id	sid	tid	token	lemma	pos
fbem-24703	1	1	frontiers	frontier	NOUN
fbem-24703	1	2	in	in	ADP
fbem-24703	1	3	business	business	NOUN
fbem-24703	1	4	,	,	PUNCT
fbem-24703	1	5	economics	economic	NOUN
fbem-24703	1	6	and	and	CCONJ
fbem-24703	1	7	management	management	NOUN
fbem-24703	1	8	issn	issn	PROPN
fbem-24703	1	9	:	:	PUNCT
fbem-24703	1	10	2766	2766	NUM
fbem-24703	1	11	-	-	PUNCT
fbem-24703	1	12	824x	824x	NUM
fbem-24703	1	13	|	|	ADJ
fbem-24703	1	14	vol	vol	NOUN
fbem-24703	1	15	.	.	PUNCT
fbem-24703	2	1	16	16	NUM
fbem-24703	2	2	,	,	PUNCT
fbem-24703	2	3	no	no	INTJ
fbem-24703	2	4	.	.	NOUN
fbem-24703	2	5	1	1	NUM
fbem-24703	2	6	,	,	PUNCT
fbem-24703	2	7	2024	2024	NUM
fbem-24703	2	8	158	158	NUM
fbem-24703	2	9	the	the	DET
fbem-24703	2	10	impact	impact	NOUN
fbem-24703	2	11	of	of	ADP
fbem-24703	2	12	enterprise	enterprise	NOUN
fbem-24703	2	13	digitization	digitization	NOUN
fbem-24703	2	14	on	on	ADP
fbem-24703	2	15	investor	investor	NOUN
fbem-24703	2	16	protection	protection	NOUN
fbem-24703	2	17	:	:	PUNCT
fbem-24703	2	18	evidence	evidence	NOUN
fbem-24703	2	19	from	from	ADP
fbem-24703	2	20	china	china	PROPN
fbem-24703	2	21	zhenguo	zhenguo	PROPN
fbem-24703	2	22	liu	liu	PROPN
fbem-24703	2	23	*	*	PROPN
fbem-24703	2	24	school	school	PROPN
fbem-24703	2	25	of	of	ADP
fbem-24703	2	26	economics	economic	NOUN
fbem-24703	2	27	and	and	CCONJ
fbem-24703	2	28	management	management	NOUN
fbem-24703	2	29	,	,	PUNCT
fbem-24703	2	30	guangxi	guangxi	PROPN
fbem-24703	2	31	normal	normal	ADJ
fbem-24703	2	32	university	university	PROPN
fbem-24703	2	33	,	,	PUNCT
fbem-24703	2	34	guilin	guilin	PROPN
fbem-24703	2	35	,	,	PUNCT
fbem-24703	2	36	co	co	NOUN
fbem-24703	2	37	541006	541006	NUM
fbem-24703	2	38	,	,	PUNCT
fbem-24703	2	39	china	china	PROPN
fbem-24703	2	40	*	*	PUNCT
fbem-24703	2	41	corresponding	correspond	VERB
fbem-24703	2	42	author	author	NOUN
fbem-24703	2	43	:	:	PUNCT
fbem-24703	2	44	zhenguo	zhenguo	PROPN
fbem-24703	2	45	liu	liu	PROPN
fbem-24703	2	46	(	(	PUNCT
fbem-24703	2	47	email	email	NOUN
fbem-24703	2	48	:	:	PUNCT
fbem-24703	2	49	649564990@qq.com	649564990@qq.com	NUM
fbem-24703	2	50	)	)	PUNCT
fbem-24703	2	51	abstract	abstract	NOUN
fbem-24703	2	52	:	:	PUNCT
fbem-24703	2	53	this	this	DET
fbem-24703	2	54	paper	paper	NOUN
fbem-24703	2	55	takes	take	VERB
fbem-24703	2	56	china	china	PROPN
fbem-24703	2	57	listed	list	VERB
fbem-24703	2	58	companies	company	NOUN
fbem-24703	2	59	from	from	ADP
fbem-24703	2	60	2011	2011	NUM
fbem-24703	2	61	to	to	ADP
fbem-24703	2	62	2021	2021	NUM
fbem-24703	2	63	as	as	ADP
fbem-24703	2	64	a	a	DET
fbem-24703	2	65	sample	sample	NOUN
fbem-24703	2	66	to	to	PART
fbem-24703	2	67	explore	explore	VERB
fbem-24703	2	68	the	the	DET
fbem-24703	2	69	impact	impact	NOUN
fbem-24703	2	70	of	of	ADP
fbem-24703	2	71	digital	digital	ADJ
fbem-24703	2	72	transformation	transformation	NOUN
fbem-24703	2	73	on	on	ADP
fbem-24703	2	74	investor	investor	NOUN
fbem-24703	2	75	protection	protection	NOUN
fbem-24703	2	76	.	.	PUNCT
fbem-24703	3	1	the	the	DET
fbem-24703	3	2	study	study	NOUN
fbem-24703	3	3	finds	find	VERB
fbem-24703	3	4	that	that	SCONJ
fbem-24703	3	5	the	the	DET
fbem-24703	3	6	digital	digital	ADJ
fbem-24703	3	7	transformation	transformation	NOUN
fbem-24703	3	8	of	of	ADP
fbem-24703	3	9	enterprises	enterprise	NOUN
fbem-24703	3	10	improves	improve	VERB
fbem-24703	3	11	the	the	DET
fbem-24703	3	12	level	level	NOUN
fbem-24703	3	13	of	of	ADP
fbem-24703	3	14	investor	investor	NOUN
fbem-24703	3	15	protection	protection	NOUN
fbem-24703	3	16	,	,	PUNCT
fbem-24703	3	17	and	and	CCONJ
fbem-24703	3	18	the	the	DET
fbem-24703	3	19	intermediary	intermediary	ADJ
fbem-24703	3	20	mechanism	mechanism	NOUN
fbem-24703	3	21	test	test	NOUN
fbem-24703	3	22	shows	show	VERB
fbem-24703	3	23	that	that	SCONJ
fbem-24703	3	24	digital	digital	ADJ
fbem-24703	3	25	transformation	transformation	NOUN
fbem-24703	3	26	improves	improve	VERB
fbem-24703	3	27	the	the	DET
fbem-24703	3	28	level	level	NOUN
fbem-24703	3	29	of	of	ADP
fbem-24703	3	30	investor	investor	NOUN
fbem-24703	3	31	protection	protection	PROPN
fbem-24703	4	1	b	b	PROPN
fbem-24703	4	2	y	y	PROPN
fbem-24703	4	3	improving	improve	VERB
fbem-24703	4	4	corporate	corporate	ADJ
fbem-24703	4	5	transparency	transparency	NOUN
fbem-24703	4	6	.	.	PUNCT
fbem-24703	5	1	further	further	ADJ
fbem-24703	5	2	analysis	analysis	NOUN
fbem-24703	5	3	shows	show	VERB
fbem-24703	5	4	that	that	SCONJ
fbem-24703	5	5	the	the	DET
fbem-24703	5	6	level	level	NOUN
fbem-24703	5	7	of	of	ADP
fbem-24703	5	8	enterprise	enterprise	NOUN
fbem-24703	5	9	risk	risk	NOUN
fbem-24703	5	10	exposure	exposure	NOUN
fbem-24703	5	11	has	have	VERB
fbem-24703	5	12	a	a	DET
fbem-24703	5	13	negative	negative	ADJ
fbem-24703	5	14	moderating	moderate	VERB
fbem-24703	5	15	effect	effect	NOUN
fbem-24703	5	16	in	in	ADP
fbem-24703	5	17	the	the	DET
fbem-24703	5	18	process	process	NOUN
fbem-24703	5	19	of	of	ADP
fbem-24703	5	20	improving	improve	VERB
fbem-24703	5	21	the	the	DET
fbem-24703	5	22	level	level	NOUN
fbem-24703	5	23	of	of	ADP
fbem-24703	5	24	investor	investor	NOUN
fbem-24703	5	25	protection	protection	NOUN
fbem-24703	5	26	in	in	ADP
fbem-24703	5	27	the	the	DET
fbem-24703	5	28	process	process	NOUN
fbem-24703	5	29	of	of	ADP
fbem-24703	5	30	enterprise	enterprise	NOUN
fbem-24703	5	31	digital	digital	ADJ
fbem-24703	5	32	transformation	transformation	NOUN
fbem-24703	5	33	,	,	PUNCT
fbem-24703	5	34	while	while	SCONJ
fbem-24703	5	35	executive	executive	ADJ
fbem-24703	5	36	shareholding	shareholding	NOUN
fbem-24703	5	37	and	and	CCONJ
fbem-24703	5	38	corporate	corporate	ADJ
fbem-24703	5	39	esg	esg	PROPN
fbem-24703	5	40	disclosure	disclosure	NOUN
fbem-24703	5	41	have	have	VERB
fbem-24703	5	42	a	a	DET
fbem-24703	5	43	substitute	substitute	ADJ
fbem-24703	5	44	role	role	NOUN
fbem-24703	5	45	.	.	PUNCT
fbem-24703	6	1	this	this	DET
fbem-24703	6	2	paper	paper	NOUN
fbem-24703	6	3	provides	provide	VERB
fbem-24703	6	4	important	important	ADJ
fbem-24703	6	5	enlightenment	enlightenment	NOUN
fbem-24703	6	6	for	for	ADP
fbem-24703	6	7	protecting	protect	VERB
fbem-24703	6	8	investors	investor	NOUN
fbem-24703	6	9	'	'	PART
fbem-24703	6	10	interests	interest	NOUN
fbem-24703	6	11	,	,	PUNCT
fbem-24703	6	12	enhancing	enhance	VERB
fbem-24703	6	13	investors	investor	NOUN
fbem-24703	6	14	'	'	PART
fbem-24703	6	15	investment	investment	NOUN
fbem-24703	6	16	confidence	confidence	NOUN
fbem-24703	6	17	,	,	PUNCT
fbem-24703	6	18	and	and	CCONJ
fbem-24703	6	19	increasing	increase	VERB
fbem-24703	6	20	the	the	DET
fbem-24703	6	21	proportion	proportion	NOUN
fbem-24703	6	22	of	of	ADP
fbem-24703	6	23	direct	direct	ADJ
fbem-24703	6	24	financin	financin	ADJ
fbem-24703	6	25	g.	g.	NOUN
fbem-24703	6	26	keywords	keyword	NOUN
fbem-24703	6	27	:	:	PUNCT
fbem-24703	6	28	corporate	corporate	ADJ
fbem-24703	6	29	digitalization	digitalization	NOUN
fbem-24703	6	30	,	,	PUNCT
fbem-24703	6	31	investor	investor	NOUN
fbem-24703	6	32	protection	protection	NOUN
fbem-24703	6	33	,	,	PUNCT
fbem-24703	6	34	corporate	corporate	ADJ
fbem-24703	6	35	transparency	transparency	NOUN
fbem-24703	6	36	,	,	PUNCT
fbem-24703	6	37	capital	capital	NOUN
fbem-24703	6	38	market	market	NOUN
fbem-24703	6	39	development	development	NOUN
fbem-24703	6	40	.	.	PUNCT
fbem-24703	7	1	1	1	X
fbem-24703	7	2	.	.	X
fbem-24703	7	3	introduction	introduction	NOUN
fbem-24703	7	4	the	the	DET
fbem-24703	7	5	capital	capital	NOUN
fbem-24703	7	6	market	market	NOUN
fbem-24703	7	7	is	be	AUX
fbem-24703	7	8	the	the	DET
fbem-24703	7	9	core	core	NOUN
fbem-24703	7	10	of	of	ADP
fbem-24703	7	11	the	the	DET
fbem-24703	7	12	modern	modern	ADJ
fbem-24703	7	13	financial	financial	ADJ
fbem-24703	7	14	system	system	NOUN
fbem-24703	7	15	,	,	PUNCT
fbem-24703	7	16	capable	capable	ADJ
fbem-24703	7	17	of	of	ADP
fbem-24703	7	18	driving	drive	VERB
fbem-24703	7	19	technological	technological	ADJ
fbem-24703	7	20	innovation	innovation	NOUN
fbem-24703	7	21	,	,	PUNCT
fbem-24703	7	22	supporting	support	VERB
fbem-24703	7	23	the	the	DET
fbem-24703	7	24	development	development	NOUN
fbem-24703	7	25	of	of	ADP
fbem-24703	7	26	the	the	DET
fbem-24703	7	27	real	real	ADJ
fbem-24703	7	28	economy	economy	NOUN
fbem-24703	7	29	and	and	CCONJ
fbem-24703	7	30	the	the	DET
fbem-24703	7	31	improvement	improvement	NOUN
fbem-24703	7	32	of	of	ADP
fbem-24703	7	33	industrial	industrial	ADJ
fbem-24703	7	34	chains	chain	NOUN
fbem-24703	7	35	,	,	PUNCT
fbem-24703	7	36	and	and	CCONJ
fbem-24703	7	37	promoting	promote	VERB
fbem-24703	7	38	the	the	DET
fbem-24703	7	39	expansion	expansion	NOUN
fbem-24703	7	40	and	and	CCONJ
fbem-24703	7	41	upgrading	upgrading	NOUN
fbem-24703	7	42	of	of	ADP
fbem-24703	7	43	consumption	consumption	NOUN
fbem-24703	7	44	.	.	PUNCT
fbem-24703	8	1	it	it	PRON
fbem-24703	8	2	serves	serve	VERB
fbem-24703	8	3	as	as	ADP
fbem-24703	8	4	a	a	DET
fbem-24703	8	5	pivotal	pivotal	ADJ
fbem-24703	8	6	platform	platform	NOUN
fbem-24703	8	7	for	for	ADP
fbem-24703	8	8	optimizing	optimize	VERB
fbem-24703	8	9	resource	resource	NOUN
fbem-24703	8	10	allocation	allocation	NOUN
fbem-24703	8	11	and	and	CCONJ
fbem-24703	8	12	plays	play	VERB
fbem-24703	8	13	a	a	DET
fbem-24703	8	14	crucial	crucial	ADJ
fbem-24703	8	15	role	role	NOUN
fbem-24703	8	16	.	.	PUNCT
fbem-24703	9	1	in	in	ADP
fbem-24703	9	2	the	the	DET
fbem-24703	9	3	construction	construction	NOUN
fbem-24703	9	4	of	of	ADP
fbem-24703	9	5	a	a	DET
fbem-24703	9	6	new	new	ADJ
fbem-24703	9	7	development	development	NOUN
fbem-24703	9	8	pattern	pattern	NOUN
fbem-24703	9	9	,	,	PUNCT
fbem-24703	9	10	the	the	DET
fbem-24703	9	11	capital	capital	NOUN
fbem-24703	9	12	market	market	NOUN
fbem-24703	9	13	can	can	AUX
fbem-24703	9	14	provide	provide	VERB
fbem-24703	9	15	strategic	strategic	ADJ
fbem-24703	9	16	support	support	NOUN
fbem-24703	9	17	.	.	PUNCT
fbem-24703	10	1	increasing	increase	VERB
fbem-24703	10	2	direct	direct	ADJ
fbem-24703	10	3	financing	financing	NOUN
fbem-24703	10	4	can	can	AUX
fbem-24703	10	5	promote	promote	VERB
fbem-24703	10	6	enterprise	enterprise	NOUN
fbem-24703	10	7	development	development	NOUN
fbem-24703	10	8	and	and	CCONJ
fbem-24703	10	9	innovation	innovation	NOUN
fbem-24703	10	10	,	,	PUNCT
fbem-24703	10	11	enhance	enhance	VERB
fbem-24703	10	12	the	the	DET
fbem-24703	10	13	efficiency	efficiency	NOUN
fbem-24703	10	14	and	and	CCONJ
fbem-24703	10	15	liquidity	liquidity	NOUN
fbem-24703	10	16	of	of	ADP
fbem-24703	10	17	the	the	DET
fbem-24703	10	18	capital	capital	NOUN
fbem-24703	10	19	market	market	NOUN
fbem-24703	10	20	,	,	PUNCT
fbem-24703	10	21	and	and	CCONJ
fbem-24703	10	22	thus	thus	ADV
fbem-24703	10	23	drive	drive	VERB
fbem-24703	10	24	economic	economic	ADJ
fbem-24703	10	25	growth	growth	NOUN
fbem-24703	10	26	.	.	PUNCT
fbem-24703	11	1	la	la	INTJ
fbem-24703	11	2	porta	porta	PROPN
fbem-24703	11	3	et	et	PROPN
fbem-24703	11	4	al	al	PROPN
fbem-24703	11	5	.	.	PROPN
fbem-24703	11	6	(	(	PUNCT
fbem-24703	11	7	1997	1997	NUM
fbem-24703	11	8	)	)	PUNCT
fbem-24703	11	9	found	find	VERB
fbem-24703	11	10	,	,	PUNCT
fbem-24703	11	11	through	through	ADP
fbem-24703	11	12	a	a	DET
fbem-24703	11	13	study	study	NOUN
fbem-24703	11	14	of	of	ADP
fbem-24703	11	15	49	49	NUM
fbem-24703	11	16	stock	stock	NOUN
fbem-24703	11	17	markets	market	NOUN
fbem-24703	11	18	,	,	PUNCT
fbem-24703	11	19	that	that	SCONJ
fbem-24703	11	20	improving	improve	VERB
fbem-24703	11	21	investor	investor	NOUN
fbem-24703	11	22	protection	protection	NOUN
fbem-24703	11	23	levels	level	NOUN
fbem-24703	11	24	is	be	AUX
fbem-24703	11	25	beneficial	beneficial	ADJ
fbem-24703	11	26	for	for	ADP
fbem-24703	11	27	the	the	DET
fbem-24703	11	28	development	development	NOUN
fbem-24703	11	29	of	of	ADP
fbem-24703	11	30	a	a	DET
fbem-24703	11	31	country	country	NOUN
fbem-24703	11	32	's	's	PART
fbem-24703	11	33	capital	capital	NOUN
fbem-24703	11	34	market	market	NOUN
fbem-24703	11	35	.	.	PUNCT
fbem-24703	12	1	furthermore	furthermore	ADV
fbem-24703	12	2	,	,	PUNCT
fbem-24703	12	3	la	la	PRON
fbem-24703	12	4	porta	porta	NOUN
fbem-24703	12	5	et	et	PROPN
fbem-24703	12	6	al	al	PROPN
fbem-24703	12	7	.	.	PROPN
fbem-24703	13	1	(	(	PUNCT
fbem-24703	13	2	2000	2000	NUM
fbem-24703	13	3	)	)	PUNCT
fbem-24703	13	4	argued	argue	VERB
fbem-24703	13	5	that	that	SCONJ
fbem-24703	13	6	enhanced	enhance	VERB
fbem-24703	13	7	investor	investor	NOUN
fbem-24703	13	8	protection	protection	NOUN
fbem-24703	13	9	can	can	AUX
fbem-24703	13	10	increase	increase	VERB
fbem-24703	13	11	external	external	ADJ
fbem-24703	13	12	financing	financing	NOUN
fbem-24703	13	13	.	.	PUNCT
fbem-24703	14	1	strengthening	strengthen	VERB
fbem-24703	14	2	capital	capital	NOUN
fbem-24703	14	3	market	market	NOUN
fbem-24703	14	4	protections	protection	NOUN
fbem-24703	14	5	for	for	ADP
fbem-24703	14	6	investors	investor	NOUN
fbem-24703	14	7	can	can	AUX
fbem-24703	14	8	boost	boost	VERB
fbem-24703	14	9	their	their	PRON
fbem-24703	14	10	confidence	confidence	NOUN
fbem-24703	14	11	and	and	CCONJ
fbem-24703	14	12	trust	trust	NOUN
fbem-24703	14	13	,	,	PUNCT
fbem-24703	14	14	thereby	thereby	ADV
fbem-24703	14	15	increasing	increase	VERB
fbem-24703	14	16	their	their	PRON
fbem-24703	14	17	participation	participation	NOUN
fbem-24703	14	18	and	and	CCONJ
fbem-24703	14	19	enthusiasm	enthusiasm	NOUN
fbem-24703	14	20	,	,	PUNCT
fbem-24703	14	21	and	and	CCONJ
fbem-24703	14	22	raising	raise	VERB
fbem-24703	14	23	the	the	DET
fbem-24703	14	24	proportion	proportion	NOUN
fbem-24703	14	25	of	of	ADP
fbem-24703	14	26	direct	direct	ADJ
fbem-24703	14	27	financing	financing	NOUN
fbem-24703	14	28	(	(	PUNCT
fbem-24703	14	29	mclean	mclean	PROPN
fbem-24703	14	30	et	et	PROPN
fbem-24703	14	31	al	al	PROPN
fbem-24703	14	32	.	.	PROPN
fbem-24703	14	33	,	,	PUNCT
fbem-24703	14	34	2012	2012	NUM
fbem-24703	14	35	)	)	PUNCT
fbem-24703	14	36	.	.	PUNCT
fbem-24703	15	1	according	accord	VERB
fbem-24703	15	2	to	to	ADP
fbem-24703	15	3	the	the	DET
fbem-24703	15	4	"	"	PUNCT
fbem-24703	15	5	2022	2022	NUM
fbem-24703	15	6	china	china	PROPN
fbem-24703	15	7	listed	list	VERB
fbem-24703	15	8	companies	company	NOUN
fbem-24703	15	9	accounting	account	VERB
fbem-24703	15	10	investor	investor	NOUN
fbem-24703	15	11	protection	protection	NOUN
fbem-24703	15	12	evaluation	evaluation	NOUN
fbem-24703	15	13	report	report	NOUN
fbem-24703	15	14	,	,	PUNCT
fbem-24703	15	15	"	"	PUNCT
fbem-24703	15	16	the	the	DET
fbem-24703	15	17	overall	overall	ADJ
fbem-24703	15	18	level	level	NOUN
fbem-24703	15	19	of	of	ADP
fbem-24703	15	20	accounting	accounting	NOUN
fbem-24703	15	21	investor	investor	NOUN
fbem-24703	15	22	protection	protection	NOUN
fbem-24703	15	23	among	among	ADP
fbem-24703	15	24	chinese	chinese	ADJ
fbem-24703	15	25	listed	list	VERB
fbem-24703	15	26	companies	company	NOUN
fbem-24703	15	27	in	in	ADP
fbem-24703	15	28	2022	2022	NUM
fbem-24703	15	29	remains	remain	VERB
fbem-24703	15	30	low	low	ADJ
fbem-24703	15	31	and	and	CCONJ
fbem-24703	15	32	needs	need	VERB
fbem-24703	15	33	further	further	ADJ
fbem-24703	15	34	improvement	improvement	NOUN
fbem-24703	15	35	.	.	PUNCT
fbem-24703	16	1	driven	drive	VERB
fbem-24703	16	2	by	by	ADP
fbem-24703	16	3	digital	digital	ADJ
fbem-24703	16	4	technology	technology	NOUN
fbem-24703	16	5	and	and	CCONJ
fbem-24703	16	6	influenced	influence	VERB
fbem-24703	16	7	by	by	ADP
fbem-24703	16	8	market	market	NOUN
fbem-24703	16	9	conditions	condition	NOUN
fbem-24703	16	10	,	,	PUNCT
fbem-24703	16	11	an	an	DET
fbem-24703	16	12	increasing	increase	VERB
fbem-24703	16	13	number	number	NOUN
fbem-24703	16	14	of	of	ADP
fbem-24703	16	15	enterprises	enterprise	NOUN
fbem-24703	16	16	are	be	AUX
fbem-24703	16	17	actively	actively	ADV
fbem-24703	16	18	pursuing	pursue	VERB
fbem-24703	16	19	digital	digital	ADJ
fbem-24703	16	20	transformation	transformation	NOUN
fbem-24703	16	21	to	to	PART
fbem-24703	16	22	adapt	adapt	VERB
fbem-24703	16	23	to	to	ADP
fbem-24703	16	24	the	the	DET
fbem-24703	16	25	rapidly	rapidly	ADV
fbem-24703	16	26	changing	change	VERB
fbem-24703	16	27	business	business	NOUN
fbem-24703	16	28	environment	environment	NOUN
fbem-24703	16	29	and	and	CCONJ
fbem-24703	16	30	seek	seek	VERB
fbem-24703	16	31	sustainable	sustainable	ADJ
fbem-24703	16	32	competitive	competitive	ADJ
fbem-24703	16	33	advantages	advantage	NOUN
fbem-24703	16	34	(	(	PUNCT
fbem-24703	16	35	chen	chen	PROPN
fbem-24703	16	36	qingjiang	qingjiang	PROPN
fbem-24703	16	37	et	et	PROPN
fbem-24703	16	38	al	al	PROPN
fbem-24703	16	39	.	.	PROPN
fbem-24703	16	40	,	,	PUNCT
fbem-24703	16	41	2021	2021	NUM
fbem-24703	16	42	)	)	PUNCT
fbem-24703	16	43	.	.	PUNCT
fbem-24703	17	1	digital	digital	ADJ
fbem-24703	17	2	transformation	transformation	NOUN
fbem-24703	17	3	involves	involve	VERB
fbem-24703	17	4	utilizing	utilize	VERB
fbem-24703	17	5	digital	digital	ADJ
fbem-24703	17	6	technologies	technology	NOUN
fbem-24703	17	7	and	and	CCONJ
fbem-24703	17	8	information	information	NOUN
fbem-24703	17	9	systems	system	NOUN
fbem-24703	17	10	to	to	PART
fbem-24703	17	11	change	change	VERB
fbem-24703	17	12	the	the	DET
fbem-24703	17	13	way	way	NOUN
fbem-24703	17	14	enterprises	enterprise	NOUN
fbem-24703	17	15	operate	operate	VERB
fbem-24703	17	16	and	and	CCONJ
fbem-24703	17	17	interact	interact	VERB
fbem-24703	17	18	.	.	PUNCT
fbem-24703	18	1	it	it	PRON
fbem-24703	18	2	alters	alter	VERB
fbem-24703	18	3	business	business	NOUN
fbem-24703	18	4	processes	process	NOUN
fbem-24703	18	5	(	(	PUNCT
fbem-24703	18	6	leonardi	leonardi	PROPN
fbem-24703	18	7	and	and	CCONJ
fbem-24703	18	8	treem	treem	NOUN
fbem-24703	18	9	,	,	PUNCT
fbem-24703	18	10	2020	2020	NUM
fbem-24703	18	11	)	)	PUNCT
fbem-24703	18	12	,	,	PUNCT
fbem-24703	18	13	organizational	organizational	ADJ
fbem-24703	18	14	structures	structure	NOUN
fbem-24703	18	15	(	(	PUNCT
fbem-24703	18	16	hess	hess	NOUN
fbem-24703	18	17	et	et	PROPN
fbem-24703	18	18	al	al	PROPN
fbem-24703	18	19	.	.	PROPN
fbem-24703	18	20	,	,	PUNCT
fbem-24703	18	21	2016	2016	NUM
fbem-24703	18	22	)	)	PUNCT
fbem-24703	18	23	,	,	PUNCT
fbem-24703	18	24	management	management	NOUN
fbem-24703	18	25	activities	activity	NOUN
fbem-24703	18	26	(	(	PUNCT
fbem-24703	18	27	verhoef	verhoef	NOUN
fbem-24703	18	28	and	and	CCONJ
fbem-24703	18	29	bijmolt	bijmolt	NOUN
fbem-24703	18	30	,	,	PUNCT
fbem-24703	18	31	2019	2019	NUM
fbem-24703	18	32	)	)	PUNCT
fbem-24703	18	33	,	,	PUNCT
fbem-24703	18	34	and	and	CCONJ
fbem-24703	18	35	business	business	NOUN
fbem-24703	18	36	models	model	NOUN
fbem-24703	18	37	(	(	PUNCT
fbem-24703	18	38	rachinger	rachinger	NOUN
fbem-24703	18	39	et	et	PROPN
fbem-24703	18	40	al	al	PROPN
fbem-24703	18	41	.	.	PROPN
fbem-24703	18	42	,	,	PUNCT
fbem-24703	18	43	2018	2018	NUM
fbem-24703	18	44	)	)	PUNCT
fbem-24703	18	45	.	.	PUNCT
fbem-24703	19	1	these	these	DET
fbem-24703	19	2	changes	change	NOUN
fbem-24703	19	3	create	create	VERB
fbem-24703	19	4	new	new	ADJ
fbem-24703	19	5	growth	growth	NOUN
fbem-24703	19	6	opportunities	opportunity	NOUN
fbem-24703	19	7	for	for	ADP
fbem-24703	19	8	enterprises	enterprise	NOUN
fbem-24703	19	9	.	.	PUNCT
fbem-24703	20	1	however	however	ADV
fbem-24703	20	2	,	,	PUNCT
fbem-24703	20	3	digital	digital	ADJ
fbem-24703	20	4	transformation	transformation	NOUN
fbem-24703	20	5	is	be	AUX
fbem-24703	20	6	not	not	PART
fbem-24703	20	7	merely	merely	ADV
fbem-24703	20	8	an	an	DET
fbem-24703	20	9	internal	internal	ADJ
fbem-24703	20	10	business	business	NOUN
fbem-24703	20	11	strategy	strategy	NOUN
fbem-24703	20	12	;	;	PUNCT
fbem-24703	20	13	the	the	DET
fbem-24703	20	14	changes	change	NOUN
fbem-24703	20	15	it	it	PRON
fbem-24703	20	16	brings	bring	VERB
fbem-24703	20	17	also	also	ADV
fbem-24703	20	18	provide	provide	VERB
fbem-24703	20	19	possibilities	possibility	NOUN
fbem-24703	20	20	for	for	ADP
fbem-24703	20	21	improving	improve	VERB
fbem-24703	20	22	investor	investor	NOUN
fbem-24703	20	23	protection	protection	NOUN
fbem-24703	20	24	,	,	PUNCT
fbem-24703	20	25	although	although	SCONJ
fbem-24703	20	26	this	this	PRON
fbem-24703	20	27	has	have	AUX
fbem-24703	20	28	rarely	rarely	ADV
fbem-24703	20	29	been	be	AUX
fbem-24703	20	30	explored	explore	VERB
fbem-24703	20	31	from	from	ADP
fbem-24703	20	32	an	an	DET
fbem-24703	20	33	investor	investor	NOUN
fbem-24703	20	34	protection	protection	NOUN
fbem-24703	20	35	perspective	perspective	NOUN
fbem-24703	20	36	.	.	PUNCT
fbem-24703	21	1	digital	digital	ADJ
fbem-24703	21	2	transformation	transformation	NOUN
fbem-24703	21	3	can	can	AUX
fbem-24703	21	4	lead	lead	VERB
fbem-24703	21	5	to	to	ADP
fbem-24703	21	6	a	a	DET
fbem-24703	21	7	shift	shift	NOUN
fbem-24703	21	8	in	in	ADP
fbem-24703	21	9	enterprise	enterprise	NOUN
fbem-24703	21	10	structure	structure	NOUN
fbem-24703	21	11	from	from	ADP
fbem-24703	21	12	centralization	centralization	NOUN
fbem-24703	21	13	to	to	ADP
fbem-24703	21	14	decentralization	decentralization	NOUN
fbem-24703	21	15	,	,	PUNCT
fbem-24703	21	16	trending	trend	VERB
fbem-24703	21	17	towards	towards	ADP
fbem-24703	21	18	flattening	flattening	NOUN
fbem-24703	21	19	,	,	PUNCT
fbem-24703	21	20	and	and	CCONJ
fbem-24703	21	21	breaking	break	VERB
fbem-24703	21	22	down	down	ADP
fbem-24703	21	23	internal	internal	ADJ
fbem-24703	21	24	and	and	CCONJ
fbem-24703	21	25	external	external	ADJ
fbem-24703	21	26	organizational	organizational	ADJ
fbem-24703	21	27	boundaries	boundary	NOUN
fbem-24703	21	28	(	(	PUNCT
fbem-24703	21	29	qi	qi	NOUN
fbem-24703	21	30	yudong	yudong	PROPN
fbem-24703	21	31	and	and	CCONJ
fbem-24703	21	32	xiao	xiao	PROPN
fbem-24703	21	33	xu	xu	PROPN
fbem-24703	21	34	,	,	PUNCT
fbem-24703	21	35	2020	2020	NUM
fbem-24703	21	36	)	)	PUNCT
fbem-24703	21	37	.	.	PUNCT
fbem-24703	22	1	this	this	PRON
fbem-24703	22	2	increases	increase	VERB
fbem-24703	22	3	enterprise	enterprise	NOUN
fbem-24703	22	4	transparency	transparency	NOUN
fbem-24703	22	5	and	and	CCONJ
fbem-24703	22	6	reduces	reduce	VERB
fbem-24703	22	7	the	the	DET
fbem-24703	22	8	impact	impact	NOUN
fbem-24703	22	9	of	of	ADP
fbem-24703	22	10	"	"	PUNCT
fbem-24703	22	11	information	information	NOUN
fbem-24703	22	12	power	power	NOUN
fbem-24703	22	13	.	.	PUNCT
fbem-24703	22	14	"	"	PUNCT
fbem-24703	23	1	therefore	therefore	ADV
fbem-24703	23	2	,	,	PUNCT
fbem-24703	23	3	enterprise	enterprise	NOUN
fbem-24703	23	4	digitalization	digitalization	NOUN
fbem-24703	23	5	may	may	AUX
fbem-24703	23	6	improve	improve	VERB
fbem-24703	23	7	investor	investor	NOUN
fbem-24703	23	8	protection	protection	NOUN
fbem-24703	23	9	levels	level	NOUN
fbem-24703	23	10	by	by	ADP
fbem-24703	23	11	enhancing	enhance	VERB
fbem-24703	23	12	transparency	transparency	NOUN
fbem-24703	23	13	.	.	PUNCT
fbem-24703	24	1	however	however	ADV
fbem-24703	24	2	,	,	PUNCT
fbem-24703	24	3	there	there	PRON
fbem-24703	24	4	is	be	VERB
fbem-24703	24	5	a	a	DET
fbem-24703	24	6	lack	lack	NOUN
fbem-24703	24	7	of	of	ADP
fbem-24703	24	8	systematic	systematic	ADJ
fbem-24703	24	9	research	research	NOUN
fbem-24703	24	10	on	on	ADP
fbem-24703	24	11	this	this	DET
fbem-24703	24	12	topic	topic	NOUN
fbem-24703	24	13	,	,	PUNCT
fbem-24703	24	14	and	and	CCONJ
fbem-24703	24	15	this	this	DET
fbem-24703	24	16	empirical	empirical	ADJ
fbem-24703	24	17	proposition	proposition	NOUN
fbem-24703	24	18	urgently	urgently	ADV
fbem-24703	24	19	requires	require	VERB
fbem-24703	24	20	further	further	ADJ
fbem-24703	24	21	scientific	scientific	ADJ
fbem-24703	24	22	investigation	investigation	NOUN
fbem-24703	24	23	.	.	PUNCT
fbem-24703	25	1	in	in	ADP
fbem-24703	25	2	summary	summary	NOUN
fbem-24703	25	3	,	,	PUNCT
fbem-24703	25	4	this	this	DET
fbem-24703	25	5	paper	paper	NOUN
fbem-24703	25	6	uses	use	VERB
fbem-24703	25	7	a	a	DET
fbem-24703	25	8	sample	sample	NOUN
fbem-24703	25	9	of	of	ADP
fbem-24703	25	10	china	china	PROPN
fbem-24703	25	11	listed	list	VERB
fbem-24703	25	12	companies	company	NOUN
fbem-24703	25	13	from	from	ADP
fbem-24703	25	14	2011	2011	NUM
fbem-24703	25	15	to	to	ADP
fbem-24703	25	16	2021	2021	NUM
fbem-24703	25	17	and	and	CCONJ
fbem-24703	25	18	employs	employ	VERB
fbem-24703	25	19	a	a	DET
fbem-24703	25	20	panel	panel	NOUN
fbem-24703	25	21	fixed	fix	VERB
fbem-24703	25	22	effects	effect	NOUN
fbem-24703	25	23	model	model	NOUN
fbem-24703	25	24	to	to	PART
fbem-24703	25	25	explore	explore	VERB
fbem-24703	25	26	the	the	DET
fbem-24703	25	27	impact	impact	NOUN
fbem-24703	25	28	and	and	CCONJ
fbem-24703	25	29	mechanisms	mechanism	NOUN
fbem-24703	25	30	of	of	ADP
fbem-24703	25	31	enterprise	enterprise	NOUN
fbem-24703	25	32	digitalization	digitalization	NOUN
fbem-24703	25	33	on	on	ADP
fbem-24703	25	34	investor	investor	NOUN
fbem-24703	25	35	protection	protection	NOUN
fbem-24703	25	36	.	.	PUNCT
fbem-24703	26	1	this	this	DET
fbem-24703	26	2	research	research	NOUN
fbem-24703	26	3	enhances	enhance	VERB
fbem-24703	26	4	the	the	DET
fbem-24703	26	5	understanding	understanding	NOUN
fbem-24703	26	6	of	of	ADP
fbem-24703	26	7	investor	investor	NOUN
fbem-24703	26	8	protection	protection	NOUN
fbem-24703	26	9	in	in	ADP
fbem-24703	26	10	the	the	DET
fbem-24703	26	11	digital	digital	ADJ
fbem-24703	26	12	era	era	NOUN
fbem-24703	26	13	,	,	PUNCT
fbem-24703	26	14	expands	expand	VERB
fbem-24703	26	15	the	the	DET
fbem-24703	26	16	study	study	NOUN
fbem-24703	26	17	of	of	ADP
fbem-24703	26	18	the	the	DET
fbem-24703	26	19	economic	economic	ADJ
fbem-24703	26	20	consequences	consequence	NOUN
fbem-24703	26	21	of	of	ADP
fbem-24703	26	22	enterprise	enterprise	NOUN
fbem-24703	26	23	digitalization	digitalization	NOUN
fbem-24703	26	24	,	,	PUNCT
fbem-24703	26	25	and	and	CCONJ
fbem-24703	26	26	provides	provide	VERB
fbem-24703	26	27	important	important	ADJ
fbem-24703	26	28	insights	insight	NOUN
fbem-24703	26	29	for	for	ADP
fbem-24703	26	30	boosting	boost	VERB
fbem-24703	26	31	investor	investor	NOUN
fbem-24703	26	32	confidence	confidence	NOUN
fbem-24703	26	33	.	.	PUNCT
fbem-24703	27	1	2	2	X
fbem-24703	27	2	.	.	X
fbem-24703	27	3	theoretical	theoretical	ADJ
fbem-24703	27	4	analysis	analysis	NOUN
fbem-24703	27	5	and	and	CCONJ
fbem-24703	27	6	hypothesis	hypothesis	NOUN
fbem-24703	27	7	are	be	AUX
fbem-24703	27	8	proposed	propose	VERB
fbem-24703	27	9	2.1	2.1	NUM
fbem-24703	27	10	.	.	PUNCT
fbem-24703	27	11	digitalization	digitalization	NOUN
fbem-24703	27	12	and	and	CCONJ
fbem-24703	27	13	investor	investor	NOUN
fbem-24703	27	14	protection	protection	NOUN
fbem-24703	27	15	internal	internal	ADJ
fbem-24703	27	16	managers	manager	NOUN
fbem-24703	27	17	of	of	ADP
fbem-24703	27	18	enterprises	enterprise	NOUN
fbem-24703	27	19	typically	typically	ADV
fbem-24703	27	20	possess	possess	VERB
fbem-24703	27	21	more	more	ADJ
fbem-24703	27	22	information	information	NOUN
fbem-24703	27	23	about	about	ADP
fbem-24703	27	24	the	the	DET
fbem-24703	27	25	company	company	NOUN
fbem-24703	27	26	than	than	ADP
fbem-24703	27	27	external	external	ADJ
fbem-24703	27	28	investors	investor	NOUN
fbem-24703	27	29	,	,	PUNCT
fbem-24703	27	30	leading	lead	VERB
fbem-24703	27	31	to	to	ADP
fbem-24703	27	32	issues	issue	NOUN
fbem-24703	27	33	of	of	ADP
fbem-24703	27	34	information	information	NOUN
fbem-24703	27	35	asymmetry	asymmetry	NOUN
fbem-24703	27	36	and	and	CCONJ
fbem-24703	27	37	agency	agency	NOUN
fbem-24703	27	38	problems	problem	NOUN
fbem-24703	27	39	(	(	PUNCT
fbem-24703	27	40	healy	healy	PROPN
fbem-24703	27	41	&	&	CCONJ
fbem-24703	27	42	palepu	palepu	PROPN
fbem-24703	27	43	,	,	PUNCT
fbem-24703	27	44	2001	2001	NUM
fbem-24703	27	45	)	)	PUNCT
fbem-24703	27	46	.	.	PUNCT
fbem-24703	28	1	traditional	traditional	ADJ
fbem-24703	28	2	voluntary	voluntary	ADJ
fbem-24703	28	3	disclosure	disclosure	NOUN
fbem-24703	28	4	by	by	ADP
fbem-24703	28	5	enterprises	enterprise	NOUN
fbem-24703	28	6	may	may	AUX
fbem-24703	28	7	result	result	VERB
fbem-24703	28	8	in	in	ADP
fbem-24703	28	9	untimely	untimely	ADJ
fbem-24703	28	10	,	,	PUNCT
fbem-24703	28	11	distorted	distort	VERB
fbem-24703	28	12	,	,	PUNCT
fbem-24703	28	13	or	or	CCONJ
fbem-24703	28	14	even	even	ADV
fbem-24703	28	15	illegal	illegal	ADJ
fbem-24703	28	16	disclosures	disclosure	NOUN
fbem-24703	28	17	(	(	PUNCT
fbem-24703	28	18	jensen	jensen	PROPN
fbem-24703	28	19	&	&	CCONJ
fbem-24703	28	20	meckling	meckling	PROPN
fbem-24703	28	21	,	,	PUNCT
fbem-24703	28	22	1976	1976	NUM
fbem-24703	28	23	)	)	PUNCT
fbem-24703	28	24	.	.	PUNCT
fbem-24703	29	1	this	this	PRON
fbem-24703	29	2	can	can	AUX
fbem-24703	29	3	enable	enable	VERB
fbem-24703	29	4	managers	manager	NOUN
fbem-24703	29	5	to	to	PART
fbem-24703	29	6	make	make	VERB
fbem-24703	29	7	investment	investment	NOUN
fbem-24703	29	8	or	or	CCONJ
fbem-24703	29	9	operational	operational	ADJ
fbem-24703	29	10	decisions	decision	NOUN
fbem-24703	29	11	that	that	PRON
fbem-24703	29	12	harm	harm	VERB
fbem-24703	29	13	the	the	DET
fbem-24703	29	14	interests	interest	NOUN
fbem-24703	29	15	of	of	ADP
fbem-24703	29	16	external	external	ADJ
fbem-24703	29	17	investors	investor	NOUN
fbem-24703	29	18	.	.	PUNCT
fbem-24703	30	1	digitalization	digitalization	NOUN
fbem-24703	30	2	can	can	AUX
fbem-24703	30	3	compel	compel	VERB
fbem-24703	30	4	enterprises	enterprise	NOUN
fbem-24703	30	5	to	to	PART
fbem-24703	30	6	disclose	disclose	VERB
fbem-24703	30	7	information	information	NOUN
fbem-24703	30	8	passively	passively	ADV
fbem-24703	30	9	and	and	CCONJ
fbem-24703	30	10	automate	automate	VERB
fbem-24703	30	11	the	the	DET
fbem-24703	30	12	preparation	preparation	NOUN
fbem-24703	30	13	of	of	ADP
fbem-24703	30	14	electronic	electronic	ADJ
fbem-24703	30	15	reports	report	NOUN
fbem-24703	30	16	.	.	PUNCT
fbem-24703	31	1	this	this	PRON
fbem-24703	31	2	reduces	reduce	VERB
fbem-24703	31	3	the	the	DET
fbem-24703	31	4	complexity	complexity	NOUN
fbem-24703	31	5	of	of	ADP
fbem-24703	31	6	traditional	traditional	ADJ
fbem-24703	31	7	reports	report	NOUN
fbem-24703	31	8	,	,	PUNCT
fbem-24703	31	9	enhances	enhance	VERB
fbem-24703	31	10	their	their	PRON
fbem-24703	31	11	relevance	relevance	NOUN
fbem-24703	31	12	,	,	PUNCT
fbem-24703	31	13	and	and	CCONJ
fbem-24703	31	14	encourages	encourage	VERB
fbem-24703	31	15	more	more	ADJ
fbem-24703	31	16	substantive	substantive	ADJ
fbem-24703	31	17	financial	financial	ADJ
fbem-24703	31	18	reporting	reporting	NOUN
fbem-24703	31	19	(	(	PUNCT
fbem-24703	31	20	rowbottom	rowbottom	NOUN
fbem-24703	31	21	et	et	PROPN
fbem-24703	31	22	al	al	PROPN
fbem-24703	31	23	.	.	PROPN
fbem-24703	31	24	,	,	PUNCT
fbem-24703	31	25	2021	2021	NUM
fbem-24703	31	26	)	)	PUNCT
fbem-24703	31	27	.	.	PUNCT
fbem-24703	32	1	consequently	consequently	ADV
fbem-24703	32	2	,	,	PUNCT
fbem-24703	32	3	the	the	DET
fbem-24703	32	4	passive	passive	ADJ
fbem-24703	32	5	disclosure	disclosure	NOUN
fbem-24703	32	6	induced	induce	VERB
fbem-24703	32	7	by	by	ADP
fbem-24703	32	8	digitalization	digitalization	NOUN
fbem-24703	32	9	may	may	AUX
fbem-24703	32	10	enhance	enhance	VERB
fbem-24703	32	11	investor	investor	NOUN
fbem-24703	32	12	protection	protection	NOUN
fbem-24703	32	13	.	.	PUNCT
fbem-24703	33	1	on	on	ADP
fbem-24703	33	2	one	one	NUM
fbem-24703	33	3	hand	hand	NOUN
fbem-24703	33	4	,	,	PUNCT
fbem-24703	33	5	digitalization	digitalization	NOUN
fbem-24703	33	6	mitigates	mitigate	VERB
fbem-24703	33	7	issues	issue	NOUN
fbem-24703	33	8	of	of	ADP
fbem-24703	33	9	untimely	untimely	ADJ
fbem-24703	33	10	,	,	PUNCT
fbem-24703	33	11	distorted	distort	VERB
fbem-24703	33	12	,	,	PUNCT
fbem-24703	33	13	or	or	CCONJ
fbem-24703	33	14	illegal	illegal	ADJ
fbem-24703	33	15	disclosures	disclosure	NOUN
fbem-24703	33	16	to	to	ADP
fbem-24703	33	17	some	some	DET
fbem-24703	33	18	extent	extent	NOUN
fbem-24703	33	19	by	by	ADP
fbem-24703	33	20	providing	provide	VERB
fbem-24703	33	21	159	159	NUM
fbem-24703	33	22	more	more	ADV
fbem-24703	33	23	accurate	accurate	ADJ
fbem-24703	33	24	,	,	PUNCT
fbem-24703	33	25	real	real	ADJ
fbem-24703	33	26	-	-	PUNCT
fbem-24703	33	27	time	time	NOUN
fbem-24703	33	28	information	information	NOUN
fbem-24703	33	29	.	.	PUNCT
fbem-24703	34	1	this	this	PRON
fbem-24703	34	2	improves	improve	VERB
fbem-24703	34	3	investors	investor	NOUN
fbem-24703	34	4	'	'	PART
fbem-24703	34	5	understanding	understanding	NOUN
fbem-24703	34	6	of	of	ADP
fbem-24703	34	7	the	the	DET
fbem-24703	34	8	enterprise	enterprise	NOUN
fbem-24703	34	9	's	's	PART
fbem-24703	34	10	operations	operation	NOUN
fbem-24703	34	11	and	and	CCONJ
fbem-24703	34	12	financial	financial	ADJ
fbem-24703	34	13	status	status	NOUN
fbem-24703	34	14	,	,	PUNCT
fbem-24703	34	15	thereby	thereby	ADV
fbem-24703	34	16	increasing	increase	VERB
fbem-24703	34	17	transparency	transparency	NOUN
fbem-24703	34	18	(	(	PUNCT
fbem-24703	34	19	zhong	zhong	PROPN
fbem-24703	34	20	,	,	PUNCT
fbem-24703	34	21	2018	2018	NUM
fbem-24703	34	22	)	)	PUNCT
fbem-24703	34	23	.	.	PUNCT
fbem-24703	35	1	enhanced	enhance	VERB
fbem-24703	35	2	transparency	transparency	NOUN
fbem-24703	35	3	allows	allow	VERB
fbem-24703	35	4	investors	investor	NOUN
fbem-24703	35	5	to	to	PART
fbem-24703	35	6	engage	engage	VERB
fbem-24703	35	7	in	in	ADP
fbem-24703	35	8	supervisory	supervisory	ADJ
fbem-24703	35	9	activities	activity	NOUN
fbem-24703	35	10	,	,	PUNCT
fbem-24703	35	11	reducing	reduce	VERB
fbem-24703	35	12	the	the	DET
fbem-24703	35	13	risk	risk	NOUN
fbem-24703	35	14	of	of	ADP
fbem-24703	35	15	managers	manager	NOUN
fbem-24703	35	16	infringing	infringe	VERB
fbem-24703	35	17	on	on	ADP
fbem-24703	35	18	investor	investor	NOUN
fbem-24703	35	19	rights	right	NOUN
fbem-24703	35	20	and	and	CCONJ
fbem-24703	35	21	increasing	increase	VERB
fbem-24703	35	22	investor	investor	NOUN
fbem-24703	35	23	trust	trust	NOUN
fbem-24703	35	24	and	and	CCONJ
fbem-24703	35	25	protection	protection	NOUN
fbem-24703	35	26	.	.	PUNCT
fbem-24703	36	1	on	on	ADP
fbem-24703	36	2	the	the	DET
fbem-24703	36	3	other	other	ADJ
fbem-24703	36	4	hand	hand	NOUN
fbem-24703	36	5	,	,	PUNCT
fbem-24703	36	6	passive	passive	ADJ
fbem-24703	36	7	disclosure	disclosure	NOUN
fbem-24703	36	8	makes	make	VERB
fbem-24703	36	9	it	it	PRON
fbem-24703	36	10	more	more	ADV
fbem-24703	36	11	difficult	difficult	ADJ
fbem-24703	36	12	for	for	SCONJ
fbem-24703	36	13	management	management	NOUN
fbem-24703	36	14	to	to	PART
fbem-24703	36	15	conceal	conceal	VERB
fbem-24703	36	16	information	information	NOUN
fbem-24703	36	17	.	.	PUNCT
fbem-24703	37	1	greater	great	ADJ
fbem-24703	37	2	transparency	transparency	NOUN
fbem-24703	37	3	invokes	invoke	VERB
fbem-24703	37	4	a	a	DET
fbem-24703	37	5	sense	sense	NOUN
fbem-24703	37	6	of	of	ADP
fbem-24703	37	7	accountability	accountability	NOUN
fbem-24703	37	8	,	,	PUNCT
fbem-24703	37	9	as	as	SCONJ
fbem-24703	37	10	more	more	ADV
fbem-24703	37	11	transparent	transparent	ADJ
fbem-24703	37	12	enterprises	enterprise	NOUN
fbem-24703	37	13	are	be	AUX
fbem-24703	37	14	more	more	ADV
fbem-24703	37	15	likely	likely	ADJ
fbem-24703	37	16	to	to	PART
fbem-24703	37	17	fulfill	fulfill	VERB
fbem-24703	37	18	social	social	ADJ
fbem-24703	37	19	responsibilities	responsibility	NOUN
fbem-24703	37	20	and	and	CCONJ
fbem-24703	37	21	protect	protect	VERB
fbem-24703	37	22	investor	investor	NOUN
fbem-24703	37	23	interests	interest	NOUN
fbem-24703	37	24	(	(	PUNCT
fbem-24703	37	25	heinberg	heinberg	NOUN
fbem-24703	37	26	et	et	PROPN
fbem-24703	37	27	al	al	PROPN
fbem-24703	37	28	.	.	PROPN
fbem-24703	37	29	,	,	PUNCT
fbem-24703	37	30	2021	2021	NUM
fbem-24703	37	31	)	)	PUNCT
fbem-24703	37	32	.	.	PUNCT
fbem-24703	38	1	based	base	VERB
fbem-24703	38	2	on	on	ADP
fbem-24703	38	3	the	the	DET
fbem-24703	38	4	above	above	NOUN
fbem-24703	38	5	,	,	PUNCT
fbem-24703	38	6	the	the	DET
fbem-24703	38	7	following	follow	VERB
fbem-24703	38	8	hypotheses	hypothesis	NOUN
fbem-24703	38	9	are	be	AUX
fbem-24703	38	10	proposed	propose	VERB
fbem-24703	38	11	:	:	PUNCT
fbem-24703	38	12	h1	h1	NOUN
fbem-24703	38	13	:	:	PUNCT
fbem-24703	38	14	digital	digital	ADJ
fbem-24703	38	15	transformation	transformation	NOUN
fbem-24703	38	16	of	of	ADP
fbem-24703	38	17	enterprises	enterprise	NOUN
fbem-24703	38	18	has	have	VERB
fbem-24703	38	19	a	a	DET
fbem-24703	38	20	significant	significant	ADJ
fbem-24703	38	21	positive	positive	ADJ
fbem-24703	38	22	impact	impact	NOUN
fbem-24703	38	23	on	on	ADP
fbem-24703	38	24	investor	investor	NOUN
fbem-24703	38	25	protection	protection	NOUN
fbem-24703	38	26	.	.	PUNCT
fbem-24703	39	1	h2	h2	NOUN
fbem-24703	39	2	:	:	PUNCT
fbem-24703	39	3	enterprise	enterprise	NOUN
fbem-24703	39	4	transparency	transparency	NOUN
fbem-24703	39	5	mediates	mediate	VERB
fbem-24703	39	6	the	the	DET
fbem-24703	39	7	relationship	relationship	NOUN
fbem-24703	39	8	between	between	ADP
fbem-24703	39	9	digital	digital	ADJ
fbem-24703	39	10	transformation	transformation	NOUN
fbem-24703	39	11	and	and	CCONJ
fbem-24703	39	12	investor	investor	NOUN
fbem-24703	39	13	protection	protection	NOUN
fbem-24703	39	14	.	.	PUNCT
fbem-24703	40	1	2.2	2.2	NUM
fbem-24703	40	2	.	.	PUNCT
fbem-24703	41	1	corporate	corporate	ADJ
fbem-24703	41	2	risk	risk	NOUN
fbem-24703	41	3	-	-	PUNCT
fbem-24703	41	4	taking	take	VERB
fbem-24703	41	5	levels	level	NOUN
fbem-24703	41	6	and	and	CCONJ
fbem-24703	41	7	investor	investor	NOUN
fbem-24703	41	8	protection	protection	NOUN
fbem-24703	41	9	risk	risk	NOUN
fbem-24703	41	10	-	-	PUNCT
fbem-24703	41	11	taking	take	VERB
fbem-24703	41	12	level	level	NOUN
fbem-24703	41	13	refers	refer	VERB
fbem-24703	41	14	to	to	ADP
fbem-24703	41	15	the	the	DET
fbem-24703	41	16	degree	degree	NOUN
fbem-24703	41	17	to	to	PART
fbem-24703	41	18	which	which	PRON
fbem-24703	41	19	a	a	DET
fbem-24703	41	20	company	company	NOUN
fbem-24703	41	21	or	or	CCONJ
fbem-24703	41	22	investor	investor	NOUN
fbem-24703	41	23	is	be	AUX
fbem-24703	41	24	willing	willing	ADJ
fbem-24703	41	25	to	to	PART
fbem-24703	41	26	assume	assume	VERB
fbem-24703	41	27	risk	risk	NOUN
fbem-24703	41	28	when	when	SCONJ
fbem-24703	41	29	faced	face	VERB
fbem-24703	41	30	with	with	ADP
fbem-24703	41	31	uncertainty	uncertainty	NOUN
fbem-24703	41	32	.	.	PUNCT
fbem-24703	42	1	a	a	DET
fbem-24703	42	2	higher	high	ADJ
fbem-24703	42	3	level	level	NOUN
fbem-24703	42	4	of	of	ADP
fbem-24703	42	5	risk	risk	NOUN
fbem-24703	42	6	-	-	PUNCT
fbem-24703	42	7	taking	taking	NOUN
fbem-24703	42	8	indicates	indicate	VERB
fbem-24703	42	9	a	a	DET
fbem-24703	42	10	greater	great	ADJ
fbem-24703	42	11	willingness	willingness	NOUN
fbem-24703	42	12	to	to	PART
fbem-24703	42	13	engage	engage	VERB
fbem-24703	42	14	in	in	ADP
fbem-24703	42	15	risky	risky	ADJ
fbem-24703	42	16	ventures	venture	NOUN
fbem-24703	42	17	,	,	PUNCT
fbem-24703	42	18	showing	show	VERB
fbem-24703	42	19	a	a	DET
fbem-24703	42	20	preference	preference	NOUN
fbem-24703	42	21	for	for	ADP
fbem-24703	42	22	high	high	ADJ
fbem-24703	42	23	-	-	PUNCT
fbem-24703	42	24	risk	risk	NOUN
fbem-24703	42	25	,	,	PUNCT
fbem-24703	42	26	high	high	ADJ
fbem-24703	42	27	-	-	PUNCT
fbem-24703	42	28	reward	reward	NOUN
fbem-24703	42	29	investment	investment	NOUN
fbem-24703	42	30	projects	project	NOUN
fbem-24703	42	31	(	(	PUNCT
fbem-24703	42	32	yu	yu	PROPN
fbem-24703	42	33	minggui	minggui	PROPN
fbem-24703	42	34	et	et	PROPN
fbem-24703	42	35	al	al	PROPN
fbem-24703	42	36	.	.	PROPN
fbem-24703	42	37	,	,	PUNCT
fbem-24703	42	38	2013	2013	NUM
fbem-24703	42	39	)	)	PUNCT
fbem-24703	42	40	.	.	PUNCT
fbem-24703	43	1	this	this	PRON
fbem-24703	43	2	entails	entail	VERB
fbem-24703	43	3	a	a	DET
fbem-24703	43	4	readiness	readiness	NOUN
fbem-24703	43	5	to	to	PART
fbem-24703	43	6	allocate	allocate	VERB
fbem-24703	43	7	more	more	ADJ
fbem-24703	43	8	resources	resource	NOUN
fbem-24703	43	9	and	and	CCONJ
fbem-24703	43	10	bear	bear	VERB
fbem-24703	43	11	higher	high	ADJ
fbem-24703	43	12	costs	cost	NOUN
fbem-24703	43	13	in	in	ADP
fbem-24703	43	14	the	the	DET
fbem-24703	43	15	pursuit	pursuit	NOUN
fbem-24703	43	16	of	of	ADP
fbem-24703	43	17	profit	profit	NOUN
fbem-24703	43	18	(	(	PUNCT
fbem-24703	43	19	lumpkin	lumpkin	PROPN
fbem-24703	43	20	&	&	CCONJ
fbem-24703	43	21	dess	dess	PROPN
fbem-24703	43	22	,	,	PUNCT
fbem-24703	43	23	1996	1996	NUM
fbem-24703	43	24	)	)	PUNCT
fbem-24703	43	25	.	.	PUNCT
fbem-24703	44	1	digital	digital	ADJ
fbem-24703	44	2	transformation	transformation	NOUN
fbem-24703	44	3	requires	require	VERB
fbem-24703	44	4	enterprises	enterprise	NOUN
fbem-24703	44	5	to	to	PART
fbem-24703	44	6	invest	invest	VERB
fbem-24703	44	7	considerable	considerable	ADJ
fbem-24703	44	8	resources	resource	NOUN
fbem-24703	44	9	and	and	CCONJ
fbem-24703	44	10	effort	effort	NOUN
fbem-24703	44	11	(	(	PUNCT
fbem-24703	44	12	zhang	zhang	X
fbem-24703	44	13	et	et	PROPN
fbem-24703	44	14	al	al	PROPN
fbem-24703	44	15	.	.	PROPN
fbem-24703	44	16	,	,	PUNCT
fbem-24703	44	17	2022	2022	NUM
fbem-24703	44	18	)	)	PUNCT
fbem-24703	44	19	.	.	PUNCT
fbem-24703	45	1	imbalanced	imbalanced	ADJ
fbem-24703	45	2	resource	resource	NOUN
fbem-24703	45	3	allocation	allocation	NOUN
fbem-24703	45	4	can	can	AUX
fbem-24703	45	5	lead	lead	VERB
fbem-24703	45	6	managers	manager	NOUN
fbem-24703	45	7	to	to	PART
fbem-24703	45	8	overlook	overlook	VERB
fbem-24703	45	9	critical	critical	ADJ
fbem-24703	45	10	areas	area	NOUN
fbem-24703	45	11	necessary	necessary	ADJ
fbem-24703	45	12	for	for	ADP
fbem-24703	45	13	investor	investor	NOUN
fbem-24703	45	14	protection	protection	NOUN
fbem-24703	45	15	,	,	PUNCT
fbem-24703	45	16	thereby	thereby	ADV
fbem-24703	45	17	diminishing	diminish	VERB
fbem-24703	45	18	the	the	DET
fbem-24703	45	19	positive	positive	ADJ
fbem-24703	45	20	impact	impact	NOUN
fbem-24703	45	21	of	of	ADP
fbem-24703	45	22	digitalization	digitalization	NOUN
fbem-24703	45	23	on	on	ADP
fbem-24703	45	24	investor	investor	NOUN
fbem-24703	45	25	protection	protection	NOUN
fbem-24703	45	26	.	.	PUNCT
fbem-24703	46	1	based	base	VERB
fbem-24703	46	2	on	on	ADP
fbem-24703	46	3	the	the	DET
fbem-24703	46	4	above	above	NOUN
fbem-24703	46	5	,	,	PUNCT
fbem-24703	46	6	the	the	DET
fbem-24703	46	7	following	follow	VERB
fbem-24703	46	8	hypothesis	hypothesis	NOUN
fbem-24703	46	9	is	be	AUX
fbem-24703	46	10	proposed	propose	VERB
fbem-24703	46	11	:	:	PUNCT
fbem-24703	46	12	h3	h3	VERB
fbem-24703	46	13	:	:	PUNCT
fbem-24703	46	14	the	the	DET
fbem-24703	46	15	level	level	NOUN
fbem-24703	46	16	of	of	ADP
fbem-24703	46	17	risk	risk	NOUN
fbem-24703	46	18	-	-	PUNCT
fbem-24703	46	19	taking	taking	NOUN
fbem-24703	46	20	negatively	negatively	ADV
fbem-24703	46	21	moderates	moderate	VERB
fbem-24703	46	22	the	the	DET
fbem-24703	46	23	positive	positive	ADJ
fbem-24703	46	24	impact	impact	NOUN
fbem-24703	46	25	of	of	ADP
fbem-24703	46	26	digital	digital	ADJ
fbem-24703	46	27	transformation	transformation	NOUN
fbem-24703	46	28	on	on	ADP
fbem-24703	46	29	investor	investor	NOUN
fbem-24703	46	30	protection	protection	NOUN
fbem-24703	46	31	.	.	PUNCT
fbem-24703	47	1	2.3	2.3	NUM
fbem-24703	47	2	.	.	PUNCT
fbem-24703	47	3	executive	executive	ADJ
fbem-24703	47	4	ownership	ownership	NOUN
fbem-24703	47	5	and	and	CCONJ
fbem-24703	47	6	investor	investor	NOUN
fbem-24703	47	7	protection	protection	NOUN
fbem-24703	47	8	executive	executive	NOUN
fbem-24703	47	9	shareholding	shareholding	NOUN
fbem-24703	47	10	can	can	AUX
fbem-24703	47	11	serve	serve	VERB
fbem-24703	47	12	as	as	ADP
fbem-24703	47	13	an	an	DET
fbem-24703	47	14	incentive	incentive	NOUN
fbem-24703	47	15	mechanism	mechanism	NOUN
fbem-24703	47	16	,	,	PUNCT
fbem-24703	47	17	aligning	align	VERB
fbem-24703	47	18	executives	executive	NOUN
fbem-24703	47	19	'	'	PART
fbem-24703	47	20	personal	personal	ADJ
fbem-24703	47	21	interests	interest	NOUN
fbem-24703	47	22	with	with	ADP
fbem-24703	47	23	corporate	corporate	ADJ
fbem-24703	47	24	value	value	NOUN
fbem-24703	47	25	and	and	CCONJ
fbem-24703	47	26	shareholder	shareholder	NOUN
fbem-24703	47	27	value	value	NOUN
fbem-24703	47	28	by	by	ADP
fbem-24703	47	29	granting	grant	VERB
fbem-24703	47	30	them	they	PRON
fbem-24703	47	31	equity	equity	NOUN
fbem-24703	47	32	shares	share	NOUN
fbem-24703	47	33	.	.	PUNCT
fbem-24703	48	1	this	this	DET
fbem-24703	48	2	practice	practice	NOUN
fbem-24703	48	3	allows	allow	VERB
fbem-24703	48	4	executives	executive	NOUN
fbem-24703	48	5	to	to	PART
fbem-24703	48	6	share	share	VERB
fbem-24703	48	7	the	the	DET
fbem-24703	48	8	risks	risk	NOUN
fbem-24703	48	9	and	and	CCONJ
fbem-24703	48	10	rewards	reward	NOUN
fbem-24703	48	11	of	of	ADP
fbem-24703	48	12	the	the	DET
fbem-24703	48	13	company	company	NOUN
fbem-24703	48	14	with	with	ADP
fbem-24703	48	15	investors	investor	NOUN
fbem-24703	48	16	,	,	PUNCT
fbem-24703	48	17	thus	thus	ADV
fbem-24703	48	18	reducing	reduce	VERB
fbem-24703	48	19	short	short	ADJ
fbem-24703	48	20	-	-	PUNCT
fbem-24703	48	21	termism	termism	NOUN
fbem-24703	48	22	(	(	PUNCT
fbem-24703	48	23	chen	chen	PROPN
fbem-24703	48	24	&	&	CCONJ
fbem-24703	48	25	yang	yang	PROPN
fbem-24703	48	26	,	,	PUNCT
fbem-24703	48	27	2022	2022	NUM
fbem-24703	48	28	;	;	PUNCT
fbem-24703	48	29	chung	chung	PROPN
fbem-24703	48	30	&	&	CCONJ
fbem-24703	48	31	pruitt	pruitt	PROPN
fbem-24703	48	32	,	,	PUNCT
fbem-24703	48	33	1996	1996	NUM
fbem-24703	48	34	)	)	PUNCT
fbem-24703	48	35	.	.	PUNCT
fbem-24703	49	1	it	it	PRON
fbem-24703	49	2	enhances	enhance	VERB
fbem-24703	49	3	executives	executive	NOUN
fbem-24703	49	4	'	'	PART
fbem-24703	49	5	identification	identification	NOUN
fbem-24703	49	6	with	with	ADP
fbem-24703	49	7	and	and	CCONJ
fbem-24703	49	8	responsibility	responsibility	NOUN
fbem-24703	49	9	towards	towards	ADP
fbem-24703	49	10	the	the	DET
fbem-24703	49	11	company	company	NOUN
fbem-24703	49	12	,	,	PUNCT
fbem-24703	49	13	mitigates	mitigate	VERB
fbem-24703	49	14	agency	agency	NOUN
fbem-24703	49	15	problems	problem	NOUN
fbem-24703	49	16	,	,	PUNCT
fbem-24703	49	17	and	and	CCONJ
fbem-24703	49	18	improves	improve	VERB
fbem-24703	49	19	investor	investor	NOUN
fbem-24703	49	20	protection	protection	NOUN
fbem-24703	49	21	.	.	PUNCT
fbem-24703	50	1	additionally	additionally	ADV
fbem-24703	50	2	,	,	PUNCT
fbem-24703	50	3	digital	digital	ADJ
fbem-24703	50	4	transformation	transformation	NOUN
fbem-24703	50	5	can	can	AUX
fbem-24703	50	6	facilitate	facilitate	VERB
fbem-24703	50	7	better	well	ADJ
fbem-24703	50	8	information	information	NOUN
fbem-24703	50	9	disclosure	disclosure	NOUN
fbem-24703	50	10	by	by	ADP
fbem-24703	50	11	executives	executive	NOUN
fbem-24703	50	12	,	,	PUNCT
fbem-24703	50	13	reducing	reduce	VERB
fbem-24703	50	14	information	information	NOUN
fbem-24703	50	15	asymmetry	asymmetry	NOUN
fbem-24703	50	16	.	.	PUNCT
fbem-24703	51	1	therefore	therefore	ADV
fbem-24703	51	2	,	,	PUNCT
fbem-24703	51	3	executive	executive	ADJ
fbem-24703	51	4	shareholding	shareholding	NOUN
fbem-24703	51	5	may	may	AUX
fbem-24703	51	6	either	either	CCONJ
fbem-24703	51	7	have	have	VERB
fbem-24703	51	8	a	a	DET
fbem-24703	51	9	complementary	complementary	ADJ
fbem-24703	51	10	effect	effect	NOUN
fbem-24703	51	11	or	or	CCONJ
fbem-24703	51	12	a	a	DET
fbem-24703	51	13	substitutive	substitutive	ADJ
fbem-24703	51	14	effect	effect	NOUN
fbem-24703	51	15	on	on	ADP
fbem-24703	51	16	the	the	DET
fbem-24703	51	17	enhancement	enhancement	NOUN
fbem-24703	51	18	of	of	ADP
fbem-24703	51	19	investor	investor	NOUN
fbem-24703	51	20	protection	protection	NOUN
fbem-24703	51	21	through	through	ADP
fbem-24703	51	22	digital	digital	ADJ
fbem-24703	51	23	transformation	transformation	NOUN
fbem-24703	51	24	,	,	PUNCT
fbem-24703	51	25	warranting	warrant	VERB
fbem-24703	51	26	further	further	ADJ
fbem-24703	51	27	exploration	exploration	NOUN
fbem-24703	51	28	.	.	PUNCT
fbem-24703	52	1	based	base	VERB
fbem-24703	52	2	on	on	ADP
fbem-24703	52	3	the	the	DET
fbem-24703	52	4	above	above	NOUN
fbem-24703	52	5	,	,	PUNCT
fbem-24703	52	6	the	the	DET
fbem-24703	52	7	following	follow	VERB
fbem-24703	52	8	hypotheses	hypothesis	NOUN
fbem-24703	52	9	are	be	AUX
fbem-24703	52	10	proposed	propose	VERB
fbem-24703	52	11	:	:	PUNCT
fbem-24703	53	1	h4a	h4a	PROPN
fbem-24703	53	2	:	:	PUNCT
fbem-24703	53	3	executive	executive	ADJ
fbem-24703	53	4	shareholding	shareholding	NOUN
fbem-24703	53	5	positively	positively	ADV
fbem-24703	53	6	moderates	moderate	VERB
fbem-24703	53	7	the	the	DET
fbem-24703	53	8	impact	impact	NOUN
fbem-24703	53	9	of	of	ADP
fbem-24703	53	10	digital	digital	ADJ
fbem-24703	53	11	transformation	transformation	NOUN
fbem-24703	53	12	on	on	ADP
fbem-24703	53	13	investor	investor	NOUN
fbem-24703	53	14	protection	protection	NOUN
fbem-24703	53	15	.	.	PUNCT
fbem-24703	54	1	h4b	h4b	NOUN
fbem-24703	54	2	:	:	PUNCT
fbem-24703	54	3	executive	executive	ADJ
fbem-24703	54	4	shareholding	shareholding	NOUN
fbem-24703	54	5	has	have	VERB
fbem-24703	54	6	a	a	DET
fbem-24703	54	7	substitutive	substitutive	ADJ
fbem-24703	54	8	effect	effect	NOUN
fbem-24703	54	9	on	on	ADP
fbem-24703	54	10	the	the	DET
fbem-24703	54	11	impact	impact	NOUN
fbem-24703	54	12	of	of	ADP
fbem-24703	54	13	digital	digital	ADJ
fbem-24703	54	14	transformation	transformation	NOUN
fbem-24703	54	15	on	on	ADP
fbem-24703	54	16	investor	investor	NOUN
fbem-24703	54	17	protection	protection	NOUN
fbem-24703	54	18	.	.	PUNCT
fbem-24703	55	1	2.4	2.4	NUM
fbem-24703	55	2	.	.	PUNCT
fbem-24703	56	1	esg	esg	NOUN
fbem-24703	56	2	disclosure	disclosure	NOUN
fbem-24703	56	3	and	and	CCONJ
fbem-24703	56	4	investor	investor	NOUN
fbem-24703	56	5	protection	protection	NOUN
fbem-24703	56	6	esg	esg	PROPN
fbem-24703	56	7	disclosure	disclosure	NOUN
fbem-24703	56	8	provides	provide	VERB
fbem-24703	56	9	investors	investor	NOUN
fbem-24703	56	10	with	with	ADP
fbem-24703	56	11	information	information	NOUN
fbem-24703	56	12	about	about	ADP
fbem-24703	56	13	a	a	DET
fbem-24703	56	14	company	company	NOUN
fbem-24703	56	15	's	's	PART
fbem-24703	56	16	environmental	environmental	ADJ
fbem-24703	56	17	,	,	PUNCT
fbem-24703	56	18	social	social	ADJ
fbem-24703	56	19	,	,	PUNCT
fbem-24703	56	20	and	and	CCONJ
fbem-24703	56	21	governance	governance	NOUN
fbem-24703	56	22	aspects	aspect	NOUN
fbem-24703	56	23	,	,	PUNCT
fbem-24703	56	24	allowing	allow	VERB
fbem-24703	56	25	them	they	PRON
fbem-24703	56	26	to	to	PART
fbem-24703	56	27	identify	identify	VERB
fbem-24703	56	28	risks	risk	NOUN
fbem-24703	56	29	and	and	CCONJ
fbem-24703	56	30	opportunities	opportunity	NOUN
fbem-24703	56	31	not	not	PART
fbem-24703	56	32	revealed	reveal	VERB
fbem-24703	56	33	in	in	ADP
fbem-24703	56	34	traditional	traditional	ADJ
fbem-24703	56	35	financial	financial	ADJ
fbem-24703	56	36	statements	statement	NOUN
fbem-24703	56	37	(	(	PUNCT
fbem-24703	56	38	sridharan	sridharan	ADJ
fbem-24703	56	39	,	,	PUNCT
fbem-24703	56	40	2018	2018	NUM
fbem-24703	56	41	)	)	PUNCT
fbem-24703	56	42	.	.	PUNCT
fbem-24703	57	1	this	this	PRON
fbem-24703	57	2	enhances	enhance	VERB
fbem-24703	57	3	investors	investor	NOUN
fbem-24703	57	4	'	'	PART
fbem-24703	57	5	understanding	understanding	NOUN
fbem-24703	57	6	of	of	ADP
fbem-24703	57	7	the	the	DET
fbem-24703	57	8	company	company	NOUN
fbem-24703	57	9	's	's	PART
fbem-24703	57	10	sustainability	sustainability	NOUN
fbem-24703	57	11	,	,	PUNCT
fbem-24703	57	12	reduces	reduce	VERB
fbem-24703	57	13	information	information	NOUN
fbem-24703	57	14	asymmetry	asymmetry	NOUN
fbem-24703	57	15	(	(	PUNCT
fbem-24703	57	16	feng	feng	PROPN
fbem-24703	57	17	&	&	CCONJ
fbem-24703	57	18	wu	wu	PROPN
fbem-24703	57	19	,	,	PUNCT
fbem-24703	57	20	2021	2021	NUM
fbem-24703	57	21	)	)	PUNCT
fbem-24703	57	22	,	,	PUNCT
fbem-24703	57	23	and	and	CCONJ
fbem-24703	57	24	aids	aid	NOUN
fbem-24703	57	25	in	in	ADP
fbem-24703	57	26	making	make	VERB
fbem-24703	57	27	better	well	ADJ
fbem-24703	57	28	investment	investment	NOUN
fbem-24703	57	29	decisions	decision	NOUN
fbem-24703	57	30	,	,	PUNCT
fbem-24703	57	31	thereby	thereby	ADV
fbem-24703	57	32	improving	improve	VERB
fbem-24703	57	33	investor	investor	NOUN
fbem-24703	57	34	protection	protection	NOUN
fbem-24703	57	35	.	.	PUNCT
fbem-24703	58	1	as	as	SCONJ
fbem-24703	58	2	previously	previously	ADV
fbem-24703	58	3	hypothesized	hypothesize	VERB
fbem-24703	58	4	,	,	PUNCT
fbem-24703	58	5	digital	digital	ADJ
fbem-24703	58	6	transformation	transformation	NOUN
fbem-24703	58	7	can	can	AUX
fbem-24703	58	8	also	also	ADV
fbem-24703	58	9	provide	provide	VERB
fbem-24703	58	10	additional	additional	ADJ
fbem-24703	58	11	information	information	NOUN
fbem-24703	58	12	,	,	PUNCT
fbem-24703	58	13	increase	increase	VERB
fbem-24703	58	14	transparency	transparency	NOUN
fbem-24703	58	15	,	,	PUNCT
fbem-24703	58	16	reduce	reduce	VERB
fbem-24703	58	17	information	information	NOUN
fbem-24703	58	18	asymmetry	asymmetry	NOUN
fbem-24703	58	19	,	,	PUNCT
fbem-24703	58	20	and	and	CCONJ
fbem-24703	58	21	mitigate	mitigate	VERB
fbem-24703	58	22	agency	agency	NOUN
fbem-24703	58	23	problems	problem	NOUN
fbem-24703	58	24	,	,	PUNCT
fbem-24703	58	25	thus	thus	ADV
fbem-24703	58	26	enhancing	enhance	VERB
fbem-24703	58	27	investor	investor	NOUN
fbem-24703	58	28	protection	protection	NOUN
fbem-24703	58	29	.	.	PUNCT
fbem-24703	59	1	therefore	therefore	ADV
fbem-24703	59	2	,	,	PUNCT
fbem-24703	59	3	the	the	DET
fbem-24703	59	4	role	role	NOUN
fbem-24703	59	5	of	of	ADP
fbem-24703	59	6	esg	esg	PROPN
fbem-24703	59	7	disclosure	disclosure	NOUN
fbem-24703	59	8	is	be	AUX
fbem-24703	59	9	similar	similar	ADJ
fbem-24703	59	10	to	to	ADP
fbem-24703	59	11	that	that	PRON
fbem-24703	59	12	of	of	ADP
fbem-24703	59	13	digital	digital	ADJ
fbem-24703	59	14	transformation	transformation	NOUN
fbem-24703	59	15	and	and	CCONJ
fbem-24703	59	16	warrants	warrant	NOUN
fbem-24703	59	17	further	further	ADJ
fbem-24703	59	18	exploration	exploration	NOUN
fbem-24703	59	19	.	.	PUNCT
fbem-24703	60	1	based	base	VERB
fbem-24703	60	2	on	on	ADP
fbem-24703	60	3	the	the	DET
fbem-24703	60	4	above	above	NOUN
fbem-24703	60	5	,	,	PUNCT
fbem-24703	60	6	the	the	DET
fbem-24703	60	7	following	follow	VERB
fbem-24703	60	8	hypothesis	hypothesis	NOUN
fbem-24703	60	9	is	be	AUX
fbem-24703	60	10	proposed	propose	VERB
fbem-24703	60	11	:	:	PUNCT
fbem-24703	60	12	h5	h5	PROPN
fbem-24703	60	13	:	:	PUNCT
fbem-24703	60	14	esg	esg	PROPN
fbem-24703	60	15	disclosure	disclosure	NOUN
fbem-24703	60	16	has	have	VERB
fbem-24703	60	17	a	a	DET
fbem-24703	60	18	substitutive	substitutive	ADJ
fbem-24703	60	19	effect	effect	NOUN
fbem-24703	60	20	on	on	ADP
fbem-24703	60	21	the	the	DET
fbem-24703	60	22	impact	impact	NOUN
fbem-24703	60	23	of	of	ADP
fbem-24703	60	24	digital	digital	ADJ
fbem-24703	60	25	transformation	transformation	NOUN
fbem-24703	60	26	on	on	ADP
fbem-24703	60	27	investor	investor	NOUN
fbem-24703	60	28	protection	protection	NOUN
fbem-24703	60	29	.	.	PUNCT
fbem-24703	61	1	3	3	X
fbem-24703	61	2	.	.	X
fbem-24703	61	3	research	research	NOUN
fbem-24703	61	4	design	design	PROPN
fbem-24703	61	5	3.1	3.1	NUM
fbem-24703	61	6	.	.	PUNCT
fbem-24703	62	1	research	research	NOUN
fbem-24703	62	2	samples	sample	NOUN
fbem-24703	62	3	and	and	CCONJ
fbem-24703	62	4	data	datum	NOUN
fbem-24703	62	5	sources	source	NOUN
fbem-24703	62	6	this	this	DET
fbem-24703	62	7	study	study	NOUN
fbem-24703	62	8	uses	use	VERB
fbem-24703	62	9	a	a	DET
fbem-24703	62	10	sample	sample	NOUN
fbem-24703	62	11	of	of	ADP
fbem-24703	62	12	all	all	DET
fbem-24703	62	13	china	china	PROPN
fbem-24703	62	14	listed	list	VERB
fbem-24703	62	15	companies	company	NOUN
fbem-24703	62	16	in	in	ADP
fbem-24703	62	17	china	china	PROPN
fbem-24703	62	18	from	from	ADP
fbem-24703	62	19	2011	2011	NUM
fbem-24703	62	20	to	to	ADP
fbem-24703	62	21	2021	2021	NUM
fbem-24703	62	22	.	.	PUNCT
fbem-24703	63	1	basic	basic	ADJ
fbem-24703	63	2	company	company	NOUN
fbem-24703	63	3	information	information	NOUN
fbem-24703	63	4	and	and	CCONJ
fbem-24703	63	5	major	major	ADJ
fbem-24703	63	6	financial	financial	ADJ
fbem-24703	63	7	data	datum	NOUN
fbem-24703	63	8	are	be	AUX
fbem-24703	63	9	sourced	source	VERB
fbem-24703	63	10	from	from	ADP
fbem-24703	63	11	the	the	DET
fbem-24703	63	12	csmar	csmar	PROPN
fbem-24703	63	13	database	database	NOUN
fbem-24703	63	14	,	,	PUNCT
fbem-24703	63	15	while	while	SCONJ
fbem-24703	63	16	the	the	DET
fbem-24703	63	17	investor	investor	NOUN
fbem-24703	63	18	protection	protection	NOUN
fbem-24703	63	19	index	index	NOUN
fbem-24703	63	20	is	be	AUX
fbem-24703	63	21	obtained	obtain	VERB
fbem-24703	63	22	from	from	ADP
fbem-24703	63	23	the	the	DET
fbem-24703	63	24	"	"	PUNCT
fbem-24703	63	25	accounting	accounting	NOUN
fbem-24703	63	26	investor	investor	NOUN
fbem-24703	63	27	protection	protection	PROPN
fbem-24703	63	28	index	index	PROPN
fbem-24703	63	29	"	"	PUNCT
fbem-24703	63	30	published	publish	VERB
fbem-24703	63	31	by	by	ADP
fbem-24703	63	32	the	the	DET
fbem-24703	63	33	investor	investor	NOUN
fbem-24703	63	34	protection	protection	PROPN
fbem-24703	63	35	research	research	NOUN
fbem-24703	63	36	center	center	NOUN
fbem-24703	63	37	at	at	ADP
fbem-24703	63	38	beijing	beijing	PROPN
fbem-24703	63	39	technology	technology	PROPN
fbem-24703	63	40	and	and	CCONJ
fbem-24703	63	41	business	business	NOUN
fbem-24703	63	42	university	university	NOUN
fbem-24703	63	43	.	.	PUNCT
fbem-24703	64	1	the	the	DET
fbem-24703	64	2	research	research	NOUN
fbem-24703	64	3	data	datum	NOUN
fbem-24703	64	4	underwent	undergo	VERB
fbem-24703	64	5	the	the	DET
fbem-24703	64	6	following	follow	VERB
fbem-24703	64	7	treatments	treatment	NOUN
fbem-24703	64	8	:	:	PUNCT
fbem-24703	64	9	(	(	PUNCT
fbem-24703	64	10	1	1	X
fbem-24703	64	11	)	)	PUNCT
fbem-24703	64	12	exclusion	exclusion	NOUN
fbem-24703	64	13	of	of	ADP
fbem-24703	64	14	financial	financial	ADJ
fbem-24703	64	15	industry	industry	NOUN
fbem-24703	64	16	data	datum	NOUN
fbem-24703	64	17	;	;	PUNCT
fbem-24703	64	18	(	(	PUNCT
fbem-24703	64	19	2	2	X
fbem-24703	64	20	)	)	PUNCT
fbem-24703	64	21	exclusion	exclusion	NOUN
fbem-24703	64	22	of	of	ADP
fbem-24703	64	23	st	st	PROPN
fbem-24703	64	24	and	and	CCONJ
fbem-24703	64	25	*	*	PROPN
fbem-24703	64	26	st	st	PROPN
fbem-24703	64	27	data	data	PROPN
fbem-24703	64	28	.	.	PUNCT
fbem-24703	65	1	additionally	additionally	ADV
fbem-24703	65	2	,	,	PUNCT
fbem-24703	65	3	given	give	VERB
fbem-24703	65	4	the	the	DET
fbem-24703	65	5	focus	focus	NOUN
fbem-24703	65	6	on	on	ADP
fbem-24703	65	7	the	the	DET
fbem-24703	65	8	digital	digital	ADJ
fbem-24703	65	9	transformation	transformation	NOUN
fbem-24703	65	10	of	of	ADP
fbem-24703	65	11	non	non	ADJ
fbem-24703	65	12	-	-	ADJ
fbem-24703	65	13	computer	computer	ADJ
fbem-24703	65	14	enterprises	enterprise	NOUN
fbem-24703	65	15	,	,	PUNCT
fbem-24703	65	16	companies	company	NOUN
fbem-24703	65	17	in	in	ADP
fbem-24703	65	18	the	the	DET
fbem-24703	65	19	computer	computer	NOUN
fbem-24703	65	20	,	,	PUNCT
fbem-24703	65	21	information	information	NOUN
fbem-24703	65	22	transmission	transmission	NOUN
fbem-24703	65	23	,	,	PUNCT
fbem-24703	65	24	communication	communication	NOUN
fbem-24703	65	25	,	,	PUNCT
fbem-24703	65	26	software	software	NOUN
fbem-24703	65	27	,	,	PUNCT
fbem-24703	65	28	and	and	CCONJ
fbem-24703	65	29	information	information	NOUN
fbem-24703	65	30	technology	technology	NOUN
fbem-24703	65	31	services	service	NOUN
fbem-24703	65	32	industries	industry	NOUN
fbem-24703	65	33	,	,	PUNCT
fbem-24703	65	34	as	as	ADV
fbem-24703	65	35	well	well	ADV
fbem-24703	65	36	as	as	ADP
fbem-24703	65	37	other	other	ADJ
fbem-24703	65	38	electronic	electronic	ADJ
fbem-24703	65	39	equipment	equipment	NOUN
fbem-24703	65	40	manufacturing	manufacturing	NOUN
fbem-24703	65	41	industries	industry	NOUN
fbem-24703	65	42	,	,	PUNCT
fbem-24703	65	43	were	be	AUX
fbem-24703	65	44	excluded	exclude	VERB
fbem-24703	65	45	based	base	VERB
fbem-24703	65	46	on	on	ADP
fbem-24703	65	47	the	the	DET
fbem-24703	65	48	studies	study	NOUN
fbem-24703	65	49	by	by	ADP
fbem-24703	65	50	adachi	adachi	PROPN
fbem-24703	65	51	(	(	PUNCT
fbem-24703	65	52	2021	2021	NUM
fbem-24703	65	53	)	)	PUNCT
fbem-24703	65	54	and	and	CCONJ
fbem-24703	65	55	fang	fang	PROPN
fbem-24703	65	56	mingyue	mingyue	NOUN
fbem-24703	65	57	(	(	PUNCT
fbem-24703	65	58	2022	2022	NUM
fbem-24703	65	59	)	)	PUNCT
fbem-24703	65	60	;	;	PUNCT
fbem-24703	65	61	(	(	PUNCT
fbem-24703	65	62	3	3	X
fbem-24703	65	63	)	)	PUNCT
fbem-24703	65	64	exclusion	exclusion	NOUN
fbem-24703	65	65	of	of	ADP
fbem-24703	65	66	samples	sample	NOUN
fbem-24703	65	67	with	with	ADP
fbem-24703	65	68	missing	miss	VERB
fbem-24703	65	69	financial	financial	ADJ
fbem-24703	65	70	data	datum	NOUN
fbem-24703	65	71	.	.	PUNCT
fbem-24703	66	1	after	after	ADP
fbem-24703	66	2	these	these	DET
fbem-24703	66	3	treatments	treatment	NOUN
fbem-24703	66	4	,	,	PUNCT
fbem-24703	66	5	a	a	DET
fbem-24703	66	6	total	total	NOUN
fbem-24703	66	7	of	of	ADP
fbem-24703	66	8	23,863	23,863	NUM
fbem-24703	66	9	observations	observation	NOUN
fbem-24703	66	10	were	be	AUX
fbem-24703	66	11	obtained	obtain	VERB
fbem-24703	66	12	.	.	PUNCT
fbem-24703	67	1	furthermore	furthermore	ADV
fbem-24703	67	2	,	,	PUNCT
fbem-24703	67	3	the	the	DET
fbem-24703	67	4	continuous	continuous	ADJ
fbem-24703	67	5	variables	variable	NOUN
fbem-24703	67	6	in	in	ADP
fbem-24703	67	7	the	the	DET
fbem-24703	67	8	data	datum	NOUN
fbem-24703	67	9	were	be	AUX
fbem-24703	67	10	winsorized	winsorize	VERB
fbem-24703	67	11	at	at	ADP
fbem-24703	67	12	the	the	DET
fbem-24703	67	13	top	top	NOUN
fbem-24703	67	14	and	and	CCONJ
fbem-24703	67	15	bottom	bottom	ADJ
fbem-24703	67	16	1	1	NUM
fbem-24703	67	17	%	%	NOUN
fbem-24703	67	18	to	to	PART
fbem-24703	67	19	eliminate	eliminate	VERB
fbem-24703	67	20	the	the	DET
fbem-24703	67	21	influence	influence	NOUN
fbem-24703	67	22	of	of	ADP
fbem-24703	67	23	outliers	outlier	NOUN
fbem-24703	67	24	on	on	ADP
fbem-24703	67	25	the	the	DET
fbem-24703	67	26	research	research	NOUN
fbem-24703	67	27	conclusions	conclusion	NOUN
fbem-24703	67	28	.	.	PUNCT
fbem-24703	68	1	the	the	DET
fbem-24703	68	2	data	datum	NOUN
fbem-24703	68	3	processing	processing	NOUN
fbem-24703	68	4	in	in	ADP
fbem-24703	68	5	this	this	DET
fbem-24703	68	6	study	study	NOUN
fbem-24703	68	7	was	be	AUX
fbem-24703	68	8	conducted	conduct	VERB
fbem-24703	68	9	using	use	VERB
fbem-24703	68	10	excel	excel	NOUN
fbem-24703	68	11	and	and	CCONJ
fbem-24703	68	12	stata17	stata17	NOUN
fbem-24703	68	13	.	.	PUNCT
fbem-24703	69	1	3.2	3.2	NUM
fbem-24703	69	2	.	.	PUNCT
fbem-24703	70	1	research	research	NOUN
fbem-24703	70	2	variables	variable	VERB
fbem-24703	70	3	dependent	dependent	ADJ
fbem-24703	70	4	variable	variable	NOUN
fbem-24703	70	5	:	:	PUNCT
fbem-24703	70	6	drawing	draw	VERB
fbem-24703	70	7	on	on	ADP
fbem-24703	70	8	the	the	DET
fbem-24703	70	9	methodology	methodology	NOUN
fbem-24703	70	10	of	of	ADP
fbem-24703	70	11	wang	wang	PROPN
fbem-24703	70	12	yuncheng	yuncheng	PROPN
fbem-24703	70	13	et	et	PROPN
fbem-24703	70	14	al	al	PROPN
fbem-24703	70	15	.	.	PROPN
fbem-24703	71	1	(	(	PUNCT
fbem-24703	71	2	2017	2017	NUM
fbem-24703	71	3	)	)	PUNCT
fbem-24703	71	4	,	,	PUNCT
fbem-24703	71	5	the	the	DET
fbem-24703	71	6	key	key	ADJ
fbem-24703	71	7	dependent	dependent	ADJ
fbem-24703	71	8	variable	variable	NOUN
fbem-24703	71	9	is	be	AUX
fbem-24703	71	10	the	the	DET
fbem-24703	71	11	measure	measure	NOUN
fbem-24703	71	12	of	of	ADP
fbem-24703	71	13	investor	investor	NOUN
fbem-24703	71	14	protection	protection	NOUN
fbem-24703	71	15	,	,	PUNCT
fbem-24703	71	16	using	use	VERB
fbem-24703	71	17	the	the	DET
fbem-24703	71	18	"	"	PUNCT
fbem-24703	71	19	accounting	accounting	NOUN
fbem-24703	71	20	investor	investor	NOUN
fbem-24703	71	21	protection	protection	PROPN
fbem-24703	71	22	index	index	PROPN
fbem-24703	71	23	"	"	PUNCT
fbem-24703	71	24	published	publish	VERB
fbem-24703	71	25	by	by	ADP
fbem-24703	71	26	the	the	DET
fbem-24703	71	27	investor	investor	NOUN
fbem-24703	71	28	protection	protection	PROPN
fbem-24703	71	29	research	research	NOUN
fbem-24703	71	30	center	center	NOUN
fbem-24703	71	31	at	at	ADP
fbem-24703	71	32	beijing	beijing	PROPN
fbem-24703	71	33	technology	technology	PROPN
fbem-24703	71	34	and	and	CCONJ
fbem-24703	71	35	business	business	NOUN
fbem-24703	71	36	university	university	NOUN
fbem-24703	71	37	.	.	PUNCT
fbem-24703	72	1	this	this	DET
fbem-24703	72	2	index	index	NOUN
fbem-24703	72	3	is	be	AUX
fbem-24703	72	4	based	base	VERB
fbem-24703	72	5	on	on	ADP
fbem-24703	72	6	a	a	DET
fbem-24703	72	7	theoretical	theoretical	ADJ
fbem-24703	72	8	framework	framework	NOUN
fbem-24703	72	9	for	for	ADP
fbem-24703	72	10	accounting	accounting	NOUN
fbem-24703	72	11	investor	investor	NOUN
fbem-24703	72	12	protection	protection	NOUN
fbem-24703	72	13	and	and	CCONJ
fbem-24703	72	14	evaluates	evaluate	VERB
fbem-24703	72	15	five	five	NUM
fbem-24703	72	16	aspects	aspect	NOUN
fbem-24703	72	17	of	of	ADP
fbem-24703	72	18	listed	list	VERB
fbem-24703	72	19	companies	company	NOUN
fbem-24703	72	20	to	to	PART
fbem-24703	72	21	assess	assess	VERB
fbem-24703	72	22	their	their	PRON
fbem-24703	72	23	level	level	NOUN
fbem-24703	72	24	of	of	ADP
fbem-24703	72	25	protection	protection	NOUN
fbem-24703	72	26	for	for	ADP
fbem-24703	72	27	investor	investor	NOUN
fbem-24703	72	28	interests	interest	NOUN
fbem-24703	72	29	.	.	PUNCT
fbem-24703	73	1	it	it	PRON
fbem-24703	73	2	has	have	AUX
fbem-24703	73	3	been	be	AUX
fbem-24703	73	4	validated	validate	VERB
fbem-24703	73	5	to	to	PART
fbem-24703	73	6	effectively	effectively	ADV
fbem-24703	73	7	measure	measure	VERB
fbem-24703	73	8	the	the	DET
fbem-24703	73	9	protection	protection	NOUN
fbem-24703	73	10	level	level	NOUN
fbem-24703	73	11	of	of	ADP
fbem-24703	73	12	accounting	accounting	NOUN
fbem-24703	73	13	investors	investor	NOUN
fbem-24703	73	14	in	in	ADP
fbem-24703	73	15	chinese	chinese	ADJ
fbem-24703	73	16	listed	list	VERB
fbem-24703	73	17	companies	company	NOUN
fbem-24703	73	18	and	and	CCONJ
fbem-24703	73	19	can	can	AUX
fbem-24703	73	20	explain	explain	VERB
fbem-24703	73	21	future	future	ADJ
fbem-24703	73	22	violations	violation	NOUN
fbem-24703	73	23	,	,	PUNCT
fbem-24703	73	24	accounting	accounting	NOUN
fbem-24703	73	25	earnings	earning	NOUN
fbem-24703	73	26	,	,	PUNCT
fbem-24703	73	27	and	and	CCONJ
fbem-24703	73	28	other	other	ADJ
fbem-24703	73	29	outcomes	outcome	NOUN
fbem-24703	73	30	(	(	PUNCT
fbem-24703	73	31	xie	xie	PROPN
fbem-24703	73	32	zhihua	zhihua	PROPN
fbem-24703	73	33	et	et	PROPN
fbem-24703	73	34	al	al	PROPN
fbem-24703	73	35	.	.	PROPN
fbem-24703	73	36	,	,	PUNCT
fbem-24703	73	37	2014	2014	NUM
fbem-24703	73	38	)	)	PUNCT
fbem-24703	73	39	.	.	PUNCT
fbem-24703	74	1	independent	independent	ADJ
fbem-24703	74	2	variable	variable	NOUN
fbem-24703	74	3	:	:	PUNCT
fbem-24703	74	4	the	the	DET
fbem-24703	74	5	independent	independent	ADJ
fbem-24703	74	6	variable	variable	NOUN
fbem-24703	74	7	in	in	ADP
fbem-24703	74	8	this	this	DET
fbem-24703	74	9	study	study	NOUN
fbem-24703	74	10	is	be	AUX
fbem-24703	74	11	the	the	DET
fbem-24703	74	12	degree	degree	NOUN
fbem-24703	74	13	of	of	ADP
fbem-24703	74	14	digital	digital	ADJ
fbem-24703	74	15	transformation	transformation	NOUN
fbem-24703	74	16	(	(	PUNCT
fbem-24703	74	17	dcg	dcg	PROPN
fbem-24703	74	18	)	)	PUNCT
fbem-24703	74	19	.	.	PUNCT
fbem-24703	75	1	following	follow	VERB
fbem-24703	75	2	the	the	DET
fbem-24703	75	3	approach	approach	NOUN
fbem-24703	75	4	of	of	ADP
fbem-24703	75	5	wu	wu	PROPN
fbem-24703	75	6	fei	fei	PROPN
fbem-24703	75	7	et	et	PROPN
fbem-24703	75	8	al	al	PROPN
fbem-24703	75	9	.	.	PROPN
fbem-24703	76	1	(	(	PUNCT
fbem-24703	76	2	2021	2021	NUM
fbem-24703	76	3	)	)	PUNCT
fbem-24703	76	4	,	,	PUNCT
fbem-24703	76	5	a	a	DET
fbem-24703	76	6	digital	digital	ADJ
fbem-24703	76	7	dictionary	dictionary	NOUN
fbem-24703	76	8	was	be	AUX
fbem-24703	76	9	constructed	construct	VERB
fbem-24703	76	10	,	,	PUNCT
fbem-24703	76	11	including	include	VERB
fbem-24703	76	12	the	the	DET
fbem-24703	76	13	dimensions	dimension	NOUN
fbem-24703	76	14	of	of	ADP
fbem-24703	76	15	"	"	PUNCT
fbem-24703	76	16	artificial	artificial	ADJ
fbem-24703	76	17	intelligence	intelligence	NOUN
fbem-24703	76	18	technology	technology	NOUN
fbem-24703	76	19	,	,	PUNCT
fbem-24703	76	20	"	"	PUNCT
fbem-24703	76	21	"	"	PUNCT
fbem-24703	76	22	digital	digital	ADJ
fbem-24703	76	23	technology	technology	NOUN
fbem-24703	76	24	applications	application	NOUN
fbem-24703	76	25	,	,	PUNCT
fbem-24703	76	26	"	"	PUNCT
fbem-24703	76	27	"	"	PUNCT
fbem-24703	76	28	cloud	cloud	ADJ
fbem-24703	76	29	computing	computing	NOUN
fbem-24703	76	30	technology	technology	NOUN
fbem-24703	76	31	,	,	PUNCT
fbem-24703	76	32	"	"	PUNCT
fbem-24703	76	33	"	"	PUNCT
fbem-24703	76	34	blockchain	blockchain	PROPN
fbem-24703	76	35	technology	technology	NOUN
fbem-24703	76	36	,	,	PUNCT
fbem-24703	76	37	"	"	PUNCT
fbem-24703	76	38	and	and	CCONJ
fbem-24703	76	39	"	"	PUNCT
fbem-24703	76	40	big	big	ADJ
fbem-24703	76	41	data	data	NOUN
fbem-24703	76	42	technology	technology	NOUN
fbem-24703	76	43	.	.	PUNCT
fbem-24703	76	44	"	"	PUNCT
fbem-24703	77	1	using	use	VERB
fbem-24703	77	2	python	python	NOUN
fbem-24703	77	3	,	,	PUNCT
fbem-24703	77	4	we	we	PRON
fbem-24703	77	5	extracted	extract	VERB
fbem-24703	77	6	the	the	DET
fbem-24703	77	7	text	text	NOUN
fbem-24703	77	8	from	from	ADP
fbem-24703	77	9	the	the	DET
fbem-24703	77	10	annual	annual	ADJ
fbem-24703	77	11	reports	report	NOUN
fbem-24703	77	12	of	of	ADP
fbem-24703	77	13	listed	list	VERB
fbem-24703	77	14	companies	company	NOUN
fbem-24703	77	15	,	,	PUNCT
fbem-24703	77	16	160	160	NUM
fbem-24703	77	17	summing	sum	VERB
fbem-24703	77	18	the	the	DET
fbem-24703	77	19	frequency	frequency	NOUN
fbem-24703	77	20	of	of	ADP
fbem-24703	77	21	keywords	keyword	NOUN
fbem-24703	77	22	related	relate	VERB
fbem-24703	77	23	to	to	ADP
fbem-24703	77	24	digitalization	digitalization	NOUN
fbem-24703	77	25	across	across	ADP
fbem-24703	77	26	these	these	DET
fbem-24703	77	27	five	five	NUM
fbem-24703	77	28	dimensions	dimension	NOUN
fbem-24703	77	29	to	to	PART
fbem-24703	77	30	obtain	obtain	VERB
fbem-24703	77	31	the	the	DET
fbem-24703	77	32	total	total	ADJ
fbem-24703	77	33	word	word	NOUN
fbem-24703	77	34	frequency	frequency	NOUN
fbem-24703	77	35	.	.	PUNCT
fbem-24703	78	1	further	far	ADV
fbem-24703	78	2	,	,	PUNCT
fbem-24703	78	3	the	the	DET
fbem-24703	78	4	logarithm	logarithm	NOUN
fbem-24703	78	5	of	of	ADP
fbem-24703	78	6	the	the	DET
fbem-24703	78	7	total	total	ADJ
fbem-24703	78	8	word	word	NOUN
fbem-24703	78	9	frequency	frequency	NOUN
fbem-24703	78	10	plus	plus	CCONJ
fbem-24703	78	11	one	one	NUM
fbem-24703	78	12	was	be	AUX
fbem-24703	78	13	taken	take	VERB
fbem-24703	78	14	to	to	PART
fbem-24703	78	15	measure	measure	VERB
fbem-24703	78	16	the	the	DET
fbem-24703	78	17	degree	degree	NOUN
fbem-24703	78	18	of	of	ADP
fbem-24703	78	19	digital	digital	ADJ
fbem-24703	78	20	transformation	transformation	NOUN
fbem-24703	78	21	of	of	ADP
fbem-24703	78	22	the	the	DET
fbem-24703	78	23	enterprises	enterprise	NOUN
fbem-24703	78	24	.	.	PUNCT
fbem-24703	79	1	mediating	mediate	VERB
fbem-24703	79	2	variable	variable	NOUN
fbem-24703	79	3	:	:	PUNCT
fbem-24703	79	4	information	information	NOUN
fbem-24703	79	5	transparency	transparency	NOUN
fbem-24703	79	6	(	(	PUNCT
fbem-24703	79	7	dscore	dscore	ADJ
fbem-24703	79	8	)	)	PUNCT
fbem-24703	79	9	.	.	PUNCT
fbem-24703	80	1	this	this	DET
fbem-24703	80	2	study	study	NOUN
fbem-24703	80	3	follows	follow	VERB
fbem-24703	80	4	the	the	DET
fbem-24703	80	5	research	research	NOUN
fbem-24703	80	6	of	of	ADP
fbem-24703	80	7	xin	xin	PROPN
fbem-24703	80	8	qingquan	qingquan	PROPN
fbem-24703	80	9	et	et	PROPN
fbem-24703	80	10	al	al	PROPN
fbem-24703	80	11	.	.	PROPN
fbem-24703	81	1	(	(	PUNCT
fbem-24703	81	2	2014	2014	NUM
fbem-24703	81	3	)	)	PUNCT
fbem-24703	81	4	and	and	CCONJ
fbem-24703	81	5	li	li	PROPN
fbem-24703	81	6	xiaohui	xiaohui	PROPN
fbem-24703	81	7	&	&	CCONJ
fbem-24703	81	8	yang	yang	PROPN
fbem-24703	81	9	kun	kun	PROPN
fbem-24703	81	10	(	(	PUNCT
fbem-24703	81	11	2016	2016	NUM
fbem-24703	81	12	)	)	PUNCT
fbem-24703	81	13	,	,	PUNCT
fbem-24703	81	14	using	use	VERB
fbem-24703	81	15	data	datum	NOUN
fbem-24703	81	16	disclosed	disclose	VERB
fbem-24703	81	17	by	by	ADP
fbem-24703	81	18	the	the	DET
fbem-24703	81	19	shenzhen	shenzhen	PROPN
fbem-24703	81	20	and	and	CCONJ
fbem-24703	81	21	shanghai	shanghai	PROPN
fbem-24703	81	22	stock	stock	PROPN
fbem-24703	81	23	exchanges	exchange	NOUN
fbem-24703	81	24	from	from	ADP
fbem-24703	81	25	the	the	DET
fbem-24703	81	26	csmar	csmar	PROPN
fbem-24703	81	27	database	database	NOUN
fbem-24703	81	28	.	.	PUNCT
fbem-24703	82	1	the	the	DET
fbem-24703	82	2	transparency	transparency	NOUN
fbem-24703	82	3	of	of	ADP
fbem-24703	82	4	listed	list	VERB
fbem-24703	82	5	companies	company	NOUN
fbem-24703	82	6	for	for	ADP
fbem-24703	82	7	different	different	ADJ
fbem-24703	82	8	years	year	NOUN
fbem-24703	82	9	and	and	CCONJ
fbem-24703	82	10	entities	entity	NOUN
fbem-24703	82	11	was	be	AUX
fbem-24703	82	12	evaluated	evaluate	VERB
fbem-24703	82	13	,	,	PUNCT
fbem-24703	82	14	categorized	categorize	VERB
fbem-24703	82	15	as	as	ADP
fbem-24703	82	16	fail	fail	ADJ
fbem-24703	82	17	,	,	PUNCT
fbem-24703	82	18	pass	pass	VERB
fbem-24703	82	19	,	,	PUNCT
fbem-24703	82	20	good	good	ADJ
fbem-24703	82	21	,	,	PUNCT
fbem-24703	82	22	and	and	CCONJ
fbem-24703	82	23	excellent	excellent	ADJ
fbem-24703	82	24	,	,	PUNCT
fbem-24703	82	25	and	and	CCONJ
fbem-24703	82	26	assigned	assign	VERB
fbem-24703	82	27	values	value	NOUN
fbem-24703	82	28	of	of	ADP
fbem-24703	82	29	1	1	NUM
fbem-24703	82	30	,	,	PUNCT
fbem-24703	82	31	2	2	NUM
fbem-24703	82	32	,	,	PUNCT
fbem-24703	82	33	3	3	NUM
fbem-24703	82	34	,	,	PUNCT
fbem-24703	82	35	and	and	CCONJ
fbem-24703	82	36	4	4	NUM
fbem-24703	82	37	,	,	PUNCT
fbem-24703	82	38	respectively	respectively	ADV
fbem-24703	82	39	.	.	PUNCT
fbem-24703	83	1	control	control	NOUN
fbem-24703	83	2	variables	variable	NOUN
fbem-24703	83	3	:	:	PUNCT
fbem-24703	83	4	referring	refer	VERB
fbem-24703	83	5	to	to	ADP
fbem-24703	83	6	existing	exist	VERB
fbem-24703	83	7	literature	literature	NOUN
fbem-24703	83	8	(	(	PUNCT
fbem-24703	83	9	li	li	PROPN
fbem-24703	83	10	shanmin	shanmin	PROPN
fbem-24703	83	11	et	et	PROPN
fbem-24703	83	12	al	al	PROPN
fbem-24703	83	13	.	.	PROPN
fbem-24703	83	14	,	,	PUNCT
fbem-24703	83	15	2016	2016	NUM
fbem-24703	83	16	;	;	PUNCT
fbem-24703	83	17	wang	wang	PROPN
fbem-24703	83	18	yuncheng	yuncheng	PROPN
fbem-24703	83	19	et	et	PROPN
fbem-24703	83	20	al	al	PROPN
fbem-24703	83	21	.	.	PROPN
fbem-24703	83	22	,	,	PUNCT
fbem-24703	83	23	2017	2017	NUM
fbem-24703	83	24	)	)	PUNCT
fbem-24703	83	25	,	,	PUNCT
fbem-24703	83	26	this	this	DET
fbem-24703	83	27	study	study	NOUN
fbem-24703	83	28	incorporates	incorporate	VERB
fbem-24703	83	29	several	several	ADJ
fbem-24703	83	30	factors	factor	NOUN
fbem-24703	83	31	that	that	PRON
fbem-24703	83	32	may	may	AUX
fbem-24703	83	33	influence	influence	VERB
fbem-24703	83	34	investor	investor	NOUN
fbem-24703	83	35	protection	protection	NOUN
fbem-24703	83	36	into	into	ADP
fbem-24703	83	37	the	the	DET
fbem-24703	83	38	regression	regression	NOUN
fbem-24703	83	39	model	model	NOUN
fbem-24703	83	40	.	.	PUNCT
fbem-24703	84	1	these	these	DET
fbem-24703	84	2	control	control	NOUN
fbem-24703	84	3	variables	variable	NOUN
fbem-24703	84	4	include	include	VERB
fbem-24703	84	5	company	company	NOUN
fbem-24703	84	6	size	size	NOUN
fbem-24703	84	7	(	(	PUNCT
fbem-24703	84	8	size	size	NOUN
fbem-24703	84	9	)	)	PUNCT
fbem-24703	84	10	,	,	PUNCT
fbem-24703	84	11	debt	debt	NOUN
fbem-24703	84	12	-	-	PUNCT
fbem-24703	84	13	to	to	ADP
fbem-24703	84	14	-	-	PUNCT
fbem-24703	84	15	asset	asset	NOUN
fbem-24703	84	16	ratio	ratio	NOUN
fbem-24703	84	17	(	(	PUNCT
fbem-24703	84	18	lev	lev	NOUN
fbem-24703	84	19	)	)	PUNCT
fbem-24703	84	20	,	,	PUNCT
fbem-24703	84	21	return	return	VERB
fbem-24703	84	22	on	on	ADP
fbem-24703	84	23	assets	asset	NOUN
fbem-24703	84	24	(	(	PUNCT
fbem-24703	84	25	roe	roe	NOUN
fbem-24703	84	26	)	)	PUNCT
fbem-24703	84	27	,	,	PUNCT
fbem-24703	84	28	compensation	compensation	NOUN
fbem-24703	84	29	incentives	incentive	NOUN
fbem-24703	84	30	(	(	PUNCT
fbem-24703	84	31	pay	pay	NOUN
fbem-24703	84	32	)	)	PUNCT
fbem-24703	84	33	,	,	PUNCT
fbem-24703	84	34	growth	growth	NOUN
fbem-24703	84	35	(	(	PUNCT
fbem-24703	84	36	growth	growth	NOUN
fbem-24703	84	37	)	)	PUNCT
fbem-24703	84	38	,	,	PUNCT
fbem-24703	84	39	audit	audit	NOUN
fbem-24703	84	40	fees	fee	NOUN
fbem-24703	84	41	(	(	PUNCT
fbem-24703	84	42	fee	fee	NOUN
fbem-24703	84	43	)	)	PUNCT
fbem-24703	84	44	,	,	PUNCT
fbem-24703	84	45	separation	separation	NOUN
fbem-24703	84	46	of	of	ADP
fbem-24703	84	47	ownership	ownership	NOUN
fbem-24703	84	48	and	and	CCONJ
fbem-24703	84	49	control	control	NOUN
fbem-24703	84	50	(	(	PUNCT
fbem-24703	84	51	cv	cv	PROPN
fbem-24703	84	52	)	)	PUNCT
fbem-24703	84	53	,	,	PUNCT
fbem-24703	84	54	largest	large	ADJ
fbem-24703	84	55	shareholder	shareholder	NOUN
fbem-24703	84	56	's	's	PART
fbem-24703	84	57	shareholding	shareholding	NOUN
fbem-24703	84	58	ratio	ratio	NOUN
fbem-24703	84	59	(	(	PUNCT
fbem-24703	84	60	top	top	NOUN
fbem-24703	84	61	)	)	PUNCT
fbem-24703	84	62	,	,	PUNCT
fbem-24703	84	63	ceo	ceo	NOUN
fbem-24703	84	64	duality	duality	NOUN
fbem-24703	84	65	(	(	PUNCT
fbem-24703	84	66	dual	dual	ADJ
fbem-24703	84	67	)	)	PUNCT
fbem-24703	84	68	,	,	PUNCT
fbem-24703	84	69	and	and	CCONJ
fbem-24703	84	70	enterprise	enterprise	NOUN
fbem-24703	84	71	nature	nature	NOUN
fbem-24703	84	72	(	(	PUNCT
fbem-24703	84	73	soe	soe	PROPN
fbem-24703	84	74	)	)	PUNCT
fbem-24703	84	75	.	.	PUNCT
fbem-24703	85	1	detailed	detailed	ADJ
fbem-24703	85	2	definitions	definition	NOUN
fbem-24703	85	3	are	be	AUX
fbem-24703	85	4	provided	provide	VERB
fbem-24703	85	5	in	in	ADP
fbem-24703	85	6	table	table	NOUN
fbem-24703	85	7	1	1	NUM
fbem-24703	85	8	.	.	PUNCT
fbem-24703	85	9	table	table	NOUN
fbem-24703	85	10	1	1	NUM
fbem-24703	85	11	.	.	PUNCT
fbem-24703	85	12	variable	variable	ADJ
fbem-24703	85	13	definition	definition	NOUN
fbem-24703	85	14	table	table	NOUN
fbem-24703	85	15	variable	variable	ADJ
fbem-24703	85	16	variable	variable	ADJ
fbem-24703	85	17	definitions	definition	NOUN
fbem-24703	85	18	dependent	dependent	ADJ
fbem-24703	85	19	variable	variable	ADJ
fbem-24703	85	20	ip	ip	PRON
fbem-24703	85	21	accounting	accounting	NOUN
fbem-24703	85	22	investor	investor	NOUN
fbem-24703	85	23	protection	protection	NOUN
fbem-24703	85	24	index	index	PROPN
fbem-24703	85	25	independent	independent	ADJ
fbem-24703	85	26	variable	variable	PROPN
fbem-24703	85	27	dcg	dcg	PROPN
fbem-24703	85	28	digital	digital	PROPN
fbem-24703	85	29	transformation	transformation	NOUN
fbem-24703	85	30	word	word	NOUN
fbem-24703	85	31	frequency	frequency	NOUN
fbem-24703	85	32	+1	+1	PROPN
fbem-24703	85	33	.	.	PUNCT
fbem-24703	86	1	mediating	mediate	VERB
fbem-24703	86	2	variable	variable	ADJ
fbem-24703	86	3	dscore	dscore	ADJ
fbem-24703	86	4	a	a	DET
fbem-24703	86	5	=	=	NOUN
fbem-24703	86	6	excellent	excellent	ADJ
fbem-24703	86	7	,	,	PUNCT
fbem-24703	86	8	b	b	NOUN
fbem-24703	86	9	=	=	SYM
fbem-24703	86	10	good	good	ADJ
fbem-24703	86	11	,	,	PUNCT
fbem-24703	86	12	c	c	NOUN
fbem-24703	86	13	=	=	NOUN
fbem-24703	86	14	pass	pass	VERB
fbem-24703	86	15	,	,	PUNCT
fbem-24703	86	16	d	d	X
fbem-24703	86	17	=	=	SYM
fbem-24703	86	18	fail	fail	ADJ
fbem-24703	86	19	,	,	PUNCT
fbem-24703	86	20	based	base	VERB
fbem-24703	86	21	on	on	ADP
fbem-24703	86	22	disclosures	disclosure	NOUN
fbem-24703	86	23	by	by	ADP
fbem-24703	86	24	the	the	DET
fbem-24703	86	25	shenzhen	shenzhen	PROPN
fbem-24703	86	26	and	and	CCONJ
fbem-24703	86	27	shanghai	shanghai	PROPN
fbem-24703	86	28	stock	stock	PROPN
fbem-24703	86	29	exchanges	exchange	NOUN
fbem-24703	86	30	.	.	PUNCT
fbem-24703	87	1	control	control	NOUN
fbem-24703	87	2	variables	variables	PROPN
fbem-24703	87	3	size	size	NOUN
fbem-24703	87	4	ln	ln	X
fbem-24703	87	5	(	(	PUNCT
fbem-24703	87	6	total	total	ADJ
fbem-24703	87	7	assets	asset	NOUN
fbem-24703	87	8	)	)	PUNCT
fbem-24703	87	9	lev	lev	NOUN
fbem-24703	87	10	end	end	NOUN
fbem-24703	87	11	-	-	PUNCT
fbem-24703	87	12	of	of	ADP
fbem-24703	87	13	-	-	PUNCT
fbem-24703	87	14	period	period	NOUN
fbem-24703	87	15	total	total	ADJ
fbem-24703	87	16	liabilities	liability	NOUN
fbem-24703	87	17	divided	divide	VERB
fbem-24703	87	18	by	by	ADP
fbem-24703	87	19	end	end	NOUN
fbem-24703	87	20	-	-	PUNCT
fbem-24703	87	21	of	of	ADP
fbem-24703	87	22	-	-	PUNCT
fbem-24703	87	23	period	period	NOUN
fbem-24703	87	24	total	total	ADJ
fbem-24703	87	25	assets	asset	NOUN
fbem-24703	87	26	roa	roa	PROPN
fbem-24703	87	27	net	net	ADJ
fbem-24703	87	28	profit	profit	NOUN
fbem-24703	87	29	divided	divide	VERB
fbem-24703	87	30	by	by	ADP
fbem-24703	87	31	total	total	ADJ
fbem-24703	87	32	assets	asset	NOUN
fbem-24703	87	33	fee	fee	NOUN
fbem-24703	87	34	natural	natural	ADJ
fbem-24703	87	35	logarithm	logarithm	NOUN
fbem-24703	87	36	of	of	ADP
fbem-24703	87	37	the	the	DET
fbem-24703	87	38	audit	audit	NOUN
fbem-24703	87	39	fees	fee	NOUN
fbem-24703	87	40	of	of	ADP
fbem-24703	87	41	the	the	DET
fbem-24703	87	42	company	company	NOUN
fbem-24703	87	43	pay	pay	VERB
fbem-24703	87	44	natural	natural	ADJ
fbem-24703	87	45	logarithm	logarithm	NOUN
fbem-24703	87	46	of	of	ADP
fbem-24703	87	47	the	the	DET
fbem-24703	87	48	total	total	ADJ
fbem-24703	87	49	compensation	compensation	NOUN
fbem-24703	87	50	for	for	ADP
fbem-24703	87	51	the	the	DET
fbem-24703	87	52	top	top	ADJ
fbem-24703	87	53	three	three	NUM
fbem-24703	87	54	executives	executive	NOUN
fbem-24703	87	55	growth	growth	NOUN
fbem-24703	87	56	operating	operate	VERB
fbem-24703	87	57	income	income	NOUN
fbem-24703	87	58	growth	growth	NOUN
fbem-24703	87	59	rate	rate	NOUN
fbem-24703	87	60	cv	cv	PROPN
fbem-24703	87	61	the	the	DET
fbem-24703	87	62	difference	difference	NOUN
fbem-24703	87	63	between	between	ADP
fbem-24703	87	64	ownership	ownership	NOUN
fbem-24703	87	65	and	and	CCONJ
fbem-24703	87	66	control	control	NOUN
fbem-24703	87	67	in	in	ADP
fbem-24703	87	68	the	the	DET
fbem-24703	87	69	company	company	NOUN
fbem-24703	87	70	top	top	VERB
fbem-24703	87	71	the	the	DET
fbem-24703	87	72	shareholding	shareholding	NOUN
fbem-24703	87	73	ratio	ratio	NOUN
fbem-24703	87	74	of	of	ADP
fbem-24703	87	75	the	the	DET
fbem-24703	87	76	largest	large	ADJ
fbem-24703	87	77	shareholder	shareholder	NOUN
fbem-24703	87	78	dual	dual	ADJ
fbem-24703	87	79	assign	assign	VERB
fbem-24703	87	80	a	a	DET
fbem-24703	87	81	value	value	NOUN
fbem-24703	87	82	of	of	ADP
fbem-24703	87	83	1	1	NUM
fbem-24703	87	84	if	if	SCONJ
fbem-24703	87	85	the	the	DET
fbem-24703	87	86	ceo	ceo	NOUN
fbem-24703	87	87	concurrently	concurrently	ADV
fbem-24703	87	88	serves	serve	VERB
fbem-24703	87	89	as	as	ADP
fbem-24703	87	90	the	the	DET
fbem-24703	87	91	chairman	chairman	NOUN
fbem-24703	87	92	of	of	ADP
fbem-24703	87	93	the	the	DET
fbem-24703	87	94	board	board	NOUN
fbem-24703	87	95	;	;	PUNCT
fbem-24703	87	96	otherwise	otherwise	ADV
fbem-24703	87	97	,	,	PUNCT
fbem-24703	87	98	assign	assign	VERB
fbem-24703	87	99	a	a	DET
fbem-24703	87	100	value	value	NOUN
fbem-24703	87	101	of	of	ADP
fbem-24703	87	102	0	0	NUM
fbem-24703	87	103	.	.	PUNCT
fbem-24703	88	1	soe	soe	PROPN
fbem-24703	88	2	assign	assign	VERB
fbem-24703	88	3	a	a	DET
fbem-24703	88	4	value	value	NOUN
fbem-24703	88	5	of	of	ADP
fbem-24703	88	6	1	1	NUM
fbem-24703	88	7	if	if	SCONJ
fbem-24703	88	8	the	the	DET
fbem-24703	88	9	company	company	NOUN
fbem-24703	88	10	is	be	AUX
fbem-24703	88	11	state	state	NOUN
fbem-24703	88	12	-	-	PUNCT
fbem-24703	88	13	owned	own	VERB
fbem-24703	88	14	;	;	PUNCT
fbem-24703	88	15	otherwise	otherwise	ADV
fbem-24703	88	16	,	,	PUNCT
fbem-24703	88	17	assign	assign	VERB
fbem-24703	88	18	a	a	DET
fbem-24703	88	19	value	value	NOUN
fbem-24703	88	20	of	of	ADP
fbem-24703	88	21	0	0	NUM
fbem-24703	88	22	.	.	PROPN
fbem-24703	88	23	3.3	3.3	NUM
fbem-24703	88	24	.	.	PUNCT
fbem-24703	89	1	research	research	NOUN
fbem-24703	89	2	model	model	NOUN
fbem-24703	89	3	construction	construction	NOUN
fbem-24703	89	4	this	this	DET
fbem-24703	89	5	study	study	NOUN
fbem-24703	89	6	conducts	conduct	VERB
fbem-24703	89	7	empirical	empirical	ADJ
fbem-24703	89	8	analysis	analysis	NOUN
fbem-24703	89	9	by	by	ADP
fbem-24703	89	10	constructing	construct	VERB
fbem-24703	89	11	the	the	DET
fbem-24703	89	12	following	following	ADJ
fbem-24703	89	13	fixed	fix	VERB
fbem-24703	89	14	effects	effect	NOUN
fbem-24703	89	15	regression	regression	NOUN
fbem-24703	89	16	models	model	NOUN
fbem-24703	89	17	:	:	PUNCT
fbem-24703	89	18	first	first	ADV
fbem-24703	89	19	,	,	PUNCT
fbem-24703	89	20	model	model	NOUN
fbem-24703	89	21	(	(	PUNCT
fbem-24703	89	22	1	1	NUM
fbem-24703	89	23	)	)	PUNCT
fbem-24703	89	24	is	be	AUX
fbem-24703	89	25	established	establish	VERB
fbem-24703	89	26	as	as	ADP
fbem-24703	89	27	the	the	DET
fbem-24703	89	28	baseline	baseline	NOUN
fbem-24703	89	29	regression	regression	NOUN
fbem-24703	89	30	to	to	PART
fbem-24703	89	31	examine	examine	VERB
fbem-24703	89	32	whether	whether	SCONJ
fbem-24703	89	33	digital	digital	ADJ
fbem-24703	89	34	transformation	transformation	NOUN
fbem-24703	89	35	can	can	AUX
fbem-24703	89	36	enhance	enhance	VERB
fbem-24703	89	37	investor	investor	NOUN
fbem-24703	89	38	protection	protection	NOUN
fbem-24703	89	39	activities	activity	NOUN
fbem-24703	89	40	,	,	PUNCT
fbem-24703	89	41	testing	testing	NOUN
fbem-24703	89	42	hypothesis	hypothesis	NOUN
fbem-24703	89	43	1	1	NUM
fbem-24703	89	44	.	.	PUNCT
fbem-24703	90	1	in	in	ADP
fbem-24703	90	2	this	this	DET
fbem-24703	90	3	model	model	NOUN
fbem-24703	90	4	,	,	PUNCT
fbem-24703	90	5	dcg	dcg	PROPN
fbem-24703	90	6	represents	represent	VERB
fbem-24703	90	7	the	the	DET
fbem-24703	90	8	degree	degree	NOUN
fbem-24703	90	9	of	of	ADP
fbem-24703	90	10	digital	digital	ADJ
fbem-24703	90	11	transformation	transformation	NOUN
fbem-24703	90	12	,	,	PUNCT
fbem-24703	90	13	and	and	CCONJ
fbem-24703	90	14	ip	ip	NOUN
fbem-24703	90	15	represents	represent	VERB
fbem-24703	90	16	the	the	DET
fbem-24703	90	17	investor	investor	NOUN
fbem-24703	90	18	protection	protection	PROPN
fbem-24703	90	19	index	index	PROPN
fbem-24703	90	20	.	.	PUNCT
fbem-24703	91	1	second	second	ADJ
fbem-24703	91	2	,	,	PUNCT
fbem-24703	91	3	following	follow	VERB
fbem-24703	91	4	the	the	DET
fbem-24703	91	5	methodology	methodology	NOUN
fbem-24703	91	6	of	of	ADP
fbem-24703	91	7	wen	wen	PROPN
fbem-24703	91	8	zhonglin	zhonglin	PROPN
fbem-24703	91	9	and	and	CCONJ
fbem-24703	91	10	ye	ye	PROPN
fbem-24703	91	11	baojuan	baojuan	PROPN
fbem-24703	91	12	(	(	PUNCT
fbem-24703	91	13	wen	wen	PROPN
fbem-24703	91	14	zhonglin	zhonglin	PROPN
fbem-24703	91	15	&	&	CCONJ
fbem-24703	91	16	ye	ye	PROPN
fbem-24703	91	17	baojuan	baojuan	PROPN
fbem-24703	91	18	,	,	PUNCT
fbem-24703	91	19	2014	2014	NUM
fbem-24703	91	20	)	)	PUNCT
fbem-24703	91	21	,	,	PUNCT
fbem-24703	91	22	we	we	PRON
fbem-24703	91	23	test	test	VERB
fbem-24703	91	24	whether	whether	SCONJ
fbem-24703	91	25	enterprise	enterprise	NOUN
fbem-24703	91	26	transparency	transparency	NOUN
fbem-24703	91	27	mediates	mediate	VERB
fbem-24703	91	28	the	the	DET
fbem-24703	91	29	relationship	relationship	NOUN
fbem-24703	91	30	between	between	ADP
fbem-24703	91	31	digital	digital	ADJ
fbem-24703	91	32	transformation	transformation	NOUN
fbem-24703	91	33	and	and	CCONJ
fbem-24703	91	34	investor	investor	NOUN
fbem-24703	91	35	protection	protection	NOUN
fbem-24703	91	36	by	by	ADP
fbem-24703	91	37	establishing	establish	VERB
fbem-24703	91	38	models	model	NOUN
fbem-24703	91	39	(	(	PUNCT
fbem-24703	91	40	2	2	NUM
fbem-24703	91	41	)	)	PUNCT
fbem-24703	91	42	and	and	CCONJ
fbem-24703	91	43	(	(	PUNCT
fbem-24703	91	44	3	3	NUM
fbem-24703	91	45	)	)	PUNCT
fbem-24703	91	46	.	.	PUNCT
fbem-24703	92	1	in	in	ADP
fbem-24703	92	2	the	the	DET
fbem-24703	92	3	second	second	ADJ
fbem-24703	92	4	step	step	NOUN
fbem-24703	92	5	,	,	PUNCT
fbem-24703	92	6	model	model	NOUN
fbem-24703	92	7	(	(	PUNCT
fbem-24703	92	8	2	2	NUM
fbem-24703	92	9	)	)	PUNCT
fbem-24703	92	10	is	be	AUX
fbem-24703	92	11	established	establish	VERB
fbem-24703	92	12	to	to	PART
fbem-24703	92	13	examine	examine	VERB
fbem-24703	92	14	the	the	DET
fbem-24703	92	15	impact	impact	NOUN
fbem-24703	92	16	of	of	ADP
fbem-24703	92	17	digital	digital	ADJ
fbem-24703	92	18	transformation	transformation	NOUN
fbem-24703	92	19	on	on	ADP
fbem-24703	92	20	enterprise	enterprise	NOUN
fbem-24703	92	21	transparency	transparency	NOUN
fbem-24703	92	22	,	,	PUNCT
fbem-24703	92	23	where	where	SCONJ
fbem-24703	92	24	dscore	dscore	ADJ
fbem-24703	92	25	represents	represent	VERB
fbem-24703	92	26	the	the	DET
fbem-24703	92	27	level	level	NOUN
fbem-24703	92	28	of	of	ADP
fbem-24703	92	29	enterprise	enterprise	NOUN
fbem-24703	92	30	transparency	transparency	NOUN
fbem-24703	92	31	.	.	PUNCT
fbem-24703	93	1	in	in	ADP
fbem-24703	93	2	the	the	DET
fbem-24703	93	3	third	third	ADJ
fbem-24703	93	4	step	step	NOUN
fbem-24703	93	5	,	,	PUNCT
fbem-24703	93	6	model	model	NOUN
fbem-24703	93	7	(	(	PUNCT
fbem-24703	93	8	3	3	NUM
fbem-24703	93	9	)	)	PUNCT
fbem-24703	93	10	includes	include	VERB
fbem-24703	93	11	both	both	CCONJ
fbem-24703	93	12	the	the	DET
fbem-24703	93	13	degree	degree	NOUN
fbem-24703	93	14	of	of	ADP
fbem-24703	93	15	digital	digital	ADJ
fbem-24703	93	16	transformation	transformation	NOUN
fbem-24703	93	17	and	and	CCONJ
fbem-24703	93	18	enterprise	enterprise	NOUN
fbem-24703	93	19	transparency	transparency	NOUN
fbem-24703	93	20	in	in	ADP
fbem-24703	93	21	the	the	DET
fbem-24703	93	22	regression	regression	NOUN
fbem-24703	93	23	model	model	NOUN
fbem-24703	93	24	for	for	ADP
fbem-24703	93	25	investor	investor	NOUN
fbem-24703	93	26	protection	protection	NOUN
fbem-24703	93	27	,	,	PUNCT
fbem-24703	93	28	thereby	thereby	ADV
fbem-24703	93	29	testing	test	VERB
fbem-24703	93	30	hypothesis	hypothesis	NOUN
fbem-24703	93	31	h2	h2	NOUN
fbem-24703	93	32	.	.	PUNCT
fbem-24703	94	1	in	in	ADP
fbem-24703	94	2	these	these	DET
fbem-24703	94	3	models	model	NOUN
fbem-24703	94	4	,	,	PUNCT
fbem-24703	94	5	i	i	PRON
fbem-24703	94	6	represents	represent	VERB
fbem-24703	94	7	the	the	DET
fbem-24703	94	8	sample	sample	NOUN
fbem-24703	94	9	enterprises	enterprise	NOUN
fbem-24703	94	10	,	,	PUNCT
fbem-24703	94	11	t	t	PROPN
fbem-24703	94	12	represents	represent	VERB
fbem-24703	94	13	the	the	DET
fbem-24703	94	14	years	year	NOUN
fbem-24703	94	15	,	,	PUNCT
fbem-24703	94	16	and	and	CCONJ
fbem-24703	94	17	ϵ	ϵ	X
fbem-24703	94	18	is	be	AUX
fbem-24703	94	19	the	the	DET
fbem-24703	94	20	random	random	ADJ
fbem-24703	94	21	error	error	NOUN
fbem-24703	94	22	term	term	NOUN
fbem-24703	94	23	.	.	PUNCT
fbem-24703	95	1	𝐼𝑃𝑖𝑡	𝐼𝑃𝑖𝑡	PROPN
fbem-24703	95	2	=	=	SYM
fbem-24703	95	3	𝛼0	𝛼0	PROPN
fbem-24703	95	4	+	+	CCONJ
fbem-24703	95	5	𝛼1𝐷𝐶𝐺𝑖𝑡	𝛼1𝐷𝐶𝐺𝑖𝑡	NOUN
fbem-24703	95	6	+	+	X
fbem-24703	95	7	𝛼𝑋𝑖𝑡	𝛼𝑋𝑖𝑡	PROPN
fbem-24703	95	8	+	+	CCONJ
fbem-24703	95	9	∑𝑖𝑛𝑑𝑖	∑𝑖𝑛𝑑𝑖	NOUN
fbem-24703	96	1	+	+	CCONJ
fbem-24703	96	2	∑𝑦𝑒𝑎𝑟	∑𝑦𝑒𝑎𝑟	X
fbem-24703	97	1	+	+	CCONJ
fbem-24703	97	2	𝑖𝑡	𝑖𝑡	X
fbem-24703	97	3	(	(	PUNCT
fbem-24703	97	4	1	1	NUM
fbem-24703	97	5	)	)	PUNCT
fbem-24703	97	6	𝐷𝑠𝑐𝑜𝑟𝑒𝑖𝑡	𝐷𝑠𝑐𝑜𝑟𝑒𝑖𝑡	PROPN
fbem-24703	97	7	=	=	SYM
fbem-24703	97	8	𝛽0	𝛽0	PROPN
fbem-24703	97	9	+	+	CCONJ
fbem-24703	97	10	𝛽1𝐷𝐶𝐺𝑖𝑡	𝛽1𝐷𝐶𝐺𝑖𝑡	PROPN
fbem-24703	97	11	+	+	CCONJ
fbem-24703	97	12	𝛽𝑋𝑖𝑡	𝛽𝑋𝑖𝑡	PROPN
fbem-24703	97	13	+	+	CCONJ
fbem-24703	97	14	∑𝑖𝑛𝑑𝑖	∑𝑖𝑛𝑑𝑖	NOUN
fbem-24703	98	1	+	+	CCONJ
fbem-24703	98	2	∑𝑦𝑒𝑎𝑟	∑𝑦𝑒𝑎𝑟	X
fbem-24703	99	1	+	+	CCONJ
fbem-24703	99	2	𝑖𝑡	𝑖𝑡	X
fbem-24703	99	3	(	(	PUNCT
fbem-24703	99	4	2	2	NUM
fbem-24703	99	5	)	)	PUNCT
fbem-24703	99	6	𝐼𝑃𝑖𝑡	𝐼𝑃𝑖𝑡	PROPN
fbem-24703	99	7	=	=	PUNCT
fbem-24703	100	1	𝛾0	𝛾0	PROPN
fbem-24703	100	2	+	+	CCONJ
fbem-24703	100	3	𝛾1𝐷𝐶𝐺𝑖𝑡	𝛾1𝐷𝐶𝐺𝑖𝑡	ADJ
fbem-24703	100	4	+	+	CCONJ
fbem-24703	100	5	𝛾2𝐷𝑠𝑐𝑜𝑟𝑒𝑖𝑡	𝛾2𝐷𝑠𝑐𝑜𝑟𝑒𝑖𝑡	ADJ
fbem-24703	100	6	+	+	CCONJ
fbem-24703	100	7	𝛾𝑋𝑖𝑡	𝛾𝑋𝑖𝑡	PROPN
fbem-24703	100	8	+	+	CCONJ
fbem-24703	100	9	∑𝑖𝑛𝑑𝑖	∑𝑖𝑛𝑑𝑖	NOUN
fbem-24703	101	1	+	+	CCONJ
fbem-24703	101	2	∑𝑦𝑒𝑎𝑟	∑𝑦𝑒𝑎𝑟	X
fbem-24703	102	1	+	+	CCONJ
fbem-24703	102	2	𝑖𝑡	𝑖𝑡	X
fbem-24703	102	3	(	(	PUNCT
fbem-24703	102	4	3	3	NUM
fbem-24703	102	5	)	)	PUNCT
fbem-24703	102	6	4	4	NUM
fbem-24703	102	7	.	.	PUNCT
fbem-24703	103	1	empirical	empirical	ADJ
fbem-24703	103	2	analysis	analysis	NOUN
fbem-24703	103	3	4.1	4.1	NUM
fbem-24703	103	4	.	.	PUNCT
fbem-24703	104	1	descriptive	descriptive	ADJ
fbem-24703	104	2	statistics	statistic	NOUN
fbem-24703	104	3	table	table	NOUN
fbem-24703	104	4	2	2	NUM
fbem-24703	104	5	presents	present	VERB
fbem-24703	104	6	the	the	DET
fbem-24703	104	7	results	result	NOUN
fbem-24703	104	8	of	of	ADP
fbem-24703	104	9	the	the	DET
fbem-24703	104	10	descriptive	descriptive	ADJ
fbem-24703	104	11	statistics	statistic	NOUN
fbem-24703	104	12	.	.	PUNCT
fbem-24703	105	1	the	the	DET
fbem-24703	105	2	mean	mean	ADJ
fbem-24703	105	3	value	value	NOUN
fbem-24703	105	4	of	of	ADP
fbem-24703	105	5	the	the	DET
fbem-24703	105	6	investor	investor	NOUN
fbem-24703	105	7	protection	protection	NOUN
fbem-24703	105	8	index	index	NOUN
fbem-24703	105	9	(	(	PUNCT
fbem-24703	105	10	ip	ip	NOUN
fbem-24703	105	11	)	)	PUNCT
fbem-24703	105	12	is	be	AUX
fbem-24703	105	13	55.43	55.43	NUM
fbem-24703	105	14	,	,	PUNCT
fbem-24703	105	15	with	with	ADP
fbem-24703	105	16	a	a	DET
fbem-24703	105	17	maximum	maximum	NOUN
fbem-24703	105	18	of	of	ADP
fbem-24703	105	19	74.43	74.43	NUM
fbem-24703	105	20	and	and	CCONJ
fbem-24703	105	21	a	a	DET
fbem-24703	105	22	minimum	minimum	NOUN
fbem-24703	105	23	of	of	ADP
fbem-24703	105	24	28.17	28.17	NUM
fbem-24703	105	25	,	,	PUNCT
fbem-24703	105	26	indicating	indicate	VERB
fbem-24703	105	27	significant	significant	ADJ
fbem-24703	105	28	variation	variation	NOUN
fbem-24703	105	29	in	in	ADP
fbem-24703	105	30	the	the	DET
fbem-24703	105	31	level	level	NOUN
fbem-24703	105	32	of	of	ADP
fbem-24703	105	33	investor	investor	NOUN
fbem-24703	105	34	protection	protection	NOUN
fbem-24703	105	35	among	among	ADP
fbem-24703	105	36	chinese	chinese	ADJ
fbem-24703	105	37	listed	list	VERB
fbem-24703	105	38	companies	company	NOUN
fbem-24703	105	39	.	.	PUNCT
fbem-24703	106	1	the	the	DET
fbem-24703	106	2	mean	mean	ADJ
fbem-24703	106	3	value	value	NOUN
fbem-24703	106	4	of	of	ADP
fbem-24703	106	5	digital	digital	ADJ
fbem-24703	106	6	transformation	transformation	NOUN
fbem-24703	106	7	(	(	PUNCT
fbem-24703	106	8	dcg	dcg	PROPN
fbem-24703	106	9	)	)	PUNCT
fbem-24703	106	10	is	be	AUX
fbem-24703	106	11	1.053	1.053	NUM
fbem-24703	106	12	,	,	PUNCT
fbem-24703	106	13	with	with	ADP
fbem-24703	106	14	a	a	DET
fbem-24703	106	15	maximum	maximum	NOUN
fbem-24703	106	16	of	of	ADP
fbem-24703	106	17	6.107	6.107	NUM
fbem-24703	106	18	and	and	CCONJ
fbem-24703	106	19	a	a	DET
fbem-24703	106	20	minimum	minimum	NOUN
fbem-24703	106	21	of	of	ADP
fbem-24703	106	22	0	0	NUM
fbem-24703	106	23	,	,	PUNCT
fbem-24703	106	24	demonstrating	demonstrate	VERB
fbem-24703	106	25	considerable	considerable	ADJ
fbem-24703	106	26	differences	difference	NOUN
fbem-24703	106	27	in	in	ADP
fbem-24703	106	28	digital	digital	ADJ
fbem-24703	106	29	transformation	transformation	NOUN
fbem-24703	106	30	across	across	ADP
fbem-24703	106	31	companies	company	NOUN
fbem-24703	106	32	.	.	PUNCT
fbem-24703	107	1	the	the	DET
fbem-24703	107	2	mean	mean	ADJ
fbem-24703	107	3	value	value	NOUN
fbem-24703	107	4	of	of	ADP
fbem-24703	107	5	the	the	DET
fbem-24703	107	6	mediating	mediate	VERB
fbem-24703	107	7	variable	variable	NOUN
fbem-24703	107	8	,	,	PUNCT
fbem-24703	107	9	enterprise	enterprise	NOUN
fbem-24703	107	10	transparency	transparency	NOUN
fbem-24703	107	11	(	(	PUNCT
fbem-24703	107	12	dscore	dscore	ADJ
fbem-24703	107	13	)	)	PUNCT
fbem-24703	107	14	,	,	PUNCT
fbem-24703	107	15	is	be	AUX
fbem-24703	107	16	2.316	2.316	NUM
fbem-24703	107	17	,	,	PUNCT
fbem-24703	107	18	with	with	ADP
fbem-24703	107	19	a	a	DET
fbem-24703	107	20	maximum	maximum	NOUN
fbem-24703	107	21	of	of	ADP
fbem-24703	107	22	4	4	NUM
fbem-24703	107	23	and	and	CCONJ
fbem-24703	107	24	a	a	DET
fbem-24703	107	25	minimum	minimum	NOUN
fbem-24703	107	26	of	of	ADP
fbem-24703	107	27	0	0	NUM
fbem-24703	107	28	,	,	PUNCT
fbem-24703	107	29	suggesting	suggest	VERB
fbem-24703	107	30	substantial	substantial	ADJ
fbem-24703	107	31	variation	variation	NOUN
fbem-24703	107	32	in	in	ADP
fbem-24703	107	33	transparency	transparency	NOUN
fbem-24703	107	34	levels	level	NOUN
fbem-24703	107	35	among	among	ADP
fbem-24703	107	36	different	different	ADJ
fbem-24703	107	37	companies	company	NOUN
fbem-24703	107	38	.	.	PUNCT
fbem-24703	108	1	the	the	DET
fbem-24703	108	2	descriptive	descriptive	ADJ
fbem-24703	108	3	statistics	statistic	NOUN
fbem-24703	108	4	for	for	ADP
fbem-24703	108	5	the	the	DET
fbem-24703	108	6	control	control	NOUN
fbem-24703	108	7	variables	variable	NOUN
fbem-24703	108	8	are	be	AUX
fbem-24703	108	9	consistent	consistent	ADJ
fbem-24703	108	10	with	with	ADP
fbem-24703	108	11	existing	exist	VERB
fbem-24703	108	12	literature	literature	NOUN
fbem-24703	108	13	.	.	PUNCT
fbem-24703	109	1	161	161	NUM
fbem-24703	109	2	table	table	NOUN
fbem-24703	109	3	2	2	NUM
fbem-24703	109	4	.	.	PUNCT
fbem-24703	109	5	descriptive	descriptive	ADJ
fbem-24703	109	6	statistical	statistical	ADJ
fbem-24703	109	7	results	result	NOUN
fbem-24703	109	8	of	of	ADP
fbem-24703	109	9	variables	variable	NOUN
fbem-24703	109	10	variable	variable	ADJ
fbem-24703	109	11	obs	obs	NOUN
fbem-24703	109	12	mean	mean	VERB
fbem-24703	109	13	std.dev	std.dev	PROPN
fbem-24703	109	14	.	.	PUNCT
fbem-24703	110	1	min	min	PROPN
fbem-24703	110	2	max	max	PROPN
fbem-24703	110	3	ip	ip	VERB
fbem-24703	110	4	23,863	23,863	NUM
fbem-24703	110	5	55.43	55.43	NUM
fbem-24703	110	6	4.610	4.610	NUM
fbem-24703	110	7	28.17	28.17	NUM
fbem-24703	110	8	74.43	74.43	NUM
fbem-24703	110	9	dcg	dcg	PROPN
fbem-24703	110	10	23,863	23,863	NUM
fbem-24703	110	11	1.053	1.053	NUM
fbem-24703	110	12	1.163	1.163	NUM
fbem-24703	110	13	0	0	NUM
fbem-24703	110	14	6.107	6.107	NUM
fbem-24703	110	15	dscore	dscore	ADJ
fbem-24703	110	16	23,863	23,863	NUM
fbem-24703	110	17	2.316	2.316	NUM
fbem-24703	110	18	1.408	1.408	NUM
fbem-24703	110	19	0	0	NUM
fbem-24703	110	20	4	4	NUM
fbem-24703	110	21	size	size	NOUN
fbem-24703	110	22	23,863	23,863	NUM
fbem-24703	110	23	22.295	22.295	NUM
fbem-24703	110	24	1.356	1.356	NUM
fbem-24703	110	25	16.117	16.117	NUM
fbem-24703	110	26	28.636	28.636	NUM
fbem-24703	110	27	lev	lev	NOUN
fbem-24703	110	28	23,863	23,863	NUM
fbem-24703	110	29	0.455	0.455	NUM
fbem-24703	110	30	0.350	0.350	NUM
fbem-24703	110	31	0.00750	0.00750	NUM
fbem-24703	110	32	31.47	31.47	NUM
fbem-24703	110	33	roa	roa	NOUN
fbem-24703	110	34	23,863	23,863	NUM
fbem-24703	110	35	0.0520	0.0520	NUM
fbem-24703	110	36	0.264	0.264	NUM
fbem-24703	110	37	-29.02	-29.02	PROPN
fbem-24703	110	38	11.01	11.01	NUM
fbem-24703	110	39	fee	fee	NOUN
fbem-24703	110	40	23,863	23,863	NUM
fbem-24703	110	41	13.85	13.85	NUM
fbem-24703	110	42	0.739	0.739	NUM
fbem-24703	110	43	11.51	11.51	NUM
fbem-24703	110	44	21.42	21.42	NUM
fbem-24703	110	45	pay	pay	NOUN
fbem-24703	110	46	23,863	23,863	NUM
fbem-24703	110	47	14.40	14.40	NUM
fbem-24703	110	48	0.738	0.738	NUM
fbem-24703	110	49	10.38	10.38	NUM
fbem-24703	110	50	18.20	18.20	NUM
fbem-24703	110	51	growth	growth	NOUN
fbem-24703	110	52	23,863	23,863	NUM
fbem-24703	110	53	4.246	4.246	NUM
fbem-24703	110	54	390.4	390.4	NUM
fbem-24703	110	55	-11.68	-11.68	PROPN
fbem-24703	110	56	59412	59412	NUM
fbem-24703	110	57	cv	cv	NOUN
fbem-24703	110	58	23,863	23,863	NUM
fbem-24703	110	59	4.977	4.977	NUM
fbem-24703	110	60	7.803	7.803	NUM
fbem-24703	110	61	-7.640	-7.640	SYM
fbem-24703	110	62	54.32	54.32	NUM
fbem-24703	110	63	top	top	NOUN
fbem-24703	110	64	23,863	23,863	NUM
fbem-24703	110	65	0.354	0.354	NUM
fbem-24703	110	66	0.150	0.150	NUM
fbem-24703	110	67	0.0220	0.0220	NUM
fbem-24703	110	68	0.900	0.900	NUM
fbem-24703	110	69	dual	dual	ADJ
fbem-24703	110	70	23,863	23,863	NUM
fbem-24703	110	71	0.250	0.250	NUM
fbem-24703	110	72	0.433	0.433	NUM
fbem-24703	110	73	0	0	NUM
fbem-24703	110	74	1	1	NUM
fbem-24703	110	75	soe	soe	PROPN
fbem-24703	110	76	23,863	23,863	NUM
fbem-24703	110	77	0.404	0.404	NUM
fbem-24703	110	78	0.491	0.491	NUM
fbem-24703	110	79	0	0	NUM
fbem-24703	110	80	1	1	NUM
fbem-24703	110	81	4.2	4.2	NUM
fbem-24703	110	82	.	.	PUNCT
fbem-24703	111	1	corporate	corporate	ADJ
fbem-24703	111	2	digital	digital	ADJ
fbem-24703	111	3	transformation	transformation	NOUN
fbem-24703	111	4	,	,	PUNCT
fbem-24703	111	5	transparency	transparency	NOUN
fbem-24703	111	6	,	,	PUNCT
fbem-24703	111	7	and	and	CCONJ
fbem-24703	111	8	investor	investor	NOUN
fbem-24703	111	9	protection	protection	NOUN
fbem-24703	111	10	index	index	NOUN
fbem-24703	111	11	regression	regression	NOUN
fbem-24703	111	12	table	table	NOUN
fbem-24703	111	13	3	3	NUM
fbem-24703	111	14	below	below	ADP
fbem-24703	111	15	presents	present	VERB
fbem-24703	111	16	the	the	DET
fbem-24703	111	17	regression	regression	NOUN
fbem-24703	111	18	results	result	NOUN
fbem-24703	111	19	of	of	ADP
fbem-24703	111	20	foreign	foreign	ADJ
fbem-24703	111	21	ownership	ownership	NOUN
fbem-24703	111	22	and	and	CCONJ
fbem-24703	111	23	the	the	DET
fbem-24703	111	24	degree	degree	NOUN
fbem-24703	111	25	of	of	ADP
fbem-24703	111	26	corporate	corporate	ADJ
fbem-24703	111	27	internationalization	internationalization	NOUN
fbem-24703	111	28	.	.	PUNCT
fbem-24703	112	1	column	column	NOUN
fbem-24703	112	2	(	(	PUNCT
fbem-24703	112	3	1	1	X
fbem-24703	112	4	)	)	PUNCT
fbem-24703	112	5	displays	display	VERB
fbem-24703	112	6	the	the	DET
fbem-24703	112	7	regression	regression	NOUN
fbem-24703	112	8	outcomes	outcome	NOUN
fbem-24703	112	9	without	without	ADP
fbem-24703	112	10	considering	consider	VERB
fbem-24703	112	11	control	control	NOUN
fbem-24703	112	12	variables	variable	NOUN
fbem-24703	112	13	,	,	PUNCT
fbem-24703	112	14	year	year	NOUN
fbem-24703	112	15	fixed	fix	VERB
fbem-24703	112	16	effects	effect	NOUN
fbem-24703	112	17	,	,	PUNCT
fbem-24703	112	18	and	and	CCONJ
fbem-24703	112	19	industry	industry	NOUN
fbem-24703	112	20	fixed	fix	VERB
fbem-24703	112	21	effects	effect	NOUN
fbem-24703	112	22	.	.	PUNCT
fbem-24703	113	1	in	in	ADP
fbem-24703	113	2	this	this	DET
fbem-24703	113	3	column	column	NOUN
fbem-24703	113	4	,	,	PUNCT
fbem-24703	113	5	the	the	DET
fbem-24703	113	6	regression	regression	NOUN
fbem-24703	113	7	coefficient	coefficient	NOUN
fbem-24703	113	8	for	for	ADP
fbem-24703	113	9	digital	digital	ADJ
fbem-24703	113	10	transformation	transformation	NOUN
fbem-24703	113	11	(	(	PUNCT
fbem-24703	113	12	dcg	dcg	PROPN
fbem-24703	113	13	)	)	PUNCT
fbem-24703	113	14	is	be	AUX
fbem-24703	113	15	0.5126	0.5126	NUM
fbem-24703	113	16	(	(	PUNCT
fbem-24703	113	17	t=20.1430	t=20.1430	PROPN
fbem-24703	113	18	)	)	PUNCT
fbem-24703	113	19	,	,	PUNCT
fbem-24703	113	20	showing	show	VERB
fbem-24703	113	21	a	a	DET
fbem-24703	113	22	positive	positive	ADJ
fbem-24703	113	23	correlation	correlation	NOUN
fbem-24703	113	24	at	at	ADP
fbem-24703	113	25	the	the	DET
fbem-24703	113	26	1	1	NUM
fbem-24703	113	27	%	%	NOUN
fbem-24703	113	28	significance	significance	NOUN
fbem-24703	113	29	level	level	NOUN
fbem-24703	113	30	.	.	PUNCT
fbem-24703	114	1	this	this	PRON
fbem-24703	114	2	indicates	indicate	VERB
fbem-24703	114	3	that	that	SCONJ
fbem-24703	114	4	higher	high	ADJ
fbem-24703	114	5	levels	level	NOUN
fbem-24703	114	6	of	of	ADP
fbem-24703	114	7	digital	digital	ADJ
fbem-24703	114	8	transformation	transformation	NOUN
fbem-24703	114	9	are	be	AUX
fbem-24703	114	10	associated	associate	VERB
fbem-24703	114	11	with	with	ADP
fbem-24703	114	12	higher	high	ADJ
fbem-24703	114	13	levels	level	NOUN
fbem-24703	114	14	of	of	ADP
fbem-24703	114	15	investor	investor	NOUN
fbem-24703	114	16	protection	protection	NOUN
fbem-24703	114	17	as	as	SCONJ
fbem-24703	114	18	measured	measure	VERB
fbem-24703	114	19	by	by	ADP
fbem-24703	114	20	the	the	DET
fbem-24703	114	21	investor	investor	NOUN
fbem-24703	114	22	protection	protection	PROPN
fbem-24703	114	23	index	index	PROPN
fbem-24703	114	24	.	.	PUNCT
fbem-24703	115	1	columns	column	NOUN
fbem-24703	115	2	(	(	PUNCT
fbem-24703	115	3	2	2	NUM
fbem-24703	115	4	)	)	PUNCT
fbem-24703	115	5	and	and	CCONJ
fbem-24703	115	6	(	(	PUNCT
fbem-24703	115	7	3	3	X
fbem-24703	115	8	)	)	PUNCT
fbem-24703	115	9	build	build	VERB
fbem-24703	115	10	upon	upon	SCONJ
fbem-24703	115	11	column	column	NOUN
fbem-24703	115	12	(	(	PUNCT
fbem-24703	115	13	1	1	NUM
fbem-24703	115	14	)	)	PUNCT
fbem-24703	115	15	by	by	ADP
fbem-24703	115	16	sequentially	sequentially	ADV
fbem-24703	115	17	incorporating	incorporate	VERB
fbem-24703	115	18	control	control	NOUN
fbem-24703	115	19	variables	variable	NOUN
fbem-24703	115	20	,	,	PUNCT
fbem-24703	115	21	year	year	NOUN
fbem-24703	115	22	fixed	fix	VERB
fbem-24703	115	23	effects	effect	NOUN
fbem-24703	115	24	,	,	PUNCT
fbem-24703	115	25	and	and	CCONJ
fbem-24703	115	26	industry	industry	NOUN
fbem-24703	115	27	fixed	fix	VERB
fbem-24703	115	28	effects	effect	NOUN
fbem-24703	115	29	into	into	ADP
fbem-24703	115	30	the	the	DET
fbem-24703	115	31	regression	regression	NOUN
fbem-24703	115	32	model	model	NOUN
fbem-24703	115	33	.	.	PUNCT
fbem-24703	116	1	the	the	DET
fbem-24703	116	2	results	result	NOUN
fbem-24703	116	3	demonstrate	demonstrate	VERB
fbem-24703	116	4	that	that	SCONJ
fbem-24703	116	5	the	the	DET
fbem-24703	116	6	coefficient	coefficient	NOUN
fbem-24703	116	7	for	for	ADP
fbem-24703	116	8	digital	digital	ADJ
fbem-24703	116	9	transformation	transformation	NOUN
fbem-24703	116	10	(	(	PUNCT
fbem-24703	116	11	dcg	dcg	PROPN
fbem-24703	116	12	)	)	PUNCT
fbem-24703	116	13	remains	remain	VERB
fbem-24703	116	14	positively	positively	ADV
fbem-24703	116	15	significant	significant	ADJ
fbem-24703	116	16	at	at	ADP
fbem-24703	116	17	the	the	DET
fbem-24703	116	18	1	1	NUM
fbem-24703	116	19	%	%	NOUN
fbem-24703	116	20	level	level	NOUN
fbem-24703	116	21	even	even	ADV
fbem-24703	116	22	after	after	ADP
fbem-24703	116	23	accounting	account	VERB
fbem-24703	116	24	for	for	ADP
fbem-24703	116	25	these	these	DET
fbem-24703	116	26	factors	factor	NOUN
fbem-24703	116	27	.	.	PUNCT
fbem-24703	117	1	these	these	DET
fbem-24703	117	2	findings	finding	NOUN
fbem-24703	117	3	suggest	suggest	VERB
fbem-24703	117	4	that	that	SCONJ
fbem-24703	117	5	digital	digital	ADJ
fbem-24703	117	6	transformation	transformation	NOUN
fbem-24703	117	7	significantly	significantly	ADV
fbem-24703	117	8	enhances	enhance	VERB
fbem-24703	117	9	investor	investor	NOUN
fbem-24703	117	10	protection	protection	NOUN
fbem-24703	117	11	,	,	PUNCT
fbem-24703	117	12	accounting	account	VERB
fbem-24703	117	13	for	for	ADP
fbem-24703	117	14	the	the	DET
fbem-24703	117	15	relevant	relevant	ADJ
fbem-24703	117	16	control	control	NOUN
fbem-24703	117	17	variables	variable	NOUN
fbem-24703	117	18	.	.	PUNCT
fbem-24703	118	1	the	the	DET
fbem-24703	118	2	economic	economic	ADJ
fbem-24703	118	3	implication	implication	NOUN
fbem-24703	118	4	is	be	AUX
fbem-24703	118	5	as	as	SCONJ
fbem-24703	118	6	follows	follow	VERB
fbem-24703	118	7	:	:	PUNCT
fbem-24703	118	8	after	after	ADP
fbem-24703	118	9	controlling	control	VERB
fbem-24703	118	10	for	for	ADP
fbem-24703	118	11	variables	variable	NOUN
fbem-24703	118	12	and	and	CCONJ
fbem-24703	118	13	year	year	NOUN
fbem-24703	118	14	and	and	CCONJ
fbem-24703	118	15	industry	industry	NOUN
fbem-24703	118	16	effects	effect	NOUN
fbem-24703	118	17	,	,	PUNCT
fbem-24703	118	18	the	the	DET
fbem-24703	118	19	coefficient	coefficient	NOUN
fbem-24703	118	20	for	for	ADP
fbem-24703	118	21	digital	digital	ADJ
fbem-24703	118	22	transformation	transformation	NOUN
fbem-24703	118	23	(	(	PUNCT
fbem-24703	118	24	dcg	dcg	PROPN
fbem-24703	118	25	)	)	PUNCT
fbem-24703	118	26	is	be	AUX
fbem-24703	118	27	0.2395	0.2395	NUM
fbem-24703	118	28	(	(	PUNCT
fbem-24703	118	29	t=9.1606	t=9.1606	NUM
fbem-24703	118	30	)	)	PUNCT
fbem-24703	118	31	.	.	PUNCT
fbem-24703	119	1	this	this	PRON
fbem-24703	119	2	implies	imply	VERB
fbem-24703	119	3	that	that	SCONJ
fbem-24703	119	4	holding	hold	VERB
fbem-24703	119	5	other	other	ADJ
fbem-24703	119	6	factors	factor	NOUN
fbem-24703	119	7	constant	constant	ADJ
fbem-24703	119	8	,	,	PUNCT
fbem-24703	119	9	an	an	DET
fbem-24703	119	10	increase	increase	NOUN
fbem-24703	119	11	of	of	ADP
fbem-24703	119	12	1	1	NUM
fbem-24703	119	13	standard	standard	ADJ
fbem-24703	119	14	deviation	deviation	NOUN
fbem-24703	119	15	in	in	ADP
fbem-24703	119	16	the	the	DET
fbem-24703	119	17	degree	degree	NOUN
fbem-24703	119	18	of	of	ADP
fbem-24703	119	19	digital	digital	ADJ
fbem-24703	119	20	transformation	transformation	NOUN
fbem-24703	119	21	corresponds	correspond	VERB
fbem-24703	119	22	to	to	ADP
fbem-24703	119	23	a	a	DET
fbem-24703	119	24	5.8	5.8	NUM
fbem-24703	119	25	%	%	NOUN
fbem-24703	119	26	improvement	improvement	NOUN
fbem-24703	119	27	in	in	ADP
fbem-24703	119	28	investor	investor	NOUN
fbem-24703	119	29	protection	protection	NOUN
fbem-24703	119	30	,	,	PUNCT
fbem-24703	119	31	equivalent	equivalent	ADJ
fbem-24703	119	32	to	to	ADP
fbem-24703	119	33	the	the	DET
fbem-24703	119	34	sample	sample	NOUN
fbem-24703	119	35	standard	standard	ADJ
fbem-24703	119	36	deviation	deviation	NOUN
fbem-24703	119	37	of	of	ADP
fbem-24703	119	38	0.2395	0.2395	NUM
fbem-24703	119	39	*	*	PUNCT
fbem-24703	119	40	(	(	PUNCT
fbem-24703	119	41	1.163/4.610	1.163/4.610	NUM
fbem-24703	119	42	)	)	PUNCT
fbem-24703	119	43	.	.	PUNCT
fbem-24703	120	1	these	these	DET
fbem-24703	120	2	results	result	NOUN
fbem-24703	120	3	highlight	highlight	VERB
fbem-24703	120	4	the	the	DET
fbem-24703	120	5	economic	economic	ADJ
fbem-24703	120	6	significance	significance	NOUN
fbem-24703	120	7	of	of	ADP
fbem-24703	120	8	digital	digital	ADJ
fbem-24703	120	9	transformation	transformation	NOUN
fbem-24703	120	10	.	.	PUNCT
fbem-24703	121	1	hypothesis	hypothesis	NOUN
fbem-24703	121	2	h1	h1	PROPN
fbem-24703	121	3	is	be	AUX
fbem-24703	121	4	confirmed	confirm	VERB
fbem-24703	121	5	,	,	PUNCT
fbem-24703	121	6	and	and	CCONJ
fbem-24703	121	7	the	the	DET
fbem-24703	121	8	vif	vif	NOUN
fbem-24703	121	9	test	test	NOUN
fbem-24703	121	10	values	value	NOUN
fbem-24703	121	11	are	be	AUX
fbem-24703	121	12	between	between	ADP
fbem-24703	121	13	1	1	NUM
fbem-24703	121	14	and	and	CCONJ
fbem-24703	121	15	2	2	NUM
fbem-24703	121	16	,	,	PUNCT
fbem-24703	121	17	all	all	PRON
fbem-24703	121	18	below	below	ADP
fbem-24703	121	19	10	10	NUM
fbem-24703	121	20	,	,	PUNCT
fbem-24703	121	21	indicating	indicate	VERB
fbem-24703	121	22	no	no	DET
fbem-24703	121	23	issues	issue	NOUN
fbem-24703	121	24	of	of	ADP
fbem-24703	121	25	multicollinearity	multicollinearity	NOUN
fbem-24703	121	26	.	.	PUNCT
fbem-24703	122	1	table	table	NOUN
fbem-24703	122	2	3	3	NUM
fbem-24703	122	3	.	.	X
fbem-24703	123	1	regression	regression	NOUN
fbem-24703	123	2	result	result	NOUN
fbem-24703	123	3	(	(	PUNCT
fbem-24703	123	4	1	1	NUM
fbem-24703	123	5	)	)	PUNCT
fbem-24703	123	6	(	(	PUNCT
fbem-24703	123	7	2	2	NUM
fbem-24703	123	8	)	)	PUNCT
fbem-24703	123	9	(	(	PUNCT
fbem-24703	123	10	3	3	X
fbem-24703	123	11	)	)	PUNCT
fbem-24703	123	12	ip	ip	NOUN
fbem-24703	123	13	ip	ip	NOUN
fbem-24703	123	14	ip	ip	NOUN
fbem-24703	123	15	dcg	dcg	PROPN
fbem-24703	123	16	0.5126	0.5126	NUM
fbem-24703	123	17	*	*	PUNCT
fbem-24703	123	18	*	*	PUNCT
fbem-24703	123	19	*	*	PUNCT
fbem-24703	123	20	0.2196	0.2196	NUM
fbem-24703	123	21	*	*	PUNCT
fbem-24703	123	22	*	*	PUNCT
fbem-24703	123	23	*	*	PUNCT
fbem-24703	123	24	0.2169	0.2169	NUM
fbem-24703	123	25	*	*	PUNCT
fbem-24703	123	26	*	*	PUNCT
fbem-24703	123	27	*	*	PUNCT
fbem-24703	123	28	(	(	PUNCT
fbem-24703	123	29	20.1430	20.1430	NUM
fbem-24703	123	30	)	)	PUNCT
fbem-24703	123	31	(	(	PUNCT
fbem-24703	123	32	8.9699	8.9699	NUM
fbem-24703	123	33	)	)	PUNCT
fbem-24703	123	34	(	(	PUNCT
fbem-24703	123	35	8.3841	8.3841	NUM
fbem-24703	123	36	)	)	PUNCT
fbem-24703	123	37	size	size	NOUN
fbem-24703	123	38	0.7314	0.7314	NUM
fbem-24703	123	39	*	*	PUNCT
fbem-24703	123	40	*	*	PUNCT
fbem-24703	123	41	*	*	PUNCT
fbem-24703	124	1	0.8071	0.8071	NUM
fbem-24703	124	2	*	*	PUNCT
fbem-24703	124	3	*	*	PUNCT
fbem-24703	124	4	*	*	PUNCT
fbem-24703	124	5	(	(	PUNCT
fbem-24703	124	6	21.4066	21.4066	NUM
fbem-24703	124	7	)	)	PUNCT
fbem-24703	124	8	(	(	PUNCT
fbem-24703	124	9	23.3921	23.3921	NUM
fbem-24703	124	10	)	)	PUNCT
fbem-24703	124	11	lev	lev	NOUN
fbem-24703	124	12	-2.0626	-2.0626	PROPN
fbem-24703	124	13	*	*	PUNCT
fbem-24703	124	14	*	*	PUNCT
fbem-24703	124	15	*	*	PUNCT
fbem-24703	124	16	-2.2252	-2.2252	PROPN
fbem-24703	124	17	*	*	PUNCT
fbem-24703	125	1	*	*	PUNCT
fbem-24703	125	2	*	*	PUNCT
fbem-24703	125	3	(	(	PUNCT
fbem-24703	125	4	-21.8816	-21.8816	NUM
fbem-24703	125	5	)	)	PUNCT
fbem-24703	125	6	(	(	PUNCT
fbem-24703	125	7	-23.6732	-23.6732	X
fbem-24703	125	8	)	)	PUNCT
fbem-24703	125	9	roa	roa	NOUN
fbem-24703	125	10	-0.9206	-0.9206	NOUN
fbem-24703	125	11	*	*	PUNCT
fbem-24703	125	12	*	*	PUNCT
fbem-24703	125	13	*	*	PUNCT
fbem-24703	125	14	-1.0561	-1.0561	PUNCT
fbem-24703	125	15	*	*	PUNCT
fbem-24703	125	16	*	*	PUNCT
fbem-24703	125	17	*	*	PUNCT
fbem-24703	125	18	(	(	PUNCT
fbem-24703	125	19	-7.5919	-7.5919	NOUN
fbem-24703	125	20	)	)	PUNCT
fbem-24703	125	21	(	(	PUNCT
fbem-24703	125	22	-8.8692	-8.8692	NOUN
fbem-24703	125	23	)	)	PUNCT
fbem-24703	125	24	fee	fee	NOUN
fbem-24703	125	25	0.1535	0.1535	NUM
fbem-24703	125	26	*	*	PUNCT
fbem-24703	126	1	*	*	PUNCT
fbem-24703	126	2	*	*	PUNCT
fbem-24703	127	1	0.3035	0.3035	NUM
fbem-24703	127	2	*	*	PUNCT
fbem-24703	127	3	*	*	PUNCT
fbem-24703	127	4	*	*	PUNCT
fbem-24703	127	5	(	(	PUNCT
fbem-24703	127	6	2.6284	2.6284	NUM
fbem-24703	127	7	)	)	PUNCT
fbem-24703	127	8	(	(	PUNCT
fbem-24703	127	9	5.1634	5.1634	NUM
fbem-24703	127	10	)	)	PUNCT
fbem-24703	127	11	pay	pay	VERB
fbem-24703	127	12	1.3017	1.3017	NUM
fbem-24703	127	13	*	*	PUNCT
fbem-24703	127	14	*	*	PUNCT
fbem-24703	127	15	*	*	PUNCT
fbem-24703	127	16	1.1771	1.1771	NUM
fbem-24703	127	17	*	*	PUNCT
fbem-24703	127	18	*	*	PUNCT
fbem-24703	127	19	*	*	PUNCT
fbem-24703	127	20	(	(	PUNCT
fbem-24703	127	21	29.9165	29.9165	NUM
fbem-24703	127	22	)	)	PUNCT
fbem-24703	127	23	(	(	PUNCT
fbem-24703	127	24	26.3516	26.3516	NUM
fbem-24703	127	25	)	)	PUNCT
fbem-24703	127	26	growth	growth	NOUN
fbem-24703	127	27	-0.0003	-0.0003	NOUN
fbem-24703	127	28	*	*	PUNCT
fbem-24703	127	29	*	*	PUNCT
fbem-24703	127	30	*	*	PUNCT
fbem-24703	127	31	-0.0003	-0.0003	ADJ
fbem-24703	127	32	*	*	PUNCT
fbem-24703	127	33	*	*	PUNCT
fbem-24703	127	34	*	*	PUNCT
fbem-24703	127	35	(	(	PUNCT
fbem-24703	127	36	-4.7848	-4.7848	INTJ
fbem-24703	127	37	)	)	PUNCT
fbem-24703	127	38	(	(	PUNCT
fbem-24703	127	39	-4.7843	-4.7843	PROPN
fbem-24703	127	40	)	)	PUNCT
fbem-24703	127	41	cv	cv	NOUN
fbem-24703	127	42	0.0147	0.0147	NUM
fbem-24703	127	43	*	*	PUNCT
fbem-24703	127	44	*	*	PUNCT
fbem-24703	127	45	*	*	PUNCT
fbem-24703	127	46	0.0114	0.0114	PUNCT
fbem-24703	127	47	*	*	PUNCT
fbem-24703	127	48	*	*	PUNCT
fbem-24703	127	49	*	*	PUNCT
fbem-24703	127	50	(	(	PUNCT
fbem-24703	127	51	4.1677	4.1677	NUM
fbem-24703	127	52	)	)	PUNCT
fbem-24703	127	53	(	(	PUNCT
fbem-24703	127	54	3.2871	3.2871	NUM
fbem-24703	127	55	)	)	PUNCT
fbem-24703	127	56	top	top	NOUN
fbem-24703	127	57	1.6201	1.6201	NUM
fbem-24703	127	58	*	*	PUNCT
fbem-24703	127	59	*	*	PUNCT
fbem-24703	127	60	*	*	PUNCT
fbem-24703	127	61	1.8749	1.8749	NUM
fbem-24703	127	62	*	*	PUNCT
fbem-24703	127	63	*	*	PUNCT
fbem-24703	127	64	*	*	PUNCT
fbem-24703	127	65	(	(	PUNCT
fbem-24703	127	66	8.4909	8.4909	NUM
fbem-24703	127	67	)	)	PUNCT
fbem-24703	127	68	(	(	PUNCT
fbem-24703	127	69	9.9656	9.9656	NUM
fbem-24703	127	70	)	)	PUNCT
fbem-24703	127	71	dual	dual	ADJ
fbem-24703	127	72	-0.4067	-0.4067	NOUN
fbem-24703	127	73	*	*	PUNCT
fbem-24703	127	74	*	*	PUNCT
fbem-24703	127	75	*	*	PUNCT
fbem-24703	127	76	-0.4113	-0.4113	NOUN
fbem-24703	127	77	*	*	PUNCT
fbem-24703	128	1	*	*	PUNCT
fbem-24703	128	2	*	*	PUNCT
fbem-24703	128	3	(	(	PUNCT
fbem-24703	128	4	-6.1852	-6.1852	PROPN
fbem-24703	128	5	)	)	PUNCT
fbem-24703	128	6	(	(	PUNCT
fbem-24703	128	7	-6.4037	-6.4037	PROPN
fbem-24703	128	8	)	)	PUNCT
fbem-24703	128	9	soe	soe	PROPN
fbem-24703	128	10	0.4321	0.4321	NUM
fbem-24703	128	11	*	*	PUNCT
fbem-24703	128	12	*	*	PUNCT
fbem-24703	128	13	*	*	PUNCT
fbem-24703	128	14	0.4163	0.4163	NUM
fbem-24703	128	15	*	*	PUNCT
fbem-24703	128	16	*	*	PUNCT
fbem-24703	128	17	*	*	PUNCT
fbem-24703	128	18	(	(	PUNCT
fbem-24703	128	19	6.8054	6.8054	NUM
fbem-24703	128	20	)	)	PUNCT
fbem-24703	128	21	(	(	PUNCT
fbem-24703	128	22	6.5010	6.5010	NUM
fbem-24703	128	23	)	)	PUNCT
fbem-24703	128	24	yearfe	yearfe	ADV
fbem-24703	129	1	no	no	INTJ
fbem-24703	129	2	no	no	INTJ
fbem-24703	130	1	yes	yes	INTJ
fbem-24703	130	2	indfe	indfe	INTJ
fbem-24703	131	1	no	no	INTJ
fbem-24703	132	1	no	no	INTJ
fbem-24703	132	2	yes	yes	INTJ
fbem-24703	133	1	_	_	NOUN
fbem-24703	133	2	cons	con	NOUN
fbem-24703	133	3	54.8930	54.8930	NUM
fbem-24703	133	4	*	*	PUNCT
fbem-24703	133	5	*	*	PUNCT
fbem-24703	133	6	*	*	PUNCT
fbem-24703	133	7	18.2889	18.2889	NUM
fbem-24703	133	8	*	*	PUNCT
fbem-24703	133	9	*	*	PUNCT
fbem-24703	133	10	*	*	PUNCT
fbem-24703	133	11	19.4451	19.4451	NUM
fbem-24703	133	12	*	*	PUNCT
fbem-24703	133	13	*	*	PUNCT
fbem-24703	133	14	*	*	PUNCT
fbem-24703	133	15	(	(	PUNCT
fbem-24703	133	16	1.4e+03	1.4e+03	NUM
fbem-24703	133	17	)	)	PUNCT
fbem-24703	133	18	(	(	PUNCT
fbem-24703	133	19	28.9552	28.9552	NUM
fbem-24703	133	20	)	)	PUNCT
fbem-24703	133	21	(	(	PUNCT
fbem-24703	133	22	28.4406	28.4406	NUM
fbem-24703	133	23	)	)	PUNCT
fbem-24703	133	24	n	n	CCONJ
fbem-24703	133	25	23863	23863	NUM
fbem-24703	133	26	23863	23863	NUM
fbem-24703	133	27	23863	23863	NUM
fbem-24703	133	28	r2_a	r2_a	NOUN
fbem-24703	133	29	0.0167	0.0167	NUM
fbem-24703	133	30	0.1800	0.1800	NUM
fbem-24703	133	31	0.2221	0.2221	NUM
fbem-24703	133	32	5	5	NUM
fbem-24703	133	33	.	.	PUNCT
fbem-24703	133	34	robustness	robustness	NOUN
fbem-24703	133	35	test	test	NOUN
fbem-24703	133	36	5.1	5.1	NUM
fbem-24703	133	37	.	.	PUNCT
fbem-24703	134	1	replace	replace	VERB
fbem-24703	134	2	explanatory	explanatory	ADJ
fbem-24703	134	3	variables	variable	NOUN
fbem-24703	134	4	extracting	extract	VERB
fbem-24703	134	5	digital	digital	ADJ
fbem-24703	134	6	transformation	transformation	NOUN
fbem-24703	134	7	frequency	frequency	NOUN
fbem-24703	134	8	from	from	ADP
fbem-24703	134	9	annual	annual	ADJ
fbem-24703	134	10	reports	report	NOUN
fbem-24703	134	11	as	as	ADP
fbem-24703	134	12	a	a	DET
fbem-24703	134	13	measure	measure	NOUN
fbem-24703	134	14	of	of	ADP
fbem-24703	134	15	the	the	DET
fbem-24703	134	16	degree	degree	NOUN
fbem-24703	134	17	of	of	ADP
fbem-24703	134	18	corporate	corporate	ADJ
fbem-24703	134	19	digital	digital	ADJ
fbem-24703	134	20	transformation	transformation	NOUN
fbem-24703	134	21	may	may	AUX
fbem-24703	134	22	suffer	suffer	VERB
fbem-24703	134	23	from	from	ADP
fbem-24703	134	24	inaccuracies	inaccuracy	NOUN
fbem-24703	134	25	due	due	ADJ
fbem-24703	134	26	to	to	ADP
fbem-24703	134	27	companies	company	NOUN
fbem-24703	134	28	intentionally	intentionally	ADV
fbem-24703	134	29	inflating	inflate	VERB
fbem-24703	134	30	digital	digital	ADJ
fbem-24703	134	31	transformationrelated	transformationrelate	VERB
fbem-24703	134	32	word	word	NOUN
fbem-24703	134	33	frequencies	frequency	NOUN
fbem-24703	134	34	in	in	ADP
fbem-24703	134	35	their	their	PRON
fbem-24703	134	36	reports	report	NOUN
fbem-24703	134	37	.	.	PUNCT
fbem-24703	135	1	following	follow	VERB
fbem-24703	135	2	the	the	DET
fbem-24703	135	3	practices	practice	NOUN
fbem-24703	135	4	of	of	ADP
fbem-24703	135	5	fang	fang	X
fbem-24703	135	6	mingyue	mingyue	NOUN
fbem-24703	135	7	(	(	PUNCT
fbem-24703	135	8	2022	2022	NUM
fbem-24703	135	9	)	)	PUNCT
fbem-24703	135	10	,	,	PUNCT
fbem-24703	135	11	pang	pang	NOUN
fbem-24703	135	12	ruizhi	ruizhi	NOUN
fbem-24703	135	13	,	,	PUNCT
fbem-24703	135	14	and	and	CCONJ
fbem-24703	135	15	liu	liu	PROPN
fbem-24703	135	16	dongge	dongge	PROPN
fbem-24703	135	17	(	(	PUNCT
fbem-24703	135	18	2022	2022	NUM
fbem-24703	135	19	)	)	PUNCT
fbem-24703	135	20	,	,	PUNCT
fbem-24703	135	21	this	this	DET
fbem-24703	135	22	study	study	NOUN
fbem-24703	135	23	uses	use	VERB
fbem-24703	135	24	the	the	DET
fbem-24703	135	25	ratio	ratio	NOUN
fbem-24703	135	26	of	of	ADP
fbem-24703	135	27	software	software	NOUN
fbem-24703	135	28	investments	investment	NOUN
fbem-24703	135	29	and	and	CCONJ
fbem-24703	135	30	digital	digital	ADJ
fbem-24703	135	31	hardware	hardware	NOUN
fbem-24703	135	32	investments	investment	NOUN
fbem-24703	135	33	to	to	PART
fbem-24703	135	34	total	total	VERB
fbem-24703	135	35	assets	asset	NOUN
fbem-24703	135	36	(	(	PUNCT
fbem-24703	135	37	dcg2	dcg2	NOUN
fbem-24703	135	38	)	)	PUNCT
fbem-24703	135	39	as	as	ADP
fbem-24703	135	40	an	an	DET
fbem-24703	135	41	alternative	alternative	ADJ
fbem-24703	135	42	indicator	indicator	NOUN
fbem-24703	135	43	to	to	PART
fbem-24703	135	44	measure	measure	VERB
fbem-24703	135	45	the	the	DET
fbem-24703	135	46	level	level	NOUN
fbem-24703	135	47	of	of	ADP
fbem-24703	135	48	digital	digital	ADJ
fbem-24703	135	49	transformation	transformation	NOUN
fbem-24703	135	50	.	.	PUNCT
fbem-24703	136	1	software	software	NOUN
fbem-24703	136	2	investments	investment	NOUN
fbem-24703	136	3	are	be	AUX
fbem-24703	136	4	manually	manually	ADV
fbem-24703	136	5	screened	screen	VERB
fbem-24703	136	6	erp	erp	NOUN
fbem-24703	136	7	and	and	CCONJ
fbem-24703	136	8	financial	financial	ADJ
fbem-24703	136	9	software	software	NOUN
fbem-24703	136	10	system	system	NOUN
fbem-24703	136	11	amounts	amount	VERB
fbem-24703	136	12	from	from	ADP
fbem-24703	136	13	162	162	NUM
fbem-24703	136	14	the	the	DET
fbem-24703	136	15	guotai	guotai	NOUN
fbem-24703	136	16	an	an	DET
fbem-24703	136	17	database	database	NOUN
fbem-24703	136	18	's	's	PART
fbem-24703	136	19	intangible	intangible	ADJ
fbem-24703	136	20	assets	asset	NOUN
fbem-24703	136	21	,	,	PUNCT
fbem-24703	136	22	while	while	SCONJ
fbem-24703	136	23	digital	digital	ADJ
fbem-24703	136	24	hardware	hardware	NOUN
fbem-24703	136	25	investments	investment	NOUN
fbem-24703	136	26	are	be	AUX
fbem-24703	136	27	amounts	amount	NOUN
fbem-24703	136	28	for	for	ADP
fbem-24703	136	29	office	office	NOUN
fbem-24703	136	30	electronic	electronic	ADJ
fbem-24703	136	31	equipment	equipment	NOUN
fbem-24703	136	32	and	and	CCONJ
fbem-24703	136	33	self	self	NOUN
fbem-24703	136	34	-	-	PUNCT
fbem-24703	136	35	service	service	NOUN
fbem-24703	136	36	devices	device	NOUN
fbem-24703	136	37	from	from	ADP
fbem-24703	136	38	the	the	DET
fbem-24703	136	39	guotai	guotai	NOUN
fbem-24703	136	40	an	an	DET
fbem-24703	136	41	database	database	NOUN
fbem-24703	136	42	's	's	PART
fbem-24703	136	43	fixed	fix	VERB
fbem-24703	136	44	assets	asset	NOUN
fbem-24703	136	45	.	.	PUNCT
fbem-24703	137	1	as	as	SCONJ
fbem-24703	137	2	shown	show	VERB
fbem-24703	137	3	in	in	ADP
fbem-24703	137	4	table	table	NOUN
fbem-24703	137	5	4	4	NUM
fbem-24703	137	6	,	,	PUNCT
fbem-24703	137	7	using	use	VERB
fbem-24703	137	8	the	the	DET
fbem-24703	137	9	proportion	proportion	NOUN
fbem-24703	137	10	of	of	ADP
fbem-24703	137	11	software	software	NOUN
fbem-24703	137	12	and	and	CCONJ
fbem-24703	137	13	hardware	hardware	NOUN
fbem-24703	137	14	investments	investment	NOUN
fbem-24703	137	15	to	to	PART
fbem-24703	137	16	total	total	VERB
fbem-24703	137	17	assets	asset	NOUN
fbem-24703	137	18	as	as	ADP
fbem-24703	137	19	explanatory	explanatory	ADJ
fbem-24703	137	20	variables	variable	NOUN
fbem-24703	137	21	,	,	PUNCT
fbem-24703	137	22	the	the	DET
fbem-24703	137	23	coefficients	coefficient	NOUN
fbem-24703	137	24	remain	remain	VERB
fbem-24703	137	25	significantly	significantly	ADV
fbem-24703	137	26	positive	positive	ADJ
fbem-24703	137	27	at	at	ADP
fbem-24703	137	28	the	the	DET
fbem-24703	137	29	1	1	NUM
fbem-24703	137	30	%	%	NOUN
fbem-24703	137	31	level	level	NOUN
fbem-24703	137	32	.	.	PUNCT
fbem-24703	138	1	robustness	robustness	NOUN
fbem-24703	138	2	tests	test	NOUN
fbem-24703	138	3	confirm	confirm	VERB
fbem-24703	138	4	the	the	DET
fbem-24703	138	5	robustness	robustness	NOUN
fbem-24703	138	6	and	and	CCONJ
fbem-24703	138	7	reliability	reliability	NOUN
fbem-24703	138	8	of	of	ADP
fbem-24703	138	9	hypothesis	hypothesis	NOUN
fbem-24703	138	10	h1	h1	NOUN
fbem-24703	138	11	conclusions	conclusion	NOUN
fbem-24703	138	12	in	in	ADP
fbem-24703	138	13	this	this	DET
fbem-24703	138	14	study	study	NOUN
fbem-24703	138	15	.	.	PUNCT
fbem-24703	139	1	table	table	NOUN
fbem-24703	139	2	4	4	NUM
fbem-24703	139	3	.	.	PUNCT
fbem-24703	139	4	replace	replace	VERB
fbem-24703	139	5	the	the	DET
fbem-24703	139	6	explanatory	explanatory	ADJ
fbem-24703	139	7	variable	variable	ADJ
fbem-24703	139	8	regression	regression	NOUN
fbem-24703	139	9	results	result	NOUN
fbem-24703	139	10	(	(	PUNCT
fbem-24703	139	11	1	1	NUM
fbem-24703	139	12	)	)	PUNCT
fbem-24703	139	13	(	(	PUNCT
fbem-24703	139	14	2	2	NUM
fbem-24703	139	15	)	)	PUNCT
fbem-24703	139	16	(	(	PUNCT
fbem-24703	139	17	3	3	X
fbem-24703	139	18	)	)	PUNCT
fbem-24703	139	19	ip	ip	NOUN
fbem-24703	139	20	ip	ip	NOUN
fbem-24703	139	21	ip	ip	ADJ
fbem-24703	139	22	dcg2	dcg2	NOUN
fbem-24703	139	23	100.5903	100.5903	NUM
fbem-24703	139	24	*	*	PUNCT
fbem-24703	139	25	*	*	PUNCT
fbem-24703	139	26	*	*	NOUN
fbem-24703	139	27	86.8858	86.8858	NUM
fbem-24703	139	28	*	*	PUNCT
fbem-24703	139	29	*	*	PUNCT
fbem-24703	139	30	*	*	PUNCT
fbem-24703	139	31	85.9937	85.9937	NUM
fbem-24703	139	32	*	*	PUNCT
fbem-24703	139	33	*	*	PUNCT
fbem-24703	139	34	*	*	PUNCT
fbem-24703	139	35	(	(	PUNCT
fbem-24703	139	36	9.3342	9.3342	NUM
fbem-24703	139	37	)	)	PUNCT
fbem-24703	139	38	(	(	PUNCT
fbem-24703	139	39	8.7092	8.7092	NUM
fbem-24703	139	40	)	)	PUNCT
fbem-24703	139	41	(	(	PUNCT
fbem-24703	139	42	8.6907	8.6907	NUM
fbem-24703	139	43	)	)	PUNCT
fbem-24703	139	44	size	size	NOUN
fbem-24703	139	45	0.7626	0.7626	NUM
fbem-24703	139	46	*	*	PUNCT
fbem-24703	139	47	*	*	PUNCT
fbem-24703	139	48	*	*	PUNCT
fbem-24703	139	49	0.8485	0.8485	NUM
fbem-24703	139	50	*	*	PUNCT
fbem-24703	139	51	*	*	PUNCT
fbem-24703	139	52	*	*	PUNCT
fbem-24703	139	53	(	(	PUNCT
fbem-24703	139	54	22.1293	22.1293	NUM
fbem-24703	139	55	)	)	PUNCT
fbem-24703	139	56	(	(	PUNCT
fbem-24703	139	57	24.4846	24.4846	NUM
fbem-24703	139	58	)	)	PUNCT
fbem-24703	139	59	lev	lev	NOUN
fbem-24703	139	60	-2.0713	-2.0713	PROPN
fbem-24703	139	61	*	*	PUNCT
fbem-24703	139	62	*	*	PUNCT
fbem-24703	139	63	*	*	NOUN
fbem-24703	139	64	-2.2213	-2.2213	NOUN
fbem-24703	140	1	*	*	PUNCT
fbem-24703	140	2	*	*	PUNCT
fbem-24703	140	3	*	*	PUNCT
fbem-24703	140	4	(	(	PUNCT
fbem-24703	140	5	-21.9769	-21.9769	NUM
fbem-24703	140	6	)	)	PUNCT
fbem-24703	140	7	(	(	PUNCT
fbem-24703	140	8	-23.6336	-23.6336	NOUN
fbem-24703	140	9	)	)	PUNCT
fbem-24703	140	10	roa	roa	NOUN
fbem-24703	140	11	-0.9116	-0.9116	NOUN
fbem-24703	141	1	*	*	PUNCT
fbem-24703	142	1	*	*	PUNCT
fbem-24703	142	2	*	*	PUNCT
fbem-24703	142	3	-1.0297	-1.0297	PROPN
fbem-24703	142	4	*	*	PUNCT
fbem-24703	142	5	*	*	PUNCT
fbem-24703	142	6	*	*	PUNCT
fbem-24703	142	7	(	(	PUNCT
fbem-24703	142	8	-7.5144	-7.5144	PROPN
fbem-24703	142	9	)	)	PUNCT
fbem-24703	142	10	(	(	PUNCT
fbem-24703	142	11	-8.6448	-8.6448	X
fbem-24703	142	12	)	)	PUNCT
fbem-24703	142	13	fee	fee	NOUN
fbem-24703	142	14	0.1624	0.1624	NUM
fbem-24703	142	15	*	*	PUNCT
fbem-24703	142	16	*	*	PUNCT
fbem-24703	142	17	*	*	PUNCT
fbem-24703	142	18	0.2863	0.2863	NUM
fbem-24703	143	1	*	*	PUNCT
fbem-24703	143	2	*	*	PUNCT
fbem-24703	143	3	*	*	PUNCT
fbem-24703	143	4	(	(	PUNCT
fbem-24703	143	5	2.7847	2.7847	NUM
fbem-24703	143	6	)	)	PUNCT
fbem-24703	143	7	(	(	PUNCT
fbem-24703	143	8	4.8612	4.8612	NUM
fbem-24703	143	9	)	)	PUNCT
fbem-24703	143	10	pay	pay	VERB
fbem-24703	143	11	1.3252	1.3252	NUM
fbem-24703	143	12	*	*	PUNCT
fbem-24703	143	13	*	*	PUNCT
fbem-24703	143	14	*	*	PUNCT
fbem-24703	144	1	1.1682	1.1682	NUM
fbem-24703	144	2	*	*	PUNCT
fbem-24703	144	3	*	*	PUNCT
fbem-24703	144	4	*	*	PUNCT
fbem-24703	144	5	(	(	PUNCT
fbem-24703	144	6	30.6940	30.6940	NUM
fbem-24703	144	7	)	)	PUNCT
fbem-24703	144	8	(	(	PUNCT
fbem-24703	144	9	26.1170	26.1170	NUM
fbem-24703	144	10	)	)	PUNCT
fbem-24703	144	11	growth	growth	NOUN
fbem-24703	144	12	-0.0003	-0.0003	NOUN
fbem-24703	144	13	*	*	PUNCT
fbem-24703	144	14	*	*	PUNCT
fbem-24703	144	15	*	*	PUNCT
fbem-24703	144	16	-0.0003	-0.0003	ADJ
fbem-24703	144	17	*	*	PUNCT
fbem-24703	144	18	*	*	PUNCT
fbem-24703	144	19	*	*	PUNCT
fbem-24703	144	20	(	(	PUNCT
fbem-24703	144	21	-4.7878	-4.7878	ADJ
fbem-24703	144	22	)	)	PUNCT
fbem-24703	144	23	(	(	PUNCT
fbem-24703	144	24	-4.8047	-4.8047	PROPN
fbem-24703	144	25	)	)	PUNCT
fbem-24703	144	26	cv	cv	PROPN
fbem-24703	144	27	0.0133	0.0133	NUM
fbem-24703	144	28	*	*	PUNCT
fbem-24703	144	29	*	*	PUNCT
fbem-24703	144	30	*	*	PUNCT
fbem-24703	144	31	0.0103	0.0103	NUM
fbem-24703	144	32	*	*	PUNCT
fbem-24703	144	33	*	*	PUNCT
fbem-24703	144	34	*	*	PUNCT
fbem-24703	144	35	(	(	PUNCT
fbem-24703	144	36	3.7574	3.7574	NUM
fbem-24703	144	37	)	)	PUNCT
fbem-24703	144	38	(	(	PUNCT
fbem-24703	144	39	2.9659	2.9659	NUM
fbem-24703	144	40	)	)	PUNCT
fbem-24703	144	41	top	top	NOUN
fbem-24703	144	42	1.5760	1.5760	NUM
fbem-24703	144	43	*	*	PUNCT
fbem-24703	144	44	*	*	PUNCT
fbem-24703	144	45	*	*	PUNCT
fbem-24703	144	46	1.8674	1.8674	NUM
fbem-24703	144	47	*	*	PUNCT
fbem-24703	144	48	*	*	PUNCT
fbem-24703	144	49	*	*	PUNCT
fbem-24703	144	50	(	(	PUNCT
fbem-24703	144	51	8.2599	8.2599	NUM
fbem-24703	144	52	)	)	PUNCT
fbem-24703	144	53	(	(	PUNCT
fbem-24703	144	54	9.9264	9.9264	NUM
fbem-24703	144	55	)	)	PUNCT
fbem-24703	144	56	dual	dual	ADJ
fbem-24703	144	57	-0.3957	-0.3957	NOUN
fbem-24703	144	58	*	*	PUNCT
fbem-24703	144	59	*	*	PUNCT
fbem-24703	144	60	*	*	PUNCT
fbem-24703	144	61	-0.4062	-0.4062	NOUN
fbem-24703	144	62	*	*	PUNCT
fbem-24703	144	63	*	*	PUNCT
fbem-24703	144	64	*	*	PUNCT
fbem-24703	144	65	(	(	PUNCT
fbem-24703	144	66	-6.0213	-6.0213	NOUN
fbem-24703	144	67	)	)	PUNCT
fbem-24703	144	68	(	(	PUNCT
fbem-24703	144	69	-6.3259	-6.3259	NOUN
fbem-24703	144	70	)	)	PUNCT
fbem-24703	144	71	soe	soe	PROPN
fbem-24703	144	72	0.3844	0.3844	NUM
fbem-24703	144	73	*	*	PUNCT
fbem-24703	144	74	*	*	PUNCT
fbem-24703	144	75	*	*	PUNCT
fbem-24703	144	76	0.3774	0.3774	NUM
fbem-24703	144	77	*	*	PUNCT
fbem-24703	144	78	*	*	PUNCT
fbem-24703	144	79	*	*	PUNCT
fbem-24703	144	80	(	(	PUNCT
fbem-24703	144	81	6.0908	6.0908	NUM
fbem-24703	144	82	)	)	PUNCT
fbem-24703	144	83	(	(	PUNCT
fbem-24703	144	84	5.9269	5.9269	NUM
fbem-24703	144	85	)	)	PUNCT
fbem-24703	144	86	yearfe	yearfe	ADV
fbem-24703	145	1	no	no	INTJ
fbem-24703	145	2	no	no	INTJ
fbem-24703	146	1	yes	yes	INTJ
fbem-24703	146	2	indfe	indfe	INTJ
fbem-24703	147	1	no	no	INTJ
fbem-24703	148	1	no	no	INTJ
fbem-24703	149	1	yes	yes	INTJ
fbem-24703	150	1	_	_	NOUN
fbem-24703	150	2	cons	con	NOUN
fbem-24703	150	3	55.3155	55.3155	NUM
fbem-24703	150	4	*	*	PUNCT
fbem-24703	150	5	*	*	PUNCT
fbem-24703	150	6	*	*	PUNCT
fbem-24703	150	7	17.3031	17.3031	NUM
fbem-24703	150	8	*	*	PUNCT
fbem-24703	150	9	*	*	PUNCT
fbem-24703	150	10	*	*	X
fbem-24703	150	11	18.9622	18.9622	NUM
fbem-24703	150	12	*	*	PUNCT
fbem-24703	150	13	*	*	PUNCT
fbem-24703	150	14	*	*	PUNCT
fbem-24703	150	15	(	(	PUNCT
fbem-24703	150	16	1.7e+03	1.7e+03	NOUN
fbem-24703	150	17	)	)	PUNCT
fbem-24703	150	18	(	(	PUNCT
fbem-24703	150	19	28.1401	28.1401	NUM
fbem-24703	150	20	)	)	PUNCT
fbem-24703	150	21	(	(	PUNCT
fbem-24703	150	22	27.9755	27.9755	NUM
fbem-24703	150	23	)	)	PUNCT
fbem-24703	150	24	n	n	CCONJ
fbem-24703	150	25	23863	23863	NUM
fbem-24703	150	26	23863	23863	NUM
fbem-24703	150	27	23863	23863	NUM
fbem-24703	150	28	r2_a	r2_a	NOUN
fbem-24703	150	29	0.0036	0.0036	NUM
fbem-24703	150	30	0.1799	0.1799	NUM
fbem-24703	150	31	0.2222	0.2222	NUM
fbem-24703	150	32	5.2	5.2	NUM
fbem-24703	150	33	.	.	PUNCT
fbem-24703	151	1	instrumental	instrumental	ADJ
fbem-24703	151	2	variable	variable	ADJ
fbem-24703	151	3	method	method	NOUN
fbem-24703	151	4	(	(	PUNCT
fbem-24703	151	5	2sls	2sls	NOUN
fbem-24703	151	6	)	)	PUNCT
fbem-24703	151	7	to	to	PART
fbem-24703	151	8	further	far	ADV
fbem-24703	151	9	mitigate	mitigate	VERB
fbem-24703	151	10	endogeneity	endogeneity	NOUN
fbem-24703	151	11	issues	issue	NOUN
fbem-24703	151	12	,	,	PUNCT
fbem-24703	151	13	this	this	DET
fbem-24703	151	14	study	study	NOUN
fbem-24703	151	15	adopts	adopt	VERB
fbem-24703	151	16	the	the	DET
fbem-24703	151	17	method	method	NOUN
fbem-24703	151	18	proposed	propose	VERB
fbem-24703	151	19	by	by	ADP
fbem-24703	151	20	fang	fang	PROPN
fbem-24703	151	21	mingyue	mingyue	NOUN
fbem-24703	151	22	(	(	PUNCT
fbem-24703	151	23	2022	2022	NUM
fbem-24703	151	24	)	)	PUNCT
fbem-24703	151	25	and	and	CCONJ
fbem-24703	151	26	ni	ni	PROPN
fbem-24703	151	27	kejin	kejin	PROPN
fbem-24703	151	28	and	and	CCONJ
fbem-24703	151	29	liu	liu	PROPN
fbem-24703	151	30	xiuyan	xiuyan	PROPN
fbem-24703	151	31	(	(	PUNCT
fbem-24703	151	32	2021	2021	NUM
fbem-24703	151	33	)	)	PUNCT
fbem-24703	151	34	,	,	PUNCT
fbem-24703	151	35	using	use	VERB
fbem-24703	151	36	the	the	DET
fbem-24703	151	37	industry	industry	NOUN
fbem-24703	151	38	and	and	CCONJ
fbem-24703	151	39	year	year	NOUN
fbem-24703	151	40	-	-	PUNCT
fbem-24703	151	41	specific	specific	ADJ
fbem-24703	151	42	mean	mean	NOUN
fbem-24703	151	43	of	of	ADP
fbem-24703	151	44	digital	digital	ADJ
fbem-24703	151	45	transformation	transformation	NOUN
fbem-24703	151	46	(	(	PUNCT
fbem-24703	151	47	dcg3	dcg3	PROPN
fbem-24703	151	48	)	)	PUNCT
fbem-24703	151	49	as	as	ADP
fbem-24703	151	50	an	an	DET
fbem-24703	151	51	instrumental	instrumental	ADJ
fbem-24703	151	52	variable	variable	NOUN
fbem-24703	151	53	.	.	PUNCT
fbem-24703	152	1	given	give	VERB
fbem-24703	152	2	that	that	SCONJ
fbem-24703	152	3	this	this	DET
fbem-24703	152	4	study	study	NOUN
fbem-24703	152	5	employs	employ	VERB
fbem-24703	152	6	only	only	ADV
fbem-24703	152	7	one	one	NUM
fbem-24703	152	8	instrumental	instrumental	ADJ
fbem-24703	152	9	variable	variable	NOUN
fbem-24703	152	10	,	,	PUNCT
fbem-24703	152	11	there	there	PRON
fbem-24703	152	12	is	be	VERB
fbem-24703	152	13	no	no	DET
fbem-24703	152	14	issue	issue	NOUN
fbem-24703	152	15	of	of	ADP
fbem-24703	152	16	overidentification	overidentification	NOUN
fbem-24703	152	17	.	.	PUNCT
fbem-24703	153	1	weak	weak	ADJ
fbem-24703	153	2	instrumental	instrumental	ADJ
fbem-24703	153	3	variable	variable	ADJ
fbem-24703	153	4	tests	test	NOUN
fbem-24703	153	5	indicate	indicate	VERB
fbem-24703	153	6	that	that	SCONJ
fbem-24703	153	7	the	the	DET
fbem-24703	153	8	first	first	ADJ
fbem-24703	153	9	-	-	PUNCT
fbem-24703	153	10	stage	stage	NOUN
fbem-24703	153	11	fstatistic	fstatistic	NOUN
fbem-24703	153	12	=	=	SYM
fbem-24703	153	13	2898.43	2898.43	NUM
fbem-24703	153	14	>	>	SYM
fbem-24703	153	15	10	10	NUM
fbem-24703	153	16	,	,	PUNCT
fbem-24703	153	17	with	with	ADP
fbem-24703	153	18	a	a	DET
fbem-24703	153	19	partial	partial	ADJ
fbem-24703	153	20	r	r	NOUN
fbem-24703	153	21	-	-	PUNCT
fbem-24703	153	22	squared	square	VERB
fbem-24703	153	23	of	of	ADP
fbem-24703	153	24	0.1316	0.1316	NUM
fbem-24703	153	25	,	,	PUNCT
fbem-24703	153	26	suggesting	suggest	VERB
fbem-24703	153	27	that	that	DET
fbem-24703	153	28	dcg3	dcg3	PROPN
fbem-24703	153	29	has	have	VERB
fbem-24703	153	30	good	good	ADJ
fbem-24703	153	31	explanatory	explanatory	ADJ
fbem-24703	153	32	power	power	NOUN
fbem-24703	153	33	over	over	ADP
fbem-24703	153	34	the	the	DET
fbem-24703	153	35	endogenous	endogenous	ADJ
fbem-24703	153	36	explanatory	explanatory	ADJ
fbem-24703	153	37	variable	variable	NOUN
fbem-24703	153	38	and	and	CCONJ
fbem-24703	153	39	does	do	AUX
fbem-24703	153	40	not	not	PART
fbem-24703	153	41	suffer	suffer	VERB
fbem-24703	153	42	from	from	ADP
fbem-24703	153	43	weak	weak	ADJ
fbem-24703	153	44	instrument	instrument	NOUN
fbem-24703	153	45	problems	problem	NOUN
fbem-24703	153	46	.	.	PUNCT
fbem-24703	154	1	in	in	ADP
fbem-24703	154	2	summary	summary	NOUN
fbem-24703	154	3	,	,	PUNCT
fbem-24703	154	4	the	the	DET
fbem-24703	154	5	selection	selection	NOUN
fbem-24703	154	6	of	of	ADP
fbem-24703	154	7	instrumental	instrumental	ADJ
fbem-24703	154	8	variables	variable	NOUN
fbem-24703	154	9	in	in	ADP
fbem-24703	154	10	this	this	DET
fbem-24703	154	11	study	study	NOUN
fbem-24703	154	12	is	be	AUX
fbem-24703	154	13	deemed	deem	VERB
fbem-24703	154	14	reasonable	reasonable	ADJ
fbem-24703	154	15	.	.	PUNCT
fbem-24703	155	1	table	table	NOUN
fbem-24703	155	2	5	5	NUM
fbem-24703	155	3	below	below	ADP
fbem-24703	155	4	presents	present	VERB
fbem-24703	155	5	the	the	DET
fbem-24703	155	6	results	result	NOUN
fbem-24703	155	7	of	of	ADP
fbem-24703	155	8	the	the	DET
fbem-24703	155	9	2sls	2sls	PROPN
fbem-24703	155	10	regression	regression	NOUN
fbem-24703	155	11	.	.	PUNCT
fbem-24703	156	1	column	column	NOUN
fbem-24703	156	2	(	(	PUNCT
fbem-24703	156	3	1	1	X
fbem-24703	156	4	)	)	PUNCT
fbem-24703	156	5	shows	show	VERB
fbem-24703	156	6	the	the	DET
fbem-24703	156	7	first	first	ADJ
fbem-24703	156	8	stage	stage	NOUN
fbem-24703	156	9	of	of	ADP
fbem-24703	156	10	the	the	DET
fbem-24703	156	11	2sls	2sls	PROPN
fbem-24703	156	12	regression	regression	NOUN
fbem-24703	156	13	,	,	PUNCT
fbem-24703	156	14	where	where	SCONJ
fbem-24703	156	15	the	the	DET
fbem-24703	156	16	instrumental	instrumental	ADJ
fbem-24703	156	17	variable	variable	NOUN
fbem-24703	156	18	(	(	PUNCT
fbem-24703	156	19	dcg3	dcg3	PROPN
fbem-24703	156	20	)	)	PUNCT
fbem-24703	156	21	regresses	regress	VERB
fbem-24703	156	22	on	on	ADP
fbem-24703	156	23	the	the	DET
fbem-24703	156	24	endogenous	endogenous	ADJ
fbem-24703	156	25	explanatory	explanatory	ADJ
fbem-24703	156	26	variable	variable	NOUN
fbem-24703	156	27	(	(	PUNCT
fbem-24703	156	28	dcg	dcg	PROPN
fbem-24703	156	29	)	)	PUNCT
fbem-24703	156	30	with	with	ADP
fbem-24703	156	31	a	a	DET
fbem-24703	156	32	coefficient	coefficient	NOUN
fbem-24703	156	33	of	of	ADP
fbem-24703	156	34	0.9253	0.9253	NUM
fbem-24703	156	35	(	(	PUNCT
fbem-24703	156	36	t	t	NOUN
fbem-24703	156	37	=	=	SYM
fbem-24703	156	38	53.8371	53.8371	NUM
fbem-24703	156	39	)	)	PUNCT
fbem-24703	156	40	,	,	PUNCT
fbem-24703	156	41	significant	significant	ADJ
fbem-24703	156	42	at	at	ADP
fbem-24703	156	43	the	the	DET
fbem-24703	156	44	1	1	NUM
fbem-24703	156	45	%	%	NOUN
fbem-24703	156	46	level	level	NOUN
fbem-24703	156	47	.	.	PUNCT
fbem-24703	157	1	column	column	NOUN
fbem-24703	157	2	(	(	PUNCT
fbem-24703	157	3	2	2	X
fbem-24703	157	4	)	)	PUNCT
fbem-24703	157	5	presents	present	VERB
fbem-24703	157	6	the	the	DET
fbem-24703	157	7	second	second	ADJ
fbem-24703	157	8	stage	stage	NOUN
fbem-24703	157	9	of	of	ADP
fbem-24703	157	10	the	the	DET
fbem-24703	157	11	2sls	2sls	PROPN
fbem-24703	157	12	regression	regression	NOUN
fbem-24703	157	13	,	,	PUNCT
fbem-24703	157	14	indicating	indicate	VERB
fbem-24703	157	15	that	that	SCONJ
fbem-24703	157	16	the	the	DET
fbem-24703	157	17	coefficient	coefficient	NOUN
fbem-24703	157	18	of	of	ADP
fbem-24703	157	19	the	the	DET
fbem-24703	157	20	instrumental	instrumental	ADJ
fbem-24703	157	21	variable	variable	NOUN
fbem-24703	157	22	(	(	PUNCT
fbem-24703	157	23	dcg3	dcg3	PROPN
fbem-24703	157	24	)	)	PUNCT
fbem-24703	157	25	is	be	AUX
fbem-24703	157	26	0.5626	0.5626	NUM
fbem-24703	157	27	(	(	PUNCT
fbem-24703	157	28	t	t	NOUN
fbem-24703	157	29	=	=	SYM
fbem-24703	157	30	8.1719	8.1719	NUM
fbem-24703	157	31	)	)	PUNCT
fbem-24703	157	32	,	,	PUNCT
fbem-24703	157	33	also	also	ADV
fbem-24703	157	34	significant	significant	ADJ
fbem-24703	157	35	at	at	ADP
fbem-24703	157	36	the	the	DET
fbem-24703	157	37	1	1	NUM
fbem-24703	157	38	%	%	NOUN
fbem-24703	157	39	confidence	confidence	NOUN
fbem-24703	157	40	level	level	NOUN
fbem-24703	157	41	.	.	PUNCT
fbem-24703	158	1	these	these	DET
fbem-24703	158	2	results	result	NOUN
fbem-24703	158	3	demonstrate	demonstrate	VERB
fbem-24703	158	4	that	that	SCONJ
fbem-24703	158	5	even	even	ADV
fbem-24703	158	6	after	after	ADP
fbem-24703	158	7	considering	consider	VERB
fbem-24703	158	8	potential	potential	ADJ
fbem-24703	158	9	endogeneity	endogeneity	NOUN
fbem-24703	158	10	issues	issue	NOUN
fbem-24703	158	11	,	,	PUNCT
fbem-24703	158	12	digital	digital	ADJ
fbem-24703	158	13	transformation	transformation	NOUN
fbem-24703	158	14	significantly	significantly	ADV
fbem-24703	158	15	enhances	enhance	VERB
fbem-24703	158	16	the	the	DET
fbem-24703	158	17	level	level	NOUN
fbem-24703	158	18	of	of	ADP
fbem-24703	158	19	investor	investor	NOUN
fbem-24703	158	20	protection	protection	NOUN
fbem-24703	158	21	,	,	PUNCT
fbem-24703	158	22	affirming	affirm	VERB
fbem-24703	158	23	the	the	DET
fbem-24703	158	24	robustness	robustness	NOUN
fbem-24703	158	25	of	of	ADP
fbem-24703	158	26	hypothesis	hypothesis	NOUN
fbem-24703	158	27	h1	h1	NOUN
fbem-24703	158	28	conclusions	conclusion	NOUN
fbem-24703	158	29	.	.	PUNCT
fbem-24703	159	1	table	table	NOUN
fbem-24703	159	2	5	5	NUM
fbem-24703	159	3	.	.	PUNCT
fbem-24703	160	1	instrumental	instrumental	ADJ
fbem-24703	160	2	variable	variable	ADJ
fbem-24703	160	3	method	method	NOUN
fbem-24703	160	4	regression	regression	NOUN
fbem-24703	160	5	results	result	NOUN
fbem-24703	160	6	(	(	PUNCT
fbem-24703	160	7	1	1	NUM
fbem-24703	160	8	)	)	PUNCT
fbem-24703	160	9	(	(	PUNCT
fbem-24703	160	10	2	2	X
fbem-24703	160	11	)	)	PUNCT
fbem-24703	160	12	first	first	ADJ
fbem-24703	160	13	second	second	ADJ
fbem-24703	160	14	variables	variable	NOUN
fbem-24703	160	15	dcg	dcg	PROPN
fbem-24703	160	16	ip	ip	PRON
fbem-24703	160	17	dcg3	dcg3	NOUN
fbem-24703	160	18	0.931	0.931	NUM
fbem-24703	160	19	*	*	PUNCT
fbem-24703	160	20	*	*	PUNCT
fbem-24703	160	21	*	*	PUNCT
fbem-24703	160	22	(	(	PUNCT
fbem-24703	160	23	0.012	0.012	NUM
fbem-24703	160	24	)	)	PUNCT
fbem-24703	160	25	dcg	dcg	PROPN
fbem-24703	160	26	0.526	0.526	NUM
fbem-24703	160	27	*	*	PUNCT
fbem-24703	160	28	*	*	PUNCT
fbem-24703	160	29	*	*	PUNCT
fbem-24703	160	30	(	(	PUNCT
fbem-24703	160	31	9.47	9.47	NUM
fbem-24703	160	32	)	)	PUNCT
fbem-24703	160	33	size	size	NOUN
fbem-24703	160	34	0.059	0.059	NUM
fbem-24703	160	35	*	*	PUNCT
fbem-24703	160	36	*	*	PUNCT
fbem-24703	160	37	*	*	PUNCT
fbem-24703	160	38	0.744	0.744	NUM
fbem-24703	160	39	*	*	PUNCT
fbem-24703	160	40	*	*	PUNCT
fbem-24703	160	41	*	*	PUNCT
fbem-24703	160	42	(	(	PUNCT
fbem-24703	160	43	0.008	0.008	NUM
fbem-24703	160	44	)	)	PUNCT
fbem-24703	160	45	(	(	PUNCT
fbem-24703	160	46	21.66	21.66	NUM
fbem-24703	160	47	)	)	PUNCT
fbem-24703	160	48	lev	lev	NOUN
fbem-24703	160	49	-0.122	-0.122	X
fbem-24703	160	50	*	*	PUNCT
fbem-24703	160	51	*	*	PUNCT
fbem-24703	160	52	*	*	PUNCT
fbem-24703	160	53	-2.028	-2.028	ADJ
fbem-24703	160	54	*	*	PUNCT
fbem-24703	160	55	*	*	PUNCT
fbem-24703	160	56	*	*	PUNCT
fbem-24703	160	57	(	(	PUNCT
fbem-24703	160	58	0.022	0.022	NUM
fbem-24703	160	59	)	)	PUNCT
fbem-24703	160	60	(	(	PUNCT
fbem-24703	160	61	-21.41	-21.41	NOUN
fbem-24703	160	62	)	)	PUNCT
fbem-24703	160	63	roa	roa	NOUN
fbem-24703	160	64	-0.121	-0.121	NOUN
fbem-24703	160	65	*	*	PUNCT
fbem-24703	160	66	*	*	PUNCT
fbem-24703	160	67	*	*	PUNCT
fbem-24703	160	68	-0.878	-0.878	ADJ
fbem-24703	160	69	*	*	PUNCT
fbem-24703	160	70	*	*	PUNCT
fbem-24703	160	71	*	*	PUNCT
fbem-24703	160	72	(	(	PUNCT
fbem-24703	160	73	0.029	0.029	NUM
fbem-24703	160	74	)	)	PUNCT
fbem-24703	160	75	(	(	PUNCT
fbem-24703	160	76	-7.21	-7.21	NOUN
fbem-24703	160	77	)	)	PUNCT
fbem-24703	160	78	fee	fee	NOUN
fbem-24703	160	79	0.196	0.196	NOUN
fbem-24703	160	80	*	*	PUNCT
fbem-24703	160	81	*	*	PUNCT
fbem-24703	160	82	*	*	PUNCT
fbem-24703	160	83	0.063	0.063	NUM
fbem-24703	160	84	(	(	PUNCT
fbem-24703	160	85	0.014	0.014	NUM
fbem-24703	160	86	)	)	PUNCT
fbem-24703	160	87	(	(	PUNCT
fbem-24703	160	88	1.04	1.04	NUM
fbem-24703	160	89	)	)	PUNCT
fbem-24703	160	90	pay	pay	VERB
fbem-24703	160	91	0.202	0.202	NUM
fbem-24703	160	92	*	*	PUNCT
fbem-24703	160	93	*	*	PUNCT
fbem-24703	160	94	*	*	PUNCT
fbem-24703	160	95	1.212	1.212	NUM
fbem-24703	160	96	*	*	PUNCT
fbem-24703	160	97	*	*	PUNCT
fbem-24703	160	98	*	*	PUNCT
fbem-24703	160	99	(	(	PUNCT
fbem-24703	160	100	0.010	0.010	NUM
fbem-24703	160	101	)	)	PUNCT
fbem-24703	160	102	(	(	PUNCT
fbem-24703	160	103	26.35	26.35	NUM
fbem-24703	160	104	)	)	PUNCT
fbem-24703	160	105	growth	growth	NOUN
fbem-24703	160	106	0.000	0.000	NUM
fbem-24703	160	107	-0.000	-0.000	PUNCT
fbem-24703	160	108	*	*	PUNCT
fbem-24703	160	109	*	*	PUNCT
fbem-24703	160	110	*	*	PUNCT
fbem-24703	160	111	(	(	PUNCT
fbem-24703	160	112	0.000	0.000	NUM
fbem-24703	160	113	)	)	PUNCT
fbem-24703	160	114	(	(	PUNCT
fbem-24703	160	115	-4.77	-4.77	X
fbem-24703	160	116	)	)	PUNCT
fbem-24703	160	117	cv	cv	NOUN
fbem-24703	160	118	-0.004	-0.004	PUNCT
fbem-24703	160	119	*	*	PUNCT
fbem-24703	160	120	*	*	PUNCT
fbem-24703	160	121	*	*	PUNCT
fbem-24703	160	122	0.016	0.016	NUM
fbem-24703	160	123	*	*	PUNCT
fbem-24703	160	124	*	*	PUNCT
fbem-24703	160	125	*	*	PUNCT
fbem-24703	160	126	(	(	PUNCT
fbem-24703	160	127	0.001	0.001	NUM
fbem-24703	160	128	)	)	PUNCT
fbem-24703	160	129	(	(	PUNCT
fbem-24703	160	130	4.60	4.60	NUM
fbem-24703	160	131	)	)	PUNCT
fbem-24703	160	132	top	top	NOUN
fbem-24703	160	133	-0.232	-0.232	NOUN
fbem-24703	160	134	*	*	PUNCT
fbem-24703	160	135	*	*	PUNCT
fbem-24703	160	136	*	*	PUNCT
fbem-24703	160	137	1.662	1.662	NUM
fbem-24703	160	138	*	*	PUNCT
fbem-24703	160	139	*	*	PUNCT
fbem-24703	160	140	*	*	PUNCT
fbem-24703	160	141	(	(	PUNCT
fbem-24703	160	142	0.045	0.045	NUM
fbem-24703	160	143	)	)	PUNCT
fbem-24703	160	144	(	(	PUNCT
fbem-24703	160	145	8.68	8.68	NUM
fbem-24703	160	146	)	)	PUNCT
fbem-24703	160	147	dual	dual	ADJ
fbem-24703	160	148	0.086	0.086	NUM
fbem-24703	160	149	*	*	PUNCT
fbem-24703	160	150	*	*	PUNCT
fbem-24703	160	151	*	*	PUNCT
fbem-24703	160	152	-0.441	-0.441	PUNCT
fbem-24703	160	153	*	*	PUNCT
fbem-24703	160	154	*	*	PUNCT
fbem-24703	160	155	*	*	PUNCT
fbem-24703	160	156	(	(	PUNCT
fbem-24703	160	157	0.016	0.016	NUM
fbem-24703	160	158	)	)	PUNCT
fbem-24703	160	159	(	(	PUNCT
fbem-24703	160	160	-6.66	-6.66	X
fbem-24703	160	161	)	)	PUNCT
fbem-24703	160	162	soe	soe	PROPN
fbem-24703	160	163	-0.239	-0.239	PUNCT
fbem-24703	160	164	*	*	PUNCT
fbem-24703	160	165	*	*	PUNCT
fbem-24703	160	166	*	*	PUNCT
fbem-24703	160	167	0.523	0.523	NUM
fbem-24703	160	168	*	*	PUNCT
fbem-24703	160	169	*	*	PUNCT
fbem-24703	160	170	*	*	PUNCT
fbem-24703	160	171	(	(	PUNCT
fbem-24703	160	172	0.015	0.015	NUM
fbem-24703	160	173	)	)	PUNCT
fbem-24703	160	174	(	(	PUNCT
fbem-24703	160	175	8.00	8.00	NUM
fbem-24703	160	176	)	)	PUNCT
fbem-24703	160	177	yearfe	yearfe	ADV
fbem-24703	161	1	yes	yes	INTJ
fbem-24703	161	2	yes	yes	INTJ
fbem-24703	161	3	indfe	indfe	INTJ
fbem-24703	162	1	yes	yes	INTJ
fbem-24703	162	2	yes	yes	INTJ
fbem-24703	163	1	_	_	PUNCT
fbem-24703	163	2	cons	con	NOUN
fbem-24703	163	3	-6.617	-6.617	PUNCT
fbem-24703	163	4	*	*	PUNCT
fbem-24703	163	5	*	*	PUNCT
fbem-24703	163	6	*	*	PUNCT
fbem-24703	163	7	20.174	20.174	NUM
fbem-24703	163	8	*	*	PUNCT
fbem-24703	163	9	*	*	PUNCT
fbem-24703	163	10	*	*	PUNCT
fbem-24703	163	11	(	(	PUNCT
fbem-24703	163	12	0.146	0.146	NUM
fbem-24703	163	13	)	)	PUNCT
fbem-24703	163	14	(	(	PUNCT
fbem-24703	163	15	28.66	28.66	NUM
fbem-24703	163	16	)	)	PUNCT
fbem-24703	163	17	n	n	CCONJ
fbem-24703	163	18	23,863	23,863	NUM
fbem-24703	163	19	23,863	23,863	NUM
fbem-24703	163	20	r2_a	r2_a	NOUN
fbem-24703	163	21	0.275	0.275	NUM
fbem-24703	163	22	0.175	0.175	NUM
fbem-24703	163	23	6	6	NUM
fbem-24703	163	24	.	.	PUNCT
fbem-24703	163	25	mediation	mediation	NOUN
fbem-24703	163	26	mechanism	mechanism	NOUN
fbem-24703	163	27	testing	testing	NOUN
fbem-24703	163	28	table	table	NOUN
fbem-24703	163	29	6	6	NUM
fbem-24703	163	30	presents	present	VERB
fbem-24703	163	31	the	the	DET
fbem-24703	163	32	results	result	NOUN
fbem-24703	163	33	of	of	ADP
fbem-24703	163	34	the	the	DET
fbem-24703	163	35	examination	examination	NOUN
fbem-24703	163	36	of	of	ADP
fbem-24703	163	37	the	the	DET
fbem-24703	163	38	direct	direct	ADJ
fbem-24703	163	39	relationship	relationship	NOUN
fbem-24703	163	40	between	between	ADP
fbem-24703	163	41	digital	digital	ADJ
fbem-24703	163	42	transformation	transformation	NOUN
fbem-24703	163	43	and	and	CCONJ
fbem-24703	163	44	investor	investor	NOUN
fbem-24703	163	45	protection	protection	NOUN
fbem-24703	163	46	.	.	PUNCT
fbem-24703	164	1	in	in	ADP
fbem-24703	164	2	column	column	NOUN
fbem-24703	164	3	(	(	PUNCT
fbem-24703	164	4	1	1	NUM
fbem-24703	164	5	)	)	PUNCT
fbem-24703	164	6	,	,	PUNCT
fbem-24703	164	7	the	the	DET
fbem-24703	164	8	coefficient	coefficient	NOUN
fbem-24703	164	9	for	for	ADP
fbem-24703	164	10	digital	digital	ADJ
fbem-24703	164	11	transformation	transformation	NOUN
fbem-24703	164	12	degree	degree	NOUN
fbem-24703	164	13	(	(	PUNCT
fbem-24703	164	14	dcg	dcg	PROPN
fbem-24703	164	15	)	)	PUNCT
fbem-24703	164	16	is	be	AUX
fbem-24703	164	17	0.2395	0.2395	NUM
fbem-24703	164	18	,	,	PUNCT
fbem-24703	164	19	indicating	indicate	VERB
fbem-24703	164	20	a	a	DET
fbem-24703	164	21	significant	significant	ADJ
fbem-24703	164	22	total	total	ADJ
fbem-24703	164	23	effect	effect	NOUN
fbem-24703	164	24	on	on	ADP
fbem-24703	164	25	investor	investor	NOUN
fbem-24703	164	26	protection	protection	NOUN
fbem-24703	164	27	at	at	ADP
fbem-24703	164	28	the	the	DET
fbem-24703	164	29	1	1	NUM
fbem-24703	164	30	%	%	NOUN
fbem-24703	164	31	level	level	NOUN
fbem-24703	164	32	.	.	PUNCT
fbem-24703	165	1	column	column	NOUN
fbem-24703	165	2	(	(	PUNCT
fbem-24703	165	3	2	2	X
fbem-24703	165	4	)	)	PUNCT
fbem-24703	165	5	shows	show	VERB
fbem-24703	165	6	that	that	SCONJ
fbem-24703	165	7	the	the	DET
fbem-24703	165	8	regression	regression	NOUN
fbem-24703	165	9	coefficient	coefficient	NOUN
fbem-24703	165	10	between	between	ADP
fbem-24703	165	11	digital	digital	ADJ
fbem-24703	165	12	transformation	transformation	NOUN
fbem-24703	165	13	degree	degree	NOUN
fbem-24703	165	14	and	and	CCONJ
fbem-24703	165	15	transparency	transparency	NOUN
fbem-24703	165	16	level	level	NOUN
fbem-24703	165	17	is	be	AUX
fbem-24703	165	18	0.0580	0.0580	NUM
fbem-24703	165	19	,	,	PUNCT
fbem-24703	165	20	also	also	ADV
fbem-24703	165	21	significant	significant	ADJ
fbem-24703	165	22	at	at	ADP
fbem-24703	165	23	the	the	DET
fbem-24703	165	24	1	1	NUM
fbem-24703	165	25	%	%	NOUN
fbem-24703	165	26	level	level	NOUN
fbem-24703	165	27	,	,	PUNCT
fbem-24703	165	28	suggesting	suggest	VERB
fbem-24703	165	29	that	that	SCONJ
fbem-24703	165	30	enhanced	enhance	VERB
fbem-24703	165	31	digital	digital	ADJ
fbem-24703	165	32	transformation	transformation	NOUN
fbem-24703	165	33	can	can	AUX
fbem-24703	165	34	improve	improve	VERB
fbem-24703	165	35	corporate	corporate	ADJ
fbem-24703	165	36	transparency	transparency	NOUN
fbem-24703	165	37	.	.	PUNCT
fbem-24703	166	1	column	column	NOUN
fbem-24703	166	2	(	(	PUNCT
fbem-24703	166	3	3	3	X
fbem-24703	166	4	)	)	PUNCT
fbem-24703	166	5	reveals	reveal	VERB
fbem-24703	166	6	that	that	SCONJ
fbem-24703	166	7	after	after	ADP
fbem-24703	166	8	simultaneously	simultaneously	ADV
fbem-24703	166	9	including	include	VERB
fbem-24703	166	10	digital	digital	ADJ
fbem-24703	166	11	transformation	transformation	NOUN
fbem-24703	166	12	degree	degree	NOUN
fbem-24703	166	13	and	and	CCONJ
fbem-24703	166	14	transparency	transparency	NOUN
fbem-24703	166	15	level	level	NOUN
fbem-24703	166	16	in	in	ADP
fbem-24703	166	17	the	the	DET
fbem-24703	166	18	regression	regression	NOUN
fbem-24703	166	19	model	model	NOUN
fbem-24703	166	20	for	for	ADP
fbem-24703	166	21	investor	investor	NOUN
fbem-24703	166	22	protection	protection	NOUN
fbem-24703	166	23	,	,	PUNCT
fbem-24703	166	24	the	the	DET
fbem-24703	166	25	coefficient	coefficient	NOUN
fbem-24703	166	26	for	for	ADP
fbem-24703	166	27	digital	digital	ADJ
fbem-24703	166	28	transformation	transformation	NOUN
fbem-24703	166	29	degree	degree	NOUN
fbem-24703	166	30	remains	remain	VERB
fbem-24703	166	31	significant	significant	ADJ
fbem-24703	166	32	at	at	ADP
fbem-24703	166	33	the	the	DET
fbem-24703	166	34	1	1	NUM
fbem-24703	166	35	%	%	NOUN
fbem-24703	166	36	confidence	confidence	NOUN
fbem-24703	166	37	level	level	NOUN
fbem-24703	166	38	,	,	PUNCT
fbem-24703	166	39	albeit	albeit	SCONJ
fbem-24703	166	40	decreasing	decrease	VERB
fbem-24703	166	41	from	from	ADP
fbem-24703	166	42	0.2395	0.2395	NUM
fbem-24703	166	43	in	in	ADP
fbem-24703	166	44	the	the	DET
fbem-24703	166	45	first	first	ADJ
fbem-24703	166	46	step	step	NOUN
fbem-24703	166	47	to	to	ADP
fbem-24703	166	48	0.2008	0.2008	NUM
fbem-24703	166	49	.	.	PUNCT
fbem-24703	167	1	the	the	DET
fbem-24703	167	2	coefficient	coefficient	NOUN
fbem-24703	167	3	for	for	ADP
fbem-24703	167	4	transparency	transparency	NOUN
fbem-24703	167	5	level	level	NOUN
fbem-24703	167	6	is	be	AUX
fbem-24703	167	7	0.6675	0.6675	NUM
fbem-24703	167	8	and	and	CCONJ
fbem-24703	167	9	significant	significant	ADJ
fbem-24703	167	10	at	at	ADP
fbem-24703	167	11	the	the	DET
fbem-24703	167	12	1	1	NUM
fbem-24703	167	13	%	%	NOUN
fbem-24703	167	14	level	level	NOUN
fbem-24703	167	15	.	.	PUNCT
fbem-24703	168	1	this	this	PRON
fbem-24703	168	2	indicates	indicate	VERB
fbem-24703	168	3	that	that	SCONJ
fbem-24703	168	4	corporate	corporate	ADJ
fbem-24703	168	5	transparency	transparency	NOUN
fbem-24703	168	6	mediates	mediate	VERB
fbem-24703	168	7	the	the	DET
fbem-24703	168	8	relationship	relationship	NOUN
fbem-24703	168	9	between	between	ADP
fbem-24703	168	10	digital	digital	ADJ
fbem-24703	168	11	transformation	transformation	NOUN
fbem-24703	168	12	degree	degree	NOUN
fbem-24703	168	13	and	and	CCONJ
fbem-24703	168	14	investor	investor	NOUN
fbem-24703	168	15	protection	protection	NOUN
fbem-24703	168	16	.	.	PUNCT
fbem-24703	169	1	specifically	specifically	ADV
fbem-24703	169	2	,	,	PUNCT
fbem-24703	169	3	the	the	DET
fbem-24703	169	4	total	total	ADJ
fbem-24703	169	5	effect	effect	NOUN
fbem-24703	169	6	of	of	ADP
fbem-24703	169	7	digital	digital	ADJ
fbem-24703	169	8	transformation	transformation	NOUN
fbem-24703	169	9	on	on	ADP
fbem-24703	169	10	investor	investor	NOUN
fbem-24703	169	11	protection	protection	NOUN
fbem-24703	169	12	is	be	AUX
fbem-24703	169	13	0.2395	0.2395	NUM
fbem-24703	169	14	,	,	PUNCT
fbem-24703	169	15	while	while	SCONJ
fbem-24703	169	16	the	the	DET
fbem-24703	169	17	indirect	indirect	ADJ
fbem-24703	169	18	effect	effect	NOUN
fbem-24703	169	19	through	through	ADP
fbem-24703	169	20	163	163	NUM
fbem-24703	169	21	improved	improved	ADJ
fbem-24703	169	22	transparency	transparency	NOUN
fbem-24703	169	23	,	,	PUNCT
fbem-24703	169	24	as	as	ADP
fbem-24703	169	25	a	a	DET
fbem-24703	169	26	mediator	mediator	NOUN
fbem-24703	169	27	,	,	PUNCT
fbem-24703	169	28	is	be	AUX
fbem-24703	169	29	0.0387	0.0387	NUM
fbem-24703	169	30	(=	(=	NOUN
fbem-24703	169	31	0.0580	0.0580	NUM
fbem-24703	169	32	*	*	NUM
fbem-24703	169	33	0.6675	0.6675	NUM
fbem-24703	169	34	)	)	PUNCT
fbem-24703	169	35	.	.	PUNCT
fbem-24703	170	1	the	the	DET
fbem-24703	170	2	mediation	mediation	NOUN
fbem-24703	170	3	effect	effect	NOUN
fbem-24703	170	4	of	of	ADP
fbem-24703	170	5	transparency	transparency	NOUN
fbem-24703	170	6	accounts	account	VERB
fbem-24703	170	7	for	for	ADP
fbem-24703	170	8	approximately	approximately	ADV
fbem-24703	170	9	16	16	NUM
fbem-24703	170	10	%	%	NOUN
fbem-24703	170	11	of	of	ADP
fbem-24703	170	12	the	the	DET
fbem-24703	170	13	total	total	ADJ
fbem-24703	170	14	effect	effect	NOUN
fbem-24703	170	15	,	,	PUNCT
fbem-24703	170	16	validating	validate	VERB
fbem-24703	170	17	hypothesis	hypothesis	NOUN
fbem-24703	170	18	3	3	NUM
fbem-24703	170	19	.	.	PUNCT
fbem-24703	170	20	to	to	PART
fbem-24703	170	21	further	far	ADV
fbem-24703	170	22	validate	validate	VERB
fbem-24703	170	23	this	this	DET
fbem-24703	170	24	mediation	mediation	NOUN
fbem-24703	170	25	mechanism	mechanism	NOUN
fbem-24703	170	26	,	,	PUNCT
fbem-24703	170	27	the	the	DET
fbem-24703	170	28	study	study	NOUN
fbem-24703	170	29	employs	employ	VERB
fbem-24703	170	30	the	the	DET
fbem-24703	170	31	sobel	sobel	PROPN
fbem-24703	170	32	test	test	NOUN
fbem-24703	170	33	and	and	CCONJ
fbem-24703	170	34	bootstrap	bootstrap	NOUN
fbem-24703	170	35	method	method	NOUN
fbem-24703	170	36	(	(	PUNCT
fbem-24703	170	37	500	500	NUM
fbem-24703	170	38	bootstrap	bootstrap	NOUN
fbem-24703	170	39	samples	sample	NOUN
fbem-24703	170	40	with	with	ADP
fbem-24703	170	41	replacement	replacement	NOUN
fbem-24703	170	42	)	)	PUNCT
fbem-24703	170	43	.	.	PUNCT
fbem-24703	171	1	the	the	DET
fbem-24703	171	2	results	result	NOUN
fbem-24703	171	3	,	,	PUNCT
fbem-24703	171	4	as	as	SCONJ
fbem-24703	171	5	shown	show	VERB
fbem-24703	171	6	in	in	ADP
fbem-24703	171	7	the	the	DET
fbem-24703	171	8	table	table	NOUN
fbem-24703	171	9	,	,	PUNCT
fbem-24703	171	10	confirm	confirm	VERB
fbem-24703	171	11	the	the	DET
fbem-24703	171	12	existence	existence	NOUN
fbem-24703	171	13	of	of	ADP
fbem-24703	171	14	the	the	DET
fbem-24703	171	15	mediation	mediation	NOUN
fbem-24703	171	16	effect	effect	NOUN
fbem-24703	171	17	.	.	PUNCT
fbem-24703	172	1	therefore	therefore	ADV
fbem-24703	172	2	,	,	PUNCT
fbem-24703	172	3	hypothesis	hypothesis	NOUN
fbem-24703	172	4	h2	h2	NOUN
fbem-24703	172	5	is	be	AUX
fbem-24703	172	6	supported	support	VERB
fbem-24703	172	7	by	by	ADP
fbem-24703	172	8	these	these	DET
fbem-24703	172	9	findings	finding	NOUN
fbem-24703	172	10	.	.	PUNCT
fbem-24703	173	1	table	table	NOUN
fbem-24703	173	2	6	6	NUM
fbem-24703	173	3	.	.	PUNCT
fbem-24703	174	1	the	the	DET
fbem-24703	174	2	regression	regression	NOUN
fbem-24703	174	3	results	result	NOUN
fbem-24703	174	4	of	of	ADP
fbem-24703	174	5	mediation	mediation	NOUN
fbem-24703	174	6	effect	effect	NOUN
fbem-24703	174	7	test	test	NOUN
fbem-24703	174	8	(	(	PUNCT
fbem-24703	174	9	1	1	NUM
fbem-24703	174	10	)	)	PUNCT
fbem-24703	174	11	(	(	PUNCT
fbem-24703	174	12	2	2	NUM
fbem-24703	174	13	)	)	PUNCT
fbem-24703	174	14	(	(	PUNCT
fbem-24703	174	15	3	3	X
fbem-24703	174	16	)	)	PUNCT
fbem-24703	174	17	ip	ip	NOUN
fbem-24703	174	18	dscore	dscore	ADJ
fbem-24703	174	19	ip	ip	ADV
fbem-24703	174	20	dscore	dscore	ADJ
fbem-24703	174	21	0.6675	0.6675	NUM
fbem-24703	174	22	*	*	PUNCT
fbem-24703	174	23	*	*	PUNCT
fbem-24703	174	24	*	*	PUNCT
fbem-24703	174	25	(	(	PUNCT
fbem-24703	174	26	30.8217	30.8217	NUM
fbem-24703	174	27	)	)	PUNCT
fbem-24703	174	28	dcg	dcg	NOUN
fbem-24703	174	29	0.2395	0.2395	PROPN
fbem-24703	174	30	*	*	PUNCT
fbem-24703	174	31	*	*	PUNCT
fbem-24703	174	32	*	*	PUNCT
fbem-24703	174	33	0.0580	0.0580	NUM
fbem-24703	174	34	*	*	PUNCT
fbem-24703	174	35	*	*	PUNCT
fbem-24703	174	36	*	*	PUNCT
fbem-24703	174	37	0.2008	0.2008	NUM
fbem-24703	174	38	*	*	PUNCT
fbem-24703	174	39	*	*	PUNCT
fbem-24703	174	40	*	*	PUNCT
fbem-24703	174	41	(	(	PUNCT
fbem-24703	174	42	9.1606	9.1606	NUM
fbem-24703	174	43	)	)	PUNCT
fbem-24703	174	44	(	(	PUNCT
fbem-24703	174	45	7.5565	7.5565	NUM
fbem-24703	174	46	)	)	PUNCT
fbem-24703	174	47	(	(	PUNCT
fbem-24703	174	48	7.8230	7.8230	NUM
fbem-24703	174	49	)	)	PUNCT
fbem-24703	174	50	lev	lev	NOUN
fbem-24703	174	51	-2.0161	-2.0161	NOUN
fbem-24703	174	52	*	*	PUNCT
fbem-24703	174	53	*	*	PUNCT
fbem-24703	174	54	*	*	PUNCT
fbem-24703	174	55	-0.2880	-0.2880	ADJ
fbem-24703	175	1	*	*	PUNCT
fbem-24703	175	2	*	*	PUNCT
fbem-24703	175	3	*	*	PUNCT
fbem-24703	175	4	-1.8239	-1.8239	NOUN
fbem-24703	176	1	*	*	PUNCT
fbem-24703	176	2	*	*	PUNCT
fbem-24703	176	3	*	*	PUNCT
fbem-24703	176	4	(	(	PUNCT
fbem-24703	176	5	-21.3036	-21.3036	NUM
fbem-24703	176	6	)	)	PUNCT
fbem-24703	176	7	(	(	PUNCT
fbem-24703	176	8	-10.3741	-10.3741	NUM
fbem-24703	176	9	)	)	PUNCT
fbem-24703	176	10	(	(	PUNCT
fbem-24703	176	11	-19.6079	-19.6079	X
fbem-24703	176	12	)	)	PUNCT
fbem-24703	176	13	roa	roa	NOUN
fbem-24703	176	14	-0.8558	-0.8558	NOUN
fbem-24703	176	15	*	*	PUNCT
fbem-24703	176	16	*	*	PUNCT
fbem-24703	176	17	*	*	NOUN
fbem-24703	176	18	-0.0555	-0.0555	NOUN
fbem-24703	176	19	-0.8188	-0.8188	NOUN
fbem-24703	176	20	*	*	PUNCT
fbem-24703	177	1	*	*	PUNCT
fbem-24703	177	2	*	*	PUNCT
fbem-24703	177	3	(	(	PUNCT
fbem-24703	177	4	-7.1243	-7.1243	PROPN
fbem-24703	177	5	)	)	PUNCT
fbem-24703	177	6	(	(	PUNCT
fbem-24703	177	7	-1.5741	-1.5741	ADV
fbem-24703	177	8	)	)	PUNCT
fbem-24703	177	9	(	(	PUNCT
fbem-24703	177	10	-6.9501	-6.9501	NOUN
fbem-24703	177	11	)	)	PUNCT
fbem-24703	177	12	fee	fee	NOUN
fbem-24703	177	13	1.2135	1.2135	NUM
fbem-24703	177	14	*	*	PUNCT
fbem-24703	177	15	*	*	PUNCT
fbem-24703	177	16	*	*	NOUN
fbem-24703	177	17	-0.3087	-0.3087	X
fbem-24703	177	18	*	*	PUNCT
fbem-24703	177	19	*	*	PUNCT
fbem-24703	177	20	*	*	X
fbem-24703	177	21	1.4196	1.4196	NUM
fbem-24703	177	22	*	*	PUNCT
fbem-24703	177	23	*	*	PUNCT
fbem-24703	177	24	*	*	PUNCT
fbem-24703	177	25	(	(	PUNCT
fbem-24703	177	26	27.2336	27.2336	NUM
fbem-24703	177	27	)	)	PUNCT
fbem-24703	177	28	(	(	PUNCT
fbem-24703	177	29	-23.6198	-23.6198	CCONJ
fbem-24703	177	30	)	)	PUNCT
fbem-24703	177	31	(	(	PUNCT
fbem-24703	177	32	32.1136	32.1136	NUM
fbem-24703	177	33	)	)	PUNCT
fbem-24703	177	34	pay	pay	VERB
fbem-24703	177	35	1.4461	1.4461	NUM
fbem-24703	177	36	*	*	PUNCT
fbem-24703	177	37	*	*	PUNCT
fbem-24703	177	38	*	*	PUNCT
fbem-24703	177	39	0.2346	0.2346	NUM
fbem-24703	177	40	*	*	PUNCT
fbem-24703	177	41	*	*	PUNCT
fbem-24703	177	42	*	*	X
fbem-24703	178	1	1.2895	1.2895	NUM
fbem-24703	178	2	*	*	PUNCT
fbem-24703	178	3	*	*	PUNCT
fbem-24703	178	4	*	*	PUNCT
fbem-24703	178	5	(	(	PUNCT
fbem-24703	178	6	33.1254	33.1254	NUM
fbem-24703	178	7	)	)	PUNCT
fbem-24703	178	8	(	(	PUNCT
fbem-24703	178	9	18.3207	18.3207	NUM
fbem-24703	178	10	)	)	PUNCT
fbem-24703	178	11	(	(	PUNCT
fbem-24703	178	12	29.9103	29.9103	NUM
fbem-24703	178	13	)	)	PUNCT
fbem-24703	178	14	growth	growth	NOUN
fbem-24703	178	15	-0.0003	-0.0003	NOUN
fbem-24703	178	16	*	*	PUNCT
fbem-24703	178	17	*	*	PUNCT
fbem-24703	178	18	*	*	X
fbem-24703	178	19	0.0000	0.0000	NUM
fbem-24703	178	20	-0.0003	-0.0003	ADJ
fbem-24703	178	21	*	*	PUNCT
fbem-24703	178	22	*	*	PUNCT
fbem-24703	178	23	*	*	PUNCT
fbem-24703	178	24	(	(	PUNCT
fbem-24703	178	25	-4.4530	-4.4530	ADJ
fbem-24703	178	26	)	)	PUNCT
fbem-24703	178	27	(	(	PUNCT
fbem-24703	178	28	0.3926	0.3926	NUM
fbem-24703	178	29	)	)	PUNCT
fbem-24703	178	30	(	(	PUNCT
fbem-24703	178	31	-4.6192	-4.6192	NOUN
fbem-24703	178	32	)	)	PUNCT
fbem-24703	178	33	cv	cv	PROPN
fbem-24703	179	1	0.0157	0.0157	NUM
fbem-24703	179	2	*	*	PUNCT
fbem-24703	179	3	*	*	PUNCT
fbem-24703	179	4	*	*	PUNCT
fbem-24703	179	5	-0.0010	-0.0010	NOUN
fbem-24703	179	6	0.0164	0.0164	NUM
fbem-24703	179	7	*	*	PUNCT
fbem-24703	179	8	*	*	PUNCT
fbem-24703	179	9	*	*	PUNCT
fbem-24703	179	10	(	(	PUNCT
fbem-24703	179	11	4.4999	4.4999	NUM
fbem-24703	179	12	)	)	PUNCT
fbem-24703	179	13	(	(	PUNCT
fbem-24703	179	14	-0.9588	-0.9588	X
fbem-24703	179	15	)	)	PUNCT
fbem-24703	179	16	(	(	PUNCT
fbem-24703	179	17	4.7801	4.7801	NUM
fbem-24703	179	18	)	)	PUNCT
fbem-24703	179	19	top	top	NOUN
fbem-24703	179	20	2.4502	2.4502	NUM
fbem-24703	179	21	*	*	PUNCT
fbem-24703	179	22	*	*	PUNCT
fbem-24703	179	23	*	*	PUNCT
fbem-24703	179	24	0.1449	0.1449	PUNCT
fbem-24703	179	25	*	*	PUNCT
fbem-24703	179	26	*	*	PUNCT
fbem-24703	179	27	*	*	PUNCT
fbem-24703	179	28	2.3534	2.3534	NUM
fbem-24703	179	29	*	*	PUNCT
fbem-24703	179	30	*	*	PUNCT
fbem-24703	179	31	*	*	PUNCT
fbem-24703	179	32	(	(	PUNCT
fbem-24703	179	33	12.9877	12.9877	NUM
fbem-24703	179	34	)	)	PUNCT
fbem-24703	179	35	(	(	PUNCT
fbem-24703	179	36	2.6191	2.6191	NUM
fbem-24703	179	37	)	)	PUNCT
fbem-24703	179	38	(	(	PUNCT
fbem-24703	179	39	12.7190	12.7190	NUM
fbem-24703	179	40	)	)	PUNCT
fbem-24703	179	41	dual	dual	ADJ
fbem-24703	179	42	-0.5068	-0.5068	NOUN
fbem-24703	179	43	*	*	PUNCT
fbem-24703	179	44	*	*	PUNCT
fbem-24703	179	45	*	*	PUNCT
fbem-24703	179	46	0.1040	0.1040	NUM
fbem-24703	179	47	*	*	PUNCT
fbem-24703	179	48	*	*	PUNCT
fbem-24703	179	49	*	*	NOUN
fbem-24703	179	50	-0.5762	-0.5762	NOUN
fbem-24703	179	51	*	*	PUNCT
fbem-24703	179	52	*	*	PUNCT
fbem-24703	179	53	*	*	PUNCT
fbem-24703	179	54	(	(	PUNCT
fbem-24703	179	55	-7.8172	-7.8172	ADJ
fbem-24703	179	56	)	)	PUNCT
fbem-24703	179	57	(	(	PUNCT
fbem-24703	179	58	5.4680	5.4680	NUM
fbem-24703	179	59	)	)	PUNCT
fbem-24703	179	60	(	(	PUNCT
fbem-24703	179	61	-9.0576	-9.0576	PROPN
fbem-24703	179	62	)	)	PUNCT
fbem-24703	179	63	soe	soe	PROPN
fbem-24703	179	64	0.7605	0.7605	NUM
fbem-24703	179	65	*	*	PUNCT
fbem-24703	179	66	*	*	PUNCT
fbem-24703	179	67	*	*	NOUN
fbem-24703	179	68	-0.2631	-0.2631	PUNCT
fbem-24703	179	69	*	*	PUNCT
fbem-24703	179	70	*	*	PUNCT
fbem-24703	179	71	*	*	PUNCT
fbem-24703	179	72	0.9361	0.9361	NOUN
fbem-24703	179	73	*	*	PUNCT
fbem-24703	179	74	*	*	PUNCT
fbem-24703	179	75	*	*	PUNCT
fbem-24703	179	76	(	(	PUNCT
fbem-24703	179	77	12.0647	12.0647	NUM
fbem-24703	179	78	)	)	PUNCT
fbem-24703	179	79	(	(	PUNCT
fbem-24703	179	80	-14.2273	-14.2273	NUM
fbem-24703	179	81	)	)	PUNCT
fbem-24703	179	82	(	(	PUNCT
fbem-24703	179	83	15.0798	15.0798	NUM
fbem-24703	179	84	)	)	PUNCT
fbem-24703	179	85	yearfe	yearfe	NOUN
fbem-24703	180	1	yes	yes	INTJ
fbem-24703	180	2	yes	yes	INTJ
fbem-24703	181	1	yes	yes	INTJ
fbem-24703	181	2	indfe	indfe	INTJ
fbem-24703	182	1	yes	yes	INTJ
fbem-24703	183	1	yes	yes	INTJ
fbem-24703	184	1	yes	yes	INTJ
fbem-24703	185	1	_	_	PUNCT
fbem-24703	185	2	cons	con	NOUN
fbem-24703	185	3	20.5311	20.5311	NUM
fbem-24703	185	4	*	*	PUNCT
fbem-24703	185	5	*	*	PUNCT
fbem-24703	185	6	*	*	PUNCT
fbem-24703	185	7	2.2641	2.2641	NUM
fbem-24703	185	8	*	*	PUNCT
fbem-24703	185	9	*	*	PUNCT
fbem-24703	185	10	*	*	PUNCT
fbem-24703	185	11	19.0197	19.0197	NUM
fbem-24703	185	12	*	*	PUNCT
fbem-24703	185	13	*	*	PUNCT
fbem-24703	185	14	*	*	PUNCT
fbem-24703	185	15	(	(	PUNCT
fbem-24703	185	16	29.7592	29.7592	NUM
fbem-24703	185	17	)	)	PUNCT
fbem-24703	185	18	(	(	PUNCT
fbem-24703	185	19	11.1868	11.1868	NUM
fbem-24703	185	20	)	)	PUNCT
fbem-24703	185	21	(	(	PUNCT
fbem-24703	185	22	28.0387	28.0387	NUM
fbem-24703	185	23	)	)	PUNCT
fbem-24703	185	24	n	n	CCONJ
fbem-24703	185	25	23863	23863	NUM
fbem-24703	185	26	23863	23863	NUM
fbem-24703	185	27	23863	23863	NUM
fbem-24703	185	28	r2_a	r2_a	VERB
fbem-24703	185	29	0.2042	0.2042	NUM
fbem-24703	185	30	0.2661	0.2661	NUM
fbem-24703	185	31	0.2347	0.2347	NUM
fbem-24703	185	32	sobel	sobel	NOUN
fbem-24703	185	33	test	test	NOUN
fbem-24703	185	34	|z|=7.626	|z|=7.626	PROPN
fbem-24703	185	35	bootstrap	bootstrap	NOUN
fbem-24703	185	36	test	test	NOUN
fbem-24703	185	37	(	(	PUNCT
fbem-24703	185	38	0.0305802	0.0305802	NUM
fbem-24703	185	39	,	,	PUNCT
fbem-24703	185	40	0.0497549	0.0497549	NUM
fbem-24703	185	41	)	)	PUNCT
fbem-24703	185	42	7	7	NUM
fbem-24703	185	43	.	.	PUNCT
fbem-24703	185	44	moderation	moderation	NOUN
fbem-24703	185	45	and	and	CCONJ
fbem-24703	185	46	substitution	substitution	NOUN
fbem-24703	185	47	effects	effect	NOUN
fbem-24703	185	48	test	test	VERB
fbem-24703	185	49	to	to	PART
fbem-24703	185	50	further	far	ADV
fbem-24703	185	51	test	test	VERB
fbem-24703	185	52	the	the	DET
fbem-24703	185	53	research	research	NOUN
fbem-24703	185	54	hypothesis	hypothesis	NOUN
fbem-24703	185	55	h3	h3	NOUN
fbem-24703	185	56	proposed	propose	VERB
fbem-24703	185	57	in	in	ADP
fbem-24703	185	58	this	this	DET
fbem-24703	185	59	study	study	NOUN
fbem-24703	185	60	,	,	PUNCT
fbem-24703	185	61	which	which	PRON
fbem-24703	185	62	suggests	suggest	VERB
fbem-24703	185	63	that	that	SCONJ
fbem-24703	185	64	risk	risk	NOUN
fbem-24703	185	65	tolerance	tolerance	NOUN
fbem-24703	185	66	level	level	NOUN
fbem-24703	185	67	negatively	negatively	ADV
fbem-24703	185	68	moderates	moderate	VERB
fbem-24703	185	69	the	the	DET
fbem-24703	185	70	relationship	relationship	NOUN
fbem-24703	185	71	between	between	ADP
fbem-24703	185	72	digital	digital	ADJ
fbem-24703	185	73	transformation	transformation	NOUN
fbem-24703	185	74	and	and	CCONJ
fbem-24703	185	75	investor	investor	NOUN
fbem-24703	185	76	protection	protection	NOUN
fbem-24703	185	77	,	,	PUNCT
fbem-24703	185	78	we	we	PRON
fbem-24703	185	79	adopt	adopt	VERB
fbem-24703	185	80	the	the	DET
fbem-24703	185	81	approach	approach	NOUN
fbem-24703	185	82	used	use	VERB
fbem-24703	185	83	by	by	ADP
fbem-24703	185	84	yu	yu	PROPN
fbem-24703	185	85	et	et	PROPN
fbem-24703	185	86	al	al	PROPN
fbem-24703	185	87	.	.	PROPN
fbem-24703	186	1	(	(	PUNCT
fbem-24703	186	2	2013	2013	NUM
fbem-24703	186	3	)	)	PUNCT
fbem-24703	186	4	.	.	PUNCT
fbem-24703	187	1	given	give	VERB
fbem-24703	187	2	that	that	SCONJ
fbem-24703	187	3	the	the	DET
fbem-24703	187	4	tenure	tenure	NOUN
fbem-24703	187	5	of	of	ADP
fbem-24703	187	6	senior	senior	ADJ
fbem-24703	187	7	executives	executive	NOUN
fbem-24703	187	8	in	in	ADP
fbem-24703	187	9	chinese	chinese	ADJ
fbem-24703	187	10	listed	list	VERB
fbem-24703	187	11	companies	company	NOUN
fbem-24703	187	12	is	be	AUX
fbem-24703	187	13	typically	typically	ADV
fbem-24703	187	14	three	three	NUM
fbem-24703	187	15	years	year	NOUN
fbem-24703	187	16	,	,	PUNCT
fbem-24703	187	17	the	the	DET
fbem-24703	187	18	company	company	NOUN
fbem-24703	187	19	's	's	PART
fbem-24703	187	20	risk	risk	NOUN
fbem-24703	187	21	tolerance	tolerance	NOUN
fbem-24703	187	22	level	level	NOUN
fbem-24703	187	23	(	(	PUNCT
fbem-24703	187	24	risk	risk	NOUN
fbem-24703	187	25	)	)	PUNCT
fbem-24703	187	26	is	be	AUX
fbem-24703	187	27	measured	measure	VERB
fbem-24703	187	28	using	use	VERB
fbem-24703	187	29	the	the	DET
fbem-24703	187	30	volatility	volatility	NOUN
fbem-24703	187	31	of	of	ADP
fbem-24703	187	32	the	the	DET
fbem-24703	187	33	company	company	NOUN
fbem-24703	187	34	's	's	PART
fbem-24703	187	35	asset	asset	NOUN
fbem-24703	187	36	returns	return	NOUN
fbem-24703	187	37	over	over	ADP
fbem-24703	187	38	the	the	DET
fbem-24703	187	39	past	past	ADJ
fbem-24703	187	40	three	three	NUM
fbem-24703	187	41	years	year	NOUN
fbem-24703	187	42	(	(	PUNCT
fbem-24703	187	43	i.e.	i.e.	X
fbem-24703	187	44	,	,	PUNCT
fbem-24703	187	45	roa	roa	PROPN
fbem-24703	187	46	rolling	rolling	ADJ
fbem-24703	187	47	standard	standard	ADJ
fbem-24703	187	48	deviation	deviation	NOUN
fbem-24703	187	49	)	)	PUNCT
fbem-24703	187	50	.	.	PUNCT
fbem-24703	188	1	model	model	NOUN
fbem-24703	188	2	(	(	PUNCT
fbem-24703	188	3	6	6	NUM
fbem-24703	188	4	)	)	PUNCT
fbem-24703	188	5	is	be	AUX
fbem-24703	188	6	then	then	ADV
fbem-24703	188	7	established	establish	VERB
fbem-24703	188	8	accordingly	accordingly	ADV
fbem-24703	188	9	.	.	PUNCT
fbem-24703	189	1	𝐴𝑑𝑗𝑅𝑜𝑎𝑖𝑡	𝐴𝑑𝑗𝑅𝑜𝑎𝑖𝑡	PROPN
fbem-24703	189	2	=	=	PUNCT
fbem-24703	189	3	𝐸𝐵𝐼𝑇𝑖𝑡	𝐸𝐵𝐼𝑇𝑖𝑡	PROPN
fbem-24703	189	4	𝐴𝑆𝑆𝐸𝑇𝑖𝑡	𝐴𝑆𝑆𝐸𝑇𝑖𝑡	PROPN
fbem-24703	189	5	−	−	PROPN
fbem-24703	189	6	1	1	NUM
fbem-24703	189	7	𝑋	𝑋	PROPN
fbem-24703	189	8	∑	∑	PUNCT
fbem-24703	189	9	𝐸𝐵𝐼𝑇𝑖𝑡	𝐸𝐵𝐼𝑇𝑖𝑡	PROPN
fbem-24703	189	10	𝐴𝑆𝑆𝐸𝑇𝑖𝑡	𝐴𝑆𝑆𝐸𝑇𝑖𝑡	PROPN
fbem-24703	189	11	𝑋	𝑋	PROPN
fbem-24703	189	12	𝐾=1	𝐾=1	PUNCT
fbem-24703	189	13	(	(	PUNCT
fbem-24703	189	14	4	4	X
fbem-24703	189	15	)	)	PUNCT
fbem-24703	189	16	𝑅𝑖𝑠𝑘	𝑅𝑖𝑠𝑘	PROPN
fbem-24703	189	17	=	=	SYM
fbem-24703	189	18	√	√	ADP
fbem-24703	189	19	1	1	NUM
fbem-24703	189	20	𝑇−1	𝑇−1	PROPN
fbem-24703	189	21	∑	∑	PUNCT
fbem-24703	189	22	(	(	PUNCT
fbem-24703	189	23	𝐴𝑑𝑗𝑅𝑜𝑎𝑖𝑡	𝐴𝑑𝑗𝑅𝑜𝑎𝑖𝑡	PROPN
fbem-24703	189	24	−	−	NOUN
fbem-24703	189	25	1	1	NUM
fbem-24703	189	26	𝑇	𝑇	PROPN
fbem-24703	189	27	∑	∑	PROPN
fbem-24703	189	28	𝐴𝑑𝑗𝑅𝑜𝑎𝑖𝑡	𝐴𝑑𝑗𝑅𝑜𝑎𝑖𝑡	PROPN
fbem-24703	189	29	𝑇	𝑇	PROPN
fbem-24703	189	30	𝑡=1	𝑡=1	PROPN
fbem-24703	189	31	)	)	PUNCT
fbem-24703	189	32	2𝑇	2𝑇	PROPN
fbem-24703	189	33	𝑡=1	𝑡=1	PROPN
fbem-24703	189	34	(	(	PUNCT
fbem-24703	189	35	5	5	NUM
fbem-24703	189	36	)	)	PUNCT
fbem-24703	189	37	𝐼𝑃𝑖𝑡	𝐼𝑃𝑖𝑡	PUNCT
fbem-24703	189	38	=	=	SYM
fbem-24703	189	39	𝛿0	𝛿0	NOUN
fbem-24703	189	40	+	+	CCONJ
fbem-24703	189	41	𝛿1𝐷𝐶𝐺𝑖𝑡	𝛿1𝐷𝐶𝐺𝑖𝑡	NOUN
fbem-24703	189	42	+	+	X
fbem-24703	189	43	𝛿2𝑅𝑖𝑠𝑘𝑖𝑡	𝛿2𝑅𝑖𝑠𝑘𝑖𝑡	PROPN
fbem-24703	189	44	+	+	CCONJ
fbem-24703	189	45	𝛿3𝐷𝐶𝐺𝑖𝑡	𝛿3𝐷𝐶𝐺𝑖𝑡	PROPN
fbem-24703	189	46	×	×	PROPN
fbem-24703	189	47	𝑅𝑖𝑠𝑘𝑖𝑡	𝑅𝑖𝑠𝑘𝑖𝑡	PROPN
fbem-24703	189	48	+	+	CCONJ
fbem-24703	189	49	𝛿𝑋𝑖𝑡	𝛿𝑋𝑖𝑡	PROPN
fbem-24703	189	50	+	+	CCONJ
fbem-24703	189	51	∑𝑖𝑛𝑑𝑖	∑𝑖𝑛𝑑𝑖	NOUN
fbem-24703	190	1	+	+	CCONJ
fbem-24703	190	2	∑𝑦𝑒𝑎𝑟	∑𝑦𝑒𝑎𝑟	X
fbem-24703	191	1	+	+	CCONJ
fbem-24703	191	2	𝑖𝑡	𝑖𝑡	X
fbem-24703	191	3	(	(	PUNCT
fbem-24703	191	4	6	6	NUM
fbem-24703	191	5	)	)	PUNCT
fbem-24703	191	6	in	in	ADP
fbem-24703	191	7	equation	equation	NOUN
fbem-24703	191	8	(	(	PUNCT
fbem-24703	191	9	4	4	NUM
fbem-24703	191	10	)	)	PUNCT
fbem-24703	191	11	,	,	PUNCT
fbem-24703	191	12	ebitit	ebitit	NOUN
fbem-24703	191	13	represents	represent	VERB
fbem-24703	191	14	the	the	DET
fbem-24703	191	15	earnings	earning	NOUN
fbem-24703	191	16	before	before	ADP
fbem-24703	191	17	interest	interest	NOUN
fbem-24703	191	18	and	and	CCONJ
fbem-24703	191	19	taxes	taxis	NOUN
fbem-24703	191	20	for	for	ADP
fbem-24703	191	21	firm	firm	ADJ
fbem-24703	191	22	i	i	PRON
fbem-24703	191	23	in	in	ADP
fbem-24703	191	24	year	year	NOUN
fbem-24703	191	25	t	t	PROPN
fbem-24703	191	26	;	;	PUNCT
fbem-24703	191	27	assetit	assetit	NOUN
fbem-24703	191	28	represents	represent	VERB
fbem-24703	191	29	the	the	DET
fbem-24703	191	30	assets	asset	NOUN
fbem-24703	191	31	of	of	ADP
fbem-24703	191	32	firm	firm	ADJ
fbem-24703	191	33	i	i	PRON
fbem-24703	191	34	at	at	ADP
fbem-24703	191	35	the	the	DET
fbem-24703	191	36	end	end	NOUN
fbem-24703	191	37	of	of	ADP
fbem-24703	191	38	year	year	NOUN
fbem-24703	191	39	t	t	NOUN
fbem-24703	191	40	;	;	PUNCT
fbem-24703	191	41	ebitit	ebitit	NOUN
fbem-24703	191	42	/	/	SYM
fbem-24703	191	43	assetit	assetit	PROPN
fbem-24703	191	44	represents	represent	VERB
fbem-24703	191	45	the	the	DET
fbem-24703	191	46	return	return	NOUN
fbem-24703	191	47	on	on	ADP
fbem-24703	191	48	assets	asset	NOUN
fbem-24703	191	49	(	(	PUNCT
fbem-24703	191	50	roa	roa	NOUN
fbem-24703	191	51	)	)	PUNCT
fbem-24703	191	52	for	for	ADP
fbem-24703	191	53	firm	firm	ADJ
fbem-24703	191	54	i	i	PRON
fbem-24703	191	55	in	in	ADP
fbem-24703	191	56	year	year	NOUN
fbem-24703	191	57	t	t	PROPN
fbem-24703	191	58	;	;	PUNCT
fbem-24703	191	59	adjroait	adjroait	PROPN
fbem-24703	191	60	represents	represent	VERB
fbem-24703	191	61	the	the	DET
fbem-24703	191	62	adjusted	adjusted	ADJ
fbem-24703	191	63	roa	roa	NOUN
fbem-24703	191	64	for	for	ADP
fbem-24703	191	65	firm	firm	ADJ
fbem-24703	191	66	i	i	PRON
fbem-24703	191	67	in	in	ADP
fbem-24703	191	68	year	year	NOUN
fbem-24703	191	69	t	t	PROPN
fbem-24703	191	70	after	after	ADP
fbem-24703	191	71	industryaverage	industryaverage	NOUN
fbem-24703	191	72	roa	roa	NOUN
fbem-24703	191	73	adjustment	adjustment	NOUN
fbem-24703	191	74	;	;	PUNCT
fbem-24703	191	75	x	x	PRON
fbem-24703	191	76	represents	represent	VERB
fbem-24703	191	77	the	the	DET
fbem-24703	191	78	total	total	ADJ
fbem-24703	191	79	number	number	NOUN
fbem-24703	191	80	of	of	ADP
fbem-24703	191	81	firms	firm	NOUN
fbem-24703	191	82	in	in	ADP
fbem-24703	191	83	the	the	DET
fbem-24703	191	84	industry	industry	NOUN
fbem-24703	191	85	where	where	SCONJ
fbem-24703	191	86	firm	firm	ADJ
fbem-24703	191	87	i	i	PRON
fbem-24703	191	88	operates	operate	VERB
fbem-24703	191	89	in	in	ADP
fbem-24703	191	90	year	year	NOUN
fbem-24703	191	91	t	t	PROPN
fbem-24703	191	92	;	;	PUNCT
fbem-24703	191	93	t	t	PROPN
fbem-24703	191	94	denotes	denote	VERB
fbem-24703	191	95	the	the	DET
fbem-24703	191	96	rolling	rolling	ADJ
fbem-24703	191	97	years	year	NOUN
fbem-24703	191	98	for	for	ADP
fbem-24703	191	99	roa	roa	PROPN
fbem-24703	191	100	,	,	PUNCT
fbem-24703	191	101	set	set	VERB
fbem-24703	191	102	to	to	ADP
fbem-24703	191	103	3	3	NUM
fbem-24703	191	104	in	in	ADP
fbem-24703	191	105	equation	equation	NOUN
fbem-24703	191	106	(	(	PUNCT
fbem-24703	191	107	5	5	NUM
fbem-24703	191	108	)	)	PUNCT
fbem-24703	191	109	.	.	PUNCT
fbem-24703	192	1	in	in	ADP
fbem-24703	192	2	equation	equation	NOUN
fbem-24703	192	3	(	(	PUNCT
fbem-24703	192	4	6	6	NUM
fbem-24703	192	5	)	)	PUNCT
fbem-24703	192	6	,	,	PUNCT
fbem-24703	192	7	riskit	riskit	NOUN
fbem-24703	192	8	represents	represent	VERB
fbem-24703	192	9	the	the	DET
fbem-24703	192	10	risk	risk	NOUN
fbem-24703	192	11	tolerance	tolerance	NOUN
fbem-24703	192	12	level	level	NOUN
fbem-24703	192	13	of	of	ADP
fbem-24703	192	14	firm	firm	NOUN
fbem-24703	192	15	i	i	PRON
fbem-24703	192	16	in	in	ADP
fbem-24703	192	17	year	year	NOUN
fbem-24703	192	18	t	t	PROPN
fbem-24703	192	19	,	,	PUNCT
fbem-24703	192	20	and	and	CCONJ
fbem-24703	192	21	dcgit	dcgit	ADJ
fbem-24703	192	22	×	×	NOUN
fbem-24703	192	23	riskit	riskit	NOUN
fbem-24703	192	24	represents	represent	VERB
fbem-24703	192	25	the	the	DET
fbem-24703	192	26	interaction	interaction	NOUN
fbem-24703	192	27	term	term	NOUN
fbem-24703	192	28	between	between	ADP
fbem-24703	192	29	digital	digital	ADJ
fbem-24703	192	30	transformation	transformation	NOUN
fbem-24703	192	31	and	and	CCONJ
fbem-24703	192	32	risk	risk	NOUN
fbem-24703	192	33	tolerance	tolerance	NOUN
fbem-24703	192	34	level	level	NOUN
fbem-24703	192	35	for	for	ADP
fbem-24703	192	36	firm	firm	ADJ
fbem-24703	192	37	i	i	PRON
fbem-24703	192	38	in	in	ADP
fbem-24703	192	39	year	year	NOUN
fbem-24703	192	40	t.	t.	PROPN
fbem-24703	192	41	to	to	PART
fbem-24703	192	42	further	far	ADV
fbem-24703	192	43	test	test	VERB
fbem-24703	192	44	the	the	DET
fbem-24703	192	45	research	research	NOUN
fbem-24703	192	46	hypotheses	hypothese	VERB
fbem-24703	192	47	h4a	h4a	PROPN
fbem-24703	192	48	and	and	CCONJ
fbem-24703	192	49	h4b	h4b	PROPN
fbem-24703	192	50	proposed	propose	VERB
fbem-24703	192	51	in	in	ADP
fbem-24703	192	52	this	this	DET
fbem-24703	192	53	study	study	NOUN
fbem-24703	192	54	,	,	PUNCT
fbem-24703	192	55	which	which	PRON
fbem-24703	192	56	examine	examine	VERB
fbem-24703	192	57	whether	whether	SCONJ
fbem-24703	192	58	executive	executive	ADJ
fbem-24703	192	59	shareholding	shareholding	NOUN
fbem-24703	192	60	acts	act	VERB
fbem-24703	192	61	as	as	ADP
fbem-24703	192	62	a	a	DET
fbem-24703	192	63	substitute	substitute	ADJ
fbem-24703	192	64	effect	effect	NOUN
fbem-24703	192	65	or	or	CCONJ
fbem-24703	192	66	a	a	DET
fbem-24703	192	67	positive	positive	ADJ
fbem-24703	192	68	moderation	moderation	NOUN
fbem-24703	192	69	effect	effect	NOUN
fbem-24703	192	70	on	on	ADP
fbem-24703	192	71	the	the	DET
fbem-24703	192	72	relationship	relationship	NOUN
fbem-24703	192	73	between	between	ADP
fbem-24703	192	74	digital	digital	ADJ
fbem-24703	192	75	transformation	transformation	NOUN
fbem-24703	192	76	and	and	CCONJ
fbem-24703	192	77	investor	investor	NOUN
fbem-24703	192	78	protection	protection	NOUN
fbem-24703	192	79	,	,	PUNCT
fbem-24703	192	80	we	we	PRON
fbem-24703	192	81	establish	establish	VERB
fbem-24703	192	82	model	model	NOUN
fbem-24703	192	83	(	(	PUNCT
fbem-24703	192	84	7	7	NUM
fbem-24703	192	85	)	)	PUNCT
fbem-24703	192	86	.	.	PUNCT
fbem-24703	193	1	here	here	ADV
fbem-24703	193	2	,	,	PUNCT
fbem-24703	193	3	mngit	mngit	ADV
fbem-24703	193	4	represents	represent	VERB
fbem-24703	193	5	the	the	DET
fbem-24703	193	6	proportion	proportion	NOUN
fbem-24703	193	7	of	of	ADP
fbem-24703	193	8	executive	executive	ADJ
fbem-24703	193	9	shareholding	shareholding	NOUN
fbem-24703	193	10	for	for	ADP
fbem-24703	193	11	firm	firm	ADJ
fbem-24703	193	12	i	i	PRON
fbem-24703	193	13	in	in	ADP
fbem-24703	193	14	year	year	NOUN
fbem-24703	193	15	t	t	PROPN
fbem-24703	193	16	,	,	PUNCT
fbem-24703	193	17	and	and	CCONJ
fbem-24703	193	18	dcgit	dcgit	ADJ
fbem-24703	193	19	×	×	NOUN
fbem-24703	193	20	mngit	mngit	ADV
fbem-24703	193	21	represents	represent	VERB
fbem-24703	193	22	the	the	DET
fbem-24703	193	23	interaction	interaction	NOUN
fbem-24703	193	24	term	term	NOUN
fbem-24703	193	25	between	between	ADP
fbem-24703	193	26	digital	digital	ADJ
fbem-24703	193	27	transformation	transformation	NOUN
fbem-24703	193	28	and	and	CCONJ
fbem-24703	193	29	executive	executive	ADJ
fbem-24703	193	30	shareholding	shareholding	NOUN
fbem-24703	193	31	for	for	ADP
fbem-24703	193	32	firm	firm	ADJ
fbem-24703	193	33	i	i	PRON
fbem-24703	193	34	in	in	ADP
fbem-24703	193	35	year	year	NOUN
fbem-24703	193	36	t.	t.	X
fbem-24703	193	37	𝐼𝑃𝑖𝑡	𝐼𝑃𝑖𝑡	PROPN
fbem-24703	193	38	=	=	PUNCT
fbem-24703	193	39	𝜃0	𝜃0	ADP
fbem-24703	193	40	+	+	CCONJ
fbem-24703	193	41	𝜃1𝐷𝐶𝐺𝑖𝑡	𝜃1𝐷𝐶𝐺𝑖𝑡	ADP
fbem-24703	193	42	+	+	CCONJ
fbem-24703	193	43	𝜃2𝑀𝑛𝑔𝑖𝑡	𝜃2𝑀𝑛𝑔𝑖𝑡	ADJ
fbem-24703	193	44	+	+	CCONJ
fbem-24703	193	45	𝜃3𝐷𝐶𝐺𝑖𝑡	𝜃3𝐷𝐶𝐺𝑖𝑡	ADJ
fbem-24703	193	46	×	×	PROPN
fbem-24703	193	47	𝑀𝑛𝑔𝑖𝑡	𝑀𝑛𝑔𝑖𝑡	PROPN
fbem-24703	193	48	+	+	CCONJ
fbem-24703	193	49	𝜃𝑋𝑖𝑡	𝜃𝑋𝑖𝑡	PROPN
fbem-24703	193	50	+	+	CCONJ
fbem-24703	193	51	∑𝑖𝑛𝑑𝑖	∑𝑖𝑛𝑑𝑖	NOUN
fbem-24703	194	1	+	+	CCONJ
fbem-24703	194	2	∑𝑦𝑒𝑎𝑟	∑𝑦𝑒𝑎𝑟	X
fbem-24703	195	1	+	+	CCONJ
fbem-24703	195	2	𝑖𝑡	𝑖𝑡	X
fbem-24703	195	3	(	(	PUNCT
fbem-24703	195	4	7	7	NUM
fbem-24703	195	5	)	)	PUNCT
fbem-24703	195	6	to	to	PART
fbem-24703	195	7	further	far	ADV
fbem-24703	195	8	test	test	VERB
fbem-24703	195	9	the	the	DET
fbem-24703	195	10	research	research	NOUN
fbem-24703	195	11	hypotheses	hypothese	VERB
fbem-24703	195	12	h5a	h5a	NOUN
fbem-24703	195	13	and	and	CCONJ
fbem-24703	195	14	h5b	h5b	PROPN
fbem-24703	195	15	proposed	propose	VERB
fbem-24703	195	16	in	in	ADP
fbem-24703	195	17	this	this	DET
fbem-24703	195	18	study	study	NOUN
fbem-24703	195	19	,	,	PUNCT
fbem-24703	195	20	which	which	PRON
fbem-24703	195	21	examine	examine	VERB
fbem-24703	195	22	whether	whether	SCONJ
fbem-24703	195	23	corporate	corporate	ADJ
fbem-24703	195	24	esg	esg	NOUN
fbem-24703	195	25	disclosure	disclosure	NOUN
fbem-24703	195	26	acts	act	VERB
fbem-24703	195	27	as	as	ADP
fbem-24703	195	28	an	an	DET
fbem-24703	195	29	additive	additive	ADJ
fbem-24703	195	30	effect	effect	NOUN
fbem-24703	195	31	or	or	CCONJ
fbem-24703	195	32	a	a	DET
fbem-24703	195	33	substitute	substitute	ADJ
fbem-24703	195	34	effect	effect	NOUN
fbem-24703	195	35	in	in	ADP
fbem-24703	195	36	the	the	DET
fbem-24703	195	37	relationship	relationship	NOUN
fbem-24703	195	38	between	between	ADP
fbem-24703	195	39	digital	digital	ADJ
fbem-24703	195	40	transformation	transformation	NOUN
fbem-24703	195	41	and	and	CCONJ
fbem-24703	195	42	investor	investor	NOUN
fbem-24703	195	43	protection	protection	NOUN
fbem-24703	195	44	,	,	PUNCT
fbem-24703	195	45	we	we	PRON
fbem-24703	195	46	establish	establish	VERB
fbem-24703	195	47	model	model	NOUN
fbem-24703	195	48	(	(	PUNCT
fbem-24703	195	49	8)	8)	NUM
fbem-24703	195	50	.	.	PUNCT
fbem-24703	195	51	here	here	ADV
fbem-24703	195	52	,	,	PUNCT
fbem-24703	195	53	esgit	esgit	ADV
fbem-24703	195	54	represents	represent	VERB
fbem-24703	195	55	the	the	DET
fbem-24703	195	56	esg	esg	NOUN
fbem-24703	195	57	score	score	NOUN
fbem-24703	195	58	of	of	ADP
fbem-24703	195	59	firm	firm	ADJ
fbem-24703	195	60	i	i	PRON
fbem-24703	195	61	in	in	ADP
fbem-24703	195	62	year	year	NOUN
fbem-24703	195	63	t	t	PROPN
fbem-24703	195	64	as	as	SCONJ
fbem-24703	195	65	rated	rate	VERB
fbem-24703	195	66	by	by	ADP
fbem-24703	195	67	huazheng	huazheng	PROPN
fbem-24703	195	68	,	,	PUNCT
fbem-24703	195	69	which	which	PRON
fbem-24703	195	70	is	be	AUX
fbem-24703	195	71	widely	widely	ADV
fbem-24703	195	72	recognized	recognize	VERB
fbem-24703	195	73	and	and	CCONJ
fbem-24703	195	74	applied	apply	VERB
fbem-24703	195	75	in	in	ADP
fbem-24703	195	76	the	the	DET
fbem-24703	195	77	chinese	chinese	ADJ
fbem-24703	195	78	market	market	NOUN
fbem-24703	195	79	due	due	ADP
fbem-24703	195	80	to	to	ADP
fbem-24703	195	81	its	its	PRON
fbem-24703	195	82	broad	broad	ADJ
fbem-24703	195	83	coverage	coverage	NOUN
fbem-24703	195	84	,	,	PUNCT
fbem-24703	195	85	timeliness	timeliness	NOUN
fbem-24703	195	86	,	,	PUNCT
fbem-24703	195	87	and	and	CCONJ
fbem-24703	195	88	acceptance	acceptance	NOUN
fbem-24703	195	89	in	in	ADP
fbem-24703	195	90	academia	academia	NOUN
fbem-24703	195	91	and	and	CCONJ
fbem-24703	195	92	industry	industry	NOUN
fbem-24703	195	93	(	(	PUNCT
fbem-24703	195	94	lian	lian	NOUN
fbem-24703	195	95	et	et	PROPN
fbem-24703	195	96	al	al	PROPN
fbem-24703	195	97	.	.	PROPN
fbem-24703	195	98	,	,	PUNCT
fbem-24703	195	99	2023	2023	NUM
fbem-24703	195	100	;	;	PUNCT
fbem-24703	195	101	li	li	PROPN
fbem-24703	195	102	et	et	PROPN
fbem-24703	195	103	al	al	PROPN
fbem-24703	195	104	.	.	PROPN
fbem-24703	195	105	,	,	PUNCT
fbem-24703	195	106	2021	2021	NUM
fbem-24703	195	107	)	)	PUNCT
fbem-24703	195	108	.	.	PUNCT
fbem-24703	196	1	dcgit	dcgit	ADJ
fbem-24703	196	2	×	×	NOUN
fbem-24703	196	3	esgit	esgit	ADV
fbem-24703	196	4	represents	represent	VERB
fbem-24703	196	5	the	the	DET
fbem-24703	196	6	interaction	interaction	NOUN
fbem-24703	196	7	term	term	NOUN
fbem-24703	196	8	between	between	ADP
fbem-24703	196	9	digital	digital	ADJ
fbem-24703	196	10	transformation	transformation	NOUN
fbem-24703	196	11	and	and	CCONJ
fbem-24703	196	12	esg	esg	NOUN
fbem-24703	196	13	score	score	NOUN
fbem-24703	196	14	for	for	ADP
fbem-24703	196	15	firm	firm	ADJ
fbem-24703	196	16	i	i	PRON
fbem-24703	196	17	in	in	ADP
fbem-24703	196	18	year	year	NOUN
fbem-24703	196	19	t.	t.	PROPN
fbem-24703	196	20	𝐼𝑃𝑖𝑡	𝐼𝑃𝑖𝑡	PROPN
fbem-24703	196	21	=	=	PUNCT
fbem-24703	196	22	𝜇0	𝜇0	PROPN
fbem-24703	196	23	+	+	CCONJ
fbem-24703	196	24	𝜇1𝐷𝐶𝐺𝑖𝑡	𝜇1𝐷𝐶𝐺𝑖𝑡	PROPN
fbem-24703	196	25	+	+	CCONJ
fbem-24703	196	26	𝜇2𝐸𝑆𝐺𝑖𝑡	𝜇2𝐸𝑆𝐺𝑖𝑡	VERB
fbem-24703	196	27	+	+	CCONJ
fbem-24703	196	28	𝜇3𝐷𝐶𝐺𝑖𝑡	𝜇3𝐷𝐶𝐺𝑖𝑡	NOUN
fbem-24703	196	29	×	×	NOUN
fbem-24703	196	30	𝐸𝑆𝐺𝑖𝑡	𝐸𝑆𝐺𝑖𝑡	NOUN
fbem-24703	196	31	+	+	PROPN
fbem-24703	196	32	𝜇𝑋𝑖𝑡	𝜇𝑋𝑖𝑡	PROPN
fbem-24703	196	33	+	+	CCONJ
fbem-24703	196	34	∑𝑖𝑛𝑑𝑖	∑𝑖𝑛𝑑𝑖	NOUN
fbem-24703	197	1	+	+	CCONJ
fbem-24703	197	2	∑	∑	AUX
fbem-24703	197	3	𝑦𝑒𝑎𝑟	𝑦𝑒𝑎𝑟	VERB
fbem-24703	197	4	+	+	X
fbem-24703	197	5	𝑖𝑡	𝑖𝑡	X
fbem-24703	197	6	(	(	PUNCT
fbem-24703	197	7	8)	8)	NUM
fbem-24703	197	8	based	base	VERB
fbem-24703	197	9	on	on	ADP
fbem-24703	197	10	the	the	DET
fbem-24703	197	11	research	research	NOUN
fbem-24703	197	12	model	model	NOUN
fbem-24703	197	13	set	set	VERB
fbem-24703	197	14	in	in	ADP
fbem-24703	197	15	(	(	PUNCT
fbem-24703	197	16	6	6	NUM
fbem-24703	197	17	)	)	PUNCT
fbem-24703	197	18	,	,	PUNCT
fbem-24703	197	19	the	the	DET
fbem-24703	197	20	regression	regression	NOUN
fbem-24703	197	21	results	result	VERB
fbem-24703	197	22	in	in	ADP
fbem-24703	197	23	table	table	NOUN
fbem-24703	197	24	7	7	NUM
fbem-24703	197	25	demonstrate	demonstrate	VERB
fbem-24703	197	26	the	the	DET
fbem-24703	197	27	following	following	NOUN
fbem-24703	197	28	:	:	PUNCT
fbem-24703	197	29	in	in	ADP
fbem-24703	197	30	column	column	NOUN
fbem-24703	197	31	(	(	PUNCT
fbem-24703	197	32	1	1	NUM
fbem-24703	197	33	)	)	PUNCT
fbem-24703	197	34	,	,	PUNCT
fbem-24703	197	35	the	the	DET
fbem-24703	197	36	regression	regression	NOUN
fbem-24703	197	37	results	result	NOUN
fbem-24703	197	38	indicate	indicate	VERB
fbem-24703	197	39	that	that	SCONJ
fbem-24703	197	40	the	the	DET
fbem-24703	197	41	level	level	NOUN
fbem-24703	197	42	of	of	ADP
fbem-24703	197	43	risk	risk	NOUN
fbem-24703	197	44	-	-	PUNCT
fbem-24703	197	45	taking	taking	NOUN
fbem-24703	197	46	negatively	negatively	ADV
fbem-24703	197	47	moderates	moderate	VERB
fbem-24703	197	48	the	the	DET
fbem-24703	197	49	promotion	promotion	NOUN
fbem-24703	197	50	effect	effect	NOUN
fbem-24703	197	51	of	of	ADP
fbem-24703	197	52	digital	digital	ADJ
fbem-24703	197	53	transformation	transformation	NOUN
fbem-24703	197	54	on	on	ADP
fbem-24703	197	55	investor	investor	NOUN
fbem-24703	197	56	protection	protection	NOUN
fbem-24703	197	57	.	.	PUNCT
fbem-24703	198	1	the	the	DET
fbem-24703	198	2	coefficient	coefficient	NOUN
fbem-24703	198	3	of	of	ADP
fbem-24703	198	4	the	the	DET
fbem-24703	198	5	interaction	interaction	NOUN
fbem-24703	198	6	term	term	NOUN
fbem-24703	198	7	(	(	PUNCT
fbem-24703	198	8	dcgrisk	dcgrisk	NOUN
fbem-24703	198	9	)	)	PUNCT
fbem-24703	198	10	is	be	AUX
fbem-24703	198	11	-0.3410	-0.3410	PROPN
fbem-24703	198	12	,	,	PUNCT
fbem-24703	198	13	significant	significant	ADJ
fbem-24703	198	14	at	at	ADP
fbem-24703	198	15	the	the	DET
fbem-24703	198	16	5	5	NUM
fbem-24703	198	17	%	%	NOUN
fbem-24703	198	18	level	level	NOUN
fbem-24703	198	19	.	.	PUNCT
fbem-24703	199	1	this	this	PRON
fbem-24703	199	2	suggests	suggest	VERB
fbem-24703	199	3	that	that	SCONJ
fbem-24703	199	4	as	as	ADP
fbem-24703	199	5	the	the	DET
fbem-24703	199	6	level	level	NOUN
fbem-24703	199	7	of	of	ADP
fbem-24703	199	8	risk	risk	NOUN
fbem-24703	199	9	-	-	PUNCT
fbem-24703	199	10	taking	taking	NOUN
fbem-24703	199	11	by	by	ADP
fbem-24703	199	12	the	the	DET
fbem-24703	199	13	firm	firm	ADJ
fbem-24703	199	14	increases	increase	NOUN
fbem-24703	199	15	,	,	PUNCT
fbem-24703	199	16	the	the	DET
fbem-24703	199	17	enhancing	enhance	VERB
fbem-24703	199	18	effect	effect	NOUN
fbem-24703	199	19	of	of	ADP
fbem-24703	199	20	digital	digital	ADJ
fbem-24703	199	21	transformation	transformation	NOUN
fbem-24703	199	22	on	on	ADP
fbem-24703	199	23	investor	investor	NOUN
fbem-24703	199	24	protection	protection	NOUN
fbem-24703	199	25	diminishes	diminish	VERB
fbem-24703	199	26	.	.	PUNCT
fbem-24703	200	1	hypothesis	hypothesis	NOUN
fbem-24703	200	2	h3	h3	NOUN
fbem-24703	200	3	is	be	AUX
fbem-24703	200	4	supported	support	VERB
fbem-24703	200	5	.	.	PUNCT
fbem-24703	201	1	in	in	ADP
fbem-24703	201	2	column	column	NOUN
fbem-24703	201	3	(	(	PUNCT
fbem-24703	201	4	2	2	NUM
fbem-24703	201	5	)	)	PUNCT
fbem-24703	201	6	,	,	PUNCT
fbem-24703	201	7	the	the	DET
fbem-24703	201	8	regression	regression	NOUN
fbem-24703	201	9	results	result	NOUN
fbem-24703	201	10	show	show	VERB
fbem-24703	201	11	that	that	SCONJ
fbem-24703	201	12	the	the	DET
fbem-24703	201	13	coefficient	coefficient	NOUN
fbem-24703	201	14	of	of	ADP
fbem-24703	201	15	mng	mng	PROPN
fbem-24703	201	16	is	be	AUX
fbem-24703	201	17	1.4648	1.4648	NUM
fbem-24703	201	18	,	,	PUNCT
fbem-24703	201	19	significant	significant	ADJ
fbem-24703	201	20	at	at	ADP
fbem-24703	201	21	the	the	DET
fbem-24703	201	22	1	1	NUM
fbem-24703	201	23	%	%	NOUN
fbem-24703	201	24	level	level	NOUN
fbem-24703	201	25	.	.	PUNCT
fbem-24703	202	1	the	the	DET
fbem-24703	202	2	coefficient	coefficient	NOUN
fbem-24703	202	3	of	of	ADP
fbem-24703	202	4	the	the	DET
fbem-24703	202	5	interaction	interaction	NOUN
fbem-24703	202	6	term	term	NOUN
fbem-24703	202	7	(	(	PUNCT
fbem-24703	202	8	dcgmng	dcgmng	PROPN
fbem-24703	202	9	)	)	PUNCT
fbem-24703	202	10	is	be	AUX
fbem-24703	202	11	-0.3403	-0.3403	NOUN
fbem-24703	202	12	,	,	PUNCT
fbem-24703	202	13	significant	significant	ADJ
fbem-24703	202	14	at	at	ADP
fbem-24703	202	15	the	the	DET
fbem-24703	202	16	5	5	NUM
fbem-24703	202	17	%	%	NOUN
fbem-24703	202	18	level	level	NOUN
fbem-24703	202	19	.	.	PUNCT
fbem-24703	203	1	this	this	PRON
fbem-24703	203	2	indicates	indicate	VERB
fbem-24703	203	3	that	that	SCONJ
fbem-24703	203	4	managerial	managerial	ADJ
fbem-24703	203	5	shareholding	shareholding	NOUN
fbem-24703	203	6	acts	act	VERB
fbem-24703	203	7	as	as	ADP
fbem-24703	203	8	a	a	DET
fbem-24703	203	9	substitute	substitute	NOUN
fbem-24703	203	10	in	in	ADP
fbem-24703	203	11	the	the	DET
fbem-24703	203	12	process	process	NOUN
fbem-24703	203	13	where	where	SCONJ
fbem-24703	203	14	digital	digital	ADJ
fbem-24703	203	15	transformation	transformation	NOUN
fbem-24703	203	16	enhances	enhance	VERB
fbem-24703	203	17	investor	investor	NOUN
fbem-24703	203	18	protection	protection	NOUN
fbem-24703	203	19	in	in	ADP
fbem-24703	203	20	the	the	DET
fbem-24703	203	21	firm	firm	NOUN
fbem-24703	203	22	.	.	PUNCT
fbem-24703	204	1	hypothesis	hypothesis	NOUN
fbem-24703	204	2	h4	h4	PROPN
fbem-24703	204	3	is	be	AUX
fbem-24703	204	4	supported	support	VERB
fbem-24703	204	5	.	.	PUNCT
fbem-24703	205	1	in	in	ADP
fbem-24703	205	2	column	column	NOUN
fbem-24703	205	3	(	(	PUNCT
fbem-24703	205	4	3	3	NUM
fbem-24703	205	5	)	)	PUNCT
fbem-24703	205	6	,	,	PUNCT
fbem-24703	205	7	the	the	DET
fbem-24703	205	8	regression	regression	NOUN
fbem-24703	205	9	results	result	NOUN
fbem-24703	205	10	reveal	reveal	VERB
fbem-24703	205	11	that	that	SCONJ
fbem-24703	205	12	the	the	DET
fbem-24703	205	13	coefficient	coefficient	NOUN
fbem-24703	205	14	of	of	ADP
fbem-24703	205	15	esg	esg	PROPN
fbem-24703	205	16	is	be	AUX
fbem-24703	205	17	0.8367	0.8367	NUM
fbem-24703	205	18	,	,	PUNCT
fbem-24703	205	19	significant	significant	ADJ
fbem-24703	205	20	at	at	ADP
fbem-24703	205	21	the	the	DET
fbem-24703	205	22	1	1	NUM
fbem-24703	205	23	%	%	NOUN
fbem-24703	205	24	level	level	NOUN
fbem-24703	205	25	.	.	PUNCT
fbem-24703	206	1	the	the	DET
fbem-24703	206	2	coefficient	coefficient	NOUN
fbem-24703	206	3	of	of	ADP
fbem-24703	206	4	the	the	DET
fbem-24703	206	5	interaction	interaction	NOUN
fbem-24703	206	6	term	term	NOUN
fbem-24703	206	7	(	(	PUNCT
fbem-24703	206	8	dcgesg	dcgesg	NOUN
fbem-24703	206	9	)	)	PUNCT
fbem-24703	206	10	is	be	AUX
fbem-24703	206	11	-0.0680	-0.0680	VERB
fbem-24703	206	12	,	,	PUNCT
fbem-24703	206	13	significant	significant	ADJ
fbem-24703	206	14	at	at	ADP
fbem-24703	206	15	the	the	DET
fbem-24703	206	16	1	1	NUM
fbem-24703	206	17	%	%	NOUN
fbem-24703	206	18	level	level	NOUN
fbem-24703	206	19	.	.	PUNCT
fbem-24703	207	1	this	this	PRON
fbem-24703	207	2	shows	show	VERB
fbem-24703	207	3	that	that	SCONJ
fbem-24703	207	4	corporate	corporate	ADJ
fbem-24703	207	5	esg	esg	NOUN
fbem-24703	207	6	disclosure	disclosure	NOUN
fbem-24703	207	7	acts	act	VERB
fbem-24703	207	8	as	as	ADP
fbem-24703	207	9	a	a	DET
fbem-24703	207	10	substitute	substitute	NOUN
fbem-24703	207	11	in	in	ADP
fbem-24703	207	12	the	the	DET
fbem-24703	207	13	process	process	NOUN
fbem-24703	207	14	where	where	SCONJ
fbem-24703	207	15	digital	digital	ADJ
fbem-24703	207	16	transformation	transformation	NOUN
fbem-24703	207	17	enhances	enhance	VERB
fbem-24703	207	18	investor	investor	NOUN
fbem-24703	207	19	protection	protection	NOUN
fbem-24703	207	20	in	in	ADP
fbem-24703	207	21	the	the	DET
fbem-24703	207	22	firm	firm	NOUN
fbem-24703	207	23	.	.	PUNCT
fbem-24703	208	1	hypothesis	hypothesis	NOUN
fbem-24703	208	2	h5b	h5b	PROPN
fbem-24703	208	3	is	be	AUX
fbem-24703	208	4	supported	support	VERB
fbem-24703	208	5	.	.	PUNCT
fbem-24703	209	1	164	164	NUM
fbem-24703	209	2	these	these	DET
fbem-24703	209	3	findings	finding	NOUN
fbem-24703	209	4	provide	provide	VERB
fbem-24703	209	5	empirical	empirical	ADJ
fbem-24703	209	6	support	support	NOUN
fbem-24703	209	7	for	for	ADP
fbem-24703	209	8	the	the	DET
fbem-24703	209	9	research	research	NOUN
fbem-24703	209	10	hypotheses	hypothesis	NOUN
fbem-24703	209	11	regarding	regard	VERB
fbem-24703	209	12	the	the	DET
fbem-24703	209	13	interaction	interaction	NOUN
fbem-24703	209	14	effects	effect	NOUN
fbem-24703	209	15	of	of	ADP
fbem-24703	209	16	risk	risk	NOUN
fbem-24703	209	17	-	-	PUNCT
fbem-24703	209	18	taking	taking	NOUN
fbem-24703	209	19	,	,	PUNCT
fbem-24703	209	20	managerial	managerial	ADJ
fbem-24703	209	21	shareholding	shareholding	NOUN
fbem-24703	209	22	,	,	PUNCT
fbem-24703	209	23	and	and	CCONJ
fbem-24703	209	24	esg	esg	NOUN
fbem-24703	209	25	disclosure	disclosure	NOUN
fbem-24703	209	26	on	on	ADP
fbem-24703	209	27	the	the	DET
fbem-24703	209	28	relationship	relationship	NOUN
fbem-24703	209	29	between	between	ADP
fbem-24703	209	30	digital	digital	ADJ
fbem-24703	209	31	transformation	transformation	NOUN
fbem-24703	209	32	and	and	CCONJ
fbem-24703	209	33	investor	investor	NOUN
fbem-24703	209	34	protection	protection	NOUN
fbem-24703	209	35	.	.	PUNCT
fbem-24703	210	1	table	table	NOUN
fbem-24703	210	2	7	7	NUM
fbem-24703	210	3	.	.	PUNCT
fbem-24703	211	1	the	the	DET
fbem-24703	211	2	regression	regression	NOUN
fbem-24703	211	3	results	result	NOUN
fbem-24703	211	4	of	of	ADP
fbem-24703	211	5	moderating	moderate	VERB
fbem-24703	211	6	and	and	CCONJ
fbem-24703	211	7	substitution	substitution	NOUN
fbem-24703	211	8	effect	effect	NOUN
fbem-24703	211	9	tests	test	NOUN
fbem-24703	211	10	(	(	PUNCT
fbem-24703	211	11	1	1	NUM
fbem-24703	211	12	)	)	PUNCT
fbem-24703	211	13	(	(	PUNCT
fbem-24703	211	14	2	2	NUM
fbem-24703	211	15	)	)	PUNCT
fbem-24703	211	16	(	(	PUNCT
fbem-24703	211	17	3	3	X
fbem-24703	211	18	)	)	PUNCT
fbem-24703	211	19	ip	ip	NOUN
fbem-24703	211	20	ip	ip	NOUN
fbem-24703	211	21	ip	ip	ADJ
fbem-24703	211	22	dcg	dcg	PROPN
fbem-24703	211	23	0.2574	0.2574	NUM
fbem-24703	211	24	*	*	PUNCT
fbem-24703	211	25	*	*	PUNCT
fbem-24703	211	26	*	*	PUNCT
fbem-24703	211	27	0.2758	0.2758	NUM
fbem-24703	211	28	*	*	PUNCT
fbem-24703	211	29	*	*	PUNCT
fbem-24703	211	30	*	*	PUNCT
fbem-24703	211	31	0.4867	0.4867	NUM
fbem-24703	211	32	*	*	PUNCT
fbem-24703	211	33	*	*	PUNCT
fbem-24703	211	34	*	*	PUNCT
fbem-24703	211	35	(	(	PUNCT
fbem-24703	211	36	7.9784	7.9784	NUM
fbem-24703	211	37	)	)	PUNCT
fbem-24703	211	38	(	(	PUNCT
fbem-24703	211	39	9.1375	9.1375	NUM
fbem-24703	211	40	)	)	PUNCT
fbem-24703	211	41	(	(	PUNCT
fbem-24703	211	42	5.4058	5.4058	NUM
fbem-24703	211	43	)	)	PUNCT
fbem-24703	211	44	risk	risk	NOUN
fbem-24703	211	45	-0.0642	-0.0642	VERB
fbem-24703	211	46	*	*	PUNCT
fbem-24703	211	47	(	(	PUNCT
fbem-24703	211	48	-1.6793	-1.6793	ADJ
fbem-24703	211	49	)	)	PUNCT
fbem-24703	211	50	dcgrisk	dcgrisk	NOUN
fbem-24703	211	51	-0.3410	-0.3410	PROPN
fbem-24703	211	52	*	*	PUNCT
fbem-24703	211	53	*	*	PUNCT
fbem-24703	211	54	(	(	PUNCT
fbem-24703	211	55	-2.4322	-2.4322	NOUN
fbem-24703	211	56	)	)	PUNCT
fbem-24703	211	57	mng	mng	NOUN
fbem-24703	211	58	1.4648	1.4648	NUM
fbem-24703	211	59	*	*	PUNCT
fbem-24703	211	60	*	*	PUNCT
fbem-24703	211	61	*	*	PUNCT
fbem-24703	211	62	(	(	PUNCT
fbem-24703	211	63	5.8819	5.8819	NUM
fbem-24703	211	64	)	)	PUNCT
fbem-24703	211	65	dcgmng	dcgmng	NOUN
fbem-24703	211	66	-0.3403	-0.3403	NOUN
fbem-24703	211	67	*	*	PUNCT
fbem-24703	211	68	*	*	PUNCT
fbem-24703	211	69	(	(	PUNCT
fbem-24703	211	70	-2.4105	-2.4105	NOUN
fbem-24703	211	71	)	)	PUNCT
fbem-24703	211	72	esg	esg	NOUN
fbem-24703	211	73	0.8367	0.8367	NUM
fbem-24703	211	74	*	*	PUNCT
fbem-24703	211	75	*	*	PUNCT
fbem-24703	211	76	*	*	PUNCT
fbem-24703	211	77	(	(	PUNCT
fbem-24703	211	78	23.5588	23.5588	NUM
fbem-24703	211	79	)	)	PUNCT
fbem-24703	211	80	dcgesg	dcgesg	NOUN
fbem-24703	211	81	-0.0680	-0.0680	NOUN
fbem-24703	211	82	*	*	PUNCT
fbem-24703	211	83	*	*	PUNCT
fbem-24703	211	84	*	*	PUNCT
fbem-24703	211	85	(	(	PUNCT
fbem-24703	211	86	-3.2543	-3.2543	NOUN
fbem-24703	211	87	)	)	PUNCT
fbem-24703	211	88	lev	lev	PROPN
fbem-24703	211	89	-1.8342	-1.8342	PROPN
fbem-24703	211	90	*	*	PROPN
fbem-24703	211	91	*	*	PUNCT
fbem-24703	211	92	*	*	PUNCT
fbem-24703	211	93	-1.9673	-1.9673	PROPN
fbem-24703	211	94	*	*	PUNCT
fbem-24703	211	95	*	*	PUNCT
fbem-24703	211	96	*	*	PUNCT
fbem-24703	211	97	-1.8392	-1.8392	VERB
fbem-24703	211	98	*	*	NOUN
fbem-24703	211	99	*	*	PUNCT
fbem-24703	211	100	*	*	PUNCT
fbem-24703	211	101	(	(	PUNCT
fbem-24703	211	102	-17.2465	-17.2465	NOUN
fbem-24703	211	103	)	)	PUNCT
fbem-24703	211	104	(	(	PUNCT
fbem-24703	211	105	-20.7281	-20.7281	NUM
fbem-24703	211	106	)	)	PUNCT
fbem-24703	211	107	(	(	PUNCT
fbem-24703	211	108	-18.2255	-18.2255	X
fbem-24703	211	109	)	)	PUNCT
fbem-24703	211	110	roa	roa	NOUN
fbem-24703	211	111	-0.8869	-0.8869	NOUN
fbem-24703	211	112	*	*	PROPN
fbem-24703	211	113	*	*	PUNCT
fbem-24703	211	114	*	*	PUNCT
fbem-24703	211	115	-0.8367	-0.8367	PUNCT
fbem-24703	211	116	*	*	PUNCT
fbem-24703	211	117	*	*	PUNCT
fbem-24703	211	118	*	*	PUNCT
fbem-24703	211	119	-0.9223	-0.9223	NOUN
fbem-24703	211	120	*	*	PUNCT
fbem-24703	211	121	*	*	PUNCT
fbem-24703	211	122	*	*	PUNCT
fbem-24703	211	123	(	(	PUNCT
fbem-24703	211	124	-6.6557	-6.6557	NOUN
fbem-24703	211	125	)	)	PUNCT
fbem-24703	211	126	(	(	PUNCT
fbem-24703	211	127	-6.9683	-6.9683	NOUN
fbem-24703	211	128	)	)	PUNCT
fbem-24703	211	129	(	(	PUNCT
fbem-24703	211	130	-7.6777	-7.6777	NOUN
fbem-24703	211	131	)	)	PUNCT
fbem-24703	211	132	fee	fee	NOUN
fbem-24703	211	133	1.0955	1.0955	NUM
fbem-24703	211	134	*	*	PUNCT
fbem-24703	211	135	*	*	PUNCT
fbem-24703	211	136	*	*	PUNCT
fbem-24703	211	137	1.2422	1.2422	NUM
fbem-24703	211	138	*	*	PUNCT
fbem-24703	211	139	*	*	PUNCT
fbem-24703	211	140	*	*	PUNCT
fbem-24703	211	141	1.1400	1.1400	NUM
fbem-24703	211	142	*	*	PUNCT
fbem-24703	211	143	*	*	PUNCT
fbem-24703	211	144	*	*	PUNCT
fbem-24703	211	145	(	(	PUNCT
fbem-24703	211	146	21.2978	21.2978	NUM
fbem-24703	211	147	)	)	PUNCT
fbem-24703	211	148	(	(	PUNCT
fbem-24703	211	149	27.6374	27.6374	NUM
fbem-24703	211	150	)	)	PUNCT
fbem-24703	211	151	(	(	PUNCT
fbem-24703	211	152	25.9638	25.9638	NUM
fbem-24703	211	153	)	)	PUNCT
fbem-24703	211	154	pay	pay	VERB
fbem-24703	211	155	1.4858	1.4858	NUM
fbem-24703	211	156	*	*	PUNCT
fbem-24703	211	157	*	*	PUNCT
fbem-24703	211	158	*	*	PUNCT
fbem-24703	212	1	1.4444	1.4444	NUM
fbem-24703	212	2	*	*	PUNCT
fbem-24703	212	3	*	*	PUNCT
fbem-24703	212	4	*	*	PUNCT
fbem-24703	212	5	1.2080	1.2080	NUM
fbem-24703	212	6	*	*	PUNCT
fbem-24703	212	7	*	*	PUNCT
fbem-24703	212	8	*	*	PUNCT
fbem-24703	212	9	(	(	PUNCT
fbem-24703	212	10	29.2901	29.2901	NUM
fbem-24703	212	11	)	)	PUNCT
fbem-24703	212	12	(	(	PUNCT
fbem-24703	212	13	33.1079	33.1079	NUM
fbem-24703	212	14	)	)	PUNCT
fbem-24703	212	15	(	(	PUNCT
fbem-24703	212	16	27.7130	27.7130	NUM
fbem-24703	212	17	)	)	PUNCT
fbem-24703	212	18	growth	growth	NOUN
fbem-24703	212	19	-0.0003	-0.0003	NOUN
fbem-24703	212	20	*	*	PUNCT
fbem-24703	212	21	*	*	PUNCT
fbem-24703	212	22	*	*	PUNCT
fbem-24703	212	23	-0.0003	-0.0003	ADJ
fbem-24703	212	24	*	*	PUNCT
fbem-24703	212	25	*	*	PUNCT
fbem-24703	212	26	*	*	PUNCT
fbem-24703	212	27	-0.0003	-0.0003	ADJ
fbem-24703	212	28	*	*	PUNCT
fbem-24703	212	29	*	*	PUNCT
fbem-24703	212	30	*	*	PUNCT
fbem-24703	212	31	(	(	PUNCT
fbem-24703	212	32	-4.1135	-4.1135	NOUN
fbem-24703	212	33	)	)	PUNCT
fbem-24703	212	34	(	(	PUNCT
fbem-24703	212	35	-4.4684	-4.4684	NOUN
fbem-24703	212	36	)	)	PUNCT
fbem-24703	212	37	(	(	PUNCT
fbem-24703	212	38	-3.9935	-3.9935	PROPN
fbem-24703	212	39	)	)	PUNCT
fbem-24703	212	40	cv	cv	PROPN
fbem-24703	212	41	0.0145	0.0145	NUM
fbem-24703	212	42	*	*	PUNCT
fbem-24703	212	43	*	*	PUNCT
fbem-24703	212	44	*	*	PUNCT
fbem-24703	213	1	0.0216	0.0216	NUM
fbem-24703	213	2	*	*	PUNCT
fbem-24703	213	3	*	*	PUNCT
fbem-24703	213	4	*	*	PUNCT
fbem-24703	213	5	0.0197	0.0197	NUM
fbem-24703	213	6	*	*	PUNCT
fbem-24703	213	7	*	*	PUNCT
fbem-24703	213	8	*	*	PUNCT
fbem-24703	213	9	(	(	PUNCT
fbem-24703	213	10	3.6069	3.6069	NUM
fbem-24703	213	11	)	)	PUNCT
fbem-24703	213	12	(	(	PUNCT
fbem-24703	213	13	5.9445	5.9445	NUM
fbem-24703	213	14	)	)	PUNCT
fbem-24703	213	15	(	(	PUNCT
fbem-24703	213	16	5.7448	5.7448	NUM
fbem-24703	213	17	)	)	PUNCT
fbem-24703	213	18	top	top	VERB
fbem-24703	213	19	2.0586	2.0586	NUM
fbem-24703	213	20	*	*	PUNCT
fbem-24703	213	21	*	*	PUNCT
fbem-24703	213	22	*	*	PUNCT
fbem-24703	214	1	2.3775	2.3775	NUM
fbem-24703	214	2	*	*	PUNCT
fbem-24703	214	3	*	*	PUNCT
fbem-24703	214	4	*	*	PUNCT
fbem-24703	214	5	1.7154	1.7154	NUM
fbem-24703	214	6	*	*	PUNCT
fbem-24703	214	7	*	*	PUNCT
fbem-24703	214	8	*	*	PUNCT
fbem-24703	214	9	(	(	PUNCT
fbem-24703	214	10	9.4054	9.4054	NUM
fbem-24703	214	11	)	)	PUNCT
fbem-24703	214	12	(	(	PUNCT
fbem-24703	214	13	12.5860	12.5860	NUM
fbem-24703	214	14	)	)	PUNCT
fbem-24703	214	15	(	(	PUNCT
fbem-24703	214	16	9.2326	9.2326	NUM
fbem-24703	214	17	)	)	PUNCT
fbem-24703	214	18	dual	dual	ADJ
fbem-24703	214	19	-0.5653	-0.5653	NOUN
fbem-24703	214	20	*	*	PUNCT
fbem-24703	214	21	*	*	PUNCT
fbem-24703	214	22	*	*	NOUN
fbem-24703	214	23	-0.5408	-0.5408	X
fbem-24703	214	24	*	*	PUNCT
fbem-24703	214	25	*	*	PUNCT
fbem-24703	214	26	*	*	PUNCT
fbem-24703	214	27	-0.5144	-0.5144	PUNCT
fbem-24703	214	28	*	*	PUNCT
fbem-24703	214	29	*	*	PUNCT
fbem-24703	214	30	*	*	PUNCT
fbem-24703	214	31	(	(	PUNCT
fbem-24703	214	32	-7.3836	-7.3836	ADJ
fbem-24703	214	33	)	)	PUNCT
fbem-24703	214	34	(	(	PUNCT
fbem-24703	214	35	-8.3093	-8.3093	NOUN
fbem-24703	214	36	)	)	PUNCT
fbem-24703	214	37	(	(	PUNCT
fbem-24703	214	38	-8.0837	-8.0837	X
fbem-24703	214	39	)	)	PUNCT
fbem-24703	214	40	soe	soe	PROPN
fbem-24703	214	41	0.6017	0.6017	NUM
fbem-24703	214	42	*	*	PUNCT
fbem-24703	214	43	*	*	PUNCT
fbem-24703	214	44	*	*	PUNCT
fbem-24703	214	45	0.8959	0.8959	NUM
fbem-24703	214	46	*	*	PUNCT
fbem-24703	214	47	*	*	PUNCT
fbem-24703	214	48	*	*	PUNCT
fbem-24703	214	49	0.6035	0.6035	NUM
fbem-24703	214	50	*	*	PUNCT
fbem-24703	214	51	*	*	PUNCT
fbem-24703	214	52	*	*	PUNCT
fbem-24703	214	53	(	(	PUNCT
fbem-24703	214	54	8.2066	8.2066	NUM
fbem-24703	214	55	)	)	PUNCT
fbem-24703	214	56	(	(	PUNCT
fbem-24703	214	57	13.3643	13.3643	NUM
fbem-24703	214	58	)	)	PUNCT
fbem-24703	214	59	(	(	PUNCT
fbem-24703	214	60	9.7496	9.7496	NUM
fbem-24703	214	61	)	)	PUNCT
fbem-24703	214	62	yearfe	yearfe	ADV
fbem-24703	215	1	yes	yes	INTJ
fbem-24703	216	1	yes	yes	INTJ
fbem-24703	216	2	yes	yes	INTJ
fbem-24703	216	3	indfe	indfe	INTJ
fbem-24703	217	1	yes	yes	INTJ
fbem-24703	218	1	yes	yes	INTJ
fbem-24703	219	1	yes	yes	INTJ
fbem-24703	220	1	_	_	PUNCT
fbem-24703	220	2	cons	con	NOUN
fbem-24703	220	3	21.6767	21.6767	NUM
fbem-24703	220	4	*	*	PUNCT
fbem-24703	220	5	*	*	PUNCT
fbem-24703	220	6	*	*	NOUN
fbem-24703	220	7	20.0242	20.0242	NUM
fbem-24703	220	8	*	*	PUNCT
fbem-24703	220	9	*	*	PUNCT
fbem-24703	220	10	*	*	PUNCT
fbem-24703	220	11	21.9791	21.9791	NUM
fbem-24703	220	12	*	*	PUNCT
fbem-24703	220	13	*	*	PUNCT
fbem-24703	220	14	*	*	PUNCT
fbem-24703	220	15	(	(	PUNCT
fbem-24703	220	16	27.2609	27.2609	NUM
fbem-24703	220	17	)	)	PUNCT
fbem-24703	220	18	(	(	PUNCT
fbem-24703	220	19	28.7426	28.7426	NUM
fbem-24703	220	20	)	)	PUNCT
fbem-24703	220	21	(	(	PUNCT
fbem-24703	220	22	32.1850	32.1850	NUM
fbem-24703	220	23	)	)	PUNCT
fbem-24703	220	24	n	n	PRON
fbem-24703	220	25	18420	18420	NUM
fbem-24703	220	26	23863	23863	NUM
fbem-24703	220	27	23620	23620	NUM
fbem-24703	220	28	r2_a	r2_a	NOUN
fbem-24703	220	29	0.1797	0.1797	NUM
fbem-24703	220	30	0.2054	0.2054	NUM
fbem-24703	220	31	0.2299	0.2299	NUM
fbem-24703	220	32	8	8	NUM
fbem-24703	220	33	.	.	PUNCT
fbem-24703	221	1	conclusions	conclusion	NOUN
fbem-24703	221	2	and	and	CCONJ
fbem-24703	221	3	implications	implication	NOUN
fbem-24703	221	4	strengthening	strengthen	VERB
fbem-24703	221	5	investor	investor	NOUN
fbem-24703	221	6	protection	protection	NOUN
fbem-24703	221	7	can	can	AUX
fbem-24703	221	8	enhance	enhance	VERB
fbem-24703	221	9	confidence	confidence	NOUN
fbem-24703	221	10	in	in	ADP
fbem-24703	221	11	capital	capital	NOUN
fbem-24703	221	12	markets	market	NOUN
fbem-24703	221	13	,	,	PUNCT
fbem-24703	221	14	thereby	thereby	ADV
fbem-24703	221	15	increasing	increase	VERB
fbem-24703	221	16	the	the	DET
fbem-24703	221	17	proportion	proportion	NOUN
fbem-24703	221	18	of	of	ADP
fbem-24703	221	19	direct	direct	ADJ
fbem-24703	221	20	financing	financing	NOUN
fbem-24703	221	21	.	.	PUNCT
fbem-24703	222	1	in	in	ADP
fbem-24703	222	2	light	light	NOUN
fbem-24703	222	3	of	of	ADP
fbem-24703	222	4	this	this	PRON
fbem-24703	222	5	,	,	PUNCT
fbem-24703	222	6	this	this	DET
fbem-24703	222	7	study	study	NOUN
fbem-24703	222	8	uses	use	VERB
fbem-24703	222	9	data	datum	NOUN
fbem-24703	222	10	from	from	ADP
fbem-24703	222	11	china	china	PROPN
fbem-24703	222	12	listed	list	VERB
fbem-24703	222	13	companies	company	NOUN
fbem-24703	222	14	from	from	ADP
fbem-24703	222	15	2011	2011	NUM
fbem-24703	222	16	to	to	ADP
fbem-24703	222	17	2021	2021	NUM
fbem-24703	222	18	to	to	PART
fbem-24703	222	19	empirically	empirically	ADV
fbem-24703	222	20	examine	examine	VERB
fbem-24703	222	21	the	the	DET
fbem-24703	222	22	impact	impact	NOUN
fbem-24703	222	23	and	and	CCONJ
fbem-24703	222	24	mechanisms	mechanism	NOUN
fbem-24703	222	25	of	of	ADP
fbem-24703	222	26	corporate	corporate	ADJ
fbem-24703	222	27	digital	digital	ADJ
fbem-24703	222	28	transformation	transformation	NOUN
fbem-24703	222	29	on	on	ADP
fbem-24703	222	30	investor	investor	NOUN
fbem-24703	222	31	protection	protection	NOUN
fbem-24703	222	32	levels	level	NOUN
fbem-24703	222	33	.	.	PUNCT
fbem-24703	223	1	after	after	ADP
fbem-24703	223	2	a	a	DET
fbem-24703	223	3	series	series	NOUN
fbem-24703	223	4	of	of	ADP
fbem-24703	223	5	analyses	analysis	NOUN
fbem-24703	223	6	,	,	PUNCT
fbem-24703	223	7	the	the	DET
fbem-24703	223	8	following	follow	VERB
fbem-24703	223	9	conclusions	conclusion	NOUN
fbem-24703	223	10	were	be	AUX
fbem-24703	223	11	drawn	draw	VERB
fbem-24703	223	12	:	:	PUNCT
fbem-24703	223	13	corporate	corporate	ADJ
fbem-24703	223	14	digital	digital	ADJ
fbem-24703	223	15	transformation	transformation	NOUN
fbem-24703	223	16	enhances	enhance	VERB
fbem-24703	223	17	investor	investor	NOUN
fbem-24703	223	18	protection	protection	NOUN
fbem-24703	223	19	levels	level	NOUN
fbem-24703	223	20	.	.	PUNCT
fbem-24703	224	1	this	this	DET
fbem-24703	224	2	conclusion	conclusion	NOUN
fbem-24703	224	3	remains	remain	VERB
fbem-24703	224	4	robust	robust	ADJ
fbem-24703	224	5	after	after	ADP
fbem-24703	224	6	substituting	substitute	VERB
fbem-24703	224	7	explanatory	explanatory	ADJ
fbem-24703	224	8	variables	variable	NOUN
fbem-24703	224	9	and	and	CCONJ
fbem-24703	224	10	conducting	conduct	VERB
fbem-24703	224	11	two	two	NUM
fbem-24703	224	12	-	-	PUNCT
fbem-24703	224	13	stage	stage	NOUN
fbem-24703	224	14	least	least	ADJ
fbem-24703	224	15	squares	square	NOUN
fbem-24703	224	16	(	(	PUNCT
fbem-24703	224	17	2sls	2sls	NOUN
fbem-24703	224	18	)	)	PUNCT
fbem-24703	224	19	regressions	regression	NOUN
fbem-24703	224	20	for	for	ADP
fbem-24703	224	21	validation	validation	NOUN
fbem-24703	224	22	.	.	PUNCT
fbem-24703	225	1	mediation	mediation	NOUN
fbem-24703	225	2	analysis	analysis	NOUN
fbem-24703	225	3	reveals	reveal	VERB
fbem-24703	225	4	that	that	SCONJ
fbem-24703	225	5	digital	digital	ADJ
fbem-24703	225	6	transformation	transformation	NOUN
fbem-24703	225	7	increases	increase	VERB
fbem-24703	225	8	corporate	corporate	ADJ
fbem-24703	225	9	transparency	transparency	NOUN
fbem-24703	225	10	,	,	PUNCT
fbem-24703	225	11	which	which	PRON
fbem-24703	225	12	in	in	ADP
fbem-24703	225	13	turn	turn	NOUN
fbem-24703	225	14	enhances	enhance	VERB
fbem-24703	225	15	investor	investor	NOUN
fbem-24703	225	16	protection	protection	NOUN
fbem-24703	225	17	,	,	PUNCT
fbem-24703	225	18	with	with	ADP
fbem-24703	225	19	transparency	transparency	NOUN
fbem-24703	225	20	mediating	mediate	VERB
fbem-24703	225	21	approximately	approximately	ADV
fbem-24703	225	22	16	16	NUM
fbem-24703	225	23	%	%	NOUN
fbem-24703	225	24	of	of	ADP
fbem-24703	225	25	the	the	DET
fbem-24703	225	26	effect	effect	NOUN
fbem-24703	225	27	.	.	PUNCT
fbem-24703	226	1	further	further	ADJ
fbem-24703	226	2	research	research	NOUN
fbem-24703	226	3	shows	show	VERB
fbem-24703	226	4	that	that	SCONJ
fbem-24703	226	5	corporate	corporate	ADJ
fbem-24703	226	6	risk	risk	NOUN
fbem-24703	226	7	-	-	PUNCT
fbem-24703	226	8	taking	take	VERB
fbem-24703	226	9	levels	level	NOUN
fbem-24703	226	10	negatively	negatively	ADV
fbem-24703	226	11	moderate	moderate	VERB
fbem-24703	226	12	the	the	DET
fbem-24703	226	13	effect	effect	NOUN
fbem-24703	226	14	of	of	ADP
fbem-24703	226	15	digital	digital	ADJ
fbem-24703	226	16	transformation	transformation	NOUN
fbem-24703	226	17	on	on	ADP
fbem-24703	226	18	enhancing	enhance	VERB
fbem-24703	226	19	investor	investor	NOUN
fbem-24703	226	20	protection	protection	NOUN
fbem-24703	226	21	;	;	PUNCT
fbem-24703	226	22	managerial	managerial	ADJ
fbem-24703	226	23	shareholding	shareholding	NOUN
fbem-24703	226	24	acts	act	VERB
fbem-24703	226	25	as	as	ADP
fbem-24703	226	26	a	a	DET
fbem-24703	226	27	substitute	substitute	NOUN
fbem-24703	226	28	mechanism	mechanism	NOUN
fbem-24703	226	29	in	in	ADP
fbem-24703	226	30	enhancing	enhance	VERB
fbem-24703	226	31	investor	investor	NOUN
fbem-24703	226	32	protection	protection	NOUN
fbem-24703	226	33	through	through	ADP
fbem-24703	226	34	digital	digital	ADJ
fbem-24703	226	35	transformation	transformation	NOUN
fbem-24703	226	36	;	;	PUNCT
fbem-24703	226	37	and	and	CCONJ
fbem-24703	226	38	esg	esg	NOUN
fbem-24703	226	39	disclosure	disclosure	NOUN
fbem-24703	226	40	similarly	similarly	ADV
fbem-24703	226	41	acts	act	VERB
fbem-24703	226	42	as	as	ADP
fbem-24703	226	43	a	a	DET
fbem-24703	226	44	substitute	substitute	NOUN
fbem-24703	226	45	mechanism	mechanism	NOUN
fbem-24703	226	46	in	in	ADP
fbem-24703	226	47	enhancing	enhance	VERB
fbem-24703	226	48	investor	investor	NOUN
fbem-24703	226	49	protection	protection	NOUN
fbem-24703	226	50	through	through	ADP
fbem-24703	226	51	digital	digital	ADJ
fbem-24703	226	52	transformation	transformation	NOUN
fbem-24703	226	53	.	.	PUNCT
fbem-24703	227	1	based	base	VERB
fbem-24703	227	2	on	on	ADP
fbem-24703	227	3	these	these	DET
fbem-24703	227	4	empirical	empirical	ADJ
fbem-24703	227	5	findings	finding	NOUN
fbem-24703	227	6	,	,	PUNCT
fbem-24703	227	7	the	the	DET
fbem-24703	227	8	following	follow	VERB
fbem-24703	227	9	recommendations	recommendation	NOUN
fbem-24703	227	10	are	be	AUX
fbem-24703	227	11	proposed	propose	VERB
fbem-24703	227	12	to	to	PART
fbem-24703	227	13	protect	protect	VERB
fbem-24703	227	14	investor	investor	NOUN
fbem-24703	227	15	interests	interest	NOUN
fbem-24703	227	16	and	and	CCONJ
fbem-24703	227	17	enhance	enhance	VERB
fbem-24703	227	18	investor	investor	NOUN
fbem-24703	227	19	confidence	confidence	NOUN
fbem-24703	227	20	:	:	PUNCT
fbem-24703	227	21	the	the	DET
fbem-24703	227	22	government	government	NOUN
fbem-24703	227	23	should	should	AUX
fbem-24703	227	24	actively	actively	ADV
fbem-24703	227	25	support	support	VERB
fbem-24703	227	26	corporate	corporate	ADJ
fbem-24703	227	27	digital	digital	ADJ
fbem-24703	227	28	transformation	transformation	NOUN
fbem-24703	227	29	through	through	ADP
fbem-24703	227	30	policy	policy	NOUN
fbem-24703	227	31	guidance	guidance	NOUN
fbem-24703	227	32	and	and	CCONJ
fbem-24703	227	33	the	the	DET
fbem-24703	227	34	establishment	establishment	NOUN
fbem-24703	227	35	of	of	ADP
fbem-24703	227	36	exemplary	exemplary	ADJ
fbem-24703	227	37	standards	standard	NOUN
fbem-24703	227	38	to	to	PART
fbem-24703	227	39	enhance	enhance	VERB
fbem-24703	227	40	corporate	corporate	ADJ
fbem-24703	227	41	transparency	transparency	NOUN
fbem-24703	227	42	and	and	CCONJ
fbem-24703	227	43	governance	governance	NOUN
fbem-24703	227	44	levels	level	NOUN
fbem-24703	227	45	.	.	PUNCT
fbem-24703	228	1	it	it	PRON
fbem-24703	228	2	should	should	AUX
fbem-24703	228	3	strengthen	strengthen	VERB
fbem-24703	228	4	the	the	DET
fbem-24703	228	5	supervision	supervision	NOUN
fbem-24703	228	6	of	of	ADP
fbem-24703	228	7	corporate	corporate	ADJ
fbem-24703	228	8	transparency	transparency	NOUN
fbem-24703	228	9	and	and	CCONJ
fbem-24703	228	10	integrate	integrate	VERB
fbem-24703	228	11	the	the	DET
fbem-24703	228	12	provision	provision	NOUN
fbem-24703	228	13	of	of	ADP
fbem-24703	228	14	guidance	guidance	NOUN
fbem-24703	228	15	and	and	CCONJ
fbem-24703	228	16	information	information	NOUN
fbem-24703	228	17	related	relate	VERB
fbem-24703	228	18	to	to	ADP
fbem-24703	228	19	corporate	corporate	ADJ
fbem-24703	228	20	digital	digital	ADJ
fbem-24703	228	21	transformation	transformation	NOUN
fbem-24703	228	22	to	to	PART
fbem-24703	228	23	bolster	bolster	VERB
fbem-24703	228	24	investor	investor	NOUN
fbem-24703	228	25	confidence	confidence	NOUN
fbem-24703	228	26	and	and	CCONJ
fbem-24703	228	27	safeguard	safeguard	VERB
fbem-24703	228	28	investor	investor	NOUN
fbem-24703	228	29	rights	right	NOUN
fbem-24703	228	30	.	.	PUNCT
fbem-24703	229	1	additionally	additionally	ADV
fbem-24703	229	2	,	,	PUNCT
fbem-24703	229	3	financial	financial	ADJ
fbem-24703	229	4	support	support	NOUN
fbem-24703	229	5	,	,	PUNCT
fbem-24703	229	6	tax	tax	NOUN
fbem-24703	229	7	incentives	incentive	NOUN
fbem-24703	229	8	,	,	PUNCT
fbem-24703	229	9	and	and	CCONJ
fbem-24703	229	10	innovation	innovation	NOUN
fbem-24703	229	11	funds	fund	NOUN
fbem-24703	229	12	should	should	AUX
fbem-24703	229	13	be	be	AUX
fbem-24703	229	14	provided	provide	VERB
fbem-24703	229	15	to	to	PART
fbem-24703	229	16	mitigate	mitigate	VERB
fbem-24703	229	17	risks	risk	NOUN
fbem-24703	229	18	and	and	CCONJ
fbem-24703	229	19	reduce	reduce	VERB
fbem-24703	229	20	costs	cost	NOUN
fbem-24703	229	21	for	for	ADP
fbem-24703	229	22	companies	company	NOUN
fbem-24703	229	23	,	,	PUNCT
fbem-24703	229	24	thereby	thereby	ADV
fbem-24703	229	25	alleviating	alleviate	VERB
fbem-24703	229	26	their	their	PRON
fbem-24703	229	27	burdens	burden	NOUN
fbem-24703	229	28	.	.	PUNCT
fbem-24703	230	1	companies	company	NOUN
fbem-24703	230	2	should	should	AUX
fbem-24703	230	3	be	be	AUX
fbem-24703	230	4	encouraged	encourage	VERB
fbem-24703	230	5	to	to	PART
fbem-24703	230	6	adopt	adopt	VERB
fbem-24703	230	7	diversified	diversified	ADJ
fbem-24703	230	8	executive	executive	ADJ
fbem-24703	230	9	incentive	incentive	NOUN
fbem-24703	230	10	mechanisms	mechanism	NOUN
fbem-24703	230	11	beyond	beyond	ADP
fbem-24703	230	12	equity	equity	NOUN
fbem-24703	230	13	incentives	incentive	NOUN
fbem-24703	230	14	.	.	PUNCT
fbem-24703	231	1	government	government	NOUN
fbem-24703	231	2	initiatives	initiative	NOUN
fbem-24703	231	3	could	could	AUX
fbem-24703	231	4	promote	promote	VERB
fbem-24703	231	5	the	the	DET
fbem-24703	231	6	introduction	introduction	NOUN
fbem-24703	231	7	of	of	ADP
fbem-24703	231	8	alternative	alternative	ADJ
fbem-24703	231	9	incentives	incentive	NOUN
fbem-24703	231	10	such	such	ADJ
fbem-24703	231	11	as	as	ADP
fbem-24703	231	12	long	long	ADJ
fbem-24703	231	13	-	-	PUNCT
fbem-24703	231	14	term	term	NOUN
fbem-24703	231	15	performance	performance	NOUN
fbem-24703	231	16	rewards	reward	NOUN
fbem-24703	231	17	,	,	PUNCT
fbem-24703	231	18	stock	stock	NOUN
fbem-24703	231	19	options	option	NOUN
fbem-24703	231	20	,	,	PUNCT
fbem-24703	231	21	and	and	CCONJ
fbem-24703	231	22	profit	profit	NOUN
fbem-24703	231	23	-	-	PUNCT
fbem-24703	231	24	sharing	sharing	NOUN
fbem-24703	231	25	to	to	PART
fbem-24703	231	26	align	align	VERB
fbem-24703	231	27	managerial	managerial	ADJ
fbem-24703	231	28	interests	interest	NOUN
fbem-24703	231	29	with	with	ADP
fbem-24703	231	30	investor	investor	NOUN
fbem-24703	231	31	protection	protection	NOUN
fbem-24703	231	32	goals	goal	NOUN
fbem-24703	231	33	.	.	PUNCT
fbem-24703	232	1	the	the	DET
fbem-24703	232	2	government	government	NOUN
fbem-24703	232	3	should	should	AUX
fbem-24703	232	4	establish	establish	VERB
fbem-24703	232	5	mandatory	mandatory	ADJ
fbem-24703	232	6	esg	esg	NOUN
fbem-24703	232	7	disclosure	disclosure	NOUN
fbem-24703	232	8	requirements	requirement	NOUN
fbem-24703	232	9	and	and	CCONJ
fbem-24703	232	10	collaborate	collaborate	VERB
fbem-24703	232	11	with	with	ADP
fbem-24703	232	12	industry	industry	NOUN
fbem-24703	232	13	associations	association	NOUN
fbem-24703	232	14	,	,	PUNCT
fbem-24703	232	15	professional	professional	ADJ
fbem-24703	232	16	organizations	organization	NOUN
fbem-24703	232	17	,	,	PUNCT
fbem-24703	232	18	and	and	CCONJ
fbem-24703	232	19	international	international	ADJ
fbem-24703	232	20	bodies	body	NOUN
fbem-24703	232	21	to	to	PART
fbem-24703	232	22	develop	develop	VERB
fbem-24703	232	23	industry	industry	NOUN
fbem-24703	232	24	-	-	PUNCT
fbem-24703	232	25	specific	specific	ADJ
fbem-24703	232	26	standards	standard	NOUN
fbem-24703	232	27	and	and	CCONJ
fbem-24703	232	28	certification	certification	NOUN
fbem-24703	232	29	mechanisms	mechanism	NOUN
fbem-24703	232	30	tailored	tailor	VERB
fbem-24703	232	31	to	to	ADP
fbem-24703	232	32	china	china	PROPN
fbem-24703	232	33	's	's	PART
fbem-24703	232	34	circumstances	circumstance	NOUN
fbem-24703	232	35	.	.	PUNCT
fbem-24703	233	1	this	this	PRON
fbem-24703	233	2	ensures	ensure	VERB
fbem-24703	233	3	that	that	SCONJ
fbem-24703	233	4	esg	esg	PROPN
fbem-24703	233	5	disclosures	disclosure	NOUN
fbem-24703	233	6	are	be	AUX
fbem-24703	233	7	comparable	comparable	ADJ
fbem-24703	233	8	and	and	CCONJ
fbem-24703	233	9	credible	credible	ADJ
fbem-24703	233	10	,	,	PUNCT
fbem-24703	233	11	aiding	aid	VERB
fbem-24703	233	12	investors	investor	NOUN
fbem-24703	233	13	in	in	ADP
fbem-24703	233	14	better	well	ADV
fbem-24703	233	15	assessing	assess	VERB
fbem-24703	233	16	comprehensive	comprehensive	ADJ
fbem-24703	233	17	risks	risk	NOUN
fbem-24703	233	18	and	and	CCONJ
fbem-24703	233	19	values	value	NOUN
fbem-24703	233	20	,	,	PUNCT
fbem-24703	233	21	thereby	thereby	ADV
fbem-24703	233	22	enhancing	enhance	VERB
fbem-24703	233	23	investor	investor	NOUN
fbem-24703	233	24	protection	protection	NOUN
fbem-24703	233	25	.	.	PUNCT
fbem-24703	234	1	companies	company	NOUN
fbem-24703	234	2	should	should	AUX
fbem-24703	234	3	develop	develop	VERB
fbem-24703	234	4	clear	clear	ADJ
fbem-24703	234	5	digital	digital	ADJ
fbem-24703	234	6	transformation	transformation	NOUN
fbem-24703	234	7	strategies	strategy	NOUN
fbem-24703	234	8	,	,	PUNCT
fbem-24703	234	9	positioning	position	VERB
fbem-24703	234	10	them	they	PRON
fbem-24703	234	11	as	as	ADP
fbem-24703	234	12	a	a	DET
fbem-24703	234	13	key	key	ADJ
fbem-24703	234	14	driver	driver	NOUN
fbem-24703	234	15	of	of	ADP
fbem-24703	234	16	corporate	corporate	ADJ
fbem-24703	234	17	development	development	NOUN
fbem-24703	234	18	and	and	CCONJ
fbem-24703	234	19	enhancing	enhance	VERB
fbem-24703	234	20	investor	investor	NOUN
fbem-24703	234	21	value	value	NOUN
fbem-24703	234	22	.	.	PUNCT
fbem-24703	235	1	digital	digital	ADJ
fbem-24703	235	2	transformation	transformation	NOUN
fbem-24703	235	3	strategies	strategy	NOUN
fbem-24703	235	4	should	should	AUX
fbem-24703	235	5	include	include	VERB
fbem-24703	235	6	goals	goal	NOUN
fbem-24703	235	7	to	to	PART
fbem-24703	235	8	enhance	enhance	VERB
fbem-24703	235	9	corporate	corporate	ADJ
fbem-24703	235	10	transparency	transparency	NOUN
fbem-24703	235	11	and	and	CCONJ
fbem-24703	235	12	governance	governance	NOUN
fbem-24703	235	13	levels	level	NOUN
fbem-24703	235	14	and	and	CCONJ
fbem-24703	235	15	should	should	AUX
fbem-24703	235	16	be	be	AUX
fbem-24703	235	17	aligned	align	VERB
fbem-24703	235	18	with	with	ADP
fbem-24703	235	19	the	the	DET
fbem-24703	235	20	company	company	NOUN
fbem-24703	235	21	's	's	PART
fbem-24703	235	22	long	long	ADJ
fbem-24703	235	23	-	-	PUNCT
fbem-24703	235	24	term	term	NOUN
fbem-24703	235	25	strategies	strategy	NOUN
fbem-24703	235	26	and	and	CCONJ
fbem-24703	235	27	values	value	NOUN
fbem-24703	235	28	.	.	PUNCT
fbem-24703	236	1	companies	company	NOUN
fbem-24703	236	2	should	should	AUX
fbem-24703	236	3	leverage	leverage	VERB
fbem-24703	236	4	the	the	DET
fbem-24703	236	5	advantages	advantage	NOUN
fbem-24703	236	6	of	of	ADP
fbem-24703	236	7	digital	digital	ADJ
fbem-24703	236	8	transformation	transformation	NOUN
fbem-24703	236	9	to	to	PART
fbem-24703	236	10	enhance	enhance	VERB
fbem-24703	236	11	transparency	transparency	NOUN
fbem-24703	236	12	by	by	ADP
fbem-24703	236	13	providing	provide	VERB
fbem-24703	236	14	investors	investor	NOUN
fbem-24703	236	15	with	with	ADP
fbem-24703	236	16	clear	clear	ADJ
fbem-24703	236	17	operational	operational	ADJ
fbem-24703	236	18	and	and	CCONJ
fbem-24703	236	19	financial	financial	ADJ
fbem-24703	236	20	reports	report	NOUN
fbem-24703	236	21	through	through	ADP
fbem-24703	236	22	accurate	accurate	ADJ
fbem-24703	236	23	and	and	CCONJ
fbem-24703	236	24	comprehensive	comprehensive	ADJ
fbem-24703	236	25	disclosures	disclosure	NOUN
fbem-24703	236	26	.	.	PUNCT
fbem-24703	237	1	companies	company	NOUN
fbem-24703	237	2	with	with	ADP
fbem-24703	237	3	higher	high	ADJ
fbem-24703	237	4	risk	risk	NOUN
fbem-24703	237	5	-	-	PUNCT
fbem-24703	237	6	taking	take	VERB
fbem-24703	237	7	profiles	profile	NOUN
fbem-24703	237	8	should	should	AUX
fbem-24703	237	9	strengthen	strengthen	VERB
fbem-24703	237	10	internal	internal	ADJ
fbem-24703	237	11	controls	control	NOUN
fbem-24703	237	12	and	and	CCONJ
fbem-24703	237	13	risk	risk	NOUN
fbem-24703	237	14	management	management	NOUN
fbem-24703	237	15	,	,	PUNCT
fbem-24703	237	16	establish	establish	VERB
fbem-24703	237	17	appropriate	appropriate	ADJ
fbem-24703	237	18	feedback	feedback	NOUN
fbem-24703	237	19	mechanisms	mechanism	NOUN
fbem-24703	237	20	for	for	ADP
fbem-24703	237	21	operational	operational	ADJ
fbem-24703	237	22	decisions	decision	NOUN
fbem-24703	237	23	,	,	PUNCT
fbem-24703	237	24	actively	actively	ADV
fbem-24703	237	25	engage	engage	VERB
fbem-24703	237	26	with	with	ADP
fbem-24703	237	27	investors	investor	NOUN
fbem-24703	237	28	,	,	PUNCT
fbem-24703	237	29	strengthen	strengthen	VERB
fbem-24703	237	30	governance	governance	NOUN
fbem-24703	237	31	mechanisms	mechanism	NOUN
fbem-24703	237	32	,	,	PUNCT
fbem-24703	237	33	and	and	CCONJ
fbem-24703	237	34	promptly	promptly	ADV
fbem-24703	237	35	rectify	rectify	VERB
fbem-24703	237	36	and	and	CCONJ
fbem-24703	237	37	improve	improve	VERB
fbem-24703	237	38	unreasonable	unreasonable	ADJ
fbem-24703	237	39	decisions	decision	NOUN
fbem-24703	237	40	to	to	PART
fbem-24703	237	41	enhance	enhance	VERB
fbem-24703	237	42	investor	investor	NOUN
fbem-24703	237	43	protection	protection	NOUN
fbem-24703	237	44	.	.	PUNCT
fbem-24703	238	1	companies	company	NOUN
fbem-24703	238	2	should	should	AUX
fbem-24703	238	3	design	design	VERB
fbem-24703	238	4	reasonable	reasonable	ADJ
fbem-24703	238	5	executive	executive	ADJ
fbem-24703	238	6	incentive	incentive	NOUN
fbem-24703	238	7	mechanisms	mechanism	NOUN
fbem-24703	238	8	tailored	tailor	VERB
fbem-24703	238	9	to	to	ADP
fbem-24703	238	10	their	their	PRON
fbem-24703	238	11	specific	specific	ADJ
fbem-24703	238	12	needs	need	NOUN
fbem-24703	238	13	,	,	PUNCT
fbem-24703	238	14	including	include	VERB
fbem-24703	238	15	both	both	CCONJ
fbem-24703	238	16	equity	equity	NOUN
fbem-24703	238	17	and	and	CCONJ
fbem-24703	238	18	non	non	ADJ
fbem-24703	238	19	-	-	ADJ
fbem-24703	238	20	equity	equity	ADJ
fbem-24703	238	21	incentives	incentive	NOUN
fbem-24703	238	22	.	.	PUNCT
fbem-24703	239	1	in	in	ADP
fbem-24703	239	2	terms	term	NOUN
fbem-24703	239	3	of	of	ADP
fbem-24703	239	4	equity	equity	NOUN
fbem-24703	239	5	incentives	incentive	NOUN
fbem-24703	239	6	,	,	PUNCT
fbem-24703	239	7	companies	company	NOUN
fbem-24703	239	8	can	can	AUX
fbem-24703	239	9	implement	implement	VERB
fbem-24703	239	10	differentiated	differentiated	ADJ
fbem-24703	239	11	stock	stock	NOUN
fbem-24703	239	12	ownership	ownership	NOUN
fbem-24703	239	13	plans	plan	NOUN
fbem-24703	239	14	to	to	PART
fbem-24703	239	15	ensure	ensure	VERB
fbem-24703	239	16	that	that	SCONJ
fbem-24703	239	17	managerial	managerial	ADJ
fbem-24703	239	18	long	long	ADJ
fbem-24703	239	19	-	-	PUNCT
fbem-24703	239	20	term	term	NOUN
fbem-24703	239	21	interests	interest	NOUN
fbem-24703	239	22	align	align	VERB
fbem-24703	239	23	with	with	ADP
fbem-24703	239	24	investor	investor	NOUN
fbem-24703	239	25	protection	protection	NOUN
fbem-24703	239	26	goals	goal	NOUN
fbem-24703	239	27	.	.	PUNCT
fbem-24703	240	1	finally	finally	ADV
fbem-24703	240	2	,	,	PUNCT
fbem-24703	240	3	companies	company	NOUN
fbem-24703	240	4	should	should	AUX
fbem-24703	240	5	integrate	integrate	VERB
fbem-24703	240	6	robust	robust	ADJ
fbem-24703	240	7	esg	esg	NOUN
fbem-24703	240	8	management	management	NOUN
fbem-24703	240	9	into	into	ADP
fbem-24703	240	10	their	their	PRON
fbem-24703	240	11	strategies	strategy	NOUN
fbem-24703	240	12	and	and	CCONJ
fbem-24703	240	13	operations	operation	NOUN
fbem-24703	240	14	,	,	PUNCT
fbem-24703	240	15	considering	consider	VERB
fbem-24703	240	16	it	it	PRON
fbem-24703	240	17	a	a	DET
fbem-24703	240	18	vital	vital	ADJ
fbem-24703	240	19	component	component	NOUN
fbem-24703	240	20	of	of	ADP
fbem-24703	240	21	sustainable	sustainable	ADJ
fbem-24703	240	22	corporate	corporate	ADJ
fbem-24703	240	23	development	development	NOUN
fbem-24703	240	24	.	.	PUNCT
fbem-24703	241	1	they	they	PRON
fbem-24703	241	2	should	should	AUX
fbem-24703	241	3	establish	establish	VERB
fbem-24703	241	4	a	a	DET
fbem-24703	241	5	comprehensive	comprehensive	ADJ
fbem-24703	241	6	esg	esg	NOUN
fbem-24703	241	7	management	management	NOUN
fbem-24703	241	8	system	system	NOUN
fbem-24703	241	9	,	,	PUNCT
fbem-24703	241	10	including	include	VERB
fbem-24703	241	11	dedicated	dedicated	ADJ
fbem-24703	241	12	esg	esg	NOUN
fbem-24703	241	13	committees	committee	NOUN
fbem-24703	241	14	or	or	CCONJ
fbem-24703	241	15	departments	department	NOUN
fbem-24703	241	16	,	,	PUNCT
fbem-24703	241	17	and	and	CCONJ
fbem-24703	241	18	develop	develop	VERB
fbem-24703	241	19	relevant	relevant	ADJ
fbem-24703	241	20	policies	policy	NOUN
fbem-24703	241	21	and	and	CCONJ
fbem-24703	241	22	guidelines	guideline	NOUN
fbem-24703	241	23	to	to	PART
fbem-24703	241	24	ensure	ensure	VERB
fbem-24703	241	25	that	that	SCONJ
fbem-24703	241	26	esg	esg	PROPN
fbem-24703	241	27	principles	principle	NOUN
fbem-24703	241	28	are	be	AUX
fbem-24703	241	29	fully	fully	ADV
fbem-24703	241	30	considered	consider	VERB
fbem-24703	241	31	in	in	ADP
fbem-24703	241	32	corporate	corporate	ADJ
fbem-24703	241	33	decision	decision	NOUN
fbem-24703	241	34	-	-	PUNCT
fbem-24703	241	35	making	making	NOUN
fbem-24703	241	36	and	and	CCONJ
fbem-24703	241	37	practices	practice	NOUN
fbem-24703	241	38	,	,	PUNCT
fbem-24703	241	39	thereby	thereby	ADV
fbem-24703	241	40	further	far	ADV
fbem-24703	241	41	promoting	promote	VERB
fbem-24703	241	42	investor	investor	NOUN
fbem-24703	241	43	protection	protection	NOUN
fbem-24703	241	44	.	.	PUNCT
fbem-24703	242	1	165	165	NUM
fbem-24703	242	2	references	reference	NOUN
fbem-24703	242	3	[	[	X
fbem-24703	242	4	1	1	NUM
fbem-24703	242	5	]	]	X
fbem-24703	242	6	chen	chen	PROPN
fbem-24703	242	7	,	,	PUNCT
fbem-24703	242	8	q.	q.	PROPN
fbem-24703	242	9	,	,	PUNCT
fbem-24703	242	10	wang	wang	PROPN
fbem-24703	242	11	,	,	PUNCT
fbem-24703	242	12	y.	y.	PROPN
fbem-24703	242	13	,	,	PUNCT
fbem-24703	242	14	&	&	CCONJ
fbem-24703	242	15	wan	wan	PROPN
fbem-24703	242	16	,	,	PUNCT
fbem-24703	242	17	m.	m.	NOUN
fbem-24703	242	18	(	(	PUNCT
fbem-24703	242	19	2021	2021	NUM
fbem-24703	242	20	)	)	PUNCT
fbem-24703	242	21	.	.	PUNCT
fbem-24703	243	1	study	study	NOUN
fbem-24703	243	2	on	on	ADP
fbem-24703	243	3	the	the	DET
fbem-24703	243	4	homophily	homophily	ADJ
fbem-24703	243	5	effect	effect	NOUN
fbem-24703	243	6	and	and	CCONJ
fbem-24703	243	7	influencing	influence	VERB
fbem-24703	243	8	factors	factor	NOUN
fbem-24703	243	9	of	of	ADP
fbem-24703	243	10	corporate	corporate	ADJ
fbem-24703	243	11	digital	digital	ADJ
fbem-24703	243	12	transformation	transformation	NOUN
fbem-24703	243	13	.	.	PUNCT
fbem-24703	244	1	management	management	NOUN
fbem-24703	244	2	journal	journal	PROPN
fbem-24703	244	3	,	,	PUNCT
fbem-24703	244	4	5	5	NUM
fbem-24703	244	5	,	,	PUNCT
fbem-24703	244	6	653	653	NUM
fbem-24703	244	7	-	-	SYM
fbem-24703	244	8	663	663	NUM
fbem-24703	244	9	.	.	PUNCT
fbem-24703	245	1	[	[	X
fbem-24703	245	2	2	2	NUM
fbem-24703	245	3	]	]	X
fbem-24703	245	4	fang	fang	X
fbem-24703	245	5	,	,	PUNCT
fbem-24703	245	6	m.	m.	NOUN
fbem-24703	245	7	,	,	PUNCT
fbem-24703	245	8	lin	lin	PROPN
fbem-24703	245	9	,	,	PUNCT
fbem-24703	245	10	j.	j.	PROPN
fbem-24703	245	11	,	,	PUNCT
fbem-24703	245	12	&	&	CCONJ
fbem-24703	245	13	nie	nie	PROPN
fbem-24703	245	14	,	,	PUNCT
fbem-24703	245	15	h.	h.	PROPN
fbem-24703	245	16	(	(	PUNCT
fbem-24703	245	17	2022	2022	NUM
fbem-24703	245	18	)	)	PUNCT
fbem-24703	245	19	.	.	PUNCT
fbem-24703	246	1	does	do	AUX
fbem-24703	246	2	digital	digital	ADJ
fbem-24703	246	3	transformation	transformation	NOUN
fbem-24703	246	4	promote	promote	VERB
fbem-24703	246	5	corporate	corporate	ADJ
fbem-24703	246	6	inclusive	inclusive	ADJ
fbem-24703	246	7	prosperity	prosperity	NOUN
fbem-24703	246	8	?	?	PUNCT
fbem-24703	247	1	evidence	evidence	NOUN
fbem-24703	247	2	from	from	ADP
fbem-24703	247	3	chinese	chinese	PROPN
fbem-24703	247	4	a	a	PROPN
fbem-24703	247	5	-	-	PUNCT
fbem-24703	247	6	share	share	NOUN
fbem-24703	247	7	listed	list	VERB
fbem-24703	247	8	companies	company	NOUN
fbem-24703	247	9	.	.	PUNCT
fbem-24703	248	1	quantitative	quantitative	ADJ
fbem-24703	248	2	economics	economics	PROPN
fbem-24703	248	3	&	&	CCONJ
fbem-24703	248	4	technical	technical	ADJ
fbem-24703	248	5	economics	economics	PROPN
fbem-24703	248	6	research	research	NOUN
fbem-24703	248	7	,	,	PUNCT
fbem-24703	248	8	11	11	NUM
fbem-24703	248	9	,	,	PUNCT
fbem-24703	248	10	50	50	NUM
fbem-24703	248	11	-	-	SYM
fbem-24703	248	12	70	70	NUM
fbem-24703	248	13	.	.	PUNCT
fbem-24703	249	1	[	[	X
fbem-24703	249	2	3	3	NUM
fbem-24703	249	3	]	]	SYM
fbem-24703	249	4	li	li	PROPN
fbem-24703	249	5	,	,	PUNCT
fbem-24703	249	6	j.	j.	PROPN
fbem-24703	249	7	,	,	PUNCT
fbem-24703	249	8	yang	yang	PROPN
fbem-24703	249	9	,	,	PUNCT
fbem-24703	249	10	z.	z.	PROPN
fbem-24703	249	11	,	,	PUNCT
fbem-24703	249	12	chen	chen	PROPN
fbem-24703	249	13	,	,	PUNCT
fbem-24703	249	14	j.	j.	PROPN
fbem-24703	249	15	,	,	PUNCT
fbem-24703	249	16	&	&	CCONJ
fbem-24703	249	17	cui	cui	PROPN
fbem-24703	249	18	,	,	PUNCT
fbem-24703	249	19	w.	w.	NOUN
fbem-24703	249	20	(	(	PUNCT
fbem-24703	249	21	2021	2021	NUM
fbem-24703	249	22	)	)	PUNCT
fbem-24703	249	23	.	.	PUNCT
fbem-24703	249	24	mechanisms	mechanism	NOUN
fbem-24703	249	25	of	of	ADP
fbem-24703	249	26	esg	esg	NOUN
fbem-24703	249	27	promoting	promote	VERB
fbem-24703	249	28	corporate	corporate	ADJ
fbem-24703	249	29	performance	performance	NOUN
fbem-24703	249	30	:	:	PUNCT
fbem-24703	249	31	a	a	DET
fbem-24703	249	32	perspective	perspective	NOUN
fbem-24703	249	33	on	on	ADP
fbem-24703	249	34	corporate	corporate	ADJ
fbem-24703	249	35	innovation	innovation	NOUN
fbem-24703	249	36	.	.	PUNCT
fbem-24703	250	1	science	science	NOUN
fbem-24703	250	2	studies	study	NOUN
fbem-24703	250	3	and	and	CCONJ
fbem-24703	250	4	science	science	NOUN
fbem-24703	250	5	technology	technology	NOUN
fbem-24703	250	6	management	management	NOUN
fbem-24703	250	7	,	,	PUNCT
fbem-24703	250	8	9	9	NUM
fbem-24703	250	9	,	,	PUNCT
fbem-24703	250	10	71	71	NUM
fbem-24703	250	11	-	-	SYM
fbem-24703	250	12	89	89	NUM
fbem-24703	250	13	.	.	PUNCT
fbem-24703	251	1	[	[	X
fbem-24703	251	2	4	4	NUM
fbem-24703	251	3	]	]	SYM
fbem-24703	251	4	li	li	PROPN
fbem-24703	251	5	,	,	PUNCT
fbem-24703	251	6	s.	s.	PROPN
fbem-24703	251	7	,	,	PUNCT
fbem-24703	251	8	xu	xu	PROPN
fbem-24703	251	9	,	,	PUNCT
fbem-24703	251	10	j.	j.	PROPN
fbem-24703	251	11	,	,	PUNCT
fbem-24703	251	12	zhang	zhang	PROPN
fbem-24703	251	13	,	,	PUNCT
fbem-24703	251	14	d.	d.	PROPN
fbem-24703	251	15	,	,	PUNCT
fbem-24703	251	16	&	&	CCONJ
fbem-24703	251	17	chen	chen	PROPN
fbem-24703	251	18	,	,	PUNCT
fbem-24703	251	19	y.	y.	PROPN
fbem-24703	251	20	(	(	PUNCT
fbem-24703	251	21	2016	2016	NUM
fbem-24703	251	22	)	)	PUNCT
fbem-24703	251	23	.	.	PUNCT
fbem-24703	252	1	can	can	AUX
fbem-24703	252	2	anti	anti	ADJ
fbem-24703	252	3	-	-	ADJ
fbem-24703	252	4	takeover	takeover	ADJ
fbem-24703	252	5	provisions	provision	NOUN
fbem-24703	252	6	in	in	ADP
fbem-24703	252	7	articles	article	NOUN
fbem-24703	252	8	of	of	ADP
fbem-24703	252	9	association	association	NOUN
fbem-24703	252	10	protect	protect	VERB
fbem-24703	252	11	the	the	DET
fbem-24703	252	12	interests	interest	NOUN
fbem-24703	252	13	of	of	ADP
fbem-24703	252	14	small	small	ADJ
fbem-24703	252	15	and	and	CCONJ
fbem-24703	252	16	medium	medium	ADJ
fbem-24703	252	17	-	-	PUNCT
fbem-24703	252	18	sized	sized	ADJ
fbem-24703	252	19	investors	investor	NOUN
fbem-24703	252	20	?	?	PUNCT
fbem-24703	253	1	evidence	evidence	NOUN
fbem-24703	253	2	from	from	ADP
fbem-24703	253	3	china	china	PROPN
fbem-24703	253	4	's	's	PART
fbem-24703	253	5	ashare	ashare	ADJ
fbem-24703	253	6	listed	list	VERB
fbem-24703	253	7	companies	company	NOUN
fbem-24703	253	8	.	.	PUNCT
fbem-24703	254	1	nankai	nankai	PROPN
fbem-24703	254	2	business	business	PROPN
fbem-24703	254	3	review	review	PROPN
fbem-24703	254	4	,	,	PUNCT
fbem-24703	254	5	4	4	NUM
fbem-24703	254	6	,	,	PUNCT
fbem-24703	254	7	49	49	NUM
fbem-24703	254	8	-	-	SYM
fbem-24703	254	9	62	62	NUM
fbem-24703	254	10	.	.	PUNCT
fbem-24703	255	1	[	[	X
fbem-24703	255	2	5	5	NUM
fbem-24703	255	3	]	]	SYM
fbem-24703	255	4	li	li	PROPN
fbem-24703	255	5	,	,	PUNCT
fbem-24703	255	6	x.	x.	PROPN
fbem-24703	255	7	,	,	PUNCT
fbem-24703	255	8	&	&	CCONJ
fbem-24703	255	9	yang	yang	PROPN
fbem-24703	255	10	,	,	PUNCT
fbem-24703	255	11	k.	k.	PROPN
fbem-24703	255	12	(	(	PUNCT
fbem-24703	255	13	2016	2016	NUM
fbem-24703	255	14	)	)	PUNCT
fbem-24703	255	15	.	.	PUNCT
fbem-24703	256	1	auditor	auditor	NOUN
fbem-24703	256	2	changes	change	NOUN
fbem-24703	256	3	,	,	PUNCT
fbem-24703	256	4	abnormal	abnormal	ADJ
fbem-24703	256	5	audit	audit	NOUN
fbem-24703	256	6	fees	fee	NOUN
fbem-24703	256	7	,	,	PUNCT
fbem-24703	256	8	and	and	CCONJ
fbem-24703	256	9	accounting	account	VERB
fbem-24703	256	10	information	information	NOUN
fbem-24703	256	11	transparency	transparency	NOUN
fbem-24703	256	12	.	.	PUNCT
fbem-24703	257	1	journal	journal	PROPN
fbem-24703	257	2	of	of	ADP
fbem-24703	257	3	central	central	PROPN
fbem-24703	257	4	university	university	PROPN
fbem-24703	257	5	of	of	ADP
fbem-24703	257	6	finance	finance	PROPN
fbem-24703	257	7	&	&	CCONJ
fbem-24703	257	8	economics	economic	NOUN
fbem-24703	257	9	,	,	PUNCT
fbem-24703	257	10	10	10	NUM
fbem-24703	257	11	,	,	PUNCT
fbem-24703	257	12	60	60	NUM
fbem-24703	257	13	-	-	SYM
fbem-24703	257	14	69	69	NUM
fbem-24703	257	15	.	.	PUNCT
fbem-24703	258	1	[	[	X
fbem-24703	258	2	6	6	NUM
fbem-24703	258	3	]	]	X
fbem-24703	258	4	lian	lian	X
fbem-24703	258	5	,	,	PUNCT
fbem-24703	258	6	y.	y.	PROPN
fbem-24703	258	7	,	,	PUNCT
fbem-24703	258	8	he	he	PRON
fbem-24703	258	9	,	,	PUNCT
fbem-24703	258	10	x.	x.	PROPN
fbem-24703	258	11	,	,	PUNCT
fbem-24703	258	12	&	&	CCONJ
fbem-24703	258	13	zhang	zhang	PROPN
fbem-24703	258	14	,	,	PUNCT
fbem-24703	258	15	l.	l.	PROPN
fbem-24703	258	16	(	(	PUNCT
fbem-24703	258	17	2023	2023	NUM
fbem-24703	258	18	)	)	PUNCT
fbem-24703	258	19	.	.	PUNCT
fbem-24703	259	1	corporate	corporate	ADJ
fbem-24703	259	2	esg	esg	PROPN
fbem-24703	259	3	performance	performance	NOUN
fbem-24703	259	4	and	and	CCONJ
fbem-24703	259	5	debt	debt	NOUN
fbem-24703	259	6	financing	financing	NOUN
fbem-24703	259	7	costs	cost	NOUN
fbem-24703	259	8	.	.	PUNCT
fbem-24703	260	1	finance	finance	NOUN
fbem-24703	260	2	and	and	CCONJ
fbem-24703	260	3	economics	economic	NOUN
fbem-24703	260	4	colloquium	colloquium	NOUN
fbem-24703	260	5	,	,	PUNCT
fbem-24703	260	6	1	1	NUM
fbem-24703	260	7	,	,	PUNCT
fbem-24703	260	8	48	48	NUM
fbem-24703	260	9	-	-	SYM
fbem-24703	260	10	58	58	NUM
fbem-24703	260	11	.	.	PUNCT
fbem-24703	261	1	[	[	X
fbem-24703	261	2	7	7	X
fbem-24703	261	3	]	]	X
fbem-24703	261	4	ni	ni	PROPN
fbem-24703	261	5	,	,	PUNCT
fbem-24703	261	6	k.	k.	PROPN
fbem-24703	261	7	,	,	PUNCT
fbem-24703	261	8	&	&	CCONJ
fbem-24703	261	9	liu	liu	PROPN
fbem-24703	261	10	,	,	PUNCT
fbem-24703	261	11	x.	x.	NOUN
fbem-24703	261	12	(	(	PUNCT
fbem-24703	261	13	2021	2021	NUM
fbem-24703	261	14	)	)	PUNCT
fbem-24703	261	15	.	.	PUNCT
fbem-24703	262	1	digital	digital	ADJ
fbem-24703	262	2	transformation	transformation	NOUN
fbem-24703	262	3	and	and	CCONJ
fbem-24703	262	4	corporate	corporate	ADJ
fbem-24703	262	5	growth	growth	NOUN
fbem-24703	262	6	:	:	PUNCT
fbem-24703	262	7	theoretical	theoretical	ADJ
fbem-24703	262	8	logic	logic	NOUN
fbem-24703	262	9	and	and	CCONJ
fbem-24703	262	10	chinese	chinese	ADJ
fbem-24703	262	11	practices	practice	NOUN
fbem-24703	262	12	.	.	PUNCT
fbem-24703	263	1	economic	economic	ADJ
fbem-24703	263	2	management	management	NOUN
fbem-24703	263	3	,	,	PUNCT
fbem-24703	263	4	12	12	NUM
fbem-24703	263	5	,	,	PUNCT
fbem-24703	263	6	79	79	NUM
fbem-24703	263	7	-	-	SYM
fbem-24703	263	8	97	97	NUM
fbem-24703	263	9	.	.	PUNCT
fbem-24703	264	1	[	[	X
fbem-24703	264	2	8	8	NUM
fbem-24703	264	3	]	]	PUNCT
fbem-24703	264	4	pang	pang	NOUN
fbem-24703	264	5	,	,	PUNCT
fbem-24703	264	6	r.	r.	PROPN
fbem-24703	264	7	,	,	PUNCT
fbem-24703	264	8	&	&	CCONJ
fbem-24703	264	9	liu	liu	PROPN
fbem-24703	264	10	,	,	PUNCT
fbem-24703	264	11	d.	d.	PROPN
fbem-24703	264	12	(	(	PUNCT
fbem-24703	264	13	2022	2022	NUM
fbem-24703	264	14	)	)	PUNCT
fbem-24703	264	15	.	.	PUNCT
fbem-24703	265	1	the	the	DET
fbem-24703	265	2	paradox	paradox	NOUN
fbem-24703	265	3	of	of	ADP
fbem-24703	265	4	digitization	digitization	NOUN
fbem-24703	265	5	and	and	CCONJ
fbem-24703	265	6	innovation	innovation	NOUN
fbem-24703	265	7	:	:	PUNCT
fbem-24703	265	8	does	do	AUX
fbem-24703	265	9	digitization	digitization	NOUN
fbem-24703	265	10	promote	promote	VERB
fbem-24703	265	11	corporate	corporate	ADJ
fbem-24703	265	12	innovation	innovation	NOUN
fbem-24703	265	13	?	?	PUNCT
fbem-24703	266	1	southern	southern	ADJ
fbem-24703	266	2	economy	economy	NOUN
fbem-24703	266	3	,	,	PUNCT
fbem-24703	266	4	9	9	NUM
fbem-24703	266	5	,	,	PUNCT
fbem-24703	266	6	97	97	NUM
fbem-24703	266	7	-	-	SYM
fbem-24703	266	8	117	117	NUM
fbem-24703	266	9	.	.	PUNCT
fbem-24703	267	1	[	[	X
fbem-24703	267	2	9	9	NUM
fbem-24703	267	3	]	]	SYM
fbem-24703	267	4	qi	qi	PROPN
fbem-24703	267	5	,	,	PUNCT
fbem-24703	267	6	y.	y.	PROPN
fbem-24703	267	7	,	,	PUNCT
fbem-24703	267	8	&	&	CCONJ
fbem-24703	267	9	xiao	xiao	PROPN
fbem-24703	267	10	,	,	PUNCT
fbem-24703	267	11	x.	x.	NOUN
fbem-24703	267	12	(	(	PUNCT
fbem-24703	267	13	2020	2020	NUM
fbem-24703	267	14	)	)	PUNCT
fbem-24703	267	15	.	.	PUNCT
fbem-24703	268	1	corporate	corporate	ADJ
fbem-24703	268	2	management	management	NOUN
fbem-24703	268	3	reform	reform	NOUN
fbem-24703	268	4	in	in	ADP
fbem-24703	268	5	the	the	DET
fbem-24703	268	6	era	era	NOUN
fbem-24703	268	7	of	of	ADP
fbem-24703	268	8	digital	digital	ADJ
fbem-24703	268	9	economy	economy	NOUN
fbem-24703	268	10	.	.	PUNCT
fbem-24703	269	1	management	management	NOUN
fbem-24703	269	2	world	world	NOUN
fbem-24703	269	3	,	,	PUNCT
fbem-24703	269	4	6	6	NUM
fbem-24703	269	5	,	,	PUNCT
fbem-24703	269	6	135152	135152	NUM
fbem-24703	269	7	+	+	SYM
fbem-24703	269	8	250	250	NUM
fbem-24703	269	9	.	.	PUNCT
fbem-24703	270	1	[	[	X
fbem-24703	270	2	10	10	NUM
fbem-24703	270	3	]	]	X
fbem-24703	270	4	wang	wang	PROPN
fbem-24703	270	5	,	,	PUNCT
fbem-24703	270	6	y.	y.	PROPN
fbem-24703	270	7	,	,	PUNCT
fbem-24703	270	8	chen	chen	PROPN
fbem-24703	270	9	,	,	PUNCT
fbem-24703	270	10	y.	y.	PROPN
fbem-24703	270	11	,	,	PUNCT
fbem-24703	270	12	&	&	CCONJ
fbem-24703	270	13	tang	tang	PROPN
fbem-24703	270	14	,	,	PUNCT
fbem-24703	270	15	m.	m.	NOUN
fbem-24703	270	16	(	(	PUNCT
fbem-24703	270	17	2017	2017	NUM
fbem-24703	270	18	)	)	PUNCT
fbem-24703	270	19	.	.	PUNCT
fbem-24703	271	1	institutional	institutional	ADJ
fbem-24703	271	2	environment	environment	NOUN
fbem-24703	271	3	,	,	PUNCT
fbem-24703	271	4	information	information	NOUN
fbem-24703	271	5	disclosure	disclosure	NOUN
fbem-24703	271	6	quality	quality	NOUN
fbem-24703	271	7	,	,	PUNCT
fbem-24703	271	8	and	and	CCONJ
fbem-24703	271	9	investor	investor	NOUN
fbem-24703	271	10	protection	protection	NOUN
fbem-24703	271	11	.	.	PUNCT
fbem-24703	272	1	journal	journal	PROPN
fbem-24703	272	2	of	of	ADP
fbem-24703	272	3	beijing	beijing	PROPN
fbem-24703	272	4	technology	technology	PROPN
fbem-24703	272	5	and	and	CCONJ
fbem-24703	272	6	business	business	NOUN
fbem-24703	272	7	university	university	NOUN
fbem-24703	272	8	(	(	PUNCT
fbem-24703	272	9	social	social	ADJ
fbem-24703	272	10	sciences	science	NOUN
fbem-24703	272	11	)	)	PUNCT
fbem-24703	272	12	,	,	PUNCT
fbem-24703	272	13	5	5	NUM
fbem-24703	272	14	,	,	PUNCT
fbem-24703	272	15	59	59	NUM
fbem-24703	272	16	-	-	SYM
fbem-24703	272	17	67	67	NUM
fbem-24703	272	18	.	.	PUNCT
fbem-24703	273	1	[	[	X
fbem-24703	273	2	11	11	NUM
fbem-24703	273	3	]	]	X
fbem-24703	273	4	wen	wen	PROPN
fbem-24703	273	5	,	,	PUNCT
fbem-24703	273	6	z.	z.	PROPN
fbem-24703	273	7	,	,	PUNCT
fbem-24703	273	8	&	&	CCONJ
fbem-24703	273	9	ye	ye	PROPN
fbem-24703	273	10	,	,	PUNCT
fbem-24703	273	11	b.	b.	PROPN
fbem-24703	273	12	(	(	PUNCT
fbem-24703	273	13	2014	2014	NUM
fbem-24703	273	14	)	)	PUNCT
fbem-24703	273	15	.	.	PUNCT
fbem-24703	274	1	mediation	mediation	NOUN
fbem-24703	274	2	analysis	analysis	NOUN
fbem-24703	274	3	:	:	PUNCT
fbem-24703	274	4	method	method	NOUN
fbem-24703	274	5	and	and	CCONJ
fbem-24703	274	6	model	model	NOUN
fbem-24703	274	7	development	development	NOUN
fbem-24703	274	8	.	.	PUNCT
fbem-24703	275	1	advances	advance	NOUN
fbem-24703	275	2	in	in	ADP
fbem-24703	275	3	psychological	psychological	ADJ
fbem-24703	275	4	science	science	NOUN
fbem-24703	275	5	,	,	PUNCT
fbem-24703	275	6	5	5	NUM
fbem-24703	275	7	,	,	PUNCT
fbem-24703	275	8	731	731	NUM
fbem-24703	275	9	-	-	SYM
fbem-24703	275	10	745	745	NUM
fbem-24703	275	11	.	.	PUNCT
fbem-24703	276	1	[	[	X
fbem-24703	276	2	12	12	NUM
fbem-24703	276	3	]	]	X
fbem-24703	276	4	wu	wu	PROPN
fbem-24703	276	5	,	,	PUNCT
fbem-24703	276	6	f.	f.	PROPN
fbem-24703	276	7	,	,	PUNCT
fbem-24703	276	8	hu	hu	PROPN
fbem-24703	276	9	,	,	PUNCT
fbem-24703	276	10	h.	h.	PROPN
fbem-24703	276	11	,	,	PUNCT
fbem-24703	276	12	lin	lin	PROPN
fbem-24703	276	13	,	,	PUNCT
fbem-24703	276	14	h.	h.	PROPN
fbem-24703	276	15	,	,	PUNCT
fbem-24703	276	16	&	&	CCONJ
fbem-24703	276	17	ren	ren	PROPN
fbem-24703	276	18	,	,	PUNCT
fbem-24703	276	19	x.	x.	NOUN
fbem-24703	276	20	(	(	PUNCT
fbem-24703	276	21	2021	2021	NUM
fbem-24703	276	22	)	)	PUNCT
fbem-24703	276	23	.	.	PUNCT
fbem-24703	277	1	digital	digital	ADJ
fbem-24703	277	2	transformation	transformation	NOUN
fbem-24703	277	3	and	and	CCONJ
fbem-24703	277	4	capital	capital	NOUN
fbem-24703	277	5	market	market	NOUN
fbem-24703	277	6	performance	performance	NOUN
fbem-24703	277	7	:	:	PUNCT
fbem-24703	277	8	empirical	empirical	ADJ
fbem-24703	277	9	evidence	evidence	NOUN
fbem-24703	277	10	from	from	ADP
fbem-24703	277	11	stock	stock	NOUN
fbem-24703	277	12	liquidity	liquidity	NOUN
fbem-24703	277	13	.	.	PUNCT
fbem-24703	278	1	management	management	NOUN
fbem-24703	278	2	world	world	NOUN
fbem-24703	278	3	,	,	PUNCT
fbem-24703	278	4	7	7	NUM
fbem-24703	278	5	,	,	PUNCT
fbem-24703	278	6	130144	130144	NUM
fbem-24703	278	7	+	+	NOUN
fbem-24703	278	8	10	10	NUM
fbem-24703	278	9	.	.	PUNCT
fbem-24703	279	1	[	[	X
fbem-24703	279	2	13	13	NUM
fbem-24703	279	3	]	]	SYM
fbem-24703	279	4	xie	xie	PROPN
fbem-24703	279	5	,	,	PUNCT
fbem-24703	279	6	z.	z.	PROPN
fbem-24703	279	7	,	,	PUNCT
fbem-24703	279	8	cui	cui	PROPN
fbem-24703	279	9	,	,	PUNCT
fbem-24703	279	10	x.	x.	PROPN
fbem-24703	279	11	,	,	PUNCT
fbem-24703	279	12	du	du	PROPN
fbem-24703	279	13	,	,	PUNCT
fbem-24703	279	14	h.	h.	PROPN
fbem-24703	279	15	,	,	PUNCT
fbem-24703	279	16	du	du	PROPN
fbem-24703	279	17	,	,	PUNCT
fbem-24703	279	18	y.	y.	PROPN
fbem-24703	279	19	,	,	PUNCT
fbem-24703	279	20	ke	ke	PROPN
fbem-24703	279	21	,	,	PUNCT
fbem-24703	279	22	j.	j.	PROPN
fbem-24703	279	23	,	,	PUNCT
fbem-24703	279	24	liu	liu	PROPN
fbem-24703	279	25	,	,	PUNCT
fbem-24703	279	26	h.	h.	PROPN
fbem-24703	279	27	,	,	PUNCT
fbem-24703	279	28	...	...	PUNCT
fbem-24703	280	1	zhang	zhang	PROPN
fbem-24703	280	2	,	,	PUNCT
fbem-24703	280	3	h.	h.	PROPN
fbem-24703	280	4	(	(	PUNCT
fbem-24703	280	5	2014	2014	NUM
fbem-24703	280	6	)	)	PUNCT
fbem-24703	280	7	.	.	PUNCT
fbem-24703	281	1	the	the	DET
fbem-24703	281	2	investor	investor	NOUN
fbem-24703	281	3	protection	protection	NOUN
fbem-24703	281	4	function	function	NOUN
fbem-24703	281	5	of	of	ADP
fbem-24703	281	6	accounting	accounting	NOUN
fbem-24703	281	7	and	and	CCONJ
fbem-24703	281	8	its	its	PRON
fbem-24703	281	9	evaluation	evaluation	NOUN
fbem-24703	281	10	.	.	PUNCT
fbem-24703	282	1	accounting	accounting	NOUN
fbem-24703	282	2	research	research	NOUN
fbem-24703	282	3	,	,	PUNCT
fbem-24703	282	4	4	4	NUM
fbem-24703	282	5	,	,	PUNCT
fbem-24703	282	6	34	34	NUM
fbem-24703	282	7	-	-	SYM
fbem-24703	282	8	41	41	NUM
fbem-24703	282	9	+	+	NOUN
fbem-24703	282	10	95	95	NUM
fbem-24703	282	11	.	.	PUNCT
fbem-24703	283	1	[	[	X
fbem-24703	283	2	14	14	NUM
fbem-24703	283	3	]	]	X
fbem-24703	283	4	xin	xin	PROPN
fbem-24703	283	5	,	,	PUNCT
fbem-24703	283	6	q.	q.	PROPN
fbem-24703	283	7	,	,	PUNCT
fbem-24703	283	8	kong	kong	PROPN
fbem-24703	283	9	,	,	PUNCT
fbem-24703	283	10	d.	d.	PROPN
fbem-24703	283	11	,	,	PUNCT
fbem-24703	283	12	&	&	CCONJ
fbem-24703	283	13	hao	hao	PROPN
fbem-24703	283	14	,	,	PUNCT
fbem-24703	283	15	y.	y.	PROPN
fbem-24703	283	16	(	(	PUNCT
fbem-24703	283	17	2014	2014	NUM
fbem-24703	283	18	)	)	PUNCT
fbem-24703	283	19	.	.	PUNCT
fbem-24703	284	1	corporate	corporate	ADJ
fbem-24703	284	2	transparency	transparency	NOUN
fbem-24703	284	3	and	and	CCONJ
fbem-24703	284	4	stock	stock	NOUN
fbem-24703	284	5	price	price	NOUN
fbem-24703	284	6	volatility	volatility	NOUN
fbem-24703	284	7	.	.	PUNCT
fbem-24703	285	1	financial	financial	ADJ
fbem-24703	285	2	research	research	NOUN
fbem-24703	285	3	,	,	PUNCT
fbem-24703	285	4	10	10	NUM
fbem-24703	285	5	,	,	PUNCT
fbem-24703	285	6	193	193	NUM
fbem-24703	285	7	-	-	SYM
fbem-24703	285	8	206	206	NUM
fbem-24703	285	9	.	.	PUNCT
fbem-24703	286	1	[	[	X
fbem-24703	286	2	15	15	NUM
fbem-24703	286	3	]	]	X
fbem-24703	286	4	yu	yu	PROPN
fbem-24703	286	5	,	,	PUNCT
fbem-24703	286	6	m.	m.	NOUN
fbem-24703	286	7	,	,	PUNCT
fbem-24703	286	8	li	li	PROPN
fbem-24703	286	9	,	,	PUNCT
fbem-24703	286	10	w.	w.	PROPN
fbem-24703	286	11	,	,	PUNCT
fbem-24703	286	12	&	&	CCONJ
fbem-24703	286	13	pan	pan	PROPN
fbem-24703	286	14	,	,	PUNCT
fbem-24703	286	15	h.	h.	PROPN
fbem-24703	286	16	(	(	PUNCT
fbem-24703	286	17	2013	2013	NUM
fbem-24703	286	18	)	)	PUNCT
fbem-24703	286	19	.	.	PUNCT
fbem-24703	287	1	manager	manager	NOUN
fbem-24703	287	2	overconfidence	overconfidence	NOUN
fbem-24703	287	3	and	and	CCONJ
fbem-24703	287	4	corporate	corporate	ADJ
fbem-24703	287	5	risk	risk	NOUN
fbem-24703	287	6	-	-	PUNCT
fbem-24703	287	7	taking	taking	NOUN
fbem-24703	287	8	.	.	PUNCT
fbem-24703	288	1	financial	financial	ADJ
fbem-24703	288	2	research	research	NOUN
fbem-24703	288	3	,	,	PUNCT
fbem-24703	288	4	1	1	NUM
fbem-24703	288	5	,	,	PUNCT
fbem-24703	288	6	149	149	NUM
fbem-24703	288	7	-	-	SYM
fbem-24703	288	8	163	163	NUM
fbem-24703	288	9	.	.	PUNCT
fbem-24703	289	1	[	[	X
fbem-24703	289	2	16	16	NUM
fbem-24703	289	3	]	]	X
fbem-24703	289	4	adachi	adachi	PROPN
fbem-24703	289	5	,	,	PUNCT
fbem-24703	289	6	d.	d.	PROPN
fbem-24703	289	7	(	(	PUNCT
fbem-24703	289	8	2021	2021	NUM
fbem-24703	289	9	)	)	PUNCT
fbem-24703	289	10	.	.	PUNCT
fbem-24703	290	1	robots	robot	NOUN
fbem-24703	290	2	and	and	CCONJ
fbem-24703	290	3	wage	wage	NOUN
fbem-24703	290	4	polarization	polarization	NOUN
fbem-24703	290	5	:	:	PUNCT
fbem-24703	290	6	the	the	DET
fbem-24703	290	7	effects	effect	NOUN
fbem-24703	290	8	of	of	ADP
fbem-24703	290	9	robot	robot	NOUN
fbem-24703	290	10	capital	capital	NOUN
fbem-24703	290	11	by	by	ADP
fbem-24703	290	12	occupations	occupation	NOUN
fbem-24703	290	13	.	.	PUNCT
fbem-24703	291	1	[	[	X
fbem-24703	291	2	17	17	NUM
fbem-24703	291	3	]	]	X
fbem-24703	291	4	chen	chen	PROPN
fbem-24703	291	5	,	,	PUNCT
fbem-24703	291	6	n.	n.	PROPN
fbem-24703	291	7	,	,	PUNCT
fbem-24703	291	8	&	&	CCONJ
fbem-24703	291	9	yang	yang	PROPN
fbem-24703	291	10	,	,	PUNCT
fbem-24703	291	11	s.	s.	PROPN
fbem-24703	291	12	(	(	PUNCT
fbem-24703	291	13	2022	2022	NUM
fbem-24703	291	14	)	)	PUNCT
fbem-24703	291	15	.	.	PUNCT
fbem-24703	292	1	executive	executive	ADJ
fbem-24703	292	2	stock	stock	NOUN
fbem-24703	292	3	ownership	ownership	NOUN
fbem-24703	292	4	and	and	CCONJ
fbem-24703	292	5	enterprise	enterprise	NOUN
fbem-24703	292	6	digital	digital	ADJ
fbem-24703	292	7	transformation	transformation	NOUN
fbem-24703	292	8	:	:	PUNCT
fbem-24703	292	9	interest	interest	NOUN
fbem-24703	292	10	convergence	convergence	NOUN
fbem-24703	292	11	or	or	CCONJ
fbem-24703	292	12	trench	trench	NOUN
fbem-24703	292	13	defense	defense	NOUN
fbem-24703	292	14	.	.	PUNCT
fbem-24703	293	1	discrete	discrete	ADJ
fbem-24703	293	2	dynamics	dynamic	NOUN
fbem-24703	293	3	in	in	ADP
fbem-24703	293	4	nature	nature	NOUN
fbem-24703	293	5	and	and	CCONJ
fbem-24703	293	6	society	society	NOUN
fbem-24703	293	7	,	,	PUNCT
fbem-24703	293	8	2022	2022	NUM
fbem-24703	293	9	,	,	PUNCT
fbem-24703	293	10	pp	pp	ADV
fbem-24703	293	11	.	.	PUNCT
fbem-24703	294	1	e2956758	e2956758	NOUN
fbem-24703	294	2	.	.	PUNCT
fbem-24703	295	1	[	[	X
fbem-24703	295	2	18	18	NUM
fbem-24703	295	3	]	]	X
fbem-24703	295	4	chung	chung	PROPN
fbem-24703	295	5	,	,	PUNCT
fbem-24703	295	6	k.	k.	PROPN
fbem-24703	295	7	h.	h.	PROPN
fbem-24703	295	8	,	,	PUNCT
fbem-24703	295	9	&	&	CCONJ
fbem-24703	295	10	pruitt	pruitt	PROPN
fbem-24703	295	11	,	,	PUNCT
fbem-24703	295	12	s.	s.	PROPN
fbem-24703	295	13	w.	w.	PROPN
fbem-24703	295	14	(	(	PUNCT
fbem-24703	295	15	1996	1996	NUM
fbem-24703	295	16	)	)	PUNCT
fbem-24703	295	17	.	.	PUNCT
fbem-24703	296	1	executive	executive	ADJ
fbem-24703	296	2	ownership	ownership	NOUN
fbem-24703	296	3	,	,	PUNCT
fbem-24703	296	4	corporate	corporate	ADJ
fbem-24703	296	5	value	value	NOUN
fbem-24703	296	6	,	,	PUNCT
fbem-24703	296	7	and	and	CCONJ
fbem-24703	296	8	executive	executive	ADJ
fbem-24703	296	9	compensation	compensation	NOUN
fbem-24703	296	10	:	:	PUNCT
fbem-24703	296	11	a	a	DET
fbem-24703	296	12	unifying	unifying	ADJ
fbem-24703	296	13	framework	framework	NOUN
fbem-24703	296	14	.	.	PUNCT
fbem-24703	297	1	journal	journal	NOUN
fbem-24703	297	2	of	of	ADP
fbem-24703	297	3	banking	banking	NOUN
fbem-24703	297	4	&	&	CCONJ
fbem-24703	297	5	finance	finance	NOUN
fbem-24703	297	6	,	,	PUNCT
fbem-24703	297	7	20(7	20(7	NUM
fbem-24703	297	8	)	)	PUNCT
fbem-24703	297	9	,	,	PUNCT
fbem-24703	297	10	pp	pp	ADP
fbem-24703	297	11	.	.	PUNCT
fbem-24703	297	12	11351159	11351159	NUM
fbem-24703	297	13	.	.	PUNCT
fbem-24703	298	1	[	[	X
fbem-24703	298	2	19	19	NUM
fbem-24703	298	3	]	]	X
fbem-24703	298	4	feng	feng	PROPN
fbem-24703	298	5	,	,	PUNCT
fbem-24703	298	6	z.	z.	PROPN
fbem-24703	298	7	,	,	PUNCT
fbem-24703	298	8	&	&	CCONJ
fbem-24703	298	9	wu	wu	PROPN
fbem-24703	298	10	,	,	PUNCT
fbem-24703	298	11	z.	z.	PROPN
fbem-24703	298	12	(	(	PUNCT
fbem-24703	298	13	2021	2021	NUM
fbem-24703	298	14	)	)	PUNCT
fbem-24703	298	15	.	.	PUNCT
fbem-24703	299	1	esg	esg	PROPN
fbem-24703	299	2	disclosure	disclosure	NOUN
fbem-24703	299	3	,	,	PUNCT
fbem-24703	299	4	reit	reit	NOUN
fbem-24703	299	5	debt	debt	NOUN
fbem-24703	299	6	financing	financing	NOUN
fbem-24703	299	7	and	and	CCONJ
fbem-24703	299	8	firm	firm	ADJ
fbem-24703	299	9	value	value	NOUN
fbem-24703	299	10	.	.	PUNCT
fbem-24703	300	1	the	the	DET
fbem-24703	300	2	journal	journal	NOUN
fbem-24703	300	3	of	of	ADP
fbem-24703	300	4	real	real	ADJ
fbem-24703	300	5	estate	estate	NOUN
fbem-24703	300	6	finance	finance	NOUN
fbem-24703	300	7	and	and	CCONJ
fbem-24703	300	8	economics	economic	NOUN
fbem-24703	300	9	,	,	PUNCT
fbem-24703	300	10	pp.1	pp.1	NOUN
fbem-24703	300	11	-	-	PUNCT
fbem-24703	300	12	35	35	NUM
fbem-24703	300	13	.	.	PUNCT
fbem-24703	301	1	[	[	X
fbem-24703	301	2	20	20	NUM
fbem-24703	301	3	]	]	PUNCT
fbem-24703	301	4	healy	healy	PROPN
fbem-24703	301	5	,	,	PUNCT
fbem-24703	301	6	p.	p.	NOUN
fbem-24703	301	7	m.	m.	NOUN
fbem-24703	301	8	,	,	PUNCT
fbem-24703	301	9	&	&	CCONJ
fbem-24703	301	10	palepu	palepu	PROPN
fbem-24703	301	11	,	,	PUNCT
fbem-24703	301	12	k.	k.	PROPN
fbem-24703	301	13	g.	g.	PROPN
fbem-24703	301	14	(	(	PUNCT
fbem-24703	301	15	2001	2001	NUM
fbem-24703	301	16	)	)	PUNCT
fbem-24703	301	17	.	.	PUNCT
fbem-24703	302	1	information	information	NOUN
fbem-24703	302	2	asymmetry	asymmetry	NOUN
fbem-24703	302	3	,	,	PUNCT
fbem-24703	302	4	corporate	corporate	ADJ
fbem-24703	302	5	disclosure	disclosure	NOUN
fbem-24703	302	6	,	,	PUNCT
fbem-24703	302	7	and	and	CCONJ
fbem-24703	302	8	the	the	DET
fbem-24703	302	9	capital	capital	NOUN
fbem-24703	302	10	markets	market	NOUN
fbem-24703	302	11	:	:	PUNCT
fbem-24703	302	12	a	a	DET
fbem-24703	302	13	review	review	NOUN
fbem-24703	302	14	of	of	ADP
fbem-24703	302	15	the	the	DET
fbem-24703	302	16	empirical	empirical	ADJ
fbem-24703	302	17	disclosure	disclosure	NOUN
fbem-24703	302	18	literature	literature	NOUN
fbem-24703	302	19	.	.	PUNCT
fbem-24703	303	1	journal	journal	PROPN
fbem-24703	303	2	of	of	ADP
fbem-24703	303	3	accounting	accounting	NOUN
fbem-24703	303	4	and	and	CCONJ
fbem-24703	303	5	economics	economic	NOUN
fbem-24703	303	6	,	,	PUNCT
fbem-24703	303	7	31(1	31(1	NUM
fbem-24703	303	8	-	-	SYM
fbem-24703	303	9	3	3	NUM
fbem-24703	303	10	)	)	PUNCT
fbem-24703	303	11	,	,	PUNCT
fbem-24703	303	12	pp	pp	ADP
fbem-24703	303	13	.	.	PUNCT
fbem-24703	304	1	405	405	NUM
fbem-24703	304	2	-	-	SYM
fbem-24703	304	3	440	440	NUM
fbem-24703	304	4	.	.	PUNCT
fbem-24703	305	1	[	[	X
fbem-24703	305	2	21	21	NUM
fbem-24703	305	3	]	]	PUNCT
fbem-24703	305	4	heinberg	heinberg	NOUN
fbem-24703	305	5	,	,	PUNCT
fbem-24703	305	6	m.	m.	NOUN
fbem-24703	305	7	,	,	PUNCT
fbem-24703	305	8	liu	liu	PROPN
fbem-24703	305	9	,	,	PUNCT
fbem-24703	305	10	y.	y.	PROPN
fbem-24703	305	11	,	,	PUNCT
fbem-24703	305	12	huang	huang	PROPN
fbem-24703	305	13	,	,	PUNCT
fbem-24703	305	14	x.	x.	PROPN
fbem-24703	305	15	,	,	PUNCT
fbem-24703	305	16	&	&	CCONJ
fbem-24703	305	17	eisingerich	eisingerich	PROPN
fbem-24703	305	18	,	,	PUNCT
fbem-24703	305	19	a.	a.	PROPN
fbem-24703	305	20	b.	b.	PROPN
fbem-24703	305	21	(	(	PUNCT
fbem-24703	305	22	2021	2021	NUM
fbem-24703	305	23	)	)	PUNCT
fbem-24703	305	24	.	.	PUNCT
fbem-24703	306	1	a	a	DET
fbem-24703	306	2	bad	bad	ADJ
fbem-24703	306	3	job	job	NOUN
fbem-24703	306	4	of	of	ADP
fbem-24703	306	5	doing	do	VERB
fbem-24703	306	6	good	good	NOUN
fbem-24703	306	7	:	:	PUNCT
fbem-24703	306	8	does	do	VERB
fbem-24703	306	9	corporate	corporate	ADJ
fbem-24703	306	10	transparency	transparency	NOUN
fbem-24703	306	11	on	on	ADP
fbem-24703	306	12	a	a	DET
fbem-24703	306	13	country	country	NOUN
fbem-24703	306	14	and	and	CCONJ
fbem-24703	306	15	company	company	NOUN
fbem-24703	306	16	level	level	NOUN
fbem-24703	306	17	moderate	moderate	ADJ
fbem-24703	306	18	corporate	corporate	ADJ
fbem-24703	306	19	social	social	ADJ
fbem-24703	306	20	responsibility	responsibility	NOUN
fbem-24703	306	21	effectiveness	effectiveness	NOUN
fbem-24703	306	22	?	?	PUNCT
fbem-24703	307	1	journal	journal	NOUN
fbem-24703	307	2	of	of	ADP
fbem-24703	307	3	international	international	ADJ
fbem-24703	307	4	marketing	marketing	NOUN
fbem-24703	307	5	,	,	PUNCT
fbem-24703	307	6	29(2	29(2	NUM
fbem-24703	307	7	)	)	PUNCT
fbem-24703	307	8	,	,	PUNCT
fbem-24703	307	9	pp	pp	PROPN
fbem-24703	307	10	.	.	PUNCT
fbem-24703	308	1	45	45	NUM
fbem-24703	308	2	-	-	SYM
fbem-24703	308	3	61	61	NUM
fbem-24703	308	4	.	.	PUNCT
fbem-24703	309	1	[	[	X
fbem-24703	309	2	22	22	NUM
fbem-24703	309	3	]	]	PUNCT
fbem-24703	309	4	hess	hess	NOUN
fbem-24703	309	5	,	,	PUNCT
fbem-24703	309	6	t.	t.	PROPN
fbem-24703	309	7	,	,	PUNCT
fbem-24703	309	8	matt	matt	PROPN
fbem-24703	309	9	,	,	PUNCT
fbem-24703	309	10	c.	c.	PROPN
fbem-24703	309	11	,	,	PUNCT
fbem-24703	309	12	benlian	benlian	PROPN
fbem-24703	309	13	,	,	PUNCT
fbem-24703	309	14	a.	a.	PROPN
fbem-24703	309	15	,	,	PUNCT
fbem-24703	309	16	&	&	CCONJ
fbem-24703	309	17	wiesböck	wiesböck	PROPN
fbem-24703	309	18	,	,	PUNCT
fbem-24703	309	19	f.	f.	PROPN
fbem-24703	309	20	(	(	PUNCT
fbem-24703	309	21	2016	2016	NUM
fbem-24703	309	22	)	)	PUNCT
fbem-24703	309	23	.	.	PUNCT
fbem-24703	310	1	options	option	NOUN
fbem-24703	310	2	for	for	ADP
fbem-24703	310	3	formulating	formulate	VERB
fbem-24703	310	4	a	a	DET
fbem-24703	310	5	digital	digital	ADJ
fbem-24703	310	6	transformation	transformation	NOUN
fbem-24703	310	7	strategy	strategy	NOUN
fbem-24703	310	8	.	.	PUNCT
fbem-24703	311	1	mis	mis	PROPN
fbem-24703	311	2	quarterly	quarterly	PROPN
fbem-24703	311	3	executive	executive	NOUN
fbem-24703	311	4	,	,	PUNCT
fbem-24703	311	5	15(2	15(2	NUM
fbem-24703	311	6	)	)	PUNCT
fbem-24703	311	7	.	.	PUNCT
fbem-24703	312	1	[	[	X
fbem-24703	312	2	23	23	NUM
fbem-24703	312	3	]	]	X
fbem-24703	312	4	jensen	jensen	PROPN
fbem-24703	312	5	,	,	PUNCT
fbem-24703	312	6	m.	m.	PROPN
fbem-24703	312	7	c.	c.	PROPN
fbem-24703	312	8	,	,	PUNCT
fbem-24703	312	9	&	&	CCONJ
fbem-24703	312	10	meckling	meckling	PROPN
fbem-24703	312	11	,	,	PUNCT
fbem-24703	312	12	w.	w.	PROPN
fbem-24703	312	13	h.	h.	PROPN
fbem-24703	312	14	(	(	PUNCT
fbem-24703	312	15	1976	1976	NUM
fbem-24703	312	16	)	)	PUNCT
fbem-24703	312	17	.	.	PUNCT
fbem-24703	313	1	theory	theory	NOUN
fbem-24703	313	2	of	of	ADP
fbem-24703	313	3	the	the	DET
fbem-24703	313	4	firm	firm	NOUN
fbem-24703	313	5	:	:	PUNCT
fbem-24703	313	6	managerial	managerial	ADJ
fbem-24703	313	7	behavior	behavior	NOUN
fbem-24703	313	8	,	,	PUNCT
fbem-24703	313	9	agency	agency	NOUN
fbem-24703	313	10	costs	cost	NOUN
fbem-24703	313	11	and	and	CCONJ
fbem-24703	313	12	ownership	ownership	NOUN
fbem-24703	313	13	structure	structure	NOUN
fbem-24703	313	14	.	.	PUNCT
fbem-24703	314	1	journal	journal	NOUN
fbem-24703	314	2	of	of	ADP
fbem-24703	314	3	financial	financial	ADJ
fbem-24703	314	4	economics	economic	NOUN
fbem-24703	314	5	,	,	PUNCT
fbem-24703	314	6	3(4	3(4	NUM
fbem-24703	314	7	)	)	PUNCT
fbem-24703	314	8	,	,	PUNCT
fbem-24703	314	9	pp	pp	ADJ
fbem-24703	314	10	.	.	PUNCT
fbem-24703	315	1	305	305	NUM
fbem-24703	315	2	-	-	SYM
fbem-24703	315	3	360	360	NUM
fbem-24703	315	4	.	.	PUNCT
fbem-24703	316	1	[	[	X
fbem-24703	316	2	24	24	NUM
fbem-24703	316	3	]	]	X
fbem-24703	316	4	la	la	PROPN
fbem-24703	316	5	porta	porta	PROPN
fbem-24703	316	6	,	,	PUNCT
fbem-24703	316	7	r.	r.	PROPN
fbem-24703	316	8	,	,	PUNCT
fbem-24703	316	9	lopez	lopez	NOUN
fbem-24703	316	10	-	-	PUNCT
fbem-24703	316	11	de	de	NOUN
fbem-24703	316	12	-	-	NOUN
fbem-24703	316	13	silanes	silanes	PROPN
fbem-24703	316	14	,	,	PUNCT
fbem-24703	316	15	f.	f.	PROPN
fbem-24703	316	16	,	,	PUNCT
fbem-24703	316	17	shleifer	shleifer	PROPN
fbem-24703	316	18	,	,	PUNCT
fbem-24703	316	19	a.	a.	PROPN
fbem-24703	316	20	,	,	PUNCT
fbem-24703	316	21	&	&	CCONJ
fbem-24703	316	22	vishny	vishny	PROPN
fbem-24703	316	23	,	,	PUNCT
fbem-24703	316	24	r.	r.	PROPN
fbem-24703	316	25	(	(	PUNCT
fbem-24703	316	26	2000	2000	NUM
fbem-24703	316	27	)	)	PUNCT
fbem-24703	316	28	.	.	PUNCT
fbem-24703	317	1	investor	investor	NOUN
fbem-24703	317	2	protection	protection	NOUN
fbem-24703	317	3	and	and	CCONJ
fbem-24703	317	4	corporate	corporate	ADJ
fbem-24703	317	5	governance	governance	NOUN
fbem-24703	317	6	.	.	PUNCT
fbem-24703	318	1	journal	journal	NOUN
fbem-24703	318	2	of	of	ADP
fbem-24703	318	3	financial	financial	ADJ
fbem-24703	318	4	economics	economic	NOUN
fbem-24703	318	5	,	,	PUNCT
fbem-24703	318	6	58(1	58(1	PROPN
fbem-24703	318	7	-	-	SYM
fbem-24703	318	8	2	2	NUM
fbem-24703	318	9	)	)	PUNCT
fbem-24703	318	10	,	,	PUNCT
fbem-24703	318	11	pp	pp	ADJ
fbem-24703	318	12	.	.	PUNCT
fbem-24703	319	1	3	3	NUM
fbem-24703	319	2	-	-	SYM
fbem-24703	319	3	27	27	NUM
fbem-24703	319	4	.	.	PUNCT
fbem-24703	320	1	[	[	X
fbem-24703	320	2	25	25	NUM
fbem-24703	320	3	]	]	X
fbem-24703	320	4	la	la	PROPN
fbem-24703	320	5	porta	porta	PROPN
fbem-24703	320	6	,	,	PUNCT
fbem-24703	320	7	r.	r.	PROPN
fbem-24703	320	8	,	,	PUNCT
fbem-24703	320	9	lopez‐de‐silanes	lopez‐de‐silanes	PROPN
fbem-24703	320	10	,	,	PUNCT
fbem-24703	320	11	f.	f.	PROPN
fbem-24703	320	12	,	,	PUNCT
fbem-24703	320	13	shleifer	shleifer	PROPN
fbem-24703	320	14	,	,	PUNCT
fbem-24703	320	15	a.	a.	PROPN
fbem-24703	320	16	,	,	PUNCT
fbem-24703	320	17	&	&	CCONJ
fbem-24703	320	18	vishny	vishny	PROPN
fbem-24703	320	19	,	,	PUNCT
fbem-24703	320	20	r.	r.	PROPN
fbem-24703	320	21	w.	w.	PROPN
fbem-24703	320	22	(	(	PUNCT
fbem-24703	320	23	1997	1997	NUM
fbem-24703	320	24	)	)	PUNCT
fbem-24703	320	25	.	.	PUNCT
fbem-24703	321	1	legal	legal	ADJ
fbem-24703	321	2	determinants	determinant	NOUN
fbem-24703	321	3	of	of	ADP
fbem-24703	321	4	external	external	ADJ
fbem-24703	321	5	finance	finance	NOUN
fbem-24703	321	6	.	.	PUNCT
fbem-24703	322	1	the	the	DET
fbem-24703	322	2	journal	journal	PROPN
fbem-24703	322	3	of	of	ADP
fbem-24703	322	4	finance	finance	NOUN
fbem-24703	322	5	,	,	PUNCT
fbem-24703	322	6	52(3	52(3	NOUN
fbem-24703	322	7	)	)	PUNCT
fbem-24703	322	8	,	,	PUNCT
fbem-24703	322	9	pp	pp	ADP
fbem-24703	322	10	.	.	PUNCT
fbem-24703	323	1	1131	1131	NUM
fbem-24703	323	2	-	-	SYM
fbem-24703	323	3	1150	1150	NUM
fbem-24703	323	4	.	.	PUNCT
fbem-24703	324	1	[	[	X
fbem-24703	324	2	26	26	NUM
fbem-24703	324	3	]	]	X
fbem-24703	324	4	leonardi	leonardi	PROPN
fbem-24703	324	5	,	,	PUNCT
fbem-24703	324	6	p.	p.	NOUN
fbem-24703	324	7	m.	m.	NOUN
fbem-24703	324	8	,	,	PUNCT
fbem-24703	324	9	&	&	CCONJ
fbem-24703	324	10	treem	treem	PROPN
fbem-24703	324	11	,	,	PUNCT
fbem-24703	324	12	j.	j.	PROPN
fbem-24703	324	13	w.	w.	PROPN
fbem-24703	324	14	(	(	PUNCT
fbem-24703	324	15	2020	2020	NUM
fbem-24703	324	16	)	)	PUNCT
fbem-24703	324	17	.	.	PUNCT
fbem-24703	325	1	behavioral	behavioral	ADJ
fbem-24703	325	2	visibility	visibility	NOUN
fbem-24703	325	3	:	:	PUNCT
fbem-24703	325	4	a	a	DET
fbem-24703	325	5	new	new	ADJ
fbem-24703	325	6	paradigm	paradigm	NOUN
fbem-24703	325	7	for	for	ADP
fbem-24703	325	8	organization	organization	NOUN
fbem-24703	325	9	studies	study	NOUN
fbem-24703	325	10	in	in	ADP
fbem-24703	325	11	the	the	DET
fbem-24703	325	12	age	age	NOUN
fbem-24703	325	13	of	of	ADP
fbem-24703	325	14	digitization	digitization	NOUN
fbem-24703	325	15	,	,	PUNCT
fbem-24703	325	16	digitalization	digitalization	NOUN
fbem-24703	325	17	,	,	PUNCT
fbem-24703	325	18	and	and	CCONJ
fbem-24703	325	19	datafication	datafication	NOUN
fbem-24703	325	20	.	.	PUNCT
fbem-24703	326	1	organization	organization	NOUN
fbem-24703	326	2	studies	study	NOUN
fbem-24703	326	3	,	,	PUNCT
fbem-24703	326	4	41(12	41(12	NUM
fbem-24703	326	5	)	)	PUNCT
fbem-24703	326	6	,	,	PUNCT
fbem-24703	326	7	pp	pp	PROPN
fbem-24703	326	8	.	.	PUNCT
fbem-24703	327	1	1601	1601	NUM
fbem-24703	327	2	-	-	SYM
fbem-24703	327	3	1625	1625	NUM
fbem-24703	327	4	.	.	PUNCT
fbem-24703	328	1	[	[	X
fbem-24703	328	2	27	27	NUM
fbem-24703	328	3	]	]	X
fbem-24703	328	4	lumpkin	lumpkin	PROPN
fbem-24703	328	5	,	,	PUNCT
fbem-24703	328	6	g.	g.	PROPN
fbem-24703	328	7	t.	t.	PROPN
fbem-24703	328	8	,	,	PUNCT
fbem-24703	328	9	&	&	CCONJ
fbem-24703	328	10	dess	dess	PROPN
fbem-24703	328	11	,	,	PUNCT
fbem-24703	328	12	g.	g.	PROPN
fbem-24703	328	13	g.	g.	PROPN
fbem-24703	328	14	(	(	PUNCT
fbem-24703	328	15	1996	1996	NUM
fbem-24703	328	16	)	)	PUNCT
fbem-24703	328	17	.	.	PUNCT
fbem-24703	329	1	clarifying	clarify	VERB
fbem-24703	329	2	the	the	DET
fbem-24703	329	3	entrepreneurial	entrepreneurial	ADJ
fbem-24703	329	4	orientation	orientation	NOUN
fbem-24703	329	5	construct	construct	VERB
fbem-24703	329	6	and	and	CCONJ
fbem-24703	329	7	linking	link	VERB
fbem-24703	329	8	it	it	PRON
fbem-24703	329	9	to	to	ADP
fbem-24703	329	10	performance	performance	NOUN
fbem-24703	329	11	.	.	PUNCT
fbem-24703	330	1	academy	academy	PROPN
fbem-24703	330	2	of	of	ADP
fbem-24703	330	3	management	management	PROPN
fbem-24703	330	4	review	review	NOUN
fbem-24703	330	5	,	,	PUNCT
fbem-24703	330	6	21(1	21(1	NUM
fbem-24703	330	7	)	)	PUNCT
fbem-24703	330	8	,	,	PUNCT
fbem-24703	330	9	pp	pp	ADJ
fbem-24703	330	10	.	.	PUNCT
fbem-24703	331	1	135	135	NUM
fbem-24703	331	2	-	-	SYM
fbem-24703	331	3	172	172	NUM
fbem-24703	331	4	.	.	PUNCT
fbem-24703	332	1	[	[	X
fbem-24703	332	2	28	28	NUM
fbem-24703	332	3	]	]	X
fbem-24703	332	4	mclean	mclean	PROPN
fbem-24703	332	5	,	,	PUNCT
fbem-24703	332	6	r.	r.	PROPN
fbem-24703	332	7	d.	d.	PROPN
fbem-24703	332	8	,	,	PUNCT
fbem-24703	332	9	zhang	zhang	PROPN
fbem-24703	332	10	,	,	PUNCT
fbem-24703	332	11	t.	t.	PROPN
fbem-24703	332	12	,	,	PUNCT
fbem-24703	332	13	&	&	CCONJ
fbem-24703	332	14	zhao	zhao	NOUN
fbem-24703	332	15	,	,	PUNCT
fbem-24703	332	16	m.	m.	NOUN
fbem-24703	332	17	(	(	PUNCT
fbem-24703	332	18	2012	2012	NUM
fbem-24703	332	19	)	)	PUNCT
fbem-24703	332	20	.	.	PUNCT
fbem-24703	333	1	why	why	SCONJ
fbem-24703	333	2	does	do	AUX
fbem-24703	333	3	the	the	DET
fbem-24703	333	4	law	law	NOUN
fbem-24703	333	5	matter	matter	NOUN
fbem-24703	333	6	?	?	PUNCT
fbem-24703	334	1	investor	investor	NOUN
fbem-24703	334	2	protection	protection	NOUN
fbem-24703	334	3	and	and	CCONJ
fbem-24703	334	4	its	its	PRON
fbem-24703	334	5	effects	effect	NOUN
fbem-24703	334	6	on	on	ADP
fbem-24703	334	7	investment	investment	NOUN
fbem-24703	334	8	,	,	PUNCT
fbem-24703	334	9	finance	finance	NOUN
fbem-24703	334	10	,	,	PUNCT
fbem-24703	334	11	and	and	CCONJ
fbem-24703	334	12	growth	growth	NOUN
fbem-24703	334	13	.	.	PUNCT
fbem-24703	335	1	the	the	DET
fbem-24703	335	2	journal	journal	NOUN
fbem-24703	335	3	of	of	ADP
fbem-24703	335	4	finance	finance	NOUN
fbem-24703	335	5	,	,	PUNCT
fbem-24703	335	6	67(1	67(1	NOUN
fbem-24703	335	7	)	)	PUNCT
fbem-24703	335	8	,	,	PUNCT
fbem-24703	335	9	pp	pp	ADP
fbem-24703	335	10	.	.	PUNCT
fbem-24703	335	11	313350	313350	NUM
fbem-24703	335	12	.	.	PUNCT
fbem-24703	336	1	[	[	X
fbem-24703	336	2	29	29	NUM
fbem-24703	336	3	]	]	SYM
fbem-24703	336	4	rachinger	rachinger	NOUN
fbem-24703	336	5	,	,	PUNCT
fbem-24703	336	6	m.	m.	NOUN
fbem-24703	336	7	,	,	PUNCT
fbem-24703	336	8	rauter	rauter	NOUN
fbem-24703	336	9	,	,	PUNCT
fbem-24703	336	10	r.	r.	PROPN
fbem-24703	336	11	,	,	PUNCT
fbem-24703	336	12	müller	müller	PROPN
fbem-24703	336	13	,	,	PUNCT
fbem-24703	336	14	c.	c.	PROPN
fbem-24703	336	15	,	,	PUNCT
fbem-24703	336	16	vorraber	vorraber	PROPN
fbem-24703	336	17	,	,	PUNCT
fbem-24703	336	18	w.	w.	PROPN
fbem-24703	336	19	,	,	PUNCT
fbem-24703	336	20	&	&	CCONJ
fbem-24703	336	21	schirgi	schirgi	PROPN
fbem-24703	336	22	,	,	PUNCT
fbem-24703	336	23	e.	e.	PROPN
fbem-24703	336	24	(	(	PUNCT
fbem-24703	336	25	2018	2018	NUM
fbem-24703	336	26	)	)	PUNCT
fbem-24703	336	27	.	.	PUNCT
fbem-24703	337	1	digitalization	digitalization	NOUN
fbem-24703	337	2	and	and	CCONJ
fbem-24703	337	3	its	its	PRON
fbem-24703	337	4	influence	influence	NOUN
fbem-24703	337	5	on	on	ADP
fbem-24703	337	6	business	business	NOUN
fbem-24703	337	7	model	model	NOUN
fbem-24703	337	8	innovation	innovation	NOUN
fbem-24703	337	9	.	.	PUNCT
fbem-24703	338	1	journal	journal	NOUN
fbem-24703	338	2	of	of	ADP
fbem-24703	338	3	manufacturing	manufacturing	NOUN
fbem-24703	338	4	technology	technology	NOUN
fbem-24703	338	5	management	management	NOUN
fbem-24703	338	6	,	,	PUNCT
fbem-24703	338	7	30(8	30(8	NUM
fbem-24703	338	8	)	)	PUNCT
fbem-24703	338	9	,	,	PUNCT
fbem-24703	338	10	pp	pp	ADJ
fbem-24703	338	11	.	.	PUNCT
fbem-24703	338	12	1143	1143	NUM
fbem-24703	338	13	-	-	SYM
fbem-24703	338	14	1160	1160	NUM
fbem-24703	338	15	.	.	PUNCT
fbem-24703	339	1	[	[	X
fbem-24703	339	2	30	30	NUM
fbem-24703	339	3	]	]	X
fbem-24703	339	4	rowbottom	rowbottom	NOUN
fbem-24703	339	5	,	,	PUNCT
fbem-24703	339	6	n.	n.	NOUN
fbem-24703	339	7	,	,	PUNCT
fbem-24703	339	8	locke	locke	PROPN
fbem-24703	339	9	,	,	PUNCT
fbem-24703	339	10	j.	j.	PROPN
fbem-24703	339	11	,	,	PUNCT
fbem-24703	339	12	&	&	CCONJ
fbem-24703	339	13	troshani	troshani	PROPN
fbem-24703	339	14	,	,	PUNCT
fbem-24703	339	15	i.	i.	PROPN
fbem-24703	339	16	(	(	PUNCT
fbem-24703	339	17	2021	2021	NUM
fbem-24703	339	18	)	)	PUNCT
fbem-24703	339	19	.	.	PUNCT
fbem-24703	340	1	when	when	SCONJ
fbem-24703	340	2	the	the	DET
fbem-24703	340	3	tail	tail	NOUN
fbem-24703	340	4	wags	wag	VERB
fbem-24703	340	5	the	the	DET
fbem-24703	340	6	dog	dog	NOUN
fbem-24703	340	7	?	?	PUNCT
fbem-24703	340	8	digitalisation	digitalisation	NOUN
fbem-24703	340	9	and	and	CCONJ
fbem-24703	340	10	corporate	corporate	ADJ
fbem-24703	340	11	reporting	reporting	NOUN
fbem-24703	340	12	.	.	PUNCT
fbem-24703	341	1	accounting	accounting	NOUN
fbem-24703	341	2	,	,	PUNCT
fbem-24703	341	3	organizations	organization	NOUN
fbem-24703	341	4	and	and	CCONJ
fbem-24703	341	5	society	society	NOUN
fbem-24703	341	6	,	,	PUNCT
fbem-24703	341	7	92	92	NUM
fbem-24703	341	8	,	,	PUNCT
fbem-24703	341	9	pp	pp	ADJ
fbem-24703	341	10	.	.	PUNCT
fbem-24703	341	11	101226	101226	NUM
fbem-24703	341	12	.	.	PUNCT
fbem-24703	342	1	[	[	X
fbem-24703	342	2	31	31	NUM
fbem-24703	342	3	]	]	X
fbem-24703	342	4	sridharan	sridharan	ADJ
fbem-24703	342	5	,	,	PUNCT
fbem-24703	342	6	v.	v.	PROPN
fbem-24703	342	7	(	(	PUNCT
fbem-24703	342	8	2018	2018	NUM
fbem-24703	342	9	)	)	PUNCT
fbem-24703	342	10	.	.	PUNCT
fbem-24703	343	1	bridging	bridge	VERB
fbem-24703	343	2	the	the	DET
fbem-24703	343	3	disclosure	disclosure	NOUN
fbem-24703	343	4	gap	gap	NOUN
fbem-24703	343	5	:	:	PUNCT
fbem-24703	343	6	investor	investor	NOUN
fbem-24703	343	7	perspectives	perspective	NOUN
fbem-24703	343	8	on	on	ADP
fbem-24703	343	9	environmental	environmental	ADJ
fbem-24703	343	10	,	,	PUNCT
fbem-24703	343	11	social	social	ADJ
fbem-24703	343	12	&	&	CCONJ
fbem-24703	343	13	governance	governance	PROPN
fbem-24703	343	14	(	(	PUNCT
fbem-24703	343	15	esg	esg	NOUN
fbem-24703	343	16	)	)	PUNCT
fbem-24703	343	17	disclosures	disclosure	NOUN
fbem-24703	343	18	.	.	PUNCT
fbem-24703	344	1	social	social	PROPN
fbem-24703	344	2	&	&	CCONJ
fbem-24703	344	3	governance	governance	PROPN
fbem-24703	344	4	(	(	PUNCT
fbem-24703	344	5	esg	esg	NOUN
fbem-24703	344	6	)	)	PUNCT
fbem-24703	344	7	disclosures	disclosure	NOUN
fbem-24703	344	8	(	(	PUNCT
fbem-24703	344	9	may	may	PROPN
fbem-24703	344	10	11	11	NUM
fbem-24703	344	11	,	,	PUNCT
fbem-24703	344	12	2018	2018	NUM
fbem-24703	344	13	)	)	PUNCT
fbem-24703	344	14	.	.	PUNCT
fbem-24703	345	1	[	[	X
fbem-24703	345	2	32	32	NUM
fbem-24703	345	3	]	]	PUNCT
fbem-24703	345	4	verhoef	verhoef	NOUN
fbem-24703	345	5	,	,	PUNCT
fbem-24703	345	6	p.	p.	PROPN
fbem-24703	345	7	c.	c.	PROPN
fbem-24703	345	8	,	,	PUNCT
fbem-24703	345	9	&	&	CCONJ
fbem-24703	345	10	bijmolt	bijmolt	PROPN
fbem-24703	345	11	,	,	PUNCT
fbem-24703	345	12	t.	t.	PROPN
fbem-24703	345	13	h.	h.	PROPN
fbem-24703	345	14	(	(	PUNCT
fbem-24703	345	15	2019	2019	NUM
fbem-24703	345	16	)	)	PUNCT
fbem-24703	345	17	.	.	PUNCT
fbem-24703	346	1	marketing	market	VERB
fbem-24703	346	2	perspectives	perspective	NOUN
fbem-24703	346	3	on	on	ADP
fbem-24703	346	4	digital	digital	ADJ
fbem-24703	346	5	business	business	NOUN
fbem-24703	346	6	models	model	NOUN
fbem-24703	346	7	:	:	PUNCT
fbem-24703	346	8	a	a	DET
fbem-24703	346	9	framework	framework	NOUN
fbem-24703	346	10	and	and	CCONJ
fbem-24703	346	11	overview	overview	NOUN
fbem-24703	346	12	of	of	ADP
fbem-24703	346	13	the	the	DET
fbem-24703	346	14	special	special	ADJ
fbem-24703	346	15	issue	issue	NOUN
fbem-24703	346	16	.	.	PUNCT
fbem-24703	347	1	international	international	ADJ
fbem-24703	347	2	journal	journal	PROPN
fbem-24703	347	3	of	of	ADP
fbem-24703	347	4	research	research	NOUN
fbem-24703	347	5	in	in	ADP
fbem-24703	347	6	marketing	marketing	NOUN
fbem-24703	347	7	,	,	PUNCT
fbem-24703	347	8	36(3	36(3	NUM
fbem-24703	347	9	)	)	PUNCT
fbem-24703	347	10	,	,	PUNCT
fbem-24703	347	11	pp	pp	ADP
fbem-24703	347	12	.	.	PUNCT
fbem-24703	348	1	341	341	NUM
fbem-24703	348	2	-	-	SYM
fbem-24703	348	3	349	349	NUM
fbem-24703	348	4	.	.	PUNCT
fbem-24703	349	1	[	[	X
fbem-24703	349	2	33	33	NUM
fbem-24703	349	3	]	]	X
fbem-24703	349	4	zhang	zhang	PROPN
fbem-24703	349	5	,	,	PUNCT
fbem-24703	349	6	t.	t.	PROPN
fbem-24703	349	7	,	,	PUNCT
fbem-24703	349	8	shi	shi	PROPN
fbem-24703	349	9	,	,	PUNCT
fbem-24703	349	10	z.	z.	PROPN
fbem-24703	349	11	z.	z.	PROPN
fbem-24703	349	12	,	,	PUNCT
fbem-24703	349	13	shi	shi	PROPN
fbem-24703	349	14	,	,	PUNCT
fbem-24703	349	15	y.	y.	PROPN
fbem-24703	349	16	r.	r.	PROPN
fbem-24703	349	17	,	,	PUNCT
fbem-24703	349	18	&	&	CCONJ
fbem-24703	349	19	chen	chen	PROPN
fbem-24703	349	20	,	,	PUNCT
fbem-24703	349	21	n.	n.	PROPN
fbem-24703	349	22	j.	j.	PROPN
fbem-24703	349	23	(	(	PUNCT
fbem-24703	349	24	2022	2022	NUM
fbem-24703	349	25	)	)	PUNCT
fbem-24703	349	26	.	.	PUNCT
fbem-24703	350	1	enterprise	enterprise	NOUN
fbem-24703	350	2	digital	digital	ADJ
fbem-24703	350	3	transformation	transformation	NOUN
fbem-24703	350	4	and	and	CCONJ
fbem-24703	350	5	production	production	NOUN
fbem-24703	350	6	efficiency	efficiency	NOUN
fbem-24703	350	7	:	:	PUNCT
fbem-24703	350	8	mechanism	mechanism	NOUN
fbem-24703	350	9	analysis	analysis	NOUN
fbem-24703	350	10	and	and	CCONJ
fbem-24703	350	11	empirical	empirical	ADJ
fbem-24703	350	12	research	research	NOUN
fbem-24703	350	13	.	.	PUNCT
fbem-24703	351	1	economic	economic	ADJ
fbem-24703	351	2	research	research	NOUN
fbem-24703	351	3	-	-	PUNCT
fbem-24703	351	4	ekonomska	ekonomska	ADJ
fbem-24703	351	5	istraživanja	istraživanja	NOUN
fbem-24703	351	6	,	,	PUNCT
fbem-24703	351	7	35(1	35(1	NUM
fbem-24703	351	8	)	)	PUNCT
fbem-24703	351	9	,	,	PUNCT
fbem-24703	351	10	pp	pp	ADJ
fbem-24703	351	11	.	.	PUNCT
fbem-24703	352	1	2781	2781	NUM
fbem-24703	352	2	-	-	SYM
fbem-24703	352	3	2792	2792	NUM
fbem-24703	352	4	.	.	PUNCT
fbem-24703	353	1	[	[	X
fbem-24703	353	2	34	34	NUM
fbem-24703	353	3	]	]	X
fbem-24703	353	4	zhong	zhong	PROPN
fbem-24703	353	5	,	,	PUNCT
fbem-24703	353	6	r.	r.	PROPN
fbem-24703	353	7	i.	i.	PROPN
fbem-24703	353	8	(	(	PUNCT
fbem-24703	353	9	2018	2018	NUM
fbem-24703	353	10	)	)	PUNCT
fbem-24703	353	11	.	.	PUNCT
fbem-24703	354	1	transparency	transparency	NOUN
fbem-24703	354	2	and	and	CCONJ
fbem-24703	354	3	firm	firm	ADJ
fbem-24703	354	4	innovation	innovation	NOUN
fbem-24703	354	5	.	.	PUNCT
fbem-24703	355	1	journal	journal	NOUN
fbem-24703	355	2	of	of	ADP
fbem-24703	355	3	accounting	accounting	NOUN
fbem-24703	355	4	and	and	CCONJ
fbem-24703	355	5	economics	economic	NOUN
fbem-24703	355	6	,	,	PUNCT
fbem-24703	355	7	66(1	66(1	NOUN
fbem-24703	355	8	)	)	PUNCT
fbem-24703	355	9	,	,	PUNCT
fbem-24703	355	10	pp.67	pp.67	NOUN
fbem-24703	355	11	-	-	PUNCT
fbem-24703	355	12	93	93	NUM
fbem-24703	355	13	.	.	PUNCT