id	sid	tid	token	lemma	pos
fbem-26252	1	1	frontiers	frontier	NOUN
fbem-26252	1	2	in	in	ADP
fbem-26252	1	3	business	business	NOUN
fbem-26252	1	4	,	,	PUNCT
fbem-26252	1	5	economics	economic	NOUN
fbem-26252	1	6	and	and	CCONJ
fbem-26252	1	7	management	management	NOUN
fbem-26252	1	8	issn	issn	PROPN
fbem-26252	1	9	:	:	PUNCT
fbem-26252	1	10	2766	2766	NUM
fbem-26252	1	11	-	-	PUNCT
fbem-26252	1	12	824x	824x	NUM
fbem-26252	1	13	|	|	ADJ
fbem-26252	1	14	vol	vol	NOUN
fbem-26252	1	15	.	.	PUNCT
fbem-26252	2	1	16	16	NUM
fbem-26252	2	2	,	,	PUNCT
fbem-26252	2	3	no	no	INTJ
fbem-26252	2	4	.	.	NOUN
fbem-26252	2	5	3	3	NUM
fbem-26252	2	6	,	,	PUNCT
fbem-26252	2	7	2024	2024	NUM
fbem-26252	2	8	235	235	NUM
fbem-26252	2	9	the	the	DET
fbem-26252	2	10	impact	impact	NOUN
fbem-26252	2	11	of	of	ADP
fbem-26252	2	12	corporate	corporate	ADJ
fbem-26252	2	13	esg	esg	NOUN
fbem-26252	2	14	performance	performance	NOUN
fbem-26252	2	15	on	on	ADP
fbem-26252	2	16	leverage	leverage	NOUN
fbem-26252	2	17	manipulation	manipulation	NOUN
fbem-26252	2	18	empirical	empirical	ADJ
fbem-26252	2	19	evidence	evidence	NOUN
fbem-26252	2	20	from	from	ADP
fbem-26252	2	21	a	a	DET
fbem-26252	2	22	-	-	PUNCT
fbem-26252	2	23	share	share	NOUN
fbem-26252	2	24	panel	panel	NOUN
fbem-26252	2	25	data	datum	NOUN
fbem-26252	2	26	of	of	ADP
fbem-26252	2	27	chinese	chinese	ADJ
fbem-26252	2	28	listed	list	VERB
fbem-26252	2	29	companie	companie	PROPN
fbem-26252	2	30	chaowen	chaowen	PROPN
fbem-26252	2	31	yang	yang	PROPN
fbem-26252	2	32	school	school	PROPN
fbem-26252	2	33	of	of	ADP
fbem-26252	2	34	hefei	hefei	PROPN
fbem-26252	2	35	university	university	PROPN
fbem-26252	2	36	of	of	ADP
fbem-26252	2	37	technology	technology	PROPN
fbem-26252	2	38	,	,	PUNCT
fbem-26252	2	39	hefei	hefei	PROPN
fbem-26252	2	40	510000	510000	NUM
fbem-26252	2	41	,	,	PUNCT
fbem-26252	2	42	china	china	PROPN
fbem-26252	2	43	2787245907@qq.com	2787245907@qq.com	NUM
fbem-26252	2	44	abstract	abstract	NOUN
fbem-26252	2	45	:	:	PUNCT
fbem-26252	2	46	esg	esg	PROPN
fbem-26252	2	47	stands	stand	VERB
fbem-26252	2	48	for	for	ADP
fbem-26252	2	49	environment	environment	NOUN
fbem-26252	2	50	(	(	PUNCT
fbem-26252	2	51	environment	environment	NOUN
fbem-26252	2	52	)	)	PUNCT
fbem-26252	2	53	,	,	PUNCT
fbem-26252	2	54	society	society	NOUN
fbem-26252	2	55	(	(	PUNCT
fbem-26252	2	56	social	social	ADJ
fbem-26252	2	57	)	)	PUNCT
fbem-26252	2	58	and	and	CCONJ
fbem-26252	2	59	corporate	corporate	ADJ
fbem-26252	2	60	governance	governance	NOUN
fbem-26252	2	61	(	(	PUNCT
fbem-26252	2	62	government	government	NOUN
fbem-26252	2	63	)	)	PUNCT
fbem-26252	2	64	respectively	respectively	ADV
fbem-26252	2	65	.	.	PUNCT
fbem-26252	3	1	it	it	PRON
fbem-26252	3	2	is	be	AUX
fbem-26252	3	3	a	a	DET
fbem-26252	3	4	non	non	ADJ
fbem-26252	3	5	-	-	ADJ
fbem-26252	3	6	financial	financial	ADJ
fbem-26252	3	7	performance	performance	NOUN
fbem-26252	3	8	investment	investment	NOUN
fbem-26252	3	9	concept	concept	NOUN
fbem-26252	3	10	and	and	CCONJ
fbem-26252	3	11	enterprise	enterprise	NOUN
fbem-26252	3	12	evaluation	evaluation	NOUN
fbem-26252	3	13	standard	standard	NOUN
fbem-26252	3	14	,	,	PUNCT
fbem-26252	3	15	and	and	CCONJ
fbem-26252	3	16	has	have	AUX
fbem-26252	3	17	been	be	AUX
fbem-26252	3	18	used	use	VERB
fbem-26252	3	19	by	by	ADP
fbem-26252	3	20	enterprises	enterprise	NOUN
fbem-26252	3	21	as	as	ADP
fbem-26252	3	22	an	an	DET
fbem-26252	3	23	important	important	ADJ
fbem-26252	3	24	indicator	indicator	NOUN
fbem-26252	3	25	to	to	PART
fbem-26252	3	26	measure	measure	VERB
fbem-26252	3	27	its	its	PRON
fbem-26252	3	28	quality	quality	NOUN
fbem-26252	3	29	.	.	PUNCT
fbem-26252	4	1	in	in	ADP
fbem-26252	4	2	the	the	DET
fbem-26252	4	3	context	context	NOUN
fbem-26252	4	4	of	of	ADP
fbem-26252	4	5	"	"	PUNCT
fbem-26252	4	6	deleveraging	deleveraging	NOUN
fbem-26252	4	7	"	"	PUNCT
fbem-26252	4	8	,	,	PUNCT
fbem-26252	4	9	there	there	PRON
fbem-26252	4	10	is	be	VERB
fbem-26252	4	11	a	a	DET
fbem-26252	4	12	lack	lack	NOUN
fbem-26252	4	13	of	of	ADP
fbem-26252	4	14	targeted	target	VERB
fbem-26252	4	15	research	research	NOUN
fbem-26252	4	16	on	on	ADP
fbem-26252	4	17	whether	whether	SCONJ
fbem-26252	4	18	enterprise	enterprise	NOUN
fbem-26252	4	19	esg	esg	NOUN
fbem-26252	4	20	performance	performance	NOUN
fbem-26252	4	21	can	can	AUX
fbem-26252	4	22	help	help	VERB
fbem-26252	4	23	enterprises	enterprise	NOUN
fbem-26252	4	24	"	"	PUNCT
fbem-26252	4	25	healthy	healthy	ADJ
fbem-26252	4	26	"	"	PUNCT
fbem-26252	4	27	deleveraging	deleveraging	NOUN
fbem-26252	4	28	.	.	PUNCT
fbem-26252	5	1	in	in	ADP
fbem-26252	5	2	this	this	DET
fbem-26252	5	3	paper	paper	NOUN
fbem-26252	5	4	,	,	PUNCT
fbem-26252	5	5	the	the	DET
fbem-26252	5	6	a	a	DET
fbem-26252	5	7	-	-	PUNCT
fbem-26252	5	8	share	share	NOUN
fbem-26252	5	9	listed	list	VERB
fbem-26252	5	10	companies	company	NOUN
fbem-26252	5	11	in	in	ADP
fbem-26252	5	12	shanghai	shanghai	PROPN
fbem-26252	5	13	and	and	CCONJ
fbem-26252	5	14	shenzhen	shenzhen	PROPN
fbem-26252	5	15	stock	stock	PROPN
fbem-26252	5	16	markets	market	NOUN
fbem-26252	5	17	from	from	ADP
fbem-26252	5	18	2008	2008	NUM
fbem-26252	5	19	to	to	ADP
fbem-26252	5	20	2022	2022	NUM
fbem-26252	5	21	are	be	AUX
fbem-26252	5	22	selected	select	VERB
fbem-26252	5	23	as	as	ADP
fbem-26252	5	24	the	the	DET
fbem-26252	5	25	original	original	ADJ
fbem-26252	5	26	samples	sample	NOUN
fbem-26252	5	27	to	to	PART
fbem-26252	5	28	explore	explore	VERB
fbem-26252	5	29	the	the	DET
fbem-26252	5	30	influence	influence	NOUN
fbem-26252	5	31	of	of	ADP
fbem-26252	5	32	esg	esg	PROPN
fbem-26252	5	33	performance	performance	NOUN
fbem-26252	5	34	on	on	ADP
fbem-26252	5	35	the	the	DET
fbem-26252	5	36	degree	degree	NOUN
fbem-26252	5	37	of	of	ADP
fbem-26252	5	38	leverage	leverage	NOUN
fbem-26252	5	39	manipulation	manipulation	NOUN
fbem-26252	5	40	of	of	ADP
fbem-26252	5	41	enterprises	enterprise	NOUN
fbem-26252	5	42	.	.	PUNCT
fbem-26252	6	1	the	the	DET
fbem-26252	6	2	empirical	empirical	ADJ
fbem-26252	6	3	results	result	NOUN
fbem-26252	6	4	show	show	VERB
fbem-26252	6	5	that	that	SCONJ
fbem-26252	6	6	good	good	ADJ
fbem-26252	6	7	esg	esg	PROPN
fbem-26252	6	8	performance	performance	NOUN
fbem-26252	6	9	can	can	AUX
fbem-26252	6	10	significantly	significantly	ADV
fbem-26252	6	11	reduce	reduce	VERB
fbem-26252	6	12	the	the	DET
fbem-26252	6	13	degree	degree	NOUN
fbem-26252	6	14	of	of	ADP
fbem-26252	6	15	leverage	leverage	NOUN
fbem-26252	6	16	manipulation	manipulation	NOUN
fbem-26252	6	17	of	of	ADP
fbem-26252	6	18	smes	sme	NOUN
fbem-26252	6	19	;	;	PUNCT
fbem-26252	6	20	in	in	ADP
fbem-26252	6	21	terms	term	NOUN
fbem-26252	6	22	of	of	ADP
fbem-26252	6	23	mechanism	mechanism	NOUN
fbem-26252	6	24	test	test	NOUN
fbem-26252	6	25	,	,	PUNCT
fbem-26252	6	26	esg	esg	PROPN
fbem-26252	6	27	weakens	weaken	VERB
fbem-26252	6	28	enterprises	enterprise	NOUN
fbem-26252	6	29	'	'	PART
fbem-26252	6	30	leverage	leverage	NOUN
fbem-26252	6	31	manipulation	manipulation	NOUN
fbem-26252	6	32	motivation	motivation	NOUN
fbem-26252	6	33	by	by	ADP
fbem-26252	6	34	reducing	reduce	VERB
fbem-26252	6	35	their	their	PRON
fbem-26252	6	36	own	own	ADJ
fbem-26252	6	37	credit	credit	NOUN
fbem-26252	6	38	level	level	NOUN
fbem-26252	6	39	,	,	PUNCT
fbem-26252	6	40	and	and	CCONJ
fbem-26252	6	41	enterprises	enterprise	NOUN
fbem-26252	6	42	'	'	PART
fbem-26252	6	43	digital	digital	ADJ
fbem-26252	6	44	transformation	transformation	NOUN
fbem-26252	6	45	inhibits	inhibit	VERB
fbem-26252	6	46	their	their	PRON
fbem-26252	6	47	own	own	ADJ
fbem-26252	6	48	leverage	leverage	NOUN
fbem-26252	6	49	manipulation	manipulation	NOUN
fbem-26252	6	50	.	.	PUNCT
fbem-26252	7	1	further	further	ADJ
fbem-26252	7	2	heterogeneity	heterogeneity	PROPN
fbem-26252	7	3	test	test	NOUN
fbem-26252	7	4	shows	show	VERB
fbem-26252	7	5	that	that	SCONJ
fbem-26252	7	6	esg	esg	NOUN
fbem-26252	7	7	performance	performance	NOUN
fbem-26252	7	8	is	be	AUX
fbem-26252	7	9	better	well	ADJ
fbem-26252	7	10	in	in	ADP
fbem-26252	7	11	eastern	eastern	ADJ
fbem-26252	7	12	and	and	CCONJ
fbem-26252	7	13	central	central	ADJ
fbem-26252	7	14	regions	region	NOUN
fbem-26252	7	15	and	and	CCONJ
fbem-26252	7	16	state	state	NOUN
fbem-26252	7	17	-	-	PUNCT
fbem-26252	7	18	owned	own	VERB
fbem-26252	7	19	enterprises	enterprise	NOUN
fbem-26252	7	20	.	.	PUNCT
fbem-26252	8	1	it	it	PRON
fbem-26252	8	2	is	be	AUX
fbem-26252	8	3	suggested	suggest	VERB
fbem-26252	8	4	that	that	SCONJ
fbem-26252	8	5	the	the	DET
fbem-26252	8	6	esg	esg	PROPN
fbem-26252	8	7	performance	performance	NOUN
fbem-26252	8	8	of	of	ADP
fbem-26252	8	9	enterprises	enterprise	NOUN
fbem-26252	8	10	should	should	AUX
fbem-26252	8	11	be	be	AUX
fbem-26252	8	12	further	far	ADV
fbem-26252	8	13	optimized	optimize	VERB
fbem-26252	8	14	and	and	CCONJ
fbem-26252	8	15	relevant	relevant	ADJ
fbem-26252	8	16	supervision	supervision	NOUN
fbem-26252	8	17	should	should	AUX
fbem-26252	8	18	be	be	AUX
fbem-26252	8	19	strengthened	strengthen	VERB
fbem-26252	8	20	.	.	PUNCT
fbem-26252	9	1	keywords	keyword	NOUN
fbem-26252	9	2	:	:	PUNCT
fbem-26252	9	3	enterprise	enterprise	NOUN
fbem-26252	9	4	esg	esg	NOUN
fbem-26252	9	5	performance	performance	NOUN
fbem-26252	9	6	,	,	PUNCT
fbem-26252	9	7	lever	lever	NOUN
fbem-26252	9	8	control	control	NOUN
fbem-26252	9	9	,	,	PUNCT
fbem-26252	9	10	financial	financial	ADJ
fbem-26252	9	11	supervision	supervision	NOUN
fbem-26252	9	12	.	.	PUNCT
fbem-26252	10	1	1	1	X
fbem-26252	10	2	.	.	X
fbem-26252	10	3	introduction	introduction	NOUN
fbem-26252	10	4	in	in	ADP
fbem-26252	10	5	recent	recent	ADJ
fbem-26252	10	6	years	year	NOUN
fbem-26252	10	7	,	,	PUNCT
fbem-26252	10	8	environmental	environmental	ADJ
fbem-26252	10	9	,	,	PUNCT
fbem-26252	10	10	social	social	ADJ
fbem-26252	10	11	and	and	CCONJ
fbem-26252	10	12	governance	governance	NOUN
fbem-26252	10	13	(	(	PUNCT
fbem-26252	10	14	esg	esg	NOUN
fbem-26252	10	15	)	)	PUNCT
fbem-26252	10	16	factors	factor	NOUN
fbem-26252	10	17	have	have	AUX
fbem-26252	10	18	become	become	VERB
fbem-26252	10	19	increasingly	increasingly	ADV
fbem-26252	10	20	important	important	ADJ
fbem-26252	10	21	in	in	ADP
fbem-26252	10	22	business	business	NOUN
fbem-26252	10	23	operations	operation	NOUN
fbem-26252	10	24	.	.	PUNCT
fbem-26252	11	1	companies	company	NOUN
fbem-26252	11	2	are	be	AUX
fbem-26252	11	3	increasingly	increasingly	ADV
fbem-26252	11	4	aware	aware	ADJ
fbem-26252	11	5	of	of	ADP
fbem-26252	11	6	the	the	DET
fbem-26252	11	7	need	need	NOUN
fbem-26252	11	8	to	to	PART
fbem-26252	11	9	focus	focus	VERB
fbem-26252	11	10	not	not	PART
fbem-26252	11	11	only	only	ADV
fbem-26252	11	12	on	on	ADP
fbem-26252	11	13	financial	financial	ADJ
fbem-26252	11	14	performance	performance	NOUN
fbem-26252	11	15	,	,	PUNCT
fbem-26252	11	16	but	but	CCONJ
fbem-26252	11	17	also	also	ADV
fbem-26252	11	18	on	on	ADP
fbem-26252	11	19	their	their	PRON
fbem-26252	11	20	performance	performance	NOUN
fbem-26252	11	21	in	in	ADP
fbem-26252	11	22	environmental	environmental	ADJ
fbem-26252	11	23	protection	protection	NOUN
fbem-26252	11	24	,	,	PUNCT
fbem-26252	11	25	social	social	ADJ
fbem-26252	11	26	responsibility	responsibility	NOUN
fbem-26252	11	27	and	and	CCONJ
fbem-26252	11	28	good	good	ADJ
fbem-26252	11	29	governance	governance	NOUN
fbem-26252	11	30	.	.	PUNCT
fbem-26252	12	1	esg	esg	NOUN
fbem-26252	12	2	factors	factor	NOUN
fbem-26252	12	3	are	be	AUX
fbem-26252	12	4	not	not	PART
fbem-26252	12	5	only	only	ADV
fbem-26252	12	6	related	relate	VERB
fbem-26252	12	7	to	to	ADP
fbem-26252	12	8	sustainable	sustainable	ADJ
fbem-26252	12	9	development	development	NOUN
fbem-26252	12	10	and	and	CCONJ
fbem-26252	12	11	social	social	ADJ
fbem-26252	12	12	responsibility	responsibility	NOUN
fbem-26252	12	13	of	of	ADP
fbem-26252	12	14	enterprises	enterprise	NOUN
fbem-26252	12	15	,	,	PUNCT
fbem-26252	12	16	but	but	CCONJ
fbem-26252	12	17	also	also	ADV
fbem-26252	12	18	directly	directly	ADV
fbem-26252	12	19	affect	affect	VERB
fbem-26252	12	20	the	the	DET
fbem-26252	12	21	reputation	reputation	NOUN
fbem-26252	12	22	,	,	PUNCT
fbem-26252	12	23	credibility	credibility	NOUN
fbem-26252	12	24	and	and	CCONJ
fbem-26252	12	25	long	long	ADJ
fbem-26252	12	26	-	-	PUNCT
fbem-26252	12	27	term	term	NOUN
fbem-26252	12	28	value	value	NOUN
fbem-26252	12	29	of	of	ADP
fbem-26252	12	30	enterprises	enterprise	NOUN
fbem-26252	12	31	.	.	PUNCT
fbem-26252	13	1	the	the	DET
fbem-26252	13	2	term	term	NOUN
fbem-26252	13	3	esg	esg	PROPN
fbem-26252	13	4	was	be	AUX
fbem-26252	13	5	coined	coin	VERB
fbem-26252	13	6	by	by	ADP
fbem-26252	13	7	the	the	DET
fbem-26252	13	8	united	united	PROPN
fbem-26252	13	9	nations	nations	PROPN
fbem-26252	13	10	in	in	ADP
fbem-26252	13	11	2005	2005	NUM
fbem-26252	13	12	to	to	PART
fbem-26252	13	13	measure	measure	VERB
fbem-26252	13	14	and	and	CCONJ
fbem-26252	13	15	codify	codify	VERB
fbem-26252	13	16	a	a	DET
fbem-26252	13	17	responsible	responsible	ADJ
fbem-26252	13	18	investment	investment	NOUN
fbem-26252	13	19	approach	approach	NOUN
fbem-26252	13	20	.	.	PUNCT
fbem-26252	14	1	it	it	PRON
fbem-26252	14	2	refers	refer	VERB
fbem-26252	14	3	to	to	ADP
fbem-26252	14	4	a	a	DET
fbem-26252	14	5	set	set	NOUN
fbem-26252	14	6	of	of	ADP
fbem-26252	14	7	corporate	corporate	ADJ
fbem-26252	14	8	performance	performance	NOUN
fbem-26252	14	9	evaluation	evaluation	NOUN
fbem-26252	14	10	criteria	criterion	NOUN
fbem-26252	14	11	used	use	VERB
fbem-26252	14	12	to	to	PART
fbem-26252	14	13	assess	assess	VERB
fbem-26252	14	14	the	the	DET
fbem-26252	14	15	robustness	robustness	NOUN
fbem-26252	14	16	of	of	ADP
fbem-26252	14	17	a	a	DET
fbem-26252	14	18	company	company	NOUN
fbem-26252	14	19	's	's	PART
fbem-26252	14	20	governance	governance	NOUN
fbem-26252	14	21	mechanisms	mechanism	NOUN
fbem-26252	14	22	and	and	CCONJ
fbem-26252	14	23	its	its	PRON
fbem-26252	14	24	ability	ability	NOUN
fbem-26252	14	25	to	to	PART
fbem-26252	14	26	effectively	effectively	ADV
fbem-26252	14	27	manage	manage	VERB
fbem-26252	14	28	its	its	PRON
fbem-26252	14	29	environmental	environmental	ADJ
fbem-26252	14	30	and	and	CCONJ
fbem-26252	14	31	social	social	ADJ
fbem-26252	14	32	impacts	impact	NOUN
fbem-26252	14	33	.	.	PUNCT
fbem-26252	15	1	institutional	institutional	ADJ
fbem-26252	15	2	investors	investor	NOUN
fbem-26252	15	3	,	,	PUNCT
fbem-26252	15	4	stock	stock	NOUN
fbem-26252	15	5	exchanges	exchange	NOUN
fbem-26252	15	6	and	and	CCONJ
fbem-26252	15	7	boards	board	NOUN
fbem-26252	15	8	are	be	AUX
fbem-26252	15	9	increasingly	increasingly	ADV
fbem-26252	15	10	using	use	VERB
fbem-26252	15	11	sustainability	sustainability	NOUN
fbem-26252	15	12	and	and	CCONJ
fbem-26252	15	13	social	social	ADJ
fbem-26252	15	14	responsibility	responsibility	NOUN
fbem-26252	15	15	disclosures	disclosure	NOUN
fbem-26252	15	16	to	to	PART
fbem-26252	15	17	explore	explore	VERB
fbem-26252	15	18	the	the	DET
fbem-26252	15	19	relationship	relationship	NOUN
fbem-26252	15	20	between	between	ADP
fbem-26252	15	21	a	a	DET
fbem-26252	15	22	company	company	NOUN
fbem-26252	15	23	's	's	PART
fbem-26252	15	24	management	management	NOUN
fbem-26252	15	25	of	of	ADP
fbem-26252	15	26	esg	esg	PROPN
fbem-26252	15	27	risk	risk	NOUN
fbem-26252	15	28	factors	factor	NOUN
fbem-26252	15	29	and	and	CCONJ
fbem-26252	15	30	its	its	PRON
fbem-26252	15	31	business	business	NOUN
fbem-26252	15	32	performance	performance	NOUN
fbem-26252	15	33	.	.	PUNCT
fbem-26252	16	1	in	in	ADP
fbem-26252	16	2	2006	2006	NUM
fbem-26252	16	3	,	,	PUNCT
fbem-26252	16	4	the	the	DET
fbem-26252	16	5	united	united	PROPN
fbem-26252	16	6	nations	nations	PROPN
fbem-26252	16	7	also	also	ADV
fbem-26252	16	8	established	establish	VERB
fbem-26252	16	9	the	the	DET
fbem-26252	16	10	united	united	PROPN
fbem-26252	16	11	nations	nations	PROPN
fbem-26252	16	12	principles	principle	NOUN
fbem-26252	16	13	for	for	ADP
fbem-26252	16	14	responsible	responsible	ADJ
fbem-26252	16	15	investment	investment	NOUN
fbem-26252	16	16	(	(	PUNCT
fbem-26252	16	17	pri	pri	NOUN
fbem-26252	16	18	)	)	PUNCT
fbem-26252	16	19	,	,	PUNCT
fbem-26252	16	20	which	which	PRON
fbem-26252	16	21	is	be	AUX
fbem-26252	16	22	an	an	DET
fbem-26252	16	23	organization	organization	NOUN
fbem-26252	16	24	dedicated	dedicate	VERB
fbem-26252	16	25	to	to	ADP
fbem-26252	16	26	incorporating	incorporate	VERB
fbem-26252	16	27	esg	esg	PROPN
fbem-26252	16	28	into	into	ADP
fbem-26252	16	29	investment	investment	NOUN
fbem-26252	16	30	decisions	decision	NOUN
fbem-26252	16	31	.	.	PUNCT
fbem-26252	17	1	the	the	DET
fbem-26252	17	2	core	core	ADJ
fbem-26252	17	3	idea	idea	NOUN
fbem-26252	17	4	behind	behind	ADP
fbem-26252	17	5	it	it	PRON
fbem-26252	17	6	is	be	AUX
fbem-26252	17	7	that	that	SCONJ
fbem-26252	17	8	esg	esg	PROPN
fbem-26252	17	9	is	be	AUX
fbem-26252	17	10	an	an	DET
fbem-26252	17	11	important	important	ADJ
fbem-26252	17	12	relevant	relevant	ADJ
fbem-26252	17	13	factor	factor	NOUN
fbem-26252	17	14	in	in	ADP
fbem-26252	17	15	investment	investment	NOUN
fbem-26252	17	16	decisions	decision	NOUN
fbem-26252	17	17	,	,	PUNCT
fbem-26252	17	18	so	so	ADV
fbem-26252	17	19	responsible	responsible	ADJ
fbem-26252	17	20	investors	investor	NOUN
fbem-26252	17	21	should	should	AUX
fbem-26252	17	22	use	use	VERB
fbem-26252	17	23	esg	esg	PROPN
fbem-26252	17	24	to	to	PART
fbem-26252	17	25	measure	measure	VERB
fbem-26252	17	26	a	a	DET
fbem-26252	17	27	company	company	NOUN
fbem-26252	17	28	's	's	PART
fbem-26252	17	29	social	social	ADJ
fbem-26252	17	30	responsibility	responsibility	NOUN
fbem-26252	17	31	performance	performance	NOUN
fbem-26252	17	32	when	when	SCONJ
fbem-26252	17	33	investing	invest	VERB
fbem-26252	17	34	.	.	PUNCT
fbem-26252	18	1	this	this	DET
fbem-26252	18	2	shift	shift	NOUN
fbem-26252	18	3	requires	require	VERB
fbem-26252	18	4	companies	company	NOUN
fbem-26252	18	5	to	to	PART
fbem-26252	18	6	break	break	VERB
fbem-26252	18	7	down	down	ADP
fbem-26252	18	8	departmental	departmental	ADJ
fbem-26252	18	9	divisions	division	NOUN
fbem-26252	18	10	and	and	CCONJ
fbem-26252	18	11	establish	establish	VERB
fbem-26252	18	12	more	more	ADV
fbem-26252	18	13	thoughtful	thoughtful	ADJ
fbem-26252	18	14	coordination	coordination	NOUN
fbem-26252	18	15	and	and	CCONJ
fbem-26252	18	16	collaboration	collaboration	NOUN
fbem-26252	18	17	across	across	ADP
fbem-26252	18	18	key	key	ADJ
fbem-26252	18	19	functions	function	NOUN
fbem-26252	18	20	such	such	ADJ
fbem-26252	18	21	as	as	ADP
fbem-26252	18	22	environmental	environmental	ADJ
fbem-26252	18	23	,	,	PUNCT
fbem-26252	18	24	social	social	ADJ
fbem-26252	18	25	and	and	CCONJ
fbem-26252	18	26	governance	governance	NOUN
fbem-26252	18	27	sustainability	sustainability	NOUN
fbem-26252	18	28	,	,	PUNCT
fbem-26252	18	29	public	public	ADJ
fbem-26252	18	30	affairs	affair	NOUN
fbem-26252	18	31	,	,	PUNCT
fbem-26252	18	32	risk	risk	NOUN
fbem-26252	18	33	,	,	PUNCT
fbem-26252	18	34	ethics	ethic	NOUN
fbem-26252	18	35	and	and	CCONJ
fbem-26252	18	36	compliance	compliance	NOUN
fbem-26252	18	37	.	.	PUNCT
fbem-26252	19	1	widespread	widespread	ADJ
fbem-26252	19	2	public	public	ADJ
fbem-26252	19	3	concern	concern	NOUN
fbem-26252	19	4	about	about	ADP
fbem-26252	19	5	corporate	corporate	ADJ
fbem-26252	19	6	hypocrisy	hypocrisy	NOUN
fbem-26252	19	7	and	and	CCONJ
fbem-26252	19	8	"	"	PUNCT
fbem-26252	19	9	greenwashing	greenwashing	NOUN
fbem-26252	19	10	"	"	PUNCT
fbem-26252	19	11	has	have	AUX
fbem-26252	19	12	further	far	ADV
fbem-26252	19	13	called	call	VERB
fbem-26252	19	14	for	for	ADP
fbem-26252	19	15	a	a	DET
fbem-26252	19	16	more	more	ADV
fbem-26252	19	17	strategic	strategic	ADJ
fbem-26252	19	18	and	and	CCONJ
fbem-26252	19	19	coordinated	coordinated	ADJ
fbem-26252	19	20	approach	approach	NOUN
fbem-26252	19	21	to	to	ADP
fbem-26252	19	22	corporate	corporate	ADJ
fbem-26252	19	23	integrity	integrity	NOUN
fbem-26252	19	24	commitments	commitment	NOUN
fbem-26252	19	25	.	.	PUNCT
fbem-26252	20	1	in	in	ADP
fbem-26252	20	2	this	this	DET
fbem-26252	20	3	context	context	NOUN
fbem-26252	20	4	,	,	PUNCT
fbem-26252	20	5	scholars	scholar	NOUN
fbem-26252	20	6	began	begin	VERB
fbem-26252	20	7	to	to	PART
fbem-26252	20	8	pay	pay	VERB
fbem-26252	20	9	attention	attention	NOUN
fbem-26252	20	10	to	to	ADP
fbem-26252	20	11	the	the	DET
fbem-26252	20	12	influence	influence	NOUN
fbem-26252	20	13	of	of	ADP
fbem-26252	20	14	esg	esg	PROPN
fbem-26252	20	15	on	on	ADP
fbem-26252	20	16	leverage	leverage	NOUN
fbem-26252	20	17	manipulation	manipulation	NOUN
fbem-26252	20	18	behavior	behavior	NOUN
fbem-26252	20	19	.	.	PUNCT
fbem-26252	21	1	leverage	leverage	NOUN
fbem-26252	21	2	manipulation	manipulation	NOUN
fbem-26252	21	3	refers	refer	VERB
fbem-26252	21	4	to	to	ADP
fbem-26252	21	5	the	the	DET
fbem-26252	21	6	behavior	behavior	NOUN
fbem-26252	21	7	of	of	ADP
fbem-26252	21	8	an	an	DET
fbem-26252	21	9	enterprise	enterprise	NOUN
fbem-26252	21	10	using	use	VERB
fbem-26252	21	11	debt	debt	NOUN
fbem-26252	21	12	and	and	CCONJ
fbem-26252	21	13	financial	financial	ADJ
fbem-26252	21	14	leverage	leverage	NOUN
fbem-26252	21	15	to	to	ADP
fbem-26252	21	16	control	control	VERB
fbem-26252	21	17	,	,	PUNCT
fbem-26252	21	18	mislead	mislead	VERB
fbem-26252	21	19	or	or	CCONJ
fbem-26252	21	20	influence	influence	VERB
fbem-26252	21	21	the	the	DET
fbem-26252	21	22	company	company	NOUN
fbem-26252	21	23	's	's	PART
fbem-26252	21	24	financial	financial	ADJ
fbem-26252	21	25	status	status	NOUN
fbem-26252	21	26	and	and	CCONJ
fbem-26252	21	27	performance	performance	NOUN
fbem-26252	21	28	by	by	ADP
fbem-26252	21	29	adjusting	adjust	VERB
fbem-26252	21	30	financial	financial	ADJ
fbem-26252	21	31	statements	statement	NOUN
fbem-26252	21	32	and	and	CCONJ
fbem-26252	21	33	data	datum	NOUN
fbem-26252	21	34	.	.	PUNCT
fbem-26252	22	1	companies	company	NOUN
fbem-26252	22	2	with	with	ADP
fbem-26252	22	3	good	good	ADJ
fbem-26252	22	4	esg	esg	PROPN
fbem-26252	22	5	practices	practice	NOUN
fbem-26252	22	6	may	may	AUX
fbem-26252	22	7	be	be	AUX
fbem-26252	22	8	more	more	ADV
fbem-26252	22	9	focused	focused	ADJ
fbem-26252	22	10	on	on	ADP
fbem-26252	22	11	long	long	ADJ
fbem-26252	22	12	-	-	PUNCT
fbem-26252	22	13	term	term	NOUN
fbem-26252	22	14	sound	sound	ADJ
fbem-26252	22	15	financial	financial	ADJ
fbem-26252	22	16	management	management	NOUN
fbem-26252	22	17	and	and	CCONJ
fbem-26252	22	18	transparency	transparency	NOUN
fbem-26252	22	19	,	,	PUNCT
fbem-26252	22	20	thereby	thereby	ADV
fbem-26252	22	21	reducing	reduce	VERB
fbem-26252	22	22	the	the	DET
fbem-26252	22	23	likelihood	likelihood	NOUN
fbem-26252	22	24	of	of	ADP
fbem-26252	22	25	short	short	ADJ
fbem-26252	22	26	-	-	PUNCT
fbem-26252	22	27	term	term	NOUN
fbem-26252	22	28	leverage	leverage	NOUN
fbem-26252	22	29	manipulation	manipulation	NOUN
fbem-26252	22	30	;	;	PUNCT
fbem-26252	22	31	conversely	conversely	ADV
fbem-26252	22	32	,	,	PUNCT
fbem-26252	22	33	companies	company	NOUN
fbem-26252	22	34	with	with	ADP
fbem-26252	22	35	poor	poor	ADJ
fbem-26252	22	36	esg	esg	NOUN
fbem-26252	22	37	performance	performance	NOUN
fbem-26252	22	38	may	may	AUX
fbem-26252	22	39	be	be	AUX
fbem-26252	22	40	more	more	ADV
fbem-26252	22	41	inclined	inclined	ADJ
fbem-26252	22	42	to	to	PART
fbem-26252	22	43	manipulate	manipulate	VERB
fbem-26252	22	44	financial	financial	ADJ
fbem-26252	22	45	2	2	NUM
fbem-26252	22	46	data	datum	NOUN
fbem-26252	22	47	in	in	ADP
fbem-26252	22	48	response	response	NOUN
fbem-26252	22	49	to	to	ADP
fbem-26252	22	50	market	market	NOUN
fbem-26252	22	51	pressures	pressure	NOUN
fbem-26252	22	52	or	or	CCONJ
fbem-26252	22	53	to	to	PART
fbem-26252	22	54	pursue	pursue	VERB
fbem-26252	22	55	short	short	ADJ
fbem-26252	22	56	-	-	PUNCT
fbem-26252	22	57	term	term	NOUN
fbem-26252	22	58	performance	performance	NOUN
fbem-26252	22	59	targets	target	NOUN
fbem-26252	22	60	.	.	PUNCT
fbem-26252	23	1	therefore	therefore	ADV
fbem-26252	23	2	,	,	PUNCT
fbem-26252	23	3	studying	study	VERB
fbem-26252	23	4	how	how	SCONJ
fbem-26252	23	5	corporate	corporate	ADJ
fbem-26252	23	6	esg	esg	NOUN
fbem-26252	23	7	affects	affect	VERB
fbem-26252	23	8	leverage	leverage	NOUN
fbem-26252	23	9	manipulation	manipulation	NOUN
fbem-26252	23	10	behavior	behavior	NOUN
fbem-26252	23	11	not	not	PART
fbem-26252	23	12	only	only	ADV
fbem-26252	23	13	contributes	contribute	VERB
fbem-26252	23	14	to	to	ADP
fbem-26252	23	15	a	a	DET
fbem-26252	23	16	deeper	deep	ADJ
fbem-26252	23	17	understanding	understanding	NOUN
fbem-26252	23	18	of	of	ADP
fbem-26252	23	19	the	the	DET
fbem-26252	23	20	relationship	relationship	NOUN
fbem-26252	23	21	between	between	ADP
fbem-26252	23	22	corporate	corporate	ADJ
fbem-26252	23	23	financial	financial	ADJ
fbem-26252	23	24	management	management	NOUN
fbem-26252	23	25	and	and	CCONJ
fbem-26252	23	26	moral	moral	ADJ
fbem-26252	23	27	hazard	hazard	NOUN
fbem-26252	23	28	management	management	NOUN
fbem-26252	23	29	,	,	PUNCT
fbem-26252	23	30	but	but	CCONJ
fbem-26252	23	31	also	also	ADV
fbem-26252	23	32	has	have	VERB
fbem-26252	23	33	great	great	ADJ
fbem-26252	23	34	significance	significance	NOUN
fbem-26252	23	35	in	in	ADP
fbem-26252	23	36	promoting	promote	VERB
fbem-26252	23	37	the	the	DET
fbem-26252	23	38	development	development	NOUN
fbem-26252	23	39	of	of	ADP
fbem-26252	23	40	enterprises	enterprise	NOUN
fbem-26252	23	41	in	in	ADP
fbem-26252	23	42	the	the	DET
fbem-26252	23	43	direction	direction	NOUN
fbem-26252	23	44	of	of	ADP
fbem-26252	23	45	sustainable	sustainable	ADJ
fbem-26252	23	46	development	development	NOUN
fbem-26252	23	47	and	and	CCONJ
fbem-26252	23	48	financial	financial	ADJ
fbem-26252	23	49	transparency	transparency	NOUN
fbem-26252	23	50	.	.	PUNCT
fbem-26252	24	1	through	through	ADP
fbem-26252	24	2	in	in	ADP
fbem-26252	24	3	-	-	PUNCT
fbem-26252	24	4	depth	depth	NOUN
fbem-26252	24	5	study	study	NOUN
fbem-26252	24	6	of	of	ADP
fbem-26252	24	7	this	this	DET
fbem-26252	24	8	topic	topic	NOUN
fbem-26252	24	9	,	,	PUNCT
fbem-26252	24	10	it	it	PRON
fbem-26252	24	11	can	can	AUX
fbem-26252	24	12	provide	provide	VERB
fbem-26252	24	13	more	more	ADJ
fbem-26252	24	14	specific	specific	ADJ
fbem-26252	24	15	guidance	guidance	NOUN
fbem-26252	24	16	for	for	ADP
fbem-26252	24	17	enterprises	enterprise	NOUN
fbem-26252	24	18	to	to	PART
fbem-26252	24	19	practice	practice	VERB
fbem-26252	24	20	esg	esg	PROPN
fbem-26252	24	21	,	,	PUNCT
fbem-26252	24	22	and	and	CCONJ
fbem-26252	24	23	promote	promote	VERB
fbem-26252	24	24	the	the	DET
fbem-26252	24	25	long	long	ADJ
fbem-26252	24	26	-	-	PUNCT
fbem-26252	24	27	term	term	NOUN
fbem-26252	24	28	steady	steady	ADJ
fbem-26252	24	29	development	development	NOUN
fbem-26252	24	30	of	of	ADP
fbem-26252	24	31	enterprises	enterprise	NOUN
fbem-26252	24	32	in	in	ADP
fbem-26252	24	33	financial	financial	ADJ
fbem-26252	24	34	management	management	NOUN
fbem-26252	24	35	.	.	PUNCT
fbem-26252	25	1	2	2	X
fbem-26252	25	2	.	.	X
fbem-26252	25	3	literature	literature	NOUN
fbem-26252	25	4	review	review	PROPN
fbem-26252	25	5	and	and	CCONJ
fbem-26252	25	6	theoretical	theoretical	ADJ
fbem-26252	25	7	hypothesis	hypothesis	NOUN
fbem-26252	25	8	there	there	PRON
fbem-26252	25	9	has	have	AUX
fbem-26252	25	10	been	be	AUX
fbem-26252	25	11	some	some	DET
fbem-26252	25	12	research	research	NOUN
fbem-26252	25	13	on	on	ADP
fbem-26252	25	14	the	the	DET
fbem-26252	25	15	relationship	relationship	NOUN
fbem-26252	25	16	between	between	ADP
fbem-26252	25	17	corporate	corporate	ADJ
fbem-26252	25	18	esg	esg	PROPN
fbem-26252	25	19	(	(	PUNCT
fbem-26252	25	20	environmental	environmental	ADJ
fbem-26252	25	21	,	,	PUNCT
fbem-26252	25	22	social	social	ADJ
fbem-26252	25	23	and	and	CCONJ
fbem-26252	25	24	governance	governance	NOUN
fbem-26252	25	25	)	)	PUNCT
fbem-26252	25	26	and	and	CCONJ
fbem-26252	25	27	leverage	leverage	NOUN
fbem-26252	25	28	manipulation	manipulation	NOUN
fbem-26252	25	29	.	.	PUNCT
fbem-26252	26	1	some	some	DET
fbem-26252	26	2	studies	study	NOUN
fbem-26252	26	3	have	have	AUX
fbem-26252	26	4	found	find	VERB
fbem-26252	26	5	that	that	SCONJ
fbem-26252	26	6	companies	company	NOUN
fbem-26252	26	7	with	with	ADP
fbem-26252	26	8	good	good	ADJ
fbem-26252	26	9	esg	esg	PROPN
fbem-26252	26	10	performance	performance	NOUN
fbem-26252	26	11	may	may	AUX
fbem-26252	26	12	run	run	VERB
fbem-26252	26	13	their	their	PRON
fbem-26252	26	14	businesses	business	NOUN
fbem-26252	26	15	more	more	ADV
fbem-26252	26	16	carefully	carefully	ADV
fbem-26252	26	17	and	and	CCONJ
fbem-26252	26	18	transparently	transparently	ADV
fbem-26252	26	19	,	,	PUNCT
fbem-26252	26	20	reducing	reduce	VERB
fbem-26252	26	21	the	the	DET
fbem-26252	26	22	likelihood	likelihood	NOUN
fbem-26252	26	23	of	of	ADP
fbem-26252	26	24	being	be	AUX
fbem-26252	26	25	suspected	suspect	VERB
fbem-26252	26	26	of	of	ADP
fbem-26252	26	27	engaging	engage	VERB
fbem-26252	26	28	in	in	ADP
fbem-26252	26	29	leverage	leverage	NOUN
fbem-26252	26	30	manipulation	manipulation	NOUN
fbem-26252	26	31	.	.	PUNCT
fbem-26252	27	1	for	for	ADP
fbem-26252	27	2	example	example	NOUN
fbem-26252	27	3	,	,	PUNCT
fbem-26252	27	4	some	some	DET
fbem-26252	27	5	studies	study	NOUN
fbem-26252	27	6	have	have	AUX
fbem-26252	27	7	pointed	point	VERB
fbem-26252	27	8	out	out	ADP
fbem-26252	27	9	that	that	SCONJ
fbem-26252	27	10	high	high	ADJ
fbem-26252	27	11	levels	level	NOUN
fbem-26252	27	12	of	of	ADP
fbem-26252	27	13	social	social	ADJ
fbem-26252	27	14	responsibility	responsibility	NOUN
fbem-26252	27	15	and	and	CCONJ
fbem-26252	27	16	governance	governance	NOUN
fbem-26252	27	17	practices	practice	NOUN
fbem-26252	27	18	can	can	AUX
fbem-26252	27	19	improve	improve	VERB
fbem-26252	27	20	a	a	DET
fbem-26252	27	21	company	company	NOUN
fbem-26252	27	22	's	's	PART
fbem-26252	27	23	reputation	reputation	NOUN
fbem-26252	27	24	and	and	CCONJ
fbem-26252	27	25	trust	trust	NOUN
fbem-26252	27	26	,	,	PUNCT
fbem-26252	27	27	reducing	reduce	VERB
fbem-26252	27	28	investors	investor	NOUN
fbem-26252	27	29	'	'	PART
fbem-26252	27	30	and	and	CCONJ
fbem-26252	27	31	other	other	ADJ
fbem-26252	27	32	stakeholders	stakeholder	NOUN
fbem-26252	27	33	'	'	PART
fbem-26252	27	34	suspicion	suspicion	NOUN
fbem-26252	27	35	of	of	ADP
fbem-26252	27	36	financial	financial	ADJ
fbem-26252	27	37	manipulation	manipulation	NOUN
fbem-26252	27	38	.	.	PUNCT
fbem-26252	28	1	this	this	DET
fbem-26252	28	2	accumulation	accumulation	NOUN
fbem-26252	28	3	of	of	ADP
fbem-26252	28	4	trust	trust	NOUN
fbem-26252	28	5	and	and	CCONJ
fbem-26252	28	6	reputation	reputation	NOUN
fbem-26252	28	7	helps	help	VERB
fbem-26252	28	8	companies	company	NOUN
fbem-26252	28	9	gain	gain	VERB
fbem-26252	28	10	access	access	NOUN
fbem-26252	28	11	to	to	ADP
fbem-26252	28	12	more	more	ADJ
fbem-26252	28	13	financing	financing	NOUN
fbem-26252	28	14	channels	channel	NOUN
fbem-26252	28	15	and	and	CCONJ
fbem-26252	28	16	lower	low	ADJ
fbem-26252	28	17	financing	financing	NOUN
fbem-26252	28	18	costs	cost	NOUN
fbem-26252	28	19	,	,	PUNCT
fbem-26252	28	20	thus	thus	ADV
fbem-26252	28	21	reducing	reduce	VERB
fbem-26252	28	22	the	the	DET
fbem-26252	28	23	236	236	NUM
fbem-26252	28	24	incentive	incentive	NOUN
fbem-26252	28	25	to	to	PART
fbem-26252	28	26	engage	engage	VERB
fbem-26252	28	27	in	in	ADP
fbem-26252	28	28	leverage	leverage	NOUN
fbem-26252	28	29	manipulation	manipulation	NOUN
fbem-26252	28	30	.	.	PUNCT
fbem-26252	29	1	lou	lou	PROPN
fbem-26252	29	2	senyuan	senyuan	PROPN
fbem-26252	29	3	et	et	PROPN
fbem-26252	29	4	al	al	PROPN
fbem-26252	29	5	.	.	PROPN
fbem-26252	30	1	(	(	PUNCT
fbem-26252	30	2	2023	2023	NUM
fbem-26252	30	3	)	)	PUNCT
fbem-26252	30	4	selected	select	VERB
fbem-26252	30	5	41	41	NUM
fbem-26252	30	6	listed	list	VERB
fbem-26252	30	7	commercial	commercial	ADJ
fbem-26252	30	8	banks	bank	NOUN
fbem-26252	30	9	in	in	ADP
fbem-26252	30	10	china	china	PROPN
fbem-26252	30	11	from	from	ADP
fbem-26252	30	12	the	the	DET
fbem-26252	30	13	first	first	ADJ
fbem-26252	30	14	quarter	quarter	NOUN
fbem-26252	30	15	of	of	ADP
fbem-26252	30	16	2018	2018	NUM
fbem-26252	30	17	to	to	ADP
fbem-26252	30	18	the	the	DET
fbem-26252	30	19	fourth	fourth	ADJ
fbem-26252	30	20	quarter	quarter	NOUN
fbem-26252	30	21	of	of	ADP
fbem-26252	30	22	2021	2021	NUM
fbem-26252	30	23	as	as	ADP
fbem-26252	30	24	research	research	NOUN
fbem-26252	30	25	samples	sample	NOUN
fbem-26252	30	26	,	,	PUNCT
fbem-26252	30	27	and	and	CCONJ
fbem-26252	30	28	concluded	conclude	VERB
fbem-26252	30	29	that	that	SCONJ
fbem-26252	30	30	the	the	DET
fbem-26252	30	31	comprehensive	comprehensive	ADJ
fbem-26252	30	32	score	score	NOUN
fbem-26252	30	33	of	of	ADP
fbem-26252	30	34	esg	esg	PROPN
fbem-26252	30	35	performance	performance	NOUN
fbem-26252	30	36	of	of	ADP
fbem-26252	30	37	commercial	commercial	ADJ
fbem-26252	30	38	banks	bank	NOUN
fbem-26252	30	39	was	be	AUX
fbem-26252	30	40	significantly	significantly	ADV
fbem-26252	30	41	negatively	negatively	ADV
fbem-26252	30	42	correlated	correlate	VERB
fbem-26252	30	43	with	with	ADP
fbem-26252	30	44	systemic	systemic	ADJ
fbem-26252	30	45	risk	risk	NOUN
fbem-26252	30	46	.	.	PUNCT
fbem-26252	31	1	zang	zang	PROPN
fbem-26252	31	2	qin	qin	PROPN
fbem-26252	31	3	et	et	PROPN
fbem-26252	31	4	al	al	PROPN
fbem-26252	31	5	.	.	PROPN
fbem-26252	31	6	(	(	PUNCT
fbem-26252	31	7	2023	2023	NUM
fbem-26252	31	8	)	)	PUNCT
fbem-26252	31	9	show	show	VERB
fbem-26252	31	10	that	that	SCONJ
fbem-26252	31	11	good	good	ADJ
fbem-26252	31	12	esg	esg	PROPN
fbem-26252	31	13	performance	performance	NOUN
fbem-26252	31	14	can	can	AUX
fbem-26252	31	15	bring	bring	VERB
fbem-26252	31	16	double	double	ADJ
fbem-26252	31	17	dividends	dividend	NOUN
fbem-26252	31	18	of	of	ADP
fbem-26252	31	19	economic	economic	ADJ
fbem-26252	31	20	and	and	CCONJ
fbem-26252	31	21	social	social	ADJ
fbem-26252	31	22	benefits	benefit	NOUN
fbem-26252	31	23	to	to	ADP
fbem-26252	31	24	enterprises	enterprise	NOUN
fbem-26252	31	25	,	,	PUNCT
fbem-26252	31	26	help	help	VERB
fbem-26252	31	27	enterprises	enterprise	NOUN
fbem-26252	31	28	improve	improve	VERB
fbem-26252	31	29	the	the	DET
fbem-26252	31	30	level	level	NOUN
fbem-26252	31	31	of	of	ADP
fbem-26252	31	32	internal	internal	ADJ
fbem-26252	31	33	financing	financing	NOUN
fbem-26252	31	34	,	,	PUNCT
fbem-26252	31	35	reduce	reduce	VERB
fbem-26252	31	36	the	the	DET
fbem-26252	31	37	demand	demand	NOUN
fbem-26252	31	38	for	for	ADP
fbem-26252	31	39	external	external	ADJ
fbem-26252	31	40	financing	financing	NOUN
fbem-26252	31	41	,	,	PUNCT
fbem-26252	31	42	and	and	CCONJ
fbem-26252	31	43	thus	thus	ADV
fbem-26252	31	44	achieve	achieve	VERB
fbem-26252	31	45	leverage	leverage	NOUN
fbem-26252	31	46	reduction	reduction	NOUN
fbem-26252	31	47	effect	effect	NOUN
fbem-26252	31	48	.	.	PUNCT
fbem-26252	32	1	xie	xie	PROPN
fbem-26252	32	2	ting	ting	PROPN
fbem-26252	32	3	,	,	PUNCT
fbem-26252	32	4	wang	wang	PROPN
fbem-26252	32	5	shuai	shuai	PROPN
fbem-26252	32	6	et	et	PROPN
fbem-26252	32	7	al	al	PROPN
fbem-26252	32	8	.	.	PUNCT
fbem-26252	33	1	"	"	PUNCT
fbem-26252	33	2	(	(	PUNCT
fbem-26252	33	3	2024	2024	NUM
fbem-26252	33	4	)	)	PUNCT
fbem-26252	33	5	found	find	VERB
fbem-26252	33	6	that	that	SCONJ
fbem-26252	33	7	strategic	strategic	ADJ
fbem-26252	33	8	emerging	emerge	VERB
fbem-26252	33	9	enterprises	enterprise	NOUN
fbem-26252	33	10	are	be	AUX
fbem-26252	33	11	more	more	ADV
fbem-26252	33	12	able	able	ADJ
fbem-26252	33	13	to	to	PART
fbem-26252	33	14	create	create	VERB
fbem-26252	33	15	production	production	NOUN
fbem-26252	33	16	capacity	capacity	NOUN
fbem-26252	33	17	performance	performance	NOUN
fbem-26252	33	18	for	for	ADP
fbem-26252	33	19	r&d	r&d	NOUN
fbem-26252	33	20	and	and	CCONJ
fbem-26252	33	21	production	production	NOUN
fbem-26252	33	22	with	with	ADP
fbem-26252	33	23	a	a	DET
fbem-26252	33	24	longer	long	ADJ
fbem-26252	33	25	period	period	NOUN
fbem-26252	33	26	after	after	ADP
fbem-26252	33	27	obtaining	obtain	VERB
fbem-26252	33	28	medium	medium	ADJ
fbem-26252	33	29	and	and	CCONJ
fbem-26252	33	30	long	long	ADJ
fbem-26252	33	31	-	-	PUNCT
fbem-26252	33	32	term	term	NOUN
fbem-26252	33	33	credit	credit	NOUN
fbem-26252	33	34	,	,	PUNCT
fbem-26252	33	35	further	far	ADV
fbem-26252	33	36	improving	improve	VERB
fbem-26252	33	37	their	their	PRON
fbem-26252	33	38	high	high	ADJ
fbem-26252	33	39	-	-	PUNCT
fbem-26252	33	40	quality	quality	NOUN
fbem-26252	33	41	innovation	innovation	NOUN
fbem-26252	33	42	and	and	CCONJ
fbem-26252	33	43	development	development	NOUN
fbem-26252	33	44	ability	ability	NOUN
fbem-26252	33	45	.	.	PUNCT
fbem-26252	34	1	meanwhile	meanwhile	ADV
fbem-26252	34	2	,	,	PUNCT
fbem-26252	34	3	excessive	excessive	ADJ
fbem-26252	34	4	medium	medium	ADJ
fbem-26252	34	5	and	and	CCONJ
fbem-26252	34	6	long	long	ADJ
fbem-26252	34	7	-	-	PUNCT
fbem-26252	34	8	term	term	NOUN
fbem-26252	34	9	credit	credit	NOUN
fbem-26252	34	10	will	will	AUX
fbem-26252	34	11	lead	lead	VERB
fbem-26252	34	12	to	to	ADP
fbem-26252	34	13	high	high	ADJ
fbem-26252	34	14	leverage	leverage	NOUN
fbem-26252	34	15	ratio	ratio	NOUN
fbem-26252	34	16	of	of	ADP
fbem-26252	34	17	enterprises	enterprise	NOUN
fbem-26252	34	18	,	,	PUNCT
fbem-26252	34	19	and	and	CCONJ
fbem-26252	34	20	insufficient	insufficient	ADJ
fbem-26252	34	21	debt	debt	NOUN
fbem-26252	34	22	repayment	repayment	NOUN
fbem-26252	34	23	ability	ability	NOUN
fbem-26252	34	24	of	of	ADP
fbem-26252	34	25	enterprises	enterprise	NOUN
fbem-26252	34	26	will	will	AUX
fbem-26252	34	27	lead	lead	VERB
fbem-26252	34	28	to	to	ADP
fbem-26252	34	29	continuous	continuous	ADJ
fbem-26252	34	30	decline	decline	NOUN
fbem-26252	34	31	in	in	ADP
fbem-26252	34	32	corporate	corporate	ADJ
fbem-26252	34	33	performance	performance	NOUN
fbem-26252	34	34	.	.	PUNCT
fbem-26252	35	1	on	on	ADP
fbem-26252	35	2	the	the	DET
fbem-26252	35	3	other	other	ADJ
fbem-26252	35	4	hand	hand	NOUN
fbem-26252	35	5	,	,	PUNCT
fbem-26252	35	6	studies	study	NOUN
fbem-26252	35	7	have	have	AUX
fbem-26252	35	8	pointed	point	VERB
fbem-26252	35	9	out	out	ADP
fbem-26252	35	10	that	that	SCONJ
fbem-26252	35	11	companies	company	NOUN
fbem-26252	35	12	with	with	ADP
fbem-26252	35	13	good	good	ADJ
fbem-26252	35	14	esg	esg	PROPN
fbem-26252	35	15	performance	performance	NOUN
fbem-26252	35	16	are	be	AUX
fbem-26252	35	17	not	not	PART
fbem-26252	35	18	necessarily	necessarily	ADV
fbem-26252	35	19	completely	completely	ADV
fbem-26252	35	20	immune	immune	ADJ
fbem-26252	35	21	to	to	ADP
fbem-26252	35	22	leverage	leverage	NOUN
fbem-26252	35	23	manipulation	manipulation	NOUN
fbem-26252	35	24	.	.	PUNCT
fbem-26252	36	1	some	some	DET
fbem-26252	36	2	scholars	scholar	NOUN
fbem-26252	36	3	have	have	AUX
fbem-26252	36	4	suggested	suggest	VERB
fbem-26252	36	5	that	that	SCONJ
fbem-26252	36	6	even	even	ADV
fbem-26252	36	7	those	those	DET
fbem-26252	36	8	companies	company	NOUN
fbem-26252	36	9	that	that	PRON
fbem-26252	36	10	focus	focus	VERB
fbem-26252	36	11	on	on	ADP
fbem-26252	36	12	esg	esg	PROPN
fbem-26252	36	13	may	may	AUX
fbem-26252	36	14	have	have	VERB
fbem-26252	36	15	cases	case	NOUN
fbem-26252	36	16	of	of	ADP
fbem-26252	36	17	leverage	leverage	NOUN
fbem-26252	36	18	manipulation	manipulation	NOUN
fbem-26252	36	19	,	,	PUNCT
fbem-26252	36	20	but	but	CCONJ
fbem-26252	36	21	it	it	PRON
fbem-26252	36	22	is	be	AUX
fbem-26252	36	23	more	more	ADV
fbem-26252	36	24	subtle	subtle	ADJ
fbem-26252	36	25	or	or	CCONJ
fbem-26252	36	26	complex	complex	ADJ
fbem-26252	36	27	.	.	PUNCT
fbem-26252	37	1	in	in	ADP
fbem-26252	37	2	particular	particular	ADJ
fbem-26252	37	3	,	,	PUNCT
fbem-26252	37	4	in	in	ADP
fbem-26252	37	5	certain	certain	ADJ
fbem-26252	37	6	industries	industry	NOUN
fbem-26252	37	7	or	or	CCONJ
fbem-26252	37	8	market	market	NOUN
fbem-26252	37	9	conditions	condition	NOUN
fbem-26252	37	10	,	,	PUNCT
fbem-26252	37	11	companies	company	NOUN
fbem-26252	37	12	may	may	AUX
fbem-26252	37	13	face	face	VERB
fbem-26252	37	14	challenges	challenge	NOUN
fbem-26252	37	15	such	such	ADJ
fbem-26252	37	16	as	as	ADP
fbem-26252	37	17	pressure	pressure	NOUN
fbem-26252	37	18	to	to	PART
fbem-26252	37	19	meet	meet	VERB
fbem-26252	37	20	short	short	ADJ
fbem-26252	37	21	-	-	PUNCT
fbem-26252	37	22	term	term	NOUN
fbem-26252	37	23	financial	financial	ADJ
fbem-26252	37	24	targets	target	NOUN
fbem-26252	37	25	,	,	PUNCT
fbem-26252	37	26	leading	lead	VERB
fbem-26252	37	27	to	to	ADP
fbem-26252	37	28	the	the	DET
fbem-26252	37	29	practice	practice	NOUN
fbem-26252	37	30	of	of	ADP
fbem-26252	37	31	leveraging	leverage	VERB
fbem-26252	37	32	.	.	PUNCT
fbem-26252	38	1	therefore	therefore	ADV
fbem-26252	38	2	,	,	PUNCT
fbem-26252	38	3	hypothesis	hypothesis	NOUN
fbem-26252	38	4	1	1	NUM
fbem-26252	38	5	is	be	AUX
fbem-26252	38	6	proposed	propose	VERB
fbem-26252	38	7	:	:	PUNCT
fbem-26252	38	8	hypothesis	hypothesis	NOUN
fbem-26252	38	9	1	1	NUM
fbem-26252	38	10	:	:	PUNCT
fbem-26252	38	11	corporate	corporate	ADJ
fbem-26252	38	12	esg	esg	NOUN
fbem-26252	38	13	performance	performance	NOUN
fbem-26252	38	14	is	be	AUX
fbem-26252	38	15	positively	positively	ADV
fbem-26252	38	16	correlated	correlate	VERB
fbem-26252	38	17	with	with	ADP
fbem-26252	38	18	leverage	leverage	NOUN
fbem-26252	38	19	manipulation	manipulation	NOUN
fbem-26252	38	20	.	.	PUNCT
fbem-26252	39	1	there	there	PRON
fbem-26252	39	2	are	be	VERB
fbem-26252	39	3	certain	certain	ADJ
fbem-26252	39	4	ways	way	NOUN
fbem-26252	39	5	and	and	CCONJ
fbem-26252	39	6	mechanisms	mechanism	NOUN
fbem-26252	39	7	for	for	ADP
fbem-26252	39	8	esg	esg	PROPN
fbem-26252	39	9	to	to	AUX
fbem-26252	39	10	influence	influence	VERB
fbem-26252	39	11	leverage	leverage	NOUN
fbem-26252	39	12	manipulation	manipulation	NOUN
fbem-26252	39	13	by	by	ADP
fbem-26252	39	14	influencing	influence	VERB
fbem-26252	39	15	the	the	DET
fbem-26252	39	16	credit	credit	NOUN
fbem-26252	39	17	mechanism	mechanism	NOUN
fbem-26252	39	18	of	of	ADP
fbem-26252	39	19	enterprises	enterprise	NOUN
fbem-26252	39	20	.	.	PUNCT
fbem-26252	40	1	esg	esg	NOUN
fbem-26252	40	2	factors	factor	NOUN
fbem-26252	40	3	can	can	AUX
fbem-26252	40	4	directly	directly	ADV
fbem-26252	40	5	or	or	CCONJ
fbem-26252	40	6	indirectly	indirectly	ADV
fbem-26252	40	7	affect	affect	VERB
fbem-26252	40	8	the	the	DET
fbem-26252	40	9	credit	credit	NOUN
fbem-26252	40	10	conditions	condition	NOUN
fbem-26252	40	11	,	,	PUNCT
fbem-26252	40	12	financing	financing	NOUN
fbem-26252	40	13	costs	cost	NOUN
fbem-26252	40	14	and	and	CCONJ
fbem-26252	40	15	digitalization	digitalization	NOUN
fbem-26252	40	16	level	level	NOUN
fbem-26252	40	17	of	of	ADP
fbem-26252	40	18	enterprises	enterprise	NOUN
fbem-26252	40	19	,	,	PUNCT
fbem-26252	40	20	and	and	CCONJ
fbem-26252	40	21	thus	thus	ADV
fbem-26252	40	22	further	far	ADV
fbem-26252	40	23	affect	affect	VERB
fbem-26252	40	24	the	the	DET
fbem-26252	40	25	leverage	leverage	NOUN
fbem-26252	40	26	manipulation	manipulation	NOUN
fbem-26252	40	27	behavior	behavior	NOUN
fbem-26252	40	28	of	of	ADP
fbem-26252	40	29	enterprises	enterprise	NOUN
fbem-26252	40	30	.	.	PUNCT
fbem-26252	41	1	good	good	ADJ
fbem-26252	41	2	esg	esg	PROPN
fbem-26252	41	3	performance	performance	NOUN
fbem-26252	41	4	can	can	AUX
fbem-26252	41	5	improve	improve	VERB
fbem-26252	41	6	the	the	DET
fbem-26252	41	7	company	company	NOUN
fbem-26252	41	8	's	's	PART
fbem-26252	41	9	reputation	reputation	NOUN
fbem-26252	41	10	and	and	CCONJ
fbem-26252	41	11	credibility	credibility	NOUN
fbem-26252	41	12	,	,	PUNCT
fbem-26252	41	13	making	make	VERB
fbem-26252	41	14	the	the	DET
fbem-26252	41	15	company	company	NOUN
fbem-26252	41	16	more	more	ADV
fbem-26252	41	17	favored	favor	VERB
fbem-26252	41	18	by	by	ADP
fbem-26252	41	19	financial	financial	ADJ
fbem-26252	41	20	institutions	institution	NOUN
fbem-26252	41	21	.	.	PUNCT
fbem-26252	42	1	when	when	SCONJ
fbem-26252	42	2	obtaining	obtain	VERB
fbem-26252	42	3	financing	financing	NOUN
fbem-26252	42	4	,	,	PUNCT
fbem-26252	42	5	these	these	DET
fbem-26252	42	6	companies	company	NOUN
fbem-26252	42	7	may	may	AUX
fbem-26252	42	8	receive	receive	VERB
fbem-26252	42	9	more	more	ADV
fbem-26252	42	10	favorable	favorable	ADJ
fbem-26252	42	11	credit	credit	NOUN
fbem-26252	42	12	terms	term	NOUN
fbem-26252	42	13	and	and	CCONJ
fbem-26252	42	14	lower	low	ADJ
fbem-26252	42	15	financing	financing	NOUN
fbem-26252	42	16	costs	cost	NOUN
fbem-26252	42	17	.	.	PUNCT
fbem-26252	43	1	this	this	DET
fbem-26252	43	2	advantage	advantage	NOUN
fbem-26252	43	3	may	may	AUX
fbem-26252	43	4	reduce	reduce	VERB
fbem-26252	43	5	the	the	DET
fbem-26252	43	6	incentive	incentive	NOUN
fbem-26252	43	7	for	for	SCONJ
fbem-26252	43	8	companies	company	NOUN
fbem-26252	43	9	to	to	PART
fbem-26252	43	10	leverage	leverage	VERB
fbem-26252	43	11	,	,	PUNCT
fbem-26252	43	12	as	as	SCONJ
fbem-26252	43	13	they	they	PRON
fbem-26252	43	14	have	have	VERB
fbem-26252	43	15	easier	easy	ADJ
fbem-26252	43	16	access	access	NOUN
fbem-26252	43	17	to	to	ADP
fbem-26252	43	18	sustainable	sustainable	ADJ
fbem-26252	43	19	financing	financing	NOUN
fbem-26252	43	20	.	.	PUNCT
fbem-26252	44	1	in	in	ADP
fbem-26252	44	2	addition	addition	NOUN
fbem-26252	44	3	,	,	PUNCT
fbem-26252	44	4	companies	company	NOUN
fbem-26252	44	5	with	with	ADP
fbem-26252	44	6	good	good	ADJ
fbem-26252	44	7	esg	esg	PROPN
fbem-26252	44	8	practices	practice	NOUN
fbem-26252	44	9	are	be	AUX
fbem-26252	44	10	more	more	ADV
fbem-26252	44	11	environmentally	environmentally	ADV
fbem-26252	44	12	and	and	CCONJ
fbem-26252	44	13	socially	socially	ADV
fbem-26252	44	14	responsible	responsible	ADJ
fbem-26252	44	15	and	and	CCONJ
fbem-26252	44	16	have	have	VERB
fbem-26252	44	17	better	well	ADJ
fbem-26252	44	18	governance	governance	NOUN
fbem-26252	44	19	structures	structure	NOUN
fbem-26252	44	20	,	,	PUNCT
fbem-26252	44	21	which	which	PRON
fbem-26252	44	22	makes	make	VERB
fbem-26252	44	23	financial	financial	ADJ
fbem-26252	44	24	institutions	institution	NOUN
fbem-26252	44	25	more	more	ADV
fbem-26252	44	26	willing	willing	ADJ
fbem-26252	44	27	to	to	PART
fbem-26252	44	28	provide	provide	VERB
fbem-26252	44	29	financing	financing	NOUN
fbem-26252	44	30	to	to	ADP
fbem-26252	44	31	them	they	PRON
fbem-26252	44	32	and	and	CCONJ
fbem-26252	44	33	provide	provide	VERB
fbem-26252	44	34	more	more	ADV
fbem-26252	44	35	favorable	favorable	ADJ
fbem-26252	44	36	credit	credit	NOUN
fbem-26252	44	37	terms	term	NOUN
fbem-26252	44	38	.	.	PUNCT
fbem-26252	45	1	in	in	ADP
fbem-26252	45	2	contrast	contrast	NOUN
fbem-26252	45	3	,	,	PUNCT
fbem-26252	45	4	companies	company	NOUN
fbem-26252	45	5	with	with	ADP
fbem-26252	45	6	poor	poor	ADJ
fbem-26252	45	7	esg	esg	NOUN
fbem-26252	45	8	performance	performance	NOUN
fbem-26252	45	9	may	may	AUX
fbem-26252	45	10	face	face	VERB
fbem-26252	45	11	higher	high	ADJ
fbem-26252	45	12	funding	funding	NOUN
fbem-26252	45	13	costs	cost	NOUN
fbem-26252	45	14	and	and	CCONJ
fbem-26252	45	15	tighter	tight	ADJ
fbem-26252	45	16	credit	credit	NOUN
fbem-26252	45	17	conditions	condition	NOUN
fbem-26252	45	18	,	,	PUNCT
fbem-26252	45	19	increasing	increase	VERB
fbem-26252	45	20	the	the	DET
fbem-26252	45	21	incentive	incentive	NOUN
fbem-26252	45	22	to	to	PART
fbem-26252	45	23	leverage	leverage	VERB
fbem-26252	45	24	.	.	PUNCT
fbem-26252	46	1	esg	esg	NOUN
fbem-26252	46	2	considerations	consideration	NOUN
fbem-26252	46	3	are	be	AUX
fbem-26252	46	4	also	also	ADV
fbem-26252	46	5	often	often	ADV
fbem-26252	46	6	closely	closely	ADV
fbem-26252	46	7	related	relate	VERB
fbem-26252	46	8	to	to	ADP
fbem-26252	46	9	long	long	ADJ
fbem-26252	46	10	-	-	PUNCT
fbem-26252	46	11	term	term	NOUN
fbem-26252	46	12	investment	investment	NOUN
fbem-26252	46	13	and	and	CCONJ
fbem-26252	46	14	sustainability	sustainability	NOUN
fbem-26252	46	15	.	.	PUNCT
fbem-26252	47	1	financial	financial	ADJ
fbem-26252	47	2	institutions	institution	NOUN
fbem-26252	47	3	may	may	AUX
fbem-26252	47	4	be	be	AUX
fbem-26252	47	5	more	more	ADV
fbem-26252	47	6	willing	willing	ADJ
fbem-26252	47	7	to	to	PART
fbem-26252	47	8	provide	provide	VERB
fbem-26252	47	9	long	long	ADJ
fbem-26252	47	10	-	-	PUNCT
fbem-26252	47	11	term	term	NOUN
fbem-26252	47	12	stable	stable	ADJ
fbem-26252	47	13	financing	financing	NOUN
fbem-26252	47	14	support	support	NOUN
fbem-26252	47	15	to	to	ADP
fbem-26252	47	16	esg	esg	PROPN
fbem-26252	47	17	-	-	PUNCT
fbem-26252	47	18	focused	focus	VERB
fbem-26252	47	19	firms	firm	NOUN
fbem-26252	47	20	,	,	PUNCT
fbem-26252	47	21	while	while	SCONJ
fbem-26252	47	22	also	also	ADV
fbem-26252	47	23	paying	pay	VERB
fbem-26252	47	24	more	more	ADJ
fbem-26252	47	25	attention	attention	NOUN
fbem-26252	47	26	to	to	ADP
fbem-26252	47	27	these	these	DET
fbem-26252	47	28	firms	firm	NOUN
fbem-26252	47	29	'	'	PART
fbem-26252	47	30	financial	financial	ADJ
fbem-26252	47	31	transparency	transparency	NOUN
fbem-26252	47	32	and	and	CCONJ
fbem-26252	47	33	risk	risk	NOUN
fbem-26252	47	34	management	management	NOUN
fbem-26252	47	35	practices	practice	NOUN
fbem-26252	47	36	.	.	PUNCT
fbem-26252	48	1	this	this	DET
fbem-26252	48	2	long	long	ADJ
fbem-26252	48	3	-	-	PUNCT
fbem-26252	48	4	term	term	NOUN
fbem-26252	48	5	stability	stability	NOUN
fbem-26252	48	6	of	of	ADP
fbem-26252	48	7	funding	funding	NOUN
fbem-26252	48	8	support	support	NOUN
fbem-26252	48	9	may	may	AUX
fbem-26252	48	10	reduce	reduce	VERB
fbem-26252	48	11	the	the	DET
fbem-26252	48	12	incentive	incentive	NOUN
fbem-26252	48	13	for	for	SCONJ
fbem-26252	48	14	firms	firm	NOUN
fbem-26252	48	15	to	to	PART
fbem-26252	48	16	engage	engage	VERB
fbem-26252	48	17	in	in	ADP
fbem-26252	48	18	short	short	ADJ
fbem-26252	48	19	-	-	PUNCT
fbem-26252	48	20	term	term	NOUN
fbem-26252	48	21	leverage	leverage	NOUN
fbem-26252	48	22	.	.	PUNCT
fbem-26252	49	1	enterprise	enterprise	NOUN
fbem-26252	49	2	esg	esg	PROPN
fbem-26252	49	3	can	can	AUX
fbem-26252	49	4	also	also	ADV
fbem-26252	49	5	influence	influence	VERB
fbem-26252	49	6	leverage	leverage	NOUN
fbem-26252	49	7	manipulation	manipulation	NOUN
fbem-26252	49	8	by	by	ADP
fbem-26252	49	9	influencing	influence	VERB
fbem-26252	49	10	the	the	DET
fbem-26252	49	11	level	level	NOUN
fbem-26252	49	12	of	of	ADP
fbem-26252	49	13	digitization	digitization	NOUN
fbem-26252	49	14	of	of	ADP
fbem-26252	49	15	the	the	DET
fbem-26252	49	16	enterprise	enterprise	NOUN
fbem-26252	49	17	.	.	PUNCT
fbem-26252	50	1	digitization	digitization	NOUN
fbem-26252	50	2	level	level	NOUN
fbem-26252	50	3	refers	refer	VERB
fbem-26252	50	4	to	to	ADP
fbem-26252	50	5	the	the	DET
fbem-26252	50	6	development	development	NOUN
fbem-26252	50	7	degree	degree	NOUN
fbem-26252	50	8	and	and	CCONJ
fbem-26252	50	9	application	application	NOUN
fbem-26252	50	10	level	level	NOUN
fbem-26252	50	11	of	of	ADP
fbem-26252	50	12	an	an	DET
fbem-26252	50	13	enterprise	enterprise	NOUN
fbem-26252	50	14	in	in	ADP
fbem-26252	50	15	information	information	NOUN
fbem-26252	50	16	technology	technology	NOUN
fbem-26252	50	17	and	and	CCONJ
fbem-26252	50	18	digitalization	digitalization	NOUN
fbem-26252	50	19	.	.	PUNCT
fbem-26252	51	1	digital	digital	ADJ
fbem-26252	51	2	technologies	technology	NOUN
fbem-26252	51	3	can	can	AUX
fbem-26252	51	4	provide	provide	VERB
fbem-26252	51	5	more	more	ADV
fbem-26252	51	6	accurate	accurate	ADJ
fbem-26252	51	7	,	,	PUNCT
fbem-26252	51	8	timely	timely	ADJ
fbem-26252	51	9	and	and	CCONJ
fbem-26252	51	10	comprehensive	comprehensive	ADJ
fbem-26252	51	11	data	datum	NOUN
fbem-26252	51	12	collection	collection	NOUN
fbem-26252	51	13	,	,	PUNCT
fbem-26252	51	14	analysis	analysis	NOUN
fbem-26252	51	15	and	and	CCONJ
fbem-26252	51	16	reporting	report	VERB
fbem-26252	51	17	capabilities	capability	NOUN
fbem-26252	51	18	,	,	PUNCT
fbem-26252	51	19	helping	help	VERB
fbem-26252	51	20	to	to	PART
fbem-26252	51	21	improve	improve	VERB
fbem-26252	51	22	financial	financial	ADJ
fbem-26252	51	23	transparency	transparency	NOUN
fbem-26252	51	24	.	.	PUNCT
fbem-26252	52	1	good	good	ADJ
fbem-26252	52	2	esg	esg	PROPN
fbem-26252	52	3	practices	practice	NOUN
fbem-26252	52	4	require	require	VERB
fbem-26252	52	5	companies	company	NOUN
fbem-26252	52	6	to	to	PART
fbem-26252	52	7	disclose	disclose	VERB
fbem-26252	52	8	and	and	CCONJ
fbem-26252	52	9	report	report	VERB
fbem-26252	52	10	on	on	ADP
fbem-26252	52	11	their	their	PRON
fbem-26252	52	12	environmental	environmental	ADJ
fbem-26252	52	13	,	,	PUNCT
fbem-26252	52	14	social	social	ADJ
fbem-26252	52	15	,	,	PUNCT
fbem-26252	52	16	and	and	CCONJ
fbem-26252	52	17	governance	governance	NOUN
fbem-26252	52	18	data	datum	NOUN
fbem-26252	52	19	,	,	PUNCT
fbem-26252	52	20	and	and	CCONJ
fbem-26252	52	21	digital	digital	ADJ
fbem-26252	52	22	technologies	technology	NOUN
fbem-26252	52	23	can	can	AUX
fbem-26252	52	24	support	support	VERB
fbem-26252	52	25	companies	company	NOUN
fbem-26252	52	26	in	in	ADP
fbem-26252	52	27	achieving	achieve	VERB
fbem-26252	52	28	this	this	DET
fbem-26252	52	29	goal	goal	NOUN
fbem-26252	52	30	.	.	PUNCT
fbem-26252	53	1	by	by	ADP
fbem-26252	53	2	providing	provide	VERB
fbem-26252	53	3	more	more	ADV
fbem-26252	53	4	accurate	accurate	ADJ
fbem-26252	53	5	and	and	CCONJ
fbem-26252	53	6	reliable	reliable	ADJ
fbem-26252	53	7	data	datum	NOUN
fbem-26252	53	8	,	,	PUNCT
fbem-26252	53	9	the	the	DET
fbem-26252	53	10	level	level	NOUN
fbem-26252	53	11	of	of	ADP
fbem-26252	53	12	digitization	digitization	NOUN
fbem-26252	53	13	may	may	AUX
fbem-26252	53	14	reduce	reduce	VERB
fbem-26252	53	15	the	the	DET
fbem-26252	53	16	opportunities	opportunity	NOUN
fbem-26252	53	17	for	for	ADP
fbem-26252	53	18	financial	financial	ADJ
fbem-26252	53	19	manipulation	manipulation	NOUN
fbem-26252	53	20	by	by	ADP
fbem-26252	53	21	companies	company	NOUN
fbem-26252	53	22	and	and	CCONJ
fbem-26252	53	23	increase	increase	VERB
fbem-26252	53	24	trust	trust	NOUN
fbem-26252	53	25	among	among	ADP
fbem-26252	53	26	investors	investor	NOUN
fbem-26252	53	27	and	and	CCONJ
fbem-26252	53	28	financial	financial	ADJ
fbem-26252	53	29	institutions	institution	NOUN
fbem-26252	53	30	.	.	PUNCT
fbem-26252	54	1	at	at	ADP
fbem-26252	54	2	the	the	DET
fbem-26252	54	3	same	same	ADJ
fbem-26252	54	4	time	time	NOUN
fbem-26252	54	5	,	,	PUNCT
fbem-26252	54	6	digital	digital	ADJ
fbem-26252	54	7	technology	technology	NOUN
fbem-26252	54	8	can	can	AUX
fbem-26252	54	9	help	help	VERB
fbem-26252	54	10	enterprises	enterprise	NOUN
fbem-26252	54	11	strengthen	strengthen	VERB
fbem-26252	54	12	risk	risk	NOUN
fbem-26252	54	13	management	management	NOUN
fbem-26252	54	14	and	and	CCONJ
fbem-26252	54	15	internal	internal	ADJ
fbem-26252	54	16	controls	control	NOUN
fbem-26252	54	17	,	,	PUNCT
fbem-26252	54	18	thereby	thereby	ADV
fbem-26252	54	19	reducing	reduce	VERB
fbem-26252	54	20	the	the	DET
fbem-26252	54	21	risk	risk	NOUN
fbem-26252	54	22	of	of	ADP
fbem-26252	54	23	manipulation	manipulation	NOUN
fbem-26252	54	24	.	.	PUNCT
fbem-26252	55	1	businesses	business	NOUN
fbem-26252	55	2	can	can	AUX
fbem-26252	55	3	leverage	leverage	VERB
fbem-26252	55	4	digital	digital	ADJ
fbem-26252	55	5	tools	tool	NOUN
fbem-26252	55	6	such	such	ADJ
fbem-26252	55	7	as	as	ADP
fbem-26252	55	8	data	datum	NOUN
fbem-26252	55	9	analytics	analytic	NOUN
fbem-26252	55	10	,	,	PUNCT
fbem-26252	55	11	automated	automate	VERB
fbem-26252	55	12	processes	process	NOUN
fbem-26252	55	13	,	,	PUNCT
fbem-26252	55	14	and	and	CCONJ
fbem-26252	55	15	intelligent	intelligent	ADJ
fbem-26252	55	16	monitoring	monitoring	NOUN
fbem-26252	55	17	to	to	PART
fbem-26252	55	18	monitor	monitor	VERB
fbem-26252	55	19	and	and	CCONJ
fbem-26252	55	20	manage	manage	VERB
fbem-26252	55	21	risk	risk	NOUN
fbem-26252	55	22	and	and	CCONJ
fbem-26252	55	23	reduce	reduce	VERB
fbem-26252	55	24	opportunities	opportunity	NOUN
fbem-26252	55	25	for	for	ADP
fbem-26252	55	26	financial	financial	ADJ
fbem-26252	55	27	manipulation	manipulation	NOUN
fbem-26252	55	28	.	.	PUNCT
fbem-26252	56	1	good	good	ADJ
fbem-26252	56	2	esg	esg	PROPN
fbem-26252	56	3	practices	practice	NOUN
fbem-26252	56	4	often	often	ADV
fbem-26252	56	5	require	require	VERB
fbem-26252	56	6	organizations	organization	NOUN
fbem-26252	56	7	to	to	PART
fbem-26252	56	8	establish	establish	VERB
fbem-26252	56	9	effective	effective	ADJ
fbem-26252	56	10	risk	risk	NOUN
fbem-26252	56	11	management	management	NOUN
fbem-26252	56	12	and	and	CCONJ
fbem-26252	56	13	internal	internal	ADJ
fbem-26252	56	14	control	control	NOUN
fbem-26252	56	15	mechanisms	mechanism	NOUN
fbem-26252	56	16	,	,	PUNCT
fbem-26252	56	17	and	and	CCONJ
fbem-26252	56	18	digitalization	digitalization	NOUN
fbem-26252	56	19	can	can	AUX
fbem-26252	56	20	help	help	VERB
fbem-26252	56	21	achieve	achieve	VERB
fbem-26252	56	22	this	this	DET
fbem-26252	56	23	goal	goal	NOUN
fbem-26252	56	24	.	.	PUNCT
fbem-26252	57	1	in	in	ADP
fbem-26252	57	2	terms	term	NOUN
fbem-26252	57	3	of	of	ADP
fbem-26252	57	4	business	business	NOUN
fbem-26252	57	5	operation	operation	NOUN
fbem-26252	57	6	,	,	PUNCT
fbem-26252	57	7	digital	digital	ADJ
fbem-26252	57	8	technology	technology	NOUN
fbem-26252	57	9	can	can	AUX
fbem-26252	57	10	improve	improve	VERB
fbem-26252	57	11	the	the	DET
fbem-26252	57	12	efficiency	efficiency	NOUN
fbem-26252	57	13	of	of	ADP
fbem-26252	57	14	corporate	corporate	ADJ
fbem-26252	57	15	governance	governance	NOUN
fbem-26252	57	16	and	and	CCONJ
fbem-26252	57	17	improve	improve	VERB
fbem-26252	57	18	the	the	DET
fbem-26252	57	19	effectiveness	effectiveness	NOUN
fbem-26252	57	20	of	of	ADP
fbem-26252	57	21	information	information	NOUN
fbem-26252	57	22	disclosure	disclosure	NOUN
fbem-26252	57	23	,	,	PUNCT
fbem-26252	57	24	decision	decision	NOUN
fbem-26252	57	25	-	-	PUNCT
fbem-26252	57	26	making	making	NOUN
fbem-26252	57	27	and	and	CCONJ
fbem-26252	57	28	supervision	supervision	NOUN
fbem-26252	57	29	.	.	PUNCT
fbem-26252	58	1	through	through	ADP
fbem-26252	58	2	digital	digital	ADJ
fbem-26252	58	3	tools	tool	NOUN
fbem-26252	58	4	and	and	CCONJ
fbem-26252	58	5	platforms	platform	NOUN
fbem-26252	58	6	,	,	PUNCT
fbem-26252	58	7	companies	company	NOUN
fbem-26252	58	8	can	can	AUX
fbem-26252	58	9	achieve	achieve	VERB
fbem-26252	58	10	more	more	ADV
fbem-26252	58	11	efficient	efficient	ADJ
fbem-26252	58	12	,	,	PUNCT
fbem-26252	58	13	transparent	transparent	ADJ
fbem-26252	58	14	and	and	CCONJ
fbem-26252	58	15	timely	timely	ADJ
fbem-26252	58	16	communication	communication	NOUN
fbem-26252	58	17	and	and	CCONJ
fbem-26252	58	18	decision	decision	NOUN
fbem-26252	58	19	-	-	PUNCT
fbem-26252	58	20	making	making	NOUN
fbem-26252	58	21	,	,	PUNCT
fbem-26252	58	22	thereby	thereby	ADV
fbem-26252	58	23	improving	improve	VERB
fbem-26252	58	24	the	the	DET
fbem-26252	58	25	quality	quality	NOUN
fbem-26252	58	26	of	of	ADP
fbem-26252	58	27	governance	governance	NOUN
fbem-26252	58	28	.	.	PUNCT
fbem-26252	59	1	good	good	ADJ
fbem-26252	59	2	esg	esg	PROPN
fbem-26252	59	3	practices	practice	NOUN
fbem-26252	59	4	require	require	VERB
fbem-26252	59	5	enterprises	enterprise	NOUN
fbem-26252	59	6	to	to	PART
fbem-26252	59	7	establish	establish	VERB
fbem-26252	59	8	effective	effective	ADJ
fbem-26252	59	9	governance	governance	NOUN
fbem-26252	59	10	structures	structure	NOUN
fbem-26252	59	11	and	and	CCONJ
fbem-26252	59	12	processes	process	NOUN
fbem-26252	59	13	,	,	PUNCT
fbem-26252	59	14	and	and	CCONJ
fbem-26252	59	15	digitalization	digitalization	NOUN
fbem-26252	59	16	can	can	AUX
fbem-26252	59	17	support	support	VERB
fbem-26252	59	18	enterprises	enterprise	NOUN
fbem-26252	59	19	to	to	PART
fbem-26252	59	20	achieve	achieve	VERB
fbem-26252	59	21	this	this	DET
fbem-26252	59	22	goal	goal	NOUN
fbem-26252	59	23	and	and	CCONJ
fbem-26252	59	24	reduce	reduce	VERB
fbem-26252	59	25	improper	improper	ADJ
fbem-26252	59	26	leverage	leverage	NOUN
fbem-26252	59	27	manipulation	manipulation	NOUN
fbem-26252	59	28	.	.	PUNCT
fbem-26252	60	1	hypothesis	hypothesis	NOUN
fbem-26252	60	2	2	2	NUM
fbem-26252	60	3	:	:	PUNCT
fbem-26252	60	4	firm	firm	ADJ
fbem-26252	60	5	esg	esg	PROPN
fbem-26252	60	6	influences	influence	VERB
fbem-26252	60	7	leverage	leverage	NOUN
fbem-26252	60	8	manipulation	manipulation	NOUN
fbem-26252	60	9	by	by	ADP
fbem-26252	60	10	influencing	influence	VERB
fbem-26252	60	11	the	the	DET
fbem-26252	60	12	firm	firm	NOUN
fbem-26252	60	13	's	's	PART
fbem-26252	60	14	credit	credit	NOUN
fbem-26252	60	15	mechanism	mechanism	NOUN
fbem-26252	60	16	and	and	CCONJ
fbem-26252	60	17	digitization	digitization	NOUN
fbem-26252	60	18	level	level	NOUN
fbem-26252	60	19	.	.	PUNCT
fbem-26252	61	1	3	3	X
fbem-26252	61	2	.	.	X
fbem-26252	61	3	sample	sample	NOUN
fbem-26252	61	4	selection	selection	NOUN
fbem-26252	61	5	and	and	CCONJ
fbem-26252	61	6	empirical	empirical	ADJ
fbem-26252	61	7	design	design	NOUN
fbem-26252	61	8	3.1	3.1	NUM
fbem-26252	61	9	.	.	PUNCT
fbem-26252	61	10	sample	sample	NOUN
fbem-26252	61	11	selection	selection	NOUN
fbem-26252	61	12	and	and	CCONJ
fbem-26252	61	13	data	datum	NOUN
fbem-26252	61	14	sources	source	NOUN
fbem-26252	61	15	in	in	ADP
fbem-26252	61	16	this	this	DET
fbem-26252	61	17	paper	paper	NOUN
fbem-26252	61	18	,	,	PUNCT
fbem-26252	61	19	a	a	DET
fbem-26252	61	20	-	-	PUNCT
fbem-26252	61	21	share	share	NOUN
fbem-26252	61	22	listed	list	VERB
fbem-26252	61	23	companies	company	NOUN
fbem-26252	61	24	in	in	ADP
fbem-26252	61	25	shanghai	shanghai	PROPN
fbem-26252	61	26	and	and	CCONJ
fbem-26252	61	27	shenzhen	shenzhen	PROPN
fbem-26252	61	28	stock	stock	PROPN
fbem-26252	61	29	markets	market	NOUN
fbem-26252	61	30	from	from	ADP
fbem-26252	61	31	2008	2008	NUM
fbem-26252	61	32	to	to	ADP
fbem-26252	61	33	2022	2022	NUM
fbem-26252	61	34	are	be	AUX
fbem-26252	61	35	selected	select	VERB
fbem-26252	61	36	as	as	ADP
fbem-26252	61	37	the	the	DET
fbem-26252	61	38	original	original	ADJ
fbem-26252	61	39	samples	sample	NOUN
fbem-26252	61	40	,	,	PUNCT
fbem-26252	61	41	and	and	CCONJ
fbem-26252	61	42	all	all	DET
fbem-26252	61	43	the	the	DET
fbem-26252	61	44	original	original	ADJ
fbem-26252	61	45	data	datum	NOUN
fbem-26252	61	46	of	of	ADP
fbem-26252	61	47	listed	list	VERB
fbem-26252	61	48	companies	company	NOUN
fbem-26252	61	49	are	be	AUX
fbem-26252	61	50	from	from	ADP
fbem-26252	61	51	csmar	csmar	PROPN
fbem-26252	61	52	database	database	NOUN
fbem-26252	61	53	and	and	CCONJ
fbem-26252	61	54	combined	combine	VERB
fbem-26252	61	55	.	.	PUNCT
fbem-26252	62	1	based	base	VERB
fbem-26252	62	2	on	on	ADP
fbem-26252	62	3	the	the	DET
fbem-26252	62	4	research	research	NOUN
fbem-26252	62	5	object	object	NOUN
fbem-26252	62	6	of	of	ADP
fbem-26252	62	7	this	this	DET
fbem-26252	62	8	paper	paper	NOUN
fbem-26252	62	9	,	,	PUNCT
fbem-26252	62	10	the	the	DET
fbem-26252	62	11	further	further	ADJ
fbem-26252	62	12	screening	screening	NOUN
fbem-26252	62	13	process	process	NOUN
fbem-26252	62	14	of	of	ADP
fbem-26252	62	15	the	the	DET
fbem-26252	62	16	samples	sample	NOUN
fbem-26252	62	17	is	be	AUX
fbem-26252	62	18	as	as	SCONJ
fbem-26252	62	19	follows	follow	VERB
fbem-26252	62	20	:	:	PUNCT
fbem-26252	62	21	(	(	PUNCT
fbem-26252	62	22	1	1	X
fbem-26252	62	23	)	)	PUNCT
fbem-26252	62	24	the	the	DET
fbem-26252	62	25	samples	sample	NOUN
fbem-26252	62	26	of	of	ADP
fbem-26252	62	27	the	the	DET
fbem-26252	62	28	financial	financial	ADJ
fbem-26252	62	29	industry	industry	NOUN
fbem-26252	62	30	are	be	AUX
fbem-26252	62	31	excluded	exclude	VERB
fbem-26252	62	32	according	accord	VERB
fbem-26252	62	33	to	to	ADP
fbem-26252	62	34	the	the	DET
fbem-26252	62	35	industry	industry	NOUN
fbem-26252	62	36	classification	classification	NOUN
fbem-26252	62	37	code	code	NOUN
fbem-26252	62	38	of	of	ADP
fbem-26252	62	39	china	china	PROPN
fbem-26252	62	40	securities	securities	PROPN
fbem-26252	62	41	regulatory	regulatory	PROPN
fbem-26252	62	42	commission	commission	PROPN
fbem-26252	62	43	2012	2012	NUM
fbem-26252	62	44	;	;	PUNCT
fbem-26252	62	45	(	(	PUNCT
fbem-26252	62	46	2	2	X
fbem-26252	62	47	)	)	PUNCT
fbem-26252	62	48	samples	sample	NOUN
fbem-26252	62	49	of	of	ADP
fbem-26252	62	50	st	st	PROPN
fbem-26252	62	51	enterprises	enterprise	NOUN
fbem-26252	62	52	were	be	AUX
fbem-26252	62	53	excluded	exclude	VERB
fbem-26252	62	54	during	during	ADP
fbem-26252	62	55	the	the	DET
fbem-26252	62	56	study	study	NOUN
fbem-26252	62	57	period	period	NOUN
fbem-26252	62	58	;	;	PUNCT
fbem-26252	62	59	(	(	PUNCT
fbem-26252	62	60	3	3	X
fbem-26252	62	61	)	)	PUNCT
fbem-26252	62	62	samples	sample	NOUN
fbem-26252	62	63	with	with	ADP
fbem-26252	62	64	asset	asset	NOUN
fbem-26252	62	65	-	-	PUNCT
fbem-26252	62	66	liability	liability	NOUN
fbem-26252	62	67	ratio	ratio	NOUN
fbem-26252	62	68	greater	great	ADJ
fbem-26252	62	69	than	than	ADP
fbem-26252	62	70	1	1	NUM
fbem-26252	62	71	were	be	AUX
fbem-26252	62	72	excluded	exclude	VERB
fbem-26252	62	73	;	;	PUNCT
fbem-26252	62	74	(	(	PUNCT
fbem-26252	62	75	4	4	X
fbem-26252	62	76	)	)	PUNCT
fbem-26252	62	77	in	in	ADP
fbem-26252	62	78	order	order	NOUN
fbem-26252	62	79	to	to	PART
fbem-26252	62	80	eliminate	eliminate	VERB
fbem-26252	62	81	the	the	DET
fbem-26252	62	82	influence	influence	NOUN
fbem-26252	62	83	of	of	ADP
fbem-26252	62	84	extreme	extreme	ADJ
fbem-26252	62	85	values	value	NOUN
fbem-26252	62	86	on	on	ADP
fbem-26252	62	87	empirical	empirical	ADJ
fbem-26252	62	88	analysis	analysis	NOUN
fbem-26252	62	89	,	,	PUNCT
fbem-26252	62	90	this	this	DET
fbem-26252	62	91	paper	paper	NOUN
fbem-26252	62	92	carries	carry	VERB
fbem-26252	62	93	out	out	ADP
fbem-26252	62	94	1	1	NUM
fbem-26252	62	95	%	%	NOUN
fbem-26252	62	96	tailing	tailing	NOUN
fbem-26252	62	97	treatment	treatment	NOUN
fbem-26252	62	98	for	for	ADP
fbem-26252	62	99	all	all	DET
fbem-26252	62	100	continuous	continuous	ADJ
fbem-26252	62	101	variables	variable	NOUN
fbem-26252	62	102	.	.	PUNCT
fbem-26252	63	1	after	after	ADP
fbem-26252	63	2	processing	processing	NOUN
fbem-26252	63	3	and	and	CCONJ
fbem-26252	63	4	screening	screening	NOUN
fbem-26252	63	5	,	,	PUNCT
fbem-26252	63	6	a	a	DET
fbem-26252	63	7	total	total	NOUN
fbem-26252	63	8	of	of	ADP
fbem-26252	63	9	29841	29841	NUM
fbem-26252	63	10	observations	observation	NOUN
fbem-26252	63	11	of	of	ADP
fbem-26252	63	12	4057	4057	NUM
fbem-26252	63	13	listed	list	VERB
fbem-26252	63	14	companies	company	NOUN
fbem-26252	63	15	were	be	AUX
fbem-26252	63	16	obtained	obtain	VERB
fbem-26252	63	17	in	in	ADP
fbem-26252	63	18	this	this	DET
fbem-26252	63	19	paper	paper	NOUN
fbem-26252	63	20	.	.	PUNCT
fbem-26252	64	1	3.2	3.2	NUM
fbem-26252	64	2	.	.	PUNCT
fbem-26252	65	1	enterprise	enterprise	NOUN
fbem-26252	65	2	esg	esg	NOUN
fbem-26252	65	3	performance	performance	NOUN
fbem-26252	65	4	in	in	ADP
fbem-26252	65	5	this	this	DET
fbem-26252	65	6	paper	paper	NOUN
fbem-26252	65	7	,	,	PUNCT
fbem-26252	65	8	a	a	DET
fbem-26252	65	9	third	third	ADJ
fbem-26252	65	10	-	-	PUNCT
fbem-26252	65	11	party	party	NOUN
fbem-26252	65	12	evaluation	evaluation	NOUN
fbem-26252	65	13	agency	agency	NOUN
fbem-26252	65	14	is	be	AUX
fbem-26252	65	15	used	use	VERB
fbem-26252	65	16	to	to	PART
fbem-26252	65	17	measure	measure	VERB
fbem-26252	65	18	the	the	DET
fbem-26252	65	19	esg	esg	NOUN
fbem-26252	65	20	performance	performance	NOUN
fbem-26252	65	21	of	of	ADP
fbem-26252	65	22	enterprises	enterprise	NOUN
fbem-26252	65	23	.	.	PUNCT
fbem-26252	66	1	the	the	DET
fbem-26252	66	2	value	value	NOUN
fbem-26252	66	3	of	of	ADP
fbem-26252	66	4	the	the	DET
fbem-26252	66	5	esg	esg	PROPN
fbem-26252	66	6	evaluation	evaluation	NOUN
fbem-26252	66	7	system	system	NOUN
fbem-26252	66	8	ranges	range	VERB
fbem-26252	66	9	from	from	ADP
fbem-26252	66	10	1	1	NUM
fbem-26252	66	11	to	to	ADP
fbem-26252	66	12	9	9	NUM
fbem-26252	66	13	.	.	PUNCT
fbem-26252	67	1	the	the	PRON
fbem-26252	67	2	higher	high	ADJ
fbem-26252	67	3	the	the	DET
fbem-26252	67	4	score	score	NOUN
fbem-26252	67	5	,	,	PUNCT
fbem-26252	67	6	the	the	PRON
fbem-26252	67	7	better	well	ADJ
fbem-26252	67	8	the	the	DET
fbem-26252	67	9	esg	esg	NOUN
fbem-26252	67	10	performance	performance	NOUN
fbem-26252	67	11	.	.	PUNCT
fbem-26252	68	1	3.3	3.3	NUM
fbem-26252	68	2	.	.	PUNCT
fbem-26252	68	3	degree	degree	NOUN
fbem-26252	68	4	of	of	ADP
fbem-26252	68	5	corporate	corporate	ADJ
fbem-26252	68	6	leverage	leverage	NOUN
fbem-26252	68	7	manipulation	manipulation	NOUN
fbem-26252	68	8	in	in	ADP
fbem-26252	68	9	order	order	NOUN
fbem-26252	68	10	to	to	PART
fbem-26252	68	11	test	test	VERB
fbem-26252	68	12	the	the	DET
fbem-26252	68	13	investment	investment	NOUN
fbem-26252	68	14	efficiency	efficiency	NOUN
fbem-26252	68	15	effect	effect	NOUN
fbem-26252	68	16	mechanism	mechanism	NOUN
fbem-26252	68	17	of	of	ADP
fbem-26252	68	18	state	state	NOUN
fbem-26252	68	19	-	-	PUNCT
fbem-26252	68	20	owned	own	VERB
fbem-26252	68	21	capital	capital	NOUN
fbem-26252	68	22	participation	participation	NOUN
fbem-26252	68	23	in	in	ADP
fbem-26252	68	24	reducing	reduce	VERB
fbem-26252	68	25	the	the	DET
fbem-26252	68	26	financial	financial	ADJ
fbem-26252	68	27	risk	risk	NOUN
fbem-26252	68	28	of	of	ADP
fbem-26252	68	29	private	private	ADJ
fbem-26252	68	30	enterprises	enterprise	NOUN
fbem-26252	68	31	,	,	PUNCT
fbem-26252	68	32	this	this	DET
fbem-26252	68	33	paper	paper	NOUN
fbem-26252	68	34	refers	refer	VERB
fbem-26252	68	35	to	to	ADP
fbem-26252	68	36	the	the	DET
fbem-26252	68	37	research	research	NOUN
fbem-26252	68	38	of	of	ADP
fbem-26252	68	39	li	li	PROPN
fbem-26252	68	40	bingxiang	bingxiang	PROPN
fbem-26252	68	41	et	et	PROPN
fbem-26252	68	42	al	al	PROPN
fbem-26252	68	43	.	.	PROPN
fbem-26252	69	1	(	(	PUNCT
fbem-26252	69	2	2023	2023	NUM
fbem-26252	69	3	)	)	PUNCT
fbem-26252	69	4	,	,	PUNCT
fbem-26252	69	5	and	and	CCONJ
fbem-26252	69	6	uses	use	VERB
fbem-26252	69	7	the	the	DET
fbem-26252	69	8	anticipation	anticipation	NOUN
fbem-26252	69	9	model	model	NOUN
fbem-26252	69	10	method	method	NOUN
fbem-26252	69	11	under	under	ADP
fbem-26252	69	12	the	the	DET
fbem-26252	69	13	basic	basic	ADJ
fbem-26252	69	14	xlt	xlt	PROPN
fbem-26252	69	15	-	-	PUNCT
fbem-26252	69	16	levm	levm	PROPN
fbem-26252	69	17	method	method	NOUN
fbem-26252	69	18	to	to	PART
fbem-26252	69	19	estimate	estimate	VERB
fbem-26252	69	20	the	the	DET
fbem-26252	69	21	degree	degree	NOUN
fbem-26252	69	22	of	of	ADP
fbem-26252	69	23	leverage	leverage	NOUN
fbem-26252	69	24	manipulation	manipulation	NOUN
fbem-26252	69	25	(	(	PUNCT
fbem-26252	69	26	levm	levm	PROPN
fbem-26252	69	27	)	)	PUNCT
fbem-26252	69	28	,	,	PUNCT
fbem-26252	69	29	that	that	ADV
fbem-26252	69	30	is	is	ADV
fbem-26252	69	31	,	,	PUNCT
fbem-26252	69	32	only	only	ADV
fbem-26252	69	33	the	the	DET
fbem-26252	69	34	leverage	leverage	NOUN
fbem-26252	69	35	manipulation	manipulation	NOUN
fbem-26252	69	36	using	use	VERB
fbem-26252	69	37	off	off	ADP
fbem-26252	69	38	-	-	PUNCT
fbem-26252	69	39	balance	balance	NOUN
fbem-26252	69	40	sheet	sheet	NOUN
fbem-26252	69	41	liabilities	liability	NOUN
fbem-26252	69	42	and	and	CCONJ
fbem-26252	69	43	237	237	NUM
fbem-26252	69	44	real	real	ADJ
fbem-26252	69	45	debt	debt	NOUN
fbem-26252	69	46	means	mean	NOUN
fbem-26252	69	47	is	be	AUX
fbem-26252	69	48	considered	consider	VERB
fbem-26252	69	49	.	.	PUNCT
fbem-26252	70	1	the	the	DET
fbem-26252	70	2	specific	specific	ADJ
fbem-26252	70	3	algorithm	algorithm	NOUN
fbem-26252	70	4	is	be	AUX
fbem-26252	70	5	as	as	SCONJ
fbem-26252	70	6	follows	follow	VERB
fbem-26252	70	7	:	:	PUNCT
fbem-26252	70	8	levm	levm	PROPN
fbem-26252	70	9	i	i	PRON
fbem-26252	70	10	,	,	PUNCT
fbem-26252	70	11	t	t	PROPN
fbem-26252	70	12	=	=	SYM
fbem-26252	70	13	(	(	PUNCT
fbem-26252	70	14	debtb_total	debtb_total	PROPN
fbem-26252	70	15	i	i	PROPN
fbem-26252	70	16	,	,	PUNCT
fbem-26252	70	17	t	t	PROPN
fbem-26252	70	18	+	+	NUM
fbem-26252	70	19	debt_ob	debt_ob	PROPN
fbem-26252	71	1	i	i	PRON
fbem-26252	71	2	,	,	PUNCT
fbem-26252	71	3	t	t	PROPN
fbem-26252	71	4	+	+	CCONJ
fbem-26252	71	5	debt_nsrd	debt_nsrd	PROPN
fbem-26252	71	6	i	i	NOUN
fbem-26252	71	7	,	,	PUNCT
fbem-26252	71	8	t)/	t)/	PROPN
fbem-26252	71	9	(	(	PUNCT
fbem-26252	71	10	assetb_total	assetb_total	PROPN
fbem-26252	71	11	i	i	PROPN
fbem-26252	71	12	,	,	PUNCT
fbem-26252	71	13	t	t	PROPN
fbem-26252	71	14	+	+	NUM
fbem-26252	71	15	debt_ob	debt_ob	PROPN
fbem-26252	71	16	i	i	PRON
fbem-26252	71	17	,	,	PUNCT
fbem-26252	71	18	t)levb	t)levb	PROPN
fbem-26252	72	1	i	i	PRON
fbem-26252	72	2	,	,	PUNCT
fbem-26252	72	3	t	t	PROPN
fbem-26252	72	4	levm	levm	PROPN
fbem-26252	72	5	is	be	AUX
fbem-26252	72	6	the	the	DET
fbem-26252	72	7	degree	degree	NOUN
fbem-26252	72	8	of	of	ADP
fbem-26252	72	9	leverage	leverage	NOUN
fbem-26252	72	10	manipulation	manipulation	NOUN
fbem-26252	72	11	,	,	PUNCT
fbem-26252	72	12	debtb_total	debtb_total	PROPN
fbem-26252	72	13	is	be	AUX
fbem-26252	72	14	the	the	DET
fbem-26252	72	15	total	total	ADJ
fbem-26252	72	16	book	book	NOUN
fbem-26252	72	17	liabilities	liability	NOUN
fbem-26252	72	18	of	of	ADP
fbem-26252	72	19	the	the	DET
fbem-26252	72	20	enterprise	enterprise	NOUN
fbem-26252	72	21	,	,	PUNCT
fbem-26252	72	22	debt_ob	debt_ob	PROPN
fbem-26252	72	23	is	be	AUX
fbem-26252	72	24	the	the	DET
fbem-26252	72	25	total	total	ADJ
fbem-26252	72	26	off	off	ADP
fbem-26252	72	27	-	-	PUNCT
fbem-26252	72	28	balance	balance	NOUN
fbem-26252	72	29	sheet	sheet	NOUN
fbem-26252	72	30	liabilities	liability	NOUN
fbem-26252	72	31	of	of	ADP
fbem-26252	72	32	the	the	DET
fbem-26252	72	33	enterprise	enterprise	NOUN
fbem-26252	72	34	,	,	PUNCT
fbem-26252	72	35	debt_nsrd	debt_nsrd	PROPN
fbem-26252	72	36	is	be	AUX
fbem-26252	72	37	the	the	DET
fbem-26252	72	38	total	total	ADJ
fbem-26252	72	39	real	real	ADJ
fbem-26252	72	40	debts	debt	NOUN
fbem-26252	72	41	of	of	ADP
fbem-26252	72	42	the	the	DET
fbem-26252	72	43	enterprise	enterprise	NOUN
fbem-26252	72	44	's	's	PART
fbem-26252	72	45	named	name	VERB
fbem-26252	72	46	stocks	stock	NOUN
fbem-26252	72	47	,	,	PUNCT
fbem-26252	72	48	assetb_total	assetb_total	PROPN
fbem-26252	72	49	is	be	AUX
fbem-26252	72	50	the	the	DET
fbem-26252	72	51	total	total	ADJ
fbem-26252	72	52	book	book	NOUN
fbem-26252	72	53	assets	asset	NOUN
fbem-26252	72	54	of	of	ADP
fbem-26252	72	55	the	the	DET
fbem-26252	72	56	enterprise	enterprise	NOUN
fbem-26252	72	57	,	,	PUNCT
fbem-26252	72	58	levb	levb	PROPN
fbem-26252	72	59	is	be	AUX
fbem-26252	72	60	the	the	DET
fbem-26252	72	61	book	book	NOUN
fbem-26252	72	62	leverage	leverage	NOUN
fbem-26252	72	63	ratio	ratio	NOUN
fbem-26252	72	64	of	of	ADP
fbem-26252	72	65	the	the	DET
fbem-26252	72	66	enterprise	enterprise	NOUN
fbem-26252	72	67	.	.	PUNCT
fbem-26252	73	1	the	the	DET
fbem-26252	73	2	expectation	expectation	NOUN
fbem-26252	73	3	model	model	NOUN
fbem-26252	73	4	method	method	NOUN
fbem-26252	73	5	is	be	AUX
fbem-26252	73	6	used	use	VERB
fbem-26252	73	7	to	to	PART
fbem-26252	73	8	measure	measure	VERB
fbem-26252	73	9	the	the	DET
fbem-26252	73	10	total	total	ADJ
fbem-26252	73	11	off	off	ADP
fbem-26252	73	12	-	-	PUNCT
fbem-26252	73	13	balance	balance	NOUN
fbem-26252	73	14	sheet	sheet	NOUN
fbem-26252	73	15	liabilities	liability	NOUN
fbem-26252	73	16	(	(	PUNCT
fbem-26252	73	17	debt_ob	debt_ob	PROPN
fbem-26252	73	18	)	)	PUNCT
fbem-26252	73	19	and	and	CCONJ
fbem-26252	73	20	the	the	DET
fbem-26252	73	21	total	total	ADJ
fbem-26252	73	22	real	real	ADJ
fbem-26252	73	23	debts	debt	NOUN
fbem-26252	73	24	of	of	ADP
fbem-26252	73	25	nominal	nominal	ADJ
fbem-26252	73	26	stocks	stock	NOUN
fbem-26252	73	27	(	(	PUNCT
fbem-26252	73	28	debt_nsrd	debt_nsrd	PROPN
fbem-26252	73	29	)	)	PUNCT
fbem-26252	73	30	.	.	PUNCT
fbem-26252	74	1	the	the	DET
fbem-26252	74	2	calculation	calculation	NOUN
fbem-26252	74	3	method	method	NOUN
fbem-26252	74	4	and	and	CCONJ
fbem-26252	74	5	steps	step	NOUN
fbem-26252	74	6	of	of	ADP
fbem-26252	74	7	the	the	DET
fbem-26252	74	8	index	index	NOUN
fbem-26252	74	9	of	of	ADP
fbem-26252	74	10	total	total	ADJ
fbem-26252	74	11	offbalance	offbalance	NOUN
fbem-26252	74	12	sheet	sheet	NOUN
fbem-26252	74	13	liabilities	liability	NOUN
fbem-26252	74	14	(	(	PUNCT
fbem-26252	74	15	debt_ob	debt_ob	PROPN
fbem-26252	74	16	)	)	PUNCT
fbem-26252	74	17	are	be	AUX
fbem-26252	74	18	as	as	SCONJ
fbem-26252	74	19	follows	follow	VERB
fbem-26252	74	20	:	:	PUNCT
fbem-26252	74	21	(	(	PUNCT
fbem-26252	74	22	1	1	X
fbem-26252	74	23	)	)	PUNCT
fbem-26252	74	24	according	accord	VERB
fbem-26252	74	25	to	to	ADP
fbem-26252	74	26	model	model	NOUN
fbem-26252	74	27	(	(	PUNCT
fbem-26252	74	28	2	2	NUM
fbem-26252	74	29	)	)	PUNCT
fbem-26252	74	30	,	,	PUNCT
fbem-26252	74	31	tobit	tobit	NOUN
fbem-26252	74	32	regression	regression	NOUN
fbem-26252	74	33	is	be	AUX
fbem-26252	74	34	carried	carry	VERB
fbem-26252	74	35	out	out	ADP
fbem-26252	74	36	by	by	ADP
fbem-26252	74	37	year	year	NOUN
fbem-26252	74	38	and	and	CCONJ
fbem-26252	74	39	industry	industry	NOUN
fbem-26252	74	40	,	,	PUNCT
fbem-26252	74	41	and	and	CCONJ
fbem-26252	74	42	the	the	DET
fbem-26252	74	43	residual	residual	ADJ
fbem-26252	74	44	of	of	ADP
fbem-26252	74	45	model	model	NOUN
fbem-26252	74	46	(	(	PUNCT
fbem-26252	74	47	2	2	NUM
fbem-26252	74	48	)	)	PUNCT
fbem-26252	74	49	is	be	AUX
fbem-26252	74	50	calculated	calculate	VERB
fbem-26252	74	51	.	.	PUNCT
fbem-26252	75	1	if	if	SCONJ
fbem-26252	75	2	the	the	DET
fbem-26252	75	3	residual	residual	ADJ
fbem-26252	75	4	is	be	AUX
fbem-26252	75	5	less	less	ADJ
fbem-26252	75	6	than	than	ADP
fbem-26252	75	7	0	0	NUM
fbem-26252	75	8	,	,	PUNCT
fbem-26252	75	9	the	the	DET
fbem-26252	75	10	total	total	ADJ
fbem-26252	75	11	off	off	ADP
fbem-26252	75	12	-	-	PUNCT
fbem-26252	75	13	balance	balance	NOUN
fbem-26252	75	14	sheet	sheet	NOUN
fbem-26252	75	15	liabilities	liability	NOUN
fbem-26252	75	16	are	be	AUX
fbem-26252	75	17	0	0	NUM
fbem-26252	75	18	;	;	PUNCT
fbem-26252	75	19	if	if	SCONJ
fbem-26252	75	20	the	the	DET
fbem-26252	75	21	residual	residual	ADJ
fbem-26252	75	22	is	be	AUX
fbem-26252	75	23	greater	great	ADJ
fbem-26252	75	24	than	than	ADP
fbem-26252	75	25	0	0	NUM
fbem-26252	75	26	,	,	PUNCT
fbem-26252	75	27	the	the	DET
fbem-26252	75	28	total	total	ADJ
fbem-26252	75	29	off	off	ADP
fbem-26252	75	30	-	-	PUNCT
fbem-26252	75	31	balance	balance	NOUN
fbem-26252	75	32	sheet	sheet	NOUN
fbem-26252	75	33	liabilities	liability	NOUN
fbem-26252	75	34	are	be	AUX
fbem-26252	75	35	equal	equal	ADJ
fbem-26252	75	36	to	to	ADP
fbem-26252	75	37	the	the	DET
fbem-26252	75	38	difference	difference	NOUN
fbem-26252	75	39	between	between	ADP
fbem-26252	75	40	the	the	DET
fbem-26252	75	41	total	total	ADJ
fbem-26252	75	42	real	real	ADJ
fbem-26252	75	43	assets	asset	NOUN
fbem-26252	75	44	and	and	CCONJ
fbem-26252	75	45	the	the	DET
fbem-26252	75	46	total	total	ADJ
fbem-26252	75	47	book	book	NOUN
fbem-26252	75	48	assets	asset	NOUN
fbem-26252	75	49	.	.	PUNCT
fbem-26252	76	1	where	where	SCONJ
fbem-26252	76	2	,	,	PUNCT
fbem-26252	76	3	total	total	ADJ
fbem-26252	76	4	real	real	ADJ
fbem-26252	76	5	assets	asset	NOUN
fbem-26252	76	6	equal	equal	ADJ
fbem-26252	76	7	sales	sale	NOUN
fbem-26252	76	8	revenue	revenue	NOUN
fbem-26252	76	9	divided	divide	VERB
fbem-26252	76	10	by	by	ADP
fbem-26252	76	11	the	the	DET
fbem-26252	76	12	expected	expect	VERB
fbem-26252	76	13	total	total	ADJ
fbem-26252	76	14	asset	asset	NOUN
fbem-26252	76	15	turnover	turnover	NOUN
fbem-26252	76	16	estimated	estimate	VERB
fbem-26252	76	17	by	by	ADP
fbem-26252	76	18	model	model	NOUN
fbem-26252	76	19	(	(	PUNCT
fbem-26252	76	20	2	2	NUM
fbem-26252	76	21	)	)	PUNCT
fbem-26252	76	22	.	.	PUNCT
fbem-26252	77	1	3.4	3.4	NUM
fbem-26252	77	2	.	.	PUNCT
fbem-26252	77	3	empirical	empirical	ADJ
fbem-26252	77	4	model	model	NOUN
fbem-26252	77	5	setting	set	VERB
fbem-26252	77	6	the	the	DET
fbem-26252	77	7	bidirectional	bidirectional	ADJ
fbem-26252	77	8	fixed	fix	VERB
fbem-26252	77	9	-	-	PUNCT
fbem-26252	77	10	effect	effect	NOUN
fbem-26252	77	11	panel	panel	NOUN
fbem-26252	77	12	model	model	NOUN
fbem-26252	77	13	(	(	PUNCT
fbem-26252	77	14	twfe	twfe	PROPN
fbem-26252	77	15	)	)	PUNCT
fbem-26252	77	16	is	be	AUX
fbem-26252	77	17	used	use	VERB
fbem-26252	77	18	for	for	ADP
fbem-26252	77	19	empirical	empirical	ADJ
fbem-26252	77	20	analysis	analysis	NOUN
fbem-26252	77	21	.	.	PUNCT
fbem-26252	78	1	the	the	DET
fbem-26252	78	2	model	model	NOUN
fbem-26252	78	3	construction	construction	NOUN
fbem-26252	78	4	is	be	AUX
fbem-26252	78	5	shown	show	VERB
fbem-26252	78	6	in	in	ADP
fbem-26252	78	7	equation	equation	NOUN
fbem-26252	78	8	(	(	PUNCT
fbem-26252	78	9	1	1	NUM
fbem-26252	78	10	):	):	PUNCT
fbem-26252	78	11	𝐿𝐸𝑉𝑀𝑖𝑡	𝐿𝐸𝑉𝑀𝑖𝑡	PROPN
fbem-26252	78	12	=	=	PUNCT
fbem-26252	78	13	𝛼0	𝛼0	PROPN
fbem-26252	78	14	+	+	CCONJ
fbem-26252	78	15	𝛼1𝐸𝑆𝐺𝑖𝑡	𝛼1𝐸𝑆𝐺𝑖𝑡	PROPN
fbem-26252	78	16	+	+	CCONJ
fbem-26252	78	17	𝛼2𝑋𝑖𝑡	𝛼2𝑋𝑖𝑡	VERB
fbem-26252	78	18	+	+	CCONJ
fbem-26252	78	19	𝛾𝑡	𝛾𝑡	ADP
fbem-26252	78	20	+	+	X
fbem-26252	78	21	𝜇𝑖	𝜇𝑖	ADP
fbem-26252	78	22	+	+	NUM
fbem-26252	78	23	𝑖𝑡	𝑖𝑡	ADJ
fbem-26252	78	24	(	(	PUNCT
fbem-26252	78	25	1	1	NUM
fbem-26252	78	26	)	)	PUNCT
fbem-26252	78	27	where	where	SCONJ
fbem-26252	78	28	,	,	PUNCT
fbem-26252	78	29	subscript	subscript	NOUN
fbem-26252	78	30	it	it	PRON
fbem-26252	78	31	represents	represent	VERB
fbem-26252	78	32	the	the	DET
fbem-26252	78	33	enterprise	enterprise	NOUN
fbem-26252	78	34	and	and	CCONJ
fbem-26252	78	35	the	the	DET
fbem-26252	78	36	core	core	NOUN
fbem-26252	78	37	explanatory	explanatory	ADJ
fbem-26252	78	38	variable	variable	NOUN
fbem-26252	78	39	of	of	ADP
fbem-26252	78	40	the	the	DET
fbem-26252	78	41	year	year	NOUN
fbem-26252	78	42	𝐸𝑆𝐺𝑖𝑡respectively	𝐸𝑆𝐺𝑖𝑡respectively	ADV
fbem-26252	78	43	is	be	AUX
fbem-26252	78	44	the	the	DET
fbem-26252	78	45	esg	esg	NOUN
fbem-26252	78	46	performance	performance	NOUN
fbem-26252	78	47	score	score	NOUN
fbem-26252	78	48	of	of	ADP
fbem-26252	78	49	listed	list	VERB
fbem-26252	78	50	company	company	NOUN
fbem-26252	78	51	i	i	PRON
fbem-26252	78	52	in	in	ADP
fbem-26252	78	53	year	year	NOUN
fbem-26252	78	54	t.	t.	PROPN
fbem-26252	79	1	the	the	DET
fbem-26252	79	2	data	data	NOUN
fbem-26252	79	3	source	source	NOUN
fbem-26252	79	4	is	be	AUX
fbem-26252	79	5	china	china	PROPN
fbem-26252	79	6	securities	security	NOUN
fbem-26252	79	7	esg	esg	PROPN
fbem-26252	79	8	evaluation	evaluation	NOUN
fbem-26252	79	9	system	system	NOUN
fbem-26252	79	10	,	,	PUNCT
fbem-26252	79	11	and	and	CCONJ
fbem-26252	79	12	the	the	DET
fbem-26252	79	13	value	value	NOUN
fbem-26252	79	14	ranges	range	VERB
fbem-26252	79	15	from	from	ADP
fbem-26252	79	16	1	1	NUM
fbem-26252	79	17	to	to	ADP
fbem-26252	79	18	9	9	NUM
fbem-26252	79	19	.	.	PUNCT
fbem-26252	80	1	the	the	PRON
fbem-26252	80	2	higher	high	ADJ
fbem-26252	80	3	the	the	DET
fbem-26252	80	4	value	value	NOUN
fbem-26252	80	5	,	,	PUNCT
fbem-26252	80	6	the	the	PRON
fbem-26252	80	7	better	well	ADJ
fbem-26252	80	8	the	the	DET
fbem-26252	80	9	esg	esg	NOUN
fbem-26252	80	10	performance	performance	NOUN
fbem-26252	80	11	of	of	ADP
fbem-26252	80	12	the	the	DET
fbem-26252	80	13	enterprise	enterprise	NOUN
fbem-26252	80	14	;	;	PUNCT
fbem-26252	80	15	the	the	DET
fbem-26252	80	16	explained	explain	VERB
fbem-26252	80	17	explanatory	explanatory	ADJ
fbem-26252	80	18	variable	variable	NOUN
fbem-26252	80	19	𝐿𝐸𝑉𝑀𝑖𝑡	𝐿𝐸𝑉𝑀𝑖𝑡	PROPN
fbem-26252	80	20	is	be	AUX
fbem-26252	80	21	the	the	DET
fbem-26252	80	22	leverage	leverage	NOUN
fbem-26252	80	23	manipulation	manipulation	NOUN
fbem-26252	80	24	level	level	NOUN
fbem-26252	80	25	of	of	ADP
fbem-26252	80	26	listed	list	VERB
fbem-26252	80	27	companies	company	NOUN
fbem-26252	80	28	,	,	PUNCT
fbem-26252	80	29	and	and	CCONJ
fbem-26252	80	30	the	the	DET
fbem-26252	80	31	specific	specific	ADJ
fbem-26252	80	32	structure	structure	NOUN
fbem-26252	80	33	is	be	AUX
fbem-26252	80	34	shown	show	VERB
fbem-26252	80	35	above	above	ADV
fbem-26252	80	36	.	.	PUNCT
fbem-26252	81	1	therefore	therefore	ADV
fbem-26252	81	2	,	,	PUNCT
fbem-26252	81	3	𝛼1is	𝛼1is	PUNCT
fbem-26252	81	4	the	the	DET
fbem-26252	81	5	core	core	NOUN
fbem-26252	81	6	parameter	parameter	NOUN
fbem-26252	81	7	to	to	PART
fbem-26252	81	8	be	be	AUX
fbem-26252	81	9	estimated	estimate	VERB
fbem-26252	81	10	in	in	ADP
fbem-26252	81	11	this	this	DET
fbem-26252	81	12	paper	paper	NOUN
fbem-26252	81	13	.	.	PUNCT
fbem-26252	82	1	in	in	ADP
fbem-26252	82	2	addition	addition	NOUN
fbem-26252	82	3	,	,	PUNCT
fbem-26252	82	4	in	in	ADP
fbem-26252	82	5	the	the	DET
fbem-26252	82	6	model	model	NOUN
fbem-26252	82	7	,	,	PUNCT
fbem-26252	82	8	𝑋𝑖𝑡	𝑋𝑖𝑡	PROPN
fbem-26252	82	9	is	be	AUX
fbem-26252	82	10	the	the	DET
fbem-26252	82	11	control	control	NOUN
fbem-26252	82	12	variable	variable	NOUN
fbem-26252	82	13	set	set	VERB
fbem-26252	82	14	at	at	ADP
fbem-26252	82	15	the	the	DET
fbem-26252	82	16	enterprise	enterprise	NOUN
fbem-26252	82	17	level	level	NOUN
fbem-26252	82	18	,	,	PUNCT
fbem-26252	82	19	specifically	specifically	ADV
fbem-26252	82	20	set	set	VERB
fbem-26252	82	21	as	as	SCONJ
fbem-26252	82	22	described	describe	VERB
fbem-26252	82	23	below	below	ADV
fbem-26252	82	24	.	.	PUNCT
fbem-26252	83	1	𝛾𝑡	𝛾𝑡	INTJ
fbem-26252	83	2	,	,	PUNCT
fbem-26252	83	3	𝜇𝑖	𝜇𝑖	ADP
fbem-26252	83	4	are	be	AUX
fbem-26252	83	5	the	the	DET
fbem-26252	83	6	fixed	fix	VERB
fbem-26252	83	7	effect	effect	NOUN
fbem-26252	83	8	of	of	ADP
fbem-26252	83	9	the	the	DET
fbem-26252	83	10	year	year	NOUN
fbem-26252	83	11	and	and	CCONJ
fbem-26252	83	12	the	the	DET
fbem-26252	83	13	fixed	fix	VERB
fbem-26252	83	14	effect	effect	NOUN
fbem-26252	83	15	of	of	ADP
fbem-26252	83	16	the	the	DET
fbem-26252	83	17	individual	individual	ADJ
fbem-26252	83	18	firm	firm	NOUN
fbem-26252	83	19	respectively	respectively	ADV
fbem-26252	83	20	.	.	PUNCT
fbem-26252	84	1	𝑖𝑡	𝑖𝑡	PROPN
fbem-26252	84	2	is	be	AUX
fbem-26252	84	3	the	the	DET
fbem-26252	84	4	random	random	ADJ
fbem-26252	84	5	disturbance	disturbance	NOUN
fbem-26252	84	6	term	term	NOUN
fbem-26252	84	7	of	of	ADP
fbem-26252	84	8	the	the	DET
fbem-26252	84	9	model	model	NOUN
fbem-26252	84	10	.	.	PUNCT
fbem-26252	85	1	finally	finally	ADV
fbem-26252	85	2	,	,	PUNCT
fbem-26252	85	3	the	the	DET
fbem-26252	85	4	white	white	ADJ
fbem-26252	85	5	heteroscedasticity	heteroscedasticity	PROPN
fbem-26252	85	6	robust	robust	ADJ
fbem-26252	85	7	standard	standard	ADJ
fbem-26252	85	8	error	error	NOUN
fbem-26252	85	9	is	be	AUX
fbem-26252	85	10	used	use	VERB
fbem-26252	85	11	for	for	ADP
fbem-26252	85	12	all	all	DET
fbem-26252	85	13	statistical	statistical	ADJ
fbem-26252	85	14	inferences	inference	NOUN
fbem-26252	85	15	in	in	ADP
fbem-26252	85	16	this	this	DET
fbem-26252	85	17	paper	paper	NOUN
fbem-26252	85	18	.	.	PUNCT
fbem-26252	86	1	3.5	3.5	NUM
fbem-26252	86	2	.	.	PUNCT
fbem-26252	87	1	control	control	NOUN
fbem-26252	87	2	variables	variable	NOUN
fbem-26252	87	3	and	and	CCONJ
fbem-26252	87	4	their	their	PRON
fbem-26252	87	5	definitions	definition	NOUN
fbem-26252	87	6	in	in	ADP
fbem-26252	87	7	order	order	NOUN
fbem-26252	87	8	to	to	PART
fbem-26252	87	9	reduce	reduce	VERB
fbem-26252	87	10	the	the	DET
fbem-26252	87	11	endogenous	endogenous	ADJ
fbem-26252	87	12	bias	bias	NOUN
fbem-26252	87	13	caused	cause	VERB
fbem-26252	87	14	by	by	ADP
fbem-26252	87	15	missing	miss	VERB
fbem-26252	87	16	variables	variable	NOUN
fbem-26252	87	17	,	,	PUNCT
fbem-26252	87	18	this	this	DET
fbem-26252	87	19	paper	paper	NOUN
fbem-26252	87	20	further	far	ADV
fbem-26252	87	21	controls	control	VERB
fbem-26252	87	22	a	a	DET
fbem-26252	87	23	series	series	NOUN
fbem-26252	87	24	of	of	ADP
fbem-26252	87	25	control	control	NOUN
fbem-26252	87	26	variables	variable	NOUN
fbem-26252	87	27	.	.	PUNCT
fbem-26252	88	1	the	the	DET
fbem-26252	88	2	detailed	detailed	ADJ
fbem-26252	88	3	definition	definition	NOUN
fbem-26252	88	4	of	of	ADP
fbem-26252	88	5	variables	variable	NOUN
fbem-26252	88	6	is	be	AUX
fbem-26252	88	7	shown	show	VERB
fbem-26252	88	8	in	in	ADP
fbem-26252	88	9	table	table	NOUN
fbem-26252	88	10	1	1	NUM
fbem-26252	88	11	,	,	PUNCT
fbem-26252	88	12	and	and	CCONJ
fbem-26252	88	13	the	the	DET
fbem-26252	88	14	specific	specific	ADJ
fbem-26252	88	15	descriptive	descriptive	ADJ
fbem-26252	88	16	statistical	statistical	ADJ
fbem-26252	88	17	characteristics	characteristic	NOUN
fbem-26252	88	18	of	of	ADP
fbem-26252	88	19	each	each	DET
fbem-26252	88	20	variable	variable	NOUN
fbem-26252	88	21	are	be	AUX
fbem-26252	88	22	shown	show	VERB
fbem-26252	88	23	in	in	ADP
fbem-26252	88	24	table	table	NOUN
fbem-26252	88	25	2	2	NUM
fbem-26252	88	26	.	.	PUNCT
fbem-26252	88	27	table	table	NOUN
fbem-26252	88	28	1	1	NUM
fbem-26252	88	29	.	.	PUNCT
fbem-26252	89	1	the	the	DET
fbem-26252	89	2	variable	variable	ADJ
fbem-26252	89	3	types	type	NOUN
fbem-26252	89	4	,	,	PUNCT
fbem-26252	89	5	names	name	NOUN
fbem-26252	89	6	,	,	PUNCT
fbem-26252	89	7	and	and	CCONJ
fbem-26252	89	8	detailed	detailed	ADJ
fbem-26252	89	9	definitions	definition	NOUN
fbem-26252	89	10	type	type	NOUN
fbem-26252	89	11	of	of	ADP
fbem-26252	89	12	variable	variable	ADJ
fbem-26252	89	13	variable	variable	ADJ
fbem-26252	89	14	name	name	NOUN
fbem-26252	89	15	letters	letter	NOUN
fbem-26252	89	16	indicated	indicate	VERB
fbem-26252	89	17	variable	variable	ADJ
fbem-26252	89	18	definition	definition	NOUN
fbem-26252	89	19	description	description	NOUN
fbem-26252	89	20	explained	explain	VERB
fbem-26252	89	21	variable	variable	ADJ
fbem-26252	89	22	corporate	corporate	ADJ
fbem-26252	89	23	leverage	leverage	NOUN
fbem-26252	89	24	manipulation	manipulation	NOUN
fbem-26252	89	25	levm	levm	VERB
fbem-26252	89	26	the	the	DET
fbem-26252	89	27	degree	degree	NOUN
fbem-26252	89	28	of	of	ADP
fbem-26252	89	29	lever	lever	NOUN
fbem-26252	89	30	manipulation	manipulation	NOUN
fbem-26252	89	31	was	be	AUX
fbem-26252	89	32	estimated	estimate	VERB
fbem-26252	89	33	using	use	VERB
fbem-26252	89	34	the	the	DET
fbem-26252	89	35	expected	expect	VERB
fbem-26252	89	36	model	model	NOUN
fbem-26252	89	37	method	method	NOUN
fbem-26252	89	38	under	under	ADP
fbem-26252	89	39	the	the	DET
fbem-26252	89	40	basic	basic	ADJ
fbem-26252	89	41	xlt	xlt	PROPN
fbem-26252	89	42	-	-	PUNCT
fbem-26252	89	43	levm	levm	PROPN
fbem-26252	89	44	method	method	NOUN
fbem-26252	89	45	core	core	NOUN
fbem-26252	89	46	explanatory	explanatory	ADJ
fbem-26252	89	47	variables	variable	NOUN
fbem-26252	89	48	enterprise	enterprise	NOUN
fbem-26252	89	49	esg	esg	NOUN
fbem-26252	89	50	performance	performance	NOUN
fbem-26252	89	51	esg	esg	PROPN
fbem-26252	89	52	according	accord	VERB
fbem-26252	89	53	to	to	ADP
fbem-26252	89	54	the	the	DET
fbem-26252	89	55	esg	esg	NOUN
fbem-26252	89	56	performance	performance	NOUN
fbem-26252	89	57	scores	score	NOUN
fbem-26252	89	58	of	of	ADP
fbem-26252	89	59	listed	list	VERB
fbem-26252	89	60	companies	company	NOUN
fbem-26252	89	61	in	in	ADP
fbem-26252	89	62	the	the	DET
fbem-26252	89	63	same	same	ADJ
fbem-26252	89	64	year	year	NOUN
fbem-26252	89	65	released	release	VERB
fbem-26252	89	66	by	by	ADP
fbem-26252	89	67	the	the	DET
fbem-26252	89	68	esg	esg	PROPN
fbem-26252	89	69	third	third	ADJ
fbem-26252	89	70	-	-	PUNCT
fbem-26252	89	71	party	party	NOUN
fbem-26252	89	72	evaluation	evaluation	NOUN
fbem-26252	89	73	agency	agency	NOUN
fbem-26252	89	74	controlled	control	VERB
fbem-26252	89	75	variable	variable	ADJ
fbem-26252	89	76	enterprise	enterprise	NOUN
fbem-26252	89	77	scale	scale	NOUN
fbem-26252	89	78	size	size	NOUN
fbem-26252	90	1	ln	ln	NOUN
fbem-26252	90	2	(	(	PUNCT
fbem-26252	90	3	the	the	DET
fbem-26252	90	4	total	total	ADJ
fbem-26252	90	5	assets	asset	NOUN
fbem-26252	90	6	of	of	ADP
fbem-26252	90	7	the	the	DET
fbem-26252	90	8	enterprise	enterprise	NOUN
fbem-26252	90	9	at	at	ADP
fbem-26252	90	10	the	the	DET
fbem-26252	90	11	end	end	NOUN
fbem-26252	90	12	of	of	ADP
fbem-26252	90	13	the	the	DET
fbem-26252	90	14	current	current	ADJ
fbem-26252	90	15	year	year	NOUN
fbem-26252	90	16	)	)	PUNCT
fbem-26252	90	17	asset	asset	NOUN
fbem-26252	90	18	-	-	PUNCT
fbem-26252	90	19	liability	liability	NOUN
fbem-26252	90	20	ratio	ratio	NOUN
fbem-26252	90	21	leverage	leverage	NOUN
fbem-26252	90	22	the	the	DET
fbem-26252	90	23	asset	asset	NOUN
fbem-26252	90	24	-	-	PUNCT
fbem-26252	90	25	liability	liability	NOUN
fbem-26252	90	26	ratio	ratio	NOUN
fbem-26252	90	27	of	of	ADP
fbem-26252	90	28	the	the	DET
fbem-26252	90	29	enterprise	enterprise	NOUN
fbem-26252	90	30	in	in	ADP
fbem-26252	90	31	the	the	DET
fbem-26252	90	32	current	current	ADJ
fbem-26252	90	33	year	year	NOUN
fbem-26252	90	34	enterprise	enterprise	NOUN
fbem-26252	90	35	age	age	NOUN
fbem-26252	90	36	age	age	NOUN
fbem-26252	90	37	enterprise	enterprise	NOUN
fbem-26252	90	38	listing	list	VERB
fbem-26252	90	39	years	year	NOUN
fbem-26252	90	40	business	business	NOUN
fbem-26252	90	41	performance	performance	NOUN
fbem-26252	90	42	roa	roa	NOUN
fbem-26252	90	43	enterprise	enterprise	NOUN
fbem-26252	90	44	return	return	NOUN
fbem-26252	90	45	on	on	ADP
fbem-26252	90	46	assets	asset	NOUN
fbem-26252	90	47	of	of	ADP
fbem-26252	90	48	the	the	DET
fbem-26252	90	49	year	year	NOUN
fbem-26252	90	50	size	size	NOUN
fbem-26252	90	51	of	of	ADP
fbem-26252	90	52	fixed	fix	VERB
fbem-26252	90	53	assets	asset	NOUN
fbem-26252	90	54	fata	fata	X
fbem-26252	90	55	the	the	DET
fbem-26252	90	56	proportion	proportion	NOUN
fbem-26252	90	57	of	of	ADP
fbem-26252	90	58	fixed	fix	VERB
fbem-26252	90	59	assets	asset	NOUN
fbem-26252	90	60	of	of	ADP
fbem-26252	90	61	enterprises	enterprise	NOUN
fbem-26252	90	62	enterprise	enterprise	NOUN
fbem-26252	90	63	ownership	ownership	NOUN
fbem-26252	90	64	soe	soe	PROPN
fbem-26252	90	65	virtual	virtual	ADJ
fbem-26252	90	66	variable	variable	NOUN
fbem-26252	90	67	:	:	PUNCT
fbem-26252	90	68	if	if	SCONJ
fbem-26252	90	69	the	the	DET
fbem-26252	90	70	enterprise	enterprise	NOUN
fbem-26252	90	71	belongs	belong	VERB
fbem-26252	90	72	to	to	ADP
fbem-26252	90	73	a	a	DET
fbem-26252	90	74	state	state	NOUN
fbem-26252	90	75	-	-	PUNCT
fbem-26252	90	76	owned	own	VERB
fbem-26252	90	77	enterprise	enterprise	NOUN
fbem-26252	90	78	,	,	PUNCT
fbem-26252	90	79	it	it	PRON
fbem-26252	90	80	is	be	AUX
fbem-26252	90	81	assigned	assign	VERB
fbem-26252	90	82	1	1	NUM
fbem-26252	90	83	,	,	PUNCT
fbem-26252	90	84	otherwise	otherwise	ADV
fbem-26252	90	85	0	0	NUM
fbem-26252	90	86	board	board	NOUN
fbem-26252	90	87	size	size	NOUN
fbem-26252	90	88	boardsize	boardsize	NOUN
fbem-26252	90	89	ownership	ownership	NOUN
fbem-26252	90	90	ratio	ratio	NOUN
fbem-26252	90	91	of	of	ADP
fbem-26252	90	92	the	the	DET
fbem-26252	90	93	board	board	NOUN
fbem-26252	90	94	of	of	ADP
fbem-26252	90	95	directors	director	NOUN
fbem-26252	90	96	equity	equity	NOUN
fbem-26252	90	97	concentration	concentration	NOUN
fbem-26252	90	98	shrcr1	shrcr1	NOUN
fbem-26252	90	99	enterprise	enterprise	NOUN
fbem-26252	90	100	in	in	ADP
fbem-26252	90	101	that	that	DET
fbem-26252	90	102	year	year	NOUN
fbem-26252	90	103	the	the	DET
fbem-26252	90	104	largest	large	ADJ
fbem-26252	90	105	shareholder	shareholder	NOUN
fbem-26252	90	106	shareholding	shareholding	NOUN
fbem-26252	90	107	ratio	ratio	NOUN
fbem-26252	90	108	table	table	NOUN
fbem-26252	90	109	2	2	NUM
fbem-26252	90	110	.	.	PUNCT
fbem-26252	90	111	descriptive	descriptive	ADJ
fbem-26252	90	112	statistics	statistic	NOUN
fbem-26252	90	113	sample	sample	NOUN
fbem-26252	90	114	capacity	capacity	NOUN
fbem-26252	90	115	mean	mean	NOUN
fbem-26252	90	116	value	value	NOUN
fbem-26252	90	117	standard	standard	ADJ
fbem-26252	90	118	deviation	deviation	NOUN
fbem-26252	90	119	least	least	ADJ
fbem-26252	90	120	value	value	NOUN
fbem-26252	90	121	:	:	PUNCT
fbem-26252	90	122	minimum	minimum	ADJ
fbem-26252	90	123	median	median	ADJ
fbem-26252	90	124	crest	crest	NOUN
fbem-26252	90	125	value	value	NOUN
fbem-26252	90	126	levm	levm	NOUN
fbem-26252	90	127	29841	29841	NUM
fbem-26252	90	128	0.12	0.12	NUM
fbem-26252	90	129	0.229	0.229	NUM
fbem-26252	90	130	0	0	NUM
fbem-26252	91	1	0.039	0.039	NUM
fbem-26252	91	2	1.792	1.792	NUM
fbem-26252	91	3	esg	esg	NOUN
fbem-26252	91	4	29841	29841	NUM
fbem-26252	91	5	4.095	4.095	NUM
fbem-26252	91	6	1.044	1.044	NUM
fbem-26252	91	7	0	0	NUM
fbem-26252	91	8	4	4	NUM
fbem-26252	91	9	8	8	NUM
fbem-26252	91	10	size	size	NOUN
fbem-26252	91	11	29841	29841	NUM
fbem-26252	91	12	22.273	22.273	NUM
fbem-26252	91	13	1.303	1.303	NUM
fbem-26252	91	14	17.641	17.641	NUM
fbem-26252	91	15	22.089	22.089	NUM
fbem-26252	91	16	28.636	28.636	NUM
fbem-26252	91	17	leverage	leverage	NOUN
fbem-26252	91	18	29841	29841	NUM
fbem-26252	91	19	0.446	0.446	NUM
fbem-26252	91	20	0.199	0.199	NUM
fbem-26252	91	21	0.01	0.01	NUM
fbem-26252	91	22	0.438	0.438	NUM
fbem-26252	91	23	0.999	0.999	NUM
fbem-26252	91	24	age	age	NOUN
fbem-26252	91	25	29841	29841	NUM
fbem-26252	91	26	2.196	2.196	NUM
fbem-26252	91	27	0.781	0.781	NUM
fbem-26252	91	28	0	0	NUM
fbem-26252	91	29	2.303	2.303	NUM
fbem-26252	91	30	3.497	3.497	NUM
fbem-26252	91	31	roa	roa	NOUN
fbem-26252	91	32	29841	29841	NUM
fbem-26252	91	33	0.034	0.034	NUM
fbem-26252	91	34	0.167	0.167	NUM
fbem-26252	91	35	-1.856	-1.856	NUM
fbem-26252	91	36	0.035	0.035	NUM
fbem-26252	91	37	22.005	22.005	NUM
fbem-26252	91	38	fata	fata	NOUN
fbem-26252	91	39	29841	29841	NUM
fbem-26252	91	40	0.219	0.219	NUM
fbem-26252	91	41	0.163	0.163	NUM
fbem-26252	91	42	0	0	NUM
fbem-26252	91	43	0.186	0.186	NUM
fbem-26252	91	44	0.971	0.971	NUM
fbem-26252	91	45	soe	soe	PROPN
fbem-26252	91	46	29841	29841	NUM
fbem-26252	91	47	0.373	0.373	NUM
fbem-26252	91	48	0.484	0.484	NUM
fbem-26252	91	49	0	0	NUM
fbem-26252	91	50	0	0	NUM
fbem-26252	91	51	1	1	NUM
fbem-26252	91	52	boardsize	boardsize	NOUN
fbem-26252	91	53	29841	29841	NUM
fbem-26252	91	54	00.124	00.124	NUM
fbem-26252	91	55	0.186	0.186	NUM
fbem-26252	91	56	0	0	NUM
fbem-26252	91	57	0.003	0.003	NUM
fbem-26252	91	58	1.314	1.314	NUM
fbem-26252	91	59	shrcr1	shrcr1	NOUN
fbem-26252	91	60	29841	29841	NUM
fbem-26252	91	61	0.339	0.339	NUM
fbem-26252	91	62	0.149	0.149	NUM
fbem-26252	91	63	0.003	0.003	NUM
fbem-26252	91	64	0.315	0.315	NUM
fbem-26252	91	65	0.9	0.9	NUM
fbem-26252	91	66	3.6	3.6	NUM
fbem-26252	91	67	.	.	PUNCT
fbem-26252	92	1	collinearity	collinearity	NOUN
fbem-26252	92	2	test	test	NOUN
fbem-26252	92	3	between	between	ADP
fbem-26252	92	4	variables	variable	NOUN
fbem-26252	92	5	before	before	ADP
fbem-26252	92	6	the	the	DET
fbem-26252	92	7	empirical	empirical	ADJ
fbem-26252	92	8	regression	regression	NOUN
fbem-26252	92	9	analysis	analysis	NOUN
fbem-26252	92	10	,	,	PUNCT
fbem-26252	92	11	it	it	PRON
fbem-26252	92	12	is	be	AUX
fbem-26252	92	13	necessary	necessary	ADJ
fbem-26252	92	14	to	to	PART
fbem-26252	92	15	analyze	analyze	VERB
fbem-26252	92	16	the	the	DET
fbem-26252	92	17	correlation	correlation	NOUN
fbem-26252	92	18	results	result	NOUN
fbem-26252	92	19	among	among	ADP
fbem-26252	92	20	the	the	DET
fbem-26252	92	21	main	main	ADJ
fbem-26252	92	22	research	research	NOUN
fbem-26252	92	23	variables	variable	NOUN
fbem-26252	92	24	.	.	PUNCT
fbem-26252	93	1	the	the	DET
fbem-26252	93	2	correlation	correlation	NOUN
fbem-26252	93	3	test	test	NOUN
fbem-26252	93	4	results	result	NOUN
fbem-26252	93	5	of	of	ADP
fbem-26252	93	6	the	the	DET
fbem-26252	93	7	core	core	NOUN
fbem-26252	93	8	explanatory	explanatory	ADJ
fbem-26252	93	9	variables	variable	NOUN
fbem-26252	93	10	and	and	CCONJ
fbem-26252	93	11	control	control	NOUN
fbem-26252	93	12	variables	variable	NOUN
fbem-26252	93	13	are	be	AUX
fbem-26252	93	14	shown	show	VERB
fbem-26252	93	15	in	in	ADP
fbem-26252	93	16	table	table	NOUN
fbem-26252	93	17	3	3	NUM
fbem-26252	93	18	.	.	PUNCT
fbem-26252	94	1	as	as	SCONJ
fbem-26252	94	2	can	can	AUX
fbem-26252	94	3	be	be	AUX
fbem-26252	94	4	seen	see	VERB
fbem-26252	94	5	from	from	ADP
fbem-26252	94	6	the	the	DET
fbem-26252	94	7	correlation	correlation	NOUN
fbem-26252	94	8	coefficient	coefficient	NOUN
fbem-26252	94	9	matrix	matrix	NOUN
fbem-26252	94	10	in	in	ADP
fbem-26252	94	11	table	table	NOUN
fbem-26252	94	12	3	3	NUM
fbem-26252	94	13	,	,	PUNCT
fbem-26252	94	14	the	the	DET
fbem-26252	94	15	correlation	correlation	NOUN
fbem-26252	94	16	coefficient	coefficient	NOUN
fbem-26252	94	17	between	between	ADP
fbem-26252	94	18	the	the	DET
fbem-26252	94	19	core	core	NOUN
fbem-26252	94	20	explanatory	explanatory	ADJ
fbem-26252	94	21	variable	variable	NOUN
fbem-26252	94	22	238	238	NUM
fbem-26252	94	23	and	and	CCONJ
fbem-26252	94	24	each	each	DET
fbem-26252	94	25	control	control	NOUN
fbem-26252	94	26	variable	variable	NOUN
fbem-26252	94	27	is	be	AUX
fbem-26252	94	28	not	not	PART
fbem-26252	94	29	large	large	ADJ
fbem-26252	94	30	,	,	PUNCT
fbem-26252	94	31	so	so	CCONJ
fbem-26252	94	32	there	there	PRON
fbem-26252	94	33	is	be	VERB
fbem-26252	94	34	no	no	DET
fbem-26252	94	35	systematic	systematic	ADJ
fbem-26252	94	36	bias	bias	NOUN
fbem-26252	94	37	caused	cause	VERB
fbem-26252	94	38	by	by	ADP
fbem-26252	94	39	the	the	DET
fbem-26252	94	40	problem	problem	NOUN
fbem-26252	94	41	of	of	ADP
fbem-26252	94	42	high	high	ADJ
fbem-26252	94	43	collinearity	collinearity	NOUN
fbem-26252	94	44	in	in	ADP
fbem-26252	94	45	the	the	DET
fbem-26252	94	46	statistical	statistical	ADJ
fbem-26252	94	47	inference	inference	NOUN
fbem-26252	94	48	of	of	ADP
fbem-26252	94	49	this	this	DET
fbem-26252	94	50	paper	paper	NOUN
fbem-26252	94	51	.	.	PUNCT
fbem-26252	95	1	table	table	NOUN
fbem-26252	95	2	3	3	NUM
fbem-26252	95	3	.	.	X
fbem-26252	95	4	of	of	ADP
fbem-26252	95	5	the	the	DET
fbem-26252	95	6	correlation	correlation	NOUN
fbem-26252	95	7	coefficient	coefficient	NOUN
fbem-26252	95	8	matrix	matrix	NOUN
fbem-26252	95	9	among	among	ADP
fbem-26252	95	10	the	the	DET
fbem-26252	95	11	variables	variable	NOUN
fbem-26252	95	12	esg	esg	PROPN
fbem-26252	95	13	size	size	NOUN
fbem-26252	95	14	leverage	leverage	NOUN
fbem-26252	95	15	age	age	NOUN
fbem-26252	95	16	roa	roa	PROPN
fbem-26252	95	17	fata	fata	PROPN
fbem-26252	95	18	soe	soe	PROPN
fbem-26252	95	19	boardsize	boardsize	PROPN
fbem-26252	95	20	shrcr1	shrcr1	NOUN
fbem-26252	95	21	esg	esg	PROPN
fbem-26252	95	22	1	1	NUM
fbem-26252	95	23	size	size	NOUN
fbem-26252	95	24	0.25	0.25	NUM
fbem-26252	95	25	*	*	SYM
fbem-26252	95	26	1	1	NUM
fbem-26252	95	27	leverage	leverage	NOUN
fbem-26252	95	28	-0.09	-0.09	NOUN
fbem-26252	95	29	*	*	SYM
fbem-26252	95	30	0.44	0.44	NUM
fbem-26252	95	31	*	*	SYM
fbem-26252	95	32	1	1	NUM
fbem-26252	95	33	age	age	NOUN
fbem-26252	95	34	-0.08	-0.08	NOUN
fbem-26252	95	35	*	*	NOUN
fbem-26252	95	36	0.37	0.37	NUM
fbem-26252	95	37	*	*	SYM
fbem-26252	95	38	0.34	0.34	NUM
fbem-26252	95	39	*	*	SYM
fbem-26252	95	40	1	1	NUM
fbem-26252	95	41	roa	roa	NOUN
fbem-26252	95	42	0.07	0.07	NUM
fbem-26252	95	43	*	*	NOUN
fbem-26252	95	44	0.00	0.00	NUM
fbem-26252	95	45	-0.12	-0.12	NUM
fbem-26252	95	46	*	*	SYM
fbem-26252	95	47	-0.06	-0.06	NUM
fbem-26252	95	48	*	*	PROPN
fbem-26252	95	49	1	1	NUM
fbem-26252	95	50	fata	fata	NOUN
fbem-26252	95	51	-0.05	-0.05	NOUN
fbem-26252	95	52	*	*	NOUN
fbem-26252	95	53	0.08	0.08	NUM
fbem-26252	95	54	*	*	NUM
fbem-26252	95	55	0.07	0.07	NUM
fbem-26252	95	56	*	*	SYM
fbem-26252	95	57	0.10	0.10	NUM
fbem-26252	95	58	*	*	SYM
fbem-26252	95	59	-0.03	-0.03	NUM
fbem-26252	95	60	*	*	PROPN
fbem-26252	95	61	1	1	NUM
fbem-26252	95	62	soe	soe	PROPN
fbem-26252	95	63	0.07	0.07	NUM
fbem-26252	95	64	*	*	SYM
fbem-26252	95	65	0.34	0.34	NUM
fbem-26252	95	66	*	*	NOUN
fbem-26252	95	67	0.28	0.28	NUM
fbem-26252	95	68	*	*	SYM
fbem-26252	95	69	0.44	0.44	NUM
fbem-26252	95	70	*	*	SYM
fbem-26252	95	71	-0.03	-0.03	NUM
fbem-26252	95	72	*	*	NOUN
fbem-26252	95	73	0.19	0.19	NUM
fbem-26252	95	74	*	*	SYM
fbem-26252	95	75	1	1	NUM
fbem-26252	95	76	boardsize	boardsize	VERB
fbem-26252	95	77	0.07	0.07	NUM
fbem-26252	95	78	*	*	PUNCT
fbem-26252	95	79	-0.31	-0.31	PRON
fbem-26252	95	80	*	*	PUNCT
fbem-26252	95	81	-0.30	-0.30	PROPN
fbem-26252	95	82	*	*	PUNCT
fbem-26252	95	83	-0.55	-0.55	NOUN
fbem-26252	95	84	*	*	NOUN
fbem-26252	95	85	0.04	0.04	NUM
fbem-26252	95	86	*	*	SYM
fbem-26252	95	87	-0.15	-0.15	NUM
fbem-26252	95	88	*	*	NOUN
fbem-26252	95	89	-0.49	-0.49	PROPN
fbem-26252	95	90	*	*	SYM
fbem-26252	95	91	1	1	NUM
fbem-26252	95	92	shrcr1	shrcr1	NOUN
fbem-26252	95	93	0.11	0.11	NUM
fbem-26252	95	94	*	*	SYM
fbem-26252	95	95	0.21	0.21	NUM
fbem-26252	95	96	*	*	SYM
fbem-26252	95	97	0.06	0.06	NUM
fbem-26252	95	98	*	*	NOUN
fbem-26252	95	99	-0.08	-0.08	NUM
fbem-26252	95	100	*	*	NOUN
fbem-26252	95	101	0.05	0.05	NUM
fbem-26252	95	102	*	*	SYM
fbem-26252	95	103	0.09	0.09	NUM
fbem-26252	95	104	*	*	SYM
fbem-26252	95	105	0.21	0.21	NUM
fbem-26252	95	106	*	*	SYM
fbem-26252	95	107	-0.09	-0.09	NUM
fbem-26252	95	108	*	*	SYM
fbem-26252	95	109	1	1	NUM
fbem-26252	95	110	table	table	NOUN
fbem-26252	95	111	4	4	NUM
fbem-26252	95	112	.	.	PUNCT
fbem-26252	95	113	benchmark	benchmark	NOUN
fbem-26252	95	114	stepwise	stepwise	PROPN
fbem-26252	95	115	regression	regression	NOUN
fbem-26252	95	116	results	result	NOUN
fbem-26252	95	117	(	(	PUNCT
fbem-26252	95	118	1	1	NUM
fbem-26252	95	119	)	)	PUNCT
fbem-26252	95	120	(	(	PUNCT
fbem-26252	95	121	2	2	NUM
fbem-26252	95	122	)	)	PUNCT
fbem-26252	95	123	(	(	PUNCT
fbem-26252	95	124	3	3	X
fbem-26252	95	125	)	)	PUNCT
fbem-26252	95	126	variables	variable	NOUN
fbem-26252	95	127	levm	levm	PROPN
fbem-26252	95	128	levm	levm	PROPN
fbem-26252	95	129	levm	levm	PROPN
fbem-26252	95	130	esg	esg	PROPN
fbem-26252	95	131	-0.007	-0.007	PROPN
fbem-26252	95	132	*	*	PUNCT
fbem-26252	95	133	*	*	PUNCT
fbem-26252	95	134	*	*	PUNCT
fbem-26252	95	135	-0.005	-0.005	PUNCT
fbem-26252	96	1	*	*	PUNCT
fbem-26252	96	2	*	*	PUNCT
fbem-26252	96	3	*	*	PUNCT
fbem-26252	97	1	-0.005	-0.005	PUNCT
fbem-26252	97	2	*	*	PUNCT
fbem-26252	97	3	*	*	PUNCT
fbem-26252	97	4	*	*	PUNCT
fbem-26252	97	5	(	(	PUNCT
fbem-26252	97	6	0.001	0.001	NUM
fbem-26252	97	7	)	)	PUNCT
fbem-26252	97	8	(	(	PUNCT
fbem-26252	97	9	0.001	0.001	NUM
fbem-26252	97	10	)	)	PUNCT
fbem-26252	97	11	(	(	PUNCT
fbem-26252	97	12	0.001	0.001	NUM
fbem-26252	97	13	)	)	PUNCT
fbem-26252	97	14	size	size	NOUN
fbem-26252	97	15	-0.002	-0.002	PUNCT
fbem-26252	97	16	-0.002	-0.002	PUNCT
fbem-26252	97	17	(	(	PUNCT
fbem-26252	97	18	0.002	0.002	NUM
fbem-26252	97	19	)	)	PUNCT
fbem-26252	97	20	(	(	PUNCT
fbem-26252	97	21	0.002	0.002	NUM
fbem-26252	97	22	)	)	PUNCT
fbem-26252	97	23	leverage	leverage	NOUN
fbem-26252	97	24	0.135	0.135	NUM
fbem-26252	97	25	*	*	NOUN
fbem-26252	97	26	*	*	PUNCT
fbem-26252	97	27	*	*	PUNCT
fbem-26252	97	28	0.135	0.135	NUM
fbem-26252	97	29	*	*	PUNCT
fbem-26252	97	30	*	*	PUNCT
fbem-26252	97	31	*	*	PUNCT
fbem-26252	97	32	(	(	PUNCT
fbem-26252	97	33	0.011	0.011	NUM
fbem-26252	97	34	)	)	PUNCT
fbem-26252	97	35	(	(	PUNCT
fbem-26252	97	36	0.011	0.011	NUM
fbem-26252	97	37	)	)	PUNCT
fbem-26252	97	38	age	age	NOUN
fbem-26252	97	39	-0.018	-0.018	PUNCT
fbem-26252	97	40	*	*	PUNCT
fbem-26252	97	41	*	*	PUNCT
fbem-26252	97	42	*	*	PUNCT
fbem-26252	98	1	-0.018	-0.018	PUNCT
fbem-26252	99	1	*	*	PUNCT
fbem-26252	99	2	*	*	PUNCT
fbem-26252	99	3	*	*	PUNCT
fbem-26252	99	4	(	(	PUNCT
fbem-26252	99	5	0.002	0.002	NUM
fbem-26252	99	6	)	)	PUNCT
fbem-26252	99	7	(	(	PUNCT
fbem-26252	99	8	0.002	0.002	NUM
fbem-26252	99	9	)	)	PUNCT
fbem-26252	99	10	roa	roa	PROPN
fbem-26252	99	11	0.041	0.041	NUM
fbem-26252	99	12	0.041	0.041	NUM
fbem-26252	99	13	(	(	PUNCT
fbem-26252	99	14	0.032	0.032	NUM
fbem-26252	99	15	)	)	PUNCT
fbem-26252	99	16	(	(	PUNCT
fbem-26252	99	17	0.032	0.032	NUM
fbem-26252	99	18	)	)	PUNCT
fbem-26252	99	19	fata	fata	NOUN
fbem-26252	99	20	0.028	0.028	NUM
fbem-26252	99	21	*	*	PUNCT
fbem-26252	99	22	*	*	PUNCT
fbem-26252	99	23	*	*	PUNCT
fbem-26252	99	24	0.028	0.028	NUM
fbem-26252	99	25	*	*	NOUN
fbem-26252	99	26	*	*	PUNCT
fbem-26252	99	27	*	*	PUNCT
fbem-26252	99	28	(	(	PUNCT
fbem-26252	99	29	0.011	0.011	NUM
fbem-26252	99	30	)	)	PUNCT
fbem-26252	99	31	(	(	PUNCT
fbem-26252	99	32	0.011	0.011	NUM
fbem-26252	99	33	)	)	PUNCT
fbem-26252	99	34	soe	soe	PROPN
fbem-26252	99	35	-0.006	-0.006	PROPN
fbem-26252	99	36	*	*	SYM
fbem-26252	99	37	-0.006	-0.006	PROPN
fbem-26252	99	38	*	*	PUNCT
fbem-26252	99	39	(	(	PUNCT
fbem-26252	99	40	0.004	0.004	NUM
fbem-26252	99	41	)	)	PUNCT
fbem-26252	99	42	(	(	PUNCT
fbem-26252	99	43	0.004	0.004	NUM
fbem-26252	99	44	)	)	PUNCT
fbem-26252	99	45	boardsize	boardsize	NOUN
fbem-26252	99	46	-0.021	-0.021	PROPN
fbem-26252	99	47	*	*	NOUN
fbem-26252	99	48	*	*	PUNCT
fbem-26252	100	1	-0.021	-0.021	NOUN
fbem-26252	100	2	*	*	PUNCT
fbem-26252	100	3	*	*	PUNCT
fbem-26252	100	4	(	(	PUNCT
fbem-26252	100	5	0.009	0.009	NUM
fbem-26252	100	6	)	)	PUNCT
fbem-26252	100	7	(	(	PUNCT
fbem-26252	100	8	0.009	0.009	NUM
fbem-26252	100	9	)	)	PUNCT
fbem-26252	100	10	shrcr1	shrcr1	NOUN
fbem-26252	101	1	-0.043	-0.043	PUNCT
fbem-26252	101	2	*	*	PUNCT
fbem-26252	101	3	*	*	PUNCT
fbem-26252	101	4	*	*	PUNCT
fbem-26252	101	5	-0.043	-0.043	PUNCT
fbem-26252	101	6	*	*	PUNCT
fbem-26252	101	7	*	*	PUNCT
fbem-26252	101	8	*	*	PUNCT
fbem-26252	101	9	(	(	PUNCT
fbem-26252	101	10	0.010	0.010	NUM
fbem-26252	101	11	)	)	PUNCT
fbem-26252	101	12	(	(	PUNCT
fbem-26252	101	13	0.010	0.010	NUM
fbem-26252	101	14	)	)	PUNCT
fbem-26252	101	15	constant	constant	ADJ
fbem-26252	101	16	0.149	0.149	PRON
fbem-26252	101	17	*	*	PUNCT
fbem-26252	101	18	*	*	PUNCT
fbem-26252	101	19	*	*	PUNCT
fbem-26252	101	20	0.181	0.181	NUM
fbem-26252	101	21	*	*	PUNCT
fbem-26252	101	22	*	*	PUNCT
fbem-26252	101	23	*	*	PUNCT
fbem-26252	101	24	0.181	0.181	NUM
fbem-26252	101	25	*	*	PUNCT
fbem-26252	101	26	*	*	PUNCT
fbem-26252	101	27	*	*	PUNCT
fbem-26252	101	28	(	(	PUNCT
fbem-26252	101	29	0.006	0.006	NUM
fbem-26252	101	30	)	)	PUNCT
fbem-26252	101	31	(	(	PUNCT
fbem-26252	101	32	0.029	0.029	NUM
fbem-26252	101	33	)	)	PUNCT
fbem-26252	101	34	(	(	PUNCT
fbem-26252	101	35	0.029	0.029	NUM
fbem-26252	101	36	)	)	PUNCT
fbem-26252	101	37	year	year	NOUN
fbem-26252	101	38	fe	fe	INTJ
fbem-26252	102	1	no	no	INTJ
fbem-26252	102	2	no	no	INTJ
fbem-26252	102	3	yes	yes	INTJ
fbem-26252	102	4	industry	industry	NOUN
fbem-26252	102	5	fe	fe	INTJ
fbem-26252	103	1	no	no	INTJ
fbem-26252	103	2	no	no	INTJ
fbem-26252	103	3	yes	yes	INTJ
fbem-26252	103	4	observations	observation	NOUN
fbem-26252	103	5	29,841	29,841	NUM
fbem-26252	103	6	29,841	29,841	NUM
fbem-26252	103	7	29,841	29,841	NUM
fbem-26252	103	8	r	r	NOUN
fbem-26252	103	9	-	-	PUNCT
fbem-26252	103	10	squared	square	VERB
fbem-26252	103	11	0.001	0.001	NUM
fbem-26252	103	12	0.020	0.020	NUM
fbem-26252	103	13	0.020	0.020	NUM
fbem-26252	103	14	note	note	NOUN
fbem-26252	103	15	:	:	PUNCT
fbem-26252	103	16	the	the	DET
fbem-26252	103	17	observed	observe	VERB
fbem-26252	103	18	value	value	NOUN
fbem-26252	103	19	is	be	AUX
fbem-26252	103	20	at	at	ADP
fbem-26252	103	21	the	the	DET
fbem-26252	103	22	enterprise	enterprise	NOUN
fbem-26252	103	23	level	level	NOUN
fbem-26252	103	24	.	.	PUNCT
fbem-26252	104	1	*	*	PUNCT
fbem-26252	104	2	*	*	PUNCT
fbem-26252	104	3	*	*	PUNCT
fbem-26252	104	4	,	,	PUNCT
fbem-26252	104	5	*	*	PUNCT
fbem-26252	104	6	*	*	PUNCT
fbem-26252	104	7	,	,	PUNCT
fbem-26252	104	8	*	*	PUNCT
fbem-26252	104	9	is	be	AUX
fbem-26252	104	10	significant	significant	ADJ
fbem-26252	104	11	at	at	ADP
fbem-26252	104	12	1	1	NUM
fbem-26252	104	13	%	%	NOUN
fbem-26252	104	14	,	,	PUNCT
fbem-26252	104	15	5	5	NUM
fbem-26252	104	16	%	%	NOUN
fbem-26252	104	17	,	,	PUNCT
fbem-26252	104	18	and	and	CCONJ
fbem-26252	104	19	10	10	NUM
fbem-26252	104	20	%	%	NOUN
fbem-26252	104	21	,	,	PUNCT
fbem-26252	104	22	respectively	respectively	ADV
fbem-26252	104	23	.	.	PUNCT
fbem-26252	105	1	numerical	numerical	ADJ
fbem-26252	105	2	heteroscedasticity	heteroscedasticity	PROPN
fbem-26252	105	3	of	of	ADP
fbem-26252	105	4	robust	robust	ADJ
fbem-26252	105	5	standard	standard	ADJ
fbem-26252	105	6	error	error	NOUN
fbem-26252	105	7	in	in	ADP
fbem-26252	105	8	parentheses	parenthesis	NOUN
fbem-26252	105	9	.	.	PUNCT
fbem-26252	106	1	"	"	PUNCT
fbem-26252	106	2	yes	yes	INTJ
fbem-26252	106	3	"	"	PUNCT
fbem-26252	106	4	represents	represent	VERB
fbem-26252	106	5	controls	control	NOUN
fbem-26252	106	6	for	for	ADP
fbem-26252	106	7	this	this	DET
fbem-26252	106	8	fixed	fix	VERB
fbem-26252	106	9	effect	effect	NOUN
fbem-26252	106	10	and	and	CCONJ
fbem-26252	106	11	"	"	PUNCT
fbem-26252	106	12	no	no	PRON
fbem-26252	106	13	"	"	PUNCT
fbem-26252	106	14	represents	represent	VERB
fbem-26252	106	15	controls	control	NOUN
fbem-26252	106	16	not	not	PART
fbem-26252	106	17	for	for	ADP
fbem-26252	106	18	this	this	DET
fbem-26252	106	19	fixed	fix	VERB
fbem-26252	106	20	effect	effect	NOUN
fbem-26252	106	21	.	.	PUNCT
fbem-26252	107	1	4	4	X
fbem-26252	107	2	.	.	X
fbem-26252	107	3	empirical	empirical	ADJ
fbem-26252	107	4	result	result	NOUN
fbem-26252	107	5	4.1	4.1	NUM
fbem-26252	107	6	.	.	PUNCT
fbem-26252	107	7	basic	basic	ADJ
fbem-26252	107	8	empirical	empirical	ADJ
fbem-26252	107	9	results	result	NOUN
fbem-26252	107	10	table	table	NOUN
fbem-26252	107	11	4	4	NUM
fbem-26252	107	12	shows	show	VERB
fbem-26252	107	13	the	the	DET
fbem-26252	107	14	benchmark	benchmark	ADJ
fbem-26252	107	15	stepby	stepby	ADJ
fbem-26252	107	16	-	-	PUNCT
fbem-26252	107	17	step	step	NOUN
fbem-26252	107	18	regression	regression	NOUN
fbem-26252	107	19	results	result	NOUN
fbem-26252	107	20	of	of	ADP
fbem-26252	107	21	equation	equation	NOUN
fbem-26252	107	22	(	(	PUNCT
fbem-26252	107	23	1	1	NUM
fbem-26252	107	24	)	)	PUNCT
fbem-26252	107	25	in	in	ADP
fbem-26252	107	26	this	this	DET
fbem-26252	107	27	paper	paper	NOUN
fbem-26252	107	28	,	,	PUNCT
fbem-26252	107	29	and	and	CCONJ
fbem-26252	107	30	the	the	DET
fbem-26252	107	31	explained	explain	VERB
fbem-26252	107	32	variables	variable	NOUN
fbem-26252	107	33	are	be	AUX
fbem-26252	107	34	levm	levm	PROPN
fbem-26252	107	35	,	,	PUNCT
fbem-26252	107	36	the	the	DET
fbem-26252	107	37	degree	degree	NOUN
fbem-26252	107	38	of	of	ADP
fbem-26252	107	39	leverage	leverage	NOUN
fbem-26252	107	40	manipulation	manipulation	NOUN
fbem-26252	107	41	of	of	ADP
fbem-26252	107	42	the	the	DET
fbem-26252	107	43	enterprise	enterprise	NOUN
fbem-26252	107	44	.	.	PUNCT
fbem-26252	108	1	where	where	SCONJ
fbem-26252	108	2	,	,	PUNCT
fbem-26252	108	3	column	column	NOUN
fbem-26252	108	4	(	(	PUNCT
fbem-26252	108	5	1	1	X
fbem-26252	108	6	)	)	PUNCT
fbem-26252	108	7	does	do	AUX
fbem-26252	108	8	not	not	PART
fbem-26252	108	9	control	control	VERB
fbem-26252	108	10	any	any	DET
fbem-26252	108	11	variables	variable	NOUN
fbem-26252	108	12	;	;	PUNCT
fbem-26252	108	13	column	column	NOUN
fbem-26252	108	14	(	(	PUNCT
fbem-26252	108	15	2	2	X
fbem-26252	108	16	)	)	PUNCT
fbem-26252	108	17	considers	consider	VERB
fbem-26252	108	18	various	various	ADJ
fbem-26252	108	19	control	control	NOUN
fbem-26252	108	20	variables	variable	NOUN
fbem-26252	108	21	at	at	ADP
fbem-26252	108	22	the	the	DET
fbem-26252	108	23	enterprise	enterprise	NOUN
fbem-26252	108	24	level	level	NOUN
fbem-26252	108	25	;	;	PUNCT
fbem-26252	108	26	column	column	NOUN
fbem-26252	108	27	(	(	PUNCT
fbem-26252	108	28	3	3	X
fbem-26252	108	29	)	)	PUNCT
fbem-26252	108	30	further	far	ADV
fbem-26252	108	31	add	add	VERB
fbem-26252	108	32	the	the	DET
fbem-26252	108	33	two	two	NUM
fbem-26252	108	34	-	-	PUNCT
fbem-26252	108	35	way	way	NOUN
fbem-26252	108	36	fixed	fix	VERB
fbem-26252	108	37	effect	effect	NOUN
fbem-26252	108	38	of	of	ADP
fbem-26252	108	39	industry	industry	NOUN
fbem-26252	108	40	and	and	CCONJ
fbem-26252	108	41	year	year	NOUN
fbem-26252	108	42	.	.	PUNCT
fbem-26252	109	1	benchmark	benchmark	NOUN
fbem-26252	109	2	regression	regression	NOUN
fbem-26252	109	3	results	result	NOUN
fbem-26252	109	4	from	from	ADP
fbem-26252	109	5	table	table	NOUN
fbem-26252	109	6	4	4	NUM
fbem-26252	109	7	show	show	VERB
fbem-26252	109	8	that	that	SCONJ
fbem-26252	109	9	for	for	ADP
fbem-26252	109	10	all	all	DET
fbem-26252	109	11	the	the	DET
fbem-26252	109	12	core	core	NOUN
fbem-26252	109	13	explanatory	explanatory	ADJ
fbem-26252	109	14	variables	variable	NOUN
fbem-26252	109	15	in	in	ADP
fbem-26252	109	16	all	all	DET
fbem-26252	109	17	columns	column	NOUN
fbem-26252	109	18	,	,	PUNCT
fbem-26252	109	19	esg	esg	PROPN
fbem-26252	109	20	estimation	estimation	NOUN
fbem-26252	109	21	coefficients	coefficient	NOUN
fbem-26252	109	22	are	be	AUX
fbem-26252	109	23	significantly	significantly	ADV
fbem-26252	109	24	negative	negative	ADJ
fbem-26252	109	25	at	at	ADP
fbem-26252	109	26	the	the	DET
fbem-26252	109	27	statistical	statistical	ADJ
fbem-26252	109	28	level	level	NOUN
fbem-26252	109	29	of	of	ADP
fbem-26252	109	30	1	1	NUM
fbem-26252	109	31	%	%	NOUN
fbem-26252	109	32	.	.	PUNCT
fbem-26252	110	1	this	this	DET
fbem-26252	110	2	result	result	NOUN
fbem-26252	110	3	indicates	indicate	VERB
fbem-26252	110	4	that	that	SCONJ
fbem-26252	110	5	esg	esg	PROPN
fbem-26252	110	6	performance	performance	NOUN
fbem-26252	110	7	significantly	significantly	ADV
fbem-26252	110	8	reduces	reduce	VERB
fbem-26252	110	9	the	the	DET
fbem-26252	110	10	degree	degree	NOUN
fbem-26252	110	11	of	of	ADP
fbem-26252	110	12	leverage	leverage	NOUN
fbem-26252	110	13	manipulation	manipulation	NOUN
fbem-26252	110	14	.	.	PUNCT
fbem-26252	111	1	this	this	DET
fbem-26252	111	2	conclusion	conclusion	NOUN
fbem-26252	111	3	is	be	AUX
fbem-26252	111	4	highly	highly	ADV
fbem-26252	111	5	robust	robust	ADJ
fbem-26252	111	6	under	under	ADP
fbem-26252	111	7	the	the	DET
fbem-26252	111	8	control	control	NOUN
fbem-26252	111	9	of	of	ADP
fbem-26252	111	10	various	various	ADJ
fbem-26252	111	11	dimensions	dimension	NOUN
fbem-26252	111	12	.	.	PUNCT
fbem-26252	112	1	239	239	NUM
fbem-26252	112	2	4.2	4.2	NUM
fbem-26252	112	3	.	.	PUNCT
fbem-26252	113	1	robustness	robustness	NOUN
fbem-26252	113	2	test	test	NOUN
fbem-26252	113	3	table	table	NOUN
fbem-26252	113	4	5	5	NUM
fbem-26252	113	5	.	.	PUNCT
fbem-26252	114	1	robustness	robustness	NOUN
fbem-26252	114	2	test	test	NOUN
fbem-26252	114	3	:	:	PUNCT
fbem-26252	114	4	replace	replace	VERB
fbem-26252	114	5	the	the	DET
fbem-26252	114	6	corporate	corporate	ADJ
fbem-26252	114	7	leverage	leverage	NOUN
fbem-26252	114	8	manipulation	manipulation	NOUN
fbem-26252	114	9	measure	measure	NOUN
fbem-26252	114	10	(	(	PUNCT
fbem-26252	114	11	1	1	NUM
fbem-26252	114	12	)	)	PUNCT
fbem-26252	114	13	(	(	PUNCT
fbem-26252	114	14	2	2	NUM
fbem-26252	114	15	)	)	PUNCT
fbem-26252	114	16	(	(	PUNCT
fbem-26252	114	17	3	3	X
fbem-26252	114	18	)	)	PUNCT
fbem-26252	114	19	(	(	PUNCT
fbem-26252	114	20	4	4	NUM
fbem-26252	114	21	)	)	PUNCT
fbem-26252	114	22	(	(	PUNCT
fbem-26252	114	23	5	5	X
fbem-26252	114	24	)	)	PUNCT
fbem-26252	114	25	variables	variable	NOUN
fbem-26252	114	26	levm_i	levm_i	VERB
fbem-26252	114	27	explevm	explevm	PROPN
fbem-26252	114	28	explevm_i	explevm_i	X
fbem-26252	115	1	explevmi	explevmi	PROPN
fbem-26252	115	2	explevmi_i	explevmi_i	ADJ
fbem-26252	115	3	esg	esg	NOUN
fbem-26252	115	4	-0.003	-0.003	PROPN
fbem-26252	115	5	*	*	PUNCT
fbem-26252	115	6	*	*	PUNCT
fbem-26252	115	7	*	*	PUNCT
fbem-26252	116	1	-0.005	-0.005	PUNCT
fbem-26252	117	1	*	*	PUNCT
fbem-26252	117	2	*	*	PUNCT
fbem-26252	117	3	*	*	PUNCT
fbem-26252	117	4	-0.003	-0.003	PUNCT
fbem-26252	117	5	*	*	PUNCT
fbem-26252	117	6	*	*	PUNCT
fbem-26252	117	7	*	*	PUNCT
fbem-26252	117	8	-0.004	-0.004	PUNCT
fbem-26252	117	9	*	*	PUNCT
fbem-26252	117	10	*	*	PUNCT
fbem-26252	117	11	*	*	PUNCT
fbem-26252	117	12	-0.002	-0.002	PUNCT
fbem-26252	117	13	*	*	PUNCT
fbem-26252	117	14	*	*	PUNCT
fbem-26252	117	15	(	(	PUNCT
fbem-26252	117	16	0.001	0.001	NUM
fbem-26252	117	17	)	)	PUNCT
fbem-26252	117	18	(	(	PUNCT
fbem-26252	117	19	0.001	0.001	NUM
fbem-26252	117	20	)	)	PUNCT
fbem-26252	117	21	(	(	PUNCT
fbem-26252	117	22	0.001	0.001	NUM
fbem-26252	117	23	)	)	PUNCT
fbem-26252	117	24	(	(	PUNCT
fbem-26252	117	25	0.002	0.002	NUM
fbem-26252	117	26	)	)	PUNCT
fbem-26252	117	27	(	(	PUNCT
fbem-26252	117	28	0.001	0.001	NUM
fbem-26252	117	29	)	)	PUNCT
fbem-26252	117	30	size	size	NOUN
fbem-26252	117	31	-0.005	-0.005	INTJ
fbem-26252	117	32	*	*	PUNCT
fbem-26252	117	33	*	*	PUNCT
fbem-26252	117	34	*	*	PUNCT
fbem-26252	117	35	-0.002	-0.002	PUNCT
fbem-26252	117	36	-0.005	-0.005	PUNCT
fbem-26252	118	1	*	*	PUNCT
fbem-26252	118	2	*	*	PUNCT
fbem-26252	118	3	*	*	PUNCT
fbem-26252	118	4	-0.000	-0.000	PUNCT
fbem-26252	119	1	-0.003	-0.003	PUNCT
fbem-26252	119	2	*	*	PUNCT
fbem-26252	119	3	*	*	PUNCT
fbem-26252	119	4	*	*	PUNCT
fbem-26252	119	5	(	(	PUNCT
fbem-26252	119	6	0.001	0.001	NUM
fbem-26252	119	7	)	)	PUNCT
fbem-26252	119	8	(	(	PUNCT
fbem-26252	119	9	0.002	0.002	NUM
fbem-26252	119	10	)	)	PUNCT
fbem-26252	119	11	(	(	PUNCT
fbem-26252	119	12	0.001	0.001	NUM
fbem-26252	119	13	)	)	PUNCT
fbem-26252	119	14	(	(	PUNCT
fbem-26252	119	15	0.002	0.002	NUM
fbem-26252	119	16	)	)	PUNCT
fbem-26252	119	17	(	(	PUNCT
fbem-26252	119	18	0.001	0.001	NUM
fbem-26252	119	19	)	)	PUNCT
fbem-26252	119	20	leverage	leverage	NOUN
fbem-26252	119	21	0.057	0.057	NUM
fbem-26252	119	22	*	*	PUNCT
fbem-26252	119	23	*	*	PUNCT
fbem-26252	119	24	*	*	PUNCT
fbem-26252	119	25	0.140	0.140	NUM
fbem-26252	119	26	*	*	PUNCT
fbem-26252	119	27	*	*	PUNCT
fbem-26252	119	28	*	*	PUNCT
fbem-26252	119	29	0.060	0.060	NUM
fbem-26252	119	30	*	*	PUNCT
fbem-26252	119	31	*	*	PUNCT
fbem-26252	119	32	*	*	PUNCT
fbem-26252	119	33	0.117	0.117	NUM
fbem-26252	119	34	*	*	PUNCT
fbem-26252	119	35	*	*	PUNCT
fbem-26252	119	36	*	*	PUNCT
fbem-26252	119	37	0.036	0.036	NUM
fbem-26252	119	38	*	*	PUNCT
fbem-26252	119	39	*	*	PUNCT
fbem-26252	119	40	*	*	PUNCT
fbem-26252	119	41	(	(	PUNCT
fbem-26252	119	42	0.006	0.006	NUM
fbem-26252	119	43	)	)	PUNCT
fbem-26252	119	44	(	(	PUNCT
fbem-26252	119	45	0.011	0.011	NUM
fbem-26252	119	46	)	)	PUNCT
fbem-26252	119	47	(	(	PUNCT
fbem-26252	119	48	0.006	0.006	NUM
fbem-26252	119	49	)	)	PUNCT
fbem-26252	119	50	(	(	PUNCT
fbem-26252	119	51	0.013	0.013	NUM
fbem-26252	119	52	)	)	PUNCT
fbem-26252	119	53	(	(	PUNCT
fbem-26252	119	54	0.008	0.008	NUM
fbem-26252	119	55	)	)	PUNCT
fbem-26252	119	56	age	age	NOUN
fbem-26252	119	57	0.006	0.006	NUM
fbem-26252	119	58	*	*	PUNCT
fbem-26252	119	59	*	*	PUNCT
fbem-26252	119	60	*	*	PUNCT
fbem-26252	120	1	-0.018	-0.018	PUNCT
fbem-26252	121	1	*	*	PUNCT
fbem-26252	121	2	*	*	PUNCT
fbem-26252	121	3	*	*	PUNCT
fbem-26252	121	4	0.005	0.005	NUM
fbem-26252	121	5	*	*	PUNCT
fbem-26252	121	6	*	*	PUNCT
fbem-26252	121	7	*	*	PUNCT
fbem-26252	121	8	-0.020	-0.020	NOUN
fbem-26252	121	9	*	*	PUNCT
fbem-26252	121	10	*	*	PUNCT
fbem-26252	121	11	*	*	PUNCT
fbem-26252	121	12	0.003	0.003	NUM
fbem-26252	121	13	*	*	PUNCT
fbem-26252	121	14	*	*	PUNCT
fbem-26252	121	15	(	(	PUNCT
fbem-26252	121	16	0.001	0.001	NUM
fbem-26252	121	17	)	)	PUNCT
fbem-26252	121	18	(	(	PUNCT
fbem-26252	121	19	0.002	0.002	NUM
fbem-26252	121	20	)	)	PUNCT
fbem-26252	121	21	(	(	PUNCT
fbem-26252	121	22	0.001	0.001	NUM
fbem-26252	121	23	)	)	PUNCT
fbem-26252	121	24	(	(	PUNCT
fbem-26252	121	25	0.002	0.002	NUM
fbem-26252	121	26	)	)	PUNCT
fbem-26252	121	27	(	(	PUNCT
fbem-26252	121	28	0.001	0.001	NUM
fbem-26252	121	29	)	)	PUNCT
fbem-26252	121	30	roa	roa	NOUN
fbem-26252	121	31	0.037	0.037	NUM
fbem-26252	121	32	0.042	0.042	NUM
fbem-26252	121	33	0.037	0.037	NUM
fbem-26252	121	34	0.108	0.108	NUM
fbem-26252	121	35	*	*	PUNCT
fbem-26252	121	36	*	*	PUNCT
fbem-26252	121	37	0.095	0.095	NUM
fbem-26252	121	38	*	*	PUNCT
fbem-26252	121	39	*	*	PUNCT
fbem-26252	121	40	(	(	PUNCT
fbem-26252	121	41	0.028	0.028	NUM
fbem-26252	121	42	)	)	PUNCT
fbem-26252	121	43	(	(	PUNCT
fbem-26252	121	44	0.032	0.032	NUM
fbem-26252	121	45	)	)	PUNCT
fbem-26252	121	46	(	(	PUNCT
fbem-26252	121	47	0.028	0.028	NUM
fbem-26252	121	48	)	)	PUNCT
fbem-26252	121	49	(	(	PUNCT
fbem-26252	121	50	0.054	0.054	NUM
fbem-26252	121	51	)	)	PUNCT
fbem-26252	121	52	(	(	PUNCT
fbem-26252	121	53	0.046	0.046	NUM
fbem-26252	121	54	)	)	PUNCT
fbem-26252	121	55	fata	fata	NOUN
fbem-26252	121	56	0.022	0.022	NUM
fbem-26252	121	57	*	*	PUNCT
fbem-26252	121	58	*	*	PUNCT
fbem-26252	121	59	*	*	PUNCT
fbem-26252	121	60	0.038	0.038	NUM
fbem-26252	121	61	*	*	PUNCT
fbem-26252	121	62	*	*	PUNCT
fbem-26252	121	63	*	*	PUNCT
fbem-26252	121	64	0.031	0.031	NUM
fbem-26252	121	65	*	*	PUNCT
fbem-26252	121	66	*	*	PUNCT
fbem-26252	121	67	*	*	PUNCT
fbem-26252	121	68	0.017	0.017	NUM
fbem-26252	121	69	0.013	0.013	NUM
fbem-26252	121	70	*	*	PUNCT
fbem-26252	121	71	*	*	PUNCT
fbem-26252	121	72	(	(	PUNCT
fbem-26252	121	73	0.006	0.006	NUM
fbem-26252	121	74	)	)	PUNCT
fbem-26252	121	75	(	(	PUNCT
fbem-26252	121	76	0.011	0.011	NUM
fbem-26252	121	77	)	)	PUNCT
fbem-26252	121	78	(	(	PUNCT
fbem-26252	121	79	0.006	0.006	NUM
fbem-26252	121	80	)	)	PUNCT
fbem-26252	121	81	(	(	PUNCT
fbem-26252	121	82	0.011	0.011	NUM
fbem-26252	121	83	)	)	PUNCT
fbem-26252	121	84	(	(	PUNCT
fbem-26252	121	85	0.006	0.006	NUM
fbem-26252	121	86	)	)	PUNCT
fbem-26252	121	87	soe	soe	PROPN
fbem-26252	121	88	-0.006	-0.006	PROPN
fbem-26252	121	89	*	*	PUNCT
fbem-26252	121	90	*	*	PUNCT
fbem-26252	121	91	*	*	PUNCT
fbem-26252	121	92	-0.006	-0.006	PROPN
fbem-26252	121	93	*	*	PUNCT
fbem-26252	121	94	-0.006	-0.006	PROPN
fbem-26252	121	95	*	*	PUNCT
fbem-26252	121	96	*	*	PUNCT
fbem-26252	121	97	*	*	PUNCT
fbem-26252	121	98	-0.003	-0.003	NUM
fbem-26252	121	99	-0.003	-0.003	PROPN
fbem-26252	121	100	(	(	PUNCT
fbem-26252	121	101	0.002	0.002	NUM
fbem-26252	121	102	)	)	PUNCT
fbem-26252	121	103	(	(	PUNCT
fbem-26252	121	104	0.004	0.004	NUM
fbem-26252	121	105	)	)	PUNCT
fbem-26252	121	106	(	(	PUNCT
fbem-26252	121	107	0.002	0.002	NUM
fbem-26252	121	108	)	)	PUNCT
fbem-26252	121	109	(	(	PUNCT
fbem-26252	121	110	0.004	0.004	NUM
fbem-26252	121	111	)	)	PUNCT
fbem-26252	121	112	(	(	PUNCT
fbem-26252	121	113	0.002	0.002	NUM
fbem-26252	121	114	)	)	PUNCT
fbem-26252	121	115	boardsize	boardsize	NOUN
fbem-26252	121	116	-0.029	-0.029	NOUN
fbem-26252	121	117	*	*	PUNCT
fbem-26252	121	118	*	*	PUNCT
fbem-26252	121	119	*	*	PUNCT
fbem-26252	121	120	-0.020	-0.020	NOUN
fbem-26252	121	121	*	*	PUNCT
fbem-26252	121	122	*	*	PUNCT
fbem-26252	121	123	-0.029	-0.029	NOUN
fbem-26252	121	124	*	*	PUNCT
fbem-26252	121	125	*	*	PUNCT
fbem-26252	121	126	*	*	PUNCT
fbem-26252	122	1	-0.018	-0.018	PUNCT
fbem-26252	123	1	*	*	PUNCT
fbem-26252	123	2	*	*	PUNCT
fbem-26252	123	3	-0.027	-0.027	PUNCT
fbem-26252	123	4	*	*	PUNCT
fbem-26252	123	5	*	*	PUNCT
fbem-26252	123	6	*	*	PUNCT
fbem-26252	123	7	(	(	PUNCT
fbem-26252	123	8	0.005	0.005	NUM
fbem-26252	123	9	)	)	PUNCT
fbem-26252	123	10	(	(	PUNCT
fbem-26252	123	11	0.009	0.009	NUM
fbem-26252	123	12	)	)	PUNCT
fbem-26252	123	13	(	(	PUNCT
fbem-26252	123	14	0.005	0.005	NUM
fbem-26252	123	15	)	)	PUNCT
fbem-26252	123	16	(	(	PUNCT
fbem-26252	123	17	0.009	0.009	NUM
fbem-26252	123	18	)	)	PUNCT
fbem-26252	123	19	(	(	PUNCT
fbem-26252	123	20	0.005	0.005	NUM
fbem-26252	123	21	)	)	PUNCT
fbem-26252	123	22	shrcr1	shrcr1	NOUN
fbem-26252	124	1	0.047	0.047	NUM
fbem-26252	124	2	*	*	NOUN
fbem-26252	124	3	*	*	PUNCT
fbem-26252	124	4	*	*	PUNCT
fbem-26252	124	5	-0.045	-0.045	PUNCT
fbem-26252	124	6	*	*	PUNCT
fbem-26252	124	7	*	*	PUNCT
fbem-26252	124	8	*	*	PUNCT
fbem-26252	124	9	0.045	0.045	NUM
fbem-26252	124	10	*	*	PUNCT
fbem-26252	124	11	*	*	PUNCT
fbem-26252	124	12	*	*	PUNCT
fbem-26252	124	13	-0.043	-0.043	PUNCT
fbem-26252	124	14	*	*	PUNCT
fbem-26252	124	15	*	*	PUNCT
fbem-26252	124	16	*	*	PUNCT
fbem-26252	124	17	0.049	0.049	NUM
fbem-26252	124	18	*	*	PUNCT
fbem-26252	124	19	*	*	PUNCT
fbem-26252	124	20	*	*	PUNCT
fbem-26252	124	21	(	(	PUNCT
fbem-26252	124	22	0.005	0.005	NUM
fbem-26252	124	23	)	)	PUNCT
fbem-26252	124	24	(	(	PUNCT
fbem-26252	124	25	0.010	0.010	NUM
fbem-26252	124	26	)	)	PUNCT
fbem-26252	124	27	(	(	PUNCT
fbem-26252	124	28	0.005	0.005	NUM
fbem-26252	124	29	)	)	PUNCT
fbem-26252	124	30	(	(	PUNCT
fbem-26252	124	31	0.010	0.010	NUM
fbem-26252	124	32	)	)	PUNCT
fbem-26252	124	33	(	(	PUNCT
fbem-26252	124	34	0.006	0.006	NUM
fbem-26252	124	35	)	)	PUNCT
fbem-26252	124	36	constant	constant	ADJ
fbem-26252	124	37	0.177	0.177	NUM
fbem-26252	124	38	*	*	PUNCT
fbem-26252	124	39	*	*	PUNCT
fbem-26252	124	40	*	*	PUNCT
fbem-26252	124	41	0.176	0.176	NUM
fbem-26252	124	42	*	*	PUNCT
fbem-26252	124	43	*	*	PUNCT
fbem-26252	124	44	*	*	PUNCT
fbem-26252	124	45	0.173	0.173	NUM
fbem-26252	124	46	*	*	PUNCT
fbem-26252	124	47	*	*	PUNCT
fbem-26252	124	48	*	*	PUNCT
fbem-26252	124	49	0.145	0.145	NUM
fbem-26252	124	50	*	*	PUNCT
fbem-26252	124	51	*	*	PUNCT
fbem-26252	124	52	*	*	PUNCT
fbem-26252	124	53	0.138	0.138	NUM
fbem-26252	124	54	*	*	PUNCT
fbem-26252	124	55	*	*	PUNCT
fbem-26252	124	56	*	*	PUNCT
fbem-26252	124	57	(	(	PUNCT
fbem-26252	124	58	0.016	0.016	NUM
fbem-26252	124	59	)	)	PUNCT
fbem-26252	124	60	(	(	PUNCT
fbem-26252	124	61	0.029	0.029	NUM
fbem-26252	124	62	)	)	PUNCT
fbem-26252	124	63	(	(	PUNCT
fbem-26252	124	64	0.016	0.016	NUM
fbem-26252	124	65	)	)	PUNCT
fbem-26252	124	66	(	(	PUNCT
fbem-26252	124	67	0.031	0.031	NUM
fbem-26252	124	68	)	)	PUNCT
fbem-26252	124	69	(	(	PUNCT
fbem-26252	124	70	0.019	0.019	NUM
fbem-26252	124	71	)	)	PUNCT
fbem-26252	124	72	year	year	NOUN
fbem-26252	124	73	fe	fe	INTJ
fbem-26252	125	1	yes	yes	INTJ
fbem-26252	125	2	yes	yes	INTJ
fbem-26252	126	1	yes	yes	INTJ
fbem-26252	127	1	yes	yes	INTJ
fbem-26252	128	1	yes	yes	INTJ
fbem-26252	128	2	industry	industry	NOUN
fbem-26252	128	3	fe	fe	INTJ
fbem-26252	129	1	yes	yes	INTJ
fbem-26252	129	2	yes	yes	INTJ
fbem-26252	130	1	yes	yes	INTJ
fbem-26252	131	1	yes	yes	INTJ
fbem-26252	132	1	yes	yes	INTJ
fbem-26252	132	2	observations	observation	NOUN
fbem-26252	132	3	29,841	29,841	NUM
fbem-26252	132	4	29,841	29,841	NUM
fbem-26252	132	5	29,841	29,841	NUM
fbem-26252	132	6	29,841	29,841	NUM
fbem-26252	132	7	29,841	29,841	NUM
fbem-26252	132	8	r	r	NOUN
fbem-26252	132	9	-	-	PUNCT
fbem-26252	132	10	squared	square	VERB
fbem-26252	132	11	0.029	0.029	NUM
fbem-26252	132	12	0.021	0.021	NUM
fbem-26252	132	13	0.031	0.031	NUM
fbem-26252	132	14	0.021	0.021	NUM
fbem-26252	132	15	0.034	0.034	NUM
fbem-26252	132	16	4.3	4.3	NUM
fbem-26252	132	17	.	.	PUNCT
fbem-26252	133	1	endogeneity	endogeneity	NOUN
fbem-26252	133	2	discussion	discussion	NOUN
fbem-26252	133	3	although	although	SCONJ
fbem-26252	133	4	the	the	DET
fbem-26252	133	5	bidirectional	bidirectional	ADJ
fbem-26252	133	6	fixed	fix	VERB
fbem-26252	133	7	-	-	PUNCT
fbem-26252	133	8	effect	effect	NOUN
fbem-26252	133	9	model	model	NOUN
fbem-26252	133	10	is	be	AUX
fbem-26252	133	11	used	use	VERB
fbem-26252	133	12	in	in	ADP
fbem-26252	133	13	this	this	DET
fbem-26252	133	14	paper	paper	NOUN
fbem-26252	133	15	to	to	PART
fbem-26252	133	16	estimate	estimate	VERB
fbem-26252	133	17	and	and	CCONJ
fbem-26252	133	18	control	control	VERB
fbem-26252	133	19	the	the	DET
fbem-26252	133	20	industry	industry	NOUN
fbem-26252	133	21	characteristics	characteristic	NOUN
fbem-26252	133	22	that	that	PRON
fbem-26252	133	23	do	do	AUX
fbem-26252	133	24	not	not	PART
fbem-26252	133	25	change	change	VERB
fbem-26252	133	26	at	at	ADP
fbem-26252	133	27	any	any	DET
fbem-26252	133	28	time	time	NOUN
fbem-26252	133	29	,	,	PUNCT
fbem-26252	133	30	some	some	DET
fbem-26252	133	31	potential	potential	ADJ
fbem-26252	133	32	unobtrusive	unobtrusive	ADJ
fbem-26252	133	33	characteristics	characteristic	NOUN
fbem-26252	133	34	and	and	CCONJ
fbem-26252	133	35	measurement	measurement	NOUN
fbem-26252	133	36	errors	error	NOUN
fbem-26252	133	37	will	will	AUX
fbem-26252	133	38	still	still	ADV
fbem-26252	133	39	cause	cause	VERB
fbem-26252	133	40	endogenous	endogenous	ADJ
fbem-26252	133	41	problems	problem	NOUN
fbem-26252	133	42	and	and	CCONJ
fbem-26252	133	43	affect	affect	VERB
fbem-26252	133	44	the	the	DET
fbem-26252	133	45	estimation	estimation	NOUN
fbem-26252	133	46	results	result	NOUN
fbem-26252	133	47	.	.	PUNCT
fbem-26252	134	1	based	base	VERB
fbem-26252	134	2	on	on	ADP
fbem-26252	134	3	this	this	PRON
fbem-26252	134	4	,	,	PUNCT
fbem-26252	134	5	this	this	DET
fbem-26252	134	6	paper	paper	NOUN
fbem-26252	134	7	uses	use	VERB
fbem-26252	134	8	the	the	DET
fbem-26252	134	9	esg	esg	NOUN
fbem-26252	134	10	mean	mean	NOUN
fbem-26252	134	11	iv	iv	NOUN
fbem-26252	134	12	of	of	ADP
fbem-26252	134	13	other	other	ADJ
fbem-26252	134	14	enterprises	enterprise	NOUN
fbem-26252	134	15	in	in	ADP
fbem-26252	134	16	the	the	DET
fbem-26252	134	17	same	same	ADJ
fbem-26252	134	18	industry	industry	NOUN
fbem-26252	134	19	in	in	ADP
fbem-26252	134	20	the	the	DET
fbem-26252	134	21	same	same	ADJ
fbem-26252	134	22	year	year	NOUN
fbem-26252	134	23	as	as	ADP
fbem-26252	134	24	the	the	DET
fbem-26252	134	25	instrumental	instrumental	ADJ
fbem-26252	134	26	variable	variable	NOUN
fbem-26252	134	27	of	of	ADP
fbem-26252	134	28	the	the	DET
fbem-26252	134	29	digital	digital	ADJ
fbem-26252	134	30	economy	economy	NOUN
fbem-26252	134	31	development	development	NOUN
fbem-26252	134	32	of	of	ADP
fbem-26252	134	33	the	the	DET
fbem-26252	134	34	city	city	NOUN
fbem-26252	134	35	where	where	SCONJ
fbem-26252	134	36	the	the	DET
fbem-26252	134	37	enterprise	enterprise	NOUN
fbem-26252	134	38	is	be	AUX
fbem-26252	134	39	located	locate	VERB
fbem-26252	134	40	.	.	PUNCT
fbem-26252	135	1	first	first	ADV
fbem-26252	135	2	,	,	PUNCT
fbem-26252	135	3	the	the	DET
fbem-26252	135	4	instrumental	instrumental	ADJ
fbem-26252	135	5	variable	variable	NOUN
fbem-26252	135	6	satisfies	satisfy	VERB
fbem-26252	135	7	the	the	DET
fbem-26252	135	8	correlation	correlation	NOUN
fbem-26252	135	9	:	:	PUNCT
fbem-26252	135	10	the	the	DET
fbem-26252	135	11	esg	esg	NOUN
fbem-26252	135	12	of	of	ADP
fbem-26252	135	13	the	the	DET
fbem-26252	135	14	same	same	ADJ
fbem-26252	135	15	industry	industry	NOUN
fbem-26252	135	16	has	have	VERB
fbem-26252	135	17	a	a	DET
fbem-26252	135	18	high	high	ADJ
fbem-26252	135	19	correlation	correlation	NOUN
fbem-26252	135	20	with	with	ADP
fbem-26252	135	21	the	the	DET
fbem-26252	135	22	same	same	ADJ
fbem-26252	135	23	year	year	NOUN
fbem-26252	135	24	;	;	PUNCT
fbem-26252	135	25	secondly	secondly	ADV
fbem-26252	135	26	,	,	PUNCT
fbem-26252	135	27	the	the	DET
fbem-26252	135	28	instrumental	instrumental	ADJ
fbem-26252	135	29	variable	variable	NOUN
fbem-26252	135	30	also	also	ADV
fbem-26252	135	31	satisfies	satisfy	VERB
fbem-26252	135	32	the	the	DET
fbem-26252	135	33	externality	externality	NOUN
fbem-26252	135	34	.	.	PUNCT
fbem-26252	136	1	the	the	DET
fbem-26252	136	2	esg	esg	NOUN
fbem-26252	136	3	of	of	ADP
fbem-26252	136	4	other	other	ADJ
fbem-26252	136	5	enterprises	enterprise	NOUN
fbem-26252	136	6	in	in	ADP
fbem-26252	136	7	the	the	DET
fbem-26252	136	8	same	same	ADJ
fbem-26252	136	9	industry	industry	NOUN
fbem-26252	136	10	in	in	ADP
fbem-26252	136	11	the	the	DET
fbem-26252	136	12	same	same	ADJ
fbem-26252	136	13	year	year	NOUN
fbem-26252	136	14	can	can	AUX
fbem-26252	136	15	hardly	hardly	ADV
fbem-26252	136	16	directly	directly	ADV
fbem-26252	136	17	affect	affect	VERB
fbem-26252	136	18	the	the	DET
fbem-26252	136	19	decision	decision	NOUN
fbem-26252	136	20	-	-	PUNCT
fbem-26252	136	21	making	make	VERB
fbem-26252	136	22	and	and	CCONJ
fbem-26252	136	23	leverage	leverage	NOUN
fbem-26252	136	24	manipulation	manipulation	NOUN
fbem-26252	136	25	degree	degree	NOUN
fbem-26252	136	26	of	of	ADP
fbem-26252	136	27	the	the	DET
fbem-26252	136	28	enterprise	enterprise	NOUN
fbem-26252	136	29	.	.	PUNCT
fbem-26252	137	1	the	the	DET
fbem-26252	137	2	estimated	estimate	VERB
fbem-26252	137	3	results	result	NOUN
fbem-26252	137	4	of	of	ADP
fbem-26252	137	5	the	the	DET
fbem-26252	137	6	instrumental	instrumental	ADJ
fbem-26252	137	7	variables	variable	NOUN
fbem-26252	137	8	are	be	AUX
fbem-26252	137	9	shown	show	VERB
fbem-26252	137	10	in	in	ADP
fbem-26252	137	11	table	table	NOUN
fbem-26252	137	12	6	6	NUM
fbem-26252	137	13	:	:	PUNCT
fbem-26252	137	14	column	column	NOUN
fbem-26252	137	15	(	(	PUNCT
fbem-26252	137	16	1	1	X
fbem-26252	137	17	)	)	PUNCT
fbem-26252	137	18	is	be	AUX
fbem-26252	137	19	the	the	DET
fbem-26252	137	20	estimated	estimate	VERB
fbem-26252	137	21	results	result	NOUN
fbem-26252	137	22	of	of	ADP
fbem-26252	137	23	the	the	DET
fbem-26252	137	24	first	first	ADJ
fbem-26252	137	25	stage	stage	NOUN
fbem-26252	137	26	,	,	PUNCT
fbem-26252	137	27	iv	iv	NUM
fbem-26252	137	28	is	be	AUX
fbem-26252	137	29	positively	positively	ADV
fbem-26252	137	30	correlated	correlate	VERB
fbem-26252	137	31	with	with	ADP
fbem-26252	137	32	the	the	DET
fbem-26252	137	33	statistical	statistical	ADJ
fbem-26252	137	34	level	level	NOUN
fbem-26252	137	35	of	of	ADP
fbem-26252	137	36	1	1	NUM
fbem-26252	137	37	%	%	NOUN
fbem-26252	137	38	of	of	ADP
fbem-26252	137	39	the	the	DET
fbem-26252	137	40	enterprise	enterprise	NOUN
fbem-26252	137	41	's	's	PART
fbem-26252	137	42	own	own	ADJ
fbem-26252	137	43	esg	esg	NOUN
fbem-26252	137	44	performance	performance	NOUN
fbem-26252	137	45	,	,	PUNCT
fbem-26252	137	46	which	which	PRON
fbem-26252	137	47	is	be	AUX
fbem-26252	137	48	in	in	ADP
fbem-26252	137	49	line	line	NOUN
fbem-26252	137	50	with	with	ADP
fbem-26252	137	51	expectations	expectation	NOUN
fbem-26252	137	52	.	.	PUNCT
fbem-26252	138	1	the	the	DET
fbem-26252	138	2	f	f	PROPN
fbem-26252	138	3	test	test	NOUN
fbem-26252	138	4	also	also	ADV
fbem-26252	138	5	shows	show	VERB
fbem-26252	138	6	that	that	SCONJ
fbem-26252	138	7	there	there	PRON
fbem-26252	138	8	is	be	VERB
fbem-26252	138	9	no	no	DET
fbem-26252	138	10	weak	weak	ADJ
fbem-26252	138	11	instrumental	instrumental	ADJ
fbem-26252	138	12	variable	variable	ADJ
fbem-26252	138	13	problem	problem	NOUN
fbem-26252	138	14	.	.	PUNCT
fbem-26252	139	1	column	column	NOUN
fbem-26252	139	2	"	"	PUNCT
fbem-26252	139	3	(	(	PUNCT
fbem-26252	139	4	2	2	X
fbem-26252	139	5	)	)	PUNCT
fbem-26252	139	6	is	be	AUX
fbem-26252	139	7	the	the	DET
fbem-26252	139	8	result	result	NOUN
fbem-26252	139	9	of	of	ADP
fbem-26252	139	10	the	the	DET
fbem-26252	139	11	second	second	ADJ
fbem-26252	139	12	stage	stage	NOUN
fbem-26252	139	13	estimate	estimate	NOUN
fbem-26252	139	14	,	,	PUNCT
fbem-26252	139	15	which	which	PRON
fbem-26252	139	16	is	be	AUX
fbem-26252	139	17	still	still	ADV
fbem-26252	139	18	significantly	significantly	ADV
fbem-26252	139	19	negative	negative	ADJ
fbem-26252	139	20	.	.	PUNCT
fbem-26252	140	1	therefore	therefore	ADV
fbem-26252	140	2	,	,	PUNCT
fbem-26252	140	3	the	the	DET
fbem-26252	140	4	core	core	NOUN
fbem-26252	140	5	result	result	NOUN
fbem-26252	140	6	of	of	ADP
fbem-26252	140	7	this	this	DET
fbem-26252	140	8	paper	paper	NOUN
fbem-26252	140	9	remains	remain	VERB
fbem-26252	140	10	even	even	ADV
fbem-26252	140	11	after	after	ADP
fbem-26252	140	12	considering	consider	VERB
fbem-26252	140	13	the	the	DET
fbem-26252	140	14	potential	potential	ADJ
fbem-26252	140	15	endogeneity	endogeneity	NOUN
fbem-26252	140	16	problem	problem	NOUN
fbem-26252	140	17	.	.	PUNCT
fbem-26252	141	1	table	table	NOUN
fbem-26252	141	2	6	6	NUM
fbem-26252	141	3	.	.	PUNCT
fbem-26252	142	1	for	for	ADP
fbem-26252	142	2	instrumental	instrumental	ADJ
fbem-26252	142	3	variable	variable	ADJ
fbem-26252	142	4	estimates	estimate	NOUN
fbem-26252	142	5	(	(	PUNCT
fbem-26252	142	6	1	1	NUM
fbem-26252	142	7	)	)	PUNCT
fbem-26252	142	8	(	(	PUNCT
fbem-26252	142	9	2	2	X
fbem-26252	142	10	)	)	PUNCT
fbem-26252	142	11	variables	variable	NOUN
fbem-26252	142	12	esg	esg	PROPN
fbem-26252	142	13	levm	levm	PROPN
fbem-26252	142	14	iv	iv	VERB
fbem-26252	142	15	0.407	0.407	NUM
fbem-26252	142	16	*	*	PUNCT
fbem-26252	142	17	*	*	PUNCT
fbem-26252	142	18	*	*	PUNCT
fbem-26252	142	19	(	(	PUNCT
fbem-26252	142	20	0.024	0.024	NUM
fbem-26252	142	21	)	)	PUNCT
fbem-26252	142	22	esg	esg	PROPN
fbem-26252	142	23	-0.035	-0.035	PROPN
fbem-26252	142	24	*	*	PUNCT
fbem-26252	142	25	*	*	PUNCT
fbem-26252	142	26	(	(	PUNCT
fbem-26252	142	27	0.014	0.014	NUM
fbem-26252	142	28	)	)	PUNCT
fbem-26252	142	29	size	size	NOUN
fbem-26252	142	30	0.296	0.296	NUM
fbem-26252	142	31	*	*	PUNCT
fbem-26252	142	32	*	*	PUNCT
fbem-26252	143	1	*	*	NOUN
fbem-26252	143	2	0.004	0.004	NUM
fbem-26252	143	3	(	(	PUNCT
fbem-26252	143	4	0.006	0.006	NUM
fbem-26252	143	5	)	)	PUNCT
fbem-26252	143	6	(	(	PUNCT
fbem-26252	143	7	0.004	0.004	NUM
fbem-26252	143	8	)	)	PUNCT
fbem-26252	143	9	leverage	leverage	NOUN
fbem-26252	143	10	-0.938	-0.938	PUNCT
fbem-26252	143	11	*	*	PUNCT
fbem-26252	143	12	*	*	PUNCT
fbem-26252	143	13	*	*	PUNCT
fbem-26252	143	14	0.128	0.128	NUM
fbem-26252	143	15	*	*	PUNCT
fbem-26252	143	16	*	*	PUNCT
fbem-26252	143	17	*	*	PUNCT
fbem-26252	143	18	(	(	PUNCT
fbem-26252	143	19	0.037	0.037	NUM
fbem-26252	143	20	)	)	PUNCT
fbem-26252	143	21	(	(	PUNCT
fbem-26252	143	22	0.016	0.016	NUM
fbem-26252	143	23	)	)	PUNCT
fbem-26252	143	24	age	age	NOUN
fbem-26252	143	25	-0.205	-0.205	ADV
fbem-26252	143	26	*	*	PUNCT
fbem-26252	143	27	*	*	PUNCT
fbem-26252	143	28	*	*	PUNCT
fbem-26252	143	29	-0.023	-0.023	PUNCT
fbem-26252	143	30	*	*	PUNCT
fbem-26252	144	1	*	*	PUNCT
fbem-26252	144	2	*	*	PUNCT
fbem-26252	144	3	(	(	PUNCT
fbem-26252	144	4	0.009	0.009	NUM
fbem-26252	144	5	)	)	PUNCT
fbem-26252	144	6	(	(	PUNCT
fbem-26252	144	7	0.004	0.004	NUM
fbem-26252	144	8	)	)	PUNCT
fbem-26252	144	9	roa	roa	NOUN
fbem-26252	144	10	1.387	1.387	NUM
fbem-26252	144	11	*	*	PUNCT
fbem-26252	144	12	*	*	PUNCT
fbem-26252	145	1	*	*	PUNCT
fbem-26252	145	2	0.236	0.236	NUM
fbem-26252	145	3	*	*	PUNCT
fbem-26252	145	4	*	*	PUNCT
fbem-26252	145	5	*	*	PUNCT
fbem-26252	145	6	(	(	PUNCT
fbem-26252	145	7	0.116	0.116	NUM
fbem-26252	145	8	)	)	PUNCT
fbem-26252	145	9	(	(	PUNCT
fbem-26252	145	10	0.030	0.030	NUM
fbem-26252	145	11	)	)	PUNCT
fbem-26252	145	12	fata	fata	NOUN
fbem-26252	145	13	0.076	0.076	NUM
fbem-26252	145	14	*	*	SYM
fbem-26252	145	15	0.034	0.034	NUM
fbem-26252	145	16	*	*	PUNCT
fbem-26252	145	17	*	*	PUNCT
fbem-26252	145	18	*	*	PUNCT
fbem-26252	145	19	(	(	PUNCT
fbem-26252	145	20	0.041	0.041	NUM
fbem-26252	145	21	)	)	PUNCT
fbem-26252	145	22	(	(	PUNCT
fbem-26252	145	23	0.011	0.011	NUM
fbem-26252	145	24	)	)	PUNCT
fbem-26252	145	25	soe	soe	PROPN
fbem-26252	145	26	0.270	0.270	NUM
fbem-26252	145	27	*	*	PUNCT
fbem-26252	145	28	*	*	PUNCT
fbem-26252	145	29	*	*	PUNCT
fbem-26252	145	30	0.003	0.003	NUM
fbem-26252	145	31	(	(	PUNCT
fbem-26252	145	32	0.014	0.014	NUM
fbem-26252	145	33	)	)	PUNCT
fbem-26252	145	34	(	(	PUNCT
fbem-26252	145	35	0.005	0.005	NUM
fbem-26252	145	36	)	)	PUNCT
fbem-26252	145	37	boardsize	boardsize	VERB
fbem-26252	145	38	0.472	0.472	NUM
fbem-26252	145	39	*	*	PUNCT
fbem-26252	145	40	*	*	PUNCT
fbem-26252	145	41	*	*	PROPN
fbem-26252	145	42	-0.006	-0.006	PROPN
fbem-26252	145	43	(	(	PUNCT
fbem-26252	145	44	0.036	0.036	NUM
fbem-26252	145	45	)	)	PUNCT
fbem-26252	145	46	(	(	PUNCT
fbem-26252	145	47	0.011	0.011	NUM
fbem-26252	145	48	)	)	PUNCT
fbem-26252	145	49	shrcr1	shrcr1	NOUN
fbem-26252	145	50	0.046	0.046	NUM
fbem-26252	145	51	-0.050	-0.050	PROPN
fbem-26252	146	1	*	*	PUNCT
fbem-26252	146	2	*	*	PUNCT
fbem-26252	146	3	*	*	PUNCT
fbem-26252	146	4	(	(	PUNCT
fbem-26252	146	5	0.039	0.039	NUM
fbem-26252	146	6	)	)	PUNCT
fbem-26252	146	7	(	(	PUNCT
fbem-26252	146	8	0.010	0.010	NUM
fbem-26252	146	9	)	)	PUNCT
fbem-26252	146	10	kleibergen	kleibergen	NOUN
fbem-26252	146	11	-	-	PUNCT
fbem-26252	146	12	paap	paap	VERB
fbem-26252	146	13	rk	rk	PROPN
fbem-26252	146	14	wald	wald	PROPN
fbem-26252	146	15	f	f	PROPN
fbem-26252	146	16	statistic	statistic	PROPN
fbem-26252	147	1	294.730	294.730	NUM
fbem-26252	147	2	year	year	NOUN
fbem-26252	147	3	fe	fe	INTJ
fbem-26252	148	1	yes	yes	INTJ
fbem-26252	148	2	yes	yes	INTJ
fbem-26252	148	3	industry	industry	NOUN
fbem-26252	148	4	fe	fe	INTJ
fbem-26252	148	5	yes	yes	INTJ
fbem-26252	148	6	yes	yes	INTJ
fbem-26252	148	7	observations	observation	NOUN
fbem-26252	148	8	29,146	29,146	NUM
fbem-26252	148	9	29,146	29,146	NUM
fbem-26252	148	10	r	r	NOUN
fbem-26252	148	11	-	-	PUNCT
fbem-26252	148	12	squared	square	VERB
fbem-26252	148	13	0.208	0.208	NUM
fbem-26252	148	14	-0.000	-0.000	NUM
fbem-26252	148	15	240	240	NUM
fbem-26252	148	16	4.4	4.4	NUM
fbem-26252	148	17	.	.	PUNCT
fbem-26252	149	1	heterogeneity	heterogeneity	NOUN
fbem-26252	149	2	discussion	discussion	NOUN
fbem-26252	149	3	table	table	NOUN
fbem-26252	149	4	7	7	NUM
fbem-26252	149	5	.	.	X
fbem-26252	149	6	of	of	ADP
fbem-26252	149	7	regional	regional	ADJ
fbem-26252	149	8	heterogeneity	heterogeneity	NOUN
fbem-26252	149	9	(	(	PUNCT
fbem-26252	149	10	1	1	NUM
fbem-26252	149	11	)	)	PUNCT
fbem-26252	149	12	(	(	PUNCT
fbem-26252	149	13	2	2	NUM
fbem-26252	149	14	)	)	PUNCT
fbem-26252	149	15	(	(	PUNCT
fbem-26252	149	16	3	3	X
fbem-26252	149	17	)	)	PUNCT
fbem-26252	149	18	variables	variable	NOUN
fbem-26252	149	19	levm	levm	PROPN
fbem-26252	149	20	levm	levm	PROPN
fbem-26252	149	21	levm	levm	PROPN
fbem-26252	149	22	eastern	eastern	PROPN
fbem-26252	149	23	region	region	PROPN
fbem-26252	149	24	central	central	PROPN
fbem-26252	149	25	region	region	NOUN
fbem-26252	149	26	western	western	PROPN
fbem-26252	149	27	region	region	NOUN
fbem-26252	149	28	esg	esg	PROPN
fbem-26252	149	29	-0.005	-0.005	PROPN
fbem-26252	149	30	*	*	PUNCT
fbem-26252	149	31	*	*	PUNCT
fbem-26252	149	32	*	*	PUNCT
fbem-26252	149	33	-0.005	-0.005	INTJ
fbem-26252	150	1	-0.000	-0.000	INTJ
fbem-26252	150	2	(	(	PUNCT
fbem-26252	150	3	0.002	0.002	NUM
fbem-26252	150	4	)	)	PUNCT
fbem-26252	150	5	(	(	PUNCT
fbem-26252	150	6	0.004	0.004	NUM
fbem-26252	150	7	)	)	PUNCT
fbem-26252	150	8	(	(	PUNCT
fbem-26252	150	9	0.004	0.004	NUM
fbem-26252	150	10	)	)	PUNCT
fbem-26252	150	11	size	size	NOUN
fbem-26252	150	12	-0.003	-0.003	PROPN
fbem-26252	150	13	*	*	X
fbem-26252	150	14	-0.001	-0.001	NUM
fbem-26252	150	15	-0.003	-0.003	NOUN
fbem-26252	150	16	(	(	PUNCT
fbem-26252	150	17	0.002	0.002	NUM
fbem-26252	150	18	)	)	PUNCT
fbem-26252	150	19	(	(	PUNCT
fbem-26252	150	20	0.005	0.005	NUM
fbem-26252	150	21	)	)	PUNCT
fbem-26252	150	22	(	(	PUNCT
fbem-26252	150	23	0.004	0.004	NUM
fbem-26252	150	24	)	)	PUNCT
fbem-26252	150	25	leverage	leverage	NOUN
fbem-26252	150	26	0.130	0.130	NUM
fbem-26252	150	27	*	*	PUNCT
fbem-26252	150	28	*	*	PUNCT
fbem-26252	150	29	*	*	PUNCT
fbem-26252	150	30	0.114	0.114	NUM
fbem-26252	150	31	*	*	PUNCT
fbem-26252	150	32	*	*	PUNCT
fbem-26252	150	33	*	*	NOUN
fbem-26252	150	34	0.179	0.179	NUM
fbem-26252	150	35	*	*	PUNCT
fbem-26252	150	36	*	*	PUNCT
fbem-26252	150	37	*	*	PUNCT
fbem-26252	150	38	(	(	PUNCT
fbem-26252	150	39	0.012	0.012	NUM
fbem-26252	150	40	)	)	PUNCT
fbem-26252	150	41	(	(	PUNCT
fbem-26252	150	42	0.028	0.028	NUM
fbem-26252	150	43	)	)	PUNCT
fbem-26252	150	44	(	(	PUNCT
fbem-26252	150	45	0.027	0.027	NUM
fbem-26252	150	46	)	)	PUNCT
fbem-26252	150	47	age	age	NOUN
fbem-26252	150	48	-0.019	-0.019	PUNCT
fbem-26252	150	49	*	*	PUNCT
fbem-26252	150	50	*	*	PUNCT
fbem-26252	150	51	*	*	PUNCT
fbem-26252	150	52	-0.017	-0.017	PROPN
fbem-26252	150	53	*	*	PROPN
fbem-26252	150	54	*	*	PUNCT
fbem-26252	150	55	-0.009	-0.009	PUNCT
fbem-26252	150	56	(	(	PUNCT
fbem-26252	150	57	0.003	0.003	NUM
fbem-26252	150	58	)	)	PUNCT
fbem-26252	150	59	(	(	PUNCT
fbem-26252	150	60	0.007	0.007	NUM
fbem-26252	150	61	)	)	PUNCT
fbem-26252	150	62	(	(	PUNCT
fbem-26252	150	63	0.006	0.006	NUM
fbem-26252	150	64	)	)	PUNCT
fbem-26252	150	65	roa	roa	NOUN
fbem-26252	150	66	0.029	0.029	NUM
fbem-26252	150	67	0.183	0.183	NUM
fbem-26252	150	68	*	*	PUNCT
fbem-26252	150	69	*	*	PUNCT
fbem-26252	150	70	*	*	PUNCT
fbem-26252	150	71	0.195	0.195	NUM
fbem-26252	150	72	*	*	PUNCT
fbem-26252	150	73	*	*	PUNCT
fbem-26252	150	74	*	*	PUNCT
fbem-26252	150	75	(	(	PUNCT
fbem-26252	150	76	0.027	0.027	NUM
fbem-26252	150	77	)	)	PUNCT
fbem-26252	150	78	(	(	PUNCT
fbem-26252	150	79	0.063	0.063	NUM
fbem-26252	150	80	)	)	PUNCT
fbem-26252	150	81	(	(	PUNCT
fbem-26252	150	82	0.049	0.049	NUM
fbem-26252	150	83	)	)	PUNCT
fbem-26252	150	84	fata	fata	NOUN
fbem-26252	150	85	0.023	0.023	NUM
fbem-26252	150	86	*	*	NOUN
fbem-26252	150	87	0.114	0.114	NUM
fbem-26252	150	88	*	*	PUNCT
fbem-26252	150	89	*	*	PUNCT
fbem-26252	150	90	*	*	PUNCT
fbem-26252	150	91	-0.014	-0.014	PUNCT
fbem-26252	150	92	(	(	PUNCT
fbem-26252	150	93	0.013	0.013	NUM
fbem-26252	150	94	)	)	PUNCT
fbem-26252	150	95	(	(	PUNCT
fbem-26252	150	96	0.025	0.025	NUM
fbem-26252	150	97	)	)	PUNCT
fbem-26252	150	98	(	(	PUNCT
fbem-26252	150	99	0.028	0.028	NUM
fbem-26252	150	100	)	)	PUNCT
fbem-26252	150	101	soe	soe	PROPN
fbem-26252	150	102	-0.007	-0.007	PUNCT
fbem-26252	150	103	-0.000	-0.000	NUM
fbem-26252	150	104	0.010	0.010	NUM
fbem-26252	150	105	(	(	PUNCT
fbem-26252	150	106	0.004	0.004	NUM
fbem-26252	150	107	)	)	PUNCT
fbem-26252	150	108	(	(	PUNCT
fbem-26252	150	109	0.009	0.009	NUM
fbem-26252	150	110	)	)	PUNCT
fbem-26252	150	111	(	(	PUNCT
fbem-26252	150	112	0.010	0.010	NUM
fbem-26252	150	113	)	)	PUNCT
fbem-26252	150	114	boardsize	boardsize	NOUN
fbem-26252	150	115	-0.014	-0.014	PRON
fbem-26252	150	116	-0.069	-0.069	PUNCT
fbem-26252	150	117	*	*	PUNCT
fbem-26252	150	118	*	*	PUNCT
fbem-26252	150	119	*	*	PUNCT
fbem-26252	150	120	-0.034	-0.034	PUNCT
fbem-26252	150	121	(	(	PUNCT
fbem-26252	150	122	0.010	0.010	NUM
fbem-26252	150	123	)	)	PUNCT
fbem-26252	150	124	(	(	PUNCT
fbem-26252	150	125	0.026	0.026	NUM
fbem-26252	150	126	)	)	PUNCT
fbem-26252	150	127	(	(	PUNCT
fbem-26252	150	128	0.025	0.025	NUM
fbem-26252	150	129	)	)	PUNCT
fbem-26252	150	130	shrcr1	shrcr1	NOUN
fbem-26252	150	131	-0.032	-0.032	PUNCT
fbem-26252	150	132	*	*	PUNCT
fbem-26252	150	133	*	*	PUNCT
fbem-26252	150	134	*	*	PUNCT
fbem-26252	150	135	-0.091	-0.091	PROPN
fbem-26252	150	136	*	*	PUNCT
fbem-26252	150	137	*	*	PUNCT
fbem-26252	150	138	*	*	PUNCT
fbem-26252	150	139	-0.072	-0.072	PUNCT
fbem-26252	150	140	*	*	PUNCT
fbem-26252	150	141	*	*	PUNCT
fbem-26252	150	142	*	*	PUNCT
fbem-26252	150	143	(	(	PUNCT
fbem-26252	150	144	0.011	0.011	NUM
fbem-26252	150	145	)	)	PUNCT
fbem-26252	150	146	(	(	PUNCT
fbem-26252	150	147	0.026	0.026	NUM
fbem-26252	150	148	)	)	PUNCT
fbem-26252	150	149	(	(	PUNCT
fbem-26252	150	150	0.027	0.027	NUM
fbem-26252	150	151	)	)	PUNCT
fbem-26252	150	152	constant	constant	ADJ
fbem-26252	150	153	0.209	0.209	NUM
fbem-26252	150	154	*	*	PUNCT
fbem-26252	150	155	*	*	PUNCT
fbem-26252	150	156	*	*	PUNCT
fbem-26252	151	1	0.161	0.161	NUM
fbem-26252	151	2	*	*	NOUN
fbem-26252	151	3	0.139	0.139	NUM
fbem-26252	151	4	*	*	PUNCT
fbem-26252	151	5	(	(	PUNCT
fbem-26252	151	6	0.034	0.034	NUM
fbem-26252	151	7	)	)	PUNCT
fbem-26252	151	8	(	(	PUNCT
fbem-26252	151	9	0.088	0.088	NUM
fbem-26252	151	10	)	)	PUNCT
fbem-26252	151	11	(	(	PUNCT
fbem-26252	151	12	0.077	0.077	NUM
fbem-26252	151	13	)	)	PUNCT
fbem-26252	151	14	year	year	NOUN
fbem-26252	151	15	fe	fe	INTJ
fbem-26252	152	1	yes	yes	INTJ
fbem-26252	152	2	yes	yes	INTJ
fbem-26252	152	3	yes	yes	INTJ
fbem-26252	153	1	industry	industry	NOUN
fbem-26252	153	2	fe	fe	INTJ
fbem-26252	154	1	yes	yes	INTJ
fbem-26252	154	2	yes	yes	INTJ
fbem-26252	154	3	yes	yes	INTJ
fbem-26252	154	4	observations	observation	NOUN
fbem-26252	154	5	20,761	20,761	NUM
fbem-26252	154	6	4,049	4,049	NUM
fbem-26252	154	7	3,874	3,874	NUM
fbem-26252	154	8	r	r	X
fbem-26252	154	9	-	-	PUNCT
fbem-26252	154	10	squared	square	VERB
fbem-26252	154	11	0.020	0.020	NUM
fbem-26252	154	12	0.033	0.033	NUM
fbem-26252	154	13	0.043	0.043	NUM
fbem-26252	154	14	table	table	NOUN
fbem-26252	154	15	8	8	NUM
fbem-26252	154	16	.	.	PUNCT
fbem-26252	155	1	heterogeneity	heterogeneity	NOUN
fbem-26252	155	2	of	of	ADP
fbem-26252	155	3	property	property	NOUN
fbem-26252	155	4	rights	right	NOUN
fbem-26252	155	5	of	of	ADP
fbem-26252	155	6	enterprises	enterprise	NOUN
fbem-26252	155	7	(	(	PUNCT
fbem-26252	155	8	1	1	NUM
fbem-26252	155	9	)	)	PUNCT
fbem-26252	155	10	(	(	PUNCT
fbem-26252	155	11	2	2	X
fbem-26252	155	12	)	)	PUNCT
fbem-26252	155	13	variables	variable	NOUN
fbem-26252	155	14	levm	levm	PROPN
fbem-26252	155	15	levm	levm	PROPN
fbem-26252	155	16	state	state	NOUN
fbem-26252	155	17	-	-	PUNCT
fbem-26252	155	18	owned	own	VERB
fbem-26252	155	19	enterprise	enterprise	NOUN
fbem-26252	155	20	non	non	ADJ
fbem-26252	155	21	-	-	ADJ
fbem-26252	155	22	stateowned	stateowned	ADJ
fbem-26252	155	23	enterprise	enterprise	NOUN
fbem-26252	155	24	esg	esg	PROPN
fbem-26252	155	25	-0.007	-0.007	PROPN
fbem-26252	155	26	*	*	PUNCT
fbem-26252	155	27	*	*	PUNCT
fbem-26252	155	28	*	*	PUNCT
fbem-26252	155	29	-0.006	-0.006	PROPN
fbem-26252	155	30	*	*	PUNCT
fbem-26252	155	31	*	*	PUNCT
fbem-26252	155	32	*	*	PUNCT
fbem-26252	155	33	(	(	PUNCT
fbem-26252	155	34	0.003	0.003	NUM
fbem-26252	155	35	)	)	PUNCT
fbem-26252	155	36	(	(	PUNCT
fbem-26252	155	37	0.002	0.002	NUM
fbem-26252	155	38	)	)	PUNCT
fbem-26252	155	39	size	size	NOUN
fbem-26252	155	40	-0.003	-0.003	PROPN
fbem-26252	155	41	-0.001	-0.001	PUNCT
fbem-26252	155	42	(	(	PUNCT
fbem-26252	155	43	0.002	0.002	NUM
fbem-26252	155	44	)	)	PUNCT
fbem-26252	155	45	(	(	PUNCT
fbem-26252	155	46	0.002	0.002	NUM
fbem-26252	155	47	)	)	PUNCT
fbem-26252	155	48	leverage	leverage	NOUN
fbem-26252	155	49	0.141	0.141	NUM
fbem-26252	155	50	*	*	PUNCT
fbem-26252	155	51	*	*	PUNCT
fbem-26252	155	52	*	*	PUNCT
fbem-26252	155	53	0.148	0.148	NUM
fbem-26252	155	54	*	*	PUNCT
fbem-26252	155	55	*	*	PUNCT
fbem-26252	155	56	*	*	PUNCT
fbem-26252	155	57	(	(	PUNCT
fbem-26252	155	58	0.016	0.016	NUM
fbem-26252	155	59	)	)	PUNCT
fbem-26252	155	60	(	(	PUNCT
fbem-26252	155	61	0.014	0.014	NUM
fbem-26252	155	62	)	)	PUNCT
fbem-26252	155	63	age	age	NOUN
fbem-26252	155	64	-0.009	-0.009	NOUN
fbem-26252	155	65	*	*	NOUN
fbem-26252	155	66	*	*	PUNCT
fbem-26252	155	67	-0.020	-0.020	NOUN
fbem-26252	155	68	*	*	PUNCT
fbem-26252	155	69	*	*	PUNCT
fbem-26252	155	70	*	*	PUNCT
fbem-26252	155	71	(	(	PUNCT
fbem-26252	155	72	0.004	0.004	NUM
fbem-26252	155	73	)	)	PUNCT
fbem-26252	155	74	(	(	PUNCT
fbem-26252	155	75	0.003	0.003	NUM
fbem-26252	155	76	)	)	PUNCT
fbem-26252	155	77	roa	roa	NOUN
fbem-26252	155	78	0.264	0.264	NOUN
fbem-26252	155	79	*	*	PUNCT
fbem-26252	155	80	*	*	PUNCT
fbem-26252	155	81	*	*	PUNCT
fbem-26252	155	82	0.032	0.032	NUM
fbem-26252	155	83	(	(	PUNCT
fbem-26252	155	84	0.041	0.041	NUM
fbem-26252	155	85	)	)	PUNCT
fbem-26252	155	86	(	(	PUNCT
fbem-26252	155	87	0.028	0.028	NUM
fbem-26252	155	88	)	)	PUNCT
fbem-26252	155	89	fata	fata	NOUN
fbem-26252	155	90	0.014	0.014	NUM
fbem-26252	155	91	0.049	0.049	NUM
fbem-26252	155	92	*	*	PUNCT
fbem-26252	155	93	*	*	PUNCT
fbem-26252	155	94	*	*	PUNCT
fbem-26252	155	95	(	(	PUNCT
fbem-26252	155	96	0.016	0.016	NUM
fbem-26252	155	97	)	)	PUNCT
fbem-26252	155	98	(	(	PUNCT
fbem-26252	155	99	0.015	0.015	NUM
fbem-26252	155	100	)	)	PUNCT
fbem-26252	155	101	boardsize	boardsize	NOUN
fbem-26252	155	102	0.042	0.042	NUM
fbem-26252	155	103	-0.024	-0.024	NUM
fbem-26252	155	104	*	*	PUNCT
fbem-26252	155	105	*	*	PUNCT
fbem-26252	155	106	*	*	PUNCT
fbem-26252	155	107	(	(	PUNCT
fbem-26252	155	108	0.081	0.081	NUM
fbem-26252	155	109	)	)	PUNCT
fbem-26252	155	110	(	(	PUNCT
fbem-26252	155	111	0.009	0.009	NUM
fbem-26252	155	112	)	)	PUNCT
fbem-26252	155	113	shrcr1	shrcr1	NOUN
fbem-26252	155	114	-0.077	-0.077	PUNCT
fbem-26252	155	115	*	*	PUNCT
fbem-26252	155	116	*	*	PUNCT
fbem-26252	155	117	*	*	PUNCT
fbem-26252	155	118	-0.024	-0.024	X
fbem-26252	155	119	*	*	PUNCT
fbem-26252	155	120	(	(	PUNCT
fbem-26252	155	121	0.016	0.016	NUM
fbem-26252	155	122	)	)	PUNCT
fbem-26252	155	123	(	(	PUNCT
fbem-26252	155	124	0.012	0.012	NUM
fbem-26252	155	125	)	)	PUNCT
fbem-26252	155	126	constant	constant	ADJ
fbem-26252	155	127	0.193	0.193	NUM
fbem-26252	155	128	*	*	PUNCT
fbem-26252	155	129	*	*	PUNCT
fbem-26252	155	130	*	*	PUNCT
fbem-26252	155	131	0.146	0.146	NUM
fbem-26252	155	132	*	*	PUNCT
fbem-26252	155	133	*	*	PUNCT
fbem-26252	155	134	*	*	PUNCT
fbem-26252	155	135	(	(	PUNCT
fbem-26252	155	136	0.042	0.042	NUM
fbem-26252	155	137	)	)	PUNCT
fbem-26252	155	138	(	(	PUNCT
fbem-26252	155	139	0.042	0.042	NUM
fbem-26252	155	140	)	)	PUNCT
fbem-26252	155	141	year	year	NOUN
fbem-26252	155	142	fe	fe	INTJ
fbem-26252	156	1	yes	yes	INTJ
fbem-26252	156	2	yes	yes	INTJ
fbem-26252	156	3	industry	industry	NOUN
fbem-26252	156	4	fe	fe	INTJ
fbem-26252	156	5	yes	yes	INTJ
fbem-26252	156	6	yes	yes	INTJ
fbem-26252	156	7	observations	observation	NOUN
fbem-26252	156	8	11,126	11,126	NUM
fbem-26252	156	9	18,715	18,715	NUM
fbem-26252	156	10	r	r	NOUN
fbem-26252	156	11	-	-	PUNCT
fbem-26252	156	12	squared	square	VERB
fbem-26252	156	13	0.027	0.027	NUM
fbem-26252	156	14	0.024	0.024	NUM
fbem-26252	156	15	4.5	4.5	NUM
fbem-26252	156	16	.	.	PUNCT
fbem-26252	157	1	mechanism	mechanism	NOUN
fbem-26252	157	2	analysis	analysis	NOUN
fbem-26252	157	3	why	why	SCONJ
fbem-26252	157	4	does	do	AUX
fbem-26252	157	5	a	a	DET
fbem-26252	157	6	firm	firm	NOUN
fbem-26252	157	7	's	's	PART
fbem-26252	157	8	esg	esg	NOUN
fbem-26252	157	9	performance	performance	NOUN
fbem-26252	157	10	influence	influence	NOUN
fbem-26252	157	11	leverage	leverage	NOUN
fbem-26252	157	12	?	?	PUNCT
fbem-26252	158	1	in	in	ADP
fbem-26252	158	2	order	order	NOUN
fbem-26252	158	3	to	to	PART
fbem-26252	158	4	verify	verify	VERB
fbem-26252	158	5	the	the	DET
fbem-26252	158	6	influencing	influence	VERB
fbem-26252	158	7	mechanism	mechanism	NOUN
fbem-26252	158	8	,	,	PUNCT
fbem-26252	158	9	the	the	DET
fbem-26252	158	10	following	follow	VERB
fbem-26252	158	11	intermediary	intermediary	ADJ
fbem-26252	158	12	effect	effect	NOUN
fbem-26252	158	13	model	model	NOUN
fbem-26252	158	14	is	be	AUX
fbem-26252	158	15	set	set	VERB
fbem-26252	158	16	up	up	ADP
fbem-26252	158	17	for	for	ADP
fbem-26252	158	18	analysis	analysis	NOUN
fbem-26252	158	19	:	:	PUNCT
fbem-26252	159	1	𝑍𝑖𝑡	𝑍𝑖𝑡	PROPN
fbem-26252	159	2	=	=	SYM
fbem-26252	159	3	𝛾0	𝛾0	PROPN
fbem-26252	159	4	+	+	CCONJ
fbem-26252	159	5	𝛾1𝐸𝑆𝐺𝑖𝑡	𝛾1𝐸𝑆𝐺𝑖𝑡	PROPN
fbem-26252	159	6	+	+	CCONJ
fbem-26252	159	7	𝛾2𝑋𝑖𝑡	𝛾2𝑋𝑖𝑡	PROPN
fbem-26252	159	8	+	+	CCONJ
fbem-26252	159	9	𝛾𝑡	𝛾𝑡	ADP
fbem-26252	160	1	+	+	X
fbem-26252	160	2	𝜇𝑖	𝜇𝑖	ADP
fbem-26252	160	3	+	+	NUM
fbem-26252	160	4	𝑖𝑐𝑡	𝑖𝑐𝑡	NOUN
fbem-26252	160	5	(	(	PUNCT
fbem-26252	160	6	2	2	NUM
fbem-26252	160	7	)	)	PUNCT
fbem-26252	160	8	𝐿𝐸𝑉𝐸𝑖𝑡	𝐿𝐸𝑉𝐸𝑖𝑡	PROPN
fbem-26252	160	9	=	=	SYM
fbem-26252	160	10	𝛿0	𝛿0	NOUN
fbem-26252	160	11	+	+	CCONJ
fbem-26252	160	12	𝛿1𝐸𝑆𝐺𝑖𝑡	𝛿1𝐸𝑆𝐺𝑖𝑡	NOUN
fbem-26252	160	13	+	+	CCONJ
fbem-26252	160	14	𝜌𝑍𝑖𝑡	𝜌𝑍𝑖𝑡	PROPN
fbem-26252	160	15	+	+	CCONJ
fbem-26252	160	16	𝛿2𝑋𝑖𝑡	𝛿2𝑋𝑖𝑡	PROPN
fbem-26252	161	1	+	+	CCONJ
fbem-26252	161	2	𝛾𝑡	𝛾𝑡	ADP
fbem-26252	161	3	+	+	X
fbem-26252	161	4	𝜇𝑖	𝜇𝑖	ADP
fbem-26252	161	5	+	+	NUM
fbem-26252	161	6	𝑖𝑐𝑡	𝑖𝑐𝑡	NOUN
fbem-26252	161	7	(	(	PUNCT
fbem-26252	161	8	3	3	NUM
fbem-26252	161	9	)	)	PUNCT
fbem-26252	161	10	where	where	SCONJ
fbem-26252	161	11	𝑍𝑖𝑡	𝑍𝑖𝑡	PROPN
fbem-26252	161	12	is	be	AUX
fbem-26252	161	13	the	the	DET
fbem-26252	161	14	mediation	mediation	NOUN
fbem-26252	161	15	variable	variable	NOUN
fbem-26252	161	16	.	.	PUNCT
fbem-26252	162	1	equation	equation	NOUN
fbem-26252	162	2	(	(	PUNCT
fbem-26252	162	3	2	2	X
fbem-26252	162	4	)	)	PUNCT
fbem-26252	162	5	is	be	AUX
fbem-26252	162	6	the	the	DET
fbem-26252	162	7	first	first	ADJ
fbem-26252	162	8	step	step	NOUN
fbem-26252	162	9	of	of	ADP
fbem-26252	162	10	the	the	DET
fbem-26252	162	11	mediating	mediate	VERB
fbem-26252	162	12	effect	effect	NOUN
fbem-26252	162	13	model	model	NOUN
fbem-26252	162	14	.	.	PUNCT
fbem-26252	163	1	𝛾1	𝛾1	PROPN
fbem-26252	163	2	mainly	mainly	ADV
fbem-26252	163	3	examines	examine	VERB
fbem-26252	163	4	the	the	DET
fbem-26252	163	5	influence	influence	NOUN
fbem-26252	163	6	of	of	ADP
fbem-26252	163	7	core	core	ADJ
fbem-26252	163	8	explanatory	explanatory	ADJ
fbem-26252	163	9	variables	variable	NOUN
fbem-26252	163	10	on	on	ADP
fbem-26252	163	11	mediating	mediate	VERB
fbem-26252	163	12	variables	variable	NOUN
fbem-26252	163	13	.	.	PUNCT
fbem-26252	164	1	formula	formula	NOUN
fbem-26252	164	2	(	(	PUNCT
fbem-26252	164	3	3	3	X
fbem-26252	164	4	)	)	PUNCT
fbem-26252	164	5	is	be	AUX
fbem-26252	164	6	the	the	DET
fbem-26252	164	7	second	second	ADJ
fbem-26252	164	8	step	step	NOUN
fbem-26252	164	9	of	of	ADP
fbem-26252	164	10	the	the	DET
fbem-26252	164	11	intermediary	intermediary	ADJ
fbem-26252	164	12	effect	effect	NOUN
fbem-26252	164	13	model	model	NOUN
fbem-26252	164	14	.	.	PUNCT
fbem-26252	165	1	𝜌	𝜌	NOUN
fbem-26252	165	2	examine	examine	VERB
fbem-26252	165	3	the	the	DET
fbem-26252	165	4	influence	influence	NOUN
fbem-26252	165	5	of	of	ADP
fbem-26252	165	6	the	the	DET
fbem-26252	165	7	mediator	mediator	NOUN
fbem-26252	165	8	variable	variable	NOUN
fbem-26252	165	9	on	on	ADP
fbem-26252	165	10	the	the	DET
fbem-26252	165	11	core	core	NOUN
fbem-26252	165	12	explained	explain	VERB
fbem-26252	165	13	variable	variable	NOUN
fbem-26252	165	14	.	.	PUNCT
fbem-26252	166	1	if	if	SCONJ
fbem-26252	166	2	the	the	DET
fbem-26252	166	3	model	model	NOUN
fbem-26252	166	4	satisfies	satisfy	VERB
fbem-26252	166	5	both	both	CCONJ
fbem-26252	166	6	the	the	DET
fbem-26252	166	7	significance	significance	NOUN
fbem-26252	166	8	of	of	ADP
fbem-26252	166	9	𝛾1	𝛾1	PROPN
fbem-26252	166	10	in	in	ADP
fbem-26252	166	11	equation	equation	NOUN
fbem-26252	166	12	"	"	PUNCT
fbem-26252	166	13	(	(	PUNCT
fbem-26252	166	14	2	2	NUM
fbem-26252	166	15	)	)	PUNCT
fbem-26252	166	16	and	and	CCONJ
fbem-26252	166	17	the	the	DET
fbem-26252	166	18	significance	significance	NOUN
fbem-26252	166	19	of	of	ADP
fbem-26252	166	20	𝜌	𝜌	X
fbem-26252	166	21	in	in	ADP
fbem-26252	166	22	equation	equation	NOUN
fbem-26252	166	23	"	"	PUNCT
fbem-26252	166	24	(	(	PUNCT
fbem-26252	166	25	3	3	NUM
fbem-26252	166	26	)	)	PUNCT
fbem-26252	166	27	,	,	PUNCT
fbem-26252	166	28	it	it	PRON
fbem-26252	166	29	indicates	indicate	VERB
fbem-26252	166	30	that	that	SCONJ
fbem-26252	166	31	𝑍𝑖𝑡	𝑍𝑖𝑡	PROPN
fbem-26252	166	32	plays	play	VERB
fbem-26252	166	33	an	an	DET
fbem-26252	166	34	intermediary	intermediary	ADJ
fbem-26252	166	35	role	role	NOUN
fbem-26252	166	36	.	.	PUNCT
fbem-26252	167	1	according	accord	VERB
fbem-26252	167	2	to	to	ADP
fbem-26252	167	3	the	the	DET
fbem-26252	167	4	previous	previous	ADJ
fbem-26252	167	5	literature	literature	NOUN
fbem-26252	167	6	review	review	NOUN
fbem-26252	167	7	and	and	CCONJ
fbem-26252	167	8	theoretical	theoretical	ADJ
fbem-26252	167	9	analysis	analysis	NOUN
fbem-26252	167	10	,	,	PUNCT
fbem-26252	167	11	this	this	DET
fbem-26252	167	12	paper	paper	NOUN
fbem-26252	167	13	will	will	AUX
fbem-26252	167	14	discuss	discuss	VERB
fbem-26252	167	15	the	the	DET
fbem-26252	167	16	mechanism	mechanism	NOUN
fbem-26252	167	17	from	from	ADP
fbem-26252	167	18	the	the	DET
fbem-26252	167	19	following	follow	VERB
fbem-26252	167	20	two	two	NUM
fbem-26252	167	21	aspects	aspect	NOUN
fbem-26252	167	22	.	.	PUNCT
fbem-26252	168	1	4.6	4.6	NUM
fbem-26252	168	2	.	.	PUNCT
fbem-26252	169	1	enterprise	enterprise	NOUN
fbem-26252	169	2	credit	credit	NOUN
fbem-26252	169	3	mechanism	mechanism	NOUN
fbem-26252	169	4	corporate	corporate	ADJ
fbem-26252	169	5	credit	credit	NOUN
fbem-26252	169	6	measure	measure	NOUN
fbem-26252	169	7	:	:	PUNCT
fbem-26252	169	8	the	the	DET
fbem-26252	169	9	sum	sum	NOUN
fbem-26252	169	10	of	of	ADP
fbem-26252	169	11	short	short	ADJ
fbem-26252	169	12	-	-	PUNCT
fbem-26252	169	13	term	term	NOUN
fbem-26252	169	14	and	and	CCONJ
fbem-26252	169	15	longterm	longterm	ADJ
fbem-26252	169	16	borrowings	borrowing	NOUN
fbem-26252	169	17	to	to	ADP
fbem-26252	169	18	total	total	ADJ
fbem-26252	169	19	assets	asset	NOUN
fbem-26252	169	20	.	.	PUNCT
fbem-26252	170	1	the	the	DET
fbem-26252	170	2	results	result	NOUN
fbem-26252	170	3	in	in	ADP
fbem-26252	170	4	column	column	NOUN
fbem-26252	170	5	(	(	PUNCT
fbem-26252	170	6	1	1	NUM
fbem-26252	170	7	)	)	PUNCT
fbem-26252	170	8	of	of	ADP
fbem-26252	170	9	table	table	NOUN
fbem-26252	170	10	9	9	NUM
fbem-26252	170	11	show	show	VERB
fbem-26252	170	12	the	the	DET
fbem-26252	170	13	regression	regression	NOUN
fbem-26252	170	14	of	of	ADP
fbem-26252	170	15	esg	esg	PROPN
fbem-26252	170	16	to	to	ADP
fbem-26252	170	17	loan_bank	loan_bank	PROPN
fbem-26252	170	18	,	,	PUNCT
fbem-26252	170	19	and	and	CCONJ
fbem-26252	170	20	the	the	DET
fbem-26252	170	21	esg	esg	PROPN
fbem-26252	170	22	coefficient	coefficient	NOUN
fbem-26252	170	23	is	be	AUX
fbem-26252	170	24	significantly	significantly	ADV
fbem-26252	170	25	negative	negative	ADJ
fbem-26252	170	26	at	at	ADP
fbem-26252	170	27	1	1	NUM
fbem-26252	170	28	%	%	NOUN
fbem-26252	170	29	,	,	PUNCT
fbem-26252	170	30	which	which	PRON
fbem-26252	170	31	indicates	indicate	VERB
fbem-26252	170	32	that	that	SCONJ
fbem-26252	170	33	the	the	DET
fbem-26252	170	34	esg	esg	PROPN
fbem-26252	170	35	performance	performance	NOUN
fbem-26252	170	36	of	of	ADP
fbem-26252	170	37	enterprises	enterprise	NOUN
fbem-26252	170	38	relieves	relieve	VERB
fbem-26252	170	39	the	the	DET
fbem-26252	170	40	capital	capital	NOUN
fbem-26252	170	41	pressure	pressure	NOUN
fbem-26252	170	42	and	and	CCONJ
fbem-26252	170	43	reduces	reduce	VERB
fbem-26252	170	44	the	the	DET
fbem-26252	170	45	dependence	dependence	NOUN
fbem-26252	170	46	on	on	ADP
fbem-26252	170	47	the	the	DET
fbem-26252	170	48	credit	credit	NOUN
fbem-26252	170	49	of	of	ADP
fbem-26252	170	50	the	the	DET
fbem-26252	170	51	banking	banking	NOUN
fbem-26252	170	52	sector	sector	NOUN
fbem-26252	170	53	.	.	PUNCT
fbem-26252	171	1	further	far	ADV
fbem-26252	171	2	,	,	PUNCT
fbem-26252	171	3	the	the	DET
fbem-26252	171	4	results	result	NOUN
fbem-26252	171	5	of	of	ADP
fbem-26252	171	6	column	column	NOUN
fbem-26252	171	7	(	(	PUNCT
fbem-26252	171	8	2	2	NUM
fbem-26252	171	9	)	)	PUNCT
fbem-26252	171	10	of	of	ADP
fbem-26252	171	11	table	table	NOUN
fbem-26252	171	12	9	9	NUM
fbem-26252	171	13	show	show	VERB
fbem-26252	171	14	that	that	SCONJ
fbem-26252	171	15	the	the	PRON
fbem-26252	171	16	higher	high	ADJ
fbem-26252	171	17	the	the	DET
fbem-26252	171	18	bank	bank	NOUN
fbem-26252	171	19	credit	credit	NOUN
fbem-26252	171	20	loan_bank	loan_bank	PROPN
fbem-26252	171	21	of	of	ADP
fbem-26252	171	22	an	an	DET
fbem-26252	171	23	enterprise	enterprise	NOUN
fbem-26252	171	24	,	,	PUNCT
fbem-26252	171	25	the	the	PRON
fbem-26252	171	26	greater	great	ADJ
fbem-26252	171	27	the	the	DET
fbem-26252	171	28	degree	degree	NOUN
fbem-26252	171	29	of	of	ADP
fbem-26252	171	30	manipulation	manipulation	NOUN
fbem-26252	171	31	of	of	ADP
fbem-26252	171	32	its	its	PRON
fbem-26252	171	33	own	own	ADJ
fbem-26252	171	34	supply	supply	NOUN
fbem-26252	171	35	chain	chain	NOUN
fbem-26252	171	36	.	.	PUNCT
fbem-26252	172	1	to	to	PART
fbem-26252	172	2	sum	sum	VERB
fbem-26252	172	3	up	up	ADP
fbem-26252	172	4	,	,	PUNCT
fbem-26252	172	5	this	this	DET
fbem-26252	172	6	mechanism	mechanism	NOUN
fbem-26252	172	7	can	can	AUX
fbem-26252	172	8	be	be	AUX
fbem-26252	172	9	verified	verify	VERB
fbem-26252	172	10	:	:	PUNCT
fbem-26252	172	11	esg	esg	PROPN
fbem-26252	172	12	weakens	weaken	VERB
fbem-26252	172	13	the	the	DET
fbem-26252	172	14	leverage	leverage	NOUN
fbem-26252	172	15	manipulation	manipulation	NOUN
fbem-26252	172	16	motivation	motivation	NOUN
fbem-26252	172	17	of	of	ADP
fbem-26252	172	18	enterprises	enterprise	NOUN
fbem-26252	172	19	by	by	ADP
fbem-26252	172	20	reducing	reduce	VERB
fbem-26252	172	21	their	their	PRON
fbem-26252	172	22	own	own	ADJ
fbem-26252	172	23	credit	credit	NOUN
fbem-26252	172	24	level	level	NOUN
fbem-26252	172	25	.	.	PUNCT
fbem-26252	173	1	table	table	NOUN
fbem-26252	173	2	9	9	NUM
fbem-26252	173	3	.	.	PUNCT
fbem-26252	173	4	mechanism	mechanism	NOUN
fbem-26252	173	5	analysis	analysis	NOUN
fbem-26252	173	6	1	1	NUM
fbem-26252	173	7	:	:	PUNCT
fbem-26252	173	8	enterprise	enterprise	NOUN
fbem-26252	173	9	credit	credit	NOUN
fbem-26252	173	10	(	(	PUNCT
fbem-26252	173	11	1	1	NUM
fbem-26252	173	12	)	)	PUNCT
fbem-26252	173	13	(	(	PUNCT
fbem-26252	173	14	2	2	X
fbem-26252	173	15	)	)	PUNCT
fbem-26252	173	16	variables	variable	NOUN
fbem-26252	173	17	loan_bank	loan_bank	PROPN
fbem-26252	173	18	levm	levm	PROPN
fbem-26252	173	19	loan_bank	loan_bank	PROPN
fbem-26252	173	20	0.484	0.484	NUM
fbem-26252	173	21	*	*	PUNCT
fbem-26252	173	22	*	*	PUNCT
fbem-26252	173	23	*	*	PUNCT
fbem-26252	173	24	(	(	PUNCT
fbem-26252	173	25	0.021	0.021	NUM
fbem-26252	173	26	)	)	PUNCT
fbem-26252	173	27	esg	esg	NOUN
fbem-26252	173	28	-0.001	-0.001	NOUN
fbem-26252	173	29	*	*	PUNCT
fbem-26252	173	30	*	*	PUNCT
fbem-26252	173	31	-0.004	-0.004	PUNCT
fbem-26252	173	32	*	*	PUNCT
fbem-26252	173	33	*	*	PUNCT
fbem-26252	173	34	*	*	PUNCT
fbem-26252	173	35	(	(	PUNCT
fbem-26252	173	36	0.001	0.001	NUM
fbem-26252	173	37	)	)	PUNCT
fbem-26252	173	38	(	(	PUNCT
fbem-26252	173	39	0.001	0.001	NUM
fbem-26252	173	40	)	)	PUNCT
fbem-26252	173	41	size	size	NOUN
fbem-26252	173	42	0.002	0.002	NUM
fbem-26252	173	43	*	*	NOUN
fbem-26252	173	44	*	*	PUNCT
fbem-26252	173	45	-0.003	-0.003	PUNCT
fbem-26252	173	46	*	*	PUNCT
fbem-26252	173	47	*	*	PUNCT
fbem-26252	173	48	(	(	PUNCT
fbem-26252	173	49	0.001	0.001	NUM
fbem-26252	173	50	)	)	PUNCT
fbem-26252	173	51	(	(	PUNCT
fbem-26252	173	52	0.001	0.001	NUM
fbem-26252	173	53	)	)	PUNCT
fbem-26252	173	54	leverage	leverage	NOUN
fbem-26252	173	55	0.424	0.424	NUM
fbem-26252	173	56	*	*	NOUN
fbem-26252	173	57	*	*	PUNCT
fbem-26252	173	58	*	*	PUNCT
fbem-26252	173	59	-0.070	-0.070	PUNCT
fbem-26252	173	60	*	*	PUNCT
fbem-26252	173	61	*	*	PUNCT
fbem-26252	173	62	*	*	PUNCT
fbem-26252	173	63	(	(	PUNCT
fbem-26252	173	64	0.004	0.004	NUM
fbem-26252	173	65	)	)	PUNCT
fbem-26252	173	66	(	(	PUNCT
fbem-26252	173	67	0.010	0.010	NUM
fbem-26252	173	68	)	)	PUNCT
fbem-26252	173	69	age	age	NOUN
fbem-26252	173	70	-0.003	-0.003	NOUN
fbem-26252	173	71	*	*	PUNCT
fbem-26252	173	72	*	*	PUNCT
fbem-26252	173	73	*	*	PUNCT
fbem-26252	173	74	-0.016	-0.016	PUNCT
fbem-26252	173	75	*	*	PUNCT
fbem-26252	173	76	*	*	PUNCT
fbem-26252	173	77	*	*	PUNCT
fbem-26252	173	78	(	(	PUNCT
fbem-26252	173	79	0.001	0.001	NUM
fbem-26252	173	80	)	)	PUNCT
fbem-26252	173	81	(	(	PUNCT
fbem-26252	173	82	0.002	0.002	NUM
fbem-26252	173	83	)	)	PUNCT
fbem-26252	173	84	roa	roa	NOUN
fbem-26252	173	85	-0.033	-0.033	PROPN
fbem-26252	173	86	*	*	PUNCT
fbem-26252	173	87	*	*	PUNCT
fbem-26252	173	88	*	*	X
fbem-26252	173	89	0.058	0.058	NUM
fbem-26252	173	90	(	(	PUNCT
fbem-26252	173	91	0.010	0.010	NUM
fbem-26252	173	92	)	)	PUNCT
fbem-26252	173	93	(	(	PUNCT
fbem-26252	173	94	0.036	0.036	NUM
fbem-26252	173	95	)	)	PUNCT
fbem-26252	173	96	fata	fata	NOUN
fbem-26252	173	97	0.150	0.150	NUM
fbem-26252	173	98	*	*	PUNCT
fbem-26252	173	99	*	*	PUNCT
fbem-26252	173	100	*	*	PUNCT
fbem-26252	174	1	-0.045	-0.045	PUNCT
fbem-26252	174	2	*	*	PUNCT
fbem-26252	174	3	*	*	PUNCT
fbem-26252	174	4	*	*	PUNCT
fbem-26252	174	5	(	(	PUNCT
fbem-26252	174	6	0.004	0.004	NUM
fbem-26252	174	7	)	)	PUNCT
fbem-26252	174	8	(	(	PUNCT
fbem-26252	174	9	0.011	0.011	NUM
fbem-26252	174	10	)	)	PUNCT
fbem-26252	174	11	soe	soe	PROPN
fbem-26252	174	12	-0.015	-0.015	PROPN
fbem-26252	174	13	*	*	PUNCT
fbem-26252	174	14	*	*	PUNCT
fbem-26252	174	15	*	*	X
fbem-26252	174	16	0.001	0.001	NUM
fbem-26252	174	17	(	(	PUNCT
fbem-26252	174	18	0.001	0.001	NUM
fbem-26252	174	19	)	)	PUNCT
fbem-26252	174	20	(	(	PUNCT
fbem-26252	174	21	0.004	0.004	NUM
fbem-26252	174	22	)	)	PUNCT
fbem-26252	174	23	boardsize	boardsize	NOUN
fbem-26252	174	24	0.012	0.012	NUM
fbem-26252	174	25	*	*	NOUN
fbem-26252	174	26	*	*	PUNCT
fbem-26252	174	27	*	*	PUNCT
fbem-26252	174	28	-0.026	-0.026	PUNCT
fbem-26252	174	29	*	*	PUNCT
fbem-26252	174	30	*	*	PUNCT
fbem-26252	174	31	*	*	PUNCT
fbem-26252	174	32	(	(	PUNCT
fbem-26252	174	33	0.003	0.003	NUM
fbem-26252	174	34	)	)	PUNCT
fbem-26252	174	35	(	(	PUNCT
fbem-26252	174	36	0.009	0.009	NUM
fbem-26252	174	37	)	)	PUNCT
fbem-26252	174	38	shrcr1	shrcr1	NOUN
fbem-26252	174	39	-0.047	-0.047	PUNCT
fbem-26252	174	40	*	*	PUNCT
fbem-26252	174	41	*	*	PUNCT
fbem-26252	174	42	*	*	PUNCT
fbem-26252	175	1	-0.021	-0.021	PUNCT
fbem-26252	175	2	*	*	PUNCT
fbem-26252	175	3	*	*	PUNCT
fbem-26252	175	4	(	(	PUNCT
fbem-26252	175	5	0.004	0.004	NUM
fbem-26252	175	6	)	)	PUNCT
fbem-26252	175	7	(	(	PUNCT
fbem-26252	175	8	0.010	0.010	NUM
fbem-26252	175	9	)	)	PUNCT
fbem-26252	175	10	constant	constant	ADJ
fbem-26252	175	11	-0.079	-0.079	NOUN
fbem-26252	175	12	*	*	PUNCT
fbem-26252	175	13	*	*	PUNCT
fbem-26252	175	14	*	*	PUNCT
fbem-26252	176	1	0.219	0.219	NUM
fbem-26252	176	2	*	*	PUNCT
fbem-26252	176	3	*	*	PUNCT
fbem-26252	176	4	*	*	PUNCT
fbem-26252	176	5	(	(	PUNCT
fbem-26252	176	6	0.013	0.013	NUM
fbem-26252	176	7	)	)	PUNCT
fbem-26252	176	8	(	(	PUNCT
fbem-26252	176	9	0.029	0.029	NUM
fbem-26252	176	10	)	)	PUNCT
fbem-26252	176	11	year	year	NOUN
fbem-26252	176	12	fe	fe	INTJ
fbem-26252	177	1	yes	yes	INTJ
fbem-26252	177	2	yes	yes	INTJ
fbem-26252	177	3	industry	industry	NOUN
fbem-26252	177	4	fe	fe	INTJ
fbem-26252	177	5	yes	yes	INTJ
fbem-26252	177	6	yes	yes	INTJ
fbem-26252	177	7	observations	observation	NOUN
fbem-26252	177	8	29,841	29,841	NUM
fbem-26252	177	9	29,841	29,841	NUM
fbem-26252	177	10	r	r	NOUN
fbem-26252	177	11	-	-	PUNCT
fbem-26252	177	12	squared	square	VERB
fbem-26252	177	13	0.533	0.533	NUM
fbem-26252	177	14	0.054	0.054	NUM
fbem-26252	177	15	241	241	NUM
fbem-26252	177	16	4.7	4.7	NUM
fbem-26252	177	17	.	.	PUNCT
fbem-26252	178	1	enterprise	enterprise	NOUN
fbem-26252	178	2	digital	digital	ADJ
fbem-26252	178	3	transformation	transformation	NOUN
fbem-26252	178	4	first	first	ADV
fbem-26252	178	5	,	,	PUNCT
fbem-26252	178	6	refer	refer	VERB
fbem-26252	178	7	to	to	ADP
fbem-26252	178	8	academic	academic	ADJ
fbem-26252	178	9	papers	paper	NOUN
fbem-26252	178	10	and	and	CCONJ
fbem-26252	178	11	policy	policy	NOUN
fbem-26252	178	12	documents	document	NOUN
fbem-26252	178	13	on	on	ADP
fbem-26252	178	14	the	the	DET
fbem-26252	178	15	digital	digital	ADJ
fbem-26252	178	16	economy	economy	NOUN
fbem-26252	178	17	to	to	PART
fbem-26252	178	18	build	build	VERB
fbem-26252	178	19	a	a	DET
fbem-26252	178	20	thesaurus	thesaurus	NOUN
fbem-26252	178	21	of	of	ADP
fbem-26252	178	22	digital	digital	ADJ
fbem-26252	178	23	transformation	transformation	NOUN
fbem-26252	178	24	keywords	keyword	NOUN
fbem-26252	178	25	.	.	PUNCT
fbem-26252	179	1	second	second	ADV
fbem-26252	179	2	,	,	PUNCT
fbem-26252	179	3	referring	refer	VERB
fbem-26252	179	4	to	to	ADP
fbem-26252	179	5	wu	wu	PROPN
fbem-26252	179	6	fei	fei	PROPN
fbem-26252	179	7	et	et	PROPN
fbem-26252	179	8	al	al	PROPN
fbem-26252	179	9	.	.	PUNCT
fbem-26252	180	1	"	"	PUNCT
fbem-26252	180	2	(	(	PUNCT
fbem-26252	180	3	2021	2021	NUM
fbem-26252	180	4	)	)	PUNCT
fbem-26252	180	5	,	,	PUNCT
fbem-26252	180	6	fang	fang	PROPN
fbem-26252	180	7	mingyue	mingyue	PROPN
fbem-26252	180	8	et	et	PROPN
fbem-26252	180	9	al	al	PROPN
fbem-26252	180	10	.	.	PUNCT
fbem-26252	180	11	"	"	PUNCT
fbem-26252	181	1	(	(	PUNCT
fbem-26252	181	2	2022	2022	NUM
fbem-26252	181	3	)	)	PUNCT
fbem-26252	181	4	,	,	PUNCT
fbem-26252	181	5	digital	digital	ADJ
fbem-26252	181	6	technology	technology	NOUN
fbem-26252	181	7	is	be	AUX
fbem-26252	181	8	divided	divide	VERB
fbem-26252	181	9	into	into	ADP
fbem-26252	181	10	four	four	NUM
fbem-26252	181	11	categories	category	NOUN
fbem-26252	181	12	according	accord	VERB
fbem-26252	181	13	to	to	ADP
fbem-26252	181	14	the	the	DET
fbem-26252	181	15	types	type	NOUN
fbem-26252	181	16	and	and	CCONJ
fbem-26252	181	17	application	application	NOUN
fbem-26252	181	18	departments	department	NOUN
fbem-26252	181	19	of	of	ADP
fbem-26252	181	20	digital	digital	ADJ
fbem-26252	181	21	technology	technology	NOUN
fbem-26252	181	22	:	:	PUNCT
fbem-26252	181	23	big	big	ADJ
fbem-26252	181	24	data	datum	NOUN
fbem-26252	181	25	technology	technology	NOUN
fbem-26252	181	26	,	,	PUNCT
fbem-26252	181	27	including	include	VERB
fbem-26252	181	28	the	the	DET
fbem-26252	181	29	keyword	keyword	NOUN
fbem-26252	181	30	"	"	PUNCT
fbem-26252	181	31	big	big	ADJ
fbem-26252	181	32	data	data	NOUN
fbem-26252	181	33	"	"	PUNCT
fbem-26252	181	34	cloud	cloud	NOUN
fbem-26252	181	35	computing	computing	NOUN
fbem-26252	181	36	"	"	PUNCT
fbem-26252	181	37	;	;	PUNCT
fbem-26252	181	38	intelligent	intelligent	ADJ
fbem-26252	181	39	manufacturing	manufacturing	NOUN
fbem-26252	181	40	,	,	PUNCT
fbem-26252	181	41	including	include	VERB
fbem-26252	181	42	keywords	keyword	NOUN
fbem-26252	181	43	"	"	PUNCT
fbem-26252	181	44	artificial	artificial	ADJ
fbem-26252	181	45	intelligence	intelligence	NOUN
fbem-26252	181	46	"	"	PUNCT
fbem-26252	181	47	integrated	integrate	VERB
fbem-26252	181	48	control	control	NOUN
fbem-26252	181	49	,	,	PUNCT
fbem-26252	181	50	etc	etc	X
fbem-26252	181	51	.	.	X
fbem-26252	181	52	;	;	PUNCT
fbem-26252	181	53	internet	internet	NOUN
fbem-26252	181	54	business	business	NOUN
fbem-26252	181	55	model	model	NOUN
fbem-26252	181	56	,	,	PUNCT
fbem-26252	181	57	including	include	VERB
fbem-26252	181	58	keywords	keyword	NOUN
fbem-26252	181	59	"	"	PUNCT
fbem-26252	181	60	e	e	NOUN
fbem-26252	181	61	-	-	NOUN
fbem-26252	181	62	commerce	commerce	NOUN
fbem-26252	181	63	"	"	PUNCT
fbem-26252	181	64	,	,	PUNCT
fbem-26252	181	65	mobile	mobile	ADJ
fbem-26252	181	66	internet	internet	NOUN
fbem-26252	181	67	,	,	PUNCT
fbem-26252	181	68	etc	etc	X
fbem-26252	181	69	.	.	X
fbem-26252	181	70	;	;	PUNCT
fbem-26252	181	71	information	information	NOUN
fbem-26252	181	72	technology	technology	NOUN
fbem-26252	181	73	,	,	PUNCT
fbem-26252	181	74	including	include	VERB
fbem-26252	181	75	key	key	ADJ
fbem-26252	181	76	words	word	NOUN
fbem-26252	181	77	"	"	PUNCT
fbem-26252	181	78	information	information	NOUN
fbem-26252	181	79	"	"	PUNCT
fbem-26252	181	80	industrial	industrial	ADJ
fbem-26252	181	81	communication	communication	NOUN
fbem-26252	181	82	.	.	PUNCT
fbem-26252	182	1	finally	finally	ADV
fbem-26252	182	2	,	,	PUNCT
fbem-26252	182	3	according	accord	VERB
fbem-26252	182	4	to	to	ADP
fbem-26252	182	5	the	the	DET
fbem-26252	182	6	digital	digital	ADJ
fbem-26252	182	7	transformation	transformation	NOUN
fbem-26252	182	8	lexemes	lexeme	NOUN
fbem-26252	182	9	,	,	PUNCT
fbem-26252	182	10	the	the	DET
fbem-26252	182	11	proportion	proportion	NOUN
fbem-26252	182	12	of	of	ADP
fbem-26252	182	13	the	the	DET
fbem-26252	182	14	keywords	keyword	NOUN
fbem-26252	182	15	"	"	PUNCT
fbem-26252	182	16	management	management	NOUN
fbem-26252	182	17	discussion	discussion	NOUN
fbem-26252	182	18	and	and	CCONJ
fbem-26252	182	19	analysis	analysis	NOUN
fbem-26252	182	20	"	"	PUNCT
fbem-26252	182	21	in	in	ADP
fbem-26252	182	22	all	all	DET
fbem-26252	182	23	words	word	NOUN
fbem-26252	182	24	in	in	ADP
fbem-26252	182	25	the	the	DET
fbem-26252	182	26	annual	annual	ADJ
fbem-26252	182	27	reports	report	NOUN
fbem-26252	182	28	of	of	ADP
fbem-26252	182	29	listed	list	VERB
fbem-26252	182	30	companies	company	NOUN
fbem-26252	182	31	is	be	AUX
fbem-26252	182	32	calculated	calculate	VERB
fbem-26252	182	33	,	,	PUNCT
fbem-26252	182	34	and	and	CCONJ
fbem-26252	182	35	the	the	DET
fbem-26252	182	36	enterprise	enterprise	NOUN
fbem-26252	182	37	digital	digital	ADJ
fbem-26252	182	38	transformation	transformation	NOUN
fbem-26252	182	39	variable	variable	NOUN
fbem-26252	182	40	digital_funeng	digital_funeng	PROPN
fbem-26252	182	41	is	be	AUX
fbem-26252	182	42	constructed	construct	VERB
fbem-26252	182	43	for	for	ADP
fbem-26252	182	44	empirical	empirical	ADJ
fbem-26252	182	45	analysis	analysis	NOUN
fbem-26252	182	46	.	.	PUNCT
fbem-26252	183	1	in	in	ADP
fbem-26252	183	2	table	table	NOUN
fbem-26252	183	3	10	10	NUM
fbem-26252	183	4	,	,	PUNCT
fbem-26252	183	5	the	the	DET
fbem-26252	183	6	models	model	NOUN
fbem-26252	183	7	control	control	VERB
fbem-26252	183	8	for	for	ADP
fbem-26252	183	9	all	all	DET
fbem-26252	183	10	control	control	NOUN
fbem-26252	183	11	variables	variable	NOUN
fbem-26252	183	12	and	and	CCONJ
fbem-26252	183	13	two	two	NUM
fbem-26252	183	14	-	-	PUNCT
fbem-26252	183	15	way	way	NOUN
fbem-26252	183	16	fixed	fix	VERB
fbem-26252	183	17	effects	effect	NOUN
fbem-26252	183	18	.	.	PUNCT
fbem-26252	184	1	first	first	ADV
fbem-26252	184	2	,	,	PUNCT
fbem-26252	184	3	it	it	PRON
fbem-26252	184	4	can	can	AUX
fbem-26252	184	5	be	be	AUX
fbem-26252	184	6	seen	see	VERB
fbem-26252	184	7	from	from	ADP
fbem-26252	184	8	column	column	NOUN
fbem-26252	184	9	(	(	PUNCT
fbem-26252	184	10	1	1	NUM
fbem-26252	184	11	)	)	PUNCT
fbem-26252	184	12	that	that	SCONJ
fbem-26252	184	13	the	the	DET
fbem-26252	184	14	estimation	estimation	NOUN
fbem-26252	184	15	coefficient	coefficient	NOUN
fbem-26252	184	16	of	of	ADP
fbem-26252	184	17	digital_funeng	digital_funeng	PROPN
fbem-26252	184	18	is	be	AUX
fbem-26252	184	19	significantly	significantly	ADV
fbem-26252	184	20	positive	positive	ADJ
fbem-26252	184	21	at	at	ADP
fbem-26252	184	22	the	the	DET
fbem-26252	184	23	statistical	statistical	ADJ
fbem-26252	184	24	level	level	NOUN
fbem-26252	184	25	of	of	ADP
fbem-26252	184	26	1	1	NUM
fbem-26252	184	27	%	%	NOUN
fbem-26252	184	28	,	,	PUNCT
fbem-26252	184	29	that	that	ADV
fbem-26252	184	30	is	is	ADV
fbem-26252	184	31	,	,	PUNCT
fbem-26252	184	32	the	the	DET
fbem-26252	184	33	enterprise	enterprise	NOUN
fbem-26252	184	34	esg	esg	NOUN
fbem-26252	184	35	performance	performance	NOUN
fbem-26252	184	36	significantly	significantly	ADV
fbem-26252	184	37	promotes	promote	VERB
fbem-26252	184	38	its	its	PRON
fbem-26252	184	39	own	own	ADJ
fbem-26252	184	40	degree	degree	NOUN
fbem-26252	184	41	of	of	ADP
fbem-26252	184	42	digital	digital	ADJ
fbem-26252	184	43	transformation	transformation	NOUN
fbem-26252	184	44	.	.	PUNCT
fbem-26252	185	1	further	far	ADV
fbem-26252	185	2	observe	observe	VERB
fbem-26252	185	3	the	the	DET
fbem-26252	185	4	estimated	estimate	VERB
fbem-26252	185	5	results	result	NOUN
fbem-26252	185	6	of	of	ADP
fbem-26252	185	7	column	column	NOUN
fbem-26252	185	8	(	(	PUNCT
fbem-26252	185	9	2	2	NUM
fbem-26252	185	10	):	):	PUNCT
fbem-26252	185	11	the	the	DET
fbem-26252	185	12	estimated	estimate	VERB
fbem-26252	185	13	coefficient	coefficient	NOUN
fbem-26252	185	14	of	of	ADP
fbem-26252	185	15	digital_funeng	digital_funeng	PROPN
fbem-26252	185	16	is	be	AUX
fbem-26252	185	17	0.034	0.034	NUM
fbem-26252	185	18	,	,	PUNCT
fbem-26252	185	19	which	which	PRON
fbem-26252	185	20	is	be	AUX
fbem-26252	185	21	significantly	significantly	ADV
fbem-26252	185	22	negative	negative	ADJ
fbem-26252	185	23	at	at	ADP
fbem-26252	185	24	the	the	DET
fbem-26252	185	25	statistical	statistical	ADJ
fbem-26252	185	26	level	level	NOUN
fbem-26252	185	27	of	of	ADP
fbem-26252	185	28	1	1	NUM
fbem-26252	185	29	%	%	NOUN
fbem-26252	185	30	,	,	PUNCT
fbem-26252	185	31	indicating	indicate	VERB
fbem-26252	185	32	that	that	SCONJ
fbem-26252	185	33	the	the	DET
fbem-26252	185	34	enterprise	enterprise	NOUN
fbem-26252	185	35	's	's	PART
fbem-26252	185	36	digital	digital	ADJ
fbem-26252	185	37	transformation	transformation	NOUN
fbem-26252	185	38	inhibits	inhibit	VERB
fbem-26252	185	39	the	the	DET
fbem-26252	185	40	enterprise	enterprise	NOUN
fbem-26252	185	41	's	's	PART
fbem-26252	185	42	own	own	ADJ
fbem-26252	185	43	leverage	leverage	NOUN
fbem-26252	185	44	manipulation	manipulation	NOUN
fbem-26252	185	45	.	.	PUNCT
fbem-26252	186	1	therefore	therefore	ADV
fbem-26252	186	2	,	,	PUNCT
fbem-26252	186	3	this	this	DET
fbem-26252	186	4	mediation	mediation	NOUN
fbem-26252	186	5	path	path	NOUN
fbem-26252	186	6	is	be	AUX
fbem-26252	186	7	validated	validate	VERB
fbem-26252	186	8	.	.	PUNCT
fbem-26252	187	1	table	table	NOUN
fbem-26252	187	2	10	10	NUM
fbem-26252	187	3	.	.	PUNCT
fbem-26252	188	1	mechanism	mechanism	NOUN
fbem-26252	188	2	analysis	analysis	NOUN
fbem-26252	188	3	2	2	NUM
fbem-26252	188	4	:	:	PUNCT
fbem-26252	188	5	digital	digital	ADJ
fbem-26252	188	6	transformation	transformation	NOUN
fbem-26252	188	7	of	of	ADP
fbem-26252	188	8	enterprises	enterprise	NOUN
fbem-26252	188	9	(	(	PUNCT
fbem-26252	188	10	1	1	NUM
fbem-26252	188	11	)	)	PUNCT
fbem-26252	188	12	(	(	PUNCT
fbem-26252	188	13	2	2	X
fbem-26252	188	14	)	)	PUNCT
fbem-26252	188	15	variables	variable	NOUN
fbem-26252	188	16	digital_funeng	digital_funeng	PROPN
fbem-26252	188	17	levm	levm	PROPN
fbem-26252	188	18	digital_funeng	digital_funeng	PROPN
fbem-26252	188	19	-0.034	-0.034	PROPN
fbem-26252	189	1	*	*	PUNCT
fbem-26252	189	2	*	*	PUNCT
fbem-26252	189	3	*	*	PUNCT
fbem-26252	189	4	(	(	PUNCT
fbem-26252	189	5	0.010	0.010	NUM
fbem-26252	189	6	)	)	PUNCT
fbem-26252	189	7	esg	esg	NOUN
fbem-26252	189	8	0.010	0.010	NUM
fbem-26252	189	9	*	*	PUNCT
fbem-26252	189	10	*	*	PUNCT
fbem-26252	189	11	*	*	PUNCT
fbem-26252	189	12	-0.006	-0.006	PUNCT
fbem-26252	189	13	*	*	PUNCT
fbem-26252	189	14	*	*	PUNCT
fbem-26252	189	15	*	*	PUNCT
fbem-26252	189	16	(	(	PUNCT
fbem-26252	189	17	0.001	0.001	NUM
fbem-26252	189	18	)	)	PUNCT
fbem-26252	189	19	(	(	PUNCT
fbem-26252	189	20	0.002	0.002	NUM
fbem-26252	189	21	)	)	PUNCT
fbem-26252	189	22	size	size	NOUN
fbem-26252	189	23	0.002	0.002	NUM
fbem-26252	189	24	*	*	PUNCT
fbem-26252	189	25	*	*	PUNCT
fbem-26252	189	26	-0.005	-0.005	PUNCT
fbem-26252	189	27	*	*	PUNCT
fbem-26252	189	28	*	*	PUNCT
fbem-26252	189	29	*	*	PUNCT
fbem-26252	189	30	(	(	PUNCT
fbem-26252	189	31	0.001	0.001	NUM
fbem-26252	189	32	)	)	PUNCT
fbem-26252	189	33	(	(	PUNCT
fbem-26252	189	34	0.002	0.002	NUM
fbem-26252	189	35	)	)	PUNCT
fbem-26252	189	36	leverage	leverage	NOUN
fbem-26252	189	37	-0.006	-0.006	PROPN
fbem-26252	189	38	0.160	0.160	NOUN
fbem-26252	189	39	*	*	PUNCT
fbem-26252	189	40	*	*	PUNCT
fbem-26252	189	41	*	*	PUNCT
fbem-26252	189	42	(	(	PUNCT
fbem-26252	189	43	0.006	0.006	NUM
fbem-26252	189	44	)	)	PUNCT
fbem-26252	189	45	(	(	PUNCT
fbem-26252	189	46	0.011	0.011	NUM
fbem-26252	189	47	)	)	PUNCT
fbem-26252	189	48	age	age	NOUN
fbem-26252	189	49	-0.005	-0.005	INTJ
fbem-26252	189	50	*	*	PUNCT
fbem-26252	189	51	*	*	PUNCT
fbem-26252	189	52	*	*	PUNCT
fbem-26252	189	53	-0.017	-0.017	PROPN
fbem-26252	189	54	*	*	PUNCT
fbem-26252	189	55	*	*	PUNCT
fbem-26252	189	56	*	*	PUNCT
fbem-26252	189	57	(	(	PUNCT
fbem-26252	189	58	0.002	0.002	NUM
fbem-26252	189	59	)	)	PUNCT
fbem-26252	189	60	(	(	PUNCT
fbem-26252	189	61	0.002	0.002	NUM
fbem-26252	189	62	)	)	PUNCT
fbem-26252	189	63	roa	roa	NOUN
fbem-26252	189	64	-0.022	-0.022	PROPN
fbem-26252	190	1	*	*	PUNCT
fbem-26252	191	1	*	*	NOUN
fbem-26252	191	2	0.179	0.179	NUM
fbem-26252	191	3	*	*	PUNCT
fbem-26252	191	4	*	*	PUNCT
fbem-26252	191	5	*	*	PUNCT
fbem-26252	191	6	(	(	PUNCT
fbem-26252	191	7	0.011	0.011	NUM
fbem-26252	191	8	)	)	PUNCT
fbem-26252	191	9	(	(	PUNCT
fbem-26252	191	10	0.020	0.020	NUM
fbem-26252	191	11	)	)	PUNCT
fbem-26252	191	12	fata	fata	NOUN
fbem-26252	191	13	-0.136	-0.136	PUNCT
fbem-26252	191	14	*	*	PUNCT
fbem-26252	191	15	*	*	PUNCT
fbem-26252	191	16	*	*	PUNCT
fbem-26252	191	17	0.039	0.039	NUM
fbem-26252	191	18	*	*	PUNCT
fbem-26252	191	19	*	*	PUNCT
fbem-26252	191	20	*	*	PUNCT
fbem-26252	191	21	(	(	PUNCT
fbem-26252	191	22	0.005	0.005	NUM
fbem-26252	191	23	)	)	PUNCT
fbem-26252	191	24	(	(	PUNCT
fbem-26252	191	25	0.011	0.011	NUM
fbem-26252	191	26	)	)	PUNCT
fbem-26252	191	27	soe	soe	PROPN
fbem-26252	191	28	-0.001	-0.001	NUM
fbem-26252	191	29	-0.004	-0.004	PUNCT
fbem-26252	191	30	(	(	PUNCT
fbem-26252	191	31	0.002	0.002	NUM
fbem-26252	191	32	)	)	PUNCT
fbem-26252	191	33	(	(	PUNCT
fbem-26252	191	34	0.004	0.004	NUM
fbem-26252	191	35	)	)	PUNCT
fbem-26252	191	36	boardsize	boardsize	NOUN
fbem-26252	191	37	0.001	0.001	NUM
fbem-26252	191	38	-0.023	-0.023	NOUN
fbem-26252	191	39	*	*	PUNCT
fbem-26252	191	40	*	*	PUNCT
fbem-26252	191	41	*	*	PUNCT
fbem-26252	191	42	(	(	PUNCT
fbem-26252	191	43	0.006	0.006	NUM
fbem-26252	191	44	)	)	PUNCT
fbem-26252	191	45	(	(	PUNCT
fbem-26252	191	46	0.009	0.009	NUM
fbem-26252	191	47	)	)	PUNCT
fbem-26252	191	48	shrcr1	shrcr1	NOUN
fbem-26252	191	49	-0.049	-0.049	PUNCT
fbem-26252	191	50	*	*	PUNCT
fbem-26252	191	51	*	*	PUNCT
fbem-26252	191	52	*	*	PUNCT
fbem-26252	191	53	-0.057	-0.057	PUNCT
fbem-26252	191	54	*	*	PUNCT
fbem-26252	191	55	*	*	PUNCT
fbem-26252	191	56	*	*	PUNCT
fbem-26252	191	57	(	(	PUNCT
fbem-26252	191	58	0.006	0.006	NUM
fbem-26252	191	59	)	)	PUNCT
fbem-26252	191	60	(	(	PUNCT
fbem-26252	191	61	0.010	0.010	NUM
fbem-26252	191	62	)	)	PUNCT
fbem-26252	191	63	constant	constant	ADJ
fbem-26252	191	64	0.064	0.064	NUM
fbem-26252	191	65	*	*	NOUN
fbem-26252	191	66	*	*	PUNCT
fbem-26252	191	67	*	*	PUNCT
fbem-26252	192	1	0.239	0.239	NUM
fbem-26252	192	2	*	*	PUNCT
fbem-26252	192	3	*	*	PUNCT
fbem-26252	192	4	*	*	PUNCT
fbem-26252	192	5	(	(	PUNCT
fbem-26252	192	6	0.016	0.016	NUM
fbem-26252	192	7	)	)	PUNCT
fbem-26252	192	8	(	(	PUNCT
fbem-26252	192	9	0.031	0.031	NUM
fbem-26252	192	10	)	)	PUNCT
fbem-26252	192	11	year	year	NOUN
fbem-26252	192	12	fe	fe	INTJ
fbem-26252	193	1	yes	yes	INTJ
fbem-26252	193	2	yes	yes	INTJ
fbem-26252	193	3	industry	industry	NOUN
fbem-26252	193	4	fe	fe	INTJ
fbem-26252	193	5	yes	yes	INTJ
fbem-26252	193	6	yes	yes	INTJ
fbem-26252	193	7	observations	observation	NOUN
fbem-26252	193	8	27,237	27,237	NUM
fbem-26252	193	9	27,237	27,237	NUM
fbem-26252	193	10	r	r	NOUN
fbem-26252	193	11	-	-	PUNCT
fbem-26252	193	12	squared	square	VERB
fbem-26252	193	13	0.378	0.378	NUM
fbem-26252	193	14	0.025	0.025	NUM
fbem-26252	193	15	5	5	NUM
fbem-26252	193	16	.	.	PUNCT
fbem-26252	193	17	conclusion	conclusion	NOUN
fbem-26252	193	18	and	and	CCONJ
fbem-26252	193	19	suggestion	suggestion	NOUN
fbem-26252	193	20	5.1	5.1	NUM
fbem-26252	193	21	.	.	PUNCT
fbem-26252	194	1	research	research	NOUN
fbem-26252	194	2	conclusions	conclusion	NOUN
fbem-26252	194	3	in	in	ADP
fbem-26252	194	4	this	this	DET
fbem-26252	194	5	paper	paper	NOUN
fbem-26252	194	6	,	,	PUNCT
fbem-26252	194	7	the	the	DET
fbem-26252	194	8	a	a	DET
fbem-26252	194	9	-	-	PUNCT
fbem-26252	194	10	share	share	NOUN
fbem-26252	194	11	listed	list	VERB
fbem-26252	194	12	companies	company	NOUN
fbem-26252	194	13	of	of	ADP
fbem-26252	194	14	shanghai	shanghai	PROPN
fbem-26252	194	15	and	and	CCONJ
fbem-26252	194	16	shenzhen	shenzhen	PROPN
fbem-26252	194	17	stock	stock	PROPN
fbem-26252	194	18	markets	market	NOUN
fbem-26252	194	19	from	from	ADP
fbem-26252	194	20	2008	2008	NUM
fbem-26252	194	21	to	to	ADP
fbem-26252	194	22	2022	2022	NUM
fbem-26252	194	23	are	be	AUX
fbem-26252	194	24	selected	select	VERB
fbem-26252	194	25	as	as	ADP
fbem-26252	194	26	the	the	DET
fbem-26252	194	27	original	original	ADJ
fbem-26252	194	28	samples	sample	NOUN
fbem-26252	194	29	,	,	PUNCT
fbem-26252	194	30	and	and	CCONJ
fbem-26252	194	31	all	all	DET
fbem-26252	194	32	the	the	DET
fbem-26252	194	33	original	original	ADJ
fbem-26252	194	34	data	datum	NOUN
fbem-26252	194	35	of	of	ADP
fbem-26252	194	36	listed	list	VERB
fbem-26252	194	37	companies	company	NOUN
fbem-26252	194	38	are	be	AUX
fbem-26252	194	39	from	from	ADP
fbem-26252	194	40	the	the	DET
fbem-26252	194	41	csmar	csmar	PROPN
fbem-26252	194	42	database	database	NOUN
fbem-26252	194	43	to	to	PART
fbem-26252	194	44	explore	explore	VERB
fbem-26252	194	45	the	the	DET
fbem-26252	194	46	impact	impact	NOUN
fbem-26252	194	47	of	of	ADP
fbem-26252	194	48	esg	esg	NOUN
fbem-26252	194	49	performance	performance	NOUN
fbem-26252	194	50	on	on	ADP
fbem-26252	194	51	corporate	corporate	ADJ
fbem-26252	194	52	leverage	leverage	NOUN
fbem-26252	194	53	manipulation	manipulation	NOUN
fbem-26252	194	54	and	and	CCONJ
fbem-26252	194	55	its	its	PRON
fbem-26252	194	56	mechanism	mechanism	NOUN
fbem-26252	194	57	.	.	PUNCT
fbem-26252	195	1	the	the	DET
fbem-26252	195	2	results	result	NOUN
fbem-26252	195	3	show	show	VERB
fbem-26252	195	4	that	that	SCONJ
fbem-26252	195	5	:	:	PUNCT
fbem-26252	195	6	first	first	X
fbem-26252	195	7	,	,	PUNCT
fbem-26252	195	8	esg	esg	NOUN
fbem-26252	195	9	performance	performance	NOUN
fbem-26252	195	10	significantly	significantly	ADV
fbem-26252	195	11	reduces	reduce	VERB
fbem-26252	195	12	the	the	DET
fbem-26252	195	13	degree	degree	NOUN
fbem-26252	195	14	of	of	ADP
fbem-26252	195	15	leverage	leverage	NOUN
fbem-26252	195	16	manipulation	manipulation	NOUN
fbem-26252	195	17	;	;	PUNCT
fbem-26252	195	18	second	second	ADJ
fbem-26252	195	19	,	,	PUNCT
fbem-26252	195	20	mechanism	mechanism	NOUN
fbem-26252	195	21	analysis	analysis	NOUN
fbem-26252	195	22	shows	show	VERB
fbem-26252	195	23	that	that	SCONJ
fbem-26252	195	24	good	good	ADJ
fbem-26252	195	25	esg	esg	PROPN
fbem-26252	195	26	performance	performance	NOUN
fbem-26252	195	27	can	can	AUX
fbem-26252	195	28	reduce	reduce	VERB
fbem-26252	195	29	the	the	DET
fbem-26252	195	30	degree	degree	NOUN
fbem-26252	195	31	of	of	ADP
fbem-26252	195	32	leverage	leverage	NOUN
fbem-26252	195	33	manipulation	manipulation	NOUN
fbem-26252	195	34	by	by	ADP
fbem-26252	195	35	influencing	influence	VERB
fbem-26252	195	36	the	the	DET
fbem-26252	195	37	credit	credit	NOUN
fbem-26252	195	38	mechanism	mechanism	NOUN
fbem-26252	195	39	and	and	CCONJ
fbem-26252	195	40	the	the	DET
fbem-26252	195	41	level	level	NOUN
fbem-26252	195	42	of	of	ADP
fbem-26252	195	43	familiar	familiar	ADJ
fbem-26252	195	44	language	language	NOUN
fbem-26252	195	45	transformation	transformation	NOUN
fbem-26252	195	46	of	of	ADP
fbem-26252	195	47	enterprises	enterprise	NOUN
fbem-26252	195	48	.	.	PUNCT
fbem-26252	196	1	third	third	ADV
fbem-26252	196	2	,	,	PUNCT
fbem-26252	196	3	the	the	DET
fbem-26252	196	4	inhibitory	inhibitory	ADJ
fbem-26252	196	5	effect	effect	NOUN
fbem-26252	196	6	of	of	ADP
fbem-26252	196	7	good	good	ADJ
fbem-26252	196	8	esg	esg	PROPN
fbem-26252	196	9	performance	performance	NOUN
fbem-26252	196	10	on	on	ADP
fbem-26252	196	11	corporate	corporate	ADJ
fbem-26252	196	12	leverage	leverage	NOUN
fbem-26252	196	13	manipulation	manipulation	NOUN
fbem-26252	196	14	is	be	AUX
fbem-26252	196	15	heterogeneous	heterogeneous	ADJ
fbem-26252	196	16	,	,	PUNCT
fbem-26252	196	17	and	and	CCONJ
fbem-26252	196	18	the	the	DET
fbem-26252	196	19	inhibitory	inhibitory	ADJ
fbem-26252	196	20	effect	effect	NOUN
fbem-26252	196	21	of	of	ADP
fbem-26252	196	22	corporate	corporate	ADJ
fbem-26252	196	23	esg	esg	NOUN
fbem-26252	196	24	performance	performance	NOUN
fbem-26252	196	25	on	on	ADP
fbem-26252	196	26	corporate	corporate	ADJ
fbem-26252	196	27	leverage	leverage	NOUN
fbem-26252	196	28	manipulation	manipulation	NOUN
fbem-26252	196	29	is	be	AUX
fbem-26252	196	30	more	more	ADV
fbem-26252	196	31	significant	significant	ADJ
fbem-26252	196	32	in	in	ADP
fbem-26252	196	33	the	the	DET
fbem-26252	196	34	central	central	ADJ
fbem-26252	196	35	and	and	CCONJ
fbem-26252	196	36	eastern	eastern	ADJ
fbem-26252	196	37	regions	region	NOUN
fbem-26252	196	38	and	and	CCONJ
fbem-26252	196	39	state	state	NOUN
fbem-26252	196	40	-	-	PUNCT
fbem-26252	196	41	owned	own	VERB
fbem-26252	196	42	enterprises	enterprise	NOUN
fbem-26252	196	43	.	.	PUNCT
fbem-26252	197	1	after	after	ADP
fbem-26252	197	2	passing	pass	VERB
fbem-26252	197	3	a	a	DET
fbem-26252	197	4	series	series	NOUN
fbem-26252	197	5	of	of	ADP
fbem-26252	197	6	robustness	robustness	NOUN
fbem-26252	197	7	tests	test	NOUN
fbem-26252	197	8	,	,	PUNCT
fbem-26252	197	9	the	the	DET
fbem-26252	197	10	above	above	ADJ
fbem-26252	197	11	conclusion	conclusion	NOUN
fbem-26252	197	12	is	be	AUX
fbem-26252	197	13	still	still	ADV
fbem-26252	197	14	robust	robust	ADJ
fbem-26252	197	15	.	.	PUNCT
fbem-26252	198	1	5.2	5.2	NUM
fbem-26252	198	2	.	.	PUNCT
fbem-26252	198	3	countermeasures	countermeasure	NOUN
fbem-26252	198	4	and	and	CCONJ
fbem-26252	198	5	suggestions	suggestion	NOUN
fbem-26252	198	6	at	at	ADP
fbem-26252	198	7	the	the	DET
fbem-26252	198	8	enterprise	enterprise	NOUN
fbem-26252	198	9	level	level	NOUN
fbem-26252	198	10	,	,	PUNCT
fbem-26252	198	11	enterprises	enterprise	NOUN
fbem-26252	198	12	should	should	AUX
fbem-26252	198	13	strengthen	strengthen	VERB
fbem-26252	198	14	internal	internal	ADJ
fbem-26252	198	15	control	control	NOUN
fbem-26252	198	16	and	and	CCONJ
fbem-26252	198	17	governance	governance	NOUN
fbem-26252	198	18	mechanisms	mechanism	NOUN
fbem-26252	198	19	to	to	PART
fbem-26252	198	20	ensure	ensure	VERB
fbem-26252	198	21	the	the	DET
fbem-26252	198	22	authenticity	authenticity	NOUN
fbem-26252	198	23	and	and	CCONJ
fbem-26252	198	24	accuracy	accuracy	NOUN
fbem-26252	198	25	of	of	ADP
fbem-26252	198	26	financial	financial	ADJ
fbem-26252	198	27	data	datum	NOUN
fbem-26252	198	28	.	.	PUNCT
fbem-26252	199	1	by	by	ADP
fbem-26252	199	2	establishing	establish	VERB
fbem-26252	199	3	an	an	DET
fbem-26252	199	4	effective	effective	ADJ
fbem-26252	199	5	internal	internal	ADJ
fbem-26252	199	6	audit	audit	NOUN
fbem-26252	199	7	system	system	NOUN
fbem-26252	199	8	and	and	CCONJ
fbem-26252	199	9	supervision	supervision	NOUN
fbem-26252	199	10	mechanism	mechanism	NOUN
fbem-26252	199	11	,	,	PUNCT
fbem-26252	199	12	the	the	DET
fbem-26252	199	13	possibility	possibility	NOUN
fbem-26252	199	14	of	of	ADP
fbem-26252	199	15	manipulating	manipulate	VERB
fbem-26252	199	16	financial	financial	ADJ
fbem-26252	199	17	data	datum	NOUN
fbem-26252	199	18	can	can	AUX
fbem-26252	199	19	be	be	AUX
fbem-26252	199	20	reduced	reduce	VERB
fbem-26252	199	21	and	and	CCONJ
fbem-26252	199	22	the	the	DET
fbem-26252	199	23	financial	financial	ADJ
fbem-26252	199	24	transparency	transparency	NOUN
fbem-26252	199	25	of	of	ADP
fbem-26252	199	26	enterprises	enterprise	NOUN
fbem-26252	199	27	can	can	AUX
fbem-26252	199	28	be	be	AUX
fbem-26252	199	29	improved	improve	VERB
fbem-26252	199	30	.	.	PUNCT
fbem-26252	200	1	at	at	ADP
fbem-26252	200	2	the	the	DET
fbem-26252	200	3	same	same	ADJ
fbem-26252	200	4	time	time	NOUN
fbem-26252	200	5	,	,	PUNCT
fbem-26252	200	6	clear	clear	ADJ
fbem-26252	200	7	esg	esg	NOUN
fbem-26252	200	8	policies	policy	NOUN
fbem-26252	200	9	and	and	CCONJ
fbem-26252	200	10	objectives	objective	NOUN
fbem-26252	200	11	are	be	AUX
fbem-26252	200	12	developed	develop	VERB
fbem-26252	200	13	and	and	CCONJ
fbem-26252	200	14	integrated	integrate	VERB
fbem-26252	200	15	into	into	ADP
fbem-26252	200	16	the	the	DET
fbem-26252	200	17	corporate	corporate	ADJ
fbem-26252	200	18	governance	governance	NOUN
fbem-26252	200	19	structure	structure	NOUN
fbem-26252	200	20	and	and	CCONJ
fbem-26252	200	21	performance	performance	NOUN
fbem-26252	200	22	evaluation	evaluation	NOUN
fbem-26252	200	23	system	system	NOUN
fbem-26252	200	24	.	.	PUNCT
fbem-26252	201	1	by	by	ADP
fbem-26252	201	2	setting	set	VERB
fbem-26252	201	3	goals	goal	NOUN
fbem-26252	201	4	and	and	CCONJ
fbem-26252	201	5	incentives	incentive	NOUN
fbem-26252	201	6	related	relate	VERB
fbem-26252	201	7	to	to	ADP
fbem-26252	201	8	esg	esg	PROPN
fbem-26252	201	9	,	,	PUNCT
fbem-26252	201	10	management	management	NOUN
fbem-26252	201	11	can	can	AUX
fbem-26252	201	12	be	be	AUX
fbem-26252	201	13	guided	guide	VERB
fbem-26252	201	14	to	to	PART
fbem-26252	201	15	pay	pay	VERB
fbem-26252	201	16	more	more	ADJ
fbem-26252	201	17	attention	attention	NOUN
fbem-26252	201	18	to	to	ADP
fbem-26252	201	19	esg	esg	NOUN
fbem-26252	201	20	practices	practice	NOUN
fbem-26252	201	21	and	and	CCONJ
fbem-26252	201	22	reduce	reduce	VERB
fbem-26252	201	23	reliance	reliance	NOUN
fbem-26252	201	24	on	on	ADP
fbem-26252	201	25	short	short	ADJ
fbem-26252	201	26	-	-	PUNCT
fbem-26252	201	27	term	term	NOUN
fbem-26252	201	28	financial	financial	ADJ
fbem-26252	201	29	manipulation	manipulation	NOUN
fbem-26252	201	30	.	.	PUNCT
fbem-26252	202	1	companies	company	NOUN
fbem-26252	202	2	can	can	AUX
fbem-26252	202	3	establish	establish	VERB
fbem-26252	202	4	independent	independent	ADJ
fbem-26252	202	5	oversight	oversight	NOUN
fbem-26252	202	6	bodies	body	NOUN
fbem-26252	202	7	and	and	CCONJ
fbem-26252	202	8	anonymous	anonymous	ADJ
fbem-26252	202	9	reporting	reporting	NOUN
fbem-26252	202	10	channels	channel	NOUN
fbem-26252	202	11	to	to	PART
fbem-26252	202	12	enable	enable	VERB
fbem-26252	202	13	employees	employee	NOUN
fbem-26252	202	14	and	and	CCONJ
fbem-26252	202	15	stakeholders	stakeholder	NOUN
fbem-26252	202	16	to	to	PART
fbem-26252	202	17	report	report	VERB
fbem-26252	202	18	and	and	CCONJ
fbem-26252	202	19	monitor	monitor	VERB
fbem-26252	202	20	potential	potential	ADJ
fbem-26252	202	21	leverage	leverage	NOUN
fbem-26252	202	22	manipulation	manipulation	NOUN
fbem-26252	202	23	.	.	PUNCT
fbem-26252	203	1	this	this	PRON
fbem-26252	203	2	helps	help	VERB
fbem-26252	203	3	detect	detect	VERB
fbem-26252	203	4	and	and	CCONJ
fbem-26252	203	5	prevent	prevent	VERB
fbem-26252	203	6	manipulation	manipulation	NOUN
fbem-26252	203	7	in	in	ADP
fbem-26252	203	8	a	a	DET
fbem-26252	203	9	timely	timely	ADJ
fbem-26252	203	10	manner	manner	NOUN
fbem-26252	203	11	.	.	PUNCT
fbem-26252	204	1	at	at	ADP
fbem-26252	204	2	the	the	DET
fbem-26252	204	3	government	government	NOUN
fbem-26252	204	4	level	level	NOUN
fbem-26252	204	5	,	,	PUNCT
fbem-26252	204	6	governments	government	NOUN
fbem-26252	204	7	and	and	CCONJ
fbem-26252	204	8	regulators	regulator	NOUN
fbem-26252	204	9	can	can	AUX
fbem-26252	204	10	push	push	VERB
fbem-26252	204	11	companies	company	NOUN
fbem-26252	204	12	to	to	PART
fbem-26252	204	13	establish	establish	VERB
fbem-26252	204	14	more	more	ADV
fbem-26252	204	15	comprehensive	comprehensive	ADJ
fbem-26252	204	16	and	and	CCONJ
fbem-26252	204	17	transparent	transparent	ADJ
fbem-26252	204	18	esg	esg	NOUN
fbem-26252	204	19	disclosure	disclosure	NOUN
fbem-26252	204	20	mechanisms	mechanism	NOUN
fbem-26252	204	21	,	,	PUNCT
fbem-26252	204	22	including	include	VERB
fbem-26252	204	23	environmental	environmental	ADJ
fbem-26252	204	24	,	,	PUNCT
fbem-26252	204	25	social	social	ADJ
fbem-26252	204	26	and	and	CCONJ
fbem-26252	204	27	governance	governance	NOUN
fbem-26252	204	28	data	datum	NOUN
fbem-26252	204	29	reporting	reporting	NOUN
fbem-26252	204	30	.	.	PUNCT
fbem-26252	205	1	through	through	ADP
fbem-26252	205	2	standardized	standardized	ADJ
fbem-26252	205	3	information	information	NOUN
fbem-26252	205	4	disclosure	disclosure	NOUN
fbem-26252	205	5	requirements	requirement	NOUN
fbem-26252	205	6	,	,	PUNCT
fbem-26252	205	7	companies	company	NOUN
fbem-26252	205	8	can	can	AUX
fbem-26252	205	9	increase	increase	VERB
fbem-26252	205	10	the	the	DET
fbem-26252	205	11	transparency	transparency	NOUN
fbem-26252	205	12	of	of	ADP
fbem-26252	205	13	esg	esg	PROPN
fbem-26252	205	14	and	and	CCONJ
fbem-26252	205	15	reduce	reduce	VERB
fbem-26252	205	16	the	the	DET
fbem-26252	205	17	possibility	possibility	NOUN
fbem-26252	205	18	of	of	ADP
fbem-26252	205	19	data	datum	NOUN
fbem-26252	205	20	manipulation	manipulation	NOUN
fbem-26252	205	21	.	.	PUNCT
fbem-26252	206	1	the	the	DET
fbem-26252	206	2	government	government	NOUN
fbem-26252	206	3	can	can	AUX
fbem-26252	206	4	also	also	ADV
fbem-26252	206	5	work	work	VERB
fbem-26252	206	6	with	with	ADP
fbem-26252	206	7	the	the	DET
fbem-26252	206	8	industry	industry	NOUN
fbem-26252	206	9	to	to	PART
fbem-26252	206	10	establish	establish	VERB
fbem-26252	206	11	an	an	DET
fbem-26252	206	12	objective	objective	ADJ
fbem-26252	206	13	and	and	CCONJ
fbem-26252	206	14	scientific	scientific	ADJ
fbem-26252	206	15	esg	esg	NOUN
fbem-26252	206	16	evaluation	evaluation	NOUN
fbem-26252	206	17	and	and	CCONJ
fbem-26252	206	18	ranking	ranking	NOUN
fbem-26252	206	19	system	system	NOUN
fbem-26252	206	20	to	to	PART
fbem-26252	206	21	evaluate	evaluate	VERB
fbem-26252	206	22	and	and	CCONJ
fbem-26252	206	23	compare	compare	VERB
fbem-26252	206	24	the	the	DET
fbem-26252	206	25	esg	esg	NOUN
fbem-26252	206	26	performance	performance	NOUN
fbem-26252	206	27	of	of	ADP
fbem-26252	206	28	enterprises	enterprise	NOUN
fbem-26252	206	29	.	.	PUNCT
fbem-26252	207	1	such	such	DET
fbem-26252	207	2	a	a	DET
fbem-26252	207	3	system	system	NOUN
fbem-26252	207	4	could	could	AUX
fbem-26252	207	5	serve	serve	VERB
fbem-26252	207	6	as	as	ADP
fbem-26252	207	7	a	a	DET
fbem-26252	207	8	reference	reference	NOUN
fbem-26252	207	9	for	for	ADP
fbem-26252	207	10	investors	investor	NOUN
fbem-26252	207	11	,	,	PUNCT
fbem-26252	207	12	regulators	regulator	NOUN
fbem-26252	207	13	,	,	PUNCT
fbem-26252	207	14	and	and	CCONJ
fbem-26252	207	15	the	the	DET
fbem-26252	207	16	public	public	NOUN
fbem-26252	207	17	to	to	PART
fbem-26252	207	18	encourage	encourage	VERB
fbem-26252	207	19	firms	firm	NOUN
fbem-26252	207	20	to	to	PART
fbem-26252	207	21	improve	improve	VERB
fbem-26252	207	22	their	their	PRON
fbem-26252	207	23	esg	esg	NOUN
fbem-26252	207	24	performance	performance	NOUN
fbem-26252	207	25	and	and	CCONJ
fbem-26252	207	26	reduce	reduce	VERB
fbem-26252	207	27	incentives	incentive	NOUN
fbem-26252	207	28	for	for	ADP
fbem-26252	207	29	financial	financial	ADJ
fbem-26252	207	30	manipulation	manipulation	NOUN
fbem-26252	207	31	.	.	PUNCT
fbem-26252	208	1	governments	government	NOUN
fbem-26252	208	2	and	and	CCONJ
fbem-26252	208	3	financial	financial	ADJ
fbem-26252	208	4	institutions	institution	NOUN
fbem-26252	208	5	can	can	AUX
fbem-26252	208	6	work	work	VERB
fbem-26252	208	7	together	together	ADV
fbem-26252	208	8	to	to	PART
fbem-26252	208	9	promote	promote	VERB
fbem-26252	208	10	the	the	DET
fbem-26252	208	11	idea	idea	NOUN
fbem-26252	208	12	of	of	ADP
fbem-26252	208	13	long	long	ADJ
fbem-26252	208	14	-	-	PUNCT
fbem-26252	208	15	term	term	NOUN
fbem-26252	208	16	investment	investment	NOUN
fbem-26252	208	17	and	and	CCONJ
fbem-26252	208	18	encourage	encourage	VERB
fbem-26252	208	19	investors	investor	NOUN
fbem-26252	208	20	to	to	PART
fbem-26252	208	21	focus	focus	VERB
fbem-26252	208	22	on	on	ADP
fbem-26252	208	23	long	long	ADJ
fbem-26252	208	24	-	-	PUNCT
fbem-26252	208	25	term	term	NOUN
fbem-26252	208	26	value	value	NOUN
fbem-26252	208	27	creation	creation	NOUN
fbem-26252	208	28	rather	rather	ADV
fbem-26252	208	29	than	than	ADP
fbem-26252	208	30	short	short	ADJ
fbem-26252	208	31	-	-	PUNCT
fbem-26252	208	32	term	term	NOUN
fbem-26252	208	33	profits	profit	NOUN
fbem-26252	208	34	.	.	PUNCT
fbem-26252	209	1	long	long	ADJ
fbem-26252	209	2	-	-	PUNCT
fbem-26252	209	3	term	term	NOUN
fbem-26252	209	4	investors	investor	NOUN
fbem-26252	209	5	are	be	AUX
fbem-26252	209	6	more	more	ADV
fbem-26252	209	7	likely	likely	ADJ
fbem-26252	209	8	to	to	PART
fbem-26252	209	9	focus	focus	VERB
fbem-26252	209	10	on	on	ADP
fbem-26252	209	11	esg	esg	NOUN
fbem-26252	209	12	performance	performance	NOUN
fbem-26252	209	13	,	,	PUNCT
fbem-26252	209	14	which	which	PRON
fbem-26252	209	15	helps	help	VERB
fbem-26252	209	16	reduce	reduce	VERB
fbem-26252	209	17	leverage	leverage	NOUN
fbem-26252	209	18	for	for	ADP
fbem-26252	209	19	short	short	ADJ
fbem-26252	209	20	-	-	PUNCT
fbem-26252	209	21	term	term	NOUN
fbem-26252	209	22	gain	gain	NOUN
fbem-26252	209	23	.	.	PUNCT
fbem-26252	210	1	in	in	ADP
fbem-26252	210	2	addition	addition	NOUN
fbem-26252	210	3	to	to	ADP
fbem-26252	210	4	strengthening	strengthen	VERB
fbem-26252	210	5	the	the	DET
fbem-26252	210	6	supervision	supervision	NOUN
fbem-26252	210	7	and	and	CCONJ
fbem-26252	210	8	management	management	NOUN
fbem-26252	210	9	of	of	ADP
fbem-26252	210	10	enterprises	enterprise	NOUN
fbem-26252	210	11	themselves	themselves	PRON
fbem-26252	210	12	,	,	PUNCT
fbem-26252	210	13	the	the	DET
fbem-26252	210	14	government	government	NOUN
fbem-26252	210	15	should	should	AUX
fbem-26252	210	16	also	also	ADV
fbem-26252	210	17	strengthen	strengthen	VERB
fbem-26252	210	18	the	the	DET
fbem-26252	210	19	supervision	supervision	NOUN
fbem-26252	210	20	and	and	CCONJ
fbem-26252	210	21	law	law	NOUN
fbem-26252	210	22	enforcement	enforcement	NOUN
fbem-26252	210	23	of	of	ADP
fbem-26252	210	24	the	the	DET
fbem-26252	210	25	authenticity	authenticity	NOUN
fbem-26252	210	26	and	and	CCONJ
fbem-26252	210	27	compliance	compliance	NOUN
fbem-26252	210	28	of	of	ADP
fbem-26252	210	29	financial	financial	ADJ
fbem-26252	210	30	statements	statement	NOUN
fbem-26252	210	31	,	,	PUNCT
fbem-26252	210	32	and	and	CCONJ
fbem-26252	210	33	severely	severely	ADV
fbem-26252	210	34	crack	crack	VERB
fbem-26252	210	35	down	down	ADP
fbem-26252	210	36	on	on	ADP
fbem-26252	210	37	any	any	DET
fbem-26252	210	38	form	form	NOUN
fbem-26252	210	39	of	of	ADP
fbem-26252	210	40	financial	financial	ADJ
fbem-26252	210	41	manipulation	manipulation	NOUN
fbem-26252	210	42	.	.	PUNCT
fbem-26252	211	1	the	the	DET
fbem-26252	211	2	establishment	establishment	NOUN
fbem-26252	211	3	of	of	ADP
fbem-26252	211	4	effective	effective	ADJ
fbem-26252	211	5	regulatory	regulatory	ADJ
fbem-26252	211	6	mechanisms	mechanism	NOUN
fbem-26252	211	7	and	and	CCONJ
fbem-26252	211	8	punishment	punishment	NOUN
fbem-26252	211	9	measures	measure	NOUN
fbem-26252	211	10	can	can	AUX
fbem-26252	211	11	reduce	reduce	VERB
fbem-26252	211	12	the	the	DET
fbem-26252	211	13	risk	risk	NOUN
fbem-26252	211	14	of	of	ADP
fbem-26252	211	15	improper	improper	ADJ
fbem-26252	211	16	leverage	leverage	NOUN
fbem-26252	211	17	manipulation	manipulation	NOUN
fbem-26252	211	18	by	by	ADP
fbem-26252	211	19	enterprises	enterprise	NOUN
fbem-26252	211	20	and	and	CCONJ
fbem-26252	211	21	safeguard	safeguard	VERB
fbem-26252	211	22	market	market	NOUN
fbem-26252	211	23	242	242	NUM
fbem-26252	211	24	order	order	NOUN
fbem-26252	211	25	and	and	CCONJ
fbem-26252	211	26	investors	investor	NOUN
fbem-26252	211	27	'	'	PART
fbem-26252	211	28	rights	right	NOUN
fbem-26252	211	29	and	and	CCONJ
fbem-26252	211	30	interests	interest	NOUN
fbem-26252	211	31	.	.	PUNCT
fbem-26252	212	1	the	the	DET
fbem-26252	212	2	comprehensive	comprehensive	ADJ
fbem-26252	212	3	implementation	implementation	NOUN
fbem-26252	212	4	of	of	ADP
fbem-26252	212	5	the	the	DET
fbem-26252	212	6	above	above	ADJ
fbem-26252	212	7	countermeasures	countermeasure	NOUN
fbem-26252	212	8	and	and	CCONJ
fbem-26252	212	9	suggestions	suggestion	NOUN
fbem-26252	212	10	can	can	AUX
fbem-26252	212	11	help	help	VERB
fbem-26252	212	12	enterprises	enterprise	NOUN
fbem-26252	212	13	reduce	reduce	VERB
fbem-26252	212	14	the	the	DET
fbem-26252	212	15	risk	risk	NOUN
fbem-26252	212	16	of	of	ADP
fbem-26252	212	17	leverage	leverage	NOUN
fbem-26252	212	18	manipulation	manipulation	NOUN
fbem-26252	212	19	behavior	behavior	NOUN
fbem-26252	212	20	,	,	PUNCT
fbem-26252	212	21	promote	promote	VERB
fbem-26252	212	22	enterprises	enterprise	NOUN
fbem-26252	212	23	to	to	PART
fbem-26252	212	24	pay	pay	VERB
fbem-26252	212	25	more	more	ADJ
fbem-26252	212	26	attention	attention	NOUN
fbem-26252	212	27	to	to	ADP
fbem-26252	212	28	esg	esg	NOUN
fbem-26252	212	29	practice	practice	NOUN
fbem-26252	212	30	,	,	PUNCT
fbem-26252	212	31	and	and	CCONJ
fbem-26252	212	32	then	then	ADV
fbem-26252	212	33	promote	promote	VERB
fbem-26252	212	34	enterprises	enterprise	NOUN
fbem-26252	212	35	to	to	PART
fbem-26252	212	36	develop	develop	VERB
fbem-26252	212	37	in	in	ADP
fbem-26252	212	38	a	a	DET
fbem-26252	212	39	more	more	ADV
fbem-26252	212	40	sustainable	sustainable	ADJ
fbem-26252	212	41	and	and	CCONJ
fbem-26252	212	42	responsible	responsible	ADJ
fbem-26252	212	43	direction	direction	NOUN
fbem-26252	212	44	.	.	PUNCT
fbem-26252	213	1	references	reference	NOUN
fbem-26252	213	2	[	[	X
fbem-26252	213	3	1	1	NUM
fbem-26252	213	4	]	]	X
fbem-26252	213	5	chen	chen	PROPN
fbem-26252	213	6	jiaqi	jiaqi	PROPN
fbem-26252	213	7	.	.	PUNCT
fbem-26252	214	1	enterprise	enterprise	NOUN
fbem-26252	214	2	internationalization	internationalization	NOUN
fbem-26252	214	3	of	of	ADP
fbem-26252	214	4	the	the	DET
fbem-26252	214	5	impact	impact	NOUN
fbem-26252	214	6	of	of	ADP
fbem-26252	214	7	corporate	corporate	ADJ
fbem-26252	214	8	social	social	ADJ
fbem-26252	214	9	responsibility	responsibility	NOUN
fbem-26252	215	1	[	[	X
fbem-26252	215	2	d	d	X
fbem-26252	215	3	]	]	X
fbem-26252	215	4	.	.	PUNCT
fbem-26252	216	1	shanghai	shanghai	PROPN
fbem-26252	216	2	international	international	PROPN
fbem-26252	216	3	studies	studies	PROPN
fbem-26252	216	4	university	university	NOUN
fbem-26252	216	5	,	,	PUNCT
fbem-26252	216	6	2022	2022	NUM
fbem-26252	216	7	.	.	PUNCT
fbem-26252	217	1	the	the	DET
fbem-26252	217	2	doi	doi	NOUN
fbem-26252	217	3	:	:	PUNCT
fbem-26252	217	4	10.27316	10.27316	NUM
fbem-26252	217	5	/	/	SYM
fbem-26252	217	6	,	,	PUNCT
fbem-26252	217	7	dc	dc	PROPN
fbem-26252	217	8	nki	nki	PROPN
fbem-26252	217	9	.	.	PUNCT
fbem-26252	218	1	gswyu	gswyu	PROPN
fbem-26252	218	2	.	.	PUNCT
fbem-26252	219	1	2022.000051	2022.000051	NUM
fbem-26252	219	2	.	.	PUNCT
fbem-26252	220	1	[	[	X
fbem-26252	220	2	2	2	X
fbem-26252	220	3	]	]	PUNCT
fbem-26252	220	4	chen	chen	PROPN
fbem-26252	220	5	meilin	meilin	PROPN
fbem-26252	220	6	.	.	PROPN
fbem-26252	220	7	financialization	financialization	NOUN
fbem-26252	220	8	listed	list	VERB
fbem-26252	220	9	companies	company	NOUN
fbem-26252	220	10	in	in	ADP
fbem-26252	220	11	china	china	PROPN
fbem-26252	220	12	with	with	ADP
fbem-26252	220	13	the	the	DET
fbem-26252	220	14	group	group	NOUN
fbem-26252	220	15	effect	effect	NOUN
fbem-26252	220	16	research	research	NOUN
fbem-26252	220	17	[	[	X
fbem-26252	220	18	d	d	X
fbem-26252	220	19	]	]	X
fbem-26252	220	20	.	.	PUNCT
fbem-26252	221	1	hunan	hunan	PROPN
fbem-26252	221	2	university	university	PROPN
fbem-26252	221	3	,	,	PUNCT
fbem-26252	221	4	2021	2021	NUM
fbem-26252	221	5	.	.	PUNCT
fbem-26252	222	1	the	the	DET
fbem-26252	222	2	doi	doi	NOUN
fbem-26252	222	3	:	:	PUNCT
fbem-26252	222	4	10.27135	10.27135	NUM
fbem-26252	222	5	/	/	SYM
fbem-26252	222	6	,	,	PUNCT
fbem-26252	222	7	dc	dc	PROPN
fbem-26252	222	8	nki	nki	PROPN
fbem-26252	222	9	.	.	PUNCT
fbem-26252	222	10	ghudu	ghudu	PROPN
fbem-26252	222	11	.	.	PUNCT
fbem-26252	223	1	2021.002657	2021.002657	INTJ
fbem-26252	223	2	.	.	PUNCT
fbem-26252	224	1	[	[	X
fbem-26252	224	2	3	3	X
fbem-26252	224	3	]	]	X
fbem-26252	224	4	deng	deng	PROPN
fbem-26252	224	5	xiangrong	xiangrong	PROPN
fbem-26252	224	6	,	,	PUNCT
fbem-26252	224	7	zhang	zhang	PROPN
fbem-26252	224	8	jiaming	jiaming	PROPN
fbem-26252	224	9	.	.	PUNCT
fbem-26252	224	10	financing	financing	NOUN
fbem-26252	224	11	methods	method	NOUN
fbem-26252	224	12	,	,	PUNCT
fbem-26252	224	13	financing	financing	NOUN
fbem-26252	224	14	constraints	constraint	NOUN
fbem-26252	224	15	and	and	CCONJ
fbem-26252	224	16	enterprise	enterprise	NOUN
fbem-26252	224	17	investment	investment	NOUN
fbem-26252	224	18	efficiency	efficiency	NOUN
fbem-26252	224	19	:	:	PUNCT
fbem-26252	224	20	based	base	VERB
fbem-26252	224	21	on	on	ADP
fbem-26252	224	22	the	the	DET
fbem-26252	224	23	empirical	empirical	ADJ
fbem-26252	224	24	study	study	NOUN
fbem-26252	224	25	of	of	ADP
fbem-26252	224	26	chinese	chinese	ADJ
fbem-26252	224	27	manufacturing	manufacturing	NOUN
fbem-26252	224	28	enterprises	enterprise	NOUN
fbem-26252	224	29	[	[	X
fbem-26252	224	30	j	j	X
fbem-26252	224	31	]	]	X
fbem-26252	224	32	.	.	PUNCT
fbem-26252	225	1	journal	journal	PROPN
fbem-26252	225	2	of	of	ADP
fbem-26252	225	3	shanxi	shanxi	PROPN
fbem-26252	225	4	university	university	PROPN
fbem-26252	225	5	of	of	ADP
fbem-26252	225	6	finance	finance	NOUN
fbem-26252	225	7	and	and	CCONJ
fbem-26252	225	8	economics	economic	NOUN
fbem-26252	225	9	,	,	PUNCT
fbem-26252	225	10	2016	2016	NUM
fbem-26252	225	11	,	,	PUNCT
fbem-26252	225	12	38	38	NUM
fbem-26252	225	13	(	(	PUNCT
fbem-26252	225	14	12	12	NUM
fbem-26252	225	15	)	)	PUNCT
fbem-26252	225	16	:	:	PUNCT
fbem-26252	225	17	29	29	NUM
fbem-26252	225	18	-	-	SYM
fbem-26252	225	19	40	40	NUM
fbem-26252	225	20	.	.	PUNCT
fbem-26252	226	1	doi	doi	NOUN
fbem-26252	226	2	:	:	PUNCT
fbem-26252	226	3	10.13781	10.13781	NUM
fbem-26252	226	4	/	/	SYM
fbem-26252	226	5	j.carol	j.carol	PROPN
fbem-26252	226	6	carroll	carroll	PROPN
fbem-26252	226	7	nki	nki	PROPN
fbem-26252	226	8	.	.	PUNCT
fbem-26252	226	9	1007	1007	NUM
fbem-26252	226	10	-	-	SYM
fbem-26252	226	11	9556.2016.12.003	9556.2016.12.003	NUM
fbem-26252	226	12	.	.	PUNCT
fbem-26252	227	1	[	[	X
fbem-26252	227	2	4	4	NUM
fbem-26252	227	3	]	]	X
fbem-26252	227	4	duan	duan	PROPN
fbem-26252	227	5	mingmei	mingmei	PROPN
fbem-26252	227	6	.	.	PUNCT
fbem-26252	228	1	research	research	NOUN
fbem-26252	228	2	on	on	ADP
fbem-26252	228	3	the	the	DET
fbem-26252	228	4	influence	influence	NOUN
fbem-26252	228	5	of	of	ADP
fbem-26252	228	6	financial	financial	ADJ
fbem-26252	228	7	subsidies	subsidy	NOUN
fbem-26252	228	8	on	on	ADP
fbem-26252	228	9	the	the	DET
fbem-26252	228	10	innovation	innovation	NOUN
fbem-26252	228	11	intention	intention	NOUN
fbem-26252	228	12	of	of	ADP
fbem-26252	228	13	high	high	ADJ
fbem-26252	228	14	-	-	PUNCT
fbem-26252	228	15	tech	tech	NOUN
fbem-26252	228	16	enterprises	enterprise	NOUN
fbem-26252	228	17	[	[	X
fbem-26252	228	18	j	j	X
fbem-26252	228	19	]	]	X
fbem-26252	228	20	.	.	PUNCT
fbem-26252	229	1	fiscal	fiscal	PROPN
fbem-26252	229	2	supervision,2023,(10):86	supervision,2023,(10):86	PROPN
fbem-26252	229	3	-	-	PUNCT
fbem-26252	229	4	93	93	NUM
fbem-26252	229	5	.	.	PUNCT
fbem-26252	229	6	]	]	X
fbem-26252	230	1	[	[	X
fbem-26252	230	2	5	5	NUM
fbem-26252	230	3	]	]	PUNCT
fbem-26252	230	4	fan	fan	NOUN
fbem-26252	230	5	run	run	PROPN
fbem-26252	230	6	,	,	PUNCT
fbem-26252	230	7	zhai	zhai	PROPN
fbem-26252	230	8	shuping	shuping	PROPN
fbem-26252	230	9	.	.	PUNCT
fbem-26252	231	1	bank	bank	NOUN
fbem-26252	231	2	competition	competition	NOUN
fbem-26252	231	3	influence	influence	NOUN
fbem-26252	231	4	enterprise	enterprise	NOUN
fbem-26252	231	5	lever	lever	NOUN
fbem-26252	231	6	?	?	PUNCT
fbem-26252	232	1	[	[	X
fbem-26252	232	2	j	j	X
fbem-26252	232	3	]	]	X
fbem-26252	232	4	.	.	PUNCT
fbem-26252	233	1	journal	journal	PROPN
fbem-26252	233	2	of	of	ADP
fbem-26252	233	3	shanxi	shanxi	PROPN
fbem-26252	233	4	university	university	PROPN
fbem-26252	233	5	of	of	ADP
fbem-26252	233	6	finance	finance	NOUN
fbem-26252	233	7	and	and	CCONJ
fbem-26252	233	8	economics	economic	NOUN
fbem-26252	233	9	,	,	PUNCT
fbem-26252	233	10	2023	2023	NUM
fbem-26252	233	11	,	,	PUNCT
fbem-26252	233	12	(	(	PUNCT
fbem-26252	233	13	4	4	NUM
fbem-26252	233	14	)	)	PUNCT
fbem-26252	233	15	:	:	PUNCT
fbem-26252	233	16	3146	3146	NUM
fbem-26252	233	17	.	.	PUNCT
fbem-26252	234	1	doi	doi	NOUN
fbem-26252	234	2	:	:	PUNCT
fbem-26252	234	3	10.13781	10.13781	NUM
fbem-26252	234	4	/	/	SYM
fbem-26252	234	5	j.carol	j.carol	PROPN
fbem-26252	234	6	carroll	carroll	PROPN
fbem-26252	234	7	nki	nki	PROPN
fbem-26252	234	8	.	.	PUNCT
fbem-26252	234	9	1007	1007	NUM
fbem-26252	234	10	-	-	SYM
fbem-26252	234	11	9556.2023.04.003	9556.2023.04.003	PROPN
fbem-26252	234	12	.	.	PUNCT
fbem-26252	235	1	[	[	X
fbem-26252	235	2	6	6	NUM
fbem-26252	235	3	]	]	X
fbem-26252	235	4	gao	gao	PROPN
fbem-26252	235	5	ziwang	ziwang	PROPN
fbem-26252	235	6	.	.	PUNCT
fbem-26252	236	1	whether	whether	SCONJ
fbem-26252	236	2	the	the	DET
fbem-26252	236	3	development	development	NOUN
fbem-26252	236	4	of	of	ADP
fbem-26252	236	5	digital	digital	ADJ
fbem-26252	236	6	finance	finance	NOUN
fbem-26252	236	7	can	can	AUX
fbem-26252	236	8	promote	promote	VERB
fbem-26252	236	9	the	the	DET
fbem-26252	236	10	improvement	improvement	NOUN
fbem-26252	236	11	of	of	ADP
fbem-26252	236	12	innovation	innovation	NOUN
fbem-26252	236	13	quality	quality	NOUN
fbem-26252	236	14	of	of	ADP
fbem-26252	236	15	industrial	industrial	ADJ
fbem-26252	236	16	enterprises	enterprise	NOUN
fbem-26252	236	17	:	:	PUNCT
fbem-26252	236	18	from	from	ADP
fbem-26252	236	19	the	the	DET
fbem-26252	236	20	perspective	perspective	NOUN
fbem-26252	236	21	of	of	ADP
fbem-26252	236	22	patent	patent	NOUN
fbem-26252	236	23	knowledge	knowledge	NOUN
fbem-26252	236	24	breadth	breadth	NOUN
fbem-26252	236	25	[	[	X
fbem-26252	236	26	j	j	X
fbem-26252	236	27	]	]	X
fbem-26252	236	28	.	.	PUNCT
fbem-26252	237	1	economic	economic	ADJ
fbem-26252	237	2	forum,2022,(06):28	forum,2022,(06):28	PROPN
fbem-26252	237	3	-	-	PUNCT
fbem-26252	237	4	39	39	NUM
fbem-26252	237	5	.	.	PUNCT
fbem-26252	238	1	[	[	X
fbem-26252	238	2	7	7	X
fbem-26252	238	3	]	]	X
fbem-26252	238	4	guan	guan	PROPN
fbem-26252	238	5	kaolei	kaolei	PROPN
fbem-26252	238	6	,	,	PUNCT
fbem-26252	238	7	zhu	zhu	PROPN
fbem-26252	238	8	haining	haining	PROPN
fbem-26252	238	9	.	.	PUNCT
fbem-26252	238	10	capital	capital	NOUN
fbem-26252	238	11	market	market	NOUN
fbem-26252	238	12	opening	opening	NOUN
fbem-26252	238	13	and	and	CCONJ
fbem-26252	238	14	corporate	corporate	ADJ
fbem-26252	238	15	leverage	leverage	NOUN
fbem-26252	238	16	manipulation	manipulation	NOUN
fbem-26252	238	17	:	:	PUNCT
fbem-26252	238	18	empirical	empirical	ADJ
fbem-26252	238	19	evidence	evidence	NOUN
fbem-26252	238	20	based	base	VERB
fbem-26252	238	21	on	on	ADP
fbem-26252	238	22	the	the	DET
fbem-26252	238	23	shanghai	shanghai	PROPN
fbem-26252	238	24	-	-	PUNCT
fbem-26252	238	25	shenzhen	shenzhen	PROPN
fbem-26252	238	26	-	-	PUNCT
fbem-26252	238	27	hong	hong	PROPN
fbem-26252	238	28	kong	kong	PROPN
fbem-26252	238	29	stock	stock	PROPN
fbem-26252	238	30	connect	connect	VERB
fbem-26252	238	31	[	[	X
fbem-26252	238	32	j	j	X
fbem-26252	238	33	]	]	X
fbem-26252	238	34	.	.	PUNCT
fbem-26252	239	1	the	the	DET
fbem-26252	239	2	world	world	NOUN
fbem-26252	239	3	economy	economy	NOUN
fbem-26252	239	4	research	research	NOUN
fbem-26252	239	5	,	,	PUNCT
fbem-26252	239	6	2023	2023	NUM
fbem-26252	239	7	,	,	PUNCT
fbem-26252	239	8	(	(	PUNCT
fbem-26252	239	9	4	4	NUM
fbem-26252	239	10	)	)	PUNCT
fbem-26252	239	11	:	:	PUNCT
fbem-26252	239	12	73	73	NUM
fbem-26252	239	13	-	-	SYM
fbem-26252	239	14	86	86	NUM
fbem-26252	239	15	+	+	NUM
fbem-26252	239	16	135	135	NUM
fbem-26252	239	17	.	.	PUNCT
fbem-26252	240	1	doi	doi	NOUN
fbem-26252	240	2	:	:	PUNCT
fbem-26252	240	3	10.13516	10.13516	NUM
fbem-26252	240	4	/	/	SYM
fbem-26252	240	5	j.carol	j.carol	PROPN
fbem-26252	240	6	carroll	carroll	PROPN
fbem-26252	240	7	nki	nki	PROPN
fbem-26252	240	8	.	.	PUNCT
fbem-26252	240	9	wes	wes	PROPN
fbem-26252	240	10	.	.	PUNCT
fbem-26252	241	1	2023.04.005	2023.04.005	NOUN
fbem-26252	241	2	.	.	PUNCT
fbem-26252	242	1	[	[	X
fbem-26252	242	2	8	8	NUM
fbem-26252	242	3	]	]	SYM
fbem-26252	242	4	hu	hu	PROPN
fbem-26252	242	5	guoheng	guoheng	PROPN
fbem-26252	242	6	,	,	PUNCT
fbem-26252	242	7	yan	yan	PROPN
fbem-26252	242	8	xuepei	xuepei	PROPN
fbem-26252	242	9	.	.	PUNCT
fbem-26252	243	1	heterogeneity	heterogeneity	NOUN
fbem-26252	243	2	analysis	analysis	NOUN
fbem-26252	243	3	of	of	ADP
fbem-26252	243	4	china	china	PROPN
fbem-26252	243	5	's	's	PART
fbem-26252	243	6	manufacturing	manufacture	VERB
fbem-26252	243	7	export	export	NOUN
fbem-26252	243	8	wage	wage	NOUN
fbem-26252	243	9	premium	premium	NOUN
fbem-26252	243	10	:	:	PUNCT
fbem-26252	243	11	an	an	DET
fbem-26252	243	12	empirical	empirical	ADJ
fbem-26252	243	13	study	study	NOUN
fbem-26252	243	14	from	from	ADP
fbem-26252	243	15	firm	firm	PROPN
fbem-26252	243	16	micro	micro	NOUN
fbem-26252	243	17	-	-	NOUN
fbem-26252	243	18	data	data	ADJ
fbem-26252	244	1	[	[	X
fbem-26252	244	2	j	j	X
fbem-26252	244	3	]	]	X
fbem-26252	244	4	.	.	PUNCT
fbem-26252	245	1	journal	journal	PROPN
fbem-26252	245	2	of	of	ADP
fbem-26252	245	3	henan	henan	PROPN
fbem-26252	245	4	normal	normal	ADJ
fbem-26252	245	5	university	university	NOUN
fbem-26252	245	6	(	(	PUNCT
fbem-26252	245	7	philosophy	philosophy	NOUN
fbem-26252	245	8	and	and	CCONJ
fbem-26252	245	9	social	social	ADJ
fbem-26252	245	10	sciences	science	NOUN
fbem-26252	245	11	edition	edition	NOUN
fbem-26252	245	12	)	)	PUNCT
fbem-26252	245	13	,	,	PUNCT
fbem-26252	245	14	2020,47	2020,47	NUM
fbem-26252	245	15	(	(	PUNCT
fbem-26252	245	16	03	03	NUM
fbem-26252	245	17	)	)	PUNCT
fbem-26252	245	18	:	:	PUNCT
fbem-26252	246	1	47	47	NUM
fbem-26252	246	2	-	-	SYM
fbem-26252	246	3	53	53	NUM
fbem-26252	246	4	.	.	PUNCT
fbem-26252	246	5	doi	doi	NOUN
fbem-26252	246	6	:	:	PUNCT
fbem-26252	246	7	10.16366	10.16366	NUM
fbem-26252	246	8	/	/	SYM
fbem-26252	246	9	j.carol	j.carol	PROPN
fbem-26252	246	10	carroll	carroll	PROPN
fbem-26252	246	11	nki	nki	PROPN
fbem-26252	246	12	10002359.2020.03.008	10002359.2020.03.008	PROPN
fbem-26252	246	13	.	.	PUNCT
fbem-26252	247	1	[	[	X
fbem-26252	247	2	9	9	NUM
fbem-26252	247	3	]	]	SYM
fbem-26252	247	4	hu	hu	PROPN
fbem-26252	247	5	guoliu	guoliu	PROPN
fbem-26252	247	6	,	,	PUNCT
fbem-26252	247	7	yan	yan	PROPN
fbem-26252	247	8	yijing	yijing	PROPN
fbem-26252	247	9	,	,	PUNCT
fbem-26252	247	10	chang	chang	PROPN
fbem-26252	247	11	qiguo	qiguo	PROPN
fbem-26252	247	12	.	.	PUNCT
fbem-26252	248	1	tax	tax	NOUN
fbem-26252	248	2	incentives	incentive	NOUN
fbem-26252	248	3	and	and	CCONJ
fbem-26252	248	4	corporate	corporate	ADJ
fbem-26252	248	5	leverage	leverage	NOUN
fbem-26252	248	6	manipulation	manipulation	NOUN
fbem-26252	248	7	:	:	PUNCT
fbem-26252	248	8	a	a	DET
fbem-26252	248	9	quasi	quasi	ADJ
fbem-26252	248	10	-	-	ADJ
fbem-26252	248	11	natural	natural	ADJ
fbem-26252	248	12	experiment	experiment	NOUN
fbem-26252	248	13	based	base	VERB
fbem-26252	248	14	on	on	ADP
fbem-26252	248	15	accelerated	accelerate	VERB
fbem-26252	248	16	depreciation	depreciation	NOUN
fbem-26252	248	17	policy	policy	NOUN
fbem-26252	248	18	of	of	ADP
fbem-26252	248	19	fixed	fix	VERB
fbem-26252	248	20	assets	asset	NOUN
fbem-26252	249	1	[	[	X
fbem-26252	249	2	j	j	X
fbem-26252	249	3	]	]	X
fbem-26252	249	4	.	.	PUNCT
fbem-26252	250	1	journal	journal	PROPN
fbem-26252	250	2	of	of	ADP
fbem-26252	250	3	hainan	hainan	PROPN
fbem-26252	250	4	university	university	PROPN
fbem-26252	250	5	(	(	PUNCT
fbem-26252	250	6	humanities	humanity	NOUN
fbem-26252	250	7	and	and	CCONJ
fbem-26252	250	8	social	social	ADJ
fbem-26252	250	9	science	science	NOUN
fbem-26252	250	10	edition	edition	NOUN
fbem-26252	250	11	)	)	PUNCT
fbem-26252	250	12	,	,	PUNCT
fbem-26252	250	13	2023	2023	NUM
fbem-26252	250	14	,	,	PUNCT
fbem-26252	250	15	9	9	NUM
fbem-26252	250	16	(	(	PUNCT
fbem-26252	250	17	5	5	NUM
fbem-26252	250	18	)	)	PUNCT
fbem-26252	250	19	:	:	PUNCT
fbem-26252	250	20	176186	176186	NUM
fbem-26252	250	21	.	.	PUNCT
fbem-26252	251	1	doi	doi	NOUN
fbem-26252	251	2	:	:	PUNCT
fbem-26252	251	3	10.15886	10.15886	NUM
fbem-26252	251	4	/	/	SYM
fbem-26252	251	5	j.carol	j.carol	PROPN
fbem-26252	251	6	carroll	carroll	PROPN
fbem-26252	251	7	nki	nki	PROPN
fbem-26252	251	8	hnus	hnus	PROPN
fbem-26252	251	9	.	.	PUNCT
fbem-26252	252	1	202208.0052	202208.0052	X
fbem-26252	252	2	.	.	PUNCT
fbem-26252	253	1	[	[	X
fbem-26252	253	2	10	10	NUM
fbem-26252	253	3	]	]	X
fbem-26252	253	4	jing	jing	PROPN
fbem-26252	253	5	shen	shen	PROPN
fbem-26252	253	6	.	.	PUNCT
fbem-26252	254	1	effect	effect	NOUN
fbem-26252	254	2	of	of	ADP
fbem-26252	254	3	production	production	NOUN
fbem-26252	254	4	chain	chain	NOUN
fbem-26252	254	5	location	location	NOUN
fbem-26252	254	6	on	on	ADP
fbem-26252	254	7	export	export	NOUN
fbem-26252	254	8	technical	technical	ADJ
fbem-26252	254	9	complexity	complexity	NOUN
fbem-26252	254	10	of	of	ADP
fbem-26252	254	11	manufacturing	manufacturing	NOUN
fbem-26252	254	12	enterprises	enterprise	NOUN
fbem-26252	255	1	[	[	X
fbem-26252	255	2	d	d	X
fbem-26252	255	3	]	]	X
fbem-26252	255	4	.	.	PUNCT
fbem-26252	256	1	guizhou	guizhou	PROPN
fbem-26252	256	2	university	university	PROPN
fbem-26252	256	3	of	of	ADP
fbem-26252	256	4	finance	finance	NOUN
fbem-26252	256	5	and	and	CCONJ
fbem-26252	256	6	economics	economic	NOUN
fbem-26252	256	7	,	,	PUNCT
fbem-26252	256	8	2022	2022	NUM
fbem-26252	256	9	.	.	PUNCT
fbem-26252	257	1	doi	doi	NOUN
fbem-26252	257	2	:	:	PUNCT
fbem-26252	257	3	10.27731	10.27731	NUM
fbem-26252	257	4	/	/	SYM
fbem-26252	257	5	,	,	PUNCT
fbem-26252	257	6	dc	dc	PROPN
fbem-26252	257	7	nki	nki	PROPN
fbem-26252	257	8	.	.	PUNCT
fbem-26252	257	9	ggzcj	ggzcj	NOUN
fbem-26252	257	10	.	.	PUNCT
fbem-26252	258	1	2022.000425	2022.000425	NUM
fbem-26252	258	2	.	.	PUNCT
fbem-26252	259	1	[	[	X
fbem-26252	259	2	11	11	NUM
fbem-26252	259	3	]	]	X
fbem-26252	259	4	li	li	PROPN
fbem-26252	259	5	bingxiang	bingxiang	PROPN
fbem-26252	259	6	,	,	PUNCT
fbem-26252	259	7	lin	lin	PROPN
fbem-26252	259	8	binghong	binghong	PROPN
fbem-26252	259	9	.	.	PUNCT
fbem-26252	260	1	analysis	analysis	NOUN
fbem-26252	260	2	on	on	ADP
fbem-26252	260	3	the	the	DET
fbem-26252	260	4	influence	influence	NOUN
fbem-26252	260	5	of	of	ADP
fbem-26252	260	6	leverage	leverage	NOUN
fbem-26252	260	7	manipulation	manipulation	NOUN
fbem-26252	260	8	on	on	ADP
fbem-26252	260	9	corporate	corporate	ADJ
fbem-26252	260	10	financial	financial	ADJ
fbem-26252	260	11	risk	risk	NOUN
fbem-26252	260	12	under	under	ADP
fbem-26252	260	13	the	the	DET
fbem-26252	260	14	background	background	NOUN
fbem-26252	260	15	of	of	ADP
fbem-26252	260	16	"	"	PUNCT
fbem-26252	260	17	deleveraging	deleveraging	NOUN
fbem-26252	260	18	"	"	PUNCT
fbem-26252	260	19	-and	-and	ADP
fbem-26252	260	20	the	the	DET
fbem-26252	260	21	governance	governance	NOUN
fbem-26252	260	22	effect	effect	NOUN
fbem-26252	260	23	of	of	ADP
fbem-26252	260	24	internal	internal	ADJ
fbem-26252	260	25	and	and	CCONJ
fbem-26252	260	26	external	external	ADJ
fbem-26252	260	27	supervision	supervision	NOUN
fbem-26252	261	1	[	[	X
fbem-26252	261	2	j	j	X
fbem-26252	261	3	]	]	X
fbem-26252	261	4	.	.	PUNCT
fbem-26252	262	1	journal	journal	PROPN
fbem-26252	262	2	of	of	ADP
fbem-26252	262	3	nanjing	nanjing	PROPN
fbem-26252	262	4	audit	audit	PROPN
fbem-26252	262	5	university	university	NOUN
fbem-26252	262	6	,	,	PUNCT
fbem-26252	262	7	2019,20(03):21	2019,20(03):21	NOUN
fbem-26252	262	8	-	-	SYM
fbem-26252	262	9	30	30	NUM
fbem-26252	262	10	.	.	PUNCT
fbem-26252	263	1	[	[	X
fbem-26252	263	2	12	12	NUM
fbem-26252	263	3	]	]	X
fbem-26252	263	4	li	li	PROPN
fbem-26252	263	5	jiangtao	jiangtao	PROPN
fbem-26252	263	6	,	,	PUNCT
fbem-26252	263	7	why	why	SCONJ
fbem-26252	263	8	bother	bother	VERB
fbem-26252	263	9	.	.	PUNCT
fbem-26252	264	1	research	research	NOUN
fbem-26252	264	2	on	on	ADP
fbem-26252	264	3	motivations	motivation	NOUN
fbem-26252	264	4	of	of	ADP
fbem-26252	264	5	listed	list	VERB
fbem-26252	264	6	companies	company	NOUN
fbem-26252	264	7	to	to	PART
fbem-26252	264	8	evade	evade	VERB
fbem-26252	264	9	high	high	ADJ
fbem-26252	264	10	-	-	PUNCT
fbem-26252	264	11	quality	quality	NOUN
fbem-26252	264	12	audit	audit	NOUN
fbem-26252	264	13	supervision	supervision	NOUN
fbem-26252	264	14	with	with	ADP
fbem-26252	264	15	real	real	ADJ
fbem-26252	264	16	earnings	earning	NOUN
fbem-26252	264	17	management	management	NOUN
fbem-26252	265	1	[	[	X
fbem-26252	265	2	j	j	X
fbem-26252	265	3	]	]	X
fbem-26252	265	4	.	.	PUNCT
fbem-26252	266	1	audit	audit	PROPN
fbem-26252	266	2	research,2012,(05):58	research,2012,(05):58	PROPN
fbem-26252	266	3	-	-	PUNCT
fbem-26252	266	4	67	67	NUM
fbem-26252	266	5	.	.	PUNCT
fbem-26252	267	1	[	[	X
fbem-26252	267	2	13	13	NUM
fbem-26252	267	3	]	]	X
fbem-26252	267	4	li	li	PROPN
fbem-26252	267	5	li	li	PROPN
fbem-26252	267	6	,	,	PUNCT
fbem-26252	267	7	wei	wei	PROPN
fbem-26252	267	8	wenjun	wenjun	PROPN
fbem-26252	267	9	.	.	PUNCT
fbem-26252	268	1	digital	digital	ADJ
fbem-26252	268	2	transformation	transformation	NOUN
fbem-26252	268	3	and	and	CCONJ
fbem-26252	268	4	leveraged	leverage	VERB
fbem-26252	268	5	corporate	corporate	ADJ
fbem-26252	268	6	control	control	NOUN
fbem-26252	269	1	[	[	X
fbem-26252	269	2	j	j	X
fbem-26252	269	3	]	]	X
fbem-26252	269	4	.	.	PUNCT
fbem-26252	270	1	journal	journal	PROPN
fbem-26252	270	2	of	of	ADP
fbem-26252	270	3	accounting	account	VERB
fbem-26252	270	4	monthly	monthly	ADV
fbem-26252	270	5	,	,	PUNCT
fbem-26252	270	6	2023	2023	NUM
fbem-26252	270	7	,	,	PUNCT
fbem-26252	270	8	44	44	NUM
fbem-26252	270	9	(	(	PUNCT
fbem-26252	270	10	8)	8)	NUM
fbem-26252	270	11	:	:	SYM
fbem-26252	270	12	3544	3544	NUM
fbem-26252	270	13	.	.	PUNCT
fbem-26252	271	1	doi	doi	NOUN
fbem-26252	271	2	:	:	PUNCT
fbem-26252	271	3	10.19641	10.19641	NUM
fbem-26252	271	4	/	/	SYM
fbem-26252	271	5	j.carol	j.carol	PROPN
fbem-26252	271	6	carroll	carroll	PROPN
fbem-26252	271	7	nki	nki	PROPN
fbem-26252	271	8	.	.	PUNCT
fbem-26252	272	1	42	42	NUM
fbem-26252	272	2	-	-	SYM
fbem-26252	272	3	1290	1290	NUM
fbem-26252	272	4	/	/	SYM
fbem-26252	272	5	f	f	PROPN
fbem-26252	272	6	2023.08.006	2023.08.006	NUM
fbem-26252	272	7	.	.	PUNCT
fbem-26252	273	1	[	[	X
fbem-26252	273	2	14	14	NUM
fbem-26252	273	3	]	]	X
fbem-26252	273	4	li	li	PROPN
fbem-26252	273	5	xiaoxi	xiaoxi	PROPN
fbem-26252	273	6	,	,	PUNCT
fbem-26252	273	7	rao	rao	PROPN
fbem-26252	273	8	pingui	pingui	PROPN
fbem-26252	273	9	,	,	PUNCT
fbem-26252	273	10	yue	yue	PROPN
fbem-26252	273	11	heng	heng	PROPN
fbem-26252	273	12	.	.	PUNCT
fbem-26252	274	1	bank	bank	PROPN
fbem-26252	274	2	competition	competition	NOUN
fbem-26252	274	3	and	and	CCONJ
fbem-26252	274	4	firm	firm	ADJ
fbem-26252	274	5	leverage	leverage	NOUN
fbem-26252	274	6	manipulation	manipulation	NOUN
fbem-26252	275	1	[	[	X
fbem-26252	275	2	j	j	X
fbem-26252	275	3	]	]	X
fbem-26252	275	4	.	.	PUNCT
fbem-26252	276	1	economic	economic	ADJ
fbem-26252	276	2	research	research	NOUN
fbem-26252	276	3	journal	journal	NOUN
fbem-26252	276	4	,	,	PUNCT
fbem-26252	276	5	2023	2023	NUM
fbem-26252	276	6	,	,	PUNCT
fbem-26252	276	7	58(05):172	58(05):172	NUM
fbem-26252	276	8	-	-	SYM
fbem-26252	276	9	189	189	NUM
fbem-26252	276	10	.	.	PUNCT
fbem-26252	277	1	(	(	PUNCT
fbem-26252	277	2	in	in	ADP
fbem-26252	277	3	chinese	chinese	PROPN
fbem-26252	277	4	)	)	PUNCT
fbem-26252	278	1	[	[	X
fbem-26252	278	2	15	15	NUM
fbem-26252	278	3	]	]	X
fbem-26252	278	4	li	li	PROPN
fbem-26252	278	5	xiaoxi	xiaoxi	PROPN
fbem-26252	278	6	,	,	PUNCT
fbem-26252	278	7	yang	yang	PROPN
fbem-26252	278	8	guochao	guochao	PROPN
fbem-26252	278	9	.	.	PUNCT
fbem-26252	279	1	to	to	PART
fbem-26252	279	2	send	send	VERB
fbem-26252	279	3	new	new	ADJ
fbem-26252	279	4	debt	debt	NOUN
fbem-26252	279	5	and	and	CCONJ
fbem-26252	279	6	leverage	leverage	NOUN
fbem-26252	279	7	:	:	PUNCT
fbem-26252	279	8	the	the	DET
fbem-26252	279	9	new	new	ADJ
fbem-26252	279	10	evidence	evidence	NOUN
fbem-26252	279	11	of	of	ADP
fbem-26252	279	12	a	a	DET
fbem-26252	279	13	lever	lever	NOUN
fbem-26252	279	14	manipulation	manipulation	NOUN
fbem-26252	279	15	phenomenon	phenomenon	NOUN
fbem-26252	280	1	[	[	X
fbem-26252	280	2	j	j	X
fbem-26252	280	3	]	]	X
fbem-26252	280	4	.	.	PUNCT
fbem-26252	281	1	journal	journal	PROPN
fbem-26252	281	2	of	of	ADP
fbem-26252	281	3	world	world	NOUN
fbem-26252	281	4	economy	economy	NOUN
fbem-26252	281	5	,	,	PUNCT
fbem-26252	281	6	2022	2022	NUM
fbem-26252	281	7	,	,	PUNCT
fbem-26252	281	8	(	(	PUNCT
fbem-26252	281	9	10	10	NUM
fbem-26252	281	10	)	)	PUNCT
fbem-26252	281	11	:	:	PUNCT
fbem-26252	281	12	212	212	NUM
fbem-26252	281	13	-	-	SYM
fbem-26252	281	14	236	236	NUM
fbem-26252	281	15	.	.	PUNCT
fbem-26252	282	1	the	the	DET
fbem-26252	282	2	doi	doi	NOUN
fbem-26252	282	3	:	:	PUNCT
fbem-26252	282	4	10.19985	10.19985	NUM
fbem-26252	282	5	/	/	SYM
fbem-26252	282	6	j.carol	j.carol	PROPN
fbem-26252	282	7	carroll	carroll	PROPN
fbem-26252	282	8	nki	nki	PROPN
fbem-26252	282	9	cassjwe	cassjwe	PROPN
fbem-26252	282	10	.	.	PUNCT
fbem-26252	283	1	2022.10.008	2022.10.008	NOUN
fbem-26252	283	2	.	.	PUNCT
fbem-26252	284	1	[	[	X
fbem-26252	284	2	16	16	NUM
fbem-26252	284	3	]	]	X
fbem-26252	284	4	li	li	PROPN
fbem-26252	284	5	yang	yang	PROPN
fbem-26252	284	6	.	.	PUNCT
fbem-26252	285	1	research	research	NOUN
fbem-26252	285	2	on	on	ADP
fbem-26252	285	3	the	the	DET
fbem-26252	285	4	relationship	relationship	NOUN
fbem-26252	285	5	between	between	ADP
fbem-26252	285	6	corporate	corporate	ADJ
fbem-26252	285	7	diversification	diversification	NOUN
fbem-26252	285	8	strategy	strategy	NOUN
fbem-26252	285	9	choice	choice	NOUN
fbem-26252	285	10	and	and	CCONJ
fbem-26252	285	11	performance	performance	NOUN
fbem-26252	286	1	[	[	X
fbem-26252	286	2	d	d	X
fbem-26252	286	3	]	]	X
fbem-26252	286	4	.	.	PUNCT
fbem-26252	287	1	xi	xi	X
fbem-26252	287	2	'	'	PUNCT
fbem-26252	287	3	an	an	DET
fbem-26252	287	4	university	university	NOUN
fbem-26252	287	5	of	of	ADP
fbem-26252	287	6	architecture	architecture	NOUN
fbem-26252	287	7	and	and	CCONJ
fbem-26252	287	8	technology	technology	NOUN
fbem-26252	287	9	,	,	PUNCT
fbem-26252	287	10	2016	2016	NUM
fbem-26252	287	11	.	.	PUNCT
fbem-26252	288	1	[	[	X
fbem-26252	288	2	17	17	NUM
fbem-26252	288	3	]	]	X
fbem-26252	288	4	liu	liu	PROPN
fbem-26252	288	5	yaobin	yaobin	PROPN
fbem-26252	288	6	,	,	PUNCT
fbem-26252	288	7	hu	hu	PROPN
fbem-26252	288	8	weihui	weihui	PROPN
fbem-26252	288	9	,	,	PUNCT
fbem-26252	288	10	luo	luo	PROPN
fbem-26252	288	11	kang	kang	PROPN
fbem-26252	288	12	et	et	PROPN
fbem-26252	288	13	al	al	PROPN
fbem-26252	288	14	.	.	PUNCT
fbem-26252	289	1	the	the	DET
fbem-26252	289	2	impact	impact	NOUN
fbem-26252	289	3	of	of	ADP
fbem-26252	289	4	digital	digital	ADJ
fbem-26252	289	5	economy	economy	NOUN
fbem-26252	289	6	development	development	NOUN
fbem-26252	289	7	in	in	ADP
fbem-26252	289	8	provincial	provincial	ADJ
fbem-26252	289	9	capital	capital	NOUN
fbem-26252	289	10	cities	city	NOUN
fbem-26252	289	11	:	:	PUNCT
fbem-26252	289	12	spillover	spillover	VERB
fbem-26252	289	13	or	or	CCONJ
fbem-26252	289	14	siphon	siphon	VERB
fbem-26252	289	15	[	[	X
fbem-26252	289	16	j	j	X
fbem-26252	289	17	]	]	X
fbem-26252	289	18	.	.	PUNCT
fbem-26252	290	1	science	science	NOUN
fbem-26252	290	2	and	and	CCONJ
fbem-26252	290	3	technology	technology	NOUN
fbem-26252	290	4	progress	progress	NOUN
fbem-26252	290	5	and	and	CCONJ
fbem-26252	290	6	countermeasures	countermeasure	NOUN
fbem-26252	290	7	,	,	PUNCT
fbem-26252	290	8	2023	2023	NUM
fbem-26252	290	9	,	,	PUNCT
fbem-26252	290	10	40(15):53	40(15):53	NUM
fbem-26252	290	11	-	-	SYM
fbem-26252	290	12	63	63	NUM
fbem-26252	290	13	.	.	PUNCT
fbem-26252	291	1	(	(	PUNCT
fbem-26252	291	2	in	in	ADP
fbem-26252	291	3	chinese	chinese	PROPN
fbem-26252	291	4	)	)	PUNCT
fbem-26252	292	1	[	[	X
fbem-26252	292	2	18	18	NUM
fbem-26252	292	3	]	]	X
fbem-26252	292	4	luo	luo	PROPN
fbem-26252	292	5	hong	hong	PROPN
fbem-26252	292	6	,	,	PUNCT
fbem-26252	292	7	guo	guo	PROPN
fbem-26252	292	8	yiming	yiming	PROPN
fbem-26252	292	9	,	,	PUNCT
fbem-26252	292	10	qiao	qiao	PROPN
fbem-26252	292	11	huiying	huiye	VERB
fbem-26252	292	12	et	et	PROPN
fbem-26252	292	13	al	al	PROPN
fbem-26252	292	14	.	.	PROPN
fbem-26252	293	1	enterprise	enterprise	NOUN
fbem-26252	293	2	digital	digital	ADJ
fbem-26252	293	3	transformation	transformation	NOUN
fbem-26252	293	4	and	and	CCONJ
fbem-26252	293	5	lever	lever	NOUN
fbem-26252	294	1	[	[	X
fbem-26252	294	2	j	j	X
fbem-26252	294	3	]	]	X
fbem-26252	294	4	.	.	PUNCT
fbem-26252	295	1	journal	journal	PROPN
fbem-26252	295	2	of	of	ADP
fbem-26252	295	3	contemporary	contemporary	PROPN
fbem-26252	295	4	finance	finance	NOUN
fbem-26252	295	5	and	and	CCONJ
fbem-26252	295	6	economics	economic	NOUN
fbem-26252	295	7	,	,	PUNCT
fbem-26252	295	8	2023	2023	NUM
fbem-26252	295	9	,	,	PUNCT
fbem-26252	295	10	(	(	PUNCT
fbem-26252	295	11	5	5	NUM
fbem-26252	295	12	)	)	PUNCT
fbem-26252	295	13	:	:	PUNCT
fbem-26252	295	14	6578	6578	NUM
fbem-26252	295	15	.	.	PUNCT
fbem-26252	296	1	doi	doi	NOUN
fbem-26252	296	2	:	:	PUNCT
fbem-26252	296	3	10.13676	10.13676	NUM
fbem-26252	296	4	/	/	SYM
fbem-26252	296	5	j.carol	j.carol	PROPN
fbem-26252	296	6	carroll	carroll	PROPN
fbem-26252	296	7	nki	nki	PROPN
fbem-26252	297	1	cn36	cn36	PROPN
fbem-26252	297	2	-	-	PUNCT
fbem-26252	297	3	1030	1030	NUM
fbem-26252	297	4	/	/	SYM
fbem-26252	297	5	f	f	PROPN
fbem-26252	297	6	2023.05.008	2023.05.008	NOUN
fbem-26252	297	7	.	.	PUNCT
fbem-26252	298	1	[	[	X
fbem-26252	298	2	19	19	NUM
fbem-26252	298	3	]	]	PUNCT
fbem-26252	298	4	nie	nie	PROPN
fbem-26252	298	5	huihua	huihua	PROPN
fbem-26252	298	6	,	,	PUNCT
fbem-26252	298	7	lin	lin	PROPN
fbem-26252	298	8	jiani	jiani	PROPN
fbem-26252	298	9	,	,	PUNCT
fbem-26252	298	10	cui	cui	NOUN
fbem-26252	298	11	mengying	mengye	VERB
fbem-26252	298	12	.	.	PUNCT
fbem-26252	299	1	esg	esg	NOUN
fbem-26252	299	2	:	:	PUNCT
fbem-26252	299	3	a	a	DET
fbem-26252	299	4	feasible	feasible	ADJ
fbem-26252	299	5	way	way	NOUN
fbem-26252	299	6	for	for	SCONJ
fbem-26252	299	7	enterprises	enterprise	NOUN
fbem-26252	299	8	to	to	PART
fbem-26252	299	9	promote	promote	VERB
fbem-26252	299	10	common	common	ADJ
fbem-26252	299	11	prosperity	prosperity	NOUN
fbem-26252	299	12	[	[	X
fbem-26252	299	13	j	j	X
fbem-26252	299	14	]	]	X
fbem-26252	299	15	.	.	PUNCT
fbem-26252	300	1	learning	learning	NOUN
fbem-26252	300	2	and	and	CCONJ
fbem-26252	300	3	exploration	exploration	NOUN
fbem-26252	300	4	,	,	PUNCT
fbem-26252	300	5	2022	2022	NUM
fbem-26252	300	6	,	,	PUNCT
fbem-26252	300	7	(	(	PUNCT
fbem-26252	300	8	11):107	11):107	NUM
fbem-26252	300	9	-	-	SYM
fbem-26252	300	10	116	116	NUM
fbem-26252	300	11	+	+	NOUN
fbem-26252	300	12	2	2	NUM
fbem-26252	300	13	.	.	PUNCT
fbem-26252	301	1	[	[	X
fbem-26252	301	2	20	20	NUM
fbem-26252	301	3	]	]	X
fbem-26252	301	4	qing	qe	VERB
fbem-26252	301	5	xiaoquan	xiaoquan	PROPN
fbem-26252	301	6	,	,	PUNCT
fbem-26252	301	7	dong	dong	PROPN
fbem-26252	301	8	qichen	qichen	PROPN
fbem-26252	301	9	,	,	PUNCT
fbem-26252	301	10	wu	wu	PROPN
fbem-26252	301	11	ying	ying	PROPN
fbem-26252	301	12	.	.	PUNCT
fbem-26252	302	1	shareholder	shareholder	NOUN
fbem-26252	302	2	status	status	NOUN
fbem-26252	302	3	and	and	CCONJ
fbem-26252	302	4	enterprise	enterprise	NOUN
fbem-26252	302	5	lever	lever	NOUN
fbem-26252	302	6	based	base	VERB
fbem-26252	302	7	on	on	ADP
fbem-26252	302	8	the	the	DET
fbem-26252	302	9	analysis	analysis	NOUN
fbem-26252	302	10	of	of	ADP
fbem-26252	302	11	the	the	DET
fbem-26252	302	12	institutional	institutional	ADJ
fbem-26252	302	13	investor	investor	NOUN
fbem-26252	302	14	perspective	perspective	NOUN
fbem-26252	303	1	[	[	X
fbem-26252	303	2	j	j	X
fbem-26252	303	3	]	]	X
fbem-26252	303	4	.	.	PUNCT
fbem-26252	304	1	journal	journal	PROPN
fbem-26252	304	2	of	of	ADP
fbem-26252	304	3	financial	financial	ADJ
fbem-26252	304	4	research	research	NOUN
fbem-26252	304	5	,	,	PUNCT
fbem-26252	304	6	2023	2023	NUM
fbem-26252	304	7	,	,	PUNCT
fbem-26252	304	8	49	49	NUM
fbem-26252	304	9	(	(	PUNCT
fbem-26252	304	10	02	02	NUM
fbem-26252	304	11	):	):	PUNCT
fbem-26252	304	12	138	138	NUM
fbem-26252	304	13	-	-	SYM
fbem-26252	304	14	153	153	NUM
fbem-26252	304	15	.	.	PUNCT
fbem-26252	305	1	the	the	DET
fbem-26252	305	2	doi	doi	NOUN
fbem-26252	305	3	:	:	PUNCT
fbem-26252	305	4	10.16538	10.16538	NUM
fbem-26252	305	5	/	/	SYM
fbem-26252	305	6	j.carol	j.carol	PROPN
fbem-26252	305	7	carroll	carroll	PROPN
fbem-26252	305	8	nki	nki	PROPN
fbem-26252	305	9	jfe	jfe	PROPN
fbem-26252	305	10	.	.	PUNCT
fbem-26252	306	1	20221014.101.14	20221014.101.14	NUM
fbem-26252	307	1	[	[	X
fbem-26252	307	2	21	21	NUM
fbem-26252	307	3	]	]	X
fbem-26252	307	4	raopin	raopin	NOUN
fbem-26252	307	5	expensive	expensive	ADJ
fbem-26252	307	6	,	,	PUNCT
fbem-26252	307	7	shang	shang	PROPN
fbem-26252	307	8	sheng	sheng	PROPN
fbem-26252	307	9	,	,	PUNCT
fbem-26252	307	10	xiao	xiao	PROPN
fbem-26252	307	11	-	-	PUNCT
fbem-26252	307	12	xi	xi	NUM
fbem-26252	307	13	li	li	PROPN
fbem-26252	307	14	.	.	PROPN
fbem-26252	307	15	crowding	crowd	VERB
fbem-26252	307	16	out	out	ADP
fbem-26252	307	17	of	of	ADP
fbem-26252	307	18	local	local	ADJ
fbem-26252	307	19	government	government	NOUN
fbem-26252	307	20	debt	debt	NOUN
fbem-26252	307	21	:	:	PUNCT
fbem-26252	307	22	based	base	VERB
fbem-26252	307	23	on	on	ADP
fbem-26252	307	24	the	the	DET
fbem-26252	307	25	evidence	evidence	NOUN
fbem-26252	307	26	of	of	ADP
fbem-26252	307	27	corporate	corporate	ADJ
fbem-26252	307	28	leverage	leverage	NOUN
fbem-26252	307	29	over	over	ADP
fbem-26252	307	30	[	[	X
fbem-26252	307	31	j	j	X
fbem-26252	307	32	]	]	X
fbem-26252	307	33	.	.	PUNCT
fbem-26252	308	1	china	china	PROPN
fbem-26252	308	2	industrial	industrial	ADJ
fbem-26252	308	3	economy	economy	NOUN
fbem-26252	308	4	,	,	PUNCT
fbem-26252	308	5	2022	2022	NUM
fbem-26252	308	6	,	,	PUNCT
fbem-26252	308	7	(	(	PUNCT
fbem-26252	308	8	01	01	NUM
fbem-26252	308	9	):	):	PUNCT
fbem-26252	308	10	151169	151169	NUM
fbem-26252	308	11	.	.	PUNCT
fbem-26252	309	1	the	the	DET
fbem-26252	309	2	doi	doi	NOUN
fbem-26252	309	3	:	:	PUNCT
fbem-26252	309	4	10.19581	10.19581	NUM
fbem-26252	309	5	/	/	SYM
fbem-26252	309	6	j.carol	j.carol	PROPN
fbem-26252	309	7	carroll	carroll	PROPN
fbem-26252	309	8	nki	nki	PROPN
fbem-26252	309	9	ciejournal	ciejournal	PROPN
fbem-26252	309	10	.	.	PUNCT
fbem-26252	310	1	2022.01.009	2022.01.009	X
fbem-26252	310	2	.	.	PUNCT
fbem-26252	311	1	[	[	X
fbem-26252	311	2	22	22	NUM
fbem-26252	311	3	]	]	X
fbem-26252	311	4	rong	rong	PROPN
fbem-26252	311	5	yueling	yueling	PROPN
fbem-26252	311	6	.	.	PUNCT
fbem-26252	312	1	supply	supply	NOUN
fbem-26252	312	2	chain	chain	NOUN
fbem-26252	312	3	concentration	concentration	NOUN
fbem-26252	312	4	and	and	CCONJ
fbem-26252	312	5	corporate	corporate	ADJ
fbem-26252	312	6	green	green	ADJ
fbem-26252	312	7	innovation	innovation	NOUN
fbem-26252	312	8	performance	performance	NOUN
fbem-26252	312	9	:	:	PUNCT
fbem-26252	312	10	an	an	DET
fbem-26252	312	11	empirical	empirical	ADJ
fbem-26252	312	12	study	study	NOUN
fbem-26252	312	13	based	base	VERB
fbem-26252	312	14	on	on	ADP
fbem-26252	312	15	panel	panel	NOUN
fbem-26252	312	16	data	datum	NOUN
fbem-26252	312	17	of	of	ADP
fbem-26252	312	18	chinese	chinese	ADJ
fbem-26252	312	19	listed	list	VERB
fbem-26252	312	20	companies	company	NOUN
fbem-26252	313	1	[	[	X
fbem-26252	313	2	j	j	X
fbem-26252	313	3	]	]	X
fbem-26252	313	4	.	.	PUNCT
fbem-26252	314	1	circulation	circulation	NOUN
fbem-26252	314	2	of	of	ADP
fbem-26252	314	3	the	the	DET
fbem-26252	314	4	national	national	ADJ
fbem-26252	314	5	economy	economy	NOUN
fbem-26252	314	6	,	,	PUNCT
fbem-26252	314	7	2023	2023	NUM
fbem-26252	314	8	,	,	PUNCT
fbem-26252	314	9	(	(	PUNCT
fbem-26252	314	10	5	5	NUM
fbem-26252	314	11	):	):	PUNCT
fbem-26252	314	12	77	77	NUM
fbem-26252	314	13	-	-	SYM
fbem-26252	314	14	80	80	NUM
fbem-26252	314	15	.	.	PUNCT
fbem-26252	315	1	the	the	DET
fbem-26252	315	2	doi	doi	NOUN
fbem-26252	315	3	:	:	PUNCT
fbem-26252	315	4	10.16834	10.16834	NUM
fbem-26252	315	5	/	/	SYM
fbem-26252	315	6	j.carol	j.carol	PROPN
fbem-26252	315	7	carroll	carroll	PROPN
fbem-26252	315	8	nki	nki	PROPN
fbem-26252	315	9	issn1009	issn1009	PROPN
fbem-26252	315	10	-	-	PUNCT
fbem-26252	315	11	5292.2023.05.011	5292.2023.05.011	PROPN
fbem-26252	315	12	.	.	PUNCT
fbem-26252	316	1	[	[	X
fbem-26252	316	2	23	23	NUM
fbem-26252	316	3	]	]	X
fbem-26252	316	4	shi	shi	PROPN
fbem-26252	316	5	yuxing	yuxing	PROPN
fbem-26252	316	6	,	,	PUNCT
fbem-26252	316	7	li	li	PROPN
fbem-26252	316	8	chaoqiong	chaoqiong	PROPN
fbem-26252	316	9	,	,	PUNCT
fbem-26252	316	10	zhao	zhao	PROPN
fbem-26252	316	11	minjuan	minjuan	PROPN
fbem-26252	316	12	.	.	PUNCT
fbem-26252	317	1	effects	effect	NOUN
fbem-26252	317	2	of	of	ADP
fbem-26252	317	3	nonmarket	nonmarket	NOUN
fbem-26252	317	4	value	value	NOUN
fbem-26252	317	5	cognition	cognition	NOUN
fbem-26252	317	6	and	and	CCONJ
fbem-26252	317	7	social	social	ADJ
fbem-26252	317	8	capital	capital	NOUN
fbem-26252	317	9	on	on	ADP
fbem-26252	317	10	farmers	farmer	NOUN
fbem-26252	317	11	'	'	PART
fbem-26252	317	12	cooperative	cooperative	ADJ
fbem-26252	317	13	willingness	willingness	NOUN
fbem-26252	317	14	to	to	PART
fbem-26252	317	15	protect	protect	VERB
fbem-26252	317	16	cultivated	cultivate	VERB
fbem-26252	317	17	land	land	NOUN
fbem-26252	318	1	[	[	X
fbem-26252	318	2	j	j	X
fbem-26252	318	3	]	]	X
fbem-26252	318	4	.	.	PUNCT
fbem-26252	319	1	china	china	PROPN
fbem-26252	319	2	population	population	PROPN
fbem-26252	319	3	,	,	PUNCT
fbem-26252	319	4	resources	resource	NOUN
fbem-26252	319	5	and	and	CCONJ
fbem-26252	319	6	environment	environment	NOUN
fbem-26252	319	7	,	,	PUNCT
fbem-26252	319	8	2019	2019	NUM
fbem-26252	319	9	,	,	PUNCT
fbem-26252	319	10	29(04):94	29(04):94	NOUN
fbem-26252	319	11	-	-	SYM
fbem-26252	319	12	103	103	NUM
fbem-26252	319	13	.	.	PUNCT
fbem-26252	320	1	[	[	X
fbem-26252	320	2	24	24	NUM
fbem-26252	320	3	]	]	PUNCT
fbem-26252	320	4	song	song	NOUN
fbem-26252	320	5	wenyue	wenyue	NOUN
fbem-26252	320	6	,	,	PUNCT
fbem-26252	320	7	ren	ren	PROPN
fbem-26252	320	8	baoping	baoping	NOUN
fbem-26252	320	9	.	.	PUNCT
fbem-26252	321	1	a	a	DET
fbem-26252	321	2	study	study	NOUN
fbem-26252	321	3	on	on	ADP
fbem-26252	321	4	the	the	DET
fbem-26252	321	5	interaction	interaction	NOUN
fbem-26252	321	6	mechanism	mechanism	NOUN
fbem-26252	321	7	between	between	ADP
fbem-26252	321	8	quantity	quantity	NOUN
fbem-26252	321	9	and	and	CCONJ
fbem-26252	321	10	quality	quality	NOUN
fbem-26252	321	11	of	of	ADP
fbem-26252	321	12	china	china	PROPN
fbem-26252	321	13	's	's	PART
fbem-26252	321	14	economic	economic	ADJ
fbem-26252	321	15	growth	growth	NOUN
fbem-26252	321	16	:	:	PUNCT
fbem-26252	321	17	1996	1996	NUM
fbem-26252	321	18	-	-	SYM
fbem-26252	321	19	2016	2016	NUM
fbem-26252	322	1	[	[	X
fbem-26252	322	2	j	j	X
fbem-26252	322	3	]	]	X
fbem-26252	322	4	.	.	PUNCT
fbem-26252	323	1	studies	study	NOUN
fbem-26252	323	2	of	of	ADP
fbem-26252	323	3	finance	finance	NOUN
fbem-26252	323	4	and	and	CCONJ
fbem-26252	323	5	economics	economic	NOUN
fbem-26252	323	6	,	,	PUNCT
fbem-26252	323	7	2018	2018	NUM
fbem-26252	323	8	,	,	PUNCT
fbem-26252	323	9	(	(	PUNCT
fbem-26252	323	10	7	7	NUM
fbem-26252	323	11	):	):	PUNCT
fbem-26252	323	12	3	3	NUM
fbem-26252	323	13	-	-	SYM
fbem-26252	323	14	14	14	NUM
fbem-26252	323	15	.	.	PUNCT
fbem-26252	324	1	doi	doi	NOUN
fbem-26252	324	2	:	:	PUNCT
fbem-26252	324	3	10.19654	10.19654	NUM
fbem-26252	324	4	/	/	SYM
fbem-26252	324	5	j.carol	j.carol	PROPN
fbem-26252	324	6	carroll	carroll	PROPN
fbem-26252	324	7	nki	nki	PROPN
fbem-26252	324	8	cjwtyj	cjwtyj	PROPN
fbem-26252	324	9	.	.	PUNCT
fbem-26252	325	1	2018.07.001	2018.07.001	NOUN
fbem-26252	325	2	.	.	PUNCT
fbem-26252	326	1	[	[	X
fbem-26252	326	2	25	25	NUM
fbem-26252	326	3	]	]	X
fbem-26252	326	4	sun	sun	PROPN
fbem-26252	326	5	j.	j.	PROPN
fbem-26252	326	6	mechanism	mechanism	PROPN
fbem-26252	326	7	of	of	ADP
fbem-26252	326	8	esg	esg	PROPN
fbem-26252	326	9	's	's	PART
fbem-26252	326	10	impact	impact	NOUN
fbem-26252	326	11	on	on	ADP
fbem-26252	326	12	enterprise	enterprise	NOUN
fbem-26252	326	13	value	value	NOUN
fbem-26252	326	14	and	and	CCONJ
fbem-26252	326	15	its	its	PRON
fbem-26252	326	16	heterogeneity	heterogeneity	NOUN
fbem-26252	326	17	analysis	analysis	NOUN
fbem-26252	327	1	[	[	X
fbem-26252	327	2	d	d	X
fbem-26252	327	3	]	]	X
fbem-26252	327	4	.	.	PUNCT
fbem-26252	328	1	southwestern	southwestern	PROPN
fbem-26252	328	2	university	university	PROPN
fbem-26252	328	3	of	of	ADP
fbem-26252	328	4	finance	finance	NOUN
fbem-26252	328	5	and	and	CCONJ
fbem-26252	328	6	economics	economic	NOUN
fbem-26252	328	7	,	,	PUNCT
fbem-26252	328	8	2022	2022	NUM
fbem-26252	328	9	.	.	PUNCT
fbem-26252	329	1	doi	doi	NOUN
fbem-26252	329	2	:	:	PUNCT
fbem-26252	329	3	10.27412	10.27412	NUM
fbem-26252	329	4	/	/	SYM
fbem-26252	329	5	,	,	PUNCT
fbem-26252	329	6	dc	dc	PROPN
fbem-26252	329	7	nki	nki	PROPN
fbem-26252	329	8	.	.	PUNCT
fbem-26252	329	9	gxncu	gxncu	PROPN
fbem-26252	329	10	.	.	PUNCT
fbem-26252	330	1	2022.000904	2022.000904	NUM
fbem-26252	330	2	.	.	PUNCT
fbem-26252	331	1	[	[	X
fbem-26252	331	2	26	26	NUM
fbem-26252	331	3	]	]	X
fbem-26252	331	4	tang	tang	PROPN
fbem-26252	331	5	longji	longji	PROPN
fbem-26252	331	6	,	,	PUNCT
fbem-26252	331	7	yong	yong	PROPN
fbem-26252	331	8	-	-	PUNCT
fbem-26252	331	9	gang	gang	PROPN
fbem-26252	331	10	pan	pan	PROPN
fbem-26252	331	11	,	,	PUNCT
fbem-26252	331	12	yu	yu	PROPN
fbem-26252	331	13	shaowen	shaowen	PROPN
fbem-26252	331	14	.	.	PUNCT
fbem-26252	332	1	twin	twin	ADJ
fbem-26252	332	2	digital	digital	ADJ
fbem-26252	332	3	supply	supply	NOUN
fbem-26252	332	4	chain	chain	NOUN
fbem-26252	332	5	and	and	CCONJ
fbem-26252	332	6	its	its	PRON
fbem-26252	332	7	commercial	commercial	ADJ
fbem-26252	332	8	value	value	NOUN
fbem-26252	333	1	[	[	X
fbem-26252	333	2	j	j	X
fbem-26252	333	3	]	]	X
fbem-26252	333	4	.	.	PUNCT
fbem-26252	334	1	journal	journal	PROPN
fbem-26252	334	2	of	of	ADP
fbem-26252	334	3	supply	supply	NOUN
fbem-26252	334	4	chain	chain	NOUN
fbem-26252	334	5	management	management	NOUN
fbem-26252	334	6	,	,	PUNCT
fbem-26252	334	7	2022	2022	NUM
fbem-26252	334	8	,	,	PUNCT
fbem-26252	334	9	3	3	NUM
fbem-26252	334	10	(	(	PUNCT
fbem-26252	334	11	02	02	NUM
fbem-26252	334	12	):	):	PUNCT
fbem-26252	334	13	1537	1537	NUM
fbem-26252	334	14	.	.	PUNCT
fbem-26252	335	1	doi	doi	NOUN
fbem-26252	335	2	:	:	PUNCT
fbem-26252	335	3	10.19868	10.19868	NUM
fbem-26252	335	4	/	/	SYM
fbem-26252	335	5	j.carol	j.carol	PROPN
fbem-26252	335	6	carroll	carroll	PROPN
fbem-26252	335	7	nki	nki	PROPN
fbem-26252	335	8	gylgl	gylgl	PROPN
fbem-26252	335	9	.	.	PUNCT
fbem-26252	336	1	2022.02.002	2022.02.002	NOUN
fbem-26252	336	2	.	.	PUNCT
fbem-26252	337	1	[	[	X
fbem-26252	337	2	27	27	NUM
fbem-26252	337	3	]	]	X
fbem-26252	337	4	wang	wang	PROPN
fbem-26252	337	5	caiping	caiping	PROPN
fbem-26252	337	6	,	,	PUNCT
fbem-26252	337	7	huang	huang	PROPN
fbem-26252	337	8	jianye	jianye	PROPN
fbem-26252	337	9	,	,	PUNCT
fbem-26252	337	10	huang	huang	PROPN
fbem-26252	337	11	zhihong	zhihong	PROPN
fbem-26252	337	12	et	et	PROPN
fbem-26252	337	13	al	al	PROPN
fbem-26252	337	14	.	.	PROPN
fbem-26252	337	15	stateowned	stateowne	VERB
fbem-26252	337	16	capital	capital	NOUN
fbem-26252	337	17	participation	participation	NOUN
fbem-26252	337	18	and	and	CCONJ
fbem-26252	337	19	financial	financial	ADJ
fbem-26252	337	20	risk	risk	NOUN
fbem-26252	337	21	prevention	prevention	NOUN
fbem-26252	337	22	of	of	ADP
fbem-26252	337	23	private	private	ADJ
fbem-26252	337	24	enterprises	enterprise	NOUN
fbem-26252	337	25	:	:	PUNCT
fbem-26252	337	26	an	an	DET
fbem-26252	337	27	empirical	empirical	ADJ
fbem-26252	337	28	study	study	NOUN
fbem-26252	337	29	from	from	ADP
fbem-26252	337	30	the	the	DET
fbem-26252	337	31	perspective	perspective	NOUN
fbem-26252	337	32	of	of	ADP
fbem-26252	337	33	stock	stock	NOUN
fbem-26252	337	34	price	price	NOUN
fbem-26252	337	35	crash	crash	NOUN
fbem-26252	337	36	risk	risk	NOUN
fbem-26252	337	37	13	13	NUM
fbem-26252	338	1	[	[	X
fbem-26252	338	2	j	j	X
fbem-26252	338	3	]	]	X
fbem-26252	338	4	.	.	PUNCT
fbem-26252	339	1	economic	economic	ADJ
fbem-26252	339	2	management	management	NOUN
fbem-26252	339	3	,	,	PUNCT
fbem-26252	339	4	2022	2022	NUM
fbem-26252	339	5	,	,	PUNCT
fbem-26252	339	6	44	44	NUM
fbem-26252	339	7	(	(	PUNCT
fbem-26252	339	8	08	08	NUM
fbem-26252	339	9	):	):	PUNCT
fbem-26252	339	10	60	60	NUM
fbem-26252	339	11	-	-	SYM
fbem-26252	339	12	75	75	NUM
fbem-26252	339	13	.	.	PUNCT
fbem-26252	340	1	the	the	DET
fbem-26252	340	2	doi	doi	NOUN
fbem-26252	340	3	:	:	PUNCT
fbem-26252	340	4	10.19616	10.19616	NUM
fbem-26252	340	5	/	/	SYM
fbem-26252	340	6	j.carol	j.carol	PROPN
fbem-26252	340	7	carroll	carroll	PROPN
fbem-26252	340	8	nki	nki	PROPN
fbem-26252	340	9	.	.	PUNCT
fbem-26252	340	10	bmj	bmj	PROPN
fbem-26252	340	11	.	.	PUNCT
fbem-26252	341	1	2022.08.004	2022.08.004	NOUN
fbem-26252	341	2	.	.	PUNCT
fbem-26252	342	1	[	[	X
fbem-26252	342	2	28	28	NUM
fbem-26252	342	3	]	]	X
fbem-26252	342	4	wang	wang	PROPN
fbem-26252	342	5	xinguang	xinguang	PROPN
fbem-26252	342	6	,	,	PUNCT
fbem-26252	342	7	sheng	sheng	PROPN
fbem-26252	342	8	yuhua	yuhua	PROPN
fbem-26252	342	9	.	.	PUNCT
fbem-26252	343	1	study	study	NOUN
fbem-26252	343	2	on	on	ADP
fbem-26252	343	3	the	the	DET
fbem-26252	343	4	influence	influence	NOUN
fbem-26252	343	5	of	of	ADP
fbem-26252	343	6	chain	chain	NOUN
fbem-26252	343	7	shareholders	shareholder	NOUN
fbem-26252	343	8	on	on	ADP
fbem-26252	343	9	the	the	DET
fbem-26252	343	10	enterprise	enterprise	NOUN
fbem-26252	343	11	"	"	PUNCT
fbem-26252	343	12	from	from	ADP
fbem-26252	343	13	real	real	ADJ
fbem-26252	343	14	to	to	ADP
fbem-26252	343	15	virtual	virtual	ADJ
fbem-26252	343	16	"	"	PUNCT
fbem-26252	344	1	[	[	X
fbem-26252	344	2	j	j	X
fbem-26252	344	3	]	]	X
fbem-26252	344	4	.	.	PUNCT
fbem-26252	345	1	journal	journal	PROPN
fbem-26252	345	2	of	of	ADP
fbem-26252	345	3	management	management	NOUN
fbem-26252	345	4	,	,	PUNCT
fbem-26252	345	5	2022	2022	NUM
fbem-26252	345	6	,	,	PUNCT
fbem-26252	345	7	19(12):17761783	19(12):17761783	NUM
fbem-26252	345	8	.	.	PUNCT
fbem-26252	346	1	[	[	X
fbem-26252	346	2	29	29	NUM
fbem-26252	346	3	]	]	X
fbem-26252	346	4	wei	wei	PROPN
fbem-26252	346	5	x.	x.	PROPN
fbem-26252	346	6	study	study	PROPN
fbem-26252	346	7	on	on	ADP
fbem-26252	346	8	governance	governance	NOUN
fbem-26252	346	9	of	of	ADP
fbem-26252	346	10	inefficient	inefficient	ADJ
fbem-26252	346	11	investment	investment	NOUN
fbem-26252	346	12	by	by	ADP
fbem-26252	346	13	debt	debt	NOUN
fbem-26252	346	14	financing	financing	NOUN
fbem-26252	346	15	of	of	ADP
fbem-26252	346	16	state	state	NOUN
fbem-26252	346	17	-	-	PUNCT
fbem-26252	346	18	owned	own	VERB
fbem-26252	346	19	listed	list	VERB
fbem-26252	346	20	companies	company	NOUN
fbem-26252	346	21	[	[	X
fbem-26252	346	22	d	d	X
fbem-26252	346	23	]	]	X
fbem-26252	346	24	.	.	PUNCT
fbem-26252	347	1	shanxi	shanxi	PROPN
fbem-26252	347	2	243	243	NUM
fbem-26252	347	3	university	university	PROPN
fbem-26252	347	4	of	of	ADP
fbem-26252	347	5	finance	finance	NOUN
fbem-26252	347	6	and	and	CCONJ
fbem-26252	347	7	economics	economic	NOUN
fbem-26252	347	8	,	,	PUNCT
fbem-26252	347	9	2020	2020	NUM
fbem-26252	347	10	.	.	PUNCT
fbem-26252	348	1	doi	doi	NOUN
fbem-26252	348	2	:	:	PUNCT
fbem-26252	348	3	10.27283	10.27283	NUM
fbem-26252	348	4	/	/	SYM
fbem-26252	348	5	,	,	PUNCT
fbem-26252	348	6	dc	dc	PROPN
fbem-26252	348	7	nki	nki	PROPN
fbem-26252	348	8	.	.	PUNCT
fbem-26252	348	9	gsxcc	gsxcc	NOUN
fbem-26252	348	10	.	.	PUNCT
fbem-26252	349	1	2020.000376	2020.000376	NOUN
fbem-26252	349	2	.	.	PUNCT
fbem-26252	350	1	[	[	X
fbem-26252	350	2	30	30	NUM
fbem-26252	350	3	]	]	PUNCT
fbem-26252	350	4	xu	xu	PROPN
fbem-26252	350	5	xiaofang	xiaofang	PROPN
fbem-26252	350	6	,	,	PUNCT
fbem-26252	350	7	lu	lu	PROPN
fbem-26252	350	8	zhengfei	zhengfei	NOUN
fbem-26252	350	9	.	.	PUNCT
fbem-26252	351	1	corporate	corporate	ADJ
fbem-26252	351	2	leverage	leverage	NOUN
fbem-26252	351	3	,	,	PUNCT
fbem-26252	351	4	leverage	leverage	NOUN
fbem-26252	351	5	manipulation	manipulation	NOUN
fbem-26252	351	6	and	and	CCONJ
fbem-26252	351	7	high	high	ADJ
fbem-26252	351	8	-	-	PUNCT
fbem-26252	351	9	quality	quality	NOUN
fbem-26252	351	10	economic	economic	ADJ
fbem-26252	351	11	development	development	NOUN
fbem-26252	352	1	[	[	X
fbem-26252	352	2	j	j	X
fbem-26252	352	3	]	]	X
fbem-26252	352	4	.	.	PUNCT
fbem-26252	353	1	accounting	accounting	NOUN
fbem-26252	353	2	research	research	NOUN
fbem-26252	353	3	,	,	PUNCT
fbem-26252	353	4	2022	2022	NUM
fbem-26252	353	5	,	,	PUNCT
fbem-26252	353	6	(	(	PUNCT
fbem-26252	353	7	06):3	06):3	NUM
fbem-26252	353	8	-	-	SYM
fbem-26252	353	9	15	15	NUM
fbem-26252	353	10	.	.	PUNCT
fbem-26252	354	1	[	[	X
fbem-26252	354	2	31	31	NUM
fbem-26252	354	3	]	]	PUNCT
fbem-26252	354	4	xu	xu	PROPN
fbem-26252	354	5	xiaofang	xiaofang	PROPN
fbem-26252	354	6	,	,	PUNCT
fbem-26252	354	7	tang	tang	PROPN
fbem-26252	354	8	taijie	taijie	PROPN
fbem-26252	354	9	,	,	PUNCT
fbem-26252	354	10	lu	lu	PROPN
fbem-26252	354	11	zhengfei	zhengfei	NOUN
fbem-26252	354	12	.	.	PUNCT
fbem-26252	355	1	equity	equity	NOUN
fbem-26252	355	2	pledge	pledge	NOUN
fbem-26252	355	3	of	of	ADP
fbem-26252	355	4	controlling	control	VERB
fbem-26252	355	5	shareholders	shareholder	NOUN
fbem-26252	355	6	and	and	CCONJ
fbem-26252	355	7	leverage	leverage	NOUN
fbem-26252	355	8	manipulation	manipulation	NOUN
fbem-26252	355	9	of	of	ADP
fbem-26252	355	10	highly	highly	ADV
fbem-26252	355	11	leveraged	leverage	VERB
fbem-26252	355	12	companies	company	NOUN
fbem-26252	355	13	:	:	PUNCT
fbem-26252	355	14	based	base	VERB
fbem-26252	355	15	on	on	ADP
fbem-26252	355	16	empirical	empirical	ADJ
fbem-26252	355	17	evidence	evidence	NOUN
fbem-26252	355	18	of	of	ADP
fbem-26252	355	19	china	china	PROPN
fbem-26252	355	20	's	's	PART
fbem-26252	355	21	a	a	DET
fbem-26252	355	22	-	-	PUNCT
fbem-26252	355	23	share	share	NOUN
fbem-26252	355	24	listed	list	VERB
fbem-26252	355	25	companies	company	NOUN
fbem-26252	356	1	[	[	X
fbem-26252	356	2	j	j	X
fbem-26252	356	3	]	]	X
fbem-26252	356	4	.	.	PUNCT
fbem-26252	357	1	financial	financial	ADJ
fbem-26252	357	2	research	research	NOUN
fbem-26252	357	3	,	,	PUNCT
fbem-26252	357	4	2021(10):153	2021(10):153	NOUN
fbem-26252	357	5	-	-	SYM
fbem-26252	357	6	170	170	NUM
fbem-26252	357	7	.	.	PUNCT
fbem-26252	357	8	]	]	PUNCT
fbem-26252	358	1	[	[	X
fbem-26252	358	2	32	32	NUM
fbem-26252	358	3	]	]	PUNCT
fbem-26252	358	4	xu	xu	PROPN
fbem-26252	358	5	ya	ya	PROPN
fbem-26252	358	6	-	-	PUNCT
fbem-26252	358	7	qin	qin	PROPN
fbem-26252	358	8	,	,	PUNCT
fbem-26252	358	9	song	song	NOUN
fbem-26252	358	10	simiao	simiao	NOUN
fbem-26252	358	11	.	.	PUNCT
fbem-26252	359	1	can	can	AUX
fbem-26252	359	2	auditors	auditor	NOUN
fbem-26252	359	3	identify	identify	VERB
fbem-26252	359	4	leverage	leverage	NOUN
fbem-26252	359	5	manipulation	manipulation	NOUN
fbem-26252	359	6	?	?	PUNCT
fbem-26252	360	1	-empirical	-empirical	ADJ
fbem-26252	360	2	test	test	NOUN
fbem-26252	360	3	based	base	VERB
fbem-26252	360	4	on	on	ADP
fbem-26252	360	5	audit	audit	NOUN
fbem-26252	360	6	opinion	opinion	NOUN
fbem-26252	360	7	perspective	perspective	NOUN
fbem-26252	361	1	[	[	X
fbem-26252	361	2	j	j	X
fbem-26252	361	3	]	]	X
fbem-26252	361	4	.	.	PUNCT
fbem-26252	362	1	[	[	X
fbem-26252	362	2	33	33	NUM
fbem-26252	362	3	]	]	X
fbem-26252	362	4	yan	yan	PROPN
fbem-26252	362	5	yijing	yijing	PROPN
fbem-26252	362	6	.	.	PUNCT
fbem-26252	363	1	accelerated	accelerate	VERB
fbem-26252	363	2	depreciation	depreciation	NOUN
fbem-26252	363	3	of	of	ADP
fbem-26252	363	4	fixed	fix	VERB
fbem-26252	363	5	assets	asset	NOUN
fbem-26252	363	6	the	the	DET
fbem-26252	363	7	preferential	preferential	ADJ
fbem-26252	363	8	tax	tax	NOUN
fbem-26252	363	9	policy	policy	NOUN
fbem-26252	363	10	impact	impact	NOUN
fbem-26252	363	11	on	on	ADP
fbem-26252	363	12	corporate	corporate	ADJ
fbem-26252	363	13	leverage	leverage	NOUN
fbem-26252	363	14	over	over	ADP
fbem-26252	363	15	[	[	X
fbem-26252	363	16	d	d	X
fbem-26252	363	17	]	]	X
fbem-26252	363	18	.	.	PUNCT
fbem-26252	364	1	zhejiang	zhejiang	PROPN
fbem-26252	364	2	industry	industry	PROPN
fbem-26252	364	3	and	and	CCONJ
fbem-26252	364	4	commerce	commerce	PROPN
fbem-26252	364	5	university	university	NOUN
fbem-26252	364	6	,	,	PUNCT
fbem-26252	364	7	2023	2023	NUM
fbem-26252	364	8	.	.	PUNCT
fbem-26252	365	1	the	the	DET
fbem-26252	365	2	doi	doi	NOUN
fbem-26252	365	3	:	:	PUNCT
fbem-26252	365	4	10.27462	10.27462	NUM
fbem-26252	365	5	/	/	SYM
fbem-26252	365	6	,	,	PUNCT
fbem-26252	365	7	dc	dc	PROPN
fbem-26252	365	8	nki	nki	PROPN
fbem-26252	365	9	.	.	PUNCT
fbem-26252	365	10	ghzhc	ghzhc	PROPN
fbem-26252	365	11	.	.	PUNCT
fbem-26252	366	1	2023.000439	2023.000439	NUM
fbem-26252	366	2	.	.	PUNCT
fbem-26252	367	1	[	[	X
fbem-26252	367	2	34	34	NUM
fbem-26252	367	3	]	]	X
fbem-26252	367	4	yang	yang	PROPN
fbem-26252	367	5	yang	yang	PROPN
fbem-26252	367	6	,	,	PUNCT
fbem-26252	367	7	xie	xie	PROPN
fbem-26252	367	8	jiasong	jiasong	PROPN
fbem-26252	367	9	,	,	PUNCT
fbem-26252	367	10	lin	lin	PROPN
fbem-26252	367	11	jianhao	jianhao	PROPN
fbem-26252	367	12	et	et	PROPN
fbem-26252	367	13	al	al	PROPN
fbem-26252	367	14	.	.	PROPN
fbem-26252	367	15	research	research	NOUN
fbem-26252	367	16	on	on	ADP
fbem-26252	367	17	the	the	DET
fbem-26252	367	18	influence	influence	NOUN
fbem-26252	367	19	of	of	ADP
fbem-26252	367	20	regional	regional	ADJ
fbem-26252	367	21	intergenerational	intergenerational	ADJ
fbem-26252	367	22	mobility	mobility	NOUN
fbem-26252	367	23	on	on	ADP
fbem-26252	367	24	the	the	DET
fbem-26252	367	25	family	family	NOUN
fbem-26252	367	26	management	management	NOUN
fbem-26252	367	27	of	of	ADP
fbem-26252	367	28	enterprises	enterprise	NOUN
fbem-26252	367	29	[	[	X
fbem-26252	367	30	j	j	X
fbem-26252	367	31	]	]	X
fbem-26252	367	32	.	.	PUNCT
fbem-26252	368	1	journal	journal	PROPN
fbem-26252	368	2	of	of	ADP
fbem-26252	368	3	management	management	NOUN
fbem-26252	368	4	science	science	NOUN
fbem-26252	368	5	,	,	PUNCT
fbem-26252	368	6	2019	2019	NUM
fbem-26252	368	7	,	,	PUNCT
fbem-26252	368	8	23(10):21	23(10):21	NOUN
fbem-26252	368	9	-	-	SYM
fbem-26252	368	10	39	39	NUM
fbem-26252	368	11	.	.	PUNCT
fbem-26252	369	1	(	(	PUNCT
fbem-26252	369	2	in	in	ADP
fbem-26252	369	3	chinese	chinese	PROPN
fbem-26252	369	4	)	)	PUNCT
fbem-26252	370	1	[	[	X
fbem-26252	370	2	35	35	NUM
fbem-26252	370	3	]	]	X
fbem-26252	370	4	yi	yi	PROPN
fbem-26252	370	5	min	min	PROPN
fbem-26252	370	6	nan	nan	PROPN
fbem-26252	370	7	,	,	PUNCT
fbem-26252	370	8	chen	chen	PROPN
fbem-26252	370	9	guohui	guohui	PROPN
fbem-26252	370	10	.	.	PUNCT
fbem-26252	371	1	ceo	ceo	NOUN
fbem-26252	371	2	overconfidence	overconfidence	NOUN
fbem-26252	371	3	,	,	PUNCT
fbem-26252	371	4	corporate	corporate	ADJ
fbem-26252	371	5	governance	governance	NOUN
fbem-26252	371	6	and	and	CCONJ
fbem-26252	371	7	earnings	earning	NOUN
fbem-26252	371	8	forecast	forecast	NOUN
fbem-26252	371	9	quality	quality	NOUN
fbem-26252	372	1	[	[	X
fbem-26252	372	2	j	j	X
fbem-26252	372	3	]	]	X
fbem-26252	372	4	.	.	PUNCT
fbem-26252	373	1	reform	reform	NOUN
fbem-26252	373	2	,	,	PUNCT
fbem-26252	373	3	2018	2018	NUM
fbem-26252	373	4	,	,	PUNCT
fbem-26252	373	5	(	(	PUNCT
fbem-26252	373	6	08):149	08):149	NOUN
fbem-26252	373	7	-	-	SYM
fbem-26252	373	8	159	159	NUM
fbem-26252	373	9	.	.	PUNCT
fbem-26252	374	1	[	[	X
fbem-26252	374	2	36	36	NUM
fbem-26252	374	3	]	]	X
fbem-26252	374	4	zhang	zhang	PROPN
fbem-26252	374	5	xinran	xinran	PROPN
fbem-26252	374	6	.	.	PUNCT
fbem-26252	375	1	local	local	ADJ
fbem-26252	375	2	bond	bond	NOUN
fbem-26252	375	3	issuance	issuance	NOUN
fbem-26252	375	4	date	date	NOUN
fbem-26252	375	5	to	to	ADP
fbem-26252	375	6	the	the	DET
fbem-26252	375	7	listed	list	VERB
fbem-26252	375	8	enterprise	enterprise	NOUN
fbem-26252	375	9	innovation	innovation	NOUN
fbem-26252	375	10	influence	influence	NOUN
fbem-26252	376	1	[	[	X
fbem-26252	376	2	d	d	X
fbem-26252	376	3	]	]	X
fbem-26252	376	4	.	.	PUNCT
fbem-26252	377	1	lanzhou	lanzhou	PROPN
fbem-26252	377	2	university	university	PROPN
fbem-26252	377	3	,	,	PUNCT
fbem-26252	377	4	2022	2022	NUM
fbem-26252	377	5	.	.	PUNCT
fbem-26252	378	1	the	the	DET
fbem-26252	378	2	doi	doi	NOUN
fbem-26252	378	3	:	:	PUNCT
fbem-26252	378	4	10.27204	10.27204	NUM
fbem-26252	378	5	/	/	SYM
fbem-26252	378	6	,	,	PUNCT
fbem-26252	378	7	dc	dc	PROPN
fbem-26252	378	8	nki	nki	PROPN
fbem-26252	378	9	.	.	PUNCT
fbem-26252	378	10	glzhu	glzhu	PROPN
fbem-26252	378	11	.	.	PUNCT
fbem-26252	379	1	2022.001535	2022.001535	NOUN
fbem-26252	379	2	.	.	PUNCT
fbem-26252	380	1	[	[	X
fbem-26252	380	2	37	37	NUM
fbem-26252	380	3	]	]	X
fbem-26252	380	4	zhang	zhang	PROPN
fbem-26252	380	5	xinyun	xinyun	PROPN
fbem-26252	380	6	.	.	PUNCT
fbem-26252	381	1	the	the	DET
fbem-26252	381	2	board	board	NOUN
fbem-26252	381	3	of	of	ADP
fbem-26252	381	4	directors	director	NOUN
fbem-26252	381	5	of	of	ADP
fbem-26252	381	6	social	social	ADJ
fbem-26252	381	7	capital	capital	NOUN
fbem-26252	381	8	to	to	PART
fbem-26252	381	9	mix	mix	VERB
fbem-26252	381	10	to	to	ADP
fbem-26252	381	11	the	the	DET
fbem-26252	381	12	performance	performance	NOUN
fbem-26252	381	13	of	of	ADP
fbem-26252	381	14	state	state	NOUN
fbem-26252	381	15	-	-	PUNCT
fbem-26252	381	16	owned	own	VERB
fbem-26252	381	17	enterprises	enterprise	NOUN
fbem-26252	381	18	affect	affect	VERB
fbem-26252	381	19	research	research	NOUN
fbem-26252	382	1	[	[	X
fbem-26252	382	2	d	d	X
fbem-26252	382	3	]	]	X
fbem-26252	382	4	.	.	PUNCT
fbem-26252	383	1	nanjing	nanjing	PROPN
fbem-26252	383	2	information	information	PROPN
fbem-26252	383	3	engineering	engineering	PROPN
fbem-26252	383	4	university	university	PROPN
fbem-26252	383	5	,	,	PUNCT
fbem-26252	383	6	2022	2022	NUM
fbem-26252	383	7	.	.	PUNCT
fbem-26252	384	1	the	the	DET
fbem-26252	384	2	doi	doi	NOUN
fbem-26252	384	3	:	:	PUNCT
fbem-26252	384	4	10.27248	10.27248	NUM
fbem-26252	384	5	/	/	SYM
fbem-26252	384	6	,	,	PUNCT
fbem-26252	384	7	dc	dc	PROPN
fbem-26252	384	8	nki	nki	PROPN
fbem-26252	384	9	.	.	PUNCT
fbem-26252	385	1	gnjqc	gnjqc	PROPN
fbem-26252	385	2	.	.	PUNCT
fbem-26252	386	1	2022.000135	2022.000135	X
fbem-26252	386	2	.	.	PUNCT
fbem-26252	387	1	[	[	X
fbem-26252	387	2	38	38	NUM
fbem-26252	387	3	]	]	X
fbem-26252	387	4	zhao	zhao	PROPN
fbem-26252	387	5	jiajia	jiajia	PROPN
fbem-26252	387	6	.	.	PUNCT
fbem-26252	388	1	farmers	farmer	NOUN
fbem-26252	388	2	'	'	PART
fbem-26252	388	3	entrepreneurship	entrepreneurship	NOUN
fbem-26252	388	4	in	in	ADP
fbem-26252	388	5	theory	theory	NOUN
fbem-26252	388	6	and	and	CCONJ
fbem-26252	388	7	empirical	empirical	ADJ
fbem-26252	388	8	research	research	NOUN
fbem-26252	388	9	on	on	ADP
fbem-26252	388	10	trust	trust	NOUN
fbem-26252	388	11	mechanism	mechanism	NOUN
fbem-26252	389	1	[	[	X
fbem-26252	389	2	d	d	X
fbem-26252	389	3	]	]	X
fbem-26252	389	4	.	.	PUNCT
fbem-26252	390	1	northwest	northwest	PROPN
fbem-26252	390	2	agriculture	agriculture	PROPN
fbem-26252	390	3	and	and	CCONJ
fbem-26252	390	4	forestry	forestry	NOUN
fbem-26252	390	5	university	university	PROPN
fbem-26252	390	6	of	of	ADP
fbem-26252	390	7	science	science	NOUN
fbem-26252	390	8	and	and	CCONJ
fbem-26252	390	9	technology	technology	NOUN
fbem-26252	390	10	,	,	PUNCT
fbem-26252	390	11	2020	2020	NUM
fbem-26252	390	12	.	.	PUNCT
fbem-26252	391	1	the	the	DET
fbem-26252	391	2	doi	doi	NOUN
fbem-26252	391	3	:	:	PUNCT
fbem-26252	391	4	10.27409	10.27409	NUM
fbem-26252	391	5	/	/	SYM
fbem-26252	391	6	,	,	PUNCT
fbem-26252	391	7	dc	dc	PROPN
fbem-26252	391	8	nki	nki	PROPN
fbem-26252	391	9	.	.	PUNCT
fbem-26252	391	10	gxbnu	gxbnu	PROPN
fbem-26252	391	11	.	.	PUNCT
fbem-26252	392	1	2020.001437	2020.001437	X
fbem-26252	392	2	.	.	PUNCT
fbem-26252	393	1	[	[	X
fbem-26252	393	2	39	39	NUM
fbem-26252	393	3	]	]	PUNCT
fbem-26252	393	4	zheng	zheng	PROPN
fbem-26252	393	5	zhonghua	zhonghua	PROPN
fbem-26252	393	6	,	,	PUNCT
fbem-26252	393	7	tang	tang	PROPN
fbem-26252	393	8	yawen	yawen	PROPN
fbem-26252	393	9	.	.	PUNCT
fbem-26252	394	1	to	to	PART
fbem-26252	394	2	leverage	leverage	VERB
fbem-26252	394	3	policies	policy	NOUN
fbem-26252	394	4	,	,	PUNCT
fbem-26252	394	5	financial	financial	ADJ
fbem-26252	394	6	asset	asset	NOUN
fbem-26252	394	7	allocation	allocation	NOUN
fbem-26252	394	8	and	and	CCONJ
fbem-26252	394	9	enterprises	enterprise	NOUN
fbem-26252	394	10	to	to	PART
fbem-26252	394	11	take	take	VERB
fbem-26252	394	12	off	off	ADP
fbem-26252	394	13	the	the	DET
fbem-26252	394	14	real	real	ADJ
fbem-26252	394	15	to	to	ADP
fbem-26252	394	16	virtual	virtual	ADJ
fbem-26252	394	17	[	[	X
fbem-26252	394	18	j	j	X
fbem-26252	394	19	]	]	X
fbem-26252	394	20	.	.	PUNCT
fbem-26252	395	1	industrial	industrial	ADJ
fbem-26252	395	2	economic	economic	PROPN
fbem-26252	395	3	review	review	NOUN
fbem-26252	395	4	,	,	PUNCT
fbem-26252	395	5	2021	2021	NUM
fbem-26252	395	6	,	,	PUNCT
fbem-26252	395	7	(	(	PUNCT
fbem-26252	395	8	01	01	NUM
fbem-26252	395	9	):	):	PUNCT
fbem-26252	395	10	19	19	NUM
fbem-26252	395	11	to	to	PART
fbem-26252	395	12	33	33	NUM
fbem-26252	395	13	.	.	PUNCT
fbem-26252	396	1	doi	doi	NOUN
fbem-26252	396	2	:	:	PUNCT
fbem-26252	396	3	10.19313	10.19313	NUM
fbem-26252	396	4	/	/	SYM
fbem-26252	396	5	j.carol	j.carol	NOUN
fbem-26252	396	6	carroll	carroll	PROPN
fbem-26252	396	7	nki	nki	PROPN
fbem-26252	397	1	cn10	cn10	PROPN
fbem-26252	397	2	-	-	PROPN
fbem-26252	397	3	1223	1223	NUM
fbem-26252	397	4	/	/	SYM
fbem-26252	397	5	f	f	PROPN
fbem-26252	397	6	2021.01.003	2021.01.003	NUM
fbem-26252	397	7	.	.	PUNCT