id	sid	tid	token	lemma	pos
fbem-28214	1	1	frontiers	frontier	NOUN
fbem-28214	1	2	in	in	ADP
fbem-28214	1	3	business	business	NOUN
fbem-28214	1	4	,	,	PUNCT
fbem-28214	1	5	economics	economic	NOUN
fbem-28214	1	6	and	and	CCONJ
fbem-28214	1	7	management	management	NOUN
fbem-28214	1	8	issn	issn	PROPN
fbem-28214	1	9	:	:	PUNCT
fbem-28214	1	10	2766	2766	NUM
fbem-28214	1	11	-	-	PUNCT
fbem-28214	1	12	824x	824x	NUM
fbem-28214	1	13	|	|	ADJ
fbem-28214	1	14	vol	vol	NOUN
fbem-28214	1	15	.	.	PROPN
fbem-28214	1	16	17	17	NUM
fbem-28214	1	17	,	,	PUNCT
fbem-28214	1	18	no	no	INTJ
fbem-28214	1	19	.	.	NOUN
fbem-28214	1	20	3	3	NUM
fbem-28214	1	21	,	,	PUNCT
fbem-28214	1	22	2024	2024	NUM
fbem-28214	1	23	10	10	NUM
fbem-28214	1	24	business	business	NOUN
fbem-28214	1	25	strategy	strategy	NOUN
fbem-28214	1	26	innovation	innovation	NOUN
fbem-28214	1	27	and	and	CCONJ
fbem-28214	1	28	investment	investment	NOUN
fbem-28214	1	29	risk	risk	NOUN
fbem-28214	1	30	prevention	prevention	NOUN
fbem-28214	1	31	and	and	CCONJ
fbem-28214	1	32	control	control	NOUN
fbem-28214	1	33	under	under	ADP
fbem-28214	1	34	sustainable	sustainable	ADJ
fbem-28214	1	35	development	development	NOUN
fbem-28214	1	36	-take	-take	NOUN
fbem-28214	1	37	the	the	DET
fbem-28214	1	38	stock	stock	NOUN
fbem-28214	1	39	markets	market	NOUN
fbem-28214	1	40	as	as	ADP
fbem-28214	1	41	an	an	DET
fbem-28214	1	42	example	example	NOUN
fbem-28214	1	43	renzhi	renzhi	PROPN
fbem-28214	1	44	lu	lu	PROPN
fbem-28214	1	45	*	*	PUNCT
fbem-28214	1	46	beijing	beijing	PROPN
fbem-28214	1	47	normal	normal	ADJ
fbem-28214	1	48	university	university	PROPN
fbem-28214	1	49	-	-	PUNCT
fbem-28214	1	50	hong	hong	PROPN
fbem-28214	1	51	kong	kong	PROPN
fbem-28214	1	52	baptist	baptist	PROPN
fbem-28214	1	53	university	university	PROPN
fbem-28214	1	54	united	united	PROPN
fbem-28214	1	55	international	international	PROPN
fbem-28214	1	56	college	college	PROPN
fbem-28214	1	57	,	,	PUNCT
fbem-28214	1	58	zhuhai	zhuhai	PROPN
fbem-28214	1	59	519000	519000	NUM
fbem-28214	1	60	,	,	PUNCT
fbem-28214	1	61	china	china	PROPN
fbem-28214	1	62	*	*	PUNCT
fbem-28214	1	63	corresponding	correspond	VERB
fbem-28214	1	64	author	author	NOUN
fbem-28214	1	65	:	:	PUNCT
fbem-28214	1	66	renzhi	renzhi	PROPN
fbem-28214	1	67	lu	lu	PROPN
fbem-28214	1	68	(	(	PUNCT
fbem-28214	1	69	email	email	NOUN
fbem-28214	1	70	:	:	PUNCT
fbem-28214	1	71	liza24166@outlook.com	liza24166@outlook.com	X
fbem-28214	1	72	)	)	PUNCT
fbem-28214	2	1	abstract	abstract	NOUN
fbem-28214	2	2	:	:	PUNCT
fbem-28214	2	3	this	this	DET
fbem-28214	2	4	research	research	NOUN
fbem-28214	2	5	investigates	investigate	VERB
fbem-28214	2	6	the	the	DET
fbem-28214	2	7	relationship	relationship	NOUN
fbem-28214	2	8	between	between	ADP
fbem-28214	2	9	innovation	innovation	NOUN
fbem-28214	2	10	strategies	strategy	NOUN
fbem-28214	2	11	and	and	CCONJ
fbem-28214	2	12	investment	investment	NOUN
fbem-28214	2	13	risk	risk	NOUN
fbem-28214	2	14	,	,	PUNCT
fbem-28214	2	15	with	with	ADP
fbem-28214	2	16	a	a	DET
fbem-28214	2	17	particular	particular	ADJ
fbem-28214	2	18	focus	focus	NOUN
fbem-28214	2	19	on	on	ADP
fbem-28214	2	20	the	the	DET
fbem-28214	2	21	moderating	moderate	VERB
fbem-28214	2	22	effect	effect	NOUN
fbem-28214	2	23	of	of	ADP
fbem-28214	2	24	environmental	environmental	ADJ
fbem-28214	2	25	,	,	PUNCT
fbem-28214	2	26	social	social	ADJ
fbem-28214	2	27	,	,	PUNCT
fbem-28214	2	28	and	and	CCONJ
fbem-28214	2	29	governance	governance	NOUN
fbem-28214	2	30	(	(	PUNCT
fbem-28214	2	31	esg	esg	NOUN
fbem-28214	2	32	)	)	PUNCT
fbem-28214	2	33	practices	practice	NOUN
fbem-28214	2	34	.	.	PUNCT
fbem-28214	3	1	utilizing	utilize	VERB
fbem-28214	3	2	data	datum	NOUN
fbem-28214	3	3	from	from	ADP
fbem-28214	3	4	chinese	chinese	ADJ
fbem-28214	3	5	listed	list	VERB
fbem-28214	3	6	companies	company	NOUN
fbem-28214	3	7	,	,	PUNCT
fbem-28214	3	8	we	we	PRON
fbem-28214	3	9	employ	employ	VERB
fbem-28214	3	10	multiple	multiple	ADJ
fbem-28214	3	11	regression	regression	NOUN
fbem-28214	3	12	models	model	NOUN
fbem-28214	3	13	to	to	PART
fbem-28214	3	14	assess	assess	VERB
fbem-28214	3	15	the	the	DET
fbem-28214	3	16	impact	impact	NOUN
fbem-28214	3	17	of	of	ADP
fbem-28214	3	18	r&d	r&d	NOUN
fbem-28214	3	19	investments	investment	NOUN
fbem-28214	3	20	on	on	ADP
fbem-28214	3	21	systematic	systematic	ADJ
fbem-28214	3	22	risk	risk	NOUN
fbem-28214	3	23	(	(	PUNCT
fbem-28214	3	24	beta	beta	NOUN
fbem-28214	3	25	)	)	PUNCT
fbem-28214	3	26	and	and	CCONJ
fbem-28214	3	27	explore	explore	VERB
fbem-28214	3	28	how	how	SCONJ
fbem-28214	3	29	esg	esg	PROPN
fbem-28214	3	30	scores	score	NOUN
fbem-28214	3	31	influence	influence	VERB
fbem-28214	3	32	this	this	DET
fbem-28214	3	33	relationship	relationship	NOUN
fbem-28214	3	34	.	.	PUNCT
fbem-28214	4	1	our	our	PRON
fbem-28214	4	2	findings	finding	NOUN
fbem-28214	4	3	indicate	indicate	VERB
fbem-28214	4	4	that	that	SCONJ
fbem-28214	4	5	increased	increase	VERB
fbem-28214	4	6	r&d	r&d	NOUN
fbem-28214	4	7	investment	investment	NOUN
fbem-28214	4	8	is	be	AUX
fbem-28214	4	9	associated	associate	VERB
fbem-28214	4	10	with	with	ADP
fbem-28214	4	11	higher	high	ADJ
fbem-28214	4	12	investment	investment	NOUN
fbem-28214	4	13	risk	risk	NOUN
fbem-28214	4	14	,	,	PUNCT
fbem-28214	4	15	highlighting	highlight	VERB
fbem-28214	4	16	the	the	DET
fbem-28214	4	17	inherent	inherent	ADJ
fbem-28214	4	18	uncertainties	uncertainty	NOUN
fbem-28214	4	19	and	and	CCONJ
fbem-28214	4	20	potential	potential	ADJ
fbem-28214	4	21	volatility	volatility	NOUN
fbem-28214	4	22	of	of	ADP
fbem-28214	4	23	innovation	innovation	NOUN
fbem-28214	4	24	activities	activity	NOUN
fbem-28214	4	25	.	.	PUNCT
fbem-28214	5	1	however	however	ADV
fbem-28214	5	2	,	,	PUNCT
fbem-28214	5	3	strong	strong	ADJ
fbem-28214	5	4	esg	esg	NOUN
fbem-28214	5	5	practices	practice	NOUN
fbem-28214	5	6	mitigate	mitigate	VERB
fbem-28214	5	7	these	these	DET
fbem-28214	5	8	risks	risk	NOUN
fbem-28214	5	9	,	,	PUNCT
fbem-28214	5	10	suggesting	suggest	VERB
fbem-28214	5	11	that	that	SCONJ
fbem-28214	5	12	companies	company	NOUN
fbem-28214	5	13	with	with	ADP
fbem-28214	5	14	robust	robust	ADJ
fbem-28214	5	15	esg	esg	NOUN
fbem-28214	5	16	frameworks	framework	NOUN
fbem-28214	5	17	can	can	AUX
fbem-28214	5	18	reduce	reduce	VERB
fbem-28214	5	19	the	the	DET
fbem-28214	5	20	additional	additional	ADJ
fbem-28214	5	21	risk	risk	NOUN
fbem-28214	5	22	introduced	introduce	VERB
fbem-28214	5	23	by	by	ADP
fbem-28214	5	24	high	high	ADJ
fbem-28214	5	25	levels	level	NOUN
fbem-28214	5	26	of	of	ADP
fbem-28214	5	27	innovation	innovation	NOUN
fbem-28214	5	28	.	.	PUNCT
fbem-28214	6	1	the	the	DET
fbem-28214	6	2	study	study	NOUN
fbem-28214	6	3	also	also	ADV
fbem-28214	6	4	reveals	reveal	VERB
fbem-28214	6	5	significant	significant	ADJ
fbem-28214	6	6	interrelationships	interrelationship	NOUN
fbem-28214	6	7	among	among	ADP
fbem-28214	6	8	key	key	ADJ
fbem-28214	6	9	financial	financial	ADJ
fbem-28214	6	10	metrics	metric	NOUN
fbem-28214	6	11	,	,	PUNCT
fbem-28214	6	12	underscoring	underscore	VERB
fbem-28214	6	13	the	the	DET
fbem-28214	6	14	complexity	complexity	NOUN
fbem-28214	6	15	of	of	ADP
fbem-28214	6	16	managing	manage	VERB
fbem-28214	6	17	innovation	innovation	NOUN
fbem-28214	6	18	and	and	CCONJ
fbem-28214	6	19	investment	investment	NOUN
fbem-28214	6	20	risk	risk	NOUN
fbem-28214	6	21	.	.	PUNCT
fbem-28214	7	1	these	these	DET
fbem-28214	7	2	insights	insight	NOUN
fbem-28214	7	3	provide	provide	VERB
fbem-28214	7	4	valuable	valuable	ADJ
fbem-28214	7	5	implications	implication	NOUN
fbem-28214	7	6	for	for	ADP
fbem-28214	7	7	companies	company	NOUN
fbem-28214	7	8	,	,	PUNCT
fbem-28214	7	9	investors	investor	NOUN
fbem-28214	7	10	,	,	PUNCT
fbem-28214	7	11	and	and	CCONJ
fbem-28214	7	12	policymakers	policymaker	NOUN
fbem-28214	7	13	,	,	PUNCT
fbem-28214	7	14	emphasizing	emphasize	VERB
fbem-28214	7	15	the	the	DET
fbem-28214	7	16	need	need	NOUN
fbem-28214	7	17	for	for	ADP
fbem-28214	7	18	balanced	balanced	ADJ
fbem-28214	7	19	growth	growth	NOUN
fbem-28214	7	20	strategies	strategy	NOUN
fbem-28214	7	21	that	that	PRON
fbem-28214	7	22	incorporate	incorporate	VERB
fbem-28214	7	23	effective	effective	ADJ
fbem-28214	7	24	risk	risk	NOUN
fbem-28214	7	25	management	management	NOUN
fbem-28214	7	26	and	and	CCONJ
fbem-28214	7	27	sustainable	sustainable	ADJ
fbem-28214	7	28	practices	practice	NOUN
fbem-28214	7	29	.	.	PUNCT
fbem-28214	8	1	this	this	DET
fbem-28214	8	2	research	research	NOUN
fbem-28214	8	3	contributes	contribute	VERB
fbem-28214	8	4	to	to	ADP
fbem-28214	8	5	the	the	DET
fbem-28214	8	6	literature	literature	NOUN
fbem-28214	8	7	by	by	ADP
fbem-28214	8	8	offering	offer	VERB
fbem-28214	8	9	empirical	empirical	ADJ
fbem-28214	8	10	evidence	evidence	NOUN
fbem-28214	8	11	on	on	ADP
fbem-28214	8	12	the	the	DET
fbem-28214	8	13	interplay	interplay	NOUN
fbem-28214	8	14	betwe	betwe	VERB
fbem-28214	8	15	en	en	ADP
fbem-28214	8	16	innovation	innovation	NOUN
fbem-28214	8	17	,	,	PUNCT
fbem-28214	8	18	esg	esg	PROPN
fbem-28214	8	19	,	,	PUNCT
fbem-28214	8	20	and	and	CCONJ
fbem-28214	8	21	investment	investment	NOUN
fbem-28214	8	22	risk	risk	NOUN
fbem-28214	8	23	,	,	PUNCT
fbem-28214	8	24	ultimately	ultimately	ADV
fbem-28214	8	25	advocating	advocate	VERB
fbem-28214	8	26	for	for	ADP
fbem-28214	8	27	more	more	ADV
fbem-28214	8	28	resilient	resilient	ADJ
fbem-28214	8	29	and	and	CCONJ
fbem-28214	8	30	sustainable	sustainable	ADJ
fbem-28214	8	31	business	business	NOUN
fbem-28214	8	32	practices	practice	NOUN
fbem-28214	8	33	.	.	PUNCT
fbem-28214	9	1	keywords	keyword	NOUN
fbem-28214	9	2	:	:	PUNCT
fbem-28214	9	3	innovation	innovation	NOUN
fbem-28214	9	4	strategies	strategy	NOUN
fbem-28214	9	5	,	,	PUNCT
fbem-28214	9	6	investment	investment	NOUN
fbem-28214	9	7	risk	risk	NOUN
fbem-28214	9	8	,	,	PUNCT
fbem-28214	9	9	esg	esg	NOUN
fbem-28214	9	10	,	,	PUNCT
fbem-28214	9	11	moderating	moderate	VERB
fbem-28214	9	12	effect	effect	NOUN
fbem-28214	9	13	,	,	PUNCT
fbem-28214	9	14	sustainable	sustainable	ADJ
fbem-28214	9	15	development	development	NOUN
fbem-28214	9	16	.	.	PUNCT
fbem-28214	10	1	1	1	X
fbem-28214	10	2	.	.	X
fbem-28214	10	3	introduction	introduction	NOUN
fbem-28214	10	4	&	&	CCONJ
fbem-28214	10	5	main	main	ADJ
fbem-28214	10	6	contents	content	NOUN
fbem-28214	10	7	1.1	1.1	NUM
fbem-28214	10	8	.	.	PUNCT
fbem-28214	11	1	background	background	NOUN
fbem-28214	11	2	recently	recently	ADV
fbem-28214	11	3	,	,	PUNCT
fbem-28214	11	4	the	the	DET
fbem-28214	11	5	concept	concept	NOUN
fbem-28214	11	6	of	of	ADP
fbem-28214	11	7	environmental	environmental	ADJ
fbem-28214	11	8	,	,	PUNCT
fbem-28214	11	9	social	social	ADJ
fbem-28214	11	10	,	,	PUNCT
fbem-28214	11	11	and	and	CCONJ
fbem-28214	11	12	governance	governance	NOUN
fbem-28214	11	13	(	(	PUNCT
fbem-28214	11	14	esg	esg	NOUN
fbem-28214	11	15	)	)	PUNCT
fbem-28214	11	16	criteria	criterion	NOUN
fbem-28214	11	17	has	have	AUX
fbem-28214	11	18	emerged	emerge	VERB
fbem-28214	11	19	as	as	ADP
fbem-28214	11	20	a	a	DET
fbem-28214	11	21	pivotal	pivotal	ADJ
fbem-28214	11	22	framework	framework	NOUN
fbem-28214	11	23	in	in	ADP
fbem-28214	11	24	the	the	DET
fbem-28214	11	25	realms	realm	NOUN
fbem-28214	11	26	of	of	ADP
fbem-28214	11	27	business	business	NOUN
fbem-28214	11	28	and	and	CCONJ
fbem-28214	11	29	investment	investment	NOUN
fbem-28214	11	30	,	,	PUNCT
fbem-28214	11	31	signaling	signal	VERB
fbem-28214	11	32	a	a	DET
fbem-28214	11	33	significant	significant	ADJ
fbem-28214	11	34	shift	shift	NOUN
fbem-28214	11	35	from	from	ADP
fbem-28214	11	36	traditional	traditional	ADJ
fbem-28214	11	37	financial	financial	ADJ
fbem-28214	11	38	metrics	metric	NOUN
fbem-28214	11	39	to	to	ADP
fbem-28214	11	40	a	a	DET
fbem-28214	11	41	broader	broad	ADJ
fbem-28214	11	42	perspective	perspective	NOUN
fbem-28214	11	43	of	of	ADP
fbem-28214	11	44	corporate	corporate	ADJ
fbem-28214	11	45	responsibility	responsibility	NOUN
fbem-28214	11	46	and	and	CCONJ
fbem-28214	11	47	sustainability	sustainability	NOUN
fbem-28214	11	48	.	.	PUNCT
fbem-28214	12	1	esg	esg	PROPN
fbem-28214	12	2	encapsulates	encapsulate	VERB
fbem-28214	12	3	an	an	DET
fbem-28214	12	4	array	array	NOUN
fbem-28214	12	5	of	of	ADP
fbem-28214	12	6	factors	factor	NOUN
fbem-28214	12	7	that	that	PRON
fbem-28214	12	8	define	define	VERB
fbem-28214	12	9	a	a	DET
fbem-28214	12	10	corporation	corporation	NOUN
fbem-28214	12	11	's	's	PART
fbem-28214	12	12	ethical	ethical	ADJ
fbem-28214	12	13	and	and	CCONJ
fbem-28214	12	14	sustainable	sustainable	ADJ
fbem-28214	12	15	footprint	footprint	NOUN
fbem-28214	12	16	in	in	ADP
fbem-28214	12	17	the	the	DET
fbem-28214	12	18	world	world	NOUN
fbem-28214	12	19	,	,	PUNCT
fbem-28214	12	20	including	include	VERB
fbem-28214	12	21	environmental	environmental	ADJ
fbem-28214	12	22	,	,	PUNCT
fbem-28214	12	23	social	social	ADJ
fbem-28214	12	24	and	and	CCONJ
fbem-28214	12	25	governance	governance	NOUN
fbem-28214	12	26	.	.	PUNCT
fbem-28214	13	1	the	the	DET
fbem-28214	13	2	volatility	volatility	NOUN
fbem-28214	13	3	of	of	ADP
fbem-28214	13	4	financing	financing	NOUN
fbem-28214	13	5	for	for	ADP
fbem-28214	13	6	startups	startup	NOUN
fbem-28214	13	7	focused	focus	VERB
fbem-28214	13	8	on	on	ADP
fbem-28214	13	9	innovation	innovation	NOUN
fbem-28214	13	10	is	be	AUX
fbem-28214	13	11	well	well	ADV
fbem-28214	13	12	-	-	PUNCT
fbem-28214	13	13	known	know	VERB
fbem-28214	13	14	,	,	PUNCT
fbem-28214	13	15	with	with	ADP
fbem-28214	13	16	the	the	DET
fbem-28214	13	17	most	most	ADV
fbem-28214	13	18	innovative	innovative	ADJ
fbem-28214	13	19	firms	firm	NOUN
fbem-28214	13	20	typically	typically	ADV
fbem-28214	13	21	having	have	VERB
fbem-28214	13	22	the	the	DET
fbem-28214	13	23	greatest	great	ADJ
fbem-28214	13	24	real	real	ADJ
fbem-28214	13	25	options	option	NOUN
fbem-28214	13	26	,	,	PUNCT
fbem-28214	13	27	this	this	DET
fbem-28214	13	28	high	high	ADJ
fbem-28214	13	29	level	level	NOUN
fbem-28214	13	30	of	of	ADP
fbem-28214	13	31	financial	financial	ADJ
fbem-28214	13	32	uncertainty	uncertainty	NOUN
fbem-28214	13	33	significantly	significantly	ADV
fbem-28214	13	34	impacts	impact	VERB
fbem-28214	13	35	the	the	DET
fbem-28214	13	36	innovation	innovation	NOUN
fbem-28214	13	37	efforts	effort	NOUN
fbem-28214	13	38	of	of	ADP
fbem-28214	13	39	these	these	DET
fbem-28214	13	40	startups	startup	NOUN
fbem-28214	13	41	.	.	PUNCT
fbem-28214	14	1	[	[	X
fbem-28214	14	2	1	1	NUM
fbem-28214	14	3	]	]	PUNCT
fbem-28214	14	4	.	.	PUNCT
fbem-28214	15	1	in	in	ADP
fbem-28214	15	2	this	this	DET
fbem-28214	15	3	context	context	NOUN
fbem-28214	15	4	,	,	PUNCT
fbem-28214	15	5	many	many	ADJ
fbem-28214	15	6	listed	list	VERB
fbem-28214	15	7	companies	company	NOUN
fbem-28214	15	8	believe	believe	VERB
fbem-28214	15	9	that	that	SCONJ
fbem-28214	15	10	innovation	innovation	NOUN
fbem-28214	15	11	is	be	AUX
fbem-28214	15	12	driven	drive	VERB
fbem-28214	15	13	by	by	ADP
fbem-28214	15	14	organizational	organizational	ADJ
fbem-28214	15	15	structures	structure	NOUN
fbem-28214	15	16	and	and	CCONJ
fbem-28214	15	17	management	management	NOUN
fbem-28214	15	18	processes	process	NOUN
fbem-28214	15	19	[	[	X
fbem-28214	15	20	2	2	NUM
fbem-28214	15	21	]	]	PUNCT
fbem-28214	15	22	,	,	PUNCT
fbem-28214	15	23	and	and	CCONJ
fbem-28214	15	24	they	they	PRON
fbem-28214	15	25	will	will	AUX
fbem-28214	15	26	spend	spend	VERB
fbem-28214	15	27	a	a	DET
fbem-28214	15	28	relatively	relatively	ADV
fbem-28214	15	29	large	large	ADJ
fbem-28214	15	30	proportion	proportion	NOUN
fbem-28214	15	31	on	on	ADP
fbem-28214	15	32	r&d	r&d	NOUN
fbem-28214	15	33	,	,	PUNCT
fbem-28214	15	34	this	this	PRON
fbem-28214	15	35	may	may	AUX
fbem-28214	15	36	lead	lead	VERB
fbem-28214	15	37	to	to	ADP
fbem-28214	15	38	some	some	DET
fbem-28214	15	39	investment	investment	NOUN
fbem-28214	15	40	risk	risk	NOUN
fbem-28214	15	41	.	.	PUNCT
fbem-28214	16	1	according	accord	VERB
fbem-28214	16	2	to	to	ADP
fbem-28214	16	3	cooper	cooper	NOUN
fbem-28214	16	4	and	and	CCONJ
fbem-28214	16	5	priestley	priestley	NOUN
fbem-28214	16	6	[	[	X
fbem-28214	16	7	3	3	NUM
fbem-28214	16	8	]	]	PUNCT
fbem-28214	16	9	,	,	PUNCT
fbem-28214	16	10	the	the	DET
fbem-28214	16	11	investment	investment	NOUN
fbem-28214	16	12	factor	factor	NOUN
fbem-28214	16	13	can	can	AUX
fbem-28214	16	14	be	be	AUX
fbem-28214	16	15	understood	understand	VERB
fbem-28214	16	16	as	as	ADP
fbem-28214	16	17	an	an	DET
fbem-28214	16	18	economic	economic	ADJ
fbem-28214	16	19	risk	risk	NOUN
fbem-28214	16	20	factor	factor	NOUN
fbem-28214	16	21	tied	tie	VERB
fbem-28214	16	22	to	to	ADP
fbem-28214	16	23	the	the	DET
fbem-28214	16	24	business	business	NOUN
fbem-28214	16	25	cycle	cycle	NOUN
fbem-28214	16	26	,	,	PUNCT
fbem-28214	16	27	for	for	ADP
fbem-28214	16	28	which	which	PRON
fbem-28214	16	29	investors	investor	NOUN
fbem-28214	16	30	demand	demand	VERB
fbem-28214	16	31	a	a	DET
fbem-28214	16	32	premium	premium	NOUN
fbem-28214	16	33	to	to	PART
fbem-28214	16	34	hold	hold	VERB
fbem-28214	16	35	.	.	PUNCT
fbem-28214	17	1	and	and	CCONJ
fbem-28214	17	2	we	we	PRON
fbem-28214	17	3	’ll	’ll	AUX
fbem-28214	17	4	use	use	VERB
fbem-28214	17	5	r&d	r&d	NOUN
fbem-28214	17	6	ratio	ratio	NOUN
fbem-28214	17	7	within	within	ADP
fbem-28214	17	8	companies	company	NOUN
fbem-28214	17	9	and	and	CCONJ
fbem-28214	17	10	beta	beta	NOUN
fbem-28214	17	11	based	base	VERB
fbem-28214	17	12	on	on	ADP
fbem-28214	17	13	capm	capm	PROPN
fbem-28214	17	14	as	as	ADP
fbem-28214	17	15	measurements	measurement	NOUN
fbem-28214	17	16	of	of	ADP
fbem-28214	17	17	innovation	innovation	NOUN
fbem-28214	17	18	strategies	strategy	NOUN
fbem-28214	17	19	and	and	CCONJ
fbem-28214	17	20	investment	investment	NOUN
fbem-28214	17	21	risk	risk	NOUN
fbem-28214	17	22	.	.	PUNCT
fbem-28214	18	1	for	for	ADP
fbem-28214	18	2	the	the	DET
fbem-28214	18	3	moderating	moderate	VERB
fbem-28214	18	4	factor	factor	NOUN
fbem-28214	18	5	,	,	PUNCT
fbem-28214	18	6	we	we	PRON
fbem-28214	18	7	’ll	’ll	AUX
fbem-28214	18	8	use	use	VERB
fbem-28214	18	9	comprehensive	comprehensive	ADJ
fbem-28214	18	10	scores	score	NOUN
fbem-28214	18	11	of	of	ADP
fbem-28214	18	12	esg	esg	PROPN
fbem-28214	18	13	as	as	ADP
fbem-28214	18	14	our	our	PRON
fbem-28214	18	15	measurement	measurement	NOUN
fbem-28214	18	16	as	as	ADP
fbem-28214	18	17	an	an	DET
fbem-28214	18	18	interaction	interaction	NOUN
fbem-28214	18	19	term	term	NOUN
fbem-28214	18	20	in	in	ADP
fbem-28214	18	21	our	our	PRON
fbem-28214	18	22	model	model	NOUN
fbem-28214	18	23	.	.	PUNCT
fbem-28214	19	1	therefore	therefore	ADV
fbem-28214	19	2	,	,	PUNCT
fbem-28214	19	3	we	we	PRON
fbem-28214	19	4	come	come	VERB
fbem-28214	19	5	up	up	ADP
fbem-28214	19	6	with	with	ADP
fbem-28214	19	7	the	the	DET
fbem-28214	19	8	research	research	NOUN
fbem-28214	19	9	question	question	NOUN
fbem-28214	19	10	that	that	SCONJ
fbem-28214	19	11	whether	whether	SCONJ
fbem-28214	19	12	innovation	innovation	NOUN
fbem-28214	19	13	strategies	strategy	NOUN
fbem-28214	19	14	of	of	ADP
fbem-28214	19	15	companies	company	NOUN
fbem-28214	19	16	will	will	AUX
fbem-28214	19	17	increase	increase	VERB
fbem-28214	19	18	or	or	CCONJ
fbem-28214	19	19	decrease	decrease	VERB
fbem-28214	19	20	the	the	DET
fbem-28214	19	21	investment	investment	NOUN
fbem-28214	19	22	risk	risk	NOUN
fbem-28214	19	23	under	under	ADP
fbem-28214	19	24	the	the	DET
fbem-28214	19	25	moderating	moderate	VERB
fbem-28214	19	26	effect	effect	NOUN
fbem-28214	19	27	of	of	ADP
fbem-28214	19	28	esg	esg	PROPN
fbem-28214	19	29	.	.	PROPN
fbem-28214	20	1	1.2	1.2	NUM
fbem-28214	20	2	.	.	PUNCT
fbem-28214	20	3	significance	significance	NOUN
fbem-28214	20	4	of	of	ADP
fbem-28214	20	5	the	the	DET
fbem-28214	20	6	research	research	NOUN
fbem-28214	20	7	this	this	DET
fbem-28214	20	8	research	research	NOUN
fbem-28214	20	9	mainly	mainly	ADV
fbem-28214	20	10	concentrates	concentrate	VERB
fbem-28214	20	11	on	on	ADP
fbem-28214	20	12	the	the	DET
fbem-28214	20	13	relationship	relationship	NOUN
fbem-28214	20	14	between	between	ADP
fbem-28214	20	15	innovation	innovation	NOUN
fbem-28214	20	16	strategies	strategy	NOUN
fbem-28214	20	17	and	and	CCONJ
fbem-28214	20	18	investment	investment	NOUN
fbem-28214	20	19	risk	risk	NOUN
fbem-28214	20	20	of	of	ADP
fbem-28214	20	21	companies	company	NOUN
fbem-28214	20	22	under	under	ADP
fbem-28214	20	23	the	the	DET
fbem-28214	20	24	moderating	moderate	VERB
fbem-28214	20	25	effect	effect	NOUN
fbem-28214	20	26	of	of	ADP
fbem-28214	20	27	esg	esg	PROPN
fbem-28214	20	28	.	.	PUNCT
fbem-28214	21	1	with	with	ADP
fbem-28214	21	2	the	the	DET
fbem-28214	21	3	background	background	NOUN
fbem-28214	21	4	of	of	ADP
fbem-28214	21	5	esg	esg	PROPN
fbem-28214	21	6	disclosures	disclosure	NOUN
fbem-28214	21	7	of	of	ADP
fbem-28214	21	8	listed	list	VERB
fbem-28214	21	9	companies	company	NOUN
fbem-28214	21	10	nowadays	nowadays	ADV
fbem-28214	21	11	,	,	PUNCT
fbem-28214	21	12	it	it	PRON
fbem-28214	21	13	’s	’	VERB
fbem-28214	21	14	essential	essential	ADJ
fbem-28214	21	15	to	to	PART
fbem-28214	21	16	find	find	VERB
fbem-28214	21	17	that	that	SCONJ
fbem-28214	21	18	if	if	SCONJ
fbem-28214	21	19	the	the	DET
fbem-28214	21	20	innovation	innovation	NOUN
fbem-28214	21	21	strategies	strategy	NOUN
fbem-28214	21	22	of	of	ADP
fbem-28214	21	23	companies	company	NOUN
fbem-28214	21	24	can	can	AUX
fbem-28214	21	25	be	be	AUX
fbem-28214	21	26	beneficial	beneficial	ADJ
fbem-28214	21	27	or	or	CCONJ
fbem-28214	21	28	do	do	VERB
fbem-28214	21	29	harm	harm	NOUN
fbem-28214	21	30	to	to	ADP
fbem-28214	21	31	investment	investment	NOUN
fbem-28214	21	32	risk	risk	NOUN
fbem-28214	21	33	,	,	PUNCT
fbem-28214	21	34	which	which	PRON
fbem-28214	21	35	can	can	AUX
fbem-28214	21	36	help	help	VERB
fbem-28214	21	37	those	those	DET
fbem-28214	21	38	listed	list	VERB
fbem-28214	21	39	companies	company	NOUN
fbem-28214	21	40	to	to	ADP
fbem-28214	21	41	making	make	VERB
fbem-28214	21	42	good	good	ADJ
fbem-28214	21	43	use	use	NOUN
fbem-28214	21	44	of	of	ADP
fbem-28214	21	45	innovation	innovation	NOUN
fbem-28214	21	46	strategies	strategy	NOUN
fbem-28214	21	47	to	to	PART
fbem-28214	21	48	match	match	VERB
fbem-28214	21	49	with	with	ADP
fbem-28214	21	50	their	their	PRON
fbem-28214	21	51	actual	actual	ADJ
fbem-28214	21	52	situation	situation	NOUN
fbem-28214	21	53	and	and	CCONJ
fbem-28214	21	54	current	current	ADJ
fbem-28214	21	55	background	background	NOUN
fbem-28214	21	56	.	.	PUNCT
fbem-28214	22	1	1.3	1.3	NUM
fbem-28214	22	2	.	.	PUNCT
fbem-28214	22	3	research	research	NOUN
fbem-28214	22	4	objectives	objective	NOUN
fbem-28214	22	5	&	&	CCONJ
fbem-28214	22	6	main	main	ADJ
fbem-28214	22	7	issues	issue	NOUN
fbem-28214	22	8	to	to	PART
fbem-28214	22	9	be	be	AUX
fbem-28214	22	10	solved	solve	VERB
fbem-28214	22	11	by	by	ADP
fbem-28214	22	12	analyzing	analyze	VERB
fbem-28214	22	13	the	the	DET
fbem-28214	22	14	relation	relation	NOUN
fbem-28214	22	15	between	between	ADP
fbem-28214	22	16	innovation	innovation	NOUN
fbem-28214	22	17	and	and	CCONJ
fbem-28214	22	18	investment	investment	NOUN
fbem-28214	22	19	risk	risk	NOUN
fbem-28214	22	20	under	under	ADP
fbem-28214	22	21	esg	esg	PROPN
fbem-28214	22	22	perspective	perspective	NOUN
fbem-28214	22	23	,	,	PUNCT
fbem-28214	22	24	we	we	PRON
fbem-28214	22	25	can	can	AUX
fbem-28214	22	26	find	find	VERB
fbem-28214	22	27	the	the	DET
fbem-28214	22	28	appropriate	appropriate	ADJ
fbem-28214	22	29	proportion	proportion	NOUN
fbem-28214	22	30	of	of	ADP
fbem-28214	22	31	innovation	innovation	NOUN
fbem-28214	22	32	within	within	ADP
fbem-28214	22	33	a	a	DET
fbem-28214	22	34	company	company	NOUN
fbem-28214	22	35	that	that	PRON
fbem-28214	22	36	can	can	AUX
fbem-28214	22	37	reduce	reduce	VERB
fbem-28214	22	38	the	the	DET
fbem-28214	22	39	investment	investment	NOUN
fbem-28214	22	40	risk	risk	NOUN
fbem-28214	22	41	.	.	PUNCT
fbem-28214	23	1	also	also	ADV
fbem-28214	23	2	,	,	PUNCT
fbem-28214	23	3	our	our	PRON
fbem-28214	23	4	research	research	NOUN
fbem-28214	23	5	provides	provide	VERB
fbem-28214	23	6	practical	practical	ADJ
fbem-28214	23	7	implications	implication	NOUN
fbem-28214	23	8	for	for	ADP
fbem-28214	23	9	trilateral	trilateral	ADJ
fbem-28214	23	10	parties	party	NOUN
fbem-28214	23	11	--companies	--companies	PUNCT
fbem-28214	23	12	,	,	PUNCT
fbem-28214	23	13	investors	investor	NOUN
fbem-28214	23	14	and	and	CCONJ
fbem-28214	23	15	government	government	NOUN
fbem-28214	23	16	.	.	PUNCT
fbem-28214	24	1	first	first	ADV
fbem-28214	24	2	,	,	PUNCT
fbem-28214	24	3	esg	esg	PROPN
fbem-28214	24	4	disclosure	disclosure	NOUN
fbem-28214	24	5	practices	practice	NOUN
fbem-28214	24	6	can	can	AUX
fbem-28214	24	7	be	be	AUX
fbem-28214	24	8	turned	turn	VERB
fbem-28214	24	9	into	into	ADP
fbem-28214	24	10	positive	positive	ADJ
fbem-28214	24	11	firm	firm	ADJ
fbem-28214	24	12	performance	performance	NOUN
fbem-28214	24	13	.	.	PUNCT
fbem-28214	25	1	second	second	ADJ
fbem-28214	25	2	,	,	PUNCT
fbem-28214	25	3	according	accord	VERB
fbem-28214	25	4	to	to	ADP
fbem-28214	25	5	companies	company	NOUN
fbem-28214	25	6	’	'	PUNCT
fbem-28214	25	7	strategies	strategy	NOUN
fbem-28214	25	8	and	and	CCONJ
fbem-28214	25	9	their	their	PRON
fbem-28214	25	10	esg	esg	NOUN
fbem-28214	25	11	disclosure	disclosure	NOUN
fbem-28214	25	12	,	,	PUNCT
fbem-28214	25	13	investors	investor	NOUN
fbem-28214	25	14	can	can	AUX
fbem-28214	25	15	choose	choose	VERB
fbem-28214	25	16	their	their	PRON
fbem-28214	25	17	preferred	prefer	VERB
fbem-28214	25	18	stocks	stock	NOUN
fbem-28214	25	19	to	to	PART
fbem-28214	25	20	invest	invest	VERB
fbem-28214	25	21	.	.	PUNCT
fbem-28214	26	1	thirdly	thirdly	ADV
fbem-28214	26	2	,	,	PUNCT
fbem-28214	26	3	government	government	NOUN
fbem-28214	26	4	can	can	AUX
fbem-28214	26	5	supervise	supervise	VERB
fbem-28214	26	6	companies	company	NOUN
fbem-28214	26	7	’	’	PART
fbem-28214	26	8	operation	operation	NOUN
fbem-28214	26	9	by	by	ADP
fbem-28214	26	10	noticing	notice	VERB
fbem-28214	26	11	their	their	PRON
fbem-28214	26	12	esg	esg	NOUN
fbem-28214	26	13	level	level	NOUN
fbem-28214	26	14	or	or	CCONJ
fbem-28214	26	15	scores	score	NOUN
fbem-28214	26	16	.	.	PUNCT
fbem-28214	27	1	hence	hence	ADV
fbem-28214	27	2	,	,	PUNCT
fbem-28214	27	3	it	it	PRON
fbem-28214	27	4	can	can	AUX
fbem-28214	27	5	provide	provide	VERB
fbem-28214	27	6	benefits	benefit	NOUN
fbem-28214	27	7	for	for	ADP
fbem-28214	27	8	three	three	NUM
fbem-28214	27	9	parties	party	NOUN
fbem-28214	27	10	.	.	PUNCT
fbem-28214	28	1	1.4	1.4	NUM
fbem-28214	28	2	.	.	PUNCT
fbem-28214	28	3	novelties	novelty	NOUN
fbem-28214	28	4	of	of	ADP
fbem-28214	28	5	the	the	DET
fbem-28214	28	6	proposed	propose	VERB
fbem-28214	28	7	topic	topic	NOUN
fbem-28214	28	8	in	in	ADP
fbem-28214	28	9	the	the	DET
fbem-28214	28	10	research	research	NOUN
fbem-28214	28	11	,	,	PUNCT
fbem-28214	28	12	we	we	PRON
fbem-28214	28	13	use	use	VERB
fbem-28214	28	14	beta	beta	NOUN
fbem-28214	28	15	based	base	VERB
fbem-28214	28	16	on	on	ADP
fbem-28214	28	17	capm	capm	PROPN
fbem-28214	28	18	to	to	PART
fbem-28214	28	19	measure	measure	VERB
fbem-28214	28	20	the	the	DET
fbem-28214	28	21	investment	investment	NOUN
fbem-28214	28	22	risk	risk	NOUN
fbem-28214	28	23	for	for	ADP
fbem-28214	28	24	companies	company	NOUN
fbem-28214	28	25	in	in	ADP
fbem-28214	28	26	csi	csi	PROPN
fbem-28214	28	27	300	300	NUM
fbem-28214	28	28	to	to	PART
fbem-28214	28	29	ensure	ensure	VERB
fbem-28214	28	30	the	the	DET
fbem-28214	28	31	comprehensive	comprehensive	ADJ
fbem-28214	28	32	and	and	CCONJ
fbem-28214	28	33	completement	completement	PROPN
fbem-28214	28	34	of	of	ADP
fbem-28214	28	35	the	the	DET
fbem-28214	28	36	research	research	NOUN
fbem-28214	28	37	.	.	PUNCT
fbem-28214	29	1	besides	besides	SCONJ
fbem-28214	29	2	,	,	PUNCT
fbem-28214	29	3	we	we	PRON
fbem-28214	29	4	select	select	VERB
fbem-28214	29	5	esg	esg	NOUN
fbem-28214	29	6	disclosure	disclosure	NOUN
fbem-28214	29	7	as	as	SCONJ
fbem-28214	29	8	dummy	dummy	ADJ
fbem-28214	29	9	variables	variable	NOUN
fbem-28214	29	10	to	to	PART
fbem-28214	29	11	find	find	VERB
fbem-28214	29	12	that	that	SCONJ
fbem-28214	29	13	the	the	DET
fbem-28214	29	14	differences	difference	NOUN
fbem-28214	29	15	in	in	ADP
fbem-28214	29	16	investment	investment	NOUN
fbem-28214	29	17	risk	risk	NOUN
fbem-28214	29	18	when	when	SCONJ
fbem-28214	29	19	esg	esg	PROPN
fbem-28214	29	20	score	score	NOUN
fbem-28214	29	21	is	be	AUX
fbem-28214	29	22	disclosed	disclose	VERB
fbem-28214	29	23	11	11	NUM
fbem-28214	29	24	and	and	CCONJ
fbem-28214	29	25	when	when	SCONJ
fbem-28214	29	26	it	it	PRON
fbem-28214	29	27	is	be	AUX
fbem-28214	29	28	not	not	PART
fbem-28214	29	29	.	.	PUNCT
fbem-28214	30	1	2	2	X
fbem-28214	30	2	.	.	X
fbem-28214	30	3	literature	literature	NOUN
fbem-28214	30	4	review	review	NOUN
fbem-28214	30	5	and	and	CCONJ
fbem-28214	30	6	hypothesis	hypothesis	NOUN
fbem-28214	30	7	2.1	2.1	NUM
fbem-28214	30	8	.	.	PUNCT
fbem-28214	31	1	previous	previous	ADJ
fbem-28214	31	2	study	study	NOUN
fbem-28214	31	3	summary	summary	NOUN
fbem-28214	31	4	&	&	CCONJ
fbem-28214	31	5	research	research	NOUN
fbem-28214	31	6	gap	gap	NOUN
fbem-28214	31	7	according	accord	VERB
fbem-28214	31	8	to	to	ADP
fbem-28214	31	9	sgurev	sgurev	VERB
fbem-28214	31	10	[	[	X
fbem-28214	31	11	4	4	NUM
fbem-28214	31	12	]	]	PUNCT
fbem-28214	31	13	,	,	PUNCT
fbem-28214	31	14	the	the	DET
fbem-28214	31	15	implementation	implementation	NOUN
fbem-28214	31	16	of	of	ADP
fbem-28214	31	17	any	any	DET
fbem-28214	31	18	innovation	innovation	NOUN
fbem-28214	31	19	can	can	AUX
fbem-28214	31	20	be	be	AUX
fbem-28214	31	21	viewed	view	VERB
fbem-28214	31	22	as	as	ADP
fbem-28214	31	23	a	a	DET
fbem-28214	31	24	manageable	manageable	ADJ
fbem-28214	31	25	multistep	multistep	ADJ
fbem-28214	31	26	process	process	NOUN
fbem-28214	31	27	aimed	aim	VERB
fbem-28214	31	28	at	at	ADP
fbem-28214	31	29	achieving	achieve	VERB
fbem-28214	31	30	the	the	DET
fbem-28214	31	31	innovation	innovation	NOUN
fbem-28214	31	32	with	with	ADP
fbem-28214	31	33	minimal	minimal	ADJ
fbem-28214	31	34	financial	financial	ADJ
fbem-28214	31	35	costs	cost	NOUN
fbem-28214	31	36	and	and	CCONJ
fbem-28214	31	37	minimal	minimal	ADJ
fbem-28214	31	38	risk	risk	NOUN
fbem-28214	31	39	.	.	PUNCT
fbem-28214	32	1	and	and	CCONJ
fbem-28214	32	2	innovation	innovation	NOUN
fbem-28214	32	3	involves	involve	VERB
fbem-28214	32	4	utilizing	utilize	VERB
fbem-28214	32	5	newly	newly	ADV
fbem-28214	32	6	acquired	acquire	VERB
fbem-28214	32	7	knowledge	knowledge	NOUN
fbem-28214	32	8	to	to	PART
fbem-28214	32	9	develop	develop	VERB
fbem-28214	32	10	a	a	DET
fbem-28214	32	11	new	new	ADJ
fbem-28214	32	12	product	product	NOUN
fbem-28214	32	13	or	or	CCONJ
fbem-28214	32	14	service	service	NOUN
fbem-28214	33	1	[	[	X
fbem-28214	33	2	5	5	NUM
fbem-28214	33	3	]	]	PUNCT
fbem-28214	33	4	.	.	PUNCT
fbem-28214	34	1	novelty	novelty	NOUN
fbem-28214	34	2	is	be	AUX
fbem-28214	34	3	central	central	ADJ
fbem-28214	34	4	to	to	ADP
fbem-28214	34	5	innovation	innovation	NOUN
fbem-28214	34	6	but	but	CCONJ
fbem-28214	34	7	this	this	PRON
fbem-28214	34	8	inevitably	inevitably	ADV
fbem-28214	34	9	implies	imply	VERB
fbem-28214	34	10	risk	risk	NOUN
fbem-28214	34	11	.	.	PUNCT
fbem-28214	35	1	also	also	ADV
fbem-28214	35	2	,	,	PUNCT
fbem-28214	35	3	under	under	ADP
fbem-28214	35	4	the	the	DET
fbem-28214	35	5	background	background	NOUN
fbem-28214	35	6	of	of	ADP
fbem-28214	35	7	esg	esg	PROPN
fbem-28214	35	8	disclosure	disclosure	NOUN
fbem-28214	35	9	in	in	ADP
fbem-28214	35	10	recent	recent	ADJ
fbem-28214	35	11	years	year	NOUN
fbem-28214	35	12	,	,	PUNCT
fbem-28214	35	13	some	some	DET
fbem-28214	35	14	researchers	researcher	NOUN
fbem-28214	35	15	have	have	AUX
fbem-28214	35	16	demonstrated	demonstrate	VERB
fbem-28214	35	17	that	that	SCONJ
fbem-28214	35	18	esg	esg	PROPN
fbem-28214	35	19	is	be	AUX
fbem-28214	35	20	a	a	DET
fbem-28214	35	21	reliable	reliable	ADJ
fbem-28214	35	22	indicator	indicator	NOUN
fbem-28214	35	23	for	for	ADP
fbem-28214	35	24	describing	describe	VERB
fbem-28214	35	25	sdgs	sdgs	NOUN
fbem-28214	35	26	.	.	PUNCT
fbem-28214	36	1	we	we	PRON
fbem-28214	36	2	explain	explain	VERB
fbem-28214	36	3	the	the	DET
fbem-28214	36	4	mechanisms	mechanism	NOUN
fbem-28214	36	5	by	by	ADP
fbem-28214	36	6	which	which	PRON
fbem-28214	36	7	esg	esg	NOUN
fbem-28214	36	8	moderates	moderate	VERB
fbem-28214	36	9	financial	financial	ADJ
fbem-28214	36	10	constraints	constraint	NOUN
fbem-28214	36	11	,	,	PUNCT
fbem-28214	36	12	offering	offer	VERB
fbem-28214	36	13	new	new	ADJ
fbem-28214	36	14	evidence	evidence	NOUN
fbem-28214	36	15	to	to	ADP
fbem-28214	36	16	the	the	DET
fbem-28214	36	17	recent	recent	ADJ
fbem-28214	36	18	esg	esg	PROPN
fbem-28214	36	19	literature	literature	NOUN
fbem-28214	36	20	.	.	PUNCT
fbem-28214	37	1	[	[	X
fbem-28214	37	2	6	6	NUM
fbem-28214	37	3	]	]	X
fbem-28214	37	4	[	[	X
fbem-28214	37	5	7	7	NUM
fbem-28214	37	6	]	]	PUNCT
fbem-28214	37	7	.	.	PUNCT
fbem-28214	38	1	in	in	ADP
fbem-28214	38	2	my	my	PRON
fbem-28214	38	3	research	research	NOUN
fbem-28214	38	4	,	,	PUNCT
fbem-28214	38	5	i	i	PRON
fbem-28214	38	6	use	use	VERB
fbem-28214	38	7	esg	esg	PROPN
fbem-28214	38	8	as	as	ADP
fbem-28214	38	9	a	a	DET
fbem-28214	38	10	moderating	moderate	VERB
fbem-28214	38	11	effect	effect	NOUN
fbem-28214	38	12	to	to	PART
fbem-28214	38	13	find	find	VERB
fbem-28214	38	14	whether	whether	SCONJ
fbem-28214	38	15	it	it	PRON
fbem-28214	38	16	may	may	AUX
fbem-28214	38	17	influence	influence	VERB
fbem-28214	38	18	the	the	DET
fbem-28214	38	19	process	process	NOUN
fbem-28214	38	20	of	of	ADP
fbem-28214	38	21	innovation	innovation	NOUN
fbem-28214	38	22	strategies	strategy	NOUN
fbem-28214	38	23	to	to	PART
fbem-28214	38	24	investment	investment	NOUN
fbem-28214	38	25	risk	risk	NOUN
fbem-28214	38	26	of	of	ADP
fbem-28214	38	27	listed	list	VERB
fbem-28214	38	28	companies	company	NOUN
fbem-28214	38	29	to	to	PART
fbem-28214	38	30	provide	provide	VERB
fbem-28214	38	31	constructive	constructive	ADJ
fbem-28214	38	32	suggestions	suggestion	NOUN
fbem-28214	38	33	to	to	ADP
fbem-28214	38	34	them	they	PRON
fbem-28214	38	35	,	,	PUNCT
fbem-28214	38	36	which	which	PRON
fbem-28214	38	37	complements	complement	VERB
fbem-28214	38	38	the	the	DET
fbem-28214	38	39	gaps	gap	NOUN
fbem-28214	38	40	in	in	ADP
fbem-28214	38	41	the	the	DET
fbem-28214	38	42	existing	exist	VERB
fbem-28214	38	43	research	research	NOUN
fbem-28214	38	44	.	.	PUNCT
fbem-28214	39	1	2.2	2.2	NUM
fbem-28214	39	2	.	.	PUNCT
fbem-28214	39	3	innovation	innovation	NOUN
fbem-28214	39	4	strategies	strategy	NOUN
fbem-28214	39	5	and	and	CCONJ
fbem-28214	39	6	investment	investment	NOUN
fbem-28214	39	7	risk	risk	NOUN
fbem-28214	39	8	until	until	ADP
fbem-28214	39	9	now	now	ADV
fbem-28214	39	10	,	,	PUNCT
fbem-28214	39	11	the	the	DET
fbem-28214	39	12	importance	importance	NOUN
fbem-28214	39	13	of	of	ADP
fbem-28214	39	14	innovation	innovation	NOUN
fbem-28214	39	15	in	in	ADP
fbem-28214	39	16	firm	firm	ADJ
fbem-28214	39	17	management	management	NOUN
fbem-28214	39	18	has	have	AUX
fbem-28214	39	19	been	be	AUX
fbem-28214	39	20	broadly	broadly	ADV
fbem-28214	39	21	recognized	recognize	VERB
fbem-28214	39	22	,	,	PUNCT
fbem-28214	39	23	but	but	CCONJ
fbem-28214	39	24	some	some	PRON
fbem-28214	39	25	argue	argue	VERB
fbem-28214	39	26	that	that	SCONJ
fbem-28214	39	27	its	its	PRON
fbem-28214	39	28	impact	impact	NOUN
fbem-28214	39	29	extends	extend	VERB
fbem-28214	39	30	beyond	beyond	ADP
fbem-28214	39	31	company	company	NOUN
fbem-28214	39	32	growth	growth	NOUN
fbem-28214	39	33	,	,	PUNCT
fbem-28214	39	34	also	also	ADV
fbem-28214	39	35	promoting	promote	VERB
fbem-28214	39	36	regional	regional	ADJ
fbem-28214	39	37	and	and	CCONJ
fbem-28214	39	38	local	local	ADJ
fbem-28214	39	39	development	development	NOUN
fbem-28214	40	1	[	[	X
fbem-28214	40	2	8	8	NUM
fbem-28214	40	3	]	]	PUNCT
fbem-28214	40	4	.	.	PUNCT
fbem-28214	41	1	innovation	innovation	NOUN
fbem-28214	41	2	policies	policy	NOUN
fbem-28214	41	3	encompass	encompass	VERB
fbem-28214	41	4	both	both	CCONJ
fbem-28214	41	5	the	the	DET
fbem-28214	41	6	contents	content	NOUN
fbem-28214	41	7	of	of	ADP
fbem-28214	41	8	innovation	innovation	NOUN
fbem-28214	41	9	strategies	strategy	NOUN
fbem-28214	41	10	and	and	CCONJ
fbem-28214	41	11	the	the	DET
fbem-28214	41	12	processes	process	NOUN
fbem-28214	41	13	of	of	ADP
fbem-28214	41	14	innovation	innovation	NOUN
fbem-28214	41	15	management	management	NOUN
fbem-28214	41	16	.	.	PUNCT
fbem-28214	42	1	the	the	DET
fbem-28214	42	2	seminal	seminal	ADJ
fbem-28214	42	3	work	work	NOUN
fbem-28214	42	4	from	from	ADP
fbem-28214	42	5	rothwell	rothwell	PROPN
fbem-28214	42	6	[	[	X
fbem-28214	42	7	9	9	NUM
fbem-28214	42	8	]	]	PUNCT
fbem-28214	42	9	provides	provide	VERB
fbem-28214	42	10	a	a	DET
fbem-28214	42	11	comprehensive	comprehensive	ADJ
fbem-28214	42	12	overview	overview	NOUN
fbem-28214	42	13	of	of	ADP
fbem-28214	42	14	key	key	ADJ
fbem-28214	42	15	factors	factor	NOUN
fbem-28214	42	16	commonly	commonly	ADV
fbem-28214	42	17	identified	identify	VERB
fbem-28214	42	18	in	in	ADP
fbem-28214	42	19	numerous	numerous	ADJ
fbem-28214	42	20	studies	study	NOUN
fbem-28214	42	21	,	,	PUNCT
fbem-28214	42	22	pertaining	pertain	VERB
fbem-28214	42	23	to	to	ADP
fbem-28214	42	24	companies	company	NOUN
fbem-28214	42	25	that	that	PRON
fbem-28214	42	26	are	be	AUX
fbem-28214	42	27	technically	technically	ADV
fbem-28214	42	28	advanced	advanced	ADJ
fbem-28214	42	29	or	or	CCONJ
fbem-28214	42	30	linked	link	VERB
fbem-28214	42	31	with	with	ADP
fbem-28214	42	32	successful	successful	ADJ
fbem-28214	42	33	innovation	innovation	NOUN
fbem-28214	42	34	.	.	PUNCT
fbem-28214	43	1	besides	besides	SCONJ
fbem-28214	43	2	,	,	PUNCT
fbem-28214	43	3	the	the	DET
fbem-28214	43	4	financing	financing	NOUN
fbem-28214	43	5	available	available	ADJ
fbem-28214	43	6	for	for	ADP
fbem-28214	43	7	startups	startup	NOUN
fbem-28214	43	8	focused	focus	VERB
fbem-28214	43	9	on	on	ADP
fbem-28214	43	10	innovation	innovation	NOUN
fbem-28214	43	11	is	be	AUX
fbem-28214	43	12	notoriously	notoriously	ADV
fbem-28214	43	13	volatile	volatile	ADJ
fbem-28214	43	14	,	,	PUNCT
fbem-28214	43	15	often	often	ADV
fbem-28214	43	16	described	describe	VERB
fbem-28214	43	17	as	as	ADP
fbem-28214	43	18	financial	financial	ADJ
fbem-28214	43	19	constraints	constraint	NOUN
fbem-28214	43	20	.	.	PUNCT
fbem-28214	44	1	these	these	DET
fbem-28214	44	2	investment	investment	NOUN
fbem-28214	44	3	cycles	cycle	NOUN
fbem-28214	44	4	are	be	AUX
fbem-28214	44	5	not	not	PART
fbem-28214	44	6	only	only	ADV
fbem-28214	44	7	well	well	ADV
fbem-28214	44	8	-	-	PUNCT
fbem-28214	44	9	documented	document	VERB
fbem-28214	44	10	in	in	ADP
fbem-28214	44	11	venture	venture	NOUN
fbem-28214	44	12	capital	capital	NOUN
fbem-28214	44	13	literature	literature	NOUN
fbem-28214	44	14	[	[	X
fbem-28214	44	15	10	10	NUM
fbem-28214	44	16	]	]	PUNCT
fbem-28214	44	17	,	,	PUNCT
fbem-28214	44	18	but	but	CCONJ
fbem-28214	44	19	have	have	AUX
fbem-28214	44	20	also	also	ADV
fbem-28214	44	21	been	be	AUX
fbem-28214	44	22	shown	show	VERB
fbem-28214	44	23	in	in	ADP
fbem-28214	44	24	historical	historical	ADJ
fbem-28214	44	25	work	work	NOUN
fbem-28214	44	26	linking	link	VERB
fbem-28214	44	27	financial	financial	ADJ
fbem-28214	44	28	market	market	NOUN
fbem-28214	44	29	activity	activity	NOUN
fbem-28214	44	30	to	to	ADP
fbem-28214	44	31	radical	radical	ADJ
fbem-28214	44	32	innovations	innovation	NOUN
fbem-28214	44	33	in	in	ADP
fbem-28214	44	34	manufacturing	manufacturing	NOUN
fbem-28214	44	35	,	,	PUNCT
fbem-28214	44	36	communications	communication	NOUN
fbem-28214	44	37	and	and	CCONJ
fbem-28214	44	38	transportation	transportation	NOUN
fbem-28214	44	39	going	go	VERB
fbem-28214	44	40	back	back	ADV
fbem-28214	44	41	to	to	ADP
fbem-28214	44	42	the	the	DET
fbem-28214	44	43	mid-1700s	mid-1700s	PROPN
fbem-28214	45	1	[	[	X
fbem-28214	45	2	11	11	NUM
fbem-28214	45	3	]	]	PUNCT
fbem-28214	45	4	.	.	PUNCT
fbem-28214	46	1	also	also	ADV
fbem-28214	46	2	,	,	PUNCT
fbem-28214	46	3	according	accord	VERB
fbem-28214	46	4	to	to	ADP
fbem-28214	46	5	bowers	bower	NOUN
fbem-28214	46	6	and	and	CCONJ
fbem-28214	46	7	khorakian	khorakian	PROPN
fbem-28214	46	8	[	[	X
fbem-28214	46	9	12	12	NUM
fbem-28214	46	10	]	]	PUNCT
fbem-28214	46	11	,	,	PUNCT
fbem-28214	46	12	innovation	innovation	NOUN
fbem-28214	46	13	entails	entail	VERB
fbem-28214	46	14	leveraging	leverage	VERB
fbem-28214	46	15	fresh	fresh	ADJ
fbem-28214	46	16	knowledge	knowledge	NOUN
fbem-28214	46	17	to	to	PART
fbem-28214	46	18	create	create	VERB
fbem-28214	46	19	a	a	DET
fbem-28214	46	20	new	new	ADJ
fbem-28214	46	21	product	product	NOUN
fbem-28214	46	22	or	or	CCONJ
fbem-28214	46	23	service	service	NOUN
fbem-28214	46	24	.	.	PUNCT
fbem-28214	47	1	novelty	novelty	NOUN
fbem-28214	47	2	is	be	AUX
fbem-28214	47	3	central	central	ADJ
fbem-28214	47	4	to	to	ADP
fbem-28214	47	5	innovation	innovation	NOUN
fbem-28214	47	6	but	but	CCONJ
fbem-28214	47	7	this	this	PRON
fbem-28214	47	8	inevitably	inevitably	ADV
fbem-28214	47	9	implies	imply	VERB
fbem-28214	47	10	risk	risk	NOUN
fbem-28214	47	11	.	.	PUNCT
fbem-28214	48	1	risk	risk	NOUN
fbem-28214	48	2	is	be	AUX
fbem-28214	48	3	inherent	inherent	ADJ
fbem-28214	48	4	in	in	ADP
fbem-28214	48	5	every	every	DET
fbem-28214	48	6	project	project	NOUN
fbem-28214	48	7	,	,	PUNCT
fbem-28214	48	8	but	but	CCONJ
fbem-28214	48	9	it	it	PRON
fbem-28214	48	10	is	be	AUX
fbem-28214	48	11	particularly	particularly	ADV
fbem-28214	48	12	significant	significant	ADJ
fbem-28214	48	13	in	in	ADP
fbem-28214	48	14	innovation	innovation	NOUN
fbem-28214	48	15	,	,	PUNCT
fbem-28214	48	16	where	where	SCONJ
fbem-28214	48	17	a	a	DET
fbem-28214	48	18	high	high	ADJ
fbem-28214	48	19	rate	rate	NOUN
fbem-28214	48	20	of	of	ADP
fbem-28214	48	21	failure	failure	NOUN
fbem-28214	48	22	is	be	AUX
fbem-28214	48	23	typical	typical	ADJ
fbem-28214	49	1	[	[	X
fbem-28214	49	2	13	13	NUM
fbem-28214	49	3	]	]	SYM
fbem-28214	49	4	:	:	PUNCT
fbem-28214	49	5	35	35	NUM
fbem-28214	49	6	percent	percent	NOUN
fbem-28214	49	7	of	of	ADP
fbem-28214	49	8	innovation	innovation	NOUN
fbem-28214	49	9	projects	project	NOUN
fbem-28214	49	10	do	do	AUX
fbem-28214	49	11	not	not	PART
fbem-28214	49	12	achieve	achieve	VERB
fbem-28214	49	13	commercial	commercial	ADJ
fbem-28214	49	14	success	success	NOUN
fbem-28214	49	15	,	,	PUNCT
fbem-28214	49	16	representing	represent	VERB
fbem-28214	49	17	45	45	NUM
fbem-28214	49	18	percent	percent	NOUN
fbem-28214	49	19	of	of	ADP
fbem-28214	49	20	the	the	DET
fbem-28214	49	21	costs	cost	NOUN
fbem-28214	49	22	associated	associate	VERB
fbem-28214	49	23	with	with	ADP
fbem-28214	49	24	new	new	ADJ
fbem-28214	49	25	product	product	NOUN
fbem-28214	49	26	development	development	NOUN
fbem-28214	49	27	[	[	X
fbem-28214	49	28	14	14	NUM
fbem-28214	49	29	]	]	PUNCT
fbem-28214	49	30	.	.	PUNCT
fbem-28214	50	1	based	base	VERB
fbem-28214	50	2	on	on	ADP
fbem-28214	50	3	the	the	DET
fbem-28214	50	4	abovementioned	abovementioned	ADJ
fbem-28214	50	5	analysis	analysis	NOUN
fbem-28214	50	6	,	,	PUNCT
fbem-28214	50	7	this	this	DET
fbem-28214	50	8	study	study	NOUN
fbem-28214	50	9	puts	put	VERB
fbem-28214	50	10	forward	forward	ADV
fbem-28214	50	11	the	the	DET
fbem-28214	50	12	following	follow	VERB
fbem-28214	50	13	hypotheses	hypothesis	NOUN
fbem-28214	50	14	:	:	PUNCT
fbem-28214	50	15	h1	h1	NOUN
fbem-28214	50	16	:	:	PUNCT
fbem-28214	50	17	innovation	innovation	NOUN
fbem-28214	50	18	strategies	strategy	NOUN
fbem-28214	50	19	have	have	AUX
fbem-28214	50	20	a	a	DET
fbem-28214	50	21	positive	positive	ADJ
fbem-28214	50	22	effect	effect	NOUN
fbem-28214	50	23	on	on	ADP
fbem-28214	50	24	investment	investment	NOUN
fbem-28214	50	25	risk	risk	NOUN
fbem-28214	50	26	.	.	PUNCT
fbem-28214	51	1	2.3	2.3	NUM
fbem-28214	51	2	.	.	PUNCT
fbem-28214	52	1	esg	esg	NOUN
fbem-28214	52	2	to	to	ADP
fbem-28214	52	3	the	the	DET
fbem-28214	52	4	process	process	NOUN
fbem-28214	52	5	of	of	ADP
fbem-28214	52	6	innovation	innovation	NOUN
fbem-28214	52	7	strategies	strategy	NOUN
fbem-28214	52	8	and	and	CCONJ
fbem-28214	52	9	investment	investment	NOUN
fbem-28214	52	10	risk	risk	NOUN
fbem-28214	52	11	according	accord	VERB
fbem-28214	52	12	to	to	ADP
fbem-28214	52	13	zhang	zhang	PROPN
fbem-28214	52	14	et	et	PROPN
fbem-28214	52	15	al	al	PROPN
fbem-28214	52	16	.	.	PUNCT
fbem-28214	53	1	[	[	X
fbem-28214	53	2	15	15	NUM
fbem-28214	53	3	]	]	X
fbem-28214	53	4	,	,	PUNCT
fbem-28214	53	5	esg	esg	PROPN
fbem-28214	53	6	performance	performance	NOUN
fbem-28214	53	7	data	datum	NOUN
fbem-28214	53	8	offers	offer	VERB
fbem-28214	53	9	a	a	DET
fbem-28214	53	10	superior	superior	ADJ
fbem-28214	53	11	assessment	assessment	NOUN
fbem-28214	53	12	of	of	ADP
fbem-28214	53	13	a	a	DET
fbem-28214	53	14	company	company	NOUN
fbem-28214	53	15	's	's	PART
fbem-28214	53	16	strength	strength	NOUN
fbem-28214	53	17	through	through	ADP
fbem-28214	53	18	soft	soft	ADJ
fbem-28214	53	19	information	information	NOUN
fbem-28214	53	20	,	,	PUNCT
fbem-28214	53	21	aiding	aid	VERB
fbem-28214	53	22	investors	investor	NOUN
fbem-28214	53	23	in	in	ADP
fbem-28214	53	24	determining	determine	VERB
fbem-28214	53	25	the	the	DET
fbem-28214	53	26	investment	investment	NOUN
fbem-28214	53	27	worthiness	worthiness	NOUN
fbem-28214	53	28	of	of	ADP
fbem-28214	53	29	the	the	DET
fbem-28214	53	30	enterprise	enterprise	NOUN
fbem-28214	53	31	.	.	PUNCT
fbem-28214	54	1	earlier	early	ADJ
fbem-28214	54	2	research	research	NOUN
fbem-28214	54	3	indicated	indicate	VERB
fbem-28214	54	4	that	that	SCONJ
fbem-28214	54	5	esg	esg	PROPN
fbem-28214	54	6	disclosure	disclosure	NOUN
fbem-28214	54	7	practices	practice	NOUN
fbem-28214	54	8	can	can	AUX
fbem-28214	54	9	enhance	enhance	VERB
fbem-28214	54	10	a	a	DET
fbem-28214	54	11	company	company	NOUN
fbem-28214	54	12	's	's	PART
fbem-28214	54	13	value	value	NOUN
fbem-28214	54	14	,	,	PUNCT
fbem-28214	54	15	thereby	thereby	ADV
fbem-28214	54	16	playing	play	VERB
fbem-28214	54	17	a	a	DET
fbem-28214	54	18	crucial	crucial	ADJ
fbem-28214	54	19	role	role	NOUN
fbem-28214	54	20	in	in	ADP
fbem-28214	54	21	alleviating	alleviate	VERB
fbem-28214	54	22	the	the	DET
fbem-28214	54	23	negative	negative	ADJ
fbem-28214	54	24	impacts	impact	NOUN
fbem-28214	54	25	of	of	ADP
fbem-28214	54	26	a	a	DET
fbem-28214	54	27	firm	firm	NOUN
fbem-28214	54	28	's	's	PART
fbem-28214	54	29	weaknesses	weakness	NOUN
fbem-28214	54	30	[	[	X
fbem-28214	54	31	7	7	NUM
fbem-28214	54	32	]	]	PUNCT
fbem-28214	54	33	.	.	PUNCT
fbem-28214	55	1	high	high	PROPN
fbem-28214	55	2	esg	esg	PROPN
fbem-28214	55	3	ratings	rating	NOUN
fbem-28214	55	4	can	can	AUX
fbem-28214	55	5	enhance	enhance	VERB
fbem-28214	55	6	investor	investor	NOUN
fbem-28214	55	7	outcomes	outcome	NOUN
fbem-28214	55	8	in	in	ADP
fbem-28214	55	9	financial	financial	ADJ
fbem-28214	55	10	portfolios	portfolio	NOUN
fbem-28214	55	11	,	,	PUNCT
fbem-28214	55	12	as	as	SCONJ
fbem-28214	55	13	firms	firm	NOUN
fbem-28214	55	14	with	with	ADP
fbem-28214	55	15	superior	superior	ADJ
fbem-28214	55	16	esg	esg	PROPN
fbem-28214	55	17	performance	performance	NOUN
fbem-28214	55	18	tend	tend	VERB
fbem-28214	55	19	to	to	PART
fbem-28214	55	20	be	be	AUX
fbem-28214	55	21	ethical	ethical	ADJ
fbem-28214	55	22	without	without	ADP
fbem-28214	55	23	compromising	compromise	VERB
fbem-28214	55	24	returns	return	NOUN
fbem-28214	55	25	,	,	PUNCT
fbem-28214	55	26	and	and	CCONJ
fbem-28214	55	27	these	these	DET
fbem-28214	55	28	companies	company	NOUN
fbem-28214	55	29	are	be	AUX
fbem-28214	55	30	more	more	ADV
fbem-28214	55	31	likely	likely	ADJ
fbem-28214	55	32	to	to	PART
fbem-28214	55	33	endure	endure	VERB
fbem-28214	55	34	crises	crisis	NOUN
fbem-28214	55	35	sustainably	sustainably	ADV
fbem-28214	56	1	[	[	X
fbem-28214	56	2	16	16	NUM
fbem-28214	56	3	]	]	PUNCT
fbem-28214	56	4	.	.	PUNCT
fbem-28214	57	1	further	far	ADV
fbem-28214	57	2	,	,	PUNCT
fbem-28214	57	3	due	due	ADP
fbem-28214	57	4	to	to	ADP
fbem-28214	57	5	additional	additional	ADJ
fbem-28214	57	6	environmental	environmental	ADJ
fbem-28214	57	7	protection	protection	NOUN
fbem-28214	57	8	costs	cost	NOUN
fbem-28214	57	9	[	[	X
fbem-28214	57	10	17	17	NUM
fbem-28214	57	11	]	]	PUNCT
fbem-28214	57	12	,	,	PUNCT
fbem-28214	57	13	firms	firm	NOUN
fbem-28214	57	14	with	with	ADP
fbem-28214	57	15	strong	strong	ADJ
fbem-28214	57	16	financial	financial	ADJ
fbem-28214	57	17	backing	backing	NOUN
fbem-28214	57	18	tend	tend	VERB
fbem-28214	57	19	to	to	PART
fbem-28214	57	20	excel	excel	VERB
fbem-28214	57	21	in	in	ADP
fbem-28214	57	22	environmental	environmental	ADJ
fbem-28214	57	23	protection	protection	NOUN
fbem-28214	57	24	,	,	PUNCT
fbem-28214	57	25	thereby	thereby	ADV
fbem-28214	57	26	gaining	gain	VERB
fbem-28214	57	27	easier	easy	ADJ
fbem-28214	57	28	access	access	NOUN
fbem-28214	57	29	to	to	ADP
fbem-28214	57	30	investment	investment	NOUN
fbem-28214	57	31	capital	capital	NOUN
fbem-28214	57	32	and	and	CCONJ
fbem-28214	57	33	reducing	reduce	VERB
fbem-28214	57	34	financial	financial	ADJ
fbem-28214	57	35	constraints	constraint	NOUN
fbem-28214	57	36	.	.	PUNCT
fbem-28214	58	1	[	[	X
fbem-28214	58	2	18	18	NUM
fbem-28214	58	3	]	]	PUNCT
fbem-28214	58	4	.	.	PUNCT
fbem-28214	59	1	additionally	additionally	ADV
fbem-28214	59	2	,	,	PUNCT
fbem-28214	59	3	the	the	DET
fbem-28214	59	4	three	three	NUM
fbem-28214	59	5	esg	esg	PROPN
fbem-28214	59	6	dimensions	dimension	NOUN
fbem-28214	59	7	enable	enable	VERB
fbem-28214	59	8	stakeholders	stakeholder	NOUN
fbem-28214	59	9	to	to	PART
fbem-28214	59	10	evaluate	evaluate	VERB
fbem-28214	59	11	a	a	DET
fbem-28214	59	12	firm	firm	NOUN
fbem-28214	59	13	's	's	PART
fbem-28214	59	14	transparency	transparency	NOUN
fbem-28214	59	15	,	,	PUNCT
fbem-28214	59	16	potential	potential	NOUN
fbem-28214	59	17	,	,	PUNCT
fbem-28214	59	18	and	and	CCONJ
fbem-28214	59	19	risk	risk	NOUN
fbem-28214	59	20	levels	level	NOUN
fbem-28214	59	21	.	.	PUNCT
fbem-28214	60	1	[	[	X
fbem-28214	60	2	19	19	NUM
fbem-28214	60	3	]	]	PUNCT
fbem-28214	60	4	.	.	PUNCT
fbem-28214	61	1	the	the	DET
fbem-28214	61	2	capability	capability	NOUN
fbem-28214	61	3	to	to	PART
fbem-28214	61	4	provide	provide	VERB
fbem-28214	61	5	non	non	ADJ
fbem-28214	61	6	-	-	ADJ
fbem-28214	61	7	financial	financial	ADJ
fbem-28214	61	8	disclosures	disclosure	NOUN
fbem-28214	61	9	inherent	inherent	ADJ
fbem-28214	61	10	in	in	ADP
fbem-28214	61	11	esg	esg	PROPN
fbem-28214	61	12	,	,	PUNCT
fbem-28214	61	13	along	along	ADP
fbem-28214	61	14	with	with	ADP
fbem-28214	61	15	growing	grow	VERB
fbem-28214	61	16	investor	investor	NOUN
fbem-28214	61	17	focus	focus	NOUN
fbem-28214	61	18	,	,	PUNCT
fbem-28214	61	19	suggests	suggest	VERB
fbem-28214	61	20	that	that	SCONJ
fbem-28214	61	21	favorable	favorable	ADJ
fbem-28214	61	22	esg	esg	PROPN
fbem-28214	61	23	information	information	NOUN
fbem-28214	61	24	likely	likely	ADV
fbem-28214	61	25	eases	ease	VERB
fbem-28214	61	26	external	external	ADJ
fbem-28214	61	27	financial	financial	ADJ
fbem-28214	61	28	constraints	constraint	NOUN
fbem-28214	61	29	[	[	X
fbem-28214	61	30	20	20	NUM
fbem-28214	61	31	]	]	PUNCT
fbem-28214	61	32	.	.	PUNCT
fbem-28214	62	1	according	accord	VERB
fbem-28214	62	2	to	to	ADP
fbem-28214	62	3	the	the	DET
fbem-28214	62	4	abovementioned	abovementioned	ADJ
fbem-28214	62	5	analysis	analysis	NOUN
fbem-28214	62	6	,	,	PUNCT
fbem-28214	62	7	this	this	DET
fbem-28214	62	8	study	study	NOUN
fbem-28214	62	9	puts	put	VERB
fbem-28214	62	10	forward	forward	ADV
fbem-28214	62	11	the	the	DET
fbem-28214	62	12	following	follow	VERB
fbem-28214	62	13	hypotheses	hypothesis	NOUN
fbem-28214	62	14	:	:	PUNCT
fbem-28214	62	15	h2	h2	NOUN
fbem-28214	62	16	:	:	PUNCT
fbem-28214	63	1	esg	esg	PROPN
fbem-28214	63	2	has	have	VERB
fbem-28214	63	3	a	a	DET
fbem-28214	63	4	positive	positive	ADJ
fbem-28214	63	5	moderating	moderating	NOUN
fbem-28214	63	6	impact	impact	NOUN
fbem-28214	63	7	on	on	ADP
fbem-28214	63	8	the	the	DET
fbem-28214	63	9	process	process	NOUN
fbem-28214	63	10	of	of	ADP
fbem-28214	63	11	innovation	innovation	NOUN
fbem-28214	63	12	strategies	strategy	NOUN
fbem-28214	63	13	and	and	CCONJ
fbem-28214	63	14	investment	investment	NOUN
fbem-28214	63	15	risk	risk	NOUN
fbem-28214	63	16	.	.	PUNCT
fbem-28214	64	1	3	3	X
fbem-28214	64	2	.	.	X
fbem-28214	64	3	methodology	methodology	NOUN
fbem-28214	64	4	and	and	CCONJ
fbem-28214	64	5	feasibility	feasibility	NOUN
fbem-28214	64	6	analysis	analysis	NOUN
fbem-28214	64	7	3.1	3.1	NUM
fbem-28214	64	8	.	.	PUNCT
fbem-28214	64	9	data	datum	NOUN
fbem-28214	64	10	and	and	CCONJ
fbem-28214	64	11	sample	sample	NOUN
fbem-28214	64	12	we	we	PRON
fbem-28214	64	13	examined	examine	VERB
fbem-28214	64	14	the	the	DET
fbem-28214	64	15	hypothesis	hypothesis	NOUN
fbem-28214	64	16	within	within	ADP
fbem-28214	64	17	the	the	DET
fbem-28214	64	18	content	content	NOUN
fbem-28214	64	19	of	of	ADP
fbem-28214	64	20	chinese	chinese	ADJ
fbem-28214	64	21	enterprise	enterprise	NOUN
fbem-28214	64	22	and	and	CCONJ
fbem-28214	64	23	used	use	VERB
fbem-28214	64	24	panel	panel	NOUN
fbem-28214	64	25	data	datum	NOUN
fbem-28214	64	26	for	for	ADP
fbem-28214	64	27	analysis	analysis	NOUN
fbem-28214	64	28	.	.	PUNCT
fbem-28214	65	1	after	after	ADP
fbem-28214	65	2	selecting	select	VERB
fbem-28214	65	3	and	and	CCONJ
fbem-28214	65	4	downloading	download	VERB
fbem-28214	65	5	the	the	DET
fbem-28214	65	6	chinese	chinese	ADJ
fbem-28214	65	7	listed	list	VERB
fbem-28214	65	8	companies	company	NOUN
fbem-28214	65	9	from	from	ADP
fbem-28214	65	10	csmar	csmar	PROPN
fbem-28214	65	11	and	and	CCONJ
fbem-28214	65	12	resset	resset	ADJ
fbem-28214	65	13	database	database	NOUN
fbem-28214	65	14	,	,	PUNCT
fbem-28214	65	15	the	the	DET
fbem-28214	65	16	sample	sample	NOUN
fbem-28214	65	17	size	size	NOUN
fbem-28214	65	18	will	will	AUX
fbem-28214	65	19	be	be	AUX
fbem-28214	65	20	determined	determine	VERB
fbem-28214	65	21	later	later	ADV
fbem-28214	65	22	.	.	PUNCT
fbem-28214	66	1	3.2	3.2	NUM
fbem-28214	66	2	.	.	PUNCT
fbem-28214	67	1	dependent	dependent	ADJ
fbem-28214	67	2	variables	variable	NOUN
fbem-28214	67	3	beta	beta	NOUN
fbem-28214	67	4	,	,	PUNCT
fbem-28214	67	5	estimated	estimate	VERB
fbem-28214	67	6	by	by	ADP
fbem-28214	67	7	capm	capm	PROPN
fbem-28214	67	8	,	,	PUNCT
fbem-28214	67	9	represents	represent	VERB
fbem-28214	67	10	the	the	DET
fbem-28214	67	11	systematic	systematic	ADJ
fbem-28214	67	12	risk	risk	NOUN
fbem-28214	67	13	of	of	ADP
fbem-28214	67	14	an	an	DET
fbem-28214	67	15	asset	asset	NOUN
fbem-28214	67	16	relative	relative	ADJ
fbem-28214	67	17	to	to	ADP
fbem-28214	67	18	the	the	DET
fbem-28214	67	19	overall	overall	ADJ
fbem-28214	67	20	market	market	NOUN
fbem-28214	67	21	,	,	PUNCT
fbem-28214	67	22	measuring	measure	VERB
fbem-28214	67	23	the	the	DET
fbem-28214	67	24	asset	asset	NOUN
fbem-28214	67	25	's	's	PART
fbem-28214	67	26	price	price	NOUN
fbem-28214	67	27	volatility	volatility	NOUN
fbem-28214	67	28	relative	relative	ADJ
fbem-28214	67	29	to	to	ADP
fbem-28214	67	30	the	the	DET
fbem-28214	67	31	market	market	NOUN
fbem-28214	67	32	portfolio	portfolio	NOUN
fbem-28214	67	33	.	.	PUNCT
fbem-28214	68	1	within	within	ADP
fbem-28214	68	2	the	the	DET
fbem-28214	68	3	capm	capm	PROPN
fbem-28214	68	4	framework	framework	NOUN
fbem-28214	68	5	,	,	PUNCT
fbem-28214	68	6	risk	risk	NOUN
fbem-28214	68	7	is	be	AUX
fbem-28214	68	8	quantified	quantify	VERB
fbem-28214	68	9	by	by	ADP
fbem-28214	68	10	variance	variance	NOUN
fbem-28214	68	11	,	,	PUNCT
fbem-28214	68	12	which	which	PRON
fbem-28214	68	13	equally	equally	ADV
fbem-28214	68	14	considers	consider	VERB
fbem-28214	68	15	both	both	CCONJ
fbem-28214	68	16	upward	upward	ADJ
fbem-28214	68	17	and	and	CCONJ
fbem-28214	68	18	downward	downward	ADJ
fbem-28214	68	19	fluctuations	fluctuation	NOUN
fbem-28214	68	20	in	in	ADP
fbem-28214	68	21	returns	return	NOUN
fbem-28214	68	22	.	.	PUNCT
fbem-28214	69	1	[	[	X
fbem-28214	69	2	21	21	NUM
fbem-28214	69	3	]	]	PUNCT
fbem-28214	69	4	.	.	PUNCT
fbem-28214	70	1	also	also	ADV
fbem-28214	70	2	,	,	PUNCT
fbem-28214	70	3	according	accord	VERB
fbem-28214	70	4	to	to	ADP
fbem-28214	70	5	jagannathan	jagannathan	PROPN
fbem-28214	70	6	&	&	CCONJ
fbem-28214	70	7	mcgrattan	mcgrattan	PROPN
fbem-28214	70	8	[	[	X
fbem-28214	70	9	22	22	NUM
fbem-28214	70	10	]	]	PUNCT
fbem-28214	70	11	,	,	PUNCT
fbem-28214	70	12	the	the	DET
fbem-28214	70	13	capm	capm	PROPN
fbem-28214	70	14	was	be	AUX
fbem-28214	70	15	developed	develop	VERB
fbem-28214	70	16	,	,	PUNCT
fbem-28214	70	17	in	in	ADP
fbem-28214	70	18	part	part	NOUN
fbem-28214	70	19	,	,	PUNCT
fbem-28214	70	20	to	to	PART
fbem-28214	70	21	clarify	clarify	VERB
fbem-28214	70	22	the	the	DET
fbem-28214	70	23	variations	variation	NOUN
fbem-28214	70	24	in	in	ADP
fbem-28214	70	25	risk	risk	NOUN
fbem-28214	70	26	premiums	premium	NOUN
fbem-28214	70	27	among	among	ADP
fbem-28214	70	28	assets	asset	NOUN
fbem-28214	70	29	,	,	PUNCT
fbem-28214	70	30	which	which	PRON
fbem-28214	70	31	stem	stem	VERB
fbem-28214	70	32	from	from	ADP
fbem-28214	70	33	the	the	DET
fbem-28214	70	34	differing	differ	VERB
fbem-28214	70	35	levels	level	NOUN
fbem-28214	70	36	of	of	ADP
fbem-28214	70	37	return	return	NOUN
fbem-28214	70	38	riskiness	riskiness	NOUN
fbem-28214	70	39	across	across	ADP
fbem-28214	70	40	those	those	DET
fbem-28214	70	41	assets	asset	NOUN
fbem-28214	70	42	.	.	PUNCT
fbem-28214	71	1	the	the	DET
fbem-28214	71	2	model	model	NOUN
fbem-28214	71	3	asserts	assert	VERB
fbem-28214	71	4	that	that	SCONJ
fbem-28214	71	5	the	the	DET
fbem-28214	71	6	correct	correct	ADJ
fbem-28214	71	7	measure	measure	NOUN
fbem-28214	71	8	of	of	ADP
fbem-28214	71	9	riskiness	riskiness	NOUN
fbem-28214	71	10	is	be	AUX
fbem-28214	71	11	its	its	PRON
fbem-28214	71	12	measure	measure	NOUN
fbem-28214	71	13	—	—	PUNCT
fbem-28214	71	14	known	know	VERB
fbem-28214	71	15	as	as	ADP
fbem-28214	71	16	beta	beta	NOUN
fbem-28214	71	17	—	—	PUNCT
fbem-28214	71	18	and	and	CCONJ
fbem-28214	71	19	that	that	SCONJ
fbem-28214	71	20	the	the	DET
fbem-28214	71	21	risk	risk	NOUN
fbem-28214	71	22	premium	premium	NOUN
fbem-28214	71	23	per	per	ADP
fbem-28214	71	24	unit	unit	NOUN
fbem-28214	71	25	of	of	ADP
fbem-28214	71	26	riskiness	riskiness	NOUN
fbem-28214	71	27	is	be	AUX
fbem-28214	71	28	the	the	DET
fbem-28214	71	29	same	same	ADJ
fbem-28214	71	30	across	across	ADP
fbem-28214	71	31	all	all	DET
fbem-28214	71	32	assets	asset	NOUN
fbem-28214	71	33	.	.	PUNCT
fbem-28214	72	1	thus	thus	ADV
fbem-28214	72	2	,	,	PUNCT
fbem-28214	72	3	in	in	ADP
fbem-28214	72	4	the	the	DET
fbem-28214	72	5	research	research	NOUN
fbem-28214	72	6	,	,	PUNCT
fbem-28214	72	7	i	i	PRON
fbem-28214	72	8	use	use	VERB
fbem-28214	72	9	capm	capm	PROPN
fbem-28214	72	10	to	to	PART
fbem-28214	72	11	estimate	estimate	VERB
fbem-28214	72	12	the	the	DET
fbem-28214	72	13	beta	beta	NOUN
fbem-28214	72	14	of	of	ADP
fbem-28214	72	15	all	all	DET
fbem-28214	72	16	stocks	stock	NOUN
fbem-28214	72	17	related	relate	VERB
fbem-28214	72	18	to	to	ADP
fbem-28214	72	19	chinese	chinese	ADJ
fbem-28214	72	20	listed	list	VERB
fbem-28214	72	21	companies	company	NOUN
fbem-28214	72	22	as	as	ADP
fbem-28214	72	23	the	the	DET
fbem-28214	72	24	dependent	dependent	ADJ
fbem-28214	72	25	variables	variable	NOUN
fbem-28214	72	26	.	.	PUNCT
fbem-28214	73	1	3.3	3.3	NUM
fbem-28214	73	2	.	.	PUNCT
fbem-28214	74	1	independent	independent	ADJ
fbem-28214	74	2	variables	variable	NOUN
fbem-28214	74	3	innovation	innovation	NOUN
fbem-28214	74	4	strategies	strategy	NOUN
fbem-28214	74	5	,	,	PUNCT
fbem-28214	74	6	the	the	DET
fbem-28214	74	7	independent	independent	ADJ
fbem-28214	74	8	variable	variable	NOUN
fbem-28214	74	9	,	,	PUNCT
fbem-28214	74	10	is	be	AUX
fbem-28214	74	11	measured	measure	VERB
fbem-28214	74	12	by	by	ADP
fbem-28214	74	13	research	research	NOUN
fbem-28214	74	14	and	and	CCONJ
fbem-28214	74	15	development	development	NOUN
fbem-28214	74	16	ratio	ratio	NOUN
fbem-28214	74	17	within	within	ADP
fbem-28214	74	18	companies	company	NOUN
fbem-28214	74	19	during	during	ADP
fbem-28214	74	20	their	their	PRON
fbem-28214	74	21	operation	operation	NOUN
fbem-28214	74	22	process	process	NOUN
fbem-28214	74	23	.	.	PUNCT
fbem-28214	75	1	from	from	ADP
fbem-28214	75	2	the	the	DET
fbem-28214	75	3	perspective	perspective	NOUN
fbem-28214	75	4	of	of	ADP
fbem-28214	75	5	investment	investment	NOUN
fbem-28214	75	6	theory	theory	NOUN
fbem-28214	75	7	,	,	PUNCT
fbem-28214	75	8	r&d	r&d	NOUN
fbem-28214	75	9	has	have	VERB
fbem-28214	75	10	a	a	DET
fbem-28214	75	11	number	number	NOUN
fbem-28214	75	12	of	of	ADP
fbem-28214	75	13	characteristics	characteristic	NOUN
fbem-28214	75	14	that	that	PRON
fbem-28214	75	15	make	make	VERB
fbem-28214	75	16	it	it	PRON
fbem-28214	75	17	different	different	ADJ
fbem-28214	75	18	from	from	ADP
fbem-28214	75	19	ordinary	ordinary	ADJ
fbem-28214	75	20	investment	investment	NOUN
fbem-28214	75	21	.	.	PUNCT
fbem-28214	76	1	first	first	ADV
fbem-28214	76	2	and	and	CCONJ
fbem-28214	76	3	most	most	ADV
fbem-28214	76	4	importantly	importantly	ADV
fbem-28214	76	5	,	,	PUNCT
fbem-28214	76	6	in	in	ADP
fbem-28214	76	7	practice	practice	NOUN
fbem-28214	76	8	fifty	fifty	NUM
fbem-28214	76	9	per	per	ADP
fbem-28214	76	10	cent	cent	NOUN
fbem-28214	76	11	or	or	CCONJ
fbem-28214	76	12	more	more	ADJ
fbem-28214	76	13	of	of	ADP
fbem-28214	76	14	r&d	r&d	NOUN
fbem-28214	76	15	spending	spending	NOUN
fbem-28214	76	16	is	be	AUX
fbem-28214	76	17	the	the	DET
fbem-28214	76	18	wages	wage	NOUN
fbem-28214	76	19	and	and	CCONJ
fbem-28214	76	20	salaries	salary	NOUN
fbem-28214	76	21	of	of	ADP
fbem-28214	76	22	highly	highly	ADV
fbem-28214	76	23	educated	educate	VERB
fbem-28214	76	24	scientists	scientist	NOUN
fbem-28214	76	25	and	and	CCONJ
fbem-28214	76	26	engineers	engineer	NOUN
fbem-28214	76	27	.	.	PUNCT
fbem-28214	77	1	their	their	PRON
fbem-28214	77	2	efforts	effort	NOUN
fbem-28214	77	3	create	create	VERB
fbem-28214	77	4	an	an	DET
fbem-28214	77	5	intangible	intangible	ADJ
fbem-28214	77	6	asset	asset	NOUN
fbem-28214	77	7	,	,	PUNCT
fbem-28214	77	8	the	the	DET
fbem-28214	77	9	firm	firm	NOUN
fbem-28214	77	10	’s	’s	PART
fbem-28214	77	11	knowledge	knowledge	NOUN
fbem-28214	77	12	base	base	NOUN
fbem-28214	77	13	,	,	PUNCT
fbem-28214	77	14	from	from	ADP
fbem-28214	77	15	which	which	PRON
fbem-28214	77	16	profits	profit	NOUN
fbem-28214	77	17	in	in	ADP
fbem-28214	77	18	future	future	ADJ
fbem-28214	77	19	years	year	NOUN
fbem-28214	77	20	will	will	AUX
fbem-28214	77	21	be	be	AUX
fbem-28214	77	22	generated	generate	VERB
fbem-28214	77	23	.	.	PUNCT
fbem-28214	78	1	to	to	ADP
fbem-28214	78	2	the	the	DET
fbem-28214	78	3	extent	extent	NOUN
fbem-28214	78	4	that	that	SCONJ
fbem-28214	78	5	this	this	DET
fbem-28214	78	6	knowledge	knowledge	NOUN
fbem-28214	78	7	is	be	AUX
fbem-28214	78	8	“	"	PUNCT
fbem-28214	78	9	tacit	tacit	ADJ
fbem-28214	78	10	”	"	PUNCT
fbem-28214	78	11	rather	rather	ADV
fbem-28214	78	12	than	than	ADP
fbem-28214	78	13	codified	codify	VERB
fbem-28214	78	14	,	,	PUNCT
fbem-28214	78	15	it	it	PRON
fbem-28214	78	16	is	be	AUX
fbem-28214	78	17	embedded	embed	VERB
fbem-28214	78	18	in	in	ADP
fbem-28214	78	19	the	the	DET
fbem-28214	78	20	human	human	ADJ
fbem-28214	78	21	capital	capital	NOUN
fbem-28214	78	22	of	of	ADP
fbem-28214	78	23	the	the	DET
fbem-28214	78	24	firm	firm	NOUN
fbem-28214	78	25	’s	’s	PART
fbem-28214	78	26	employees	employee	NOUN
fbem-28214	78	27	,	,	PUNCT
fbem-28214	78	28	and	and	CCONJ
fbem-28214	78	29	is	be	AUX
fbem-28214	78	30	therefore	therefore	ADV
fbem-28214	78	31	lost	lose	VERB
fbem-28214	78	32	if	if	SCONJ
fbem-28214	78	33	they	they	PRON
fbem-28214	78	34	leave	leave	VERB
fbem-28214	78	35	or	or	CCONJ
fbem-28214	78	36	are	be	AUX
fbem-28214	78	37	fired	fire	VERB
fbem-28214	79	1	[	[	PUNCT
fbem-28214	79	2	23	23	NUM
fbem-28214	79	3	]	]	PUNCT
fbem-28214	79	4	.	.	PUNCT
fbem-28214	80	1	thus	thus	ADV
fbem-28214	80	2	,	,	PUNCT
fbem-28214	80	3	using	use	VERB
fbem-28214	80	4	r&d	r&d	NOUN
fbem-28214	80	5	ratio	ratio	NOUN
fbem-28214	80	6	within	within	ADP
fbem-28214	80	7	companies	company	NOUN
fbem-28214	80	8	can	can	AUX
fbem-28214	80	9	be	be	AUX
fbem-28214	80	10	an	an	DET
fbem-28214	80	11	appropriate	appropriate	ADJ
fbem-28214	80	12	measurement	measurement	NOUN
fbem-28214	80	13	for	for	ADP
fbem-28214	80	14	innovation	innovation	NOUN
fbem-28214	80	15	strategies	strategy	NOUN
fbem-28214	80	16	.	.	PUNCT
fbem-28214	81	1	3.4	3.4	NUM
fbem-28214	81	2	.	.	PUNCT
fbem-28214	81	3	moderating	moderate	VERB
fbem-28214	81	4	variables	variable	NOUN
fbem-28214	81	5	esg	esg	PROPN
fbem-28214	81	6	,	,	PUNCT
fbem-28214	81	7	standing	stand	VERB
fbem-28214	81	8	for	for	ADP
fbem-28214	81	9	environmental	environmental	ADJ
fbem-28214	81	10	,	,	PUNCT
fbem-28214	81	11	social	social	ADJ
fbem-28214	81	12	,	,	PUNCT
fbem-28214	81	13	and	and	CCONJ
fbem-28214	81	14	governance	governance	NOUN
fbem-28214	81	15	factors	factor	NOUN
fbem-28214	81	16	,	,	PUNCT
fbem-28214	81	17	is	be	AUX
fbem-28214	81	18	measured	measure	VERB
fbem-28214	81	19	based	base	VERB
fbem-28214	81	20	on	on	ADP
fbem-28214	81	21	three	three	NUM
fbem-28214	81	22	key	key	ADJ
fbem-28214	81	23	areas	area	NOUN
fbem-28214	81	24	:	:	PUNCT
fbem-28214	81	25	environmental	environmental	ADJ
fbem-28214	81	26	protection	protection	NOUN
fbem-28214	81	27	,	,	PUNCT
fbem-28214	81	28	social	social	ADJ
fbem-28214	81	29	responsibility	responsibility	NOUN
fbem-28214	81	30	,	,	PUNCT
fbem-28214	81	31	and	and	CCONJ
fbem-28214	81	32	corporate	corporate	ADJ
fbem-28214	81	33	governance	governance	NOUN
fbem-28214	81	34	.	.	PUNCT
fbem-28214	82	1	these	these	DET
fbem-28214	82	2	performance	performance	NOUN
fbem-28214	82	3	scores	score	NOUN
fbem-28214	82	4	are	be	AUX
fbem-28214	82	5	typically	typically	ADV
fbem-28214	82	6	objective	objective	ADJ
fbem-28214	82	7	assessments	assessment	NOUN
fbem-28214	82	8	conducted	conduct	VERB
fbem-28214	82	9	by	by	ADP
fbem-28214	82	10	third	third	ADJ
fbem-28214	82	11	-	-	PUNCT
fbem-28214	82	12	party	party	NOUN
fbem-28214	82	13	rating	rating	NOUN
fbem-28214	82	14	agencies	agency	NOUN
fbem-28214	82	15	[	[	X
fbem-28214	82	16	24	24	NUM
fbem-28214	82	17	]	]	PUNCT
fbem-28214	82	18	.	.	PUNCT
fbem-28214	83	1	in	in	ADP
fbem-28214	83	2	the	the	DET
fbem-28214	83	3	research	research	NOUN
fbem-28214	83	4	,	,	PUNCT
fbem-28214	83	5	i	i	PRON
fbem-28214	83	6	use	use	VERB
fbem-28214	83	7	dummy	dummy	ADJ
fbem-28214	83	8	variables	variable	NOUN
fbem-28214	83	9	for	for	ADP
fbem-28214	83	10	esg	esg	PROPN
fbem-28214	83	11	.	.	PUNCT
fbem-28214	84	1	when	when	SCONJ
fbem-28214	84	2	esg	esg	PROPN
fbem-28214	84	3	comprehensive	comprehensive	ADJ
fbem-28214	84	4	12	12	NUM
fbem-28214	84	5	score	score	NOUN
fbem-28214	84	6	of	of	ADP
fbem-28214	84	7	a	a	DET
fbem-28214	84	8	company	company	NOUN
fbem-28214	84	9	is	be	AUX
fbem-28214	84	10	disclosed	disclose	VERB
fbem-28214	84	11	,	,	PUNCT
fbem-28214	84	12	esg	esg	PROPN
fbem-28214	84	13	=	=	SYM
fbem-28214	84	14	1	1	NUM
fbem-28214	84	15	,	,	PUNCT
fbem-28214	84	16	and	and	CCONJ
fbem-28214	84	17	when	when	SCONJ
fbem-28214	84	18	it	it	PRON
fbem-28214	84	19	does	do	VERB
fbem-28214	84	20	not	not	PART
fbem-28214	84	21	,	,	PUNCT
fbem-28214	84	22	esg	esg	PROPN
fbem-28214	84	23	=	=	SYM
fbem-28214	84	24	0	0	PROPN
fbem-28214	84	25	.	.	PUNCT
fbem-28214	85	1	and	and	CCONJ
fbem-28214	85	2	i	i	PRON
fbem-28214	85	3	will	will	AUX
fbem-28214	85	4	use	use	VERB
fbem-28214	85	5	esg	esg	PROPN
fbem-28214	85	6	comprehensive	comprehensive	ADJ
fbem-28214	85	7	scores	score	NOUN
fbem-28214	85	8	as	as	ADP
fbem-28214	85	9	the	the	DET
fbem-28214	85	10	measurement	measurement	NOUN
fbem-28214	85	11	of	of	ADP
fbem-28214	85	12	esg	esg	PROPN
fbem-28214	85	13	of	of	ADP
fbem-28214	85	14	listed	list	VERB
fbem-28214	85	15	companies	company	NOUN
fbem-28214	85	16	.	.	PUNCT
fbem-28214	86	1	3.5	3.5	NUM
fbem-28214	86	2	.	.	PUNCT
fbem-28214	86	3	control	control	NOUN
fbem-28214	86	4	variables	variable	VERB
fbem-28214	86	5	this	this	DET
fbem-28214	86	6	research	research	NOUN
fbem-28214	86	7	selects	select	VERB
fbem-28214	86	8	4	4	NUM
fbem-28214	86	9	control	control	NOUN
fbem-28214	86	10	variables	variable	NOUN
fbem-28214	86	11	base	base	NOUN
fbem-28214	86	12	on	on	ADP
fbem-28214	86	13	the	the	DET
fbem-28214	86	14	independent	independent	ADJ
fbem-28214	86	15	and	and	CCONJ
fbem-28214	86	16	dependent	dependent	ADJ
fbem-28214	86	17	variables	variable	NOUN
fbem-28214	86	18	,	,	PUNCT
fbem-28214	86	19	which	which	PRON
fbem-28214	86	20	includes	include	VERB
fbem-28214	86	21	:	:	PUNCT
fbem-28214	86	22	(	(	PUNCT
fbem-28214	86	23	1	1	X
fbem-28214	86	24	)	)	PUNCT
fbem-28214	86	25	size	size	NOUN
fbem-28214	86	26	:	:	PUNCT
fbem-28214	86	27	the	the	DET
fbem-28214	86	28	natural	natural	ADJ
fbem-28214	86	29	logarithm	logarithm	NOUN
fbem-28214	86	30	of	of	ADP
fbem-28214	86	31	total	total	ADJ
fbem-28214	86	32	assets	asset	NOUN
fbem-28214	86	33	at	at	ADP
fbem-28214	86	34	the	the	DET
fbem-28214	86	35	end	end	NOUN
fbem-28214	86	36	of	of	ADP
fbem-28214	86	37	the	the	DET
fbem-28214	86	38	period	period	NOUN
fbem-28214	86	39	.	.	PUNCT
fbem-28214	87	1	the	the	DET
fbem-28214	87	2	use	use	NOUN
fbem-28214	87	3	of	of	ADP
fbem-28214	87	4	enterprise	enterprise	NOUN
fbem-28214	87	5	size	size	NOUN
fbem-28214	87	6	as	as	ADP
fbem-28214	87	7	a	a	DET
fbem-28214	87	8	control	control	NOUN
fbem-28214	87	9	variable	variable	NOUN
fbem-28214	87	10	can	can	AUX
fbem-28214	87	11	eliminate	eliminate	VERB
fbem-28214	87	12	the	the	DET
fbem-28214	87	13	problems	problem	NOUN
fbem-28214	87	14	caused	cause	VERB
fbem-28214	87	15	by	by	ADP
fbem-28214	87	16	the	the	DET
fbem-28214	87	17	size	size	NOUN
fbem-28214	87	18	of	of	ADP
fbem-28214	87	19	the	the	DET
fbem-28214	87	20	enterprise	enterprise	NOUN
fbem-28214	87	21	.	.	PUNCT
fbem-28214	88	1	the	the	DET
fbem-28214	88	2	use	use	NOUN
fbem-28214	88	3	of	of	ADP
fbem-28214	88	4	enterprise	enterprise	NOUN
fbem-28214	88	5	size	size	NOUN
fbem-28214	88	6	as	as	ADP
fbem-28214	88	7	a	a	DET
fbem-28214	88	8	control	control	NOUN
fbem-28214	88	9	variable	variable	NOUN
fbem-28214	88	10	can	can	AUX
fbem-28214	88	11	eliminate	eliminate	VERB
fbem-28214	88	12	the	the	DET
fbem-28214	88	13	impact	impact	NOUN
fbem-28214	88	14	of	of	ADP
fbem-28214	88	15	additional	additional	ADJ
fbem-28214	88	16	earnings	earning	NOUN
fbem-28214	88	17	caused	cause	VERB
fbem-28214	88	18	by	by	ADP
fbem-28214	88	19	the	the	DET
fbem-28214	88	20	size	size	NOUN
fbem-28214	88	21	of	of	ADP
fbem-28214	88	22	the	the	DET
fbem-28214	88	23	enterprise	enterprise	NOUN
fbem-28214	88	24	.	.	PUNCT
fbem-28214	89	1	(	(	PUNCT
fbem-28214	89	2	2	2	X
fbem-28214	89	3	)	)	PUNCT
fbem-28214	89	4	leverage	leverage	NOUN
fbem-28214	89	5	:	:	PUNCT
fbem-28214	89	6	the	the	DET
fbem-28214	89	7	leverage	leverage	NOUN
fbem-28214	89	8	ratio	ratio	NOUN
fbem-28214	89	9	is	be	AUX
fbem-28214	89	10	defined	define	VERB
fbem-28214	89	11	as	as	ADP
fbem-28214	89	12	the	the	DET
fbem-28214	89	13	ratio	ratio	NOUN
fbem-28214	89	14	of	of	ADP
fbem-28214	89	15	a	a	DET
fbem-28214	89	16	company	company	NOUN
fbem-28214	89	17	's	's	PART
fbem-28214	89	18	debt	debt	NOUN
fbem-28214	89	19	to	to	ADP
fbem-28214	89	20	its	its	PRON
fbem-28214	89	21	equity	equity	NOUN
fbem-28214	89	22	,	,	PUNCT
fbem-28214	89	23	which	which	PRON
fbem-28214	89	24	can	can	AUX
fbem-28214	89	25	be	be	AUX
fbem-28214	89	26	calculated	calculate	VERB
fbem-28214	89	27	by	by	ADP
fbem-28214	89	28	dividing	divide	VERB
fbem-28214	89	29	the	the	DET
fbem-28214	89	30	total	total	ADJ
fbem-28214	89	31	debt	debt	NOUN
fbem-28214	89	32	of	of	ADP
fbem-28214	89	33	the	the	DET
fbem-28214	89	34	company	company	NOUN
fbem-28214	89	35	by	by	ADP
fbem-28214	89	36	its	its	PRON
fbem-28214	89	37	shareholder	shareholder	NOUN
fbem-28214	89	38	equity	equity	NOUN
fbem-28214	89	39	.	.	PUNCT
fbem-28214	90	1	this	this	DET
fbem-28214	90	2	ratio	ratio	NOUN
fbem-28214	90	3	helps	help	VERB
fbem-28214	90	4	assess	assess	VERB
fbem-28214	90	5	the	the	DET
fbem-28214	90	6	financial	financial	ADJ
fbem-28214	90	7	health	health	NOUN
fbem-28214	90	8	and	and	CCONJ
fbem-28214	90	9	risk	risk	NOUN
fbem-28214	90	10	of	of	ADP
fbem-28214	90	11	a	a	DET
fbem-28214	90	12	company	company	NOUN
fbem-28214	90	13	.	.	PUNCT
fbem-28214	91	1	(	(	PUNCT
fbem-28214	91	2	3	3	X
fbem-28214	91	3	)	)	PUNCT
fbem-28214	91	4	pe	pe	NOUN
fbem-28214	91	5	:	:	PUNCT
fbem-28214	91	6	p	p	X
fbem-28214	91	7	/	/	SYM
fbem-28214	91	8	e	e	NOUN
fbem-28214	91	9	ratio	ratio	NOUN
fbem-28214	91	10	of	of	ADP
fbem-28214	91	11	company	company	NOUN
fbem-28214	91	12	which	which	PRON
fbem-28214	91	13	can	can	AUX
fbem-28214	91	14	measures	measure	VERB
fbem-28214	91	15	the	the	DET
fbem-28214	91	16	performance	performance	NOUN
fbem-28214	91	17	of	of	ADP
fbem-28214	91	18	company	company	NOUN
fbem-28214	91	19	.	.	PUNCT
fbem-28214	92	1	(	(	PUNCT
fbem-28214	92	2	4	4	X
fbem-28214	92	3	)	)	PUNCT
fbem-28214	92	4	bm	bm	PROPN
fbem-28214	92	5	:	:	PUNCT
fbem-28214	92	6	book	book	NOUN
fbem-28214	92	7	-	-	PUNCT
fbem-28214	92	8	to	to	ADP
fbem-28214	92	9	-	-	PUNCT
fbem-28214	92	10	market	market	NOUN
fbem-28214	92	11	ratio	ratio	NOUN
fbem-28214	92	12	which	which	PRON
fbem-28214	92	13	can	can	AUX
fbem-28214	92	14	measure	measure	VERB
fbem-28214	92	15	the	the	DET
fbem-28214	92	16	company	company	NOUN
fbem-28214	92	17	performance	performance	NOUN
fbem-28214	92	18	related	relate	VERB
fbem-28214	92	19	to	to	ADP
fbem-28214	92	20	market	market	NOUN
fbem-28214	92	21	in	in	ADP
fbem-28214	92	22	certain	certain	ADJ
fbem-28214	92	23	period	period	NOUN
fbem-28214	92	24	.	.	PUNCT
fbem-28214	93	1	table	table	NOUN
fbem-28214	93	2	1	1	NUM
fbem-28214	93	3	.	.	PUNCT
fbem-28214	94	1	variables	variable	NOUN
fbem-28214	94	2	category	category	NOUN
fbem-28214	94	3	variable	variable	NOUN
fbem-28214	94	4	name	name	NOUN
fbem-28214	94	5	measurement	measurement	NOUN
fbem-28214	94	6	source	source	NOUN
fbem-28214	94	7	independent	independent	ADJ
fbem-28214	94	8	variable	variable	ADJ
fbem-28214	94	9	inno	inno	NOUN
fbem-28214	94	10	the	the	DET
fbem-28214	94	11	amount	amount	NOUN
fbem-28214	94	12	of	of	ADP
fbem-28214	94	13	investment	investment	NOUN
fbem-28214	94	14	for	for	ADP
fbem-28214	94	15	enterprise	enterprise	NOUN
fbem-28214	94	16	in	in	ADP
fbem-28214	94	17	r&d	r&d	NOUN
fbem-28214	94	18	csmar	csmar	PROPN
fbem-28214	94	19	database	database	PROPN
fbem-28214	94	20	dependent	dependent	ADJ
fbem-28214	94	21	variable	variable	ADJ
fbem-28214	94	22	beta	beta	NOUN
fbem-28214	94	23	beta	beta	NOUN
fbem-28214	94	24	based	base	VERB
fbem-28214	94	25	on	on	ADP
fbem-28214	94	26	capm	capm	PROPN
fbem-28214	94	27	model	model	PROPN
fbem-28214	94	28	csmar	csmar	PROPN
fbem-28214	94	29	database	database	PROPN
fbem-28214	94	30	moderating	moderate	VERB
fbem-28214	94	31	variable	variable	ADJ
fbem-28214	94	32	esg	esg	PROPN
fbem-28214	94	33	dummy	dummy	ADJ
fbem-28214	94	34	variables	variable	NOUN
fbem-28214	94	35	for	for	ADP
fbem-28214	94	36	esg	esg	PROPN
fbem-28214	94	37	disclosure	disclosure	NOUN
fbem-28214	94	38	level	level	NOUN
fbem-28214	94	39	;	;	PUNCT
fbem-28214	94	40	comprehensive	comprehensive	ADJ
fbem-28214	94	41	score	score	NOUN
fbem-28214	94	42	for	for	ADP
fbem-28214	94	43	esg	esg	PROPN
fbem-28214	94	44	disclosure	disclosure	PROPN
fbem-28214	94	45	csmar	csmar	PROPN
fbem-28214	94	46	database	database	PROPN
fbem-28214	94	47	control	control	PROPN
fbem-28214	94	48	variable	variable	ADJ
fbem-28214	94	49	size	size	NOUN
fbem-28214	94	50	csmar	csmar	PROPN
fbem-28214	94	51	database	database	PROPN
fbem-28214	94	52	control	control	PROPN
fbem-28214	94	53	variable	variable	ADJ
fbem-28214	94	54	leverage	leverage	NOUN
fbem-28214	94	55	ebitda	ebitda	NOUN
fbem-28214	94	56	leverage	leverage	NOUN
fbem-28214	94	57	ratio	ratio	NOUN
fbem-28214	94	58	=	=	PUNCT
fbem-28214	94	59	(	(	PUNCT
fbem-28214	94	60	net	net	ADJ
fbem-28214	94	61	income	income	NOUN
fbem-28214	94	62	+	+	CCONJ
fbem-28214	94	63	interest	interest	NOUN
fbem-28214	94	64	expense	expense	NOUN
fbem-28214	94	65	+	+	CCONJ
fbem-28214	94	66	tax	tax	NOUN
fbem-28214	94	67	expense	expense	NOUN
fbem-28214	94	68	+	+	CCONJ
fbem-28214	94	69	depreciation	depreciation	NOUN
fbem-28214	94	70	expense	expense	NOUN
fbem-28214	94	71	)	)	PUNCT
fbem-28214	94	72	/	/	PUNCT
fbem-28214	94	73	(	(	PUNCT
fbem-28214	94	74	net	net	ADJ
fbem-28214	94	75	income	income	NOUN
fbem-28214	94	76	+	+	CCONJ
fbem-28214	94	77	interest	interest	NOUN
fbem-28214	94	78	expense	expense	NOUN
fbem-28214	94	79	+	+	CCONJ
fbem-28214	94	80	tax	tax	NOUN
fbem-28214	94	81	expense	expense	NOUN
fbem-28214	94	82	)	)	PUNCT
fbem-28214	94	83	csmar	csmar	PROPN
fbem-28214	94	84	database	database	PROPN
fbem-28214	94	85	control	control	PROPN
fbem-28214	94	86	variable	variable	NOUN
fbem-28214	94	87	p	p	X
fbem-28214	94	88	/	/	SYM
fbem-28214	94	89	e	e	NOUN
fbem-28214	94	90	ratio	ratio	NOUN
fbem-28214	94	91	p	p	X
fbem-28214	94	92	/	/	SYM
fbem-28214	94	93	e	e	NOUN
fbem-28214	94	94	=	=	PUNCT
fbem-28214	94	95	(	(	PUNCT
fbem-28214	94	96	current	current	ADJ
fbem-28214	94	97	closing	closing	NOUN
fbem-28214	94	98	price)/net	price)/net	PROPN
fbem-28214	94	99	profit𝐿𝑎𝑠𝑡	profit𝐿𝑎𝑠𝑡	NOUN
fbem-28214	94	100	𝑦𝑒𝑎𝑟	𝑦𝑒𝑎𝑟	VERB
fbem-28214	94	101	/net	/net	PUNCT
fbem-28214	95	1	profit	profit	NOUN
fbem-28214	95	2	𝑇ℎ𝑖𝑠	𝑇ℎ𝑖𝑠	PROPN
fbem-28214	95	3	𝑦𝑒𝑎𝑟	𝑦𝑒𝑎𝑟	VERB
fbem-28214	95	4	)	)	PUNCT
fbem-28214	95	5	csmar	csmar	PROPN
fbem-28214	95	6	database	database	PROPN
fbem-28214	95	7	control	control	PROPN
fbem-28214	95	8	variable	variable	PROPN
fbem-28214	95	9	book	book	NOUN
fbem-28214	95	10	-	-	PUNCT
fbem-28214	95	11	to	to	ADP
fbem-28214	95	12	-	-	PUNCT
fbem-28214	95	13	market	market	NOUN
fbem-28214	95	14	ratio	ratio	NOUN
fbem-28214	95	15	bm	bm	PROPN
fbem-28214	96	1	=	=	PROPN
fbem-28214	97	1	total	total	ADJ
fbem-28214	97	2	asset	asset	NOUN
fbem-28214	97	3	/	/	SYM
fbem-28214	97	4	firm	firm	NOUN
fbem-28214	97	5	market	market	NOUN
fbem-28214	97	6	value	value	NOUN
fbem-28214	97	7	csmar	csmar	PROPN
fbem-28214	97	8	database	database	NOUN
fbem-28214	97	9	3.6	3.6	NUM
fbem-28214	97	10	.	.	PUNCT
fbem-28214	98	1	statistical	statistical	ADJ
fbem-28214	98	2	model	model	NOUN
fbem-28214	98	3	based	base	VERB
fbem-28214	98	4	on	on	ADP
fbem-28214	98	5	hypothesis	hypothesis	NOUN
fbem-28214	98	6	1	1	NUM
fbem-28214	98	7	,	,	PUNCT
fbem-28214	98	8	we	we	PRON
fbem-28214	98	9	constructed	construct	VERB
fbem-28214	98	10	following	follow	VERB
fbem-28214	98	11	model	model	NOUN
fbem-28214	98	12	to	to	PART
fbem-28214	98	13	examine	examine	VERB
fbem-28214	98	14	the	the	DET
fbem-28214	98	15	impact	impact	NOUN
fbem-28214	98	16	of	of	ADP
fbem-28214	98	17	innovation	innovation	NOUN
fbem-28214	98	18	strategies	strategy	NOUN
fbem-28214	98	19	to	to	ADP
fbem-28214	98	20	investment	investment	NOUN
fbem-28214	98	21	risk	risk	NOUN
fbem-28214	98	22	:	:	PUNCT
fbem-28214	98	23	model	model	NOUN
fbem-28214	98	24	1	1	NUM
fbem-28214	98	25	:	:	PUNCT
fbem-28214	98	26	𝐵𝑒𝑡𝑎	𝐵𝑒𝑡𝑎	PROPN
fbem-28214	98	27	=	=	SYM
fbem-28214	98	28	𝛼𝑖	𝛼𝑖	PROPN
fbem-28214	98	29	+	+	CCONJ
fbem-28214	98	30	𝛽1𝐼𝑛𝑛𝑜	𝛽1𝐼𝑛𝑛𝑜	X
fbem-28214	98	31	+	+	CCONJ
fbem-28214	98	32	𝛽2𝑆𝑖𝑧𝑒	𝛽2𝑆𝑖𝑧𝑒	X
fbem-28214	98	33	+	+	CCONJ
fbem-28214	98	34	𝛽3𝐿𝐸𝑉	𝛽3𝐿𝐸𝑉	X
fbem-28214	98	35	+	+	CCONJ
fbem-28214	98	36	𝛽4𝑃𝐸	𝛽4𝑃𝐸	ADJ
fbem-28214	98	37	+	+	CCONJ
fbem-28214	98	38	𝛽5𝐵𝑀	𝛽5𝐵𝑀	NOUN
fbem-28214	98	39	+	+	CCONJ
fbem-28214	98	40	𝜀𝑖𝑡	𝜀𝑖𝑡	VERB
fbem-28214	98	41	based	base	VERB
fbem-28214	98	42	on	on	ADP
fbem-28214	98	43	hypothesis	hypothesis	NOUN
fbem-28214	98	44	2	2	NUM
fbem-28214	98	45	,	,	PUNCT
fbem-28214	98	46	we	we	PRON
fbem-28214	98	47	constructed	construct	VERB
fbem-28214	98	48	following	follow	VERB
fbem-28214	98	49	models	model	NOUN
fbem-28214	98	50	to	to	PART
fbem-28214	98	51	examine	examine	VERB
fbem-28214	98	52	the	the	DET
fbem-28214	98	53	moderating	moderate	VERB
fbem-28214	98	54	effect	effect	NOUN
fbem-28214	98	55	of	of	ADP
fbem-28214	98	56	esg	esg	PROPN
fbem-28214	98	57	to	to	ADP
fbem-28214	98	58	the	the	DET
fbem-28214	98	59	process	process	NOUN
fbem-28214	98	60	of	of	ADP
fbem-28214	98	61	innovation	innovation	NOUN
fbem-28214	98	62	strategies	strategy	NOUN
fbem-28214	98	63	:	:	PUNCT
fbem-28214	98	64	model	model	NOUN
fbem-28214	98	65	2	2	NUM
fbem-28214	98	66	:	:	PUNCT
fbem-28214	98	67	𝐵𝑒𝑡𝑎	𝐵𝑒𝑡𝑎	PROPN
fbem-28214	98	68	=	=	SYM
fbem-28214	98	69	𝛼𝑖	𝛼𝑖	PROPN
fbem-28214	98	70	+	+	CCONJ
fbem-28214	98	71	𝛽1𝐼𝑛𝑛𝑜	𝛽1𝐼𝑛𝑛𝑜	X
fbem-28214	98	72	+	+	CCONJ
fbem-28214	98	73	𝛽2𝑆𝑖𝑧𝑒	𝛽2𝑆𝑖𝑧𝑒	X
fbem-28214	98	74	+	+	CCONJ
fbem-28214	98	75	𝛽3𝐿𝐸𝑉	𝛽3𝐿𝐸𝑉	X
fbem-28214	98	76	+	+	CCONJ
fbem-28214	98	77	𝛽4𝑃𝐸	𝛽4𝑃𝐸	ADJ
fbem-28214	98	78	+	+	CCONJ
fbem-28214	98	79	𝛽5𝐵𝑀	𝛽5𝐵𝑀	NOUN
fbem-28214	98	80	+	+	CCONJ
fbem-28214	98	81	𝛽6𝐼𝑛𝑛𝑜	𝛽6𝐼𝑛𝑛𝑜	NOUN
fbem-28214	98	82	∗	∗	NOUN
fbem-28214	98	83	𝐸𝑆𝐺	𝐸𝑆𝐺	NOUN
fbem-28214	98	84	+	+	CCONJ
fbem-28214	98	85	𝜀𝑖𝑡	𝜀𝑖𝑡	VERB
fbem-28214	98	86	3.7	3.7	NUM
fbem-28214	98	87	.	.	PUNCT
fbem-28214	99	1	feasibility	feasibility	NOUN
fbem-28214	99	2	analysis	analysis	NOUN
fbem-28214	99	3	when	when	SCONJ
fbem-28214	99	4	it	it	PRON
fbem-28214	99	5	comes	come	VERB
fbem-28214	99	6	to	to	PART
fbem-28214	99	7	analyze	analyze	VERB
fbem-28214	99	8	the	the	DET
fbem-28214	99	9	feasibility	feasibility	NOUN
fbem-28214	99	10	of	of	ADP
fbem-28214	99	11	the	the	DET
fbem-28214	99	12	research	research	NOUN
fbem-28214	99	13	,	,	PUNCT
fbem-28214	99	14	i	i	PRON
fbem-28214	99	15	will	will	AUX
fbem-28214	99	16	discuss	discuss	VERB
fbem-28214	99	17	it	it	PRON
fbem-28214	99	18	from	from	ADP
fbem-28214	99	19	two	two	NUM
fbem-28214	99	20	perspectives	perspective	NOUN
fbem-28214	99	21	:	:	PUNCT
fbem-28214	99	22	previous	previous	ADJ
fbem-28214	99	23	studies	study	NOUN
fbem-28214	99	24	and	and	CCONJ
fbem-28214	99	25	methodology	methodology	NOUN
fbem-28214	99	26	.	.	PUNCT
fbem-28214	100	1	according	accord	VERB
fbem-28214	100	2	to	to	ADP
fbem-28214	100	3	the	the	DET
fbem-28214	100	4	literature	literature	NOUN
fbem-28214	100	5	review	review	NOUN
fbem-28214	100	6	above	above	ADV
fbem-28214	100	7	,	,	PUNCT
fbem-28214	100	8	it	it	PRON
fbem-28214	100	9	’s	’	VERB
fbem-28214	100	10	clear	clear	ADJ
fbem-28214	100	11	that	that	SCONJ
fbem-28214	100	12	many	many	ADJ
fbem-28214	100	13	researchers	researcher	NOUN
fbem-28214	100	14	has	have	AUX
fbem-28214	100	15	already	already	ADV
fbem-28214	100	16	done	do	VERB
fbem-28214	100	17	researches	research	NOUN
fbem-28214	100	18	that	that	PRON
fbem-28214	100	19	are	be	AUX
fbem-28214	100	20	strongly	strongly	ADV
fbem-28214	100	21	correlated	correlate	VERB
fbem-28214	100	22	to	to	ADP
fbem-28214	100	23	that	that	PRON
fbem-28214	100	24	of	of	ADP
fbem-28214	100	25	mine	mine	NOUN
fbem-28214	100	26	.	.	PUNCT
fbem-28214	101	1	for	for	ADP
fbem-28214	101	2	example	example	NOUN
fbem-28214	101	3	,	,	PUNCT
fbem-28214	101	4	simon	simon	PROPN
fbem-28214	101	5	[	[	X
fbem-28214	101	6	13	13	NUM
fbem-28214	101	7	]	]	PUNCT
fbem-28214	101	8	has	have	AUX
fbem-28214	101	9	concluded	conclude	VERB
fbem-28214	101	10	that	that	SCONJ
fbem-28214	101	11	risk	risk	NOUN
fbem-28214	101	12	is	be	AUX
fbem-28214	101	13	important	important	ADJ
fbem-28214	101	14	for	for	ADP
fbem-28214	101	15	innovation	innovation	NOUN
fbem-28214	101	16	in	in	ADP
fbem-28214	101	17	all	all	DET
fbem-28214	101	18	projects	project	NOUN
fbem-28214	101	19	,	,	PUNCT
fbem-28214	101	20	and	and	CCONJ
fbem-28214	101	21	pedersen	pedersen	NOUN
fbem-28214	101	22	[	[	X
fbem-28214	101	23	16	16	NUM
fbem-28214	101	24	]	]	PUNCT
fbem-28214	101	25	has	have	AUX
fbem-28214	101	26	proposed	propose	VERB
fbem-28214	101	27	that	that	SCONJ
fbem-28214	101	28	those	those	DET
fbem-28214	101	29	esgdisclosure	esgdisclosure	NOUN
fbem-28214	101	30	firms	firm	NOUN
fbem-28214	101	31	are	be	AUX
fbem-28214	101	32	more	more	ADV
fbem-28214	101	33	likely	likely	ADJ
fbem-28214	101	34	to	to	PART
fbem-28214	101	35	grow	grow	VERB
fbem-28214	101	36	in	in	ADP
fbem-28214	101	37	a	a	DET
fbem-28214	101	38	sustainable	sustainable	ADJ
fbem-28214	101	39	way	way	NOUN
fbem-28214	101	40	.	.	PUNCT
fbem-28214	102	1	there	there	PRON
fbem-28214	102	2	are	be	VERB
fbem-28214	102	3	abundant	abundant	ADJ
fbem-28214	102	4	previous	previous	ADJ
fbem-28214	102	5	papers	paper	NOUN
fbem-28214	102	6	that	that	PRON
fbem-28214	102	7	can	can	AUX
fbem-28214	102	8	support	support	VERB
fbem-28214	102	9	my	my	PRON
fbem-28214	102	10	topic	topic	NOUN
fbem-28214	102	11	.	.	PUNCT
fbem-28214	103	1	for	for	ADP
fbem-28214	103	2	methodology	methodology	NOUN
fbem-28214	103	3	,	,	PUNCT
fbem-28214	103	4	all	all	PRON
fbem-28214	103	5	of	of	ADP
fbem-28214	103	6	the	the	DET
fbem-28214	103	7	data	data	NOUN
fbem-28214	103	8	samples	sample	NOUN
fbem-28214	103	9	are	be	AUX
fbem-28214	103	10	available	available	ADJ
fbem-28214	103	11	in	in	ADP
fbem-28214	103	12	some	some	DET
fbem-28214	103	13	authoritative	authoritative	ADJ
fbem-28214	103	14	websites	website	NOUN
fbem-28214	103	15	such	such	ADJ
fbem-28214	103	16	as	as	ADP
fbem-28214	103	17	csmar	csmar	PROPN
fbem-28214	103	18	and	and	CCONJ
fbem-28214	103	19	resset	resset	NOUN
fbem-28214	103	20	.	.	PUNCT
fbem-28214	104	1	besides	besides	SCONJ
fbem-28214	104	2	,	,	PUNCT
fbem-28214	104	3	the	the	DET
fbem-28214	104	4	proposed	propose	VERB
fbem-28214	104	5	models	model	NOUN
fbem-28214	104	6	and	and	CCONJ
fbem-28214	104	7	hypothesis	hypothesis	NOUN
fbem-28214	104	8	will	will	AUX
fbem-28214	104	9	be	be	AUX
fbem-28214	104	10	tested	test	VERB
fbem-28214	104	11	firstly	firstly	ADV
fbem-28214	104	12	using	use	VERB
fbem-28214	104	13	descriptive	descriptive	ADJ
fbem-28214	104	14	statistics	statistic	NOUN
fbem-28214	104	15	in	in	ADP
fbem-28214	104	16	order	order	NOUN
fbem-28214	104	17	to	to	PART
fbem-28214	104	18	have	have	AUX
fbem-28214	104	19	an	an	DET
fbem-28214	104	20	overall	overall	ADJ
fbem-28214	104	21	understanding	understanding	NOUN
fbem-28214	104	22	of	of	ADP
fbem-28214	104	23	all	all	DET
fbem-28214	104	24	variables	variable	NOUN
fbem-28214	104	25	,	,	PUNCT
fbem-28214	104	26	after	after	ADP
fbem-28214	104	27	that	that	PRON
fbem-28214	104	28	i	i	PRON
fbem-28214	104	29	will	will	AUX
fbem-28214	104	30	use	use	VERB
fbem-28214	104	31	r	r	NOUN
fbem-28214	104	32	studio	studio	NOUN
fbem-28214	104	33	or	or	CCONJ
fbem-28214	104	34	python	python	NOUN
fbem-28214	104	35	to	to	PART
fbem-28214	104	36	do	do	VERB
fbem-28214	104	37	the	the	DET
fbem-28214	104	38	empirical	empirical	ADJ
fbem-28214	104	39	analysis	analysis	NOUN
fbem-28214	104	40	.	.	PUNCT
fbem-28214	105	1	thus	thus	ADV
fbem-28214	105	2	,	,	PUNCT
fbem-28214	105	3	my	my	PRON
fbem-28214	105	4	research	research	NOUN
fbem-28214	105	5	is	be	AUX
fbem-28214	105	6	totally	totally	ADV
fbem-28214	105	7	feasible	feasible	ADJ
fbem-28214	105	8	that	that	PRON
fbem-28214	105	9	will	will	AUX
fbem-28214	105	10	have	have	VERB
fbem-28214	105	11	relative	relative	ADJ
fbem-28214	105	12	accurate	accurate	ADJ
fbem-28214	105	13	results	result	NOUN
fbem-28214	105	14	with	with	ADP
fbem-28214	105	15	useful	useful	ADJ
fbem-28214	105	16	details	detail	NOUN
fbem-28214	105	17	and	and	CCONJ
fbem-28214	105	18	suggestions	suggestion	NOUN
fbem-28214	105	19	.	.	PUNCT
fbem-28214	106	1	3.8	3.8	NUM
fbem-28214	106	2	.	.	PUNCT
fbem-28214	107	1	statistical	statistical	ADJ
fbem-28214	107	2	techniques	technique	NOUN
fbem-28214	107	3	the	the	DET
fbem-28214	107	4	proposed	propose	VERB
fbem-28214	107	5	models	model	NOUN
fbem-28214	107	6	and	and	CCONJ
fbem-28214	107	7	hypothesis	hypothesis	NOUN
fbem-28214	107	8	will	will	AUX
fbem-28214	107	9	be	be	AUX
fbem-28214	107	10	tested	test	VERB
fbem-28214	107	11	firstly	firstly	ADV
fbem-28214	107	12	using	use	VERB
fbem-28214	107	13	descriptive	descriptive	ADJ
fbem-28214	107	14	statistics	statistic	NOUN
fbem-28214	107	15	in	in	ADP
fbem-28214	107	16	order	order	NOUN
fbem-28214	107	17	to	to	PART
fbem-28214	107	18	have	have	AUX
fbem-28214	107	19	an	an	DET
fbem-28214	107	20	overall	overall	ADJ
fbem-28214	107	21	understanding	understanding	NOUN
fbem-28214	107	22	of	of	ADP
fbem-28214	107	23	all	all	DET
fbem-28214	107	24	variables	variable	NOUN
fbem-28214	107	25	.	.	PUNCT
fbem-28214	108	1	3.8.1	3.8.1	X
fbem-28214	108	2	.	.	PUNCT
fbem-28214	108	3	basis	basis	NOUN
fbem-28214	108	4	statistical	statistical	ADJ
fbem-28214	108	5	analysis	analysis	NOUN
fbem-28214	108	6	this	this	DET
fbem-28214	108	7	report	report	NOUN
fbem-28214	108	8	involves	involve	VERB
fbem-28214	108	9	a	a	DET
fbem-28214	108	10	total	total	NOUN
fbem-28214	108	11	over	over	ADP
fbem-28214	108	12	700	700	NUM
fbem-28214	108	13	sample	sample	NOUN
fbem-28214	108	14	data	datum	NOUN
fbem-28214	108	15	of	of	ADP
fbem-28214	108	16	listed	list	VERB
fbem-28214	108	17	companies	company	NOUN
fbem-28214	108	18	with	with	ADP
fbem-28214	108	19	esg	esg	PROPN
fbem-28214	108	20	comprehensive	comprehensive	ADJ
fbem-28214	108	21	scores	score	NOUN
fbem-28214	108	22	and	and	CCONJ
fbem-28214	108	23	beta	beta	NOUN
fbem-28214	108	24	covering	cover	VERB
fbem-28214	108	25	the	the	DET
fbem-28214	108	26	period	period	NOUN
fbem-28214	108	27	from	from	ADP
fbem-28214	108	28	2012	2012	NUM
fbem-28214	108	29	to	to	ADP
fbem-28214	108	30	2021	2021	NUM
fbem-28214	108	31	.	.	PUNCT
fbem-28214	109	1	the	the	DET
fbem-28214	109	2	table	table	NOUN
fbem-28214	109	3	below	below	ADP
fbem-28214	109	4	presents	present	VERB
fbem-28214	109	5	the	the	DET
fbem-28214	109	6	descriptive	descriptive	ADJ
fbem-28214	109	7	statistics	statistic	NOUN
fbem-28214	109	8	for	for	ADP
fbem-28214	109	9	the	the	DET
fbem-28214	109	10	variables	variables	ADJ
fbem-28214	109	11	inno	inno	NOUN
fbem-28214	109	12	(	(	PUNCT
fbem-28214	109	13	innovation	innovation	NOUN
fbem-28214	109	14	strategies	strategy	NOUN
fbem-28214	109	15	)	)	PUNCT
fbem-28214	109	16	,	,	PUNCT
fbem-28214	109	17	beta	beta	NOUN
fbem-28214	109	18	(	(	PUNCT
fbem-28214	109	19	investment	investment	NOUN
fbem-28214	109	20	risk	risk	NOUN
fbem-28214	109	21	)	)	PUNCT
fbem-28214	109	22	,	,	PUNCT
fbem-28214	109	23	and	and	CCONJ
fbem-28214	109	24	esg	esg	PROPN
fbem-28214	109	25	(	(	PUNCT
fbem-28214	109	26	environmental	environmental	ADJ
fbem-28214	109	27	,	,	PUNCT
fbem-28214	109	28	social	social	ADJ
fbem-28214	109	29	,	,	PUNCT
fbem-28214	109	30	and	and	CCONJ
fbem-28214	109	31	governance	governance	NOUN
fbem-28214	109	32	scores	score	NOUN
fbem-28214	109	33	)	)	PUNCT
fbem-28214	109	34	.	.	PUNCT
fbem-28214	110	1	table	table	NOUN
fbem-28214	110	2	2	2	NUM
fbem-28214	110	3	.	.	PUNCT
fbem-28214	110	4	basic	basic	ADJ
fbem-28214	110	5	variables	variable	NOUN
fbem-28214	110	6	analysis	analysis	NOUN
fbem-28214	110	7	variables	variable	NOUN
fbem-28214	110	8	name	name	NOUN
fbem-28214	110	9	mean	mean	PROPN
fbem-28214	110	10	s.d	s.d	PROPN
fbem-28214	110	11	.	.	PROPN
fbem-28214	110	12	min	min	PROPN
fbem-28214	111	1	max	max	PROPN
fbem-28214	111	2	range	range	PROPN
fbem-28214	111	3	skewness	skewness	NOUN
fbem-28214	111	4	kurtosis	kurtosis	VERB
fbem-28214	111	5	iv	iv	PRON
fbem-28214	111	6	:	:	PUNCT
fbem-28214	111	7	inno	inno	PROPN
fbem-28214	111	8	-0.1804	-0.1804	PROPN
fbem-28214	111	9	0.1974	0.1974	NUM
fbem-28214	111	10	-0.2459	-0.2459	NOUN
fbem-28214	111	11	1.8116	1.8116	NUM
fbem-28214	111	12	2.0576	2.0576	NUM
fbem-28214	111	13	3.5430	3.5430	NUM
fbem-28214	111	14	19.2116	19.2116	NUM
fbem-28214	111	15	dv	dv	PROPN
fbem-28214	111	16	:	:	PUNCT
fbem-28214	111	17	beta	beta	NOUN
fbem-28214	111	18	1.0895	1.0895	NUM
fbem-28214	111	19	0.2940	0.2940	NUM
fbem-28214	111	20	0.1477	0.1477	NUM
fbem-28214	111	21	2.2711	2.2711	NUM
fbem-28214	111	22	2.1234	2.1234	NUM
fbem-28214	111	23	-0.1581	-0.1581	NOUN
fbem-28214	111	24	0.6754	0.6754	NUM
fbem-28214	112	1	mv	mv	PROPN
fbem-28214	112	2	:	:	PUNCT
fbem-28214	112	3	esg	esg	PROPN
fbem-28214	112	4	-0.1048	-0.1048	PROPN
fbem-28214	112	5	1.0403	1.0403	NUM
fbem-28214	112	6	-5.3674	-5.3674	NOUN
fbem-28214	112	7	2.4771	2.4771	NUM
fbem-28214	112	8	7.8445	7.8445	NUM
fbem-28214	112	9	-0.7914	-0.7914	NOUN
fbem-28214	112	10	1.3268	1.3268	NUM
fbem-28214	112	11	according	accord	VERB
fbem-28214	112	12	to	to	ADP
fbem-28214	112	13	the	the	DET
fbem-28214	112	14	table	table	NOUN
fbem-28214	112	15	shown	show	VERB
fbem-28214	112	16	above	above	ADP
fbem-28214	112	17	,	,	PUNCT
fbem-28214	112	18	the	the	DET
fbem-28214	112	19	range	range	NOUN
fbem-28214	112	20	of	of	ADP
fbem-28214	112	21	inno	inno	PROPN
fbem-28214	112	22	is	be	AUX
fbem-28214	112	23	2.0576	2.0576	NUM
fbem-28214	112	24	,	,	PUNCT
fbem-28214	112	25	indicating	indicate	VERB
fbem-28214	112	26	a	a	DET
fbem-28214	112	27	wide	wide	ADJ
fbem-28214	112	28	spread	spread	NOUN
fbem-28214	112	29	of	of	ADP
fbem-28214	112	30	data	datum	NOUN
fbem-28214	112	31	points	point	NOUN
fbem-28214	112	32	.	.	PUNCT
fbem-28214	113	1	the	the	DET
fbem-28214	113	2	high	high	ADJ
fbem-28214	113	3	skewness	skewness	NOUN
fbem-28214	113	4	(	(	PUNCT
fbem-28214	113	5	3.5430	3.5430	NUM
fbem-28214	113	6	)	)	PUNCT
fbem-28214	113	7	and	and	CCONJ
fbem-28214	113	8	kurtosis	kurtosis	NOUN
fbem-28214	113	9	(	(	PUNCT
fbem-28214	113	10	19.2116	19.2116	NUM
fbem-28214	113	11	)	)	PUNCT
fbem-28214	113	12	suggest	suggest	VERB
fbem-28214	113	13	that	that	SCONJ
fbem-28214	113	14	the	the	DET
fbem-28214	113	15	data	datum	NOUN
fbem-28214	113	16	is	be	AUX
fbem-28214	113	17	heavily	heavily	ADV
fbem-28214	113	18	skewed	skewed	ADJ
fbem-28214	113	19	to	to	ADP
fbem-28214	113	20	the	the	DET
fbem-28214	113	21	right	right	NOUN
fbem-28214	113	22	with	with	ADP
fbem-28214	113	23	a	a	DET
fbem-28214	113	24	high	high	ADJ
fbem-28214	113	25	peak	peak	NOUN
fbem-28214	113	26	,	,	PUNCT
fbem-28214	113	27	which	which	PRON
fbem-28214	113	28	indicates	indicate	VERB
fbem-28214	113	29	that	that	SCONJ
fbem-28214	113	30	while	while	SCONJ
fbem-28214	113	31	most	most	ADJ
fbem-28214	113	32	companies	company	NOUN
fbem-28214	113	33	have	have	VERB
fbem-28214	113	34	low	low	ADJ
fbem-28214	113	35	to	to	AUX
fbem-28214	113	36	moderate	moderate	ADJ
fbem-28214	113	37	r&d	r&d	NOUN
fbem-28214	113	38	investments	investment	NOUN
fbem-28214	113	39	,	,	PUNCT
fbem-28214	113	40	there	there	PRON
fbem-28214	113	41	are	be	VERB
fbem-28214	113	42	a	a	DET
fbem-28214	113	43	few	few	ADJ
fbem-28214	113	44	companies	company	NOUN
fbem-28214	113	45	with	with	ADP
fbem-28214	113	46	significantly	significantly	ADV
fbem-28214	113	47	higher	high	ADJ
fbem-28214	113	48	r&d	r&d	NOUN
fbem-28214	113	49	investments	investment	NOUN
fbem-28214	113	50	,	,	PUNCT
fbem-28214	113	51	impacting	impact	VERB
fbem-28214	113	52	the	the	DET
fbem-28214	113	53	overall	overall	ADJ
fbem-28214	113	54	distribution	distribution	NOUN
fbem-28214	113	55	.	.	PUNCT
fbem-28214	114	1	the	the	DET
fbem-28214	114	2	range	range	NOUN
fbem-28214	114	3	of	of	ADP
fbem-28214	114	4	beta	beta	NOUN
fbem-28214	114	5	is	be	AUX
fbem-28214	114	6	2.1234	2.1234	NUM
fbem-28214	114	7	,	,	PUNCT
fbem-28214	114	8	demonstrating	demonstrate	VERB
fbem-28214	114	9	variability	variability	NOUN
fbem-28214	114	10	in	in	ADP
fbem-28214	114	11	investment	investment	NOUN
fbem-28214	114	12	risk	risk	NOUN
fbem-28214	114	13	among	among	ADP
fbem-28214	114	14	the	the	DET
fbem-28214	114	15	companies	company	NOUN
fbem-28214	114	16	.	.	PUNCT
fbem-28214	115	1	the	the	DET
fbem-28214	115	2	skewness	skewness	NOUN
fbem-28214	115	3	is	be	AUX
fbem-28214	115	4	slightly	slightly	ADV
fbem-28214	115	5	negative	negative	ADJ
fbem-28214	115	6	(	(	PUNCT
fbem-28214	115	7	-0.1581	-0.1581	NOUN
fbem-28214	115	8	)	)	PUNCT
fbem-28214	115	9	,	,	PUNCT
fbem-28214	115	10	and	and	CCONJ
fbem-28214	115	11	the	the	DET
fbem-28214	115	12	kurtosis	kurtosis	NOUN
fbem-28214	115	13	is	be	AUX
fbem-28214	115	14	close	close	ADJ
fbem-28214	115	15	to	to	ADP
fbem-28214	115	16	normal	normal	ADJ
fbem-28214	115	17	distribution	distribution	NOUN
fbem-28214	115	18	(	(	PUNCT
fbem-28214	115	19	0.6754	0.6754	NUM
fbem-28214	115	20	)	)	PUNCT
fbem-28214	115	21	,	,	PUNCT
fbem-28214	115	22	which	which	PRON
fbem-28214	115	23	suggests	suggest	VERB
fbem-28214	115	24	that	that	SCONJ
fbem-28214	115	25	the	the	DET
fbem-28214	115	26	investment	investment	NOUN
fbem-28214	115	27	risk	risk	NOUN
fbem-28214	115	28	is	be	AUX
fbem-28214	115	29	fairly	fairly	ADV
fbem-28214	115	30	normally	normally	ADV
fbem-28214	115	31	distributed	distribute	VERB
fbem-28214	115	32	across	across	ADP
fbem-28214	115	33	companies	company	NOUN
fbem-28214	115	34	,	,	PUNCT
fbem-28214	115	35	with	with	ADP
fbem-28214	115	36	some	some	DET
fbem-28214	115	37	deviations	deviation	NOUN
fbem-28214	115	38	.	.	PUNCT
fbem-28214	116	1	the	the	DET
fbem-28214	116	2	range	range	NOUN
fbem-28214	116	3	of	of	ADP
fbem-28214	116	4	esg	esg	PROPN
fbem-28214	116	5	is	be	AUX
fbem-28214	116	6	7.8445	7.8445	NUM
fbem-28214	116	7	,	,	PUNCT
fbem-28214	116	8	indicating	indicate	VERB
fbem-28214	116	9	a	a	DET
fbem-28214	116	10	broad	broad	ADJ
fbem-28214	116	11	distribution	distribution	NOUN
fbem-28214	116	12	of	of	ADP
fbem-28214	116	13	esg	esg	PROPN
fbem-28214	116	14	scores	score	NOUN
fbem-28214	116	15	.	.	PUNCT
fbem-28214	117	1	the	the	DET
fbem-28214	117	2	negative	negative	ADJ
fbem-28214	117	3	skewness	skewness	NOUN
fbem-28214	117	4	(	(	PUNCT
fbem-28214	117	5	-0.7914	-0.7914	PROPN
fbem-28214	117	6	)	)	PUNCT
fbem-28214	117	7	and	and	CCONJ
fbem-28214	117	8	moderate	moderate	ADJ
fbem-28214	117	9	kurtosis	kurtosis	NOUN
fbem-28214	117	10	(	(	PUNCT
fbem-28214	117	11	1.3268	1.3268	NUM
fbem-28214	117	12	)	)	PUNCT
fbem-28214	117	13	indicate	indicate	VERB
fbem-28214	117	14	that	that	SCONJ
fbem-28214	117	15	the	the	DET
fbem-28214	117	16	data	data	NOUN
fbem-28214	117	17	is	be	AUX
fbem-28214	117	18	moderately	moderately	ADV
fbem-28214	117	19	skewed	skewed	ADJ
fbem-28214	117	20	to	to	ADP
fbem-28214	117	21	the	the	DET
fbem-28214	117	22	left	left	NOUN
fbem-28214	117	23	with	with	ADP
fbem-28214	117	24	a	a	DET
fbem-28214	117	25	relatively	relatively	ADV
fbem-28214	117	26	13	13	NUM
fbem-28214	117	27	flat	flat	ADJ
fbem-28214	117	28	distribution	distribution	NOUN
fbem-28214	117	29	,	,	PUNCT
fbem-28214	117	30	showing	show	VERB
fbem-28214	117	31	that	that	SCONJ
fbem-28214	117	32	while	while	SCONJ
fbem-28214	117	33	many	many	ADJ
fbem-28214	117	34	companies	company	NOUN
fbem-28214	117	35	have	have	VERB
fbem-28214	117	36	moderate	moderate	ADJ
fbem-28214	117	37	esg	esg	PROPN
fbem-28214	117	38	scores	score	NOUN
fbem-28214	117	39	,	,	PUNCT
fbem-28214	117	40	there	there	PRON
fbem-28214	117	41	are	be	VERB
fbem-28214	117	42	some	some	PRON
fbem-28214	117	43	with	with	ADP
fbem-28214	117	44	very	very	ADV
fbem-28214	117	45	low	low	ADJ
fbem-28214	117	46	scores	score	NOUN
fbem-28214	117	47	,	,	PUNCT
fbem-28214	117	48	affecting	affect	VERB
fbem-28214	117	49	the	the	DET
fbem-28214	117	50	distribution	distribution	NOUN
fbem-28214	117	51	.	.	PUNCT
fbem-28214	118	1	3.8.2	3.8.2	X
fbem-28214	118	2	.	.	X
fbem-28214	118	3	normality	normality	NOUN
fbem-28214	118	4	of	of	ADP
fbem-28214	118	5	numeric	numeric	ADJ
fbem-28214	118	6	variables	variable	NOUN
fbem-28214	118	7	density	density	NOUN
fbem-28214	118	8	plots	plot	VERB
fbem-28214	118	9	analysis	analysis	NOUN
fbem-28214	118	10	:	:	PUNCT
fbem-28214	118	11	beta	beta	NOUN
fbem-28214	118	12	(	(	PUNCT
fbem-28214	118	13	investment	investment	NOUN
fbem-28214	118	14	risk	risk	NOUN
fbem-28214	118	15	):	):	PUNCT
fbem-28214	118	16	the	the	DET
fbem-28214	118	17	density	density	NOUN
fbem-28214	118	18	plot	plot	NOUN
fbem-28214	118	19	for	for	ADP
fbem-28214	118	20	beta	beta	NOUN
fbem-28214	118	21	is	be	AUX
fbem-28214	118	22	relatively	relatively	ADV
fbem-28214	118	23	symmetrical	symmetrical	ADJ
fbem-28214	118	24	and	and	CCONJ
fbem-28214	118	25	centered	center	VERB
fbem-28214	118	26	around	around	ADP
fbem-28214	118	27	its	its	PRON
fbem-28214	118	28	mean	mean	ADJ
fbem-28214	118	29	value	value	NOUN
fbem-28214	118	30	of	of	ADP
fbem-28214	118	31	1.0895	1.0895	NUM
fbem-28214	118	32	,	,	PUNCT
fbem-28214	118	33	with	with	ADP
fbem-28214	118	34	a	a	DET
fbem-28214	118	35	slight	slight	ADJ
fbem-28214	118	36	left	leave	VERB
fbem-28214	118	37	skew	skew	NOUN
fbem-28214	118	38	.	.	PUNCT
fbem-28214	119	1	this	this	PRON
fbem-28214	119	2	aligns	align	VERB
fbem-28214	119	3	with	with	ADP
fbem-28214	119	4	the	the	DET
fbem-28214	119	5	skewness	skewness	NOUN
fbem-28214	119	6	and	and	CCONJ
fbem-28214	119	7	kurtosis	kurtosis	VERB
fbem-28214	119	8	values	value	NOUN
fbem-28214	119	9	,	,	PUNCT
fbem-28214	119	10	indicating	indicate	VERB
fbem-28214	119	11	a	a	DET
fbem-28214	119	12	distribution	distribution	NOUN
fbem-28214	119	13	close	close	ADV
fbem-28214	119	14	to	to	ADP
fbem-28214	119	15	normal	normal	ADJ
fbem-28214	119	16	with	with	ADP
fbem-28214	119	17	minor	minor	ADJ
fbem-28214	119	18	deviations	deviation	NOUN
fbem-28214	119	19	.	.	PUNCT
fbem-28214	120	1	the	the	DET
fbem-28214	120	2	peak	peak	NOUN
fbem-28214	120	3	of	of	ADP
fbem-28214	120	4	the	the	DET
fbem-28214	120	5	distribution	distribution	NOUN
fbem-28214	120	6	suggests	suggest	VERB
fbem-28214	120	7	that	that	SCONJ
fbem-28214	120	8	most	most	ADJ
fbem-28214	120	9	companies	company	NOUN
fbem-28214	120	10	have	have	VERB
fbem-28214	120	11	an	an	DET
fbem-28214	120	12	investment	investment	NOUN
fbem-28214	120	13	risk	risk	NOUN
fbem-28214	120	14	around	around	ADP
fbem-28214	120	15	the	the	DET
fbem-28214	120	16	mean	mean	ADJ
fbem-28214	120	17	value	value	NOUN
fbem-28214	120	18	,	,	PUNCT
fbem-28214	120	19	with	with	ADP
fbem-28214	120	20	fewer	few	ADJ
fbem-28214	120	21	companies	company	NOUN
fbem-28214	120	22	having	have	VERB
fbem-28214	120	23	significantly	significantly	ADV
fbem-28214	120	24	higher	high	ADJ
fbem-28214	120	25	or	or	CCONJ
fbem-28214	120	26	lower	low	ADJ
fbem-28214	120	27	risk	risk	NOUN
fbem-28214	120	28	.	.	PUNCT
fbem-28214	121	1	esg	esg	NOUN
fbem-28214	121	2	(	(	PUNCT
fbem-28214	121	3	environment	environment	NOUN
fbem-28214	121	4	,	,	PUNCT
fbem-28214	121	5	society	society	NOUN
fbem-28214	121	6	,	,	PUNCT
fbem-28214	121	7	governance	governance	NOUN
fbem-28214	121	8	scores	score	NOUN
fbem-28214	121	9	):	):	PUNCT
fbem-28214	121	10	the	the	DET
fbem-28214	121	11	density	density	NOUN
fbem-28214	121	12	plot	plot	NOUN
fbem-28214	121	13	for	for	ADP
fbem-28214	121	14	esg	esg	PROPN
fbem-28214	121	15	shows	show	VERB
fbem-28214	121	16	a	a	DET
fbem-28214	121	17	left	left	ADJ
fbem-28214	121	18	-	-	PUNCT
fbem-28214	121	19	skewed	skewed	ADJ
fbem-28214	121	20	distribution	distribution	NOUN
fbem-28214	121	21	,	,	PUNCT
fbem-28214	121	22	consistent	consistent	ADJ
fbem-28214	121	23	with	with	ADP
fbem-28214	121	24	the	the	DET
fbem-28214	121	25	negative	negative	ADJ
fbem-28214	121	26	skewness	skewness	NOUN
fbem-28214	121	27	value	value	NOUN
fbem-28214	121	28	.	.	PUNCT
fbem-28214	122	1	the	the	DET
fbem-28214	122	2	majority	majority	NOUN
fbem-28214	122	3	of	of	ADP
fbem-28214	122	4	companies	company	NOUN
fbem-28214	122	5	have	have	VERB
fbem-28214	122	6	moderate	moderate	ADJ
fbem-28214	122	7	esg	esg	PROPN
fbem-28214	122	8	scores	score	NOUN
fbem-28214	122	9	,	,	PUNCT
fbem-28214	122	10	with	with	ADP
fbem-28214	122	11	some	some	PRON
fbem-28214	122	12	having	have	VERB
fbem-28214	122	13	very	very	ADV
fbem-28214	122	14	low	low	ADJ
fbem-28214	122	15	scores	score	NOUN
fbem-28214	122	16	,	,	PUNCT
fbem-28214	122	17	contributing	contribute	VERB
fbem-28214	122	18	to	to	ADP
fbem-28214	122	19	the	the	DET
fbem-28214	122	20	long	long	ADV
fbem-28214	122	21	-	-	PUNCT
fbem-28214	122	22	left	leave	VERB
fbem-28214	122	23	tail	tail	NOUN
fbem-28214	122	24	.	.	PUNCT
fbem-28214	123	1	the	the	DET
fbem-28214	123	2	peak	peak	NOUN
fbem-28214	123	3	and	and	CCONJ
fbem-28214	123	4	spread	spread	VERB
fbem-28214	123	5	of	of	ADP
fbem-28214	123	6	the	the	DET
fbem-28214	123	7	distribution	distribution	NOUN
fbem-28214	123	8	reflect	reflect	VERB
fbem-28214	123	9	the	the	DET
fbem-28214	123	10	broad	broad	ADJ
fbem-28214	123	11	range	range	NOUN
fbem-28214	123	12	of	of	ADP
fbem-28214	123	13	esg	esg	PROPN
fbem-28214	123	14	practices	practice	NOUN
fbem-28214	123	15	and	and	CCONJ
fbem-28214	123	16	disclosures	disclosure	NOUN
fbem-28214	123	17	among	among	ADP
fbem-28214	123	18	companies	company	NOUN
fbem-28214	123	19	.	.	PUNCT
fbem-28214	124	1	inno	inno	NOUN
fbem-28214	124	2	(	(	PUNCT
fbem-28214	124	3	innovation	innovation	NOUN
fbem-28214	124	4	strategies	strategy	NOUN
fbem-28214	124	5	):	):	PUNCT
fbem-28214	124	6	the	the	DET
fbem-28214	124	7	density	density	NOUN
fbem-28214	124	8	plot	plot	NOUN
fbem-28214	124	9	for	for	ADP
fbem-28214	124	10	inno	inno	NOUN
fbem-28214	124	11	is	be	AUX
fbem-28214	124	12	highly	highly	ADV
fbem-28214	124	13	skewed	skewed	ADJ
fbem-28214	124	14	to	to	ADP
fbem-28214	124	15	the	the	DET
fbem-28214	124	16	right	right	NOUN
fbem-28214	124	17	,	,	PUNCT
fbem-28214	124	18	with	with	ADP
fbem-28214	124	19	a	a	DET
fbem-28214	124	20	long	long	ADJ
fbem-28214	124	21	tail	tail	NOUN
fbem-28214	124	22	.	.	PUNCT
fbem-28214	125	1	this	this	PRON
fbem-28214	125	2	is	be	AUX
fbem-28214	125	3	consistent	consistent	ADJ
fbem-28214	125	4	with	with	ADP
fbem-28214	125	5	the	the	DET
fbem-28214	125	6	high	high	ADJ
fbem-28214	125	7	skewness	skewness	NOUN
fbem-28214	125	8	and	and	CCONJ
fbem-28214	125	9	kurtosis	kurtosis	VERB
fbem-28214	125	10	values	value	NOUN
fbem-28214	125	11	.	.	PUNCT
fbem-28214	126	1	most	most	ADJ
fbem-28214	126	2	companies	company	NOUN
fbem-28214	126	3	have	have	VERB
fbem-28214	126	4	low	low	ADJ
fbem-28214	126	5	to	to	AUX
fbem-28214	126	6	moderate	moderate	ADJ
fbem-28214	126	7	r&d	r&d	NOUN
fbem-28214	126	8	investments	investment	NOUN
fbem-28214	126	9	,	,	PUNCT
fbem-28214	126	10	while	while	SCONJ
fbem-28214	126	11	a	a	DET
fbem-28214	126	12	few	few	ADJ
fbem-28214	126	13	have	have	VERB
fbem-28214	126	14	significantly	significantly	ADV
fbem-28214	126	15	higher	high	ADJ
fbem-28214	126	16	investments	investment	NOUN
fbem-28214	126	17	.	.	PUNCT
fbem-28214	127	1	the	the	DET
fbem-28214	127	2	sharp	sharp	ADJ
fbem-28214	127	3	peak	peak	NOUN
fbem-28214	127	4	at	at	ADP
fbem-28214	127	5	the	the	DET
fbem-28214	127	6	lower	low	ADJ
fbem-28214	127	7	end	end	NOUN
fbem-28214	127	8	of	of	ADP
fbem-28214	127	9	the	the	DET
fbem-28214	127	10	distribution	distribution	NOUN
fbem-28214	127	11	indicates	indicate	VERB
fbem-28214	127	12	that	that	SCONJ
fbem-28214	127	13	a	a	DET
fbem-28214	127	14	substantial	substantial	ADJ
fbem-28214	127	15	number	number	NOUN
fbem-28214	127	16	of	of	ADP
fbem-28214	127	17	companies	company	NOUN
fbem-28214	127	18	have	have	VERB
fbem-28214	127	19	minimal	minimal	ADJ
fbem-28214	127	20	r&d	r&d	NOUN
fbem-28214	127	21	investment	investment	NOUN
fbem-28214	127	22	,	,	PUNCT
fbem-28214	127	23	which	which	PRON
fbem-28214	127	24	could	could	AUX
fbem-28214	127	25	impact	impact	VERB
fbem-28214	127	26	their	their	PRON
fbem-28214	127	27	innovation	innovation	NOUN
fbem-28214	127	28	strategies	strategy	NOUN
fbem-28214	127	29	and	and	CCONJ
fbem-28214	127	30	associated	associated	ADJ
fbem-28214	127	31	risks	risk	NOUN
fbem-28214	127	32	.	.	PUNCT
fbem-28214	128	1	figure	figure	NOUN
fbem-28214	128	2	1	1	NUM
fbem-28214	128	3	.	.	PUNCT
fbem-28214	129	1	density	density	NOUN
fbem-28214	129	2	plots	plot	NOUN
fbem-28214	129	3	qq	qq	PROPN
fbem-28214	129	4	plots	plot	VERB
fbem-28214	129	5	analysis	analysis	NOUN
fbem-28214	129	6	:	:	PUNCT
fbem-28214	129	7	beta	beta	NOUN
fbem-28214	129	8	(	(	PUNCT
fbem-28214	129	9	investment	investment	NOUN
fbem-28214	129	10	risk	risk	NOUN
fbem-28214	129	11	):	):	PUNCT
fbem-28214	129	12	the	the	DET
fbem-28214	129	13	qq	qq	ADJ
fbem-28214	129	14	plot	plot	NOUN
fbem-28214	129	15	for	for	ADP
fbem-28214	129	16	beta	beta	NOUN
fbem-28214	129	17	shows	show	NOUN
fbem-28214	129	18	points	point	NOUN
fbem-28214	129	19	that	that	PRON
fbem-28214	129	20	mostly	mostly	ADV
fbem-28214	129	21	follow	follow	VERB
fbem-28214	129	22	the	the	DET
fbem-28214	129	23	45	45	NUM
fbem-28214	129	24	-	-	PUNCT
fbem-28214	129	25	degree	degree	NOUN
fbem-28214	129	26	line	line	NOUN
fbem-28214	129	27	,	,	PUNCT
fbem-28214	129	28	with	with	ADP
fbem-28214	129	29	some	some	DET
fbem-28214	129	30	deviation	deviation	NOUN
fbem-28214	129	31	at	at	ADP
fbem-28214	129	32	the	the	DET
fbem-28214	129	33	tail	tail	NOUN
fbem-28214	129	34	,	,	PUNCT
fbem-28214	129	35	it	it	PRON
fbem-28214	129	36	’s	’	VERB
fbem-28214	129	37	clear	clear	ADJ
fbem-28214	129	38	that	that	SCONJ
fbem-28214	129	39	beta	beta	NOUN
fbem-28214	129	40	is	be	AUX
fbem-28214	129	41	approximately	approximately	ADV
fbem-28214	129	42	normally	normally	ADV
fbem-28214	129	43	distributed	distribute	VERB
fbem-28214	129	44	,	,	PUNCT
fbem-28214	129	45	with	with	ADP
fbem-28214	129	46	minor	minor	ADJ
fbem-28214	129	47	deviations	deviation	NOUN
fbem-28214	129	48	at	at	ADP
fbem-28214	129	49	the	the	DET
fbem-28214	129	50	extremes	extreme	NOUN
fbem-28214	129	51	,	,	PUNCT
fbem-28214	129	52	which	which	PRON
fbem-28214	129	53	supports	support	VERB
fbem-28214	129	54	the	the	DET
fbem-28214	129	55	earlier	early	ADJ
fbem-28214	129	56	observation	observation	NOUN
fbem-28214	129	57	from	from	ADP
fbem-28214	129	58	the	the	DET
fbem-28214	129	59	density	density	NOUN
fbem-28214	129	60	plot	plot	NOUN
fbem-28214	129	61	that	that	PRON
fbem-28214	129	62	most	most	ADJ
fbem-28214	129	63	companies	company	NOUN
fbem-28214	129	64	have	have	VERB
fbem-28214	129	65	investment	investment	NOUN
fbem-28214	129	66	risks	risk	NOUN
fbem-28214	129	67	around	around	ADP
fbem-28214	129	68	the	the	DET
fbem-28214	129	69	mean	mean	NOUN
fbem-28214	129	70	,	,	PUNCT
fbem-28214	129	71	with	with	ADP
fbem-28214	129	72	few	few	ADJ
fbem-28214	129	73	outliers	outlier	NOUN
fbem-28214	129	74	.	.	PUNCT
fbem-28214	130	1	esg	esg	NOUN
fbem-28214	130	2	(	(	PUNCT
fbem-28214	130	3	environmental	environmental	ADJ
fbem-28214	130	4	,	,	PUNCT
fbem-28214	130	5	social	social	ADJ
fbem-28214	130	6	,	,	PUNCT
fbem-28214	130	7	and	and	CCONJ
fbem-28214	130	8	governance	governance	NOUN
fbem-28214	130	9	scores	score	NOUN
fbem-28214	130	10	):	):	PUNCT
fbem-28214	130	11	the	the	DET
fbem-28214	130	12	qq	qq	ADJ
fbem-28214	130	13	plot	plot	NOUN
fbem-28214	130	14	for	for	ADP
fbem-28214	130	15	esg	esg	PROPN
fbem-28214	130	16	shows	show	VERB
fbem-28214	130	17	significant	significant	ADJ
fbem-28214	130	18	deviation	deviation	NOUN
fbem-28214	130	19	from	from	ADP
fbem-28214	130	20	the	the	DET
fbem-28214	130	21	45	45	NUM
fbem-28214	130	22	-	-	PUNCT
fbem-28214	130	23	degree	degree	NOUN
fbem-28214	130	24	line	line	NOUN
fbem-28214	130	25	,	,	PUNCT
fbem-28214	130	26	especially	especially	ADV
fbem-28214	130	27	at	at	ADP
fbem-28214	130	28	the	the	DET
fbem-28214	130	29	lower	low	ADJ
fbem-28214	130	30	end	end	NOUN
fbem-28214	130	31	,	,	PUNCT
fbem-28214	130	32	indicating	indicate	VERB
fbem-28214	130	33	that	that	SCONJ
fbem-28214	130	34	the	the	DET
fbem-28214	130	35	esg	esg	PROPN
fbem-28214	130	36	scores	score	NOUN
fbem-28214	130	37	are	be	AUX
fbem-28214	130	38	not	not	PART
fbem-28214	130	39	normally	normally	ADV
fbem-28214	130	40	distributed	distribute	VERB
fbem-28214	130	41	.	.	PUNCT
fbem-28214	131	1	the	the	DET
fbem-28214	131	2	left	left	ADJ
fbem-28214	131	3	skewness	skewness	NOUN
fbem-28214	131	4	observed	observe	VERB
fbem-28214	131	5	in	in	ADP
fbem-28214	131	6	the	the	DET
fbem-28214	131	7	density	density	NOUN
fbem-28214	131	8	plot	plot	NOUN
fbem-28214	131	9	is	be	AUX
fbem-28214	131	10	further	far	ADV
fbem-28214	131	11	confirmed	confirm	VERB
fbem-28214	131	12	here	here	ADV
fbem-28214	131	13	,	,	PUNCT
fbem-28214	131	14	highlighting	highlight	VERB
fbem-28214	131	15	that	that	SCONJ
fbem-28214	131	16	many	many	ADJ
fbem-28214	131	17	companies	company	NOUN
fbem-28214	131	18	have	have	VERB
fbem-28214	131	19	low	low	ADJ
fbem-28214	131	20	esg	esg	PROPN
fbem-28214	131	21	scores	score	NOUN
fbem-28214	131	22	,	,	PUNCT
fbem-28214	131	23	affecting	affect	VERB
fbem-28214	131	24	the	the	DET
fbem-28214	131	25	overall	overall	ADJ
fbem-28214	131	26	distribution	distribution	NOUN
fbem-28214	131	27	.	.	PUNCT
fbem-28214	132	1	inno	inno	NOUN
fbem-28214	132	2	(	(	PUNCT
fbem-28214	132	3	innovation	innovation	NOUN
fbem-28214	132	4	strategies	strategy	NOUN
fbem-28214	132	5	):	):	PUNCT
fbem-28214	132	6	the	the	DET
fbem-28214	132	7	qq	qq	ADJ
fbem-28214	132	8	plot	plot	NOUN
fbem-28214	132	9	for	for	ADP
fbem-28214	132	10	inno	inno	PROPN
fbem-28214	132	11	shows	show	VERB
fbem-28214	132	12	a	a	DET
fbem-28214	132	13	clear	clear	ADJ
fbem-28214	132	14	deviation	deviation	NOUN
fbem-28214	132	15	from	from	ADP
fbem-28214	132	16	the	the	DET
fbem-28214	132	17	45degree	45degree	NUM
fbem-28214	132	18	line	line	NOUN
fbem-28214	132	19	,	,	PUNCT
fbem-28214	132	20	especially	especially	ADV
fbem-28214	132	21	at	at	ADP
fbem-28214	132	22	the	the	DET
fbem-28214	132	23	upper	upper	ADJ
fbem-28214	132	24	end	end	NOUN
fbem-28214	132	25	,	,	PUNCT
fbem-28214	132	26	confirming	confirm	VERB
fbem-28214	132	27	that	that	SCONJ
fbem-28214	132	28	the	the	DET
fbem-28214	132	29	inno	inno	PROPN
fbem-28214	132	30	data	data	PROPN
fbem-28214	132	31	is	be	AUX
fbem-28214	132	32	not	not	PART
fbem-28214	132	33	normally	normally	ADV
fbem-28214	132	34	distributed	distribute	VERB
fbem-28214	132	35	.	.	PUNCT
fbem-28214	133	1	the	the	DET
fbem-28214	133	2	high	high	ADJ
fbem-28214	133	3	right	right	ADJ
fbem-28214	133	4	skewness	skewness	NOUN
fbem-28214	133	5	in	in	ADP
fbem-28214	133	6	the	the	DET
fbem-28214	133	7	density	density	NOUN
fbem-28214	133	8	plot	plot	NOUN
fbem-28214	133	9	is	be	AUX
fbem-28214	133	10	evident	evident	ADJ
fbem-28214	133	11	here	here	ADV
fbem-28214	133	12	,	,	PUNCT
fbem-28214	133	13	indicating	indicate	VERB
fbem-28214	133	14	that	that	SCONJ
fbem-28214	133	15	most	most	ADJ
fbem-28214	133	16	companies	company	NOUN
fbem-28214	133	17	have	have	VERB
fbem-28214	133	18	low	low	ADJ
fbem-28214	133	19	to	to	AUX
fbem-28214	133	20	moderate	moderate	ADJ
fbem-28214	133	21	r&d	r&d	NOUN
fbem-28214	133	22	investments	investment	NOUN
fbem-28214	133	23	,	,	PUNCT
fbem-28214	133	24	with	with	ADP
fbem-28214	133	25	a	a	DET
fbem-28214	133	26	few	few	ADJ
fbem-28214	133	27	having	have	VERB
fbem-28214	133	28	significantly	significantly	ADV
fbem-28214	133	29	higher	high	ADJ
fbem-28214	133	30	investments	investment	NOUN
fbem-28214	133	31	.	.	PUNCT
fbem-28214	134	1	14	14	NUM
fbem-28214	134	2	figure	figure	NOUN
fbem-28214	134	3	2	2	NUM
fbem-28214	134	4	.	.	PUNCT
fbem-28214	134	5	qq	qq	PROPN
fbem-28214	134	6	plots	plot	NOUN
fbem-28214	134	7	correlation	correlation	NOUN
fbem-28214	134	8	plot	plot	NOUN
fbem-28214	134	9	analysis	analysis	NOUN
fbem-28214	134	10	:	:	PUNCT
fbem-28214	134	11	inno	inno	NOUN
fbem-28214	134	12	and	and	CCONJ
fbem-28214	134	13	beta	beta	NOUN
fbem-28214	134	14	:	:	PUNCT
fbem-28214	134	15	the	the	DET
fbem-28214	134	16	correlation	correlation	NOUN
fbem-28214	134	17	coefficient	coefficient	NOUN
fbem-28214	134	18	between	between	ADP
fbem-28214	134	19	inno	inno	PROPN
fbem-28214	134	20	and	and	CCONJ
fbem-28214	134	21	beta	beta	NOUN
fbem-28214	134	22	is	be	AUX
fbem-28214	134	23	0.02	0.02	NUM
fbem-28214	134	24	,	,	PUNCT
fbem-28214	134	25	indicating	indicate	VERB
fbem-28214	134	26	a	a	DET
fbem-28214	134	27	very	very	ADV
fbem-28214	134	28	weak	weak	ADJ
fbem-28214	134	29	positive	positive	ADJ
fbem-28214	134	30	correlation	correlation	NOUN
fbem-28214	134	31	.	.	PUNCT
fbem-28214	135	1	this	this	PRON
fbem-28214	135	2	suggests	suggest	VERB
fbem-28214	135	3	that	that	SCONJ
fbem-28214	135	4	there	there	PRON
fbem-28214	135	5	is	be	VERB
fbem-28214	135	6	almost	almost	ADV
fbem-28214	135	7	no	no	PRON
fbem-28214	135	8	linear	linear	ADJ
fbem-28214	135	9	relationship	relationship	NOUN
fbem-28214	135	10	between	between	ADP
fbem-28214	135	11	innovation	innovation	NOUN
fbem-28214	135	12	strategies	strategy	NOUN
fbem-28214	135	13	and	and	CCONJ
fbem-28214	135	14	investment	investment	NOUN
fbem-28214	135	15	risk	risk	NOUN
fbem-28214	135	16	.	.	PUNCT
fbem-28214	136	1	however	however	ADV
fbem-28214	136	2	,	,	PUNCT
fbem-28214	136	3	this	this	PRON
fbem-28214	136	4	does	do	AUX
fbem-28214	136	5	not	not	PART
fbem-28214	136	6	contradict	contradict	VERB
fbem-28214	136	7	the	the	DET
fbem-28214	136	8	regression	regression	NOUN
fbem-28214	136	9	model	model	NOUN
fbem-28214	136	10	results	result	NOUN
fbem-28214	136	11	,	,	PUNCT
fbem-28214	136	12	as	as	SCONJ
fbem-28214	136	13	the	the	DET
fbem-28214	136	14	regression	regression	NOUN
fbem-28214	136	15	analysis	analysis	NOUN
fbem-28214	136	16	considers	consider	VERB
fbem-28214	136	17	multiple	multiple	ADJ
fbem-28214	136	18	factors	factor	NOUN
fbem-28214	136	19	and	and	CCONJ
fbem-28214	136	20	interactions	interaction	NOUN
fbem-28214	136	21	,	,	PUNCT
fbem-28214	136	22	while	while	SCONJ
fbem-28214	136	23	correlation	correlation	NOUN
fbem-28214	136	24	only	only	ADV
fbem-28214	136	25	looks	look	VERB
fbem-28214	136	26	at	at	ADP
fbem-28214	136	27	linear	linear	ADJ
fbem-28214	136	28	relationships	relationship	NOUN
fbem-28214	136	29	.	.	PUNCT
fbem-28214	137	1	inno	inno	PROPN
fbem-28214	137	2	and	and	CCONJ
fbem-28214	137	3	esg	esg	PROPN
fbem-28214	137	4	:	:	PUNCT
fbem-28214	137	5	the	the	DET
fbem-28214	137	6	correlation	correlation	NOUN
fbem-28214	137	7	coefficient	coefficient	NOUN
fbem-28214	137	8	between	between	ADP
fbem-28214	137	9	inno	inno	PROPN
fbem-28214	137	10	and	and	CCONJ
fbem-28214	137	11	esg	esg	PROPN
fbem-28214	137	12	is	be	AUX
fbem-28214	137	13	0.15	0.15	NUM
fbem-28214	137	14	,	,	PUNCT
fbem-28214	137	15	indicating	indicate	VERB
fbem-28214	137	16	a	a	DET
fbem-28214	137	17	weak	weak	ADJ
fbem-28214	137	18	positive	positive	ADJ
fbem-28214	137	19	correlation	correlation	NOUN
fbem-28214	137	20	,	,	PUNCT
fbem-28214	137	21	representing	represent	VERB
fbem-28214	137	22	that	that	SCONJ
fbem-28214	137	23	companies	company	NOUN
fbem-28214	137	24	with	with	ADP
fbem-28214	137	25	higher	high	ADJ
fbem-28214	137	26	r&d	r&d	NOUN
fbem-28214	137	27	investments	investment	NOUN
fbem-28214	137	28	tend	tend	VERB
fbem-28214	137	29	to	to	PART
fbem-28214	137	30	have	have	VERB
fbem-28214	137	31	slightly	slightly	ADV
fbem-28214	137	32	higher	high	ADJ
fbem-28214	137	33	esg	esg	NOUN
fbem-28214	137	34	scores	score	NOUN
fbem-28214	137	35	.	.	PUNCT
fbem-28214	138	1	this	this	DET
fbem-28214	138	2	relationship	relationship	NOUN
fbem-28214	138	3	might	might	AUX
fbem-28214	138	4	be	be	AUX
fbem-28214	138	5	due	due	ADJ
fbem-28214	138	6	to	to	ADP
fbem-28214	138	7	companies	company	NOUN
fbem-28214	138	8	that	that	PRON
fbem-28214	138	9	invest	invest	VERB
fbem-28214	138	10	in	in	ADP
fbem-28214	138	11	innovation	innovation	NOUN
fbem-28214	138	12	also	also	ADV
fbem-28214	138	13	focusing	focus	VERB
fbem-28214	138	14	on	on	ADP
fbem-28214	138	15	sustainable	sustainable	ADJ
fbem-28214	138	16	and	and	CCONJ
fbem-28214	138	17	responsible	responsible	ADJ
fbem-28214	138	18	practices	practice	NOUN
fbem-28214	138	19	.	.	PUNCT
fbem-28214	139	1	beta	beta	NOUN
fbem-28214	139	2	and	and	CCONJ
fbem-28214	139	3	esg	esg	PROPN
fbem-28214	139	4	:	:	PUNCT
fbem-28214	139	5	the	the	DET
fbem-28214	139	6	correlation	correlation	NOUN
fbem-28214	139	7	coefficient	coefficient	NOUN
fbem-28214	139	8	between	between	ADP
fbem-28214	139	9	beta	beta	NOUN
fbem-28214	139	10	and	and	CCONJ
fbem-28214	139	11	esg	esg	PROPN
fbem-28214	139	12	is	be	AUX
fbem-28214	139	13	0.02	0.02	NUM
fbem-28214	139	14	,	,	PUNCT
fbem-28214	139	15	indicating	indicate	VERB
fbem-28214	139	16	a	a	DET
fbem-28214	139	17	very	very	ADV
fbem-28214	139	18	weak	weak	ADJ
fbem-28214	139	19	positive	positive	ADJ
fbem-28214	139	20	correlation	correlation	NOUN
fbem-28214	139	21	.	.	PUNCT
fbem-28214	140	1	and	and	CCONJ
fbem-28214	140	2	there	there	PRON
fbem-28214	140	3	is	be	VERB
fbem-28214	140	4	almost	almost	ADV
fbem-28214	140	5	no	no	DET
fbem-28214	140	6	linear	linear	ADJ
fbem-28214	140	7	relationship	relationship	NOUN
fbem-28214	140	8	between	between	ADP
fbem-28214	140	9	investment	investment	NOUN
fbem-28214	140	10	risk	risk	NOUN
fbem-28214	140	11	and	and	CCONJ
fbem-28214	140	12	esg	esg	NOUN
fbem-28214	140	13	scores	score	NOUN
fbem-28214	140	14	.	.	PUNCT
fbem-28214	141	1	such	such	DET
fbem-28214	141	2	a	a	DET
fbem-28214	141	3	weak	weak	ADJ
fbem-28214	141	4	correlation	correlation	NOUN
fbem-28214	141	5	might	might	AUX
fbem-28214	141	6	be	be	AUX
fbem-28214	141	7	due	due	ADJ
fbem-28214	141	8	to	to	ADP
fbem-28214	141	9	the	the	DET
fbem-28214	141	10	complex	complex	ADJ
fbem-28214	141	11	nature	nature	NOUN
fbem-28214	141	12	of	of	ADP
fbem-28214	141	13	investment	investment	NOUN
fbem-28214	141	14	risk	risk	NOUN
fbem-28214	141	15	,	,	PUNCT
fbem-28214	141	16	which	which	PRON
fbem-28214	141	17	is	be	AUX
fbem-28214	141	18	influenced	influence	VERB
fbem-28214	141	19	by	by	ADP
fbem-28214	141	20	various	various	ADJ
fbem-28214	141	21	factors	factor	NOUN
fbem-28214	141	22	beyond	beyond	ADP
fbem-28214	141	23	esg	esg	PROPN
fbem-28214	141	24	scores	score	NOUN
fbem-28214	141	25	.	.	PUNCT
fbem-28214	142	1	figure	figure	NOUN
fbem-28214	142	2	3	3	NUM
fbem-28214	142	3	.	.	PUNCT
fbem-28214	142	4	correlation	correlation	NOUN
fbem-28214	142	5	scatter	scatter	NOUN
fbem-28214	142	6	plot	plot	NOUN
fbem-28214	142	7	analysis	analysis	NOUN
fbem-28214	142	8	the	the	DET
fbem-28214	142	9	scatter	scatter	NOUN
fbem-28214	142	10	plots	plot	NOUN
fbem-28214	142	11	provide	provide	VERB
fbem-28214	142	12	additional	additional	ADJ
fbem-28214	142	13	insights	insight	NOUN
fbem-28214	142	14	into	into	ADP
fbem-28214	142	15	the	the	DET
fbem-28214	142	16	relationships	relationship	NOUN
fbem-28214	142	17	between	between	ADP
fbem-28214	142	18	the	the	DET
fbem-28214	142	19	variables	variable	NOUN
fbem-28214	142	20	through	through	ADP
fbem-28214	142	21	scatter	scatter	NOUN
fbem-28214	142	22	plots	plot	NOUN
fbem-28214	142	23	and	and	CCONJ
fbem-28214	142	24	histograms	histogram	NOUN
fbem-28214	142	25	.	.	PUNCT
fbem-28214	143	1	inno	inno	PROPN
fbem-28214	143	2	and	and	CCONJ
fbem-28214	143	3	beta	beta	NOUN
fbem-28214	143	4	:	:	PUNCT
fbem-28214	143	5	the	the	DET
fbem-28214	143	6	scatter	scatter	NOUN
fbem-28214	143	7	plot	plot	NOUN
fbem-28214	143	8	between	between	ADP
fbem-28214	143	9	inno	inno	PROPN
fbem-28214	143	10	and	and	CCONJ
fbem-28214	143	11	beta	beta	NOUN
fbem-28214	143	12	reveals	reveal	VERB
fbem-28214	143	13	a	a	DET
fbem-28214	143	14	widely	widely	ADV
fbem-28214	143	15	dispersed	disperse	VERB
fbem-28214	143	16	distribution	distribution	NOUN
fbem-28214	143	17	with	with	ADP
fbem-28214	143	18	no	no	DET
fbem-28214	143	19	discernible	discernible	ADJ
fbem-28214	143	20	pattern	pattern	NOUN
fbem-28214	143	21	,	,	PUNCT
fbem-28214	143	22	indicating	indicate	VERB
fbem-28214	143	23	the	the	DET
fbem-28214	143	24	absence	absence	NOUN
fbem-28214	143	25	of	of	ADP
fbem-28214	143	26	a	a	DET
fbem-28214	143	27	strong	strong	ADJ
fbem-28214	143	28	linear	linear	NOUN
fbem-28214	143	29	relationship	relationship	NOUN
fbem-28214	143	30	between	between	ADP
fbem-28214	143	31	the	the	DET
fbem-28214	143	32	two	two	NUM
fbem-28214	143	33	variables	variable	NOUN
fbem-28214	143	34	.	.	PUNCT
fbem-28214	144	1	this	this	DET
fbem-28214	144	2	observation	observation	NOUN
fbem-28214	144	3	is	be	AUX
fbem-28214	144	4	consistent	consistent	ADJ
fbem-28214	144	5	with	with	ADP
fbem-28214	144	6	the	the	DET
fbem-28214	144	7	correlation	correlation	NOUN
fbem-28214	144	8	coefficient	coefficient	NOUN
fbem-28214	144	9	(	(	PUNCT
fbem-28214	144	10	0.019	0.019	NUM
fbem-28214	144	11	)	)	PUNCT
fbem-28214	144	12	,	,	PUNCT
fbem-28214	144	13	which	which	PRON
fbem-28214	144	14	suggests	suggest	VERB
fbem-28214	144	15	a	a	DET
fbem-28214	144	16	very	very	ADV
fbem-28214	144	17	weak	weak	ADJ
fbem-28214	144	18	linear	linear	ADJ
fbem-28214	144	19	relationship	relationship	NOUN
fbem-28214	144	20	.	.	PUNCT
fbem-28214	145	1	the	the	DET
fbem-28214	145	2	histogram	histogram	NOUN
fbem-28214	145	3	for	for	ADP
fbem-28214	145	4	inno	inno	PROPN
fbem-28214	145	5	displays	display	VERB
fbem-28214	145	6	a	a	DET
fbem-28214	145	7	high	high	ADJ
fbem-28214	145	8	concentration	concentration	NOUN
fbem-28214	145	9	of	of	ADP
fbem-28214	145	10	values	value	NOUN
fbem-28214	145	11	near	near	ADP
fbem-28214	145	12	zero	zero	NUM
fbem-28214	145	13	,	,	PUNCT
fbem-28214	145	14	accompanied	accompany	VERB
fbem-28214	145	15	by	by	ADP
fbem-28214	145	16	a	a	DET
fbem-28214	145	17	long	long	ADJ
fbem-28214	145	18	tail	tail	NOUN
fbem-28214	145	19	extending	extend	VERB
fbem-28214	145	20	to	to	ADP
fbem-28214	145	21	higher	high	ADJ
fbem-28214	145	22	values	value	NOUN
fbem-28214	145	23	,	,	PUNCT
fbem-28214	145	24	confirming	confirm	VERB
fbem-28214	145	25	the	the	DET
fbem-28214	145	26	skewness	skewness	NOUN
fbem-28214	145	27	noted	note	VERB
fbem-28214	145	28	in	in	ADP
fbem-28214	145	29	the	the	DET
fbem-28214	145	30	descriptive	descriptive	ADJ
fbem-28214	145	31	statistics	statistic	NOUN
fbem-28214	145	32	and	and	CCONJ
fbem-28214	145	33	density	density	NOUN
fbem-28214	145	34	plots	plot	NOUN
fbem-28214	145	35	.	.	PUNCT
fbem-28214	146	1	inno	inno	PROPN
fbem-28214	146	2	and	and	CCONJ
fbem-28214	146	3	esg	esg	PROPN
fbem-28214	146	4	:	:	PUNCT
fbem-28214	146	5	the	the	DET
fbem-28214	146	6	scatter	scatter	NOUN
fbem-28214	146	7	plot	plot	NOUN
fbem-28214	146	8	between	between	ADP
fbem-28214	146	9	innovation	innovation	NOUN
fbem-28214	146	10	(	(	PUNCT
fbem-28214	146	11	inno	inno	PROPN
fbem-28214	146	12	)	)	PUNCT
fbem-28214	146	13	and	and	CCONJ
fbem-28214	146	14	environmental	environmental	ADJ
fbem-28214	146	15	,	,	PUNCT
fbem-28214	146	16	social	social	ADJ
fbem-28214	146	17	,	,	PUNCT
fbem-28214	146	18	and	and	CCONJ
fbem-28214	146	19	governance	governance	NOUN
fbem-28214	146	20	(	(	PUNCT
fbem-28214	146	21	esg	esg	NOUN
fbem-28214	146	22	)	)	PUNCT
fbem-28214	146	23	metrics	metric	NOUN
fbem-28214	146	24	reveals	reveal	VERB
fbem-28214	146	25	a	a	DET
fbem-28214	146	26	weak	weak	ADJ
fbem-28214	146	27	positive	positive	ADJ
fbem-28214	146	28	correlation	correlation	NOUN
fbem-28214	146	29	,	,	PUNCT
fbem-28214	146	30	as	as	SCONJ
fbem-28214	146	31	evidenced	evidence	VERB
fbem-28214	146	32	by	by	ADP
fbem-28214	146	33	the	the	DET
fbem-28214	146	34	majority	majority	NOUN
fbem-28214	146	35	of	of	ADP
fbem-28214	146	36	data	datum	NOUN
fbem-28214	146	37	points	point	NOUN
fbem-28214	146	38	clustering	cluster	VERB
fbem-28214	146	39	around	around	ADP
fbem-28214	146	40	the	the	DET
fbem-28214	146	41	lower	low	ADJ
fbem-28214	146	42	to	to	ADP
fbem-28214	146	43	moderate	moderate	ADJ
fbem-28214	146	44	values	value	NOUN
fbem-28214	146	45	of	of	ADP
fbem-28214	146	46	both	both	DET
fbem-28214	146	47	variables	variable	NOUN
fbem-28214	146	48	.	.	PUNCT
fbem-28214	147	1	this	this	DET
fbem-28214	147	2	observation	observation	NOUN
fbem-28214	147	3	is	be	AUX
fbem-28214	147	4	consistent	consistent	ADJ
fbem-28214	147	5	with	with	ADP
fbem-28214	147	6	the	the	DET
fbem-28214	147	7	computed	compute	VERB
fbem-28214	147	8	correlation	correlation	NOUN
fbem-28214	147	9	coefficient	coefficient	NOUN
fbem-28214	147	10	of	of	ADP
fbem-28214	147	11	0.151	0.151	NUM
fbem-28214	147	12	,	,	PUNCT
fbem-28214	147	13	which	which	PRON
fbem-28214	147	14	denotes	denote	VERB
fbem-28214	147	15	a	a	DET
fbem-28214	147	16	weak	weak	ADJ
fbem-28214	147	17	positive	positive	ADJ
fbem-28214	147	18	linear	linear	NOUN
fbem-28214	147	19	relationship	relationship	NOUN
fbem-28214	147	20	.	.	PUNCT
fbem-28214	148	1	furthermore	furthermore	ADV
fbem-28214	148	2	,	,	PUNCT
fbem-28214	148	3	the	the	DET
fbem-28214	148	4	histogram	histogram	NOUN
fbem-28214	148	5	for	for	ADP
fbem-28214	148	6	esg	esg	PROPN
fbem-28214	148	7	displays	display	VERB
fbem-28214	148	8	a	a	DET
fbem-28214	148	9	left	left	ADJ
fbem-28214	148	10	-	-	PUNCT
fbem-28214	148	11	skewed	skewed	ADJ
fbem-28214	148	12	distribution	distribution	NOUN
fbem-28214	148	13	,	,	PUNCT
fbem-28214	148	14	corroborating	corroborate	VERB
fbem-28214	148	15	the	the	DET
fbem-28214	148	16	skewness	skewness	NOUN
fbem-28214	148	17	identified	identify	VERB
fbem-28214	148	18	in	in	ADP
fbem-28214	148	19	the	the	DET
fbem-28214	148	20	density	density	NOUN
fbem-28214	148	21	plots	plot	NOUN
fbem-28214	148	22	and	and	CCONJ
fbem-28214	148	23	qq	qq	ADJ
fbem-28214	148	24	plots	plot	NOUN
fbem-28214	148	25	.	.	PUNCT
fbem-28214	149	1	beta	beta	NOUN
fbem-28214	149	2	and	and	CCONJ
fbem-28214	149	3	esg	esg	PROPN
fbem-28214	149	4	:	:	PUNCT
fbem-28214	149	5	the	the	DET
fbem-28214	149	6	scatter	scatter	NOUN
fbem-28214	149	7	plot	plot	NOUN
fbem-28214	149	8	between	between	ADP
fbem-28214	149	9	beta	beta	NOUN
fbem-28214	149	10	and	and	CCONJ
fbem-28214	149	11	esg	esg	PROPN
fbem-28214	149	12	shows	show	VERB
fbem-28214	149	13	a	a	DET
fbem-28214	149	14	widely	widely	ADV
fbem-28214	149	15	scattered	scatter	VERB
fbem-28214	149	16	distribution	distribution	NOUN
fbem-28214	149	17	with	with	ADP
fbem-28214	149	18	no	no	DET
fbem-28214	149	19	clear	clear	ADJ
fbem-28214	149	20	pattern	pattern	NOUN
fbem-28214	149	21	,	,	PUNCT
fbem-28214	149	22	indicating	indicate	VERB
fbem-28214	149	23	that	that	SCONJ
fbem-28214	149	24	there	there	PRON
fbem-28214	149	25	is	be	VERB
fbem-28214	149	26	no	no	DET
fbem-28214	149	27	strong	strong	ADJ
fbem-28214	149	28	linear	linear	ADJ
fbem-28214	149	29	relationship	relationship	NOUN
fbem-28214	149	30	between	between	ADP
fbem-28214	149	31	the	the	DET
fbem-28214	149	32	two	two	NUM
fbem-28214	149	33	variables	variable	NOUN
fbem-28214	149	34	.	.	PUNCT
fbem-28214	150	1	this	this	PRON
fbem-28214	150	2	aligns	align	VERB
fbem-28214	150	3	with	with	ADP
fbem-28214	150	4	the	the	DET
fbem-28214	150	5	correlation	correlation	NOUN
fbem-28214	150	6	coefficient	coefficient	NOUN
fbem-28214	150	7	(	(	PUNCT
fbem-28214	150	8	0.024	0.024	NUM
fbem-28214	150	9	)	)	PUNCT
fbem-28214	150	10	,	,	PUNCT
fbem-28214	150	11	suggesting	suggest	VERB
fbem-28214	150	12	a	a	DET
fbem-28214	150	13	very	very	ADV
fbem-28214	150	14	weak	weak	ADJ
fbem-28214	150	15	linear	linear	ADJ
fbem-28214	150	16	relationship	relationship	NOUN
fbem-28214	150	17	.	.	PUNCT
fbem-28214	151	1	the	the	DET
fbem-28214	151	2	histogram	histogram	NOUN
fbem-28214	151	3	for	for	ADP
fbem-28214	151	4	beta	beta	NOUN
fbem-28214	151	5	shows	show	VERB
fbem-28214	151	6	a	a	DET
fbem-28214	151	7	relatively	relatively	ADV
fbem-28214	151	8	symmetrical	symmetrical	ADJ
fbem-28214	151	9	distribution	distribution	NOUN
fbem-28214	151	10	,	,	PUNCT
fbem-28214	151	11	confirming	confirm	VERB
fbem-28214	151	12	the	the	DET
fbem-28214	151	13	observations	observation	NOUN
fbem-28214	151	14	from	from	ADP
fbem-28214	151	15	the	the	DET
fbem-28214	151	16	density	density	NOUN
fbem-28214	151	17	plots	plot	NOUN
fbem-28214	151	18	and	and	CCONJ
fbem-28214	151	19	qq	qq	ADJ
fbem-28214	151	20	plots	plot	NOUN
fbem-28214	151	21	.	.	PUNCT
fbem-28214	152	1	15	15	NUM
fbem-28214	152	2	figure	figure	NOUN
fbem-28214	152	3	4	4	NUM
fbem-28214	152	4	.	.	PUNCT
fbem-28214	152	5	scatter	scatter	NOUN
fbem-28214	152	6	plots	plot	VERB
fbem-28214	152	7	4	4	NUM
fbem-28214	152	8	.	.	PUNCT
fbem-28214	153	1	empirical	empirical	ADJ
fbem-28214	153	2	analysis	analysis	NOUN
fbem-28214	153	3	4.1	4.1	NUM
fbem-28214	153	4	.	.	PUNCT
fbem-28214	154	1	methodology	methodology	NOUN
fbem-28214	154	2	explanation	explanation	VERB
fbem-28214	154	3	the	the	DET
fbem-28214	154	4	significant	significant	ADJ
fbem-28214	154	5	result	result	NOUN
fbem-28214	154	6	of	of	ADP
fbem-28214	154	7	bartlett	bartlett	PROPN
fbem-28214	154	8	's	's	PART
fbem-28214	154	9	test	test	NOUN
fbem-28214	154	10	for	for	ADP
fbem-28214	154	11	sphericity	sphericity	NOUN
fbem-28214	154	12	(	(	PUNCT
fbem-28214	154	13	pvalue	pvalue	NOUN
fbem-28214	154	14	=	=	SYM
fbem-28214	154	15	0	0	NUM
fbem-28214	154	16	)	)	PUNCT
fbem-28214	154	17	implies	imply	VERB
fbem-28214	154	18	that	that	SCONJ
fbem-28214	154	19	the	the	DET
fbem-28214	154	20	variables	variable	NOUN
fbem-28214	154	21	in	in	ADP
fbem-28214	154	22	the	the	DET
fbem-28214	154	23	dataset	dataset	NOUN
fbem-28214	154	24	(	(	PUNCT
fbem-28214	154	25	inno	inno	PROPN
fbem-28214	154	26	,	,	PUNCT
fbem-28214	154	27	beta	beta	NOUN
fbem-28214	154	28	,	,	PUNCT
fbem-28214	154	29	esg	esg	PROPN
fbem-28214	154	30	,	,	PUNCT
fbem-28214	154	31	roe	roe	PROPN
fbem-28214	154	32	,	,	PUNCT
fbem-28214	154	33	roa	roa	PROPN
fbem-28214	154	34	,	,	PUNCT
fbem-28214	154	35	lev	lev	NOUN
fbem-28214	154	36	,	,	PUNCT
fbem-28214	154	37	size	size	NOUN
fbem-28214	154	38	)	)	PUNCT
fbem-28214	154	39	are	be	AUX
fbem-28214	154	40	not	not	PART
fbem-28214	154	41	independent	independent	ADJ
fbem-28214	154	42	of	of	ADP
fbem-28214	154	43	each	each	DET
fbem-28214	154	44	other	other	ADJ
fbem-28214	154	45	.	.	PUNCT
fbem-28214	155	1	instead	instead	ADV
fbem-28214	155	2	,	,	PUNCT
fbem-28214	155	3	they	they	PRON
fbem-28214	155	4	exhibit	exhibit	VERB
fbem-28214	155	5	significant	significant	ADJ
fbem-28214	155	6	interrelationships	interrelationship	NOUN
fbem-28214	155	7	.	.	PUNCT
fbem-28214	156	1	this	this	PRON
fbem-28214	156	2	is	be	AUX
fbem-28214	156	3	a	a	DET
fbem-28214	156	4	crucial	crucial	ADJ
fbem-28214	156	5	finding	finding	NOUN
fbem-28214	156	6	for	for	ADP
fbem-28214	156	7	several	several	ADJ
fbem-28214	156	8	reasons	reason	NOUN
fbem-28214	156	9	:	:	PUNCT
fbem-28214	156	10	table	table	NOUN
fbem-28214	156	11	3	3	PROPN
fbem-28214	156	12	.	.	PUNCT
fbem-28214	156	13	bartley	bartley	PROPN
fbem-28214	156	14	sphericity	sphericity	PROPN
fbem-28214	156	15	test	test	PROPN
fbem-28214	156	16	bartley	bartley	PROPN
fbem-28214	156	17	sphericity	sphericity	PROPN
fbem-28214	156	18	test	test	PROPN
fbem-28214	156	19	approximate	approximate	ADJ
fbem-28214	156	20	chi	chi	ADJ
fbem-28214	156	21	-	-	PUNCT
fbem-28214	156	22	square	square	ADJ
fbem-28214	156	23	1825.765	1825.765	NUM
fbem-28214	156	24	degree	degree	NOUN
fbem-28214	156	25	freedom	freedom	NOUN
fbem-28214	156	26	21	21	NUM
fbem-28214	156	27	p	p	NOUN
fbem-28214	156	28	-	-	PUNCT
fbem-28214	156	29	value	value	NOUN
fbem-28214	156	30	0.000	0.000	NUM
fbem-28214	156	31	(	(	PUNCT
fbem-28214	156	32	1	1	NUM
fbem-28214	156	33	)	)	PUNCT
fbem-28214	156	34	appropriateness	appropriateness	NOUN
fbem-28214	156	35	for	for	ADP
fbem-28214	156	36	factor	factor	NOUN
fbem-28214	156	37	analysis	analysis	NOUN
fbem-28214	156	38	the	the	DET
fbem-28214	156	39	significant	significant	ADJ
fbem-28214	156	40	correlation	correlation	NOUN
fbem-28214	156	41	among	among	ADP
fbem-28214	156	42	variables	variable	NOUN
fbem-28214	156	43	suggests	suggest	VERB
fbem-28214	156	44	that	that	SCONJ
fbem-28214	156	45	factor	factor	NOUN
fbem-28214	156	46	analysis	analysis	NOUN
fbem-28214	156	47	or	or	CCONJ
fbem-28214	156	48	principal	principal	ADJ
fbem-28214	156	49	component	component	NOUN
fbem-28214	156	50	analysis	analysis	NOUN
fbem-28214	156	51	is	be	AUX
fbem-28214	156	52	appropriate	appropriate	ADJ
fbem-28214	156	53	.	.	PUNCT
fbem-28214	157	1	these	these	DET
fbem-28214	157	2	techniques	technique	NOUN
fbem-28214	157	3	can	can	AUX
fbem-28214	157	4	be	be	AUX
fbem-28214	157	5	used	use	VERB
fbem-28214	157	6	to	to	PART
fbem-28214	157	7	reduce	reduce	VERB
fbem-28214	157	8	the	the	DET
fbem-28214	157	9	dimensionality	dimensionality	NOUN
fbem-28214	157	10	of	of	ADP
fbem-28214	157	11	the	the	DET
fbem-28214	157	12	data	datum	NOUN
fbem-28214	157	13	,	,	PUNCT
fbem-28214	157	14	identifying	identify	VERB
fbem-28214	157	15	underlying	underlie	VERB
fbem-28214	157	16	factors	factor	NOUN
fbem-28214	157	17	that	that	PRON
fbem-28214	157	18	explain	explain	VERB
fbem-28214	157	19	the	the	DET
fbem-28214	157	20	correlations	correlation	NOUN
fbem-28214	157	21	among	among	ADP
fbem-28214	157	22	the	the	DET
fbem-28214	157	23	observed	observed	ADJ
fbem-28214	157	24	variables	variable	NOUN
fbem-28214	157	25	.	.	PUNCT
fbem-28214	158	1	nevertheless	nevertheless	ADV
fbem-28214	158	2	,	,	PUNCT
fbem-28214	158	3	due	due	ADP
fbem-28214	158	4	to	to	ADP
fbem-28214	158	5	the	the	DET
fbem-28214	158	6	limit	limit	NOUN
fbem-28214	158	7	of	of	ADP
fbem-28214	158	8	data	datum	NOUN
fbem-28214	158	9	sample	sample	NOUN
fbem-28214	158	10	,	,	PUNCT
fbem-28214	158	11	i	i	PRON
fbem-28214	158	12	do	do	AUX
fbem-28214	158	13	not	not	PART
fbem-28214	158	14	include	include	VERB
fbem-28214	158	15	principal	principal	ADJ
fbem-28214	158	16	component	component	NOUN
fbem-28214	158	17	analysis	analysis	NOUN
fbem-28214	158	18	in	in	ADP
fbem-28214	158	19	this	this	DET
fbem-28214	158	20	case	case	NOUN
fbem-28214	158	21	.	.	PUNCT
fbem-28214	159	1	(	(	PUNCT
fbem-28214	159	2	2	2	X
fbem-28214	159	3	)	)	PUNCT
fbem-28214	159	4	multicollinearity	multicollinearity	NOUN
fbem-28214	159	5	consideration	consideration	NOUN
fbem-28214	159	6	in	in	ADP
fbem-28214	159	7	regression	regression	NOUN
fbem-28214	159	8	analysis	analysis	NOUN
fbem-28214	159	9	,	,	PUNCT
fbem-28214	159	10	multicollinearity	multicollinearity	NOUN
fbem-28214	159	11	can	can	AUX
fbem-28214	159	12	be	be	AUX
fbem-28214	159	13	a	a	DET
fbem-28214	159	14	concern	concern	NOUN
fbem-28214	159	15	when	when	SCONJ
fbem-28214	159	16	independent	independent	ADJ
fbem-28214	159	17	variables	variable	NOUN
fbem-28214	159	18	are	be	AUX
fbem-28214	159	19	highly	highly	ADV
fbem-28214	159	20	correlated	correlate	VERB
fbem-28214	159	21	.	.	PUNCT
fbem-28214	160	1	the	the	DET
fbem-28214	160	2	significant	significant	ADJ
fbem-28214	160	3	result	result	NOUN
fbem-28214	160	4	from	from	ADP
fbem-28214	160	5	bartlett	bartlett	PROPN
fbem-28214	160	6	's	's	PART
fbem-28214	160	7	test	test	NOUN
fbem-28214	160	8	indicates	indicate	VERB
fbem-28214	160	9	the	the	DET
fbem-28214	160	10	presence	presence	NOUN
fbem-28214	160	11	of	of	ADP
fbem-28214	160	12	multicollinearity	multicollinearity	NOUN
fbem-28214	160	13	,	,	PUNCT
fbem-28214	160	14	which	which	PRON
fbem-28214	160	15	might	might	AUX
fbem-28214	160	16	inflate	inflate	VERB
fbem-28214	160	17	the	the	DET
fbem-28214	160	18	standard	standard	ADJ
fbem-28214	160	19	errors	error	NOUN
fbem-28214	160	20	of	of	ADP
fbem-28214	160	21	the	the	DET
fbem-28214	160	22	coefficients	coefficient	NOUN
fbem-28214	160	23	and	and	CCONJ
fbem-28214	160	24	make	make	VERB
fbem-28214	160	25	it	it	PRON
fbem-28214	160	26	difficult	difficult	ADJ
fbem-28214	160	27	to	to	PART
fbem-28214	160	28	assess	assess	VERB
fbem-28214	160	29	the	the	DET
fbem-28214	160	30	individual	individual	ADJ
fbem-28214	160	31	contribution	contribution	NOUN
fbem-28214	160	32	of	of	ADP
fbem-28214	160	33	each	each	DET
fbem-28214	160	34	predictor	predictor	NOUN
fbem-28214	160	35	.	.	PUNCT
fbem-28214	161	1	and	and	CCONJ
fbem-28214	161	2	in	in	ADP
fbem-28214	161	3	the	the	DET
fbem-28214	161	4	additional	additional	ADJ
fbem-28214	161	5	analysis	analysis	NOUN
fbem-28214	161	6	section	section	NOUN
fbem-28214	161	7	,	,	PUNCT
fbem-28214	161	8	i	i	PRON
fbem-28214	161	9	have	have	AUX
fbem-28214	161	10	proved	prove	VERB
fbem-28214	161	11	the	the	DET
fbem-28214	161	12	multicollinearity	multicollinearity	NOUN
fbem-28214	161	13	between	between	ADP
fbem-28214	161	14	mv	mv	PROPN
fbem-28214	161	15	and	and	CCONJ
fbem-28214	161	16	iv	iv	PROPN
fbem-28214	161	17	.	.	PUNCT
fbem-28214	162	1	(	(	PUNCT
fbem-28214	162	2	3	3	X
fbem-28214	162	3	)	)	PUNCT
fbem-28214	162	4	model	model	NOUN
fbem-28214	162	5	implications	implication	NOUN
fbem-28214	162	6	for	for	ADP
fbem-28214	162	7	the	the	DET
fbem-28214	162	8	regression	regression	NOUN
fbem-28214	162	9	models	model	NOUN
fbem-28214	162	10	analyzed	analyze	VERB
fbem-28214	162	11	earlier	early	ADV
fbem-28214	162	12	,	,	PUNCT
fbem-28214	162	13	the	the	DET
fbem-28214	162	14	presence	presence	NOUN
fbem-28214	162	15	of	of	ADP
fbem-28214	162	16	multicollinearity	multicollinearity	NOUN
fbem-28214	162	17	means	mean	VERB
fbem-28214	162	18	that	that	SCONJ
fbem-28214	162	19	the	the	DET
fbem-28214	162	20	coefficients	coefficient	NOUN
fbem-28214	162	21	of	of	ADP
fbem-28214	162	22	the	the	DET
fbem-28214	162	23	variables	variable	NOUN
fbem-28214	162	24	should	should	AUX
fbem-28214	162	25	be	be	AUX
fbem-28214	162	26	interpreted	interpret	VERB
fbem-28214	162	27	with	with	ADP
fbem-28214	162	28	caution	caution	NOUN
fbem-28214	162	29	.	.	PUNCT
fbem-28214	163	1	the	the	DET
fbem-28214	163	2	interaction	interaction	NOUN
fbem-28214	163	3	effects	effect	NOUN
fbem-28214	163	4	and	and	CCONJ
fbem-28214	163	5	the	the	DET
fbem-28214	163	6	combined	combine	VERB
fbem-28214	163	7	impact	impact	NOUN
fbem-28214	163	8	of	of	ADP
fbem-28214	163	9	correlated	correlate	VERB
fbem-28214	163	10	variables	variable	NOUN
fbem-28214	163	11	need	need	VERB
fbem-28214	163	12	careful	careful	ADJ
fbem-28214	163	13	consideration	consideration	NOUN
fbem-28214	163	14	to	to	PART
fbem-28214	163	15	draw	draw	VERB
fbem-28214	163	16	accurate	accurate	ADJ
fbem-28214	163	17	conclusions	conclusion	NOUN
fbem-28214	163	18	.	.	PUNCT
fbem-28214	164	1	the	the	DET
fbem-28214	164	2	conclusions	conclusion	NOUN
fbem-28214	164	3	will	will	AUX
fbem-28214	164	4	be	be	AUX
fbem-28214	164	5	discussed	discuss	VERB
fbem-28214	164	6	in	in	ADP
fbem-28214	164	7	detail	detail	NOUN
fbem-28214	164	8	in	in	ADP
fbem-28214	164	9	the	the	DET
fbem-28214	164	10	following	follow	VERB
fbem-28214	164	11	sections	section	NOUN
fbem-28214	164	12	.	.	PUNCT
fbem-28214	165	1	4.2	4.2	NUM
fbem-28214	165	2	.	.	PUNCT
fbem-28214	166	1	pool	pool	NOUN
fbem-28214	166	2	ols	ol	NOUN
fbem-28214	166	3	analysis	analysis	NOUN
fbem-28214	167	1	this	this	DET
fbem-28214	167	2	section	section	NOUN
fbem-28214	167	3	provides	provide	VERB
fbem-28214	167	4	a	a	DET
fbem-28214	167	5	detailed	detailed	ADJ
fbem-28214	167	6	empirical	empirical	ADJ
fbem-28214	167	7	analysis	analysis	NOUN
fbem-28214	167	8	of	of	ADP
fbem-28214	167	9	the	the	DET
fbem-28214	167	10	relationship	relationship	NOUN
fbem-28214	167	11	between	between	ADP
fbem-28214	167	12	innovation	innovation	NOUN
fbem-28214	167	13	strategies	strategy	NOUN
fbem-28214	167	14	(	(	PUNCT
fbem-28214	167	15	inno	inno	NOUN
fbem-28214	167	16	)	)	PUNCT
fbem-28214	167	17	,	,	PUNCT
fbem-28214	167	18	investment	investment	NOUN
fbem-28214	167	19	risk	risk	NOUN
fbem-28214	167	20	(	(	PUNCT
fbem-28214	167	21	beta	beta	NOUN
fbem-28214	167	22	)	)	PUNCT
fbem-28214	167	23	,	,	PUNCT
fbem-28214	167	24	and	and	CCONJ
fbem-28214	167	25	the	the	DET
fbem-28214	167	26	moderating	moderate	VERB
fbem-28214	167	27	effect	effect	NOUN
fbem-28214	167	28	of	of	ADP
fbem-28214	167	29	environmental	environmental	ADJ
fbem-28214	167	30	,	,	PUNCT
fbem-28214	167	31	social	social	ADJ
fbem-28214	167	32	,	,	PUNCT
fbem-28214	167	33	and	and	CCONJ
fbem-28214	167	34	governance	governance	NOUN
fbem-28214	167	35	(	(	PUNCT
fbem-28214	167	36	esg	esg	NOUN
fbem-28214	167	37	)	)	PUNCT
fbem-28214	167	38	factors	factor	NOUN
fbem-28214	167	39	.	.	PUNCT
fbem-28214	168	1	we	we	PRON
fbem-28214	168	2	will	will	AUX
fbem-28214	168	3	analyze	analyze	VERB
fbem-28214	168	4	the	the	DET
fbem-28214	168	5	results	result	NOUN
fbem-28214	168	6	from	from	ADP
fbem-28214	168	7	two	two	NUM
fbem-28214	168	8	pooled	pool	VERB
fbem-28214	168	9	ordinary	ordinary	ADJ
fbem-28214	168	10	least	least	ADJ
fbem-28214	168	11	squares	square	NOUN
fbem-28214	168	12	(	(	PUNCT
fbem-28214	168	13	ols	ol	NOUN
fbem-28214	168	14	)	)	PUNCT
fbem-28214	168	15	regression	regression	NOUN
fbem-28214	168	16	models	model	NOUN
fbem-28214	168	17	to	to	PART
fbem-28214	168	18	draw	draw	VERB
fbem-28214	168	19	meaningful	meaningful	ADJ
fbem-28214	168	20	conclusions	conclusion	NOUN
fbem-28214	168	21	for	for	ADP
fbem-28214	168	22	each	each	DET
fbem-28214	168	23	variable	variable	NOUN
fbem-28214	168	24	and	and	CCONJ
fbem-28214	168	25	discuss	discuss	VERB
fbem-28214	168	26	their	their	PRON
fbem-28214	168	27	impact	impact	NOUN
fbem-28214	168	28	on	on	ADP
fbem-28214	168	29	the	the	DET
fbem-28214	168	30	models	model	NOUN
fbem-28214	168	31	.	.	PUNCT
fbem-28214	169	1	model	model	NOUN
fbem-28214	169	2	1	1	NUM
fbem-28214	169	3	:	:	PUNCT
fbem-28214	169	4	𝐵𝑒𝑡𝑎	𝐵𝑒𝑡𝑎	PROPN
fbem-28214	169	5	=	=	SYM
fbem-28214	169	6	𝛼𝑖	𝛼𝑖	PROPN
fbem-28214	169	7	+	+	CCONJ
fbem-28214	169	8	𝛽1𝐼𝑛𝑛𝑜	𝛽1𝐼𝑛𝑛𝑜	X
fbem-28214	169	9	+	+	CCONJ
fbem-28214	169	10	𝛽2𝑆𝑖𝑧𝑒	𝛽2𝑆𝑖𝑧𝑒	X
fbem-28214	169	11	+	+	CCONJ
fbem-28214	169	12	𝛽3𝐿𝐸𝑉	𝛽3𝐿𝐸𝑉	X
fbem-28214	169	13	+	+	CCONJ
fbem-28214	169	14	𝛽4𝑃𝐸	𝛽4𝑃𝐸	ADJ
fbem-28214	169	15	+	+	CCONJ
fbem-28214	169	16	𝛽5𝐵𝑀	𝛽5𝐵𝑀	ADJ
fbem-28214	169	17	+	+	CCONJ
fbem-28214	169	18	𝜀𝑖𝑡	𝜀𝑖𝑡	VERB
fbem-28214	169	19	table	table	NOUN
fbem-28214	169	20	4	4	NUM
fbem-28214	169	21	.	.	PUNCT
fbem-28214	169	22	model	model	NOUN
fbem-28214	169	23	1	1	NUM
fbem-28214	169	24	coefficients	coefficient	NOUN
fbem-28214	169	25	estimate	estimate	VERB
fbem-28214	169	26	std	std	NOUN
fbem-28214	169	27	.	.	NOUN
fbem-28214	169	28	error	error	NOUN
fbem-28214	169	29	t	t	NOUN
fbem-28214	169	30	-	-	PUNCT
fbem-28214	169	31	value	value	NOUN
fbem-28214	169	32	pr	pr	NOUN
fbem-28214	169	33	(	(	PUNCT
fbem-28214	169	34	>	>	X
fbem-28214	169	35	|t|	|t|	PROPN
fbem-28214	169	36	)	)	PUNCT
fbem-28214	169	37	(	(	PUNCT
fbem-28214	169	38	intercept	intercept	NOUN
fbem-28214	169	39	)	)	PUNCT
fbem-28214	169	40	1.0474	1.0474	NUM
fbem-28214	169	41	0.0128	0.0128	NUM
fbem-28214	169	42	82.095	82.095	NUM
fbem-28214	169	43	<	<	X
fbem-28214	169	44	2e-16	2e-16	PROPN
fbem-28214	169	45	*	*	PUNCT
fbem-28214	169	46	*	*	PUNCT
fbem-28214	169	47	*	*	PUNCT
fbem-28214	170	1	inno	inno	PROPN
fbem-28214	170	2	0.1977	0.1977	NUM
fbem-28214	170	3	0.0598	0.0598	NUM
fbem-28214	170	4	3.308	3.308	NUM
fbem-28214	170	5	0.000983	0.000983	NUM
fbem-28214	170	6	*	*	PUNCT
fbem-28214	170	7	*	*	PUNCT
fbem-28214	170	8	*	*	PUNCT
fbem-28214	170	9	roe	roe	PROPN
fbem-28214	170	10	0.00039	0.00039	NUM
fbem-28214	170	11	0.017934	0.017934	NUM
fbem-28214	170	12	0.021	0.021	NUM
fbem-28214	170	13	0.982868	0.982868	NUM
fbem-28214	170	14	roa	roa	NOUN
fbem-28214	170	15	-0.02595	-0.02595	PROPN
fbem-28214	170	16	0.02046	0.02046	NUM
fbem-28214	170	17	-1.268	-1.268	SYM
fbem-28214	170	18	0.205150	0.205150	NUM
fbem-28214	170	19	lev	lev	NOUN
fbem-28214	170	20	-0.02090	-0.02090	PROPN
fbem-28214	170	21	0.01218	0.01218	NUM
fbem-28214	170	22	-1.716	-1.716	NOUN
fbem-28214	170	23	0.086495	0.086495	NUM
fbem-28214	170	24	size	size	NOUN
fbem-28214	170	25	-0.36358	-0.36358	NOUN
fbem-28214	170	26	0.07875	0.07875	NUM
fbem-28214	170	27	-4.617	-4.617	NOUN
fbem-28214	170	28	4.55306	4.55306	NUM
fbem-28214	170	29	*	*	PUNCT
fbem-28214	170	30	*	*	PUNCT
fbem-28214	170	31	*	*	PUNCT
fbem-28214	170	32	note	note	NOUN
fbem-28214	170	33	:	:	PUNCT
fbem-28214	170	34	residual	residual	ADJ
fbem-28214	170	35	standard	standard	ADJ
fbem-28214	170	36	error	error	NOUN
fbem-28214	170	37	:	:	PUNCT
fbem-28214	170	38	0.2883	0.2883	NUM
fbem-28214	170	39	on	on	ADP
fbem-28214	170	40	786	786	NUM
fbem-28214	170	41	degrees	degree	NOUN
fbem-28214	170	42	of	of	ADP
fbem-28214	170	43	freedom	freedom	NOUN
fbem-28214	170	44	multiple	multiple	ADJ
fbem-28214	170	45	r	r	NOUN
fbem-28214	170	46	-	-	PUNCT
fbem-28214	170	47	squared	squared	ADJ
fbem-28214	170	48	:	:	PUNCT
fbem-28214	170	49	0.04474	0.04474	NUM
fbem-28214	170	50	,	,	PUNCT
fbem-28214	170	51	adjusted	adjust	VERB
fbem-28214	170	52	r	r	NOUN
fbem-28214	170	53	-	-	PUNCT
fbem-28214	170	54	squared	squared	ADJ
fbem-28214	170	55	:	:	PUNCT
fbem-28214	170	56	0.03866	0.03866	NUM
fbem-28214	170	57	f	f	X
fbem-28214	170	58	-	-	PUNCT
fbem-28214	170	59	statistic	statistic	NOUN
fbem-28214	170	60	:	:	PUNCT
fbem-28214	170	61	7.362	7.362	NUM
fbem-28214	170	62	on	on	ADP
fbem-28214	170	63	5	5	NUM
fbem-28214	170	64	and	and	CCONJ
fbem-28214	170	65	786	786	NUM
fbem-28214	170	66	df	df	NOUN
fbem-28214	170	67	,	,	PUNCT
fbem-28214	170	68	p	p	NOUN
fbem-28214	170	69	-	-	PUNCT
fbem-28214	170	70	value	value	NOUN
fbem-28214	170	71	:	:	PUNCT
fbem-28214	170	72	9.313e-07	9.313e-07	NUM
fbem-28214	170	73	model	model	NOUN
fbem-28214	170	74	1	1	NUM
fbem-28214	170	75	is	be	AUX
fbem-28214	170	76	designed	design	VERB
fbem-28214	170	77	to	to	PART
fbem-28214	170	78	investigate	investigate	VERB
fbem-28214	170	79	how	how	SCONJ
fbem-28214	170	80	various	various	ADJ
fbem-28214	170	81	financial	financial	ADJ
fbem-28214	170	82	factors	factor	NOUN
fbem-28214	170	83	,	,	PUNCT
fbem-28214	170	84	specifically	specifically	ADV
fbem-28214	170	85	innovation	innovation	NOUN
fbem-28214	170	86	strategies	strategy	NOUN
fbem-28214	170	87	,	,	PUNCT
fbem-28214	170	88	affect	affect	VERB
fbem-28214	170	89	a	a	DET
fbem-28214	170	90	firm	firm	NOUN
fbem-28214	170	91	's	's	PART
fbem-28214	170	92	investment	investment	NOUN
fbem-28214	170	93	risk	risk	NOUN
fbem-28214	170	94	as	as	SCONJ
fbem-28214	170	95	measured	measure	VERB
fbem-28214	170	96	by	by	ADP
fbem-28214	170	97	beta	beta	NOUN
fbem-28214	170	98	.	.	PUNCT
fbem-28214	171	1	i	i	PRON
fbem-28214	171	2	will	will	AUX
fbem-28214	171	3	conduct	conduct	VERB
fbem-28214	171	4	the	the	DET
fbem-28214	171	5	analysis	analysis	NOUN
fbem-28214	171	6	based	base	VERB
fbem-28214	171	7	on	on	ADP
fbem-28214	171	8	the	the	DET
fbem-28214	171	9	variables	variable	NOUN
fbem-28214	171	10	in	in	ADP
fbem-28214	171	11	the	the	DET
fbem-28214	171	12	model	model	NOUN
fbem-28214	171	13	.	.	PUNCT
fbem-28214	172	1	innovation	innovation	NOUN
fbem-28214	172	2	strategies	strategy	NOUN
fbem-28214	172	3	(	(	PUNCT
fbem-28214	172	4	inno	inno	PROPN
fbem-28214	172	5	):	):	PUNCT
fbem-28214	172	6	the	the	DET
fbem-28214	172	7	coefficient	coefficient	NOUN
fbem-28214	172	8	for	for	ADP
fbem-28214	172	9	inno	inno	PROPN
fbem-28214	172	10	is	be	AUX
fbem-28214	172	11	positive	positive	ADJ
fbem-28214	172	12	and	and	CCONJ
fbem-28214	172	13	highly	highly	ADV
fbem-28214	172	14	significant	significant	ADJ
fbem-28214	172	15	,	,	PUNCT
fbem-28214	172	16	indicating	indicate	VERB
fbem-28214	172	17	that	that	SCONJ
fbem-28214	172	18	increased	increase	VERB
fbem-28214	172	19	r&d	r&d	NOUN
fbem-28214	172	20	investment	investment	NOUN
fbem-28214	172	21	is	be	AUX
fbem-28214	172	22	associated	associate	VERB
fbem-28214	172	23	with	with	ADP
fbem-28214	172	24	higher	high	ADJ
fbem-28214	172	25	investment	investment	NOUN
fbem-28214	172	26	risk	risk	NOUN
fbem-28214	172	27	.	.	PUNCT
fbem-28214	173	1	while	while	SCONJ
fbem-28214	173	2	r&d	r&d	NOUN
fbem-28214	173	3	activities	activity	NOUN
fbem-28214	173	4	are	be	AUX
fbem-28214	173	5	essential	essential	ADJ
fbem-28214	173	6	for	for	ADP
fbem-28214	173	7	growth	growth	NOUN
fbem-28214	173	8	and	and	CCONJ
fbem-28214	173	9	competitiveness	competitiveness	NOUN
fbem-28214	173	10	,	,	PUNCT
fbem-28214	173	11	they	they	PRON
fbem-28214	173	12	also	also	ADV
fbem-28214	173	13	introduce	introduce	VERB
fbem-28214	173	14	greater	great	ADJ
fbem-28214	173	15	uncertainty	uncertainty	NOUN
fbem-28214	173	16	and	and	CCONJ
fbem-28214	173	17	potential	potential	ADJ
fbem-28214	173	18	volatility	volatility	NOUN
fbem-28214	173	19	,	,	PUNCT
fbem-28214	173	20	impacting	impact	VERB
fbem-28214	173	21	the	the	DET
fbem-28214	173	22	firm	firm	NOUN
fbem-28214	173	23	's	's	PART
fbem-28214	173	24	systematic	systematic	ADJ
fbem-28214	173	25	risk	risk	NOUN
fbem-28214	173	26	,	,	PUNCT
fbem-28214	173	27	which	which	PRON
fbem-28214	173	28	aligns	align	VERB
fbem-28214	173	29	with	with	ADP
fbem-28214	173	30	the	the	DET
fbem-28214	173	31	general	general	ADJ
fbem-28214	173	32	understanding	understanding	NOUN
fbem-28214	173	33	that	that	DET
fbem-28214	173	34	innovation	innovation	NOUN
fbem-28214	173	35	,	,	PUNCT
fbem-28214	173	36	while	while	SCONJ
fbem-28214	173	37	beneficial	beneficial	ADJ
fbem-28214	173	38	,	,	PUNCT
fbem-28214	173	39	carries	carry	VERB
fbem-28214	173	40	inherent	inherent	ADJ
fbem-28214	173	41	risks	risk	NOUN
fbem-28214	173	42	.	.	PUNCT
fbem-28214	174	1	control	control	NOUN
fbem-28214	174	2	variables	variable	NOUN
fbem-28214	174	3	:	:	PUNCT
fbem-28214	174	4	firm	firm	ADJ
fbem-28214	174	5	size	size	NOUN
fbem-28214	174	6	(	(	PUNCT
fbem-28214	174	7	size	size	NOUN
fbem-28214	174	8	):	):	PUNCT
fbem-28214	174	9	the	the	DET
fbem-28214	174	10	coefficient	coefficient	NOUN
fbem-28214	174	11	for	for	ADP
fbem-28214	174	12	size	size	NOUN
fbem-28214	174	13	is	be	AUX
fbem-28214	174	14	negative	negative	ADJ
fbem-28214	174	15	and	and	CCONJ
fbem-28214	174	16	highly	highly	ADV
fbem-28214	174	17	significant	significant	ADJ
fbem-28214	174	18	,	,	PUNCT
fbem-28214	174	19	suggesting	suggest	VERB
fbem-28214	174	20	that	that	SCONJ
fbem-28214	174	21	larger	large	ADJ
fbem-28214	174	22	firms	firm	NOUN
fbem-28214	174	23	typically	typically	ADV
fbem-28214	174	24	have	have	VERB
fbem-28214	174	25	lower	low	ADJ
fbem-28214	174	26	investment	investment	NOUN
fbem-28214	174	27	risk	risk	NOUN
fbem-28214	174	28	.	.	PUNCT
fbem-28214	175	1	this	this	PRON
fbem-28214	175	2	can	can	AUX
fbem-28214	175	3	be	be	AUX
fbem-28214	175	4	attributed	attribute	VERB
fbem-28214	175	5	to	to	ADP
fbem-28214	175	6	the	the	DET
fbem-28214	175	7	diversification	diversification	NOUN
fbem-28214	175	8	benefits	benefit	NOUN
fbem-28214	175	9	and	and	CCONJ
fbem-28214	175	10	more	more	ADV
fbem-28214	175	11	stable	stable	ADJ
fbem-28214	175	12	revenue	revenue	NOUN
fbem-28214	175	13	streams	stream	NOUN
fbem-28214	175	14	that	that	PRON
fbem-28214	175	15	larger	large	ADJ
fbem-28214	175	16	firms	firm	NOUN
fbem-28214	175	17	enjoy	enjoy	VERB
fbem-28214	175	18	,	,	PUNCT
fbem-28214	175	19	reducing	reduce	VERB
fbem-28214	175	20	their	their	PRON
fbem-28214	175	21	overall	overall	ADJ
fbem-28214	175	22	risk	risk	NOUN
fbem-28214	175	23	profile	profile	NOUN
fbem-28214	175	24	.	.	PUNCT
fbem-28214	176	1	leverage	leverage	NOUN
fbem-28214	176	2	(	(	PUNCT
fbem-28214	176	3	lev	lev	NOUN
fbem-28214	176	4	):	):	PUNCT
fbem-28214	176	5	the	the	DET
fbem-28214	176	6	leverage	leverage	NOUN
fbem-28214	176	7	coefficient	coefficient	NOUN
fbem-28214	176	8	is	be	AUX
fbem-28214	176	9	marginally	marginally	ADV
fbem-28214	176	10	16	16	NUM
fbem-28214	176	11	significant	significant	ADJ
fbem-28214	176	12	and	and	CCONJ
fbem-28214	176	13	negative	negative	ADJ
fbem-28214	176	14	,	,	PUNCT
fbem-28214	176	15	indicating	indicate	VERB
fbem-28214	176	16	a	a	DET
fbem-28214	176	17	potential	potential	ADJ
fbem-28214	176	18	but	but	CCONJ
fbem-28214	176	19	weak	weak	ADJ
fbem-28214	176	20	inverse	inverse	NOUN
fbem-28214	176	21	relationship	relationship	NOUN
fbem-28214	176	22	with	with	ADP
fbem-28214	176	23	investment	investment	NOUN
fbem-28214	176	24	risk	risk	NOUN
fbem-28214	176	25	.	.	PUNCT
fbem-28214	177	1	this	this	PRON
fbem-28214	177	2	could	could	AUX
fbem-28214	177	3	imply	imply	VERB
fbem-28214	177	4	that	that	SCONJ
fbem-28214	177	5	higher	high	ADJ
fbem-28214	177	6	leverage	leverage	NOUN
fbem-28214	177	7	,	,	PUNCT
fbem-28214	177	8	within	within	ADP
fbem-28214	177	9	reasonable	reasonable	ADJ
fbem-28214	177	10	limits	limit	NOUN
fbem-28214	177	11	,	,	PUNCT
fbem-28214	177	12	might	might	AUX
fbem-28214	177	13	be	be	AUX
fbem-28214	177	14	associated	associate	VERB
fbem-28214	177	15	with	with	ADP
fbem-28214	177	16	disciplined	discipline	VERB
fbem-28214	177	17	financial	financial	ADJ
fbem-28214	177	18	management	management	NOUN
fbem-28214	177	19	practices	practice	NOUN
fbem-28214	177	20	that	that	PRON
fbem-28214	177	21	could	could	AUX
fbem-28214	177	22	help	help	VERB
fbem-28214	177	23	mitigate	mitigate	VERB
fbem-28214	177	24	risk	risk	NOUN
fbem-28214	177	25	.	.	PUNCT
fbem-28214	178	1	roe	roe	NOUN
fbem-28214	178	2	and	and	CCONJ
fbem-28214	178	3	roa	roa	PROPN
fbem-28214	178	4	:	:	PUNCT
fbem-28214	178	5	neither	neither	CCONJ
fbem-28214	178	6	roe	roe	NOUN
fbem-28214	178	7	nor	nor	CCONJ
fbem-28214	178	8	roa	roa	PROPN
fbem-28214	178	9	are	be	AUX
fbem-28214	178	10	significant	significant	ADJ
fbem-28214	178	11	in	in	ADP
fbem-28214	178	12	this	this	DET
fbem-28214	178	13	model	model	NOUN
fbem-28214	178	14	,	,	PUNCT
fbem-28214	178	15	implying	imply	VERB
fbem-28214	178	16	that	that	SCONJ
fbem-28214	178	17	these	these	DET
fbem-28214	178	18	profitability	profitability	NOUN
fbem-28214	178	19	metrics	metric	NOUN
fbem-28214	178	20	do	do	AUX
fbem-28214	178	21	not	not	PART
fbem-28214	178	22	substantially	substantially	ADV
fbem-28214	178	23	impact	impact	VERB
fbem-28214	178	24	investment	investment	NOUN
fbem-28214	178	25	risk	risk	NOUN
fbem-28214	178	26	within	within	ADP
fbem-28214	178	27	the	the	DET
fbem-28214	178	28	context	context	NOUN
fbem-28214	178	29	of	of	ADP
fbem-28214	178	30	this	this	DET
fbem-28214	178	31	analysis	analysis	NOUN
fbem-28214	178	32	.	.	PUNCT
fbem-28214	179	1	model	model	PROPN
fbem-28214	179	2	fit	fit	PROPN
fbem-28214	179	3	:	:	PUNCT
fbem-28214	179	4	the	the	DET
fbem-28214	179	5	r	r	NOUN
fbem-28214	179	6	-	-	PUNCT
fbem-28214	179	7	squared	square	VERB
fbem-28214	179	8	value	value	NOUN
fbem-28214	179	9	indicates	indicate	VERB
fbem-28214	179	10	that	that	SCONJ
fbem-28214	179	11	approximately	approximately	ADV
fbem-28214	179	12	4.47	4.47	NUM
fbem-28214	179	13	%	%	NOUN
fbem-28214	179	14	of	of	ADP
fbem-28214	179	15	the	the	DET
fbem-28214	179	16	variability	variability	NOUN
fbem-28214	179	17	in	in	ADP
fbem-28214	179	18	beta	beta	NOUN
fbem-28214	179	19	is	be	AUX
fbem-28214	179	20	explained	explain	VERB
fbem-28214	179	21	by	by	ADP
fbem-28214	179	22	the	the	DET
fbem-28214	179	23	model	model	NOUN
fbem-28214	179	24	.	.	PUNCT
fbem-28214	180	1	while	while	SCONJ
fbem-28214	180	2	this	this	PRON
fbem-28214	180	3	might	might	AUX
fbem-28214	180	4	seem	seem	VERB
fbem-28214	180	5	low	low	ADJ
fbem-28214	180	6	,	,	PUNCT
fbem-28214	180	7	it	it	PRON
fbem-28214	180	8	is	be	AUX
fbem-28214	180	9	not	not	PART
fbem-28214	180	10	uncommon	uncommon	ADJ
fbem-28214	180	11	in	in	ADP
fbem-28214	180	12	financial	financial	ADJ
fbem-28214	180	13	modeling	modeling	NOUN
fbem-28214	180	14	where	where	SCONJ
fbem-28214	180	15	numerous	numerous	ADJ
fbem-28214	180	16	external	external	ADJ
fbem-28214	180	17	factors	factor	NOUN
fbem-28214	180	18	influence	influence	VERB
fbem-28214	180	19	investment	investment	NOUN
fbem-28214	180	20	risk	risk	NOUN
fbem-28214	180	21	.	.	PUNCT
fbem-28214	181	1	the	the	DET
fbem-28214	181	2	f	f	NOUN
fbem-28214	181	3	-	-	PUNCT
fbem-28214	181	4	statistic	statistic	NOUN
fbem-28214	181	5	is	be	AUX
fbem-28214	181	6	significant	significant	ADJ
fbem-28214	181	7	,	,	PUNCT
fbem-28214	181	8	affirming	affirm	VERB
fbem-28214	181	9	that	that	SCONJ
fbem-28214	181	10	the	the	DET
fbem-28214	181	11	model	model	NOUN
fbem-28214	181	12	collectively	collectively	ADV
fbem-28214	181	13	provides	provide	VERB
fbem-28214	181	14	a	a	DET
fbem-28214	181	15	meaningful	meaningful	ADJ
fbem-28214	181	16	explanation	explanation	NOUN
fbem-28214	181	17	of	of	ADP
fbem-28214	181	18	the	the	DET
fbem-28214	181	19	variability	variability	NOUN
fbem-28214	181	20	in	in	ADP
fbem-28214	181	21	beta	beta	NOUN
fbem-28214	181	22	despite	despite	SCONJ
fbem-28214	181	23	individual	individual	ADJ
fbem-28214	181	24	coefficients	coefficient	NOUN
fbem-28214	181	25	being	be	AUX
fbem-28214	181	26	less	less	ADV
fbem-28214	181	27	informative	informative	ADJ
fbem-28214	181	28	.	.	PUNCT
fbem-28214	182	1	therefore	therefore	ADV
fbem-28214	182	2	,	,	PUNCT
fbem-28214	182	3	we	we	PRON
fbem-28214	182	4	do	do	AUX
fbem-28214	182	5	not	not	PART
fbem-28214	182	6	reject	reject	VERB
fbem-28214	182	7	h1	h1	PROPN
fbem-28214	182	8	,	,	PUNCT
fbem-28214	182	9	which	which	PRON
fbem-28214	182	10	means	mean	VERB
fbem-28214	182	11	innovation	innovation	NOUN
fbem-28214	182	12	strategies	strategy	NOUN
fbem-28214	182	13	implemented	implement	VERB
fbem-28214	182	14	within	within	ADP
fbem-28214	182	15	companies	company	NOUN
fbem-28214	182	16	will	will	AUX
fbem-28214	182	17	increase	increase	VERB
fbem-28214	182	18	the	the	DET
fbem-28214	182	19	investment	investment	NOUN
fbem-28214	182	20	risk	risk	NOUN
fbem-28214	182	21	.	.	PUNCT
fbem-28214	183	1	model	model	NOUN
fbem-28214	183	2	2	2	NUM
fbem-28214	183	3	:	:	PUNCT
fbem-28214	183	4	𝐵𝑒𝑡𝑎	𝐵𝑒𝑡𝑎	PROPN
fbem-28214	183	5	=	=	SYM
fbem-28214	183	6	𝛼𝑖	𝛼𝑖	PROPN
fbem-28214	183	7	+	+	CCONJ
fbem-28214	183	8	𝛽1𝐼𝑛𝑛𝑜	𝛽1𝐼𝑛𝑛𝑜	X
fbem-28214	183	9	+	+	CCONJ
fbem-28214	183	10	𝛽2𝑆𝑖𝑧𝑒	𝛽2𝑆𝑖𝑧𝑒	X
fbem-28214	183	11	+	+	CCONJ
fbem-28214	183	12	𝛽3𝐿𝐸𝑉	𝛽3𝐿𝐸𝑉	X
fbem-28214	183	13	+	+	CCONJ
fbem-28214	183	14	𝛽4𝑃𝐸	𝛽4𝑃𝐸	ADJ
fbem-28214	183	15	+	+	CCONJ
fbem-28214	183	16	𝛽5𝐵𝑀	𝛽5𝐵𝑀	NOUN
fbem-28214	183	17	+	+	CCONJ
fbem-28214	183	18	𝛽6𝐼𝑛𝑛𝑜	𝛽6𝐼𝑛𝑛𝑜	NOUN
fbem-28214	183	19	∗	∗	NOUN
fbem-28214	183	20	𝐸𝑆𝐺	𝐸𝑆𝐺	NOUN
fbem-28214	183	21	+	+	CCONJ
fbem-28214	183	22	𝜀𝑖𝑡	𝜀𝑖𝑡	VERB
fbem-28214	183	23	table	table	NOUN
fbem-28214	183	24	2	2	NUM
fbem-28214	183	25	.	.	PUNCT
fbem-28214	183	26	model	model	NOUN
fbem-28214	183	27	2	2	NUM
fbem-28214	183	28	coefficients	coefficient	NOUN
fbem-28214	183	29	estimate	estimate	VERB
fbem-28214	183	30	std	std	NOUN
fbem-28214	183	31	.	.	NOUN
fbem-28214	183	32	error	error	NOUN
fbem-28214	183	33	t	t	NOUN
fbem-28214	183	34	-	-	PUNCT
fbem-28214	183	35	value	value	NOUN
fbem-28214	183	36	pr	pr	NOUN
fbem-28214	183	37	(	(	PUNCT
fbem-28214	183	38	>	>	X
fbem-28214	183	39	|t|	|t|	PROPN
fbem-28214	183	40	)	)	PUNCT
fbem-28214	183	41	(	(	PUNCT
fbem-28214	183	42	intercept	intercept	NOUN
fbem-28214	183	43	)	)	PUNCT
fbem-28214	183	44	1.05136	1.05136	NUM
fbem-28214	183	45	0.0132	0.0132	NUM
fbem-28214	184	1	79.551	79.551	NUM
fbem-28214	184	2	<	<	X
fbem-28214	184	3	2e-16	2e-16	PROPN
fbem-28214	184	4	*	*	PUNCT
fbem-28214	184	5	*	*	PUNCT
fbem-28214	184	6	*	*	PUNCT
fbem-28214	184	7	inno	inno	PROPN
fbem-28214	184	8	0.1926	0.1926	NUM
fbem-28214	184	9	0.0596	0.0596	NUM
fbem-28214	184	10	3.233	3.233	NUM
fbem-28214	184	11	0.00128	0.00128	NUM
fbem-28214	184	12	*	*	PUNCT
fbem-28214	184	13	*	*	PUNCT
fbem-28214	184	14	roe	roe	PROPN
fbem-28214	184	15	-0.001785	-0.001785	NOUN
fbem-28214	184	16	0.017885	0.017885	NUM
fbem-28214	184	17	-0.100	-0.100	PUNCT
fbem-28214	184	18	0.92954	0.92954	NUM
fbem-28214	184	19	roa	roa	NOUN
fbem-28214	184	20	-0.03036	-0.03036	NOUN
fbem-28214	184	21	0.02045	0.02045	NUM
fbem-28214	184	22	-1.484	-1.484	PUNCT
fbem-28214	184	23	0.13812	0.13812	NUM
fbem-28214	184	24	lev	lev	NOUN
fbem-28214	184	25	-0.018024	-0.018024	NOUN
fbem-28214	184	26	0.012296	0.012296	NUM
fbem-28214	184	27	-1.446	-1.446	NOUN
fbem-28214	184	28	0.14309	0.14309	NUM
fbem-28214	184	29	size	size	NOUN
fbem-28214	184	30	-0.3693	-0.3693	NOUN
fbem-28214	184	31	0.0835	0.0835	NUM
fbem-28214	184	32	-4.424	-4.424	PUNCT
fbem-28214	184	33	1.11e15	1.11e15	NOUN
fbem-28214	184	34	*	*	PUNCT
fbem-28214	184	35	*	*	PUNCT
fbem-28214	184	36	*	*	PUNCT
fbem-28214	184	37	inno	inno	PROPN
fbem-28214	184	38	:	:	PUNCT
fbem-28214	184	39	esg	esg	PROPN
fbem-28214	184	40	-0.0856	-0.0856	NOUN
fbem-28214	185	1	0.0512	0.0512	NUM
fbem-28214	185	2	-1.672	-1.672	PUNCT
fbem-28214	185	3	0.09501	0.09501	NUM
fbem-28214	185	4	note	note	NOUN
fbem-28214	185	5	:	:	PUNCT
fbem-28214	185	6	residual	residual	ADJ
fbem-28214	185	7	standard	standard	ADJ
fbem-28214	185	8	error	error	NOUN
fbem-28214	185	9	:	:	PUNCT
fbem-28214	185	10	0.2872	0.2872	NUM
fbem-28214	185	11	on	on	ADP
fbem-28214	185	12	784	784	NUM
fbem-28214	185	13	degrees	degree	NOUN
fbem-28214	185	14	of	of	ADP
fbem-28214	185	15	freedom	freedom	NOUN
fbem-28214	185	16	multiple	multiple	ADJ
fbem-28214	185	17	r	r	NOUN
fbem-28214	185	18	-	-	PUNCT
fbem-28214	185	19	squared	squared	ADJ
fbem-28214	185	20	:	:	PUNCT
fbem-28214	185	21	0.05437	0.05437	NUM
fbem-28214	185	22	,	,	PUNCT
fbem-28214	185	23	adjusted	adjust	VERB
fbem-28214	185	24	r	r	NOUN
fbem-28214	185	25	-	-	PUNCT
fbem-28214	185	26	squared	squared	ADJ
fbem-28214	185	27	:	:	PUNCT
fbem-28214	185	28	0.04592	0.04592	NUM
fbem-28214	185	29	f	f	X
fbem-28214	185	30	-	-	PUNCT
fbem-28214	185	31	statistic	statistic	NOUN
fbem-28214	185	32	:	:	PUNCT
fbem-28214	185	33	6.439	6.439	NUM
fbem-28214	185	34	on	on	ADP
fbem-28214	185	35	7	7	NUM
fbem-28214	185	36	and	and	CCONJ
fbem-28214	185	37	784	784	NUM
fbem-28214	185	38	df	df	NOUN
fbem-28214	185	39	,	,	PUNCT
fbem-28214	185	40	p	p	NOUN
fbem-28214	185	41	-	-	PUNCT
fbem-28214	185	42	value	value	NOUN
fbem-28214	185	43	:	:	PUNCT
fbem-28214	185	44	2.172e-07	2.172e-07	NUM
fbem-28214	185	45	model	model	NOUN
fbem-28214	185	46	2	2	NUM
fbem-28214	185	47	builds	build	VERB
fbem-28214	185	48	on	on	ADP
fbem-28214	185	49	the	the	DET
fbem-28214	185	50	findings	finding	NOUN
fbem-28214	185	51	of	of	ADP
fbem-28214	185	52	model	model	NOUN
fbem-28214	185	53	1	1	NUM
fbem-28214	185	54	by	by	ADP
fbem-28214	185	55	introducing	introduce	VERB
fbem-28214	185	56	the	the	DET
fbem-28214	185	57	interaction	interaction	NOUN
fbem-28214	185	58	term	term	NOUN
fbem-28214	185	59	between	between	ADP
fbem-28214	185	60	innovation	innovation	NOUN
fbem-28214	185	61	strategies	strategy	NOUN
fbem-28214	185	62	and	and	CCONJ
fbem-28214	185	63	esg	esg	NOUN
fbem-28214	185	64	scores	score	NOUN
fbem-28214	185	65	.	.	PUNCT
fbem-28214	186	1	this	this	DET
fbem-28214	186	2	model	model	NOUN
fbem-28214	186	3	aims	aim	VERB
fbem-28214	186	4	to	to	PART
fbem-28214	186	5	investigate	investigate	VERB
fbem-28214	186	6	how	how	SCONJ
fbem-28214	186	7	esg	esg	PROPN
fbem-28214	186	8	practices	practice	NOUN
fbem-28214	186	9	influence	influence	VERB
fbem-28214	186	10	the	the	DET
fbem-28214	186	11	relationship	relationship	NOUN
fbem-28214	186	12	between	between	ADP
fbem-28214	186	13	r&d	r&d	NOUN
fbem-28214	186	14	investment	investment	NOUN
fbem-28214	186	15	and	and	CCONJ
fbem-28214	186	16	investment	investment	NOUN
fbem-28214	186	17	risk	risk	NOUN
fbem-28214	186	18	.	.	PUNCT
fbem-28214	187	1	the	the	DET
fbem-28214	187	2	analysis	analysis	NOUN
fbem-28214	187	3	of	of	ADP
fbem-28214	187	4	model	model	NOUN
fbem-28214	187	5	2	2	NUM
fbem-28214	187	6	provides	provide	VERB
fbem-28214	187	7	the	the	DET
fbem-28214	187	8	following	following	ADJ
fbem-28214	187	9	indications	indication	NOUN
fbem-28214	187	10	.	.	PUNCT
fbem-28214	188	1	(	(	PUNCT
fbem-28214	188	2	1	1	X
fbem-28214	188	3	)	)	PUNCT
fbem-28214	188	4	impact	impact	NOUN
fbem-28214	188	5	of	of	ADP
fbem-28214	188	6	innovation	innovation	NOUN
fbem-28214	188	7	strategies	strategy	NOUN
fbem-28214	188	8	the	the	DET
fbem-28214	188	9	coefficient	coefficient	NOUN
fbem-28214	188	10	for	for	ADP
fbem-28214	188	11	innovation	innovation	NOUN
fbem-28214	188	12	strategies	strategy	NOUN
fbem-28214	188	13	(	(	PUNCT
fbem-28214	188	14	inno	inno	NOUN
fbem-28214	188	15	)	)	PUNCT
fbem-28214	188	16	remains	remain	VERB
fbem-28214	188	17	positive	positive	ADJ
fbem-28214	188	18	and	and	CCONJ
fbem-28214	188	19	highly	highly	ADV
fbem-28214	188	20	significant	significant	ADJ
fbem-28214	188	21	,	,	PUNCT
fbem-28214	188	22	similar	similar	ADJ
fbem-28214	188	23	to	to	ADP
fbem-28214	188	24	model	model	NOUN
fbem-28214	188	25	1	1	NUM
fbem-28214	188	26	.	.	PUNCT
fbem-28214	189	1	this	this	DET
fbem-28214	189	2	consistency	consistency	NOUN
fbem-28214	189	3	indicates	indicate	VERB
fbem-28214	189	4	that	that	SCONJ
fbem-28214	189	5	increasing	increase	VERB
fbem-28214	189	6	r&d	r&d	NOUN
fbem-28214	189	7	investment	investment	NOUN
fbem-28214	189	8	continues	continue	VERB
fbem-28214	189	9	to	to	PART
fbem-28214	189	10	be	be	AUX
fbem-28214	189	11	associated	associate	VERB
fbem-28214	189	12	with	with	ADP
fbem-28214	189	13	higher	high	ADJ
fbem-28214	189	14	investment	investment	NOUN
fbem-28214	189	15	risk	risk	NOUN
fbem-28214	189	16	.	.	PUNCT
fbem-28214	190	1	this	this	PRON
fbem-28214	190	2	reinforces	reinforce	VERB
fbem-28214	190	3	the	the	DET
fbem-28214	190	4	understanding	understanding	NOUN
fbem-28214	190	5	that	that	DET
fbem-28214	190	6	innovation	innovation	NOUN
fbem-28214	190	7	,	,	PUNCT
fbem-28214	190	8	while	while	SCONJ
fbem-28214	190	9	critical	critical	ADJ
fbem-28214	190	10	for	for	ADP
fbem-28214	190	11	growth	growth	NOUN
fbem-28214	190	12	and	and	CCONJ
fbem-28214	190	13	competitiveness	competitiveness	NOUN
fbem-28214	190	14	,	,	PUNCT
fbem-28214	190	15	inherently	inherently	ADV
fbem-28214	190	16	carries	carry	VERB
fbem-28214	190	17	more	more	ADJ
fbem-28214	190	18	uncertainty	uncertainty	NOUN
fbem-28214	190	19	and	and	CCONJ
fbem-28214	190	20	potential	potential	NOUN
fbem-28214	190	21	for	for	ADP
fbem-28214	190	22	volatility	volatility	NOUN
fbem-28214	190	23	.	.	PUNCT
fbem-28214	191	1	(	(	PUNCT
fbem-28214	191	2	2	2	X
fbem-28214	191	3	)	)	PUNCT
fbem-28214	191	4	moderating	moderate	VERB
fbem-28214	191	5	effect	effect	NOUN
fbem-28214	191	6	of	of	ADP
fbem-28214	191	7	esg	esg	PROPN
fbem-28214	191	8	the	the	DET
fbem-28214	191	9	interaction	interaction	NOUN
fbem-28214	191	10	term	term	NOUN
fbem-28214	191	11	(	(	PUNCT
fbem-28214	191	12	inno	inno	PROPN
fbem-28214	191	13	)	)	PUNCT
fbem-28214	191	14	is	be	AUX
fbem-28214	191	15	negative	negative	ADJ
fbem-28214	191	16	and	and	CCONJ
fbem-28214	191	17	marginally	marginally	ADV
fbem-28214	191	18	significant	significant	ADJ
fbem-28214	191	19	(	(	PUNCT
fbem-28214	191	20	p	p	X
fbem-28214	191	21	=	=	NOUN
fbem-28214	191	22	0.09501	0.09501	NUM
fbem-28214	191	23	)	)	PUNCT
fbem-28214	191	24	.	.	PUNCT
fbem-28214	192	1	this	this	PRON
fbem-28214	192	2	suggests	suggest	VERB
fbem-28214	192	3	that	that	SCONJ
fbem-28214	192	4	esg	esg	NOUN
fbem-28214	192	5	practices	practice	NOUN
fbem-28214	192	6	mitigate	mitigate	VERB
fbem-28214	192	7	the	the	DET
fbem-28214	192	8	positive	positive	ADJ
fbem-28214	192	9	impact	impact	NOUN
fbem-28214	192	10	of	of	ADP
fbem-28214	192	11	innovation	innovation	NOUN
fbem-28214	192	12	strategies	strategy	NOUN
fbem-28214	192	13	on	on	ADP
fbem-28214	192	14	investment	investment	NOUN
fbem-28214	192	15	risk	risk	NOUN
fbem-28214	192	16	.	.	PUNCT
fbem-28214	193	1	in	in	ADP
fbem-28214	193	2	other	other	ADJ
fbem-28214	193	3	words	word	NOUN
fbem-28214	193	4	,	,	PUNCT
fbem-28214	193	5	companies	company	NOUN
fbem-28214	193	6	with	with	ADP
fbem-28214	193	7	strong	strong	ADJ
fbem-28214	193	8	esg	esg	NOUN
fbem-28214	193	9	practices	practice	NOUN
fbem-28214	193	10	can	can	AUX
fbem-28214	193	11	reduce	reduce	VERB
fbem-28214	193	12	the	the	DET
fbem-28214	193	13	additional	additional	ADJ
fbem-28214	193	14	risk	risk	NOUN
fbem-28214	193	15	associated	associate	VERB
fbem-28214	193	16	with	with	ADP
fbem-28214	193	17	high	high	ADJ
fbem-28214	193	18	r&d	r&d	NOUN
fbem-28214	193	19	investments	investment	NOUN
fbem-28214	193	20	.	.	PUNCT
fbem-28214	194	1	it	it	PRON
fbem-28214	194	2	highlights	highlight	VERB
fbem-28214	194	3	the	the	DET
fbem-28214	194	4	importance	importance	NOUN
fbem-28214	194	5	of	of	ADP
fbem-28214	194	6	sustainable	sustainable	ADJ
fbem-28214	194	7	and	and	CCONJ
fbem-28214	194	8	responsible	responsible	ADJ
fbem-28214	194	9	business	business	NOUN
fbem-28214	194	10	practices	practice	NOUN
fbem-28214	194	11	in	in	ADP
fbem-28214	194	12	managing	manage	VERB
fbem-28214	194	13	the	the	DET
fbem-28214	194	14	risks	risk	NOUN
fbem-28214	194	15	associated	associate	VERB
fbem-28214	194	16	with	with	ADP
fbem-28214	194	17	innovation	innovation	NOUN
fbem-28214	194	18	.	.	PUNCT
fbem-28214	195	1	(	(	PUNCT
fbem-28214	195	2	3	3	X
fbem-28214	195	3	)	)	PUNCT
fbem-28214	195	4	control	control	NOUN
fbem-28214	195	5	variables	variable	VERB
fbem-28214	195	6	the	the	DET
fbem-28214	195	7	coefficients	coefficient	NOUN
fbem-28214	195	8	for	for	ADP
fbem-28214	195	9	the	the	DET
fbem-28214	195	10	control	control	NOUN
fbem-28214	195	11	variables	variable	NOUN
fbem-28214	195	12	(	(	PUNCT
fbem-28214	195	13	roe	roe	PROPN
fbem-28214	195	14	,	,	PUNCT
fbem-28214	195	15	roa	roa	PROPN
fbem-28214	195	16	,	,	PUNCT
fbem-28214	195	17	lev	lev	NOUN
fbem-28214	195	18	,	,	PUNCT
fbem-28214	195	19	size	size	NOUN
fbem-28214	195	20	)	)	PUNCT
fbem-28214	195	21	show	show	VERB
fbem-28214	195	22	similar	similar	ADJ
fbem-28214	195	23	patterns	pattern	NOUN
fbem-28214	195	24	to	to	ADP
fbem-28214	195	25	those	those	PRON
fbem-28214	195	26	in	in	ADP
fbem-28214	195	27	model	model	NOUN
fbem-28214	195	28	1	1	NUM
fbem-28214	195	29	.	.	PUNCT
fbem-28214	196	1	specifically	specifically	ADV
fbem-28214	196	2	,	,	PUNCT
fbem-28214	196	3	firm	firm	ADJ
fbem-28214	196	4	size	size	NOUN
fbem-28214	196	5	(	(	PUNCT
fbem-28214	196	6	size	size	NOUN
fbem-28214	196	7	)	)	PUNCT
fbem-28214	196	8	remains	remain	VERB
fbem-28214	196	9	a	a	DET
fbem-28214	196	10	significant	significant	ADJ
fbem-28214	196	11	and	and	CCONJ
fbem-28214	196	12	negative	negative	ADJ
fbem-28214	196	13	predictor	predictor	NOUN
fbem-28214	196	14	of	of	ADP
fbem-28214	196	15	investment	investment	NOUN
fbem-28214	196	16	risk	risk	NOUN
fbem-28214	196	17	,	,	PUNCT
fbem-28214	196	18	indicating	indicate	VERB
fbem-28214	196	19	that	that	SCONJ
fbem-28214	196	20	larger	large	ADJ
fbem-28214	196	21	firms	firm	NOUN
fbem-28214	196	22	tend	tend	VERB
fbem-28214	196	23	to	to	PART
fbem-28214	196	24	have	have	VERB
fbem-28214	196	25	lower	low	ADJ
fbem-28214	196	26	risk	risk	NOUN
fbem-28214	196	27	profiles	profile	NOUN
fbem-28214	196	28	.	.	PUNCT
fbem-28214	197	1	the	the	DET
fbem-28214	197	2	non	non	ADJ
fbem-28214	197	3	-	-	ADJ
fbem-28214	197	4	significant	significant	ADJ
fbem-28214	197	5	coefficients	coefficient	NOUN
fbem-28214	197	6	for	for	ADP
fbem-28214	197	7	roe	roe	PROPN
fbem-28214	197	8	and	and	CCONJ
fbem-28214	197	9	roa	roa	PROPN
fbem-28214	197	10	suggest	suggest	VERB
fbem-28214	197	11	that	that	SCONJ
fbem-28214	197	12	profitability	profitability	NOUN
fbem-28214	197	13	metrics	metric	NOUN
fbem-28214	197	14	do	do	AUX
fbem-28214	197	15	not	not	PART
fbem-28214	197	16	substantially	substantially	ADV
fbem-28214	197	17	influence	influence	VERB
fbem-28214	197	18	investment	investment	NOUN
fbem-28214	197	19	risk	risk	NOUN
fbem-28214	197	20	within	within	ADP
fbem-28214	197	21	the	the	DET
fbem-28214	197	22	context	context	NOUN
fbem-28214	197	23	of	of	ADP
fbem-28214	197	24	this	this	DET
fbem-28214	197	25	model	model	NOUN
fbem-28214	197	26	.	.	PUNCT
fbem-28214	198	1	model	model	PROPN
fbem-28214	198	2	fit	fit	VERB
fbem-28214	198	3	the	the	DET
fbem-28214	198	4	residual	residual	ADJ
fbem-28214	198	5	standard	standard	ADJ
fbem-28214	198	6	error	error	NOUN
fbem-28214	198	7	is	be	AUX
fbem-28214	198	8	slightly	slightly	ADV
fbem-28214	198	9	lower	low	ADJ
fbem-28214	198	10	in	in	ADP
fbem-28214	198	11	model	model	NOUN
fbem-28214	198	12	2	2	NUM
fbem-28214	198	13	(	(	PUNCT
fbem-28214	198	14	0.2872	0.2872	NUM
fbem-28214	198	15	)	)	PUNCT
fbem-28214	198	16	compared	compare	VERB
fbem-28214	198	17	to	to	ADP
fbem-28214	198	18	model	model	NOUN
fbem-28214	198	19	1	1	NUM
fbem-28214	198	20	(	(	PUNCT
fbem-28214	198	21	0.2883	0.2883	NUM
fbem-28214	198	22	)	)	PUNCT
fbem-28214	198	23	,	,	PUNCT
fbem-28214	198	24	indicating	indicate	VERB
fbem-28214	198	25	a	a	DET
fbem-28214	198	26	marginally	marginally	ADV
fbem-28214	198	27	better	well	ADJ
fbem-28214	198	28	fit	fit	ADJ
fbem-28214	198	29	.	.	PUNCT
fbem-28214	199	1	the	the	DET
fbem-28214	199	2	multiple	multiple	ADJ
fbem-28214	199	3	r	r	NOUN
fbem-28214	199	4	-	-	PUNCT
fbem-28214	199	5	squared	square	VERB
fbem-28214	199	6	and	and	CCONJ
fbem-28214	199	7	adjusted	adjust	VERB
fbem-28214	199	8	rsquared	rsquared	ADJ
fbem-28214	199	9	values	value	NOUN
fbem-28214	199	10	are	be	AUX
fbem-28214	199	11	slightly	slightly	ADV
fbem-28214	199	12	higher	high	ADJ
fbem-28214	199	13	in	in	ADP
fbem-28214	199	14	model	model	NOUN
fbem-28214	199	15	2	2	NUM
fbem-28214	199	16	,	,	PUNCT
fbem-28214	199	17	suggesting	suggest	VERB
fbem-28214	199	18	that	that	SCONJ
fbem-28214	199	19	the	the	DET
fbem-28214	199	20	inclusion	inclusion	NOUN
fbem-28214	199	21	of	of	ADP
fbem-28214	199	22	esg	esg	PROPN
fbem-28214	199	23	and	and	CCONJ
fbem-28214	199	24	the	the	DET
fbem-28214	199	25	interaction	interaction	NOUN
fbem-28214	199	26	term	term	NOUN
fbem-28214	199	27	provides	provide	VERB
fbem-28214	199	28	a	a	DET
fbem-28214	199	29	better	well	ADJ
fbem-28214	199	30	explanation	explanation	NOUN
fbem-28214	199	31	of	of	ADP
fbem-28214	199	32	the	the	DET
fbem-28214	199	33	variance	variance	NOUN
fbem-28214	199	34	in	in	ADP
fbem-28214	199	35	investment	investment	NOUN
fbem-28214	199	36	risk	risk	NOUN
fbem-28214	199	37	.	.	PUNCT
fbem-28214	200	1	the	the	DET
fbem-28214	200	2	f	f	NOUN
fbem-28214	200	3	-	-	PUNCT
fbem-28214	200	4	statistic	statistic	NOUN
fbem-28214	200	5	for	for	ADP
fbem-28214	200	6	model	model	NOUN
fbem-28214	200	7	2	2	NUM
fbem-28214	200	8	is	be	AUX
fbem-28214	200	9	significant	significant	ADJ
fbem-28214	200	10	,	,	PUNCT
fbem-28214	200	11	indicating	indicate	VERB
fbem-28214	200	12	that	that	SCONJ
fbem-28214	200	13	the	the	DET
fbem-28214	200	14	model	model	NOUN
fbem-28214	200	15	as	as	ADP
fbem-28214	200	16	a	a	DET
fbem-28214	200	17	whole	whole	NOUN
fbem-28214	200	18	is	be	AUX
fbem-28214	200	19	statistically	statistically	ADV
fbem-28214	200	20	significant	significant	ADJ
fbem-28214	200	21	and	and	CCONJ
fbem-28214	200	22	provides	provide	VERB
fbem-28214	200	23	a	a	DET
fbem-28214	200	24	meaningful	meaningful	ADJ
fbem-28214	200	25	explanation	explanation	NOUN
fbem-28214	200	26	of	of	ADP
fbem-28214	200	27	the	the	DET
fbem-28214	200	28	variability	variability	NOUN
fbem-28214	200	29	in	in	ADP
fbem-28214	200	30	beta	beta	NOUN
fbem-28214	200	31	.	.	PUNCT
fbem-28214	201	1	therefore	therefore	ADV
fbem-28214	201	2	,	,	PUNCT
fbem-28214	201	3	we	we	PRON
fbem-28214	201	4	reject	reject	VERB
fbem-28214	201	5	h2	h2	PROPN
fbem-28214	201	6	,	,	PUNCT
fbem-28214	201	7	which	which	PRON
fbem-28214	201	8	means	mean	VERB
fbem-28214	201	9	esg	esg	PROPN
fbem-28214	201	10	has	have	VERB
fbem-28214	201	11	a	a	DET
fbem-28214	201	12	negative	negative	ADJ
fbem-28214	201	13	effect	effect	NOUN
fbem-28214	201	14	to	to	ADP
fbem-28214	201	15	the	the	DET
fbem-28214	201	16	process	process	NOUN
fbem-28214	201	17	of	of	ADP
fbem-28214	201	18	innovation	innovation	NOUN
fbem-28214	201	19	strategies	strategy	NOUN
fbem-28214	201	20	and	and	CCONJ
fbem-28214	201	21	investment	investment	NOUN
fbem-28214	201	22	risk	risk	NOUN
fbem-28214	201	23	.	.	PUNCT
fbem-28214	202	1	4.3	4.3	NUM
fbem-28214	202	2	.	.	PUNCT
fbem-28214	203	1	additional	additional	ADJ
fbem-28214	203	2	analysis	analysis	NOUN
fbem-28214	203	3	4.3.1	4.3.1	NUM
fbem-28214	203	4	.	.	PUNCT
fbem-28214	203	5	prove	prove	VERB
fbem-28214	203	6	that	that	SCONJ
fbem-28214	203	7	mv	mv	PROPN
fbem-28214	203	8	and	and	CCONJ
fbem-28214	203	9	iv	iv	PRON
fbem-28214	203	10	have	have	VERB
fbem-28214	203	11	multicollinearity	multicollinearity	NOUN
fbem-28214	203	12	model	model	NOUN
fbem-28214	203	13	2	2	NUM
fbem-28214	203	14	aims	aim	VERB
fbem-28214	203	15	to	to	PART
fbem-28214	203	16	deepen	deepen	VERB
fbem-28214	203	17	our	our	PRON
fbem-28214	203	18	understanding	understanding	NOUN
fbem-28214	203	19	of	of	ADP
fbem-28214	203	20	how	how	SCONJ
fbem-28214	203	21	innovation	innovation	NOUN
fbem-28214	203	22	strategies	strategy	NOUN
fbem-28214	203	23	affect	affect	VERB
fbem-28214	203	24	investment	investment	NOUN
fbem-28214	203	25	risk	risk	NOUN
fbem-28214	203	26	by	by	ADP
fbem-28214	203	27	considering	consider	VERB
fbem-28214	203	28	the	the	DET
fbem-28214	203	29	moderating	moderate	VERB
fbem-28214	203	30	role	role	NOUN
fbem-28214	203	31	of	of	ADP
fbem-28214	203	32	esg	esg	PROPN
fbem-28214	203	33	practices	practice	NOUN
fbem-28214	203	34	.	.	PUNCT
fbem-28214	204	1	the	the	DET
fbem-28214	204	2	analysis	analysis	NOUN
fbem-28214	204	3	of	of	ADP
fbem-28214	204	4	the	the	DET
fbem-28214	204	5	model	model	NOUN
fbem-28214	204	6	yields	yield	VERB
fbem-28214	204	7	several	several	ADJ
fbem-28214	204	8	key	key	ADJ
fbem-28214	204	9	insights	insight	NOUN
fbem-28214	204	10	:	:	PUNCT
fbem-28214	204	11	(	(	PUNCT
fbem-28214	204	12	1	1	X
fbem-28214	204	13	)	)	PUNCT
fbem-28214	204	14	impact	impact	NOUN
fbem-28214	204	15	of	of	ADP
fbem-28214	204	16	innovation	innovation	NOUN
fbem-28214	204	17	strategies	strategy	NOUN
fbem-28214	204	18	and	and	CCONJ
fbem-28214	204	19	esg	esg	NOUN
fbem-28214	204	20	the	the	DET
fbem-28214	204	21	coefficient	coefficient	NOUN
fbem-28214	204	22	for	for	ADP
fbem-28214	204	23	innovation	innovation	NOUN
fbem-28214	204	24	strategies	strategy	NOUN
fbem-28214	204	25	(	(	PUNCT
fbem-28214	204	26	inno	inno	PROPN
fbem-28214	204	27	)	)	PUNCT
fbem-28214	204	28	is	be	AUX
fbem-28214	204	29	positive	positive	ADJ
fbem-28214	204	30	and	and	CCONJ
fbem-28214	204	31	highly	highly	ADV
fbem-28214	204	32	significant	significant	ADJ
fbem-28214	204	33	,	,	PUNCT
fbem-28214	204	34	which	which	PRON
fbem-28214	204	35	suggests	suggest	VERB
fbem-28214	204	36	that	that	SCONJ
fbem-28214	204	37	an	an	DET
fbem-28214	204	38	increase	increase	NOUN
fbem-28214	204	39	in	in	ADP
fbem-28214	204	40	r&d	r&d	NOUN
fbem-28214	204	41	investment	investment	NOUN
fbem-28214	204	42	is	be	AUX
fbem-28214	204	43	associated	associate	VERB
fbem-28214	204	44	with	with	ADP
fbem-28214	204	45	an	an	DET
fbem-28214	204	46	increase	increase	NOUN
fbem-28214	204	47	in	in	ADP
fbem-28214	204	48	investment	investment	NOUN
fbem-28214	204	49	risk	risk	NOUN
fbem-28214	204	50	.	.	PUNCT
fbem-28214	205	1	this	this	DET
fbem-28214	205	2	finding	finding	NOUN
fbem-28214	205	3	remains	remain	VERB
fbem-28214	205	4	robust	robust	ADJ
fbem-28214	205	5	,	,	PUNCT
fbem-28214	205	6	and	and	CCONJ
fbem-28214	205	7	it	it	PRON
fbem-28214	205	8	confirms	confirm	VERB
fbem-28214	205	9	that	that	SCONJ
fbem-28214	205	10	higher	high	ADJ
fbem-28214	205	11	innovation	innovation	NOUN
fbem-28214	205	12	activities	activity	NOUN
fbem-28214	205	13	introduce	introduce	VERB
fbem-28214	205	14	greater	great	ADJ
fbem-28214	205	15	uncertainty	uncertainty	NOUN
fbem-28214	205	16	and	and	CCONJ
fbem-28214	205	17	potential	potential	ADJ
fbem-28214	205	18	volatility	volatility	NOUN
fbem-28214	205	19	.	.	PUNCT
fbem-28214	206	1	additionally	additionally	ADV
fbem-28214	206	2	,	,	PUNCT
fbem-28214	206	3	the	the	DET
fbem-28214	206	4	interaction	interaction	NOUN
fbem-28214	206	5	term	term	NOUN
fbem-28214	206	6	(	(	PUNCT
fbem-28214	206	7	inno*esg	inno*esg	NOUN
fbem-28214	206	8	)	)	PUNCT
fbem-28214	206	9	is	be	AUX
fbem-28214	206	10	negative	negative	ADJ
fbem-28214	206	11	and	and	CCONJ
fbem-28214	206	12	marginally	marginally	ADV
fbem-28214	206	13	significant	significant	ADJ
fbem-28214	206	14	(	(	PUNCT
fbem-28214	206	15	p	p	X
fbem-28214	206	16	=	=	NOUN
fbem-28214	206	17	0.0949	0.0949	NUM
fbem-28214	206	18	)	)	PUNCT
fbem-28214	206	19	,	,	PUNCT
fbem-28214	206	20	indicating	indicate	VERB
fbem-28214	206	21	that	that	SCONJ
fbem-28214	206	22	esg	esg	PROPN
fbem-28214	206	23	practices	practice	NOUN
fbem-28214	206	24	mitigate	mitigate	VERB
fbem-28214	206	25	the	the	DET
fbem-28214	206	26	positive	positive	ADJ
fbem-28214	206	27	impact	impact	NOUN
fbem-28214	206	28	of	of	ADP
fbem-28214	206	29	innovation	innovation	NOUN
fbem-28214	206	30	strategies	strategy	NOUN
fbem-28214	206	31	on	on	ADP
fbem-28214	206	32	investment	investment	NOUN
fbem-28214	206	33	risk	risk	NOUN
fbem-28214	206	34	.	.	PUNCT
fbem-28214	207	1	in	in	ADP
fbem-28214	207	2	other	other	ADJ
fbem-28214	207	3	words	word	NOUN
fbem-28214	207	4	,	,	PUNCT
fbem-28214	207	5	companies	company	NOUN
fbem-28214	207	6	with	with	ADP
fbem-28214	207	7	strong	strong	ADJ
fbem-28214	207	8	esg	esg	NOUN
fbem-28214	207	9	practices	practice	NOUN
fbem-28214	207	10	can	can	AUX
fbem-28214	207	11	reduce	reduce	VERB
fbem-28214	207	12	the	the	DET
fbem-28214	207	13	additional	additional	ADJ
fbem-28214	207	14	risk	risk	NOUN
fbem-28214	207	15	associated	associate	VERB
fbem-28214	207	16	with	with	ADP
fbem-28214	207	17	high	high	ADJ
fbem-28214	207	18	r&d	r&d	NOUN
fbem-28214	207	19	investments	investment	NOUN
fbem-28214	207	20	.	.	PUNCT
fbem-28214	208	1	therefore	therefore	ADV
fbem-28214	208	2	,	,	PUNCT
fbem-28214	208	3	this	this	PRON
fbem-28214	208	4	highlights	highlight	VERB
fbem-28214	208	5	the	the	DET
fbem-28214	208	6	importance	importance	NOUN
fbem-28214	208	7	of	of	ADP
fbem-28214	208	8	integrating	integrate	VERB
fbem-28214	208	9	sustainability	sustainability	NOUN
fbem-28214	208	10	and	and	CCONJ
fbem-28214	208	11	responsible	responsible	ADJ
fbem-28214	208	12	business	business	NOUN
fbem-28214	208	13	practices	practice	NOUN
fbem-28214	208	14	into	into	ADP
fbem-28214	208	15	innovation	innovation	NOUN
fbem-28214	208	16	strategies	strategy	NOUN
fbem-28214	208	17	.	.	PUNCT
fbem-28214	209	1	(	(	PUNCT
fbem-28214	209	2	2	2	X
fbem-28214	209	3	)	)	PUNCT
fbem-28214	209	4	control	control	NOUN
fbem-28214	209	5	variables	variable	NOUN
fbem-28214	209	6	firm	firm	ADJ
fbem-28214	209	7	size	size	NOUN
fbem-28214	209	8	(	(	PUNCT
fbem-28214	209	9	size	size	NOUN
fbem-28214	209	10	):	):	PUNCT
fbem-28214	209	11	the	the	DET
fbem-28214	209	12	coefficient	coefficient	NOUN
fbem-28214	209	13	for	for	ADP
fbem-28214	209	14	firm	firm	ADJ
fbem-28214	209	15	size	size	NOUN
fbem-28214	209	16	is	be	AUX
fbem-28214	209	17	negative	negative	ADJ
fbem-28214	209	18	and	and	CCONJ
fbem-28214	209	19	highly	highly	ADV
fbem-28214	209	20	significant	significant	ADJ
fbem-28214	209	21	,	,	PUNCT
fbem-28214	209	22	suggesting	suggest	VERB
fbem-28214	209	23	that	that	SCONJ
fbem-28214	209	24	larger	large	ADJ
fbem-28214	209	25	firms	firm	NOUN
fbem-28214	209	26	typically	typically	ADV
fbem-28214	209	27	have	have	VERB
fbem-28214	209	28	lower	low	ADJ
fbem-28214	209	29	investment	investment	NOUN
fbem-28214	209	30	risk	risk	NOUN
fbem-28214	209	31	.	.	PUNCT
fbem-28214	210	1	this	this	DET
fbem-28214	210	2	relationship	relationship	NOUN
fbem-28214	210	3	is	be	AUX
fbem-28214	210	4	consistent	consistent	ADJ
fbem-28214	210	5	with	with	ADP
fbem-28214	210	6	the	the	DET
fbem-28214	210	7	idea	idea	NOUN
fbem-28214	210	8	that	that	SCONJ
fbem-28214	210	9	larger	large	ADJ
fbem-28214	210	10	firms	firm	NOUN
fbem-28214	210	11	benefit	benefit	VERB
fbem-28214	210	12	from	from	ADP
fbem-28214	210	13	diversification	diversification	NOUN
fbem-28214	210	14	and	and	CCONJ
fbem-28214	210	15	more	more	ADV
fbem-28214	210	16	stable	stable	ADJ
fbem-28214	210	17	revenue	revenue	NOUN
fbem-28214	210	18	streams	stream	NOUN
fbem-28214	210	19	,	,	PUNCT
fbem-28214	210	20	reducing	reduce	VERB
fbem-28214	210	21	their	their	PRON
fbem-28214	210	22	overall	overall	ADJ
fbem-28214	210	23	risk	risk	NOUN
fbem-28214	210	24	profile	profile	NOUN
fbem-28214	210	25	.	.	PUNCT
fbem-28214	211	1	leverage	leverage	NOUN
fbem-28214	211	2	(	(	PUNCT
fbem-28214	211	3	lev	lev	NOUN
fbem-28214	211	4	):	):	PUNCT
fbem-28214	211	5	the	the	DET
fbem-28214	211	6	leverage	leverage	NOUN
fbem-28214	211	7	coefficient	coefficient	NOUN
fbem-28214	211	8	is	be	AUX
fbem-28214	211	9	negative	negative	ADJ
fbem-28214	211	10	and	and	CCONJ
fbem-28214	211	11	marginally	marginally	ADV
fbem-28214	211	12	significant	significant	ADJ
fbem-28214	211	13	,	,	PUNCT
fbem-28214	211	14	indicating	indicate	VERB
fbem-28214	211	15	a	a	DET
fbem-28214	211	16	potential	potential	ADJ
fbem-28214	211	17	inverse	inverse	NOUN
fbem-28214	211	18	relationship	relationship	NOUN
fbem-28214	211	19	with	with	ADP
fbem-28214	211	20	investment	investment	NOUN
fbem-28214	211	21	risk	risk	NOUN
fbem-28214	211	22	.	.	PUNCT
fbem-28214	212	1	this	this	PRON
fbem-28214	212	2	suggests	suggest	VERB
fbem-28214	212	3	that	that	SCONJ
fbem-28214	212	4	higher	high	ADJ
fbem-28214	212	5	leverage	leverage	NOUN
fbem-28214	212	6	might	might	AUX
fbem-28214	212	7	be	be	AUX
fbem-28214	212	8	associated	associate	VERB
fbem-28214	212	9	with	with	ADP
fbem-28214	212	10	disciplined	discipline	VERB
fbem-28214	212	11	financial	financial	ADJ
fbem-28214	212	12	management	management	NOUN
fbem-28214	212	13	practices	practice	NOUN
fbem-28214	212	14	,	,	PUNCT
fbem-28214	212	15	although	although	SCONJ
fbem-28214	212	16	the	the	DET
fbem-28214	212	17	effect	effect	NOUN
fbem-28214	212	18	is	be	AUX
fbem-28214	212	19	not	not	PART
fbem-28214	212	20	strong	strong	ADJ
fbem-28214	212	21	.	.	PUNCT
fbem-28214	213	1	(	(	PUNCT
fbem-28214	213	2	3	3	X
fbem-28214	213	3	)	)	PUNCT
fbem-28214	213	4	model	model	NOUN
fbem-28214	213	5	fit	fit	NOUN
fbem-28214	213	6	and	and	CCONJ
fbem-28214	213	7	diagnostics	diagnostic	NOUN
fbem-28214	213	8	based	base	VERB
fbem-28214	213	9	on	on	ADP
fbem-28214	213	10	the	the	DET
fbem-28214	213	11	results	result	NOUN
fbem-28214	213	12	,	,	PUNCT
fbem-28214	213	13	the	the	DET
fbem-28214	213	14	residual	residual	ADJ
fbem-28214	213	15	standard	standard	ADJ
fbem-28214	213	16	error	error	NOUN
fbem-28214	213	17	of	of	ADP
fbem-28214	213	18	0.2873	0.2873	NUM
fbem-28214	213	19	indicates	indicate	VERB
fbem-28214	213	20	the	the	DET
fbem-28214	213	21	average	average	ADJ
fbem-28214	213	22	distance	distance	NOUN
fbem-28214	213	23	that	that	SCONJ
fbem-28214	213	24	the	the	DET
fbem-28214	213	25	observed	observed	ADJ
fbem-28214	213	26	values	value	NOUN
fbem-28214	213	27	deviate	deviate	VERB
fbem-28214	213	28	from	from	ADP
fbem-28214	213	29	the	the	DET
fbem-28214	213	30	regression	regression	NOUN
fbem-28214	213	31	line	line	NOUN
fbem-28214	213	32	.	.	PUNCT
fbem-28214	214	1	a	a	DET
fbem-28214	214	2	lower	low	ADJ
fbem-28214	214	3	residual	residual	ADJ
fbem-28214	214	4	standard	standard	ADJ
fbem-28214	214	5	error	error	NOUN
fbem-28214	214	6	implies	imply	VERB
fbem-28214	214	7	a	a	DET
fbem-28214	214	8	better	well	ADJ
fbem-28214	214	9	fit	fit	NOUN
fbem-28214	214	10	of	of	ADP
fbem-28214	214	11	the	the	DET
fbem-28214	214	12	model	model	NOUN
fbem-28214	214	13	to	to	ADP
fbem-28214	214	14	the	the	DET
fbem-28214	214	15	data	datum	NOUN
fbem-28214	214	16	.	.	PUNCT
fbem-28214	215	1	the	the	DET
fbem-28214	215	2	multiple	multiple	ADJ
fbem-28214	215	3	rsquared	rsquared	ADJ
fbem-28214	215	4	value	value	NOUN
fbem-28214	215	5	of	of	ADP
fbem-28214	215	6	0.05442	0.05442	NUM
fbem-28214	215	7	and	and	CCONJ
fbem-28214	215	8	the	the	DET
fbem-28214	215	9	adjusted	adjusted	ADJ
fbem-28214	215	10	r	r	NOUN
fbem-28214	215	11	-	-	PUNCT
fbem-28214	215	12	squared	square	VERB
fbem-28214	215	13	value	value	NOUN
fbem-28214	215	14	of	of	ADP
fbem-28214	215	15	0.04597	0.04597	NUM
fbem-28214	215	16	indicate	indicate	VERB
fbem-28214	215	17	that	that	SCONJ
fbem-28214	215	18	the	the	DET
fbem-28214	215	19	model	model	NOUN
fbem-28214	215	20	accounts	account	VERB
fbem-28214	215	21	for	for	ADP
fbem-28214	215	22	approximately	approximately	ADV
fbem-28214	215	23	17	17	NUM
fbem-28214	215	24	5.44	5.44	NUM
fbem-28214	215	25	%	%	NOUN
fbem-28214	215	26	of	of	ADP
fbem-28214	215	27	the	the	DET
fbem-28214	215	28	variance	variance	NOUN
fbem-28214	215	29	in	in	ADP
fbem-28214	215	30	investment	investment	NOUN
fbem-28214	215	31	risk	risk	NOUN
fbem-28214	215	32	.	.	PUNCT
fbem-28214	216	1	although	although	SCONJ
fbem-28214	216	2	this	this	DET
fbem-28214	216	3	value	value	NOUN
fbem-28214	216	4	is	be	AUX
fbem-28214	216	5	relatively	relatively	ADV
fbem-28214	216	6	low	low	ADJ
fbem-28214	216	7	,	,	PUNCT
fbem-28214	216	8	it	it	PRON
fbem-28214	216	9	is	be	AUX
fbem-28214	216	10	typical	typical	ADJ
fbem-28214	216	11	in	in	ADP
fbem-28214	216	12	financial	financial	ADJ
fbem-28214	216	13	modeling	modeling	NOUN
fbem-28214	216	14	due	due	ADP
fbem-28214	216	15	to	to	ADP
fbem-28214	216	16	the	the	DET
fbem-28214	216	17	numerous	numerous	ADJ
fbem-28214	216	18	external	external	ADJ
fbem-28214	216	19	factors	factor	NOUN
fbem-28214	216	20	influencing	influence	VERB
fbem-28214	216	21	the	the	DET
fbem-28214	216	22	outcome	outcome	NOUN
fbem-28214	216	23	variable	variable	NOUN
fbem-28214	216	24	.	.	PUNCT
fbem-28214	217	1	the	the	DET
fbem-28214	217	2	significance	significance	NOUN
fbem-28214	217	3	of	of	ADP
fbem-28214	217	4	the	the	DET
fbem-28214	217	5	f	f	NOUN
fbem-28214	217	6	-	-	PUNCT
fbem-28214	217	7	statistic	statistic	NOUN
fbem-28214	217	8	confirms	confirm	VERB
fbem-28214	217	9	that	that	SCONJ
fbem-28214	217	10	the	the	DET
fbem-28214	217	11	overall	overall	ADJ
fbem-28214	217	12	model	model	NOUN
fbem-28214	217	13	is	be	AUX
fbem-28214	217	14	statistically	statistically	ADV
fbem-28214	217	15	significant	significant	ADJ
fbem-28214	217	16	and	and	CCONJ
fbem-28214	217	17	that	that	SCONJ
fbem-28214	217	18	the	the	DET
fbem-28214	217	19	predictors	predictor	NOUN
fbem-28214	217	20	collectively	collectively	ADV
fbem-28214	217	21	explain	explain	VERB
fbem-28214	217	22	a	a	DET
fbem-28214	217	23	portion	portion	NOUN
fbem-28214	217	24	of	of	ADP
fbem-28214	217	25	the	the	DET
fbem-28214	217	26	variance	variance	NOUN
fbem-28214	217	27	in	in	ADP
fbem-28214	217	28	beta	beta	NOUN
fbem-28214	217	29	.	.	PUNCT
fbem-28214	218	1	(	(	PUNCT
fbem-28214	218	2	4	4	X
fbem-28214	218	3	)	)	PUNCT
fbem-28214	218	4	multicollinearity	multicollinearity	NOUN
fbem-28214	218	5	the	the	DET
fbem-28214	218	6	note	note	NOUN
fbem-28214	218	7	regarding	regard	VERB
fbem-28214	218	8	multicollinearity	multicollinearity	NOUN
fbem-28214	218	9	between	between	ADP
fbem-28214	218	10	the	the	DET
fbem-28214	218	11	moderating	moderate	VERB
fbem-28214	218	12	variable	variable	NOUN
fbem-28214	218	13	(	(	PUNCT
fbem-28214	218	14	esg	esg	PROPN
fbem-28214	218	15	)	)	PUNCT
fbem-28214	218	16	and	and	CCONJ
fbem-28214	218	17	the	the	DET
fbem-28214	218	18	independent	independent	ADJ
fbem-28214	218	19	variable	variable	NOUN
fbem-28214	218	20	(	(	PUNCT
fbem-28214	218	21	inno	inno	PROPN
fbem-28214	218	22	)	)	PUNCT
fbem-28214	218	23	suggests	suggest	VERB
fbem-28214	218	24	potential	potential	ADJ
fbem-28214	218	25	issues	issue	NOUN
fbem-28214	218	26	with	with	ADP
fbem-28214	218	27	the	the	DET
fbem-28214	218	28	interaction	interaction	NOUN
fbem-28214	218	29	term	term	NOUN
fbem-28214	218	30	.	.	PUNCT
fbem-28214	219	1	multicollinearity	multicollinearity	NOUN
fbem-28214	219	2	can	can	AUX
fbem-28214	219	3	inflate	inflate	VERB
fbem-28214	219	4	the	the	DET
fbem-28214	219	5	standard	standard	ADJ
fbem-28214	219	6	errors	error	NOUN
fbem-28214	219	7	of	of	ADP
fbem-28214	219	8	the	the	DET
fbem-28214	219	9	coefficients	coefficient	NOUN
fbem-28214	219	10	,	,	PUNCT
fbem-28214	219	11	making	make	VERB
fbem-28214	219	12	it	it	PRON
fbem-28214	219	13	harder	hard	ADJ
fbem-28214	219	14	to	to	PART
fbem-28214	219	15	detect	detect	VERB
fbem-28214	219	16	significant	significant	ADJ
fbem-28214	219	17	effects	effect	NOUN
fbem-28214	219	18	.	.	PUNCT
fbem-28214	220	1	nevertheless	nevertheless	ADV
fbem-28214	220	2	,	,	PUNCT
fbem-28214	220	3	the	the	DET
fbem-28214	220	4	significance	significance	NOUN
fbem-28214	220	5	levels	level	NOUN
fbem-28214	220	6	of	of	ADP
fbem-28214	220	7	the	the	DET
fbem-28214	220	8	key	key	ADJ
fbem-28214	220	9	variables	variable	NOUN
fbem-28214	220	10	indicate	indicate	VERB
fbem-28214	220	11	that	that	SCONJ
fbem-28214	220	12	the	the	DET
fbem-28214	220	13	model	model	NOUN
fbem-28214	220	14	still	still	ADV
fbem-28214	220	15	provides	provide	VERB
fbem-28214	220	16	meaningful	meaningful	ADJ
fbem-28214	220	17	insights	insight	NOUN
fbem-28214	220	18	despite	despite	SCONJ
fbem-28214	220	19	this	this	DET
fbem-28214	220	20	potential	potential	ADJ
fbem-28214	220	21	issue	issue	NOUN
fbem-28214	220	22	.	.	PUNCT
fbem-28214	221	1	5	5	X
fbem-28214	221	2	.	.	X
fbem-28214	221	3	discussion	discussion	NOUN
fbem-28214	221	4	and	and	CCONJ
fbem-28214	221	5	recommendation	recommendation	NOUN
fbem-28214	221	6	5.1	5.1	NUM
fbem-28214	221	7	.	.	PUNCT
fbem-28214	222	1	contributions	contribution	NOUN
fbem-28214	222	2	according	accord	VERB
fbem-28214	222	3	to	to	ADP
fbem-28214	222	4	the	the	DET
fbem-28214	222	5	previous	previous	ADJ
fbem-28214	222	6	analysis	analysis	NOUN
fbem-28214	222	7	,	,	PUNCT
fbem-28214	222	8	this	this	DET
fbem-28214	222	9	research	research	NOUN
fbem-28214	222	10	report	report	NOUN
fbem-28214	222	11	can	can	AUX
fbem-28214	222	12	contribute	contribute	VERB
fbem-28214	222	13	a	a	DET
fbem-28214	222	14	lot	lot	NOUN
fbem-28214	222	15	for	for	ADP
fbem-28214	222	16	both	both	PRON
fbem-28214	222	17	company	company	NOUN
fbem-28214	222	18	directors	director	NOUN
fbem-28214	222	19	and	and	CCONJ
fbem-28214	222	20	policy	policy	NOUN
fbem-28214	222	21	makers	maker	NOUN
fbem-28214	222	22	.	.	PUNCT
fbem-28214	223	1	first	first	ADV
fbem-28214	223	2	of	of	ADP
fbem-28214	223	3	all	all	PRON
fbem-28214	223	4	,	,	PUNCT
fbem-28214	223	5	it	it	PRON
fbem-28214	223	6	gives	give	VERB
fbem-28214	223	7	an	an	DET
fbem-28214	223	8	insight	insight	NOUN
fbem-28214	223	9	into	into	ADP
fbem-28214	223	10	the	the	DET
fbem-28214	223	11	impact	impact	NOUN
fbem-28214	223	12	of	of	ADP
fbem-28214	223	13	innovation	innovation	NOUN
fbem-28214	223	14	strategies	strategy	NOUN
fbem-28214	223	15	on	on	ADP
fbem-28214	223	16	investment	investment	NOUN
fbem-28214	223	17	risk	risk	NOUN
fbem-28214	223	18	.	.	PUNCT
fbem-28214	224	1	the	the	DET
fbem-28214	224	2	study	study	NOUN
fbem-28214	224	3	demonstrates	demonstrate	VERB
fbem-28214	224	4	that	that	SCONJ
fbem-28214	224	5	increased	increase	VERB
fbem-28214	224	6	r&d	r&d	NOUN
fbem-28214	224	7	investment	investment	NOUN
fbem-28214	224	8	is	be	AUX
fbem-28214	224	9	associated	associate	VERB
fbem-28214	224	10	with	with	ADP
fbem-28214	224	11	higher	high	ADJ
fbem-28214	224	12	investment	investment	NOUN
fbem-28214	224	13	risk	risk	NOUN
fbem-28214	224	14	,	,	PUNCT
fbem-28214	224	15	which	which	PRON
fbem-28214	224	16	is	be	AUX
fbem-28214	224	17	significant	significant	ADJ
fbem-28214	224	18	as	as	SCONJ
fbem-28214	224	19	it	it	PRON
fbem-28214	224	20	provides	provide	VERB
fbem-28214	224	21	empirical	empirical	ADJ
fbem-28214	224	22	evidence	evidence	NOUN
fbem-28214	224	23	to	to	PART
fbem-28214	224	24	support	support	VERB
fbem-28214	224	25	the	the	DET
fbem-28214	224	26	commonly	commonly	ADV
fbem-28214	224	27	held	hold	VERB
fbem-28214	224	28	belief	belief	NOUN
fbem-28214	224	29	that	that	SCONJ
fbem-28214	224	30	while	while	SCONJ
fbem-28214	224	31	innovation	innovation	NOUN
fbem-28214	224	32	drives	drive	VERB
fbem-28214	224	33	growth	growth	NOUN
fbem-28214	224	34	and	and	CCONJ
fbem-28214	224	35	competitiveness	competitiveness	NOUN
fbem-28214	224	36	,	,	PUNCT
fbem-28214	224	37	it	it	PRON
fbem-28214	224	38	also	also	ADV
fbem-28214	224	39	introduces	introduce	VERB
fbem-28214	224	40	greater	great	ADJ
fbem-28214	224	41	uncertainty	uncertainty	NOUN
fbem-28214	224	42	and	and	CCONJ
fbem-28214	224	43	potential	potential	ADJ
fbem-28214	224	44	volatility	volatility	NOUN
fbem-28214	224	45	.	.	PUNCT
fbem-28214	225	1	more	more	ADV
fbem-28214	225	2	importantly	importantly	ADV
fbem-28214	225	3	,	,	PUNCT
fbem-28214	225	4	it	it	PRON
fbem-28214	225	5	offers	offer	VERB
fbem-28214	225	6	implications	implication	NOUN
fbem-28214	225	7	for	for	ADP
fbem-28214	225	8	companies	company	NOUN
fbem-28214	225	9	in	in	ADP
fbem-28214	225	10	risk	risk	NOUN
fbem-28214	225	11	management	management	NOUN
fbem-28214	225	12	and	and	CCONJ
fbem-28214	225	13	strategic	strategic	ADJ
fbem-28214	225	14	planning	planning	NOUN
fbem-28214	225	15	.	.	PUNCT
fbem-28214	226	1	the	the	DET
fbem-28214	226	2	findings	finding	NOUN
fbem-28214	226	3	suggest	suggest	VERB
fbem-28214	226	4	that	that	SCONJ
fbem-28214	226	5	firms	firm	NOUN
fbem-28214	226	6	need	need	VERB
fbem-28214	226	7	to	to	PART
fbem-28214	226	8	balance	balance	VERB
fbem-28214	226	9	their	their	PRON
fbem-28214	226	10	innovation	innovation	NOUN
fbem-28214	226	11	efforts	effort	NOUN
fbem-28214	226	12	with	with	ADP
fbem-28214	226	13	robust	robust	ADJ
fbem-28214	226	14	risk	risk	NOUN
fbem-28214	226	15	management	management	NOUN
fbem-28214	226	16	practices	practice	NOUN
fbem-28214	226	17	.	.	PUNCT
fbem-28214	227	1	the	the	DET
fbem-28214	227	2	identification	identification	NOUN
fbem-28214	227	3	of	of	ADP
fbem-28214	227	4	firm	firm	ADJ
fbem-28214	227	5	size	size	NOUN
fbem-28214	227	6	as	as	ADP
fbem-28214	227	7	a	a	DET
fbem-28214	227	8	significant	significant	ADJ
fbem-28214	227	9	factor	factor	NOUN
fbem-28214	227	10	in	in	ADP
fbem-28214	227	11	reducing	reduce	VERB
fbem-28214	227	12	investment	investment	NOUN
fbem-28214	227	13	risk	risk	NOUN
fbem-28214	227	14	highlights	highlight	VERB
fbem-28214	227	15	the	the	DET
fbem-28214	227	16	benefits	benefit	NOUN
fbem-28214	227	17	of	of	ADP
fbem-28214	227	18	diversification	diversification	NOUN
fbem-28214	227	19	and	and	CCONJ
fbem-28214	227	20	stable	stable	ADJ
fbem-28214	227	21	revenue	revenue	NOUN
fbem-28214	227	22	streams	stream	NOUN
fbem-28214	227	23	.	.	PUNCT
fbem-28214	228	1	companies	company	NOUN
fbem-28214	228	2	can	can	AUX
fbem-28214	228	3	use	use	VERB
fbem-28214	228	4	these	these	DET
fbem-28214	228	5	insights	insight	NOUN
fbem-28214	228	6	to	to	PART
fbem-28214	228	7	develop	develop	VERB
fbem-28214	228	8	more	more	ADV
fbem-28214	228	9	effective	effective	ADJ
fbem-28214	228	10	strategies	strategy	NOUN
fbem-28214	228	11	that	that	PRON
fbem-28214	228	12	balance	balance	VERB
fbem-28214	228	13	growth	growth	NOUN
fbem-28214	228	14	and	and	CCONJ
fbem-28214	228	15	risk	risk	NOUN
fbem-28214	228	16	.	.	PUNCT
fbem-28214	229	1	lastly	lastly	ADV
fbem-28214	229	2	,	,	PUNCT
fbem-28214	229	3	for	for	ADP
fbem-28214	229	4	the	the	DET
fbem-28214	229	5	policy	policy	NOUN
fbem-28214	229	6	makers	maker	NOUN
fbem-28214	229	7	,	,	PUNCT
fbem-28214	229	8	the	the	DET
fbem-28214	229	9	research	research	NOUN
fbem-28214	229	10	provides	provide	VERB
fbem-28214	229	11	evidence	evidence	NOUN
fbem-28214	229	12	-	-	PUNCT
fbem-28214	229	13	based	base	VERB
fbem-28214	229	14	recommendations	recommendation	NOUN
fbem-28214	229	15	for	for	SCONJ
fbem-28214	229	16	policymakers	policymaker	NOUN
fbem-28214	229	17	to	to	PART
fbem-28214	229	18	promote	promote	VERB
fbem-28214	229	19	esg	esg	NOUN
fbem-28214	229	20	disclosures	disclosure	NOUN
fbem-28214	229	21	and	and	CCONJ
fbem-28214	229	22	support	support	VERB
fbem-28214	229	23	sustainable	sustainable	ADJ
fbem-28214	229	24	business	business	NOUN
fbem-28214	229	25	practice	practice	NOUN
fbem-28214	229	26	,	,	PUNCT
fbem-28214	229	27	encouraging	encourage	VERB
fbem-28214	229	28	companies	company	NOUN
fbem-28214	229	29	to	to	PART
fbem-28214	229	30	adopt	adopt	VERB
fbem-28214	229	31	and	and	CCONJ
fbem-28214	229	32	report	report	VERB
fbem-28214	229	33	on	on	ADP
fbem-28214	229	34	esg	esg	PROPN
fbem-28214	229	35	practices	practice	NOUN
fbem-28214	229	36	can	can	AUX
fbem-28214	229	37	help	help	VERB
fbem-28214	229	38	them	they	PRON
fbem-28214	229	39	manage	manage	VERB
fbem-28214	229	40	the	the	DET
fbem-28214	229	41	risks	risk	NOUN
fbem-28214	229	42	associated	associate	VERB
fbem-28214	229	43	with	with	ADP
fbem-28214	229	44	innovation	innovation	NOUN
fbem-28214	229	45	more	more	ADV
fbem-28214	229	46	effectively	effectively	ADV
fbem-28214	229	47	,	,	PUNCT
fbem-28214	229	48	contributing	contribute	VERB
fbem-28214	229	49	to	to	ADP
fbem-28214	229	50	overall	overall	ADJ
fbem-28214	229	51	market	market	NOUN
fbem-28214	229	52	stability	stability	NOUN
fbem-28214	229	53	.	.	PUNCT
fbem-28214	230	1	5.2	5.2	X
fbem-28214	230	2	.	.	PUNCT
fbem-28214	230	3	recommendation	recommendation	NOUN
fbem-28214	230	4	based	base	VERB
fbem-28214	230	5	on	on	ADP
fbem-28214	230	6	the	the	DET
fbem-28214	230	7	findings	finding	NOUN
fbem-28214	230	8	from	from	ADP
fbem-28214	230	9	the	the	DET
fbem-28214	230	10	empirical	empirical	ADJ
fbem-28214	230	11	analysis	analysis	NOUN
fbem-28214	230	12	,	,	PUNCT
fbem-28214	230	13	the	the	DET
fbem-28214	230	14	following	follow	VERB
fbem-28214	230	15	recommendations	recommendation	NOUN
fbem-28214	230	16	can	can	AUX
fbem-28214	230	17	be	be	AUX
fbem-28214	230	18	proposed	propose	VERB
fbem-28214	230	19	for	for	ADP
fbem-28214	230	20	both	both	PRON
fbem-28214	230	21	companies	company	NOUN
fbem-28214	230	22	and	and	CCONJ
fbem-28214	230	23	policy	policy	NOUN
fbem-28214	230	24	makers	maker	NOUN
fbem-28214	230	25	.	.	PUNCT
fbem-28214	231	1	(	(	PUNCT
fbem-28214	231	2	1	1	X
fbem-28214	231	3	)	)	PUNCT
fbem-28214	231	4	enhance	enhance	VERB
fbem-28214	231	5	r&d	r&d	NOUN
fbem-28214	231	6	investments	investment	NOUN
fbem-28214	231	7	with	with	ADP
fbem-28214	231	8	caution	caution	NOUN
fbem-28214	231	9	while	while	SCONJ
fbem-28214	231	10	increasing	increase	VERB
fbem-28214	231	11	r&d	r&d	NOUN
fbem-28214	231	12	investments	investment	NOUN
fbem-28214	231	13	is	be	AUX
fbem-28214	231	14	crucial	crucial	ADJ
fbem-28214	231	15	for	for	ADP
fbem-28214	231	16	innovation	innovation	NOUN
fbem-28214	231	17	and	and	CCONJ
fbem-28214	231	18	long	long	ADJ
fbem-28214	231	19	-	-	PUNCT
fbem-28214	231	20	term	term	NOUN
fbem-28214	231	21	growth	growth	NOUN
fbem-28214	231	22	,	,	PUNCT
fbem-28214	231	23	companies	company	NOUN
fbem-28214	231	24	should	should	AUX
fbem-28214	231	25	be	be	AUX
fbem-28214	231	26	aware	aware	ADJ
fbem-28214	231	27	of	of	ADP
fbem-28214	231	28	the	the	DET
fbem-28214	231	29	associated	associate	VERB
fbem-28214	231	30	higher	high	ADJ
fbem-28214	231	31	investment	investment	NOUN
fbem-28214	231	32	risk	risk	NOUN
fbem-28214	231	33	.	.	PUNCT
fbem-28214	232	1	implementing	implement	VERB
fbem-28214	232	2	robust	robust	ADJ
fbem-28214	232	3	risk	risk	NOUN
fbem-28214	232	4	management	management	NOUN
fbem-28214	232	5	strategies	strategy	NOUN
fbem-28214	232	6	to	to	PART
fbem-28214	232	7	mitigate	mitigate	VERB
fbem-28214	232	8	these	these	DET
fbem-28214	232	9	risks	risk	NOUN
fbem-28214	232	10	is	be	AUX
fbem-28214	232	11	essential	essential	ADJ
fbem-28214	232	12	.	.	PUNCT
fbem-28214	233	1	(	(	PUNCT
fbem-28214	233	2	2	2	X
fbem-28214	233	3	)	)	PUNCT
fbem-28214	233	4	integrate	integrate	VERB
fbem-28214	233	5	esg	esg	PROPN
fbem-28214	233	6	practices	practice	NOUN
fbem-28214	233	7	companies	company	NOUN
fbem-28214	233	8	should	should	AUX
fbem-28214	233	9	integrate	integrate	VERB
fbem-28214	233	10	strong	strong	ADJ
fbem-28214	233	11	esg	esg	NOUN
fbem-28214	233	12	practices	practice	NOUN
fbem-28214	233	13	into	into	ADP
fbem-28214	233	14	their	their	PRON
fbem-28214	233	15	operations	operation	NOUN
fbem-28214	233	16	.	.	PUNCT
fbem-28214	234	1	the	the	DET
fbem-28214	234	2	findings	finding	NOUN
fbem-28214	234	3	suggest	suggest	VERB
fbem-28214	234	4	that	that	SCONJ
fbem-28214	234	5	esg	esg	NOUN
fbem-28214	234	6	practices	practice	NOUN
fbem-28214	234	7	can	can	AUX
fbem-28214	234	8	mitigate	mitigate	VERB
fbem-28214	234	9	the	the	DET
fbem-28214	234	10	additional	additional	ADJ
fbem-28214	234	11	risk	risk	NOUN
fbem-28214	234	12	associated	associate	VERB
fbem-28214	234	13	with	with	ADP
fbem-28214	234	14	high	high	ADJ
fbem-28214	234	15	r&d	r&d	NOUN
fbem-28214	234	16	investments	investment	NOUN
fbem-28214	234	17	.	.	PUNCT
fbem-28214	235	1	by	by	ADP
fbem-28214	235	2	focusing	focus	VERB
fbem-28214	235	3	on	on	ADP
fbem-28214	235	4	sustainable	sustainable	ADJ
fbem-28214	235	5	and	and	CCONJ
fbem-28214	235	6	responsible	responsible	ADJ
fbem-28214	235	7	business	business	NOUN
fbem-28214	235	8	practices	practice	NOUN
fbem-28214	235	9	,	,	PUNCT
fbem-28214	235	10	companies	company	NOUN
fbem-28214	235	11	can	can	AUX
fbem-28214	235	12	reduce	reduce	VERB
fbem-28214	235	13	their	their	PRON
fbem-28214	235	14	overall	overall	ADJ
fbem-28214	235	15	risk	risk	NOUN
fbem-28214	235	16	profile	profile	NOUN
fbem-28214	235	17	and	and	CCONJ
fbem-28214	235	18	attract	attract	VERB
fbem-28214	235	19	more	more	ADV
fbem-28214	235	20	conscientious	conscientious	ADJ
fbem-28214	235	21	investors	investor	NOUN
fbem-28214	235	22	.	.	PUNCT
fbem-28214	236	1	(	(	PUNCT
fbem-28214	236	2	3	3	X
fbem-28214	236	3	)	)	PUNCT
fbem-28214	236	4	leverage	leverage	NOUN
fbem-28214	236	5	and	and	CCONJ
fbem-28214	236	6	financial	financial	ADJ
fbem-28214	236	7	management	management	NOUN
fbem-28214	236	8	maintain	maintain	VERB
fbem-28214	236	9	a	a	DET
fbem-28214	236	10	balanced	balanced	ADJ
fbem-28214	236	11	leverage	leverage	NOUN
fbem-28214	236	12	ratio	ratio	NOUN
fbem-28214	236	13	.	.	PUNCT
fbem-28214	237	1	while	while	SCONJ
fbem-28214	237	2	higher	high	ADJ
fbem-28214	237	3	leverage	leverage	NOUN
fbem-28214	237	4	might	might	AUX
fbem-28214	237	5	imply	imply	VERB
fbem-28214	237	6	disciplined	discipline	VERB
fbem-28214	237	7	financial	financial	ADJ
fbem-28214	237	8	management	management	NOUN
fbem-28214	237	9	practices	practice	NOUN
fbem-28214	237	10	,	,	PUNCT
fbem-28214	237	11	it	it	PRON
fbem-28214	237	12	is	be	AUX
fbem-28214	237	13	essential	essential	ADJ
fbem-28214	237	14	to	to	PART
fbem-28214	237	15	ensure	ensure	VERB
fbem-28214	237	16	that	that	SCONJ
fbem-28214	237	17	leverage	leverage	NOUN
fbem-28214	237	18	levels	level	NOUN
fbem-28214	237	19	are	be	AUX
fbem-28214	237	20	within	within	ADP
fbem-28214	237	21	reasonable	reasonable	ADJ
fbem-28214	237	22	limits	limit	NOUN
fbem-28214	237	23	to	to	PART
fbem-28214	237	24	avoid	avoid	VERB
fbem-28214	237	25	excessive	excessive	ADJ
fbem-28214	237	26	risk	risk	NOUN
fbem-28214	237	27	.	.	PUNCT
fbem-28214	238	1	(	(	PUNCT
fbem-28214	238	2	4	4	X
fbem-28214	238	3	)	)	PUNCT
fbem-28214	238	4	esg	esg	NOUN
fbem-28214	238	5	reporting	reporting	NOUN
fbem-28214	238	6	and	and	CCONJ
fbem-28214	238	7	transparency	transparency	NOUN
fbem-28214	238	8	companies	company	NOUN
fbem-28214	238	9	should	should	AUX
fbem-28214	238	10	improve	improve	VERB
fbem-28214	238	11	their	their	PRON
fbem-28214	238	12	esg	esg	NOUN
fbem-28214	238	13	reporting	reporting	NOUN
fbem-28214	238	14	and	and	CCONJ
fbem-28214	238	15	transparency	transparency	NOUN
fbem-28214	238	16	.	.	PUNCT
fbem-28214	239	1	the	the	DET
fbem-28214	239	2	study	study	NOUN
fbem-28214	239	3	indicates	indicate	VERB
fbem-28214	239	4	that	that	SCONJ
fbem-28214	239	5	firms	firm	NOUN
fbem-28214	239	6	with	with	ADP
fbem-28214	239	7	better	well	ADJ
fbem-28214	239	8	esg	esg	PROPN
fbem-28214	239	9	disclosures	disclosure	NOUN
fbem-28214	239	10	have	have	VERB
fbem-28214	239	11	a	a	DET
fbem-28214	239	12	positive	positive	ADJ
fbem-28214	239	13	impact	impact	NOUN
fbem-28214	239	14	on	on	ADP
fbem-28214	239	15	their	their	PRON
fbem-28214	239	16	risk	risk	NOUN
fbem-28214	239	17	profiles	profile	NOUN
fbem-28214	239	18	.	.	PUNCT
fbem-28214	240	1	transparent	transparent	ADJ
fbem-28214	240	2	esg	esg	PROPN
fbem-28214	240	3	practices	practice	NOUN
fbem-28214	240	4	can	can	AUX
fbem-28214	240	5	enhance	enhance	VERB
fbem-28214	240	6	investor	investor	NOUN
fbem-28214	240	7	confidence	confidence	NOUN
fbem-28214	240	8	and	and	CCONJ
fbem-28214	240	9	potentially	potentially	ADV
fbem-28214	240	10	lower	low	ADJ
fbem-28214	240	11	the	the	DET
fbem-28214	240	12	cost	cost	NOUN
fbem-28214	240	13	of	of	ADP
fbem-28214	240	14	capital	capital	NOUN
fbem-28214	240	15	.	.	PUNCT
fbem-28214	241	1	(	(	PUNCT
fbem-28214	241	2	5	5	X
fbem-28214	241	3	)	)	PUNCT
fbem-28214	241	4	regulatory	regulatory	ADJ
fbem-28214	241	5	support	support	NOUN
fbem-28214	241	6	regulators	regulator	NOUN
fbem-28214	241	7	and	and	CCONJ
fbem-28214	241	8	policymakers	policymaker	NOUN
fbem-28214	241	9	should	should	AUX
fbem-28214	241	10	encourage	encourage	VERB
fbem-28214	241	11	esg	esg	NOUN
fbem-28214	241	12	disclosures	disclosure	NOUN
fbem-28214	241	13	and	and	CCONJ
fbem-28214	241	14	provide	provide	VERB
fbem-28214	241	15	frameworks	framework	NOUN
fbem-28214	241	16	that	that	PRON
fbem-28214	241	17	support	support	VERB
fbem-28214	241	18	sustainable	sustainable	ADJ
fbem-28214	241	19	business	business	NOUN
fbem-28214	241	20	practices	practice	NOUN
fbem-28214	241	21	.	.	PUNCT
fbem-28214	242	1	this	this	PRON
fbem-28214	242	2	can	can	AUX
fbem-28214	242	3	help	help	VERB
fbem-28214	242	4	companies	company	NOUN
fbem-28214	242	5	integrate	integrate	VERB
fbem-28214	242	6	esg	esg	NOUN
fbem-28214	242	7	considerations	consideration	NOUN
fbem-28214	242	8	into	into	ADP
fbem-28214	242	9	their	their	PRON
fbem-28214	242	10	strategies	strategy	NOUN
fbem-28214	242	11	more	more	ADV
fbem-28214	242	12	effectively	effectively	ADV
fbem-28214	242	13	and	and	CCONJ
fbem-28214	242	14	contribute	contribute	VERB
fbem-28214	242	15	to	to	ADP
fbem-28214	242	16	overall	overall	ADJ
fbem-28214	242	17	market	market	NOUN
fbem-28214	242	18	stability	stability	NOUN
fbem-28214	242	19	.	.	PUNCT
fbem-28214	243	1	by	by	ADP
fbem-28214	243	2	adopting	adopt	VERB
fbem-28214	243	3	these	these	DET
fbem-28214	243	4	recommendations	recommendation	NOUN
fbem-28214	243	5	,	,	PUNCT
fbem-28214	243	6	companies	company	NOUN
fbem-28214	243	7	can	can	AUX
fbem-28214	243	8	better	well	ADV
fbem-28214	243	9	manage	manage	VERB
fbem-28214	243	10	the	the	DET
fbem-28214	243	11	risks	risk	NOUN
fbem-28214	243	12	associated	associate	VERB
fbem-28214	243	13	with	with	ADP
fbem-28214	243	14	innovation	innovation	NOUN
fbem-28214	243	15	strategies	strategy	NOUN
fbem-28214	243	16	and	and	CCONJ
fbem-28214	243	17	leverage	leverage	NOUN
fbem-28214	243	18	esg	esg	PROPN
fbem-28214	243	19	practices	practice	NOUN
fbem-28214	243	20	to	to	PART
fbem-28214	243	21	enhance	enhance	VERB
fbem-28214	243	22	their	their	PRON
fbem-28214	243	23	overall	overall	ADJ
fbem-28214	243	24	risk	risk	NOUN
fbem-28214	243	25	profiles	profile	NOUN
fbem-28214	243	26	and	and	CCONJ
fbem-28214	243	27	sustainable	sustainable	ADJ
fbem-28214	243	28	growth	growth	NOUN
fbem-28214	243	29	.	.	PUNCT
fbem-28214	244	1	5.3	5.3	NUM
fbem-28214	244	2	.	.	PUNCT
fbem-28214	244	3	conclusions	conclusion	NOUN
fbem-28214	244	4	based	base	VERB
fbem-28214	244	5	on	on	ADP
fbem-28214	244	6	the	the	DET
fbem-28214	244	7	results	result	NOUN
fbem-28214	244	8	of	of	ADP
fbem-28214	244	9	the	the	DET
fbem-28214	244	10	empirical	empirical	ADJ
fbem-28214	244	11	analysis	analysis	NOUN
fbem-28214	244	12	,	,	PUNCT
fbem-28214	244	13	several	several	ADJ
fbem-28214	244	14	key	key	ADJ
fbem-28214	244	15	conclusions	conclusion	NOUN
fbem-28214	244	16	can	can	AUX
fbem-28214	244	17	be	be	AUX
fbem-28214	244	18	drawn	draw	VERB
fbem-28214	244	19	regarding	regard	VERB
fbem-28214	244	20	the	the	DET
fbem-28214	244	21	impact	impact	NOUN
fbem-28214	244	22	of	of	ADP
fbem-28214	244	23	innovation	innovation	NOUN
fbem-28214	244	24	strategies	strategy	NOUN
fbem-28214	244	25	on	on	ADP
fbem-28214	244	26	investment	investment	NOUN
fbem-28214	244	27	risk	risk	NOUN
fbem-28214	244	28	and	and	CCONJ
fbem-28214	244	29	the	the	DET
fbem-28214	244	30	moderating	moderate	VERB
fbem-28214	244	31	effect	effect	NOUN
fbem-28214	244	32	of	of	ADP
fbem-28214	244	33	esg	esg	PROPN
fbem-28214	244	34	practices	practice	NOUN
fbem-28214	244	35	.	.	PUNCT
fbem-28214	245	1	it	it	PRON
fbem-28214	245	2	is	be	AUX
fbem-28214	245	3	found	find	VERB
fbem-28214	245	4	that	that	SCONJ
fbem-28214	245	5	innovation	innovation	NOUN
fbem-28214	245	6	strategies	strategy	NOUN
fbem-28214	245	7	will	will	AUX
fbem-28214	245	8	increase	increase	VERB
fbem-28214	245	9	the	the	DET
fbem-28214	245	10	risk	risk	NOUN
fbem-28214	245	11	of	of	ADP
fbem-28214	245	12	companies	company	NOUN
fbem-28214	245	13	,	,	PUNCT
fbem-28214	245	14	and	and	CCONJ
fbem-28214	245	15	esg	esg	NOUN
fbem-28214	245	16	is	be	AUX
fbem-28214	245	17	not	not	PART
fbem-28214	245	18	beneficial	beneficial	ADJ
fbem-28214	245	19	to	to	ADP
fbem-28214	245	20	this	this	DET
fbem-28214	245	21	process	process	NOUN
fbem-28214	245	22	.	.	PUNCT
fbem-28214	246	1	the	the	DET
fbem-28214	246	2	research	research	NOUN
fbem-28214	246	3	advances	advance	VERB
fbem-28214	246	4	the	the	DET
fbem-28214	246	5	understanding	understanding	NOUN
fbem-28214	246	6	of	of	ADP
fbem-28214	246	7	how	how	SCONJ
fbem-28214	246	8	innovation	innovation	NOUN
fbem-28214	246	9	strategies	strategy	NOUN
fbem-28214	246	10	and	and	CCONJ
fbem-28214	246	11	esg	esg	NOUN
fbem-28214	246	12	practices	practice	NOUN
fbem-28214	246	13	interact	interact	VERB
fbem-28214	246	14	to	to	PART
fbem-28214	246	15	influence	influence	VERB
fbem-28214	246	16	investment	investment	NOUN
fbem-28214	246	17	risk	risk	NOUN
fbem-28214	246	18	.	.	PUNCT
fbem-28214	247	1	it	it	PRON
fbem-28214	247	2	provides	provide	VERB
fbem-28214	247	3	valuable	valuable	ADJ
fbem-28214	247	4	insights	insight	NOUN
fbem-28214	247	5	for	for	ADP
fbem-28214	247	6	companies	company	NOUN
fbem-28214	247	7	,	,	PUNCT
fbem-28214	247	8	investors	investor	NOUN
fbem-28214	247	9	,	,	PUNCT
fbem-28214	247	10	and	and	CCONJ
fbem-28214	247	11	policymakers	policymaker	NOUN
fbem-28214	247	12	on	on	ADP
fbem-28214	247	13	managing	manage	VERB
fbem-28214	247	14	and	and	CCONJ
fbem-28214	247	15	mitigating	mitigate	VERB
fbem-28214	247	16	risks	risk	NOUN
fbem-28214	247	17	associated	associate	VERB
fbem-28214	247	18	with	with	ADP
fbem-28214	247	19	innovation	innovation	NOUN
fbem-28214	247	20	,	,	PUNCT
fbem-28214	247	21	ultimately	ultimately	ADV
fbem-28214	247	22	contributing	contribute	VERB
fbem-28214	247	23	to	to	ADP
fbem-28214	247	24	more	more	ADV
fbem-28214	247	25	sustainable	sustainable	ADJ
fbem-28214	247	26	and	and	CCONJ
fbem-28214	247	27	resilient	resilient	ADJ
fbem-28214	247	28	business	business	NOUN
fbem-28214	247	29	practices	practice	NOUN
fbem-28214	247	30	.	.	PUNCT
fbem-28214	248	1	references	reference	NOUN
fbem-28214	248	2	[	[	X
fbem-28214	248	3	1	1	NUM
fbem-28214	248	4	]	]	X
fbem-28214	248	5	nanda	nanda	NOUN
fbem-28214	248	6	,	,	PUNCT
fbem-28214	248	7	r.	r.	PROPN
fbem-28214	248	8	,	,	PUNCT
fbem-28214	248	9	&	&	CCONJ
fbem-28214	248	10	rhodes	rhodes	PROPN
fbem-28214	248	11	-	-	PUNCT
fbem-28214	248	12	kropf	kropf	PROPN
fbem-28214	248	13	,	,	PUNCT
fbem-28214	248	14	m.	m.	NOUN
fbem-28214	248	15	(	(	PUNCT
fbem-28214	248	16	2017	2017	NUM
fbem-28214	248	17	)	)	PUNCT
fbem-28214	248	18	.	.	PUNCT
fbem-28214	249	1	financing	finance	VERB
fbem-28214	249	2	risk	risk	NOUN
fbem-28214	249	3	and	and	CCONJ
fbem-28214	249	4	innovation	innovation	NOUN
fbem-28214	249	5	.	.	PUNCT
fbem-28214	250	1	management	management	NOUN
fbem-28214	250	2	science	science	NOUN
fbem-28214	250	3	,	,	PUNCT
fbem-28214	250	4	63(4	63(4	NOUN
fbem-28214	250	5	)	)	PUNCT
fbem-28214	250	6	,	,	PUNCT
fbem-28214	250	7	901	901	NUM
fbem-28214	250	8	-	-	SYM
fbem-28214	250	9	918	918	NUM
fbem-28214	250	10	.	.	PUNCT
fbem-28214	251	1	[	[	X
fbem-28214	251	2	2	2	NUM
fbem-28214	251	3	]	]	X
fbem-28214	251	4	medina	medina	PROPN
fbem-28214	251	5	,	,	PUNCT
fbem-28214	251	6	c.	c.	PROPN
fbem-28214	251	7	c.	c.	PROPN
fbem-28214	251	8	,	,	PUNCT
fbem-28214	251	9	lavado	lavado	PROPN
fbem-28214	251	10	,	,	PUNCT
fbem-28214	251	11	a.	a.	PROPN
fbem-28214	251	12	c.	c.	PROPN
fbem-28214	251	13	,	,	PUNCT
fbem-28214	251	14	&	&	CCONJ
fbem-28214	251	15	cabrera	cabrera	PROPN
fbem-28214	251	16	,	,	PUNCT
fbem-28214	251	17	r.	r.	PROPN
fbem-28214	251	18	v.	v.	PROPN
fbem-28214	251	19	(	(	PUNCT
fbem-28214	251	20	2005	2005	NUM
fbem-28214	251	21	)	)	PUNCT
fbem-28214	251	22	.	.	PUNCT
fbem-28214	252	1	characteristics	characteristic	NOUN
fbem-28214	252	2	of	of	ADP
fbem-28214	252	3	innovative	innovative	ADJ
fbem-28214	252	4	companies	company	NOUN
fbem-28214	252	5	:	:	PUNCT
fbem-28214	252	6	a	a	DET
fbem-28214	252	7	case	case	NOUN
fbem-28214	252	8	study	study	NOUN
fbem-28214	252	9	of	of	ADP
fbem-28214	252	10	companies	company	NOUN
fbem-28214	252	11	in	in	ADP
fbem-28214	252	12	different	different	ADJ
fbem-28214	252	13	sectors	sector	NOUN
fbem-28214	252	14	.	.	PUNCT
fbem-28214	253	1	creativity	creativity	NOUN
fbem-28214	253	2	and	and	CCONJ
fbem-28214	253	3	innovation	innovation	NOUN
fbem-28214	253	4	management	management	NOUN
fbem-28214	253	5	,	,	PUNCT
fbem-28214	253	6	14(3	14(3	NUM
fbem-28214	253	7	)	)	PUNCT
fbem-28214	253	8	,	,	PUNCT
fbem-28214	253	9	272	272	NUM
fbem-28214	253	10	-	-	SYM
fbem-28214	253	11	287	287	NUM
fbem-28214	253	12	.	.	PUNCT
fbem-28214	254	1	[	[	X
fbem-28214	254	2	3	3	NUM
fbem-28214	254	3	]	]	X
fbem-28214	254	4	cooper	cooper	PROPN
fbem-28214	254	5	,	,	PUNCT
fbem-28214	254	6	i.	i.	PROPN
fbem-28214	254	7	,	,	PUNCT
fbem-28214	254	8	&	&	CCONJ
fbem-28214	254	9	priestley	priestley	PROPN
fbem-28214	254	10	,	,	PUNCT
fbem-28214	254	11	r.	r.	PROPN
fbem-28214	254	12	(	(	PUNCT
fbem-28214	254	13	2009	2009	NUM
fbem-28214	254	14	)	)	PUNCT
fbem-28214	254	15	.	.	PUNCT
fbem-28214	255	1	real	real	ADJ
fbem-28214	255	2	investment	investment	NOUN
fbem-28214	255	3	,	,	PUNCT
fbem-28214	255	4	risk	risk	NOUN
fbem-28214	255	5	and	and	CCONJ
fbem-28214	255	6	risk	risk	NOUN
fbem-28214	255	7	dynamics	dynamic	NOUN
fbem-28214	255	8	.	.	PUNCT
fbem-28214	256	1	ssrn	ssrn	PROPN
fbem-28214	256	2	electronic	electronic	ADJ
fbem-28214	256	3	journal	journal	PROPN
fbem-28214	256	4	.	.	PUNCT
fbem-28214	257	1	https://doi.org/10.2139/ssrn.1343550	https://doi.org/10.2139/ssrn.1343550	NOUN
fbem-28214	258	1	[	[	X
fbem-28214	258	2	4	4	NUM
fbem-28214	258	3	]	]	X
fbem-28214	258	4	sgurev	sgurev	X
fbem-28214	258	5	,	,	PUNCT
fbem-28214	258	6	v.	v.	PROPN
fbem-28214	258	7	(	(	PUNCT
fbem-28214	258	8	2015	2015	NUM
fbem-28214	258	9	)	)	PUNCT
fbem-28214	258	10	.	.	PUNCT
fbem-28214	259	1	optimal	optimal	ADJ
fbem-28214	259	2	control	control	NOUN
fbem-28214	259	3	of	of	ADP
fbem-28214	259	4	technological	technological	ADJ
fbem-28214	259	5	innovations	innovation	NOUN
fbem-28214	259	6	in	in	ADP
fbem-28214	259	7	post	post	ADJ
fbem-28214	259	8	-	-	ADJ
fbem-28214	259	9	conflict	conflict	ADJ
fbem-28214	259	10	regions	region	NOUN
fbem-28214	259	11	by	by	ADP
fbem-28214	259	12	minimization	minimization	NOUN
fbem-28214	259	13	of	of	ADP
fbem-28214	259	14	admissible	admissible	ADJ
fbem-28214	259	15	network	network	NOUN
fbem-28214	259	16	investments	investment	NOUN
fbem-28214	259	17	and	and	CCONJ
fbem-28214	259	18	risks	risk	NOUN
fbem-28214	259	19	.	.	PUNCT
fbem-28214	260	1	ifacpapersonline	ifacpapersonline	PROPN
fbem-28214	260	2	,	,	PUNCT
fbem-28214	260	3	48(24	48(24	NUM
fbem-28214	260	4	)	)	PUNCT
fbem-28214	260	5	,	,	PUNCT
fbem-28214	260	6	49–53	49–53	NUM
fbem-28214	260	7	.	.	PUNCT
fbem-28214	261	1	https://doi.org/10.1016/j.ifacol.2015.12.055	https://doi.org/10.1016/j.ifacol.2015.12.055	VERB
fbem-28214	261	2	[	[	X
fbem-28214	261	3	5	5	NUM
fbem-28214	261	4	]	]	SYM
fbem-28214	261	5	afuah	afuah	NOUN
fbem-28214	261	6	,	,	PUNCT
fbem-28214	261	7	a.	a.	NOUN
fbem-28214	261	8	(	(	PUNCT
fbem-28214	261	9	2003	2003	NUM
fbem-28214	261	10	)	)	PUNCT
fbem-28214	261	11	,	,	PUNCT
fbem-28214	261	12	innovation	innovation	NOUN
fbem-28214	261	13	management	management	NOUN
fbem-28214	261	14	:	:	PUNCT
fbem-28214	261	15	strategies	strategy	NOUN
fbem-28214	261	16	,	,	PUNCT
fbem-28214	261	17	implementation	implementation	NOUN
fbem-28214	261	18	,	,	PUNCT
fbem-28214	261	19	and	and	CCONJ
fbem-28214	261	20	profits	profit	NOUN
fbem-28214	261	21	,	,	PUNCT
fbem-28214	261	22	2nd	2nd	ADJ
fbem-28214	261	23	ed	ed	NOUN
fbem-28214	261	24	.	.	PROPN
fbem-28214	261	25	,	,	PUNCT
fbem-28214	261	26	oxford	oxford	PROPN
fbem-28214	261	27	university	university	PROPN
fbem-28214	261	28	press	press	NOUN
fbem-28214	261	29	,	,	PUNCT
fbem-28214	261	30	new	new	PROPN
fbem-28214	261	31	york	york	PROPN
fbem-28214	261	32	,	,	PUNCT
fbem-28214	261	33	ny	ny	PROPN
fbem-28214	261	34	.	.	PUNCT
fbem-28214	262	1	[	[	X
fbem-28214	262	2	6	6	NUM
fbem-28214	262	3	]	]	PUNCT
fbem-28214	262	4	friede	friede	NOUN
fbem-28214	262	5	,	,	PUNCT
fbem-28214	262	6	g.	g.	PROPN
fbem-28214	262	7	,	,	PUNCT
fbem-28214	262	8	t.	t.	PROPN
fbem-28214	262	9	busch	busch	PROPN
fbem-28214	262	10	,	,	PUNCT
fbem-28214	262	11	and	and	CCONJ
fbem-28214	262	12	a.	a.	PROPN
fbem-28214	262	13	bassen	bassen	PROPN
fbem-28214	262	14	.	.	PUNCT
fbem-28214	263	1	2015	2015	NUM
fbem-28214	263	2	.	.	PUNCT
fbem-28214	264	1	esg	esg	NOUN
fbem-28214	264	2	and	and	CCONJ
fbem-28214	264	3	financial	financial	ADJ
fbem-28214	264	4	performance	performance	NOUN
fbem-28214	264	5	:	:	PUNCT
fbem-28214	264	6	aggregated	aggregate	VERB
fbem-28214	264	7	evidence	evidence	NOUN
fbem-28214	264	8	from	from	ADP
fbem-28214	264	9	more	more	ADJ
fbem-28214	264	10	than	than	ADP
fbem-28214	264	11	2000	2000	NUM
fbem-28214	264	12	empirical	empirical	ADJ
fbem-28214	264	13	studies	study	NOUN
fbem-28214	264	14	.	.	PUNCT
fbem-28214	265	1	journal	journal	NOUN
fbem-28214	265	2	of	of	ADP
fbem-28214	265	3	sustainable	sustainable	ADJ
fbem-28214	265	4	finance	finance	NOUN
fbem-28214	265	5	&	&	CCONJ
fbem-28214	265	6	investment	investment	NOUN
fbem-28214	265	7	5	5	NUM
fbem-28214	265	8	(	(	PUNCT
fbem-28214	265	9	4	4	NUM
fbem-28214	265	10	):	):	SYM
fbem-28214	265	11	210	210	NUM
fbem-28214	265	12	–	–	PUNCT
fbem-28214	265	13	233	233	NUM
fbem-28214	265	14	.	.	PUNCT
fbem-28214	266	1	https://doi.org/10.1080/20430795.2015.1118917	https://doi.org/10.1080/20430795.2015.1118917	PROPN
fbem-28214	266	2	.	.	PUNCT
fbem-28214	267	1	[	[	X
fbem-28214	267	2	7	7	NUM
fbem-28214	267	3	]	]	SYM
fbem-28214	267	4	fatemi	fatemi	PROPN
fbem-28214	267	5	,	,	PUNCT
fbem-28214	267	6	a.	a.	NOUN
fbem-28214	267	7	,	,	PUNCT
fbem-28214	267	8	glaum	glaum	NOUN
fbem-28214	267	9	,	,	PUNCT
fbem-28214	267	10	m.	m.	NOUN
fbem-28214	267	11	,	,	PUNCT
fbem-28214	267	12	&	&	CCONJ
fbem-28214	267	13	kaiser	kaiser	PROPN
fbem-28214	267	14	,	,	PUNCT
fbem-28214	267	15	s.	s.	PROPN
fbem-28214	267	16	(	(	PUNCT
fbem-28214	267	17	2018	2018	NUM
fbem-28214	267	18	)	)	PUNCT
fbem-28214	267	19	.	.	PUNCT
fbem-28214	268	1	esg	esg	NOUN
fbem-28214	268	2	performance	performance	NOUN
fbem-28214	268	3	and	and	CCONJ
fbem-28214	268	4	firm	firm	ADJ
fbem-28214	268	5	value	value	NOUN
fbem-28214	268	6	:	:	PUNCT
fbem-28214	268	7	the	the	DET
fbem-28214	268	8	moderating	moderate	VERB
fbem-28214	268	9	role	role	NOUN
fbem-28214	268	10	of	of	ADP
fbem-28214	268	11	disclosure	disclosure	NOUN
fbem-28214	268	12	.	.	PUNCT
fbem-28214	269	1	global	global	ADJ
fbem-28214	269	2	finance	finance	PROPN
fbem-28214	269	3	journal	journal	PROPN
fbem-28214	269	4	,	,	PUNCT
fbem-28214	269	5	38(38	38(38	NUM
fbem-28214	269	6	)	)	PUNCT
fbem-28214	269	7	,	,	PUNCT
fbem-28214	269	8	45–64	45–64	NUM
fbem-28214	269	9	.	.	PUNCT
fbem-28214	270	1	[	[	X
fbem-28214	270	2	8	8	NUM
fbem-28214	270	3	]	]	X
fbem-28214	270	4	duarte	duarte	PROPN
fbem-28214	270	5	,	,	PUNCT
fbem-28214	270	6	n.	n.	PROPN
fbem-28214	270	7	(	(	PUNCT
fbem-28214	270	8	2011	2011	NUM
fbem-28214	270	9	)	)	PUNCT
fbem-28214	270	10	.	.	PUNCT
fbem-28214	271	1	innovation	innovation	NOUN
fbem-28214	271	2	,	,	PUNCT
fbem-28214	271	3	risk	risk	NOUN
fbem-28214	271	4	and	and	CCONJ
fbem-28214	271	5	proactivity	proactivity	NOUN
fbem-28214	271	6	:	:	PUNCT
fbem-28214	271	7	are	be	AUX
fbem-28214	271	8	firms	firm	NOUN
fbem-28214	271	9	following	follow	VERB
fbem-28214	271	10	these	these	DET
fbem-28214	271	11	strategies	strategy	NOUN
fbem-28214	271	12	?	?	PUNCT
fbem-28214	272	1	[	[	X
fbem-28214	272	2	9	9	NUM
fbem-28214	272	3	]	]	X
fbem-28214	272	4	rothwell	rothwell	PROPN
fbem-28214	272	5	,	,	PUNCT
fbem-28214	272	6	r.	r.	PROPN
fbem-28214	272	7	(	(	PUNCT
fbem-28214	272	8	1992	1992	NUM
fbem-28214	272	9	)	)	PUNCT
fbem-28214	272	10	.	.	PUNCT
fbem-28214	273	1	successful	successful	ADJ
fbem-28214	273	2	industrial	industrial	ADJ
fbem-28214	273	3	innovation	innovation	NOUN
fbem-28214	273	4	:	:	PUNCT
fbem-28214	273	5	critical	critical	ADJ
fbem-28214	273	6	factors	factor	NOUN
fbem-28214	273	7	for	for	ADP
fbem-28214	273	8	the	the	DET
fbem-28214	273	9	1990s	1990s	NUM
fbem-28214	273	10	.	.	PUNCT
fbem-28214	274	1	r&d	r&d	NOUN
fbem-28214	274	2	management	management	NOUN
fbem-28214	274	3	,	,	PUNCT
fbem-28214	274	4	22(3	22(3	NUM
fbem-28214	274	5	)	)	PUNCT
fbem-28214	274	6	,	,	PUNCT
fbem-28214	274	7	221–239	221–239	NUM
fbem-28214	274	8	https://doi.org/10.2139/ssrn.1343550	https://doi.org/10.2139/ssrn.1343550	NOUN
fbem-28214	274	9	18	18	NUM
fbem-28214	274	10	[	[	SYM
fbem-28214	274	11	10	10	NUM
fbem-28214	274	12	]	]	X
fbem-28214	274	13	gompers	gomper	NOUN
fbem-28214	274	14	,	,	PUNCT
fbem-28214	274	15	p.	p.	NOUN
fbem-28214	274	16	,	,	PUNCT
fbem-28214	274	17	kovner	kovner	NOUN
fbem-28214	274	18	,	,	PUNCT
fbem-28214	274	19	a.	a.	PROPN
fbem-28214	274	20	,	,	PUNCT
fbem-28214	274	21	lerner	lerner	PROPN
fbem-28214	274	22	,	,	PUNCT
fbem-28214	274	23	j.	j.	PROPN
fbem-28214	274	24	,	,	PUNCT
fbem-28214	274	25	&	&	CCONJ
fbem-28214	274	26	scharfstein	scharfstein	PROPN
fbem-28214	274	27	,	,	PUNCT
fbem-28214	274	28	d.	d.	PROPN
fbem-28214	274	29	(	(	PUNCT
fbem-28214	274	30	2008	2008	NUM
fbem-28214	274	31	)	)	PUNCT
fbem-28214	274	32	.	.	PUNCT
fbem-28214	275	1	venture	venture	NOUN
fbem-28214	275	2	capital	capital	NOUN
fbem-28214	275	3	investment	investment	NOUN
fbem-28214	275	4	cycles	cycle	NOUN
fbem-28214	275	5	:	:	PUNCT
fbem-28214	275	6	the	the	DET
fbem-28214	275	7	impact	impact	NOUN
fbem-28214	275	8	of	of	ADP
fbem-28214	275	9	public	public	ADJ
fbem-28214	275	10	markets	market	NOUN
fbem-28214	275	11	.	.	PUNCT
fbem-28214	276	1	journal	journal	NOUN
fbem-28214	276	2	of	of	ADP
fbem-28214	276	3	financial	financial	ADJ
fbem-28214	276	4	economics	economic	NOUN
fbem-28214	276	5	,	,	PUNCT
fbem-28214	276	6	87(1	87(1	NUM
fbem-28214	276	7	)	)	PUNCT
fbem-28214	276	8	,	,	PUNCT
fbem-28214	276	9	1–23	1–23	PROPN
fbem-28214	276	10	.	.	PUNCT
fbem-28214	277	1	https://doi.org/10.1016/j.jfineco.2006.12.002	https://doi.org/10.1016/j.jfineco.2006.12.002	PROPN
fbem-28214	277	2	[	[	X
fbem-28214	277	3	11	11	NUM
fbem-28214	277	4	]	]	PUNCT
fbem-28214	277	5	perez	perez	PROPN
fbem-28214	277	6	,	,	PUNCT
fbem-28214	277	7	c.	c.	PROPN
fbem-28214	277	8	(	(	PUNCT
fbem-28214	277	9	2002	2002	NUM
fbem-28214	277	10	)	)	PUNCT
fbem-28214	277	11	.	.	PUNCT
fbem-28214	278	1	technological	technological	ADJ
fbem-28214	278	2	revolutions	revolution	NOUN
fbem-28214	278	3	and	and	CCONJ
fbem-28214	278	4	financial	financial	ADJ
fbem-28214	278	5	capital	capital	NOUN
fbem-28214	278	6	.	.	PUNCT
fbem-28214	279	1	edward	edward	PROPN
fbem-28214	279	2	elgar	elgar	PROPN
fbem-28214	279	3	publishing	publishing	PROPN
fbem-28214	279	4	.	.	PUNCT
fbem-28214	280	1	[	[	X
fbem-28214	280	2	12	12	NUM
fbem-28214	280	3	]	]	PUNCT
fbem-28214	280	4	bowers	bower	NOUN
fbem-28214	280	5	,	,	PUNCT
fbem-28214	280	6	j.	j.	PROPN
fbem-28214	280	7	,	,	PUNCT
fbem-28214	280	8	&	&	CCONJ
fbem-28214	280	9	khorakian	khorakian	PROPN
fbem-28214	280	10	,	,	PUNCT
fbem-28214	280	11	a.	a.	NOUN
fbem-28214	280	12	(	(	PUNCT
fbem-28214	280	13	2014	2014	NUM
fbem-28214	280	14	)	)	PUNCT
fbem-28214	280	15	.	.	PUNCT
fbem-28214	281	1	integrating	integrate	VERB
fbem-28214	281	2	risk	risk	NOUN
fbem-28214	281	3	management	management	NOUN
fbem-28214	281	4	in	in	ADP
fbem-28214	281	5	the	the	DET
fbem-28214	281	6	innovation	innovation	NOUN
fbem-28214	281	7	project	project	NOUN
fbem-28214	281	8	.	.	PUNCT
fbem-28214	282	1	european	european	PROPN
fbem-28214	282	2	journal	journal	PROPN
fbem-28214	282	3	of	of	ADP
fbem-28214	282	4	innovation	innovation	NOUN
fbem-28214	282	5	management	management	NOUN
fbem-28214	282	6	,	,	PUNCT
fbem-28214	282	7	17(1	17(1	NUM
fbem-28214	282	8	)	)	PUNCT
fbem-28214	282	9	,	,	PUNCT
fbem-28214	282	10	25–40	25–40	NUM
fbem-28214	282	11	.	.	PUNCT
fbem-28214	283	1	https://doi.org/10.1108/ejim-01-2013-0010	https://doi.org/10.1108/ejim-01-2013-0010	NOUN
fbem-28214	284	1	[	[	X
fbem-28214	284	2	13	13	NUM
fbem-28214	284	3	]	]	X
fbem-28214	284	4	simon	simon	PROPN
fbem-28214	284	5	,	,	PUNCT
fbem-28214	284	6	r.	r.	PROPN
fbem-28214	284	7	(	(	PUNCT
fbem-28214	284	8	2009	2009	NUM
fbem-28214	284	9	)	)	PUNCT
fbem-28214	284	10	.	.	PUNCT
fbem-28214	285	1	new	new	ADJ
fbem-28214	285	2	product	product	NOUN
fbem-28214	285	3	development	development	NOUN
fbem-28214	285	4	and	and	CCONJ
fbem-28214	285	5	forecasting	forecasting	NOUN
fbem-28214	285	6	challenges	challenge	NOUN
fbem-28214	285	7	.	.	PUNCT
fbem-28214	286	1	journal	journal	NOUN
fbem-28214	286	2	of	of	ADP
fbem-28214	286	3	business	business	NOUN
fbem-28214	286	4	forecasting	forecasting	NOUN
fbem-28214	286	5	,	,	PUNCT
fbem-28214	286	6	28(4	28(4	NUM
fbem-28214	286	7	)	)	PUNCT
fbem-28214	286	8	,	,	PUNCT
fbem-28214	286	9	19	19	NUM
fbem-28214	286	10	.	.	PUNCT
fbem-28214	287	1	[	[	X
fbem-28214	287	2	14	14	NUM
fbem-28214	287	3	]	]	PUNCT
fbem-28214	287	4	halman	halman	NOUN
fbem-28214	287	5	,	,	PUNCT
fbem-28214	287	6	j.	j.	PROPN
fbem-28214	287	7	,	,	PUNCT
fbem-28214	287	8	&	&	CCONJ
fbem-28214	287	9	a	a	DET
fbem-28214	287	10	keizer	keizer	PROPN
fbem-28214	287	11	,	,	PUNCT
fbem-28214	287	12	j.	j.	PROPN
fbem-28214	287	13	(	(	PUNCT
fbem-28214	287	14	1994	1994	NUM
fbem-28214	287	15	)	)	PUNCT
fbem-28214	287	16	.	.	PUNCT
fbem-28214	288	1	diagnosing	diagnose	VERB
fbem-28214	288	2	risks	risk	NOUN
fbem-28214	288	3	in	in	ADP
fbem-28214	288	4	productinnovation	productinnovation	NOUN
fbem-28214	288	5	projects	project	NOUN
fbem-28214	288	6	.	.	PUNCT
fbem-28214	289	1	international	international	ADJ
fbem-28214	289	2	journal	journal	PROPN
fbem-28214	289	3	of	of	ADP
fbem-28214	289	4	project	project	NOUN
fbem-28214	289	5	management	management	NOUN
fbem-28214	289	6	,	,	PUNCT
fbem-28214	289	7	12(2	12(2	NUM
fbem-28214	289	8	)	)	PUNCT
fbem-28214	289	9	,	,	PUNCT
fbem-28214	289	10	75–80	75–80	PROPN
fbem-28214	289	11	.	.	PUNCT
fbem-28214	289	12	https://doi.org/10.1016/02637863(94)90013-2	https://doi.org/10.1016/02637863(94)90013-2	PROPN
fbem-28214	290	1	[	[	X
fbem-28214	290	2	15	15	NUM
fbem-28214	290	3	]	]	X
fbem-28214	290	4	zhang	zhang	PROPN
fbem-28214	290	5	,	,	PUNCT
fbem-28214	290	6	d.	d.	PROPN
fbem-28214	290	7	,	,	PUNCT
fbem-28214	290	8	wang	wang	PROPN
fbem-28214	290	9	,	,	PUNCT
fbem-28214	290	10	c.	c.	PROPN
fbem-28214	290	11	,	,	PUNCT
fbem-28214	290	12	&	&	CCONJ
fbem-28214	290	13	dong	dong	PROPN
fbem-28214	290	14	,	,	PUNCT
fbem-28214	290	15	y.	y.	PROPN
fbem-28214	290	16	(	(	PUNCT
fbem-28214	290	17	2022	2022	NUM
fbem-28214	290	18	)	)	PUNCT
fbem-28214	290	19	.	.	PUNCT
fbem-28214	291	1	how	how	SCONJ
fbem-28214	291	2	does	do	AUX
fbem-28214	291	3	firm	firm	PROPN
fbem-28214	291	4	esg	esg	PROPN
fbem-28214	291	5	performance	performance	NOUN
fbem-28214	291	6	impact	impact	NOUN
fbem-28214	291	7	financial	financial	ADJ
fbem-28214	291	8	constraints	constraint	NOUN
fbem-28214	291	9	?	?	PUNCT
fbem-28214	292	1	an	an	DET
fbem-28214	292	2	experimental	experimental	ADJ
fbem-28214	292	3	exploration	exploration	NOUN
fbem-28214	292	4	of	of	ADP
fbem-28214	292	5	the	the	DET
fbem-28214	292	6	covid-19	covid-19	PROPN
fbem-28214	292	7	pandemic	pandemic	NOUN
fbem-28214	292	8	.	.	PUNCT
fbem-28214	293	1	the	the	DET
fbem-28214	293	2	european	european	PROPN
fbem-28214	293	3	journal	journal	PROPN
fbem-28214	293	4	of	of	ADP
fbem-28214	293	5	development	development	PROPN
fbem-28214	293	6	research	research	NOUN
fbem-28214	293	7	,	,	PUNCT
fbem-28214	293	8	35	35	NUM
fbem-28214	293	9	.	.	PUNCT
fbem-28214	293	10	https://doi.org/10.1057/s41287-021-00499-6	https://doi.org/10.1057/s41287-021-00499-6	NUM
fbem-28214	294	1	[	[	X
fbem-28214	294	2	16	16	NUM
fbem-28214	294	3	]	]	PUNCT
fbem-28214	294	4	pedersen	pedersen	PROPN
fbem-28214	294	5	,	,	PUNCT
fbem-28214	294	6	l.	l.	PROPN
fbem-28214	294	7	h.	h.	PROPN
fbem-28214	294	8	,	,	PUNCT
fbem-28214	294	9	fitzgibbons	fitzgibbon	NOUN
fbem-28214	294	10	,	,	PUNCT
fbem-28214	294	11	s.	s.	PROPN
fbem-28214	294	12	,	,	PUNCT
fbem-28214	294	13	&	&	CCONJ
fbem-28214	294	14	pomorski	pomorski	PROPN
fbem-28214	294	15	,	,	PUNCT
fbem-28214	294	16	l.	l.	PROPN
fbem-28214	294	17	(	(	PUNCT
fbem-28214	294	18	2020	2020	NUM
fbem-28214	294	19	)	)	PUNCT
fbem-28214	294	20	.	.	PUNCT
fbem-28214	295	1	responsible	responsible	ADJ
fbem-28214	295	2	investing	investing	NOUN
fbem-28214	295	3	:	:	PUNCT
fbem-28214	295	4	the	the	DET
fbem-28214	295	5	esg	esg	PROPN
fbem-28214	295	6	-	-	PUNCT
fbem-28214	295	7	efficient	efficient	ADJ
fbem-28214	295	8	frontier	frontier	NOUN
fbem-28214	295	9	.	.	PUNCT
fbem-28214	296	1	journal	journal	PROPN
fbem-28214	296	2	of	of	ADP
fbem-28214	296	3	financial	financial	ADJ
fbem-28214	296	4	economics	economic	NOUN
fbem-28214	296	5	,	,	PUNCT
fbem-28214	296	6	142(2	142(2	NUM
fbem-28214	296	7	)	)	PUNCT
fbem-28214	296	8	.	.	PUNCT
fbem-28214	297	1	https://doi.org/10.1016/j.jfineco.2020.11.001	https://doi.org/10.1016/j.jfineco.2020.11.001	VERB
fbem-28214	298	1	[	[	X
fbem-28214	298	2	17	17	NUM
fbem-28214	298	3	]	]	X
fbem-28214	298	4	zhang	zhang	PROPN
fbem-28214	298	5	,	,	PUNCT
fbem-28214	298	6	d.	d.	PROPN
fbem-28214	298	7	,	,	PUNCT
fbem-28214	298	8	&	&	CCONJ
fbem-28214	298	9	vigne	vigne	PROPN
fbem-28214	298	10	,	,	PUNCT
fbem-28214	298	11	s.	s.	PROPN
fbem-28214	298	12	a.	a.	PROPN
fbem-28214	298	13	(	(	PUNCT
fbem-28214	298	14	2021	2021	NUM
fbem-28214	298	15	)	)	PUNCT
fbem-28214	298	16	.	.	PUNCT
fbem-28214	299	1	the	the	DET
fbem-28214	299	2	causal	causal	ADJ
fbem-28214	299	3	effect	effect	NOUN
fbem-28214	299	4	on	on	ADP
fbem-28214	299	5	firm	firm	ADJ
fbem-28214	299	6	performance	performance	NOUN
fbem-28214	299	7	of	of	ADP
fbem-28214	299	8	china	china	PROPN
fbem-28214	299	9	’s	’s	PART
fbem-28214	299	10	financing	financing	NOUN
fbem-28214	299	11	–	–	PUNCT
fbem-28214	299	12	pollution	pollution	NOUN
fbem-28214	299	13	emission	emission	NOUN
fbem-28214	299	14	reduction	reduction	NOUN
fbem-28214	299	15	policy	policy	NOUN
fbem-28214	299	16	:	:	PUNCT
fbem-28214	299	17	firm	firm	ADJ
fbem-28214	299	18	-	-	PUNCT
fbem-28214	299	19	level	level	NOUN
fbem-28214	299	20	evidence	evidence	NOUN
fbem-28214	299	21	.	.	PUNCT
fbem-28214	300	1	journal	journal	NOUN
fbem-28214	300	2	of	of	ADP
fbem-28214	300	3	environmental	environmental	ADJ
fbem-28214	300	4	management	management	NOUN
fbem-28214	300	5	,	,	PUNCT
fbem-28214	300	6	279	279	NUM
fbem-28214	300	7	,	,	PUNCT
fbem-28214	300	8	111609	111609	NUM
fbem-28214	300	9	.	.	PUNCT
fbem-28214	301	1	https://doi.org/10.1016/j.jenvman.2020.111609	https://doi.org/10.1016/j.jenvman.2020.111609	NOUN
fbem-28214	301	2	[	[	X
fbem-28214	301	3	18	18	NUM
fbem-28214	301	4	]	]	X
fbem-28214	301	5	banerjee	banerjee	PROPN
fbem-28214	301	6	,	,	PUNCT
fbem-28214	301	7	r.	r.	PROPN
fbem-28214	301	8	,	,	PUNCT
fbem-28214	301	9	gupta	gupta	PROPN
fbem-28214	301	10	,	,	PUNCT
fbem-28214	301	11	k.	k.	PROPN
fbem-28214	301	12	,	,	PUNCT
fbem-28214	301	13	&	&	CCONJ
fbem-28214	301	14	mudalige	mudalige	PROPN
fbem-28214	301	15	,	,	PUNCT
fbem-28214	301	16	p.	p.	NOUN
fbem-28214	301	17	(	(	PUNCT
fbem-28214	301	18	2019	2019	NUM
fbem-28214	301	19	)	)	PUNCT
fbem-28214	301	20	.	.	PUNCT
fbem-28214	302	1	do	do	AUX
fbem-28214	302	2	environmentally	environmentally	ADV
fbem-28214	302	3	sustainable	sustainable	ADJ
fbem-28214	302	4	practices	practice	NOUN
fbem-28214	302	5	lead	lead	VERB
fbem-28214	302	6	to	to	ADP
fbem-28214	302	7	financially	financially	ADV
fbem-28214	302	8	less	less	ADV
fbem-28214	302	9	constrained	constrain	VERB
fbem-28214	302	10	firms	firm	NOUN
fbem-28214	302	11	?	?	PUNCT
fbem-28214	303	1	international	international	ADJ
fbem-28214	303	2	evidence	evidence	NOUN
fbem-28214	303	3	.	.	PUNCT
fbem-28214	304	1	international	international	ADJ
fbem-28214	304	2	review	review	NOUN
fbem-28214	304	3	of	of	ADP
fbem-28214	304	4	financial	financial	ADJ
fbem-28214	304	5	analysis	analysis	NOUN
fbem-28214	304	6	.	.	PUNCT
fbem-28214	305	1	https://doi.org/10.1016/j.irfa.2019.03.009	https://doi.org/10.1016/j.irfa.2019.03.009	X
fbem-28214	305	2	[	[	SYM
fbem-28214	305	3	19	19	NUM
fbem-28214	305	4	]	]	PUNCT
fbem-28214	305	5	albarrak	albarrak	NOUN
fbem-28214	305	6	,	,	PUNCT
fbem-28214	305	7	m.	m.	NOUN
fbem-28214	305	8	s.	s.	PROPN
fbem-28214	305	9	,	,	PUNCT
fbem-28214	305	10	elnahass	elnahass	NOUN
fbem-28214	305	11	,	,	PUNCT
fbem-28214	305	12	m.	m.	NOUN
fbem-28214	305	13	,	,	PUNCT
fbem-28214	305	14	&	&	CCONJ
fbem-28214	305	15	salama	salama	NOUN
fbem-28214	305	16	,	,	PUNCT
fbem-28214	305	17	a.	a.	NOUN
fbem-28214	305	18	(	(	PUNCT
fbem-28214	305	19	2019	2019	NUM
fbem-28214	305	20	)	)	PUNCT
fbem-28214	305	21	.	.	PUNCT
fbem-28214	306	1	the	the	DET
fbem-28214	306	2	effect	effect	NOUN
fbem-28214	306	3	of	of	ADP
fbem-28214	306	4	carbon	carbon	NOUN
fbem-28214	306	5	dissemination	dissemination	NOUN
fbem-28214	306	6	on	on	ADP
fbem-28214	306	7	cost	cost	NOUN
fbem-28214	306	8	of	of	ADP
fbem-28214	306	9	equity	equity	NOUN
fbem-28214	306	10	.	.	PUNCT
fbem-28214	307	1	business	business	NOUN
fbem-28214	307	2	strategy	strategy	NOUN
fbem-28214	307	3	and	and	CCONJ
fbem-28214	307	4	the	the	DET
fbem-28214	307	5	environment	environment	NOUN
fbem-28214	307	6	,	,	PUNCT
fbem-28214	307	7	28(6	28(6	NUM
fbem-28214	307	8	)	)	PUNCT
fbem-28214	307	9	,	,	PUNCT
fbem-28214	307	10	1179–1198	1179–1198	NUM
fbem-28214	307	11	.	.	PUNCT
fbem-28214	308	1	https://doi.org/10.1002/bse.2310	https://doi.org/10.1002/bse.2310	PROPN
fbem-28214	308	2	[	[	X
fbem-28214	308	3	20	20	NUM
fbem-28214	308	4	]	]	PUNCT
fbem-28214	308	5	ahmed	ahmed	PROPN
fbem-28214	308	6	,	,	PUNCT
fbem-28214	308	7	a.	a.	PROPN
fbem-28214	308	8	h.	h.	PROPN
fbem-28214	308	9	,	,	PUNCT
fbem-28214	308	10	eliwa	eliwa	VERB
fbem-28214	308	11	,	,	PUNCT
fbem-28214	308	12	y.	y.	PROPN
fbem-28214	308	13	,	,	PUNCT
fbem-28214	308	14	&	&	CCONJ
fbem-28214	308	15	power	power	NOUN
fbem-28214	308	16	,	,	PUNCT
fbem-28214	308	17	d.	d.	PROPN
fbem-28214	308	18	m.	m.	PROPN
fbem-28214	308	19	(	(	PUNCT
fbem-28214	308	20	2019	2019	NUM
fbem-28214	308	21	)	)	PUNCT
fbem-28214	308	22	.	.	PUNCT
fbem-28214	309	1	the	the	DET
fbem-28214	309	2	impact	impact	NOUN
fbem-28214	309	3	of	of	ADP
fbem-28214	309	4	corporate	corporate	ADJ
fbem-28214	309	5	social	social	ADJ
fbem-28214	309	6	and	and	CCONJ
fbem-28214	309	7	environmental	environmental	ADJ
fbem-28214	309	8	practices	practice	NOUN
fbem-28214	309	9	on	on	ADP
fbem-28214	309	10	the	the	DET
fbem-28214	309	11	cost	cost	NOUN
fbem-28214	309	12	of	of	ADP
fbem-28214	309	13	equity	equity	NOUN
fbem-28214	309	14	capital	capital	NOUN
fbem-28214	309	15	:	:	PUNCT
fbem-28214	309	16	uk	uk	PROPN
fbem-28214	309	17	evidence	evidence	NOUN
fbem-28214	309	18	.	.	PUNCT
fbem-28214	310	1	international	international	ADJ
fbem-28214	310	2	journal	journal	PROPN
fbem-28214	310	3	of	of	ADP
fbem-28214	310	4	accounting	accounting	PROPN
fbem-28214	310	5	&	&	CCONJ
fbem-28214	310	6	information	information	PROPN
fbem-28214	310	7	management	management	NOUN
fbem-28214	310	8	,	,	PUNCT
fbem-28214	310	9	27(3	27(3	NUM
fbem-28214	310	10	)	)	PUNCT
fbem-28214	310	11	,	,	PUNCT
fbem-28214	310	12	425–441	425–441	NUM
fbem-28214	310	13	.	.	PUNCT
fbem-28214	311	1	https://doi.org/10.1108/ijaim-11-2017-0141	https://doi.org/10.1108/ijaim-11-2017-0141	PROPN
fbem-28214	311	2	[	[	X
fbem-28214	311	3	21	21	NUM
fbem-28214	311	4	]	]	X
fbem-28214	311	5	galagedera	galagedera	NOUN
fbem-28214	311	6	,	,	PUNCT
fbem-28214	311	7	d.	d.	PROPN
fbem-28214	311	8	u.	u.	PROPN
fbem-28214	311	9	(	(	PUNCT
fbem-28214	311	10	2007	2007	NUM
fbem-28214	311	11	)	)	PUNCT
fbem-28214	311	12	.	.	PUNCT
fbem-28214	312	1	an	an	DET
fbem-28214	312	2	alternative	alternative	ADJ
fbem-28214	312	3	perspective	perspective	NOUN
fbem-28214	312	4	on	on	ADP
fbem-28214	312	5	the	the	DET
fbem-28214	312	6	relationship	relationship	NOUN
fbem-28214	312	7	between	between	ADP
fbem-28214	312	8	downside	downside	ADJ
fbem-28214	312	9	beta	beta	NOUN
fbem-28214	312	10	and	and	CCONJ
fbem-28214	312	11	capm	capm	PROPN
fbem-28214	312	12	beta	beta	NOUN
fbem-28214	312	13	.	.	PUNCT
fbem-28214	313	1	emerging	emerge	VERB
fbem-28214	313	2	markets	market	NOUN
fbem-28214	313	3	review	review	VERB
fbem-28214	313	4	,	,	PUNCT
fbem-28214	313	5	8(1	8(1	NOUN
fbem-28214	313	6	)	)	PUNCT
fbem-28214	313	7	,	,	PUNCT
fbem-28214	313	8	4	4	NUM
fbem-28214	313	9	-	-	SYM
fbem-28214	313	10	19	19	NUM
fbem-28214	313	11	.	.	PUNCT
fbem-28214	314	1	[	[	X
fbem-28214	314	2	22	22	NUM
fbem-28214	314	3	]	]	SYM
fbem-28214	314	4	jagannathan	jagannathan	PROPN
fbem-28214	314	5	,	,	PUNCT
fbem-28214	314	6	r.	r.	PROPN
fbem-28214	314	7	,	,	PUNCT
fbem-28214	314	8	&	&	CCONJ
fbem-28214	314	9	mcgrattan	mcgrattan	PROPN
fbem-28214	314	10	,	,	PUNCT
fbem-28214	314	11	e.	e.	PROPN
fbem-28214	314	12	r.	r.	PROPN
fbem-28214	314	13	(	(	PUNCT
fbem-28214	314	14	1995	1995	NUM
fbem-28214	314	15	)	)	PUNCT
fbem-28214	314	16	.	.	PUNCT
fbem-28214	315	1	the	the	DET
fbem-28214	315	2	capm	capm	PROPN
fbem-28214	315	3	debate	debate	NOUN
fbem-28214	315	4	.	.	PUNCT
fbem-28214	316	1	federal	federal	PROPN
fbem-28214	316	2	reserve	reserve	PROPN
fbem-28214	316	3	bank	bank	PROPN
fbem-28214	316	4	of	of	ADP
fbem-28214	316	5	minneapolis	minneapolis	PROPN
fbem-28214	316	6	quarterly	quarterly	PROPN
fbem-28214	316	7	review	review	PROPN
fbem-28214	316	8	,	,	PUNCT
fbem-28214	316	9	19(4	19(4	PROPN
fbem-28214	316	10	)	)	PUNCT
fbem-28214	316	11	,	,	PUNCT
fbem-28214	316	12	2	2	NUM
fbem-28214	316	13	-	-	SYM
fbem-28214	316	14	17	17	NUM
fbem-28214	316	15	.	.	PUNCT
fbem-28214	317	1	[	[	X
fbem-28214	317	2	23	23	NUM
fbem-28214	317	3	]	]	X
fbem-28214	317	4	katz	katz	PROPN
fbem-28214	317	5	,	,	PUNCT
fbem-28214	317	6	m.	m.	PROPN
fbem-28214	317	7	l.	l.	PROPN
fbem-28214	317	8	(	(	PUNCT
fbem-28214	317	9	1986	1986	NUM
fbem-28214	317	10	)	)	PUNCT
fbem-28214	317	11	.	.	PUNCT
fbem-28214	318	1	an	an	DET
fbem-28214	318	2	analysis	analysis	NOUN
fbem-28214	318	3	of	of	ADP
fbem-28214	318	4	cooperative	cooperative	ADJ
fbem-28214	318	5	research	research	NOUN
fbem-28214	318	6	and	and	CCONJ
fbem-28214	318	7	development	development	NOUN
fbem-28214	318	8	.	.	PUNCT
fbem-28214	319	1	the	the	DET
fbem-28214	319	2	rand	rand	PROPN
fbem-28214	319	3	journal	journal	NOUN
fbem-28214	319	4	of	of	ADP
fbem-28214	319	5	economics	economic	NOUN
fbem-28214	319	6	,	,	PUNCT
fbem-28214	319	7	527	527	NUM
fbem-28214	319	8	-	-	SYM
fbem-28214	319	9	543	543	NUM
fbem-28214	319	10	.	.	PUNCT
fbem-28214	320	1	[	[	X
fbem-28214	320	2	24	24	NUM
fbem-28214	320	3	]	]	X
fbem-28214	320	4	wong	wong	PROPN
fbem-28214	320	5	,	,	PUNCT
fbem-28214	320	6	w.	w.	PROPN
fbem-28214	320	7	c.	c.	PROPN
fbem-28214	320	8	,	,	PUNCT
fbem-28214	320	9	batten	batten	NOUN
fbem-28214	320	10	,	,	PUNCT
fbem-28214	320	11	j.	j.	PROPN
fbem-28214	320	12	a.	a.	PROPN
fbem-28214	320	13	,	,	PUNCT
fbem-28214	320	14	ahmad	ahmad	PROPN
fbem-28214	320	15	,	,	PUNCT
fbem-28214	320	16	a.	a.	PROPN
fbem-28214	320	17	h.	h.	PROPN
fbem-28214	320	18	,	,	PUNCT
fbem-28214	320	19	mohamed	mohamed	PROPN
fbem-28214	320	20	-	-	PUNCT
fbem-28214	320	21	arshad	arshad	PROPN
fbem-28214	320	22	,	,	PUNCT
fbem-28214	320	23	s.	s.	PROPN
fbem-28214	320	24	b.	b.	PROPN
fbem-28214	320	25	,	,	PUNCT
fbem-28214	320	26	nordin	nordin	PROPN
fbem-28214	320	27	,	,	PUNCT
fbem-28214	320	28	s.	s.	PROPN
fbem-28214	320	29	,	,	PUNCT
fbem-28214	320	30	&	&	CCONJ
fbem-28214	320	31	adzis	adzi	NOUN
fbem-28214	320	32	,	,	PUNCT
fbem-28214	320	33	a.	a.	NOUN
fbem-28214	320	34	a.	a.	NOUN
fbem-28214	320	35	(	(	PUNCT
fbem-28214	320	36	2020	2020	NUM
fbem-28214	320	37	)	)	PUNCT
fbem-28214	320	38	.	.	PUNCT
fbem-28214	321	1	does	do	AUX
fbem-28214	321	2	esg	esg	PROPN
fbem-28214	321	3	certification	certification	NOUN
fbem-28214	321	4	add	add	VERB
fbem-28214	321	5	firm	firm	ADJ
fbem-28214	321	6	value	value	NOUN
fbem-28214	321	7	?	?	PUNCT
fbem-28214	322	1	finance	finance	NOUN
fbem-28214	322	2	research	research	NOUN
fbem-28214	322	3	letters	letter	NOUN
fbem-28214	322	4	,	,	PUNCT
fbem-28214	322	5	39	39	NUM
fbem-28214	322	6	,	,	PUNCT
fbem-28214	322	7	101593	101593	NUM
fbem-28214	322	8	.	.	PUNCT
fbem-28214	323	1	https://doi.org/10.1016/j.frl.2020.101593	https://doi.org/10.1016/j.frl.2020.101593	PROPN
fbem-28214	323	2	https://doi.org/10.1016/j.jfineco.2006.12.002	https://doi.org/10.1016/j.jfineco.2006.12.002	PROPN
fbem-28214	323	3	https://doi.org/10.1108/ejim-01-2013-0010	https://doi.org/10.1108/ejim-01-2013-0010	NOUN
fbem-28214	323	4	https://doi.org/10.1057/s41287-021-00499-6	https://doi.org/10.1057/s41287-021-00499-6	NUM
fbem-28214	323	5	https://doi.org/10.1002/bse.2310	https://doi.org/10.1002/bse.2310	PROPN
fbem-28214	323	6	https://doi.org/10.1016/j.frl.2020.101593	https://doi.org/10.1016/j.frl.2020.101593	VERB