id	sid	tid	token	lemma	pos
fbem-25627	1	1	frontiers	frontier	NOUN
fbem-25627	1	2	in	in	ADP
fbem-25627	1	3	business	business	NOUN
fbem-25627	1	4	,	,	PUNCT
fbem-25627	1	5	economics	economic	NOUN
fbem-25627	1	6	and	and	CCONJ
fbem-25627	1	7	management	management	NOUN
fbem-25627	1	8	issn	issn	PROPN
fbem-25627	1	9	:	:	PUNCT
fbem-25627	1	10	2766	2766	NUM
fbem-25627	1	11	-	-	PUNCT
fbem-25627	1	12	824x	824x	NUM
fbem-25627	1	13	|	|	ADJ
fbem-25627	1	14	vol	vol	NOUN
fbem-25627	1	15	.	.	PUNCT
fbem-25627	2	1	16	16	NUM
fbem-25627	2	2	,	,	PUNCT
fbem-25627	2	3	no	no	INTJ
fbem-25627	3	1	.	.	NOUN
fbem-25627	3	2	2	2	NUM
fbem-25627	3	3	,	,	PUNCT
fbem-25627	3	4	2024	2024	NUM
fbem-25627	3	5	271	271	NUM
fbem-25627	3	6	analysis	analysis	NOUN
fbem-25627	3	7	of	of	ADP
fbem-25627	3	8	the	the	DET
fbem-25627	3	9	impact	impact	NOUN
fbem-25627	3	10	effect	effect	NOUN
fbem-25627	3	11	of	of	ADP
fbem-25627	3	12	corporate	corporate	ADJ
fbem-25627	3	13	esg	esg	NOUN
fbem-25627	3	14	performance	performance	NOUN
fbem-25627	3	15	-based	-base	VERB
fbem-25627	3	16	on	on	ADP
fbem-25627	3	17	different	different	ADJ
fbem-25627	3	18	stakeholder	stakeholder	NOUN
fbem-25627	3	19	perspectives	perspective	NOUN
fbem-25627	3	20	zhuma	zhuma	ADV
fbem-25627	3	21	gense	gense	VERB
fbem-25627	3	22	a	a	PRON
fbem-25627	3	23	,	,	PUNCT
fbem-25627	4	1	huimin	huimin	PROPN
fbem-25627	4	2	zhang	zhang	PROPN
fbem-25627	4	3	b	b	PROPN
fbem-25627	4	4	,	,	PUNCT
fbem-25627	4	5	zhengrong	zhengrong	PROPN
fbem-25627	4	6	wang	wang	PROPN
fbem-25627	4	7	c	c	PROPN
fbem-25627	4	8	,	,	PUNCT
fbem-25627	4	9	guoju	guoju	PROPN
fbem-25627	4	10	peng	peng	PROPN
fbem-25627	4	11	d	d	PROPN
fbem-25627	4	12	,	,	PUNCT
fbem-25627	4	13	xialei	xialei	PROPN
fbem-25627	4	14	zhao	zhao	PROPN
fbem-25627	4	15	e	e	PROPN
fbem-25627	4	16	school	school	NOUN
fbem-25627	4	17	of	of	ADP
fbem-25627	4	18	sichuan	sichuan	PROPN
fbem-25627	4	19	agricultural	agricultural	PROPN
fbem-25627	4	20	university	university	PROPN
fbem-25627	4	21	,	,	PUNCT
fbem-25627	4	22	sichuan	sichuan	PROPN
fbem-25627	4	23	,	,	PUNCT
fbem-25627	4	24	china	china	PROPN
fbem-25627	4	25	a	a	DET
fbem-25627	4	26	1103135962@qq.com	1103135962@qq.com	NUM
fbem-25627	4	27	,	,	PUNCT
fbem-25627	4	28	b	b	NOUN
fbem-25627	4	29	1902463433@qq.com	1902463433@qq.com	NUM
fbem-25627	4	30	,	,	PUNCT
fbem-25627	4	31	c	c	PROPN
fbem-25627	4	32	1083847736@qq.com	1083847736@qq.com	NUM
fbem-25627	4	33	,	,	PUNCT
fbem-25627	4	34	d	d	X
fbem-25627	4	35	3412254135@qq.com	3412254135@qq.com	NUM
fbem-25627	4	36	,	,	PUNCT
fbem-25627	4	37	e	e	X
fbem-25627	4	38	2649349564@qq.com	2649349564@qq.com	NUM
fbem-25627	4	39	abstract	abstract	ADJ
fbem-25627	4	40	:	:	PUNCT
fbem-25627	4	41	esg	esg	PROPN
fbem-25627	4	42	,	,	PUNCT
fbem-25627	4	43	as	as	ADP
fbem-25627	4	44	a	a	DET
fbem-25627	4	45	projection	projection	NOUN
fbem-25627	4	46	of	of	ADP
fbem-25627	4	47	the	the	DET
fbem-25627	4	48	concept	concept	NOUN
fbem-25627	4	49	of	of	ADP
fbem-25627	4	50	sustainable	sustainable	ADJ
fbem-25627	4	51	development	development	NOUN
fbem-25627	4	52	in	in	ADP
fbem-25627	4	53	the	the	DET
fbem-25627	4	54	corporate	corporate	ADJ
fbem-25627	4	55	world	world	NOUN
fbem-25627	4	56	,	,	PUNCT
fbem-25627	4	57	is	be	AUX
fbem-25627	4	58	a	a	DET
fbem-25627	4	59	powerful	powerful	ADJ
fbem-25627	4	60	tool	tool	NOUN
fbem-25627	4	61	for	for	ADP
fbem-25627	4	62	implementing	implement	VERB
fbem-25627	4	63	the	the	DET
fbem-25627	4	64	concept	concept	NOUN
fbem-25627	4	65	of	of	ADP
fbem-25627	4	66	high	high	ADJ
fbem-25627	4	67	-	-	PUNCT
fbem-25627	4	68	quality	quality	NOUN
fbem-25627	4	69	development	development	NOUN
fbem-25627	4	70	and	and	CCONJ
fbem-25627	4	71	realizing	realize	VERB
fbem-25627	4	72	the	the	DET
fbem-25627	4	73	goal	goal	NOUN
fbem-25627	4	74	of	of	ADP
fbem-25627	4	75	"	"	PUNCT
fbem-25627	4	76	double	double	ADJ
fbem-25627	4	77	carbon	carbon	NOUN
fbem-25627	4	78	"	"	PUNCT
fbem-25627	4	79	.	.	PUNCT
fbem-25627	5	1	as	as	SCONJ
fbem-25627	5	2	the	the	DET
fbem-25627	5	3	importance	importance	NOUN
fbem-25627	5	4	of	of	ADP
fbem-25627	5	5	stakeholders	stakeholder	NOUN
fbem-25627	5	6	to	to	ADP
fbem-25627	5	7	enterprises	enterprise	NOUN
fbem-25627	5	8	is	be	AUX
fbem-25627	5	9	becoming	become	VERB
fbem-25627	5	10	more	more	ADV
fbem-25627	5	11	and	and	CCONJ
fbem-25627	5	12	more	more	ADV
fbem-25627	5	13	prominent	prominent	ADJ
fbem-25627	5	14	,	,	PUNCT
fbem-25627	5	15	enterprises	enterprise	NOUN
fbem-25627	5	16	need	need	VERB
fbem-25627	5	17	to	to	PART
fbem-25627	5	18	pay	pay	VERB
fbem-25627	5	19	attention	attention	NOUN
fbem-25627	5	20	to	to	ADP
fbem-25627	5	21	the	the	DET
fbem-25627	5	22	effects	effect	NOUN
fbem-25627	5	23	of	of	ADP
fbem-25627	5	24	esg	esg	NOUN
fbem-25627	5	25	performance	performance	NOUN
fbem-25627	5	26	on	on	ADP
fbem-25627	5	27	different	different	ADJ
fbem-25627	5	28	stakeholders	stakeholder	NOUN
fbem-25627	5	29	in	in	ADP
fbem-25627	5	30	order	order	NOUN
fbem-25627	5	31	to	to	PART
fbem-25627	5	32	realize	realize	VERB
fbem-25627	5	33	long	long	ADJ
fbem-25627	5	34	-	-	PUNCT
fbem-25627	5	35	term	term	NOUN
fbem-25627	5	36	sustainable	sustainable	ADJ
fbem-25627	5	37	development	development	NOUN
fbem-25627	5	38	.	.	PUNCT
fbem-25627	6	1	this	this	DET
fbem-25627	6	2	paper	paper	NOUN
fbem-25627	6	3	empirically	empirically	ADV
fbem-25627	6	4	analyzes	analyze	VERB
fbem-25627	6	5	the	the	DET
fbem-25627	6	6	effects	effect	NOUN
fbem-25627	6	7	of	of	ADP
fbem-25627	6	8	corporate	corporate	ADJ
fbem-25627	6	9	esg	esg	NOUN
fbem-25627	6	10	performance	performance	NOUN
fbem-25627	6	11	based	base	VERB
fbem-25627	6	12	on	on	ADP
fbem-25627	6	13	different	different	ADJ
fbem-25627	6	14	stakeholder	stakeholder	NOUN
fbem-25627	6	15	perspectives	perspective	NOUN
fbem-25627	6	16	using	use	VERB
fbem-25627	6	17	panel	panel	NOUN
fbem-25627	6	18	data	datum	NOUN
fbem-25627	6	19	of	of	ADP
fbem-25627	6	20	a	a	DET
fbem-25627	6	21	-	-	PUNCT
fbem-25627	6	22	share	share	NOUN
fbem-25627	6	23	listed	list	VERB
fbem-25627	6	24	companies	company	NOUN
fbem-25627	6	25	in	in	ADP
fbem-25627	6	26	shanghai	shanghai	PROPN
fbem-25627	6	27	and	and	CCONJ
fbem-25627	6	28	shenzhen	shenzhen	PROPN
fbem-25627	6	29	from	from	ADP
fbem-25627	6	30	2011	2011	NUM
fbem-25627	6	31	to	to	ADP
fbem-25627	6	32	2021	2021	NUM
fbem-25627	6	33	.	.	PUNCT
fbem-25627	7	1	it	it	PRON
fbem-25627	7	2	is	be	AUX
fbem-25627	7	3	found	find	VERB
fbem-25627	7	4	that	that	SCONJ
fbem-25627	7	5	better	well	ADJ
fbem-25627	7	6	esg	esg	NOUN
fbem-25627	7	7	performance	performance	NOUN
fbem-25627	7	8	can	can	AUX
fbem-25627	7	9	significantly	significantly	ADV
fbem-25627	7	10	reduce	reduce	VERB
fbem-25627	7	11	the	the	DET
fbem-25627	7	12	inefficient	inefficient	ADJ
fbem-25627	7	13	investment	investment	NOUN
fbem-25627	7	14	of	of	ADP
fbem-25627	7	15	enterprises	enterprise	NOUN
fbem-25627	7	16	;	;	PUNCT
fbem-25627	7	17	high	high	ADJ
fbem-25627	7	18	esg	esg	PROPN
fbem-25627	7	19	scores	score	NOUN
fbem-25627	7	20	can	can	AUX
fbem-25627	7	21	significantly	significantly	ADV
fbem-25627	7	22	enhance	enhance	VERB
fbem-25627	7	23	the	the	DET
fbem-25627	7	24	reputation	reputation	NOUN
fbem-25627	7	25	of	of	ADP
fbem-25627	7	26	enterprises	enterprise	NOUN
fbem-25627	7	27	;	;	PUNCT
fbem-25627	7	28	and	and	CCONJ
fbem-25627	7	29	enterprises	enterprise	NOUN
fbem-25627	7	30	carrying	carry	VERB
fbem-25627	7	31	out	out	ADP
fbem-25627	7	32	esg	esg	NOUN
fbem-25627	7	33	practice	practice	NOUN
fbem-25627	7	34	activities	activity	NOUN
fbem-25627	7	35	are	be	AUX
fbem-25627	7	36	conducive	conducive	ADJ
fbem-25627	7	37	to	to	ADP
fbem-25627	7	38	achieving	achieve	VERB
fbem-25627	7	39	better	well	ADJ
fbem-25627	7	40	environmental	environmental	ADJ
fbem-25627	7	41	performance	performance	NOUN
fbem-25627	7	42	.	.	PUNCT
fbem-25627	8	1	therefore	therefore	ADV
fbem-25627	8	2	,	,	PUNCT
fbem-25627	8	3	firms	firm	NOUN
fbem-25627	8	4	should	should	AUX
fbem-25627	8	5	improve	improve	VERB
fbem-25627	8	6	esg	esg	NOUN
fbem-25627	8	7	governance	governance	NOUN
fbem-25627	8	8	and	and	CCONJ
fbem-25627	8	9	fully	fully	ADV
fbem-25627	8	10	consider	consider	VERB
fbem-25627	8	11	stakeholders	stakeholder	NOUN
fbem-25627	8	12	'	'	PART
fbem-25627	8	13	expectations	expectation	NOUN
fbem-25627	8	14	and	and	CCONJ
fbem-25627	8	15	needs	need	NOUN
fbem-25627	8	16	when	when	SCONJ
fbem-25627	8	17	making	make	VERB
fbem-25627	8	18	strategic	strategic	ADJ
fbem-25627	8	19	and	and	CCONJ
fbem-25627	8	20	operational	operational	ADJ
fbem-25627	8	21	decisions	decision	NOUN
fbem-25627	8	22	to	to	PART
fbem-25627	8	23	achieve	achieve	VERB
fbem-25627	8	24	long	long	ADJ
fbem-25627	8	25	-	-	PUNCT
fbem-25627	8	26	term	term	NOUN
fbem-25627	8	27	sustainable	sustainable	ADJ
fbem-25627	8	28	development	development	NOUN
fbem-25627	8	29	;	;	PUNCT
fbem-25627	8	30	governments	government	NOUN
fbem-25627	8	31	and	and	CCONJ
fbem-25627	8	32	regulatory	regulatory	ADJ
fbem-25627	8	33	agencies	agency	NOUN
fbem-25627	8	34	should	should	AUX
fbem-25627	8	35	strengthen	strengthen	VERB
fbem-25627	8	36	the	the	DET
fbem-25627	8	37	supervision	supervision	NOUN
fbem-25627	8	38	and	and	CCONJ
fbem-25627	8	39	incentives	incentive	NOUN
fbem-25627	8	40	for	for	ADP
fbem-25627	8	41	firms	firm	NOUN
fbem-25627	8	42	'	'	PART
fbem-25627	8	43	esg	esg	NOUN
fbem-25627	8	44	performance	performance	NOUN
fbem-25627	8	45	.	.	PUNCT
fbem-25627	9	1	keywords	keyword	NOUN
fbem-25627	9	2	:	:	PUNCT
fbem-25627	9	3	esg	esg	NOUN
fbem-25627	9	4	,	,	PUNCT
fbem-25627	9	5	impact	impact	NOUN
fbem-25627	9	6	effects	effect	NOUN
fbem-25627	9	7	,	,	PUNCT
fbem-25627	9	8	stakeholders	stakeholder	NOUN
fbem-25627	9	9	.	.	PUNCT
fbem-25627	10	1	1	1	X
fbem-25627	10	2	.	.	X
fbem-25627	10	3	introduction	introduction	NOUN
fbem-25627	10	4	in	in	ADP
fbem-25627	10	5	september	september	PROPN
fbem-25627	10	6	2020	2020	NUM
fbem-25627	10	7	,	,	PUNCT
fbem-25627	10	8	at	at	ADP
fbem-25627	10	9	the	the	DET
fbem-25627	10	10	seventy	seventy	NUM
fbem-25627	10	11	-	-	PUNCT
fbem-25627	10	12	fifth	fifth	ADJ
fbem-25627	10	13	session	session	NOUN
fbem-25627	10	14	of	of	ADP
fbem-25627	10	15	the	the	DET
fbem-25627	10	16	united	united	PROPN
fbem-25627	10	17	nations	nations	PROPN
fbem-25627	10	18	general	general	PROPN
fbem-25627	10	19	assembly	assembly	PROPN
fbem-25627	10	20	,	,	PUNCT
fbem-25627	10	21	china	china	PROPN
fbem-25627	10	22	formally	formally	ADV
fbem-25627	10	23	made	make	VERB
fbem-25627	10	24	a	a	DET
fbem-25627	10	25	"	"	PUNCT
fbem-25627	10	26	dual	dual	ADJ
fbem-25627	10	27	-	-	PUNCT
fbem-25627	10	28	carbon	carbon	NOUN
fbem-25627	10	29	"	"	PUNCT
fbem-25627	10	30	commitment	commitment	NOUN
fbem-25627	10	31	to	to	ADP
fbem-25627	10	32	the	the	DET
fbem-25627	10	33	world	world	NOUN
fbem-25627	10	34	.	.	PUNCT
fbem-25627	11	1	achieving	achieve	VERB
fbem-25627	11	2	carbon	carbon	NOUN
fbem-25627	11	3	peaking	peaking	NOUN
fbem-25627	11	4	and	and	CCONJ
fbem-25627	11	5	carbon	carbon	NOUN
fbem-25627	11	6	neutrality	neutrality	NOUN
fbem-25627	11	7	is	be	AUX
fbem-25627	11	8	an	an	DET
fbem-25627	11	9	inevitable	inevitable	ADJ
fbem-25627	11	10	choice	choice	NOUN
fbem-25627	11	11	for	for	ADP
fbem-25627	11	12	solving	solve	VERB
fbem-25627	11	13	the	the	DET
fbem-25627	11	14	outstanding	outstanding	ADJ
fbem-25627	11	15	problems	problem	NOUN
fbem-25627	11	16	of	of	ADP
fbem-25627	11	17	resource	resource	NOUN
fbem-25627	11	18	and	and	CCONJ
fbem-25627	11	19	environmental	environmental	ADJ
fbem-25627	11	20	constraints	constraint	NOUN
fbem-25627	11	21	and	and	CCONJ
fbem-25627	11	22	realizing	realize	VERB
fbem-25627	11	23	the	the	DET
fbem-25627	11	24	sustainable	sustainable	ADJ
fbem-25627	11	25	development	development	NOUN
fbem-25627	11	26	in	in	ADP
fbem-25627	11	27	china	china	PROPN
fbem-25627	11	28	,	,	PUNCT
fbem-25627	11	29	as	as	ADV
fbem-25627	11	30	well	well	ADV
fbem-25627	11	31	as	as	ADP
fbem-25627	11	32	a	a	DET
fbem-25627	11	33	solemn	solemn	ADJ
fbem-25627	11	34	commitment	commitment	NOUN
fbem-25627	11	35	to	to	ADP
fbem-25627	11	36	building	build	VERB
fbem-25627	11	37	a	a	DET
fbem-25627	11	38	community	community	NOUN
fbem-25627	11	39	of	of	ADP
fbem-25627	11	40	human	human	ADJ
fbem-25627	11	41	destiny	destiny	NOUN
fbem-25627	11	42	.	.	PUNCT
fbem-25627	12	1	the	the	DET
fbem-25627	12	2	goal	goal	NOUN
fbem-25627	12	3	of	of	ADP
fbem-25627	12	4	"	"	PUNCT
fbem-25627	12	5	double	double	ADJ
fbem-25627	12	6	carbon	carbon	NOUN
fbem-25627	12	7	"	"	PUNCT
fbem-25627	12	8	is	be	AUX
fbem-25627	12	9	not	not	PART
fbem-25627	12	10	a	a	DET
fbem-25627	12	11	short	short	ADJ
fbem-25627	12	12	-	-	PUNCT
fbem-25627	12	13	term	term	NOUN
fbem-25627	12	14	plan	plan	NOUN
fbem-25627	12	15	,	,	PUNCT
fbem-25627	12	16	and	and	CCONJ
fbem-25627	12	17	its	its	PRON
fbem-25627	12	18	achievement	achievement	NOUN
fbem-25627	12	19	will	will	AUX
fbem-25627	12	20	also	also	ADV
fbem-25627	12	21	trigger	trigger	VERB
fbem-25627	12	22	profound	profound	ADJ
fbem-25627	12	23	changes	change	NOUN
fbem-25627	12	24	in	in	ADP
fbem-25627	12	25	political	political	ADJ
fbem-25627	12	26	and	and	CCONJ
fbem-25627	12	27	economic	economic	ADJ
fbem-25627	12	28	life	life	NOUN
fbem-25627	12	29	,	,	PUNCT
fbem-25627	12	30	which	which	PRON
fbem-25627	12	31	will	will	AUX
fbem-25627	12	32	require	require	VERB
fbem-25627	12	33	long	long	ADJ
fbem-25627	12	34	-	-	PUNCT
fbem-25627	12	35	term	term	NOUN
fbem-25627	12	36	efforts	effort	NOUN
fbem-25627	12	37	in	in	ADP
fbem-25627	12	38	various	various	ADJ
fbem-25627	12	39	fields	field	NOUN
fbem-25627	12	40	to	to	PART
fbem-25627	12	41	realize	realize	VERB
fbem-25627	12	42	.	.	PUNCT
fbem-25627	13	1	realizing	realize	VERB
fbem-25627	13	2	the	the	DET
fbem-25627	13	3	"	"	PUNCT
fbem-25627	13	4	dual	dual	ADJ
fbem-25627	13	5	-	-	PUNCT
fbem-25627	13	6	carbon	carbon	NOUN
fbem-25627	13	7	"	"	PUNCT
fbem-25627	13	8	goal	goal	NOUN
fbem-25627	13	9	requires	require	VERB
fbem-25627	13	10	enterprises	enterprise	NOUN
fbem-25627	13	11	to	to	PART
fbem-25627	13	12	explore	explore	VERB
fbem-25627	13	13	"	"	PUNCT
fbem-25627	13	14	carbon	carbon	NOUN
fbem-25627	13	15	reduction	reduction	NOUN
fbem-25627	13	16	"	"	PUNCT
fbem-25627	13	17	paths	path	NOUN
fbem-25627	13	18	and	and	CCONJ
fbem-25627	13	19	contribute	contribute	VERB
fbem-25627	13	20	to	to	ADP
fbem-25627	13	21	corporate	corporate	ADJ
fbem-25627	13	22	power	power	NOUN
fbem-25627	13	23	.	.	PUNCT
fbem-25627	14	1	esg	esg	PROPN
fbem-25627	14	2	is	be	AUX
fbem-25627	14	3	a	a	DET
fbem-25627	14	4	collective	collective	ADJ
fbem-25627	14	5	term	term	NOUN
fbem-25627	14	6	for	for	ADP
fbem-25627	14	7	the	the	DET
fbem-25627	14	8	acronyms	acronym	NOUN
fbem-25627	14	9	of	of	ADP
fbem-25627	14	10	three	three	NUM
fbem-25627	14	11	english	english	ADJ
fbem-25627	14	12	words	word	NOUN
fbem-25627	14	13	,	,	PUNCT
fbem-25627	14	14	environmental	environmental	ADJ
fbem-25627	14	15	,	,	PUNCT
fbem-25627	14	16	social	social	ADJ
fbem-25627	14	17	and	and	CCONJ
fbem-25627	14	18	governance	governance	NOUN
fbem-25627	14	19	,	,	PUNCT
fbem-25627	14	20	first	first	ADV
fbem-25627	14	21	proposed	propose	VERB
fbem-25627	14	22	and	and	CCONJ
fbem-25627	14	23	promoted	promote	VERB
fbem-25627	14	24	by	by	ADP
fbem-25627	14	25	the	the	DET
fbem-25627	14	26	united	united	PROPN
fbem-25627	14	27	nations	nations	PROPN
fbem-25627	14	28	.	.	PUNCT
fbem-25627	15	1	different	different	ADJ
fbem-25627	15	2	from	from	ADP
fbem-25627	15	3	traditional	traditional	ADJ
fbem-25627	15	4	financial	financial	ADJ
fbem-25627	15	5	indicators	indicator	NOUN
fbem-25627	15	6	,	,	PUNCT
fbem-25627	15	7	esg	esg	PROPN
fbem-25627	15	8	is	be	AUX
fbem-25627	15	9	an	an	DET
fbem-25627	15	10	emerging	emerge	VERB
fbem-25627	15	11	way	way	NOUN
fbem-25627	15	12	to	to	PART
fbem-25627	15	13	examine	examine	VERB
fbem-25627	15	14	the	the	DET
fbem-25627	15	15	risks	risk	NOUN
fbem-25627	15	16	an	an	DET
fbem-25627	15	17	enterprise	enterprise	NOUN
fbem-25627	15	18	should	should	AUX
fbem-25627	15	19	take	take	VERB
fbem-25627	15	20	in	in	ADP
fbem-25627	15	21	promoting	promote	VERB
fbem-25627	15	22	sustainable	sustainable	ADJ
fbem-25627	15	23	economic	economic	ADJ
fbem-25627	15	24	development	development	NOUN
fbem-25627	15	25	and	and	CCONJ
fbem-25627	15	26	its	its	PRON
fbem-25627	15	27	long	long	ADJ
fbem-25627	15	28	-	-	PUNCT
fbem-25627	15	29	term	term	NOUN
fbem-25627	15	30	development	development	NOUN
fbem-25627	15	31	capability	capability	NOUN
fbem-25627	15	32	in	in	ADP
fbem-25627	15	33	fulfilling	fulfil	VERB
fbem-25627	15	34	social	social	ADJ
fbem-25627	15	35	responsibility	responsibility	NOUN
fbem-25627	15	36	,	,	PUNCT
fbem-25627	15	37	and	and	CCONJ
fbem-25627	15	38	to	to	PART
fbem-25627	15	39	evaluate	evaluate	VERB
fbem-25627	15	40	enterprises	enterprise	NOUN
fbem-25627	15	41	from	from	ADP
fbem-25627	15	42	the	the	DET
fbem-25627	15	43	perspectives	perspective	NOUN
fbem-25627	15	44	of	of	ADP
fbem-25627	15	45	environment	environment	NOUN
fbem-25627	15	46	,	,	PUNCT
fbem-25627	15	47	social	social	ADJ
fbem-25627	15	48	performance	performance	NOUN
fbem-25627	15	49	and	and	CCONJ
fbem-25627	15	50	corporate	corporate	ADJ
fbem-25627	15	51	governance	governance	NOUN
fbem-25627	15	52	.	.	PUNCT
fbem-25627	16	1	in	in	ADP
fbem-25627	16	2	implementing	implement	VERB
fbem-25627	16	3	the	the	DET
fbem-25627	16	4	concept	concept	NOUN
fbem-25627	16	5	of	of	ADP
fbem-25627	16	6	quality	quality	NOUN
fbem-25627	16	7	development	development	NOUN
fbem-25627	16	8	and	and	CCONJ
fbem-25627	16	9	realizing	realize	VERB
fbem-25627	16	10	the	the	DET
fbem-25627	16	11	goal	goal	NOUN
fbem-25627	16	12	of	of	ADP
fbem-25627	16	13	"	"	PUNCT
fbem-25627	16	14	double	double	ADJ
fbem-25627	16	15	carbon	carbon	NOUN
fbem-25627	16	16	"	"	PUNCT
fbem-25627	16	17	,	,	PUNCT
fbem-25627	16	18	esg	esg	PROPN
fbem-25627	16	19	,	,	PUNCT
fbem-25627	16	20	as	as	ADP
fbem-25627	16	21	a	a	DET
fbem-25627	16	22	projection	projection	NOUN
fbem-25627	16	23	of	of	ADP
fbem-25627	16	24	the	the	DET
fbem-25627	16	25	concept	concept	NOUN
fbem-25627	16	26	of	of	ADP
fbem-25627	16	27	sustainable	sustainable	ADJ
fbem-25627	16	28	development	development	NOUN
fbem-25627	16	29	in	in	ADP
fbem-25627	16	30	the	the	DET
fbem-25627	16	31	corporate	corporate	ADJ
fbem-25627	16	32	sector	sector	NOUN
fbem-25627	16	33	,	,	PUNCT
fbem-25627	16	34	opens	open	VERB
fbem-25627	16	35	up	up	ADP
fbem-25627	16	36	the	the	DET
fbem-25627	16	37	market	market	NOUN
fbem-25627	16	38	mechanism	mechanism	NOUN
fbem-25627	16	39	of	of	ADP
fbem-25627	16	40	"	"	PUNCT
fbem-25627	16	41	investor	investor	NOUN
fbem-25627	16	42	-	-	PUNCT
fbem-25627	16	43	companypermanence	companypermanence	NOUN
fbem-25627	16	44	"	"	PUNCT
fbem-25627	16	45	.	.	PUNCT
fbem-25627	17	1	more	more	ADJ
fbem-25627	17	2	and	and	CCONJ
fbem-25627	17	3	more	more	ADJ
fbem-25627	17	4	enterprises	enterprise	NOUN
fbem-25627	17	5	realize	realize	VERB
fbem-25627	17	6	that	that	SCONJ
fbem-25627	17	7	esg	esg	NOUN
fbem-25627	17	8	performance	performance	NOUN
fbem-25627	17	9	,	,	PUNCT
fbem-25627	17	10	the	the	DET
fbem-25627	17	11	improvement	improvement	NOUN
fbem-25627	17	12	of	of	ADP
fbem-25627	17	13	their	their	PRON
fbem-25627	17	14	own	own	ADJ
fbem-25627	17	15	comprehensive	comprehensive	ADJ
fbem-25627	17	16	competitiveness	competitiveness	NOUN
fbem-25627	17	17	,	,	PUNCT
fbem-25627	17	18	long	long	ADJ
fbem-25627	17	19	-	-	PUNCT
fbem-25627	17	20	term	term	NOUN
fbem-25627	17	21	value	value	NOUN
fbem-25627	17	22	investment	investment	NOUN
fbem-25627	17	23	and	and	CCONJ
fbem-25627	17	24	social	social	ADJ
fbem-25627	17	25	recognition	recognition	NOUN
fbem-25627	17	26	are	be	AUX
fbem-25627	17	27	mutually	mutually	ADV
fbem-25627	17	28	reinforcing	reinforce	VERB
fbem-25627	17	29	.	.	PUNCT
fbem-25627	18	1	under	under	ADP
fbem-25627	18	2	the	the	DET
fbem-25627	18	3	impetus	impetus	NOUN
fbem-25627	18	4	of	of	ADP
fbem-25627	18	5	policies	policy	NOUN
fbem-25627	18	6	,	,	PUNCT
fbem-25627	18	7	enterprises	enterprise	NOUN
fbem-25627	18	8	,	,	PUNCT
fbem-25627	18	9	investors	investor	NOUN
fbem-25627	18	10	and	and	CCONJ
fbem-25627	18	11	other	other	ADJ
fbem-25627	18	12	market	market	NOUN
fbem-25627	18	13	entities	entity	NOUN
fbem-25627	18	14	have	have	AUX
fbem-25627	18	15	been	be	AUX
fbem-25627	18	16	paying	pay	VERB
fbem-25627	18	17	more	more	ADJ
fbem-25627	18	18	attention	attention	NOUN
fbem-25627	18	19	to	to	ADP
fbem-25627	18	20	esg	esg	PROPN
fbem-25627	18	21	,	,	PUNCT
fbem-25627	18	22	and	and	CCONJ
fbem-25627	18	23	the	the	DET
fbem-25627	18	24	impact	impact	NOUN
fbem-25627	18	25	of	of	ADP
fbem-25627	18	26	esg	esg	NOUN
fbem-25627	18	27	on	on	ADP
fbem-25627	18	28	enterprise	enterprise	NOUN
fbem-25627	18	29	development	development	NOUN
fbem-25627	18	30	has	have	AUX
fbem-25627	18	31	been	be	AUX
fbem-25627	18	32	increasing	increase	VERB
fbem-25627	18	33	.	.	PUNCT
fbem-25627	19	1	for	for	ADP
fbem-25627	19	2	enterprises	enterprise	NOUN
fbem-25627	19	3	,	,	PUNCT
fbem-25627	19	4	the	the	DET
fbem-25627	19	5	esg	esg	NOUN
fbem-25627	19	6	concept	concept	NOUN
fbem-25627	19	7	is	be	AUX
fbem-25627	19	8	a	a	DET
fbem-25627	19	9	more	more	ADV
fbem-25627	19	10	advanced	advanced	ADJ
fbem-25627	19	11	,	,	PUNCT
fbem-25627	19	12	more	more	ADV
fbem-25627	19	13	reasonable	reasonable	ADJ
fbem-25627	19	14	,	,	PUNCT
fbem-25627	19	15	more	more	ADV
fbem-25627	19	16	global	global	ADJ
fbem-25627	19	17	and	and	CCONJ
fbem-25627	19	18	more	more	ADV
fbem-25627	19	19	comprehensive	comprehensive	ADJ
fbem-25627	19	20	idea	idea	NOUN
fbem-25627	19	21	of	of	ADP
fbem-25627	19	22	corporate	corporate	ADJ
fbem-25627	19	23	governance	governance	NOUN
fbem-25627	19	24	.	.	PUNCT
fbem-25627	20	1	stakeholders	stakeholder	NOUN
fbem-25627	20	2	are	be	AUX
fbem-25627	20	3	groups	group	NOUN
fbem-25627	20	4	or	or	CCONJ
fbem-25627	20	5	individuals	individual	NOUN
fbem-25627	20	6	,	,	PUNCT
fbem-25627	20	7	including	include	VERB
fbem-25627	20	8	governments	government	NOUN
fbem-25627	20	9	,	,	PUNCT
fbem-25627	20	10	shareholders	shareholder	NOUN
fbem-25627	20	11	,	,	PUNCT
fbem-25627	20	12	suppliers	supplier	NOUN
fbem-25627	20	13	,	,	PUNCT
fbem-25627	20	14	customers	customer	NOUN
fbem-25627	20	15	,	,	PUNCT
fbem-25627	20	16	local	local	ADJ
fbem-25627	20	17	associations	association	NOUN
fbem-25627	20	18	and	and	CCONJ
fbem-25627	20	19	trade	trade	NOUN
fbem-25627	20	20	unions	union	NOUN
fbem-25627	20	21	,	,	PUNCT
fbem-25627	20	22	and	and	CCONJ
fbem-25627	20	23	company	company	NOUN
fbem-25627	20	24	employees	employee	NOUN
fbem-25627	20	25	,	,	PUNCT
fbem-25627	20	26	who	who	PRON
fbem-25627	20	27	have	have	VERB
fbem-25627	20	28	an	an	DET
fbem-25627	20	29	interest	interest	NOUN
fbem-25627	20	30	in	in	ADP
fbem-25627	20	31	the	the	DET
fbem-25627	20	32	production	production	NOUN
fbem-25627	20	33	and	and	CCONJ
fbem-25627	20	34	operation	operation	NOUN
fbem-25627	20	35	behaviors	behavior	NOUN
fbem-25627	20	36	and	and	CCONJ
fbem-25627	20	37	consequences	consequence	NOUN
fbem-25627	20	38	of	of	ADP
fbem-25627	20	39	the	the	DET
fbem-25627	20	40	enterprise	enterprise	NOUN
fbem-25627	20	41	.	.	PUNCT
fbem-25627	21	1	in	in	ADP
fbem-25627	21	2	recent	recent	ADJ
fbem-25627	21	3	years	year	NOUN
fbem-25627	21	4	,	,	PUNCT
fbem-25627	21	5	the	the	DET
fbem-25627	21	6	importance	importance	NOUN
fbem-25627	21	7	of	of	ADP
fbem-25627	21	8	stakeholders	stakeholder	NOUN
fbem-25627	21	9	to	to	ADP
fbem-25627	21	10	firms	firm	NOUN
fbem-25627	21	11	has	have	AUX
fbem-25627	21	12	become	become	VERB
fbem-25627	21	13	increasingly	increasingly	ADV
fbem-25627	21	14	prominent	prominent	ADJ
fbem-25627	21	15	as	as	SCONJ
fbem-25627	21	16	concerns	concern	NOUN
fbem-25627	21	17	about	about	ADP
fbem-25627	21	18	the	the	DET
fbem-25627	21	19	social	social	ADJ
fbem-25627	21	20	effects	effect	NOUN
fbem-25627	21	21	of	of	ADP
fbem-25627	21	22	firms	firm	NOUN
fbem-25627	21	23	'	'	PART
fbem-25627	21	24	behavior	behavior	NOUN
fbem-25627	21	25	have	have	AUX
fbem-25627	21	26	increased	increase	VERB
fbem-25627	21	27	.	.	PUNCT
fbem-25627	22	1	stakeholder	stakeholder	NOUN
fbem-25627	22	2	theory	theory	NOUN
fbem-25627	22	3	has	have	AUX
fbem-25627	22	4	emerged	emerge	VERB
fbem-25627	22	5	,	,	PUNCT
fbem-25627	22	6	which	which	PRON
fbem-25627	22	7	requires	require	VERB
fbem-25627	22	8	that	that	SCONJ
fbem-25627	22	9	all	all	DET
fbem-25627	22	10	types	type	NOUN
fbem-25627	22	11	of	of	ADP
fbem-25627	22	12	stakeholders	stakeholder	NOUN
fbem-25627	22	13	be	be	AUX
fbem-25627	22	14	taken	take	VERB
fbem-25627	22	15	into	into	ADP
fbem-25627	22	16	account	account	NOUN
fbem-25627	22	17	in	in	ADP
fbem-25627	22	18	the	the	DET
fbem-25627	22	19	corporate	corporate	ADJ
fbem-25627	22	20	governance	governance	NOUN
fbem-25627	22	21	process	process	NOUN
fbem-25627	22	22	.	.	PUNCT
fbem-25627	23	1	corporate	corporate	ADJ
fbem-25627	23	2	esg	esg	PROPN
fbem-25627	23	3	performance	performance	NOUN
fbem-25627	23	4	will	will	AUX
fbem-25627	23	5	have	have	VERB
fbem-25627	23	6	different	different	ADJ
fbem-25627	23	7	impacts	impact	NOUN
fbem-25627	23	8	on	on	ADP
fbem-25627	23	9	stakeholders	stakeholder	NOUN
fbem-25627	23	10	'	'	PART
fbem-25627	23	11	policies	policy	NOUN
fbem-25627	23	12	,	,	PUNCT
fbem-25627	23	13	investments	investment	NOUN
fbem-25627	23	14	,	,	PUNCT
fbem-25627	23	15	financing	financing	NOUN
fbem-25627	23	16	costs	cost	NOUN
fbem-25627	23	17	,	,	PUNCT
fbem-25627	23	18	corporate	corporate	ADJ
fbem-25627	23	19	performance	performance	NOUN
fbem-25627	23	20	and	and	CCONJ
fbem-25627	23	21	other	other	ADJ
fbem-25627	23	22	economic	economic	ADJ
fbem-25627	23	23	activities	activity	NOUN
fbem-25627	23	24	,	,	PUNCT
fbem-25627	23	25	which	which	PRON
fbem-25627	23	26	in	in	ADP
fbem-25627	23	27	turn	turn	NOUN
fbem-25627	23	28	will	will	AUX
fbem-25627	23	29	affect	affect	VERB
fbem-25627	23	30	stakeholders	stakeholder	NOUN
fbem-25627	23	31	'	'	PART
fbem-25627	23	32	future	future	ADJ
fbem-25627	23	33	economic	economic	ADJ
fbem-25627	23	34	choices	choice	NOUN
fbem-25627	23	35	for	for	ADP
fbem-25627	23	36	the	the	DET
fbem-25627	23	37	enterprise	enterprise	NOUN
fbem-25627	23	38	.	.	PUNCT
fbem-25627	24	1	therefore	therefore	ADV
fbem-25627	24	2	,	,	PUNCT
fbem-25627	24	3	enterprises	enterprise	NOUN
fbem-25627	24	4	need	need	VERB
fbem-25627	24	5	to	to	PART
fbem-25627	24	6	pay	pay	VERB
fbem-25627	24	7	attention	attention	NOUN
fbem-25627	24	8	to	to	ADP
fbem-25627	24	9	the	the	DET
fbem-25627	24	10	effects	effect	NOUN
fbem-25627	24	11	of	of	ADP
fbem-25627	24	12	esg	esg	NOUN
fbem-25627	24	13	performance	performance	NOUN
fbem-25627	24	14	on	on	ADP
fbem-25627	24	15	different	different	ADJ
fbem-25627	24	16	stakeholders	stakeholder	NOUN
fbem-25627	24	17	,	,	PUNCT
fbem-25627	24	18	so	so	SCONJ
fbem-25627	24	19	as	as	SCONJ
fbem-25627	24	20	to	to	PART
fbem-25627	24	21	consider	consider	VERB
fbem-25627	24	22	the	the	DET
fbem-25627	24	23	needs	need	NOUN
fbem-25627	24	24	and	and	CCONJ
fbem-25627	24	25	expectations	expectation	NOUN
fbem-25627	24	26	of	of	ADP
fbem-25627	24	27	stakeholders	stakeholder	NOUN
fbem-25627	24	28	in	in	ADP
fbem-25627	24	29	a	a	DET
fbem-25627	24	30	more	more	ADV
fbem-25627	24	31	comprehensive	comprehensive	ADJ
fbem-25627	24	32	and	and	CCONJ
fbem-25627	24	33	in	in	ADP
fbem-25627	24	34	-	-	PUNCT
fbem-25627	24	35	depth	depth	NOUN
fbem-25627	24	36	manner	manner	NOUN
fbem-25627	24	37	,	,	PUNCT
fbem-25627	24	38	and	and	CCONJ
fbem-25627	24	39	reasonably	reasonably	ADV
fbem-25627	24	40	balance	balance	VERB
fbem-25627	24	41	the	the	DET
fbem-25627	24	42	interests	interest	NOUN
fbem-25627	24	43	of	of	ADP
fbem-25627	24	44	all	all	DET
fbem-25627	24	45	parties	party	NOUN
fbem-25627	24	46	,	,	PUNCT
fbem-25627	24	47	in	in	ADP
fbem-25627	24	48	order	order	NOUN
fbem-25627	24	49	to	to	PART
fbem-25627	24	50	realize	realize	VERB
fbem-25627	24	51	the	the	DET
fbem-25627	24	52	long	long	ADJ
fbem-25627	24	53	-	-	PUNCT
fbem-25627	24	54	term	term	NOUN
fbem-25627	24	55	sustainable	sustainable	ADJ
fbem-25627	24	56	development	development	NOUN
fbem-25627	24	57	of	of	ADP
fbem-25627	24	58	enterprises	enterprise	NOUN
fbem-25627	24	59	.	.	PUNCT
fbem-25627	25	1	based	base	VERB
fbem-25627	25	2	on	on	ADP
fbem-25627	25	3	different	different	ADJ
fbem-25627	25	4	stakeholder	stakeholder	NOUN
fbem-25627	25	5	perspectives	perspective	NOUN
fbem-25627	25	6	,	,	PUNCT
fbem-25627	25	7	this	this	DET
fbem-25627	25	8	paper	paper	NOUN
fbem-25627	25	9	theoretically	theoretically	ADV
fbem-25627	25	10	explains	explain	VERB
fbem-25627	25	11	the	the	DET
fbem-25627	25	12	effects	effect	NOUN
fbem-25627	25	13	of	of	ADP
fbem-25627	25	14	listed	list	VERB
fbem-25627	25	15	companies	company	NOUN
fbem-25627	25	16	'	'	PART
fbem-25627	25	17	esg	esg	NOUN
fbem-25627	25	18	performance	performance	NOUN
fbem-25627	25	19	on	on	ADP
fbem-25627	25	20	corporate	corporate	ADJ
fbem-25627	25	21	performance	performance	NOUN
fbem-25627	25	22	,	,	PUNCT
fbem-25627	25	23	social	social	ADJ
fbem-25627	25	24	performance	performance	NOUN
fbem-25627	25	25	and	and	CCONJ
fbem-25627	25	26	environmental	environmental	ADJ
fbem-25627	25	27	performance	performance	NOUN
fbem-25627	25	28	respectively	respectively	ADV
fbem-25627	25	29	,	,	PUNCT
fbem-25627	25	30	and	and	CCONJ
fbem-25627	25	31	empirically	empirically	ADV
fbem-25627	25	32	tests	test	VERB
fbem-25627	25	33	them	they	PRON
fbem-25627	25	34	using	use	VERB
fbem-25627	25	35	econometric	econometric	ADJ
fbem-25627	25	36	methods	method	NOUN
fbem-25627	25	37	.	.	PUNCT
fbem-25627	26	1	it	it	PRON
fbem-25627	26	2	aims	aim	VERB
fbem-25627	26	3	to	to	PART
fbem-25627	26	4	fill	fill	VERB
fbem-25627	26	5	the	the	DET
fbem-25627	26	6	gaps	gap	NOUN
fbem-25627	26	7	in	in	ADP
fbem-25627	26	8	the	the	DET
fbem-25627	26	9	domestic	domestic	ADJ
fbem-25627	26	10	related	relate	VERB
fbem-25627	26	11	research	research	NOUN
fbem-25627	26	12	field	field	NOUN
fbem-25627	26	13	,	,	PUNCT
fbem-25627	26	14	help	help	VERB
fbem-25627	26	15	enterprises	enterprise	NOUN
fbem-25627	26	16	realize	realize	VERB
fbem-25627	26	17	long	long	ADJ
fbem-25627	26	18	-	-	PUNCT
fbem-25627	26	19	term	term	NOUN
fbem-25627	26	20	sustainable	sustainable	ADJ
fbem-25627	26	21	development	development	NOUN
fbem-25627	26	22	,	,	PUNCT
fbem-25627	26	23	and	and	CCONJ
fbem-25627	26	24	provide	provide	VERB
fbem-25627	26	25	reference	reference	NOUN
fbem-25627	26	26	opinions	opinion	NOUN
fbem-25627	26	27	for	for	ADP
fbem-25627	26	28	the	the	DET
fbem-25627	26	29	formulation	formulation	NOUN
fbem-25627	26	30	of	of	ADP
fbem-25627	26	31	corporate	corporate	ADJ
fbem-25627	26	32	esg	esg	NOUN
fbem-25627	26	33	strategies	strategy	NOUN
fbem-25627	26	34	.	.	PUNCT
fbem-25627	27	1	compared	compare	VERB
fbem-25627	27	2	with	with	ADP
fbem-25627	27	3	previous	previous	ADJ
fbem-25627	27	4	studies	study	NOUN
fbem-25627	27	5	,	,	PUNCT
fbem-25627	27	6	the	the	DET
fbem-25627	27	7	main	main	ADJ
fbem-25627	27	8	contributions	contribution	NOUN
fbem-25627	27	9	of	of	ADP
fbem-25627	27	10	this	this	DET
fbem-25627	27	11	paper	paper	NOUN
fbem-25627	27	12	are	be	AUX
fbem-25627	27	13	reflected	reflect	VERB
fbem-25627	27	14	in	in	ADP
fbem-25627	27	15	the	the	DET
fbem-25627	27	16	following	follow	VERB
fbem-25627	27	17	aspects	aspect	NOUN
fbem-25627	27	18	:	:	PUNCT
fbem-25627	27	19	first	first	ADV
fbem-25627	27	20	,	,	PUNCT
fbem-25627	27	21	from	from	ADP
fbem-25627	27	22	272	272	NUM
fbem-25627	27	23	the	the	DET
fbem-25627	27	24	research	research	NOUN
fbem-25627	27	25	object	object	NOUN
fbem-25627	27	26	,	,	PUNCT
fbem-25627	27	27	it	it	PRON
fbem-25627	27	28	is	be	AUX
fbem-25627	27	29	found	find	VERB
fbem-25627	27	30	that	that	SCONJ
fbem-25627	27	31	most	most	ADJ
fbem-25627	27	32	of	of	ADP
fbem-25627	27	33	the	the	DET
fbem-25627	27	34	existing	exist	VERB
fbem-25627	27	35	literature	literature	NOUN
fbem-25627	27	36	studies	study	NOUN
fbem-25627	27	37	the	the	DET
fbem-25627	27	38	economic	economic	ADJ
fbem-25627	27	39	consequences	consequence	NOUN
fbem-25627	27	40	of	of	ADP
fbem-25627	27	41	esg	esg	PROPN
fbem-25627	27	42	performance	performance	NOUN
fbem-25627	27	43	from	from	ADP
fbem-25627	27	44	a	a	DET
fbem-25627	27	45	single	single	ADJ
fbem-25627	27	46	dimension	dimension	NOUN
fbem-25627	27	47	,	,	PUNCT
fbem-25627	27	48	while	while	SCONJ
fbem-25627	27	49	there	there	PRON
fbem-25627	27	50	are	be	VERB
fbem-25627	27	51	relatively	relatively	ADV
fbem-25627	27	52	few	few	ADJ
fbem-25627	27	53	multi	multi	ADJ
fbem-25627	27	54	-	-	ADJ
fbem-25627	27	55	dimensional	dimensional	ADJ
fbem-25627	27	56	combinations	combination	NOUN
fbem-25627	27	57	,	,	PUNCT
fbem-25627	27	58	and	and	CCONJ
fbem-25627	27	59	this	this	DET
fbem-25627	27	60	paper	paper	NOUN
fbem-25627	27	61	develops	develop	VERB
fbem-25627	27	62	from	from	ADP
fbem-25627	27	63	different	different	ADJ
fbem-25627	27	64	stakeholder	stakeholder	NOUN
fbem-25627	27	65	perspectives	perspective	NOUN
fbem-25627	27	66	to	to	PART
fbem-25627	27	67	comprehensively	comprehensively	ADV
fbem-25627	27	68	explore	explore	VERB
fbem-25627	27	69	the	the	DET
fbem-25627	27	70	effects	effect	NOUN
fbem-25627	27	71	of	of	ADP
fbem-25627	27	72	esg	esg	NOUN
fbem-25627	27	73	performance	performance	NOUN
fbem-25627	27	74	on	on	ADP
fbem-25627	27	75	the	the	DET
fbem-25627	27	76	business	business	NOUN
fbem-25627	27	77	performance	performance	NOUN
fbem-25627	27	78	,	,	PUNCT
fbem-25627	27	79	social	social	ADJ
fbem-25627	27	80	performance	performance	NOUN
fbem-25627	27	81	,	,	PUNCT
fbem-25627	27	82	and	and	CCONJ
fbem-25627	27	83	environmental	environmental	ADJ
fbem-25627	27	84	performance	performance	NOUN
fbem-25627	27	85	of	of	ADP
fbem-25627	27	86	the	the	DET
fbem-25627	27	87	enterprise	enterprise	NOUN
fbem-25627	27	88	;	;	PUNCT
fbem-25627	27	89	second	second	ADJ
fbem-25627	27	90	,	,	PUNCT
fbem-25627	27	91	from	from	ADP
fbem-25627	27	92	the	the	DET
fbem-25627	27	93	research	research	NOUN
fbem-25627	27	94	angle	angle	NOUN
fbem-25627	27	95	,	,	PUNCT
fbem-25627	27	96	it	it	PRON
fbem-25627	27	97	is	be	AUX
fbem-25627	27	98	found	find	VERB
fbem-25627	27	99	that	that	SCONJ
fbem-25627	27	100	the	the	DET
fbem-25627	27	101	existing	exist	VERB
fbem-25627	27	102	literature	literature	NOUN
fbem-25627	27	103	stands	stand	VERB
fbem-25627	27	104	in	in	ADP
fbem-25627	27	105	the	the	DET
fbem-25627	27	106	stakeholder	stakeholder	NOUN
fbem-25627	27	107	perspective	perspective	NOUN
fbem-25627	27	108	of	of	ADP
fbem-25627	27	109	the	the	DET
fbem-25627	27	110	esg	esg	NOUN
fbem-25627	27	111	performance	performance	NOUN
fbem-25627	27	112	of	of	ADP
fbem-25627	27	113	the	the	DET
fbem-25627	27	114	enterprise	enterprise	NOUN
fbem-25627	27	115	,	,	PUNCT
fbem-25627	27	116	and	and	CCONJ
fbem-25627	27	117	the	the	DET
fbem-25627	27	118	esg	esg	NOUN
fbem-25627	27	119	performance	performance	NOUN
fbem-25627	27	120	of	of	ADP
fbem-25627	27	121	the	the	DET
fbem-25627	27	122	enterprise	enterprise	NOUN
fbem-25627	27	123	.	.	PUNCT
fbem-25627	28	1	literature	literature	NOUN
fbem-25627	28	2	stands	stand	VERB
fbem-25627	28	3	for	for	ADP
fbem-25627	28	4	relatively	relatively	ADV
fbem-25627	28	5	few	few	ADJ
fbem-25627	28	6	studies	study	NOUN
fbem-25627	28	7	from	from	ADP
fbem-25627	28	8	the	the	DET
fbem-25627	28	9	perspective	perspective	NOUN
fbem-25627	28	10	of	of	ADP
fbem-25627	28	11	stakeholders	stakeholder	NOUN
fbem-25627	28	12	,	,	PUNCT
fbem-25627	28	13	this	this	DET
fbem-25627	28	14	paper	paper	NOUN
fbem-25627	28	15	is	be	AUX
fbem-25627	28	16	based	base	VERB
fbem-25627	28	17	on	on	ADP
fbem-25627	28	18	stakeholder	stakeholder	NOUN
fbem-25627	28	19	theory	theory	NOUN
fbem-25627	28	20	and	and	CCONJ
fbem-25627	28	21	sustainable	sustainable	ADJ
fbem-25627	28	22	development	development	NOUN
fbem-25627	28	23	theory	theory	NOUN
fbem-25627	28	24	,	,	PUNCT
fbem-25627	28	25	and	and	CCONJ
fbem-25627	28	26	fully	fully	ADV
fbem-25627	28	27	considers	consider	VERB
fbem-25627	28	28	the	the	DET
fbem-25627	28	29	needs	need	NOUN
fbem-25627	28	30	of	of	ADP
fbem-25627	28	31	different	different	ADJ
fbem-25627	28	32	stakeholders	stakeholder	NOUN
fbem-25627	28	33	.	.	PUNCT
fbem-25627	29	1	2	2	X
fbem-25627	29	2	.	.	X
fbem-25627	29	3	theoretical	theoretical	ADJ
fbem-25627	29	4	analysis	analysis	NOUN
fbem-25627	29	5	and	and	CCONJ
fbem-25627	29	6	research	research	NOUN
fbem-25627	29	7	hypotheses	hypothesis	NOUN
fbem-25627	29	8	2.1	2.1	NUM
fbem-25627	29	9	.	.	PUNCT
fbem-25627	30	1	the	the	DET
fbem-25627	30	2	impact	impact	NOUN
fbem-25627	30	3	of	of	ADP
fbem-25627	30	4	esg	esg	PROPN
fbem-25627	30	5	performance	performance	NOUN
fbem-25627	30	6	on	on	ADP
fbem-25627	30	7	firms	firm	NOUN
fbem-25627	30	8	'	'	PART
fbem-25627	30	9	inefficient	inefficient	ADJ
fbem-25627	30	10	investment	investment	NOUN
fbem-25627	30	11	based	base	VERB
fbem-25627	30	12	on	on	ADP
fbem-25627	30	13	investor	investor	NOUN
fbem-25627	30	14	stakeholder	stakeholder	NOUN
fbem-25627	30	15	perspective	perspective	VERB
fbem-25627	30	16	in	in	ADP
fbem-25627	30	17	the	the	DET
fbem-25627	30	18	current	current	ADJ
fbem-25627	30	19	business	business	NOUN
fbem-25627	30	20	environment	environment	NOUN
fbem-25627	30	21	,	,	PUNCT
fbem-25627	30	22	most	most	ADJ
fbem-25627	30	23	enterprises	enterprise	NOUN
fbem-25627	30	24	show	show	VERB
fbem-25627	30	25	a	a	DET
fbem-25627	30	26	separation	separation	NOUN
fbem-25627	30	27	of	of	ADP
fbem-25627	30	28	ownership	ownership	NOUN
fbem-25627	30	29	and	and	CCONJ
fbem-25627	30	30	operation	operation	NOUN
fbem-25627	30	31	.	.	PUNCT
fbem-25627	31	1	agency	agency	NOUN
fbem-25627	31	2	theory	theory	NOUN
fbem-25627	31	3	states	state	VERB
fbem-25627	31	4	that	that	SCONJ
fbem-25627	31	5	there	there	PRON
fbem-25627	31	6	are	be	VERB
fbem-25627	31	7	inconsistencies	inconsistency	NOUN
fbem-25627	31	8	and	and	CCONJ
fbem-25627	31	9	information	information	NOUN
fbem-25627	31	10	asymmetry	asymmetry	NOUN
fbem-25627	31	11	between	between	ADP
fbem-25627	31	12	the	the	DET
fbem-25627	31	13	interests	interest	NOUN
fbem-25627	31	14	of	of	ADP
fbem-25627	31	15	the	the	DET
fbem-25627	31	16	principal	principal	NOUN
fbem-25627	31	17	and	and	CCONJ
fbem-25627	31	18	the	the	DET
fbem-25627	31	19	agent	agent	NOUN
fbem-25627	31	20	,	,	PUNCT
fbem-25627	31	21	which	which	PRON
fbem-25627	31	22	results	result	VERB
fbem-25627	31	23	in	in	ADP
fbem-25627	31	24	agency	agency	NOUN
fbem-25627	31	25	costs	cost	NOUN
fbem-25627	31	26	.	.	PUNCT
fbem-25627	32	1	the	the	DET
fbem-25627	32	2	existence	existence	NOUN
fbem-25627	32	3	of	of	ADP
fbem-25627	32	4	agency	agency	NOUN
fbem-25627	32	5	costs	cost	NOUN
fbem-25627	32	6	makes	make	VERB
fbem-25627	32	7	the	the	DET
fbem-25627	32	8	principal	principal	NOUN
fbem-25627	32	9	and	and	CCONJ
fbem-25627	32	10	the	the	DET
fbem-25627	32	11	agent	agent	NOUN
fbem-25627	32	12	of	of	ADP
fbem-25627	32	13	a	a	DET
fbem-25627	32	14	company	company	NOUN
fbem-25627	32	15	differ	differ	VERB
fbem-25627	32	16	in	in	ADP
fbem-25627	32	17	the	the	DET
fbem-25627	32	18	risk	risk	NOUN
fbem-25627	32	19	judgment	judgment	NOUN
fbem-25627	32	20	and	and	CCONJ
fbem-25627	32	21	treatment	treatment	NOUN
fbem-25627	32	22	of	of	ADP
fbem-25627	32	23	investment	investment	NOUN
fbem-25627	32	24	projects	project	NOUN
fbem-25627	32	25	,	,	PUNCT
fbem-25627	32	26	and	and	CCONJ
fbem-25627	32	27	then	then	ADV
fbem-25627	32	28	inefficient	inefficient	ADJ
fbem-25627	32	29	investment	investment	NOUN
fbem-25627	32	30	occurs	occur	VERB
fbem-25627	32	31	[	[	X
fbem-25627	32	32	1	1	NUM
fbem-25627	32	33	]	]	PUNCT
fbem-25627	32	34	.	.	PUNCT
fbem-25627	33	1	under	under	ADP
fbem-25627	33	2	the	the	DET
fbem-25627	33	3	combined	combine	VERB
fbem-25627	33	4	influence	influence	NOUN
fbem-25627	33	5	of	of	ADP
fbem-25627	33	6	performance	performance	NOUN
fbem-25627	33	7	evaluation	evaluation	NOUN
fbem-25627	33	8	,	,	PUNCT
fbem-25627	33	9	stock	stock	NOUN
fbem-25627	33	10	price	price	NOUN
fbem-25627	33	11	volatility	volatility	NOUN
fbem-25627	33	12	,	,	PUNCT
fbem-25627	33	13	public	public	ADJ
fbem-25627	33	14	opinion	opinion	NOUN
fbem-25627	33	15	and	and	CCONJ
fbem-25627	33	16	risk	risk	NOUN
fbem-25627	33	17	appetite	appetite	NOUN
fbem-25627	33	18	,	,	PUNCT
fbem-25627	33	19	management	management	NOUN
fbem-25627	33	20	may	may	AUX
fbem-25627	33	21	pay	pay	VERB
fbem-25627	33	22	more	more	ADJ
fbem-25627	33	23	attention	attention	NOUN
fbem-25627	33	24	to	to	ADP
fbem-25627	33	25	the	the	DET
fbem-25627	33	26	company	company	NOUN
fbem-25627	33	27	's	's	PART
fbem-25627	33	28	short	short	ADJ
fbem-25627	33	29	-	-	PUNCT
fbem-25627	33	30	term	term	NOUN
fbem-25627	33	31	performance	performance	NOUN
fbem-25627	33	32	and	and	CCONJ
fbem-25627	33	33	tend	tend	VERB
fbem-25627	33	34	to	to	PART
fbem-25627	33	35	implement	implement	VERB
fbem-25627	33	36	investment	investment	NOUN
fbem-25627	33	37	programs	program	NOUN
fbem-25627	33	38	that	that	PRON
fbem-25627	33	39	seem	seem	VERB
fbem-25627	33	40	better	well	ADV
fbem-25627	33	41	in	in	ADP
fbem-25627	33	42	the	the	DET
fbem-25627	33	43	short	short	ADJ
fbem-25627	33	44	term	term	NOUN
fbem-25627	33	45	,	,	PUNCT
fbem-25627	33	46	while	while	SCONJ
fbem-25627	33	47	ignoring	ignore	VERB
fbem-25627	33	48	long	long	ADJ
fbem-25627	33	49	-	-	PUNCT
fbem-25627	33	50	term	term	NOUN
fbem-25627	33	51	investment	investment	NOUN
fbem-25627	33	52	programs	program	NOUN
fbem-25627	33	53	that	that	PRON
fbem-25627	33	54	are	be	AUX
fbem-25627	33	55	potentially	potentially	ADV
fbem-25627	33	56	riskier	risky	ADJ
fbem-25627	33	57	but	but	CCONJ
fbem-25627	33	58	may	may	AUX
fbem-25627	33	59	be	be	AUX
fbem-25627	33	60	more	more	ADV
fbem-25627	33	61	beneficial	beneficial	ADJ
fbem-25627	33	62	in	in	ADP
fbem-25627	33	63	the	the	DET
fbem-25627	33	64	long	long	ADJ
fbem-25627	33	65	term	term	NOUN
fbem-25627	33	66	,	,	PUNCT
fbem-25627	33	67	leading	lead	VERB
fbem-25627	33	68	to	to	ADP
fbem-25627	33	69	underinvestment	underinvestment	ADJ
fbem-25627	33	70	[	[	X
fbem-25627	33	71	2	2	NUM
fbem-25627	33	72	,	,	PUNCT
fbem-25627	33	73	3	3	NUM
fbem-25627	33	74	]	]	PUNCT
fbem-25627	33	75	.	.	PUNCT
fbem-25627	34	1	this	this	PRON
fbem-25627	34	2	can	can	AUX
fbem-25627	34	3	lead	lead	VERB
fbem-25627	34	4	to	to	ADP
fbem-25627	34	5	underinvestment	underinvestment	NOUN
fbem-25627	34	6	.	.	PUNCT
fbem-25627	35	1	overconfidence	overconfidence	NOUN
fbem-25627	35	2	of	of	ADP
fbem-25627	35	3	managers	manager	NOUN
fbem-25627	35	4	can	can	AUX
fbem-25627	35	5	also	also	ADV
fbem-25627	35	6	lead	lead	VERB
fbem-25627	35	7	to	to	ADP
fbem-25627	35	8	a	a	DET
fbem-25627	35	9	decline	decline	NOUN
fbem-25627	35	10	in	in	ADP
fbem-25627	35	11	investment	investment	NOUN
fbem-25627	35	12	efficiency	efficiency	NOUN
fbem-25627	35	13	,	,	PUNCT
fbem-25627	35	14	which	which	PRON
fbem-25627	35	15	is	be	AUX
fbem-25627	35	16	manifested	manifest	VERB
fbem-25627	35	17	as	as	ADP
fbem-25627	35	18	overinvestment	overinvestment	ADJ
fbem-25627	35	19	or	or	CCONJ
fbem-25627	35	20	underinvestment	underinvestment	ADJ
fbem-25627	35	21	.	.	PUNCT
fbem-25627	36	1	in	in	ADP
fbem-25627	36	2	order	order	NOUN
fbem-25627	36	3	to	to	PART
fbem-25627	36	4	find	find	VERB
fbem-25627	36	5	ways	way	NOUN
fbem-25627	36	6	to	to	PART
fbem-25627	36	7	improve	improve	VERB
fbem-25627	36	8	investment	investment	NOUN
fbem-25627	36	9	efficiency	efficiency	NOUN
fbem-25627	36	10	,	,	PUNCT
fbem-25627	36	11	many	many	ADJ
fbem-25627	36	12	scholars	scholar	NOUN
fbem-25627	36	13	have	have	AUX
fbem-25627	36	14	conducted	conduct	VERB
fbem-25627	36	15	research	research	NOUN
fbem-25627	36	16	.	.	PUNCT
fbem-25627	37	1	for	for	ADP
fbem-25627	37	2	example	example	NOUN
fbem-25627	37	3	,	,	PUNCT
fbem-25627	37	4	zhong	zhong	PROPN
fbem-25627	37	5	ma	ma	PROPN
fbem-25627	37	6	and	and	CCONJ
fbem-25627	37	7	xu	xu	PROPN
fbem-25627	37	8	guanghua	guanghua	PROPN
fbem-25627	38	1	[	[	X
fbem-25627	38	2	4	4	X
fbem-25627	38	3	]	]	PUNCT
fbem-25627	38	4	concluded	conclude	VERB
fbem-25627	38	5	that	that	SCONJ
fbem-25627	38	6	enterprises	enterprise	NOUN
fbem-25627	38	7	that	that	PRON
fbem-25627	38	8	disclose	disclose	VERB
fbem-25627	38	9	social	social	ADJ
fbem-25627	38	10	responsibility	responsibility	NOUN
fbem-25627	38	11	will	will	AUX
fbem-25627	38	12	invest	invest	VERB
fbem-25627	38	13	more	more	ADV
fbem-25627	38	14	efficiently	efficiently	ADV
fbem-25627	38	15	.	.	PUNCT
fbem-25627	39	1	according	accord	VERB
fbem-25627	39	2	to	to	ADP
fbem-25627	39	3	stakeholder	stakeholder	NOUN
fbem-25627	39	4	theory	theory	NOUN
fbem-25627	39	5	and	and	CCONJ
fbem-25627	39	6	resource	resource	NOUN
fbem-25627	39	7	dependence	dependence	NOUN
fbem-25627	39	8	theory	theory	NOUN
fbem-25627	39	9	,	,	PUNCT
fbem-25627	39	10	good	good	ADJ
fbem-25627	39	11	esg	esg	PROPN
fbem-25627	39	12	performance	performance	NOUN
fbem-25627	39	13	can	can	AUX
fbem-25627	39	14	enable	enable	VERB
fbem-25627	39	15	enterprises	enterprise	NOUN
fbem-25627	39	16	to	to	PART
fbem-25627	39	17	get	get	VERB
fbem-25627	39	18	the	the	DET
fbem-25627	39	19	support	support	NOUN
fbem-25627	39	20	of	of	ADP
fbem-25627	39	21	various	various	ADJ
fbem-25627	39	22	stakeholders	stakeholder	NOUN
fbem-25627	39	23	in	in	ADP
fbem-25627	39	24	future	future	ADJ
fbem-25627	39	25	development	development	NOUN
fbem-25627	39	26	and	and	CCONJ
fbem-25627	39	27	obtain	obtain	VERB
fbem-25627	39	28	external	external	ADJ
fbem-25627	39	29	resources	resource	NOUN
fbem-25627	39	30	needed	need	VERB
fbem-25627	39	31	for	for	SCONJ
fbem-25627	39	32	development	development	NOUN
fbem-25627	39	33	to	to	PART
fbem-25627	39	34	improve	improve	VERB
fbem-25627	39	35	enterprise	enterprise	NOUN
fbem-25627	39	36	efficiency	efficiency	NOUN
fbem-25627	39	37	[	[	X
fbem-25627	39	38	5	5	NUM
fbem-25627	39	39	,	,	PUNCT
fbem-25627	39	40	6	6	NUM
fbem-25627	39	41	]	]	PUNCT
fbem-25627	39	42	.	.	PUNCT
fbem-25627	40	1	the	the	DET
fbem-25627	40	2	gao	gao	PROPN
fbem-25627	40	3	jieying	jieying	PROPN
fbem-25627	40	4	et	et	PROPN
fbem-25627	40	5	al	al	PROPN
fbem-25627	40	6	.	.	PUNCT
fbem-25627	41	1	[	[	X
fbem-25627	41	2	7	7	X
fbem-25627	41	3	]	]	PUNCT
fbem-25627	41	4	concluded	conclude	VERB
fbem-25627	41	5	that	that	SCONJ
fbem-25627	41	6	good	good	ADJ
fbem-25627	41	7	esg	esg	PROPN
fbem-25627	41	8	performance	performance	NOUN
fbem-25627	41	9	can	can	AUX
fbem-25627	41	10	improve	improve	VERB
fbem-25627	41	11	corporate	corporate	ADJ
fbem-25627	41	12	investment	investment	NOUN
fbem-25627	41	13	efficiency	efficiency	NOUN
fbem-25627	41	14	by	by	ADP
fbem-25627	41	15	reducing	reduce	VERB
fbem-25627	41	16	agency	agency	NOUN
fbem-25627	41	17	costs	cost	NOUN
fbem-25627	41	18	.	.	PUNCT
fbem-25627	42	1	as	as	ADP
fbem-25627	42	2	the	the	DET
fbem-25627	42	3	release	release	NOUN
fbem-25627	42	4	of	of	ADP
fbem-25627	42	5	non	non	ADJ
fbem-25627	42	6	-	-	ADJ
fbem-25627	42	7	financial	financial	ADJ
fbem-25627	42	8	information	information	NOUN
fbem-25627	42	9	,	,	PUNCT
fbem-25627	42	10	the	the	DET
fbem-25627	42	11	specific	specific	ADJ
fbem-25627	42	12	performance	performance	NOUN
fbem-25627	42	13	of	of	ADP
fbem-25627	42	14	the	the	DET
fbem-25627	42	15	enterprise	enterprise	NOUN
fbem-25627	42	16	in	in	ADP
fbem-25627	42	17	the	the	DET
fbem-25627	42	18	field	field	NOUN
fbem-25627	42	19	of	of	ADP
fbem-25627	42	20	esg	esg	PROPN
fbem-25627	42	21	transmits	transmit	VERB
fbem-25627	42	22	the	the	DET
fbem-25627	42	23	information	information	NOUN
fbem-25627	42	24	of	of	ADP
fbem-25627	42	25	enterprise	enterprise	NOUN
fbem-25627	42	26	-	-	PUNCT
fbem-25627	42	27	specific	specific	ADJ
fbem-25627	42	28	attributes	attribute	NOUN
fbem-25627	42	29	to	to	ADP
fbem-25627	42	30	financial	financial	ADJ
fbem-25627	42	31	institutions	institution	NOUN
fbem-25627	42	32	,	,	PUNCT
fbem-25627	42	33	such	such	ADJ
fbem-25627	42	34	as	as	ADP
fbem-25627	42	35	banks	bank	NOUN
fbem-25627	42	36	,	,	PUNCT
fbem-25627	42	37	which	which	PRON
fbem-25627	42	38	helps	help	VERB
fbem-25627	42	39	to	to	PART
fbem-25627	42	40	reduce	reduce	VERB
fbem-25627	42	41	the	the	DET
fbem-25627	42	42	degree	degree	NOUN
fbem-25627	42	43	of	of	ADP
fbem-25627	42	44	information	information	NOUN
fbem-25627	42	45	asymmetry	asymmetry	NOUN
fbem-25627	42	46	and	and	CCONJ
fbem-25627	42	47	enables	enable	VERB
fbem-25627	42	48	the	the	DET
fbem-25627	42	49	enterprise	enterprise	NOUN
fbem-25627	42	50	to	to	PART
fbem-25627	42	51	easily	easily	ADV
fbem-25627	42	52	obtain	obtain	VERB
fbem-25627	42	53	external	external	ADJ
fbem-25627	42	54	resources	resource	NOUN
fbem-25627	42	55	for	for	ADP
fbem-25627	42	56	financing	financing	NOUN
fbem-25627	42	57	[	[	X
fbem-25627	42	58	8	8	NUM
fbem-25627	42	59	]	]	PUNCT
fbem-25627	42	60	.	.	PUNCT
fbem-25627	43	1	when	when	SCONJ
fbem-25627	43	2	the	the	DET
fbem-25627	43	3	free	free	ADJ
fbem-25627	43	4	cash	cash	NOUN
fbem-25627	43	5	flow	flow	NOUN
fbem-25627	43	6	of	of	ADP
fbem-25627	43	7	the	the	DET
fbem-25627	43	8	enterprise	enterprise	NOUN
fbem-25627	43	9	is	be	AUX
fbem-25627	43	10	sufficient	sufficient	ADJ
fbem-25627	43	11	,	,	PUNCT
fbem-25627	43	12	the	the	DET
fbem-25627	43	13	management	management	NOUN
fbem-25627	43	14	has	have	VERB
fbem-25627	43	15	an	an	DET
fbem-25627	43	16	incentive	incentive	NOUN
fbem-25627	43	17	to	to	PART
fbem-25627	43	18	invest	invest	VERB
fbem-25627	43	19	the	the	DET
fbem-25627	43	20	free	free	ADJ
fbem-25627	43	21	cash	cash	NOUN
fbem-25627	43	22	flow	flow	NOUN
fbem-25627	43	23	within	within	ADP
fbem-25627	43	24	the	the	DET
fbem-25627	43	25	enterprise	enterprise	NOUN
fbem-25627	43	26	in	in	ADP
fbem-25627	43	27	some	some	DET
fbem-25627	43	28	projects	project	NOUN
fbem-25627	43	29	with	with	ADP
fbem-25627	43	30	negative	negative	ADJ
fbem-25627	43	31	npv	npv	NOUN
fbem-25627	43	32	for	for	ADP
fbem-25627	43	33	private	private	ADJ
fbem-25627	43	34	gain	gain	NOUN
fbem-25627	43	35	,	,	PUNCT
fbem-25627	43	36	thus	thus	ADV
fbem-25627	43	37	the	the	DET
fbem-25627	43	38	phenomenon	phenomenon	NOUN
fbem-25627	43	39	of	of	ADP
fbem-25627	43	40	inefficient	inefficient	ADJ
fbem-25627	43	41	investment	investment	NOUN
fbem-25627	43	42	occurs	occur	VERB
fbem-25627	43	43	[	[	X
fbem-25627	43	44	9	9	NUM
fbem-25627	43	45	]	]	PUNCT
fbem-25627	43	46	inefficient	inefficient	ADJ
fbem-25627	43	47	investment	investment	NOUN
fbem-25627	43	48	.	.	PUNCT
fbem-25627	44	1	the	the	DET
fbem-25627	44	2	costs	cost	NOUN
fbem-25627	44	3	paid	pay	VERB
fbem-25627	44	4	by	by	ADP
fbem-25627	44	5	enterprises	enterprise	NOUN
fbem-25627	44	6	in	in	ADP
fbem-25627	44	7	esg	esg	PROPN
fbem-25627	44	8	are	be	AUX
fbem-25627	44	9	conducive	conducive	ADJ
fbem-25627	44	10	to	to	ADP
fbem-25627	44	11	reducing	reduce	VERB
fbem-25627	44	12	the	the	DET
fbem-25627	44	13	level	level	NOUN
fbem-25627	44	14	of	of	ADP
fbem-25627	44	15	free	free	ADJ
fbem-25627	44	16	cash	cash	NOUN
fbem-25627	44	17	flow	flow	NOUN
fbem-25627	44	18	,	,	PUNCT
fbem-25627	44	19	which	which	PRON
fbem-25627	44	20	in	in	ADP
fbem-25627	44	21	turn	turn	NOUN
fbem-25627	44	22	reduces	reduce	VERB
fbem-25627	44	23	the	the	DET
fbem-25627	44	24	agency	agency	NOUN
fbem-25627	44	25	costs	cost	NOUN
fbem-25627	44	26	of	of	ADP
fbem-25627	44	27	enterprises	enterprise	NOUN
fbem-25627	44	28	,	,	PUNCT
fbem-25627	44	29	reduces	reduce	VERB
fbem-25627	44	30	inefficient	inefficient	ADJ
fbem-25627	44	31	investment	investment	NOUN
fbem-25627	44	32	,	,	PUNCT
fbem-25627	44	33	and	and	CCONJ
fbem-25627	44	34	improves	improve	VERB
fbem-25627	44	35	the	the	DET
fbem-25627	44	36	efficiency	efficiency	NOUN
fbem-25627	44	37	of	of	ADP
fbem-25627	44	38	investment	investment	NOUN
fbem-25627	44	39	[	[	X
fbem-25627	44	40	10	10	NUM
fbem-25627	44	41	]	]	PUNCT
fbem-25627	44	42	.	.	PUNCT
fbem-25627	45	1	the	the	DET
fbem-25627	45	2	li	li	PROPN
fbem-25627	45	3	zehao	zehao	PROPN
fbem-25627	45	4	et	et	PROPN
fbem-25627	45	5	al	al	PROPN
fbem-25627	45	6	.	.	PROPN
fbem-25627	45	7	also	also	ADV
fbem-25627	45	8	suggest	suggest	VERB
fbem-25627	45	9	that	that	SCONJ
fbem-25627	45	10	disclosure	disclosure	NOUN
fbem-25627	45	11	of	of	ADP
fbem-25627	45	12	esg	esg	PROPN
fbem-25627	45	13	-	-	PUNCT
fbem-25627	45	14	related	relate	VERB
fbem-25627	45	15	information	information	NOUN
fbem-25627	45	16	can	can	AUX
fbem-25627	45	17	help	help	VERB
fbem-25627	45	18	promote	promote	VERB
fbem-25627	45	19	the	the	DET
fbem-25627	45	20	improvement	improvement	NOUN
fbem-25627	45	21	of	of	ADP
fbem-25627	45	22	corporate	corporate	ADJ
fbem-25627	45	23	investment	investment	NOUN
fbem-25627	45	24	efficiency	efficiency	NOUN
fbem-25627	45	25	[	[	X
fbem-25627	45	26	11	11	NUM
fbem-25627	45	27	]	]	PUNCT
fbem-25627	45	28	.	.	PUNCT
fbem-25627	46	1	li	li	PROPN
fbem-25627	46	2	zehao	zehao	PROPN
fbem-25627	46	3	et	et	PROPN
fbem-25627	46	4	al	al	PROPN
fbem-25627	46	5	.	.	PROPN
fbem-25627	47	1	summarizing	summarize	VERB
fbem-25627	47	2	the	the	DET
fbem-25627	47	3	research	research	NOUN
fbem-25627	47	4	results	result	NOUN
fbem-25627	47	5	of	of	ADP
fbem-25627	47	6	many	many	ADJ
fbem-25627	47	7	scholars	scholar	NOUN
fbem-25627	47	8	,	,	PUNCT
fbem-25627	47	9	we	we	PRON
fbem-25627	47	10	can	can	AUX
fbem-25627	47	11	draw	draw	VERB
fbem-25627	47	12	a	a	DET
fbem-25627	47	13	clear	clear	ADJ
fbem-25627	47	14	conclusion	conclusion	NOUN
fbem-25627	47	15	:	:	PUNCT
fbem-25627	47	16	those	those	DET
fbem-25627	47	17	companies	company	NOUN
fbem-25627	47	18	with	with	ADP
fbem-25627	47	19	outstanding	outstanding	ADJ
fbem-25627	47	20	esg	esg	NOUN
fbem-25627	47	21	performance	performance	NOUN
fbem-25627	47	22	often	often	ADV
fbem-25627	47	23	need	need	VERB
fbem-25627	47	24	to	to	PART
fbem-25627	47	25	face	face	VERB
fbem-25627	47	26	a	a	DET
fbem-25627	47	27	more	more	ADV
fbem-25627	47	28	stringent	stringent	ADJ
fbem-25627	47	29	external	external	ADJ
fbem-25627	47	30	regulatory	regulatory	ADJ
fbem-25627	47	31	environment	environment	NOUN
fbem-25627	47	32	.	.	PUNCT
fbem-25627	48	1	this	this	DET
fbem-25627	48	2	strict	strict	ADJ
fbem-25627	48	3	external	external	ADJ
fbem-25627	48	4	regulation	regulation	NOUN
fbem-25627	48	5	forces	force	NOUN
fbem-25627	48	6	these	these	DET
fbem-25627	48	7	companies	company	NOUN
fbem-25627	48	8	to	to	PART
fbem-25627	48	9	adopt	adopt	VERB
fbem-25627	48	10	a	a	DET
fbem-25627	48	11	more	more	ADV
fbem-25627	48	12	rigorous	rigorous	ADJ
fbem-25627	48	13	and	and	CCONJ
fbem-25627	48	14	prudent	prudent	ADJ
fbem-25627	48	15	attitude	attitude	NOUN
fbem-25627	48	16	when	when	SCONJ
fbem-25627	48	17	making	make	VERB
fbem-25627	48	18	decisions	decision	NOUN
fbem-25627	48	19	and	and	CCONJ
fbem-25627	48	20	investing	invest	VERB
fbem-25627	48	21	in	in	ADP
fbem-25627	48	22	projects	project	NOUN
fbem-25627	48	23	.	.	PUNCT
fbem-25627	49	1	this	this	DET
fbem-25627	49	2	rigorous	rigorous	ADJ
fbem-25627	49	3	attitude	attitude	NOUN
fbem-25627	49	4	can	can	AUX
fbem-25627	49	5	largely	largely	ADV
fbem-25627	49	6	inhibit	inhibit	VERB
fbem-25627	49	7	management	management	NOUN
fbem-25627	49	8	's	's	PART
fbem-25627	49	9	shortsighted	shortsighted	ADJ
fbem-25627	49	10	investment	investment	NOUN
fbem-25627	49	11	behavior	behavior	NOUN
fbem-25627	49	12	,	,	PUNCT
fbem-25627	49	13	thus	thus	ADV
fbem-25627	49	14	reducing	reduce	VERB
fbem-25627	49	15	agency	agency	NOUN
fbem-25627	49	16	costs	cost	NOUN
fbem-25627	49	17	and	and	CCONJ
fbem-25627	49	18	avoiding	avoid	VERB
fbem-25627	49	19	the	the	DET
fbem-25627	49	20	occurrence	occurrence	NOUN
fbem-25627	49	21	of	of	ADP
fbem-25627	49	22	inefficient	inefficient	ADJ
fbem-25627	49	23	investments	investment	NOUN
fbem-25627	49	24	.	.	PUNCT
fbem-25627	50	1	at	at	ADP
fbem-25627	50	2	the	the	DET
fbem-25627	50	3	same	same	ADJ
fbem-25627	50	4	time	time	NOUN
fbem-25627	50	5	,	,	PUNCT
fbem-25627	50	6	these	these	DET
fbem-25627	50	7	companies	company	NOUN
fbem-25627	50	8	that	that	PRON
fbem-25627	50	9	excel	excel	VERB
fbem-25627	50	10	in	in	ADP
fbem-25627	50	11	the	the	DET
fbem-25627	50	12	esg	esg	NOUN
fbem-25627	50	13	field	field	NOUN
fbem-25627	50	14	usually	usually	ADV
fbem-25627	50	15	show	show	VERB
fbem-25627	50	16	more	more	ADJ
fbem-25627	50	17	proactive	proactive	ADJ
fbem-25627	50	18	behavior	behavior	NOUN
fbem-25627	50	19	in	in	ADP
fbem-25627	50	20	terms	term	NOUN
fbem-25627	50	21	of	of	ADP
fbem-25627	50	22	public	public	ADJ
fbem-25627	50	23	disclosure	disclosure	NOUN
fbem-25627	50	24	of	of	ADP
fbem-25627	50	25	information	information	NOUN
fbem-25627	50	26	.	.	PUNCT
fbem-25627	51	1	they	they	PRON
fbem-25627	51	2	tend	tend	VERB
fbem-25627	51	3	to	to	PART
fbem-25627	51	4	disclose	disclose	VERB
fbem-25627	51	5	information	information	NOUN
fbem-25627	51	6	about	about	ADP
fbem-25627	51	7	their	their	PRON
fbem-25627	51	8	enterprises	enterprise	NOUN
fbem-25627	51	9	more	more	ADV
fbem-25627	51	10	transparently	transparently	ADV
fbem-25627	51	11	,	,	PUNCT
fbem-25627	51	12	which	which	PRON
fbem-25627	51	13	not	not	PART
fbem-25627	51	14	only	only	ADV
fbem-25627	51	15	helps	help	VERB
fbem-25627	51	16	to	to	PART
fbem-25627	51	17	improve	improve	VERB
fbem-25627	51	18	the	the	DET
fbem-25627	51	19	transparency	transparency	NOUN
fbem-25627	51	20	of	of	ADP
fbem-25627	51	21	the	the	DET
fbem-25627	51	22	enterprises	enterprise	NOUN
fbem-25627	51	23	'	'	PART
fbem-25627	51	24	information	information	NOUN
fbem-25627	51	25	,	,	PUNCT
fbem-25627	51	26	but	but	CCONJ
fbem-25627	51	27	also	also	ADV
fbem-25627	51	28	attracts	attract	VERB
fbem-25627	51	29	the	the	DET
fbem-25627	51	30	attention	attention	NOUN
fbem-25627	51	31	of	of	ADP
fbem-25627	51	32	more	more	ADJ
fbem-25627	51	33	highquality	highquality	NOUN
fbem-25627	51	34	talents	talent	NOUN
fbem-25627	51	35	and	and	CCONJ
fbem-25627	51	36	institutional	institutional	ADJ
fbem-25627	51	37	investors	investor	NOUN
fbem-25627	51	38	.	.	PUNCT
fbem-25627	52	1	high	high	ADJ
fbem-25627	52	2	-	-	PUNCT
fbem-25627	52	3	quality	quality	NOUN
fbem-25627	52	4	talents	talent	NOUN
fbem-25627	52	5	and	and	CCONJ
fbem-25627	52	6	institutional	institutional	ADJ
fbem-25627	52	7	investors	investor	NOUN
fbem-25627	52	8	tend	tend	VERB
fbem-25627	52	9	to	to	PART
fbem-25627	52	10	pay	pay	VERB
fbem-25627	52	11	more	more	ADJ
fbem-25627	52	12	attention	attention	NOUN
fbem-25627	52	13	to	to	ADP
fbem-25627	52	14	the	the	DET
fbem-25627	52	15	long	long	ADJ
fbem-25627	52	16	-	-	PUNCT
fbem-25627	52	17	term	term	NOUN
fbem-25627	52	18	development	development	NOUN
fbem-25627	52	19	and	and	CCONJ
fbem-25627	52	20	sustainability	sustainability	NOUN
fbem-25627	52	21	of	of	ADP
fbem-25627	52	22	enterprises	enterprise	NOUN
fbem-25627	52	23	,	,	PUNCT
fbem-25627	52	24	thus	thus	ADV
fbem-25627	52	25	further	far	ADV
fbem-25627	52	26	reducing	reduce	VERB
fbem-25627	52	27	the	the	DET
fbem-25627	52	28	level	level	NOUN
fbem-25627	52	29	of	of	ADP
fbem-25627	52	30	inefficient	inefficient	ADJ
fbem-25627	52	31	investment	investment	NOUN
fbem-25627	52	32	.	.	PUNCT
fbem-25627	53	1	in	in	ADP
fbem-25627	53	2	summary	summary	NOUN
fbem-25627	53	3	,	,	PUNCT
fbem-25627	53	4	we	we	PRON
fbem-25627	53	5	can	can	AUX
fbem-25627	53	6	expect	expect	VERB
fbem-25627	53	7	that	that	DET
fbem-25627	53	8	good	good	ADJ
fbem-25627	53	9	esg	esg	PROPN
fbem-25627	53	10	performance	performance	NOUN
fbem-25627	53	11	of	of	ADP
fbem-25627	53	12	enterprises	enterprise	NOUN
fbem-25627	53	13	can	can	AUX
fbem-25627	53	14	not	not	PART
fbem-25627	53	15	only	only	ADV
fbem-25627	53	16	inhibit	inhibit	VERB
fbem-25627	53	17	inefficient	inefficient	ADJ
fbem-25627	53	18	investment	investment	NOUN
fbem-25627	53	19	,	,	PUNCT
fbem-25627	53	20	but	but	CCONJ
fbem-25627	53	21	also	also	ADV
fbem-25627	53	22	enhance	enhance	VERB
fbem-25627	53	23	the	the	DET
fbem-25627	53	24	investment	investment	NOUN
fbem-25627	53	25	efficiency	efficiency	NOUN
fbem-25627	53	26	of	of	ADP
fbem-25627	53	27	enterprises	enterprise	NOUN
fbem-25627	53	28	to	to	ADP
fbem-25627	53	29	a	a	DET
fbem-25627	53	30	large	large	ADJ
fbem-25627	53	31	extent	extent	NOUN
fbem-25627	53	32	.	.	PUNCT
fbem-25627	54	1	accordingly	accordingly	ADV
fbem-25627	54	2	,	,	PUNCT
fbem-25627	54	3	this	this	DET
fbem-25627	54	4	paper	paper	NOUN
fbem-25627	54	5	proposes	propose	VERB
fbem-25627	54	6	hypothesis	hypothesis	NOUN
fbem-25627	54	7	1	1	NUM
fbem-25627	54	8	:	:	PUNCT
fbem-25627	54	9	h1	h1	PROPN
fbem-25627	54	10	:	:	PUNCT
fbem-25627	54	11	better	well	ADJ
fbem-25627	54	12	esg	esg	NOUN
fbem-25627	54	13	performance	performance	NOUN
fbem-25627	54	14	helps	help	VERB
fbem-25627	54	15	firms	firm	NOUN
fbem-25627	54	16	to	to	PART
fbem-25627	54	17	reduce	reduce	VERB
fbem-25627	54	18	the	the	DET
fbem-25627	54	19	level	level	NOUN
fbem-25627	54	20	of	of	ADP
fbem-25627	54	21	inefficient	inefficient	ADJ
fbem-25627	54	22	investment	investment	NOUN
fbem-25627	54	23	and	and	CCONJ
fbem-25627	54	24	provide	provide	VERB
fbem-25627	54	25	more	more	ADV
fbem-25627	54	26	accurate	accurate	ADJ
fbem-25627	54	27	information	information	NOUN
fbem-25627	54	28	to	to	ADP
fbem-25627	54	29	investors	investor	NOUN
fbem-25627	54	30	'	'	PART
fbem-25627	54	31	decisions	decision	NOUN
fbem-25627	54	32	.	.	PUNCT
fbem-25627	55	1	2.2	2.2	NUM
fbem-25627	55	2	.	.	PUNCT
fbem-25627	55	3	impact	impact	NOUN
fbem-25627	55	4	of	of	ADP
fbem-25627	55	5	esg	esg	NOUN
fbem-25627	55	6	performance	performance	NOUN
fbem-25627	55	7	on	on	ADP
fbem-25627	55	8	corporate	corporate	ADJ
fbem-25627	55	9	reputation	reputation	NOUN
fbem-25627	55	10	based	base	VERB
fbem-25627	55	11	on	on	ADP
fbem-25627	55	12	corporate	corporate	ADJ
fbem-25627	55	13	employee	employee	NOUN
fbem-25627	55	14	stakeholder	stakeholder	NOUN
fbem-25627	55	15	perspective	perspective	NOUN
fbem-25627	55	16	scholars	scholar	NOUN
fbem-25627	55	17	have	have	AUX
fbem-25627	55	18	thoroughly	thoroughly	ADV
fbem-25627	55	19	analyzed	analyze	VERB
fbem-25627	55	20	the	the	DET
fbem-25627	55	21	impact	impact	NOUN
fbem-25627	55	22	of	of	ADP
fbem-25627	55	23	esg	esg	PROPN
fbem-25627	55	24	performance	performance	NOUN
fbem-25627	55	25	on	on	ADP
fbem-25627	55	26	firms	firm	NOUN
fbem-25627	55	27	'	'	PART
fbem-25627	55	28	economic	economic	ADJ
fbem-25627	55	29	outcomes	outcome	NOUN
fbem-25627	55	30	.	.	PUNCT
fbem-25627	56	1	numerous	numerous	ADJ
fbem-25627	56	2	studies	study	NOUN
fbem-25627	56	3	in	in	ADP
fbem-25627	56	4	the	the	DET
fbem-25627	56	5	literature	literature	NOUN
fbem-25627	56	6	have	have	AUX
fbem-25627	56	7	explored	explore	VERB
fbem-25627	56	8	the	the	DET
fbem-25627	56	9	role	role	NOUN
fbem-25627	56	10	of	of	ADP
fbem-25627	56	11	esg	esg	PROPN
fbem-25627	56	12	systems	system	NOUN
fbem-25627	56	13	in	in	ADP
fbem-25627	56	14	improving	improve	VERB
fbem-25627	56	15	firm	firm	ADJ
fbem-25627	56	16	value	value	NOUN
fbem-25627	56	17	[	[	X
fbem-25627	56	18	7	7	NUM
fbem-25627	56	19	]	]	PUNCT
fbem-25627	56	20	,	,	PUNCT
fbem-25627	56	21	risk	risk	NOUN
fbem-25627	56	22	control	control	NOUN
fbem-25627	57	1	[	[	X
fbem-25627	57	2	12	12	NUM
fbem-25627	57	3	]	]	X
fbem-25627	57	4	green	green	ADJ
fbem-25627	57	5	innovation	innovation	NOUN
fbem-25627	57	6	[	[	X
fbem-25627	57	7	13	13	NUM
fbem-25627	57	8	]	]	X
fbem-25627	57	9	attracting	attract	VERB
fbem-25627	57	10	investment	investment	NOUN
fbem-25627	57	11	and	and	CCONJ
fbem-25627	57	12	financing	financing	NOUN
fbem-25627	57	13	[	[	X
fbem-25627	57	14	14	14	NUM
fbem-25627	57	15	]	]	PUNCT
fbem-25627	57	16	etc	etc	X
fbem-25627	57	17	.	.	X
fbem-25627	58	1	it	it	PRON
fbem-25627	58	2	is	be	AUX
fbem-25627	58	3	widely	widely	ADV
fbem-25627	58	4	recognized	recognize	VERB
fbem-25627	58	5	that	that	SCONJ
fbem-25627	58	6	esg	esg	NOUN
fbem-25627	58	7	performance	performance	NOUN
fbem-25627	58	8	is	be	AUX
fbem-25627	58	9	critical	critical	ADJ
fbem-25627	58	10	to	to	ADP
fbem-25627	58	11	the	the	DET
fbem-25627	58	12	long	long	ADJ
fbem-25627	58	13	-	-	PUNCT
fbem-25627	58	14	term	term	NOUN
fbem-25627	58	15	development	development	NOUN
fbem-25627	58	16	and	and	CCONJ
fbem-25627	58	17	survival	survival	NOUN
fbem-25627	58	18	of	of	ADP
fbem-25627	58	19	firms	firm	NOUN
fbem-25627	58	20	and	and	CCONJ
fbem-25627	58	21	is	be	AUX
fbem-25627	58	22	a	a	DET
fbem-25627	58	23	key	key	ADJ
fbem-25627	58	24	driver	driver	NOUN
fbem-25627	58	25	of	of	ADP
fbem-25627	58	26	sustained	sustained	ADJ
fbem-25627	58	27	growth	growth	NOUN
fbem-25627	58	28	.	.	PUNCT
fbem-25627	59	1	corporate	corporate	ADJ
fbem-25627	59	2	esg	esg	PROPN
fbem-25627	59	3	performance	performance	NOUN
fbem-25627	59	4	signals	signal	VERB
fbem-25627	59	5	highquality	highquality	NOUN
fbem-25627	59	6	development	development	NOUN
fbem-25627	59	7	to	to	ADP
fbem-25627	59	8	consumers	consumer	NOUN
fbem-25627	59	9	and	and	CCONJ
fbem-25627	59	10	suppliers	supplier	NOUN
fbem-25627	59	11	,	,	PUNCT
fbem-25627	59	12	increases	increase	VERB
fbem-25627	59	13	sales	sale	NOUN
fbem-25627	59	14	revenue	revenue	NOUN
fbem-25627	59	15	by	by	ADP
fbem-25627	59	16	enhancing	enhance	VERB
fbem-25627	59	17	consumer	consumer	NOUN
fbem-25627	59	18	stickiness	stickiness	NOUN
fbem-25627	59	19	,	,	PUNCT
fbem-25627	59	20	and	and	CCONJ
fbem-25627	59	21	reduces	reduce	VERB
fbem-25627	59	22	costs	cost	NOUN
fbem-25627	59	23	by	by	ADP
fbem-25627	59	24	stabilizing	stabilize	VERB
fbem-25627	59	25	cooperative	cooperative	ADJ
fbem-25627	59	26	relationships	relationship	NOUN
fbem-25627	59	27	with	with	ADP
fbem-25627	59	28	suppliers	supplier	NOUN
fbem-25627	59	29	,	,	PUNCT
fbem-25627	59	30	thereby	thereby	ADV
fbem-25627	59	31	increasing	increase	VERB
fbem-25627	59	32	operating	operating	NOUN
fbem-25627	59	33	profit	profit	NOUN
fbem-25627	59	34	,	,	PUNCT
fbem-25627	59	35	thereby	thereby	ADV
fbem-25627	59	36	reducing	reduce	VERB
fbem-25627	59	37	information	information	NOUN
fbem-25627	59	38	asymmetry	asymmetry	NOUN
fbem-25627	59	39	between	between	ADP
fbem-25627	59	40	the	the	DET
fbem-25627	59	41	enterprise	enterprise	NOUN
fbem-25627	59	42	and	and	CCONJ
fbem-25627	59	43	stakeholders	stakeholder	NOUN
fbem-25627	59	44	,	,	PUNCT
fbem-25627	59	45	easing	ease	VERB
fbem-25627	59	46	financing	financing	NOUN
fbem-25627	59	47	constraints	constraint	NOUN
fbem-25627	59	48	,	,	PUNCT
fbem-25627	59	49	and	and	CCONJ
fbem-25627	59	50	reducing	reduce	VERB
fbem-25627	59	51	the	the	DET
fbem-25627	59	52	cost	cost	NOUN
fbem-25627	59	53	of	of	ADP
fbem-25627	59	54	corporate	corporate	ADJ
fbem-25627	59	55	finance	finance	NOUN
fbem-25627	59	56	,	,	PUNCT
fbem-25627	59	57	thereby	thereby	ADV
fbem-25627	59	58	increasing	increase	VERB
fbem-25627	59	59	corporate	corporate	ADJ
fbem-25627	59	60	profitability	profitability	NOUN
fbem-25627	59	61	[	[	X
fbem-25627	59	62	15	15	NUM
fbem-25627	59	63	]	]	PUNCT
fbem-25627	59	64	.	.	PUNCT
fbem-25627	60	1	this	this	PRON
fbem-25627	60	2	can	can	AUX
fbem-25627	60	3	reduce	reduce	VERB
fbem-25627	60	4	the	the	DET
fbem-25627	60	5	information	information	NOUN
fbem-25627	60	6	asymmetry	asymmetry	NOUN
fbem-25627	60	7	between	between	ADP
fbem-25627	60	8	the	the	DET
fbem-25627	60	9	enterprise	enterprise	NOUN
fbem-25627	60	10	and	and	CCONJ
fbem-25627	60	11	the	the	DET
fbem-25627	60	12	stakeholders	stakeholder	NOUN
fbem-25627	60	13	,	,	PUNCT
fbem-25627	60	14	alleviate	alleviate	VERB
fbem-25627	60	15	the	the	DET
fbem-25627	60	16	financing	financing	NOUN
fbem-25627	60	17	constraints	constraint	NOUN
fbem-25627	60	18	of	of	ADP
fbem-25627	60	19	the	the	DET
fbem-25627	60	20	enterprise	enterprise	NOUN
fbem-25627	60	21	,	,	PUNCT
fbem-25627	60	22	reduce	reduce	VERB
fbem-25627	60	23	the	the	DET
fbem-25627	60	24	cost	cost	NOUN
fbem-25627	60	25	of	of	ADP
fbem-25627	60	26	enterprise	enterprise	NOUN
fbem-25627	60	27	financing	financing	NOUN
fbem-25627	60	28	,	,	PUNCT
fbem-25627	60	29	and	and	CCONJ
fbem-25627	60	30	improve	improve	VERB
fbem-25627	60	31	the	the	DET
fbem-25627	60	32	financial	financial	ADJ
fbem-25627	60	33	performance	performance	NOUN
fbem-25627	60	34	of	of	ADP
fbem-25627	60	35	the	the	DET
fbem-25627	60	36	enterprise	enterprise	NOUN
fbem-25627	60	37	[	[	X
fbem-25627	60	38	16	16	NUM
fbem-25627	60	39	]	]	PUNCT
fbem-25627	60	40	theory	theory	NOUN
fbem-25627	60	41	of	of	ADP
fbem-25627	60	42	signal	signal	ADJ
fbem-25627	60	43	transmission	transmission	NOUN
fbem-25627	60	44	according	accord	VERB
fbem-25627	60	45	to	to	ADP
fbem-25627	60	46	the	the	DET
fbem-25627	60	47	signaling	signal	VERB
fbem-25627	60	48	theory	theory	NOUN
fbem-25627	60	49	,	,	PUNCT
fbem-25627	60	50	corporate	corporate	ADJ
fbem-25627	60	51	managers	manager	NOUN
fbem-25627	60	52	signal	signal	VERB
fbem-25627	60	53	the	the	DET
fbem-25627	60	54	internal	internal	ADJ
fbem-25627	60	55	condition	condition	NOUN
fbem-25627	60	56	of	of	ADP
fbem-25627	60	57	the	the	DET
fbem-25627	60	58	company	company	NOUN
fbem-25627	60	59	to	to	ADP
fbem-25627	60	60	external	external	ADJ
fbem-25627	60	61	investors	investor	NOUN
fbem-25627	60	62	by	by	ADP
fbem-25627	60	63	disclosing	disclose	VERB
fbem-25627	60	64	various	various	ADJ
fbem-25627	60	65	information	information	NOUN
fbem-25627	60	66	including	include	VERB
fbem-25627	60	67	esg	esg	PROPN
fbem-25627	60	68	.	.	PUNCT
fbem-25627	61	1	good	good	PROPN
fbem-25627	61	2	esg	esg	PROPN
fbem-25627	61	3	performance	performance	NOUN
fbem-25627	61	4	can	can	AUX
fbem-25627	61	5	be	be	AUX
fbem-25627	61	6	used	use	VERB
fbem-25627	61	7	as	as	ADP
fbem-25627	61	8	a	a	DET
fbem-25627	61	9	signal	signal	NOUN
fbem-25627	61	10	for	for	SCONJ
fbem-25627	61	11	a	a	DET
fbem-25627	61	12	company	company	NOUN
fbem-25627	61	13	to	to	PART
fbem-25627	61	14	convey	convey	VERB
fbem-25627	61	15	its	its	PRON
fbem-25627	61	16	long	long	ADJ
fbem-25627	61	17	-	-	PUNCT
fbem-25627	61	18	term	term	NOUN
fbem-25627	61	19	value	value	NOUN
fbem-25627	61	20	and	and	CCONJ
fbem-25627	61	21	sustainable	sustainable	ADJ
fbem-25627	61	22	development	development	NOUN
fbem-25627	61	23	capability	capability	NOUN
fbem-25627	61	24	[	[	X
fbem-25627	61	25	17	17	NUM
fbem-25627	61	26	]	]	PUNCT
fbem-25627	61	27	.	.	PUNCT
fbem-25627	62	1	at	at	ADP
fbem-25627	62	2	the	the	DET
fbem-25627	62	3	same	same	ADJ
fbem-25627	62	4	time	time	NOUN
fbem-25627	62	5	,	,	PUNCT
fbem-25627	62	6	esg	esg	NOUN
fbem-25627	62	7	performance	performance	NOUN
fbem-25627	62	8	can	can	AUX
fbem-25627	62	9	significantly	significantly	ADV
fbem-25627	62	10	promote	promote	VERB
fbem-25627	62	11	corporate	corporate	ADJ
fbem-25627	62	12	technological	technological	ADJ
fbem-25627	62	13	innovation	innovation	NOUN
fbem-25627	62	14	by	by	ADP
fbem-25627	62	15	reducing	reduce	VERB
fbem-25627	62	16	agency	agency	NOUN
fbem-25627	62	17	costs	cost	NOUN
fbem-25627	62	18	,	,	PUNCT
fbem-25627	62	19	optimizing	optimize	VERB
fbem-25627	62	20	internal	internal	ADJ
fbem-25627	62	21	controls	control	NOUN
fbem-25627	62	22	,	,	PUNCT
fbem-25627	62	23	improving	improve	VERB
fbem-25627	62	24	corporate	corporate	ADJ
fbem-25627	62	25	short	short	ADJ
fbem-25627	62	26	-	-	PUNCT
fbem-25627	62	27	sightedness	sightedness	NOUN
fbem-25627	62	28	[	[	X
fbem-25627	62	29	18	18	NUM
fbem-25627	62	30	]	]	PUNCT
fbem-25627	62	31	and	and	CCONJ
fbem-25627	62	32	improve	improve	VERB
fbem-25627	62	33	product	product	NOUN
fbem-25627	62	34	273	273	NUM
fbem-25627	62	35	competitiveness	competitiveness	NOUN
fbem-25627	62	36	and	and	CCONJ
fbem-25627	62	37	supply	supply	NOUN
fbem-25627	62	38	chain	chain	NOUN
fbem-25627	62	39	stability	stability	NOUN
fbem-25627	62	40	,	,	PUNCT
fbem-25627	62	41	thus	thus	ADV
fbem-25627	62	42	contributing	contribute	VERB
fbem-25627	62	43	to	to	ADP
fbem-25627	62	44	the	the	DET
fbem-25627	62	45	high	high	ADJ
fbem-25627	62	46	quality	quality	NOUN
fbem-25627	62	47	development	development	NOUN
fbem-25627	62	48	of	of	ADP
fbem-25627	62	49	enterprises	enterprise	NOUN
fbem-25627	62	50	[	[	X
fbem-25627	62	51	19	19	NUM
fbem-25627	62	52	]	]	PUNCT
fbem-25627	62	53	and	and	CCONJ
fbem-25627	62	54	ultimately	ultimately	ADV
fbem-25627	62	55	increase	increase	VERB
fbem-25627	62	56	the	the	DET
fbem-25627	62	57	value	value	NOUN
fbem-25627	62	58	of	of	ADP
fbem-25627	62	59	the	the	DET
fbem-25627	62	60	enterprise	enterprise	NOUN
fbem-25627	62	61	[	[	X
fbem-25627	62	62	14	14	NUM
fbem-25627	62	63	]	]	PUNCT
fbem-25627	62	64	however	however	ADV
fbem-25627	62	65	,	,	PUNCT
fbem-25627	62	66	some	some	DET
fbem-25627	62	67	scholars	scholar	NOUN
fbem-25627	62	68	have	have	AUX
fbem-25627	62	69	also	also	ADV
fbem-25627	62	70	found	find	VERB
fbem-25627	62	71	that	that	SCONJ
fbem-25627	62	72	enterprise	enterprise	NOUN
fbem-25627	62	73	technological	technological	ADJ
fbem-25627	62	74	innovation	innovation	NOUN
fbem-25627	62	75	can	can	AUX
fbem-25627	62	76	be	be	AUX
fbem-25627	62	77	promoted	promote	VERB
fbem-25627	62	78	by	by	ADP
fbem-25627	62	79	reducing	reduce	VERB
fbem-25627	62	80	agency	agency	NOUN
fbem-25627	62	81	costs	cost	NOUN
fbem-25627	62	82	,	,	PUNCT
fbem-25627	62	83	optimizing	optimize	VERB
fbem-25627	62	84	internal	internal	ADJ
fbem-25627	62	85	control	control	NOUN
fbem-25627	62	86	and	and	CCONJ
fbem-25627	62	87	improving	improve	VERB
fbem-25627	62	88	short	short	ADJ
fbem-25627	62	89	-	-	PUNCT
fbem-25627	62	90	sighted	sighted	ADJ
fbem-25627	62	91	behavior	behavior	NOUN
fbem-25627	62	92	.	.	PUNCT
fbem-25627	63	1	however	however	ADV
fbem-25627	63	2	,	,	PUNCT
fbem-25627	63	3	some	some	DET
fbem-25627	63	4	scholars	scholar	NOUN
fbem-25627	63	5	have	have	AUX
fbem-25627	63	6	found	find	VERB
fbem-25627	63	7	that	that	SCONJ
fbem-25627	63	8	corporate	corporate	ADJ
fbem-25627	63	9	esg	esg	NOUN
fbem-25627	63	10	practices	practice	NOUN
fbem-25627	63	11	can	can	AUX
fbem-25627	63	12	have	have	VERB
fbem-25627	63	13	a	a	DET
fbem-25627	63	14	negative	negative	ADJ
fbem-25627	63	15	impact	impact	NOUN
fbem-25627	63	16	on	on	ADP
fbem-25627	63	17	enterprises	enterprise	NOUN
fbem-25627	63	18	,	,	PUNCT
fbem-25627	63	19	and	and	CCONJ
fbem-25627	63	20	over	over	ADP
fbem-25627	63	21	-	-	PUNCT
fbem-25627	63	22	emphasis	emphasis	NOUN
fbem-25627	63	23	on	on	ADP
fbem-25627	63	24	esg	esg	PROPN
fbem-25627	63	25	may	may	AUX
fbem-25627	63	26	lead	lead	VERB
fbem-25627	63	27	to	to	ADP
fbem-25627	63	28	the	the	DET
fbem-25627	63	29	dispersion	dispersion	NOUN
fbem-25627	63	30	of	of	ADP
fbem-25627	63	31	corporate	corporate	ADJ
fbem-25627	63	32	resources	resource	NOUN
fbem-25627	63	33	,	,	PUNCT
fbem-25627	63	34	reduce	reduce	VERB
fbem-25627	63	35	the	the	DET
fbem-25627	63	36	enterprise	enterprise	NOUN
fbem-25627	63	37	's	's	PART
fbem-25627	63	38	main	main	ADJ
fbem-25627	63	39	business	business	NOUN
fbem-25627	63	40	and	and	CCONJ
fbem-25627	63	41	scientific	scientific	ADJ
fbem-25627	63	42	and	and	CCONJ
fbem-25627	63	43	technological	technological	ADJ
fbem-25627	63	44	research	research	NOUN
fbem-25627	63	45	and	and	CCONJ
fbem-25627	63	46	development	development	NOUN
fbem-25627	63	47	investment	investment	NOUN
fbem-25627	63	48	,	,	PUNCT
fbem-25627	63	49	reduce	reduce	VERB
fbem-25627	63	50	the	the	DET
fbem-25627	63	51	profitability	profitability	NOUN
fbem-25627	63	52	of	of	ADP
fbem-25627	63	53	the	the	DET
fbem-25627	63	54	enterprise	enterprise	NOUN
fbem-25627	63	55	,	,	PUNCT
fbem-25627	63	56	and	and	CCONJ
fbem-25627	63	57	increase	increase	VERB
fbem-25627	63	58	the	the	DET
fbem-25627	63	59	financial	financial	ADJ
fbem-25627	63	60	burden	burden	NOUN
fbem-25627	63	61	of	of	ADP
fbem-25627	63	62	the	the	DET
fbem-25627	63	63	enterprise	enterprise	NOUN
fbem-25627	63	64	,	,	PUNCT
fbem-25627	63	65	resulting	result	VERB
fbem-25627	63	66	in	in	ADP
fbem-25627	63	67	increased	increase	VERB
fbem-25627	63	68	corporate	corporate	ADJ
fbem-25627	63	69	risk	risk	NOUN
fbem-25627	63	70	,	,	PUNCT
fbem-25627	63	71	thus	thus	ADV
fbem-25627	63	72	affecting	affect	VERB
fbem-25627	63	73	the	the	DET
fbem-25627	63	74	operational	operational	ADJ
fbem-25627	63	75	efficiency	efficiency	NOUN
fbem-25627	63	76	of	of	ADP
fbem-25627	63	77	the	the	DET
fbem-25627	63	78	core	core	NOUN
fbem-25627	63	79	business	business	NOUN
fbem-25627	63	80	,	,	PUNCT
fbem-25627	63	81	which	which	PRON
fbem-25627	63	82	in	in	ADP
fbem-25627	63	83	turn	turn	NOUN
fbem-25627	63	84	affects	affect	VERB
fbem-25627	63	85	the	the	DET
fbem-25627	63	86	operational	operational	ADJ
fbem-25627	63	87	efficiency	efficiency	NOUN
fbem-25627	63	88	of	of	ADP
fbem-25627	63	89	the	the	DET
fbem-25627	63	90	core	core	NOUN
fbem-25627	63	91	business	business	NOUN
fbem-25627	63	92	.	.	PUNCT
fbem-25627	64	1	[	[	X
fbem-25627	64	2	20	20	NUM
fbem-25627	64	3	]	]	PUNCT
fbem-25627	64	4	thereby	thereby	ADV
fbem-25627	64	5	affecting	affect	VERB
fbem-25627	64	6	the	the	DET
fbem-25627	64	7	operational	operational	ADJ
fbem-25627	64	8	efficiency	efficiency	NOUN
fbem-25627	64	9	of	of	ADP
fbem-25627	64	10	the	the	DET
fbem-25627	64	11	core	core	NOUN
fbem-25627	64	12	business	business	NOUN
fbem-25627	64	13	.	.	PUNCT
fbem-25627	65	1	in	in	ADP
fbem-25627	65	2	addition	addition	NOUN
fbem-25627	65	3	,	,	PUNCT
fbem-25627	65	4	the	the	DET
fbem-25627	65	5	initial	initial	ADJ
fbem-25627	65	6	investment	investment	NOUN
fbem-25627	65	7	in	in	ADP
fbem-25627	65	8	esg	esg	PROPN
fbem-25627	65	9	practices	practice	NOUN
fbem-25627	65	10	is	be	AUX
fbem-25627	65	11	often	often	ADV
fbem-25627	65	12	large	large	ADJ
fbem-25627	65	13	,	,	PUNCT
fbem-25627	65	14	which	which	PRON
fbem-25627	65	15	may	may	AUX
fbem-25627	65	16	cause	cause	VERB
fbem-25627	65	17	financial	financial	ADJ
fbem-25627	65	18	pressure	pressure	NOUN
fbem-25627	65	19	for	for	ADP
fbem-25627	65	20	enterprises	enterprise	NOUN
fbem-25627	65	21	with	with	ADP
fbem-25627	65	22	a	a	DET
fbem-25627	65	23	tight	tight	ADJ
fbem-25627	65	24	capital	capital	NOUN
fbem-25627	65	25	chain	chain	NOUN
fbem-25627	65	26	,	,	PUNCT
fbem-25627	65	27	thus	thus	ADV
fbem-25627	65	28	harming	harm	VERB
fbem-25627	65	29	shareholders	shareholder	NOUN
fbem-25627	65	30	'	'	PART
fbem-25627	65	31	rights	right	NOUN
fbem-25627	65	32	and	and	CCONJ
fbem-25627	65	33	interests	interest	NOUN
fbem-25627	65	34	and	and	CCONJ
fbem-25627	65	35	bringing	bring	VERB
fbem-25627	65	36	risks	risk	NOUN
fbem-25627	65	37	to	to	ADP
fbem-25627	65	38	the	the	DET
fbem-25627	65	39	enterprise	enterprise	NOUN
fbem-25627	65	40	[	[	X
fbem-25627	65	41	21	21	NUM
fbem-25627	65	42	]	]	PUNCT
fbem-25627	65	43	.	.	PUNCT
fbem-25627	66	1	therefore	therefore	ADV
fbem-25627	66	2	,	,	PUNCT
fbem-25627	66	3	when	when	SCONJ
fbem-25627	66	4	promoting	promote	VERB
fbem-25627	66	5	esg	esg	NOUN
fbem-25627	66	6	practices	practice	NOUN
fbem-25627	66	7	,	,	PUNCT
fbem-25627	66	8	enterprises	enterprise	NOUN
fbem-25627	66	9	need	need	VERB
fbem-25627	66	10	to	to	PART
fbem-25627	66	11	weigh	weigh	VERB
fbem-25627	66	12	the	the	DET
fbem-25627	66	13	relationship	relationship	NOUN
fbem-25627	66	14	between	between	ADP
fbem-25627	66	15	the	the	DET
fbem-25627	66	16	long	long	ADJ
fbem-25627	66	17	-	-	PUNCT
fbem-25627	66	18	term	term	NOUN
fbem-25627	66	19	benefits	benefit	NOUN
fbem-25627	66	20	it	it	PRON
fbem-25627	66	21	brings	bring	VERB
fbem-25627	66	22	and	and	CCONJ
fbem-25627	66	23	the	the	DET
fbem-25627	66	24	short	short	ADJ
fbem-25627	66	25	-	-	PUNCT
fbem-25627	66	26	term	term	NOUN
fbem-25627	66	27	costs	cost	NOUN
fbem-25627	66	28	,	,	PUNCT
fbem-25627	66	29	formulate	formulate	VERB
fbem-25627	66	30	a	a	DET
fbem-25627	66	31	reasonable	reasonable	ADJ
fbem-25627	66	32	esg	esg	NOUN
fbem-25627	66	33	strategy	strategy	NOUN
fbem-25627	66	34	,	,	PUNCT
fbem-25627	66	35	and	and	CCONJ
fbem-25627	66	36	ensure	ensure	VERB
fbem-25627	66	37	that	that	SCONJ
fbem-25627	66	38	it	it	PRON
fbem-25627	66	39	is	be	AUX
fbem-25627	66	40	consistent	consistent	ADJ
fbem-25627	66	41	with	with	ADP
fbem-25627	66	42	the	the	DET
fbem-25627	66	43	core	core	NOUN
fbem-25627	66	44	competitiveness	competitiveness	NOUN
fbem-25627	66	45	and	and	CCONJ
fbem-25627	66	46	long	long	ADJ
fbem-25627	66	47	-	-	PUNCT
fbem-25627	66	48	term	term	NOUN
fbem-25627	66	49	development	development	NOUN
fbem-25627	66	50	goals	goal	NOUN
fbem-25627	66	51	of	of	ADP
fbem-25627	66	52	the	the	DET
fbem-25627	66	53	enterprise	enterprise	NOUN
fbem-25627	66	54	.	.	PUNCT
fbem-25627	67	1	fombrun	fombrun	ADJ
fbem-25627	67	2	summarizes	summarize	NOUN
fbem-25627	67	3	reputation	reputation	NOUN
fbem-25627	67	4	as	as	ADP
fbem-25627	67	5	"	"	PUNCT
fbem-25627	67	6	the	the	DET
fbem-25627	67	7	result	result	NOUN
fbem-25627	67	8	of	of	ADP
fbem-25627	67	9	all	all	DET
fbem-25627	67	10	past	past	ADJ
fbem-25627	67	11	actions	action	NOUN
fbem-25627	67	12	of	of	ADP
fbem-25627	67	13	a	a	DET
fbem-25627	67	14	firm	firm	NOUN
fbem-25627	67	15	that	that	PRON
fbem-25627	67	16	reflect	reflect	VERB
fbem-25627	67	17	its	its	PRON
fbem-25627	67	18	ability	ability	NOUN
fbem-25627	67	19	to	to	PART
fbem-25627	67	20	deliver	deliver	VERB
fbem-25627	67	21	value	value	NOUN
fbem-25627	67	22	to	to	ADP
fbem-25627	67	23	its	its	PRON
fbem-25627	67	24	stakeholders	stakeholder	NOUN
fbem-25627	67	25	,	,	PUNCT
fbem-25627	67	26	corporate	corporate	ADJ
fbem-25627	67	27	reputation	reputation	NOUN
fbem-25627	67	28	can	can	AUX
fbem-25627	67	29	be	be	AUX
fbem-25627	67	30	used	use	VERB
fbem-25627	67	31	to	to	PART
fbem-25627	67	32	measure	measure	VERB
fbem-25627	67	33	the	the	DET
fbem-25627	67	34	position	position	NOUN
fbem-25627	67	35	of	of	ADP
fbem-25627	67	36	the	the	DET
fbem-25627	67	37	firm	firm	NOUN
fbem-25627	67	38	among	among	ADP
fbem-25627	67	39	its	its	PRON
fbem-25627	67	40	stakeholders	stakeholder	NOUN
fbem-25627	67	41	,	,	PUNCT
fbem-25627	67	42	as	as	ADV
fbem-25627	67	43	well	well	ADV
fbem-25627	67	44	as	as	ADP
fbem-25627	67	45	the	the	DET
fbem-25627	67	46	competitive	competitive	ADJ
fbem-25627	67	47	environment	environment	NOUN
fbem-25627	67	48	in	in	ADP
fbem-25627	67	49	which	which	PRON
fbem-25627	67	50	the	the	DET
fbem-25627	67	51	firm	firm	NOUN
fbem-25627	67	52	operates	operate	VERB
fbem-25627	67	53	,	,	PUNCT
fbem-25627	67	54	and	and	CCONJ
fbem-25627	67	55	is	be	AUX
fbem-25627	67	56	a	a	DET
fbem-25627	67	57	good	good	ADJ
fbem-25627	67	58	name	name	NOUN
fbem-25627	67	59	for	for	ADP
fbem-25627	67	60	the	the	DET
fbem-25627	67	61	firm	firm	NOUN
fbem-25627	67	62	"	"	PUNCT
fbem-25627	68	1	[	[	X
fbem-25627	68	2	22	22	NUM
fbem-25627	68	3	]	]	PUNCT
fbem-25627	68	4	.	.	PUNCT
fbem-25627	69	1	in	in	ADP
fbem-25627	69	2	today	today	NOUN
fbem-25627	69	3	's	's	PART
fbem-25627	69	4	highly	highly	ADV
fbem-25627	69	5	developed	developed	ADJ
fbem-25627	69	6	information	information	NOUN
fbem-25627	69	7	society	society	NOUN
fbem-25627	69	8	,	,	PUNCT
fbem-25627	69	9	the	the	DET
fbem-25627	69	10	construction	construction	NOUN
fbem-25627	69	11	and	and	CCONJ
fbem-25627	69	12	maintenance	maintenance	NOUN
fbem-25627	69	13	of	of	ADP
fbem-25627	69	14	corporate	corporate	ADJ
fbem-25627	69	15	reputation	reputation	NOUN
fbem-25627	69	16	has	have	AUX
fbem-25627	69	17	become	become	VERB
fbem-25627	69	18	particularly	particularly	ADV
fbem-25627	69	19	important	important	ADJ
fbem-25627	69	20	.	.	PUNCT
fbem-25627	70	1	a	a	DET
fbem-25627	70	2	good	good	ADJ
fbem-25627	70	3	corporate	corporate	ADJ
fbem-25627	70	4	reputation	reputation	NOUN
fbem-25627	70	5	can	can	AUX
fbem-25627	70	6	bring	bring	VERB
fbem-25627	70	7	many	many	ADJ
fbem-25627	70	8	benefits	benefit	NOUN
fbem-25627	70	9	to	to	ADP
fbem-25627	70	10	a	a	DET
fbem-25627	70	11	company	company	NOUN
fbem-25627	70	12	,	,	PUNCT
fbem-25627	70	13	such	such	ADJ
fbem-25627	70	14	as	as	ADP
fbem-25627	70	15	enhancing	enhance	VERB
fbem-25627	70	16	customer	customer	NOUN
fbem-25627	70	17	loyalty	loyalty	NOUN
fbem-25627	70	18	,	,	PUNCT
fbem-25627	70	19	attracting	attract	VERB
fbem-25627	70	20	talented	talented	ADJ
fbem-25627	70	21	people	people	NOUN
fbem-25627	70	22	,	,	PUNCT
fbem-25627	70	23	increasing	increase	VERB
fbem-25627	70	24	investor	investor	NOUN
fbem-25627	70	25	confidence	confidence	NOUN
fbem-25627	70	26	,	,	PUNCT
fbem-25627	70	27	and	and	CCONJ
fbem-25627	70	28	gaining	gain	VERB
fbem-25627	70	29	a	a	DET
fbem-25627	70	30	competitive	competitive	ADJ
fbem-25627	70	31	advantage	advantage	NOUN
fbem-25627	70	32	in	in	ADP
fbem-25627	70	33	the	the	DET
fbem-25627	70	34	marketplace	marketplace	NOUN
fbem-25627	70	35	.	.	PUNCT
fbem-25627	71	1	the	the	DET
fbem-25627	71	2	practice	practice	NOUN
fbem-25627	71	3	of	of	ADP
fbem-25627	71	4	csr	csr	NOUN
fbem-25627	71	5	enhances	enhance	NOUN
fbem-25627	71	6	a	a	DET
fbem-25627	71	7	company	company	NOUN
fbem-25627	71	8	's	's	PART
fbem-25627	71	9	social	social	ADJ
fbem-25627	71	10	image	image	NOUN
fbem-25627	71	11	and	and	CCONJ
fbem-25627	71	12	strengthens	strengthen	VERB
fbem-25627	71	13	the	the	DET
fbem-25627	71	14	trust	trust	NOUN
fbem-25627	71	15	of	of	ADP
fbem-25627	71	16	consumers	consumer	NOUN
fbem-25627	71	17	and	and	CCONJ
fbem-25627	71	18	investors	investor	NOUN
fbem-25627	71	19	.	.	PUNCT
fbem-25627	72	1	the	the	DET
fbem-25627	72	2	fulfillment	fulfillment	NOUN
fbem-25627	72	3	of	of	ADP
fbem-25627	72	4	corporate	corporate	ADJ
fbem-25627	72	5	social	social	ADJ
fbem-25627	72	6	responsibility	responsibility	NOUN
fbem-25627	72	7	can	can	AUX
fbem-25627	72	8	indirectly	indirectly	ADV
fbem-25627	72	9	enhance	enhance	VERB
fbem-25627	72	10	customer	customer	NOUN
fbem-25627	72	11	trust	trust	NOUN
fbem-25627	72	12	including	include	VERB
fbem-25627	72	13	cognitive	cognitive	ADJ
fbem-25627	72	14	trust	trust	NOUN
fbem-25627	72	15	and	and	CCONJ
fbem-25627	72	16	affective	affective	NOUN
fbem-25627	72	17	trust	trust	NOUN
fbem-25627	72	18	in	in	ADP
fbem-25627	72	19	corporate	corporate	ADJ
fbem-25627	72	20	reputation	reputation	NOUN
fbem-25627	72	21	and	and	CCONJ
fbem-25627	72	22	customer	customer	NOUN
fbem-25627	72	23	satisfaction	satisfaction	NOUN
fbem-25627	72	24	which	which	PRON
fbem-25627	72	25	play	play	VERB
fbem-25627	72	26	the	the	DET
fbem-25627	72	27	role	role	NOUN
fbem-25627	72	28	of	of	ADP
fbem-25627	72	29	mediating	mediate	VERB
fbem-25627	72	30	variables	variable	NOUN
fbem-25627	72	31	.	.	PUNCT
fbem-25627	73	1	this	this	PRON
fbem-25627	73	2	means	mean	VERB
fbem-25627	73	3	that	that	SCONJ
fbem-25627	73	4	by	by	ADP
fbem-25627	73	5	actively	actively	ADV
fbem-25627	73	6	fulfilling	fulfil	VERB
fbem-25627	73	7	social	social	ADJ
fbem-25627	73	8	responsibility	responsibility	NOUN
fbem-25627	73	9	,	,	PUNCT
fbem-25627	73	10	companies	company	NOUN
fbem-25627	73	11	can	can	AUX
fbem-25627	73	12	not	not	PART
fbem-25627	73	13	only	only	ADV
fbem-25627	73	14	enhance	enhance	VERB
fbem-25627	73	15	their	their	PRON
fbem-25627	73	16	social	social	ADJ
fbem-25627	73	17	image	image	NOUN
fbem-25627	73	18	,	,	PUNCT
fbem-25627	73	19	but	but	CCONJ
fbem-25627	73	20	also	also	ADV
fbem-25627	73	21	further	far	ADV
fbem-25627	73	22	consolidate	consolidate	VERB
fbem-25627	73	23	and	and	CCONJ
fbem-25627	73	24	improve	improve	VERB
fbem-25627	73	25	their	their	PRON
fbem-25627	73	26	reputation	reputation	NOUN
fbem-25627	73	27	by	by	ADP
fbem-25627	73	28	enhancing	enhance	VERB
fbem-25627	73	29	customer	customer	NOUN
fbem-25627	73	30	trust	trust	NOUN
fbem-25627	73	31	.	.	PUNCT
fbem-25627	74	1	the	the	DET
fbem-25627	74	2	theory	theory	NOUN
fbem-25627	74	3	of	of	ADP
fbem-25627	74	4	csr	csr	NOUN
fbem-25627	74	5	is	be	AUX
fbem-25627	74	6	highly	highly	ADV
fbem-25627	74	7	inspirational	inspirational	ADJ
fbem-25627	74	8	to	to	ADP
fbem-25627	74	9	the	the	DET
fbem-25627	74	10	csr	csr	NOUN
fbem-25627	74	11	mindset	mindset	NOUN
fbem-25627	74	12	that	that	PRON
fbem-25627	74	13	has	have	AUX
fbem-25627	74	14	shifted	shift	VERB
fbem-25627	74	15	from	from	ADP
fbem-25627	74	16	shareholder	shareholder	NOUN
fbem-25627	74	17	supremacy	supremacy	NOUN
fbem-25627	74	18	to	to	ADP
fbem-25627	74	19	stakeholderism	stakeholderism	NOUN
fbem-25627	74	20	,	,	PUNCT
fbem-25627	74	21	laying	lay	VERB
fbem-25627	74	22	a	a	DET
fbem-25627	74	23	solid	solid	ADJ
fbem-25627	74	24	theoretical	theoretical	ADJ
fbem-25627	74	25	foundation	foundation	NOUN
fbem-25627	74	26	for	for	ADP
fbem-25627	74	27	the	the	DET
fbem-25627	74	28	popularization	popularization	NOUN
fbem-25627	74	29	and	and	CCONJ
fbem-25627	74	30	development	development	NOUN
fbem-25627	74	31	of	of	ADP
fbem-25627	74	32	the	the	DET
fbem-25627	74	33	esg	esg	PROPN
fbem-25627	74	34	concept	concept	NOUN
fbem-25627	74	35	.	.	PUNCT
fbem-25627	75	1	this	this	DET
fbem-25627	75	2	further	far	ADV
fbem-25627	75	3	suggests	suggest	VERB
fbem-25627	75	4	that	that	SCONJ
fbem-25627	75	5	by	by	ADP
fbem-25627	75	6	emphasizing	emphasize	VERB
fbem-25627	75	7	and	and	CCONJ
fbem-25627	75	8	practicing	practice	VERB
fbem-25627	75	9	esg	esg	PROPN
fbem-25627	75	10	concepts	concept	NOUN
fbem-25627	75	11	,	,	PUNCT
fbem-25627	75	12	companies	company	NOUN
fbem-25627	75	13	can	can	AUX
fbem-25627	75	14	better	well	ADV
fbem-25627	75	15	meet	meet	VERB
fbem-25627	75	16	the	the	DET
fbem-25627	75	17	needs	need	NOUN
fbem-25627	75	18	and	and	CCONJ
fbem-25627	75	19	expectations	expectation	NOUN
fbem-25627	75	20	of	of	ADP
fbem-25627	75	21	their	their	PRON
fbem-25627	75	22	stakeholders	stakeholder	NOUN
fbem-25627	75	23	and	and	CCONJ
fbem-25627	75	24	thus	thus	ADV
fbem-25627	75	25	enhance	enhance	VERB
fbem-25627	75	26	their	their	PRON
fbem-25627	75	27	reputation	reputation	NOUN
fbem-25627	75	28	.	.	PUNCT
fbem-25627	76	1	esg	esg	NOUN
fbem-25627	76	2	performance	performance	NOUN
fbem-25627	76	3	has	have	VERB
fbem-25627	76	4	a	a	DET
fbem-25627	76	5	significant	significant	ADJ
fbem-25627	76	6	facilitating	facilitating	NOUN
fbem-25627	76	7	and	and	CCONJ
fbem-25627	76	8	perpetuating	perpetuate	VERB
fbem-25627	76	9	effect	effect	NOUN
fbem-25627	76	10	on	on	ADP
fbem-25627	76	11	corporate	corporate	ADJ
fbem-25627	76	12	reputation	reputation	NOUN
fbem-25627	76	13	[	[	X
fbem-25627	76	14	23	23	NUM
fbem-25627	76	15	]	]	PUNCT
fbem-25627	76	16	esg	esg	NOUN
fbem-25627	76	17	performance	performance	NOUN
fbem-25627	76	18	has	have	VERB
fbem-25627	76	19	a	a	DET
fbem-25627	76	20	significant	significant	ADJ
fbem-25627	76	21	contributory	contributory	NOUN
fbem-25627	76	22	and	and	CCONJ
fbem-25627	76	23	perpetuating	perpetuate	VERB
fbem-25627	76	24	effect	effect	NOUN
fbem-25627	76	25	on	on	ADP
fbem-25627	76	26	corporate	corporate	ADJ
fbem-25627	76	27	reputation	reputation	NOUN
fbem-25627	76	28	.	.	PUNCT
fbem-25627	77	1	through	through	ADP
fbem-25627	77	2	positive	positive	ADJ
fbem-25627	77	3	esg	esg	PROPN
fbem-25627	77	4	performance	performance	NOUN
fbem-25627	77	5	,	,	PUNCT
fbem-25627	77	6	companies	company	NOUN
fbem-25627	77	7	can	can	AUX
fbem-25627	77	8	win	win	VERB
fbem-25627	77	9	lasting	last	VERB
fbem-25627	77	10	market	market	NOUN
fbem-25627	77	11	recognition	recognition	NOUN
fbem-25627	77	12	.	.	PUNCT
fbem-25627	78	1	a	a	DET
fbem-25627	78	2	high	high	ADJ
fbem-25627	78	3	level	level	NOUN
fbem-25627	78	4	of	of	ADP
fbem-25627	78	5	esg	esg	PROPN
fbem-25627	78	6	ratings	rating	NOUN
fbem-25627	78	7	helps	help	VERB
fbem-25627	78	8	attract	attract	VERB
fbem-25627	78	9	more	more	ADV
fbem-25627	78	10	socially	socially	ADV
fbem-25627	78	11	responsible	responsible	ADJ
fbem-25627	78	12	investors	investor	NOUN
fbem-25627	78	13	who	who	PRON
fbem-25627	78	14	are	be	AUX
fbem-25627	78	15	inclined	inclined	ADJ
fbem-25627	78	16	to	to	PART
fbem-25627	78	17	invest	invest	VERB
fbem-25627	78	18	in	in	ADP
fbem-25627	78	19	companies	company	NOUN
fbem-25627	78	20	that	that	PRON
fbem-25627	78	21	comply	comply	VERB
fbem-25627	78	22	with	with	ADP
fbem-25627	78	23	sustainability	sustainability	NOUN
fbem-25627	78	24	principles	principle	NOUN
fbem-25627	78	25	.	.	PUNCT
fbem-25627	79	1	consumers	consumer	NOUN
fbem-25627	79	2	are	be	AUX
fbem-25627	79	3	also	also	ADV
fbem-25627	79	4	increasingly	increasingly	ADV
fbem-25627	79	5	concerned	concerned	ADJ
fbem-25627	79	6	about	about	ADP
fbem-25627	79	7	corporate	corporate	ADJ
fbem-25627	79	8	social	social	ADJ
fbem-25627	79	9	responsibility	responsibility	NOUN
fbem-25627	79	10	and	and	CCONJ
fbem-25627	79	11	environmental	environmental	ADJ
fbem-25627	79	12	performance	performance	NOUN
fbem-25627	79	13	,	,	PUNCT
fbem-25627	79	14	firmly	firmly	ADV
fbem-25627	79	15	choosing	choose	VERB
fbem-25627	79	16	to	to	PART
fbem-25627	79	17	support	support	VERB
fbem-25627	79	18	companies	company	NOUN
fbem-25627	79	19	with	with	ADP
fbem-25627	79	20	excellent	excellent	ADJ
fbem-25627	79	21	esg	esg	PROPN
fbem-25627	79	22	.	.	PUNCT
fbem-25627	80	1	good	good	PROPN
fbem-25627	80	2	esg	esg	PROPN
fbem-25627	80	3	ratings	rating	NOUN
fbem-25627	80	4	can	can	AUX
fbem-25627	80	5	also	also	ADV
fbem-25627	80	6	attract	attract	VERB
fbem-25627	80	7	good	good	ADJ
fbem-25627	80	8	employees	employee	NOUN
fbem-25627	80	9	to	to	PART
fbem-25627	80	10	join	join	VERB
fbem-25627	80	11	the	the	DET
fbem-25627	80	12	company	company	NOUN
fbem-25627	80	13	,	,	PUNCT
fbem-25627	80	14	which	which	PRON
fbem-25627	80	15	can	can	AUX
fbem-25627	80	16	further	far	ADV
fbem-25627	80	17	enhance	enhance	VERB
fbem-25627	80	18	its	its	PRON
fbem-25627	80	19	competitiveness	competitiveness	NOUN
fbem-25627	80	20	[	[	X
fbem-25627	80	21	24	24	NUM
fbem-25627	80	22	]	]	PUNCT
fbem-25627	80	23	.	.	PUNCT
fbem-25627	81	1	from	from	ADP
fbem-25627	81	2	the	the	DET
fbem-25627	81	3	above	above	ADJ
fbem-25627	81	4	literature	literature	NOUN
fbem-25627	81	5	,	,	PUNCT
fbem-25627	81	6	it	it	PRON
fbem-25627	81	7	is	be	AUX
fbem-25627	81	8	clear	clear	ADJ
fbem-25627	81	9	that	that	SCONJ
fbem-25627	81	10	esg	esg	NOUN
fbem-25627	81	11	and	and	CCONJ
fbem-25627	81	12	reputation	reputation	NOUN
fbem-25627	81	13	are	be	AUX
fbem-25627	81	14	crucial	crucial	ADJ
fbem-25627	81	15	for	for	ADP
fbem-25627	81	16	sustainable	sustainable	ADJ
fbem-25627	81	17	and	and	CCONJ
fbem-25627	81	18	high	high	ADJ
fbem-25627	81	19	-	-	PUNCT
fbem-25627	81	20	quality	quality	NOUN
fbem-25627	81	21	corporate	corporate	ADJ
fbem-25627	81	22	development	development	NOUN
fbem-25627	81	23	,	,	PUNCT
fbem-25627	81	24	and	and	CCONJ
fbem-25627	81	25	this	this	DET
fbem-25627	81	26	paper	paper	NOUN
fbem-25627	81	27	attempts	attempt	VERB
fbem-25627	81	28	to	to	PART
fbem-25627	81	29	explore	explore	VERB
fbem-25627	81	30	the	the	DET
fbem-25627	81	31	relationship	relationship	NOUN
fbem-25627	81	32	between	between	ADP
fbem-25627	81	33	corporate	corporate	ADJ
fbem-25627	81	34	esg	esg	NOUN
fbem-25627	81	35	disclosure	disclosure	NOUN
fbem-25627	81	36	and	and	CCONJ
fbem-25627	81	37	reputation	reputation	NOUN
fbem-25627	81	38	to	to	PART
fbem-25627	81	39	enrich	enrich	VERB
fbem-25627	81	40	related	related	ADJ
fbem-25627	81	41	research	research	NOUN
fbem-25627	81	42	.	.	PUNCT
fbem-25627	82	1	based	base	VERB
fbem-25627	82	2	on	on	ADP
fbem-25627	82	3	this	this	PRON
fbem-25627	82	4	,	,	PUNCT
fbem-25627	82	5	this	this	DET
fbem-25627	82	6	paper	paper	NOUN
fbem-25627	82	7	proposes	propose	VERB
fbem-25627	82	8	research	research	NOUN
fbem-25627	82	9	hypothesis	hypothesis	NOUN
fbem-25627	82	10	2	2	NUM
fbem-25627	82	11	:	:	PUNCT
fbem-25627	82	12	h2	h2	NOUN
fbem-25627	82	13	:	:	PUNCT
fbem-25627	82	14	good	good	ADJ
fbem-25627	82	15	esg	esg	PROPN
fbem-25627	82	16	performance	performance	NOUN
fbem-25627	82	17	contributes	contribute	VERB
fbem-25627	82	18	to	to	ADP
fbem-25627	82	19	a	a	DET
fbem-25627	82	20	company	company	NOUN
fbem-25627	82	21	's	's	PART
fbem-25627	82	22	reputation	reputation	NOUN
fbem-25627	82	23	and	and	CCONJ
fbem-25627	82	24	signals	signal	VERB
fbem-25627	82	25	positive	positive	ADJ
fbem-25627	82	26	corporate	corporate	ADJ
fbem-25627	82	27	growth	growth	NOUN
fbem-25627	82	28	to	to	ADP
fbem-25627	82	29	good	good	ADJ
fbem-25627	82	30	employees	employee	NOUN
fbem-25627	82	31	.	.	PUNCT
fbem-25627	83	1	2.3	2.3	NUM
fbem-25627	83	2	.	.	PUNCT
fbem-25627	83	3	impact	impact	NOUN
fbem-25627	83	4	of	of	ADP
fbem-25627	83	5	esg	esg	NOUN
fbem-25627	83	6	performance	performance	NOUN
fbem-25627	83	7	on	on	ADP
fbem-25627	83	8	corporate	corporate	ADJ
fbem-25627	83	9	environmental	environmental	ADJ
fbem-25627	83	10	performance	performance	NOUN
fbem-25627	83	11	based	base	VERB
fbem-25627	83	12	on	on	ADP
fbem-25627	83	13	government	government	NOUN
fbem-25627	83	14	stakeholder	stakeholder	NOUN
fbem-25627	83	15	perspective	perspective	PROPN
fbem-25627	83	16	academics	academic	NOUN
fbem-25627	83	17	around	around	ADP
fbem-25627	83	18	corporate	corporate	ADJ
fbem-25627	83	19	esg	esg	NOUN
fbem-25627	83	20	performance	performance	NOUN
fbem-25627	83	21	have	have	AUX
fbem-25627	83	22	mainly	mainly	ADV
fbem-25627	83	23	analyzed	analyze	VERB
fbem-25627	83	24	the	the	DET
fbem-25627	83	25	impact	impact	NOUN
fbem-25627	83	26	of	of	ADP
fbem-25627	83	27	esg	esg	NOUN
fbem-25627	83	28	on	on	ADP
fbem-25627	83	29	corporate	corporate	ADJ
fbem-25627	83	30	value	value	NOUN
fbem-25627	83	31	[	[	X
fbem-25627	83	32	25	25	NUM
fbem-25627	83	33	]	]	PUNCT
fbem-25627	83	34	and	and	CCONJ
fbem-25627	83	35	institutional	institutional	ADJ
fbem-25627	83	36	investor	investor	NOUN
fbem-25627	83	37	preferences	preference	NOUN
fbem-25627	83	38	[	[	X
fbem-25627	83	39	26	26	NUM
fbem-25627	83	40	]	]	X
fbem-25627	83	41	financial	financial	ADJ
fbem-25627	83	42	performance	performance	NOUN
fbem-25627	83	43	[	[	X
fbem-25627	83	44	27	27	NUM
fbem-25627	83	45	]	]	PUNCT
fbem-25627	83	46	risk	risk	NOUN
fbem-25627	83	47	-	-	PUNCT
fbem-25627	83	48	taking	taking	NOUN
fbem-25627	83	49	[	[	NOUN
fbem-25627	83	50	28	28	NUM
fbem-25627	83	51	]	]	PUNCT
fbem-25627	83	52	etc	etc	X
fbem-25627	83	53	.	.	X
fbem-25627	83	54	,	,	PUNCT
fbem-25627	83	55	while	while	SCONJ
fbem-25627	83	56	the	the	DET
fbem-25627	83	57	existing	exist	VERB
fbem-25627	83	58	literature	literature	NOUN
fbem-25627	83	59	has	have	AUX
fbem-25627	83	60	not	not	PART
fbem-25627	83	61	explored	explore	VERB
fbem-25627	83	62	whether	whether	SCONJ
fbem-25627	83	63	esg	esg	PROPN
fbem-25627	83	64	performance	performance	NOUN
fbem-25627	83	65	plays	play	VERB
fbem-25627	83	66	a	a	DET
fbem-25627	83	67	role	role	NOUN
fbem-25627	83	68	in	in	ADP
fbem-25627	83	69	its	its	PRON
fbem-25627	83	70	environmental	environmental	ADJ
fbem-25627	83	71	performance	performance	NOUN
fbem-25627	83	72	.	.	PUNCT
fbem-25627	84	1	however	however	ADV
fbem-25627	84	2	,	,	PUNCT
fbem-25627	84	3	regarding	regard	VERB
fbem-25627	84	4	the	the	DET
fbem-25627	84	5	relationship	relationship	NOUN
fbem-25627	84	6	between	between	ADP
fbem-25627	84	7	environmental	environmental	ADJ
fbem-25627	84	8	performance	performance	NOUN
fbem-25627	84	9	and	and	CCONJ
fbem-25627	84	10	environmental	environmental	ADJ
fbem-25627	84	11	information	information	NOUN
fbem-25627	84	12	disclosure	disclosure	NOUN
fbem-25627	84	13	,	,	PUNCT
fbem-25627	84	14	previous	previous	ADJ
fbem-25627	84	15	foreign	foreign	ADJ
fbem-25627	84	16	literature	literature	NOUN
fbem-25627	84	17	has	have	VERB
fbem-25627	84	18	different	different	ADJ
fbem-25627	84	19	research	research	NOUN
fbem-25627	84	20	perspectives	perspective	NOUN
fbem-25627	84	21	in	in	ADP
fbem-25627	84	22	theory	theory	NOUN
fbem-25627	84	23	,	,	PUNCT
fbem-25627	84	24	forming	form	VERB
fbem-25627	84	25	different	different	ADJ
fbem-25627	84	26	views	view	NOUN
fbem-25627	84	27	and	and	CCONJ
fbem-25627	84	28	research	research	NOUN
fbem-25627	84	29	conclusions	conclusion	NOUN
fbem-25627	84	30	.	.	PUNCT
fbem-25627	85	1	based	base	VERB
fbem-25627	85	2	on	on	ADP
fbem-25627	85	3	legitimacy	legitimacy	NOUN
fbem-25627	85	4	theory	theory	NOUN
fbem-25627	85	5	and	and	CCONJ
fbem-25627	85	6	stakeholder	stakeholder	NOUN
fbem-25627	85	7	theory	theory	NOUN
fbem-25627	85	8	,	,	PUNCT
fbem-25627	85	9	it	it	PRON
fbem-25627	85	10	is	be	AUX
fbem-25627	85	11	believed	believe	VERB
fbem-25627	85	12	that	that	SCONJ
fbem-25627	85	13	environmental	environmental	ADJ
fbem-25627	85	14	performance	performance	NOUN
fbem-25627	85	15	is	be	AUX
fbem-25627	85	16	negatively	negatively	ADV
fbem-25627	85	17	related	relate	VERB
fbem-25627	85	18	to	to	ADP
fbem-25627	85	19	environmental	environmental	ADJ
fbem-25627	85	20	information	information	NOUN
fbem-25627	85	21	disclosure	disclosure	NOUN
fbem-25627	85	22	,	,	PUNCT
fbem-25627	85	23	and	and	CCONJ
fbem-25627	85	24	enterprises	enterprise	NOUN
fbem-25627	85	25	with	with	ADP
fbem-25627	85	26	poorer	poor	ADJ
fbem-25627	85	27	environmental	environmental	ADJ
fbem-25627	85	28	performance	performance	NOUN
fbem-25627	85	29	are	be	AUX
fbem-25627	85	30	more	more	ADV
fbem-25627	85	31	motivated	motivated	ADJ
fbem-25627	85	32	to	to	PART
fbem-25627	85	33	disclose	disclose	VERB
fbem-25627	85	34	environmental	environmental	ADJ
fbem-25627	85	35	information	information	NOUN
fbem-25627	85	36	in	in	ADP
fbem-25627	85	37	order	order	NOUN
fbem-25627	85	38	to	to	PART
fbem-25627	85	39	improve	improve	VERB
fbem-25627	85	40	legitimacy	legitimacy	NOUN
fbem-25627	85	41	and	and	CCONJ
fbem-25627	85	42	change	change	VERB
fbem-25627	85	43	stakeholders	stakeholder	NOUN
fbem-25627	85	44	'	'	PART
fbem-25627	85	45	perception	perception	NOUN
fbem-25627	85	46	of	of	ADP
fbem-25627	85	47	their	their	PRON
fbem-25627	85	48	actual	actual	ADJ
fbem-25627	85	49	environmental	environmental	ADJ
fbem-25627	85	50	performance	performance	NOUN
fbem-25627	85	51	,	,	PUNCT
fbem-25627	85	52	and	and	CCONJ
fbem-25627	85	53	there	there	PRON
fbem-25627	85	54	is	be	VERB
fbem-25627	85	55	a	a	DET
fbem-25627	85	56	negative	negative	ADJ
fbem-25627	85	57	correlation	correlation	NOUN
fbem-25627	85	58	between	between	ADP
fbem-25627	85	59	corporate	corporate	ADJ
fbem-25627	85	60	environmental	environmental	ADJ
fbem-25627	85	61	performance	performance	NOUN
fbem-25627	85	62	and	and	CCONJ
fbem-25627	85	63	environmental	environmental	ADJ
fbem-25627	85	64	information	information	NOUN
fbem-25627	85	65	disclosure	disclosure	NOUN
fbem-25627	85	66	.	.	PUNCT
fbem-25627	86	1	based	base	VERB
fbem-25627	86	2	on	on	ADP
fbem-25627	86	3	the	the	DET
fbem-25627	86	4	economic	economic	ADJ
fbem-25627	86	5	theory	theory	NOUN
fbem-25627	86	6	perspective	perspective	NOUN
fbem-25627	86	7	,	,	PUNCT
fbem-25627	86	8	firms	firm	NOUN
fbem-25627	86	9	with	with	ADP
fbem-25627	86	10	good	good	ADJ
fbem-25627	86	11	environmental	environmental	ADJ
fbem-25627	86	12	performance	performance	NOUN
fbem-25627	86	13	are	be	AUX
fbem-25627	86	14	more	more	ADV
fbem-25627	86	15	motivated	motivated	ADJ
fbem-25627	86	16	to	to	PART
fbem-25627	86	17	improve	improve	VERB
fbem-25627	86	18	the	the	DET
fbem-25627	86	19	level	level	NOUN
fbem-25627	86	20	of	of	ADP
fbem-25627	86	21	environmental	environmental	ADJ
fbem-25627	86	22	information	information	NOUN
fbem-25627	86	23	disclosure	disclosure	NOUN
fbem-25627	86	24	to	to	PART
fbem-25627	86	25	distinguish	distinguish	VERB
fbem-25627	86	26	themselves	themselves	PRON
fbem-25627	86	27	from	from	ADP
fbem-25627	86	28	firms	firm	NOUN
fbem-25627	86	29	with	with	ADP
fbem-25627	86	30	poor	poor	ADJ
fbem-25627	86	31	environmental	environmental	ADJ
fbem-25627	86	32	performance	performance	NOUN
fbem-25627	86	33	,	,	PUNCT
fbem-25627	86	34	and	and	CCONJ
fbem-25627	86	35	there	there	PRON
fbem-25627	86	36	is	be	VERB
fbem-25627	86	37	a	a	DET
fbem-25627	86	38	positive	positive	ADJ
fbem-25627	86	39	correlation	correlation	NOUN
fbem-25627	86	40	between	between	ADP
fbem-25627	86	41	firms	firm	NOUN
fbem-25627	86	42	'	'	PART
fbem-25627	86	43	environmental	environmental	ADJ
fbem-25627	86	44	performance	performance	NOUN
fbem-25627	86	45	and	and	CCONJ
fbem-25627	86	46	environmental	environmental	ADJ
fbem-25627	86	47	information	information	NOUN
fbem-25627	86	48	disclosure	disclosure	NOUN
fbem-25627	86	49	.	.	PUNCT
fbem-25627	87	1	in	in	ADP
fbem-25627	87	2	conclusion	conclusion	NOUN
fbem-25627	87	3	,	,	PUNCT
fbem-25627	87	4	most	most	ADJ
fbem-25627	87	5	studies	study	NOUN
fbem-25627	87	6	support	support	VERB
fbem-25627	87	7	the	the	DET
fbem-25627	87	8	idea	idea	NOUN
fbem-25627	87	9	that	that	SCONJ
fbem-25627	87	10	firms	firm	NOUN
fbem-25627	87	11	utilize	utilize	VERB
fbem-25627	87	12	the	the	DET
fbem-25627	87	13	disclosure	disclosure	NOUN
fbem-25627	87	14	of	of	ADP
fbem-25627	87	15	environmental	environmental	ADJ
fbem-25627	87	16	information	information	NOUN
fbem-25627	87	17	as	as	ADP
fbem-25627	87	18	a	a	DET
fbem-25627	87	19	tool	tool	NOUN
fbem-25627	87	20	for	for	ADP
fbem-25627	87	21	their	their	PRON
fbem-25627	87	22	legitimacy	legitimacy	NOUN
fbem-25627	87	23	[	[	X
fbem-25627	87	24	29	29	NUM
fbem-25627	87	25	]	]	PUNCT
fbem-25627	87	26	.	.	PUNCT
fbem-25627	88	1	there	there	PRON
fbem-25627	88	2	is	be	VERB
fbem-25627	88	3	an	an	DET
fbem-25627	88	4	implicit	implicit	ADJ
fbem-25627	88	5	social	social	ADJ
fbem-25627	88	6	contract	contract	NOUN
fbem-25627	88	7	between	between	ADP
fbem-25627	88	8	the	the	DET
fbem-25627	88	9	enterprise	enterprise	NOUN
fbem-25627	88	10	and	and	CCONJ
fbem-25627	88	11	its	its	PRON
fbem-25627	88	12	stakeholders	stakeholder	NOUN
fbem-25627	88	13	,	,	PUNCT
fbem-25627	88	14	and	and	CCONJ
fbem-25627	88	15	if	if	SCONJ
fbem-25627	88	16	the	the	DET
fbem-25627	88	17	enterprise	enterprise	NOUN
fbem-25627	88	18	violates	violate	VERB
fbem-25627	88	19	the	the	DET
fbem-25627	88	20	requirements	requirement	NOUN
fbem-25627	88	21	of	of	ADP
fbem-25627	88	22	the	the	DET
fbem-25627	88	23	contract	contract	NOUN
fbem-25627	88	24	,	,	PUNCT
fbem-25627	88	25	the	the	DET
fbem-25627	88	26	legitimacy	legitimacy	NOUN
fbem-25627	88	27	of	of	ADP
fbem-25627	88	28	the	the	DET
fbem-25627	88	29	enterprise	enterprise	NOUN
fbem-25627	88	30	's	's	PART
fbem-25627	88	31	operation	operation	NOUN
fbem-25627	88	32	will	will	AUX
fbem-25627	88	33	be	be	AUX
fbem-25627	88	34	questioned	question	VERB
fbem-25627	88	35	,	,	PUNCT
fbem-25627	88	36	thus	thus	ADV
fbem-25627	88	37	incurring	incur	VERB
fbem-25627	88	38	the	the	DET
fbem-25627	88	39	risk	risk	NOUN
fbem-25627	88	40	of	of	ADP
fbem-25627	88	41	litigation	litigation	NOUN
fbem-25627	88	42	and	and	CCONJ
fbem-25627	88	43	public	public	ADJ
fbem-25627	88	44	opinion	opinion	NOUN
fbem-25627	88	45	pressure	pressure	NOUN
fbem-25627	88	46	[	[	X
fbem-25627	88	47	30	30	NUM
fbem-25627	88	48	]	]	PUNCT
fbem-25627	88	49	.	.	PUNCT
fbem-25627	89	1	therefore	therefore	ADV
fbem-25627	89	2	,	,	PUNCT
fbem-25627	89	3	enterprises	enterprise	NOUN
fbem-25627	89	4	should	should	AUX
fbem-25627	89	5	not	not	PART
fbem-25627	89	6	emphasize	emphasize	VERB
fbem-25627	89	7	their	their	PRON
fbem-25627	89	8	own	own	ADJ
fbem-25627	89	9	financial	financial	ADJ
fbem-25627	89	10	performance	performance	NOUN
fbem-25627	89	11	,	,	PUNCT
fbem-25627	89	12	but	but	CCONJ
fbem-25627	89	13	should	should	AUX
fbem-25627	89	14	comprehensively	comprehensively	ADV
fbem-25627	89	15	balance	balance	VERB
fbem-25627	89	16	the	the	DET
fbem-25627	89	17	requirements	requirement	NOUN
fbem-25627	89	18	of	of	ADP
fbem-25627	89	19	each	each	DET
fbem-25627	89	20	stakeholder	stakeholder	NOUN
fbem-25627	89	21	.	.	PUNCT
fbem-25627	90	1	the	the	DET
fbem-25627	90	2	government	government	NOUN
fbem-25627	90	3	,	,	PUNCT
fbem-25627	90	4	as	as	ADP
fbem-25627	90	5	an	an	DET
fbem-25627	90	6	important	important	ADJ
fbem-25627	90	7	stakeholder	stakeholder	NOUN
fbem-25627	90	8	of	of	ADP
fbem-25627	90	9	enterprises	enterprise	NOUN
fbem-25627	90	10	,	,	PUNCT
fbem-25627	90	11	has	have	AUX
fbem-25627	90	12	been	be	AUX
fbem-25627	90	13	promoting	promote	VERB
fbem-25627	90	14	the	the	DET
fbem-25627	90	15	improvement	improvement	NOUN
fbem-25627	90	16	of	of	ADP
fbem-25627	90	17	esg	esg	NOUN
fbem-25627	90	18	performance	performance	NOUN
fbem-25627	90	19	by	by	ADP
fbem-25627	90	20	optimizing	optimize	VERB
fbem-25627	90	21	the	the	DET
fbem-25627	90	22	allocation	allocation	NOUN
fbem-25627	90	23	of	of	ADP
fbem-25627	90	24	resources	resource	NOUN
fbem-25627	90	25	as	as	ADP
fbem-25627	90	26	the	the	DET
fbem-25627	90	27	esg	esg	NOUN
fbem-25627	90	28	performance	performance	NOUN
fbem-25627	90	29	of	of	ADP
fbem-25627	90	30	enterprises	enterprise	NOUN
fbem-25627	90	31	has	have	AUX
fbem-25627	90	32	come	come	VERB
fbem-25627	90	33	into	into	ADP
fbem-25627	90	34	the	the	DET
fbem-25627	90	35	public	public	ADJ
fbem-25627	90	36	eye	eye	NOUN
fbem-25627	90	37	in	in	ADP
fbem-25627	90	38	recent	recent	ADJ
fbem-25627	90	39	years	year	NOUN
fbem-25627	91	1	[	[	X
fbem-25627	91	2	31	31	NUM
fbem-25627	91	3	]	]	PUNCT
fbem-25627	91	4	.	.	PUNCT
fbem-25627	92	1	the	the	DET
fbem-25627	92	2	government	government	NOUN
fbem-25627	92	3	has	have	AUX
fbem-25627	92	4	also	also	ADV
fbem-25627	92	5	been	be	AUX
fbem-25627	92	6	promoting	promote	VERB
fbem-25627	92	7	the	the	DET
fbem-25627	92	8	improvement	improvement	NOUN
fbem-25627	92	9	of	of	ADP
fbem-25627	92	10	esg	esg	NOUN
fbem-25627	92	11	performance	performance	NOUN
fbem-25627	92	12	by	by	ADP
fbem-25627	92	13	optimizing	optimize	VERB
fbem-25627	92	14	resource	resource	NOUN
fbem-25627	92	15	allocation	allocation	NOUN
fbem-25627	92	16	.	.	PUNCT
fbem-25627	93	1	on	on	ADP
fbem-25627	93	2	the	the	DET
fbem-25627	93	3	one	one	NUM
fbem-25627	93	4	hand	hand	NOUN
fbem-25627	93	5	,	,	PUNCT
fbem-25627	93	6	it	it	PRON
fbem-25627	93	7	helps	help	VERB
fbem-25627	93	8	enterprises	enterprise	NOUN
fbem-25627	93	9	share	share	VERB
fbem-25627	93	10	the	the	DET
fbem-25627	93	11	uncertainty	uncertainty	NOUN
fbem-25627	93	12	risk	risk	VERB
fbem-25627	93	13	through	through	ADP
fbem-25627	93	14	policy	policy	NOUN
fbem-25627	93	15	and	and	CCONJ
fbem-25627	93	16	environmental	environmental	ADJ
fbem-25627	93	17	protection	protection	NOUN
fbem-25627	93	18	subsidies	subsidy	NOUN
fbem-25627	93	19	,	,	PUNCT
fbem-25627	93	20	and	and	CCONJ
fbem-25627	93	21	promotes	promote	VERB
fbem-25627	93	22	the	the	DET
fbem-25627	93	23	smooth	smooth	ADJ
fbem-25627	93	24	implementation	implementation	NOUN
fbem-25627	93	25	of	of	ADP
fbem-25627	93	26	esg	esg	NOUN
fbem-25627	93	27	system	system	NOUN
fbem-25627	93	28	construction	construction	NOUN
fbem-25627	93	29	;	;	PUNCT
fbem-25627	93	30	on	on	ADP
fbem-25627	93	31	the	the	DET
fbem-25627	93	32	other	other	ADJ
fbem-25627	93	33	hand	hand	NOUN
fbem-25627	93	34	,	,	PUNCT
fbem-25627	93	35	under	under	ADP
fbem-25627	93	36	government	government	NOUN
fbem-25627	93	37	regulation	regulation	NOUN
fbem-25627	93	38	,	,	PUNCT
fbem-25627	93	39	it	it	PRON
fbem-25627	93	40	helps	help	VERB
fbem-25627	93	41	enterprises	enterprise	NOUN
fbem-25627	93	42	share	share	VERB
fbem-25627	93	43	the	the	DET
fbem-25627	93	44	uncertainty	uncertainty	NOUN
fbem-25627	93	45	risk	risk	VERB
fbem-25627	93	46	through	through	ADP
fbem-25627	93	47	policy	policy	NOUN
fbem-25627	93	48	and	and	CCONJ
fbem-25627	93	49	environmental	environmental	ADJ
fbem-25627	93	50	protection	protection	NOUN
fbem-25627	93	51	subsidies	subsidy	NOUN
fbem-25627	93	52	,	,	PUNCT
fbem-25627	93	53	and	and	CCONJ
fbem-25627	93	54	promotes	promote	VERB
fbem-25627	93	55	the	the	DET
fbem-25627	93	56	smooth	smooth	ADJ
fbem-25627	93	57	implementation	implementation	NOUN
fbem-25627	93	58	of	of	ADP
fbem-25627	93	59	esg	esg	NOUN
fbem-25627	93	60	system	system	NOUN
fbem-25627	93	61	construction	construction	NOUN
fbem-25627	93	62	[	[	X
fbem-25627	93	63	32	32	NUM
fbem-25627	93	64	]	]	PUNCT
fbem-25627	93	65	.	.	PUNCT
fbem-25627	94	1	274	274	NUM
fbem-25627	94	2	besides	besides	ADV
fbem-25627	94	3	,	,	PUNCT
fbem-25627	94	4	under	under	ADP
fbem-25627	94	5	government	government	NOUN
fbem-25627	94	6	regulation	regulation	NOUN
fbem-25627	94	7	,	,	PUNCT
fbem-25627	94	8	the	the	PRON
fbem-25627	94	9	greater	great	ADJ
fbem-25627	94	10	the	the	DET
fbem-25627	94	11	external	external	ADJ
fbem-25627	94	12	environmental	environmental	ADJ
fbem-25627	94	13	regulatory	regulatory	ADJ
fbem-25627	94	14	pressure	pressure	NOUN
fbem-25627	94	15	on	on	ADP
fbem-25627	94	16	enterprises	enterprise	NOUN
fbem-25627	94	17	,	,	PUNCT
fbem-25627	94	18	the	the	PRON
fbem-25627	94	19	higher	high	ADJ
fbem-25627	94	20	the	the	DET
fbem-25627	94	21	degree	degree	NOUN
fbem-25627	94	22	of	of	ADP
fbem-25627	94	23	attention	attention	NOUN
fbem-25627	94	24	to	to	ADP
fbem-25627	94	25	corporate	corporate	ADJ
fbem-25627	94	26	environmental	environmental	ADJ
fbem-25627	94	27	information	information	NOUN
fbem-25627	94	28	disclosure	disclosure	NOUN
fbem-25627	94	29	.	.	PUNCT
fbem-25627	95	1	in	in	ADP
fbem-25627	95	2	order	order	NOUN
fbem-25627	95	3	to	to	PART
fbem-25627	95	4	send	send	VERB
fbem-25627	95	5	the	the	DET
fbem-25627	95	6	signal	signal	NOUN
fbem-25627	95	7	of	of	ADP
fbem-25627	95	8	good	good	ADJ
fbem-25627	95	9	environmental	environmental	ADJ
fbem-25627	95	10	performance	performance	NOUN
fbem-25627	95	11	to	to	ADP
fbem-25627	95	12	the	the	DET
fbem-25627	95	13	government	government	NOUN
fbem-25627	95	14	and	and	CCONJ
fbem-25627	95	15	other	other	ADJ
fbem-25627	95	16	stakeholders	stakeholder	NOUN
fbem-25627	95	17	,	,	PUNCT
fbem-25627	95	18	and	and	CCONJ
fbem-25627	95	19	to	to	PART
fbem-25627	95	20	maintain	maintain	VERB
fbem-25627	95	21	corporate	corporate	ADJ
fbem-25627	95	22	image	image	NOUN
fbem-25627	95	23	and	and	CCONJ
fbem-25627	95	24	reputation	reputation	NOUN
fbem-25627	95	25	,	,	PUNCT
fbem-25627	95	26	there	there	PRON
fbem-25627	95	27	will	will	AUX
fbem-25627	95	28	be	be	AUX
fbem-25627	95	29	a	a	DET
fbem-25627	95	30	closer	close	ADJ
fbem-25627	95	31	link	link	NOUN
fbem-25627	95	32	between	between	ADP
fbem-25627	95	33	corporate	corporate	ADJ
fbem-25627	95	34	esg	esg	NOUN
fbem-25627	95	35	performance	performance	NOUN
fbem-25627	95	36	and	and	CCONJ
fbem-25627	95	37	environmental	environmental	ADJ
fbem-25627	95	38	information	information	NOUN
fbem-25627	95	39	disclosure	disclosure	NOUN
fbem-25627	95	40	.	.	PUNCT
fbem-25627	96	1	among	among	ADP
fbem-25627	96	2	them	they	PRON
fbem-25627	96	3	,	,	PUNCT
fbem-25627	96	4	as	as	SCONJ
fbem-25627	96	5	esg	esg	NOUN
fbem-25627	96	6	performance	performance	NOUN
fbem-25627	96	7	involves	involve	VERB
fbem-25627	96	8	the	the	DET
fbem-25627	96	9	disclosure	disclosure	NOUN
fbem-25627	96	10	of	of	ADP
fbem-25627	96	11	corporate	corporate	ADJ
fbem-25627	96	12	environmental	environmental	ADJ
fbem-25627	96	13	sustainability	sustainability	NOUN
fbem-25627	96	14	-	-	PUNCT
fbem-25627	96	15	related	relate	VERB
fbem-25627	96	16	information	information	NOUN
fbem-25627	96	17	,	,	PUNCT
fbem-25627	96	18	government	government	NOUN
fbem-25627	96	19	environmental	environmental	ADJ
fbem-25627	96	20	regulation	regulation	NOUN
fbem-25627	96	21	and	and	CCONJ
fbem-25627	96	22	environmental	environmental	ADJ
fbem-25627	96	23	protection	protection	NOUN
fbem-25627	96	24	subsidies	subsidy	NOUN
fbem-25627	96	25	are	be	AUX
fbem-25627	96	26	based	base	VERB
fbem-25627	96	27	on	on	ADP
fbem-25627	96	28	corporate	corporate	ADJ
fbem-25627	96	29	environmental	environmental	ADJ
fbem-25627	96	30	information	information	NOUN
fbem-25627	96	31	disclosure	disclosure	NOUN
fbem-25627	96	32	to	to	ADP
fbem-25627	96	33	a	a	DET
fbem-25627	96	34	certain	certain	ADJ
fbem-25627	96	35	extent	extent	NOUN
fbem-25627	96	36	.	.	PUNCT
fbem-25627	97	1	moreover	moreover	ADV
fbem-25627	97	2	,	,	PUNCT
fbem-25627	97	3	since	since	SCONJ
fbem-25627	97	4	china	china	PROPN
fbem-25627	97	5	's	's	PART
fbem-25627	97	6	"	"	PUNCT
fbem-25627	97	7	dual	dual	ADJ
fbem-25627	97	8	-	-	PUNCT
fbem-25627	97	9	carbon	carbon	NOUN
fbem-25627	97	10	"	"	PUNCT
fbem-25627	97	11	development	development	NOUN
fbem-25627	97	12	goal	goal	NOUN
fbem-25627	97	13	was	be	AUX
fbem-25627	97	14	put	put	VERB
fbem-25627	97	15	forward	forward	ADV
fbem-25627	97	16	,	,	PUNCT
fbem-25627	97	17	china	china	PROPN
fbem-25627	97	18	's	's	PART
fbem-25627	97	19	government	government	NOUN
fbem-25627	97	20	policy	policy	NOUN
fbem-25627	97	21	on	on	ADP
fbem-25627	97	22	esg	esg	PROPN
fbem-25627	97	23	performance	performance	NOUN
fbem-25627	97	24	has	have	AUX
fbem-25627	97	25	been	be	AUX
fbem-25627	97	26	significantly	significantly	ADV
fbem-25627	97	27	strengthened	strengthen	VERB
fbem-25627	97	28	[	[	PUNCT
fbem-25627	97	29	33	33	NUM
fbem-25627	97	30	]	]	PUNCT
fbem-25627	97	31	.	.	PUNCT
fbem-25627	98	1	since	since	SCONJ
fbem-25627	98	2	china	china	PROPN
fbem-25627	98	3	's	's	PART
fbem-25627	98	4	"	"	PUNCT
fbem-25627	98	5	dual	dual	ADJ
fbem-25627	98	6	carbon	carbon	NOUN
fbem-25627	98	7	"	"	PUNCT
fbem-25627	98	8	development	development	NOUN
fbem-25627	98	9	goal	goal	NOUN
fbem-25627	98	10	was	be	AUX
fbem-25627	98	11	proposed	propose	VERB
fbem-25627	98	12	,	,	PUNCT
fbem-25627	98	13	the	the	DET
fbem-25627	98	14	government	government	NOUN
fbem-25627	98	15	has	have	AUX
fbem-25627	98	16	significantly	significantly	ADV
fbem-25627	98	17	strengthened	strengthen	VERB
fbem-25627	98	18	its	its	PRON
fbem-25627	98	19	policy	policy	NOUN
fbem-25627	98	20	on	on	ADP
fbem-25627	98	21	esg	esg	PROPN
fbem-25627	98	22	performance	performance	NOUN
fbem-25627	98	23	.	.	PUNCT
fbem-25627	99	1	therefore	therefore	ADV
fbem-25627	99	2	,	,	PUNCT
fbem-25627	99	3	in	in	ADP
fbem-25627	99	4	order	order	NOUN
fbem-25627	99	5	to	to	PART
fbem-25627	99	6	deliver	deliver	VERB
fbem-25627	99	7	more	more	ADV
fbem-25627	99	8	effective	effective	ADJ
fbem-25627	99	9	corporate	corporate	ADJ
fbem-25627	99	10	environmental	environmental	ADJ
fbem-25627	99	11	information	information	NOUN
fbem-25627	99	12	to	to	ADP
fbem-25627	99	13	the	the	DET
fbem-25627	99	14	government	government	NOUN
fbem-25627	99	15	and	and	CCONJ
fbem-25627	99	16	realize	realize	VERB
fbem-25627	99	17	the	the	DET
fbem-25627	99	18	positive	positive	ADJ
fbem-25627	99	19	interaction	interaction	NOUN
fbem-25627	99	20	between	between	ADP
fbem-25627	99	21	the	the	DET
fbem-25627	99	22	government	government	NOUN
fbem-25627	99	23	and	and	CCONJ
fbem-25627	99	24	corporate	corporate	ADJ
fbem-25627	99	25	development	development	NOUN
fbem-25627	99	26	,	,	PUNCT
fbem-25627	99	27	it	it	PRON
fbem-25627	99	28	is	be	AUX
fbem-25627	99	29	of	of	ADP
fbem-25627	99	30	great	great	ADJ
fbem-25627	99	31	practical	practical	ADJ
fbem-25627	99	32	significance	significance	NOUN
fbem-25627	99	33	to	to	PART
fbem-25627	99	34	explore	explore	VERB
fbem-25627	99	35	the	the	DET
fbem-25627	99	36	impact	impact	NOUN
fbem-25627	99	37	of	of	ADP
fbem-25627	99	38	esg	esg	NOUN
fbem-25627	99	39	performance	performance	NOUN
fbem-25627	99	40	on	on	ADP
fbem-25627	99	41	corporate	corporate	ADJ
fbem-25627	99	42	environmental	environmental	ADJ
fbem-25627	99	43	information	information	NOUN
fbem-25627	99	44	disclosure	disclosure	NOUN
fbem-25627	99	45	.	.	PUNCT
fbem-25627	100	1	based	base	VERB
fbem-25627	100	2	on	on	ADP
fbem-25627	100	3	this	this	PRON
fbem-25627	100	4	,	,	PUNCT
fbem-25627	100	5	this	this	DET
fbem-25627	100	6	paper	paper	NOUN
fbem-25627	100	7	proposes	propose	VERB
fbem-25627	100	8	research	research	NOUN
fbem-25627	100	9	hypothesis	hypothesis	NOUN
fbem-25627	100	10	3	3	NUM
fbem-25627	100	11	:	:	PUNCT
fbem-25627	100	12	h3	h3	NOUN
fbem-25627	100	13	:	:	PUNCT
fbem-25627	100	14	good	good	ADJ
fbem-25627	100	15	esg	esg	PROPN
fbem-25627	100	16	performance	performance	NOUN
fbem-25627	100	17	promotes	promote	VERB
fbem-25627	100	18	higher	high	ADJ
fbem-25627	100	19	quality	quality	NOUN
fbem-25627	100	20	of	of	ADP
fbem-25627	100	21	corporate	corporate	ADJ
fbem-25627	100	22	environmental	environmental	ADJ
fbem-25627	100	23	information	information	NOUN
fbem-25627	100	24	and	and	CCONJ
fbem-25627	100	25	conveys	convey	VERB
fbem-25627	100	26	more	more	ADV
fbem-25627	100	27	effective	effective	ADJ
fbem-25627	100	28	environmental	environmental	ADJ
fbem-25627	100	29	information	information	NOUN
fbem-25627	100	30	to	to	ADP
fbem-25627	100	31	government	government	NOUN
fbem-25627	100	32	decisionmaking	decisionmaking	NOUN
fbem-25627	100	33	.	.	PUNCT
fbem-25627	101	1	3	3	X
fbem-25627	101	2	.	.	X
fbem-25627	101	3	study	study	NOUN
fbem-25627	101	4	design	design	NOUN
fbem-25627	101	5	3.1	3.1	NUM
fbem-25627	101	6	.	.	PUNCT
fbem-25627	102	1	sample	sample	NOUN
fbem-25627	102	2	sources	source	NOUN
fbem-25627	102	3	this	this	DET
fbem-25627	102	4	paper	paper	NOUN
fbem-25627	102	5	takes	take	VERB
fbem-25627	102	6	a	a	DET
fbem-25627	102	7	-	-	PUNCT
fbem-25627	102	8	share	share	NOUN
fbem-25627	102	9	listed	list	VERB
fbem-25627	102	10	companies	company	NOUN
fbem-25627	102	11	from	from	ADP
fbem-25627	102	12	2011	2011	NUM
fbem-25627	102	13	to	to	ADP
fbem-25627	102	14	2021	2021	NUM
fbem-25627	102	15	as	as	ADP
fbem-25627	102	16	the	the	DET
fbem-25627	102	17	initial	initial	ADJ
fbem-25627	102	18	research	research	NOUN
fbem-25627	102	19	sample	sample	NOUN
fbem-25627	102	20	.	.	PUNCT
fbem-25627	103	1	firstly	firstly	ADV
fbem-25627	103	2	,	,	PUNCT
fbem-25627	103	3	the	the	DET
fbem-25627	103	4	paper	paper	NOUN
fbem-25627	103	5	further	far	ADV
fbem-25627	103	6	screens	screen	VERB
fbem-25627	103	7	the	the	DET
fbem-25627	103	8	sample	sample	NOUN
fbem-25627	103	9	as	as	SCONJ
fbem-25627	103	10	follows	follow	VERB
fbem-25627	103	11	:	:	PUNCT
fbem-25627	103	12	firstly	firstly	ADV
fbem-25627	103	13	,	,	PUNCT
fbem-25627	103	14	financial	financial	ADJ
fbem-25627	103	15	samples	sample	NOUN
fbem-25627	103	16	are	be	AUX
fbem-25627	103	17	deleted	delete	VERB
fbem-25627	103	18	;	;	PUNCT
fbem-25627	103	19	secondly	secondly	ADV
fbem-25627	103	20	,	,	PUNCT
fbem-25627	103	21	samples	sample	NOUN
fbem-25627	103	22	with	with	ADP
fbem-25627	103	23	st	st	PROPN
fbem-25627	103	24	/	/	SYM
fbem-25627	103	25	pt	pt	PROPN
fbem-25627	103	26	and	and	CCONJ
fbem-25627	103	27	negative	negative	ADJ
fbem-25627	103	28	net	net	ADJ
fbem-25627	103	29	assets	asset	NOUN
fbem-25627	103	30	are	be	AUX
fbem-25627	103	31	deleted	delete	VERB
fbem-25627	103	32	;	;	PUNCT
fbem-25627	103	33	thirdly	thirdly	ADV
fbem-25627	103	34	,	,	PUNCT
fbem-25627	103	35	samples	sample	NOUN
fbem-25627	103	36	with	with	ADP
fbem-25627	103	37	missing	miss	VERB
fbem-25627	103	38	values	value	NOUN
fbem-25627	103	39	and	and	CCONJ
fbem-25627	103	40	data	datum	NOUN
fbem-25627	103	41	anomalies	anomaly	NOUN
fbem-25627	103	42	are	be	AUX
fbem-25627	103	43	deleted	delete	VERB
fbem-25627	103	44	.	.	PUNCT
fbem-25627	104	1	finally	finally	ADV
fbem-25627	104	2	,	,	PUNCT
fbem-25627	104	3	21,174	21,174	NUM
fbem-25627	104	4	unbalanced	unbalanced	ADJ
fbem-25627	104	5	panel	panel	NOUN
fbem-25627	104	6	data	datum	NOUN
fbem-25627	104	7	observations	observation	NOUN
fbem-25627	104	8	are	be	AUX
fbem-25627	104	9	obtained	obtain	VERB
fbem-25627	104	10	.	.	PUNCT
fbem-25627	105	1	then	then	ADV
fbem-25627	105	2	,	,	PUNCT
fbem-25627	105	3	in	in	ADP
fbem-25627	105	4	order	order	NOUN
fbem-25627	105	5	to	to	PART
fbem-25627	105	6	mitigate	mitigate	VERB
fbem-25627	105	7	the	the	DET
fbem-25627	105	8	impact	impact	NOUN
fbem-25627	105	9	of	of	ADP
fbem-25627	105	10	extreme	extreme	ADJ
fbem-25627	105	11	values	value	NOUN
fbem-25627	105	12	on	on	ADP
fbem-25627	105	13	the	the	DET
fbem-25627	105	14	empirical	empirical	ADJ
fbem-25627	105	15	results	result	NOUN
fbem-25627	105	16	,	,	PUNCT
fbem-25627	105	17	the	the	DET
fbem-25627	105	18	paper	paper	NOUN
fbem-25627	105	19	shrinks	shrink	VERB
fbem-25627	105	20	all	all	DET
fbem-25627	105	21	continuous	continuous	ADJ
fbem-25627	105	22	variables	variable	NOUN
fbem-25627	105	23	by	by	ADP
fbem-25627	105	24	1	1	NUM
fbem-25627	105	25	%	%	NOUN
fbem-25627	105	26	up	up	ADP
fbem-25627	105	27	and	and	CCONJ
fbem-25627	105	28	down	down	ADV
fbem-25627	105	29	.	.	PUNCT
fbem-25627	106	1	the	the	DET
fbem-25627	106	2	corporate	corporate	ADJ
fbem-25627	106	3	esg	esg	PROPN
fbem-25627	106	4	data	datum	NOUN
fbem-25627	106	5	used	use	VERB
fbem-25627	106	6	in	in	ADP
fbem-25627	106	7	this	this	DET
fbem-25627	106	8	paper	paper	NOUN
fbem-25627	106	9	are	be	AUX
fbem-25627	106	10	from	from	ADP
fbem-25627	106	11	wind	wind	NOUN
fbem-25627	106	12	database	database	NOUN
fbem-25627	106	13	,	,	PUNCT
fbem-25627	106	14	while	while	SCONJ
fbem-25627	106	15	the	the	DET
fbem-25627	106	16	corporate	corporate	ADJ
fbem-25627	106	17	esg	esg	PROPN
fbem-25627	106	18	performance	performance	NOUN
fbem-25627	106	19	data	datum	NOUN
fbem-25627	106	20	are	be	AUX
fbem-25627	106	21	from	from	ADP
fbem-25627	106	22	bloomberg	bloomberg	PROPN
fbem-25627	106	23	database	database	NOUN
fbem-25627	106	24	,	,	PUNCT
fbem-25627	106	25	and	and	CCONJ
fbem-25627	106	26	other	other	ADJ
fbem-25627	106	27	data	datum	NOUN
fbem-25627	106	28	such	such	ADJ
fbem-25627	106	29	as	as	ADP
fbem-25627	106	30	inefficient	inefficient	ADJ
fbem-25627	106	31	investment	investment	NOUN
fbem-25627	106	32	,	,	PUNCT
fbem-25627	106	33	corporate	corporate	ADJ
fbem-25627	106	34	reputation	reputation	NOUN
fbem-25627	106	35	,	,	PUNCT
fbem-25627	106	36	and	and	CCONJ
fbem-25627	106	37	environmental	environmental	ADJ
fbem-25627	106	38	disclosure	disclosure	NOUN
fbem-25627	106	39	quality	quality	NOUN
fbem-25627	106	40	are	be	AUX
fbem-25627	106	41	from	from	ADP
fbem-25627	106	42	csmar	csmar	PROPN
fbem-25627	106	43	database	database	NOUN
fbem-25627	106	44	.	.	PUNCT
fbem-25627	107	1	3.2	3.2	NUM
fbem-25627	107	2	.	.	PUNCT
fbem-25627	108	1	modeling	modeling	NOUN
fbem-25627	108	2	in	in	ADP
fbem-25627	108	3	order	order	NOUN
fbem-25627	108	4	to	to	PART
fbem-25627	108	5	test	test	VERB
fbem-25627	108	6	whether	whether	SCONJ
fbem-25627	108	7	good	good	ADJ
fbem-25627	108	8	esg	esg	NOUN
fbem-25627	108	9	performance	performance	NOUN
fbem-25627	108	10	of	of	ADP
fbem-25627	108	11	enterprises	enterprise	NOUN
fbem-25627	108	12	can	can	AUX
fbem-25627	108	13	significantly	significantly	ADV
fbem-25627	108	14	improve	improve	VERB
fbem-25627	108	15	their	their	PRON
fbem-25627	108	16	investment	investment	NOUN
fbem-25627	108	17	efficiency	efficiency	NOUN
fbem-25627	108	18	,	,	PUNCT
fbem-25627	108	19	environmental	environmental	ADJ
fbem-25627	108	20	disclosure	disclosure	NOUN
fbem-25627	108	21	quality	quality	NOUN
fbem-25627	108	22	and	and	CCONJ
fbem-25627	108	23	corporate	corporate	ADJ
fbem-25627	108	24	reputation	reputation	NOUN
fbem-25627	108	25	,	,	PUNCT
fbem-25627	108	26	this	this	DET
fbem-25627	108	27	paper	paper	NOUN
fbem-25627	108	28	constructs	construct	VERB
fbem-25627	108	29	the	the	DET
fbem-25627	108	30	following	follow	VERB
fbem-25627	108	31	empirical	empirical	ADJ
fbem-25627	108	32	model	model	NOUN
fbem-25627	108	33	:	:	PUNCT
fbem-25627	108	34	misinvi	misinvi	ADJ
fbem-25627	108	35	,	,	PUNCT
fbem-25627	109	1	t	t	NOUN
fbem-25627	109	2	=	=	SYM
fbem-25627	109	3	α0	α0	PROPN
fbem-25627	109	4	+	+	CCONJ
fbem-25627	109	5	α1esgi	α1esgi	NOUN
fbem-25627	109	6	,	,	PUNCT
fbem-25627	109	7	t	t	PROPN
fbem-25627	109	8	+	+	NUM
fbem-25627	109	9	αicontroli	αicontroli	NOUN
fbem-25627	109	10	,	,	PUNCT
fbem-25627	109	11	t	t	PROPN
fbem-25627	109	12	+	+	CCONJ
fbem-25627	109	13	∑	∑	ADV
fbem-25627	109	14	yeari	yeari	PROPN
fbem-25627	109	15	,	,	PUNCT
fbem-25627	109	16	t	t	PROPN
fbem-25627	109	17	+	+	CCONJ
fbem-25627	109	18	εi	εi	ADJ
fbem-25627	109	19	,	,	PUNCT
fbem-25627	109	20	t(1	t(1	NOUN
fbem-25627	109	21	)	)	PUNCT
fbem-25627	109	22	repi	repi	PROPN
fbem-25627	109	23	,	,	PUNCT
fbem-25627	109	24	t	t	PROPN
fbem-25627	109	25	=	=	SYM
fbem-25627	109	26	α0	α0	PROPN
fbem-25627	109	27	+	+	CCONJ
fbem-25627	109	28	α1esgi	α1esgi	NOUN
fbem-25627	109	29	,	,	PUNCT
fbem-25627	109	30	t	t	PROPN
fbem-25627	109	31	+	+	NUM
fbem-25627	109	32	αicontroli	αicontroli	NOUN
fbem-25627	109	33	,	,	PUNCT
fbem-25627	109	34	t	t	PROPN
fbem-25627	109	35	+	+	CCONJ
fbem-25627	109	36	∑	∑	ADV
fbem-25627	109	37	yeari	yeari	PROPN
fbem-25627	109	38	,	,	PUNCT
fbem-25627	109	39	t	t	PROPN
fbem-25627	109	40	+	+	CCONJ
fbem-25627	109	41	εi	εi	VERB
fbem-25627	109	42	,	,	PUNCT
fbem-25627	109	43	t	t	PROPN
fbem-25627	109	44	(	(	PUNCT
fbem-25627	109	45	2	2	NUM
fbem-25627	109	46	)	)	PUNCT
fbem-25627	109	47	ediqi	ediqi	NOUN
fbem-25627	109	48	,	,	PUNCT
fbem-25627	109	49	t	t	NOUN
fbem-25627	110	1	=	=	SYM
fbem-25627	111	1	α0	α0	PROPN
fbem-25627	111	2	+	+	CCONJ
fbem-25627	111	3	α1esgi	α1esgi	NOUN
fbem-25627	111	4	,	,	PUNCT
fbem-25627	111	5	t	t	PROPN
fbem-25627	111	6	+	+	NUM
fbem-25627	111	7	αicontroli	αicontroli	NOUN
fbem-25627	111	8	,	,	PUNCT
fbem-25627	111	9	t	t	PROPN
fbem-25627	111	10	+	+	CCONJ
fbem-25627	111	11	∑	∑	ADV
fbem-25627	111	12	yeari	yeari	PROPN
fbem-25627	111	13	,	,	PUNCT
fbem-25627	111	14	t	t	PROPN
fbem-25627	111	15	+	+	CCONJ
fbem-25627	111	16	εi	εi	VERB
fbem-25627	111	17	,	,	PUNCT
fbem-25627	111	18	t	t	PROPN
fbem-25627	111	19	(	(	PUNCT
fbem-25627	111	20	3	3	NUM
fbem-25627	111	21	)	)	PUNCT
fbem-25627	111	22	where	where	SCONJ
fbem-25627	111	23	i	i	PRON
fbem-25627	111	24	denotes	denote	VERB
fbem-25627	111	25	a	a	DET
fbem-25627	111	26	listed	list	VERB
fbem-25627	111	27	individual	individual	NOUN
fbem-25627	111	28	and	and	CCONJ
fbem-25627	111	29	t	t	PROPN
fbem-25627	111	30	denotes	denote	NOUN
fbem-25627	111	31	a	a	DET
fbem-25627	111	32	year	year	NOUN
fbem-25627	111	33	;	;	PUNCT
fbem-25627	111	34	the	the	DET
fbem-25627	111	35	unobservable	unobservable	ADJ
fbem-25627	111	36	random	random	ADJ
fbem-25627	111	37	variable	variable	NOUN
fbem-25627	111	38	α0	α0	PROPN
fbem-25627	111	39	represents	represent	VERB
fbem-25627	111	40	individual	individual	ADJ
fbem-25627	111	41	heterogeneity;controlit	heterogeneity;controlit	PROPN
fbem-25627	111	42	is	be	AUX
fbem-25627	111	43	the	the	DET
fbem-25627	111	44	set	set	NOUN
fbem-25627	111	45	of	of	ADP
fbem-25627	111	46	control	control	NOUN
fbem-25627	111	47	variables;yearit	variables;yearit	PROPN
fbem-25627	111	48	represents	represent	VERB
fbem-25627	111	49	the	the	DET
fbem-25627	111	50	year;εit	year;εit	PROPN
fbem-25627	111	51	is	be	AUX
fbem-25627	111	52	the	the	DET
fbem-25627	111	53	random	random	ADJ
fbem-25627	111	54	error	error	NOUN
fbem-25627	111	55	term	term	NOUN
fbem-25627	111	56	.	.	PUNCT
fbem-25627	112	1	3.3	3.3	NUM
fbem-25627	112	2	.	.	PUNCT
fbem-25627	113	1	definition	definition	NOUN
fbem-25627	113	2	of	of	ADP
fbem-25627	113	3	variables	variable	NOUN
fbem-25627	113	4	(	(	PUNCT
fbem-25627	113	5	1	1	X
fbem-25627	113	6	)	)	PUNCT
fbem-25627	113	7	explained	explain	VERB
fbem-25627	113	8	variables	variable	NOUN
fbem-25627	113	9	:	:	PUNCT
fbem-25627	113	10	this	this	DET
fbem-25627	113	11	paper	paper	NOUN
fbem-25627	113	12	selected	select	VERB
fbem-25627	113	13	three	three	NUM
fbem-25627	113	14	explanatory	explanatory	ADJ
fbem-25627	113	15	variables	variable	NOUN
fbem-25627	113	16	from	from	ADP
fbem-25627	113	17	the	the	DET
fbem-25627	113	18	three	three	NUM
fbem-25627	113	19	levels	level	NOUN
fbem-25627	113	20	of	of	ADP
fbem-25627	113	21	business	business	NOUN
fbem-25627	113	22	performance	performance	NOUN
fbem-25627	113	23	,	,	PUNCT
fbem-25627	113	24	environmental	environmental	ADJ
fbem-25627	113	25	performance	performance	NOUN
fbem-25627	113	26	and	and	CCONJ
fbem-25627	113	27	social	social	ADJ
fbem-25627	113	28	performance	performance	NOUN
fbem-25627	113	29	respectively	respectively	ADV
fbem-25627	113	30	.	.	PUNCT
fbem-25627	114	1	a.	a.	PROPN
fbem-25627	114	2	inefficient	inefficient	ADJ
fbem-25627	114	3	investment	investment	NOUN
fbem-25627	114	4	(	(	PUNCT
fbem-25627	114	5	misinv	misinv	PROPN
fbem-25627	114	6	)	)	PUNCT
fbem-25627	114	7	.	.	PUNCT
fbem-25627	115	1	the	the	DET
fbem-25627	115	2	residuals	residual	NOUN
fbem-25627	115	3	obtained	obtain	VERB
fbem-25627	115	4	from	from	ADP
fbem-25627	115	5	the	the	DET
fbem-25627	115	6	regression	regression	NOUN
fbem-25627	115	7	of	of	ADP
fbem-25627	115	8	model	model	NOUN
fbem-25627	115	9	(	(	PUNCT
fbem-25627	115	10	4	4	NUM
fbem-25627	115	11	)	)	PUNCT
fbem-25627	115	12	by	by	ADP
fbem-25627	115	13	industry	industry	NOUN
fbem-25627	115	14	and	and	CCONJ
fbem-25627	115	15	by	by	ADP
fbem-25627	115	16	year	year	NOUN
fbem-25627	115	17	measure	measure	NOUN
fbem-25627	115	18	the	the	DET
fbem-25627	115	19	level	level	NOUN
fbem-25627	115	20	of	of	ADP
fbem-25627	115	21	inefficient	inefficient	ADJ
fbem-25627	115	22	investment	investment	NOUN
fbem-25627	115	23	in	in	ADP
fbem-25627	115	24	enterprises	enterprise	NOUN
fbem-25627	115	25	:	:	PUNCT
fbem-25627	115	26	misinvi	misinvi	ADJ
fbem-25627	115	27	,	,	PUNCT
fbem-25627	115	28	t	t	NOUN
fbem-25627	115	29	=	=	SYM
fbem-25627	115	30	δ0	δ0	NOUN
fbem-25627	115	31	+	+	CCONJ
fbem-25627	115	32	δ1salesgrowthi	δ1salesgrowthi	NOUN
fbem-25627	115	33	,	,	PUNCT
fbem-25627	115	34	t	t	PROPN
fbem-25627	115	35	+	+	CCONJ
fbem-25627	115	36	vi	vi	PROPN
fbem-25627	115	37	,	,	PUNCT
fbem-25627	115	38	t	t	PROPN
fbem-25627	115	39	(	(	PUNCT
fbem-25627	115	40	4	4	NUM
fbem-25627	115	41	)	)	PUNCT
fbem-25627	115	42	misinv	misinv	NOUN
fbem-25627	115	43	is	be	AUX
fbem-25627	115	44	the	the	DET
fbem-25627	115	45	sum	sum	NOUN
fbem-25627	115	46	of	of	ADP
fbem-25627	115	47	cash	cash	NOUN
fbem-25627	115	48	paid	pay	VERB
fbem-25627	115	49	for	for	ADP
fbem-25627	115	50	the	the	DET
fbem-25627	115	51	purchase	purchase	NOUN
fbem-25627	115	52	and	and	CCONJ
fbem-25627	115	53	construction	construction	NOUN
fbem-25627	115	54	of	of	ADP
fbem-25627	115	55	fixed	fix	VERB
fbem-25627	115	56	assets	asset	NOUN
fbem-25627	115	57	,	,	PUNCT
fbem-25627	115	58	intangible	intangible	ADJ
fbem-25627	115	59	assets	asset	NOUN
fbem-25627	115	60	and	and	CCONJ
fbem-25627	115	61	other	other	ADJ
fbem-25627	115	62	longlived	longlived	ADJ
fbem-25627	115	63	assets	asset	NOUN
fbem-25627	115	64	,	,	PUNCT
fbem-25627	115	65	cash	cash	NOUN
fbem-25627	115	66	paid	pay	VERB
fbem-25627	115	67	for	for	ADP
fbem-25627	115	68	the	the	DET
fbem-25627	115	69	acquisition	acquisition	NOUN
fbem-25627	115	70	of	of	ADP
fbem-25627	115	71	subsidiaries	subsidiary	NOUN
fbem-25627	115	72	and	and	CCONJ
fbem-25627	115	73	other	other	ADJ
fbem-25627	115	74	business	business	NOUN
fbem-25627	115	75	units	unit	NOUN
fbem-25627	115	76	,	,	PUNCT
fbem-25627	115	77	and	and	CCONJ
fbem-25627	115	78	cash	cash	NOUN
fbem-25627	115	79	paid	pay	VERB
fbem-25627	115	80	for	for	ADP
fbem-25627	115	81	investments	investment	NOUN
fbem-25627	115	82	,	,	PUNCT
fbem-25627	115	83	less	less	ADJ
fbem-25627	115	84	the	the	DET
fbem-25627	115	85	net	net	ADJ
fbem-25627	115	86	cash	cash	NOUN
fbem-25627	115	87	recovered	recover	VERB
fbem-25627	115	88	from	from	ADP
fbem-25627	115	89	the	the	DET
fbem-25627	115	90	disposal	disposal	NOUN
fbem-25627	115	91	of	of	ADP
fbem-25627	115	92	fixed	fix	VERB
fbem-25627	115	93	assets	asset	NOUN
fbem-25627	115	94	,	,	PUNCT
fbem-25627	115	95	intangible	intangible	ADJ
fbem-25627	115	96	assets	asset	NOUN
fbem-25627	115	97	and	and	CCONJ
fbem-25627	115	98	other	other	ADJ
fbem-25627	115	99	long	long	ADV
fbem-25627	115	100	-	-	PUNCT
fbem-25627	115	101	lived	live	VERB
fbem-25627	115	102	assets	asset	NOUN
fbem-25627	115	103	,	,	PUNCT
fbem-25627	115	104	the	the	DET
fbem-25627	115	105	net	net	ADJ
fbem-25627	115	106	cash	cash	NOUN
fbem-25627	115	107	received	receive	VERB
fbem-25627	115	108	from	from	ADP
fbem-25627	115	109	the	the	DET
fbem-25627	115	110	disposal	disposal	NOUN
fbem-25627	115	111	of	of	ADP
fbem-25627	115	112	subsidiaries	subsidiary	NOUN
fbem-25627	115	113	and	and	CCONJ
fbem-25627	115	114	other	other	ADJ
fbem-25627	115	115	business	business	NOUN
fbem-25627	115	116	units	unit	NOUN
fbem-25627	115	117	,	,	PUNCT
fbem-25627	115	118	and	and	CCONJ
fbem-25627	115	119	cash	cash	NOUN
fbem-25627	115	120	received	receive	VERB
fbem-25627	115	121	from	from	ADP
fbem-25627	115	122	the	the	DET
fbem-25627	115	123	recovery	recovery	NOUN
fbem-25627	115	124	of	of	ADP
fbem-25627	115	125	investments	investment	NOUN
fbem-25627	115	126	,	,	PUNCT
fbem-25627	115	127	and	and	CCONJ
fbem-25627	115	128	the	the	DET
fbem-25627	115	129	net	net	ADJ
fbem-25627	115	130	amount	amount	NOUN
fbem-25627	115	131	obtained	obtain	VERB
fbem-25627	115	132	is	be	AUX
fbem-25627	115	133	divided	divide	VERB
fbem-25627	115	134	by	by	ADP
fbem-25627	115	135	the	the	DET
fbem-25627	115	136	beginning	beginning	NOUN
fbem-25627	115	137	of	of	ADP
fbem-25627	115	138	period	period	NOUN
fbem-25627	115	139	total	total	ADJ
fbem-25627	115	140	assets	asset	NOUN
fbem-25627	115	141	;	;	PUNCT
fbem-25627	115	142	salesgrowth	salesgrowth	NOUN
fbem-25627	115	143	is	be	AUX
fbem-25627	115	144	the	the	DET
fbem-25627	115	145	growth	growth	NOUN
fbem-25627	115	146	rate	rate	NOUN
fbem-25627	115	147	of	of	ADP
fbem-25627	115	148	operating	operate	VERB
fbem-25627	115	149	income	income	NOUN
fbem-25627	115	150	,	,	PUNCT
fbem-25627	115	151	whichvi	whichvi	NOUN
fbem-25627	115	152	,	,	PUNCT
fbem-25627	115	153	t	t	PROPN
fbem-25627	115	154	is	be	AUX
fbem-25627	115	155	the	the	DET
fbem-25627	115	156	residual	residual	ADJ
fbem-25627	115	157	obtained	obtain	VERB
fbem-25627	115	158	from	from	ADP
fbem-25627	115	159	the	the	DET
fbem-25627	115	160	regression	regression	NOUN
fbem-25627	115	161	of	of	ADP
fbem-25627	115	162	model	model	NOUN
fbem-25627	115	163	(	(	PUNCT
fbem-25627	115	164	4	4	NUM
fbem-25627	115	165	)	)	PUNCT
fbem-25627	115	166	,	,	PUNCT
fbem-25627	115	167	and	and	CCONJ
fbem-25627	115	168	its	its	PRON
fbem-25627	115	169	absolute	absolute	ADJ
fbem-25627	115	170	value	value	NOUN
fbem-25627	115	171	misinv	misinv	NOUN
fbem-25627	115	172	is	be	AUX
fbem-25627	115	173	used	use	VERB
fbem-25627	115	174	to	to	PART
fbem-25627	115	175	measure	measure	VERB
fbem-25627	115	176	the	the	DET
fbem-25627	115	177	level	level	NOUN
fbem-25627	115	178	of	of	ADP
fbem-25627	115	179	inefficient	inefficient	ADJ
fbem-25627	115	180	investment	investment	NOUN
fbem-25627	115	181	in	in	ADP
fbem-25627	115	182	the	the	DET
fbem-25627	115	183	company	company	NOUN
fbem-25627	115	184	.	.	PUNCT
fbem-25627	116	1	the	the	PRON
fbem-25627	116	2	larger	large	ADJ
fbem-25627	116	3	the	the	DET
fbem-25627	116	4	absolute	absolute	ADJ
fbem-25627	116	5	value	value	NOUN
fbem-25627	116	6	of	of	ADP
fbem-25627	116	7	the	the	DET
fbem-25627	116	8	residuals	residual	NOUN
fbem-25627	116	9	,	,	PUNCT
fbem-25627	116	10	the	the	PRON
fbem-25627	116	11	higher	high	ADJ
fbem-25627	116	12	the	the	DET
fbem-25627	116	13	level	level	NOUN
fbem-25627	116	14	of	of	ADP
fbem-25627	116	15	inefficient	inefficient	ADJ
fbem-25627	116	16	investment	investment	NOUN
fbem-25627	116	17	in	in	ADP
fbem-25627	116	18	the	the	DET
fbem-25627	116	19	company	company	NOUN
fbem-25627	116	20	,	,	PUNCT
fbem-25627	116	21	the	the	PRON
fbem-25627	116	22	lower	low	ADJ
fbem-25627	116	23	the	the	DET
fbem-25627	116	24	investment	investment	NOUN
fbem-25627	116	25	efficiency	efficiency	NOUN
fbem-25627	116	26	;	;	PUNCT
fbem-25627	116	27	conversely	conversely	ADV
fbem-25627	116	28	,	,	PUNCT
fbem-25627	116	29	the	the	PRON
fbem-25627	116	30	smaller	small	ADJ
fbem-25627	116	31	the	the	DET
fbem-25627	116	32	absolute	absolute	ADJ
fbem-25627	116	33	value	value	NOUN
fbem-25627	116	34	of	of	ADP
fbem-25627	116	35	the	the	DET
fbem-25627	116	36	residuals	residual	NOUN
fbem-25627	116	37	,	,	PUNCT
fbem-25627	116	38	the	the	PRON
fbem-25627	116	39	higher	high	ADJ
fbem-25627	116	40	the	the	DET
fbem-25627	116	41	investment	investment	NOUN
fbem-25627	116	42	efficiency	efficiency	NOUN
fbem-25627	116	43	of	of	ADP
fbem-25627	116	44	the	the	DET
fbem-25627	116	45	company	company	NOUN
fbem-25627	116	46	.	.	PUNCT
fbem-25627	117	1	b.	b.	PROPN
fbem-25627	117	2	environmental	environmental	PROPN
fbem-25627	117	3	disclosure	disclosure	PROPN
fbem-25627	117	4	quality	quality	NOUN
fbem-25627	117	5	(	(	PUNCT
fbem-25627	117	6	eidq	eidq	NOUN
fbem-25627	117	7	)	)	PUNCT
fbem-25627	117	8	.	.	PUNCT
fbem-25627	118	1	this	this	DET
fbem-25627	118	2	paper	paper	NOUN
fbem-25627	118	3	draws	draw	VERB
fbem-25627	118	4	on	on	ADP
fbem-25627	118	5	kong	kong	PROPN
fbem-25627	118	6	dongmin	dongmin	PROPN
fbem-25627	118	7	et	et	PROPN
fbem-25627	118	8	al	al	PROPN
fbem-25627	118	9	.	.	PUNCT
fbem-25627	119	1	[	[	X
fbem-25627	119	2	34	34	NUM
fbem-25627	119	3	]	]	PUNCT
fbem-25627	119	4	,	,	PUNCT
fbem-25627	119	5	wang	wang	PROPN
fbem-25627	119	6	wei	wei	PROPN
fbem-25627	119	7	et	et	PROPN
fbem-25627	119	8	al	al	PROPN
fbem-25627	119	9	.	.	PUNCT
fbem-25627	120	1	[	[	X
fbem-25627	120	2	35	35	NUM
fbem-25627	120	3	]	]	PUNCT
fbem-25627	120	4	's	's	PART
fbem-25627	120	5	study	study	NOUN
fbem-25627	120	6	,	,	PUNCT
fbem-25627	120	7	using	use	VERB
fbem-25627	120	8	the	the	DET
fbem-25627	120	9	content	content	NOUN
fbem-25627	120	10	analysis	analysis	NOUN
fbem-25627	120	11	method	method	NOUN
fbem-25627	120	12	to	to	PART
fbem-25627	120	13	analyze	analyze	VERB
fbem-25627	120	14	the	the	DET
fbem-25627	120	15	environmental	environmental	ADJ
fbem-25627	120	16	research	research	NOUN
fbem-25627	120	17	data	datum	NOUN
fbem-25627	120	18	in	in	ADP
fbem-25627	120	19	the	the	DET
fbem-25627	120	20	csmar	csmar	PROPN
fbem-25627	120	21	database	database	NOUN
fbem-25627	120	22	,	,	PUNCT
fbem-25627	120	23	based	base	VERB
fbem-25627	120	24	on	on	ADP
fbem-25627	120	25	the	the	DET
fbem-25627	120	26	principles	principle	NOUN
fbem-25627	120	27	of	of	ADP
fbem-25627	120	28	scientificity	scientificity	NOUN
fbem-25627	120	29	,	,	PUNCT
fbem-25627	120	30	objectivity	objectivity	NOUN
fbem-25627	120	31	and	and	CCONJ
fbem-25627	120	32	comprehensiveness	comprehensiveness	NOUN
fbem-25627	120	33	,	,	PUNCT
fbem-25627	120	34	comparability	comparability	NOUN
fbem-25627	120	35	,	,	PUNCT
fbem-25627	120	36	and	and	CCONJ
fbem-25627	120	37	operability	operability	NOUN
fbem-25627	120	38	,	,	PUNCT
fbem-25627	120	39	and	and	CCONJ
fbem-25627	120	40	taking	take	VERB
fbem-25627	120	41	the	the	DET
fbem-25627	120	42	satisfaction	satisfaction	NOUN
fbem-25627	120	43	of	of	ADP
fbem-25627	120	44	stakeholders	stakeholder	NOUN
fbem-25627	120	45	'	'	PART
fbem-25627	120	46	information	information	NOUN
fbem-25627	120	47	needs	need	VERB
fbem-25627	120	48	as	as	ADP
fbem-25627	120	49	the	the	DET
fbem-25627	120	50	fundamental	fundamental	ADJ
fbem-25627	120	51	starting	starting	NOUN
fbem-25627	120	52	point	point	NOUN
fbem-25627	120	53	,	,	PUNCT
fbem-25627	120	54	and	and	CCONJ
fbem-25627	120	55	combining	combine	VERB
fbem-25627	120	56	with	with	ADP
fbem-25627	120	57	the	the	DET
fbem-25627	120	58	national	national	ADJ
fbem-25627	120	59	policies	policy	NOUN
fbem-25627	120	60	and	and	CCONJ
fbem-25627	120	61	regulations	regulation	NOUN
fbem-25627	120	62	on	on	ADP
fbem-25627	120	63	voluntary	voluntary	ADJ
fbem-25627	120	64	disclosure	disclosure	NOUN
fbem-25627	120	65	of	of	ADP
fbem-25627	120	66	information	information	NOUN
fbem-25627	120	67	,	,	PUNCT
fbem-25627	120	68	the	the	DET
fbem-25627	120	69	environmental	environmental	ADJ
fbem-25627	120	70	information	information	NOUN
fbem-25627	120	71	disclosed	disclose	VERB
fbem-25627	120	72	by	by	ADP
fbem-25627	120	73	the	the	DET
fbem-25627	120	74	enterprises	enterprise	NOUN
fbem-25627	120	75	is	be	AUX
fbem-25627	120	76	divided	divide	VERB
fbem-25627	120	77	into	into	ADP
fbem-25627	120	78	the	the	DET
fbem-25627	120	79	following	follow	VERB
fbem-25627	120	80	ten	ten	NUM
fbem-25627	120	81	dimensions	dimension	NOUN
fbem-25627	120	82	:	:	PUNCT
fbem-25627	120	83	the	the	DET
fbem-25627	120	84	goals	goal	NOUN
fbem-25627	120	85	and	and	CCONJ
fbem-25627	120	86	policies	policy	NOUN
fbem-25627	120	87	of	of	ADP
fbem-25627	120	88	environmental	environmental	ADJ
fbem-25627	120	89	protection	protection	NOUN
fbem-25627	120	90	;	;	PUNCT
fbem-25627	120	91	compensation	compensation	NOUN
fbem-25627	120	92	and	and	CCONJ
fbem-25627	120	93	fines	fine	NOUN
fbem-25627	120	94	resulting	result	VERB
fbem-25627	120	95	from	from	ADP
fbem-25627	120	96	environmental	environmental	ADJ
fbem-25627	120	97	pollution	pollution	NOUN
fbem-25627	120	98	incidents	incident	NOUN
fbem-25627	120	99	;	;	PUNCT
fbem-25627	120	100	reduction	reduction	NOUN
fbem-25627	120	101	of	of	ADP
fbem-25627	120	102	pollutant	pollutant	ADJ
fbem-25627	120	103	emissions	emission	NOUN
fbem-25627	120	104	and	and	CCONJ
fbem-25627	120	105	consumption	consumption	NOUN
fbem-25627	120	106	of	of	ADP
fbem-25627	120	107	resources	resource	NOUN
fbem-25627	120	108	;	;	PUNCT
fbem-25627	120	109	certification	certification	NOUN
fbem-25627	120	110	of	of	ADP
fbem-25627	120	111	iso14000	iso14000	NUM
fbem-25627	120	112	and	and	CCONJ
fbem-25627	120	113	other	other	ADJ
fbem-25627	120	114	environmental	environmental	ADJ
fbem-25627	120	115	management	management	NOUN
fbem-25627	120	116	systems	system	NOUN
fbem-25627	120	117	;	;	PUNCT
fbem-25627	120	118	establishment	establishment	NOUN
fbem-25627	120	119	and	and	CCONJ
fbem-25627	120	120	operation	operation	NOUN
fbem-25627	120	121	of	of	ADP
fbem-25627	120	122	environmental	environmental	ADJ
fbem-25627	120	123	protection	protection	NOUN
fbem-25627	120	124	organizations	organization	NOUN
fbem-25627	120	125	and	and	CCONJ
fbem-25627	120	126	staffing	staffing	NOUN
fbem-25627	120	127	of	of	ADP
fbem-25627	120	128	professional	professional	PROPN
fbem-25627	120	129	environmental	environmental	PROPN
fbem-25627	120	130	protection	protection	NOUN
fbem-25627	120	131	personnel	personnel	NOUN
fbem-25627	120	132	;	;	PUNCT
fbem-25627	120	133	disposal	disposal	NOUN
fbem-25627	120	134	of	of	ADP
fbem-25627	120	135	"	"	PUNCT
fbem-25627	120	136	three	three	NUM
fbem-25627	120	137	wastes	waste	NOUN
fbem-25627	120	138	"	"	PUNCT
fbem-25627	120	139	in	in	ADP
fbem-25627	120	140	the	the	DET
fbem-25627	120	141	production	production	NOUN
fbem-25627	120	142	process	process	NOUN
fbem-25627	120	143	;	;	PUNCT
fbem-25627	120	144	research	research	NOUN
fbem-25627	120	145	and	and	CCONJ
fbem-25627	120	146	development	development	NOUN
fbem-25627	120	147	of	of	ADP
fbem-25627	120	148	environmentally	environmentally	ADV
fbem-25627	120	149	-	-	PUNCT
fbem-25627	120	150	friendly	friendly	ADJ
fbem-25627	120	151	products	product	NOUN
fbem-25627	120	152	and	and	CCONJ
fbem-25627	120	153	the	the	DET
fbem-25627	120	154	construction	construction	NOUN
fbem-25627	120	155	and	and	CCONJ
fbem-25627	120	156	operation	operation	NOUN
fbem-25627	120	157	of	of	ADP
fbem-25627	120	158	green	green	ADJ
fbem-25627	120	159	production	production	NOUN
fbem-25627	120	160	equipment	equipment	NOUN
fbem-25627	120	161	;	;	PUNCT
fbem-25627	120	162	government	government	NOUN
fbem-25627	120	163	subsidies	subsidy	NOUN
fbem-25627	120	164	,	,	PUNCT
fbem-25627	120	165	tax	tax	NOUN
fbem-25627	120	166	exemptions	exemption	NOUN
fbem-25627	120	167	,	,	PUNCT
fbem-25627	120	168	grants	grant	NOUN
fbem-25627	120	169	and	and	CCONJ
fbem-25627	120	170	other	other	ADJ
fbem-25627	120	171	environmental	environmental	ADJ
fbem-25627	120	172	incentives	incentive	NOUN
fbem-25627	120	173	;	;	PUNCT
fbem-25627	120	174	projected	project	VERB
fbem-25627	120	175	revenues	revenue	NOUN
fbem-25627	120	176	from	from	ADP
fbem-25627	120	177	emission	emission	NOUN
fbem-25627	120	178	reduction	reduction	NOUN
fbem-25627	120	179	and	and	CCONJ
fbem-25627	120	180	consumption	consumption	NOUN
fbem-25627	120	181	reduction	reduction	NOUN
fbem-25627	120	182	;	;	PUNCT
fbem-25627	120	183	and	and	CCONJ
fbem-25627	120	184	other	other	ADJ
fbem-25627	120	185	related	relate	VERB
fbem-25627	120	186	environmental	environmental	ADJ
fbem-25627	120	187	expenditures	expenditure	NOUN
fbem-25627	120	188	.	.	PUNCT
fbem-25627	121	1	based	base	VERB
fbem-25627	121	2	on	on	ADP
fbem-25627	121	3	the	the	DET
fbem-25627	121	4	above	above	ADJ
fbem-25627	121	5	ten	ten	NUM
fbem-25627	121	6	dimensions	dimension	NOUN
fbem-25627	121	7	,	,	PUNCT
fbem-25627	121	8	the	the	DET
fbem-25627	121	9	total	total	ADJ
fbem-25627	121	10	score	score	NOUN
fbem-25627	121	11	is	be	AUX
fbem-25627	121	12	scored	score	VERB
fbem-25627	121	13	and	and	CCONJ
fbem-25627	121	14	the	the	DET
fbem-25627	121	15	natural	natural	ADJ
fbem-25627	121	16	logarithm	logarithm	NOUN
fbem-25627	121	17	is	be	AUX
fbem-25627	121	18	taken	take	VERB
fbem-25627	121	19	to	to	PART
fbem-25627	121	20	obtain	obtain	VERB
fbem-25627	121	21	the	the	DET
fbem-25627	121	22	quality	quality	NOUN
fbem-25627	121	23	of	of	ADP
fbem-25627	121	24	the	the	DET
fbem-25627	121	25	enterprise	enterprise	NOUN
fbem-25627	121	26	's	's	PART
fbem-25627	121	27	environmental	environmental	ADJ
fbem-25627	121	28	information	information	NOUN
fbem-25627	121	29	disclosure	disclosure	NOUN
fbem-25627	121	30	.	.	PUNCT
fbem-25627	122	1	c.	c.	NOUN
fbem-25627	122	2	corporate	corporate	ADJ
fbem-25627	122	3	reputation	reputation	NOUN
fbem-25627	122	4	(	(	PUNCT
fbem-25627	122	5	rep	rep	NOUN
fbem-25627	122	6	)	)	PUNCT
fbem-25627	122	7	.	.	PUNCT
fbem-25627	123	1	this	this	DET
fbem-25627	123	2	paper	paper	NOUN
fbem-25627	123	3	refers	refer	VERB
fbem-25627	123	4	to	to	ADP
fbem-25627	123	5	guan	guan	PROPN
fbem-25627	123	6	kaolai	kaolai	PROPN
fbem-25627	123	7	et	et	PROPN
fbem-25627	123	8	al	al	PROPN
fbem-25627	123	9	.	.	PUNCT
fbem-25627	124	1	[	[	X
fbem-25627	124	2	36	36	NUM
fbem-25627	124	3	]	]	X
fbem-25627	124	4	's	's	PART
fbem-25627	124	5	research	research	NOUN
fbem-25627	124	6	,	,	PUNCT
fbem-25627	124	7	comprehensively	comprehensively	ADV
fbem-25627	124	8	consider	consider	VERB
fbem-25627	124	9	the	the	DET
fbem-25627	124	10	evaluation	evaluation	NOUN
fbem-25627	124	11	of	of	ADP
fbem-25627	124	12	corporate	corporate	ADJ
fbem-25627	124	13	reputation	reputation	NOUN
fbem-25627	124	14	by	by	ADP
fbem-25627	124	15	various	various	ADJ
fbem-25627	124	16	stakeholders	stakeholder	NOUN
fbem-25627	124	17	,	,	PUNCT
fbem-25627	124	18	and	and	CCONJ
fbem-25627	124	19	measure	measure	VERB
fbem-25627	124	20	corporate	corporate	ADJ
fbem-25627	124	21	reputation	reputation	NOUN
fbem-25627	124	22	through	through	ADP
fbem-25627	124	23	the	the	DET
fbem-25627	124	24	method	method	NOUN
fbem-25627	124	25	of	of	ADP
fbem-25627	124	26	constructing	construct	VERB
fbem-25627	124	27	a	a	DET
fbem-25627	124	28	reputation	reputation	NOUN
fbem-25627	124	29	evaluation	evaluation	NOUN
fbem-25627	124	30	system	system	NOUN
fbem-25627	124	31	.	.	PUNCT
fbem-25627	125	1	these	these	PRON
fbem-25627	125	2	include	include	VERB
fbem-25627	125	3	the	the	DET
fbem-25627	125	4	assessment	assessment	NOUN
fbem-25627	125	5	of	of	ADP
fbem-25627	125	6	corporate	corporate	ADJ
fbem-25627	125	7	assets	asset	NOUN
fbem-25627	125	8	,	,	PUNCT
fbem-25627	125	9	revenues	revenue	NOUN
fbem-25627	125	10	,	,	PUNCT
fbem-25627	125	11	net	net	ADJ
fbem-25627	125	12	profits	profit	NOUN
fbem-25627	125	13	and	and	CCONJ
fbem-25627	125	14	value	value	NOUN
fbem-25627	125	15	rankings	ranking	NOUN
fbem-25627	125	16	within	within	ADP
fbem-25627	125	17	the	the	DET
fbem-25627	125	18	industry	industry	NOUN
fbem-25627	125	19	from	from	ADP
fbem-25627	125	20	the	the	DET
fbem-25627	125	21	consumer	consumer	NOUN
fbem-25627	125	22	and	and	CCONJ
fbem-25627	125	23	275	275	NUM
fbem-25627	125	24	social	social	ADJ
fbem-25627	125	25	perspectives	perspective	NOUN
fbem-25627	125	26	,	,	PUNCT
fbem-25627	125	27	the	the	DET
fbem-25627	125	28	attention	attention	NOUN
fbem-25627	125	29	to	to	ADP
fbem-25627	125	30	gearing	gear	VERB
fbem-25627	125	31	ratio	ratio	NOUN
fbem-25627	125	32	,	,	PUNCT
fbem-25627	125	33	current	current	ADJ
fbem-25627	125	34	ratio	ratio	NOUN
fbem-25627	125	35	,	,	PUNCT
fbem-25627	125	36	and	and	CCONJ
fbem-25627	125	37	long	long	ADJ
fbem-25627	125	38	-	-	PUNCT
fbem-25627	125	39	term	term	NOUN
fbem-25627	125	40	debt	debt	NOUN
fbem-25627	125	41	ratio	ratio	NOUN
fbem-25627	125	42	from	from	ADP
fbem-25627	125	43	the	the	DET
fbem-25627	125	44	creditor	creditor	NOUN
fbem-25627	125	45	perspective	perspective	NOUN
fbem-25627	125	46	,	,	PUNCT
fbem-25627	125	47	the	the	DET
fbem-25627	125	48	importance	importance	NOUN
fbem-25627	125	49	of	of	ADP
fbem-25627	125	50	earnings	earning	NOUN
fbem-25627	125	51	per	per	ADP
fbem-25627	125	52	share	share	NOUN
fbem-25627	125	53	,	,	PUNCT
fbem-25627	125	54	dividends	dividend	NOUN
fbem-25627	125	55	per	per	ADP
fbem-25627	125	56	share	share	NOUN
fbem-25627	125	57	,	,	PUNCT
fbem-25627	125	58	and	and	CCONJ
fbem-25627	125	59	whether	whether	SCONJ
fbem-25627	125	60	or	or	CCONJ
fbem-25627	125	61	not	not	PART
fbem-25627	125	62	they	they	PRON
fbem-25627	125	63	are	be	AUX
fbem-25627	125	64	audited	audit	VERB
fbem-25627	125	65	by	by	ADP
fbem-25627	125	66	the	the	DET
fbem-25627	125	67	big	big	ADJ
fbem-25627	125	68	four	four	NUM
fbem-25627	125	69	international	international	ADJ
fbem-25627	125	70	accounting	accounting	NOUN
fbem-25627	125	71	firms	firm	NOUN
fbem-25627	125	72	from	from	ADP
fbem-25627	125	73	the	the	DET
fbem-25627	125	74	shareholder	shareholder	NOUN
fbem-25627	125	75	perspective	perspective	NOUN
fbem-25627	125	76	,	,	PUNCT
fbem-25627	125	77	as	as	ADV
fbem-25627	125	78	well	well	ADV
fbem-25627	125	79	as	as	ADP
fbem-25627	125	80	sustainable	sustainable	ADJ
fbem-25627	125	81	growth	growth	NOUN
fbem-25627	125	82	rate	rate	NOUN
fbem-25627	125	83	and	and	CCONJ
fbem-25627	125	84	the	the	DET
fbem-25627	125	85	proportion	proportion	NOUN
fbem-25627	125	86	of	of	ADP
fbem-25627	125	87	independent	independent	ADJ
fbem-25627	125	88	directors	director	NOUN
fbem-25627	125	89	from	from	ADP
fbem-25627	125	90	the	the	DET
fbem-25627	125	91	corporate	corporate	ADJ
fbem-25627	125	92	perspective	perspective	NOUN
fbem-25627	125	93	.	.	PUNCT
fbem-25627	126	1	then	then	ADV
fbem-25627	126	2	,	,	PUNCT
fbem-25627	126	3	factor	factor	NOUN
fbem-25627	126	4	analysis	analysis	NOUN
fbem-25627	126	5	was	be	AUX
fbem-25627	126	6	used	use	VERB
fbem-25627	126	7	to	to	PART
fbem-25627	126	8	calculate	calculate	VERB
fbem-25627	126	9	these	these	DET
fbem-25627	126	10	12	12	NUM
fbem-25627	126	11	indicators	indicator	NOUN
fbem-25627	126	12	in	in	ADP
fbem-25627	126	13	order	order	NOUN
fbem-25627	126	14	to	to	PART
fbem-25627	126	15	derive	derive	VERB
fbem-25627	126	16	the	the	DET
fbem-25627	126	17	corporate	corporate	ADJ
fbem-25627	126	18	reputation	reputation	NOUN
fbem-25627	126	19	score	score	NOUN
fbem-25627	126	20	.	.	PUNCT
fbem-25627	127	1	finally	finally	ADV
fbem-25627	127	2	,	,	PUNCT
fbem-25627	127	3	firms	firm	NOUN
fbem-25627	127	4	were	be	AUX
fbem-25627	127	5	categorized	categorize	VERB
fbem-25627	127	6	into	into	ADP
fbem-25627	127	7	ten	ten	NUM
fbem-25627	127	8	groups	group	NOUN
fbem-25627	127	9	based	base	VERB
fbem-25627	127	10	on	on	ADP
fbem-25627	127	11	their	their	PRON
fbem-25627	127	12	corporate	corporate	ADJ
fbem-25627	127	13	reputation	reputation	NOUN
fbem-25627	127	14	scores	score	NOUN
fbem-25627	127	15	from	from	ADP
fbem-25627	127	16	lowest	low	ADJ
fbem-25627	127	17	to	to	ADP
fbem-25627	127	18	highest	high	ADJ
fbem-25627	127	19	,	,	PUNCT
fbem-25627	127	20	and	and	CCONJ
fbem-25627	127	21	used	use	VERB
fbem-25627	127	22	to	to	PART
fbem-25627	127	23	assign	assign	VERB
fbem-25627	127	24	values	value	NOUN
fbem-25627	127	25	from	from	ADP
fbem-25627	127	26	1	1	NUM
fbem-25627	127	27	to	to	PART
fbem-25627	127	28	10	10	NUM
fbem-25627	127	29	to	to	ADP
fbem-25627	127	30	each	each	DET
fbem-25627	127	31	group	group	NOUN
fbem-25627	127	32	of	of	ADP
fbem-25627	127	33	rep	rep	PROPN
fbem-25627	127	34	.	.	PROPN
fbem-25627	127	35	(	(	PUNCT
fbem-25627	127	36	2	2	X
fbem-25627	127	37	)	)	PUNCT
fbem-25627	127	38	explanatory	explanatory	ADJ
fbem-25627	127	39	variables	variable	NOUN
fbem-25627	127	40	:	:	PUNCT
fbem-25627	127	41	corporate	corporate	ADJ
fbem-25627	127	42	esg	esg	NOUN
fbem-25627	127	43	performance	performance	NOUN
fbem-25627	127	44	(	(	PUNCT
fbem-25627	127	45	esg	esg	PROPN
fbem-25627	127	46	)	)	PUNCT
fbem-25627	127	47	.	.	PUNCT
fbem-25627	128	1	in	in	ADP
fbem-25627	128	2	this	this	DET
fbem-25627	128	3	paper	paper	NOUN
fbem-25627	128	4	,	,	PUNCT
fbem-25627	128	5	csi	csi	PROPN
fbem-25627	128	6	esg	esg	PROPN
fbem-25627	128	7	rating	rating	NOUN
fbem-25627	128	8	data	datum	NOUN
fbem-25627	128	9	is	be	AUX
fbem-25627	128	10	selected	select	VERB
fbem-25627	128	11	to	to	PART
fbem-25627	128	12	measure	measure	VERB
fbem-25627	128	13	the	the	DET
fbem-25627	128	14	esg	esg	NOUN
fbem-25627	128	15	performance	performance	NOUN
fbem-25627	128	16	of	of	ADP
fbem-25627	128	17	listed	list	VERB
fbem-25627	128	18	companies	company	NOUN
fbem-25627	128	19	.	.	PUNCT
fbem-25627	129	1	the	the	DET
fbem-25627	129	2	rating	rating	NOUN
fbem-25627	129	3	results	result	NOUN
fbem-25627	129	4	are	be	AUX
fbem-25627	129	5	categorized	categorize	VERB
fbem-25627	129	6	into	into	ADP
fbem-25627	129	7	aaa	aaa	NOUN
fbem-25627	129	8	,	,	PUNCT
fbem-25627	129	9	aa	aa	INTJ
fbem-25627	129	10	,	,	PUNCT
fbem-25627	129	11	a	a	PRON
fbem-25627	129	12	,	,	PUNCT
fbem-25627	129	13	bbb	bbb	PROPN
fbem-25627	129	14	,	,	PUNCT
fbem-25627	129	15	bb	bb	PROPN
fbem-25627	129	16	,	,	PUNCT
fbem-25627	129	17	b	b	PROPN
fbem-25627	129	18	,	,	PUNCT
fbem-25627	129	19	ccc	ccc	PROPN
fbem-25627	129	20	,	,	PUNCT
fbem-25627	129	21	cc	cc	PROPN
fbem-25627	129	22	,	,	PUNCT
fbem-25627	129	23	c	c	NOUN
fbem-25627	129	24	,	,	PUNCT
fbem-25627	129	25	and	and	CCONJ
fbem-25627	129	26	the	the	DET
fbem-25627	129	27	esg	esg	NOUN
fbem-25627	129	28	performance	performance	NOUN
fbem-25627	129	29	is	be	AUX
fbem-25627	129	30	assigned	assign	VERB
fbem-25627	129	31	as	as	ADP
fbem-25627	129	32	1	1	NUM
fbem-25627	129	33	-	-	SYM
fbem-25627	129	34	9	9	NUM
fbem-25627	129	35	in	in	ADP
fbem-25627	129	36	order	order	NOUN
fbem-25627	129	37	from	from	ADP
fbem-25627	129	38	low	low	ADJ
fbem-25627	129	39	to	to	ADP
fbem-25627	129	40	high	high	ADJ
fbem-25627	129	41	.	.	PUNCT
fbem-25627	130	1	(	(	PUNCT
fbem-25627	130	2	3	3	X
fbem-25627	130	3	)	)	PUNCT
fbem-25627	130	4	control	control	NOUN
fbem-25627	130	5	variables	variable	NOUN
fbem-25627	130	6	:	:	PUNCT
fbem-25627	130	7	reference	reference	NOUN
fbem-25627	130	8	to	to	ADP
fbem-25627	130	9	existing	exist	VERB
fbem-25627	130	10	literature	literature	NOUN
fbem-25627	130	11	[	[	X
fbem-25627	130	12	37	37	NUM
fbem-25627	130	13	,	,	PUNCT
fbem-25627	130	14	38	38	NUM
fbem-25627	130	15	]	]	PUNCT
fbem-25627	130	16	,	,	PUNCT
fbem-25627	130	17	gearing	gear	VERB
fbem-25627	130	18	ratio	ratio	NOUN
fbem-25627	130	19	(	(	PUNCT
fbem-25627	130	20	lev	lev	NOUN
fbem-25627	130	21	)	)	PUNCT
fbem-25627	130	22	,	,	PUNCT
fbem-25627	130	23	return	return	VERB
fbem-25627	130	24	on	on	ADP
fbem-25627	130	25	total	total	ADJ
fbem-25627	130	26	assets	asset	NOUN
fbem-25627	130	27	(	(	PUNCT
fbem-25627	130	28	roa	roa	NOUN
fbem-25627	130	29	)	)	PUNCT
fbem-25627	130	30	,	,	PUNCT
fbem-25627	130	31	total	total	ADJ
fbem-25627	130	32	asset	asset	NOUN
fbem-25627	130	33	turnover	turnover	NOUN
fbem-25627	130	34	(	(	PUNCT
fbem-25627	130	35	ato	ato	PROPN
fbem-25627	130	36	)	)	PUNCT
fbem-25627	130	37	,	,	PUNCT
fbem-25627	130	38	accounts	account	VERB
fbem-25627	130	39	receivable	receivable	ADJ
fbem-25627	130	40	ratio	ratio	NOUN
fbem-25627	130	41	(	(	PUNCT
fbem-25627	130	42	rec	rec	NOUN
fbem-25627	130	43	)	)	PUNCT
fbem-25627	130	44	,	,	PUNCT
fbem-25627	130	45	inventory	inventory	NOUN
fbem-25627	130	46	ratio	ratio	NOUN
fbem-25627	130	47	(	(	PUNCT
fbem-25627	130	48	inv	inv	PROPN
fbem-25627	130	49	)	)	PUNCT
fbem-25627	130	50	,	,	PUNCT
fbem-25627	130	51	fixed	fix	VERB
fbem-25627	130	52	asset	asset	NOUN
fbem-25627	130	53	ratio	ratio	NOUN
fbem-25627	130	54	(	(	PUNCT
fbem-25627	130	55	fixed	fix	VERB
fbem-25627	130	56	)	)	PUNCT
fbem-25627	130	57	,	,	PUNCT
fbem-25627	130	58	growth	growth	NOUN
fbem-25627	130	59	rate	rate	NOUN
fbem-25627	130	60	of	of	ADP
fbem-25627	130	61	operating	operate	VERB
fbem-25627	130	62	income	income	NOUN
fbem-25627	130	63	(	(	PUNCT
fbem-25627	130	64	growth	growth	NOUN
fbem-25627	130	65	)	)	PUNCT
fbem-25627	130	66	,	,	PUNCT
fbem-25627	130	67	and	and	CCONJ
fbem-25627	130	68	enterprise	enterprise	NOUN
fbem-25627	130	69	value	value	NOUN
fbem-25627	130	70	(	(	PUNCT
fbem-25627	130	71	tobinq	tobinq	ADJ
fbem-25627	130	72	)	)	PUNCT
fbem-25627	130	73	are	be	AUX
fbem-25627	130	74	added	add	VERB
fbem-25627	130	75	as	as	ADP
fbem-25627	130	76	control	control	NOUN
fbem-25627	130	77	variables	variable	NOUN
fbem-25627	130	78	in	in	ADP
fbem-25627	130	79	the	the	DET
fbem-25627	130	80	model	model	NOUN
fbem-25627	130	81	.	.	PUNCT
fbem-25627	131	1	the	the	DET
fbem-25627	131	2	specific	specific	ADJ
fbem-25627	131	3	descriptions	description	NOUN
fbem-25627	131	4	of	of	ADP
fbem-25627	131	5	the	the	DET
fbem-25627	131	6	main	main	ADJ
fbem-25627	131	7	variables	variable	NOUN
fbem-25627	131	8	involved	involve	VERB
fbem-25627	131	9	are	be	AUX
fbem-25627	131	10	detailed	detail	VERB
fbem-25627	131	11	in	in	ADP
fbem-25627	131	12	table	table	NOUN
fbem-25627	131	13	1	1	NUM
fbem-25627	131	14	.	.	PUNCT
fbem-25627	131	15	table	table	NOUN
fbem-25627	131	16	1	1	NUM
fbem-25627	131	17	.	.	X
fbem-25627	131	18	list	list	NOUN
fbem-25627	131	19	of	of	ADP
fbem-25627	131	20	variable	variable	ADJ
fbem-25627	131	21	definitions	definition	NOUN
fbem-25627	131	22	variable	variable	ADJ
fbem-25627	131	23	type	type	NOUN
fbem-25627	131	24	variable	variable	ADJ
fbem-25627	131	25	name	name	NOUN
fbem-25627	131	26	variable	variable	ADJ
fbem-25627	131	27	symbol	symbol	NOUN
fbem-25627	131	28	variable	variable	ADJ
fbem-25627	131	29	definition	definition	NOUN
fbem-25627	131	30	construed	construe	VERB
fbem-25627	131	31	variant	variant	ADJ
fbem-25627	131	32	inefficient	inefficient	ADJ
fbem-25627	131	33	investment	investment	NOUN
fbem-25627	131	34	misinv	misinv	ADJ
fbem-25627	131	35	value	value	NOUN
fbem-25627	131	36	of	of	ADP
fbem-25627	131	37	the	the	DET
fbem-25627	131	38	level	level	NOUN
fbem-25627	131	39	of	of	ADP
fbem-25627	131	40	inefficient	inefficient	ADJ
fbem-25627	131	41	investment	investment	NOUN
fbem-25627	131	42	using	use	VERB
fbem-25627	131	43	the	the	DET
fbem-25627	131	44	biddle	biddle	PROPN
fbem-25627	131	45	model	model	PROPN
fbem-25627	131	46	quality	quality	NOUN
fbem-25627	131	47	of	of	ADP
fbem-25627	131	48	environmental	environmental	ADJ
fbem-25627	131	49	disclosure	disclosure	NOUN
fbem-25627	131	50	eidq	eidq	NOUN
fbem-25627	131	51	ln	ln	ADV
fbem-25627	131	52	(	(	PUNCT
fbem-25627	131	53	environmental	environmental	ADJ
fbem-25627	131	54	management	management	NOUN
fbem-25627	131	55	disclosure	disclosure	NOUN
fbem-25627	131	56	+	+	CCONJ
fbem-25627	131	57	environmental	environmental	ADJ
fbem-25627	131	58	liability	liability	NOUN
fbem-25627	131	59	disclosure	disclosure	NOUN
fbem-25627	131	60	+	+	CCONJ
fbem-25627	131	61	environmental	environmental	ADJ
fbem-25627	131	62	certification	certification	NOUN
fbem-25627	131	63	disclosure	disclosure	NOUN
fbem-25627	131	64	+	+	CCONJ
fbem-25627	131	65	environmental	environmental	ADJ
fbem-25627	131	66	performance	performance	NOUN
fbem-25627	131	67	and	and	CCONJ
fbem-25627	131	68	governance	governance	NOUN
fbem-25627	131	69	disclosure	disclosure	NOUN
fbem-25627	131	70	+	+	CCONJ
fbem-25627	131	71	environmental	environmental	ADJ
fbem-25627	131	72	information	information	NOUN
fbem-25627	131	73	disclosure	disclosure	NOUN
fbem-25627	131	74	vehicle	vehicle	NOUN
fbem-25627	131	75	+1	+1	NOUN
fbem-25627	131	76	)	)	PUNCT
fbem-25627	131	77	corporate	corporate	ADJ
fbem-25627	131	78	reputation	reputation	NOUN
fbem-25627	131	79	rep	rep	NOUN
fbem-25627	131	80	factor	factor	NOUN
fbem-25627	131	81	analysis	analysis	NOUN
fbem-25627	131	82	was	be	AUX
fbem-25627	131	83	used	use	VERB
fbem-25627	131	84	to	to	PART
fbem-25627	131	85	calculate	calculate	VERB
fbem-25627	131	86	12	12	NUM
fbem-25627	131	87	corporate	corporate	ADJ
fbem-25627	131	88	reputation	reputation	NOUN
fbem-25627	131	89	-	-	PUNCT
fbem-25627	131	90	related	relate	VERB
fbem-25627	131	91	indicators	indicator	NOUN
fbem-25627	131	92	,	,	PUNCT
fbem-25627	131	93	and	and	CCONJ
fbem-25627	131	94	the	the	DET
fbem-25627	131	95	resulting	result	VERB
fbem-25627	131	96	scores	score	NOUN
fbem-25627	131	97	were	be	AUX
fbem-25627	131	98	used	use	VERB
fbem-25627	131	99	to	to	PART
fbem-25627	131	100	measure	measure	VERB
fbem-25627	131	101	core	core	NOUN
fbem-25627	131	102	explanatory	explanatory	ADJ
fbem-25627	131	103	variables	variable	NOUN
fbem-25627	131	104	esg	esg	PROPN
fbem-25627	131	105	performance	performance	NOUN
fbem-25627	131	106	esg	esg	PROPN
fbem-25627	131	107	csi	csi	PROPN
fbem-25627	131	108	total	total	ADJ
fbem-25627	131	109	score	score	NOUN
fbem-25627	131	110	assignment	assignment	NOUN
fbem-25627	131	111	sue	sue	NOUN
fbem-25627	131	112	regulate	regulate	NOUN
fbem-25627	131	113	become	become	VERB
fbem-25627	131	114	different	different	ADJ
fbem-25627	131	115	measure	measure	NOUN
fbem-25627	131	116	word	word	NOUN
fbem-25627	131	117	gearing	gear	VERB
fbem-25627	131	118	lev	lev	ADJ
fbem-25627	131	119	total	total	ADJ
fbem-25627	131	120	liabilities	liability	NOUN
fbem-25627	131	121	at	at	ADP
fbem-25627	131	122	year	year	NOUN
fbem-25627	131	123	-	-	PUNCT
fbem-25627	131	124	end	end	NOUN
fbem-25627	131	125	to	to	ADP
fbem-25627	131	126	total	total	ADJ
fbem-25627	131	127	assets	asset	NOUN
fbem-25627	131	128	at	at	ADP
fbem-25627	131	129	year	year	NOUN
fbem-25627	131	130	-	-	PUNCT
fbem-25627	131	131	end	end	NOUN
fbem-25627	131	132	total	total	ADJ
fbem-25627	131	133	assets	asset	NOUN
fbem-25627	131	134	compensation	compensation	NOUN
fbem-25627	131	135	rate	rate	NOUN
fbem-25627	131	136	roa	roa	PROPN
fbem-25627	131	137	ratio	ratio	NOUN
fbem-25627	131	138	of	of	ADP
fbem-25627	131	139	net	net	ADJ
fbem-25627	131	140	profit	profit	NOUN
fbem-25627	131	141	to	to	PART
fbem-25627	131	142	average	average	ADJ
fbem-25627	131	143	balance	balance	NOUN
fbem-25627	131	144	of	of	ADP
fbem-25627	131	145	total	total	ADJ
fbem-25627	131	146	assets	asset	NOUN
fbem-25627	131	147	total	total	ADJ
fbem-25627	131	148	assets	asset	NOUN
fbem-25627	131	149	turnover	turnover	NOUN
fbem-25627	131	150	rate	rate	NOUN
fbem-25627	131	151	ato	ato	PROPN
fbem-25627	131	152	ratio	ratio	NOUN
fbem-25627	131	153	of	of	ADP
fbem-25627	131	154	operating	operate	VERB
fbem-25627	131	155	income	income	NOUN
fbem-25627	131	156	to	to	PART
fbem-25627	131	157	average	average	VERB
fbem-25627	131	158	total	total	ADJ
fbem-25627	131	159	assets	asset	NOUN
fbem-25627	131	160	accounts	account	VERB
fbem-25627	131	161	receivable	receivable	ADJ
fbem-25627	131	162	percentage	percentage	NOUN
fbem-25627	131	163	rec	rec	NOUN
fbem-25627	131	164	ratio	ratio	NOUN
fbem-25627	131	165	of	of	ADP
fbem-25627	131	166	net	net	ADJ
fbem-25627	131	167	accounts	account	NOUN
fbem-25627	131	168	receivable	receivable	ADJ
fbem-25627	131	169	to	to	ADP
fbem-25627	131	170	total	total	ADJ
fbem-25627	131	171	assets	asset	NOUN
fbem-25627	131	172	inventory	inventory	NOUN
fbem-25627	131	173	as	as	ADP
fbem-25627	131	174	a	a	DET
fbem-25627	131	175	percentage	percentage	NOUN
fbem-25627	131	176	inv	inv	NOUN
fbem-25627	131	177	ratio	ratio	NOUN
fbem-25627	131	178	of	of	ADP
fbem-25627	131	179	net	net	ADJ
fbem-25627	131	180	inventory	inventory	NOUN
fbem-25627	131	181	to	to	PART
fbem-25627	131	182	total	total	VERB
fbem-25627	131	183	assets	asset	NOUN
fbem-25627	131	184	fixed	fix	VERB
fbem-25627	131	185	assets	asset	NOUN
fbem-25627	131	186	percentage	percentage	NOUN
fbem-25627	131	187	fixed	fix	VERB
fbem-25627	131	188	net	net	ADJ
fbem-25627	131	189	fixed	fix	VERB
fbem-25627	131	190	assets	asset	NOUN
fbem-25627	131	191	to	to	PART
fbem-25627	131	192	total	total	ADJ
fbem-25627	131	193	assets	asset	NOUN
fbem-25627	131	194	revenues	revenue	NOUN
fbem-25627	131	195	growth	growth	NOUN
fbem-25627	131	196	rate	rate	NOUN
fbem-25627	131	197	(	(	PUNCT
fbem-25627	131	198	esp	esp	ADV
fbem-25627	131	199	.	.	PUNCT
fbem-25627	132	1	in	in	ADP
fbem-25627	132	2	economics	economic	NOUN
fbem-25627	132	3	)	)	PUNCT
fbem-25627	132	4	growth	growth	NOUN
fbem-25627	132	5	current	current	ADJ
fbem-25627	132	6	year	year	NOUN
fbem-25627	132	7	's	's	PART
fbem-25627	132	8	operating	operate	VERB
fbem-25627	132	9	income	income	NOUN
fbem-25627	132	10	/	/	SYM
fbem-25627	132	11	previous	previous	ADJ
fbem-25627	132	12	year	year	NOUN
fbem-25627	132	13	's	's	PART
fbem-25627	132	14	operating	operate	VERB
fbem-25627	132	15	income	income	NOUN
fbem-25627	132	16	1	1	NUM
fbem-25627	132	17	enterprise	enterprise	NOUN
fbem-25627	132	18	value	value	NOUN
fbem-25627	132	19	tobinq	tobinq	NOUN
fbem-25627	132	20	(	(	PUNCT
fbem-25627	132	21	market	market	NOUN
fbem-25627	132	22	value	value	NOUN
fbem-25627	132	23	of	of	ADP
fbem-25627	132	24	outstanding	outstanding	ADJ
fbem-25627	132	25	shares	share	NOUN
fbem-25627	132	26	+	+	CCONJ
fbem-25627	132	27	number	number	NOUN
fbem-25627	132	28	of	of	ADP
fbem-25627	132	29	non	non	ADJ
fbem-25627	132	30	-	-	ADJ
fbem-25627	132	31	outstanding	outstanding	ADJ
fbem-25627	132	32	shares	share	NOUN
fbem-25627	132	33	×	×	PROPN
fbem-25627	132	34	net	net	ADJ
fbem-25627	132	35	assets	asset	NOUN
fbem-25627	132	36	per	per	ADP
fbem-25627	132	37	share	share	NOUN
fbem-25627	132	38	+	+	CCONJ
fbem-25627	132	39	book	book	NOUN
fbem-25627	132	40	value	value	NOUN
fbem-25627	132	41	of	of	ADP
fbem-25627	132	42	liabilities)/total	liabilities)/total	ADJ
fbem-25627	132	43	assets	asset	NOUN
fbem-25627	132	44	4	4	NUM
fbem-25627	132	45	.	.	PUNCT
fbem-25627	133	1	empirical	empirical	ADJ
fbem-25627	133	2	analysis	analysis	NOUN
fbem-25627	133	3	4.1	4.1	NUM
fbem-25627	133	4	.	.	PUNCT
fbem-25627	134	1	descriptive	descriptive	ADJ
fbem-25627	134	2	statistics	statistic	NOUN
fbem-25627	134	3	table	table	NOUN
fbem-25627	134	4	2	2	NUM
fbem-25627	134	5	demonstrates	demonstrate	VERB
fbem-25627	134	6	the	the	DET
fbem-25627	134	7	results	result	NOUN
fbem-25627	134	8	of	of	ADP
fbem-25627	134	9	descriptive	descriptive	ADJ
fbem-25627	134	10	statistical	statistical	ADJ
fbem-25627	134	11	analysis	analysis	NOUN
fbem-25627	134	12	of	of	ADP
fbem-25627	134	13	the	the	DET
fbem-25627	134	14	main	main	ADJ
fbem-25627	134	15	variables	variable	NOUN
fbem-25627	134	16	of	of	ADP
fbem-25627	134	17	the	the	DET
fbem-25627	134	18	sample	sample	NOUN
fbem-25627	134	19	firms	firm	NOUN
fbem-25627	134	20	.	.	PUNCT
fbem-25627	135	1	the	the	DET
fbem-25627	135	2	analysis	analysis	NOUN
fbem-25627	135	3	shows	show	VERB
fbem-25627	135	4	that	that	SCONJ
fbem-25627	135	5	the	the	DET
fbem-25627	135	6	mean	mean	ADJ
fbem-25627	135	7	value	value	NOUN
fbem-25627	135	8	of	of	ADP
fbem-25627	135	9	the	the	DET
fbem-25627	135	10	explanatory	explanatory	ADJ
fbem-25627	135	11	variable	variable	ADJ
fbem-25627	135	12	esg	esg	PROPN
fbem-25627	135	13	is	be	AUX
fbem-25627	135	14	4.143	4.143	NUM
fbem-25627	135	15	with	with	ADP
fbem-25627	135	16	a	a	DET
fbem-25627	135	17	standard	standard	ADJ
fbem-25627	135	18	deviation	deviation	NOUN
fbem-25627	135	19	of	of	ADP
fbem-25627	135	20	0.925	0.925	NUM
fbem-25627	135	21	,	,	PUNCT
fbem-25627	135	22	and	and	CCONJ
fbem-25627	135	23	the	the	DET
fbem-25627	135	24	maximum	maximum	ADJ
fbem-25627	135	25	,	,	PUNCT
fbem-25627	135	26	median	median	ADJ
fbem-25627	135	27	,	,	PUNCT
fbem-25627	135	28	and	and	CCONJ
fbem-25627	135	29	minimum	minimum	ADJ
fbem-25627	135	30	values	value	NOUN
fbem-25627	135	31	are	be	AUX
fbem-25627	135	32	8	8	NUM
fbem-25627	135	33	,	,	PUNCT
fbem-25627	135	34	4	4	NUM
fbem-25627	135	35	,	,	PUNCT
fbem-25627	135	36	and	and	CCONJ
fbem-25627	135	37	1	1	NUM
fbem-25627	135	38	respectively	respectively	ADV
fbem-25627	135	39	indicating	indicate	VERB
fbem-25627	135	40	that	that	SCONJ
fbem-25627	135	41	the	the	DET
fbem-25627	135	42	average	average	ADJ
fbem-25627	135	43	esg	esg	NOUN
fbem-25627	135	44	ratings	rating	NOUN
fbem-25627	135	45	of	of	ADP
fbem-25627	135	46	the	the	DET
fbem-25627	135	47	sample	sample	NOUN
fbem-25627	135	48	firms	firm	NOUN
fbem-25627	135	49	are	be	AUX
fbem-25627	135	50	in	in	ADP
fbem-25627	135	51	the	the	DET
fbem-25627	135	52	range	range	NOUN
fbem-25627	135	53	of	of	ADP
fbem-25627	135	54	b	b	PROPN
fbem-25627	135	55	to	to	PART
fbem-25627	135	56	bb	bb	VERB
fbem-25627	135	57	,	,	PUNCT
fbem-25627	135	58	and	and	CCONJ
fbem-25627	135	59	that	that	SCONJ
fbem-25627	135	60	there	there	PRON
fbem-25627	135	61	are	be	VERB
fbem-25627	135	62	some	some	DET
fbem-25627	135	63	variations	variation	NOUN
fbem-25627	135	64	in	in	ADP
fbem-25627	135	65	the	the	DET
fbem-25627	135	66	esg	esg	NOUN
fbem-25627	135	67	performance	performance	NOUN
fbem-25627	135	68	of	of	ADP
fbem-25627	135	69	the	the	DET
fbem-25627	135	70	firms	firm	NOUN
fbem-25627	135	71	.	.	PUNCT
fbem-25627	136	1	the	the	DET
fbem-25627	136	2	mean	mean	ADJ
fbem-25627	136	3	value	value	NOUN
fbem-25627	136	4	of	of	ADP
fbem-25627	136	5	the	the	DET
fbem-25627	136	6	explanatory	explanatory	ADJ
fbem-25627	136	7	variable	variable	ADJ
fbem-25627	136	8	inefficient	inefficient	ADJ
fbem-25627	136	9	investment	investment	NOUN
fbem-25627	136	10	(	(	PUNCT
fbem-25627	136	11	misinv	misinv	PROPN
fbem-25627	136	12	)	)	PUNCT
fbem-25627	136	13	is	be	AUX
fbem-25627	136	14	0.052	0.052	NUM
fbem-25627	136	15	,	,	PUNCT
fbem-25627	136	16	the	the	DET
fbem-25627	136	17	standard	standard	ADJ
fbem-25627	136	18	deviation	deviation	NOUN
fbem-25627	136	19	is	be	AUX
fbem-25627	136	20	0.057	0.057	NUM
fbem-25627	136	21	,	,	PUNCT
fbem-25627	136	22	and	and	CCONJ
fbem-25627	136	23	the	the	DET
fbem-25627	136	24	minimum	minimum	ADJ
fbem-25627	136	25	,	,	PUNCT
fbem-25627	136	26	median	median	ADJ
fbem-25627	136	27	,	,	PUNCT
fbem-25627	136	28	and	and	CCONJ
fbem-25627	136	29	maximum	maximum	ADJ
fbem-25627	136	30	values	value	NOUN
fbem-25627	136	31	are	be	AUX
fbem-25627	136	32	0	0	NUM
fbem-25627	136	33	,	,	PUNCT
fbem-25627	136	34	0.037	0.037	NUM
fbem-25627	136	35	,	,	PUNCT
fbem-25627	136	36	and	and	CCONJ
fbem-25627	136	37	0.433	0.433	NUM
fbem-25627	136	38	,	,	PUNCT
fbem-25627	136	39	respectively	respectively	ADV
fbem-25627	136	40	,	,	PUNCT
fbem-25627	136	41	indicating	indicate	VERB
fbem-25627	136	42	that	that	SCONJ
fbem-25627	136	43	there	there	PRON
fbem-25627	136	44	is	be	VERB
fbem-25627	136	45	a	a	DET
fbem-25627	136	46	large	large	ADJ
fbem-25627	136	47	difference	difference	NOUN
fbem-25627	136	48	in	in	ADP
fbem-25627	136	49	the	the	DET
fbem-25627	136	50	investment	investment	NOUN
fbem-25627	136	51	efficiency	efficiency	NOUN
fbem-25627	136	52	of	of	ADP
fbem-25627	136	53	the	the	DET
fbem-25627	136	54	sample	sample	NOUN
fbem-25627	136	55	firms	firm	NOUN
fbem-25627	136	56	,	,	PUNCT
fbem-25627	136	57	and	and	CCONJ
fbem-25627	136	58	that	that	SCONJ
fbem-25627	136	59	the	the	DET
fbem-25627	136	60	firms	firm	NOUN
fbem-25627	136	61	are	be	AUX
fbem-25627	136	62	closer	close	ADJ
fbem-25627	136	63	between	between	ADP
fbem-25627	136	64	the	the	DET
fbem-25627	136	65	actual	actual	ADJ
fbem-25627	136	66	investment	investment	NOUN
fbem-25627	136	67	level	level	NOUN
fbem-25627	136	68	and	and	CCONJ
fbem-25627	136	69	the	the	DET
fbem-25627	136	70	desirable	desirable	ADJ
fbem-25627	136	71	(	(	PUNCT
fbem-25627	136	72	or	or	CCONJ
fbem-25627	136	73	expected	expect	VERB
fbem-25627	136	74	)	)	PUNCT
fbem-25627	136	75	investment	investment	NOUN
fbem-25627	136	76	level	level	NOUN
fbem-25627	136	77	.	.	PUNCT
fbem-25627	137	1	the	the	DET
fbem-25627	137	2	mean	mean	ADJ
fbem-25627	137	3	value	value	NOUN
fbem-25627	137	4	of	of	ADP
fbem-25627	137	5	corporate	corporate	ADJ
fbem-25627	137	6	reputation	reputation	NOUN
fbem-25627	137	7	(	(	PUNCT
fbem-25627	137	8	score	score	NOUN
fbem-25627	137	9	)	)	PUNCT
fbem-25627	137	10	is	be	AUX
fbem-25627	137	11	0.070	0.070	NUM
fbem-25627	137	12	,	,	PUNCT
fbem-25627	137	13	the	the	DET
fbem-25627	137	14	standard	standard	ADJ
fbem-25627	137	15	deviation	deviation	NOUN
fbem-25627	137	16	is	be	AUX
fbem-25627	137	17	0.963	0.963	NUM
fbem-25627	137	18	,	,	PUNCT
fbem-25627	137	19	and	and	CCONJ
fbem-25627	137	20	the	the	DET
fbem-25627	137	21	maximum	maximum	ADJ
fbem-25627	137	22	,	,	PUNCT
fbem-25627	137	23	median	median	ADJ
fbem-25627	137	24	,	,	PUNCT
fbem-25627	137	25	and	and	CCONJ
fbem-25627	137	26	minimum	minimum	ADJ
fbem-25627	137	27	values	value	NOUN
fbem-25627	137	28	are	be	AUX
fbem-25627	137	29	-1.269	-1.269	ADJ
fbem-25627	137	30	,	,	PUNCT
fbem-25627	137	31	-0.191	-0.191	NOUN
fbem-25627	137	32	,	,	PUNCT
fbem-25627	137	33	and	and	CCONJ
fbem-25627	137	34	5.784	5.784	NUM
fbem-25627	137	35	,	,	PUNCT
fbem-25627	137	36	respectively	respectively	ADV
fbem-25627	137	37	,	,	PUNCT
fbem-25627	137	38	indicating	indicate	VERB
fbem-25627	137	39	that	that	SCONJ
fbem-25627	137	40	its	its	PRON
fbem-25627	137	41	distribution	distribution	NOUN
fbem-25627	137	42	shows	show	VERB
fbem-25627	137	43	significant	significant	ADJ
fbem-25627	137	44	asymmetry	asymmetry	NOUN
fbem-25627	137	45	,	,	PUNCT
fbem-25627	137	46	and	and	CCONJ
fbem-25627	137	47	the	the	DET
fbem-25627	137	48	majority	majority	NOUN
fbem-25627	137	49	of	of	ADP
fbem-25627	137	50	corporate	corporate	ADJ
fbem-25627	137	51	reputation	reputation	NOUN
fbem-25627	137	52	scores	score	NOUN
fbem-25627	137	53	are	be	AUX
fbem-25627	137	54	concentrated	concentrate	VERB
fbem-25627	137	55	in	in	ADP
fbem-25627	137	56	the	the	DET
fbem-25627	137	57	lower	low	ADJ
fbem-25627	137	58	range	range	NOUN
fbem-25627	137	59	.	.	PUNCT
fbem-25627	138	1	a	a	DET
fbem-25627	138	2	large	large	ADJ
fbem-25627	138	3	standard	standard	ADJ
fbem-25627	138	4	deviation	deviation	NOUN
fbem-25627	138	5	implies	imply	VERB
fbem-25627	138	6	that	that	SCONJ
fbem-25627	138	7	there	there	PRON
fbem-25627	138	8	are	be	VERB
fbem-25627	138	9	significant	significant	ADJ
fbem-25627	138	10	differences	difference	NOUN
fbem-25627	138	11	in	in	ADP
fbem-25627	138	12	reputation	reputation	NOUN
fbem-25627	138	13	among	among	ADP
fbem-25627	138	14	firms	firm	NOUN
fbem-25627	138	15	,	,	PUNCT
fbem-25627	138	16	and	and	CCONJ
fbem-25627	138	17	some	some	DET
fbem-25627	138	18	firms	firm	NOUN
fbem-25627	138	19	may	may	AUX
fbem-25627	138	20	enjoy	enjoy	VERB
fbem-25627	138	21	very	very	ADV
fbem-25627	138	22	high	high	ADJ
fbem-25627	138	23	market	market	NOUN
fbem-25627	138	24	recognition	recognition	NOUN
fbem-25627	138	25	and	and	CCONJ
fbem-25627	138	26	customer	customer	NOUN
fbem-25627	138	27	trust	trust	NOUN
fbem-25627	138	28	,	,	PUNCT
fbem-25627	138	29	while	while	SCONJ
fbem-25627	138	30	others	other	NOUN
fbem-25627	138	31	may	may	AUX
fbem-25627	138	32	face	face	VERB
fbem-25627	138	33	greater	great	ADJ
fbem-25627	138	34	reputational	reputational	ADJ
fbem-25627	138	35	risk	risk	NOUN
fbem-25627	138	36	.	.	PUNCT
fbem-25627	139	1	the	the	DET
fbem-25627	139	2	mean	mean	ADJ
fbem-25627	139	3	value	value	NOUN
fbem-25627	139	4	of	of	ADP
fbem-25627	139	5	environmental	environmental	ADJ
fbem-25627	139	6	disclosure	disclosure	NOUN
fbem-25627	139	7	quality	quality	NOUN
fbem-25627	139	8	(	(	PUNCT
fbem-25627	139	9	eidq	eidq	NOUN
fbem-25627	139	10	)	)	PUNCT
fbem-25627	139	11	is	be	AUX
fbem-25627	139	12	1.952	1.952	NUM
fbem-25627	139	13	,	,	PUNCT
fbem-25627	139	14	the	the	DET
fbem-25627	139	15	standard	standard	ADJ
fbem-25627	139	16	deviation	deviation	NOUN
fbem-25627	139	17	is	be	AUX
fbem-25627	139	18	0.982	0.982	NUM
fbem-25627	139	19	,	,	PUNCT
fbem-25627	139	20	and	and	CCONJ
fbem-25627	139	21	the	the	DET
fbem-25627	139	22	minimum	minimum	ADJ
fbem-25627	139	23	,	,	PUNCT
fbem-25627	139	24	median	median	ADJ
fbem-25627	139	25	,	,	PUNCT
fbem-25627	139	26	and	and	CCONJ
fbem-25627	139	27	maximum	maximum	ADJ
fbem-25627	139	28	values	value	NOUN
fbem-25627	139	29	are	be	AUX
fbem-25627	139	30	0.000,1.946	0.000,1.946	PROPN
fbem-25627	139	31	,	,	PUNCT
fbem-25627	139	32	and	and	CCONJ
fbem-25627	139	33	3.638	3.638	NUM
fbem-25627	139	34	,	,	PUNCT
fbem-25627	139	35	respectively	respectively	ADV
fbem-25627	139	36	,	,	PUNCT
fbem-25627	139	37	which	which	PRON
fbem-25627	139	38	reveal	reveal	VERB
fbem-25627	139	39	significant	significant	ADJ
fbem-25627	139	40	differences	difference	NOUN
fbem-25627	139	41	in	in	ADP
fbem-25627	139	42	firms	firm	NOUN
fbem-25627	139	43	'	'	PART
fbem-25627	139	44	performance	performance	NOUN
fbem-25627	139	45	in	in	ADP
fbem-25627	139	46	environmental	environmental	ADJ
fbem-25627	139	47	protection	protection	NOUN
fbem-25627	139	48	.	.	PUNCT
fbem-25627	140	1	overall	overall	ADV
fbem-25627	140	2	,	,	PUNCT
fbem-25627	140	3	the	the	DET
fbem-25627	140	4	quality	quality	NOUN
fbem-25627	140	5	of	of	ADP
fbem-25627	140	6	environmental	environmental	ADJ
fbem-25627	140	7	information	information	NOUN
fbem-25627	140	8	disclosed	disclose	VERB
fbem-25627	140	9	by	by	ADP
fbem-25627	140	10	enterprises	enterprise	NOUN
fbem-25627	140	11	is	be	AUX
fbem-25627	140	12	at	at	ADP
fbem-25627	140	13	a	a	DET
fbem-25627	140	14	medium	medium	ADJ
fbem-25627	140	15	level	level	NOUN
fbem-25627	140	16	,	,	PUNCT
fbem-25627	140	17	but	but	CCONJ
fbem-25627	140	18	the	the	DET
fbem-25627	140	19	standard	standard	ADJ
fbem-25627	140	20	deviation	deviation	NOUN
fbem-25627	140	21	value	value	NOUN
fbem-25627	140	22	of	of	ADP
fbem-25627	140	23	0.982	0.982	NUM
fbem-25627	140	24	reflects	reflect	VERB
fbem-25627	140	25	the	the	DET
fbem-25627	140	26	large	large	ADJ
fbem-25627	140	27	difference	difference	NOUN
fbem-25627	140	28	in	in	ADP
fbem-25627	140	29	the	the	DET
fbem-25627	140	30	quality	quality	NOUN
fbem-25627	140	31	of	of	ADP
fbem-25627	140	32	disclosure	disclosure	NOUN
fbem-25627	140	33	among	among	ADP
fbem-25627	140	34	different	different	ADJ
fbem-25627	140	35	enterprises	enterprise	NOUN
fbem-25627	140	36	.	.	PUNCT
fbem-25627	141	1	276	276	NUM
fbem-25627	141	2	table	table	NOUN
fbem-25627	141	3	2	2	NUM
fbem-25627	141	4	.	.	PUNCT
fbem-25627	141	5	results	result	NOUN
fbem-25627	141	6	of	of	ADP
fbem-25627	141	7	descriptive	descriptive	ADJ
fbem-25627	141	8	statistics	statistic	NOUN
fbem-25627	141	9	for	for	ADP
fbem-25627	141	10	the	the	DET
fbem-25627	141	11	main	main	ADJ
fbem-25627	141	12	variables	variable	NOUN
fbem-25627	141	13	variant	variant	ADJ
fbem-25627	141	14	sample	sample	NOUN
fbem-25627	141	15	size	size	NOUN
fbem-25627	141	16	average	average	ADJ
fbem-25627	141	17	value	value	NOUN
fbem-25627	141	18	(	(	PUNCT
fbem-25627	141	19	statistics	statistic	NOUN
fbem-25627	141	20	)	)	PUNCT
fbem-25627	141	21	standard	standard	ADJ
fbem-25627	141	22	deviation	deviation	NOUN
fbem-25627	141	23	minimum	minimum	NOUN
fbem-25627	141	24	value	value	NOUN
fbem-25627	141	25	upper	upper	ADJ
fbem-25627	141	26	quartile	quartile	NOUN
fbem-25627	141	27	maximum	maximum	ADJ
fbem-25627	141	28	values	value	NOUN
fbem-25627	141	29	misinv	misinv	ADJ
fbem-25627	141	30	21174	21174	NUM
fbem-25627	141	31	0.052	0.052	NUM
fbem-25627	141	32	0.057	0.057	NUM
fbem-25627	141	33	0.000	0.000	NUM
fbem-25627	141	34	0.037	0.037	NUM
fbem-25627	141	35	0.433	0.433	NUM
fbem-25627	141	36	score	score	NOUN
fbem-25627	141	37	21174	21174	NUM
fbem-25627	141	38	0.070	0.070	NUM
fbem-25627	141	39	0.963	0.963	NUM
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fbem-25627	141	85	inv	inv	VERB
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fbem-25627	141	89	0.000	0.000	NUM
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fbem-25627	141	92	fixed	fix	VERB
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fbem-25627	142	2	analysis	analysis	NOUN
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fbem-25627	142	4	paper	paper	NOUN
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fbem-25627	142	7	analysis	analysis	NOUN
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fbem-25627	142	11	variables	variable	NOUN
fbem-25627	142	12	,	,	PUNCT
fbem-25627	142	13	the	the	DET
fbem-25627	142	14	results	result	NOUN
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fbem-25627	142	16	shown	show	VERB
fbem-25627	142	17	in	in	ADP
fbem-25627	142	18	the	the	DET
fbem-25627	142	19	table	table	NOUN
fbem-25627	142	20	,	,	PUNCT
fbem-25627	142	21	the	the	DET
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fbem-25627	142	30	,	,	PUNCT
fbem-25627	142	31	environmental	environmental	ADJ
fbem-25627	142	32	disclosure	disclosure	NOUN
fbem-25627	142	33	quality	quality	NOUN
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fbem-25627	142	38	,	,	PUNCT
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fbem-25627	142	40	,	,	PUNCT
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fbem-25627	142	42	are	be	AUX
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fbem-25627	142	44	at	at	ADP
fbem-25627	142	45	1	1	NUM
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fbem-25627	142	48	,	,	PUNCT
fbem-25627	142	49	which	which	PRON
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fbem-25627	142	51	that	that	SCONJ
fbem-25627	142	52	with	with	ADP
fbem-25627	142	53	the	the	DET
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fbem-25627	142	55	of	of	ADP
fbem-25627	142	56	esg	esg	PROPN
fbem-25627	142	57	performance	performance	NOUN
fbem-25627	142	58	,	,	PUNCT
fbem-25627	142	59	the	the	DET
fbem-25627	142	60	enterprise	enterprise	NOUN
fbem-25627	142	61	's	's	PART
fbem-25627	142	62	investment	investment	NOUN
fbem-25627	142	63	efficiency	efficiency	NOUN
fbem-25627	142	64	,	,	PUNCT
fbem-25627	142	65	its	its	PRON
fbem-25627	142	66	own	own	ADJ
fbem-25627	142	67	reputation	reputation	NOUN
fbem-25627	142	68	,	,	PUNCT
fbem-25627	142	69	and	and	CCONJ
fbem-25627	142	70	environmental	environmental	ADJ
fbem-25627	142	71	performance	performance	NOUN
fbem-25627	142	72	will	will	AUX
fbem-25627	142	73	be	be	AUX
fbem-25627	142	74	improved	improve	VERB
fbem-25627	142	75	,	,	PUNCT
fbem-25627	142	76	which	which	PRON
fbem-25627	142	77	preliminarily	preliminarily	ADV
fbem-25627	142	78	verifies	verify	VERB
fbem-25627	142	79	the	the	DET
fbem-25627	142	80	hypothesis	hypothesis	NOUN
fbem-25627	142	81	of	of	ADP
fbem-25627	142	82	this	this	DET
fbem-25627	142	83	paper	paper	NOUN
fbem-25627	142	84	.	.	PUNCT
fbem-25627	143	1	that	that	PRON
fbem-25627	143	2	is	be	AUX
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fbem-25627	143	4	there	there	PRON
fbem-25627	143	5	is	be	VERB
fbem-25627	143	6	a	a	DET
fbem-25627	143	7	positive	positive	ADJ
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fbem-25627	143	9	between	between	ADP
fbem-25627	143	10	esg	esg	PROPN
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fbem-25627	143	12	investment	investment	NOUN
fbem-25627	143	13	efficiency	efficiency	NOUN
fbem-25627	143	14	,	,	PUNCT
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fbem-25627	143	16	reputation	reputation	NOUN
fbem-25627	143	17	,	,	PUNCT
fbem-25627	143	18	and	and	CCONJ
fbem-25627	143	19	environmental	environmental	ADJ
fbem-25627	143	20	performance	performance	NOUN
fbem-25627	143	21	.	.	PUNCT
fbem-25627	144	1	most	most	ADJ
fbem-25627	144	2	of	of	ADP
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fbem-25627	144	5	coefficients	coefficient	NOUN
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fbem-25627	144	7	other	other	ADJ
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fbem-25627	144	17	reasonable	reasonable	ADJ
fbem-25627	144	18	variables	variable	NOUN
fbem-25627	144	19	are	be	AUX
fbem-25627	144	20	selected	select	VERB
fbem-25627	144	21	and	and	CCONJ
fbem-25627	144	22	basically	basically	ADV
fbem-25627	144	23	excludes	exclude	VERB
fbem-25627	144	24	the	the	DET
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fbem-25627	144	26	of	of	ADP
fbem-25627	144	27	multicollinearity	multicollinearity	NOUN
fbem-25627	144	28	between	between	ADP
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fbem-25627	144	30	in	in	ADP
fbem-25627	144	31	the	the	DET
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fbem-25627	145	2	3	3	NUM
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fbem-25627	145	13	rec	rec	PROPN
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fbem-25627	145	17	h	h	PROPN
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fbem-25627	153	5	*	*	PUNCT
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fbem-25627	165	1	0.305	0.305	NUM
fbem-25627	165	2	*	*	PUNCT
fbem-25627	166	1	*	*	PUNCT
fbem-25627	166	2	*	*	SYM
fbem-25627	166	3	1	1	NUM
fbem-25627	166	4	growt	growt	NOUN
fbem-25627	166	5	h	h	NOUN
fbem-25627	166	6	0.245	0.245	NUM
fbem-25627	166	7	*	*	PUNCT
fbem-25627	166	8	*	*	PUNCT
fbem-25627	166	9	*	*	PUNCT
fbem-25627	166	10	0.118	0.118	NUM
fbem-25627	166	11	*	*	PUNCT
fbem-25627	166	12	*	*	PUNCT
fbem-25627	166	13	*	*	PUNCT
fbem-25627	166	14	0.038	0.038	NUM
fbem-25627	166	15	*	*	PUNCT
fbem-25627	166	16	*	*	PUNCT
fbem-25627	166	17	*	*	PUNCT
fbem-25627	166	18	-0.040	-0.040	PUNCT
fbem-25627	166	19	*	*	PUNCT
fbem-25627	166	20	*	*	PUNCT
fbem-25627	166	21	*	*	NOUN
fbem-25627	166	22	0.057	0.057	NUM
fbem-25627	166	23	*	*	PUNCT
fbem-25627	166	24	*	*	PUNCT
fbem-25627	166	25	*	*	PUNCT
fbem-25627	166	26	0.184	0.184	NUM
fbem-25627	166	27	*	*	PUNCT
fbem-25627	167	1	*	*	PUNCT
fbem-25627	167	2	*	*	PUNCT
fbem-25627	167	3	0.100	0.100	NUM
fbem-25627	167	4	*	*	PUNCT
fbem-25627	168	1	*	*	PUNCT
fbem-25627	168	2	*	*	PUNCT
fbem-25627	168	3	0.052	0.052	PRON
fbem-25627	168	4	*	*	PUNCT
fbem-25627	169	1	*	*	PUNCT
fbem-25627	169	2	*	*	PUNCT
fbem-25627	170	1	0.033	0.033	NUM
fbem-25627	170	2	*	*	PUNCT
fbem-25627	170	3	*	*	PUNCT
fbem-25627	170	4	*	*	PUNCT
fbem-25627	170	5	0.070	0.070	NUM
fbem-25627	170	6	*	*	PUNCT
fbem-25627	170	7	*	*	PUNCT
fbem-25627	170	8	*	*	PUNCT
fbem-25627	170	9	1	1	NUM
fbem-25627	170	10	tobin	tobin	PROPN
fbem-25627	170	11	q	q	PROPN
fbem-25627	170	12	0.057	0.057	NUM
fbem-25627	170	13	*	*	PUNCT
fbem-25627	170	14	*	*	PUNCT
fbem-25627	170	15	*	*	PUNCT
fbem-25627	170	16	0.046	0.046	NUM
fbem-25627	170	17	*	*	PUNCT
fbem-25627	170	18	*	*	PUNCT
fbem-25627	170	19	*	*	PUNCT
fbem-25627	170	20	0.117	0.117	NUM
fbem-25627	170	21	*	*	PUNCT
fbem-25627	170	22	*	*	PUNCT
fbem-25627	170	23	*	*	PUNCT
fbem-25627	170	24	-0.071	-0.071	VERB
fbem-25627	170	25	*	*	PUNCT
fbem-25627	170	26	*	*	PUNCT
fbem-25627	170	27	*	*	PUNCT
fbem-25627	170	28	0.285	0.285	PUNCT
fbem-25627	170	29	*	*	PUNCT
fbem-25627	170	30	*	*	PUNCT
fbem-25627	170	31	*	*	PUNCT
fbem-25627	170	32	0.326	0.326	NUM
fbem-25627	170	33	*	*	PUNCT
fbem-25627	171	1	*	*	PUNCT
fbem-25627	171	2	*	*	PUNCT
fbem-25627	171	3	0.027	0.027	NUM
fbem-25627	171	4	*	*	PUNCT
fbem-25627	172	1	*	*	PUNCT
fbem-25627	172	2	*	*	PUNCT
fbem-25627	172	3	0.053	0.053	NUM
fbem-25627	172	4	*	*	PUNCT
fbem-25627	173	1	*	*	PUNCT
fbem-25627	173	2	*	*	PUNCT
fbem-25627	173	3	0.077	0.077	NUM
fbem-25627	173	4	*	*	PUNCT
fbem-25627	173	5	*	*	PUNCT
fbem-25627	173	6	*	*	PUNCT
fbem-25627	173	7	0.111	0.111	NUM
fbem-25627	173	8	*	*	PUNCT
fbem-25627	173	9	*	*	PUNCT
fbem-25627	174	1	*	*	PUNCT
fbem-25627	174	2	0.058	0.058	NUM
fbem-25627	174	3	*	*	PUNCT
fbem-25627	174	4	*	*	PUNCT
fbem-25627	174	5	*	*	PUNCT
fbem-25627	174	6	1	1	NUM
fbem-25627	174	7	4.3	4.3	NUM
fbem-25627	174	8	.	.	PUNCT
fbem-25627	175	1	regression	regression	VERB
fbem-25627	175	2	analysis	analysis	NOUN
fbem-25627	175	3	after	after	ADP
fbem-25627	175	4	shrinkage	shrinkage	NOUN
fbem-25627	175	5	treatment	treatment	NOUN
fbem-25627	175	6	of	of	ADP
fbem-25627	175	7	1	1	NUM
fbem-25627	175	8	%	%	NOUN
fbem-25627	175	9	at	at	ADP
fbem-25627	175	10	the	the	DET
fbem-25627	175	11	top	top	NOUN
fbem-25627	175	12	and	and	CCONJ
fbem-25627	175	13	bottom	bottom	NOUN
fbem-25627	175	14	,	,	PUNCT
fbem-25627	175	15	the	the	DET
fbem-25627	175	16	two	two	NUM
fbem-25627	175	17	-	-	PUNCT
fbem-25627	175	18	way	way	NOUN
fbem-25627	175	19	fixed	fix	VERB
fbem-25627	175	20	effects	effect	NOUN
fbem-25627	175	21	model	model	NOUN
fbem-25627	175	22	is	be	AUX
fbem-25627	175	23	regressed	regress	VERB
fbem-25627	175	24	and	and	CCONJ
fbem-25627	175	25	the	the	DET
fbem-25627	175	26	significance	significance	NOUN
fbem-25627	175	27	of	of	ADP
fbem-25627	175	28	the	the	DET
fbem-25627	175	29	coefficients	coefficient	NOUN
fbem-25627	175	30	is	be	AUX
fbem-25627	175	31	judged	judge	VERB
fbem-25627	175	32	using	use	VERB
fbem-25627	175	33	robust	robust	ADJ
fbem-25627	175	34	criteria	criterion	NOUN
fbem-25627	175	35	,	,	PUNCT
fbem-25627	175	36	and	and	CCONJ
fbem-25627	175	37	the	the	DET
fbem-25627	175	38	regression	regression	NOUN
fbem-25627	175	39	results	result	NOUN
fbem-25627	175	40	are	be	AUX
fbem-25627	175	41	shown	show	VERB
fbem-25627	175	42	in	in	ADP
fbem-25627	175	43	the	the	DET
fbem-25627	175	44	table	table	NOUN
fbem-25627	175	45	.	.	PUNCT
fbem-25627	176	1	first	first	ADV
fbem-25627	176	2	,	,	PUNCT
fbem-25627	176	3	regressions	regression	NOUN
fbem-25627	176	4	are	be	AUX
fbem-25627	176	5	conducted	conduct	VERB
fbem-25627	176	6	to	to	PART
fbem-25627	176	7	analyze	analyze	VERB
fbem-25627	176	8	the	the	DET
fbem-25627	176	9	direct	direct	ADJ
fbem-25627	176	10	relationship	relationship	NOUN
fbem-25627	176	11	between	between	ADP
fbem-25627	176	12	esg	esg	PROPN
fbem-25627	176	13	performance	performance	NOUN
fbem-25627	176	14	and	and	CCONJ
fbem-25627	176	15	firms	firm	NOUN
fbem-25627	176	16	'	'	PART
fbem-25627	176	17	inefficient	inefficient	ADJ
fbem-25627	176	18	investments	investment	NOUN
fbem-25627	176	19	,	,	PUNCT
fbem-25627	176	20	as	as	SCONJ
fbem-25627	176	21	shown	show	VERB
fbem-25627	176	22	in	in	ADP
fbem-25627	176	23	columns	column	NOUN
fbem-25627	176	24	(	(	PUNCT
fbem-25627	176	25	1	1	NUM
fbem-25627	176	26	)	)	PUNCT
fbem-25627	176	27	and	and	CCONJ
fbem-25627	176	28	(	(	PUNCT
fbem-25627	176	29	2	2	X
fbem-25627	176	30	)	)	PUNCT
fbem-25627	176	31	of	of	ADP
fbem-25627	176	32	table	table	NOUN
fbem-25627	176	33	3	3	NUM
fbem-25627	176	34	.	.	PUNCT
fbem-25627	176	35	specifically	specifically	ADV
fbem-25627	176	36	,	,	PUNCT
fbem-25627	176	37	columns	column	NOUN
fbem-25627	176	38	(	(	PUNCT
fbem-25627	176	39	1	1	NUM
fbem-25627	176	40	)	)	PUNCT
fbem-25627	176	41	and	and	CCONJ
fbem-25627	176	42	(	(	PUNCT
fbem-25627	176	43	2	2	X
fbem-25627	176	44	)	)	PUNCT
fbem-25627	176	45	represent	represent	VERB
fbem-25627	176	46	the	the	DET
fbem-25627	176	47	regression	regression	NOUN
fbem-25627	176	48	models	model	NOUN
fbem-25627	176	49	without	without	ADP
fbem-25627	176	50	the	the	DET
fbem-25627	176	51	inclusion	inclusion	NOUN
fbem-25627	176	52	of	of	ADP
fbem-25627	176	53	control	control	NOUN
fbem-25627	176	54	variables	variable	NOUN
fbem-25627	176	55	and	and	CCONJ
fbem-25627	176	56	with	with	ADP
fbem-25627	176	57	the	the	DET
fbem-25627	176	58	inclusion	inclusion	NOUN
fbem-25627	176	59	of	of	ADP
fbem-25627	176	60	year	year	NOUN
fbem-25627	176	61	dummy	dummy	ADJ
fbem-25627	176	62	variables	variable	NOUN
fbem-25627	176	63	,	,	PUNCT
fbem-25627	176	64	respectively	respectively	ADV
fbem-25627	176	65	.	.	PUNCT
fbem-25627	177	1	the	the	DET
fbem-25627	177	2	results	result	NOUN
fbem-25627	177	3	of	of	ADP
fbem-25627	177	4	the	the	DET
fbem-25627	177	5	analysis	analysis	NOUN
fbem-25627	177	6	show	show	VERB
fbem-25627	177	7	that	that	SCONJ
fbem-25627	177	8	the	the	DET
fbem-25627	177	9	regression	regression	NOUN
fbem-25627	177	10	coefficient	coefficient	NOUN
fbem-25627	177	11	of	of	ADP
fbem-25627	177	12	esg	esg	PROPN
fbem-25627	177	13	performance	performance	NOUN
fbem-25627	177	14	(	(	PUNCT
fbem-25627	177	15	esg	esg	NOUN
fbem-25627	177	16	)	)	PUNCT
fbem-25627	177	17	is	be	AUX
fbem-25627	177	18	0.000892	0.000892	NUM
fbem-25627	177	19	without	without	ADP
fbem-25627	177	20	considering	consider	VERB
fbem-25627	177	21	other	other	ADJ
fbem-25627	177	22	control	control	NOUN
fbem-25627	177	23	variables	variable	NOUN
fbem-25627	177	24	(	(	PUNCT
fbem-25627	177	25	column	column	NOUN
fbem-25627	177	26	1	1	NUM
fbem-25627	177	27	)	)	PUNCT
fbem-25627	177	28	,	,	PUNCT
fbem-25627	177	29	implying	imply	VERB
fbem-25627	177	30	that	that	SCONJ
fbem-25627	177	31	firms	firm	NOUN
fbem-25627	177	32	'	'	PART
fbem-25627	177	33	esg	esg	NOUN
fbem-25627	177	34	ratings	rating	NOUN
fbem-25627	177	35	are	be	AUX
fbem-25627	177	36	negatively	negatively	ADV
fbem-25627	177	37	related	relate	VERB
fbem-25627	177	38	to	to	ADP
fbem-25627	177	39	inefficient	inefficient	ADJ
fbem-25627	177	40	investments	investment	NOUN
fbem-25627	177	41	,	,	PUNCT
fbem-25627	177	42	while	while	SCONJ
fbem-25627	177	43	in	in	ADP
fbem-25627	177	44	the	the	DET
fbem-25627	177	45	model	model	NOUN
fbem-25627	177	46	with	with	ADP
fbem-25627	177	47	the	the	DET
fbem-25627	177	48	277	277	NUM
fbem-25627	177	49	inclusion	inclusion	NOUN
fbem-25627	177	50	of	of	ADP
fbem-25627	177	51	year	year	NOUN
fbem-25627	177	52	dummy	dummy	ADJ
fbem-25627	177	53	variables	variable	NOUN
fbem-25627	177	54	(	(	PUNCT
fbem-25627	177	55	column	column	NOUN
fbem-25627	177	56	2	2	NUM
fbem-25627	177	57	)	)	PUNCT
fbem-25627	177	58	,	,	PUNCT
fbem-25627	177	59	the	the	DET
fbem-25627	177	60	regression	regression	NOUN
fbem-25627	177	61	coefficient	coefficient	NOUN
fbem-25627	177	62	of	of	ADP
fbem-25627	177	63	esg	esg	PROPN
fbem-25627	177	64	performance	performance	NOUN
fbem-25627	177	65	is	be	AUX
fbem-25627	177	66	-0.00115	-0.00115	PROPN
fbem-25627	177	67	,	,	PUNCT
fbem-25627	177	68	which	which	PRON
fbem-25627	177	69	is	be	AUX
fbem-25627	177	70	significantly	significantly	ADV
fbem-25627	177	71	negative	negative	ADJ
fbem-25627	177	72	at	at	ADP
fbem-25627	177	73	the	the	DET
fbem-25627	177	74	5	5	NUM
fbem-25627	177	75	%	%	NOUN
fbem-25627	177	76	level	level	NOUN
fbem-25627	177	77	,	,	PUNCT
fbem-25627	177	78	and	and	CCONJ
fbem-25627	177	79	it	it	PRON
fbem-25627	177	80	indicates	indicate	VERB
fbem-25627	177	81	that	that	SCONJ
fbem-25627	177	82	better	well	ADJ
fbem-25627	177	83	esg	esg	NOUN
fbem-25627	177	84	performance	performance	NOUN
fbem-25627	177	85	reduces	reduce	VERB
fbem-25627	177	86	firms	firm	NOUN
fbem-25627	177	87	'	'	PART
fbem-25627	177	88	inefficient	inefficient	ADJ
fbem-25627	177	89	investment	investment	NOUN
fbem-25627	177	90	.	.	PUNCT
fbem-25627	178	1	hypothesis	hypothesis	NOUN
fbem-25627	178	2	h1	h1	NOUN
fbem-25627	178	3	is	be	AUX
fbem-25627	178	4	further	far	ADV
fbem-25627	178	5	verified	verify	VERB
fbem-25627	178	6	,	,	PUNCT
fbem-25627	178	7	which	which	PRON
fbem-25627	178	8	represents	represent	VERB
fbem-25627	178	9	that	that	SCONJ
fbem-25627	178	10	investors	investor	NOUN
fbem-25627	178	11	also	also	ADV
fbem-25627	178	12	pay	pay	VERB
fbem-25627	178	13	more	more	ADJ
fbem-25627	178	14	attention	attention	NOUN
fbem-25627	178	15	to	to	ADP
fbem-25627	178	16	the	the	DET
fbem-25627	178	17	esg	esg	NOUN
fbem-25627	178	18	performance	performance	NOUN
fbem-25627	178	19	of	of	ADP
fbem-25627	178	20	enterprises	enterprise	NOUN
fbem-25627	178	21	,	,	PUNCT
fbem-25627	178	22	and	and	CCONJ
fbem-25627	178	23	good	good	ADJ
fbem-25627	178	24	esg	esg	PROPN
fbem-25627	178	25	performance	performance	NOUN
fbem-25627	178	26	will	will	AUX
fbem-25627	178	27	give	give	VERB
fbem-25627	178	28	investors	investor	NOUN
fbem-25627	178	29	'	'	PART
fbem-25627	178	30	confidence	confidence	NOUN
fbem-25627	178	31	to	to	PART
fbem-25627	178	32	invest	invest	VERB
fbem-25627	178	33	.	.	PUNCT
fbem-25627	179	1	in	in	ADP
fbem-25627	179	2	addition	addition	NOUN
fbem-25627	179	3	,	,	PUNCT
fbem-25627	179	4	investors	investor	NOUN
fbem-25627	179	5	'	'	PART
fbem-25627	179	6	focus	focus	NOUN
fbem-25627	179	7	on	on	ADP
fbem-25627	179	8	esg	esg	PROPN
fbem-25627	179	9	also	also	ADV
fbem-25627	179	10	encourages	encourage	VERB
fbem-25627	179	11	firms	firm	NOUN
fbem-25627	179	12	to	to	PART
fbem-25627	179	13	pay	pay	VERB
fbem-25627	179	14	more	more	ADJ
fbem-25627	179	15	attention	attention	NOUN
fbem-25627	179	16	to	to	ADP
fbem-25627	179	17	their	their	PRON
fbem-25627	179	18	performance	performance	NOUN
fbem-25627	179	19	in	in	ADP
fbem-25627	179	20	these	these	DET
fbem-25627	179	21	areas	area	NOUN
fbem-25627	179	22	.	.	PUNCT
fbem-25627	180	1	this	this	DET
fbem-25627	180	2	trend	trend	NOUN
fbem-25627	180	3	not	not	PART
fbem-25627	180	4	only	only	ADV
fbem-25627	180	5	drives	drive	VERB
fbem-25627	180	6	companies	company	NOUN
fbem-25627	180	7	to	to	PART
fbem-25627	180	8	improve	improve	VERB
fbem-25627	180	9	their	their	PRON
fbem-25627	180	10	esg	esg	NOUN
fbem-25627	180	11	practices	practice	NOUN
fbem-25627	180	12	,	,	PUNCT
fbem-25627	180	13	but	but	CCONJ
fbem-25627	180	14	also	also	ADV
fbem-25627	180	15	promotes	promote	VERB
fbem-25627	180	16	the	the	DET
fbem-25627	180	17	development	development	NOUN
fbem-25627	180	18	of	of	ADP
fbem-25627	180	19	relevant	relevant	ADJ
fbem-25627	180	20	assessment	assessment	NOUN
fbem-25627	180	21	and	and	CCONJ
fbem-25627	180	22	rating	rating	NOUN
fbem-25627	180	23	systems	system	NOUN
fbem-25627	180	24	,	,	PUNCT
fbem-25627	180	25	enabling	enable	VERB
fbem-25627	180	26	investors	investor	NOUN
fbem-25627	180	27	to	to	PART
fbem-25627	180	28	have	have	VERB
fbem-25627	180	29	a	a	DET
fbem-25627	180	30	more	more	ADV
fbem-25627	180	31	transparent	transparent	ADJ
fbem-25627	180	32	understanding	understanding	NOUN
fbem-25627	180	33	of	of	ADP
fbem-25627	180	34	a	a	DET
fbem-25627	180	35	company	company	NOUN
fbem-25627	180	36	's	's	PART
fbem-25627	180	37	esg	esg	NOUN
fbem-25627	180	38	performance	performance	NOUN
fbem-25627	180	39	.	.	PUNCT
fbem-25627	181	1	as	as	SCONJ
fbem-25627	181	2	the	the	DET
fbem-25627	181	3	global	global	ADJ
fbem-25627	181	4	focus	focus	NOUN
fbem-25627	181	5	on	on	ADP
fbem-25627	181	6	sustainability	sustainability	NOUN
fbem-25627	181	7	continues	continue	VERB
fbem-25627	181	8	to	to	PART
fbem-25627	181	9	grow	grow	VERB
fbem-25627	181	10	,	,	PUNCT
fbem-25627	181	11	companies	company	NOUN
fbem-25627	181	12	must	must	AUX
fbem-25627	181	13	make	make	VERB
fbem-25627	181	14	proactive	proactive	ADJ
fbem-25627	181	15	efforts	effort	NOUN
fbem-25627	181	16	in	in	ADP
fbem-25627	181	17	esg	esg	PROPN
fbem-25627	181	18	to	to	PART
fbem-25627	181	19	meet	meet	VERB
fbem-25627	181	20	the	the	DET
fbem-25627	181	21	expectations	expectation	NOUN
fbem-25627	181	22	of	of	ADP
fbem-25627	181	23	investors	investor	NOUN
fbem-25627	181	24	and	and	CCONJ
fbem-25627	181	25	the	the	DET
fbem-25627	181	26	market	market	NOUN
fbem-25627	181	27	.	.	PUNCT
fbem-25627	182	1	second	second	ADV
fbem-25627	182	2	,	,	PUNCT
fbem-25627	182	3	the	the	DET
fbem-25627	182	4	direct	direct	ADJ
fbem-25627	182	5	relationship	relationship	NOUN
fbem-25627	182	6	between	between	ADP
fbem-25627	182	7	esg	esg	NOUN
fbem-25627	182	8	performance	performance	NOUN
fbem-25627	182	9	and	and	CCONJ
fbem-25627	182	10	corporate	corporate	ADJ
fbem-25627	182	11	reputation	reputation	NOUN
fbem-25627	182	12	is	be	AUX
fbem-25627	182	13	analyzed	analyze	VERB
fbem-25627	182	14	by	by	ADP
fbem-25627	182	15	regression	regression	NOUN
fbem-25627	182	16	analysis	analysis	NOUN
fbem-25627	182	17	and	and	CCONJ
fbem-25627	182	18	the	the	DET
fbem-25627	182	19	results	result	NOUN
fbem-25627	182	20	are	be	AUX
fbem-25627	182	21	shown	show	VERB
fbem-25627	182	22	in	in	ADP
fbem-25627	182	23	column	column	NOUN
fbem-25627	182	24	(	(	PUNCT
fbem-25627	182	25	3	3	NUM
fbem-25627	182	26	)	)	PUNCT
fbem-25627	182	27	and	and	CCONJ
fbem-25627	182	28	column	column	NOUN
fbem-25627	182	29	(	(	PUNCT
fbem-25627	182	30	4	4	NUM
fbem-25627	182	31	)	)	PUNCT
fbem-25627	182	32	of	of	ADP
fbem-25627	182	33	table	table	NOUN
fbem-25627	182	34	3	3	NUM
fbem-25627	182	35	.	.	PUNCT
fbem-25627	183	1	from	from	ADP
fbem-25627	183	2	the	the	DET
fbem-25627	183	3	regression	regression	NOUN
fbem-25627	183	4	results	result	NOUN
fbem-25627	183	5	,	,	PUNCT
fbem-25627	183	6	it	it	PRON
fbem-25627	183	7	can	can	AUX
fbem-25627	183	8	be	be	AUX
fbem-25627	183	9	seen	see	VERB
fbem-25627	183	10	that	that	SCONJ
fbem-25627	183	11	the	the	DET
fbem-25627	183	12	relationship	relationship	NOUN
fbem-25627	183	13	between	between	ADP
fbem-25627	183	14	corporate	corporate	ADJ
fbem-25627	183	15	reputation	reputation	NOUN
fbem-25627	183	16	and	and	CCONJ
fbem-25627	183	17	corporate	corporate	ADJ
fbem-25627	183	18	esg	esg	NOUN
fbem-25627	183	19	is	be	AUX
fbem-25627	183	20	a	a	DET
fbem-25627	183	21	significant	significant	ADJ
fbem-25627	183	22	positive	positive	ADJ
fbem-25627	183	23	correlation	correlation	NOUN
fbem-25627	183	24	,	,	PUNCT
fbem-25627	183	25	and	and	CCONJ
fbem-25627	183	26	the	the	DET
fbem-25627	183	27	results	result	NOUN
fbem-25627	183	28	in	in	ADP
fbem-25627	183	29	column	column	NOUN
fbem-25627	183	30	(	(	PUNCT
fbem-25627	183	31	3	3	X
fbem-25627	183	32	)	)	PUNCT
fbem-25627	183	33	indicate	indicate	VERB
fbem-25627	183	34	that	that	SCONJ
fbem-25627	183	35	the	the	PRON
fbem-25627	183	36	higher	high	ADJ
fbem-25627	183	37	the	the	DET
fbem-25627	183	38	esg	esg	PROPN
fbem-25627	183	39	score	score	NOUN
fbem-25627	183	40	,	,	PUNCT
fbem-25627	183	41	the	the	PRON
fbem-25627	183	42	higher	high	ADJ
fbem-25627	183	43	the	the	DET
fbem-25627	183	44	corporate	corporate	ADJ
fbem-25627	183	45	reputation	reputation	NOUN
fbem-25627	183	46	.	.	PUNCT
fbem-25627	184	1	column	column	NOUN
fbem-25627	184	2	(	(	PUNCT
fbem-25627	184	3	4	4	X
fbem-25627	184	4	)	)	PUNCT
fbem-25627	184	5	shows	show	VERB
fbem-25627	184	6	that	that	SCONJ
fbem-25627	184	7	the	the	DET
fbem-25627	184	8	same	same	ADJ
fbem-25627	184	9	conclusion	conclusion	NOUN
fbem-25627	184	10	is	be	AUX
fbem-25627	184	11	still	still	ADV
fbem-25627	184	12	obtained	obtain	VERB
fbem-25627	184	13	after	after	ADP
fbem-25627	184	14	adding	add	VERB
fbem-25627	184	15	all	all	DET
fbem-25627	184	16	the	the	DET
fbem-25627	184	17	control	control	NOUN
fbem-25627	184	18	variables	variable	NOUN
fbem-25627	184	19	.	.	PUNCT
fbem-25627	185	1	the	the	DET
fbem-25627	185	2	regression	regression	NOUN
fbem-25627	185	3	coefficient	coefficient	NOUN
fbem-25627	185	4	of	of	ADP
fbem-25627	185	5	esg	esg	PROPN
fbem-25627	185	6	performance	performance	NOUN
fbem-25627	185	7	is	be	AUX
fbem-25627	185	8	0.071	0.071	NUM
fbem-25627	185	9	and	and	CCONJ
fbem-25627	185	10	significant	significant	ADJ
fbem-25627	185	11	at	at	ADP
fbem-25627	185	12	1	1	NUM
fbem-25627	185	13	%	%	NOUN
fbem-25627	185	14	confidence	confidence	NOUN
fbem-25627	185	15	level	level	NOUN
fbem-25627	185	16	,	,	PUNCT
fbem-25627	185	17	which	which	PRON
fbem-25627	185	18	indicates	indicate	VERB
fbem-25627	185	19	that	that	SCONJ
fbem-25627	185	20	the	the	PRON
fbem-25627	185	21	higher	high	ADJ
fbem-25627	185	22	the	the	DET
fbem-25627	185	23	esg	esg	NOUN
fbem-25627	185	24	of	of	ADP
fbem-25627	185	25	the	the	DET
fbem-25627	185	26	firm	firm	NOUN
fbem-25627	185	27	,	,	PUNCT
fbem-25627	185	28	the	the	PRON
fbem-25627	185	29	higher	high	ADJ
fbem-25627	185	30	the	the	DET
fbem-25627	185	31	corporate	corporate	ADJ
fbem-25627	185	32	reputation	reputation	NOUN
fbem-25627	185	33	,	,	PUNCT
fbem-25627	185	34	and	and	CCONJ
fbem-25627	185	35	one	one	NUM
fbem-25627	185	36	level	level	NOUN
fbem-25627	185	37	higher	high	ADJ
fbem-25627	185	38	esg	esg	NOUN
fbem-25627	185	39	increases	increase	VERB
fbem-25627	185	40	corporate	corporate	ADJ
fbem-25627	185	41	reputation	reputation	NOUN
fbem-25627	185	42	by	by	ADP
fbem-25627	185	43	0.071	0.071	NUM
fbem-25627	185	44	%	%	NOUN
fbem-25627	185	45	,	,	PUNCT
fbem-25627	185	46	and	and	CCONJ
fbem-25627	185	47	the	the	DET
fbem-25627	185	48	hypothesis	hypothesis	NOUN
fbem-25627	185	49	h2	h2	NOUN
fbem-25627	185	50	is	be	AUX
fbem-25627	185	51	further	far	ADV
fbem-25627	185	52	verified	verify	VERB
fbem-25627	185	53	.	.	PUNCT
fbem-25627	186	1	in	in	ADP
fbem-25627	186	2	addition	addition	NOUN
fbem-25627	186	3	,	,	PUNCT
fbem-25627	186	4	all	all	DET
fbem-25627	186	5	control	control	NOUN
fbem-25627	186	6	variables	variable	NOUN
fbem-25627	186	7	are	be	AUX
fbem-25627	186	8	also	also	ADV
fbem-25627	186	9	significant	significant	ADJ
fbem-25627	186	10	at	at	ADP
fbem-25627	186	11	the	the	DET
fbem-25627	186	12	1	1	NUM
fbem-25627	186	13	%	%	NOUN
fbem-25627	186	14	significance	significance	NOUN
fbem-25627	186	15	level	level	NOUN
fbem-25627	186	16	,	,	PUNCT
fbem-25627	186	17	which	which	PRON
fbem-25627	186	18	indicates	indicate	VERB
fbem-25627	186	19	that	that	SCONJ
fbem-25627	186	20	corporate	corporate	ADJ
fbem-25627	186	21	esg	esg	NOUN
fbem-25627	186	22	performance	performance	NOUN
fbem-25627	186	23	is	be	AUX
fbem-25627	186	24	closely	closely	ADV
fbem-25627	186	25	related	relate	VERB
fbem-25627	186	26	to	to	ADP
fbem-25627	186	27	corporate	corporate	ADJ
fbem-25627	186	28	reputation	reputation	NOUN
fbem-25627	186	29	,	,	PUNCT
fbem-25627	186	30	and	and	CCONJ
fbem-25627	186	31	that	that	SCONJ
fbem-25627	186	32	high	high	ADJ
fbem-25627	186	33	esg	esg	PROPN
fbem-25627	186	34	scores	score	NOUN
fbem-25627	186	35	enhance	enhance	VERB
fbem-25627	186	36	corporate	corporate	ADJ
fbem-25627	186	37	attractiveness	attractiveness	NOUN
fbem-25627	186	38	and	and	CCONJ
fbem-25627	186	39	reflect	reflect	VERB
fbem-25627	186	40	its	its	PRON
fbem-25627	186	41	leadership	leadership	NOUN
fbem-25627	186	42	in	in	ADP
fbem-25627	186	43	sustainability	sustainability	NOUN
fbem-25627	186	44	and	and	CCONJ
fbem-25627	186	45	social	social	ADJ
fbem-25627	186	46	responsibility	responsibility	NOUN
fbem-25627	186	47	.	.	PUNCT
fbem-25627	187	1	this	this	PRON
fbem-25627	187	2	enhances	enhance	VERB
fbem-25627	187	3	confidence	confidence	NOUN
fbem-25627	187	4	in	in	ADP
fbem-25627	187	5	the	the	DET
fbem-25627	187	6	long	long	ADJ
fbem-25627	187	7	-	-	PUNCT
fbem-25627	187	8	term	term	NOUN
fbem-25627	187	9	value	value	NOUN
fbem-25627	187	10	of	of	ADP
fbem-25627	187	11	the	the	DET
fbem-25627	187	12	enterprise	enterprise	NOUN
fbem-25627	187	13	and	and	CCONJ
fbem-25627	187	14	leads	lead	VERB
fbem-25627	187	15	to	to	ADP
fbem-25627	187	16	a	a	DET
fbem-25627	187	17	rise	rise	NOUN
fbem-25627	187	18	in	in	ADP
fbem-25627	187	19	corporate	corporate	ADJ
fbem-25627	187	20	reputation	reputation	NOUN
fbem-25627	187	21	.	.	PUNCT
fbem-25627	188	1	for	for	ADP
fbem-25627	188	2	enterprises	enterprise	NOUN
fbem-25627	188	3	,	,	PUNCT
fbem-25627	188	4	focusing	focus	VERB
fbem-25627	188	5	on	on	ADP
fbem-25627	188	6	social	social	ADJ
fbem-25627	188	7	responsibility	responsibility	NOUN
fbem-25627	188	8	performance	performance	NOUN
fbem-25627	188	9	can	can	AUX
fbem-25627	188	10	enhance	enhance	VERB
fbem-25627	188	11	employees	employee	NOUN
fbem-25627	188	12	'	'	PART
fbem-25627	188	13	sense	sense	NOUN
fbem-25627	188	14	of	of	ADP
fbem-25627	188	15	mission	mission	NOUN
fbem-25627	188	16	and	and	CCONJ
fbem-25627	188	17	happiness	happiness	NOUN
fbem-25627	188	18	;	;	PUNCT
fbem-25627	188	19	strengthening	strengthen	VERB
fbem-25627	188	20	corporate	corporate	ADJ
fbem-25627	188	21	governance	governance	NOUN
fbem-25627	188	22	can	can	AUX
fbem-25627	188	23	reinforce	reinforce	VERB
fbem-25627	188	24	the	the	DET
fbem-25627	188	25	stakeholder	stakeholder	NOUN
fbem-25627	188	26	consensus	consensus	NOUN
fbem-25627	188	27	of	of	ADP
fbem-25627	188	28	the	the	DET
fbem-25627	188	29	enterprise	enterprise	NOUN
fbem-25627	188	30	,	,	PUNCT
fbem-25627	188	31	pay	pay	VERB
fbem-25627	188	32	more	more	ADJ
fbem-25627	188	33	attention	attention	NOUN
fbem-25627	188	34	to	to	ADP
fbem-25627	188	35	the	the	DET
fbem-25627	188	36	perceptions	perception	NOUN
fbem-25627	188	37	and	and	CCONJ
fbem-25627	188	38	concerns	concern	NOUN
fbem-25627	188	39	of	of	ADP
fbem-25627	188	40	internal	internal	ADJ
fbem-25627	188	41	and	and	CCONJ
fbem-25627	188	42	external	external	ADJ
fbem-25627	188	43	stakeholders	stakeholder	NOUN
fbem-25627	188	44	in	in	ADP
fbem-25627	188	45	corporate	corporate	ADJ
fbem-25627	188	46	decision	decision	NOUN
fbem-25627	188	47	-	-	PUNCT
fbem-25627	188	48	making	making	NOUN
fbem-25627	188	49	,	,	PUNCT
fbem-25627	188	50	and	and	CCONJ
fbem-25627	188	51	attenuate	attenuate	VERB
fbem-25627	188	52	the	the	DET
fbem-25627	188	53	moral	moral	ADJ
fbem-25627	188	54	hazard	hazard	NOUN
fbem-25627	188	55	and	and	CCONJ
fbem-25627	188	56	adverse	adverse	ADJ
fbem-25627	188	57	selection	selection	NOUN
fbem-25627	188	58	due	due	ADP
fbem-25627	188	59	to	to	ADP
fbem-25627	188	60	principal	principal	ADJ
fbem-25627	188	61	-	-	PUNCT
fbem-25627	188	62	agent	agent	NOUN
fbem-25627	188	63	problems	problem	NOUN
fbem-25627	188	64	,	,	PUNCT
fbem-25627	188	65	strengthening	strengthen	VERB
fbem-25627	188	66	the	the	DET
fbem-25627	188	67	level	level	NOUN
fbem-25627	188	68	of	of	ADP
fbem-25627	188	69	internal	internal	ADJ
fbem-25627	188	70	control	control	NOUN
fbem-25627	188	71	and	and	CCONJ
fbem-25627	188	72	brand	brand	NOUN
fbem-25627	188	73	image	image	NOUN
fbem-25627	188	74	building	building	NOUN
fbem-25627	188	75	.	.	PUNCT
fbem-25627	189	1	both	both	PRON
fbem-25627	189	2	of	of	ADP
fbem-25627	189	3	these	these	PRON
fbem-25627	189	4	are	be	AUX
fbem-25627	189	5	in	in	ADP
fbem-25627	189	6	line	line	NOUN
fbem-25627	189	7	with	with	ADP
fbem-25627	189	8	the	the	DET
fbem-25627	189	9	long	long	ADJ
fbem-25627	189	10	-	-	PUNCT
fbem-25627	189	11	term	term	NOUN
fbem-25627	189	12	interests	interest	NOUN
fbem-25627	189	13	and	and	CCONJ
fbem-25627	189	14	development	development	NOUN
fbem-25627	189	15	strategy	strategy	NOUN
fbem-25627	189	16	of	of	ADP
fbem-25627	189	17	the	the	DET
fbem-25627	189	18	enterprise	enterprise	NOUN
fbem-25627	189	19	,	,	PUNCT
fbem-25627	189	20	which	which	PRON
fbem-25627	189	21	makes	make	VERB
fbem-25627	189	22	the	the	DET
fbem-25627	189	23	enterprise	enterprise	NOUN
fbem-25627	189	24	show	show	VERB
fbem-25627	189	25	a	a	DET
fbem-25627	189	26	better	well	ADJ
fbem-25627	189	27	corporate	corporate	ADJ
fbem-25627	189	28	reputation	reputation	NOUN
fbem-25627	189	29	externally	externally	ADV
fbem-25627	189	30	.	.	PUNCT
fbem-25627	190	1	the	the	DET
fbem-25627	190	2	direction	direction	NOUN
fbem-25627	190	3	of	of	ADP
fbem-25627	190	4	each	each	DET
fbem-25627	190	5	control	control	NOUN
fbem-25627	190	6	variable	variable	NOUN
fbem-25627	190	7	is	be	AUX
fbem-25627	190	8	basically	basically	ADV
fbem-25627	190	9	in	in	ADP
fbem-25627	190	10	line	line	NOUN
fbem-25627	190	11	with	with	ADP
fbem-25627	190	12	economic	economic	ADJ
fbem-25627	190	13	intuition	intuition	NOUN
fbem-25627	190	14	and	and	CCONJ
fbem-25627	190	15	relevant	relevant	ADJ
fbem-25627	190	16	theories	theory	NOUN
fbem-25627	190	17	,	,	PUNCT
fbem-25627	190	18	and	and	CCONJ
fbem-25627	190	19	it	it	PRON
fbem-25627	190	20	can	can	AUX
fbem-25627	190	21	be	be	AUX
fbem-25627	190	22	considered	consider	VERB
fbem-25627	190	23	that	that	SCONJ
fbem-25627	190	24	the	the	DET
fbem-25627	190	25	model	model	NOUN
fbem-25627	190	26	setting	set	VERB
fbem-25627	190	27	has	have	VERB
fbem-25627	190	28	some	some	DET
fbem-25627	190	29	rationality	rationality	NOUN
fbem-25627	190	30	.	.	PUNCT
fbem-25627	191	1	finally	finally	ADV
fbem-25627	191	2	,	,	PUNCT
fbem-25627	191	3	the	the	DET
fbem-25627	191	4	effect	effect	NOUN
fbem-25627	191	5	of	of	ADP
fbem-25627	191	6	esg	esg	PROPN
fbem-25627	191	7	performance	performance	NOUN
fbem-25627	191	8	on	on	ADP
fbem-25627	191	9	firms	firm	NOUN
fbem-25627	191	10	'	'	PART
fbem-25627	191	11	environmental	environmental	ADJ
fbem-25627	191	12	performance	performance	NOUN
fbem-25627	191	13	is	be	AUX
fbem-25627	191	14	tested	test	VERB
fbem-25627	191	15	and	and	CCONJ
fbem-25627	191	16	the	the	DET
fbem-25627	191	17	regression	regression	NOUN
fbem-25627	191	18	results	result	NOUN
fbem-25627	191	19	are	be	AUX
fbem-25627	191	20	shown	show	VERB
fbem-25627	191	21	in	in	ADP
fbem-25627	191	22	column	column	NOUN
fbem-25627	191	23	(	(	PUNCT
fbem-25627	191	24	5	5	NUM
fbem-25627	191	25	)	)	PUNCT
fbem-25627	191	26	and	and	CCONJ
fbem-25627	191	27	column	column	NOUN
fbem-25627	191	28	(	(	PUNCT
fbem-25627	191	29	6	6	NUM
fbem-25627	191	30	)	)	PUNCT
fbem-25627	191	31	of	of	ADP
fbem-25627	191	32	table	table	NOUN
fbem-25627	192	1	3	3	NUM
fbem-25627	192	2	.	.	PUNCT
fbem-25627	192	3	column	column	NOUN
fbem-25627	192	4	(	(	PUNCT
fbem-25627	192	5	5	5	NUM
fbem-25627	192	6	)	)	PUNCT
fbem-25627	192	7	represents	represent	VERB
fbem-25627	192	8	a	a	DET
fbem-25627	192	9	fixed	fix	VERB
fbem-25627	192	10	-	-	PUNCT
fbem-25627	192	11	effects	effect	NOUN
fbem-25627	192	12	regression	regression	NOUN
fbem-25627	192	13	without	without	ADP
fbem-25627	192	14	adding	add	VERB
fbem-25627	192	15	control	control	NOUN
fbem-25627	192	16	variables	variable	NOUN
fbem-25627	192	17	,	,	PUNCT
fbem-25627	192	18	controlling	control	VERB
fbem-25627	192	19	for	for	ADP
fbem-25627	192	20	year	year	NOUN
fbem-25627	192	21	and	and	CCONJ
fbem-25627	192	22	industry	industry	NOUN
fbem-25627	192	23	,	,	PUNCT
fbem-25627	192	24	and	and	CCONJ
fbem-25627	192	25	the	the	DET
fbem-25627	192	26	results	result	NOUN
fbem-25627	192	27	show	show	VERB
fbem-25627	192	28	that	that	SCONJ
fbem-25627	192	29	the	the	DET
fbem-25627	192	30	coefficient	coefficient	NOUN
fbem-25627	192	31	of	of	ADP
fbem-25627	192	32	eidq	eidq	NOUN
fbem-25627	192	33	is	be	AUX
fbem-25627	192	34	0.0401	0.0401	NUM
fbem-25627	192	35	,	,	PUNCT
fbem-25627	192	36	which	which	PRON
fbem-25627	192	37	is	be	AUX
fbem-25627	192	38	positive	positive	ADJ
fbem-25627	192	39	and	and	CCONJ
fbem-25627	192	40	significant	significant	ADJ
fbem-25627	192	41	at	at	ADP
fbem-25627	192	42	1	1	NUM
fbem-25627	192	43	%	%	NOUN
fbem-25627	192	44	level	level	NOUN
fbem-25627	192	45	,	,	PUNCT
fbem-25627	192	46	which	which	PRON
fbem-25627	192	47	indicates	indicate	VERB
fbem-25627	192	48	that	that	SCONJ
fbem-25627	192	49	the	the	DET
fbem-25627	192	50	quality	quality	NOUN
fbem-25627	192	51	of	of	ADP
fbem-25627	192	52	corporate	corporate	ADJ
fbem-25627	192	53	environmental	environmental	ADJ
fbem-25627	192	54	disclosure	disclosure	NOUN
fbem-25627	192	55	(	(	PUNCT
fbem-25627	192	56	eidq	eidq	NOUN
fbem-25627	192	57	)	)	PUNCT
fbem-25627	192	58	is	be	AUX
fbem-25627	192	59	positively	positively	ADV
fbem-25627	192	60	correlated	correlate	VERB
fbem-25627	192	61	with	with	ADP
fbem-25627	192	62	its	its	PRON
fbem-25627	192	63	esg	esg	NOUN
fbem-25627	192	64	performance	performance	NOUN
fbem-25627	192	65	,	,	PUNCT
fbem-25627	192	66	i.e.	i.e.	X
fbem-25627	192	67	,	,	PUNCT
fbem-25627	192	68	corporate	corporate	ADJ
fbem-25627	192	69	esg	esg	NOUN
fbem-25627	192	70	practices	practice	NOUN
fbem-25627	192	71	are	be	AUX
fbem-25627	192	72	conducive	conducive	ADJ
fbem-25627	192	73	to	to	ADP
fbem-25627	192	74	the	the	DET
fbem-25627	192	75	realization	realization	NOUN
fbem-25627	192	76	of	of	ADP
fbem-25627	192	77	better	well	ADJ
fbem-25627	192	78	environmental	environmental	ADJ
fbem-25627	192	79	performance	performance	NOUN
fbem-25627	192	80	,	,	PUNCT
fbem-25627	192	81	and	and	CCONJ
fbem-25627	192	82	hypothesis	hypothesis	NOUN
fbem-25627	192	83	h3	h3	NOUN
fbem-25627	192	84	is	be	AUX
fbem-25627	192	85	preliminarily	preliminarily	ADV
fbem-25627	192	86	verified	verify	VERB
fbem-25627	192	87	.	.	PUNCT
fbem-25627	193	1	after	after	ADP
fbem-25627	193	2	adding	add	VERB
fbem-25627	193	3	the	the	DET
fbem-25627	193	4	control	control	NOUN
fbem-25627	193	5	variables	variable	NOUN
fbem-25627	193	6	,	,	PUNCT
fbem-25627	193	7	the	the	DET
fbem-25627	193	8	results	result	NOUN
fbem-25627	193	9	are	be	AUX
fbem-25627	193	10	shown	show	VERB
fbem-25627	193	11	in	in	ADP
fbem-25627	193	12	column	column	NOUN
fbem-25627	193	13	(	(	PUNCT
fbem-25627	193	14	6	6	NUM
fbem-25627	193	15	)	)	PUNCT
fbem-25627	193	16	of	of	ADP
fbem-25627	193	17	table	table	NOUN
fbem-25627	193	18	3	3	NUM
fbem-25627	193	19	,	,	PUNCT
fbem-25627	193	20	and	and	CCONJ
fbem-25627	193	21	the	the	DET
fbem-25627	193	22	coefficient	coefficient	NOUN
fbem-25627	193	23	of	of	ADP
fbem-25627	193	24	eidq	eidq	NOUN
fbem-25627	193	25	is	be	AUX
fbem-25627	193	26	0.0696	0.0696	NUM
fbem-25627	193	27	,	,	PUNCT
fbem-25627	193	28	which	which	PRON
fbem-25627	193	29	is	be	AUX
fbem-25627	193	30	still	still	ADV
fbem-25627	193	31	significant	significant	ADJ
fbem-25627	193	32	and	and	CCONJ
fbem-25627	193	33	positive	positive	ADJ
fbem-25627	193	34	,	,	PUNCT
fbem-25627	193	35	and	and	CCONJ
fbem-25627	193	36	hypothesis	hypothesis	NOUN
fbem-25627	193	37	h3	h3	NOUN
fbem-25627	193	38	is	be	AUX
fbem-25627	193	39	further	far	ADV
fbem-25627	193	40	tested	test	VERB
fbem-25627	193	41	.	.	PUNCT
fbem-25627	194	1	from	from	ADP
fbem-25627	194	2	the	the	DET
fbem-25627	194	3	above	above	NOUN
fbem-25627	194	4	,	,	PUNCT
fbem-25627	194	5	the	the	DET
fbem-25627	194	6	coefficient	coefficient	NOUN
fbem-25627	194	7	of	of	ADP
fbem-25627	194	8	eidq	eidq	NOUN
fbem-25627	194	9	is	be	AUX
fbem-25627	194	10	significantly	significantly	ADV
fbem-25627	194	11	positive	positive	ADJ
fbem-25627	194	12	at	at	ADP
fbem-25627	194	13	the	the	DET
fbem-25627	194	14	1	1	NUM
fbem-25627	194	15	%	%	NOUN
fbem-25627	194	16	level	level	NOUN
fbem-25627	194	17	regardless	regardless	ADV
fbem-25627	194	18	of	of	ADP
fbem-25627	194	19	whether	whether	SCONJ
fbem-25627	194	20	control	control	NOUN
fbem-25627	194	21	variables	variable	NOUN
fbem-25627	194	22	are	be	AUX
fbem-25627	194	23	added	add	VERB
fbem-25627	194	24	or	or	CCONJ
fbem-25627	194	25	not	not	PART
fbem-25627	194	26	.	.	PUNCT
fbem-25627	195	1	the	the	PRON
fbem-25627	195	2	larger	large	ADJ
fbem-25627	195	3	the	the	DET
fbem-25627	195	4	value	value	NOUN
fbem-25627	195	5	of	of	ADP
fbem-25627	195	6	eidq	eidq	NOUN
fbem-25627	195	7	,	,	PUNCT
fbem-25627	195	8	the	the	PRON
fbem-25627	195	9	higher	high	ADJ
fbem-25627	195	10	the	the	DET
fbem-25627	195	11	quality	quality	NOUN
fbem-25627	195	12	of	of	ADP
fbem-25627	195	13	environmental	environmental	ADJ
fbem-25627	195	14	information	information	NOUN
fbem-25627	195	15	disclosure	disclosure	NOUN
fbem-25627	195	16	of	of	ADP
fbem-25627	195	17	the	the	DET
fbem-25627	195	18	company	company	NOUN
fbem-25627	195	19	.	.	PUNCT
fbem-25627	196	1	therefore	therefore	ADV
fbem-25627	196	2	,	,	PUNCT
fbem-25627	196	3	it	it	PRON
fbem-25627	196	4	indicates	indicate	VERB
fbem-25627	196	5	that	that	SCONJ
fbem-25627	196	6	improving	improve	VERB
fbem-25627	196	7	esg	esg	NOUN
fbem-25627	196	8	performance	performance	NOUN
fbem-25627	196	9	can	can	AUX
fbem-25627	196	10	effectively	effectively	ADV
fbem-25627	196	11	improve	improve	VERB
fbem-25627	196	12	the	the	DET
fbem-25627	196	13	quality	quality	NOUN
fbem-25627	196	14	of	of	ADP
fbem-25627	196	15	corporate	corporate	ADJ
fbem-25627	196	16	environmental	environmental	ADJ
fbem-25627	196	17	information	information	NOUN
fbem-25627	196	18	disclosure	disclosure	NOUN
fbem-25627	196	19	and	and	CCONJ
fbem-25627	196	20	prompt	prompt	ADJ
fbem-25627	196	21	companies	company	NOUN
fbem-25627	196	22	to	to	PART
fbem-25627	196	23	deliver	deliver	VERB
fbem-25627	196	24	more	more	ADV
fbem-25627	196	25	complete	complete	ADJ
fbem-25627	196	26	and	and	CCONJ
fbem-25627	196	27	effective	effective	ADJ
fbem-25627	196	28	environmental	environmental	ADJ
fbem-25627	196	29	information	information	NOUN
fbem-25627	196	30	to	to	ADP
fbem-25627	196	31	the	the	DET
fbem-25627	196	32	market	market	NOUN
fbem-25627	196	33	.	.	PUNCT
fbem-25627	197	1	from	from	ADP
fbem-25627	197	2	the	the	DET
fbem-25627	197	3	stakeholder	stakeholder	NOUN
fbem-25627	197	4	theory	theory	NOUN
fbem-25627	197	5	,	,	PUNCT
fbem-25627	197	6	it	it	PRON
fbem-25627	197	7	can	can	AUX
fbem-25627	197	8	be	be	AUX
fbem-25627	197	9	seen	see	VERB
fbem-25627	197	10	that	that	SCONJ
fbem-25627	197	11	the	the	DET
fbem-25627	197	12	government	government	NOUN
fbem-25627	197	13	can	can	AUX
fbem-25627	197	14	better	well	ADV
fbem-25627	197	15	formulate	formulate	VERB
fbem-25627	197	16	targeted	target	VERB
fbem-25627	197	17	environmental	environmental	ADJ
fbem-25627	197	18	policies	policy	NOUN
fbem-25627	197	19	based	base	VERB
fbem-25627	197	20	on	on	ADP
fbem-25627	197	21	the	the	DET
fbem-25627	197	22	quality	quality	NOUN
fbem-25627	197	23	of	of	ADP
fbem-25627	197	24	corporate	corporate	ADJ
fbem-25627	197	25	environmental	environmental	ADJ
fbem-25627	197	26	information	information	NOUN
fbem-25627	197	27	disclosure	disclosure	NOUN
fbem-25627	197	28	and	and	CCONJ
fbem-25627	197	29	regulate	regulate	VERB
fbem-25627	197	30	accordingly	accordingly	ADV
fbem-25627	197	31	.	.	PUNCT
fbem-25627	198	1	in	in	ADP
fbem-25627	198	2	addition	addition	NOUN
fbem-25627	198	3	,	,	PUNCT
fbem-25627	198	4	good	good	ADJ
fbem-25627	198	5	disclosure	disclosure	NOUN
fbem-25627	198	6	of	of	ADP
fbem-25627	198	7	environmental	environmental	ADJ
fbem-25627	198	8	information	information	NOUN
fbem-25627	198	9	by	by	ADP
fbem-25627	198	10	enterprises	enterprise	NOUN
fbem-25627	198	11	can	can	AUX
fbem-25627	198	12	also	also	ADV
fbem-25627	198	13	indicate	indicate	VERB
fbem-25627	198	14	their	their	PRON
fbem-25627	198	15	green	green	ADJ
fbem-25627	198	16	development	development	NOUN
fbem-25627	198	17	decisions	decision	NOUN
fbem-25627	198	18	and	and	CCONJ
fbem-25627	198	19	a	a	DET
fbem-25627	198	20	high	high	ADJ
fbem-25627	198	21	degree	degree	NOUN
fbem-25627	198	22	of	of	ADP
fbem-25627	198	23	social	social	ADJ
fbem-25627	198	24	responsibility	responsibility	NOUN
fbem-25627	198	25	,	,	PUNCT
fbem-25627	198	26	so	so	SCONJ
fbem-25627	198	27	that	that	SCONJ
fbem-25627	198	28	enterprises	enterprise	NOUN
fbem-25627	198	29	can	can	AUX
fbem-25627	198	30	be	be	AUX
fbem-25627	198	31	positively	positively	ADV
fbem-25627	198	32	evaluated	evaluate	VERB
fbem-25627	198	33	,	,	PUNCT
fbem-25627	198	34	enhance	enhance	VERB
fbem-25627	198	35	their	their	PRON
fbem-25627	198	36	competitive	competitive	ADJ
fbem-25627	198	37	advantages	advantage	NOUN
fbem-25627	198	38	,	,	PUNCT
fbem-25627	198	39	and	and	CCONJ
fbem-25627	198	40	facilitate	facilitate	VERB
fbem-25627	198	41	the	the	DET
fbem-25627	198	42	use	use	NOUN
fbem-25627	198	43	of	of	ADP
fbem-25627	198	44	public	public	ADJ
fbem-25627	198	45	facilities	facility	NOUN
fbem-25627	198	46	and	and	CCONJ
fbem-25627	198	47	various	various	ADJ
fbem-25627	198	48	preferential	preferential	ADJ
fbem-25627	198	49	policies	policy	NOUN
fbem-25627	198	50	.	.	PUNCT
fbem-25627	199	1	moreover	moreover	ADV
fbem-25627	199	2	,	,	PUNCT
fbem-25627	199	3	due	due	ADP
fbem-25627	199	4	to	to	ADP
fbem-25627	199	5	the	the	DET
fbem-25627	199	6	promotion	promotion	NOUN
fbem-25627	199	7	of	of	ADP
fbem-25627	199	8	the	the	DET
fbem-25627	199	9	"	"	PUNCT
fbem-25627	199	10	dual	dual	ADJ
fbem-25627	199	11	-	-	PUNCT
fbem-25627	199	12	carbon	carbon	NOUN
fbem-25627	199	13	"	"	PUNCT
fbem-25627	199	14	goal	goal	NOUN
fbem-25627	199	15	,	,	PUNCT
fbem-25627	199	16	more	more	ADJ
fbem-25627	199	17	and	and	CCONJ
fbem-25627	199	18	more	more	ADV
fbem-25627	199	19	listed	list	VERB
fbem-25627	199	20	companies	company	NOUN
fbem-25627	199	21	have	have	AUX
fbem-25627	199	22	publicly	publicly	ADV
fbem-25627	199	23	disclosed	disclose	VERB
fbem-25627	199	24	true	true	ADJ
fbem-25627	199	25	and	and	CCONJ
fbem-25627	199	26	reliable	reliable	ADJ
fbem-25627	199	27	esg	esg	PROPN
fbem-25627	199	28	-	-	PUNCT
fbem-25627	199	29	related	relate	VERB
fbem-25627	199	30	information	information	NOUN
fbem-25627	199	31	,	,	PUNCT
fbem-25627	199	32	and	and	CCONJ
fbem-25627	199	33	compared	compare	VERB
fbem-25627	199	34	with	with	ADP
fbem-25627	199	35	financial	financial	ADJ
fbem-25627	199	36	information	information	NOUN
fbem-25627	199	37	,	,	PUNCT
fbem-25627	199	38	this	this	DET
fbem-25627	199	39	non	non	ADJ
fbem-25627	199	40	-	-	ADJ
fbem-25627	199	41	financial	financial	ADJ
fbem-25627	199	42	information	information	NOUN
fbem-25627	199	43	is	be	AUX
fbem-25627	199	44	more	more	ADV
fbem-25627	199	45	likely	likely	ADJ
fbem-25627	199	46	to	to	PART
fbem-25627	199	47	gain	gain	VERB
fbem-25627	199	48	the	the	DET
fbem-25627	199	49	attention	attention	NOUN
fbem-25627	199	50	and	and	CCONJ
fbem-25627	199	51	understanding	understanding	NOUN
fbem-25627	199	52	of	of	ADP
fbem-25627	199	53	external	external	ADJ
fbem-25627	199	54	stakeholders	stakeholder	NOUN
fbem-25627	199	55	,	,	PUNCT
fbem-25627	199	56	enhance	enhance	VERB
fbem-25627	199	57	the	the	DET
fbem-25627	199	58	sense	sense	NOUN
fbem-25627	199	59	of	of	ADP
fbem-25627	199	60	identity	identity	NOUN
fbem-25627	199	61	,	,	PUNCT
fbem-25627	199	62	and	and	CCONJ
fbem-25627	199	63	gradually	gradually	ADV
fbem-25627	199	64	form	form	VERB
fbem-25627	199	65	a	a	DET
fbem-25627	199	66	competitive	competitive	ADJ
fbem-25627	199	67	advantage	advantage	NOUN
fbem-25627	199	68	and	and	CCONJ
fbem-25627	199	69	bring	bring	VERB
fbem-25627	199	70	returns	return	NOUN
fbem-25627	199	71	to	to	ADP
fbem-25627	199	72	the	the	DET
fbem-25627	199	73	enterprise	enterprise	NOUN
fbem-25627	199	74	.	.	PUNCT
fbem-25627	200	1	278	278	NUM
fbem-25627	200	2	table	table	NOUN
fbem-25627	200	3	4	4	NUM
fbem-25627	200	4	.	.	PUNCT
fbem-25627	200	5	test	test	NOUN
fbem-25627	200	6	results	result	NOUN
fbem-25627	200	7	of	of	ADP
fbem-25627	200	8	the	the	DET
fbem-25627	200	9	impact	impact	NOUN
fbem-25627	200	10	of	of	ADP
fbem-25627	200	11	firms	firm	NOUN
fbem-25627	200	12	'	'	PART
fbem-25627	200	13	esg	esg	NOUN
fbem-25627	200	14	performance	performance	NOUN
fbem-25627	200	15	on	on	ADP
fbem-25627	200	16	firm	firm	ADJ
fbem-25627	200	17	performance	performance	NOUN
fbem-25627	200	18	(	(	PUNCT
fbem-25627	200	19	1	1	NUM
fbem-25627	200	20	)	)	PUNCT
fbem-25627	200	21	(	(	PUNCT
fbem-25627	200	22	2	2	NUM
fbem-25627	200	23	)	)	PUNCT
fbem-25627	200	24	(	(	PUNCT
fbem-25627	200	25	3	3	X
fbem-25627	200	26	)	)	PUNCT
fbem-25627	200	27	(	(	PUNCT
fbem-25627	200	28	4	4	NUM
fbem-25627	200	29	)	)	PUNCT
fbem-25627	200	30	(	(	PUNCT
fbem-25627	200	31	5	5	NUM
fbem-25627	200	32	)	)	PUNCT
fbem-25627	200	33	(	(	PUNCT
fbem-25627	200	34	6	6	NUM
fbem-25627	200	35	)	)	PUNCT
fbem-25627	200	36	misinv	misinv	PROPN
fbem-25627	200	37	misinv	misinv	PROPN
fbem-25627	200	38	rep	rep	PROPN
fbem-25627	200	39	rep	rep	PROPN
fbem-25627	200	40	eidq	eidq	NOUN
fbem-25627	200	41	eidq	eidq	NOUN
fbem-25627	200	42	esg_grade	esg_grade	PUNCT
fbem-25627	200	43	-0.000892	-0.000892	PROPN
fbem-25627	200	44	*	*	PUNCT
fbem-25627	200	45	(	(	PUNCT
fbem-25627	200	46	-1.79	-1.79	NOUN
fbem-25627	200	47	)	)	PUNCT
fbem-25627	200	48	-0.00115	-0.00115	NOUN
fbem-25627	200	49	*	*	PUNCT
fbem-25627	201	1	*	*	PUNCT
fbem-25627	201	2	(	(	PUNCT
fbem-25627	201	3	-2.39	-2.39	PROPN
fbem-25627	201	4	)	)	PUNCT
fbem-25627	201	5	0.025	0.025	NUM
fbem-25627	201	6	*	*	PUNCT
fbem-25627	201	7	(	(	PUNCT
fbem-25627	201	8	1.930	1.930	NUM
fbem-25627	201	9	)	)	PUNCT
fbem-25627	201	10	0.071	0.071	NUM
fbem-25627	201	11	*	*	PUNCT
fbem-25627	201	12	*	*	PUNCT
fbem-25627	201	13	*	*	PUNCT
fbem-25627	201	14	(	(	PUNCT
fbem-25627	201	15	7.196	7.196	NUM
fbem-25627	201	16	)	)	PUNCT
fbem-25627	201	17	0.0401	0.0401	NOUN
fbem-25627	201	18	*	*	PUNCT
fbem-25627	201	19	*	*	PUNCT
fbem-25627	201	20	*	*	PUNCT
fbem-25627	201	21	(	(	PUNCT
fbem-25627	201	22	7.28	7.28	NUM
fbem-25627	201	23	)	)	PUNCT
fbem-25627	201	24	0.0696	0.0696	NUM
fbem-25627	201	25	*	*	PUNCT
fbem-25627	201	26	*	*	PUNCT
fbem-25627	201	27	*	*	PUNCT
fbem-25627	201	28	(	(	PUNCT
fbem-25627	201	29	14.10	14.10	NUM
fbem-25627	201	30	)	)	PUNCT
fbem-25627	201	31	lev	lev	NOUN
fbem-25627	201	32	0.0450	0.0450	NUM
fbem-25627	201	33	*	*	PUNCT
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fbem-25627	201	35	*	*	PUNCT
fbem-25627	201	36	-11.96	-11.96	NOUN
fbem-25627	201	37	4.146	4.146	NUM
fbem-25627	201	38	*	*	PUNCT
fbem-25627	201	39	*	*	PUNCT
fbem-25627	201	40	*	*	PUNCT
fbem-25627	201	41	(	(	PUNCT
fbem-25627	201	42	50.791	50.791	NUM
fbem-25627	201	43	)	)	PUNCT
fbem-25627	201	44	0.268	0.268	NUM
fbem-25627	201	45	*	*	PUNCT
fbem-25627	201	46	*	*	PUNCT
fbem-25627	201	47	*	*	PUNCT
fbem-25627	201	48	(	(	PUNCT
fbem-25627	201	49	6.92	6.92	NUM
fbem-25627	201	50	)	)	PUNCT
fbem-25627	201	51	roa	roa	NOUN
fbem-25627	201	52	0.0602	0.0602	NUM
fbem-25627	201	53	*	*	PUNCT
fbem-25627	201	54	*	*	PUNCT
fbem-25627	201	55	*	*	PUNCT
fbem-25627	201	56	-7.91	-7.91	X
fbem-25627	201	57	18.955	18.955	NUM
fbem-25627	201	58	*	*	PUNCT
fbem-25627	201	59	*	*	PUNCT
fbem-25627	201	60	*	*	PUNCT
fbem-25627	201	61	(	(	PUNCT
fbem-25627	201	62	72.613	72.613	NUM
fbem-25627	201	63	)	)	PUNCT
fbem-25627	201	64	0.351	0.351	NUM
fbem-25627	201	65	*	*	PUNCT
fbem-25627	201	66	*	*	PUNCT
fbem-25627	201	67	*	*	PUNCT
fbem-25627	201	68	(	(	PUNCT
fbem-25627	201	69	4.46	4.46	NUM
fbem-25627	201	70	)	)	PUNCT
fbem-25627	201	71	ato	ato	NOUN
fbem-25627	201	72	-0.0129	-0.0129	NOUN
fbem-25627	201	73	*	*	PROPN
fbem-25627	201	74	*	*	PUNCT
fbem-25627	201	75	*	*	PUNCT
fbem-25627	201	76	(	(	PUNCT
fbem-25627	201	77	-6.81	-6.81	NOUN
fbem-25627	201	78	)	)	PUNCT
fbem-25627	201	79	0.131	0.131	NUM
fbem-25627	202	1	*	*	PUNCT
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fbem-25627	202	3	*	*	PUNCT
fbem-25627	202	4	(	(	PUNCT
fbem-25627	202	5	3.240	3.240	NUM
fbem-25627	202	6	)	)	PUNCT
fbem-25627	202	7	-0.0458	-0.0458	NOUN
fbem-25627	202	8	*	*	PUNCT
fbem-25627	202	9	(	(	PUNCT
fbem-25627	202	10	-2.36	-2.36	NOUN
fbem-25627	202	11	)	)	PUNCT
fbem-25627	202	12	rec	rec	NOUN
fbem-25627	202	13	-0.0708	-0.0708	NOUN
fbem-25627	202	14	*	*	PUNCT
fbem-25627	203	1	*	*	PUNCT
fbem-25627	203	2	*	*	PUNCT
fbem-25627	203	3	(	(	PUNCT
fbem-25627	203	4	-8.82	-8.82	NOUN
fbem-25627	203	5	)	)	PUNCT
fbem-25627	203	6	-0.221	-0.221	NOUN
fbem-25627	203	7	(	(	PUNCT
fbem-25627	203	8	-1.295	-1.295	ADJ
fbem-25627	203	9	)	)	PUNCT
fbem-25627	203	10	-0.0107	-0.0107	NOUN
fbem-25627	203	11	(	(	PUNCT
fbem-25627	203	12	-0.13	-0.13	X
fbem-25627	203	13	)	)	PUNCT
fbem-25627	203	14	inv	inv	ADJ
fbem-25627	203	15	-0.0719	-0.0719	NOUN
fbem-25627	203	16	*	*	PUNCT
fbem-25627	203	17	*	*	PUNCT
fbem-25627	203	18	*	*	PUNCT
fbem-25627	203	19	(	(	PUNCT
fbem-25627	203	20	-11.61	-11.61	NOUN
fbem-25627	203	21	)	)	PUNCT
fbem-25627	203	22	0.103	0.103	NUM
fbem-25627	203	23	(	(	PUNCT
fbem-25627	203	24	0.781	0.781	NUM
fbem-25627	203	25	)	)	PUNCT
fbem-25627	203	26	0.194	0.194	NUM
fbem-25627	204	1	*	*	PUNCT
fbem-25627	204	2	*	*	PUNCT
fbem-25627	204	3	(	(	PUNCT
fbem-25627	204	4	3.06	3.06	NUM
fbem-25627	204	5	)	)	PUNCT
fbem-25627	204	6	fixed	fix	VERB
fbem-25627	204	7	-0.0809	-0.0809	NOUN
fbem-25627	204	8	*	*	PUNCT
fbem-25627	204	9	*	*	PUNCT
fbem-25627	204	10	*	*	PUNCT
fbem-25627	204	11	(	(	PUNCT
fbem-25627	204	12	-15.71	-15.71	NOUN
fbem-25627	204	13	)	)	PUNCT
fbem-25627	204	14	-0.687	-0.687	NOUN
fbem-25627	204	15	*	*	PUNCT
fbem-25627	204	16	*	*	PUNCT
fbem-25627	204	17	*	*	PUNCT
fbem-25627	204	18	(	(	PUNCT
fbem-25627	204	19	-6.384	-6.384	NUM
fbem-25627	204	20	)	)	PUNCT
fbem-25627	204	21	0.207	0.207	NUM
fbem-25627	204	22	*	*	PUNCT
fbem-25627	204	23	*	*	PUNCT
fbem-25627	204	24	*	*	PUNCT
fbem-25627	204	25	(	(	PUNCT
fbem-25627	204	26	3.99	3.99	NUM
fbem-25627	204	27	)	)	PUNCT
fbem-25627	204	28	growth	growth	NOUN
fbem-25627	204	29	0.0263	0.0263	NUM
fbem-25627	204	30	*	*	NOUN
fbem-25627	204	31	*	*	PUNCT
fbem-25627	204	32	*	*	PUNCT
fbem-25627	205	1	-28.22	-28.22	NUM
fbem-25627	205	2	0.223	0.223	NUM
fbem-25627	205	3	*	*	PUNCT
fbem-25627	205	4	*	*	PUNCT
fbem-25627	205	5	*	*	PUNCT
fbem-25627	205	6	(	(	PUNCT
fbem-25627	205	7	11.498	11.498	NUM
fbem-25627	205	8	)	)	PUNCT
fbem-25627	205	9	-0.0313	-0.0313	PUNCT
fbem-25627	206	1	*	*	X
fbem-25627	206	2	*	*	PUNCT
fbem-25627	206	3	(	(	PUNCT
fbem-25627	206	4	-3.21	-3.21	NOUN
fbem-25627	206	5	)	)	PUNCT
fbem-25627	206	6	tobinq	tobinq	ADJ
fbem-25627	206	7	-0.000421	-0.000421	NOUN
fbem-25627	206	8	(	(	PUNCT
fbem-25627	206	9	-1.10	-1.10	NOUN
fbem-25627	206	10	)	)	PUNCT
fbem-25627	206	11	-0.028	-0.028	NOUN
fbem-25627	206	12	*	*	PUNCT
fbem-25627	206	13	*	*	PUNCT
fbem-25627	206	14	*	*	PUNCT
fbem-25627	206	15	(	(	PUNCT
fbem-25627	206	16	-3.488	-3.488	NOUN
fbem-25627	206	17	)	)	PUNCT
fbem-25627	206	18	-0.00587	-0.00587	PUNCT
fbem-25627	207	1	(	(	PUNCT
fbem-25627	207	2	-1.52	-1.52	ADJ
fbem-25627	207	3	)	)	PUNCT
fbem-25627	207	4	_	_	PRON
fbem-25627	207	5	cons	con	NOUN
fbem-25627	207	6	0.0546	0.0546	NUM
fbem-25627	207	7	*	*	PUNCT
fbem-25627	207	8	*	*	PUNCT
fbem-25627	207	9	*	*	PUNCT
fbem-25627	207	10	-26.4	-26.4	ADP
fbem-25627	207	11	0.0915	0.0915	NUM
fbem-25627	207	12	*	*	PUNCT
fbem-25627	207	13	*	*	PUNCT
fbem-25627	207	14	*	*	PUNCT
fbem-25627	207	15	-26.09	-26.09	PROPN
fbem-25627	207	16	5.540	5.540	NUM
fbem-25627	207	17	*	*	PUNCT
fbem-25627	207	18	*	*	PUNCT
fbem-25627	207	19	*	*	PUNCT
fbem-25627	207	20	(	(	PUNCT
fbem-25627	207	21	100.737	100.737	NUM
fbem-25627	207	22	)	)	PUNCT
fbem-25627	207	23	1.518	1.518	NUM
fbem-25627	207	24	*	*	PUNCT
fbem-25627	207	25	*	*	PUNCT
fbem-25627	207	26	*	*	PUNCT
fbem-25627	207	27	(	(	PUNCT
fbem-25627	207	28	21.080	21.080	NUM
fbem-25627	207	29	)	)	PUNCT
fbem-25627	207	30	1.750	1.750	NUM
fbem-25627	207	31	*	*	PUNCT
fbem-25627	207	32	*	*	PUNCT
fbem-25627	207	33	*	*	PUNCT
fbem-25627	207	34	(	(	PUNCT
fbem-25627	207	35	76.53	76.53	NUM
fbem-25627	207	36	)	)	PUNCT
fbem-25627	207	37	0.808	0.808	NUM
fbem-25627	207	38	*	*	PUNCT
fbem-25627	207	39	*	*	PUNCT
fbem-25627	207	40	*	*	PUNCT
fbem-25627	207	41	(	(	PUNCT
fbem-25627	207	42	22.60	22.60	NUM
fbem-25627	207	43	)	)	PUNCT
fbem-25627	207	44	n	n	PROPN
fbem-25627	207	45	23709	23709	NUM
fbem-25627	207	46	23709	23709	NUM
fbem-25627	207	47	27873	27873	NUM
fbem-25627	207	48	27596	27596	NUM
fbem-25627	207	49	31515	31515	NUM
fbem-25627	207	50	30650	30650	NUM
fbem-25627	207	51	r2	r2	PROPN
fbem-25627	207	52	0	0	NUM
fbem-25627	208	1	0.095	0.095	NUM
fbem-25627	208	2	0.000	0.000	NUM
fbem-25627	208	3	0.454	0.454	NUM
fbem-25627	208	4	0.002	0.002	NUM
fbem-25627	208	5	0.252	0.252	NUM
fbem-25627	208	6	f	f	NOUN
fbem-25627	208	7	3.197	3.197	NUM
fbem-25627	208	8	109.7	109.7	NUM
fbem-25627	208	9	3.726	3.726	NUM
fbem-25627	208	10	1017.982	1017.982	NUM
fbem-25627	208	11	53.01	53.01	NUM
fbem-25627	208	12	466.4	466.4	NUM
fbem-25627	208	13	p	p	X
fbem-25627	208	14	*	*	PUNCT
fbem-25627	208	15	p<0.10	p<0.10	PROPN
fbem-25627	208	16	,	,	PUNCT
fbem-25627	208	17	*	*	PUNCT
fbem-25627	208	18	*	*	NOUN
fbem-25627	208	19	p<0.05	p<0.05	NOUN
fbem-25627	208	20	,	,	PUNCT
fbem-25627	208	21	*	*	PUNCT
fbem-25627	208	22	*	*	PUNCT
fbem-25627	208	23	*	*	PUNCT
fbem-25627	208	24	p<0.01	p<0.01	PROPN
fbem-25627	208	25	5	5	NUM
fbem-25627	208	26	.	.	PUNCT
fbem-25627	209	1	robustness	robustness	NOUN
fbem-25627	209	2	tests	test	VERB
fbem-25627	209	3	5.1	5.1	NUM
fbem-25627	209	4	.	.	PUNCT
fbem-25627	210	1	stepwise	stepwise	PROPN
fbem-25627	210	2	regression	regression	NOUN
fbem-25627	210	3	in	in	ADP
fbem-25627	210	4	order	order	NOUN
fbem-25627	210	5	to	to	PART
fbem-25627	210	6	verify	verify	VERB
fbem-25627	210	7	the	the	DET
fbem-25627	210	8	robustness	robustness	NOUN
fbem-25627	210	9	of	of	ADP
fbem-25627	210	10	the	the	DET
fbem-25627	210	11	conclusions	conclusion	NOUN
fbem-25627	210	12	presented	present	VERB
fbem-25627	210	13	in	in	ADP
fbem-25627	210	14	this	this	DET
fbem-25627	210	15	paper	paper	NOUN
fbem-25627	210	16	,	,	PUNCT
fbem-25627	210	17	this	this	DET
fbem-25627	210	18	paper	paper	NOUN
fbem-25627	210	19	adopts	adopt	VERB
fbem-25627	210	20	the	the	DET
fbem-25627	210	21	method	method	NOUN
fbem-25627	210	22	of	of	ADP
fbem-25627	210	23	stepwise	stepwise	ADJ
fbem-25627	210	24	regression	regression	NOUN
fbem-25627	210	25	analysis	analysis	NOUN
fbem-25627	210	26	,	,	PUNCT
fbem-25627	210	27	in	in	ADP
fbem-25627	210	28	which	which	PRON
fbem-25627	210	29	the	the	DET
fbem-25627	210	30	esg	esg	PROPN
fbem-25627	210	31	scores	score	NOUN
fbem-25627	210	32	are	be	AUX
fbem-25627	210	33	analyzed	analyze	VERB
fbem-25627	210	34	with	with	ADP
fbem-25627	210	35	the	the	DET
fbem-25627	210	36	three	three	NUM
fbem-25627	210	37	variables	variable	NOUN
fbem-25627	210	38	of	of	ADP
fbem-25627	210	39	inefficient	inefficient	ADJ
fbem-25627	210	40	investment	investment	NOUN
fbem-25627	210	41	,	,	PUNCT
fbem-25627	210	42	corporate	corporate	ADJ
fbem-25627	210	43	reputation	reputation	NOUN
fbem-25627	210	44	,	,	PUNCT
fbem-25627	210	45	and	and	CCONJ
fbem-25627	210	46	the	the	DET
fbem-25627	210	47	quality	quality	NOUN
fbem-25627	210	48	of	of	ADP
fbem-25627	210	49	environmental	environmental	ADJ
fbem-25627	210	50	disclosure	disclosure	NOUN
fbem-25627	210	51	,	,	PUNCT
fbem-25627	210	52	respectively	respectively	ADV
fbem-25627	210	53	.	.	PUNCT
fbem-25627	211	1	the	the	DET
fbem-25627	211	2	results	result	NOUN
fbem-25627	211	3	of	of	ADP
fbem-25627	211	4	the	the	DET
fbem-25627	211	5	stepwise	stepwise	PROPN
fbem-25627	211	6	regression	regression	NOUN
fbem-25627	211	7	analysis	analysis	NOUN
fbem-25627	211	8	show	show	VERB
fbem-25627	211	9	that	that	SCONJ
fbem-25627	211	10	the	the	DET
fbem-25627	211	11	conclusions	conclusion	NOUN
fbem-25627	211	12	of	of	ADP
fbem-25627	211	13	this	this	DET
fbem-25627	211	14	paper	paper	NOUN
fbem-25627	211	15	are	be	AUX
fbem-25627	211	16	supported	support	VERB
fbem-25627	211	17	to	to	ADP
fbem-25627	211	18	a	a	DET
fbem-25627	211	19	large	large	ADJ
fbem-25627	211	20	extent	extent	NOUN
fbem-25627	211	21	,	,	PUNCT
fbem-25627	211	22	indicating	indicate	VERB
fbem-25627	211	23	that	that	SCONJ
fbem-25627	211	24	the	the	DET
fbem-25627	211	25	conclusions	conclusion	NOUN
fbem-25627	211	26	are	be	AUX
fbem-25627	211	27	somewhat	somewhat	ADV
fbem-25627	211	28	robust	robust	ADJ
fbem-25627	211	29	.	.	PUNCT
fbem-25627	212	1	this	this	DET
fbem-25627	212	2	analytical	analytical	ADJ
fbem-25627	212	3	process	process	NOUN
fbem-25627	212	4	helps	help	VERB
fbem-25627	212	5	to	to	PART
fbem-25627	212	6	ensure	ensure	VERB
fbem-25627	212	7	that	that	SCONJ
fbem-25627	212	8	the	the	DET
fbem-25627	212	9	results	result	NOUN
fbem-25627	212	10	of	of	ADP
fbem-25627	212	11	the	the	DET
fbem-25627	212	12	study	study	NOUN
fbem-25627	212	13	do	do	AUX
fbem-25627	212	14	not	not	PART
fbem-25627	212	15	change	change	VERB
fbem-25627	212	16	significantly	significantly	ADV
fbem-25627	212	17	as	as	ADP
fbem-25627	212	18	a	a	DET
fbem-25627	212	19	result	result	NOUN
fbem-25627	212	20	of	of	ADP
fbem-25627	212	21	the	the	DET
fbem-25627	212	22	introduction	introduction	NOUN
fbem-25627	212	23	of	of	ADP
fbem-25627	212	24	a	a	DET
fbem-25627	212	25	single	single	ADJ
fbem-25627	212	26	variable	variable	NOUN
fbem-25627	212	27	,	,	PUNCT
fbem-25627	212	28	thus	thus	ADV
fbem-25627	212	29	enhancing	enhance	VERB
fbem-25627	212	30	the	the	DET
fbem-25627	212	31	credibility	credibility	NOUN
fbem-25627	212	32	of	of	ADP
fbem-25627	212	33	the	the	DET
fbem-25627	212	34	findings	finding	NOUN
fbem-25627	212	35	.	.	PUNCT
fbem-25627	213	1	5.2	5.2	NUM
fbem-25627	213	2	.	.	PUNCT
fbem-25627	214	1	instrumental	instrumental	ADJ
fbem-25627	214	2	variables	variable	NOUN
fbem-25627	214	3	approach	approach	VERB
fbem-25627	214	4	good	good	PROPN
fbem-25627	214	5	esg	esg	PROPN
fbem-25627	214	6	performance	performance	NOUN
fbem-25627	214	7	may	may	AUX
fbem-25627	214	8	have	have	VERB
fbem-25627	214	9	positive	positive	ADJ
fbem-25627	214	10	resource	resource	NOUN
fbem-25627	214	11	effects	effect	NOUN
fbem-25627	214	12	and	and	CCONJ
fbem-25627	214	13	governance	governance	NOUN
fbem-25627	214	14	effects	effect	NOUN
fbem-25627	214	15	,	,	PUNCT
fbem-25627	214	16	thus	thus	ADV
fbem-25627	214	17	contributing	contribute	VERB
fbem-25627	214	18	to	to	ADP
fbem-25627	214	19	the	the	DET
fbem-25627	214	20	investment	investment	NOUN
fbem-25627	214	21	efficiency	efficiency	NOUN
fbem-25627	214	22	of	of	ADP
fbem-25627	214	23	firms	firm	NOUN
fbem-25627	214	24	.	.	PUNCT
fbem-25627	215	1	on	on	ADP
fbem-25627	215	2	the	the	DET
fbem-25627	215	3	other	other	ADJ
fbem-25627	215	4	hand	hand	NOUN
fbem-25627	215	5	,	,	PUNCT
fbem-25627	215	6	however	however	ADV
fbem-25627	215	7	,	,	PUNCT
fbem-25627	215	8	firms	firm	NOUN
fbem-25627	215	9	with	with	ADP
fbem-25627	215	10	higher	high	ADJ
fbem-25627	215	11	investment	investment	NOUN
fbem-25627	215	12	efficiency	efficiency	NOUN
fbem-25627	215	13	,	,	PUNCT
fbem-25627	215	14	good	good	ADJ
fbem-25627	215	15	corporate	corporate	ADJ
fbem-25627	215	16	reputation	reputation	NOUN
fbem-25627	215	17	,	,	PUNCT
fbem-25627	215	18	and	and	CCONJ
fbem-25627	215	19	outstanding	outstanding	ADJ
fbem-25627	215	20	environmental	environmental	ADJ
fbem-25627	215	21	performance	performance	NOUN
fbem-25627	215	22	are	be	AUX
fbem-25627	215	23	more	more	ADV
fbem-25627	215	24	likely	likely	ADJ
fbem-25627	215	25	to	to	PART
fbem-25627	215	26	perform	perform	VERB
fbem-25627	215	27	well	well	ADV
fbem-25627	215	28	in	in	ADP
fbem-25627	215	29	terms	term	NOUN
fbem-25627	215	30	of	of	ADP
fbem-25627	215	31	esg	esg	PROPN
fbem-25627	215	32	,	,	PUNCT
fbem-25627	215	33	and	and	CCONJ
fbem-25627	215	34	thus	thus	ADV
fbem-25627	215	35	the	the	DET
fbem-25627	215	36	main	main	ADJ
fbem-25627	215	37	findings	finding	NOUN
fbem-25627	215	38	of	of	ADP
fbem-25627	215	39	this	this	DET
fbem-25627	215	40	paper	paper	NOUN
fbem-25627	215	41	may	may	AUX
fbem-25627	215	42	suffer	suffer	VERB
fbem-25627	215	43	from	from	ADP
fbem-25627	215	44	the	the	DET
fbem-25627	215	45	endogeneity	endogeneity	NOUN
fbem-25627	215	46	problem	problem	NOUN
fbem-25627	215	47	of	of	ADP
fbem-25627	215	48	mutual	mutual	ADJ
fbem-25627	215	49	causality	causality	NOUN
fbem-25627	215	50	.	.	PUNCT
fbem-25627	216	1	in	in	ADP
fbem-25627	216	2	order	order	NOUN
fbem-25627	216	3	to	to	PART
fbem-25627	216	4	overcome	overcome	VERB
fbem-25627	216	5	this	this	DET
fbem-25627	216	6	endogeneity	endogeneity	NOUN
fbem-25627	216	7	problem	problem	NOUN
fbem-25627	216	8	,	,	PUNCT
fbem-25627	216	9	this	this	DET
fbem-25627	216	10	paper	paper	NOUN
fbem-25627	216	11	uses	use	VERB
fbem-25627	216	12	the	the	DET
fbem-25627	216	13	mean	mean	PROPN
fbem-25627	216	14	esg	esg	NOUN
fbem-25627	216	15	performance	performance	NOUN
fbem-25627	216	16	of	of	ADP
fbem-25627	216	17	other	other	ADJ
fbem-25627	216	18	sample	sample	NOUN
fbem-25627	216	19	firms	firm	NOUN
fbem-25627	216	20	in	in	ADP
fbem-25627	216	21	the	the	DET
fbem-25627	216	22	same	same	ADJ
fbem-25627	216	23	industry	industry	NOUN
fbem-25627	216	24	in	in	ADP
fbem-25627	216	25	the	the	DET
fbem-25627	216	26	same	same	ADJ
fbem-25627	216	27	year	year	NOUN
fbem-25627	216	28	as	as	ADP
fbem-25627	216	29	an	an	DET
fbem-25627	216	30	instrumental	instrumental	ADJ
fbem-25627	216	31	variable	variable	NOUN
fbem-25627	216	32	for	for	ADP
fbem-25627	216	33	regression	regression	NOUN
fbem-25627	216	34	analysis	analysis	NOUN
fbem-25627	216	35	,	,	PUNCT
fbem-25627	216	36	replaces	replace	VERB
fbem-25627	216	37	the	the	DET
fbem-25627	216	38	original	original	ADJ
fbem-25627	216	39	explanatory	explanatory	ADJ
fbem-25627	216	40	variables	variable	NOUN
fbem-25627	216	41	with	with	ADP
fbem-25627	216	42	the	the	DET
fbem-25627	216	43	esg	esg	NOUN
fbem-25627	216	44	mean	mean	NOUN
fbem-25627	216	45	,	,	PUNCT
fbem-25627	216	46	and	and	CCONJ
fbem-25627	216	47	conducts	conduct	VERB
fbem-25627	216	48	regression	regression	VERB
fbem-25627	216	49	analyses	analysis	NOUN
fbem-25627	216	50	with	with	ADP
fbem-25627	216	51	inefficient	inefficient	ADJ
fbem-25627	216	52	investment	investment	NOUN
fbem-25627	216	53	,	,	PUNCT
fbem-25627	216	54	corporate	corporate	ADJ
fbem-25627	216	55	reputation	reputation	NOUN
fbem-25627	216	56	,	,	PUNCT
fbem-25627	216	57	and	and	CCONJ
fbem-25627	216	58	quality	quality	NOUN
fbem-25627	216	59	of	of	ADP
fbem-25627	216	60	environmental	environmental	ADJ
fbem-25627	216	61	disclosure	disclosure	NOUN
fbem-25627	216	62	,	,	PUNCT
fbem-25627	216	63	respectively	respectively	ADV
fbem-25627	216	64	.	.	PUNCT
fbem-25627	217	1	the	the	DET
fbem-25627	217	2	regression	regression	NOUN
fbem-25627	217	3	results	result	NOUN
fbem-25627	217	4	are	be	AUX
fbem-25627	217	5	consistent	consistent	ADJ
fbem-25627	217	6	with	with	ADP
fbem-25627	217	7	the	the	DET
fbem-25627	217	8	conclusions	conclusion	NOUN
fbem-25627	217	9	of	of	ADP
fbem-25627	217	10	this	this	DET
fbem-25627	217	11	paper	paper	NOUN
fbem-25627	217	12	,	,	PUNCT
fbem-25627	217	13	which	which	PRON
fbem-25627	217	14	indicates	indicate	VERB
fbem-25627	217	15	that	that	SCONJ
fbem-25627	217	16	the	the	DET
fbem-25627	217	17	conclusions	conclusion	NOUN
fbem-25627	217	18	of	of	ADP
fbem-25627	217	19	this	this	DET
fbem-25627	217	20	paper	paper	NOUN
fbem-25627	217	21	have	have	VERB
fbem-25627	217	22	good	good	ADJ
fbem-25627	217	23	robustness	robustness	NOUN
fbem-25627	217	24	.	.	PUNCT
fbem-25627	218	1	6	6	X
fbem-25627	218	2	.	.	X
fbem-25627	218	3	heterogeneity	heterogeneity	NOUN
fbem-25627	218	4	tests	test	NOUN
fbem-25627	218	5	in	in	ADP
fbem-25627	218	6	order	order	NOUN
fbem-25627	218	7	to	to	PART
fbem-25627	218	8	further	far	ADV
fbem-25627	218	9	analyze	analyze	VERB
fbem-25627	218	10	whether	whether	SCONJ
fbem-25627	218	11	there	there	PRON
fbem-25627	218	12	is	be	VERB
fbem-25627	218	13	any	any	DET
fbem-25627	218	14	difference	difference	NOUN
fbem-25627	218	15	between	between	ADP
fbem-25627	218	16	state	state	NOUN
fbem-25627	218	17	-	-	PUNCT
fbem-25627	218	18	owned	own	VERB
fbem-25627	218	19	enterprisess	enterprisess	NOUN
fbem-25627	218	20	and	and	CCONJ
fbem-25627	218	21	non	non	ADJ
fbem-25627	218	22	-	-	ADJ
fbem-25627	218	23	state	state	NOUN
fbem-25627	218	24	-	-	PUNCT
fbem-25627	218	25	owned	own	VERB
fbem-25627	218	26	enterprisess	enterprisess	NOUN
fbem-25627	218	27	in	in	ADP
fbem-25627	218	28	terms	term	NOUN
fbem-25627	218	29	of	of	ADP
fbem-25627	218	30	the	the	DET
fbem-25627	218	31	impact	impact	NOUN
fbem-25627	218	32	that	that	PRON
fbem-25627	218	33	esg	esg	NOUN
fbem-25627	218	34	performance	performance	NOUN
fbem-25627	218	35	has	have	VERB
fbem-25627	218	36	on	on	ADP
fbem-25627	218	37	firms	firm	NOUN
fbem-25627	218	38	'	'	PART
fbem-25627	218	39	investment	investment	NOUN
fbem-25627	218	40	efficiency	efficiency	NOUN
fbem-25627	218	41	,	,	PUNCT
fbem-25627	218	42	corporate	corporate	ADJ
fbem-25627	218	43	reputation	reputation	NOUN
fbem-25627	218	44	,	,	PUNCT
fbem-25627	218	45	and	and	CCONJ
fbem-25627	218	46	environmental	environmental	ADJ
fbem-25627	218	47	performance	performance	NOUN
fbem-25627	218	48	,	,	PUNCT
fbem-25627	218	49	we	we	PRON
fbem-25627	218	50	firstly	firstly	ADV
fbem-25627	218	51	classified	classified	ADJ
fbem-25627	218	52	firms	firm	NOUN
fbem-25627	218	53	into	into	ADP
fbem-25627	218	54	two	two	NUM
fbem-25627	218	55	categories	category	NOUN
fbem-25627	218	56	,	,	PUNCT
fbem-25627	218	57	state	state	NOUN
fbem-25627	218	58	-	-	PUNCT
fbem-25627	218	59	owned	own	VERB
fbem-25627	218	60	enterprisess	enterprisess	NOUN
fbem-25627	218	61	and	and	CCONJ
fbem-25627	218	62	non	non	ADJ
fbem-25627	218	63	-	-	ADJ
fbem-25627	218	64	state	state	NOUN
fbem-25627	218	65	-	-	PUNCT
fbem-25627	218	66	owned	own	VERB
fbem-25627	218	67	enterprisess	enterprisess	NOUN
fbem-25627	218	68	,	,	PUNCT
fbem-25627	218	69	based	base	VERB
fbem-25627	218	70	on	on	ADP
fbem-25627	218	71	the	the	DET
fbem-25627	218	72	nature	nature	NOUN
fbem-25627	218	73	of	of	ADP
fbem-25627	218	74	firms	firm	NOUN
fbem-25627	218	75	'	'	PART
fbem-25627	218	76	ownership	ownership	NOUN
fbem-25627	218	77	,	,	PUNCT
fbem-25627	218	78	and	and	CCONJ
fbem-25627	218	79	then	then	ADV
fbem-25627	218	80	conducted	conduct	VERB
fbem-25627	218	81	group	group	NOUN
fbem-25627	218	82	regression	regression	NOUN
fbem-25627	218	83	analyses	analysis	NOUN
fbem-25627	218	84	respectively	respectively	ADV
fbem-25627	218	85	.	.	PUNCT
fbem-25627	219	1	the	the	DET
fbem-25627	219	2	relevant	relevant	ADJ
fbem-25627	219	3	regression	regression	NOUN
fbem-25627	219	4	results	result	NOUN
fbem-25627	219	5	are	be	AUX
fbem-25627	219	6	displayed	display	VERB
fbem-25627	219	7	in	in	ADP
fbem-25627	219	8	detail	detail	NOUN
fbem-25627	219	9	in	in	ADP
fbem-25627	219	10	table	table	NOUN
fbem-25627	219	11	5	5	NUM
fbem-25627	219	12	.	.	PUNCT
fbem-25627	219	13	table	table	NOUN
fbem-25627	219	14	5	5	NUM
fbem-25627	219	15	.	.	PUNCT
fbem-25627	220	1	results	result	NOUN
fbem-25627	220	2	of	of	ADP
fbem-25627	220	3	heterogeneity	heterogeneity	NOUN
fbem-25627	220	4	analysis	analysis	NOUN
fbem-25627	220	5	(	(	PUNCT
fbem-25627	220	6	1	1	NUM
fbem-25627	220	7	)	)	PUNCT
fbem-25627	220	8	(	(	PUNCT
fbem-25627	220	9	2	2	NUM
fbem-25627	220	10	)	)	PUNCT
fbem-25627	220	11	(	(	PUNCT
fbem-25627	220	12	3	3	X
fbem-25627	220	13	)	)	PUNCT
fbem-25627	220	14	(	(	PUNCT
fbem-25627	220	15	4	4	NUM
fbem-25627	220	16	)	)	PUNCT
fbem-25627	220	17	(	(	PUNCT
fbem-25627	220	18	5	5	NUM
fbem-25627	220	19	)	)	PUNCT
fbem-25627	220	20	(	(	PUNCT
fbem-25627	220	21	6	6	NUM
fbem-25627	220	22	)	)	PUNCT
fbem-25627	220	23	inveff_abs	inveff_ab	NOUN
fbem-25627	220	24	inveff_abs	inveff_ab	NOUN
fbem-25627	220	25	score	score	NOUN
fbem-25627	220	26	score	score	NOUN
fbem-25627	220	27	eidq	eidq	NOUN
fbem-25627	220	28	eidq	eidq	NOUN
fbem-25627	220	29	government	government	NOUN
fbem-25627	220	30	owned	own	VERB
fbem-25627	220	31	non	non	ADJ
fbem-25627	220	32	-	-	ADJ
fbem-25627	220	33	municipal	municipal	ADJ
fbem-25627	220	34	government	government	NOUN
fbem-25627	220	35	owned	own	VERB
fbem-25627	220	36	non	non	ADJ
fbem-25627	220	37	-	-	ADJ
fbem-25627	220	38	municipal	municipal	ADJ
fbem-25627	220	39	government	government	NOUN
fbem-25627	220	40	owned	own	VERB
fbem-25627	220	41	non	non	ADJ
fbem-25627	220	42	-	-	ADJ
fbem-25627	220	43	municipal	municipal	ADJ
fbem-25627	220	44	esg_grade	esg_grade	NOUN
fbem-25627	220	45	-0.00273	-0.00273	ADJ
fbem-25627	220	46	*	*	PUNCT
fbem-25627	220	47	*	*	PUNCT
fbem-25627	220	48	*	*	PUNCT
fbem-25627	220	49	(	(	PUNCT
fbem-25627	220	50	-4.18	-4.18	NUM
fbem-25627	220	51	)	)	PUNCT
fbem-25627	220	52	-0.0000969	-0.0000969	ADV
fbem-25627	220	53	(	(	PUNCT
fbem-25627	220	54	-0.15	-0.15	NUM
fbem-25627	220	55	)	)	PUNCT
fbem-25627	220	56	0.0436	0.0436	NUM
fbem-25627	220	57	*	*	PUNCT
fbem-25627	220	58	*	*	PUNCT
fbem-25627	220	59	*	*	PUNCT
fbem-25627	220	60	(	(	PUNCT
fbem-25627	220	61	7.56	7.56	NUM
fbem-25627	220	62	)	)	PUNCT
fbem-25627	220	63	0.0489	0.0489	NUM
fbem-25627	221	1	*	*	PUNCT
fbem-25627	221	2	*	*	PUNCT
fbem-25627	221	3	*	*	PUNCT
fbem-25627	221	4	(	(	PUNCT
fbem-25627	221	5	11.01	11.01	NUM
fbem-25627	221	6	)	)	PUNCT
fbem-25627	221	7	0.0513	0.0513	NUM
fbem-25627	221	8	*	*	PUNCT
fbem-25627	222	1	*	*	PUNCT
fbem-25627	222	2	*	*	PUNCT
fbem-25627	222	3	(	(	PUNCT
fbem-25627	222	4	7.48	7.48	NUM
fbem-25627	222	5	)	)	PUNCT
fbem-25627	222	6	0.0391	0.0391	NUM
fbem-25627	222	7	*	*	PUNCT
fbem-25627	222	8	*	*	PUNCT
fbem-25627	222	9	*	*	PUNCT
fbem-25627	222	10	(	(	PUNCT
fbem-25627	222	11	7.90	7.90	NUM
fbem-25627	222	12	)	)	PUNCT
fbem-25627	222	13	control	control	NOUN
fbem-25627	222	14	variable	variable	NOUN
fbem-25627	222	15	be	be	AUX
fbem-25627	222	16	be	be	AUX
fbem-25627	222	17	be	be	AUX
fbem-25627	222	18	be	be	AUX
fbem-25627	222	19	be	be	AUX
fbem-25627	222	20	be	be	VERB
fbem-25627	222	21	individual	individual	ADJ
fbem-25627	222	22	fixed	fix	VERB
fbem-25627	222	23	effect	effect	NOUN
fbem-25627	222	24	be	be	AUX
fbem-25627	222	25	be	be	AUX
fbem-25627	222	26	be	be	AUX
fbem-25627	222	27	be	be	AUX
fbem-25627	222	28	be	be	AUX
fbem-25627	222	29	be	be	NOUN
fbem-25627	222	30	time	time	NOUN
fbem-25627	222	31	fixed	fix	VERB
fbem-25627	222	32	effect	effect	NOUN
fbem-25627	223	1	be	be	AUX
fbem-25627	223	2	be	be	AUX
fbem-25627	223	3	be	be	AUX
fbem-25627	223	4	be	be	AUX
fbem-25627	223	5	be	be	AUX
fbem-25627	223	6	be	be	VERB
fbem-25627	223	7	adjustment	adjustment	NOUN
fbem-25627	223	8	r2	r2	PROPN
fbem-25627	223	9	-0.093	-0.093	PROPN
fbem-25627	223	10	-0.097	-0.097	PUNCT
fbem-25627	223	11	0.305	0.305	NUM
fbem-25627	223	12	0.394	0.394	NUM
fbem-25627	223	13	0.056	0.056	NUM
fbem-25627	223	14	0.021	0.021	NUM
fbem-25627	223	15	sample	sample	NOUN
fbem-25627	223	16	size	size	NOUN
fbem-25627	223	17	8330	8330	NUM
fbem-25627	223	18	15379	15379	NUM
fbem-25627	223	19	9128	9128	NUM
fbem-25627	223	20	18468	18468	NUM
fbem-25627	223	21	9272	9272	NUM
fbem-25627	223	22	18227	18227	NUM
fbem-25627	223	23	279	279	NUM
fbem-25627	223	24	first	first	ADJ
fbem-25627	223	25	,	,	PUNCT
fbem-25627	223	26	state	state	NOUN
fbem-25627	223	27	-	-	PUNCT
fbem-25627	223	28	owned	own	VERB
fbem-25627	223	29	enterprises	enterprise	NOUN
fbem-25627	223	30	tend	tend	VERB
fbem-25627	223	31	to	to	PART
fbem-25627	223	32	bear	bear	VERB
fbem-25627	223	33	more	more	ADJ
fbem-25627	223	34	social	social	ADJ
fbem-25627	223	35	responsibilities	responsibility	NOUN
fbem-25627	223	36	and	and	CCONJ
fbem-25627	223	37	policy	policy	NOUN
fbem-25627	223	38	-	-	PUNCT
fbem-25627	223	39	oriented	orient	VERB
fbem-25627	223	40	tasks	task	NOUN
fbem-25627	223	41	due	due	ADP
fbem-25627	223	42	to	to	ADP
fbem-25627	223	43	their	their	PRON
fbem-25627	223	44	special	special	ADJ
fbem-25627	223	45	ownership	ownership	NOUN
fbem-25627	223	46	nature	nature	NOUN
fbem-25627	223	47	.	.	PUNCT
fbem-25627	224	1	therefore	therefore	ADV
fbem-25627	224	2	,	,	PUNCT
fbem-25627	224	3	when	when	SCONJ
fbem-25627	224	4	esg	esg	NOUN
fbem-25627	224	5	performance	performance	NOUN
fbem-25627	224	6	is	be	AUX
fbem-25627	224	7	poor	poor	ADJ
fbem-25627	224	8	,	,	PUNCT
fbem-25627	224	9	they	they	PRON
fbem-25627	224	10	may	may	AUX
fbem-25627	224	11	receive	receive	VERB
fbem-25627	224	12	more	more	ADJ
fbem-25627	224	13	attention	attention	NOUN
fbem-25627	224	14	and	and	CCONJ
fbem-25627	224	15	pressure	pressure	NOUN
fbem-25627	224	16	from	from	ADP
fbem-25627	224	17	the	the	DET
fbem-25627	224	18	government	government	NOUN
fbem-25627	224	19	and	and	CCONJ
fbem-25627	224	20	society	society	NOUN
fbem-25627	224	21	,	,	PUNCT
fbem-25627	224	22	which	which	PRON
fbem-25627	224	23	may	may	AUX
fbem-25627	224	24	affect	affect	VERB
fbem-25627	224	25	their	their	PRON
fbem-25627	224	26	investment	investment	NOUN
fbem-25627	224	27	decisions	decision	NOUN
fbem-25627	224	28	and	and	CCONJ
fbem-25627	224	29	efficiency	efficiency	NOUN
fbem-25627	224	30	.	.	PUNCT
fbem-25627	225	1	for	for	ADP
fbem-25627	225	2	example	example	NOUN
fbem-25627	225	3	,	,	PUNCT
fbem-25627	225	4	environmental	environmental	ADJ
fbem-25627	225	5	issues	issue	NOUN
fbem-25627	225	6	may	may	AUX
fbem-25627	225	7	lead	lead	VERB
fbem-25627	225	8	to	to	ADP
fbem-25627	225	9	production	production	NOUN
fbem-25627	225	10	disruptions	disruption	NOUN
fbem-25627	225	11	or	or	CCONJ
fbem-25627	225	12	fines	fine	NOUN
fbem-25627	225	13	,	,	PUNCT
fbem-25627	225	14	social	social	ADJ
fbem-25627	225	15	issues	issue	NOUN
fbem-25627	225	16	may	may	AUX
fbem-25627	225	17	trigger	trigger	VERB
fbem-25627	225	18	public	public	ADJ
fbem-25627	225	19	discontent	discontent	NOUN
fbem-25627	225	20	and	and	CCONJ
fbem-25627	225	21	boycotts	boycott	NOUN
fbem-25627	225	22	,	,	PUNCT
fbem-25627	225	23	and	and	CCONJ
fbem-25627	225	24	governance	governance	NOUN
fbem-25627	225	25	issues	issue	NOUN
fbem-25627	225	26	may	may	AUX
fbem-25627	225	27	lead	lead	VERB
fbem-25627	225	28	to	to	ADP
fbem-25627	225	29	management	management	NOUN
fbem-25627	225	30	instability	instability	NOUN
fbem-25627	225	31	and	and	CCONJ
fbem-25627	225	32	poor	poor	ADJ
fbem-25627	225	33	decisionmaking	decisionmaking	NOUN
fbem-25627	225	34	.	.	PUNCT
fbem-25627	226	1	in	in	ADP
fbem-25627	226	2	contrast	contrast	NOUN
fbem-25627	226	3	,	,	PUNCT
fbem-25627	226	4	while	while	SCONJ
fbem-25627	226	5	non	non	ADJ
fbem-25627	226	6	-	-	ADJ
fbem-25627	226	7	state	state	NOUN
fbem-25627	226	8	-	-	PUNCT
fbem-25627	226	9	owned	own	VERB
fbem-25627	226	10	enterprises	enterprise	NOUN
fbem-25627	226	11	are	be	AUX
fbem-25627	226	12	also	also	ADV
fbem-25627	226	13	subject	subject	ADJ
fbem-25627	226	14	to	to	ADP
fbem-25627	226	15	a	a	DET
fbem-25627	226	16	certain	certain	ADJ
fbem-25627	226	17	degree	degree	NOUN
fbem-25627	226	18	of	of	ADP
fbem-25627	226	19	market	market	NOUN
fbem-25627	226	20	and	and	CCONJ
fbem-25627	226	21	social	social	ADJ
fbem-25627	226	22	pressure	pressure	NOUN
fbem-25627	226	23	in	in	ADP
fbem-25627	226	24	the	the	DET
fbem-25627	226	25	face	face	NOUN
fbem-25627	226	26	of	of	ADP
fbem-25627	226	27	poor	poor	ADJ
fbem-25627	226	28	esg	esg	NOUN
fbem-25627	226	29	performance	performance	NOUN
fbem-25627	226	30	,	,	PUNCT
fbem-25627	226	31	their	their	PRON
fbem-25627	226	32	decision	decision	NOUN
fbem-25627	226	33	-	-	PUNCT
fbem-25627	226	34	making	make	VERB
fbem-25627	226	35	mechanisms	mechanism	NOUN
fbem-25627	226	36	are	be	AUX
fbem-25627	226	37	relatively	relatively	ADV
fbem-25627	226	38	flexible	flexible	ADJ
fbem-25627	226	39	and	and	CCONJ
fbem-25627	226	40	they	they	PRON
fbem-25627	226	41	are	be	AUX
fbem-25627	226	42	able	able	ADJ
fbem-25627	226	43	to	to	PART
fbem-25627	226	44	adjust	adjust	VERB
fbem-25627	226	45	their	their	PRON
fbem-25627	226	46	strategies	strategy	NOUN
fbem-25627	226	47	more	more	ADV
fbem-25627	226	48	quickly	quickly	ADV
fbem-25627	226	49	to	to	PART
fbem-25627	226	50	meet	meet	VERB
fbem-25627	226	51	the	the	DET
fbem-25627	226	52	challenges	challenge	NOUN
fbem-25627	226	53	.	.	PUNCT
fbem-25627	227	1	in	in	ADP
fbem-25627	227	2	addition	addition	NOUN
fbem-25627	227	3	,	,	PUNCT
fbem-25627	227	4	non	non	ADJ
fbem-25627	227	5	-	-	ADJ
fbem-25627	227	6	state	state	NOUN
fbem-25627	227	7	-	-	PUNCT
fbem-25627	227	8	owned	own	VERB
fbem-25627	227	9	enterprises	enterprise	NOUN
fbem-25627	227	10	may	may	AUX
fbem-25627	227	11	pay	pay	VERB
fbem-25627	227	12	more	more	ADJ
fbem-25627	227	13	attention	attention	NOUN
fbem-25627	227	14	to	to	ADP
fbem-25627	227	15	economic	economic	ADJ
fbem-25627	227	16	efficiency	efficiency	NOUN
fbem-25627	227	17	in	in	ADP
fbem-25627	227	18	resource	resource	NOUN
fbem-25627	227	19	allocation	allocation	NOUN
fbem-25627	227	20	and	and	CCONJ
fbem-25627	227	21	project	project	NOUN
fbem-25627	227	22	selection	selection	NOUN
fbem-25627	227	23	,	,	PUNCT
fbem-25627	227	24	so	so	CCONJ
fbem-25627	227	25	even	even	ADV
fbem-25627	227	26	if	if	SCONJ
fbem-25627	227	27	esg	esg	NOUN
fbem-25627	227	28	performance	performance	NOUN
fbem-25627	227	29	is	be	AUX
fbem-25627	227	30	poor	poor	ADJ
fbem-25627	227	31	,	,	PUNCT
fbem-25627	227	32	investment	investment	NOUN
fbem-25627	227	33	efficiency	efficiency	NOUN
fbem-25627	227	34	may	may	AUX
fbem-25627	227	35	still	still	ADV
fbem-25627	227	36	be	be	AUX
fbem-25627	227	37	maintained	maintain	VERB
fbem-25627	227	38	at	at	ADP
fbem-25627	227	39	a	a	DET
fbem-25627	227	40	high	high	ADJ
fbem-25627	227	41	level	level	NOUN
fbem-25627	227	42	as	as	ADV
fbem-25627	227	43	long	long	ADV
fbem-25627	227	44	as	as	SCONJ
fbem-25627	227	45	their	their	PRON
fbem-25627	227	46	investment	investment	NOUN
fbem-25627	227	47	projects	project	NOUN
fbem-25627	227	48	can	can	AUX
fbem-25627	227	49	bring	bring	VERB
fbem-25627	227	50	higher	high	ADJ
fbem-25627	227	51	economic	economic	ADJ
fbem-25627	227	52	returns	return	NOUN
fbem-25627	227	53	.	.	PUNCT
fbem-25627	228	1	based	base	VERB
fbem-25627	228	2	on	on	ADP
fbem-25627	228	3	the	the	DET
fbem-25627	228	4	above	above	ADJ
fbem-25627	228	5	analysis	analysis	NOUN
fbem-25627	228	6	,	,	PUNCT
fbem-25627	228	7	this	this	DET
fbem-25627	228	8	paper	paper	NOUN
fbem-25627	228	9	concludes	conclude	VERB
fbem-25627	228	10	that	that	SCONJ
fbem-25627	228	11	the	the	DET
fbem-25627	228	12	differences	difference	NOUN
fbem-25627	228	13	in	in	ADP
fbem-25627	228	14	corporate	corporate	ADJ
fbem-25627	228	15	property	property	NOUN
fbem-25627	228	16	rights	right	NOUN
fbem-25627	228	17	systems	system	NOUN
fbem-25627	228	18	lead	lead	VERB
fbem-25627	228	19	to	to	ADP
fbem-25627	228	20	significant	significant	ADJ
fbem-25627	228	21	differences	difference	NOUN
fbem-25627	228	22	in	in	ADP
fbem-25627	228	23	the	the	DET
fbem-25627	228	24	impact	impact	NOUN
fbem-25627	228	25	on	on	ADP
fbem-25627	228	26	investment	investment	NOUN
fbem-25627	228	27	efficiency	efficiency	NOUN
fbem-25627	228	28	between	between	ADP
fbem-25627	228	29	state	state	NOUN
fbem-25627	228	30	-	-	PUNCT
fbem-25627	228	31	owned	own	VERB
fbem-25627	228	32	enterprises	enterprise	NOUN
fbem-25627	228	33	and	and	CCONJ
fbem-25627	228	34	non	non	ADJ
fbem-25627	228	35	-	-	ADJ
fbem-25627	228	36	state	state	NOUN
fbem-25627	228	37	-	-	PUNCT
fbem-25627	228	38	owned	own	VERB
fbem-25627	228	39	enterprises	enterprise	NOUN
fbem-25627	228	40	when	when	SCONJ
fbem-25627	228	41	they	they	PRON
fbem-25627	228	42	face	face	VERB
fbem-25627	228	43	poor	poor	ADJ
fbem-25627	228	44	esg	esg	NOUN
fbem-25627	228	45	performance	performance	NOUN
fbem-25627	228	46	.	.	PUNCT
fbem-25627	229	1	it	it	PRON
fbem-25627	229	2	can	can	AUX
fbem-25627	229	3	be	be	AUX
fbem-25627	229	4	clearly	clearly	ADV
fbem-25627	229	5	seen	see	VERB
fbem-25627	229	6	from	from	ADP
fbem-25627	229	7	table	table	NOUN
fbem-25627	229	8	5	5	NUM
fbem-25627	229	9	that	that	SCONJ
fbem-25627	229	10	in	in	ADP
fbem-25627	229	11	the	the	DET
fbem-25627	229	12	group	group	NOUN
fbem-25627	229	13	of	of	ADP
fbem-25627	229	14	stateowned	stateowne	VERB
fbem-25627	229	15	enterprises	enterprise	NOUN
fbem-25627	229	16	represented	represent	VERB
fbem-25627	229	17	by	by	ADP
fbem-25627	229	18	column	column	NOUN
fbem-25627	229	19	(	(	PUNCT
fbem-25627	229	20	1	1	NUM
fbem-25627	229	21	)	)	PUNCT
fbem-25627	229	22	,	,	PUNCT
fbem-25627	229	23	the	the	DET
fbem-25627	229	24	coefficient	coefficient	NOUN
fbem-25627	229	25	of	of	ADP
fbem-25627	229	26	esg	esg	PROPN
fbem-25627	229	27	performance	performance	NOUN
fbem-25627	229	28	is	be	AUX
fbem-25627	229	29	significantly	significantly	ADV
fbem-25627	229	30	negative	negative	ADJ
fbem-25627	229	31	,	,	PUNCT
fbem-25627	229	32	which	which	PRON
fbem-25627	229	33	indicates	indicate	VERB
fbem-25627	229	34	that	that	SCONJ
fbem-25627	229	35	in	in	ADP
fbem-25627	229	36	state	state	NOUN
fbem-25627	229	37	-	-	PUNCT
fbem-25627	229	38	owned	own	VERB
fbem-25627	229	39	enterprises	enterprise	NOUN
fbem-25627	229	40	,	,	PUNCT
fbem-25627	229	41	the	the	DET
fbem-25627	229	42	investment	investment	NOUN
fbem-25627	229	43	efficiency	efficiency	NOUN
fbem-25627	229	44	of	of	ADP
fbem-25627	229	45	enterprises	enterprise	NOUN
fbem-25627	229	46	with	with	ADP
fbem-25627	229	47	poor	poor	ADJ
fbem-25627	229	48	esg	esg	NOUN
fbem-25627	229	49	performance	performance	NOUN
fbem-25627	229	50	is	be	AUX
fbem-25627	229	51	relatively	relatively	ADV
fbem-25627	229	52	low	low	ADJ
fbem-25627	229	53	.	.	PUNCT
fbem-25627	230	1	while	while	SCONJ
fbem-25627	230	2	in	in	ADP
fbem-25627	230	3	the	the	DET
fbem-25627	230	4	group	group	NOUN
fbem-25627	230	5	of	of	ADP
fbem-25627	230	6	non	non	ADJ
fbem-25627	230	7	-	-	ADJ
fbem-25627	230	8	state	state	NOUN
fbem-25627	230	9	-	-	PUNCT
fbem-25627	230	10	owned	own	VERB
fbem-25627	230	11	enterprises	enterprise	NOUN
fbem-25627	230	12	represented	represent	VERB
fbem-25627	230	13	by	by	ADP
fbem-25627	230	14	column	column	NOUN
fbem-25627	230	15	(	(	PUNCT
fbem-25627	230	16	2	2	NUM
fbem-25627	230	17	)	)	PUNCT
fbem-25627	230	18	,	,	PUNCT
fbem-25627	230	19	the	the	DET
fbem-25627	230	20	coefficient	coefficient	NOUN
fbem-25627	230	21	of	of	ADP
fbem-25627	230	22	esg	esg	PROPN
fbem-25627	230	23	performance	performance	NOUN
fbem-25627	230	24	is	be	AUX
fbem-25627	230	25	negative	negative	ADJ
fbem-25627	230	26	but	but	CCONJ
fbem-25627	230	27	not	not	PART
fbem-25627	230	28	significant	significant	ADJ
fbem-25627	230	29	,	,	PUNCT
fbem-25627	230	30	which	which	PRON
fbem-25627	230	31	means	mean	VERB
fbem-25627	230	32	that	that	SCONJ
fbem-25627	230	33	there	there	PRON
fbem-25627	230	34	is	be	VERB
fbem-25627	230	35	no	no	DET
fbem-25627	230	36	significant	significant	ADJ
fbem-25627	230	37	negative	negative	ADJ
fbem-25627	230	38	correlation	correlation	NOUN
fbem-25627	230	39	between	between	ADP
fbem-25627	230	40	esg	esg	NOUN
fbem-25627	230	41	performance	performance	NOUN
fbem-25627	230	42	and	and	CCONJ
fbem-25627	230	43	investment	investment	NOUN
fbem-25627	230	44	efficiency	efficiency	NOUN
fbem-25627	230	45	in	in	ADP
fbem-25627	230	46	non	non	ADJ
fbem-25627	230	47	-	-	ADJ
fbem-25627	230	48	state	state	NOUN
fbem-25627	230	49	-	-	PUNCT
fbem-25627	230	50	owned	own	VERB
fbem-25627	230	51	enterprises	enterprise	NOUN
fbem-25627	230	52	.	.	PUNCT
fbem-25627	231	1	with	with	ADP
fbem-25627	231	2	this	this	DET
fbem-25627	231	3	regression	regression	NOUN
fbem-25627	231	4	result	result	NOUN
fbem-25627	231	5	,	,	PUNCT
fbem-25627	231	6	we	we	PRON
fbem-25627	231	7	verify	verify	VERB
fbem-25627	231	8	the	the	DET
fbem-25627	231	9	previous	previous	ADJ
fbem-25627	231	10	conjecture	conjecture	NOUN
fbem-25627	231	11	of	of	ADP
fbem-25627	231	12	this	this	DET
fbem-25627	231	13	paper	paper	NOUN
fbem-25627	231	14	that	that	SCONJ
fbem-25627	231	15	the	the	DET
fbem-25627	231	16	impact	impact	NOUN
fbem-25627	231	17	of	of	ADP
fbem-25627	231	18	firms	firm	NOUN
fbem-25627	231	19	'	'	PART
fbem-25627	231	20	esg	esg	NOUN
fbem-25627	231	21	performance	performance	NOUN
fbem-25627	231	22	on	on	ADP
fbem-25627	231	23	their	their	PRON
fbem-25627	231	24	investment	investment	NOUN
fbem-25627	231	25	efficiency	efficiency	NOUN
fbem-25627	231	26	indeed	indeed	ADV
fbem-25627	231	27	varies	vary	VERB
fbem-25627	231	28	depending	depend	VERB
fbem-25627	231	29	on	on	ADP
fbem-25627	231	30	the	the	DET
fbem-25627	231	31	firm	firm	NOUN
fbem-25627	231	32	's	's	PART
fbem-25627	231	33	property	property	NOUN
fbem-25627	231	34	rights	right	NOUN
fbem-25627	231	35	system	system	NOUN
fbem-25627	231	36	.	.	PUNCT
fbem-25627	232	1	specifically	specifically	ADV
fbem-25627	232	2	,	,	PUNCT
fbem-25627	232	3	among	among	ADP
fbem-25627	232	4	state	state	NOUN
fbem-25627	232	5	-	-	PUNCT
fbem-25627	232	6	owned	own	VERB
fbem-25627	232	7	firms	firm	NOUN
fbem-25627	232	8	,	,	PUNCT
fbem-25627	232	9	poorer	poor	ADJ
fbem-25627	232	10	esg	esg	NOUN
fbem-25627	232	11	performance	performance	NOUN
fbem-25627	232	12	may	may	AUX
fbem-25627	232	13	lead	lead	VERB
fbem-25627	232	14	to	to	ADP
fbem-25627	232	15	lower	low	ADJ
fbem-25627	232	16	investment	investment	NOUN
fbem-25627	232	17	efficiency	efficiency	NOUN
fbem-25627	232	18	,	,	PUNCT
fbem-25627	232	19	while	while	SCONJ
fbem-25627	232	20	in	in	ADP
fbem-25627	232	21	non	non	ADJ
fbem-25627	232	22	-	-	ADJ
fbem-25627	232	23	state	state	NOUN
fbem-25627	232	24	-	-	PUNCT
fbem-25627	232	25	owned	own	VERB
fbem-25627	232	26	firms	firm	NOUN
fbem-25627	232	27	,	,	PUNCT
fbem-25627	232	28	this	this	DET
fbem-25627	232	29	effect	effect	NOUN
fbem-25627	232	30	is	be	AUX
fbem-25627	232	31	less	less	ADV
fbem-25627	232	32	significant	significant	ADJ
fbem-25627	232	33	.	.	PUNCT
fbem-25627	233	1	second	second	ADJ
fbem-25627	233	2	,	,	PUNCT
fbem-25627	233	3	in	in	ADP
fbem-25627	233	4	general	general	ADJ
fbem-25627	233	5	,	,	PUNCT
fbem-25627	233	6	larger	large	ADJ
fbem-25627	233	7	firms	firm	NOUN
fbem-25627	233	8	tend	tend	VERB
fbem-25627	233	9	to	to	PART
fbem-25627	233	10	have	have	VERB
fbem-25627	233	11	higher	high	ADJ
fbem-25627	233	12	reputations	reputation	NOUN
fbem-25627	233	13	due	due	ADP
fbem-25627	233	14	to	to	ADP
fbem-25627	233	15	their	their	PRON
fbem-25627	233	16	market	market	NOUN
fbem-25627	233	17	reach	reach	NOUN
fbem-25627	233	18	and	and	CCONJ
fbem-25627	233	19	resourcefulness	resourcefulness	NOUN
fbem-25627	233	20	.	.	PUNCT
fbem-25627	234	1	however	however	ADV
fbem-25627	234	2	,	,	PUNCT
fbem-25627	234	3	this	this	PRON
fbem-25627	234	4	does	do	AUX
fbem-25627	234	5	not	not	PART
fbem-25627	234	6	mean	mean	VERB
fbem-25627	234	7	that	that	SCONJ
fbem-25627	234	8	smaller	small	ADJ
fbem-25627	234	9	firms	firm	NOUN
fbem-25627	234	10	can	can	AUX
fbem-25627	234	11	not	not	PART
fbem-25627	234	12	enhance	enhance	VERB
fbem-25627	234	13	their	their	PRON
fbem-25627	234	14	reputation	reputation	NOUN
fbem-25627	234	15	in	in	ADP
fbem-25627	234	16	other	other	ADJ
fbem-25627	234	17	ways	way	NOUN
fbem-25627	234	18	.	.	PUNCT
fbem-25627	235	1	in	in	ADP
fbem-25627	235	2	fact	fact	NOUN
fbem-25627	235	3	,	,	PUNCT
fbem-25627	235	4	smaller	small	ADJ
fbem-25627	235	5	firms	firm	NOUN
fbem-25627	235	6	may	may	AUX
fbem-25627	235	7	have	have	VERB
fbem-25627	235	8	advantages	advantage	NOUN
fbem-25627	235	9	in	in	ADP
fbem-25627	235	10	terms	term	NOUN
fbem-25627	235	11	of	of	ADP
fbem-25627	235	12	flexibility	flexibility	NOUN
fbem-25627	235	13	and	and	CCONJ
fbem-25627	235	14	innovative	innovative	ADJ
fbem-25627	235	15	capabilities	capability	NOUN
fbem-25627	235	16	,	,	PUNCT
fbem-25627	235	17	which	which	PRON
fbem-25627	235	18	can	can	AUX
fbem-25627	235	19	be	be	AUX
fbem-25627	235	20	equally	equally	ADV
fbem-25627	235	21	translated	translate	VERB
fbem-25627	235	22	into	into	ADP
fbem-25627	235	23	a	a	DET
fbem-25627	235	24	good	good	ADJ
fbem-25627	235	25	corporate	corporate	ADJ
fbem-25627	235	26	reputation	reputation	NOUN
fbem-25627	235	27	.	.	PUNCT
fbem-25627	236	1	accordingly	accordingly	ADV
fbem-25627	236	2	,	,	PUNCT
fbem-25627	236	3	this	this	DET
fbem-25627	236	4	paper	paper	NOUN
fbem-25627	236	5	argues	argue	VERB
fbem-25627	236	6	that	that	SCONJ
fbem-25627	236	7	esg	esg	PROPN
fbem-25627	236	8	performance	performance	NOUN
fbem-25627	236	9	is	be	AUX
fbem-25627	236	10	one	one	NUM
fbem-25627	236	11	of	of	ADP
fbem-25627	236	12	the	the	DET
fbem-25627	236	13	important	important	ADJ
fbem-25627	236	14	,	,	PUNCT
fbem-25627	236	15	but	but	CCONJ
fbem-25627	236	16	not	not	PART
fbem-25627	236	17	the	the	DET
fbem-25627	236	18	only	only	ADJ
fbem-25627	236	19	,	,	PUNCT
fbem-25627	236	20	factor	factor	NOUN
fbem-25627	236	21	in	in	ADP
fbem-25627	236	22	enhancing	enhance	VERB
fbem-25627	236	23	corporate	corporate	ADJ
fbem-25627	236	24	reputation	reputation	NOUN
fbem-25627	236	25	.	.	PUNCT
fbem-25627	237	1	it	it	PRON
fbem-25627	237	2	can	can	AUX
fbem-25627	237	3	be	be	AUX
fbem-25627	237	4	clearly	clearly	ADV
fbem-25627	237	5	seen	see	VERB
fbem-25627	237	6	from	from	ADP
fbem-25627	237	7	table	table	NOUN
fbem-25627	237	8	5	5	NUM
fbem-25627	237	9	that	that	SCONJ
fbem-25627	237	10	the	the	DET
fbem-25627	237	11	coefficients	coefficient	NOUN
fbem-25627	237	12	of	of	ADP
fbem-25627	237	13	esg	esg	NOUN
fbem-25627	237	14	performance	performance	NOUN
fbem-25627	237	15	are	be	AUX
fbem-25627	237	16	significantly	significantly	ADV
fbem-25627	237	17	positive	positive	ADJ
fbem-25627	237	18	in	in	ADP
fbem-25627	237	19	both	both	CCONJ
fbem-25627	237	20	the	the	DET
fbem-25627	237	21	group	group	NOUN
fbem-25627	237	22	of	of	ADP
fbem-25627	237	23	state	state	NOUN
fbem-25627	237	24	-	-	PUNCT
fbem-25627	237	25	owned	own	VERB
fbem-25627	237	26	enterprises	enterprise	NOUN
fbem-25627	237	27	represented	represent	VERB
fbem-25627	237	28	by	by	ADP
fbem-25627	237	29	column	column	NOUN
fbem-25627	237	30	(	(	PUNCT
fbem-25627	237	31	3	3	NUM
fbem-25627	237	32	)	)	PUNCT
fbem-25627	237	33	and	and	CCONJ
fbem-25627	237	34	the	the	DET
fbem-25627	237	35	group	group	NOUN
fbem-25627	237	36	of	of	ADP
fbem-25627	237	37	non	non	ADJ
fbem-25627	237	38	-	-	ADJ
fbem-25627	237	39	state	state	NOUN
fbem-25627	237	40	-	-	PUNCT
fbem-25627	237	41	owned	own	VERB
fbem-25627	237	42	enterprises	enterprise	NOUN
fbem-25627	237	43	represented	represent	VERB
fbem-25627	237	44	by	by	ADP
fbem-25627	237	45	column	column	NOUN
fbem-25627	237	46	(	(	PUNCT
fbem-25627	237	47	4	4	NUM
fbem-25627	237	48	)	)	PUNCT
fbem-25627	237	49	,	,	PUNCT
fbem-25627	237	50	which	which	PRON
fbem-25627	237	51	suggests	suggest	VERB
fbem-25627	237	52	that	that	SCONJ
fbem-25627	237	53	those	those	DET
fbem-25627	237	54	enterprises	enterprise	NOUN
fbem-25627	237	55	that	that	PRON
fbem-25627	237	56	have	have	VERB
fbem-25627	237	57	good	good	ADJ
fbem-25627	237	58	performance	performance	NOUN
fbem-25627	237	59	in	in	ADP
fbem-25627	237	60	esg	esg	PROPN
fbem-25627	237	61	are	be	AUX
fbem-25627	237	62	also	also	ADV
fbem-25627	237	63	more	more	ADV
fbem-25627	237	64	excellent	excellent	ADJ
fbem-25627	237	65	in	in	ADP
fbem-25627	237	66	terms	term	NOUN
fbem-25627	237	67	of	of	ADP
fbem-25627	237	68	corporate	corporate	ADJ
fbem-25627	237	69	reputation	reputation	NOUN
fbem-25627	237	70	,	,	PUNCT
fbem-25627	237	71	both	both	CCONJ
fbem-25627	237	72	among	among	ADP
fbem-25627	237	73	state	state	NOUN
fbem-25627	237	74	-	-	PUNCT
fbem-25627	237	75	owned	own	VERB
fbem-25627	237	76	enterprises	enterprise	NOUN
fbem-25627	237	77	and	and	CCONJ
fbem-25627	237	78	among	among	ADP
fbem-25627	237	79	non	non	ADJ
fbem-25627	237	80	-	-	ADJ
fbem-25627	237	81	state	state	NOUN
fbem-25627	237	82	-	-	PUNCT
fbem-25627	237	83	owned	own	VERB
fbem-25627	237	84	enterprises	enterprise	NOUN
fbem-25627	237	85	.	.	PUNCT
fbem-25627	238	1	with	with	ADP
fbem-25627	238	2	the	the	DET
fbem-25627	238	3	results	result	NOUN
fbem-25627	238	4	of	of	ADP
fbem-25627	238	5	this	this	DET
fbem-25627	238	6	regression	regression	NOUN
fbem-25627	238	7	analysis	analysis	NOUN
fbem-25627	238	8	,	,	PUNCT
fbem-25627	238	9	we	we	PRON
fbem-25627	238	10	can	can	AUX
fbem-25627	238	11	conclude	conclude	VERB
fbem-25627	238	12	that	that	SCONJ
fbem-25627	238	13	there	there	PRON
fbem-25627	238	14	is	be	VERB
fbem-25627	238	15	no	no	DET
fbem-25627	238	16	significant	significant	ADJ
fbem-25627	238	17	difference	difference	NOUN
fbem-25627	238	18	between	between	ADP
fbem-25627	238	19	different	different	ADJ
fbem-25627	238	20	corporate	corporate	ADJ
fbem-25627	238	21	ownership	ownership	NOUN
fbem-25627	238	22	systems	system	NOUN
fbem-25627	238	23	in	in	ADP
fbem-25627	238	24	terms	term	NOUN
fbem-25627	238	25	of	of	ADP
fbem-25627	238	26	the	the	DET
fbem-25627	238	27	impact	impact	NOUN
fbem-25627	238	28	of	of	ADP
fbem-25627	238	29	a	a	DET
fbem-25627	238	30	firm	firm	NOUN
fbem-25627	238	31	's	's	PART
fbem-25627	238	32	esg	esg	NOUN
fbem-25627	238	33	performance	performance	NOUN
fbem-25627	238	34	on	on	ADP
fbem-25627	238	35	its	its	PRON
fbem-25627	238	36	corporate	corporate	ADJ
fbem-25627	238	37	reputation	reputation	NOUN
fbem-25627	238	38	.	.	PUNCT
fbem-25627	239	1	in	in	ADP
fbem-25627	239	2	other	other	ADJ
fbem-25627	239	3	words	word	NOUN
fbem-25627	239	4	,	,	PUNCT
fbem-25627	239	5	good	good	ADJ
fbem-25627	239	6	esg	esg	NOUN
fbem-25627	239	7	performance	performance	NOUN
fbem-25627	239	8	is	be	AUX
fbem-25627	239	9	effective	effective	ADJ
fbem-25627	239	10	in	in	ADP
fbem-25627	239	11	enhancing	enhance	VERB
fbem-25627	239	12	corporate	corporate	ADJ
fbem-25627	239	13	reputation	reputation	NOUN
fbem-25627	239	14	for	for	ADP
fbem-25627	239	15	both	both	DET
fbem-25627	239	16	state	state	NOUN
fbem-25627	239	17	-	-	PUNCT
fbem-25627	239	18	owned	own	VERB
fbem-25627	239	19	and	and	CCONJ
fbem-25627	239	20	non	non	ADJ
fbem-25627	239	21	-	-	ADJ
fbem-25627	239	22	state	state	NOUN
fbem-25627	239	23	-	-	PUNCT
fbem-25627	239	24	owned	own	VERB
fbem-25627	239	25	enterprises	enterprise	NOUN
fbem-25627	239	26	.	.	PUNCT
fbem-25627	240	1	this	this	DET
fbem-25627	240	2	finding	finding	NOUN
fbem-25627	240	3	further	far	ADV
fbem-25627	240	4	emphasizes	emphasize	VERB
fbem-25627	240	5	the	the	DET
fbem-25627	240	6	importance	importance	NOUN
fbem-25627	240	7	of	of	ADP
fbem-25627	240	8	esg	esg	PROPN
fbem-25627	240	9	performance	performance	NOUN
fbem-25627	240	10	on	on	ADP
fbem-25627	240	11	corporate	corporate	ADJ
fbem-25627	240	12	reputation	reputation	NOUN
fbem-25627	240	13	and	and	CCONJ
fbem-25627	240	14	suggests	suggest	VERB
fbem-25627	240	15	that	that	SCONJ
fbem-25627	240	16	this	this	DET
fbem-25627	240	17	effect	effect	NOUN
fbem-25627	240	18	is	be	AUX
fbem-25627	240	19	universal	universal	ADJ
fbem-25627	240	20	across	across	ADP
fbem-25627	240	21	firms	firm	NOUN
fbem-25627	240	22	with	with	ADP
fbem-25627	240	23	different	different	ADJ
fbem-25627	240	24	ownership	ownership	NOUN
fbem-25627	240	25	systems	system	NOUN
fbem-25627	240	26	.	.	PUNCT
fbem-25627	241	1	finally	finally	ADV
fbem-25627	241	2	,	,	PUNCT
fbem-25627	241	3	the	the	DET
fbem-25627	241	4	improvement	improvement	NOUN
fbem-25627	241	5	of	of	ADP
fbem-25627	241	6	esg	esg	NOUN
fbem-25627	241	7	performance	performance	NOUN
fbem-25627	241	8	is	be	AUX
fbem-25627	241	9	not	not	PART
fbem-25627	241	10	a	a	DET
fbem-25627	241	11	quick	quick	ADJ
fbem-25627	241	12	fix	fix	NOUN
fbem-25627	241	13	;	;	PUNCT
fbem-25627	241	14	it	it	PRON
fbem-25627	241	15	requires	require	VERB
fbem-25627	241	16	long	long	ADJ
fbem-25627	241	17	-	-	PUNCT
fbem-25627	241	18	term	term	NOUN
fbem-25627	241	19	investment	investment	NOUN
fbem-25627	241	20	and	and	CCONJ
fbem-25627	241	21	continuous	continuous	ADJ
fbem-25627	241	22	efforts	effort	NOUN
fbem-25627	241	23	from	from	ADP
fbem-25627	241	24	enterprises	enterprise	NOUN
fbem-25627	241	25	.	.	PUNCT
fbem-25627	242	1	enterprises	enterprise	NOUN
fbem-25627	242	2	need	need	VERB
fbem-25627	242	3	to	to	PART
fbem-25627	242	4	set	set	VERB
fbem-25627	242	5	clear	clear	ADJ
fbem-25627	242	6	policies	policy	NOUN
fbem-25627	242	7	and	and	CCONJ
fbem-25627	242	8	objectives	objective	NOUN
fbem-25627	242	9	in	in	ADP
fbem-25627	242	10	environmental	environmental	ADJ
fbem-25627	242	11	protection	protection	NOUN
fbem-25627	242	12	,	,	PUNCT
fbem-25627	242	13	social	social	ADJ
fbem-25627	242	14	responsibility	responsibility	NOUN
fbem-25627	242	15	and	and	CCONJ
fbem-25627	242	16	corporate	corporate	ADJ
fbem-25627	242	17	governance	governance	NOUN
fbem-25627	242	18	,	,	PUNCT
fbem-25627	242	19	and	and	CCONJ
fbem-25627	242	20	integrate	integrate	VERB
fbem-25627	242	21	them	they	PRON
fbem-25627	242	22	into	into	ADP
fbem-25627	242	23	their	their	PRON
fbem-25627	242	24	daily	daily	ADJ
fbem-25627	242	25	operations	operation	NOUN
fbem-25627	242	26	and	and	CCONJ
fbem-25627	242	27	strategic	strategic	ADJ
fbem-25627	242	28	planning	planning	NOUN
fbem-25627	242	29	.	.	PUNCT
fbem-25627	243	1	only	only	ADV
fbem-25627	243	2	in	in	ADP
fbem-25627	243	3	this	this	DET
fbem-25627	243	4	way	way	NOUN
fbem-25627	243	5	can	can	AUX
fbem-25627	243	6	enterprises	enterprise	NOUN
fbem-25627	243	7	make	make	VERB
fbem-25627	243	8	substantial	substantial	ADJ
fbem-25627	243	9	progress	progress	NOUN
fbem-25627	243	10	in	in	ADP
fbem-25627	243	11	esg	esg	PROPN
fbem-25627	243	12	,	,	PUNCT
fbem-25627	243	13	which	which	PRON
fbem-25627	243	14	will	will	AUX
fbem-25627	243	15	ultimately	ultimately	ADV
fbem-25627	243	16	translate	translate	VERB
fbem-25627	243	17	into	into	ADP
fbem-25627	243	18	improved	improved	ADJ
fbem-25627	243	19	environmental	environmental	ADJ
fbem-25627	243	20	performance	performance	NOUN
fbem-25627	243	21	.	.	PUNCT
fbem-25627	244	1	meanwhile	meanwhile	ADV
fbem-25627	244	2	,	,	PUNCT
fbem-25627	244	3	in	in	ADP
fbem-25627	244	4	state	state	NOUN
fbem-25627	244	5	-	-	PUNCT
fbem-25627	244	6	owned	own	VERB
fbem-25627	244	7	enterprises	enterprise	NOUN
fbem-25627	244	8	,	,	PUNCT
fbem-25627	244	9	the	the	DET
fbem-25627	244	10	positive	positive	ADJ
fbem-25627	244	11	impact	impact	NOUN
fbem-25627	244	12	of	of	ADP
fbem-25627	244	13	esg	esg	NOUN
fbem-25627	244	14	performance	performance	NOUN
fbem-25627	244	15	on	on	ADP
fbem-25627	244	16	corporate	corporate	ADJ
fbem-25627	244	17	environmental	environmental	ADJ
fbem-25627	244	18	performance	performance	NOUN
fbem-25627	244	19	is	be	AUX
fbem-25627	244	20	more	more	ADV
fbem-25627	244	21	significant	significant	ADJ
fbem-25627	244	22	.	.	PUNCT
fbem-25627	245	1	this	this	PRON
fbem-25627	245	2	may	may	AUX
fbem-25627	245	3	be	be	AUX
fbem-25627	245	4	due	due	ADJ
fbem-25627	245	5	to	to	ADP
fbem-25627	245	6	the	the	DET
fbem-25627	245	7	fact	fact	NOUN
fbem-25627	245	8	that	that	SCONJ
fbem-25627	245	9	state	state	NOUN
fbem-25627	245	10	-	-	PUNCT
fbem-25627	245	11	owned	own	VERB
fbem-25627	245	12	enterprises	enterprise	NOUN
fbem-25627	245	13	have	have	AUX
fbem-25627	245	14	certain	certain	ADJ
fbem-25627	245	15	advantages	advantage	NOUN
fbem-25627	245	16	in	in	ADP
fbem-25627	245	17	policy	policy	NOUN
fbem-25627	245	18	guidance	guidance	NOUN
fbem-25627	245	19	and	and	CCONJ
fbem-25627	245	20	resource	resource	NOUN
fbem-25627	245	21	allocation	allocation	NOUN
fbem-25627	245	22	,	,	PUNCT
fbem-25627	245	23	and	and	CCONJ
fbem-25627	245	24	are	be	AUX
fbem-25627	245	25	better	well	ADV
fbem-25627	245	26	able	able	ADJ
fbem-25627	245	27	to	to	PART
fbem-25627	245	28	integrate	integrate	VERB
fbem-25627	245	29	esg	esg	PROPN
fbem-25627	245	30	concepts	concept	NOUN
fbem-25627	245	31	into	into	ADP
fbem-25627	245	32	their	their	PRON
fbem-25627	245	33	daily	daily	ADJ
fbem-25627	245	34	operations	operation	NOUN
fbem-25627	245	35	.	.	PUNCT
fbem-25627	246	1	in	in	ADP
fbem-25627	246	2	contrast	contrast	NOUN
fbem-25627	246	3	,	,	PUNCT
fbem-25627	246	4	although	although	SCONJ
fbem-25627	246	5	non	non	ADJ
fbem-25627	246	6	-	-	ADJ
fbem-25627	246	7	state	state	NOUN
fbem-25627	246	8	-	-	PUNCT
fbem-25627	246	9	owned	own	VERB
fbem-25627	246	10	enterprises	enterprise	NOUN
fbem-25627	246	11	also	also	ADV
fbem-25627	246	12	have	have	VERB
fbem-25627	246	13	a	a	DET
fbem-25627	246	14	positive	positive	ADJ
fbem-25627	246	15	impact	impact	NOUN
fbem-25627	246	16	on	on	ADP
fbem-25627	246	17	environmental	environmental	ADJ
fbem-25627	246	18	performance	performance	NOUN
fbem-25627	246	19	in	in	ADP
fbem-25627	246	20	terms	term	NOUN
fbem-25627	246	21	of	of	ADP
fbem-25627	246	22	esg	esg	PROPN
fbem-25627	246	23	performance	performance	NOUN
fbem-25627	246	24	,	,	PUNCT
fbem-25627	246	25	the	the	DET
fbem-25627	246	26	extent	extent	NOUN
fbem-25627	246	27	of	of	ADP
fbem-25627	246	28	their	their	PRON
fbem-25627	246	29	impact	impact	NOUN
fbem-25627	246	30	is	be	AUX
fbem-25627	246	31	relatively	relatively	ADV
fbem-25627	246	32	small	small	ADJ
fbem-25627	246	33	,	,	PUNCT
fbem-25627	246	34	probably	probably	ADV
fbem-25627	246	35	due	due	ADP
fbem-25627	246	36	to	to	ADP
fbem-25627	246	37	resource	resource	NOUN
fbem-25627	246	38	constraints	constraint	NOUN
fbem-25627	246	39	,	,	PUNCT
fbem-25627	246	40	market	market	NOUN
fbem-25627	246	41	competition	competition	NOUN
fbem-25627	246	42	and	and	CCONJ
fbem-25627	246	43	other	other	ADJ
fbem-25627	246	44	factors	factor	NOUN
fbem-25627	246	45	.	.	PUNCT
fbem-25627	247	1	accordingly	accordingly	ADV
fbem-25627	247	2	,	,	PUNCT
fbem-25627	247	3	this	this	DET
fbem-25627	247	4	paper	paper	NOUN
fbem-25627	247	5	argues	argue	VERB
fbem-25627	247	6	that	that	SCONJ
fbem-25627	247	7	for	for	ADP
fbem-25627	247	8	enterprises	enterprise	NOUN
fbem-25627	247	9	in	in	ADP
fbem-25627	247	10	the	the	DET
fbem-25627	247	11	state	state	NOUN
fbem-25627	247	12	-	-	PUNCT
fbem-25627	247	13	owned	own	VERB
fbem-25627	247	14	sector	sector	NOUN
fbem-25627	247	15	,	,	PUNCT
fbem-25627	247	16	good	good	ADJ
fbem-25627	247	17	esg	esg	PROPN
fbem-25627	247	18	performance	performance	NOUN
fbem-25627	247	19	is	be	AUX
fbem-25627	247	20	more	more	ADV
fbem-25627	247	21	likely	likely	ADJ
fbem-25627	247	22	to	to	PART
fbem-25627	247	23	improve	improve	VERB
fbem-25627	247	24	their	their	PRON
fbem-25627	247	25	environmental	environmental	ADJ
fbem-25627	247	26	performance	performance	NOUN
fbem-25627	247	27	.	.	PUNCT
fbem-25627	248	1	it	it	PRON
fbem-25627	248	2	can	can	AUX
fbem-25627	248	3	be	be	AUX
fbem-25627	248	4	clearly	clearly	ADV
fbem-25627	248	5	seen	see	VERB
fbem-25627	248	6	from	from	ADP
fbem-25627	248	7	the	the	DET
fbem-25627	248	8	table	table	NOUN
fbem-25627	248	9	that	that	SCONJ
fbem-25627	248	10	the	the	DET
fbem-25627	248	11	coefficients	coefficient	NOUN
fbem-25627	248	12	of	of	ADP
fbem-25627	248	13	esg	esg	NOUN
fbem-25627	248	14	performance	performance	NOUN
fbem-25627	248	15	are	be	AUX
fbem-25627	248	16	significantly	significantly	ADV
fbem-25627	248	17	positive	positive	ADJ
fbem-25627	248	18	in	in	ADP
fbem-25627	248	19	both	both	CCONJ
fbem-25627	248	20	the	the	DET
fbem-25627	248	21	group	group	NOUN
fbem-25627	248	22	of	of	ADP
fbem-25627	248	23	state	state	NOUN
fbem-25627	248	24	-	-	PUNCT
fbem-25627	248	25	owned	own	VERB
fbem-25627	248	26	enterprises	enterprise	NOUN
fbem-25627	248	27	represented	represent	VERB
fbem-25627	248	28	by	by	ADP
fbem-25627	248	29	column	column	NOUN
fbem-25627	248	30	(	(	PUNCT
fbem-25627	248	31	5	5	NUM
fbem-25627	248	32	)	)	PUNCT
fbem-25627	248	33	and	and	CCONJ
fbem-25627	248	34	the	the	DET
fbem-25627	248	35	group	group	NOUN
fbem-25627	248	36	of	of	ADP
fbem-25627	248	37	non	non	ADJ
fbem-25627	248	38	-	-	ADJ
fbem-25627	248	39	state	state	NOUN
fbem-25627	248	40	-	-	PUNCT
fbem-25627	248	41	owned	own	VERB
fbem-25627	248	42	enterprises	enterprise	NOUN
fbem-25627	248	43	represented	represent	VERB
fbem-25627	248	44	by	by	ADP
fbem-25627	248	45	column	column	NOUN
fbem-25627	248	46	(	(	PUNCT
fbem-25627	248	47	6	6	NUM
fbem-25627	248	48	)	)	PUNCT
fbem-25627	248	49	,	,	PUNCT
fbem-25627	248	50	which	which	PRON
fbem-25627	248	51	suggests	suggest	VERB
fbem-25627	248	52	that	that	SCONJ
fbem-25627	248	53	both	both	PRON
fbem-25627	248	54	in	in	ADP
fbem-25627	248	55	state	state	NOUN
fbem-25627	248	56	-	-	PUNCT
fbem-25627	248	57	owned	own	VERB
fbem-25627	248	58	enterprises	enterprise	NOUN
fbem-25627	248	59	and	and	CCONJ
fbem-25627	248	60	in	in	ADP
fbem-25627	248	61	non	non	ADJ
fbem-25627	248	62	-	-	ADJ
fbem-25627	248	63	state	state	NOUN
fbem-25627	248	64	-	-	PUNCT
fbem-25627	248	65	owned	own	VERB
fbem-25627	248	66	enterprises	enterprise	NOUN
fbem-25627	248	67	,	,	PUNCT
fbem-25627	248	68	those	those	DET
fbem-25627	248	69	enterprises	enterprise	NOUN
fbem-25627	248	70	that	that	PRON
fbem-25627	248	71	perform	perform	VERB
fbem-25627	248	72	well	well	ADV
fbem-25627	248	73	in	in	ADP
fbem-25627	248	74	terms	term	NOUN
fbem-25627	248	75	of	of	ADP
fbem-25627	248	76	esg	esg	PROPN
fbem-25627	248	77	are	be	AUX
fbem-25627	248	78	also	also	ADV
fbem-25627	248	79	more	more	ADV
fbem-25627	248	80	prominent	prominent	ADJ
fbem-25627	248	81	in	in	ADP
fbem-25627	248	82	their	their	PRON
fbem-25627	248	83	environmental	environmental	ADJ
fbem-25627	248	84	performance	performance	NOUN
fbem-25627	248	85	.	.	PUNCT
fbem-25627	249	1	further	further	ADJ
fbem-25627	249	2	comparison	comparison	NOUN
fbem-25627	249	3	of	of	ADP
fbem-25627	249	4	columns	column	NOUN
fbem-25627	249	5	(	(	PUNCT
fbem-25627	249	6	5	5	NUM
fbem-25627	249	7	)	)	PUNCT
fbem-25627	249	8	and	and	CCONJ
fbem-25627	249	9	(	(	PUNCT
fbem-25627	249	10	6	6	NUM
fbem-25627	249	11	)	)	PUNCT
fbem-25627	249	12	reveals	reveal	VERB
fbem-25627	249	13	that	that	SCONJ
fbem-25627	249	14	the	the	DET
fbem-25627	249	15	coefficient	coefficient	NOUN
fbem-25627	249	16	of	of	ADP
fbem-25627	249	17	esg	esg	PROPN
fbem-25627	249	18	performance	performance	NOUN
fbem-25627	249	19	in	in	ADP
fbem-25627	249	20	column	column	NOUN
fbem-25627	249	21	(	(	PUNCT
fbem-25627	249	22	5	5	NUM
fbem-25627	249	23	)	)	PUNCT
fbem-25627	249	24	is	be	AUX
fbem-25627	249	25	higher	high	ADJ
fbem-25627	249	26	than	than	ADP
fbem-25627	249	27	the	the	DET
fbem-25627	249	28	coefficient	coefficient	NOUN
fbem-25627	249	29	of	of	ADP
fbem-25627	249	30	esg	esg	PROPN
fbem-25627	249	31	performance	performance	NOUN
fbem-25627	249	32	in	in	ADP
fbem-25627	249	33	column	column	NOUN
fbem-25627	249	34	(	(	PUNCT
fbem-25627	249	35	6	6	NUM
fbem-25627	249	36	)	)	PUNCT
fbem-25627	249	37	,	,	PUNCT
fbem-25627	249	38	which	which	PRON
fbem-25627	249	39	indicates	indicate	VERB
fbem-25627	249	40	that	that	SCONJ
fbem-25627	249	41	in	in	ADP
fbem-25627	249	42	state	state	NOUN
fbem-25627	249	43	-	-	PUNCT
fbem-25627	249	44	owned	own	VERB
fbem-25627	249	45	enterprises	enterprise	NOUN
fbem-25627	249	46	,	,	PUNCT
fbem-25627	249	47	the	the	DET
fbem-25627	249	48	positive	positive	ADJ
fbem-25627	249	49	impact	impact	NOUN
fbem-25627	249	50	of	of	ADP
fbem-25627	249	51	esg	esg	NOUN
fbem-25627	249	52	performance	performance	NOUN
fbem-25627	249	53	on	on	ADP
fbem-25627	249	54	corporate	corporate	ADJ
fbem-25627	249	55	environmental	environmental	ADJ
fbem-25627	249	56	performance	performance	NOUN
fbem-25627	249	57	is	be	AUX
fbem-25627	249	58	more	more	ADV
fbem-25627	249	59	significant	significant	ADJ
fbem-25627	249	60	.	.	PUNCT
fbem-25627	250	1	the	the	DET
fbem-25627	250	2	result	result	NOUN
fbem-25627	250	3	of	of	ADP
fbem-25627	250	4	this	this	DET
fbem-25627	250	5	regression	regression	NOUN
fbem-25627	250	6	analysis	analysis	NOUN
fbem-25627	250	7	verifies	verifie	NOUN
fbem-25627	250	8	the	the	DET
fbem-25627	250	9	above	above	ADJ
fbem-25627	250	10	conjecture	conjecture	NOUN
fbem-25627	250	11	of	of	ADP
fbem-25627	250	12	this	this	DET
fbem-25627	250	13	paper	paper	NOUN
fbem-25627	250	14	:	:	PUNCT
fbem-25627	250	15	for	for	ADP
fbem-25627	250	16	state	state	NOUN
fbem-25627	250	17	-	-	PUNCT
fbem-25627	250	18	owned	own	VERB
fbem-25627	250	19	enterprises	enterprise	NOUN
fbem-25627	250	20	,	,	PUNCT
fbem-25627	250	21	good	good	ADJ
fbem-25627	250	22	esg	esg	PROPN
fbem-25627	250	23	performance	performance	NOUN
fbem-25627	250	24	is	be	AUX
fbem-25627	250	25	more	more	ADV
fbem-25627	250	26	likely	likely	ADJ
fbem-25627	250	27	to	to	PART
fbem-25627	250	28	improve	improve	VERB
fbem-25627	250	29	their	their	PRON
fbem-25627	250	30	environmental	environmental	ADJ
fbem-25627	250	31	performance	performance	NOUN
fbem-25627	250	32	.	.	PUNCT
fbem-25627	251	1	7	7	X
fbem-25627	251	2	.	.	X
fbem-25627	251	3	conclusions	conclusion	NOUN
fbem-25627	251	4	and	and	CCONJ
fbem-25627	251	5	implications	implication	NOUN
fbem-25627	251	6	based	base	VERB
fbem-25627	251	7	on	on	ADP
fbem-25627	251	8	stakeholder	stakeholder	PROPN
fbem-25627	251	9	theory	theory	NOUN
fbem-25627	251	10	,	,	PUNCT
fbem-25627	251	11	this	this	DET
fbem-25627	251	12	paper	paper	NOUN
fbem-25627	251	13	empirically	empirically	ADV
fbem-25627	251	14	examines	examine	VERB
fbem-25627	251	15	the	the	DET
fbem-25627	251	16	effects	effect	NOUN
fbem-25627	251	17	of	of	ADP
fbem-25627	251	18	esg	esg	NOUN
fbem-25627	251	19	performance	performance	NOUN
fbem-25627	251	20	on	on	ADP
fbem-25627	251	21	inefficient	inefficient	ADJ
fbem-25627	251	22	investment	investment	NOUN
fbem-25627	251	23	,	,	PUNCT
fbem-25627	251	24	corporate	corporate	ADJ
fbem-25627	251	25	reputation	reputation	NOUN
fbem-25627	251	26	,	,	PUNCT
fbem-25627	251	27	and	and	CCONJ
fbem-25627	251	28	environmental	environmental	ADJ
fbem-25627	251	29	disclosure	disclosure	NOUN
fbem-25627	251	30	quality	quality	NOUN
fbem-25627	251	31	using	use	VERB
fbem-25627	251	32	empirical	empirical	ADJ
fbem-25627	251	33	data	datum	NOUN
fbem-25627	251	34	from	from	ADP
fbem-25627	251	35	a	a	DET
fbem-25627	251	36	-	-	PUNCT
fbem-25627	251	37	share	share	NOUN
fbem-25627	251	38	main	main	ADJ
fbem-25627	251	39	board	board	NOUN
fbem-25627	251	40	listed	list	VERB
fbem-25627	251	41	companies	company	NOUN
fbem-25627	251	42	in	in	ADP
fbem-25627	251	43	china	china	PROPN
fbem-25627	251	44	's	's	PART
fbem-25627	251	45	shanghai	shanghai	PROPN
fbem-25627	251	46	and	and	CCONJ
fbem-25627	251	47	shenzhen	shenzhen	PROPN
fbem-25627	251	48	cities	city	NOUN
fbem-25627	251	49	from	from	ADP
fbem-25627	251	50	2011	2011	NUM
fbem-25627	251	51	to	to	ADP
fbem-25627	251	52	2021	2021	NUM
fbem-25627	251	53	.	.	PUNCT
fbem-25627	252	1	it	it	PRON
fbem-25627	252	2	is	be	AUX
fbem-25627	252	3	found	find	VERB
fbem-25627	252	4	that	that	SCONJ
fbem-25627	252	5	better	well	ADJ
fbem-25627	252	6	esg	esg	NOUN
fbem-25627	252	7	performance	performance	NOUN
fbem-25627	252	8	significantly	significantly	ADV
fbem-25627	252	9	reduces	reduce	VERB
fbem-25627	252	10	inefficient	inefficient	ADJ
fbem-25627	252	11	investment	investment	NOUN
fbem-25627	252	12	;	;	PUNCT
fbem-25627	252	13	high	high	PROPN
fbem-25627	252	14	esg	esg	PROPN
fbem-25627	252	15	scores	score	NOUN
fbem-25627	252	16	significantly	significantly	ADV
fbem-25627	252	17	enhance	enhance	VERB
fbem-25627	252	18	corporate	corporate	ADJ
fbem-25627	252	19	reputation	reputation	NOUN
fbem-25627	252	20	;	;	PUNCT
fbem-25627	252	21	and	and	CCONJ
fbem-25627	252	22	corporate	corporate	ADJ
fbem-25627	252	23	esg	esg	NOUN
fbem-25627	252	24	practice	practice	NOUN
fbem-25627	252	25	activities	activity	NOUN
fbem-25627	252	26	are	be	AUX
fbem-25627	252	27	conducive	conducive	ADJ
fbem-25627	252	28	to	to	ADP
fbem-25627	252	29	achieving	achieve	VERB
fbem-25627	252	30	better	well	ADJ
fbem-25627	252	31	environmental	environmental	ADJ
fbem-25627	252	32	performance	performance	NOUN
fbem-25627	252	33	.	.	PUNCT
fbem-25627	253	1	the	the	DET
fbem-25627	253	2	above	above	ADJ
fbem-25627	253	3	results	result	NOUN
fbem-25627	253	4	still	still	ADV
fbem-25627	253	5	hold	hold	VERB
fbem-25627	253	6	after	after	ADP
fbem-25627	253	7	performing	perform	VERB
fbem-25627	253	8	stepwise	stepwise	ADJ
fbem-25627	253	9	regression	regression	NOUN
fbem-25627	253	10	analysis	analysis	NOUN
fbem-25627	253	11	and	and	CCONJ
fbem-25627	253	12	replacing	replace	VERB
fbem-25627	253	13	the	the	DET
fbem-25627	253	14	original	original	ADJ
fbem-25627	253	15	explanatory	explanatory	ADJ
fbem-25627	253	16	variables	variable	NOUN
fbem-25627	253	17	.	.	PUNCT
fbem-25627	254	1	further	further	ADJ
fbem-25627	254	2	heterogeneity	heterogeneity	NOUN
fbem-25627	254	3	analysis	analysis	NOUN
fbem-25627	254	4	reveals	reveal	VERB
fbem-25627	254	5	that	that	SCONJ
fbem-25627	254	6	in	in	ADP
fbem-25627	254	7	state	state	NOUN
fbem-25627	254	8	-	-	PUNCT
fbem-25627	254	9	owned	own	VERB
fbem-25627	254	10	enterprises	enterprise	NOUN
fbem-25627	254	11	,	,	PUNCT
fbem-25627	254	12	poorer	poor	ADJ
fbem-25627	254	13	esg	esg	NOUN
fbem-25627	254	14	performance	performance	NOUN
fbem-25627	254	15	may	may	AUX
fbem-25627	254	16	lead	lead	VERB
fbem-25627	254	17	to	to	ADP
fbem-25627	254	18	lower	low	ADJ
fbem-25627	254	19	investment	investment	NOUN
fbem-25627	254	20	efficiency	efficiency	NOUN
fbem-25627	254	21	,	,	PUNCT
fbem-25627	254	22	while	while	SCONJ
fbem-25627	254	23	in	in	ADP
fbem-25627	254	24	non	non	ADJ
fbem-25627	254	25	-	-	ADJ
fbem-25627	254	26	state	state	NOUN
fbem-25627	254	27	-	-	PUNCT
fbem-25627	254	28	owned	own	VERB
fbem-25627	254	29	enterprises	enterprise	NOUN
fbem-25627	254	30	,	,	PUNCT
fbem-25627	254	31	this	this	DET
fbem-25627	254	32	effect	effect	NOUN
fbem-25627	254	33	is	be	AUX
fbem-25627	254	34	less	less	ADV
fbem-25627	254	35	significant	significant	ADJ
fbem-25627	254	36	;	;	PUNCT
fbem-25627	254	37	good	good	ADJ
fbem-25627	254	38	esg	esg	PROPN
fbem-25627	254	39	performance	performance	NOUN
fbem-25627	254	40	can	can	AUX
fbem-25627	254	41	effectively	effectively	ADV
fbem-25627	254	42	enhance	enhance	VERB
fbem-25627	254	43	corporate	corporate	ADJ
fbem-25627	254	44	reputation	reputation	NOUN
fbem-25627	254	45	in	in	ADP
fbem-25627	254	46	both	both	PRON
fbem-25627	254	47	state	state	NOUN
fbem-25627	254	48	-	-	PUNCT
fbem-25627	254	49	owned	own	VERB
fbem-25627	254	50	enterprises	enterprise	NOUN
fbem-25627	254	51	and	and	CCONJ
fbem-25627	254	52	non	non	ADJ
fbem-25627	254	53	-	-	ADJ
fbem-25627	254	54	state	state	NOUN
fbem-25627	254	55	-	-	PUNCT
fbem-25627	254	56	owned	own	VERB
fbem-25627	254	57	enterprises	enterprise	NOUN
fbem-25627	254	58	;	;	PUNCT
fbem-25627	254	59	and	and	CCONJ
fbem-25627	254	60	good	good	ADJ
fbem-25627	254	61	esg	esg	PROPN
fbem-25627	254	62	performance	performance	NOUN
fbem-25627	254	63	is	be	AUX
fbem-25627	254	64	more	more	ADV
fbem-25627	254	65	likely	likely	ADJ
fbem-25627	254	66	to	to	PART
fbem-25627	254	67	improve	improve	VERB
fbem-25627	254	68	the	the	DET
fbem-25627	254	69	environmental	environmental	ADJ
fbem-25627	254	70	performance	performance	NOUN
fbem-25627	254	71	of	of	ADP
fbem-25627	254	72	state	state	NOUN
fbem-25627	254	73	-	-	PUNCT
fbem-25627	254	74	owned	own	VERB
fbem-25627	254	75	enterprises	enterprise	NOUN
fbem-25627	254	76	than	than	ADP
fbem-25627	254	77	that	that	PRON
fbem-25627	254	78	of	of	ADP
fbem-25627	254	79	non	non	ADJ
fbem-25627	254	80	-	-	ADJ
fbem-25627	254	81	state	state	NOUN
fbem-25627	254	82	-	-	PUNCT
fbem-25627	254	83	owned	own	VERB
fbem-25627	254	84	280	280	NUM
fbem-25627	254	85	enterprises	enterprise	NOUN
fbem-25627	254	86	.	.	PUNCT
fbem-25627	255	1	this	this	DET
fbem-25627	255	2	study	study	NOUN
fbem-25627	255	3	is	be	AUX
fbem-25627	255	4	of	of	ADP
fbem-25627	255	5	great	great	ADJ
fbem-25627	255	6	practical	practical	ADJ
fbem-25627	255	7	significance	significance	NOUN
fbem-25627	255	8	for	for	ADP
fbem-25627	255	9	a	a	DET
fbem-25627	255	10	comprehensive	comprehensive	ADJ
fbem-25627	255	11	and	and	CCONJ
fbem-25627	255	12	in	in	ADP
fbem-25627	255	13	-	-	PUNCT
fbem-25627	255	14	depth	depth	NOUN
fbem-25627	255	15	understanding	understanding	NOUN
fbem-25627	255	16	of	of	ADP
fbem-25627	255	17	the	the	DET
fbem-25627	255	18	effects	effect	NOUN
fbem-25627	255	19	of	of	ADP
fbem-25627	255	20	corporate	corporate	ADJ
fbem-25627	255	21	esg	esg	NOUN
fbem-25627	255	22	performance	performance	NOUN
fbem-25627	255	23	on	on	ADP
fbem-25627	255	24	different	different	ADJ
fbem-25627	255	25	stakeholders	stakeholder	NOUN
fbem-25627	255	26	.	.	PUNCT
fbem-25627	256	1	based	base	VERB
fbem-25627	256	2	on	on	ADP
fbem-25627	256	3	the	the	DET
fbem-25627	256	4	above	above	ADJ
fbem-25627	256	5	findings	finding	NOUN
fbem-25627	256	6	,	,	PUNCT
fbem-25627	256	7	this	this	DET
fbem-25627	256	8	paper	paper	NOUN
fbem-25627	256	9	offers	offer	VERB
fbem-25627	256	10	the	the	DET
fbem-25627	256	11	following	follow	VERB
fbem-25627	256	12	insights	insight	NOUN
fbem-25627	256	13	:	:	PUNCT
fbem-25627	256	14	first	first	ADV
fbem-25627	256	15	,	,	PUNCT
fbem-25627	256	16	enterprises	enterprise	NOUN
fbem-25627	256	17	should	should	AUX
fbem-25627	256	18	actively	actively	ADV
fbem-25627	256	19	practice	practice	VERB
fbem-25627	256	20	esg	esg	NOUN
fbem-25627	256	21	concepts	concept	NOUN
fbem-25627	256	22	and	and	CCONJ
fbem-25627	256	23	improve	improve	VERB
fbem-25627	256	24	esg	esg	NOUN
fbem-25627	256	25	performance	performance	NOUN
fbem-25627	256	26	.	.	PUNCT
fbem-25627	257	1	the	the	DET
fbem-25627	257	2	research	research	NOUN
fbem-25627	257	3	in	in	ADP
fbem-25627	257	4	this	this	DET
fbem-25627	257	5	paper	paper	NOUN
fbem-25627	257	6	shows	show	VERB
fbem-25627	257	7	that	that	SCONJ
fbem-25627	257	8	esg	esg	NOUN
fbem-25627	257	9	performance	performance	NOUN
fbem-25627	257	10	has	have	VERB
fbem-25627	257	11	a	a	DET
fbem-25627	257	12	positive	positive	ADJ
fbem-25627	257	13	impact	impact	NOUN
fbem-25627	257	14	on	on	ADP
fbem-25627	257	15	corporate	corporate	ADJ
fbem-25627	257	16	investment	investment	NOUN
fbem-25627	257	17	efficiency	efficiency	NOUN
fbem-25627	257	18	,	,	PUNCT
fbem-25627	257	19	corporate	corporate	ADJ
fbem-25627	257	20	reputation	reputation	NOUN
fbem-25627	257	21	,	,	PUNCT
fbem-25627	257	22	and	and	CCONJ
fbem-25627	257	23	the	the	DET
fbem-25627	257	24	quality	quality	NOUN
fbem-25627	257	25	of	of	ADP
fbem-25627	257	26	environmental	environmental	ADJ
fbem-25627	257	27	information	information	NOUN
fbem-25627	257	28	disclosure	disclosure	NOUN
fbem-25627	257	29	.	.	PUNCT
fbem-25627	258	1	therefore	therefore	ADV
fbem-25627	258	2	,	,	PUNCT
fbem-25627	258	3	enterprises	enterprise	NOUN
fbem-25627	258	4	should	should	AUX
fbem-25627	258	5	take	take	VERB
fbem-25627	258	6	esg	esg	NOUN
fbem-25627	258	7	factors	factor	NOUN
fbem-25627	258	8	into	into	ADP
fbem-25627	258	9	account	account	NOUN
fbem-25627	258	10	when	when	SCONJ
fbem-25627	258	11	making	make	VERB
fbem-25627	258	12	strategic	strategic	ADJ
fbem-25627	258	13	and	and	CCONJ
fbem-25627	258	14	operational	operational	ADJ
fbem-25627	258	15	decisions	decision	NOUN
fbem-25627	258	16	,	,	PUNCT
fbem-25627	258	17	and	and	CCONJ
fbem-25627	258	18	improve	improve	VERB
fbem-25627	258	19	their	their	PRON
fbem-25627	258	20	overall	overall	ADJ
fbem-25627	258	21	esg	esg	NOUN
fbem-25627	258	22	scores	score	NOUN
fbem-25627	258	23	by	by	ADP
fbem-25627	258	24	improving	improve	VERB
fbem-25627	258	25	corporate	corporate	ADJ
fbem-25627	258	26	governance	governance	NOUN
fbem-25627	258	27	,	,	PUNCT
fbem-25627	258	28	raising	raise	VERB
fbem-25627	258	29	social	social	ADJ
fbem-25627	258	30	responsibility	responsibility	NOUN
fbem-25627	258	31	standards	standard	NOUN
fbem-25627	258	32	and	and	CCONJ
fbem-25627	258	33	enhancing	enhance	VERB
fbem-25627	258	34	environmental	environmental	ADJ
fbem-25627	258	35	protection	protection	NOUN
fbem-25627	258	36	measures	measure	NOUN
fbem-25627	258	37	.	.	PUNCT
fbem-25627	259	1	the	the	DET
fbem-25627	259	2	study	study	NOUN
fbem-25627	259	3	found	find	VERB
fbem-25627	259	4	that	that	SCONJ
fbem-25627	259	5	among	among	ADP
fbem-25627	259	6	state	state	NOUN
fbem-25627	259	7	-	-	PUNCT
fbem-25627	259	8	owned	own	VERB
fbem-25627	259	9	enterprises	enterprise	NOUN
fbem-25627	259	10	,	,	PUNCT
fbem-25627	259	11	poorer	poor	ADJ
fbem-25627	259	12	esg	esg	NOUN
fbem-25627	259	13	performance	performance	NOUN
fbem-25627	259	14	may	may	AUX
fbem-25627	259	15	lead	lead	VERB
fbem-25627	259	16	to	to	ADP
fbem-25627	259	17	lower	low	ADJ
fbem-25627	259	18	investment	investment	NOUN
fbem-25627	259	19	efficiency	efficiency	NOUN
fbem-25627	259	20	.	.	PUNCT
fbem-25627	260	1	therefore	therefore	ADV
fbem-25627	260	2	,	,	PUNCT
fbem-25627	260	3	stateowned	stateowne	VERB
fbem-25627	260	4	enterprises	enterprise	NOUN
fbem-25627	260	5	should	should	AUX
fbem-25627	260	6	pay	pay	VERB
fbem-25627	260	7	more	more	ADJ
fbem-25627	260	8	attention	attention	NOUN
fbem-25627	260	9	to	to	ADP
fbem-25627	260	10	esg	esg	NOUN
fbem-25627	260	11	factors	factor	NOUN
fbem-25627	260	12	in	in	ADP
fbem-25627	260	13	the	the	DET
fbem-25627	260	14	process	process	NOUN
fbem-25627	260	15	of	of	ADP
fbem-25627	260	16	promoting	promote	VERB
fbem-25627	260	17	reform	reform	NOUN
fbem-25627	260	18	and	and	CCONJ
fbem-25627	260	19	enhancing	enhance	VERB
fbem-25627	260	20	competitiveness	competitiveness	NOUN
fbem-25627	260	21	,	,	PUNCT
fbem-25627	260	22	and	and	CCONJ
fbem-25627	260	23	optimize	optimize	VERB
fbem-25627	260	24	resource	resource	NOUN
fbem-25627	260	25	allocation	allocation	NOUN
fbem-25627	260	26	and	and	CCONJ
fbem-25627	260	27	improve	improve	VERB
fbem-25627	260	28	investment	investment	NOUN
fbem-25627	260	29	efficiency	efficiency	NOUN
fbem-25627	260	30	by	by	ADP
fbem-25627	260	31	improving	improve	VERB
fbem-25627	260	32	esg	esg	NOUN
fbem-25627	260	33	performance	performance	NOUN
fbem-25627	260	34	.	.	PUNCT
fbem-25627	261	1	second	second	ADJ
fbem-25627	261	2	,	,	PUNCT
fbem-25627	261	3	all	all	DET
fbem-25627	261	4	types	type	NOUN
fbem-25627	261	5	of	of	ADP
fbem-25627	261	6	stakeholders	stakeholder	NOUN
fbem-25627	261	7	influence	influence	VERB
fbem-25627	261	8	the	the	DET
fbem-25627	261	9	esg	esg	NOUN
fbem-25627	261	10	performance	performance	NOUN
fbem-25627	261	11	of	of	ADP
fbem-25627	261	12	an	an	DET
fbem-25627	261	13	enterprise	enterprise	NOUN
fbem-25627	261	14	to	to	ADP
fbem-25627	261	15	varying	vary	VERB
fbem-25627	261	16	degrees	degree	NOUN
fbem-25627	261	17	and	and	CCONJ
fbem-25627	261	18	are	be	AUX
fbem-25627	261	19	also	also	ADV
fbem-25627	261	20	affected	affect	VERB
fbem-25627	261	21	by	by	ADP
fbem-25627	261	22	the	the	DET
fbem-25627	261	23	enterprise	enterprise	NOUN
fbem-25627	261	24	's	's	PART
fbem-25627	261	25	esg	esg	NOUN
fbem-25627	261	26	activities	activity	NOUN
fbem-25627	261	27	.	.	PUNCT
fbem-25627	262	1	therefore	therefore	ADV
fbem-25627	262	2	,	,	PUNCT
fbem-25627	262	3	when	when	SCONJ
fbem-25627	262	4	making	make	VERB
fbem-25627	262	5	strategic	strategic	ADJ
fbem-25627	262	6	and	and	CCONJ
fbem-25627	262	7	operational	operational	ADJ
fbem-25627	262	8	decisions	decision	NOUN
fbem-25627	262	9	,	,	PUNCT
fbem-25627	262	10	enterprises	enterprise	NOUN
fbem-25627	262	11	should	should	AUX
fbem-25627	262	12	comprehensively	comprehensively	ADV
fbem-25627	262	13	consider	consider	VERB
fbem-25627	262	14	and	and	CCONJ
fbem-25627	262	15	respond	respond	VERB
fbem-25627	262	16	to	to	ADP
fbem-25627	262	17	the	the	DET
fbem-25627	262	18	expectations	expectation	NOUN
fbem-25627	262	19	and	and	CCONJ
fbem-25627	262	20	needs	need	NOUN
fbem-25627	262	21	of	of	ADP
fbem-25627	262	22	these	these	DET
fbem-25627	262	23	stakeholders	stakeholder	NOUN
fbem-25627	262	24	in	in	ADP
fbem-25627	262	25	order	order	NOUN
fbem-25627	262	26	to	to	PART
fbem-25627	262	27	achieve	achieve	VERB
fbem-25627	262	28	long	long	ADJ
fbem-25627	262	29	-	-	PUNCT
fbem-25627	262	30	term	term	NOUN
fbem-25627	262	31	sustainable	sustainable	ADJ
fbem-25627	262	32	development	development	NOUN
fbem-25627	262	33	,	,	PUNCT
fbem-25627	262	34	better	well	ADJ
fbem-25627	262	35	balance	balance	VERB
fbem-25627	262	36	the	the	DET
fbem-25627	262	37	interests	interest	NOUN
fbem-25627	262	38	of	of	ADP
fbem-25627	262	39	stakeholders	stakeholder	NOUN
fbem-25627	262	40	,	,	PUNCT
fbem-25627	262	41	improve	improve	VERB
fbem-25627	262	42	employee	employee	NOUN
fbem-25627	262	43	satisfaction	satisfaction	NOUN
fbem-25627	262	44	,	,	PUNCT
fbem-25627	262	45	attract	attract	VERB
fbem-25627	262	46	outstanding	outstanding	ADJ
fbem-25627	262	47	talent	talent	NOUN
fbem-25627	262	48	and	and	CCONJ
fbem-25627	262	49	investors	investor	NOUN
fbem-25627	262	50	,	,	PUNCT
fbem-25627	262	51	etc	etc	X
fbem-25627	262	52	.	.	X
fbem-25627	262	53	third	third	ADJ
fbem-25627	262	54	,	,	PUNCT
fbem-25627	262	55	governments	government	NOUN
fbem-25627	262	56	and	and	CCONJ
fbem-25627	262	57	regulatory	regulatory	ADJ
fbem-25627	262	58	agencies	agency	NOUN
fbem-25627	262	59	should	should	AUX
fbem-25627	262	60	strengthen	strengthen	VERB
fbem-25627	262	61	the	the	DET
fbem-25627	262	62	supervision	supervision	NOUN
fbem-25627	262	63	and	and	CCONJ
fbem-25627	262	64	incentives	incentive	NOUN
fbem-25627	262	65	for	for	ADP
fbem-25627	262	66	corporate	corporate	ADJ
fbem-25627	262	67	esg	esg	NOUN
fbem-25627	262	68	performance	performance	NOUN
fbem-25627	262	69	.	.	PUNCT
fbem-25627	263	1	by	by	ADP
fbem-25627	263	2	formulating	formulate	VERB
fbem-25627	263	3	relevant	relevant	ADJ
fbem-25627	263	4	policies	policy	NOUN
fbem-25627	263	5	and	and	CCONJ
fbem-25627	263	6	standards	standard	NOUN
fbem-25627	263	7	,	,	PUNCT
fbem-25627	263	8	they	they	PRON
fbem-25627	263	9	should	should	AUX
fbem-25627	263	10	encourage	encourage	VERB
fbem-25627	263	11	enterprises	enterprise	NOUN
fbem-25627	263	12	to	to	PART
fbem-25627	263	13	disclose	disclose	VERB
fbem-25627	263	14	esg	esg	PROPN
fbem-25627	263	15	information	information	NOUN
fbem-25627	263	16	,	,	PUNCT
fbem-25627	263	17	and	and	CCONJ
fbem-25627	263	18	at	at	ADP
fbem-25627	263	19	the	the	DET
fbem-25627	263	20	same	same	ADJ
fbem-25627	263	21	time	time	NOUN
fbem-25627	263	22	reward	reward	NOUN
fbem-25627	263	23	enterprises	enterprise	NOUN
fbem-25627	263	24	with	with	ADP
fbem-25627	263	25	excellent	excellent	ADJ
fbem-25627	263	26	performance	performance	NOUN
fbem-25627	263	27	and	and	CCONJ
fbem-25627	263	28	penalize	penalize	VERB
fbem-25627	263	29	those	those	PRON
fbem-25627	263	30	with	with	ADP
fbem-25627	263	31	poor	poor	ADJ
fbem-25627	263	32	performance	performance	NOUN
fbem-25627	263	33	,	,	PUNCT
fbem-25627	263	34	so	so	SCONJ
fbem-25627	263	35	as	as	SCONJ
fbem-25627	263	36	to	to	PART
fbem-25627	263	37	promote	promote	VERB
fbem-25627	263	38	the	the	DET
fbem-25627	263	39	sustainable	sustainable	ADJ
fbem-25627	263	40	development	development	NOUN
fbem-25627	263	41	of	of	ADP
fbem-25627	263	42	the	the	DET
fbem-25627	263	43	whole	whole	ADJ
fbem-25627	263	44	society	society	NOUN
fbem-25627	263	45	.	.	PUNCT
fbem-25627	264	1	acknowledgements	acknowledgement	VERB
fbem-25627	264	2	the	the	DET
fbem-25627	264	3	authors	author	NOUN
fbem-25627	264	4	gratefully	gratefully	ADV
fbem-25627	264	5	acknowledge	acknowledge	VERB
fbem-25627	264	6	the	the	DET
fbem-25627	264	7	financial	financial	ADJ
fbem-25627	264	8	support	support	NOUN
fbem-25627	264	9	from	from	ADP
fbem-25627	264	10	sichuan	sichuan	PROPN
fbem-25627	264	11	agricultural	agricultural	PROPN
fbem-25627	264	12	university	university	NOUN
fbem-25627	264	13	funds	fund	NOUN
fbem-25627	264	14	.	.	PUNCT
fbem-25627	265	1	references	reference	NOUN
fbem-25627	265	2	[	[	X
fbem-25627	265	3	1	1	NUM
fbem-25627	265	4	]	]	PUNCT
fbem-25627	265	5	tian	tian	ADJ
fbem-25627	265	6	kunru	kunru	NOUN
fbem-25627	265	7	,	,	PUNCT
fbem-25627	265	8	sun	sun	PROPN
fbem-25627	265	9	yu	yu	PROPN
fbem-25627	265	10	.	.	PROPN
fbem-25627	265	11	inefficient	inefficient	ADJ
fbem-25627	265	12	investment	investment	NOUN
fbem-25627	265	13	,	,	PUNCT
fbem-25627	265	14	audit	audit	NOUN
fbem-25627	265	15	supervision	supervision	NOUN
fbem-25627	265	16	and	and	CCONJ
fbem-25627	265	17	stock	stock	NOUN
fbem-25627	265	18	price	price	NOUN
fbem-25627	265	19	crash	crash	NOUN
fbem-25627	265	20	risk	risk	NOUN
fbem-25627	266	1	[	[	X
fbem-25627	266	2	j	j	X
fbem-25627	266	3	]	]	X
fbem-25627	266	4	.	.	PUNCT
fbem-25627	267	1	auditing	auditing	NOUN
fbem-25627	267	2	and	and	CCONJ
fbem-25627	267	3	economic	economic	ADJ
fbem-25627	267	4	research	research	NOUN
fbem-25627	267	5	,	,	PUNCT
fbem-25627	267	6	2015	2015	NUM
fbem-25627	267	7	,	,	PUNCT
fbem-25627	267	8	30(02):43	30(02):43	NUM
fbem-25627	267	9	-	-	SYM
fbem-25627	267	10	51	51	NUM
fbem-25627	267	11	.	.	PUNCT
fbem-25627	268	1	[	[	X
fbem-25627	268	2	2	2	NUM
fbem-25627	268	3	]	]	X
fbem-25627	268	4	jie	jie	PROPN
fbem-25627	268	5	(	(	PUNCT
fbem-25627	268	6	jack	jack	PROPN
fbem-25627	268	7	)	)	PUNCT
fbem-25627	268	8	he	he	PRON
fbem-25627	268	9	,	,	PUNCT
fbem-25627	268	10	xuan	xuan	PROPN
fbem-25627	268	11	tian	tian	PROPN
fbem-25627	268	12	.	.	PUNCT
fbem-25627	269	1	the	the	DET
fbem-25627	269	2	dark	dark	ADJ
fbem-25627	269	3	side	side	NOUN
fbem-25627	269	4	of	of	ADP
fbem-25627	269	5	analyst	analyst	NOUN
fbem-25627	269	6	coverage	coverage	NOUN
fbem-25627	269	7	:	:	PUNCT
fbem-25627	269	8	the	the	DET
fbem-25627	269	9	case	case	NOUN
fbem-25627	269	10	of	of	ADP
fbem-25627	269	11	innovation	innovation	NOUN
fbem-25627	269	12	[	[	X
fbem-25627	269	13	j	j	X
fbem-25627	269	14	]	]	X
fbem-25627	269	15	.	.	PUNCT
fbem-25627	270	1	journal	journal	PROPN
fbem-25627	270	2	of	of	ADP
fbem-25627	270	3	financial	financial	ADJ
fbem-25627	270	4	economics	economic	NOUN
fbem-25627	270	5	,	,	PUNCT
fbem-25627	270	6	2013	2013	NUM
fbem-25627	270	7	,	,	PUNCT
fbem-25627	270	8	109	109	NUM
fbem-25627	270	9	(	(	PUNCT
fbem-25627	270	10	3	3	NUM
fbem-25627	270	11	):	):	PUNCT
fbem-25627	270	12	[	[	X
fbem-25627	270	13	3	3	X
fbem-25627	270	14	]	]	X
fbem-25627	270	15	vivian	vivian	PROPN
fbem-25627	270	16	w.	w.	PROPN
fbem-25627	270	17	fang	fang	PROPN
fbem-25627	270	18	,	,	PUNCT
fbem-25627	270	19	xuan	xuan	PROPN
fbem-25627	270	20	tian	tian	PROPN
fbem-25627	270	21	,	,	PUNCT
fbem-25627	270	22	sheri	sheri	PROPN
fbem-25627	270	23	tice	tice	PROPN
fbem-25627	270	24	.	.	PUNCT
fbem-25627	271	1	does	do	AUX
fbem-25627	271	2	stock	stock	NOUN
fbem-25627	271	3	liquidity	liquidity	NOUN
fbem-25627	271	4	enhance	enhance	VERB
fbem-25627	271	5	or	or	CCONJ
fbem-25627	271	6	impede	impede	VERB
fbem-25627	271	7	firm	firm	ADJ
fbem-25627	271	8	innovation	innovation	NOUN
fbem-25627	271	9	?	?	PUNCT
fbem-25627	272	1	[	[	X
fbem-25627	272	2	j	j	X
fbem-25627	272	3	]	]	X
fbem-25627	272	4	.	.	PUNCT
fbem-25627	273	1	the	the	DET
fbem-25627	273	2	journal	journal	PROPN
fbem-25627	273	3	of	of	ADP
fbem-25627	273	4	finance	finance	NOUN
fbem-25627	273	5	,	,	PUNCT
fbem-25627	273	6	2014	2014	NUM
fbem-25627	273	7	,	,	PUNCT
fbem-25627	273	8	69	69	NUM
fbem-25627	273	9	(	(	PUNCT
fbem-25627	273	10	5	5	NUM
fbem-25627	273	11	):	):	PUNCT
fbem-25627	273	12	[	[	X
fbem-25627	273	13	4	4	NUM
fbem-25627	273	14	]	]	X
fbem-25627	273	15	zhong	zhong	PROPN
fbem-25627	273	16	ma	ma	PROPN
fbem-25627	273	17	,	,	PUNCT
fbem-25627	273	18	xu	xu	PROPN
fbem-25627	273	19	guanghua	guanghua	PROPN
fbem-25627	273	20	.	.	PUNCT
fbem-25627	274	1	social	social	ADJ
fbem-25627	274	2	responsibility	responsibility	NOUN
fbem-25627	274	3	disclosure	disclosure	NOUN
fbem-25627	274	4	,	,	PUNCT
fbem-25627	274	5	financial	financial	ADJ
fbem-25627	274	6	information	information	NOUN
fbem-25627	274	7	quality	quality	NOUN
fbem-25627	274	8	and	and	CCONJ
fbem-25627	274	9	investment	investment	NOUN
fbem-25627	274	10	efficiencyevidence	efficiencyevidence	NOUN
fbem-25627	274	11	based	base	VERB
fbem-25627	274	12	on	on	ADP
fbem-25627	274	13	chinese	chinese	ADJ
fbem-25627	274	14	listed	list	VERB
fbem-25627	274	15	companies	company	NOUN
fbem-25627	274	16	in	in	ADP
fbem-25627	274	17	the	the	DET
fbem-25627	274	18	"	"	PUNCT
fbem-25627	274	19	mandatory	mandatory	ADJ
fbem-25627	274	20	disclosure	disclosure	NOUN
fbem-25627	274	21	era	era	NOUN
fbem-25627	274	22	"	"	PUNCT
fbem-25627	275	1	[	[	X
fbem-25627	275	2	j	j	X
fbem-25627	275	3	]	]	X
fbem-25627	275	4	.	.	PUNCT
fbem-25627	276	1	management	management	PROPN
fbem-25627	276	2	review	review	PROPN
fbem-25627	276	3	,	,	PUNCT
fbem-25627	276	4	2017	2017	NUM
fbem-25627	276	5	,	,	PUNCT
fbem-25627	276	6	29(02):234	29(02):234	NUM
fbem-25627	276	7	-	-	SYM
fbem-25627	276	8	244	244	NUM
fbem-25627	276	9	.	.	PUNCT
fbem-25627	277	1	[	[	X
fbem-25627	277	2	5	5	NUM
fbem-25627	277	3	]	]	PUNCT
fbem-25627	277	4	bostian	bostian	PROPN
fbem-25627	277	5	m	m	PROPN
fbem-25627	277	6	,	,	PUNCT
fbem-25627	277	7	färe	färe	PROPN
fbem-25627	277	8	r	r	PROPN
fbem-25627	277	9	,	,	PUNCT
fbem-25627	277	10	grosskopf	grosskopf	NOUN
fbem-25627	277	11	s	s	PROPN
fbem-25627	277	12	,	,	PUNCT
fbem-25627	277	13	et	et	PROPN
fbem-25627	277	14	al	al	PROPN
fbem-25627	277	15	.	.	PROPN
fbem-25627	277	16	environmental	environmental	ADJ
fbem-25627	277	17	investment	investment	NOUN
fbem-25627	277	18	and	and	CCONJ
fbem-25627	277	19	firm	firm	ADJ
fbem-25627	277	20	performance	performance	NOUN
fbem-25627	277	21	:	:	PUNCT
fbem-25627	277	22	a	a	DET
fbem-25627	277	23	network	network	NOUN
fbem-25627	277	24	approach	approach	NOUN
fbem-25627	277	25	[	[	X
fbem-25627	277	26	j	j	X
fbem-25627	277	27	]	]	X
fbem-25627	277	28	.	.	PUNCT
fbem-25627	278	1	energy	energy	NOUN
fbem-25627	278	2	economics	economic	NOUN
fbem-25627	278	3	,	,	PUNCT
fbem-25627	278	4	2016	2016	NUM
fbem-25627	278	5	,	,	PUNCT
fbem-25627	278	6	57	57	NUM
fbem-25627	278	7	:	:	SYM
fbem-25627	278	8	243	243	NUM
fbem-25627	278	9	-	-	SYM
fbem-25627	278	10	255	255	NUM
fbem-25627	278	11	.	.	PUNCT
fbem-25627	279	1	[	[	X
fbem-25627	279	2	6	6	X
fbem-25627	279	3	]	]	PUNCT
fbem-25627	279	4	anwar	anwar	PROPN
fbem-25627	279	5	r	r	PROPN
fbem-25627	279	6	,	,	PUNCT
fbem-25627	279	7	malik	malik	PROPN
fbem-25627	279	8	j	j	PROPN
fbem-25627	279	9	a.	a.	NOUN
fbem-25627	279	10	when	when	SCONJ
fbem-25627	279	11	does	do	AUX
fbem-25627	279	12	corporate	corporate	ADJ
fbem-25627	279	13	social	social	ADJ
fbem-25627	279	14	responsibility	responsibility	NOUN
fbem-25627	279	15	disclosure	disclosure	NOUN
fbem-25627	279	16	affect	affect	VERB
fbem-25627	279	17	investment	investment	NOUN
fbem-25627	279	18	efficiency	efficiency	NOUN
fbem-25627	279	19	?	?	PUNCT
fbem-25627	280	1	a	a	DET
fbem-25627	280	2	new	new	ADJ
fbem-25627	280	3	answer	answer	NOUN
fbem-25627	280	4	to	to	ADP
fbem-25627	280	5	an	an	DET
fbem-25627	280	6	old	old	ADJ
fbem-25627	280	7	question	question	NOUN
fbem-25627	280	8	[	[	X
fbem-25627	280	9	j	j	X
fbem-25627	280	10	]	]	X
fbem-25627	280	11	.	.	PUNCT
fbem-25627	281	1	sage	sage	NOUN
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fbem-25627	281	3	,	,	PUNCT
fbem-25627	281	4	2020	2020	NUM
fbem-25627	281	5	,	,	PUNCT
fbem-25627	281	6	10(2	10(2	NUM
fbem-25627	281	7	)	)	PUNCT
fbem-25627	281	8	.	.	PUNCT
fbem-25627	282	1	[	[	X
fbem-25627	282	2	7	7	X
fbem-25627	282	3	]	]	X
fbem-25627	282	4	gao	gao	PROPN
fbem-25627	282	5	j.y	j.y	PROPN
fbem-25627	282	6	.	.	PROPN
fbem-25627	282	7	,	,	PUNCT
fbem-25627	282	8	chu	chu	PROPN
fbem-25627	282	9	d.x	d.x	PROPN
fbem-25627	282	10	.	.	PROPN
fbem-25627	282	11	,	,	PUNCT
fbem-25627	282	12	lian	lian	PROPN
fbem-25627	282	13	y.h	y.h	PROPN
fbem-25627	282	14	.	.	PROPN
fbem-25627	282	15	,	,	PUNCT
fbem-25627	282	16	zheng	zheng	PROPN
fbem-25627	282	17	j.	j.	PROPN
fbem-25627	282	18	can	can	AUX
fbem-25627	282	19	esg	esg	PROPN
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fbem-25627	282	21	improve	improve	VERB
fbem-25627	282	22	corporate	corporate	ADJ
fbem-25627	282	23	investment	investment	NOUN
fbem-25627	282	24	efficiency	efficiency	NOUN
fbem-25627	282	25	?	?	PUNCT
fbem-25627	283	1	[	[	X
fbem-25627	283	2	j	j	X
fbem-25627	283	3	]	]	X
fbem-25627	283	4	.	.	PUNCT
fbem-25627	284	1	securities	security	NOUN
fbem-25627	284	2	market	market	PROPN
fbem-25627	284	3	herald	herald	PROPN
fbem-25627	284	4	,	,	PUNCT
fbem-25627	284	5	2021	2021	NUM
fbem-25627	284	6	,	,	PUNCT
fbem-25627	284	7	(	(	PUNCT
fbem-25627	284	8	11):24	11):24	NUM
fbem-25627	284	9	-	-	SYM
fbem-25627	284	10	34	34	NUM
fbem-25627	284	11	+	+	NOUN
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fbem-25627	284	13	.	.	PUNCT
fbem-25627	285	1	[	[	X
fbem-25627	285	2	8	8	NUM
fbem-25627	285	3	]	]	X
fbem-25627	285	4	qiu	qiu	PROPN
fbem-25627	285	5	muyuan	muyuan	PROPN
fbem-25627	285	6	,	,	PUNCT
fbem-25627	285	7	yin	yin	PROPN
fbem-25627	285	8	hong	hong	PROPN
fbem-25627	285	9	.	.	PUNCT
fbem-25627	286	1	corporate	corporate	ADJ
fbem-25627	286	2	esg	esg	PROPN
fbem-25627	286	3	performance	performance	NOUN
fbem-25627	286	4	and	and	CCONJ
fbem-25627	286	5	financing	financing	NOUN
fbem-25627	286	6	cost	cost	NOUN
fbem-25627	286	7	in	in	ADP
fbem-25627	286	8	the	the	DET
fbem-25627	286	9	context	context	NOUN
fbem-25627	286	10	of	of	ADP
fbem-25627	286	11	ecological	ecological	ADJ
fbem-25627	286	12	civilization	civilization	NOUN
fbem-25627	286	13	construction	construction	NOUN
fbem-25627	287	1	[	[	X
fbem-25627	287	2	j	j	X
fbem-25627	287	3	]	]	X
fbem-25627	287	4	.	.	PUNCT
fbem-25627	288	1	research	research	NOUN
fbem-25627	288	2	on	on	ADP
fbem-25627	288	3	quantitative	quantitative	ADJ
fbem-25627	288	4	economics	economic	NOUN
fbem-25627	288	5	and	and	CCONJ
fbem-25627	288	6	technical	technical	ADJ
fbem-25627	288	7	economics	economic	NOUN
fbem-25627	288	8	,	,	PUNCT
fbem-25627	288	9	2019	2019	NUM
fbem-25627	288	10	,	,	PUNCT
fbem-25627	288	11	36(03):108	36(03):108	NUM
fbem-25627	288	12	-	-	SYM
fbem-25627	288	13	123	123	NUM
fbem-25627	288	14	.	.	PUNCT
fbem-25627	289	1	[	[	X
fbem-25627	289	2	9	9	NUM
fbem-25627	289	3	]	]	SYM
fbem-25627	289	4	borghesi	borghesi	NOUN
fbem-25627	289	5	r	r	PROPN
fbem-25627	289	6	,	,	PUNCT
fbem-25627	289	7	houston	houston	PROPN
fbem-25627	289	8	j	j	PROPN
fbem-25627	290	1	f	f	PROPN
fbem-25627	290	2	,	,	PUNCT
fbem-25627	290	3	naranjo	naranjo	PROPN
fbem-25627	290	4	a.	a.	NOUN
fbem-25627	290	5	corporate	corporate	ADJ
fbem-25627	290	6	socially	socially	ADV
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fbem-25627	290	8	investments	investment	NOUN
fbem-25627	290	9	:	:	PUNCT
fbem-25627	290	10	ceo	ceo	NOUN
fbem-25627	290	11	altruism	altruism	NOUN
fbem-25627	290	12	,	,	PUNCT
fbem-25627	290	13	reputation	reputation	NOUN
fbem-25627	290	14	,	,	PUNCT
fbem-25627	290	15	and	and	CCONJ
fbem-25627	290	16	shareholder	shareholder	NOUN
fbem-25627	290	17	interests	interest	NOUN
fbem-25627	290	18	[	[	X
fbem-25627	290	19	j	j	X
fbem-25627	290	20	]	]	X
fbem-25627	290	21	.	.	PUNCT
fbem-25627	291	1	journal	journal	PROPN
fbem-25627	291	2	of	of	ADP
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fbem-25627	291	4	finance	finance	NOUN
fbem-25627	291	5	,	,	PUNCT
fbem-25627	291	6	2014	2014	NUM
fbem-25627	291	7	,	,	PUNCT
fbem-25627	291	8	26	26	NUM
fbem-25627	291	9	:	:	SYM
fbem-25627	291	10	164	164	NUM
fbem-25627	291	11	-	-	SYM
fbem-25627	291	12	181	181	NUM
fbem-25627	291	13	.	.	PUNCT
fbem-25627	292	1	[	[	X
fbem-25627	292	2	10	10	NUM
fbem-25627	292	3	]	]	X
fbem-25627	292	4	samet	samet	PROPN
fbem-25627	292	5	m	m	PROPN
fbem-25627	292	6	,	,	PUNCT
fbem-25627	292	7	jarboui	jarboui	PROPN
fbem-25627	292	8	a.	a.	PROPN
fbem-25627	292	9	how	how	SCONJ
fbem-25627	292	10	does	do	AUX
fbem-25627	292	11	corporate	corporate	ADJ
fbem-25627	292	12	social	social	ADJ
fbem-25627	292	13	responsibility	responsibility	NOUN
fbem-25627	292	14	contribute	contribute	VERB
fbem-25627	292	15	to	to	ADP
fbem-25627	292	16	investment	investment	NOUN
fbem-25627	292	17	efficiency	efficiency	NOUN
fbem-25627	292	18	?	?	PUNCT
fbem-25627	293	1	[	[	X
fbem-25627	293	2	j	j	X
fbem-25627	293	3	]	]	X
fbem-25627	293	4	.	.	PUNCT
fbem-25627	294	1	journal	journal	PROPN
fbem-25627	294	2	of	of	ADP
fbem-25627	294	3	multinational	multinational	ADJ
fbem-25627	294	4	financial	financial	ADJ
fbem-25627	294	5	management	management	NOUN
fbem-25627	294	6	,	,	PUNCT
fbem-25627	294	7	2017	2017	NUM
fbem-25627	294	8	,	,	PUNCT
fbem-25627	294	9	40	40	NUM
fbem-25627	294	10	:	:	SYM
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fbem-25627	294	14	.	.	PUNCT
fbem-25627	295	1	[	[	X
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fbem-25627	295	3	]	]	X
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fbem-25627	295	6	,	,	PUNCT
fbem-25627	295	7	yang	yang	PROPN
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fbem-25627	295	9	,	,	PUNCT
fbem-25627	295	10	chen	chen	PROPN
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fbem-25627	295	12	.	.	PUNCT
fbem-25627	296	1	does	do	AUX
fbem-25627	296	2	esg	esg	PROPN
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fbem-25627	296	4	enhance	enhance	VERB
fbem-25627	296	5	corporate	corporate	ADJ
fbem-25627	296	6	investment	investment	NOUN
fbem-25627	296	7	efficiency	efficiency	NOUN
fbem-25627	296	8	?	?	PUNCT
fbem-25627	297	1	--the	--the	PRON
fbem-25627	297	2	financial	financial	ADJ
fbem-25627	297	3	role	role	NOUN
fbem-25627	297	4	of	of	ADP
fbem-25627	297	5	non	non	ADJ
fbem-25627	297	6	-	-	ADJ
fbem-25627	297	7	financial	financial	ADJ
fbem-25627	297	8	disclosure	disclosure	NOUN
fbem-25627	298	1	[	[	X
fbem-25627	298	2	j	j	X
fbem-25627	298	3	]	]	X
fbem-25627	298	4	.	.	PUNCT
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fbem-25627	299	2	and	and	CCONJ
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fbem-25627	299	5	,	,	PUNCT
fbem-25627	299	6	2024	2024	NUM
fbem-25627	299	7	,	,	PUNCT
fbem-25627	299	8	39(04):71	39(04):71	NUM
fbem-25627	299	9	-	-	SYM
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fbem-25627	299	11	.	.	PUNCT
fbem-25627	300	1	[	[	X
fbem-25627	300	2	12	12	NUM
fbem-25627	300	3	]	]	X
fbem-25627	300	4	tan	tan	PROPN
fbem-25627	300	5	jinsong	jinsong	PROPN
fbem-25627	300	6	,	,	PUNCT
fbem-25627	300	7	huang	huang	PROPN
fbem-25627	300	8	renyu	renyu	PROPN
fbem-25627	300	9	,	,	PUNCT
fbem-25627	300	10	zhang	zhang	PROPN
fbem-25627	300	11	jingxin	jingxin	PROPN
fbem-25627	300	12	.	.	PUNCT
fbem-25627	301	1	esg	esg	NOUN
fbem-25627	301	2	performance	performance	NOUN
fbem-25627	301	3	and	and	CCONJ
fbem-25627	301	4	corporate	corporate	ADJ
fbem-25627	301	5	risk	risk	NOUN
fbem-25627	301	6	:	:	PUNCT
fbem-25627	301	7	an	an	DET
fbem-25627	301	8	explanation	explanation	NOUN
fbem-25627	301	9	based	base	VERB
fbem-25627	301	10	on	on	ADP
fbem-25627	301	11	resource	resource	NOUN
fbem-25627	301	12	acquisition	acquisition	NOUN
fbem-25627	301	13	perspective	perspective	NOUN
fbem-25627	302	1	[	[	X
fbem-25627	302	2	j	j	X
fbem-25627	302	3	]	]	X
fbem-25627	302	4	.	.	PUNCT
fbem-25627	303	1	management	management	NOUN
fbem-25627	303	2	science	science	NOUN
fbem-25627	303	3	,	,	PUNCT
fbem-25627	303	4	2022(5):3	2022(5):3	PROPN
fbem-25627	303	5	-	-	SYM
fbem-25627	303	6	18	18	NUM
fbem-25627	303	7	.	.	PUNCT
fbem-25627	304	1	[	[	X
fbem-25627	304	2	13	13	NUM
fbem-25627	304	3	]	]	X
fbem-25627	304	4	chen	chen	PROPN
fbem-25627	304	5	guojin	guojin	PROPN
fbem-25627	304	6	,	,	PUNCT
fbem-25627	304	7	ding	ding	NOUN
fbem-25627	304	8	saijie	saijie	PROPN
fbem-25627	304	9	,	,	PUNCT
fbem-25627	304	10	zhao	zhao	PROPN
fbem-25627	304	11	xiangqin	xiangqin	PROPN
fbem-25627	304	12	,	,	PUNCT
fbem-25627	304	13	et	et	PROPN
fbem-25627	304	14	al	al	PROPN
fbem-25627	304	15	.	.	PUNCT
fbem-25627	305	1	china	china	PROPN
fbem-25627	305	2	's	's	PART
fbem-25627	305	3	green	green	ADJ
fbem-25627	305	4	financial	financial	ADJ
fbem-25627	305	5	policies	policy	NOUN
fbem-25627	305	6	,	,	PUNCT
fbem-25627	305	7	financing	financing	NOUN
fbem-25627	305	8	costs	cost	NOUN
fbem-25627	305	9	and	and	CCONJ
fbem-25627	305	10	corporate	corporate	ADJ
fbem-25627	305	11	green	green	ADJ
fbem-25627	305	12	transformation	transformation	NOUN
fbem-25627	305	13	:	:	PUNCT
fbem-25627	305	14	based	base	VERB
fbem-25627	305	15	on	on	ADP
fbem-25627	305	16	the	the	DET
fbem-25627	305	17	central	central	ADJ
fbem-25627	305	18	bank	bank	NOUN
fbem-25627	305	19	collateral	collateral	ADJ
fbem-25627	305	20	policy	policy	NOUN
fbem-25627	305	21	perspective	perspective	NOUN
fbem-25627	306	1	[	[	X
fbem-25627	306	2	j	j	X
fbem-25627	306	3	]	]	X
fbem-25627	306	4	.	.	PUNCT
fbem-25627	307	1	financial	financial	ADJ
fbem-25627	307	2	research	research	NOUN
fbem-25627	307	3	,	,	PUNCT
fbem-25627	307	4	2021(12):75	2021(12):75	NUM
fbem-25627	307	5	-	-	SYM
fbem-25627	307	6	95	95	NUM
fbem-25627	307	7	.	.	PUNCT
fbem-25627	308	1	[	[	X
fbem-25627	308	2	14	14	NUM
fbem-25627	308	3	]	]	X
fbem-25627	308	4	wang	wang	PROPN
fbem-25627	308	5	linlin	linlin	PROPN
fbem-25627	308	6	,	,	PUNCT
fbem-25627	308	7	lian	lian	PROPN
fbem-25627	308	8	yonghui	yonghui	PROPN
fbem-25627	308	9	,	,	PUNCT
fbem-25627	308	10	dong	dong	PROPN
fbem-25627	308	11	jie	jie	PROPN
fbem-25627	308	12	.	.	PUNCT
fbem-25627	309	1	research	research	NOUN
fbem-25627	309	2	on	on	ADP
fbem-25627	309	3	the	the	DET
fbem-25627	309	4	influence	influence	NOUN
fbem-25627	309	5	mechanism	mechanism	NOUN
fbem-25627	309	6	of	of	ADP
fbem-25627	309	7	esg	esg	PROPN
fbem-25627	309	8	performance	performance	NOUN
fbem-25627	309	9	on	on	ADP
fbem-25627	309	10	corporate	corporate	ADJ
fbem-25627	309	11	value	value	NOUN
fbem-25627	309	12	[	[	X
fbem-25627	309	13	j	j	X
fbem-25627	309	14	]	]	X
fbem-25627	309	15	.	.	PUNCT
fbem-25627	310	1	securities	security	NOUN
fbem-25627	310	2	market	market	PROPN
fbem-25627	310	3	herald	herald	PROPN
fbem-25627	310	4	,	,	PUNCT
fbem-25627	310	5	2022(5):23	2022(5):23	NOUN
fbem-25627	310	6	-	-	SYM
fbem-25627	310	7	34	34	NUM
fbem-25627	310	8	.	.	PUNCT
fbem-25627	311	1	[	[	X
fbem-25627	311	2	15	15	NUM
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fbem-25627	311	4	li	li	PROPN
fbem-25627	311	5	zb	zb	PROPN
fbem-25627	311	6	,	,	PUNCT
fbem-25627	311	7	shao	shao	PROPN
fbem-25627	311	8	ym	ym	PROPN
fbem-25627	311	9	,	,	PUNCT
fbem-25627	311	10	li	li	PROPN
fbem-25627	311	11	zz	zz	PROPN
fbem-25627	311	12	,	,	PUNCT
fbem-25627	311	13	et	et	PROPN
fbem-25627	311	14	al	al	PROPN
fbem-25627	311	15	.	.	PUNCT
fbem-25627	312	1	esg	esg	PROPN
fbem-25627	312	2	disclosure	disclosure	NOUN
fbem-25627	312	3	,	,	PUNCT
fbem-25627	312	4	media	medium	NOUN
fbem-25627	312	5	monitoring	monitoring	NOUN
fbem-25627	312	6	and	and	CCONJ
fbem-25627	312	7	corporate	corporate	ADJ
fbem-25627	312	8	finance	finance	NOUN
fbem-25627	312	9	constraints	constraint	NOUN
fbem-25627	312	10	[	[	X
fbem-25627	312	11	j	j	X
fbem-25627	312	12	]	]	X
fbem-25627	312	13	.	.	PUNCT
fbem-25627	313	1	scientific	scientific	ADJ
fbem-25627	313	2	decision	decision	NOUN
fbem-25627	313	3	making	making	NOUN
fbem-25627	313	4	,	,	PUNCT
fbem-25627	313	5	2022(7):1	2022(7):1	PROPN
fbem-25627	313	6	-	-	SYM
fbem-25627	313	7	26	26	NUM
fbem-25627	313	8	.	.	PUNCT
fbem-25627	314	1	[	[	X
fbem-25627	314	2	16	16	NUM
fbem-25627	314	3	]	]	X
fbem-25627	314	4	yan	yan	PROPN
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fbem-25627	314	6	,	,	PUNCT
fbem-25627	314	7	zhao	zhao	PROPN
fbem-25627	314	8	yu	yu	PROPN
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fbem-25627	314	10	meng	meng	PROPN
fbem-25627	314	11	defeng	defeng	PROPN
fbem-25627	314	12	.	.	PUNCT
fbem-25627	315	1	research	research	NOUN
fbem-25627	315	2	on	on	ADP
fbem-25627	315	3	the	the	DET
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fbem-25627	315	5	of	of	ADP
fbem-25627	315	6	esg	esg	NOUN
fbem-25627	315	7	rating	rating	NOUN
fbem-25627	315	8	on	on	ADP
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fbem-25627	315	12	of	of	ADP
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fbem-25627	315	14	companies	company	NOUN
fbem-25627	316	1	[	[	X
fbem-25627	316	2	j	j	X
fbem-25627	316	3	]	]	X
fbem-25627	316	4	.	.	PUNCT
fbem-25627	317	1	journal	journal	PROPN
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fbem-25627	317	3	nanjing	nanjing	PROPN
fbem-25627	317	4	auditing	auditing	PROPN
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fbem-25627	317	6	,	,	PUNCT
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fbem-25627	317	8	-	-	SYM
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fbem-25627	317	10	.	.	PUNCT
fbem-25627	318	1	[	[	X
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fbem-25627	318	3	]	]	X
fbem-25627	318	4	yi	yi	PROPN
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fbem-25627	318	6	,	,	PUNCT
fbem-25627	318	7	sun	sun	PROPN
fbem-25627	318	8	he	he	PRON
fbem-25627	318	9	.	.	PUNCT
fbem-25627	319	1	can	can	AUX
fbem-25627	319	2	esg	esg	PROPN
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fbem-25627	319	5	alleviate	alleviate	VERB
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fbem-25627	319	9	:	:	PUNCT
fbem-25627	319	10	a	a	DET
fbem-25627	319	11	study	study	NOUN
fbem-25627	319	12	based	base	VERB
fbem-25627	319	13	on	on	ADP
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fbem-25627	319	15	channels	channel	NOUN
fbem-25627	320	1	[	[	X
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fbem-25627	320	3	]	]	X
fbem-25627	320	4	.	.	PUNCT
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fbem-25627	321	6	-	-	SYM
fbem-25627	321	7	75	75	NUM
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fbem-25627	322	1	[	[	X
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fbem-25627	322	9	.	.	PUNCT
fbem-25627	323	1	the	the	DET
fbem-25627	323	2	road	road	NOUN
fbem-25627	323	3	to	to	ADP
fbem-25627	323	4	sustainable	sustainable	ADJ
fbem-25627	323	5	development	development	NOUN
fbem-25627	323	6	:	:	PUNCT
fbem-25627	323	7	esg	esg	NOUN
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fbem-25627	324	1	[	[	X
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fbem-25627	324	3	]	]	X
fbem-25627	324	4	.	.	PUNCT
fbem-25627	325	1	journal	journal	PROPN
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fbem-25627	325	5	(	(	PUNCT
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fbem-25627	325	11	)	)	PUNCT
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fbem-25627	325	14	-	-	SYM
fbem-25627	325	15	111	111	NUM
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fbem-25627	326	1	[	[	X
fbem-25627	326	2	19	19	NUM
fbem-25627	326	3	]	]	X
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fbem-25627	326	7	hu	hu	PROPN
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fbem-25627	326	9	,	,	PUNCT
fbem-25627	326	10	yu	yu	PROPN
fbem-25627	326	11	xianrong	xianrong	PROPN
fbem-25627	326	12	.	.	PUNCT
fbem-25627	327	1	can	can	AUX
fbem-25627	327	2	corporate	corporate	ADJ
fbem-25627	327	3	enhancement	enhancement	NOUN
fbem-25627	327	4	of	of	ADP
fbem-25627	327	5	esg	esg	PROPN
fbem-25627	327	6	practices	practice	NOUN
fbem-25627	327	7	contribute	contribute	VERB
fbem-25627	327	8	to	to	ADP
fbem-25627	327	9	high	high	ADJ
fbem-25627	327	10	-	-	PUNCT
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fbem-25627	327	12	corporate	corporate	ADJ
fbem-25627	327	13	development	development	NOUN
fbem-25627	327	14	?	?	PUNCT
fbem-25627	328	1	evidence	evidence	NOUN
fbem-25627	328	2	from	from	ADP
fbem-25627	328	3	chinese	chinese	ADJ
fbem-25627	328	4	listed	list	VERB
fbem-25627	328	5	companies	company	NOUN
fbem-25627	329	1	[	[	X
fbem-25627	329	2	j	j	X
fbem-25627	329	3	]	]	X
fbem-25627	329	4	.	.	PUNCT
fbem-25627	330	1	industrial	industrial	ADJ
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fbem-25627	330	4	,	,	PUNCT
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fbem-25627	330	6	-	-	SYM
fbem-25627	330	7	40	40	NUM
fbem-25627	330	8	.	.	PUNCT
fbem-25627	331	1	[	[	X
fbem-25627	331	2	20	20	NUM
fbem-25627	331	3	]	]	X
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fbem-25627	331	7	xiao	xiao	PROPN
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fbem-25627	331	9	,	,	PUNCT
fbem-25627	331	10	cheng	cheng	PROPN
fbem-25627	331	11	xiaoke	xiaoke	PROPN
fbem-25627	331	12	.	.	PUNCT
fbem-25627	332	1	the	the	DET
fbem-25627	332	2	effect	effect	NOUN
fbem-25627	332	3	of	of	ADP
fbem-25627	332	4	social	social	ADJ
fbem-25627	332	5	responsibility	responsibility	NOUN
fbem-25627	332	6	on	on	ADP
fbem-25627	332	7	corporate	corporate	ADJ
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fbem-25627	332	9	:	:	PUNCT
fbem-25627	332	10	an	an	DET
fbem-25627	332	11	analysis	analysis	NOUN
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fbem-25627	332	13	on	on	ADP
fbem-25627	332	14	china	china	PROPN
fbem-25627	332	15	's	's	PART
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fbem-25627	332	17	environment	environment	NOUN
fbem-25627	333	1	[	[	X
fbem-25627	333	2	j	j	X
fbem-25627	333	3	]	]	X
fbem-25627	333	4	.	.	PUNCT
fbem-25627	334	1	nankai	nankai	PROPN
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fbem-25627	334	4	,	,	PUNCT
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fbem-25627	334	7	154	154	NUM
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fbem-25627	335	1	[	[	X
fbem-25627	335	2	21	21	NUM
fbem-25627	335	3	]	]	PUNCT
fbem-25627	335	4	barnea	barnea	VERB
fbem-25627	335	5	a	a	PRON
fbem-25627	335	6	,	,	PUNCT
fbem-25627	335	7	rubin	rubin	PROPN
fbem-25627	335	8	a.	a.	PROPN
fbem-25627	335	9	corporate	corporate	ADJ
fbem-25627	335	10	social	social	ADJ
fbem-25627	335	11	responsibility	responsibility	NOUN
fbem-25627	335	12	as	as	ADP
fbem-25627	335	13	a	a	DET
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fbem-25627	336	1	[	[	X
fbem-25627	336	2	j	j	X
fbem-25627	336	3	]	]	X
fbem-25627	336	4	.	.	PUNCT
fbem-25627	337	1	journal	journal	PROPN
fbem-25627	337	2	of	of	ADP
fbem-25627	337	3	business	business	NOUN
fbem-25627	337	4	ethics	ethic	NOUN
fbem-25627	337	5	,	,	PUNCT
fbem-25627	337	6	2010(1):71	2010(1):71	NUM
fbem-25627	337	7	-	-	SYM
fbem-25627	337	8	86	86	NUM
fbem-25627	337	9	.	.	PUNCT
fbem-25627	338	1	[	[	X
fbem-25627	338	2	22	22	NUM
fbem-25627	338	3	]	]	PUNCT
fbem-25627	338	4	fombrun	fombrun	NOUN
fbem-25627	338	5	c	c	PROPN
fbem-25627	338	6	j.	j.	PROPN
fbem-25627	338	7	reputation	reputation	PROPN
fbem-25627	338	8	:	:	PUNCT
fbem-25627	338	9	realizing	realize	VERB
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fbem-25627	338	11	corporatelmage	corporatelmage	NOUN
fbem-25627	338	12	[	[	X
fbem-25627	338	13	m	m	X
fbem-25627	338	14	]	]	X
fbem-25627	338	15	.	.	PUNCT
fbem-25627	339	1	boston	boston	PROPN
fbem-25627	339	2	,	,	PUNCT
fbem-25627	339	3	ma	ma	PROPN
fbem-25627	339	4	:	:	PUNCT
fbem-25627	339	5	harverd	harverd	NOUN
fbem-25627	339	6	business	business	NOUN
fbem-25627	339	7	school	school	NOUN
fbem-25627	339	8	press	press	NOUN
fbem-25627	339	9	,	,	PUNCT
fbem-25627	339	10	1996	1996	NUM
fbem-25627	339	11	.	.	PUNCT
fbem-25627	340	1	[	[	X
fbem-25627	340	2	23	23	NUM
fbem-25627	340	3	]	]	X
fbem-25627	340	4	ma	ma	PROPN
fbem-25627	340	5	,	,	PUNCT
fbem-25627	340	6	qingbo	qingbo	NOUN
fbem-25627	340	7	,	,	PUNCT
fbem-25627	340	8	tian	tian	ADJ
fbem-25627	340	9	,	,	PUNCT
fbem-25627	340	10	xunhao	xunhao	PROPN
fbem-25627	340	11	,	,	PUNCT
fbem-25627	340	12	and	and	CCONJ
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fbem-25627	340	15	yuanlin	yuanlin	PROPN
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fbem-25627	341	1	can	can	AUX
fbem-25627	341	2	corporate	corporate	ADJ
fbem-25627	341	3	reputation	reputation	NOUN
fbem-25627	341	4	enhance	enhance	VERB
fbem-25627	341	5	the	the	DET
fbem-25627	341	6	level	level	NOUN
fbem-25627	341	7	of	of	ADP
fbem-25627	341	8	corporate	corporate	ADJ
fbem-25627	341	9	risk	risk	NOUN
fbem-25627	341	10	-	-	PUNCT
fbem-25627	341	11	taking	taking	NOUN
fbem-25627	341	12	?	?	PUNCT
fbem-25627	342	1	[	[	X
fbem-25627	342	2	j	j	X
fbem-25627	342	3	]	]	X
fbem-25627	342	4	.	.	PUNCT
fbem-25627	343	1	investment	investment	NOUN
fbem-25627	343	2	research	research	NOUN
fbem-25627	343	3	,	,	PUNCT
fbem-25627	343	4	2022(2):139	2022(2):139	NUM
fbem-25627	343	5	-	-	SYM
fbem-25627	343	6	160	160	NUM
fbem-25627	343	7	.	.	PUNCT
fbem-25627	343	8	281	281	NUM
fbem-25627	344	1	[	[	SYM
fbem-25627	344	2	24	24	NUM
fbem-25627	344	3	]	]	PUNCT
fbem-25627	344	4	nie	nie	PROPN
fbem-25627	344	5	shunjiang	shunjiang	PROPN
fbem-25627	344	6	,	,	PUNCT
fbem-25627	344	7	tian	tian	ADJ
fbem-25627	344	8	xunhao	xunhao	PROPN
fbem-25627	344	9	,	,	PUNCT
fbem-25627	344	10	zhang	zhang	PROPN
fbem-25627	344	11	shin	shin	PROPN
fbem-25627	344	12	.	.	PUNCT
fbem-25627	345	1	corporate	corporate	ADJ
fbem-25627	345	2	reputation	reputation	NOUN
fbem-25627	345	3	and	and	CCONJ
fbem-25627	345	4	internal	internal	ADJ
fbem-25627	345	5	control	control	NOUN
fbem-25627	345	6	weakness	weakness	NOUN
fbem-25627	345	7	concealment	concealment	NOUN
fbem-25627	345	8	:	:	PUNCT
fbem-25627	345	9	suppression	suppression	NOUN
fbem-25627	345	10	or	or	CCONJ
fbem-25627	345	11	protection	protection	NOUN
fbem-25627	346	1	[	[	X
fbem-25627	346	2	j	j	X
fbem-25627	346	3	]	]	X
fbem-25627	346	4	.	.	PUNCT
fbem-25627	347	1	journal	journal	PROPN
fbem-25627	347	2	of	of	ADP
fbem-25627	347	3	nanjing	nanjing	PROPN
fbem-25627	347	4	auditing	auditing	PROPN
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fbem-25627	347	6	,	,	PUNCT
fbem-25627	347	7	2021(3):21	2021(3):21	NUM
fbem-25627	347	8	-	-	SYM
fbem-25627	347	9	31	31	NUM
fbem-25627	347	10	.	.	PUNCT
fbem-25627	348	1	[	[	X
fbem-25627	348	2	25	25	NUM
fbem-25627	348	3	]	]	PUNCT
fbem-25627	348	4	yuan	yuan	NOUN
fbem-25627	348	5	zeming	zeming	NOUN
fbem-25627	348	6	,	,	PUNCT
fbem-25627	348	7	liu	liu	PROPN
fbem-25627	348	8	jia	jia	PROPN
fbem-25627	348	9	,	,	PUNCT
fbem-25627	348	10	zhang	zhang	PROPN
fbem-25627	348	11	shuyi	shuyi	PROPN
fbem-25627	348	12	.	.	PUNCT
fbem-25627	349	1	research	research	NOUN
fbem-25627	349	2	on	on	ADP
fbem-25627	349	3	the	the	DET
fbem-25627	349	4	value	value	NOUN
fbem-25627	349	5	effect	effect	NOUN
fbem-25627	349	6	and	and	CCONJ
fbem-25627	349	7	mechanism	mechanism	NOUN
fbem-25627	349	8	of	of	ADP
fbem-25627	349	9	corporate	corporate	ADJ
fbem-25627	349	10	esg	esg	NOUN
fbem-25627	349	11	performance	performance	NOUN
fbem-25627	349	12	under	under	ADP
fbem-25627	349	13	high	high	ADJ
fbem-25627	349	14	-	-	PUNCT
fbem-25627	349	15	quality	quality	NOUN
fbem-25627	349	16	development	development	NOUN
fbem-25627	350	1	[	[	X
fbem-25627	350	2	j	j	X
fbem-25627	350	3	]	]	X
fbem-25627	350	4	.	.	PUNCT
fbem-25627	351	1	accounting	accounting	NOUN
fbem-25627	351	2	friends	friend	NOUN
fbem-25627	351	3	,	,	PUNCT
fbem-25627	351	4	2023	2023	NUM
fbem-25627	351	5	,	,	PUNCT
fbem-25627	351	6	(	(	PUNCT
fbem-25627	351	7	18):81	18):81	NUM
fbem-25627	351	8	-	-	SYM
fbem-25627	351	9	89	89	NUM
fbem-25627	351	10	.	.	PUNCT
fbem-25627	352	1	[	[	X
fbem-25627	352	2	26	26	NUM
fbem-25627	352	3	]	]	X
fbem-25627	352	4	bai	bai	PROPN
fbem-25627	352	5	xiong	xiong	PROPN
fbem-25627	352	6	,	,	PUNCT
fbem-25627	352	7	zhu	zhu	PROPN
fbem-25627	352	8	yifan	yifan	PROPN
fbem-25627	352	9	,	,	PUNCT
fbem-25627	352	10	han	han	PROPN
fbem-25627	352	11	jinmian	jinmian	PROPN
fbem-25627	352	12	.	.	PUNCT
fbem-25627	353	1	esg	esg	NOUN
fbem-25627	353	2	performance	performance	NOUN
fbem-25627	353	3	,	,	PUNCT
fbem-25627	353	4	institutional	institutional	ADJ
fbem-25627	353	5	investor	investor	NOUN
fbem-25627	353	6	preference	preference	NOUN
fbem-25627	353	7	and	and	CCONJ
fbem-25627	353	8	corporate	corporate	ADJ
fbem-25627	353	9	value	value	NOUN
fbem-25627	354	1	[	[	X
fbem-25627	354	2	j	j	X
fbem-25627	354	3	]	]	X
fbem-25627	354	4	.	.	PUNCT
fbem-25627	355	1	statistics	statistic	NOUN
fbem-25627	355	2	and	and	CCONJ
fbem-25627	355	3	information	information	NOUN
fbem-25627	355	4	forum	forum	PROPN
fbem-25627	355	5	,	,	PUNCT
fbem-25627	355	6	2022	2022	NUM
fbem-25627	355	7	,	,	PUNCT
fbem-25627	355	8	37(10):117	37(10):117	NUM
fbem-25627	355	9	-	-	SYM
fbem-25627	355	10	128	128	NUM
fbem-25627	355	11	.	.	PUNCT
fbem-25627	356	1	[	[	X
fbem-25627	356	2	27	27	NUM
fbem-25627	356	3	]	]	X
fbem-25627	356	4	ren	ren	PROPN
fbem-25627	356	5	zixian	zixian	PROPN
fbem-25627	356	6	,	,	PUNCT
fbem-25627	356	7	gu	gu	PROPN
fbem-25627	356	8	shuchang	shuchang	PROPN
fbem-25627	356	9	,	,	PUNCT
fbem-25627	356	10	yang	yang	PROPN
fbem-25627	356	11	yuzhu	yuzhu	PROPN
fbem-25627	356	12	,	,	PUNCT
fbem-25627	356	13	et	et	PROPN
fbem-25627	356	14	al	al	PROPN
fbem-25627	356	15	.	.	PROPN
fbem-25627	357	1	empirical	empirical	ADJ
fbem-25627	357	2	study	study	NOUN
fbem-25627	357	3	on	on	ADP
fbem-25627	357	4	the	the	DET
fbem-25627	357	5	relationship	relationship	NOUN
fbem-25627	357	6	between	between	ADP
fbem-25627	357	7	esg	esg	NOUN
fbem-25627	357	8	performance	performance	NOUN
fbem-25627	357	9	and	and	CCONJ
fbem-25627	357	10	corporate	corporate	ADJ
fbem-25627	357	11	financial	financial	ADJ
fbem-25627	357	12	performance	performance	NOUN
fbem-25627	358	1	[	[	X
fbem-25627	358	2	j	j	X
fbem-25627	358	3	]	]	X
fbem-25627	358	4	.	.	PUNCT
fbem-25627	359	1	management	management	NOUN
fbem-25627	359	2	and	and	CCONJ
fbem-25627	359	3	administration	administration	NOUN
fbem-25627	359	4	,	,	PUNCT
fbem-25627	359	5	2021	2021	NUM
fbem-25627	359	6	,	,	PUNCT
fbem-25627	359	7	(	(	PUNCT
fbem-25627	359	8	11):26	11):26	NUM
fbem-25627	359	9	-	-	SYM
fbem-25627	359	10	32	32	NUM
fbem-25627	359	11	.	.	PUNCT
fbem-25627	360	1	[	[	X
fbem-25627	360	2	28	28	NUM
fbem-25627	360	3	]	]	X
fbem-25627	360	4	wang	wang	PROPN
fbem-25627	360	5	yandong	yandong	PROPN
fbem-25627	360	6	,	,	PUNCT
fbem-25627	360	7	wang	wang	PROPN
fbem-25627	360	8	yaqi	yaqi	PROPN
fbem-25627	360	9	.	.	PUNCT
fbem-25627	361	1	corporate	corporate	ADJ
fbem-25627	361	2	esg	esg	PROPN
fbem-25627	361	3	performance	performance	NOUN
fbem-25627	361	4	,	,	PUNCT
fbem-25627	361	5	risk	risk	NOUN
fbem-25627	361	6	taking	taking	NOUN
fbem-25627	361	7	and	and	CCONJ
fbem-25627	361	8	green	green	ADJ
fbem-25627	361	9	technology	technology	NOUN
fbem-25627	361	10	innovation	innovation	NOUN
fbem-25627	362	1	[	[	X
fbem-25627	362	2	j	j	X
fbem-25627	362	3	]	]	X
fbem-25627	362	4	.	.	PUNCT
fbem-25627	363	1	friends	friend	NOUN
fbem-25627	363	2	of	of	ADP
fbem-25627	363	3	accounting	accounting	NOUN
fbem-25627	363	4	,	,	PUNCT
fbem-25627	363	5	2023	2023	NUM
fbem-25627	363	6	,	,	PUNCT
fbem-25627	363	7	(	(	PUNCT
fbem-25627	363	8	10):94	10):94	NUM
fbem-25627	363	9	-	-	SYM
fbem-25627	363	10	102	102	NUM
fbem-25627	363	11	.	.	PUNCT
fbem-25627	364	1	[	[	X
fbem-25627	364	2	29	29	NUM
fbem-25627	364	3	]	]	X
fbem-25627	364	4	cho	cho	PROPN
fbem-25627	364	5	,	,	PUNCT
fbem-25627	364	6	c.h	c.h	PROPN
fbem-25627	364	7	.	.	PROPN
fbem-25627	364	8	,	,	PUNCT
fbem-25627	364	9	pattern	pattern	NOUN
fbem-25627	364	10	,	,	PUNCT
fbem-25627	364	11	d.m	d.m	PROPN
fbem-25627	364	12	.	.	PROPN
fbem-25627	364	13	,	,	PUNCT
fbem-25627	364	14	roberts	roberts	PROPN
fbem-25627	364	15	,	,	PUNCT
fbem-25627	364	16	r.w	r.w	PROPN
fbem-25627	364	17	.	.	PROPN
fbem-25627	364	18	2006	2006	NUM
fbem-25627	364	19	.	.	PUNCT
fbem-25627	365	1	-corporate	-corporate	NOUN
fbem-25627	365	2	political	political	ADJ
fbem-25627	365	3	strategy	strategy	NOUN
fbem-25627	365	4	:	:	PUNCT
fbem-25627	365	5	-an	-an	ADP
fbem-25627	365	6	examination	examination	NOUN
fbem-25627	365	7	of	of	ADP
fbem-25627	365	8	the	the	DET
fbem-25627	365	9	relation	relation	NOUN
fbem-25627	365	10	between	between	ADP
fbem-25627	365	11	political	political	ADJ
fbem-25627	365	12	expenditures	expenditure	NOUN
fbem-25627	365	13	,	,	PUNCT
fbem-25627	365	14	-environmental	-environmental	ADJ
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fbem-25627	365	16	,	,	PUNCT
fbem-25627	365	17	and	and	CCONJ
fbem-25627	365	18	environmental	environmental	ADJ
fbem-25627	365	19	disclosure	disclosure	NOUN
fbem-25627	365	20	.	.	PUNCT
fbem-25627	366	1	-journal	-journal	ADJ
fbem-25627	366	2	of	of	ADP
fbem-25627	366	3	business	business	NOUN
fbem-25627	366	4	ethics	ethic	NOUN
fbem-25627	366	5	67	67	NUM
fbem-25627	366	6	(	(	PUNCT
fbem-25627	366	7	2),139	2),139	NUM
fbem-25627	366	8	-	-	SYM
fbem-25627	366	9	154	154	NUM
fbem-25627	366	10	.	.	PUNCT
fbem-25627	367	1	[	[	X
fbem-25627	367	2	30	30	NUM
fbem-25627	367	3	]	]	X
fbem-25627	367	4	zhang	zhang	PROPN
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fbem-25627	367	6	.	.	PUNCT
fbem-25627	368	1	corporate	corporate	ADJ
fbem-25627	368	2	esg	esg	PROPN
fbem-25627	368	3	performance	performance	NOUN
fbem-25627	368	4	,	,	PUNCT
fbem-25627	368	5	financing	financing	NOUN
fbem-25627	368	6	constraints	constraint	NOUN
fbem-25627	368	7	and	and	CCONJ
fbem-25627	368	8	green	green	ADJ
fbem-25627	368	9	technology	technology	NOUN
fbem-25627	368	10	innovation	innovation	NOUN
fbem-25627	369	1	[	[	X
fbem-25627	369	2	j	j	X
fbem-25627	369	3	]	]	X
fbem-25627	369	4	.	.	PUNCT
fbem-25627	370	1	business	business	NOUN
fbem-25627	370	2	accounting	accounting	NOUN
fbem-25627	370	3	,	,	PUNCT
fbem-25627	370	4	2021	2021	NUM
fbem-25627	370	5	,	,	PUNCT
fbem-25627	370	6	(	(	PUNCT
fbem-25627	370	7	11):33	11):33	NUM
fbem-25627	370	8	-	-	SYM
fbem-25627	370	9	39	39	NUM
fbem-25627	370	10	.	.	PUNCT
fbem-25627	371	1	[	[	X
fbem-25627	371	2	31	31	NUM
fbem-25627	371	3	]	]	X
fbem-25627	371	4	meng	meng	PROPN
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fbem-25627	371	6	,	,	PUNCT
fbem-25627	371	7	li	li	PROPN
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fbem-25627	371	9	.	.	PUNCT
fbem-25627	372	1	local	local	ADJ
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fbem-25627	372	3	performance	performance	NOUN
fbem-25627	372	4	appraisal	appraisal	NOUN
fbem-25627	372	5	and	and	CCONJ
fbem-25627	372	6	corporate	corporate	ADJ
fbem-25627	372	7	esg	esg	NOUN
fbem-25627	372	8	performance	performance	NOUN
fbem-25627	372	9	:	:	PUNCT
fbem-25627	372	10	a	a	DET
fbem-25627	372	11	policy	policy	NOUN
fbem-25627	372	12	text	text	NOUN
fbem-25627	372	13	analysis	analysis	NOUN
fbem-25627	372	14	perspective	perspective	NOUN
fbem-25627	373	1	[	[	X
fbem-25627	373	2	j	j	X
fbem-25627	373	3	]	]	X
fbem-25627	373	4	.	.	PUNCT
fbem-25627	374	1	reform	reform	NOUN
fbem-25627	374	2	,	,	PUNCT
fbem-25627	374	3	2023	2023	NUM
fbem-25627	374	4	,	,	PUNCT
fbem-25627	374	5	(	(	PUNCT
fbem-25627	374	6	08):124	08):124	NUM
fbem-25627	374	7	-	-	SYM
fbem-25627	374	8	139	139	NUM
fbem-25627	374	9	.	.	PUNCT
fbem-25627	375	1	[	[	X
fbem-25627	375	2	32	32	NUM
fbem-25627	375	3	]	]	X
fbem-25627	375	4	lu	lu	PROPN
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fbem-25627	375	6	,	,	PUNCT
fbem-25627	375	7	li	li	PROPN
fbem-25627	375	8	zhongyuan	zhongyuan	PROPN
fbem-25627	375	9	.	.	PUNCT
fbem-25627	376	1	environmental	environmental	ADJ
fbem-25627	376	2	regulation	regulation	NOUN
fbem-25627	376	3	,	,	PUNCT
fbem-25627	376	4	government	government	NOUN
fbem-25627	376	5	subsidies	subsidy	NOUN
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fbem-25627	376	7	corporate	corporate	ADJ
fbem-25627	376	8	esg	esg	NOUN
fbem-25627	376	9	performance	performance	NOUN
fbem-25627	377	1	[	[	X
fbem-25627	377	2	j	j	X
fbem-25627	377	3	]	]	X
fbem-25627	377	4	.	.	PUNCT
fbem-25627	378	1	china	china	PROPN
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fbem-25627	378	3	and	and	CCONJ
fbem-25627	378	4	futures	future	NOUN
fbem-25627	378	5	,	,	PUNCT
fbem-25627	378	6	2024	2024	NUM
fbem-25627	378	7	,	,	PUNCT
fbem-25627	378	8	(	(	PUNCT
fbem-25627	378	9	04):67	04):67	NUM
fbem-25627	378	10	-	-	SYM
fbem-25627	378	11	73	73	NUM
fbem-25627	378	12	.	.	PUNCT
fbem-25627	379	1	[	[	X
fbem-25627	379	2	33	33	NUM
fbem-25627	379	3	]	]	X
fbem-25627	379	4	chen	chen	PROPN
fbem-25627	379	5	xiaoshan	xiaoshan	PROPN
fbem-25627	379	6	,	,	PUNCT
fbem-25627	379	7	chen	chen	PROPN
fbem-25627	379	8	simin	simin	PROPN
fbem-25627	379	9	,	,	PUNCT
fbem-25627	379	10	liu	liu	PROPN
fbem-25627	379	11	hongduo	hongduo	PROPN
fbem-25627	379	12	.	.	PUNCT
fbem-25627	380	1	do	do	AUX
fbem-25627	380	2	government	government	NOUN
fbem-25627	380	3	environmental	environmental	ADJ
fbem-25627	380	4	governance	governance	NOUN
fbem-25627	380	5	subsidies	subsidy	NOUN
fbem-25627	380	6	enhance	enhance	VERB
fbem-25627	380	7	corporate	corporate	ADJ
fbem-25627	380	8	esg	esg	NOUN
fbem-25627	380	9	performance	performance	NOUN
fbem-25627	380	10	under	under	ADP
fbem-25627	380	11	the	the	DET
fbem-25627	380	12	"	"	PUNCT
fbem-25627	380	13	dual	dual	ADJ
fbem-25627	380	14	-	-	PUNCT
fbem-25627	380	15	carbon	carbon	NOUN
fbem-25627	380	16	"	"	PUNCT
fbem-25627	380	17	goal	goal	NOUN
fbem-25627	381	1	[	[	X
fbem-25627	381	2	j	j	X
fbem-25627	381	3	]	]	X
fbem-25627	381	4	.	.	PUNCT
fbem-25627	382	1	journal	journal	PROPN
fbem-25627	382	2	of	of	ADP
fbem-25627	382	3	china	china	PROPN
fbem-25627	382	4	university	university	PROPN
fbem-25627	382	5	of	of	ADP
fbem-25627	382	6	geosciences	geoscience	NOUN
fbem-25627	382	7	(	(	PUNCT
fbem-25627	382	8	social	social	ADJ
fbem-25627	382	9	science	science	NOUN
fbem-25627	382	10	edition	edition	NOUN
fbem-25627	382	11	)	)	PUNCT
fbem-25627	382	12	,	,	PUNCT
fbem-25627	382	13	2023	2023	NUM
fbem-25627	382	14	,	,	PUNCT
fbem-25627	382	15	23(05):132	23(05):132	NUM
fbem-25627	382	16	-	-	SYM
fbem-25627	382	17	144	144	NUM
fbem-25627	382	18	.	.	PUNCT
fbem-25627	383	1	[	[	X
fbem-25627	383	2	34	34	NUM
fbem-25627	383	3	]	]	X
fbem-25627	383	4	kong	kong	PROPN
fbem-25627	383	5	dongmin	dongmin	PROPN
fbem-25627	383	6	,	,	PUNCT
fbem-25627	383	7	wei	wei	PROPN
fbem-25627	383	8	yongxi	yongxi	PROPN
fbem-25627	383	9	,	,	PUNCT
fbem-25627	383	10	ji	ji	PROPN
fbem-25627	383	11	mianmian	mianmian	NOUN
fbem-25627	383	12	.	.	PUNCT
fbem-25627	384	1	research	research	NOUN
fbem-25627	384	2	on	on	ADP
fbem-25627	384	3	the	the	DET
fbem-25627	384	4	impact	impact	NOUN
fbem-25627	384	5	of	of	ADP
fbem-25627	384	6	environmental	environmental	ADJ
fbem-25627	384	7	protection	protection	NOUN
fbem-25627	384	8	fee	fee	NOUN
fbem-25627	384	9	to	to	ADP
fbem-25627	384	10	tax	tax	NOUN
fbem-25627	384	11	on	on	ADP
fbem-25627	384	12	corporate	corporate	ADJ
fbem-25627	384	13	green	green	ADJ
fbem-25627	384	14	information	information	NOUN
fbem-25627	384	15	disclosure	disclosure	NOUN
fbem-25627	385	1	[	[	X
fbem-25627	385	2	j	j	X
fbem-25627	385	3	]	]	X
fbem-25627	385	4	.	.	PUNCT
fbem-25627	386	1	securities	security	NOUN
fbem-25627	386	2	market	market	PROPN
fbem-25627	386	3	herald	herald	PROPN
fbem-25627	386	4	,	,	PUNCT
fbem-25627	386	5	2021	2021	NUM
fbem-25627	386	6	,	,	PUNCT
fbem-25627	386	7	(	(	PUNCT
fbem-25627	386	8	08):2	08):2	NUM
fbem-25627	386	9	-	-	SYM
fbem-25627	386	10	14	14	NUM
fbem-25627	386	11	.	.	PUNCT
fbem-25627	387	1	[	[	X
fbem-25627	387	2	35	35	NUM
fbem-25627	387	3	]	]	X
fbem-25627	387	4	wang	wang	PROPN
fbem-25627	387	5	wei	wei	PROPN
fbem-25627	387	6	,	,	PUNCT
fbem-25627	387	7	xu	xu	PROPN
fbem-25627	387	8	ruilin	ruilin	PROPN
fbem-25627	387	9	,	,	PUNCT
fbem-25627	387	10	wang	wang	PROPN
fbem-25627	387	11	xing	xing	PROPN
fbem-25627	387	12	,	,	PUNCT
fbem-25627	387	13	et	et	PROPN
fbem-25627	387	14	al	al	PROPN
fbem-25627	387	15	.	.	PROPN
fbem-25627	387	16	green	green	PROPN
fbem-25627	387	17	investor	investor	NOUN
fbem-25627	387	18	shareholding	shareholding	NOUN
fbem-25627	387	19	and	and	CCONJ
fbem-25627	387	20	environmental	environmental	ADJ
fbem-25627	387	21	information	information	NOUN
fbem-25627	387	22	disclosure	disclosure	NOUN
fbem-25627	387	23	quality	quality	NOUN
fbem-25627	388	1	[	[	X
fbem-25627	388	2	j	j	X
fbem-25627	388	3	]	]	X
fbem-25627	388	4	.	.	PUNCT
fbem-25627	389	1	finance	finance	NOUN
fbem-25627	389	2	and	and	CCONJ
fbem-25627	389	3	accounting	account	VERB
fbem-25627	389	4	monthly	monthly	ADV
fbem-25627	389	5	,	,	PUNCT
fbem-25627	389	6	2024	2024	NUM
fbem-25627	389	7	,	,	PUNCT
fbem-25627	389	8	45(15):66	45(15):66	NUM
fbem-25627	389	9	-	-	SYM
fbem-25627	389	10	72	72	NUM
fbem-25627	389	11	.	.	PUNCT
fbem-25627	390	1	[	[	X
fbem-25627	390	2	36	36	NUM
fbem-25627	390	3	]	]	X
fbem-25627	390	4	guan	guan	PROPN
fbem-25627	390	5	kaolai	kaolai	PROPN
fbem-25627	390	6	,	,	PUNCT
fbem-25627	390	7	zhang	zhang	PROPN
fbem-25627	390	8	rui	rui	PROPN
fbem-25627	390	9	.	.	PUNCT
fbem-25627	391	1	corporate	corporate	ADJ
fbem-25627	391	2	reputation	reputation	NOUN
fbem-25627	391	3	and	and	CCONJ
fbem-25627	391	4	surplus	surplus	NOUN
fbem-25627	391	5	management	management	NOUN
fbem-25627	391	6	:	:	PUNCT
fbem-25627	391	7	effective	effective	ADJ
fbem-25627	391	8	contractual	contractual	ADJ
fbem-25627	391	9	view	view	NOUN
fbem-25627	391	10	or	or	CCONJ
fbem-25627	391	11	rent	rent	NOUN
fbem-25627	391	12	-	-	PUNCT
fbem-25627	391	13	seeking	seek	VERB
fbem-25627	391	14	view	view	NOUN
fbem-25627	392	1	[	[	X
fbem-25627	392	2	j	j	X
fbem-25627	392	3	]	]	X
fbem-25627	392	4	.	.	PUNCT
fbem-25627	393	1	accounting	accounting	NOUN
fbem-25627	393	2	research	research	NOUN
fbem-25627	393	3	,	,	PUNCT
fbem-25627	393	4	2019	2019	NUM
fbem-25627	393	5	,	,	PUNCT
fbem-25627	393	6	(	(	PUNCT
fbem-25627	393	7	01):59	01):59	NUM
fbem-25627	393	8	-	-	SYM
fbem-25627	393	9	64	64	NUM
fbem-25627	393	10	.	.	PUNCT
fbem-25627	394	1	[	[	X
fbem-25627	394	2	37	37	NUM
fbem-25627	394	3	]	]	X
fbem-25627	394	4	li	li	PROPN
fbem-25627	394	5	lizhuo	lizhuo	PROPN
fbem-25627	394	6	,	,	PUNCT
fbem-25627	394	7	cui	cui	PROPN
fbem-25627	394	8	linhao	linhao	PROPN
fbem-25627	394	9	.	.	PUNCT
fbem-25627	395	1	how	how	SCONJ
fbem-25627	395	2	esg	esg	NOUN
fbem-25627	395	3	performance	performance	NOUN
fbem-25627	395	4	affects	affect	VERB
fbem-25627	395	5	corporate	corporate	ADJ
fbem-25627	395	6	reputation	reputation	NOUN
fbem-25627	395	7	-	-	PUNCT
fbem-25627	395	8	a	a	DET
fbem-25627	395	9	signaling	signal	VERB
fbem-25627	395	10	perspective	perspective	NOUN
fbem-25627	396	1	[	[	X
fbem-25627	396	2	j	j	X
fbem-25627	396	3	]	]	X
fbem-25627	396	4	.	.	PUNCT
fbem-25627	397	1	corporate	corporate	ADJ
fbem-25627	397	2	economics	economic	NOUN
fbem-25627	397	3	,	,	PUNCT
fbem-25627	397	4	2023	2023	NUM
fbem-25627	397	5	,	,	PUNCT
fbem-25627	397	6	42(11):28	42(11):28	NUM
fbem-25627	397	7	-	-	SYM
fbem-25627	397	8	39	39	NUM
fbem-25627	397	9	.	.	PUNCT
fbem-25627	398	1	[	[	X
fbem-25627	398	2	38	38	NUM
fbem-25627	398	3	]	]	X
fbem-25627	398	4	gao	gao	PROPN
fbem-25627	398	5	j.y	j.y	PROPN
fbem-25627	398	6	.	.	PROPN
fbem-25627	398	7	,	,	PUNCT
fbem-25627	398	8	chu	chu	PROPN
fbem-25627	398	9	d.x	d.x	PROPN
fbem-25627	398	10	.	.	PROPN
fbem-25627	398	11	,	,	PUNCT
fbem-25627	398	12	lian	lian	PROPN
fbem-25627	398	13	y.h	y.h	PROPN
fbem-25627	398	14	.	.	PROPN
fbem-25627	398	15	,	,	PUNCT
fbem-25627	398	16	et	et	PROPN
fbem-25627	398	17	al	al	PROPN
fbem-25627	398	18	.	.	PROPN
fbem-25627	399	1	can	can	AUX
fbem-25627	399	2	esg	esg	NOUN
fbem-25627	399	3	performance	performance	NOUN
fbem-25627	399	4	improve	improve	VERB
fbem-25627	399	5	corporate	corporate	ADJ
fbem-25627	399	6	investment	investment	NOUN
fbem-25627	399	7	efficiency	efficiency	NOUN
fbem-25627	399	8	?	?	PUNCT
fbem-25627	400	1	[	[	X
fbem-25627	400	2	j	j	X
fbem-25627	400	3	]	]	X
fbem-25627	400	4	.	.	PUNCT
fbem-25627	401	1	securities	security	NOUN
fbem-25627	401	2	market	market	PROPN
fbem-25627	401	3	herald	herald	PROPN
fbem-25627	401	4	,	,	PUNCT
fbem-25627	401	5	2021	2021	NUM
fbem-25627	401	6	,	,	PUNCT
fbem-25627	401	7	(	(	PUNCT
fbem-25627	401	8	11):24	11):24	NUM
fbem-25627	401	9	-	-	SYM
fbem-25627	401	10	34	34	NUM
fbem-25627	401	11	+	+	NOUN
fbem-25627	401	12	72	72	NUM
fbem-25627	401	13	.	.	PUNCT