id	sid	tid	token	lemma	pos
fbem-2033	1	1	frontiers	frontier	NOUN
fbem-2033	1	2	in	in	ADP
fbem-2033	1	3	business	business	NOUN
fbem-2033	1	4	,	,	PUNCT
fbem-2033	1	5	economics	economic	NOUN
fbem-2033	1	6	and	and	CCONJ
fbem-2033	1	7	management	management	NOUN
fbem-2033	1	8	issn	issn	PROPN
fbem-2033	1	9	:	:	PUNCT
fbem-2033	1	10	2766	2766	NUM
fbem-2033	1	11	-	-	PUNCT
fbem-2033	1	12	824x	824x	NUM
fbem-2033	1	13	|	|	ADJ
fbem-2033	1	14	vol	vol	NOUN
fbem-2033	1	15	.	.	PROPN
fbem-2033	2	1	5	5	NUM
fbem-2033	2	2	,	,	PUNCT
fbem-2033	2	3	no	no	INTJ
fbem-2033	2	4	.	.	NOUN
fbem-2033	2	5	3	3	NUM
fbem-2033	2	6	,	,	PUNCT
fbem-2033	2	7	2022	2022	NUM
fbem-2033	2	8	264	264	NUM
fbem-2033	2	9	research	research	NOUN
fbem-2033	2	10	on	on	ADP
fbem-2033	2	11	the	the	DET
fbem-2033	2	12	influence	influence	NOUN
fbem-2033	2	13	of	of	ADP
fbem-2033	2	14	esg	esg	PROPN
fbem-2033	2	15	information	information	NOUN
fbem-2033	2	16	disclosure	disclosure	NOUN
fbem-2033	2	17	on	on	ADP
fbem-2033	2	18	enterprise	enterprise	NOUN
fbem-2033	2	19	financial	financial	ADJ
fbem-2033	2	20	risk	risk	NOUN
fbem-2033	2	21	-taking	-take	VERB
fbem-2033	2	22	pharmaceutical	pharmaceutical	ADJ
fbem-2033	2	23	industry	industry	NOUN
fbem-2033	2	24	as	as	ADP
fbem-2033	2	25	an	an	DET
fbem-2033	2	26	example	example	NOUN
fbem-2033	2	27	yuting	yute	VERB
fbem-2033	2	28	liu	liu	PROPN
fbem-2033	2	29	,	,	PUNCT
fbem-2033	2	30	minghua	minghua	PROPN
fbem-2033	2	31	lin	lin	PROPN
fbem-2033	2	32	sichuan	sichuan	PROPN
fbem-2033	2	33	university	university	PROPN
fbem-2033	2	34	of	of	ADP
fbem-2033	2	35	science	science	PROPN
fbem-2033	2	36	&	&	CCONJ
fbem-2033	2	37	engineering	engineering	PROPN
fbem-2033	2	38	,	,	PUNCT
fbem-2033	2	39	zigong	zigong	PROPN
fbem-2033	2	40	643000	643000	NUM
fbem-2033	2	41	china	china	PROPN
fbem-2033	2	42	abstract	abstract	NOUN
fbem-2033	2	43	:	:	PUNCT
fbem-2033	2	44	based	base	VERB
fbem-2033	2	45	on	on	ADP
fbem-2033	2	46	the	the	DET
fbem-2033	2	47	data	datum	NOUN
fbem-2033	2	48	of	of	ADP
fbem-2033	2	49	chinese	chinese	ADJ
fbem-2033	2	50	a	a	DET
fbem-2033	2	51	-	-	PUNCT
fbem-2033	2	52	share	share	NOUN
fbem-2033	2	53	pharmaceutical	pharmaceutical	NOUN
fbem-2033	2	54	industry	industry	NOUN
fbem-2033	2	55	companies	company	NOUN
fbem-2033	2	56	from	from	ADP
fbem-2033	2	57	2017	2017	NUM
fbem-2033	2	58	to	to	ADP
fbem-2033	2	59	2020	2020	NUM
fbem-2033	2	60	,	,	PUNCT
fbem-2033	2	61	this	this	DET
fbem-2033	2	62	paper	paper	NOUN
fbem-2033	2	63	analyzes	analyze	VERB
fbem-2033	2	64	the	the	DET
fbem-2033	2	65	impact	impact	NOUN
fbem-2033	2	66	of	of	ADP
fbem-2033	2	67	esg	esg	PROPN
fbem-2033	2	68	information	information	NOUN
fbem-2033	2	69	disclosure	disclosure	NOUN
fbem-2033	2	70	on	on	ADP
fbem-2033	2	71	financial	financial	ADJ
fbem-2033	2	72	risk	risk	NOUN
fbem-2033	2	73	.	.	PUNCT
fbem-2033	3	1	the	the	DET
fbem-2033	3	2	results	result	NOUN
fbem-2033	3	3	show	show	VERB
fbem-2033	3	4	that	that	SCONJ
fbem-2033	3	5	good	good	ADJ
fbem-2033	3	6	esg	esg	PROPN
fbem-2033	3	7	information	information	NOUN
fbem-2033	3	8	disclosure	disclosure	NOUN
fbem-2033	3	9	can	can	AUX
fbem-2033	3	10	significantly	significantly	ADV
fbem-2033	3	11	reduce	reduce	VERB
fbem-2033	3	12	the	the	DET
fbem-2033	3	13	financial	financial	ADJ
fbem-2033	3	14	risk	risk	NOUN
fbem-2033	3	15	of	of	ADP
fbem-2033	3	16	enterprises	enterprise	NOUN
fbem-2033	3	17	.	.	PUNCT
fbem-2033	4	1	the	the	DET
fbem-2033	4	2	effect	effect	NOUN
fbem-2033	4	3	of	of	ADP
fbem-2033	4	4	esg	esg	PROPN
fbem-2033	4	5	information	information	NOUN
fbem-2033	4	6	disclosure	disclosure	NOUN
fbem-2033	4	7	on	on	ADP
fbem-2033	4	8	financial	financial	ADJ
fbem-2033	4	9	risk	risk	NOUN
fbem-2033	4	10	control	control	NOUN
fbem-2033	4	11	of	of	ADP
fbem-2033	4	12	nonstate	nonstate	NOUN
fbem-2033	4	13	-	-	PUNCT
fbem-2033	4	14	owned	own	VERB
fbem-2033	4	15	enterprises	enterprise	NOUN
fbem-2033	4	16	is	be	AUX
fbem-2033	4	17	more	more	ADV
fbem-2033	4	18	prominent	prominent	ADJ
fbem-2033	4	19	,	,	PUNCT
fbem-2033	4	20	and	and	CCONJ
fbem-2033	4	21	the	the	PRON
fbem-2033	4	22	higher	high	ADJ
fbem-2033	4	23	the	the	DET
fbem-2033	4	24	degree	degree	NOUN
fbem-2033	4	25	of	of	ADP
fbem-2033	4	26	marketization	marketization	NOUN
fbem-2033	4	27	,	,	PUNCT
fbem-2033	4	28	the	the	PRON
fbem-2033	4	29	more	more	ADV
fbem-2033	4	30	obvious	obvious	ADJ
fbem-2033	4	31	the	the	DET
fbem-2033	4	32	positive	positive	ADJ
fbem-2033	4	33	effect	effect	NOUN
fbem-2033	4	34	.	.	PUNCT
fbem-2033	5	1	keywords	keyword	NOUN
fbem-2033	5	2	:	:	PUNCT
fbem-2033	5	3	esg	esg	PROPN
fbem-2033	5	4	information	information	NOUN
fbem-2033	5	5	disclosure	disclosure	NOUN
fbem-2033	5	6	;	;	PUNCT
fbem-2033	5	7	financial	financial	ADJ
fbem-2033	5	8	risk	risk	NOUN
fbem-2033	5	9	;	;	PUNCT
fbem-2033	5	10	the	the	DET
fbem-2033	5	11	pharmaceutical	pharmaceutical	NOUN
fbem-2033	5	12	industry	industry	NOUN
fbem-2033	5	13	.	.	PUNCT
fbem-2033	6	1	1	1	X
fbem-2033	6	2	.	.	X
fbem-2033	6	3	introduction	introduction	NOUN
fbem-2033	6	4	the	the	DET
fbem-2033	6	5	concept	concept	NOUN
fbem-2033	6	6	of	of	ADP
fbem-2033	6	7	esg	esg	PROPN
fbem-2033	6	8	was	be	AUX
fbem-2033	6	9	first	first	ADV
fbem-2033	6	10	proposed	propose	VERB
fbem-2033	6	11	by	by	ADP
fbem-2033	6	12	the	the	DET
fbem-2033	6	13	united	united	PROPN
fbem-2033	6	14	nations	nations	PROPN
fbem-2033	6	15	environment	environment	PROPN
fbem-2033	6	16	programme	programme	PROPN
fbem-2033	6	17	(	(	PUNCT
fbem-2033	6	18	unep	unep	NOUN
fbem-2033	6	19	)	)	PUNCT
fbem-2033	6	20	in	in	ADP
fbem-2033	6	21	2004	2004	NUM
fbem-2033	6	22	.	.	PUNCT
fbem-2033	7	1	it	it	PRON
fbem-2033	7	2	aims	aim	VERB
fbem-2033	7	3	to	to	PART
fbem-2033	7	4	promote	promote	VERB
fbem-2033	7	5	the	the	DET
fbem-2033	7	6	sustainable	sustainable	ADJ
fbem-2033	7	7	development	development	NOUN
fbem-2033	7	8	of	of	ADP
fbem-2033	7	9	the	the	DET
fbem-2033	7	10	global	global	ADJ
fbem-2033	7	11	social	social	ADJ
fbem-2033	7	12	economy	economy	NOUN
fbem-2033	7	13	and	and	CCONJ
fbem-2033	7	14	encourage	encourage	VERB
fbem-2033	7	15	enterprises	enterprise	NOUN
fbem-2033	7	16	to	to	PART
fbem-2033	7	17	pay	pay	VERB
fbem-2033	7	18	attention	attention	NOUN
fbem-2033	7	19	to	to	ADP
fbem-2033	7	20	ecological	ecological	ADJ
fbem-2033	7	21	and	and	CCONJ
fbem-2033	7	22	environmental	environmental	ADJ
fbem-2033	7	23	protection	protection	NOUN
fbem-2033	7	24	,	,	PUNCT
fbem-2033	7	25	fulfill	fulfill	VERB
fbem-2033	7	26	their	their	PRON
fbem-2033	7	27	social	social	ADJ
fbem-2033	7	28	responsibilities	responsibility	NOUN
fbem-2033	7	29	and	and	CCONJ
fbem-2033	7	30	improve	improve	VERB
fbem-2033	7	31	their	their	PRON
fbem-2033	7	32	governance	governance	NOUN
fbem-2033	7	33	.	.	PUNCT
fbem-2033	8	1	the	the	DET
fbem-2033	8	2	basic	basic	ADJ
fbem-2033	8	3	framework	framework	NOUN
fbem-2033	8	4	of	of	ADP
fbem-2033	8	5	esg	esg	PROPN
fbem-2033	8	6	information	information	NOUN
fbem-2033	8	7	disclosure	disclosure	NOUN
fbem-2033	8	8	in	in	ADP
fbem-2033	8	9	china	china	PROPN
fbem-2033	8	10	was	be	AUX
fbem-2033	8	11	clarified	clarify	VERB
fbem-2033	8	12	for	for	ADP
fbem-2033	8	13	the	the	DET
fbem-2033	8	14	first	first	ADJ
fbem-2033	8	15	time	time	NOUN
fbem-2033	8	16	in	in	ADP
fbem-2033	8	17	the	the	DET
fbem-2033	8	18	"	"	PUNCT
fbem-2033	8	19	code	code	NOUN
fbem-2033	8	20	of	of	ADP
fbem-2033	8	21	governance	governance	NOUN
fbem-2033	8	22	for	for	ADP
fbem-2033	8	23	listed	list	VERB
fbem-2033	8	24	companies	company	NOUN
fbem-2033	8	25	"	"	PUNCT
fbem-2033	8	26	revised	revise	VERB
fbem-2033	8	27	by	by	ADP
fbem-2033	8	28	china	china	PROPN
fbem-2033	8	29	securities	securities	PROPN
fbem-2033	8	30	regulatory	regulatory	PROPN
fbem-2033	8	31	commission	commission	PROPN
fbem-2033	8	32	in	in	ADP
fbem-2033	8	33	june	june	PROPN
fbem-2033	8	34	2018.in	2018.in	NUM
fbem-2033	8	35	2020	2020	NUM
fbem-2033	8	36	,	,	PUNCT
fbem-2033	8	37	the	the	DET
fbem-2033	8	38	state	state	PROPN
fbem-2033	8	39	council	council	PROPN
fbem-2033	8	40	issued	issue	VERB
fbem-2033	8	41	a	a	DET
fbem-2033	8	42	guideline	guideline	NOUN
fbem-2033	8	43	on	on	ADP
fbem-2033	8	44	building	build	VERB
fbem-2033	8	45	a	a	DET
fbem-2033	8	46	modern	modern	ADJ
fbem-2033	8	47	environmental	environmental	ADJ
fbem-2033	8	48	governance	governance	NOUN
fbem-2033	8	49	system	system	NOUN
fbem-2033	8	50	,	,	PUNCT
fbem-2033	8	51	requiring	require	VERB
fbem-2033	8	52	enterprises	enterprise	NOUN
fbem-2033	8	53	to	to	PART
fbem-2033	8	54	disclose	disclose	VERB
fbem-2033	8	55	environmental	environmental	ADJ
fbem-2033	8	56	governance	governance	NOUN
fbem-2033	8	57	information	information	NOUN
fbem-2033	8	58	and	and	CCONJ
fbem-2033	8	59	establish	establish	VERB
fbem-2033	8	60	a	a	DET
fbem-2033	8	61	sound	sound	ADJ
fbem-2033	8	62	corporate	corporate	ADJ
fbem-2033	8	63	social	social	ADJ
fbem-2033	8	64	responsibility	responsibility	NOUN
fbem-2033	8	65	system	system	NOUN
fbem-2033	8	66	to	to	PART
fbem-2033	8	67	improve	improve	VERB
fbem-2033	8	68	the	the	DET
fbem-2033	8	69	country	country	NOUN
fbem-2033	8	70	's	's	PART
fbem-2033	8	71	esg	esg	PROPN
fbem-2033	8	72	information	information	NOUN
fbem-2033	8	73	disclosure	disclosure	NOUN
fbem-2033	8	74	system.in	system.in	NUM
fbem-2033	8	75	april	april	PROPN
fbem-2033	8	76	2022	2022	NUM
fbem-2033	8	77	,	,	PUNCT
fbem-2033	8	78	we	we	PRON
fbem-2033	8	79	issued	issue	VERB
fbem-2033	8	80	and	and	CCONJ
fbem-2033	8	81	officially	officially	ADV
fbem-2033	8	82	implemented	implement	VERB
fbem-2033	8	83	the	the	DET
fbem-2033	8	84	first	first	ADJ
fbem-2033	8	85	esg	esg	PROPN
fbem-2033	8	86	group	group	NOUN
fbem-2033	8	87	standard	standard	NOUN
fbem-2033	8	88	,	,	PUNCT
fbem-2033	8	89	the	the	DET
fbem-2033	8	90	esg	esg	PROPN
fbem-2033	8	91	disclosure	disclosure	NOUN
fbem-2033	8	92	guidelines	guideline	NOUN
fbem-2033	8	93	for	for	ADP
fbem-2033	8	94	enterprises	enterprise	NOUN
fbem-2033	8	95	,	,	PUNCT
fbem-2033	8	96	on	on	ADP
fbem-2033	8	97	june	june	PROPN
fbem-2033	8	98	1.with	1.with	NUM
fbem-2033	8	99	the	the	DET
fbem-2033	8	100	establishment	establishment	NOUN
fbem-2033	8	101	and	and	CCONJ
fbem-2033	8	102	improvement	improvement	NOUN
fbem-2033	8	103	of	of	ADP
fbem-2033	8	104	esg	esg	PROPN
fbem-2033	8	105	information	information	NOUN
fbem-2033	8	106	disclosure	disclosure	NOUN
fbem-2033	8	107	system	system	NOUN
fbem-2033	8	108	,	,	PUNCT
fbem-2033	8	109	more	more	ADJ
fbem-2033	8	110	and	and	CCONJ
fbem-2033	8	111	more	more	ADV
fbem-2033	8	112	domestic	domestic	ADJ
fbem-2033	8	113	listed	list	VERB
fbem-2033	8	114	companies	company	NOUN
fbem-2033	8	115	begin	begin	VERB
fbem-2033	8	116	to	to	PART
fbem-2033	8	117	practice	practice	VERB
fbem-2033	8	118	the	the	DET
fbem-2033	8	119	esg	esg	NOUN
fbem-2033	8	120	concept	concept	NOUN
fbem-2033	8	121	and	and	CCONJ
fbem-2033	8	122	make	make	VERB
fbem-2033	8	123	esg	esg	NOUN
fbem-2033	8	124	information	information	NOUN
fbem-2033	8	125	disclosure.according	disclosure.accorde	VERB
fbem-2033	8	126	to	to	ADP
fbem-2033	8	127	the	the	DET
fbem-2033	8	128	china	china	PROPN
fbem-2033	8	129	esg	esg	PROPN
fbem-2033	8	130	development	development	PROPN
fbem-2033	8	131	report	report	PROPN
fbem-2033	8	132	,	,	PUNCT
fbem-2033	8	133	the	the	DET
fbem-2033	8	134	number	number	NOUN
fbem-2033	8	135	of	of	ADP
fbem-2033	8	136	chinese	chinese	ADJ
fbem-2033	8	137	a	a	DET
fbem-2033	8	138	-	-	PUNCT
fbem-2033	8	139	share	share	NOUN
fbem-2033	8	140	listed	list	VERB
fbem-2033	8	141	companies	company	NOUN
fbem-2033	8	142	that	that	PRON
fbem-2033	8	143	released	release	VERB
fbem-2033	8	144	esg	esg	PROPN
fbem-2033	8	145	reports	report	NOUN
fbem-2033	8	146	has	have	AUX
fbem-2033	8	147	been	be	AUX
fbem-2033	8	148	growing	grow	VERB
fbem-2033	8	149	since	since	SCONJ
fbem-2033	8	150	2011	2011	NUM
fbem-2033	8	151	,	,	PUNCT
fbem-2033	8	152	and	and	CCONJ
fbem-2033	8	153	a	a	DET
fbem-2033	8	154	total	total	NOUN
fbem-2033	8	155	of	of	ADP
fbem-2033	8	156	1,130	1,130	NUM
fbem-2033	8	157	a	a	DET
fbem-2033	8	158	-	-	PUNCT
fbem-2033	8	159	share	share	NOUN
fbem-2033	8	160	listed	list	VERB
fbem-2033	8	161	companies	company	NOUN
fbem-2033	8	162	released	release	VERB
fbem-2033	8	163	esg	esg	PROPN
fbem-2033	8	164	-	-	PUNCT
fbem-2033	8	165	related	relate	VERB
fbem-2033	8	166	independent	independent	ADJ
fbem-2033	8	167	reports	report	NOUN
fbem-2033	8	168	in	in	ADP
fbem-2033	8	169	2021.among	2021.among	NUM
fbem-2033	8	170	them	they	PRON
fbem-2033	8	171	,	,	PUNCT
fbem-2033	8	172	the	the	DET
fbem-2033	8	173	esg	esg	PROPN
fbem-2033	8	174	disclosure	disclosure	NOUN
fbem-2033	8	175	rate	rate	NOUN
fbem-2033	8	176	of	of	ADP
fbem-2033	8	177	shanghai	shanghai	PROPN
fbem-2033	8	178	and	and	CCONJ
fbem-2033	8	179	shenzhen	shenzhen	PROPN
fbem-2033	8	180	300	300	NUM
fbem-2033	8	181	has	have	AUX
fbem-2033	8	182	also	also	ADV
fbem-2033	8	183	increased	increase	VERB
fbem-2033	8	184	year	year	NOUN
fbem-2033	8	185	by	by	ADP
fbem-2033	8	186	year	year	NOUN
fbem-2033	8	187	,	,	PUNCT
fbem-2033	8	188	with	with	ADP
fbem-2033	8	189	nearly	nearly	ADV
fbem-2033	8	190	90	90	NUM
fbem-2033	8	191	%	%	NOUN
fbem-2033	8	192	of	of	ADP
fbem-2033	8	193	enterprises	enterprise	NOUN
fbem-2033	8	194	making	make	VERB
fbem-2033	8	195	esg	esg	PROPN
fbem-2033	8	196	information	information	NOUN
fbem-2033	8	197	disclosure	disclosure	NOUN
fbem-2033	8	198	in	in	ADP
fbem-2033	8	199	2021.compared	2021.compare	VERB
fbem-2033	8	200	with	with	ADP
fbem-2033	8	201	traditional	traditional	ADJ
fbem-2033	8	202	environmental	environmental	ADJ
fbem-2033	8	203	accounting	accounting	NOUN
fbem-2033	8	204	and	and	CCONJ
fbem-2033	8	205	social	social	ADJ
fbem-2033	8	206	responsibility	responsibility	NOUN
fbem-2033	8	207	information	information	NOUN
fbem-2033	8	208	disclosure	disclosure	NOUN
fbem-2033	8	209	,	,	PUNCT
fbem-2033	8	210	esg	esg	PROPN
fbem-2033	8	211	information	information	NOUN
fbem-2033	8	212	disclosure	disclosure	NOUN
fbem-2033	8	213	content	content	NOUN
fbem-2033	8	214	is	be	AUX
fbem-2033	8	215	more	more	ADV
fbem-2033	8	216	comprehensive	comprehensive	ADJ
fbem-2033	8	217	and	and	CCONJ
fbem-2033	8	218	specific	specific	ADJ
fbem-2033	8	219	,	,	PUNCT
fbem-2033	8	220	and	and	CCONJ
fbem-2033	8	221	can	can	AUX
fbem-2033	8	222	better	well	ADV
fbem-2033	8	223	reflect	reflect	VERB
fbem-2033	8	224	the	the	DET
fbem-2033	8	225	non	non	ADJ
fbem-2033	8	226	-	-	ADJ
fbem-2033	8	227	financial	financial	ADJ
fbem-2033	8	228	information	information	NOUN
fbem-2033	8	229	of	of	ADP
fbem-2033	8	230	enterprises.zou	enterprises.zou	X
fbem-2033	8	231	chunyan	chunyan	NOUN
fbem-2033	8	232	(	(	PUNCT
fbem-2033	8	233	2016)[1	2016)[1	NOUN
fbem-2033	8	234	]	]	PUNCT
fbem-2033	8	235	believes	believe	VERB
fbem-2033	8	236	that	that	SCONJ
fbem-2033	8	237	non	non	ADJ
fbem-2033	8	238	-	-	ADJ
fbem-2033	8	239	financial	financial	ADJ
fbem-2033	8	240	information	information	NOUN
fbem-2033	8	241	of	of	ADP
fbem-2033	8	242	an	an	DET
fbem-2033	8	243	enterprise	enterprise	NOUN
fbem-2033	8	244	is	be	AUX
fbem-2033	8	245	an	an	DET
fbem-2033	8	246	important	important	ADJ
fbem-2033	8	247	factor	factor	NOUN
fbem-2033	8	248	affecting	affect	VERB
fbem-2033	8	249	financial	financial	ADJ
fbem-2033	8	250	risk	risk	NOUN
fbem-2033	8	251	.therefore	.therefore	NOUN
fbem-2033	8	252	,	,	PUNCT
fbem-2033	8	253	in	in	ADP
fbem-2033	8	254	theory	theory	NOUN
fbem-2033	8	255	,	,	PUNCT
fbem-2033	8	256	the	the	PRON
fbem-2033	8	257	better	well	ADJ
fbem-2033	8	258	the	the	DET
fbem-2033	8	259	quality	quality	NOUN
fbem-2033	8	260	of	of	ADP
fbem-2033	8	261	corporate	corporate	ADJ
fbem-2033	8	262	esg	esg	PROPN
fbem-2033	8	263	disclosure	disclosure	NOUN
fbem-2033	8	264	,	,	PUNCT
fbem-2033	8	265	the	the	PRON
fbem-2033	8	266	lower	low	ADJ
fbem-2033	8	267	the	the	DET
fbem-2033	8	268	probability	probability	NOUN
fbem-2033	8	269	of	of	ADP
fbem-2033	8	270	financial	financial	ADJ
fbem-2033	8	271	risk.however	risk.however	NOUN
fbem-2033	8	272	,	,	PUNCT
fbem-2033	8	273	through	through	ADP
fbem-2033	8	274	literature	literature	PROPN
fbem-2033	8	275	review	review	PROPN
fbem-2033	8	276	,	,	PUNCT
fbem-2033	8	277	we	we	PRON
fbem-2033	8	278	find	find	VERB
fbem-2033	8	279	that	that	SCONJ
fbem-2033	8	280	the	the	DET
fbem-2033	8	281	impact	impact	NOUN
fbem-2033	8	282	of	of	ADP
fbem-2033	8	283	esg	esg	PROPN
fbem-2033	8	284	information	information	NOUN
fbem-2033	8	285	disclosure	disclosure	NOUN
fbem-2033	8	286	on	on	ADP
fbem-2033	8	287	financial	financial	ADJ
fbem-2033	8	288	risk	risk	NOUN
fbem-2033	8	289	of	of	ADP
fbem-2033	8	290	chinese	chinese	ADJ
fbem-2033	8	291	enterprises	enterprise	NOUN
fbem-2033	8	292	still	still	ADV
fbem-2033	8	293	needs	need	VERB
fbem-2033	8	294	further	further	ADJ
fbem-2033	8	295	study	study	NOUN
fbem-2033	8	296	(	(	PUNCT
fbem-2033	8	297	zhang	zhang	PROPN
fbem-2033	8	298	hui	hui	PROPN
fbem-2033	8	299	,	,	PUNCT
fbem-2033	8	300	2022)[2].this	2022)[2].this	DET
fbem-2033	8	301	paper	paper	NOUN
fbem-2033	8	302	selected	select	VERB
fbem-2033	8	303	the	the	DET
fbem-2033	8	304	financial	financial	ADJ
fbem-2033	8	305	data	datum	NOUN
fbem-2033	8	306	and	and	CCONJ
fbem-2033	8	307	esg	esg	NOUN
fbem-2033	8	308	rating	rating	NOUN
fbem-2033	8	309	data	datum	NOUN
fbem-2033	8	310	of	of	ADP
fbem-2033	8	311	a	a	DET
fbem-2033	8	312	-	-	PUNCT
fbem-2033	8	313	share	share	NOUN
fbem-2033	8	314	listed	list	VERB
fbem-2033	8	315	companies	company	NOUN
fbem-2033	8	316	in	in	ADP
fbem-2033	8	317	china	china	PROPN
fbem-2033	8	318	's	's	PART
fbem-2033	8	319	pharmaceutical	pharmaceutical	ADJ
fbem-2033	8	320	industry	industry	NOUN
fbem-2033	8	321	from	from	ADP
fbem-2033	8	322	2017	2017	NUM
fbem-2033	8	323	to	to	ADP
fbem-2033	8	324	2020	2020	NUM
fbem-2033	8	325	as	as	ADP
fbem-2033	8	326	the	the	DET
fbem-2033	8	327	research	research	NOUN
fbem-2033	8	328	object	object	NOUN
fbem-2033	8	329	,	,	PUNCT
fbem-2033	8	330	and	and	CCONJ
fbem-2033	8	331	tried	try	VERB
fbem-2033	8	332	to	to	PART
fbem-2033	8	333	explore	explore	VERB
fbem-2033	8	334	the	the	DET
fbem-2033	8	335	relationship	relationship	NOUN
fbem-2033	8	336	between	between	ADP
fbem-2033	8	337	esg	esg	PROPN
fbem-2033	8	338	information	information	NOUN
fbem-2033	8	339	disclosure	disclosure	NOUN
fbem-2033	8	340	and	and	CCONJ
fbem-2033	8	341	financial	financial	ADJ
fbem-2033	8	342	risk	risk	NOUN
fbem-2033	8	343	and	and	CCONJ
fbem-2033	8	344	its	its	PRON
fbem-2033	8	345	mechanism	mechanism	NOUN
fbem-2033	8	346	,	,	PUNCT
fbem-2033	8	347	so	so	SCONJ
fbem-2033	8	348	as	as	SCONJ
fbem-2033	8	349	to	to	PART
fbem-2033	8	350	provide	provide	VERB
fbem-2033	8	351	theoretical	theoretical	ADJ
fbem-2033	8	352	support	support	NOUN
fbem-2033	8	353	for	for	ADP
fbem-2033	8	354	enterprises	enterprise	NOUN
fbem-2033	8	355	to	to	PART
fbem-2033	8	356	actively	actively	ADV
fbem-2033	8	357	carry	carry	VERB
fbem-2033	8	358	out	out	ADP
fbem-2033	8	359	esg	esg	NOUN
fbem-2033	8	360	information	information	NOUN
fbem-2033	8	361	disclosure	disclosure	NOUN
fbem-2033	8	362	.	.	PUNCT
fbem-2033	9	1	2	2	X
fbem-2033	9	2	.	.	X
fbem-2033	9	3	literature	literature	NOUN
fbem-2033	9	4	review	review	NOUN
fbem-2033	9	5	at	at	ADP
fbem-2033	9	6	present	present	ADJ
fbem-2033	9	7	,	,	PUNCT
fbem-2033	9	8	esg	esg	PROPN
fbem-2033	9	9	related	relate	VERB
fbem-2033	9	10	research	research	NOUN
fbem-2033	9	11	mainly	mainly	ADV
fbem-2033	9	12	focuses	focus	VERB
fbem-2033	9	13	on	on	ADP
fbem-2033	9	14	the	the	DET
fbem-2033	9	15	impact	impact	NOUN
fbem-2033	9	16	of	of	ADP
fbem-2033	9	17	esg	esg	NOUN
fbem-2033	9	18	on	on	ADP
fbem-2033	9	19	enterprise	enterprise	NOUN
fbem-2033	9	20	value	value	NOUN
fbem-2033	9	21	and	and	CCONJ
fbem-2033	9	22	financial	financial	ADJ
fbem-2033	9	23	performance	performance	NOUN
fbem-2033	9	24	.	.	PUNCT
fbem-2033	10	1	aboud	aboud	VERB
fbem-2033	10	2	the	the	DET
fbem-2033	10	3	research	research	NOUN
fbem-2033	10	4	of	of	ADP
fbem-2033	10	5	diab	diab	PROPN
fbem-2033	10	6	(	(	PUNCT
fbem-2033	10	7	2018)[3	2018)[3	NUM
fbem-2033	10	8	]	]	PUNCT
fbem-2033	10	9	,	,	PUNCT
fbem-2033	10	10	giese	giese	NOUN
fbem-2033	10	11	and	and	CCONJ
fbem-2033	10	12	lee	lee	PROPN
fbem-2033	10	13	(	(	PUNCT
fbem-2033	10	14	2019)[4	2019)[4	NUM
fbem-2033	10	15	]	]	PUNCT
fbem-2033	10	16	,	,	PUNCT
fbem-2033	10	17	zhang	zhang	PROPN
fbem-2033	10	18	lin	lin	PROPN
fbem-2033	10	19	and	and	CCONJ
fbem-2033	10	20	zhao	zhao	PROPN
fbem-2033	10	21	haitao	haitao	PROPN
fbem-2033	10	22	(	(	PUNCT
fbem-2033	10	23	2019)[5	2019)[5	PROPN
fbem-2033	10	24	]	]	PUNCT
fbem-2033	10	25	,	,	PUNCT
fbem-2033	10	26	alareeni	alareeni	PROPN
fbem-2033	10	27	et	et	PROPN
fbem-2033	10	28	al	al	PROPN
fbem-2033	10	29	.	.	PUNCT
fbem-2033	11	1	(	(	PUNCT
fbem-2033	11	2	2020)[6	2020)[6	PROPN
fbem-2033	11	3	]	]	PUNCT
fbem-2033	11	4	,	,	PUNCT
fbem-2033	11	5	xu	xu	PROPN
fbem-2033	11	6	guanghua	guanghua	PROPN
fbem-2033	11	7	et	et	PROPN
fbem-2033	11	8	al	al	PROPN
fbem-2033	11	9	.	.	PROPN
fbem-2033	12	1	(	(	PUNCT
fbem-2033	12	2	2022)[7	2022)[7	NUM
fbem-2033	12	3	]	]	X
fbem-2033	12	4	,	,	PUNCT
fbem-2033	12	5	wang	wang	PROPN
fbem-2033	12	6	linlin	linlin	PROPN
fbem-2033	12	7	et	et	PROPN
fbem-2033	12	8	al	al	PROPN
fbem-2033	12	9	.	.	PROPN
fbem-2033	12	10	(	(	PUNCT
fbem-2033	12	11	2022	2022	NUM
fbem-2033	12	12	)	)	PUNCT
fbem-2033	13	1	[	[	X
fbem-2033	13	2	8	8	NUM
fbem-2033	13	3	]	]	PUNCT
fbem-2033	13	4	,	,	PUNCT
fbem-2033	13	5	wang	wang	PROPN
fbem-2033	13	6	bo	bo	PROPN
fbem-2033	13	7	and	and	CCONJ
fbem-2033	13	8	yang	yang	PROPN
fbem-2033	13	9	maojia	maojia	PROPN
fbem-2033	13	10	(	(	PUNCT
fbem-2033	13	11	2022	2022	NUM
fbem-2033	13	12	)	)	PUNCT
fbem-2033	14	1	[	[	X
fbem-2033	14	2	9	9	NUM
fbem-2033	14	3	]	]	PUNCT
fbem-2033	14	4	showed	show	VERB
fbem-2033	14	5	that	that	SCONJ
fbem-2033	14	6	,	,	PUNCT
fbem-2033	14	7	good	good	ADJ
fbem-2033	14	8	esg	esg	PROPN
fbem-2033	14	9	performance	performance	NOUN
fbem-2033	14	10	is	be	AUX
fbem-2033	14	11	conducive	conducive	ADJ
fbem-2033	14	12	to	to	ADP
fbem-2033	14	13	improving	improve	VERB
fbem-2033	14	14	enterprise	enterprise	NOUN
fbem-2033	14	15	value.however	value.however	PROPN
fbem-2033	14	16	,	,	PUNCT
fbem-2033	14	17	patrick	patrick	PROPN
fbem-2033	14	18	(	(	PUNCT
fbem-2033	14	19	2017)[10	2017)[10	NUM
fbem-2033	14	20	]	]	PUNCT
fbem-2033	14	21	found	find	VERB
fbem-2033	14	22	through	through	ADP
fbem-2033	14	23	empirical	empirical	ADJ
fbem-2033	14	24	research	research	NOUN
fbem-2033	14	25	on	on	ADP
fbem-2033	14	26	german	german	ADJ
fbem-2033	14	27	enterprises	enterprise	NOUN
fbem-2033	14	28	that	that	SCONJ
fbem-2033	14	29	although	although	SCONJ
fbem-2033	14	30	active	active	ADJ
fbem-2033	14	31	esg	esg	NOUN
fbem-2033	14	32	practice	practice	NOUN
fbem-2033	14	33	can	can	AUX
fbem-2033	14	34	improve	improve	VERB
fbem-2033	14	35	the	the	DET
fbem-2033	14	36	return	return	NOUN
fbem-2033	14	37	on	on	ADP
fbem-2033	14	38	assets	asset	NOUN
fbem-2033	14	39	of	of	ADP
fbem-2033	14	40	enterprises	enterprise	NOUN
fbem-2033	14	41	,	,	PUNCT
fbem-2033	14	42	it	it	PRON
fbem-2033	14	43	can	can	AUX
fbem-2033	14	44	not	not	PART
fbem-2033	14	45	improve	improve	VERB
fbem-2033	14	46	the	the	DET
fbem-2033	14	47	market	market	NOUN
fbem-2033	14	48	value	value	NOUN
fbem-2033	14	49	of	of	ADP
fbem-2033	14	50	enterprises.using	enterprises.use	VERB
fbem-2033	14	51	the	the	DET
fbem-2033	14	52	data	datum	NOUN
fbem-2033	14	53	of	of	ADP
fbem-2033	14	54	chinese	chinese	ADJ
fbem-2033	14	55	a	a	DET
fbem-2033	14	56	-	-	PUNCT
fbem-2033	14	57	share	share	NOUN
fbem-2033	14	58	listed	list	VERB
fbem-2033	14	59	companies	company	NOUN
fbem-2033	14	60	from	from	ADP
fbem-2033	14	61	2008	2008	NUM
fbem-2033	14	62	to	to	ADP
fbem-2033	14	63	2019	2019	NUM
fbem-2033	14	64	,	,	PUNCT
fbem-2033	14	65	yi	yi	PROPN
fbem-2033	14	66	lingxue	lingxue	PROPN
fbem-2033	14	67	et	et	PROPN
fbem-2033	14	68	al	al	PROPN
fbem-2033	14	69	.	.	PUNCT
fbem-2033	15	1	(	(	PUNCT
fbem-2033	15	2	2022)[11	2022)[11	NOUN
fbem-2033	15	3	]	]	PUNCT
fbem-2033	15	4	found	find	VERB
fbem-2033	15	5	that	that	SCONJ
fbem-2033	15	6	although	although	SCONJ
fbem-2033	15	7	esg	esg	NOUN
fbem-2033	15	8	practice	practice	NOUN
fbem-2033	15	9	would	would	AUX
fbem-2033	15	10	reduce	reduce	VERB
fbem-2033	15	11	enterprise	enterprise	NOUN
fbem-2033	15	12	value	value	NOUN
fbem-2033	15	13	in	in	ADP
fbem-2033	15	14	the	the	DET
fbem-2033	15	15	initial	initial	ADJ
fbem-2033	15	16	stage	stage	NOUN
fbem-2033	15	17	,	,	PUNCT
fbem-2033	15	18	esg	esg	PROPN
fbem-2033	15	19	practice	practice	NOUN
fbem-2033	15	20	had	have	VERB
fbem-2033	15	21	a	a	DET
fbem-2033	15	22	positive	positive	ADJ
fbem-2033	15	23	lagged	lag	VERB
fbem-2033	15	24	effect	effect	NOUN
fbem-2033	15	25	on	on	ADP
fbem-2033	15	26	enterprise	enterprise	NOUN
fbem-2033	15	27	value	value	NOUN
fbem-2033	15	28	in	in	ADP
fbem-2033	15	29	the	the	DET
fbem-2033	15	30	long	long	ADJ
fbem-2033	15	31	run.dalal	run.dalal	X
fbem-2033	15	32	et	et	PROPN
fbem-2033	15	33	al	al	PROPN
fbem-2033	15	34	.	.	PUNCT
fbem-2033	16	1	(	(	PUNCT
fbem-2033	16	2	2019)[12	2019)[12	PROPN
fbem-2033	16	3	]	]	X
fbem-2033	16	4	,	,	PUNCT
fbem-2033	16	5	ahmad	ahmad	PROPN
fbem-2033	16	6	(	(	PUNCT
fbem-2033	16	7	2021)[13	2021)[13	NOUN
fbem-2033	16	8	]	]	X
fbem-2033	16	9	,	,	PUNCT
fbem-2033	16	10	quresh	quresh	ADJ
fbem-2033	16	11	et	et	PROPN
fbem-2033	16	12	al	al	PROPN
fbem-2033	16	13	.	.	PUNCT
fbem-2033	17	1	(	(	PUNCT
fbem-2033	17	2	2021)[14	2021)[14	NUM
fbem-2033	17	3	]	]	PUNCT
fbem-2033	17	4	,	,	PUNCT
fbem-2033	17	5	zhang	zhang	PROPN
fbem-2033	17	6	xianhua	xianhua	PROPN
fbem-2033	17	7	et	et	PROPN
fbem-2033	17	8	al	al	PROPN
fbem-2033	17	9	.	.	PUNCT
fbem-2033	18	1	(	(	PUNCT
fbem-2033	18	2	2021)[15	2021)[15	NOUN
fbem-2033	18	3	]	]	PUNCT
fbem-2033	18	4	and	and	CCONJ
fbem-2033	18	5	ren	ren	PROPN
fbem-2033	18	6	zixian	zixian	PROPN
fbem-2033	18	7	et	et	PROPN
fbem-2033	18	8	al	al	PROPN
fbem-2033	18	9	.	.	PUNCT
fbem-2033	19	1	(	(	PUNCT
fbem-2033	19	2	2021)[16	2021)[16	NOUN
fbem-2033	19	3	]	]	PUNCT
fbem-2033	19	4	found	find	VERB
fbem-2033	19	5	that	that	SCONJ
fbem-2033	19	6	the	the	DET
fbem-2033	19	7	implementation	implementation	NOUN
fbem-2033	19	8	of	of	ADP
fbem-2033	19	9	esg	esg	PROPN
fbem-2033	19	10	would	would	AUX
fbem-2033	19	11	have	have	VERB
fbem-2033	19	12	a	a	DET
fbem-2033	19	13	positive	positive	ADJ
fbem-2033	19	14	impact	impact	NOUN
fbem-2033	19	15	on	on	ADP
fbem-2033	19	16	the	the	DET
fbem-2033	19	17	financial	financial	ADJ
fbem-2033	19	18	performance.however	performance.however	NOUN
fbem-2033	19	19	,	,	PUNCT
fbem-2033	19	20	the	the	DET
fbem-2033	19	21	empirical	empirical	ADJ
fbem-2033	19	22	results	result	NOUN
fbem-2033	19	23	of	of	ADP
fbem-2033	19	24	landi	landi	PROPN
fbem-2033	19	25	et	et	PROPN
fbem-2033	19	26	al	al	PROPN
fbem-2033	19	27	.	.	PROPN
fbem-2033	20	1	(	(	PUNCT
fbem-2033	20	2	2018)[17	2018)[17	PROPN
fbem-2033	20	3	]	]	PUNCT
fbem-2033	20	4	showed	show	VERB
fbem-2033	20	5	that	that	SCONJ
fbem-2033	20	6	esg	esg	PROPN
fbem-2033	20	7	did	do	AUX
fbem-2033	20	8	not	not	PART
fbem-2033	20	9	promote	promote	VERB
fbem-2033	20	10	the	the	DET
fbem-2033	20	11	improvement	improvement	NOUN
fbem-2033	20	12	of	of	ADP
fbem-2033	20	13	corporate	corporate	ADJ
fbem-2033	20	14	financial	financial	ADJ
fbem-2033	20	15	performance.duquegrisales	performance.duquegrisale	NOUN
fbem-2033	20	16	et	et	NOUN
fbem-2033	20	17	al	al	PROPN
fbem-2033	20	18	.	.	PUNCT
fbem-2033	21	1	(	(	PUNCT
fbem-2033	21	2	2021)[18	2021)[18	X
fbem-2033	21	3	]	]	X
fbem-2033	21	4	believe	believe	VERB
fbem-2033	21	5	that	that	SCONJ
fbem-2033	21	6	esg	esg	PROPN
fbem-2033	21	7	contradicts	contradict	VERB
fbem-2033	21	8	the	the	DET
fbem-2033	21	9	goal	goal	NOUN
fbem-2033	21	10	of	of	ADP
fbem-2033	21	11	maximizing	maximize	VERB
fbem-2033	21	12	shareholders	shareholder	NOUN
fbem-2033	21	13	'	'	PART
fbem-2033	21	14	profits	profit	NOUN
fbem-2033	21	15	,	,	PUNCT
fbem-2033	21	16	so	so	SCONJ
fbem-2033	21	17	enterprises	enterprise	NOUN
fbem-2033	21	18	'	'	PART
fbem-2033	21	19	excessive	excessive	ADJ
fbem-2033	21	20	emphasis	emphasis	NOUN
fbem-2033	21	21	on	on	ADP
fbem-2033	21	22	esg	esg	PROPN
fbem-2033	21	23	will	will	AUX
fbem-2033	21	24	have	have	VERB
fbem-2033	21	25	a	a	DET
fbem-2033	21	26	negative	negative	ADJ
fbem-2033	21	27	impact	impact	NOUN
fbem-2033	21	28	on	on	ADP
fbem-2033	21	29	financial	financial	ADJ
fbem-2033	21	30	performance	performance	NOUN
fbem-2033	21	31	.	.	PUNCT
fbem-2033	22	1	enterprise	enterprise	NOUN
fbem-2033	22	2	financial	financial	ADJ
fbem-2033	22	3	risk	risk	NOUN
fbem-2033	22	4	runs	run	VERB
fbem-2033	22	5	through	through	ADP
fbem-2033	22	6	enterprise	enterprise	NOUN
fbem-2033	22	7	production	production	NOUN
fbem-2033	22	8	and	and	CCONJ
fbem-2033	22	9	operation	operation	NOUN
fbem-2033	22	10	,	,	PUNCT
fbem-2033	22	11	and	and	CCONJ
fbem-2033	22	12	is	be	AUX
fbem-2033	22	13	an	an	DET
fbem-2033	22	14	important	important	ADJ
fbem-2033	22	15	factor	factor	NOUN
fbem-2033	22	16	affecting	affect	VERB
fbem-2033	22	17	the	the	DET
fbem-2033	22	18	survival	survival	NOUN
fbem-2033	22	19	and	and	CCONJ
fbem-2033	22	20	development	development	NOUN
fbem-2033	22	21	of	of	ADP
fbem-2033	22	22	enterprises.in	enterprises.in	NUM
fbem-2033	22	23	recent	recent	ADJ
fbem-2033	22	24	years	year	NOUN
fbem-2033	22	25	,	,	PUNCT
fbem-2033	22	26	the	the	DET
fbem-2033	22	27	relationship	relationship	NOUN
fbem-2033	22	28	between	between	ADP
fbem-2033	22	29	corporate	corporate	ADJ
fbem-2033	22	30	esg	esg	NOUN
fbem-2033	22	31	and	and	CCONJ
fbem-2033	22	32	financial	financial	ADJ
fbem-2033	22	33	risk	risk	NOUN
fbem-2033	22	34	has	have	AUX
fbem-2033	22	35	gradually	gradually	ADV
fbem-2033	22	36	attracted	attract	VERB
fbem-2033	22	37	the	the	DET
fbem-2033	22	38	attention	attention	NOUN
fbem-2033	22	39	of	of	ADP
fbem-2033	22	40	scholars.friede	scholars.friede	NUM
fbem-2033	22	41	et	et	NOUN
fbem-2033	22	42	al	al	PROPN
fbem-2033	22	43	.	.	PUNCT
fbem-2033	23	1	(	(	PUNCT
fbem-2033	23	2	2015)[19]by	2015)[19]by	NUM
fbem-2033	23	3	reviewing	review	VERB
fbem-2033	23	4	the	the	DET
fbem-2033	23	5	existing	exist	VERB
fbem-2033	23	6	literature	literature	NOUN
fbem-2033	23	7	,	,	PUNCT
fbem-2033	23	8	it	it	PRON
fbem-2033	23	9	is	be	AUX
fbem-2033	23	10	found	find	VERB
fbem-2033	23	11	that	that	SCONJ
fbem-2033	23	12	good	good	ADJ
fbem-2033	23	13	esg	esg	PROPN
fbem-2033	23	14	performance	performance	NOUN
fbem-2033	23	15	of	of	ADP
fbem-2033	23	16	enterprises	enterprise	NOUN
fbem-2033	23	17	can	can	AUX
fbem-2033	23	18	reduce	reduce	VERB
fbem-2033	23	19	financial	financial	ADJ
fbem-2033	23	20	risks	risk	NOUN
fbem-2033	23	21	and	and	CCONJ
fbem-2033	23	22	improve	improve	VERB
fbem-2033	23	23	financial	financial	ADJ
fbem-2033	23	24	performance.godfrey	performance.godfrey	PROPN
fbem-2033	23	25	(	(	PUNCT
fbem-2033	23	26	2005)[20	2005)[20	NUM
fbem-2033	23	27	]	]	PUNCT
fbem-2033	23	28	265	265	NUM
fbem-2033	23	29	pointed	point	VERB
fbem-2033	23	30	out	out	ADP
fbem-2033	23	31	that	that	SCONJ
fbem-2033	23	32	a	a	DET
fbem-2033	23	33	good	good	ADJ
fbem-2033	23	34	esg	esg	NOUN
fbem-2033	23	35	performance	performance	NOUN
fbem-2033	23	36	of	of	ADP
fbem-2033	23	37	an	an	DET
fbem-2033	23	38	enterprise	enterprise	NOUN
fbem-2033	23	39	will	will	AUX
fbem-2033	23	40	increase	increase	VERB
fbem-2033	23	41	the	the	DET
fbem-2033	23	42	reputation	reputation	NOUN
fbem-2033	23	43	and	and	CCONJ
fbem-2033	23	44	goodwill	goodwill	NOUN
fbem-2033	23	45	of	of	ADP
fbem-2033	23	46	the	the	DET
fbem-2033	23	47	enterprise	enterprise	NOUN
fbem-2033	23	48	,	,	PUNCT
fbem-2033	23	49	and	and	CCONJ
fbem-2033	23	50	provide	provide	VERB
fbem-2033	23	51	insurance	insurance	NOUN
fbem-2033	23	52	-	-	PUNCT
fbem-2033	23	53	like	like	ADJ
fbem-2033	23	54	protection	protection	NOUN
fbem-2033	23	55	for	for	ADP
fbem-2033	23	56	the	the	DET
fbem-2033	23	57	cash	cash	NOUN
fbem-2033	23	58	flow	flow	NOUN
fbem-2033	23	59	of	of	ADP
fbem-2033	23	60	the	the	DET
fbem-2033	23	61	enterprise	enterprise	NOUN
fbem-2033	23	62	,	,	PUNCT
fbem-2033	23	63	thereby	thereby	ADV
fbem-2033	23	64	reducing	reduce	VERB
fbem-2033	23	65	the	the	DET
fbem-2033	23	66	financial	financial	ADJ
fbem-2033	23	67	risk	risk	NOUN
fbem-2033	23	68	of	of	ADP
fbem-2033	23	69	the	the	DET
fbem-2033	23	70	enterprise	enterprise	NOUN
fbem-2033	23	71	to	to	ADP
fbem-2033	23	72	a	a	DET
fbem-2033	23	73	certain	certain	ADJ
fbem-2033	23	74	extent.kumar	extent.kumar	X
fbem-2033	23	75	(	(	PUNCT
fbem-2033	23	76	2016)[21]according	2016)[21]accorde	VERB
fbem-2033	23	77	to	to	ADP
fbem-2033	23	78	the	the	DET
fbem-2033	23	79	research	research	NOUN
fbem-2033	23	80	of	of	ADP
fbem-2033	23	81	kumar	kumar	PROPN
fbem-2033	23	82	et	et	PROPN
fbem-2033	23	83	al	al	PROPN
fbem-2033	23	84	.	.	PROPN
fbem-2033	23	85	,	,	PUNCT
fbem-2033	23	86	companies	company	NOUN
fbem-2033	23	87	with	with	ADP
fbem-2033	23	88	better	well	ADJ
fbem-2033	23	89	esg	esg	PROPN
fbem-2033	23	90	responsibility	responsibility	NOUN
fbem-2033	23	91	performance	performance	NOUN
fbem-2033	23	92	can	can	AUX
fbem-2033	23	93	send	send	VERB
fbem-2033	23	94	more	more	ADV
fbem-2033	23	95	positive	positive	ADJ
fbem-2033	23	96	signals	signal	NOUN
fbem-2033	23	97	to	to	ADP
fbem-2033	23	98	the	the	DET
fbem-2033	23	99	outside	outside	ADJ
fbem-2033	23	100	world	world	NOUN
fbem-2033	23	101	,	,	PUNCT
fbem-2033	23	102	enhance	enhance	VERB
fbem-2033	23	103	enterprise	enterprise	NOUN
fbem-2033	23	104	value	value	NOUN
fbem-2033	23	105	,	,	PUNCT
fbem-2033	23	106	and	and	CCONJ
fbem-2033	23	107	the	the	DET
fbem-2033	23	108	company	company	NOUN
fbem-2033	23	109	's	's	PART
fbem-2033	23	110	future	future	ADJ
fbem-2033	23	111	financial	financial	ADJ
fbem-2033	23	112	risk	risk	NOUN
fbem-2033	23	113	and	and	CCONJ
fbem-2033	23	114	violation	violation	NOUN
fbem-2033	23	115	risk	risk	NOUN
fbem-2033	23	116	will	will	AUX
fbem-2033	23	117	be	be	AUX
fbem-2033	23	118	significantly	significantly	ADV
fbem-2033	23	119	reduced.shakil	reduced.shakil	ADJ
fbem-2033	23	120	(	(	PUNCT
fbem-2033	23	121	2021)[22]analysis	2021)[22]analysis	NUM
fbem-2033	23	122	of	of	ADP
fbem-2033	23	123	data	datum	NOUN
fbem-2033	23	124	from	from	ADP
fbem-2033	23	125	70	70	NUM
fbem-2033	23	126	global	global	ADJ
fbem-2033	23	127	oil	oil	NOUN
fbem-2033	23	128	and	and	CCONJ
fbem-2033	23	129	gas	gas	NOUN
fbem-2033	23	130	companies	company	NOUN
fbem-2033	23	131	from	from	ADP
fbem-2033	23	132	2010	2010	NUM
fbem-2033	23	133	to	to	ADP
fbem-2033	23	134	2018	2018	NUM
fbem-2033	23	135	shows	show	VERB
fbem-2033	23	136	that	that	SCONJ
fbem-2033	23	137	good	good	ADJ
fbem-2033	23	138	esg	esg	PROPN
fbem-2033	23	139	performance	performance	NOUN
fbem-2033	23	140	reduces	reduce	VERB
fbem-2033	23	141	financial	financial	ADJ
fbem-2033	23	142	risk.and	risk.and	X
fbem-2033	23	143	oikonomou	oikonomou	NOUN
fbem-2033	23	144	(	(	PUNCT
fbem-2033	23	145	2012)[23	2012)[23	NUM
fbem-2033	23	146	]	]	PUNCT
fbem-2033	23	147	,	,	PUNCT
fbem-2033	23	148	sassen	sassen	PROPN
fbem-2033	23	149	(	(	PUNCT
fbem-2033	23	150	2016)[24]and	2016)[24]and	NUM
fbem-2033	23	151	chollet	chollet	NOUN
fbem-2033	23	152	and	and	CCONJ
fbem-2033	23	153	sandwidi	sandwidi	NOUN
fbem-2033	23	154	(	(	PUNCT
fbem-2033	23	155	2018)[25	2018)[25	NOUN
fbem-2033	23	156	]	]	X
fbem-2033	23	157	found	find	VERB
fbem-2033	23	158	that	that	SCONJ
fbem-2033	23	159	there	there	PRON
fbem-2033	23	160	was	be	VERB
fbem-2033	23	161	a	a	DET
fbem-2033	23	162	significant	significant	ADJ
fbem-2033	23	163	negative	negative	ADJ
fbem-2033	23	164	correlation	correlation	NOUN
fbem-2033	23	165	between	between	ADP
fbem-2033	23	166	esg	esg	NOUN
fbem-2033	23	167	performance	performance	NOUN
fbem-2033	23	168	and	and	CCONJ
fbem-2033	23	169	financial	financial	PROPN
fbem-2033	23	170	risk.muyuan	risk.muyuan	PROPN
fbem-2033	23	171	qiu	qiu	PROPN
fbem-2033	23	172	and	and	CCONJ
fbem-2033	23	173	hong	hong	PROPN
fbem-2033	23	174	yin	yin	PROPN
fbem-2033	23	175	(	(	PUNCT
fbem-2033	23	176	2019)[26	2019)[26	X
fbem-2033	23	177	]	]	PUNCT
fbem-2033	23	178	believed	believe	VERB
fbem-2033	23	179	that	that	SCONJ
fbem-2033	23	180	the	the	DET
fbem-2033	23	181	performance	performance	NOUN
fbem-2033	23	182	of	of	ADP
fbem-2033	23	183	esg	esg	NOUN
fbem-2033	23	184	responsibilities	responsibility	NOUN
fbem-2033	23	185	by	by	ADP
fbem-2033	23	186	enterprises	enterprise	NOUN
fbem-2033	23	187	is	be	AUX
fbem-2033	23	188	regarded	regard	VERB
fbem-2033	23	189	as	as	ADP
fbem-2033	23	190	excessive	excessive	ADJ
fbem-2033	23	191	performance	performance	NOUN
fbem-2033	23	192	of	of	ADP
fbem-2033	23	193	responsibilities	responsibility	NOUN
fbem-2033	23	194	for	for	ADP
fbem-2033	23	195	the	the	DET
fbem-2033	23	196	sake	sake	NOUN
fbem-2033	23	197	of	of	ADP
fbem-2033	23	198	personal	personal	ADJ
fbem-2033	23	199	reputation	reputation	NOUN
fbem-2033	23	200	,	,	PUNCT
fbem-2033	23	201	which	which	PRON
fbem-2033	23	202	will	will	AUX
fbem-2033	23	203	occupy	occupy	VERB
fbem-2033	23	204	the	the	DET
fbem-2033	23	205	resources	resource	NOUN
fbem-2033	23	206	of	of	ADP
fbem-2033	23	207	technological	technological	ADJ
fbem-2033	23	208	r&d	r&d	NOUN
fbem-2033	23	209	and	and	CCONJ
fbem-2033	23	210	innovation	innovation	NOUN
fbem-2033	23	211	of	of	ADP
fbem-2033	23	212	enterprises	enterprise	NOUN
fbem-2033	23	213	,	,	PUNCT
fbem-2033	23	214	so	so	SCONJ
fbem-2033	23	215	the	the	DET
fbem-2033	23	216	performance	performance	NOUN
fbem-2033	23	217	of	of	ADP
fbem-2033	23	218	esg	esg	NOUN
fbem-2033	23	219	responsibilities	responsibility	NOUN
fbem-2033	23	220	will	will	AUX
fbem-2033	23	221	not	not	PART
fbem-2033	23	222	have	have	VERB
fbem-2033	23	223	a	a	DET
fbem-2033	23	224	positive	positive	ADJ
fbem-2033	23	225	impact	impact	NOUN
fbem-2033	23	226	on	on	ADP
fbem-2033	23	227	the	the	DET
fbem-2033	23	228	financial	financial	ADJ
fbem-2033	23	229	status	status	NOUN
fbem-2033	23	230	of	of	ADP
fbem-2033	23	231	enterprises.some	enterprises.some	NUM
fbem-2033	23	232	scholars	scholar	NOUN
fbem-2033	23	233	have	have	AUX
fbem-2033	23	234	discussed	discuss	VERB
fbem-2033	23	235	the	the	DET
fbem-2033	23	236	impact	impact	NOUN
fbem-2033	23	237	of	of	ADP
fbem-2033	23	238	a	a	DET
fbem-2033	23	239	single	single	ADJ
fbem-2033	23	240	dimension	dimension	NOUN
fbem-2033	23	241	of	of	ADP
fbem-2033	23	242	esg	esg	PROPN
fbem-2033	23	243	on	on	ADP
fbem-2033	23	244	corporate	corporate	ADJ
fbem-2033	23	245	financial	financial	ADJ
fbem-2033	23	246	risk.for	risk.for	ADP
fbem-2033	23	247	example	example	NOUN
fbem-2033	23	248	,	,	PUNCT
fbem-2033	23	249	cailing	caile	VERB
fbem-2033	23	250	xu	xu	PROPN
fbem-2033	23	251	(	(	PUNCT
fbem-2033	23	252	2017)[27]based	2017)[27]base	VERB
fbem-2033	23	253	on	on	ADP
fbem-2033	23	254	the	the	DET
fbem-2033	23	255	relevant	relevant	ADJ
fbem-2033	23	256	data	datum	NOUN
fbem-2033	23	257	of	of	ADP
fbem-2033	23	258	listed	list	VERB
fbem-2033	23	259	coal	coal	NOUN
fbem-2033	23	260	companies	company	NOUN
fbem-2033	23	261	in	in	ADP
fbem-2033	23	262	china	china	PROPN
fbem-2033	23	263	from	from	ADP
fbem-2033	23	264	2016	2016	NUM
fbem-2033	23	265	to	to	ADP
fbem-2033	23	266	2018	2018	NUM
fbem-2033	23	267	,	,	PUNCT
fbem-2033	23	268	it	it	PRON
fbem-2033	23	269	was	be	AUX
fbem-2033	23	270	empirically	empirically	ADV
fbem-2033	23	271	found	find	VERB
fbem-2033	23	272	that	that	SCONJ
fbem-2033	23	273	the	the	DET
fbem-2033	23	274	disclosure	disclosure	NOUN
fbem-2033	23	275	level	level	NOUN
fbem-2033	23	276	of	of	ADP
fbem-2033	23	277	environmental	environmental	ADJ
fbem-2033	23	278	accounting	accounting	NOUN
fbem-2033	23	279	information	information	NOUN
fbem-2033	23	280	could	could	AUX
fbem-2033	23	281	not	not	PART
fbem-2033	23	282	reduce	reduce	VERB
fbem-2033	23	283	the	the	DET
fbem-2033	23	284	level	level	NOUN
fbem-2033	23	285	of	of	ADP
fbem-2033	23	286	corporate	corporate	ADJ
fbem-2033	23	287	debt	debt	NOUN
fbem-2033	23	288	and	and	CCONJ
fbem-2033	23	289	debt	debt	NOUN
fbem-2033	23	290	service	service	NOUN
fbem-2033	23	291	risk.han	risk.han	X
fbem-2033	23	292	fang	fang	X
fbem-2033	23	293	and	and	CCONJ
fbem-2033	23	294	yang	yang	PROPN
fbem-2033	23	295	liu	liu	PROPN
fbem-2033	23	296	(	(	PUNCT
fbem-2033	23	297	2021)[29]taking	2021)[29]taking	NOUN
fbem-2033	23	298	a	a	DET
fbem-2033	23	299	-	-	PUNCT
fbem-2033	23	300	share	share	NOUN
fbem-2033	23	301	listed	list	VERB
fbem-2033	23	302	companies	company	NOUN
fbem-2033	23	303	that	that	PRON
fbem-2033	23	304	disclosed	disclose	VERB
fbem-2033	23	305	social	social	ADJ
fbem-2033	23	306	responsibility	responsibility	NOUN
fbem-2033	23	307	information	information	NOUN
fbem-2033	23	308	in	in	ADP
fbem-2033	23	309	china	china	PROPN
fbem-2033	23	310	from	from	ADP
fbem-2033	23	311	2008	2008	NUM
fbem-2033	23	312	to	to	ADP
fbem-2033	23	313	2018	2018	NUM
fbem-2033	23	314	as	as	ADP
fbem-2033	23	315	the	the	DET
fbem-2033	23	316	research	research	NOUN
fbem-2033	23	317	sample	sample	NOUN
fbem-2033	23	318	,	,	PUNCT
fbem-2033	23	319	the	the	DET
fbem-2033	23	320	empirical	empirical	ADJ
fbem-2033	23	321	findings	finding	NOUN
fbem-2033	23	322	show	show	VERB
fbem-2033	23	323	that	that	SCONJ
fbem-2033	23	324	corporate	corporate	ADJ
fbem-2033	23	325	social	social	ADJ
fbem-2033	23	326	responsibility	responsibility	NOUN
fbem-2033	23	327	information	information	NOUN
fbem-2033	23	328	disclosure	disclosure	NOUN
fbem-2033	23	329	can	can	AUX
fbem-2033	23	330	significantly	significantly	ADV
fbem-2033	23	331	reduce	reduce	VERB
fbem-2033	23	332	the	the	DET
fbem-2033	23	333	occurrence	occurrence	NOUN
fbem-2033	23	334	of	of	ADP
fbem-2033	23	335	financial	financial	ADJ
fbem-2033	23	336	risks.quan	risks.quan	PROPN
fbem-2033	23	337	xiaofeng	xiaofeng	PROPN
fbem-2033	23	338	et	et	PROPN
fbem-2033	23	339	al	al	PROPN
fbem-2033	23	340	.	.	PROPN
fbem-2033	24	1	(	(	PUNCT
fbem-2033	24	2	2015)[30	2015)[30	NUM
fbem-2033	24	3	]	]	PUNCT
fbem-2033	24	4	believed	believe	VERB
fbem-2033	24	5	that	that	SCONJ
fbem-2033	24	6	the	the	DET
fbem-2033	24	7	"	"	PUNCT
fbem-2033	24	8	embellishment	embellishment	NOUN
fbem-2033	24	9	"	"	PUNCT
fbem-2033	24	10	effect	effect	NOUN
fbem-2033	24	11	of	of	ADP
fbem-2033	24	12	corporate	corporate	ADJ
fbem-2033	24	13	social	social	ADJ
fbem-2033	24	14	responsibility	responsibility	NOUN
fbem-2033	24	15	information	information	NOUN
fbem-2033	24	16	disclosure	disclosure	NOUN
fbem-2033	24	17	may	may	AUX
fbem-2033	24	18	hide	hide	VERB
fbem-2033	24	19	bad	bad	ADJ
fbem-2033	24	20	news	news	NOUN
fbem-2033	24	21	,	,	PUNCT
fbem-2033	24	22	thus	thus	ADV
fbem-2033	24	23	increasing	increase	VERB
fbem-2033	24	24	the	the	DET
fbem-2033	24	25	probability	probability	NOUN
fbem-2033	24	26	of	of	ADP
fbem-2033	24	27	financial	financial	ADJ
fbem-2033	24	28	risks	risk	NOUN
fbem-2033	24	29	of	of	ADP
fbem-2033	24	30	enterprises.yu	enterprises.yu	PROPN
fbem-2033	24	31	fusheng	fusheng	NOUN
fbem-2033	24	32	et	et	PROPN
fbem-2033	24	33	al	al	PROPN
fbem-2033	24	34	.	.	PUNCT
fbem-2033	25	1	(	(	PUNCT
fbem-2033	25	2	2008)[31	2008)[31	X
fbem-2033	25	3	]	]	X
fbem-2033	25	4	,	,	PUNCT
fbem-2033	25	5	zhang	zhang	PROPN
fbem-2033	25	6	dianfeng	dianfeng	PROPN
fbem-2033	25	7	(	(	PUNCT
fbem-2033	25	8	2014)[32]empirical	2014)[32]empirical	ADJ
fbem-2033	25	9	evidence	evidence	NOUN
fbem-2033	25	10	shows	show	VERB
fbem-2033	25	11	that	that	SCONJ
fbem-2033	25	12	improving	improve	VERB
fbem-2033	25	13	corporate	corporate	ADJ
fbem-2033	25	14	governance	governance	NOUN
fbem-2033	25	15	structure	structure	NOUN
fbem-2033	25	16	not	not	PART
fbem-2033	25	17	only	only	ADV
fbem-2033	25	18	helps	help	VERB
fbem-2033	25	19	enterprises	enterprise	NOUN
fbem-2033	25	20	to	to	PART
fbem-2033	25	21	select	select	VERB
fbem-2033	25	22	excellent	excellent	ADJ
fbem-2033	25	23	managers	manager	NOUN
fbem-2033	25	24	,	,	PUNCT
fbem-2033	25	25	but	but	CCONJ
fbem-2033	25	26	also	also	ADV
fbem-2033	25	27	restricts	restrict	VERB
fbem-2033	25	28	the	the	DET
fbem-2033	25	29	high	high	ADJ
fbem-2033	25	30	-	-	PUNCT
fbem-2033	25	31	risk	risk	NOUN
fbem-2033	25	32	actions	action	NOUN
fbem-2033	25	33	of	of	ADP
fbem-2033	25	34	management	management	NOUN
fbem-2033	25	35	,	,	PUNCT
fbem-2033	25	36	thereby	thereby	ADV
fbem-2033	25	37	reducing	reduce	VERB
fbem-2033	25	38	the	the	DET
fbem-2033	25	39	potential	potential	ADJ
fbem-2033	25	40	financial	financial	ADJ
fbem-2033	25	41	risks	risk	NOUN
fbem-2033	25	42	of	of	ADP
fbem-2033	25	43	enterprises	enterprise	NOUN
fbem-2033	25	44	.	.	PUNCT
fbem-2033	26	1	in	in	ADP
fbem-2033	26	2	conclusion	conclusion	NOUN
fbem-2033	26	3	,	,	PUNCT
fbem-2033	26	4	scholars	scholar	NOUN
fbem-2033	26	5	may	may	AUX
fbem-2033	26	6	have	have	VERB
fbem-2033	26	7	slightly	slightly	ADV
fbem-2033	26	8	different	different	ADJ
fbem-2033	26	9	conclusions	conclusion	NOUN
fbem-2033	26	10	due	due	ADP
fbem-2033	26	11	to	to	ADP
fbem-2033	26	12	the	the	DET
fbem-2033	26	13	differences	difference	NOUN
fbem-2033	26	14	in	in	ADP
fbem-2033	26	15	countries	country	NOUN
fbem-2033	26	16	,	,	PUNCT
fbem-2033	26	17	regions	region	NOUN
fbem-2033	26	18	or	or	CCONJ
fbem-2033	26	19	industries	industry	NOUN
fbem-2033	26	20	where	where	SCONJ
fbem-2033	26	21	samples	sample	NOUN
fbem-2033	26	22	are	be	AUX
fbem-2033	26	23	located	locate	VERB
fbem-2033	26	24	and	and	CCONJ
fbem-2033	26	25	different	different	ADJ
fbem-2033	26	26	economic	economic	ADJ
fbem-2033	26	27	indicators	indicator	NOUN
fbem-2033	26	28	,	,	PUNCT
fbem-2033	26	29	but	but	CCONJ
fbem-2033	26	30	in	in	ADP
fbem-2033	26	31	most	most	ADJ
fbem-2033	26	32	cases	case	NOUN
fbem-2033	26	33	,	,	PUNCT
fbem-2033	26	34	esg	esg	PROPN
fbem-2033	26	35	information	information	NOUN
fbem-2033	26	36	disclosure	disclosure	NOUN
fbem-2033	26	37	can	can	AUX
fbem-2033	26	38	have	have	VERB
fbem-2033	26	39	a	a	DET
fbem-2033	26	40	positive	positive	ADJ
fbem-2033	26	41	impact	impact	NOUN
fbem-2033	26	42	on	on	ADP
fbem-2033	26	43	enterprises.at	enterprises.at	NOUN
fbem-2033	26	44	the	the	DET
fbem-2033	26	45	same	same	ADJ
fbem-2033	26	46	time	time	NOUN
fbem-2033	26	47	,	,	PUNCT
fbem-2033	26	48	the	the	DET
fbem-2033	26	49	research	research	NOUN
fbem-2033	26	50	on	on	ADP
fbem-2033	26	51	esg	esg	PROPN
fbem-2033	26	52	in	in	ADP
fbem-2033	26	53	china	china	PROPN
fbem-2033	26	54	started	start	VERB
fbem-2033	26	55	relatively	relatively	ADV
fbem-2033	26	56	late	late	ADV
fbem-2033	26	57	.	.	PUNCT
fbem-2033	27	1	although	although	SCONJ
fbem-2033	27	2	the	the	DET
fbem-2033	27	3	empirical	empirical	ADJ
fbem-2033	27	4	research	research	NOUN
fbem-2033	27	5	on	on	ADP
fbem-2033	27	6	esg	esg	PROPN
fbem-2033	27	7	information	information	NOUN
fbem-2033	27	8	disclosure	disclosure	NOUN
fbem-2033	27	9	and	and	CCONJ
fbem-2033	27	10	corporate	corporate	ADJ
fbem-2033	27	11	financial	financial	ADJ
fbem-2033	27	12	risk	risk	NOUN
fbem-2033	27	13	has	have	AUX
fbem-2033	27	14	gradually	gradually	ADV
fbem-2033	27	15	increased	increase	VERB
fbem-2033	27	16	in	in	ADP
fbem-2033	27	17	recent	recent	ADJ
fbem-2033	27	18	years	year	NOUN
fbem-2033	27	19	,	,	PUNCT
fbem-2033	27	20	most	most	ADJ
fbem-2033	27	21	of	of	ADP
fbem-2033	27	22	the	the	DET
fbem-2033	27	23	research	research	NOUN
fbem-2033	27	24	is	be	AUX
fbem-2033	27	25	conducted	conduct	VERB
fbem-2033	27	26	from	from	ADP
fbem-2033	27	27	a	a	DET
fbem-2033	27	28	single	single	ADJ
fbem-2033	27	29	dimension	dimension	NOUN
fbem-2033	27	30	of	of	ADP
fbem-2033	27	31	esg	esg	PROPN
fbem-2033	27	32	(	(	PUNCT
fbem-2033	27	33	environmental	environmental	ADJ
fbem-2033	27	34	,	,	PUNCT
fbem-2033	27	35	social	social	ADJ
fbem-2033	27	36	and	and	CCONJ
fbem-2033	27	37	governance	governance	NOUN
fbem-2033	27	38	)	)	PUNCT
fbem-2033	27	39	,	,	PUNCT
fbem-2033	27	40	and	and	CCONJ
fbem-2033	27	41	there	there	PRON
fbem-2033	27	42	are	be	VERB
fbem-2033	27	43	few	few	ADJ
fbem-2033	27	44	independent	independent	ADJ
fbem-2033	27	45	studies	study	NOUN
fbem-2033	27	46	on	on	ADP
fbem-2033	27	47	the	the	DET
fbem-2033	27	48	pharmaceutical	pharmaceutical	NOUN
fbem-2033	27	49	industry.based	industry.base	VERB
fbem-2033	27	50	on	on	ADP
fbem-2033	27	51	the	the	DET
fbem-2033	27	52	research	research	NOUN
fbem-2033	27	53	of	of	ADP
fbem-2033	27	54	domestic	domestic	ADJ
fbem-2033	27	55	and	and	CCONJ
fbem-2033	27	56	foreign	foreign	ADJ
fbem-2033	27	57	experts	expert	NOUN
fbem-2033	27	58	and	and	CCONJ
fbem-2033	27	59	scholars	scholar	NOUN
fbem-2033	27	60	,	,	PUNCT
fbem-2033	27	61	this	this	DET
fbem-2033	27	62	study	study	NOUN
fbem-2033	27	63	takes	take	VERB
fbem-2033	27	64	listed	list	VERB
fbem-2033	27	65	companies	company	NOUN
fbem-2033	27	66	in	in	ADP
fbem-2033	27	67	the	the	DET
fbem-2033	27	68	pharmaceutical	pharmaceutical	NOUN
fbem-2033	27	69	manufacturing	manufacturing	NOUN
fbem-2033	27	70	industry	industry	NOUN
fbem-2033	27	71	as	as	ADP
fbem-2033	27	72	an	an	DET
fbem-2033	27	73	example	example	NOUN
fbem-2033	27	74	to	to	PART
fbem-2033	27	75	explore	explore	VERB
fbem-2033	27	76	the	the	DET
fbem-2033	27	77	impact	impact	NOUN
fbem-2033	27	78	of	of	ADP
fbem-2033	27	79	esg	esg	PROPN
fbem-2033	27	80	information	information	NOUN
fbem-2033	27	81	disclosure	disclosure	NOUN
fbem-2033	27	82	on	on	ADP
fbem-2033	27	83	corporate	corporate	ADJ
fbem-2033	27	84	financial	financial	ADJ
fbem-2033	27	85	risk	risk	NOUN
fbem-2033	27	86	.	.	PUNCT
fbem-2033	28	1	3	3	X
fbem-2033	28	2	.	.	X
fbem-2033	28	3	theoretical	theoretical	ADJ
fbem-2033	28	4	analysis	analysis	NOUN
fbem-2033	28	5	and	and	CCONJ
fbem-2033	28	6	research	research	NOUN
fbem-2033	28	7	hypothesis	hypothesis	NOUN
fbem-2033	28	8	enterprise	enterprise	NOUN
fbem-2033	28	9	financial	financial	ADJ
fbem-2033	28	10	risk	risk	NOUN
fbem-2033	28	11	is	be	AUX
fbem-2033	28	12	caused	cause	VERB
fbem-2033	28	13	by	by	ADP
fbem-2033	28	14	the	the	DET
fbem-2033	28	15	uncertainty	uncertainty	NOUN
fbem-2033	28	16	of	of	ADP
fbem-2033	28	17	external	external	ADJ
fbem-2033	28	18	business	business	NOUN
fbem-2033	28	19	environment	environment	NOUN
fbem-2033	28	20	and	and	CCONJ
fbem-2033	28	21	internal	internal	ADJ
fbem-2033	28	22	business	business	NOUN
fbem-2033	28	23	activities.esg	activities.esg	PROPN
fbem-2033	28	24	information	information	NOUN
fbem-2033	28	25	disclosure	disclosure	NOUN
fbem-2033	28	26	is	be	AUX
fbem-2033	28	27	a	a	DET
fbem-2033	28	28	supplement	supplement	NOUN
fbem-2033	28	29	to	to	ADP
fbem-2033	28	30	traditional	traditional	ADJ
fbem-2033	28	31	financial	financial	ADJ
fbem-2033	28	32	report	report	NOUN
fbem-2033	28	33	information	information	NOUN
fbem-2033	28	34	in	in	ADP
fbem-2033	28	35	the	the	DET
fbem-2033	28	36	form	form	NOUN
fbem-2033	28	37	of	of	ADP
fbem-2033	28	38	nonfinancial	nonfinancial	NOUN
fbem-2033	28	39	information.from	information.from	ADP
fbem-2033	28	40	the	the	DET
fbem-2033	28	41	perspective	perspective	NOUN
fbem-2033	28	42	of	of	ADP
fbem-2033	28	43	enterprises	enterprise	NOUN
fbem-2033	28	44	,	,	PUNCT
fbem-2033	28	45	on	on	ADP
fbem-2033	28	46	the	the	DET
fbem-2033	28	47	one	one	NUM
fbem-2033	28	48	hand	hand	NOUN
fbem-2033	28	49	,	,	PUNCT
fbem-2033	28	50	the	the	DET
fbem-2033	28	51	active	active	ADJ
fbem-2033	28	52	practice	practice	NOUN
fbem-2033	28	53	of	of	ADP
fbem-2033	28	54	environmental	environmental	ADJ
fbem-2033	28	55	protection	protection	NOUN
fbem-2033	28	56	,	,	PUNCT
fbem-2033	28	57	social	social	ADJ
fbem-2033	28	58	and	and	CCONJ
fbem-2033	28	59	corporate	corporate	ADJ
fbem-2033	28	60	governance	governance	NOUN
fbem-2033	28	61	is	be	AUX
fbem-2033	28	62	not	not	PART
fbem-2033	28	63	only	only	ADV
fbem-2033	28	64	conducive	conducive	ADJ
fbem-2033	28	65	to	to	PART
fbem-2033	28	66	win	win	VERB
fbem-2033	28	67	the	the	DET
fbem-2033	28	68	trust	trust	NOUN
fbem-2033	28	69	of	of	ADP
fbem-2033	28	70	the	the	DET
fbem-2033	28	71	government	government	NOUN
fbem-2033	28	72	to	to	PART
fbem-2033	28	73	obtain	obtain	VERB
fbem-2033	28	74	policy	policy	NOUN
fbem-2033	28	75	support	support	NOUN
fbem-2033	28	76	,	,	PUNCT
fbem-2033	28	77	but	but	CCONJ
fbem-2033	28	78	also	also	ADV
fbem-2033	28	79	conducive	conducive	ADJ
fbem-2033	28	80	to	to	PART
fbem-2033	28	81	win	win	VERB
fbem-2033	28	82	the	the	DET
fbem-2033	28	83	public	public	ADJ
fbem-2033	28	84	goodwill	goodwill	NOUN
fbem-2033	28	85	to	to	PART
fbem-2033	28	86	improve	improve	VERB
fbem-2033	28	87	the	the	DET
fbem-2033	28	88	economic	economic	ADJ
fbem-2033	28	89	benefits	benefit	NOUN
fbem-2033	28	90	of	of	ADP
fbem-2033	28	91	enterprises	enterprise	NOUN
fbem-2033	28	92	,	,	PUNCT
fbem-2033	28	93	improve	improve	VERB
fbem-2033	28	94	the	the	DET
fbem-2033	28	95	financial	financial	ADJ
fbem-2033	28	96	situation	situation	NOUN
fbem-2033	28	97	,	,	PUNCT
fbem-2033	28	98	and	and	CCONJ
fbem-2033	28	99	then	then	ADV
fbem-2033	28	100	reduce	reduce	VERB
fbem-2033	28	101	the	the	DET
fbem-2033	28	102	possibility	possibility	NOUN
fbem-2033	28	103	of	of	ADP
fbem-2033	28	104	financial	financial	ADJ
fbem-2033	28	105	risks.on	risks.on	NOUN
fbem-2033	28	106	the	the	DET
fbem-2033	28	107	other	other	ADJ
fbem-2033	28	108	hand	hand	NOUN
fbem-2033	28	109	,	,	PUNCT
fbem-2033	28	110	esg	esg	PROPN
fbem-2033	28	111	information	information	NOUN
fbem-2033	28	112	disclosure	disclosure	NOUN
fbem-2033	28	113	can	can	AUX
fbem-2033	28	114	bring	bring	VERB
fbem-2033	28	115	environmental	environmental	ADJ
fbem-2033	28	116	and	and	CCONJ
fbem-2033	28	117	social	social	ADJ
fbem-2033	28	118	issues	issue	NOUN
fbem-2033	28	119	into	into	ADP
fbem-2033	28	120	the	the	DET
fbem-2033	28	121	corporate	corporate	ADJ
fbem-2033	28	122	governance	governance	NOUN
fbem-2033	28	123	system	system	NOUN
fbem-2033	28	124	,	,	PUNCT
fbem-2033	28	125	so	so	SCONJ
fbem-2033	28	126	that	that	SCONJ
fbem-2033	28	127	the	the	DET
fbem-2033	28	128	management	management	NOUN
fbem-2033	28	129	can	can	AUX
fbem-2033	28	130	pay	pay	VERB
fbem-2033	28	131	attention	attention	NOUN
fbem-2033	28	132	to	to	ADP
fbem-2033	28	133	the	the	DET
fbem-2033	28	134	implementation	implementation	NOUN
fbem-2033	28	135	and	and	CCONJ
fbem-2033	28	136	development	development	NOUN
fbem-2033	28	137	of	of	ADP
fbem-2033	28	138	environmental	environmental	ADJ
fbem-2033	28	139	and	and	CCONJ
fbem-2033	28	140	social	social	ADJ
fbem-2033	28	141	issues	issue	NOUN
fbem-2033	28	142	of	of	ADP
fbem-2033	28	143	the	the	DET
fbem-2033	28	144	enterprise	enterprise	NOUN
fbem-2033	28	145	while	while	SCONJ
fbem-2033	28	146	paying	pay	VERB
fbem-2033	28	147	attention	attention	NOUN
fbem-2033	28	148	to	to	ADP
fbem-2033	28	149	the	the	DET
fbem-2033	28	150	economic	economic	ADJ
fbem-2033	28	151	development	development	NOUN
fbem-2033	28	152	of	of	ADP
fbem-2033	28	153	the	the	DET
fbem-2033	28	154	enterprise	enterprise	NOUN
fbem-2033	28	155	,	,	PUNCT
fbem-2033	28	156	so	so	SCONJ
fbem-2033	28	157	that	that	SCONJ
fbem-2033	28	158	the	the	DET
fbem-2033	28	159	management	management	NOUN
fbem-2033	28	160	can	can	AUX
fbem-2033	28	161	have	have	VERB
fbem-2033	28	162	their	their	PRON
fbem-2033	28	163	own	own	ADJ
fbem-2033	28	164	cognition	cognition	NOUN
fbem-2033	28	165	of	of	ADP
fbem-2033	28	166	the	the	DET
fbem-2033	28	167	potential	potential	ADJ
fbem-2033	28	168	negative	negative	ADJ
fbem-2033	28	169	information	information	NOUN
fbem-2033	28	170	of	of	ADP
fbem-2033	28	171	the	the	DET
fbem-2033	28	172	enterprise	enterprise	NOUN
fbem-2033	28	173	operation	operation	NOUN
fbem-2033	28	174	.	.	PUNCT
fbem-2033	29	1	to	to	PART
fbem-2033	29	2	avoid	avoid	VERB
fbem-2033	29	3	investors	investor	NOUN
fbem-2033	29	4	'	'	PART
fbem-2033	29	5	panic	panic	NOUN
fbem-2033	29	6	caused	cause	VERB
fbem-2033	29	7	by	by	ADP
fbem-2033	29	8	the	the	DET
fbem-2033	29	9	sudden	sudden	ADJ
fbem-2033	29	10	explosion	explosion	NOUN
fbem-2033	29	11	of	of	ADP
fbem-2033	29	12	negative	negative	ADJ
fbem-2033	29	13	information	information	NOUN
fbem-2033	29	14	such	such	ADJ
fbem-2033	29	15	as	as	ADP
fbem-2033	29	16	environmental	environmental	ADJ
fbem-2033	29	17	and	and	CCONJ
fbem-2033	29	18	social	social	ADJ
fbem-2033	29	19	issues	issue	NOUN
fbem-2033	29	20	,	,	PUNCT
fbem-2033	29	21	which	which	PRON
fbem-2033	29	22	may	may	AUX
fbem-2033	29	23	lead	lead	VERB
fbem-2033	29	24	to	to	ADP
fbem-2033	29	25	the	the	DET
fbem-2033	29	26	risk	risk	NOUN
fbem-2033	29	27	of	of	ADP
fbem-2033	29	28	stock	stock	NOUN
fbem-2033	29	29	price	price	NOUN
fbem-2033	29	30	crash.in	crash.in	NOUN
fbem-2033	29	31	addition	addition	NOUN
fbem-2033	29	32	,	,	PUNCT
fbem-2033	29	33	the	the	DET
fbem-2033	29	34	better	well	ADJ
fbem-2033	29	35	esg	esg	NOUN
fbem-2033	29	36	performance	performance	NOUN
fbem-2033	29	37	of	of	ADP
fbem-2033	29	38	an	an	DET
fbem-2033	29	39	enterprise	enterprise	NOUN
fbem-2033	29	40	,	,	PUNCT
fbem-2033	29	41	the	the	DET
fbem-2033	29	42	higher	high	ADJ
fbem-2033	29	43	transparency	transparency	NOUN
fbem-2033	29	44	of	of	ADP
fbem-2033	29	45	accounting	accounting	NOUN
fbem-2033	29	46	earnings	earning	NOUN
fbem-2033	29	47	information	information	NOUN
fbem-2033	29	48	(	(	PUNCT
fbem-2033	29	49	xu	xu	PROPN
fbem-2033	29	50	xiangbing	xiangbing	PROPN
fbem-2033	29	51	,	,	PUNCT
fbem-2033	29	52	2022)[33	2022)[33	NOUN
fbem-2033	29	53	]	]	X
fbem-2033	29	54	,	,	PUNCT
fbem-2033	29	55	the	the	PRON
fbem-2033	29	56	less	less	ADV
fbem-2033	29	57	feasible	feasible	ADJ
fbem-2033	29	58	it	it	PRON
fbem-2033	29	59	is	be	AUX
fbem-2033	29	60	for	for	SCONJ
fbem-2033	29	61	enterprises	enterprise	NOUN
fbem-2033	29	62	to	to	PART
fbem-2033	29	63	commit	commit	VERB
fbem-2033	29	64	financial	financial	NOUN
fbem-2033	29	65	fraud.from	fraud.from	ADP
fbem-2033	29	66	the	the	DET
fbem-2033	29	67	perspective	perspective	NOUN
fbem-2033	29	68	of	of	ADP
fbem-2033	29	69	external	external	ADJ
fbem-2033	29	70	investors	investor	NOUN
fbem-2033	29	71	,	,	PUNCT
fbem-2033	29	72	esg	esg	PROPN
fbem-2033	29	73	information	information	NOUN
fbem-2033	29	74	disclosure	disclosure	NOUN
fbem-2033	29	75	can	can	AUX
fbem-2033	29	76	provide	provide	VERB
fbem-2033	29	77	investors	investor	NOUN
fbem-2033	29	78	with	with	ADP
fbem-2033	29	79	more	more	ADV
fbem-2033	29	80	effective	effective	ADJ
fbem-2033	29	81	information	information	NOUN
fbem-2033	29	82	and	and	CCONJ
fbem-2033	29	83	help	help	VERB
fbem-2033	29	84	alleviate	alleviate	VERB
fbem-2033	29	85	the	the	DET
fbem-2033	29	86	information	information	NOUN
fbem-2033	29	87	asymmetry	asymmetry	NOUN
fbem-2033	29	88	between	between	ADP
fbem-2033	29	89	external	external	ADJ
fbem-2033	29	90	investors	investor	NOUN
fbem-2033	29	91	and	and	CCONJ
fbem-2033	29	92	internal	internal	ADJ
fbem-2033	29	93	managers.relevant	managers.relevant	PROPN
fbem-2033	29	94	studies	study	NOUN
fbem-2033	29	95	show	show	VERB
fbem-2033	29	96	that	that	SCONJ
fbem-2033	29	97	more	more	ADJ
fbem-2033	29	98	and	and	CCONJ
fbem-2033	29	99	more	more	ADJ
fbem-2033	29	100	companies	company	NOUN
fbem-2033	29	101	believe	believe	VERB
fbem-2033	29	102	that	that	SCONJ
fbem-2033	29	103	it	it	PRON
fbem-2033	29	104	is	be	AUX
fbem-2033	29	105	valuable	valuable	ADJ
fbem-2033	29	106	to	to	PART
fbem-2033	29	107	fulfill	fulfill	VERB
fbem-2033	29	108	esg	esg	NOUN
fbem-2033	29	109	responsibilities	responsibility	NOUN
fbem-2033	29	110	,	,	PUNCT
fbem-2033	29	111	and	and	CCONJ
fbem-2033	29	112	esg	esg	NOUN
fbem-2033	29	113	responsibility	responsibility	NOUN
fbem-2033	29	114	performance	performance	NOUN
fbem-2033	29	115	is	be	AUX
fbem-2033	29	116	an	an	DET
fbem-2033	29	117	important	important	ADJ
fbem-2033	29	118	part	part	NOUN
fbem-2033	29	119	of	of	ADP
fbem-2033	29	120	corporate	corporate	ADJ
fbem-2033	29	121	risk	risk	NOUN
fbem-2033	29	122	analysis	analysis	NOUN
fbem-2033	29	123	and	and	CCONJ
fbem-2033	29	124	opportunity	opportunity	NOUN
fbem-2033	29	125	analysis	analysis	NOUN
fbem-2033	29	126	,	,	PUNCT
fbem-2033	29	127	which	which	PRON
fbem-2033	29	128	will	will	AUX
fbem-2033	29	129	become	become	VERB
fbem-2033	29	130	an	an	DET
fbem-2033	29	131	important	important	ADJ
fbem-2033	29	132	tool	tool	NOUN
fbem-2033	29	133	for	for	SCONJ
fbem-2033	29	134	investors	investor	NOUN
fbem-2033	29	135	to	to	PART
fbem-2033	29	136	make	make	VERB
fbem-2033	29	137	investment	investment	NOUN
fbem-2033	29	138	decisions	decision	NOUN
fbem-2033	29	139	(	(	PUNCT
fbem-2033	29	140	wang	wang	PROPN
fbem-2033	29	141	jing	jing	PROPN
fbem-2033	29	142	,	,	PUNCT
fbem-2033	29	143	2019)[34	2019)[34	NOUN
fbem-2033	29	144	]	]	PUNCT
fbem-2033	29	145	.	.	PUNCT
fbem-2033	30	1	enterprises	enterprise	NOUN
fbem-2033	30	2	with	with	ADP
fbem-2033	30	3	good	good	ADJ
fbem-2033	30	4	esg	esg	PROPN
fbem-2033	30	5	information	information	NOUN
fbem-2033	30	6	disclosure	disclosure	NOUN
fbem-2033	30	7	can	can	AUX
fbem-2033	30	8	make	make	VERB
fbem-2033	30	9	investors	investor	NOUN
fbem-2033	30	10	perceive	perceive	VERB
fbem-2033	30	11	corporate	corporate	ADJ
fbem-2033	30	12	managers	manager	NOUN
fbem-2033	30	13	'	'	PART
fbem-2033	30	14	higher	high	ADJ
fbem-2033	30	15	social	social	ADJ
fbem-2033	30	16	responsibility	responsibility	NOUN
fbem-2033	30	17	and	and	CCONJ
fbem-2033	30	18	corporate	corporate	ADJ
fbem-2033	30	19	management	management	NOUN
fbem-2033	30	20	level	level	NOUN
fbem-2033	30	21	,	,	PUNCT
fbem-2033	30	22	increase	increase	VERB
fbem-2033	30	23	their	their	PRON
fbem-2033	30	24	trust	trust	NOUN
fbem-2033	30	25	in	in	ADP
fbem-2033	30	26	corporate	corporate	ADJ
fbem-2033	30	27	management	management	NOUN
fbem-2033	30	28	,	,	PUNCT
fbem-2033	30	29	reduce	reduce	VERB
fbem-2033	30	30	their	their	PRON
fbem-2033	30	31	risk	risk	NOUN
fbem-2033	30	32	estimation	estimation	NOUN
fbem-2033	30	33	,	,	PUNCT
fbem-2033	30	34	and	and	CCONJ
fbem-2033	30	35	then	then	ADV
fbem-2033	30	36	reduce	reduce	VERB
fbem-2033	30	37	the	the	DET
fbem-2033	30	38	cost	cost	NOUN
fbem-2033	30	39	of	of	ADP
fbem-2033	30	40	equity	equity	NOUN
fbem-2033	30	41	capital	capital	NOUN
fbem-2033	30	42	and	and	CCONJ
fbem-2033	30	43	financing	financing	NOUN
fbem-2033	30	44	risk.therefore	risk.therefore	ADJ
fbem-2033	30	45	,	,	PUNCT
fbem-2033	30	46	the	the	DET
fbem-2033	30	47	following	follow	VERB
fbem-2033	30	48	hypotheses	hypothesis	NOUN
fbem-2033	30	49	are	be	AUX
fbem-2033	30	50	put	put	VERB
fbem-2033	30	51	forward	forward	ADV
fbem-2033	30	52	:	:	PUNCT
fbem-2033	30	53	hypothesis	hypothesis	NOUN
fbem-2033	30	54	1	1	NUM
fbem-2033	30	55	:	:	PUNCT
fbem-2033	30	56	good	good	ADJ
fbem-2033	30	57	esg	esg	PROPN
fbem-2033	30	58	disclosure	disclosure	NOUN
fbem-2033	30	59	can	can	AUX
fbem-2033	30	60	reduce	reduce	VERB
fbem-2033	30	61	financial	financial	ADJ
fbem-2033	30	62	risk	risk	NOUN
fbem-2033	30	63	alexander	alexander	NOUN
fbem-2033	30	64	and	and	CCONJ
fbem-2033	30	65	thistle	thistle	NOUN
fbem-2033	30	66	(	(	PUNCT
fbem-2033	30	67	1999)[35	1999)[35	NUM
fbem-2033	30	68	]	]	PUNCT
fbem-2033	30	69	,	,	PUNCT
fbem-2033	30	70	benlemlih	benlemlih	ADJ
fbem-2033	30	71	and	and	CCONJ
fbem-2033	30	72	girerdpotin	girerdpotin	ADJ
fbem-2033	30	73	(	(	PUNCT
fbem-2033	30	74	2017)[36]studies	2017)[36]studie	NOUN
fbem-2033	30	75	have	have	AUX
fbem-2033	30	76	found	find	VERB
fbem-2033	30	77	that	that	SCONJ
fbem-2033	30	78	large	large	ADJ
fbem-2033	30	79	scale	scale	NOUN
fbem-2033	30	80	companies	company	NOUN
fbem-2033	30	81	tend	tend	VERB
fbem-2033	30	82	to	to	PART
fbem-2033	30	83	have	have	VERB
fbem-2033	30	84	stronger	strong	ADJ
fbem-2033	30	85	financial	financial	ADJ
fbem-2033	30	86	risk	risk	NOUN
fbem-2033	30	87	management	management	NOUN
fbem-2033	30	88	capabilities	capability	NOUN
fbem-2033	30	89	in	in	ADP
fbem-2033	30	90	the	the	DET
fbem-2033	30	91	market.under	market.under	NOUN
fbem-2033	30	92	the	the	DET
fbem-2033	30	93	background	background	NOUN
fbem-2033	30	94	of	of	ADP
fbem-2033	30	95	current	current	ADJ
fbem-2033	30	96	market	market	NOUN
fbem-2033	30	97	liquidity	liquidity	NOUN
fbem-2033	30	98	contraction	contraction	NOUN
fbem-2033	30	99	,	,	PUNCT
fbem-2033	30	100	small	small	ADJ
fbem-2033	30	101	-	-	PUNCT
fbem-2033	30	102	scale	scale	NOUN
fbem-2033	30	103	enterprises	enterprise	NOUN
fbem-2033	30	104	are	be	AUX
fbem-2033	30	105	more	more	ADV
fbem-2033	30	106	difficult	difficult	ADJ
fbem-2033	30	107	to	to	PART
fbem-2033	30	108	grasp	grasp	VERB
fbem-2033	30	109	the	the	DET
fbem-2033	30	110	future	future	ADJ
fbem-2033	30	111	capital	capital	NOUN
fbem-2033	30	112	flow	flow	NOUN
fbem-2033	30	113	and	and	CCONJ
fbem-2033	30	114	need	need	VERB
fbem-2033	30	115	to	to	PART
fbem-2033	30	116	prepare	prepare	VERB
fbem-2033	30	117	more	more	ADJ
fbem-2033	30	118	cash	cash	NOUN
fbem-2033	30	119	assets	asset	NOUN
fbem-2033	30	120	to	to	PART
fbem-2033	30	121	cope	cope	VERB
fbem-2033	30	122	with	with	ADP
fbem-2033	30	123	possible	possible	ADJ
fbem-2033	30	124	capital	capital	NOUN
fbem-2033	30	125	pressure	pressure	NOUN
fbem-2033	30	126	(	(	PUNCT
fbem-2033	30	127	lan	lan	PROPN
fbem-2033	30	128	yulin	yulin	PROPN
fbem-2033	30	129	,	,	PUNCT
fbem-2033	30	130	2011)[37].obviously	2011)[37].obviously	ADV
fbem-2033	30	131	,	,	PUNCT
fbem-2033	30	132	small	small	ADJ
fbem-2033	30	133	-	-	PUNCT
fbem-2033	30	134	scale	scale	NOUN
fbem-2033	30	135	enterprises	enterprise	NOUN
fbem-2033	30	136	are	be	AUX
fbem-2033	30	137	bound	bind	VERB
fbem-2033	30	138	to	to	PART
fbem-2033	30	139	be	be	AUX
fbem-2033	30	140	more	more	ADV
fbem-2033	30	141	active	active	ADJ
fbem-2033	30	142	in	in	ADP
fbem-2033	30	143	improving	improve	VERB
fbem-2033	30	144	the	the	DET
fbem-2033	30	145	quality	quality	NOUN
fbem-2033	30	146	of	of	ADP
fbem-2033	30	147	esg	esg	PROPN
fbem-2033	30	148	information	information	NOUN
fbem-2033	30	149	disclosure	disclosure	NOUN
fbem-2033	30	150	to	to	PART
fbem-2033	30	151	gain	gain	VERB
fbem-2033	30	152	the	the	DET
fbem-2033	30	153	trust	trust	NOUN
fbem-2033	30	154	of	of	ADP
fbem-2033	30	155	investors	investor	NOUN
fbem-2033	30	156	and	and	CCONJ
fbem-2033	30	157	the	the	DET
fbem-2033	30	158	support	support	NOUN
fbem-2033	30	159	of	of	ADP
fbem-2033	30	160	government	government	NOUN
fbem-2033	30	161	policies	policy	NOUN
fbem-2033	30	162	to	to	PART
fbem-2033	30	163	alleviate	alleviate	VERB
fbem-2033	30	164	the	the	DET
fbem-2033	30	165	financial	financial	ADJ
fbem-2033	30	166	pressure	pressure	NOUN
fbem-2033	30	167	of	of	ADP
fbem-2033	30	168	enterprises	enterprise	NOUN
fbem-2033	30	169	,	,	PUNCT
fbem-2033	30	170	and	and	CCONJ
fbem-2033	30	171	thus	thus	ADV
fbem-2033	30	172	reduce	reduce	VERB
fbem-2033	30	173	the	the	DET
fbem-2033	30	174	financial	financial	ADJ
fbem-2033	30	175	risk	risk	NOUN
fbem-2033	30	176	of	of	ADP
fbem-2033	30	177	enterprises	enterprise	NOUN
fbem-2033	30	178	,	,	PUNCT
fbem-2033	30	179	and	and	CCONJ
fbem-2033	30	180	the	the	DET
fbem-2033	30	181	effect	effect	NOUN
fbem-2033	30	182	may	may	AUX
fbem-2033	30	183	be	be	AUX
fbem-2033	30	184	more	more	ADV
fbem-2033	30	185	significant	significant	ADJ
fbem-2033	30	186	than	than	ADP
fbem-2033	30	187	largescale	largescale	NOUN
fbem-2033	30	188	enterprises.therefore	enterprises.therefore	ADV
fbem-2033	30	189	,	,	PUNCT
fbem-2033	30	190	this	this	DET
fbem-2033	30	191	paper	paper	NOUN
fbem-2033	30	192	puts	put	VERB
fbem-2033	30	193	forward	forward	ADV
fbem-2033	30	194	the	the	DET
fbem-2033	30	195	following	follow	VERB
fbem-2033	30	196	hypotheses	hypothesis	NOUN
fbem-2033	30	197	:	:	PUNCT
fbem-2033	30	198	hypothesis	hypothesis	NOUN
fbem-2033	30	199	2	2	NUM
fbem-2033	30	200	:	:	PUNCT
fbem-2033	30	201	compared	compare	VERB
fbem-2033	30	202	with	with	ADP
fbem-2033	30	203	large	large	ADJ
fbem-2033	30	204	-	-	PUNCT
fbem-2033	30	205	scale	scale	NOUN
fbem-2033	30	206	enterprises	enterprise	NOUN
fbem-2033	30	207	,	,	PUNCT
fbem-2033	30	208	small	small	ADJ
fbem-2033	30	209	-	-	PUNCT
fbem-2033	30	210	scale	scale	NOUN
fbem-2033	30	211	enterprises	enterprise	NOUN
fbem-2033	30	212	with	with	ADP
fbem-2033	30	213	good	good	ADJ
fbem-2033	30	214	esg	esg	PROPN
fbem-2033	30	215	information	information	NOUN
fbem-2033	30	216	disclosure	disclosure	NOUN
fbem-2033	30	217	can	can	AUX
fbem-2033	30	218	reduce	reduce	VERB
fbem-2033	30	219	financial	financial	ADJ
fbem-2033	30	220	risk	risk	NOUN
fbem-2033	30	221	more	more	ADJ
fbem-2033	30	222	state	state	NOUN
fbem-2033	30	223	-	-	PUNCT
fbem-2033	30	224	owned	own	VERB
fbem-2033	30	225	enterprises	enterprise	NOUN
fbem-2033	30	226	need	need	VERB
fbem-2033	30	227	to	to	PART
fbem-2033	30	228	stand	stand	VERB
fbem-2033	30	229	at	at	ADP
fbem-2033	30	230	the	the	DET
fbem-2033	30	231	national	national	ADJ
fbem-2033	30	232	level	level	NOUN
fbem-2033	30	233	as	as	ADP
fbem-2033	30	234	a	a	DET
fbem-2033	30	235	model	model	NOUN
fbem-2033	30	236	to	to	PART
fbem-2033	30	237	fulfill	fulfill	VERB
fbem-2033	30	238	their	their	PRON
fbem-2033	30	239	social	social	ADJ
fbem-2033	30	240	responsibilities	responsibility	NOUN
fbem-2033	30	241	.	.	PUNCT
fbem-2033	31	1	they	they	PRON
fbem-2033	31	2	usually	usually	ADV
fbem-2033	31	3	assume	assume	VERB
fbem-2033	31	4	more	more	ADJ
fbem-2033	31	5	responsibilities	responsibility	NOUN
fbem-2033	31	6	in	in	ADP
fbem-2033	31	7	the	the	DET
fbem-2033	31	8	society	society	NOUN
fbem-2033	31	9	and	and	CCONJ
fbem-2033	31	10	are	be	AUX
fbem-2033	31	11	more	more	ADV
fbem-2033	31	12	strictly	strictly	ADV
fbem-2033	31	13	regulated	regulate	VERB
fbem-2033	31	14	by	by	ADP
fbem-2033	31	15	the	the	DET
fbem-2033	31	16	government	government	NOUN
fbem-2033	31	17	,	,	PUNCT
fbem-2033	31	18	while	while	SCONJ
fbem-2033	31	19	non	non	ADJ
fbem-2033	31	20	-	-	ADJ
fbem-2033	31	21	state	state	NOUN
fbem-2033	31	22	-	-	PUNCT
fbem-2033	31	23	owned	own	VERB
fbem-2033	31	24	266	266	NUM
fbem-2033	31	25	enterprises	enterprise	NOUN
fbem-2033	31	26	mainly	mainly	ADV
fbem-2033	31	27	aim	aim	VERB
fbem-2033	31	28	at	at	ADP
fbem-2033	31	29	improving	improve	VERB
fbem-2033	31	30	economic	economic	ADJ
fbem-2033	31	31	benefits	benefit	NOUN
fbem-2033	31	32	(	(	PUNCT
fbem-2033	31	33	wang	wang	PROPN
fbem-2033	31	34	bo	bo	PROPN
fbem-2033	31	35	and	and	CCONJ
fbem-2033	31	36	yang	yang	PROPN
fbem-2033	31	37	jiamao	jiamao	PROPN
fbem-2033	31	38	,	,	PUNCT
fbem-2033	31	39	2022)[38].therefore	2022)[38].therefore	NUM
fbem-2033	31	40	,	,	PUNCT
fbem-2033	31	41	compared	compare	VERB
fbem-2033	31	42	with	with	ADP
fbem-2033	31	43	state	state	NOUN
fbem-2033	31	44	-	-	PUNCT
fbem-2033	31	45	owned	own	VERB
fbem-2033	31	46	enterprises	enterprise	NOUN
fbem-2033	31	47	,	,	PUNCT
fbem-2033	31	48	the	the	DET
fbem-2033	31	49	public	public	NOUN
fbem-2033	31	50	has	have	VERB
fbem-2033	31	51	lower	low	ADJ
fbem-2033	31	52	expectations	expectation	NOUN
fbem-2033	31	53	for	for	ADP
fbem-2033	31	54	non	non	ADJ
fbem-2033	31	55	-	-	ADJ
fbem-2033	31	56	state	state	NOUN
fbem-2033	31	57	-	-	PUNCT
fbem-2033	31	58	owned	own	VERB
fbem-2033	31	59	enterprises	enterprise	NOUN
fbem-2033	31	60	to	to	PART
fbem-2033	31	61	fulfill	fulfill	VERB
fbem-2033	31	62	their	their	PRON
fbem-2033	31	63	esg	esg	NOUN
fbem-2033	31	64	responsibilities.at	responsibilities.at	NOUN
fbem-2033	31	65	this	this	DET
fbem-2033	31	66	point	point	NOUN
fbem-2033	31	67	,	,	PUNCT
fbem-2033	31	68	if	if	SCONJ
fbem-2033	31	69	the	the	DET
fbem-2033	31	70	state	state	NOUN
fbem-2033	31	71	-	-	PUNCT
fbem-2033	31	72	owned	own	VERB
fbem-2033	31	73	enterprises	enterprise	NOUN
fbem-2033	31	74	are	be	AUX
fbem-2033	31	75	not	not	PART
fbem-2033	31	76	involved	involve	VERB
fbem-2033	31	77	in	in	ADP
fbem-2033	31	78	social	social	ADJ
fbem-2033	31	79	governance	governance	NOUN
fbem-2033	31	80	in	in	ADP
fbem-2033	31	81	an	an	DET
fbem-2033	31	82	unexpected	unexpected	ADJ
fbem-2033	31	83	way	way	NOUN
fbem-2033	31	84	,	,	PUNCT
fbem-2033	31	85	on	on	ADP
fbem-2033	31	86	the	the	DET
fbem-2033	31	87	one	one	NUM
fbem-2033	31	88	hand	hand	NOUN
fbem-2033	31	89	,	,	PUNCT
fbem-2033	31	90	investors	investor	NOUN
fbem-2033	31	91	will	will	AUX
fbem-2033	31	92	think	think	VERB
fbem-2033	31	93	that	that	SCONJ
fbem-2033	31	94	the	the	DET
fbem-2033	31	95	enterprises	enterprise	NOUN
fbem-2033	31	96	have	have	VERB
fbem-2033	31	97	more	more	ADJ
fbem-2033	31	98	development	development	NOUN
fbem-2033	31	99	potential	potential	NOUN
fbem-2033	31	100	and	and	CCONJ
fbem-2033	31	101	investment	investment	NOUN
fbem-2033	31	102	value.on	value.on	PRON
fbem-2033	31	103	the	the	DET
fbem-2033	31	104	other	other	ADJ
fbem-2033	31	105	hand	hand	NOUN
fbem-2033	31	106	,	,	PUNCT
fbem-2033	31	107	it	it	PRON
fbem-2033	31	108	can	can	AUX
fbem-2033	31	109	also	also	ADV
fbem-2033	31	110	strengthen	strengthen	VERB
fbem-2033	31	111	the	the	DET
fbem-2033	31	112	government	government	NOUN
fbem-2033	31	113	's	's	PART
fbem-2033	31	114	trust	trust	NOUN
fbem-2033	31	115	in	in	ADP
fbem-2033	31	116	the	the	DET
fbem-2033	31	117	enterprise	enterprise	NOUN
fbem-2033	31	118	,	,	PUNCT
fbem-2033	31	119	so	so	SCONJ
fbem-2033	31	120	that	that	SCONJ
fbem-2033	31	121	the	the	DET
fbem-2033	31	122	enterprise	enterprise	NOUN
fbem-2033	31	123	is	be	AUX
fbem-2033	31	124	very	very	ADV
fbem-2033	31	125	likely	likely	ADJ
fbem-2033	31	126	to	to	PART
fbem-2033	31	127	get	get	VERB
fbem-2033	31	128	more	more	ADJ
fbem-2033	31	129	policy	policy	NOUN
fbem-2033	31	130	dividends	dividend	NOUN
fbem-2033	31	131	,	,	PUNCT
fbem-2033	31	132	and	and	CCONJ
fbem-2033	31	133	then	then	ADV
fbem-2033	31	134	effectively	effectively	ADV
fbem-2033	31	135	reduce	reduce	VERB
fbem-2033	31	136	the	the	DET
fbem-2033	31	137	possibility	possibility	NOUN
fbem-2033	31	138	of	of	ADP
fbem-2033	31	139	the	the	DET
fbem-2033	31	140	occurrence	occurrence	NOUN
fbem-2033	31	141	of	of	ADP
fbem-2033	31	142	corporate	corporate	ADJ
fbem-2033	31	143	financial	financial	NOUN
fbem-2033	31	144	risks.therefore	risks.therefore	PROPN
fbem-2033	31	145	,	,	PUNCT
fbem-2033	31	146	this	this	DET
fbem-2033	31	147	paper	paper	NOUN
fbem-2033	31	148	proposes	propose	VERB
fbem-2033	31	149	the	the	DET
fbem-2033	31	150	following	follow	VERB
fbem-2033	31	151	hypotheses	hypothesis	NOUN
fbem-2033	31	152	:	:	PUNCT
fbem-2033	31	153	hypothesis	hypothesis	NOUN
fbem-2033	31	154	3	3	NUM
fbem-2033	31	155	:	:	PUNCT
fbem-2033	31	156	compared	compare	VERB
fbem-2033	31	157	with	with	ADP
fbem-2033	31	158	state	state	NOUN
fbem-2033	31	159	-	-	PUNCT
fbem-2033	31	160	owned	own	VERB
fbem-2033	31	161	enterprises	enterprise	NOUN
fbem-2033	31	162	,	,	PUNCT
fbem-2033	31	163	non	non	ADJ
fbem-2033	31	164	-	-	ADJ
fbem-2033	31	165	state	state	NOUN
fbem-2033	31	166	-	-	PUNCT
fbem-2033	31	167	owned	own	VERB
fbem-2033	31	168	enterprises	enterprise	NOUN
fbem-2033	31	169	with	with	ADP
fbem-2033	31	170	good	good	ADJ
fbem-2033	31	171	esg	esg	PROPN
fbem-2033	31	172	information	information	NOUN
fbem-2033	31	173	disclosure	disclosure	NOUN
fbem-2033	31	174	can	can	AUX
fbem-2033	31	175	reduce	reduce	VERB
fbem-2033	31	176	corporate	corporate	ADJ
fbem-2033	31	177	financial	financial	ADJ
fbem-2033	31	178	risk	risk	NOUN
fbem-2033	31	179	more	more	ADJ
fbem-2033	31	180	chen	chen	PROPN
fbem-2033	31	181	cheng	cheng	PROPN
fbem-2033	31	182	et	et	PROPN
fbem-2033	31	183	al	al	PROPN
fbem-2033	31	184	.	.	PUNCT
fbem-2033	32	1	(	(	PUNCT
fbem-2033	32	2	2022)[39]it	2022)[39]it	NOUN
fbem-2033	32	3	is	be	AUX
fbem-2033	32	4	believed	believe	VERB
fbem-2033	32	5	that	that	SCONJ
fbem-2033	32	6	in	in	ADP
fbem-2033	32	7	regions	region	NOUN
fbem-2033	32	8	with	with	ADP
fbem-2033	32	9	a	a	DET
fbem-2033	32	10	high	high	ADJ
fbem-2033	32	11	marketization	marketization	NOUN
fbem-2033	32	12	process	process	NOUN
fbem-2033	32	13	,	,	PUNCT
fbem-2033	32	14	corporate	corporate	ADJ
fbem-2033	32	15	social	social	ADJ
fbem-2033	32	16	responsibility	responsibility	NOUN
fbem-2033	32	17	governance	governance	NOUN
fbem-2033	32	18	information	information	NOUN
fbem-2033	32	19	will	will	AUX
fbem-2033	32	20	be	be	AUX
fbem-2033	32	21	more	more	ADV
fbem-2033	32	22	authentic	authentic	ADJ
fbem-2033	32	23	,	,	PUNCT
fbem-2033	32	24	reliable	reliable	ADJ
fbem-2033	32	25	and	and	CCONJ
fbem-2033	32	26	transparent	transparent	ADJ
fbem-2033	32	27	,	,	PUNCT
fbem-2033	32	28	and	and	CCONJ
fbem-2033	32	29	investors	investor	NOUN
fbem-2033	32	30	and	and	CCONJ
fbem-2033	32	31	consumers	consumer	NOUN
fbem-2033	32	32	will	will	AUX
fbem-2033	32	33	pay	pay	VERB
fbem-2033	32	34	more	more	ADJ
fbem-2033	32	35	attention	attention	NOUN
fbem-2033	32	36	to	to	ADP
fbem-2033	32	37	and	and	CCONJ
fbem-2033	32	38	recognize	recognize	VERB
fbem-2033	32	39	corporate	corporate	ADJ
fbem-2033	32	40	esg	esg	PROPN
fbem-2033	32	41	information	information	NOUN
fbem-2033	32	42	disclosure	disclosure	NOUN
fbem-2033	32	43	.	.	PUNCT
fbem-2033	33	1	therefore	therefore	ADV
fbem-2033	33	2	,	,	PUNCT
fbem-2033	33	3	enterprises	enterprise	NOUN
fbem-2033	33	4	that	that	PRON
fbem-2033	33	5	actively	actively	ADV
fbem-2033	33	6	fulfill	fulfill	VERB
fbem-2033	33	7	esg	esg	NOUN
fbem-2033	33	8	responsibilities	responsibility	NOUN
fbem-2033	33	9	in	in	ADP
fbem-2033	33	10	regions	region	NOUN
fbem-2033	33	11	with	with	ADP
fbem-2033	33	12	high	high	ADJ
fbem-2033	33	13	marketization	marketization	NOUN
fbem-2033	33	14	process	process	NOUN
fbem-2033	33	15	will	will	AUX
fbem-2033	33	16	be	be	AUX
fbem-2033	33	17	more	more	ADV
fbem-2033	33	18	favored	favor	VERB
fbem-2033	33	19	by	by	ADP
fbem-2033	33	20	investors	investor	NOUN
fbem-2033	33	21	and	and	CCONJ
fbem-2033	33	22	consumers	consumer	NOUN
fbem-2033	33	23	,	,	PUNCT
fbem-2033	33	24	which	which	PRON
fbem-2033	33	25	will	will	AUX
fbem-2033	33	26	reduce	reduce	VERB
fbem-2033	33	27	the	the	DET
fbem-2033	33	28	financing	financing	NOUN
fbem-2033	33	29	risk	risk	NOUN
fbem-2033	33	30	and	and	CCONJ
fbem-2033	33	31	business	business	NOUN
fbem-2033	33	32	risk	risk	NOUN
fbem-2033	33	33	of	of	ADP
fbem-2033	33	34	enterprises	enterprise	NOUN
fbem-2033	33	35	.han	.han	PUNCT
fbem-2033	33	36	fang	fang	X
fbem-2033	33	37	and	and	CCONJ
fbem-2033	33	38	yang	yang	PROPN
fbem-2033	33	39	liu	liu	PROPN
fbem-2033	33	40	(	(	PUNCT
fbem-2033	33	41	2021)[28]the	2021)[28]the	DET
fbem-2033	33	42	study	study	NOUN
fbem-2033	33	43	showed	show	VERB
fbem-2033	33	44	that	that	SCONJ
fbem-2033	33	45	in	in	ADP
fbem-2033	33	46	the	the	DET
fbem-2033	33	47	regions	region	NOUN
fbem-2033	33	48	with	with	ADP
fbem-2033	33	49	higher	high	ADJ
fbem-2033	33	50	marketization	marketization	NOUN
fbem-2033	33	51	process	process	NOUN
fbem-2033	33	52	,	,	PUNCT
fbem-2033	33	53	market	market	NOUN
fbem-2033	33	54	funds	fund	NOUN
fbem-2033	33	55	are	be	AUX
fbem-2033	33	56	more	more	ADV
fbem-2033	33	57	abundant	abundant	ADJ
fbem-2033	33	58	,	,	PUNCT
fbem-2033	33	59	the	the	DET
fbem-2033	33	60	level	level	NOUN
fbem-2033	33	61	of	of	ADP
fbem-2033	33	62	financial	financial	ADJ
fbem-2033	33	63	industry	industry	NOUN
fbem-2033	33	64	development	development	NOUN
fbem-2033	33	65	is	be	AUX
fbem-2033	33	66	higher	high	ADJ
fbem-2033	33	67	,	,	PUNCT
fbem-2033	33	68	the	the	DET
fbem-2033	33	69	channels	channel	NOUN
fbem-2033	33	70	for	for	ADP
fbem-2033	33	71	obtaining	obtain	VERB
fbem-2033	33	72	market	market	NOUN
fbem-2033	33	73	information	information	NOUN
fbem-2033	33	74	are	be	AUX
fbem-2033	33	75	richer	rich	ADJ
fbem-2033	33	76	and	and	CCONJ
fbem-2033	33	77	more	more	ADV
fbem-2033	33	78	convenient	convenient	ADJ
fbem-2033	33	79	,	,	PUNCT
fbem-2033	33	80	and	and	CCONJ
fbem-2033	33	81	the	the	DET
fbem-2033	33	82	efficiency	efficiency	NOUN
fbem-2033	33	83	of	of	ADP
fbem-2033	33	84	obtaining	obtain	VERB
fbem-2033	33	85	capital	capital	NOUN
fbem-2033	33	86	supply	supply	NOUN
fbem-2033	33	87	is	be	AUX
fbem-2033	33	88	also	also	ADV
fbem-2033	33	89	higher	high	ADJ
fbem-2033	33	90	.	.	PUNCT
fbem-2033	34	1	therefore	therefore	ADV
fbem-2033	34	2	,	,	PUNCT
fbem-2033	34	3	in	in	ADP
fbem-2033	34	4	regions	region	NOUN
fbem-2033	34	5	with	with	ADP
fbem-2033	34	6	a	a	DET
fbem-2033	34	7	higher	high	ADJ
fbem-2033	34	8	degree	degree	NOUN
fbem-2033	34	9	of	of	ADP
fbem-2033	34	10	marketization	marketization	NOUN
fbem-2033	34	11	,	,	PUNCT
fbem-2033	34	12	enterprises	enterprise	NOUN
fbem-2033	34	13	enhance	enhance	VERB
fbem-2033	34	14	financial	financial	ADJ
fbem-2033	34	15	transparency	transparency	NOUN
fbem-2033	34	16	by	by	ADP
fbem-2033	34	17	performing	perform	VERB
fbem-2033	34	18	esg	esg	NOUN
fbem-2033	34	19	and	and	CCONJ
fbem-2033	34	20	have	have	VERB
fbem-2033	34	21	higher	high	ADJ
fbem-2033	34	22	motivation	motivation	NOUN
fbem-2033	34	23	to	to	PART
fbem-2033	34	24	mitigate	mitigate	VERB
fbem-2033	34	25	financial	financial	ADJ
fbem-2033	34	26	risks	risk	NOUN
fbem-2033	34	27	.	.	PUNCT
fbem-2033	35	1	therefore	therefore	ADV
fbem-2033	35	2	,	,	PUNCT
fbem-2033	35	3	the	the	DET
fbem-2033	35	4	following	follow	VERB
fbem-2033	35	5	hypotheses	hypothesis	NOUN
fbem-2033	35	6	are	be	AUX
fbem-2033	35	7	proposed	propose	VERB
fbem-2033	35	8	:	:	PUNCT
fbem-2033	35	9	hypothesis	hypothesis	NOUN
fbem-2033	35	10	4	4	NUM
fbem-2033	35	11	:	:	PUNCT
fbem-2033	35	12	compared	compare	VERB
fbem-2033	35	13	with	with	ADP
fbem-2033	35	14	enterprises	enterprise	NOUN
fbem-2033	35	15	in	in	ADP
fbem-2033	35	16	regions	region	NOUN
fbem-2033	35	17	with	with	ADP
fbem-2033	35	18	low	low	ADJ
fbem-2033	35	19	marketization	marketization	NOUN
fbem-2033	35	20	degree	degree	NOUN
fbem-2033	35	21	,	,	PUNCT
fbem-2033	35	22	enterprises	enterprise	NOUN
fbem-2033	35	23	in	in	ADP
fbem-2033	35	24	regions	region	NOUN
fbem-2033	35	25	with	with	ADP
fbem-2033	35	26	high	high	ADJ
fbem-2033	35	27	marketization	marketization	NOUN
fbem-2033	35	28	degree	degree	NOUN
fbem-2033	35	29	and	and	CCONJ
fbem-2033	35	30	good	good	ADJ
fbem-2033	35	31	esg	esg	PROPN
fbem-2033	35	32	information	information	NOUN
fbem-2033	35	33	disclosure	disclosure	NOUN
fbem-2033	35	34	can	can	AUX
fbem-2033	35	35	reduce	reduce	VERB
fbem-2033	35	36	financial	financial	ADJ
fbem-2033	35	37	risk	risk	NOUN
fbem-2033	35	38	more	more	ADJ
fbem-2033	35	39	4	4	NUM
fbem-2033	35	40	.	.	PUNCT
fbem-2033	35	41	research	research	NOUN
fbem-2033	35	42	design	design	NOUN
fbem-2033	35	43	4.1	4.1	NUM
fbem-2033	35	44	.	.	PUNCT
fbem-2033	36	1	sample	sample	NOUN
fbem-2033	36	2	selection	selection	NOUN
fbem-2033	36	3	and	and	CCONJ
fbem-2033	36	4	data	datum	NOUN
fbem-2033	36	5	sources	source	NOUN
fbem-2033	36	6	listed	list	VERB
fbem-2033	36	7	companies	company	NOUN
fbem-2033	36	8	in	in	ADP
fbem-2033	36	9	china	china	PROPN
fbem-2033	36	10	's	's	PART
fbem-2033	36	11	a	a	DET
fbem-2033	36	12	-	-	PUNCT
fbem-2033	36	13	share	share	NOUN
fbem-2033	36	14	pharmaceutical	pharmaceutical	NOUN
fbem-2033	36	15	industry	industry	NOUN
fbem-2033	36	16	from	from	ADP
fbem-2033	36	17	2017	2017	NUM
fbem-2033	36	18	to	to	ADP
fbem-2033	36	19	2020	2020	NUM
fbem-2033	36	20	were	be	AUX
fbem-2033	36	21	selected	select	VERB
fbem-2033	36	22	as	as	ADP
fbem-2033	36	23	the	the	DET
fbem-2033	36	24	research	research	NOUN
fbem-2033	36	25	samples.when	samples.when	NOUN
fbem-2033	36	26	selecting	select	VERB
fbem-2033	36	27	the	the	DET
fbem-2033	36	28	sample	sample	NOUN
fbem-2033	36	29	,	,	PUNCT
fbem-2033	36	30	we	we	PRON
fbem-2033	36	31	excluded	exclude	VERB
fbem-2033	36	32	st	st	PROPN
fbem-2033	36	33	,	,	PUNCT
fbem-2033	36	34	st	st	PROPN
fbem-2033	36	35	*	*	PROPN
fbem-2033	36	36	companies	company	NOUN
fbem-2033	36	37	,	,	PUNCT
fbem-2033	36	38	and	and	CCONJ
fbem-2033	36	39	some	some	DET
fbem-2033	36	40	companies	company	NOUN
fbem-2033	36	41	with	with	ADP
fbem-2033	36	42	missing	miss	VERB
fbem-2033	36	43	variables	variable	NOUN
fbem-2033	36	44	,	,	PUNCT
fbem-2033	36	45	and	and	CCONJ
fbem-2033	36	46	a	a	DET
fbem-2033	36	47	total	total	NOUN
fbem-2033	36	48	of	of	ADP
fbem-2033	36	49	122	122	NUM
fbem-2033	36	50	sample	sample	NOUN
fbem-2033	36	51	companies	company	NOUN
fbem-2033	36	52	were	be	AUX
fbem-2033	36	53	finally	finally	ADV
fbem-2033	36	54	used	use	VERB
fbem-2033	36	55	for	for	SCONJ
fbem-2033	36	56	analysis.the	analysis.the	DET
fbem-2033	36	57	esg	esg	NOUN
fbem-2033	36	58	rating	rating	NOUN
fbem-2033	36	59	data	datum	NOUN
fbem-2033	36	60	used	use	VERB
fbem-2033	36	61	in	in	ADP
fbem-2033	36	62	this	this	DET
fbem-2033	36	63	study	study	NOUN
fbem-2033	36	64	were	be	AUX
fbem-2033	36	65	obtained	obtain	VERB
fbem-2033	36	66	from	from	ADP
fbem-2033	36	67	wind	wind	NOUN
fbem-2033	36	68	database	database	NOUN
fbem-2033	36	69	,	,	PUNCT
fbem-2033	36	70	the	the	DET
fbem-2033	36	71	financial	financial	ADJ
fbem-2033	36	72	data	datum	NOUN
fbem-2033	36	73	were	be	AUX
fbem-2033	36	74	obtained	obtain	VERB
fbem-2033	36	75	from	from	ADP
fbem-2033	36	76	csmar	csmar	PROPN
fbem-2033	36	77	,	,	PUNCT
fbem-2033	36	78	and	and	CCONJ
fbem-2033	36	79	the	the	DET
fbem-2033	36	80	marketization	marketization	NOUN
fbem-2033	36	81	level	level	NOUN
fbem-2033	36	82	was	be	AUX
fbem-2033	36	83	obtained	obtain	VERB
fbem-2033	36	84	from	from	ADP
fbem-2033	36	85	china	china	PROPN
fbem-2033	36	86	provincial	provincial	ADJ
fbem-2033	36	87	marketization	marketization	NOUN
fbem-2033	36	88	index	index	NOUN
fbem-2033	36	89	database	database	NOUN
fbem-2033	36	90	.	.	PUNCT
fbem-2033	37	1	4.2	4.2	NUM
fbem-2033	37	2	.	.	PUNCT
fbem-2033	37	3	variable	variable	ADJ
fbem-2033	37	4	selection	selection	NOUN
fbem-2033	37	5	(	(	PUNCT
fbem-2033	37	6	1	1	X
fbem-2033	37	7	)	)	PUNCT
fbem-2033	37	8	explained	explain	VERB
fbem-2033	37	9	variables.the	variables.the	DET
fbem-2033	37	10	z	z	NOUN
fbem-2033	37	11	-	-	PUNCT
fbem-2033	37	12	value	value	NOUN
fbem-2033	37	13	proposed	propose	VERB
fbem-2033	37	14	by	by	ADP
fbem-2033	37	15	edward	edward	PROPN
fbem-2033	37	16	altman	altman	PROPN
fbem-2033	37	17	(	(	PUNCT
fbem-2033	37	18	1968	1968	NUM
fbem-2033	37	19	)	)	PUNCT
fbem-2033	37	20	,	,	PUNCT
fbem-2033	37	21	which	which	PRON
fbem-2033	37	22	is	be	AUX
fbem-2033	37	23	widely	widely	ADV
fbem-2033	37	24	used	use	VERB
fbem-2033	37	25	at	at	ADP
fbem-2033	37	26	present	present	ADJ
fbem-2033	37	27	,	,	PUNCT
fbem-2033	37	28	is	be	AUX
fbem-2033	37	29	used	use	VERB
fbem-2033	37	30	to	to	PART
fbem-2033	37	31	measure	measure	VERB
fbem-2033	37	32	the	the	DET
fbem-2033	37	33	financial	financial	ADJ
fbem-2033	37	34	risk	risk	NOUN
fbem-2033	37	35	of	of	ADP
fbem-2033	37	36	enterprises.a	enterprises.a	NOUN
fbem-2033	37	37	larger	large	ADJ
fbem-2033	37	38	z	z	NOUN
fbem-2033	37	39	value	value	NOUN
fbem-2033	37	40	indicates	indicate	VERB
fbem-2033	37	41	a	a	DET
fbem-2033	37	42	lower	low	ADJ
fbem-2033	37	43	financial	financial	ADJ
fbem-2033	37	44	risk	risk	NOUN
fbem-2033	37	45	,	,	PUNCT
fbem-2033	37	46	while	while	SCONJ
fbem-2033	37	47	a	a	DET
fbem-2033	37	48	smaller	small	ADJ
fbem-2033	37	49	z	z	NOUN
fbem-2033	37	50	value	value	NOUN
fbem-2033	37	51	indicates	indicate	VERB
fbem-2033	37	52	a	a	DET
fbem-2033	37	53	higher	high	ADJ
fbem-2033	37	54	financial	financial	ADJ
fbem-2033	37	55	risk.the	risk.the	ADJ
fbem-2033	37	56	z	z	NOUN
fbem-2033	37	57	value	value	NOUN
fbem-2033	37	58	is	be	AUX
fbem-2033	37	59	calculated	calculate	VERB
fbem-2033	37	60	using	use	VERB
fbem-2033	37	61	the	the	DET
fbem-2033	37	62	following	follow	VERB
fbem-2033	37	63	formula	formula	NOUN
fbem-2033	37	64	:	:	PUNCT
fbem-2033	37	65	z=1.2	z=1.2	NOUN
fbem-2033	37	66	(	(	PUNCT
fbem-2033	37	67	working	work	VERB
fbem-2033	37	68	capital	capital	NOUN
fbem-2033	37	69	/	/	SYM
fbem-2033	37	70	total	total	ADJ
fbem-2033	37	71	assets	asset	NOUN
fbem-2033	37	72	)	)	PUNCT
fbem-2033	38	1	+1.4	+1.4	CCONJ
fbem-2033	38	2	(	(	PUNCT
fbem-2033	38	3	cumulative	cumulative	ADJ
fbem-2033	38	4	retained	retain	VERB
fbem-2033	38	5	earnings	earning	NOUN
fbem-2033	38	6	/	/	SYM
fbem-2033	38	7	total	total	ADJ
fbem-2033	38	8	assets	asset	NOUN
fbem-2033	38	9	)	)	PUNCT
fbem-2033	38	10	+3.3	+3.3	NUM
fbem-2033	38	11	(	(	PUNCT
fbem-2033	38	12	ebit	ebit	NOUN
fbem-2033	38	13	/	/	SYM
fbem-2033	38	14	total	total	ADJ
fbem-2033	38	15	assets	asset	NOUN
fbem-2033	38	16	)	)	PUNCT
fbem-2033	38	17	+0.6	+0.6	NOUN
fbem-2033	38	18	(	(	PUNCT
fbem-2033	38	19	market	market	NOUN
fbem-2033	38	20	value	value	NOUN
fbem-2033	38	21	of	of	ADP
fbem-2033	38	22	owner	owner	NOUN
fbem-2033	38	23	's	's	PART
fbem-2033	38	24	equity	equity	NOUN
fbem-2033	38	25	/	/	SYM
fbem-2033	38	26	total	total	ADJ
fbem-2033	38	27	liabilities	liability	NOUN
fbem-2033	38	28	)	)	PUNCT
fbem-2033	38	29	+0.999	+0.999	ADV
fbem-2033	38	30	(	(	PUNCT
fbem-2033	38	31	sales	sale	NOUN
fbem-2033	38	32	revenue	revenue	NOUN
fbem-2033	38	33	/	/	SYM
fbem-2033	38	34	total	total	ADJ
fbem-2033	38	35	assets	asset	NOUN
fbem-2033	38	36	)	)	PUNCT
fbem-2033	38	37	.	.	PUNCT
fbem-2033	39	1	table	table	NOUN
fbem-2033	39	2	1	1	NUM
fbem-2033	39	3	.	.	PUNCT
fbem-2033	39	4	table	table	NOUN
fbem-2033	39	5	of	of	ADP
fbem-2033	39	6	variable	variable	ADJ
fbem-2033	39	7	definitions	definition	NOUN
fbem-2033	39	8	the	the	DET
fbem-2033	39	9	variable	variable	ADJ
fbem-2033	39	10	name	name	NOUN
fbem-2033	39	11	variable	variable	ADJ
fbem-2033	39	12	symbol	symbol	NOUN
fbem-2033	39	13	variable	variable	ADJ
fbem-2033	39	14	definitions	definition	NOUN
fbem-2033	39	15	explained	explain	VERB
fbem-2033	39	16	variables	variable	NOUN
fbem-2033	39	17	financial	financial	ADJ
fbem-2033	39	18	risk	risk	NOUN
fbem-2033	39	19	z	z	NOUN
fbem-2033	39	20	-	-	PUNCT
fbem-2033	39	21	score	score	NOUN
fbem-2033	39	22	business	business	NOUN
fbem-2033	39	23	financial	financial	ADJ
fbem-2033	39	24	risk	risk	NOUN
fbem-2033	39	25	explanatory	explanatory	ADJ
fbem-2033	39	26	variables	variable	NOUN
fbem-2033	39	27	esg	esg	PROPN
fbem-2033	39	28	rating	rating	PROPN
fbem-2033	39	29	esg	esg	PROPN
fbem-2033	39	30	esg	esg	PROPN
fbem-2033	39	31	rating	rating	NOUN
fbem-2033	39	32	,	,	PUNCT
fbem-2033	39	33	from	from	ADP
fbem-2033	39	34	excellent	excellent	ADJ
fbem-2033	39	35	to	to	PART
fbem-2033	39	36	bad	bad	ADJ
fbem-2033	39	37	into	into	ADP
fbem-2033	39	38	"	"	PUNCT
fbem-2033	39	39	aaa	aaa	VERB
fbem-2033	39	40	-c	-c	NOUN
fbem-2033	39	41	"	"	PUNCT
fbem-2033	39	42	9	9	NUM
fbem-2033	39	43	levels	level	NOUN
fbem-2033	39	44	,	,	PUNCT
fbem-2033	39	45	corresponding	correspond	VERB
fbem-2033	39	46	to	to	ADP
fbem-2033	39	47	the	the	DET
fbem-2033	39	48	assignment	assignment	NOUN
fbem-2033	39	49	of	of	ADP
fbem-2033	39	50	9	9	NUM
fbem-2033	39	51	-	-	SYM
fbem-2033	39	52	1	1	NUM
fbem-2033	39	53	points	point	NOUN
fbem-2033	39	54	control	control	NOUN
fbem-2033	39	55	variables	variables	AUX
fbem-2033	39	56	asset	asset	NOUN
fbem-2033	39	57	-	-	PUNCT
fbem-2033	39	58	liability	liability	NOUN
fbem-2033	39	59	ratio	ratio	NOUN
fbem-2033	39	60	lev	lev	NOUN
fbem-2033	39	61	total	total	ADJ
fbem-2033	39	62	liabilities	liability	NOUN
fbem-2033	39	63	/	/	SYM
fbem-2033	39	64	total	total	ADJ
fbem-2033	39	65	assets	asset	NOUN
fbem-2033	39	66	development	development	NOUN
fbem-2033	39	67	capacity	capacity	NOUN
fbem-2033	39	68	irm	irm	PROPN
fbem-2033	39	69	growth	growth	NOUN
fbem-2033	39	70	rate	rate	NOUN
fbem-2033	39	71	of	of	ADP
fbem-2033	39	72	operating	operating	NOUN
fbem-2033	39	73	revenue	revenue	NOUN
fbem-2033	39	74	=(	=(	NOUN
fbem-2033	39	75	(	(	PUNCT
fbem-2033	39	76	current	current	ADJ
fbem-2033	39	77	year	year	NOUN
fbem-2033	39	78	operating	operating	NOUN
fbem-2033	39	79	revenue	revenue	NOUN
fbem-2033	39	80	last	last	ADJ
fbem-2033	39	81	year	year	NOUN
fbem-2033	39	82	operating	operate	VERB
fbem-2033	39	83	revenue)/total	revenue)/total	ADJ
fbem-2033	39	84	operating	operating	NOUN
fbem-2033	39	85	revenue	revenue	NOUN
fbem-2033	39	86	of	of	ADP
fbem-2033	39	87	last	last	ADJ
fbem-2033	39	88	year)×100	year)×100	NOUN
fbem-2033	39	89	%	%	NOUN
fbem-2033	39	90	cash	cash	NOUN
fbem-2033	39	91	flow	flow	NOUN
fbem-2033	39	92	capacity	capacity	NOUN
fbem-2033	39	93	cash	cash	NOUN
fbem-2033	39	94	cash	cash	NOUN
fbem-2033	39	95	to	to	PART
fbem-2033	39	96	total	total	VERB
fbem-2033	39	97	debt	debt	NOUN
fbem-2033	39	98	ratio	ratio	NOUN
fbem-2033	39	99	=	=	NOUN
fbem-2033	39	100	cash	cash	NOUN
fbem-2033	39	101	flow	flow	NOUN
fbem-2033	39	102	from	from	ADP
fbem-2033	39	103	operating	operate	VERB
fbem-2033	39	104	activities	activity	NOUN
fbem-2033	39	105	/	/	SYM
fbem-2033	39	106	total	total	ADJ
fbem-2033	39	107	debt	debt	NOUN
fbem-2033	39	108	board	board	NOUN
fbem-2033	39	109	independence	independence	NOUN
fbem-2033	39	110	indratio	indratio	VERB
fbem-2033	39	111	the	the	DET
fbem-2033	39	112	percentage	percentage	NOUN
fbem-2033	39	113	of	of	ADP
fbem-2033	39	114	independent	independent	ADJ
fbem-2033	39	115	directors	director	NOUN
fbem-2033	39	116	on	on	ADP
fbem-2033	39	117	the	the	DET
fbem-2033	39	118	board	board	NOUN
fbem-2033	39	119	board	board	PROPN
fbem-2033	39	120	size	size	NOUN
fbem-2033	39	121	board	board	NOUN
fbem-2033	39	122	number	number	NOUN
fbem-2033	39	123	of	of	ADP
fbem-2033	39	124	board	board	NOUN
fbem-2033	39	125	members	member	NOUN
fbem-2033	39	126	the	the	DET
fbem-2033	39	127	enterprise	enterprise	NOUN
fbem-2033	39	128	scale	scale	NOUN
fbem-2033	39	129	size	size	NOUN
fbem-2033	39	130	based	base	VERB
fbem-2033	39	131	on	on	ADP
fbem-2033	39	132	the	the	DET
fbem-2033	39	133	practice	practice	NOUN
fbem-2033	39	134	of	of	ADP
fbem-2033	39	135	zhang	zhang	PROPN
fbem-2033	39	136	lin	lin	PROPN
fbem-2033	39	137	and	and	CCONJ
fbem-2033	39	138	zhao	zhao	PROPN
fbem-2033	39	139	haitao	haitao	PROPN
fbem-2033	39	140	(	(	PUNCT
fbem-2033	39	141	2019)[5	2019)[5	PROPN
fbem-2033	39	142	]	]	PUNCT
fbem-2033	39	143	,	,	PUNCT
fbem-2033	39	144	the	the	DET
fbem-2033	39	145	natural	natural	ADJ
fbem-2033	39	146	logarithm	logarithm	NOUN
fbem-2033	39	147	of	of	ADP
fbem-2033	39	148	the	the	DET
fbem-2033	39	149	total	total	ADJ
fbem-2033	39	150	assets	asset	NOUN
fbem-2033	39	151	of	of	ADP
fbem-2033	39	152	enterprises	enterprise	NOUN
fbem-2033	39	153	at	at	ADP
fbem-2033	39	154	the	the	DET
fbem-2033	39	155	end	end	NOUN
fbem-2033	39	156	of	of	ADP
fbem-2033	39	157	the	the	DET
fbem-2033	39	158	year	year	NOUN
fbem-2033	39	159	is	be	AUX
fbem-2033	39	160	taken	take	VERB
fbem-2033	39	161	,	,	PUNCT
fbem-2033	39	162	which	which	PRON
fbem-2033	39	163	is	be	AUX
fbem-2033	39	164	greater	great	ADJ
fbem-2033	39	165	than	than	ADP
fbem-2033	39	166	the	the	DET
fbem-2033	39	167	median	median	NOUN
fbem-2033	39	168	,	,	PUNCT
fbem-2033	39	169	and	and	CCONJ
fbem-2033	39	170	size=1;less	size=1;less	NOUN
fbem-2033	39	171	than	than	ADP
fbem-2033	39	172	or	or	CCONJ
fbem-2033	39	173	equal	equal	ADJ
fbem-2033	39	174	to	to	ADP
fbem-2033	39	175	the	the	DET
fbem-2033	39	176	median	median	NOUN
fbem-2033	39	177	,	,	PUNCT
fbem-2033	39	178	size=0	size=0	PROPN
fbem-2033	39	179	;	;	PUNCT
fbem-2033	39	180	property	property	NOUN
fbem-2033	39	181	rights	right	NOUN
fbem-2033	39	182	soe	soe	PROPN
fbem-2033	39	183	state	state	NOUN
fbem-2033	39	184	-	-	PUNCT
fbem-2033	39	185	owned	own	VERB
fbem-2033	39	186	enterprises	enterprise	NOUN
fbem-2033	39	187	,	,	PUNCT
fbem-2033	39	188	soe=1;for	soe=1;for	ADJ
fbem-2033	39	189	non	non	ADJ
fbem-2033	39	190	-	-	ADJ
fbem-2033	39	191	state	state	NOUN
fbem-2033	39	192	-	-	PUNCT
fbem-2033	39	193	owned	own	VERB
fbem-2033	39	194	enterprises	enterprise	NOUN
fbem-2033	39	195	,	,	PUNCT
fbem-2033	39	196	soe=0	soe=0	NOUN
fbem-2033	39	197	degree	degree	NOUN
fbem-2033	39	198	of	of	ADP
fbem-2033	39	199	marketization	marketization	NOUN
fbem-2033	39	200	mp	mp	PROPN
fbem-2033	39	201	dummy	dummy	ADJ
fbem-2033	39	202	variable	variable	NOUN
fbem-2033	39	203	,	,	PUNCT
fbem-2033	39	204	according	accord	VERB
fbem-2033	39	205	to	to	ADP
fbem-2033	39	206	the	the	DET
fbem-2033	39	207	ranking	ranking	NOUN
fbem-2033	39	208	of	of	ADP
fbem-2033	39	209	marketization	marketization	NOUN
fbem-2033	39	210	indicators	indicator	NOUN
fbem-2033	39	211	of	of	ADP
fbem-2033	39	212	each	each	DET
fbem-2033	39	213	province	province	NOUN
fbem-2033	39	214	in	in	ADP
fbem-2033	39	215	china	china	PROPN
fbem-2033	39	216	marketization	marketization	PROPN
fbem-2033	39	217	index	index	NOUN
fbem-2033	39	218	report	report	NOUN
fbem-2033	39	219	by	by	ADP
fbem-2033	39	220	province	province	NOUN
fbem-2033	39	221	(	(	PUNCT
fbem-2033	39	222	2019	2019	NUM
fbem-2033	39	223	)	)	PUNCT
fbem-2033	39	224	,	,	PUNCT
fbem-2033	39	225	the	the	DET
fbem-2033	39	226	marketization	marketization	NOUN
fbem-2033	39	227	index	index	NOUN
fbem-2033	39	228	of	of	ADP
fbem-2033	39	229	the	the	DET
fbem-2033	39	230	province	province	NOUN
fbem-2033	39	231	is	be	AUX
fbem-2033	39	232	1	1	NUM
fbem-2033	39	233	if	if	SCONJ
fbem-2033	39	234	it	it	PRON
fbem-2033	39	235	is	be	AUX
fbem-2033	39	236	larger	large	ADJ
fbem-2033	39	237	than	than	ADP
fbem-2033	39	238	the	the	DET
fbem-2033	39	239	annual	annual	ADJ
fbem-2033	39	240	median	median	NOUN
fbem-2033	39	241	,	,	PUNCT
fbem-2033	39	242	and	and	CCONJ
fbem-2033	39	243	0	0	NUM
fbem-2033	39	244	if	if	SCONJ
fbem-2033	39	245	it	it	PRON
fbem-2033	39	246	is	be	AUX
fbem-2033	39	247	not	not	PART
fbem-2033	39	248	.	.	PUNCT
fbem-2033	40	1	(	(	PUNCT
fbem-2033	40	2	2	2	X
fbem-2033	40	3	)	)	PUNCT
fbem-2033	40	4	explanatory	explanatory	ADJ
fbem-2033	40	5	variables.according	variables.according	PROPN
fbem-2033	40	6	to	to	ADP
fbem-2033	40	7	the	the	DET
fbem-2033	40	8	public	public	ADJ
fbem-2033	40	9	disclosure	disclosure	NOUN
fbem-2033	40	10	data	datum	NOUN
fbem-2033	40	11	of	of	ADP
fbem-2033	40	12	enterprises	enterprise	NOUN
fbem-2033	40	13	,	,	PUNCT
fbem-2033	40	14	reports	report	NOUN
fbem-2033	40	15	of	of	ADP
fbem-2033	40	16	relevant	relevant	ADJ
fbem-2033	40	17	departments	department	NOUN
fbem-2033	40	18	,	,	PUNCT
fbem-2033	40	19	267	267	NUM
fbem-2033	40	20	and	and	CCONJ
fbem-2033	40	21	data	datum	NOUN
fbem-2033	40	22	of	of	ADP
fbem-2033	40	23	news	news	NOUN
fbem-2033	40	24	media	medium	NOUN
fbem-2033	40	25	,	,	PUNCT
fbem-2033	40	26	huazheng	huazheng	PROPN
fbem-2033	40	27	constructed	construct	VERB
fbem-2033	40	28	the	the	DET
fbem-2033	40	29	esg	esg	PROPN
fbem-2033	40	30	evaluation	evaluation	NOUN
fbem-2033	40	31	system	system	NOUN
fbem-2033	40	32	by	by	ADP
fbem-2033	40	33	referring	refer	VERB
fbem-2033	40	34	to	to	ADP
fbem-2033	40	35	the	the	DET
fbem-2033	40	36	international	international	ADJ
fbem-2033	40	37	mainstream	mainstream	NOUN
fbem-2033	40	38	sg	sg	ADP
fbem-2033	40	39	evaluation	evaluation	NOUN
fbem-2033	40	40	system	system	NOUN
fbem-2033	40	41	and	and	CCONJ
fbem-2033	40	42	combining	combine	VERB
fbem-2033	40	43	the	the	DET
fbem-2033	40	44	characteristics	characteristic	NOUN
fbem-2033	40	45	of	of	ADP
fbem-2033	40	46	the	the	DET
fbem-2033	40	47	chinese	chinese	ADJ
fbem-2033	40	48	market.among	market.among	PROPN
fbem-2033	40	49	the	the	DET
fbem-2033	40	50	existing	exist	VERB
fbem-2033	40	51	esg	esg	NOUN
fbem-2033	40	52	evaluation	evaluation	NOUN
fbem-2033	40	53	systems	system	NOUN
fbem-2033	40	54	for	for	ADP
fbem-2033	40	55	listed	list	VERB
fbem-2033	40	56	companies	company	NOUN
fbem-2033	40	57	in	in	ADP
fbem-2033	40	58	china	china	PROPN
fbem-2033	40	59	,	,	PUNCT
fbem-2033	40	60	the	the	DET
fbem-2033	40	61	esg	esg	PROPN
fbem-2033	40	62	evaluation	evaluation	NOUN
fbem-2033	40	63	system	system	NOUN
fbem-2033	40	64	has	have	VERB
fbem-2033	40	65	the	the	DET
fbem-2033	40	66	advantages	advantage	NOUN
fbem-2033	40	67	of	of	ADP
fbem-2033	40	68	wide	wide	ADJ
fbem-2033	40	69	coverage	coverage	NOUN
fbem-2033	40	70	and	and	CCONJ
fbem-2033	40	71	fast	fast	ADJ
fbem-2033	40	72	update	update	NOUN
fbem-2033	40	73	frequency	frequency	NOUN
fbem-2033	40	74	(	(	PUNCT
fbem-2033	40	75	gao	gao	PROPN
fbem-2033	40	76	jieying	jieying	PROPN
fbem-2033	40	77	et	et	PROPN
fbem-2033	40	78	al	al	PROPN
fbem-2033	40	79	.	.	PROPN
fbem-2033	40	80	,	,	PUNCT
fbem-2033	40	81	2021)[40].therefore	2021)[40].therefore	NUM
fbem-2033	40	82	,	,	PUNCT
fbem-2033	40	83	this	this	DET
fbem-2033	40	84	paper	paper	NOUN
fbem-2033	40	85	selects	select	VERB
fbem-2033	40	86	the	the	DET
fbem-2033	40	87	esg	esg	NOUN
fbem-2033	40	88	rating	rating	NOUN
fbem-2033	40	89	data	datum	NOUN
fbem-2033	40	90	of	of	ADP
fbem-2033	40	91	huazheng	huazheng	PROPN
fbem-2033	40	92	to	to	PART
fbem-2033	40	93	measure	measure	VERB
fbem-2033	40	94	the	the	DET
fbem-2033	40	95	quality	quality	NOUN
fbem-2033	40	96	of	of	ADP
fbem-2033	40	97	esg	esg	PROPN
fbem-2033	40	98	information	information	NOUN
fbem-2033	40	99	disclosure.huazz	disclosure.huazz	ADP
fbem-2033	40	100	divided	divided	ADJ
fbem-2033	40	101	esg	esg	NOUN
fbem-2033	40	102	rating	rating	NOUN
fbem-2033	40	103	into	into	ADP
fbem-2033	40	104	9	9	NUM
fbem-2033	40	105	grades	grade	NOUN
fbem-2033	40	106	from	from	ADP
fbem-2033	40	107	excellent	excellent	ADJ
fbem-2033	40	108	to	to	AUX
fbem-2033	40	109	bad	bad	ADJ
fbem-2033	40	110	:	:	PUNCT
fbem-2033	40	111	"	"	PUNCT
fbem-2033	40	112	aaa	aaa	NOUN
fbem-2033	40	113	-	-	PUNCT
fbem-2033	40	114	c	c	NOUN
fbem-2033	40	115	"	"	PUNCT
fbem-2033	40	116	.	.	PUNCT
fbem-2033	41	1	the	the	PRON
fbem-2033	41	2	higher	high	ADJ
fbem-2033	41	3	the	the	DET
fbem-2033	41	4	value	value	NOUN
fbem-2033	41	5	of	of	ADP
fbem-2033	41	6	esg	esg	PROPN
fbem-2033	41	7	rating	rating	NOUN
fbem-2033	41	8	,	,	PUNCT
fbem-2033	41	9	the	the	PRON
fbem-2033	41	10	better	well	ADJ
fbem-2033	41	11	the	the	DET
fbem-2033	41	12	quality	quality	NOUN
fbem-2033	41	13	of	of	ADP
fbem-2033	41	14	esg	esg	PROPN
fbem-2033	41	15	information	information	NOUN
fbem-2033	41	16	disclosure	disclosure	NOUN
fbem-2033	41	17	,	,	PUNCT
fbem-2033	41	18	which	which	PRON
fbem-2033	41	19	was	be	AUX
fbem-2033	41	20	assigned	assign	VERB
fbem-2033	41	21	9	9	NUM
fbem-2033	41	22	-	-	SYM
fbem-2033	41	23	1	1	NUM
fbem-2033	41	24	in	in	ADP
fbem-2033	41	25	this	this	DET
fbem-2033	41	26	paper	paper	NOUN
fbem-2033	41	27	.	.	PUNCT
fbem-2033	42	1	(	(	PUNCT
fbem-2033	42	2	3	3	X
fbem-2033	42	3	)	)	PUNCT
fbem-2033	42	4	control	control	NOUN
fbem-2033	42	5	variables.in	variables.in	PRON
fbem-2033	42	6	this	this	DET
fbem-2033	42	7	paper	paper	NOUN
fbem-2033	42	8	,	,	PUNCT
fbem-2033	42	9	the	the	DET
fbem-2033	42	10	asset	asset	NOUN
fbem-2033	42	11	-	-	PUNCT
fbem-2033	42	12	liability	liability	NOUN
fbem-2033	42	13	ratio	ratio	NOUN
fbem-2033	42	14	,	,	PUNCT
fbem-2033	42	15	development	development	NOUN
fbem-2033	42	16	ability	ability	NOUN
fbem-2033	42	17	,	,	PUNCT
fbem-2033	42	18	cash	cash	NOUN
fbem-2033	42	19	flow	flow	NOUN
fbem-2033	42	20	ability	ability	NOUN
fbem-2033	42	21	and	and	CCONJ
fbem-2033	42	22	the	the	DET
fbem-2033	42	23	size	size	NOUN
fbem-2033	42	24	and	and	CCONJ
fbem-2033	42	25	independence	independence	NOUN
fbem-2033	42	26	of	of	ADP
fbem-2033	42	27	directors	director	NOUN
fbem-2033	42	28	are	be	AUX
fbem-2033	42	29	taken	take	VERB
fbem-2033	42	30	as	as	ADP
fbem-2033	42	31	control	control	NOUN
fbem-2033	42	32	variables.in	variables.in	PRON
fbem-2033	42	33	the	the	DET
fbem-2033	42	34	heterogeneity	heterogeneity	NOUN
fbem-2033	42	35	analysis	analysis	NOUN
fbem-2033	42	36	,	,	PUNCT
fbem-2033	42	37	considering	consider	VERB
fbem-2033	42	38	the	the	DET
fbem-2033	42	39	influence	influence	NOUN
fbem-2033	42	40	of	of	ADP
fbem-2033	42	41	enterprise	enterprise	NOUN
fbem-2033	42	42	size	size	NOUN
fbem-2033	42	43	,	,	PUNCT
fbem-2033	42	44	enterprise	enterprise	NOUN
fbem-2033	42	45	nature	nature	NOUN
fbem-2033	42	46	and	and	CCONJ
fbem-2033	42	47	degree	degree	NOUN
fbem-2033	42	48	of	of	ADP
fbem-2033	42	49	marketization	marketization	NOUN
fbem-2033	42	50	on	on	ADP
fbem-2033	42	51	the	the	DET
fbem-2033	42	52	correlation	correlation	NOUN
fbem-2033	42	53	between	between	ADP
fbem-2033	42	54	esg	esg	NOUN
fbem-2033	42	55	rating	rating	NOUN
fbem-2033	42	56	and	and	CCONJ
fbem-2033	42	57	corporate	corporate	ADJ
fbem-2033	42	58	financial	financial	ADJ
fbem-2033	42	59	risk	risk	NOUN
fbem-2033	42	60	,	,	PUNCT
fbem-2033	42	61	this	this	DET
fbem-2033	42	62	paper	paper	NOUN
fbem-2033	42	63	selected	select	VERB
fbem-2033	42	64	three	three	NUM
fbem-2033	42	65	specific	specific	ADJ
fbem-2033	42	66	indicators	indicator	NOUN
fbem-2033	42	67	of	of	ADP
fbem-2033	42	68	enterprise	enterprise	NOUN
fbem-2033	42	69	size	size	NOUN
fbem-2033	42	70	,	,	PUNCT
fbem-2033	42	71	enterprise	enterprise	NOUN
fbem-2033	42	72	nature	nature	NOUN
fbem-2033	42	73	and	and	CCONJ
fbem-2033	42	74	marketization	marketization	NOUN
fbem-2033	42	75	index	index	NOUN
fbem-2033	42	76	to	to	ADP
fbem-2033	42	77	group	group	NOUN
fbem-2033	42	78	.	.	PUNCT
fbem-2033	43	1	4.3	4.3	NUM
fbem-2033	43	2	.	.	PUNCT
fbem-2033	43	3	model	model	NOUN
fbem-2033	43	4	construction	construction	NOUN
fbem-2033	43	5	to	to	PART
fbem-2033	43	6	test	test	VERB
fbem-2033	43	7	the	the	DET
fbem-2033	43	8	impact	impact	NOUN
fbem-2033	43	9	of	of	ADP
fbem-2033	43	10	esg	esg	PROPN
fbem-2033	43	11	information	information	NOUN
fbem-2033	43	12	disclosure	disclosure	NOUN
fbem-2033	43	13	on	on	ADP
fbem-2033	43	14	corporate	corporate	ADJ
fbem-2033	43	15	financial	financial	ADJ
fbem-2033	43	16	risk	risk	NOUN
fbem-2033	43	17	,	,	PUNCT
fbem-2033	43	18	the	the	DET
fbem-2033	43	19	following	follow	VERB
fbem-2033	43	20	regression	regression	NOUN
fbem-2033	43	21	model	model	NOUN
fbem-2033	43	22	is	be	AUX
fbem-2033	43	23	constructed	construct	VERB
fbem-2033	43	24	in	in	ADP
fbem-2033	43	25	this	this	DET
fbem-2033	43	26	paper	paper	NOUN
fbem-2033	43	27	:	:	PUNCT
fbem-2033	43	28	z	z	NOUN
fbem-2033	43	29	-	-	PUNCT
fbem-2033	43	30	scorei	scorei	NOUN
fbem-2033	43	31	,	,	PUNCT
fbem-2033	43	32	t＝β0＋β1esgi	t＝β0＋β1esgi	ADV
fbem-2033	43	33	,	,	PUNCT
fbem-2033	43	34	t-1＋β2control	t-1＋β2control	X
fbem-2033	43	35	variblesi	variblesi	NOUN
fbem-2033	43	36	,	,	PUNCT
fbem-2033	43	37	t-1	t-1	PROPN
fbem-2033	43	38	＋εi	＋εi	PROPN
fbem-2033	43	39	,	,	PUNCT
fbem-2033	43	40	t	t	PROPN
fbem-2033	43	41	where	where	SCONJ
fbem-2033	43	42	,	,	PUNCT
fbem-2033	43	43	i	i	PRON
fbem-2033	43	44	denotes	denote	VERB
fbem-2033	43	45	company;t	company;t	PROPN
fbem-2033	43	46	denotes	denote	NOUN
fbem-2033	43	47	year	year	NOUN
fbem-2033	43	48	;	;	PUNCT
fbem-2033	43	49	β0	β0	ADV
fbem-2033	43	50	represents	represent	VERB
fbem-2033	43	51	the	the	DET
fbem-2033	43	52	intercept	intercept	NOUN
fbem-2033	43	53	term	term	NOUN
fbem-2033	43	54	;	;	PUNCT
fbem-2033	43	55	β1	β1	PROPN
fbem-2033	43	56	denotes	denote	VERB
fbem-2033	43	57	the	the	DET
fbem-2033	43	58	regression	regression	NOUN
fbem-2033	43	59	coefficient	coefficient	NOUN
fbem-2033	43	60	of	of	ADP
fbem-2033	43	61	the	the	DET
fbem-2033	43	62	explanatory	explanatory	ADJ
fbem-2033	43	63	variable	variable	NOUN
fbem-2033	43	64	,	,	PUNCT
fbem-2033	43	65	β2	β2	NOUN
fbem-2033	43	66	denotes	denote	VERB
fbem-2033	43	67	the	the	DET
fbem-2033	43	68	regression	regression	NOUN
fbem-2033	43	69	coefficient	coefficient	NOUN
fbem-2033	43	70	of	of	ADP
fbem-2033	43	71	the	the	DET
fbem-2033	43	72	control	control	NOUN
fbem-2033	43	73	variable	variable	NOUN
fbem-2033	43	74	,	,	PUNCT
fbem-2033	43	75	and	and	CCONJ
fbem-2033	43	76	ε	ε	PROPN
fbem-2033	43	77	denotes	denote	VERB
fbem-2033	43	78	the	the	DET
fbem-2033	43	79	residual	residual	ADJ
fbem-2033	43	80	term.at	term.at	NUM
fbem-2033	43	81	the	the	DET
fbem-2033	43	82	same	same	ADJ
fbem-2033	43	83	time	time	NOUN
fbem-2033	43	84	,	,	PUNCT
fbem-2033	43	85	referring	refer	VERB
fbem-2033	43	86	to	to	ADP
fbem-2033	43	87	zhang	zhang	PROPN
fbem-2033	43	88	zhaoguo	zhaoguo	PROPN
fbem-2033	43	89	(	(	PUNCT
fbem-2033	43	90	2013)[41]take	2013)[41]take	VERB
fbem-2033	43	91	the	the	DET
fbem-2033	43	92	independent	independent	ADJ
fbem-2033	43	93	variables	variable	NOUN
fbem-2033	43	94	as	as	ADP
fbem-2033	43	95	the	the	DET
fbem-2033	43	96	values	value	NOUN
fbem-2033	43	97	of	of	ADP
fbem-2033	43	98	the	the	DET
fbem-2033	43	99	previous	previous	ADJ
fbem-2033	43	100	year	year	NOUN
fbem-2033	43	101	,	,	PUNCT
fbem-2033	43	102	so	so	SCONJ
fbem-2033	43	103	as	as	SCONJ
fbem-2033	43	104	to	to	PART
fbem-2033	43	105	avoid	avoid	VERB
fbem-2033	43	106	the	the	DET
fbem-2033	43	107	possible	possible	ADJ
fbem-2033	43	108	endogeneity	endogeneity	NOUN
fbem-2033	43	109	problem	problem	NOUN
fbem-2033	43	110	between	between	ADP
fbem-2033	43	111	the	the	DET
fbem-2033	43	112	financial	financial	ADJ
fbem-2033	43	113	risks	risk	NOUN
fbem-2033	43	114	of	of	ADP
fbem-2033	43	115	enterprises	enterprise	NOUN
fbem-2033	43	116	and	and	CCONJ
fbem-2033	43	117	financial	financial	ADJ
fbem-2033	43	118	data	datum	NOUN
fbem-2033	43	119	.	.	PUNCT
fbem-2033	44	1	5	5	X
fbem-2033	44	2	.	.	X
fbem-2033	44	3	empirical	empirical	ADJ
fbem-2033	44	4	analysis	analysis	NOUN
fbem-2033	44	5	5.1	5.1	NUM
fbem-2033	44	6	.	.	PUNCT
fbem-2033	45	1	descriptive	descriptive	ADJ
fbem-2033	45	2	statistics	statistic	NOUN
fbem-2033	45	3	the	the	DET
fbem-2033	45	4	descriptive	descriptive	ADJ
fbem-2033	45	5	statistics	statistic	NOUN
fbem-2033	45	6	of	of	ADP
fbem-2033	45	7	variables	variable	NOUN
fbem-2033	45	8	are	be	AUX
fbem-2033	45	9	shown	show	VERB
fbem-2033	45	10	in	in	ADP
fbem-2033	45	11	table	table	NOUN
fbem-2033	45	12	2.as	2.as	PRON
fbem-2033	45	13	can	can	AUX
fbem-2033	45	14	be	be	AUX
fbem-2033	45	15	seen	see	VERB
fbem-2033	45	16	from	from	ADP
fbem-2033	45	17	the	the	DET
fbem-2033	45	18	table	table	NOUN
fbem-2033	45	19	,	,	PUNCT
fbem-2033	45	20	the	the	DET
fbem-2033	45	21	maximum	maximum	ADJ
fbem-2033	45	22	value	value	NOUN
fbem-2033	45	23	of	of	ADP
fbem-2033	45	24	financial	financial	ADJ
fbem-2033	45	25	risk	risk	NOUN
fbem-2033	45	26	(	(	PUNCT
fbem-2033	45	27	z	z	NOUN
fbem-2033	45	28	value	value	NOUN
fbem-2033	45	29	)	)	PUNCT
fbem-2033	45	30	of	of	ADP
fbem-2033	45	31	sample	sample	NOUN
fbem-2033	45	32	companies	company	NOUN
fbem-2033	45	33	is	be	AUX
fbem-2033	45	34	107.113	107.113	NUM
fbem-2033	45	35	,	,	PUNCT
fbem-2033	45	36	the	the	DET
fbem-2033	45	37	minimum	minimum	ADJ
fbem-2033	45	38	value	value	NOUN
fbem-2033	45	39	is	be	AUX
fbem-2033	45	40	-1.500	-1.500	PUNCT
fbem-2033	45	41	,	,	PUNCT
fbem-2033	45	42	the	the	DET
fbem-2033	45	43	median	median	ADJ
fbem-2033	45	44	value	value	NOUN
fbem-2033	45	45	is	be	AUX
fbem-2033	45	46	4.071	4.071	NUM
fbem-2033	45	47	,	,	PUNCT
fbem-2033	45	48	and	and	CCONJ
fbem-2033	45	49	the	the	DET
fbem-2033	45	50	mean	mean	ADJ
fbem-2033	45	51	value	value	NOUN
fbem-2033	45	52	is	be	AUX
fbem-2033	45	53	6.943	6.943	NUM
fbem-2033	45	54	,	,	PUNCT
fbem-2033	45	55	indicating	indicate	VERB
fbem-2033	45	56	that	that	SCONJ
fbem-2033	45	57	the	the	DET
fbem-2033	45	58	financial	financial	ADJ
fbem-2033	45	59	risk	risk	NOUN
fbem-2033	45	60	level	level	NOUN
fbem-2033	45	61	of	of	ADP
fbem-2033	45	62	listed	list	VERB
fbem-2033	45	63	companies	company	NOUN
fbem-2033	45	64	in	in	ADP
fbem-2033	45	65	the	the	DET
fbem-2033	45	66	a	a	DET
fbem-2033	45	67	-	-	PUNCT
fbem-2033	45	68	share	share	NOUN
fbem-2033	45	69	pharmaceutical	pharmaceutical	NOUN
fbem-2033	45	70	industry	industry	NOUN
fbem-2033	45	71	has	have	VERB
fbem-2033	45	72	a	a	DET
fbem-2033	45	73	large	large	ADJ
fbem-2033	45	74	gap	gap	NOUN
fbem-2033	45	75	,	,	PUNCT
fbem-2033	45	76	but	but	CCONJ
fbem-2033	45	77	the	the	DET
fbem-2033	45	78	overall	overall	ADJ
fbem-2033	45	79	situation	situation	NOUN
fbem-2033	45	80	is	be	AUX
fbem-2033	45	81	optimistic.the	optimistic.the	DET
fbem-2033	45	82	mean	mean	ADJ
fbem-2033	45	83	value	value	NOUN
fbem-2033	45	84	of	of	ADP
fbem-2033	45	85	esg	esg	PROPN
fbem-2033	45	86	is	be	AUX
fbem-2033	45	87	6.480	6.480	NUM
fbem-2033	45	88	,	,	PUNCT
fbem-2033	45	89	and	and	CCONJ
fbem-2033	45	90	the	the	DET
fbem-2033	45	91	standard	standard	ADJ
fbem-2033	45	92	deviation	deviation	NOUN
fbem-2033	45	93	is	be	AUX
fbem-2033	45	94	1.222	1.222	NUM
fbem-2033	45	95	,	,	PUNCT
fbem-2033	45	96	indicating	indicate	VERB
fbem-2033	45	97	that	that	SCONJ
fbem-2033	45	98	there	there	PRON
fbem-2033	45	99	are	be	VERB
fbem-2033	45	100	great	great	ADJ
fbem-2033	45	101	differences	difference	NOUN
fbem-2033	45	102	in	in	ADP
fbem-2033	45	103	esg	esg	PROPN
fbem-2033	45	104	information	information	NOUN
fbem-2033	45	105	disclosure	disclosure	NOUN
fbem-2033	45	106	performance	performance	NOUN
fbem-2033	45	107	among	among	ADP
fbem-2033	45	108	different	different	ADJ
fbem-2033	45	109	enterprises.at	enterprises.at	NOUN
fbem-2033	45	110	the	the	DET
fbem-2033	45	111	same	same	ADJ
fbem-2033	45	112	time	time	NOUN
fbem-2033	45	113	,	,	PUNCT
fbem-2033	45	114	according	accord	VERB
fbem-2033	45	115	to	to	ADP
fbem-2033	45	116	the	the	DET
fbem-2033	45	117	esg	esg	NOUN
fbem-2033	45	118	evaluation	evaluation	NOUN
fbem-2033	45	119	system	system	NOUN
fbem-2033	45	120	of	of	ADP
fbem-2033	45	121	huazheng	huazheng	PROPN
fbem-2033	45	122	,	,	PUNCT
fbem-2033	45	123	the	the	DET
fbem-2033	45	124	overall	overall	ADJ
fbem-2033	45	125	disclosure	disclosure	NOUN
fbem-2033	45	126	of	of	ADP
fbem-2033	45	127	esg	esg	PROPN
fbem-2033	45	128	information	information	NOUN
fbem-2033	45	129	of	of	ADP
fbem-2033	45	130	chinese	chinese	ADJ
fbem-2033	45	131	a	a	DET
fbem-2033	45	132	-	-	PUNCT
fbem-2033	45	133	share	share	NOUN
fbem-2033	45	134	pharmaceutical	pharmaceutical	NOUN
fbem-2033	45	135	companies	company	NOUN
fbem-2033	45	136	is	be	AUX
fbem-2033	45	137	relatively	relatively	ADV
fbem-2033	45	138	complete	complete	ADJ
fbem-2033	45	139	,	,	PUNCT
fbem-2033	45	140	and	and	CCONJ
fbem-2033	45	141	the	the	DET
fbem-2033	45	142	esg	esg	NOUN
fbem-2033	45	143	performance	performance	NOUN
fbem-2033	45	144	is	be	AUX
fbem-2033	45	145	good.the	good.the	DET
fbem-2033	45	146	mean	mean	ADJ
fbem-2033	45	147	assetliability	assetliability	NOUN
fbem-2033	45	148	ratio	ratio	NOUN
fbem-2033	45	149	(	(	PUNCT
fbem-2033	45	150	lev	lev	NOUN
fbem-2033	45	151	)	)	PUNCT
fbem-2033	45	152	of	of	ADP
fbem-2033	45	153	the	the	DET
fbem-2033	45	154	sample	sample	NOUN
fbem-2033	45	155	enterprises	enterprise	NOUN
fbem-2033	45	156	was	be	AUX
fbem-2033	45	157	34.213	34.213	NUM
fbem-2033	45	158	,	,	PUNCT
fbem-2033	45	159	indicating	indicate	VERB
fbem-2033	45	160	that	that	SCONJ
fbem-2033	45	161	on	on	ADP
fbem-2033	45	162	the	the	DET
fbem-2033	45	163	whole	whole	NOUN
fbem-2033	45	164	,	,	PUNCT
fbem-2033	45	165	the	the	DET
fbem-2033	45	166	external	external	ADJ
fbem-2033	45	167	funds	fund	NOUN
fbem-2033	45	168	of	of	ADP
fbem-2033	45	169	listed	list	VERB
fbem-2033	45	170	companies	company	NOUN
fbem-2033	45	171	in	in	ADP
fbem-2033	45	172	the	the	DET
fbem-2033	45	173	pharmaceutical	pharmaceutical	NOUN
fbem-2033	45	174	industry	industry	NOUN
fbem-2033	45	175	were	be	AUX
fbem-2033	45	176	more	more	ADJ
fbem-2033	45	177	reasonable.the	reasonable.the	DET
fbem-2033	45	178	median	median	NOUN
fbem-2033	45	179	of	of	ADP
fbem-2033	45	180	the	the	DET
fbem-2033	45	181	business	business	NOUN
fbem-2033	45	182	revenue	revenue	NOUN
fbem-2033	45	183	growth	growth	NOUN
fbem-2033	45	184	rate	rate	NOUN
fbem-2033	45	185	(	(	PUNCT
fbem-2033	45	186	irm	irm	PROPN
fbem-2033	45	187	)	)	PUNCT
fbem-2033	45	188	of	of	ADP
fbem-2033	45	189	the	the	DET
fbem-2033	45	190	sample	sample	NOUN
fbem-2033	45	191	enterprises	enterprise	NOUN
fbem-2033	45	192	is	be	AUX
fbem-2033	45	193	13.075	13.075	NUM
fbem-2033	45	194	,	,	PUNCT
fbem-2033	45	195	and	and	CCONJ
fbem-2033	45	196	the	the	DET
fbem-2033	45	197	average	average	NOUN
fbem-2033	45	198	is	be	AUX
fbem-2033	45	199	17.645	17.645	NUM
fbem-2033	45	200	,	,	PUNCT
fbem-2033	45	201	indicating	indicate	VERB
fbem-2033	45	202	that	that	SCONJ
fbem-2033	45	203	the	the	DET
fbem-2033	45	204	overall	overall	ADJ
fbem-2033	45	205	development	development	NOUN
fbem-2033	45	206	of	of	ADP
fbem-2033	45	207	a	a	DET
fbem-2033	45	208	-	-	PUNCT
fbem-2033	45	209	share	share	NOUN
fbem-2033	45	210	listed	list	VERB
fbem-2033	45	211	companies	company	NOUN
fbem-2033	45	212	in	in	ADP
fbem-2033	45	213	the	the	DET
fbem-2033	45	214	pharmaceutical	pharmaceutical	NOUN
fbem-2033	45	215	industry	industry	NOUN
fbem-2033	45	216	is	be	AUX
fbem-2033	45	217	good.the	good.the	DET
fbem-2033	45	218	average	average	ADJ
fbem-2033	45	219	value	value	NOUN
fbem-2033	45	220	of	of	ADP
fbem-2033	45	221	cash	cash	NOUN
fbem-2033	45	222	total	total	NOUN
fbem-2033	45	223	debt	debt	NOUN
fbem-2033	45	224	ratio	ratio	NOUN
fbem-2033	45	225	(	(	PUNCT
fbem-2033	45	226	cash	cash	NOUN
fbem-2033	45	227	)	)	PUNCT
fbem-2033	45	228	is	be	AUX
fbem-2033	45	229	0.313	0.313	NUM
fbem-2033	45	230	,	,	PUNCT
fbem-2033	45	231	indicating	indicate	VERB
fbem-2033	45	232	that	that	SCONJ
fbem-2033	45	233	the	the	DET
fbem-2033	45	234	cash	cash	NOUN
fbem-2033	45	235	flow	flow	NOUN
fbem-2033	45	236	generated	generate	VERB
fbem-2033	45	237	by	by	ADP
fbem-2033	45	238	the	the	DET
fbem-2033	45	239	business	business	NOUN
fbem-2033	45	240	activities	activity	NOUN
fbem-2033	45	241	of	of	ADP
fbem-2033	45	242	listed	list	VERB
fbem-2033	45	243	companies	company	NOUN
fbem-2033	45	244	in	in	ADP
fbem-2033	45	245	the	the	DET
fbem-2033	45	246	pharmaceutical	pharmaceutical	ADJ
fbem-2033	45	247	industry	industry	NOUN
fbem-2033	45	248	on	on	ADP
fbem-2033	45	249	the	the	DET
fbem-2033	45	250	whole	whole	ADJ
fbem-2033	45	251	needs	need	NOUN
fbem-2033	45	252	to	to	PART
fbem-2033	45	253	be	be	AUX
fbem-2033	45	254	improved	improve	VERB
fbem-2033	45	255	to	to	PART
fbem-2033	45	256	pay	pay	VERB
fbem-2033	45	257	off	off	ADP
fbem-2033	45	258	the	the	DET
fbem-2033	45	259	debt.in	debt.in	PUNCT
fbem-2033	45	260	ashare	ashare	VERB
fbem-2033	45	261	listed	list	VERB
fbem-2033	45	262	companies	company	NOUN
fbem-2033	45	263	in	in	ADP
fbem-2033	45	264	the	the	DET
fbem-2033	45	265	pharmaceutical	pharmaceutical	NOUN
fbem-2033	45	266	industry	industry	NOUN
fbem-2033	45	267	,	,	PUNCT
fbem-2033	45	268	the	the	DET
fbem-2033	45	269	number	number	NOUN
fbem-2033	45	270	of	of	ADP
fbem-2033	45	271	independent	independent	ADJ
fbem-2033	45	272	directors	director	NOUN
fbem-2033	45	273	accounts	account	VERB
fbem-2033	45	274	for	for	ADP
fbem-2033	45	275	37	37	NUM
fbem-2033	45	276	%	%	NOUN
fbem-2033	45	277	of	of	ADP
fbem-2033	45	278	the	the	DET
fbem-2033	45	279	board	board	NOUN
fbem-2033	45	280	of	of	ADP
fbem-2033	45	281	directors	director	NOUN
fbem-2033	45	282	on	on	ADP
fbem-2033	45	283	average	average	ADJ
fbem-2033	45	284	,	,	PUNCT
fbem-2033	45	285	and	and	CCONJ
fbem-2033	45	286	the	the	DET
fbem-2033	45	287	size	size	NOUN
fbem-2033	45	288	of	of	ADP
fbem-2033	45	289	the	the	DET
fbem-2033	45	290	board	board	NOUN
fbem-2033	45	291	of	of	ADP
fbem-2033	45	292	directors	director	NOUN
fbem-2033	45	293	is	be	AUX
fbem-2033	45	294	generally	generally	ADV
fbem-2033	45	295	small.the	small.the	DET
fbem-2033	45	296	average	average	ADJ
fbem-2033	45	297	value	value	NOUN
fbem-2033	45	298	of	of	ADP
fbem-2033	45	299	property	property	NOUN
fbem-2033	45	300	right	right	NOUN
fbem-2033	45	301	(	(	PUNCT
fbem-2033	45	302	soe	soe	PROPN
fbem-2033	45	303	)	)	PUNCT
fbem-2033	45	304	of	of	ADP
fbem-2033	45	305	the	the	DET
fbem-2033	45	306	sample	sample	NOUN
fbem-2033	45	307	enterprises	enterprise	NOUN
fbem-2033	45	308	is	be	AUX
fbem-2033	45	309	0.309	0.309	NUM
fbem-2033	45	310	,	,	PUNCT
fbem-2033	45	311	indicating	indicate	VERB
fbem-2033	45	312	that	that	SCONJ
fbem-2033	45	313	most	most	ADJ
fbem-2033	45	314	of	of	ADP
fbem-2033	45	315	the	the	DET
fbem-2033	45	316	a	a	DET
fbem-2033	45	317	-	-	PUNCT
fbem-2033	45	318	share	share	NOUN
fbem-2033	45	319	pharmaceutical	pharmaceutical	ADJ
fbem-2033	45	320	enterprises	enterprise	NOUN
fbem-2033	45	321	are	be	AUX
fbem-2033	45	322	non	non	ADJ
fbem-2033	45	323	-	-	ADJ
fbem-2033	45	324	stateowned	stateowned	ADJ
fbem-2033	45	325	enterprises	enterprise	NOUN
fbem-2033	45	326	,	,	PUNCT
fbem-2033	45	327	and	and	CCONJ
fbem-2033	45	328	the	the	DET
fbem-2033	45	329	average	average	ADJ
fbem-2033	45	330	value	value	NOUN
fbem-2033	45	331	of	of	ADP
fbem-2033	45	332	the	the	DET
fbem-2033	45	333	degree	degree	NOUN
fbem-2033	45	334	of	of	ADP
fbem-2033	45	335	marketization	marketization	NOUN
fbem-2033	45	336	(	(	PUNCT
fbem-2033	45	337	mp	mp	NOUN
fbem-2033	45	338	)	)	PUNCT
fbem-2033	45	339	is	be	AUX
fbem-2033	45	340	0.754	0.754	NUM
fbem-2033	45	341	,	,	PUNCT
fbem-2033	45	342	indicating	indicate	VERB
fbem-2033	45	343	that	that	SCONJ
fbem-2033	45	344	most	most	ADJ
fbem-2033	45	345	of	of	ADP
fbem-2033	45	346	the	the	DET
fbem-2033	45	347	ashare	ashare	ADJ
fbem-2033	45	348	pharmaceutical	pharmaceutical	ADJ
fbem-2033	45	349	enterprises	enterprise	NOUN
fbem-2033	45	350	are	be	AUX
fbem-2033	45	351	distributed	distribute	VERB
fbem-2033	45	352	in	in	ADP
fbem-2033	45	353	areas	area	NOUN
fbem-2033	45	354	with	with	ADP
fbem-2033	45	355	a	a	DET
fbem-2033	45	356	high	high	ADJ
fbem-2033	45	357	degree	degree	NOUN
fbem-2033	45	358	of	of	ADP
fbem-2033	45	359	marketization	marketization	NOUN
fbem-2033	45	360	.	.	PUNCT
fbem-2033	46	1	table	table	NOUN
fbem-2033	46	2	2	2	NUM
fbem-2033	46	3	.	.	PUNCT
fbem-2033	46	4	descriptive	descriptive	ADJ
fbem-2033	46	5	statistics	statistic	NOUN
fbem-2033	46	6	of	of	ADP
fbem-2033	46	7	main	main	ADJ
fbem-2033	46	8	variables	variable	NOUN
fbem-2033	46	9	variable	variable	ADJ
fbem-2033	46	10	sample	sample	NOUN
fbem-2033	46	11	size	size	NOUN
fbem-2033	46	12	the	the	DET
fbem-2033	46	13	minimum	minimum	NOUN
fbem-2033	46	14	value	value	NOUN
fbem-2033	46	15	the	the	DET
fbem-2033	46	16	maximum	maximum	NOUN
fbem-2033	46	17	the	the	DET
fbem-2033	46	18	average	average	NOUN
fbem-2033	46	19	the	the	DET
fbem-2033	46	20	standard	standard	ADJ
fbem-2033	46	21	deviation	deviation	NOUN
fbem-2033	46	22	the	the	DET
fbem-2033	46	23	median	median	NOUN
fbem-2033	46	24	z	z	NOUN
fbem-2033	46	25	488	488	NUM
fbem-2033	47	1	1.500	1.500	NUM
fbem-2033	47	2	107.113	107.113	NUM
fbem-2033	47	3	6.943	6.943	NUM
fbem-2033	47	4	9.578	9.578	NUM
fbem-2033	47	5	4.071	4.071	NUM
fbem-2033	47	6	esg	esg	NOUN
fbem-2033	47	7	488	488	NUM
fbem-2033	47	8	3.000	3.000	NUM
fbem-2033	47	9	9.000	9.000	NUM
fbem-2033	47	10	6.480	6.480	NUM
fbem-2033	47	11	1.222	1.222	NUM
fbem-2033	47	12	6.000	6.000	NUM
fbem-2033	47	13	lev	lev	NOUN
fbem-2033	47	14	488	488	NUM
fbem-2033	47	15	3.050	3.050	NUM
fbem-2033	47	16	88.580	88.580	NUM
fbem-2033	47	17	34.213	34.213	NUM
fbem-2033	47	18	18.642	18.642	NUM
fbem-2033	47	19	31.490	31.490	NUM
fbem-2033	47	20	irm	irm	PROPN
fbem-2033	47	21	488	488	NUM
fbem-2033	47	22	59.680	59.680	NUM
fbem-2033	47	23	330.290	330.290	NUM
fbem-2033	47	24	17.645	17.645	NUM
fbem-2033	47	25	34.582	34.582	NUM
fbem-2033	47	26	13.075	13.075	NUM
fbem-2033	47	27	cash	cash	NOUN
fbem-2033	47	28	488	488	NUM
fbem-2033	47	29	0.940	0.940	NUM
fbem-2033	47	30	4.460	4.460	NUM
fbem-2033	47	31	0.313	0.313	NUM
fbem-2033	47	32	0.475	0.475	NUM
fbem-2033	47	33	0.180	0.180	NUM
fbem-2033	47	34	ind	ind	NOUN
fbem-2033	47	35	488	488	NUM
fbem-2033	47	36	30.000	30.000	NUM
fbem-2033	47	37	60.000	60.000	NUM
fbem-2033	47	38	37.224	37.224	NUM
fbem-2033	47	39	5.039	5.039	NUM
fbem-2033	47	40	33.330	33.330	NUM
fbem-2033	47	41	board	board	NOUN
fbem-2033	47	42	488	488	NUM
fbem-2033	47	43	3.000	3.000	NUM
fbem-2033	47	44	14.000	14.000	NUM
fbem-2033	47	45	4.367	4.367	NUM
fbem-2033	47	46	1.633	1.633	NUM
fbem-2033	47	47	4.000	4.000	NUM
fbem-2033	47	48	size	size	NOUN
fbem-2033	47	49	488	488	NUM
fbem-2033	47	50	0.000	0.000	NUM
fbem-2033	47	51	1.000	1.000	NUM
fbem-2033	47	52	0.484	0.484	NUM
fbem-2033	47	53	0.500	0.500	NUM
fbem-2033	47	54	0.000	0.000	NUM
fbem-2033	47	55	soe	soe	PROPN
fbem-2033	47	56	488	488	NUM
fbem-2033	47	57	0.000	0.000	NUM
fbem-2033	47	58	1.000	1.000	NUM
fbem-2033	47	59	0.309	0.309	NUM
fbem-2033	47	60	0.463	0.463	NUM
fbem-2033	47	61	0.000	0.000	NUM
fbem-2033	47	62	mp	mp	NOUN
fbem-2033	47	63	488	488	NUM
fbem-2033	47	64	0.000	0.000	NUM
fbem-2033	47	65	1.000	1.000	NUM
fbem-2033	47	66	0.754	0.754	NUM
fbem-2033	47	67	0.431	0.431	NUM
fbem-2033	47	68	1.000	1.000	NUM
fbem-2033	47	69	5.2	5.2	NUM
fbem-2033	47	70	.	.	PUNCT
fbem-2033	48	1	correlation	correlation	NOUN
fbem-2033	48	2	analysis	analysis	NOUN
fbem-2033	48	3	the	the	DET
fbem-2033	48	4	results	result	NOUN
fbem-2033	48	5	of	of	ADP
fbem-2033	48	6	variable	variable	ADJ
fbem-2033	48	7	correlation	correlation	NOUN
fbem-2033	48	8	analysis	analysis	NOUN
fbem-2033	48	9	are	be	AUX
fbem-2033	48	10	shown	show	VERB
fbem-2033	48	11	in	in	ADP
fbem-2033	48	12	table	table	NOUN
fbem-2033	48	13	3.in	3.in	NUM
fbem-2033	48	14	the	the	DET
fbem-2033	48	15	table	table	NOUN
fbem-2033	48	16	,	,	PUNCT
fbem-2033	48	17	the	the	DET
fbem-2033	48	18	correlation	correlation	NOUN
fbem-2033	48	19	coefficient	coefficient	NOUN
fbem-2033	48	20	between	between	ADP
fbem-2033	48	21	esg	esg	PROPN
fbem-2033	48	22	and	and	CCONJ
fbem-2033	48	23	z	z	NOUN
fbem-2033	48	24	value	value	NOUN
fbem-2033	48	25	is	be	AUX
fbem-2033	48	26	0.171	0.171	NUM
fbem-2033	48	27	,	,	PUNCT
fbem-2033	48	28	which	which	PRON
fbem-2033	48	29	is	be	AUX
fbem-2033	48	30	significant	significant	ADJ
fbem-2033	48	31	at	at	ADP
fbem-2033	48	32	1	1	NUM
fbem-2033	48	33	%	%	NOUN
fbem-2033	48	34	level	level	NOUN
fbem-2033	48	35	,	,	PUNCT
fbem-2033	48	36	that	that	ADV
fbem-2033	48	37	is	is	ADV
fbem-2033	48	38	,	,	PUNCT
fbem-2033	48	39	there	there	PRON
fbem-2033	48	40	is	be	VERB
fbem-2033	48	41	a	a	DET
fbem-2033	48	42	positive	positive	ADJ
fbem-2033	48	43	relationship	relationship	NOUN
fbem-2033	48	44	between	between	ADP
fbem-2033	48	45	esg	esg	NOUN
fbem-2033	48	46	rating	rating	NOUN
fbem-2033	48	47	results	result	NOUN
fbem-2033	48	48	and	and	CCONJ
fbem-2033	48	49	z	z	NOUN
fbem-2033	48	50	value	value	NOUN
fbem-2033	48	51	of	of	ADP
fbem-2033	48	52	sample	sample	NOUN
fbem-2033	48	53	enterprises	enterprise	NOUN
fbem-2033	48	54	,	,	PUNCT
fbem-2033	48	55	and	and	CCONJ
fbem-2033	48	56	the	the	PRON
fbem-2033	48	57	larger	large	ADJ
fbem-2033	48	58	the	the	DET
fbem-2033	48	59	z	z	NOUN
fbem-2033	48	60	value	value	NOUN
fbem-2033	48	61	,	,	PUNCT
fbem-2033	48	62	the	the	PRON
fbem-2033	48	63	smaller	small	ADJ
fbem-2033	48	64	the	the	DET
fbem-2033	48	65	financial	financial	ADJ
fbem-2033	48	66	risk	risk	NOUN
fbem-2033	48	67	of	of	ADP
fbem-2033	48	68	enterprises	enterprise	NOUN
fbem-2033	48	69	,	,	PUNCT
fbem-2033	48	70	indicating	indicate	VERB
fbem-2033	48	71	that	that	SCONJ
fbem-2033	48	72	good	good	ADJ
fbem-2033	48	73	esg	esg	PROPN
fbem-2033	48	74	information	information	NOUN
fbem-2033	48	75	disclosure	disclosure	NOUN
fbem-2033	48	76	of	of	ADP
fbem-2033	48	77	enterprises	enterprise	NOUN
fbem-2033	48	78	can	can	AUX
fbem-2033	48	79	reduce	reduce	VERB
fbem-2033	48	80	the	the	DET
fbem-2033	48	81	financial	financial	ADJ
fbem-2033	48	82	risk	risk	NOUN
fbem-2033	48	83	.	.	PUNCT
fbem-2033	49	1	hypothesis	hypothesis	NOUN
fbem-2033	49	2	1	1	NUM
fbem-2033	49	3	has	have	AUX
fbem-2033	49	4	been	be	AUX
fbem-2033	49	5	preliminarily	preliminarily	ADV
fbem-2033	49	6	verified.in	verified.in	NUM
fbem-2033	49	7	addition	addition	NOUN
fbem-2033	49	8	,	,	PUNCT
fbem-2033	49	9	the	the	DET
fbem-2033	49	10	table	table	NOUN
fbem-2033	49	11	shows	show	VERB
fbem-2033	49	12	that	that	SCONJ
fbem-2033	49	13	the	the	DET
fbem-2033	49	14	asset	asset	NOUN
fbem-2033	49	15	-	-	PUNCT
fbem-2033	49	16	liability	liability	NOUN
fbem-2033	49	17	ratio	ratio	NOUN
fbem-2033	49	18	,	,	PUNCT
fbem-2033	49	19	cash	cash	NOUN
fbem-2033	49	20	flow	flow	NOUN
fbem-2033	49	21	capacity	capacity	NOUN
fbem-2033	49	22	,	,	PUNCT
fbem-2033	49	23	board	board	NOUN
fbem-2033	49	24	of	of	ADP
fbem-2033	49	25	directors	director	NOUN
fbem-2033	49	26	and	and	CCONJ
fbem-2033	49	27	enterprise	enterprise	NOUN
fbem-2033	49	28	size	size	NOUN
fbem-2033	49	29	can	can	AUX
fbem-2033	49	30	all	all	PRON
fbem-2033	49	31	have	have	VERB
fbem-2033	49	32	a	a	DET
fbem-2033	49	33	significant	significant	ADJ
fbem-2033	49	34	impact	impact	NOUN
fbem-2033	49	35	on	on	ADP
fbem-2033	49	36	the	the	DET
fbem-2033	49	37	financial	financial	ADJ
fbem-2033	49	38	risk	risk	NOUN
fbem-2033	49	39	of	of	ADP
fbem-2033	49	40	the	the	DET
fbem-2033	49	41	enterprise	enterprise	NOUN
fbem-2033	49	42	.	.	PUNCT
fbem-2033	50	1	268	268	NUM
fbem-2033	50	2	5.3	5.3	NUM
fbem-2033	50	3	.	.	PUNCT
fbem-2033	51	1	analysis	analysis	NOUN
fbem-2033	51	2	of	of	ADP
fbem-2033	51	3	regression	regression	NOUN
fbem-2033	51	4	results	result	NOUN
fbem-2033	51	5	table	table	VERB
fbem-2033	51	6	4	4	NUM
fbem-2033	51	7	reports	report	NOUN
fbem-2033	51	8	the	the	DET
fbem-2033	51	9	regression	regression	NOUN
fbem-2033	51	10	results	result	NOUN
fbem-2033	51	11	of	of	ADP
fbem-2033	51	12	the	the	DET
fbem-2033	51	13	model.according	model.according	NOUN
fbem-2033	51	14	to	to	ADP
fbem-2033	51	15	columns	column	NOUN
fbem-2033	51	16	(	(	PUNCT
fbem-2033	51	17	1	1	NUM
fbem-2033	51	18	)	)	PUNCT
fbem-2033	51	19	and	and	CCONJ
fbem-2033	51	20	(	(	PUNCT
fbem-2033	51	21	2	2	NUM
fbem-2033	51	22	)	)	PUNCT
fbem-2033	51	23	:	:	PUNCT
fbem-2033	51	24	the	the	DET
fbem-2033	51	25	regression	regression	NOUN
fbem-2033	51	26	coefficient	coefficient	NOUN
fbem-2033	51	27	of	of	ADP
fbem-2033	51	28	esg	esg	PROPN
fbem-2033	51	29	variable	variable	NOUN
fbem-2033	51	30	is	be	AUX
fbem-2033	51	31	1.341	1.341	NUM
fbem-2033	51	32	when	when	SCONJ
fbem-2033	51	33	no	no	DET
fbem-2033	51	34	control	control	NOUN
fbem-2033	51	35	variable	variable	NOUN
fbem-2033	51	36	is	be	AUX
fbem-2033	51	37	added	add	VERB
fbem-2033	51	38	,	,	PUNCT
fbem-2033	51	39	and	and	CCONJ
fbem-2033	51	40	0.837	0.837	NUM
fbem-2033	51	41	when	when	SCONJ
fbem-2033	51	42	control	control	NOUN
fbem-2033	51	43	variable	variable	NOUN
fbem-2033	51	44	is	be	AUX
fbem-2033	51	45	added	add	VERB
fbem-2033	51	46	,	,	PUNCT
fbem-2033	51	47	and	and	CCONJ
fbem-2033	51	48	both	both	PRON
fbem-2033	51	49	of	of	ADP
fbem-2033	51	50	them	they	PRON
fbem-2033	51	51	are	be	AUX
fbem-2033	51	52	significantly	significantly	ADV
fbem-2033	51	53	positive	positive	ADJ
fbem-2033	51	54	at	at	ADP
fbem-2033	51	55	1	1	NUM
fbem-2033	51	56	%	%	NOUN
fbem-2033	51	57	level	level	NOUN
fbem-2033	51	58	,	,	PUNCT
fbem-2033	51	59	indicating	indicate	VERB
fbem-2033	51	60	that	that	SCONJ
fbem-2033	51	61	esg	esg	PROPN
fbem-2033	51	62	information	information	NOUN
fbem-2033	51	63	disclosure	disclosure	NOUN
fbem-2033	51	64	will	will	AUX
fbem-2033	51	65	have	have	VERB
fbem-2033	51	66	a	a	DET
fbem-2033	51	67	significant	significant	ADJ
fbem-2033	51	68	impact	impact	NOUN
fbem-2033	51	69	on	on	ADP
fbem-2033	51	70	financial	financial	ADJ
fbem-2033	51	71	risk	risk	NOUN
fbem-2033	51	72	.	.	PUNCT
fbem-2033	52	1	in	in	ADP
fbem-2033	52	2	other	other	ADJ
fbem-2033	52	3	words	word	NOUN
fbem-2033	52	4	,	,	PUNCT
fbem-2033	52	5	if	if	SCONJ
fbem-2033	52	6	enterprises	enterprise	NOUN
fbem-2033	52	7	pay	pay	VERB
fbem-2033	52	8	attention	attention	NOUN
fbem-2033	52	9	to	to	ADP
fbem-2033	52	10	environmental	environmental	ADJ
fbem-2033	52	11	protection	protection	NOUN
fbem-2033	52	12	,	,	PUNCT
fbem-2033	52	13	social	social	ADJ
fbem-2033	52	14	responsibility	responsibility	NOUN
fbem-2033	52	15	implementation	implementation	NOUN
fbem-2033	52	16	and	and	CCONJ
fbem-2033	52	17	corporate	corporate	ADJ
fbem-2033	52	18	governance	governance	NOUN
fbem-2033	52	19	structure	structure	NOUN
fbem-2033	52	20	adjustment	adjustment	NOUN
fbem-2033	52	21	in	in	ADP
fbem-2033	52	22	the	the	DET
fbem-2033	52	23	process	process	NOUN
fbem-2033	52	24	of	of	ADP
fbem-2033	52	25	production	production	NOUN
fbem-2033	52	26	and	and	CCONJ
fbem-2033	52	27	operation	operation	NOUN
fbem-2033	52	28	,	,	PUNCT
fbem-2033	52	29	esg	esg	PROPN
fbem-2033	52	30	information	information	NOUN
fbem-2033	52	31	of	of	ADP
fbem-2033	52	32	enterprises	enterprise	NOUN
fbem-2033	52	33	will	will	AUX
fbem-2033	52	34	have	have	VERB
fbem-2033	52	35	a	a	DET
fbem-2033	52	36	certain	certain	ADJ
fbem-2033	52	37	inhibitory	inhibitory	ADJ
fbem-2033	52	38	effect	effect	NOUN
fbem-2033	52	39	on	on	ADP
fbem-2033	52	40	financial	financial	ADJ
fbem-2033	52	41	risk	risk	NOUN
fbem-2033	52	42	,	,	PUNCT
fbem-2033	52	43	and	and	CCONJ
fbem-2033	52	44	enterprises	enterprise	NOUN
fbem-2033	52	45	are	be	AUX
fbem-2033	52	46	less	less	ADV
fbem-2033	52	47	likely	likely	ADJ
fbem-2033	52	48	to	to	PART
fbem-2033	52	49	face	face	VERB
fbem-2033	52	50	financial	financial	ADJ
fbem-2033	52	51	risk	risk	NOUN
fbem-2033	52	52	,	,	PUNCT
fbem-2033	52	53	which	which	PRON
fbem-2033	52	54	is	be	AUX
fbem-2033	52	55	consistent	consistent	ADJ
fbem-2033	52	56	with	with	ADP
fbem-2033	52	57	the	the	DET
fbem-2033	52	58	conclusion	conclusion	NOUN
fbem-2033	52	59	in	in	ADP
fbem-2033	52	60	table	table	NOUN
fbem-2033	52	61	3.(3	3.(3	NUM
fbem-2033	52	62	)	)	PUNCT
fbem-2033	52	63	and	and	CCONJ
fbem-2033	52	64	(	(	PUNCT
fbem-2033	52	65	4	4	X
fbem-2033	52	66	)	)	PUNCT
fbem-2033	52	67	are	be	AUX
fbem-2033	52	68	the	the	DET
fbem-2033	52	69	grouped	group	VERB
fbem-2033	52	70	regression	regression	NOUN
fbem-2033	52	71	results	result	NOUN
fbem-2033	52	72	of	of	ADP
fbem-2033	52	73	enterprise	enterprise	NOUN
fbem-2033	52	74	size	size	NOUN
fbem-2033	52	75	.	.	PUNCT
fbem-2033	53	1	the	the	DET
fbem-2033	53	2	esg	esg	PROPN
fbem-2033	53	3	coefficient	coefficient	NOUN
fbem-2033	53	4	of	of	ADP
fbem-2033	53	5	large	large	ADJ
fbem-2033	53	6	-	-	PUNCT
fbem-2033	53	7	scale	scale	NOUN
fbem-2033	53	8	enterprises	enterprise	NOUN
fbem-2033	53	9	is	be	AUX
fbem-2033	53	10	0.511	0.511	NUM
fbem-2033	53	11	,	,	PUNCT
fbem-2033	53	12	and	and	CCONJ
fbem-2033	53	13	that	that	PRON
fbem-2033	53	14	of	of	ADP
fbem-2033	53	15	small	small	ADJ
fbem-2033	53	16	-	-	PUNCT
fbem-2033	53	17	scale	scale	NOUN
fbem-2033	53	18	enterprises	enterprise	NOUN
fbem-2033	53	19	is	be	AUX
fbem-2033	53	20	0.756	0.756	NUM
fbem-2033	53	21	,	,	PUNCT
fbem-2033	53	22	both	both	PRON
fbem-2033	53	23	of	of	ADP
fbem-2033	53	24	which	which	PRON
fbem-2033	53	25	fail	fail	VERB
fbem-2033	53	26	the	the	DET
fbem-2033	53	27	significance	significance	NOUN
fbem-2033	53	28	test.it	test.it	NUM
fbem-2033	53	29	indicates	indicate	VERB
fbem-2033	53	30	that	that	SCONJ
fbem-2033	53	31	in	in	ADP
fbem-2033	53	32	the	the	DET
fbem-2033	53	33	pharmaceutical	pharmaceutical	NOUN
fbem-2033	53	34	industry	industry	NOUN
fbem-2033	53	35	,	,	PUNCT
fbem-2033	53	36	enterprise	enterprise	NOUN
fbem-2033	53	37	size	size	NOUN
fbem-2033	53	38	has	have	VERB
fbem-2033	53	39	no	no	DET
fbem-2033	53	40	obvious	obvious	ADJ
fbem-2033	53	41	influence	influence	NOUN
fbem-2033	53	42	on	on	ADP
fbem-2033	53	43	the	the	DET
fbem-2033	53	44	correlation	correlation	NOUN
fbem-2033	53	45	between	between	ADP
fbem-2033	53	46	esg	esg	PROPN
fbem-2033	53	47	and	and	CCONJ
fbem-2033	53	48	financial	financial	ADJ
fbem-2033	53	49	risk	risk	NOUN
fbem-2033	53	50	,	,	PUNCT
fbem-2033	53	51	and	and	CCONJ
fbem-2033	53	52	hypothesis	hypothesis	NOUN
fbem-2033	53	53	2	2	NUM
fbem-2033	53	54	has	have	AUX
fbem-2033	53	55	not	not	PART
fbem-2033	53	56	been	be	AUX
fbem-2033	53	57	verified.(5	verified.(5	PROPN
fbem-2033	53	58	)	)	PUNCT
fbem-2033	53	59	and	and	CCONJ
fbem-2033	53	60	(	(	PUNCT
fbem-2033	53	61	6	6	NUM
fbem-2033	53	62	)	)	PUNCT
fbem-2033	53	63	list	list	NOUN
fbem-2033	53	64	the	the	DET
fbem-2033	53	65	grouped	group	VERB
fbem-2033	53	66	regression	regression	NOUN
fbem-2033	53	67	results	result	NOUN
fbem-2033	53	68	of	of	ADP
fbem-2033	53	69	property	property	NOUN
fbem-2033	53	70	rights.in	rights.in	PRON
fbem-2033	53	71	the	the	DET
fbem-2033	53	72	state	state	NOUN
fbem-2033	53	73	-	-	PUNCT
fbem-2033	53	74	owned	own	VERB
fbem-2033	53	75	sample	sample	NOUN
fbem-2033	53	76	enterprises	enterprise	NOUN
fbem-2033	53	77	,	,	PUNCT
fbem-2033	53	78	the	the	DET
fbem-2033	53	79	coefficient	coefficient	NOUN
fbem-2033	53	80	of	of	ADP
fbem-2033	53	81	esg	esg	PROPN
fbem-2033	53	82	is	be	AUX
fbem-2033	53	83	not	not	PART
fbem-2033	53	84	significant	significant	ADJ
fbem-2033	53	85	,	,	PUNCT
fbem-2033	53	86	while	while	SCONJ
fbem-2033	53	87	the	the	DET
fbem-2033	53	88	coefficient	coefficient	NOUN
fbem-2033	53	89	of	of	ADP
fbem-2033	53	90	esg	esg	PROPN
fbem-2033	53	91	of	of	ADP
fbem-2033	53	92	non	non	ADJ
fbem-2033	53	93	-	-	ADJ
fbem-2033	53	94	state	state	NOUN
fbem-2033	53	95	-	-	PUNCT
fbem-2033	53	96	owned	own	VERB
fbem-2033	53	97	enterprises	enterprise	NOUN
fbem-2033	53	98	is	be	AUX
fbem-2033	53	99	1.167	1.167	NUM
fbem-2033	53	100	,	,	PUNCT
fbem-2033	53	101	which	which	PRON
fbem-2033	53	102	is	be	AUX
fbem-2033	53	103	significant	significant	ADJ
fbem-2033	53	104	at	at	ADP
fbem-2033	53	105	the	the	DET
fbem-2033	53	106	level	level	NOUN
fbem-2033	53	107	of	of	ADP
fbem-2033	53	108	1	1	NUM
fbem-2033	53	109	%	%	NOUN
fbem-2033	53	110	.	.	PUNCT
fbem-2033	54	1	this	this	PRON
fbem-2033	54	2	reflects	reflect	VERB
fbem-2033	54	3	that	that	SCONJ
fbem-2033	54	4	for	for	ADP
fbem-2033	54	5	non	non	ADJ
fbem-2033	54	6	-	-	ADJ
fbem-2033	54	7	state	state	NOUN
fbem-2033	54	8	-	-	PUNCT
fbem-2033	54	9	owned	own	VERB
fbem-2033	54	10	pharmaceutical	pharmaceutical	NOUN
fbem-2033	54	11	listed	list	VERB
fbem-2033	54	12	companies	company	NOUN
fbem-2033	54	13	,	,	PUNCT
fbem-2033	54	14	esg	esg	PROPN
fbem-2033	54	15	information	information	NOUN
fbem-2033	54	16	disclosure	disclosure	NOUN
fbem-2033	54	17	can	can	AUX
fbem-2033	54	18	effectively	effectively	ADV
fbem-2033	54	19	reduce	reduce	VERB
fbem-2033	54	20	the	the	DET
fbem-2033	54	21	probability	probability	NOUN
fbem-2033	54	22	of	of	ADP
fbem-2033	54	23	financial	financial	ADJ
fbem-2033	54	24	risk	risk	NOUN
fbem-2033	54	25	.	.	PUNCT
fbem-2033	55	1	esg	esg	PROPN
fbem-2033	55	2	information	information	NOUN
fbem-2033	55	3	disclosure	disclosure	NOUN
fbem-2033	55	4	has	have	VERB
fbem-2033	55	5	no	no	DET
fbem-2033	55	6	effect	effect	NOUN
fbem-2033	55	7	on	on	ADP
fbem-2033	55	8	inhibiting	inhibit	VERB
fbem-2033	55	9	the	the	DET
fbem-2033	55	10	occurrence	occurrence	NOUN
fbem-2033	55	11	of	of	ADP
fbem-2033	55	12	financial	financial	ADJ
fbem-2033	55	13	risks	risk	NOUN
fbem-2033	55	14	,	,	PUNCT
fbem-2033	55	15	which	which	PRON
fbem-2033	55	16	may	may	AUX
fbem-2033	55	17	be	be	AUX
fbem-2033	55	18	related	relate	VERB
fbem-2033	55	19	to	to	ADP
fbem-2033	55	20	the	the	DET
fbem-2033	55	21	weak	weak	ADJ
fbem-2033	55	22	motivation	motivation	NOUN
fbem-2033	55	23	of	of	ADP
fbem-2033	55	24	state	state	NOUN
fbem-2033	55	25	-	-	PUNCT
fbem-2033	55	26	owned	own	VERB
fbem-2033	55	27	enterprises	enterprise	NOUN
fbem-2033	55	28	to	to	PART
fbem-2033	55	29	obtain	obtain	VERB
fbem-2033	55	30	preferential	preferential	ADJ
fbem-2033	55	31	treatment	treatment	NOUN
fbem-2033	55	32	by	by	ADP
fbem-2033	55	33	performing	perform	VERB
fbem-2033	55	34	esg.because	esg.because	NOUN
fbem-2033	55	35	of	of	ADP
fbem-2033	55	36	the	the	DET
fbem-2033	55	37	particularity	particularity	NOUN
fbem-2033	55	38	of	of	ADP
fbem-2033	55	39	the	the	DET
fbem-2033	55	40	nature	nature	NOUN
fbem-2033	55	41	of	of	ADP
fbem-2033	55	42	state	state	NOUN
fbem-2033	55	43	-	-	PUNCT
fbem-2033	55	44	owned	own	VERB
fbem-2033	55	45	enterprises	enterprise	NOUN
fbem-2033	55	46	,	,	PUNCT
fbem-2033	55	47	they	they	PRON
fbem-2033	55	48	can	can	AUX
fbem-2033	55	49	always	always	ADV
fbem-2033	55	50	enjoy	enjoy	VERB
fbem-2033	55	51	preferential	preferential	ADJ
fbem-2033	55	52	treatment	treatment	NOUN
fbem-2033	55	53	from	from	ADP
fbem-2033	55	54	policies	policy	NOUN
fbem-2033	55	55	and	and	CCONJ
fbem-2033	55	56	society	society	NOUN
fbem-2033	55	57	,	,	PUNCT
fbem-2033	55	58	which	which	PRON
fbem-2033	55	59	weakens	weaken	VERB
fbem-2033	55	60	the	the	DET
fbem-2033	55	61	connection	connection	NOUN
fbem-2033	55	62	between	between	ADP
fbem-2033	55	63	their	their	PRON
fbem-2033	55	64	esg	esg	NOUN
fbem-2033	55	65	and	and	CCONJ
fbem-2033	55	66	corporate	corporate	ADJ
fbem-2033	55	67	financial	financial	NOUN
fbem-2033	55	68	risks.hypothesis	risks.hypothesis	PRON
fbem-2033	55	69	3	3	NUM
fbem-2033	55	70	is	be	AUX
fbem-2033	55	71	verified.according	verified.accorde	VERB
fbem-2033	55	72	to	to	ADP
fbem-2033	55	73	the	the	DET
fbem-2033	55	74	grouped	group	VERB
fbem-2033	55	75	regression	regression	NOUN
fbem-2033	55	76	results	result	NOUN
fbem-2033	55	77	of	of	ADP
fbem-2033	55	78	the	the	DET
fbem-2033	55	79	degree	degree	NOUN
fbem-2033	55	80	of	of	ADP
fbem-2033	55	81	marketization	marketization	NOUN
fbem-2033	55	82	in	in	ADP
fbem-2033	55	83	column	column	NOUN
fbem-2033	55	84	(	(	PUNCT
fbem-2033	55	85	7	7	NUM
fbem-2033	55	86	)	)	PUNCT
fbem-2033	55	87	and	and	CCONJ
fbem-2033	55	88	(	(	PUNCT
fbem-2033	55	89	8)	8)	NUM
fbem-2033	55	90	,	,	PUNCT
fbem-2033	55	91	the	the	DET
fbem-2033	55	92	esg	esg	PROPN
fbem-2033	55	93	coefficient	coefficient	NOUN
fbem-2033	55	94	of	of	ADP
fbem-2033	55	95	sample	sample	NOUN
fbem-2033	55	96	enterprises	enterprise	NOUN
fbem-2033	55	97	with	with	ADP
fbem-2033	55	98	a	a	DET
fbem-2033	55	99	high	high	ADJ
fbem-2033	55	100	degree	degree	NOUN
fbem-2033	55	101	of	of	ADP
fbem-2033	55	102	marketization	marketization	NOUN
fbem-2033	55	103	is	be	AUX
fbem-2033	55	104	1.096	1.096	NUM
fbem-2033	55	105	,	,	PUNCT
fbem-2033	55	106	which	which	PRON
fbem-2033	55	107	is	be	AUX
fbem-2033	55	108	significant	significant	ADJ
fbem-2033	55	109	at	at	ADP
fbem-2033	55	110	the	the	DET
fbem-2033	55	111	1	1	NUM
fbem-2033	55	112	%	%	NOUN
fbem-2033	55	113	level	level	NOUN
fbem-2033	55	114	,	,	PUNCT
fbem-2033	55	115	while	while	SCONJ
fbem-2033	55	116	the	the	DET
fbem-2033	55	117	esg	esg	PROPN
fbem-2033	55	118	coefficient	coefficient	NOUN
fbem-2033	55	119	of	of	ADP
fbem-2033	55	120	sample	sample	NOUN
fbem-2033	55	121	enterprises	enterprise	NOUN
fbem-2033	55	122	with	with	ADP
fbem-2033	55	123	a	a	DET
fbem-2033	55	124	low	low	ADJ
fbem-2033	55	125	degree	degree	NOUN
fbem-2033	55	126	of	of	ADP
fbem-2033	55	127	marketization	marketization	NOUN
fbem-2033	55	128	is	be	AUX
fbem-2033	55	129	not	not	PART
fbem-2033	55	130	significant	significant	ADJ
fbem-2033	55	131	,	,	PUNCT
fbem-2033	55	132	indicating	indicate	VERB
fbem-2033	55	133	that	that	SCONJ
fbem-2033	55	134	only	only	ADV
fbem-2033	55	135	in	in	ADP
fbem-2033	55	136	the	the	DET
fbem-2033	55	137	region	region	NOUN
fbem-2033	55	138	with	with	ADP
fbem-2033	55	139	a	a	DET
fbem-2033	55	140	high	high	ADJ
fbem-2033	55	141	degree	degree	NOUN
fbem-2033	55	142	of	of	ADP
fbem-2033	55	143	marketization	marketization	NOUN
fbem-2033	55	144	,	,	PUNCT
fbem-2033	55	145	good	good	ADJ
fbem-2033	55	146	disclosure	disclosure	NOUN
fbem-2033	55	147	of	of	ADP
fbem-2033	55	148	esg	esg	PROPN
fbem-2033	55	149	information	information	NOUN
fbem-2033	55	150	can	can	AUX
fbem-2033	55	151	promote	promote	VERB
fbem-2033	55	152	enterprises	enterprise	NOUN
fbem-2033	55	153	to	to	PART
fbem-2033	55	154	reduce	reduce	VERB
fbem-2033	55	155	financial	financial	ADJ
fbem-2033	55	156	risks	risk	NOUN
fbem-2033	55	157	.	.	PUNCT
fbem-2033	56	1	hypothesis	hypothesis	NOUN
fbem-2033	56	2	4	4	NUM
fbem-2033	56	3	is	be	AUX
fbem-2033	56	4	verified	verify	VERB
fbem-2033	56	5	.	.	PUNCT
fbem-2033	57	1	table	table	NOUN
fbem-2033	57	2	4	4	NUM
fbem-2033	57	3	.	.	PUNCT
fbem-2033	57	4	group	group	NOUN
fbem-2033	57	5	regression	regression	NOUN
fbem-2033	57	6	results	result	NOUN
fbem-2033	57	7	size=0	size=0	PROPN
fbem-2033	57	8	size=1	size=1	PROPN
fbem-2033	57	9	soe=0	soe=0	NOUN
fbem-2033	57	10	soe=1	soe=1	NOUN
fbem-2033	57	11	mp=0	mp=0	NOUN
fbem-2033	57	12	mp=1	mp=1	VERB
fbem-2033	57	13	(	(	PUNCT
fbem-2033	57	14	1	1	NUM
fbem-2033	57	15	)	)	PUNCT
fbem-2033	57	16	(	(	PUNCT
fbem-2033	57	17	2	2	NUM
fbem-2033	57	18	)	)	PUNCT
fbem-2033	57	19	(	(	PUNCT
fbem-2033	57	20	3	3	X
fbem-2033	57	21	)	)	PUNCT
fbem-2033	57	22	(	(	PUNCT
fbem-2033	57	23	4	4	NUM
fbem-2033	57	24	)	)	PUNCT
fbem-2033	57	25	(	(	PUNCT
fbem-2033	57	26	5	5	NUM
fbem-2033	57	27	)	)	PUNCT
fbem-2033	57	28	(	(	PUNCT
fbem-2033	57	29	6	6	NUM
fbem-2033	57	30	)	)	PUNCT
fbem-2033	57	31	(	(	PUNCT
fbem-2033	57	32	7	7	NUM
fbem-2033	57	33	)	)	PUNCT
fbem-2033	57	34	(	(	PUNCT
fbem-2033	57	35	8)	8)	NUM
fbem-2033	57	36	esg	esg	NOUN
fbem-2033	57	37	1.341	1.341	NUM
fbem-2033	57	38	*	*	PUNCT
fbem-2033	57	39	*	*	PUNCT
fbem-2033	57	40	0.837	0.837	NUM
fbem-2033	57	41	*	*	PUNCT
fbem-2033	58	1	*	*	PUNCT
fbem-2033	58	2	0.756	0.756	NUM
fbem-2033	58	3	0.511	0.511	NUM
fbem-2033	58	4	1.167	1.167	NUM
fbem-2033	58	5	*	*	PUNCT
fbem-2033	59	1	*	*	PUNCT
fbem-2033	59	2	0.283	0.283	NUM
fbem-2033	59	3	0.1	0.1	NUM
fbem-2033	59	4	1.096	1.096	NUM
fbem-2033	59	5	*	*	PUNCT
fbem-2033	60	1	*	*	PUNCT
fbem-2033	60	2	(	(	PUNCT
fbem-2033	60	3	3.831	3.831	NUM
fbem-2033	60	4	)	)	PUNCT
fbem-2033	60	5	(	(	PUNCT
fbem-2033	60	6	2.613	2.613	NUM
fbem-2033	60	7	)	)	PUNCT
fbem-2033	60	8	(	(	PUNCT
fbem-2033	60	9	1.756	1.756	NUM
fbem-2033	60	10	)	)	PUNCT
fbem-2033	60	11	(	(	PUNCT
fbem-2033	60	12	1.055	1.055	NUM
fbem-2033	60	13	)	)	PUNCT
fbem-2033	60	14	(	(	PUNCT
fbem-2033	60	15	2.78	2.78	NUM
fbem-2033	60	16	)	)	PUNCT
fbem-2033	60	17	(	(	PUNCT
fbem-2033	60	18	0.668	0.668	NUM
fbem-2033	60	19	)	)	PUNCT
fbem-2033	60	20	(	(	PUNCT
fbem-2033	60	21	0.220	0.220	NUM
fbem-2033	60	22	)	)	PUNCT
fbem-2033	60	23	(	(	PUNCT
fbem-2033	60	24	2.772	2.772	NUM
fbem-2033	60	25	)	)	PUNCT
fbem-2033	60	26	lev	lev	NOUN
fbem-2033	60	27	0.142	0.142	NUM
fbem-2033	60	28	*	*	PUNCT
fbem-2033	60	29	*	*	PUNCT
fbem-2033	61	1	0.091	0.091	NUM
fbem-2033	61	2	*	*	PUNCT
fbem-2033	61	3	0.191	0.191	NUM
fbem-2033	61	4	*	*	PUNCT
fbem-2033	62	1	*	*	PUNCT
fbem-2033	62	2	0.144	0.144	NUM
fbem-2033	62	3	*	*	PUNCT
fbem-2033	62	4	*	*	PUNCT
fbem-2033	62	5	0.173	0.173	NUM
fbem-2033	62	6	*	*	PUNCT
fbem-2033	63	1	*	*	PUNCT
fbem-2033	63	2	0.090	0.090	NUM
fbem-2033	63	3	*	*	PUNCT
fbem-2033	64	1	*	*	PUNCT
fbem-2033	64	2	0.161	0.161	NUM
fbem-2033	64	3	*	*	PUNCT
fbem-2033	64	4	*	*	PUNCT
fbem-2033	64	5	(	(	PUNCT
fbem-2033	64	6	5.676	5.676	NUM
fbem-2033	64	7	)	)	PUNCT
fbem-2033	64	8	(	(	PUNCT
fbem-2033	64	9	2.015	2.015	NUM
fbem-2033	64	10	)	)	PUNCT
fbem-2033	64	11	(	(	PUNCT
fbem-2033	64	12	6.143	6.143	NUM
fbem-2033	64	13	)	)	PUNCT
fbem-2033	64	14	(	(	PUNCT
fbem-2033	64	15	4.322	4.322	NUM
fbem-2033	64	16	)	)	PUNCT
fbem-2033	64	17	(	(	PUNCT
fbem-2033	64	18	5.490	5.490	NUM
fbem-2033	64	19	)	)	PUNCT
fbem-2033	64	20	(	(	PUNCT
fbem-2033	64	21	2.932	2.932	NUM
fbem-2033	64	22	)	)	PUNCT
fbem-2033	64	23	(	(	PUNCT
fbem-2033	64	24	5.050	5.050	NUM
fbem-2033	64	25	)	)	PUNCT
fbem-2033	64	26	irm	irm	PROPN
fbem-2033	64	27	0.007	0.007	NUM
fbem-2033	64	28	0.013	0.013	NUM
fbem-2033	64	29	0.001	0.001	NUM
fbem-2033	64	30	0.011	0.011	NUM
fbem-2033	64	31	0.004	0.004	NUM
fbem-2033	64	32	0.005	0.005	NUM
fbem-2033	64	33	0.011	0.011	NUM
fbem-2033	64	34	(	(	PUNCT
fbem-2033	64	35	0.684	0.684	NUM
fbem-2033	64	36	)	)	PUNCT
fbem-2033	64	37	(	(	PUNCT
fbem-2033	64	38	0.832	0.832	NUM
fbem-2033	64	39	)	)	PUNCT
fbem-2033	64	40	(	(	PUNCT
fbem-2033	64	41	0.049	0.049	NUM
fbem-2033	64	42	)	)	PUNCT
fbem-2033	64	43	(	(	PUNCT
fbem-2033	64	44	0.819	0.819	NUM
fbem-2033	64	45	)	)	PUNCT
fbem-2033	64	46	(	(	PUNCT
fbem-2033	64	47	0.225	0.225	NUM
fbem-2033	64	48	)	)	PUNCT
fbem-2033	64	49	(	(	PUNCT
fbem-2033	64	50	0.314	0.314	NUM
fbem-2033	64	51	)	)	PUNCT
fbem-2033	64	52	(	(	PUNCT
fbem-2033	64	53	0.843	0.843	NUM
fbem-2033	64	54	)	)	PUNCT
fbem-2033	64	55	cash	cash	NOUN
fbem-2033	64	56	5.912	5.912	NUM
fbem-2033	64	57	*	*	PUNCT
fbem-2033	65	1	*	*	PUNCT
fbem-2033	65	2	8.620	8.620	NUM
fbem-2033	65	3	*	*	PUNCT
fbem-2033	66	1	*	*	PUNCT
fbem-2033	66	2	0.799	0.799	NUM
fbem-2033	67	1	6.956	6.956	NUM
fbem-2033	67	2	*	*	PUNCT
fbem-2033	68	1	*	*	PUNCT
fbem-2033	68	2	1.955	1.955	NUM
fbem-2033	68	3	11.995	11.995	NUM
fbem-2033	68	4	*	*	PUNCT
fbem-2033	69	1	*	*	PUNCT
fbem-2033	69	2	4.585	4.585	NUM
fbem-2033	69	3	*	*	PUNCT
fbem-2033	69	4	*	*	PUNCT
fbem-2033	69	5	(	(	PUNCT
fbem-2033	69	6	6.203	6.203	NUM
fbem-2033	69	7	)	)	PUNCT
fbem-2033	69	8	(	(	PUNCT
fbem-2033	69	9	6.927	6.927	NUM
fbem-2033	69	10	)	)	PUNCT
fbem-2033	69	11	(	(	PUNCT
fbem-2033	69	12	0.503	0.503	NUM
fbem-2033	69	13	)	)	PUNCT
fbem-2033	69	14	(	(	PUNCT
fbem-2033	69	15	6.101	6.101	NUM
fbem-2033	69	16	)	)	PUNCT
fbem-2033	69	17	(	(	PUNCT
fbem-2033	69	18	1.101	1.101	NUM
fbem-2033	69	19	)	)	PUNCT
fbem-2033	69	20	(	(	PUNCT
fbem-2033	69	21	8.949	8.949	NUM
fbem-2033	69	22	)	)	PUNCT
fbem-2033	69	23	3.977	3.977	NUM
fbem-2033	69	24	ind	ind	NOUN
fbem-2033	69	25	0.002	0.002	NUM
fbem-2033	69	26	0.024	0.024	NUM
fbem-2033	69	27	0.05	0.05	NUM
fbem-2033	69	28	0.024	0.024	NUM
fbem-2033	69	29	0.104	0.104	NUM
fbem-2033	69	30	0.06	0.06	NUM
fbem-2033	69	31	0.012	0.012	NUM
fbem-2033	69	32	(	(	PUNCT
fbem-2033	69	33	0.021	0.021	NUM
fbem-2033	69	34	)	)	PUNCT
fbem-2033	69	35	(	(	PUNCT
fbem-2033	69	36	0.236	0.236	NUM
fbem-2033	69	37	)	)	PUNCT
fbem-2033	69	38	(	(	PUNCT
fbem-2033	69	39	0.437	0.437	NUM
fbem-2033	69	40	)	)	PUNCT
fbem-2033	69	41	(	(	PUNCT
fbem-2033	69	42	0.243	0.243	NUM
fbem-2033	69	43	)	)	PUNCT
fbem-2033	69	44	(	(	PUNCT
fbem-2033	69	45	0.985	0.985	NUM
fbem-2033	69	46	)	)	PUNCT
fbem-2033	69	47	(	(	PUNCT
fbem-2033	69	48	0.72	0.72	NUM
fbem-2033	69	49	)	)	PUNCT
fbem-2033	69	50	(	(	PUNCT
fbem-2033	69	51	0.116	0.116	NUM
fbem-2033	69	52	)	)	PUNCT
fbem-2033	69	53	board	board	NOUN
fbem-2033	69	54	0.491	0.491	NUM
fbem-2033	69	55	*	*	PUNCT
fbem-2033	69	56	0.176	0.176	NUM
fbem-2033	69	57	0.549	0.549	NUM
fbem-2033	69	58	1.039	1.039	NUM
fbem-2033	69	59	*	*	PUNCT
fbem-2033	70	1	*	*	PUNCT
fbem-2033	70	2	0.007	0.007	NUM
fbem-2033	70	3	0.441	0.441	NUM
fbem-2033	70	4	0.419	0.419	NUM
fbem-2033	70	5	(	(	PUNCT
fbem-2033	70	6	2.012	2.012	NUM
fbem-2033	70	7	)	)	PUNCT
fbem-2033	70	8	(	(	PUNCT
fbem-2033	70	9	0.444	0.444	NUM
fbem-2033	70	10	)	)	PUNCT
fbem-2033	70	11	(	(	PUNCT
fbem-2033	70	12	1.783	1.783	NUM
fbem-2033	70	13	)	)	PUNCT
fbem-2033	70	14	(	(	PUNCT
fbem-2033	70	15	2.958	2.958	NUM
fbem-2033	70	16	)	)	PUNCT
fbem-2033	70	17	(	(	PUNCT
fbem-2033	70	18	0.026	0.026	NUM
fbem-2033	70	19	)	)	PUNCT
fbem-2033	70	20	(	(	PUNCT
fbem-2033	70	21	1.393	1.393	NUM
fbem-2033	70	22	)	)	PUNCT
fbem-2033	70	23	(	(	PUNCT
fbem-2033	70	24	1.386	1.386	NUM
fbem-2033	70	25	)	)	PUNCT
fbem-2033	70	26	size	size	NOUN
fbem-2033	70	27	1.038	1.038	NUM
fbem-2033	71	1	0.688	0.688	NUM
fbem-2033	71	2	2.382	2.382	NUM
fbem-2033	71	3	*	*	PUNCT
fbem-2033	71	4	1.542	1.542	NUM
fbem-2033	71	5	0.861	0.861	NUM
fbem-2033	71	6	(	(	PUNCT
fbem-2033	71	7	1.289	1.289	NUM
fbem-2033	71	8	)	)	PUNCT
fbem-2033	71	9	(	(	PUNCT
fbem-2033	71	10	0.656	0.656	NUM
fbem-2033	71	11	)	)	PUNCT
fbem-2033	71	12	(	(	PUNCT
fbem-2033	71	13	2.179	2.179	NUM
fbem-2033	71	14	)	)	PUNCT
fbem-2033	71	15	(	(	PUNCT
fbem-2033	71	16	1.676	1.676	NUM
fbem-2033	71	17	)	)	PUNCT
fbem-2033	71	18	(	(	PUNCT
fbem-2033	71	19	0.822	0.822	NUM
fbem-2033	71	20	)	)	PUNCT
fbem-2033	71	21	soe	soe	PROPN
fbem-2033	71	22	0.032	0.032	NUM
fbem-2033	71	23	1.236	1.236	NUM
fbem-2033	71	24	1.363	1.363	NUM
fbem-2033	71	25	1.271	1.271	NUM
fbem-2033	71	26	0.734	0.734	NUM
fbem-2033	71	27	(	(	PUNCT
fbem-2033	71	28	0.037	0.037	NUM
fbem-2033	71	29	)	)	PUNCT
fbem-2033	71	30	(	(	PUNCT
fbem-2033	71	31	1.000	1.000	NUM
fbem-2033	71	32	)	)	PUNCT
fbem-2033	71	33	(	(	PUNCT
fbem-2033	71	34	1.127	1.127	NUM
fbem-2033	71	35	)	)	PUNCT
fbem-2033	71	36	(	(	PUNCT
fbem-2033	71	37	1.244	1.244	NUM
fbem-2033	71	38	)	)	PUNCT
fbem-2033	71	39	(	(	PUNCT
fbem-2033	71	40	0.670	0.670	NUM
fbem-2033	71	41	)	)	PUNCT
fbem-2033	71	42	mp	mp	NOUN
fbem-2033	71	43	0.227	0.227	NUM
fbem-2033	71	44	0.639	0.639	NUM
fbem-2033	71	45	0.235	0.235	NUM
fbem-2033	71	46	0.495	0.495	NUM
fbem-2033	71	47	1.118	1.118	NUM
fbem-2033	71	48	(	(	PUNCT
fbem-2033	71	49	0.254	0.254	NUM
fbem-2033	71	50	)	)	PUNCT
fbem-2033	71	51	(	(	PUNCT
fbem-2033	71	52	0.461	0.461	NUM
fbem-2033	71	53	)	)	PUNCT
fbem-2033	71	54	(	(	PUNCT
fbem-2033	71	55	0.199	0.199	NUM
fbem-2033	71	56	)	)	PUNCT
fbem-2033	71	57	(	(	PUNCT
fbem-2033	71	58	0.448	0.448	NUM
fbem-2033	71	59	)	)	PUNCT
fbem-2033	71	60	(	(	PUNCT
fbem-2033	71	61	0.831	0.831	NUM
fbem-2033	71	62	)	)	PUNCT
fbem-2033	71	63	r	r	NOUN
fbem-2033	71	64	2	2	NUM
fbem-2033	71	65	0.029	0.029	NUM
fbem-2033	71	66	0.278	0.278	NUM
fbem-2033	71	67	0.352	0.352	NUM
fbem-2033	71	68	0.232	0.232	NUM
fbem-2033	71	69	0.325	0.325	NUM
fbem-2033	71	70	0.221	0.221	NUM
fbem-2033	71	71	0.599	0.599	NUM
fbem-2033	71	72	0.247	0.247	NUM
fbem-2033	71	73	table	table	NOUN
fbem-2033	71	74	3	3	NUM
fbem-2033	71	75	.	.	PUNCT
fbem-2033	71	76	pearson	pearson	PROPN
fbem-2033	71	77	correlation	correlation	PROPN
fbem-2033	71	78	standard	standard	ADJ
fbem-2033	71	79	format	format	NOUN
fbem-2033	71	80	variable	variable	NOUN
fbem-2033	71	81	the	the	DET
fbem-2033	71	82	average	average	ADJ
fbem-2033	71	83	the	the	DET
fbem-2033	71	84	standard	standard	ADJ
fbem-2033	71	85	deviation	deviation	NOUN
fbem-2033	71	86	z	z	PROPN
fbem-2033	71	87	esg	esg	PROPN
fbem-2033	71	88	lev	lev	PROPN
fbem-2033	71	89	irm	irm	PROPN
fbem-2033	71	90	cash	cash	PROPN
fbem-2033	71	91	ind	ind	PROPN
fbem-2033	71	92	board	board	PROPN
fbem-2033	71	93	mp	mp	PROPN
fbem-2033	71	94	size	size	NOUN
fbem-2033	71	95	soe	soe	PROPN
fbem-2033	71	96	z	z	PROPN
fbem-2033	71	97	6.943	6.943	NUM
fbem-2033	71	98	9.578	9.578	NUM
fbem-2033	71	99	1	1	NUM
fbem-2033	71	100	esg	esg	NOUN
fbem-2033	71	101	6.48	6.48	NUM
fbem-2033	71	102	1.222	1.222	NUM
fbem-2033	71	103	0.171	0.171	NUM
fbem-2033	71	104	*	*	PUNCT
fbem-2033	72	1	*	*	PUNCT
fbem-2033	72	2	1	1	NUM
fbem-2033	72	3	lev	lev	NOUN
fbem-2033	72	4	34.213	34.213	NUM
fbem-2033	72	5	18.642	18.642	NUM
fbem-2033	72	6	0.438	0.438	NUM
fbem-2033	72	7	*	*	PUNCT
fbem-2033	73	1	*	*	PUNCT
fbem-2033	73	2	0.086	0.086	NUM
fbem-2033	73	3	1	1	NUM
fbem-2033	73	4	irm	irm	PROPN
fbem-2033	73	5	17.645	17.645	NUM
fbem-2033	73	6	34.582	34.582	NUM
fbem-2033	73	7	0.033	0.033	NUM
fbem-2033	73	8	0.001	0.001	NUM
fbem-2033	73	9	0.031	0.031	NUM
fbem-2033	73	10	1	1	NUM
fbem-2033	73	11	cash	cash	NOUN
fbem-2033	73	12	0.313	0.313	NUM
fbem-2033	73	13	0.475	0.475	NUM
fbem-2033	73	14	0.455	0.455	NUM
fbem-2033	73	15	*	*	PUNCT
fbem-2033	74	1	*	*	PUNCT
fbem-2033	74	2	0.174	0.174	NUM
fbem-2033	74	3	*	*	PUNCT
fbem-2033	74	4	*	*	PUNCT
fbem-2033	74	5	0.535	0.535	NUM
fbem-2033	74	6	*	*	PUNCT
fbem-2033	74	7	*	*	PUNCT
fbem-2033	74	8	0.023	0.023	NUM
fbem-2033	74	9	1	1	NUM
fbem-2033	74	10	ind	ind	NOUN
fbem-2033	74	11	37.224	37.224	NUM
fbem-2033	74	12	5.039	5.039	NUM
fbem-2033	74	13	0.047	0.047	NUM
fbem-2033	74	14	0.055	0.055	NUM
fbem-2033	74	15	0.045	0.045	NUM
fbem-2033	74	16	0.046	0.046	NUM
fbem-2033	74	17	0.103	0.103	NUM
fbem-2033	74	18	*	*	SYM
fbem-2033	74	19	1	1	NUM
fbem-2033	74	20	board	board	NOUN
fbem-2033	74	21	4.367	4.367	NUM
fbem-2033	74	22	1.633	1.633	NUM
fbem-2033	74	23	0.105	0.105	NUM
fbem-2033	74	24	*	*	PUNCT
fbem-2033	75	1	0.175	0.175	NUM
fbem-2033	75	2	*	*	PUNCT
fbem-2033	76	1	*	*	PUNCT
fbem-2033	76	2	0.144	0.144	NUM
fbem-2033	76	3	*	*	PUNCT
fbem-2033	76	4	*	*	PUNCT
fbem-2033	76	5	0.061	0.061	NUM
fbem-2033	76	6	0.024	0.024	NUM
fbem-2033	76	7	0.068	0.068	NUM
fbem-2033	76	8	1	1	NUM
fbem-2033	76	9	size	size	NOUN
fbem-2033	76	10	0.484	0.484	NUM
fbem-2033	76	11	0.5	0.5	NUM
fbem-2033	76	12	0.095	0.095	NUM
fbem-2033	76	13	*	*	NUM
fbem-2033	76	14	0.073	0.073	NUM
fbem-2033	76	15	0.345	0.345	NUM
fbem-2033	76	16	*	*	PUNCT
fbem-2033	77	1	*	*	PUNCT
fbem-2033	77	2	0.074	0.074	NUM
fbem-2033	77	3	0.171	0.171	NUM
fbem-2033	77	4	*	*	PUNCT
fbem-2033	78	1	*	*	PUNCT
fbem-2033	78	2	0.051	0.051	NUM
fbem-2033	78	3	0.104	0.104	NUM
fbem-2033	78	4	*	*	PUNCT
fbem-2033	78	5	1	1	NUM
fbem-2033	78	6	soe	soe	PROPN
fbem-2033	78	7	0.309	0.309	NUM
fbem-2033	78	8	0.463	0.463	NUM
fbem-2033	78	9	0.073	0.073	NUM
fbem-2033	78	10	0.180	0.180	NUM
fbem-2033	78	11	*	*	PUNCT
fbem-2033	78	12	*	*	PUNCT
fbem-2033	78	13	0.123	0.123	NUM
fbem-2033	78	14	*	*	PUNCT
fbem-2033	78	15	*	*	PUNCT
fbem-2033	78	16	0.053	0.053	NUM
fbem-2033	78	17	0.129	0.129	NUM
fbem-2033	78	18	*	*	PUNCT
fbem-2033	79	1	*	*	PUNCT
fbem-2033	79	2	0.027	0.027	NUM
fbem-2033	79	3	0.295	0.295	NUM
fbem-2033	79	4	*	*	PUNCT
fbem-2033	80	1	*	*	PUNCT
fbem-2033	80	2	0.062	0.062	NUM
fbem-2033	80	3	1	1	NUM
fbem-2033	80	4	mp	mp	NOUN
fbem-2033	80	5	0.754	0.754	NUM
fbem-2033	80	6	0.431	0.431	NUM
fbem-2033	80	7	0.045	0.045	NUM
fbem-2033	80	8	0.033	0.033	NUM
fbem-2033	80	9	0.04	0.04	NUM
fbem-2033	80	10	0.001	0.001	NUM
fbem-2033	80	11	0.109	0.109	NUM
fbem-2033	80	12	*	*	NOUN
fbem-2033	80	13	0.188	0.188	NUM
fbem-2033	81	1	*	*	PUNCT
fbem-2033	81	2	*	*	PUNCT
fbem-2033	82	1	0.079	0.079	NUM
fbem-2033	82	2	0.085	0.085	NUM
fbem-2033	82	3	0.094	0.094	NUM
fbem-2033	82	4	*	*	PUNCT
fbem-2033	82	5	1	1	NUM
fbem-2033	82	6	*	*	PUNCT
fbem-2033	82	7	p	p	X
fbem-2033	82	8	<	<	X
fbem-2033	82	9	0.05	0.05	NUM
fbem-2033	82	10	*	*	PUNCT
fbem-2033	83	1	*	*	PUNCT
fbem-2033	83	2	p	p	X
fbem-2033	83	3	<	<	X
fbem-2033	83	4	0.01	0.01	NUM
fbem-2033	83	5	269	269	NUM
fbem-2033	83	6	5.4	5.4	NUM
fbem-2033	83	7	.	.	PUNCT
fbem-2033	84	1	robustness	robustness	NOUN
fbem-2033	84	2	test	test	NOUN
fbem-2033	84	3	in	in	ADP
fbem-2033	84	4	order	order	NOUN
fbem-2033	84	5	to	to	PART
fbem-2033	84	6	investigate	investigate	VERB
fbem-2033	84	7	the	the	DET
fbem-2033	84	8	robustness	robustness	NOUN
fbem-2033	84	9	of	of	ADP
fbem-2033	84	10	the	the	DET
fbem-2033	84	11	research	research	NOUN
fbem-2033	84	12	results	result	NOUN
fbem-2033	85	1	,	,	PUNCT
fbem-2033	85	2	this	this	DET
fbem-2033	85	3	study	study	NOUN
fbem-2033	85	4	refers	refer	VERB
fbem-2033	85	5	to	to	ADP
fbem-2033	85	6	xu	xu	PROPN
fbem-2033	85	7	guanghua	guanghua	PROPN
fbem-2033	85	8	et	et	PROPN
fbem-2033	85	9	al	al	PROPN
fbem-2033	85	10	.	.	PUNCT
fbem-2033	86	1	(	(	PUNCT
fbem-2033	86	2	2022)[7]a	2022)[7]a	ADJ
fbem-2033	86	3	new	new	ADJ
fbem-2033	86	4	method	method	NOUN
fbem-2033	86	5	was	be	AUX
fbem-2033	86	6	adopted	adopt	VERB
fbem-2033	86	7	for	for	ADP
fbem-2033	86	8	esg	esg	PROPN
fbem-2033	86	9	score	score	NOUN
fbem-2033	86	10	assignment	assignment	NOUN
fbem-2033	86	11	,	,	PUNCT
fbem-2033	86	12	that	that	ADV
fbem-2033	86	13	is	is	ADV
fbem-2033	86	14	,	,	PUNCT
fbem-2033	86	15	the	the	DET
fbem-2033	86	16	esg	esg	PROPN
fbem-2033	86	17	score	score	NOUN
fbem-2033	86	18	was	be	AUX
fbem-2033	86	19	divided	divide	VERB
fbem-2033	86	20	into	into	ADP
fbem-2033	86	21	three	three	NUM
fbem-2033	86	22	groups	group	NOUN
fbem-2033	86	23	,	,	PUNCT
fbem-2033	86	24	a	a	DET
fbem-2033	86	25	,	,	PUNCT
fbem-2033	86	26	b	b	NOUN
fbem-2033	86	27	,	,	PUNCT
fbem-2033	86	28	and	and	CCONJ
fbem-2033	86	29	c	c	NOUN
fbem-2033	86	30	,	,	PUNCT
fbem-2033	86	31	according	accord	VERB
fbem-2033	86	32	to	to	ADP
fbem-2033	86	33	the	the	DET
fbem-2033	86	34	nine	nine	NUM
fbem-2033	86	35	-	-	PUNCT
fbem-2033	86	36	level	level	NOUN
fbem-2033	86	37	classification	classification	NOUN
fbem-2033	86	38	of	of	ADP
fbem-2033	86	39	huazheng	huazheng	PROPN
fbem-2033	86	40	aaac	aaac	PROPN
fbem-2033	86	41	,	,	PUNCT
fbem-2033	86	42	with	with	ADP
fbem-2033	86	43	a	a	DET
fbem-2033	86	44	score	score	NOUN
fbem-2033	86	45	of	of	ADP
fbem-2033	86	46	3	3	NUM
fbem-2033	86	47	-	-	SYM
fbem-2033	86	48	1	1	NUM
fbem-2033	86	49	respectively	respectively	ADV
fbem-2033	86	50	.	.	PUNCT
fbem-2033	87	1	after	after	ADP
fbem-2033	87	2	replacing	replace	VERB
fbem-2033	87	3	the	the	DET
fbem-2033	87	4	original	original	ADJ
fbem-2033	87	5	explanatory	explanatory	ADJ
fbem-2033	87	6	variables	variable	NOUN
fbem-2033	87	7	,	,	PUNCT
fbem-2033	87	8	the	the	DET
fbem-2033	87	9	regression	regression	NOUN
fbem-2033	87	10	results	result	NOUN
fbem-2033	87	11	were	be	AUX
fbem-2033	87	12	shown	show	VERB
fbem-2033	87	13	in	in	ADP
fbem-2033	87	14	column	column	NOUN
fbem-2033	87	15	(	(	PUNCT
fbem-2033	87	16	2	2	NUM
fbem-2033	87	17	)	)	PUNCT
fbem-2033	87	18	of	of	ADP
fbem-2033	87	19	table	table	NOUN
fbem-2033	87	20	5.after	5.after	NUM
fbem-2033	87	21	replacing	replace	VERB
fbem-2033	87	22	the	the	DET
fbem-2033	87	23	original	original	ADJ
fbem-2033	87	24	explanatory	explanatory	ADJ
fbem-2033	87	25	variables	variable	NOUN
fbem-2033	87	26	,	,	PUNCT
fbem-2033	87	27	the	the	DET
fbem-2033	87	28	regression	regression	NOUN
fbem-2033	87	29	results	result	NOUN
fbem-2033	87	30	are	be	AUX
fbem-2033	87	31	shown	show	VERB
fbem-2033	87	32	in	in	ADP
fbem-2033	87	33	column	column	NOUN
fbem-2033	87	34	(	(	PUNCT
fbem-2033	87	35	2	2	NUM
fbem-2033	87	36	)	)	PUNCT
fbem-2033	87	37	of	of	ADP
fbem-2033	87	38	table	table	NOUN
fbem-2033	87	39	5	5	NUM
fbem-2033	87	40	.	.	PUNCT
fbem-2033	88	1	it	it	PRON
fbem-2033	88	2	is	be	AUX
fbem-2033	88	3	found	find	VERB
fbem-2033	88	4	that	that	SCONJ
fbem-2033	88	5	the	the	DET
fbem-2033	88	6	results	result	NOUN
fbem-2033	88	7	are	be	AUX
fbem-2033	88	8	basically	basically	ADV
fbem-2033	88	9	consistent	consistent	ADJ
fbem-2033	88	10	with	with	ADP
fbem-2033	88	11	the	the	DET
fbem-2033	88	12	results	result	NOUN
fbem-2033	88	13	before	before	ADP
fbem-2033	88	14	replacement	replacement	NOUN
fbem-2033	88	15	in	in	ADP
fbem-2033	88	16	column	column	NOUN
fbem-2033	88	17	(	(	PUNCT
fbem-2033	88	18	1	1	NUM
fbem-2033	88	19	)	)	PUNCT
fbem-2033	88	20	,	,	PUNCT
fbem-2033	88	21	indicating	indicate	VERB
fbem-2033	88	22	the	the	DET
fbem-2033	88	23	robustness	robustness	NOUN
fbem-2033	88	24	of	of	ADP
fbem-2033	88	25	the	the	DET
fbem-2033	88	26	regression	regression	NOUN
fbem-2033	88	27	results	result	NOUN
fbem-2033	88	28	in	in	ADP
fbem-2033	88	29	this	this	DET
fbem-2033	88	30	paper	paper	NOUN
fbem-2033	88	31	.	.	PUNCT
fbem-2033	89	1	table	table	NOUN
fbem-2033	89	2	5	5	NUM
fbem-2033	89	3	.	.	PUNCT
fbem-2033	90	1	robustness	robustness	NOUN
fbem-2033	90	2	test	test	NOUN
fbem-2033	90	3	of	of	ADP
fbem-2033	90	4	reassigned	reassign	VERB
fbem-2033	90	5	esg	esg	PROPN
fbem-2033	90	6	index	index	NOUN
fbem-2033	90	7	(	(	PUNCT
fbem-2033	90	8	1	1	NUM
fbem-2033	90	9	)	)	PUNCT
fbem-2033	90	10	(	(	PUNCT
fbem-2033	90	11	2	2	X
fbem-2033	90	12	)	)	PUNCT
fbem-2033	90	13	esg	esg	NOUN
fbem-2033	90	14	0.837	0.837	NUM
fbem-2033	90	15	*	*	PUNCT
fbem-2033	91	1	*	*	PUNCT
fbem-2033	91	2	2.306	2.306	NUM
fbem-2033	91	3	*	*	PUNCT
fbem-2033	91	4	*	*	PUNCT
fbem-2033	91	5	2.613	2.613	NUM
fbem-2033	91	6	3.038	3.038	NUM
fbem-2033	91	7	lev	lev	NOUN
fbem-2033	91	8	0.142	0.142	NUM
fbem-2033	91	9	*	*	PUNCT
fbem-2033	92	1	*	*	PUNCT
fbem-2033	92	2	0.142	0.142	NUM
fbem-2033	92	3	*	*	PUNCT
fbem-2033	92	4	*	*	PUNCT
fbem-2033	92	5	(	(	PUNCT
fbem-2033	92	6	5.676	5.676	NUM
fbem-2033	92	7	)	)	PUNCT
fbem-2033	92	8	(	(	PUNCT
fbem-2033	92	9	5.683	5.683	NUM
fbem-2033	92	10	)	)	PUNCT
fbem-2033	92	11	irm	irm	PROPN
fbem-2033	92	12	0.007	0.007	NUM
fbem-2033	92	13	0.006	0.006	NUM
fbem-2033	92	14	(	(	PUNCT
fbem-2033	92	15	0.684	0.684	NUM
fbem-2033	92	16	)	)	PUNCT
fbem-2033	92	17	(	(	PUNCT
fbem-2033	92	18	0.577	0.577	NUM
fbem-2033	92	19	)	)	PUNCT
fbem-2033	92	20	cash	cash	NOUN
fbem-2033	92	21	5.912	5.912	NUM
fbem-2033	92	22	*	*	PUNCT
fbem-2033	92	23	*	*	PUNCT
fbem-2033	93	1	5.800	5.800	NUM
fbem-2033	93	2	*	*	PUNCT
fbem-2033	93	3	*	*	PUNCT
fbem-2033	93	4	6.203	6.203	NUM
fbem-2033	93	5	6.084	6.084	NUM
fbem-2033	93	6	ind	ind	NOUN
fbem-2033	93	7	0.002	0.002	NUM
fbem-2033	93	8	0.008	0.008	NUM
fbem-2033	93	9	(	(	PUNCT
fbem-2033	93	10	0.021	0.021	NUM
fbem-2033	93	11	)	)	PUNCT
fbem-2033	93	12	(	(	PUNCT
fbem-2033	93	13	0.100	0.100	NUM
fbem-2033	93	14	)	)	PUNCT
fbem-2033	93	15	board	board	NOUN
fbem-2033	93	16	0.491	0.491	NUM
fbem-2033	93	17	*	*	SYM
fbem-2033	93	18	0.516	0.516	NUM
fbem-2033	93	19	*	*	PUNCT
fbem-2033	93	20	(	(	PUNCT
fbem-2033	93	21	2.012	2.012	NUM
fbem-2033	93	22	)	)	PUNCT
fbem-2033	93	23	(	(	PUNCT
fbem-2033	93	24	2.114	2.114	NUM
fbem-2033	93	25	)	)	PUNCT
fbem-2033	93	26	size	size	NOUN
fbem-2033	93	27	1.038	1.038	NUM
fbem-2033	93	28	0.106	0.106	NUM
fbem-2033	93	29	1.289	1.289	NUM
fbem-2033	93	30	(	(	PUNCT
fbem-2033	93	31	0.123	0.123	NUM
fbem-2033	93	32	)	)	PUNCT
fbem-2033	93	33	soe	soe	PROPN
fbem-2033	93	34	0.032	0.032	NUM
fbem-2033	93	35	0.991	0.991	NUM
fbem-2033	93	36	(	(	PUNCT
fbem-2033	93	37	0.037	0.037	NUM
fbem-2033	93	38	)	)	PUNCT
fbem-2033	93	39	1.234	1.234	NUM
fbem-2033	93	40	mp	mp	NOUN
fbem-2033	93	41	0.227	0.227	NUM
fbem-2033	93	42	0.155	0.155	NUM
fbem-2033	93	43	0.254	0.254	NUM
fbem-2033	93	44	0.174	0.174	NUM
fbem-2033	93	45	r2	r2	NOUN
fbem-2033	93	46	0.278	0.278	NUM
fbem-2033	93	47	0.282	0.282	NUM
fbem-2033	93	48	6	6	NUM
fbem-2033	93	49	.	.	PUNCT
fbem-2033	93	50	conclusions	conclusion	NOUN
fbem-2033	93	51	and	and	CCONJ
fbem-2033	93	52	recommendations	recommendation	NOUN
fbem-2033	93	53	in	in	ADP
fbem-2033	93	54	this	this	DET
fbem-2033	93	55	study	study	NOUN
fbem-2033	93	56	,	,	PUNCT
fbem-2033	93	57	122	122	NUM
fbem-2033	93	58	listed	list	VERB
fbem-2033	93	59	companies	company	NOUN
fbem-2033	93	60	in	in	ADP
fbem-2033	93	61	china	china	PROPN
fbem-2033	93	62	's	's	PART
fbem-2033	93	63	a	a	DET
fbem-2033	93	64	-	-	PUNCT
fbem-2033	93	65	share	share	NOUN
fbem-2033	93	66	pharmaceutical	pharmaceutical	NOUN
fbem-2033	93	67	industry	industry	NOUN
fbem-2033	93	68	from	from	ADP
fbem-2033	93	69	2016	2016	NUM
fbem-2033	93	70	to	to	ADP
fbem-2033	93	71	2020	2020	NUM
fbem-2033	93	72	were	be	AUX
fbem-2033	93	73	selected	select	VERB
fbem-2033	93	74	as	as	ADP
fbem-2033	93	75	research	research	NOUN
fbem-2033	93	76	samples	sample	NOUN
fbem-2033	93	77	to	to	PART
fbem-2033	93	78	empirically	empirically	ADV
fbem-2033	93	79	test	test	VERB
fbem-2033	93	80	the	the	DET
fbem-2033	93	81	impact	impact	NOUN
fbem-2033	93	82	of	of	ADP
fbem-2033	93	83	esg	esg	PROPN
fbem-2033	93	84	information	information	NOUN
fbem-2033	93	85	disclosure	disclosure	NOUN
fbem-2033	93	86	on	on	ADP
fbem-2033	93	87	financial	financial	ADJ
fbem-2033	93	88	risk.the	risk.the	DET
fbem-2033	93	89	findings	finding	NOUN
fbem-2033	93	90	are	be	AUX
fbem-2033	93	91	as	as	SCONJ
fbem-2033	93	92	follows	follow	VERB
fbem-2033	93	93	:	:	PUNCT
fbem-2033	93	94	good	good	ADJ
fbem-2033	93	95	esg	esg	PROPN
fbem-2033	93	96	information	information	NOUN
fbem-2033	93	97	disclosure	disclosure	NOUN
fbem-2033	93	98	can	can	AUX
fbem-2033	93	99	significantly	significantly	ADV
fbem-2033	93	100	reduce	reduce	VERB
fbem-2033	93	101	financial	financial	ADJ
fbem-2033	93	102	risk;in	risk;in	NOUN
fbem-2033	93	103	the	the	DET
fbem-2033	93	104	heterogeneity	heterogeneity	NOUN
fbem-2033	93	105	analysis	analysis	NOUN
fbem-2033	93	106	,	,	PUNCT
fbem-2033	93	107	it	it	PRON
fbem-2033	93	108	was	be	AUX
fbem-2033	93	109	found	find	VERB
fbem-2033	93	110	that	that	SCONJ
fbem-2033	93	111	the	the	DET
fbem-2033	93	112	inhibitory	inhibitory	ADJ
fbem-2033	93	113	effect	effect	NOUN
fbem-2033	93	114	of	of	ADP
fbem-2033	93	115	esg	esg	PROPN
fbem-2033	93	116	information	information	NOUN
fbem-2033	93	117	disclosure	disclosure	NOUN
fbem-2033	93	118	on	on	ADP
fbem-2033	93	119	the	the	DET
fbem-2033	93	120	financial	financial	ADJ
fbem-2033	93	121	risk	risk	NOUN
fbem-2033	93	122	of	of	ADP
fbem-2033	93	123	listed	list	VERB
fbem-2033	93	124	companies	company	NOUN
fbem-2033	93	125	in	in	ADP
fbem-2033	93	126	the	the	DET
fbem-2033	93	127	pharmaceutical	pharmaceutical	NOUN
fbem-2033	93	128	industry	industry	NOUN
fbem-2033	93	129	was	be	AUX
fbem-2033	93	130	mainly	mainly	ADV
fbem-2033	93	131	in	in	ADP
fbem-2033	93	132	non	non	ADJ
fbem-2033	93	133	-	-	ADJ
fbem-2033	93	134	state	state	NOUN
fbem-2033	93	135	-	-	PUNCT
fbem-2033	93	136	owned	own	VERB
fbem-2033	93	137	enterprises	enterprise	NOUN
fbem-2033	93	138	and	and	CCONJ
fbem-2033	93	139	enterprises	enterprise	NOUN
fbem-2033	93	140	with	with	ADP
fbem-2033	93	141	high	high	ADJ
fbem-2033	93	142	degree	degree	NOUN
fbem-2033	93	143	of	of	ADP
fbem-2033	93	144	regional	regional	ADJ
fbem-2033	93	145	marketization	marketization	NOUN
fbem-2033	93	146	,	,	PUNCT
fbem-2033	93	147	while	while	SCONJ
fbem-2033	93	148	the	the	DET
fbem-2033	93	149	moderating	moderate	VERB
fbem-2033	93	150	effect	effect	NOUN
fbem-2033	93	151	of	of	ADP
fbem-2033	93	152	enterprise	enterprise	NOUN
fbem-2033	93	153	size	size	NOUN
fbem-2033	93	154	on	on	ADP
fbem-2033	93	155	the	the	DET
fbem-2033	93	156	two	two	NUM
fbem-2033	93	157	was	be	AUX
fbem-2033	93	158	not	not	PART
fbem-2033	93	159	significant.based	significant.base	VERB
fbem-2033	93	160	on	on	ADP
fbem-2033	93	161	the	the	DET
fbem-2033	93	162	conclusions	conclusion	NOUN
fbem-2033	93	163	of	of	ADP
fbem-2033	93	164	this	this	DET
fbem-2033	93	165	study	study	NOUN
fbem-2033	93	166	,	,	PUNCT
fbem-2033	93	167	the	the	DET
fbem-2033	93	168	following	follow	VERB
fbem-2033	93	169	suggestions	suggestion	NOUN
fbem-2033	93	170	are	be	AUX
fbem-2033	93	171	put	put	VERB
fbem-2033	93	172	forward	forward	ADV
fbem-2033	93	173	:	:	PUNCT
fbem-2033	93	174	from	from	ADP
fbem-2033	93	175	the	the	DET
fbem-2033	93	176	government	government	NOUN
fbem-2033	93	177	level	level	NOUN
fbem-2033	93	178	,	,	PUNCT
fbem-2033	93	179	the	the	DET
fbem-2033	93	180	government	government	NOUN
fbem-2033	93	181	should	should	AUX
fbem-2033	93	182	continue	continue	VERB
fbem-2033	93	183	to	to	PART
fbem-2033	93	184	improve	improve	VERB
fbem-2033	93	185	enterprise	enterprise	NOUN
fbem-2033	93	186	information	information	NOUN
fbem-2033	93	187	disclosure	disclosure	PROPN
fbem-2033	93	188	esg	esg	PROPN
fbem-2033	93	189	,	,	PUNCT
fbem-2033	93	190	further	far	ADV
fbem-2033	93	191	from	from	ADP
fbem-2033	93	192	,	,	PUNCT
fbem-2033	93	193	specific	specific	ADJ
fbem-2033	93	194	and	and	CCONJ
fbem-2033	93	195	index	index	NOUN
fbem-2033	93	196	esg	esg	PROPN
fbem-2033	93	197	disclosure	disclosure	NOUN
fbem-2033	93	198	content	content	NOUN
fbem-2033	93	199	,	,	PUNCT
fbem-2033	93	200	strengthen	strengthen	VERB
fbem-2033	93	201	the	the	DET
fbem-2033	93	202	esg	esg	NOUN
fbem-2033	93	203	with	with	ADP
fbem-2033	93	204	strength	strength	NOUN
fbem-2033	93	205	of	of	ADP
fbem-2033	93	206	the	the	DET
fbem-2033	93	207	third	third	ADJ
fbem-2033	93	208	party	party	NOUN
fbem-2033	93	209	cooperation	cooperation	NOUN
fbem-2033	93	210	,	,	PUNCT
fbem-2033	93	211	a	a	DET
fbem-2033	93	212	rating	rating	NOUN
fbem-2033	93	213	agency	agency	NOUN
fbem-2033	93	214	,	,	PUNCT
fbem-2033	93	215	to	to	PART
fbem-2033	93	216	use	use	VERB
fbem-2033	93	217	its	its	PRON
fbem-2033	93	218	rating	rating	NOUN
fbem-2033	93	219	wide	wide	ADJ
fbem-2033	93	220	coverage	coverage	NOUN
fbem-2033	93	221	,	,	PUNCT
fbem-2033	93	222	fast	fast	ADJ
fbem-2033	93	223	update	update	NOUN
fbem-2033	93	224	frequency	frequency	NOUN
fbem-2033	93	225	of	of	ADP
fbem-2033	93	226	helping	help	VERB
fbem-2033	93	227	the	the	DET
fbem-2033	93	228	government	government	NOUN
fbem-2033	93	229	to	to	PART
fbem-2033	93	230	strengthen	strengthen	VERB
fbem-2033	93	231	the	the	DET
fbem-2033	93	232	supervision	supervision	NOUN
fbem-2033	93	233	and	and	CCONJ
fbem-2033	93	234	management	management	NOUN
fbem-2033	93	235	of	of	ADP
fbem-2033	93	236	enterprise	enterprise	NOUN
fbem-2033	93	237	information	information	NOUN
fbem-2033	93	238	disclosure	disclosure	NOUN
fbem-2033	93	239	of	of	ADP
fbem-2033	93	240	esg	esg	PROPN
fbem-2033	93	241	,	,	PUNCT
fbem-2033	93	242	so	so	SCONJ
fbem-2033	93	243	as	as	SCONJ
fbem-2033	93	244	to	to	PART
fbem-2033	93	245	improve	improve	VERB
fbem-2033	93	246	the	the	DET
fbem-2033	93	247	authenticity	authenticity	NOUN
fbem-2033	93	248	of	of	ADP
fbem-2033	93	249	esg	esg	PROPN
fbem-2033	93	250	information	information	NOUN
fbem-2033	93	251	disclosed	disclose	VERB
fbem-2033	93	252	by	by	ADP
fbem-2033	93	253	enterprises.at	enterprises.at	NOUN
fbem-2033	93	254	the	the	DET
fbem-2033	93	255	same	same	ADJ
fbem-2033	93	256	time	time	NOUN
fbem-2033	93	257	,	,	PUNCT
fbem-2033	93	258	the	the	DET
fbem-2033	93	259	government	government	NOUN
fbem-2033	93	260	should	should	AUX
fbem-2033	93	261	timely	timely	ADV
fbem-2033	93	262	give	give	VERB
fbem-2033	93	263	tax	tax	NOUN
fbem-2033	93	264	policies	policy	NOUN
fbem-2033	93	265	and	and	CCONJ
fbem-2033	93	266	other	other	ADJ
fbem-2033	93	267	incentives	incentive	NOUN
fbem-2033	93	268	to	to	ADP
fbem-2033	93	269	enterprises	enterprise	NOUN
fbem-2033	93	270	with	with	ADP
fbem-2033	93	271	good	good	ADJ
fbem-2033	93	272	esg	esg	PROPN
fbem-2033	93	273	information	information	NOUN
fbem-2033	93	274	disclosure	disclosure	NOUN
fbem-2033	93	275	,	,	PUNCT
fbem-2033	93	276	and	and	CCONJ
fbem-2033	93	277	timely	timely	ADJ
fbem-2033	93	278	manage	manage	VERB
fbem-2033	93	279	and	and	CCONJ
fbem-2033	93	280	guide	guide	VERB
fbem-2033	93	281	enterprises	enterprise	NOUN
fbem-2033	93	282	with	with	ADP
fbem-2033	93	283	poor	poor	ADJ
fbem-2033	93	284	esg	esg	PROPN
fbem-2033	93	285	information	information	NOUN
fbem-2033	93	286	disclosure	disclosure	NOUN
fbem-2033	93	287	,	,	PUNCT
fbem-2033	93	288	so	so	SCONJ
fbem-2033	93	289	as	as	SCONJ
fbem-2033	93	290	to	to	PART
fbem-2033	93	291	improve	improve	VERB
fbem-2033	93	292	the	the	DET
fbem-2033	93	293	enthusiasm	enthusiasm	NOUN
fbem-2033	93	294	of	of	ADP
fbem-2033	93	295	enterprises	enterprise	NOUN
fbem-2033	93	296	to	to	PART
fbem-2033	93	297	disclose	disclose	VERB
fbem-2033	93	298	esg	esg	PROPN
fbem-2033	93	299	information	information	NOUN
fbem-2033	93	300	.	.	PUNCT
fbem-2033	94	1	at	at	ADP
fbem-2033	94	2	the	the	DET
fbem-2033	94	3	enterprise	enterprise	NOUN
fbem-2033	94	4	level	level	NOUN
fbem-2033	94	5	,	,	PUNCT
fbem-2033	94	6	non	non	ADJ
fbem-2033	94	7	-	-	ADJ
fbem-2033	94	8	state	state	NOUN
fbem-2033	94	9	-	-	PUNCT
fbem-2033	94	10	owned	own	VERB
fbem-2033	94	11	enterprises	enterprise	NOUN
fbem-2033	94	12	and	and	CCONJ
fbem-2033	94	13	enterprises	enterprise	NOUN
fbem-2033	94	14	located	locate	VERB
fbem-2033	94	15	in	in	ADP
fbem-2033	94	16	a	a	DET
fbem-2033	94	17	higher	high	ADJ
fbem-2033	94	18	degree	degree	NOUN
fbem-2033	94	19	of	of	ADP
fbem-2033	94	20	marketization	marketization	NOUN
fbem-2033	94	21	should	should	AUX
fbem-2033	94	22	make	make	VERB
fbem-2033	94	23	use	use	NOUN
fbem-2033	94	24	of	of	ADP
fbem-2033	94	25	their	their	PRON
fbem-2033	94	26	own	own	ADJ
fbem-2033	94	27	characteristics	characteristic	NOUN
fbem-2033	94	28	or	or	CCONJ
fbem-2033	94	29	regional	regional	ADJ
fbem-2033	94	30	advantages	advantage	NOUN
fbem-2033	94	31	to	to	PART
fbem-2033	94	32	actively	actively	ADV
fbem-2033	94	33	practice	practice	VERB
fbem-2033	94	34	esg	esg	NOUN
fbem-2033	94	35	concepts	concept	NOUN
fbem-2033	94	36	,	,	PUNCT
fbem-2033	94	37	so	so	SCONJ
fbem-2033	94	38	as	as	SCONJ
fbem-2033	94	39	to	to	PART
fbem-2033	94	40	reduce	reduce	VERB
fbem-2033	94	41	their	their	PRON
fbem-2033	94	42	own	own	ADJ
fbem-2033	94	43	financial	financial	ADJ
fbem-2033	94	44	risks	risk	NOUN
fbem-2033	94	45	and	and	CCONJ
fbem-2033	94	46	promote	promote	VERB
fbem-2033	94	47	their	their	PRON
fbem-2033	94	48	long	long	ADJ
fbem-2033	94	49	-	-	PUNCT
fbem-2033	94	50	term	term	NOUN
fbem-2033	94	51	development.in	development.in	PART
fbem-2033	94	52	addition	addition	NOUN
fbem-2033	94	53	,	,	PUNCT
fbem-2033	94	54	the	the	DET
fbem-2033	94	55	management	management	NOUN
fbem-2033	94	56	of	of	ADP
fbem-2033	94	57	enterprises	enterprise	NOUN
fbem-2033	94	58	should	should	AUX
fbem-2033	94	59	ensure	ensure	VERB
fbem-2033	94	60	that	that	SCONJ
fbem-2033	94	61	their	their	PRON
fbem-2033	94	62	operations	operation	NOUN
fbem-2033	94	63	comply	comply	VERB
fbem-2033	94	64	with	with	ADP
fbem-2033	94	65	laws	law	NOUN
fbem-2033	94	66	,	,	PUNCT
fbem-2033	94	67	regulations	regulation	NOUN
fbem-2033	94	68	and	and	CCONJ
fbem-2033	94	69	ethical	ethical	ADJ
fbem-2033	94	70	standards	standard	NOUN
fbem-2033	94	71	,	,	PUNCT
fbem-2033	94	72	constantly	constantly	ADV
fbem-2033	94	73	deepen	deepen	VERB
fbem-2033	94	74	the	the	DET
fbem-2033	94	75	internal	internal	ADJ
fbem-2033	94	76	transformation	transformation	NOUN
fbem-2033	94	77	and	and	CCONJ
fbem-2033	94	78	development	development	NOUN
fbem-2033	94	79	of	of	ADP
fbem-2033	94	80	enterprises	enterprise	NOUN
fbem-2033	94	81	,	,	PUNCT
fbem-2033	94	82	promote	promote	VERB
fbem-2033	94	83	the	the	DET
fbem-2033	94	84	quality	quality	NOUN
fbem-2033	94	85	and	and	CCONJ
fbem-2033	94	86	efficiency	efficiency	NOUN
fbem-2033	94	87	of	of	ADP
fbem-2033	94	88	various	various	ADJ
fbem-2033	94	89	operations	operation	NOUN
fbem-2033	94	90	,	,	PUNCT
fbem-2033	94	91	and	and	CCONJ
fbem-2033	94	92	increase	increase	VERB
fbem-2033	94	93	the	the	DET
fbem-2033	94	94	competitiveness	competitiveness	NOUN
fbem-2033	94	95	of	of	ADP
fbem-2033	94	96	the	the	DET
fbem-2033	94	97	company.establish	company.establish	NUM
fbem-2033	94	98	and	and	CCONJ
fbem-2033	94	99	improve	improve	VERB
fbem-2033	94	100	the	the	DET
fbem-2033	94	101	enterprise	enterprise	NOUN
fbem-2033	94	102	esg	esg	NOUN
fbem-2033	94	103	management	management	NOUN
fbem-2033	94	104	system	system	NOUN
fbem-2033	94	105	and	and	CCONJ
fbem-2033	94	106	organizational	organizational	ADJ
fbem-2033	94	107	system	system	NOUN
fbem-2033	94	108	,	,	PUNCT
fbem-2033	94	109	actively	actively	ADV
fbem-2033	94	110	promote	promote	VERB
fbem-2033	94	111	esg	esg	PROPN
fbem-2033	94	112	governance	governance	NOUN
fbem-2033	94	113	,	,	PUNCT
fbem-2033	94	114	and	and	CCONJ
fbem-2033	94	115	realize	realize	VERB
fbem-2033	94	116	the	the	DET
fbem-2033	94	117	sustainable	sustainable	ADJ
fbem-2033	94	118	development	development	NOUN
fbem-2033	94	119	of	of	ADP
fbem-2033	94	120	the	the	DET
fbem-2033	94	121	enterprise	enterprise	NOUN
fbem-2033	94	122	itself	itself	PRON
fbem-2033	94	123	,	,	PUNCT
fbem-2033	94	124	society	society	NOUN
fbem-2033	94	125	and	and	CCONJ
fbem-2033	94	126	environment	environment	NOUN
fbem-2033	94	127	.	.	PUNCT
fbem-2033	95	1	from	from	ADP
fbem-2033	95	2	the	the	DET
fbem-2033	95	3	aspect	aspect	NOUN
fbem-2033	95	4	of	of	ADP
fbem-2033	95	5	investors	investor	NOUN
fbem-2033	95	6	,	,	PUNCT
fbem-2033	95	7	corporate	corporate	ADJ
fbem-2033	95	8	good	good	ADJ
fbem-2033	95	9	esg	esg	PROPN
fbem-2033	95	10	disclosure	disclosure	NOUN
fbem-2033	95	11	can	can	AUX
fbem-2033	95	12	significantly	significantly	ADV
fbem-2033	95	13	reduce	reduce	VERB
fbem-2033	95	14	the	the	DET
fbem-2033	95	15	financial	financial	ADJ
fbem-2033	95	16	risk	risk	NOUN
fbem-2033	95	17	,	,	PUNCT
fbem-2033	95	18	to	to	PART
fbem-2033	95	19	reduce	reduce	VERB
fbem-2033	95	20	financial	financial	ADJ
fbem-2033	95	21	risk	risk	NOUN
fbem-2033	95	22	by	by	ADP
fbem-2033	95	23	the	the	DET
fbem-2033	95	24	invested	invest	VERB
fbem-2033	95	25	enterprise	enterprise	NOUN
fbem-2033	95	26	to	to	PART
fbem-2033	95	27	bring	bring	VERB
fbem-2033	95	28	the	the	DET
fbem-2033	95	29	possibility	possibility	NOUN
fbem-2033	95	30	of	of	ADP
fbem-2033	95	31	investment	investment	NOUN
fbem-2033	95	32	risk	risk	NOUN
fbem-2033	95	33	,	,	PUNCT
fbem-2033	95	34	investors	investor	NOUN
fbem-2033	95	35	should	should	AUX
fbem-2033	95	36	consider	consider	VERB
fbem-2033	95	37	when	when	SCONJ
fbem-2033	95	38	choosing	choose	VERB
fbem-2033	95	39	investments	investment	NOUN
fbem-2033	95	40	not	not	PART
fbem-2033	95	41	only	only	ADV
fbem-2033	95	42	the	the	DET
fbem-2033	95	43	enterprise	enterprise	NOUN
fbem-2033	95	44	financial	financial	ADJ
fbem-2033	95	45	performance	performance	NOUN
fbem-2033	95	46	,	,	PUNCT
fbem-2033	95	47	but	but	CCONJ
fbem-2033	95	48	also	also	ADV
fbem-2033	95	49	to	to	PART
fbem-2033	95	50	consider	consider	VERB
fbem-2033	95	51	the	the	DET
fbem-2033	95	52	enterprise	enterprise	NOUN
fbem-2033	95	53	environmental	environmental	ADJ
fbem-2033	95	54	protection	protection	NOUN
fbem-2033	95	55	and	and	CCONJ
fbem-2033	95	56	social	social	ADJ
fbem-2033	95	57	responsibility	responsibility	NOUN
fbem-2033	95	58	performance	performance	NOUN
fbem-2033	95	59	and	and	CCONJ
fbem-2033	95	60	corporate	corporate	ADJ
fbem-2033	95	61	governance	governance	NOUN
fbem-2033	95	62	of	of	ADP
fbem-2033	95	63	financial	financial	ADJ
fbem-2033	95	64	performance.investors	performance.investor	NOUN
fbem-2033	95	65	should	should	AUX
fbem-2033	95	66	take	take	VERB
fbem-2033	95	67	esg	esg	NOUN
fbem-2033	95	68	performance	performance	NOUN
fbem-2033	95	69	into	into	ADP
fbem-2033	95	70	consideration	consideration	NOUN
fbem-2033	95	71	when	when	SCONJ
fbem-2033	95	72	making	make	VERB
fbem-2033	95	73	investment	investment	NOUN
fbem-2033	95	74	decisions	decision	NOUN
fbem-2033	95	75	,	,	PUNCT
fbem-2033	95	76	which	which	PRON
fbem-2033	95	77	will	will	AUX
fbem-2033	95	78	also	also	ADV
fbem-2033	95	79	help	help	VERB
fbem-2033	95	80	to	to	PART
fbem-2033	95	81	guide	guide	VERB
fbem-2033	95	82	more	more	ADJ
fbem-2033	95	83	enterprises	enterprise	NOUN
fbem-2033	95	84	to	to	PART
fbem-2033	95	85	voluntarily	voluntarily	ADV
fbem-2033	95	86	disclose	disclose	VERB
fbem-2033	95	87	esg	esg	PROPN
fbem-2033	95	88	information	information	NOUN
fbem-2033	95	89	.	.	PUNCT
fbem-2033	96	1	references	reference	NOUN
fbem-2033	96	2	[	[	X
fbem-2033	96	3	1	1	NUM
fbem-2033	96	4	]	]	PUNCT
fbem-2033	96	5	zou	zou	PROPN
fbem-2033	96	6	yanchun	yanchun	PROPN
fbem-2033	96	7	.	.	PUNCT
fbem-2033	97	1	on	on	ADP
fbem-2033	97	2	enterprise	enterprise	NOUN
fbem-2033	97	3	financial	financial	ADJ
fbem-2033	97	4	risk	risk	NOUN
fbem-2033	97	5	evaluation	evaluation	NOUN
fbem-2033	97	6	system	system	NOUN
fbem-2033	98	1	[	[	X
fbem-2033	98	2	j	j	X
fbem-2033	98	3	]	]	X
fbem-2033	98	4	.	.	PUNCT
fbem-2033	99	1	chinese	chinese	ADJ
fbem-2033	99	2	and	and	CCONJ
fbem-2033	99	3	foreign	foreign	ADJ
fbem-2033	99	4	entrepreneurs,2016(19):160	entrepreneurs,2016(19):160	PROPN
fbem-2033	99	5	+	+	PROPN
fbem-2033	99	6	162	162	NUM
fbem-2033	99	7	.	.	PUNCT
fbem-2033	100	1	[	[	X
fbem-2033	100	2	2	2	NUM
fbem-2033	100	3	]	]	X
fbem-2033	100	4	zhang	zhang	PROPN
fbem-2033	100	5	hui	hui	PROPN
fbem-2033	100	6	.	.	PUNCT
fbem-2033	101	1	esg	esg	PROPN
fbem-2033	101	2	responsible	responsible	ADJ
fbem-2033	101	3	investment	investment	NOUN
fbem-2033	101	4	theoretical	theoretical	ADJ
fbem-2033	101	5	basis	basis	NOUN
fbem-2033	101	6	,	,	PUNCT
fbem-2033	101	7	research	research	NOUN
fbem-2033	101	8	present	present	ADJ
fbem-2033	101	9	situation	situation	NOUN
fbem-2033	101	10	and	and	CCONJ
fbem-2033	101	11	future	future	NOUN
fbem-2033	102	1	[	[	X
fbem-2033	102	2	j	j	X
fbem-2033	102	3	]	]	X
fbem-2033	102	4	.	.	PUNCT
fbem-2033	103	1	journal	journal	PROPN
fbem-2033	103	2	of	of	ADP
fbem-2033	103	3	accounting	account	VERB
fbem-2033	103	4	monthly	monthly	ADV
fbem-2033	103	5	,	,	PUNCT
fbem-2033	103	6	2022	2022	NUM
fbem-2033	103	7	(	(	PUNCT
fbem-2033	103	8	17	17	NUM
fbem-2033	103	9	)	)	PUNCT
fbem-2033	103	10	:	:	PUNCT
fbem-2033	103	11	143	143	NUM
fbem-2033	103	12	-	-	SYM
fbem-2033	103	13	150	150	NUM
fbem-2033	103	14	.	.	PUNCT
fbem-2033	104	1	the	the	DET
fbem-2033	104	2	doi	doi	NOUN
fbem-2033	104	3	:	:	PUNCT
fbem-2033	104	4	10.19641	10.19641	NUM
fbem-2033	104	5	/	/	SYM
fbem-2033	104	6	j.carol	j.carol	PROPN
fbem-2033	104	7	carroll	carroll	PROPN
fbem-2033	104	8	nki	nki	PROPN
fbem-2033	104	9	.	.	PUNCT
fbem-2033	105	1	42	42	NUM
fbem-2033	105	2	-	-	SYM
fbem-2033	105	3	1290	1290	NUM
fbem-2033	105	4	/	/	SYM
fbem-2033	105	5	f	f	PROPN
fbem-2033	105	6	2022.17.019	2022.17.019	NUM
fbem-2033	105	7	.	.	PUNCT
fbem-2033	106	1	270	270	NUM
fbem-2033	107	1	[	[	SYM
fbem-2033	107	2	3	3	NUM
fbem-2033	107	3	]	]	X
fbem-2033	107	4	aboud	aboud	NOUN
fbem-2033	107	5	a	a	X
fbem-2033	107	6	,	,	PUNCT
fbem-2033	107	7	diab	diab	VERB
fbem-2033	107	8	a.the	a.the	DET
fbem-2033	107	9	impact	impact	NOUN
fbem-2033	107	10	of	of	ADP
fbem-2033	107	11	social	social	ADJ
fbem-2033	107	12	,	,	PUNCT
fbem-2033	107	13	environmental	environmental	ADJ
fbem-2033	107	14	and	and	CCONJ
fbem-2033	107	15	corporate	corporate	ADJ
fbem-2033	107	16	governance	governance	NOUN
fbem-2033	107	17	disclosures	disclosure	NOUN
fbem-2033	107	18	on	on	ADP
fbem-2033	107	19	firm	firm	ADJ
fbem-2033	107	20	value	value	NOUN
fbem-2033	107	21	journal	journal	NOUN
fbem-2033	107	22	of	of	ADP
fbem-2033	107	23	accounting	account	VERB
fbem-2033	107	24	in	in	ADP
fbem-2033	107	25	emerging	emerge	VERB
fbem-2033	107	26	economies	economy	NOUN
fbem-2033	107	27	,	,	PUNCT
fbem-2033	107	28	2018,8	2018,8	NUM
fbem-2033	107	29	(	(	PUNCT
fbem-2033	107	30	4	4	NUM
fbem-2033	107	31	)	)	PUNCT
fbem-2033	107	32	:	:	PUNCT
fbem-2033	107	33	442	442	NUM
fbem-2033	107	34	-	-	SYM
fbem-2033	107	35	458	458	NUM
fbem-2033	107	36	.	.	PUNCT
fbem-2033	108	1	[	[	X
fbem-2033	108	2	4	4	X
fbem-2033	108	3	]	]	X
fbem-2033	108	4	giese	giese	NOUN
fbem-2033	108	5	g	g	PROPN
fbem-2033	108	6	,	,	PUNCT
fbem-2033	108	7	lee	lee	PROPN
fbem-2033	108	8	l	l	PROPN
fbem-2033	108	9	e.	e.	PROPN
fbem-2033	108	10	weighing	weigh	VERB
fbem-2033	108	11	the	the	DET
fbem-2033	108	12	evidence	evidence	NOUN
fbem-2033	108	13	:	:	PUNCT
fbem-2033	108	14	esg	esg	PROPN
fbem-2033	108	15	and	and	CCONJ
fbem-2033	108	16	equity	equity	NOUN
fbem-2033	108	17	returns[j	returns[j	PROPN
fbem-2033	108	18	]	]	PUNCT
fbem-2033	108	19	.	.	PUNCT
fbem-2033	109	1	msci	msci	PROPN
fbem-2033	109	2	research	research	NOUN
fbem-2033	109	3	insight	insight	NOUN
fbem-2033	109	4	,	,	PUNCT
fbem-2033	109	5	2019	2019	NUM
fbem-2033	109	6	.	.	PUNCT
fbem-2033	110	1	[	[	X
fbem-2033	110	2	5	5	X
fbem-2033	110	3	]	]	X
fbem-2033	110	4	zhang	zhang	PROPN
fbem-2033	110	5	lin	lin	PROPN
fbem-2033	110	6	,	,	PUNCT
fbem-2033	110	7	zhao	zhao	PROPN
fbem-2033	110	8	haitao	haitao	PROPN
fbem-2033	110	9	.	.	PROPN
fbem-2033	110	10	does	do	VERB
fbem-2033	110	11	corporate	corporate	ADJ
fbem-2033	110	12	environmental	environmental	ADJ
fbem-2033	110	13	,	,	PUNCT
fbem-2033	110	14	social	social	ADJ
fbem-2033	110	15	and	and	CCONJ
fbem-2033	110	16	corporate	corporate	ADJ
fbem-2033	110	17	governance	governance	NOUN
fbem-2033	110	18	(	(	PUNCT
fbem-2033	110	19	esg	esg	NOUN
fbem-2033	110	20	)	)	PUNCT
fbem-2033	110	21	performance	performance	NOUN
fbem-2033	110	22	affect	affect	VERB
fbem-2033	110	23	firm	firm	ADJ
fbem-2033	110	24	value?-an	value?-an	NOUN
fbem-2033	110	25	empirical	empirical	ADJ
fbem-2033	110	26	study	study	NOUN
fbem-2033	110	27	on	on	ADP
fbem-2033	110	28	a	a	DET
fbem-2033	110	29	-	-	PUNCT
fbem-2033	110	30	share	share	NOUN
fbem-2033	110	31	listed	list	VERB
fbem-2033	110	32	companies	company	NOUN
fbem-2033	111	1	[	[	X
fbem-2033	111	2	j	j	X
fbem-2033	111	3	]	]	X
fbem-2033	111	4	.	.	PUNCT
fbem-2033	112	1	wuhan	wuhan	PROPN
fbem-2033	112	2	finance,2019(10):36	finance,2019(10):36	PROPN
fbem-2033	112	3	-	-	PUNCT
fbem-2033	112	4	43	43	NUM
fbem-2033	112	5	.	.	PUNCT
fbem-2033	113	1	[	[	X
fbem-2033	113	2	6	6	NUM
fbem-2033	113	3	]	]	PUNCT
fbem-2033	113	4	alareeni	alareeni	NOUN
fbem-2033	113	5	,	,	PUNCT
fbem-2033	113	6	bahaaeddin	bahaaeddin	VERB
fbem-2033	113	7	a	a	PRON
fbem-2033	113	8	,	,	PUNCT
fbem-2033	113	9	allam	allam	PROPN
fbem-2033	113	10	h.esg	h.esg	PROPN
fbem-2033	113	11	impact	impact	NOUN
fbem-2033	113	12	on	on	ADP
fbem-2033	113	13	performance	performance	NOUN
fbem-2033	113	14	of	of	ADP
fbem-2033	113	15	us	us	PROPN
fbem-2033	113	16	s&p	s&p	PROPN
fbem-2033	113	17	500	500	NUM
fbem-2033	113	18	-	-	PUNCT
fbem-2033	113	19	listed	list	VERB
fbem-2033	113	20	firms	firm	NOUN
fbem-2033	113	21	[	[	X
fbem-2033	113	22	j],corporate	j],corporate	NOUN
fbem-2033	113	23	governance	governance	NOUN
fbem-2033	113	24	(	(	PUNCT
fbem-2033	113	25	bradford	bradford	PROPN
fbem-2033	113	26	)	)	PUNCT
fbem-2033	113	27	,	,	PUNCT
fbem-2033	113	28	2019	2019	NUM
fbem-2033	113	29	(	(	PUNCT
fbem-2033	113	30	10	10	NUM
fbem-2033	113	31	)	)	PUNCT
fbem-2033	113	32	:	:	PUNCT
fbem-2033	113	33	33	33	NUM
fbem-2033	113	34	-	-	SYM
fbem-2033	113	35	43	43	NUM
fbem-2033	113	36	.	.	NOUN
fbem-2033	113	37	20	20	NUM
fbem-2033	113	38	,	,	PUNCT
fbem-2033	113	39	20	20	NUM
fbem-2033	113	40	(	(	PUNCT
fbem-2033	113	41	7	7	NUM
fbem-2033	113	42	)	)	PUNCT
fbem-2033	113	43	:	:	PUNCT
fbem-2033	113	44	1409	1409	NUM
fbem-2033	113	45	-	-	SYM
fbem-2033	113	46	1428	1428	NUM
fbem-2033	113	47	[	[	X
fbem-2033	113	48	7	7	NUM
fbem-2033	113	49	]	]	PUNCT
fbem-2033	113	50	xu	xu	PROPN
fbem-2033	113	51	guanghua	guanghua	PROPN
fbem-2033	113	52	,	,	PUNCT
fbem-2033	113	53	zhuo	zhuo	PROPN
fbem-2033	113	54	yaoyao	yaoyao	PROPN
fbem-2033	113	55	,	,	PUNCT
fbem-2033	113	56	zhang	zhang	PROPN
fbem-2033	113	57	yimeng	yimeng	PROPN
fbem-2033	113	58	,	,	PUNCT
fbem-2033	113	59	zhang	zhang	PROPN
fbem-2033	113	60	jiayi	jiayi	PROPN
fbem-2033	113	61	.	.	PUNCT
fbem-2033	114	1	will	will	AUX
fbem-2033	114	2	esg	esg	PROPN
fbem-2033	114	3	disclosure	disclosure	NOUN
fbem-2033	114	4	improve	improve	VERB
fbem-2033	114	5	enterprise	enterprise	NOUN
fbem-2033	114	6	value?[j	value?[j	NOUN
fbem-2033	114	7	]	]	PUNCT
fbem-2033	114	8	.	.	PUNCT
fbem-2033	115	1	finance	finance	NOUN
fbem-2033	115	2	and	and	CCONJ
fbem-2033	115	3	accounting	accounting	NOUN
fbem-2033	115	4	communications,2022(04):33	communications,2022(04):33	NOUN
fbem-2033	115	5	-	-	PUNCT
fbem-2033	115	6	37	37	NUM
fbem-2033	115	7	.	.	PUNCT
fbem-2033	116	1	[	[	X
fbem-2033	116	2	8	8	NUM
fbem-2033	116	3	]	]	X
fbem-2033	116	4	wang	wang	PROPN
fbem-2033	116	5	linlin	linlin	PROPN
fbem-2033	116	6	,	,	PUNCT
fbem-2033	116	7	lian	lian	PROPN
fbem-2033	116	8	yonghui	yonghui	PROPN
fbem-2033	116	9	,	,	PUNCT
fbem-2033	116	10	dong	dong	PROPN
fbem-2033	116	11	jie	jie	PROPN
fbem-2033	116	12	.	.	PUNCT
fbem-2033	117	1	research	research	NOUN
fbem-2033	117	2	on	on	ADP
fbem-2033	117	3	the	the	DET
fbem-2033	117	4	influence	influence	NOUN
fbem-2033	117	5	mechanism	mechanism	NOUN
fbem-2033	117	6	of	of	ADP
fbem-2033	117	7	esg	esg	PROPN
fbem-2033	117	8	performance	performance	NOUN
fbem-2033	117	9	on	on	ADP
fbem-2033	117	10	firm	firm	ADJ
fbem-2033	117	11	value	value	NOUN
fbem-2033	118	1	[	[	X
fbem-2033	118	2	j	j	X
fbem-2033	118	3	]	]	X
fbem-2033	118	4	.	.	PUNCT
fbem-2033	119	1	securities	security	NOUN
fbem-2033	119	2	market	market	NOUN
fbem-2033	119	3	review,2022(05):23	review,2022(05):23	NOUN
fbem-2033	119	4	-	-	PUNCT
fbem-2033	119	5	34	34	NUM
fbem-2033	119	6	.	.	PUNCT
fbem-2033	119	7	]	]	PUNCT
fbem-2033	120	1	[	[	X
fbem-2033	120	2	9	9	NUM
fbem-2033	120	3	]	]	X
fbem-2033	120	4	soft	soft	ADJ
fbem-2033	120	5	science	science	NOUN
fbem-2033	120	6	,	,	PUNCT
fbem-2033	120	7	2022	2022	NUM
fbem-2033	120	8	,	,	PUNCT
fbem-2033	120	9	4	4	NUM
fbem-2033	120	10	(	(	PUNCT
fbem-2033	120	11	6	6	NUM
fbem-2033	120	12	)	)	PUNCT
fbem-2033	120	13	:	:	PUNCT
fbem-2033	120	14	78	78	NUM
fbem-2033	120	15	-	-	SYM
fbem-2033	120	16	84	84	NUM
fbem-2033	120	17	.	.	PUNCT
fbem-2033	121	1	the	the	DET
fbem-2033	121	2	doi	doi	NOUN
fbem-2033	121	3	:	:	PUNCT
fbem-2033	121	4	10.13956	10.13956	NUM
fbem-2033	121	5	/	/	SYM
fbem-2033	121	6	j.	j.	PROPN
fbem-2033	121	7	s.	s.	PROPN
fbem-2033	121	8	1001	1001	PROPN
fbem-2033	121	9	-	-	PUNCT
fbem-2033	121	10	8409.2022.06.11	8409.2022.06.11	NUM
fbem-2033	121	11	.	.	PUNCT
fbem-2033	122	1	[	[	X
fbem-2033	122	2	10	10	NUM
fbem-2033	122	3	]	]	X
fbem-2033	122	4	velte	velte	NOUN
fbem-2033	122	5	,	,	PUNCT
fbem-2033	122	6	patrick.does	patrick.doe	NOUN
fbem-2033	122	7	esg	esg	NOUN
fbem-2033	122	8	performance	performance	NOUN
fbem-2033	122	9	have	have	VERB
fbem-2033	122	10	an	an	DET
fbem-2033	122	11	impact	impact	NOUN
fbem-2033	122	12	on	on	ADP
fbem-2033	122	13	financial	financial	ADJ
fbem-2033	122	14	performance	performance	NOUN
fbem-2033	122	15	?	?	PUNCT
fbem-2033	123	1	evidence	evidence	NOUN
fbem-2033	123	2	from	from	ADP
fbem-2033	123	3	germany	germany	PROPN
fbem-2033	123	4	[	[	X
fbem-2033	123	5	j	j	X
fbem-2033	123	6	]	]	X
fbem-2033	123	7	,	,	PUNCT
fbem-2033	123	8	journal	journal	NOUN
fbem-2033	123	9	of	of	ADP
fbem-2033	123	10	global	global	ADJ
fbem-2033	123	11	responsibility	responsibility	NOUN
fbem-2033	123	12	,	,	PUNCT
fbem-2033	123	13	2017,8	2017,8	NUM
fbem-2033	123	14	(	(	PUNCT
fbem-2033	123	15	2	2	NUM
fbem-2033	123	16	)	)	PUNCT
fbem-2033	123	17	:	:	PUNCT
fbem-2033	123	18	169	169	NUM
fbem-2033	123	19	-	-	SYM
fbem-2033	123	20	178	178	NUM
fbem-2033	123	21	.	.	PUNCT
fbem-2033	124	1	[	[	X
fbem-2033	124	2	11	11	NUM
fbem-2033	124	3	]	]	PUNCT
fbem-2033	124	4	lingxue	lingxue	PROPN
fbem-2033	124	5	yi	yi	PROPN
fbem-2033	124	6	,	,	PUNCT
fbem-2033	124	7	yiqi	yiqi	PROPN
fbem-2033	124	8	jiang	jiang	PROPN
fbem-2033	124	9	,	,	PUNCT
fbem-2033	124	10	shujie	shujie	PROPN
fbem-2033	124	11	yao	yao	PROPN
fbem-2033	124	12	.	.	PUNCT
fbem-2033	125	1	a	a	DET
fbem-2033	125	2	study	study	NOUN
fbem-2033	125	3	on	on	ADP
fbem-2033	125	4	the	the	DET
fbem-2033	125	5	value	value	NOUN
fbem-2033	125	6	creation	creation	NOUN
fbem-2033	125	7	effect	effect	NOUN
fbem-2033	125	8	of	of	ADP
fbem-2033	125	9	esg	esg	PROPN
fbem-2033	125	10	practices	practice	NOUN
fbem-2033	125	11	in	in	ADP
fbem-2033	125	12	enterprises	enterprise	NOUN
fbem-2033	125	13	:	:	PUNCT
fbem-2033	125	14	an	an	DET
fbem-2033	125	15	examination	examination	NOUN
fbem-2033	125	16	from	from	ADP
fbem-2033	125	17	the	the	DET
fbem-2033	125	18	perspective	perspective	NOUN
fbem-2033	125	19	of	of	ADP
fbem-2033	125	20	external	external	ADJ
fbem-2033	125	21	pressure	pressure	NOUN
fbem-2033	125	22	[	[	X
fbem-2033	125	23	j	j	X
fbem-2033	125	24	/	/	SYM
fbem-2033	125	25	ol	ol	PROPN
fbem-2033	125	26	]	]	PUNCT
fbem-2033	125	27	.	.	PUNCT
fbem-2033	126	1	the	the	DET
fbem-2033	126	2	southern	southern	ADJ
fbem-2033	126	3	economy	economy	NOUN
fbem-2033	126	4	:	:	PUNCT
fbem-2033	126	5	1	1	NUM
fbem-2033	126	6	-	-	SYM
fbem-2033	126	7	24	24	NUM
fbem-2033	127	1	[	[	NOUN
fbem-2033	127	2	2022	2022	NUM
fbem-2033	127	3	-	-	SYM
fbem-2033	127	4	09	09	NUM
fbem-2033	127	5	-	-	SYM
fbem-2033	127	6	21	21	NUM
fbem-2033	127	7	]	]	PUNCT
fbem-2033	127	8	.	.	PUNCT
fbem-2033	128	1	doi	doi	NOUN
fbem-2033	128	2	:	:	PUNCT
fbem-2033	128	3	10.19592	10.19592	NUM
fbem-2033	128	4	/	/	SYM
fbem-2033	128	5	j.carol	j.carol	PROPN
fbem-2033	128	6	carroll	carroll	PROPN
fbem-2033	128	7	nki	nki	PROPN
fbem-2033	128	8	scje	scje	PROPN
fbem-2033	128	9	.	.	PUNCT
fbem-2033	129	1	391581	391581	NUM
fbem-2033	129	2	.	.	PUNCT
fbem-2033	130	1	[	[	X
fbem-2033	130	2	12	12	NUM
fbem-2033	130	3	]	]	X
fbem-2033	130	4	dalal	dalal	PROPN
fbem-2033	130	5	k	k	PROPN
fbem-2033	130	6	k	k	PROPN
fbem-2033	130	7	,	,	PUNCT
fbem-2033	130	8	thaker	thaker	PROPN
fbem-2033	130	9	n.	n.	PROPN
fbem-2033	130	10	esg	esg	PROPN
fbem-2033	130	11	and	and	CCONJ
fbem-2033	130	12	corporate	corporate	ADJ
fbem-2033	130	13	financial	financial	ADJ
fbem-2033	130	14	performance	performance	NOUN
fbem-2033	130	15	:	:	PUNCT
fbem-2033	130	16	a	a	DET
fbem-2033	130	17	panel	panel	NOUN
fbem-2033	130	18	study	study	NOUN
fbem-2033	130	19	of	of	ADP
fbem-2033	130	20	indian	indian	PROPN
fbem-2033	130	21	companies[j	companies[j	PROPN
fbem-2033	130	22	]	]	PUNCT
fbem-2033	130	23	.	.	PUNCT
fbem-2033	131	1	iup	iup	PROPN
fbem-2033	131	2	journal	journal	PROPN
fbem-2033	131	3	of	of	ADP
fbem-2033	131	4	corporate	corporate	ADJ
fbem-2033	131	5	governance	governance	NOUN
fbem-2033	131	6	,	,	PUNCT
fbem-2033	131	7	2019	2019	NUM
fbem-2033	131	8	,	,	PUNCT
fbem-2033	131	9	18(1	18(1	NUM
fbem-2033	131	10	):	):	PUNCT
fbem-2033	131	11	44	44	NUM
fbem-2033	131	12	-	-	SYM
fbem-2033	131	13	59	59	NUM
fbem-2033	131	14	.	.	PUNCT
fbem-2033	132	1	[	[	X
fbem-2033	132	2	13	13	NUM
fbem-2033	132	3	]	]	X
fbem-2033	132	4	ahmad	ahmad	PROPN
fbem-2033	132	5	n	n	CCONJ
fbem-2033	132	6	,	,	PUNCT
fbem-2033	132	7	mobarek	mobarek	PROPN
fbem-2033	132	8	a	a	X
fbem-2033	132	9	,	,	PUNCT
fbem-2033	132	10	roni	roni	PROPN
fbem-2033	132	11	n	n	PROPN
fbem-2033	132	12	n.	n.	NOUN
fbem-2033	132	13	revisiting	revisit	VERB
fbem-2033	132	14	the	the	DET
fbem-2033	132	15	impact	impact	NOUN
fbem-2033	132	16	of	of	ADP
fbem-2033	132	17	esg	esg	PROPN
fbem-2033	132	18	on	on	ADP
fbem-2033	132	19	financial	financial	ADJ
fbem-2033	132	20	performance	performance	NOUN
fbem-2033	132	21	of	of	ADP
fbem-2033	132	22	ftse350	ftse350	PROPN
fbem-2033	132	23	uk	uk	PROPN
fbem-2033	132	24	firms	firm	NOUN
fbem-2033	132	25	:	:	PUNCT
fbem-2033	132	26	static	static	ADJ
fbem-2033	132	27	and	and	CCONJ
fbem-2033	132	28	dynamic	dynamic	ADJ
fbem-2033	132	29	panel	panel	NOUN
fbem-2033	132	30	data	datum	NOUN
fbem-2033	132	31	analysis[j	analysis[j	PROPN
fbem-2033	132	32	]	]	PUNCT
fbem-2033	132	33	.	.	PUNCT
fbem-2033	133	1	cogent	cogent	NOUN
fbem-2033	133	2	business	business	PROPN
fbem-2033	133	3	&	&	CCONJ
fbem-2033	133	4	management	management	NOUN
fbem-2033	133	5	,	,	PUNCT
fbem-2033	133	6	2021	2021	NUM
fbem-2033	133	7	,	,	PUNCT
fbem-2033	133	8	8(1	8(1	NOUN
fbem-2033	133	9	):	):	PUNCT
fbem-2033	133	10	1900500	1900500	NUM
fbem-2033	133	11	.	.	PUNCT
fbem-2033	134	1	[	[	X
fbem-2033	134	2	14	14	NUM
fbem-2033	134	3	]	]	X
fbem-2033	134	4	qureshi	qureshi	PROPN
fbem-2033	134	5	m	m	PROPN
fbem-2033	134	6	a	a	PROPN
fbem-2033	134	7	,	,	PUNCT
fbem-2033	134	8	akbar	akbar	NOUN
fbem-2033	134	9	m	m	NOUN
fbem-2033	134	10	,	,	PUNCT
fbem-2033	134	11	akbar	akbar	NOUN
fbem-2033	134	12	a	a	X
fbem-2033	134	13	,	,	PUNCT
fbem-2033	134	14	et	et	PROPN
fbem-2033	134	15	al	al	PROPN
fbem-2033	134	16	.	.	PROPN
fbem-2033	135	1	do	do	AUX
fbem-2033	135	2	esg	esg	PROPN
fbem-2033	135	3	endeavors	endeavor	NOUN
fbem-2033	135	4	assist	assist	VERB
fbem-2033	135	5	firms	firm	NOUN
fbem-2033	135	6	in	in	ADP
fbem-2033	135	7	achieving	achieve	VERB
fbem-2033	135	8	superior	superior	ADJ
fbem-2033	135	9	financial	financial	ADJ
fbem-2033	135	10	performance	performance	NOUN
fbem-2033	135	11	?	?	PUNCT
fbem-2033	136	1	a	a	DET
fbem-2033	136	2	case	case	NOUN
fbem-2033	136	3	of	of	ADP
fbem-2033	136	4	100	100	NUM
fbem-2033	136	5	best	good	ADJ
fbem-2033	136	6	corporate	corporate	ADJ
fbem-2033	136	7	citizens[j	citizens[j	NOUN
fbem-2033	136	8	]	]	PUNCT
fbem-2033	136	9	.	.	PUNCT
fbem-2033	137	1	sage	sage	NOUN
fbem-2033	137	2	open	open	ADJ
fbem-2033	137	3	,	,	PUNCT
fbem-2033	137	4	2021	2021	NUM
fbem-2033	137	5	,	,	PUNCT
fbem-2033	137	6	11(2	11(2	NUM
fbem-2033	137	7	):	):	PUNCT
fbem-2033	137	8	21582440211021598	21582440211021598	NUM
fbem-2033	137	9	.	.	PUNCT
fbem-2033	138	1	[	[	X
fbem-2033	138	2	15	15	NUM
fbem-2033	138	3	]	]	X
fbem-2033	138	4	zhang	zhang	PROPN
fbem-2033	138	5	xian	xian	PROPN
fbem-2033	138	6	-	-	PUNCT
fbem-2033	138	7	hua	hua	PROPN
fbem-2033	138	8	,	,	PUNCT
fbem-2033	138	9	gao	gao	PROPN
fbem-2033	138	10	yuan	yuan	PROPN
fbem-2033	138	11	-	-	PUNCT
fbem-2033	138	12	yuan	yuan	PROPN
fbem-2033	138	13	.	.	PUNCT
fbem-2033	139	1	is	be	AUX
fbem-2033	139	2	esg	esg	NOUN
fbem-2033	139	3	performance	performance	NOUN
fbem-2033	139	4	of	of	ADP
fbem-2033	139	5	listed	list	VERB
fbem-2033	139	6	companies	company	NOUN
fbem-2033	139	7	related	relate	VERB
fbem-2033	139	8	to	to	ADP
fbem-2033	139	9	financial	financial	ADJ
fbem-2033	139	10	performance?data	performance?data	PROPN
fbem-2033	139	11	from	from	ADP
fbem-2033	139	12	the	the	DET
fbem-2033	139	13	shanghai	shanghai	PROPN
fbem-2033	139	14	and	and	CCONJ
fbem-2033	139	15	shenzhen	shenzhen	PROPN
fbem-2033	140	1	300	300	NUM
fbem-2033	140	2	index	index	NOUN
fbem-2033	141	1	[	[	X
fbem-2033	141	2	j	j	X
fbem-2033	141	3	]	]	X
fbem-2033	141	4	.	.	PUNCT
fbem-2033	142	1	journal	journal	PROPN
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fbem-2033	142	3	fujian	fujian	PROPN
fbem-2033	142	4	business	business	PROPN
fbem-2033	142	5	school	school	NOUN
fbem-2033	142	6	,	,	PUNCT
fbem-2033	142	7	2021	2021	NUM
fbem-2033	142	8	(	(	PUNCT
fbem-2033	142	9	04	04	NUM
fbem-2033	142	10	)	)	PUNCT
fbem-2033	142	11	:	:	PUNCT
fbem-2033	143	1	54	54	NUM
fbem-2033	143	2	-	-	SYM
fbem-2033	143	3	61	61	NUM
fbem-2033	143	4	.	.	PUNCT
fbem-2033	144	1	the	the	DET
fbem-2033	144	2	doi	doi	NOUN
fbem-2033	144	3	:	:	PUNCT
fbem-2033	144	4	10.19473	10.19473	NUM
fbem-2033	144	5	/	/	SYM
fbem-2033	144	6	j.carol	j.carol	PROPN
fbem-2033	144	7	carroll	carroll	PROPN
fbem-2033	144	8	nki	nki	PROPN
fbem-2033	144	9	.	.	PUNCT
fbem-2033	144	10	1008	1008	NUM
fbem-2033	144	11	-	-	PUNCT
fbem-2033	144	12	4940.2021.04.009	4940.2021.04.009	PROPN
fbem-2033	144	13	.	.	PUNCT
fbem-2033	145	1	[	[	X
fbem-2033	145	2	16	16	NUM
fbem-2033	145	3	]	]	X
fbem-2033	145	4	ren	ren	PROPN
fbem-2033	145	5	zixian	zixian	PROPN
fbem-2033	145	6	,	,	PUNCT
fbem-2033	145	7	gu	gu	PROPN
fbem-2033	145	8	shuchang	shuchang	PROPN
fbem-2033	145	9	,	,	PUNCT
fbem-2033	145	10	yang	yang	PROPN
fbem-2033	145	11	yuzhu	yuzhu	PROPN
fbem-2033	145	12	,	,	PUNCT
fbem-2033	145	13	li	li	PROPN
fbem-2033	145	14	jingwen	jingwen	PROPN
fbem-2033	145	15	.	.	PUNCT
fbem-2033	146	1	esg	esg	NOUN
fbem-2033	146	2	performance	performance	NOUN
fbem-2033	146	3	and	and	CCONJ
fbem-2033	146	4	corporate	corporate	ADJ
fbem-2033	146	5	financial	financial	ADJ
fbem-2033	146	6	performance	performance	NOUN
fbem-2033	146	7	relations	relation	NOUN
fbem-2033	146	8	empirical	empirical	ADJ
fbem-2033	146	9	study	study	NOUN
fbem-2033	147	1	[	[	X
fbem-2033	147	2	j	j	X
fbem-2033	147	3	]	]	X
fbem-2033	147	4	.	.	PUNCT
fbem-2033	148	1	journal	journal	PROPN
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fbem-2033	148	3	business	business	NOUN
fbem-2033	148	4	and	and	CCONJ
fbem-2033	148	5	management	management	NOUN
fbem-2033	148	6	,	,	PUNCT
fbem-2033	148	7	2021	2021	NUM
fbem-2033	148	8	(	(	PUNCT
fbem-2033	148	9	11	11	NUM
fbem-2033	148	10	)	)	PUNCT
fbem-2033	148	11	:	:	PUNCT
fbem-2033	148	12	26	26	NUM
fbem-2033	148	13	-	-	SYM
fbem-2033	148	14	32	32	NUM
fbem-2033	148	15	.	.	PUNCT
fbem-2033	149	1	doi	doi	NOUN
fbem-2033	149	2	:	:	PUNCT
fbem-2033	149	3	10.16517	10.16517	NUM
fbem-2033	149	4	/	/	SYM
fbem-2033	149	5	j.carol	j.carol	NOUN
fbem-2033	149	6	carroll	carroll	PROPN
fbem-2033	149	7	nki	nki	PROPN
fbem-2033	149	8	cn12	cn12	PROPN
fbem-2033	149	9	-	-	PUNCT
fbem-2033	149	10	1034	1034	NUM
fbem-2033	149	11	/	/	SYM
fbem-2033	149	12	f	f	PROPN
fbem-2033	149	13	2021.11.005	2021.11.005	NUM
fbem-2033	149	14	.	.	PUNCT
fbem-2033	150	1	[	[	X
fbem-2033	150	2	17	17	NUM
fbem-2033	150	3	]	]	PUNCT
fbem-2033	150	4	landi	landi	VERB
fbem-2033	150	5	g	g	PROPN
fbem-2033	150	6	,	,	PUNCT
fbem-2033	150	7	sciarelli	sciarelli	NOUN
fbem-2033	150	8	m.	m.	NOUN
fbem-2033	150	9	towards	towards	ADP
fbem-2033	150	10	a	a	DET
fbem-2033	150	11	more	more	ADV
fbem-2033	150	12	ethical	ethical	ADJ
fbem-2033	150	13	market	market	NOUN
fbem-2033	150	14	:	:	PUNCT
fbem-2033	150	15	the	the	DET
fbem-2033	150	16	impact	impact	NOUN
fbem-2033	150	17	of	of	ADP
fbem-2033	150	18	esg	esg	NOUN
fbem-2033	150	19	rating	rating	NOUN
fbem-2033	150	20	on	on	ADP
fbem-2033	150	21	corporate	corporate	ADJ
fbem-2033	150	22	financial	financial	ADJ
fbem-2033	150	23	performance[j	performance[j	NOUN
fbem-2033	150	24	]	]	PUNCT
fbem-2033	150	25	.	.	PUNCT
fbem-2033	151	1	social	social	ADJ
fbem-2033	151	2	responsibility	responsibility	NOUN
fbem-2033	151	3	journal	journal	NOUN
fbem-2033	151	4	,	,	PUNCT
fbem-2033	151	5	2018	2018	NUM
fbem-2033	151	6	.	.	PUNCT
fbem-2033	152	1	[	[	X
fbem-2033	152	2	18	18	NUM
fbem-2033	152	3	]	]	X
fbem-2033	152	4	duque	duque	ADJ
fbem-2033	152	5	-	-	PUNCT
fbem-2033	152	6	grisales	grisale	NOUN
fbem-2033	152	7	e	e	NOUN
fbem-2033	152	8	,	,	PUNCT
fbem-2033	152	9	aguilera	aguilera	NOUN
fbem-2033	152	10	-	-	PUNCT
fbem-2033	152	11	caracuel	caracuel	NOUN
fbem-2033	152	12	j.	j.	PROPN
fbem-2033	152	13	environmental	environmental	PROPN
fbem-2033	152	14	,	,	PUNCT
fbem-2033	152	15	social	social	ADJ
fbem-2033	152	16	and	and	CCONJ
fbem-2033	152	17	governance	governance	NOUN
fbem-2033	152	18	(	(	PUNCT
fbem-2033	152	19	esg	esg	NOUN
fbem-2033	152	20	)	)	PUNCT
fbem-2033	152	21	scores	score	NOUN
fbem-2033	152	22	and	and	CCONJ
fbem-2033	152	23	financial	financial	ADJ
fbem-2033	152	24	performance	performance	NOUN
fbem-2033	152	25	of	of	ADP
fbem-2033	152	26	multilatinas	multilatina	NOUN
fbem-2033	152	27	:	:	PUNCT
fbem-2033	152	28	moderating	moderate	VERB
fbem-2033	152	29	effects	effect	NOUN
fbem-2033	152	30	of	of	ADP
fbem-2033	152	31	geographic	geographic	ADJ
fbem-2033	152	32	international	international	ADJ
fbem-2033	152	33	diversification	diversification	NOUN
fbem-2033	152	34	and	and	CCONJ
fbem-2033	152	35	financial	financial	ADJ
fbem-2033	152	36	slack[j	slack[j	NOUN
fbem-2033	152	37	]	]	PUNCT
fbem-2033	152	38	.	.	PUNCT
fbem-2033	153	1	journal	journal	PROPN
fbem-2033	153	2	of	of	ADP
fbem-2033	153	3	business	business	NOUN
fbem-2033	153	4	ethics	ethic	NOUN
fbem-2033	153	5	,	,	PUNCT
fbem-2033	153	6	2021	2021	NUM
fbem-2033	153	7	,	,	PUNCT
fbem-2033	153	8	168	168	NUM
fbem-2033	153	9	(	(	PUNCT
fbem-2033	153	10	2	2	NUM
fbem-2033	153	11	)	)	PUNCT
fbem-2033	153	12	:	:	PUNCT
fbem-2033	153	13	315	315	NUM
fbem-2033	153	14	-	-	SYM
fbem-2033	153	15	334	334	NUM
fbem-2033	153	16	.	.	PUNCT
fbem-2033	154	1	[	[	X
fbem-2033	154	2	19	19	NUM
fbem-2033	154	3	]	]	X
fbem-2033	154	4	friede	friede	NOUN
fbem-2033	154	5	g	g	PROPN
fbem-2033	154	6	,	,	PUNCT
fbem-2033	154	7	busch	busch	PROPN
fbem-2033	154	8	t	t	PROPN
fbem-2033	154	9	,	,	PUNCT
fbem-2033	154	10	bassen	bassen	PROPN
fbem-2033	154	11	a.	a.	PROPN
fbem-2033	154	12	esg	esg	PROPN
fbem-2033	154	13	and	and	CCONJ
fbem-2033	154	14	financial	financial	ADJ
fbem-2033	154	15	performance	performance	NOUN
fbem-2033	154	16	:	:	PUNCT
fbem-2033	154	17	aggregated	aggregate	VERB
fbem-2033	154	18	evidence	evidence	NOUN
fbem-2033	154	19	from	from	ADP
fbem-2033	154	20	more	more	ADJ
fbem-2033	154	21	than	than	ADP
fbem-2033	154	22	2000	2000	NUM
fbem-2033	154	23	empirical	empirical	ADJ
fbem-2033	154	24	studies[j	studies[j	NOUN
fbem-2033	154	25	]	]	PUNCT
fbem-2033	154	26	.	.	PUNCT
fbem-2033	155	1	journal	journal	PROPN
fbem-2033	155	2	of	of	ADP
fbem-2033	155	3	sustainable	sustainable	ADJ
fbem-2033	155	4	finance	finance	NOUN
fbem-2033	155	5	&	&	CCONJ
fbem-2033	155	6	investment	investment	NOUN
fbem-2033	155	7	,	,	PUNCT
fbem-2033	155	8	2015	2015	NUM
fbem-2033	155	9	,	,	PUNCT
fbem-2033	155	10	5(4	5(4	NUM
fbem-2033	155	11	):	):	PUNCT
fbem-2033	155	12	210233	210233	NUM
fbem-2033	155	13	.	.	PUNCT
fbem-2033	156	1	[	[	X
fbem-2033	156	2	20	20	NUM
fbem-2033	156	3	]	]	PUNCT
fbem-2033	156	4	godfrey	godfrey	PROPN
fbem-2033	156	5	p	p	PROPN
fbem-2033	156	6	c.	c.	PROPN
fbem-2033	156	7	the	the	DET
fbem-2033	156	8	relationship	relationship	NOUN
fbem-2033	156	9	between	between	ADP
fbem-2033	156	10	corporate	corporate	ADJ
fbem-2033	156	11	philanthropy	philanthropy	NOUN
fbem-2033	156	12	and	and	CCONJ
fbem-2033	156	13	shareholder	shareholder	NOUN
fbem-2033	156	14	wealth	wealth	NOUN
fbem-2033	156	15	:	:	PUNCT
fbem-2033	156	16	a	a	DET
fbem-2033	156	17	risk	risk	NOUN
fbem-2033	156	18	management	management	NOUN
fbem-2033	156	19	perspective[j	perspective[j	NOUN
fbem-2033	156	20	]	]	PUNCT
fbem-2033	156	21	.	.	PUNCT
fbem-2033	157	1	academy	academy	PROPN
fbem-2033	157	2	of	of	ADP
fbem-2033	157	3	management	management	PROPN
fbem-2033	157	4	review	review	PROPN
fbem-2033	157	5	,	,	PUNCT
fbem-2033	157	6	2005	2005	NUM
fbem-2033	157	7	,	,	PUNCT
fbem-2033	157	8	30(4	30(4	NUM
fbem-2033	157	9	):	):	PUNCT
fbem-2033	157	10	777	777	NUM
fbem-2033	157	11	-	-	SYM
fbem-2033	157	12	798	798	NUM
fbem-2033	157	13	.	.	PUNCT
fbem-2033	158	1	[	[	X
fbem-2033	158	2	21	21	NUM
fbem-2033	158	3	]	]	X
fbem-2033	158	4	kumar	kumar	PROPN
fbem-2033	158	5	,	,	PUNCT
fbem-2033	158	6	n.	n.	PROPN
fbem-2033	158	7	c.	c.	PROPN
fbem-2033	158	8	a.	a.	PROPN
fbem-2033	158	9	,	,	PUNCT
fbem-2033	158	10	c.	c.	PROPN
fbem-2033	158	11	smith	smith	PROPN
fbem-2033	158	12	,	,	PUNCT
fbem-2033	158	13	l.	l.	PROPN
fbem-2033	158	14	badis	badis	PROPN
fbem-2033	158	15	,	,	PUNCT
fbem-2033	158	16	n.	n.	PROPN
fbem-2033	158	17	wang	wang	PROPN
fbem-2033	158	18	,	,	PUNCT
fbem-2033	158	19	p.	p.	PROPN
fbem-2033	158	20	ambrosy	ambrosy	PROPN
fbem-2033	158	21	,	,	PUNCT
fbem-2033	158	22	r.	r.	PROPN
fbem-2033	158	23	tavares	tavares	PROPN
fbem-2033	158	24	,	,	PUNCT
fbem-2033	158	25	"	"	PUNCT
fbem-2033	158	26	esg	esg	NOUN
fbem-2033	158	27	factors	factor	NOUN
fbem-2033	158	28	and	and	CCONJ
fbem-2033	158	29	risk	risk	NOUN
fbem-2033	158	30	-	-	PUNCT
fbem-2033	158	31	adjusted	adjust	VERB
fbem-2033	158	32	performance	performance	NOUN
fbem-2033	158	33	:	:	PUNCT
fbem-2033	158	34	"	"	PUNCT
fbem-2033	158	35	a	a	DET
fbem-2033	158	36	new	new	ADJ
fbem-2033	158	37	quantitative	quantitative	ADJ
fbem-2033	158	38	model	model	NOUN
fbem-2033	158	39	"	"	PUNCT
fbem-2033	158	40	,	,	PUNCT
fbem-2033	158	41	journal	journal	NOUN
fbem-2033	158	42	of	of	ADP
fbem-2033	158	43	sustainable	sustainable	ADJ
fbem-2033	158	44	finance	finance	NOUN
fbem-2033	158	45	&	&	CCONJ
fbem-2033	158	46	investment	investment	NOUN
fbem-2033	158	47	,	,	PUNCT
fbem-2033	158	48	2016	2016	NUM
fbem-2033	158	49	,	,	PUNCT
fbem-2033	158	50	6(4	6(4	NUM
fbem-2033	158	51	)	)	PUNCT
fbem-2033	158	52	,	,	PUNCT
fbem-2033	158	53	292	292	NUM
fbem-2033	158	54	-	-	SYM
fbem-2033	158	55	300	300	NUM
fbem-2033	158	56	.	.	PUNCT
fbem-2033	159	1	[	[	X
fbem-2033	159	2	22	22	NUM
fbem-2033	159	3	]	]	PUNCT
fbem-2033	159	4	shakil	shakil	PROPN
fbem-2033	159	5	m	m	PROPN
fbem-2033	159	6	h.	h.	PROPN
fbem-2033	159	7	environmental	environmental	ADJ
fbem-2033	159	8	,	,	PUNCT
fbem-2033	159	9	social	social	ADJ
fbem-2033	159	10	and	and	CCONJ
fbem-2033	159	11	governance	governance	NOUN
fbem-2033	159	12	performance	performance	NOUN
fbem-2033	159	13	and	and	CCONJ
fbem-2033	159	14	financial	financial	ADJ
fbem-2033	159	15	risk	risk	NOUN
fbem-2033	159	16	:	:	PUNCT
fbem-2033	159	17	moderating	moderate	VERB
fbem-2033	159	18	role	role	NOUN
fbem-2033	159	19	of	of	ADP
fbem-2033	159	20	esg	esg	PROPN
fbem-2033	159	21	controversies	controversy	NOUN
fbem-2033	159	22	and	and	CCONJ
fbem-2033	159	23	board	board	NOUN
fbem-2033	159	24	gender	gender	NOUN
fbem-2033	159	25	diversity[j	diversity[j	PROPN
fbem-2033	159	26	]	]	PUNCT
fbem-2033	159	27	.	.	PUNCT
fbem-2033	160	1	resources	resource	NOUN
fbem-2033	160	2	policy	policy	NOUN
fbem-2033	160	3	,	,	PUNCT
fbem-2033	160	4	2021	2021	NUM
fbem-2033	160	5	,	,	PUNCT
fbem-2033	160	6	72	72	NUM
fbem-2033	160	7	:	:	SYM
fbem-2033	160	8	102144	102144	NUM
fbem-2033	160	9	.	.	PUNCT
fbem-2033	161	1	[	[	X
fbem-2033	161	2	23	23	NUM
fbem-2033	161	3	]	]	X
fbem-2033	161	4	oikonomou	oikonomou	PROPN
fbem-2033	161	5	i	i	PROPN
fbem-2033	161	6	,	,	PUNCT
fbem-2033	161	7	brooks	brooks	PROPN
fbem-2033	161	8	c	c	PROPN
fbem-2033	161	9	,	,	PUNCT
fbem-2033	161	10	pavelin	pavelin	PROPN
fbem-2033	161	11	s.	s.	PROPN
fbem-2033	161	12	the	the	DET
fbem-2033	161	13	impact	impact	NOUN
fbem-2033	161	14	of	of	ADP
fbem-2033	161	15	corporate	corporate	ADJ
fbem-2033	161	16	social	social	ADJ
fbem-2033	161	17	performance	performance	NOUN
fbem-2033	161	18	on	on	ADP
fbem-2033	161	19	financial	financial	ADJ
fbem-2033	161	20	risk	risk	NOUN
fbem-2033	161	21	and	and	CCONJ
fbem-2033	161	22	utility	utility	NOUN
fbem-2033	161	23	:	:	PUNCT
fbem-2033	161	24	a	a	DET
fbem-2033	161	25	longitudinal	longitudinal	ADJ
fbem-2033	161	26	analysis[j	analysis[j	PROPN
fbem-2033	161	27	]	]	PUNCT
fbem-2033	161	28	.	.	PUNCT
fbem-2033	162	1	financial	financial	ADJ
fbem-2033	162	2	management	management	NOUN
fbem-2033	162	3	,	,	PUNCT
fbem-2033	162	4	2012	2012	NUM
fbem-2033	162	5	,	,	PUNCT
fbem-2033	162	6	41(2	41(2	NUM
fbem-2033	162	7	):	):	PUNCT
fbem-2033	162	8	483	483	NUM
fbem-2033	162	9	-	-	SYM
fbem-2033	162	10	515	515	NUM
fbem-2033	162	11	.	.	PUNCT
fbem-2033	163	1	[	[	X
fbem-2033	163	2	24	24	NUM
fbem-2033	163	3	]	]	PUNCT
fbem-2033	163	4	sassen	sassen	PROPN
fbem-2033	163	5	r	r	PROPN
fbem-2033	163	6	,	,	PUNCT
fbem-2033	163	7	hinze	hinze	PROPN
fbem-2033	163	8	a	a	PROPN
fbem-2033	163	9	k	k	NOUN
fbem-2033	163	10	,	,	PUNCT
fbem-2033	163	11	hardeck	hardeck	PROPN
fbem-2033	163	12	i.	i.	PROPN
fbem-2033	163	13	impact	impact	PROPN
fbem-2033	163	14	of	of	ADP
fbem-2033	163	15	esg	esg	PROPN
fbem-2033	163	16	factors	factor	NOUN
fbem-2033	163	17	on	on	ADP
fbem-2033	163	18	firm	firm	ADJ
fbem-2033	163	19	risk	risk	NOUN
fbem-2033	163	20	in	in	ADP
fbem-2033	163	21	europe[j	europe[j	NOUN
fbem-2033	163	22	]	]	PUNCT
fbem-2033	163	23	.	.	PUNCT
fbem-2033	164	1	journal	journal	PROPN
fbem-2033	164	2	of	of	ADP
fbem-2033	164	3	business	business	NOUN
fbem-2033	164	4	economics	economic	NOUN
fbem-2033	164	5	,	,	PUNCT
fbem-2033	164	6	2016	2016	NUM
fbem-2033	164	7	,	,	PUNCT
fbem-2033	164	8	86	86	NUM
fbem-2033	164	9	(	(	PUNCT
fbem-2033	164	10	8)	8)	NUM
fbem-2033	164	11	:	:	PUNCT
fbem-2033	164	12	867	867	NUM
fbem-2033	164	13	-	-	SYM
fbem-2033	164	14	904	904	NUM
fbem-2033	164	15	.	.	PUNCT
fbem-2033	165	1	[	[	X
fbem-2033	165	2	25	25	NUM
fbem-2033	165	3	]	]	PUNCT
fbem-2033	165	4	chollet	chollet	NOUN
fbem-2033	165	5	p	p	NOUN
fbem-2033	165	6	,	,	PUNCT
fbem-2033	165	7	sandwidi	sandwidi	PROPN
fbem-2033	165	8	b	b	PROPN
fbem-2033	165	9	w.	w.	PROPN
fbem-2033	165	10	csr	csr	PROPN
fbem-2033	165	11	engagement	engagement	NOUN
fbem-2033	165	12	and	and	CCONJ
fbem-2033	165	13	financial	financial	ADJ
fbem-2033	165	14	risk	risk	NOUN
fbem-2033	165	15	:	:	PUNCT
fbem-2033	165	16	a	a	DET
fbem-2033	165	17	virtuous	virtuous	ADJ
fbem-2033	165	18	circle	circle	NOUN
fbem-2033	165	19	?	?	PUNCT
fbem-2033	166	1	international	international	ADJ
fbem-2033	166	2	evidence[j	evidence[j	PROPN
fbem-2033	166	3	]	]	PUNCT
fbem-2033	166	4	.	.	PUNCT
fbem-2033	167	1	global	global	ADJ
fbem-2033	167	2	finance	finance	PROPN
fbem-2033	167	3	journal	journal	NOUN
fbem-2033	167	4	,	,	PUNCT
fbem-2033	167	5	2018	2018	NUM
fbem-2033	167	6	,	,	PUNCT
fbem-2033	167	7	38	38	NUM
fbem-2033	167	8	:	:	SYM
fbem-2033	167	9	65	65	NUM
fbem-2033	167	10	-	-	SYM
fbem-2033	167	11	81	81	NUM
fbem-2033	167	12	.	.	PUNCT
fbem-2033	168	1	[	[	X
fbem-2033	168	2	26	26	NUM
fbem-2033	168	3	]	]	X
fbem-2033	168	4	[	[	X
fbem-2033	168	5	qiu	qiu	X
fbem-2033	168	6	muyuan	muyuan	PROPN
fbem-2033	168	7	,	,	PUNCT
fbem-2033	168	8	yin	yin	PROPN
fbem-2033	168	9	hong	hong	PROPN
fbem-2033	168	10	.	.	PUNCT
fbem-2033	169	1	esg	esg	NOUN
fbem-2033	169	2	performance	performance	NOUN
fbem-2033	169	3	and	and	CCONJ
fbem-2033	169	4	financing	financing	NOUN
fbem-2033	169	5	cost	cost	NOUN
fbem-2033	169	6	of	of	ADP
fbem-2033	169	7	enterprises	enterprise	NOUN
fbem-2033	169	8	in	in	ADP
fbem-2033	169	9	the	the	DET
fbem-2033	169	10	context	context	NOUN
fbem-2033	169	11	of	of	ADP
fbem-2033	169	12	ecological	ecological	ADJ
fbem-2033	169	13	civilization	civilization	NOUN
fbem-2033	169	14	construction	construction	NOUN
fbem-2033	169	15	.	.	PUNCT
fbem-2033	169	16	]	]	PUNCT
fbem-2033	170	1	quantitative	quantitative	ADJ
fbem-2033	170	2	and	and	CCONJ
fbem-2033	170	3	technical	technical	ADJ
fbem-2033	170	4	economics	economic	NOUN
fbem-2033	170	5	research,2019,36(03):108	research,2019,36(03):108	NOUN
fbem-2033	170	6	-	-	SYM
fbem-2033	170	7	123	123	NUM
fbem-2033	170	8	.	.	PUNCT
fbem-2033	170	9	]	]	PUNCT
fbem-2033	171	1	[	[	X
fbem-2033	171	2	27	27	NUM
fbem-2033	171	3	]	]	X
fbem-2033	171	4	xu	xu	PROPN
fbem-2033	171	5	c.	c.	PROPN
fbem-2033	171	6	study	study	PROPN
fbem-2033	171	7	of	of	ADP
fbem-2033	171	8	environmental	environmental	ADJ
fbem-2033	171	9	accounting	accounting	NOUN
fbem-2033	171	10	information	information	NOUN
fbem-2033	171	11	disclosure	disclosure	NOUN
fbem-2033	171	12	and	and	CCONJ
fbem-2033	171	13	financial	financial	ADJ
fbem-2033	171	14	performance	performance	NOUN
fbem-2033	171	15	of	of	ADP
fbem-2033	171	16	heavy	heavy	ADJ
fbem-2033	171	17	pollution	pollution	NOUN
fbem-2033	171	18	enterprises	enterprise	NOUN
fbem-2033	171	19	-based	-base	VERB
fbem-2033	171	20	on	on	ADP
fbem-2033	171	21	empirical	empirical	ADJ
fbem-2033	171	22	evidence	evidence	NOUN
fbem-2033	171	23	of	of	ADP
fbem-2033	171	24	coal	coal	NOUN
fbem-2033	171	25	enterprises[c]//6th	enterprises[c]//6th	PROPN
fbem-2033	171	26	international	international	ADJ
fbem-2033	171	27	conference	conference	NOUN
fbem-2033	171	28	on	on	ADP
fbem-2033	171	29	economics	economic	NOUN
fbem-2033	171	30	,	,	PUNCT
fbem-2033	171	31	management	management	NOUN
fbem-2033	171	32	,	,	PUNCT
fbem-2033	171	33	law	law	NOUN
fbem-2033	171	34	and	and	CCONJ
fbem-2033	171	35	education	education	NOUN
fbem-2033	171	36	(	(	PUNCT
fbem-2033	171	37	emle	emle	NOUN
fbem-2033	171	38	2020	2020	NUM
fbem-2033	171	39	)	)	PUNCT
fbem-2033	171	40	.	.	PUNCT
fbem-2033	172	1	atlantis	atlantis	PROPN
fbem-2033	172	2	press	press	PROPN
fbem-2033	172	3	,	,	PUNCT
fbem-2033	172	4	2021	2021	NUM
fbem-2033	172	5	:	:	PUNCT
fbem-2033	172	6	533	533	NUM
fbem-2033	172	7	-	-	SYM
fbem-2033	172	8	540	540	NUM
fbem-2033	172	9	.	.	PUNCT
fbem-2033	173	1	[	[	X
fbem-2033	173	2	28	28	NUM
fbem-2033	173	3	]	]	X
fbem-2033	173	4	[	[	X
fbem-2033	173	5	han	han	X
fbem-2033	173	6	fang	fang	PROPN
fbem-2033	173	7	,	,	PUNCT
fbem-2033	173	8	yang	yang	PROPN
fbem-2033	173	9	liu	liu	PROPN
fbem-2033	173	10	.	.	PUNCT
fbem-2033	174	1	social	social	ADJ
fbem-2033	174	2	responsibility	responsibility	NOUN
fbem-2033	174	3	information	information	NOUN
fbem-2033	174	4	disclosure	disclosure	NOUN
fbem-2033	174	5	and	and	CCONJ
fbem-2033	174	6	financial	financial	ADJ
fbem-2033	174	7	risk	risk	NOUN
fbem-2033	175	1	[	[	X
fbem-2033	175	2	j	j	X
fbem-2033	175	3	]	]	X
fbem-2033	175	4	.	.	PUNCT
fbem-2033	176	1	statistics	statistic	NOUN
fbem-2033	176	2	and	and	CCONJ
fbem-2033	176	3	decision,2021,37(14):165	decision,2021,37(14):165	NOUN
fbem-2033	176	4	-	-	PUNCT
fbem-2033	176	5	168	168	NUM
fbem-2033	176	6	.	.	PUNCT
fbem-2033	176	7	]	]	PUNCT
fbem-2033	177	1	[	[	X
fbem-2033	177	2	29	29	NUM
fbem-2033	177	3	]	]	X
fbem-2033	177	4	hadlock	hadlock	NOUN
fbem-2033	177	5	c	c	PROPN
fbem-2033	177	6	j	j	PROPN
fbem-2033	177	7	,	,	PUNCT
fbem-2033	177	8	pierce	pierce	PROPN
fbem-2033	177	9	j	j	PROPN
fbem-2033	177	10	r.	r.	PROPN
fbem-2033	177	11	new	new	PROPN
fbem-2033	177	12	evidence	evidence	NOUN
fbem-2033	177	13	on	on	ADP
fbem-2033	177	14	measuring	measure	VERB
fbem-2033	177	15	financial	financial	ADJ
fbem-2033	177	16	con⁃straints	con⁃straint	NOUN
fbem-2033	177	17	:	:	PUNCT
fbem-2033	177	18	moving	move	VERB
fbem-2033	177	19	beyond	beyond	ADP
fbem-2033	177	20	the	the	DET
fbem-2033	177	21	kz	kz	PROPN
fbem-2033	177	22	index	index	NOUN
fbem-2033	177	23	[	[	X
fbem-2033	177	24	j].review	j].review	NOUN
fbem-2033	177	25	of	of	ADP
fbem-2033	177	26	financial	financial	ADJ
fbem-2033	177	27	studies,2010,(23	studies,2010,(23	NOUN
fbem-2033	177	28	)	)	PUNCT
fbem-2033	177	29	.	.	PUNCT
fbem-2033	178	1	[	[	X
fbem-2033	178	2	30	30	NUM
fbem-2033	178	3	]	]	X
fbem-2033	178	4	quan	quan	PROPN
fbem-2033	178	5	xiao	xiao	PROPN
fbem-2033	178	6	-	-	PUNCT
fbem-2033	178	7	feng	feng	PROPN
fbem-2033	178	8	,	,	PUNCT
fbem-2033	178	9	wu	wu	PROPN
fbem-2033	178	10	shin	shin	PROPN
fbem-2033	178	11	-	-	PUNCT
fbem-2033	178	12	nong	nong	PROPN
fbem-2033	178	13	,	,	PUNCT
fbem-2033	178	14	yin	yin	PROPN
fbem-2033	178	15	hong	hong	PROPN
fbem-2033	178	16	-	-	PUNCT
fbem-2033	178	17	ying	ying	PROPN
fbem-2033	178	18	.	.	PUNCT
fbem-2033	179	1	corporate	corporate	ADJ
fbem-2033	179	2	social	social	ADJ
fbem-2033	179	3	responsibility	responsibility	NOUN
fbem-2033	179	4	and	and	CCONJ
fbem-2033	179	5	stock	stock	NOUN
fbem-2033	179	6	price	price	NOUN
fbem-2033	179	7	crash	crash	NOUN
fbem-2033	179	8	risk	risk	NOUN
fbem-2033	179	9	:	:	PUNCT
fbem-2033	179	10	"	"	PUNCT
fbem-2033	179	11	sharp	sharp	ADJ
fbem-2033	179	12	tool	tool	NOUN
fbem-2033	179	13	of	of	ADP
fbem-2033	179	14	value	value	NOUN
fbem-2033	179	15	"	"	PUNCT
fbem-2033	179	16	or	or	CCONJ
fbem-2033	179	17	"	"	PUNCT
fbem-2033	179	18	tool	tool	NOUN
fbem-2033	179	19	of	of	ADP
fbem-2033	179	20	self	self	NOUN
fbem-2033	179	21	-	-	PUNCT
fbem-2033	179	22	interest"?[j	interest"?[j	NOUN
fbem-2033	179	23	]	]	PUNCT
fbem-2033	179	24	.	.	PUNCT
fbem-2033	180	1	economic	economic	ADJ
fbem-2033	180	2	research	research	NOUN
fbem-2033	180	3	journal,2015,50(11):49	journal,2015,50(11):49	NOUN
fbem-2033	180	4	-	-	PUNCT
fbem-2033	180	5	64	64	NUM
fbem-2033	180	6	.	.	PUNCT
fbem-2033	181	1	[	[	X
fbem-2033	181	2	31	31	NUM
fbem-2033	181	3	]	]	PUNCT
fbem-2033	181	4	[	[	X
fbem-2033	181	5	yu	yu	PROPN
fbem-2033	181	6	fusheng	fusheng	PROPN
fbem-2033	181	7	,	,	PUNCT
fbem-2033	181	8	zhang	zhang	PROPN
fbem-2033	181	9	min	min	PROPN
fbem-2033	181	10	,	,	PUNCT
fbem-2033	181	11	jiang	jiang	PROPN
fbem-2033	181	12	fuxiu	fuxiu	PROPN
fbem-2033	181	13	,	,	PUNCT
fbem-2033	181	14	ren	ren	PROPN
fbem-2033	181	15	mengjie	mengjie	PROPN
fbem-2033	181	16	.	.	PUNCT
fbem-2033	181	17	]	]	PUNCT
fbem-2033	181	18	does	do	AUX
fbem-2033	181	19	corporate	corporate	ADJ
fbem-2033	181	20	governance	governance	NOUN
fbem-2033	181	21	affect	affect	VERB
fbem-2033	181	22	corporate	corporate	ADJ
fbem-2033	181	23	financial	financial	ADJ
fbem-2033	181	24	risk?[j	risk?[j	NOUN
fbem-2033	181	25	]	]	PUNCT
fbem-2033	181	26	.	.	PUNCT
fbem-2033	182	1	accounting	account	VERB
fbem-2033	182	2	research,2008(10):52	research,2008(10):52	PROPN
fbem-2033	182	3	-	-	PUNCT
fbem-2033	182	4	59	59	NUM
fbem-2033	182	5	+	+	NOUN
fbem-2033	182	6	97	97	NUM
fbem-2033	182	7	.	.	PUNCT
fbem-2033	183	1	[	[	X
fbem-2033	183	2	32	32	NUM
fbem-2033	183	3	]	]	PUNCT
fbem-2033	184	1	[	[	X
fbem-2033	184	2	j	j	X
fbem-2033	184	3	]	]	X
fbem-2033	184	4	.	.	PUNCT
fbem-2033	185	1	accounting	accounting	NOUN
fbem-2033	185	2	research	research	NOUN
fbem-2033	185	3	,	,	PUNCT
fbem-2033	185	4	2008	2008	NUM
fbem-2033	185	5	(	(	PUNCT
fbem-2033	185	6	10	10	NUM
fbem-2033	185	7	)	)	PUNCT
fbem-2033	185	8	:	:	PUNCT
fbem-2033	186	1	52	52	NUM
fbem-2033	186	2	-	-	SYM
fbem-2033	186	3	59	59	NUM
fbem-2033	186	4	+	+	NUM
fbem-2033	186	5	97	97	NUM
fbem-2033	186	6	.	.	PUNCT
fbem-2033	187	1	finance	finance	NOUN
fbem-2033	187	2	and	and	CCONJ
fbem-2033	187	3	accounting	accounting	NOUN
fbem-2033	187	4	communications,2014(03):53	communications,2014(03):53	PROPN
fbem-2033	187	5	-	-	PUNCT
fbem-2033	187	6	56	56	NUM
fbem-2033	187	7	.	.	PUNCT
fbem-2033	187	8	]	]	PUNCT
fbem-2033	188	1	[	[	X
fbem-2033	188	2	33	33	NUM
fbem-2033	188	3	]	]	PUNCT
fbem-2033	188	4	xu	xu	PROPN
fbem-2033	188	5	xiangbing	xiangbing	PROPN
fbem-2033	188	6	,	,	PUNCT
fbem-2033	188	7	qiao	qiao	PROPN
fbem-2033	188	8	pengcheng	pengcheng	PROPN
fbem-2033	188	9	,	,	PUNCT
fbem-2033	188	10	huang	huang	PROPN
fbem-2033	188	11	qin	qin	PROPN
fbem-2033	188	12	.	.	PUNCT
fbem-2033	189	1	can	can	AUX
fbem-2033	189	2	esg	esg	VERB
fbem-2033	189	3	accountability	accountability	NOUN
fbem-2033	189	4	performance	performance	NOUN
fbem-2033	189	5	deliver	deliver	VERB
fbem-2033	189	6	more	more	ADV
fbem-2033	189	7	transparent	transparent	ADJ
fbem-2033	189	8	information?[j	information?[j	NOUN
fbem-2033	189	9	/	/	SYM
fbem-2033	189	10	ol	ol	PROPN
fbem-2033	189	11	]	]	PUNCT
fbem-2033	189	12	.	.	PUNCT
fbem-2033	190	1	industrial	industrial	ADJ
fbem-2033	190	2	economics	economic	NOUN
fbem-2033	190	3	review	review	NOUN
fbem-2033	190	4	:1	:1	PUNCT
fbem-2033	190	5	-	-	NOUN
fbem-2033	190	6	18[202209	18[202209	NUM
fbem-2033	190	7	-	-	PUNCT
fbem-2033	190	8	18	18	NUM
fbem-2033	190	9	]	]	PUNCT
fbem-2033	190	10	.	.	PUNCT
fbem-2033	191	1	[	[	X
fbem-2033	191	2	34	34	NUM
fbem-2033	191	3	]	]	PUNCT
fbem-2033	192	1	[	[	X
fbem-2033	192	2	wang	wang	PROPN
fbem-2033	192	3	jing	jing	PROPN
fbem-2033	192	4	.	.	PUNCT
fbem-2033	193	1	research	research	NOUN
fbem-2033	193	2	on	on	ADP
fbem-2033	193	3	driving	drive	VERB
fbem-2033	193	4	factors	factor	NOUN
fbem-2033	193	5	and	and	CCONJ
fbem-2033	193	6	progress	progress	NOUN
fbem-2033	193	7	of	of	ADP
fbem-2033	193	8	green	green	ADJ
fbem-2033	193	9	finance	finance	NOUN
fbem-2033	193	10	development	development	NOUN
fbem-2033	193	11	in	in	ADP
fbem-2033	193	12	china	china	PROPN
fbem-2033	194	1	[	[	X
fbem-2033	194	2	j	j	X
fbem-2033	194	3	]	]	X
fbem-2033	194	4	.	.	PUNCT
fbem-2033	195	1	economic	economic	ADJ
fbem-2033	195	2	reform,2019(05):136	reform,2019(05):136	NOUN
fbem-2033	195	3	-	-	PUNCT
fbem-2033	195	4	142	142	NUM
fbem-2033	195	5	.	.	PUNCT
fbem-2033	195	6	]	]	X
fbem-2033	196	1	[	[	X
fbem-2033	196	2	35	35	NUM
fbem-2033	196	3	]	]	X
fbem-2033	196	4	alexander	alexander	PROPN
fbem-2033	196	5	d	d	PROPN
fbem-2033	196	6	l	l	PROPN
fbem-2033	196	7	,	,	PUNCT
fbem-2033	196	8	thistle	thistle	NOUN
fbem-2033	196	9	p	p	PROPN
fbem-2033	196	10	d.	d.	PROPN
fbem-2033	196	11	market	market	NOUN
fbem-2033	196	12	power	power	NOUN
fbem-2033	196	13	,	,	PUNCT
fbem-2033	196	14	efficiency	efficiency	NOUN
fbem-2033	196	15	and	and	CCONJ
fbem-2033	196	16	the	the	DET
fbem-2033	196	17	dispersion	dispersion	NOUN
fbem-2033	196	18	of	of	ADP
fbem-2033	196	19	systematic	systematic	ADJ
fbem-2033	196	20	risk[j	risk[j	NOUN
fbem-2033	196	21	]	]	PUNCT
fbem-2033	196	22	.	.	PUNCT
fbem-2033	197	1	review	review	NOUN
fbem-2033	197	2	of	of	ADP
fbem-2033	197	3	industrial	industrial	ADJ
fbem-2033	197	4	organization	organization	NOUN
fbem-2033	197	5	,	,	PUNCT
fbem-2033	197	6	1999	1999	NUM
fbem-2033	197	7	,	,	PUNCT
fbem-2033	197	8	14(4	14(4	NUM
fbem-2033	197	9	):	):	PUNCT
fbem-2033	197	10	377	377	NUM
fbem-2033	197	11	-	-	SYM
fbem-2033	197	12	390	390	NUM
fbem-2033	197	13	.	.	PUNCT
fbem-2033	198	1	[	[	X
fbem-2033	198	2	36	36	NUM
fbem-2033	198	3	]	]	X
fbem-2033	198	4	benlemlih	benlemlih	PROPN
fbem-2033	198	5	m	m	PROPN
fbem-2033	198	6	,	,	PUNCT
fbem-2033	198	7	girerd‐potin	girerd‐potin	NOUN
fbem-2033	198	8	i.	i.	NOUN
fbem-2033	198	9	corporate	corporate	ADJ
fbem-2033	198	10	social	social	ADJ
fbem-2033	198	11	responsibility	responsibility	NOUN
fbem-2033	198	12	and	and	CCONJ
fbem-2033	198	13	firm	firm	ADJ
fbem-2033	198	14	financial	financial	ADJ
fbem-2033	198	15	risk	risk	NOUN
fbem-2033	198	16	reduction	reduction	NOUN
fbem-2033	198	17	:	:	PUNCT
fbem-2033	198	18	on	on	ADP
fbem-2033	198	19	the	the	DET
fbem-2033	198	20	moderating	moderate	VERB
fbem-2033	198	21	role	role	NOUN
fbem-2033	198	22	of	of	ADP
fbem-2033	198	23	the	the	DET
fbem-2033	198	24	legal	legal	ADJ
fbem-2033	198	25	environment[j	environment[j	NOUN
fbem-2033	198	26	]	]	X
fbem-2033	198	27	.	.	PUNCT
fbem-2033	199	1	journal	journal	PROPN
fbem-2033	199	2	of	of	ADP
fbem-2033	199	3	business	business	NOUN
fbem-2033	199	4	finance	finance	PROPN
fbem-2033	199	5	&	&	CCONJ
fbem-2033	199	6	accounting	accounting	PROPN
fbem-2033	199	7	,	,	PUNCT
fbem-2033	199	8	2017	2017	NUM
fbem-2033	199	9	,	,	PUNCT
fbem-2033	199	10	44(7	44(7	NOUN
fbem-2033	199	11	-	-	SYM
fbem-2033	199	12	8)	8)	NUM
fbem-2033	199	13	:	:	PUNCT
fbem-2033	199	14	1137	1137	NUM
fbem-2033	199	15	-	-	SYM
fbem-2033	199	16	1166	1166	NUM
fbem-2033	199	17	.	.	PUNCT
fbem-2033	200	1	[	[	X
fbem-2033	200	2	37	37	NUM
fbem-2033	200	3	]	]	PUNCT
fbem-2033	200	4	research	research	NOUN
fbem-2033	200	5	on	on	ADP
fbem-2033	200	6	financial	financial	ADJ
fbem-2033	200	7	management	management	NOUN
fbem-2033	200	8	of	of	ADP
fbem-2033	200	9	small	small	ADJ
fbem-2033	200	10	and	and	CCONJ
fbem-2033	200	11	medium	medium	ADJ
fbem-2033	200	12	-	-	PUNCT
fbem-2033	200	13	sized	sized	ADJ
fbem-2033	200	14	enterprises	enterprise	NOUN
fbem-2033	200	15	under	under	ADP
fbem-2033	200	16	the	the	DET
fbem-2033	200	17	background	background	NOUN
fbem-2033	200	18	of	of	ADP
fbem-2033	200	19	liquidity	liquidity	NOUN
fbem-2033	200	20	contraction	contraction	NOUN
fbem-2033	201	1	[	[	X
fbem-2033	201	2	j	j	X
fbem-2033	201	3	]	]	X
fbem-2033	201	4	.	.	PUNCT
fbem-2033	202	1	modern	modern	ADJ
fbem-2033	202	2	economic	economic	ADJ
fbem-2033	202	3	information,2011(13):148	information,2011(13):148	NOUN
fbem-2033	202	4	+	+	PROPN
fbem-2033	202	5	167	167	NUM
fbem-2033	202	6	.	.	PUNCT
fbem-2033	202	7	]	]	X
fbem-2033	203	1	[	[	X
fbem-2033	203	2	38	38	NUM
fbem-2033	203	3	]	]	PUNCT
fbem-2033	203	4	soft	soft	ADJ
fbem-2033	203	5	science	science	NOUN
fbem-2033	203	6	,	,	PUNCT
fbem-2033	203	7	2022	2022	NUM
fbem-2033	203	8	,	,	PUNCT
fbem-2033	203	9	4	4	NUM
fbem-2033	203	10	(	(	PUNCT
fbem-2033	203	11	6	6	NUM
fbem-2033	203	12	)	)	PUNCT
fbem-2033	203	13	:	:	PUNCT
fbem-2033	203	14	78	78	NUM
fbem-2033	203	15	-	-	SYM
fbem-2033	203	16	84	84	NUM
fbem-2033	203	17	.	.	PUNCT
fbem-2033	204	1	the	the	DET
fbem-2033	204	2	doi	doi	NOUN
fbem-2033	204	3	:	:	PUNCT
fbem-2033	204	4	10.13956	10.13956	NUM
fbem-2033	204	5	/	/	SYM
fbem-2033	204	6	j.	j.	PROPN
fbem-2033	204	7	s.	s.	PROPN
fbem-2033	204	8	1001	1001	PROPN
fbem-2033	204	9	-	-	PUNCT
fbem-2033	204	10	8409.2022.06.11	8409.2022.06.11	NUM
fbem-2033	204	11	.	.	PUNCT
fbem-2033	205	1	[	[	X
fbem-2033	205	2	39	39	NUM
fbem-2033	205	3	]	]	PUNCT
fbem-2033	205	4	su	su	PROPN
fbem-2033	205	5	c	c	PROPN
fbem-2033	205	6	,	,	PUNCT
fbem-2033	205	7	chen	chen	PROPN
fbem-2033	205	8	c.	c.	PROPN
fbem-2033	205	9	study	study	PROPN
fbem-2033	205	10	on	on	ADP
fbem-2033	205	11	esg	esg	PROPN
fbem-2033	205	12	evaluation	evaluation	NOUN
fbem-2033	205	13	system	system	NOUN
fbem-2033	205	14	of	of	ADP
fbem-2033	205	15	listed	list	VERB
fbem-2033	205	16	companies	company	NOUN
fbem-2033	205	17	under	under	ADP
fbem-2033	205	18	new	new	ADJ
fbem-2033	205	19	development	development	NOUN
fbem-2033	205	20	concept	concept	NOUN
fbem-2033	205	21	:	:	PUNCT
fbem-2033	205	22	a	a	DET
fbem-2033	205	23	case	case	NOUN
fbem-2033	205	24	study	study	NOUN
fbem-2033	205	25	of	of	ADP
fbem-2033	205	26	271	271	NUM
fbem-2033	205	27	listed	list	VERB
fbem-2033	205	28	companies	company	NOUN
fbem-2033	205	29	in	in	ADP
fbem-2033	205	30	heavy	heavy	ADJ
fbem-2033	205	31	pollution	pollution	NOUN
fbem-2033	205	32	manufacturing	manufacturing	NOUN
fbem-2033	205	33	industry	industry	NOUN
fbem-2033	206	1	[	[	X
fbem-2033	206	2	j	j	X
fbem-2033	206	3	]	]	X
fbem-2033	206	4	.	.	PUNCT
fbem-2033	207	1	finance	finance	NOUN
fbem-2033	207	2	and	and	CCONJ
fbem-2033	207	3	accounting	accounting	PROPN
fbem-2033	207	4	monthly,2022(06):155	monthly,2022(06):155	PROPN
fbem-2033	207	5	-	-	PROPN
fbem-2033	207	6	160	160	NUM
fbem-2033	207	7	.	.	PUNCT
fbem-2033	207	8	]	]	PUNCT
fbem-2033	208	1	[	[	X
fbem-2033	208	2	40	40	NUM
fbem-2033	208	3	]	]	X
fbem-2033	208	4	gao	gao	PROPN
fbem-2033	208	5	jieying	jieying	PROPN
fbem-2033	208	6	,	,	PUNCT
fbem-2033	208	7	chu	chu	PROPN
fbem-2033	208	8	dongxiao	dongxiao	PROPN
fbem-2033	208	9	,	,	PUNCT
fbem-2033	208	10	lian	lian	PROPN
fbem-2033	208	11	yonghui	yonghui	PROPN
fbem-2033	208	12	,	,	PUNCT
fbem-2033	208	13	zheng	zheng	PROPN
fbem-2033	208	14	jun	jun	PROPN
fbem-2033	208	15	.	.	PROPN
fbem-2033	208	16	can	can	AUX
fbem-2033	208	17	esg	esg	NOUN
fbem-2033	208	18	performance	performance	NOUN
fbem-2033	208	19	improve	improve	VERB
fbem-2033	208	20	corporate	corporate	ADJ
fbem-2033	208	21	investment	investment	NOUN
fbem-2033	208	22	efficiency?[j	efficiency?[j	ADP
fbem-2033	208	23	]	]	PUNCT
fbem-2033	208	24	.	.	PUNCT
fbem-2033	209	1	securities	security	NOUN
fbem-2033	209	2	market	market	NOUN
fbem-2033	209	3	review,2021(11):24	review,2021(11):24	ADV
fbem-2033	209	4	-	-	PUNCT
fbem-2033	209	5	34	34	NUM
fbem-2033	209	6	+	+	NOUN
fbem-2033	209	7	72	72	NUM
fbem-2033	209	8	.	.	PUNCT
fbem-2033	210	1	[	[	X
fbem-2033	210	2	41	41	NUM
fbem-2033	210	3	]	]	PUNCT
fbem-2033	210	4	[	[	X
fbem-2033	210	5	zhang	zhang	PROPN
fbem-2033	210	6	zhaoguo	zhaoguo	PROPN
fbem-2033	210	7	,	,	PUNCT
fbem-2033	210	8	jin	jin	PROPN
fbem-2033	210	9	xiaocui	xiaocui	PROPN
fbem-2033	210	10	,	,	PUNCT
fbem-2033	210	11	li	li	PROPN
fbem-2033	210	12	gengqin	gengqin	PROPN
fbem-2033	210	13	.	.	PUNCT
fbem-2033	211	1	an	an	DET
fbem-2033	211	2	empirical	empirical	ADJ
fbem-2033	211	3	study	study	NOUN
fbem-2033	211	4	on	on	ADP
fbem-2033	211	5	the	the	DET
fbem-2033	211	6	interaction	interaction	NOUN
fbem-2033	211	7	between	between	ADP
fbem-2033	211	8	corporate	corporate	ADJ
fbem-2033	211	9	social	social	ADJ
fbem-2033	211	10	responsibility	responsibility	NOUN
fbem-2033	211	11	and	and	CCONJ
fbem-2033	211	12	financial	financial	ADJ
fbem-2033	211	13	performance	performance	NOUN
fbem-2033	211	14	[	[	X
fbem-2033	211	15	j	j	X
fbem-2033	211	16	]	]	X
fbem-2033	211	17	.	.	PUNCT
fbem-2033	212	1	accounting	accounting	NOUN
fbem-2033	212	2	research	research	NOUN
fbem-2033	212	3	,	,	PUNCT
fbem-2033	212	4	2013	2013	NUM
fbem-2033	212	5	(	(	PUNCT
fbem-2033	212	6	8)	8)	NUM
fbem-2033	212	7	:	:	PUNCT
fbem-2033	212	8	3239	3239	NUM
fbem-2033	212	9	+	+	NOUN
fbem-2033	212	10	96	96	NUM
fbem-2033	212	11	.	.	PUNCT
fbem-2033	212	12	]	]	PUNCT