOUN
fbem-18285	36	8	of	of	ADP
fbem-18285	36	9	the	the	DET
fbem-18285	36	10	u.s	u.s	PROPN
fbem-18285	36	11	.	.	PROPN
fbem-18285	36	12	stock	stock	NOUN
fbem-18285	36	13	market	market	NOUN
fbem-18285	36	14	,	,	PUNCT
fbem-18285	36	15	find	find	VERB
fbem-18285	36	16	that	that	SCONJ
fbem-18285	36	17	despite	despite	SCONJ
fbem-18285	36	18	the	the	DET
fbem-18285	36	19	current	current	ADJ
fbem-18285	36	20	compounded	compound	VERB
fbem-18285	36	21	excess	excess	ADJ
fbem-18285	36	22	returns	return	NOUN
fbem-18285	36	23	on	on	ADP
fbem-18285	36	24	corporate	corporate	ADJ
fbem-18285	36	25	stocks	stock	NOUN
fbem-18285	36	26	,	,	PUNCT
fbem-18285	36	27	institutional	institutional	ADJ
fbem-18285	36	28	investors	investor	NOUN
fbem-18285	36	29	are	be	AUX
fbem-18285	36	30	willing	willing	ADJ
fbem-18285	36	31	to	to	PART
fbem-18285	36	32	invest	invest	VERB
fbem-18285	36	33	in	in	ADP
fbem-18285	36	34	firms	firm	NOUN
fbem-18285	36	35	that	that	PRON
fbem-18285	36	36	incorporate	incorporate	VERB
fbem-18285	36	37	esg	esg	NOUN
fbem-18285	36	38	factors	factor	NOUN
fbem-18285	36	39	,	,	PUNCT
fbem-18285	36	40	which	which	PRON
fbem-18285	36	41	suggests	suggest	VERB
fbem-18285	36	42	that	that	SCONJ
fbem-18285	36	43	institutional	institutional	ADJ
fbem-18285	36	44	investors	investor	NOUN
fbem-18285	36	45	have	have	VERB
fbem-18285	36	46	a	a	DET
fbem-18285	36	47	strong	strong	ADJ
fbem-18285	36	48	tolerance	tolerance	NOUN
fbem-18285	36	49	for	for	ADP
fbem-18285	36	50	companies	company	NOUN
fbem-18285	36	51	with	with	ADP
fbem-18285	36	52	low	low	ADJ
fbem-18285	36	53	short	short	ADJ
fbem-18285	36	54	-	-	PUNCT
fbem-18285	36	55	term	term	NOUN
fbem-18285	36	56	returns	return	NOUN
fbem-18285	36	57	but	but	CCONJ
fbem-18285	36	58	high	high	ADJ
fbem-18285	36	59	esg	esg	PROPN
fbem-18285	36	60	performance[6	performance[6	PROPN
fbem-18285	36	61	]	]	PUNCT
fbem-18285	36	62	.	.	PUNCT
fbem-18285	37	1	yuhuan	yuhuan	PROPN
fbem-18285	37	2	zhao	zhao	PROPN
fbem-18285	37	3	and	and	CCONJ
fbem-18285	37	4	maolei	maolei	PROPN
fbem-18285	37	5	guo	guo	PROPN
fbem-18285	37	6	(	(	PUNCT
fbem-18285	37	7	2019	2019	NUM
fbem-18285	37	8	)	)	PUNCT
fbem-18285	37	9	classify	classify	VERB
fbem-18285	37	10	institutional	institutional	ADJ
fbem-18285	37	11	investors	investor	NOUN
fbem-18285	37	12	and	and	CCONJ
fbem-18285	37	13	find	find	VERB
fbem-18285	37	14	that	that	SCONJ
fbem-18285	37	15	among	among	ADP
fbem-18285	37	16	them	they	PRON
fbem-18285	37	17	,	,	PUNCT
fbem-18285	37	18	weak	weak	ADJ
fbem-18285	37	19	stress	stress	NOUN
fbem-18285	37	20	-	-	PUNCT
fbem-18285	37	21	resistant	resistant	ADJ
fbem-18285	37	22	institutional	institutional	ADJ
fbem-18285	37	23	investors	investor	NOUN
fbem-18285	37	24	'	'	PART
fbem-18285	37	25	shareholding	shareholding	NOUN
fbem-18285	37	26	participation	participation	NOUN
fbem-18285	37	27	does	do	AUX
fbem-18285	37	28	not	not	PART
fbem-18285	37	29	have	have	VERB
fbem-18285	37	30	a	a	DET
fbem-18285	37	31	significant	significant	ADJ
fbem-18285	37	32	effect	effect	NOUN
fbem-18285	37	33	on	on	ADP
fbem-18285	37	34	the	the	DET
fbem-18285	37	35	enhancement	enhancement	NOUN
fbem-18285	37	36	of	of	ADP
fbem-18285	37	37	corporate	corporate	ADJ
fbem-18285	37	38	value	value	NOUN
fbem-18285	37	39	,	,	PUNCT
fbem-18285	37	40	while	while	SCONJ
fbem-18285	37	41	the	the	DET
fbem-18285	37	42	increase	increase	NOUN
fbem-18285	37	43	of	of	ADP
fbem-18285	37	44	shareholding	shareholding	NOUN
fbem-18285	37	45	by	by	ADP
fbem-18285	37	46	stress	stress	NOUN
fbem-18285	37	47	-	-	PUNCT
fbem-18285	37	48	resistant	resistant	ADJ
fbem-18285	37	49	institutional	institutional	ADJ
fbem-18285	37	50	investors	investor	NOUN
fbem-18285	37	51	can	can	AUX
fbem-18285	37	52	significantly	significantly	ADV
fbem-18285	37	53	enhance	enhance	VERB
fbem-18285	37	54	corporate	corporate	ADJ
fbem-18285	37	55	value[17].jieyi	value[17].jieyi	NOUN
fbem-18285	37	56	zhou	zhou	PROPN
fbem-18285	37	57	et	et	PROPN
fbem-18285	37	58	al	al	PROPN
fbem-18285	37	59	.	.	PROPN
fbem-18285	38	1	(	(	PUNCT
fbem-18285	38	2	2023	2023	NUM
fbem-18285	38	3	)	)	PUNCT
fbem-18285	38	4	study	study	VERB
fbem-18285	38	5	corporate	corporate	ADJ
fbem-18285	38	6	performance	performance	NOUN
fbem-18285	38	7	and	and	CCONJ
fbem-18285	38	8	investor	investor	NOUN
fbem-18285	38	9	concern	concern	NOUN
fbem-18285	38	10	from	from	ADP
fbem-18285	38	11	the	the	DET
fbem-18285	38	12	the	the	DET
fbem-18285	38	13	perspective	perspective	NOUN
fbem-18285	38	14	of	of	ADP
fbem-18285	38	15	corporate	corporate	ADJ
fbem-18285	38	16	operating	operating	NOUN
fbem-18285	38	17	performance	performance	NOUN
fbem-18285	38	18	and	and	CCONJ
fbem-18285	38	19	investor	investor	NOUN
fbem-18285	38	20	attention	attention	NOUN
fbem-18285	38	21	to	to	PART
fbem-18285	38	22	explore	explore	VERB
fbem-18285	38	23	the	the	DET
fbem-18285	38	24	impact	impact	NOUN
fbem-18285	38	25	of	of	ADP
fbem-18285	38	26	esg	esg	NOUN
fbem-18285	38	27	ratings	rating	NOUN
fbem-18285	38	28	on	on	ADP
fbem-18285	38	29	corporate	corporate	ADJ
fbem-18285	38	30	stock	stock	NOUN
fbem-18285	38	31	investment	investment	NOUN
fbem-18285	38	32	value	value	NOUN
fbem-18285	38	33	using	use	VERB
fbem-18285	38	34	esg	esg	PROPN
fbem-18285	38	35	rating	rating	NOUN
fbem-18285	38	36	data	datum	NOUN
fbem-18285	38	37	released	release	VERB
fbem-18285	38	38	by	by	ADP
fbem-18285	38	39	csi	csi	PROPN
fbem-18285	38	40	as	as	ADP
fbem-18285	38	41	explanatory	explanatory	ADJ
fbem-18285	38	42	variables	variable	NOUN
fbem-18285	38	43	,	,	PUNCT
fbem-18285	38	44	and	and	CCONJ
fbem-18285	38	45	found	find	VERB
fbem-18285	38	46	that	that	SCONJ
fbem-18285	38	47	esg	esg	PROPN
fbem-18285	38	48	ratings	rating	NOUN
fbem-18285	38	49	can	can	AUX
fbem-18285	38	50	promote	promote	VERB
fbem-18285	38	51	the	the	DET
fbem-18285	38	52	enhancement	enhancement	NOUN
fbem-18285	38	53	of	of	ADP
fbem-18285	38	54	corporate	corporate	ADJ
fbem-18285	38	55	internal	internal	ADJ
fbem-18285	38	56	operating	operating	NOUN
fbem-18285	38	57	performance	performance	NOUN
fbem-18285	38	58	and	and	CCONJ
fbem-18285	38	59	external	external	ADJ
fbem-18285	38	60	market	market	NOUN
fbem-18285	38	61	value	value	NOUN
fbem-18285	38	62	by	by	ADP
fbem-18285	38	63	attracting	attract	VERB
fbem-18285	38	64	investor	investor	NOUN
fbem-18285	38	65	attention[18].li	attention[18].li	PROPN
fbem-18285	38	66	feng	feng	PROPN
fbem-18285	38	67	et	et	PROPN
fbem-18285	38	68	al	al	PROPN
fbem-18285	38	69	.	.	PROPN
fbem-18285	39	1	(	(	PUNCT
fbem-18285	39	2	2021	2021	NUM
fbem-18285	39	3	)	)	PUNCT
fbem-18285	39	4	found	find	VERB
fbem-18285	39	5	that	that	SCONJ
fbem-18285	39	6	there	there	PRON
fbem-18285	39	7	is	be	VERB
fbem-18285	39	8	an	an	DET
fbem-18285	39	9	inverse	inverse	NOUN
fbem-18285	39	10	relationship	relationship	NOUN
fbem-18285	39	11	between	between	ADP
fbem-18285	39	12	the	the	DET
fbem-18285	39	13	level	level	NOUN
fbem-18285	39	14	of	of	ADP
fbem-18285	39	15	corporate	corporate	ADJ
fbem-18285	39	16	esg	esg	PROPN
fbem-18285	39	17	information	information	NOUN
fbem-18285	39	18	disclosure	disclosure	NOUN
fbem-18285	39	19	and	and	CCONJ
fbem-18285	39	20	institutional	institutional	ADJ
fbem-18285	39	21	investors	investor	NOUN
fbem-18285	39	22	'	'	PART
fbem-18285	39	23	shareholding	shareholding	NOUN
fbem-18285	39	24	preferences	preference	NOUN
fbem-18285	39	25	have	have	VERB
fbem-18285	39	26	an	an	DET
fbem-18285	39	27	inverted	inverted	ADJ
fbem-18285	39	28	ushaped	ushaped	ADJ
fbem-18285	39	29	relationship	relationship	NOUN
fbem-18285	39	30	,	,	PUNCT
fbem-18285	39	31	in	in	ADP
fbem-18285	39	32	which	which	PRON
fbem-18285	39	33	the	the	DET
fbem-18285	39	34	relationship	relationship	NOUN
fbem-18285	39	35	between	between	ADP
fbem-18285	39	36	nonfinancial	nonfinancial	ADJ
fbem-18285	39	37	indicators	indicator	NOUN
fbem-18285	39	38	disclosed	disclose	VERB
fbem-18285	39	39	by	by	ADP
fbem-18285	39	40	firms	firm	NOUN
fbem-18285	39	41	and	and	CCONJ
fbem-18285	39	42	the	the	DET
fbem-18285	39	43	performance	performance	NOUN
fbem-18285	39	44	presented	present	VERB
fbem-18285	39	45	by	by	ADP
fbem-18285	39	46	esg	esg	PROPN
fbem-18285	39	47	information	information	NOUN
fbem-18285	39	48	also	also	ADV
fbem-18285	39	49	shows	show	VERB
fbem-18285	39	50	an	an	DET
fbem-18285	39	51	inverted	inverted	ADJ
fbem-18285	39	52	ushape[12	ushape[12	NOUN
fbem-18285	39	53	]	]	X
fbem-18285	39	54	.	.	PUNCT
fbem-18285	40	1	in	in	ADP
fbem-18285	40	2	summary	summary	NOUN
fbem-18285	40	3	,	,	PUNCT
fbem-18285	40	4	the	the	PRON
fbem-18285	40	5	higher	high	ADJ
fbem-18285	40	6	the	the	DET
fbem-18285	40	7	quality	quality	NOUN
fbem-18285	40	8	level	level	NOUN
fbem-18285	40	9	of	of	ADP
fbem-18285	40	10	corporate	corporate	ADJ
fbem-18285	40	11	esg	esg	PROPN
fbem-18285	40	12	information	information	NOUN
fbem-18285	40	13	disclosure	disclosure	NOUN
fbem-18285	40	14	,	,	PUNCT
fbem-18285	40	15	the	the	PRON
fbem-18285	40	16	more	more	ADJ
fbem-18285	40	17	it	it	PRON
fbem-18285	40	18	can	can	AUX
fbem-18285	40	19	attract	attract	VERB
fbem-18285	40	20	the	the	DET
fbem-18285	40	21	attention	attention	NOUN
fbem-18285	40	22	of	of	ADP
fbem-18285	40	23	professional	professional	ADJ
fbem-18285	40	24	institutional	institutional	ADJ
fbem-18285	40	25	investors	investor	NOUN
fbem-18285	40	26	,	,	PUNCT
fbem-18285	40	27	who	who	PRON
fbem-18285	40	28	will	will	AUX
fbem-18285	40	29	be	be	AUX
fbem-18285	40	30	able	able	ADJ
fbem-18285	40	31	to	to	PART
fbem-18285	40	32	gain	gain	VERB
fbem-18285	40	33	more	more	ADJ
fbem-18285	40	34	access	access	NOUN
fbem-18285	40	35	to	to	ADP
fbem-18285	40	36	the	the	DET
fbem-18285	40	37	esg	esg	NOUN
fbem-18285	40	38	and	and	CCONJ
fbem-18285	40	39	other	other	ADJ
fbem-18285	40	40	aspects	aspect	NOUN
fbem-18285	40	41	of	of	ADP
fbem-18285	40	42	corporate	corporate	ADJ
fbem-18285	40	43	disclosure	disclosure	NOUN
fbem-18285	40	44	,	,	PUNCT
fbem-18285	40	45	and	and	CCONJ
fbem-18285	40	46	improve	improve	VERB
fbem-18285	40	47	the	the	DET
fbem-18285	40	48	possibility	possibility	NOUN
fbem-18285	40	49	of	of	ADP
fbem-18285	40	50	correct	correct	ADJ
fbem-18285	40	51	investment	investment	NOUN
fbem-18285	40	52	.	.	PUNCT
fbem-18285	41	1	institutional	institutional	ADJ
fbem-18285	41	2	investors	investor	NOUN
fbem-18285	41	3	can	can	AUX
fbem-18285	41	4	process	process	VERB
fbem-18285	41	5	the	the	DET
fbem-18285	41	6	disclosed	disclose	VERB
fbem-18285	41	7	information	information	NOUN
fbem-18285	41	8	of	of	ADP
fbem-18285	41	9	listed	list	VERB
fbem-18285	41	10	companies	company	NOUN
fbem-18285	41	11	by	by	ADP
fbem-18285	41	12	virtue	virtue	NOUN
fbem-18285	41	13	of	of	ADP
fbem-18285	41	14	their	their	PRON
fbem-18285	41	15	professional	professional	ADJ
fbem-18285	41	16	data	datum	NOUN
fbem-18285	41	17	analysis	analysis	NOUN
fbem-18285	41	18	ability	ability	NOUN
fbem-18285	41	19	,	,	PUNCT
fbem-18285	41	20	provide	provide	VERB
fbem-18285	41	21	and	and	CCONJ
fbem-18285	41	22	convey	convey	VERB
fbem-18285	41	23	positive	positive	ADJ
fbem-18285	41	24	investment	investment	NOUN
fbem-18285	41	25	reference	reference	NOUN
fbem-18285	41	26	opinions	opinion	NOUN
fbem-18285	41	27	to	to	ADP
fbem-18285	41	28	other	other	ADJ
fbem-18285	41	29	investors	investor	NOUN
fbem-18285	41	30	,	,	PUNCT
fbem-18285	41	31	solve	solve	VERB
fbem-18285	41	32	the	the	DET
fbem-18285	41	33	agency	agency	NOUN
fbem-18285	41	34	problem	problem	NOUN
fbem-18285	41	35	of	of	ADP
fbem-18285	41	36	enterprises	enterprise	NOUN
fbem-18285	41	37	to	to	ADP
fbem-18285	41	38	a	a	DET
fbem-18285	41	39	certain	certain	ADJ
fbem-18285	41	40	extent	extent	NOUN
fbem-18285	41	41	,	,	PUNCT
fbem-18285	41	42	and	and	CCONJ
fbem-18285	41	43	then	then	ADV
fbem-18285	41	44	enhance	enhance	VERB
fbem-18285	41	45	the	the	DET
fbem-18285	41	46	value	value	NOUN
fbem-18285	41	47	of	of	ADP
fbem-18285	41	48	enterprises	enterprise	NOUN
fbem-18285	41	49	.	.	PUNCT
fbem-18285	42	1	when	when	SCONJ
fbem-18285	42	2	the	the	DET
fbem-18285	42	3	proportion	proportion	NOUN
fbem-18285	42	4	of	of	ADP
fbem-18285	42	5	shares	share	NOUN
fbem-18285	42	6	held	hold	VERB
fbem-18285	42	7	by	by	ADP
fbem-18285	42	8	institutional	institutional	ADJ
fbem-18285	42	9	investors	investor	NOUN
fbem-18285	42	10	in	in	ADP
fbem-18285	42	11	the	the	DET
fbem-18285	42	12	enterprise	enterprise	NOUN
fbem-18285	42	13	reaches	reach	VERB
fbem-18285	42	14	a	a	DET
fbem-18285	42	15	certain	certain	ADJ
fbem-18285	42	16	percentage	percentage	NOUN
fbem-18285	42	17	,	,	PUNCT
fbem-18285	42	18	institutional	institutional	ADJ
fbem-18285	42	19	investors	investor	NOUN
fbem-18285	42	20	will	will	AUX
fbem-18285	42	21	also	also	ADV
fbem-18285	42	22	participate	participate	VERB
fbem-18285	42	23	in	in	ADP
fbem-18285	42	24	the	the	DET
fbem-18285	42	25	governance	governance	NOUN
fbem-18285	42	26	of	of	ADP
fbem-18285	42	27	the	the	DET
fbem-18285	42	28	company	company	NOUN
fbem-18285	42	29	,	,	PUNCT
fbem-18285	42	30	which	which	PRON
fbem-18285	42	31	can	can	AUX
fbem-18285	42	32	play	play	VERB
fbem-18285	42	33	a	a	DET
fbem-18285	42	34	supervisory	supervisory	ADJ
fbem-18285	42	35	role	role	NOUN
fbem-18285	42	36	in	in	ADP
fbem-18285	42	37	regulating	regulate	VERB
fbem-18285	42	38	the	the	DET
fbem-18285	42	39	operational	operational	ADJ
fbem-18285	42	40	activities	activity	NOUN
fbem-18285	42	41	of	of	ADP
fbem-18285	42	42	listed	list	VERB
fbem-18285	42	43	enterprises	enterprise	NOUN
fbem-18285	42	44	,	,	PUNCT
fbem-18285	42	45	and	and	CCONJ
fbem-18285	42	46	achieve	achieve	VERB
fbem-18285	42	47	the	the	DET
fbem-18285	42	48	purpose	purpose	NOUN
fbem-18285	42	49	of	of	ADP
fbem-18285	42	50	obtaining	obtain	VERB
fbem-18285	42	51	high	high	ADJ
fbem-18285	42	52	returns	return	NOUN
fbem-18285	42	53	from	from	ADP
fbem-18285	42	54	the	the	DET
fbem-18285	42	55	enterprise	enterprise	NOUN
fbem-18285	42	56	,	,	PUNCT
fbem-18285	42	57	thus	thus	ADV
fbem-18285	42	58	prompting	prompt	VERB
fbem-18285	42	59	the	the	DET
fbem-18285	42	60	listed	list	VERB
fbem-18285	42	61	enterprise	enterprise	NOUN
fbem-18285	42	62	to	to	PART
fbem-18285	42	63	enhance	enhance	VERB
fbem-18285	42	64	its	its	PRON
fbem-18285	42	65	value	value	NOUN
fbem-18285	42	66	.	.	PUNCT
fbem-18285	43	1	2.3	2.3	NUM
fbem-18285	43	2	.	.	PUNCT
fbem-18285	44	1	esg	esg	NOUN
fbem-18285	44	2	disclosure	disclosure	NOUN
fbem-18285	44	3	and	and	CCONJ
fbem-18285	44	4	corporate	corporate	ADJ
fbem-18285	44	5	value	value	NOUN
fbem-18285	44	6	most	most	ADJ
fbem-18285	44	7	of	of	ADP
fbem-18285	44	8	the	the	DET
fbem-18285	44	9	current	current	ADJ
fbem-18285	44	10	research	research	NOUN
fbem-18285	44	11	on	on	ADP
fbem-18285	44	12	corporate	corporate	ADJ
fbem-18285	44	13	esg	esg	NOUN
fbem-18285	44	14	is	be	AUX
fbem-18285	44	15	related	relate	VERB
fbem-18285	44	16	to	to	ADP
fbem-18285	44	17	the	the	DET
fbem-18285	44	18	field	field	NOUN
fbem-18285	44	19	of	of	ADP
fbem-18285	44	20	sustainable	sustainable	ADJ
fbem-18285	44	21	development	development	NOUN
fbem-18285	44	22	,	,	PUNCT
fbem-18285	44	23	mainly	mainly	ADV
fbem-18285	44	24	focusing	focus	VERB
fbem-18285	44	25	on	on	ADP
fbem-18285	44	26	corporate	corporate	ADJ
fbem-18285	44	27	social	social	ADJ
fbem-18285	44	28	responsibility	responsibility	NOUN
fbem-18285	44	29	and	and	CCONJ
fbem-18285	44	30	the	the	DET
fbem-18285	44	31	economic	economic	ADJ
fbem-18285	44	32	consequences	consequence	NOUN
fbem-18285	44	33	of	of	ADP
fbem-18285	44	34	esg	esg	PROPN
fbem-18285	44	35	performance	performance	NOUN
fbem-18285	44	36	.	.	PUNCT
fbem-18285	45	1	this	this	PRON
fbem-18285	45	2	is	be	AUX
fbem-18285	45	3	reflected	reflect	VERB
fbem-18285	45	4	in	in	ADP
fbem-18285	45	5	the	the	DET
fbem-18285	45	6	research	research	NOUN
fbem-18285	45	7	on	on	ADP
fbem-18285	45	8	corporate	corporate	ADJ
fbem-18285	45	9	financial	financial	ADJ
fbem-18285	45	10	performance	performance	NOUN
fbem-18285	45	11	,	,	PUNCT
fbem-18285	45	12	business	business	NOUN
fbem-18285	45	13	performance	performance	NOUN
fbem-18285	45	14	,	,	PUNCT
fbem-18285	45	15	stock	stock	NOUN
fbem-18285	45	16	market	market	NOUN
fbem-18285	45	17	performance	performance	NOUN
fbem-18285	45	18	,	,	PUNCT
fbem-18285	45	19	financing	financing	NOUN
fbem-18285	45	20	costs	cost	NOUN
fbem-18285	45	21	,	,	PUNCT
fbem-18285	45	22	corporate	corporate	ADJ
fbem-18285	45	23	value	value	NOUN
fbem-18285	45	24	,	,	PUNCT
fbem-18285	45	25	etc	etc	X
fbem-18285	45	26	.	.	X
fbem-18285	45	27	reber	reber	PROPN
fbem-18285	45	28	et	et	PROPN
fbem-18285	45	29	al	al	PROPN
fbem-18285	45	30	.	.	PROPN
fbem-18285	46	1	(	(	PUNCT
fbem-18285	46	2	2022	2022	NUM
fbem-18285	46	3	)	)	PUNCT
fbem-18285	46	4	suggest	suggest	VERB
fbem-18285	46	5	that	that	SCONJ
fbem-18285	46	6	a	a	DET
fbem-18285	46	7	high	high	ADJ
fbem-18285	46	8	degree	degree	NOUN
fbem-18285	46	9	of	of	ADP
fbem-18285	46	10	transparency	transparency	NOUN
fbem-18285	46	11	in	in	ADP
fbem-18285	46	12	esg	esg	PROPN
fbem-18285	46	13	information	information	NOUN
fbem-18285	46	14	can	can	AUX
fbem-18285	46	15	enable	enable	VERB
fbem-18285	46	16	external	external	ADJ
fbem-18285	46	17	stakeholders	stakeholder	NOUN
fbem-18285	46	18	to	to	PART
fbem-18285	46	19	fully	fully	ADV
fbem-18285	46	20	understand	understand	VERB
fbem-18285	46	21	the	the	DET
fbem-18285	46	22	company	company	NOUN
fbem-18285	46	23	's	's	PART
fbem-18285	46	24	efforts	effort	NOUN
fbem-18285	46	25	in	in	ADP
fbem-18285	46	26	sustainable	sustainable	ADJ
fbem-18285	46	27	development	development	NOUN
fbem-18285	46	28	,	,	PUNCT
fbem-18285	46	29	which	which	PRON
fbem-18285	46	30	builds	build	VERB
fbem-18285	46	31	up	up	ADP
fbem-18285	46	32	a	a	DET
fbem-18285	46	33	positive	positive	ADJ
fbem-18285	46	34	corporate	corporate	ADJ
fbem-18285	46	35	brand	brand	NOUN
fbem-18285	46	36	image	image	NOUN
fbem-18285	46	37	in	in	ADP
fbem-18285	46	38	the	the	DET
fbem-18285	46	39	minds	mind	NOUN
fbem-18285	46	40	of	of	ADP
fbem-18285	46	41	various	various	ADJ
fbem-18285	46	42	types	type	NOUN
fbem-18285	46	43	of	of	ADP
fbem-18285	46	44	investors	investor	NOUN
fbem-18285	46	45	and	and	CCONJ
fbem-18285	46	46	enhances	enhance	VERB
fbem-18285	46	47	the	the	DET
fbem-18285	46	48	company	company	NOUN
fbem-18285	46	49	's	's	PART
fbem-18285	46	50	financial	financial	ADJ
fbem-18285	46	51	performance	performance	NOUN
fbem-18285	46	52	(	(	PUNCT
fbem-18285	46	53	atif	atif	PROPN
fbem-18285	46	54	and	and	CCONJ
fbem-18285	46	55	ali	ali	PROPN
fbem-18285	46	56	,	,	PUNCT
fbem-18285	46	57	2021)[7	2021)[7	NUM
fbem-18285	46	58	]	]	X
fbem-18285	47	1	[	[	X
fbem-18285	47	2	8]and	8]and	NUM
fbem-18285	47	3	increase	increase	VERB
fbem-18285	47	4	the	the	DET
fbem-18285	47	5	competitiveness	competitiveness	NOUN
fbem-18285	47	6	of	of	ADP
fbem-18285	47	7	the	the	DET
fbem-18285	47	8	firm	firm	NOUN
fbem-18285	47	9	in	in	ADP
fbem-18285	47	10	the	the	DET
fbem-18285	47	11	whole	whole	ADJ
fbem-18285	47	12	market	market	NOUN
fbem-18285	47	13	and	and	CCONJ
fbem-18285	47	14	the	the	DET
fbem-18285	47	15	long	long	ADJ
fbem-18285	47	16	-	-	PUNCT
fbem-18285	47	17	term	term	NOUN
fbem-18285	47	18	sustainability	sustainability	NOUN
fbem-18285	47	19	249	249	NUM
fbem-18285	47	20	value	value	NOUN
fbem-18285	47	21	of	of	ADP
fbem-18285	47	22	the	the	DET
fbem-18285	47	23	firm	firm	NOUN
fbem-18285	47	24	(	(	PUNCT
fbem-18285	47	25	chengetal	chengetal	ADJ
fbem-18285	47	26	,	,	PUNCT
fbem-18285	47	27	2022	2022	NUM
fbem-18285	47	28	)	)	PUNCT
fbem-18285	48	1	[	[	X
fbem-18285	48	2	9	9	NUM
fbem-18285	48	3	]	]	PUNCT
fbem-18285	48	4	.	.	PUNCT
fbem-18285	49	1	in	in	ADP
fbem-18285	49	2	terms	term	NOUN
fbem-18285	49	3	of	of	ADP
fbem-18285	49	4	firm	firm	ADJ
fbem-18285	49	5	value	value	NOUN
fbem-18285	49	6	,	,	PUNCT
fbem-18285	49	7	liu	liu	PROPN
fbem-18285	49	8	zhuochong	zhuochong	PROPN
fbem-18285	49	9	et	et	PROPN
fbem-18285	49	10	al	al	PROPN
fbem-18285	49	11	.	.	PROPN
fbem-18285	50	1	(	(	PUNCT
fbem-18285	50	2	2023	2023	NUM
fbem-18285	50	3	)	)	PUNCT
fbem-18285	50	4	show	show	VERB
fbem-18285	50	5	that	that	SCONJ
fbem-18285	50	6	esg	esg	PROPN
fbem-18285	50	7	information	information	NOUN
fbem-18285	50	8	ratings	rating	NOUN
fbem-18285	50	9	have	have	VERB
fbem-18285	50	10	a	a	DET
fbem-18285	50	11	significant	significant	ADJ
fbem-18285	50	12	positive	positive	ADJ
fbem-18285	50	13	impact	impact	NOUN
fbem-18285	50	14	on	on	ADP
fbem-18285	50	15	firm	firm	ADJ
fbem-18285	50	16	value	value	NOUN
fbem-18285	50	17	,	,	PUNCT
fbem-18285	50	18	and	and	CCONJ
fbem-18285	50	19	vary	vary	VERB
fbem-18285	50	20	by	by	ADP
fbem-18285	50	21	industry	industry	NOUN
fbem-18285	50	22	,	,	PUNCT
fbem-18285	50	23	region	region	NOUN
fbem-18285	50	24	and	and	CCONJ
fbem-18285	50	25	firm	firm	NOUN
fbem-18285	50	26	attributes	attribute	NOUN
fbem-18285	50	27	,	,	PUNCT
fbem-18285	50	28	especially	especially	ADV
fbem-18285	50	29	in	in	ADP
fbem-18285	50	30	terms	term	NOUN
fbem-18285	50	31	of	of	ADP
fbem-18285	50	32	the	the	DET
fbem-18285	50	33	degree	degree	NOUN
fbem-18285	50	34	of	of	ADP
fbem-18285	50	35	economic	economic	ADJ
fbem-18285	50	36	development	development	NOUN
fbem-18285	50	37	of	of	ADP
fbem-18285	50	38	the	the	DET
fbem-18285	50	39	firm	firm	NOUN
fbem-18285	50	40	and	and	CCONJ
fbem-18285	50	41	the	the	DET
fbem-18285	50	42	nature	nature	NOUN
fbem-18285	50	43	of	of	ADP
fbem-18285	50	44	state	state	NOUN
fbem-18285	50	45	ownership[19	ownership[19	PROPN
fbem-18285	50	46	]	]	PUNCT
fbem-18285	50	47	.	.	PUNCT
fbem-18285	51	1	wang	wang	PROPN
fbem-18285	51	2	bo	bo	PROPN
fbem-18285	51	3	(	(	PUNCT
fbem-18285	51	4	2022	2022	NUM
fbem-18285	51	5	)	)	PUNCT
fbem-18285	51	6	finds	find	VERB
fbem-18285	51	7	that	that	SCONJ
fbem-18285	51	8	esg	esg	NOUN
fbem-18285	51	9	performance	performance	NOUN
fbem-18285	51	10	achieves	achieve	VERB
fbem-18285	51	11	its	its	PRON
fbem-18285	51	12	impact	impact	NOUN
fbem-18285	51	13	on	on	ADP
fbem-18285	51	14	increasing	increase	VERB
fbem-18285	51	15	market	market	NOUN
fbem-18285	51	16	value	value	NOUN
fbem-18285	51	17	and	and	CCONJ
fbem-18285	51	18	book	book	NOUN
fbem-18285	51	19	value	value	NOUN
fbem-18285	51	20	through	through	ADP
fbem-18285	51	21	different	different	ADJ
fbem-18285	51	22	channels[20	channels[20	NOUN
fbem-18285	51	23	]	]	PUNCT
fbem-18285	51	24	.	.	PUNCT
fbem-18285	52	1	wang	wang	PROPN
fbem-18285	52	2	et	et	PROPN
fbem-18285	52	3	al	al	PROPN
fbem-18285	52	4	.	.	PROPN
fbem-18285	52	5	(	(	PUNCT
fbem-18285	52	6	2021	2021	NUM
fbem-18285	52	7	)	)	PUNCT
fbem-18285	52	8	find	find	VERB
fbem-18285	52	9	that	that	SCONJ
fbem-18285	52	10	esg	esg	NOUN
fbem-18285	52	11	performance	performance	NOUN
fbem-18285	52	12	can	can	AUX
fbem-18285	52	13	increase	increase	VERB
fbem-18285	52	14	the	the	DET
fbem-18285	52	15	market	market	NOUN
fbem-18285	52	16	value	value	NOUN
fbem-18285	52	17	and	and	CCONJ
fbem-18285	52	18	book	book	NOUN
fbem-18285	52	19	value	value	NOUN
fbem-18285	52	20	of	of	ADP
fbem-18285	52	21	firms	firm	NOUN
fbem-18285	52	22	through	through	ADP
fbem-18285	52	23	different	different	ADJ
fbem-18285	52	24	channels	channel	NOUN
fbem-18285	52	25	.	.	PUNCT
fbem-18285	53	1	wang	wang	PROPN
fbem-18285	53	2	et	et	PROPN
fbem-18285	53	3	al	al	PROPN
fbem-18285	53	4	.	.	PROPN
fbem-18285	53	5	(	(	PUNCT
fbem-18285	53	6	2021	2021	NUM
fbem-18285	53	7	)	)	PUNCT
fbem-18285	53	8	,	,	PUNCT
fbem-18285	53	9	based	base	VERB
fbem-18285	53	10	on	on	ADP
fbem-18285	53	11	a	a	DET
fbem-18285	53	12	study	study	NOUN
fbem-18285	53	13	in	in	ADP
fbem-18285	53	14	the	the	DET
fbem-18285	53	15	malaysian	malaysian	ADJ
fbem-18285	53	16	context	context	NOUN
fbem-18285	53	17	,	,	PUNCT
fbem-18285	53	18	found	find	VERB
fbem-18285	53	19	that	that	SCONJ
fbem-18285	53	20	esg	esg	NOUN
fbem-18285	53	21	performance	performance	NOUN
fbem-18285	53	22	rating	rating	NOUN
fbem-18285	53	23	certification	certification	NOUN
fbem-18285	53	24	significantly	significantly	ADV
fbem-18285	53	25	increased	increase	VERB
fbem-18285	53	26	the	the	DET
fbem-18285	53	27	tobin	tobin	NOUN
fbem-18285	53	28	's	's	PART
fbem-18285	53	29	q	q	NOUN
fbem-18285	53	30	value	value	NOUN
fbem-18285	53	31	of	of	ADP
fbem-18285	53	32	firms	firm	NOUN
fbem-18285	53	33	,	,	PUNCT
fbem-18285	53	34	which	which	PRON
fbem-18285	53	35	led	lead	VERB
fbem-18285	53	36	to	to	ADP
fbem-18285	53	37	an	an	DET
fbem-18285	53	38	increase	increase	NOUN
fbem-18285	53	39	in	in	ADP
fbem-18285	53	40	the	the	DET
fbem-18285	53	41	market	market	NOUN
fbem-18285	53	42	value	value	NOUN
fbem-18285	53	43	of	of	ADP
fbem-18285	53	44	the	the	DET
fbem-18285	53	45	firms[10	firms[10	NOUN
fbem-18285	53	46	]	]	PUNCT
fbem-18285	53	47	.	.	PUNCT
fbem-18285	54	1	li	li	PROPN
fbem-18285	54	2	jinglin	jinglin	PROPN
fbem-18285	54	3	et	et	PROPN
fbem-18285	54	4	al	al	PROPN
fbem-18285	54	5	.	.	PROPN
fbem-18285	55	1	(	(	PUNCT
fbem-18285	55	2	2023	2023	NUM
fbem-18285	55	3	)	)	PUNCT
fbem-18285	55	4	found	find	VERB
fbem-18285	55	5	that	that	SCONJ
fbem-18285	55	6	firms	firm	NOUN
fbem-18285	55	7	with	with	ADP
fbem-18285	55	8	better	well	ADJ
fbem-18285	55	9	esg	esg	NOUN
fbem-18285	55	10	performance	performance	NOUN
fbem-18285	55	11	had	have	VERB
fbem-18285	55	12	higher	high	ADJ
fbem-18285	55	13	information	information	NOUN
fbem-18285	55	14	transparency	transparency	NOUN
fbem-18285	55	15	and	and	CCONJ
fbem-18285	55	16	lower	low	ADJ
fbem-18285	55	17	costs	cost	NOUN
fbem-18285	55	18	in	in	ADP
fbem-18285	55	19	terms	term	NOUN
fbem-18285	55	20	of	of	ADP
fbem-18285	55	21	operational	operational	ADJ
fbem-18285	55	22	risks	risk	NOUN
fbem-18285	55	23	and	and	CCONJ
fbem-18285	55	24	financing	financing	NOUN
fbem-18285	55	25	constraints	constraint	NOUN
fbem-18285	55	26	,	,	PUNCT
fbem-18285	55	27	which	which	PRON
fbem-18285	55	28	led	lead	VERB
fbem-18285	55	29	to	to	ADP
fbem-18285	55	30	an	an	DET
fbem-18285	55	31	increase	increase	NOUN
fbem-18285	55	32	in	in	ADP
fbem-18285	55	33	the	the	DET
fbem-18285	55	34	performance	performance	NOUN
fbem-18285	55	35	and	and	CCONJ
fbem-18285	55	36	value	value	NOUN
fbem-18285	55	37	of	of	ADP
fbem-18285	55	38	the	the	DET
fbem-18285	55	39	firms	firm	NOUN
fbem-18285	55	40	in	in	ADP
fbem-18285	55	41	various	various	ADJ
fbem-18285	55	42	aspects	aspect	NOUN
fbem-18285	55	43	of	of	ADP
fbem-18285	55	44	performance	performance	NOUN
fbem-18285	55	45	and	and	CCONJ
fbem-18285	55	46	value[21	value[21	NOUN
fbem-18285	55	47	]	]	PUNCT
fbem-18285	55	48	.	.	PUNCT
fbem-18285	56	1	in	in	ADP
fbem-18285	56	2	summary	summary	NOUN
fbem-18285	56	3	,	,	PUNCT
fbem-18285	56	4	domestic	domestic	ADJ
fbem-18285	56	5	researchers	researcher	NOUN
fbem-18285	56	6	have	have	AUX
fbem-18285	56	7	studied	study	VERB
fbem-18285	56	8	esg	esg	PROPN
fbem-18285	56	9	later	later	ADV
fbem-18285	56	10	than	than	ADP
fbem-18285	56	11	foreign	foreign	ADJ
fbem-18285	56	12	researchers	researcher	NOUN
fbem-18285	56	13	,	,	PUNCT
fbem-18285	56	14	and	and	CCONJ
fbem-18285	56	15	there	there	PRON
fbem-18285	56	16	is	be	VERB
fbem-18285	56	17	still	still	ADV
fbem-18285	56	18	a	a	DET
fbem-18285	56	19	lack	lack	NOUN
fbem-18285	56	20	of	of	ADP
fbem-18285	56	21	research	research	NOUN
fbem-18285	56	22	on	on	ADP
fbem-18285	56	23	the	the	DET
fbem-18285	56	24	mechanism	mechanism	NOUN
fbem-18285	56	25	of	of	ADP
fbem-18285	56	26	esg	esg	PROPN
fbem-18285	56	27	disclosure	disclosure	NOUN
fbem-18285	56	28	quality	quality	NOUN
fbem-18285	56	29	considering	consider	VERB
fbem-18285	56	30	a	a	DET
fbem-18285	56	31	variety	variety	NOUN
fbem-18285	56	32	of	of	ADP
fbem-18285	56	33	factors	factor	NOUN
fbem-18285	56	34	.	.	PUNCT
fbem-18285	57	1	research	research	NOUN
fbem-18285	57	2	on	on	ADP
fbem-18285	57	3	institutional	institutional	ADJ
fbem-18285	57	4	investors	investor	NOUN
fbem-18285	57	5	focuses	focus	VERB
fbem-18285	57	6	on	on	ADP
fbem-18285	57	7	their	their	PRON
fbem-18285	57	8	impact	impact	NOUN
fbem-18285	57	9	on	on	ADP
fbem-18285	57	10	the	the	DET
fbem-18285	57	11	business	business	NOUN
fbem-18285	57	12	performance	performance	NOUN
fbem-18285	57	13	and	and	CCONJ
fbem-18285	57	14	innovation	innovation	NOUN
fbem-18285	57	15	of	of	ADP
fbem-18285	57	16	enterprises	enterprise	NOUN
fbem-18285	57	17	and	and	CCONJ
fbem-18285	57	18	the	the	DET
fbem-18285	57	19	relationship	relationship	NOUN
fbem-18285	57	20	with	with	ADP
fbem-18285	57	21	individual	individual	ADJ
fbem-18285	57	22	e	e	PROPN
fbem-18285	57	23	,	,	PUNCT
fbem-18285	57	24	s	s	X
fbem-18285	57	25	,	,	PUNCT
fbem-18285	57	26	and	and	CCONJ
fbem-18285	57	27	g	g	PROPN
fbem-18285	57	28	dimensions	dimension	NOUN
fbem-18285	57	29	,	,	PUNCT
fbem-18285	57	30	but	but	CCONJ
fbem-18285	57	31	there	there	PRON
fbem-18285	57	32	are	be	VERB
fbem-18285	57	33	only	only	ADV
fbem-18285	57	34	a	a	DET
fbem-18285	57	35	handful	handful	NOUN
fbem-18285	57	36	of	of	ADP
fbem-18285	57	37	studies	study	NOUN
fbem-18285	57	38	on	on	ADP
fbem-18285	57	39	the	the	DET
fbem-18285	57	40	overall	overall	ADJ
fbem-18285	57	41	role	role	NOUN
fbem-18285	57	42	of	of	ADP
fbem-18285	57	43	the	the	DET
fbem-18285	57	44	level	level	NOUN
fbem-18285	57	45	of	of	ADP
fbem-18285	57	46	corporate	corporate	ADJ
fbem-18285	57	47	esg	esg	NOUN
fbem-18285	57	48	disclosure	disclosure	NOUN
fbem-18285	57	49	quality	quality	NOUN
fbem-18285	57	50	on	on	ADP
fbem-18285	57	51	enterprise	enterprise	NOUN
fbem-18285	57	52	value	value	NOUN
fbem-18285	57	53	,	,	PUNCT
fbem-18285	57	54	involving	involve	VERB
fbem-18285	57	55	the	the	DET
fbem-18285	57	56	perspective	perspective	NOUN
fbem-18285	57	57	of	of	ADP
fbem-18285	57	58	institutional	institutional	ADJ
fbem-18285	57	59	investor	investor	NOUN
fbem-18285	57	60	shareholding	shareholding	NOUN
fbem-18285	57	61	,	,	PUNCT
fbem-18285	57	62	and	and	CCONJ
fbem-18285	57	63	scholars	scholar	NOUN
fbem-18285	57	64	have	have	AUX
fbem-18285	57	65	not	not	PART
fbem-18285	57	66	come	come	VERB
fbem-18285	57	67	to	to	ADP
fbem-18285	57	68	a	a	DET
fbem-18285	57	69	unanimous	unanimous	ADJ
fbem-18285	57	70	view	view	NOUN
fbem-18285	57	71	on	on	ADP
fbem-18285	57	72	the	the	DET
fbem-18285	57	73	relationship	relationship	NOUN
fbem-18285	57	74	between	between	ADP
fbem-18285	57	75	the	the	DET
fbem-18285	57	76	two	two	NUM
fbem-18285	57	77	.	.	PUNCT
fbem-18285	58	1	3	3	X
fbem-18285	58	2	.	.	X
fbem-18285	58	3	theoretical	theoretical	ADJ
fbem-18285	58	4	analysis	analysis	NOUN
fbem-18285	58	5	and	and	CCONJ
fbem-18285	58	6	research	research	NOUN
fbem-18285	58	7	hypotheses	hypothesis	NOUN
fbem-18285	58	8	3.1	3.1	NUM
fbem-18285	58	9	.	.	PUNCT
fbem-18285	59	1	esg	esg	NOUN
fbem-18285	59	2	disclosure	disclosure	NOUN
fbem-18285	59	3	and	and	CCONJ
fbem-18285	59	4	corporate	corporate	ADJ
fbem-18285	59	5	value	value	NOUN
fbem-18285	59	6	from	from	ADP
fbem-18285	59	7	the	the	DET
fbem-18285	59	8	financial	financial	ADJ
fbem-18285	59	9	dimension	dimension	NOUN
fbem-18285	59	10	,	,	PUNCT
fbem-18285	59	11	on	on	ADP
fbem-18285	59	12	the	the	DET
fbem-18285	59	13	one	one	NUM
fbem-18285	59	14	hand	hand	NOUN
fbem-18285	59	15	,	,	PUNCT
fbem-18285	59	16	esg	esg	NOUN
fbem-18285	59	17	disclosure	disclosure	NOUN
fbem-18285	59	18	practices	practice	NOUN
fbem-18285	59	19	adopted	adopt	VERB
fbem-18285	59	20	by	by	ADP
fbem-18285	59	21	enterprises	enterprise	NOUN
fbem-18285	59	22	can	can	AUX
fbem-18285	59	23	effectively	effectively	ADV
fbem-18285	59	24	reduce	reduce	VERB
fbem-18285	59	25	the	the	DET
fbem-18285	59	26	possibility	possibility	NOUN
fbem-18285	59	27	of	of	ADP
fbem-18285	59	28	adverse	adverse	ADJ
fbem-18285	59	29	selection	selection	NOUN
fbem-18285	59	30	problems	problem	NOUN
fbem-18285	59	31	at	at	ADP
fbem-18285	59	32	the	the	DET
fbem-18285	59	33	corporate	corporate	ADJ
fbem-18285	59	34	governance	governance	NOUN
fbem-18285	59	35	level	level	NOUN
fbem-18285	59	36	.	.	PUNCT
fbem-18285	60	1	on	on	ADP
fbem-18285	60	2	the	the	DET
fbem-18285	60	3	other	other	ADJ
fbem-18285	60	4	hand	hand	NOUN
fbem-18285	60	5	,	,	PUNCT
fbem-18285	60	6	esg	esg	PROPN
fbem-18285	60	7	practices	practice	NOUN
fbem-18285	60	8	can	can	AUX
fbem-18285	60	9	reduce	reduce	VERB
fbem-18285	60	10	the	the	DET
fbem-18285	60	11	costs	cost	NOUN
fbem-18285	60	12	of	of	ADP
fbem-18285	60	13	enterprises	enterprise	NOUN
fbem-18285	60	14	in	in	ADP
fbem-18285	60	15	all	all	DET
fbem-18285	60	16	aspects	aspect	NOUN
fbem-18285	60	17	.	.	PUNCT
fbem-18285	61	1	enterprises	enterprise	NOUN
fbem-18285	61	2	practicing	practice	VERB
fbem-18285	61	3	esg	esg	PROPN
fbem-18285	61	4	can	can	AUX
fbem-18285	61	5	gain	gain	VERB
fbem-18285	61	6	recognition	recognition	NOUN
fbem-18285	61	7	of	of	ADP
fbem-18285	61	8	their	their	PRON
fbem-18285	61	9	corporate	corporate	ADJ
fbem-18285	61	10	value	value	NOUN
fbem-18285	61	11	from	from	ADP
fbem-18285	61	12	the	the	DET
fbem-18285	61	13	capital	capital	NOUN
fbem-18285	61	14	market	market	NOUN
fbem-18285	61	15	and	and	CCONJ
fbem-18285	61	16	society	society	NOUN
fbem-18285	61	17	,	,	PUNCT
fbem-18285	61	18	which	which	PRON
fbem-18285	61	19	is	be	AUX
fbem-18285	61	20	conducive	conducive	ADJ
fbem-18285	61	21	to	to	ADP
fbem-18285	61	22	obtaining	obtain	VERB
fbem-18285	61	23	more	more	ADJ
fbem-18285	61	24	financing	financing	NOUN
fbem-18285	61	25	,	,	PUNCT
fbem-18285	61	26	reducing	reduce	VERB
fbem-18285	61	27	direct	direct	ADJ
fbem-18285	61	28	costs	cost	NOUN
fbem-18285	61	29	,	,	PUNCT
fbem-18285	61	30	and	and	CCONJ
fbem-18285	61	31	indirectly	indirectly	ADV
fbem-18285	61	32	creating	create	VERB
fbem-18285	61	33	value	value	NOUN
fbem-18285	61	34	for	for	ADP
fbem-18285	61	35	the	the	DET
fbem-18285	61	36	enterprise	enterprise	NOUN
fbem-18285	61	37	.	.	PUNCT
fbem-18285	62	1	from	from	ADP
fbem-18285	62	2	the	the	DET
fbem-18285	62	3	nonfinancial	nonfinancial	ADJ
fbem-18285	62	4	dimension	dimension	NOUN
fbem-18285	62	5	,	,	PUNCT
fbem-18285	62	6	enterprises	enterprise	NOUN
fbem-18285	62	7	actively	actively	ADV
fbem-18285	62	8	improving	improve	VERB
fbem-18285	62	9	the	the	DET
fbem-18285	62	10	quality	quality	NOUN
fbem-18285	62	11	of	of	ADP
fbem-18285	62	12	their	their	PRON
fbem-18285	62	13	esg	esg	NOUN
fbem-18285	62	14	disclosure	disclosure	NOUN
fbem-18285	62	15	is	be	AUX
fbem-18285	62	16	conducive	conducive	ADJ
fbem-18285	62	17	to	to	ADP
fbem-18285	62	18	the	the	DET
fbem-18285	62	19	accumulation	accumulation	NOUN
fbem-18285	62	20	of	of	ADP
fbem-18285	62	21	social	social	ADJ
fbem-18285	62	22	reputation	reputation	NOUN
fbem-18285	62	23	,	,	PUNCT
fbem-18285	62	24	and	and	CCONJ
fbem-18285	62	25	good	good	ADJ
fbem-18285	62	26	social	social	ADJ
fbem-18285	62	27	reputation	reputation	NOUN
fbem-18285	62	28	is	be	AUX
fbem-18285	62	29	an	an	DET
fbem-18285	62	30	important	important	ADJ
fbem-18285	62	31	factor	factor	NOUN
fbem-18285	62	32	essential	essential	ADJ
fbem-18285	62	33	for	for	SCONJ
fbem-18285	62	34	enterprises	enterprise	NOUN
fbem-18285	62	35	to	to	PART
fbem-18285	62	36	enhance	enhance	VERB
fbem-18285	62	37	their	their	PRON
fbem-18285	62	38	business	business	NOUN
fbem-18285	62	39	value	value	NOUN
fbem-18285	62	40	.	.	PUNCT
fbem-18285	63	1	at	at	ADP
fbem-18285	63	2	the	the	DET
fbem-18285	63	3	same	same	ADJ
fbem-18285	63	4	time	time	NOUN
fbem-18285	63	5	,	,	PUNCT
fbem-18285	63	6	positive	positive	ADJ
fbem-18285	63	7	csr	csr	NOUN
fbem-18285	63	8	actions	action	NOUN
fbem-18285	63	9	have	have	VERB
fbem-18285	63	10	a	a	DET
fbem-18285	63	11	reputational	reputational	ADJ
fbem-18285	63	12	insurance	insurance	NOUN
fbem-18285	63	13	effect	effect	NOUN
fbem-18285	63	14	,	,	PUNCT
fbem-18285	63	15	reducing	reduce	VERB
fbem-18285	63	16	the	the	DET
fbem-18285	63	17	negative	negative	ADJ
fbem-18285	63	18	impact	impact	NOUN
fbem-18285	63	19	of	of	ADP
fbem-18285	63	20	corporate	corporate	ADJ
fbem-18285	63	21	misbehaviour	misbehaviour	NOUN
fbem-18285	63	22	and	and	CCONJ
fbem-18285	63	23	possible	possible	ADJ
fbem-18285	63	24	economic	economic	ADJ
fbem-18285	63	25	losses	loss	NOUN
fbem-18285	63	26	,	,	PUNCT
fbem-18285	63	27	improving	improve	VERB
fbem-18285	63	28	investors	investor	NOUN
fbem-18285	63	29	'	'	PART
fbem-18285	63	30	profit	profit	NOUN
fbem-18285	63	31	expectations	expectation	NOUN
fbem-18285	63	32	,	,	PUNCT
fbem-18285	63	33	and	and	CCONJ
fbem-18285	63	34	thus	thus	ADV
fbem-18285	63	35	reducing	reduce	VERB
fbem-18285	63	36	stock	stock	NOUN
fbem-18285	63	37	market	market	NOUN
fbem-18285	63	38	risks.based	risks.base	VERB
fbem-18285	63	39	on	on	ADP
fbem-18285	63	40	the	the	DET
fbem-18285	63	41	above	above	ADJ
fbem-18285	63	42	analysis	analysis	NOUN
fbem-18285	63	43	,	,	PUNCT
fbem-18285	63	44	the	the	DET
fbem-18285	63	45	first	first	ADJ
fbem-18285	63	46	hypothesis	hypothesis	NOUN
fbem-18285	63	47	of	of	ADP
fbem-18285	63	48	this	this	DET
fbem-18285	63	49	paper	paper	NOUN
fbem-18285	63	50	is	be	AUX
fbem-18285	63	51	proposed	propose	VERB
fbem-18285	63	52	:	:	PUNCT
fbem-18285	63	53	hypothesis	hypothesis	NOUN
fbem-18285	63	54	1	1	NUM
fbem-18285	63	55	:	:	PUNCT
fbem-18285	63	56	listed	list	VERB
fbem-18285	63	57	companies	company	NOUN
fbem-18285	63	58	improve	improve	VERB
fbem-18285	63	59	the	the	DET
fbem-18285	63	60	quality	quality	NOUN
fbem-18285	63	61	level	level	NOUN
fbem-18285	63	62	of	of	ADP
fbem-18285	63	63	their	their	PRON
fbem-18285	63	64	own	own	ADJ
fbem-18285	63	65	esg	esg	NOUN
fbem-18285	63	66	disclosure	disclosure	NOUN
fbem-18285	63	67	can	can	AUX
fbem-18285	63	68	positively	positively	ADV
fbem-18285	63	69	promote	promote	VERB
fbem-18285	63	70	their	their	PRON
fbem-18285	63	71	enhancement	enhancement	NOUN
fbem-18285	63	72	of	of	ADP
fbem-18285	63	73	corporate	corporate	ADJ
fbem-18285	63	74	value	value	NOUN
fbem-18285	63	75	.	.	PUNCT
fbem-18285	64	1	3.2	3.2	NUM
fbem-18285	64	2	.	.	PUNCT
fbem-18285	65	1	esg	esg	NOUN
fbem-18285	65	2	disclosure	disclosure	NOUN
fbem-18285	65	3	and	and	CCONJ
fbem-18285	65	4	institutional	institutional	ADJ
fbem-18285	65	5	investor	investor	NOUN
fbem-18285	65	6	preferences	preference	NOUN
fbem-18285	65	7	institutional	institutional	ADJ
fbem-18285	65	8	investors	investor	NOUN
fbem-18285	65	9	have	have	VERB
fbem-18285	65	10	more	more	ADJ
fbem-18285	65	11	professional	professional	ADJ
fbem-18285	65	12	and	and	CCONJ
fbem-18285	65	13	rich	rich	ADJ
fbem-18285	65	14	financial	financial	ADJ
fbem-18285	65	15	knowledge	knowledge	NOUN
fbem-18285	65	16	,	,	PUNCT
fbem-18285	65	17	stronger	strong	ADJ
fbem-18285	65	18	ability	ability	NOUN
fbem-18285	65	19	to	to	PART
fbem-18285	65	20	collect	collect	VERB
fbem-18285	65	21	key	key	ADJ
fbem-18285	65	22	information	information	NOUN
fbem-18285	65	23	and	and	CCONJ
fbem-18285	65	24	stronger	strong	ADJ
fbem-18285	65	25	financial	financial	ADJ
fbem-18285	65	26	strength	strength	NOUN
fbem-18285	65	27	,	,	PUNCT
fbem-18285	65	28	and	and	CCONJ
fbem-18285	65	29	play	play	VERB
fbem-18285	65	30	a	a	DET
fbem-18285	65	31	significant	significant	ADJ
fbem-18285	65	32	role	role	NOUN
fbem-18285	65	33	in	in	ADP
fbem-18285	65	34	the	the	DET
fbem-18285	65	35	domestic	domestic	ADJ
fbem-18285	65	36	investment	investment	NOUN
fbem-18285	65	37	market	market	NOUN
fbem-18285	65	38	.	.	PUNCT
fbem-18285	66	1	on	on	ADP
fbem-18285	66	2	the	the	DET
fbem-18285	66	3	one	one	NUM
fbem-18285	66	4	hand	hand	NOUN
fbem-18285	66	5	,	,	PUNCT
fbem-18285	66	6	enhancing	enhance	VERB
fbem-18285	66	7	esg	esg	PROPN
fbem-18285	66	8	disclosure	disclosure	NOUN
fbem-18285	66	9	is	be	AUX
fbem-18285	66	10	regarded	regard	VERB
fbem-18285	66	11	by	by	ADP
fbem-18285	66	12	enterprises	enterprise	NOUN
fbem-18285	66	13	as	as	ADP
fbem-18285	66	14	an	an	DET
fbem-18285	66	15	important	important	ADJ
fbem-18285	66	16	way	way	NOUN
fbem-18285	66	17	to	to	PART
fbem-18285	66	18	achieve	achieve	VERB
fbem-18285	66	19	their	their	PRON
fbem-18285	66	20	sustainable	sustainable	ADJ
fbem-18285	66	21	development	development	NOUN
fbem-18285	66	22	,	,	PUNCT
fbem-18285	66	23	which	which	PRON
fbem-18285	66	24	can	can	AUX
fbem-18285	66	25	provide	provide	VERB
fbem-18285	66	26	institutional	institutional	ADJ
fbem-18285	66	27	investors	investor	NOUN
fbem-18285	66	28	with	with	ADP
fbem-18285	66	29	information	information	NOUN
fbem-18285	66	30	about	about	ADP
fbem-18285	66	31	the	the	DET
fbem-18285	66	32	financial	financial	ADJ
fbem-18285	66	33	risks	risk	NOUN
fbem-18285	66	34	of	of	ADP
fbem-18285	66	35	enterprises	enterprise	NOUN
fbem-18285	66	36	,	,	PUNCT
fbem-18285	66	37	and	and	CCONJ
fbem-18285	66	38	at	at	ADP
fbem-18285	66	39	the	the	DET
fbem-18285	66	40	same	same	ADJ
fbem-18285	66	41	time	time	NOUN
fbem-18285	66	42	,	,	PUNCT
fbem-18285	66	43	institutional	institutional	ADJ
fbem-18285	66	44	investors	investor	NOUN
fbem-18285	66	45	will	will	AUX
fbem-18285	66	46	analyse	analyse	VERB
fbem-18285	66	47	a	a	DET
fbem-18285	66	48	variety	variety	NOUN
fbem-18285	66	49	of	of	ADP
fbem-18285	66	50	information	information	NOUN
fbem-18285	66	51	disclosed	disclose	VERB
fbem-18285	66	52	by	by	ADP
fbem-18285	66	53	enterprises	enterprise	NOUN
fbem-18285	66	54	as	as	ADP
fbem-18285	66	55	a	a	DET
fbem-18285	66	56	criterion	criterion	NOUN
fbem-18285	66	57	for	for	ADP
fbem-18285	66	58	making	make	VERB
fbem-18285	66	59	investment	investment	NOUN
fbem-18285	66	60	decisions	decision	NOUN
fbem-18285	66	61	.	.	PUNCT
fbem-18285	67	1	on	on	ADP
fbem-18285	67	2	the	the	DET
fbem-18285	67	3	other	other	ADJ
fbem-18285	67	4	hand	hand	NOUN
fbem-18285	67	5	,	,	PUNCT
fbem-18285	67	6	it	it	PRON
fbem-18285	67	7	can	can	AUX
fbem-18285	67	8	provide	provide	VERB
fbem-18285	67	9	companies	company	NOUN
fbem-18285	67	10	with	with	ADP
fbem-18285	67	11	significant	significant	ADJ
fbem-18285	67	12	resources	resource	NOUN
fbem-18285	67	13	and	and	CCONJ
fbem-18285	67	14	increase	increase	VERB
fbem-18285	67	15	organisational	organisational	ADJ
fbem-18285	67	16	resilience	resilience	NOUN
fbem-18285	67	17	.	.	PUNCT
fbem-18285	68	1	institutional	institutional	ADJ
fbem-18285	68	2	investors	investor	NOUN
fbem-18285	68	3	may	may	AUX
fbem-18285	68	4	be	be	AUX
fbem-18285	68	5	more	more	ADV
fbem-18285	68	6	sensitive	sensitive	ADJ
fbem-18285	68	7	to	to	ADP
fbem-18285	68	8	policies	policy	NOUN
fbem-18285	68	9	and	and	CCONJ
fbem-18285	68	10	regulations	regulation	NOUN
fbem-18285	68	11	and	and	CCONJ
fbem-18285	68	12	have	have	VERB
fbem-18285	68	13	better	well	ADJ
fbem-18285	68	14	analytical	analytical	ADJ
fbem-18285	68	15	skills	skill	NOUN
fbem-18285	68	16	,	,	PUNCT
fbem-18285	68	17	which	which	PRON
fbem-18285	68	18	can	can	AUX
fbem-18285	68	19	quickly	quickly	ADV
fbem-18285	68	20	reduce	reduce	VERB
fbem-18285	68	21	corporate	corporate	ADJ
fbem-18285	68	22	risks.22	risks.22	NOUN
fbem-18285	68	23	in	in	ADP
fbem-18285	68	24	addition	addition	NOUN
fbem-18285	68	25	,	,	PUNCT
fbem-18285	68	26	institutional	institutional	ADJ
fbem-18285	68	27	investors	investor	NOUN
fbem-18285	68	28	usually	usually	ADV
fbem-18285	68	29	invest	invest	VERB
fbem-18285	68	30	in	in	ADP
fbem-18285	68	31	several	several	ADJ
fbem-18285	68	32	companies	company	NOUN
fbem-18285	68	33	at	at	ADP
fbem-18285	68	34	the	the	DET
fbem-18285	68	35	same	same	ADJ
fbem-18285	68	36	time	time	NOUN
fbem-18285	68	37	,	,	PUNCT
fbem-18285	68	38	and	and	CCONJ
fbem-18285	68	39	attracting	attract	VERB
fbem-18285	68	40	institutional	institutional	ADJ
fbem-18285	68	41	investors	investor	NOUN
fbem-18285	68	42	to	to	PART
fbem-18285	68	43	increase	increase	VERB
fbem-18285	68	44	their	their	PRON
fbem-18285	68	45	shareholdings	shareholding	NOUN
fbem-18285	68	46	can	can	AUX
fbem-18285	68	47	promote	promote	VERB
fbem-18285	68	48	mutual	mutual	ADJ
fbem-18285	68	49	benefits	benefit	NOUN
fbem-18285	68	50	for	for	ADP
fbem-18285	68	51	companies	company	NOUN
fbem-18285	68	52	involved	involve	VERB
fbem-18285	68	53	in	in	ADP
fbem-18285	68	54	co	co	NOUN
fbem-18285	68	55	-	-	NOUN
fbem-18285	68	56	investments	investment	NOUN
fbem-18285	68	57	.	.	PUNCT
fbem-18285	69	1	in	in	ADP
fbem-18285	69	2	the	the	DET
fbem-18285	69	3	long	long	ADJ
fbem-18285	69	4	run	run	NOUN
fbem-18285	69	5	,	,	PUNCT
fbem-18285	69	6	good	good	ADJ
fbem-18285	69	7	esg	esg	PROPN
fbem-18285	69	8	performance	performance	NOUN
fbem-18285	69	9	not	not	PART
fbem-18285	69	10	only	only	ADV
fbem-18285	69	11	improves	improve	VERB
fbem-18285	69	12	financial	financial	ADJ
fbem-18285	69	13	performance	performance	NOUN
fbem-18285	69	14	and	and	CCONJ
fbem-18285	69	15	corporate	corporate	ADJ
fbem-18285	69	16	value	value	NOUN
fbem-18285	69	17	,	,	PUNCT
fbem-18285	69	18	but	but	CCONJ
fbem-18285	69	19	also	also	ADV
fbem-18285	69	20	improves	improve	VERB
fbem-18285	69	21	firms	firm	NOUN
fbem-18285	69	22	'	'	PART
fbem-18285	69	23	innovation	innovation	NOUN
fbem-18285	69	24	ability[23	ability[23	ADV
fbem-18285	69	25	]	]	PUNCT
fbem-18285	69	26	.	.	PUNCT
fbem-18285	70	1	therefore	therefore	ADV
fbem-18285	70	2	,	,	PUNCT
fbem-18285	70	3	for	for	ADP
fbem-18285	70	4	specialised	specialised	ADJ
fbem-18285	70	5	institutional	institutional	ADJ
fbem-18285	70	6	investors	investor	NOUN
fbem-18285	70	7	,	,	PUNCT
fbem-18285	70	8	they	they	PRON
fbem-18285	70	9	are	be	AUX
fbem-18285	70	10	bound	bind	VERB
fbem-18285	70	11	to	to	PART
fbem-18285	70	12	consider	consider	VERB
fbem-18285	70	13	the	the	DET
fbem-18285	70	14	quality	quality	NOUN
fbem-18285	70	15	of	of	ADP
fbem-18285	70	16	esg	esg	PROPN
fbem-18285	70	17	disclosure	disclosure	NOUN
fbem-18285	70	18	as	as	ADV
fbem-18285	70	19	well	well	ADV
fbem-18285	70	20	as	as	ADP
fbem-18285	70	21	the	the	DET
fbem-18285	70	22	rating	rating	NOUN
fbem-18285	70	23	status	status	NOUN
fbem-18285	70	24	of	of	ADP
fbem-18285	70	25	the	the	DET
fbem-18285	70	26	firms	firm	NOUN
fbem-18285	70	27	they	they	PRON
fbem-18285	70	28	invest	invest	VERB
fbem-18285	70	29	in	in	ADP
fbem-18285	70	30	as	as	SCONJ
fbem-18285	70	31	well.this	well.this	PRON
fbem-18285	70	32	leads	lead	VERB
fbem-18285	70	33	to	to	ADP
fbem-18285	70	34	the	the	DET
fbem-18285	70	35	second	second	ADJ
fbem-18285	70	36	hypothesis	hypothesis	NOUN
fbem-18285	70	37	of	of	ADP
fbem-18285	70	38	this	this	DET
fbem-18285	70	39	paper	paper	NOUN
fbem-18285	70	40	.	.	PUNCT
fbem-18285	71	1	hypothesis	hypothesis	NOUN
fbem-18285	71	2	2	2	NUM
fbem-18285	71	3	:	:	PUNCT
fbem-18285	71	4	the	the	DET
fbem-18285	71	5	high	high	ADJ
fbem-18285	71	6	-	-	PUNCT
fbem-18285	71	7	quality	quality	NOUN
fbem-18285	71	8	esg	esg	NOUN
fbem-18285	71	9	disclosure	disclosure	NOUN
fbem-18285	71	10	level	level	NOUN
fbem-18285	71	11	of	of	ADP
fbem-18285	71	12	a	a	DET
fbem-18285	71	13	listed	list	VERB
fbem-18285	71	14	firm	firm	NOUN
fbem-18285	71	15	can	can	AUX
fbem-18285	71	16	induce	induce	VERB
fbem-18285	71	17	institutional	institutional	ADJ
fbem-18285	71	18	investors	investor	NOUN
fbem-18285	71	19	to	to	PART
fbem-18285	71	20	increase	increase	VERB
fbem-18285	71	21	the	the	DET
fbem-18285	71	22	proportion	proportion	NOUN
fbem-18285	71	23	of	of	ADP
fbem-18285	71	24	shares	share	NOUN
fbem-18285	71	25	of	of	ADP
fbem-18285	71	26	that	that	DET
fbem-18285	71	27	firm	firm	NOUN
fbem-18285	71	28	in	in	ADP
fbem-18285	71	29	their	their	PRON
fbem-18285	71	30	hands	hand	NOUN
fbem-18285	71	31	.	.	PUNCT
fbem-18285	72	1	3.3	3.3	NUM
fbem-18285	72	2	.	.	PUNCT
fbem-18285	73	1	the	the	DET
fbem-18285	73	2	mediating	mediate	VERB
fbem-18285	73	3	effect	effect	NOUN
fbem-18285	73	4	of	of	ADP
fbem-18285	73	5	institutional	institutional	ADJ
fbem-18285	73	6	investors	investor	NOUN
fbem-18285	73	7	'	'	PART
fbem-18285	73	8	preferences	preference	NOUN
fbem-18285	73	9	institutional	institutional	ADJ
fbem-18285	73	10	investors	investor	NOUN
fbem-18285	73	11	are	be	AUX
fbem-18285	73	12	mostly	mostly	ADV
fbem-18285	73	13	well	well	ADV
fbem-18285	73	14	-	-	PUNCT
fbem-18285	73	15	funded	fund	VERB
fbem-18285	73	16	,	,	PUNCT
fbem-18285	73	17	have	have	VERB
fbem-18285	73	18	more	more	ADJ
fbem-18285	73	19	information	information	NOUN
fbem-18285	73	20	about	about	ADP
fbem-18285	73	21	the	the	DET
fbem-18285	73	22	enterprise	enterprise	NOUN
fbem-18285	73	23	and	and	CCONJ
fbem-18285	73	24	shareholding	shareholding	NOUN
fbem-18285	73	25	stability	stability	NOUN
fbem-18285	73	26	,	,	PUNCT
fbem-18285	73	27	focusing	focus	VERB
fbem-18285	73	28	on	on	ADP
fbem-18285	73	29	long	long	ADJ
fbem-18285	73	30	-	-	PUNCT
fbem-18285	73	31	term	term	NOUN
fbem-18285	73	32	stock	stock	NOUN
fbem-18285	73	33	holding	holding	NOUN
fbem-18285	73	34	rather	rather	ADV
fbem-18285	73	35	than	than	ADP
fbem-18285	73	36	selling	sell	VERB
fbem-18285	73	37	easily	easily	ADV
fbem-18285	73	38	.	.	PUNCT
fbem-18285	74	1	they	they	PRON
fbem-18285	74	2	can	can	AUX
fbem-18285	74	3	choose	choose	VERB
fbem-18285	74	4	multi	multi	ADJ
fbem-18285	74	5	-	-	ADJ
fbem-18285	74	6	party	party	ADJ
fbem-18285	74	7	co	co	NOUN
fbem-18285	74	8	-	-	NOUN
fbem-18285	74	9	operation	operation	NOUN
fbem-18285	74	10	to	to	PART
fbem-18285	74	11	increase	increase	VERB
fbem-18285	74	12	the	the	DET
fbem-18285	74	13	overall	overall	ADJ
fbem-18285	74	14	shareholding	shareholding	NOUN
fbem-18285	74	15	ratio	ratio	NOUN
fbem-18285	74	16	,	,	PUNCT
fbem-18285	74	17	and	and	CCONJ
fbem-18285	74	18	the	the	DET
fbem-18285	74	19	larger	large	ADJ
fbem-18285	74	20	the	the	DET
fbem-18285	74	21	overall	overall	ADJ
fbem-18285	74	22	shareholding	shareholding	NOUN
fbem-18285	74	23	ratio	ratio	NOUN
fbem-18285	74	24	,	,	PUNCT
fbem-18285	74	25	the	the	PRON
fbem-18285	74	26	greater	great	ADJ
fbem-18285	74	27	the	the	DET
fbem-18285	74	28	impact	impact	NOUN
fbem-18285	74	29	of	of	ADP
fbem-18285	74	30	the	the	DET
fbem-18285	74	31	threat	threat	NOUN
fbem-18285	74	32	of	of	ADP
fbem-18285	74	33	their	their	PRON
fbem-18285	74	34	exit	exit	NOUN
fbem-18285	74	35	on	on	ADP
fbem-18285	74	36	the	the	DET
fbem-18285	74	37	enterprise	enterprise	NOUN
fbem-18285	74	38	,	,	PUNCT
fbem-18285	74	39	which	which	PRON
fbem-18285	74	40	will	will	AUX
fbem-18285	74	41	push	push	VERB
fbem-18285	74	42	enterprises	enterprise	NOUN
fbem-18285	74	43	to	to	PART
fbem-18285	74	44	take	take	VERB
fbem-18285	74	45	the	the	DET
fbem-18285	74	46	initiative	initiative	NOUN
fbem-18285	74	47	to	to	PART
fbem-18285	74	48	improve	improve	VERB
fbem-18285	74	49	the	the	DET
fbem-18285	74	50	level	level	NOUN
fbem-18285	74	51	of	of	ADP
fbem-18285	74	52	esg	esg	PROPN
fbem-18285	74	53	information	information	NOUN
fbem-18285	74	54	disclosure	disclosure	NOUN
fbem-18285	74	55	,	,	PUNCT
fbem-18285	74	56	and	and	CCONJ
fbem-18285	74	57	practice	practice	VERB
fbem-18285	74	58	the	the	DET
fbem-18285	74	59	concept	concept	NOUN
fbem-18285	74	60	of	of	ADP
fbem-18285	74	61	esg	esg	PROPN
fbem-18285	74	62	responsible	responsible	ADJ
fbem-18285	74	63	investment	investment	NOUN
fbem-18285	74	64	.	.	PUNCT
fbem-18285	75	1	in	in	ADP
fbem-18285	75	2	addition	addition	NOUN
fbem-18285	75	3	,	,	PUNCT
fbem-18285	75	4	institutional	institutional	ADJ
fbem-18285	75	5	investors	investor	NOUN
fbem-18285	75	6	,	,	PUNCT
fbem-18285	75	7	through	through	ADP
fbem-18285	75	8	their	their	PRON
fbem-18285	75	9	own	own	ADJ
fbem-18285	75	10	professional	professional	ADJ
fbem-18285	75	11	skills	skill	NOUN
fbem-18285	75	12	,	,	PUNCT
fbem-18285	75	13	interpretation	interpretation	NOUN
fbem-18285	75	14	of	of	ADP
fbem-18285	75	15	information	information	NOUN
fbem-18285	75	16	,	,	PUNCT
fbem-18285	75	17	participation	participation	NOUN
fbem-18285	75	18	in	in	ADP
fbem-18285	75	19	corporate	corporate	ADJ
fbem-18285	75	20	decision	decision	NOUN
fbem-18285	75	21	-	-	PUNCT
fbem-18285	75	22	making	making	NOUN
fbem-18285	75	23	,	,	PUNCT
fbem-18285	75	24	play	play	VERB
fbem-18285	75	25	a	a	DET
fbem-18285	75	26	supervisory	supervisory	ADJ
fbem-18285	75	27	role	role	NOUN
fbem-18285	75	28	in	in	ADP
fbem-18285	75	29	the	the	DET
fbem-18285	75	30	enterprise	enterprise	NOUN
fbem-18285	75	31	,	,	PUNCT
fbem-18285	75	32	not	not	PART
fbem-18285	75	33	only	only	ADV
fbem-18285	75	34	can	can	AUX
fbem-18285	75	35	greatly	greatly	ADV
fbem-18285	75	36	improve	improve	VERB
fbem-18285	75	37	the	the	DET
fbem-18285	75	38	internal	internal	ADJ
fbem-18285	75	39	governance	governance	NOUN
fbem-18285	75	40	of	of	ADP
fbem-18285	75	41	the	the	DET
fbem-18285	75	42	enterprise	enterprise	NOUN
fbem-18285	75	43	,	,	PUNCT
fbem-18285	75	44	but	but	CCONJ
fbem-18285	75	45	also	also	ADV
fbem-18285	75	46	attract	attract	VERB
fbem-18285	75	47	the	the	DET
fbem-18285	75	48	attention	attention	NOUN
fbem-18285	75	49	of	of	ADP
fbem-18285	75	50	small	small	ADJ
fbem-18285	75	51	and	and	CCONJ
fbem-18285	75	52	medium	medium	ADJ
fbem-18285	75	53	-	-	PUNCT
fbem-18285	75	54	sized	sized	ADJ
fbem-18285	75	55	investor	investor	NOUN
fbem-18285	75	56	groups	group	NOUN
fbem-18285	75	57	,	,	PUNCT
fbem-18285	75	58	optimise	optimise	VERB
fbem-18285	75	59	the	the	DET
fbem-18285	75	60	investment	investment	NOUN
fbem-18285	75	61	structure	structure	NOUN
fbem-18285	75	62	,	,	PUNCT
fbem-18285	75	63	reduce	reduce	VERB
fbem-18285	75	64	the	the	DET
fbem-18285	75	65	cost	cost	NOUN
fbem-18285	75	66	of	of	ADP
fbem-18285	75	67	financing	financing	NOUN
fbem-18285	75	68	,	,	PUNCT
fbem-18285	75	69	alleviate	alleviate	VERB
fbem-18285	75	70	the	the	DET
fbem-18285	75	71	constraints	constraint	NOUN
fbem-18285	75	72	on	on	ADP
fbem-18285	75	73	corporate	corporate	ADJ
fbem-18285	75	74	financing	financing	NOUN
fbem-18285	75	75	,	,	PUNCT
fbem-18285	75	76	thus	thus	ADV
fbem-18285	75	77	enhancing	enhance	VERB
fbem-18285	75	78	the	the	DET
fbem-18285	75	79	value	value	NOUN
fbem-18285	75	80	of	of	ADP
fbem-18285	75	81	the	the	DET
fbem-18285	75	82	enterprise	enterprise	NOUN
fbem-18285	75	83	.	.	PUNCT
fbem-18285	76	1	on	on	ADP
fbem-18285	76	2	the	the	DET
fbem-18285	76	3	one	one	NUM
fbem-18285	76	4	hand	hand	NOUN
fbem-18285	76	5	,	,	PUNCT
fbem-18285	76	6	high	high	ADJ
fbem-18285	76	7	-	-	PUNCT
fbem-18285	76	8	quality	quality	NOUN
fbem-18285	76	9	esg	esg	NOUN
fbem-18285	76	10	disclosure	disclosure	NOUN
fbem-18285	76	11	can	can	AUX
fbem-18285	76	12	send	send	VERB
fbem-18285	76	13	a	a	DET
fbem-18285	76	14	positive	positive	ADJ
fbem-18285	76	15	signal	signal	NOUN
fbem-18285	76	16	to	to	ADP
fbem-18285	76	17	the	the	DET
fbem-18285	76	18	external	external	ADJ
fbem-18285	76	19	market	market	NOUN
fbem-18285	76	20	,	,	PUNCT
fbem-18285	76	21	indicating	indicate	VERB
fbem-18285	76	22	that	that	SCONJ
fbem-18285	76	23	the	the	DET
fbem-18285	76	24	enterprise	enterprise	NOUN
fbem-18285	76	25	should	should	AUX
fbem-18285	76	26	conduct	conduct	VERB
fbem-18285	76	27	its	its	PRON
fbem-18285	76	28	business	business	NOUN
fbem-18285	76	29	activities	activity	NOUN
fbem-18285	76	30	in	in	ADP
fbem-18285	76	31	a	a	DET
fbem-18285	76	32	credible	credible	ADJ
fbem-18285	76	33	and	and	CCONJ
fbem-18285	76	34	sustainable	sustainable	ADJ
fbem-18285	76	35	manner	manner	NOUN
fbem-18285	76	36	,	,	PUNCT
fbem-18285	76	37	thus	thus	ADV
fbem-18285	76	38	obtaining	obtain	VERB
fbem-18285	76	39	the	the	DET
fbem-18285	76	40	trust	trust	NOUN
fbem-18285	76	41	of	of	ADP
fbem-18285	76	42	multiple	multiple	ADJ
fbem-18285	76	43	stakeholders	stakeholder	NOUN
fbem-18285	76	44	and	and	CCONJ
fbem-18285	76	45	recognition	recognition	NOUN
fbem-18285	76	46	from	from	ADP
fbem-18285	76	47	the	the	DET
fbem-18285	76	48	market	market	NOUN
fbem-18285	76	49	,	,	PUNCT
fbem-18285	76	50	and	and	CCONJ
fbem-18285	76	51	thus	thus	ADV
fbem-18285	76	52	increasing	increase	VERB
fbem-18285	76	53	the	the	DET
fbem-18285	76	54	value	value	NOUN
fbem-18285	76	55	of	of	ADP
fbem-18285	76	56	the	the	DET
fbem-18285	76	57	enterprise	enterprise	NOUN
fbem-18285	76	58	.	.	PUNCT
fbem-18285	77	1	on	on	ADP
fbem-18285	77	2	the	the	DET
fbem-18285	77	3	other	other	ADJ
fbem-18285	77	4	hand	hand	NOUN
fbem-18285	77	5	,	,	PUNCT
fbem-18285	77	6	the	the	PRON
fbem-18285	77	7	higher	high	ADJ
fbem-18285	77	8	the	the	DET
fbem-18285	77	9	level	level	NOUN
fbem-18285	77	10	of	of	ADP
fbem-18285	77	11	esg	esg	PROPN
fbem-18285	77	12	disclosure	disclosure	NOUN
fbem-18285	77	13	quality	quality	NOUN
fbem-18285	77	14	of	of	ADP
fbem-18285	77	15	enterprises	enterprise	NOUN
fbem-18285	77	16	,	,	PUNCT
fbem-18285	77	17	the	the	PRON
fbem-18285	77	18	more	more	ADJ
fbem-18285	77	19	they	they	PRON
fbem-18285	77	20	can	can	AUX
fbem-18285	77	21	attract	attract	VERB
fbem-18285	77	22	the	the	DET
fbem-18285	77	23	attention	attention	NOUN
fbem-18285	77	24	of	of	ADP
fbem-18285	77	25	prudent	prudent	ADJ
fbem-18285	77	26	institutional	institutional	ADJ
fbem-18285	77	27	investors	investor	NOUN
fbem-18285	77	28	,	,	PUNCT
fbem-18285	77	29	thus	thus	ADV
fbem-18285	77	30	increasing	increase	VERB
fbem-18285	77	31	the	the	DET
fbem-18285	77	32	investment	investment	NOUN
fbem-18285	77	33	of	of	ADP
fbem-18285	77	34	professional	professional	ADJ
fbem-18285	77	35	institutional	institutional	ADJ
fbem-18285	77	36	investors	investor	NOUN
fbem-18285	77	37	,	,	PUNCT
fbem-18285	77	38	and	and	CCONJ
fbem-18285	77	39	sending	send	VERB
fbem-18285	77	40	positive	positive	ADJ
fbem-18285	77	41	signals	signal	NOUN
fbem-18285	77	42	to	to	ADP
fbem-18285	77	43	the	the	DET
fbem-18285	77	44	outside	outside	ADJ
fbem-18285	77	45	world	world	NOUN
fbem-18285	77	46	through	through	ADP
fbem-18285	77	47	the	the	DET
fbem-18285	77	48	influence	influence	NOUN
fbem-18285	77	49	of	of	ADP
fbem-18285	77	50	institutional	institutional	ADJ
fbem-18285	77	51	investors	investor	NOUN
fbem-18285	77	52	as	as	ADP
fbem-18285	77	53	a	a	DET
fbem-18285	77	54	market	market	NOUN
fbem-18285	77	55	driver	driver	NOUN
fbem-18285	77	56	,	,	PUNCT
fbem-18285	77	57	thus	thus	ADV
fbem-18285	77	58	creating	create	VERB
fbem-18285	77	59	a	a	DET
fbem-18285	77	60	good	good	ADJ
fbem-18285	77	61	reputation	reputation	NOUN
fbem-18285	77	62	of	of	ADP
fbem-18285	77	63	enterprises	enterprise	NOUN
fbem-18285	77	64	,	,	PUNCT
fbem-18285	77	65	further	far	ADV
fbem-18285	77	66	enhancing	enhance	VERB
fbem-18285	77	67	enterprise	enterprise	NOUN
fbem-18285	77	68	value	value	NOUN
fbem-18285	77	69	and	and	CCONJ
fbem-18285	77	70	bursting	burst	VERB
fbem-18285	77	71	market	market	NOUN
fbem-18285	77	72	vitality.accordingly	vitality.accordingly	ADV
fbem-18285	77	73	,	,	PUNCT
fbem-18285	77	74	the	the	DET
fbem-18285	77	75	third	third	ADJ
fbem-18285	77	76	hypothesis	hypothesis	NOUN
fbem-18285	77	77	of	of	ADP
fbem-18285	77	78	this	this	DET
fbem-18285	77	79	paper	paper	NOUN
fbem-18285	77	80	is	be	AUX
fbem-18285	77	81	proposed	propose	VERB
fbem-18285	77	82	.	.	PUNCT
fbem-18285	78	1	hypothesis	hypothesis	NOUN
fbem-18285	78	2	3	3	NUM
fbem-18285	78	3	:	:	PUNCT
fbem-18285	78	4	the	the	DET
fbem-18285	78	5	high	high	ADJ
fbem-18285	78	6	-	-	PUNCT
fbem-18285	78	7	quality	quality	NOUN
fbem-18285	78	8	esg	esg	NOUN
fbem-18285	78	9	disclosure	disclosure	NOUN
fbem-18285	78	10	level	level	NOUN
fbem-18285	78	11	of	of	ADP
fbem-18285	78	12	listed	list	VERB
fbem-18285	78	13	enterprises	enterprise	NOUN
fbem-18285	78	14	can	can	AUX
fbem-18285	78	15	attract	attract	VERB
fbem-18285	78	16	institutional	institutional	ADJ
fbem-18285	78	17	investors	investor	NOUN
fbem-18285	78	18	to	to	PART
fbem-18285	78	19	increase	increase	VERB
fbem-18285	78	20	their	their	PRON
fbem-18285	78	21	shareholdings	shareholding	NOUN
fbem-18285	78	22	,	,	PUNCT
fbem-18285	78	23	send	send	VERB
fbem-18285	78	24	positive	positive	ADJ
fbem-18285	78	25	signals	signal	NOUN
fbem-18285	78	26	to	to	ADP
fbem-18285	78	27	the	the	DET
fbem-18285	78	28	market	market	NOUN
fbem-18285	78	29	that	that	SCONJ
fbem-18285	78	30	the	the	DET
fbem-18285	78	31	sustainability	sustainability	NOUN
fbem-18285	78	32	of	of	ADP
fbem-18285	78	33	the	the	DET
fbem-18285	78	34	enterprise	enterprise	NOUN
fbem-18285	78	35	operates	operate	VERB
fbem-18285	78	36	well	well	ADV
fbem-18285	78	37	,	,	PUNCT
fbem-18285	78	38	and	and	CCONJ
fbem-18285	78	39	250	250	NUM
fbem-18285	78	40	positively	positively	ADV
fbem-18285	78	41	affect	affect	VERB
fbem-18285	78	42	its	its	PRON
fbem-18285	78	43	enterprise	enterprise	NOUN
fbem-18285	78	44	value	value	NOUN
fbem-18285	78	45	,	,	PUNCT
fbem-18285	78	46	i.e.	i.e.	X
fbem-18285	78	47	,	,	PUNCT
fbem-18285	78	48	there	there	PRON
fbem-18285	78	49	is	be	VERB
fbem-18285	78	50	an	an	DET
fbem-18285	78	51	intermediary	intermediary	ADJ
fbem-18285	78	52	effect	effect	NOUN
fbem-18285	78	53	of	of	ADP
fbem-18285	78	54	the	the	DET
fbem-18285	78	55	proportion	proportion	NOUN
fbem-18285	78	56	of	of	ADP
fbem-18285	78	57	institutional	institutional	ADJ
fbem-18285	78	58	investor	investor	NOUN
fbem-18285	78	59	shareholdings	shareholding	NOUN
fbem-18285	78	60	.	.	PUNCT
fbem-18285	79	1	4	4	X
fbem-18285	79	2	.	.	X
fbem-18285	79	3	research	research	NOUN
fbem-18285	79	4	design	design	NOUN
fbem-18285	79	5	4.1	4.1	NUM
fbem-18285	79	6	.	.	PUNCT
fbem-18285	80	1	sample	sample	NOUN
fbem-18285	80	2	selection	selection	NOUN
fbem-18285	80	3	and	and	CCONJ
fbem-18285	80	4	data	datum	NOUN
fbem-18285	80	5	sources	source	NOUN
fbem-18285	80	6	this	this	DET
fbem-18285	80	7	paper	paper	NOUN
fbem-18285	80	8	selects	select	NOUN
fbem-18285	80	9	all	all	DET
fbem-18285	80	10	listed	list	VERB
fbem-18285	80	11	stocks	stock	NOUN
fbem-18285	80	12	in	in	ADP
fbem-18285	80	13	the	the	DET
fbem-18285	80	14	a	a	DET
fbem-18285	80	15	-	-	PUNCT
fbem-18285	80	16	share	share	NOUN
fbem-18285	80	17	market	market	NOUN
fbem-18285	80	18	from	from	ADP
fbem-18285	80	19	2018	2018	NUM
fbem-18285	80	20	to	to	ADP
fbem-18285	80	21	2022	2022	NUM
fbem-18285	80	22	as	as	ADP
fbem-18285	80	23	a	a	DET
fbem-18285	80	24	sample	sample	NOUN
fbem-18285	80	25	for	for	ADP
fbem-18285	80	26	empirical	empirical	ADJ
fbem-18285	80	27	research	research	NOUN
fbem-18285	80	28	.	.	PUNCT
fbem-18285	81	1	in	in	ADP
fbem-18285	81	2	order	order	NOUN
fbem-18285	81	3	to	to	PART
fbem-18285	81	4	maximise	maximise	VERB
fbem-18285	81	5	the	the	DET
fbem-18285	81	6	accuracy	accuracy	NOUN
fbem-18285	81	7	of	of	ADP
fbem-18285	81	8	the	the	DET
fbem-18285	81	9	research	research	NOUN
fbem-18285	81	10	results	result	NOUN
fbem-18285	81	11	,	,	PUNCT
fbem-18285	81	12	all	all	DET
fbem-18285	81	13	indicator	indicator	NOUN
fbem-18285	81	14	data	datum	NOUN
fbem-18285	81	15	are	be	AUX
fbem-18285	81	16	selected	select	VERB
fbem-18285	81	17	based	base	VERB
fbem-18285	81	18	on	on	ADP
fbem-18285	81	19	the	the	DET
fbem-18285	81	20	following	follow	VERB
fbem-18285	81	21	principles	principle	NOUN
fbem-18285	81	22	:	:	PUNCT
fbem-18285	81	23	(	(	PUNCT
fbem-18285	81	24	1	1	X
fbem-18285	81	25	)	)	PUNCT
fbem-18285	81	26	excluding	exclude	VERB
fbem-18285	81	27	st	st	PROPN
fbem-18285	81	28	,	,	PUNCT
fbem-18285	81	29	*	*	PUNCT
fbem-18285	81	30	st	st	PROPN
fbem-18285	81	31	and	and	CCONJ
fbem-18285	81	32	delisted	delist	VERB
fbem-18285	81	33	stocks	stock	NOUN
fbem-18285	81	34	of	of	ADP
fbem-18285	81	35	listed	list	VERB
fbem-18285	81	36	companies	company	NOUN
fbem-18285	81	37	in	in	ADP
fbem-18285	81	38	the	the	DET
fbem-18285	81	39	study	study	NOUN
fbem-18285	81	40	period	period	NOUN
fbem-18285	81	41	.	.	PUNCT
fbem-18285	82	1	(	(	PUNCT
fbem-18285	82	2	2	2	X
fbem-18285	82	3	)	)	PUNCT
fbem-18285	82	4	excluding	exclude	VERB
fbem-18285	82	5	listed	list	VERB
fbem-18285	82	6	companies	company	NOUN
fbem-18285	82	7	with	with	ADP
fbem-18285	82	8	missing	miss	VERB
fbem-18285	82	9	data	datum	NOUN
fbem-18285	82	10	of	of	ADP
fbem-18285	82	11	some	some	DET
fbem-18285	82	12	financial	financial	ADJ
fbem-18285	82	13	data	datum	NOUN
fbem-18285	82	14	and	and	CCONJ
fbem-18285	82	15	wind	wind	NOUN
fbem-18285	82	16	esg	esg	NOUN
fbem-18285	82	17	rating	rating	NOUN
fbem-18285	82	18	data	datum	NOUN
fbem-18285	82	19	.	.	PUNCT
fbem-18285	83	1	(	(	PUNCT
fbem-18285	83	2	3	3	X
fbem-18285	83	3	)	)	PUNCT
fbem-18285	83	4	excluding	exclude	VERB
fbem-18285	83	5	listed	list	VERB
fbem-18285	83	6	companies	company	NOUN
fbem-18285	83	7	in	in	ADP
fbem-18285	83	8	the	the	DET
fbem-18285	83	9	financial	financial	ADJ
fbem-18285	83	10	industry	industry	NOUN
fbem-18285	83	11	and	and	CCONJ
fbem-18285	83	12	public	public	ADJ
fbem-18285	83	13	utilities	utility	NOUN
fbem-18285	83	14	category	category	NOUN
fbem-18285	83	15	.	.	PUNCT
fbem-18285	84	1	the	the	DET
fbem-18285	84	2	financial	financial	ADJ
fbem-18285	84	3	industry	industry	NOUN
fbem-18285	84	4	as	as	ADV
fbem-18285	84	5	well	well	ADV
fbem-18285	84	6	as	as	ADP
fbem-18285	84	7	the	the	DET
fbem-18285	84	8	public	public	ADJ
fbem-18285	84	9	utilities	utility	NOUN
fbem-18285	84	10	category	category	NOUN
fbem-18285	84	11	have	have	VERB
fbem-18285	84	12	special	special	ADJ
fbem-18285	84	13	characteristics	characteristic	NOUN
fbem-18285	84	14	and	and	CCONJ
fbem-18285	84	15	are	be	AUX
fbem-18285	84	16	not	not	PART
fbem-18285	84	17	comparable	comparable	ADJ
fbem-18285	84	18	.	.	PUNCT
fbem-18285	85	1	(	(	PUNCT
fbem-18285	85	2	4	4	NUM
fbem-18285	85	3	)	)	PUNCT
fbem-18285	85	4	in	in	ADP
fbem-18285	85	5	order	order	NOUN
fbem-18285	85	6	to	to	PART
fbem-18285	85	7	prevent	prevent	VERB
fbem-18285	85	8	the	the	DET
fbem-18285	85	9	influence	influence	NOUN
fbem-18285	85	10	of	of	ADP
fbem-18285	85	11	extreme	extreme	ADJ
fbem-18285	85	12	values	value	NOUN
fbem-18285	85	13	,	,	PUNCT
fbem-18285	85	14	the	the	DET
fbem-18285	85	15	variable	variable	ADJ
fbem-18285	85	16	values	value	NOUN
fbem-18285	85	17	were	be	AUX
fbem-18285	85	18	winsorized	winsorize	VERB
fbem-18285	85	19	to	to	PART
fbem-18285	85	20	exclude	exclude	VERB
fbem-18285	85	21	sample	sample	NOUN
fbem-18285	85	22	data	datum	NOUN
fbem-18285	85	23	below	below	ADP
fbem-18285	85	24	1	1	NUM
fbem-18285	85	25	%	%	NOUN
fbem-18285	85	26	and	and	CCONJ
fbem-18285	85	27	above	above	ADP
fbem-18285	85	28	99	99	NUM
fbem-18285	85	29	%	%	NOUN
fbem-18285	85	30	.	.	PUNCT
fbem-18285	86	1	after	after	ADP
fbem-18285	86	2	screening	screen	VERB
fbem-18285	86	3	,	,	PUNCT
fbem-18285	86	4	13,726	13,726	NUM
fbem-18285	86	5	sample	sample	NOUN
fbem-18285	86	6	data	datum	NOUN
fbem-18285	86	7	were	be	AUX
fbem-18285	86	8	finally	finally	ADV
fbem-18285	86	9	obtained	obtain	VERB
fbem-18285	86	10	.	.	PUNCT
fbem-18285	87	1	the	the	DET
fbem-18285	87	2	data	datum	NOUN
fbem-18285	87	3	used	use	VERB
fbem-18285	87	4	in	in	ADP
fbem-18285	87	5	this	this	DET
fbem-18285	87	6	paper	paper	NOUN
fbem-18285	87	7	are	be	AUX
fbem-18285	87	8	from	from	ADP
fbem-18285	87	9	wind	wind	NOUN
fbem-18285	87	10	database	database	NOUN
fbem-18285	87	11	,	,	PUNCT
fbem-18285	87	12	cathay	cathay	PROPN
fbem-18285	87	13	pacific	pacific	PROPN
fbem-18285	87	14	database	database	PROPN
fbem-18285	87	15	(	(	PUNCT
fbem-18285	87	16	csmar	csmar	PROPN
fbem-18285	87	17	)	)	PUNCT
fbem-18285	87	18	,	,	PUNCT
fbem-18285	87	19	and	and	CCONJ
fbem-18285	87	20	flush	flush	ADJ
fbem-18285	87	21	information	information	NOUN
fbem-18285	87	22	financial	financial	ADJ
fbem-18285	87	23	terminal	terminal	ADJ
fbem-18285	87	24	system	system	NOUN
fbem-18285	87	25	,	,	PUNCT
fbem-18285	87	26	and	and	CCONJ
fbem-18285	87	27	the	the	DET
fbem-18285	87	28	measurement	measurement	NOUN
fbem-18285	87	29	software	software	NOUN
fbem-18285	87	30	uses	use	VERB
fbem-18285	87	31	stata	stata	NOUN
fbem-18285	87	32	16.0	16.0	NUM
fbem-18285	87	33	.	.	PUNCT
fbem-18285	88	1	4.2	4.2	NUM
fbem-18285	88	2	.	.	PUNCT
fbem-18285	88	3	defining	define	VERB
fbem-18285	88	4	variables	variable	NOUN
fbem-18285	88	5	4.2.1	4.2.1	NUM
fbem-18285	88	6	.	.	PUNCT
fbem-18285	89	1	explained	explain	VERB
fbem-18285	89	2	variable	variable	NOUN
fbem-18285	89	3	:	:	PUNCT
fbem-18285	89	4	tobin	tobin	PROPN
fbem-18285	89	5	's	's	PART
fbem-18285	89	6	q	q	NOUN
fbem-18285	89	7	value	value	NOUN
fbem-18285	89	8	existing	exist	VERB
fbem-18285	89	9	studies	study	NOUN
fbem-18285	89	10	mainly	mainly	ADV
fbem-18285	89	11	choose	choose	VERB
fbem-18285	89	12	return	return	NOUN
fbem-18285	89	13	on	on	ADP
fbem-18285	89	14	assets	asset	NOUN
fbem-18285	89	15	,	,	PUNCT
fbem-18285	89	16	operating	operate	VERB
fbem-18285	89	17	income	income	NOUN
fbem-18285	89	18	growth	growth	NOUN
fbem-18285	89	19	rate	rate	NOUN
fbem-18285	89	20	,	,	PUNCT
fbem-18285	89	21	etc	etc	X
fbem-18285	89	22	.	.	X
fbem-18285	89	23	to	to	PART
fbem-18285	89	24	measure	measure	VERB
fbem-18285	89	25	enterprise	enterprise	NOUN
fbem-18285	89	26	value	value	NOUN
fbem-18285	89	27	,	,	PUNCT
fbem-18285	89	28	but	but	CCONJ
fbem-18285	89	29	these	these	DET
fbem-18285	89	30	measures	measure	NOUN
fbem-18285	89	31	focus	focus	VERB
fbem-18285	89	32	on	on	ADP
fbem-18285	89	33	the	the	DET
fbem-18285	89	34	short	short	ADJ
fbem-18285	89	35	-	-	PUNCT
fbem-18285	89	36	term	term	NOUN
fbem-18285	89	37	business	business	NOUN
fbem-18285	89	38	activities	activity	NOUN
fbem-18285	89	39	of	of	ADP
fbem-18285	89	40	enterprises	enterprise	NOUN
fbem-18285	89	41	to	to	PART
fbem-18285	89	42	generate	generate	VERB
fbem-18285	89	43	revenue	revenue	NOUN
fbem-18285	89	44	,	,	PUNCT
fbem-18285	89	45	with	with	ADP
fbem-18285	89	46	certain	certain	ADJ
fbem-18285	89	47	limitations	limitation	NOUN
fbem-18285	89	48	,	,	PUNCT
fbem-18285	89	49	the	the	DET
fbem-18285	89	50	long	long	ADJ
fbem-18285	89	51	-	-	PUNCT
fbem-18285	89	52	term	term	NOUN
fbem-18285	89	53	growth	growth	NOUN
fbem-18285	89	54	of	of	ADP
fbem-18285	89	55	enterprises	enterprise	NOUN
fbem-18285	89	56	to	to	PART
fbem-18285	89	57	pay	pay	VERB
fbem-18285	89	58	less	less	ADJ
fbem-18285	89	59	attention	attention	NOUN
fbem-18285	89	60	to	to	ADP
fbem-18285	89	61	the	the	DET
fbem-18285	89	62	esg	esg	NOUN
fbem-18285	89	63	concept	concept	NOUN
fbem-18285	89	64	of	of	ADP
fbem-18285	89	65	more	more	ADJ
fbem-18285	89	66	attention	attention	NOUN
fbem-18285	89	67	to	to	ADP
fbem-18285	89	68	the	the	DET
fbem-18285	89	69	long	long	ADJ
fbem-18285	89	70	-	-	PUNCT
fbem-18285	89	71	term	term	NOUN
fbem-18285	89	72	growth	growth	NOUN
fbem-18285	89	73	and	and	CCONJ
fbem-18285	89	74	sustainability	sustainability	NOUN
fbem-18285	89	75	of	of	ADP
fbem-18285	89	76	enterprises	enterprise	NOUN
fbem-18285	89	77	,	,	PUNCT
fbem-18285	89	78	so	so	SCONJ
fbem-18285	89	79	this	this	DET
fbem-18285	89	80	paper	paper	NOUN
fbem-18285	89	81	mainly	mainly	ADV
fbem-18285	89	82	chooses	choose	VERB
fbem-18285	89	83	the	the	DET
fbem-18285	89	84	tobinq	tobinq	NOUN
fbem-18285	89	85	to	to	PART
fbem-18285	89	86	measure	measure	VERB
fbem-18285	89	87	the	the	DET
fbem-18285	89	88	value	value	NOUN
fbem-18285	89	89	of	of	ADP
fbem-18285	89	90	listed	list	VERB
fbem-18285	89	91	companies	company	NOUN
fbem-18285	89	92	.	.	PUNCT
fbem-18285	90	1	tobinq	tobinq	PROPN
fbem-18285	90	2	is	be	AUX
fbem-18285	90	3	the	the	DET
fbem-18285	90	4	ratio	ratio	NOUN
fbem-18285	90	5	of	of	ADP
fbem-18285	90	6	market	market	NOUN
fbem-18285	90	7	value	value	NOUN
fbem-18285	90	8	/	/	SYM
fbem-18285	90	9	replacement	replacement	NOUN
fbem-18285	90	10	cost	cost	NOUN
fbem-18285	90	11	of	of	ADP
fbem-18285	90	12	assets	asset	NOUN
fbem-18285	90	13	of	of	ADP
fbem-18285	90	14	an	an	DET
fbem-18285	90	15	enterprise	enterprise	NOUN
fbem-18285	90	16	.	.	PUNCT
fbem-18285	91	1	4.2.2	4.2.2	X
fbem-18285	91	2	.	.	PUNCT
fbem-18285	92	1	mediating	mediate	VERB
fbem-18285	92	2	variable	variable	NOUN
fbem-18285	92	3	:	:	PUNCT
fbem-18285	92	4	institutional	institutional	ADJ
fbem-18285	92	5	investors	investor	NOUN
fbem-18285	92	6	'	'	PART
fbem-18285	92	7	shareholding	shareholding	NOUN
fbem-18285	92	8	ratio	ratio	NOUN
fbem-18285	92	9	referring	refer	VERB
fbem-18285	92	10	to	to	ADP
fbem-18285	92	11	the	the	DET
fbem-18285	92	12	mainstream	mainstream	ADJ
fbem-18285	92	13	domestic	domestic	ADJ
fbem-18285	92	14	research	research	NOUN
fbem-18285	92	15	methods	method	NOUN
fbem-18285	92	16	and	and	CCONJ
fbem-18285	92	17	cathay	cathay	PROPN
fbem-18285	92	18	pacific	pacific	PROPN
fbem-18285	92	19	database	database	PROPN
fbem-18285	92	20	classification	classification	NOUN
fbem-18285	92	21	,	,	PUNCT
fbem-18285	92	22	this	this	DET
fbem-18285	92	23	paper	paper	NOUN
fbem-18285	92	24	selects	select	VERB
fbem-18285	92	25	the	the	DET
fbem-18285	92	26	sum	sum	NOUN
fbem-18285	92	27	of	of	ADP
fbem-18285	92	28	the	the	DET
fbem-18285	92	29	shareholding	shareholding	NOUN
fbem-18285	92	30	ratios	ratio	NOUN
fbem-18285	92	31	of	of	ADP
fbem-18285	92	32	the	the	DET
fbem-18285	92	33	enterprise	enterprise	NOUN
fbem-18285	92	34	's	's	PART
fbem-18285	92	35	current	current	ADJ
fbem-18285	92	36	funds	fund	NOUN
fbem-18285	92	37	,	,	PUNCT
fbem-18285	92	38	qualified	qualified	ADJ
fbem-18285	92	39	foreign	foreign	ADJ
fbem-18285	92	40	investors	investor	NOUN
fbem-18285	92	41	,	,	PUNCT
fbem-18285	92	42	brokerage	brokerage	NOUN
fbem-18285	92	43	firms	firm	NOUN
fbem-18285	92	44	,	,	PUNCT
fbem-18285	92	45	insurance	insurance	NOUN
fbem-18285	92	46	,	,	PUNCT
fbem-18285	92	47	social	social	ADJ
fbem-18285	92	48	security	security	NOUN
fbem-18285	92	49	,	,	PUNCT
fbem-18285	92	50	trusts	trust	NOUN
fbem-18285	92	51	,	,	PUNCT
fbem-18285	92	52	finance	finance	NOUN
fbem-18285	92	53	companies	company	NOUN
fbem-18285	92	54	,	,	PUNCT
fbem-18285	92	55	and	and	CCONJ
fbem-18285	92	56	banks	bank	NOUN
fbem-18285	92	57	as	as	ADP
fbem-18285	92	58	an	an	DET
fbem-18285	92	59	indicator	indicator	NOUN
fbem-18285	92	60	to	to	PART
fbem-18285	92	61	measure	measure	VERB
fbem-18285	92	62	the	the	DET
fbem-18285	92	63	shareholding	shareholding	NOUN
fbem-18285	92	64	ratios	ratio	NOUN
fbem-18285	92	65	of	of	ADP
fbem-18285	92	66	the	the	DET
fbem-18285	92	67	enterprise	enterprise	NOUN
fbem-18285	92	68	's	's	PART
fbem-18285	92	69	institutional	institutional	ADJ
fbem-18285	92	70	investors	investor	NOUN
fbem-18285	92	71	.	.	PUNCT
fbem-18285	93	1	4.2.3	4.2.3	X
fbem-18285	93	2	.	.	PUNCT
fbem-18285	94	1	explanatory	explanatory	ADJ
fbem-18285	94	2	variables	variable	NOUN
fbem-18285	94	3	:	:	PUNCT
fbem-18285	94	4	esg	esg	NOUN
fbem-18285	94	5	disclosure	disclosure	NOUN
fbem-18285	94	6	quality	quality	NOUN
fbem-18285	94	7	level	level	NOUN
fbem-18285	94	8	the	the	DET
fbem-18285	94	9	wind	wind	NOUN
fbem-18285	94	10	esg	esg	NOUN
fbem-18285	94	11	rating	rating	NOUN
fbem-18285	94	12	indicator	indicator	NOUN
fbem-18285	94	13	system	system	NOUN
fbem-18285	94	14	refers	refer	VERB
fbem-18285	94	15	to	to	ADP
fbem-18285	94	16	the	the	DET
fbem-18285	94	17	international	international	ADJ
fbem-18285	94	18	mainstream	mainstream	NOUN
fbem-18285	94	19	esg	esg	NOUN
fbem-18285	94	20	system	system	NOUN
fbem-18285	94	21	architecture	architecture	NOUN
fbem-18285	94	22	,	,	PUNCT
fbem-18285	94	23	and	and	CCONJ
fbem-18285	94	24	combines	combine	VERB
fbem-18285	94	25	the	the	DET
fbem-18285	94	26	development	development	NOUN
fbem-18285	94	27	of	of	ADP
fbem-18285	94	28	china	china	PROPN
fbem-18285	94	29	's	's	PART
fbem-18285	94	30	capital	capital	NOUN
fbem-18285	94	31	market	market	NOUN
fbem-18285	94	32	,	,	PUNCT
fbem-18285	94	33	regulatory	regulatory	ADJ
fbem-18285	94	34	policies	policy	NOUN
fbem-18285	94	35	and	and	CCONJ
fbem-18285	94	36	esg	esg	NOUN
fbem-18285	94	37	practices	practice	NOUN
fbem-18285	94	38	of	of	ADP
fbem-18285	94	39	listed	list	VERB
fbem-18285	94	40	companies	company	NOUN
fbem-18285	94	41	to	to	PART
fbem-18285	94	42	form	form	VERB
fbem-18285	94	43	a	a	DET
fbem-18285	94	44	localised	localise	VERB
fbem-18285	94	45	indicator	indicator	NOUN
fbem-18285	94	46	system	system	NOUN
fbem-18285	94	47	,	,	PUNCT
fbem-18285	94	48	which	which	PRON
fbem-18285	94	49	can	can	AUX
fbem-18285	94	50	comprehensively	comprehensively	ADV
fbem-18285	94	51	reflect	reflect	VERB
fbem-18285	94	52	the	the	DET
fbem-18285	94	53	level	level	NOUN
fbem-18285	94	54	of	of	ADP
fbem-18285	94	55	esg	esg	NOUN
fbem-18285	94	56	management	management	NOUN
fbem-18285	94	57	practices	practice	NOUN
fbem-18285	94	58	,	,	PUNCT
fbem-18285	94	59	the	the	DET
fbem-18285	94	60	ability	ability	NOUN
fbem-18285	94	61	of	of	ADP
fbem-18285	94	62	sustainable	sustainable	ADJ
fbem-18285	94	63	operation	operation	NOUN
fbem-18285	94	64	and	and	CCONJ
fbem-18285	94	65	major	major	ADJ
fbem-18285	94	66	unexpected	unexpected	ADJ
fbem-18285	94	67	risks	risk	NOUN
fbem-18285	94	68	of	of	ADP
fbem-18285	94	69	enterprises	enterprise	NOUN
fbem-18285	94	70	,	,	PUNCT
fbem-18285	94	71	measure	measure	VERB
fbem-18285	94	72	the	the	DET
fbem-18285	94	73	commitment	commitment	NOUN
fbem-18285	94	74	and	and	CCONJ
fbem-18285	94	75	performance	performance	NOUN
fbem-18285	94	76	of	of	ADP
fbem-18285	94	77	listed	list	VERB
fbem-18285	94	78	companies	company	NOUN
fbem-18285	94	79	in	in	ADP
fbem-18285	94	80	esg	esg	PROPN
fbem-18285	94	81	,	,	PUNCT
fbem-18285	94	82	and	and	CCONJ
fbem-18285	94	83	help	help	VERB
fbem-18285	94	84	investors	investor	NOUN
fbem-18285	94	85	to	to	PART
fbem-18285	94	86	identify	identify	VERB
fbem-18285	94	87	important	important	ADJ
fbem-18285	94	88	risks	risk	NOUN
fbem-18285	94	89	and	and	CCONJ
fbem-18285	94	90	opportunities	opportunity	NOUN
fbem-18285	94	91	in	in	ADP
fbem-18285	94	92	their	their	PRON
fbem-18285	94	93	investments	investment	NOUN
fbem-18285	94	94	.	.	PUNCT
fbem-18285	95	1	and	and	CCONJ
fbem-18285	95	2	help	help	VERB
fbem-18285	95	3	investors	investor	NOUN
fbem-18285	95	4	identify	identify	VERB
fbem-18285	95	5	important	important	ADJ
fbem-18285	95	6	risks	risk	NOUN
fbem-18285	95	7	and	and	CCONJ
fbem-18285	95	8	opportunities	opportunity	NOUN
fbem-18285	95	9	in	in	ADP
fbem-18285	95	10	their	their	PRON
fbem-18285	95	11	investments	investment	NOUN
fbem-18285	95	12	.	.	PUNCT
fbem-18285	96	1	table	table	NOUN
fbem-18285	96	2	1	1	NUM
fbem-18285	96	3	.	.	PUNCT
fbem-18285	97	1	variable	variable	ADJ
fbem-18285	97	2	definitions	definition	NOUN
fbem-18285	97	3	and	and	CCONJ
fbem-18285	97	4	descriptions	description	NOUN
fbem-18285	97	5	variable	variable	ADJ
fbem-18285	97	6	type	type	NOUN
fbem-18285	97	7	variable	variable	ADJ
fbem-18285	97	8	code	code	NOUN
fbem-18285	97	9	variable	variable	ADJ
fbem-18285	97	10	name	name	NOUN
fbem-18285	97	11	variable	variable	ADJ
fbem-18285	97	12	definition	definition	NOUN
fbem-18285	97	13	explanatory	explanatory	ADJ
fbem-18285	97	14	variable	variable	NOUN
fbem-18285	97	15	tq	tq	ADP
fbem-18285	97	16	tobin	tobin	PROPN
fbem-18285	97	17	's	's	PART
fbem-18285	97	18	q	q	PROPN
fbem-18285	97	19	tobin	tobin	NOUN
fbem-18285	97	20	's	's	PART
fbem-18285	97	21	q	q	NOUN
fbem-18285	97	22	=	=	PUNCT
fbem-18285	97	23	(	(	PUNCT
fbem-18285	97	24	market	market	NOUN
fbem-18285	97	25	value	value	NOUN
fbem-18285	97	26	of	of	ADP
fbem-18285	97	27	outstanding	outstanding	ADJ
fbem-18285	97	28	stock	stock	NOUN
fbem-18285	97	29	options	option	NOUN
fbem-18285	97	30	at	at	ADP
fbem-18285	97	31	the	the	DET
fbem-18285	97	32	end	end	NOUN
fbem-18285	97	33	of	of	ADP
fbem-18285	97	34	the	the	DET
fbem-18285	97	35	period	period	NOUN
fbem-18285	97	36	+	+	CCONJ
fbem-18285	97	37	market	market	NOUN
fbem-18285	97	38	value	value	NOUN
fbem-18285	97	39	of	of	ADP
fbem-18285	97	40	nonoutstanding	nonoutstanding	NOUN
fbem-18285	97	41	stock	stock	NOUN
fbem-18285	97	42	options	option	NOUN
fbem-18285	97	43	at	at	ADP
fbem-18285	97	44	the	the	DET
fbem-18285	97	45	end	end	NOUN
fbem-18285	97	46	of	of	ADP
fbem-18285	97	47	the	the	DET
fbem-18285	97	48	period+	period+	NOUN
fbem-18285	97	49	)	)	PUNCT
fbem-18285	97	50	(	(	PUNCT
fbem-18285	97	51	market	market	NOUN
fbem-18285	97	52	value	value	NOUN
fbem-18285	97	53	of	of	ADP
fbem-18285	97	54	net	net	ADJ
fbem-18285	97	55	debt	debt	NOUN
fbem-18285	97	56	at	at	ADP
fbem-18285	97	57	end	end	NOUN
fbem-18285	97	58	of	of	ADP
fbem-18285	97	59	period)/total	period)/total	ADJ
fbem-18285	97	60	assets	asset	NOUN
fbem-18285	97	61	at	at	ADP
fbem-18285	97	62	end	end	NOUN
fbem-18285	97	63	of	of	ADP
fbem-18285	97	64	period	period	NOUN
fbem-18285	97	65	core	core	NOUN
fbem-18285	97	66	explanatory	explanatory	ADJ
fbem-18285	97	67	variables	variable	NOUN
fbem-18285	97	68	wind	wind	NOUN
fbem-18285	97	69	esg	esg	PROPN
fbem-18285	97	70	wind	wind	PROPN
fbem-18285	97	71	esg	esg	PROPN
fbem-18285	97	72	rating	rating	NOUN
fbem-18285	97	73	index	index	NOUN
fbem-18285	97	74	esg	esg	PROPN
fbem-18285	97	75	disclosure	disclosure	NOUN
fbem-18285	97	76	quality	quality	NOUN
fbem-18285	97	77	score	score	NOUN
fbem-18285	97	78	in	in	ADP
fbem-18285	97	79	wind	wind	NOUN
fbem-18285	97	80	intermediary	intermediary	ADJ
fbem-18285	97	81	variable	variable	NOUN
fbem-18285	97	82	hold	hold	VERB
fbem-18285	97	83	institutional	institutional	ADJ
fbem-18285	97	84	investors	investor	NOUN
fbem-18285	97	85	'	'	PART
fbem-18285	97	86	shareholding	shareholding	NOUN
fbem-18285	97	87	control	control	NOUN
fbem-18285	97	88	variable	variable	PROPN
fbem-18285	97	89	lnage	lnage	NOUN
fbem-18285	97	90	company	company	NOUN
fbem-18285	97	91	age	age	VERB
fbem-18285	97	92	the	the	DET
fbem-18285	97	93	difference	difference	NOUN
fbem-18285	97	94	between	between	ADP
fbem-18285	97	95	the	the	DET
fbem-18285	97	96	year	year	NOUN
fbem-18285	97	97	of	of	ADP
fbem-18285	97	98	the	the	DET
fbem-18285	97	99	study	study	NOUN
fbem-18285	97	100	and	and	CCONJ
fbem-18285	97	101	the	the	DET
fbem-18285	97	102	year	year	NOUN
fbem-18285	97	103	of	of	ADP
fbem-18285	97	104	the	the	DET
fbem-18285	97	105	company	company	NOUN
fbem-18285	97	106	's	's	PART
fbem-18285	97	107	establishment	establishment	NOUN
fbem-18285	97	108	is	be	AUX
fbem-18285	97	109	taken	take	VERB
fbem-18285	97	110	in	in	ADP
fbem-18285	97	111	natural	natural	ADJ
fbem-18285	97	112	logarithms	logarithm	NOUN
fbem-18285	97	113	lnsize	lnsize	NOUN
fbem-18285	97	114	company	company	NOUN
fbem-18285	97	115	size	size	VERB
fbem-18285	97	116	natural	natural	ADJ
fbem-18285	97	117	logarithm	logarithm	NOUN
fbem-18285	97	118	of	of	ADP
fbem-18285	97	119	total	total	ADJ
fbem-18285	97	120	assets	asset	NOUN
fbem-18285	97	121	of	of	ADP
fbem-18285	97	122	the	the	DET
fbem-18285	97	123	enterprise	enterprise	NOUN
fbem-18285	97	124	at	at	ADP
fbem-18285	97	125	the	the	DET
fbem-18285	97	126	end	end	NOUN
fbem-18285	97	127	of	of	ADP
fbem-18285	97	128	the	the	DET
fbem-18285	97	129	year	year	NOUN
fbem-18285	97	130	lev	lev	NOUN
fbem-18285	97	131	gearing	gear	VERB
fbem-18285	97	132	gearing	gear	VERB
fbem-18285	97	133	ratio	ratio	NOUN
fbem-18285	97	134	=	=	PUNCT
fbem-18285	97	135	total	total	ADJ
fbem-18285	97	136	liabilities	liability	NOUN
fbem-18285	97	137	at	at	ADP
fbem-18285	97	138	year	year	NOUN
fbem-18285	97	139	-	-	PUNCT
fbem-18285	97	140	end	end	NOUN
fbem-18285	97	141	/	/	SYM
fbem-18285	97	142	total	total	ADJ
fbem-18285	97	143	assets	asset	NOUN
fbem-18285	97	144	at	at	ADP
fbem-18285	97	145	year	year	NOUN
fbem-18285	97	146	-	-	PUNCT
fbem-18285	97	147	end	end	NOUN
fbem-18285	97	148	roe	roe	NOUN
fbem-18285	97	149	profitability	profitability	NOUN
fbem-18285	97	150	return	return	NOUN
fbem-18285	97	151	on	on	ADP
fbem-18285	97	152	net	net	ADJ
fbem-18285	97	153	assets	asset	NOUN
fbem-18285	97	154	=	=	SYM
fbem-18285	97	155	net	net	ADJ
fbem-18285	97	156	profit	profit	NOUN
fbem-18285	97	157	after	after	ADP
fbem-18285	97	158	tax	tax	NOUN
fbem-18285	97	159	of	of	ADP
fbem-18285	97	160	the	the	DET
fbem-18285	97	161	company	company	NOUN
fbem-18285	97	162	/	/	SYM
fbem-18285	97	163	net	net	ADJ
fbem-18285	97	164	assets	asset	NOUN
fbem-18285	97	165	growth	growth	NOUN
fbem-18285	97	166	growth	growth	NOUN
fbem-18285	97	167	capacity	capacity	NOUN
fbem-18285	97	168	total	total	ADJ
fbem-18285	97	169	assets	asset	NOUN
fbem-18285	97	170	growth	growth	NOUN
fbem-18285	97	171	rate	rate	NOUN
fbem-18285	97	172	=	=	PUNCT
fbem-18285	97	173	(	(	PUNCT
fbem-18285	97	174	total	total	ADJ
fbem-18285	97	175	assets	asset	NOUN
fbem-18285	97	176	at	at	ADP
fbem-18285	97	177	the	the	DET
fbem-18285	97	178	end	end	NOUN
fbem-18285	97	179	of	of	ADP
fbem-18285	97	180	the	the	DET
fbem-18285	97	181	period	period	NOUN
fbem-18285	97	182	total	total	ADJ
fbem-18285	97	183	assets	asset	NOUN
fbem-18285	97	184	at	at	ADP
fbem-18285	97	185	the	the	DET
fbem-18285	97	186	beginning	beginning	NOUN
fbem-18285	97	187	of	of	ADP
fbem-18285	97	188	the	the	DET
fbem-18285	97	189	period	period	NOUN
fbem-18285	97	190	)	)	PUNCT
fbem-18285	97	191	/	/	SYM
fbem-18285	97	192	total	total	ADJ
fbem-18285	97	193	assets	asset	NOUN
fbem-18285	97	194	at	at	ADP
fbem-18285	97	195	the	the	DET
fbem-18285	97	196	beginning	beginning	NOUN
fbem-18285	97	197	of	of	ADP
fbem-18285	97	198	the	the	DET
fbem-18285	97	199	period	period	NOUN
fbem-18285	97	200	cf	cf	NOUN
fbem-18285	97	201	solvency	solvency	NOUN
fbem-18285	97	202	cash	cash	NOUN
fbem-18285	97	203	flow	flow	NOUN
fbem-18285	97	204	ratio	ratio	NOUN
fbem-18285	97	205	=	=	PUNCT
fbem-18285	97	206	net	net	ADJ
fbem-18285	97	207	cash	cash	NOUN
fbem-18285	97	208	flow	flow	NOUN
fbem-18285	97	209	from	from	ADP
fbem-18285	97	210	operating	operate	VERB
fbem-18285	97	211	activities	activity	NOUN
fbem-18285	97	212	/	/	SYM
fbem-18285	97	213	current	current	ADJ
fbem-18285	97	214	liabilities	liability	NOUN
fbem-18285	97	215	inex	inex	ADJ
fbem-18285	97	216	number	number	NOUN
fbem-18285	97	217	of	of	ADP
fbem-18285	97	218	directors	director	NOUN
fbem-18285	97	219	and	and	CCONJ
fbem-18285	97	220	supervisors	supervisor	NOUN
fbem-18285	97	221	the	the	DET
fbem-18285	97	222	number	number	NOUN
fbem-18285	97	223	of	of	ADP
fbem-18285	97	224	directors	director	NOUN
fbem-18285	97	225	and	and	CCONJ
fbem-18285	97	226	supervisors	supervisor	NOUN
fbem-18285	97	227	is	be	AUX
fbem-18285	97	228	taken	take	VERB
fbem-18285	97	229	as	as	SCONJ
fbem-18285	97	230	the	the	DET
fbem-18285	97	231	natural	natural	ADJ
fbem-18285	97	232	logarithm	logarithm	NOUN
fbem-18285	97	233	of	of	ADP
fbem-18285	97	234	the	the	DET
fbem-18285	97	235	number	number	NOUN
fbem-18285	97	236	of	of	ADP
fbem-18285	97	237	directors	director	NOUN
fbem-18285	97	238	and	and	CCONJ
fbem-18285	97	239	supervisors	supervisor	NOUN
fbem-18285	97	240	inp	inp	PROPN
fbem-18285	97	241	investment	investment	NOUN
fbem-18285	97	242	behaviour	behaviour	NOUN
fbem-18285	97	243	institutional	institutional	ADJ
fbem-18285	97	244	investors	investor	NOUN
fbem-18285	97	245	'	'	PART
fbem-18285	97	246	unusual	unusual	ADJ
fbem-18285	97	247	investment	investment	NOUN
fbem-18285	97	248	behaviour	behaviour	NOUN
fbem-18285	97	249	takes	take	VERB
fbem-18285	97	250	the	the	DET
fbem-18285	97	251	value	value	NOUN
fbem-18285	97	252	of	of	ADP
fbem-18285	97	253	1	1	NUM
fbem-18285	97	254	,	,	PUNCT
fbem-18285	97	255	otherwise	otherwise	ADV
fbem-18285	97	256	0	0	NUM
fbem-18285	97	257	year	year	NOUN
fbem-18285	97	258	annual	annual	ADJ
fbem-18285	97	259	dummy	dummy	ADJ
fbem-18285	97	260	variables	variable	NOUN
fbem-18285	97	261	industry	industry	NOUN
fbem-18285	97	262	industry	industry	NOUN
fbem-18285	97	263	dummy	dummy	NOUN
fbem-18285	97	264	variables	variable	NOUN
fbem-18285	97	265	251	251	NUM
fbem-18285	97	266	4.2.4	4.2.4	NUM
fbem-18285	97	267	.	.	PUNCT
fbem-18285	98	1	control	control	NOUN
fbem-18285	98	2	variables	variable	NOUN
fbem-18285	98	3	referring	refer	VERB
fbem-18285	98	4	to	to	ADP
fbem-18285	98	5	the	the	DET
fbem-18285	98	6	study	study	NOUN
fbem-18285	98	7	of	of	ADP
fbem-18285	98	8	bai	bai	PROPN
fbem-18285	98	9	xiong[24	xiong[24	X
fbem-18285	98	10	]	]	PUNCT
fbem-18285	98	11	and	and	CCONJ
fbem-18285	98	12	others	other	NOUN
fbem-18285	98	13	,	,	PUNCT
fbem-18285	98	14	the	the	DET
fbem-18285	98	15	control	control	NOUN
fbem-18285	98	16	variables	variable	NOUN
fbem-18285	98	17	selected	select	VERB
fbem-18285	98	18	in	in	ADP
fbem-18285	98	19	this	this	DET
fbem-18285	98	20	paper	paper	NOUN
fbem-18285	98	21	include	include	VERB
fbem-18285	98	22	firm	firm	ADJ
fbem-18285	98	23	size	size	NOUN
fbem-18285	98	24	,	,	PUNCT
fbem-18285	98	25	gearing	gear	VERB
fbem-18285	98	26	ratio	ratio	NOUN
fbem-18285	98	27	,	,	PUNCT
fbem-18285	98	28	firm	firm	ADJ
fbem-18285	98	29	age	age	NOUN
fbem-18285	98	30	,	,	PUNCT
fbem-18285	98	31	firm	firm	ADJ
fbem-18285	98	32	profitability	profitability	NOUN
fbem-18285	98	33	(	(	PUNCT
fbem-18285	98	34	return	return	NOUN
fbem-18285	98	35	on	on	ADP
fbem-18285	98	36	net	net	ADJ
fbem-18285	98	37	assets	asset	NOUN
fbem-18285	98	38	)	)	PUNCT
fbem-18285	98	39	,	,	PUNCT
fbem-18285	98	40	firm	firm	ADJ
fbem-18285	98	41	growth	growth	NOUN
fbem-18285	98	42	ability	ability	NOUN
fbem-18285	98	43	(	(	PUNCT
fbem-18285	98	44	total	total	ADJ
fbem-18285	98	45	asset	asset	NOUN
fbem-18285	98	46	growth	growth	NOUN
fbem-18285	98	47	rate	rate	NOUN
fbem-18285	98	48	)	)	PUNCT
fbem-18285	98	49	,	,	PUNCT
fbem-18285	98	50	number	number	NOUN
fbem-18285	98	51	of	of	ADP
fbem-18285	98	52	directors	director	NOUN
fbem-18285	98	53	and	and	CCONJ
fbem-18285	98	54	supervisors	supervisor	NOUN
fbem-18285	98	55	,	,	PUNCT
fbem-18285	98	56	and	and	CCONJ
fbem-18285	98	57	firm	firm	ADJ
fbem-18285	98	58	solvency	solvency	NOUN
fbem-18285	98	59	(	(	PUNCT
fbem-18285	98	60	cash	cash	NOUN
fbem-18285	98	61	flow	flow	NOUN
fbem-18285	98	62	ratio	ratio	NOUN
fbem-18285	98	63	)	)	PUNCT
fbem-18285	98	64	.	.	PUNCT
fbem-18285	99	1	also	also	ADV
fbem-18285	99	2	,	,	PUNCT
fbem-18285	99	3	the	the	DET
fbem-18285	99	4	paper	paper	NOUN
fbem-18285	99	5	controls	control	VERB
fbem-18285	99	6	for	for	ADP
fbem-18285	99	7	year	year	NOUN
fbem-18285	99	8	and	and	CCONJ
fbem-18285	99	9	industry	industry	NOUN
fbem-18285	99	10	fixed	fix	VERB
fbem-18285	99	11	effects	effect	NOUN
fbem-18285	99	12	.	.	PUNCT
fbem-18285	100	1	the	the	DET
fbem-18285	100	2	specific	specific	ADJ
fbem-18285	100	3	definitions	definition	NOUN
fbem-18285	100	4	of	of	ADP
fbem-18285	100	5	the	the	DET
fbem-18285	100	6	variables	variable	NOUN
fbem-18285	100	7	are	be	AUX
fbem-18285	100	8	shown	show	VERB
fbem-18285	100	9	in	in	ADP
fbem-18285	100	10	table	table	NOUN
fbem-18285	100	11	1	1	NUM
fbem-18285	100	12	.	.	X
fbem-18285	100	13	4.3	4.3	NUM
fbem-18285	100	14	.	.	PUNCT
fbem-18285	100	15	model	model	NOUN
fbem-18285	100	16	construction	construction	PROPN
fbem-18285	100	17	4.3.1	4.3.1	PROPN
fbem-18285	100	18	.	.	PUNCT
fbem-18285	100	19	benchmark	benchmark	NOUN
fbem-18285	100	20	model	model	NOUN
fbem-18285	100	21	in	in	ADP
fbem-18285	100	22	order	order	NOUN
fbem-18285	100	23	to	to	PART
fbem-18285	100	24	test	test	VERB
fbem-18285	100	25	the	the	DET
fbem-18285	100	26	impact	impact	NOUN
fbem-18285	100	27	of	of	ADP
fbem-18285	100	28	esg	esg	PROPN
fbem-18285	100	29	disclosure	disclosure	NOUN
fbem-18285	100	30	quality	quality	NOUN
fbem-18285	100	31	of	of	ADP
fbem-18285	100	32	listed	list	VERB
fbem-18285	100	33	firms	firm	NOUN
fbem-18285	100	34	on	on	ADP
fbem-18285	100	35	firm	firm	ADJ
fbem-18285	100	36	value	value	NOUN
fbem-18285	100	37	and	and	CCONJ
fbem-18285	100	38	study	study	VERB
fbem-18285	100	39	the	the	DET
fbem-18285	100	40	mediating	mediate	VERB
fbem-18285	100	41	role	role	NOUN
fbem-18285	100	42	of	of	ADP
fbem-18285	100	43	institutional	institutional	ADJ
fbem-18285	100	44	investors	investor	NOUN
fbem-18285	100	45	'	'	PART
fbem-18285	100	46	shareholding	shareholding	NOUN
fbem-18285	100	47	in	in	ADP
fbem-18285	100	48	it	it	PRON
fbem-18285	100	49	,	,	PUNCT
fbem-18285	100	50	this	this	DET
fbem-18285	100	51	paper	paper	NOUN
fbem-18285	100	52	constructs	construct	VERB
fbem-18285	100	53	the	the	DET
fbem-18285	100	54	following	follow	VERB
fbem-18285	100	55	model	model	NOUN
fbem-18285	100	56	:	:	PUNCT
fbem-18285	100	57	tititititi	tititititi	PROPN
fbem-18285	100	58	cwindesgtq	cwindesgtq	PROPN
fbem-18285	100	59	,	,	PUNCT
fbem-18285	100	60	,	,	PUNCT
fbem-18285	100	61	,	,	PUNCT
fbem-18285	100	62	2,10	2,10	PROPN
fbem-18285	100	63	,	,	PUNCT
fbem-18285	100	64			PROPN
fbem-18285	100	65			NOUN
fbem-18285	100	66	(	(	PUNCT
fbem-18285	100	67	1	1	NUM
fbem-18285	100	68	)	)	PUNCT
fbem-18285	100	69	tititititi	tititititi	PROPN
fbem-18285	100	70	cesgwh	cesgwh	PROPN
fbem-18285	100	71	,	,	PUNCT
fbem-18285	100	72	,	,	PUNCT
fbem-18285	100	73	2,10	2,10	NUM
fbem-18285	100	74	,	,	PUNCT
fbem-18285	101	1	indold	indold	ADJ
fbem-18285	101	2			PROPN
fbem-18285	101	3			PROPN
fbem-18285	101	4	(	(	PUNCT
fbem-18285	101	5	2	2	X
fbem-18285	101	6	)	)	PUNCT
fbem-18285	101	7	titititititi	titititititi	NOUN
fbem-18285	101	8	choldwindesgtq	choldwindesgtq	PROPN
fbem-18285	101	9	,	,	PUNCT
fbem-18285	101	10	,	,	PUNCT
fbem-18285	101	11	3,2,10	3,2,10	NUM
fbem-18285	101	12	,	,	PUNCT
fbem-18285	101	13			X
fbem-18285	101	14			VERB
fbem-18285	101	15	(	(	PUNCT
fbem-18285	101	16	3	3	NUM
fbem-18285	101	17	)	)	PUNCT
fbem-18285	101	18			NOUN
fbem-18285	101	19	、	、	ADP
fbem-18285	101	20			NOUN
fbem-18285	101	21	、	、	NOUN
fbem-18285	101	22			PROPN
fbem-18285	101	23	denote	denote	VERB
fbem-18285	101	24	the	the	DET
fbem-18285	101	25	parameter	parameter	NOUN
fbem-18285	101	26	values	value	NOUN
fbem-18285	101	27	to	to	PART
fbem-18285	101	28	be	be	AUX
fbem-18285	101	29	estimated	estimate	VERB
fbem-18285	101	30	for	for	ADP
fbem-18285	101	31	the	the	DET
fbem-18285	101	32	explanatory	explanatory	ADJ
fbem-18285	101	33	,	,	PUNCT
fbem-18285	101	34	mediating	mediating	NOUN
fbem-18285	101	35	and	and	CCONJ
fbem-18285	101	36	control	control	NOUN
fbem-18285	101	37	variables	variable	NOUN
fbem-18285	101	38	,	,	PUNCT
fbem-18285	101	39	tic	tic	ADJ
fbem-18285	101	40	,	,	PUNCT
fbem-18285	101	41	is	be	AUX
fbem-18285	101	42	the	the	DET
fbem-18285	101	43	set	set	NOUN
fbem-18285	101	44	of	of	ADP
fbem-18285	101	45	control	control	NOUN
fbem-18285	101	46	variables	variable	NOUN
fbem-18285	101	47	,	,	PUNCT
fbem-18285	101	48	with	with	ADP
fbem-18285	101	49	reference	reference	NOUN
fbem-18285	101	50	to	to	ADP
fbem-18285	101	51	the	the	DET
fbem-18285	101	52	existing	exist	VERB
fbem-18285	101	53	literature	literature	NOUN
fbem-18285	101	54	on	on	ADP
fbem-18285	101	55	the	the	DET
fbem-18285	101	56	setting	setting	NOUN
fbem-18285	101	57	of	of	ADP
fbem-18285	101	58	control	control	NOUN
fbem-18285	101	59	variables	variable	NOUN
fbem-18285	101	60	,	,	PUNCT
fbem-18285	101	61	i	i	PROPN
fbem-18285	101	62	is	be	AUX
fbem-18285	101	63	an	an	DET
fbem-18285	101	64	individual	individual	ADJ
fbem-18285	101	65	fixed	fix	VERB
fbem-18285	101	66	effect	effect	NOUN
fbem-18285	101	67	,	,	PUNCT
fbem-18285	101	68	t	t	PROPN
fbem-18285	101	69	is	be	AUX
fbem-18285	101	70	a	a	DET
fbem-18285	101	71	year	year	NOUN
fbem-18285	101	72	fixed	fix	VERB
fbem-18285	101	73	effect	effect	NOUN
fbem-18285	101	74	and	and	CCONJ
fbem-18285	101	75	ti,	ti,	ADJ
fbem-18285	101	76	denotes	denote	NOUN
fbem-18285	101	77	a	a	DET
fbem-18285	101	78	robust	robust	ADJ
fbem-18285	101	79	standard	standard	ADJ
fbem-18285	101	80	error	error	NOUN
fbem-18285	101	81	.	.	PUNCT
fbem-18285	102	1	4.3.2	4.3.2	X
fbem-18285	102	2	.	.	PUNCT
fbem-18285	103	1	institutional	institutional	ADJ
fbem-18285	103	2	investor	investor	NOUN
fbem-18285	103	3	preference	preference	NOUN
fbem-18285	103	4	test	test	NOUN
fbem-18285	103	5	generally	generally	ADV
fbem-18285	103	6	speaking	speak	VERB
fbem-18285	103	7	,	,	PUNCT
fbem-18285	103	8	when	when	SCONJ
fbem-18285	103	9	the	the	DET
fbem-18285	103	10	enterprise	enterprise	NOUN
fbem-18285	103	11	's	's	PART
fbem-18285	103	12	operating	operating	NOUN
fbem-18285	103	13	performance	performance	NOUN
fbem-18285	103	14	rises	rise	NOUN
fbem-18285	103	15	,	,	PUNCT
fbem-18285	103	16	institutional	institutional	ADJ
fbem-18285	103	17	investors	investor	NOUN
fbem-18285	103	18	will	will	AUX
fbem-18285	103	19	increase	increase	VERB
fbem-18285	103	20	their	their	PRON
fbem-18285	103	21	shareholdings	shareholding	NOUN
fbem-18285	103	22	in	in	ADP
fbem-18285	103	23	pursuit	pursuit	NOUN
fbem-18285	103	24	of	of	ADP
fbem-18285	103	25	investment	investment	NOUN
fbem-18285	103	26	returns	return	NOUN
fbem-18285	103	27	;	;	PUNCT
fbem-18285	103	28	when	when	SCONJ
fbem-18285	103	29	the	the	DET
fbem-18285	103	30	operating	operating	NOUN
fbem-18285	103	31	performance	performance	NOUN
fbem-18285	103	32	declines	decline	VERB
fbem-18285	103	33	,	,	PUNCT
fbem-18285	103	34	institutional	institutional	ADJ
fbem-18285	103	35	investors	investor	NOUN
fbem-18285	103	36	will	will	AUX
fbem-18285	103	37	reduce	reduce	VERB
fbem-18285	103	38	their	their	PRON
fbem-18285	103	39	shareholdings	shareholding	NOUN
fbem-18285	103	40	in	in	ADP
fbem-18285	103	41	order	order	NOUN
fbem-18285	103	42	to	to	PART
fbem-18285	103	43	avoid	avoid	VERB
fbem-18285	103	44	losses	loss	NOUN
fbem-18285	103	45	,	,	PUNCT
fbem-18285	103	46	and	and	CCONJ
fbem-18285	103	47	the	the	DET
fbem-18285	103	48	investment	investment	NOUN
fbem-18285	103	49	decisions	decision	NOUN
fbem-18285	103	50	made	make	VERB
fbem-18285	103	51	by	by	ADP
fbem-18285	103	52	institutional	institutional	ADJ
fbem-18285	103	53	investors	investor	NOUN
fbem-18285	103	54	in	in	ADP
fbem-18285	103	55	these	these	DET
fbem-18285	103	56	two	two	NUM
fbem-18285	103	57	cases	case	NOUN
fbem-18285	103	58	are	be	AUX
fbem-18285	103	59	considered	consider	VERB
fbem-18285	103	60	to	to	PART
fbem-18285	103	61	be	be	AUX
fbem-18285	103	62	in	in	ADP
fbem-18285	103	63	line	line	NOUN
fbem-18285	103	64	with	with	ADP
fbem-18285	103	65	the	the	DET
fbem-18285	103	66	common	common	ADJ
fbem-18285	103	67	sense	sense	NOUN
fbem-18285	103	68	investment	investment	NOUN
fbem-18285	103	69	decisions	decision	NOUN
fbem-18285	103	70	,	,	PUNCT
fbem-18285	103	71	i.e.	i.e.	X
fbem-18285	103	72	,	,	PUNCT
fbem-18285	103	73	focusing	focus	VERB
fbem-18285	103	74	on	on	ADP
fbem-18285	103	75	the	the	DET
fbem-18285	103	76	operating	operating	NOUN
fbem-18285	103	77	performance	performance	NOUN
fbem-18285	103	78	of	of	ADP
fbem-18285	103	79	the	the	DET
fbem-18285	103	80	listed	list	VERB
fbem-18285	103	81	enterprise	enterprise	NOUN
fbem-18285	103	82	in	in	ADP
fbem-18285	103	83	the	the	DET
fbem-18285	103	84	current	current	ADJ
fbem-18285	103	85	period	period	NOUN
fbem-18285	103	86	.	.	PUNCT
fbem-18285	104	1	institutional	institutional	ADJ
fbem-18285	104	2	investors	investor	NOUN
fbem-18285	104	3	also	also	ADV
fbem-18285	104	4	make	make	VERB
fbem-18285	104	5	irrational	irrational	ADJ
fbem-18285	104	6	investment	investment	NOUN
fbem-18285	104	7	decisions	decision	NOUN
fbem-18285	104	8	in	in	ADP
fbem-18285	104	9	two	two	NUM
fbem-18285	104	10	cases	case	NOUN
fbem-18285	104	11	:	:	PUNCT
fbem-18285	104	12	they	they	PRON
fbem-18285	104	13	choose	choose	VERB
fbem-18285	104	14	to	to	PART
fbem-18285	104	15	reduce	reduce	VERB
fbem-18285	104	16	their	their	PRON
fbem-18285	104	17	shareholdings	shareholding	NOUN
fbem-18285	104	18	in	in	ADP
fbem-18285	104	19	a	a	DET
fbem-18285	104	20	listed	list	VERB
fbem-18285	104	21	company	company	NOUN
fbem-18285	104	22	with	with	ADP
fbem-18285	104	23	rising	rise	VERB
fbem-18285	104	24	operating	operate	VERB
fbem-18285	104	25	performance	performance	NOUN
fbem-18285	104	26	,	,	PUNCT
fbem-18285	104	27	or	or	CCONJ
fbem-18285	104	28	they	they	PRON
fbem-18285	104	29	choose	choose	VERB
fbem-18285	104	30	to	to	PART
fbem-18285	104	31	increase	increase	VERB
fbem-18285	104	32	their	their	PRON
fbem-18285	104	33	shareholdings	shareholding	NOUN
fbem-18285	104	34	in	in	ADP
fbem-18285	104	35	a	a	DET
fbem-18285	104	36	listed	list	VERB
fbem-18285	104	37	company	company	NOUN
fbem-18285	104	38	with	with	ADP
fbem-18285	104	39	declining	decline	VERB
fbem-18285	104	40	operating	operating	NOUN
fbem-18285	104	41	performance	performance	NOUN
fbem-18285	104	42	.	.	PUNCT
fbem-18285	105	1	based	base	VERB
fbem-18285	105	2	on	on	ADP
fbem-18285	105	3	the	the	DET
fbem-18285	105	4	above	above	ADJ
fbem-18285	105	5	analyses	analysis	NOUN
fbem-18285	105	6	,	,	PUNCT
fbem-18285	105	7	this	this	DET
fbem-18285	105	8	paper	paper	NOUN
fbem-18285	105	9	uses	use	VERB
fbem-18285	105	10	a	a	DET
fbem-18285	105	11	panel	panel	NOUN
fbem-18285	105	12	logit	logit	NOUN
fbem-18285	105	13	model	model	NOUN
fbem-18285	105	14	to	to	PART
fbem-18285	105	15	test	test	VERB
fbem-18285	105	16	this	this	PRON
fbem-18285	105	17	,	,	PUNCT
fbem-18285	105	18	and	and	CCONJ
fbem-18285	105	19	the	the	DET
fbem-18285	105	20	model	model	NOUN
fbem-18285	105	21	is	be	AUX
fbem-18285	105	22	set	set	VERB
fbem-18285	105	23	as	as	SCONJ
fbem-18285	105	24	follows	follow	VERB
fbem-18285	105	25	:	:	PUNCT
fbem-18285	105	26	titititi	titititi	VERB
fbem-18285	105	27	xwindesginp	xwindesginp	PROPN
fbem-18285	105	28	,	,	PUNCT
fbem-18285	105	29	,	,	PUNCT
fbem-18285	105	30	210	210	NUM
fbem-18285	105	31	*	*	NOUN
fbem-18285	105	32	,	,	PUNCT
fbem-18285	105	33			PROPN
fbem-18285	105	34			PROPN
fbem-18285	105	35	tiinp	tiinp	PROPN
fbem-18285	105	36	,	,	PUNCT
fbem-18285	105	37	is	be	AUX
fbem-18285	105	38	a	a	DET
fbem-18285	105	39	binary	binary	ADJ
fbem-18285	105	40	logistic	logistic	ADJ
fbem-18285	105	41	variable	variable	NOUN
fbem-18285	105	42	and	and	CCONJ
fbem-18285	105	43	*	*	PUNCT
fbem-18285	105	44	,	,	PUNCT
fbem-18285	105	45	tiinp	tiinp	PROPN
fbem-18285	105	46	is	be	AUX
fbem-18285	105	47	the	the	DET
fbem-18285	105	48	variable	variable	NOUN
fbem-18285	105	49	obtained	obtain	VERB
fbem-18285	105	50	by	by	ADP
fbem-18285	105	51	performing	perform	VERB
fbem-18285	105	52	the	the	DET
fbem-18285	105	53	logit	logit	NOUN
fbem-18285	105	54	transformation	transformation	NOUN
fbem-18285	105	55	.	.	PUNCT
fbem-18285	106	1	tix	tix	NOUN
fbem-18285	106	2	,	,	PUNCT
fbem-18285	106	3	is	be	AUX
fbem-18285	106	4	a	a	DET
fbem-18285	106	5	quantitative	quantitative	ADJ
fbem-18285	106	6	explanatory	explanatory	ADJ
fbem-18285	106	7	variable	variable	NOUN
fbem-18285	106	8	,	,	PUNCT
fbem-18285	106	9	and	and	CCONJ
fbem-18285	106	10	its	its	PRON
fbem-18285	106	11	explanatory	explanatory	ADJ
fbem-18285	106	12	variable	variable	ADJ
fbem-18285	106	13	setting	setting	NOUN
fbem-18285	106	14	is	be	AUX
fbem-18285	106	15	consistent	consistent	ADJ
fbem-18285	106	16	with	with	ADP
fbem-18285	106	17	the	the	DET
fbem-18285	106	18	set	set	NOUN
fbem-18285	106	19	of	of	ADP
fbem-18285	106	20	control	control	NOUN
fbem-18285	106	21	variables	variable	NOUN
fbem-18285	106	22	in	in	ADP
fbem-18285	106	23	the	the	DET
fbem-18285	106	24	previous	previous	ADJ
fbem-18285	106	25	section	section	NOUN
fbem-18285	106	26	.	.	PUNCT
fbem-18285	107	1	based	base	VERB
fbem-18285	107	2	on	on	ADP
fbem-18285	107	3	the	the	DET
fbem-18285	107	4	operating	operating	NOUN
fbem-18285	107	5	performance	performance	NOUN
fbem-18285	107	6	of	of	ADP
fbem-18285	107	7	listed	list	VERB
fbem-18285	107	8	enterprises	enterprise	NOUN
fbem-18285	107	9	,	,	PUNCT
fbem-18285	107	10	the	the	DET
fbem-18285	107	11	return	return	NOUN
fbem-18285	107	12	on	on	ADP
fbem-18285	107	13	assets	asset	NOUN
fbem-18285	107	14	of	of	ADP
fbem-18285	107	15	enterprises	enterprise	NOUN
fbem-18285	107	16	in	in	ADP
fbem-18285	107	17	the	the	DET
fbem-18285	107	18	current	current	ADJ
fbem-18285	107	19	period.ch	period.ch	NOUN
fbem-18285	107	20	_	_	NOUN
fbem-18285	107	21	tiroa	tiroa	NOUN
fbem-18285	107	22	,	,	PUNCT
fbem-18285	107	23	is	be	AUX
fbem-18285	107	24	subtracted	subtract	VERB
fbem-18285	107	25	from	from	ADP
fbem-18285	107	26	the	the	DET
fbem-18285	107	27	value	value	NOUN
fbem-18285	107	28	of	of	ADP
fbem-18285	107	29	the	the	DET
fbem-18285	107	30	previous	previous	ADJ
fbem-18285	107	31	period	period	NOUN
fbem-18285	107	32	to	to	PART
fbem-18285	107	33	obtain	obtain	VERB
fbem-18285	107	34	the	the	DET
fbem-18285	107	35	change	change	NOUN
fbem-18285	107	36	in	in	ADP
fbem-18285	107	37	return	return	NOUN
fbem-18285	107	38	on	on	ADP
fbem-18285	107	39	assets	asset	NOUN
fbem-18285	107	40	.	.	PUNCT
fbem-18285	108	1	when	when	SCONJ
fbem-18285	108	2	ch	ch	NOUN
fbem-18285	108	3	_	_	PROPN
fbem-18285	108	4	tiroa	tiroa	NOUN
fbem-18285	108	5	,	,	PUNCT
fbem-18285	108	6	>	>	X
fbem-18285	108	7	0	0	NUM
fbem-18285	108	8	,	,	PUNCT
fbem-18285	108	9	it	it	PRON
fbem-18285	108	10	indicates	indicate	VERB
fbem-18285	108	11	that	that	SCONJ
fbem-18285	108	12	the	the	DET
fbem-18285	108	13	operating	operate	VERB
fbem-18285	108	14	performance	performance	NOUN
fbem-18285	108	15	of	of	ADP
fbem-18285	108	16	the	the	DET
fbem-18285	108	17	listed	list	VERB
fbem-18285	108	18	enterprise	enterprise	NOUN
fbem-18285	108	19	rises	rise	NOUN
fbem-18285	108	20	,	,	PUNCT
fbem-18285	108	21	and	and	CCONJ
fbem-18285	108	22	vice	vice	ADV
fbem-18285	108	23	versa	versa	ADV
fbem-18285	108	24	,	,	PUNCT
fbem-18285	108	25	the	the	DET
fbem-18285	108	26	operating	operating	NOUN
fbem-18285	108	27	performance	performance	NOUN
fbem-18285	108	28	declines	decline	VERB
fbem-18285	108	29	;	;	PUNCT
fbem-18285	108	30	secondly	secondly	ADV
fbem-18285	108	31	,	,	PUNCT
fbem-18285	108	32	subtracting	subtract	VERB
fbem-18285	108	33	the	the	DET
fbem-18285	108	34	proportion	proportion	NOUN
fbem-18285	108	35	of	of	ADP
fbem-18285	108	36	shares	share	NOUN
fbem-18285	108	37	held	hold	VERB
fbem-18285	108	38	by	by	ADP
fbem-18285	108	39	institutional	institutional	ADJ
fbem-18285	108	40	investors	investor	NOUN
fbem-18285	108	41	of	of	ADP
fbem-18285	108	42	the	the	DET
fbem-18285	108	43	listed	list	VERB
fbem-18285	108	44	enterprise	enterprise	NOUN
fbem-18285	108	45	in	in	ADP
fbem-18285	108	46	the	the	DET
fbem-18285	108	47	current	current	ADJ
fbem-18285	108	48	period	period	NOUN
fbem-18285	108	49	from	from	ADP
fbem-18285	108	50	the	the	DET
fbem-18285	108	51	value	value	NOUN
fbem-18285	108	52	of	of	ADP
fbem-18285	108	53	the	the	DET
fbem-18285	108	54	previous	previous	ADJ
fbem-18285	108	55	period	period	NOUN
fbem-18285	108	56	,	,	PUNCT
fbem-18285	108	57	we	we	PRON
fbem-18285	108	58	get	get	VERB
fbem-18285	108	59	the	the	DET
fbem-18285	108	60	change	change	NOUN
fbem-18285	108	61	in	in	ADP
fbem-18285	108	62	the	the	DET
fbem-18285	108	63	proportion	proportion	NOUN
fbem-18285	108	64	of	of	ADP
fbem-18285	108	65	shares	share	NOUN
fbem-18285	108	66	held	hold	VERB
fbem-18285	108	67	by	by	ADP
fbem-18285	108	68	institutional	institutional	ADJ
fbem-18285	108	69	investors	investor	NOUN
fbem-18285	108	70	ch	ch	NOUN
fbem-18285	108	71	_	_	NOUN
fbem-18285	108	72	tihold	tihold	ADJ
fbem-18285	108	73	,	,	PUNCT
fbem-18285	108	74	.when	.when	ADP
fbem-18285	108	75	ch	ch	NOUN
fbem-18285	108	76	_	_	NOUN
fbem-18285	108	77	tihold	tihold	ADJ
fbem-18285	108	78	,	,	PUNCT
fbem-18285	108	79	>	>	PROPN
fbem-18285	108	80	0	0	NUM
fbem-18285	108	81	,	,	PUNCT
fbem-18285	108	82	it	it	PRON
fbem-18285	108	83	indicates	indicate	VERB
fbem-18285	108	84	that	that	SCONJ
fbem-18285	108	85	the	the	DET
fbem-18285	108	86	institutional	institutional	ADJ
fbem-18285	108	87	investors	investor	NOUN
fbem-18285	108	88	increase	increase	VERB
fbem-18285	108	89	their	their	PRON
fbem-18285	108	90	holdings	holding	NOUN
fbem-18285	108	91	,	,	PUNCT
fbem-18285	108	92	and	and	CCONJ
fbem-18285	108	93	vice	vice	ADV
fbem-18285	108	94	versa	versa	ADV
fbem-18285	108	95	,	,	PUNCT
fbem-18285	108	96	it	it	PRON
fbem-18285	108	97	means	mean	VERB
fbem-18285	108	98	that	that	SCONJ
fbem-18285	108	99	the	the	DET
fbem-18285	108	100	institutional	institutional	ADJ
fbem-18285	108	101	investors	investor	NOUN
fbem-18285	108	102	decrease	decrease	VERB
fbem-18285	108	103	their	their	PRON
fbem-18285	108	104	holdings	holding	NOUN
fbem-18285	108	105	.	.	PUNCT
fbem-18285	109	1	5	5	X
fbem-18285	109	2	.	.	X
fbem-18285	109	3	analysis	analysis	NOUN
fbem-18285	109	4	of	of	ADP
fbem-18285	109	5	empirical	empirical	ADJ
fbem-18285	109	6	findings	finding	NOUN
fbem-18285	109	7	5.1	5.1	NUM
fbem-18285	109	8	.	.	PUNCT
fbem-18285	110	1	descriptive	descriptive	ADJ
fbem-18285	110	2	statistical	statistical	ADJ
fbem-18285	110	3	analyses	analysis	NOUN
fbem-18285	110	4	as	as	SCONJ
fbem-18285	110	5	can	can	AUX
fbem-18285	110	6	be	be	AUX
fbem-18285	110	7	seen	see	VERB
fbem-18285	110	8	in	in	ADP
fbem-18285	110	9	table	table	NOUN
fbem-18285	110	10	2	2	NUM
fbem-18285	110	11	,	,	PUNCT
fbem-18285	110	12	with	with	ADP
fbem-18285	110	13	a	a	DET
fbem-18285	110	14	sample	sample	NOUN
fbem-18285	110	15	of	of	ADP
fbem-18285	110	16	13,726	13,726	NUM
fbem-18285	110	17	observations	observation	NOUN
fbem-18285	110	18	,	,	PUNCT
fbem-18285	110	19	the	the	DET
fbem-18285	110	20	mean	mean	ADJ
fbem-18285	110	21	value	value	NOUN
fbem-18285	110	22	of	of	ADP
fbem-18285	110	23	the	the	DET
fbem-18285	110	24	tq	tq	NOUN
fbem-18285	110	25	of	of	ADP
fbem-18285	110	26	firms	firm	NOUN
fbem-18285	110	27	'	'	PART
fbem-18285	110	28	value	value	NOUN
fbem-18285	110	29	is	be	AUX
fbem-18285	110	30	1.937	1.937	NUM
fbem-18285	110	31	with	with	ADP
fbem-18285	110	32	a	a	DET
fbem-18285	110	33	standard	standard	ADJ
fbem-18285	110	34	deviation	deviation	NOUN
fbem-18285	110	35	of	of	ADP
fbem-18285	110	36	1.430	1.430	NUM
fbem-18285	110	37	,	,	PUNCT
fbem-18285	110	38	and	and	CCONJ
fbem-18285	110	39	the	the	DET
fbem-18285	110	40	maximum	maximum	ADJ
fbem-18285	110	41	value	value	NOUN
fbem-18285	110	42	is	be	AUX
fbem-18285	110	43	29.17	29.17	NUM
fbem-18285	110	44	and	and	CCONJ
fbem-18285	110	45	the	the	DET
fbem-18285	110	46	minimum	minimum	ADJ
fbem-18285	110	47	value	value	NOUN
fbem-18285	110	48	is	be	AUX
fbem-18285	110	49	0.625	0.625	NUM
fbem-18285	110	50	,	,	PUNCT
fbem-18285	110	51	which	which	PRON
fbem-18285	110	52	suggests	suggest	VERB
fbem-18285	110	53	that	that	SCONJ
fbem-18285	110	54	there	there	PRON
fbem-18285	110	55	is	be	VERB
fbem-18285	110	56	a	a	DET
fbem-18285	110	57	large	large	ADJ
fbem-18285	110	58	difference	difference	NOUN
fbem-18285	110	59	in	in	ADP
fbem-18285	110	60	the	the	DET
fbem-18285	110	61	value	value	NOUN
fbem-18285	110	62	of	of	ADP
fbem-18285	110	63	the	the	DET
fbem-18285	110	64	firms	firm	NOUN
fbem-18285	110	65	within	within	ADP
fbem-18285	110	66	the	the	DET
fbem-18285	110	67	sample	sample	NOUN
fbem-18285	110	68	.	.	PUNCT
fbem-18285	111	1	the	the	DET
fbem-18285	111	2	mean	mean	ADJ
fbem-18285	111	3	value	value	NOUN
fbem-18285	111	4	of	of	ADP
fbem-18285	111	5	the	the	DET
fbem-18285	111	6	esg	esg	NOUN
fbem-18285	111	7	rating	rating	NOUN
fbem-18285	111	8	score	score	NOUN
fbem-18285	111	9	of	of	ADP
fbem-18285	111	10	the	the	DET
fbem-18285	111	11	sample	sample	NOUN
fbem-18285	111	12	firms	firm	NOUN
fbem-18285	111	13	is	be	AUX
fbem-18285	111	14	6.030	6.030	NUM
fbem-18285	111	15	,	,	PUNCT
fbem-18285	111	16	with	with	ADP
fbem-18285	111	17	a	a	DET
fbem-18285	111	18	standard	standard	ADJ
fbem-18285	111	19	deviation	deviation	NOUN
fbem-18285	111	20	of	of	ADP
fbem-18285	111	21	0.787	0.787	NUM
fbem-18285	111	22	,	,	PUNCT
fbem-18285	111	23	with	with	ADP
fbem-18285	111	24	a	a	DET
fbem-18285	111	25	range	range	NOUN
fbem-18285	111	26	of	of	ADP
fbem-18285	111	27	fluctuations	fluctuation	NOUN
fbem-18285	111	28	,	,	PUNCT
fbem-18285	111	29	and	and	CCONJ
fbem-18285	111	30	the	the	DET
fbem-18285	111	31	maximum	maximum	ADJ
fbem-18285	111	32	value	value	NOUN
fbem-18285	111	33	of	of	ADP
fbem-18285	111	34	the	the	DET
fbem-18285	111	35	sample	sample	NOUN
fbem-18285	111	36	is	be	AUX
fbem-18285	111	37	9.610	9.610	NUM
fbem-18285	111	38	,	,	PUNCT
fbem-18285	111	39	with	with	SCONJ
fbem-18285	111	40	a	a	DET
fbem-18285	111	41	minimum	minimum	ADJ
fbem-18285	111	42	value	value	NOUN
fbem-18285	111	43	of	of	ADP
fbem-18285	111	44	3.350.this	3.350.this	PROPN
fbem-18285	111	45	indicates	indicate	VERB
fbem-18285	111	46	that	that	SCONJ
fbem-18285	111	47	the	the	DET
fbem-18285	111	48	quality	quality	NOUN
fbem-18285	111	49	level	level	NOUN
fbem-18285	111	50	of	of	ADP
fbem-18285	111	51	esg	esg	PROPN
fbem-18285	111	52	disclosure	disclosure	NOUN
fbem-18285	111	53	of	of	ADP
fbem-18285	111	54	the	the	DET
fbem-18285	111	55	sample	sample	NOUN
fbem-18285	111	56	firms	firm	NOUN
fbem-18285	111	57	varies	vary	VERB
fbem-18285	111	58	,	,	PUNCT
fbem-18285	111	59	and	and	CCONJ
fbem-18285	111	60	the	the	DET
fbem-18285	111	61	average	average	ADJ
fbem-18285	111	62	esg	esg	PROPN
fbem-18285	111	63	disclosure	disclosure	NOUN
fbem-18285	111	64	level	level	NOUN
fbem-18285	111	65	of	of	ADP
fbem-18285	111	66	the	the	DET
fbem-18285	111	67	firms	firm	NOUN
fbem-18285	111	68	maintains	maintain	VERB
fbem-18285	111	69	around	around	ADP
fbem-18285	111	70	6	6	NUM
fbem-18285	111	71	,	,	PUNCT
fbem-18285	111	72	which	which	PRON
fbem-18285	111	73	is	be	AUX
fbem-18285	111	74	located	locate	VERB
fbem-18285	111	75	in	in	ADP
fbem-18285	111	76	a	a	DET
fbem-18285	111	77	medium	medium	ADJ
fbem-18285	111	78	level	level	NOUN
fbem-18285	111	79	of	of	ADP
fbem-18285	111	80	the	the	DET
fbem-18285	111	81	wind	wind	NOUN
fbem-18285	111	82	's	's	PART
fbem-18285	111	83	esg	esg	NOUN
fbem-18285	111	84	rating	rating	NOUN
fbem-18285	111	85	system	system	NOUN
fbem-18285	111	86	.	.	PUNCT
fbem-18285	112	1	this	this	PRON
fbem-18285	112	2	shows	show	VERB
fbem-18285	112	3	that	that	SCONJ
fbem-18285	112	4	the	the	DET
fbem-18285	112	5	level	level	NOUN
fbem-18285	112	6	of	of	ADP
fbem-18285	112	7	esg	esg	PROPN
fbem-18285	112	8	disclosure	disclosure	NOUN
fbem-18285	112	9	of	of	ADP
fbem-18285	112	10	enterprises	enterprise	NOUN
fbem-18285	112	11	needs	need	VERB
fbem-18285	112	12	to	to	PART
fbem-18285	112	13	be	be	AUX
fbem-18285	112	14	further	far	ADV
fbem-18285	112	15	improved	improve	VERB
fbem-18285	112	16	.	.	PUNCT
fbem-18285	113	1	the	the	DET
fbem-18285	113	2	mean	mean	ADJ
fbem-18285	113	3	value	value	NOUN
fbem-18285	113	4	of	of	ADP
fbem-18285	113	5	institutional	institutional	ADJ
fbem-18285	113	6	investors	investor	NOUN
fbem-18285	113	7	'	'	PART
fbem-18285	113	8	shareholding	shareholding	NOUN
fbem-18285	113	9	ratio	ratio	NOUN
fbem-18285	113	10	is	be	AUX
fbem-18285	113	11	41.38	41.38	NUM
fbem-18285	113	12	%	%	NOUN
fbem-18285	113	13	,	,	PUNCT
fbem-18285	113	14	the	the	DET
fbem-18285	113	15	minimum	minimum	ADJ
fbem-18285	113	16	value	value	NOUN
fbem-18285	113	17	is	be	AUX
fbem-18285	113	18	0.000	0.000	NUM
fbem-18285	113	19	%	%	NOUN
fbem-18285	113	20	,	,	PUNCT
fbem-18285	113	21	and	and	CCONJ
fbem-18285	113	22	the	the	DET
fbem-18285	113	23	maximum	maximum	ADJ
fbem-18285	113	24	value	value	NOUN
fbem-18285	113	25	is	be	AUX
fbem-18285	113	26	152.1	152.1	NUM
fbem-18285	113	27	%	%	NOUN
fbem-18285	113	28	,	,	PUNCT
fbem-18285	113	29	indicating	indicate	VERB
fbem-18285	113	30	that	that	SCONJ
fbem-18285	113	31	there	there	PRON
fbem-18285	113	32	are	be	VERB
fbem-18285	113	33	large	large	ADJ
fbem-18285	113	34	differences	difference	NOUN
fbem-18285	113	35	in	in	ADP
fbem-18285	113	36	the	the	DET
fbem-18285	113	37	shareholding	shareholding	NOUN
fbem-18285	113	38	ratio	ratio	NOUN
fbem-18285	113	39	of	of	ADP
fbem-18285	113	40	institutional	institutional	ADJ
fbem-18285	113	41	investors	investor	NOUN
fbem-18285	113	42	in	in	ADP
fbem-18285	113	43	the	the	DET
fbem-18285	113	44	sample	sample	NOUN
fbem-18285	113	45	companies	company	NOUN
fbem-18285	113	46	table	table	VERB
fbem-18285	113	47	2	2	NUM
fbem-18285	113	48	.	.	PUNCT
fbem-18285	113	49	descriptive	descriptive	ADJ
fbem-18285	113	50	statistics	statistic	NOUN
fbem-18285	113	51	for	for	ADP
fbem-18285	113	52	key	key	ADJ
fbem-18285	113	53	variables	variable	NOUN
fbem-18285	113	54	variant	variant	ADJ
fbem-18285	113	55	average	average	ADJ
fbem-18285	113	56	value	value	NOUN
fbem-18285	113	57	standard	standard	ADJ
fbem-18285	113	58	deviation	deviation	NOUN
fbem-18285	113	59	minimum	minimum	NOUN
fbem-18285	113	60	value	value	NOUN
fbem-18285	113	61	maximum	maximum	ADJ
fbem-18285	113	62	values	value	NOUN
fbem-18285	113	63	tq	tq	ADP
fbem-18285	113	64	1.937	1.937	NUM
fbem-18285	113	65	1.430	1.430	NUM
fbem-18285	113	66	0.625	0.625	NUM
fbem-18285	113	67	29.17	29.17	NUM
fbem-18285	113	68	esg	esg	NOUN
fbem-18285	113	69	6.030	6.030	NUM
fbem-18285	113	70	0.787	0.787	NUM
fbem-18285	113	71	3.350	3.350	NUM
fbem-18285	113	72	9.610	9.610	NUM
fbem-18285	113	73	hold	hold	VERB
fbem-18285	113	74	41.38	41.38	NUM
fbem-18285	113	75	25.42	25.42	NUM
fbem-18285	113	76	0	0	NUM
fbem-18285	113	77	152.1	152.1	NUM
fbem-18285	113	78	lev	lev	NOUN
fbem-18285	113	79	0.422	0.422	NUM
fbem-18285	113	80	0.187	0.187	NUM
fbem-18285	113	81	0.0143	0.0143	NUM
fbem-18285	113	82	0.994	0.994	NUM
fbem-18285	113	83	lnsize	lnsize	NOUN
fbem-18285	113	84	22.47	22.47	NUM
fbem-18285	113	85	1.342	1.342	NUM
fbem-18285	113	86	19.08	19.08	NUM
fbem-18285	113	87	28.64	28.64	NUM
fbem-18285	113	88	roe	roe	NOUN
fbem-18285	113	89	0.0585	0.0585	NUM
fbem-18285	113	90	0.155	0.155	NUM
fbem-18285	113	91	-2.094	-2.094	NOUN
fbem-18285	113	92	1.536	1.536	NUM
fbem-18285	113	93	growth	growth	NOUN
fbem-18285	113	94	0.142	0.142	NUM
fbem-18285	113	95	0.840	0.840	NUM
fbem-18285	113	96	-0.929	-0.929	X
fbem-18285	113	97	77.70	77.70	NUM
fbem-18285	113	98	cf	cf	NOUN
fbem-18285	113	99	0.0545	0.0545	NUM
fbem-18285	113	100	0.0680	0.0680	NUM
fbem-18285	113	101	-0.744	-0.744	NUM
fbem-18285	113	102	0.839	0.839	NUM
fbem-18285	113	103	lnage	lnage	NOUN
fbem-18285	113	104	2.992	2.992	NUM
fbem-18285	113	105	0.280	0.280	NUM
fbem-18285	113	106	1.386	1.386	NUM
fbem-18285	113	107	4.007	4.007	NUM
fbem-18285	113	108	lnex	lnex	ADV
fbem-18285	113	109	2.739	2.739	NUM
fbem-18285	113	110	0.212	0.212	NUM
fbem-18285	113	111	2.079	2.079	NUM
fbem-18285	113	112	3.555	3.555	NUM
fbem-18285	113	113	notes:*p<0.1,**p<0.05,***p<0.01	notes:*p<0.1,**p<0.05,***p<0.01	ADV
fbem-18285	113	114	252	252	NUM
fbem-18285	113	115	5.2	5.2	NUM
fbem-18285	113	116	.	.	PUNCT
fbem-18285	114	1	regression	regression	VERB
fbem-18285	114	2	analysis	analysis	NOUN
fbem-18285	114	3	5.2.1	5.2.1	NUM
fbem-18285	114	4	.	.	PUNCT
fbem-18285	115	1	analysis	analysis	NOUN
fbem-18285	115	2	of	of	ADP
fbem-18285	115	3	regression	regression	NOUN
fbem-18285	115	4	results	result	NOUN
fbem-18285	115	5	on	on	ADP
fbem-18285	115	6	the	the	DET
fbem-18285	115	7	impact	impact	NOUN
fbem-18285	115	8	of	of	ADP
fbem-18285	115	9	esg	esg	PROPN
fbem-18285	115	10	disclosure	disclosure	NOUN
fbem-18285	115	11	on	on	ADP
fbem-18285	115	12	firm	firm	ADJ
fbem-18285	115	13	value	value	NOUN
fbem-18285	115	14	column	column	NOUN
fbem-18285	115	15	(	(	PUNCT
fbem-18285	115	16	1	1	NUM
fbem-18285	115	17	)	)	PUNCT
fbem-18285	115	18	of	of	ADP
fbem-18285	115	19	table	table	NOUN
fbem-18285	115	20	3	3	NUM
fbem-18285	115	21	shows	show	VERB
fbem-18285	115	22	that	that	SCONJ
fbem-18285	115	23	the	the	DET
fbem-18285	115	24	estimated	estimate	VERB
fbem-18285	115	25	coefficient	coefficient	NOUN
fbem-18285	115	26	of	of	ADP
fbem-18285	115	27	the	the	DET
fbem-18285	115	28	variable	variable	ADJ
fbem-18285	115	29	wind	wind	NOUN
fbem-18285	115	30	esg	esg	PROPN
fbem-18285	115	31	is	be	AUX
fbem-18285	115	32	0.096	0.096	NUM
fbem-18285	115	33	,	,	PUNCT
fbem-18285	115	34	i.e.	i.e.	X
fbem-18285	115	35	,	,	PUNCT
fbem-18285	115	36	it	it	PRON
fbem-18285	115	37	is	be	AUX
fbem-18285	115	38	significantly	significantly	ADV
fbem-18285	115	39	positive	positive	ADJ
fbem-18285	115	40	at	at	ADP
fbem-18285	115	41	the	the	DET
fbem-18285	115	42	1	1	NUM
fbem-18285	115	43	%	%	NOUN
fbem-18285	115	44	level	level	NOUN
fbem-18285	115	45	,	,	PUNCT
fbem-18285	115	46	which	which	PRON
fbem-18285	115	47	indicates	indicate	VERB
fbem-18285	115	48	that	that	SCONJ
fbem-18285	115	49	the	the	DET
fbem-18285	115	50	level	level	NOUN
fbem-18285	115	51	of	of	ADP
fbem-18285	115	52	highquality	highquality	NOUN
fbem-18285	115	53	esg	esg	NOUN
fbem-18285	115	54	disclosure	disclosure	NOUN
fbem-18285	115	55	of	of	ADP
fbem-18285	115	56	listed	list	VERB
fbem-18285	115	57	companies	company	NOUN
fbem-18285	115	58	is	be	AUX
fbem-18285	115	59	able	able	ADJ
fbem-18285	115	60	to	to	PART
fbem-18285	115	61	enhance	enhance	VERB
fbem-18285	115	62	the	the	DET
fbem-18285	115	63	value	value	NOUN
fbem-18285	115	64	of	of	ADP
fbem-18285	115	65	the	the	DET
fbem-18285	115	66	firms	firm	NOUN
fbem-18285	115	67	,	,	PUNCT
fbem-18285	115	68	thus	thus	ADV
fbem-18285	115	69	supporting	support	VERB
fbem-18285	115	70	hypothesis	hypothesis	NOUN
fbem-18285	115	71	1	1	NUM
fbem-18285	115	72	.	.	PUNCT
fbem-18285	116	1	column	column	NOUN
fbem-18285	116	2	(	(	PUNCT
fbem-18285	116	3	2	2	X
fbem-18285	116	4	)	)	PUNCT
fbem-18285	116	5	shows	show	VERB
fbem-18285	116	6	that	that	SCONJ
fbem-18285	116	7	the	the	DET
fbem-18285	116	8	estimated	estimate	VERB
fbem-18285	116	9	coefficient	coefficient	NOUN
fbem-18285	116	10	of	of	ADP
fbem-18285	116	11	the	the	DET
fbem-18285	116	12	variable	variable	ADJ
fbem-18285	116	13	wind	wind	NOUN
fbem-18285	116	14	esg	esg	PROPN
fbem-18285	116	15	is	be	AUX
fbem-18285	116	16	0.981	0.981	NUM
fbem-18285	116	17	and	and	CCONJ
fbem-18285	116	18	it	it	PRON
fbem-18285	116	19	is	be	AUX
fbem-18285	116	20	significantly	significantly	ADV
fbem-18285	116	21	positive	positive	ADJ
fbem-18285	116	22	at	at	ADP
fbem-18285	116	23	the	the	DET
fbem-18285	116	24	1	1	NUM
fbem-18285	116	25	%	%	NOUN
fbem-18285	116	26	level.which	level.which	NUM
fbem-18285	116	27	means	mean	VERB
fbem-18285	116	28	that	that	SCONJ
fbem-18285	116	29	the	the	DET
fbem-18285	116	30	high	high	ADJ
fbem-18285	116	31	-	-	PUNCT
fbem-18285	116	32	quality	quality	NOUN
fbem-18285	116	33	esg	esg	NOUN
fbem-18285	116	34	information	information	NOUN
fbem-18285	116	35	disclosure	disclosure	NOUN
fbem-18285	116	36	level	level	NOUN
fbem-18285	116	37	can	can	AUX
fbem-18285	116	38	effectively	effectively	ADV
fbem-18285	116	39	promote	promote	VERB
fbem-18285	116	40	institutional	institutional	ADJ
fbem-18285	116	41	investors	investor	NOUN
fbem-18285	116	42	to	to	PART
fbem-18285	116	43	increase	increase	VERB
fbem-18285	116	44	their	their	PRON
fbem-18285	116	45	shareholdings	shareholding	NOUN
fbem-18285	116	46	,	,	PUNCT
fbem-18285	116	47	which	which	PRON
fbem-18285	116	48	supports	support	VERB
fbem-18285	116	49	hypothesis	hypothesis	NOUN
fbem-18285	116	50	2	2	NUM
fbem-18285	116	51	.	.	PUNCT
fbem-18285	117	1	the	the	DET
fbem-18285	117	2	estimated	estimate	VERB
fbem-18285	117	3	coefficient	coefficient	NOUN
fbem-18285	117	4	of	of	ADP
fbem-18285	117	5	institutional	institutional	ADJ
fbem-18285	117	6	investor	investor	NOUN
fbem-18285	117	7	shareholding	shareholding	NOUN
fbem-18285	117	8	hold	hold	NOUN
fbem-18285	117	9	and	and	CCONJ
fbem-18285	117	10	the	the	DET
fbem-18285	117	11	variable	variable	ADJ
fbem-18285	117	12	wind	wind	NOUN
fbem-18285	117	13	esg	esg	PROPN
fbem-18285	117	14	in	in	ADP
fbem-18285	117	15	column	column	NOUN
fbem-18285	117	16	(	(	PUNCT
fbem-18285	117	17	3	3	X
fbem-18285	117	18	)	)	PUNCT
fbem-18285	117	19	are	be	AUX
fbem-18285	117	20	also	also	ADV
fbem-18285	117	21	positive	positive	ADJ
fbem-18285	117	22	at	at	ADP
fbem-18285	117	23	the	the	DET
fbem-18285	117	24	1	1	NUM
fbem-18285	117	25	%	%	NOUN
fbem-18285	117	26	significance	significance	NOUN
fbem-18285	117	27	level	level	NOUN
fbem-18285	117	28	,	,	PUNCT
fbem-18285	117	29	and	and	CCONJ
fbem-18285	117	30	the	the	DET
fbem-18285	117	31	size	size	NOUN
fbem-18285	117	32	of	of	ADP
fbem-18285	117	33	the	the	DET
fbem-18285	117	34	coefficient	coefficient	NOUN
fbem-18285	117	35	decreases	decrease	VERB
fbem-18285	117	36	from	from	ADP
fbem-18285	117	37	0.096	0.096	NUM
fbem-18285	117	38	to	to	ADP
fbem-18285	117	39	0.085	0.085	NUM
fbem-18285	117	40	when	when	SCONJ
fbem-18285	117	41	hold	hold	NOUN
fbem-18285	117	42	is	be	AUX
fbem-18285	117	43	not	not	PART
fbem-18285	117	44	added	add	VERB
fbem-18285	117	45	,	,	PUNCT
fbem-18285	117	46	which	which	DET
fbem-18285	117	47	side	side	NOUN
fbem-18285	117	48	by	by	ADP
fbem-18285	117	49	side	side	NOUN
fbem-18285	117	50	indicates	indicate	VERB
fbem-18285	117	51	that	that	SCONJ
fbem-18285	117	52	there	there	PRON
fbem-18285	117	53	is	be	VERB
fbem-18285	117	54	a	a	DET
fbem-18285	117	55	partially	partially	ADV
fbem-18285	117	56	mediated	mediate	VERB
fbem-18285	117	57	effect	effect	NOUN
fbem-18285	117	58	of	of	ADP
fbem-18285	117	59	institutional	institutional	ADJ
fbem-18285	117	60	investor	investor	NOUN
fbem-18285	117	61	shareholding	shareholding	NOUN
fbem-18285	117	62	hold	hold	VERB
fbem-18285	117	63	,	,	PUNCT
fbem-18285	117	64	and	and	CCONJ
fbem-18285	117	65	then	then	ADV
fbem-18285	117	66	hypothesis	hypothesis	NOUN
fbem-18285	117	67	3	3	NUM
fbem-18285	117	68	holds	hold	NOUN
fbem-18285	117	69	.	.	PUNCT
fbem-18285	117	70	table	table	NOUN
fbem-18285	117	71	3	3	NUM
fbem-18285	117	72	.	.	PUNCT
fbem-18285	117	73	benchmark	benchmark	NOUN
fbem-18285	117	74	model	model	NOUN
fbem-18285	117	75	regression	regression	NOUN
fbem-18285	117	76	results	result	NOUN
fbem-18285	117	77	(	(	PUNCT
fbem-18285	117	78	1	1	NUM
fbem-18285	117	79	)	)	PUNCT
fbem-18285	117	80	(	(	PUNCT
fbem-18285	117	81	2	2	NUM
fbem-18285	117	82	)	)	PUNCT
fbem-18285	117	83	(	(	PUNCT
fbem-18285	117	84	3	3	X
fbem-18285	117	85	)	)	PUNCT
fbem-18285	117	86	tq	tq	ADV
fbem-18285	117	87	hold	hold	VERB
fbem-18285	117	88	tq	tq	ADP
fbem-18285	117	89	windesg	windesg	PROPN
fbem-18285	117	90	0.096	0.096	NUM
fbem-18285	117	91	*	*	PUNCT
fbem-18285	117	92	*	*	PUNCT
fbem-18285	117	93	*	*	PUNCT
fbem-18285	117	94	0.981	0.981	NUM
fbem-18285	117	95	*	*	PUNCT
fbem-18285	117	96	*	*	PUNCT
fbem-18285	117	97	*	*	PUNCT
fbem-18285	118	1	0.085	0.085	NUM
fbem-18285	118	2	*	*	PUNCT
fbem-18285	118	3	*	*	PUNCT
fbem-18285	118	4	*	*	PUNCT
fbem-18285	118	5	(	(	PUNCT
fbem-18285	118	6	6.41	6.41	NUM
fbem-18285	118	7	)	)	PUNCT
fbem-18285	118	8	(	(	PUNCT
fbem-18285	118	9	3.93	3.93	NUM
fbem-18285	118	10	)	)	PUNCT
fbem-18285	118	11	(	(	PUNCT
fbem-18285	118	12	5.75	5.75	NUM
fbem-18285	118	13	)	)	PUNCT
fbem-18285	118	14	hold	hold	VERB
fbem-18285	118	15	0.012	0.012	NUM
fbem-18285	118	16	*	*	NOUN
fbem-18285	118	17	*	*	PUNCT
fbem-18285	118	18	*	*	PUNCT
fbem-18285	118	19	(	(	PUNCT
fbem-18285	118	20	23.38	23.38	NUM
fbem-18285	118	21	)	)	PUNCT
fbem-18285	118	22	lev	lev	NOUN
fbem-18285	118	23	-0.643	-0.643	NOUN
fbem-18285	118	24	*	*	PROPN
fbem-18285	118	25	*	*	PUNCT
fbem-18285	118	26	*	*	PUNCT
fbem-18285	118	27	-5.613	-5.613	PROPN
fbem-18285	118	28	*	*	PUNCT
fbem-18285	118	29	*	*	PUNCT
fbem-18285	118	30	*	*	PUNCT
fbem-18285	118	31	-0.576	-0.576	NOUN
fbem-18285	118	32	*	*	PUNCT
fbem-18285	118	33	*	*	PUNCT
fbem-18285	118	34	*	*	PUNCT
fbem-18285	118	35	(	(	PUNCT
fbem-18285	118	36	-8.60	-8.60	NUM
fbem-18285	118	37	)	)	PUNCT
fbem-18285	118	38	(	(	PUNCT
fbem-18285	118	39	-4.52	-4.52	NOUN
fbem-18285	118	40	)	)	PUNCT
fbem-18285	118	41	(	(	PUNCT
fbem-18285	118	42	-7.86	-7.86	NOUN
fbem-18285	118	43	)	)	PUNCT
fbem-18285	118	44	lnsize	lnsize	NOUN
fbem-18285	118	45	-0.217	-0.217	NOUN
fbem-18285	118	46	*	*	PUNCT
fbem-18285	118	47	*	*	PUNCT
fbem-18285	118	48	*	*	PUNCT
fbem-18285	118	49	7.241	7.241	NUM
fbem-18285	118	50	*	*	PUNCT
fbem-18285	118	51	*	*	PUNCT
fbem-18285	118	52	*	*	PUNCT
fbem-18285	118	53	-0.303	-0.303	PUNCT
fbem-18285	118	54	*	*	PUNCT
fbem-18285	118	55	*	*	PUNCT
fbem-18285	118	56	*	*	PUNCT
fbem-18285	118	57	(	(	PUNCT
fbem-18285	118	58	-19.03	-19.03	PROPN
fbem-18285	118	59	)	)	PUNCT
fbem-18285	118	60	(	(	PUNCT
fbem-18285	118	61	38.26	38.26	NUM
fbem-18285	118	62	)	)	PUNCT
fbem-18285	118	63	(	(	PUNCT
fbem-18285	118	64	-25.73	-25.73	X
fbem-18285	118	65	)	)	PUNCT
fbem-18285	118	66	roe	roe	NOUN
fbem-18285	118	67	0.934	0.934	NUM
fbem-18285	118	68	*	*	PUNCT
fbem-18285	118	69	*	*	PUNCT
fbem-18285	118	70	*	*	PUNCT
fbem-18285	118	71	11.060	11.060	NUM
fbem-18285	118	72	*	*	PUNCT
fbem-18285	118	73	*	*	PUNCT
fbem-18285	118	74	*	*	NOUN
fbem-18285	118	75	0.803	0.803	NUM
fbem-18285	118	76	*	*	PUNCT
fbem-18285	118	77	*	*	PUNCT
fbem-18285	118	78	*	*	PUNCT
fbem-18285	118	79	(	(	PUNCT
fbem-18285	118	80	11.71	11.71	NUM
fbem-18285	118	81	)	)	PUNCT
fbem-18285	118	82	(	(	PUNCT
fbem-18285	118	83	8.35	8.35	NUM
fbem-18285	118	84	)	)	PUNCT
fbem-18285	118	85	(	(	PUNCT
fbem-18285	118	86	10.25	10.25	NUM
fbem-18285	118	87	)	)	PUNCT
fbem-18285	118	88	growth	growth	NOUN
fbem-18285	118	89	0.032	0.032	NUM
fbem-18285	118	90	*	*	PUNCT
fbem-18285	118	91	*	*	PUNCT
fbem-18285	118	92	0.393	0.393	NUM
fbem-18285	118	93	*	*	PUNCT
fbem-18285	118	94	0.027	0.027	NUM
fbem-18285	118	95	*	*	PUNCT
fbem-18285	118	96	*	*	PUNCT
fbem-18285	118	97	(	(	PUNCT
fbem-18285	118	98	2.47	2.47	NUM
fbem-18285	118	99	)	)	PUNCT
fbem-18285	118	100	(	(	PUNCT
fbem-18285	118	101	1.83	1.83	NUM
fbem-18285	118	102	)	)	PUNCT
fbem-18285	118	103	(	(	PUNCT
fbem-18285	118	104	2.16	2.16	NUM
fbem-18285	118	105	)	)	PUNCT
fbem-18285	118	106	cf	cf	ADP
fbem-18285	118	107	2.563	2.563	NUM
fbem-18285	118	108	*	*	PUNCT
fbem-18285	118	109	*	*	PUNCT
fbem-18285	118	110	*	*	PUNCT
fbem-18285	119	1	12.797	12.797	NUM
fbem-18285	119	2	*	*	PUNCT
fbem-18285	119	3	*	*	PUNCT
fbem-18285	119	4	*	*	PUNCT
fbem-18285	120	1	2.411	2.411	NUM
fbem-18285	120	2	*	*	PUNCT
fbem-18285	120	3	*	*	PUNCT
fbem-18285	120	4	*	*	PUNCT
fbem-18285	120	5	(	(	PUNCT
fbem-18285	120	6	14.55	14.55	NUM
fbem-18285	120	7	)	)	PUNCT
fbem-18285	120	8	(	(	PUNCT
fbem-18285	120	9	4.38	4.38	NUM
fbem-18285	120	10	)	)	PUNCT
fbem-18285	120	11	(	(	PUNCT
fbem-18285	120	12	13.95	13.95	NUM
fbem-18285	120	13	)	)	PUNCT
fbem-18285	120	14	lnage	lnage	NOUN
fbem-18285	120	15	-0.217	-0.217	NOUN
fbem-18285	120	16	*	*	PUNCT
fbem-18285	120	17	*	*	PUNCT
fbem-18285	120	18	*	*	PUNCT
fbem-18285	120	19	-0.734	-0.734	X
fbem-18285	120	20	-0.208	-0.208	X
fbem-18285	120	21	*	*	PUNCT
fbem-18285	120	22	*	*	PUNCT
fbem-18285	120	23	*	*	PUNCT
fbem-18285	120	24	(	(	PUNCT
fbem-18285	120	25	-5.21	-5.21	NOUN
fbem-18285	120	26	)	)	PUNCT
fbem-18285	120	27	(	(	PUNCT
fbem-18285	120	28	-1.06	-1.06	NOUN
fbem-18285	120	29	)	)	PUNCT
fbem-18285	120	30	(	(	PUNCT
fbem-18285	120	31	-5.10	-5.10	NOUN
fbem-18285	120	32	)	)	PUNCT
fbem-18285	120	33	lnex	lnex	ADJ
fbem-18285	120	34	-0.070	-0.070	NUM
fbem-18285	120	35	17.116	17.116	NUM
fbem-18285	120	36	*	*	PUNCT
fbem-18285	120	37	*	*	PUNCT
fbem-18285	120	38	*	*	PUNCT
fbem-18285	120	39	-0.273	-0.273	PUNCT
fbem-18285	120	40	*	*	PUNCT
fbem-18285	120	41	*	*	PUNCT
fbem-18285	120	42	*	*	PUNCT
fbem-18285	120	43	(	(	PUNCT
fbem-18285	120	44	-1.19	-1.19	NOUN
fbem-18285	120	45	)	)	PUNCT
fbem-18285	120	46	(	(	PUNCT
fbem-18285	120	47	17.45	17.45	NUM
fbem-18285	120	48	)	)	PUNCT
fbem-18285	120	49	(	(	PUNCT
fbem-18285	120	50	-4.65	-4.65	NOUN
fbem-18285	120	51	)	)	PUNCT
fbem-18285	120	52	ind	ind	NOUN
fbem-18285	121	1	yes	yes	INTJ
fbem-18285	122	1	yes	yes	INTJ
fbem-18285	123	1	yes	yes	INTJ
fbem-18285	123	2	year	year	NOUN
fbem-18285	124	1	yes	yes	INTJ
fbem-18285	124	2	yes	yes	INTJ
fbem-18285	124	3	tes	tes	NOUN
fbem-18285	124	4	industry	industry	NOUN
fbem-18285	125	1	yes	yes	INTJ
fbem-18285	125	2	yes	yes	INTJ
fbem-18285	125	3	tes	tes	NOUN
fbem-18285	125	4	n	n	PROPN
fbem-18285	125	5	13726	13726	NUM
fbem-18285	125	6	13726	13726	NUM
fbem-18285	125	7	13726	13726	NUM
fbem-18285	125	8	r2	r2	PROPN
fbem-18285	125	9	0.247	0.247	NUM
fbem-18285	125	10	0.343	0.343	NUM
fbem-18285	125	11	0.276	0.276	NUM
fbem-18285	125	12	notes	note	NOUN
fbem-18285	125	13	:	:	PUNCT
fbem-18285	125	14	*	*	PUNCT
fbem-18285	125	15	,	,	PUNCT
fbem-18285	125	16	*	*	PUNCT
fbem-18285	125	17	*	*	PUNCT
fbem-18285	125	18	and	and	CCONJ
fbem-18285	125	19	*	*	PUNCT
fbem-18285	125	20	*	*	PUNCT
fbem-18285	125	21	*	*	PUNCT
fbem-18285	125	22	indicate	indicate	VERB
fbem-18285	125	23	significant	significant	ADJ
fbem-18285	125	24	at	at	ADP
fbem-18285	125	25	the	the	DET
fbem-18285	125	26	10%,5	10%,5	NUM
fbem-18285	125	27	%	%	NOUN
fbem-18285	125	28	and	and	CCONJ
fbem-18285	125	29	1	1	NUM
fbem-18285	125	30	%	%	NOUN
fbem-18285	125	31	levels	level	NOUN
fbem-18285	125	32	,	,	PUNCT
fbem-18285	125	33	respectively	respectively	ADV
fbem-18285	125	34	.	.	PUNCT
fbem-18285	126	1	5.2.2	5.2.2	NUM
fbem-18285	126	2	.	.	PUNCT
fbem-18285	126	3	institutional	institutional	ADJ
fbem-18285	126	4	investor	investor	NOUN
fbem-18285	126	5	preference	preference	NOUN
fbem-18285	126	6	tests	test	VERB
fbem-18285	126	7	the	the	DET
fbem-18285	126	8	estimation	estimation	NOUN
fbem-18285	126	9	results	result	VERB
fbem-18285	126	10	in	in	ADP
fbem-18285	126	11	table	table	NOUN
fbem-18285	126	12	4	4	NUM
fbem-18285	126	13	show	show	VERB
fbem-18285	126	14	that	that	SCONJ
fbem-18285	126	15	the	the	DET
fbem-18285	126	16	estimated	estimate	VERB
fbem-18285	126	17	coefficient	coefficient	NOUN
fbem-18285	126	18	of	of	ADP
fbem-18285	126	19	the	the	DET
fbem-18285	126	20	variable	variable	ADJ
fbem-18285	126	21	wind	wind	NOUN
fbem-18285	126	22	esg	esg	PROPN
fbem-18285	126	23	is	be	AUX
fbem-18285	126	24	positive	positive	ADJ
fbem-18285	126	25	at	at	ADP
fbem-18285	126	26	the	the	DET
fbem-18285	126	27	10	10	NUM
fbem-18285	126	28	per	per	NOUN
fbem-18285	126	29	cent	cent	NOUN
fbem-18285	126	30	significance	significance	NOUN
fbem-18285	126	31	level	level	NOUN
fbem-18285	126	32	,	,	PUNCT
fbem-18285	126	33	indicating	indicate	VERB
fbem-18285	126	34	that	that	SCONJ
fbem-18285	126	35	listed	list	VERB
fbem-18285	126	36	firms	firm	NOUN
fbem-18285	126	37	improving	improve	VERB
fbem-18285	126	38	the	the	DET
fbem-18285	126	39	quality	quality	NOUN
fbem-18285	126	40	level	level	NOUN
fbem-18285	126	41	of	of	ADP
fbem-18285	126	42	their	their	PRON
fbem-18285	126	43	esg	esg	NOUN
fbem-18285	126	44	disclosure	disclosure	NOUN
fbem-18285	126	45	can	can	AUX
fbem-18285	126	46	,	,	PUNCT
fbem-18285	126	47	to	to	ADP
fbem-18285	126	48	some	some	DET
fbem-18285	126	49	extent	extent	NOUN
fbem-18285	126	50	,	,	PUNCT
fbem-18285	126	51	motivate	motivate	VERB
fbem-18285	126	52	institutional	institutional	ADJ
fbem-18285	126	53	investors	investor	NOUN
fbem-18285	126	54	to	to	PART
fbem-18285	126	55	make	make	VERB
fbem-18285	126	56	the	the	DET
fbem-18285	126	57	decision	decision	NOUN
fbem-18285	126	58	to	to	PART
fbem-18285	126	59	make	make	VERB
fbem-18285	126	60	irrational	irrational	ADJ
fbem-18285	126	61	investments	investment	NOUN
fbem-18285	126	62	as	as	SCONJ
fbem-18285	126	63	defined	define	VERB
fbem-18285	126	64	above	above	ADV
fbem-18285	126	65	,	,	PUNCT
fbem-18285	126	66	i.e.	i.e.	X
fbem-18285	126	67	,	,	PUNCT
fbem-18285	126	68	the	the	DET
fbem-18285	126	69	existence	existence	NOUN
fbem-18285	126	70	of	of	ADP
fbem-18285	126	71	esg	esg	PROPN
fbem-18285	126	72	investment	investment	NOUN
fbem-18285	126	73	preferences	preference	NOUN
fbem-18285	126	74	among	among	ADP
fbem-18285	126	75	institutional	institutional	ADJ
fbem-18285	126	76	investors	investor	NOUN
fbem-18285	126	77	.	.	PUNCT
fbem-18285	127	1	table	table	NOUN
fbem-18285	127	2	4	4	NUM
fbem-18285	127	3	.	.	PUNCT
fbem-18285	128	1	institutional	institutional	ADJ
fbem-18285	128	2	investor	investor	NOUN
fbem-18285	128	3	preference	preference	NOUN
fbem-18285	128	4	test	test	NOUN
fbem-18285	128	5	results	result	NOUN
fbem-18285	128	6	(	(	PUNCT
fbem-18285	128	7	1	1	NUM
fbem-18285	128	8	)	)	PUNCT
fbem-18285	128	9	(	(	PUNCT
fbem-18285	128	10	2	2	X
fbem-18285	128	11	)	)	PUNCT
fbem-18285	128	12	exception1	exception1	NOUN
fbem-18285	129	1	exception2	exception2	PROPN
fbem-18285	129	2	esg	esg	PROPN
fbem-18285	129	3	0.049	0.049	NUM
fbem-18285	129	4	*	*	PUNCT
fbem-18285	129	5	-0.046	-0.046	PROPN
fbem-18285	129	6	*	*	PUNCT
fbem-18285	129	7	(	(	PUNCT
fbem-18285	129	8	1.78	1.78	NUM
fbem-18285	129	9	)	)	PUNCT
fbem-18285	129	10	(	(	PUNCT
fbem-18285	129	11	-1.74	-1.74	X
fbem-18285	129	12	)	)	PUNCT
fbem-18285	129	13	lev	lev	NOUN
fbem-18285	129	14	-0.496	-0.496	PUNCT
fbem-18285	129	15	*	*	PUNCT
fbem-18285	129	16	*	*	PUNCT
fbem-18285	129	17	*	*	PUNCT
fbem-18285	129	18	0.796	0.796	NUM
fbem-18285	129	19	*	*	PUNCT
fbem-18285	129	20	*	*	PUNCT
fbem-18285	129	21	*	*	PUNCT
fbem-18285	129	22	(	(	PUNCT
fbem-18285	129	23	-3.52	-3.52	NOUN
fbem-18285	129	24	)	)	PUNCT
fbem-18285	129	25	(	(	PUNCT
fbem-18285	129	26	5.90	5.90	NUM
fbem-18285	129	27	)	)	PUNCT
fbem-18285	129	28	lnsize	lnsize	VERB
fbem-18285	129	29	0.128	0.128	NUM
fbem-18285	129	30	*	*	PUNCT
fbem-18285	129	31	*	*	PUNCT
fbem-18285	129	32	*	*	PUNCT
fbem-18285	129	33	-0.192	-0.192	PUNCT
fbem-18285	129	34	*	*	PUNCT
fbem-18285	129	35	*	*	PUNCT
fbem-18285	129	36	*	*	PUNCT
fbem-18285	129	37	(	(	PUNCT
fbem-18285	129	38	6.26	6.26	NUM
fbem-18285	129	39	)	)	PUNCT
fbem-18285	129	40	(	(	PUNCT
fbem-18285	129	41	-9.55	-9.55	NUM
fbem-18285	129	42	)	)	PUNCT
fbem-18285	129	43	roe	roe	NOUN
fbem-18285	129	44	-1.375	-1.375	PUNCT
fbem-18285	129	45	*	*	PUNCT
fbem-18285	129	46	*	*	PUNCT
fbem-18285	129	47	*	*	PUNCT
fbem-18285	130	1	3.819	3.819	NUM
fbem-18285	130	2	*	*	PUNCT
fbem-18285	130	3	*	*	PUNCT
fbem-18285	130	4	*	*	PUNCT
fbem-18285	130	5	(	(	PUNCT
fbem-18285	130	6	-9.38	-9.38	NOUN
fbem-18285	130	7	)	)	PUNCT
fbem-18285	130	8	(	(	PUNCT
fbem-18285	130	9	16.46	16.46	NUM
fbem-18285	130	10	)	)	PUNCT
fbem-18285	130	11	growth	growth	NOUN
fbem-18285	130	12	0.114	0.114	NUM
fbem-18285	130	13	*	*	PUNCT
fbem-18285	130	14	*	*	PUNCT
fbem-18285	130	15	*	*	PUNCT
fbem-18285	130	16	-0.852	-0.852	ADJ
fbem-18285	130	17	*	*	PUNCT
fbem-18285	130	18	*	*	PUNCT
fbem-18285	130	19	*	*	PUNCT
fbem-18285	130	20	(	(	PUNCT
fbem-18285	130	21	3.01	3.01	NUM
fbem-18285	130	22	)	)	PUNCT
fbem-18285	130	23	(	(	PUNCT
fbem-18285	130	24	-8.00	-8.00	NOUN
fbem-18285	130	25	)	)	PUNCT
fbem-18285	130	26	cf	cf	NOUN
fbem-18285	130	27	-1.208	-1.208	NOUN
fbem-18285	130	28	*	*	PUNCT
fbem-18285	130	29	*	*	PUNCT
fbem-18285	130	30	*	*	PUNCT
fbem-18285	130	31	-0.110	-0.110	NOUN
fbem-18285	130	32	(	(	PUNCT
fbem-18285	130	33	-3.53	-3.53	NOUN
fbem-18285	130	34	)	)	PUNCT
fbem-18285	130	35	(	(	PUNCT
fbem-18285	130	36	-0.34	-0.34	NOUN
fbem-18285	130	37	)	)	PUNCT
fbem-18285	130	38	lnage	lnage	NOUN
fbem-18285	130	39	0.178	0.178	NUM
fbem-18285	130	40	*	*	NOUN
fbem-18285	130	41	*	*	PUNCT
fbem-18285	130	42	-0.058	-0.058	PUNCT
fbem-18285	130	43	(	(	PUNCT
fbem-18285	130	44	2.28	2.28	NUM
fbem-18285	130	45	)	)	PUNCT
fbem-18285	130	46	(	(	PUNCT
fbem-18285	130	47	-0.80	-0.80	NOUN
fbem-18285	130	48	)	)	PUNCT
fbem-18285	130	49	lnex	lnex	ADJ
fbem-18285	130	50	-0.344	-0.344	NOUN
fbem-18285	130	51	*	*	PUNCT
fbem-18285	130	52	*	*	PUNCT
fbem-18285	130	53	*	*	PUNCT
fbem-18285	130	54	0.190	0.190	NUM
fbem-18285	130	55	*	*	SYM
fbem-18285	130	56	(	(	PUNCT
fbem-18285	130	57	-3.04	-3.04	NUM
fbem-18285	130	58	)	)	PUNCT
fbem-18285	130	59	(	(	PUNCT
fbem-18285	130	60	1.78	1.78	NUM
fbem-18285	130	61	)	)	PUNCT
fbem-18285	130	62	year	year	NOUN
fbem-18285	131	1	yes	yes	INTJ
fbem-18285	131	2	yes	yes	INTJ
fbem-18285	132	1	industry	industry	NOUN
fbem-18285	133	1	yes	yes	INTJ
fbem-18285	134	1	yes	yes	INTJ
fbem-18285	134	2	n	n	ADV
fbem-18285	134	3	13726	13726	NUM
fbem-18285	134	4	13726	13726	NUM
fbem-18285	134	5	notes	note	VERB
fbem-18285	134	6	:	:	PUNCT
fbem-18285	134	7	*	*	PUNCT
fbem-18285	134	8	p<0.1,**p<0.05,***p<0.01	p<0.1,**p<0.05,***p<0.01	NOUN
fbem-18285	134	9	253	253	NUM
fbem-18285	134	10	5.3	5.3	NUM
fbem-18285	134	11	.	.	PUNCT
fbem-18285	135	1	heterogeneity	heterogeneity	NOUN
fbem-18285	135	2	analysis	analysis	NOUN
fbem-18285	135	3	5.3.1	5.3.1	NUM
fbem-18285	135	4	.	.	PUNCT
fbem-18285	136	1	heterogeneity	heterogeneity	NOUN
fbem-18285	136	2	of	of	ADP
fbem-18285	136	3	enterprise	enterprise	NOUN
fbem-18285	136	4	property	property	NOUN
fbem-18285	136	5	rights	right	NOUN
fbem-18285	136	6	in	in	ADP
fbem-18285	136	7	this	this	DET
fbem-18285	136	8	paper	paper	NOUN
fbem-18285	136	9	,	,	PUNCT
fbem-18285	136	10	the	the	DET
fbem-18285	136	11	whole	whole	ADJ
fbem-18285	136	12	sample	sample	NOUN
fbem-18285	136	13	is	be	AUX
fbem-18285	136	14	divided	divide	VERB
fbem-18285	136	15	into	into	ADP
fbem-18285	136	16	state	state	NOUN
fbem-18285	136	17	-	-	PUNCT
fbem-18285	136	18	owned	own	VERB
fbem-18285	136	19	enterprises	enterprise	NOUN
fbem-18285	136	20	and	and	CCONJ
fbem-18285	136	21	non	non	ADJ
fbem-18285	136	22	-	-	ADJ
fbem-18285	136	23	state	state	NOUN
fbem-18285	136	24	-	-	PUNCT
fbem-18285	136	25	owned	own	VERB
fbem-18285	136	26	enterprises	enterprise	NOUN
fbem-18285	136	27	according	accord	VERB
fbem-18285	136	28	to	to	ADP
fbem-18285	136	29	the	the	DET
fbem-18285	136	30	nature	nature	NOUN
fbem-18285	136	31	of	of	ADP
fbem-18285	136	32	enterprise	enterprise	NOUN
fbem-18285	136	33	ownership	ownership	NOUN
fbem-18285	136	34	for	for	ADP
fbem-18285	136	35	heterogeneity	heterogeneity	NOUN
fbem-18285	136	36	test	test	NOUN
fbem-18285	136	37	,	,	PUNCT
fbem-18285	136	38	and	and	CCONJ
fbem-18285	136	39	observe	observe	VERB
fbem-18285	136	40	the	the	DET
fbem-18285	136	41	difference	difference	NOUN
fbem-18285	136	42	between	between	ADP
fbem-18285	136	43	the	the	DET
fbem-18285	136	44	two	two	NUM
fbem-18285	136	45	groups	group	NOUN
fbem-18285	136	46	of	of	ADP
fbem-18285	136	47	samples	sample	NOUN
fbem-18285	136	48	in	in	ADP
fbem-18285	136	49	terms	term	NOUN
fbem-18285	136	50	of	of	ADP
fbem-18285	136	51	the	the	DET
fbem-18285	136	52	impact	impact	NOUN
fbem-18285	136	53	of	of	ADP
fbem-18285	136	54	the	the	DET
fbem-18285	136	55	quality	quality	NOUN
fbem-18285	136	56	level	level	NOUN
fbem-18285	136	57	of	of	ADP
fbem-18285	136	58	esg	esg	PROPN
fbem-18285	136	59	disclosure	disclosure	NOUN
fbem-18285	136	60	on	on	ADP
fbem-18285	136	61	their	their	PRON
fbem-18285	136	62	enterprise	enterprise	NOUN
fbem-18285	136	63	value	value	NOUN
fbem-18285	136	64	,	,	PUNCT
fbem-18285	136	65	and	and	CCONJ
fbem-18285	136	66	the	the	DET
fbem-18285	136	67	results	result	NOUN
fbem-18285	136	68	are	be	AUX
fbem-18285	136	69	shown	show	VERB
fbem-18285	136	70	in	in	ADP
fbem-18285	136	71	table	table	NOUN
fbem-18285	136	72	5	5	NUM
fbem-18285	136	73	.	.	PUNCT
fbem-18285	137	1	the	the	DET
fbem-18285	137	2	regression	regression	NOUN
fbem-18285	137	3	results	result	NOUN
fbem-18285	137	4	show	show	VERB
fbem-18285	137	5	that	that	SCONJ
fbem-18285	137	6	both	both	PRON
fbem-18285	137	7	state	state	NOUN
fbem-18285	137	8	-	-	PUNCT
fbem-18285	137	9	owned	own	VERB
fbem-18285	137	10	enterprises	enterprise	NOUN
fbem-18285	137	11	and	and	CCONJ
fbem-18285	137	12	non	non	ADJ
fbem-18285	137	13	-	-	ADJ
fbem-18285	137	14	state	state	NOUN
fbem-18285	137	15	-	-	PUNCT
fbem-18285	137	16	owned	own	VERB
fbem-18285	137	17	enterprises	enterprise	NOUN
fbem-18285	137	18	improve	improve	VERB
fbem-18285	137	19	the	the	DET
fbem-18285	137	20	quality	quality	NOUN
fbem-18285	137	21	level	level	NOUN
fbem-18285	137	22	of	of	ADP
fbem-18285	137	23	esg	esg	PROPN
fbem-18285	137	24	disclosure	disclosure	NOUN
fbem-18285	137	25	will	will	AUX
fbem-18285	137	26	promote	promote	VERB
fbem-18285	137	27	their	their	PRON
fbem-18285	137	28	enterprise	enterprise	NOUN
fbem-18285	137	29	value	value	NOUN
fbem-18285	137	30	,	,	PUNCT
fbem-18285	137	31	i.e.	i.e.	X
fbem-18285	137	32	,	,	PUNCT
fbem-18285	137	33	wind	wind	NOUN
fbem-18285	137	34	esg	esg	PROPN
fbem-18285	137	35	has	have	VERB
fbem-18285	137	36	a	a	DET
fbem-18285	137	37	significant	significant	ADJ
fbem-18285	137	38	positive	positive	ADJ
fbem-18285	137	39	effect	effect	NOUN
fbem-18285	137	40	on	on	ADP
fbem-18285	137	41	tq	tq	ADV
fbem-18285	137	42	at	at	ADP
fbem-18285	137	43	the	the	DET
fbem-18285	137	44	1	1	NUM
fbem-18285	137	45	%	%	NOUN
fbem-18285	137	46	level	level	NOUN
fbem-18285	137	47	,	,	PUNCT
fbem-18285	137	48	in	in	ADP
fbem-18285	137	49	which	which	PRON
fbem-18285	137	50	the	the	DET
fbem-18285	137	51	regression	regression	NOUN
fbem-18285	137	52	coefficient	coefficient	NOUN
fbem-18285	137	53	of	of	ADP
fbem-18285	137	54	wind	wind	NOUN
fbem-18285	137	55	esg	esg	PROPN
fbem-18285	137	56	for	for	ADP
fbem-18285	137	57	stateowned	stateowned	ADJ
fbem-18285	137	58	enterprises	enterprise	NOUN
fbem-18285	137	59	is	be	AUX
fbem-18285	137	60	0.097	0.097	NUM
fbem-18285	137	61	,	,	PUNCT
fbem-18285	137	62	and	and	CCONJ
fbem-18285	137	63	the	the	DET
fbem-18285	137	64	regression	regression	NOUN
fbem-18285	137	65	coefficient	coefficient	NOUN
fbem-18285	137	66	of	of	ADP
fbem-18285	137	67	wind	wind	NOUN
fbem-18285	137	68	esg	esg	PROPN
fbem-18285	137	69	for	for	ADP
fbem-18285	137	70	non	non	ADJ
fbem-18285	137	71	-	-	ADJ
fbem-18285	137	72	state	state	NOUN
fbem-18285	137	73	-	-	PUNCT
fbem-18285	137	74	owned	own	VERB
fbem-18285	137	75	enterprises	enterprise	NOUN
fbem-18285	137	76	is	be	AUX
fbem-18285	137	77	0.082	0.082	NUM
fbem-18285	137	78	,	,	PUNCT
fbem-18285	137	79	and	and	CCONJ
fbem-18285	137	80	there	there	PRON
fbem-18285	137	81	is	be	VERB
fbem-18285	137	82	no	no	DET
fbem-18285	137	83	difference	difference	NOUN
fbem-18285	137	84	according	accord	VERB
fbem-18285	137	85	to	to	ADP
fbem-18285	137	86	the	the	DET
fbem-18285	137	87	nature	nature	NOUN
fbem-18285	137	88	of	of	ADP
fbem-18285	137	89	ownership	ownership	NOUN
fbem-18285	137	90	of	of	ADP
fbem-18285	137	91	the	the	DET
fbem-18285	137	92	enterprise	enterprise	NOUN
fbem-18285	137	93	there	there	PRON
fbem-18285	137	94	is	be	VERB
fbem-18285	137	95	no	no	DET
fbem-18285	137	96	difference	difference	NOUN
fbem-18285	137	97	depending	depend	VERB
fbem-18285	137	98	on	on	ADP
fbem-18285	137	99	the	the	DET
fbem-18285	137	100	nature	nature	NOUN
fbem-18285	137	101	of	of	ADP
fbem-18285	137	102	enterprise	enterprise	NOUN
fbem-18285	137	103	ownership	ownership	NOUN
fbem-18285	137	104	.	.	PUNCT
fbem-18285	138	1	5.3.2	5.3.2	X
fbem-18285	138	2	.	.	PUNCT
fbem-18285	139	1	analysis	analysis	NOUN
fbem-18285	139	2	of	of	ADP
fbem-18285	139	3	firm	firm	ADJ
fbem-18285	139	4	size	size	NOUN
fbem-18285	139	5	on	on	ADP
fbem-18285	139	6	heterogeneity	heterogeneity	NOUN
fbem-18285	139	7	in	in	ADP
fbem-18285	139	8	this	this	DET
fbem-18285	139	9	paper	paper	NOUN
fbem-18285	139	10	,	,	PUNCT
fbem-18285	139	11	according	accord	VERB
fbem-18285	139	12	to	to	ADP
fbem-18285	139	13	the	the	DET
fbem-18285	139	14	average	average	ADJ
fbem-18285	139	15	level	level	NOUN
fbem-18285	139	16	of	of	ADP
fbem-18285	139	17	the	the	DET
fbem-18285	139	18	size	size	NOUN
fbem-18285	139	19	data	datum	NOUN
fbem-18285	139	20	of	of	ADP
fbem-18285	139	21	listed	list	VERB
fbem-18285	139	22	enterprises	enterprise	NOUN
fbem-18285	139	23	in	in	ADP
fbem-18285	139	24	each	each	DET
fbem-18285	139	25	year	year	NOUN
fbem-18285	139	26	,	,	PUNCT
fbem-18285	139	27	the	the	DET
fbem-18285	139	28	median	median	ADJ
fbem-18285	139	29	size	size	NOUN
fbem-18285	139	30	level	level	NOUN
fbem-18285	139	31	of	of	ADP
fbem-18285	139	32	the	the	DET
fbem-18285	139	33	total	total	ADJ
fbem-18285	139	34	sample	sample	NOUN
fbem-18285	139	35	of	of	ADP
fbem-18285	139	36	enterprises	enterprise	NOUN
fbem-18285	139	37	is	be	AUX
fbem-18285	139	38	divided	divide	VERB
fbem-18285	139	39	into	into	ADP
fbem-18285	139	40	small	small	ADJ
fbem-18285	139	41	-	-	PUNCT
fbem-18285	139	42	scale	scale	NOUN
fbem-18285	139	43	enterprises	enterprise	NOUN
fbem-18285	139	44	and	and	CCONJ
fbem-18285	139	45	large	large	ADJ
fbem-18285	139	46	-	-	PUNCT
fbem-18285	139	47	scale	scale	NOUN
fbem-18285	139	48	enterprises	enterprise	NOUN
fbem-18285	139	49	based	base	VERB
fbem-18285	139	50	on	on	ADP
fbem-18285	139	51	the	the	DET
fbem-18285	139	52	median	median	ADJ
fbem-18285	139	53	size	size	NOUN
fbem-18285	139	54	level	level	NOUN
fbem-18285	139	55	of	of	ADP
fbem-18285	139	56	the	the	DET
fbem-18285	139	57	total	total	ADJ
fbem-18285	139	58	sample	sample	NOUN
fbem-18285	139	59	of	of	ADP
fbem-18285	139	60	enterprises	enterprise	NOUN
fbem-18285	139	61	.	.	PUNCT
fbem-18285	140	1	as	as	SCONJ
fbem-18285	140	2	shown	show	VERB
fbem-18285	140	3	in	in	ADP
fbem-18285	140	4	table	table	NOUN
fbem-18285	140	5	5	5	NUM
fbem-18285	140	6	,	,	PUNCT
fbem-18285	140	7	the	the	DET
fbem-18285	140	8	wind	wind	NOUN
fbem-18285	140	9	esg	esg	PROPN
fbem-18285	140	10	regression	regression	PROPN
fbem-18285	140	11	coefficient	coefficient	NOUN
fbem-18285	140	12	of	of	ADP
fbem-18285	140	13	small	small	ADJ
fbem-18285	140	14	-	-	PUNCT
fbem-18285	140	15	scale	scale	NOUN
fbem-18285	140	16	enterprises	enterprise	NOUN
fbem-18285	140	17	is	be	AUX
fbem-18285	140	18	0.002	0.002	NUM
fbem-18285	140	19	,	,	PUNCT
fbem-18285	140	20	which	which	PRON
fbem-18285	140	21	is	be	AUX
fbem-18285	140	22	not	not	PART
fbem-18285	140	23	significant	significant	ADJ
fbem-18285	140	24	;	;	PUNCT
fbem-18285	140	25	the	the	DET
fbem-18285	140	26	wind	wind	NOUN
fbem-18285	140	27	esg	esg	PROPN
fbem-18285	140	28	regression	regression	PROPN
fbem-18285	140	29	coefficient	coefficient	NOUN
fbem-18285	140	30	of	of	ADP
fbem-18285	140	31	non	non	ADJ
fbem-18285	140	32	-	-	ADJ
fbem-18285	140	33	state	state	NOUN
fbem-18285	140	34	-	-	PUNCT
fbem-18285	140	35	owned	own	VERB
fbem-18285	140	36	enterprises	enterprise	NOUN
fbem-18285	140	37	is	be	AUX
fbem-18285	140	38	0.019	0.019	NUM
fbem-18285	140	39	,	,	PUNCT
fbem-18285	140	40	which	which	PRON
fbem-18285	140	41	shows	show	VERB
fbem-18285	140	42	a	a	DET
fbem-18285	140	43	significant	significant	ADJ
fbem-18285	140	44	positive	positive	ADJ
fbem-18285	140	45	effect	effect	NOUN
fbem-18285	140	46	at	at	ADP
fbem-18285	140	47	the	the	DET
fbem-18285	140	48	level	level	NOUN
fbem-18285	140	49	of	of	ADP
fbem-18285	140	50	1	1	NUM
fbem-18285	140	51	%	%	NOUN
fbem-18285	140	52	,	,	PUNCT
fbem-18285	140	53	i.e.	i.e.	X
fbem-18285	140	54	,	,	PUNCT
fbem-18285	140	55	the	the	PRON
fbem-18285	140	56	larger	large	ADJ
fbem-18285	140	57	the	the	DET
fbem-18285	140	58	size	size	NOUN
fbem-18285	140	59	of	of	ADP
fbem-18285	140	60	an	an	DET
fbem-18285	140	61	enterprise	enterprise	NOUN
fbem-18285	140	62	is	be	AUX
fbem-18285	140	63	,	,	PUNCT
fbem-18285	140	64	the	the	PRON
fbem-18285	140	65	more	more	ADV
fbem-18285	140	66	significantly	significantly	ADV
fbem-18285	140	67	it	it	PRON
fbem-18285	140	68	can	can	AUX
fbem-18285	140	69	enhance	enhance	VERB
fbem-18285	140	70	the	the	DET
fbem-18285	140	71	value	value	NOUN
fbem-18285	140	72	of	of	ADP
fbem-18285	140	73	the	the	DET
fbem-18285	140	74	enterprise	enterprise	NOUN
fbem-18285	140	75	by	by	ADP
fbem-18285	140	76	improving	improve	VERB
fbem-18285	140	77	the	the	DET
fbem-18285	140	78	quality	quality	NOUN
fbem-18285	140	79	level	level	NOUN
fbem-18285	140	80	of	of	ADP
fbem-18285	140	81	its	its	PRON
fbem-18285	140	82	esg	esg	NOUN
fbem-18285	140	83	information	information	NOUN
fbem-18285	140	84	disclosure	disclosure	NOUN
fbem-18285	140	85	.	.	PUNCT
fbem-18285	141	1	the	the	DET
fbem-18285	141	2	reason	reason	NOUN
fbem-18285	141	3	may	may	AUX
fbem-18285	141	4	lie	lie	VERB
fbem-18285	141	5	in	in	ADP
fbem-18285	141	6	the	the	DET
fbem-18285	141	7	fact	fact	NOUN
fbem-18285	141	8	that	that	SCONJ
fbem-18285	141	9	large	large	ADJ
fbem-18285	141	10	-	-	PUNCT
fbem-18285	141	11	scale	scale	NOUN
fbem-18285	141	12	enterprises	enterprise	NOUN
fbem-18285	141	13	pay	pay	VERB
fbem-18285	141	14	more	more	ADJ
fbem-18285	141	15	attention	attention	NOUN
fbem-18285	141	16	to	to	ADP
fbem-18285	141	17	their	their	PRON
fbem-18285	141	18	social	social	ADJ
fbem-18285	141	19	responsibility	responsibility	NOUN
fbem-18285	141	20	and	and	CCONJ
fbem-18285	141	21	are	be	AUX
fbem-18285	141	22	more	more	ADV
fbem-18285	141	23	likely	likely	ADJ
fbem-18285	141	24	to	to	PART
fbem-18285	141	25	gain	gain	VERB
fbem-18285	141	26	the	the	DET
fbem-18285	141	27	attention	attention	NOUN
fbem-18285	141	28	and	and	CCONJ
fbem-18285	141	29	recognition	recognition	NOUN
fbem-18285	141	30	of	of	ADP
fbem-18285	141	31	the	the	DET
fbem-18285	141	32	public	public	NOUN
fbem-18285	141	33	through	through	ADP
fbem-18285	141	34	high	high	ADJ
fbem-18285	141	35	-	-	PUNCT
fbem-18285	141	36	quality	quality	NOUN
fbem-18285	141	37	esg	esg	NOUN
fbem-18285	141	38	disclosure	disclosure	NOUN
fbem-18285	141	39	,	,	PUNCT
fbem-18285	141	40	which	which	PRON
fbem-18285	141	41	in	in	ADP
fbem-18285	141	42	turn	turn	NOUN
fbem-18285	141	43	helps	help	VERB
fbem-18285	141	44	them	they	PRON
fbem-18285	141	45	to	to	PART
fbem-18285	141	46	obtain	obtain	VERB
fbem-18285	141	47	more	more	ADJ
fbem-18285	141	48	benefits	benefit	NOUN
fbem-18285	141	49	and	and	CCONJ
fbem-18285	141	50	enhance	enhance	VERB
fbem-18285	141	51	their	their	PRON
fbem-18285	141	52	enterprise	enterprise	NOUN
fbem-18285	141	53	value	value	NOUN
fbem-18285	141	54	.	.	PUNCT
fbem-18285	142	1	table	table	NOUN
fbem-18285	142	2	5	5	NUM
fbem-18285	142	3	.	.	PUNCT
fbem-18285	143	1	heterogeneity	heterogeneity	NOUN
fbem-18285	143	2	analysis	analysis	NOUN
fbem-18285	143	3	(	(	PUNCT
fbem-18285	143	4	1	1	NUM
fbem-18285	143	5	)	)	PUNCT
fbem-18285	143	6	(	(	PUNCT
fbem-18285	143	7	2	2	NUM
fbem-18285	143	8	)	)	PUNCT
fbem-18285	143	9	(	(	PUNCT
fbem-18285	143	10	3	3	X
fbem-18285	143	11	)	)	PUNCT
fbem-18285	143	12	(	(	PUNCT
fbem-18285	143	13	4	4	X
fbem-18285	143	14	)	)	PUNCT
fbem-18285	143	15	state	state	NOUN
fbem-18285	143	16	-	-	PUNCT
fbem-18285	143	17	owned	own	VERB
fbem-18285	143	18	business	business	NOUN
fbem-18285	143	19	non	non	ADJ
fbem-18285	143	20	-	-	ADJ
fbem-18285	143	21	state	state	ADJ
fbem-18285	143	22	enterprise	enterprise	NOUN
fbem-18285	143	23	limited	limit	VERB
fbem-18285	143	24	scale	scale	NOUN
fbem-18285	143	25	broad	broad	ADJ
fbem-18285	143	26	scale	scale	NOUN
fbem-18285	143	27	tq	tq	INTJ
fbem-18285	143	28	tq	tq	INTJ
fbem-18285	143	29	tq	tq	INTJ
fbem-18285	143	30	tq	tq	ADP
fbem-18285	143	31	esg	esg	PROPN
fbem-18285	143	32	0.097	0.097	NUM
fbem-18285	143	33	*	*	PUNCT
fbem-18285	143	34	*	*	PUNCT
fbem-18285	143	35	*	*	PUNCT
fbem-18285	143	36	0.082	0.082	NUM
fbem-18285	143	37	*	*	PUNCT
fbem-18285	143	38	*	*	PUNCT
fbem-18285	143	39	*	*	PUNCT
fbem-18285	143	40	0.002	0.002	NUM
fbem-18285	143	41	0.109	0.109	NUM
fbem-18285	143	42	*	*	PUNCT
fbem-18285	143	43	*	*	PUNCT
fbem-18285	143	44	*	*	PUNCT
fbem-18285	143	45	(	(	PUNCT
fbem-18285	143	46	4.82	4.82	NUM
fbem-18285	143	47	)	)	PUNCT
fbem-18285	143	48	(	(	PUNCT
fbem-18285	143	49	3.90	3.90	NUM
fbem-18285	143	50	)	)	PUNCT
fbem-18285	143	51	(	(	PUNCT
fbem-18285	143	52	0.06	0.06	NUM
fbem-18285	143	53	)	)	PUNCT
fbem-18285	143	54	(	(	PUNCT
fbem-18285	143	55	6.36	6.36	NUM
fbem-18285	143	56	)	)	PUNCT
fbem-18285	143	57	lev	lev	NOUN
fbem-18285	143	58	-0.656	-0.656	PROPN
fbem-18285	143	59	*	*	PUNCT
fbem-18285	143	60	*	*	PUNCT
fbem-18285	143	61	*	*	PUNCT
fbem-18285	143	62	-0.694	-0.694	PUNCT
fbem-18285	143	63	*	*	PUNCT
fbem-18285	143	64	*	*	PUNCT
fbem-18285	143	65	*	*	PUNCT
fbem-18285	143	66	-0.504	-0.504	PUNCT
fbem-18285	143	67	*	*	NOUN
fbem-18285	143	68	*	*	PUNCT
fbem-18285	143	69	*	*	PUNCT
fbem-18285	143	70	-0.797	-0.797	PUNCT
fbem-18285	143	71	*	*	PUNCT
fbem-18285	143	72	*	*	PUNCT
fbem-18285	143	73	*	*	PUNCT
fbem-18285	143	74	(	(	PUNCT
fbem-18285	143	75	-6.79	-6.79	NUM
fbem-18285	143	76	)	)	PUNCT
fbem-18285	143	77	(	(	PUNCT
fbem-18285	143	78	-6.19	-6.19	NOUN
fbem-18285	143	79	)	)	PUNCT
fbem-18285	143	80	(	(	PUNCT
fbem-18285	143	81	-4.38	-4.38	NOUN
fbem-18285	143	82	)	)	PUNCT
fbem-18285	143	83	(	(	PUNCT
fbem-18285	143	84	-8.32	-8.32	NOUN
fbem-18285	143	85	)	)	PUNCT
fbem-18285	143	86	lnsize	lnsize	NOUN
fbem-18285	143	87	-0.234	-0.234	PUNCT
fbem-18285	143	88	*	*	PUNCT
fbem-18285	143	89	*	*	PUNCT
fbem-18285	143	90	*	*	PUNCT
fbem-18285	143	91	-0.185	-0.185	PUNCT
fbem-18285	143	92	*	*	PUNCT
fbem-18285	143	93	*	*	PUNCT
fbem-18285	143	94	*	*	PUNCT
fbem-18285	143	95	-0.735	-0.735	NOUN
fbem-18285	143	96	*	*	NOUN
fbem-18285	143	97	*	*	PUNCT
fbem-18285	143	98	*	*	PUNCT
fbem-18285	143	99	-0.085	-0.085	PUNCT
fbem-18285	143	100	*	*	PUNCT
fbem-18285	143	101	*	*	PUNCT
fbem-18285	143	102	*	*	PUNCT
fbem-18285	143	103	(	(	PUNCT
fbem-18285	143	104	-14.68	-14.68	NOUN
fbem-18285	143	105	)	)	PUNCT
fbem-18285	143	106	(	(	PUNCT
fbem-18285	143	107	-11.60	-11.60	PROPN
fbem-18285	143	108	)	)	PUNCT
fbem-18285	143	109	(	(	PUNCT
fbem-18285	143	110	-21.29	-21.29	PROPN
fbem-18285	143	111	)	)	PUNCT
fbem-18285	143	112	(	(	PUNCT
fbem-18285	143	113	-5.29	-5.29	NOUN
fbem-18285	143	114	)	)	PUNCT
fbem-18285	143	115	roe	roe	NOUN
fbem-18285	143	116	0.816	0.816	NUM
fbem-18285	143	117	*	*	PUNCT
fbem-18285	143	118	*	*	PUNCT
fbem-18285	143	119	*	*	PUNCT
fbem-18285	143	120	1.080	1.080	NUM
fbem-18285	143	121	*	*	PUNCT
fbem-18285	143	122	*	*	PUNCT
fbem-18285	143	123	*	*	PUNCT
fbem-18285	143	124	0.356	0.356	NUM
fbem-18285	143	125	*	*	PUNCT
fbem-18285	143	126	*	*	PUNCT
fbem-18285	143	127	*	*	PUNCT
fbem-18285	143	128	1.641	1.641	NUM
fbem-18285	143	129	*	*	PUNCT
fbem-18285	143	130	*	*	PUNCT
fbem-18285	143	131	*	*	PUNCT
fbem-18285	143	132	(	(	PUNCT
fbem-18285	143	133	8.38	8.38	NUM
fbem-18285	143	134	)	)	PUNCT
fbem-18285	143	135	(	(	PUNCT
fbem-18285	143	136	7.29	7.29	NUM
fbem-18285	143	137	)	)	PUNCT
fbem-18285	143	138	(	(	PUNCT
fbem-18285	143	139	2.97	2.97	NUM
fbem-18285	143	140	)	)	PUNCT
fbem-18285	143	141	(	(	PUNCT
fbem-18285	143	142	14.77	14.77	NUM
fbem-18285	143	143	)	)	PUNCT
fbem-18285	143	144	growth	growth	NOUN
fbem-18285	143	145	0.129	0.129	NUM
fbem-18285	143	146	*	*	PUNCT
fbem-18285	143	147	*	*	PUNCT
fbem-18285	143	148	*	*	PUNCT
fbem-18285	143	149	0.004	0.004	NUM
fbem-18285	143	150	0.354	0.354	NUM
fbem-18285	143	151	*	*	PUNCT
fbem-18285	143	152	*	*	PUNCT
fbem-18285	143	153	*	*	X
fbem-18285	143	154	0.016	0.016	NUM
fbem-18285	143	155	(	(	PUNCT
fbem-18285	143	156	4.00	4.00	NUM
fbem-18285	143	157	)	)	PUNCT
fbem-18285	143	158	(	(	PUNCT
fbem-18285	143	159	0.37	0.37	NUM
fbem-18285	143	160	)	)	PUNCT
fbem-18285	143	161	(	(	PUNCT
fbem-18285	143	162	4.70	4.70	NUM
fbem-18285	143	163	)	)	PUNCT
fbem-18285	143	164	(	(	PUNCT
fbem-18285	143	165	1.38	1.38	NUM
fbem-18285	143	166	)	)	PUNCT
fbem-18285	143	167	cf	cf	NOUN
fbem-18285	143	168	3.097	3.097	NUM
fbem-18285	143	169	*	*	PUNCT
fbem-18285	143	170	*	*	PUNCT
fbem-18285	143	171	*	*	PUNCT
fbem-18285	143	172	1.394	1.394	NUM
fbem-18285	143	173	*	*	PUNCT
fbem-18285	143	174	*	*	PUNCT
fbem-18285	143	175	*	*	PUNCT
fbem-18285	143	176	2.085	2.085	NUM
fbem-18285	143	177	*	*	PUNCT
fbem-18285	143	178	*	*	PUNCT
fbem-18285	143	179	*	*	PUNCT
fbem-18285	143	180	3.022	3.022	NUM
fbem-18285	143	181	*	*	NOUN
fbem-18285	143	182	*	*	PUNCT
fbem-18285	143	183	*	*	PUNCT
fbem-18285	143	184	(	(	PUNCT
fbem-18285	143	185	13.93	13.93	NUM
fbem-18285	143	186	)	)	PUNCT
fbem-18285	143	187	(	(	PUNCT
fbem-18285	143	188	5.09	5.09	NUM
fbem-18285	143	189	)	)	PUNCT
fbem-18285	143	190	(	(	PUNCT
fbem-18285	143	191	8.00	8.00	NUM
fbem-18285	143	192	)	)	PUNCT
fbem-18285	143	193	(	(	PUNCT
fbem-18285	143	194	13.11	13.11	NUM
fbem-18285	143	195	)	)	PUNCT
fbem-18285	143	196	lnage	lnage	NOUN
fbem-18285	143	197	-0.199	-0.199	NOUN
fbem-18285	143	198	*	*	PUNCT
fbem-18285	143	199	*	*	PUNCT
fbem-18285	143	200	*	*	PUNCT
fbem-18285	143	201	-0.183	-0.183	PUNCT
fbem-18285	143	202	*	*	PUNCT
fbem-18285	143	203	*	*	PUNCT
fbem-18285	143	204	*	*	PUNCT
fbem-18285	143	205	0.020	0.020	NUM
fbem-18285	143	206	-0.403	-0.403	NOUN
fbem-18285	143	207	*	*	PUNCT
fbem-18285	143	208	*	*	PUNCT
fbem-18285	143	209	*	*	PUNCT
fbem-18285	143	210	(	(	PUNCT
fbem-18285	143	211	-3.72	-3.72	NOUN
fbem-18285	143	212	)	)	PUNCT
fbem-18285	143	213	(	(	PUNCT
fbem-18285	143	214	-2.69	-2.69	NOUN
fbem-18285	143	215	)	)	PUNCT
fbem-18285	143	216	(	(	PUNCT
fbem-18285	143	217	0.30	0.30	NUM
fbem-18285	143	218	)	)	PUNCT
fbem-18285	143	219	(	(	PUNCT
fbem-18285	143	220	-7.88	-7.88	NUM
fbem-18285	143	221	)	)	PUNCT
fbem-18285	143	222	lnex	lnex	ADJ
fbem-18285	143	223	-0.121	-0.121	NOUN
fbem-18285	143	224	0.075	0.075	NUM
fbem-18285	143	225	-0.001	-0.001	NUM
fbem-18285	144	1	-0.053	-0.053	NUM
fbem-18285	144	2	(	(	PUNCT
fbem-18285	144	3	-1.53	-1.53	NUM
fbem-18285	144	4	)	)	PUNCT
fbem-18285	144	5	(	(	PUNCT
fbem-18285	144	6	0.80	0.80	NUM
fbem-18285	144	7	)	)	PUNCT
fbem-18285	144	8	(	(	PUNCT
fbem-18285	144	9	-0.01	-0.01	NUM
fbem-18285	144	10	)	)	PUNCT
fbem-18285	144	11	(	(	PUNCT
fbem-18285	144	12	-0.76	-0.76	PROPN
fbem-18285	144	13	)	)	PUNCT
fbem-18285	144	14	ind	ind	NOUN
fbem-18285	145	1	yes	yes	INTJ
fbem-18285	145	2	yes	yes	INTJ
fbem-18285	146	1	yes	yes	INTJ
fbem-18285	147	1	yes	yes	INTJ
fbem-18285	147	2	year	year	NOUN
fbem-18285	148	1	yes	yes	INTJ
fbem-18285	148	2	tes	tes	NOUN
fbem-18285	148	3	tes	tes	NOUN
fbem-18285	148	4	tes	tes	PROPN
fbem-18285	148	5	n	n	PROPN
fbem-18285	148	6	9436	9436	NUM
fbem-18285	148	7	4289	4289	NUM
fbem-18285	148	8	6379	6379	NUM
fbem-18285	148	9	7347	7347	NUM
fbem-18285	148	10	r2	r2	NOUN
fbem-18285	148	11	0.218	0.218	NUM
fbem-18285	148	12	0.330	0.330	NUM
fbem-18285	148	13	0.217	0.217	NUM
fbem-18285	148	14	0.310	0.310	NUM
fbem-18285	148	15	notes	note	NOUN
fbem-18285	148	16	:	:	PUNCT
fbem-18285	148	17	*	*	PUNCT
fbem-18285	148	18	p<0.1,**p<0.05,***p<0.01	p<0.1,**p<0.05,***p<0.01	NOUN
fbem-18285	148	19	5.3.3	5.3.3	NUM
fbem-18285	148	20	.	.	PUNCT
fbem-18285	149	1	heterogeneity	heterogeneity	NOUN
fbem-18285	149	2	of	of	ADP
fbem-18285	149	3	contamination	contamination	NOUN
fbem-18285	149	4	levels	level	NOUN
fbem-18285	149	5	in	in	ADP
fbem-18285	149	6	this	this	DET
fbem-18285	149	7	paper	paper	NOUN
fbem-18285	149	8	,	,	PUNCT
fbem-18285	149	9	according	accord	VERB
fbem-18285	149	10	to	to	ADP
fbem-18285	149	11	the	the	DET
fbem-18285	149	12	pollution	pollution	NOUN
fbem-18285	149	13	status	status	NOUN
fbem-18285	149	14	of	of	ADP
fbem-18285	149	15	the	the	DET
fbem-18285	149	16	industry	industry	NOUN
fbem-18285	149	17	from	from	ADP
fbem-18285	149	18	which	which	PRON
fbem-18285	149	19	the	the	DET
fbem-18285	149	20	enterprise	enterprise	NOUN
fbem-18285	149	21	is	be	AUX
fbem-18285	149	22	subordinate	subordinate	ADJ
fbem-18285	149	23	to	to	ADP
fbem-18285	149	24	the	the	DET
fbem-18285	149	25	enterprise	enterprise	NOUN
fbem-18285	149	26	will	will	AUX
fbem-18285	149	27	be	be	AUX
fbem-18285	149	28	divided	divide	VERB
fbem-18285	149	29	into	into	ADP
fbem-18285	149	30	light	light	ADJ
fbem-18285	149	31	polluting	polluting	NOUN
fbem-18285	149	32	enterprises	enterprise	NOUN
fbem-18285	149	33	and	and	CCONJ
fbem-18285	149	34	heavy	heavy	ADJ
fbem-18285	149	35	polluting	polluting	NOUN
fbem-18285	149	36	enterprises	enterprise	NOUN
fbem-18285	149	37	,	,	PUNCT
fbem-18285	149	38	the	the	DET
fbem-18285	149	39	regression	regression	NOUN
fbem-18285	149	40	results	result	NOUN
fbem-18285	149	41	are	be	AUX
fbem-18285	149	42	shown	show	VERB
fbem-18285	149	43	in	in	ADP
fbem-18285	149	44	table	table	NOUN
fbem-18285	149	45	6	6	NUM
fbem-18285	149	46	.	.	PUNCT
fbem-18285	150	1	the	the	DET
fbem-18285	150	2	regression	regression	NOUN
fbem-18285	150	3	results	result	NOUN
fbem-18285	150	4	show	show	VERB
fbem-18285	150	5	that	that	SCONJ
fbem-18285	150	6	improving	improve	VERB
fbem-18285	150	7	the	the	DET
fbem-18285	150	8	quality	quality	NOUN
fbem-18285	150	9	level	level	NOUN
fbem-18285	150	10	of	of	ADP
fbem-18285	150	11	esg	esg	PROPN
fbem-18285	150	12	disclosure	disclosure	NOUN
fbem-18285	150	13	by	by	ADP
fbem-18285	150	14	both	both	DET
fbem-18285	150	15	lightly	lightly	ADV
fbem-18285	150	16	polluted	polluted	ADJ
fbem-18285	150	17	and	and	CCONJ
fbem-18285	150	18	heavily	heavily	ADV
fbem-18285	150	19	polluted	polluted	ADJ
fbem-18285	150	20	firms	firm	NOUN
fbem-18285	150	21	promotes	promote	VERB
fbem-18285	150	22	their	their	PRON
fbem-18285	150	23	enterprise	enterprise	NOUN
fbem-18285	150	24	value	value	NOUN
fbem-18285	150	25	,	,	PUNCT
fbem-18285	150	26	i.e.	i.e.	X
fbem-18285	150	27	,	,	PUNCT
fbem-18285	150	28	wind	wind	NOUN
fbem-18285	150	29	esg	esg	PROPN
fbem-18285	150	30	has	have	VERB
fbem-18285	150	31	a	a	DET
fbem-18285	150	32	significant	significant	ADJ
fbem-18285	150	33	positive	positive	ADJ
fbem-18285	150	34	effect	effect	NOUN
fbem-18285	150	35	on	on	ADP
fbem-18285	150	36	tq	tq	ADV
fbem-18285	150	37	at	at	ADP
fbem-18285	150	38	the	the	DET
fbem-18285	150	39	1	1	NUM
fbem-18285	150	40	%	%	NOUN
fbem-18285	150	41	level	level	NOUN
fbem-18285	150	42	in	in	ADP
fbem-18285	150	43	both	both	DET
fbem-18285	150	44	cases	case	NOUN
fbem-18285	150	45	,	,	PUNCT
fbem-18285	150	46	with	with	ADP
fbem-18285	150	47	the	the	DET
fbem-18285	150	48	regression	regression	NOUN
fbem-18285	150	49	coefficients	coefficient	NOUN
fbem-18285	150	50	of	of	ADP
fbem-18285	150	51	wind	wind	NOUN
fbem-18285	150	52	esg	esg	NOUN
fbem-18285	150	53	for	for	ADP
fbem-18285	150	54	lightly	lightly	ADV
fbem-18285	150	55	polluted	polluted	ADJ
fbem-18285	150	56	firms	firm	NOUN
fbem-18285	150	57	being	be	AUX
fbem-18285	150	58	0.092	0.092	NUM
fbem-18285	150	59	and	and	CCONJ
fbem-18285	150	60	those	those	PRON
fbem-18285	150	61	for	for	ADP
fbem-18285	150	62	heavily	heavily	ADV
fbem-18285	150	63	polluted	polluted	ADJ
fbem-18285	150	64	firms	firm	NOUN
fbem-18285	150	65	0.109	0.109	NUM
fbem-18285	150	66	,	,	PUNCT
fbem-18285	150	67	which	which	PRON
fbem-18285	150	68	do	do	AUX
fbem-18285	150	69	not	not	PART
fbem-18285	150	70	differ	differ	VERB
fbem-18285	150	71	according	accord	VERB
fbem-18285	150	72	to	to	ADP
fbem-18285	150	73	the	the	DET
fbem-18285	150	74	degree	degree	NOUN
fbem-18285	150	75	of	of	ADP
fbem-18285	150	76	pollution	pollution	NOUN
fbem-18285	150	77	of	of	ADP
fbem-18285	150	78	the	the	DET
fbem-18285	150	79	firms	firm	NOUN
fbem-18285	150	80	.	.	PUNCT
fbem-18285	151	1	there	there	PRON
fbem-18285	151	2	is	be	VERB
fbem-18285	151	3	no	no	DET
fbem-18285	151	4	difference	difference	NOUN
fbem-18285	151	5	depending	depend	VERB
fbem-18285	151	6	on	on	ADP
fbem-18285	151	7	the	the	DET
fbem-18285	151	8	pollution	pollution	NOUN
fbem-18285	151	9	degree	degree	NOUN
fbem-18285	151	10	of	of	ADP
fbem-18285	151	11	the	the	DET
fbem-18285	151	12	enterprises	enterprise	NOUN
fbem-18285	151	13	.	.	PUNCT
fbem-18285	152	1	5.3.4	5.3.4	X
fbem-18285	152	2	.	.	PUNCT
fbem-18285	152	3	heterogeneity	heterogeneity	NOUN
fbem-18285	152	4	in	in	ADP
fbem-18285	152	5	the	the	DET
fbem-18285	152	6	degree	degree	NOUN
fbem-18285	152	7	of	of	ADP
fbem-18285	152	8	marketisation	marketisation	NOUN
fbem-18285	152	9	in	in	ADP
fbem-18285	152	10	this	this	DET
fbem-18285	152	11	paper	paper	NOUN
fbem-18285	152	12	,	,	PUNCT
fbem-18285	152	13	the	the	DET
fbem-18285	152	14	whole	whole	ADJ
fbem-18285	152	15	sample	sample	NOUN
fbem-18285	152	16	is	be	AUX
fbem-18285	152	17	divided	divide	VERB
fbem-18285	152	18	into	into	ADP
fbem-18285	152	19	lowmarketisation	lowmarketisation	NOUN
fbem-18285	152	20	enterprises	enterprise	NOUN
fbem-18285	152	21	and	and	CCONJ
fbem-18285	152	22	high	high	ADJ
fbem-18285	152	23	-	-	PUNCT
fbem-18285	152	24	marketisation	marketisation	NOUN
fbem-18285	152	25	enterprises	enterprise	NOUN
fbem-18285	152	26	according	accord	VERB
fbem-18285	152	27	to	to	ADP
fbem-18285	152	28	the	the	DET
fbem-18285	152	29	degree	degree	NOUN
fbem-18285	152	30	of	of	ADP
fbem-18285	152	31	marketisation	marketisation	NOUN
fbem-18285	152	32	of	of	ADP
fbem-18285	152	33	the	the	DET
fbem-18285	152	34	enterprise	enterprise	NOUN
fbem-18285	152	35	's	's	PART
fbem-18285	152	36	location	location	NOUN
fbem-18285	152	37	.	.	PUNCT
fbem-18285	153	1	from	from	ADP
fbem-18285	153	2	the	the	DET
fbem-18285	153	3	results	result	NOUN
fbem-18285	153	4	of	of	ADP
fbem-18285	153	5	group	group	NOUN
fbem-18285	153	6	regression	regression	NOUN
fbem-18285	153	7	,	,	PUNCT
fbem-18285	153	8	the	the	DET
fbem-18285	153	9	wind	wind	NOUN
fbem-18285	153	10	esg	esg	PROPN
fbem-18285	153	11	regression	regression	PROPN
fbem-18285	153	12	coefficient	coefficient	NOUN
fbem-18285	153	13	of	of	ADP
fbem-18285	153	14	listed	list	VERB
fbem-18285	153	15	enterprises	enterprise	NOUN
fbem-18285	153	16	in	in	ADP
fbem-18285	153	17	highmarketisation	highmarketisation	NOUN
fbem-18285	153	18	regions	region	NOUN
fbem-18285	153	19	is	be	AUX
fbem-18285	153	20	0.098	0.098	NUM
fbem-18285	153	21	,	,	PUNCT
fbem-18285	153	22	and	and	CCONJ
fbem-18285	153	23	the	the	DET
fbem-18285	153	24	wind	wind	NOUN
fbem-18285	153	25	esg	esg	PROPN
fbem-18285	153	26	has	have	VERB
fbem-18285	153	27	a	a	DET
fbem-18285	153	28	significant	significant	ADJ
fbem-18285	153	29	positive	positive	ADJ
fbem-18285	153	30	effect	effect	NOUN
fbem-18285	153	31	on	on	ADP
fbem-18285	153	32	tq	tq	ADV
fbem-18285	153	33	at	at	ADP
fbem-18285	153	34	the	the	DET
fbem-18285	153	35	1	1	NUM
fbem-18285	153	36	%	%	NOUN
fbem-18285	153	37	level	level	NOUN
fbem-18285	153	38	,	,	PUNCT
fbem-18285	153	39	i.e.	i.e.	X
fbem-18285	153	40	,	,	PUNCT
fbem-18285	153	41	the	the	DET
fbem-18285	153	42	listed	list	VERB
fbem-18285	153	43	enterprises	enterprise	NOUN
fbem-18285	153	44	in	in	ADP
fbem-18285	153	45	regions	region	NOUN
fbem-18285	153	46	with	with	ADP
fbem-18285	153	47	high	high	ADJ
fbem-18285	153	48	marketisation	marketisation	NOUN
fbem-18285	153	49	will	will	AUX
fbem-18285	153	50	promote	promote	VERB
fbem-18285	153	51	the	the	DET
fbem-18285	153	52	enhancement	enhancement	NOUN
fbem-18285	153	53	of	of	ADP
fbem-18285	153	54	their	their	PRON
fbem-18285	153	55	enterprise	enterprise	NOUN
fbem-18285	153	56	value	value	NOUN
fbem-18285	153	57	by	by	ADP
fbem-18285	153	58	improving	improve	VERB
fbem-18285	153	59	the	the	DET
fbem-18285	153	60	quality	quality	NOUN
fbem-18285	153	61	of	of	ADP
fbem-18285	153	62	their	their	PRON
fbem-18285	153	63	own	own	ADJ
fbem-18285	153	64	the	the	DET
fbem-18285	153	65	wind	wind	NOUN
fbem-18285	153	66	esg	esg	PROPN
fbem-18285	153	67	regression	regression	PROPN
fbem-18285	153	68	coefficient	coefficient	NOUN
fbem-18285	153	69	of	of	ADP
fbem-18285	153	70	listed	list	VERB
fbem-18285	153	71	firms	firm	NOUN
fbem-18285	153	72	in	in	ADP
fbem-18285	153	73	regions	region	NOUN
fbem-18285	153	74	with	with	ADP
fbem-18285	153	75	low	low	ADJ
fbem-18285	153	76	marketisation	marketisation	NOUN
fbem-18285	153	77	is	be	AUX
fbem-18285	153	78	0.004	0.004	NUM
fbem-18285	153	79	,	,	PUNCT
fbem-18285	153	80	which	which	PRON
fbem-18285	153	81	is	be	AUX
fbem-18285	153	82	not	not	PART
fbem-18285	153	83	significant	significant	ADJ
fbem-18285	153	84	.	.	PUNCT
fbem-18285	154	1	therefore	therefore	ADV
fbem-18285	154	2	,	,	PUNCT
fbem-18285	154	3	the	the	DET
fbem-18285	154	4	difference	difference	NOUN
fbem-18285	154	5	in	in	ADP
fbem-18285	154	6	the	the	DET
fbem-18285	154	7	degree	degree	NOUN
fbem-18285	154	8	of	of	ADP
fbem-18285	154	9	marketisation	marketisation	NOUN
fbem-18285	154	10	of	of	ADP
fbem-18285	154	11	the	the	DET
fbem-18285	154	12	listed	list	VERB
fbem-18285	154	13	companies	company	NOUN
fbem-18285	154	14	'	'	PART
fbem-18285	154	15	regions	region	NOUN
fbem-18285	154	16	affects	affect	VERB
fbem-18285	154	17	the	the	DET
fbem-18285	154	18	effect	effect	NOUN
fbem-18285	154	19	of	of	ADP
fbem-18285	154	20	the	the	DET
fbem-18285	154	21	quality	quality	NOUN
fbem-18285	154	22	of	of	ADP
fbem-18285	154	23	esg	esg	PROPN
fbem-18285	154	24	disclosure	disclosure	NOUN
fbem-18285	154	25	on	on	ADP
fbem-18285	154	26	corporate	corporate	ADJ
fbem-18285	154	27	value	value	NOUN
fbem-18285	154	28	.	.	PUNCT
fbem-18285	155	1	254	254	NUM
fbem-18285	155	2	table	table	NOUN
fbem-18285	155	3	6	6	NUM
fbem-18285	155	4	.	.	PUNCT
fbem-18285	156	1	heterogeneity	heterogeneity	NOUN
fbem-18285	156	2	analysis	analysis	NOUN
fbem-18285	156	3	(	(	PUNCT
fbem-18285	156	4	5	5	NUM
fbem-18285	156	5	)	)	PUNCT
fbem-18285	156	6	(	(	PUNCT
fbem-18285	156	7	6	6	NUM
fbem-18285	156	8	)	)	PUNCT
fbem-18285	156	9	(	(	PUNCT
fbem-18285	156	10	7	7	NUM
fbem-18285	156	11	)	)	PUNCT
fbem-18285	156	12	(	(	PUNCT
fbem-18285	156	13	8)	8)	NUM
fbem-18285	156	14	light	light	ADJ
fbem-18285	156	15	pollution	pollution	NOUN
fbem-18285	156	16	heavy	heavy	ADJ
fbem-18285	156	17	pollution	pollution	NOUN
fbem-18285	156	18	low	low	ADJ
fbem-18285	156	19	degree	degree	NOUN
fbem-18285	156	20	of	of	ADP
fbem-18285	156	21	marketisation	marketisation	NOUN
fbem-18285	156	22	high	high	ADJ
fbem-18285	156	23	degree	degree	NOUN
fbem-18285	156	24	of	of	ADP
fbem-18285	156	25	marketisation	marketisation	NOUN
fbem-18285	157	1	tq	tq	INTJ
fbem-18285	157	2	tq	tq	INTJ
fbem-18285	157	3	tq	tq	INTJ
fbem-18285	157	4	tq	tq	ADP
fbem-18285	157	5	esg	esg	PROPN
fbem-18285	157	6	0.092	0.092	NUM
fbem-18285	157	7	*	*	PUNCT
fbem-18285	157	8	*	*	PUNCT
fbem-18285	157	9	*	*	PUNCT
fbem-18285	157	10	0.109	0.109	NUM
fbem-18285	157	11	*	*	PUNCT
fbem-18285	157	12	*	*	PUNCT
fbem-18285	157	13	*	*	PUNCT
fbem-18285	157	14	0.004	0.004	NUM
fbem-18285	157	15	0.098	0.098	NUM
fbem-18285	157	16	*	*	PUNCT
fbem-18285	157	17	*	*	PUNCT
fbem-18285	157	18	*	*	PUNCT
fbem-18285	157	19	(	(	PUNCT
fbem-18285	157	20	5.23	5.23	NUM
fbem-18285	157	21	)	)	PUNCT
fbem-18285	157	22	(	(	PUNCT
fbem-18285	157	23	3.76	3.76	NUM
fbem-18285	157	24	)	)	PUNCT
fbem-18285	157	25	(	(	PUNCT
fbem-18285	157	26	0.09	0.09	NUM
fbem-18285	157	27	)	)	PUNCT
fbem-18285	157	28	(	(	PUNCT
fbem-18285	157	29	6.06	6.06	NUM
fbem-18285	157	30	)	)	PUNCT
fbem-18285	157	31	lev	lev	NOUN
fbem-18285	157	32	-0.690	-0.690	PUNCT
fbem-18285	157	33	*	*	PUNCT
fbem-18285	157	34	*	*	PUNCT
fbem-18285	157	35	*	*	PUNCT
fbem-18285	157	36	-0.589	-0.589	PROPN
fbem-18285	157	37	*	*	PUNCT
fbem-18285	157	38	*	*	PUNCT
fbem-18285	157	39	*	*	PUNCT
fbem-18285	157	40	-0.609	-0.609	PUNCT
fbem-18285	157	41	*	*	PUNCT
fbem-18285	157	42	*	*	PUNCT
fbem-18285	157	43	*	*	PUNCT
fbem-18285	157	44	-0.623	-0.623	ADJ
fbem-18285	157	45	*	*	PUNCT
fbem-18285	157	46	*	*	PUNCT
fbem-18285	157	47	*	*	PUNCT
fbem-18285	157	48	(	(	PUNCT
fbem-18285	157	49	-7.93	-7.93	NUM
fbem-18285	157	50	)	)	PUNCT
fbem-18285	157	51	(	(	PUNCT
fbem-18285	157	52	-3.98	-3.98	NOUN
fbem-18285	157	53	)	)	PUNCT
fbem-18285	157	54	(	(	PUNCT
fbem-18285	157	55	-2.99	-2.99	NOUN
fbem-18285	157	56	)	)	PUNCT
fbem-18285	157	57	(	(	PUNCT
fbem-18285	157	58	-7.75	-7.75	NOUN
fbem-18285	157	59	)	)	PUNCT
fbem-18285	157	60	lnsize	lnsize	NOUN
fbem-18285	157	61	-0.205	-0.205	ADJ
fbem-18285	157	62	*	*	PUNCT
fbem-18285	157	63	*	*	PUNCT
fbem-18285	157	64	*	*	PUNCT
fbem-18285	158	1	-0.250	-0.250	PUNCT
fbem-18285	158	2	*	*	PUNCT
fbem-18285	158	3	*	*	PUNCT
fbem-18285	158	4	*	*	PUNCT
fbem-18285	158	5	-0.197	-0.197	PUNCT
fbem-18285	158	6	*	*	PUNCT
fbem-18285	158	7	*	*	PUNCT
fbem-18285	158	8	*	*	PUNCT
fbem-18285	158	9	-0.217	-0.217	PUNCT
fbem-18285	158	10	*	*	PUNCT
fbem-18285	158	11	*	*	PUNCT
fbem-18285	158	12	*	*	PUNCT
fbem-18285	158	13	(	(	PUNCT
fbem-18285	158	14	-15.39	-15.39	PROPN
fbem-18285	158	15	)	)	PUNCT
fbem-18285	158	16	(	(	PUNCT
fbem-18285	158	17	-11.33	-11.33	NOUN
fbem-18285	158	18	)	)	PUNCT
fbem-18285	158	19	(	(	PUNCT
fbem-18285	158	20	-6.02	-6.02	X
fbem-18285	158	21	)	)	PUNCT
fbem-18285	158	22	(	(	PUNCT
fbem-18285	158	23	-17.76	-17.76	PROPN
fbem-18285	158	24	)	)	PUNCT
fbem-18285	158	25	roe	roe	NOUN
fbem-18285	158	26	0.823	0.823	NUM
fbem-18285	158	27	*	*	PUNCT
fbem-18285	158	28	*	*	PUNCT
fbem-18285	158	29	*	*	PUNCT
fbem-18285	159	1	1.253	1.253	NUM
fbem-18285	159	2	*	*	PUNCT
fbem-18285	159	3	*	*	PUNCT
fbem-18285	159	4	*	*	PUNCT
fbem-18285	159	5	1.353	1.353	NUM
fbem-18285	159	6	*	*	PUNCT
fbem-18285	159	7	*	*	PUNCT
fbem-18285	159	8	*	*	PUNCT
fbem-18285	159	9	0.902	0.902	NUM
fbem-18285	159	10	*	*	PUNCT
fbem-18285	159	11	*	*	PUNCT
fbem-18285	159	12	*	*	PUNCT
fbem-18285	159	13	(	(	PUNCT
fbem-18285	159	14	9.03	9.03	NUM
fbem-18285	159	15	)	)	PUNCT
fbem-18285	159	16	(	(	PUNCT
fbem-18285	159	17	7.03	7.03	NUM
fbem-18285	159	18	)	)	PUNCT
fbem-18285	159	19	(	(	PUNCT
fbem-18285	159	20	5.40	5.40	NUM
fbem-18285	159	21	)	)	PUNCT
fbem-18285	159	22	(	(	PUNCT
fbem-18285	159	23	10.76	10.76	NUM
fbem-18285	159	24	)	)	PUNCT
fbem-18285	159	25	growth	growth	NOUN
fbem-18285	159	26	0.064	0.064	NUM
fbem-18285	159	27	*	*	PUNCT
fbem-18285	159	28	*	*	PUNCT
fbem-18285	159	29	0.079	0.079	NUM
fbem-18285	159	30	*	*	PUNCT
fbem-18285	159	31	*	*	PUNCT
fbem-18285	159	32	0.040	0.040	NUM
fbem-18285	159	33	0.031	0.031	NUM
fbem-18285	159	34	*	*	PUNCT
fbem-18285	159	35	*	*	PUNCT
fbem-18285	159	36	(	(	PUNCT
fbem-18285	159	37	2.28	2.28	NUM
fbem-18285	159	38	)	)	PUNCT
fbem-18285	159	39	(	(	PUNCT
fbem-18285	159	40	2.35	2.35	NUM
fbem-18285	159	41	)	)	PUNCT
fbem-18285	159	42	(	(	PUNCT
fbem-18285	159	43	0.91	0.91	NUM
fbem-18285	159	44	)	)	PUNCT
fbem-18285	159	45	(	(	PUNCT
fbem-18285	159	46	2.28	2.28	NUM
fbem-18285	159	47	)	)	PUNCT
fbem-18285	159	48	cf	cf	NOUN
fbem-18285	159	49	2.733	2.733	NUM
fbem-18285	159	50	*	*	PUNCT
fbem-18285	159	51	*	*	PUNCT
fbem-18285	159	52	*	*	PUNCT
fbem-18285	159	53	1.994	1.994	NUM
fbem-18285	159	54	*	*	PUNCT
fbem-18285	159	55	*	*	PUNCT
fbem-18285	159	56	*	*	PUNCT
fbem-18285	159	57	1.816	1.816	NUM
fbem-18285	159	58	*	*	PUNCT
fbem-18285	159	59	*	*	PUNCT
fbem-18285	159	60	*	*	PUNCT
fbem-18285	159	61	2.667	2.667	NUM
fbem-18285	159	62	*	*	PUNCT
fbem-18285	159	63	*	*	PUNCT
fbem-18285	159	64	*	*	PUNCT
fbem-18285	159	65	(	(	PUNCT
fbem-18285	159	66	13.54	13.54	NUM
fbem-18285	159	67	)	)	PUNCT
fbem-18285	159	68	(	(	PUNCT
fbem-18285	159	69	5.46	5.46	NUM
fbem-18285	159	70	)	)	PUNCT
fbem-18285	159	71	(	(	PUNCT
fbem-18285	159	72	3.71	3.71	NUM
fbem-18285	159	73	)	)	PUNCT
fbem-18285	159	74	(	(	PUNCT
fbem-18285	159	75	14.21	14.21	NUM
fbem-18285	159	76	)	)	PUNCT
fbem-18285	159	77	lnage	lnage	NOUN
fbem-18285	159	78	-0.258	-0.258	NOUN
fbem-18285	159	79	*	*	PUNCT
fbem-18285	159	80	*	*	PUNCT
fbem-18285	159	81	*	*	PUNCT
fbem-18285	159	82	-0.066	-0.066	NOUN
fbem-18285	159	83	0.080	0.080	NUM
fbem-18285	159	84	-0.261	-0.261	NOUN
fbem-18285	159	85	*	*	PUNCT
fbem-18285	159	86	*	*	PUNCT
fbem-18285	159	87	*	*	PUNCT
fbem-18285	159	88	(	(	PUNCT
fbem-18285	159	89	-5.44	-5.44	NOUN
fbem-18285	159	90	)	)	PUNCT
fbem-18285	159	91	(	(	PUNCT
fbem-18285	159	92	-0.75	-0.75	NUM
fbem-18285	159	93	)	)	PUNCT
fbem-18285	159	94	(	(	PUNCT
fbem-18285	159	95	0.64	0.64	NUM
fbem-18285	159	96	)	)	PUNCT
fbem-18285	159	97	(	(	PUNCT
fbem-18285	159	98	-5.90	-5.90	NOUN
fbem-18285	159	99	)	)	PUNCT
fbem-18285	159	100	lnex	lnex	ADJ
fbem-18285	159	101	-0.031	-0.031	NUM
fbem-18285	159	102	-0.149	-0.149	PUNCT
fbem-18285	159	103	-0.079	-0.079	PUNCT
fbem-18285	159	104	-0.083	-0.083	PRON
fbem-18285	159	105	(	(	PUNCT
fbem-18285	159	106	-0.44	-0.44	NUM
fbem-18285	159	107	)	)	PUNCT
fbem-18285	159	108	(	(	PUNCT
fbem-18285	159	109	-1.31	-1.31	NUM
fbem-18285	159	110	)	)	PUNCT
fbem-18285	159	111	(	(	PUNCT
fbem-18285	159	112	-0.54	-0.54	NOUN
fbem-18285	159	113	)	)	PUNCT
fbem-18285	159	114	(	(	PUNCT
fbem-18285	159	115	-1.30	-1.30	NUM
fbem-18285	159	116	)	)	PUNCT
fbem-18285	159	117	ind	ind	NOUN
fbem-18285	160	1	yes	yes	INTJ
fbem-18285	160	2	yes	yes	INTJ
fbem-18285	161	1	yes	yes	INTJ
fbem-18285	162	1	yes	yes	INTJ
fbem-18285	162	2	year	year	NOUN
fbem-18285	163	1	yes	yes	INTJ
fbem-18285	163	2	yes	yes	INTJ
fbem-18285	164	1	yes	yes	INTJ
fbem-18285	165	1	yes	yes	INTJ
fbem-18285	166	1	n	n	CCONJ
fbem-18285	166	2	9985	9985	NUM
fbem-18285	166	3	3736	3736	NUM
fbem-18285	166	4	1630	1630	NUM
fbem-18285	166	5	12095	12095	NUM
fbem-18285	166	6	r2	r2	NOUN
fbem-18285	166	7	0.260	0.260	NUM
fbem-18285	166	8	0.213	0.213	NUM
fbem-18285	166	9	0.395	0.395	NUM
fbem-18285	166	10	0.245	0.245	NUM
fbem-18285	166	11	notes:*p<0.1,**p<0.05,***p<0.01	notes:*p<0.1,**p<0.05,***p<0.01	ADJ
fbem-18285	166	12	5.4	5.4	NUM
fbem-18285	166	13	.	.	PUNCT
fbem-18285	167	1	robustness	robustness	NOUN
fbem-18285	167	2	tests	test	NOUN
fbem-18285	167	3	5.4.1	5.4.1	NUM
fbem-18285	167	4	.	.	PUNCT
fbem-18285	168	1	changing	change	VERB
fbem-18285	168	2	the	the	DET
fbem-18285	168	3	explanatory	explanatory	ADJ
fbem-18285	168	4	variables	variable	NOUN
fbem-18285	168	5	in	in	ADP
fbem-18285	168	6	order	order	NOUN
fbem-18285	168	7	to	to	PART
fbem-18285	168	8	avoid	avoid	VERB
fbem-18285	168	9	the	the	DET
fbem-18285	168	10	subjectivity	subjectivity	NOUN
fbem-18285	168	11	of	of	ADP
fbem-18285	168	12	variable	variable	ADJ
fbem-18285	168	13	selection	selection	NOUN
fbem-18285	168	14	and	and	CCONJ
fbem-18285	168	15	ensure	ensure	VERB
fbem-18285	168	16	the	the	DET
fbem-18285	168	17	robustness	robustness	NOUN
fbem-18285	168	18	of	of	ADP
fbem-18285	168	19	the	the	DET
fbem-18285	168	20	research	research	NOUN
fbem-18285	168	21	results	result	NOUN
fbem-18285	168	22	,	,	PUNCT
fbem-18285	168	23	this	this	DET
fbem-18285	168	24	paper	paper	NOUN
fbem-18285	168	25	conducts	conduct	VERB
fbem-18285	168	26	a	a	DET
fbem-18285	168	27	robustness	robustness	NOUN
fbem-18285	168	28	test	test	NOUN
fbem-18285	168	29	by	by	ADP
fbem-18285	168	30	replacing	replace	VERB
fbem-18285	168	31	the	the	DET
fbem-18285	168	32	indicators	indicator	NOUN
fbem-18285	168	33	of	of	ADP
fbem-18285	168	34	enterprise	enterprise	NOUN
fbem-18285	168	35	value	value	NOUN
fbem-18285	168	36	,	,	PUNCT
fbem-18285	168	37	selecting	select	VERB
fbem-18285	168	38	the	the	DET
fbem-18285	168	39	enterprise	enterprise	NOUN
fbem-18285	168	40	value	value	NOUN
fbem-18285	168	41	indicators	indicator	NOUN
fbem-18285	168	42	in	in	ADP
fbem-18285	168	43	the	the	DET
fbem-18285	168	44	cathay	cathay	PROPN
fbem-18285	168	45	pacific	pacific	PROPN
fbem-18285	168	46	database	database	NOUN
fbem-18285	168	47	and	and	CCONJ
fbem-18285	168	48	taking	take	VERB
fbem-18285	168	49	the	the	DET
fbem-18285	168	50	logarithm	logarithm	NOUN
fbem-18285	168	51	of	of	ADP
fbem-18285	168	52	the	the	DET
fbem-18285	168	53	value	value	NOUN
fbem-18285	168	54	as	as	ADP
fbem-18285	168	55	a	a	DET
fbem-18285	168	56	proxy	proxy	NOUN
fbem-18285	168	57	for	for	ADP
fbem-18285	168	58	the	the	DET
fbem-18285	168	59	tobin	tobin	NOUN
fbem-18285	168	60	's	's	PART
fbem-18285	168	61	q.	q.	NOUN
fbem-18285	168	62	the	the	DET
fbem-18285	168	63	regression	regression	NOUN
fbem-18285	168	64	results	result	NOUN
fbem-18285	168	65	are	be	AUX
fbem-18285	168	66	shown	show	VERB
fbem-18285	168	67	in	in	ADP
fbem-18285	168	68	tables	table	NOUN
fbem-18285	168	69	7	7	NUM
fbem-18285	168	70	,	,	PUNCT
fbem-18285	168	71	with	with	ADP
fbem-18285	168	72	the	the	DET
fbem-18285	168	73	estimated	estimate	VERB
fbem-18285	168	74	coefficient	coefficient	NOUN
fbem-18285	168	75	of	of	ADP
fbem-18285	168	76	the	the	DET
fbem-18285	168	77	core	core	ADJ
fbem-18285	168	78	explanatory	explanatory	ADJ
fbem-18285	168	79	variable	variable	NOUN
fbem-18285	168	80	,	,	PUNCT
fbem-18285	168	81	lnvalue	lnvalue	NOUN
fbem-18285	168	82	,	,	PUNCT
fbem-18285	168	83	at	at	ADP
fbem-18285	168	84	0.041	0.041	NUM
fbem-18285	168	85	,	,	PUNCT
fbem-18285	168	86	and	and	CCONJ
fbem-18285	168	87	that	that	PRON
fbem-18285	168	88	of	of	ADP
fbem-18285	168	89	the	the	DET
fbem-18285	168	90	mediating	mediate	VERB
fbem-18285	168	91	variable	variable	NOUN
fbem-18285	168	92	,	,	PUNCT
fbem-18285	168	93	hold	hold	VERB
fbem-18285	168	94	,	,	PUNCT
fbem-18285	168	95	at	at	ADP
fbem-18285	168	96	0.981	0.981	NUM
fbem-18285	168	97	,	,	PUNCT
fbem-18285	168	98	both	both	PRON
fbem-18285	168	99	of	of	ADP
fbem-18285	168	100	which	which	PRON
fbem-18285	168	101	are	be	AUX
fbem-18285	168	102	significantly	significantly	ADV
fbem-18285	168	103	positive	positive	ADJ
fbem-18285	168	104	.	.	PUNCT
fbem-18285	169	1	the	the	DET
fbem-18285	169	2	estimated	estimate	VERB
fbem-18285	169	3	coefficient	coefficient	NOUN
fbem-18285	169	4	of	of	ADP
fbem-18285	169	5	core	core	ADJ
fbem-18285	169	6	explanatory	explanatory	ADJ
fbem-18285	169	7	variable	variable	ADJ
fbem-18285	169	8	lnvalue	lnvalue	NOUN
fbem-18285	169	9	is	be	AUX
fbem-18285	169	10	0.041	0.041	NUM
fbem-18285	169	11	,	,	PUNCT
fbem-18285	169	12	and	and	CCONJ
fbem-18285	169	13	the	the	DET
fbem-18285	169	14	estimated	estimate	VERB
fbem-18285	169	15	coefficient	coefficient	NOUN
fbem-18285	169	16	of	of	ADP
fbem-18285	169	17	intermediary	intermediary	ADJ
fbem-18285	169	18	variable	variable	NOUN
fbem-18285	169	19	hold	hold	NOUN
fbem-18285	169	20	is	be	AUX
fbem-18285	169	21	0.981	0.981	NUM
fbem-18285	169	22	,	,	PUNCT
fbem-18285	169	23	both	both	PRON
fbem-18285	169	24	of	of	ADP
fbem-18285	169	25	which	which	PRON
fbem-18285	169	26	are	be	AUX
fbem-18285	169	27	significantly	significantly	ADV
fbem-18285	169	28	positive	positive	ADJ
fbem-18285	169	29	,	,	PUNCT
fbem-18285	169	30	which	which	PRON
fbem-18285	169	31	indicates	indicate	VERB
fbem-18285	169	32	that	that	SCONJ
fbem-18285	169	33	listed	list	VERB
fbem-18285	169	34	companies	company	NOUN
fbem-18285	169	35	improve	improve	VERB
fbem-18285	169	36	their	their	PRON
fbem-18285	169	37	esg	esg	NOUN
fbem-18285	169	38	disclosure	disclosure	NOUN
fbem-18285	169	39	level	level	NOUN
fbem-18285	169	40	can	can	AUX
fbem-18285	169	41	significantly	significantly	ADV
fbem-18285	169	42	enhance	enhance	VERB
fbem-18285	169	43	enterprise	enterprise	NOUN
fbem-18285	169	44	value	value	NOUN
fbem-18285	169	45	,	,	PUNCT
fbem-18285	169	46	and	and	CCONJ
fbem-18285	169	47	the	the	DET
fbem-18285	169	48	proportion	proportion	NOUN
fbem-18285	169	49	of	of	ADP
fbem-18285	169	50	institutional	institutional	ADJ
fbem-18285	169	51	investor	investor	NOUN
fbem-18285	169	52	shareholding	shareholding	NOUN
fbem-18285	169	53	has	have	VERB
fbem-18285	169	54	a	a	DET
fbem-18285	169	55	partially	partially	ADV
fbem-18285	169	56	intermediary	intermediary	ADJ
fbem-18285	169	57	effect	effect	NOUN
fbem-18285	169	58	in	in	ADP
fbem-18285	169	59	this	this	DET
fbem-18285	169	60	mechanism	mechanism	NOUN
fbem-18285	169	61	of	of	ADP
fbem-18285	169	62	action	action	NOUN
fbem-18285	169	63	,	,	PUNCT
fbem-18285	169	64	which	which	PRON
fbem-18285	169	65	is	be	AUX
fbem-18285	169	66	in	in	ADP
fbem-18285	169	67	line	line	NOUN
fbem-18285	169	68	with	with	ADP
fbem-18285	169	69	the	the	DET
fbem-18285	169	70	empirical	empirical	ADJ
fbem-18285	169	71	results	result	NOUN
fbem-18285	169	72	obtained	obtain	VERB
fbem-18285	169	73	from	from	ADP
fbem-18285	169	74	the	the	DET
fbem-18285	169	75	previous	previous	ADJ
fbem-18285	169	76	paper	paper	NOUN
fbem-18285	169	77	.	.	PUNCT
fbem-18285	170	1	table	table	NOUN
fbem-18285	170	2	7	7	NUM
fbem-18285	170	3	.	.	PUNCT
fbem-18285	171	1	empirical	empirical	ADJ
fbem-18285	171	2	results	result	NOUN
fbem-18285	171	3	of	of	ADP
fbem-18285	171	4	replacing	replace	VERB
fbem-18285	171	5	explained	explain	VERB
fbem-18285	171	6	variables	variable	NOUN
fbem-18285	171	7	(	(	PUNCT
fbem-18285	171	8	1	1	NUM
fbem-18285	171	9	)	)	PUNCT
fbem-18285	171	10	(	(	PUNCT
fbem-18285	171	11	2	2	NUM
fbem-18285	171	12	)	)	PUNCT
fbem-18285	171	13	(	(	PUNCT
fbem-18285	171	14	3	3	X
fbem-18285	171	15	)	)	PUNCT
fbem-18285	171	16	lnvalue	lnvalue	NOUN
fbem-18285	171	17	hold	hold	NOUN
fbem-18285	171	18	lnvalue	lnvalue	NOUN
fbem-18285	171	19	wind	wind	NOUN
fbem-18285	171	20	esg	esg	PROPN
fbem-18285	171	21	0.045	0.045	NUM
fbem-18285	171	22	*	*	PUNCT
fbem-18285	171	23	*	*	PUNCT
fbem-18285	171	24	*	*	PUNCT
fbem-18285	171	25	0.981	0.981	NUM
fbem-18285	171	26	*	*	PUNCT
fbem-18285	171	27	*	*	PUNCT
fbem-18285	171	28	*	*	PUNCT
fbem-18285	171	29	0.041	0.041	NUM
fbem-18285	171	30	*	*	PUNCT
fbem-18285	171	31	*	*	PUNCT
fbem-18285	171	32	*	*	PUNCT
fbem-18285	171	33	(	(	PUNCT
fbem-18285	171	34	9.95	9.95	NUM
fbem-18285	171	35	)	)	PUNCT
fbem-18285	171	36	(	(	PUNCT
fbem-18285	171	37	3.93	3.93	NUM
fbem-18285	171	38	)	)	PUNCT
fbem-18285	171	39	(	(	PUNCT
fbem-18285	171	40	9.27	9.27	NUM
fbem-18285	171	41	)	)	PUNCT
fbem-18285	171	42	hold	hold	VERB
fbem-18285	171	43	0.004	0.004	NUM
fbem-18285	171	44	*	*	PUNCT
fbem-18285	171	45	*	*	PUNCT
fbem-18285	171	46	*	*	PUNCT
fbem-18285	171	47	(	(	PUNCT
fbem-18285	171	48	28.55	28.55	NUM
fbem-18285	171	49	)	)	PUNCT
fbem-18285	171	50	lev	lev	NOUN
fbem-18285	171	51	-0.161	-0.161	NOUN
fbem-18285	171	52	*	*	PUNCT
fbem-18285	171	53	*	*	PUNCT
fbem-18285	171	54	*	*	PUNCT
fbem-18285	171	55	-5.613	-5.613	PROPN
fbem-18285	171	56	*	*	PUNCT
fbem-18285	171	57	*	*	PUNCT
fbem-18285	171	58	*	*	PUNCT
fbem-18285	171	59	-0.137	-0.137	X
fbem-18285	171	60	*	*	PUNCT
fbem-18285	171	61	*	*	PUNCT
fbem-18285	171	62	*	*	PUNCT
fbem-18285	171	63	(	(	PUNCT
fbem-18285	171	64	-7.13	-7.13	NOUN
fbem-18285	171	65	)	)	PUNCT
fbem-18285	171	66	(	(	PUNCT
fbem-18285	171	67	-4.52	-4.52	NOUN
fbem-18285	171	68	)	)	PUNCT
fbem-18285	171	69	(	(	PUNCT
fbem-18285	171	70	-6.23	-6.23	X
fbem-18285	171	71	)	)	PUNCT
fbem-18285	171	72	lnsize	lnsize	NOUN
fbem-18285	171	73	0.871	0.871	NUM
fbem-18285	171	74	*	*	PUNCT
fbem-18285	171	75	*	*	PUNCT
fbem-18285	171	76	*	*	PUNCT
fbem-18285	171	77	7.241	7.241	NUM
fbem-18285	171	78	*	*	PUNCT
fbem-18285	171	79	*	*	PUNCT
fbem-18285	171	80	*	*	NOUN
fbem-18285	171	81	0.840	0.840	NUM
fbem-18285	171	82	*	*	PUNCT
fbem-18285	171	83	*	*	PUNCT
fbem-18285	171	84	*	*	PUNCT
fbem-18285	171	85	(	(	PUNCT
fbem-18285	171	86	252.98	252.98	NUM
fbem-18285	171	87	)	)	PUNCT
fbem-18285	171	88	(	(	PUNCT
fbem-18285	171	89	38.26	38.26	NUM
fbem-18285	171	90	)	)	PUNCT
fbem-18285	171	91	(	(	PUNCT
fbem-18285	171	92	238.59	238.59	NUM
fbem-18285	171	93	)	)	PUNCT
fbem-18285	171	94	roe	roe	NOUN
fbem-18285	171	95	0.353	0.353	NUM
fbem-18285	171	96	*	*	PUNCT
fbem-18285	171	97	*	*	PUNCT
fbem-18285	171	98	*	*	PUNCT
fbem-18285	171	99	11.060	11.060	NUM
fbem-18285	171	100	*	*	PUNCT
fbem-18285	171	101	*	*	PUNCT
fbem-18285	171	102	*	*	PUNCT
fbem-18285	171	103	0.305	0.305	NUM
fbem-18285	171	104	*	*	PUNCT
fbem-18285	171	105	*	*	PUNCT
fbem-18285	171	106	*	*	PUNCT
fbem-18285	171	107	(	(	PUNCT
fbem-18285	171	108	14.65	14.65	NUM
fbem-18285	171	109	)	)	PUNCT
fbem-18285	171	110	(	(	PUNCT
fbem-18285	171	111	8.35	8.35	NUM
fbem-18285	171	112	)	)	PUNCT
fbem-18285	171	113	(	(	PUNCT
fbem-18285	171	114	13.01	13.01	NUM
fbem-18285	171	115	)	)	PUNCT
fbem-18285	171	116	growth_a	growth_a	VERB
fbem-18285	171	117	0.011	0.011	NUM
fbem-18285	171	118	*	*	NOUN
fbem-18285	171	119	*	*	PUNCT
fbem-18285	171	120	*	*	PUNCT
fbem-18285	171	121	0.393	0.393	NUM
fbem-18285	171	122	*	*	PUNCT
fbem-18285	171	123	0.010	0.010	NUM
fbem-18285	171	124	*	*	PUNCT
fbem-18285	171	125	*	*	PUNCT
fbem-18285	171	126	(	(	PUNCT
fbem-18285	171	127	2.93	2.93	NUM
fbem-18285	171	128	)	)	PUNCT
fbem-18285	171	129	(	(	PUNCT
fbem-18285	171	130	1.83	1.83	NUM
fbem-18285	171	131	)	)	PUNCT
fbem-18285	171	132	(	(	PUNCT
fbem-18285	171	133	2.57	2.57	NUM
fbem-18285	171	134	)	)	PUNCT
fbem-18285	171	135	cf	cf	NOUN
fbem-18285	171	136	0.858	0.858	NUM
fbem-18285	171	137	*	*	PUNCT
fbem-18285	171	138	*	*	PUNCT
fbem-18285	171	139	*	*	PUNCT
fbem-18285	171	140	12.797	12.797	NUM
fbem-18285	171	141	*	*	PUNCT
fbem-18285	171	142	*	*	PUNCT
fbem-18285	171	143	*	*	NOUN
fbem-18285	171	144	0.803	0.803	NUM
fbem-18285	171	145	*	*	PUNCT
fbem-18285	171	146	*	*	PUNCT
fbem-18285	171	147	*	*	PUNCT
fbem-18285	171	148	(	(	PUNCT
fbem-18285	171	149	16.14	16.14	NUM
fbem-18285	171	150	)	)	PUNCT
fbem-18285	171	151	(	(	PUNCT
fbem-18285	171	152	4.38	4.38	NUM
fbem-18285	171	153	)	)	PUNCT
fbem-18285	171	154	(	(	PUNCT
fbem-18285	171	155	15.53	15.53	NUM
fbem-18285	171	156	)	)	PUNCT
fbem-18285	171	157	lnage	lnage	NOUN
fbem-18285	171	158	-0.097	-0.097	PUNCT
fbem-18285	171	159	*	*	PUNCT
fbem-18285	171	160	*	*	PUNCT
fbem-18285	171	161	*	*	PUNCT
fbem-18285	171	162	-0.734	-0.734	X
fbem-18285	171	163	-0.094	-0.094	PUNCT
fbem-18285	171	164	*	*	PUNCT
fbem-18285	171	165	*	*	PUNCT
fbem-18285	171	166	*	*	PUNCT
fbem-18285	171	167	(	(	PUNCT
fbem-18285	171	168	-7.69	-7.69	NOUN
fbem-18285	171	169	)	)	PUNCT
fbem-18285	171	170	(	(	PUNCT
fbem-18285	171	171	-1.06	-1.06	NOUN
fbem-18285	171	172	)	)	PUNCT
fbem-18285	171	173	(	(	PUNCT
fbem-18285	171	174	-7.65	-7.65	X
fbem-18285	171	175	)	)	PUNCT
fbem-18285	171	176	lnex	lnex	ADJ
fbem-18285	171	177	-0.009	-0.009	NUM
fbem-18285	172	1	17.116	17.116	NUM
fbem-18285	172	2	*	*	PUNCT
fbem-18285	172	3	*	*	PUNCT
fbem-18285	172	4	*	*	PUNCT
fbem-18285	172	5	-0.083	-0.083	PUNCT
fbem-18285	172	6	*	*	PUNCT
fbem-18285	172	7	*	*	PUNCT
fbem-18285	172	8	*	*	PUNCT
fbem-18285	172	9	(	(	PUNCT
fbem-18285	172	10	-0.51	-0.51	NOUN
fbem-18285	172	11	)	)	PUNCT
fbem-18285	172	12	(	(	PUNCT
fbem-18285	172	13	17.45	17.45	NUM
fbem-18285	172	14	)	)	PUNCT
fbem-18285	172	15	(	(	PUNCT
fbem-18285	172	16	-4.74	-4.74	NUM
fbem-18285	172	17	)	)	PUNCT
fbem-18285	172	18	year	year	NOUN
fbem-18285	173	1	yes	yes	INTJ
fbem-18285	173	2	yes	yes	INTJ
fbem-18285	174	1	yes	yes	INTJ
fbem-18285	174	2	industry	industry	NOUN
fbem-18285	175	1	yes	yes	INTJ
fbem-18285	176	1	yes	yes	INTJ
fbem-18285	177	1	yes	yes	INTJ
fbem-18285	178	1	n	n	ADV
fbem-18285	178	2	13726	13726	NUM
fbem-18285	178	3	13726	13726	NUM
fbem-18285	178	4	13726	13726	NUM
fbem-18285	178	5	r2	r2	PROPN
fbem-18285	178	6	0.906	0.906	NUM
fbem-18285	178	7	0.343	0.343	NUM
fbem-18285	178	8	0.912	0.912	NUM
fbem-18285	178	9	notes：*p<0.1,**p<0.05,***p<0.01	notes：*p<0.1,**p<0.05,***p<0.01	ADJ
fbem-18285	178	10	255	255	NUM
fbem-18285	178	11	5.4.2	5.4.2	NUM
fbem-18285	178	12	.	.	PUNCT
fbem-18285	179	1	one	one	NUM
fbem-18285	179	2	-	-	PUNCT
fbem-18285	179	3	period	period	NOUN
fbem-18285	179	4	lag	lag	NOUN
fbem-18285	179	5	test	test	NOUN
fbem-18285	179	6	in	in	ADP
fbem-18285	179	7	order	order	NOUN
fbem-18285	179	8	to	to	PART
fbem-18285	179	9	test	test	VERB
fbem-18285	179	10	the	the	DET
fbem-18285	179	11	possible	possible	ADJ
fbem-18285	179	12	reverse	reverse	ADJ
fbem-18285	179	13	causality	causality	NOUN
fbem-18285	179	14	between	between	ADP
fbem-18285	179	15	the	the	DET
fbem-18285	179	16	quality	quality	NOUN
fbem-18285	179	17	level	level	NOUN
fbem-18285	179	18	of	of	ADP
fbem-18285	179	19	esg	esg	PROPN
fbem-18285	179	20	disclosure	disclosure	NOUN
fbem-18285	179	21	and	and	CCONJ
fbem-18285	179	22	enterprise	enterprise	NOUN
fbem-18285	179	23	value	value	NOUN
fbem-18285	179	24	,	,	PUNCT
fbem-18285	179	25	and	and	CCONJ
fbem-18285	179	26	taking	take	VERB
fbem-18285	179	27	into	into	ADP
fbem-18285	179	28	account	account	NOUN
fbem-18285	179	29	that	that	SCONJ
fbem-18285	179	30	there	there	PRON
fbem-18285	179	31	is	be	VERB
fbem-18285	179	32	a	a	DET
fbem-18285	179	33	delayed	delay	VERB
fbem-18285	179	34	effect	effect	NOUN
fbem-18285	179	35	in	in	ADP
fbem-18285	179	36	the	the	DET
fbem-18285	179	37	role	role	NOUN
fbem-18285	179	38	effect	effect	NOUN
fbem-18285	179	39	of	of	ADP
fbem-18285	179	40	esg	esg	PROPN
fbem-18285	179	41	disclosure	disclosure	NOUN
fbem-18285	179	42	on	on	ADP
fbem-18285	179	43	enterprise	enterprise	NOUN
fbem-18285	179	44	value	value	NOUN
fbem-18285	179	45	,	,	PUNCT
fbem-18285	179	46	this	this	DET
fbem-18285	179	47	paper	paper	NOUN
fbem-18285	179	48	lags	lag	VERB
fbem-18285	179	49	the	the	DET
fbem-18285	179	50	core	core	NOUN
fbem-18285	179	51	explanatory	explanatory	ADJ
fbem-18285	179	52	variables	variable	NOUN
fbem-18285	179	53	by	by	ADP
fbem-18285	179	54	one	one	NUM
fbem-18285	179	55	period	period	NOUN
fbem-18285	179	56	,	,	PUNCT
fbem-18285	179	57	the	the	DET
fbem-18285	179	58	control	control	NOUN
fbem-18285	179	59	variables	variable	NOUN
fbem-18285	179	60	are	be	AUX
fbem-18285	179	61	consistent	consistent	ADJ
fbem-18285	179	62	with	with	ADP
fbem-18285	179	63	the	the	DET
fbem-18285	179	64	above	above	NOUN
fbem-18285	179	65	,	,	PUNCT
fbem-18285	179	66	and	and	CCONJ
fbem-18285	179	67	the	the	DET
fbem-18285	179	68	empirical	empirical	ADJ
fbem-18285	179	69	results	result	NOUN
fbem-18285	179	70	are	be	AUX
fbem-18285	179	71	shown	show	VERB
fbem-18285	179	72	in	in	ADP
fbem-18285	179	73	table	table	NOUN
fbem-18285	179	74	8	8	NUM
fbem-18285	179	75	.	.	PUNCT
fbem-18285	180	1	the	the	DET
fbem-18285	180	2	estimated	estimate	VERB
fbem-18285	180	3	coefficients	coefficient	NOUN
fbem-18285	180	4	of	of	ADP
fbem-18285	180	5	its	its	PRON
fbem-18285	180	6	empirical	empirical	ADJ
fbem-18285	180	7	results	result	NOUN
fbem-18285	180	8	are	be	AUX
fbem-18285	180	9	basically	basically	ADV
fbem-18285	180	10	consistent	consistent	ADJ
fbem-18285	180	11	with	with	ADP
fbem-18285	180	12	the	the	DET
fbem-18285	180	13	estimated	estimate	VERB
fbem-18285	180	14	coefficients	coefficient	NOUN
fbem-18285	180	15	of	of	ADP
fbem-18285	180	16	the	the	DET
fbem-18285	180	17	empirical	empirical	ADJ
fbem-18285	180	18	results	result	NOUN
fbem-18285	180	19	before	before	ADP
fbem-18285	180	20	replacement	replacement	NOUN
fbem-18285	180	21	,	,	PUNCT
fbem-18285	180	22	which	which	PRON
fbem-18285	180	23	are	be	AUX
fbem-18285	180	24	all	all	PRON
fbem-18285	180	25	significantly	significantly	ADV
fbem-18285	180	26	positive	positive	ADJ
fbem-18285	180	27	at	at	ADP
fbem-18285	180	28	the	the	DET
fbem-18285	180	29	1	1	NUM
fbem-18285	180	30	%	%	NOUN
fbem-18285	180	31	level	level	NOUN
fbem-18285	180	32	,	,	PUNCT
fbem-18285	180	33	i.e.	i.e.	X
fbem-18285	180	34	,	,	PUNCT
fbem-18285	180	35	there	there	PRON
fbem-18285	180	36	is	be	VERB
fbem-18285	180	37	a	a	DET
fbem-18285	180	38	significant	significant	ADJ
fbem-18285	180	39	positive	positive	ADJ
fbem-18285	180	40	impact	impact	NOUN
fbem-18285	180	41	of	of	ADP
fbem-18285	180	42	esg	esg	PROPN
fbem-18285	180	43	disclosure	disclosure	NOUN
fbem-18285	180	44	on	on	ADP
fbem-18285	180	45	enterprise	enterprise	NOUN
fbem-18285	180	46	value	value	NOUN
fbem-18285	180	47	.	.	PUNCT
fbem-18285	181	1	this	this	PRON
fbem-18285	181	2	shows	show	VERB
fbem-18285	181	3	that	that	SCONJ
fbem-18285	181	4	the	the	DET
fbem-18285	181	5	empirical	empirical	ADJ
fbem-18285	181	6	study	study	NOUN
fbem-18285	181	7	in	in	ADP
fbem-18285	181	8	this	this	DET
fbem-18285	181	9	paper	paper	NOUN
fbem-18285	181	10	is	be	AUX
fbem-18285	181	11	not	not	PART
fbem-18285	181	12	affected	affect	VERB
fbem-18285	181	13	by	by	ADP
fbem-18285	181	14	the	the	DET
fbem-18285	181	15	reverse	reverse	ADJ
fbem-18285	181	16	causality	causality	NOUN
fbem-18285	181	17	problem	problem	NOUN
fbem-18285	181	18	.	.	PUNCT
fbem-18285	182	1	table	table	NOUN
fbem-18285	182	2	8	8	NUM
fbem-18285	182	3	.	.	PUNCT
fbem-18285	183	1	results	result	NOUN
fbem-18285	183	2	of	of	ADP
fbem-18285	183	3	one	one	NUM
fbem-18285	183	4	-	-	PUNCT
fbem-18285	183	5	period	period	NOUN
fbem-18285	183	6	lag	lag	NOUN
fbem-18285	183	7	test	test	NOUN
fbem-18285	183	8	(	(	PUNCT
fbem-18285	183	9	1	1	NUM
fbem-18285	183	10	)	)	PUNCT
fbem-18285	183	11	(	(	PUNCT
fbem-18285	183	12	2	2	X
fbem-18285	183	13	)	)	PUNCT
fbem-18285	183	14	tq	tq	ADV
fbem-18285	183	15	tq	tq	ADP
fbem-18285	183	16	esg	esg	PROPN
fbem-18285	183	17	0.096	0.096	NUM
fbem-18285	183	18	*	*	PUNCT
fbem-18285	183	19	*	*	PUNCT
fbem-18285	183	20	*	*	PUNCT
fbem-18285	183	21	(	(	PUNCT
fbem-18285	183	22	6.41	6.41	NUM
fbem-18285	183	23	)	)	PUNCT
fbem-18285	183	24	上期	上期	PROPN
fbem-18285	183	25	esg	esg	PROPN
fbem-18285	183	26	0.060	0.060	NUM
fbem-18285	183	27	*	*	PUNCT
fbem-18285	183	28	*	*	PUNCT
fbem-18285	183	29	*	*	PUNCT
fbem-18285	183	30	(	(	PUNCT
fbem-18285	183	31	3.37	3.37	NUM
fbem-18285	183	32	)	)	PUNCT
fbem-18285	183	33	lev	lev	NOUN
fbem-18285	183	34	-0.643	-0.643	NOUN
fbem-18285	183	35	*	*	PROPN
fbem-18285	183	36	*	*	PUNCT
fbem-18285	183	37	*	*	PUNCT
fbem-18285	183	38	-0.746	-0.746	PUNCT
fbem-18285	183	39	*	*	PUNCT
fbem-18285	183	40	*	*	PUNCT
fbem-18285	183	41	*	*	PUNCT
fbem-18285	183	42	(	(	PUNCT
fbem-18285	183	43	-8.60	-8.60	NUM
fbem-18285	183	44	)	)	PUNCT
fbem-18285	183	45	(	(	PUNCT
fbem-18285	183	46	-8.31	-8.31	X
fbem-18285	183	47	)	)	PUNCT
fbem-18285	183	48	lnsize	lnsize	NOUN
fbem-18285	183	49	-0.217	-0.217	NOUN
fbem-18285	183	50	*	*	PUNCT
fbem-18285	183	51	*	*	PUNCT
fbem-18285	183	52	*	*	PUNCT
fbem-18285	183	53	-0.225	-0.225	PUNCT
fbem-18285	183	54	*	*	PUNCT
fbem-18285	183	55	*	*	PUNCT
fbem-18285	183	56	*	*	PUNCT
fbem-18285	183	57	(	(	PUNCT
fbem-18285	183	58	-19.03	-19.03	PROPN
fbem-18285	183	59	)	)	PUNCT
fbem-18285	183	60	(	(	PUNCT
fbem-18285	183	61	-16.56	-16.56	PROPN
fbem-18285	183	62	)	)	PUNCT
fbem-18285	183	63	roe	roe	NOUN
fbem-18285	183	64	0.934	0.934	NUM
fbem-18285	183	65	*	*	PUNCT
fbem-18285	183	66	*	*	PUNCT
fbem-18285	183	67	*	*	PUNCT
fbem-18285	183	68	0.972	0.972	NUM
fbem-18285	183	69	*	*	PUNCT
fbem-18285	183	70	*	*	PUNCT
fbem-18285	183	71	*	*	PUNCT
fbem-18285	183	72	(	(	PUNCT
fbem-18285	183	73	11.71	11.71	NUM
fbem-18285	183	74	)	)	PUNCT
fbem-18285	183	75	(	(	PUNCT
fbem-18285	183	76	10.19	10.19	NUM
fbem-18285	183	77	)	)	PUNCT
fbem-18285	183	78	growth	growth	NOUN
fbem-18285	183	79	0.032	0.032	NUM
fbem-18285	183	80	*	*	PUNCT
fbem-18285	183	81	*	*	PUNCT
fbem-18285	183	82	0.039	0.039	NUM
fbem-18285	183	83	*	*	PUNCT
fbem-18285	183	84	*	*	PUNCT
fbem-18285	183	85	*	*	PUNCT
fbem-18285	183	86	(	(	PUNCT
fbem-18285	183	87	2.47	2.47	NUM
fbem-18285	183	88	)	)	PUNCT
fbem-18285	183	89	(	(	PUNCT
fbem-18285	183	90	2.60	2.60	NUM
fbem-18285	183	91	)	)	PUNCT
fbem-18285	183	92	cf	cf	NOUN
fbem-18285	183	93	2.563	2.563	NUM
fbem-18285	183	94	*	*	PUNCT
fbem-18285	183	95	*	*	PUNCT
fbem-18285	183	96	*	*	PUNCT
fbem-18285	183	97	2.814	2.814	NUM
fbem-18285	183	98	*	*	PUNCT
fbem-18285	183	99	*	*	PUNCT
fbem-18285	184	1	*	*	PUNCT
fbem-18285	184	2	(	(	PUNCT
fbem-18285	184	3	14.55	14.55	NUM
fbem-18285	184	4	)	)	PUNCT
fbem-18285	184	5	(	(	PUNCT
fbem-18285	184	6	13.29	13.29	NUM
fbem-18285	184	7	)	)	PUNCT
fbem-18285	184	8	lnage	lnage	NOUN
fbem-18285	184	9	-0.217	-0.217	NOUN
fbem-18285	184	10	*	*	PUNCT
fbem-18285	184	11	*	*	PUNCT
fbem-18285	184	12	*	*	PUNCT
fbem-18285	184	13	-0.284	-0.284	PUNCT
fbem-18285	185	1	*	*	PUNCT
fbem-18285	185	2	*	*	PUNCT
fbem-18285	185	3	*	*	PUNCT
fbem-18285	185	4	(	(	PUNCT
fbem-18285	185	5	-5.21	-5.21	NOUN
fbem-18285	185	6	)	)	PUNCT
fbem-18285	185	7	(	(	PUNCT
fbem-18285	185	8	-5.51	-5.51	NOUN
fbem-18285	185	9	)	)	PUNCT
fbem-18285	185	10	lnex	lnex	ADJ
fbem-18285	185	11	-0.070	-0.070	NUM
fbem-18285	185	12	-0.092	-0.092	PUNCT
fbem-18285	185	13	(	(	PUNCT
fbem-18285	185	14	-1.19	-1.19	NOUN
fbem-18285	185	15	)	)	PUNCT
fbem-18285	185	16	(	(	PUNCT
fbem-18285	185	17	-1.30	-1.30	NUM
fbem-18285	185	18	)	)	PUNCT
fbem-18285	185	19	year	year	NOUN
fbem-18285	186	1	yes	yes	INTJ
fbem-18285	186	2	yes	yes	INTJ
fbem-18285	186	3	industry	industry	NOUN
fbem-18285	187	1	yes	yes	INTJ
fbem-18285	188	1	yes	yes	INTJ
fbem-18285	189	1	n	n	ADV
fbem-18285	189	2	13726	13726	NUM
fbem-18285	189	3	11002	11002	NUM
fbem-18285	189	4	r2	r2	PROPN
fbem-18285	189	5	0.247	0.247	NUM
fbem-18285	189	6	0.239	0.239	NUM
fbem-18285	189	7	notes	note	NOUN
fbem-18285	189	8	:	:	PUNCT
fbem-18285	189	9	*	*	PUNCT
fbem-18285	189	10	p<0.1,**p<0.05,***p<0.01	p<0.1,**p<0.05,***p<0.01	PROPN
fbem-18285	189	11	5.4.3	5.4.3	PROPN
fbem-18285	189	12	.	.	PUNCT
fbem-18285	189	13	sobel	sobel	PROPN
fbem-18285	189	14	test	test	NOUN
fbem-18285	189	15	in	in	ADP
fbem-18285	189	16	order	order	NOUN
fbem-18285	189	17	to	to	PART
fbem-18285	189	18	test	test	VERB
fbem-18285	189	19	the	the	DET
fbem-18285	189	20	existence	existence	NOUN
fbem-18285	189	21	of	of	ADP
fbem-18285	189	22	mediating	mediate	VERB
fbem-18285	189	23	role	role	NOUN
fbem-18285	189	24	of	of	ADP
fbem-18285	189	25	institutional	institutional	ADJ
fbem-18285	189	26	investors	investor	NOUN
fbem-18285	189	27	'	'	PART
fbem-18285	189	28	shareholding	shareholding	NOUN
fbem-18285	189	29	between	between	ADP
fbem-18285	189	30	esg	esg	PROPN
fbem-18285	189	31	disclosure	disclosure	NOUN
fbem-18285	189	32	and	and	CCONJ
fbem-18285	189	33	enterprise	enterprise	NOUN
fbem-18285	189	34	value	value	NOUN
fbem-18285	189	35	of	of	ADP
fbem-18285	189	36	listed	list	VERB
fbem-18285	189	37	enterprises	enterprise	NOUN
fbem-18285	189	38	,	,	PUNCT
fbem-18285	189	39	this	this	DET
fbem-18285	189	40	paper	paper	NOUN
fbem-18285	189	41	supplements	supplement	NOUN
fbem-18285	189	42	the	the	DET
fbem-18285	189	43	sobel	sobel	NOUN
fbem-18285	189	44	test	test	NOUN
fbem-18285	189	45	,	,	PUNCT
fbem-18285	189	46	and	and	CCONJ
fbem-18285	189	47	the	the	DET
fbem-18285	189	48	test	test	NOUN
fbem-18285	189	49	results	result	NOUN
fbem-18285	189	50	are	be	AUX
fbem-18285	189	51	shown	show	VERB
fbem-18285	189	52	in	in	ADP
fbem-18285	189	53	table	table	NOUN
fbem-18285	189	54	9	9	NUM
fbem-18285	189	55	,	,	PUNCT
fbem-18285	189	56	according	accord	VERB
fbem-18285	189	57	to	to	ADP
fbem-18285	189	58	the	the	DET
fbem-18285	189	59	table	table	NOUN
fbem-18285	189	60	,	,	PUNCT
fbem-18285	189	61	sobel	sobel	NOUN
fbem-18285	189	62	's	's	PART
fbem-18285	189	63	z	z	NOUN
fbem-18285	189	64	-	-	PUNCT
fbem-18285	189	65	value	value	NOUN
fbem-18285	189	66	is	be	AUX
fbem-18285	189	67	3	3	NUM
fbem-18285	189	68	.	.	PUNCT
fbem-18285	190	1	and	and	CCONJ
fbem-18285	190	2	the	the	DET
fbem-18285	190	3	p	p	NOUN
fbem-18285	190	4	-	-	PUNCT
fbem-18285	190	5	value	value	NOUN
fbem-18285	190	6	is	be	AUX
fbem-18285	190	7	less	less	ADJ
fbem-18285	190	8	than	than	ADP
fbem-18285	190	9	0.01	0.01	NUM
fbem-18285	190	10	,	,	PUNCT
fbem-18285	190	11	which	which	PRON
fbem-18285	190	12	rejects	reject	VERB
fbem-18285	190	13	the	the	DET
fbem-18285	190	14	original	original	ADJ
fbem-18285	190	15	hypothesis	hypothesis	NOUN
fbem-18285	190	16	,	,	PUNCT
fbem-18285	190	17	i.e.	i.e.	X
fbem-18285	190	18	the	the	DET
fbem-18285	190	19	mediating	mediate	VERB
fbem-18285	190	20	effect	effect	NOUN
fbem-18285	190	21	is	be	AUX
fbem-18285	190	22	tested	test	VERB
fbem-18285	190	23	,	,	PUNCT
fbem-18285	190	24	and	and	CCONJ
fbem-18285	190	25	the	the	DET
fbem-18285	190	26	enterprise	enterprise	NOUN
fbem-18285	190	27	's	's	PART
fbem-18285	190	28	highquality	highquality	NOUN
fbem-18285	190	29	esg	esg	NOUN
fbem-18285	190	30	disclosure	disclosure	NOUN
fbem-18285	190	31	affects	affect	VERB
fbem-18285	190	32	enterprise	enterprise	NOUN
fbem-18285	190	33	's	's	PART
fbem-18285	190	34	market	market	NOUN
fbem-18285	190	35	value	value	NOUN
fbem-18285	190	36	by	by	ADP
fbem-18285	190	37	influencing	influence	VERB
fbem-18285	190	38	the	the	DET
fbem-18285	190	39	institutional	institutional	ADJ
fbem-18285	190	40	investors	investor	NOUN
fbem-18285	190	41	'	'	PART
fbem-18285	190	42	shareholding	shareholding	NOUN
fbem-18285	190	43	path	path	NOUN
fbem-18285	190	44	to	to	PART
fbem-18285	190	45	affect	affect	VERB
fbem-18285	190	46	the	the	DET
fbem-18285	190	47	market	market	NOUN
fbem-18285	190	48	value	value	NOUN
fbem-18285	190	49	of	of	ADP
fbem-18285	190	50	the	the	DET
fbem-18285	190	51	enterprise	enterprise	NOUN
fbem-18285	190	52	.	.	PUNCT
fbem-18285	191	1	table	table	NOUN
fbem-18285	191	2	9	9	NUM
fbem-18285	191	3	.	.	PUNCT
fbem-18285	191	4	sobel	sobel	PROPN
fbem-18285	191	5	test	test	PROPN
fbem-18285	191	6	results	result	VERB
fbem-18285	191	7	coef	coef	PROPN
fbem-18285	191	8	stderr	stderr	NOUN
fbem-18285	191	9	z	z	PROPN
fbem-18285	191	10	p>|z|	p>|z|	VERB
fbem-18285	191	11	sobel	sobel	NOUN
fbem-18285	191	12	0.012	0.012	NUM
fbem-18285	191	13	0.003	0.003	NUM
fbem-18285	191	14	3.876	3.876	NUM
fbem-18285	191	15	0.000	0.000	NUM
fbem-18285	191	16	goodman-1	goodman-1	PROPN
fbem-18285	191	17	0.012	0.012	NUM
fbem-18285	191	18	0.003	0.003	NUM
fbem-18285	191	19	3.872	3.872	NUM
fbem-18285	191	20	0.000	0.000	NUM
fbem-18285	191	21	goodman-2	goodman-2	NUM
fbem-18285	191	22	0.012	0.012	NUM
fbem-18285	191	23	0.003	0.003	NUM
fbem-18285	191	24	3.879	3.879	NUM
fbem-18285	191	25	0.000	0.000	NUM
fbem-18285	191	26	percent	percent	NOUN
fbem-18285	191	27	of	of	ADP
fbem-18285	191	28	total	total	ADJ
fbem-18285	191	29	effect	effect	NOUN
fbem-18285	191	30	that	that	PRON
fbem-18285	191	31	is	be	AUX
fbem-18285	191	32	mediated:12.039	mediated:12.039	NOUN
fbem-18285	191	33	%	%	NOUN
fbem-18285	191	34	ratio	ratio	NOUN
fbem-18285	191	35	of	of	ADP
fbem-18285	191	36	indirect	indirect	ADJ
fbem-18285	191	37	to	to	PART
fbem-18285	191	38	direct	direct	VERB
fbem-18285	191	39	effect:0.1368	effect:0.1368	NOUN
fbem-18285	191	40	6	6	NUM
fbem-18285	191	41	.	.	PUNCT
fbem-18285	192	1	key	key	ADJ
fbem-18285	192	2	findings	finding	NOUN
fbem-18285	192	3	and	and	CCONJ
fbem-18285	192	4	policy	policy	NOUN
fbem-18285	192	5	recommendations	recommendation	NOUN
fbem-18285	192	6	this	this	DET
fbem-18285	192	7	paper	paper	NOUN
fbem-18285	192	8	takes	take	VERB
fbem-18285	192	9	2780	2780	NUM
fbem-18285	192	10	listed	list	VERB
fbem-18285	192	11	enterprises	enterprise	NOUN
fbem-18285	192	12	with	with	ADP
fbem-18285	192	13	a	a	DET
fbem-18285	192	14	total	total	NOUN
fbem-18285	192	15	of	of	ADP
fbem-18285	192	16	13,726	13,726	NUM
fbem-18285	192	17	panel	panel	NOUN
fbem-18285	192	18	data	datum	NOUN
fbem-18285	192	19	from	from	ADP
fbem-18285	192	20	2018	2018	NUM
fbem-18285	192	21	-	-	SYM
fbem-18285	192	22	2022	2022	NUM
fbem-18285	192	23	as	as	ADP
fbem-18285	192	24	samples	sample	NOUN
fbem-18285	192	25	,	,	PUNCT
fbem-18285	192	26	and	and	CCONJ
fbem-18285	192	27	empirically	empirically	ADV
fbem-18285	192	28	investigates	investigate	VERB
fbem-18285	192	29	the	the	DET
fbem-18285	192	30	impact	impact	NOUN
fbem-18285	192	31	of	of	ADP
fbem-18285	192	32	the	the	DET
fbem-18285	192	33	quality	quality	NOUN
fbem-18285	192	34	level	level	NOUN
fbem-18285	192	35	of	of	ADP
fbem-18285	192	36	esg	esg	PROPN
fbem-18285	192	37	disclosure	disclosure	NOUN
fbem-18285	192	38	of	of	ADP
fbem-18285	192	39	listed	list	VERB
fbem-18285	192	40	enterprises	enterprise	NOUN
fbem-18285	192	41	on	on	ADP
fbem-18285	192	42	their	their	PRON
fbem-18285	192	43	enterprise	enterprise	NOUN
fbem-18285	192	44	value	value	NOUN
fbem-18285	192	45	and	and	CCONJ
fbem-18285	192	46	the	the	DET
fbem-18285	192	47	mechanism	mechanism	NOUN
fbem-18285	192	48	of	of	ADP
fbem-18285	192	49	its	its	PRON
fbem-18285	192	50	role	role	NOUN
fbem-18285	192	51	using	use	VERB
fbem-18285	192	52	two	two	NUM
fbem-18285	192	53	-	-	PUNCT
fbem-18285	192	54	way	way	NOUN
fbem-18285	192	55	fixed	fix	VERB
fbem-18285	192	56	effects	effect	NOUN
fbem-18285	192	57	and	and	CCONJ
fbem-18285	192	58	mediation	mediation	NOUN
fbem-18285	192	59	effects	effect	NOUN
fbem-18285	192	60	models	model	NOUN
fbem-18285	192	61	;	;	PUNCT
fbem-18285	192	62	on	on	ADP
fbem-18285	192	63	this	this	DET
fbem-18285	192	64	basis	basis	NOUN
fbem-18285	192	65	,	,	PUNCT
fbem-18285	192	66	it	it	PRON
fbem-18285	192	67	further	far	ADV
fbem-18285	192	68	analyses	analyse	VERB
fbem-18285	192	69	whether	whether	SCONJ
fbem-18285	192	70	institutional	institutional	ADJ
fbem-18285	192	71	investors	investor	NOUN
fbem-18285	192	72	have	have	VERB
fbem-18285	192	73	esg	esg	NOUN
fbem-18285	192	74	investment	investment	NOUN
fbem-18285	192	75	preferences	preference	NOUN
fbem-18285	192	76	;	;	PUNCT
fbem-18285	192	77	in	in	ADP
fbem-18285	192	78	addition	addition	NOUN
fbem-18285	192	79	,	,	PUNCT
fbem-18285	192	80	this	this	DET
fbem-18285	192	81	paper	paper	NOUN
fbem-18285	192	82	investigates	investigate	VERB
fbem-18285	192	83	the	the	DET
fbem-18285	192	84	heterogeneity	heterogeneity	NOUN
fbem-18285	192	85	of	of	ADP
fbem-18285	192	86	listed	list	VERB
fbem-18285	192	87	enterprises	enterprise	NOUN
fbem-18285	192	88	for	for	ADP
fbem-18285	192	89	the	the	DET
fbem-18285	192	90	difference	difference	NOUN
fbem-18285	192	91	of	of	ADP
fbem-18285	192	92	esg	esg	PROPN
fbem-18285	192	93	disclosure	disclosure	NOUN
fbem-18285	192	94	quality	quality	NOUN
fbem-18285	192	95	level	level	NOUN
fbem-18285	192	96	affecting	affect	VERB
fbem-18285	192	97	their	their	PRON
fbem-18285	192	98	enterprise	enterprise	NOUN
fbem-18285	192	99	value	value	NOUN
fbem-18285	192	100	.	.	PUNCT
fbem-18285	193	1	the	the	DET
fbem-18285	193	2	results	result	NOUN
fbem-18285	193	3	of	of	ADP
fbem-18285	193	4	the	the	DET
fbem-18285	193	5	study	study	NOUN
fbem-18285	193	6	are	be	AUX
fbem-18285	193	7	as	as	SCONJ
fbem-18285	193	8	follows	follow	VERB
fbem-18285	193	9	:	:	PUNCT
fbem-18285	193	10	first	first	ADV
fbem-18285	193	11	,	,	PUNCT
fbem-18285	193	12	there	there	PRON
fbem-18285	193	13	is	be	VERB
fbem-18285	193	14	a	a	DET
fbem-18285	193	15	significant	significant	ADJ
fbem-18285	193	16	positive	positive	ADJ
fbem-18285	193	17	correlation	correlation	NOUN
fbem-18285	193	18	between	between	ADP
fbem-18285	193	19	the	the	DET
fbem-18285	193	20	level	level	NOUN
fbem-18285	193	21	of	of	ADP
fbem-18285	193	22	esg	esg	PROPN
fbem-18285	193	23	disclosure	disclosure	NOUN
fbem-18285	193	24	of	of	ADP
fbem-18285	193	25	listed	list	VERB
fbem-18285	193	26	enterprises	enterprise	NOUN
fbem-18285	193	27	and	and	CCONJ
fbem-18285	193	28	their	their	PRON
fbem-18285	193	29	enterprise	enterprise	NOUN
fbem-18285	193	30	value	value	NOUN
fbem-18285	193	31	,	,	PUNCT
fbem-18285	193	32	indicating	indicate	VERB
fbem-18285	193	33	that	that	SCONJ
fbem-18285	193	34	the	the	DET
fbem-18285	193	35	level	level	NOUN
fbem-18285	193	36	of	of	ADP
fbem-18285	193	37	high	high	ADJ
fbem-18285	193	38	-	-	PUNCT
fbem-18285	193	39	quality	quality	NOUN
fbem-18285	193	40	esg	esg	NOUN
fbem-18285	193	41	disclosure	disclosure	NOUN
fbem-18285	193	42	of	of	ADP
fbem-18285	193	43	listed	list	VERB
fbem-18285	193	44	enterprises	enterprise	NOUN
fbem-18285	193	45	can	can	AUX
fbem-18285	193	46	enhance	enhance	VERB
fbem-18285	193	47	their	their	PRON
fbem-18285	193	48	enterprise	enterprise	NOUN
fbem-18285	193	49	value	value	NOUN
fbem-18285	193	50	.	.	PUNCT
fbem-18285	194	1	second	second	ADJ
fbem-18285	194	2	,	,	PUNCT
fbem-18285	194	3	there	there	PRON
fbem-18285	194	4	is	be	VERB
fbem-18285	194	5	a	a	DET
fbem-18285	194	6	partial	partial	ADJ
fbem-18285	194	7	mediating	mediate	VERB
fbem-18285	194	8	effect	effect	NOUN
fbem-18285	194	9	of	of	ADP
fbem-18285	194	10	institutional	institutional	ADJ
fbem-18285	194	11	investors	investor	NOUN
fbem-18285	194	12	'	'	PART
fbem-18285	194	13	shareholding	shareholding	NOUN
fbem-18285	194	14	ratio	ratio	NOUN
fbem-18285	194	15	,	,	PUNCT
fbem-18285	194	16	i.e.	i.e.	X
fbem-18285	194	17	,	,	PUNCT
fbem-18285	194	18	the	the	PRON
fbem-18285	194	19	higher	high	ADJ
fbem-18285	194	20	the	the	DET
fbem-18285	194	21	quality	quality	NOUN
fbem-18285	194	22	level	level	NOUN
fbem-18285	194	23	of	of	ADP
fbem-18285	194	24	esg	esg	PROPN
fbem-18285	194	25	disclosure	disclosure	NOUN
fbem-18285	194	26	of	of	ADP
fbem-18285	194	27	listed	list	VERB
fbem-18285	194	28	firms	firm	NOUN
fbem-18285	194	29	,	,	PUNCT
fbem-18285	194	30	the	the	PRON
fbem-18285	194	31	more	more	ADJ
fbem-18285	194	32	it	it	PRON
fbem-18285	194	33	can	can	AUX
fbem-18285	194	34	induce	induce	VERB
fbem-18285	194	35	institutional	institutional	ADJ
fbem-18285	194	36	investors	investor	NOUN
fbem-18285	194	37	to	to	PART
fbem-18285	194	38	increase	increase	VERB
fbem-18285	194	39	their	their	PRON
fbem-18285	194	40	shareholding	shareholding	NOUN
fbem-18285	194	41	ratio	ratio	NOUN
fbem-18285	194	42	,	,	PUNCT
fbem-18285	194	43	which	which	PRON
fbem-18285	194	44	in	in	ADP
fbem-18285	194	45	turn	turn	NOUN
fbem-18285	194	46	can	can	AUX
fbem-18285	194	47	enhance	enhance	VERB
fbem-18285	194	48	corporate	corporate	ADJ
fbem-18285	194	49	value	value	NOUN
fbem-18285	194	50	.	.	PUNCT
fbem-18285	195	1	thirdly	thirdly	ADV
fbem-18285	195	2	,	,	PUNCT
fbem-18285	195	3	further	further	ADJ
fbem-18285	195	4	heterogeneity	heterogeneity	NOUN
fbem-18285	195	5	analysis	analysis	NOUN
fbem-18285	195	6	finds	find	VERB
fbem-18285	195	7	that	that	SCONJ
fbem-18285	195	8	high	high	ADJ
fbem-18285	195	9	-	-	PUNCT
fbem-18285	195	10	quality	quality	NOUN
fbem-18285	195	11	esg	esg	NOUN
fbem-18285	195	12	disclosure	disclosure	NOUN
fbem-18285	195	13	256	256	NUM
fbem-18285	195	14	water	water	NOUN
fbem-18285	195	15	can	can	AUX
fbem-18285	195	16	effectively	effectively	ADV
fbem-18285	195	17	enhance	enhance	VERB
fbem-18285	195	18	its	its	PRON
fbem-18285	195	19	enterprise	enterprise	NOUN
fbem-18285	195	20	value	value	NOUN
fbem-18285	195	21	when	when	SCONJ
fbem-18285	195	22	the	the	DET
fbem-18285	195	23	enterprise	enterprise	NOUN
fbem-18285	195	24	is	be	AUX
fbem-18285	195	25	larger	large	ADJ
fbem-18285	195	26	in	in	ADP
fbem-18285	195	27	size	size	NOUN
fbem-18285	195	28	and	and	CCONJ
fbem-18285	195	29	more	more	ADV
fbem-18285	195	30	marketised	marketise	VERB
fbem-18285	195	31	;	;	PUNCT
fbem-18285	195	32	the	the	DET
fbem-18285	195	33	difference	difference	NOUN
fbem-18285	195	34	in	in	ADP
fbem-18285	195	35	the	the	DET
fbem-18285	195	36	effect	effect	NOUN
fbem-18285	195	37	of	of	ADP
fbem-18285	195	38	the	the	DET
fbem-18285	195	39	attributes	attribute	NOUN
fbem-18285	195	40	of	of	ADP
fbem-18285	195	41	the	the	DET
fbem-18285	195	42	enterprise	enterprise	NOUN
fbem-18285	195	43	,	,	PUNCT
fbem-18285	195	44	such	such	ADJ
fbem-18285	195	45	as	as	ADP
fbem-18285	195	46	stateowned	stateowned	ADJ
fbem-18285	195	47	or	or	CCONJ
fbem-18285	195	48	non	non	ADJ
fbem-18285	195	49	-	-	ADJ
fbem-18285	195	50	state	state	NOUN
fbem-18285	195	51	-	-	PUNCT
fbem-18285	195	52	owned	own	VERB
fbem-18285	195	53	,	,	PUNCT
fbem-18285	195	54	light	light	ADJ
fbem-18285	195	55	or	or	CCONJ
fbem-18285	195	56	heavy	heavy	ADJ
fbem-18285	195	57	pollution	pollution	NOUN
fbem-18285	195	58	,	,	PUNCT
fbem-18285	195	59	etc	etc	X
fbem-18285	195	60	.	.	X
fbem-18285	195	61	,	,	PUNCT
fbem-18285	195	62	is	be	AUX
fbem-18285	195	63	not	not	PART
fbem-18285	195	64	significant	significant	ADJ
fbem-18285	195	65	.	.	PUNCT
fbem-18285	196	1	accordingly	accordingly	ADV
fbem-18285	196	2	,	,	PUNCT
fbem-18285	196	3	this	this	DET
fbem-18285	196	4	paper	paper	NOUN
fbem-18285	196	5	puts	put	VERB
fbem-18285	196	6	forward	forward	ADV
fbem-18285	196	7	the	the	DET
fbem-18285	196	8	following	follow	VERB
fbem-18285	196	9	suggestions	suggestion	NOUN
fbem-18285	196	10	:	:	PUNCT
fbem-18285	196	11	first	first	ADV
fbem-18285	196	12	,	,	PUNCT
fbem-18285	196	13	strengthen	strengthen	VERB
fbem-18285	196	14	the	the	DET
fbem-18285	196	15	construction	construction	NOUN
fbem-18285	196	16	of	of	ADP
fbem-18285	196	17	domestic	domestic	ADJ
fbem-18285	196	18	esg	esg	PROPN
fbem-18285	196	19	disclosure	disclosure	NOUN
fbem-18285	196	20	standards	standard	NOUN
fbem-18285	196	21	and	and	CCONJ
fbem-18285	196	22	governance	governance	NOUN
fbem-18285	196	23	system	system	NOUN
fbem-18285	196	24	.	.	PUNCT
fbem-18285	197	1	the	the	DET
fbem-18285	197	2	government	government	NOUN
fbem-18285	197	3	should	should	AUX
fbem-18285	197	4	establish	establish	VERB
fbem-18285	197	5	clear	clear	ADJ
fbem-18285	197	6	and	and	CCONJ
fbem-18285	197	7	high	high	ADJ
fbem-18285	197	8	-	-	PUNCT
fbem-18285	197	9	quality	quality	NOUN
fbem-18285	197	10	esg	esg	NOUN
fbem-18285	197	11	disclosure	disclosure	NOUN
fbem-18285	197	12	standards	standard	NOUN
fbem-18285	197	13	in	in	ADP
fbem-18285	197	14	accordance	accordance	NOUN
fbem-18285	197	15	with	with	ADP
fbem-18285	197	16	relevant	relevant	ADJ
fbem-18285	197	17	principles	principle	NOUN
fbem-18285	197	18	,	,	PUNCT
fbem-18285	197	19	and	and	CCONJ
fbem-18285	197	20	promote	promote	VERB
fbem-18285	197	21	the	the	DET
fbem-18285	197	22	esg	esg	NOUN
fbem-18285	197	23	disclosure	disclosure	NOUN
fbem-18285	197	24	system	system	NOUN
fbem-18285	197	25	to	to	PART
fbem-18285	197	26	gradually	gradually	ADV
fbem-18285	197	27	change	change	VERB
fbem-18285	197	28	from	from	ADP
fbem-18285	197	29	voluntary	voluntary	ADJ
fbem-18285	197	30	disclosure	disclosure	NOUN
fbem-18285	197	31	by	by	ADP
fbem-18285	197	32	enterprises	enterprise	NOUN
fbem-18285	197	33	to	to	ADP
fbem-18285	197	34	mandatory	mandatory	ADJ
fbem-18285	197	35	disclosure	disclosure	NOUN
fbem-18285	197	36	in	in	ADP
fbem-18285	197	37	accordance	accordance	NOUN
fbem-18285	197	38	with	with	ADP
fbem-18285	197	39	requirements	requirement	NOUN
fbem-18285	197	40	,	,	PUNCT
fbem-18285	197	41	so	so	SCONJ
fbem-18285	197	42	as	as	SCONJ
fbem-18285	197	43	to	to	PART
fbem-18285	197	44	improve	improve	VERB
fbem-18285	197	45	the	the	DET
fbem-18285	197	46	quality	quality	NOUN
fbem-18285	197	47	level	level	NOUN
fbem-18285	197	48	of	of	ADP
fbem-18285	197	49	esg	esg	PROPN
fbem-18285	197	50	disclosure	disclosure	NOUN
fbem-18285	197	51	by	by	ADP
fbem-18285	197	52	listed	list	VERB
fbem-18285	197	53	enterprises	enterprise	NOUN
fbem-18285	197	54	.	.	PUNCT
fbem-18285	198	1	second	second	ADV
fbem-18285	198	2	,	,	PUNCT
fbem-18285	198	3	encourage	encourage	VERB
fbem-18285	198	4	listed	list	VERB
fbem-18285	198	5	enterprises	enterprise	NOUN
fbem-18285	198	6	to	to	PART
fbem-18285	198	7	strengthen	strengthen	VERB
fbem-18285	198	8	the	the	DET
fbem-18285	198	9	construction	construction	NOUN
fbem-18285	198	10	of	of	ADP
fbem-18285	198	11	esg	esg	PROPN
fbem-18285	198	12	information	information	NOUN
fbem-18285	198	13	disclosure	disclosure	NOUN
fbem-18285	198	14	and	and	CCONJ
fbem-18285	198	15	enhance	enhance	VERB
fbem-18285	198	16	the	the	DET
fbem-18285	198	17	awareness	awareness	NOUN
fbem-18285	198	18	of	of	ADP
fbem-18285	198	19	social	social	ADJ
fbem-18285	198	20	responsibility	responsibility	NOUN
fbem-18285	198	21	.	.	PUNCT
fbem-18285	199	1	small	small	ADJ
fbem-18285	199	2	-	-	PUNCT
fbem-18285	199	3	scale	scale	NOUN
fbem-18285	199	4	and	and	CCONJ
fbem-18285	199	5	lowmarketisation	lowmarketisation	NOUN
fbem-18285	199	6	enterprises	enterprise	NOUN
fbem-18285	199	7	should	should	AUX
fbem-18285	199	8	take	take	VERB
fbem-18285	199	9	the	the	DET
fbem-18285	199	10	initiative	initiative	NOUN
fbem-18285	199	11	to	to	PART
fbem-18285	199	12	assume	assume	VERB
fbem-18285	199	13	social	social	ADJ
fbem-18285	199	14	responsibility	responsibility	NOUN
fbem-18285	199	15	and	and	CCONJ
fbem-18285	199	16	strengthen	strengthen	VERB
fbem-18285	199	17	the	the	DET
fbem-18285	199	18	quality	quality	NOUN
fbem-18285	199	19	of	of	ADP
fbem-18285	199	20	esg	esg	PROPN
fbem-18285	199	21	disclosure	disclosure	NOUN
fbem-18285	199	22	to	to	PART
fbem-18285	199	23	meet	meet	VERB
fbem-18285	199	24	the	the	DET
fbem-18285	199	25	investment	investment	NOUN
fbem-18285	199	26	needs	need	NOUN
fbem-18285	199	27	of	of	ADP
fbem-18285	199	28	institutional	institutional	ADJ
fbem-18285	199	29	investors	investor	NOUN
fbem-18285	199	30	to	to	ADP
fbem-18285	199	31	a	a	DET
fbem-18285	199	32	higher	high	ADJ
fbem-18285	199	33	degree	degree	NOUN
fbem-18285	199	34	.	.	PUNCT
fbem-18285	200	1	third	third	ADV
fbem-18285	200	2	,	,	PUNCT
fbem-18285	200	3	develop	develop	VERB
fbem-18285	200	4	a	a	DET
fbem-18285	200	5	target	target	NOUN
fbem-18285	200	6	group	group	NOUN
fbem-18285	200	7	of	of	ADP
fbem-18285	200	8	mediumand	mediumand	NOUN
fbem-18285	200	9	long	long	ADJ
fbem-18285	200	10	-	-	PUNCT
fbem-18285	200	11	term	term	NOUN
fbem-18285	200	12	institutional	institutional	ADJ
fbem-18285	200	13	investors	investor	NOUN
fbem-18285	200	14	to	to	PART
fbem-18285	200	15	promote	promote	VERB
fbem-18285	200	16	the	the	DET
fbem-18285	200	17	development	development	NOUN
fbem-18285	200	18	of	of	ADP
fbem-18285	200	19	esg	esg	PROPN
fbem-18285	200	20	responsible	responsible	ADJ
fbem-18285	200	21	investment	investment	NOUN
fbem-18285	200	22	concepts	concept	NOUN
fbem-18285	200	23	.	.	PUNCT
fbem-18285	201	1	such	such	ADJ
fbem-18285	201	2	institutional	institutional	ADJ
fbem-18285	201	3	investors	investor	NOUN
fbem-18285	201	4	are	be	AUX
fbem-18285	201	5	more	more	ADV
fbem-18285	201	6	concerned	concerned	ADJ
fbem-18285	201	7	about	about	ADP
fbem-18285	201	8	the	the	DET
fbem-18285	201	9	longterm	longterm	PROPN
fbem-18285	201	10	development	development	NOUN
fbem-18285	201	11	ability	ability	NOUN
fbem-18285	201	12	of	of	ADP
fbem-18285	201	13	listed	list	VERB
fbem-18285	201	14	enterprises	enterprise	NOUN
fbem-18285	201	15	,	,	PUNCT
fbem-18285	201	16	have	have	AUX
fbem-18285	201	17	the	the	DET
fbem-18285	201	18	ability	ability	NOUN
fbem-18285	201	19	to	to	PART
fbem-18285	201	20	activate	activate	VERB
fbem-18285	201	21	the	the	DET
fbem-18285	201	22	capital	capital	NOUN
fbem-18285	201	23	market	market	NOUN
fbem-18285	201	24	,	,	PUNCT
fbem-18285	201	25	promote	promote	VERB
fbem-18285	201	26	all	all	DET
fbem-18285	201	27	stakeholders	stakeholder	NOUN
fbem-18285	201	28	and	and	CCONJ
fbem-18285	201	29	the	the	DET
fbem-18285	201	30	public	public	NOUN
fbem-18285	201	31	to	to	PART
fbem-18285	201	32	practice	practice	VERB
fbem-18285	201	33	investment	investment	NOUN
fbem-18285	201	34	concepts	concept	NOUN
fbem-18285	201	35	closer	close	ADJ
fbem-18285	201	36	to	to	ADP
fbem-18285	201	37	esg	esg	PROPN
fbem-18285	201	38	responsible	responsible	ADJ
fbem-18285	201	39	investment	investment	NOUN
fbem-18285	201	40	,	,	PUNCT
fbem-18285	201	41	to	to	ADP
fbem-18285	201	42	a	a	DET
fbem-18285	201	43	certain	certain	ADJ
fbem-18285	201	44	extent	extent	NOUN
fbem-18285	201	45	,	,	PUNCT
fbem-18285	201	46	improve	improve	VERB
fbem-18285	201	47	the	the	DET
fbem-18285	201	48	riskresistant	riskresistant	ADJ
fbem-18285	201	49	ability	ability	NOUN
fbem-18285	201	50	of	of	ADP
fbem-18285	201	51	the	the	DET
fbem-18285	201	52	capital	capital	NOUN
fbem-18285	201	53	market	market	NOUN
fbem-18285	201	54	,	,	PUNCT
fbem-18285	201	55	and	and	CCONJ
fbem-18285	201	56	help	help	VERB
fbem-18285	201	57	enterprises	enterprise	NOUN
fbem-18285	201	58	achieve	achieve	VERB
fbem-18285	201	59	long	long	ADJ
fbem-18285	201	60	-	-	PUNCT
fbem-18285	201	61	term	term	NOUN
fbem-18285	201	62	development	development	NOUN
fbem-18285	201	63	.	.	PUNCT
fbem-18285	202	1	references	reference	NOUN
fbem-18285	202	2	[	[	X
fbem-18285	202	3	1	1	NUM
fbem-18285	202	4	]	]	PUNCT
fbem-18285	202	5	aluchna	aluchna	PROPN
fbem-18285	202	6	m	m	PROPN
fbem-18285	202	7	,	,	PUNCT
fbem-18285	202	8	roszkowska	roszkowska	NOUN
fbem-18285	202	9	-	-	PUNCT
fbem-18285	202	10	menkes	menkes	PROPN
fbem-18285	202	11	m	m	PROPN
fbem-18285	202	12	,	,	PUNCT
fbem-18285	202	13	kamiński	kamiński	PROPN
fbem-18285	202	14	b	b	X
fbem-18285	202	15	,	,	PUNCT
fbem-18285	202	16	et	et	PROPN
fbem-18285	202	17	al	al	PROPN
fbem-18285	202	18	.	.	PROPN
fbem-18285	203	1	do	do	AUX
fbem-18285	203	2	institutional	institutional	ADJ
fbem-18285	203	3	investors	investor	NOUN
fbem-18285	203	4	encourage	encourage	VERB
fbem-18285	203	5	firm	firm	ADJ
fbem-18285	203	6	to	to	ADP
fbem-18285	203	7	social	social	ADJ
fbem-18285	203	8	disclosure	disclosure	NOUN
fbem-18285	203	9	?	?	PUNCT
fbem-18285	204	1	the	the	DET
fbem-18285	204	2	stakeholder	stakeholder	NOUN
fbem-18285	204	3	salience	salience	PROPN
fbem-18285	204	4	perspective	perspective	NOUN
fbem-18285	205	1	[	[	X
fbem-18285	205	2	j	j	X
fbem-18285	205	3	]	]	X
fbem-18285	205	4	.	.	PUNCT
fbem-18285	206	1	journal	journal	PROPN
fbem-18285	206	2	of	of	ADP
fbem-18285	206	3	business	business	NOUN
fbem-18285	206	4	research	research	NOUN
fbem-18285	206	5	,	,	PUNCT
fbem-18285	206	6	2022	2022	NUM
fbem-18285	206	7	,	,	PUNCT
fbem-18285	206	8	142:674	142:674	NOUN
fbem-18285	206	9	-	-	PUNCT
fbem-18285	206	10	682	682	NUM
fbem-18285	206	11	.	.	PUNCT
fbem-18285	207	1	[	[	X
fbem-18285	207	2	2	2	NUM
fbem-18285	207	3	]	]	X
fbem-18285	207	4	chen	chen	PROPN
fbem-18285	207	5	,	,	PUNCT
fbem-18285	207	6	t.	t.	PROPN
fbem-18285	207	7	,h.dong	,h.dong	PUNCT
fbem-18285	207	8	,	,	PUNCT
fbem-18285	207	9	and	and	CCONJ
fbem-18285	207	10	c.lin,2020	c.lin,2020	PROPN
fbem-18285	207	11	,	,	PUNCT
fbem-18285	207	12	institutional	institutional	ADJ
fbem-18285	207	13	shareholders	shareholder	NOUN
fbem-18285	207	14	and	and	CCONJ
fbem-18285	207	15	corporate	corporate	ADJ
fbem-18285	207	16	social	social	ADJ
fbem-18285	207	17	responsibility	responsibility	NOUN
fbem-18285	207	18	,	,	PUNCT
fbem-18285	207	19	journal	journal	NOUN
fbem-18285	207	20	of	of	ADP
fbem-18285	207	21	financial	financial	ADJ
fbem-18285	207	22	economics	economic	NOUN
fbem-18285	207	23	,	,	PUNCT
fbem-18285	207	24	2020	2020	NUM
fbem-18285	207	25	,	,	PUNCT
fbem-18285	207	26	135(2	135(2	NUM
fbem-18285	207	27	)	)	PUNCT
fbem-18285	207	28	,	,	PUNCT
fbem-18285	207	29	483	483	NUM
fbem-18285	207	30	-	-	SYM
fbem-18285	207	31	504	504	NUM
fbem-18285	207	32	.	.	PUNCT
fbem-18285	208	1	[	[	X
fbem-18285	208	2	3	3	X
fbem-18285	208	3	]	]	X
fbem-18285	208	4	yu	yu	PROPN
fbem-18285	208	5	epy	epy	PROPN
fbem-18285	208	6	,	,	PUNCT
fbem-18285	208	7	van	van	PROPN
fbem-18285	208	8	luu	luu	PROPN
fbem-18285	208	9	b.international	b.international	PROPN
fbem-18285	208	10	variations	variation	NOUN
fbem-18285	208	11	in	in	ADP
fbem-18285	208	12	esg	esg	PROPN
fbem-18285	208	13	disclosure	disclosure	NOUN
fbem-18285	208	14	–	–	PUNCT
fbem-18285	208	15	do	do	AUX
fbem-18285	208	16	cross	cross	ADJ
fbem-18285	208	17	-	-	ADJ
fbem-18285	208	18	listed	list	VERB
fbem-18285	208	19	companies	company	NOUN
fbem-18285	208	20	care	care	VERB
fbem-18285	208	21	more?[j].international	more?[j].international	ADJ
fbem-18285	208	22	review	review	NOUN
fbem-18285	208	23	of	of	ADP
fbem-18285	208	24	financial	financial	ADJ
fbem-18285	208	25	analysis，2021,75:101731	analysis，2021,75:101731	PROPN
fbem-18285	208	26	.	.	PUNCT
fbem-18285	209	1	[	[	X
fbem-18285	209	2	4	4	NUM
fbem-18285	209	3	]	]	X
fbem-18285	209	4	joseph	joseph	PROPN
fbem-18285	209	5	,	,	PUNCT
fbem-18285	209	6	a	a	PRON
fbem-18285	209	7	,	,	PUNCT
fbem-18285	209	8	mc	mc	PROPN
fbem-18285	209	9	cahery	cahery	PROPN
fbem-18285	209	10	,	,	PUNCT
fbem-18285	209	11	et	et	PROPN
fbem-18285	209	12	al	al	PROPN
fbem-18285	209	13	.	.	PROPN
fbem-18285	210	1	behind	behind	ADP
fbem-18285	210	2	the	the	DET
fbem-18285	210	3	scenes	scene	NOUN
fbem-18285	210	4	:	:	PUNCT
fbem-18285	210	5	the	the	DET
fbem-18285	210	6	corporate	corporate	ADJ
fbem-18285	210	7	governance	governance	NOUN
fbem-18285	210	8	preferences	preference	NOUN
fbem-18285	210	9	of	of	ADP
fbem-18285	210	10	institutional	institutional	ADJ
fbem-18285	210	11	investors	investor	NOUN
fbem-18285	211	1	[	[	X
fbem-18285	211	2	j	j	X
fbem-18285	211	3	]	]	X
fbem-18285	211	4	.	.	PUNCT
fbem-18285	212	1	the	the	DET
fbem-18285	212	2	journal	journal	NOUN
fbem-18285	212	3	of	of	ADP
fbem-18285	212	4	finance,2016,71(6):2905	finance,2016,71(6):2905	NOUN
fbem-18285	212	5	-	-	PUNCT
fbem-18285	212	6	2932	2932	NUM
fbem-18285	212	7	.	.	PUNCT
fbem-18285	213	1	[	[	X
fbem-18285	213	2	5	5	NUM
fbem-18285	213	3	]	]	AUX
fbem-18285	213	4	ferrell	ferrell	NOUN
fbem-18285	213	5	a	a	PROPN
fbem-18285	213	6	,	,	PUNCT
fbem-18285	213	7	liang	liang	PROPN
fbem-18285	213	8	h	h	PROPN
fbem-18285	213	9	,	,	PUNCT
fbem-18285	213	10	renneboog	renneboog	VERB
fbem-18285	213	11	l	l	NOUN
fbem-18285	213	12	.socially	.socially	ADV
fbem-18285	213	13	responsible	responsible	ADJ
fbem-18285	213	14	firms[j].journal	firms[j].journal	NOUN
fbem-18285	213	15	of	of	ADP
fbem-18285	213	16	financial	financial	ADJ
fbem-18285	213	17	economics,2016,122(3):585	economics,2016,122(3):585	NOUN
fbem-18285	213	18	-	-	SYM
fbem-18285	213	19	606	606	NUM
fbem-18285	213	20	.	.	PUNCT
fbem-18285	214	1	[	[	X
fbem-18285	214	2	6	6	NUM
fbem-18285	214	3	]	]	SYM
fbem-18285	214	4	reber	reber	PROPN
fbem-18285	214	5	b	b	PROPN
fbem-18285	214	6	,	,	PUNCT
fbem-18285	214	7	gold	gold	NOUN
fbem-18285	214	8	a	a	PRON
fbem-18285	214	9	,	,	PUNCT
fbem-18285	214	10	gold	gold	ADJ
fbem-18285	214	11	s.	s.	PROPN
fbem-18285	214	12	esg	esg	PROPN
fbem-18285	214	13	disclosure	disclosure	NOUN
fbem-18285	214	14	and	and	CCONJ
fbem-18285	214	15	idiosyncratic	idiosyncratic	ADJ
fbem-18285	214	16	risk	risk	NOUN
fbem-18285	214	17	in	in	ADP
fbem-18285	214	18	initial	initial	ADJ
fbem-18285	214	19	public	public	ADJ
fbem-18285	214	20	offerings[j].journal	offerings[j].journal	NOUN
fbem-18285	214	21	of	of	ADP
fbem-18285	214	22	business	business	NOUN
fbem-18285	214	23	ethics	ethic	NOUN
fbem-18285	214	24	,	,	PUNCT
fbem-18285	214	25	2022	2022	NUM
fbem-18285	214	26	,	,	PUNCT
fbem-18285	214	27	179	179	NUM
fbem-18285	214	28	(	(	PUNCT
fbem-18285	214	29	3):867	3):867	NUM
fbem-18285	214	30	-	-	SYM
fbem-18285	214	31	886	886	NUM
fbem-18285	214	32	.	.	PUNCT
fbem-18285	215	1	[	[	X
fbem-18285	215	2	7	7	NUM
fbem-18285	215	3	]	]	X
fbem-18285	215	4	atif	atif	PROPN
fbem-18285	215	5	m	m	PROPN
fbem-18285	215	6	,	,	PUNCT
fbem-18285	215	7	ali	ali	PROPN
fbem-18285	215	8	s.environmental	s.environmental	PROPN
fbem-18285	215	9	,	,	PUNCT
fbem-18285	215	10	social	social	ADJ
fbem-18285	215	11	and	and	CCONJ
fbem-18285	215	12	governance	governance	NOUN
fbem-18285	215	13	disclosure	disclosure	NOUN
fbem-18285	215	14	and	and	CCONJ
fbem-18285	215	15	default	default	NOUN
fbem-18285	215	16	risk[j	risk[j	NOUN
fbem-18285	215	17	]	]	PUNCT
fbem-18285	215	18	.	.	PUNCT
fbem-18285	216	1	business	business	NOUN
fbem-18285	216	2	strategy	strategy	NOUN
fbem-18285	216	3	and	and	CCONJ
fbem-18285	216	4	the	the	DET
fbem-18285	216	5	environment	environment	NOUN
fbem-18285	216	6	,	,	PUNCT
fbem-18285	216	7	2021	2021	NUM
fbem-18285	216	8	,	,	PUNCT
fbem-18285	216	9	30	30	NUM
fbem-18285	216	10	(	(	PUNCT
fbem-18285	216	11	8):3937	8):3937	NUM
fbem-18285	216	12	-	-	NOUN
fbem-18285	216	13	3959	3959	NUM
fbem-18285	216	14	.	.	PUNCT
fbem-18285	217	1	[	[	X
fbem-18285	217	2	8	8	NUM
fbem-18285	217	3	]	]	X
fbem-18285	217	4	feng	feng	PROPN
fbem-18285	217	5	z	z	PROPN
fbem-18285	217	6	f	f	PROPN
fbem-18285	217	7	,	,	PUNCT
fbem-18285	217	8	wu	wu	PROPN
fbem-18285	217	9	z	z	PROPN
fbem-18285	217	10	h.	h.	PROPN
fbem-18285	217	11	esg	esg	PROPN
fbem-18285	217	12	disclosure	disclosure	NOUN
fbem-18285	217	13	,	,	PUNCT
fbem-18285	217	14	reit	reit	NOUN
fbem-18285	217	15	debt	debt	NOUN
fbem-18285	217	16	financing	financing	NOUN
fbem-18285	217	17	and	and	CCONJ
fbem-18285	217	18	firm	firm	ADJ
fbem-18285	217	19	value[j].the	value[j].the	DET
fbem-18285	217	20	journal	journal	NOUN
fbem-18285	217	21	of	of	ADP
fbem-18285	217	22	real	real	ADJ
fbem-18285	217	23	estate	estate	NOUN
fbem-18285	217	24	finance	finance	NOUN
fbem-18285	217	25	and	and	CCONJ
fbem-18285	217	26	economics	economic	NOUN
fbem-18285	217	27	,	,	PUNCT
fbem-18285	217	28	2021	2021	NUM
fbem-18285	217	29	,	,	PUNCT
fbem-18285	217	30	[	[	X
fbem-18285	217	31	9	9	NUM
fbem-18285	217	32	]	]	X
fbem-18285	217	33	houston	houston	PROPN
fbem-18285	217	34	,	,	PUNCT
fbem-18285	217	35	j.f	j.f	PROPN
fbem-18285	217	36	.	.	PROPN
fbem-18285	217	37	,and	,and	PUNCT
fbem-18285	217	38	h.y.shan,2022,“corporate	h.y.shan,2022,“corporate	ADJ
fbem-18285	217	39	esg	esg	PROPN
fbem-18285	217	40	profiles	profile	NOUN
fbem-18285	217	41	and	and	CCONJ
fbem-18285	217	42	banking	banking	NOUN
fbem-18285	217	43	relationships	relationship	NOUN
fbem-18285	217	44	"	"	PUNCT
fbem-18285	217	45	,	,	PUNCT
fbem-18285	217	46	review	review	NOUN
fbem-18285	217	47	of	of	ADP
fbem-18285	217	48	finance,35	finance,35	PROPN
fbem-18285	217	49	(	(	PUNCT
fbem-18285	217	50	7),3373	7),3373	NOUN
fbem-18285	217	51	-	-	PUNCT
fbem-18285	217	52	3417	3417	NUM
fbem-18285	217	53	.	.	PUNCT
fbem-18285	218	1	[	[	X
fbem-18285	218	2	10	10	NUM
fbem-18285	218	3	]	]	PUNCT
fbem-18285	218	4	petkova	petkova	PROPN
fbem-18285	218	5	a.	a.	PROPN
fbem-18285	218	6	p.	p.	PROPN
fbem-18285	218	7	,	,	PUNCT
fbem-18285	218	8	wadhwa	wadhwa	PROPN
fbem-18285	218	9	a.	a.	PROPN
fbem-18285	218	10	,	,	PUNCT
fbem-18285	218	11	yao	yao	PROPN
fbem-18285	218	12	x.	x.	PROPN
fbem-18285	218	13	,	,	PUNCT
fbem-18285	218	14	et	et	PROPN
fbem-18285	218	15	al	al	PROPN
fbem-18285	218	16	.	.	PUNCT
fbem-18285	218	17	reputation	reputation	NOUN
fbem-18285	218	18	and	and	CCONJ
fbem-18285	218	19	decision	decision	NOUN
fbem-18285	218	20	making	make	VERB
fbem-18285	218	21	under	under	ADP
fbem-18285	218	22	ambiguity	ambiguity	NOUN
fbem-18285	218	23	:	:	PUNCT
fbem-18285	218	24	a	a	DET
fbem-18285	218	25	study	study	NOUN
fbem-18285	218	26	of	of	ADP
fbem-18285	218	27	us	us	PROPN
fbem-18285	218	28	venture	venture	NOUN
fbem-18285	218	29	capital	capital	NOUN
fbem-18285	218	30	firms	firm	NOUN
fbem-18285	218	31	'	'	PART
fbem-18285	218	32	investments	investment	NOUN
fbem-18285	218	33	in	in	ADP
fbem-18285	218	34	the	the	DET
fbem-18285	218	35	emerging	emerge	VERB
fbem-18285	218	36	clean	clean	ADJ
fbem-18285	218	37	energy	energy	NOUN
fbem-18285	218	38	sector[j].academy	sector[j].academy	NOUN
fbem-18285	218	39	of	of	ADP
fbem-18285	218	40	management	management	NOUN
fbem-18285	218	41	journal	journal	NOUN
fbem-18285	218	42	,	,	PUNCT
fbem-18285	218	43	2014	2014	NUM
fbem-18285	218	44	,	,	PUNCT
fbem-18285	218	45	57(2	57(2	NUM
fbem-18285	218	46	):	):	PUNCT
fbem-18285	218	47	422448	422448	NUM
fbem-18285	218	48	.	.	PUNCT
fbem-18285	219	1	[	[	X
fbem-18285	219	2	11	11	NUM
fbem-18285	219	3	]	]	X
fbem-18285	219	4	zhou	zhou	PROPN
fbem-18285	219	5	fangzhao	fangzhao	NOUN
fbem-18285	219	6	,	,	PUNCT
fbem-18285	219	7	pan	pan	NOUN
fbem-18285	219	8	wanying	wanying	NOUN
fbem-18285	219	9	,	,	PUNCT
fbem-18285	219	10	fu	fu	PROPN
fbem-18285	219	11	hui	hui	PROPN
fbem-18285	219	12	.	.	PUNCT
fbem-18285	220	1	esg	esg	PROPN
fbem-18285	220	2	responsibility	responsibility	NOUN
fbem-18285	220	3	performance	performance	NOUN
fbem-18285	220	4	of	of	ADP
fbem-18285	220	5	listed	list	VERB
fbem-18285	220	6	companies	company	NOUN
fbem-18285	220	7	and	and	CCONJ
fbem-18285	220	8	institutional	institutional	ADJ
fbem-18285	220	9	investors	investor	NOUN
fbem-18285	220	10	'	'	PART
fbem-18285	220	11	shareholding	shareholding	NOUN
fbem-18285	220	12	preferences	preference	NOUN
fbem-18285	220	13	empirical	empirical	ADJ
fbem-18285	220	14	evidence	evidence	NOUN
fbem-18285	220	15	from	from	ADP
fbem-18285	220	16	chinese	chinese	ADJ
fbem-18285	220	17	a	a	PROPN
fbem-18285	220	18	-	-	PUNCT
fbem-18285	220	19	share	share	NOUN
fbem-18285	220	20	listed	list	VERB
fbem-18285	220	21	companies[j	companies[j	NOUN
fbem-18285	220	22	]	]	PUNCT
fbem-18285	220	23	.	.	PUNCT
fbem-18285	221	1	science	science	NOUN
fbem-18285	221	2	decision,2020(11):1541	decision,2020(11):1541	PROPN
fbem-18285	221	3	.	.	PUNCT
fbem-18285	222	1	[	[	X
fbem-18285	222	2	12	12	NUM
fbem-18285	222	3	]	]	X
fbem-18285	222	4	li	li	PROPN
fbem-18285	222	5	feng	feng	PROPN
fbem-18285	222	6	,	,	PUNCT
fbem-18285	222	7	fu	fu	PROPN
fbem-18285	222	8	guohua	guohua	PROPN
fbem-18285	222	9	.	.	PUNCT
fbem-18285	223	1	institutional	institutional	ADJ
fbem-18285	223	2	investors	investor	NOUN
fbem-18285	223	3	'	'	PART
fbem-18285	223	4	shareholding	shareholding	NOUN
fbem-18285	223	5	term	term	NOUN
fbem-18285	223	6	,	,	PUNCT
fbem-18285	223	7	shareholders	shareholder	NOUN
fbem-18285	223	8	'	'	PART
fbem-18285	223	9	rights	right	NOUN
fbem-18285	223	10	and	and	CCONJ
fbem-18285	223	11	corporate	corporate	ADJ
fbem-18285	223	12	social	social	ADJ
fbem-18285	223	13	benefits	benefit	NOUN
fbem-18285	223	14	an	an	DET
fbem-18285	223	15	empirical	empirical	ADJ
fbem-18285	223	16	analysis	analysis	NOUN
fbem-18285	223	17	based	base	VERB
fbem-18285	223	18	on	on	ADP
fbem-18285	223	19	china	china	PROPN
fbem-18285	223	20	's	's	PART
fbem-18285	223	21	a	a	DET
fbem-18285	223	22	-	-	PUNCT
fbem-18285	223	23	share	share	NOUN
fbem-18285	223	24	market[j	market[j	NOUN
fbem-18285	223	25	]	]	PUNCT
fbem-18285	223	26	.	.	PUNCT
fbem-18285	224	1	journal	journal	PROPN
fbem-18285	224	2	of	of	ADP
fbem-18285	224	3	hainan	hainan	PROPN
fbem-18285	224	4	university	university	PROPN
fbem-18285	224	5	(	(	PUNCT
fbem-18285	224	6	humanities	humanity	NOUN
fbem-18285	224	7	and	and	CCONJ
fbem-18285	224	8	social	social	ADJ
fbem-18285	224	9	sciences	sciences	PROPN
fbem-18285	224	10	edition	edition	NOUN
fbem-18285	224	11	)	)	PUNCT
fbem-18285	224	12	,	,	PUNCT
fbem-18285	224	13	2021	2021	NUM
fbem-18285	224	14	,	,	PUNCT
fbem-18285	224	15	39(4	39(4	NUM
fbem-18285	224	16	):	):	PUNCT
fbem-18285	224	17	188	188	NUM
fbem-18285	224	18	-	-	SYM
fbem-18285	224	19	196	196	NUM
fbem-18285	224	20	.	.	PUNCT
fbem-18285	225	1	[	[	X
fbem-18285	225	2	13	13	NUM
fbem-18285	225	3	]	]	X
fbem-18285	225	4	yao	yao	PROPN
fbem-18285	225	5	yi	yi	PROPN
fbem-18285	225	6	,	,	PUNCT
fbem-18285	225	7	liu	liu	PROPN
fbem-18285	225	8	zhiyuan	zhiyuan	PROPN
fbem-18285	225	9	,	,	PUNCT
fbem-18285	225	10	wang	wang	PROPN
fbem-18285	225	11	jian	jian	PROPN
fbem-18285	225	12	.	.	PROPN
fbem-18285	225	13	equity	equity	NOUN
fbem-18285	225	14	separation	separation	NOUN
fbem-18285	225	15	reform	reform	NOUN
fbem-18285	225	16	,	,	PUNCT
fbem-18285	225	17	institutional	institutional	ADJ
fbem-18285	225	18	investors	investor	NOUN
fbem-18285	225	19	and	and	CCONJ
fbem-18285	225	20	investor	investor	NOUN
fbem-18285	225	21	protection[j	protection[j	PROPN
fbem-18285	225	22	]	]	PUNCT
fbem-18285	225	23	.	.	PUNCT
fbem-18285	226	1	financial	financial	ADJ
fbem-18285	226	2	research	research	NOUN
fbem-18285	226	3	,	,	PUNCT
fbem-18285	226	4	2007(11):45	2007(11):45	NUM
fbem-18285	226	5	-	-	SYM
fbem-18285	226	6	56	56	NUM
fbem-18285	226	7	.	.	PUNCT
fbem-18285	227	1	[	[	X
fbem-18285	227	2	14	14	NUM
fbem-18285	227	3	]	]	X
fbem-18285	227	4	bo	bo	PROPN
fbem-18285	227	5	xianhui	xianhui	PROPN
fbem-18285	227	6	,	,	PUNCT
fbem-18285	227	7	wu	wu	PROPN
fbem-18285	227	8	liansheng	liansheng	PROPN
fbem-18285	227	9	.	.	PUNCT
fbem-18285	228	1	governance	governance	NOUN
fbem-18285	228	2	effects	effect	NOUN
fbem-18285	228	3	of	of	ADP
fbem-18285	228	4	state	state	NOUN
fbem-18285	228	5	-	-	PUNCT
fbem-18285	228	6	owned	own	VERB
fbem-18285	228	7	holding	holding	NOUN
fbem-18285	228	8	and	and	CCONJ
fbem-18285	228	9	institutional	institutional	ADJ
fbem-18285	228	10	investors	investor	NOUN
fbem-18285	228	11	:	:	PUNCT
fbem-18285	228	12	a	a	DET
fbem-18285	228	13	surplus	surplus	ADJ
fbem-18285	228	14	management	management	NOUN
fbem-18285	228	15	perspective[j	perspective[j	NOUN
fbem-18285	228	16	]	]	PUNCT
fbem-18285	228	17	.	.	PUNCT
fbem-18285	229	1	economic	economic	ADJ
fbem-18285	229	2	research	research	NOUN
fbem-18285	229	3	,	,	PUNCT
fbem-18285	229	4	2009,44(2):81	2009,44(2):81	NUM
fbem-18285	229	5	-	-	SYM
fbem-18285	229	6	91	91	NUM
fbem-18285	229	7	+	+	NOUN
fbem-18285	229	8	160	160	NUM
fbem-18285	229	9	.	.	PUNCT
fbem-18285	230	1	[	[	X
fbem-18285	230	2	15	15	NUM
fbem-18285	230	3	]	]	X
fbem-18285	230	4	li	li	PROPN
fbem-18285	230	5	wei	wei	PROPN
fbem-18285	230	6	-	-	PROPN
fbem-18285	230	7	an	an	PROPN
fbem-18285	230	8	,	,	PUNCT
fbem-18285	230	9	li	li	PROPN
fbem-18285	230	10	bin	bin	PROPN
fbem-18285	230	11	.	.	PUNCT
fbem-18285	231	1	an	an	DET
fbem-18285	231	2	empirical	empirical	ADJ
fbem-18285	231	3	study	study	NOUN
fbem-18285	231	4	of	of	ADP
fbem-18285	231	5	the	the	DET
fbem-18285	231	6	effect	effect	NOUN
fbem-18285	231	7	of	of	ADP
fbem-18285	231	8	institutional	institutional	ADJ
fbem-18285	231	9	investor	investor	NOUN
fbem-18285	231	10	intervention	intervention	NOUN
fbem-18285	231	11	in	in	ADP
fbem-18285	231	12	corporate	corporate	ADJ
fbem-18285	231	13	governance	governance	NOUN
fbem-18285	231	14	an	an	DET
fbem-18285	231	15	empirical	empirical	ADJ
fbem-18285	231	16	study	study	NOUN
fbem-18285	231	17	based	base	VERB
fbem-18285	231	18	on	on	ADP
fbem-18285	231	19	ccgi~(nk)[j	ccgi~(nk)[j	PROPN
fbem-18285	231	20	]	]	PUNCT
fbem-18285	231	21	.	.	PUNCT
fbem-18285	232	1	nankai	nankai	PROPN
fbem-18285	232	2	management	management	PROPN
fbem-18285	232	3	review	review	PROPN
fbem-18285	232	4	,	,	PUNCT
fbem-18285	232	5	2008(1):4	2008(1):4	PROPN
fbem-18285	232	6	-	-	SYM
fbem-18285	232	7	14	14	NUM
fbem-18285	232	8	.	.	PUNCT
fbem-18285	233	1	[	[	X
fbem-18285	233	2	16	16	NUM
fbem-18285	233	3	]	]	X
fbem-18285	233	4	lu	lu	PROPN
fbem-18285	233	5	yao	yao	PROPN
fbem-18285	233	6	,	,	PUNCT
fbem-18285	233	7	zhu	zhu	PROPN
fbem-18285	233	8	yujie	yujie	PROPN
fbem-18285	233	9	,	,	PUNCT
fbem-18285	233	10	hu	hu	PROPN
fbem-18285	233	11	xiaoyuan	xiaoyuan	PROPN
fbem-18285	233	12	.	.	PUNCT
fbem-18285	234	1	an	an	DET
fbem-18285	234	2	empirical	empirical	ADJ
fbem-18285	234	3	study	study	NOUN
fbem-18285	234	4	of	of	ADP
fbem-18285	234	5	institutional	institutional	ADJ
fbem-18285	234	6	investors	investor	NOUN
fbem-18285	234	7	'	'	PART
fbem-18285	234	8	shareholding	shareholding	NOUN
fbem-18285	234	9	and	and	CCONJ
fbem-18285	234	10	listed	list	VERB
fbem-18285	234	11	companies	company	NOUN
fbem-18285	234	12	'	'	PART
fbem-18285	234	13	violations[j	violations[j	NOUN
fbem-18285	234	14	]	]	PUNCT
fbem-18285	234	15	.	.	PUNCT
fbem-18285	235	1	nan	nan	PROPN
fbem-18285	235	2	kai	kai	PROPN
fbem-18285	235	3	management	management	PROPN
fbem-18285	235	4	review	review	PROPN
fbem-18285	235	5	,	,	PUNCT
fbem-18285	235	6	2012,15(1):13	2012,15(1):13	NUM
fbem-18285	235	7	-	-	SYM
fbem-18285	235	8	23	23	NUM
fbem-18285	235	9	.	.	PUNCT
fbem-18285	236	1	[	[	X
fbem-18285	236	2	17	17	NUM
fbem-18285	236	3	]	]	X
fbem-18285	236	4	zhao	zhao	PROPN
fbem-18285	236	5	yuhuan	yuhuan	PROPN
fbem-18285	236	6	,	,	PUNCT
fbem-18285	236	7	guo	guo	PROPN
fbem-18285	236	8	maolei	maolei	NOUN
fbem-18285	236	9	.	.	PUNCT
fbem-18285	237	1	research	research	NOUN
fbem-18285	237	2	on	on	ADP
fbem-18285	237	3	the	the	DET
fbem-18285	237	4	impact	impact	NOUN
fbem-18285	237	5	of	of	ADP
fbem-18285	237	6	institutional	institutional	ADJ
fbem-18285	237	7	investors	investor	NOUN
fbem-18285	237	8	'	'	PART
fbem-18285	237	9	shareholding	shareholding	NOUN
fbem-18285	237	10	on	on	ADP
fbem-18285	237	11	corporate	corporate	ADJ
fbem-18285	237	12	value	value	NOUN
fbem-18285	237	13	--	--	PUNCT
fbem-18285	237	14	an	an	DET
fbem-18285	237	15	empirical	empirical	ADJ
fbem-18285	237	16	study	study	NOUN
fbem-18285	237	17	based	base	VERB
fbem-18285	237	18	on	on	ADP
fbem-18285	237	19	the	the	DET
fbem-18285	237	20	perspective	perspective	NOUN
fbem-18285	237	21	of	of	ADP
fbem-18285	237	22	institutional	institutional	ADJ
fbem-18285	237	23	investors	investor	NOUN
fbem-18285	237	24	'	'	PART
fbem-18285	237	25	heterogeneity[j	heterogeneity[j	NOUN
fbem-18285	237	26	]	]	PUNCT
fbem-18285	237	27	.	.	PUNCT
fbem-18285	238	1	price	price	NOUN
fbem-18285	238	2	theory	theory	NOUN
fbem-18285	238	3	and	and	CCONJ
fbem-18285	238	4	practice	practice	NOUN
fbem-18285	238	5	,	,	PUNCT
fbem-18285	238	6	2019	2019	NUM
fbem-18285	238	7	,	,	PUNCT
fbem-18285	238	8	(	(	PUNCT
fbem-18285	238	9	09	09	NUM
fbem-18285	238	10	)	)	PUNCT
fbem-18285	238	11	:	:	PUNCT
fbem-18285	238	12	88	88	NUM
fbem-18285	238	13	-	-	SYM
fbem-18285	238	14	91	91	NUM
fbem-18285	238	15	.	.	PUNCT
fbem-18285	239	1	[	[	X
fbem-18285	239	2	18	18	NUM
fbem-18285	239	3	]	]	X
fbem-18285	239	4	zhou	zhou	PROPN
fbem-18285	239	5	jieyi	jieyi	PROPN
fbem-18285	239	6	,	,	PUNCT
fbem-18285	239	7	guo	guo	PROPN
fbem-18285	239	8	jie	jie	PROPN
fbem-18285	239	9	,	,	PUNCT
fbem-18285	239	10	li	li	PROPN
fbem-18285	239	11	quan.can	quan.can	PROPN
fbem-18285	239	12	esg	esg	PROPN
fbem-18285	239	13	ratings	rating	NOUN
fbem-18285	239	14	create	create	VERB
fbem-18285	239	15	stock	stock	NOUN
fbem-18285	239	16	investment	investment	NOUN
fbem-18285	239	17	value	value	NOUN
fbem-18285	239	18	?	?	PUNCT
fbem-18285	240	1	--based	--base	VERB
fbem-18285	240	2	on	on	ADP
fbem-18285	240	3	the	the	DET
fbem-18285	240	4	perspectives	perspective	NOUN
fbem-18285	240	5	of	of	ADP
fbem-18285	240	6	corporate	corporate	ADJ
fbem-18285	240	7	business	business	NOUN
fbem-18285	240	8	performance	performance	NOUN
fbem-18285	240	9	and	and	CCONJ
fbem-18285	240	10	investor	investor	NOUN
fbem-18285	240	11	concern[j	concern[j	PROPN
fbem-18285	240	12	]	]	PUNCT
fbem-18285	240	13	.	.	PUNCT
fbem-18285	241	1	china	china	PROPN
fbem-18285	241	2	securities	securities	PROPN
fbem-18285	241	3	and	and	CCONJ
fbem-18285	241	4	futures,2023,(03):53	futures,2023,(03):53	PROPN
fbem-18285	241	5	-	-	PROPN
fbem-18285	241	6	66	66	NUM
fbem-18285	241	7	.	.	PUNCT
fbem-18285	242	1	[	[	X
fbem-18285	242	2	19	19	NUM
fbem-18285	242	3	]	]	X
fbem-18285	242	4	liu	liu	PROPN
fbem-18285	242	5	zhuocong	zhuocong	PROPN
fbem-18285	242	6	,	,	PUNCT
fbem-18285	242	7	ye	ye	PROPN
fbem-18285	242	8	chengang	chengang	PROPN
fbem-18285	242	9	,	,	PUNCT
fbem-18285	242	10	xie	xie	PROPN
fbem-18285	242	11	zemin	zemin	PROPN
fbem-18285	242	12	et	et	PROPN
fbem-18285	242	13	al	al	PROPN
fbem-18285	242	14	.	.	PROPN
fbem-18285	242	15	research	research	NOUN
fbem-18285	242	16	on	on	ADP
fbem-18285	242	17	the	the	DET
fbem-18285	242	18	impact	impact	NOUN
fbem-18285	242	19	of	of	ADP
fbem-18285	242	20	esg	esg	NOUN
fbem-18285	242	21	rating	rating	NOUN
fbem-18285	242	22	of	of	ADP
fbem-18285	242	23	listed	list	VERB
fbem-18285	242	24	companies	company	NOUN
fbem-18285	242	25	on	on	ADP
fbem-18285	242	26	enterprise	enterprise	NOUN
fbem-18285	242	27	value[j	value[j	PROPN
fbem-18285	242	28	]	]	PUNCT
fbem-18285	242	29	.	.	PUNCT
fbem-18285	243	1	china	china	PROPN
fbem-18285	243	2	cpa,2023,(03):24	cpa,2023,(03):24	PROPN
fbem-18285	243	3	-	-	PROPN
fbem-18285	243	4	30	30	NUM
fbem-18285	243	5	.	.	PUNCT
fbem-18285	244	1	[	[	X
fbem-18285	244	2	20	20	NUM
fbem-18285	244	3	]	]	X
fbem-18285	244	4	wang	wang	PROPN
fbem-18285	244	5	bo	bo	PROPN
fbem-18285	244	6	,	,	PUNCT
fbem-18285	244	7	yang	yang	PROPN
fbem-18285	244	8	maojia.research	maojia.research	PROPN
fbem-18285	244	9	on	on	ADP
fbem-18285	244	10	the	the	DET
fbem-18285	244	11	impact	impact	NOUN
fbem-18285	244	12	mechanism	mechanism	NOUN
fbem-18285	244	13	of	of	ADP
fbem-18285	244	14	esg	esg	PROPN
fbem-18285	244	15	performance	performance	NOUN
fbem-18285	244	16	on	on	ADP
fbem-18285	244	17	enterprise	enterprise	NOUN
fbem-18285	244	18	value	value	NOUN
fbem-18285	244	19	--	--	PUNCT
fbem-18285	244	20	empirical	empirical	ADJ
fbem-18285	244	21	evidence	evidence	NOUN
fbem-18285	244	22	from	from	ADP
fbem-18285	244	23	a	a	DET
fbem-18285	244	24	-	-	PUNCT
fbem-18285	244	25	share	share	NOUN
fbem-18285	244	26	listed	list	VERB
fbem-18285	244	27	companies	company	NOUN
fbem-18285	244	28	in	in	ADP
fbem-18285	244	29	china[j	china[j	PROPN
fbem-18285	244	30	]	]	PUNCT
fbem-18285	244	31	.	.	PUNCT
fbem-18285	245	1	soft	soft	ADJ
fbem-18285	245	2	science	science	NOUN
fbem-18285	245	3	,	,	PUNCT
fbem-18285	245	4	2022	2022	NUM
fbem-18285	245	5	,	,	PUNCT
fbem-18285	245	6	36(06	36(06	NUM
fbem-18285	245	7	):	):	PUNCT
fbem-18285	245	8	78	78	NUM
fbem-18285	245	9	-	-	SYM
fbem-18285	245	10	84	84	NUM
fbem-18285	245	11	.	.	PUNCT
fbem-18285	246	1	[	[	X
fbem-18285	246	2	21	21	NUM
fbem-18285	246	3	]	]	X
fbem-18285	246	4	li	li	PROPN
fbem-18285	246	5	jinglin	jinglin	PROPN
fbem-18285	246	6	,	,	PUNCT
fbem-18285	246	7	yang	yang	PROPN
fbem-18285	246	8	zhen	zhen	PROPN
fbem-18285	246	9	,	,	PUNCT
fbem-18285	246	10	yi	yi	PROPN
fbem-18285	246	11	junling.does	junling.does	PROPN
fbem-18285	246	12	esg	esg	PROPN
fbem-18285	246	13	performance	performance	NOUN
fbem-18285	246	14	help	help	NOUN
fbem-18285	246	15	reduce	reduce	VERB
fbem-18285	246	16	corporate	corporate	ADJ
fbem-18285	246	17	debt	debt	NOUN
fbem-18285	246	18	financing	financing	NOUN
fbem-18285	246	19	costs	cost	NOUN
fbem-18285	246	20	?	?	PUNCT
fbem-18285	247	1	--micro	--micro	X
fbem-18285	247	2	evidence	evidence	NOUN
fbem-18285	247	3	from	from	ADP
fbem-18285	247	4	listed	list	VERB
fbem-18285	247	5	companies[j	companies[j	NOUN
fbem-18285	247	6	]	]	PUNCT
fbem-18285	247	7	.	.	PUNCT
fbem-18285	248	1	enterprise	enterprise	NOUN
fbem-18285	248	2	economics	economic	NOUN
fbem-18285	248	3	,	,	PUNCT
fbem-18285	248	4	2023	2023	NUM
fbem-18285	248	5	,	,	PUNCT
fbem-18285	248	6	42(02	42(02	NUM
fbem-18285	248	7	):	):	PUNCT
fbem-18285	248	8	89	89	NUM
fbem-18285	248	9	-	-	SYM
fbem-18285	248	10	99	99	NUM
fbem-18285	248	11	.	.	PUNCT
fbem-18285	249	1	[	[	X
fbem-18285	249	2	22	22	NUM
fbem-18285	249	3	]	]	X
fbem-18285	249	4	yu	yu	PROPN
fbem-18285	249	5	liang	liang	PROPN
fbem-18285	249	6	,	,	PUNCT
fbem-18285	249	7	sun	sun	PROPN
fbem-18285	249	8	jian	jian	PROPN
fbem-18285	249	9	,	,	PUNCT
fbem-18285	249	10	sun	sun	PROPN
fbem-18285	249	11	jiaqi	jiaqi	PROPN
fbem-18285	249	12	.	.	PUNCT
fbem-18285	250	1	research	research	NOUN
fbem-18285	250	2	on	on	ADP
fbem-18285	250	3	the	the	DET
fbem-18285	250	4	relationship	relationship	NOUN
fbem-18285	250	5	between	between	ADP
fbem-18285	250	6	the	the	DET
fbem-18285	250	7	fulfilment	fulfilment	NOUN
fbem-18285	250	8	of	of	ADP
fbem-18285	250	9	social	social	ADJ
fbem-18285	250	10	responsibility	responsibility	NOUN
fbem-18285	250	11	of	of	ADP
fbem-18285	250	12	small	small	ADJ
fbem-18285	250	13	and	and	CCONJ
fbem-18285	250	14	medium	medium	ADJ
fbem-18285	250	15	-	-	PUNCT
fbem-18285	250	16	sized	sized	ADJ
fbem-18285	250	17	enterprises	enterprise	NOUN
fbem-18285	250	18	and	and	CCONJ
fbem-18285	250	19	the	the	DET
fbem-18285	250	20	sustainable	sustainable	ADJ
fbem-18285	250	21	development	development	NOUN
fbem-18285	250	22	of	of	ADP
fbem-18285	250	23	enterprises	enterprise	NOUN
fbem-18285	250	24	based	base	VERB
fbem-18285	250	25	on	on	ADP
fbem-18285	250	26	the	the	DET
fbem-18285	250	27	perspective	perspective	NOUN
fbem-18285	250	28	of	of	ADP
fbem-18285	250	29	the	the	DET
fbem-18285	250	30	transmission	transmission	NOUN
fbem-18285	250	31	mechanism	mechanism	NOUN
fbem-18285	250	32	of	of	ADP
fbem-18285	250	33	corporate	corporate	ADJ
fbem-18285	250	34	reputational	reputational	ADJ
fbem-18285	250	35	capital[j	capital[j	NOUN
fbem-18285	250	36	]	]	PUNCT
fbem-18285	250	37	.	.	PUNCT
fbem-18285	251	1	modern	modern	ADJ
fbem-18285	251	2	management	management	NOUN
fbem-18285	251	3	science,2016,(07):15	science,2016,(07):15	PROPN
fbem-18285	251	4	-	-	SYM
fbem-18285	251	5	17	17	NUM
fbem-18285	251	6	.	.	PUNCT
fbem-18285	252	1	[	[	X
fbem-18285	252	2	23	23	NUM
fbem-18285	252	3	]	]	X
fbem-18285	252	4	sun	sun	PROPN
fbem-18285	252	5	hui	hui	PROPN
fbem-18285	252	6	,	,	PUNCT
fbem-18285	252	7	wu	wu	PROPN
fbem-18285	252	8	shusen	shusen	PROPN
fbem-18285	252	9	.	.	PROPN
fbem-18285	252	10	research	research	PROPN
fbem-18285	252	11	on	on	ADP
fbem-18285	252	12	the	the	DET
fbem-18285	252	13	bilateral	bilateral	ADJ
fbem-18285	252	14	effect	effect	NOUN
fbem-18285	252	15	of	of	ADP
fbem-18285	252	16	corporate	corporate	ADJ
fbem-18285	252	17	esg	esg	NOUN
fbem-18285	252	18	performance	performance	NOUN
fbem-18285	252	19	on	on	ADP
fbem-18285	252	20	financial	financial	ADJ
fbem-18285	252	21	performance[j	performance[j	NOUN
fbem-18285	252	22	]	]	PUNCT
fbem-18285	252	23	.	.	PUNCT
fbem-18285	253	1	friends	friend	NOUN
fbem-18285	253	2	of	of	ADP
fbem-18285	253	3	accounting,2023,(20):52	accounting,2023,(20):52	PROPN
fbem-18285	253	4	-	-	PUNCT
fbem-18285	253	5	60	60	NUM
fbem-18285	253	6	.	.	PUNCT
fbem-18285	254	1	[	[	X
fbem-18285	254	2	24	24	NUM
fbem-18285	254	3	]	]	X
fbem-18285	254	4	bai	bai	PROPN
fbem-18285	254	5	xiong	xiong	PROPN
fbem-18285	254	6	,	,	PUNCT
fbem-18285	254	7	zhu	zhu	PROPN
fbem-18285	254	8	yifan	yifan	PROPN
fbem-18285	254	9	,	,	PUNCT
fbem-18285	254	10	han	han	PROPN
fbem-18285	254	11	jinmian	jinmian	PROPN
fbem-18285	254	12	.	.	PUNCT
fbem-18285	255	1	esg	esg	NOUN
fbem-18285	255	2	performance	performance	NOUN
fbem-18285	255	3	,	,	PUNCT
fbem-18285	255	4	institutional	institutional	ADJ
fbem-18285	255	5	investor	investor	NOUN
fbem-18285	255	6	preference	preference	NOUN
fbem-18285	255	7	and	and	CCONJ
fbem-18285	255	8	corporate	corporate	ADJ
fbem-18285	255	9	value[j	value[j	PROPN
fbem-18285	255	10	]	]	PUNCT
fbem-18285	255	11	.	.	PUNCT
fbem-18285	256	1	statistics	statistic	NOUN
fbem-18285	256	2	and	and	CCONJ
fbem-18285	256	3	information	information	NOUN
fbem-18285	256	4	forum,2022,37(10):117	forum,2022,37(10):117	PROPN
fbem-18285	256	5	-	-	SYM
fbem-18285	256	6	128	128	NUM
fbem-18285	256	7	.	.	PUNCT