id	sid	tid	token	lemma	pos
fbem-22370	1	1	frontiers	frontier	NOUN
fbem-22370	1	2	in	in	ADP
fbem-22370	1	3	business	business	NOUN
fbem-22370	1	4	,	,	PUNCT
fbem-22370	1	5	economics	economic	NOUN
fbem-22370	1	6	and	and	CCONJ
fbem-22370	1	7	management	management	NOUN
fbem-22370	1	8	issn	issn	PROPN
fbem-22370	1	9	:	:	PUNCT
fbem-22370	1	10	2766	2766	NUM
fbem-22370	1	11	-	-	PUNCT
fbem-22370	1	12	824x	824x	NUM
fbem-22370	1	13	|	|	ADJ
fbem-22370	1	14	vol	vol	NOUN
fbem-22370	1	15	.	.	PROPN
fbem-22370	1	16	15	15	NUM
fbem-22370	1	17	,	,	PUNCT
fbem-22370	1	18	no	no	INTJ
fbem-22370	1	19	.	.	NOUN
fbem-22370	1	20	2	2	NUM
fbem-22370	1	21	,	,	PUNCT
fbem-22370	1	22	2024	2024	NUM
fbem-22370	1	23	378	378	NUM
fbem-22370	1	24	digital	digital	ADJ
fbem-22370	1	25	transformation	transformation	NOUN
fbem-22370	1	26	and	and	CCONJ
fbem-22370	1	27	performance	performance	NOUN
fbem-22370	1	28	of	of	ADP
fbem-22370	1	29	enterprises	enterprise	NOUN
fbem-22370	1	30	-based	-base	VERB
fbem-22370	1	31	on	on	ADP
fbem-22370	1	32	the	the	DET
fbem-22370	1	33	theoretical	theoretical	ADJ
fbem-22370	1	34	perspective	perspective	NOUN
fbem-22370	1	35	of	of	ADP
fbem-22370	1	36	manager	manager	NOUN
fbem-22370	1	37	learning	learn	VERB
fbem-22370	1	38	zhongbao	zhongbao	PROPN
fbem-22370	1	39	tang	tang	PROPN
fbem-22370	1	40	department	department	PROPN
fbem-22370	1	41	of	of	ADP
fbem-22370	1	42	management	management	PROPN
fbem-22370	1	43	,	,	PUNCT
fbem-22370	1	44	anhui	anhui	PROPN
fbem-22370	1	45	university	university	PROPN
fbem-22370	1	46	of	of	ADP
fbem-22370	1	47	finance	finance	NOUN
fbem-22370	1	48	and	and	CCONJ
fbem-22370	1	49	economics	economic	NOUN
fbem-22370	1	50	,	,	PUNCT
fbem-22370	1	51	bengbu	bengbu	NOUN
fbem-22370	1	52	city	city	NOUN
fbem-22370	1	53	,	,	PUNCT
fbem-22370	1	54	co233000	co233000	PROPN
fbem-22370	1	55	,	,	PUNCT
fbem-22370	1	56	china	china	PROPN
fbem-22370	1	57	abstract	abstract	NOUN
fbem-22370	1	58	:	:	PUNCT
fbem-22370	1	59	under	under	ADP
fbem-22370	1	60	the	the	DET
fbem-22370	1	61	macro	macro	ADJ
fbem-22370	1	62	background	background	NOUN
fbem-22370	1	63	of	of	ADP
fbem-22370	1	64	digital	digital	PROPN
fbem-22370	1	65	china	china	PROPN
fbem-22370	1	66	construction	construction	NOUN
fbem-22370	1	67	,	,	PUNCT
fbem-22370	1	68	it	it	PRON
fbem-22370	1	69	is	be	AUX
fbem-22370	1	70	of	of	ADP
fbem-22370	1	71	great	great	ADJ
fbem-22370	1	72	practical	practical	ADJ
fbem-22370	1	73	significance	significance	NOUN
fbem-22370	1	74	to	to	PART
fbem-22370	1	75	explore	explore	VERB
fbem-22370	1	76	how	how	SCONJ
fbem-22370	1	77	enterprises	enterprise	NOUN
fbem-22370	1	78	can	can	AUX
fbem-22370	1	79	achieve	achieve	VERB
fbem-22370	1	80	the	the	DET
fbem-22370	1	81	improvement	improvement	NOUN
fbem-22370	1	82	of	of	ADP
fbem-22370	1	83	esg	esg	PROPN
fbem-22370	1	84	performance	performance	NOUN
fbem-22370	1	85	through	through	ADP
fbem-22370	1	86	effective	effective	ADJ
fbem-22370	1	87	digital	digital	ADJ
fbem-22370	1	88	transformation	transformation	NOUN
fbem-22370	1	89	based	base	VERB
fbem-22370	1	90	on	on	ADP
fbem-22370	1	91	the	the	DET
fbem-22370	1	92	perspective	perspective	NOUN
fbem-22370	1	93	of	of	ADP
fbem-22370	1	94	managers	manager	NOUN
fbem-22370	1	95	'	'	PART
fbem-22370	1	96	learning	learning	NOUN
fbem-22370	1	97	theory	theory	NOUN
fbem-22370	1	98	.	.	PUNCT
fbem-22370	2	1	this	this	DET
fbem-22370	2	2	paper	paper	NOUN
fbem-22370	2	3	takes	take	VERB
fbem-22370	2	4	china	china	PROPN
fbem-22370	2	5	's	's	PART
fbem-22370	2	6	a	a	DET
fbem-22370	2	7	-	-	PUNCT
fbem-22370	2	8	share	share	NOUN
fbem-22370	2	9	listed	list	VERB
fbem-22370	2	10	companies	company	NOUN
fbem-22370	2	11	in	in	ADP
fbem-22370	2	12	2009	2009	NUM
fbem-22370	2	13	-	-	SYM
fbem-22370	2	14	2021	2021	NUM
fbem-22370	2	15	as	as	ADP
fbem-22370	2	16	a	a	DET
fbem-22370	2	17	research	research	NOUN
fbem-22370	2	18	sample	sample	NOUN
fbem-22370	2	19	to	to	PART
fbem-22370	2	20	empirically	empirically	ADV
fbem-22370	2	21	test	test	VERB
fbem-22370	2	22	the	the	DET
fbem-22370	2	23	impact	impact	NOUN
fbem-22370	2	24	of	of	ADP
fbem-22370	2	25	digital	digital	ADJ
fbem-22370	2	26	transformation	transformation	NOUN
fbem-22370	2	27	on	on	ADP
fbem-22370	2	28	the	the	DET
fbem-22370	2	29	esg	esg	NOUN
fbem-22370	2	30	performance	performance	NOUN
fbem-22370	2	31	of	of	ADP
fbem-22370	2	32	enterprises	enterprise	NOUN
fbem-22370	2	33	.	.	PUNCT
fbem-22370	3	1	the	the	DET
fbem-22370	3	2	study	study	NOUN
fbem-22370	3	3	found	find	VERB
fbem-22370	3	4	that	that	SCONJ
fbem-22370	3	5	the	the	DET
fbem-22370	3	6	digital	digital	ADJ
fbem-22370	3	7	transformation	transformation	NOUN
fbem-22370	3	8	of	of	ADP
fbem-22370	3	9	enterprises	enterprise	NOUN
fbem-22370	3	10	has	have	AUX
fbem-22370	3	11	significantly	significantly	ADV
fbem-22370	3	12	promoted	promote	VERB
fbem-22370	3	13	the	the	DET
fbem-22370	3	14	fulfillment	fulfillment	NOUN
fbem-22370	3	15	of	of	ADP
fbem-22370	3	16	esg	esg	NOUN
fbem-22370	3	17	responsibilities	responsibility	NOUN
fbem-22370	3	18	.	.	PUNCT
fbem-22370	4	1	the	the	DET
fbem-22370	4	2	results	result	NOUN
fbem-22370	4	3	of	of	ADP
fbem-22370	4	4	the	the	DET
fbem-22370	4	5	mechanism	mechanism	NOUN
fbem-22370	4	6	of	of	ADP
fbem-22370	4	7	action	action	NOUN
fbem-22370	4	8	show	show	VERB
fbem-22370	4	9	that	that	SCONJ
fbem-22370	4	10	the	the	DET
fbem-22370	4	11	digital	digital	ADJ
fbem-22370	4	12	transformation	transformation	NOUN
fbem-22370	4	13	of	of	ADP
fbem-22370	4	14	enterprises	enterprise	NOUN
fbem-22370	4	15	is	be	AUX
fbem-22370	4	16	through	through	ADP
fbem-22370	4	17	improving	improve	VERB
fbem-22370	4	18	the	the	DET
fbem-22370	4	19	management	management	NOUN
fbem-22370	4	20	sense	sense	NOUN
fbem-22370	4	21	perception	perception	NOUN
fbem-22370	4	22	and	and	CCONJ
fbem-22370	4	23	decision	decision	NOUN
fbem-22370	4	24	making	making	NOUN
fbem-22370	4	25	,	,	PUNCT
fbem-22370	4	26	thereby	thereby	ADV
fbem-22370	4	27	improving	improve	VERB
fbem-22370	4	28	esg	esg	NOUN
fbem-22370	4	29	performance	performance	NOUN
fbem-22370	4	30	.	.	PUNCT
fbem-22370	5	1	further	further	ADJ
fbem-22370	5	2	research	research	NOUN
fbem-22370	5	3	based	base	VERB
fbem-22370	5	4	on	on	ADP
fbem-22370	5	5	the	the	DET
fbem-22370	5	6	heterogeneity	heterogeneity	NOUN
fbem-22370	5	7	of	of	ADP
fbem-22370	5	8	management	management	NOUN
fbem-22370	5	9	characteristics	characteristic	NOUN
fbem-22370	5	10	shows	show	VERB
fbem-22370	5	11	that	that	SCONJ
fbem-22370	5	12	the	the	DET
fbem-22370	5	13	shadow	shadow	NOUN
fbem-22370	5	14	of	of	ADP
fbem-22370	5	15	digital	digital	ADJ
fbem-22370	5	16	transformation	transformation	NOUN
fbem-22370	5	17	on	on	ADP
fbem-22370	5	18	the	the	DET
fbem-22370	5	19	esg	esg	NOUN
fbem-22370	5	20	performance	performance	NOUN
fbem-22370	5	21	of	of	ADP
fbem-22370	5	22	enterprises	enterprise	NOUN
fbem-22370	5	23	is	be	AUX
fbem-22370	5	24	more	more	ADV
fbem-22370	5	25	significant	significant	ADJ
fbem-22370	5	26	among	among	ADP
fbem-22370	5	27	male	male	ADJ
fbem-22370	5	28	ceos	ceo	NOUN
fbem-22370	5	29	,	,	PUNCT
fbem-22370	5	30	executives	executive	NOUN
fbem-22370	5	31	without	without	ADP
fbem-22370	5	32	academic	academic	ADJ
fbem-22370	5	33	background	background	NOUN
fbem-22370	5	34	,	,	PUNCT
fbem-22370	5	35	no	no	DET
fbem-22370	5	36	financial	financial	ADJ
fbem-22370	5	37	background	background	NOUN
fbem-22370	5	38	and	and	CCONJ
fbem-22370	5	39	low	low	ADJ
fbem-22370	5	40	management	management	NOUN
fbem-22370	5	41	shareholding	shareholding	NOUN
fbem-22370	5	42	ratio	ratio	NOUN
fbem-22370	5	43	.	.	PUNCT
fbem-22370	6	1	the	the	DET
fbem-22370	6	2	research	research	NOUN
fbem-22370	6	3	not	not	PART
fbem-22370	6	4	only	only	ADV
fbem-22370	6	5	improves	improve	VERB
fbem-22370	6	6	the	the	DET
fbem-22370	6	7	learning	learning	NOUN
fbem-22370	6	8	theory	theory	NOUN
fbem-22370	6	9	of	of	ADP
fbem-22370	6	10	managers	manager	NOUN
fbem-22370	6	11	,	,	PUNCT
fbem-22370	6	12	but	but	CCONJ
fbem-22370	6	13	also	also	ADV
fbem-22370	6	14	provides	provide	VERB
fbem-22370	6	15	empirical	empirical	ADJ
fbem-22370	6	16	evidence	evidence	NOUN
fbem-22370	6	17	for	for	ADP
fbem-22370	6	18	digital	digital	ADJ
fbem-22370	6	19	transformation	transformation	NOUN
fbem-22370	6	20	to	to	PART
fbem-22370	6	21	affect	affect	VERB
fbem-22370	6	22	enterprise	enterprise	NOUN
fbem-22370	6	23	behavior	behavior	NOUN
fbem-22370	6	24	,	,	PUNCT
fbem-22370	6	25	and	and	CCONJ
fbem-22370	6	26	provides	provide	VERB
fbem-22370	6	27	new	new	ADJ
fbem-22370	6	28	ideas	idea	NOUN
fbem-22370	6	29	for	for	ADP
fbem-22370	6	30	encouraging	encourage	VERB
fbem-22370	6	31	and	and	CCONJ
fbem-22370	6	32	guiding	guide	VERB
fbem-22370	6	33	enterprises	enterprise	NOUN
fbem-22370	6	34	to	to	PART
fbem-22370	6	35	fulfill	fulfill	VERB
fbem-22370	6	36	esg	esg	NOUN
fbem-22370	6	37	responsibilities	responsibility	NOUN
fbem-22370	6	38	.	.	PUNCT
fbem-22370	7	1	keywords	keyword	NOUN
fbem-22370	7	2	:	:	PUNCT
fbem-22370	7	3	digital	digital	ADJ
fbem-22370	7	4	transformation	transformation	NOUN
fbem-22370	7	5	,	,	PUNCT
fbem-22370	7	6	esg	esg	NOUN
fbem-22370	7	7	performance	performance	NOUN
fbem-22370	7	8	,	,	PUNCT
fbem-22370	7	9	manager	manager	NOUN
fbem-22370	7	10	learning	learning	NOUN
fbem-22370	7	11	.	.	PUNCT
fbem-22370	8	1	1	1	X
fbem-22370	8	2	.	.	X
fbem-22370	8	3	introduction	introduction	NOUN
fbem-22370	8	4	the	the	DET
fbem-22370	8	5	party	party	NOUN
fbem-22370	8	6	's	's	PART
fbem-22370	8	7	20th	20th	ADJ
fbem-22370	8	8	annual	annual	ADJ
fbem-22370	8	9	report	report	NOUN
fbem-22370	8	10	pointed	point	VERB
fbem-22370	8	11	out	out	ADP
fbem-22370	8	12	that	that	SCONJ
fbem-22370	8	13	we	we	PRON
fbem-22370	8	14	should	should	AUX
fbem-22370	8	15	accelerate	accelerate	VERB
fbem-22370	8	16	the	the	DET
fbem-22370	8	17	construction	construction	NOUN
fbem-22370	8	18	of	of	ADP
fbem-22370	8	19	a	a	DET
fbem-22370	8	20	new	new	ADJ
fbem-22370	8	21	development	development	NOUN
fbem-22370	8	22	pattern	pattern	NOUN
fbem-22370	8	23	and	and	CCONJ
fbem-22370	8	24	focus	focus	VERB
fbem-22370	8	25	on	on	ADP
fbem-22370	8	26	promoting	promote	VERB
fbem-22370	8	27	high	high	ADJ
fbem-22370	8	28	-	-	PUNCT
fbem-22370	8	29	quality	quality	NOUN
fbem-22370	8	30	development	development	NOUN
fbem-22370	8	31	.	.	PUNCT
fbem-22370	9	1	as	as	ADP
fbem-22370	9	2	the	the	DET
fbem-22370	9	3	"	"	PUNCT
fbem-22370	9	4	ballast	ballast	ADJ
fbem-22370	9	5	stone	stone	NOUN
fbem-22370	9	6	"	"	PUNCT
fbem-22370	9	7	of	of	ADP
fbem-22370	9	8	the	the	DET
fbem-22370	9	9	capital	capital	NOUN
fbem-22370	9	10	market	market	NOUN
fbem-22370	9	11	,	,	PUNCT
fbem-22370	9	12	it	it	PRON
fbem-22370	9	13	is	be	AUX
fbem-22370	9	14	crucial	crucial	ADJ
fbem-22370	9	15	to	to	PART
fbem-22370	9	16	promote	promote	VERB
fbem-22370	9	17	their	their	PRON
fbem-22370	9	18	highquality	highquality	NOUN
fbem-22370	9	19	development	development	NOUN
fbem-22370	9	20	to	to	PART
fbem-22370	9	21	further	far	ADV
fbem-22370	9	22	improve	improve	VERB
fbem-22370	9	23	the	the	DET
fbem-22370	9	24	capital	capital	NOUN
fbem-22370	9	25	market	market	NOUN
fbem-22370	9	26	and	and	CCONJ
fbem-22370	9	27	the	the	DET
fbem-22370	9	28	optimization	optimization	NOUN
fbem-22370	9	29	and	and	CCONJ
fbem-22370	9	30	upgrading	upgrading	NOUN
fbem-22370	9	31	of	of	ADP
fbem-22370	9	32	the	the	DET
fbem-22370	9	33	industrial	industrial	ADJ
fbem-22370	9	34	structure	structure	NOUN
fbem-22370	9	35	.	.	PUNCT
fbem-22370	10	1	as	as	ADP
fbem-22370	10	2	a	a	DET
fbem-22370	10	3	comprehensive	comprehensive	ADJ
fbem-22370	10	4	evaluation	evaluation	NOUN
fbem-22370	10	5	index	index	NOUN
fbem-22370	10	6	[	[	X
fbem-22370	10	7	1	1	X
fbem-22370	10	8	]	]	PUNCT
fbem-22370	10	9	on	on	ADP
fbem-22370	10	10	the	the	DET
fbem-22370	10	11	coordinated	coordinated	ADJ
fbem-22370	10	12	development	development	NOUN
fbem-22370	10	13	of	of	ADP
fbem-22370	10	14	environment	environment	NOUN
fbem-22370	10	15	(	(	PUNCT
fbem-22370	10	16	environment	environment	NOUN
fbem-22370	10	17	)	)	PUNCT
fbem-22370	10	18	,	,	PUNCT
fbem-22370	10	19	society	society	NOUN
fbem-22370	10	20	(	(	PUNCT
fbem-22370	10	21	social	social	ADJ
fbem-22370	10	22	)	)	PUNCT
fbem-22370	10	23	and	and	CCONJ
fbem-22370	10	24	governance	governance	NOUN
fbem-22370	10	25	(	(	PUNCT
fbem-22370	10	26	governance	governance	NOUN
fbem-22370	10	27	)	)	PUNCT
fbem-22370	10	28	based	base	VERB
fbem-22370	10	29	on	on	ADP
fbem-22370	10	30	the	the	DET
fbem-22370	10	31	concept	concept	NOUN
fbem-22370	10	32	of	of	ADP
fbem-22370	10	33	sustainable	sustainable	ADJ
fbem-22370	10	34	development	development	NOUN
fbem-22370	10	35	,	,	PUNCT
fbem-22370	10	36	esg	esg	PROPN
fbem-22370	10	37	is	be	AUX
fbem-22370	10	38	an	an	DET
fbem-22370	10	39	important	important	ADJ
fbem-22370	10	40	basis	basis	NOUN
fbem-22370	10	41	for	for	ADP
fbem-22370	10	42	[	[	X
fbem-22370	10	43	2	2	NUM
fbem-22370	10	44	]	]	PUNCT
fbem-22370	10	45	to	to	PART
fbem-22370	10	46	measure	measure	VERB
fbem-22370	10	47	the	the	DET
fbem-22370	10	48	high	high	ADJ
fbem-22370	10	49	-	-	PUNCT
fbem-22370	10	50	quality	quality	NOUN
fbem-22370	10	51	development	development	NOUN
fbem-22370	10	52	of	of	ADP
fbem-22370	10	53	enterprises	enterprise	NOUN
fbem-22370	10	54	.	.	PUNCT
fbem-22370	11	1	esg	esg	NOUN
fbem-22370	11	2	performance	performance	NOUN
fbem-22370	11	3	is	be	AUX
fbem-22370	11	4	particularly	particularly	ADV
fbem-22370	11	5	important	important	ADJ
fbem-22370	11	6	for	for	ADP
fbem-22370	11	7	the	the	DET
fbem-22370	11	8	development	development	NOUN
fbem-22370	11	9	of	of	ADP
fbem-22370	11	10	the	the	DET
fbem-22370	11	11	enterprise	enterprise	NOUN
fbem-22370	11	12	.	.	PUNCT
fbem-22370	12	1	on	on	ADP
fbem-22370	12	2	the	the	DET
fbem-22370	12	3	one	one	NUM
fbem-22370	12	4	hand	hand	NOUN
fbem-22370	12	5	,	,	PUNCT
fbem-22370	12	6	it	it	PRON
fbem-22370	12	7	is	be	AUX
fbem-22370	12	8	conducive	conducive	ADJ
fbem-22370	12	9	to	to	ADP
fbem-22370	12	10	guiding	guide	VERB
fbem-22370	12	11	the	the	DET
fbem-22370	12	12	enterprise	enterprise	NOUN
fbem-22370	12	13	to	to	PART
fbem-22370	12	14	pursue	pursue	VERB
fbem-22370	12	15	and	and	CCONJ
fbem-22370	12	16	practice	practice	VERB
fbem-22370	12	17	the	the	DET
fbem-22370	12	18	development	development	NOUN
fbem-22370	12	19	concept	concept	NOUN
fbem-22370	12	20	of	of	ADP
fbem-22370	12	21	"	"	PUNCT
fbem-22370	12	22	dark	dark	ADJ
fbem-22370	12	23	green	green	NOUN
fbem-22370	12	24	"	"	PUNCT
fbem-22370	12	25	and	and	CCONJ
fbem-22370	12	26	achieve	achieve	VERB
fbem-22370	12	27	long	long	ADJ
fbem-22370	12	28	-	-	PUNCT
fbem-22370	12	29	term	term	NOUN
fbem-22370	12	30	development	development	NOUN
fbem-22370	12	31	;	;	PUNCT
fbem-22370	12	32	on	on	ADP
fbem-22370	12	33	the	the	DET
fbem-22370	12	34	other	other	ADJ
fbem-22370	12	35	hand	hand	NOUN
fbem-22370	12	36	,	,	PUNCT
fbem-22370	12	37	it	it	PRON
fbem-22370	12	38	is	be	AUX
fbem-22370	12	39	conducive	conducive	ADJ
fbem-22370	12	40	to	to	ADP
fbem-22370	12	41	enhancing	enhance	VERB
fbem-22370	12	42	the	the	DET
fbem-22370	12	43	relationship	relationship	NOUN
fbem-22370	12	44	between	between	ADP
fbem-22370	12	45	the	the	DET
fbem-22370	12	46	company	company	NOUN
fbem-22370	12	47	and	and	CCONJ
fbem-22370	12	48	stakeholders	stakeholder	NOUN
fbem-22370	12	49	and	and	CCONJ
fbem-22370	12	50	establishing	establish	VERB
fbem-22370	12	51	a	a	DET
fbem-22370	12	52	good	good	ADJ
fbem-22370	12	53	corporate	corporate	ADJ
fbem-22370	12	54	image	image	NOUN
fbem-22370	12	55	.	.	PUNCT
fbem-22370	13	1	for	for	ADP
fbem-22370	13	2	example	example	NOUN
fbem-22370	13	3	,	,	PUNCT
fbem-22370	13	4	huawei	huawei	PROPN
fbem-22370	13	5	,	,	PUNCT
fbem-22370	13	6	cnpc	cnpc	ADJ
fbem-22370	13	7	and	and	CCONJ
fbem-22370	13	8	other	other	ADJ
fbem-22370	13	9	top	top	ADJ
fbem-22370	13	10	100	100	NUM
fbem-22370	13	11	enterprises	enterprise	NOUN
fbem-22370	13	12	have	have	AUX
fbem-22370	13	13	won	win	VERB
fbem-22370	13	14	the	the	DET
fbem-22370	13	15	"	"	PUNCT
fbem-22370	13	16	face	face	NOUN
fbem-22370	13	17	"	"	PUNCT
fbem-22370	13	18	of	of	ADP
fbem-22370	13	19	good	good	ADJ
fbem-22370	13	20	social	social	ADJ
fbem-22370	13	21	and	and	CCONJ
fbem-22370	13	22	environmental	environmental	ADJ
fbem-22370	13	23	responsibility	responsibility	NOUN
fbem-22370	13	24	and	and	CCONJ
fbem-22370	13	25	the	the	DET
fbem-22370	13	26	"	"	PUNCT
fbem-22370	13	27	inside	inside	NOUN
fbem-22370	13	28	"	"	PUNCT
fbem-22370	13	29	of	of	ADP
fbem-22370	13	30	economic	economic	ADJ
fbem-22370	13	31	value	value	NOUN
fbem-22370	13	32	through	through	ADP
fbem-22370	13	33	the	the	DET
fbem-22370	13	34	disclosure	disclosure	NOUN
fbem-22370	13	35	of	of	ADP
fbem-22370	13	36	sustainable	sustainable	ADJ
fbem-22370	13	37	development	development	NOUN
fbem-22370	13	38	reports	report	NOUN
fbem-22370	13	39	.	.	PUNCT
fbem-22370	14	1	however	however	ADV
fbem-22370	14	2	,	,	PUNCT
fbem-22370	14	3	due	due	ADP
fbem-22370	14	4	to	to	ADP
fbem-22370	14	5	the	the	DET
fbem-22370	14	6	limitations	limitation	NOUN
fbem-22370	14	7	of	of	ADP
fbem-22370	14	8	their	their	PRON
fbem-22370	14	9	own	own	ADJ
fbem-22370	14	10	resources	resource	NOUN
fbem-22370	14	11	or	or	CCONJ
fbem-22370	14	12	external	external	ADJ
fbem-22370	14	13	environment	environment	NOUN
fbem-22370	14	14	,	,	PUNCT
fbem-22370	14	15	enterprises	enterprise	NOUN
fbem-22370	14	16	can	can	AUX
fbem-22370	14	17	not	not	PART
fbem-22370	14	18	take	take	VERB
fbem-22370	14	19	into	into	ADP
fbem-22370	14	20	account	account	NOUN
fbem-22370	14	21	esg	esg	NOUN
fbem-22370	14	22	performance	performance	NOUN
fbem-22370	14	23	while	while	SCONJ
fbem-22370	14	24	seeking	seek	VERB
fbem-22370	14	25	development	development	NOUN
fbem-22370	14	26	.	.	PUNCT
fbem-22370	15	1	therefore	therefore	ADV
fbem-22370	15	2	,	,	PUNCT
fbem-22370	15	3	in	in	ADP
fbem-22370	15	4	the	the	DET
fbem-22370	15	5	context	context	NOUN
fbem-22370	15	6	of	of	ADP
fbem-22370	15	7	high	high	ADJ
fbem-22370	15	8	-	-	PUNCT
fbem-22370	15	9	quality	quality	NOUN
fbem-22370	15	10	development	development	NOUN
fbem-22370	15	11	,	,	PUNCT
fbem-22370	15	12	the	the	DET
fbem-22370	15	13	study	study	NOUN
fbem-22370	15	14	of	of	ADP
fbem-22370	15	15	the	the	DET
fbem-22370	15	16	internal	internal	ADJ
fbem-22370	15	17	driving	drive	VERB
fbem-22370	15	18	factors	factor	NOUN
fbem-22370	15	19	of	of	ADP
fbem-22370	15	20	enterprise	enterprise	NOUN
fbem-22370	15	21	esg	esg	NOUN
fbem-22370	15	22	performance	performance	NOUN
fbem-22370	15	23	has	have	AUX
fbem-22370	15	24	increasingly	increasingly	ADV
fbem-22370	15	25	become	become	VERB
fbem-22370	15	26	the	the	DET
fbem-22370	15	27	focus	focus	NOUN
fbem-22370	15	28	of	of	ADP
fbem-22370	15	29	the	the	DET
fbem-22370	15	30	theoretical	theoretical	ADJ
fbem-22370	15	31	and	and	CCONJ
fbem-22370	15	32	practical	practical	ADJ
fbem-22370	15	33	circles	circle	NOUN
fbem-22370	15	34	.	.	PUNCT
fbem-22370	16	1	in	in	ADP
fbem-22370	16	2	the	the	DET
fbem-22370	16	3	existing	exist	VERB
fbem-22370	16	4	research	research	NOUN
fbem-22370	16	5	,	,	PUNCT
fbem-22370	16	6	some	some	DET
fbem-22370	16	7	scholars	scholar	NOUN
fbem-22370	16	8	on	on	ADP
fbem-22370	16	9	the	the	DET
fbem-22370	16	10	enterprise	enterprise	NOUN
fbem-22370	16	11	digital	digital	ADJ
fbem-22370	16	12	transformation	transformation	NOUN
fbem-22370	16	13	and	and	CCONJ
fbem-22370	16	14	esg	esg	NOUN
fbem-22370	16	15	table	table	NOUN
fbem-22370	16	16	now	now	ADV
fbem-22370	16	17	the	the	DET
fbem-22370	16	18	relationship	relationship	NOUN
fbem-22370	16	19	is	be	AUX
fbem-22370	16	20	discussed	discuss	VERB
fbem-22370	16	21	[	[	PUNCT
fbem-22370	16	22	3	3	NUM
fbem-22370	16	23	-	-	SYM
fbem-22370	16	24	4	4	NUM
fbem-22370	16	25	]	]	PUNCT
fbem-22370	16	26	,	,	PUNCT
fbem-22370	16	27	but	but	CCONJ
fbem-22370	16	28	there	there	PRON
fbem-22370	16	29	is	be	VERB
fbem-22370	16	30	still	still	ADV
fbem-22370	16	31	a	a	DET
fbem-22370	16	32	lack	lack	NOUN
fbem-22370	16	33	of	of	ADP
fbem-22370	16	34	research	research	NOUN
fbem-22370	16	35	from	from	ADP
fbem-22370	16	36	the	the	DET
fbem-22370	16	37	perspective	perspective	NOUN
fbem-22370	16	38	of	of	ADP
fbem-22370	16	39	managers	manager	NOUN
fbem-22370	16	40	investigate	investigate	VERB
fbem-22370	16	41	the	the	DET
fbem-22370	16	42	relationship	relationship	NOUN
fbem-22370	16	43	between	between	ADP
fbem-22370	16	44	enterprise	enterprise	NOUN
fbem-22370	16	45	digital	digital	ADJ
fbem-22370	16	46	transformation	transformation	NOUN
fbem-22370	16	47	and	and	CCONJ
fbem-22370	16	48	esg	esg	NOUN
fbem-22370	16	49	performance	performance	NOUN
fbem-22370	16	50	.	.	PUNCT
fbem-22370	17	1	in	in	ADP
fbem-22370	17	2	fact	fact	NOUN
fbem-22370	17	3	,	,	PUNCT
fbem-22370	17	4	the	the	DET
fbem-22370	17	5	managers	manager	NOUN
fbem-22370	17	6	of	of	ADP
fbem-22370	17	7	the	the	DET
fbem-22370	17	8	no	no	INTJ
fbem-22370	17	9	the	the	DET
fbem-22370	17	10	perspective	perspective	NOUN
fbem-22370	17	11	of	of	ADP
fbem-22370	17	12	learning	learning	NOUN
fbem-22370	17	13	is	be	AUX
fbem-22370	17	14	often	often	ADV
fbem-22370	17	15	ignored	ignore	VERB
fbem-22370	17	16	by	by	ADP
fbem-22370	17	17	most	most	ADJ
fbem-22370	17	18	empirical	empirical	ADJ
fbem-22370	17	19	studies	study	NOUN
fbem-22370	17	20	.	.	PUNCT
fbem-22370	18	1	according	accord	VERB
fbem-22370	18	2	to	to	ADP
fbem-22370	18	3	the	the	DET
fbem-22370	18	4	manager	manager	NOUN
fbem-22370	18	5	xi	xi	PROPN
fbem-22370	18	6	believes	believe	VERB
fbem-22370	18	7	that	that	SCONJ
fbem-22370	18	8	company	company	NOUN
fbem-22370	18	9	managers	manager	NOUN
fbem-22370	18	10	can	can	AUX
fbem-22370	18	11	analyze	analyze	VERB
fbem-22370	18	12	stock	stock	NOUN
fbem-22370	18	13	price	price	NOUN
fbem-22370	18	14	fluctuations	fluctuation	NOUN
fbem-22370	18	15	,	,	PUNCT
fbem-22370	18	16	get	get	VERB
fbem-22370	18	17	it	it	PRON
fbem-22370	18	18	from	from	ADP
fbem-22370	18	19	the	the	DET
fbem-22370	18	20	development	development	NOUN
fbem-22370	18	21	of	of	ADP
fbem-22370	18	22	corporate	corporate	ADJ
fbem-22370	18	23	investment	investment	NOUN
fbem-22370	18	24	decisions	decision	NOUN
fbem-22370	18	25	owned	own	VERB
fbem-22370	18	26	by	by	ADP
fbem-22370	18	27	stock	stock	NOUN
fbem-22370	18	28	traders	trader	NOUN
fbem-22370	18	29	and	and	CCONJ
fbem-22370	18	30	other	other	ADJ
fbem-22370	18	31	relevant	relevant	ADJ
fbem-22370	18	32	private	private	ADJ
fbem-22370	18	33	information	information	NOUN
fbem-22370	18	34	to	to	PART
fbem-22370	18	35	help	help	VERB
fbem-22370	18	36	them	they	PRON
fbem-22370	18	37	make	make	VERB
fbem-22370	18	38	more	more	ADV
fbem-22370	18	39	efficient	efficient	ADJ
fbem-22370	18	40	investment	investment	NOUN
fbem-22370	18	41	decisions	decision	NOUN
fbem-22370	18	42	[	[	X
fbem-22370	18	43	5	5	NUM
fbem-22370	18	44	-	-	SYM
fbem-22370	18	45	6	6	NUM
fbem-22370	18	46	]	]	PUNCT
fbem-22370	18	47	.	.	PUNCT
fbem-22370	19	1	in	in	ADP
fbem-22370	19	2	addition	addition	NOUN
fbem-22370	19	3	,	,	PUNCT
fbem-22370	19	4	zhang	zhang	PROPN
fbem-22370	20	1	[	[	X
fbem-22370	20	2	7	7	NUM
fbem-22370	20	3	]	]	PUNCT
fbem-22370	20	4	further	far	ADV
fbem-22370	20	5	improved	improve	VERB
fbem-22370	20	6	the	the	DET
fbem-22370	20	7	learning	learning	NOUN
fbem-22370	20	8	theory	theory	NOUN
fbem-22370	20	9	of	of	ADP
fbem-22370	20	10	managers	manager	NOUN
fbem-22370	20	11	,	,	PUNCT
fbem-22370	20	12	believing	believe	VERB
fbem-22370	20	13	that	that	SCONJ
fbem-22370	20	14	the	the	DET
fbem-22370	20	15	stock	stock	NOUN
fbem-22370	20	16	price	price	NOUN
fbem-22370	20	17	is	be	AUX
fbem-22370	20	18	an	an	DET
fbem-22370	20	19	indirect	indirect	ADJ
fbem-22370	20	20	aggregation	aggregation	NOUN
fbem-22370	20	21	signal	signal	NOUN
fbem-22370	20	22	and	and	CCONJ
fbem-22370	20	23	may	may	AUX
fbem-22370	20	24	not	not	PART
fbem-22370	20	25	be	be	AUX
fbem-22370	20	26	enough	enough	ADJ
fbem-22370	20	27	for	for	SCONJ
fbem-22370	20	28	managers	manager	NOUN
fbem-22370	20	29	to	to	PART
fbem-22370	20	30	learn	learn	VERB
fbem-22370	20	31	.	.	PUNCT
fbem-22370	21	1	when	when	SCONJ
fbem-22370	21	2	managers	manager	NOUN
fbem-22370	21	3	have	have	VERB
fbem-22370	21	4	high	high	ADJ
fbem-22370	21	5	needs	need	NOUN
fbem-22370	21	6	,	,	PUNCT
fbem-22370	21	7	they	they	PRON
fbem-22370	21	8	seek	seek	VERB
fbem-22370	21	9	more	more	ADV
fbem-22370	21	10	direct	direct	ADJ
fbem-22370	21	11	interactive	interactive	ADJ
fbem-22370	21	12	access	access	NOUN
fbem-22370	21	13	to	to	ADP
fbem-22370	21	14	information	information	NOUN
fbem-22370	21	15	about	about	ADP
fbem-22370	21	16	industry	industry	NOUN
fbem-22370	21	17	trends	trend	NOUN
fbem-22370	21	18	and	and	CCONJ
fbem-22370	21	19	supply	supply	NOUN
fbem-22370	21	20	chain	chain	NOUN
fbem-22370	21	21	dynamics	dynamic	NOUN
fbem-22370	21	22	.	.	PUNCT
fbem-22370	22	1	digital	digital	ADJ
fbem-22370	22	2	transformation	transformation	NOUN
fbem-22370	22	3	has	have	AUX
fbem-22370	22	4	been	be	AUX
fbem-22370	22	5	improved	improve	VERB
fbem-22370	22	6	with	with	ADP
fbem-22370	22	7	the	the	DET
fbem-22370	22	8	efficiency	efficiency	NOUN
fbem-22370	22	9	of	of	ADP
fbem-22370	22	10	analyzing	analyze	VERB
fbem-22370	22	11	,	,	PUNCT
fbem-22370	22	12	collecting	collect	VERB
fbem-22370	22	13	and	and	CCONJ
fbem-22370	22	14	processing	processing	NOUN
fbem-22370	22	15	information	information	NOUN
fbem-22370	22	16	,	,	PUNCT
fbem-22370	22	17	managers	manager	NOUN
fbem-22370	22	18	can	can	AUX
fbem-22370	22	19	learn	learn	VERB
fbem-22370	22	20	indirectly	indirectly	ADV
fbem-22370	22	21	from	from	ADP
fbem-22370	22	22	the	the	DET
fbem-22370	22	23	share	share	NOUN
fbem-22370	22	24	price	price	NOUN
fbem-22370	22	25	and	and	CCONJ
fbem-22370	22	26	communicate	communicate	VERB
fbem-22370	22	27	directly	directly	ADV
fbem-22370	22	28	with	with	ADP
fbem-22370	22	29	investors	investor	NOUN
fbem-22370	22	30	.	.	PUNCT
fbem-22370	23	1	digital	digital	ADJ
fbem-22370	23	2	transformation	transformation	NOUN
fbem-22370	23	3	can	can	AUX
fbem-22370	23	4	play	play	VERB
fbem-22370	23	5	a	a	DET
fbem-22370	23	6	role	role	NOUN
fbem-22370	23	7	in	in	ADP
fbem-22370	23	8	helping	help	VERB
fbem-22370	23	9	managers	manager	NOUN
fbem-22370	23	10	learn	learn	VERB
fbem-22370	23	11	,	,	PUNCT
fbem-22370	23	12	but	but	CCONJ
fbem-22370	23	13	this	this	DET
fbem-22370	23	14	role	role	NOUN
fbem-22370	23	15	in	in	ADP
fbem-22370	23	16	promoting	promote	VERB
fbem-22370	23	17	managers	manager	NOUN
fbem-22370	23	18	'	'	PART
fbem-22370	23	19	learning	learning	NOUN
fbem-22370	23	20	is	be	AUX
fbem-22370	23	21	often	often	ADV
fbem-22370	23	22	ignored	ignore	VERB
fbem-22370	23	23	or	or	CCONJ
fbem-22370	23	24	seriously	seriously	ADV
fbem-22370	23	25	underestimated	underestimate	VERB
fbem-22370	23	26	by	by	ADP
fbem-22370	23	27	the	the	DET
fbem-22370	23	28	previous	previous	ADJ
fbem-22370	23	29	research	research	NOUN
fbem-22370	23	30	on	on	ADP
fbem-22370	23	31	the	the	DET
fbem-22370	23	32	advantages	advantage	NOUN
fbem-22370	23	33	of	of	ADP
fbem-22370	23	34	digital	digital	ADJ
fbem-22370	23	35	transformation	transformation	NOUN
fbem-22370	23	36	.	.	PUNCT
fbem-22370	24	1	on	on	ADP
fbem-22370	24	2	the	the	DET
fbem-22370	24	3	one	one	NUM
fbem-22370	24	4	hand	hand	NOUN
fbem-22370	24	5	,	,	PUNCT
fbem-22370	24	6	digital	digital	ADJ
fbem-22370	24	7	transformation	transformation	NOUN
fbem-22370	24	8	can	can	AUX
fbem-22370	24	9	help	help	VERB
fbem-22370	24	10	managers	manager	NOUN
fbem-22370	24	11	to	to	PART
fbem-22370	24	12	improve	improve	VERB
fbem-22370	24	13	the	the	DET
fbem-22370	24	14	ability	ability	NOUN
fbem-22370	24	15	of	of	ADP
fbem-22370	24	16	information	information	NOUN
fbem-22370	24	17	collection	collection	NOUN
fbem-22370	24	18	and	and	CCONJ
fbem-22370	24	19	analysis	analysis	NOUN
fbem-22370	24	20	,	,	PUNCT
fbem-22370	24	21	pay	pay	VERB
fbem-22370	24	22	attention	attention	NOUN
fbem-22370	24	23	to	to	ADP
fbem-22370	24	24	the	the	DET
fbem-22370	24	25	demands	demand	NOUN
fbem-22370	24	26	of	of	ADP
fbem-22370	24	27	stakeholders	stakeholder	NOUN
fbem-22370	24	28	,	,	PUNCT
fbem-22370	24	29	and	and	CCONJ
fbem-22370	24	30	improve	improve	VERB
fbem-22370	24	31	the	the	DET
fbem-22370	24	32	core	core	NOUN
fbem-22370	24	33	competitiveness	competitiveness	NOUN
fbem-22370	24	34	and	and	CCONJ
fbem-22370	24	35	sustainable	sustainable	ADJ
fbem-22370	24	36	development	development	NOUN
fbem-22370	24	37	of	of	ADP
fbem-22370	24	38	the	the	DET
fbem-22370	24	39	company	company	NOUN
fbem-22370	24	40	;	;	PUNCT
fbem-22370	24	41	on	on	ADP
fbem-22370	24	42	the	the	DET
fbem-22370	24	43	other	other	ADJ
fbem-22370	24	44	hand	hand	NOUN
fbem-22370	24	45	,	,	PUNCT
fbem-22370	24	46	digital	digital	ADJ
fbem-22370	24	47	transformation	transformation	NOUN
fbem-22370	24	48	can	can	AUX
fbem-22370	24	49	help	help	VERB
fbem-22370	24	50	the	the	DET
fbem-22370	24	51	managers	manager	NOUN
fbem-22370	24	52	to	to	PART
fbem-22370	24	53	make	make	VERB
fbem-22370	24	54	better	well	ADJ
fbem-22370	24	55	decisions	decision	NOUN
fbem-22370	24	56	by	by	ADP
fbem-22370	24	57	improving	improve	VERB
fbem-22370	24	58	the	the	DET
fbem-22370	24	59	stock	stock	NOUN
fbem-22370	24	60	information	information	NOUN
fbem-22370	24	61	and	and	CCONJ
fbem-22370	24	62	communicating	communicate	VERB
fbem-22370	24	63	with	with	ADP
fbem-22370	24	64	investors	investor	NOUN
fbem-22370	24	65	,	,	PUNCT
fbem-22370	24	66	thus	thus	ADV
fbem-22370	24	67	affecting	affect	VERB
fbem-22370	24	68	the	the	DET
fbem-22370	24	69	esg	esg	NOUN
fbem-22370	24	70	decision	decision	NOUN
fbem-22370	24	71	.	.	PUNCT
fbem-22370	25	1	therefore	therefore	ADV
fbem-22370	25	2	,	,	PUNCT
fbem-22370	25	3	it	it	PRON
fbem-22370	25	4	is	be	AUX
fbem-22370	25	5	necessary	necessary	ADJ
fbem-22370	25	6	to	to	PART
fbem-22370	25	7	study	study	VERB
fbem-22370	25	8	how	how	SCONJ
fbem-22370	25	9	digital	digital	ADJ
fbem-22370	25	10	transformation	transformation	NOUN
fbem-22370	25	11	can	can	AUX
fbem-22370	25	12	help	help	VERB
fbem-22370	25	13	listed	list	VERB
fbem-22370	25	14	companies	company	NOUN
fbem-22370	25	15	practice	practice	VERB
fbem-22370	25	16	the	the	DET
fbem-22370	25	17	esg	esg	NOUN
fbem-22370	25	18	concept	concept	NOUN
fbem-22370	25	19	from	from	ADP
fbem-22370	25	20	the	the	DET
fbem-22370	25	21	perspective	perspective	NOUN
fbem-22370	25	22	of	of	ADP
fbem-22370	25	23	managers	manager	NOUN
fbem-22370	25	24	.	.	PUNCT
fbem-22370	26	1	in	in	ADP
fbem-22370	26	2	this	this	DET
fbem-22370	26	3	paper	paper	NOUN
fbem-22370	26	4	,	,	PUNCT
fbem-22370	26	5	the	the	DET
fbem-22370	26	6	companies	company	NOUN
fbem-22370	26	7	listed	list	VERB
fbem-22370	26	8	in	in	ADP
fbem-22370	26	9	a	a	DET
fbem-22370	26	10	-	-	PUNCT
fbem-22370	26	11	shares	share	NOUN
fbem-22370	26	12	from	from	ADP
fbem-22370	26	13	2009	2009	NUM
fbem-22370	26	14	to	to	ADP
fbem-22370	26	15	2021	2021	NUM
fbem-22370	26	16	are	be	AUX
fbem-22370	26	17	selected	select	VERB
fbem-22370	26	18	the	the	DET
fbem-22370	26	19	research	research	NOUN
fbem-22370	26	20	object	object	NOUN
fbem-22370	26	21	,	,	PUNCT
fbem-22370	26	22	based	base	VERB
fbem-22370	26	23	on	on	ADP
fbem-22370	26	24	the	the	DET
fbem-22370	26	25	perspective	perspective	NOUN
fbem-22370	26	26	of	of	ADP
fbem-22370	26	27	managers	manager	NOUN
fbem-22370	26	28	'	'	PART
fbem-22370	26	29	learning	learning	NOUN
fbem-22370	26	30	theory	theory	NOUN
fbem-22370	26	31	,	,	PUNCT
fbem-22370	26	32	empirically	empirically	ADV
fbem-22370	26	33	examines	examine	VERB
fbem-22370	26	34	the	the	DET
fbem-22370	26	35	digitalization	digitalization	NOUN
fbem-22370	26	36	the	the	DET
fbem-22370	26	37	impact	impact	NOUN
fbem-22370	26	38	of	of	ADP
fbem-22370	26	39	transformation	transformation	NOUN
fbem-22370	26	40	on	on	ADP
fbem-22370	26	41	esg	esg	PROPN
fbem-22370	26	42	performance	performance	NOUN
fbem-22370	26	43	can	can	AUX
fbem-22370	26	44	help	help	VERB
fbem-22370	26	45	companies	company	NOUN
fbem-22370	26	46	understand	understand	VERB
fbem-22370	26	47	digital	digital	ADJ
fbem-22370	26	48	transformation	transformation	NOUN
fbem-22370	26	49	and	and	CCONJ
fbem-22370	26	50	to	to	PART
fbem-22370	26	51	promote	promote	VERB
fbem-22370	26	52	the	the	DET
fbem-22370	26	53	management	management	NOUN
fbem-22370	26	54	of	of	ADP
fbem-22370	26	55	enterprise	enterprise	NOUN
fbem-22370	26	56	esg	esg	NOUN
fbem-22370	26	57	by	by	ADP
fbem-22370	26	58	managers	manager	NOUN
fbem-22370	26	59	in	in	ADP
fbem-22370	26	60	reality	reality	NOUN
fbem-22370	26	61	.	.	PUNCT
fbem-22370	27	1	the	the	DET
fbem-22370	27	2	study	study	NOUN
fbem-22370	27	3	of	of	ADP
fbem-22370	27	4	this	this	DET
fbem-22370	27	5	paper	paper	NOUN
fbem-22370	27	6	contribution	contribution	NOUN
fbem-22370	27	7	:	:	PUNCT
fbem-22370	27	8	(	(	PUNCT
fbem-22370	27	9	1	1	X
fbem-22370	27	10	)	)	PUNCT
fbem-22370	27	11	studied	study	VERB
fbem-22370	27	12	the	the	DET
fbem-22370	27	13	correlation	correlation	NOUN
fbem-22370	27	14	between	between	ADP
fbem-22370	27	15	enterprise	enterprise	NOUN
fbem-22370	27	16	digital	digital	ADJ
fbem-22370	27	17	transformation	transformation	NOUN
fbem-22370	27	18	and	and	CCONJ
fbem-22370	27	19	esg	esg	NOUN
fbem-22370	27	20	,	,	PUNCT
fbem-22370	27	21	and	and	CCONJ
fbem-22370	27	22	enriched	enrich	VERB
fbem-22370	27	23	the	the	DET
fbem-22370	27	24	theoretical	theoretical	ADJ
fbem-22370	27	25	research	research	NOUN
fbem-22370	27	26	related	relate	VERB
fbem-22370	27	27	to	to	ADP
fbem-22370	27	28	esg	esg	NOUN
fbem-22370	27	29	investment	investment	NOUN
fbem-22370	27	30	motivation	motivation	NOUN
fbem-22370	27	31	.	.	PUNCT
fbem-22370	28	1	(	(	PUNCT
fbem-22370	28	2	2	2	X
fbem-22370	28	3	)	)	PUNCT
fbem-22370	28	4	enriched	enrich	VERB
fbem-22370	28	5	379	379	NUM
fbem-22370	28	6	the	the	DET
fbem-22370	28	7	theoretical	theoretical	ADJ
fbem-22370	28	8	research	research	NOUN
fbem-22370	28	9	of	of	ADP
fbem-22370	28	10	the	the	DET
fbem-22370	28	11	digital	digital	ADJ
fbem-22370	28	12	transformation	transformation	NOUN
fbem-22370	28	13	of	of	ADP
fbem-22370	28	14	enterprises	enterprise	NOUN
fbem-22370	28	15	.	.	PUNCT
fbem-22370	29	1	the	the	DET
fbem-22370	29	2	influence	influence	NOUN
fbem-22370	29	3	of	of	ADP
fbem-22370	29	4	the	the	DET
fbem-22370	29	5	digital	digital	ADJ
fbem-22370	29	6	transformation	transformation	NOUN
fbem-22370	29	7	of	of	ADP
fbem-22370	29	8	enterprises	enterprise	NOUN
fbem-22370	29	9	on	on	ADP
fbem-22370	29	10	esg	esg	NOUN
fbem-22370	29	11	investment	investment	NOUN
fbem-22370	29	12	decisions	decision	NOUN
fbem-22370	29	13	is	be	AUX
fbem-22370	29	14	studied	study	VERB
fbem-22370	29	15	,	,	PUNCT
fbem-22370	29	16	and	and	CCONJ
fbem-22370	29	17	the	the	DET
fbem-22370	29	18	deep	deep	ADJ
fbem-22370	29	19	mechanism	mechanism	NOUN
fbem-22370	29	20	of	of	ADP
fbem-22370	29	21	this	this	DET
fbem-22370	29	22	impact	impact	NOUN
fbem-22370	29	23	based	base	VERB
fbem-22370	29	24	on	on	ADP
fbem-22370	29	25	the	the	DET
fbem-22370	29	26	characteristics	characteristic	NOUN
fbem-22370	29	27	of	of	ADP
fbem-22370	29	28	managers	manager	NOUN
fbem-22370	29	29	are	be	AUX
fbem-22370	29	30	further	far	ADV
fbem-22370	29	31	explored	explore	VERB
fbem-22370	29	32	and	and	CCONJ
fbem-22370	29	33	confirmed	confirm	VERB
fbem-22370	29	34	,	,	PUNCT
fbem-22370	29	35	which	which	PRON
fbem-22370	29	36	is	be	AUX
fbem-22370	29	37	helpful	helpful	ADJ
fbem-22370	29	38	to	to	PART
fbem-22370	29	39	deepen	deepen	VERB
fbem-22370	29	40	the	the	DET
fbem-22370	29	41	understanding	understanding	NOUN
fbem-22370	29	42	and	and	CCONJ
fbem-22370	29	43	understanding	understanding	NOUN
fbem-22370	29	44	of	of	ADP
fbem-22370	29	45	the	the	DET
fbem-22370	29	46	public	public	NOUN
fbem-22370	29	47	and	and	CCONJ
fbem-22370	29	48	the	the	DET
fbem-22370	29	49	government	government	NOUN
fbem-22370	29	50	on	on	ADP
fbem-22370	29	51	the	the	DET
fbem-22370	29	52	digital	digital	ADJ
fbem-22370	29	53	transformation	transformation	NOUN
fbem-22370	29	54	behavior	behavior	NOUN
fbem-22370	29	55	of	of	ADP
fbem-22370	29	56	enterprises	enterprise	NOUN
fbem-22370	29	57	.	.	PUNCT
fbem-22370	30	1	(	(	PUNCT
fbem-22370	30	2	3	3	X
fbem-22370	30	3	)	)	PUNCT
fbem-22370	30	4	rich	rich	ADJ
fbem-22370	30	5	research	research	NOUN
fbem-22370	30	6	on	on	ADP
fbem-22370	30	7	the	the	DET
fbem-22370	30	8	impact	impact	NOUN
fbem-22370	30	9	of	of	ADP
fbem-22370	30	10	managers	manager	NOUN
fbem-22370	30	11	learning	learn	VERB
fbem-22370	30	12	on	on	ADP
fbem-22370	30	13	corporate	corporate	ADJ
fbem-22370	30	14	behavior	behavior	NOUN
fbem-22370	30	15	.	.	PUNCT
fbem-22370	31	1	will	will	AUX
fbem-22370	31	2	managers	manager	NOUN
fbem-22370	31	3	learn	learn	VERB
fbem-22370	31	4	and	and	CCONJ
fbem-22370	31	5	enterprise	enterprise	NOUN
fbem-22370	31	6	industry	industry	NOUN
fbem-22370	31	7	digital	digital	ADJ
fbem-22370	31	8	transformation	transformation	NOUN
fbem-22370	31	9	and	and	CCONJ
fbem-22370	31	10	esg	esg	NOUN
fbem-22370	31	11	performance	performance	NOUN
fbem-22370	31	12	are	be	AUX
fbem-22370	31	13	simultaneously	simultaneously	ADV
fbem-22370	31	14	put	put	VERB
fbem-22370	31	15	into	into	ADP
fbem-22370	31	16	the	the	DET
fbem-22370	31	17	same	same	ADJ
fbem-22370	31	18	research	research	NOUN
fbem-22370	31	19	framework	framework	NOUN
fbem-22370	31	20	this	this	DET
fbem-22370	31	21	paper	paper	NOUN
fbem-22370	31	22	discusses	discuss	VERB
fbem-22370	31	23	the	the	DET
fbem-22370	31	24	relationship	relationship	NOUN
fbem-22370	31	25	between	between	ADP
fbem-22370	31	26	digital	digital	ADJ
fbem-22370	31	27	transformation	transformation	NOUN
fbem-22370	31	28	and	and	CCONJ
fbem-22370	31	29	esg	esg	NOUN
fbem-22370	31	30	the	the	DET
fbem-22370	31	31	influence	influence	NOUN
fbem-22370	31	32	of	of	ADP
fbem-22370	31	33	the	the	DET
fbem-22370	31	34	department	department	NOUN
fbem-22370	31	35	is	be	AUX
fbem-22370	31	36	also	also	ADV
fbem-22370	31	37	on	on	ADP
fbem-22370	31	38	the	the	DET
fbem-22370	31	39	relationship	relationship	NOUN
fbem-22370	31	40	between	between	ADP
fbem-22370	31	41	the	the	DET
fbem-22370	31	42	previous	previous	ADJ
fbem-22370	31	43	digital	digital	ADJ
fbem-22370	31	44	transformation	transformation	NOUN
fbem-22370	31	45	and	and	CCONJ
fbem-22370	31	46	esg	esg	NOUN
fbem-22370	31	47	a	a	DET
fbem-22370	31	48	supplement	supplement	NOUN
fbem-22370	31	49	to	to	ADP
fbem-22370	31	50	the	the	DET
fbem-22370	31	51	theoretical	theoretical	ADJ
fbem-22370	31	52	study	study	NOUN
fbem-22370	31	53	.	.	PUNCT
fbem-22370	32	1	2	2	X
fbem-22370	32	2	.	.	X
fbem-22370	32	3	theoretical	theoretical	ADJ
fbem-22370	32	4	analysis	analysis	NOUN
fbem-22370	32	5	and	and	CCONJ
fbem-22370	32	6	research	research	NOUN
fbem-22370	32	7	hypothesis	hypothesis	NOUN
fbem-22370	32	8	esg	esg	NOUN
fbem-22370	32	9	is	be	AUX
fbem-22370	32	10	a	a	DET
fbem-22370	32	11	more	more	ADV
fbem-22370	32	12	comprehensive	comprehensive	ADJ
fbem-22370	32	13	,	,	PUNCT
fbem-22370	32	14	sustainable	sustainable	ADJ
fbem-22370	32	15	and	and	CCONJ
fbem-22370	32	16	coordinated	coordinated	ADJ
fbem-22370	32	17	development	development	NOUN
fbem-22370	32	18	concept	concept	NOUN
fbem-22370	32	19	[	[	X
fbem-22370	32	20	8	8	NUM
fbem-22370	32	21	]	]	PUNCT
fbem-22370	32	22	,	,	PUNCT
fbem-22370	32	23	it	it	PRON
fbem-22370	32	24	refers	refer	VERB
fbem-22370	32	25	to	to	ADP
fbem-22370	32	26	the	the	DET
fbem-22370	32	27	comprehensive	comprehensive	ADJ
fbem-22370	32	28	integration	integration	NOUN
fbem-22370	32	29	of	of	ADP
fbem-22370	32	30	environmental	environmental	ADJ
fbem-22370	32	31	,	,	PUNCT
fbem-22370	32	32	social	social	ADJ
fbem-22370	32	33	and	and	CCONJ
fbem-22370	32	34	corporate	corporate	ADJ
fbem-22370	32	35	governance	governance	NOUN
fbem-22370	32	36	issues	issue	NOUN
fbem-22370	32	37	between	between	ADP
fbem-22370	32	38	companies	company	NOUN
fbem-22370	32	39	and	and	CCONJ
fbem-22370	32	40	investors	investor	NOUN
fbem-22370	32	41	entering	enter	VERB
fbem-22370	32	42	its	its	PRON
fbem-22370	32	43	business	business	NOUN
fbem-22370	32	44	model	model	NOUN
fbem-22370	32	45	represents	represent	VERB
fbem-22370	32	46	the	the	DET
fbem-22370	32	47	comprehensive	comprehensive	ADJ
fbem-22370	32	48	performance	performance	NOUN
fbem-22370	32	49	of	of	ADP
fbem-22370	32	50	the	the	DET
fbem-22370	32	51	enterprise	enterprise	NOUN
fbem-22370	32	52	in	in	ADP
fbem-22370	32	53	the	the	DET
fbem-22370	32	54	market	market	NOUN
fbem-22370	32	55	.	.	PUNCT
fbem-22370	33	1	currently	currently	ADV
fbem-22370	33	2	,	,	PUNCT
fbem-22370	33	3	the	the	DET
fbem-22370	33	4	company	company	NOUN
fbem-22370	33	5	’s	’s	PART
fbem-22370	33	6	esg	esg	PROPN
fbem-22370	33	7	's	's	PART
fbem-22370	33	8	practice	practice	NOUN
fbem-22370	33	9	has	have	VERB
fbem-22370	33	10	some	some	DET
fbem-22370	33	11	negative	negative	ADJ
fbem-22370	33	12	externalities	externality	NOUN
fbem-22370	33	13	,	,	PUNCT
fbem-22370	33	14	but	but	CCONJ
fbem-22370	33	15	also	also	ADV
fbem-22370	33	16	faces	face	VERB
fbem-22370	33	17	the	the	DET
fbem-22370	33	18	problem	problem	NOUN
fbem-22370	33	19	of	of	ADP
fbem-22370	33	20	insufficient	insufficient	ADJ
fbem-22370	33	21	investment	investment	NOUN
fbem-22370	33	22	.	.	PUNCT
fbem-22370	34	1	firstly	firstly	ADV
fbem-22370	34	2	,	,	PUNCT
fbem-22370	34	3	due	due	ADP
fbem-22370	34	4	to	to	ADP
fbem-22370	34	5	the	the	DET
fbem-22370	34	6	practice	practice	NOUN
fbem-22370	34	7	of	of	ADP
fbem-22370	34	8	esg	esg	PROPN
fbem-22370	34	9	,	,	PUNCT
fbem-22370	34	10	the	the	DET
fbem-22370	34	11	lack	lack	NOUN
fbem-22370	34	12	of	of	ADP
fbem-22370	34	13	performance	performance	NOUN
fbem-22370	34	14	of	of	ADP
fbem-22370	34	15	esg	esg	PROPN
fbem-22370	34	16	and	and	CCONJ
fbem-22370	34	17	the	the	DET
fbem-22370	34	18	cost	cost	NOUN
fbem-22370	34	19	of	of	ADP
fbem-22370	34	20	esg	esg	NOUN
fbem-22370	34	21	;	;	PUNCT
fbem-22370	34	22	second	second	ADJ
fbem-22370	34	23	,	,	PUNCT
fbem-22370	34	24	the	the	DET
fbem-22370	34	25	investment	investment	NOUN
fbem-22370	34	26	in	in	ADP
fbem-22370	34	27	environmental	environmental	ADJ
fbem-22370	34	28	protection	protection	NOUN
fbem-22370	34	29	and	and	CCONJ
fbem-22370	34	30	social	social	ADJ
fbem-22370	34	31	projects	project	NOUN
fbem-22370	34	32	will	will	AUX
fbem-22370	34	33	occupy	occupy	VERB
fbem-22370	34	34	the	the	DET
fbem-22370	34	35	company	company	NOUN
fbem-22370	34	36	's	's	PART
fbem-22370	34	37	capital	capital	NOUN
fbem-22370	34	38	,	,	PUNCT
fbem-22370	34	39	increase	increase	VERB
fbem-22370	34	40	the	the	DET
fbem-22370	34	41	excess	excess	ADJ
fbem-22370	34	42	expenditure	expenditure	NOUN
fbem-22370	34	43	,	,	PUNCT
fbem-22370	34	44	increase	increase	VERB
fbem-22370	34	45	the	the	DET
fbem-22370	34	46	"	"	PUNCT
fbem-22370	34	47	negative	negative	ADJ
fbem-22370	34	48	effect	effect	NOUN
fbem-22370	34	49	"	"	PUNCT
fbem-22370	34	50	to	to	ADP
fbem-22370	34	51	the	the	DET
fbem-22370	34	52	company	company	NOUN
fbem-22370	34	53	,	,	PUNCT
fbem-22370	34	54	and	and	CCONJ
fbem-22370	34	55	thus	thus	ADV
fbem-22370	34	56	reduce	reduce	VERB
fbem-22370	34	57	the	the	DET
fbem-22370	34	58	strength	strength	NOUN
fbem-22370	34	59	of	of	ADP
fbem-22370	34	60	the	the	DET
fbem-22370	34	61	company	company	NOUN
fbem-22370	34	62	and	and	CCONJ
fbem-22370	34	63	damage	damage	VERB
fbem-22370	34	64	the	the	DET
fbem-22370	34	65	company	company	NOUN
fbem-22370	34	66	's	's	PART
fbem-22370	34	67	rights	right	NOUN
fbem-22370	34	68	[	[	X
fbem-22370	34	69	2	2	NUM
fbem-22370	34	70	]	]	PUNCT
fbem-22370	34	71	.	.	PUNCT
fbem-22370	35	1	2.1	2.1	NUM
fbem-22370	35	2	.	.	PUNCT
fbem-22370	36	1	enterprise	enterprise	NOUN
fbem-22370	36	2	digital	digital	ADJ
fbem-22370	36	3	transformation	transformation	NOUN
fbem-22370	36	4	and	and	CCONJ
fbem-22370	36	5	esg	esg	NOUN
fbem-22370	36	6	performance	performance	NOUN
fbem-22370	36	7	first	first	ADV
fbem-22370	36	8	,	,	PUNCT
fbem-22370	36	9	managers	manager	NOUN
fbem-22370	36	10	learn	learn	VERB
fbem-22370	36	11	theories	theory	NOUN
fbem-22370	36	12	that	that	SCONJ
fbem-22370	36	13	the	the	DET
fbem-22370	36	14	stock	stock	NOUN
fbem-22370	36	15	market	market	NOUN
fbem-22370	36	16	can	can	AUX
fbem-22370	36	17	deliver	deliver	VERB
fbem-22370	36	18	effective	effective	ADJ
fbem-22370	36	19	information	information	NOUN
fbem-22370	36	20	that	that	PRON
fbem-22370	36	21	affects	affect	VERB
fbem-22370	36	22	corporate	corporate	ADJ
fbem-22370	36	23	decisions	decision	NOUN
fbem-22370	36	24	.	.	PUNCT
fbem-22370	37	1	on	on	ADP
fbem-22370	37	2	the	the	DET
fbem-22370	37	3	one	one	NUM
fbem-22370	37	4	hand	hand	NOUN
fbem-22370	37	5	,	,	PUNCT
fbem-22370	37	6	digital	digital	ADJ
fbem-22370	37	7	transformation	transformation	NOUN
fbem-22370	37	8	is	be	AUX
fbem-22370	37	9	believed	believe	VERB
fbem-22370	37	10	to	to	PART
fbem-22370	37	11	effectively	effectively	ADV
fbem-22370	37	12	increase	increase	VERB
fbem-22370	37	13	the	the	DET
fbem-22370	37	14	amount	amount	NOUN
fbem-22370	37	15	of	of	ADP
fbem-22370	37	16	stock	stock	NOUN
fbem-22370	37	17	information	information	NOUN
fbem-22370	37	18	by	by	ADP
fbem-22370	37	19	[	[	X
fbem-22370	37	20	9	9	NUM
fbem-22370	37	21	]	]	PUNCT
fbem-22370	37	22	.	.	PUNCT
fbem-22370	38	1	enterprises	enterprise	NOUN
fbem-22370	38	2	undergoing	undergo	VERB
fbem-22370	38	3	digital	digital	ADJ
fbem-22370	38	4	transformation	transformation	NOUN
fbem-22370	38	5	are	be	AUX
fbem-22370	38	6	often	often	ADV
fbem-22370	38	7	more	more	ADV
fbem-22370	38	8	likely	likely	ADJ
fbem-22370	38	9	to	to	PART
fbem-22370	38	10	improve	improve	VERB
fbem-22370	38	11	their	their	PRON
fbem-22370	38	12	own	own	ADJ
fbem-22370	38	13	information	information	NOUN
fbem-22370	38	14	transmission	transmission	NOUN
fbem-22370	38	15	efficiency	efficiency	NOUN
fbem-22370	38	16	and	and	CCONJ
fbem-22370	38	17	innovation	innovation	NOUN
fbem-22370	38	18	potential	potential	NOUN
fbem-22370	38	19	,	,	PUNCT
fbem-22370	38	20	and	and	CCONJ
fbem-22370	38	21	effectively	effectively	ADV
fbem-22370	38	22	optimize	optimize	VERB
fbem-22370	38	23	their	their	PRON
fbem-22370	38	24	own	own	ADJ
fbem-22370	38	25	organizational	organizational	ADJ
fbem-22370	38	26	structure	structure	NOUN
fbem-22370	38	27	[	[	X
fbem-22370	38	28	10	10	NUM
fbem-22370	38	29	]	]	PUNCT
fbem-22370	38	30	,	,	PUNCT
fbem-22370	38	31	and	and	CCONJ
fbem-22370	38	32	the	the	DET
fbem-22370	38	33	rising	rise	VERB
fbem-22370	38	34	intrinsic	intrinsic	ADJ
fbem-22370	38	35	value	value	NOUN
fbem-22370	38	36	of	of	ADP
fbem-22370	38	37	enterprises	enterprise	NOUN
fbem-22370	38	38	will	will	AUX
fbem-22370	38	39	boost	boost	VERB
fbem-22370	38	40	the	the	DET
fbem-22370	38	41	increase	increase	NOUN
fbem-22370	38	42	of	of	ADP
fbem-22370	38	43	stock	stock	NOUN
fbem-22370	38	44	trading	trading	NOUN
fbem-22370	38	45	volume	volume	NOUN
fbem-22370	38	46	;	;	PUNCT
fbem-22370	38	47	stock	stock	NOUN
fbem-22370	38	48	price	price	NOUN
fbem-22370	38	49	information	information	NOUN
fbem-22370	38	50	can	can	AUX
fbem-22370	38	51	effectively	effectively	ADV
fbem-22370	38	52	help	help	VERB
fbem-22370	38	53	companies	company	NOUN
fbem-22370	38	54	to	to	PART
fbem-22370	38	55	allocate	allocate	VERB
fbem-22370	38	56	resources	resource	NOUN
fbem-22370	38	57	[	[	X
fbem-22370	38	58	11	11	NUM
fbem-22370	38	59	]	]	PUNCT
fbem-22370	38	60	,	,	PUNCT
fbem-22370	38	61	high	high	ADJ
fbem-22370	38	62	liquidity	liquidity	NOUN
fbem-22370	38	63	can	can	AUX
fbem-22370	38	64	bring	bring	VERB
fbem-22370	38	65	richer	rich	ADJ
fbem-22370	38	66	enterprise	enterprise	NOUN
fbem-22370	38	67	quality	quality	NOUN
fbem-22370	38	68	information	information	NOUN
fbem-22370	38	69	,	,	PUNCT
fbem-22370	38	70	managers	manager	NOUN
fbem-22370	38	71	can	can	AUX
fbem-22370	38	72	more	more	ADV
fbem-22370	38	73	quickly	quickly	ADV
fbem-22370	38	74	obtain	obtain	VERB
fbem-22370	38	75	information	information	NOUN
fbem-22370	38	76	from	from	ADP
fbem-22370	38	77	market	market	NOUN
fbem-22370	38	78	reaction	reaction	NOUN
fbem-22370	38	79	and	and	CCONJ
fbem-22370	38	80	adjust	adjust	VERB
fbem-22370	38	81	their	their	PRON
fbem-22370	38	82	behavior	behavior	NOUN
fbem-22370	38	83	,	,	PUNCT
fbem-22370	38	84	which	which	PRON
fbem-22370	38	85	helps	help	VERB
fbem-22370	38	86	managers	manager	NOUN
fbem-22370	38	87	to	to	PART
fbem-22370	38	88	carry	carry	VERB
fbem-22370	38	89	out	out	ADP
fbem-22370	38	90	market	market	NOUN
fbem-22370	38	91	monitoring	monitoring	NOUN
fbem-22370	38	92	and	and	CCONJ
fbem-22370	38	93	better	well	ADJ
fbem-22370	38	94	allocate	allocate	VERB
fbem-22370	38	95	enterprise	enterprise	NOUN
fbem-22370	38	96	resources	resource	NOUN
fbem-22370	38	97	,	,	PUNCT
fbem-22370	38	98	and	and	CCONJ
fbem-22370	38	99	then	then	ADV
fbem-22370	38	100	improve	improve	VERB
fbem-22370	38	101	enterprise	enterprise	NOUN
fbem-22370	38	102	overall	overall	ADJ
fbem-22370	38	103	esg	esg	NOUN
fbem-22370	38	104	investment	investment	NOUN
fbem-22370	38	105	efficiency	efficiency	NOUN
fbem-22370	38	106	.	.	PUNCT
fbem-22370	39	1	at	at	ADP
fbem-22370	39	2	the	the	DET
fbem-22370	39	3	same	same	ADJ
fbem-22370	39	4	time	time	NOUN
fbem-22370	39	5	,	,	PUNCT
fbem-22370	39	6	the	the	DET
fbem-22370	39	7	digital	digital	ADJ
fbem-22370	39	8	transformation	transformation	NOUN
fbem-22370	39	9	can	can	AUX
fbem-22370	39	10	make	make	VERB
fbem-22370	39	11	it	it	PRON
fbem-22370	39	12	much	much	ADV
fbem-22370	39	13	more	more	ADJ
fbem-22370	39	14	investors	investor	NOUN
fbem-22370	39	15	with	with	ADP
fbem-22370	39	16	private	private	ADJ
fbem-22370	39	17	information	information	NOUN
fbem-22370	39	18	involved	involve	VERB
fbem-22370	39	19	in	in	ADP
fbem-22370	39	20	the	the	DET
fbem-22370	39	21	company	company	NOUN
fbem-22370	39	22	's	's	PART
fbem-22370	39	23	stock	stock	NOUN
fbem-22370	39	24	trading	trading	NOUN
fbem-22370	39	25	can	can	AUX
fbem-22370	39	26	help	help	VERB
fbem-22370	39	27	improve	improve	VERB
fbem-22370	39	28	the	the	DET
fbem-22370	39	29	incentive	incentive	NOUN
fbem-22370	39	30	mechanism	mechanism	NOUN
fbem-22370	39	31	of	of	ADP
fbem-22370	39	32	enterprise	enterprise	NOUN
fbem-22370	39	33	information	information	NOUN
fbem-22370	39	34	collection	collection	NOUN
fbem-22370	39	35	and	and	CCONJ
fbem-22370	39	36	improve	improve	VERB
fbem-22370	39	37	the	the	DET
fbem-22370	39	38	information	information	NOUN
fbem-22370	39	39	environment	environment	NOUN
fbem-22370	39	40	of	of	ADP
fbem-22370	39	41	enterprises	enterprise	NOUN
fbem-22370	39	42	in	in	ADP
fbem-22370	39	43	order	order	NOUN
fbem-22370	39	44	to	to	PART
fbem-22370	39	45	better	well	ADV
fbem-22370	39	46	help	help	VERB
fbem-22370	39	47	executives	executive	NOUN
fbem-22370	39	48	improve	improve	VERB
fbem-22370	39	49	esg	esg	NOUN
fbem-22370	39	50	performance	performance	NOUN
fbem-22370	39	51	through	through	ADP
fbem-22370	39	52	learning	learning	NOUN
fbem-22370	39	53	and	and	CCONJ
fbem-22370	39	54	analysis	analysis	NOUN
fbem-22370	39	55	of	of	ADP
fbem-22370	39	56	enterprise	enterprise	NOUN
fbem-22370	39	57	trait	trait	NOUN
fbem-22370	39	58	information	information	NOUN
fbem-22370	39	59	.	.	PUNCT
fbem-22370	40	1	on	on	ADP
fbem-22370	40	2	the	the	DET
fbem-22370	40	3	other	other	ADJ
fbem-22370	40	4	hand	hand	NOUN
fbem-22370	40	5	,	,	PUNCT
fbem-22370	40	6	managers	manager	NOUN
fbem-22370	40	7	will	will	AUX
fbem-22370	40	8	use	use	VERB
fbem-22370	40	9	the	the	DET
fbem-22370	40	10	information	information	NOUN
fbem-22370	40	11	contained	contain	VERB
fbem-22370	40	12	in	in	ADP
fbem-22370	40	13	the	the	DET
fbem-22370	40	14	stock	stock	NOUN
fbem-22370	40	15	price	price	NOUN
fbem-22370	40	16	(	(	PUNCT
fbem-22370	40	17	e.	e.	PROPN
fbem-22370	40	18	g.	g.	PROPN
fbem-22370	40	19	,	,	PUNCT
fbem-22370	40	20	information	information	NOUN
fbem-22370	40	21	about	about	ADP
fbem-22370	40	22	future	future	ADJ
fbem-22370	40	23	investments	investment	NOUN
fbem-22370	40	24	and	and	CCONJ
fbem-22370	40	25	growth	growth	NOUN
fbem-22370	40	26	opportunities	opportunity	NOUN
fbem-22370	40	27	,	,	PUNCT
fbem-22370	40	28	future	future	ADJ
fbem-22370	40	29	relationships	relationship	NOUN
fbem-22370	40	30	with	with	ADP
fbem-22370	40	31	stakeholders	stakeholder	NOUN
fbem-22370	40	32	,	,	PUNCT
fbem-22370	40	33	and	and	CCONJ
fbem-22370	40	34	future	future	ADJ
fbem-22370	40	35	financing	financing	NOUN
fbem-22370	40	36	policies	policy	NOUN
fbem-22370	40	37	)	)	PUNCT
fbem-22370	40	38	when	when	SCONJ
fbem-22370	40	39	making	make	VERB
fbem-22370	40	40	esg	esg	NOUN
fbem-22370	40	41	investments	investment	NOUN
fbem-22370	40	42	.	.	PUNCT
fbem-22370	41	1	at	at	ADP
fbem-22370	41	2	the	the	DET
fbem-22370	41	3	same	same	ADJ
fbem-22370	41	4	time	time	NOUN
fbem-22370	41	5	,	,	PUNCT
fbem-22370	41	6	stock	stock	NOUN
fbem-22370	41	7	prices	price	NOUN
fbem-22370	41	8	serve	serve	VERB
fbem-22370	41	9	as	as	ADP
fbem-22370	41	10	a	a	DET
fbem-22370	41	11	discipline	discipline	NOUN
fbem-22370	41	12	machine	machine	NOUN
fbem-22370	41	13	for	for	ADP
fbem-22370	41	14	managers	manager	NOUN
fbem-22370	41	15	system	system	NOUN
fbem-22370	41	16	,	,	PUNCT
fbem-22370	41	17	more	more	ADV
fbem-22370	41	18	informative	informative	ADJ
fbem-22370	41	19	stock	stock	NOUN
fbem-22370	41	20	prices	price	NOUN
fbem-22370	41	21	can	can	AUX
fbem-22370	41	22	better	well	ADV
fbem-22370	41	23	monitor	monitor	VERB
fbem-22370	41	24	managers	manager	NOUN
fbem-22370	41	25	[	[	X
fbem-22370	41	26	12	12	NUM
fbem-22370	41	27	]	]	PUNCT
fbem-22370	41	28	,	,	PUNCT
fbem-22370	41	29	which	which	PRON
fbem-22370	41	30	alleviates	alleviate	VERB
fbem-22370	41	31	has	have	AUX
fbem-22370	41	32	caused	cause	VERB
fbem-22370	41	33	construction	construction	NOUN
fbem-22370	41	34	problems	problem	NOUN
fbem-22370	41	35	,	,	PUNCT
fbem-22370	41	36	leading	lead	VERB
fbem-22370	41	37	to	to	ADP
fbem-22370	41	38	more	more	ADV
fbem-22370	41	39	efficient	efficient	ADJ
fbem-22370	41	40	esg	esg	NOUN
fbem-22370	41	41	investments	investment	NOUN
fbem-22370	41	42	.	.	PUNCT
fbem-22370	42	1	secondly	secondly	ADV
fbem-22370	42	2	,	,	PUNCT
fbem-22370	42	3	zhang	zhang	PROPN
fbem-22370	43	1	[	[	X
fbem-22370	43	2	7	7	NUM
fbem-22370	43	3	]	]	PUNCT
fbem-22370	43	4	has	have	AUX
fbem-22370	43	5	further	far	ADV
fbem-22370	43	6	improved	improve	VERB
fbem-22370	43	7	the	the	DET
fbem-22370	43	8	theory	theory	NOUN
fbem-22370	43	9	of	of	ADP
fbem-22370	43	10	manager	manager	NOUN
fbem-22370	43	11	learning	learning	NOUN
fbem-22370	43	12	.	.	PUNCT
fbem-22370	44	1	managers	manager	NOUN
fbem-22370	44	2	can	can	AUX
fbem-22370	44	3	communicate	communicate	VERB
fbem-22370	44	4	and	and	CCONJ
fbem-22370	44	5	learn	learn	VERB
fbem-22370	44	6	directly	directly	ADV
fbem-22370	44	7	with	with	ADP
fbem-22370	44	8	investors	investor	NOUN
fbem-22370	44	9	,	,	PUNCT
fbem-22370	44	10	and	and	CCONJ
fbem-22370	44	11	they	they	PRON
fbem-22370	44	12	can	can	AUX
fbem-22370	44	13	obtain	obtain	VERB
fbem-22370	44	14	relevant	relevant	ADJ
fbem-22370	44	15	banks	bank	NOUN
fbem-22370	44	16	more	more	ADV
fbem-22370	44	17	quickly	quickly	ADV
fbem-22370	44	18	information	information	NOUN
fbem-22370	44	19	on	on	ADP
fbem-22370	44	20	industry	industry	NOUN
fbem-22370	44	21	trends	trend	NOUN
fbem-22370	44	22	and	and	CCONJ
fbem-22370	44	23	supply	supply	NOUN
fbem-22370	44	24	chain	chain	NOUN
fbem-22370	44	25	dynamics	dynamic	NOUN
fbem-22370	44	26	to	to	PART
fbem-22370	44	27	be	be	AUX
fbem-22370	44	28	effective	effective	ADJ
fbem-22370	44	29	based	base	VERB
fbem-22370	44	30	on	on	ADP
fbem-22370	44	31	real	real	ADJ
fbem-22370	44	32	-	-	PUNCT
fbem-22370	44	33	time	time	NOUN
fbem-22370	44	34	information	information	NOUN
fbem-22370	44	35	make	make	VERB
fbem-22370	44	36	policy	policy	NOUN
fbem-22370	44	37	.	.	PUNCT
fbem-22370	45	1	on	on	ADP
fbem-22370	45	2	the	the	DET
fbem-22370	45	3	one	one	NUM
fbem-22370	45	4	hand	hand	NOUN
fbem-22370	45	5	,	,	PUNCT
fbem-22370	45	6	digital	digital	ADJ
fbem-22370	45	7	transformation	transformation	NOUN
fbem-22370	45	8	promotes	promote	VERB
fbem-22370	45	9	between	between	ADP
fbem-22370	45	10	managers	manager	NOUN
fbem-22370	45	11	and	and	CCONJ
fbem-22370	45	12	investors	investor	NOUN
fbem-22370	45	13	communication	communication	NOUN
fbem-22370	45	14	for	for	ADP
fbem-22370	45	15	information	information	NOUN
fbem-22370	45	16	.	.	PUNCT
fbem-22370	46	1	digital	digital	ADJ
fbem-22370	46	2	transformation	transformation	NOUN
fbem-22370	46	3	enables	enable	VERB
fbem-22370	46	4	companies	company	NOUN
fbem-22370	46	5	to	to	PART
fbem-22370	46	6	better	well	ADV
fbem-22370	46	7	manage	manage	VERB
fbem-22370	46	8	and	and	CCONJ
fbem-22370	46	9	deliver	deliver	VERB
fbem-22370	46	10	an	an	DET
fbem-22370	46	11	effective	effective	ADJ
fbem-22370	46	12	signal	signal	NOUN
fbem-22370	46	13	,	,	PUNCT
fbem-22370	46	14	so	so	SCONJ
fbem-22370	46	15	as	as	SCONJ
fbem-22370	46	16	to	to	PART
fbem-22370	46	17	ensure	ensure	VERB
fbem-22370	46	18	that	that	SCONJ
fbem-22370	46	19	the	the	DET
fbem-22370	46	20	company	company	NOUN
fbem-22370	46	21	and	and	CCONJ
fbem-22370	46	22	market	market	NOUN
fbem-22370	46	23	investors	investor	NOUN
fbem-22370	46	24	for	for	ADP
fbem-22370	46	25	efficient	efficient	ADJ
fbem-22370	46	26	and	and	CCONJ
fbem-22370	46	27	fast	fast	ADJ
fbem-22370	46	28	letter	letter	NOUN
fbem-22370	46	29	communication	communication	NOUN
fbem-22370	46	30	promotes	promote	VERB
fbem-22370	46	31	managers	manager	NOUN
fbem-22370	46	32	to	to	ADP
fbem-22370	46	33	industry	industry	NOUN
fbem-22370	46	34	trends	trend	NOUN
fbem-22370	46	35	and	and	CCONJ
fbem-22370	46	36	supply	supply	NOUN
fbem-22370	46	37	chain	chain	NOUN
fbem-22370	46	38	dynamic	dynamic	ADJ
fbem-22370	46	39	information	information	NOUN
fbem-22370	46	40	understand	understand	VERB
fbem-22370	46	41	and	and	CCONJ
fbem-22370	46	42	make	make	VERB
fbem-22370	46	43	effective	effective	ADJ
fbem-22370	46	44	esg	esg	NOUN
fbem-22370	46	45	investment	investment	NOUN
fbem-22370	46	46	decisions	decision	NOUN
fbem-22370	46	47	.	.	PUNCT
fbem-22370	47	1	on	on	ADP
fbem-22370	47	2	the	the	DET
fbem-22370	47	3	other	other	ADJ
fbem-22370	47	4	hand	hand	NOUN
fbem-22370	47	5	,	,	PUNCT
fbem-22370	47	6	when	when	SCONJ
fbem-22370	47	7	the	the	DET
fbem-22370	47	8	enterprises	enterprise	NOUN
fbem-22370	47	9	of	of	ADP
fbem-22370	47	10	no	no	PRON
fbem-22370	47	11	when	when	SCONJ
fbem-22370	47	12	the	the	DET
fbem-22370	47	13	digital	digital	ADJ
fbem-22370	47	14	transformation	transformation	NOUN
fbem-22370	47	15	process	process	NOUN
fbem-22370	47	16	gradually	gradually	ADV
fbem-22370	47	17	deepens	deepen	VERB
fbem-22370	47	18	,	,	PUNCT
fbem-22370	47	19	it	it	PRON
fbem-22370	47	20	can	can	AUX
fbem-22370	47	21	greatly	greatly	ADV
fbem-22370	47	22	improve	improve	VERB
fbem-22370	47	23	the	the	DET
fbem-22370	47	24	enterprise	enterprise	NOUN
fbem-22370	47	25	operation	operation	NOUN
fbem-22370	47	26	productiveness	productiveness	NOUN
fbem-22370	47	27	.	.	PUNCT
fbem-22370	48	1	companies	company	NOUN
fbem-22370	48	2	can	can	AUX
fbem-22370	48	3	not	not	PART
fbem-22370	48	4	only	only	ADV
fbem-22370	48	5	get	get	VERB
fbem-22370	48	6	stock	stock	NOUN
fbem-22370	48	7	price	price	NOUN
fbem-22370	48	8	information	information	NOUN
fbem-22370	48	9	at	at	ADP
fbem-22370	48	10	a	a	DET
fbem-22370	48	11	smaller	small	ADJ
fbem-22370	48	12	cost	cost	NOUN
fbem-22370	48	13	line	line	NOUN
fbem-22370	48	14	analysis	analysis	NOUN
fbem-22370	48	15	,	,	PUNCT
fbem-22370	48	16	direction	direction	NOUN
fbem-22370	48	17	grasp	grasp	NOUN
fbem-22370	48	18	and	and	CCONJ
fbem-22370	48	19	process	process	NOUN
fbem-22370	48	20	optimization	optimization	NOUN
fbem-22370	48	21	,	,	PUNCT
fbem-22370	48	22	and	and	CCONJ
fbem-22370	48	23	enterprise	enterprise	NOUN
fbem-22370	48	24	digital	digital	ADJ
fbem-22370	48	25	transformation	transformation	NOUN
fbem-22370	48	26	in	in	ADP
fbem-22370	48	27	better	well	ADJ
fbem-22370	48	28	processing	processing	NOUN
fbem-22370	48	29	and	and	CCONJ
fbem-22370	48	30	output	output	NOUN
fbem-22370	48	31	effective	effective	ADJ
fbem-22370	48	32	information	information	NOUN
fbem-22370	48	33	,	,	PUNCT
fbem-22370	48	34	can	can	AUX
fbem-22370	48	35	help	help	VERB
fbem-22370	48	36	enterprises	enterprise	NOUN
fbem-22370	48	37	based	base	VERB
fbem-22370	48	38	on	on	ADP
fbem-22370	48	39	business	business	NOUN
fbem-22370	48	40	sector	sector	NOUN
fbem-22370	48	41	and	and	CCONJ
fbem-22370	48	42	itself	itself	PRON
fbem-22370	48	43	to	to	PART
fbem-22370	48	44	promote	promote	VERB
fbem-22370	48	45	esg	esg	PROPN
fbem-22370	48	46	strategy	strategy	NOUN
fbem-22370	48	47	and	and	CCONJ
fbem-22370	48	48	operation	operation	NOUN
fbem-22370	48	49	,	,	PUNCT
fbem-22370	48	50	actively	actively	ADV
fbem-22370	48	51	to	to	ADP
fbem-22370	48	52	the	the	DET
fbem-22370	48	53	market	market	NOUN
fbem-22370	48	54	main	main	ADJ
fbem-22370	48	55	body	body	NOUN
fbem-22370	48	56	"	"	PUNCT
fbem-22370	48	57	push	push	VERB
fbem-22370	48	58	"	"	PUNCT
fbem-22370	48	59	enterprise	enterprise	NOUN
fbem-22370	48	60	information	information	NOUN
fbem-22370	48	61	,	,	PUNCT
fbem-22370	48	62	this	this	PRON
fbem-22370	48	63	makes	make	VERB
fbem-22370	48	64	the	the	DET
fbem-22370	48	65	enterprise	enterprise	NOUN
fbem-22370	48	66	external	external	ADJ
fbem-22370	48	67	investors	investor	NOUN
fbem-22370	48	68	can	can	AUX
fbem-22370	48	69	master	master	VERB
fbem-22370	48	70	more	more	ADV
fbem-22370	48	71	fully	fully	ADV
fbem-22370	48	72	available	available	ADJ
fbem-22370	48	73	information	information	NOUN
fbem-22370	48	74	,	,	PUNCT
fbem-22370	48	75	alleviate	alleviate	VERB
fbem-22370	48	76	the	the	DET
fbem-22370	48	77	double	double	ADJ
fbem-22370	48	78	,	,	PUNCT
fbem-22370	48	79	the	the	DET
fbem-22370	48	80	information	information	NOUN
fbem-22370	48	81	asymmetry	asymmetry	NOUN
fbem-22370	48	82	,	,	PUNCT
fbem-22370	48	83	also	also	ADV
fbem-22370	48	84	make	make	VERB
fbem-22370	48	85	investors	investor	NOUN
fbem-22370	48	86	in	in	ADP
fbem-22370	48	87	the	the	DET
fbem-22370	48	88	development	development	NOUN
fbem-22370	48	89	of	of	ADP
fbem-22370	48	90	sustainable	sustainable	ADJ
fbem-22370	48	91	quality	quality	NOUN
fbem-22370	48	92	confidence	confidence	NOUN
fbem-22370	48	93	,	,	PUNCT
fbem-22370	48	94	from	from	ADP
fbem-22370	48	95	the	the	DET
fbem-22370	48	96	side	side	NOUN
fbem-22370	48	97	to	to	PART
fbem-22370	48	98	promote	promote	VERB
fbem-22370	48	99	the	the	DET
fbem-22370	48	100	enterprise	enterprise	NOUN
fbem-22370	48	101	esg	esg	NOUN
fbem-22370	48	102	investment	investment	NOUN
fbem-22370	48	103	.	.	PUNCT
fbem-22370	49	1	finally	finally	ADV
fbem-22370	49	2	,	,	PUNCT
fbem-22370	49	3	the	the	DET
fbem-22370	49	4	existing	exist	VERB
fbem-22370	49	5	research	research	NOUN
fbem-22370	49	6	has	have	AUX
fbem-22370	49	7	found	find	VERB
fbem-22370	49	8	that	that	SCONJ
fbem-22370	49	9	when	when	SCONJ
fbem-22370	49	10	the	the	DET
fbem-22370	49	11	company	company	NOUN
fbem-22370	49	12	effectively	effectively	ADV
fbem-22370	49	13	promotes	promote	VERB
fbem-22370	49	14	its	its	PRON
fbem-22370	49	15	own	own	ADJ
fbem-22370	49	16	digital	digital	ADJ
fbem-22370	49	17	reform	reform	NOUN
fbem-22370	49	18	,	,	PUNCT
fbem-22370	49	19	it	it	PRON
fbem-22370	49	20	means	mean	VERB
fbem-22370	49	21	that	that	SCONJ
fbem-22370	49	22	the	the	DET
fbem-22370	49	23	company	company	NOUN
fbem-22370	49	24	can	can	AUX
fbem-22370	49	25	effectively	effectively	ADV
fbem-22370	49	26	use	use	VERB
fbem-22370	49	27	the	the	DET
fbem-22370	49	28	data	data	NOUN
fbem-22370	49	29	information	information	NOUN
fbem-22370	49	30	technology	technology	NOUN
fbem-22370	49	31	to	to	PART
fbem-22370	49	32	solve	solve	VERB
fbem-22370	49	33	the	the	DET
fbem-22370	49	34	internal	internal	ADJ
fbem-22370	49	35	massive	massive	ADJ
fbem-22370	49	36	,	,	PUNCT
fbem-22370	49	37	nonnormative	nonnormative	ADJ
fbem-22370	49	38	,	,	PUNCT
fbem-22370	49	39	unstructured	unstructured	ADJ
fbem-22370	49	40	data	datum	NOUN
fbem-22370	49	41	.	.	PUNCT
fbem-22370	50	1	thus	thus	ADV
fbem-22370	50	2	increasing	increase	VERB
fbem-22370	50	3	the	the	DET
fbem-22370	50	4	availability	availability	NOUN
fbem-22370	50	5	of	of	ADP
fbem-22370	50	6	data	datum	NOUN
fbem-22370	50	7	,	,	PUNCT
fbem-22370	50	8	optimizing	optimize	VERB
fbem-22370	50	9	the	the	DET
fbem-22370	50	10	investment	investment	NOUN
fbem-22370	50	11	decisions	decision	NOUN
fbem-22370	50	12	of	of	ADP
fbem-22370	50	13	managers	manager	NOUN
fbem-22370	50	14	and	and	CCONJ
fbem-22370	50	15	guiding	guide	VERB
fbem-22370	50	16	the	the	DET
fbem-22370	50	17	company	company	NOUN
fbem-22370	50	18	's	's	PART
fbem-22370	50	19	product	product	NOUN
fbem-22370	50	20	marketing	marketing	NOUN
fbem-22370	50	21	.	.	PUNCT
fbem-22370	51	1	at	at	ADP
fbem-22370	51	2	the	the	DET
fbem-22370	51	3	same	same	ADJ
fbem-22370	51	4	time	time	NOUN
fbem-22370	51	5	,	,	PUNCT
fbem-22370	51	6	the	the	DET
fbem-22370	51	7	company	company	NOUN
fbem-22370	51	8	can	can	AUX
fbem-22370	51	9	also	also	ADV
fbem-22370	51	10	make	make	VERB
fbem-22370	51	11	full	full	ADJ
fbem-22370	51	12	use	use	NOUN
fbem-22370	51	13	of	of	ADP
fbem-22370	51	14	this	this	DET
fbem-22370	51	15	kind	kind	NOUN
fbem-22370	51	16	of	of	ADP
fbem-22370	51	17	information	information	NOUN
fbem-22370	51	18	technology	technology	NOUN
fbem-22370	51	19	to	to	PART
fbem-22370	51	20	serve	serve	VERB
fbem-22370	51	21	the	the	DET
fbem-22370	51	22	enterprise	enterprise	NOUN
fbem-22370	51	23	's	's	PART
fbem-22370	51	24	product	product	NOUN
fbem-22370	51	25	decision	decision	NOUN
fbem-22370	51	26	,	,	PUNCT
fbem-22370	51	27	market	market	NOUN
fbem-22370	51	28	-	-	PUNCT
fbem-22370	51	29	oriented	orient	VERB
fbem-22370	51	30	tracking	tracking	NOUN
fbem-22370	51	31	,	,	PUNCT
fbem-22370	51	32	in	in	ADP
fbem-22370	51	33	order	order	NOUN
fbem-22370	51	34	to	to	PART
fbem-22370	51	35	connect	connect	VERB
fbem-22370	51	36	the	the	DET
fbem-22370	51	37	"	"	PUNCT
fbem-22370	51	38	supply	supply	NOUN
fbem-22370	51	39	-	-	PUNCT
fbem-22370	51	40	demand	demand	NOUN
fbem-22370	51	41	"	"	PUNCT
fbem-22370	51	42	.	.	PUNCT
fbem-22370	52	1	the	the	DET
fbem-22370	52	2	digital	digital	ADJ
fbem-22370	52	3	transformation	transformation	NOUN
fbem-22370	52	4	of	of	ADP
fbem-22370	52	5	the	the	DET
fbem-22370	52	6	company	company	NOUN
fbem-22370	52	7	uses	use	VERB
fbem-22370	52	8	the	the	DET
fbem-22370	52	9	enterprise	enterprise	NOUN
fbem-22370	52	10	digital	digital	ADJ
fbem-22370	52	11	technology	technology	NOUN
fbem-22370	52	12	to	to	PART
fbem-22370	52	13	greatly	greatly	ADV
fbem-22370	52	14	enhance	enhance	VERB
fbem-22370	52	15	the	the	DET
fbem-22370	52	16	enterprise	enterprise	NOUN
fbem-22370	52	17	information	information	NOUN
fbem-22370	52	18	processing	processing	NOUN
fbem-22370	52	19	ability	ability	NOUN
fbem-22370	52	20	,	,	PUNCT
fbem-22370	52	21	improve	improve	VERB
fbem-22370	52	22	the	the	DET
fbem-22370	52	23	financial	financial	ADJ
fbem-22370	52	24	operation	operation	NOUN
fbem-22370	52	25	efficiency	efficiency	NOUN
fbem-22370	52	26	,	,	PUNCT
fbem-22370	52	27	so	so	SCONJ
fbem-22370	52	28	that	that	SCONJ
fbem-22370	52	29	the	the	DET
fbem-22370	52	30	company	company	NOUN
fbem-22370	52	31	can	can	AUX
fbem-22370	52	32	achieve	achieve	VERB
fbem-22370	52	33	the	the	DET
fbem-22370	52	34	maximum	maximum	ADJ
fbem-22370	52	35	capital	capital	NOUN
fbem-22370	52	36	use	use	NOUN
fbem-22370	52	37	efficiency	efficiency	NOUN
fbem-22370	52	38	boundary	boundary	ADJ
fbem-22370	52	39	under	under	ADP
fbem-22370	52	40	the	the	DET
fbem-22370	52	41	restriction	restriction	NOUN
fbem-22370	52	42	of	of	ADP
fbem-22370	52	43	limited	limited	ADJ
fbem-22370	52	44	financial	financial	ADJ
fbem-22370	52	45	resources	resource	NOUN
fbem-22370	52	46	,	,	PUNCT
fbem-22370	52	47	so	so	SCONJ
fbem-22370	52	48	as	as	SCONJ
fbem-22370	52	49	to	to	PART
fbem-22370	52	50	increase	increase	VERB
fbem-22370	52	51	the	the	DET
fbem-22370	52	52	enterprise	enterprise	NOUN
fbem-22370	52	53	esg	esg	NOUN
fbem-22370	52	54	investment	investment	NOUN
fbem-22370	52	55	.	.	PUNCT
fbem-22370	53	1	more	more	ADV
fbem-22370	53	2	importantly	importantly	ADV
fbem-22370	53	3	,	,	PUNCT
fbem-22370	53	4	esg	esg	PROPN
fbem-22370	53	5	is	be	AUX
fbem-22370	53	6	becoming	become	VERB
fbem-22370	53	7	a	a	DET
fbem-22370	53	8	hot	hot	ADJ
fbem-22370	53	9	spot	spot	NOUN
fbem-22370	53	10	of	of	ADP
fbem-22370	53	11	social	social	ADJ
fbem-22370	53	12	construction	construction	NOUN
fbem-22370	53	13	and	and	CCONJ
fbem-22370	53	14	development	development	NOUN
fbem-22370	53	15	in	in	ADP
fbem-22370	53	16	the	the	DET
fbem-22370	53	17	new	new	ADJ
fbem-22370	53	18	era	era	NOUN
fbem-22370	53	19	and	and	CCONJ
fbem-22370	53	20	new	new	ADJ
fbem-22370	53	21	stage	stage	NOUN
fbem-22370	53	22	.	.	PUNCT
fbem-22370	54	1	by	by	ADP
fbem-22370	54	2	increasing	increase	VERB
fbem-22370	54	3	their	their	PRON
fbem-22370	54	4	investment	investment	NOUN
fbem-22370	54	5	in	in	ADP
fbem-22370	54	6	esg	esg	PROPN
fbem-22370	54	7	,	,	PUNCT
fbem-22370	54	8	enterprises	enterprise	NOUN
fbem-22370	54	9	can	can	AUX
fbem-22370	54	10	send	send	VERB
fbem-22370	54	11	positive	positive	ADJ
fbem-22370	54	12	signals	signal	NOUN
fbem-22370	54	13	to	to	ADP
fbem-22370	54	14	the	the	DET
fbem-22370	54	15	outside	outside	ADJ
fbem-22370	54	16	world	world	NOUN
fbem-22370	54	17	that	that	SCONJ
fbem-22370	54	18	market	market	NOUN
fbem-22370	54	19	investors	investor	NOUN
fbem-22370	54	20	will	will	AUX
fbem-22370	54	21	fulfill	fulfill	VERB
fbem-22370	54	22	their	their	PRON
fbem-22370	54	23	esg	esg	NOUN
fbem-22370	54	24	responsibilities	responsibility	NOUN
fbem-22370	54	25	often	often	ADV
fbem-22370	54	26	to	to	PART
fbem-22370	54	27	have	have	VERB
fbem-22370	54	28	a	a	DET
fbem-22370	54	29	higher	high	ADJ
fbem-22370	54	30	level	level	NOUN
fbem-22370	54	31	of	of	ADP
fbem-22370	54	32	expectations	expectation	NOUN
fbem-22370	54	33	,	,	PUNCT
fbem-22370	54	34	guiding	guide	VERB
fbem-22370	54	35	investors	investor	NOUN
fbem-22370	54	36	to	to	ADP
fbem-22370	54	37	limited	limited	ADJ
fbem-22370	54	38	attention	attention	NOUN
fbem-22370	54	39	,	,	PUNCT
fbem-22370	54	40	this	this	DET
fbem-22370	54	41	the	the	DET
fbem-22370	54	42	"	"	PUNCT
fbem-22370	54	43	exposure	exposure	NOUN
fbem-22370	54	44	effect	effect	NOUN
fbem-22370	54	45	"	"	PUNCT
fbem-22370	54	46	can	can	AUX
fbem-22370	54	47	increase	increase	VERB
fbem-22370	54	48	the	the	DET
fbem-22370	54	49	positive	positive	ADJ
fbem-22370	54	50	reputation	reputation	NOUN
fbem-22370	54	51	image	image	NOUN
fbem-22370	54	52	of	of	ADP
fbem-22370	54	53	the	the	DET
fbem-22370	54	54	enterprise	enterprise	NOUN
fbem-22370	54	55	.	.	PUNCT
fbem-22370	55	1	with	with	ADP
fbem-22370	55	2	the	the	DET
fbem-22370	55	3	enterprise	enterprise	NOUN
fbem-22370	55	4	to	to	ADP
fbem-22370	55	5	the	the	DET
fbem-22370	55	6	society	society	NOUN
fbem-22370	55	7	if	if	SCONJ
fbem-22370	55	8	the	the	DET
fbem-22370	55	9	public	public	NOUN
fbem-22370	55	10	will	will	AUX
fbem-22370	55	11	output	output	VERB
fbem-22370	55	12	these	these	DET
fbem-22370	55	13	sustainable	sustainable	ADJ
fbem-22370	55	14	development	development	NOUN
fbem-22370	55	15	information	information	NOUN
fbem-22370	55	16	,	,	PUNCT
fbem-22370	55	17	enterprises	enterprise	NOUN
fbem-22370	55	18	will	will	AUX
fbem-22370	55	19	obtain	obtain	VERB
fbem-22370	55	20	more	more	ADJ
fbem-22370	55	21	potential	potential	ADJ
fbem-22370	55	22	,	,	PUNCT
fbem-22370	55	23	commercial	commercial	ADJ
fbem-22370	55	24	benefits	benefit	NOUN
fbem-22370	55	25	,	,	PUNCT
fbem-22370	55	26	can	can	AUX
fbem-22370	55	27	improve	improve	VERB
fbem-22370	55	28	the	the	DET
fbem-22370	55	29	reputation	reputation	NOUN
fbem-22370	55	30	and	and	CCONJ
fbem-22370	55	31	brand	brand	NOUN
fbem-22370	55	32	value	value	NOUN
fbem-22370	55	33	,	,	PUNCT
fbem-22370	55	34	and	and	CCONJ
fbem-22370	55	35	get	get	VERB
fbem-22370	55	36	investors	investor	NOUN
fbem-22370	55	37	special	special	ADJ
fbem-22370	55	38	it	it	PRON
fbem-22370	55	39	is	be	AUX
fbem-22370	55	40	not	not	PART
fbem-22370	55	41	the	the	DET
fbem-22370	55	42	recognition	recognition	NOUN
fbem-22370	55	43	and	and	CCONJ
fbem-22370	55	44	favor	favor	NOUN
fbem-22370	55	45	of	of	ADP
fbem-22370	55	46	long	long	ADJ
fbem-22370	55	47	-	-	PUNCT
fbem-22370	55	48	term	term	NOUN
fbem-22370	55	49	funds	fund	NOUN
fbem-22370	55	50	such	such	ADJ
fbem-22370	55	51	as	as	ADP
fbem-22370	55	52	institutional	institutional	ADJ
fbem-22370	55	53	investors	investor	NOUN
fbem-22370	55	54	to	to	PART
fbem-22370	55	55	obtain	obtain	VERB
fbem-22370	55	56	the	the	DET
fbem-22370	55	57	capital	capital	NOUN
fbem-22370	55	58	market	market	NOUN
fbem-22370	55	59	support	support	NOUN
fbem-22370	55	60	,	,	PUNCT
fbem-22370	55	61	so	so	SCONJ
fbem-22370	55	62	that	that	SCONJ
fbem-22370	55	63	enterprises	enterprise	NOUN
fbem-22370	55	64	to	to	PART
fbem-22370	55	65	get	get	VERB
fbem-22370	55	66	sustainable	sustainable	ADJ
fbem-22370	55	67	development	development	NOUN
fbem-22370	55	68	,	,	PUNCT
fbem-22370	55	69	but	but	CCONJ
fbem-22370	55	70	also	also	ADV
fbem-22370	55	71	get	get	VERB
fbem-22370	55	72	the	the	DET
fbem-22370	55	73	public	public	ADJ
fbem-22370	55	74	recognition	recognition	NOUN
fbem-22370	55	75	.	.	PUNCT
fbem-22370	56	1	therefore	therefore	ADV
fbem-22370	56	2	,	,	PUNCT
fbem-22370	56	3	in	in	ADP
fbem-22370	56	4	order	order	NOUN
fbem-22370	56	5	to	to	ADP
fbem-22370	56	6	380	380	NUM
fbem-22370	56	7	increase	increase	NOUN
fbem-22370	56	8	the	the	DET
fbem-22370	56	9	positive	positive	ADJ
fbem-22370	56	10	reputation	reputation	NOUN
fbem-22370	56	11	image	image	NOUN
fbem-22370	56	12	,	,	PUNCT
fbem-22370	56	13	enterprises	enterprise	NOUN
fbem-22370	56	14	will	will	AUX
fbem-22370	56	15	also	also	ADV
fbem-22370	56	16	further	far	ADV
fbem-22370	56	17	increase	increase	VERB
fbem-22370	56	18	the	the	DET
fbem-22370	56	19	investment	investment	NOUN
fbem-22370	56	20	in	in	ADP
fbem-22370	56	21	esg	esg	PROPN
fbem-22370	56	22	.	.	PUNCT
fbem-22370	57	1	therefore	therefore	ADV
fbem-22370	57	2	,	,	PUNCT
fbem-22370	57	3	this	this	DET
fbem-22370	57	4	paper	paper	NOUN
fbem-22370	57	5	holds	hold	VERB
fbem-22370	57	6	that	that	SCONJ
fbem-22370	57	7	digital	digital	ADJ
fbem-22370	57	8	transformation	transformation	NOUN
fbem-22370	57	9	indirectly	indirectly	ADV
fbem-22370	57	10	promotes	promote	VERB
fbem-22370	57	11	managers	manager	NOUN
fbem-22370	57	12	from	from	ADP
fbem-22370	57	13	learning	learn	VERB
fbem-22370	57	14	in	in	ADP
fbem-22370	57	15	the	the	DET
fbem-22370	57	16	stock	stock	NOUN
fbem-22370	57	17	price	price	NOUN
fbem-22370	57	18	and	and	CCONJ
fbem-22370	57	19	direct	direct	ADJ
fbem-22370	57	20	communication	communication	NOUN
fbem-22370	57	21	with	with	ADP
fbem-22370	57	22	investors	investor	NOUN
fbem-22370	57	23	can	can	AUX
fbem-22370	57	24	be	be	AUX
fbem-22370	57	25	acquired	acquire	VERB
fbem-22370	57	26	more	more	ADV
fbem-22370	57	27	quickly	quickly	ADV
fbem-22370	57	28	information	information	NOUN
fbem-22370	57	29	about	about	ADP
fbem-22370	57	30	industry	industry	NOUN
fbem-22370	57	31	trends	trend	NOUN
fbem-22370	57	32	and	and	CCONJ
fbem-22370	57	33	supply	supply	NOUN
fbem-22370	57	34	chain	chain	NOUN
fbem-22370	57	35	dynamics	dynamic	NOUN
fbem-22370	57	36	to	to	PART
fbem-22370	57	37	improve	improve	VERB
fbem-22370	57	38	managers	manager	NOUN
fbem-22370	57	39	'	'	PART
fbem-22370	57	40	perception	perception	NOUN
fbem-22370	57	41	and	and	CCONJ
fbem-22370	57	42	decision	decision	NOUN
fbem-22370	57	43	-	-	PUNCT
fbem-22370	57	44	making	make	VERB
fbem-22370	57	45	ability	ability	NOUN
fbem-22370	57	46	to	to	PART
fbem-22370	57	47	understand	understand	VERB
fbem-22370	57	48	the	the	DET
fbem-22370	57	49	stakeholders	stakeholder	NOUN
fbem-22370	57	50	'	'	PART
fbem-22370	57	51	green	green	ADJ
fbem-22370	57	52	,	,	PUNCT
fbem-22370	57	53	low	low	ADJ
fbem-22370	57	54	-	-	PUNCT
fbem-22370	57	55	carbon	carbon	NOUN
fbem-22370	57	56	and	and	CCONJ
fbem-22370	57	57	sustainable	sustainable	ADJ
fbem-22370	57	58	development	development	NOUN
fbem-22370	57	59	of	of	ADP
fbem-22370	57	60	enterprises	enterprise	NOUN
fbem-22370	57	61	to	to	PART
fbem-22370	57	62	encourage	encourage	VERB
fbem-22370	57	63	managers	manager	NOUN
fbem-22370	57	64	to	to	PART
fbem-22370	57	65	make	make	VERB
fbem-22370	57	66	timely	timely	ADJ
fbem-22370	57	67	and	and	CCONJ
fbem-22370	57	68	effective	effective	ADJ
fbem-22370	57	69	investment	investment	NOUN
fbem-22370	57	70	in	in	ADP
fbem-22370	57	71	esg	esg	PROPN
fbem-22370	57	72	of	of	ADP
fbem-22370	57	73	enterprises	enterprise	NOUN
fbem-22370	57	74	enhance	enhance	VERB
fbem-22370	57	75	the	the	DET
fbem-22370	57	76	core	core	NOUN
fbem-22370	57	77	competitiveness	competitiveness	NOUN
fbem-22370	57	78	of	of	ADP
fbem-22370	57	79	the	the	DET
fbem-22370	57	80	company	company	NOUN
fbem-22370	57	81	,	,	PUNCT
fbem-22370	57	82	to	to	PART
fbem-22370	57	83	achieve	achieve	VERB
fbem-22370	57	84	the	the	DET
fbem-22370	57	85	sustainable	sustainable	ADJ
fbem-22370	57	86	development	development	NOUN
fbem-22370	57	87	of	of	ADP
fbem-22370	57	88	the	the	DET
fbem-22370	57	89	company	company	NOUN
fbem-22370	57	90	.	.	PUNCT
fbem-22370	58	1	thus	thus	ADV
fbem-22370	58	2	,	,	PUNCT
fbem-22370	58	3	the	the	DET
fbem-22370	58	4	following	follow	VERB
fbem-22370	58	5	assumptions	assumption	NOUN
fbem-22370	58	6	are	be	AUX
fbem-22370	58	7	made	make	VERB
fbem-22370	58	8	:	:	PUNCT
fbem-22370	58	9	h1	h1	VERB
fbem-22370	58	10	:	:	PUNCT
fbem-22370	58	11	in	in	ADP
fbem-22370	58	12	other	other	ADJ
fbem-22370	58	13	cases	case	NOUN
fbem-22370	58	14	,	,	PUNCT
fbem-22370	58	15	enterprise	enterprise	NOUN
fbem-22370	58	16	digital	digital	ADJ
fbem-22370	58	17	transformation	transformation	NOUN
fbem-22370	58	18	can	can	AUX
fbem-22370	58	19	significantly	significantly	ADV
fbem-22370	58	20	improve	improve	VERB
fbem-22370	58	21	esg	esg	NOUN
fbem-22370	58	22	performance	performance	NOUN
fbem-22370	58	23	.	.	PUNCT
fbem-22370	59	1	2.2	2.2	NUM
fbem-22370	59	2	.	.	PUNCT
fbem-22370	60	1	enterprise	enterprise	NOUN
fbem-22370	60	2	digital	digital	ADJ
fbem-22370	60	3	transformation	transformation	NOUN
fbem-22370	60	4	,	,	PUNCT
fbem-22370	60	5	manager	manager	NOUN
fbem-22370	60	6	perception	perception	NOUN
fbem-22370	60	7	ability	ability	NOUN
fbem-22370	60	8	and	and	CCONJ
fbem-22370	60	9	esg	esg	NOUN
fbem-22370	60	10	performance	performance	NOUN
fbem-22370	60	11	this	this	DET
fbem-22370	60	12	paper	paper	NOUN
fbem-22370	60	13	holds	hold	VERB
fbem-22370	60	14	that	that	SCONJ
fbem-22370	60	15	the	the	DET
fbem-22370	60	16	perception	perception	NOUN
fbem-22370	60	17	ability	ability	NOUN
fbem-22370	60	18	of	of	ADP
fbem-22370	60	19	managers	manager	NOUN
fbem-22370	60	20	represents	represent	VERB
fbem-22370	60	21	the	the	DET
fbem-22370	60	22	source	source	NOUN
fbem-22370	60	23	of	of	ADP
fbem-22370	60	24	information	information	NOUN
fbem-22370	60	25	channels	channel	NOUN
fbem-22370	60	26	and	and	CCONJ
fbem-22370	60	27	the	the	DET
fbem-22370	60	28	amount	amount	NOUN
fbem-22370	60	29	of	of	ADP
fbem-22370	60	30	information	information	NOUN
fbem-22370	60	31	content	content	NOUN
fbem-22370	60	32	,	,	PUNCT
fbem-22370	60	33	that	that	ADV
fbem-22370	60	34	is	is	ADV
fbem-22370	60	35	,	,	PUNCT
fbem-22370	60	36	as	as	SCONJ
fbem-22370	60	37	the	the	DET
fbem-22370	60	38	managers	manager	NOUN
fbem-22370	60	39	obtain	obtain	VERB
fbem-22370	60	40	information	information	NOUN
fbem-22370	60	41	with	with	ADP
fbem-22370	60	42	the	the	DET
fbem-22370	60	43	increase	increase	NOUN
fbem-22370	60	44	of	of	ADP
fbem-22370	60	45	source	source	NOUN
fbem-22370	60	46	channels	channel	NOUN
fbem-22370	60	47	and	and	CCONJ
fbem-22370	60	48	information	information	NOUN
fbem-22370	60	49	content	content	NOUN
fbem-22370	60	50	,	,	PUNCT
fbem-22370	60	51	managers	manager	NOUN
fbem-22370	60	52	perceive	perceive	ADJ
fbem-22370	60	53	risk	risk	NOUN
fbem-22370	60	54	and	and	CCONJ
fbem-22370	60	55	are	be	AUX
fbem-22370	60	56	private	private	ADJ
fbem-22370	60	57	the	the	DET
fbem-22370	60	58	ability	ability	NOUN
fbem-22370	60	59	to	to	PART
fbem-22370	60	60	develop	develop	VERB
fbem-22370	60	61	information	information	NOUN
fbem-22370	60	62	and	and	CCONJ
fbem-22370	60	63	information	information	NOUN
fbem-22370	60	64	related	relate	VERB
fbem-22370	60	65	to	to	ADP
fbem-22370	60	66	market	market	NOUN
fbem-22370	60	67	developments	development	NOUN
fbem-22370	60	68	will	will	AUX
fbem-22370	60	69	be	be	AUX
fbem-22370	60	70	enhanced	enhance	VERB
fbem-22370	60	71	.	.	PUNCT
fbem-22370	61	1	based	base	VERB
fbem-22370	61	2	on	on	ADP
fbem-22370	61	3	the	the	DET
fbem-22370	61	4	perspective	perspective	NOUN
fbem-22370	61	5	of	of	ADP
fbem-22370	61	6	managers	manager	NOUN
fbem-22370	61	7	'	'	PUNCT
fbem-22370	61	8	learning	learning	NOUN
fbem-22370	61	9	,	,	PUNCT
fbem-22370	61	10	the	the	DET
fbem-22370	61	11	improvement	improvement	NOUN
fbem-22370	61	12	of	of	ADP
fbem-22370	61	13	managers	manager	NOUN
fbem-22370	61	14	'	'	PART
fbem-22370	61	15	perception	perception	NOUN
fbem-22370	61	16	ability	ability	NOUN
fbem-22370	61	17	is	be	AUX
fbem-22370	61	18	realized	realize	VERB
fbem-22370	61	19	through	through	ADP
fbem-22370	61	20	managers	manager	NOUN
fbem-22370	61	21	'	'	PART
fbem-22370	61	22	indirect	indirect	ADJ
fbem-22370	61	23	learning	learning	NOUN
fbem-22370	61	24	from	from	ADP
fbem-22370	61	25	the	the	DET
fbem-22370	61	26	stock	stock	NOUN
fbem-22370	61	27	price	price	NOUN
fbem-22370	61	28	and	and	CCONJ
fbem-22370	61	29	direct	direct	ADJ
fbem-22370	61	30	communication	communication	NOUN
fbem-22370	61	31	and	and	CCONJ
fbem-22370	61	32	interactive	interactive	ADJ
fbem-22370	61	33	learning	learning	NOUN
fbem-22370	61	34	with	with	ADP
fbem-22370	61	35	investors	investor	NOUN
fbem-22370	61	36	.	.	PUNCT
fbem-22370	62	1	on	on	ADP
fbem-22370	62	2	the	the	DET
fbem-22370	62	3	one	one	NUM
fbem-22370	62	4	hand	hand	NOUN
fbem-22370	62	5	,	,	PUNCT
fbem-22370	62	6	managers	manager	NOUN
fbem-22370	62	7	'	'	PART
fbem-22370	62	8	perception	perception	NOUN
fbem-22370	62	9	ability	ability	NOUN
fbem-22370	62	10	will	will	AUX
fbem-22370	62	11	increase	increase	VERB
fbem-22370	62	12	with	with	ADP
fbem-22370	62	13	the	the	DET
fbem-22370	62	14	improvement	improvement	NOUN
fbem-22370	62	15	of	of	ADP
fbem-22370	62	16	stock	stock	NOUN
fbem-22370	62	17	price	price	NOUN
fbem-22370	62	18	information	information	NOUN
fbem-22370	62	19	content	content	NOUN
fbem-22370	62	20	.	.	PUNCT
fbem-22370	63	1	digital	digital	ADJ
fbem-22370	63	2	transformation	transformation	NOUN
fbem-22370	63	3	enhances	enhance	VERB
fbem-22370	63	4	the	the	DET
fbem-22370	63	5	equity	equity	NOUN
fbem-22370	63	6	liquidity	liquidity	NOUN
fbem-22370	63	7	of	of	ADP
fbem-22370	63	8	the	the	DET
fbem-22370	63	9	company	company	NOUN
fbem-22370	63	10	,	,	PUNCT
fbem-22370	63	11	increasing	increase	VERB
fbem-22370	63	12	the	the	DET
fbem-22370	63	13	information	information	NOUN
fbem-22370	63	14	contained	contain	VERB
fbem-22370	63	15	in	in	ADP
fbem-22370	63	16	the	the	DET
fbem-22370	63	17	stock	stock	NOUN
fbem-22370	63	18	,	,	PUNCT
fbem-22370	63	19	so	so	SCONJ
fbem-22370	63	20	that	that	SCONJ
fbem-22370	63	21	managers	manager	NOUN
fbem-22370	63	22	can	can	AUX
fbem-22370	63	23	more	more	ADV
fbem-22370	63	24	efficiently	efficiently	ADV
fbem-22370	63	25	learn	learn	VERB
fbem-22370	63	26	and	and	CCONJ
fbem-22370	63	27	analyze	analyze	VERB
fbem-22370	63	28	the	the	DET
fbem-22370	63	29	enterprise	enterprise	NOUN
fbem-22370	63	30	quality	quality	NOUN
fbem-22370	63	31	information	information	NOUN
fbem-22370	63	32	contained	contain	VERB
fbem-22370	63	33	in	in	ADP
fbem-22370	63	34	the	the	DET
fbem-22370	63	35	stock	stock	NOUN
fbem-22370	63	36	liquidity	liquidity	NOUN
fbem-22370	63	37	to	to	PART
fbem-22370	63	38	improve	improve	VERB
fbem-22370	63	39	the	the	DET
fbem-22370	63	40	enterprise	enterprise	NOUN
fbem-22370	63	41	esg	esg	NOUN
fbem-22370	63	42	investment	investment	NOUN
fbem-22370	63	43	.	.	PUNCT
fbem-22370	64	1	ormat	ormat	PROPN
fbem-22370	65	1	and	and	CCONJ
fbem-22370	65	2	save	save	VERB
fbem-22370	65	3	your	your	PRON
fbem-22370	65	4	graphic	graphic	ADJ
fbem-22370	65	5	images	image	NOUN
fbem-22370	65	6	using	use	VERB
fbem-22370	65	7	a	a	DET
fbem-22370	65	8	suitable	suitable	ADJ
fbem-22370	65	9	graphics	graphic	NOUN
fbem-22370	65	10	processing	processing	NOUN
fbem-22370	65	11	program	program	NOUN
fbem-22370	65	12	that	that	PRON
fbem-22370	65	13	will	will	AUX
fbem-22370	65	14	allow	allow	VERB
fbem-22370	65	15	you	you	PRON
fbem-22370	65	16	to	to	PART
fbem-22370	65	17	create	create	VERB
fbem-22370	65	18	the	the	DET
fbem-22370	65	19	images	image	NOUN
fbem-22370	65	20	as	as	ADP
fbem-22370	65	21	postscript	postscript	PROPN
fbem-22370	65	22	(	(	PUNCT
fbem-22370	65	23	ps	ps	NOUN
fbem-22370	65	24	)	)	PUNCT
fbem-22370	65	25	,	,	PUNCT
fbem-22370	65	26	encapsulated	encapsulate	VERB
fbem-22370	65	27	postscript	postscript	PROPN
fbem-22370	65	28	(	(	PUNCT
fbem-22370	65	29	eps	eps	PROPN
fbem-22370	65	30	)	)	PUNCT
fbem-22370	65	31	,	,	PUNCT
fbem-22370	65	32	or	or	CCONJ
fbem-22370	65	33	tagged	tag	VERB
fbem-22370	65	34	image	image	NOUN
fbem-22370	65	35	file	file	NOUN
fbem-22370	65	36	format	format	NOUN
fbem-22370	65	37	(	(	PUNCT
fbem-22370	65	38	tiff	tiff	NOUN
fbem-22370	65	39	)	)	PUNCT
fbem-22370	65	40	,	,	PUNCT
fbem-22370	65	41	sizes	size	VERB
fbem-22370	65	42	them	they	PRON
fbem-22370	65	43	,	,	PUNCT
fbem-22370	65	44	and	and	CCONJ
fbem-22370	65	45	adjusts	adjust	VERB
fbem-22370	65	46	the	the	DET
fbem-22370	65	47	resolution	resolution	NOUN
fbem-22370	65	48	settings	setting	NOUN
fbem-22370	65	49	.	.	PUNCT
fbem-22370	66	1	if	if	SCONJ
fbem-22370	66	2	you	you	PRON
fbem-22370	66	3	created	create	VERB
fbem-22370	66	4	your	your	PRON
fbem-22370	66	5	source	source	NOUN
fbem-22370	66	6	files	file	NOUN
fbem-22370	66	7	in	in	ADP
fbem-22370	66	8	one	one	NUM
fbem-22370	66	9	of	of	ADP
fbem-22370	66	10	the	the	DET
fbem-22370	66	11	following	following	NOUN
fbem-22370	66	12	you	you	PRON
fbem-22370	66	13	will	will	AUX
fbem-22370	66	14	be	be	AUX
fbem-22370	66	15	able	able	ADJ
fbem-22370	66	16	to	to	PART
fbem-22370	66	17	submit	submit	VERB
fbem-22370	66	18	the	the	DET
fbem-22370	66	19	graphics	graphic	NOUN
fbem-22370	66	20	without	without	ADP
fbem-22370	66	21	converting	convert	VERB
fbem-22370	66	22	to	to	ADP
fbem-22370	66	23	a	a	DET
fbem-22370	66	24	ps	ps	PROPN
fbem-22370	66	25	,	,	PUNCT
fbem-22370	66	26	eps	eps	PROPN
fbem-22370	66	27	,	,	PUNCT
fbem-22370	66	28	or	or	CCONJ
fbem-22370	66	29	tiff	tiff	NOUN
fbem-22370	66	30	file	file	NOUN
fbem-22370	66	31	:	:	PUNCT
fbem-22370	66	32	microsoft	microsoft	PROPN
fbem-22370	66	33	word	word	NOUN
fbem-22370	66	34	,	,	PUNCT
fbem-22370	66	35	microsoft	microsoft	PROPN
fbem-22370	66	36	powerpoint	powerpoint	PROPN
fbem-22370	66	37	,	,	PUNCT
fbem-22370	66	38	microsoft	microsoft	PROPN
fbem-22370	66	39	excel	excel	PROPN
fbem-22370	66	40	,	,	PUNCT
fbem-22370	66	41	or	or	CCONJ
fbem-22370	66	42	portable	portable	ADJ
fbem-22370	66	43	document	document	NOUN
fbem-22370	66	44	format	format	NOUN
fbem-22370	66	45	(	(	PUNCT
fbem-22370	66	46	pdf).on	pdf).on	ADV
fbem-22370	66	47	the	the	DET
fbem-22370	66	48	other	other	ADJ
fbem-22370	66	49	hand	hand	NOUN
fbem-22370	66	50	,	,	PUNCT
fbem-22370	66	51	digital	digital	ADJ
fbem-22370	66	52	transformation	transformation	NOUN
fbem-22370	66	53	makes	make	VERB
fbem-22370	66	54	enterprises	enterprise	NOUN
fbem-22370	66	55	more	more	ADV
fbem-22370	66	56	closely	closely	ADV
fbem-22370	66	57	connected	connect	VERB
fbem-22370	66	58	with	with	ADP
fbem-22370	66	59	stakeholders	stakeholder	NOUN
fbem-22370	66	60	,	,	PUNCT
fbem-22370	66	61	and	and	CCONJ
fbem-22370	66	62	any	any	DET
fbem-22370	66	63	change	change	NOUN
fbem-22370	66	64	in	in	ADP
fbem-22370	66	65	the	the	DET
fbem-22370	66	66	enterprise	enterprise	NOUN
fbem-22370	66	67	will	will	AUX
fbem-22370	66	68	be	be	AUX
fbem-22370	66	69	passed	pass	VERB
fbem-22370	66	70	on	on	ADP
fbem-22370	66	71	to	to	ADP
fbem-22370	66	72	stakeholders	stakeholder	NOUN
fbem-22370	66	73	more	more	ADV
fbem-22370	66	74	quickly	quickly	ADV
fbem-22370	66	75	with	with	ADP
fbem-22370	66	76	the	the	DET
fbem-22370	66	77	deepening	deepening	NOUN
fbem-22370	66	78	of	of	ADP
fbem-22370	66	79	digital	digital	ADJ
fbem-22370	66	80	transformation	transformation	NOUN
fbem-22370	66	81	.	.	PUNCT
fbem-22370	67	1	at	at	ADP
fbem-22370	67	2	the	the	DET
fbem-22370	67	3	same	same	ADJ
fbem-22370	67	4	time	time	NOUN
fbem-22370	67	5	,	,	PUNCT
fbem-22370	67	6	the	the	DET
fbem-22370	67	7	digital	digital	ADJ
fbem-22370	67	8	transformation	transformation	NOUN
fbem-22370	67	9	enables	enable	VERB
fbem-22370	67	10	the	the	DET
fbem-22370	67	11	management	management	NOUN
fbem-22370	67	12	through	through	ADP
fbem-22370	67	13	social	social	ADJ
fbem-22370	67	14	media	medium	NOUN
fbem-22370	67	15	,	,	PUNCT
fbem-22370	67	16	websites	website	NOUN
fbem-22370	67	17	and	and	CCONJ
fbem-22370	67	18	mobile	mobile	ADJ
fbem-22370	67	19	applications	application	NOUN
fbem-22370	67	20	,	,	PUNCT
fbem-22370	67	21	real	real	ADJ
fbem-22370	67	22	-	-	PUNCT
fbem-22370	67	23	time	time	NOUN
fbem-22370	67	24	interaction	interaction	NOUN
fbem-22370	67	25	with	with	ADP
fbem-22370	67	26	investors	investor	NOUN
fbem-22370	67	27	,	,	PUNCT
fbem-22370	67	28	reduce	reduce	VERB
fbem-22370	67	29	the	the	DET
fbem-22370	67	30	degree	degree	NOUN
fbem-22370	67	31	of	of	ADP
fbem-22370	67	32	information	information	NOUN
fbem-22370	67	33	asymmetry	asymmetry	NOUN
fbem-22370	67	34	between	between	ADP
fbem-22370	67	35	enterprises	enterprise	NOUN
fbem-22370	67	36	and	and	CCONJ
fbem-22370	67	37	investors	investor	NOUN
fbem-22370	67	38	,	,	PUNCT
fbem-22370	67	39	is	be	AUX
fbem-22370	67	40	conducive	conducive	ADJ
fbem-22370	67	41	to	to	ADP
fbem-22370	67	42	management	management	NOUN
fbem-22370	67	43	for	for	ADP
fbem-22370	67	44	effective	effective	ADJ
fbem-22370	67	45	information	information	NOUN
fbem-22370	67	46	needed	need	VERB
fbem-22370	67	47	to	to	PART
fbem-22370	67	48	make	make	VERB
fbem-22370	67	49	decisions	decision	NOUN
fbem-22370	67	50	,	,	PUNCT
fbem-22370	67	51	managers	manager	NOUN
fbem-22370	67	52	according	accord	VERB
fbem-22370	67	53	to	to	ADP
fbem-22370	67	54	the	the	DET
fbem-22370	67	55	information	information	NOUN
fbem-22370	67	56	obtained	obtain	VERB
fbem-22370	67	57	from	from	ADP
fbem-22370	67	58	investors	investor	NOUN
fbem-22370	67	59	to	to	PART
fbem-22370	67	60	adjust	adjust	VERB
fbem-22370	67	61	their	their	PRON
fbem-22370	67	62	esg	esg	NOUN
fbem-22370	67	63	decisions	decision	NOUN
fbem-22370	67	64	.	.	PUNCT
fbem-22370	68	1	therefore	therefore	ADV
fbem-22370	68	2	,	,	PUNCT
fbem-22370	68	3	this	this	DET
fbem-22370	68	4	paper	paper	NOUN
fbem-22370	68	5	speculated	speculate	VERB
fbem-22370	68	6	that	that	SCONJ
fbem-22370	68	7	the	the	DET
fbem-22370	68	8	manager	manager	NOUN
fbem-22370	68	9	learning	learn	VERB
fbem-22370	68	10	theory	theory	NOUN
fbem-22370	68	11	plays	play	VERB
fbem-22370	68	12	an	an	DET
fbem-22370	68	13	important	important	ADJ
fbem-22370	68	14	role	role	NOUN
fbem-22370	68	15	in	in	ADP
fbem-22370	68	16	it	it	PRON
fbem-22370	68	17	through	through	ADP
fbem-22370	68	18	the	the	DET
fbem-22370	68	19	indirect	indirect	ADJ
fbem-22370	68	20	learning	learning	NOUN
fbem-22370	68	21	of	of	ADP
fbem-22370	68	22	the	the	DET
fbem-22370	68	23	stock	stock	NOUN
fbem-22370	68	24	price	price	NOUN
fbem-22370	68	25	and	and	CCONJ
fbem-22370	68	26	the	the	DET
fbem-22370	68	27	direct	direct	ADJ
fbem-22370	68	28	interactive	interactive	ADJ
fbem-22370	68	29	learning	learning	NOUN
fbem-22370	68	30	with	with	ADP
fbem-22370	68	31	the	the	DET
fbem-22370	68	32	investors	investor	NOUN
fbem-22370	68	33	,	,	PUNCT
fbem-22370	68	34	the	the	DET
fbem-22370	68	35	managers	manager	NOUN
fbem-22370	68	36	can	can	AUX
fbem-22370	68	37	improve	improve	VERB
fbem-22370	68	38	the	the	DET
fbem-22370	68	39	managers	manager	NOUN
fbem-22370	68	40	'	'	PART
fbem-22370	68	41	perception	perception	NOUN
fbem-22370	68	42	ability	ability	NOUN
fbem-22370	68	43	and	and	CCONJ
fbem-22370	68	44	improve	improve	VERB
fbem-22370	68	45	the	the	DET
fbem-22370	68	46	efficiency	efficiency	NOUN
fbem-22370	68	47	of	of	ADP
fbem-22370	68	48	the	the	DET
fbem-22370	68	49	enterprise	enterprise	NOUN
fbem-22370	68	50	esg	esg	NOUN
fbem-22370	68	51	investment	investment	NOUN
fbem-22370	68	52	decision	decision	NOUN
fbem-22370	68	53	-	-	PUNCT
fbem-22370	68	54	making	making	NOUN
fbem-22370	68	55	.	.	PUNCT
fbem-22370	69	1	based	base	VERB
fbem-22370	69	2	on	on	ADP
fbem-22370	69	3	this	this	PRON
fbem-22370	69	4	,	,	PUNCT
fbem-22370	69	5	the	the	DET
fbem-22370	69	6	following	follow	VERB
fbem-22370	69	7	assumptions	assumption	NOUN
fbem-22370	69	8	are	be	AUX
fbem-22370	69	9	made	make	VERB
fbem-22370	69	10	:	:	PUNCT
fbem-22370	69	11	h2	h2	NOUN
fbem-22370	69	12	:	:	PUNCT
fbem-22370	69	13	under	under	ADP
fbem-22370	69	14	the	the	DET
fbem-22370	69	15	premise	premise	NOUN
fbem-22370	69	16	of	of	ADP
fbem-22370	69	17	other	other	ADJ
fbem-22370	69	18	circumstances	circumstance	NOUN
fbem-22370	69	19	,	,	PUNCT
fbem-22370	69	20	the	the	DET
fbem-22370	69	21	digital	digital	ADJ
fbem-22370	69	22	transformation	transformation	NOUN
fbem-22370	69	23	of	of	ADP
fbem-22370	69	24	enterprises	enterprise	NOUN
fbem-22370	69	25	improves	improve	VERB
fbem-22370	69	26	esg	esg	NOUN
fbem-22370	69	27	performance	performance	NOUN
fbem-22370	69	28	by	by	ADP
fbem-22370	69	29	improving	improve	VERB
fbem-22370	69	30	managers	manager	NOUN
fbem-22370	69	31	'	'	PART
fbem-22370	69	32	perception	perception	NOUN
fbem-22370	69	33	ability	ability	NOUN
fbem-22370	69	34	.	.	PUNCT
fbem-22370	70	1	2.3	2.3	NUM
fbem-22370	70	2	.	.	PUNCT
fbem-22370	71	1	enterprise	enterprise	NOUN
fbem-22370	71	2	digital	digital	ADJ
fbem-22370	71	3	transformation	transformation	NOUN
fbem-22370	71	4	,	,	PUNCT
fbem-22370	71	5	managers	manager	NOUN
fbem-22370	71	6	'	'	PART
fbem-22370	71	7	decision	decision	NOUN
fbem-22370	71	8	-	-	PUNCT
fbem-22370	71	9	making	make	VERB
fbem-22370	71	10	ability	ability	NOUN
fbem-22370	71	11	and	and	CCONJ
fbem-22370	71	12	esg	esg	NOUN
fbem-22370	71	13	performance	performance	NOUN
fbem-22370	71	14	this	this	DET
fbem-22370	71	15	paper	paper	NOUN
fbem-22370	71	16	holds	hold	VERB
fbem-22370	71	17	that	that	SCONJ
fbem-22370	71	18	the	the	DET
fbem-22370	71	19	decision	decision	NOUN
fbem-22370	71	20	-	-	PUNCT
fbem-22370	71	21	making	make	VERB
fbem-22370	71	22	ability	ability	NOUN
fbem-22370	71	23	of	of	ADP
fbem-22370	71	24	managers	manager	NOUN
fbem-22370	71	25	represents	represent	VERB
fbem-22370	71	26	the	the	DET
fbem-22370	71	27	investment	investment	NOUN
fbem-22370	71	28	decision	decision	NOUN
fbem-22370	71	29	quality	quality	NOUN
fbem-22370	71	30	of	of	ADP
fbem-22370	71	31	managers	manager	NOUN
fbem-22370	71	32	,	,	PUNCT
fbem-22370	71	33	that	that	ADV
fbem-22370	71	34	is	is	ADV
fbem-22370	71	35	,	,	PUNCT
fbem-22370	71	36	managers	manager	NOUN
fbem-22370	71	37	can	can	AUX
fbem-22370	71	38	accurately	accurately	ADV
fbem-22370	71	39	identify	identify	VERB
fbem-22370	71	40	investment	investment	NOUN
fbem-22370	71	41	opportunities	opportunity	NOUN
fbem-22370	71	42	and	and	CCONJ
fbem-22370	71	43	make	make	VERB
fbem-22370	71	44	the	the	DET
fbem-22370	71	45	actual	actual	ADJ
fbem-22370	71	46	investment	investment	NOUN
fbem-22370	71	47	level	level	NOUN
fbem-22370	71	48	similar	similar	ADJ
fbem-22370	71	49	to	to	ADP
fbem-22370	71	50	the	the	DET
fbem-22370	71	51	optimal	optimal	ADJ
fbem-22370	71	52	investment	investment	NOUN
fbem-22370	71	53	level	level	NOUN
fbem-22370	71	54	,	,	PUNCT
fbem-22370	71	55	in	in	ADP
fbem-22370	71	56	order	order	NOUN
fbem-22370	71	57	to	to	PART
fbem-22370	71	58	improve	improve	VERB
fbem-22370	71	59	the	the	DET
fbem-22370	71	60	investment	investment	NOUN
fbem-22370	71	61	efficiency	efficiency	NOUN
fbem-22370	71	62	of	of	ADP
fbem-22370	71	63	enterprises	enterprise	NOUN
fbem-22370	71	64	.	.	PUNCT
fbem-22370	72	1	manager	manager	NOUN
fbem-22370	72	2	every	every	DET
fbem-22370	72	3	day	day	NOUN
fbem-22370	72	4	all	all	PRON
fbem-22370	72	5	need	need	VERB
fbem-22370	72	6	to	to	PART
fbem-22370	72	7	judge	judge	VERB
fbem-22370	72	8	problems	problem	NOUN
fbem-22370	72	9	,	,	PUNCT
fbem-22370	72	10	analyze	analyze	VERB
fbem-22370	72	11	problems	problem	NOUN
fbem-22370	72	12	,	,	PUNCT
fbem-22370	72	13	solve	solve	VERB
fbem-22370	72	14	problems	problem	NOUN
fbem-22370	72	15	,	,	PUNCT
fbem-22370	72	16	and	and	CCONJ
fbem-22370	72	17	achieve	achieve	VERB
fbem-22370	72	18	performance	performance	NOUN
fbem-22370	72	19	.	.	PUNCT
fbem-22370	73	1	study	study	NOUN
fbem-22370	73	2	force	force	NOUN
fbem-22370	73	3	,	,	PUNCT
fbem-22370	73	4	adaptability	adaptability	NOUN
fbem-22370	73	5	and	and	CCONJ
fbem-22370	73	6	agility	agility	NOUN
fbem-22370	73	7	are	be	AUX
fbem-22370	73	8	the	the	DET
fbem-22370	73	9	essential	essential	ADJ
fbem-22370	73	10	competitors	competitor	NOUN
fbem-22370	73	11	in	in	ADP
fbem-22370	73	12	the	the	DET
fbem-22370	73	13	digital	digital	ADJ
fbem-22370	73	14	age	age	NOUN
fbem-22370	73	15	implement	implement	NOUN
fbem-22370	73	16	.	.	PUNCT
fbem-22370	74	1	learning	learn	VERB
fbem-22370	74	2	requires	require	VERB
fbem-22370	74	3	methods	method	NOUN
fbem-22370	74	4	and	and	CCONJ
fbem-22370	74	5	technology	technology	NOUN
fbem-22370	74	6	to	to	PART
fbem-22370	74	7	get	get	VERB
fbem-22370	74	8	twice	twice	DET
fbem-22370	74	9	the	the	DET
fbem-22370	74	10	result	result	NOUN
fbem-22370	74	11	with	with	ADP
fbem-22370	74	12	half	half	DET
fbem-22370	74	13	the	the	DET
fbem-22370	74	14	effort	effort	NOUN
fbem-22370	74	15	,	,	PUNCT
fbem-22370	74	16	digital	digital	ADJ
fbem-22370	74	17	transformation	transformation	NOUN
fbem-22370	74	18	can	can	AUX
fbem-22370	74	19	help	help	VERB
fbem-22370	74	20	the	the	DET
fbem-22370	74	21	management	management	NOUN
fbem-22370	74	22	to	to	PART
fbem-22370	74	23	improve	improve	VERB
fbem-22370	74	24	the	the	DET
fbem-22370	74	25	cognitive	cognitive	ADJ
fbem-22370	74	26	level	level	NOUN
fbem-22370	74	27	,	,	PUNCT
fbem-22370	74	28	the	the	DET
fbem-22370	74	29	internet	internet	NOUN
fbem-22370	74	30	,	,	PUNCT
fbem-22370	74	31	virtual	virtual	ADJ
fbem-22370	74	32	reality	reality	NOUN
fbem-22370	74	33	,	,	PUNCT
fbem-22370	74	34	new	new	ADJ
fbem-22370	74	35	type	type	NOUN
fbem-22370	74	36	artificial	artificial	ADJ
fbem-22370	74	37	intelligence	intelligence	NOUN
fbem-22370	74	38	,	,	PUNCT
fbem-22370	74	39	blockchain	blockchain	PROPN
fbem-22370	74	40	technology	technology	PROPN
fbem-22370	74	41	can	can	AUX
fbem-22370	74	42	help	help	VERB
fbem-22370	74	43	them	they	PRON
fbem-22370	74	44	restructure	restructure	VERB
fbem-22370	74	45	the	the	DET
fbem-22370	74	46	economy	economy	NOUN
fbem-22370	74	47	and	and	CCONJ
fbem-22370	74	48	reengineer	reengineer	VERB
fbem-22370	74	49	the	the	DET
fbem-22370	74	50	organization	organization	NOUN
fbem-22370	74	51	,	,	PUNCT
fbem-22370	74	52	and	and	CCONJ
fbem-22370	74	53	refactoring	refactore	VERB
fbem-22370	74	54	the	the	DET
fbem-22370	74	55	relationship	relationship	NOUN
fbem-22370	74	56	between	between	ADP
fbem-22370	74	57	people	people	NOUN
fbem-22370	74	58	and	and	CCONJ
fbem-22370	74	59	organizations	organization	NOUN
fbem-22370	74	60	.	.	PUNCT
fbem-22370	75	1	in	in	ADP
fbem-22370	75	2	fact	fact	NOUN
fbem-22370	75	3	,	,	PUNCT
fbem-22370	75	4	digital	digital	ADJ
fbem-22370	75	5	transformation	transformation	NOUN
fbem-22370	75	6	can	can	AUX
fbem-22370	75	7	enhance	enhance	VERB
fbem-22370	75	8	the	the	DET
fbem-22370	75	9	mining	mining	NOUN
fbem-22370	75	10	of	of	ADP
fbem-22370	75	11	information	information	NOUN
fbem-22370	75	12	value	value	NOUN
fbem-22370	75	13	ability	ability	NOUN
fbem-22370	75	14	to	to	PART
fbem-22370	75	15	improve	improve	VERB
fbem-22370	75	16	the	the	DET
fbem-22370	75	17	enterprise	enterprise	NOUN
fbem-22370	75	18	esg	esg	NOUN
fbem-22370	75	19	management	management	NOUN
fbem-22370	75	20	decision	decision	NOUN
fbem-22370	75	21	-	-	PUNCT
fbem-22370	75	22	making	making	NOUN
fbem-22370	75	23	level	level	NOUN
fbem-22370	75	24	.	.	PUNCT
fbem-22370	76	1	on	on	ADP
fbem-22370	76	2	the	the	DET
fbem-22370	76	3	one	one	NUM
fbem-22370	76	4	hand	hand	NOUN
fbem-22370	76	5	,	,	PUNCT
fbem-22370	76	6	the	the	DET
fbem-22370	76	7	digital	digital	ADJ
fbem-22370	76	8	transformation	transformation	NOUN
fbem-22370	76	9	it	it	PRON
fbem-22370	76	10	can	can	AUX
fbem-22370	76	11	effectively	effectively	ADV
fbem-22370	76	12	improve	improve	VERB
fbem-22370	76	13	the	the	DET
fbem-22370	76	14	efficiency	efficiency	NOUN
fbem-22370	76	15	of	of	ADP
fbem-22370	76	16	information	information	NOUN
fbem-22370	76	17	conversion	conversion	NOUN
fbem-22370	76	18	and	and	CCONJ
fbem-22370	76	19	reduce	reduce	VERB
fbem-22370	76	20	the	the	DET
fbem-22370	76	21	difficulty	difficulty	NOUN
fbem-22370	76	22	of	of	ADP
fbem-22370	76	23	managers	manager	NOUN
fbem-22370	76	24	to	to	PART
fbem-22370	76	25	make	make	VERB
fbem-22370	76	26	decisions	decision	NOUN
fbem-22370	76	27	degrees	degree	NOUN
fbem-22370	76	28	and	and	CCONJ
fbem-22370	76	29	risks	risk	NOUN
fbem-22370	76	30	[	[	PUNCT
fbem-22370	76	31	13	13	NUM
fbem-22370	76	32	]	]	PUNCT
fbem-22370	76	33	.	.	PUNCT
fbem-22370	77	1	the	the	DET
fbem-22370	77	2	fundamental	fundamental	ADJ
fbem-22370	77	3	information	information	NOUN
fbem-22370	77	4	and	and	CCONJ
fbem-22370	77	5	investors	investor	NOUN
fbem-22370	77	6	brought	bring	VERB
fbem-22370	77	7	about	about	ADP
fbem-22370	77	8	by	by	ADP
fbem-22370	77	9	the	the	DET
fbem-22370	77	10	digital	digital	ADJ
fbem-22370	77	11	transformation	transformation	NOUN
fbem-22370	77	12	the	the	DET
fbem-22370	77	13	industry	industry	NOUN
fbem-22370	77	14	trends	trend	NOUN
fbem-22370	77	15	,	,	PUNCT
fbem-22370	77	16	product	product	NOUN
fbem-22370	77	17	market	market	NOUN
fbem-22370	77	18	peers	peer	NOUN
fbem-22370	77	19	and	and	CCONJ
fbem-22370	77	20	supply	supply	VERB
fbem-22370	77	21	chain	chain	NOUN
fbem-22370	77	22	dynamic	dynamic	ADJ
fbem-22370	77	23	information	information	NOUN
fbem-22370	77	24	provide	provide	VERB
fbem-22370	77	25	an	an	DET
fbem-22370	77	26	important	important	ADJ
fbem-22370	77	27	reference	reference	NOUN
fbem-22370	77	28	value	value	NOUN
fbem-22370	77	29	for	for	ADP
fbem-22370	77	30	company	company	NOUN
fbem-22370	77	31	managers	manager	NOUN
fbem-22370	77	32	to	to	PART
fbem-22370	77	33	make	make	VERB
fbem-22370	77	34	resource	resource	NOUN
fbem-22370	77	35	allocation	allocation	NOUN
fbem-22370	77	36	and	and	CCONJ
fbem-22370	77	37	esg	esg	NOUN
fbem-22370	77	38	decisions	decision	NOUN
fbem-22370	77	39	,	,	PUNCT
fbem-22370	77	40	and	and	CCONJ
fbem-22370	77	41	improve	improve	VERB
fbem-22370	77	42	the	the	DET
fbem-22370	77	43	overall	overall	ADJ
fbem-22370	77	44	esg	esg	NOUN
fbem-22370	77	45	investment	investment	NOUN
fbem-22370	77	46	efficiency	efficiency	NOUN
fbem-22370	77	47	of	of	ADP
fbem-22370	77	48	enterprises	enterprise	NOUN
fbem-22370	77	49	.	.	PUNCT
fbem-22370	78	1	on	on	ADP
fbem-22370	78	2	the	the	DET
fbem-22370	78	3	other	other	ADJ
fbem-22370	78	4	hand	hand	NOUN
fbem-22370	78	5	,	,	PUNCT
fbem-22370	78	6	the	the	DET
fbem-22370	78	7	information	information	NOUN
fbem-22370	78	8	feedback	feedback	NOUN
fbem-22370	78	9	brought	bring	VERB
fbem-22370	78	10	by	by	ADP
fbem-22370	78	11	liquidity	liquidity	NOUN
fbem-22370	78	12	and	and	CCONJ
fbem-22370	78	13	the	the	DET
fbem-22370	78	14	information	information	NOUN
fbem-22370	78	15	feedback	feedback	NOUN
fbem-22370	78	16	of	of	ADP
fbem-22370	78	17	direct	direct	ADJ
fbem-22370	78	18	communication	communication	NOUN
fbem-22370	78	19	with	with	ADP
fbem-22370	78	20	investors	investor	NOUN
fbem-22370	78	21	can	can	AUX
fbem-22370	78	22	become	become	VERB
fbem-22370	78	23	the	the	DET
fbem-22370	78	24	way	way	NOUN
fbem-22370	78	25	to	to	PART
fbem-22370	78	26	test	test	VERB
fbem-22370	78	27	the	the	DET
fbem-22370	78	28	operation	operation	NOUN
fbem-22370	78	29	status	status	NOUN
fbem-22370	78	30	of	of	ADP
fbem-22370	78	31	enterprises	enterprise	NOUN
fbem-22370	78	32	,	,	PUNCT
fbem-22370	78	33	judge	judge	VERB
fbem-22370	78	34	whether	whether	SCONJ
fbem-22370	78	35	the	the	DET
fbem-22370	78	36	future	future	ADJ
fbem-22370	78	37	development	development	NOUN
fbem-22370	78	38	direction	direction	NOUN
fbem-22370	78	39	is	be	AUX
fbem-22370	78	40	the	the	DET
fbem-22370	78	41	most	most	ADV
fbem-22370	78	42	appropriate	appropriate	ADJ
fbem-22370	78	43	from	from	ADP
fbem-22370	78	44	the	the	DET
fbem-22370	78	45	perspective	perspective	NOUN
fbem-22370	78	46	of	of	ADP
fbem-22370	78	47	the	the	DET
fbem-22370	78	48	market	market	NOUN
fbem-22370	78	49	,	,	PUNCT
fbem-22370	78	50	and	and	CCONJ
fbem-22370	78	51	finally	finally	ADV
fbem-22370	78	52	realize	realize	VERB
fbem-22370	78	53	the	the	DET
fbem-22370	78	54	systematic	systematic	ADJ
fbem-22370	78	55	cycle	cycle	NOUN
fbem-22370	78	56	of	of	ADP
fbem-22370	78	57	reference	reference	NOUN
fbem-22370	78	58	,	,	PUNCT
fbem-22370	78	59	decisionmaking	decisionmake	VERB
fbem-22370	78	60	and	and	CCONJ
fbem-22370	78	61	feedback	feedback	NOUN
fbem-22370	78	62	of	of	ADP
fbem-22370	78	63	the	the	DET
fbem-22370	78	64	stock	stock	NOUN
fbem-22370	78	65	market	market	NOUN
fbem-22370	78	66	and	and	CCONJ
fbem-22370	78	67	investors	investor	NOUN
fbem-22370	78	68	.	.	PUNCT
fbem-22370	79	1	based	base	VERB
fbem-22370	79	2	on	on	ADP
fbem-22370	79	3	this	this	PRON
fbem-22370	79	4	,	,	PUNCT
fbem-22370	79	5	this	this	DET
fbem-22370	79	6	paper	paper	NOUN
fbem-22370	79	7	proposes	propose	VERB
fbem-22370	79	8	the	the	DET
fbem-22370	79	9	following	follow	VERB
fbem-22370	79	10	assumptions	assumption	NOUN
fbem-22370	79	11	:	:	PUNCT
fbem-22370	79	12	h3	h3	NOUN
fbem-22370	79	13	:	:	PUNCT
fbem-22370	79	14	all	all	DET
fbem-22370	79	15	the	the	DET
fbem-22370	79	16	same	same	ADJ
fbem-22370	79	17	,	,	PUNCT
fbem-22370	79	18	the	the	DET
fbem-22370	79	19	digital	digital	ADJ
fbem-22370	79	20	transformation	transformation	NOUN
fbem-22370	79	21	of	of	ADP
fbem-22370	79	22	enterprises	enterprise	NOUN
fbem-22370	79	23	can	can	AUX
fbem-22370	79	24	improve	improve	VERB
fbem-22370	79	25	esg	esg	NOUN
fbem-22370	79	26	performance	performance	NOUN
fbem-22370	79	27	by	by	ADP
fbem-22370	79	28	improving	improve	VERB
fbem-22370	79	29	managers	manager	NOUN
fbem-22370	79	30	'	'	PART
fbem-22370	79	31	decision	decision	NOUN
fbem-22370	79	32	-	-	PUNCT
fbem-22370	79	33	making	make	VERB
fbem-22370	79	34	ability	ability	NOUN
fbem-22370	79	35	.	.	PUNCT
fbem-22370	80	1	3	3	X
fbem-22370	80	2	.	.	X
fbem-22370	80	3	research	research	NOUN
fbem-22370	80	4	esign	esign	VERB
fbem-22370	80	5	3.1	3.1	NUM
fbem-22370	80	6	.	.	PUNCT
fbem-22370	81	1	data	datum	NOUN
fbem-22370	81	2	source	source	NOUN
fbem-22370	81	3	and	and	CCONJ
fbem-22370	81	4	sample	sample	NOUN
fbem-22370	81	5	selection	selection	NOUN
fbem-22370	81	6	in	in	ADP
fbem-22370	81	7	this	this	DET
fbem-22370	81	8	paper	paper	NOUN
fbem-22370	81	9	,	,	PUNCT
fbem-22370	81	10	the	the	DET
fbem-22370	81	11	data	datum	NOUN
fbem-22370	81	12	of	of	ADP
fbem-22370	81	13	a	a	DET
fbem-22370	81	14	-	-	PUNCT
fbem-22370	81	15	share	share	NOUN
fbem-22370	81	16	listed	list	VERB
fbem-22370	81	17	companies	company	NOUN
fbem-22370	81	18	from	from	ADP
fbem-22370	81	19	2009	2009	NUM
fbem-22370	81	20	to	to	ADP
fbem-22370	81	21	2021	2021	NUM
fbem-22370	81	22	are	be	AUX
fbem-22370	81	23	selected	select	VERB
fbem-22370	81	24	as	as	ADP
fbem-22370	81	25	the	the	DET
fbem-22370	81	26	research	research	NOUN
fbem-22370	81	27	sample	sample	NOUN
fbem-22370	81	28	.	.	PUNCT
fbem-22370	82	1	data	datum	NOUN
fbem-22370	82	2	processing	processing	NOUN
fbem-22370	82	3	according	accord	VERB
fbem-22370	82	4	to	to	ADP
fbem-22370	82	5	the	the	DET
fbem-22370	82	6	following	following	ADJ
fbem-22370	82	7	standards	standard	NOUN
fbem-22370	82	8	:	:	PUNCT
fbem-22370	82	9	(	(	PUNCT
fbem-22370	82	10	1	1	X
fbem-22370	82	11	)	)	PUNCT
fbem-22370	82	12	excluding	exclude	VERB
fbem-22370	82	13	financial	financial	ADJ
fbem-22370	82	14	listed	list	VERB
fbem-22370	82	15	companies	company	NOUN
fbem-22370	82	16	;	;	PUNCT
fbem-22370	82	17	(	(	PUNCT
fbem-22370	82	18	2	2	X
fbem-22370	82	19	)	)	PUNCT
fbem-22370	82	20	excluding	exclude	VERB
fbem-22370	82	21	st	st	PROPN
fbem-22370	82	22	and	and	CCONJ
fbem-22370	82	23	*	*	PROPN
fbem-22370	82	24	st	st	PROPN
fbem-22370	82	25	companies	company	NOUN
fbem-22370	82	26	;	;	PUNCT
fbem-22370	82	27	(	(	PUNCT
fbem-22370	82	28	3	3	X
fbem-22370	82	29	)	)	PUNCT
fbem-22370	82	30	excluding	exclude	VERB
fbem-22370	82	31	data	datum	NOUN
fbem-22370	82	32	abnormal	abnormal	ADJ
fbem-22370	82	33	and	and	CCONJ
fbem-22370	82	34	missing	miss	VERB
fbem-22370	82	35	data	datum	NOUN
fbem-22370	82	36	,	,	PUNCT
fbem-22370	82	37	and	and	CCONJ
fbem-22370	82	38	finally	finally	ADV
fbem-22370	82	39	obtaining	obtain	VERB
fbem-22370	82	40	12,664	12,664	NUM
fbem-22370	82	41	observed	observed	ADJ
fbem-22370	82	42	values	value	NOUN
fbem-22370	82	43	.	.	PUNCT
fbem-22370	83	1	the	the	DET
fbem-22370	83	2	sample	sample	NOUN
fbem-22370	83	3	data	datum	NOUN
fbem-22370	83	4	were	be	AUX
fbem-22370	83	5	obtained	obtain	VERB
fbem-22370	83	6	from	from	ADP
fbem-22370	83	7	china	china	PROPN
fbem-22370	83	8	securities	securities	PROPN
fbem-22370	83	9	index	index	NOUN
fbem-22370	83	10	and	and	CCONJ
fbem-22370	83	11	guotai	guotai	NOUN
fbem-22370	83	12	taian	taian	ADJ
fbem-22370	83	13	database	database	NOUN
fbem-22370	83	14	,	,	PUNCT
fbem-22370	83	15	and	and	CCONJ
fbem-22370	83	16	the	the	DET
fbem-22370	83	17	continuous	continuous	ADJ
fbem-22370	83	18	variables	variable	NOUN
fbem-22370	83	19	were	be	AUX
fbem-22370	83	20	reduced	reduce	VERB
fbem-22370	83	21	at	at	ADP
fbem-22370	83	22	the	the	DET
fbem-22370	83	23	level	level	NOUN
fbem-22370	83	24	of	of	ADP
fbem-22370	83	25	1	1	NUM
fbem-22370	83	26	%	%	NOUN
fbem-22370	83	27	.	.	PUNCT
fbem-22370	84	1	3.2	3.2	NUM
fbem-22370	84	2	.	.	PUNCT
fbem-22370	85	1	variable	variable	ADJ
fbem-22370	85	2	-	-	PUNCT
fbem-22370	85	3	definition	definition	NOUN
fbem-22370	85	4	3.2.1	3.2.1	NUM
fbem-22370	85	5	.	.	PUNCT
fbem-22370	85	6	explained	explain	VERB
fbem-22370	85	7	variable	variable	ADJ
fbem-22370	85	8	enterprise	enterprise	NOUN
fbem-22370	85	9	esg	esg	NOUN
fbem-22370	85	10	performance	performance	NOUN
fbem-22370	85	11	.	.	PUNCT
fbem-22370	86	1	based	base	VERB
fbem-22370	86	2	on	on	ADP
fbem-22370	86	3	the	the	DET
fbem-22370	86	4	study	study	NOUN
fbem-22370	86	5	of	of	ADP
fbem-22370	86	6	gao	gao	PROPN
fbem-22370	86	7	yanyan	yanyan	PROPN
fbem-22370	86	8	and	and	CCONJ
fbem-22370	86	9	huang	huang	PROPN
fbem-22370	86	10	jianbo	jianbo	PROPN
fbem-22370	86	11	(	(	PUNCT
fbem-22370	86	12	2023	2023	NUM
fbem-22370	86	13	)	)	PUNCT
fbem-22370	86	14	,	,	PUNCT
fbem-22370	86	15	esg	esg	NOUN
fbem-22370	86	16	rating	rating	NOUN
fbem-22370	86	17	was	be	AUX
fbem-22370	86	18	used	use	VERB
fbem-22370	86	19	as	as	ADP
fbem-22370	86	20	the	the	DET
fbem-22370	86	21	381	381	NUM
fbem-22370	86	22	proxy	proxy	ADJ
fbem-22370	86	23	variable	variable	NOUN
fbem-22370	86	24	of	of	ADP
fbem-22370	86	25	enterprise	enterprise	NOUN
fbem-22370	86	26	esg	esg	NOUN
fbem-22370	86	27	performance	performance	NOUN
fbem-22370	86	28	.	.	PUNCT
fbem-22370	87	1	at	at	ADP
fbem-22370	87	2	present	present	ADJ
fbem-22370	87	3	,	,	PUNCT
fbem-22370	87	4	many	many	ADJ
fbem-22370	87	5	institutions	institution	NOUN
fbem-22370	87	6	have	have	AUX
fbem-22370	87	7	released	release	VERB
fbem-22370	87	8	the	the	DET
fbem-22370	87	9	esg	esg	NOUN
fbem-22370	87	10	rating	rating	NOUN
fbem-22370	87	11	data	datum	NOUN
fbem-22370	87	12	of	of	ADP
fbem-22370	87	13	chinese	chinese	ADJ
fbem-22370	87	14	listed	list	VERB
fbem-22370	87	15	companies	company	NOUN
fbem-22370	87	16	,	,	PUNCT
fbem-22370	87	17	such	such	ADJ
fbem-22370	87	18	as	as	ADP
fbem-22370	87	19	china	china	PROPN
fbem-22370	87	20	securities	securities	PROPN
fbem-22370	87	21	,	,	PUNCT
fbem-22370	87	22	bloomberg	bloomberg	PROPN
fbem-22370	87	23	,	,	PUNCT
fbem-22370	87	24	business	business	NOUN
fbem-22370	87	25	road	road	NOUN
fbem-22370	87	26	ronglu	ronglu	PROPN
fbem-22370	87	27	,	,	PUNCT
fbem-22370	87	28	etc	etc	X
fbem-22370	87	29	.	.	X
fbem-22370	87	30	compared	compare	VERB
fbem-22370	87	31	with	with	ADP
fbem-22370	87	32	other	other	ADJ
fbem-22370	87	33	data	datum	NOUN
fbem-22370	87	34	sources	source	NOUN
fbem-22370	87	35	,	,	PUNCT
fbem-22370	87	36	the	the	DET
fbem-22370	87	37	esg	esg	PROPN
fbem-22370	87	38	rating	rating	NOUN
fbem-22370	87	39	data	datum	NOUN
fbem-22370	87	40	has	have	VERB
fbem-22370	87	41	a	a	DET
fbem-22370	87	42	wide	wide	ADJ
fbem-22370	87	43	coverage	coverage	NOUN
fbem-22370	87	44	and	and	CCONJ
fbem-22370	87	45	a	a	DET
fbem-22370	87	46	long	long	ADJ
fbem-22370	87	47	time	time	NOUN
fbem-22370	87	48	span	span	NOUN
fbem-22370	87	49	.	.	PUNCT
fbem-22370	88	1	therefore	therefore	ADV
fbem-22370	88	2	,	,	PUNCT
fbem-22370	88	3	this	this	DET
fbem-22370	88	4	paper	paper	NOUN
fbem-22370	88	5	selects	select	VERB
fbem-22370	88	6	the	the	DET
fbem-22370	88	7	csi	csi	PROPN
fbem-22370	88	8	esg	esg	PROPN
fbem-22370	88	9	rating	rating	NOUN
fbem-22370	88	10	data	datum	NOUN
fbem-22370	88	11	to	to	PART
fbem-22370	88	12	measure	measure	VERB
fbem-22370	88	13	the	the	DET
fbem-22370	88	14	esg	esg	NOUN
fbem-22370	88	15	performance	performance	NOUN
fbem-22370	88	16	of	of	ADP
fbem-22370	88	17	the	the	DET
fbem-22370	88	18	sample	sample	NOUN
fbem-22370	88	19	company	company	NOUN
fbem-22370	88	20	.	.	PUNCT
fbem-22370	89	1	the	the	DET
fbem-22370	89	2	esg	esg	PROPN
fbem-22370	89	3	rating	rating	NOUN
fbem-22370	89	4	is	be	AUX
fbem-22370	89	5	1	1	NUM
fbem-22370	89	6	to	to	ADP
fbem-22370	89	7	9	9	NUM
fbem-22370	89	8	according	accord	VERB
fbem-22370	89	9	to	to	ADP
fbem-22370	89	10	9	9	NUM
fbem-22370	89	11	grades	grade	NOUN
fbem-22370	89	12	(	(	PUNCT
fbem-22370	89	13	c	c	X
fbem-22370	89	14	,	,	PUNCT
fbem-22370	89	15	cc	cc	PROPN
fbem-22370	89	16	,	,	PUNCT
fbem-22370	89	17	ccc	ccc	PROPN
fbem-22370	89	18	,	,	PUNCT
fbem-22370	89	19	b	b	PROPN
fbem-22370	89	20	,	,	PUNCT
fbem-22370	89	21	b	b	PROPN
fbem-22370	89	22	,	,	PUNCT
fbem-22370	89	23	bb	bb	PROPN
fbem-22370	89	24	,	,	PUNCT
fbem-22370	89	25	bbb	bbb	PROPN
fbem-22370	89	26	,	,	PUNCT
fbem-22370	89	27	a	a	PRON
fbem-22370	89	28	,	,	PUNCT
fbem-22370	89	29	aa	aa	NOUN
fbem-22370	89	30	,	,	PUNCT
fbem-22370	89	31	aaa	aaa	NOUN
fbem-22370	89	32	)	)	PUNCT
fbem-22370	89	33	.	.	PUNCT
fbem-22370	90	1	the	the	PRON
fbem-22370	90	2	higher	high	ADJ
fbem-22370	90	3	the	the	DET
fbem-22370	90	4	score	score	NOUN
fbem-22370	90	5	,	,	PUNCT
fbem-22370	90	6	the	the	PRON
fbem-22370	90	7	better	well	ADJ
fbem-22370	90	8	the	the	DET
fbem-22370	90	9	esg	esg	NOUN
fbem-22370	90	10	performance	performance	NOUN
fbem-22370	90	11	of	of	ADP
fbem-22370	90	12	the	the	DET
fbem-22370	90	13	enterprise	enterprise	NOUN
fbem-22370	90	14	.	.	PUNCT
fbem-22370	91	1	3.2.2	3.2.2	X
fbem-22370	91	2	.	.	PUNCT
fbem-22370	91	3	explanatory	explanatory	ADJ
fbem-22370	91	4	variable	variable	ADJ
fbem-22370	91	5	drawing	draw	VERB
fbem-22370	91	6	on	on	ADP
fbem-22370	91	7	the	the	DET
fbem-22370	91	8	practice	practice	NOUN
fbem-22370	91	9	of	of	ADP
fbem-22370	91	10	wu	wu	PROPN
fbem-22370	91	11	fei	fei	PROPN
fbem-22370	91	12	et	et	PROPN
fbem-22370	91	13	al	al	PROPN
fbem-22370	91	14	.	.	PUNCT
fbem-22370	92	1	[	[	X
fbem-22370	92	2	9	9	NUM
fbem-22370	92	3	]	]	PUNCT
fbem-22370	92	4	,	,	PUNCT
fbem-22370	92	5	the	the	DET
fbem-22370	92	6	digital	digital	ADJ
fbem-22370	92	7	transformation	transformation	NOUN
fbem-22370	92	8	characteristics	characteristic	NOUN
fbem-22370	92	9	of	of	ADP
fbem-22370	92	10	enterprises	enterprise	NOUN
fbem-22370	92	11	are	be	AUX
fbem-22370	92	12	constructed	construct	VERB
fbem-22370	92	13	related	relate	VERB
fbem-22370	92	14	word	word	NOUN
fbem-22370	92	15	library	library	NOUN
fbem-22370	92	16	.	.	PUNCT
fbem-22370	93	1	among	among	ADP
fbem-22370	93	2	them	they	PRON
fbem-22370	93	3	,	,	PUNCT
fbem-22370	93	4	the	the	DET
fbem-22370	93	5	feature	feature	NOUN
fbem-22370	93	6	thesaurus	thesaurus	NOUN
fbem-22370	93	7	of	of	ADP
fbem-22370	93	8	digital	digital	ADJ
fbem-22370	93	9	transformation	transformation	NOUN
fbem-22370	93	10	includes	include	VERB
fbem-22370	93	11	the	the	DET
fbem-22370	93	12	“	"	PUNCT
fbem-22370	93	13	underlying	underlying	ADJ
fbem-22370	93	14	technology	technology	NOUN
fbem-22370	93	15	application	application	NOUN
fbem-22370	93	16	"	"	PUNCT
fbem-22370	93	17	and	and	CCONJ
fbem-22370	93	18	"	"	PUNCT
fbem-22370	93	19	technology	technology	NOUN
fbem-22370	93	20	practice	practice	NOUN
fbem-22370	93	21	application	application	NOUN
fbem-22370	93	22	“	"	PUNCT
fbem-22370	93	23	two	two	NUM
fbem-22370	93	24	aspects	aspect	NOUN
fbem-22370	93	25	.	.	PUNCT
fbem-22370	94	1	at	at	ADP
fbem-22370	94	2	the	the	DET
fbem-22370	94	3	level	level	NOUN
fbem-22370	94	4	of	of	ADP
fbem-22370	94	5	"	"	PUNCT
fbem-22370	94	6	underlying	underlying	ADJ
fbem-22370	94	7	technology	technology	NOUN
fbem-22370	94	8	application	application	NOUN
fbem-22370	94	9	"	"	PUNCT
fbem-22370	94	10	it	it	PRON
fbem-22370	94	11	also	also	ADV
fbem-22370	94	12	divides	divide	VERB
fbem-22370	94	13	into	into	ADP
fbem-22370	94	14	four	four	NUM
fbem-22370	94	15	subdivided	subdivided	ADJ
fbem-22370	94	16	dimensions	dimension	NOUN
fbem-22370	94	17	:	:	PUNCT
fbem-22370	94	18	artificial	artificial	ADJ
fbem-22370	94	19	intelligence	intelligence	NOUN
fbem-22370	94	20	,	,	PUNCT
fbem-22370	94	21	blockchain	blockchain	NOUN
fbem-22370	94	22	,	,	PUNCT
fbem-22370	94	23	and	and	CCONJ
fbem-22370	94	24	cloud	cloud	NOUN
fbem-22370	94	25	computing	computing	NOUN
fbem-22370	94	26	and	and	CCONJ
fbem-22370	94	27	big	big	ADJ
fbem-22370	94	28	data	datum	NOUN
fbem-22370	94	29	linear	linear	PROPN
fbem-22370	94	30	measure	measure	NOUN
fbem-22370	94	31	.	.	PUNCT
fbem-22370	95	1	3.2.3	3.2.3	X
fbem-22370	95	2	.	.	PUNCT
fbem-22370	95	3	metavariable	metavariable	ADJ
fbem-22370	95	4	manager	manager	NOUN
fbem-22370	95	5	perception	perception	NOUN
fbem-22370	95	6	is	be	AUX
fbem-22370	95	7	measured	measure	VERB
fbem-22370	95	8	by	by	ADP
fbem-22370	95	9	the	the	DET
fbem-22370	95	10	opposite	opposite	ADJ
fbem-22370	95	11	number	number	NOUN
fbem-22370	95	12	of	of	ADP
fbem-22370	95	13	equity	equity	NOUN
fbem-22370	95	14	liquidity	liquidity	NOUN
fbem-22370	95	15	(	(	PUNCT
fbem-22370	95	16	liu	liu	PROPN
fbem-22370	95	17	)	)	PUNCT
fbem-22370	95	18	and	and	CCONJ
fbem-22370	95	19	the	the	DET
fbem-22370	95	20	logarithm	logarithm	NOUN
fbem-22370	95	21	(	(	PUNCT
fbem-22370	95	22	analyst	analyst	NOUN
fbem-22370	95	23	)	)	PUNCT
fbem-22370	95	24	.	.	PUNCT
fbem-22370	96	1	on	on	ADP
fbem-22370	96	2	the	the	DET
fbem-22370	96	3	one	one	NUM
fbem-22370	96	4	hand	hand	NOUN
fbem-22370	96	5	,	,	PUNCT
fbem-22370	96	6	the	the	DET
fbem-22370	96	7	stock	stock	NOUN
fbem-22370	96	8	letter	letter	NOUN
fbem-22370	96	9	no	no	DET
fbem-22370	96	10	increasing	increase	VERB
fbem-22370	96	11	interest	interest	NOUN
fbem-22370	96	12	content	content	NOUN
fbem-22370	96	13	can	can	AUX
fbem-22370	96	14	enhance	enhance	VERB
fbem-22370	96	15	managers	manager	NOUN
fbem-22370	96	16	'	'	PART
fbem-22370	96	17	perception	perception	NOUN
fbem-22370	96	18	ability	ability	NOUN
fbem-22370	96	19	;	;	PUNCT
fbem-22370	96	20	on	on	ADP
fbem-22370	96	21	the	the	DET
fbem-22370	96	22	other	other	ADJ
fbem-22370	96	23	hand	hand	NOUN
fbem-22370	96	24	,	,	PUNCT
fbem-22370	96	25	the	the	DET
fbem-22370	96	26	interaction	interaction	NOUN
fbem-22370	96	27	between	between	ADP
fbem-22370	96	28	managers	manager	NOUN
fbem-22370	96	29	and	and	CCONJ
fbem-22370	96	30	investors	investor	NOUN
fbem-22370	96	31	and	and	CCONJ
fbem-22370	96	32	the	the	DET
fbem-22370	96	33	information	information	NOUN
fbem-22370	96	34	asymmetry	asymmetry	NOUN
fbem-22370	96	35	between	between	ADP
fbem-22370	96	36	investors	investor	NOUN
fbem-22370	96	37	and	and	CCONJ
fbem-22370	96	38	enterprises	enterprise	NOUN
fbem-22370	96	39	enhance	enhance	VERB
fbem-22370	96	40	the	the	DET
fbem-22370	96	41	perception	perception	NOUN
fbem-22370	96	42	ability	ability	NOUN
fbem-22370	96	43	.	.	PUNCT
fbem-22370	97	1	the	the	DET
fbem-22370	97	2	decision	decision	NOUN
fbem-22370	97	3	-	-	PUNCT
fbem-22370	97	4	making	make	VERB
fbem-22370	97	5	ability	ability	NOUN
fbem-22370	97	6	of	of	ADP
fbem-22370	97	7	managers	manager	NOUN
fbem-22370	97	8	(	(	PUNCT
fbem-22370	97	9	finv	finv	ADJ
fbem-22370	97	10	)	)	PUNCT
fbem-22370	97	11	calculates	calculate	VERB
fbem-22370	97	12	the	the	DET
fbem-22370	97	13	investment	investment	NOUN
fbem-22370	97	14	efficiency	efficiency	NOUN
fbem-22370	97	15	of	of	ADP
fbem-22370	97	16	enterprises	enterprise	NOUN
fbem-22370	97	17	according	accord	VERB
fbem-22370	97	18	to	to	ADP
fbem-22370	97	19	the	the	DET
fbem-22370	97	20	investment	investment	NOUN
fbem-22370	97	21	expectation	expectation	NOUN
fbem-22370	97	22	model	model	NOUN
fbem-22370	97	23	proposed	propose	VERB
fbem-22370	97	24	by	by	ADP
fbem-22370	97	25	richardson	richardson	PROPN
fbem-22370	98	1	[	[	X
fbem-22370	98	2	14	14	NUM
fbem-22370	98	3	]	]	PUNCT
fbem-22370	98	4	.	.	PUNCT
fbem-22370	99	1	the	the	DET
fbem-22370	99	2	residuals	residual	NOUN
fbem-22370	99	3	and	and	CCONJ
fbem-22370	99	4	the	the	DET
fbem-22370	99	5	absolute	absolute	ADJ
fbem-22370	99	6	value	value	NOUN
fbem-22370	99	7	of	of	ADP
fbem-22370	99	8	the	the	DET
fbem-22370	99	9	investment	investment	NOUN
fbem-22370	99	10	of	of	ADP
fbem-22370	99	11	the	the	DET
fbem-22370	99	12	enterprise	enterprise	NOUN
fbem-22370	99	13	,	,	PUNCT
fbem-22370	99	14	which	which	PRON
fbem-22370	99	15	is	be	AUX
fbem-22370	99	16	used	use	VERB
fbem-22370	99	17	as	as	ADP
fbem-22370	99	18	a	a	DET
fbem-22370	99	19	negative	negative	ADJ
fbem-22370	99	20	index	index	NOUN
fbem-22370	99	21	to	to	PART
fbem-22370	99	22	measure	measure	VERB
fbem-22370	99	23	the	the	DET
fbem-22370	99	24	quality	quality	NOUN
fbem-22370	99	25	of	of	ADP
fbem-22370	99	26	the	the	DET
fbem-22370	99	27	investment	investment	NOUN
fbem-22370	99	28	decision	decision	NOUN
fbem-22370	99	29	of	of	ADP
fbem-22370	99	30	enterprises	enterprise	NOUN
fbem-22370	99	31	.	.	PUNCT
fbem-22370	100	1	in	in	ADP
fbem-22370	100	2	addition	addition	NOUN
fbem-22370	100	3	,	,	PUNCT
fbem-22370	100	4	the	the	DET
fbem-22370	100	5	opposite	opposite	ADJ
fbem-22370	100	6	number	number	NOUN
fbem-22370	100	7	of	of	ADP
fbem-22370	100	8	stock	stock	NOUN
fbem-22370	100	9	illiquid	illiquid	ADJ
fbem-22370	100	10	index	index	NOUN
fbem-22370	100	11	is	be	AUX
fbem-22370	100	12	too	too	ADV
fbem-22370	100	13	small	small	ADJ
fbem-22370	100	14	,	,	PUNCT
fbem-22370	100	15	so	so	SCONJ
fbem-22370	100	16	this	this	DET
fbem-22370	100	17	paper	paper	NOUN
fbem-22370	100	18	takes	take	VERB
fbem-22370	100	19	it	it	PRON
fbem-22370	100	20	by	by	ADP
fbem-22370	100	21	10	10	NUM
fbem-22370	100	22	.	.	PUNCT
fbem-22370	101	1	3.2.4	3.2.4	NUM
fbem-22370	101	2	.	.	PUNCT
fbem-22370	101	3	controlled	control	VERB
fbem-22370	101	4	variable	variable	NOUN
fbem-22370	101	5	in	in	ADP
fbem-22370	101	6	addition	addition	NOUN
fbem-22370	101	7	,	,	PUNCT
fbem-22370	101	8	in	in	ADP
fbem-22370	101	9	order	order	NOUN
fbem-22370	101	10	to	to	PART
fbem-22370	101	11	control	control	VERB
fbem-22370	101	12	the	the	DET
fbem-22370	101	13	influence	influence	NOUN
fbem-22370	101	14	of	of	ADP
fbem-22370	101	15	the	the	DET
fbem-22370	101	16	characteristics	characteristic	NOUN
fbem-22370	101	17	of	of	ADP
fbem-22370	101	18	the	the	DET
fbem-22370	101	19	company	company	NOUN
fbem-22370	101	20	,	,	PUNCT
fbem-22370	101	21	industry	industry	NOUN
fbem-22370	101	22	and	and	CCONJ
fbem-22370	101	23	region	region	NOUN
fbem-22370	101	24	on	on	ADP
fbem-22370	101	25	esg	esg	PROPN
fbem-22370	101	26	performance	performance	NOUN
fbem-22370	101	27	,	,	PUNCT
fbem-22370	101	28	referring	refer	VERB
fbem-22370	101	29	to	to	ADP
fbem-22370	101	30	the	the	DET
fbem-22370	101	31	existing	exist	VERB
fbem-22370	101	32	research	research	NOUN
fbem-22370	101	33	(	(	PUNCT
fbem-22370	101	34	xia	xia	PROPN
fbem-22370	101	35	yixin	yixin	PROPN
fbem-22370	101	36	2022	2022	NUM
fbem-22370	101	37	)	)	PUNCT
fbem-22370	102	1	[	[	X
fbem-22370	102	2	15	15	NUM
fbem-22370	102	3	-	-	SYM
fbem-22370	102	4	16	16	NUM
fbem-22370	102	5	]	]	PUNCT
fbem-22370	102	6	,	,	PUNCT
fbem-22370	102	7	this	this	DET
fbem-22370	102	8	paper	paper	NOUN
fbem-22370	102	9	introduces	introduce	VERB
fbem-22370	102	10	the	the	DET
fbem-22370	102	11	asset	asset	NOUN
fbem-22370	102	12	-	-	PUNCT
fbem-22370	102	13	liability	liability	NOUN
fbem-22370	102	14	ratio	ratio	NOUN
fbem-22370	102	15	,	,	PUNCT
fbem-22370	102	16	asset	asset	NOUN
fbem-22370	102	17	value	value	NOUN
fbem-22370	102	18	ratio	ratio	NOUN
fbem-22370	102	19	,	,	PUNCT
fbem-22370	102	20	asset	asset	NOUN
fbem-22370	102	21	return	return	NOUN
fbem-22370	102	22	rate	rate	NOUN
fbem-22370	102	23	,	,	PUNCT
fbem-22370	102	24	company	company	NOUN
fbem-22370	102	25	age	age	NOUN
fbem-22370	102	26	and	and	CCONJ
fbem-22370	102	27	other	other	ADJ
fbem-22370	102	28	company	company	NOUN
fbem-22370	102	29	level	level	NOUN
fbem-22370	102	30	control	control	NOUN
fbem-22370	102	31	variables	variable	NOUN
fbem-22370	102	32	,	,	PUNCT
fbem-22370	102	33	and	and	CCONJ
fbem-22370	102	34	at	at	ADP
fbem-22370	102	35	the	the	DET
fbem-22370	102	36	same	same	ADJ
fbem-22370	102	37	time	time	NOUN
fbem-22370	102	38	to	to	PART
fbem-22370	102	39	control	control	VERB
fbem-22370	102	40	the	the	DET
fbem-22370	102	41	industry	industry	NOUN
fbem-22370	102	42	,	,	PUNCT
fbem-22370	102	43	year	year	NOUN
fbem-22370	102	44	and	and	CCONJ
fbem-22370	102	45	region	region	NOUN
fbem-22370	102	46	set	set	VERB
fbem-22370	102	47	virtual	virtual	ADJ
fbem-22370	102	48	variables	variable	NOUN
fbem-22370	102	49	to	to	PART
fbem-22370	102	50	control	control	VERB
fbem-22370	102	51	.	.	PUNCT
fbem-22370	103	1	variables	variable	NOUN
fbem-22370	103	2	were	be	AUX
fbem-22370	103	3	defined	define	VERB
fbem-22370	103	4	and	and	CCONJ
fbem-22370	103	5	the	the	DET
fbem-22370	103	6	measurements	measurement	NOUN
fbem-22370	103	7	are	be	AUX
fbem-22370	103	8	shown	show	VERB
fbem-22370	103	9	in	in	ADP
fbem-22370	103	10	table	table	NOUN
fbem-22370	103	11	1	1	NUM
fbem-22370	103	12	.	.	ADP
fbem-22370	103	13	3.3	3.3	NUM
fbem-22370	103	14	.	.	PUNCT
fbem-22370	104	1	model	model	NOUN
fbem-22370	104	2	specification	specification	NOUN
fbem-22370	104	3	to	to	PART
fbem-22370	104	4	verify	verify	VERB
fbem-22370	104	5	h1	h1	PROPN
fbem-22370	104	6	,	,	PUNCT
fbem-22370	104	7	the	the	DET
fbem-22370	104	8	following	follow	VERB
fbem-22370	104	9	model	model	NOUN
fbem-22370	104	10	is	be	AUX
fbem-22370	104	11	established	establish	VERB
fbem-22370	104	12	:	:	PUNCT
fbem-22370	104	13	table	table	NOUN
fbem-22370	104	14	1	1	NUM
fbem-22370	104	15	.	.	PUNCT
fbem-22370	104	16	variable	variable	ADJ
fbem-22370	104	17	-	-	PUNCT
fbem-22370	104	18	definition	definition	NOUN
fbem-22370	104	19	variable	variable	ADJ
fbem-22370	104	20	name	name	NOUN
fbem-22370	104	21	variable	variable	ADJ
fbem-22370	104	22	symbol	symbol	NOUN
fbem-22370	104	23	variable	variable	NOUN
fbem-22370	104	24	-	-	PUNCT
fbem-22370	104	25	definition	definition	NOUN
fbem-22370	104	26	enterprise	enterprise	NOUN
fbem-22370	104	27	esg	esg	PROPN
fbem-22370	104	28	performance	performance	NOUN
fbem-22370	104	29	esg	esg	PROPN
fbem-22370	104	30	china	china	PROPN
fbem-22370	104	31	securities	securities	PROPN
fbem-22370	104	32	environment	environment	PROPN
fbem-22370	104	33	,	,	PUNCT
fbem-22370	104	34	social	social	ADJ
fbem-22370	104	35	and	and	CCONJ
fbem-22370	104	36	governance	governance	NOUN
fbem-22370	104	37	(	(	PUNCT
fbem-22370	104	38	esg	esg	NOUN
fbem-22370	104	39	)	)	PUNCT
fbem-22370	104	40	rating	rating	NOUN
fbem-22370	104	41	index	index	NOUN
fbem-22370	104	42	degree	degree	NOUN
fbem-22370	104	43	of	of	ADP
fbem-22370	104	44	digital	digital	ADJ
fbem-22370	104	45	transformation	transformation	NOUN
fbem-22370	104	46	dt	dt	X
fbem-22370	104	47	the	the	DET
fbem-22370	104	48	word	word	NOUN
fbem-22370	104	49	frequency	frequency	NOUN
fbem-22370	104	50	obtained	obtain	VERB
fbem-22370	104	51	by	by	ADP
fbem-22370	104	52	summing	sum	VERB
fbem-22370	104	53	is	be	AUX
fbem-22370	104	54	logarithmically	logarithmically	ADV
fbem-22370	104	55	normalized	normalize	VERB
fbem-22370	104	56	managers	manager	NOUN
fbem-22370	104	57	'	'	PART
fbem-22370	104	58	perceived	perceive	VERB
fbem-22370	104	59	competence	competence	NOUN
fbem-22370	104	60	liqui	liqui	NOUN
fbem-22370	104	61	is	be	AUX
fbem-22370	104	62	pressed	press	VERB
fbem-22370	104	63	by	by	ADP
fbem-22370	104	64	the	the	DET
fbem-22370	104	65	opposite	opposite	ADJ
fbem-22370	104	66	number	number	NOUN
fbem-22370	104	67	of	of	ADP
fbem-22370	104	68	the	the	DET
fbem-22370	104	69	stock	stock	NOUN
fbem-22370	104	70	inquid	inquid	PROPN
fbem-22370	104	71	indicator	indicator	NOUN
fbem-22370	104	72	analyst	analyst	NOUN
fbem-22370	104	73	the	the	DET
fbem-22370	104	74	ln	ln	NOUN
fbem-22370	104	75	(	(	PUNCT
fbem-22370	104	76	analyst	analyst	NOUN
fbem-22370	104	77	attention	attention	NOUN
fbem-22370	104	78	+	+	CCONJ
fbem-22370	104	79	1	1	X
fbem-22370	104	80	)	)	PUNCT
fbem-22370	104	81	decision	decision	NOUN
fbem-22370	104	82	-	-	PUNCT
fbem-22370	104	83	making	make	VERB
fbem-22370	104	84	ability	ability	NOUN
fbem-22370	104	85	of	of	ADP
fbem-22370	104	86	managers	manager	NOUN
fbem-22370	104	87	finv	finv	VERB
fbem-22370	104	88	enterprise	enterprise	NOUN
fbem-22370	104	89	investment	investment	NOUN
fbem-22370	104	90	efficiency	efficiency	NOUN
fbem-22370	104	91	is	be	AUX
fbem-22370	104	92	calculated	calculate	VERB
fbem-22370	104	93	according	accord	VERB
fbem-22370	104	94	to	to	ADP
fbem-22370	104	95	the	the	DET
fbem-22370	104	96	investment	investment	NOUN
fbem-22370	104	97	expectation	expectation	NOUN
fbem-22370	104	98	model	model	NOUN
fbem-22370	104	99	proposed	propose	VERB
fbem-22370	104	100	by	by	ADP
fbem-22370	104	101	richardson	richardson	PROPN
fbem-22370	104	102	(	(	PUNCT
fbem-22370	104	103	2006	2006	NUM
fbem-22370	104	104	)	)	PUNCT
fbem-22370	104	105	,	,	PUNCT
fbem-22370	104	106	as	as	ADP
fbem-22370	104	107	a	a	DET
fbem-22370	104	108	negative	negative	ADJ
fbem-22370	104	109	index	index	NOUN
fbem-22370	104	110	to	to	PART
fbem-22370	104	111	measure	measure	VERB
fbem-22370	104	112	the	the	DET
fbem-22370	104	113	quality	quality	NOUN
fbem-22370	104	114	of	of	ADP
fbem-22370	104	115	enterprise	enterprise	NOUN
fbem-22370	104	116	investment	investment	NOUN
fbem-22370	104	117	decision	decision	NOUN
fbem-22370	104	118	liabilities	liability	NOUN
fbem-22370	104	119	level	level	VERB
fbem-22370	104	120	lev	lev	NOUN
fbem-22370	104	121	total	total	ADJ
fbem-22370	104	122	liabilities	liability	NOUN
fbem-22370	104	123	/	/	SYM
fbem-22370	104	124	total	total	ADJ
fbem-22370	104	125	assets	asset	NOUN
fbem-22370	104	126	profitability	profitability	NOUN
fbem-22370	104	127	roa	roa	PROPN
fbem-22370	104	128	net	net	ADJ
fbem-22370	104	129	income	income	NOUN
fbem-22370	104	130	/	/	SYM
fbem-22370	104	131	total	total	ADJ
fbem-22370	104	132	assets	asset	NOUN
fbem-22370	104	133	cash	cash	NOUN
fbem-22370	104	134	holding	hold	VERB
fbem-22370	104	135	level	level	NOUN
fbem-22370	104	136	cash	cash	NOUN
fbem-22370	104	137	net	net	ADJ
fbem-22370	104	138	cash	cash	NOUN
fbem-22370	104	139	flows	flow	NOUN
fbem-22370	104	140	from	from	ADP
fbem-22370	104	141	operating	operate	VERB
fbem-22370	104	142	activities	activity	NOUN
fbem-22370	104	143	/	/	SYM
fbem-22370	104	144	total	total	ADJ
fbem-22370	104	145	assets	asset	NOUN
fbem-22370	104	146	company	company	NOUN
fbem-22370	104	147	growth	growth	NOUN
fbem-22370	104	148	growth	growth	NOUN
fbem-22370	104	149	(	(	PUNCT
fbem-22370	104	150	total	total	ADJ
fbem-22370	104	151	assets	asset	NOUN
fbem-22370	104	152	at	at	ADP
fbem-22370	104	153	the	the	DET
fbem-22370	104	154	end	end	NOUN
fbem-22370	104	155	of	of	ADP
fbem-22370	104	156	this	this	DET
fbem-22370	104	157	period	period	NOUN
fbem-22370	104	158	-	-	PUNCT
fbem-22370	104	159	total	total	NOUN
fbem-22370	104	160	assets	asset	NOUN
fbem-22370	104	161	at	at	ADP
fbem-22370	104	162	the	the	DET
fbem-22370	104	163	end	end	NOUN
fbem-22370	104	164	of	of	ADP
fbem-22370	104	165	the	the	DET
fbem-22370	104	166	previous	previous	ADJ
fbem-22370	104	167	period	period	NOUN
fbem-22370	104	168	)	)	PUNCT
fbem-22370	104	169	/	/	SYM
fbem-22370	104	170	total	total	ADJ
fbem-22370	104	171	assets	asset	NOUN
fbem-22370	104	172	at	at	ADP
fbem-22370	104	173	the	the	DET
fbem-22370	104	174	end	end	NOUN
fbem-22370	104	175	of	of	ADP
fbem-22370	104	176	the	the	DET
fbem-22370	104	177	last	last	ADJ
fbem-22370	104	178	period	period	NOUN
fbem-22370	104	179	enterprise	enterprise	NOUN
fbem-22370	104	180	value	value	NOUN
fbem-22370	104	181	tobinq	tobinq	NOUN
fbem-22370	104	182	(	(	PUNCT
fbem-22370	104	183	market	market	NOUN
fbem-22370	104	184	value	value	NOUN
fbem-22370	104	185	of	of	ADP
fbem-22370	104	186	tradable	tradable	ADJ
fbem-22370	104	187	shares	share	NOUN
fbem-22370	104	188	+	+	CCONJ
fbem-22370	104	189	number	number	NOUN
fbem-22370	104	190	of	of	ADP
fbem-22370	104	191	non	non	ADJ
fbem-22370	104	192	-	-	ADJ
fbem-22370	104	193	tradable	tradable	ADJ
fbem-22370	104	194	shares	share	NOUN
fbem-22370	104	195	net	net	ADJ
fbem-22370	104	196	assets	asset	NOUN
fbem-22370	104	197	per	per	ADP
fbem-22370	104	198	share	share	NOUN
fbem-22370	104	199	+	+	CCONJ
fbem-22370	104	200	book	book	NOUN
fbem-22370	104	201	value	value	NOUN
fbem-22370	104	202	of	of	ADP
fbem-22370	104	203	liabilities	liability	NOUN
fbem-22370	104	204	)	)	PUNCT
fbem-22370	104	205	/	/	SYM
fbem-22370	104	206	total	total	ADJ
fbem-22370	104	207	assets	asset	NOUN
fbem-22370	104	208	the	the	DET
fbem-22370	104	209	largest	large	ADJ
fbem-22370	104	210	shareholder	shareholder	NOUN
fbem-22370	104	211	shareholding	shareholding	NOUN
fbem-22370	104	212	ratio	ratio	NOUN
fbem-22370	104	213	top1	top1	PROPN
fbem-22370	104	214	the	the	DET
fbem-22370	104	215	largest	large	ADJ
fbem-22370	104	216	shareholder	shareholder	NOUN
fbem-22370	104	217	holds	hold	VERB
fbem-22370	104	218	the	the	DET
fbem-22370	104	219	percentage	percentage	NOUN
fbem-22370	104	220	of	of	ADP
fbem-22370	104	221	the	the	DET
fbem-22370	104	222	total	total	ADJ
fbem-22370	104	223	number	number	NOUN
fbem-22370	104	224	of	of	ADP
fbem-22370	104	225	shares	share	NOUN
fbem-22370	104	226	two	two	NUM
fbem-22370	104	227	jobs	job	NOUN
fbem-22370	104	228	in	in	ADP
fbem-22370	104	229	one	one	NUM
fbem-22370	104	230	dual	dual	ADJ
fbem-22370	104	231	the	the	DET
fbem-22370	104	232	chairman	chairman	NOUN
fbem-22370	104	233	and	and	CCONJ
fbem-22370	104	234	the	the	DET
fbem-22370	104	235	general	general	ADJ
fbem-22370	104	236	manager	manager	NOUN
fbem-22370	104	237	are	be	AUX
fbem-22370	104	238	the	the	DET
fbem-22370	104	239	same	same	ADJ
fbem-22370	104	240	person	person	NOUN
fbem-22370	104	241	as	as	ADP
fbem-22370	104	242	1	1	NUM
fbem-22370	104	243	,	,	PUNCT
fbem-22370	104	244	otherwise	otherwise	ADV
fbem-22370	104	245	it	it	PRON
fbem-22370	104	246	is	be	AUX
fbem-22370	104	247	0	0	NUM
fbem-22370	104	248	industry	industry	NOUN
fbem-22370	104	249	variables	variable	NOUN
fbem-22370	104	250	ind	ind	NOUN
fbem-22370	104	251	industry	industry	NOUN
fbem-22370	104	252	virtual	virtual	ADJ
fbem-22370	104	253	variables	variable	NOUN
fbem-22370	104	254	annual	annual	ADJ
fbem-22370	104	255	variable	variable	ADJ
fbem-22370	104	256	year	year	NOUN
fbem-22370	104	257	annual	annual	ADJ
fbem-22370	104	258	virtual	virtual	ADJ
fbem-22370	104	259	variable	variable	NOUN
fbem-22370	104	260	esgi	esgi	NOUN
fbem-22370	104	261	,	,	PUNCT
fbem-22370	104	262	t	t	PROPN
fbem-22370	104	263	=	=	SYM
fbem-22370	104	264	α0+α1dti	α0+α1dti	PROPN
fbem-22370	104	265	,	,	PUNCT
fbem-22370	104	266	t+α2controls+	t+α2controls+	NOUN
fbem-22370	104	267	∑year+	∑year+	NUM
fbem-22370	104	268	∑ind+εi	∑ind+εi	NOUN
fbem-22370	104	269	,	,	PUNCT
fbem-22370	104	270	t	t	PROPN
fbem-22370	104	271	(	(	PUNCT
fbem-22370	104	272	1	1	NUM
fbem-22370	104	273	)	)	PUNCT
fbem-22370	104	274	in	in	ADP
fbem-22370	104	275	model	model	NOUN
fbem-22370	104	276	(	(	PUNCT
fbem-22370	104	277	1	1	NUM
fbem-22370	104	278	)	)	PUNCT
fbem-22370	104	279	,	,	PUNCT
fbem-22370	104	280	esg	esg	PROPN
fbem-22370	104	281	is	be	AUX
fbem-22370	104	282	the	the	DET
fbem-22370	104	283	esg	esg	NOUN
fbem-22370	104	284	performance	performance	NOUN
fbem-22370	104	285	of	of	ADP
fbem-22370	104	286	the	the	DET
fbem-22370	104	287	company	company	NOUN
fbem-22370	104	288	,	,	PUNCT
fbem-22370	104	289	dt	dt	PROPN
fbem-22370	104	290	is	be	AUX
fbem-22370	104	291	the	the	DET
fbem-22370	104	292	level	level	NOUN
fbem-22370	104	293	of	of	ADP
fbem-22370	104	294	digital	digital	ADJ
fbem-22370	104	295	transformation	transformation	NOUN
fbem-22370	104	296	,	,	PUNCT
fbem-22370	104	297	controls	control	NOUN
fbem-22370	104	298	is	be	AUX
fbem-22370	104	299	the	the	DET
fbem-22370	104	300	control	control	NOUN
fbem-22370	104	301	variable	variable	NOUN
fbem-22370	104	302	,	,	PUNCT
fbem-22370	104	303	and	and	CCONJ
fbem-22370	104	304	also	also	ADV
fbem-22370	104	305	controls	control	VERB
fbem-22370	104	306	the	the	DET
fbem-22370	104	307	fixed	fix	VERB
fbem-22370	104	308	effect	effect	NOUN
fbem-22370	104	309	of	of	ADP
fbem-22370	104	310	year	year	NOUN
fbem-22370	104	311	and	and	CCONJ
fbem-22370	104	312	industry	industry	NOUN
fbem-22370	104	313	.	.	PUNCT
fbem-22370	105	1	to	to	PART
fbem-22370	105	2	test	test	VERB
fbem-22370	105	3	h2	h2	PROPN
fbem-22370	105	4	and	and	CCONJ
fbem-22370	105	5	h3	h3	NOUN
fbem-22370	105	6	,	,	PUNCT
fbem-22370	105	7	the	the	DET
fbem-22370	105	8	following	follow	VERB
fbem-22370	105	9	mediation	mediation	NOUN
fbem-22370	105	10	effect	effect	NOUN
fbem-22370	105	11	model	model	NOUN
fbem-22370	105	12	was	be	AUX
fbem-22370	105	13	constructed	construct	VERB
fbem-22370	105	14	by	by	ADP
fbem-22370	105	15	reference	reference	NOUN
fbem-22370	105	16	the	the	DET
fbem-22370	105	17	research	research	NOUN
fbem-22370	105	18	results	result	NOUN
fbem-22370	105	19	of	of	ADP
fbem-22370	105	20	wen	wen	PROPN
fbem-22370	105	21	zhonglin	zhonglin	PROPN
fbem-22370	105	22	and	and	CCONJ
fbem-22370	105	23	ye	ye	PROPN
fbem-22370	105	24	baojuan	baojuan	PROPN
fbem-22370	106	1	[	[	X
fbem-22370	106	2	17	17	NUM
fbem-22370	106	3	]	]	PUNCT
fbem-22370	106	4	according	accord	VERB
fbem-22370	106	5	to	to	ADP
fbem-22370	106	6	the	the	DET
fbem-22370	106	7	model	model	NOUN
fbem-22370	106	8	(	(	PUNCT
fbem-22370	106	9	1	1	NUM
fbem-22370	106	10	):	):	PUNCT
fbem-22370	106	11	mediatori	mediatori	PROPN
fbem-22370	106	12	,	,	PUNCT
fbem-22370	106	13	t	t	PROPN
fbem-22370	106	14	=	=	SYM
fbem-22370	106	15	β0+β1dti	β0+β1dti	PROPN
fbem-22370	106	16	,	,	PUNCT
fbem-22370	106	17	t+β2controls+	t+β2controls+	PRON
fbem-22370	106	18	∑year+	∑year+	ADJ
fbem-22370	106	19	∑ind+εi	∑ind+εi	NOUN
fbem-22370	106	20	,	,	PUNCT
fbem-22370	106	21	t	t	PROPN
fbem-22370	106	22	(	(	PUNCT
fbem-22370	106	23	2	2	NUM
fbem-22370	106	24	)	)	PUNCT
fbem-22370	106	25	4	4	NUM
fbem-22370	106	26	.	.	PUNCT
fbem-22370	106	27	empirical	empirical	ADJ
fbem-22370	106	28	analysis	analysis	NOUN
fbem-22370	106	29	the	the	DET
fbem-22370	106	30	manuscript	manuscript	NOUN
fbem-22370	106	31	should	should	AUX
fbem-22370	106	32	include	include	VERB
fbem-22370	106	33	a	a	DET
fbem-22370	106	34	conclusion	conclusion	NOUN
fbem-22370	106	35	.	.	PUNCT
fbem-22370	107	1	in	in	ADP
fbem-22370	107	2	this	this	DET
fbem-22370	107	3	section	section	NOUN
fbem-22370	107	4	,	,	PUNCT
fbem-22370	107	5	summarize	summarize	VERB
fbem-22370	107	6	what	what	PRON
fbem-22370	107	7	was	be	AUX
fbem-22370	107	8	described	describe	VERB
fbem-22370	107	9	in	in	ADP
fbem-22370	107	10	your	your	PRON
fbem-22370	107	11	paper	paper	NOUN
fbem-22370	107	12	.	.	PUNCT
fbem-22370	108	1	future	future	ADJ
fbem-22370	108	2	directions	direction	NOUN
fbem-22370	108	3	may	may	AUX
fbem-22370	108	4	also	also	ADV
fbem-22370	108	5	be	be	AUX
fbem-22370	108	6	included	include	VERB
fbem-22370	108	7	in	in	ADP
fbem-22370	108	8	this	this	DET
fbem-22370	108	9	section	section	NOUN
fbem-22370	108	10	.	.	PUNCT
fbem-22370	109	1	authors	author	NOUN
fbem-22370	109	2	are	be	AUX
fbem-22370	109	3	strongly	strongly	ADV
fbem-22370	109	4	encouraged	encourage	VERB
fbem-22370	109	5	not	not	PART
fbem-22370	109	6	to	to	PART
fbem-22370	109	7	reference	reference	VERB
fbem-22370	109	8	multiple	multiple	ADJ
fbem-22370	109	9	figures	figure	NOUN
fbem-22370	109	10	or	or	CCONJ
fbem-22370	109	11	tables	table	NOUN
fbem-22370	109	12	in	in	ADP
fbem-22370	109	13	the	the	DET
fbem-22370	109	14	conclusion	conclusion	NOUN
fbem-22370	109	15	;	;	PUNCT
fbem-22370	109	16	these	these	PRON
fbem-22370	109	17	should	should	AUX
fbem-22370	109	18	be	be	AUX
fbem-22370	109	19	referenced	reference	VERB
fbem-22370	109	20	in	in	ADP
fbem-22370	109	21	the	the	DET
fbem-22370	109	22	body	body	NOUN
fbem-22370	109	23	of	of	ADP
fbem-22370	109	24	the	the	DET
fbem-22370	109	25	paper	paper	NOUN
fbem-22370	109	26	.	.	PUNCT
fbem-22370	110	1	4.1	4.1	NUM
fbem-22370	110	2	.	.	PUNCT
fbem-22370	110	3	descriptive	descriptive	ADJ
fbem-22370	110	4	statistics	statistic	NOUN
fbem-22370	110	5	table	table	NOUN
fbem-22370	110	6	2	2	NUM
fbem-22370	110	7	is	be	AUX
fbem-22370	110	8	the	the	DET
fbem-22370	110	9	descriptive	descriptive	ADJ
fbem-22370	110	10	statistical	statistical	ADJ
fbem-22370	110	11	results	result	NOUN
fbem-22370	110	12	.	.	PUNCT
fbem-22370	111	1	the	the	DET
fbem-22370	111	2	data	data	NOUN
fbem-22370	111	3	results	result	NOUN
fbem-22370	111	4	of	of	ADP
fbem-22370	111	5	enterprise	enterprise	NOUN
fbem-22370	111	6	esg	esg	NOUN
fbem-22370	111	7	performance	performance	NOUN
fbem-22370	111	8	(	(	PUNCT
fbem-22370	111	9	esg	esg	NOUN
fbem-22370	111	10	)	)	PUNCT
fbem-22370	111	11	are	be	AUX
fbem-22370	111	12	basically	basically	ADV
fbem-22370	111	13	consistent	consistent	ADJ
fbem-22370	111	14	382	382	NUM
fbem-22370	111	15	with	with	ADP
fbem-22370	111	16	the	the	DET
fbem-22370	111	17	research	research	NOUN
fbem-22370	111	18	of	of	ADP
fbem-22370	111	19	hu	hu	PROPN
fbem-22370	111	20	jie	jie	PROPN
fbem-22370	112	1	[	[	X
fbem-22370	112	2	3	3	NUM
fbem-22370	112	3	]	]	PUNCT
fbem-22370	112	4	.	.	PUNCT
fbem-22370	113	1	the	the	DET
fbem-22370	113	2	minimum	minimum	ADJ
fbem-22370	113	3	value	value	NOUN
fbem-22370	113	4	is	be	AUX
fbem-22370	113	5	1.000	1.000	NUM
fbem-22370	113	6	and	and	CCONJ
fbem-22370	113	7	8.000	8.000	NUM
fbem-22370	113	8	,	,	PUNCT
fbem-22370	113	9	which	which	PRON
fbem-22370	113	10	reflects	reflect	VERB
fbem-22370	113	11	the	the	DET
fbem-22370	113	12	large	large	ADJ
fbem-22370	113	13	difference	difference	NOUN
fbem-22370	113	14	in	in	ADP
fbem-22370	113	15	esg	esg	PROPN
fbem-22370	113	16	performance	performance	NOUN
fbem-22370	113	17	among	among	ADP
fbem-22370	113	18	different	different	ADJ
fbem-22370	113	19	enterprises	enterprise	NOUN
fbem-22370	113	20	in	in	ADP
fbem-22370	113	21	china	china	PROPN
fbem-22370	113	22	and	and	CCONJ
fbem-22370	113	23	provides	provide	VERB
fbem-22370	113	24	the	the	DET
fbem-22370	113	25	entry	entry	NOUN
fbem-22370	113	26	point	point	NOUN
fbem-22370	113	27	for	for	ADP
fbem-22370	113	28	the	the	DET
fbem-22370	113	29	subsequent	subsequent	ADJ
fbem-22370	113	30	study	study	NOUN
fbem-22370	113	31	on	on	ADP
fbem-22370	113	32	the	the	DET
fbem-22370	113	33	influence	influence	NOUN
fbem-22370	113	34	of	of	ADP
fbem-22370	113	35	digital	digital	ADJ
fbem-22370	113	36	transformation	transformation	NOUN
fbem-22370	113	37	.	.	PUNCT
fbem-22370	114	1	the	the	DET
fbem-22370	114	2	minimum	minimum	ADJ
fbem-22370	114	3	value	value	NOUN
fbem-22370	114	4	of	of	ADP
fbem-22370	114	5	digital	digital	ADJ
fbem-22370	114	6	transformation	transformation	NOUN
fbem-22370	114	7	(	(	PUNCT
fbem-22370	114	8	dt	dt	NOUN
fbem-22370	114	9	)	)	PUNCT
fbem-22370	114	10	is	be	AUX
fbem-22370	114	11	0.000	0.000	NUM
fbem-22370	114	12	and	and	CCONJ
fbem-22370	114	13	the	the	DET
fbem-22370	114	14	maximum	maximum	ADJ
fbem-22370	114	15	value	value	NOUN
fbem-22370	114	16	is	be	AUX
fbem-22370	114	17	6.301	6.301	NUM
fbem-22370	114	18	,	,	PUNCT
fbem-22370	114	19	reflecting	reflect	VERB
fbem-22370	114	20	the	the	DET
fbem-22370	114	21	great	great	ADJ
fbem-22370	114	22	difference	difference	NOUN
fbem-22370	114	23	in	in	ADP
fbem-22370	114	24	digital	digital	ADJ
fbem-22370	114	25	transformation	transformation	NOUN
fbem-22370	114	26	among	among	ADP
fbem-22370	114	27	different	different	ADJ
fbem-22370	114	28	enterprises	enterprise	NOUN
fbem-22370	114	29	in	in	ADP
fbem-22370	114	30	china	china	PROPN
fbem-22370	114	31	.	.	PUNCT
fbem-22370	115	1	in	in	ADP
fbem-22370	115	2	addition	addition	NOUN
fbem-22370	115	3	,	,	PUNCT
fbem-22370	115	4	the	the	DET
fbem-22370	115	5	growth	growth	NOUN
fbem-22370	115	6	of	of	ADP
fbem-22370	115	7	the	the	DET
fbem-22370	115	8	sample	sample	NOUN
fbem-22370	115	9	enterprise	enterprise	NOUN
fbem-22370	115	10	and	and	CCONJ
fbem-22370	115	11	the	the	DET
fbem-22370	115	12	company	company	NOUN
fbem-22370	115	13	value	value	NOUN
fbem-22370	115	14	differ	differ	VERB
fbem-22370	115	15	greatly	greatly	ADV
fbem-22370	115	16	in	in	ADP
fbem-22370	115	17	the	the	DET
fbem-22370	115	18	control	control	NOUN
fbem-22370	115	19	variables	variable	NOUN
fbem-22370	115	20	.	.	PUNCT
fbem-22370	116	1	4.2	4.2	NUM
fbem-22370	116	2	.	.	PUNCT
fbem-22370	117	1	regression	regression	NOUN
fbem-22370	117	2	results	result	VERB
fbem-22370	117	3	analysis	analysis	NOUN
fbem-22370	117	4	4.2.1	4.2.1	NUM
fbem-22370	117	5	.	.	PUNCT
fbem-22370	118	1	benchmark	benchmark	NOUN
fbem-22370	118	2	regression	regression	NOUN
fbem-22370	118	3	table	table	NOUN
fbem-22370	118	4	3	3	NUM
fbem-22370	118	5	presents	present	VERB
fbem-22370	118	6	the	the	DET
fbem-22370	118	7	regression	regression	NOUN
fbem-22370	118	8	results	result	NOUN
fbem-22370	118	9	of	of	ADP
fbem-22370	118	10	the	the	DET
fbem-22370	118	11	digital	digital	ADJ
fbem-22370	118	12	transformation	transformation	NOUN
fbem-22370	118	13	and	and	CCONJ
fbem-22370	118	14	esg	esg	PROPN
fbem-22370	118	15	.	.	PROPN
fbem-22370	118	16	column	column	NOUN
fbem-22370	118	17	(	(	PUNCT
fbem-22370	118	18	1	1	NUM
fbem-22370	118	19	)	)	PUNCT
fbem-22370	118	20	,	,	PUNCT
fbem-22370	118	21	(	(	PUNCT
fbem-22370	118	22	2	2	X
fbem-22370	118	23	)	)	PUNCT
fbem-22370	118	24	and	and	CCONJ
fbem-22370	118	25	(	(	PUNCT
fbem-22370	118	26	3	3	X
fbem-22370	118	27	)	)	PUNCT
fbem-22370	118	28	are	be	AUX
fbem-22370	118	29	the	the	DET
fbem-22370	118	30	regression	regression	NOUN
fbem-22370	118	31	results	result	NOUN
fbem-22370	118	32	after	after	ADP
fbem-22370	118	33	adding	add	VERB
fbem-22370	118	34	no	no	DET
fbem-22370	118	35	control	control	NOUN
fbem-22370	118	36	variables	variable	NOUN
fbem-22370	118	37	,	,	PUNCT
fbem-22370	118	38	all	all	DET
fbem-22370	118	39	control	control	NOUN
fbem-22370	118	40	variables	variable	NOUN
fbem-22370	118	41	and	and	CCONJ
fbem-22370	118	42	further	further	ADJ
fbem-22370	118	43	control	control	NOUN
fbem-22370	118	44	years	year	NOUN
fbem-22370	118	45	and	and	CCONJ
fbem-22370	118	46	industry	industry	NOUN
fbem-22370	118	47	fixed	fix	VERB
fbem-22370	118	48	effects	effect	NOUN
fbem-22370	118	49	in	in	ADP
fbem-22370	118	50	the	the	DET
fbem-22370	118	51	model	model	NOUN
fbem-22370	118	52	(	(	PUNCT
fbem-22370	118	53	1	1	NUM
fbem-22370	118	54	)	)	PUNCT
fbem-22370	118	55	,	,	PUNCT
fbem-22370	118	56	respectively	respectively	ADV
fbem-22370	118	57	.	.	PUNCT
fbem-22370	119	1	there	there	PRON
fbem-22370	119	2	is	be	VERB
fbem-22370	119	3	a	a	DET
fbem-22370	119	4	significant	significant	ADJ
fbem-22370	119	5	positive	positive	ADJ
fbem-22370	119	6	correlation	correlation	NOUN
fbem-22370	119	7	between	between	ADP
fbem-22370	119	8	digital	digital	ADJ
fbem-22370	119	9	transformation	transformation	NOUN
fbem-22370	119	10	and	and	CCONJ
fbem-22370	119	11	esg	esg	NOUN
fbem-22370	119	12	performance	performance	NOUN
fbem-22370	119	13	,	,	PUNCT
fbem-22370	119	14	and	and	CCONJ
fbem-22370	119	15	h1	h1	NOUN
fbem-22370	119	16	is	be	AUX
fbem-22370	119	17	effectively	effectively	ADV
fbem-22370	119	18	verified	verify	VERB
fbem-22370	119	19	,	,	PUNCT
fbem-22370	119	20	indicating	indicate	VERB
fbem-22370	119	21	that	that	SCONJ
fbem-22370	119	22	digital	digital	ADJ
fbem-22370	119	23	transformation	transformation	NOUN
fbem-22370	119	24	significantly	significantly	ADV
fbem-22370	119	25	promotes	promote	VERB
fbem-22370	119	26	the	the	DET
fbem-22370	119	27	overall	overall	ADJ
fbem-22370	119	28	performance	performance	NOUN
fbem-22370	119	29	of	of	ADP
fbem-22370	119	30	enterprise	enterprise	NOUN
fbem-22370	119	31	esg	esg	NOUN
fbem-22370	119	32	responsibilities	responsibility	NOUN
fbem-22370	119	33	,	,	PUNCT
fbem-22370	119	34	indicating	indicate	VERB
fbem-22370	119	35	that	that	SCONJ
fbem-22370	119	36	enterprises	enterprise	NOUN
fbem-22370	119	37	have	have	VERB
fbem-22370	119	38	the	the	DET
fbem-22370	119	39	motivation	motivation	NOUN
fbem-22370	119	40	and	and	CCONJ
fbem-22370	119	41	ability	ability	NOUN
fbem-22370	119	42	to	to	PART
fbem-22370	119	43	count	count	VERB
fbem-22370	119	44	character	character	NOUN
fbem-22370	119	45	transformation	transformation	NOUN
fbem-22370	119	46	to	to	PART
fbem-22370	119	47	promote	promote	VERB
fbem-22370	119	48	esg	esg	PROPN
fbem-22370	119	49	investment	investment	NOUN
fbem-22370	119	50	development	development	NOUN
fbem-22370	119	51	and	and	CCONJ
fbem-22370	119	52	improve	improve	VERB
fbem-22370	119	53	the	the	DET
fbem-22370	119	54	company	company	NOUN
fbem-22370	119	55	's	's	PART
fbem-22370	119	56	esg	esg	NOUN
fbem-22370	119	57	performance	performance	NOUN
fbem-22370	119	58	.	.	PUNCT
fbem-22370	120	1	4.2.2	4.2.2	X
fbem-22370	120	2	.	.	PUNCT
fbem-22370	120	3	endogeneity	endogeneity	NOUN
fbem-22370	120	4	test	test	NOUN
fbem-22370	120	5	and	and	CCONJ
fbem-22370	120	6	robustness	robustness	NOUN
fbem-22370	120	7	test	test	NOUN
fbem-22370	120	8	the	the	DET
fbem-22370	120	9	choice	choice	NOUN
fbem-22370	120	10	of	of	ADP
fbem-22370	120	11	enterprises	enterprise	NOUN
fbem-22370	120	12	on	on	ADP
fbem-22370	120	13	whether	whether	SCONJ
fbem-22370	120	14	to	to	PART
fbem-22370	120	15	carry	carry	VERB
fbem-22370	120	16	out	out	ADP
fbem-22370	120	17	digital	digital	ADJ
fbem-22370	120	18	transformation	transformation	NOUN
fbem-22370	120	19	may	may	AUX
fbem-22370	120	20	be	be	AUX
fbem-22370	120	21	endogenous	endogenous	ADJ
fbem-22370	120	22	.	.	PUNCT
fbem-22370	121	1	therefore	therefore	ADV
fbem-22370	121	2	,	,	PUNCT
fbem-22370	121	3	the	the	DET
fbem-22370	121	4	following	follow	VERB
fbem-22370	121	5	approach	approach	NOUN
fbem-22370	121	6	are	be	AUX
fbem-22370	121	7	used	use	VERB
fbem-22370	121	8	to	to	PART
fbem-22370	121	9	test	test	VERB
fbem-22370	121	10	possible	possible	ADJ
fbem-22370	121	11	endogeneity	endogeneity	NOUN
fbem-22370	121	12	problems	problem	NOUN
fbem-22370	121	13	.	.	PUNCT
fbem-22370	122	1	first	first	ADV
fbem-22370	122	2	,	,	PUNCT
fbem-22370	122	3	the	the	DET
fbem-22370	122	4	heckman	heckman	PROPN
fbem-22370	122	5	two	two	NUM
fbem-22370	122	6	-	-	PUNCT
fbem-22370	122	7	stage	stage	NOUN
fbem-22370	122	8	method	method	NOUN
fbem-22370	122	9	.	.	PUNCT
fbem-22370	123	1	in	in	ADP
fbem-22370	123	2	the	the	DET
fbem-22370	123	3	first	first	ADJ
fbem-22370	123	4	stage	stage	NOUN
fbem-22370	123	5	,	,	PUNCT
fbem-22370	123	6	drawing	draw	VERB
fbem-22370	123	7	on	on	ADP
fbem-22370	123	8	the	the	DET
fbem-22370	123	9	practice	practice	NOUN
fbem-22370	123	10	of	of	ADP
fbem-22370	123	11	zhong	zhong	PROPN
fbem-22370	123	12	tingyong	tingyong	PROPN
fbem-22370	123	13	et	et	PROPN
fbem-22370	123	14	al	al	PROPN
fbem-22370	124	1	[	[	X
fbem-22370	124	2	18	18	NUM
fbem-22370	124	3	]	]	PUNCT
fbem-22370	124	4	,	,	PUNCT
fbem-22370	124	5	the	the	DET
fbem-22370	124	6	probit	probit	NOUN
fbem-22370	124	7	model	model	NOUN
fbem-22370	124	8	adopted	adopt	VERB
fbem-22370	124	9	digital	digital	ADJ
fbem-22370	124	10	transformation	transformation	NOUN
fbem-22370	124	11	as	as	ADP
fbem-22370	124	12	the	the	DET
fbem-22370	124	13	explained	explain	VERB
fbem-22370	124	14	variable	variable	NOUN
fbem-22370	124	15	,	,	PUNCT
fbem-22370	124	16	with	with	ADP
fbem-22370	124	17	the	the	DET
fbem-22370	124	18	fixed	fix	VERB
fbem-22370	124	19	effect	effect	NOUN
fbem-22370	124	20	of	of	ADP
fbem-22370	124	21	industry	industry	NOUN
fbem-22370	124	22	and	and	CCONJ
fbem-22370	124	23	year	year	NOUN
fbem-22370	124	24	,	,	PUNCT
fbem-22370	124	25	the	the	DET
fbem-22370	124	26	average	average	ADJ
fbem-22370	124	27	value	value	NOUN
fbem-22370	124	28	(	(	PUNCT
fbem-22370	124	29	mdt	mdt	PROPN
fbem-22370	124	30	)	)	PUNCT
fbem-22370	124	31	of	of	ADP
fbem-22370	124	32	the	the	DET
fbem-22370	124	33	digital	digital	ADJ
fbem-22370	124	34	transformation	transformation	NOUN
fbem-22370	124	35	of	of	ADP
fbem-22370	124	36	the	the	DET
fbem-22370	124	37	same	same	ADJ
fbem-22370	124	38	industry	industry	NOUN
fbem-22370	124	39	is	be	AUX
fbem-22370	124	40	added	add	VERB
fbem-22370	124	41	as	as	ADP
fbem-22370	124	42	an	an	DET
fbem-22370	124	43	exogenous	exogenous	ADJ
fbem-22370	124	44	variable	variable	NOUN
fbem-22370	124	45	to	to	ADP
fbem-22370	124	46	the	the	DET
fbem-22370	124	47	model	model	NOUN
fbem-22370	124	48	,	,	PUNCT
fbem-22370	124	49	and	and	CCONJ
fbem-22370	124	50	the	the	DET
fbem-22370	124	51	imr	imr	NOUN
fbem-22370	124	52	is	be	AUX
fbem-22370	124	53	calculated	calculate	VERB
fbem-22370	124	54	by	by	ADP
fbem-22370	124	55	regression	regression	NOUN
fbem-22370	124	56	on	on	ADP
fbem-22370	124	57	this	this	DET
fbem-22370	124	58	basis	basis	NOUN
fbem-22370	124	59	.	.	PUNCT
fbem-22370	125	1	in	in	ADP
fbem-22370	125	2	the	the	DET
fbem-22370	125	3	second	second	ADJ
fbem-22370	125	4	stage	stage	NOUN
fbem-22370	125	5	,	,	PUNCT
fbem-22370	125	6	the	the	DET
fbem-22370	125	7	imr	imr	NOUN
fbem-22370	125	8	is	be	AUX
fbem-22370	125	9	inserted	insert	VERB
fbem-22370	125	10	into	into	ADP
fbem-22370	125	11	the	the	DET
fbem-22370	125	12	model	model	NOUN
fbem-22370	125	13	(	(	PUNCT
fbem-22370	125	14	1	1	NUM
fbem-22370	125	15	)	)	PUNCT
fbem-22370	125	16	.	.	PUNCT
fbem-22370	126	1	the	the	DET
fbem-22370	126	2	conclusion	conclusion	NOUN
fbem-22370	126	3	is	be	AUX
fbem-22370	126	4	shown	show	VERB
fbem-22370	126	5	in	in	ADP
fbem-22370	126	6	table	table	NOUN
fbem-22370	126	7	2	2	NUM
fbem-22370	126	8	columns	column	NOUN
fbem-22370	126	9	(	(	PUNCT
fbem-22370	126	10	1	1	NUM
fbem-22370	126	11	)	)	PUNCT
fbem-22370	126	12	and	and	CCONJ
fbem-22370	126	13	(	(	PUNCT
fbem-22370	126	14	2	2	NUM
fbem-22370	126	15	)	)	PUNCT
fbem-22370	126	16	.	.	PUNCT
fbem-22370	127	1	the	the	DET
fbem-22370	127	2	regression	regression	NOUN
fbem-22370	127	3	coefficient	coefficient	NOUN
fbem-22370	127	4	of	of	ADP
fbem-22370	127	5	digital	digital	ADJ
fbem-22370	127	6	transformation	transformation	NOUN
fbem-22370	127	7	variables	variable	NOUN
fbem-22370	127	8	is	be	AUX
fbem-22370	127	9	still	still	ADV
fbem-22370	127	10	positive	positive	ADJ
fbem-22370	127	11	,	,	PUNCT
fbem-22370	127	12	indicating	indicate	VERB
fbem-22370	127	13	that	that	SCONJ
fbem-22370	127	14	the	the	DET
fbem-22370	127	15	research	research	NOUN
fbem-22370	127	16	results	result	NOUN
fbem-22370	127	17	of	of	ADP
fbem-22370	127	18	this	this	DET
fbem-22370	127	19	paper	paper	NOUN
fbem-22370	127	20	remain	remain	VERB
fbem-22370	127	21	unchanged	unchanged	ADJ
fbem-22370	127	22	.	.	PUNCT
fbem-22370	128	1	second	second	ADJ
fbem-22370	128	2	,	,	PUNCT
fbem-22370	128	3	the	the	DET
fbem-22370	128	4	two	two	NUM
fbem-22370	128	5	-	-	PUNCT
fbem-22370	128	6	stage	stage	NOUN
fbem-22370	128	7	instrumental	instrumental	ADJ
fbem-22370	128	8	variable	variable	ADJ
fbem-22370	128	9	method	method	NOUN
fbem-22370	128	10	(	(	PUNCT
fbem-22370	128	11	2	2	NUM
fbem-22370	128	12	sls	sls	NOUN
fbem-22370	128	13	)	)	PUNCT
fbem-22370	128	14	.	.	PUNCT
fbem-22370	129	1	the	the	DET
fbem-22370	129	2	tool	tool	NOUN
fbem-22370	129	3	variable	variable	NOUN
fbem-22370	129	4	is	be	AUX
fbem-22370	129	5	the	the	DET
fbem-22370	129	6	mean	mean	ADJ
fbem-22370	129	7	value	value	NOUN
fbem-22370	129	8	(	(	PUNCT
fbem-22370	129	9	mdt	mdt	PROPN
fbem-22370	129	10	)	)	PUNCT
fbem-22370	129	11	of	of	ADP
fbem-22370	129	12	digital	digital	ADJ
fbem-22370	129	13	transformation	transformation	NOUN
fbem-22370	129	14	in	in	ADP
fbem-22370	129	15	the	the	DET
fbem-22370	129	16	same	same	ADJ
fbem-22370	129	17	industry	industry	NOUN
fbem-22370	129	18	,	,	PUNCT
fbem-22370	129	19	so	so	CCONJ
fbem-22370	129	20	the	the	DET
fbem-22370	129	21	tool	tool	NOUN
fbem-22370	129	22	variables	variable	NOUN
fbem-22370	129	23	selected	select	VERB
fbem-22370	129	24	in	in	ADP
fbem-22370	129	25	this	this	DET
fbem-22370	129	26	paper	paper	NOUN
fbem-22370	129	27	have	have	VERB
fbem-22370	129	28	important	important	ADJ
fbem-22370	129	29	influence	influence	NOUN
fbem-22370	129	30	and	and	CCONJ
fbem-22370	129	31	are	be	AUX
fbem-22370	129	32	exogenous	exogenous	ADJ
fbem-22370	129	33	.	.	PUNCT
fbem-22370	130	1	through	through	ADP
fbem-22370	130	2	the	the	DET
fbem-22370	130	3	weak	weak	ADJ
fbem-22370	130	4	tool	tool	NOUN
fbem-22370	130	5	variable	variable	ADJ
fbem-22370	130	6	test	test	NOUN
fbem-22370	130	7	(	(	PUNCT
fbem-22370	130	8	f	f	X
fbem-22370	130	9	>	>	X
fbem-22370	130	10	10	10	NUM
fbem-22370	130	11	)	)	PUNCT
fbem-22370	130	12	,	,	PUNCT
fbem-22370	130	13	the	the	DET
fbem-22370	130	14	results	result	NOUN
fbem-22370	130	15	are	be	AUX
fbem-22370	130	16	shown	show	VERB
fbem-22370	130	17	in	in	ADP
fbem-22370	130	18	table	table	NOUN
fbem-22370	130	19	2	2	NUM
fbem-22370	130	20	in	in	ADP
fbem-22370	130	21	columns	column	NOUN
fbem-22370	130	22	(	(	PUNCT
fbem-22370	130	23	3	3	NUM
fbem-22370	130	24	)	)	PUNCT
fbem-22370	130	25	and	and	CCONJ
fbem-22370	130	26	(	(	PUNCT
fbem-22370	130	27	4	4	NUM
fbem-22370	130	28	)	)	PUNCT
fbem-22370	130	29	,	,	PUNCT
fbem-22370	130	30	indicating	indicate	VERB
fbem-22370	130	31	that	that	SCONJ
fbem-22370	130	32	the	the	DET
fbem-22370	130	33	assumption	assumption	NOUN
fbem-22370	130	34	in	in	ADP
fbem-22370	130	35	this	this	DET
fbem-22370	130	36	paper	paper	NOUN
fbem-22370	130	37	is	be	AUX
fbem-22370	130	38	still	still	ADV
fbem-22370	130	39	reliable	reliable	ADJ
fbem-22370	130	40	and	and	CCONJ
fbem-22370	130	41	the	the	DET
fbem-22370	130	42	digital	digital	ADJ
fbem-22370	130	43	transformation	transformation	NOUN
fbem-22370	130	44	can	can	AUX
fbem-22370	130	45	still	still	ADV
fbem-22370	130	46	promote	promote	VERB
fbem-22370	130	47	enterprises	enterprise	NOUN
fbem-22370	130	48	to	to	PART
fbem-22370	130	49	fulfill	fulfill	VERB
fbem-22370	130	50	esg	esg	NOUN
fbem-22370	130	51	responsibilities	responsibility	NOUN
fbem-22370	130	52	.	.	PUNCT
fbem-22370	131	1	to	to	PART
fbem-22370	131	2	ensure	ensure	VERB
fbem-22370	131	3	the	the	DET
fbem-22370	131	4	authenticity	authenticity	NOUN
fbem-22370	131	5	of	of	ADP
fbem-22370	131	6	the	the	DET
fbem-22370	131	7	research	research	NOUN
fbem-22370	131	8	results	result	NOUN
fbem-22370	131	9	,	,	PUNCT
fbem-22370	131	10	the	the	DET
fbem-22370	131	11	robustness	robustness	NOUN
fbem-22370	131	12	test	test	NOUN
fbem-22370	131	13	is	be	AUX
fbem-22370	131	14	conducted	conduct	VERB
fbem-22370	131	15	as	as	SCONJ
fbem-22370	131	16	follows	follow	VERB
fbem-22370	131	17	.	.	PUNCT
fbem-22370	132	1	one	one	NUM
fbem-22370	132	2	is	be	AUX
fbem-22370	132	3	the	the	DET
fbem-22370	132	4	propensity	propensity	NOUN
fbem-22370	132	5	score	score	NOUN
fbem-22370	132	6	matching	matching	NOUN
fbem-22370	132	7	.	.	PUNCT
fbem-22370	133	1	in	in	ADP
fbem-22370	133	2	order	order	NOUN
fbem-22370	133	3	to	to	PART
fbem-22370	133	4	eliminate	eliminate	VERB
fbem-22370	133	5	the	the	DET
fbem-22370	133	6	selective	selective	ADJ
fbem-22370	133	7	bias	bias	NOUN
fbem-22370	133	8	of	of	ADP
fbem-22370	133	9	the	the	DET
fbem-22370	133	10	sample	sample	NOUN
fbem-22370	133	11	,	,	PUNCT
fbem-22370	133	12	the	the	DET
fbem-22370	133	13	relevant	relevant	ADJ
fbem-22370	133	14	data	datum	NOUN
fbem-22370	133	15	was	be	AUX
fbem-22370	133	16	regressed	regress	VERB
fbem-22370	133	17	out	out	ADP
fbem-22370	133	18	after	after	ADP
fbem-22370	133	19	psm	psm	PROPN
fbem-22370	133	20	pairing	pairing	NOUN
fbem-22370	133	21	.	.	PUNCT
fbem-22370	134	1	the	the	DET
fbem-22370	134	2	specific	specific	ADJ
fbem-22370	134	3	approach	approach	NOUN
fbem-22370	134	4	is	be	AUX
fbem-22370	134	5	as	as	SCONJ
fbem-22370	134	6	follows	follow	VERB
fbem-22370	134	7	:	:	PUNCT
fbem-22370	134	8	according	accord	VERB
fbem-22370	134	9	to	to	ADP
fbem-22370	134	10	the	the	DET
fbem-22370	134	11	comparison	comparison	NOUN
fbem-22370	134	12	of	of	ADP
fbem-22370	134	13	digital	digital	ADJ
fbem-22370	134	14	transformation	transformation	NOUN
fbem-22370	134	15	and	and	CCONJ
fbem-22370	134	16	its	its	PRON
fbem-22370	134	17	median	median	NOUN
fbem-22370	134	18	of	of	ADP
fbem-22370	134	19	dumb	dumb	ADJ
fbem-22370	134	20	variables	variable	NOUN
fbem-22370	134	21	,	,	PUNCT
fbem-22370	134	22	the	the	DET
fbem-22370	134	23	tendency	tendency	NOUN
fbem-22370	134	24	score	score	NOUN
fbem-22370	134	25	is	be	AUX
fbem-22370	134	26	calculated	calculate	VERB
fbem-22370	134	27	by	by	ADP
fbem-22370	134	28	taking	take	VERB
fbem-22370	134	29	control	control	NOUN
fbem-22370	134	30	variables	variable	NOUN
fbem-22370	134	31	as	as	ADP
fbem-22370	134	32	covariates	covariate	NOUN
fbem-22370	134	33	,	,	PUNCT
fbem-22370	134	34	and	and	CCONJ
fbem-22370	134	35	1:1	1:1	NUM
fbem-22370	134	36	nearest	near	ADJ
fbem-22370	134	37	neighbor	neighbor	NOUN
fbem-22370	134	38	matching	matching	NOUN
fbem-22370	134	39	is	be	AUX
fbem-22370	134	40	generally	generally	ADV
fbem-22370	134	41	adopted	adopt	VERB
fbem-22370	134	42	.	.	PUNCT
fbem-22370	135	1	the	the	DET
fbem-22370	135	2	regression	regression	NOUN
fbem-22370	135	3	results	result	NOUN
fbem-22370	135	4	are	be	AUX
fbem-22370	135	5	shown	show	VERB
fbem-22370	135	6	in	in	ADP
fbem-22370	135	7	table	table	NOUN
fbem-22370	135	8	3	3	NUM
fbem-22370	135	9	column	column	NOUN
fbem-22370	135	10	(	(	PUNCT
fbem-22370	135	11	1	1	NUM
fbem-22370	135	12	)	)	PUNCT
fbem-22370	135	13	,	,	PUNCT
fbem-22370	135	14	with	with	ADP
fbem-22370	135	15	a	a	DET
fbem-22370	135	16	clear	clear	ADJ
fbem-22370	135	17	positive	positive	ADJ
fbem-22370	135	18	correlation	correlation	NOUN
fbem-22370	135	19	between	between	ADP
fbem-22370	135	20	the	the	DET
fbem-22370	135	21	digital	digital	ADJ
fbem-22370	135	22	transition	transition	NOUN
fbem-22370	135	23	and	and	CCONJ
fbem-22370	135	24	esg	esg	NOUN
fbem-22370	135	25	,	,	PUNCT
fbem-22370	135	26	and	and	CCONJ
fbem-22370	135	27	the	the	DET
fbem-22370	135	28	conclusion	conclusion	NOUN
fbem-22370	135	29	remains	remain	VERB
fbem-22370	135	30	unchanged	unchanged	ADJ
fbem-22370	135	31	.	.	PUNCT
fbem-22370	136	1	the	the	DET
fbem-22370	136	2	second	second	NOUN
fbem-22370	136	3	is	be	AUX
fbem-22370	136	4	to	to	PART
fbem-22370	136	5	change	change	VERB
fbem-22370	136	6	the	the	DET
fbem-22370	136	7	explained	explain	VERB
fbem-22370	136	8	variable	variable	NOUN
fbem-22370	136	9	.	.	PUNCT
fbem-22370	137	1	in	in	ADP
fbem-22370	137	2	this	this	DET
fbem-22370	137	3	paper	paper	NOUN
fbem-22370	137	4	,	,	PUNCT
fbem-22370	137	5	the	the	DET
fbem-22370	137	6	explanatory	explanatory	ADJ
fbem-22370	137	7	variable	variable	NOUN
fbem-22370	137	8	is	be	AUX
fbem-22370	137	9	replaced	replace	VERB
fbem-22370	137	10	with	with	ADP
fbem-22370	137	11	the	the	DET
fbem-22370	137	12	bloomberg	bloomberg	PROPN
fbem-22370	137	13	esg	esg	PROPN
fbem-22370	137	14	index	index	PROPN
fbem-22370	137	15	,	,	PUNCT
fbem-22370	137	16	and	and	CCONJ
fbem-22370	137	17	the	the	DET
fbem-22370	137	18	bloomberg	bloomberg	PROPN
fbem-22370	137	19	esg	esg	PROPN
fbem-22370	137	20	index	index	NOUN
fbem-22370	137	21	is	be	AUX
fbem-22370	137	22	a	a	DET
fbem-22370	137	23	comprehensive	comprehensive	ADJ
fbem-22370	137	24	continuous	continuous	ADJ
fbem-22370	137	25	score	score	NOUN
fbem-22370	137	26	compared	compare	VERB
fbem-22370	137	27	with	with	ADP
fbem-22370	137	28	the	the	DET
fbem-22370	137	29	rating	rating	NOUN
fbem-22370	137	30	score	score	NOUN
fbem-22370	137	31	of	of	ADP
fbem-22370	137	32	most	most	ADJ
fbem-22370	137	33	discontinuity	discontinuity	NOUN
fbem-22370	137	34	(	(	PUNCT
fbem-22370	137	35	e.	e.	PROPN
fbem-22370	137	36	g.	g.	PROPN
fbem-22370	137	37	,	,	PUNCT
fbem-22370	137	38	aaa	aaa	NOUN
fbem-22370	137	39	,	,	PUNCT
fbem-22370	137	40	aa	aa	NOUN
fbem-22370	137	41	,	,	PUNCT
fbem-22370	137	42	a	a	DET
fbem-22370	137	43	,	,	PUNCT
fbem-22370	137	44	b	b	NOUN
fbem-22370	137	45	,	,	PUNCT
fbem-22370	137	46	etc	etc	X
fbem-22370	137	47	.	.	X
fbem-22370	137	48	)	)	PUNCT
fbem-22370	137	49	.	.	PUNCT
fbem-22370	138	1	therefore	therefore	ADV
fbem-22370	138	2	,	,	PUNCT
fbem-22370	138	3	in	in	ADP
fbem-22370	138	4	order	order	NOUN
fbem-22370	138	5	to	to	PART
fbem-22370	138	6	strengthen	strengthen	VERB
fbem-22370	138	7	the	the	DET
fbem-22370	138	8	rationality	rationality	NOUN
fbem-22370	138	9	of	of	ADP
fbem-22370	138	10	the	the	DET
fbem-22370	138	11	conclusion	conclusion	NOUN
fbem-22370	138	12	,	,	PUNCT
fbem-22370	138	13	this	this	DET
fbem-22370	138	14	paper	paper	NOUN
fbem-22370	138	15	uses	use	VERB
fbem-22370	138	16	the	the	DET
fbem-22370	138	17	bloomberg	bloomberg	PROPN
fbem-22370	138	18	esg	esg	PROPN
fbem-22370	138	19	index	index	NOUN
fbem-22370	138	20	for	for	ADP
fbem-22370	138	21	the	the	DET
fbem-22370	138	22	robustness	robustness	NOUN
fbem-22370	138	23	test	test	NOUN
fbem-22370	138	24	.	.	PUNCT
fbem-22370	139	1	the	the	DET
fbem-22370	139	2	results	result	NOUN
fbem-22370	139	3	in	in	ADP
fbem-22370	139	4	table	table	NOUN
fbem-22370	139	5	3	3	NUM
fbem-22370	139	6	show	show	VERB
fbem-22370	139	7	that	that	SCONJ
fbem-22370	139	8	the	the	DET
fbem-22370	139	9	regression	regression	NOUN
fbem-22370	139	10	coefficient	coefficient	NOUN
fbem-22370	139	11	of	of	ADP
fbem-22370	139	12	the	the	DET
fbem-22370	139	13	digital	digital	ADJ
fbem-22370	139	14	transformation	transformation	NOUN
fbem-22370	139	15	is	be	AUX
fbem-22370	139	16	significantly	significantly	ADV
fbem-22370	139	17	positive	positive	ADJ
fbem-22370	139	18	and	and	CCONJ
fbem-22370	139	19	the	the	DET
fbem-22370	139	20	study	study	NOUN
fbem-22370	139	21	results	result	NOUN
fbem-22370	139	22	remain	remain	VERB
fbem-22370	139	23	unchanged	unchanged	ADJ
fbem-22370	139	24	.	.	PUNCT
fbem-22370	140	1	table	table	NOUN
fbem-22370	140	2	2	2	NUM
fbem-22370	140	3	.	.	PUNCT
fbem-22370	140	4	descriptive	descriptive	ADJ
fbem-22370	140	5	statistics	statistic	NOUN
fbem-22370	140	6	observ	observ	PROPN
fbem-22370	140	7	ed	ed	PROPN
fbem-22370	140	8	value	value	NOUN
fbem-22370	140	9	mean	mean	NOUN
fbem-22370	140	10	value	value	NOUN
fbem-22370	140	11	standard	standard	ADJ
fbem-22370	140	12	deviatio	deviatio	PROPN
fbem-22370	140	13	n	n	PRON
fbem-22370	140	14	median	median	ADJ
fbem-22370	140	15	crest	crest	NOUN
fbem-22370	140	16	value	value	NOUN
fbem-22370	140	17	esg	esg	PROPN
fbem-22370	140	18	12	12	NUM
fbem-22370	140	19	664	664	NUM
fbem-22370	140	20	4.263	4.263	NUM
fbem-22370	140	21	0.977	0.977	NUM
fbem-22370	140	22	4.250	4.250	NUM
fbem-22370	140	23	8.000	8.000	NUM
fbem-22370	140	24	dt	dt	NOUN
fbem-22370	140	25	12	12	NUM
fbem-22370	140	26	664	664	NUM
fbem-22370	140	27	1.556	1.556	NUM
fbem-22370	140	28	1.470	1.470	NUM
fbem-22370	140	29	1.386	1.386	NUM
fbem-22370	140	30	6.301	6.301	NUM
fbem-22370	140	31	liqui	liqui	NOUN
fbem-22370	140	32	12	12	NUM
fbem-22370	140	33	664	664	NUM
fbem-22370	140	34	-0.004	-0.004	NUM
fbem-22370	140	35	0.020	0.020	NUM
fbem-22370	140	36	-0.002	-0.002	PUNCT
fbem-22370	140	37	0.000	0.000	NUM
fbem-22370	140	38	analyst	analyst	NOUN
fbem-22370	140	39	12	12	NUM
fbem-22370	140	40	664	664	NUM
fbem-22370	140	41	2.036	2.036	NUM
fbem-22370	140	42	0.915	0.915	NUM
fbem-22370	140	43	2.079	2.079	NUM
fbem-22370	140	44	4.331	4.331	NUM
fbem-22370	140	45	finv	finv	ADJ
fbem-22370	140	46	12	12	NUM
fbem-22370	140	47	664	664	NUM
fbem-22370	140	48	0.039	0.039	NUM
fbem-22370	140	49	0.100	0.100	NUM
fbem-22370	140	50	0.021	0.021	NUM
fbem-22370	140	51	7.249	7.249	NUM
fbem-22370	140	52	lev	lev	NOUN
fbem-22370	140	53	12	12	NUM
fbem-22370	140	54	664	664	NUM
fbem-22370	140	55	0.404	0.404	NUM
fbem-22370	140	56	0.193	0.193	NUM
fbem-22370	140	57	0.398	0.398	NUM
fbem-22370	140	58	0.998	0.998	NUM
fbem-22370	140	59	roa	roa	NOUN
fbem-22370	140	60	12	12	NUM
fbem-22370	140	61	664	664	NUM
fbem-22370	140	62	0.050	0.050	NUM
fbem-22370	140	63	0.066	0.066	NUM
fbem-22370	140	64	0.047	0.047	NUM
fbem-22370	140	65	0.550	0.550	NUM
fbem-22370	140	66	cash	cash	NOUN
fbem-22370	140	67	12	12	NUM
fbem-22370	140	68	664	664	NUM
fbem-22370	140	69	0.041	0.041	NUM
fbem-22370	140	70	0.058	0.058	NUM
fbem-22370	140	71	0.037	0.037	NUM
fbem-22370	140	72	0.483	0.483	NUM
fbem-22370	140	73	growth	growth	NOUN
fbem-22370	140	74	12	12	NUM
fbem-22370	140	75	664	664	NUM
fbem-22370	140	76	0.204	0.204	NUM
fbem-22370	140	77	0.521	0.521	NUM
fbem-22370	140	78	0.117	0.117	NUM
fbem-22370	140	79	23.820	23.820	NUM
fbem-22370	140	80	tobinq	tobinq	NOUN
fbem-22370	140	81	12	12	NUM
fbem-22370	140	82	664	664	NUM
fbem-22370	140	83	2.187	2.187	NUM
fbem-22370	140	84	1.604	1.604	NUM
fbem-22370	140	85	1.713	1.713	NUM
fbem-22370	140	86	29.170	29.170	NUM
fbem-22370	140	87	top1	top1	PROPN
fbem-22370	140	88	12	12	NUM
fbem-22370	140	89	664	664	NUM
fbem-22370	140	90	34.680	34.680	NUM
fbem-22370	140	91	14.710	14.710	NUM
fbem-22370	140	92	32.760	32.760	NUM
fbem-22370	140	93	89.990	89.990	NUM
fbem-22370	140	94	dual	dual	ADJ
fbem-22370	140	95	12	12	NUM
fbem-22370	140	96	664	664	NUM
fbem-22370	140	97	0.309	0.309	NUM
fbem-22370	140	98	0.462	0.462	NUM
fbem-22370	140	99	0.000	0.000	NUM
fbem-22370	140	100	1.000	1.000	NUM
fbem-22370	140	101	4.2.3	4.2.3	NUM
fbem-22370	140	102	.	.	PUNCT
fbem-22370	141	1	mechanism	mechanism	NOUN
fbem-22370	141	2	test	test	NOUN
fbem-22370	141	3	analysis	analysis	NOUN
fbem-22370	141	4	based	base	VERB
fbem-22370	141	5	on	on	ADP
fbem-22370	141	6	the	the	DET
fbem-22370	141	7	existing	exist	VERB
fbem-22370	141	8	research	research	NOUN
fbem-22370	141	9	,	,	PUNCT
fbem-22370	141	10	this	this	DET
fbem-22370	141	11	paper	paper	NOUN
fbem-22370	141	12	speculated	speculate	VERB
fbem-22370	141	13	that	that	SCONJ
fbem-22370	141	14	digital	digital	ADJ
fbem-22370	141	15	transformation	transformation	NOUN
fbem-22370	141	16	can	can	AUX
fbem-22370	141	17	improve	improve	VERB
fbem-22370	141	18	the	the	DET
fbem-22370	141	19	efficiency	efficiency	NOUN
fbem-22370	141	20	of	of	ADP
fbem-22370	141	21	enterprise	enterprise	NOUN
fbem-22370	141	22	esg	esg	NOUN
fbem-22370	141	23	investment	investment	NOUN
fbem-22370	141	24	by	by	ADP
fbem-22370	141	25	improving	improve	VERB
fbem-22370	141	26	managers	manager	NOUN
fbem-22370	141	27	'	'	PART
fbem-22370	141	28	perception	perception	NOUN
fbem-22370	141	29	ability	ability	NOUN
fbem-22370	141	30	and	and	CCONJ
fbem-22370	141	31	their	their	PRON
fbem-22370	141	32	decision	decision	NOUN
fbem-22370	141	33	-	-	PUNCT
fbem-22370	141	34	making	make	VERB
fbem-22370	141	35	ability	ability	NOUN
fbem-22370	141	36	.	.	PUNCT
fbem-22370	142	1	the	the	DET
fbem-22370	142	2	development	development	NOUN
fbem-22370	142	3	of	of	ADP
fbem-22370	142	4	digital	digital	ADJ
fbem-22370	142	5	transformation	transformation	NOUN
fbem-22370	142	6	is	be	AUX
fbem-22370	142	7	beneficial	beneficial	ADJ
fbem-22370	142	8	to	to	PART
fbem-22370	142	9	accelerate	accelerate	VERB
fbem-22370	142	10	the	the	DET
fbem-22370	142	11	internal	internal	ADJ
fbem-22370	142	12	and	and	CCONJ
fbem-22370	142	13	external	external	ADJ
fbem-22370	142	14	information	information	NOUN
fbem-22370	142	15	flow	flow	NOUN
fbem-22370	142	16	,	,	PUNCT
fbem-22370	142	17	the	the	DET
fbem-22370	142	18	stock	stock	NOUN
fbem-22370	142	19	information	information	NOUN
fbem-22370	142	20	content	content	NOUN
fbem-22370	142	21	and	and	CCONJ
fbem-22370	142	22	promote	promote	VERB
fbem-22370	142	23	investors	investor	NOUN
fbem-22370	142	24	interactive	interactive	ADJ
fbem-22370	142	25	information	information	NOUN
fbem-22370	142	26	exchange	exchange	NOUN
fbem-22370	142	27	,	,	PUNCT
fbem-22370	142	28	reduce	reduce	VERB
fbem-22370	142	29	the	the	DET
fbem-22370	142	30	information	information	NOUN
fbem-22370	142	31	asymmetry	asymmetry	NOUN
fbem-22370	142	32	between	between	ADP
fbem-22370	142	33	enterprises	enterprise	NOUN
fbem-22370	142	34	and	and	CCONJ
fbem-22370	142	35	investors	investor	NOUN
fbem-22370	142	36	,	,	PUNCT
fbem-22370	142	37	make	make	VERB
fbem-22370	142	38	the	the	DET
fbem-22370	142	39	enterprise	enterprise	NOUN
fbem-22370	142	40	can	can	AUX
fbem-22370	142	41	better	well	ADJ
fbem-22370	142	42	perception	perception	NOUN
fbem-22370	142	43	operation	operation	NOUN
fbem-22370	142	44	may	may	AUX
fbem-22370	142	45	face	face	VERB
fbem-22370	142	46	all	all	DET
fbem-22370	142	47	kinds	kind	NOUN
fbem-22370	142	48	of	of	ADP
fbem-22370	142	49	risks	risk	NOUN
fbem-22370	142	50	,	,	PUNCT
fbem-22370	142	51	help	help	VERB
fbem-22370	142	52	enterprises	enterprise	NOUN
fbem-22370	142	53	to	to	PART
fbem-22370	142	54	improve	improve	VERB
fbem-22370	142	55	the	the	DET
fbem-22370	142	56	accuracy	accuracy	NOUN
fbem-22370	142	57	of	of	ADP
fbem-22370	142	58	decision	decision	NOUN
fbem-22370	142	59	-	-	PUNCT
fbem-22370	142	60	making	making	NOUN
fbem-22370	142	61	,	,	PUNCT
fbem-22370	142	62	ultimately	ultimately	ADV
fbem-22370	142	63	improve	improve	VERB
fbem-22370	142	64	enterprise	enterprise	NOUN
fbem-22370	142	65	esg	esg	NOUN
fbem-22370	142	66	investment	investment	NOUN
fbem-22370	142	67	efficiency	efficiency	NOUN
fbem-22370	142	68	.	.	PUNCT
fbem-22370	143	1	according	accord	VERB
fbem-22370	143	2	to	to	ADP
fbem-22370	143	3	the	the	DET
fbem-22370	143	4	results	result	NOUN
fbem-22370	143	5	of	of	ADP
fbem-22370	143	6	table	table	NOUN
fbem-22370	143	7	3	3	NUM
fbem-22370	143	8	columns	column	NOUN
fbem-22370	143	9	(	(	PUNCT
fbem-22370	143	10	6	6	NUM
fbem-22370	143	11	)	)	PUNCT
fbem-22370	143	12	and	and	CCONJ
fbem-22370	143	13	columns	column	NOUN
fbem-22370	143	14	(	(	PUNCT
fbem-22370	143	15	7	7	NUM
fbem-22370	143	16	)	)	PUNCT
fbem-22370	143	17	,	,	PUNCT
fbem-22370	143	18	the	the	DET
fbem-22370	143	19	digital	digital	ADJ
fbem-22370	143	20	transformation	transformation	NOUN
fbem-22370	143	21	of	of	ADP
fbem-22370	143	22	enterprises	enterprise	NOUN
fbem-22370	143	23	will	will	AUX
fbem-22370	143	24	improve	improve	VERB
fbem-22370	143	25	the	the	DET
fbem-22370	143	26	decision	decision	NOUN
fbem-22370	143	27	-	-	PUNCT
fbem-22370	143	28	making	make	VERB
fbem-22370	143	29	ability	ability	NOUN
fbem-22370	143	30	of	of	ADP
fbem-22370	143	31	managers	manager	NOUN
fbem-22370	143	32	.	.	PUNCT
fbem-22370	144	1	the	the	DET
fbem-22370	144	2	application	application	NOUN
fbem-22370	144	3	of	of	ADP
fbem-22370	144	4	digital	digital	ADJ
fbem-22370	144	5	technology	technology	NOUN
fbem-22370	144	6	will	will	AUX
fbem-22370	144	7	help	help	VERB
fbem-22370	144	8	enterprises	enterprise	NOUN
fbem-22370	144	9	to	to	PART
fbem-22370	144	10	identify	identify	VERB
fbem-22370	144	11	the	the	DET
fbem-22370	144	12	changes	change	NOUN
fbem-22370	144	13	of	of	ADP
fbem-22370	144	14	customer	customer	NOUN
fbem-22370	144	15	needs	need	VERB
fbem-22370	144	16	more	more	ADV
fbem-22370	144	17	quickly	quickly	ADV
fbem-22370	144	18	,	,	PUNCT
fbem-22370	144	19	thus	thus	ADV
fbem-22370	144	20	promoting	promote	VERB
fbem-22370	144	21	the	the	DET
fbem-22370	144	22	improvement	improvement	NOUN
fbem-22370	144	23	of	of	ADP
fbem-22370	144	24	the	the	DET
fbem-22370	144	25	decision	decision	NOUN
fbem-22370	144	26	-	-	PUNCT
fbem-22370	144	27	making	make	VERB
fbem-22370	144	28	ability	ability	NOUN
fbem-22370	144	29	of	of	ADP
fbem-22370	144	30	managers	manager	NOUN
fbem-22370	144	31	.	.	PUNCT
fbem-22370	145	1	further	far	ADV
fbem-22370	145	2	,	,	PUNCT
fbem-22370	145	3	in	in	ADP
fbem-22370	145	4	the	the	DET
fbem-22370	145	5	case	case	NOUN
fbem-22370	145	6	of	of	ADP
fbem-22370	145	7	improved	improved	ADJ
fbem-22370	145	8	managers	manager	NOUN
fbem-22370	145	9	'	'	PART
fbem-22370	145	10	decision	decision	NOUN
fbem-22370	145	11	-	-	PUNCT
fbem-22370	145	12	making	make	VERB
fbem-22370	145	13	ability	ability	NOUN
fbem-22370	145	14	,	,	PUNCT
fbem-22370	145	15	enterprises	enterprise	NOUN
fbem-22370	145	16	often	often	ADV
fbem-22370	145	17	act	act	VERB
fbem-22370	145	18	for	for	ADP
fbem-22370	145	19	maintenance	maintenance	NOUN
fbem-22370	145	20	the	the	DET
fbem-22370	145	21	sustainable	sustainable	ADJ
fbem-22370	145	22	growth	growth	NOUN
fbem-22370	145	23	of	of	ADP
fbem-22370	145	24	self	self	NOUN
fbem-22370	145	25	-	-	PUNCT
fbem-22370	145	26	interests	interest	NOUN
fbem-22370	145	27	meets	meet	VERB
fbem-22370	145	28	the	the	DET
fbem-22370	145	29	lowcarbon	lowcarbon	NOUN
fbem-22370	145	30	needs	need	NOUN
fbem-22370	145	31	of	of	ADP
fbem-22370	145	32	stakeholders	stakeholder	NOUN
fbem-22370	145	33	and	and	CCONJ
fbem-22370	145	34	provides	provide	VERB
fbem-22370	145	35	an	an	DET
fbem-22370	145	36	important	important	ADJ
fbem-22370	145	37	and	and	CCONJ
fbem-22370	145	38	effective	effective	ADJ
fbem-22370	145	39	driving	driving	NOUN
fbem-22370	145	40	force	force	NOUN
fbem-22370	145	41	for	for	ADP
fbem-22370	145	42	improving	improve	VERB
fbem-22370	145	43	the	the	DET
fbem-22370	145	44	investment	investment	NOUN
fbem-22370	145	45	efficiency	efficiency	NOUN
fbem-22370	145	46	of	of	ADP
fbem-22370	145	47	esg	esg	PROPN
fbem-22370	145	48	of	of	ADP
fbem-22370	145	49	enterprises	enterprise	NOUN
fbem-22370	145	50	.	.	PUNCT
fbem-22370	146	1	moreover	moreover	ADV
fbem-22370	146	2	,	,	PUNCT
fbem-22370	146	3	the	the	DET
fbem-22370	146	4	regression	regression	NOUN
fbem-22370	146	5	coefficient	coefficient	NOUN
fbem-22370	146	6	of	of	ADP
fbem-22370	146	7	manager	manager	NOUN
fbem-22370	146	8	decision	decision	NOUN
fbem-22370	146	9	-	-	PUNCT
fbem-22370	146	10	making	make	VERB
fbem-22370	146	11	ability	ability	NOUN
fbem-22370	146	12	(	(	PUNCT
fbem-22370	146	13	finv	finv	ADJ
fbem-22370	146	14	)	)	PUNCT
fbem-22370	146	15	is	be	AUX
fbem-22370	146	16	significantly	significantly	ADV
fbem-22370	146	17	negative	negative	ADJ
fbem-22370	146	18	,	,	PUNCT
fbem-22370	146	19	which	which	PRON
fbem-22370	146	20	also	also	ADV
fbem-22370	146	21	provides	provide	VERB
fbem-22370	146	22	empirical	empirical	ADJ
fbem-22370	146	23	evidence	evidence	NOUN
fbem-22370	146	24	support	support	NOUN
fbem-22370	146	25	for	for	ADP
fbem-22370	146	26	the	the	DET
fbem-22370	146	27	theoretical	theoretical	ADJ
fbem-22370	146	28	analysis	analysis	NOUN
fbem-22370	146	29	of	of	ADP
fbem-22370	146	30	this	this	DET
fbem-22370	146	31	paper	paper	NOUN
fbem-22370	146	32	.	.	PUNCT
fbem-22370	147	1	4.2.4	4.2.4	X
fbem-22370	147	2	.	.	PUNCT
fbem-22370	148	1	analysis	analysis	NOUN
fbem-22370	148	2	of	of	ADP
fbem-22370	148	3	heterogeneity	heterogeneity	NOUN
fbem-22370	148	4	gender	gender	NOUN
fbem-22370	148	5	characteristics	characteristic	NOUN
fbem-22370	148	6	of	of	ADP
fbem-22370	148	7	the	the	DET
fbem-22370	148	8	managers	manager	NOUN
fbem-22370	148	9	.	.	PUNCT
fbem-22370	149	1	previous	previous	ADJ
fbem-22370	149	2	studies	study	NOUN
fbem-22370	149	3	have	have	AUX
fbem-22370	149	4	found	find	VERB
fbem-22370	149	5	that	that	SCONJ
fbem-22370	149	6	compared	compare	VERB
fbem-22370	149	7	with	with	ADP
fbem-22370	149	8	women	woman	NOUN
fbem-22370	149	9	,	,	PUNCT
fbem-22370	149	10	men	man	NOUN
fbem-22370	149	11	have	have	VERB
fbem-22370	149	12	the	the	DET
fbem-22370	149	13	psychological	psychological	ADJ
fbem-22370	149	14	characteristics	characteristic	NOUN
fbem-22370	149	15	of	of	ADP
fbem-22370	149	16	overconfidence	overconfidence	NOUN
fbem-22370	149	17	,	,	PUNCT
fbem-22370	149	18	which	which	PRON
fbem-22370	149	19	makes	make	VERB
fbem-22370	149	20	them	they	PRON
fbem-22370	149	21	more	more	ADV
fbem-22370	149	22	optimistic	optimistic	ADJ
fbem-22370	149	23	about	about	ADP
fbem-22370	149	24	the	the	DET
fbem-22370	149	25	investment	investment	NOUN
fbem-22370	149	26	environment	environment	NOUN
fbem-22370	149	27	,	,	PUNCT
fbem-22370	149	28	higher	high	ADJ
fbem-22370	149	29	evaluation	evaluation	NOUN
fbem-22370	149	30	of	of	ADP
fbem-22370	149	31	their	their	PRON
fbem-22370	149	32	own	own	ADJ
fbem-22370	149	33	ability	ability	NOUN
fbem-22370	149	34	,	,	PUNCT
fbem-22370	149	35	and	and	CCONJ
fbem-22370	149	36	more	more	ADV
fbem-22370	149	37	likely	likely	ADJ
fbem-22370	149	38	to	to	PART
fbem-22370	149	39	make	make	VERB
fbem-22370	149	40	aggressive	aggressive	ADJ
fbem-22370	149	41	investment	investment	NOUN
fbem-22370	149	42	decisions	decision	NOUN
fbem-22370	149	43	[	[	X
fbem-22370	149	44	19	19	NUM
fbem-22370	149	45	]	]	PUNCT
fbem-22370	149	46	.	.	PUNCT
fbem-22370	150	1	therefore	therefore	ADV
fbem-22370	150	2	,	,	PUNCT
fbem-22370	150	3	this	this	DET
fbem-22370	150	4	paper	paper	NOUN
fbem-22370	150	5	speculated	speculate	VERB
fbem-22370	150	6	that	that	SCONJ
fbem-22370	150	7	digital	digital	ADJ
fbem-22370	150	8	transformation	transformation	NOUN
fbem-22370	150	9	can	can	AUX
fbem-22370	150	10	reduce	reduce	VERB
fbem-22370	150	11	the	the	DET
fbem-22370	150	12	aggressive	aggressive	ADJ
fbem-22370	150	13	degree	degree	NOUN
fbem-22370	150	14	of	of	ADP
fbem-22370	150	15	male	male	ADJ
fbem-22370	150	16	executive	executive	ADJ
fbem-22370	150	17	overconfidence	overconfidence	NOUN
fbem-22370	150	18	to	to	ADP
fbem-22370	150	19	some	some	DET
fbem-22370	150	20	extent	extent	NOUN
fbem-22370	150	21	,	,	PUNCT
fbem-22370	150	22	and	and	CCONJ
fbem-22370	150	23	thus	thus	ADV
fbem-22370	150	24	improve	improve	VERB
fbem-22370	150	25	corporate	corporate	ADJ
fbem-22370	150	26	esg	esg	NOUN
fbem-22370	150	27	performance	performance	NOUN
fbem-22370	150	28	.	.	PUNCT
fbem-22370	151	1	based	base	VERB
fbem-22370	151	2	on	on	ADP
fbem-22370	151	3	this	this	PRON
fbem-22370	151	4	,	,	PUNCT
fbem-22370	151	5	this	this	DET
fbem-22370	151	6	paper	paper	NOUN
fbem-22370	151	7	divides	divide	VERB
fbem-22370	151	8	the	the	DET
fbem-22370	151	9	383	383	NUM
fbem-22370	151	10	sample	sample	NOUN
fbem-22370	151	11	into	into	ADP
fbem-22370	151	12	male	male	ADJ
fbem-22370	151	13	ceo	ceo	NOUN
fbem-22370	151	14	enterprises	enterprise	NOUN
fbem-22370	151	15	and	and	CCONJ
fbem-22370	151	16	female	female	ADJ
fbem-22370	151	17	ceo	ceo	NOUN
fbem-22370	151	18	enterprises	enterprise	NOUN
fbem-22370	151	19	.	.	PUNCT
fbem-22370	152	1	the	the	DET
fbem-22370	152	2	value	value	NOUN
fbem-22370	152	3	of	of	ADP
fbem-22370	152	4	male	male	ADJ
fbem-22370	152	5	ceo	ceo	NOUN
fbem-22370	152	6	enterprises	enterprise	NOUN
fbem-22370	152	7	is	be	AUX
fbem-22370	152	8	1	1	NUM
fbem-22370	152	9	,	,	PUNCT
fbem-22370	152	10	otherwise	otherwise	ADV
fbem-22370	152	11	0	0	NUM
fbem-22370	152	12	,	,	PUNCT
fbem-22370	152	13	and	and	CCONJ
fbem-22370	152	14	the	the	DET
fbem-22370	152	15	regression	regression	NOUN
fbem-22370	152	16	results	result	NOUN
fbem-22370	152	17	are	be	AUX
fbem-22370	152	18	shown	show	VERB
fbem-22370	152	19	in	in	ADP
fbem-22370	152	20	table	table	NOUN
fbem-22370	152	21	3	3	NUM
fbem-22370	152	22	.	.	PUNCT
fbem-22370	153	1	the	the	DET
fbem-22370	153	2	empirical	empirical	ADJ
fbem-22370	153	3	results	result	NOUN
fbem-22370	153	4	in	in	ADP
fbem-22370	153	5	table	table	NOUN
fbem-22370	153	6	3	3	NUM
fbem-22370	153	7	show	show	VERB
fbem-22370	153	8	that	that	SCONJ
fbem-22370	153	9	the	the	DET
fbem-22370	153	10	digital	digital	ADJ
fbem-22370	153	11	transformation	transformation	NOUN
fbem-22370	153	12	of	of	ADP
fbem-22370	153	13	enterprises	enterprise	NOUN
fbem-22370	153	14	with	with	ADP
fbem-22370	153	15	male	male	ADJ
fbem-22370	153	16	ceos	ceos	NOUN
fbem-22370	153	17	has	have	VERB
fbem-22370	153	18	a	a	DET
fbem-22370	153	19	more	more	ADV
fbem-22370	153	20	obvious	obvious	ADJ
fbem-22370	153	21	effect	effect	NOUN
fbem-22370	153	22	on	on	ADP
fbem-22370	153	23	improving	improve	VERB
fbem-22370	153	24	the	the	DET
fbem-22370	153	25	performance	performance	NOUN
fbem-22370	153	26	of	of	ADP
fbem-22370	153	27	enterprise	enterprise	NOUN
fbem-22370	153	28	esg	esg	NOUN
fbem-22370	153	29	than	than	ADP
fbem-22370	153	30	that	that	PRON
fbem-22370	153	31	of	of	ADP
fbem-22370	153	32	female	female	ADJ
fbem-22370	153	33	ceos	ceo	NOUN
fbem-22370	153	34	.	.	PUNCT
fbem-22370	154	1	table	table	NOUN
fbem-22370	154	2	3	3	NUM
fbem-22370	154	3	.	.	PUNCT
fbem-22370	154	4	benchmark	benchmark	NOUN
fbem-22370	154	5	regression	regression	NOUN
fbem-22370	154	6	results	result	NOUN
fbem-22370	154	7	(	(	PUNCT
fbem-22370	154	8	1	1	NUM
fbem-22370	154	9	)	)	PUNCT
fbem-22370	154	10	(	(	PUNCT
fbem-22370	154	11	2	2	NUM
fbem-22370	154	12	)	)	PUNCT
fbem-22370	154	13	(	(	PUNCT
fbem-22370	154	14	3	3	X
fbem-22370	154	15	)	)	PUNCT
fbem-22370	154	16	esg	esg	PROPN
fbem-22370	154	17	esg	esg	PROPN
fbem-22370	154	18	esg	esg	PROPN
fbem-22370	154	19	dt	dt	NOUN
fbem-22370	155	1	0.035	0.035	NUM
fbem-22370	155	2	*	*	PUNCT
fbem-22370	155	3	*	*	PUNCT
fbem-22370	155	4	*	*	PUNCT
fbem-22370	155	5	0.053	0.053	NUM
fbem-22370	155	6	*	*	PUNCT
fbem-22370	155	7	*	*	PUNCT
fbem-22370	155	8	*	*	PUNCT
fbem-22370	155	9	0.043	0.043	NUM
fbem-22370	155	10	*	*	PUNCT
fbem-22370	155	11	*	*	PUNCT
fbem-22370	155	12	*	*	PUNCT
fbem-22370	155	13	(	(	PUNCT
fbem-22370	155	14	5.940	5.940	NUM
fbem-22370	155	15	)	)	PUNCT
fbem-22370	155	16	(	(	PUNCT
fbem-22370	155	17	9.042	9.042	NUM
fbem-22370	155	18	)	)	PUNCT
fbem-22370	155	19	(	(	PUNCT
fbem-22370	155	20	5.585	5.585	NUM
fbem-22370	155	21	)	)	PUNCT
fbem-22370	155	22	lev	lev	NOUN
fbem-22370	155	23	-0.119	-0.119	X
fbem-22370	155	24	*	*	PUNCT
fbem-22370	155	25	*	*	PUNCT
fbem-22370	155	26	-0.251	-0.251	PUNCT
fbem-22370	155	27	*	*	PUNCT
fbem-22370	155	28	*	*	PUNCT
fbem-22370	155	29	*	*	PUNCT
fbem-22370	155	30	(	(	PUNCT
fbem-22370	155	31	-2.424	-2.424	NUM
fbem-22370	155	32	)	)	PUNCT
fbem-22370	155	33	(	(	PUNCT
fbem-22370	155	34	-4.849	-4.849	X
fbem-22370	155	35	)	)	PUNCT
fbem-22370	155	36	roa	roa	NOUN
fbem-22370	155	37	2.251	2.251	NUM
fbem-22370	155	38	*	*	PUNCT
fbem-22370	155	39	*	*	PUNCT
fbem-22370	155	40	*	*	PUNCT
fbem-22370	155	41	2.111	2.111	NUM
fbem-22370	155	42	*	*	PUNCT
fbem-22370	155	43	*	*	PUNCT
fbem-22370	155	44	*	*	PUNCT
fbem-22370	155	45	(	(	PUNCT
fbem-22370	155	46	15.458	15.458	NUM
fbem-22370	155	47	)	)	PUNCT
fbem-22370	155	48	(	(	PUNCT
fbem-22370	155	49	14.846	14.846	NUM
fbem-22370	155	50	)	)	PUNCT
fbem-22370	155	51	cash	cash	NOUN
fbem-22370	155	52	1.138	1.138	NUM
fbem-22370	155	53	*	*	PUNCT
fbem-22370	155	54	*	*	PUNCT
fbem-22370	155	55	*	*	PUNCT
fbem-22370	155	56	1.135	1.135	NUM
fbem-22370	155	57	*	*	PUNCT
fbem-22370	155	58	*	*	PUNCT
fbem-22370	155	59	*	*	PUNCT
fbem-22370	155	60	(	(	PUNCT
fbem-22370	155	61	7.300	7.300	NUM
fbem-22370	155	62	)	)	PUNCT
fbem-22370	155	63	(	(	PUNCT
fbem-22370	155	64	7.328	7.328	NUM
fbem-22370	155	65	)	)	PUNCT
fbem-22370	155	66	growth	growth	NOUN
fbem-22370	155	67	-0.053	-0.053	NOUN
fbem-22370	155	68	*	*	PUNCT
fbem-22370	155	69	*	*	PUNCT
fbem-22370	155	70	*	*	PUNCT
fbem-22370	155	71	-0.033	-0.033	PROPN
fbem-22370	155	72	*	*	PUNCT
fbem-22370	155	73	*	*	PUNCT
fbem-22370	155	74	(	(	PUNCT
fbem-22370	155	75	-3.193	-3.193	X
fbem-22370	155	76	)	)	PUNCT
fbem-22370	155	77	(	(	PUNCT
fbem-22370	155	78	-2.051	-2.051	NOUN
fbem-22370	155	79	)	)	PUNCT
fbem-22370	155	80	tobinq	tobinq	NOUN
fbem-22370	156	1	-0.061	-0.061	PUNCT
fbem-22370	157	1	*	*	PUNCT
fbem-22370	157	2	*	*	PUNCT
fbem-22370	157	3	*	*	NOUN
fbem-22370	157	4	-0.048	-0.048	NOUN
fbem-22370	157	5	*	*	PUNCT
fbem-22370	157	6	*	*	PUNCT
fbem-22370	157	7	*	*	PUNCT
fbem-22370	157	8	(	(	PUNCT
fbem-22370	157	9	-10.844	-10.844	NOUN
fbem-22370	157	10	)	)	PUNCT
fbem-22370	157	11	(	(	PUNCT
fbem-22370	157	12	-8.140	-8.140	X
fbem-22370	157	13	)	)	PUNCT
fbem-22370	157	14	top1	top1	NOUN
fbem-22370	157	15	0.004	0.004	NUM
fbem-22370	158	1	*	*	PUNCT
fbem-22370	158	2	*	*	PUNCT
fbem-22370	158	3	*	*	PUNCT
fbem-22370	158	4	0.004	0.004	NUM
fbem-22370	158	5	*	*	PUNCT
fbem-22370	158	6	*	*	PUNCT
fbem-22370	158	7	*	*	PUNCT
fbem-22370	158	8	(	(	PUNCT
fbem-22370	158	9	6.013	6.013	NUM
fbem-22370	158	10	)	)	PUNCT
fbem-22370	158	11	(	(	PUNCT
fbem-22370	158	12	6.301	6.301	NUM
fbem-22370	158	13	)	)	PUNCT
fbem-22370	158	14	dual	dual	ADJ
fbem-22370	158	15	-0.065	-0.065	NOUN
fbem-22370	158	16	*	*	PUNCT
fbem-22370	158	17	*	*	PUNCT
fbem-22370	158	18	*	*	PUNCT
fbem-22370	158	19	-0.059	-0.059	PUNCT
fbem-22370	158	20	*	*	PUNCT
fbem-22370	158	21	*	*	PUNCT
fbem-22370	158	22	*	*	PUNCT
fbem-22370	158	23	(	(	PUNCT
fbem-22370	158	24	-3.497	-3.497	NUM
fbem-22370	158	25	)	)	PUNCT
fbem-22370	158	26	(	(	PUNCT
fbem-22370	158	27	-3.277	-3.277	NUM
fbem-22370	158	28	)	)	PUNCT
fbem-22370	158	29	cons	con	NOUN
fbem-22370	159	1	4.209	4.209	NUM
fbem-22370	159	2	*	*	PUNCT
fbem-22370	159	3	*	*	PUNCT
fbem-22370	159	4	*	*	PUNCT
fbem-22370	160	1	4.112	4.112	NUM
fbem-22370	160	2	*	*	PUNCT
fbem-22370	160	3	*	*	PUNCT
fbem-22370	160	4	*	*	PUNCT
fbem-22370	160	5	2.887	2.887	NUM
fbem-22370	160	6	*	*	PUNCT
fbem-22370	160	7	*	*	PUNCT
fbem-22370	160	8	*	*	PUNCT
fbem-22370	160	9	(	(	PUNCT
fbem-22370	160	10	333.615	333.615	NUM
fbem-22370	160	11	)	)	PUNCT
fbem-22370	160	12	(	(	PUNCT
fbem-22370	160	13	111.700	111.700	NUM
fbem-22370	160	14	)	)	PUNCT
fbem-22370	160	15	(	(	PUNCT
fbem-22370	160	16	18.562	18.562	NUM
fbem-22370	160	17	)	)	PUNCT
fbem-22370	160	18	ind	ind	NOUN
fbem-22370	161	1	no	no	INTJ
fbem-22370	162	1	no	no	INTJ
fbem-22370	162	2	yes	yes	INTJ
fbem-22370	162	3	year	year	NOUN
fbem-22370	163	1	no	no	INTJ
fbem-22370	164	1	no	no	INTJ
fbem-22370	165	1	yes	yes	INTJ
fbem-22370	166	1	n	n	ADV
fbem-22370	166	2	12	12	NUM
fbem-22370	166	3	664	664	NUM
fbem-22370	166	4	12	12	NUM
fbem-22370	166	5	664	664	NUM
fbem-22370	166	6	12	12	NUM
fbem-22370	166	7	664	664	NUM
fbem-22370	166	8	adj.r2	adj.r2	VERB
fbem-22370	166	9	0.003	0.003	NUM
fbem-22370	166	10	0.046	0.046	NUM
fbem-22370	166	11	0.128	0.128	NUM
fbem-22370	166	12	note	note	NOUN
fbem-22370	166	13	:	:	PUNCT
fbem-22370	166	14	*	*	PUNCT
fbem-22370	167	1	*	*	PUNCT
fbem-22370	167	2	*	*	PUNCT
fbem-22370	167	3	and	and	CCONJ
fbem-22370	167	4	*	*	PUNCT
fbem-22370	167	5	*	*	PUNCT
fbem-22370	167	6	are	be	AUX
fbem-22370	167	7	significant	significant	ADJ
fbem-22370	167	8	at	at	ADP
fbem-22370	167	9	1	1	NUM
fbem-22370	167	10	%	%	NOUN
fbem-22370	167	11	and	and	CCONJ
fbem-22370	167	12	5	5	NUM
fbem-22370	167	13	%	%	NOUN
fbem-22370	167	14	levels	level	NOUN
fbem-22370	167	15	,	,	PUNCT
fbem-22370	167	16	respectively	respectively	ADV
fbem-22370	167	17	,	,	PUNCT
fbem-22370	167	18	with	with	ADP
fbem-22370	167	19	t	t	NOUN
fbem-22370	167	20	value	value	NOUN
fbem-22370	167	21	in	in	ADP
fbem-22370	167	22	parentheses	parenthesis	NOUN
fbem-22370	167	23	.	.	PUNCT
fbem-22370	168	1	whether	whether	SCONJ
fbem-22370	168	2	the	the	DET
fbem-22370	168	3	manager	manager	NOUN
fbem-22370	168	4	has	have	VERB
fbem-22370	168	5	an	an	DET
fbem-22370	168	6	academic	academic	ADJ
fbem-22370	168	7	background	background	NOUN
fbem-22370	168	8	.	.	PUNCT
fbem-22370	169	1	previous	previous	ADJ
fbem-22370	169	2	studies	study	NOUN
fbem-22370	169	3	have	have	AUX
fbem-22370	169	4	found	find	VERB
fbem-22370	169	5	that	that	SCONJ
fbem-22370	169	6	,	,	PUNCT
fbem-22370	169	7	compared	compare	VERB
fbem-22370	169	8	with	with	ADP
fbem-22370	169	9	executives	executive	NOUN
fbem-22370	169	10	with	with	ADP
fbem-22370	169	11	academic	academic	ADJ
fbem-22370	169	12	background	background	NOUN
fbem-22370	169	13	,	,	PUNCT
fbem-22370	169	14	executives	executive	NOUN
fbem-22370	169	15	without	without	ADP
fbem-22370	169	16	academic	academic	ADJ
fbem-22370	169	17	background	background	NOUN
fbem-22370	169	18	lack	lack	VERB
fbem-22370	169	19	the	the	DET
fbem-22370	169	20	grasp	grasp	NOUN
fbem-22370	169	21	of	of	ADP
fbem-22370	169	22	innovative	innovative	ADJ
fbem-22370	169	23	information	information	NOUN
fbem-22370	169	24	,	,	PUNCT
fbem-22370	169	25	relevant	relevant	ADJ
fbem-22370	169	26	understanding	understanding	NOUN
fbem-22370	169	27	of	of	ADP
fbem-22370	169	28	research	research	NOUN
fbem-22370	169	29	and	and	CCONJ
fbem-22370	169	30	development	development	NOUN
fbem-22370	169	31	activities	activity	NOUN
fbem-22370	169	32	,	,	PUNCT
fbem-22370	169	33	and	and	CCONJ
fbem-22370	169	34	no	no	DET
fbem-22370	169	35	accumulation	accumulation	NOUN
fbem-22370	169	36	of	of	ADP
fbem-22370	169	37	relevant	relevant	ADJ
fbem-22370	169	38	knowledge	knowledge	NOUN
fbem-22370	169	39	and	and	CCONJ
fbem-22370	169	40	experience	experience	NOUN
fbem-22370	169	41	,	,	PUNCT
fbem-22370	169	42	it	it	PRON
fbem-22370	169	43	is	be	AUX
fbem-22370	169	44	difficult	difficult	ADJ
fbem-22370	169	45	to	to	PART
fbem-22370	169	46	establish	establish	VERB
fbem-22370	169	47	information	information	NOUN
fbem-22370	169	48	advantages	advantage	NOUN
fbem-22370	169	49	for	for	ADP
fbem-22370	169	50	enterprises	enterprise	NOUN
fbem-22370	169	51	and	and	CCONJ
fbem-22370	169	52	promote	promote	VERB
fbem-22370	169	53	enterprises	enterprise	NOUN
fbem-22370	169	54	to	to	PART
fbem-22370	169	55	carry	carry	VERB
fbem-22370	169	56	out	out	ADP
fbem-22370	169	57	[	[	PUNCT
fbem-22370	169	58	20	20	NUM
fbem-22370	169	59	]	]	PUNCT
fbem-22370	169	60	innovation	innovation	NOUN
fbem-22370	169	61	activities	activity	NOUN
fbem-22370	169	62	,	,	PUNCT
fbem-22370	169	63	so	so	SCONJ
fbem-22370	169	64	as	as	SCONJ
fbem-22370	169	65	to	to	PART
fbem-22370	169	66	help	help	VERB
fbem-22370	169	67	the	the	DET
fbem-22370	169	68	development	development	NOUN
fbem-22370	169	69	of	of	ADP
fbem-22370	169	70	enterprises	enterprise	NOUN
fbem-22370	169	71	.	.	PUNCT
fbem-22370	170	1	it	it	PRON
fbem-22370	170	2	can	can	AUX
fbem-22370	170	3	be	be	AUX
fbem-22370	170	4	seen	see	VERB
fbem-22370	170	5	that	that	SCONJ
fbem-22370	170	6	the	the	DET
fbem-22370	170	7	coefficient	coefficient	NOUN
fbem-22370	170	8	of	of	ADP
fbem-22370	170	9	interaction	interaction	NOUN
fbem-22370	170	10	items	item	NOUN
fbem-22370	170	11	between	between	ADP
fbem-22370	170	12	digital	digital	ADJ
fbem-22370	170	13	transformation	transformation	NOUN
fbem-22370	170	14	and	and	CCONJ
fbem-22370	170	15	executives	executive	NOUN
fbem-22370	170	16	without	without	ADP
fbem-22370	170	17	academic	academic	ADJ
fbem-22370	170	18	background	background	NOUN
fbem-22370	170	19	is	be	AUX
fbem-22370	170	20	significantly	significantly	ADV
fbem-22370	170	21	positive	positive	ADJ
fbem-22370	170	22	,	,	PUNCT
fbem-22370	170	23	indicating	indicate	VERB
fbem-22370	170	24	that	that	SCONJ
fbem-22370	170	25	the	the	DET
fbem-22370	170	26	effect	effect	NOUN
fbem-22370	170	27	of	of	ADP
fbem-22370	170	28	digital	digital	ADJ
fbem-22370	170	29	transformation	transformation	NOUN
fbem-22370	170	30	on	on	ADP
fbem-22370	170	31	improving	improve	VERB
fbem-22370	170	32	the	the	DET
fbem-22370	170	33	esg	esg	NOUN
fbem-22370	170	34	performance	performance	NOUN
fbem-22370	170	35	of	of	ADP
fbem-22370	170	36	enterprises	enterprise	NOUN
fbem-22370	170	37	is	be	AUX
fbem-22370	170	38	more	more	ADV
fbem-22370	170	39	obvious	obvious	ADJ
fbem-22370	170	40	among	among	ADP
fbem-22370	170	41	executives	executive	NOUN
fbem-22370	170	42	without	without	ADP
fbem-22370	170	43	academic	academic	ADJ
fbem-22370	170	44	background	background	NOUN
fbem-22370	170	45	.	.	PUNCT
fbem-22370	171	1	the	the	DET
fbem-22370	171	2	manager	manager	NOUN
fbem-22370	171	3	has	have	VERB
fbem-22370	171	4	a	a	DET
fbem-22370	171	5	financial	financial	ADJ
fbem-22370	171	6	background	background	NOUN
fbem-22370	171	7	.	.	PUNCT
fbem-22370	172	1	previous	previous	ADJ
fbem-22370	172	2	studies	study	NOUN
fbem-22370	172	3	have	have	AUX
fbem-22370	172	4	found	find	VERB
fbem-22370	172	5	that	that	SCONJ
fbem-22370	172	6	the	the	PRON
fbem-22370	172	7	more	more	ADV
fbem-22370	172	8	serious	serious	ADJ
fbem-22370	172	9	the	the	DET
fbem-22370	172	10	degree	degree	NOUN
fbem-22370	172	11	of	of	ADP
fbem-22370	172	12	financing	financing	NOUN
fbem-22370	172	13	constraints	constraint	NOUN
fbem-22370	172	14	of	of	ADP
fbem-22370	172	15	enterprises	enterprise	NOUN
fbem-22370	172	16	,	,	PUNCT
fbem-22370	172	17	the	the	PRON
fbem-22370	172	18	greater	great	ADJ
fbem-22370	172	19	the	the	DET
fbem-22370	172	20	development	development	NOUN
fbem-22370	172	21	constraints	constraint	NOUN
fbem-22370	172	22	,	,	PUNCT
fbem-22370	172	23	and	and	CCONJ
fbem-22370	172	24	the	the	DET
fbem-22370	172	25	more	more	ADV
fbem-22370	172	26	likely	likely	ADJ
fbem-22370	172	27	it	it	PRON
fbem-22370	172	28	is	be	AUX
fbem-22370	172	29	to	to	PART
fbem-22370	172	30	miss	miss	VERB
fbem-22370	172	31	good	good	ADJ
fbem-22370	172	32	investment	investment	NOUN
fbem-22370	172	33	opportunities	opportunity	NOUN
fbem-22370	172	34	.	.	PUNCT
fbem-22370	173	1	the	the	DET
fbem-22370	173	2	characteristic	characteristic	NOUN
fbem-22370	173	3	of	of	ADP
fbem-22370	173	4	weak	weak	ADJ
fbem-22370	173	5	risk	risk	NOUN
fbem-22370	173	6	tolerance	tolerance	NOUN
fbem-22370	173	7	will	will	AUX
fbem-22370	173	8	make	make	VERB
fbem-22370	173	9	senior	senior	ADJ
fbem-22370	173	10	executives	executive	NOUN
fbem-22370	173	11	tend	tend	VERB
fbem-22370	173	12	to	to	PART
fbem-22370	173	13	have	have	VERB
fbem-22370	173	14	low	low	ADJ
fbem-22370	173	15	risk	risk	NOUN
fbem-22370	173	16	tolerance	tolerance	NOUN
fbem-22370	173	17	in	in	ADP
fbem-22370	173	18	the	the	DET
fbem-22370	173	19	project	project	NOUN
fbem-22370	173	20	decision	decision	NOUN
fbem-22370	173	21	-	-	PUNCT
fbem-22370	173	22	making	make	VERB
fbem-22370	173	23	process	process	NOUN
fbem-22370	173	24	,	,	PUNCT
fbem-22370	173	25	which	which	PRON
fbem-22370	173	26	will	will	AUX
fbem-22370	173	27	reduce	reduce	VERB
fbem-22370	173	28	the	the	DET
fbem-22370	173	29	possibility	possibility	NOUN
fbem-22370	173	30	of	of	ADP
fbem-22370	173	31	enterprises	enterprise	NOUN
fbem-22370	173	32	choosing	choose	VERB
fbem-22370	173	33	projects	project	NOUN
fbem-22370	173	34	with	with	ADP
fbem-22370	173	35	higher	high	ADJ
fbem-22370	173	36	risk	risk	NOUN
fbem-22370	173	37	degree	degree	NOUN
fbem-22370	174	1	[	[	X
fbem-22370	174	2	21	21	NUM
fbem-22370	174	3	]	]	PUNCT
fbem-22370	174	4	.	.	PUNCT
fbem-22370	175	1	therefore	therefore	ADV
fbem-22370	175	2	,	,	PUNCT
fbem-22370	175	3	this	this	DET
fbem-22370	175	4	paper	paper	NOUN
fbem-22370	175	5	speculated	speculate	VERB
fbem-22370	175	6	that	that	SCONJ
fbem-22370	175	7	digital	digital	ADJ
fbem-22370	175	8	transformation	transformation	NOUN
fbem-22370	175	9	can	can	AUX
fbem-22370	175	10	help	help	VERB
fbem-22370	175	11	executives	executive	NOUN
fbem-22370	175	12	without	without	ADP
fbem-22370	175	13	financial	financial	ADJ
fbem-22370	175	14	background	background	NOUN
fbem-22370	175	15	to	to	PART
fbem-22370	175	16	ease	ease	VERB
fbem-22370	175	17	their	their	PRON
fbem-22370	175	18	financing	financing	NOUN
fbem-22370	175	19	constraints	constraint	NOUN
fbem-22370	175	20	and	and	CCONJ
fbem-22370	175	21	improve	improve	VERB
fbem-22370	175	22	their	their	PRON
fbem-22370	175	23	risk	risk	NOUN
fbem-22370	175	24	tolerance	tolerance	NOUN
fbem-22370	175	25	through	through	ADP
fbem-22370	175	26	their	their	PRON
fbem-22370	175	27	digital	digital	ADJ
fbem-22370	175	28	technology	technology	NOUN
fbem-22370	175	29	advantages	advantage	NOUN
fbem-22370	175	30	,	,	PUNCT
fbem-22370	175	31	so	so	SCONJ
fbem-22370	175	32	as	as	SCONJ
fbem-22370	175	33	to	to	PART
fbem-22370	175	34	improve	improve	VERB
fbem-22370	175	35	their	their	PRON
fbem-22370	175	36	positive	positive	ADJ
fbem-22370	175	37	impact	impact	NOUN
fbem-22370	175	38	on	on	ADP
fbem-22370	175	39	the	the	DET
fbem-22370	175	40	esg	esg	NOUN
fbem-22370	175	41	performance	performance	NOUN
fbem-22370	175	42	of	of	ADP
fbem-22370	175	43	enterprises	enterprise	NOUN
fbem-22370	175	44	.	.	PUNCT
fbem-22370	176	1	based	base	VERB
fbem-22370	176	2	on	on	ADP
fbem-22370	176	3	this	this	PRON
fbem-22370	176	4	,	,	PUNCT
fbem-22370	176	5	this	this	DET
fbem-22370	176	6	paper	paper	NOUN
fbem-22370	176	7	divides	divide	VERB
fbem-22370	176	8	the	the	DET
fbem-22370	176	9	sample	sample	NOUN
fbem-22370	176	10	enterprises	enterprise	NOUN
fbem-22370	176	11	into	into	ADP
fbem-22370	176	12	enterprises	enterprise	NOUN
fbem-22370	176	13	without	without	ADP
fbem-22370	176	14	financial	financial	ADJ
fbem-22370	176	15	background	background	NOUN
fbem-22370	176	16	and	and	CCONJ
fbem-22370	176	17	enterprises	enterprise	NOUN
fbem-22370	176	18	with	with	ADP
fbem-22370	176	19	financial	financial	ADJ
fbem-22370	176	20	background	background	NOUN
fbem-22370	176	21	,	,	PUNCT
fbem-22370	176	22	and	and	CCONJ
fbem-22370	176	23	the	the	DET
fbem-22370	176	24	value	value	NOUN
fbem-22370	176	25	of	of	ADP
fbem-22370	176	26	enterprises	enterprise	NOUN
fbem-22370	176	27	without	without	ADP
fbem-22370	176	28	financial	financial	ADJ
fbem-22370	176	29	background	background	NOUN
fbem-22370	176	30	is	be	AUX
fbem-22370	176	31	1	1	NUM
fbem-22370	176	32	,	,	PUNCT
fbem-22370	176	33	otherwise	otherwise	ADV
fbem-22370	176	34	it	it	PRON
fbem-22370	176	35	is	be	AUX
fbem-22370	176	36	0	0	NUM
fbem-22370	176	37	.	.	PUNCT
fbem-22370	177	1	management	management	NOUN
fbem-22370	177	2	shareholding	shareholding	NOUN
fbem-22370	177	3	ratio	ratio	NOUN
fbem-22370	177	4	.	.	PUNCT
fbem-22370	178	1	existing	exist	VERB
fbem-22370	178	2	research	research	NOUN
fbem-22370	178	3	found	find	VERB
fbem-22370	178	4	that	that	SCONJ
fbem-22370	178	5	the	the	DET
fbem-22370	178	6	management	management	NOUN
fbem-22370	178	7	stake	stake	NOUN
fbem-22370	178	8	can	can	AUX
fbem-22370	178	9	effectively	effectively	ADV
fbem-22370	178	10	reduce	reduce	VERB
fbem-22370	178	11	the	the	DET
fbem-22370	178	12	management	management	NOUN
fbem-22370	178	13	and	and	CCONJ
fbem-22370	178	14	shareholders	shareholder	NOUN
fbem-22370	178	15	interest	interest	NOUN
fbem-22370	178	16	problems	problem	NOUN
fbem-22370	178	17	,	,	PUNCT
fbem-22370	178	18	with	with	ADP
fbem-22370	178	19	the	the	DET
fbem-22370	178	20	increase	increase	NOUN
fbem-22370	178	21	of	of	ADP
fbem-22370	178	22	shareholding	shareholding	NOUN
fbem-22370	178	23	,	,	PUNCT
fbem-22370	178	24	management	management	NOUN
fbem-22370	178	25	and	and	CCONJ
fbem-22370	178	26	shareholder	shareholder	NOUN
fbem-22370	178	27	interests	interest	NOUN
fbem-22370	178	28	binding	bind	VERB
fbem-22370	178	29	,	,	PUNCT
fbem-22370	178	30	effectively	effectively	ADV
fbem-22370	178	31	reduce	reduce	VERB
fbem-22370	178	32	the	the	DET
fbem-22370	178	33	principal	principal	ADJ
fbem-22370	178	34	-	-	PUNCT
fbem-22370	178	35	agent	agent	NOUN
fbem-22370	178	36	problem	problem	NOUN
fbem-22370	178	37	,	,	PUNCT
fbem-22370	178	38	as	as	ADP
fbem-22370	178	39	an	an	DET
fbem-22370	178	40	effective	effective	ADJ
fbem-22370	178	41	supervision	supervision	NOUN
fbem-22370	178	42	mechanism	mechanism	NOUN
fbem-22370	178	43	,	,	PUNCT
fbem-22370	178	44	reduce	reduce	VERB
fbem-22370	178	45	the	the	DET
fbem-22370	178	46	management	management	NOUN
fbem-22370	178	47	self	self	NOUN
fbem-22370	178	48	-	-	PUNCT
fbem-22370	178	49	interest	interest	NOUN
fbem-22370	178	50	behavior	behavior	NOUN
fbem-22370	178	51	,	,	PUNCT
fbem-22370	178	52	and	and	CCONJ
fbem-22370	178	53	thus	thus	ADV
fbem-22370	178	54	reduce	reduce	VERB
fbem-22370	178	55	the	the	DET
fbem-22370	178	56	management	management	NOUN
fbem-22370	178	57	real	real	ADJ
fbem-22370	178	58	to	to	ADP
fbem-22370	178	59	virtual	virtual	ADJ
fbem-22370	178	60	behavior	behavior	NOUN
fbem-22370	178	61	elective	elective	ADJ
fbem-22370	178	62	probability	probability	NOUN
fbem-22370	179	1	[	[	X
fbem-22370	179	2	22	22	NUM
fbem-22370	179	3	]	]	PUNCT
fbem-22370	179	4	.	.	PUNCT
fbem-22370	180	1	therefore	therefore	ADV
fbem-22370	180	2	,	,	PUNCT
fbem-22370	180	3	this	this	DET
fbem-22370	180	4	paper	paper	NOUN
fbem-22370	180	5	speculated	speculate	VERB
fbem-22370	180	6	that	that	SCONJ
fbem-22370	180	7	compared	compare	VERB
fbem-22370	180	8	with	with	ADP
fbem-22370	180	9	enterprises	enterprise	NOUN
fbem-22370	180	10	with	with	ADP
fbem-22370	180	11	high	high	ADJ
fbem-22370	180	12	management	management	NOUN
fbem-22370	180	13	shareholding	shareholding	NOUN
fbem-22370	180	14	ratio	ratio	NOUN
fbem-22370	180	15	,	,	PUNCT
fbem-22370	180	16	digital	digital	ADJ
fbem-22370	180	17	transformation	transformation	NOUN
fbem-22370	180	18	can	can	AUX
fbem-22370	180	19	help	help	VERB
fbem-22370	180	20	enterprises	enterprise	NOUN
fbem-22370	180	21	with	with	ADP
fbem-22370	180	22	low	low	ADJ
fbem-22370	180	23	management	management	NOUN
fbem-22370	180	24	shareholding	shareholding	NOUN
fbem-22370	180	25	ratio	ratio	NOUN
fbem-22370	180	26	improve	improve	VERB
fbem-22370	180	27	corporate	corporate	ADJ
fbem-22370	180	28	governance	governance	NOUN
fbem-22370	180	29	with	with	ADP
fbem-22370	180	30	their	their	PRON
fbem-22370	180	31	digital	digital	ADJ
fbem-22370	180	32	technology	technology	NOUN
fbem-22370	180	33	and	and	CCONJ
fbem-22370	180	34	information	information	NOUN
fbem-22370	180	35	collection	collection	NOUN
fbem-22370	180	36	and	and	CCONJ
fbem-22370	180	37	processing	processing	NOUN
fbem-22370	180	38	advantages	advantage	NOUN
fbem-22370	180	39	,	,	PUNCT
fbem-22370	180	40	and	and	CCONJ
fbem-22370	180	41	positively	positively	ADV
fbem-22370	180	42	affect	affect	VERB
fbem-22370	180	43	the	the	DET
fbem-22370	180	44	esg	esg	NOUN
fbem-22370	180	45	performance	performance	NOUN
fbem-22370	180	46	of	of	ADP
fbem-22370	180	47	enterprises	enterprise	NOUN
fbem-22370	180	48	.	.	PUNCT
fbem-22370	181	1	based	base	VERB
fbem-22370	181	2	on	on	ADP
fbem-22370	181	3	this	this	PRON
fbem-22370	181	4	,	,	PUNCT
fbem-22370	181	5	this	this	DET
fbem-22370	181	6	paper	paper	NOUN
fbem-22370	181	7	divides	divide	VERB
fbem-22370	181	8	the	the	DET
fbem-22370	181	9	sample	sample	NOUN
fbem-22370	181	10	enterprises	enterprise	NOUN
fbem-22370	181	11	into	into	ADP
fbem-22370	181	12	enterprises	enterprise	NOUN
fbem-22370	181	13	with	with	ADP
fbem-22370	181	14	low	low	ADJ
fbem-22370	181	15	management	management	NOUN
fbem-22370	181	16	shareholding	shareholding	NOUN
fbem-22370	181	17	ratio	ratio	NOUN
fbem-22370	181	18	and	and	CCONJ
fbem-22370	181	19	high	high	ADJ
fbem-22370	181	20	management	management	NOUN
fbem-22370	181	21	shareholding	shareholding	NOUN
fbem-22370	181	22	ratio	ratio	NOUN
fbem-22370	181	23	,	,	PUNCT
fbem-22370	181	24	and	and	CCONJ
fbem-22370	181	25	the	the	DET
fbem-22370	181	26	low	low	ADJ
fbem-22370	181	27	management	management	NOUN
fbem-22370	181	28	shareholding	shareholding	NOUN
fbem-22370	181	29	ratio	ratio	NOUN
fbem-22370	181	30	is	be	AUX
fbem-22370	181	31	1	1	NUM
fbem-22370	181	32	,	,	PUNCT
fbem-22370	181	33	otherwise	otherwise	ADV
fbem-22370	181	34	it	it	PRON
fbem-22370	181	35	is	be	AUX
fbem-22370	181	36	0	0	NUM
fbem-22370	181	37	.	.	NOUN
fbem-22370	182	1	5	5	NUM
fbem-22370	182	2	.	.	X
fbem-22370	182	3	conclusion	conclusion	NOUN
fbem-22370	182	4	and	and	CCONJ
fbem-22370	182	5	revelation	revelation	NOUN
fbem-22370	182	6	select	select	ADJ
fbem-22370	182	7	shanghai	shanghai	PROPN
fbem-22370	182	8	and	and	CCONJ
fbem-22370	182	9	shenzhen	shenzhen	PROPN
fbem-22370	182	10	a	a	PROPN
fbem-22370	182	11	-	-	PUNCT
fbem-22370	182	12	share	share	NOUN
fbem-22370	182	13	listed	list	VERB
fbem-22370	182	14	companies	company	NOUN
fbem-22370	182	15	in	in	ADP
fbem-22370	182	16	2012	2012	NUM
fbem-22370	182	17	-	-	SYM
fbem-22370	182	18	2021	2021	NUM
fbem-22370	182	19	data	datum	NOUN
fbem-22370	182	20	for	for	ADP
fbem-22370	182	21	the	the	DET
fbem-22370	182	22	research	research	NOUN
fbem-22370	182	23	sample	sample	NOUN
fbem-22370	182	24	,	,	PUNCT
fbem-22370	182	25	theoretical	theoretical	ADJ
fbem-22370	182	26	analysis	analysis	NOUN
fbem-22370	182	27	and	and	CCONJ
fbem-22370	182	28	empirical	empirical	ADJ
fbem-22370	182	29	test	test	NOUN
fbem-22370	182	30	the	the	DET
fbem-22370	182	31	influence	influence	NOUN
fbem-22370	182	32	of	of	ADP
fbem-22370	182	33	open	open	ADJ
fbem-22370	182	34	innovation	innovation	NOUN
fbem-22370	182	35	on	on	ADP
fbem-22370	182	36	esg	esg	PROPN
fbem-22370	182	37	performance	performance	NOUN
fbem-22370	182	38	,	,	PUNCT
fbem-22370	182	39	and	and	CCONJ
fbem-22370	182	40	the	the	DET
fbem-22370	182	41	economic	economic	ADJ
fbem-22370	182	42	policy	policy	NOUN
fbem-22370	182	43	uncertainty	uncertainty	NOUN
fbem-22370	182	44	regulating	regulate	VERB
fbem-22370	182	45	the	the	DET
fbem-22370	182	46	relationship	relationship	NOUN
fbem-22370	182	47	between	between	ADP
fbem-22370	182	48	the	the	DET
fbem-22370	182	49	two	two	NUM
fbem-22370	182	50	,	,	PUNCT
fbem-22370	182	51	through	through	ADP
fbem-22370	182	52	the	the	DET
fbem-22370	182	53	following	follow	VERB
fbem-22370	182	54	conclusions	conclusion	NOUN
fbem-22370	182	55	:	:	PUNCT
fbem-22370	182	56	(	(	PUNCT
fbem-22370	182	57	1	1	X
fbem-22370	182	58	)	)	PUNCT
fbem-22370	182	59	and	and	CCONJ
fbem-22370	182	60	no	no	DET
fbem-22370	182	61	open	open	ADJ
fbem-22370	182	62	innovation	innovation	NOUN
fbem-22370	182	63	,	,	PUNCT
fbem-22370	182	64	compared	compare	VERB
fbem-22370	182	65	to	to	PART
fbem-22370	182	66	open	open	VERB
fbem-22370	182	67	innovation	innovation	NOUN
fbem-22370	182	68	enterprises	enterprise	NOUN
fbem-22370	182	69	have	have	AUX
fbem-22370	182	70	better	well	ADJ
fbem-22370	182	71	esg	esg	NOUN
fbem-22370	182	72	performance	performance	NOUN
fbem-22370	182	73	,	,	PUNCT
fbem-22370	182	74	and	and	CCONJ
fbem-22370	182	75	the	the	PRON
fbem-22370	182	76	higher	high	ADJ
fbem-22370	182	77	the	the	DET
fbem-22370	182	78	degree	degree	NOUN
fbem-22370	182	79	of	of	ADP
fbem-22370	182	80	open	open	ADJ
fbem-22370	182	81	innovation	innovation	NOUN
fbem-22370	182	82	,	,	PUNCT
fbem-22370	182	83	enterprise	enterprise	NOUN
fbem-22370	182	84	esg	esg	NOUN
fbem-22370	182	85	performance	performance	NOUN
fbem-22370	182	86	is	be	AUX
fbem-22370	182	87	better.(2	better.(2	VERB
fbem-22370	182	88	)	)	PUNCT
fbem-22370	182	89	open	open	ADJ
fbem-22370	182	90	innovation	innovation	NOUN
fbem-22370	182	91	plays	play	VERB
fbem-22370	182	92	a	a	DET
fbem-22370	182	93	positive	positive	ADJ
fbem-22370	182	94	role	role	NOUN
fbem-22370	182	95	in	in	ADP
fbem-22370	182	96	promoting	promote	VERB
fbem-22370	182	97	enterprise	enterprise	NOUN
fbem-22370	182	98	environment	environment	NOUN
fbem-22370	182	99	(	(	PUNCT
fbem-22370	182	100	e	e	NOUN
fbem-22370	182	101	)	)	PUNCT
fbem-22370	182	102	,	,	PUNCT
fbem-22370	182	103	society	society	NOUN
fbem-22370	182	104	(	(	PUNCT
fbem-22370	182	105	s	s	NOUN
fbem-22370	182	106	)	)	PUNCT
fbem-22370	182	107	and	and	CCONJ
fbem-22370	182	108	governance	governance	NOUN
fbem-22370	182	109	(	(	PUNCT
fbem-22370	182	110	g	g	NOUN
fbem-22370	182	111	)	)	PUNCT
fbem-22370	182	112	,	,	PUNCT
fbem-22370	182	113	among	among	ADP
fbem-22370	182	114	which	which	PRON
fbem-22370	182	115	it	it	PRON
fbem-22370	182	116	has	have	VERB
fbem-22370	182	117	the	the	DET
fbem-22370	182	118	greatest	great	ADJ
fbem-22370	182	119	impact	impact	NOUN
fbem-22370	182	120	on	on	ADP
fbem-22370	182	121	environmental	environmental	ADJ
fbem-22370	182	122	responsibility	responsibility	NOUN
fbem-22370	182	123	,	,	PUNCT
fbem-22370	182	124	social	social	ADJ
fbem-22370	182	125	responsibility	responsibility	NOUN
fbem-22370	182	126	is	be	AUX
fbem-22370	182	127	the	the	DET
fbem-22370	182	128	second	second	ADJ
fbem-22370	182	129	,	,	PUNCT
fbem-22370	182	130	and	and	CCONJ
fbem-22370	182	131	corporate	corporate	ADJ
fbem-22370	182	132	governance	governance	NOUN
fbem-22370	182	133	is	be	AUX
fbem-22370	182	134	the	the	DET
fbem-22370	182	135	least.(3	least.(3	NOUN
fbem-22370	182	136	)	)	PUNCT
fbem-22370	182	137	the	the	DET
fbem-22370	182	138	rise	rise	NOUN
fbem-22370	182	139	of	of	ADP
fbem-22370	182	140	economic	economic	ADJ
fbem-22370	182	141	policy	policy	NOUN
fbem-22370	182	142	uncertainty	uncertainty	NOUN
fbem-22370	182	143	will	will	AUX
fbem-22370	182	144	strengthen	strengthen	VERB
fbem-22370	182	145	the	the	DET
fbem-22370	182	146	impact	impact	NOUN
fbem-22370	182	147	of	of	ADP
fbem-22370	182	148	open	open	ADJ
fbem-22370	182	149	innovation	innovation	NOUN
fbem-22370	182	150	on	on	ADP
fbem-22370	182	151	corporate	corporate	ADJ
fbem-22370	182	152	esg	esg	NOUN
fbem-22370	182	153	performance	performance	NOUN
fbem-22370	182	154	.	.	PUNCT
fbem-22370	183	1	enterprises	enterprise	NOUN
fbem-22370	183	2	participating	participate	VERB
fbem-22370	183	3	in	in	ADP
fbem-22370	183	4	open	open	ADJ
fbem-22370	183	5	innovation	innovation	NOUN
fbem-22370	183	6	will	will	AUX
fbem-22370	183	7	gain	gain	VERB
fbem-22370	183	8	the	the	DET
fbem-22370	183	9	trust	trust	NOUN
fbem-22370	183	10	of	of	ADP
fbem-22370	183	11	stakeholders	stakeholder	NOUN
fbem-22370	183	12	by	by	ADP
fbem-22370	183	13	increasing	increase	VERB
fbem-22370	183	14	esg	esg	NOUN
fbem-22370	183	15	investment	investment	NOUN
fbem-22370	183	16	and	and	CCONJ
fbem-22370	183	17	reduce	reduce	VERB
fbem-22370	183	18	operational	operational	ADJ
fbem-22370	183	19	risks	risk	NOUN
fbem-22370	183	20	when	when	SCONJ
fbem-22370	183	21	the	the	DET
fbem-22370	183	22	degree	degree	NOUN
fbem-22370	183	23	of	of	ADP
fbem-22370	183	24	economic	economic	ADJ
fbem-22370	183	25	policy	policy	NOUN
fbem-22370	183	26	uncertainty	uncertainty	NOUN
fbem-22370	183	27	increases.(4	increases.(4	PROPN
fbem-22370	183	28	)	)	PUNCT
fbem-22370	183	29	the	the	DET
fbem-22370	183	30	heterogeneity	heterogeneity	NOUN
fbem-22370	183	31	test	test	NOUN
fbem-22370	183	32	results	result	NOUN
fbem-22370	183	33	show	show	VERB
fbem-22370	183	34	that	that	SCONJ
fbem-22370	183	35	compared	compare	VERB
fbem-22370	183	36	with	with	ADP
fbem-22370	183	37	non	non	ADJ
fbem-22370	183	38	-	-	ADJ
fbem-22370	183	39	state	state	NOUN
fbem-22370	183	40	-	-	PUNCT
fbem-22370	183	41	owned	own	VERB
fbem-22370	183	42	enterprises	enterprise	NOUN
fbem-22370	183	43	in	in	ADP
fbem-22370	183	44	small	small	ADJ
fbem-22370	183	45	and	and	CCONJ
fbem-22370	183	46	medium	medium	ADJ
fbem-22370	183	47	-	-	PUNCT
fbem-22370	183	48	sized	sized	ADJ
fbem-22370	183	49	enterprises	enterprise	NOUN
fbem-22370	183	50	and	and	CCONJ
fbem-22370	183	51	enterprises	enterprise	NOUN
fbem-22370	183	52	with	with	ADP
fbem-22370	183	53	high	high	ADJ
fbem-22370	183	54	marketopening	marketopening	NOUN
fbem-22370	183	55	,	,	PUNCT
fbem-22370	183	56	open	open	ADJ
fbem-22370	183	57	-	-	PUNCT
fbem-22370	183	58	scale	scale	NOUN
fbem-22370	183	59	enterprises	enterprise	NOUN
fbem-22370	183	60	in	in	ADP
fbem-22370	183	61	large	large	ADJ
fbem-22370	183	62	-	-	PUNCT
fbem-22370	183	63	scale	scale	NOUN
fbem-22370	183	64	enterprises	enterprise	NOUN
fbem-22370	183	65	,	,	PUNCT
fbem-22370	183	66	enterprises	enterprise	NOUN
fbem-22370	183	67	with	with	ADP
fbem-22370	183	68	low	low	ADJ
fbem-22370	183	69	market	market	NOUN
fbem-22370	183	70	-	-	PUNCT
fbem-22370	183	71	opening	open	VERB
fbem-22370	183	72	and	and	CCONJ
fbem-22370	183	73	state	state	NOUN
fbem-22370	183	74	-	-	PUNCT
fbem-22370	183	75	owned	own	VERB
fbem-22370	183	76	enterprises	enterprise	NOUN
fbem-22370	183	77	play	play	VERB
fbem-22370	183	78	a	a	DET
fbem-22370	183	79	stronger	strong	ADJ
fbem-22370	183	80	role	role	NOUN
fbem-22370	183	81	in	in	ADP
fbem-22370	183	82	promoting	promote	VERB
fbem-22370	183	83	esg	esg	NOUN
fbem-22370	183	84	performance	performance	NOUN
fbem-22370	183	85	.	.	PUNCT
fbem-22370	184	1	based	base	VERB
fbem-22370	184	2	on	on	ADP
fbem-22370	184	3	the	the	DET
fbem-22370	184	4	research	research	NOUN
fbem-22370	184	5	conclusion	conclusion	NOUN
fbem-22370	184	6	,	,	PUNCT
fbem-22370	184	7	the	the	DET
fbem-22370	184	8	following	follow	VERB
fbem-22370	184	9	policy	policy	NOUN
fbem-22370	184	10	recommendations	recommendation	NOUN
fbem-22370	184	11	are	be	AUX
fbem-22370	184	12	proposed	propose	VERB
fbem-22370	184	13	:	:	PUNCT
fbem-22370	184	14	first	first	ADV
fbem-22370	184	15	,	,	PUNCT
fbem-22370	184	16	enterprises	enterprise	NOUN
fbem-22370	184	17	should	should	AUX
fbem-22370	184	18	scientifically	scientifically	ADV
fbem-22370	184	19	formulate	formulate	VERB
fbem-22370	184	20	the	the	DET
fbem-22370	184	21	open	open	ADJ
fbem-22370	184	22	innovation	innovation	NOUN
fbem-22370	184	23	strategy	strategy	NOUN
fbem-22370	184	24	and	and	CCONJ
fbem-22370	184	25	appropriately	appropriately	ADV
fbem-22370	184	26	improve	improve	VERB
fbem-22370	184	27	the	the	DET
fbem-22370	184	28	level	level	NOUN
fbem-22370	184	29	of	of	ADP
fbem-22370	184	30	open	open	ADJ
fbem-22370	184	31	innovation	innovation	NOUN
fbem-22370	184	32	.	.	PUNCT
fbem-22370	185	1	under	under	ADP
fbem-22370	185	2	the	the	DET
fbem-22370	185	3	new	new	ADJ
fbem-22370	185	4	development	development	NOUN
fbem-22370	185	5	pattern	pattern	NOUN
fbem-22370	185	6	of	of	ADP
fbem-22370	185	7	domestic	domestic	ADJ
fbem-22370	185	8	big	big	ADJ
fbem-22370	185	9	cycle	cycle	NOUN
fbem-22370	185	10	and	and	CCONJ
fbem-22370	185	11	international	international	ADJ
fbem-22370	185	12	and	and	CCONJ
fbem-22370	185	13	domestic	domestic	ADJ
fbem-22370	185	14	double	double	ADJ
fbem-22370	185	15	cycle	cycle	NOUN
fbem-22370	185	16	,	,	PUNCT
fbem-22370	185	17	enterprises	enterprise	NOUN
fbem-22370	185	18	should	should	AUX
fbem-22370	185	19	break	break	VERB
fbem-22370	185	20	through	through	ADP
fbem-22370	185	21	the	the	DET
fbem-22370	185	22	organizational	organizational	ADJ
fbem-22370	185	23	boundary	boundary	NOUN
fbem-22370	185	24	and	and	CCONJ
fbem-22370	185	25	actively	actively	ADV
fbem-22370	185	26	integrate	integrate	VERB
fbem-22370	185	27	into	into	ADP
fbem-22370	185	28	the	the	DET
fbem-22370	185	29	industrial	industrial	ADJ
fbem-22370	185	30	chain	chain	NOUN
fbem-22370	185	31	and	and	CCONJ
fbem-22370	185	32	innovation	innovation	NOUN
fbem-22370	185	33	chain	chain	NOUN
fbem-22370	185	34	to	to	PART
fbem-22370	185	35	carry	carry	VERB
fbem-22370	185	36	out	out	ADP
fbem-22370	185	37	joint	joint	ADJ
fbem-22370	185	38	innovation	innovation	NOUN
fbem-22370	185	39	.	.	PUNCT
fbem-22370	186	1	considering	consider	VERB
fbem-22370	186	2	the	the	DET
fbem-22370	186	3	potential	potential	ADJ
fbem-22370	186	4	"	"	PUNCT
fbem-22370	186	5	double	double	ADJ
fbem-22370	186	6	-	-	PUNCT
fbem-22370	186	7	edged	edge	VERB
fbem-22370	186	8	sword	sword	NOUN
fbem-22370	186	9	"	"	PUNCT
fbem-22370	186	10	effect	effect	NOUN
fbem-22370	186	11	of	of	ADP
fbem-22370	186	12	open	open	ADJ
fbem-22370	186	13	innovation	innovation	NOUN
fbem-22370	186	14	,	,	PUNCT
fbem-22370	186	15	384	384	NUM
fbem-22370	186	16	enterprises	enterprise	NOUN
fbem-22370	186	17	should	should	AUX
fbem-22370	186	18	moderately	moderately	ADV
fbem-22370	186	19	expand	expand	VERB
fbem-22370	186	20	the	the	DET
fbem-22370	186	21	level	level	NOUN
fbem-22370	186	22	of	of	ADP
fbem-22370	186	23	open	open	ADJ
fbem-22370	186	24	innovation	innovation	NOUN
fbem-22370	186	25	,	,	PUNCT
fbem-22370	186	26	make	make	VERB
fbem-22370	186	27	full	full	ADJ
fbem-22370	186	28	use	use	NOUN
fbem-22370	186	29	of	of	ADP
fbem-22370	186	30	the	the	DET
fbem-22370	186	31	resource	resource	NOUN
fbem-22370	186	32	advantages	advantage	NOUN
fbem-22370	186	33	and	and	CCONJ
fbem-22370	186	34	costsharing	costshare	VERB
fbem-22370	186	35	advantages	advantage	NOUN
fbem-22370	186	36	brought	bring	VERB
fbem-22370	186	37	by	by	ADP
fbem-22370	186	38	open	open	ADJ
fbem-22370	186	39	innovation	innovation	NOUN
fbem-22370	186	40	,	,	PUNCT
fbem-22370	186	41	and	and	CCONJ
fbem-22370	186	42	reduce	reduce	VERB
fbem-22370	186	43	the	the	DET
fbem-22370	186	44	r	r	NOUN
fbem-22370	186	45	&	&	CCONJ
fbem-22370	186	46	d	d	NOUN
fbem-22370	186	47	costs	cost	NOUN
fbem-22370	186	48	and	and	CCONJ
fbem-22370	186	49	risks	risk	NOUN
fbem-22370	186	50	.	.	PUNCT
fbem-22370	187	1	second	second	ADJ
fbem-22370	187	2	,	,	PUNCT
fbem-22370	187	3	enterprise	enterprise	NOUN
fbem-22370	187	4	managers	manager	NOUN
fbem-22370	187	5	should	should	AUX
fbem-22370	187	6	strengthen	strengthen	VERB
fbem-22370	187	7	their	their	PRON
fbem-22370	187	8	own	own	ADJ
fbem-22370	187	9	cognitive	cognitive	ADJ
fbem-22370	187	10	level	level	NOUN
fbem-22370	187	11	and	and	CCONJ
fbem-22370	187	12	knowledge	knowledge	NOUN
fbem-22370	187	13	and	and	CCONJ
fbem-22370	187	14	experience	experience	NOUN
fbem-22370	187	15	,	,	PUNCT
fbem-22370	187	16	take	take	VERB
fbem-22370	187	17	the	the	DET
fbem-22370	187	18	initiative	initiative	NOUN
fbem-22370	187	19	to	to	PART
fbem-22370	187	20	pay	pay	VERB
fbem-22370	187	21	attention	attention	NOUN
fbem-22370	187	22	to	to	ADP
fbem-22370	187	23	the	the	DET
fbem-22370	187	24	development	development	NOUN
fbem-22370	187	25	of	of	ADP
fbem-22370	187	26	digital	digital	ADJ
fbem-22370	187	27	technology	technology	NOUN
fbem-22370	187	28	and	and	CCONJ
fbem-22370	187	29	research	research	NOUN
fbem-22370	187	30	and	and	CCONJ
fbem-22370	187	31	development	development	NOUN
fbem-22370	187	32	innovation	innovation	NOUN
fbem-22370	187	33	activities	activity	NOUN
fbem-22370	187	34	,	,	PUNCT
fbem-22370	187	35	and	and	CCONJ
fbem-22370	187	36	conform	conform	VERB
fbem-22370	187	37	to	to	ADP
fbem-22370	187	38	the	the	DET
fbem-22370	187	39	digital	digital	ADJ
fbem-22370	187	40	trend	trend	NOUN
fbem-22370	187	41	of	of	ADP
fbem-22370	187	42	enterprises	enterprise	NOUN
fbem-22370	187	43	.	.	PUNCT
fbem-22370	188	1	third	third	ADV
fbem-22370	188	2	,	,	PUNCT
fbem-22370	188	3	in	in	ADP
fbem-22370	188	4	view	view	NOUN
fbem-22370	188	5	of	of	ADP
fbem-22370	188	6	the	the	DET
fbem-22370	188	7	fact	fact	NOUN
fbem-22370	188	8	that	that	SCONJ
fbem-22370	188	9	the	the	DET
fbem-22370	188	10	uncertainty	uncertainty	NOUN
fbem-22370	188	11	of	of	ADP
fbem-22370	188	12	economic	economic	ADJ
fbem-22370	188	13	policy	policy	NOUN
fbem-22370	188	14	will	will	AUX
fbem-22370	188	15	increase	increase	VERB
fbem-22370	188	16	the	the	DET
fbem-22370	188	17	external	external	ADJ
fbem-22370	188	18	environmental	environmental	ADJ
fbem-22370	188	19	risks	risk	NOUN
fbem-22370	188	20	faced	face	VERB
fbem-22370	188	21	by	by	ADP
fbem-22370	188	22	enterprises	enterprise	NOUN
fbem-22370	188	23	,	,	PUNCT
fbem-22370	188	24	bring	bring	VERB
fbem-22370	188	25	difficulties	difficulty	NOUN
fbem-22370	188	26	to	to	ADP
fbem-22370	188	27	enterprise	enterprise	NOUN
fbem-22370	188	28	management	management	NOUN
fbem-22370	188	29	decisions	decision	NOUN
fbem-22370	188	30	,	,	PUNCT
fbem-22370	188	31	and	and	CCONJ
fbem-22370	188	32	affect	affect	VERB
fbem-22370	188	33	the	the	DET
fbem-22370	188	34	investment	investment	NOUN
fbem-22370	188	35	and	and	CCONJ
fbem-22370	188	36	financing	financing	NOUN
fbem-22370	188	37	activities	activity	NOUN
fbem-22370	188	38	,	,	PUNCT
fbem-22370	188	39	business	business	NOUN
fbem-22370	188	40	activities	activity	NOUN
fbem-22370	188	41	and	and	CCONJ
fbem-22370	188	42	innovation	innovation	NOUN
fbem-22370	188	43	activities	activity	NOUN
fbem-22370	188	44	of	of	ADP
fbem-22370	188	45	enterprises	enterprise	NOUN
fbem-22370	188	46	.	.	PUNCT
fbem-22370	189	1	therefore	therefore	ADV
fbem-22370	189	2	,	,	PUNCT
fbem-22370	189	3	the	the	DET
fbem-22370	189	4	government	government	NOUN
fbem-22370	189	5	should	should	AUX
fbem-22370	189	6	maintain	maintain	VERB
fbem-22370	189	7	the	the	DET
fbem-22370	189	8	consistency	consistency	NOUN
fbem-22370	189	9	and	and	CCONJ
fbem-22370	189	10	stability	stability	NOUN
fbem-22370	189	11	of	of	ADP
fbem-22370	189	12	economic	economic	ADJ
fbem-22370	189	13	policies	policy	NOUN
fbem-22370	189	14	as	as	ADV
fbem-22370	189	15	much	much	ADV
fbem-22370	189	16	as	as	ADP
fbem-22370	189	17	possible	possible	ADJ
fbem-22370	189	18	,	,	PUNCT
fbem-22370	189	19	and	and	CCONJ
fbem-22370	189	20	weaken	weaken	VERB
fbem-22370	189	21	the	the	DET
fbem-22370	189	22	impact	impact	NOUN
fbem-22370	189	23	of	of	ADP
fbem-22370	189	24	external	external	ADJ
fbem-22370	189	25	environmental	environmental	ADJ
fbem-22370	189	26	risks	risk	NOUN
fbem-22370	189	27	on	on	ADP
fbem-22370	189	28	the	the	DET
fbem-22370	189	29	development	development	NOUN
fbem-22370	189	30	of	of	ADP
fbem-22370	189	31	enterprises	enterprise	NOUN
fbem-22370	189	32	.	.	PUNCT
fbem-22370	190	1	fourth	fourth	ADJ
fbem-22370	190	2	,	,	PUNCT
fbem-22370	190	3	the	the	DET
fbem-22370	190	4	government	government	NOUN
fbem-22370	190	5	should	should	AUX
fbem-22370	190	6	continue	continue	VERB
fbem-22370	190	7	to	to	PART
fbem-22370	190	8	improve	improve	VERB
fbem-22370	190	9	the	the	DET
fbem-22370	190	10	system	system	NOUN
fbem-22370	190	11	related	relate	VERB
fbem-22370	190	12	to	to	ADP
fbem-22370	190	13	digital	digital	ADJ
fbem-22370	190	14	transformation	transformation	NOUN
fbem-22370	190	15	and	and	CCONJ
fbem-22370	190	16	the	the	DET
fbem-22370	190	17	construction	construction	NOUN
fbem-22370	190	18	of	of	ADP
fbem-22370	190	19	the	the	DET
fbem-22370	190	20	legal	legal	ADJ
fbem-22370	190	21	system	system	NOUN
fbem-22370	190	22	of	of	ADP
fbem-22370	190	23	enterprise	enterprise	NOUN
fbem-22370	190	24	esg	esg	NOUN
fbem-22370	190	25	responsibility	responsibility	NOUN
fbem-22370	190	26	.	.	PUNCT
fbem-22370	191	1	standardize	standardize	VERB
fbem-22370	191	2	the	the	DET
fbem-22370	191	3	digital	digital	ADJ
fbem-22370	191	4	transformation	transformation	NOUN
fbem-22370	191	5	behavior	behavior	NOUN
fbem-22370	191	6	of	of	ADP
fbem-22370	191	7	enterprises	enterprise	NOUN
fbem-22370	191	8	,	,	PUNCT
fbem-22370	191	9	and	and	CCONJ
fbem-22370	191	10	supervise	supervise	VERB
fbem-22370	191	11	the	the	DET
fbem-22370	191	12	enterprises	enterprise	NOUN
fbem-22370	191	13	to	to	PART
fbem-22370	191	14	strengthen	strengthen	VERB
fbem-22370	191	15	the	the	DET
fbem-22370	191	16	investment	investment	NOUN
fbem-22370	191	17	in	in	ADP
fbem-22370	191	18	esg	esg	PROPN
fbem-22370	191	19	.	.	PUNCT
fbem-22370	192	1	references	reference	NOUN
fbem-22370	192	2	[	[	X
fbem-22370	192	3	1	1	X
fbem-22370	192	4	]	]	PUNCT
fbem-22370	192	5	wang	wang	PROPN
fbem-22370	192	6	yu	yu	PROPN
fbem-22370	192	7	,	,	PUNCT
fbem-22370	192	8	wang	wang	PROPN
fbem-22370	192	9	haoyu	haoyu	PROPN
fbem-22370	192	10	,	,	PUNCT
fbem-22370	192	11	xue	xue	PROPN
fbem-22370	192	12	shuang	shuang	PROPN
fbem-22370	192	13	.	.	PUNCT
fbem-22370	192	14	tax	tax	NOUN
fbem-22370	192	15	greening	greening	NOUN
fbem-22370	192	16	and	and	CCONJ
fbem-22370	192	17	enterprise	enterprise	NOUN
fbem-22370	192	18	esg	esg	NOUN
fbem-22370	192	19	performance	performance	NOUN
fbem-22370	192	20	:	:	PUNCT
fbem-22370	192	21	a	a	DET
fbem-22370	192	22	quasi	quasi	ADJ
fbem-22370	192	23	-	-	ADJ
fbem-22370	192	24	natural	natural	ADJ
fbem-22370	192	25	experiment	experiment	NOUN
fbem-22370	192	26	based	base	VERB
fbem-22370	192	27	on	on	ADP
fbem-22370	192	28	the	the	DET
fbem-22370	192	29	environmental	environmental	PROPN
fbem-22370	192	30	protection	protection	PROPN
fbem-22370	192	31	tax	tax	NOUN
fbem-22370	192	32	law	law	NOUN
fbem-22370	193	1	[	[	X
fbem-22370	193	2	j	j	X
fbem-22370	193	3	]	]	X
fbem-22370	193	4	.	.	PUNCT
fbem-22370	194	1	financial	financial	ADJ
fbem-22370	194	2	research	research	NOUN
fbem-22370	194	3	,	,	PUNCT
fbem-22370	194	4	2022,48	2022,48	NUM
fbem-22370	194	5	(	(	PUNCT
fbem-22370	194	6	9	9	NUM
fbem-22370	194	7	):	):	PUNCT
fbem-22370	194	8	47	47	NUM
fbem-22370	194	9	-	-	SYM
fbem-22370	194	10	62	62	NUM
fbem-22370	194	11	.	.	PUNCT
fbem-22370	195	1	[	[	X
fbem-22370	195	2	2	2	NUM
fbem-22370	195	3	]	]	PUNCT
fbem-22370	195	4	zhong	zhong	PROPN
fbem-22370	195	5	tingyong	tingyong	PROPN
fbem-22370	195	6	,	,	PUNCT
fbem-22370	195	7	ma	ma	PROPN
fbem-22370	195	8	fujin	fujin	PROPN
fbem-22370	195	9	.	.	PUNCT
fbem-22370	196	1	carbon	carbon	NOUN
fbem-22370	196	2	emission	emission	NOUN
fbem-22370	196	3	reduction	reduction	NOUN
fbem-22370	196	4	effect	effect	NOUN
fbem-22370	196	5	of	of	ADP
fbem-22370	196	6	the	the	DET
fbem-22370	196	7	digital	digital	ADJ
fbem-22370	196	8	transformation	transformation	NOUN
fbem-22370	196	9	of	of	ADP
fbem-22370	196	10	enterprises	enterprise	NOUN
fbem-22370	196	11	:	:	PUNCT
fbem-22370	196	12	theory	theory	NOUN
fbem-22370	196	13	mechanisms	mechanism	NOUN
fbem-22370	196	14	and	and	CCONJ
fbem-22370	196	15	an	an	DET
fbem-22370	196	16	empirical	empirical	ADJ
fbem-22370	196	17	test	test	NOUN
fbem-22370	197	1	[	[	X
fbem-22370	197	2	j	j	X
fbem-22370	197	3	]	]	X
fbem-22370	197	4	.	.	PUNCT
fbem-22370	198	1	jiang	jiang	PROPN
fbem-22370	198	2	hai	hai	PROPN
fbem-22370	198	3	academic	academic	PROPN
fbem-22370	198	4	journal	journal	PROPN
fbem-22370	198	5	,	,	PUNCT
fbem-22370	198	6	2022	2022	NUM
fbem-22370	198	7	(	(	PUNCT
fbem-22370	198	8	4	4	NUM
fbem-22370	198	9	):	):	PUNCT
fbem-22370	198	10	99	99	NUM
fbem-22370	198	11	-	-	SYM
fbem-22370	198	12	105	105	NUM
fbem-22370	198	13	.	.	PUNCT
fbem-22370	199	1	[	[	X
fbem-22370	199	2	3	3	NUM
fbem-22370	199	3	]	]	SYM
fbem-22370	199	4	hu	hu	PROPN
fbem-22370	199	5	jie	jie	PROPN
fbem-22370	199	6	,	,	PUNCT
fbem-22370	199	7	han	han	PROPN
fbem-22370	199	8	yiming	yiming	PROPN
fbem-22370	199	9	,	,	PUNCT
fbem-22370	199	10	zhong	zhong	PROPN
fbem-22370	199	11	yong	yong	PROPN
fbem-22370	199	12	.	.	PUNCT
fbem-22370	200	1	how	how	SCONJ
fbem-22370	200	2	corporate	corporate	ADJ
fbem-22370	200	3	digital	digital	ADJ
fbem-22370	200	4	transformation	transformation	NOUN
fbem-22370	200	5	affects	affect	VERB
fbem-22370	200	6	corporate	corporate	ADJ
fbem-22370	200	7	esg	esg	NOUN
fbem-22370	200	8	performance	performance	NOUN
fbem-22370	200	9	:	:	PUNCT
fbem-22370	200	10	evidence	evidence	NOUN
fbem-22370	200	11	from	from	ADP
fbem-22370	200	12	listed	list	VERB
fbem-22370	200	13	companies	company	NOUN
fbem-22370	200	14	in	in	ADP
fbem-22370	200	15	china	china	PROPN
fbem-22370	201	1	[	[	X
fbem-22370	201	2	j	j	X
fbem-22370	201	3	]	]	X
fbem-22370	201	4	.	.	PUNCT
fbem-22370	202	1	industrial	industrial	ADJ
fbem-22370	202	2	economic	economic	PROPN
fbem-22370	202	3	review	review	NOUN
fbem-22370	202	4	,	,	PUNCT
fbem-22370	202	5	2023	2023	NUM
fbem-22370	202	6	(	(	PUNCT
fbem-22370	202	7	1	1	NUM
fbem-22370	202	8	):	):	PUNCT
fbem-22370	202	9	105	105	NUM
fbem-22370	202	10	-	-	SYM
fbem-22370	202	11	123	123	NUM
fbem-22370	202	12	.	.	PUNCT
fbem-22370	203	1	[	[	X
fbem-22370	203	2	4	4	NUM
fbem-22370	203	3	]	]	X
fbem-22370	203	4	hao	hao	PROPN
fbem-22370	203	5	yuting	yuting	PROPN
fbem-22370	203	6	,	,	PUNCT
fbem-22370	203	7	zhang	zhang	PROPN
fbem-22370	203	8	yonghong	yonghong	PROPN
fbem-22370	203	9	.	.	PUNCT
fbem-22370	204	1	research	research	NOUN
fbem-22370	204	2	on	on	ADP
fbem-22370	204	3	the	the	DET
fbem-22370	204	4	impact	impact	NOUN
fbem-22370	204	5	of	of	ADP
fbem-22370	204	6	digital	digital	ADJ
fbem-22370	204	7	transformation	transformation	NOUN
fbem-22370	204	8	on	on	ADP
fbem-22370	204	9	enterprise	enterprise	NOUN
fbem-22370	204	10	esg	esg	NOUN
fbem-22370	204	11	performance	performance	NOUN
fbem-22370	204	12	under	under	ADP
fbem-22370	204	13	the	the	DET
fbem-22370	204	14	"	"	PUNCT
fbem-22370	204	15	double	double	ADJ
fbem-22370	204	16	-	-	PUNCT
fbem-22370	204	17	carbon	carbon	NOUN
fbem-22370	204	18	"	"	PUNCT
fbem-22370	204	19	goal	goal	NOUN
fbem-22370	205	1	[	[	X
fbem-22370	205	2	j	j	X
fbem-22370	205	3	]	]	X
fbem-22370	205	4	.	.	PUNCT
fbem-22370	206	1	technology	technology	NOUN
fbem-22370	206	2	and	and	CCONJ
fbem-22370	206	3	management	management	NOUN
fbem-22370	206	4	,	,	PUNCT
fbem-22370	206	5	2022,24	2022,24	PROPN
fbem-22370	206	6	(	(	PUNCT
fbem-22370	206	7	4	4	NUM
fbem-22370	206	8	):	):	PUNCT
fbem-22370	206	9	80	80	NUM
fbem-22370	206	10	-	-	SYM
fbem-22370	206	11	91	91	NUM
fbem-22370	206	12	.	.	PUNCT
fbem-22370	207	1	[	[	X
fbem-22370	207	2	5	5	NUM
fbem-22370	207	3	]	]	X
fbem-22370	207	4	gao	gao	PROPN
fbem-22370	207	5	jieying	jieying	PROPN
fbem-22370	207	6	,	,	PUNCT
fbem-22370	207	7	chu	chu	PROPN
fbem-22370	207	8	dongxiao	dongxiao	PROPN
fbem-22370	207	9	,	,	PUNCT
fbem-22370	207	10	lian	lian	PROPN
fbem-22370	207	11	yonghui	yonghui	PROPN
fbem-22370	207	12	,	,	PUNCT
fbem-22370	207	13	et	et	PROPN
fbem-22370	207	14	al	al	PROPN
fbem-22370	207	15	.	.	PROPN
fbem-22370	208	1	can	can	AUX
fbem-22370	208	2	esg	esg	NOUN
fbem-22370	208	3	performance	performance	NOUN
fbem-22370	208	4	improve	improve	VERB
fbem-22370	208	5	the	the	DET
fbem-22370	208	6	efficiency	efficiency	NOUN
fbem-22370	208	7	of	of	ADP
fbem-22370	208	8	corporate	corporate	ADJ
fbem-22370	208	9	investment	investment	NOUN
fbem-22370	208	10	?	?	PUNCT
fbem-22370	209	1	[	[	X
fbem-22370	209	2	j	j	X
fbem-22370	209	3	]	]	X
fbem-22370	209	4	.	.	PUNCT
fbem-22370	210	1	securities	security	NOUN
fbem-22370	210	2	market	market	PROPN
fbem-22370	210	3	herald	herald	PROPN
fbem-22370	210	4	,	,	PUNCT
fbem-22370	210	5	2021	2021	NUM
fbem-22370	210	6	(	(	PUNCT
fbem-22370	210	7	11	11	NUM
fbem-22370	210	8	):	):	PUNCT
fbem-22370	210	9	24	24	NUM
fbem-22370	210	10	-	-	SYM
fbem-22370	210	11	72	72	NUM
fbem-22370	210	12	.	.	PUNCT
fbem-22370	211	1	[	[	X
fbem-22370	211	2	6	6	NUM
fbem-22370	211	3	]	]	PUNCT
fbem-22370	211	4	li	li	PROPN
fbem-22370	211	5	jinglin	jinglin	PROPN
fbem-22370	211	6	,	,	PUNCT
fbem-22370	211	7	yang	yang	PROPN
fbem-22370	211	8	hongjie	hongjie	PROPN
fbem-22370	211	9	.	.	PUNCT
fbem-22370	212	1	esg	esg	NOUN
fbem-22370	212	2	and	and	CCONJ
fbem-22370	212	3	corporate	corporate	ADJ
fbem-22370	212	4	finance	finance	NOUN
fbem-22370	212	5	:	:	PUNCT
fbem-22370	212	6	research	research	NOUN
fbem-22370	212	7	review	review	NOUN
fbem-22370	212	8	and	and	CCONJ
fbem-22370	212	9	outlook	outlook	NOUN
fbem-22370	213	1	[	[	X
fbem-22370	213	2	j	j	X
fbem-22370	213	3	]	]	X
fbem-22370	213	4	.	.	PUNCT
fbem-22370	214	1	friends	friend	NOUN
fbem-22370	214	2	of	of	ADP
fbem-22370	214	3	the	the	DET
fbem-22370	214	4	accounting	accounting	NOUN
fbem-22370	214	5	,	,	PUNCT
fbem-22370	214	6	2023	2023	NUM
fbem-22370	214	7	(	(	PUNCT
fbem-22370	214	8	15	15	NUM
fbem-22370	214	9	):	):	PUNCT
fbem-22370	214	10	69	69	NUM
fbem-22370	214	11	-	-	SYM
fbem-22370	214	12	74	74	NUM
fbem-22370	214	13	.	.	PUNCT
fbem-22370	215	1	[	[	X
fbem-22370	215	2	7	7	NUM
fbem-22370	215	3	]	]	X
fbem-22370	215	4	wu	wu	PROPN
fbem-22370	215	5	fei	fei	PROPN
fbem-22370	215	6	,	,	PUNCT
fbem-22370	215	7	hu	hu	PROPN
fbem-22370	215	8	huizhi	huizhi	PROPN
fbem-22370	215	9	,	,	PUNCT
fbem-22370	215	10	lin	lin	PROPN
fbem-22370	215	11	huiyan	huiyan	VERB
fbem-22370	215	12	,	,	PUNCT
fbem-22370	215	13	et	et	PROPN
fbem-22370	215	14	al	al	PROPN
fbem-22370	215	15	.	.	PROPN
fbem-22370	216	1	enterprise	enterprise	NOUN
fbem-22370	216	2	digital	digital	ADJ
fbem-22370	216	3	transformation	transformation	NOUN
fbem-22370	216	4	and	and	CCONJ
fbem-22370	216	5	capital	capital	NOUN
fbem-22370	216	6	market	market	NOUN
fbem-22370	216	7	performance	performance	NOUN
fbem-22370	216	8	:	:	PUNCT
fbem-22370	216	9	empirical	empirical	ADJ
fbem-22370	216	10	evidence	evidence	NOUN
fbem-22370	216	11	from	from	ADP
fbem-22370	216	12	stock	stock	NOUN
fbem-22370	216	13	liquidity	liquidity	NOUN
fbem-22370	217	1	[	[	X
fbem-22370	217	2	j	j	X
fbem-22370	217	3	]	]	X
fbem-22370	217	4	.	.	PUNCT
fbem-22370	218	1	manage	manage	VERB
fbem-22370	218	2	world	world	NOUN
fbem-22370	218	3	,	,	PUNCT
fbem-22370	218	4	2021,37	2021,37	NUM
fbem-22370	218	5	(	(	PUNCT
fbem-22370	218	6	7	7	NUM
fbem-22370	218	7	):	):	PUNCT
fbem-22370	218	8	chen	chen	PROPN
fbem-22370	218	9	dongmei	dongmei	PROPN
fbem-22370	218	10	,	,	PUNCT
fbem-22370	218	11	wang	wang	PROPN
fbem-22370	218	12	lizhen	lizhen	PROPN
fbem-22370	218	13	,	,	PUNCT
fbem-22370	219	1	chen	chen	PROPN
fbem-22370	219	2	ani	ani	PROPN
fbem-22370	219	3	.	.	PUNCT
fbem-22370	220	1	digital	digital	ADJ
fbem-22370	220	2	and	and	CCONJ
fbem-22370	220	3	strategic	strategic	ADJ
fbem-22370	220	4	management	management	NOUN
fbem-22370	220	5	theory	theory	NOUN
fbem-22370	220	6	:	:	PUNCT
fbem-22370	221	1	back	back	NOUN
fbem-22370	221	2	[	[	X
fbem-22370	221	3	8	8	NUM
fbem-22370	221	4	]	]	SYM
fbem-22370	221	5	gu	gu	NOUN
fbem-22370	221	6	,	,	PUNCT
fbem-22370	221	7	challenge	challenge	NOUN
fbem-22370	221	8	,	,	PUNCT
fbem-22370	221	9	and	and	CCONJ
fbem-22370	221	10	outlook	outlook	NOUN
fbem-22370	222	1	[	[	X
fbem-22370	222	2	j	j	X
fbem-22370	222	3	]	]	X
fbem-22370	222	4	.	.	PUNCT
fbem-22370	223	1	management	management	NOUN
fbem-22370	223	2	world	world	NOUN
fbem-22370	223	3	,	,	PUNCT
fbem-22370	223	4	2020	2020	NUM
fbem-22370	223	5	,	,	PUNCT
fbem-22370	223	6	36	36	NUM
fbem-22370	223	7	(	(	PUNCT
fbem-22370	223	8	5):220	5):220	NOUN
fbem-22370	223	9	-	-	PUNCT
fbem-22370	223	10	236.130	236.130	NUM
fbem-22370	223	11	-	-	SYM
fbem-22370	223	12	144	144	NUM
fbem-22370	223	13	.	.	PUNCT
fbem-22370	224	1	[	[	X
fbem-22370	224	2	9	9	NUM
fbem-22370	224	3	]	]	X
fbem-22370	224	4	che	che	X
fbem-22370	224	5	dexin	dexin	PROPN
fbem-22370	224	6	,	,	PUNCT
fbem-22370	224	7	dai	dai	PROPN
fbem-22370	224	8	meiyuan	meiyuan	PROPN
fbem-22370	224	9	,	,	PUNCT
fbem-22370	224	10	wu	wu	PROPN
fbem-22370	224	11	fei	fei	PROPN
fbem-22370	224	12	.	.	PUNCT
fbem-22370	225	1	research	research	NOUN
fbem-22370	225	2	on	on	ADP
fbem-22370	225	3	the	the	DET
fbem-22370	225	4	influence	influence	NOUN
fbem-22370	225	5	and	and	CCONJ
fbem-22370	225	6	mechanism	mechanism	NOUN
fbem-22370	225	7	of	of	ADP
fbem-22370	225	8	enterprise	enterprise	NOUN
fbem-22370	225	9	digital	digital	ADJ
fbem-22370	225	10	transformation	transformation	NOUN
fbem-22370	225	11	on	on	ADP
fbem-22370	225	12	financing	financing	NOUN
fbem-22370	225	13	cost	cost	NOUN
fbem-22370	225	14	[	[	X
fbem-22370	225	15	j	j	X
fbem-22370	225	16	]	]	X
fbem-22370	225	17	.	.	PUNCT
fbem-22370	226	1	research	research	NOUN
fbem-22370	226	2	on	on	ADP
fbem-22370	226	3	financial	financial	ADJ
fbem-22370	226	4	regulation	regulation	NOUN
fbem-22370	226	5	,	,	PUNCT
fbem-22370	226	6	2021	2021	NUM
fbem-22370	226	7	(	(	PUNCT
fbem-22370	226	8	12	12	NUM
fbem-22370	226	9	):	):	PUNCT
fbem-22370	226	10	56	56	NUM
fbem-22370	226	11	-	-	SYM
fbem-22370	226	12	74	74	NUM
fbem-22370	226	13	.	.	PUNCT
fbem-22370	227	1	[	[	X
fbem-22370	227	2	10	10	NUM
fbem-22370	227	3	]	]	X
fbem-22370	227	4	xin	xin	PROPN
fbem-22370	227	5	lin	lin	PROPN
fbem-22370	227	6	,	,	PUNCT
fbem-22370	227	7	bian	bian	PROPN
fbem-22370	227	8	wanting	wanting	NOUN
fbem-22370	227	9	.	.	PUNCT
fbem-22370	228	1	digital	digital	ADJ
fbem-22370	228	2	transformation	transformation	NOUN
fbem-22370	228	3	dimension	dimension	NOUN
fbem-22370	228	4	and	and	CCONJ
fbem-22370	228	5	"	"	PUNCT
fbem-22370	228	6	specialized	specialized	ADJ
fbem-22370	228	7	,	,	PUNCT
fbem-22370	228	8	special	special	ADJ
fbem-22370	228	9	and	and	CCONJ
fbem-22370	228	10	new	new	ADJ
fbem-22370	228	11	"	"	PUNCT
fbem-22370	228	12	enterprise	enterprise	NOUN
fbem-22370	228	13	innovation	innovation	NOUN
fbem-22370	229	1	[	[	X
fbem-22370	229	2	j	j	X
fbem-22370	229	3	]	]	X
fbem-22370	229	4	.	.	PUNCT
fbem-22370	230	1	friends	friend	NOUN
fbem-22370	230	2	of	of	ADP
fbem-22370	230	3	the	the	DET
fbem-22370	230	4	accounting	accounting	NOUN
fbem-22370	230	5	,	,	PUNCT
fbem-22370	230	6	2024(3):50	2024(3):50	NOUN
fbem-22370	230	7	-	-	SYM
fbem-22370	230	8	57	57	NUM
fbem-22370	230	9	.	.	PUNCT
fbem-22370	231	1	[	[	X
fbem-22370	231	2	11	11	NUM
fbem-22370	231	3	]	]	X
fbem-22370	231	4	zhang	zhang	PROPN
fbem-22370	231	5	hui	hui	PROPN
fbem-22370	231	6	,	,	PUNCT
fbem-22370	231	7	huang	huang	PROPN
fbem-22370	231	8	qunhui	qunhui	PROPN
fbem-22370	231	9	.	.	PUNCT
fbem-22370	232	1	institutional	institutional	ADJ
fbem-22370	232	2	pressure	pressure	NOUN
fbem-22370	232	3	,	,	PUNCT
fbem-22370	232	4	leading	lead	VERB
fbem-22370	232	5	ceo	ceo	NOUN
fbem-22370	232	6	and	and	CCONJ
fbem-22370	232	7	esg	esg	NOUN
fbem-22370	232	8	responsibility	responsibility	NOUN
fbem-22370	232	9	fulfillment	fulfillment	NOUN
fbem-22370	232	10	of	of	ADP
fbem-22370	232	11	listed	list	VERB
fbem-22370	232	12	companies	company	NOUN
fbem-22370	233	1	[	[	X
fbem-22370	233	2	j	j	X
fbem-22370	233	3	]	]	X
fbem-22370	233	4	.	.	PUNCT
fbem-22370	234	1	journal	journal	PROPN
fbem-22370	234	2	of	of	ADP
fbem-22370	234	3	shanxi	shanxi	PROPN
fbem-22370	234	4	university	university	PROPN
fbem-22370	234	5	of	of	ADP
fbem-22370	234	6	finance	finance	NOUN
fbem-22370	234	7	and	and	CCONJ
fbem-22370	234	8	economics	economic	NOUN
fbem-22370	234	9	,	,	PUNCT
fbem-22370	234	10	2022	2022	NUM
fbem-22370	234	11	,	,	PUNCT
fbem-22370	234	12	44	44	NUM
fbem-22370	234	13	(	(	PUNCT
fbem-22370	234	14	9	9	NUM
fbem-22370	234	15	):	):	PUNCT
fbem-22370	234	16	74	74	NUM
fbem-22370	234	17	-	-	SYM
fbem-22370	234	18	86	86	NUM
fbem-22370	234	19	.	.	PUNCT
fbem-22370	235	1	[	[	X
fbem-22370	235	2	12	12	NUM
fbem-22370	235	3	]	]	X
fbem-22370	235	4	wen	wen	PROPN
fbem-22370	235	5	zhonglin	zhonglin	PROPN
fbem-22370	235	6	,	,	PUNCT
fbem-22370	235	7	ye	ye	PROPN
fbem-22370	235	8	baojuan	baojuan	PROPN
fbem-22370	235	9	.	.	PUNCT
fbem-22370	236	1	analysis	analysis	NOUN
fbem-22370	236	2	of	of	ADP
fbem-22370	236	3	mediation	mediation	NOUN
fbem-22370	236	4	effects	effect	NOUN
fbem-22370	236	5	:	:	PUNCT
fbem-22370	236	6	method	method	NOUN
fbem-22370	236	7	and	and	CCONJ
fbem-22370	236	8	model	model	NOUN
fbem-22370	236	9	development	development	NOUN
fbem-22370	237	1	[	[	X
fbem-22370	237	2	j	j	X
fbem-22370	237	3	]	]	X
fbem-22370	237	4	.	.	PUNCT
fbem-22370	238	1	advances	advance	NOUN
fbem-22370	238	2	in	in	ADP
fbem-22370	238	3	psychological	psychological	ADJ
fbem-22370	238	4	science	science	NOUN
fbem-22370	238	5	,	,	PUNCT
fbem-22370	238	6	2014	2014	NUM
fbem-22370	238	7	,	,	PUNCT
fbem-22370	238	8	22(5):731	22(5):731	PROPN
fbem-22370	238	9	-	-	SYM
fbem-22370	238	10	745	745	NUM
fbem-22370	238	11	.	.	PUNCT
fbem-22370	239	1	[	[	X
fbem-22370	239	2	13	13	NUM
fbem-22370	239	3	]	]	X
fbem-22370	239	4	zhong	zhong	PROPN
fbem-22370	239	5	tingyong	tingyong	PROPN
fbem-22370	239	6	,	,	PUNCT
fbem-22370	239	7	ma	ma	PROPN
fbem-22370	239	8	fuqi	fuqi	PROPN
fbem-22370	239	9	,	,	PUNCT
fbem-22370	239	10	tang	tang	PROPN
fbem-22370	239	11	jiawei	jiawei	PROPN
fbem-22370	239	12	,	,	PUNCT
fbem-22370	239	13	et	et	PROPN
fbem-22370	239	14	al	al	PROPN
fbem-22370	239	15	.	.	PROPN
fbem-22370	239	16	can	can	AUX
fbem-22370	239	17	the	the	DET
fbem-22370	239	18	national	national	ADJ
fbem-22370	239	19	audit	audit	NOUN
fbem-22370	239	20	reduce	reduce	VERB
fbem-22370	239	21	the	the	DET
fbem-22370	239	22	carbon	carbon	NOUN
fbem-22370	239	23	risk	risk	NOUN
fbem-22370	239	24	of	of	ADP
fbem-22370	239	25	enterprises	enterprise	NOUN
fbem-22370	239	26	?	?	PUNCT
fbem-22370	240	1	[	[	X
fbem-22370	240	2	j	j	X
fbem-22370	240	3	]	]	X
fbem-22370	240	4	.	.	PUNCT
fbem-22370	241	1	audit	audit	NOUN
fbem-22370	241	2	study	study	NOUN
fbem-22370	241	3	,	,	PUNCT
fbem-22370	241	4	2023	2023	NUM
fbem-22370	241	5	(	(	PUNCT
fbem-22370	241	6	4	4	NUM
fbem-22370	241	7	):	):	PUNCT
fbem-22370	241	8	41	41	NUM
fbem-22370	241	9	-	-	SYM
fbem-22370	241	10	54	54	NUM
fbem-22370	241	11	.	.	PUNCT
fbem-22370	242	1	[	[	X
fbem-22370	242	2	14	14	NUM
fbem-22370	242	3	]	]	X
fbem-22370	242	4	li	li	PROPN
fbem-22370	242	5	xiaorong	xiaorong	PROPN
fbem-22370	242	6	,	,	PUNCT
fbem-22370	242	7	liu	liu	PROPN
fbem-22370	242	8	xing	xing	PROPN
fbem-22370	242	9	.	.	PUNCT
fbem-22370	243	1	ceo	ceo	PROPN
fbem-22370	243	2	vs	vs	ADP
fbem-22370	243	3	cfo	cfo	PROPN
fbem-22370	243	4	gender	gender	NOUN
fbem-22370	243	5	and	and	CCONJ
fbem-22370	243	6	stock	stock	NOUN
fbem-22370	243	7	,	,	PUNCT
fbem-22370	243	8	price	price	NOUN
fbem-22370	243	9	crash	crash	NOUN
fbem-22370	243	10	risk	risk	NOUN
fbem-22370	244	1	[	[	X
fbem-22370	244	2	j	j	X
fbem-22370	244	3	]	]	X
fbem-22370	244	4	.	.	PUNCT
fbem-22370	245	1	the	the	DET
fbem-22370	245	2	world	world	NOUN
fbem-22370	245	3	economy	economy	NOUN
fbem-22370	245	4	,	,	PUNCT
fbem-22370	245	5	2012,35	2012,35	NUM
fbem-22370	245	6	(	(	PUNCT
fbem-22370	245	7	12	12	NUM
fbem-22370	245	8	):	):	PUNCT
fbem-22370	245	9	102	102	NUM
fbem-22370	245	10	-	-	SYM
fbem-22370	245	11	129	129	NUM
fbem-22370	245	12	.	.	PUNCT
fbem-22370	246	1	[	[	X
fbem-22370	246	2	15	15	NUM
fbem-22370	246	3	]	]	X
fbem-22370	246	4	zheng	zheng	PROPN
fbem-22370	246	5	liya	liya	PROPN
fbem-22370	246	6	,	,	PUNCT
fbem-22370	246	7	yi	yi	PROPN
fbem-22370	246	8	xianrong	xianrong	PROPN
fbem-22370	246	9	,	,	PUNCT
fbem-22370	246	10	safi	safi	PROPN
fbem-22370	246	11	adnan	adnan	PROPN
fbem-22370	246	12	.	.	PUNCT
fbem-22370	247	1	management	management	NOUN
fbem-22370	247	2	shareholding	shareholding	NOUN
fbem-22370	247	3	of	of	ADP
fbem-22370	247	4	listed	list	VERB
fbem-22370	247	5	companies	company	NOUN
fbem-22370	247	6	and	and	CCONJ
fbem-22370	247	7	the	the	DET
fbem-22370	247	8	behavior	behavior	NOUN
fbem-22370	247	9	of	of	ADP
fbem-22370	247	10	enterprises	enterprise	NOUN
fbem-22370	247	11	from	from	ADP
fbem-22370	247	12	real	real	ADJ
fbem-22370	247	13	to	to	ADP
fbem-22370	247	14	virtual	virtual	ADJ
fbem-22370	247	15	[	[	X
fbem-22370	247	16	j	j	X
fbem-22370	247	17	]	]	X
fbem-22370	247	18	.	.	PUNCT
fbem-22370	248	1	business	business	NOUN
fbem-22370	248	2	research	research	NOUN
fbem-22370	248	3	,	,	PUNCT
fbem-22370	248	4	2023	2023	NUM
fbem-22370	248	5	(	(	PUNCT
fbem-22370	248	6	3):146	3):146	NUM
fbem-22370	248	7	-	-	SYM
fbem-22370	248	8	152	152	NUM
fbem-22370	248	9	.	.	PUNCT
fbem-22370	249	1	[	[	X
fbem-22370	249	2	16	16	NUM
fbem-22370	249	3	]	]	X
fbem-22370	249	4	zhang	zhang	PROPN
fbem-22370	249	5	zhengang	zhengang	PROPN
fbem-22370	249	6	,	,	PUNCT
fbem-22370	249	7	chen	chen	PROPN
fbem-22370	249	8	zhiming	zhiming	PROPN
fbem-22370	249	9	,	,	PUNCT
fbem-22370	249	10	li	li	PROPN
fbem-22370	249	11	yunjian	yunjian	PROPN
fbem-22370	249	12	.	.	PUNCT
fbem-22370	249	13	research	research	NOUN
fbem-22370	249	14	on	on	ADP
fbem-22370	249	15	the	the	DET
fbem-22370	249	16	relationship	relationship	NOUN
fbem-22370	249	17	between	between	ADP
fbem-22370	249	18	open	open	ADJ
fbem-22370	249	19	innovation	innovation	NOUN
fbem-22370	249	20	,	,	PUNCT
fbem-22370	249	21	absorption	absorption	NOUN
fbem-22370	249	22	ability	ability	NOUN
fbem-22370	249	23	and	and	CCONJ
fbem-22370	249	24	innovation	innovation	NOUN
fbem-22370	249	25	performance	performance	NOUN
fbem-22370	249	26	[	[	X
fbem-22370	249	27	j	j	X
fbem-22370	249	28	]	]	X
fbem-22370	249	29	.	.	PUNCT
fbem-22370	250	1	scientific	scientific	ADJ
fbem-22370	250	2	research	research	NOUN
fbem-22370	250	3	management	management	NOUN
fbem-22370	250	4	,	,	PUNCT
fbem-22370	250	5	2015	2015	NUM
fbem-22370	250	6	,	,	PUNCT
fbem-22370	250	7	36	36	NUM
fbem-22370	250	8	(	(	PUNCT
fbem-22370	250	9	3	3	NUM
fbem-22370	250	10	)	)	PUNCT
fbem-22370	250	11	.	.	PUNCT
fbem-22370	251	1	[	[	X
fbem-22370	251	2	17	17	NUM
fbem-22370	251	3	]	]	PUNCT
fbem-22370	251	4	xi	xi	X
fbem-22370	251	5	longsheng	longsheng	PROPN
fbem-22370	251	6	,	,	PUNCT
fbem-22370	251	7	wang	wang	PROPN
fbem-22370	251	8	yan	yan	PROPN
fbem-22370	251	9	.	.	PUNCT
fbem-22370	252	1	enterprise	enterprise	PROPN
fbem-22370	252	2	esg	esg	PROPN
fbem-22370	252	3	information	information	NOUN
fbem-22370	252	4	disclosure	disclosure	NOUN
fbem-22370	252	5	and	and	CCONJ
fbem-22370	252	6	the	the	DET
fbem-22370	252	7	risk	risk	NOUN
fbem-22370	252	8	of	of	ADP
fbem-22370	252	9	stock	stock	NOUN
fbem-22370	252	10	price	price	NOUN
fbem-22370	252	11	crash	crash	NOUN
fbem-22370	253	1	[	[	X
fbem-22370	253	2	j	j	X
fbem-22370	253	3	]	]	X
fbem-22370	253	4	.	.	PUNCT
fbem-22370	254	1	economic	economic	ADJ
fbem-22370	254	2	problems	problem	NOUN
fbem-22370	254	3	,	,	PUNCT
fbem-22370	254	4	2022	2022	NUM
fbem-22370	254	5	,	,	PUNCT
fbem-22370	254	6	003	003	NUM
fbem-22370	254	7	(	(	PUNCT
fbem-22370	254	8	8)	8)	NUM
fbem-22370	254	9	:	:	PUNCT
fbem-22370	254	10	57	57	NUM
fbem-22370	254	11	-	-	SYM
fbem-22370	254	12	64	64	NUM
fbem-22370	254	13	.	.	PUNCT
fbem-22370	255	1	[	[	X
fbem-22370	255	2	18	18	NUM
fbem-22370	255	3	]	]	X
fbem-22370	255	4	wang	wang	PROPN
fbem-22370	255	5	bo	bo	PROPN
fbem-22370	255	6	,	,	PUNCT
fbem-22370	255	7	yang	yang	PROPN
fbem-22370	255	8	maojia	maojia	PROPN
fbem-22370	255	9	.	.	PUNCT
fbem-22370	255	10	research	research	NOUN
fbem-22370	255	11	on	on	ADP
fbem-22370	255	12	the	the	DET
fbem-22370	255	13	influence	influence	NOUN
fbem-22370	255	14	mechanism	mechanism	NOUN
fbem-22370	255	15	of	of	ADP
fbem-22370	255	16	esg	esg	PROPN
fbem-22370	255	17	performance	performance	NOUN
fbem-22370	255	18	on	on	ADP
fbem-22370	255	19	enterprise	enterprise	NOUN
fbem-22370	255	20	value	value	NOUN
fbem-22370	255	21	-	-	PUNCT
fbem-22370	255	22	empirical	empirical	ADJ
fbem-22370	255	23	evidence	evidence	NOUN
fbem-22370	255	24	from	from	ADP
fbem-22370	255	25	china	china	PROPN
fbem-22370	255	26	's	's	PART
fbem-22370	255	27	a	a	DET
fbem-22370	255	28	-	-	PUNCT
fbem-22370	255	29	share	share	NOUN
fbem-22370	255	30	listed	list	VERB
fbem-22370	255	31	companies	company	NOUN
fbem-22370	256	1	[	[	X
fbem-22370	256	2	j	j	X
fbem-22370	256	3	]	]	X
fbem-22370	256	4	.	.	PUNCT
fbem-22370	256	5	soft	soft	ADJ
fbem-22370	256	6	science	science	NOUN
fbem-22370	256	7	,	,	PUNCT
fbem-22370	256	8	2022	2022	NUM
fbem-22370	256	9	,	,	PUNCT
fbem-22370	256	10	36	36	NUM
fbem-22370	256	11	(	(	PUNCT
fbem-22370	256	12	6	6	NUM
fbem-22370	256	13	):	):	PUNCT
fbem-22370	256	14	78	78	NUM
fbem-22370	256	15	-	-	SYM
fbem-22370	256	16	84	84	NUM
fbem-22370	256	17	.	.	PUNCT
fbem-22370	257	1	[	[	X
fbem-22370	257	2	19	19	NUM
fbem-22370	257	3	]	]	X
fbem-22370	257	4	li	li	PROPN
fbem-22370	257	5	yongfa	yongfa	PROPN
fbem-22370	257	6	,	,	PUNCT
fbem-22370	257	7	wang	wang	PROPN
fbem-22370	257	8	dong	dong	PROPN
fbem-22370	257	9	,	,	PUNCT
fbem-22370	257	10	guanglei	guanglei	PROPN
fbem-22370	257	11	.	.	PUNCT
fbem-22370	258	1	survival	survival	NOUN
fbem-22370	258	2	,	,	PUNCT
fbem-22370	258	3	symbiosis	symbiosis	NOUN
fbem-22370	258	4	and	and	CCONJ
fbem-22370	258	5	derivation	derivation	NOUN
fbem-22370	258	6	:	:	PUNCT
fbem-22370	258	7	the	the	DET
fbem-22370	258	8	evolution	evolution	NOUN
fbem-22370	258	9	mechanism	mechanism	NOUN
fbem-22370	258	10	of	of	ADP
fbem-22370	258	11	sustainable	sustainable	ADJ
fbem-22370	258	12	business	business	NOUN
fbem-22370	258	13	model	model	NOUN
fbem-22370	258	14	formation	formation	NOUN
fbem-22370	259	1	[	[	X
fbem-22370	259	2	j	j	X
fbem-22370	259	3	]	]	X
fbem-22370	259	4	.	.	PUNCT
fbem-22370	260	1	journal	journal	PROPN
fbem-22370	260	2	of	of	ADP
fbem-22370	260	3	lanzhou	lanzhou	PROPN
fbem-22370	260	4	university	university	PROPN
fbem-22370	260	5	of	of	ADP
fbem-22370	260	6	finance	finance	NOUN
fbem-22370	260	7	and	and	CCONJ
fbem-22370	260	8	economics	economic	NOUN
fbem-22370	260	9	,	,	PUNCT
fbem-22370	260	10	2021	2021	NUM
fbem-22370	260	11	,	,	PUNCT
fbem-22370	260	12	37	37	NUM
fbem-22370	260	13	(	(	PUNCT
fbem-22370	260	14	02	02	NUM
fbem-22370	260	15	):	):	PUNCT
fbem-22370	260	16	24	24	NUM
fbem-22370	260	17	-	-	SYM
fbem-22370	260	18	33	33	NUM
fbem-22370	260	19	.	.	PUNCT
fbem-22370	261	1	[	[	X
fbem-22370	261	2	20	20	NUM
fbem-22370	261	3	]	]	X
fbem-22370	261	4	yang	yang	PROPN
fbem-22370	261	5	zhenning	zhenning	PROPN
fbem-22370	261	6	,	,	PUNCT
fbem-22370	261	7	zhao	zhao	PROPN
fbem-22370	261	8	hong	hong	PROPN
fbem-22370	261	9	.	.	PUNCT
fbem-22370	262	1	open	open	ADJ
fbem-22370	262	2	innovation	innovation	NOUN
fbem-22370	262	3	of	of	ADP
fbem-22370	262	4	chinese	chinese	ADJ
fbem-22370	262	5	enterprises	enterprise	NOUN
fbem-22370	262	6	:	:	PUNCT
fbem-22370	262	7	institutional	institutional	ADJ
fbem-22370	262	8	environment	environment	NOUN
fbem-22370	262	9	,	,	PUNCT
fbem-22370	262	10	"	"	PUNCT
fbem-22370	262	11	competition	competition	NOUN
fbem-22370	262	12	and	and	CCONJ
fbem-22370	262	13	cooperation	cooperation	NOUN
fbem-22370	262	14	"	"	PUNCT
fbem-22370	262	15	relationship	relationship	NOUN
fbem-22370	262	16	and	and	CCONJ
fbem-22370	262	17	innovation	innovation	NOUN
fbem-22370	262	18	performance	performance	NOUN
fbem-22370	263	1	[	[	X
fbem-22370	263	2	j	j	X
fbem-22370	263	3	]	]	X
fbem-22370	263	4	.	.	PUNCT
fbem-22370	264	1	manage	manage	VERB
fbem-22370	264	2	the	the	DET
fbem-22370	264	3	world	world	NOUN
fbem-22370	264	4	,	,	PUNCT
fbem-22370	264	5	2020	2020	NUM
fbem-22370	264	6	(	(	PUNCT
fbem-22370	264	7	2	2	NUM
fbem-22370	264	8	):	):	PUNCT
fbem-22370	264	9	139	139	NUM
fbem-22370	264	10	-	-	SYM
fbem-22370	264	11	159	159	NUM
fbem-22370	264	12	.	.	PUNCT
fbem-22370	265	1	[	[	X
fbem-22370	265	2	21	21	NUM
fbem-22370	265	3	]	]	X
fbem-22370	265	4	liu	liu	PROPN
fbem-22370	265	5	zhiyuan	zhiyuan	PROPN
fbem-22370	265	6	,	,	PUNCT
fbem-22370	265	7	wang	wang	PROPN
fbem-22370	265	8	cunfeng	cunfeng	PROPN
fbem-22370	265	9	,	,	PUNCT
fbem-22370	265	10	peng	peng	PROPN
fbem-22370	265	11	tao	tao	PROPN
fbem-22370	265	12	,	,	PUNCT
fbem-22370	265	13	et	et	PROPN
fbem-22370	265	14	al	al	PROPN
fbem-22370	265	15	.	.	PUNCT
fbem-22370	265	16	policy	policy	NOUN
fbem-22370	265	17	uncertainty	uncertainty	NOUN
fbem-22370	265	18	and	and	CCONJ
fbem-22370	265	19	enterprise	enterprise	NOUN
fbem-22370	265	20	risk	risk	NOUN
fbem-22370	265	21	taking	taking	NOUN
fbem-22370	265	22	:	:	PUNCT
fbem-22370	265	23	expected	expect	VERB
fbem-22370	265	24	effect	effect	NOUN
fbem-22370	265	25	of	of	ADP
fbem-22370	265	26	opportunity	opportunity	NOUN
fbem-22370	265	27	or	or	CCONJ
fbem-22370	265	28	loss	loss	NOUN
fbem-22370	265	29	avoidance	avoidance	NOUN
fbem-22370	265	30	effect	effect	NOUN
fbem-22370	266	1	[	[	X
fbem-22370	266	2	j	j	X
fbem-22370	266	3	]	]	X
fbem-22370	266	4	.	.	PUNCT
fbem-22370	267	1	nankai	nankai	PROPN
fbem-22370	267	2	management	management	PROPN
fbem-22370	267	3	review	review	PROPN
fbem-22370	267	4	,	,	PUNCT
fbem-22370	267	5	2017	2017	NUM
fbem-22370	267	6	,	,	PUNCT
fbem-22370	267	7	20	20	NUM
fbem-22370	267	8	(	(	PUNCT
fbem-22370	267	9	06	06	NUM
fbem-22370	267	10	):	):	PUNCT
fbem-22370	267	11	15	15	NUM
fbem-22370	267	12	-	-	SYM
fbem-22370	267	13	27	27	NUM
fbem-22370	267	14	.	.	PUNCT
fbem-22370	268	1	[	[	X
fbem-22370	268	2	22	22	NUM
fbem-22370	268	3	]	]	X
fbem-22370	268	4	yakun	yakun	PROPN
fbem-22370	268	5	,	,	PUNCT
fbem-22370	268	6	luo	luo	PROPN
fbem-22370	268	7	fukai	fukai	PROPN
fbem-22370	268	8	,	,	PUNCT
fbem-22370	268	9	li	li	PROPN
fbem-22370	268	10	qijia	qijia	PROPN
fbem-22370	268	11	.	.	PUNCT
fbem-22370	269	1	economic	economic	ADJ
fbem-22370	269	2	policy	policy	NOUN
fbem-22370	269	3	uncertainty	uncertainty	NOUN
fbem-22370	269	4	,	,	PUNCT
fbem-22370	269	5	financial	financial	ADJ
fbem-22370	269	6	asset	asset	NOUN
fbem-22370	269	7	allocation	allocation	NOUN
fbem-22370	269	8	and	and	CCONJ
fbem-22370	269	9	innovative	innovative	ADJ
fbem-22370	269	10	investment	investment	NOUN
fbem-22370	270	1	[	[	X
fbem-22370	270	2	j	j	X
fbem-22370	270	3	]	]	X
fbem-22370	270	4	.	.	PUNCT
fbem-22370	271	1	finance	finance	NOUN
fbem-22370	271	2	and	and	CCONJ
fbem-22370	271	3	trade	trade	NOUN
fbem-22370	271	4	economy	economy	NOUN
fbem-22370	271	5	,	,	PUNCT
fbem-22370	271	6	2018	2018	NUM
fbem-22370	271	7	,	,	PUNCT
fbem-22370	271	8	39	39	NUM
fbem-22370	271	9	(	(	PUNCT
fbem-22370	271	10	12	12	NUM
fbem-22370	271	11	):	):	PUNCT
fbem-22370	271	12	95	95	NUM
fbem-22370	271	13	-	-	SYM
fbem-22370	271	14	110	110	NUM
fbem-22370	271	15	.	.	PUNCT