id	sid	tid	token	lemma	pos
fbem-27702	1	1	frontiers	frontier	NOUN
fbem-27702	1	2	in	in	ADP
fbem-27702	1	3	business	business	NOUN
fbem-27702	1	4	,	,	PUNCT
fbem-27702	1	5	economics	economic	NOUN
fbem-27702	1	6	and	and	CCONJ
fbem-27702	1	7	management	management	NOUN
fbem-27702	1	8	issn	issn	PROPN
fbem-27702	1	9	:	:	PUNCT
fbem-27702	1	10	2766	2766	NUM
fbem-27702	1	11	-	-	PUNCT
fbem-27702	1	12	824x	824x	NUM
fbem-27702	1	13	|	|	ADJ
fbem-27702	1	14	vol	vol	NOUN
fbem-27702	1	15	.	.	PROPN
fbem-27702	1	16	17	17	NUM
fbem-27702	1	17	,	,	PUNCT
fbem-27702	1	18	no	no	INTJ
fbem-27702	1	19	.	.	NOUN
fbem-27702	1	20	2	2	NUM
fbem-27702	1	21	,	,	PUNCT
fbem-27702	1	22	2024	2024	NUM
fbem-27702	1	23	357	357	NUM
fbem-27702	1	24	carbon	carbon	NOUN
fbem-27702	1	25	policy	policy	NOUN
fbem-27702	1	26	effect	effect	NOUN
fbem-27702	1	27	:	:	PUNCT
fbem-27702	1	28	dual	dual	ADJ
fbem-27702	1	29	carbon	carbon	NOUN
fbem-27702	1	30	strategy	strategy	NOUN
fbem-27702	1	31	on	on	ADP
fbem-27702	1	32	profitability	profitability	NOUN
fbem-27702	1	33	of	of	ADP
fbem-27702	1	34	manufacturing	manufacturing	NOUN
fbem-27702	1	35	enterprises	enterprise	NOUN
fbem-27702	1	36	qi	qi	PROPN
fbem-27702	1	37	xin	xin	PROPN
fbem-27702	1	38	1	1	NUM
fbem-27702	1	39	,	,	PUNCT
fbem-27702	1	40	*	*	PUNCT
fbem-27702	1	41	,	,	PUNCT
fbem-27702	1	42	xiaoping	xiaoping	PROPN
fbem-27702	1	43	yang	yang	PROPN
fbem-27702	1	44	2	2	NUM
fbem-27702	1	45	1	1	NUM
fbem-27702	1	46	applied	apply	VERB
fbem-27702	1	47	statistics	statistic	NOUN
fbem-27702	1	48	department	department	PROPN
fbem-27702	1	49	,	,	PUNCT
fbem-27702	1	50	zhejiang	zhejiang	PROPN
fbem-27702	1	51	university	university	PROPN
fbem-27702	1	52	of	of	ADP
fbem-27702	1	53	science	science	NOUN
fbem-27702	1	54	and	and	CCONJ
fbem-27702	1	55	technology	technology	NOUN
fbem-27702	1	56	,	,	PUNCT
fbem-27702	1	57	co	co	NOUN
fbem-27702	1	58	310000	310000	NUM
fbem-27702	1	59	,	,	PUNCT
fbem-27702	1	60	china	china	PROPN
fbem-27702	1	61	2	2	NUM
fbem-27702	1	62	international	international	PROPN
fbem-27702	1	63	business	business	NOUN
fbem-27702	1	64	department	department	PROPN
fbem-27702	1	65	,	,	PUNCT
fbem-27702	1	66	zhejiang	zhejiang	PROPN
fbem-27702	1	67	yuexiu	yuexiu	PROPN
fbem-27702	1	68	university	university	PROPN
fbem-27702	1	69	,	,	PUNCT
fbem-27702	1	70	boulder	boulder	NOUN
fbem-27702	1	71	,	,	PUNCT
fbem-27702	1	72	co	co	NOUN
fbem-27702	1	73	312000	312000	NUM
fbem-27702	1	74	,	,	PUNCT
fbem-27702	1	75	china	china	PROPN
fbem-27702	1	76	*	*	PUNCT
fbem-27702	1	77	corresponding	correspond	VERB
fbem-27702	1	78	author	author	NOUN
fbem-27702	1	79	:	:	PUNCT
fbem-27702	1	80	qi	qi	PROPN
fbem-27702	1	81	xin	xin	PROPN
fbem-27702	1	82	(	(	PUNCT
fbem-27702	1	83	email	email	NOUN
fbem-27702	1	84	:	:	PUNCT
fbem-27702	1	85	2547202935@qq.com	2547202935@qq.com	NUM
fbem-27702	1	86	)	)	PUNCT
fbem-27702	1	87	abstract	abstract	NOUN
fbem-27702	1	88	:	:	PUNCT
fbem-27702	1	89	the	the	DET
fbem-27702	1	90	manufacturing	manufacturing	NOUN
fbem-27702	1	91	industry	industry	NOUN
fbem-27702	1	92	is	be	AUX
fbem-27702	1	93	a	a	DET
fbem-27702	1	94	major	major	ADJ
fbem-27702	1	95	contributor	contributor	NOUN
fbem-27702	1	96	to	to	ADP
fbem-27702	1	97	the	the	DET
fbem-27702	1	98	carbon	carbon	NOUN
fbem-27702	1	99	emissions	emission	NOUN
fbem-27702	1	100	of	of	ADP
fbem-27702	1	101	china	china	PROPN
fbem-27702	1	102	.	.	PUNCT
fbem-27702	2	1	studying	study	VERB
fbem-27702	2	2	the	the	DET
fbem-27702	2	3	changes	change	NOUN
fbem-27702	2	4	in	in	ADP
fbem-27702	2	5	the	the	DET
fbem-27702	2	6	profitability	profitability	NOUN
fbem-27702	2	7	of	of	ADP
fbem-27702	2	8	manufacturing	manufacturing	NOUN
fbem-27702	2	9	enterprises	enterprise	NOUN
fbem-27702	2	10	is	be	AUX
fbem-27702	2	11	conducive	conducive	ADJ
fbem-27702	2	12	to	to	ADP
fbem-27702	2	13	observing	observe	VERB
fbem-27702	2	14	the	the	DET
fbem-27702	2	15	impacts	impact	NOUN
fbem-27702	2	16	and	and	CCONJ
fbem-27702	2	17	focuses	focus	VERB
fbem-27702	2	18	that	that	SCONJ
fbem-27702	2	19	the	the	DET
fbem-27702	2	20	"	"	PUNCT
fbem-27702	2	21	dual	dual	ADJ
fbem-27702	2	22	carbon	carbon	NOUN
fbem-27702	2	23	"	"	PUNCT
fbem-27702	2	24	goal	goal	NOUN
fbem-27702	2	25	brings	bring	VERB
fbem-27702	2	26	to	to	ADP
fbem-27702	2	27	manufacturing	manufacturing	NOUN
fbem-27702	2	28	enterprises	enterprise	NOUN
fbem-27702	2	29	,	,	PUNCT
fbem-27702	2	30	thereby	thereby	ADV
fbem-27702	2	31	better	well	ADV
fbem-27702	2	32	facilitating	facilitate	VERB
fbem-27702	2	33	the	the	DET
fbem-27702	2	34	achievement	achievement	NOUN
fbem-27702	2	35	of	of	ADP
fbem-27702	2	36	the	the	DET
fbem-27702	2	37	"	"	PUNCT
fbem-27702	2	38	dual	dual	ADJ
fbem-27702	2	39	carbon	carbon	NOUN
fbem-27702	2	40	"	"	PUNCT
fbem-27702	2	41	goal.this	goal.this	PRON
fbem-27702	2	42	paper	paper	NOUN
fbem-27702	2	43	organizes	organize	VERB
fbem-27702	2	44	a	a	DET
fbem-27702	2	45	total	total	NOUN
fbem-27702	2	46	of	of	ADP
fbem-27702	2	47	18,329	18,329	NUM
fbem-27702	2	48	sample	sample	NOUN
fbem-27702	2	49	data	datum	NOUN
fbem-27702	2	50	from	from	ADP
fbem-27702	2	51	3,061	3,061	NUM
fbem-27702	2	52	manufacturing	manufacturing	NOUN
fbem-27702	2	53	enterprises	enterprise	NOUN
fbem-27702	2	54	in	in	ADP
fbem-27702	2	55	china.it	china.it	DET
fbem-27702	2	56	shows	show	NOUN
fbem-27702	2	57	that	that	SCONJ
fbem-27702	2	58	the"dual	the"dual	PROPN
fbem-27702	2	59	carbon"policy	carbon"policy	NOUN
fbem-27702	2	60	significantly	significantly	ADV
fbem-27702	2	61	improved	improve	VERB
fbem-27702	2	62	the	the	DET
fbem-27702	2	63	profitability	profitability	NOUN
fbem-27702	2	64	of	of	ADP
fbem-27702	2	65	enterprises	enterprise	NOUN
fbem-27702	2	66	located	locate	VERB
fbem-27702	2	67	in	in	ADP
fbem-27702	2	68	regions	region	NOUN
fbem-27702	2	69	with	with	ADP
fbem-27702	2	70	well	well	ADV
fbem-27702	2	71	-	-	PUNCT
fbem-27702	2	72	established	establish	VERB
fbem-27702	2	73	low	low	ADJ
fbem-27702	2	74	-	-	PUNCT
fbem-27702	2	75	carbon	carbon	NOUN
fbem-27702	2	76	pilot	pilot	NOUN
fbem-27702	2	77	programs	program	NOUN
fbem-27702	2	78	.	.	PUNCT
fbem-27702	3	1	then	then	ADV
fbem-27702	3	2	,	,	PUNCT
fbem-27702	3	3	it	it	PRON
fbem-27702	3	4	’s	’s	AUX
fbem-27702	3	5	also	also	ADV
fbem-27702	3	6	found	find	VERB
fbem-27702	3	7	that	that	SCONJ
fbem-27702	3	8	strategy	strategy	NOUN
fbem-27702	3	9	has	have	VERB
fbem-27702	3	10	a	a	DET
fbem-27702	3	11	positive	positive	ADJ
fbem-27702	3	12	effect	effect	NOUN
fbem-27702	3	13	on	on	ADP
fbem-27702	3	14	profitability	profitability	NOUN
fbem-27702	3	15	for	for	ADP
fbem-27702	3	16	enterprises	enterprise	NOUN
fbem-27702	3	17	which	which	PRON
fbem-27702	3	18	belong	belong	VERB
fbem-27702	3	19	to	to	ADP
fbem-27702	3	20	the	the	DET
fbem-27702	3	21	eastern	eastern	ADJ
fbem-27702	3	22	region	region	NOUN
fbem-27702	3	23	,	,	PUNCT
fbem-27702	3	24	non	non	ADJ
fbem-27702	3	25	-	-	ADJ
fbem-27702	3	26	high	high	ADJ
fbem-27702	3	27	polluting	polluting	NOUN
fbem-27702	3	28	industries	industry	NOUN
fbem-27702	3	29	,	,	PUNCT
fbem-27702	3	30	or	or	CCONJ
fbem-27702	3	31	with	with	ADP
fbem-27702	3	32	high	high	ADJ
fbem-27702	3	33	ownership	ownership	NOUN
fbem-27702	3	34	concentration	concentration	NOUN
fbem-27702	3	35	.	.	PUNCT
fbem-27702	4	1	lastly	lastly	ADV
fbem-27702	4	2	,	,	PUNCT
fbem-27702	4	3	it	it	PRON
fbem-27702	4	4	’s	’s	AUX
fbem-27702	4	5	also	also	ADV
fbem-27702	4	6	discovered	discover	VERB
fbem-27702	4	7	that	that	SCONJ
fbem-27702	4	8	there	there	PRON
fbem-27702	4	9	is	be	VERB
fbem-27702	4	10	a	a	DET
fbem-27702	4	11	mediating	mediate	VERB
fbem-27702	4	12	effect	effect	NOUN
fbem-27702	4	13	of	of	ADP
fbem-27702	4	14	"	"	PUNCT
fbem-27702	4	15	dual	dual	ADJ
fbem-27702	4	16	carbon"strategy	carbon"strategy	NOUN
fbem-27702	4	17	which	which	PRON
fbem-27702	4	18	helps	help	VERB
fbem-27702	4	19	to	to	PART
fbem-27702	4	20	better	well	ADV
fbem-27702	4	21	understand	understand	VERB
fbem-27702	4	22	the	the	DET
fbem-27702	4	23	impact	impact	NOUN
fbem-27702	4	24	mechanism	mechanism	NOUN
fbem-27702	4	25	of	of	ADP
fbem-27702	4	26	improving	improve	VERB
fbem-27702	4	27	profitability	profitability	NOUN
fbem-27702	4	28	for	for	ADP
fbem-27702	4	29	manufacturing	manufacture	VERB
fbem-27702	4	30	enterprise	enterprise	NOUN
fbem-27702	4	31	under	under	ADP
fbem-27702	4	32	the	the	DET
fbem-27702	4	33	pressure	pressure	NOUN
fbem-27702	4	34	of	of	ADP
fbem-27702	4	35	regulation	regulation	NOUN
fbem-27702	4	36	.	.	PUNCT
fbem-27702	5	1	keywords	keyword	NOUN
fbem-27702	5	2	:	:	PUNCT
fbem-27702	5	3	"	"	PUNCT
fbem-27702	5	4	dual	dual	ADJ
fbem-27702	5	5	carbon	carbon	NOUN
fbem-27702	5	6	"	"	PUNCT
fbem-27702	5	7	strategy	strategy	NOUN
fbem-27702	5	8	,	,	PUNCT
fbem-27702	5	9	enterprise	enterprise	NOUN
fbem-27702	5	10	profitability	profitability	NOUN
fbem-27702	5	11	,	,	PUNCT
fbem-27702	5	12	mediating	mediate	VERB
fbem-27702	5	13	effect	effect	NOUN
fbem-27702	5	14	.	.	PUNCT
fbem-27702	6	1	1	1	X
fbem-27702	6	2	.	.	X
fbem-27702	6	3	introduction	introduction	NOUN
fbem-27702	6	4	as	as	ADP
fbem-27702	6	5	the	the	DET
fbem-27702	6	6	world	world	NOUN
fbem-27702	6	7	's	's	PART
fbem-27702	6	8	largest	large	ADJ
fbem-27702	6	9	manufacturing	manufacturing	NOUN
fbem-27702	6	10	country	country	NOUN
fbem-27702	6	11	,	,	PUNCT
fbem-27702	6	12	the	the	DET
fbem-27702	6	13	development	development	NOUN
fbem-27702	6	14	of	of	ADP
fbem-27702	6	15	manufacturing	manufacturing	NOUN
fbem-27702	6	16	enterprises	enterprise	NOUN
fbem-27702	6	17	in	in	ADP
fbem-27702	6	18	china	china	PROPN
fbem-27702	6	19	has	have	AUX
fbem-27702	6	20	also	also	ADV
fbem-27702	6	21	encountered	encounter	VERB
fbem-27702	6	22	new	new	ADJ
fbem-27702	6	23	challenges	challenge	NOUN
fbem-27702	6	24	in	in	ADP
fbem-27702	6	25	line	line	NOUN
fbem-27702	6	26	with	with	ADP
fbem-27702	6	27	the	the	DET
fbem-27702	6	28	requirements	requirement	NOUN
fbem-27702	6	29	of	of	ADP
fbem-27702	6	30	a	a	DET
fbem-27702	6	31	low	low	ADJ
fbem-27702	6	32	-	-	PUNCT
fbem-27702	6	33	carbon	carbon	NOUN
fbem-27702	6	34	economy	economy	NOUN
fbem-27702	6	35	.	.	PUNCT
fbem-27702	7	1	as	as	ADP
fbem-27702	7	2	the	the	DET
fbem-27702	7	3	most	most	ADV
fbem-27702	7	4	prominent	prominent	ADJ
fbem-27702	7	5	sector	sector	NOUN
fbem-27702	7	6	in	in	ADP
fbem-27702	7	7	china	china	PROPN
fbem-27702	7	8	's	's	PART
fbem-27702	7	9	carbon	carbon	NOUN
fbem-27702	7	10	emissions	emission	NOUN
fbem-27702	7	11	,	,	PUNCT
fbem-27702	7	12	the	the	DET
fbem-27702	7	13	manufacturing	manufacture	VERB
fbem-27702	7	14	sector	sector	NOUN
fbem-27702	7	15	accounts	account	VERB
fbem-27702	7	16	for	for	ADP
fbem-27702	7	17	more	more	ADJ
fbem-27702	7	18	than	than	ADP
fbem-27702	7	19	half	half	NOUN
fbem-27702	7	20	of	of	ADP
fbem-27702	7	21	the	the	DET
fbem-27702	7	22	country	country	NOUN
fbem-27702	7	23	's	's	PART
fbem-27702	7	24	total	total	ADJ
fbem-27702	7	25	emissions	emission	NOUN
fbem-27702	7	26	.	.	PUNCT
fbem-27702	8	1	therefore	therefore	ADV
fbem-27702	8	2	,	,	PUNCT
fbem-27702	8	3	the	the	DET
fbem-27702	8	4	carbon	carbon	NOUN
fbem-27702	8	5	emission	emission	NOUN
fbem-27702	8	6	reduction	reduction	NOUN
fbem-27702	8	7	effect	effect	NOUN
fbem-27702	8	8	of	of	ADP
fbem-27702	8	9	manufacturing	manufacturing	NOUN
fbem-27702	8	10	enterprises	enterprise	NOUN
fbem-27702	8	11	is	be	AUX
fbem-27702	8	12	directly	directly	ADV
fbem-27702	8	13	related	relate	VERB
fbem-27702	8	14	to	to	ADP
fbem-27702	8	15	the	the	DET
fbem-27702	8	16	effectiveness	effectiveness	NOUN
fbem-27702	8	17	of	of	ADP
fbem-27702	8	18	china	china	PROPN
fbem-27702	8	19	's	's	PART
fbem-27702	8	20	carbon	carbon	NOUN
fbem-27702	8	21	emission	emission	NOUN
fbem-27702	8	22	reduction	reduction	NOUN
fbem-27702	8	23	and	and	CCONJ
fbem-27702	8	24	the	the	DET
fbem-27702	8	25	realization	realization	NOUN
fbem-27702	8	26	of	of	ADP
fbem-27702	8	27	the	the	DET
fbem-27702	8	28	"	"	PUNCT
fbem-27702	8	29	dual	dual	ADJ
fbem-27702	8	30	carbon	carbon	NOUN
fbem-27702	8	31	"	"	PUNCT
fbem-27702	8	32	goal	goal	NOUN
fbem-27702	8	33	.	.	PUNCT
fbem-27702	9	1	in	in	ADP
fbem-27702	9	2	the	the	DET
fbem-27702	9	3	study	study	NOUN
fbem-27702	9	4	of	of	ADP
fbem-27702	9	5	policies	policy	NOUN
fbem-27702	9	6	,	,	PUNCT
fbem-27702	9	7	tan	tan	PROPN
fbem-27702	9	8	xianchun	xianchun	PROPN
fbem-27702	9	9	et	et	PROPN
fbem-27702	9	10	al	al	PROPN
fbem-27702	9	11	.	.	PROPN
fbem-27702	10	1	(	(	PUNCT
fbem-27702	10	2	2022	2022	NUM
fbem-27702	10	3	)	)	PUNCT
fbem-27702	10	4	summarized	summarize	VERB
fbem-27702	10	5	168	168	NUM
fbem-27702	10	6	policies	policy	NOUN
fbem-27702	10	7	around	around	ADP
fbem-27702	10	8	low	low	ADJ
fbem-27702	10	9	-	-	PUNCT
fbem-27702	10	10	carbon	carbon	NOUN
fbem-27702	10	11	development	development	NOUN
fbem-27702	10	12	in	in	ADP
fbem-27702	10	13	china	china	PROPN
fbem-27702	10	14	during	during	ADP
fbem-27702	10	15	the	the	DET
fbem-27702	10	16	period	period	NOUN
fbem-27702	10	17	of	of	ADP
fbem-27702	10	18	2007	2007	NUM
fbem-27702	10	19	-	-	SYM
fbem-27702	10	20	2021	2021	NUM
fbem-27702	10	21	,	,	PUNCT
fbem-27702	10	22	and	and	CCONJ
fbem-27702	10	23	found	find	VERB
fbem-27702	10	24	that	that	SCONJ
fbem-27702	10	25	compared	compare	VERB
fbem-27702	10	26	with	with	ADP
fbem-27702	10	27	the	the	DET
fbem-27702	10	28	previous	previous	ADJ
fbem-27702	10	29	implementation	implementation	NOUN
fbem-27702	10	30	of	of	ADP
fbem-27702	10	31	low	low	ADJ
fbem-27702	10	32	-	-	PUNCT
fbem-27702	10	33	carbon	carbon	NOUN
fbem-27702	10	34	policies	policy	NOUN
fbem-27702	10	35	relying	rely	VERB
fbem-27702	10	36	on	on	ADP
fbem-27702	10	37	administrative	administrative	ADJ
fbem-27702	10	38	orders	order	NOUN
fbem-27702	10	39	,	,	PUNCT
fbem-27702	10	40	market	market	NOUN
fbem-27702	10	41	-	-	PUNCT
fbem-27702	10	42	oriented	orient	VERB
fbem-27702	10	43	means	mean	NOUN
fbem-27702	10	44	have	have	AUX
fbem-27702	10	45	now	now	ADV
fbem-27702	10	46	become	become	VERB
fbem-27702	10	47	an	an	DET
fbem-27702	10	48	important	important	ADJ
fbem-27702	10	49	direction	direction	NOUN
fbem-27702	10	50	,	,	PUNCT
fbem-27702	10	51	especially	especially	ADV
fbem-27702	10	52	through	through	ADP
fbem-27702	10	53	fiscal	fiscal	ADJ
fbem-27702	10	54	policy	policy	NOUN
fbem-27702	10	55	.	.	PUNCT
fbem-27702	11	1	currently	currently	ADV
fbem-27702	11	2	,	,	PUNCT
fbem-27702	11	3	the	the	DET
fbem-27702	11	4	assessment	assessment	NOUN
fbem-27702	11	5	of	of	ADP
fbem-27702	11	6	corporate	corporate	ADJ
fbem-27702	11	7	profitability	profitability	NOUN
fbem-27702	11	8	is	be	AUX
fbem-27702	11	9	generally	generally	ADV
fbem-27702	11	10	integrated	integrate	VERB
fbem-27702	11	11	into	into	ADP
fbem-27702	11	12	the	the	DET
fbem-27702	11	13	dupont	dupont	PROPN
fbem-27702	11	14	analytical	analytical	ADJ
fbem-27702	11	15	management	management	NOUN
fbem-27702	11	16	system	system	NOUN
fbem-27702	11	17	,	,	PUNCT
fbem-27702	11	18	which	which	PRON
fbem-27702	11	19	is	be	AUX
fbem-27702	11	20	designed	design	VERB
fbem-27702	11	21	to	to	PART
fbem-27702	11	22	realize	realize	VERB
fbem-27702	11	23	targeted	targeted	ADJ
fbem-27702	11	24	analysis	analysis	NOUN
fbem-27702	11	25	through	through	ADP
fbem-27702	11	26	the	the	DET
fbem-27702	11	27	detailed	detailed	ADJ
fbem-27702	11	28	deconstruction	deconstruction	NOUN
fbem-27702	11	29	of	of	ADP
fbem-27702	11	30	profitability	profitability	NOUN
fbem-27702	11	31	indicators	indicator	NOUN
fbem-27702	11	32	and	and	CCONJ
fbem-27702	11	33	in	in	ADP
fbem-27702	11	34	-	-	PUNCT
fbem-27702	11	35	depth	depth	NOUN
fbem-27702	11	36	analysis	analysis	NOUN
fbem-27702	11	37	of	of	ADP
fbem-27702	11	38	various	various	ADJ
fbem-27702	11	39	key	key	ADJ
fbem-27702	11	40	elements	element	NOUN
fbem-27702	11	41	affecting	affect	VERB
fbem-27702	11	42	corporate	corporate	ADJ
fbem-27702	11	43	profitability	profitability	NOUN
fbem-27702	11	44	.	.	PUNCT
fbem-27702	12	1	the	the	DET
fbem-27702	12	2	system	system	NOUN
fbem-27702	12	3	can	can	AUX
fbem-27702	12	4	meet	meet	VERB
fbem-27702	12	5	the	the	DET
fbem-27702	12	6	needs	need	NOUN
fbem-27702	12	7	of	of	ADP
fbem-27702	12	8	operators	operator	NOUN
fbem-27702	12	9	,	,	PUNCT
fbem-27702	12	10	investors	investor	NOUN
fbem-27702	12	11	,	,	PUNCT
fbem-27702	12	12	financial	financial	ADJ
fbem-27702	12	13	practitioners	practitioner	NOUN
fbem-27702	12	14	and	and	CCONJ
fbem-27702	12	15	other	other	ADJ
fbem-27702	12	16	stakeholders	stakeholder	NOUN
fbem-27702	12	17	for	for	ADP
fbem-27702	12	18	performance	performance	NOUN
fbem-27702	12	19	assessment	assessment	NOUN
fbem-27702	12	20	through	through	ADP
fbem-27702	12	21	accounting	accounting	NOUN
fbem-27702	12	22	analysis	analysis	NOUN
fbem-27702	12	23	.	.	PUNCT
fbem-27702	13	1	in	in	ADP
fbem-27702	13	2	addition	addition	NOUN
fbem-27702	13	3	,	,	PUNCT
fbem-27702	13	4	another	another	DET
fbem-27702	13	5	perspective	perspective	NOUN
fbem-27702	13	6	for	for	ADP
fbem-27702	13	7	assessing	assess	VERB
fbem-27702	13	8	the	the	DET
fbem-27702	13	9	profitability	profitability	NOUN
fbem-27702	13	10	of	of	ADP
fbem-27702	13	11	an	an	DET
fbem-27702	13	12	enterprise	enterprise	NOUN
fbem-27702	13	13	focuses	focus	VERB
fbem-27702	13	14	more	more	ADJ
fbem-27702	13	15	on	on	ADP
fbem-27702	13	16	the	the	DET
fbem-27702	13	17	efficiency	efficiency	NOUN
fbem-27702	13	18	and	and	CCONJ
fbem-27702	13	19	quality	quality	NOUN
fbem-27702	13	20	of	of	ADP
fbem-27702	13	21	the	the	DET
fbem-27702	13	22	enterprise	enterprise	NOUN
fbem-27702	13	23	's	's	PART
fbem-27702	13	24	own	own	ADJ
fbem-27702	13	25	financial	financial	ADJ
fbem-27702	13	26	operations	operation	NOUN
fbem-27702	13	27	,	,	PUNCT
fbem-27702	13	28	especially	especially	ADV
fbem-27702	13	29	in	in	ADP
fbem-27702	13	30	terms	term	NOUN
fbem-27702	13	31	of	of	ADP
fbem-27702	13	32	financial	financial	ADJ
fbem-27702	13	33	performance	performance	NOUN
fbem-27702	13	34	,	,	PUNCT
fbem-27702	13	35	which	which	PRON
fbem-27702	13	36	focuses	focus	VERB
fbem-27702	13	37	on	on	ADP
fbem-27702	13	38	measuring	measure	VERB
fbem-27702	13	39	its	its	PRON
fbem-27702	13	40	profitability	profitability	NOUN
fbem-27702	13	41	by	by	ADP
fbem-27702	13	42	examining	examine	VERB
fbem-27702	13	43	the	the	DET
fbem-27702	13	44	enterprise	enterprise	NOUN
fbem-27702	13	45	's	's	PART
fbem-27702	13	46	financial	financial	ADJ
fbem-27702	13	47	performance	performance	NOUN
fbem-27702	13	48	,	,	PUNCT
fbem-27702	13	49	such	such	ADJ
fbem-27702	13	50	as	as	ADP
fbem-27702	13	51	financial	financial	ADJ
fbem-27702	13	52	performance	performance	NOUN
fbem-27702	13	53	,	,	PUNCT
fbem-27702	13	54	which	which	PRON
fbem-27702	13	55	is	be	AUX
fbem-27702	13	56	mainly	mainly	ADV
fbem-27702	13	57	reflected	reflect	VERB
fbem-27702	13	58	in	in	ADP
fbem-27702	13	59	indicators	indicator	NOUN
fbem-27702	13	60	such	such	ADJ
fbem-27702	13	61	as	as	ADP
fbem-27702	13	62	return	return	NOUN
fbem-27702	13	63	on	on	ADP
fbem-27702	13	64	assets	asset	NOUN
fbem-27702	13	65	(	(	PUNCT
fbem-27702	13	66	roa	roa	NOUN
fbem-27702	13	67	)	)	PUNCT
fbem-27702	13	68	,	,	PUNCT
fbem-27702	13	69	return	return	VERB
fbem-27702	13	70	on	on	ADP
fbem-27702	13	71	equity	equity	NOUN
fbem-27702	13	72	(	(	PUNCT
fbem-27702	13	73	roe	roe	PROPN
fbem-27702	13	74	)	)	PUNCT
fbem-27702	13	75	,	,	PUNCT
fbem-27702	13	76	and	and	CCONJ
fbem-27702	13	77	so	so	ADV
fbem-27702	13	78	on	on	ADV
fbem-27702	13	79	.	.	PUNCT
fbem-27702	14	1	different	different	ADJ
fbem-27702	14	2	indicators	indicator	NOUN
fbem-27702	14	3	used	use	VERB
fbem-27702	14	4	can	can	AUX
fbem-27702	14	5	also	also	ADV
fbem-27702	14	6	affect	affect	VERB
fbem-27702	14	7	the	the	DET
fbem-27702	14	8	results	result	NOUN
fbem-27702	14	9	of	of	ADP
fbem-27702	14	10	empirical	empirical	ADJ
fbem-27702	14	11	research	research	NOUN
fbem-27702	14	12	.	.	PUNCT
fbem-27702	15	1	some	some	DET
fbem-27702	15	2	scholars	scholar	NOUN
fbem-27702	15	3	'	'	PART
fbem-27702	15	4	statistics	statistic	NOUN
fbem-27702	15	5	on	on	ADP
fbem-27702	15	6	the	the	DET
fbem-27702	15	7	literature	literature	NOUN
fbem-27702	15	8	using	use	VERB
fbem-27702	15	9	corporate	corporate	ADJ
fbem-27702	15	10	financial	financial	ADJ
fbem-27702	15	11	performance	performance	NOUN
fbem-27702	15	12	as	as	ADP
fbem-27702	15	13	the	the	DET
fbem-27702	15	14	object	object	NOUN
fbem-27702	15	15	of	of	ADP
fbem-27702	15	16	research	research	NOUN
fbem-27702	15	17	from	from	ADP
fbem-27702	15	18	1972	1972	NUM
fbem-27702	15	19	to	to	ADP
fbem-27702	15	20	2012	2012	NUM
fbem-27702	15	21	found	find	VERB
fbem-27702	15	22	that	that	SCONJ
fbem-27702	15	23	most	most	ADJ
fbem-27702	15	24	of	of	ADP
fbem-27702	15	25	the	the	DET
fbem-27702	15	26	literature	literature	NOUN
fbem-27702	15	27	used	use	VERB
fbem-27702	15	28	the	the	DET
fbem-27702	15	29	accounting	accounting	NOUN
fbem-27702	15	30	indicators	indicator	NOUN
fbem-27702	15	31	of	of	ADP
fbem-27702	15	32	return	return	NOUN
fbem-27702	15	33	on	on	ADP
fbem-27702	15	34	assets	asset	NOUN
fbem-27702	15	35	(	(	PUNCT
fbem-27702	15	36	roa	roa	NOUN
fbem-27702	15	37	)	)	PUNCT
fbem-27702	15	38	,	,	PUNCT
fbem-27702	15	39	return	return	VERB
fbem-27702	15	40	on	on	ADP
fbem-27702	15	41	equity	equity	NOUN
fbem-27702	15	42	(	(	PUNCT
fbem-27702	15	43	roe	roe	PROPN
fbem-27702	15	44	)	)	PUNCT
fbem-27702	15	45	,	,	PUNCT
fbem-27702	15	46	and	and	CCONJ
fbem-27702	15	47	return	return	VERB
fbem-27702	15	48	on	on	ADP
fbem-27702	15	49	sales	sale	NOUN
fbem-27702	15	50	(	(	PUNCT
fbem-27702	15	51	ros	ros	PROPN
fbem-27702	15	52	)	)	PUNCT
fbem-27702	15	53	as	as	ADP
fbem-27702	15	54	financial	financial	ADJ
fbem-27702	15	55	performance	performance	NOUN
fbem-27702	15	56	measure	measure	NOUN
fbem-27702	15	57	.	.	PUNCT
fbem-27702	16	1	secondly	secondly	ADV
fbem-27702	16	2	,	,	PUNCT
fbem-27702	16	3	tobin	tobin	PROPN
fbem-27702	16	4	's	's	PART
fbem-27702	16	5	q	q	NOUN
fbem-27702	16	6	,	,	PUNCT
fbem-27702	16	7	which	which	PRON
fbem-27702	16	8	represents	represent	VERB
fbem-27702	16	9	market	market	NOUN
fbem-27702	16	10	indicators	indicator	NOUN
fbem-27702	16	11	,	,	PUNCT
fbem-27702	16	12	is	be	AUX
fbem-27702	16	13	used	use	VERB
fbem-27702	16	14	as	as	ADP
fbem-27702	16	15	a	a	DET
fbem-27702	16	16	financial	financial	ADJ
fbem-27702	16	17	performance	performance	NOUN
fbem-27702	16	18	measure	measure	NOUN
fbem-27702	16	19	.	.	PUNCT
fbem-27702	17	1	however	however	ADV
fbem-27702	17	2	,	,	PUNCT
fbem-27702	17	3	using	use	VERB
fbem-27702	17	4	stock	stock	NOUN
fbem-27702	17	5	return	return	NOUN
fbem-27702	17	6	as	as	ADP
fbem-27702	17	7	a	a	DET
fbem-27702	17	8	financial	financial	ADJ
fbem-27702	17	9	performance	performance	NOUN
fbem-27702	17	10	indicator	indicator	NOUN
fbem-27702	17	11	,	,	PUNCT
fbem-27702	17	12	the	the	DET
fbem-27702	17	13	empirical	empirical	ADJ
fbem-27702	17	14	results	result	NOUN
fbem-27702	17	15	are	be	AUX
fbem-27702	17	16	in	in	ADP
fbem-27702	17	17	the	the	DET
fbem-27702	17	18	opposite	opposite	ADJ
fbem-27702	17	19	direction	direction	NOUN
fbem-27702	17	20	compared	compare	VERB
fbem-27702	17	21	to	to	ADP
fbem-27702	17	22	the	the	DET
fbem-27702	17	23	above	above	ADJ
fbem-27702	17	24	measures	measure	NOUN
fbem-27702	17	25	.	.	PUNCT
fbem-27702	18	1	this	this	DET
fbem-27702	18	2	paper	paper	NOUN
fbem-27702	18	3	is	be	AUX
fbem-27702	18	4	an	an	DET
fbem-27702	18	5	empirical	empirical	ADJ
fbem-27702	18	6	study	study	NOUN
fbem-27702	18	7	based	base	VERB
fbem-27702	18	8	on	on	ADP
fbem-27702	18	9	the	the	DET
fbem-27702	18	10	theme	theme	NOUN
fbem-27702	18	11	of	of	ADP
fbem-27702	18	12	the	the	DET
fbem-27702	18	13	impact	impact	NOUN
fbem-27702	18	14	of	of	ADP
fbem-27702	18	15	the	the	DET
fbem-27702	18	16	"	"	PUNCT
fbem-27702	18	17	dual	dual	ADJ
fbem-27702	18	18	carbon	carbon	NOUN
fbem-27702	18	19	"	"	PUNCT
fbem-27702	18	20	target	target	NOUN
fbem-27702	18	21	on	on	ADP
fbem-27702	18	22	the	the	DET
fbem-27702	18	23	profitability	profitability	NOUN
fbem-27702	18	24	of	of	ADP
fbem-27702	18	25	listed	list	VERB
fbem-27702	18	26	manufacturing	manufacturing	NOUN
fbem-27702	18	27	enterprises	enterprise	NOUN
fbem-27702	18	28	,	,	PUNCT
fbem-27702	18	29	which	which	PRON
fbem-27702	18	30	can	can	AUX
fbem-27702	18	31	be	be	AUX
fbem-27702	18	32	roughly	roughly	ADV
fbem-27702	18	33	divided	divide	VERB
fbem-27702	18	34	into	into	ADP
fbem-27702	18	35	five	five	NUM
fbem-27702	18	36	parts	part	NOUN
fbem-27702	18	37	:	:	PUNCT
fbem-27702	18	38	the	the	DET
fbem-27702	18	39	first	first	ADJ
fbem-27702	18	40	part	part	NOUN
fbem-27702	18	41	is	be	AUX
fbem-27702	18	42	the	the	DET
fbem-27702	18	43	introduction	introduction	NOUN
fbem-27702	18	44	,	,	PUNCT
fbem-27702	18	45	which	which	PRON
fbem-27702	18	46	will	will	AUX
fbem-27702	18	47	mainly	mainly	ADV
fbem-27702	18	48	introduce	introduce	VERB
fbem-27702	18	49	the	the	DET
fbem-27702	18	50	"	"	PUNCT
fbem-27702	18	51	dual	dual	ADJ
fbem-27702	18	52	carbon	carbon	NOUN
fbem-27702	18	53	"	"	PUNCT
fbem-27702	18	54	target	target	NOUN
fbem-27702	18	55	proposed	propose	VERB
fbem-27702	18	56	to	to	PART
fbem-27702	18	57	solve	solve	VERB
fbem-27702	18	58	the	the	DET
fbem-27702	18	59	outstanding	outstanding	ADJ
fbem-27702	18	60	problems	problem	NOUN
fbem-27702	18	61	of	of	ADP
fbem-27702	18	62	resource	resource	NOUN
fbem-27702	18	63	and	and	CCONJ
fbem-27702	18	64	environmental	environmental	ADJ
fbem-27702	18	65	constraints	constraint	NOUN
fbem-27702	18	66	,	,	PUNCT
fbem-27702	18	67	and	and	CCONJ
fbem-27702	18	68	the	the	DET
fbem-27702	18	69	literature	literature	PROPN
fbem-27702	18	70	review	review	PROPN
fbem-27702	18	71	.	.	PUNCT
fbem-27702	19	1	the	the	DET
fbem-27702	19	2	second	second	ADJ
fbem-27702	19	3	part	part	NOUN
fbem-27702	19	4	introduces	introduce	VERB
fbem-27702	19	5	research	research	NOUN
fbem-27702	19	6	hypothesis	hypothesis	NOUN
fbem-27702	19	7	.	.	PUNCT
fbem-27702	20	1	the	the	DET
fbem-27702	20	2	third	third	ADJ
fbem-27702	20	3	part	part	NOUN
fbem-27702	20	4	is	be	AUX
fbem-27702	20	5	variables	variable	NOUN
fbem-27702	20	6	and	and	CCONJ
fbem-27702	20	7	model	model	NOUN
fbem-27702	20	8	.	.	PUNCT
fbem-27702	21	1	the	the	DET
fbem-27702	21	2	fourth	fourth	ADJ
fbem-27702	21	3	part	part	NOUN
fbem-27702	21	4	is	be	AUX
fbem-27702	21	5	the	the	DET
fbem-27702	21	6	empirical	empirical	ADJ
fbem-27702	21	7	analysis	analysis	NOUN
fbem-27702	21	8	.	.	PUNCT
fbem-27702	22	1	the	the	DET
fbem-27702	22	2	fifth	fifth	ADJ
fbem-27702	22	3	part	part	NOUN
fbem-27702	22	4	is	be	AUX
fbem-27702	22	5	the	the	DET
fbem-27702	22	6	research	research	NOUN
fbem-27702	22	7	conclusion	conclusion	NOUN
fbem-27702	22	8	.	.	PUNCT
fbem-27702	23	1	2	2	X
fbem-27702	23	2	.	.	X
fbem-27702	23	3	research	research	NOUN
fbem-27702	23	4	hypothesis	hypothesis	NOUN
fbem-27702	23	5	before	before	ADP
fbem-27702	23	6	the	the	DET
fbem-27702	23	7	dual	dual	ADJ
fbem-27702	23	8	carbon	carbon	NOUN
fbem-27702	23	9	goals	goal	NOUN
fbem-27702	23	10	,	,	PUNCT
fbem-27702	23	11	china	china	PROPN
fbem-27702	23	12	had	have	AUX
fbem-27702	23	13	already	already	ADV
fbem-27702	23	14	begun	begin	VERB
fbem-27702	23	15	to	to	PART
fbem-27702	23	16	implement	implement	VERB
fbem-27702	23	17	a	a	DET
fbem-27702	23	18	low	low	ADJ
fbem-27702	23	19	-	-	PUNCT
fbem-27702	23	20	carbon	carbon	NOUN
fbem-27702	23	21	pilot	pilot	NOUN
fbem-27702	23	22	city	city	NOUN
fbem-27702	23	23	policy	policy	NOUN
fbem-27702	23	24	.	.	PUNCT
fbem-27702	24	1	a	a	DET
fbem-27702	24	2	total	total	NOUN
fbem-27702	24	3	of	of	ADP
fbem-27702	24	4	74	74	NUM
fbem-27702	24	5	cities	city	NOUN
fbem-27702	24	6	were	be	AUX
fbem-27702	24	7	selected	select	VERB
fbem-27702	24	8	as	as	ADP
fbem-27702	24	9	low	low	ADJ
fbem-27702	24	10	-	-	PUNCT
fbem-27702	24	11	carbon	carbon	NOUN
fbem-27702	24	12	pilot	pilot	NOUN
fbem-27702	24	13	cities	city	NOUN
fbem-27702	24	14	,	,	PUNCT
fbem-27702	24	15	of	of	ADP
fbem-27702	24	16	which	which	PRON
fbem-27702	24	17	40	40	NUM
fbem-27702	24	18	regions	region	NOUN
fbem-27702	24	19	implemented	implement	VERB
fbem-27702	24	20	well	well	ADV
fbem-27702	24	21	according	accord	VERB
fbem-27702	24	22	to	to	ADP
fbem-27702	24	23	a	a	DET
fbem-27702	24	24	report	report	NOUN
fbem-27702	24	25	announced	announce	VERB
fbem-27702	24	26	by	by	ADP
fbem-27702	24	27	government	government	NOUN
fbem-27702	24	28	in	in	ADP
fbem-27702	24	29	2023.so	2023.so	NUM
fbem-27702	24	30	it	it	PRON
fbem-27702	24	31	is	be	AUX
fbem-27702	24	32	beneficial	beneficial	ADJ
fbem-27702	24	33	to	to	PART
fbem-27702	24	34	observe	observe	VERB
fbem-27702	24	35	the	the	DET
fbem-27702	24	36	difference	difference	NOUN
fbem-27702	24	37	between	between	ADP
fbem-27702	24	38	the	the	DET
fbem-27702	24	39	profitability	profitability	NOUN
fbem-27702	24	40	of	of	ADP
fbem-27702	24	41	manufacturing	manufacturing	NOUN
fbem-27702	24	42	enterprises	enterprise	NOUN
fbem-27702	24	43	in	in	ADP
fbem-27702	24	44	low	low	ADJ
fbem-27702	24	45	-	-	PUNCT
fbem-27702	24	46	carbon	carbon	NOUN
fbem-27702	24	47	pilot	pilot	NOUN
fbem-27702	24	48	areas	area	NOUN
fbem-27702	24	49	and	and	CCONJ
fbem-27702	24	50	other	other	ADJ
fbem-27702	24	51	regions	region	NOUN
fbem-27702	24	52	to	to	PART
fbem-27702	24	53	observe	observe	VERB
fbem-27702	24	54	whether	whether	SCONJ
fbem-27702	24	55	the	the	DET
fbem-27702	24	56	profitability	profitability	NOUN
fbem-27702	24	57	of	of	ADP
fbem-27702	24	58	manufacturing	manufacturing	NOUN
fbem-27702	24	59	enterprises	enterprise	NOUN
fbem-27702	24	60	registered	register	VERB
fbem-27702	24	61	in	in	ADP
fbem-27702	24	62	low	low	ADJ
fbem-27702	24	63	-	-	PUNCT
fbem-27702	24	64	carbon	carbon	NOUN
fbem-27702	24	65	pilot	pilot	NOUN
fbem-27702	24	66	cities	city	NOUN
fbem-27702	24	67	will	will	AUX
fbem-27702	24	68	be	be	AUX
fbem-27702	24	69	affected	affect	VERB
fbem-27702	24	70	by	by	ADP
fbem-27702	24	71	the	the	DET
fbem-27702	24	72	"	"	PUNCT
fbem-27702	24	73	dual	dual	ADJ
fbem-27702	24	74	carbon	carbon	NOUN
fbem-27702	24	75	"	"	PUNCT
fbem-27702	24	76	goal	goal	NOUN
fbem-27702	24	77	.	.	PUNCT
fbem-27702	25	1	according	accord	VERB
fbem-27702	25	2	to	to	ADP
fbem-27702	25	3	the	the	DET
fbem-27702	25	4	spillover	spillover	NOUN
fbem-27702	25	5	effect	effect	NOUN
fbem-27702	25	6	,	,	PUNCT
fbem-27702	25	7	the	the	DET
fbem-27702	25	8	"	"	PUNCT
fbem-27702	25	9	dual	dual	ADJ
fbem-27702	25	10	-	-	PUNCT
fbem-27702	25	11	carbon	carbon	NOUN
fbem-27702	25	12	"	"	PUNCT
fbem-27702	25	13	goal	goal	NOUN
fbem-27702	25	14	,	,	PUNCT
fbem-27702	25	15	as	as	ADP
fbem-27702	25	16	an	an	DET
fbem-27702	25	17	environmental	environmental	ADJ
fbem-27702	25	18	requirement	requirement	NOUN
fbem-27702	25	19	with	with	ADP
fbem-27702	25	20	corresponding	correspond	VERB
fbem-27702	25	21	policies	policy	NOUN
fbem-27702	25	22	to	to	PART
fbem-27702	25	23	help	help	VERB
fbem-27702	25	24	realize	realize	VERB
fbem-27702	25	25	it	it	PRON
fbem-27702	25	26	,	,	PUNCT
fbem-27702	25	27	can	can	AUX
fbem-27702	25	28	be	be	AUX
fbem-27702	25	29	used	use	VERB
fbem-27702	25	30	as	as	ADP
fbem-27702	25	31	an	an	DET
fbem-27702	25	32	environmental	environmental	ADJ
fbem-27702	25	33	regulation	regulation	NOUN
fbem-27702	25	34	policy	policy	NOUN
fbem-27702	25	35	to	to	PART
fbem-27702	25	36	study	study	VERB
fbem-27702	25	37	its	its	PRON
fbem-27702	25	38	impact	impact	NOUN
fbem-27702	25	39	on	on	ADP
fbem-27702	25	40	corporate	corporate	ADJ
fbem-27702	25	41	profitability	profitability	NOUN
fbem-27702	25	42	.	.	PUNCT
fbem-27702	26	1	one	one	NUM
fbem-27702	26	2	dimension	dimension	NOUN
fbem-27702	26	3	of	of	ADP
fbem-27702	26	4	environmental	environmental	ADJ
fbem-27702	26	5	regulation	regulation	NOUN
fbem-27702	26	6	that	that	PRON
fbem-27702	26	7	should	should	AUX
fbem-27702	26	8	not	not	PART
fbem-27702	26	9	be	be	AUX
fbem-27702	26	10	overlooked	overlook	VERB
fbem-27702	26	11	in	in	ADP
fbem-27702	26	12	different	different	ADJ
fbem-27702	26	13	regions	region	NOUN
fbem-27702	26	14	is	be	AUX
fbem-27702	26	15	whether	whether	SCONJ
fbem-27702	26	16	local	local	ADJ
fbem-27702	26	17	governments	government	NOUN
fbem-27702	26	18	are	be	AUX
fbem-27702	26	19	inclined	incline	VERB
fbem-27702	26	20	to	to	PART
fbem-27702	26	21	adopt	adopt	VERB
fbem-27702	26	22	strategic	strategic	ADJ
fbem-27702	26	23	environmental	environmental	ADJ
fbem-27702	26	24	policies	policy	NOUN
fbem-27702	26	25	in	in	ADP
fbem-27702	26	26	order	order	NOUN
fbem-27702	26	27	to	to	PART
fbem-27702	26	28	pursue	pursue	VERB
fbem-27702	26	29	economic	economic	ADJ
fbem-27702	26	30	growth	growth	NOUN
fbem-27702	26	31	and	and	CCONJ
fbem-27702	26	32	achieve	achieve	VERB
fbem-27702	26	33	good	good	ADJ
fbem-27702	26	34	results	result	NOUN
fbem-27702	26	35	.	.	PUNCT
fbem-27702	27	1	in	in	ADP
fbem-27702	27	2	light	light	NOUN
fbem-27702	27	3	358	358	NUM
fbem-27702	27	4	of	of	ADP
fbem-27702	27	5	the	the	DET
fbem-27702	27	6	current	current	ADJ
fbem-27702	27	7	widespread	widespread	ADJ
fbem-27702	27	8	environmental	environmental	ADJ
fbem-27702	27	9	pollution	pollution	NOUN
fbem-27702	27	10	challenges	challenge	NOUN
fbem-27702	27	11	,	,	PUNCT
fbem-27702	27	12	academic	academic	ADJ
fbem-27702	27	13	studies	study	NOUN
fbem-27702	27	14	have	have	AUX
fbem-27702	27	15	shown	show	VERB
fbem-27702	27	16	that	that	SCONJ
fbem-27702	27	17	local	local	ADJ
fbem-27702	27	18	governments	government	NOUN
fbem-27702	27	19	exhibit	exhibit	VERB
fbem-27702	27	20	a	a	DET
fbem-27702	27	21	"	"	PUNCT
fbem-27702	27	22	downward	downward	ADJ
fbem-27702	27	23	competition	competition	NOUN
fbem-27702	27	24	"	"	PUNCT
fbem-27702	27	25	or	or	CCONJ
fbem-27702	27	26	"	"	PUNCT
fbem-27702	27	27	race	race	NOUN
fbem-27702	27	28	to	to	ADP
fbem-27702	27	29	the	the	DET
fbem-27702	27	30	bottom	bottom	NOUN
fbem-27702	27	31	"	"	PUNCT
fbem-27702	27	32	in	in	ADP
fbem-27702	27	33	environmental	environmental	ADJ
fbem-27702	27	34	regulation	regulation	NOUN
fbem-27702	27	35	in	in	ADP
fbem-27702	27	36	order	order	NOUN
fbem-27702	27	37	to	to	PART
fbem-27702	27	38	attract	attract	VERB
fbem-27702	27	39	mobile	mobile	ADJ
fbem-27702	27	40	resources	resource	NOUN
fbem-27702	27	41	and	and	CCONJ
fbem-27702	27	42	stabilize	stabilize	VERB
fbem-27702	27	43	local	local	ADJ
fbem-27702	27	44	resources	resource	NOUN
fbem-27702	27	45	.	.	PUNCT
fbem-27702	28	1	this	this	DET
fbem-27702	28	2	view	view	NOUN
fbem-27702	28	3	,	,	PUNCT
fbem-27702	28	4	however	however	ADV
fbem-27702	28	5	,	,	PUNCT
fbem-27702	28	6	is	be	AUX
fbem-27702	28	7	incomplete	incomplete	ADJ
fbem-27702	28	8	.	.	PUNCT
fbem-27702	29	1	however	however	ADV
fbem-27702	29	2	,	,	PUNCT
fbem-27702	29	3	this	this	DET
fbem-27702	29	4	view	view	NOUN
fbem-27702	29	5	is	be	AUX
fbem-27702	29	6	incomplete	incomplete	ADJ
fbem-27702	29	7	.	.	PUNCT
fbem-27702	30	1	regions	region	NOUN
fbem-27702	30	2	are	be	AUX
fbem-27702	30	3	at	at	ADP
fbem-27702	30	4	different	different	ADJ
fbem-27702	30	5	levels	level	NOUN
fbem-27702	30	6	of	of	ADP
fbem-27702	30	7	development	development	NOUN
fbem-27702	30	8	,	,	PUNCT
fbem-27702	30	9	and	and	CCONJ
fbem-27702	30	10	even	even	ADV
fbem-27702	30	11	if	if	SCONJ
fbem-27702	30	12	they	they	PRON
fbem-27702	30	13	are	be	AUX
fbem-27702	30	14	equally	equally	ADV
fbem-27702	30	15	motivated	motivated	ADJ
fbem-27702	30	16	by	by	ADP
fbem-27702	30	17	the	the	DET
fbem-27702	30	18	need	need	NOUN
fbem-27702	30	19	to	to	PART
fbem-27702	30	20	attract	attract	VERB
fbem-27702	30	21	liquid	liquid	ADJ
fbem-27702	30	22	resource	resource	NOUN
fbem-27702	30	23	.	.	PUNCT
fbem-27702	31	1	however	however	ADV
fbem-27702	31	2	,	,	PUNCT
fbem-27702	31	3	for	for	ADP
fbem-27702	31	4	those	those	DET
fbem-27702	31	5	regions	region	NOUN
fbem-27702	31	6	that	that	PRON
fbem-27702	31	7	are	be	AUX
fbem-27702	31	8	already	already	ADV
fbem-27702	31	9	on	on	ADP
fbem-27702	31	10	the	the	DET
fbem-27702	31	11	path	path	NOUN
fbem-27702	31	12	of	of	ADP
fbem-27702	31	13	transformation	transformation	NOUN
fbem-27702	31	14	and	and	CCONJ
fbem-27702	31	15	upgrading	upgrading	NOUN
fbem-27702	31	16	,	,	PUNCT
fbem-27702	31	17	it	it	PRON
fbem-27702	31	18	is	be	AUX
fbem-27702	31	19	more	more	ADV
fbem-27702	31	20	likely	likely	ADJ
fbem-27702	31	21	that	that	SCONJ
fbem-27702	31	22	they	they	PRON
fbem-27702	31	23	will	will	AUX
fbem-27702	31	24	exhibit	exhibit	VERB
fbem-27702	31	25	a	a	DET
fbem-27702	31	26	"	"	PUNCT
fbem-27702	31	27	race	race	NOUN
fbem-27702	31	28	to	to	ADP
fbem-27702	31	29	the	the	DET
fbem-27702	31	30	bottom	bottom	NOUN
fbem-27702	31	31	"	"	PUNCT
fbem-27702	31	32	in	in	ADP
fbem-27702	31	33	terms	term	NOUN
fbem-27702	31	34	of	of	ADP
fbem-27702	31	35	environmental	environmental	ADJ
fbem-27702	31	36	regulation	regulation	NOUN
fbem-27702	31	37	in	in	ADP
fbem-27702	31	38	order	order	NOUN
fbem-27702	31	39	to	to	PART
fbem-27702	31	40	attract	attract	VERB
fbem-27702	31	41	highly	highly	ADV
fbem-27702	31	42	mobile	mobile	ADJ
fbem-27702	31	43	resources	resource	NOUN
fbem-27702	31	44	that	that	PRON
fbem-27702	31	45	prefer	prefer	VERB
fbem-27702	31	46	a	a	DET
fbem-27702	31	47	high	high	ADJ
fbem-27702	31	48	-	-	PUNCT
fbem-27702	31	49	quality	quality	NOUN
fbem-27702	31	50	ecological	ecological	ADJ
fbem-27702	31	51	environment	environment	NOUN
fbem-27702	31	52	.	.	PUNCT
fbem-27702	32	1	the	the	DET
fbem-27702	32	2	race	race	NOUN
fbem-27702	32	3	to	to	ADP
fbem-27702	32	4	the	the	DET
fbem-27702	32	5	top	top	NOUN
fbem-27702	32	6	in	in	ADP
fbem-27702	32	7	terms	term	NOUN
fbem-27702	32	8	of	of	ADP
fbem-27702	32	9	environmental	environmental	ADJ
fbem-27702	32	10	regulation	regulation	NOUN
fbem-27702	32	11	.	.	PUNCT
fbem-27702	33	1	therefore	therefore	ADV
fbem-27702	33	2	,	,	PUNCT
fbem-27702	33	3	based	base	VERB
fbem-27702	33	4	on	on	ADP
fbem-27702	33	5	the	the	DET
fbem-27702	33	6	above	above	ADJ
fbem-27702	33	7	analysis	analysis	NOUN
fbem-27702	33	8	,	,	PUNCT
fbem-27702	33	9	we	we	PRON
fbem-27702	33	10	propose	propose	VERB
fbem-27702	33	11	hypothesis	hypothesis	NOUN
fbem-27702	33	12	1	1	NUM
fbem-27702	33	13	.	.	PUNCT
fbem-27702	34	1	h1	h1	PROPN
fbem-27702	34	2	:	:	PUNCT
fbem-27702	34	3	the	the	DET
fbem-27702	34	4	profitability	profitability	NOUN
fbem-27702	34	5	of	of	ADP
fbem-27702	34	6	manufacturing	manufacturing	NOUN
fbem-27702	34	7	firms	firm	NOUN
fbem-27702	34	8	domiciled	domicile	VERB
fbem-27702	34	9	in	in	ADP
fbem-27702	34	10	good	good	ADJ
fbem-27702	34	11	low	low	ADJ
fbem-27702	34	12	-	-	PUNCT
fbem-27702	34	13	carbon	carbon	NOUN
fbem-27702	34	14	pilot	pilot	NOUN
fbem-27702	34	15	cities	city	NOUN
fbem-27702	34	16	is	be	AUX
fbem-27702	34	17	positively	positively	ADV
fbem-27702	34	18	affected	affect	VERB
fbem-27702	34	19	by	by	ADP
fbem-27702	34	20	the	the	DET
fbem-27702	34	21	"	"	PUNCT
fbem-27702	34	22	dual	dual	ADJ
fbem-27702	34	23	-	-	PUNCT
fbem-27702	34	24	carbon	carbon	NOUN
fbem-27702	34	25	"	"	PUNCT
fbem-27702	34	26	target	target	NOUN
fbem-27702	34	27	.	.	PUNCT
fbem-27702	35	1	3	3	X
fbem-27702	35	2	.	.	X
fbem-27702	35	3	variables	variable	NOUN
fbem-27702	35	4	definitions	definition	NOUN
fbem-27702	35	5	and	and	CCONJ
fbem-27702	35	6	model	model	NOUN
fbem-27702	35	7	3.1	3.1	NUM
fbem-27702	35	8	.	.	PUNCT
fbem-27702	36	1	data	datum	NOUN
fbem-27702	36	2	sample	sample	NOUN
fbem-27702	36	3	our	our	PRON
fbem-27702	36	4	sample	sample	NOUN
fbem-27702	36	5	is	be	AUX
fbem-27702	36	6	comprised	comprise	VERB
fbem-27702	36	7	of	of	ADP
fbem-27702	36	8	listed	list	VERB
fbem-27702	36	9	manufacturing	manufacturing	NOUN
fbem-27702	36	10	firms	firm	NOUN
fbem-27702	36	11	on	on	ADP
fbem-27702	36	12	the	the	DET
fbem-27702	36	13	shanghai	shanghai	PROPN
fbem-27702	36	14	stock	stock	PROPN
fbem-27702	36	15	exchange	exchange	PROPN
fbem-27702	36	16	(	(	PUNCT
fbem-27702	36	17	shse	shse	PROPN
fbem-27702	36	18	)	)	PUNCT
fbem-27702	36	19	and	and	CCONJ
fbem-27702	36	20	shenzhen	shenzhen	PROPN
fbem-27702	36	21	stock	stock	PROPN
fbem-27702	36	22	exchange	exchange	PROPN
fbem-27702	36	23	(	(	PUNCT
fbem-27702	36	24	szse	szse	NOUN
fbem-27702	36	25	)	)	PUNCT
fbem-27702	36	26	during	during	ADP
fbem-27702	36	27	the	the	DET
fbem-27702	36	28	period	period	NOUN
fbem-27702	36	29	2014–2022	2014–2022	NUM
fbem-27702	36	30	.	.	PUNCT
fbem-27702	37	1	in	in	ADP
fbem-27702	37	2	addition	addition	NOUN
fbem-27702	37	3	,	,	PUNCT
fbem-27702	37	4	in	in	ADP
fbem-27702	37	5	order	order	NOUN
fbem-27702	37	6	to	to	PART
fbem-27702	37	7	eliminate	eliminate	VERB
fbem-27702	37	8	the	the	DET
fbem-27702	37	9	possible	possible	ADJ
fbem-27702	37	10	bias	bias	NOUN
fbem-27702	37	11	of	of	ADP
fbem-27702	37	12	outliers	outlier	NOUN
fbem-27702	37	13	on	on	ADP
fbem-27702	37	14	the	the	DET
fbem-27702	37	15	results	result	NOUN
fbem-27702	37	16	of	of	ADP
fbem-27702	37	17	the	the	DET
fbem-27702	37	18	empirical	empirical	ADJ
fbem-27702	37	19	analysis	analysis	NOUN
fbem-27702	37	20	,	,	PUNCT
fbem-27702	37	21	this	this	DET
fbem-27702	37	22	paper	paper	NOUN
fbem-27702	37	23	implements	implement	VERB
fbem-27702	37	24	the	the	DET
fbem-27702	37	25	two	two	NUM
fbem-27702	37	26	-	-	PUNCT
fbem-27702	37	27	sided	sided	ADJ
fbem-27702	37	28	truncation	truncation	NOUN
fbem-27702	37	29	at	at	ADP
fbem-27702	37	30	the	the	DET
fbem-27702	37	31	1	1	NUM
fbem-27702	37	32	%	%	NOUN
fbem-27702	37	33	level	level	NOUN
fbem-27702	37	34	for	for	ADP
fbem-27702	37	35	the	the	DET
fbem-27702	37	36	selected	select	VERB
fbem-27702	37	37	variables	variable	NOUN
fbem-27702	37	38	so	so	SCONJ
fbem-27702	37	39	we	we	PRON
fbem-27702	37	40	get	get	VERB
fbem-27702	37	41	a	a	DET
fbem-27702	37	42	final	final	ADJ
fbem-27702	37	43	sample	sample	NOUN
fbem-27702	37	44	of	of	ADP
fbem-27702	37	45	18329	18329	NUM
fbem-27702	37	46	observations	observation	NOUN
fbem-27702	37	47	.	.	PUNCT
fbem-27702	38	1	we	we	PRON
fbem-27702	38	2	select	select	VERB
fbem-27702	38	3	the	the	DET
fbem-27702	38	4	manufacturing	manufacturing	NOUN
fbem-27702	38	5	enterprises	enterprise	NOUN
fbem-27702	38	6	with	with	ADP
fbem-27702	38	7	reference	reference	NOUN
fbem-27702	38	8	to	to	ADP
fbem-27702	38	9	the	the	DET
fbem-27702	38	10	2012	2012	NUM
fbem-27702	38	11	version	version	NOUN
fbem-27702	38	12	of	of	ADP
fbem-27702	38	13	the	the	DET
fbem-27702	38	14	industry	industry	NOUN
fbem-27702	38	15	classification	classification	NOUN
fbem-27702	38	16	of	of	ADP
fbem-27702	38	17	the	the	DET
fbem-27702	38	18	securities	securities	PROPN
fbem-27702	38	19	and	and	CCONJ
fbem-27702	38	20	exchange	exchange	PROPN
fbem-27702	38	21	commission	commission	PROPN
fbem-27702	38	22	(	(	PUNCT
fbem-27702	38	23	sec	sec	PROPN
fbem-27702	38	24	)	)	PUNCT
fbem-27702	38	25	.	.	PUNCT
fbem-27702	39	1	after	after	ADP
fbem-27702	39	2	the	the	DET
fbem-27702	39	3	above	above	ADJ
fbem-27702	39	4	screening	screening	NOUN
fbem-27702	39	5	,	,	PUNCT
fbem-27702	39	6	this	this	DET
fbem-27702	39	7	paper	paper	NOUN
fbem-27702	39	8	selects	select	NOUN
fbem-27702	39	9	1995	1995	NUM
fbem-27702	39	10	a	a	DET
fbem-27702	39	11	-	-	PUNCT
fbem-27702	39	12	share	share	NOUN
fbem-27702	39	13	manufacturing	manufacturing	NOUN
fbem-27702	39	14	enterprises	enterprise	NOUN
fbem-27702	39	15	listed	list	VERB
fbem-27702	39	16	in	in	ADP
fbem-27702	39	17	shanghai	shanghai	PROPN
fbem-27702	39	18	and	and	CCONJ
fbem-27702	39	19	shenzhen	shenzhen	PROPN
fbem-27702	39	20	as	as	ADP
fbem-27702	39	21	the	the	DET
fbem-27702	39	22	research	research	NOUN
fbem-27702	39	23	object	object	NOUN
fbem-27702	39	24	of	of	ADP
fbem-27702	39	25	this	this	DET
fbem-27702	39	26	paper	paper	NOUN
fbem-27702	39	27	.	.	PUNCT
fbem-27702	40	1	in	in	ADP
fbem-27702	40	2	addition	addition	NOUN
fbem-27702	40	3	,	,	PUNCT
fbem-27702	40	4	in	in	ADP
fbem-27702	40	5	order	order	NOUN
fbem-27702	40	6	to	to	PART
fbem-27702	40	7	eliminate	eliminate	VERB
fbem-27702	40	8	the	the	DET
fbem-27702	40	9	possible	possible	ADJ
fbem-27702	40	10	bias	bias	NOUN
fbem-27702	40	11	of	of	ADP
fbem-27702	40	12	outliers	outlier	NOUN
fbem-27702	40	13	on	on	ADP
fbem-27702	40	14	the	the	DET
fbem-27702	40	15	results	result	NOUN
fbem-27702	40	16	of	of	ADP
fbem-27702	40	17	the	the	DET
fbem-27702	40	18	empirical	empirical	ADJ
fbem-27702	40	19	analysis	analysis	NOUN
fbem-27702	40	20	,	,	PUNCT
fbem-27702	40	21	this	this	DET
fbem-27702	40	22	paper	paper	NOUN
fbem-27702	40	23	implements	implement	VERB
fbem-27702	40	24	the	the	DET
fbem-27702	40	25	two	two	NUM
fbem-27702	40	26	-	-	PUNCT
fbem-27702	40	27	sided	sided	ADJ
fbem-27702	40	28	truncation	truncation	NOUN
fbem-27702	40	29	at	at	ADP
fbem-27702	40	30	the	the	DET
fbem-27702	40	31	1	1	NUM
fbem-27702	40	32	%	%	NOUN
fbem-27702	40	33	level	level	NOUN
fbem-27702	40	34	for	for	ADP
fbem-27702	40	35	the	the	DET
fbem-27702	40	36	selected	select	VERB
fbem-27702	40	37	variables	variable	NOUN
fbem-27702	40	38	.	.	PUNCT
fbem-27702	41	1	after	after	ADP
fbem-27702	41	2	rigorous	rigorous	ADJ
fbem-27702	41	3	screening	screening	NOUN
fbem-27702	41	4	and	and	CCONJ
fbem-27702	41	5	processing	processing	NOUN
fbem-27702	41	6	of	of	ADP
fbem-27702	41	7	the	the	DET
fbem-27702	41	8	data	datum	NOUN
fbem-27702	41	9	with	with	ADP
fbem-27702	41	10	the	the	DET
fbem-27702	41	11	help	help	NOUN
fbem-27702	41	12	of	of	ADP
fbem-27702	41	13	stata17.0	stata17.0	PROPN
fbem-27702	41	14	statistical	statistical	ADJ
fbem-27702	41	15	software	software	NOUN
fbem-27702	41	16	,	,	PUNCT
fbem-27702	41	17	18,329	18,329	NUM
fbem-27702	41	18	valid	valid	ADJ
fbem-27702	41	19	observations	observation	NOUN
fbem-27702	41	20	were	be	AUX
fbem-27702	41	21	finally	finally	ADV
fbem-27702	41	22	obtained	obtain	VERB
fbem-27702	41	23	.	.	PUNCT
fbem-27702	42	1	the	the	DET
fbem-27702	42	2	enterprise	enterprise	NOUN
fbem-27702	42	3	data	datum	NOUN
fbem-27702	42	4	used	use	VERB
fbem-27702	42	5	in	in	ADP
fbem-27702	42	6	this	this	DET
fbem-27702	42	7	study	study	NOUN
fbem-27702	42	8	are	be	AUX
fbem-27702	42	9	obtained	obtain	VERB
fbem-27702	42	10	from	from	ADP
fbem-27702	42	11	the	the	DET
fbem-27702	42	12	china	china	PROPN
fbem-27702	42	13	stock	stock	PROPN
fbem-27702	42	14	market&accounting	market&accounting	PROPN
fbem-27702	42	15	research	research	NOUN
fbem-27702	42	16	(	(	PUNCT
fbem-27702	42	17	csmar	csmar	PROPN
fbem-27702	42	18	)	)	PUNCT
fbem-27702	42	19	system	system	NOUN
fbem-27702	42	20	.	.	PUNCT
fbem-27702	43	1	all	all	DET
fbem-27702	43	2	the	the	DET
fbem-27702	43	3	data	datum	NOUN
fbem-27702	43	4	are	be	AUX
fbem-27702	43	5	cross	cross	ADJ
fbem-27702	43	6	-	-	VERB
fbem-27702	43	7	checked	check	VERB
fbem-27702	43	8	for	for	ADP
fbem-27702	43	9	consistency	consistency	NOUN
fbem-27702	43	10	.	.	PUNCT
fbem-27702	44	1	3.2	3.2	NUM
fbem-27702	44	2	.	.	PUNCT
fbem-27702	45	1	variables	variable	NOUN
fbem-27702	45	2	3.2.1	3.2.1	NUM
fbem-27702	45	3	.	.	PUNCT
fbem-27702	46	1	dependent	dependent	ADJ
fbem-27702	46	2	variable	variable	NOUN
fbem-27702	46	3	:	:	PUNCT
fbem-27702	46	4	roa	roa	PROPN
fbem-27702	46	5	currently	currently	ADV
fbem-27702	46	6	,	,	PUNCT
fbem-27702	46	7	the	the	DET
fbem-27702	46	8	assessment	assessment	NOUN
fbem-27702	46	9	of	of	ADP
fbem-27702	46	10	corporate	corporate	ADJ
fbem-27702	46	11	profitability	profitability	NOUN
fbem-27702	46	12	is	be	AUX
fbem-27702	46	13	generally	generally	ADV
fbem-27702	46	14	integrated	integrate	VERB
fbem-27702	46	15	into	into	ADP
fbem-27702	46	16	the	the	DET
fbem-27702	46	17	dupont	dupont	PROPN
fbem-27702	46	18	analytical	analytical	ADJ
fbem-27702	46	19	management	management	NOUN
fbem-27702	46	20	system	system	NOUN
fbem-27702	46	21	.	.	PUNCT
fbem-27702	47	1	besides	besides	SCONJ
fbem-27702	47	2	,	,	PUNCT
fbem-27702	47	3	literates	literate	NOUN
fbem-27702	47	4	used	use	VERB
fbem-27702	47	5	the	the	DET
fbem-27702	47	6	accounting	accounting	NOUN
fbem-27702	47	7	indicators	indicator	NOUN
fbem-27702	47	8	of	of	ADP
fbem-27702	47	9	return	return	NOUN
fbem-27702	47	10	on	on	ADP
fbem-27702	47	11	assets	asset	NOUN
fbem-27702	47	12	(	(	PUNCT
fbem-27702	47	13	roa	roa	NOUN
fbem-27702	47	14	)	)	PUNCT
fbem-27702	47	15	,	,	PUNCT
fbem-27702	47	16	return	return	VERB
fbem-27702	47	17	on	on	ADP
fbem-27702	47	18	equity	equity	NOUN
fbem-27702	47	19	(	(	PUNCT
fbem-27702	47	20	roe	roe	PROPN
fbem-27702	47	21	)	)	PUNCT
fbem-27702	47	22	,	,	PUNCT
fbem-27702	47	23	and	and	CCONJ
fbem-27702	47	24	return	return	VERB
fbem-27702	47	25	on	on	ADP
fbem-27702	47	26	sales	sale	NOUN
fbem-27702	47	27	(	(	PUNCT
fbem-27702	47	28	ros	ros	PROPN
fbem-27702	47	29	)	)	PUNCT
fbem-27702	47	30	as	as	SCONJ
fbem-27702	47	31	financial	financial	ADJ
fbem-27702	47	32	performance	performance	NOUN
fbem-27702	47	33	to	to	PART
fbem-27702	47	34	measure	measure	VERB
fbem-27702	47	35	the	the	DET
fbem-27702	47	36	profitability	profitability	NOUN
fbem-27702	47	37	of	of	ADP
fbem-27702	47	38	enterprises	enterprise	NOUN
fbem-27702	47	39	.	.	PUNCT
fbem-27702	48	1	we	we	PRON
fbem-27702	48	2	use	use	VERB
fbem-27702	48	3	roa	roa	NOUN
fbem-27702	48	4	to	to	PART
fbem-27702	48	5	be	be	AUX
fbem-27702	48	6	a	a	DET
fbem-27702	48	7	dependent	dependent	ADJ
fbem-27702	48	8	variable	variable	NOUN
fbem-27702	48	9	on	on	ADP
fbem-27702	48	10	the	the	DET
fbem-27702	48	11	behalf	behalf	NOUN
fbem-27702	48	12	of	of	ADP
fbem-27702	48	13	profitability	profitability	NOUN
fbem-27702	48	14	.	.	PUNCT
fbem-27702	49	1	3.2.2	3.2.2	NUM
fbem-27702	49	2	.	.	PUNCT
fbem-27702	50	1	control	control	NOUN
fbem-27702	50	2	variables	variable	NOUN
fbem-27702	50	3	following	follow	VERB
fbem-27702	50	4	prior	prior	ADJ
fbem-27702	50	5	studies	study	NOUN
fbem-27702	50	6	,	,	PUNCT
fbem-27702	50	7	we	we	PRON
fbem-27702	50	8	control	control	VERB
fbem-27702	50	9	for	for	ADP
fbem-27702	50	10	a	a	DET
fbem-27702	50	11	vector	vector	NOUN
fbem-27702	50	12	of	of	ADP
fbem-27702	50	13	firm	firm	ADJ
fbem-27702	50	14	characteristics	characteristic	NOUN
fbem-27702	50	15	shown	show	VERB
fbem-27702	50	16	to	to	PART
fbem-27702	50	17	affect	affect	VERB
fbem-27702	50	18	profitability	profitability	NOUN
fbem-27702	50	19	.	.	PUNCT
fbem-27702	51	1	the	the	DET
fbem-27702	51	2	control	control	NOUN
fbem-27702	51	3	variables	variable	NOUN
fbem-27702	51	4	include	include	VERB
fbem-27702	51	5	construction	construction	NOUN
fbem-27702	51	6	in	in	ADP
fbem-27702	51	7	progress	progress	NOUN
fbem-27702	51	8	,	,	PUNCT
fbem-27702	51	9	total	total	ADJ
fbem-27702	51	10	assets	asset	NOUN
fbem-27702	51	11	,	,	PUNCT
fbem-27702	51	12	variety	variety	NOUN
fbem-27702	51	13	of	of	ADP
fbem-27702	51	14	operating	operating	NOUN
fbem-27702	51	15	expenses	expense	NOUN
fbem-27702	51	16	,	,	PUNCT
fbem-27702	51	17	investments	investment	NOUN
fbem-27702	51	18	,	,	PUNCT
fbem-27702	51	19	environmental	environmental	ADJ
fbem-27702	51	20	information	information	NOUN
fbem-27702	51	21	score	score	NOUN
fbem-27702	51	22	,	,	PUNCT
fbem-27702	51	23	r	r	NOUN
fbem-27702	51	24	&	&	CCONJ
fbem-27702	51	25	d	d	PROPN
fbem-27702	51	26	(	(	PUNCT
fbem-27702	51	27	research	research	NOUN
fbem-27702	51	28	and	and	CCONJ
fbem-27702	51	29	development	development	NOUN
fbem-27702	51	30	)	)	PUNCT
fbem-27702	51	31	.	.	PUNCT
fbem-27702	52	1	moreover	moreover	ADV
fbem-27702	52	2	,	,	PUNCT
fbem-27702	52	3	we	we	PRON
fbem-27702	52	4	add	add	VERB
fbem-27702	52	5	area	area	NOUN
fbem-27702	52	6	and	and	CCONJ
fbem-27702	52	7	policy	policy	NOUN
fbem-27702	52	8	dummies	dummy	NOUN
fbem-27702	52	9	to	to	PART
fbem-27702	52	10	control	control	VERB
fbem-27702	52	11	for	for	ADP
fbem-27702	52	12	whether	whether	SCONJ
fbem-27702	52	13	the	the	DET
fbem-27702	52	14	manufacturing	manufacturing	NOUN
fbem-27702	52	15	enterprise	enterprise	NOUN
fbem-27702	52	16	is	be	AUX
fbem-27702	52	17	located	locate	VERB
fbem-27702	52	18	in	in	ADP
fbem-27702	52	19	an	an	DET
fbem-27702	52	20	excellent	excellent	ADJ
fbem-27702	52	21	low	low	ADJ
fbem-27702	52	22	-	-	PUNCT
fbem-27702	52	23	carbon	carbon	NOUN
fbem-27702	52	24	pilot	pilot	NOUN
fbem-27702	52	25	city	city	NOUN
fbem-27702	52	26	and	and	CCONJ
fbem-27702	52	27	dynamic	dynamic	ADJ
fbem-27702	52	28	changes	change	NOUN
fbem-27702	52	29	in	in	ADP
fbem-27702	52	30	the	the	DET
fbem-27702	52	31	low	low	ADJ
fbem-27702	52	32	-	-	PUNCT
fbem-27702	52	33	carbon	carbon	NOUN
fbem-27702	52	34	environment	environment	NOUN
fbem-27702	52	35	to	to	ADP
fbem-27702	52	36	enterprises	enterprise	NOUN
fbem-27702	52	37	during	during	ADP
fbem-27702	52	38	the	the	DET
fbem-27702	52	39	sample	sample	NOUN
fbem-27702	52	40	period	period	NOUN
fbem-27702	52	41	,	,	PUNCT
fbem-27702	52	42	respectively	respectively	ADV
fbem-27702	52	43	.	.	PUNCT
fbem-27702	53	1	areai	areai	PROPN
fbem-27702	53	2	,	,	PUNCT
fbem-27702	53	3	tis	tis	PROPN
fbem-27702	53	4	the	the	DET
fbem-27702	53	5	place	place	NOUN
fbem-27702	53	6	of	of	ADP
fbem-27702	53	7	registration	registration	NOUN
fbem-27702	53	8	of	of	ADP
fbem-27702	53	9	the	the	DET
fbem-27702	53	10	enterprise	enterprise	NOUN
fbem-27702	53	11	i	i	PRON
fbem-27702	53	12	in	in	ADP
fbem-27702	53	13	year	year	NOUN
fbem-27702	53	14	t.	t.	PROPN
fbem-27702	54	1	if	if	SCONJ
fbem-27702	54	2	it	it	PRON
fbem-27702	54	3	is	be	AUX
fbem-27702	54	4	in	in	ADP
fbem-27702	54	5	a	a	DET
fbem-27702	54	6	low	low	ADJ
fbem-27702	54	7	-	-	PUNCT
fbem-27702	54	8	carbon	carbon	NOUN
fbem-27702	54	9	pilot	pilot	NOUN
fbem-27702	54	10	city	city	NOUN
fbem-27702	54	11	with	with	ADP
fbem-27702	54	12	excellent	excellent	ADJ
fbem-27702	54	13	assessment	assessment	NOUN
fbem-27702	54	14	results	result	NOUN
fbem-27702	54	15	,	,	PUNCT
fbem-27702	54	16	the	the	DET
fbem-27702	54	17	value	value	NOUN
fbem-27702	54	18	is	be	AUX
fbem-27702	54	19	1	1	NUM
fbem-27702	54	20	;	;	PUNCT
fbem-27702	54	21	otherwise	otherwise	ADV
fbem-27702	54	22	,	,	PUNCT
fbem-27702	54	23	it	it	PRON
fbem-27702	54	24	is	be	AUX
fbem-27702	54	25	0.areai	0.areai	PROPN
fbem-27702	54	26	,	,	PUNCT
fbem-27702	54	27	t	t	X
fbem-27702	54	28	the	the	DET
fbem-27702	54	29	time	time	NOUN
fbem-27702	54	30	of	of	ADP
fbem-27702	54	31	the	the	DET
fbem-27702	54	32	"	"	PUNCT
fbem-27702	54	33	dual	dual	ADJ
fbem-27702	54	34	carbon	carbon	NOUN
fbem-27702	54	35	"	"	PUNCT
fbem-27702	54	36	policy	policy	NOUN
fbem-27702	54	37	shock	shock	NOUN
fbem-27702	54	38	is	be	AUX
fbem-27702	54	39	set	set	VERB
fbem-27702	54	40	to	to	ADP
fbem-27702	54	41	2020	2020	NUM
fbem-27702	54	42	,	,	PUNCT
fbem-27702	54	43	where	where	SCONJ
fbem-27702	54	44	policy	policy	NOUN
fbem-27702	54	45	is	be	AUX
fbem-27702	54	46	1	1	NUM
fbem-27702	54	47	when	when	SCONJ
fbem-27702	54	48	the	the	DET
fbem-27702	54	49	year	year	NOUN
fbem-27702	54	50	is	be	AUX
fbem-27702	54	51	2020	2020	NUM
fbem-27702	54	52	and	and	CCONJ
fbem-27702	54	53	later	later	ADV
fbem-27702	54	54	,	,	PUNCT
fbem-27702	54	55	and	and	CCONJ
fbem-27702	54	56	0	0	NUM
fbem-27702	54	57	before	before	ADP
fbem-27702	54	58	2020	2020	NUM
fbem-27702	54	59	.	.	PUNCT
fbem-27702	55	1	controli	controli	NOUN
fbem-27702	55	2	,	,	PUNCT
fbem-27702	55	3	t	t	PROPN
fbem-27702	55	4	are	be	AUX
fbem-27702	55	5	control	control	NOUN
fbem-27702	55	6	variables	variable	NOUN
fbem-27702	55	7	,	,	PUNCT
fbem-27702	55	8	which	which	PRON
fbem-27702	55	9	are	be	AUX
fbem-27702	55	10	variables	variable	NOUN
fbem-27702	55	11	that	that	PRON
fbem-27702	55	12	are	be	AUX
fbem-27702	55	13	controlled	control	VERB
fbem-27702	55	14	at	at	ADP
fbem-27702	55	15	the	the	DET
fbem-27702	55	16	firm	firm	ADJ
fbem-27702	55	17	level	level	NOUN
fbem-27702	55	18	and	and	CCONJ
fbem-27702	55	19	at	at	ADP
fbem-27702	55	20	the	the	DET
fbem-27702	55	21	yearly	yearly	ADJ
fbem-27702	55	22	level	level	NOUN
fbem-27702	55	23	,	,	PUNCT
fbem-27702	55	24	and	and	CCONJ
fbem-27702	55	25	include	include	VERB
fbem-27702	55	26	variables	variable	NOUN
fbem-27702	55	27	as	as	SCONJ
fbem-27702	55	28	shown	show	VERB
fbem-27702	55	29	in	in	ADP
fbem-27702	55	30	table	table	NOUN
fbem-27702	55	31	1	1	NUM
fbem-27702	55	32	which	which	PRON
fbem-27702	55	33	provides	provide	VERB
fbem-27702	55	34	definitions	definition	NOUN
fbem-27702	55	35	of	of	ADP
fbem-27702	55	36	all	all	DET
fbem-27702	55	37	variables	variable	NOUN
fbem-27702	55	38	used	use	VERB
fbem-27702	55	39	in	in	ADP
fbem-27702	55	40	our	our	PRON
fbem-27702	55	41	analysis	analysis	NOUN
fbem-27702	55	42	.	.	PUNCT
fbem-27702	56	1	table	table	NOUN
fbem-27702	56	2	1	1	NUM
fbem-27702	56	3	.	.	PUNCT
fbem-27702	57	1	meaning	meaning	NOUN
fbem-27702	57	2	of	of	ADP
fbem-27702	57	3	main	main	ADJ
fbem-27702	57	4	variable	variable	ADJ
fbem-27702	57	5	symbols	symbol	NOUN
fbem-27702	57	6	variables	variable	VERB
fbem-27702	57	7	definitions	definition	NOUN
fbem-27702	57	8	lncs	lnc	NOUN
fbem-27702	57	9	take	take	VERB
fbem-27702	57	10	the	the	DET
fbem-27702	57	11	natural	natural	ADJ
fbem-27702	57	12	logarithm	logarithm	NOUN
fbem-27702	57	13	for	for	ADP
fbem-27702	57	14	construction	construction	NOUN
fbem-27702	57	15	in	in	ADP
fbem-27702	57	16	progress	progress	NOUN
fbem-27702	57	17	(	(	PUNCT
fbem-27702	57	18	cs	cs	ADJ
fbem-27702	57	19	)	)	PUNCT
fbem-27702	57	20	lnta	lnta	NOUN
fbem-27702	57	21	take	take	VERB
fbem-27702	57	22	the	the	DET
fbem-27702	57	23	natural	natural	ADJ
fbem-27702	57	24	logarithm	logarithm	NOUN
fbem-27702	57	25	of	of	ADP
fbem-27702	57	26	the	the	DET
fbem-27702	57	27	total	total	ADJ
fbem-27702	57	28	assets	asset	NOUN
fbem-27702	57	29	(	(	PUNCT
fbem-27702	57	30	ta	ta	NOUN
fbem-27702	57	31	)	)	PUNCT
fbem-27702	57	32	ma	ma	PROPN
fbem-27702	57	33	ratio	ratio	NOUN
fbem-27702	57	34	of	of	ADP
fbem-27702	57	35	management	management	NOUN
fbem-27702	57	36	expenses	expense	NOUN
fbem-27702	57	37	to	to	ADP
fbem-27702	57	38	operating	operate	VERB
fbem-27702	57	39	income	income	NOUN
fbem-27702	57	40	sale	sale	NOUN
fbem-27702	57	41	ratio	ratio	NOUN
fbem-27702	57	42	of	of	ADP
fbem-27702	57	43	selling	sell	VERB
fbem-27702	57	44	expenses	expense	NOUN
fbem-27702	57	45	to	to	ADP
fbem-27702	57	46	operating	operate	VERB
fbem-27702	57	47	income	income	NOUN
fbem-27702	57	48	rd	rd	PROPN
fbem-27702	57	49	ratio	ratio	NOUN
fbem-27702	57	50	of	of	ADP
fbem-27702	57	51	r&d	r&d	NOUN
fbem-27702	57	52	expenses	expense	NOUN
fbem-27702	57	53	to	to	ADP
fbem-27702	57	54	operating	operate	VERB
fbem-27702	57	55	income	income	NOUN
fbem-27702	57	56	oper	oper	NOUN
fbem-27702	57	57	ratio	ratio	NOUN
fbem-27702	57	58	of	of	ADP
fbem-27702	57	59	operating	operating	NOUN
fbem-27702	57	60	costs	cost	NOUN
fbem-27702	57	61	to	to	ADP
fbem-27702	57	62	operating	operating	NOUN
fbem-27702	57	63	revenues	revenue	NOUN
fbem-27702	57	64	ratio	ratio	NOUN
fbem-27702	57	65	ratio	ratio	NOUN
fbem-27702	57	66	of	of	ADP
fbem-27702	57	67	environmental	environmental	ADJ
fbem-27702	57	68	investment	investment	NOUN
fbem-27702	57	69	to	to	ADP
fbem-27702	57	70	total	total	ADJ
fbem-27702	57	71	assets	asset	NOUN
fbem-27702	57	72	fr	fr	ADP
fbem-27702	57	73	ratio	ratio	NOUN
fbem-27702	57	74	of	of	ADP
fbem-27702	57	75	finance	finance	NOUN
fbem-27702	57	76	costs	cost	NOUN
fbem-27702	57	77	to	to	ADP
fbem-27702	57	78	operating	operate	VERB
fbem-27702	57	79	income	income	NOUN
fbem-27702	57	80	re	re	NOUN
fbem-27702	57	81	difference	difference	NOUN
fbem-27702	57	82	between	between	ADP
fbem-27702	57	83	current	current	ADJ
fbem-27702	57	84	assets	asset	NOUN
fbem-27702	57	85	and	and	CCONJ
fbem-27702	57	86	current	current	ADJ
fbem-27702	57	87	liabilities	liability	NOUN
fbem-27702	57	88	to	to	PART
fbem-27702	57	89	total	total	VERB
fbem-27702	57	90	assets	asset	NOUN
fbem-27702	57	91	fa	fa	NOUN
fbem-27702	57	92	ratio	ratio	NOUN
fbem-27702	57	93	of	of	ADP
fbem-27702	57	94	net	net	ADJ
fbem-27702	57	95	fixed	fix	VERB
fbem-27702	57	96	assets	asset	NOUN
fbem-27702	57	97	to	to	PART
fbem-27702	57	98	total	total	VERB
fbem-27702	57	99	assets	asset	NOUN
fbem-27702	57	100	roic	roic	ADJ
fbem-27702	57	101	ratio	ratio	NOUN
fbem-27702	57	102	of	of	ADP
fbem-27702	57	103	investments	investment	NOUN
fbem-27702	57	104	to	to	PART
fbem-27702	57	105	total	total	VERB
fbem-27702	57	106	assets	asset	NOUN
fbem-27702	57	107	debt	debt	NOUN
fbem-27702	57	108	ratio	ratio	NOUN
fbem-27702	57	109	of	of	ADP
fbem-27702	57	110	total	total	ADJ
fbem-27702	57	111	liabilities	liability	NOUN
fbem-27702	57	112	to	to	PART
fbem-27702	57	113	total	total	VERB
fbem-27702	57	114	assets	asset	NOUN
fbem-27702	57	115	lnfo	lnfo	NOUN
fbem-27702	57	116	taking	take	VERB
fbem-27702	57	117	the	the	DET
fbem-27702	57	118	natural	natural	ADJ
fbem-27702	57	119	logarithm	logarithm	NOUN
fbem-27702	57	120	of	of	ADP
fbem-27702	57	121	a	a	DET
fbem-27702	57	122	firm	firm	NOUN
fbem-27702	57	123	's	's	PART
fbem-27702	57	124	environmental	environmental	ADJ
fbem-27702	57	125	information	information	NOUN
fbem-27702	57	126	score	score	NOUN
fbem-27702	57	127	la	la	INTJ
fbem-27702	57	128	ratio	ratio	NOUN
fbem-27702	57	129	of	of	ADP
fbem-27702	57	130	return	return	NOUN
fbem-27702	57	131	on	on	ADP
fbem-27702	57	132	investment	investment	NOUN
fbem-27702	57	133	to	to	ADP
fbem-27702	57	134	capital	capital	NOUN
fbem-27702	57	135	invested	invest	VERB
fbem-27702	57	136	in	in	ADP
fbem-27702	57	137	the	the	DET
fbem-27702	57	138	enterprise	enterprise	NOUN
fbem-27702	57	139	tq	tq	ADP
fbem-27702	57	140	market	market	NOUN
fbem-27702	57	141	capitalization	capitalization	NOUN
fbem-27702	57	142	to	to	ADP
fbem-27702	57	143	total	total	ADJ
fbem-27702	57	144	assets	asset	NOUN
fbem-27702	57	145	pe	pe	ADP
fbem-27702	57	146	ratio	ratio	NOUN
fbem-27702	57	147	of	of	ADP
fbem-27702	57	148	stock	stock	NOUN
fbem-27702	57	149	price	price	NOUN
fbem-27702	57	150	to	to	ADP
fbem-27702	57	151	per	per	ADP
fbem-27702	57	152	share	share	NOUN
fbem-27702	57	153	oc	oc	ADP
fbem-27702	57	154	sum	sum	NOUN
fbem-27702	57	155	of	of	ADP
fbem-27702	57	156	shareholdings	shareholding	NOUN
fbem-27702	57	157	of	of	ADP
fbem-27702	57	158	the	the	DET
fbem-27702	57	159	company	company	NOUN
fbem-27702	57	160	's	's	PART
fbem-27702	57	161	top	top	ADJ
fbem-27702	57	162	five	five	NUM
fbem-27702	57	163	largest	large	ADJ
fbem-27702	57	164	shareholders	shareholder	NOUN
fbem-27702	57	165	3.3	3.3	NUM
fbem-27702	57	166	.	.	PUNCT
fbem-27702	58	1	model	model	NOUN
fbem-27702	58	2	in	in	ADP
fbem-27702	58	3	order	order	NOUN
fbem-27702	58	4	to	to	PART
fbem-27702	58	5	better	well	ADV
fbem-27702	58	6	observe	observe	VERB
fbem-27702	58	7	the	the	DET
fbem-27702	58	8	impact	impact	NOUN
fbem-27702	58	9	of	of	ADP
fbem-27702	58	10	the	the	DET
fbem-27702	58	11	"	"	PUNCT
fbem-27702	58	12	dual	dual	ADJ
fbem-27702	58	13	-	-	PUNCT
fbem-27702	58	14	carbon	carbon	NOUN
fbem-27702	58	15	"	"	PUNCT
fbem-27702	58	16	policy	policy	NOUN
fbem-27702	58	17	on	on	ADP
fbem-27702	58	18	the	the	DET
fbem-27702	58	19	profitability	profitability	NOUN
fbem-27702	58	20	of	of	ADP
fbem-27702	58	21	listed	list	VERB
fbem-27702	58	22	manufacturing	manufacturing	NOUN
fbem-27702	58	23	enterprises	enterprise	NOUN
fbem-27702	58	24	whose	whose	DET
fbem-27702	58	25	registered	register	VERB
fbem-27702	58	26	place	place	NOUN
fbem-27702	58	27	is	be	AUX
fbem-27702	58	28	a	a	DET
fbem-27702	58	29	good	good	ADJ
fbem-27702	58	30	low	low	ADJ
fbem-27702	58	31	-	-	PUNCT
fbem-27702	58	32	carbon	carbon	NOUN
fbem-27702	58	33	pilot	pilot	NOUN
fbem-27702	58	34	city	city	NOUN
fbem-27702	58	35	and	and	CCONJ
fbem-27702	58	36	solve	solve	VERB
fbem-27702	58	37	the	the	DET
fbem-27702	58	38	multicollinearity	multicollinearity	NOUN
fbem-27702	58	39	problem	problem	NOUN
fbem-27702	58	40	,	,	PUNCT
fbem-27702	58	41	this	this	DET
fbem-27702	58	42	paper	paper	NOUN
fbem-27702	58	43	sets	set	VERB
fbem-27702	58	44	up	up	ADP
fbem-27702	58	45	the	the	DET
fbem-27702	58	46	model	model	NOUN
fbem-27702	58	47	as	as	SCONJ
fbem-27702	58	48	follows	follow	VERB
fbem-27702	58	49	:	:	PUNCT
fbem-27702	58	50	roai	roai	NOUN
fbem-27702	58	51	,	,	PUNCT
fbem-27702	58	52	t	t	PROPN
fbem-27702	58	53	=	=	SYM
fbem-27702	58	54	β0	β0	PROPN
fbem-27702	59	1	+	+	PROPN
fbem-27702	59	2	β1did	β1did	PROPN
fbem-27702	60	1	+	+	NUM
fbem-27702	60	2	β2controli	β2controli	NOUN
fbem-27702	60	3	,	,	PUNCT
fbem-27702	60	4	t	t	PROPN
fbem-27702	60	5	+	+	CCONJ
fbem-27702	60	6	εi	εi	VERB
fbem-27702	60	7	,	,	PUNCT
fbem-27702	60	8	t	t	PROPN
fbem-27702	60	9	(	(	PUNCT
fbem-27702	60	10	1	1	NUM
fbem-27702	60	11	)	)	PUNCT
fbem-27702	60	12	where	where	SCONJ
fbem-27702	60	13	did	do	AUX
fbem-27702	60	14	replaces	replace	VERB
fbem-27702	60	15	areai	areai	PROPN
fbem-27702	60	16	,	,	PUNCT
fbem-27702	60	17	t	t	PROPN
fbem-27702	60	18	×	×	PROPN
fbem-27702	60	19	policyi	policyi	NOUN
fbem-27702	60	20	,	,	PUNCT
fbem-27702	60	21	t	t	PROPN
fbem-27702	60	22	,	,	PUNCT
fbem-27702	60	23	β1	β1	PROPN
fbem-27702	60	24	represents	represent	VERB
fbem-27702	60	25	regression	regression	NOUN
fbem-27702	60	26	coefficients	coefficient	NOUN
fbem-27702	60	27	,	,	PUNCT
fbem-27702	60	28	εi	εi	VERB
fbem-27702	60	29	,	,	PUNCT
fbem-27702	60	30	tis	tis	PROPN
fbem-27702	60	31	an	an	DET
fbem-27702	60	32	error	error	NOUN
fbem-27702	60	33	term	term	NOUN
fbem-27702	60	34	.	.	PUNCT
fbem-27702	61	1	4	4	X
fbem-27702	61	2	.	.	X
fbem-27702	61	3	empirical	empirical	ADJ
fbem-27702	61	4	analyses	analysis	NOUN
fbem-27702	61	5	4.1	4.1	NUM
fbem-27702	61	6	.	.	PUNCT
fbem-27702	62	1	descriptive	descriptive	ADJ
fbem-27702	62	2	statistics	statistic	NOUN
fbem-27702	62	3	from	from	ADP
fbem-27702	62	4	the	the	DET
fbem-27702	62	5	statistics	statistic	NOUN
fbem-27702	62	6	in	in	ADP
fbem-27702	62	7	table	table	NOUN
fbem-27702	62	8	2	2	NUM
fbem-27702	62	9	,	,	PUNCT
fbem-27702	62	10	we	we	PRON
fbem-27702	62	11	can	can	AUX
fbem-27702	62	12	observe	observe	VERB
fbem-27702	62	13	that	that	SCONJ
fbem-27702	62	14	the	the	DET
fbem-27702	62	15	average	average	ADJ
fbem-27702	62	16	value	value	NOUN
fbem-27702	62	17	of	of	ADP
fbem-27702	62	18	the	the	DET
fbem-27702	62	19	coefficient	coefficient	NOUN
fbem-27702	62	20	of	of	ADP
fbem-27702	62	21	the	the	DET
fbem-27702	62	22	excellent	excellent	ADJ
fbem-27702	62	23	low	low	ADJ
fbem-27702	62	24	-	-	PUNCT
fbem-27702	62	25	carbon	carbon	NOUN
fbem-27702	62	26	pilot	pilot	NOUN
fbem-27702	62	27	cities	city	NOUN
fbem-27702	62	28	(	(	PUNCT
fbem-27702	62	29	parea	parea	PROPN
fbem-27702	62	30	)	)	PUNCT
fbem-27702	62	31	is	be	AUX
fbem-27702	62	32	0.392	0.392	NUM
fbem-27702	62	33	,	,	PUNCT
fbem-27702	62	34	which	which	PRON
fbem-27702	62	35	indicates	indicate	VERB
fbem-27702	62	36	that	that	SCONJ
fbem-27702	62	37	about	about	ADV
fbem-27702	62	38	39.2	39.2	NUM
fbem-27702	62	39	%	%	NOUN
fbem-27702	62	40	of	of	ADP
fbem-27702	62	41	the	the	DET
fbem-27702	62	42	cities	city	NOUN
fbem-27702	62	43	in	in	ADP
fbem-27702	62	44	the	the	DET
fbem-27702	62	45	sample	sample	NOUN
fbem-27702	62	46	selected	select	VERB
fbem-27702	62	47	for	for	ADP
fbem-27702	62	48	this	this	DET
fbem-27702	62	49	paper	paper	NOUN
fbem-27702	62	50	performed	perform	VERB
fbem-27702	62	51	well	well	ADV
fbem-27702	62	52	in	in	ADP
fbem-27702	62	53	the	the	DET
fbem-27702	62	54	implementation	implementation	NOUN
fbem-27702	62	55	of	of	ADP
fbem-27702	62	56	the	the	DET
fbem-27702	62	57	low	low	ADJ
fbem-27702	62	58	-	-	PUNCT
fbem-27702	62	59	carbon	carbon	NOUN
fbem-27702	62	60	pilot	pilot	NOUN
fbem-27702	62	61	policy	policy	NOUN
fbem-27702	62	62	and	and	CCONJ
fbem-27702	62	63	received	receive	VERB
fbem-27702	62	64	excellent	excellent	ADJ
fbem-27702	62	65	ratings	rating	NOUN
fbem-27702	62	66	in	in	ADP
fbem-27702	62	67	the	the	DET
fbem-27702	62	68	assessment	assessment	NOUN
fbem-27702	62	69	report	report	NOUN
fbem-27702	62	70	.	.	PUNCT
fbem-27702	63	1	it	it	PRON
fbem-27702	63	2	is	be	AUX
fbem-27702	63	3	particularly	particularly	ADV
fbem-27702	63	4	noteworthy	noteworthy	ADJ
fbem-27702	63	5	that	that	SCONJ
fbem-27702	63	6	after	after	SCONJ
fbem-27702	63	7	the	the	DET
fbem-27702	63	8	"	"	PUNCT
fbem-27702	63	9	dual	dual	ADJ
fbem-27702	63	10	carbon	carbon	NOUN
fbem-27702	63	11	"	"	PUNCT
fbem-27702	63	12	target	target	NOUN
fbem-27702	63	13	was	be	AUX
fbem-27702	63	14	proposed	propose	VERB
fbem-27702	63	15	and	and	CCONJ
fbem-27702	63	16	implemented	implement	VERB
fbem-27702	63	17	,	,	PUNCT
fbem-27702	63	18	17.5	17.5	NUM
fbem-27702	63	19	%	%	NOUN
fbem-27702	63	20	of	of	ADP
fbem-27702	63	21	the	the	DET
fbem-27702	63	22	enterprises	enterprise	NOUN
fbem-27702	63	23	were	be	AUX
fbem-27702	63	24	still	still	ADV
fbem-27702	63	25	registered	register	VERB
fbem-27702	63	26	in	in	ADP
fbem-27702	63	27	these	these	DET
fbem-27702	63	28	low	low	ADJ
fbem-27702	63	29	-	-	PUNCT
fbem-27702	63	30	carbon	carbon	NOUN
fbem-27702	63	31	pilot	pilot	NOUN
fbem-27702	63	32	cities	city	NOUN
fbem-27702	63	33	with	with	ADP
fbem-27702	63	34	excellent	excellent	ADJ
fbem-27702	63	35	performance	performance	NOUN
fbem-27702	63	36	,	,	PUNCT
fbem-27702	63	37	a	a	DET
fbem-27702	63	38	phenomenon	phenomenon	NOUN
fbem-27702	63	39	that	that	PRON
fbem-27702	63	40	fully	fully	ADV
fbem-27702	63	41	illustrates	illustrate	VERB
fbem-27702	63	42	that	that	SCONJ
fbem-27702	63	43	only	only	ADV
fbem-27702	63	44	a	a	DET
fbem-27702	63	45	small	small	ADJ
fbem-27702	63	46	number	number	NOUN
fbem-27702	63	47	of	of	ADP
fbem-27702	63	48	cities	city	NOUN
fbem-27702	63	49	have	have	AUX
fbem-27702	63	50	demonstrated	demonstrate	VERB
fbem-27702	63	51	good	good	ADJ
fbem-27702	63	52	implementation	implementation	NOUN
fbem-27702	63	53	and	and	CCONJ
fbem-27702	63	54	demonstration	demonstration	NOUN
fbem-27702	63	55	effects	effect	NOUN
fbem-27702	63	56	in	in	ADP
fbem-27702	63	57	the	the	DET
fbem-27702	63	58	low	low	ADJ
fbem-27702	63	59	-	-	PUNCT
fbem-27702	63	60	carbon	carbon	NOUN
fbem-27702	63	61	pilot	pilot	NOUN
fbem-27702	63	62	policy	policy	NOUN
fbem-27702	63	63	.	.	PUNCT
fbem-27702	64	1	in	in	ADP
fbem-27702	64	2	addition	addition	NOUN
fbem-27702	64	3	,	,	PUNCT
fbem-27702	64	4	the	the	DET
fbem-27702	64	5	sample	sample	NOUN
fbem-27702	64	6	mean	mean	NOUN
fbem-27702	64	7	of	of	ADP
fbem-27702	64	8	return	return	NOUN
fbem-27702	64	9	on	on	ADP
fbem-27702	64	10	assets	asset	NOUN
fbem-27702	64	11	(	(	PUNCT
fbem-27702	64	12	roa	roa	NOUN
fbem-27702	64	13	)	)	PUNCT
fbem-27702	64	14	is	be	AUX
fbem-27702	64	15	0.0409	0.0409	NUM
fbem-27702	64	16	,	,	PUNCT
fbem-27702	64	17	and	and	CCONJ
fbem-27702	64	18	its	its	PRON
fbem-27702	64	19	standard	standard	ADJ
fbem-27702	64	20	deviation	deviation	NOUN
fbem-27702	64	21	is	be	AUX
fbem-27702	64	22	0.0714	0.0714	NUM
fbem-27702	64	23	,	,	PUNCT
fbem-27702	64	24	359	359	NUM
fbem-27702	64	25	however	however	ADV
fbem-27702	64	26	,	,	PUNCT
fbem-27702	64	27	from	from	ADP
fbem-27702	64	28	the	the	DET
fbem-27702	64	29	huge	huge	ADJ
fbem-27702	64	30	gap	gap	NOUN
fbem-27702	64	31	of	of	ADP
fbem-27702	64	32	nearly	nearly	ADV
fbem-27702	64	33	0.7	0.7	NUM
fbem-27702	64	34	between	between	ADP
fbem-27702	64	35	the	the	DET
fbem-27702	64	36	maximum	maximum	ADJ
fbem-27702	64	37	value	value	NOUN
fbem-27702	64	38	and	and	CCONJ
fbem-27702	64	39	the	the	DET
fbem-27702	64	40	minimum	minimum	ADJ
fbem-27702	64	41	value	value	NOUN
fbem-27702	64	42	,	,	PUNCT
fbem-27702	64	43	we	we	PRON
fbem-27702	64	44	can	can	AUX
fbem-27702	64	45	infer	infer	VERB
fbem-27702	64	46	that	that	SCONJ
fbem-27702	64	47	there	there	PRON
fbem-27702	64	48	are	be	VERB
fbem-27702	64	49	more	more	ADV
fbem-27702	64	50	significant	significant	ADJ
fbem-27702	64	51	differences	difference	NOUN
fbem-27702	64	52	in	in	ADP
fbem-27702	64	53	roa	roa	NOUN
fbem-27702	64	54	among	among	ADP
fbem-27702	64	55	different	different	ADJ
fbem-27702	64	56	manufacturing	manufacturing	NOUN
fbem-27702	64	57	enterprises	enterprise	NOUN
fbem-27702	64	58	.	.	PUNCT
fbem-27702	65	1	table	table	NOUN
fbem-27702	65	2	2	2	NUM
fbem-27702	65	3	.	.	PUNCT
fbem-27702	65	4	descriptive	descriptive	ADJ
fbem-27702	65	5	statistics	statistic	NOUN
fbem-27702	65	6	for	for	ADP
fbem-27702	65	7	key	key	ADJ
fbem-27702	65	8	variables	variable	NOUN
fbem-27702	65	9	variant	variant	ADJ
fbem-27702	65	10	quanti	quanti	PROPN
fbem-27702	65	11	ties	tie	NOUN
fbem-27702	65	12	averag	averag	PROPN
fbem-27702	65	13	e	e	PROPN
fbem-27702	65	14	value	value	NOUN
fbem-27702	65	15	(	(	PUNCT
fbem-27702	65	16	statistics	statistic	NOUN
fbem-27702	65	17	)	)	PUNCT
fbem-27702	65	18	standard	standard	ADJ
fbem-27702	65	19	deviation	deviation	NOUN
fbem-27702	65	20	minimu	minimu	NOUN
fbem-27702	65	21	m	m	NOUN
fbem-27702	65	22	value	value	NOUN
fbem-27702	65	23	maxim	maxim	NOUN
fbem-27702	65	24	um	um	INTJ
fbem-27702	65	25	values	value	NOUN
fbem-27702	65	26	did	do	VERB
fbem-27702	65	27	18,329	18,329	NUM
fbem-27702	65	28	0.175	0.175	NUM
fbem-27702	65	29	0.380	0.380	NUM
fbem-27702	65	30	0	0	NUM
fbem-27702	65	31	1	1	NUM
fbem-27702	65	32	parea	parea	NOUN
fbem-27702	65	33	18,329	18,329	NUM
fbem-27702	65	34	0.392	0.392	NUM
fbem-27702	65	35	0.488	0.488	NUM
fbem-27702	65	36	0	0	NUM
fbem-27702	65	37	1	1	NUM
fbem-27702	65	38	ratio	ratio	NOUN
fbem-27702	65	39	18,329	18,329	NUM
fbem-27702	65	40	0.0804	0.0804	NUM
fbem-27702	65	41	0.0989	0.0989	NUM
fbem-27702	65	42	0	0	NUM
fbem-27702	65	43	0.598	0.598	NUM
fbem-27702	65	44	re	re	NOUN
fbem-27702	65	45	18,329	18,329	NUM
fbem-27702	65	46	0.0547	0.0547	NUM
fbem-27702	65	47	0.0744	0.0744	NUM
fbem-27702	65	48	-0.443	-0.443	NUM
fbem-27702	65	49	0.288	0.288	NUM
fbem-27702	65	50	roa	roa	NOUN
fbem-27702	65	51	18,329	18,329	NUM
fbem-27702	65	52	0.0409	0.0409	NUM
fbem-27702	65	53	0.0714	0.0714	NUM
fbem-27702	65	54	-0.473	-0.473	NUM
fbem-27702	65	55	0.239	0.239	NUM
fbem-27702	65	56	roic	roic	ADJ
fbem-27702	65	57	18,329	18,329	NUM
fbem-27702	65	58	0.0552	0.0552	NUM
fbem-27702	65	59	0.0881	0.0881	NUM
fbem-27702	65	60	-0.709	-0.709	NUM
fbem-27702	65	61	0.308	0.308	NUM
fbem-27702	65	62	oper	oper	NOUN
fbem-27702	65	63	18,329	18,329	NUM
fbem-27702	65	64	0.933	0.933	NUM
fbem-27702	65	65	0.162	0.162	NUM
fbem-27702	65	66	0.523	0.523	NUM
fbem-27702	65	67	2.594	2.594	NUM
fbem-27702	65	68	sale	sale	NOUN
fbem-27702	65	69	18,329	18,329	NUM
fbem-27702	65	70	0.0796	0.0796	NUM
fbem-27702	65	71	0.0987	0.0987	NUM
fbem-27702	65	72	0.00105	0.00105	NUM
fbem-27702	65	73	0.546	0.546	NUM
fbem-27702	65	74	ma	ma	PROPN
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fbem-27702	65	76	0.0802	0.0802	NUM
fbem-27702	65	77	0.0568	0.0568	NUM
fbem-27702	65	78	0.00792	0.00792	NUM
fbem-27702	65	79	0.442	0.442	NUM
fbem-27702	65	80	fr	fr	NOUN
fbem-27702	65	81	18,329	18,329	NUM
fbem-27702	65	82	0.0107	0.0107	NUM
fbem-27702	65	83	0.0273	0.0273	NUM
fbem-27702	65	84	-0.0829	-0.0829	NOUN
fbem-27702	65	85	0.212	0.212	NUM
fbem-27702	65	86	lnfo	lnfo	NOUN
fbem-27702	65	87	18,329	18,329	NUM
fbem-27702	65	88	2.273	2.273	NUM
fbem-27702	65	89	0.872	0.872	NUM
fbem-27702	65	90	0	0	NUM
fbem-27702	65	91	3.738	3.738	NUM
fbem-27702	65	92	lncs	lnc	NOUN
fbem-27702	65	93	18,329	18,329	NUM
fbem-27702	65	94	18.23	18.23	NUM
fbem-27702	65	95	3.726	3.726	NUM
fbem-27702	65	96	0	0	NUM
fbem-27702	65	97	23.65	23.65	NUM
fbem-27702	65	98	lnta	lnta	NOUN
fbem-27702	65	99	18,329	18,329	NUM
fbem-27702	65	100	22.10	22.10	NUM
fbem-27702	65	101	1.142	1.142	NUM
fbem-27702	65	102	19.95	19.95	NUM
fbem-27702	65	103	25.82	25.82	NUM
fbem-27702	65	104	roe	roe	NOUN
fbem-27702	65	105	18,329	18,329	NUM
fbem-27702	65	106	0.0233	0.0233	NUM
fbem-27702	65	107	1.120	1.120	NUM
fbem-27702	65	108	-76.76	-76.76	PROPN
fbem-27702	65	109	5.307	5.307	NUM
fbem-27702	65	110	lnir	lnir	NOUN
fbem-27702	65	111	18,329	18,329	NUM
fbem-27702	65	112	-1.533	-1.533	SYM
fbem-27702	65	113	1.937	1.937	NUM
fbem-27702	65	114	-13.816	-13.816	PROPN
fbem-27702	65	115	15.280	15.280	NUM
fbem-27702	65	116	lnpe	lnpe	NOUN
fbem-27702	65	117	18,329	18,329	NUM
fbem-27702	65	118	3.885	3.885	NUM
fbem-27702	65	119	1.030	1.030	NUM
fbem-27702	65	120	-5.375	-5.375	NUM
fbem-27702	65	121	7.514	7.514	NUM
fbem-27702	65	122	debt	debt	NOUN
fbem-27702	65	123	18,329	18,329	NUM
fbem-27702	65	124	0.395	0.395	NUM
fbem-27702	65	125	0.234	0.234	NUM
fbem-27702	65	126	0.00906	0.00906	NUM
fbem-27702	65	127	8.009	8.009	NUM
fbem-27702	65	128	4.2	4.2	NUM
fbem-27702	65	129	.	.	PUNCT
fbem-27702	66	1	multivariate	multivariate	NOUN
fbem-27702	66	2	results	result	NOUN
fbem-27702	66	3	table	table	VERB
fbem-27702	66	4	3	3	NUM
fbem-27702	66	5	.	.	PUNCT
fbem-27702	67	1	regression	regression	NOUN
fbem-27702	67	2	results	result	NOUN
fbem-27702	67	3	of	of	ADP
fbem-27702	67	4	roa	roa	PROPN
fbem-27702	67	5	,	,	PUNCT
fbem-27702	67	6	roe	roe	PROPN
fbem-27702	67	7	,	,	PUNCT
fbem-27702	67	8	tq	tq	INTJ
fbem-27702	67	9	(	(	PUNCT
fbem-27702	67	10	1	1	NUM
fbem-27702	67	11	)	)	PUNCT
fbem-27702	67	12	(	(	PUNCT
fbem-27702	67	13	2	2	NUM
fbem-27702	67	14	)	)	PUNCT
fbem-27702	67	15	(	(	PUNCT
fbem-27702	67	16	3	3	X
fbem-27702	67	17	)	)	PUNCT
fbem-27702	67	18	variables	variable	NOUN
fbem-27702	67	19	roa	roa	PROPN
fbem-27702	67	20	roe	roe	PROPN
fbem-27702	67	21	tq	tq	ADV
fbem-27702	67	22	did	do	VERB
fbem-27702	67	23	0.001	0.001	NUM
fbem-27702	67	24	*	*	PUNCT
fbem-27702	67	25	0.046	0.046	NUM
fbem-27702	67	26	*	*	PUNCT
fbem-27702	67	27	0.014	0.014	NUM
fbem-27702	67	28	*	*	PUNCT
fbem-27702	67	29	(	(	PUNCT
fbem-27702	67	30	1.84	1.84	NUM
fbem-27702	67	31	)	)	PUNCT
fbem-27702	67	32	(	(	PUNCT
fbem-27702	67	33	1.87	1.87	NUM
fbem-27702	67	34	)	)	PUNCT
fbem-27702	67	35	(	(	PUNCT
fbem-27702	67	36	1.69	1.69	NUM
fbem-27702	67	37	)	)	PUNCT
fbem-27702	67	38	lncs	lnc	NOUN
fbem-27702	67	39	-0.000	-0.000	NUM
fbem-27702	67	40	0.003	0.003	NUM
fbem-27702	67	41	-0.006	-0.006	NOUN
fbem-27702	67	42	*	*	PUNCT
fbem-27702	67	43	*	*	PUNCT
fbem-27702	67	44	*	*	PUNCT
fbem-27702	67	45	(	(	PUNCT
fbem-27702	67	46	-0.34	-0.34	NOUN
fbem-27702	67	47	)	)	PUNCT
fbem-27702	67	48	(	(	PUNCT
fbem-27702	67	49	0.51	0.51	NUM
fbem-27702	67	50	)	)	PUNCT
fbem-27702	67	51	(	(	PUNCT
fbem-27702	67	52	-6.22	-6.22	NOUN
fbem-27702	67	53	)	)	PUNCT
fbem-27702	67	54	lnta	lnta	NOUN
fbem-27702	67	55	-0.001	-0.001	NOUN
fbem-27702	67	56	*	*	PUNCT
fbem-27702	67	57	*	*	PUNCT
fbem-27702	68	1	-0.005	-0.005	PUNCT
fbem-27702	69	1	-0.072	-0.072	PUNCT
fbem-27702	69	2	*	*	PUNCT
fbem-27702	69	3	*	*	PUNCT
fbem-27702	69	4	*	*	PUNCT
fbem-27702	69	5	(	(	PUNCT
fbem-27702	69	6	-2.45	-2.45	NUM
fbem-27702	69	7	)	)	PUNCT
fbem-27702	69	8	(	(	PUNCT
fbem-27702	69	9	-0.10	-0.10	NUM
fbem-27702	69	10	)	)	PUNCT
fbem-27702	69	11	(	(	PUNCT
fbem-27702	69	12	-22.17	-22.17	PROPN
fbem-27702	69	13	)	)	PUNCT
fbem-27702	69	14	ma	ma	PROPN
fbem-27702	70	1	0.051	0.051	NUM
fbem-27702	70	2	*	*	PUNCT
fbem-27702	70	3	*	*	PUNCT
fbem-27702	70	4	*	*	PUNCT
fbem-27702	70	5	-0.248	-0.248	PUNCT
fbem-27702	70	6	1.453	1.453	NUM
fbem-27702	70	7	*	*	PUNCT
fbem-27702	70	8	*	*	PUNCT
fbem-27702	70	9	*	*	PUNCT
fbem-27702	70	10	(	(	PUNCT
fbem-27702	70	11	7.62	7.62	NUM
fbem-27702	70	12	)	)	PUNCT
fbem-27702	70	13	(	(	PUNCT
fbem-27702	70	14	-0.58	-0.58	NUM
fbem-27702	70	15	)	)	PUNCT
fbem-27702	70	16	(	(	PUNCT
fbem-27702	70	17	23.98	23.98	NUM
fbem-27702	70	18	)	)	PUNCT
fbem-27702	70	19	sale	sale	NOUN
fbem-27702	70	20	0.003	0.003	NUM
fbem-27702	70	21	-0.344	-0.344	NOUN
fbem-27702	70	22	0.274	0.274	NUM
fbem-27702	70	23	*	*	PUNCT
fbem-27702	70	24	*	*	PUNCT
fbem-27702	70	25	*	*	PUNCT
fbem-27702	70	26	(	(	PUNCT
fbem-27702	70	27	0.45	0.45	NUM
fbem-27702	70	28	)	)	PUNCT
fbem-27702	70	29	(	(	PUNCT
fbem-27702	70	30	-0.38	-0.38	X
fbem-27702	70	31	)	)	PUNCT
fbem-27702	70	32	(	(	PUNCT
fbem-27702	70	33	9.67	9.67	NUM
fbem-27702	70	34	)	)	PUNCT
fbem-27702	70	35	oper	oper	NOUN
fbem-27702	70	36	-0.044	-0.044	PROPN
fbem-27702	70	37	*	*	PUNCT
fbem-27702	70	38	*	*	PUNCT
fbem-27702	70	39	*	*	PUNCT
fbem-27702	70	40	-0.043	-0.043	NOUN
fbem-27702	70	41	-0.050	-0.050	PUNCT
fbem-27702	70	42	*	*	PUNCT
fbem-27702	70	43	(	(	PUNCT
fbem-27702	70	44	-11.60	-11.60	PROPN
fbem-27702	70	45	)	)	PUNCT
fbem-27702	70	46	(	(	PUNCT
fbem-27702	70	47	-0.07	-0.07	NUM
fbem-27702	70	48	)	)	PUNCT
fbem-27702	70	49	(	(	PUNCT
fbem-27702	70	50	-1.73	-1.73	X
fbem-27702	70	51	)	)	PUNCT
fbem-27702	70	52	ratio	ratio	NOUN
fbem-27702	70	53	0.000	0.000	NUM
fbem-27702	70	54	0.157	0.157	NUM
fbem-27702	70	55	*	*	PUNCT
fbem-27702	70	56	*	*	NOUN
fbem-27702	70	57	0.006	0.006	NUM
fbem-27702	70	58	(	(	PUNCT
fbem-27702	70	59	0.34	0.34	NUM
fbem-27702	70	60	)	)	PUNCT
fbem-27702	70	61	(	(	PUNCT
fbem-27702	70	62	2.16	2.16	NUM
fbem-27702	70	63	)	)	PUNCT
fbem-27702	70	64	(	(	PUNCT
fbem-27702	70	65	0.18	0.18	NUM
fbem-27702	70	66	)	)	PUNCT
fbem-27702	70	67	fr	fr	NOUN
fbem-27702	70	68	-0.225	-0.225	PUNCT
fbem-27702	70	69	*	*	PUNCT
fbem-27702	70	70	*	*	PUNCT
fbem-27702	70	71	*	*	PUNCT
fbem-27702	70	72	-3.503	-3.503	NOUN
fbem-27702	70	73	*	*	PUNCT
fbem-27702	70	74	*	*	PUNCT
fbem-27702	70	75	-1.933	-1.933	NOUN
fbem-27702	70	76	*	*	PUNCT
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fbem-27702	70	79	(	(	PUNCT
fbem-27702	70	80	-16.00	-16.00	NOUN
fbem-27702	70	81	)	)	PUNCT
fbem-27702	70	82	(	(	PUNCT
fbem-27702	70	83	-2.03	-2.03	NUM
fbem-27702	70	84	)	)	PUNCT
fbem-27702	70	85	(	(	PUNCT
fbem-27702	70	86	-14.63	-14.63	X
fbem-27702	70	87	)	)	PUNCT
fbem-27702	70	88	roic	roic	ADJ
fbem-27702	70	89	0.705	0.705	NUM
fbem-27702	70	90	*	*	PUNCT
fbem-27702	70	91	*	*	PUNCT
fbem-27702	70	92	*	*	PUNCT
fbem-27702	70	93	-1.113	-1.113	PUNCT
fbem-27702	70	94	-2.815	-2.815	NOUN
fbem-27702	71	1	*	*	PUNCT
fbem-27702	71	2	*	*	PUNCT
fbem-27702	71	3	*	*	PUNCT
fbem-27702	71	4	(	(	PUNCT
fbem-27702	71	5	61.35	61.35	NUM
fbem-27702	71	6	)	)	PUNCT
fbem-27702	71	7	(	(	PUNCT
fbem-27702	71	8	-0.51	-0.51	NOUN
fbem-27702	71	9	)	)	PUNCT
fbem-27702	71	10	(	(	PUNCT
fbem-27702	71	11	-18.77	-18.77	NOUN
fbem-27702	71	12	)	)	PUNCT
fbem-27702	71	13	lnfo	lnfo	NOUN
fbem-27702	71	14	-0.000	-0.000	PUNCT
fbem-27702	71	15	*	*	PUNCT
fbem-27702	71	16	*	*	PUNCT
fbem-27702	71	17	0.024	0.024	NUM
fbem-27702	71	18	0.007	0.007	NUM
fbem-27702	71	19	*	*	PUNCT
fbem-27702	71	20	(	(	PUNCT
fbem-27702	71	21	-2.07	-2.07	NUM
fbem-27702	71	22	)	)	PUNCT
fbem-27702	71	23	(	(	PUNCT
fbem-27702	71	24	1.26	1.26	NUM
fbem-27702	71	25	)	)	PUNCT
fbem-27702	71	26	(	(	PUNCT
fbem-27702	71	27	1.93	1.93	NUM
fbem-27702	71	28	)	)	PUNCT
fbem-27702	71	29	la	la	NOUN
fbem-27702	71	30	-0.008	-0.008	NOUN
fbem-27702	71	31	*	*	PUNCT
fbem-27702	71	32	*	*	PUNCT
fbem-27702	71	33	*	*	PUNCT
fbem-27702	71	34	3.776	3.776	NUM
fbem-27702	71	35	*	*	NOUN
fbem-27702	71	36	*	*	PUNCT
fbem-27702	71	37	*	*	PUNCT
fbem-27702	71	38	-0.137	-0.137	X
fbem-27702	71	39	*	*	PUNCT
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fbem-27702	71	42	(	(	PUNCT
fbem-27702	71	43	-4.89	-4.89	NOUN
fbem-27702	71	44	)	)	PUNCT
fbem-27702	71	45	(	(	PUNCT
fbem-27702	71	46	2.66	2.66	NUM
fbem-27702	71	47	)	)	PUNCT
fbem-27702	71	48	(	(	PUNCT
fbem-27702	71	49	-8.63	-8.63	NOUN
fbem-27702	71	50	)	)	PUNCT
fbem-27702	71	51	lnpe	lnpe	NOUN
fbem-27702	71	52	-0.003	-0.003	PROPN
fbem-27702	71	53	*	*	PUNCT
fbem-27702	71	54	*	*	PUNCT
fbem-27702	71	55	*	*	PUNCT
fbem-27702	71	56	0.139	0.139	NUM
fbem-27702	71	57	*	*	PUNCT
fbem-27702	71	58	*	*	PUNCT
fbem-27702	71	59	*	*	NOUN
fbem-27702	71	60	0.179	0.179	NUM
fbem-27702	71	61	*	*	PUNCT
fbem-27702	71	62	*	*	PUNCT
fbem-27702	71	63	*	*	PUNCT
fbem-27702	71	64	(	(	PUNCT
fbem-27702	71	65	-8.18	-8.18	INTJ
fbem-27702	71	66	)	)	PUNCT
fbem-27702	71	67	(	(	PUNCT
fbem-27702	71	68	3.18	3.18	NUM
fbem-27702	71	69	)	)	PUNCT
fbem-27702	71	70	(	(	PUNCT
fbem-27702	71	71	54.65	54.65	NUM
fbem-27702	71	72	)	)	PUNCT
fbem-27702	71	73	lnir	lnir	NOUN
fbem-27702	71	74	0.000	0.000	NUM
fbem-27702	71	75	*	*	PUNCT
fbem-27702	71	76	*	*	PUNCT
fbem-27702	71	77	-0.005	-0.005	PUNCT
fbem-27702	72	1	0.003	0.003	NUM
fbem-27702	72	2	*	*	PUNCT
fbem-27702	72	3	*	*	PUNCT
fbem-27702	72	4	(	(	PUNCT
fbem-27702	72	5	2.55	2.55	NUM
fbem-27702	72	6	)	)	PUNCT
fbem-27702	72	7	(	(	PUNCT
fbem-27702	72	8	-1.05	-1.05	NOUN
fbem-27702	72	9	)	)	PUNCT
fbem-27702	72	10	(	(	PUNCT
fbem-27702	72	11	2.15	2.15	NUM
fbem-27702	72	12	)	)	PUNCT
fbem-27702	72	13	observations	observation	NOUN
fbem-27702	72	14	18,329	18,329	NUM
fbem-27702	72	15	18,329	18,329	NUM
fbem-27702	72	16	18,329	18,329	NUM
fbem-27702	72	17	number	number	NOUN
fbem-27702	72	18	of	of	ADP
fbem-27702	72	19	i	i	PROPN
fbem-27702	72	20	d	d	PROPN
fbem-27702	72	21	3,061	3,061	NUM
fbem-27702	72	22	3,061	3,061	NUM
fbem-27702	72	23	3,061	3,061	NUM
fbem-27702	72	24	r	r	NOUN
fbem-27702	72	25	-	-	PUNCT
fbem-27702	72	26	squared	square	VERB
fbem-27702	72	27	0.967	0.967	NUM
fbem-27702	72	28	0.154	0.154	NUM
fbem-27702	72	29	0.423	0.423	NUM
fbem-27702	72	30	table	table	NOUN
fbem-27702	72	31	3	3	NUM
fbem-27702	72	32	reports	report	VERB
fbem-27702	72	33	the	the	DET
fbem-27702	72	34	regression	regression	NOUN
fbem-27702	72	35	results	result	NOUN
fbem-27702	72	36	of	of	ADP
fbem-27702	72	37	the	the	DET
fbem-27702	72	38	effect	effect	NOUN
fbem-27702	72	39	of	of	ADP
fbem-27702	72	40	good	good	ADJ
fbem-27702	72	41	low	low	ADJ
fbem-27702	72	42	carbon	carbon	NOUN
fbem-27702	72	43	pilot	pilot	NOUN
fbem-27702	72	44	cities	city	NOUN
fbem-27702	72	45	on	on	ADP
fbem-27702	72	46	the	the	DET
fbem-27702	72	47	profitability	profitability	NOUN
fbem-27702	72	48	of	of	ADP
fbem-27702	72	49	manufacturing	manufacturing	NOUN
fbem-27702	72	50	enterprises	enterprise	NOUN
fbem-27702	72	51	under	under	ADP
fbem-27702	72	52	the	the	DET
fbem-27702	72	53	"	"	PUNCT
fbem-27702	72	54	dual	dual	ADJ
fbem-27702	72	55	carbon	carbon	NOUN
fbem-27702	72	56	"	"	PUNCT
fbem-27702	72	57	policy	policy	NOUN
fbem-27702	72	58	.	.	PUNCT
fbem-27702	73	1	the	the	DET
fbem-27702	73	2	results	result	NOUN
fbem-27702	73	3	show	show	VERB
fbem-27702	73	4	that	that	SCONJ
fbem-27702	73	5	the	the	DET
fbem-27702	73	6	regression	regression	NOUN
fbem-27702	73	7	coefficient	coefficient	NOUN
fbem-27702	73	8	of	of	ADP
fbem-27702	73	9	did	do	AUX
fbem-27702	73	10	of	of	ADP
fbem-27702	73	11	the	the	DET
fbem-27702	73	12	cross	cross	NOUN
fbem-27702	73	13	term	term	NOUN
fbem-27702	73	14	is	be	AUX
fbem-27702	73	15	significantly	significantly	ADV
fbem-27702	73	16	positive	positive	ADJ
fbem-27702	73	17	at	at	ADP
fbem-27702	73	18	the	the	DET
fbem-27702	73	19	10	10	NUM
fbem-27702	73	20	%	%	NOUN
fbem-27702	73	21	significance	significance	NOUN
fbem-27702	73	22	level	level	NOUN
fbem-27702	73	23	,	,	PUNCT
fbem-27702	73	24	which	which	PRON
fbem-27702	73	25	indicates	indicate	VERB
fbem-27702	73	26	to	to	ADP
fbem-27702	73	27	a	a	DET
fbem-27702	73	28	certain	certain	ADJ
fbem-27702	73	29	extent	extent	NOUN
fbem-27702	73	30	that	that	SCONJ
fbem-27702	73	31	manufacturing	manufacturing	NOUN
fbem-27702	73	32	enterprises	enterprise	NOUN
fbem-27702	73	33	registered	register	VERB
fbem-27702	73	34	in	in	ADP
fbem-27702	73	35	good	good	ADJ
fbem-27702	73	36	low	low	ADJ
fbem-27702	73	37	-	-	PUNCT
fbem-27702	73	38	carbon	carbon	NOUN
fbem-27702	73	39	pilot	pilot	NOUN
fbem-27702	73	40	cities	city	NOUN
fbem-27702	73	41	under	under	ADP
fbem-27702	73	42	the	the	DET
fbem-27702	73	43	"	"	PUNCT
fbem-27702	73	44	dualcarbon	dualcarbon	NOUN
fbem-27702	73	45	"	"	PUNCT
fbem-27702	73	46	policy	policy	NOUN
fbem-27702	73	47	improve	improve	VERB
fbem-27702	73	48	their	their	PRON
fbem-27702	73	49	profitability	profitability	NOUN
fbem-27702	73	50	,	,	PUNCT
fbem-27702	73	51	confirming	confirm	VERB
fbem-27702	73	52	hypothesis	hypothesis	NOUN
fbem-27702	73	53	1	1	NUM
fbem-27702	73	54	:	:	PUNCT
fbem-27702	73	55	the	the	DET
fbem-27702	73	56	profitability	profitability	NOUN
fbem-27702	73	57	of	of	ADP
fbem-27702	73	58	manufacturing	manufacturing	NOUN
fbem-27702	73	59	enterprises	enterprise	NOUN
fbem-27702	73	60	registered	register	VERB
fbem-27702	73	61	in	in	ADP
fbem-27702	73	62	good	good	ADJ
fbem-27702	73	63	low	low	ADJ
fbem-27702	73	64	-	-	PUNCT
fbem-27702	73	65	carbon	carbon	NOUN
fbem-27702	73	66	pilot	pilot	NOUN
fbem-27702	73	67	cities	city	NOUN
fbem-27702	73	68	will	will	AUX
fbem-27702	73	69	be	be	AUX
fbem-27702	73	70	positively	positively	ADV
fbem-27702	73	71	affected	affect	VERB
fbem-27702	73	72	by	by	ADP
fbem-27702	73	73	the	the	DET
fbem-27702	73	74	"	"	PUNCT
fbem-27702	73	75	dual	dual	ADJ
fbem-27702	73	76	-	-	PUNCT
fbem-27702	73	77	carbon	carbon	NOUN
fbem-27702	73	78	"	"	PUNCT
fbem-27702	73	79	target	target	NOUN
fbem-27702	73	80	.	.	PUNCT
fbem-27702	74	1	as	as	SCONJ
fbem-27702	74	2	mentioned	mention	VERB
fbem-27702	74	3	above	above	ADV
fbem-27702	74	4	,	,	PUNCT
fbem-27702	74	5	under	under	ADP
fbem-27702	74	6	the	the	DET
fbem-27702	74	7	implementation	implementation	NOUN
fbem-27702	74	8	and	and	CCONJ
fbem-27702	74	9	promotion	promotion	NOUN
fbem-27702	74	10	of	of	ADP
fbem-27702	74	11	the	the	DET
fbem-27702	74	12	"	"	PUNCT
fbem-27702	74	13	dual	dual	ADJ
fbem-27702	74	14	-	-	PUNCT
fbem-27702	74	15	carbon	carbon	NOUN
fbem-27702	74	16	"	"	PUNCT
fbem-27702	74	17	policy	policy	NOUN
fbem-27702	74	18	,	,	PUNCT
fbem-27702	74	19	enterprises	enterprise	NOUN
fbem-27702	74	20	in	in	ADP
fbem-27702	74	21	good	good	ADJ
fbem-27702	74	22	low	low	ADJ
fbem-27702	74	23	-	-	PUNCT
fbem-27702	74	24	carbon	carbon	NOUN
fbem-27702	74	25	pilot	pilot	NOUN
fbem-27702	74	26	cities	city	NOUN
fbem-27702	74	27	to	to	ADP
fbem-27702	74	28	a	a	DET
fbem-27702	74	29	certain	certain	ADJ
fbem-27702	74	30	extent	extent	NOUN
fbem-27702	74	31	demonstrate	demonstrate	VERB
fbem-27702	74	32	the	the	DET
fbem-27702	74	33	importance	importance	NOUN
fbem-27702	74	34	they	they	PRON
fbem-27702	74	35	attach	attach	VERB
fbem-27702	74	36	to	to	ADP
fbem-27702	74	37	the	the	DET
fbem-27702	74	38	environment	environment	NOUN
fbem-27702	74	39	and	and	CCONJ
fbem-27702	74	40	can	can	AUX
fbem-27702	74	41	better	well	ADV
fbem-27702	74	42	develop	develop	VERB
fbem-27702	74	43	under	under	ADP
fbem-27702	74	44	the	the	DET
fbem-27702	74	45	environmental	environmental	ADJ
fbem-27702	74	46	regulation	regulation	NOUN
fbem-27702	74	47	policy	policy	NOUN
fbem-27702	74	48	.	.	PUNCT
fbem-27702	75	1	besides	besides	SCONJ
fbem-27702	75	2	,	,	PUNCT
fbem-27702	75	3	we	we	PRON
fbem-27702	75	4	use	use	VERB
fbem-27702	75	5	roe	roe	NOUN
fbem-27702	75	6	and	and	CCONJ
fbem-27702	75	7	tq	tq	INTJ
fbem-27702	75	8	(	(	PUNCT
fbem-27702	75	9	tobin	tobin	PROPN
fbem-27702	75	10	’s	’s	PART
fbem-27702	75	11	q	q	NOUN
fbem-27702	75	12	ratio	ratio	NOUN
fbem-27702	75	13	)	)	PUNCT
fbem-27702	75	14	to	to	PART
fbem-27702	75	15	replace	replace	VERB
fbem-27702	75	16	roa	roa	NOUN
fbem-27702	75	17	measuring	measure	VERB
fbem-27702	75	18	the	the	DET
fbem-27702	75	19	profitability	profitability	NOUN
fbem-27702	75	20	of	of	ADP
fbem-27702	75	21	manufacturing	manufacturing	NOUN
fbem-27702	75	22	enterprises	enterprise	NOUN
fbem-27702	75	23	in	in	ADP
fbem-27702	75	24	table	table	NOUN
fbem-27702	75	25	3	3	NUM
fbem-27702	75	26	.	.	PUNCT
fbem-27702	75	27	columns	column	NOUN
fbem-27702	75	28	(	(	PUNCT
fbem-27702	75	29	2	2	NUM
fbem-27702	75	30	)	)	PUNCT
fbem-27702	75	31	and	and	CCONJ
fbem-27702	75	32	(	(	PUNCT
fbem-27702	75	33	3	3	X
fbem-27702	75	34	)	)	PUNCT
fbem-27702	75	35	in	in	ADP
fbem-27702	75	36	table	table	NOUN
fbem-27702	75	37	3	3	NUM
fbem-27702	75	38	report	report	NOUN
fbem-27702	75	39	the	the	DET
fbem-27702	75	40	empirical	empirical	ADJ
fbem-27702	75	41	results	result	NOUN
fbem-27702	75	42	of	of	ADP
fbem-27702	75	43	roe	roe	PROPN
fbem-27702	75	44	(	(	PUNCT
fbem-27702	75	45	return	return	VERB
fbem-27702	75	46	on	on	ADP
fbem-27702	75	47	equity	equity	NOUN
fbem-27702	75	48	)	)	PUNCT
fbem-27702	75	49	and	and	CCONJ
fbem-27702	75	50	tq	tq	INTJ
fbem-27702	75	51	,	,	PUNCT
fbem-27702	75	52	respectively	respectively	ADV
fbem-27702	75	53	.	.	PUNCT
fbem-27702	76	1	the	the	DET
fbem-27702	76	2	regression	regression	NOUN
fbem-27702	76	3	coefficients	coefficient	NOUN
fbem-27702	76	4	of	of	ADP
fbem-27702	76	5	the	the	DET
fbem-27702	76	6	"	"	PUNCT
fbem-27702	76	7	dual	dual	ADJ
fbem-27702	76	8	-	-	PUNCT
fbem-27702	76	9	carbon	carbon	NOUN
fbem-27702	76	10	"	"	PUNCT
fbem-27702	76	11	dummy	dummy	ADJ
fbem-27702	76	12	variable	variable	NOUN
fbem-27702	76	13	(	(	PUNCT
fbem-27702	76	14	did2	did2	NOUN
fbem-27702	76	15	)	)	PUNCT
fbem-27702	76	16	on	on	ADP
fbem-27702	76	17	roe	roe	NOUN
fbem-27702	76	18	and	and	CCONJ
fbem-27702	76	19	tq	tq	ADV
fbem-27702	76	20	are	be	AUX
fbem-27702	76	21	0.046	0.046	NUM
fbem-27702	76	22	and	and	CCONJ
fbem-27702	76	23	0.014	0.014	NUM
fbem-27702	76	24	,	,	PUNCT
fbem-27702	76	25	respectively	respectively	ADV
fbem-27702	76	26	,	,	PUNCT
fbem-27702	76	27	which	which	PRON
fbem-27702	76	28	have	have	VERB
fbem-27702	76	29	a	a	DET
fbem-27702	76	30	positive	positive	ADJ
fbem-27702	76	31	effect	effect	NOUN
fbem-27702	76	32	on	on	ADP
fbem-27702	76	33	the	the	DET
fbem-27702	76	34	two	two	NUM
fbem-27702	76	35	explanatory	explanatory	ADJ
fbem-27702	76	36	variables	variable	NOUN
fbem-27702	76	37	.	.	PUNCT
fbem-27702	77	1	the	the	DET
fbem-27702	77	2	regression	regression	NOUN
fbem-27702	77	3	coefficient	coefficient	NOUN
fbem-27702	77	4	of	of	ADP
fbem-27702	77	5	did2	did2	NOUN
fbem-27702	77	6	on	on	ADP
fbem-27702	77	7	roe	roe	PROPN
fbem-27702	77	8	is	be	AUX
fbem-27702	77	9	0.046	0.046	NUM
fbem-27702	77	10	,	,	PUNCT
fbem-27702	77	11	and	and	CCONJ
fbem-27702	77	12	the	the	DET
fbem-27702	77	13	regression	regression	NOUN
fbem-27702	77	14	coefficient	coefficient	NOUN
fbem-27702	77	15	of	of	ADP
fbem-27702	77	16	tq	tq	ADV
fbem-27702	77	17	is	be	AUX
fbem-27702	77	18	0.014	0.014	NUM
fbem-27702	77	19	,	,	PUNCT
fbem-27702	77	20	which	which	PRON
fbem-27702	77	21	is	be	AUX
fbem-27702	77	22	a	a	DET
fbem-27702	77	23	positive	positive	ADJ
fbem-27702	77	24	effect	effect	NOUN
fbem-27702	77	25	on	on	ADP
fbem-27702	77	26	these	these	DET
fbem-27702	77	27	two	two	NUM
fbem-27702	77	28	explanatory	explanatory	ADJ
fbem-27702	77	29	variables	variable	NOUN
fbem-27702	77	30	at	at	ADP
fbem-27702	77	31	the	the	DET
fbem-27702	77	32	significant	significant	ADJ
fbem-27702	77	33	level	level	NOUN
fbem-27702	77	34	of	of	ADP
fbem-27702	77	35	10	10	NUM
fbem-27702	77	36	%	%	NOUN
fbem-27702	77	37	,	,	PUNCT
fbem-27702	77	38	and	and	CCONJ
fbem-27702	77	39	the	the	DET
fbem-27702	77	40	significance	significance	NOUN
fbem-27702	77	41	of	of	ADP
fbem-27702	77	42	the	the	DET
fbem-27702	77	43	empirical	empirical	ADJ
fbem-27702	77	44	results	result	NOUN
fbem-27702	77	45	is	be	AUX
fbem-27702	77	46	not	not	PART
fbem-27702	77	47	different	different	ADJ
fbem-27702	77	48	from	from	ADP
fbem-27702	77	49	that	that	PRON
fbem-27702	77	50	of	of	ADP
fbem-27702	77	51	table	table	NOUN
fbem-27702	77	52	3	3	NUM
fbem-27702	77	53	-	-	SYM
fbem-27702	77	54	4	4	NUM
fbem-27702	77	55	,	,	PUNCT
fbem-27702	77	56	which	which	PRON
fbem-27702	77	57	indicates	indicate	VERB
fbem-27702	77	58	that	that	SCONJ
fbem-27702	77	59	the	the	DET
fbem-27702	77	60	conclusion	conclusion	NOUN
fbem-27702	77	61	of	of	ADP
fbem-27702	77	62	this	this	DET
fbem-27702	77	63	paper	paper	NOUN
fbem-27702	77	64	is	be	AUX
fbem-27702	77	65	robust	robust	ADJ
fbem-27702	77	66	.	.	PUNCT
fbem-27702	78	1	column	column	NOUN
fbem-27702	78	2	(	(	PUNCT
fbem-27702	78	3	3	3	X
fbem-27702	78	4	)	)	PUNCT
fbem-27702	78	5	in	in	ADP
fbem-27702	78	6	table	table	NOUN
fbem-27702	78	7	3	3	NUM
fbem-27702	78	8	-	-	SYM
fbem-27702	78	9	7	7	NUM
fbem-27702	78	10	reports	report	VERB
fbem-27702	78	11	the	the	DET
fbem-27702	78	12	empirical	empirical	ADJ
fbem-27702	78	13	results	result	NOUN
fbem-27702	78	14	of	of	ADP
fbem-27702	78	15	using	use	VERB
fbem-27702	78	16	pe	pe	PROPN
fbem-27702	78	17	(	(	PUNCT
fbem-27702	78	18	price	price	NOUN
fbem-27702	78	19	-	-	PUNCT
fbem-27702	78	20	earnings	earning	NOUN
fbem-27702	78	21	ratio	ratio	NOUN
fbem-27702	78	22	)	)	PUNCT
fbem-27702	78	23	as	as	ADP
fbem-27702	78	24	an	an	DET
fbem-27702	78	25	alternative	alternative	ADJ
fbem-27702	78	26	explanatory	explanatory	ADJ
fbem-27702	78	27	variable	variable	NOUN
fbem-27702	78	28	,	,	PUNCT
fbem-27702	78	29	which	which	PRON
fbem-27702	78	30	shows	show	VERB
fbem-27702	78	31	a	a	DET
fbem-27702	78	32	negative	negative	ADJ
fbem-27702	78	33	effect	effect	NOUN
fbem-27702	78	34	at	at	ADP
fbem-27702	78	35	the	the	DET
fbem-27702	78	36	5	5	NUM
fbem-27702	78	37	%	%	NOUN
fbem-27702	78	38	significance	significance	NOUN
fbem-27702	78	39	level	level	NOUN
fbem-27702	78	40	.	.	PUNCT
fbem-27702	79	1	the	the	DET
fbem-27702	79	2	reason	reason	NOUN
fbem-27702	79	3	may	may	AUX
fbem-27702	79	4	be	be	AUX
fbem-27702	79	5	that	that	SCONJ
fbem-27702	79	6	pe	pe	INTJ
fbem-27702	79	7	(	(	PUNCT
fbem-27702	79	8	price	price	NOUN
fbem-27702	79	9	-	-	PUNCT
fbem-27702	79	10	earnings	earning	NOUN
fbem-27702	79	11	ratio	ratio	NOUN
fbem-27702	79	12	)	)	PUNCT
fbem-27702	79	13	represents	represent	VERB
fbem-27702	79	14	the	the	DET
fbem-27702	79	15	meaning	meaning	NOUN
fbem-27702	79	16	of	of	ADP
fbem-27702	79	17	how	how	SCONJ
fbem-27702	79	18	many	many	ADJ
fbem-27702	79	19	years	year	NOUN
fbem-27702	79	20	a	a	DET
fbem-27702	79	21	company	company	NOUN
fbem-27702	79	22	's	's	PART
fbem-27702	79	23	profitability	profitability	NOUN
fbem-27702	79	24	can	can	AUX
fbem-27702	79	25	be	be	AUX
fbem-27702	79	26	fully	fully	ADV
fbem-27702	79	27	recovered	recover	VERB
fbem-27702	79	28	,	,	PUNCT
fbem-27702	79	29	and	and	CCONJ
fbem-27702	79	30	in	in	ADP
fbem-27702	79	31	this	this	DET
fbem-27702	79	32	part	part	NOUN
fbem-27702	79	33	of	of	ADP
fbem-27702	79	34	the	the	DET
fbem-27702	79	35	calculation	calculation	NOUN
fbem-27702	79	36	,	,	PUNCT
fbem-27702	79	37	the	the	DET
fbem-27702	79	38	company	company	NOUN
fbem-27702	79	39	's	's	PART
fbem-27702	79	40	net	net	ADJ
fbem-27702	79	41	assets	asset	NOUN
fbem-27702	79	42	,	,	PUNCT
fbem-27702	79	43	performance	performance	NOUN
fbem-27702	79	44	growth	growth	NOUN
fbem-27702	79	45	rate	rate	NOUN
fbem-27702	79	46	,	,	PUNCT
fbem-27702	79	47	and	and	CCONJ
fbem-27702	79	48	the	the	DET
fbem-27702	79	49	assumption	assumption	NOUN
fbem-27702	79	50	that	that	SCONJ
fbem-27702	79	51	the	the	DET
fbem-27702	79	52	company	company	NOUN
fbem-27702	79	53	has	have	AUX
fbem-27702	79	54	been	be	AUX
fbem-27702	79	55	running	run	VERB
fbem-27702	79	56	smoothly	smoothly	ADV
fbem-27702	79	57	,	,	PUNCT
fbem-27702	79	58	have	have	AUX
fbem-27702	79	59	not	not	PART
fbem-27702	79	60	been	be	AUX
fbem-27702	79	61	taken	take	VERB
fbem-27702	79	62	into	into	ADP
fbem-27702	79	63	account	account	NOUN
fbem-27702	79	64	.	.	PUNCT
fbem-27702	80	1	in	in	ADP
fbem-27702	80	2	this	this	DET
fbem-27702	80	3	part	part	NOUN
fbem-27702	80	4	of	of	ADP
fbem-27702	80	5	the	the	DET
fbem-27702	80	6	calculation	calculation	NOUN
fbem-27702	80	7	,	,	PUNCT
fbem-27702	80	8	the	the	DET
fbem-27702	80	9	net	net	ADJ
fbem-27702	80	10	assets	asset	NOUN
fbem-27702	80	11	and	and	CCONJ
fbem-27702	80	12	performance	performance	NOUN
fbem-27702	80	13	growth	growth	NOUN
fbem-27702	80	14	rate	rate	NOUN
fbem-27702	80	15	of	of	ADP
fbem-27702	80	16	the	the	DET
fbem-27702	80	17	enterprise	enterprise	NOUN
fbem-27702	80	18	are	be	AUX
fbem-27702	80	19	not	not	PART
fbem-27702	80	20	taken	take	VERB
fbem-27702	80	21	into	into	ADP
fbem-27702	80	22	account	account	NOUN
fbem-27702	80	23	,	,	PUNCT
fbem-27702	80	24	and	and	CCONJ
fbem-27702	80	25	it	it	PRON
fbem-27702	80	26	is	be	AUX
fbem-27702	80	27	only	only	ADV
fbem-27702	80	28	assumed	assume	VERB
fbem-27702	80	29	that	that	SCONJ
fbem-27702	80	30	the	the	DET
fbem-27702	80	31	enterprise	enterprise	NOUN
fbem-27702	80	32	has	have	AUX
fbem-27702	80	33	been	be	AUX
fbem-27702	80	34	operating	operate	VERB
fbem-27702	80	35	smoothly	smoothly	ADV
fbem-27702	80	36	,	,	PUNCT
fbem-27702	80	37	and	and	CCONJ
fbem-27702	80	38	when	when	SCONJ
fbem-27702	80	39	the	the	DET
fbem-27702	80	40	manufacturing	manufacturing	NOUN
fbem-27702	80	41	enterprise	enterprise	NOUN
fbem-27702	80	42	is	be	AUX
fbem-27702	80	43	hit	hit	VERB
fbem-27702	80	44	by	by	ADP
fbem-27702	80	45	the	the	DET
fbem-27702	80	46	type	type	NOUN
fbem-27702	80	47	of	of	ADP
fbem-27702	80	48	environmental	environmental	ADJ
fbem-27702	80	49	policy	policy	NOUN
fbem-27702	80	50	impacts	impact	NOUN
fbem-27702	80	51	such	such	ADJ
fbem-27702	80	52	as	as	ADP
fbem-27702	80	53	the	the	DET
fbem-27702	80	54	"	"	PUNCT
fbem-27702	80	55	dual	dual	ADJ
fbem-27702	80	56	-	-	PUNCT
fbem-27702	80	57	carbon	carbon	NOUN
fbem-27702	80	58	"	"	PUNCT
fbem-27702	80	59	target	target	NOUN
fbem-27702	80	60	,	,	PUNCT
fbem-27702	80	61	the	the	DET
fbem-27702	80	62	operation	operation	NOUN
fbem-27702	80	63	of	of	ADP
fbem-27702	80	64	the	the	DET
fbem-27702	80	65	enterprise	enterprise	NOUN
fbem-27702	80	66	in	in	ADP
fbem-27702	80	67	a	a	DET
fbem-27702	80	68	certain	certain	ADJ
fbem-27702	80	69	period	period	NOUN
fbem-27702	80	70	of	of	ADP
fbem-27702	80	71	time	time	NOUN
fbem-27702	80	72	is	be	AUX
fbem-27702	80	73	unstable	unstable	ADJ
fbem-27702	80	74	,	,	PUNCT
fbem-27702	80	75	and	and	CCONJ
fbem-27702	80	76	in	in	ADP
fbem-27702	80	77	addition	addition	NOUN
fbem-27702	80	78	,	,	PUNCT
fbem-27702	80	79	the	the	DET
fbem-27702	80	80	profit	profit	NOUN
fbem-27702	80	81	level	level	NOUN
fbem-27702	80	82	of	of	ADP
fbem-27702	80	83	the	the	DET
fbem-27702	80	84	enterprise	enterprise	NOUN
fbem-27702	80	85	will	will	AUX
fbem-27702	80	86	be	be	AUX
fbem-27702	80	87	reduced	reduce	VERB
fbem-27702	80	88	as	as	ADP
fbem-27702	80	89	a	a	DET
fbem-27702	80	90	result	result	NOUN
fbem-27702	80	91	,	,	PUNCT
fbem-27702	80	92	therefore	therefore	ADV
fbem-27702	80	93	,	,	PUNCT
fbem-27702	80	94	when	when	SCONJ
fbem-27702	80	95	pe	pe	PROPN
fbem-27702	80	96	is	be	AUX
fbem-27702	80	97	used	use	VERB
fbem-27702	80	98	as	as	ADP
fbem-27702	80	99	an	an	DET
fbem-27702	80	100	explanatory	explanatory	ADJ
fbem-27702	80	101	variable	variable	NOUN
fbem-27702	80	102	it	it	PRON
fbem-27702	80	103	will	will	AUX
fbem-27702	80	104	have	have	VERB
fbem-27702	80	105	a	a	DET
fbem-27702	80	106	negative	negative	ADJ
fbem-27702	80	107	impact	impact	NOUN
fbem-27702	80	108	.	.	PUNCT
fbem-27702	81	1	after	after	ADP
fbem-27702	81	2	replacing	replace	VERB
fbem-27702	81	3	the	the	DET
fbem-27702	81	4	explanatory	explanatory	ADJ
fbem-27702	81	5	variables	variable	NOUN
fbem-27702	81	6	,	,	PUNCT
fbem-27702	81	7	hypothesis	hypothesis	NOUN
fbem-27702	81	8	1	1	NUM
fbem-27702	81	9	is	be	AUX
fbem-27702	81	10	verified	verify	VERB
fbem-27702	81	11	:	:	PUNCT
fbem-27702	81	12	the	the	DET
fbem-27702	81	13	profitability	profitability	NOUN
fbem-27702	81	14	of	of	ADP
fbem-27702	81	15	manufacturing	manufacturing	NOUN
fbem-27702	81	16	enterprises	enterprise	NOUN
fbem-27702	81	17	whose	whose	DET
fbem-27702	81	18	registered	register	VERB
fbem-27702	81	19	place	place	NOUN
fbem-27702	81	20	is	be	AUX
fbem-27702	81	21	located	locate	VERB
fbem-27702	81	22	in	in	ADP
fbem-27702	81	23	good	good	ADJ
fbem-27702	81	24	lowcarbon	lowcarbon	PROPN
fbem-27702	81	25	pilot	pilot	NOUN
fbem-27702	81	26	cities	city	NOUN
fbem-27702	81	27	will	will	AUX
fbem-27702	81	28	be	be	AUX
fbem-27702	81	29	positively	positively	ADV
fbem-27702	81	30	affected	affect	VERB
fbem-27702	81	31	by	by	ADP
fbem-27702	81	32	the	the	DET
fbem-27702	81	33	"	"	PUNCT
fbem-27702	81	34	dualcarbon	dualcarbon	NOUN
fbem-27702	81	35	"	"	PUNCT
fbem-27702	81	36	target	target	NOUN
fbem-27702	81	37	,	,	PUNCT
fbem-27702	81	38	and	and	CCONJ
fbem-27702	81	39	passes	pass	VERB
fbem-27702	81	40	the	the	DET
fbem-27702	81	41	robustness	robustness	NOUN
fbem-27702	81	42	test	test	NOUN
fbem-27702	81	43	,	,	PUNCT
fbem-27702	81	44	and	and	CCONJ
fbem-27702	81	45	it	it	PRON
fbem-27702	81	46	can	can	AUX
fbem-27702	81	47	be	be	AUX
fbem-27702	81	48	considered	consider	VERB
fbem-27702	81	49	that	that	PRON
fbem-27702	81	50	hypothesis	hypothesis	NOUN
fbem-27702	81	51	1	1	NUM
fbem-27702	81	52	is	be	AUX
fbem-27702	81	53	valid	valid	ADJ
fbem-27702	81	54	.	.	PUNCT
fbem-27702	82	1	4.3	4.3	NUM
fbem-27702	82	2	.	.	PUNCT
fbem-27702	82	3	robustness	robustness	NOUN
fbem-27702	82	4	test	test	NOUN
fbem-27702	82	5	after	after	ADP
fbem-27702	82	6	a	a	DET
fbem-27702	82	7	basic	basic	ADJ
fbem-27702	82	8	empirical	empirical	ADJ
fbem-27702	82	9	analyse	analyse	NOUN
fbem-27702	82	10	and	and	CCONJ
fbem-27702	82	11	replace	replace	VERB
fbem-27702	82	12	dependent	dependent	ADJ
fbem-27702	82	13	variable	variable	NOUN
fbem-27702	82	14	,	,	PUNCT
fbem-27702	82	15	we	we	PRON
fbem-27702	82	16	do	do	VERB
fbem-27702	82	17	some	some	DET
fbem-27702	82	18	other	other	ADJ
fbem-27702	82	19	robustness	robustness	NOUN
fbem-27702	82	20	tests	test	NOUN
fbem-27702	82	21	,	,	PUNCT
fbem-27702	82	22	such	such	ADJ
fbem-27702	82	23	as	as	ADP
fbem-27702	82	24	parallel	parallel	ADJ
fbem-27702	82	25	trend	trend	NOUN
fbem-27702	82	26	test	test	NOUN
fbem-27702	82	27	,	,	PUNCT
fbem-27702	82	28	placebo	placebo	NOUN
fbem-27702	82	29	test	test	NOUN
fbem-27702	82	30	,	,	PUNCT
fbem-27702	82	31	and	and	CCONJ
fbem-27702	82	32	psm	psm	NOUN
fbem-27702	82	33	-	-	PUNCT
fbem-27702	82	34	did	did	ADJ
fbem-27702	82	35	procedure	procedure	NOUN
fbem-27702	82	36	to	to	PART
fbem-27702	82	37	make	make	VERB
fbem-27702	82	38	sure	sure	ADJ
fbem-27702	82	39	the	the	DET
fbem-27702	82	40	robustness	robustness	NOUN
fbem-27702	82	41	of	of	ADP
fbem-27702	82	42	the	the	DET
fbem-27702	82	43	results	result	NOUN
fbem-27702	82	44	.	.	PUNCT
fbem-27702	83	1	4.3.1	4.3.1	X
fbem-27702	83	2	.	.	PUNCT
fbem-27702	83	3	parallel	parallel	ADJ
fbem-27702	83	4	trend	trend	NOUN
fbem-27702	83	5	test	test	NOUN
fbem-27702	83	6	this	this	DET
fbem-27702	83	7	paper	paper	NOUN
fbem-27702	83	8	adopts	adopt	VERB
fbem-27702	83	9	the	the	DET
fbem-27702	83	10	difference	difference	NOUN
fbem-27702	83	11	-	-	PUNCT
fbem-27702	83	12	in	in	ADP
fbem-27702	83	13	-	-	PUNCT
fbem-27702	83	14	differences	difference	NOUN
fbem-27702	83	15	(	(	PUNCT
fbem-27702	83	16	did	do	AUX
fbem-27702	83	17	)	)	PUNCT
fbem-27702	83	18	method	method	NOUN
fbem-27702	83	19	as	as	ADP
fbem-27702	83	20	a	a	DET
fbem-27702	83	21	research	research	NOUN
fbem-27702	83	22	tool	tool	NOUN
fbem-27702	83	23	which	which	PRON
fbem-27702	83	24	requires	require	VERB
fbem-27702	83	25	to	to	PART
fbem-27702	83	26	satisfy	satisfy	VERB
fbem-27702	83	27	the	the	DET
fbem-27702	83	28	parallel	parallel	ADJ
fbem-27702	83	29	trend	trend	NOUN
fbem-27702	83	30	assumption	assumption	NOUN
fbem-27702	83	31	.	.	PUNCT
fbem-27702	84	1	that	that	PRON
fbem-27702	84	2	means	mean	VERB
fbem-27702	84	3	the	the	DET
fbem-27702	84	4	experimental	experimental	ADJ
fbem-27702	84	5	group	group	NOUN
fbem-27702	84	6	is	be	AUX
fbem-27702	84	7	unaffected	unaffected	ADJ
fbem-27702	84	8	by	by	ADP
fbem-27702	84	9	the	the	DET
fbem-27702	84	10	policy	policy	NOUN
fbem-27702	84	11	in	in	ADP
fbem-27702	84	12	the	the	DET
fbem-27702	84	13	first	first	ADJ
fbem-27702	84	14	period	period	NOUN
fbem-27702	84	15	and	and	CCONJ
fbem-27702	84	16	the	the	DET
fbem-27702	84	17	policy	policy	NOUN
fbem-27702	84	18	is	be	AUX
fbem-27702	84	19	in	in	ADP
fbem-27702	84	20	effect	effect	NOUN
fbem-27702	84	21	from	from	ADP
fbem-27702	84	22	the	the	DET
fbem-27702	84	23	second	second	ADJ
fbem-27702	84	24	period	period	NOUN
fbem-27702	84	25	,	,	PUNCT
fbem-27702	84	26	while	while	SCONJ
fbem-27702	84	27	the	the	DET
fbem-27702	84	28	control	control	NOUN
fbem-27702	84	29	group	group	NOUN
fbem-27702	84	30	is	be	AUX
fbem-27702	84	31	unaffected	unaffected	ADJ
fbem-27702	84	32	by	by	ADP
fbem-27702	84	33	the	the	DET
fbem-27702	84	34	policy	policy	NOUN
fbem-27702	84	35	throughout	throughout	ADP
fbem-27702	84	36	the	the	DET
fbem-27702	84	37	study	study	NOUN
fbem-27702	84	38	period	period	NOUN
fbem-27702	84	39	.	.	PUNCT
fbem-27702	85	1	we	we	PRON
fbem-27702	85	2	use	use	VERB
fbem-27702	85	3	360	360	NUM
fbem-27702	85	4	the	the	DET
fbem-27702	85	5	graphical	graphical	ADJ
fbem-27702	85	6	method	method	NOUN
fbem-27702	85	7	(	(	PUNCT
fbem-27702	85	8	see	see	VERB
fbem-27702	85	9	figure	figure	NOUN
fbem-27702	85	10	2	2	NUM
fbem-27702	85	11	)	)	PUNCT
fbem-27702	85	12	to	to	PART
fbem-27702	85	13	verify	verify	VERB
fbem-27702	85	14	the	the	DET
fbem-27702	85	15	hypothesis	hypothesis	NOUN
fbem-27702	85	16	of	of	ADP
fbem-27702	85	17	parallel	parallel	ADJ
fbem-27702	85	18	trends	trend	NOUN
fbem-27702	85	19	in	in	ADP
fbem-27702	85	20	the	the	DET
fbem-27702	85	21	sample	sample	NOUN
fbem-27702	85	22	data	datum	NOUN
fbem-27702	85	23	,	,	PUNCT
fbem-27702	85	24	and	and	CCONJ
fbem-27702	85	25	accordingly	accordingly	ADV
fbem-27702	85	26	assess	assess	VERB
fbem-27702	85	27	the	the	DET
fbem-27702	85	28	effects	effect	NOUN
fbem-27702	85	29	of	of	ADP
fbem-27702	85	30	dynamic	dynamic	ADJ
fbem-27702	85	31	policies	policy	NOUN
fbem-27702	85	32	at	at	ADP
fbem-27702	85	33	the	the	DET
fbem-27702	85	34	city	city	NOUN
fbem-27702	85	35	level	level	NOUN
fbem-27702	85	36	.	.	PUNCT
fbem-27702	86	1	by	by	ADP
fbem-27702	86	2	looking	look	VERB
fbem-27702	86	3	at	at	ADP
fbem-27702	86	4	figure	figure	NOUN
fbem-27702	86	5	2	2	NUM
fbem-27702	86	6	,	,	PUNCT
fbem-27702	86	7	we	we	PRON
fbem-27702	86	8	can	can	AUX
fbem-27702	86	9	clearly	clearly	ADV
fbem-27702	86	10	see	see	VERB
fbem-27702	86	11	that	that	SCONJ
fbem-27702	86	12	the	the	DET
fbem-27702	86	13	confidence	confidence	NOUN
fbem-27702	86	14	interval	interval	NOUN
fbem-27702	86	15	of	of	ADP
fbem-27702	86	16	the	the	DET
fbem-27702	86	17	regression	regression	NOUN
fbem-27702	86	18	coefficients	coefficient	NOUN
fbem-27702	86	19	consistently	consistently	ADV
fbem-27702	86	20	encompasses	encompass	VERB
fbem-27702	86	21	a	a	DET
fbem-27702	86	22	value	value	NOUN
fbem-27702	86	23	of	of	ADP
fbem-27702	86	24	0	0	NUM
fbem-27702	86	25	in	in	ADP
fbem-27702	86	26	the	the	DET
fbem-27702	86	27	six	six	NUM
fbem-27702	86	28	years	year	NOUN
fbem-27702	86	29	before	before	ADP
fbem-27702	86	30	the	the	DET
fbem-27702	86	31	official	official	ADJ
fbem-27702	86	32	implementation	implementation	NOUN
fbem-27702	86	33	of	of	ADP
fbem-27702	86	34	the	the	DET
fbem-27702	86	35	"	"	PUNCT
fbem-27702	86	36	dual	dual	ADJ
fbem-27702	86	37	-	-	PUNCT
fbem-27702	86	38	carbon	carbon	NOUN
fbem-27702	86	39	"	"	PUNCT
fbem-27702	86	40	policy	policy	NOUN
fbem-27702	86	41	,	,	PUNCT
fbem-27702	86	42	a	a	DET
fbem-27702	86	43	phenomenon	phenomenon	NOUN
fbem-27702	86	44	that	that	PRON
fbem-27702	86	45	suggests	suggest	VERB
fbem-27702	86	46	that	that	SCONJ
fbem-27702	86	47	urban	urban	ADJ
fbem-27702	86	48	enterprises	enterprise	NOUN
fbem-27702	86	49	in	in	ADP
fbem-27702	86	50	the	the	DET
fbem-27702	86	51	experimental	experimental	ADJ
fbem-27702	86	52	group	group	NOUN
fbem-27702	86	53	and	and	CCONJ
fbem-27702	86	54	the	the	DET
fbem-27702	86	55	control	control	NOUN
fbem-27702	86	56	group	group	NOUN
fbem-27702	86	57	did	do	AUX
fbem-27702	86	58	not	not	PART
fbem-27702	86	59	show	show	VERB
fbem-27702	86	60	significant	significant	ADJ
fbem-27702	86	61	differences	difference	NOUN
fbem-27702	86	62	in	in	ADP
fbem-27702	86	63	profitability	profitability	NOUN
fbem-27702	86	64	during	during	ADP
fbem-27702	86	65	this	this	DET
fbem-27702	86	66	period	period	NOUN
fbem-27702	86	67	.	.	PUNCT
fbem-27702	87	1	however	however	ADV
fbem-27702	87	2	,	,	PUNCT
fbem-27702	87	3	from	from	ADP
fbem-27702	87	4	the	the	DET
fbem-27702	87	5	beginning	beginning	NOUN
fbem-27702	87	6	of	of	ADP
fbem-27702	87	7	the	the	DET
fbem-27702	87	8	first	first	ADJ
fbem-27702	87	9	year	year	NOUN
fbem-27702	87	10	of	of	ADP
fbem-27702	87	11	policy	policy	NOUN
fbem-27702	87	12	implementation	implementation	NOUN
fbem-27702	87	13	,	,	PUNCT
fbem-27702	87	14	the	the	DET
fbem-27702	87	15	confidence	confidence	NOUN
fbem-27702	87	16	intervals	interval	NOUN
fbem-27702	87	17	of	of	ADP
fbem-27702	87	18	the	the	DET
fbem-27702	87	19	estimated	estimate	VERB
fbem-27702	87	20	coefficients	coefficient	NOUN
fbem-27702	87	21	presented	present	VERB
fbem-27702	87	22	in	in	ADP
fbem-27702	87	23	figure	figure	NOUN
fbem-27702	87	24	1	1	NUM
fbem-27702	87	25	.	.	PUNCT
fbem-27702	88	1	no	no	ADV
fbem-27702	88	2	longer	long	ADV
fbem-27702	88	3	include	include	VERB
fbem-27702	88	4	a	a	DET
fbem-27702	88	5	value	value	NOUN
fbem-27702	88	6	of	of	ADP
fbem-27702	88	7	0	0	NUM
fbem-27702	88	8	,	,	PUNCT
fbem-27702	88	9	a	a	DET
fbem-27702	88	10	shift	shift	NOUN
fbem-27702	88	11	that	that	PRON
fbem-27702	88	12	strongly	strongly	ADV
fbem-27702	88	13	supports	support	VERB
fbem-27702	88	14	the	the	DET
fbem-27702	88	15	parallel	parallel	ADJ
fbem-27702	88	16	trend	trend	NOUN
fbem-27702	88	17	hypothesis	hypothesis	NOUN
fbem-27702	88	18	.	.	PUNCT
fbem-27702	89	1	figure	figure	NOUN
fbem-27702	89	2	1	1	NUM
fbem-27702	89	3	.	.	PUNCT
fbem-27702	89	4	parallel	parallel	ADJ
fbem-27702	89	5	trend	trend	NOUN
fbem-27702	89	6	test	test	NOUN
fbem-27702	89	7	plot	plot	NOUN
fbem-27702	89	8	4.3.2	4.3.2	NOUN
fbem-27702	89	9	.	.	PUNCT
fbem-27702	90	1	placebo	placebo	NOUN
fbem-27702	90	2	test	test	NOUN
fbem-27702	90	3	the	the	DET
fbem-27702	90	4	placebo	placebo	NOUN
fbem-27702	90	5	test	test	NOUN
fbem-27702	90	6	can	can	AUX
fbem-27702	90	7	be	be	AUX
fbem-27702	90	8	chosen	choose	VERB
fbem-27702	90	9	to	to	PART
fbem-27702	90	10	randomize	randomize	VERB
fbem-27702	90	11	the	the	DET
fbem-27702	90	12	experimental	experimental	ADJ
fbem-27702	90	13	group	group	NOUN
fbem-27702	90	14	,	,	PUNCT
fbem-27702	90	15	typically	typically	ADV
fbem-27702	90	16	by	by	ADP
fbem-27702	90	17	randomly	randomly	ADV
fbem-27702	90	18	selecting	select	VERB
fbem-27702	90	19	individuals	individual	NOUN
fbem-27702	90	20	as	as	ADP
fbem-27702	90	21	the	the	DET
fbem-27702	90	22	treatment	treatment	NOUN
fbem-27702	90	23	group	group	NOUN
fbem-27702	90	24	and	and	CCONJ
fbem-27702	90	25	repeating	repeat	VERB
fbem-27702	90	26	it	it	PRON
fbem-27702	90	27	500	500	NUM
fbem-27702	90	28	or	or	CCONJ
fbem-27702	90	29	1,000	1,000	NUM
fbem-27702	90	30	times	time	NOUN
fbem-27702	90	31	to	to	PART
fbem-27702	90	32	see	see	VERB
fbem-27702	90	33	if	if	SCONJ
fbem-27702	90	34	the	the	DET
fbem-27702	90	35	coefficients	coefficient	NOUN
fbem-27702	90	36	are	be	AUX
fbem-27702	90	37	significantly	significantly	ADV
fbem-27702	90	38	different	different	ADJ
fbem-27702	90	39	from	from	ADP
fbem-27702	90	40	the	the	DET
fbem-27702	90	41	baseline	baseline	NOUN
fbem-27702	90	42	estimates	estimate	NOUN
fbem-27702	90	43	.	.	PUNCT
fbem-27702	91	1	if	if	SCONJ
fbem-27702	91	2	it	it	PRON
fbem-27702	91	3	is	be	AUX
fbem-27702	91	4	not	not	PART
fbem-27702	91	5	significant	significant	ADJ
fbem-27702	91	6	,	,	PUNCT
fbem-27702	91	7	it	it	PRON
fbem-27702	91	8	can	can	AUX
fbem-27702	91	9	indicate	indicate	VERB
fbem-27702	91	10	the	the	DET
fbem-27702	91	11	robustness	robustness	NOUN
fbem-27702	91	12	of	of	ADP
fbem-27702	91	13	the	the	DET
fbem-27702	91	14	original	original	ADJ
fbem-27702	91	15	policy	policy	NOUN
fbem-27702	91	16	effect	effect	NOUN
fbem-27702	91	17	.	.	PUNCT
fbem-27702	92	1	in	in	ADP
fbem-27702	92	2	this	this	DET
fbem-27702	92	3	section	section	NOUN
fbem-27702	92	4	,	,	PUNCT
fbem-27702	92	5	the	the	DET
fbem-27702	92	6	interaction	interaction	NOUN
fbem-27702	92	7	term	term	NOUN
fbem-27702	92	8	is	be	AUX
fbem-27702	92	9	randomly	randomly	ADV
fbem-27702	92	10	selected	select	VERB
fbem-27702	92	11	500	500	NUM
fbem-27702	92	12	times	time	NOUN
fbem-27702	92	13	,	,	PUNCT
fbem-27702	92	14	and	and	CCONJ
fbem-27702	92	15	figure	figure	VERB
fbem-27702	92	16	2	2	NUM
fbem-27702	92	17	.	.	PUNCT
fbem-27702	92	18	is	be	AUX
fbem-27702	92	19	obtained	obtain	VERB
fbem-27702	92	20	.	.	PUNCT
fbem-27702	93	1	from	from	ADP
fbem-27702	93	2	the	the	DET
fbem-27702	93	3	figure	figure	NOUN
fbem-27702	93	4	,	,	PUNCT
fbem-27702	93	5	it	it	PRON
fbem-27702	93	6	can	can	AUX
fbem-27702	93	7	be	be	AUX
fbem-27702	93	8	seen	see	VERB
fbem-27702	93	9	that	that	SCONJ
fbem-27702	93	10	the	the	DET
fbem-27702	93	11	scatters	scatter	NOUN
fbem-27702	93	12	are	be	AUX
fbem-27702	93	13	concentrated	concentrate	VERB
fbem-27702	93	14	around	around	ADP
fbem-27702	93	15	0	0	NUM
fbem-27702	93	16	and	and	CCONJ
fbem-27702	93	17	far	far	ADV
fbem-27702	93	18	away	away	ADV
fbem-27702	93	19	from	from	ADP
fbem-27702	93	20	the	the	DET
fbem-27702	93	21	true	true	ADJ
fbem-27702	93	22	value	value	NOUN
fbem-27702	93	23	,	,	PUNCT
fbem-27702	93	24	and	and	CCONJ
fbem-27702	93	25	the	the	DET
fbem-27702	93	26	vast	vast	ADJ
fbem-27702	93	27	majority	majority	NOUN
fbem-27702	93	28	of	of	ADP
fbem-27702	93	29	scatters	scatter	NOUN
fbem-27702	93	30	are	be	AUX
fbem-27702	93	31	located	locate	VERB
fbem-27702	93	32	on	on	ADP
fbem-27702	93	33	the	the	DET
fbem-27702	93	34	level	level	NOUN
fbem-27702	93	35	of	of	ADP
fbem-27702	93	36	the	the	DET
fbem-27702	93	37	solid	solid	ADJ
fbem-27702	93	38	line	line	NOUN
fbem-27702	93	39	at	at	ADP
fbem-27702	93	40	p=0.1	p=0.1	NOUN
fbem-27702	93	41	,	,	PUNCT
fbem-27702	93	42	which	which	PRON
fbem-27702	93	43	indicates	indicate	VERB
fbem-27702	93	44	that	that	SCONJ
fbem-27702	93	45	the	the	DET
fbem-27702	93	46	vast	vast	ADJ
fbem-27702	93	47	majority	majority	NOUN
fbem-27702	93	48	of	of	ADP
fbem-27702	93	49	the	the	DET
fbem-27702	93	50	estimated	estimate	VERB
fbem-27702	93	51	coefficients	coefficient	NOUN
fbem-27702	93	52	are	be	AUX
fbem-27702	93	53	not	not	PART
fbem-27702	93	54	significant	significant	ADJ
fbem-27702	93	55	at	at	ADP
fbem-27702	93	56	the	the	DET
fbem-27702	93	57	10	10	NUM
fbem-27702	93	58	%	%	NOUN
fbem-27702	93	59	level	level	NOUN
fbem-27702	93	60	,	,	PUNCT
fbem-27702	93	61	which	which	PRON
fbem-27702	93	62	implies	imply	VERB
fbem-27702	93	63	that	that	SCONJ
fbem-27702	93	64	the	the	DET
fbem-27702	93	65	effect	effect	NOUN
fbem-27702	93	66	of	of	ADP
fbem-27702	93	67	the	the	DET
fbem-27702	93	68	"	"	PUNCT
fbem-27702	93	69	dual	dual	ADJ
fbem-27702	93	70	-	-	PUNCT
fbem-27702	93	71	carbon	carbon	NOUN
fbem-27702	93	72	"	"	PUNCT
fbem-27702	93	73	policy	policy	NOUN
fbem-27702	93	74	on	on	ADP
fbem-27702	93	75	manufacturing	manufacturing	NOUN
fbem-27702	93	76	firms	firm	NOUN
fbem-27702	93	77	grouped	group	VERB
fbem-27702	93	78	by	by	ADP
fbem-27702	93	79	information	information	NOUN
fbem-27702	93	80	disclosure	disclosure	NOUN
fbem-27702	93	81	degree	degree	NOUN
fbem-27702	93	82	in	in	ADP
fbem-27702	93	83	hypothesis	hypothesis	NOUN
fbem-27702	93	84	1	1	NUM
fbem-27702	93	85	is	be	AUX
fbem-27702	93	86	not	not	PART
fbem-27702	93	87	significant	significant	ADJ
fbem-27702	93	88	.	.	PUNCT
fbem-27702	94	1	this	this	PRON
fbem-27702	94	2	implies	imply	VERB
fbem-27702	94	3	that	that	SCONJ
fbem-27702	94	4	the	the	DET
fbem-27702	94	5	policy	policy	NOUN
fbem-27702	94	6	effect	effect	NOUN
fbem-27702	94	7	of	of	ADP
fbem-27702	94	8	the	the	DET
fbem-27702	94	9	"	"	PUNCT
fbem-27702	94	10	dual	dual	ADJ
fbem-27702	94	11	carbon	carbon	NOUN
fbem-27702	94	12	"	"	PUNCT
fbem-27702	94	13	policy	policy	NOUN
fbem-27702	94	14	in	in	ADP
fbem-27702	94	15	hypothesis	hypothesis	NOUN
fbem-27702	94	16	1	1	NUM
fbem-27702	94	17	on	on	ADP
fbem-27702	94	18	manufacturing	manufacturing	NOUN
fbem-27702	94	19	firms	firm	NOUN
fbem-27702	94	20	grouped	group	VERB
fbem-27702	94	21	by	by	ADP
fbem-27702	94	22	the	the	DET
fbem-27702	94	23	degree	degree	NOUN
fbem-27702	94	24	of	of	ADP
fbem-27702	94	25	information	information	NOUN
fbem-27702	94	26	disclosure	disclosure	NOUN
fbem-27702	94	27	is	be	AUX
fbem-27702	94	28	not	not	PART
fbem-27702	94	29	affected	affect	VERB
fbem-27702	94	30	by	by	ADP
fbem-27702	94	31	other	other	ADJ
fbem-27702	94	32	unobserved	unobserved	ADJ
fbem-27702	94	33	factors	factor	NOUN
fbem-27702	94	34	.	.	PUNCT
fbem-27702	95	1	figure	figure	NOUN
fbem-27702	95	2	2	2	NUM
fbem-27702	95	3	.	.	PUNCT
fbem-27702	96	1	scatterplot	scatterplot	NOUN
fbem-27702	96	2	of	of	ADP
fbem-27702	96	3	p	p	NOUN
fbem-27702	96	4	-	-	PUNCT
fbem-27702	96	5	value	value	NOUN
fbem-27702	96	6	for	for	ADP
fbem-27702	96	7	information	information	NOUN
fbem-27702	96	8	disclosure	disclosure	NOUN
fbem-27702	96	9	test	test	NOUN
fbem-27702	96	10	4.3.3	4.3.3	NOUN
fbem-27702	96	11	.	.	PUNCT
fbem-27702	97	1	psm	psm	NOUN
fbem-27702	97	2	-	-	PUNCT
fbem-27702	97	3	did	do	VERB
fbem-27702	97	4	in	in	ADP
fbem-27702	97	5	order	order	NOUN
fbem-27702	97	6	to	to	PART
fbem-27702	97	7	mitigate	mitigate	VERB
fbem-27702	97	8	the	the	DET
fbem-27702	97	9	endogeneity	endogeneity	NOUN
fbem-27702	97	10	problem	problem	NOUN
fbem-27702	97	11	triggered	trigger	VERB
fbem-27702	97	12	by	by	ADP
fbem-27702	97	13	sample	sample	NOUN
fbem-27702	97	14	selection	selection	NOUN
fbem-27702	97	15	bias	bias	NOUN
fbem-27702	97	16	,	,	PUNCT
fbem-27702	97	17	this	this	DET
fbem-27702	97	18	paper	paper	NOUN
fbem-27702	97	19	draws	draw	VERB
fbem-27702	97	20	on	on	ADP
fbem-27702	97	21	previous	previous	ADJ
fbem-27702	97	22	scholars	scholar	NOUN
fbem-27702	97	23	'	'	PART
fbem-27702	97	24	research	research	NOUN
fbem-27702	97	25	methods	method	NOUN
fbem-27702	97	26	.	.	PUNCT
fbem-27702	98	1	in	in	ADP
fbem-27702	98	2	this	this	DET
fbem-27702	98	3	paper	paper	NOUN
fbem-27702	98	4	,	,	PUNCT
fbem-27702	98	5	we	we	PRON
fbem-27702	98	6	adopt	adopt	VERB
fbem-27702	98	7	the	the	DET
fbem-27702	98	8	psm	psm	NOUN
fbem-27702	98	9	-	-	PUNCT
fbem-27702	98	10	did	did	ADJ
fbem-27702	98	11	method	method	NOUN
fbem-27702	98	12	to	to	PART
fbem-27702	98	13	conduct	conduct	VERB
fbem-27702	98	14	the	the	DET
fbem-27702	98	15	robustness	robustness	NOUN
fbem-27702	98	16	test	test	NOUN
fbem-27702	98	17	.	.	PUNCT
fbem-27702	99	1	specifically	specifically	ADV
fbem-27702	99	2	,	,	PUNCT
fbem-27702	99	3	we	we	PRON
fbem-27702	99	4	first	first	ADV
fbem-27702	99	5	utilize	utilize	VERB
fbem-27702	99	6	the	the	DET
fbem-27702	99	7	"	"	PUNCT
fbem-27702	99	8	dual	dual	ADJ
fbem-27702	99	9	-	-	PUNCT
fbem-27702	99	10	carbon	carbon	NOUN
fbem-27702	99	11	"	"	PUNCT
fbem-27702	99	12	policy	policy	NOUN
fbem-27702	99	13	as	as	ADP
fbem-27702	99	14	the	the	DET
fbem-27702	99	15	explanatory	explanatory	ADJ
fbem-27702	99	16	variable	variable	NOUN
fbem-27702	99	17	and	and	CCONJ
fbem-27702	99	18	perform	perform	VERB
fbem-27702	99	19	logit	logit	NOUN
fbem-27702	99	20	regression	regression	NOUN
fbem-27702	99	21	analysis	analysis	NOUN
fbem-27702	99	22	on	on	ADP
fbem-27702	99	23	the	the	DET
fbem-27702	99	24	control	control	NOUN
fbem-27702	99	25	variables	variable	NOUN
fbem-27702	99	26	to	to	PART
fbem-27702	99	27	calculate	calculate	VERB
fbem-27702	99	28	the	the	DET
fbem-27702	99	29	propensity	propensity	NOUN
fbem-27702	99	30	score	score	NOUN
fbem-27702	99	31	.	.	PUNCT
fbem-27702	100	1	subsequently	subsequently	ADV
fbem-27702	100	2	,	,	PUNCT
fbem-27702	100	3	we	we	PRON
fbem-27702	100	4	apply	apply	VERB
fbem-27702	100	5	a	a	DET
fbem-27702	100	6	1:1	1:1	NUM
fbem-27702	100	7	nearest	near	ADJ
fbem-27702	100	8	-	-	PUNCT
fbem-27702	100	9	neighbor	neighbor	NOUN
fbem-27702	100	10	matching	matching	NOUN
fbem-27702	100	11	strategy	strategy	NOUN
fbem-27702	100	12	to	to	PART
fbem-27702	100	13	screen	screen	VERB
fbem-27702	100	14	out	out	ADP
fbem-27702	100	15	the	the	DET
fbem-27702	100	16	nonpilot	nonpilot	ADJ
fbem-27702	100	17	cities	city	NOUN
fbem-27702	100	18	with	with	ADP
fbem-27702	100	19	the	the	DET
fbem-27702	100	20	closest	close	ADJ
fbem-27702	100	21	propensity	propensity	NOUN
fbem-27702	100	22	scores	score	NOUN
fbem-27702	100	23	,	,	PUNCT
fbem-27702	100	24	and	and	CCONJ
fbem-27702	100	25	use	use	VERB
fbem-27702	100	26	them	they	PRON
fbem-27702	100	27	as	as	ADP
fbem-27702	100	28	the	the	DET
fbem-27702	100	29	new	new	PROPN
fbem-27702	100	30	control	control	PROPN
fbem-27702	100	31	group	group	NOUN
fbem-27702	100	32	sample	sample	NOUN
fbem-27702	100	33	.	.	PUNCT
fbem-27702	101	1	in	in	ADP
fbem-27702	101	2	order	order	NOUN
fbem-27702	101	3	to	to	PART
fbem-27702	101	4	test	test	VERB
fbem-27702	101	5	whether	whether	SCONJ
fbem-27702	101	6	the	the	DET
fbem-27702	101	7	matching	matching	NOUN
fbem-27702	101	8	results	result	NOUN
fbem-27702	101	9	are	be	AUX
fbem-27702	101	10	effective	effective	ADJ
fbem-27702	101	11	in	in	ADP
fbem-27702	101	12	balancing	balance	VERB
fbem-27702	101	13	the	the	DET
fbem-27702	101	14	data	datum	NOUN
fbem-27702	101	15	,	,	PUNCT
fbem-27702	101	16	the	the	DET
fbem-27702	101	17	pstest	pst	ADJ
fbem-27702	101	18	command	command	NOUN
fbem-27702	101	19	is	be	AUX
fbem-27702	101	20	used	use	VERB
fbem-27702	101	21	in	in	ADP
fbem-27702	101	22	this	this	DET
fbem-27702	101	23	section	section	NOUN
fbem-27702	101	24	for	for	ADP
fbem-27702	101	25	analysis	analysis	NOUN
fbem-27702	101	26	.	.	PUNCT
fbem-27702	102	1	the	the	DET
fbem-27702	102	2	test	test	NOUN
fbem-27702	102	3	results	result	NOUN
fbem-27702	102	4	of	of	ADP
fbem-27702	102	5	the	the	DET
fbem-27702	102	6	balance	balance	NOUN
fbem-27702	102	7	hypothesis	hypothesis	NOUN
fbem-27702	102	8	,	,	PUNCT
fbem-27702	102	9	while	while	SCONJ
fbem-27702	102	10	figure	figure	NOUN
fbem-27702	102	11	2	2	NUM
fbem-27702	102	12	.	.	PUNCT
fbem-27702	102	13	visualizes	visualize	VERB
fbem-27702	102	14	the	the	DET
fbem-27702	102	15	test	test	NOUN
fbem-27702	102	16	of	of	ADP
fbem-27702	102	17	the	the	DET
fbem-27702	102	18	balance	balance	NOUN
fbem-27702	102	19	hypothesis	hypothesis	NOUN
fbem-27702	102	20	in	in	ADP
fbem-27702	102	21	the	the	DET
fbem-27702	102	22	form	form	NOUN
fbem-27702	102	23	of	of	ADP
fbem-27702	102	24	a	a	DET
fbem-27702	102	25	scatter	scatter	NOUN
fbem-27702	102	26	plot	plot	NOUN
fbem-27702	102	27	.	.	PUNCT
fbem-27702	103	1	according	accord	VERB
fbem-27702	103	2	to	to	ADP
fbem-27702	103	3	these	these	DET
fbem-27702	103	4	results	result	NOUN
fbem-27702	103	5	,	,	PUNCT
fbem-27702	103	6	we	we	PRON
fbem-27702	103	7	can	can	AUX
fbem-27702	103	8	observe	observe	VERB
fbem-27702	103	9	that	that	SCONJ
fbem-27702	103	10	after	after	ADP
fbem-27702	103	11	the	the	DET
fbem-27702	103	12	application	application	NOUN
fbem-27702	103	13	of	of	ADP
fbem-27702	103	14	the	the	DET
fbem-27702	103	15	propensity	propensity	NOUN
fbem-27702	103	16	score	score	NOUN
fbem-27702	103	17	matching	matching	NOUN
fbem-27702	103	18	(	(	PUNCT
fbem-27702	103	19	psm	psm	NOUN
fbem-27702	103	20	)	)	PUNCT
fbem-27702	103	21	method	method	NOUN
fbem-27702	103	22	,	,	PUNCT
fbem-27702	103	23	the	the	DET
fbem-27702	103	24	absolute	absolute	ADJ
fbem-27702	103	25	value	value	NOUN
fbem-27702	103	26	of	of	ADP
fbem-27702	103	27	the	the	DET
fbem-27702	103	28	t	t	NOUN
fbem-27702	103	29	-	-	PUNCT
fbem-27702	103	30	value	value	NOUN
fbem-27702	103	31	shows	show	VERB
fbem-27702	103	32	a	a	DET
fbem-27702	103	33	tendency	tendency	NOUN
fbem-27702	103	34	to	to	PART
fbem-27702	103	35	decrease	decrease	VERB
fbem-27702	103	36	,	,	PUNCT
fbem-27702	103	37	and	and	CCONJ
fbem-27702	103	38	at	at	ADP
fbem-27702	103	39	the	the	DET
fbem-27702	103	40	same	same	ADJ
fbem-27702	103	41	time	time	NOUN
fbem-27702	103	42	,	,	PUNCT
fbem-27702	103	43	the	the	DET
fbem-27702	103	44	absolute	absolute	ADJ
fbem-27702	103	45	value	value	NOUN
fbem-27702	103	46	of	of	ADP
fbem-27702	103	47	the	the	DET
fbem-27702	103	48	standardized	standardized	ADJ
fbem-27702	103	49	deviation	deviation	NOUN
fbem-27702	103	50	of	of	ADP
fbem-27702	103	51	each	each	DET
fbem-27702	103	52	variable	variable	NOUN
fbem-27702	103	53	is	be	AUX
fbem-27702	103	54	also	also	ADV
fbem-27702	103	55	reduced	reduce	VERB
fbem-27702	103	56	to	to	ADP
fbem-27702	103	57	varying	vary	VERB
fbem-27702	103	58	degrees	degree	NOUN
fbem-27702	103	59	,	,	PUNCT
fbem-27702	103	60	and	and	CCONJ
fbem-27702	103	61	these	these	DET
fbem-27702	103	62	deviation	deviation	NOUN
fbem-27702	103	63	values	value	NOUN
fbem-27702	103	64	are	be	AUX
fbem-27702	103	65	all	all	PRON
fbem-27702	103	66	controlled	control	VERB
fbem-27702	103	67	within	within	ADP
fbem-27702	103	68	the	the	DET
fbem-27702	103	69	range	range	NOUN
fbem-27702	103	70	of	of	ADP
fbem-27702	103	71	10	10	NUM
fbem-27702	103	72	%	%	NOUN
fbem-27702	103	73	.	.	PUNCT
fbem-27702	104	1	this	this	DET
fbem-27702	104	2	result	result	NOUN
fbem-27702	104	3	indicates	indicate	VERB
fbem-27702	104	4	that	that	SCONJ
fbem-27702	104	5	there	there	PRON
fbem-27702	104	6	is	be	VERB
fbem-27702	104	7	no	no	PRON
fbem-27702	104	8	longer	long	ADV
fbem-27702	104	9	a	a	DET
fbem-27702	104	10	significant	significant	ADJ
fbem-27702	104	11	difference	difference	NOUN
fbem-27702	104	12	between	between	ADP
fbem-27702	104	13	the	the	DET
fbem-27702	104	14	means	mean	NOUN
fbem-27702	104	15	of	of	ADP
fbem-27702	104	16	the	the	DET
fbem-27702	104	17	experimental	experimental	ADJ
fbem-27702	104	18	group	group	NOUN
fbem-27702	104	19	and	and	CCONJ
fbem-27702	104	20	the	the	DET
fbem-27702	104	21	control	control	NOUN
fbem-27702	104	22	group	group	NOUN
fbem-27702	104	23	in	in	ADP
fbem-27702	104	24	terms	term	NOUN
fbem-27702	104	25	of	of	ADP
fbem-27702	104	26	the	the	DET
fbem-27702	104	27	matching	matching	NOUN
fbem-27702	104	28	variables	variable	NOUN
fbem-27702	104	29	,	,	PUNCT
fbem-27702	104	30	thus	thus	ADV
fbem-27702	104	31	strongly	strongly	ADV
fbem-27702	104	32	proving	prove	VERB
fbem-27702	104	33	that	that	SCONJ
fbem-27702	104	34	we	we	PRON
fbem-27702	104	35	have	have	AUX
fbem-27702	104	36	effectively	effectively	ADV
fbem-27702	104	37	solved	solve	VERB
fbem-27702	104	38	the	the	DET
fbem-27702	104	39	endogeneity	endogeneity	NOUN
fbem-27702	104	40	problem	problem	NOUN
fbem-27702	104	41	of	of	ADP
fbem-27702	104	42	the	the	DET
fbem-27702	104	43	sample	sample	NOUN
fbem-27702	104	44	and	and	CCONJ
fbem-27702	104	45	successfully	successfully	ADV
fbem-27702	104	46	passed	pass	VERB
fbem-27702	104	47	the	the	DET
fbem-27702	104	48	consideration	consideration	NOUN
fbem-27702	104	49	of	of	ADP
fbem-27702	104	50	the	the	DET
fbem-27702	104	51	balance	balance	NOUN
fbem-27702	104	52	test	test	NOUN
fbem-27702	104	53	.	.	PUNCT
fbem-27702	105	1	then	then	ADV
fbem-27702	105	2	we	we	PRON
fbem-27702	105	3	use	use	VERB
fbem-27702	105	4	the	the	DET
fbem-27702	105	5	psm	psm	PROPN
fbem-27702	105	6	sample	sample	NOUN
fbem-27702	105	7	to	to	PART
fbem-27702	105	8	re	re	VERB
fbem-27702	105	9	-	-	VERB
fbem-27702	105	10	estimate	estimate	ADJ
fbem-27702	105	11	model	model	NOUN
fbem-27702	105	12	(	(	PUNCT
fbem-27702	105	13	1	1	NUM
fbem-27702	105	14	)	)	PUNCT
fbem-27702	105	15	,	,	PUNCT
fbem-27702	105	16	we	we	PRON
fbem-27702	105	17	observe	observe	VERB
fbem-27702	105	18	that	that	SCONJ
fbem-27702	105	19	the	the	DET
fbem-27702	105	20	coefficient	coefficient	NOUN
fbem-27702	105	21	estimate	estimate	NOUN
fbem-27702	105	22	of	of	ADP
fbem-27702	105	23	the	the	DET
fbem-27702	105	24	difference	difference	NOUN
fbem-27702	105	25	-	-	PUNCT
fbem-27702	105	26	indifferences	indifference	NOUN
fbem-27702	105	27	(	(	PUNCT
fbem-27702	105	28	did	do	AUX
fbem-27702	105	29	)	)	PUNCT
fbem-27702	105	30	is	be	AUX
fbem-27702	105	31	0.001	0.001	NUM
fbem-27702	105	32	and	and	CCONJ
fbem-27702	105	33	exhibits	exhibit	VERB
fbem-27702	105	34	statistical	statistical	ADJ
fbem-27702	105	35	significance	significance	NOUN
fbem-27702	105	36	at	at	ADP
fbem-27702	105	37	the	the	DET
fbem-27702	105	38	10	10	NUM
fbem-27702	105	39	%	%	NOUN
fbem-27702	105	40	significance	significance	NOUN
fbem-27702	105	41	level	level	NOUN
fbem-27702	105	42	,	,	PUNCT
fbem-27702	105	43	which	which	PRON
fbem-27702	105	44	reveals	reveal	VERB
fbem-27702	105	45	that	that	SCONJ
fbem-27702	105	46	the	the	DET
fbem-27702	105	47	coefficient	coefficient	NOUN
fbem-27702	105	48	estimate	estimate	NOUN
fbem-27702	105	49	of	of	ADP
fbem-27702	105	50	did	do	AUX
fbem-27702	105	51	is	be	AUX
fbem-27702	105	52	0.085	0.085	NUM
fbem-27702	105	53	and	and	CCONJ
fbem-27702	105	54	is	be	AUX
fbem-27702	105	55	significant	significant	ADJ
fbem-27702	105	56	at	at	ADP
fbem-27702	105	57	the	the	DET
fbem-27702	105	58	5	5	NUM
fbem-27702	105	59	%	%	NOUN
fbem-27702	105	60	significance	significance	NOUN
fbem-27702	105	61	level	level	NOUN
fbem-27702	105	62	.	.	PUNCT
fbem-27702	106	1	the	the	DET
fbem-27702	106	2	above	above	ADJ
fbem-27702	106	3	empirical	empirical	ADJ
fbem-27702	106	4	results	result	NOUN
fbem-27702	106	5	not	not	PART
fbem-27702	106	6	only	only	ADV
fbem-27702	106	7	strongly	strongly	ADV
fbem-27702	106	8	verify	verify	VERB
fbem-27702	106	9	the	the	DET
fbem-27702	106	10	correctness	correctness	NOUN
fbem-27702	106	11	of	of	ADP
fbem-27702	106	12	h1	h1	PROPN
fbem-27702	106	13	.	.	PUNCT
fbem-27702	107	1	5	5	NUM
fbem-27702	107	2	.	.	X
fbem-27702	107	3	conclusion	conclusion	NOUN
fbem-27702	107	4	this	this	DET
fbem-27702	107	5	paper	paper	NOUN
fbem-27702	107	6	regards	regard	VERB
fbem-27702	107	7	the	the	DET
fbem-27702	107	8	"	"	PUNCT
fbem-27702	107	9	dual	dual	ADJ
fbem-27702	107	10	carbon	carbon	NOUN
fbem-27702	107	11	"	"	PUNCT
fbem-27702	107	12	policy	policy	NOUN
fbem-27702	107	13	as	as	ADP
fbem-27702	107	14	a	a	DET
fbem-27702	107	15	"	"	PUNCT
fbem-27702	107	16	natural	natural	ADJ
fbem-27702	107	17	experiment	experiment	NOUN
fbem-27702	107	18	"	"	PUNCT
fbem-27702	107	19	,	,	PUNCT
fbem-27702	107	20	utilizes	utilize	VERB
fbem-27702	107	21	the	the	DET
fbem-27702	107	22	financial	financial	ADJ
fbem-27702	107	23	data	datum	NOUN
fbem-27702	107	24	of	of	ADP
fbem-27702	107	25	china	china	PROPN
fbem-27702	107	26	's	's	PART
fbem-27702	107	27	shanghai	shanghai	PROPN
fbem-27702	107	28	and	and	CCONJ
fbem-27702	107	29	shenzhen	shenzhen	PROPN
fbem-27702	107	30	a	a	PROPN
fbem-27702	107	31	-	-	PUNCT
fbem-27702	107	32	share	share	NOUN
fbem-27702	107	33	a	a	DET
fbem-27702	107	34	-	-	PUNCT
fbem-27702	107	35	share	share	NOUN
fbem-27702	107	36	main	main	ADJ
fbem-27702	107	37	board	board	NOUN
fbem-27702	107	38	manufacturing	manufacturing	NOUN
fbem-27702	107	39	industry	industry	NOUN
fbem-27702	107	40	listed	list	VERB
fbem-27702	107	41	companies	company	NOUN
fbem-27702	107	42	during	during	ADP
fbem-27702	107	43	the	the	DET
fbem-27702	107	44	period	period	NOUN
fbem-27702	107	45	from	from	ADP
fbem-27702	107	46	2014	2014	NUM
fbem-27702	107	47	to	to	ADP
fbem-27702	107	48	2022	2022	NUM
fbem-27702	107	49	,	,	PUNCT
fbem-27702	107	50	and	and	CCONJ
fbem-27702	107	51	explores	explore	VERB
fbem-27702	107	52	the	the	DET
fbem-27702	107	53	impact	impact	NOUN
fbem-27702	107	54	mechanism	mechanism	NOUN
fbem-27702	107	55	of	of	ADP
fbem-27702	107	56	the	the	DET
fbem-27702	107	57	"	"	PUNCT
fbem-27702	107	58	dual	dual	ADJ
fbem-27702	107	59	carbon	carbon	NOUN
fbem-27702	107	60	"	"	PUNCT
fbem-27702	107	61	policy	policy	NOUN
fbem-27702	107	62	on	on	ADP
fbem-27702	107	63	corporate	corporate	ADJ
fbem-27702	107	64	profitability	profitability	NOUN
fbem-27702	107	65	with	with	ADP
fbem-27702	107	66	the	the	DET
fbem-27702	107	67	help	help	NOUN
fbem-27702	107	68	of	of	ADP
fbem-27702	107	69	the	the	DET
fbem-27702	107	70	double	double	ADJ
fbem-27702	107	71	-	-	PUNCT
fbem-27702	107	72	difference	difference	NOUN
fbem-27702	107	73	model	model	NOUN
fbem-27702	107	74	.	.	PUNCT
fbem-27702	108	1	double	double	ADJ
fbem-27702	108	2	carbon	carbon	NOUN
fbem-27702	108	3	"	"	PUNCT
fbem-27702	108	4	policy	policy	NOUN
fbem-27702	108	5	on	on	ADP
fbem-27702	108	6	corporate	corporate	ADJ
fbem-27702	108	7	profitability	profitability	NOUN
fbem-27702	108	8	.	.	PUNCT
fbem-27702	109	1	in	in	ADP
fbem-27702	109	2	order	order	NOUN
fbem-27702	109	3	to	to	PART
fbem-27702	109	4	ensure	ensure	VERB
fbem-27702	109	5	the	the	DET
fbem-27702	109	6	robustness	robustness	NOUN
fbem-27702	109	7	of	of	ADP
fbem-27702	109	8	the	the	DET
fbem-27702	109	9	research	research	NOUN
fbem-27702	109	10	results	result	NOUN
fbem-27702	109	11	,	,	PUNCT
fbem-27702	109	12	this	this	DET
fbem-27702	109	13	paper	paper	NOUN
fbem-27702	109	14	also	also	ADV
fbem-27702	109	15	implements	implement	VERB
fbem-27702	109	16	a	a	DET
fbem-27702	109	17	placebo	placebo	NOUN
fbem-27702	109	18	test	test	NOUN
fbem-27702	109	19	for	for	ADP
fbem-27702	109	20	the	the	DET
fbem-27702	109	21	sample	sample	NOUN
fbem-27702	109	22	,	,	PUNCT
fbem-27702	109	23	and	and	CCONJ
fbem-27702	109	24	conducts	conduct	VERB
fbem-27702	109	25	a	a	DET
fbem-27702	109	26	series	series	NOUN
fbem-27702	109	27	of	of	ADP
fbem-27702	109	28	rigorous	rigorous	ADJ
fbem-27702	109	29	robustness	robustness	NOUN
fbem-27702	109	30	tests	test	NOUN
fbem-27702	109	31	by	by	ADP
fbem-27702	109	32	replacing	replace	VERB
fbem-27702	109	33	the	the	DET
fbem-27702	109	34	core	core	ADJ
fbem-27702	109	35	indicator	indicator	NOUN
fbem-27702	109	36	variables	variable	NOUN
fbem-27702	109	37	,	,	PUNCT
fbem-27702	109	38	using	use	VERB
fbem-27702	109	39	psm	psm	NOUN
fbem-27702	109	40	propensity	propensity	NOUN
fbem-27702	109	41	score	score	NOUN
fbem-27702	109	42	matching	matching	NOUN
fbem-27702	109	43	and	and	CCONJ
fbem-27702	109	44	other	other	ADJ
fbem-27702	109	45	methods	method	NOUN
fbem-27702	109	46	.	.	PUNCT
fbem-27702	110	1	the	the	DET
fbem-27702	110	2	main	main	ADJ
fbem-27702	110	3	findings	finding	NOUN
fbem-27702	110	4	are	be	AUX
fbem-27702	110	5	as	as	SCONJ
fbem-27702	110	6	follows	follow	VERB
fbem-27702	110	7	:	:	PUNCT
fbem-27702	110	8	the	the	DET
fbem-27702	110	9	implementation	implementation	NOUN
fbem-27702	110	10	of	of	ADP
fbem-27702	110	11	the	the	DET
fbem-27702	110	12	"	"	PUNCT
fbem-27702	110	13	dual	dual	ADJ
fbem-27702	110	14	-	-	PUNCT
fbem-27702	110	15	carbon	carbon	NOUN
fbem-27702	110	16	"	"	PUNCT
fbem-27702	110	17	policy	policy	NOUN
fbem-27702	110	18	has	have	AUX
fbem-27702	110	19	significantly	significantly	ADV
fbem-27702	110	20	improved	improve	VERB
fbem-27702	110	21	the	the	DET
fbem-27702	110	22	profitability	profitability	NOUN
fbem-27702	110	23	of	of	ADP
fbem-27702	110	24	manufacturing	manufacturing	NOUN
fbem-27702	110	25	enterprises	enterprise	NOUN
fbem-27702	110	26	located	locate	VERB
fbem-27702	110	27	in	in	ADP
fbem-27702	110	28	good	good	ADJ
fbem-27702	110	29	low	low	ADJ
fbem-27702	110	30	-	-	PUNCT
fbem-27702	110	31	carbon	carbon	NOUN
fbem-27702	110	32	pilot	pilot	NOUN
fbem-27702	110	33	cities	city	NOUN
fbem-27702	110	34	.	.	PUNCT
fbem-27702	111	1	the	the	DET
fbem-27702	111	2	introduction	introduction	NOUN
fbem-27702	111	3	of	of	ADP
fbem-27702	111	4	this	this	DET
fbem-27702	111	5	policy	policy	NOUN
fbem-27702	111	6	has	have	AUX
fbem-27702	111	7	created	create	VERB
fbem-27702	111	8	unprecedented	unprecedented	ADJ
fbem-27702	111	9	opportunities	opportunity	NOUN
fbem-27702	111	10	and	and	CCONJ
fbem-27702	111	11	challenges	challenge	NOUN
fbem-27702	111	12	for	for	ADP
fbem-27702	111	13	local	local	ADJ
fbem-27702	111	14	governments	government	NOUN
fbem-27702	111	15	and	and	CCONJ
fbem-27702	111	16	enterprises	enterprise	NOUN
fbem-27702	111	17	.	.	PUNCT
fbem-27702	112	1	in	in	ADP
fbem-27702	112	2	response	response	NOUN
fbem-27702	112	3	to	to	ADP
fbem-27702	112	4	environmental	environmental	ADJ
fbem-27702	112	5	regulations	regulation	NOUN
fbem-27702	112	6	,	,	PUNCT
fbem-27702	112	7	companies	company	NOUN
fbem-27702	112	8	have	have	AUX
fbem-27702	112	9	accelerated	accelerate	VERB
fbem-27702	112	10	the	the	DET
fbem-27702	112	11	pace	pace	NOUN
fbem-27702	112	12	of	of	ADP
fbem-27702	112	13	low	low	ADJ
fbem-27702	112	14	-	-	PUNCT
fbem-27702	112	15	carbon	carbon	NOUN
fbem-27702	112	16	transformation	transformation	NOUN
fbem-27702	112	17	,	,	PUNCT
fbem-27702	112	18	realized	realize	VERB
fbem-27702	112	19	green	green	ADJ
fbem-27702	112	20	production	production	NOUN
fbem-27702	112	21	,	,	PUNCT
fbem-27702	112	22	and	and	CCONJ
fbem-27702	112	23	invested	invest	VERB
fbem-27702	112	24	more	more	ADV
fbem-27702	112	25	in	in	ADP
fbem-27702	112	26	innovation	innovation	NOUN
fbem-27702	112	27	to	to	PART
fbem-27702	112	28	improve	improve	VERB
fbem-27702	112	29	their	their	PRON
fbem-27702	112	30	productivity	productivity	NOUN
fbem-27702	112	31	.	.	PUNCT
fbem-27702	113	1	at	at	ADP
fbem-27702	113	2	the	the	DET
fbem-27702	113	3	same	same	ADJ
fbem-27702	113	4	time	time	NOUN
fbem-27702	113	5	,	,	PUNCT
fbem-27702	113	6	local	local	ADJ
fbem-27702	113	7	governments	government	NOUN
fbem-27702	113	8	are	be	AUX
fbem-27702	113	9	fully	fully	ADV
fbem-27702	113	10	supporting	support	VERB
fbem-27702	113	11	the	the	DET
fbem-27702	113	12	transformation	transformation	NOUN
fbem-27702	113	13	and	and	CCONJ
fbem-27702	113	14	upgrading	upgrading	NOUN
fbem-27702	113	15	of	of	ADP
fbem-27702	113	16	enterprises	enterprise	NOUN
fbem-27702	113	17	by	by	ADP
fbem-27702	113	18	introducing	introduce	VERB
fbem-27702	113	19	tax	tax	NOUN
fbem-27702	113	20	subsidies	subsidy	NOUN
fbem-27702	113	21	and	and	CCONJ
fbem-27702	113	22	attracting	attract	VERB
fbem-27702	113	23	foreign	foreign	ADJ
fbem-27702	113	24	investment	investment	NOUN
fbem-27702	113	25	,	,	PUNCT
fbem-27702	113	26	ultimately	ultimately	ADV
fbem-27702	113	27	contributing	contribute	VERB
fbem-27702	113	28	to	to	ADP
fbem-27702	113	29	a	a	DET
fbem-27702	113	30	significant	significant	ADJ
fbem-27702	113	31	increase	increase	NOUN
fbem-27702	113	32	in	in	ADP
fbem-27702	113	33	corporate	corporate	ADJ
fbem-27702	113	34	profitability	profitability	NOUN
fbem-27702	113	35	.	.	PUNCT
fbem-27702	114	1	361	361	NUM
fbem-27702	114	2	references	reference	NOUN
fbem-27702	114	3	[	[	X
fbem-27702	114	4	1	1	NUM
fbem-27702	114	5	]	]	PUNCT
fbem-27702	114	6	chung	chung	PROPN
fbem-27702	114	7	k	k	PROPN
fbem-27702	114	8	h	h	PROPN
fbem-27702	114	9	,	,	PUNCT
fbem-27702	114	10	wright	wright	PROPN
fbem-27702	114	11	p	p	PROPN
fbem-27702	114	12	,	,	PUNCT
fbem-27702	114	13	kedia	kedia	PROPN
fbem-27702	114	14	b.	b.	PROPN
fbem-27702	114	15	corporate	corporate	ADJ
fbem-27702	114	16	governance	governance	NOUN
fbem-27702	114	17	and	and	CCONJ
fbem-27702	114	18	market	market	NOUN
fbem-27702	114	19	valuation	valuation	NOUN
fbem-27702	114	20	of	of	ADP
fbem-27702	114	21	capital	capital	NOUN
fbem-27702	114	22	and	and	CCONJ
fbem-27702	114	23	r&d	r&d	NOUN
fbem-27702	114	24	investments	investment	NOUN
fbem-27702	115	1	[	[	X
fbem-27702	115	2	j	j	X
fbem-27702	115	3	]	]	X
fbem-27702	115	4	.	.	PUNCT
fbem-27702	116	1	review	review	NOUN
fbem-27702	116	2	of	of	ADP
fbem-27702	116	3	financial	financial	ADJ
fbem-27702	116	4	economics	economic	NOUN
fbem-27702	116	5	,	,	PUNCT
fbem-27702	116	6	2003	2003	NUM
fbem-27702	116	7	,	,	PUNCT
fbem-27702	116	8	12	12	NUM
fbem-27702	116	9	(	(	PUNCT
fbem-27702	116	10	2	2	NUM
fbem-27702	116	11	):	):	PUNCT
fbem-27702	116	12	161‑172	161‑172	NUM
fbem-27702	116	13	.	.	PUNCT
fbem-27702	117	1	[	[	X
fbem-27702	117	2	2	2	NUM
fbem-27702	117	3	]	]	PUNCT
fbem-27702	117	4	chrisostomos	chrisostomos	PROPN
fbem-27702	117	5	f.	f.	PROPN
fbem-27702	117	6	agency	agency	PROPN
fbem-27702	117	7	costs	cost	NOUN
fbem-27702	117	8	and	and	CCONJ
fbem-27702	117	9	corporate	corporate	ADJ
fbem-27702	117	10	governance	governance	NOUN
fbem-27702	117	11	mechanisms	mechanism	NOUN
fbem-27702	117	12	:	:	PUNCT
fbem-27702	117	13	evidence	evidence	NOUN
fbem-27702	117	14	for	for	ADP
fbem-27702	117	15	uk	uk	PROPN
fbem-27702	117	16	firms	firm	NOUN
fbem-27702	117	17	[	[	X
fbem-27702	117	18	j	j	X
fbem-27702	117	19	]	]	X
fbem-27702	117	20	.	.	PUNCT
fbem-27702	118	1	international	international	ADJ
fbem-27702	118	2	journal	journal	PROPN
fbem-27702	118	3	of	of	ADP
fbem-27702	118	4	managerial	managerial	ADJ
fbem-27702	118	5	finance	finance	NOUN
fbem-27702	118	6	,	,	PUNCT
fbem-27702	118	7	2008	2008	NUM
fbem-27702	118	8	,	,	PUNCT
fbem-27702	118	9	4(1):37	4(1):37	NUM
fbem-27702	118	10	-	-	SYM
fbem-27702	118	11	59	59	NUM
fbem-27702	118	12	.	.	PUNCT
fbem-27702	119	1	[	[	X
fbem-27702	119	2	3	3	NUM
fbem-27702	119	3	]	]	X
fbem-27702	119	4	bebchuk	bebchuk	NOUN
fbem-27702	119	5	l	l	PROPN
fbem-27702	119	6	a	a	PROPN
fbem-27702	119	7	,	,	PUNCT
fbem-27702	119	8	fried	fry	VERB
fbem-27702	119	9	j	j	PROPN
fbem-27702	119	10	m.	m.	PROPN
fbem-27702	119	11	executive	executive	PROPN
fbem-27702	119	12	compensation	compensation	PROPN
fbem-27702	119	13	as	as	ADP
fbem-27702	119	14	an	an	DET
fbem-27702	119	15	agency	agency	NOUN
fbem-27702	119	16	problem	problem	NOUN
fbem-27702	119	17	[	[	X
fbem-27702	119	18	j	j	X
fbem-27702	119	19	]	]	X
fbem-27702	119	20	.	.	PUNCT
fbem-27702	120	1	nberworking	nberworking	ADJ
fbem-27702	120	2	papers	paper	NOUN
fbem-27702	120	3	,	,	PUNCT
fbem-27702	120	4	2003	2003	NUM
fbem-27702	120	5	,	,	PUNCT
fbem-27702	120	6	17(3):71	17(3):71	PROPN
fbem-27702	120	7	-	-	SYM
fbem-27702	120	8	92	92	NUM
fbem-27702	120	9	.	.	PUNCT
fbem-27702	121	1	[	[	X
fbem-27702	121	2	4	4	NUM
fbem-27702	121	3	]	]	X
fbem-27702	121	4	porter	porter	NOUN
fbem-27702	121	5	m	m	NOUN
fbem-27702	121	6	c	c	NOUN
fbem-27702	121	7	,	,	PUNCT
fbem-27702	121	8	van	van	PROPN
fbem-27702	121	9	derl	derl	PROPN
fbem-27702	121	10	.	.	PUNCT
fbem-27702	122	1	toward	toward	ADP
fbem-27702	122	2	a	a	DET
fbem-27702	122	3	new	new	ADJ
fbem-27702	122	4	conception	conception	NOUN
fbem-27702	122	5	of	of	ADP
fbem-27702	122	6	the	the	DET
fbem-27702	122	7	environment	environment	NOUN
fbem-27702	122	8	competitiveness	competitiveness	NOUN
fbem-27702	122	9	relationship	relationship	NOUN
fbem-27702	123	1	[	[	X
fbem-27702	123	2	j	j	X
fbem-27702	123	3	]	]	X
fbem-27702	123	4	.	.	PUNCT
fbem-27702	124	1	journal	journal	PROPN
fbem-27702	124	2	of	of	ADP
fbem-27702	124	3	economic	economic	ADJ
fbem-27702	124	4	perspectives	perspective	NOUN
fbem-27702	124	5	,	,	PUNCT
fbem-27702	124	6	1995	1995	NUM
fbem-27702	124	7	,	,	PUNCT
fbem-27702	124	8	9(4	9(4	NUM
fbem-27702	124	9	):	):	PUNCT
fbem-27702	124	10	97	97	NUM
fbem-27702	124	11	-	-	SYM
fbem-27702	124	12	118	118	NUM
fbem-27702	124	13	.	.	PUNCT
fbem-27702	125	1	[	[	X
fbem-27702	125	2	5	5	NUM
fbem-27702	125	3	]	]	X
fbem-27702	125	4	desai	desai	PROPN
fbem-27702	125	5	,	,	PUNCT
fbem-27702	125	6	m.a	m.a	PROPN
fbem-27702	125	7	.	.	PROPN
fbem-27702	125	8	,	,	PUNCT
fbem-27702	125	9	dyck	dyck	ADJ
fbem-27702	125	10	,	,	PUNCT
fbem-27702	125	11	a.	a.	NOUN
fbem-27702	125	12	and	and	CCONJ
fbem-27702	125	13	zingales	zingale	NOUN
fbem-27702	125	14	,	,	PUNCT
fbem-27702	125	15	l.	l.	PROPN
fbem-27702	125	16	,	,	PUNCT
fbem-27702	125	17	2007	2007	NUM
fbem-27702	125	18	,	,	PUNCT
fbem-27702	125	19	“	"	PUNCT
fbem-27702	125	20	theft	theft	NOUN
fbem-27702	125	21	and	and	CCONJ
fbem-27702	125	22	taxes	taxis	NOUN
fbem-27702	125	23	”	"	PUNCT
fbem-27702	125	24	,	,	PUNCT
fbem-27702	125	25	journal	journal	NOUN
fbem-27702	125	26	of	of	ADP
fbem-27702	125	27	financial	financial	ADJ
fbem-27702	125	28	economics	economic	NOUN
fbem-27702	125	29	,	,	PUNCT
fbem-27702	125	30	84(3	84(3	NUM
fbem-27702	125	31	)	)	PUNCT
fbem-27702	125	32	,	,	PUNCT
fbem-27702	125	33	pp.591~623	pp.591~623	NOUN
fbem-27702	125	34	.	.	PUNCT
fbem-27702	126	1	[	[	X
fbem-27702	126	2	6	6	NUM
fbem-27702	126	3	]	]	X
fbem-27702	126	4	pigou	pigou	NOUN
fbem-27702	126	5	a	a	DET
fbem-27702	126	6	c.	c.	NOUN
fbem-27702	126	7	the	the	DET
fbem-27702	126	8	economics	economic	NOUN
fbem-27702	126	9	of	of	ADP
fbem-27702	126	10	welfare	welfare	NOUN
fbem-27702	127	1	[	[	X
fbem-27702	128	1	m	m	X
fbem-27702	128	2	]	]	X
fbem-27702	128	3	.	.	PUNCT
fbem-27702	129	1	london	london	PROPN
fbem-27702	129	2	:	:	PUNCT
fbem-27702	129	3	mac	mac	PROPN
fbem-27702	129	4	millan	millan	PROPN
fbem-27702	129	5	,	,	PUNCT
fbem-27702	129	6	1920	1920	NUM
fbem-27702	129	7	.	.	PUNCT
fbem-27702	130	1	[	[	X
fbem-27702	130	2	7	7	X
fbem-27702	130	3	]	]	X
fbem-27702	130	4	coase	coase	PROPN
fbem-27702	130	5	r	r	PROPN
fbem-27702	130	6	h.	h.	PROPN
fbem-27702	130	7	the	the	DET
fbem-27702	130	8	problem	problem	NOUN
fbem-27702	130	9	of	of	ADP
fbem-27702	130	10	social	social	ADJ
fbem-27702	130	11	cost	cost	NOUN
fbem-27702	130	12	[	[	X
fbem-27702	130	13	j	j	X
fbem-27702	130	14	]	]	X
fbem-27702	130	15	.	.	PUNCT
fbem-27702	131	1	journal	journal	PROPN
fbem-27702	131	2	of	of	ADP
fbem-27702	131	3	law	law	NOUN
fbem-27702	131	4	and	and	CCONJ
fbem-27702	131	5	economics	economic	NOUN
fbem-27702	131	6	,	,	PUNCT
fbem-27702	131	7	1960	1960	NUM
fbem-27702	131	8	,	,	PUNCT
fbem-27702	131	9	3(3	3(3	NUM
fbem-27702	131	10	):	):	PUNCT
fbem-27702	131	11	1	1	NUM
fbem-27702	131	12	-	-	SYM
fbem-27702	131	13	44	44	NUM
fbem-27702	131	14	.	.	PUNCT
fbem-27702	132	1	[	[	X
fbem-27702	132	2	8	8	NUM
fbem-27702	132	3	]	]	X
fbem-27702	132	4	jensen	jensen	PROPN
fbem-27702	132	5	m	m	PROPN
fbem-27702	132	6	c	c	NOUN
fbem-27702	132	7	,	,	PUNCT
fbem-27702	132	8	meckling	meckle	VERB
fbem-27702	132	9	w	w	PROPN
fbem-27702	132	10	h.	h.	PROPN
fbem-27702	132	11	theory	theory	NOUN
fbem-27702	132	12	of	of	ADP
fbem-27702	132	13	the	the	DET
fbem-27702	132	14	firm	firm	NOUN
fbem-27702	132	15	:	:	PUNCT
fbem-27702	132	16	managerial	managerial	ADJ
fbem-27702	132	17	behavior	behavior	NOUN
fbem-27702	132	18	,	,	PUNCT
fbem-27702	132	19	agency	agency	NOUN
fbem-27702	132	20	costs	cost	NOUN
fbem-27702	132	21	and	and	CCONJ
fbem-27702	132	22	ownership	ownership	NOUN
fbem-27702	132	23	structure	structure	NOUN
fbem-27702	132	24	[	[	X
fbem-27702	132	25	j	j	X
fbem-27702	132	26	]	]	X
fbem-27702	132	27	.	.	PUNCT
fbem-27702	133	1	journal	journal	PROPN
fbem-27702	133	2	of	of	ADP
fbem-27702	133	3	financial	financial	ADJ
fbem-27702	133	4	economics	economic	NOUN
fbem-27702	133	5	,	,	PUNCT
fbem-27702	133	6	1976	1976	NUM
fbem-27702	133	7	,	,	PUNCT
fbem-27702	133	8	3(4	3(4	NUM
fbem-27702	133	9	):	):	PUNCT
fbem-27702	133	10	305	305	NUM
fbem-27702	133	11	-	-	SYM
fbem-27702	133	12	360	360	NUM
fbem-27702	133	13	.	.	PUNCT
fbem-27702	134	1	[	[	X
fbem-27702	134	2	9	9	NUM
fbem-27702	134	3	]	]	PUNCT
fbem-27702	134	4	burns	burn	NOUN
fbem-27702	134	5	n	n	CCONJ
fbem-27702	134	6	,	,	PUNCT
fbem-27702	134	7	mctier	mctier	NOUN
fbem-27702	134	8	b	b	PROPN
fbem-27702	134	9	c	c	PROPN
fbem-27702	134	10	,	,	PUNCT
fbem-27702	134	11	minnick	minnick	PROPN
fbem-27702	134	12	k.	k.	PROPN
fbem-27702	134	13	equity	equity	PROPN
fbem-27702	134	14	-	-	PUNCT
fbem-27702	134	15	incentive	incentive	NOUN
fbem-27702	134	16	compensation	compensation	NOUN
fbem-27702	134	17	and	and	CCONJ
fbem-27702	134	18	payout	payout	ADJ
fbem-27702	134	19	policy	policy	NOUN
fbem-27702	134	20	in	in	ADP
fbem-27702	134	21	europe	europe	PROPN
fbem-27702	135	1	[	[	X
fbem-27702	135	2	j	j	X
fbem-27702	135	3	]	]	X
fbem-27702	135	4	.	.	PUNCT
fbem-27702	136	1	journal	journal	PROPN
fbem-27702	136	2	of	of	ADP
fbem-27702	136	3	corporate	corporate	ADJ
fbem-27702	136	4	finance	finance	NOUN
fbem-27702	136	5	,	,	PUNCT
fbem-27702	136	6	2015	2015	NUM
fbem-27702	136	7	,	,	PUNCT
fbem-27702	136	8	30	30	NUM
fbem-27702	136	9	:	:	SYM
fbem-27702	136	10	85	85	NUM
fbem-27702	136	11	-	-	SYM
fbem-27702	136	12	97	97	NUM
fbem-27702	136	13	.	.	PUNCT
fbem-27702	137	1	[	[	X
fbem-27702	137	2	10	10	NUM
fbem-27702	137	3	]	]	X
fbem-27702	137	4	jaffe	jaffe	PROPN
fbem-27702	137	5	,	,	PUNCT
fbem-27702	137	6	a.	a.	PROPN
fbem-27702	137	7	b.	b.	PROPN
fbem-27702	137	8	,	,	PUNCT
fbem-27702	137	9	palmer	palmer	PROPN
fbem-27702	137	10	,	,	PUNCT
fbem-27702	137	11	k.	k.	PROPN
fbem-27702	137	12	environmental	environmental	ADJ
fbem-27702	137	13	regulation	regulation	NOUN
fbem-27702	137	14	and	and	CCONJ
fbem-27702	137	15	innovation	innovation	NOUN
fbem-27702	137	16	:	:	PUNCT
fbem-27702	137	17	a	a	DET
fbem-27702	137	18	panel	panel	NOUN
fbem-27702	137	19	data	datum	NOUN
fbem-27702	137	20	study	study	NOUN
fbem-27702	137	21	[	[	X
fbem-27702	137	22	j	j	X
fbem-27702	137	23	]	]	X
fbem-27702	137	24	.	.	PUNCT
fbem-27702	138	1	review	review	NOUN
fbem-27702	138	2	of	of	ADP
fbem-27702	138	3	economics	economic	NOUN
fbem-27702	138	4	and	and	CCONJ
fbem-27702	138	5	statistics	statistic	NOUN
fbem-27702	138	6	,	,	PUNCT
fbem-27702	138	7	1997	1997	NUM
fbem-27702	138	8	,	,	PUNCT
fbem-27702	138	9	79(4	79(4	NOUN
fbem-27702	138	10	):	):	PUNCT
fbem-27702	138	11	610	610	NUM
fbem-27702	138	12	-	-	SYM
fbem-27702	138	13	619	619	NUM
fbem-27702	138	14	.	.	PUNCT
fbem-27702	139	1	[	[	X
fbem-27702	139	2	11	11	NUM
fbem-27702	139	3	]	]	X
fbem-27702	139	4	konisky	konisky	NOUN
fbem-27702	139	5	,	,	PUNCT
fbem-27702	139	6	d.	d.	PROPN
fbem-27702	139	7	m.	m.	PROPN
fbem-27702	139	8	,	,	PUNCT
fbem-27702	139	9	2007	2007	NUM
fbem-27702	139	10	,	,	PUNCT
fbem-27702	139	11	“	"	PUNCT
fbem-27702	139	12	regulatory	regulatory	ADJ
fbem-27702	139	13	competition	competition	NOUN
fbem-27702	139	14	and	and	CCONJ
fbem-27702	139	15	environmental	environmental	ADJ
fbem-27702	139	16	enforcement	enforcement	NOUN
fbem-27702	139	17	:	:	PUNCT
fbem-27702	139	18	is	be	AUX
fbem-27702	139	19	there	there	PRON
fbem-27702	139	20	a	a	DET
fbem-27702	139	21	race	race	NOUN
fbem-27702	139	22	to	to	ADP
fbem-27702	139	23	the	the	DET
fbem-27702	139	24	bottom	bottom	NOUN
fbem-27702	139	25	?	?	PUNCT
fbem-27702	139	26	”	"	PUNCT
fbem-27702	139	27	,	,	PUNCT
fbem-27702	139	28	american	american	ADJ
fbem-27702	139	29	journal	journal	PROPN
fbem-27702	139	30	of	of	ADP
fbem-27702	139	31	political	political	ADJ
fbem-27702	139	32	science	science	NOUN
fbem-27702	139	33	,	,	PUNCT
fbem-27702	139	34	vol.51(4	vol.51(4	ADJ
fbem-27702	139	35	)	)	PUNCT
fbem-27702	139	36	,	,	PUNCT
fbem-27702	139	37	pp.853~872	pp.853~872	NOUN
fbem-27702	139	38	.	.	PUNCT
fbem-27702	140	1	[	[	X
fbem-27702	140	2	12	12	NUM
fbem-27702	140	3	]	]	PUNCT
fbem-27702	140	4	berle	berle	PROPN
fbem-27702	140	5	a	a	DET
fbem-27702	140	6	a	a	NOUN
fbem-27702	140	7	,	,	PUNCT
fbem-27702	140	8	means	mean	VERB
fbem-27702	140	9	g	g	PROPN
fbem-27702	140	10	c.	c.	PROPN
fbem-27702	140	11	the	the	DET
fbem-27702	140	12	modern	modern	ADJ
fbem-27702	140	13	corporation	corporation	NOUN
fbem-27702	140	14	and	and	CCONJ
fbem-27702	140	15	private	private	ADJ
fbem-27702	140	16	property	property	NOUN
fbem-27702	140	17	[	[	X
fbem-27702	140	18	m	m	X
fbem-27702	140	19	]	]	X
fbem-27702	140	20	.	.	PUNCT
fbem-27702	141	1	new	new	PROPN
fbem-27702	141	2	york	york	PROPN
fbem-27702	141	3	:	:	PUNCT
fbem-27702	141	4	macmillan	macmillan	PROPN
fbem-27702	141	5	,	,	PUNCT
fbem-27702	141	6	1932	1932	NUM
fbem-27702	141	7	.	.	PUNCT
fbem-27702	142	1	[	[	X
fbem-27702	142	2	13	13	NUM
fbem-27702	142	3	]	]	PUNCT
fbem-27702	142	4	jensen	jensen	PROPN
fbem-27702	142	5	m	m	PROPN
fbem-27702	142	6	c	c	NOUN
fbem-27702	142	7	,	,	PUNCT
fbem-27702	142	8	meckling	meckle	VERB
fbem-27702	142	9	w	w	ADP
fbem-27702	142	10	h.theory	h.theory	NOUN
fbem-27702	142	11	of	of	ADP
fbem-27702	142	12	the	the	DET
fbem-27702	142	13	firm	firm	NOUN
fbem-27702	142	14	:	:	PUNCT
fbem-27702	142	15	managerial	managerial	ADJ
fbem-27702	142	16	behavior	behavior	NOUN
fbem-27702	142	17	,	,	PUNCT
fbem-27702	142	18	agency	agency	NOUN
fbem-27702	142	19	costs	cost	NOUN
fbem-27702	142	20	and	and	CCONJ
fbem-27702	142	21	ownership	ownership	NOUN
fbem-27702	142	22	structure	structure	NOUN
fbem-27702	143	1	[	[	X
fbem-27702	143	2	j	j	X
fbem-27702	143	3	]	]	X
fbem-27702	143	4	.	.	PUNCT
fbem-27702	144	1	journal	journal	PROPN
fbem-27702	144	2	of	of	ADP
fbem-27702	144	3	financial	financial	ADJ
fbem-27702	144	4	economics	economic	NOUN
fbem-27702	144	5	,	,	PUNCT
fbem-27702	144	6	1976	1976	NUM
fbem-27702	144	7	,	,	PUNCT
fbem-27702	144	8	3(4):305	3(4):305	NUM
fbem-27702	144	9	-	-	SYM
fbem-27702	144	10	360	360	NUM
fbem-27702	144	11	.	.	PUNCT
fbem-27702	145	1	[	[	X
fbem-27702	145	2	14	14	NUM
fbem-27702	145	3	]	]	X
fbem-27702	145	4	grossman	grossman	PROPN
fbem-27702	145	5	s	s	PROPN
fbem-27702	145	6	j	j	PROPN
fbem-27702	145	7	,	,	PUNCT
fbem-27702	145	8	hart	hart	PROPN
fbem-27702	145	9	o	o	PROPN
fbem-27702	145	10	d.the	d.the	DET
fbem-27702	145	11	costs	cost	NOUN
fbem-27702	145	12	and	and	CCONJ
fbem-27702	145	13	benefits	benefit	NOUN
fbem-27702	145	14	of	of	ADP
fbem-27702	145	15	ownership	ownership	NOUN
fbem-27702	145	16	:	:	PUNCT
fbem-27702	145	17	a	a	DET
fbem-27702	145	18	theory	theory	NOUN
fbem-27702	145	19	of	of	ADP
fbem-27702	145	20	vertical	vertical	ADJ
fbem-27702	145	21	and	and	CCONJ
fbem-27702	145	22	lateral	lateral	ADJ
fbem-27702	145	23	integration	integration	NOUN
fbem-27702	145	24	[	[	X
fbem-27702	145	25	j	j	X
fbem-27702	145	26	]	]	X
fbem-27702	145	27	.	.	PUNCT
fbem-27702	146	1	journal	journal	PROPN
fbem-27702	146	2	of	of	ADP
fbem-27702	146	3	political	political	ADJ
fbem-27702	146	4	economy	economy	NOUN
fbem-27702	146	5	,	,	PUNCT
fbem-27702	146	6	1986	1986	NUM
fbem-27702	146	7	,	,	PUNCT
fbem-27702	146	8	94(4	94(4	NUM
fbem-27702	146	9	):	):	PUNCT
fbem-27702	146	10	691	691	NUM
fbem-27702	146	11	-	-	SYM
fbem-27702	146	12	719	719	NUM
fbem-27702	146	13	.	.	PUNCT
fbem-27702	147	1	[	[	X
fbem-27702	147	2	15	15	NUM
fbem-27702	147	3	]	]	PUNCT
fbem-27702	147	4	shleifer	shleifer	NOUN
fbem-27702	147	5	a	a	PRON
fbem-27702	147	6	,	,	PUNCT
fbem-27702	147	7	vishny	vishny	PROPN
fbem-27702	147	8	r	r	PROPN
fbem-27702	147	9	w.	w.	PROPN
fbem-27702	147	10	large	large	ADJ
fbem-27702	147	11	shareholders	shareholder	NOUN
fbem-27702	147	12	and	and	CCONJ
fbem-27702	147	13	corporate	corporate	ADJ
fbem-27702	147	14	control	control	NOUN
fbem-27702	148	1	[	[	X
fbem-27702	148	2	j	j	X
fbem-27702	148	3	]	]	X
fbem-27702	148	4	.	.	PUNCT
fbem-27702	149	1	journal	journal	PROPN
fbem-27702	149	2	of	of	ADP
fbem-27702	149	3	political	political	ADJ
fbem-27702	149	4	economy	economy	NOUN
fbem-27702	149	5	,	,	PUNCT
fbem-27702	149	6	1986	1986	NUM
fbem-27702	149	7	,	,	PUNCT
fbem-27702	149	8	94	94	NUM
fbem-27702	149	9	:	:	PUNCT
fbem-27702	149	10	461	461	NUM
fbem-27702	149	11	-	-	SYM
fbem-27702	149	12	488	488	NUM
fbem-27702	149	13	.	.	PUNCT
fbem-27702	150	1	[	[	X
fbem-27702	150	2	16	16	NUM
fbem-27702	150	3	]	]	X
fbem-27702	150	4	denis	denis	PROPN
fbem-27702	150	5	d	d	PROPN
fbem-27702	150	6	j	j	PROPN
fbem-27702	150	7	,	,	PUNCT
fbem-27702	150	8	sarin	sarin	NOUN
fbem-27702	150	9	a.	a.	NOUN
fbem-27702	150	10	ownership	ownership	NOUN
fbem-27702	150	11	and	and	CCONJ
fbem-27702	150	12	board	board	NOUN
fbem-27702	150	13	structures	structure	NOUN
fbem-27702	150	14	in	in	ADP
fbem-27702	150	15	publicly	publicly	ADV
fbem-27702	150	16	traded	trade	VERB
fbem-27702	150	17	corporations	corporation	NOUN
fbem-27702	150	18	[	[	X
fbem-27702	150	19	j	j	X
fbem-27702	150	20	]	]	X
fbem-27702	150	21	.	.	PUNCT
fbem-27702	151	1	journal	journal	PROPN
fbem-27702	151	2	of	of	ADP
fbem-27702	151	3	financial	financial	ADJ
fbem-27702	151	4	economics	economic	NOUN
fbem-27702	151	5	,	,	PUNCT
fbem-27702	151	6	1999	1999	NUM
fbem-27702	151	7	,	,	PUNCT
fbem-27702	151	8	52:187	52:187	NUM
fbem-27702	151	9	-	-	SYM
fbem-27702	151	10	223	223	NUM
fbem-27702	151	11	.	.	PUNCT
fbem-27702	152	1	[	[	X
fbem-27702	152	2	17	17	NUM
fbem-27702	152	3	]	]	PUNCT
fbem-27702	152	4	ware	ware	NOUN
fbem-27702	152	5	r	r	PROPN
fbem-27702	152	6	f.	f.	NOUN
fbem-27702	152	7	performance	performance	NOUN
fbem-27702	152	8	of	of	ADP
fbem-27702	152	9	manager	manager	NOUN
fbem-27702	152	10	-	-	PUNCT
fbem-27702	152	11	versus	versus	ADP
fbem-27702	152	12	owner	owner	NOUN
fbem-27702	152	13	-	-	PUNCT
fbem-27702	152	14	controlled	control	VERB
fbem-27702	152	15	firms	firm	NOUN
fbem-27702	152	16	in	in	ADP
fbem-27702	152	17	the	the	DET
fbem-27702	152	18	food	food	NOUN
fbem-27702	152	19	and	and	CCONJ
fbem-27702	152	20	the	the	DET
fbem-27702	152	21	beverage	beverage	NOUN
fbem-27702	152	22	industry	industry	NOUN
fbem-27702	153	1	[	[	X
fbem-27702	153	2	j	j	X
fbem-27702	153	3	]	]	X
fbem-27702	153	4	.	.	PUNCT
fbem-27702	154	1	quarterly	quarterly	ADJ
fbem-27702	154	2	review	review	NOUN
fbem-27702	154	3	of	of	ADP
fbem-27702	154	4	economics	economic	NOUN
fbem-27702	154	5	and	and	CCONJ
fbem-27702	154	6	business	business	NOUN
fbem-27702	154	7	,	,	PUNCT
fbem-27702	154	8	1975	1975	NUM
fbem-27702	154	9	,	,	PUNCT
fbem-27702	154	10	15:81	15:81	NUM
fbem-27702	154	11	-	-	SYM
fbem-27702	154	12	92	92	NUM
fbem-27702	154	13	.	.	PUNCT
fbem-27702	155	1	[	[	X
fbem-27702	155	2	18	18	NUM
fbem-27702	155	3	]	]	PUNCT
fbem-27702	155	4	demsetz	demsetz	NOUN
fbem-27702	155	5	h.	h.	PROPN
fbem-27702	155	6	the	the	DET
fbem-27702	155	7	structure	structure	NOUN
fbem-27702	155	8	of	of	ADP
fbem-27702	155	9	ownership	ownership	NOUN
fbem-27702	155	10	and	and	CCONJ
fbem-27702	155	11	the	the	DET
fbem-27702	155	12	theory	theory	NOUN
fbem-27702	155	13	of	of	ADP
fbem-27702	155	14	the	the	DET
fbem-27702	155	15	firm	firm	NOUN
fbem-27702	156	1	[	[	X
fbem-27702	156	2	j	j	X
fbem-27702	156	3	]	]	X
fbem-27702	156	4	.	.	PUNCT
fbem-27702	157	1	the	the	DET
fbem-27702	157	2	journal	journal	PROPN
fbem-27702	157	3	of	of	ADP
fbem-27702	157	4	law	law	PROPN
fbem-27702	157	5	&	&	CCONJ
fbem-27702	157	6	economics	economic	NOUN
fbem-27702	157	7	,	,	PUNCT
fbem-27702	157	8	1983	1983	NUM
fbem-27702	157	9	,	,	PUNCT
fbem-27702	157	10	26(2):375390	26(2):375390	NUM
fbem-27702	157	11	.	.	PUNCT
fbem-27702	158	1	[	[	X
fbem-27702	158	2	19	19	NUM
fbem-27702	158	3	]	]	X
fbem-27702	158	4	mehran	mehran	PROPN
fbem-27702	158	5	h.	h.	PROPN
fbem-27702	158	6	executive	executive	PROPN
fbem-27702	158	7	compensation	compensation	PROPN
fbem-27702	158	8	structure	structure	NOUN
fbem-27702	158	9	,	,	PUNCT
fbem-27702	158	10	ownership	ownership	NOUN
fbem-27702	158	11	,	,	PUNCT
fbem-27702	158	12	and	and	CCONJ
fbem-27702	158	13	firm	firm	ADJ
fbem-27702	158	14	performance	performance	NOUN
fbem-27702	158	15	[	[	X
fbem-27702	158	16	j	j	X
fbem-27702	158	17	]	]	X
fbem-27702	158	18	.	.	PUNCT
fbem-27702	159	1	journal	journal	PROPN
fbem-27702	159	2	of	of	ADP
fbem-27702	159	3	financial	financial	ADJ
fbem-27702	159	4	economics	economic	NOUN
fbem-27702	159	5	,	,	PUNCT
fbem-27702	159	6	1995	1995	NUM
fbem-27702	159	7	,	,	PUNCT
fbem-27702	159	8	38(2):163	38(2):163	NOUN
fbem-27702	159	9	-	-	SYM
fbem-27702	159	10	184	184	NUM
fbem-27702	159	11	.	.	PUNCT
fbem-27702	160	1	[	[	X
fbem-27702	160	2	20	20	NUM
fbem-27702	160	3	]	]	X
fbem-27702	160	4	morck	morck	PROPN
fbem-27702	160	5	r	r	PROPN
fbem-27702	160	6	,	,	PUNCT
fbem-27702	160	7	shleifer	shleifer	VERB
fbem-27702	160	8	a	a	PRON
fbem-27702	160	9	,	,	PUNCT
fbem-27702	160	10	vishny	vishny	PROPN
fbem-27702	160	11	r	r	PROPN
fbem-27702	160	12	w.	w.	PROPN
fbem-27702	160	13	management	management	PROPN
fbem-27702	160	14	ownership	ownership	NOUN
fbem-27702	160	15	and	and	CCONJ
fbem-27702	160	16	market	market	NOUN
fbem-27702	160	17	valuation	valuation	NOUN
fbem-27702	160	18	:	:	PUNCT
fbem-27702	160	19	an	an	DET
fbem-27702	160	20	empirical	empirical	ADJ
fbem-27702	160	21	analysis	analysis	NOUN
fbem-27702	161	1	[	[	X
fbem-27702	161	2	j	j	X
fbem-27702	161	3	]	]	X
fbem-27702	161	4	.	.	PUNCT
fbem-27702	162	1	journal	journal	PROPN
fbem-27702	162	2	of	of	ADP
fbem-27702	162	3	financial	financial	ADJ
fbem-27702	162	4	economics	economic	NOUN
fbem-27702	162	5	,	,	PUNCT
fbem-27702	162	6	1988	1988	NUM
fbem-27702	162	7	,	,	PUNCT
fbem-27702	162	8	20:293	20:293	NUM
fbem-27702	162	9	-	-	SYM
fbem-27702	162	10	315	315	NUM
fbem-27702	162	11	.	.	PUNCT
fbem-27702	163	1	[	[	X
fbem-27702	163	2	21	21	NUM
fbem-27702	163	3	]	]	X
fbem-27702	163	4	wruck	wruck	PROPN
fbem-27702	163	5	k	k	PROPN
fbem-27702	163	6	h.	h.	PROPN
fbem-27702	163	7	equity	equity	PROPN
fbem-27702	163	8	ownership	ownership	NOUN
fbem-27702	163	9	concentration	concentration	NOUN
fbem-27702	163	10	and	and	CCONJ
fbem-27702	163	11	firm	firm	ADJ
fbem-27702	163	12	value	value	NOUN
fbem-27702	164	1	[	[	X
fbem-27702	164	2	j	j	X
fbem-27702	164	3	]	]	X
fbem-27702	164	4	.	.	PUNCT
fbem-27702	165	1	journal	journal	PROPN
fbem-27702	165	2	of	of	ADP
fbem-27702	165	3	financial	financial	ADJ
fbem-27702	165	4	economics	economic	NOUN
fbem-27702	165	5	,	,	PUNCT
fbem-27702	165	6	1989	1989	NUM
fbem-27702	165	7	,	,	PUNCT
fbem-27702	165	8	23:3	23:3	NUM
fbem-27702	165	9	-	-	SYM
fbem-27702	165	10	28	28	NUM
fbem-27702	165	11	.	.	PUNCT
fbem-27702	166	1	[	[	X
fbem-27702	166	2	22	22	NUM
fbem-27702	166	3	]	]	X
fbem-27702	166	4	mcconnell	mcconnell	PROPN
fbem-27702	166	5	j	j	PROPN
fbem-27702	166	6	j	j	PROPN
fbem-27702	166	7	,	,	PUNCT
fbem-27702	166	8	servaesb	servaesb	VERB
fbem-27702	166	9	h.equity	h.equity	NOUN
fbem-27702	166	10	ownership	ownership	NOUN
fbem-27702	166	11	and	and	CCONJ
fbem-27702	166	12	the	the	DET
fbem-27702	166	13	two	two	NUM
fbem-27702	166	14	faces	face	NOUN
fbem-27702	166	15	of	of	ADP
fbem-27702	166	16	debt	debt	NOUN
fbem-27702	167	1	[	[	X
fbem-27702	167	2	j	j	X
fbem-27702	167	3	]	]	X
fbem-27702	167	4	.	.	PUNCT
fbem-27702	168	1	journal	journal	PROPN
fbem-27702	168	2	of	of	ADP
fbem-27702	168	3	financial	financial	ADJ
fbem-27702	168	4	economics	economic	NOUN
fbem-27702	168	5	,	,	PUNCT
fbem-27702	168	6	1995	1995	NUM
fbem-27702	168	7	,	,	PUNCT
fbem-27702	168	8	39:131	39:131	NUM
fbem-27702	168	9	-	-	SYM
fbem-27702	168	10	157	157	NUM
fbem-27702	168	11	.	.	PUNCT
fbem-27702	169	1	[	[	X
fbem-27702	169	2	23	23	NUM
fbem-27702	169	3	]	]	X
fbem-27702	169	4	berg	berg	PROPN
fbem-27702	169	5	f	f	PROPN
fbem-27702	169	6	,	,	PUNCT
fbem-27702	169	7	koelbel	koelbel	PROPN
fbem-27702	169	8	j	j	PROPN
fbem-27702	169	9	f	f	X
fbem-27702	169	10	,	,	PUNCT
fbem-27702	169	11	rigobon	rigobon	PROPN
fbem-27702	169	12	r.	r.	PROPN
fbem-27702	169	13	aggregate	aggregate	PROPN
fbem-27702	169	14	confusion	confusion	NOUN
fbem-27702	169	15	:	:	PUNCT
fbem-27702	169	16	the	the	DET
fbem-27702	169	17	divergence	divergence	NOUN
fbem-27702	169	18	of	of	ADP
fbem-27702	169	19	esg	esg	NOUN
fbem-27702	169	20	ratings	rating	NOUN
fbem-27702	169	21	[	[	X
fbem-27702	169	22	j	j	X
fbem-27702	169	23	]	]	X
fbem-27702	169	24	.	.	PUNCT
fbem-27702	170	1	review	review	NOUN
fbem-27702	170	2	of	of	ADP
fbem-27702	170	3	finance	finance	NOUN
fbem-27702	170	4	,	,	PUNCT
fbem-27702	170	5	2022	2022	NUM
fbem-27702	170	6	,	,	PUNCT
fbem-27702	170	7	26(6	26(6	NUM
fbem-27702	170	8	):	):	PUNCT
fbem-27702	170	9	1315	1315	NUM
fbem-27702	170	10	-	-	SYM
fbem-27702	170	11	1344	1344	NUM
fbem-27702	170	12	.	.	PUNCT
fbem-27702	171	1	[	[	X
fbem-27702	171	2	24	24	NUM
fbem-27702	171	3	]	]	PUNCT
fbem-27702	171	4	walley	walley	PROPN
fbem-27702	171	5	n	n	NUM
fbem-27702	171	6	,	,	PUNCT
fbem-27702	171	7	whitehead	whitehead	PROPN
fbem-27702	171	8	b.	b.	PROPN
fbem-27702	171	9	it′s	it′	NOUN
fbem-27702	171	10	not	not	PART
fbem-27702	171	11	easy	easy	ADJ
fbem-27702	171	12	being	be	AUX
fbem-27702	171	13	green	green	ADJ
fbem-27702	172	1	[	[	X
fbem-27702	172	2	j	j	X
fbem-27702	172	3	]	]	X
fbem-27702	172	4	.	.	PUNCT
fbem-27702	173	1	harvard	harvard	PROPN
fbem-27702	173	2	business	business	PROPN
fbem-27702	173	3	review	review	PROPN
fbem-27702	173	4	,	,	PUNCT
fbem-27702	173	5	1994	1994	NUM
fbem-27702	173	6	,	,	PUNCT
fbem-27702	173	7	72(3):46	72(3):46	PROPN
fbem-27702	173	8	-	-	SYM
fbem-27702	173	9	52	52	NUM
fbem-27702	173	10	.	.	PUNCT
fbem-27702	174	1	[	[	X
fbem-27702	174	2	25	25	NUM
fbem-27702	174	3	]	]	X
fbem-27702	174	4	lee	lee	PROPN
fbem-27702	174	5	h	h	PROPN
fbem-27702	174	6	l	l	PROPN
fbem-27702	174	7	,	,	PUNCT
fbem-27702	174	8	padmanabhan	padmanabhan	PROPN
fbem-27702	174	9	v	v	ADP
fbem-27702	174	10	,	,	PUNCT
fbem-27702	174	11	taylor	taylor	PROPN
fbem-27702	174	12	t	t	PROPN
fbem-27702	174	13	a	a	PROPN
fbem-27702	174	14	,	,	PUNCT
fbem-27702	174	15	et	et	PROPN
fbem-27702	174	16	al	al	PROPN
fbem-27702	174	17	.	.	PUNCT
fbem-27702	174	18	price	price	NOUN
fbem-27702	174	19	protection	protection	NOUN
fbem-27702	174	20	in	in	ADP
fbem-27702	174	21	the	the	DET
fbem-27702	174	22	personal	personal	ADJ
fbem-27702	174	23	computer	computer	NOUN
fbem-27702	174	24	industry	industry	NOUN
fbem-27702	175	1	[	[	X
fbem-27702	175	2	j	j	X
fbem-27702	175	3	]	]	X
fbem-27702	175	4	.	.	PUNCT
fbem-27702	176	1	management	management	NOUN
fbem-27702	176	2	science	science	NOUN
fbem-27702	176	3	,	,	PUNCT
fbem-27702	176	4	2000	2000	NUM
fbem-27702	176	5	,	,	PUNCT
fbem-27702	176	6	46(4):467‑482	46(4):467‑482	NUM
fbem-27702	176	7	.	.	PUNCT