id	sid	tid	token	lemma	pos
fbem-28241	1	1	frontiers	frontier	NOUN
fbem-28241	1	2	in	in	ADP
fbem-28241	1	3	business	business	NOUN
fbem-28241	1	4	,	,	PUNCT
fbem-28241	1	5	economics	economic	NOUN
fbem-28241	1	6	and	and	CCONJ
fbem-28241	1	7	management	management	NOUN
fbem-28241	1	8	issn	issn	PROPN
fbem-28241	1	9	:	:	PUNCT
fbem-28241	1	10	2766	2766	NUM
fbem-28241	1	11	-	-	PUNCT
fbem-28241	1	12	824x	824x	NUM
fbem-28241	1	13	|	|	ADJ
fbem-28241	1	14	vol	vol	NOUN
fbem-28241	1	15	.	.	PROPN
fbem-28241	1	16	17	17	NUM
fbem-28241	1	17	,	,	PUNCT
fbem-28241	1	18	no	no	INTJ
fbem-28241	1	19	.	.	NOUN
fbem-28241	1	20	3	3	NUM
fbem-28241	1	21	,	,	PUNCT
fbem-28241	1	22	2024	2024	NUM
fbem-28241	1	23	115	115	NUM
fbem-28241	1	24	research	research	NOUN
fbem-28241	1	25	on	on	ADP
fbem-28241	1	26	the	the	DET
fbem-28241	1	27	impact	impact	NOUN
fbem-28241	1	28	of	of	ADP
fbem-28241	1	29	esg	esg	PROPN
fbem-28241	1	30	performance	performance	NOUN
fbem-28241	1	31	,	,	PUNCT
fbem-28241	1	32	green	green	ADJ
fbem-28241	1	33	innovation	innovation	NOUN
fbem-28241	1	34	investment	investment	NOUN
fbem-28241	1	35	and	and	CCONJ
fbem-28241	1	36	stock	stock	NOUN
fbem-28241	1	37	price	price	NOUN
fbem-28241	1	38	crash	crash	NOUN
fbem-28241	1	39	risk	risk	NOUN
fbem-28241	2	1	jiaying	jiaying	PROPN
fbem-28241	2	2	xie	xie	PROPN
fbem-28241	2	3	*	*	PUNCT
fbem-28241	2	4	department	department	PROPN
fbem-28241	2	5	of	of	ADP
fbem-28241	2	6	finance	finance	NOUN
fbem-28241	2	7	and	and	CCONJ
fbem-28241	2	8	accounting	accounting	NOUN
fbem-28241	2	9	,	,	PUNCT
fbem-28241	2	10	macau	macau	PROPN
fbem-28241	2	11	university	university	PROPN
fbem-28241	2	12	of	of	ADP
fbem-28241	2	13	science	science	NOUN
fbem-28241	2	14	and	and	CCONJ
fbem-28241	2	15	technology	technology	NOUN
fbem-28241	2	16	,	,	PUNCT
fbem-28241	2	17	avenida	avenida	PROPN
fbem-28241	2	18	wai	wai	PROPN
fbem-28241	2	19	long	long	PROPN
fbem-28241	2	20	,	,	PUNCT
fbem-28241	2	21	taipa	taipa	PROPN
fbem-28241	2	22	,	,	PUNCT
fbem-28241	2	23	macau	macau	PROPN
fbem-28241	2	24	,	,	PUNCT
fbem-28241	2	25	china	china	PROPN
fbem-28241	2	26	*	*	PUNCT
fbem-28241	2	27	corresponding	correspond	VERB
fbem-28241	2	28	author	author	NOUN
fbem-28241	2	29	:	:	PUNCT
fbem-28241	2	30	jiaying	jiaying	PROPN
fbem-28241	2	31	xie	xie	PROPN
fbem-28241	2	32	(	(	PUNCT
fbem-28241	2	33	email	email	NOUN
fbem-28241	2	34	:	:	PUNCT
fbem-28241	2	35	xiejiaying24@163.com	xiejiaying24@163.com	X
fbem-28241	2	36	)	)	PUNCT
fbem-28241	2	37	abstract	abstract	NOUN
fbem-28241	2	38	:	:	PUNCT
fbem-28241	2	39	with	with	ADP
fbem-28241	2	40	the	the	DET
fbem-28241	2	41	development	development	NOUN
fbem-28241	2	42	of	of	ADP
fbem-28241	2	43	national	national	ADJ
fbem-28241	2	44	sustainable	sustainable	ADJ
fbem-28241	2	45	policies	policy	NOUN
fbem-28241	2	46	,	,	PUNCT
fbem-28241	2	47	the	the	DET
fbem-28241	2	48	esg	esg	NOUN
fbem-28241	2	49	performance	performance	NOUN
fbem-28241	2	50	of	of	ADP
fbem-28241	2	51	enterprises	enterprise	NOUN
fbem-28241	2	52	has	have	AUX
fbem-28241	2	53	increasingly	increasingly	ADV
fbem-28241	2	54	attracted	attract	VERB
fbem-28241	2	55	scholarly	scholarly	ADJ
fbem-28241	2	56	attention	attention	NOUN
fbem-28241	2	57	,	,	PUNCT
fbem-28241	2	58	leading	lead	VERB
fbem-28241	2	59	to	to	ADP
fbem-28241	2	60	extensive	extensive	ADJ
fbem-28241	2	61	research	research	NOUN
fbem-28241	2	62	in	in	ADP
fbem-28241	2	63	the	the	DET
fbem-28241	2	64	area	area	NOUN
fbem-28241	2	65	.	.	PUNCT
fbem-28241	3	1	the	the	DET
fbem-28241	3	2	study	study	NOUN
fbem-28241	3	3	empirically	empirically	ADV
fbem-28241	3	4	examines	examine	VERB
fbem-28241	3	5	the	the	DET
fbem-28241	3	6	link	link	NOUN
fbem-28241	3	7	between	between	ADP
fbem-28241	3	8	corporate	corporate	ADJ
fbem-28241	3	9	esg	esg	NOUN
fbem-28241	3	10	monetization	monetization	NOUN
fbem-28241	3	11	and	and	CCONJ
fbem-28241	3	12	stock	stock	NOUN
fbem-28241	3	13	price	price	NOUN
fbem-28241	3	14	crash	crash	NOUN
fbem-28241	3	15	risk	risk	NOUN
fbem-28241	3	16	by	by	ADP
fbem-28241	3	17	analyzing	analyze	VERB
fbem-28241	3	18	data	datum	NOUN
fbem-28241	3	19	from	from	ADP
fbem-28241	3	20	firms	firm	NOUN
fbem-28241	3	21	that	that	PRON
fbem-28241	3	22	are	be	AUX
fbem-28241	3	23	publicly	publicly	ADV
fbem-28241	3	24	traded	trade	VERB
fbem-28241	3	25	on	on	ADP
fbem-28241	3	26	the	the	DET
fbem-28241	3	27	a	a	DET
fbem-28241	3	28	-	-	PUNCT
fbem-28241	3	29	share	share	NOUN
fbem-28241	3	30	market	market	NOUN
fbem-28241	3	31	in	in	ADP
fbem-28241	3	32	shanghai	shanghai	PROPN
fbem-28241	3	33	and	and	CCONJ
fbem-28241	3	34	shenzhen	shenzhen	PROPN
fbem-28241	3	35	spanning	span	VERB
fbem-28241	3	36	2011	2011	NUM
fbem-28241	3	37	to	to	ADP
fbem-28241	3	38	2022	2022	NUM
fbem-28241	3	39	.	.	PUNCT
fbem-28241	4	1	the	the	DET
fbem-28241	4	2	results	result	NOUN
fbem-28241	4	3	indicate	indicate	VERB
fbem-28241	4	4	that	that	PRON
fbem-28241	4	5	is	be	AUX
fbem-28241	4	6	negatively	negatively	ADV
fbem-28241	4	7	correlated	correlate	VERB
fbem-28241	4	8	between	between	ADP
fbem-28241	4	9	the	the	DET
fbem-28241	4	10	monetization	monetization	NOUN
fbem-28241	4	11	of	of	ADP
fbem-28241	4	12	corporate	corporate	ADJ
fbem-28241	4	13	esg	esg	NOUN
fbem-28241	4	14	efforts	effort	NOUN
fbem-28241	4	15	and	and	CCONJ
fbem-28241	4	16	the	the	DET
fbem-28241	4	17	probability	probability	NOUN
fbem-28241	4	18	of	of	ADP
fbem-28241	4	19	stock	stock	NOUN
fbem-28241	4	20	price	price	NOUN
fbem-28241	4	21	crashes	crash	NOUN
fbem-28241	4	22	.	.	PUNCT
fbem-28241	5	1	furthermore	furthermore	ADV
fbem-28241	5	2	,	,	PUNCT
fbem-28241	5	3	through	through	ADP
fbem-28241	5	4	mechanism	mechanism	NOUN
fbem-28241	5	5	analysis	analysis	NOUN
fbem-28241	5	6	,	,	PUNCT
fbem-28241	5	7	it	it	PRON
fbem-28241	5	8	is	be	AUX
fbem-28241	5	9	revealed	reveal	VERB
fbem-28241	5	10	that	that	SCONJ
fbem-28241	5	11	robust	robust	ADJ
fbem-28241	5	12	e	e	NOUN
fbem-28241	5	13	sg	sg	ADP
fbem-28241	5	14	performance	performance	NOUN
fbem-28241	5	15	mitigates	mitigate	VERB
fbem-28241	5	16	the	the	DET
fbem-28241	5	17	chances	chance	NOUN
fbem-28241	5	18	of	of	ADP
fbem-28241	5	19	notable	notable	ADJ
fbem-28241	5	20	declines	decline	NOUN
fbem-28241	5	21	in	in	ADP
fbem-28241	5	22	stock	stock	NOUN
fbem-28241	5	23	prices	price	NOUN
fbem-28241	5	24	not	not	PART
fbem-28241	5	25	only	only	ADV
fbem-28241	5	26	via	via	ADP
fbem-28241	5	27	investments	investment	NOUN
fbem-28241	5	28	in	in	ADP
fbem-28241	5	29	green	green	ADJ
fbem-28241	5	30	innovation	innovation	NOUN
fbem-28241	5	31	but	but	CCONJ
fbem-28241	5	32	also	also	ADV
fbem-28241	5	33	by	by	ADP
fbem-28241	5	34	alleviating	alleviate	VERB
fbem-28241	5	35	financing	financing	NOUN
fbem-28241	5	36	constraints	constraint	NOUN
fbem-28241	5	37	.	.	PUNCT
fbem-28241	6	1	in	in	ADP
fbem-28241	6	2	terms	term	NOUN
fbem-28241	6	3	of	of	ADP
fbem-28241	6	4	heterogeneity	heterogeneity	NOUN
fbem-28241	6	5	testing	testing	NOUN
fbem-28241	6	6	,	,	PUNCT
fbem-28241	6	7	the	the	DET
fbem-28241	6	8	influence	influence	NOUN
fbem-28241	6	9	of	of	ADP
fbem-28241	6	10	esg	esg	PROPN
fbem-28241	6	11	performance	performance	NOUN
fbem-28241	6	12	on	on	ADP
fbem-28241	6	13	the	the	DET
fbem-28241	6	14	probability	probability	NOUN
fbem-28241	6	15	of	of	ADP
fbem-28241	6	16	stock	stock	NOUN
fbem-28241	6	17	price	price	NOUN
fbem-28241	6	18	crashes	crash	NOUN
fbem-28241	6	19	appears	appear	VERB
fbem-28241	6	20	to	to	PART
fbem-28241	6	21	be	be	AUX
fbem-28241	6	22	somewhat	somewhat	ADV
fbem-28241	6	23	more	more	ADV
fbem-28241	6	24	conspicuous	conspicuous	ADJ
fbem-28241	6	25	for	for	ADP
fbem-28241	6	26	state	state	NOUN
fbem-28241	6	27	-	-	PUNCT
fbem-28241	6	28	owned	own	VERB
fbem-28241	6	29	enterprises	enterprise	NOUN
fbem-28241	6	30	(	(	PUNCT
fbem-28241	6	31	soes	soe	NOUN
fbem-28241	6	32	)	)	PUNCT
fbem-28241	6	33	in	in	ADP
fbem-28241	6	34	comparison	comparison	NOUN
fbem-28241	6	35	to	to	ADP
fbem-28241	6	36	non	non	ADJ
fbem-28241	6	37	-	-	ADJ
fbem-28241	6	38	state	state	NOUN
fbem-28241	6	39	-	-	PUNCT
fbem-28241	6	40	owned	own	VERB
fbem-28241	6	41	enterprises	enterprise	NOUN
fbem-28241	6	42	and	and	CCONJ
fbem-28241	6	43	analysts	analyst	NOUN
fbem-28241	6	44	'	'	PART
fbem-28241	6	45	focus	focus	NOUN
fbem-28241	6	46	.	.	PUNCT
fbem-28241	7	1	keywords	keyword	NOUN
fbem-28241	7	2	:	:	PUNCT
fbem-28241	7	3	stock	stock	NOUN
fbem-28241	7	4	price	price	NOUN
fbem-28241	7	5	crash	crash	NOUN
fbem-28241	7	6	risk	risk	NOUN
fbem-28241	7	7	,	,	PUNCT
fbem-28241	7	8	financing	financing	NOUN
fbem-28241	7	9	constraints	constraint	NOUN
fbem-28241	7	10	,	,	PUNCT
fbem-28241	7	11	green	green	ADJ
fbem-28241	7	12	innovation	innovation	NOUN
fbem-28241	7	13	investment	investment	NOUN
fbem-28241	7	14	.	.	PUNCT
fbem-28241	8	1	1	1	X
fbem-28241	8	2	.	.	X
fbem-28241	8	3	introduction	introduction	NOUN
fbem-28241	8	4	the	the	DET
fbem-28241	8	5	issue	issue	NOUN
fbem-28241	8	6	of	of	ADP
fbem-28241	8	7	stock	stock	NOUN
fbem-28241	8	8	price	price	NOUN
fbem-28241	8	9	crash	crash	NOUN
fbem-28241	8	10	has	have	AUX
fbem-28241	8	11	consistently	consistently	ADV
fbem-28241	8	12	been	be	AUX
fbem-28241	8	13	a	a	DET
fbem-28241	8	14	critical	critical	ADJ
fbem-28241	8	15	concern	concern	NOUN
fbem-28241	8	16	that	that	SCONJ
fbem-28241	8	17	the	the	DET
fbem-28241	8	18	financial	financial	ADJ
fbem-28241	8	19	investment	investment	NOUN
fbem-28241	8	20	industry	industry	NOUN
fbem-28241	8	21	and	and	CCONJ
fbem-28241	8	22	listed	list	VERB
fbem-28241	8	23	companies	company	NOUN
fbem-28241	8	24	themselves	themselves	PRON
fbem-28241	8	25	are	be	AUX
fbem-28241	8	26	more	more	ADV
fbem-28241	8	27	concerned	concerned	ADJ
fbem-28241	8	28	about	about	ADP
fbem-28241	8	29	,	,	PUNCT
fbem-28241	8	30	however	however	ADV
fbem-28241	8	31	,	,	PUNCT
fbem-28241	8	32	such	such	ADJ
fbem-28241	8	33	risks	risk	NOUN
fbem-28241	8	34	are	be	AUX
fbem-28241	8	35	significantly	significantly	ADV
fbem-28241	8	36	influenced	influence	VERB
fbem-28241	8	37	by	by	ADP
fbem-28241	8	38	macroeconomic	macroeconomic	ADJ
fbem-28241	8	39	conditions	condition	NOUN
fbem-28241	8	40	and	and	CCONJ
fbem-28241	8	41	industry	industry	NOUN
fbem-28241	8	42	-	-	PUNCT
fbem-28241	8	43	specific	specific	ADJ
fbem-28241	8	44	factors	factor	NOUN
fbem-28241	8	45	.	.	PUNCT
fbem-28241	9	1	for	for	ADP
fbem-28241	9	2	example	example	NOUN
fbem-28241	9	3	,	,	PUNCT
fbem-28241	9	4	when	when	SCONJ
fbem-28241	9	5	the	the	DET
fbem-28241	9	6	state	state	NOUN
fbem-28241	9	7	proposes	propose	VERB
fbem-28241	9	8	the	the	DET
fbem-28241	9	9	"	"	PUNCT
fbem-28241	9	10	dual	dual	ADJ
fbem-28241	9	11	carbon	carbon	NOUN
fbem-28241	9	12	"	"	PUNCT
fbem-28241	9	13	policy	policy	NOUN
fbem-28241	9	14	,	,	PUNCT
fbem-28241	9	15	for	for	ADP
fbem-28241	9	16	some	some	DET
fbem-28241	9	17	enterprises	enterprise	NOUN
fbem-28241	9	18	driven	drive	VERB
fbem-28241	9	19	by	by	ADP
fbem-28241	9	20	policy	policy	NOUN
fbem-28241	9	21	interests	interest	NOUN
fbem-28241	9	22	,	,	PUNCT
fbem-28241	9	23	such	such	ADJ
fbem-28241	9	24	as	as	ADP
fbem-28241	9	25	energy	energy	NOUN
fbem-28241	9	26	companies	company	NOUN
fbem-28241	9	27	,	,	PUNCT
fbem-28241	9	28	with	with	ADP
fbem-28241	9	29	the	the	DET
fbem-28241	9	30	support	support	NOUN
fbem-28241	9	31	of	of	ADP
fbem-28241	9	32	the	the	DET
fbem-28241	9	33	policy	policy	NOUN
fbem-28241	9	34	,	,	PUNCT
fbem-28241	9	35	the	the	DET
fbem-28241	9	36	stock	stock	NOUN
fbem-28241	9	37	price	price	NOUN
fbem-28241	9	38	of	of	ADP
fbem-28241	9	39	the	the	DET
fbem-28241	9	40	enterprise	enterprise	NOUN
fbem-28241	9	41	will	will	AUX
fbem-28241	9	42	develop	develop	VERB
fbem-28241	9	43	in	in	ADP
fbem-28241	9	44	a	a	DET
fbem-28241	9	45	positive	positive	ADJ
fbem-28241	9	46	direction	direction	NOUN
fbem-28241	9	47	,	,	PUNCT
fbem-28241	9	48	thereby	thereby	ADV
fbem-28241	9	49	reducing	reduce	VERB
fbem-28241	9	50	the	the	DET
fbem-28241	9	51	possibility	possibility	NOUN
fbem-28241	9	52	of	of	ADP
fbem-28241	9	53	a	a	DET
fbem-28241	9	54	potential	potential	ADJ
fbem-28241	9	55	crash	crash	NOUN
fbem-28241	9	56	in	in	ADP
fbem-28241	9	57	its	its	PRON
fbem-28241	9	58	stock	stock	NOUN
fbem-28241	9	59	prices	price	NOUN
fbem-28241	9	60	.	.	PUNCT
fbem-28241	10	1	in	in	ADP
fbem-28241	10	2	recent	recent	ADJ
fbem-28241	10	3	years	year	NOUN
fbem-28241	10	4	,	,	PUNCT
fbem-28241	10	5	esg	esg	PROPN
fbem-28241	10	6	research	research	NOUN
fbem-28241	10	7	has	have	AUX
fbem-28241	10	8	gradually	gradually	ADV
fbem-28241	10	9	emerged	emerge	VERB
fbem-28241	10	10	around	around	ADP
fbem-28241	10	11	the	the	DET
fbem-28241	10	12	world	world	NOUN
fbem-28241	10	13	,	,	PUNCT
fbem-28241	10	14	and	and	CCONJ
fbem-28241	10	15	chinese	chinese	ADJ
fbem-28241	10	16	scholars	scholar	NOUN
fbem-28241	10	17	have	have	AUX
fbem-28241	10	18	also	also	ADV
fbem-28241	10	19	followed	follow	VERB
fbem-28241	10	20	the	the	DET
fbem-28241	10	21	development	development	NOUN
fbem-28241	10	22	trend	trend	NOUN
fbem-28241	10	23	to	to	PART
fbem-28241	10	24	gain	gain	VERB
fbem-28241	10	25	in	in	ADP
fbem-28241	10	26	-	-	PUNCT
fbem-28241	10	27	depth	depth	NOUN
fbem-28241	10	28	understanding	understanding	NOUN
fbem-28241	10	29	and	and	CCONJ
fbem-28241	10	30	research	research	NOUN
fbem-28241	10	31	on	on	ADP
fbem-28241	10	32	it	it	PRON
fbem-28241	10	33	.	.	PUNCT
fbem-28241	11	1	it	it	PRON
fbem-28241	11	2	is	be	AUX
fbem-28241	11	3	found	find	VERB
fbem-28241	11	4	that	that	SCONJ
fbem-28241	11	5	esg	esg	PROPN
fbem-28241	11	6	plays	play	VERB
fbem-28241	11	7	a	a	DET
fbem-28241	11	8	catalytic	catalytic	ADJ
fbem-28241	11	9	role	role	NOUN
fbem-28241	11	10	in	in	ADP
fbem-28241	11	11	the	the	DET
fbem-28241	11	12	transformation	transformation	NOUN
fbem-28241	11	13	of	of	ADP
fbem-28241	11	14	chinese	chinese	ADJ
fbem-28241	11	15	enterprises	enterprise	NOUN
fbem-28241	11	16	,	,	PUNCT
fbem-28241	11	17	and	and	CCONJ
fbem-28241	11	18	further	far	ADV
fbem-28241	11	19	promotes	promote	VERB
fbem-28241	11	20	their	their	PRON
fbem-28241	11	21	sustainable	sustainable	ADJ
fbem-28241	11	22	development	development	NOUN
fbem-28241	11	23	of	of	ADP
fbem-28241	11	24	high	high	ADJ
fbem-28241	11	25	quality	quality	NOUN
fbem-28241	11	26	over	over	ADP
fbem-28241	11	27	the	the	DET
fbem-28241	11	28	medium	medium	ADJ
fbem-28241	11	29	and	and	CCONJ
fbem-28241	11	30	long	long	ADJ
fbem-28241	11	31	term	term	NOUN
fbem-28241	11	32	(	(	PUNCT
fbem-28241	11	33	zhang	zhang	PROPN
fbem-28241	11	34	chen	chen	PROPN
fbem-28241	11	35	,	,	PUNCT
fbem-28241	11	36	gu	gu	PROPN
fbem-28241	11	37	chenkai	chenkai	PROPN
fbem-28241	11	38	et	et	PROPN
fbem-28241	11	39	al	al	PROPN
fbem-28241	11	40	.	.	PROPN
fbem-28241	11	41	,	,	PUNCT
fbem-28241	11	42	2024	2024	NUM
fbem-28241	11	43	)	)	PUNCT
fbem-28241	12	1	[	[	X
fbem-28241	12	2	1	1	NUM
fbem-28241	12	3	]	]	PUNCT
fbem-28241	12	4	.	.	PUNCT
fbem-28241	13	1	in	in	ADP
fbem-28241	13	2	the	the	DET
fbem-28241	13	3	process	process	NOUN
fbem-28241	13	4	of	of	ADP
fbem-28241	13	5	the	the	DET
fbem-28241	13	6	literature	literature	PROPN
fbem-28241	13	7	review	review	PROPN
fbem-28241	13	8	,	,	PUNCT
fbem-28241	13	9	it	it	PRON
fbem-28241	13	10	is	be	AUX
fbem-28241	13	11	found	find	VERB
fbem-28241	13	12	that	that	SCONJ
fbem-28241	13	13	fewer	few	ADJ
fbem-28241	13	14	scholars	scholar	NOUN
fbem-28241	13	15	will	will	AUX
fbem-28241	13	16	study	study	VERB
fbem-28241	13	17	the	the	DET
fbem-28241	13	18	connection	connection	NOUN
fbem-28241	13	19	between	between	ADP
fbem-28241	13	20	the	the	DET
fbem-28241	13	21	likehood	likehood	NOUN
fbem-28241	13	22	of	of	ADP
fbem-28241	13	23	stock	stock	NOUN
fbem-28241	13	24	price	price	NOUN
fbem-28241	13	25	crash	crash	NOUN
fbem-28241	13	26	and	and	CCONJ
fbem-28241	13	27	esg	esg	NOUN
fbem-28241	13	28	performance	performance	NOUN
fbem-28241	13	29	from	from	ADP
fbem-28241	13	30	the	the	DET
fbem-28241	13	31	perspective	perspective	NOUN
fbem-28241	13	32	of	of	ADP
fbem-28241	13	33	green	green	ADJ
fbem-28241	13	34	innovation	innovation	NOUN
fbem-28241	13	35	investment	investment	NOUN
fbem-28241	13	36	and	and	CCONJ
fbem-28241	13	37	financing	financing	NOUN
fbem-28241	13	38	limitations	limitation	NOUN
fbem-28241	13	39	.	.	PUNCT
fbem-28241	14	1	the	the	DET
fbem-28241	14	2	likehood	likehood	NOUN
fbem-28241	14	3	of	of	ADP
fbem-28241	14	4	stock	stock	NOUN
fbem-28241	14	5	price	price	NOUN
fbem-28241	14	6	crash	crash	NOUN
fbem-28241	14	7	is	be	AUX
fbem-28241	14	8	made	make	VERB
fbem-28241	14	9	up	up	ADP
fbem-28241	14	10	of	of	ADP
fbem-28241	14	11	many	many	ADJ
fbem-28241	14	12	factors	factor	NOUN
fbem-28241	14	13	,	,	PUNCT
fbem-28241	14	14	so	so	SCONJ
fbem-28241	14	15	it	it	PRON
fbem-28241	14	16	is	be	AUX
fbem-28241	14	17	also	also	ADV
fbem-28241	14	18	more	more	ADV
fbem-28241	14	19	likely	likely	ADJ
fbem-28241	14	20	to	to	PART
fbem-28241	14	21	be	be	AUX
fbem-28241	14	22	affected	affect	VERB
fbem-28241	14	23	by	by	ADP
fbem-28241	14	24	subtle	subtle	ADJ
fbem-28241	14	25	factors	factor	NOUN
fbem-28241	14	26	that	that	PRON
fbem-28241	14	27	lead	lead	VERB
fbem-28241	14	28	to	to	ADP
fbem-28241	14	29	a	a	DET
fbem-28241	14	30	completely	completely	ADV
fbem-28241	14	31	out	out	ADJ
fbem-28241	14	32	-	-	PUNCT
fbem-28241	14	33	of	of	ADP
fbem-28241	14	34	-	-	PUNCT
fbem-28241	14	35	control	control	NOUN
fbem-28241	14	36	.	.	PUNCT
fbem-28241	15	1	in	in	ADP
fbem-28241	15	2	the	the	DET
fbem-28241	15	3	green	green	ADJ
fbem-28241	15	4	innovation	innovation	NOUN
fbem-28241	15	5	investment	investment	NOUN
fbem-28241	15	6	and	and	CCONJ
fbem-28241	15	7	financing	financing	NOUN
fbem-28241	15	8	constraints	constraint	NOUN
fbem-28241	15	9	sence	sence	ADV
fbem-28241	15	10	,	,	PUNCT
fbem-28241	15	11	this	this	DET
fbem-28241	15	12	paper	paper	NOUN
fbem-28241	15	13	explores	explore	VERB
fbem-28241	15	14	the	the	DET
fbem-28241	15	15	correlation	correlation	NOUN
fbem-28241	15	16	between	between	ADP
fbem-28241	15	17	stock	stock	NOUN
fbem-28241	15	18	price	price	NOUN
fbem-28241	15	19	crash	crash	NOUN
fbem-28241	15	20	risk	risk	NOUN
fbem-28241	15	21	and	and	CCONJ
fbem-28241	15	22	esg	esg	NOUN
fbem-28241	15	23	performance	performance	NOUN
fbem-28241	15	24	.	.	PUNCT
fbem-28241	16	1	on	on	ADP
fbem-28241	16	2	one	one	NUM
fbem-28241	16	3	hand	hand	NOUN
fbem-28241	16	4	,	,	PUNCT
fbem-28241	16	5	in	in	ADP
fbem-28241	16	6	-	-	PUNCT
fbem-28241	16	7	depth	depth	NOUN
fbem-28241	16	8	research	research	NOUN
fbem-28241	16	9	on	on	ADP
fbem-28241	16	10	how	how	SCONJ
fbem-28241	16	11	esg	esg	NOUN
fbem-28241	16	12	performance	performance	NOUN
fbem-28241	16	13	has	have	AUX
fbem-28241	16	14	an	an	DET
fbem-28241	16	15	influence	influence	NOUN
fbem-28241	16	16	on	on	ADP
fbem-28241	16	17	the	the	DET
fbem-28241	16	18	possibility	possibility	NOUN
fbem-28241	16	19	of	of	ADP
fbem-28241	16	20	stock	stock	NOUN
fbem-28241	16	21	price	price	NOUN
fbem-28241	16	22	crash	crash	NOUN
fbem-28241	16	23	within	within	ADP
fbem-28241	16	24	the	the	DET
fbem-28241	16	25	context	context	NOUN
fbem-28241	16	26	;	;	PUNCT
fbem-28241	16	27	on	on	ADP
fbem-28241	16	28	the	the	DET
fbem-28241	16	29	other	other	ADJ
fbem-28241	16	30	hand	hand	NOUN
fbem-28241	16	31	,	,	PUNCT
fbem-28241	16	32	one	one	PRON
fbem-28241	16	33	can	can	AUX
fbem-28241	16	34	investigate	investigate	VERB
fbem-28241	16	35	how	how	SCONJ
fbem-28241	16	36	green	green	ADJ
fbem-28241	16	37	innovation	innovation	NOUN
fbem-28241	16	38	investment	investment	NOUN
fbem-28241	16	39	and	and	CCONJ
fbem-28241	16	40	financing	financing	NOUN
fbem-28241	16	41	constraints	constraint	NOUN
fbem-28241	16	42	strengthen	strengthen	VERB
fbem-28241	16	43	the	the	DET
fbem-28241	16	44	connection	connection	NOUN
fbem-28241	16	45	between	between	ADP
fbem-28241	16	46	the	the	DET
fbem-28241	16	47	probability	probability	NOUN
fbem-28241	16	48	of	of	ADP
fbem-28241	16	49	stock	stock	NOUN
fbem-28241	16	50	price	price	NOUN
fbem-28241	16	51	drops	drop	NOUN
fbem-28241	16	52	and	and	CCONJ
fbem-28241	16	53	esg	esg	NOUN
fbem-28241	16	54	performance	performance	NOUN
fbem-28241	16	55	.	.	PUNCT
fbem-28241	17	1	this	this	DET
fbem-28241	17	2	study	study	NOUN
fbem-28241	17	3	not	not	PART
fbem-28241	17	4	only	only	ADV
fbem-28241	17	5	explores	explore	VERB
fbem-28241	17	6	the	the	DET
fbem-28241	17	7	relationship	relationship	NOUN
fbem-28241	17	8	between	between	ADP
fbem-28241	17	9	stock	stock	NOUN
fbem-28241	17	10	market	market	NOUN
fbem-28241	17	11	crash	crash	NOUN
fbem-28241	17	12	risk	risk	NOUN
fbem-28241	17	13	and	and	CCONJ
fbem-28241	17	14	esg	esg	NOUN
fbem-28241	17	15	performance	performance	NOUN
fbem-28241	17	16	;	;	PUNCT
fbem-28241	17	17	it	it	PRON
fbem-28241	17	18	also	also	ADV
fbem-28241	17	19	provides	provide	VERB
fbem-28241	17	20	new	new	ADJ
fbem-28241	17	21	ideas	idea	NOUN
fbem-28241	17	22	for	for	ADP
fbem-28241	17	23	the	the	DET
fbem-28241	17	24	problems	problem	NOUN
fbem-28241	17	25	that	that	PRON
fbem-28241	17	26	enterprise	enterprise	NOUN
fbem-28241	17	27	managers	manager	NOUN
fbem-28241	17	28	are	be	AUX
fbem-28241	17	29	concerned	concerned	ADJ
fbem-28241	17	30	about	about	ADP
fbem-28241	17	31	.	.	PUNCT
fbem-28241	18	1	2	2	X
fbem-28241	18	2	.	.	X
fbem-28241	18	3	theoretical	theoretical	ADJ
fbem-28241	18	4	analysis	analysis	NOUN
fbem-28241	18	5	and	and	CCONJ
fbem-28241	18	6	research	research	NOUN
fbem-28241	18	7	hypothesis	hypothesis	NOUN
fbem-28241	18	8	2.1	2.1	NUM
fbem-28241	18	9	.	.	PUNCT
fbem-28241	19	1	stock	stock	NOUN
fbem-28241	19	2	price	price	NOUN
fbem-28241	19	3	crash	crash	NOUN
fbem-28241	19	4	risk	risk	NOUN
fbem-28241	19	5	and	and	CCONJ
fbem-28241	19	6	esg	esg	NOUN
fbem-28241	19	7	performance	performance	NOUN
fbem-28241	19	8	research	research	NOUN
fbem-28241	19	9	on	on	ADP
fbem-28241	19	10	these	these	DET
fbem-28241	19	11	two	two	NUM
fbem-28241	19	12	can	can	AUX
fbem-28241	19	13	be	be	AUX
fbem-28241	19	14	mainly	mainly	ADV
fbem-28241	19	15	categorized	categorize	VERB
fbem-28241	19	16	into	into	ADP
fbem-28241	19	17	internal	internal	ADJ
fbem-28241	19	18	governance	governance	NOUN
fbem-28241	19	19	and	and	CCONJ
fbem-28241	19	20	external	external	ADJ
fbem-28241	19	21	supervision	supervision	NOUN
fbem-28241	19	22	of	of	ADP
fbem-28241	19	23	companies	company	NOUN
fbem-28241	19	24	.	.	PUNCT
fbem-28241	20	1	corporate	corporate	ADJ
fbem-28241	20	2	risk	risk	NOUN
fbem-28241	20	3	is	be	AUX
fbem-28241	20	4	a	a	DET
fbem-28241	20	5	key	key	ADJ
fbem-28241	20	6	factor	factor	NOUN
fbem-28241	20	7	related	relate	VERB
fbem-28241	20	8	to	to	ADP
fbem-28241	20	9	the	the	DET
fbem-28241	20	10	survival	survival	NOUN
fbem-28241	20	11	and	and	CCONJ
fbem-28241	20	12	development	development	NOUN
fbem-28241	20	13	of	of	ADP
fbem-28241	20	14	enterprises	enterprise	NOUN
fbem-28241	20	15	,	,	PUNCT
fbem-28241	20	16	and	and	CCONJ
fbem-28241	20	17	enhanced	enhance	VERB
fbem-28241	20	18	esg	esg	NOUN
fbem-28241	20	19	performance	performance	NOUN
fbem-28241	20	20	can	can	AUX
fbem-28241	20	21	increase	increase	VERB
fbem-28241	20	22	its	its	PRON
fbem-28241	20	23	capacity	capacity	NOUN
fbem-28241	20	24	to	to	PART
fbem-28241	20	25	access	access	VERB
fbem-28241	20	26	resources	resource	NOUN
fbem-28241	20	27	from	from	ADP
fbem-28241	20	28	diverse	diverse	ADJ
fbem-28241	20	29	channels	channel	NOUN
fbem-28241	20	30	,	,	PUNCT
fbem-28241	20	31	thereby	thereby	ADV
fbem-28241	20	32	maintaining	maintain	VERB
fbem-28241	20	33	the	the	DET
fbem-28241	20	34	probability	probability	NOUN
fbem-28241	20	35	of	of	ADP
fbem-28241	20	36	decline	decline	NOUN
fbem-28241	20	37	in	in	ADP
fbem-28241	20	38	stock	stock	NOUN
fbem-28241	20	39	values	value	NOUN
fbem-28241	20	40	(	(	PUNCT
fbem-28241	20	41	tan	tan	PROPN
fbem-28241	20	42	jinsong	jinsong	PROPN
fbem-28241	20	43	et	et	PROPN
fbem-28241	20	44	al	al	PROPN
fbem-28241	20	45	.	.	PROPN
fbem-28241	20	46	2022	2022	NUM
fbem-28241	20	47	)	)	PUNCT
fbem-28241	21	1	[	[	X
fbem-28241	21	2	2	2	NUM
fbem-28241	21	3	]	]	PUNCT
fbem-28241	21	4	.	.	PUNCT
fbem-28241	22	1	then	then	ADV
fbem-28241	22	2	,	,	PUNCT
fbem-28241	22	3	for	for	ADP
fbem-28241	22	4	the	the	DET
fbem-28241	22	5	study	study	NOUN
fbem-28241	22	6	of	of	ADP
fbem-28241	22	7	external	external	ADJ
fbem-28241	22	8	supervision	supervision	NOUN
fbem-28241	22	9	,	,	PUNCT
fbem-28241	22	10	scholar	scholar	NOUN
fbem-28241	22	11	sun	sun	NOUN
fbem-28241	22	12	xiaoyi	xiaoyi	PROPN
fbem-28241	22	13	(	(	PUNCT
fbem-28241	22	14	2024	2024	NUM
fbem-28241	22	15	)	)	PUNCT
fbem-28241	23	1	[	[	X
fbem-28241	23	2	3	3	X
fbem-28241	23	3	]	]	PUNCT
fbem-28241	23	4	analyzed	analyze	VERB
fbem-28241	23	5	in	in	ADP
fbem-28241	23	6	detail	detail	NOUN
fbem-28241	23	7	that	that	SCONJ
fbem-28241	23	8	firms	firm	NOUN
fbem-28241	23	9	with	with	ADP
fbem-28241	23	10	excellent	excellent	ADJ
fbem-28241	23	11	esg	esg	NOUN
fbem-28241	23	12	performance	performance	NOUN
fbem-28241	23	13	are	be	AUX
fbem-28241	23	14	better	well	ADV
fbem-28241	23	15	equipped	equip	VERB
fbem-28241	23	16	to	to	PART
fbem-28241	23	17	adjust	adjust	VERB
fbem-28241	23	18	to	to	ADP
fbem-28241	23	19	shifts	shift	NOUN
fbem-28241	23	20	in	in	ADP
fbem-28241	23	21	the	the	DET
fbem-28241	23	22	external	external	ADJ
fbem-28241	23	23	environment	environment	NOUN
fbem-28241	23	24	,	,	PUNCT
fbem-28241	23	25	reduce	reduce	VERB
fbem-28241	23	26	market	market	NOUN
fbem-28241	23	27	impact	impact	NOUN
fbem-28241	23	28	,	,	PUNCT
fbem-28241	23	29	and	and	CCONJ
fbem-28241	23	30	effectively	effectively	ADV
fbem-28241	23	31	reduce	reduce	VERB
fbem-28241	23	32	stock	stock	NOUN
fbem-28241	23	33	price	price	NOUN
fbem-28241	23	34	volatility	volatility	NOUN
fbem-28241	23	35	.	.	PUNCT
fbem-28241	24	1	another	another	DET
fbem-28241	24	2	study	study	NOUN
fbem-28241	24	3	by	by	ADP
fbem-28241	24	4	scholars	scholar	NOUN
fbem-28241	24	5	lin	lin	PROPN
fbem-28241	24	6	lijie	lijie	PROPN
fbem-28241	24	7	and	and	CCONJ
fbem-28241	24	8	li	li	PROPN
fbem-28241	24	9	panpan	panpan	PROPN
fbem-28241	24	10	(	(	PUNCT
fbem-28241	24	11	2023	2023	NUM
fbem-28241	24	12	)	)	PUNCT
fbem-28241	25	1	[	[	X
fbem-28241	25	2	4	4	X
fbem-28241	25	3	]	]	PUNCT
fbem-28241	25	4	demonstrates	demonstrate	VERB
fbem-28241	25	5	that	that	PRON
fbem-28241	25	6	robust	robust	ADJ
fbem-28241	25	7	esg	esg	NOUN
fbem-28241	25	8	performance	performance	NOUN
fbem-28241	25	9	could	could	AUX
fbem-28241	25	10	effectively	effectively	ADV
fbem-28241	25	11	enhance	enhance	VERB
fbem-28241	25	12	the	the	DET
fbem-28241	25	13	supervision	supervision	NOUN
fbem-28241	25	14	effect	effect	NOUN
fbem-28241	25	15	and	and	CCONJ
fbem-28241	25	16	reputation	reputation	NOUN
fbem-28241	25	17	effect	effect	NOUN
fbem-28241	25	18	,	,	PUNCT
fbem-28241	25	19	thereby	thereby	ADV
fbem-28241	25	20	inhibiting	inhibit	VERB
fbem-28241	25	21	the	the	DET
fbem-28241	25	22	risk	risk	NOUN
fbem-28241	25	23	of	of	ADP
fbem-28241	25	24	stock	stock	NOUN
fbem-28241	25	25	price	price	NOUN
fbem-28241	25	26	collapse	collapse	NOUN
fbem-28241	25	27	.	.	PUNCT
fbem-28241	26	1	therefore	therefore	ADV
fbem-28241	26	2	,	,	PUNCT
fbem-28241	26	3	drawing	draw	VERB
fbem-28241	26	4	on	on	ADP
fbem-28241	26	5	the	the	DET
fbem-28241	26	6	analysis	analysis	NOUN
fbem-28241	26	7	above	above	ADV
fbem-28241	26	8	,	,	PUNCT
fbem-28241	26	9	this	this	DET
fbem-28241	26	10	resreach	resreach	NOUN
fbem-28241	26	11	posits	posit	VERB
fbem-28241	26	12	hypothesis	hypothesis	NOUN
fbem-28241	26	13	1	1	NUM
fbem-28241	26	14	.	.	PUNCT
fbem-28241	27	1	h1	h1	PROPN
fbem-28241	27	2	:	:	PUNCT
fbem-28241	27	3	the	the	DET
fbem-28241	27	4	effect	effect	NOUN
fbem-28241	27	5	of	of	ADP
fbem-28241	27	6	esg	esg	PROPN
fbem-28241	27	7	performance	performance	NOUN
fbem-28241	27	8	on	on	ADP
fbem-28241	27	9	stock	stock	NOUN
fbem-28241	27	10	price	price	NOUN
fbem-28241	27	11	crash	crash	NOUN
fbem-28241	27	12	risk	risk	NOUN
fbem-28241	27	13	is	be	AUX
fbem-28241	27	14	negatively	negatively	ADV
fbem-28241	27	15	correlated	correlate	VERB
fbem-28241	27	16	.	.	PUNCT
fbem-28241	28	1	2.2	2.2	NUM
fbem-28241	28	2	.	.	PUNCT
fbem-28241	29	1	esg	esg	NOUN
fbem-28241	29	2	performance	performance	NOUN
fbem-28241	29	3	,	,	PUNCT
fbem-28241	29	4	green	green	ADJ
fbem-28241	29	5	innovation	innovation	NOUN
fbem-28241	29	6	investment	investment	NOUN
fbem-28241	29	7	and	and	CCONJ
fbem-28241	29	8	stock	stock	NOUN
fbem-28241	29	9	price	price	NOUN
fbem-28241	29	10	crash	crash	NOUN
fbem-28241	29	11	risk	risk	NOUN
fbem-28241	29	12	during	during	ADP
fbem-28241	29	13	the	the	DET
fbem-28241	29	14	new	new	ADJ
fbem-28241	29	15	phase	phase	NOUN
fbem-28241	29	16	of	of	ADP
fbem-28241	29	17	economic	economic	ADJ
fbem-28241	29	18	development	development	NOUN
fbem-28241	29	19	,	,	PUNCT
fbem-28241	29	20	esg	esg	PROPN
fbem-28241	29	21	is	be	AUX
fbem-28241	29	22	an	an	DET
fbem-28241	29	23	important	important	ADJ
fbem-28241	29	24	concept	concept	NOUN
fbem-28241	29	25	for	for	ADP
fbem-28241	29	26	corporate	corporate	ADJ
fbem-28241	29	27	operations	operation	NOUN
fbem-28241	29	28	under	under	ADP
fbem-28241	29	29	the	the	DET
fbem-28241	29	30	guidance	guidance	NOUN
fbem-28241	29	31	of	of	ADP
fbem-28241	29	32	sustainability	sustainability	NOUN
fbem-28241	29	33	.	.	PUNCT
fbem-28241	30	1	the	the	DET
fbem-28241	30	2	implementation	implementation	NOUN
fbem-28241	30	3	of	of	ADP
fbem-28241	30	4	sustainable	sustainable	ADJ
fbem-28241	30	5	practices	practice	NOUN
fbem-28241	30	6	within	within	ADP
fbem-28241	30	7	enterprises	enterprise	NOUN
fbem-28241	30	8	could	could	AUX
fbem-28241	30	9	effectively	effectively	ADV
fbem-28241	30	10	mitigate	mitigate	VERB
fbem-28241	30	11	the	the	DET
fbem-28241	30	12	chances	chance	NOUN
fbem-28241	30	13	of	of	ADP
fbem-28241	30	14	a	a	DET
fbem-28241	30	15	decline	decline	NOUN
fbem-28241	30	16	in	in	ADP
fbem-28241	30	17	stock	stock	NOUN
fbem-28241	30	18	price	price	NOUN
fbem-28241	30	19	plummet	plummet	VERB
fbem-28241	30	20	by	by	ADP
fbem-28241	30	21	bolstering	bolster	VERB
fbem-28241	30	22	ecological	ecological	ADJ
fbem-28241	30	23	performance	performance	NOUN
fbem-28241	30	24	,	,	PUNCT
fbem-28241	30	25	diminishing	diminish	VERB
fbem-28241	30	26	asymmetries	asymmetry	NOUN
fbem-28241	30	27	in	in	ADP
fbem-28241	30	28	informational	informational	ADJ
fbem-28241	30	29	access	access	NOUN
fbem-28241	30	30	,	,	PUNCT
fbem-28241	30	31	and	and	CCONJ
fbem-28241	30	32	fostering	foster	VERB
fbem-28241	30	33	heightened	heightened	ADJ
fbem-28241	30	34	confidence	confidence	NOUN
fbem-28241	30	35	among	among	ADP
fbem-28241	30	36	investors	investor	NOUN
fbem-28241	30	37	.	.	PUNCT
fbem-28241	31	1	(	(	PUNCT
fbem-28241	31	2	zhou	zhou	PROPN
fbem-28241	31	3	kuo	kuo	PROPN
fbem-28241	31	4	et	et	PROPN
fbem-28241	31	5	al	al	PROPN
fbem-28241	31	6	.	.	PROPN
fbem-28241	31	7	,	,	PUNCT
fbem-28241	31	8	2022	2022	NUM
fbem-28241	31	9	,	,	PUNCT
fbem-28241	31	10	zhao	zhao	PROPN
fbem-28241	31	11	lingdi	lingdi	PROPN
fbem-28241	31	12	et	et	PROPN
fbem-28241	31	13	al	al	PROPN
fbem-28241	31	14	.	.	PROPN
fbem-28241	31	15	,	,	PUNCT
fbem-28241	31	16	2022	2022	NUM
fbem-28241	31	17	)	)	PUNCT
fbem-28241	32	1	[	[	X
fbem-28241	32	2	5	5	NUM
fbem-28241	32	3	,	,	PUNCT
fbem-28241	32	4	6	6	NUM
fbem-28241	32	5	]	]	PUNCT
fbem-28241	32	6	.	.	PUNCT
fbem-28241	33	1	under	under	ADP
fbem-28241	33	2	increasingly	increasingly	ADV
fbem-28241	33	3	strict	strict	ADJ
fbem-28241	33	4	environmental	environmental	ADJ
fbem-28241	33	5	116	116	NUM
fbem-28241	33	6	supervision	supervision	NOUN
fbem-28241	33	7	,	,	PUNCT
fbem-28241	33	8	corporate	corporate	ADJ
fbem-28241	33	9	green	green	ADJ
fbem-28241	33	10	investment	investment	NOUN
fbem-28241	33	11	behavior	behavior	NOUN
fbem-28241	33	12	is	be	AUX
fbem-28241	33	13	not	not	PART
fbem-28241	33	14	only	only	ADV
fbem-28241	33	15	a	a	DET
fbem-28241	33	16	fulfillment	fulfillment	NOUN
fbem-28241	33	17	of	of	ADP
fbem-28241	33	18	environmental	environmental	ADJ
fbem-28241	33	19	responsibility	responsibility	NOUN
fbem-28241	33	20	,	,	PUNCT
fbem-28241	33	21	but	but	CCONJ
fbem-28241	33	22	also	also	ADV
fbem-28241	33	23	a	a	DET
fbem-28241	33	24	reduction	reduction	NOUN
fbem-28241	33	25	in	in	ADP
fbem-28241	33	26	stock	stock	NOUN
fbem-28241	33	27	price	price	NOUN
fbem-28241	33	28	volatility	volatility	NOUN
fbem-28241	33	29	,	,	PUNCT
fbem-28241	33	30	and	and	CCONJ
fbem-28241	33	31	corporate	corporate	ADJ
fbem-28241	33	32	green	green	ADJ
fbem-28241	33	33	innovation	innovation	NOUN
fbem-28241	33	34	can	can	AUX
fbem-28241	33	35	promote	promote	VERB
fbem-28241	33	36	the	the	DET
fbem-28241	33	37	improvement	improvement	NOUN
fbem-28241	33	38	of	of	ADP
fbem-28241	33	39	stock	stock	NOUN
fbem-28241	33	40	returns	return	NOUN
fbem-28241	33	41	(	(	PUNCT
fbem-28241	33	42	liu	liu	PROPN
fbem-28241	33	43	bai	bai	PROPN
fbem-28241	33	44	,	,	PUNCT
fbem-28241	33	45	wang	wang	PROPN
fbem-28241	33	46	xinzhu	xinzhu	PROPN
fbem-28241	33	47	,	,	PUNCT
fbem-28241	33	48	2021	2021	NUM
fbem-28241	33	49	)	)	PUNCT
fbem-28241	34	1	[	[	X
fbem-28241	34	2	7	7	NUM
fbem-28241	34	3	]	]	PUNCT
fbem-28241	34	4	.	.	PUNCT
fbem-28241	35	1	however	however	ADV
fbem-28241	35	2	,	,	PUNCT
fbem-28241	35	3	the	the	DET
fbem-28241	35	4	esg	esg	NOUN
fbem-28241	35	5	performance	performance	NOUN
fbem-28241	35	6	of	of	ADP
fbem-28241	35	7	corporations	corporation	NOUN
fbem-28241	35	8	will	will	AUX
fbem-28241	35	9	also	also	ADV
fbem-28241	35	10	capture	capture	VERB
fbem-28241	35	11	the	the	DET
fbem-28241	35	12	interest	interest	NOUN
fbem-28241	35	13	of	of	ADP
fbem-28241	35	14	environmentally	environmentally	ADV
fbem-28241	35	15	-	-	PUNCT
fbem-28241	35	16	focused	focus	VERB
fbem-28241	35	17	investors	investor	NOUN
fbem-28241	35	18	and	and	CCONJ
fbem-28241	35	19	the	the	DET
fbem-28241	35	20	media	medium	NOUN
fbem-28241	35	21	,	,	PUNCT
fbem-28241	35	22	and	and	CCONJ
fbem-28241	35	23	the	the	DET
fbem-28241	35	24	probability	probability	NOUN
fbem-28241	35	25	of	of	ADP
fbem-28241	35	26	a	a	DET
fbem-28241	35	27	decline	decline	NOUN
fbem-28241	35	28	in	in	ADP
fbem-28241	35	29	stock	stock	NOUN
fbem-28241	35	30	price	price	NOUN
fbem-28241	35	31	will	will	AUX
fbem-28241	35	32	also	also	ADV
fbem-28241	35	33	decrease	decrease	VERB
fbem-28241	35	34	under	under	ADP
fbem-28241	35	35	external	external	ADJ
fbem-28241	35	36	scrutiny	scrutiny	NOUN
fbem-28241	35	37	(	(	PUNCT
fbem-28241	35	38	gao	gao	PROPN
fbem-28241	35	39	j	j	PROPN
fbem-28241	35	40	et	et	PROPN
fbem-28241	35	41	al	al	PROPN
fbem-28241	35	42	.	.	PROPN
fbem-28241	35	43	,	,	PUNCT
fbem-28241	35	44	2024	2024	NUM
fbem-28241	35	45	)	)	PUNCT
fbem-28241	36	1	[	[	X
fbem-28241	36	2	8	8	NUM
fbem-28241	36	3	]	]	PUNCT
fbem-28241	36	4	.	.	PUNCT
fbem-28241	37	1	therefore	therefore	ADV
fbem-28241	37	2	,	,	PUNCT
fbem-28241	37	3	drawing	draw	VERB
fbem-28241	37	4	on	on	ADP
fbem-28241	37	5	the	the	DET
fbem-28241	37	6	analysis	analysis	NOUN
fbem-28241	37	7	above	above	ADV
fbem-28241	37	8	,	,	PUNCT
fbem-28241	37	9	hypothesis	hypothesis	NOUN
fbem-28241	37	10	2	2	NUM
fbem-28241	37	11	is	be	AUX
fbem-28241	37	12	proposed	propose	VERB
fbem-28241	37	13	.	.	PUNCT
fbem-28241	38	1	h2	h2	NOUN
fbem-28241	38	2	:	:	PUNCT
fbem-28241	38	3	driven	drive	VERB
fbem-28241	38	4	by	by	ADP
fbem-28241	38	5	the	the	DET
fbem-28241	38	6	impact	impact	NOUN
fbem-28241	38	7	of	of	ADP
fbem-28241	38	8	"	"	PUNCT
fbem-28241	38	9	green	green	ADJ
fbem-28241	38	10	innovation	innovation	NOUN
fbem-28241	38	11	investment	investment	NOUN
fbem-28241	38	12	"	"	PUNCT
fbem-28241	38	13	,	,	PUNCT
fbem-28241	38	14	esg	esg	PROPN
fbem-28241	38	15	performance	performance	NOUN
fbem-28241	38	16	shows	show	VERB
fbem-28241	38	17	an	an	DET
fbem-28241	38	18	inverse	inverse	NOUN
fbem-28241	38	19	correlation	correlation	NOUN
fbem-28241	38	20	with	with	ADP
fbem-28241	38	21	the	the	DET
fbem-28241	38	22	susceptility	susceptility	NOUN
fbem-28241	38	23	of	of	ADP
fbem-28241	38	24	stock	stock	NOUN
fbem-28241	38	25	price	price	NOUN
fbem-28241	38	26	collapses	collapse	NOUN
fbem-28241	38	27	.	.	PUNCT
fbem-28241	39	1	2.3	2.3	NUM
fbem-28241	39	2	.	.	PUNCT
fbem-28241	40	1	esg	esg	NOUN
fbem-28241	40	2	performance	performance	NOUN
fbem-28241	40	3	,	,	PUNCT
fbem-28241	40	4	financing	financing	NOUN
fbem-28241	40	5	constraints	constraint	NOUN
fbem-28241	40	6	and	and	CCONJ
fbem-28241	40	7	stock	stock	NOUN
fbem-28241	40	8	price	price	NOUN
fbem-28241	40	9	crash	crash	NOUN
fbem-28241	40	10	risk	risk	NOUN
fbem-28241	40	11	existing	exist	VERB
fbem-28241	40	12	studies	study	NOUN
fbem-28241	40	13	that	that	PRON
fbem-28241	40	14	the	the	DET
fbem-28241	40	15	unpredictability	unpredictability	NOUN
fbem-28241	40	16	of	of	ADP
fbem-28241	40	17	the	the	DET
fbem-28241	40	18	external	external	ADJ
fbem-28241	40	19	financing	financing	NOUN
fbem-28241	40	20	landscape	landscape	NOUN
fbem-28241	40	21	will	will	AUX
fbem-28241	40	22	influence	influence	VERB
fbem-28241	40	23	the	the	DET
fbem-28241	40	24	likelihood	likelihood	NOUN
fbem-28241	40	25	of	of	ADP
fbem-28241	40	26	a	a	DET
fbem-28241	40	27	precipitous	precipitous	ADJ
fbem-28241	40	28	drop	drop	NOUN
fbem-28241	40	29	in	in	ADP
fbem-28241	40	30	stock	stock	NOUN
fbem-28241	40	31	values	value	NOUN
fbem-28241	40	32	,	,	PUNCT
fbem-28241	40	33	but	but	CCONJ
fbem-28241	40	34	the	the	DET
fbem-28241	40	35	loose	loose	ADJ
fbem-28241	40	36	external	external	ADJ
fbem-28241	40	37	financing	financing	NOUN
fbem-28241	40	38	environment	environment	NOUN
fbem-28241	40	39	can	can	AUX
fbem-28241	40	40	alleviate	alleviate	VERB
fbem-28241	40	41	this	this	DET
fbem-28241	40	42	problem	problem	NOUN
fbem-28241	40	43	(	(	PUNCT
fbem-28241	40	44	bai	bai	PROPN
fbem-28241	40	45	min	min	PROPN
fbem-28241	40	46	et	et	PROPN
fbem-28241	40	47	al	al	PROPN
fbem-28241	40	48	.	.	PROPN
fbem-28241	40	49	,	,	PUNCT
fbem-28241	40	50	2018	2018	NUM
fbem-28241	40	51	)	)	PUNCT
fbem-28241	41	1	[	[	X
fbem-28241	41	2	9	9	NUM
fbem-28241	41	3	]	]	PUNCT
fbem-28241	41	4	,	,	PUNCT
fbem-28241	41	5	and	and	CCONJ
fbem-28241	41	6	esg	esg	NOUN
fbem-28241	41	7	performance	performance	NOUN
fbem-28241	41	8	may	may	AUX
fbem-28241	41	9	lower	lower	VERB
fbem-28241	41	10	corporate	corporate	ADJ
fbem-28241	41	11	financing	financing	NOUN
fbem-28241	41	12	costs	cost	NOUN
fbem-28241	41	13	by	by	ADP
fbem-28241	41	14	lowing	low	VERB
fbem-28241	41	15	the	the	DET
fbem-28241	41	16	risk	risk	NOUN
fbem-28241	41	17	related	relate	VERB
fbem-28241	41	18	to	to	ADP
fbem-28241	41	19	long	long	ADJ
fbem-28241	41	20	-	-	PUNCT
fbem-28241	41	21	term	term	NOUN
fbem-28241	41	22	stock	stock	NOUN
fbem-28241	41	23	prices	price	NOUN
fbem-28241	41	24	and	and	CCONJ
fbem-28241	41	25	fostering	foster	VERB
fbem-28241	41	26	investments	investment	NOUN
fbem-28241	41	27	in	in	ADP
fbem-28241	41	28	sustainable	sustainable	ADJ
fbem-28241	41	29	development	development	NOUN
fbem-28241	41	30	(	(	PUNCT
fbem-28241	41	31	liu	liu	PROPN
fbem-28241	41	32	bai	bai	PROPN
fbem-28241	41	33	,	,	PUNCT
fbem-28241	41	34	lu	lu	PROPN
fbem-28241	41	35	jiarui	jiarui	PROPN
fbem-28241	41	36	,	,	PUNCT
fbem-28241	41	37	2024	2024	NUM
fbem-28241	41	38	)	)	PUNCT
fbem-28241	42	1	[	[	X
fbem-28241	42	2	10	10	NUM
fbem-28241	42	3	]	]	PUNCT
fbem-28241	42	4	.	.	PUNCT
fbem-28241	43	1	promoting	promote	VERB
fbem-28241	43	2	green	green	ADJ
fbem-28241	43	3	innovation	innovation	NOUN
fbem-28241	43	4	and	and	CCONJ
fbem-28241	43	5	other	other	ADJ
fbem-28241	43	6	pathways	pathway	NOUN
fbem-28241	43	7	to	to	PART
fbem-28241	43	8	help	help	VERB
fbem-28241	43	9	achieve	achieve	VERB
fbem-28241	43	10	the	the	DET
fbem-28241	43	11	sustainability	sustainability	NOUN
fbem-28241	43	12	of	of	ADP
fbem-28241	43	13	corporate	corporate	ADJ
fbem-28241	43	14	earnings	earning	NOUN
fbem-28241	43	15	(	(	PUNCT
fbem-28241	43	16	xi	xi	X
fbem-28241	43	17	longsheng	longsheng	PROPN
fbem-28241	43	18	,	,	PUNCT
fbem-28241	43	19	zhao	zhao	PROPN
fbem-28241	43	20	hui	hui	PROPN
fbem-28241	43	21	,	,	PUNCT
fbem-28241	43	22	2022	2022	NUM
fbem-28241	43	23	,	,	PUNCT
fbem-28241	43	24	hu	hu	PROPN
fbem-28241	43	25	jie	jie	PROPN
fbem-28241	43	26	et	et	PROPN
fbem-28241	43	27	al	al	PROPN
fbem-28241	43	28	.	.	PROPN
fbem-28241	43	29	,	,	PUNCT
fbem-28241	43	30	2023	2023	NUM
fbem-28241	43	31	)	)	PUNCT
fbem-28241	44	1	[	[	X
fbem-28241	44	2	11	11	NUM
fbem-28241	44	3	,	,	PUNCT
fbem-28241	44	4	12	12	NUM
fbem-28241	44	5	]	]	PUNCT
fbem-28241	44	6	.	.	PUNCT
fbem-28241	45	1	furthermore	furthermore	ADV
fbem-28241	45	2	,	,	PUNCT
fbem-28241	45	3	a	a	DET
fbem-28241	45	4	notable	notable	ADJ
fbem-28241	45	5	inverse	inverse	NOUN
fbem-28241	45	6	correlation	correlation	NOUN
fbem-28241	45	7	has	have	AUX
fbem-28241	45	8	been	be	AUX
fbem-28241	45	9	observed	observe	VERB
fbem-28241	45	10	between	between	ADP
fbem-28241	45	11	the	the	DET
fbem-28241	45	12	overall	overall	ADJ
fbem-28241	45	13	esg	esg	NOUN
fbem-28241	45	14	performance	performance	NOUN
fbem-28241	45	15	of	of	ADP
fbem-28241	45	16	the	the	DET
fbem-28241	45	17	firms	firm	NOUN
fbem-28241	45	18	and	and	CCONJ
fbem-28241	45	19	individual	individual	ADJ
fbem-28241	45	20	performance	performance	NOUN
fbem-28241	45	21	,	,	PUNCT
fbem-28241	45	22	alongside	alongside	ADP
fbem-28241	45	23	the	the	DET
fbem-28241	45	24	possibility	possibility	NOUN
fbem-28241	45	25	of	of	ADP
fbem-28241	45	26	stock	stock	NOUN
fbem-28241	45	27	price	price	NOUN
fbem-28241	45	28	collapse	collapse	NOUN
fbem-28241	45	29	.	.	PUNCT
fbem-28241	46	1	additionally	additionally	ADV
fbem-28241	46	2	,	,	PUNCT
fbem-28241	46	3	financing	financing	NOUN
fbem-28241	46	4	constraints	constraint	NOUN
fbem-28241	46	5	have	have	AUX
fbem-28241	46	6	been	be	AUX
fbem-28241	46	7	identified	identify	VERB
fbem-28241	46	8	to	to	PART
fbem-28241	46	9	exert	exert	VERB
fbem-28241	46	10	a	a	DET
fbem-28241	46	11	detrimental	detrimental	ADJ
fbem-28241	46	12	moderating	moderate	VERB
fbem-28241	46	13	influence	influence	NOUN
fbem-28241	46	14	on	on	ADP
fbem-28241	46	15	the	the	DET
fbem-28241	46	16	firm	firm	NOUN
fbem-28241	46	17	’s	’s	PART
fbem-28241	46	18	esg	esg	NOUN
fbem-28241	46	19	performance	performance	NOUN
fbem-28241	46	20	on	on	ADP
fbem-28241	46	21	stock	stock	NOUN
fbem-28241	46	22	price	price	NOUN
fbem-28241	46	23	crash	crash	NOUN
fbem-28241	46	24	risk	risk	NOUN
fbem-28241	46	25	and	and	CCONJ
fbem-28241	46	26	its	its	PRON
fbem-28241	46	27	impact	impact	NOUN
fbem-28241	46	28	on	on	ADP
fbem-28241	46	29	the	the	DET
fbem-28241	46	30	relationship	relationship	NOUN
fbem-28241	46	31	between	between	ADP
fbem-28241	46	32	the	the	DET
fbem-28241	46	33	two	two	NUM
fbem-28241	46	34	.	.	PUNCT
fbem-28241	47	1	(	(	PUNCT
fbem-28241	47	2	dong	dong	PROPN
fbem-28241	47	3	xianglan	xianglan	PROPN
fbem-28241	47	4	et	et	PROPN
fbem-28241	47	5	al	al	PROPN
fbem-28241	47	6	.	.	PROPN
fbem-28241	47	7	,	,	PUNCT
fbem-28241	47	8	2023	2023	NUM
fbem-28241	47	9	)	)	PUNCT
fbem-28241	48	1	[	[	X
fbem-28241	48	2	13	13	NUM
fbem-28241	48	3	]	]	PUNCT
fbem-28241	48	4	.	.	PUNCT
fbem-28241	49	1	therefore	therefore	ADV
fbem-28241	49	2	,	,	PUNCT
fbem-28241	49	3	drawing	draw	VERB
fbem-28241	49	4	on	on	ADP
fbem-28241	49	5	the	the	DET
fbem-28241	49	6	analysis	analysis	NOUN
fbem-28241	49	7	above	above	ADV
fbem-28241	49	8	,	,	PUNCT
fbem-28241	49	9	hypothesis	hypothesis	NOUN
fbem-28241	49	10	3	3	NUM
fbem-28241	49	11	is	be	AUX
fbem-28241	49	12	proposed	propose	VERB
fbem-28241	49	13	.	.	PUNCT
fbem-28241	50	1	h3	h3	NOUN
fbem-28241	50	2	:	:	PUNCT
fbem-28241	50	3	drive	drive	VERB
fbem-28241	50	4	by	by	ADP
fbem-28241	50	5	the	the	DET
fbem-28241	50	6	influence	influence	NOUN
fbem-28241	50	7	of	of	ADP
fbem-28241	50	8	"	"	PUNCT
fbem-28241	50	9	financing	financing	NOUN
fbem-28241	50	10	constraints	constraint	NOUN
fbem-28241	50	11	"	"	PUNCT
fbem-28241	50	12	,	,	PUNCT
fbem-28241	50	13	there	there	PRON
fbem-28241	50	14	exists	exist	VERB
fbem-28241	50	15	an	an	DET
fbem-28241	50	16	inverse	inverse	NOUN
fbem-28241	50	17	relationship	relationship	NOUN
fbem-28241	50	18	between	between	ADP
fbem-28241	50	19	esg	esg	PROPN
fbem-28241	50	20	performance	performance	NOUN
fbem-28241	50	21	and	and	CCONJ
fbem-28241	50	22	stock	stock	NOUN
fbem-28241	50	23	price	price	NOUN
fbem-28241	50	24	collapse	collapse	NOUN
fbem-28241	50	25	.	.	PUNCT
fbem-28241	51	1	3	3	X
fbem-28241	51	2	.	.	X
fbem-28241	51	3	study	study	NOUN
fbem-28241	51	4	design	design	NOUN
fbem-28241	51	5	3.1	3.1	NUM
fbem-28241	51	6	.	.	PUNCT
fbem-28241	51	7	selection	selection	NOUN
fbem-28241	51	8	of	of	ADP
fbem-28241	51	9	the	the	DET
fbem-28241	51	10	sample	sample	NOUN
fbem-28241	51	11	and	and	CCONJ
fbem-28241	51	12	acquisition	acquisition	NOUN
fbem-28241	51	13	of	of	ADP
fbem-28241	51	14	data	datum	NOUN
fbem-28241	51	15	sources	source	NOUN
fbem-28241	51	16	this	this	DET
fbem-28241	51	17	research	research	NOUN
fbem-28241	51	18	is	be	AUX
fbem-28241	51	19	dedicated	dedicate	VERB
fbem-28241	51	20	to	to	ADP
fbem-28241	51	21	every	every	DET
fbem-28241	51	22	a	a	DET
fbem-28241	51	23	-	-	PUNCT
fbem-28241	51	24	share	share	NOUN
fbem-28241	51	25	listed	list	VERB
fbem-28241	51	26	firms	firm	NOUN
fbem-28241	51	27	in	in	ADP
fbem-28241	51	28	china	china	PROPN
fbem-28241	51	29	from	from	ADP
fbem-28241	51	30	2010	2010	NUM
fbem-28241	51	31	to	to	ADP
fbem-28241	51	32	2022	2022	NUM
fbem-28241	51	33	as	as	SCONJ
fbem-28241	51	34	the	the	DET
fbem-28241	51	35	focus	focus	NOUN
fbem-28241	51	36	of	of	ADP
fbem-28241	51	37	the	the	DET
fbem-28241	51	38	research	research	NOUN
fbem-28241	51	39	,	,	PUNCT
fbem-28241	51	40	which	which	PRON
fbem-28241	51	41	processes	process	VERB
fbem-28241	51	42	the	the	DET
fbem-28241	51	43	samples	sample	NOUN
fbem-28241	51	44	are	be	AUX
fbem-28241	51	45	presented	present	VERB
fbem-28241	51	46	below	below	ADP
fbem-28241	51	47	:	:	PUNCT
fbem-28241	51	48	(	(	PUNCT
fbem-28241	51	49	1	1	X
fbem-28241	51	50	)	)	PUNCT
fbem-28241	51	51	exclude	exclude	VERB
fbem-28241	51	52	financial	financial	ADJ
fbem-28241	51	53	enterprises	enterprise	NOUN
fbem-28241	51	54	;	;	PUNCT
fbem-28241	51	55	(	(	PUNCT
fbem-28241	51	56	2	2	X
fbem-28241	51	57	)	)	PUNCT
fbem-28241	51	58	excluding	exclude	VERB
fbem-28241	51	59	listed	list	VERB
fbem-28241	51	60	companies	company	NOUN
fbem-28241	51	61	with	with	ADP
fbem-28241	51	62	non	non	ADJ
fbem-28241	51	63	-	-	ADJ
fbem-28241	51	64	normal	normal	ADJ
fbem-28241	51	65	transactions	transaction	NOUN
fbem-28241	51	66	,	,	PUNCT
fbem-28241	51	67	including	include	VERB
fbem-28241	51	68	st	st	PROPN
fbem-28241	51	69	and	and	CCONJ
fbem-28241	51	70	st	st	PROPN
fbem-28241	51	71	*	*	PROPN
fbem-28241	51	72	companies	company	NOUN
fbem-28241	51	73	;	;	PUNCT
fbem-28241	51	74	(	(	PUNCT
fbem-28241	51	75	3	3	X
fbem-28241	51	76	)	)	PUNCT
fbem-28241	51	77	exclusion	exclusion	NOUN
fbem-28241	51	78	of	of	ADP
fbem-28241	51	79	listed	list	VERB
fbem-28241	51	80	firms	firm	NOUN
fbem-28241	51	81	with	with	ADP
fbem-28241	51	82	incomplete	incomplete	ADJ
fbem-28241	51	83	data	datum	NOUN
fbem-28241	51	84	;	;	PUNCT
fbem-28241	51	85	(	(	PUNCT
fbem-28241	51	86	4	4	X
fbem-28241	51	87	)	)	PUNCT
fbem-28241	51	88	perform	perform	VERB
fbem-28241	51	89	data	datum	NOUN
fbem-28241	51	90	tailing	tail	VERB
fbem-28241	51	91	processing	processing	NOUN
fbem-28241	51	92	of	of	ADP
fbem-28241	51	93	less	less	ADJ
fbem-28241	51	94	than	than	ADP
fbem-28241	51	95	1	1	NUM
fbem-28241	51	96	%	%	NOUN
fbem-28241	51	97	and	and	CCONJ
fbem-28241	51	98	more	more	ADJ
fbem-28241	51	99	than	than	ADP
fbem-28241	51	100	99	99	NUM
fbem-28241	51	101	%	%	NOUN
fbem-28241	51	102	of	of	ADP
fbem-28241	51	103	all	all	DET
fbem-28241	51	104	variables	variable	NOUN
fbem-28241	51	105	.	.	PUNCT
fbem-28241	52	1	a	a	DET
fbem-28241	52	2	total	total	NOUN
fbem-28241	52	3	of	of	ADP
fbem-28241	52	4	34572	34572	NUM
fbem-28241	52	5	observations	observation	NOUN
fbem-28241	52	6	were	be	AUX
fbem-28241	52	7	obtained	obtain	VERB
fbem-28241	52	8	.	.	PUNCT
fbem-28241	53	1	the	the	DET
fbem-28241	53	2	esg	esg	PROPN
fbem-28241	53	3	rating	rating	NOUN
fbem-28241	53	4	score	score	NOUN
fbem-28241	53	5	comes	come	VERB
fbem-28241	53	6	from	from	ADP
fbem-28241	53	7	the	the	DET
fbem-28241	53	8	wonder	wonder	NOUN
fbem-28241	53	9	rating	rating	NOUN
fbem-28241	53	10	indicator	indicator	NOUN
fbem-28241	53	11	data	data	PROPN
fbem-28241	53	12	,	,	PUNCT
fbem-28241	53	13	and	and	CCONJ
fbem-28241	53	14	the	the	DET
fbem-28241	53	15	data	datum	NOUN
fbem-28241	53	16	for	for	ADP
fbem-28241	53	17	other	other	ADJ
fbem-28241	53	18	model	model	NOUN
fbem-28241	53	19	variables	variable	NOUN
fbem-28241	53	20	comes	come	VERB
fbem-28241	53	21	from	from	ADP
fbem-28241	53	22	the	the	DET
fbem-28241	53	23	guotaian	guotaian	ADJ
fbem-28241	53	24	database	database	NOUN
fbem-28241	53	25	.	.	PUNCT
fbem-28241	54	1	in	in	ADP
fbem-28241	54	2	this	this	DET
fbem-28241	54	3	paper	paper	NOUN
fbem-28241	54	4	,	,	PUNCT
fbem-28241	54	5	stata18.0	stata18.0	PROPN
fbem-28241	54	6	software	software	NOUN
fbem-28241	54	7	was	be	AUX
fbem-28241	54	8	used	use	VERB
fbem-28241	54	9	for	for	ADP
fbem-28241	54	10	statistical	statistical	ADJ
fbem-28241	54	11	analysis	analysis	NOUN
fbem-28241	54	12	.	.	PUNCT
fbem-28241	55	1	3.2	3.2	NUM
fbem-28241	55	2	.	.	PUNCT
fbem-28241	56	1	variable	variable	ADJ
fbem-28241	56	2	definition	definition	NOUN
fbem-28241	56	3	3.2.1	3.2.1	NUM
fbem-28241	56	4	.	.	PUNCT
fbem-28241	57	1	explanatory	explanatory	ADJ
fbem-28241	57	2	variables	variable	NOUN
fbem-28241	57	3	the	the	DET
fbem-28241	57	4	explanatory	explanatory	ADJ
fbem-28241	57	5	variable	variable	ADJ
fbem-28241	57	6	pertains	pertain	NOUN
fbem-28241	57	7	to	to	ADP
fbem-28241	57	8	the	the	DET
fbem-28241	57	9	stock	stock	NOUN
fbem-28241	57	10	price	price	NOUN
fbem-28241	57	11	collapse	collapse	NOUN
fbem-28241	57	12	.	.	PUNCT
fbem-28241	58	1	this	this	DET
fbem-28241	58	2	paper	paper	NOUN
fbem-28241	58	3	uses	use	VERB
fbem-28241	58	4	stock	stock	NOUN
fbem-28241	58	5	price	price	NOUN
fbem-28241	58	6	volatility	volatility	NOUN
fbem-28241	58	7	to	to	PART
fbem-28241	58	8	assess	assess	VERB
fbem-28241	58	9	the	the	DET
fbem-28241	58	10	associated	associated	ADJ
fbem-28241	58	11	risks	risk	NOUN
fbem-28241	58	12	and	and	CCONJ
fbem-28241	58	13	utilizes	utilize	VERB
fbem-28241	58	14	the	the	DET
fbem-28241	58	15	negative	negative	ADJ
fbem-28241	58	16	return	return	NOUN
fbem-28241	58	17	skewness	skewness	NOUN
fbem-28241	58	18	coefficient	coefficient	NOUN
fbem-28241	58	19	(	(	PUNCT
fbem-28241	58	20	ncskew	ncskew	NOUN
fbem-28241	58	21	)	)	PUNCT
fbem-28241	58	22	along	along	ADP
fbem-28241	58	23	with	with	ADP
fbem-28241	58	24	stock	stock	NOUN
fbem-28241	58	25	price	price	NOUN
fbem-28241	58	26	return	return	NOUN
fbem-28241	58	27	volatility	volatility	NOUN
fbem-28241	58	28	(	(	PUNCT
fbem-28241	58	29	duvol	duvol	NOUN
fbem-28241	58	30	)	)	PUNCT
fbem-28241	58	31	as	as	ADP
fbem-28241	58	32	measures	measure	NOUN
fbem-28241	58	33	of	of	ADP
fbem-28241	58	34	that	that	DET
fbem-28241	58	35	volatility	volatility	NOUN
fbem-28241	58	36	.	.	PUNCT
fbem-28241	59	1	the	the	DET
fbem-28241	59	2	process	process	NOUN
fbem-28241	59	3	of	of	ADP
fbem-28241	59	4	calculation	calculation	NOUN
fbem-28241	59	5	is	be	AUX
fbem-28241	59	6	as	as	ADV
fbem-28241	59	7	such	such	ADJ
fbem-28241	59	8	:	:	PUNCT
fbem-28241	59	9	firstly	firstly	ADV
fbem-28241	59	10	,	,	PUNCT
fbem-28241	59	11	the	the	DET
fbem-28241	59	12	model	model	NOUN
fbem-28241	59	13	is	be	AUX
fbem-28241	59	14	constructed	construct	VERB
fbem-28241	59	15	to	to	PART
fbem-28241	59	16	calculate	calculate	VERB
fbem-28241	59	17	the	the	DET
fbem-28241	59	18	residuals	residual	NOUN
fbem-28241	59	19	εi	εi	NOUN
fbem-28241	59	20	,	,	PUNCT
fbem-28241	59	21	t	t	PROPN
fbem-28241	59	22	,	,	PUNCT
fbem-28241	59	23	the	the	DET
fbem-28241	59	24	market	market	NOUN
fbem-28241	59	25	-	-	PUNCT
fbem-28241	59	26	adjusted	adjust	VERB
fbem-28241	59	27	return	return	NOUN
fbem-28241	59	28	of	of	ADP
fbem-28241	59	29	stock	stock	NOUN
fbem-28241	59	30	“	"	PUNCT
fbem-28241	59	31	i	i	PROPN
fbem-28241	59	32	”	"	PUNCT
fbem-28241	59	33	during	during	ADP
fbem-28241	59	34	week	week	NOUN
fbem-28241	59	35	“	"	PUNCT
fbem-28241	59	36	t	t	PROPN
fbem-28241	59	37	”	"	PUNCT
fbem-28241	59	38	is	be	AUX
fbem-28241	59	39	representes	represente	NOUN
fbem-28241	59	40	as	as	ADP
fbem-28241	59	41	wi	wi	PROPN
fbem-28241	59	42	,	,	PUNCT
fbem-28241	59	43	t	t	PROPN
fbem-28241	59	44	,	,	PUNCT
fbem-28241	59	45	where	where	SCONJ
fbem-28241	59	46	wi	wi	PROPN
fbem-28241	59	47	,	,	PUNCT
fbem-28241	59	48	t	t	PROPN
fbem-28241	59	49	=	=	SYM
fbem-28241	59	50	ln(1+εi	ln(1+εi	PROPN
fbem-28241	59	51	,	,	PUNCT
fbem-28241	59	52	t	t	PROPN
fbem-28241	59	53	):	):	PUNCT
fbem-28241	59	54	ri	ri	PROPN
fbem-28241	59	55	,	,	PUNCT
fbem-28241	59	56	t	t	PROPN
fbem-28241	59	57	=	=	SYM
fbem-28241	59	58	α+β1,t	α+β1,t	PROPN
fbem-28241	59	59	rm	rm	NOUN
fbem-28241	59	60	,	,	PUNCT
fbem-28241	59	61	t-2+β2,t	t-2+β2,t	PROPN
fbem-28241	59	62	rm	rm	NOUN
fbem-28241	59	63	,	,	PUNCT
fbem-28241	59	64	t-1+β3,t	t-1+β3,t	PROPN
fbem-28241	59	65	rm	rm	PROPN
fbem-28241	59	66	,	,	PUNCT
fbem-28241	59	67	t+β4,t	t+β4,t	PROPN
fbem-28241	59	68	rm	rm	NOUN
fbem-28241	59	69	,	,	PUNCT
fbem-28241	59	70	t+1+β5,t	t+1+β5,t	PROPN
fbem-28241	59	71	rm	rm	NOUN
fbem-28241	59	72	,	,	PUNCT
fbem-28241	59	73	t+2+εi	t+2+εi	PROPN
fbem-28241	59	74	,	,	PUNCT
fbem-28241	59	75	t	t	PROPN
fbem-28241	59	76	(	(	PUNCT
fbem-28241	59	77	1	1	NUM
fbem-28241	59	78	)	)	PUNCT
fbem-28241	59	79	subsequently	subsequently	ADV
fbem-28241	59	80	,	,	PUNCT
fbem-28241	59	81	the	the	DET
fbem-28241	59	82	model	model	NOUN
fbem-28241	59	83	was	be	AUX
fbem-28241	59	84	constructed	construct	VERB
fbem-28241	59	85	to	to	PART
fbem-28241	59	86	calculate	calculate	VERB
fbem-28241	59	87	the	the	DET
fbem-28241	59	88	skewness	skewness	NOUN
fbem-28241	59	89	measure	measure	NOUN
fbem-28241	59	90	of	of	ADP
fbem-28241	59	91	negative	negative	ADJ
fbem-28241	59	92	return	return	NOUN
fbem-28241	59	93	and	and	CCONJ
fbem-28241	59	94	the	the	DET
fbem-28241	59	95	volatility	volatility	NOUN
fbem-28241	59	96	in	in	ADP
fbem-28241	59	97	stock	stock	NOUN
fbem-28241	59	98	return	return	NOUN
fbem-28241	59	99	,	,	PUNCT
fbem-28241	59	100	respectively	respectively	ADV
fbem-28241	59	101	.	.	PUNCT
fbem-28241	60	1	ncskewi	ncskewi	PROPN
fbem-28241	60	2	,	,	PUNCT
fbem-28241	60	3	t	t	PROPN
fbem-28241	60	4	=	=	PUNCT
fbem-28241	60	5	−[n(n	−[n(n	PROPN
fbem-28241	60	6	−	−	PROPN
fbem-28241	61	1	1)3	1)3	PROPN
fbem-28241	61	2	2⁄	2⁄	NUM
fbem-28241	61	3	∑	∑	PROPN
fbem-28241	61	4	wi	wi	PROPN
fbem-28241	61	5	,	,	PUNCT
fbem-28241	61	6	t	t	PROPN
fbem-28241	61	7	3	3	NUM
fbem-28241	61	8	]	]	PUNCT
fbem-28241	62	1	[	[	X
fbem-28241	62	2	(	(	PUNCT
fbem-28241	62	3	n	n	NUM
fbem-28241	62	4	−	−	PROPN
fbem-28241	62	5	1)(n	1)(n	NUM
fbem-28241	62	6	−	−	PROPN
fbem-28241	62	7	2)(∑	2)(∑	PROPN
fbem-28241	62	8	wi	wi	PROPN
fbem-28241	62	9	,	,	PUNCT
fbem-28241	62	10	t	t	PROPN
fbem-28241	62	11	2	2	NUM
fbem-28241	62	12	)	)	PUNCT
fbem-28241	62	13	3	3	NUM
fbem-28241	62	14	2⁄	2⁄	NUM
fbem-28241	62	15	]	]	X
fbem-28241	62	16	⁄	⁄	ADJ
fbem-28241	62	17	(	(	PUNCT
fbem-28241	62	18	2	2	NUM
fbem-28241	62	19	)	)	PUNCT
fbem-28241	62	20	duvol	duvol	NOUN
fbem-28241	62	21	=	=	PUNCT
fbem-28241	62	22	ln{[(nu	ln{[(nu	NOUN
fbem-28241	62	23	−	−	NOUN
fbem-28241	62	24	1	1	NUM
fbem-28241	62	25	)	)	PUNCT
fbem-28241	62	26	∑	∑	PUNCT
fbem-28241	62	27	rddown	rddown	VERB
fbem-28241	62	28	2	2	NUM
fbem-28241	62	29	]	]	PUNCT
fbem-28241	62	30	}	}	PUNCT
fbem-28241	63	1	[	[	X
fbem-28241	63	2	(	(	PUNCT
fbem-28241	63	3	nd	nd	ADV
fbem-28241	63	4	−	−	NOUN
fbem-28241	63	5	1	1	NUM
fbem-28241	63	6	)	)	PUNCT
fbem-28241	63	7	∑	∑	PUNCT
fbem-28241	63	8	ruup	ruup	NOUN
fbem-28241	63	9	2	2	NUM
fbem-28241	63	10	]	]	X
fbem-28241	63	11	⁄	⁄	X
fbem-28241	63	12	(	(	PUNCT
fbem-28241	63	13	3	3	X
fbem-28241	63	14	)	)	PUNCT
fbem-28241	63	15	the	the	DET
fbem-28241	63	16	larger	large	ADJ
fbem-28241	63	17	ncskew	ncskew	NOUN
fbem-28241	63	18	and	and	CCONJ
fbem-28241	63	19	duvol	duvol	NOUN
fbem-28241	63	20	,	,	PUNCT
fbem-28241	63	21	the	the	PRON
fbem-28241	63	22	more	more	ADV
fbem-28241	63	23	severe	severe	ADJ
fbem-28241	63	24	the	the	DET
fbem-28241	63	25	negative	negative	ADJ
fbem-28241	63	26	skew	skew	NOUN
fbem-28241	63	27	in	in	ADP
fbem-28241	63	28	the	the	DET
fbem-28241	63	29	distribution	distribution	NOUN
fbem-28241	63	30	of	of	ADP
fbem-28241	63	31	stock	stock	NOUN
fbem-28241	63	32	prices	price	NOUN
fbem-28241	63	33	,	,	PUNCT
fbem-28241	63	34	the	the	PRON
fbem-28241	63	35	greater	great	ADJ
fbem-28241	63	36	the	the	DET
fbem-28241	63	37	up	up	ADV
fbem-28241	63	38	-	-	PUNCT
fbem-28241	63	39	and	and	CCONJ
fbem-28241	63	40	-	-	PUNCT
fbem-28241	63	41	down	down	NOUN
fbem-28241	63	42	fluctuation	fluctuation	NOUN
fbem-28241	63	43	ratio	ratio	NOUN
fbem-28241	63	44	of	of	ADP
fbem-28241	63	45	stock	stock	NOUN
fbem-28241	63	46	returns	return	NOUN
fbem-28241	63	47	,	,	PUNCT
fbem-28241	63	48	with	with	ADP
fbem-28241	63	49	a	a	DET
fbem-28241	63	50	corresponding	corresponding	ADJ
fbem-28241	63	51	rise	rise	NOUN
fbem-28241	63	52	in	in	ADP
fbem-28241	63	53	the	the	DET
fbem-28241	63	54	risk	risk	NOUN
fbem-28241	63	55	of	of	ADP
fbem-28241	63	56	market	market	NOUN
fbem-28241	63	57	crashes	crash	NOUN
fbem-28241	63	58	.	.	PUNCT
fbem-28241	64	1	3.2.2	3.2.2	NUM
fbem-28241	64	2	.	.	PUNCT
fbem-28241	64	3	explanatory	explanatory	ADJ
fbem-28241	64	4	variables	variable	NOUN
fbem-28241	64	5	the	the	DET
fbem-28241	64	6	independent	independent	ADJ
fbem-28241	64	7	variable	variable	NOUN
fbem-28241	64	8	is	be	AUX
fbem-28241	64	9	the	the	DET
fbem-28241	64	10	firms	firm	NOUN
fbem-28241	64	11	’	’	PART
fbem-28241	64	12	esg	esg	NOUN
fbem-28241	64	13	performance	performance	NOUN
fbem-28241	64	14	.	.	PUNCT
fbem-28241	65	1	this	this	DET
fbem-28241	65	2	paper	paper	NOUN
fbem-28241	65	3	employs	employ	VERB
fbem-28241	65	4	the	the	DET
fbem-28241	65	5	esg	esg	PROPN
fbem-28241	65	6	evaluation	evaluation	NOUN
fbem-28241	65	7	data	datum	NOUN
fbem-28241	65	8	from	from	ADP
fbem-28241	65	9	china	china	PROPN
fbem-28241	65	10	securities	securities	PROPN
fbem-28241	65	11	as	as	ADP
fbem-28241	65	12	the	the	DET
fbem-28241	65	13	measurement	measurement	NOUN
fbem-28241	65	14	standard	standard	NOUN
fbem-28241	65	15	for	for	ADP
fbem-28241	65	16	assessing	assess	VERB
fbem-28241	65	17	corporate	corporate	ADJ
fbem-28241	65	18	esg	esg	NOUN
fbem-28241	65	19	performance	performance	NOUN
fbem-28241	65	20	.	.	PUNCT
fbem-28241	66	1	this	this	DET
fbem-28241	66	2	dataset	dataset	NOUN
fbem-28241	66	3	is	be	AUX
fbem-28241	66	4	notable	notable	ADJ
fbem-28241	66	5	for	for	ADP
fbem-28241	66	6	its	its	PRON
fbem-28241	66	7	relevance	relevance	NOUN
fbem-28241	66	8	to	to	ADP
fbem-28241	66	9	chinese	chinese	ADJ
fbem-28241	66	10	market	market	NOUN
fbem-28241	66	11	,	,	PUNCT
fbem-28241	66	12	covering	cover	VERB
fbem-28241	66	13	a	a	DET
fbem-28241	66	14	wide	wide	ADJ
fbem-28241	66	15	spectrum	spectrum	NOUN
fbem-28241	66	16	and	and	CCONJ
fbem-28241	66	17	exceptional	exceptional	ADJ
fbem-28241	66	18	timeliness	timeliness	NOUN
fbem-28241	66	19	.	.	PUNCT
fbem-28241	67	1	by	by	ADP
fbem-28241	67	2	integrating	integrate	VERB
fbem-28241	67	3	quarterly	quarterly	ADJ
fbem-28241	67	4	assessments	assessment	NOUN
fbem-28241	67	5	with	with	ADP
fbem-28241	67	6	ongoing	ongoing	ADJ
fbem-28241	67	7	monitoring	monitoring	NOUN
fbem-28241	67	8	,	,	PUNCT
fbem-28241	67	9	this	this	DET
fbem-28241	67	10	approach	approach	NOUN
fbem-28241	67	11	systematically	systematically	ADV
fbem-28241	67	12	computes	compute	VERB
fbem-28241	67	13	the	the	DET
fbem-28241	67	14	esg	esg	PROPN
fbem-28241	67	15	scores	score	NOUN
fbem-28241	67	16	of	of	ADP
fbem-28241	67	17	companies	company	NOUN
fbem-28241	67	18	listed	list	VERB
fbem-28241	67	19	on	on	ADP
fbem-28241	67	20	all	all	DET
fbem-28241	67	21	a	a	DET
fbem-28241	67	22	-	-	PUNCT
fbem-28241	67	23	share	share	NOUN
fbem-28241	67	24	over	over	ADP
fbem-28241	67	25	more	more	ADJ
fbem-28241	67	26	than	than	ADP
fbem-28241	67	27	a	a	PRON
fbem-28241	67	28	decade	decade	NOUN
fbem-28241	67	29	,	,	PUNCT
fbem-28241	67	30	categorizing	categorize	VERB
fbem-28241	67	31	them	they	PRON
fbem-28241	67	32	into	into	ADP
fbem-28241	67	33	ratings	rating	NOUN
fbem-28241	67	34	that	that	PRON
fbem-28241	67	35	range	range	VERB
fbem-28241	67	36	from	from	ADP
fbem-28241	67	37	'	'	PUNCT
fbem-28241	67	38	aaa	aaa	NOUN
fbem-28241	67	39	'	'	PUNCT
fbem-28241	67	40	to	to	ADP
fbem-28241	67	41	'	'	PUNCT
fbem-28241	67	42	c	c	NOUN
fbem-28241	67	43	'	'	PUNCT
fbem-28241	67	44	.	.	PUNCT
fbem-28241	68	1	an	an	DET
fbem-28241	68	2	elevated	elevated	ADJ
fbem-28241	68	3	overall	overall	ADJ
fbem-28241	68	4	esg	esg	NOUN
fbem-28241	68	5	score	score	NOUN
fbem-28241	68	6	and	and	CCONJ
fbem-28241	68	7	rating	rating	NOUN
fbem-28241	68	8	signify	signify	VERB
fbem-28241	68	9	enhanced	enhanced	ADJ
fbem-28241	68	10	esg	esg	NOUN
fbem-28241	68	11	performance	performance	NOUN
fbem-28241	68	12	.	.	PUNCT
fbem-28241	69	1	3.2.3	3.2.3	X
fbem-28241	69	2	.	.	X
fbem-28241	69	3	intermediary	intermediary	NOUN
fbem-28241	69	4	variables	variable	VERB
fbem-28241	69	5	the	the	DET
fbem-28241	69	6	intermediary	intermediary	ADJ
fbem-28241	69	7	variable	variable	NOUN
fbem-28241	69	8	is	be	AUX
fbem-28241	69	9	the	the	DET
fbem-28241	69	10	investment	investment	NOUN
fbem-28241	69	11	and	and	CCONJ
fbem-28241	69	12	financing	financing	NOUN
fbem-28241	69	13	constraints	constraint	NOUN
fbem-28241	69	14	of	of	ADP
fbem-28241	69	15	green	green	ADJ
fbem-28241	69	16	innovation	innovation	NOUN
fbem-28241	69	17	of	of	ADP
fbem-28241	69	18	enterprises	enterprise	NOUN
fbem-28241	69	19	.	.	PUNCT
fbem-28241	70	1	green	green	ADJ
fbem-28241	70	2	innovation	innovation	NOUN
fbem-28241	70	3	investment	investment	NOUN
fbem-28241	70	4	not	not	PART
fbem-28241	70	5	only	only	ADV
fbem-28241	70	6	enhance	enhance	VERB
fbem-28241	70	7	the	the	DET
fbem-28241	70	8	environmental	environmental	ADJ
fbem-28241	70	9	performance	performance	NOUN
fbem-28241	70	10	and	and	CCONJ
fbem-28241	70	11	social	social	ADJ
fbem-28241	70	12	image	image	NOUN
fbem-28241	70	13	of	of	ADP
fbem-28241	70	14	enterprises	enterprise	NOUN
fbem-28241	70	15	,	,	PUNCT
fbem-28241	70	16	but	but	CCONJ
fbem-28241	70	17	also	also	ADV
fbem-28241	70	18	strengthens	strengthen	VERB
fbem-28241	70	19	the	the	DET
fbem-28241	70	20	core	core	NOUN
fbem-28241	70	21	competitiveness	competitiveness	NOUN
fbem-28241	70	22	and	and	CCONJ
fbem-28241	70	23	market	market	NOUN
fbem-28241	70	24	value	value	NOUN
fbem-28241	70	25	of	of	ADP
fbem-28241	70	26	enterprises	enterprise	NOUN
fbem-28241	70	27	through	through	ADP
fbem-28241	70	28	technological	technological	ADJ
fbem-28241	70	29	innovation	innovation	NOUN
fbem-28241	70	30	.	.	PUNCT
fbem-28241	71	1	financing	financing	NOUN
fbem-28241	71	2	constraints	constraint	NOUN
fbem-28241	71	3	have	have	VERB
fbem-28241	71	4	an	an	DET
fbem-28241	71	5	impact	impact	NOUN
fbem-28241	71	6	on	on	ADP
fbem-28241	71	7	investment	investment	NOUN
fbem-28241	71	8	opportunities	opportunity	NOUN
fbem-28241	71	9	for	for	ADP
fbem-28241	71	10	firms	firm	NOUN
fbem-28241	71	11	,	,	PUNCT
fbem-28241	71	12	resulting	result	VERB
fbem-28241	71	13	in	in	ADP
fbem-28241	71	14	lower	low	ADJ
fbem-28241	71	15	business	business	NOUN
fbem-28241	71	16	performance	performance	NOUN
fbem-28241	71	17	.	.	PUNCT
fbem-28241	72	1	3.2.4	3.2.4	NUM
fbem-28241	72	2	.	.	PUNCT
fbem-28241	73	1	control	control	NOUN
fbem-28241	73	2	variables	variable	NOUN
fbem-28241	73	3	building	build	VERB
fbem-28241	73	4	upon	upon	SCONJ
fbem-28241	73	5	previous	previous	ADJ
fbem-28241	73	6	research	research	NOUN
fbem-28241	73	7	,	,	PUNCT
fbem-28241	73	8	this	this	DET
fbem-28241	73	9	research	research	NOUN
fbem-28241	73	10	identified	identify	VERB
fbem-28241	73	11	the	the	DET
fbem-28241	73	12	mean	mean	ADJ
fbem-28241	73	13	weekly	weekly	ADJ
fbem-28241	73	14	specific	specific	ADJ
fbem-28241	73	15	return	return	NOUN
fbem-28241	73	16	rate	rate	NOUN
fbem-28241	73	17	(	(	PUNCT
fbem-28241	73	18	ret	ret	PROPN
fbem-28241	73	19	)	)	PUNCT
fbem-28241	73	20	,	,	PUNCT
fbem-28241	73	21	the	the	DET
fbem-28241	73	22	standard	standard	ADJ
fbem-28241	73	23	deviation	deviation	NOUN
fbem-28241	73	24	of	of	ADP
fbem-28241	73	25	the	the	DET
fbem-28241	73	26	weekly	weekly	ADJ
fbem-28241	73	27	specific	specific	ADJ
fbem-28241	73	28	return	return	NOUN
fbem-28241	73	29	rate	rate	NOUN
fbem-28241	73	30	(	(	PUNCT
fbem-28241	73	31	sigma	sigma	PROPN
fbem-28241	73	32	)	)	PUNCT
fbem-28241	73	33	,	,	PUNCT
fbem-28241	73	34	the	the	DET
fbem-28241	73	35	total	total	ADJ
fbem-28241	73	36	assets	asset	NOUN
fbem-28241	73	37	return	return	NOUN
fbem-28241	73	38	(	(	PUNCT
fbem-28241	73	39	roa	roa	PROPN
fbem-28241	73	40	)	)	PUNCT
fbem-28241	73	41	,	,	PUNCT
fbem-28241	73	42	the	the	DET
fbem-28241	73	43	annual	annual	ADJ
fbem-28241	73	44	turnover	turnover	NOUN
fbem-28241	73	45	rate	rate	NOUN
fbem-28241	73	46	of	of	ADP
fbem-28241	73	47	stocks	stock	NOUN
fbem-28241	73	48	(	(	PUNCT
fbem-28241	73	49	tovertiy	tovertiy	VERB
fbem-28241	73	50	)	)	PUNCT
fbem-28241	73	51	,	,	PUNCT
fbem-28241	73	52	the	the	DET
fbem-28241	73	53	analyst	analyst	NOUN
fbem-28241	73	54	attention	attention	NOUN
fbem-28241	73	55	(	(	PUNCT
fbem-28241	73	56	analyst	analyst	NOUN
fbem-28241	73	57	)	)	PUNCT
fbem-28241	73	58	,	,	PUNCT
fbem-28241	73	59	the	the	DET
fbem-28241	73	60	nature	nature	NOUN
fbem-28241	73	61	of	of	ADP
fbem-28241	73	62	equity	equity	NOUN
fbem-28241	73	63	(	(	PUNCT
fbem-28241	73	64	soe	soe	PROPN
fbem-28241	73	65	)	)	PUNCT
fbem-28241	73	66	,	,	PUNCT
fbem-28241	73	67	the	the	DET
fbem-28241	73	68	number	number	NOUN
fbem-28241	73	69	of	of	ADP
fbem-28241	73	70	years	year	NOUN
fbem-28241	73	71	of	of	ADP
fbem-28241	73	72	listing	list	VERB
fbem-28241	73	73	(	(	PUNCT
fbem-28241	73	74	listage	listage	NOUN
fbem-28241	73	75	)	)	PUNCT
fbem-28241	73	76	,	,	PUNCT
fbem-28241	73	77	the	the	DET
fbem-28241	73	78	market	market	NOUN
fbem-28241	73	79	-	-	PUNCT
fbem-28241	73	80	to	to	ADP
fbem-28241	73	81	-	-	PUNCT
fbem-28241	73	82	book	book	NOUN
fbem-28241	73	83	value	value	NOUN
fbem-28241	73	84	ratio(mb	ratio(mb	NOUN
fbem-28241	73	85	)	)	PUNCT
fbem-28241	73	86	,	,	PUNCT
fbem-28241	73	87	the	the	DET
fbem-28241	73	88	size	size	NOUN
fbem-28241	73	89	of	of	ADP
fbem-28241	73	90	the	the	DET
fbem-28241	73	91	enterprise	enterprise	NOUN
fbem-28241	73	92	(	(	PUNCT
fbem-28241	73	93	size	size	NOUN
fbem-28241	73	94	)	)	PUNCT
fbem-28241	73	95	,	,	PUNCT
fbem-28241	73	96	whether	whether	SCONJ
fbem-28241	73	97	it	it	PRON
fbem-28241	73	98	is	be	AUX
fbem-28241	73	99	losing	lose	VERB
fbem-28241	73	100	money	money	NOUN
fbem-28241	73	101	(	(	PUNCT
fbem-28241	73	102	loss	loss	NOUN
fbem-28241	73	103	)	)	PUNCT
fbem-28241	73	104	,	,	PUNCT
fbem-28241	73	105	the	the	DET
fbem-28241	73	106	average	average	ADJ
fbem-28241	73	107	age	age	NOUN
fbem-28241	73	108	of	of	ADP
fbem-28241	73	109	management	management	NOUN
fbem-28241	73	110	(	(	PUNCT
fbem-28241	73	111	age	age	NOUN
fbem-28241	73	112	)	)	PUNCT
fbem-28241	73	113	,	,	PUNCT
fbem-28241	73	114	number	number	NOUN
fbem-28241	73	115	of	of	ADP
fbem-28241	73	116	board	board	NOUN
fbem-28241	73	117	meetings	meeting	NOUN
fbem-28241	73	118	(	(	PUNCT
fbem-28241	73	119	dmeet	dmeet	NOUN
fbem-28241	73	120	)	)	PUNCT
fbem-28241	73	121	.	.	PUNCT
fbem-28241	74	1	3.3	3.3	NUM
fbem-28241	74	2	.	.	PUNCT
fbem-28241	75	1	model	model	NOUN
fbem-28241	75	2	configuration	configuration	PROPN
fbem-28241	75	3	3.3.1	3.3.1	X
fbem-28241	75	4	.	.	PUNCT
fbem-28241	75	5	benchmark	benchmark	NOUN
fbem-28241	75	6	regression	regression	NOUN
fbem-28241	75	7	model	model	NOUN
fbem-28241	75	8	construction	construction	NOUN
fbem-28241	75	9	to	to	PART
fbem-28241	75	10	assess	assess	VERB
fbem-28241	75	11	the	the	DET
fbem-28241	75	12	influence	influence	NOUN
fbem-28241	75	13	of	of	ADP
fbem-28241	75	14	corporate	corporate	ADJ
fbem-28241	75	15	esg	esg	NOUN
fbem-28241	75	16	performance	performance	NOUN
fbem-28241	75	17	on	on	ADP
fbem-28241	75	18	stock	stock	NOUN
fbem-28241	75	19	price	price	NOUN
fbem-28241	75	20	collapse	collapse	NOUN
fbem-28241	75	21	,	,	PUNCT
fbem-28241	75	22	the	the	DET
fbem-28241	75	23	fundamental	fundamental	ADJ
fbem-28241	75	24	regression	regression	NOUN
fbem-28241	75	25	model	model	NOUN
fbem-28241	75	26	employed	employ	VERB
fbem-28241	75	27	in	in	ADP
fbem-28241	75	28	this	this	DET
fbem-28241	75	29	paper	paper	NOUN
fbem-28241	75	30	is	be	AUX
fbem-28241	75	31	set	set	VERB
fbem-28241	75	32	as	as	ADP
fbem-28241	75	33	:	:	PUNCT
fbem-28241	75	34	riski	riski	NUM
fbem-28241	75	35	,	,	PUNCT
fbem-28241	75	36	t+1	t+1	PROPN
fbem-28241	75	37	=	=	SYM
fbem-28241	75	38	α0	α0	PROPN
fbem-28241	75	39	+	+	CCONJ
fbem-28241	75	40	α1esgi	α1esgi	NOUN
fbem-28241	75	41	,	,	PUNCT
fbem-28241	75	42	t	t	PROPN
fbem-28241	75	43	+	+	CCONJ
fbem-28241	75	44	α2	α2	ADJ
fbem-28241	75	45	∑	∑	ADV
fbem-28241	75	46	controlsi	controlsi	NOUN
fbem-28241	75	47	,	,	PUNCT
fbem-28241	75	48	t	t	PROPN
fbem-28241	75	49	+	+	CCONJ
fbem-28241	75	50	α3	α3	ADJ
fbem-28241	75	51	∑	∑	ADP
fbem-28241	75	52	year	year	NOUN
fbem-28241	75	53	+	+	NUM
fbem-28241	75	54	α4	α4	NOUN
fbem-28241	75	55	∑	∑	PUNCT
fbem-28241	75	56	industry	industry	NOUN
fbem-28241	75	57	+	+	CCONJ
fbem-28241	75	58	εi	εi	ADJ
fbem-28241	75	59	,	,	PUNCT
fbem-28241	75	60	t	t	NOUN
fbem-28241	75	61	(	(	PUNCT
fbem-28241	75	62	4	4	NUM
fbem-28241	75	63	)	)	PUNCT
fbem-28241	75	64	among	among	ADP
fbem-28241	75	65	them	they	PRON
fbem-28241	75	66	,	,	PUNCT
fbem-28241	75	67	risk	risk	NOUN
fbem-28241	75	68	refers	refer	VERB
fbem-28241	75	69	to	to	ADP
fbem-28241	75	70	the	the	DET
fbem-28241	75	71	potential	potential	NOUN
fbem-28241	75	72	of	of	ADP
fbem-28241	75	73	stock	stock	NOUN
fbem-28241	75	74	price	price	NOUN
fbem-28241	75	75	collapse	collapse	NOUN
fbem-28241	75	76	,	,	PUNCT
fbem-28241	75	77	quantilied	quantilie	VERB
fbem-28241	75	78	by	by	ADP
fbem-28241	75	79	the	the	DET
fbem-28241	75	80	weekly	weekly	ADJ
fbem-28241	75	81	stock	stock	NOUN
fbem-28241	75	82	returns	return	NOUN
fbem-28241	75	83	exhibit	exhibit	VERB
fbem-28241	75	84	a	a	DET
fbem-28241	75	85	negative	negative	ADJ
fbem-28241	75	86	skew	skew	NOUN
fbem-28241	75	87	as	as	SCONJ
fbem-28241	75	88	calculated	calculate	VERB
fbem-28241	75	89	by	by	ADP
fbem-28241	75	90	the	the	DET
fbem-28241	75	91	model	model	NOUN
fbem-28241	75	92	and	and	CCONJ
fbem-28241	75	93	the	the	DET
fbem-28241	75	94	range	range	NOUN
fbem-28241	75	95	of	of	ADP
fbem-28241	75	96	its	its	PRON
fbem-28241	75	97	117	117	NUM
fbem-28241	75	98	increase	increase	NOUN
fbem-28241	75	99	and	and	CCONJ
fbem-28241	75	100	decrease	decrease	NOUN
fbem-28241	75	101	.	.	PUNCT
fbem-28241	76	1	esg	esg	PROPN
fbem-28241	76	2	is	be	AUX
fbem-28241	76	3	the	the	DET
fbem-28241	76	4	explanatory	explanatory	ADJ
fbem-28241	76	5	variable	variable	NOUN
fbem-28241	76	6	,	,	PUNCT
fbem-28241	76	7	which	which	PRON
fbem-28241	76	8	is	be	AUX
fbem-28241	76	9	measured	measure	VERB
fbem-28241	76	10	by	by	ADP
fbem-28241	76	11	the	the	DET
fbem-28241	76	12	scoring	scoring	NOUN
fbem-28241	76	13	data	datum	NOUN
fbem-28241	76	14	of	of	ADP
fbem-28241	76	15	csi	csi	PROPN
fbem-28241	76	16	esg	esg	PROPN
fbem-28241	76	17	.	.	PROPN
fbem-28241	77	1	3.3.2	3.3.2	NUM
fbem-28241	77	2	.	.	PUNCT
fbem-28241	78	1	construction	construction	NOUN
fbem-28241	78	2	of	of	ADP
fbem-28241	78	3	mediating	mediate	VERB
fbem-28241	78	4	effect	effect	NOUN
fbem-28241	78	5	model	model	NOUN
fbem-28241	78	6	drawing	draw	VERB
fbem-28241	78	7	upon	upon	SCONJ
fbem-28241	78	8	the	the	DET
fbem-28241	78	9	existing	exist	VERB
fbem-28241	78	10	research	research	NOUN
fbem-28241	78	11	,	,	PUNCT
fbem-28241	78	12	this	this	DET
fbem-28241	78	13	paper	paper	NOUN
fbem-28241	78	14	outlines	outline	VERB
fbem-28241	78	15	the	the	DET
fbem-28241	78	16	subsequent	subsequent	ADJ
fbem-28241	78	17	pathways	pathway	NOUN
fbem-28241	78	18	to	to	PART
fbem-28241	78	19	examine	examine	VERB
fbem-28241	78	20	the	the	DET
fbem-28241	78	21	mediating	mediate	VERB
fbem-28241	78	22	variables	variable	NOUN
fbem-28241	78	23	of	of	ADP
fbem-28241	78	24	green	green	ADJ
fbem-28241	78	25	innovation	innovation	NOUN
fbem-28241	78	26	investment	investment	NOUN
fbem-28241	78	27	and	and	CCONJ
fbem-28241	78	28	financing	financing	NOUN
fbem-28241	78	29	constraint	constraint	NOUN
fbem-28241	78	30	mitigation	mitigation	NOUN
fbem-28241	78	31	:	:	PUNCT
fbem-28241	78	32	risk	risk	NOUN
fbem-28241	78	33	=	=	PUNCT
fbem-28241	79	1	β0	β0	PROPN
fbem-28241	79	2	+	+	CCONJ
fbem-28241	79	3	β1esg	β1esg	PROPN
fbem-28241	80	1	+	+	CCONJ
fbem-28241	80	2	β2	β2	VERB
fbem-28241	80	3	∑	∑	PUNCT
fbem-28241	80	4	control	control	NOUN
fbem-28241	80	5	s	s	PART
fbem-28241	80	6	+	+	CCONJ
fbem-28241	80	7	β3	β3	ADJ
fbem-28241	80	8	∑year	∑year	PROPN
fbem-28241	81	1	+	+	CCONJ
fbem-28241	81	2	β4	β4	PROPN
fbem-28241	81	3	∑	∑	PUNCT
fbem-28241	81	4	industry	industry	NOUN
fbem-28241	81	5	+	+	CCONJ
fbem-28241	81	6	γ	γ	X
fbem-28241	81	7	ep	ep	PROPN
fbem-28241	81	8	=	=	PROPN
fbem-28241	81	9	γ0	γ0	PROPN
fbem-28241	81	10	+	+	CCONJ
fbem-28241	81	11	γ1esg	γ1esg	NUM
fbem-28241	82	1	+	+	CCONJ
fbem-28241	82	2	γ2	γ2	ADJ
fbem-28241	82	3	∑control	∑control	PRON
fbem-28241	82	4	s	s	PART
fbem-28241	82	5	+	+	NUM
fbem-28241	82	6	γ3	γ3	NOUN
fbem-28241	82	7	∑year	∑year	PROPN
fbem-28241	83	1	+	+	CCONJ
fbem-28241	84	1	γ4	γ4	ADJ
fbem-28241	84	2	∑industry	∑industry	NOUN
fbem-28241	84	3	+	+	CCONJ
fbem-28241	84	4	γ	γ	PROPN
fbem-28241	84	5	kz	kz	PROPN
fbem-28241	84	6	=	=	SYM
fbem-28241	84	7	θ0	θ0	PROPN
fbem-28241	84	8	+	+	CCONJ
fbem-28241	84	9	θ1esg	θ1esg	PROPN
fbem-28241	85	1	+	+	CCONJ
fbem-28241	85	2	θ2	θ2	PROPN
fbem-28241	85	3	∑controls	∑controls	PROPN
fbem-28241	85	4	+	+	CCONJ
fbem-28241	85	5	θ3	θ3	PROPN
fbem-28241	85	6	∑year	∑year	PROPN
fbem-28241	86	1	+	+	CCONJ
fbem-28241	86	2	θ4	θ4	NOUN
fbem-28241	86	3	∑	∑	ADV
fbem-28241	86	4	industry	industry	NOUN
fbem-28241	86	5	+	+	CCONJ
fbem-28241	86	6	γ	γ	X
fbem-28241	86	7	risk	risk	NOUN
fbem-28241	86	8	=	=	PUNCT
fbem-28241	86	9	φ0	φ0	PROPN
fbem-28241	86	10	+	+	CCONJ
fbem-28241	86	11	φ1esg	φ1esg	PUNCT
fbem-28241	87	1	+	+	CCONJ
fbem-28241	87	2	φ2ep	φ2ep	PUNCT
fbem-28241	87	3	+	+	NUM
fbem-28241	87	4	φ3	φ3	NOUN
fbem-28241	87	5	∑controls	∑control	NOUN
fbem-28241	88	1	+	+	CCONJ
fbem-28241	88	2	φ4	φ4	ADJ
fbem-28241	88	3	∑	∑	PROPN
fbem-28241	88	4	year	year	NOUN
fbem-28241	88	5	+	+	CCONJ
fbem-28241	88	6	φ5	φ5	ADJ
fbem-28241	88	7	∑	∑	ADJ
fbem-28241	88	8	industry	industry	NOUN
fbem-28241	88	9	+	+	CCONJ
fbem-28241	88	10	γ	γ	X
fbem-28241	88	11	risk	risk	NOUN
fbem-28241	88	12	=	=	SYM
fbem-28241	88	13	ω0	ω0	ADV
fbem-28241	88	14	+	+	SYM
fbem-28241	88	15	ω1esg	ω1esg	NUM
fbem-28241	88	16	+	+	CCONJ
fbem-28241	88	17	ω2kz	ω2kz	X
fbem-28241	88	18	+	+	CCONJ
fbem-28241	88	19	ω3	ω3	NOUN
fbem-28241	88	20	∑	∑	PUNCT
fbem-28241	88	21	controls	control	VERB
fbem-28241	88	22	+	+	X
fbem-28241	88	23	ω4	ω4	NUM
fbem-28241	88	24	∑	∑	ADP
fbem-28241	88	25	year	year	NOUN
fbem-28241	88	26	+	+	CCONJ
fbem-28241	88	27	ω5	ω5	VERB
fbem-28241	88	28	∑industry	∑industry	NOUN
fbem-28241	88	29	+	+	CCONJ
fbem-28241	88	30	γ	γ	X
fbem-28241	88	31	4	4	NUM
fbem-28241	88	32	.	.	PUNCT
fbem-28241	88	33	empirical	empirical	ADJ
fbem-28241	88	34	testing	testing	NOUN
fbem-28241	88	35	and	and	CCONJ
fbem-28241	88	36	result	result	VERB
fbem-28241	88	37	analysis	analysis	NOUN
fbem-28241	88	38	4.1	4.1	NUM
fbem-28241	88	39	.	.	PUNCT
fbem-28241	89	1	descriptive	descriptive	ADJ
fbem-28241	89	2	statistics	statistic	NOUN
fbem-28241	89	3	the	the	DET
fbem-28241	89	4	descriptive	descriptive	ADJ
fbem-28241	89	5	statistical	statistical	ADJ
fbem-28241	89	6	summary	summary	NOUN
fbem-28241	89	7	for	for	ADP
fbem-28241	89	8	each	each	DET
fbem-28241	89	9	variable	variable	NOUN
fbem-28241	89	10	listed	list	VERB
fbem-28241	89	11	in	in	ADP
fbem-28241	89	12	table1	table1	PROPN
fbem-28241	89	13	.	.	PUNCT
fbem-28241	90	1	the	the	DET
fbem-28241	90	2	maximum	maximum	ADJ
fbem-28241	90	3	value	value	NOUN
fbem-28241	90	4	of	of	ADP
fbem-28241	90	5	ncskew	ncskew	NOUN
fbem-28241	90	6	reaches	reach	VERB
fbem-28241	90	7	5.0127	5.0127	NUM
fbem-28241	90	8	,	,	PUNCT
fbem-28241	90	9	while	while	SCONJ
fbem-28241	90	10	the	the	DET
fbem-28241	90	11	lowest	low	ADJ
fbem-28241	90	12	value	value	NOUN
fbem-28241	90	13	of	of	ADP
fbem-28241	90	14	-5.2497	-5.2497	NOUN
fbem-28241	90	15	;	;	PUNCT
fbem-28241	90	16	for	for	ADP
fbem-28241	90	17	ducol	ducol	NOUN
fbem-28241	90	18	,	,	PUNCT
fbem-28241	90	19	the	the	DET
fbem-28241	90	20	maximum	maximum	ADJ
fbem-28241	90	21	and	and	CCONJ
fbem-28241	90	22	minimum	minimum	ADJ
fbem-28241	90	23	value	value	NOUN
fbem-28241	90	24	is	be	AUX
fbem-28241	90	25	2.3623	2.3623	NUM
fbem-28241	90	26	and	and	CCONJ
fbem-28241	90	27	-2.6766	-2.6766	NOUN
fbem-28241	90	28	,	,	PUNCT
fbem-28241	90	29	respectively	respectively	ADV
fbem-28241	90	30	.	.	PUNCT
fbem-28241	91	1	the	the	DET
fbem-28241	91	2	average	average	ADJ
fbem-28241	91	3	values	value	NOUN
fbem-28241	91	4	of	of	ADP
fbem-28241	91	5	ncskew	ncskew	NOUN
fbem-28241	91	6	(	(	PUNCT
fbem-28241	91	7	-0.3104	-0.3104	NOUN
fbem-28241	91	8	)	)	PUNCT
fbem-28241	91	9	and	and	CCONJ
fbem-28241	91	10	duvol	duvol	NOUN
fbem-28241	91	11	(	(	PUNCT
fbem-28241	91	12	-0.2066	-0.2066	PROPN
fbem-28241	91	13	)	)	PUNCT
fbem-28241	91	14	indicating	indicate	VERB
fbem-28241	91	15	that	that	SCONJ
fbem-28241	91	16	the	the	DET
fbem-28241	91	17	probability	probability	NOUN
fbem-28241	91	18	distribution	distribution	NOUN
fbem-28241	91	19	of	of	ADP
fbem-28241	91	20	the	the	DET
fbem-28241	91	21	two	two	NUM
fbem-28241	91	22	explanatory	explanatory	ADJ
fbem-28241	91	23	elements	element	NOUN
fbem-28241	91	24	assessing	assess	VERB
fbem-28241	91	25	the	the	DET
fbem-28241	91	26	risk	risk	NOUN
fbem-28241	91	27	of	of	ADP
fbem-28241	91	28	crash	crash	NOUN
fbem-28241	91	29	is	be	AUX
fbem-28241	91	30	similar	similar	ADJ
fbem-28241	91	31	to	to	ADP
fbem-28241	91	32	the	the	DET
fbem-28241	91	33	existing	exist	VERB
fbem-28241	91	34	research	research	NOUN
fbem-28241	91	35	results	result	NOUN
fbem-28241	91	36	.	.	PUNCT
fbem-28241	92	1	the	the	DET
fbem-28241	92	2	average	average	ADJ
fbem-28241	92	3	value	value	NOUN
fbem-28241	92	4	of	of	ADP
fbem-28241	92	5	the	the	DET
fbem-28241	92	6	independent	independent	ADJ
fbem-28241	92	7	variable	variable	PROPN
fbem-28241	92	8	esg	esg	PROPN
fbem-28241	92	9	was	be	AUX
fbem-28241	92	10	73.2067	73.2067	NUM
fbem-28241	92	11	,	,	PUNCT
fbem-28241	92	12	ranging	range	VERB
fbem-28241	92	13	from	from	ADP
fbem-28241	92	14	a	a	DET
fbem-28241	92	15	low	low	NOUN
fbem-28241	92	16	of	of	ADP
fbem-28241	92	17	36.62	36.62	NUM
fbem-28241	92	18	and	and	CCONJ
fbem-28241	92	19	a	a	DET
fbem-28241	92	20	high	high	NOUN
fbem-28241	92	21	of	of	ADP
fbem-28241	92	22	92.93	92.93	NUM
fbem-28241	92	23	,	,	PUNCT
fbem-28241	92	24	indicating	indicate	VERB
fbem-28241	92	25	significant	significant	ADJ
fbem-28241	92	26	disparities	disparity	NOUN
fbem-28241	92	27	in	in	ADP
fbem-28241	92	28	esg	esg	PROPN
fbem-28241	92	29	performance	performance	NOUN
fbem-28241	92	30	persist	persist	VERB
fbem-28241	92	31	among	among	ADP
fbem-28241	92	32	various	various	ADJ
fbem-28241	92	33	companies	company	NOUN
fbem-28241	92	34	.	.	PUNCT
fbem-28241	93	1	table	table	NOUN
fbem-28241	93	2	1	1	NUM
fbem-28241	93	3	.	.	PUNCT
fbem-28241	93	4	descriptive	descriptive	ADJ
fbem-28241	93	5	statistics	statistic	NOUN
fbem-28241	93	6	variable	variable	ADJ
fbem-28241	93	7	obs	obs	PROPN
fbem-28241	93	8	.	.	PUNCT
fbem-28241	94	1	mean	mean	VERB
fbem-28241	94	2	sd	sd	ADP
fbem-28241	94	3	min	min	PROPN
fbem-28241	94	4	max	max	PROPN
fbem-28241	94	5	ncske	ncske	PROPN
fbem-28241	94	6	w	w	PROPN
fbem-28241	94	7	34572	34572	NUM
fbem-28241	94	8	-0.3104	-0.3104	NOUN
fbem-28241	94	9	0.7493	0.7493	NUM
fbem-28241	94	10	-5.2497	-5.2497	ADJ
fbem-28241	94	11	5.0127	5.0127	NUM
fbem-28241	94	12	duvol	duvol	NOUN
fbem-28241	94	13	34572	34572	NUM
fbem-28241	94	14	-0.2066	-0.2066	NOUN
fbem-28241	94	15	0.483	0.483	NUM
fbem-28241	94	16	-2.6766	-2.6766	NOUN
fbem-28241	94	17	2.3623	2.3623	NUM
fbem-28241	94	18	esg	esg	NOUN
fbem-28241	94	19	34572	34572	NUM
fbem-28241	94	20	73.2067	73.2067	NUM
fbem-28241	94	21	5.2253	5.2253	NUM
fbem-28241	94	22	36.6200	36.6200	NUM
fbem-28241	94	23	92.9300	92.9300	NUM
fbem-28241	94	24	tovertl	tovertl	NOUN
fbem-28241	94	25	y	y	PROPN
fbem-28241	94	26	34571	34571	NUM
fbem-28241	94	27	407.510	407.510	NUM
fbem-28241	94	28	4	4	NUM
fbem-28241	94	29	302.59	302.59	NUM
fbem-28241	94	30	04	04	NUM
fbem-28241	94	31	2.1642	2.1642	NUM
fbem-28241	94	32	2831.921	2831.921	NUM
fbem-28241	94	33	0	0	NUM
fbem-28241	94	34	ret	ret	PROPN
fbem-28241	94	35	34570	34570	NUM
fbem-28241	94	36	-0.0013	-0.0013	NOUN
fbem-28241	94	37	0.0012	0.0012	NUM
fbem-28241	94	38	-0.0246	-0.0246	NOUN
fbem-28241	94	39	-0.00004	-0.00004	PROPN
fbem-28241	94	40	sigma	sigma	VERB
fbem-28241	94	41	34570	34570	NUM
fbem-28241	94	42	0.0472	0.0472	NUM
fbem-28241	94	43	0.0195	0.0195	NUM
fbem-28241	94	44	0.0094	0.0094	NUM
fbem-28241	94	45	0.2122	0.2122	NUM
fbem-28241	94	46	roa	roa	NOUN
fbem-28241	94	47	34571	34571	NUM
fbem-28241	94	48	0.0414	0.0414	NUM
fbem-28241	94	49	0.0762	0.0762	NUM
fbem-28241	94	50	-1.3241	-1.3241	VERB
fbem-28241	94	51	1.2848	1.2848	NUM
fbem-28241	94	52	analyst	analyst	NOUN
fbem-28241	94	53	34572	34572	NUM
fbem-28241	94	54	1.3999	1.3999	NUM
fbem-28241	94	55	1.1971	1.1971	NUM
fbem-28241	94	56	0	0	NUM
fbem-28241	94	57	4.3307	4.3307	NUM
fbem-28241	94	58	soe	soe	PROPN
fbem-28241	94	59	34564	34564	NUM
fbem-28241	94	60	0.3603	0.3603	NUM
fbem-28241	94	61	0.4801	0.4801	NUM
fbem-28241	94	62	0	0	NUM
fbem-28241	94	63	1	1	NUM
fbem-28241	94	64	listage	listage	NOUN
fbem-28241	94	65	34572	34572	NUM
fbem-28241	94	66	2.1044	2.1044	NUM
fbem-28241	94	67	0.8640	0.8640	NUM
fbem-28241	94	68	0	0	NUM
fbem-28241	95	1	3.4965	3.4965	NUM
fbem-28241	95	2	mb	mb	ADP
fbem-28241	95	3	34572	34572	NUM
fbem-28241	95	4	0.0021	0.0021	NUM
fbem-28241	95	5	0.0031	0.0031	NUM
fbem-28241	95	6	0.00002	0.00002	NUM
fbem-28241	95	7	0.3490	0.3490	NUM
fbem-28241	95	8	size1	size1	NOUN
fbem-28241	95	9	34572	34572	NUM
fbem-28241	95	10	22.2268	22.2268	NUM
fbem-28241	95	11	1.3303	1.3303	NUM
fbem-28241	95	12	15.5773	15.5773	NUM
fbem-28241	95	13	28.6365	28.6365	NUM
fbem-28241	95	14	loss	loss	NOUN
fbem-28241	95	15	34572	34572	NUM
fbem-28241	95	16	0.1124	0.1124	NOUN
fbem-28241	95	17	0.3158	0.3158	NUM
fbem-28241	95	18	0	0	NUM
fbem-28241	95	19	1	1	NUM
fbem-28241	95	20	age	age	NOUN
fbem-28241	95	21	34572	34572	NUM
fbem-28241	95	22	49.3620	49.3620	NUM
fbem-28241	95	23	3.2456	3.2456	NUM
fbem-28241	95	24	35.6000	35.6000	NUM
fbem-28241	95	25	62.8800	62.8800	NUM
fbem-28241	95	26	dmeet	dmeet	NOUN
fbem-28241	95	27	34572	34572	NUM
fbem-28241	95	28	2.1863	2.1863	NUM
fbem-28241	95	29	0.3862	0.3862	NUM
fbem-28241	95	30	0	0	NUM
fbem-28241	95	31	4.0604	4.0604	NUM
fbem-28241	95	32	4.2	4.2	NUM
fbem-28241	95	33	.	.	PUNCT
fbem-28241	96	1	basic	basic	ADJ
fbem-28241	96	2	regression	regression	NOUN
fbem-28241	96	3	results	result	NOUN
fbem-28241	96	4	table	table	NOUN
fbem-28241	96	5	2	2	NUM
fbem-28241	96	6	displays	display	VERB
fbem-28241	96	7	the	the	DET
fbem-28241	96	8	findings	finding	NOUN
fbem-28241	96	9	from	from	ADP
fbem-28241	96	10	a	a	DET
fbem-28241	96	11	regression	regression	NOUN
fbem-28241	96	12	analysis	analysis	NOUN
fbem-28241	96	13	examing	exame	VERB
fbem-28241	96	14	the	the	DET
fbem-28241	96	15	relationship	relationship	NOUN
fbem-28241	96	16	among	among	ADP
fbem-28241	96	17	corporate	corporate	ADJ
fbem-28241	96	18	esg	esg	NOUN
fbem-28241	96	19	performance	performance	NOUN
fbem-28241	96	20	and	and	CCONJ
fbem-28241	96	21	declines	decline	NOUN
fbem-28241	96	22	in	in	ADP
fbem-28241	96	23	stock	stock	NOUN
fbem-28241	96	24	prices	price	NOUN
fbem-28241	96	25	.in	.in	PUNCT
fbem-28241	96	26	column	column	NOUN
fbem-28241	96	27	(	(	PUNCT
fbem-28241	96	28	1),the	1),the	DET
fbem-28241	96	29	esg	esg	PROPN
fbem-28241	96	30	coefficient	coefficient	NOUN
fbem-28241	96	31	is	be	AUX
fbem-28241	96	32	-0.004	-0.004	PUNCT
fbem-28241	96	33	(	(	PUNCT
fbem-28241	96	34	*	*	PUNCT
fbem-28241	96	35	*	*	PUNCT
fbem-28241	96	36	*	*	PUNCT
fbem-28241	96	37	)	)	PUNCT
fbem-28241	96	38	,	,	PUNCT
fbem-28241	96	39	and	and	CCONJ
fbem-28241	96	40	in	in	ADP
fbem-28241	96	41	column	column	NOUN
fbem-28241	96	42	(	(	PUNCT
fbem-28241	96	43	2	2	X
fbem-28241	96	44	)	)	PUNCT
fbem-28241	96	45	reports	report	VERB
fbem-28241	96	46	the	the	DET
fbem-28241	96	47	coefficient	coefficient	NOUN
fbem-28241	96	48	for	for	ADP
fbem-28241	96	49	esg	esg	PROPN
fbem-28241	96	50	is	be	AUX
fbem-28241	96	51	0.002	0.002	NUM
fbem-28241	96	52	and	and	CCONJ
fbem-28241	96	53	correlates	correlate	VERB
fbem-28241	96	54	with	with	ADP
fbem-28241	96	55	the	the	DET
fbem-28241	96	56	volatility	volatility	NOUN
fbem-28241	96	57	of	of	ADP
fbem-28241	96	58	weekly	weekly	ADJ
fbem-28241	96	59	returns	return	NOUN
fbem-28241	96	60	at	at	ADP
fbem-28241	96	61	the	the	DET
fbem-28241	96	62	level	level	NOUN
fbem-28241	96	63	of	of	ADP
fbem-28241	96	64	1	1	NUM
fbem-28241	96	65	%	%	NOUN
fbem-28241	96	66	,	,	PUNCT
fbem-28241	96	67	and	and	CCONJ
fbem-28241	96	68	the	the	DET
fbem-28241	96	69	control	control	NOUN
fbem-28241	96	70	rate	rate	NOUN
fbem-28241	96	71	is	be	AUX
fbem-28241	96	72	by	by	ADP
fbem-28241	96	73	industry	industry	NOUN
fbem-28241	96	74	and	and	CCONJ
fbem-28241	96	75	year	year	NOUN
fbem-28241	96	76	,	,	PUNCT
fbem-28241	96	77	which	which	PRON
fbem-28241	96	78	can	can	AUX
fbem-28241	96	79	indicate	indicate	VERB
fbem-28241	96	80	that	that	SCONJ
fbem-28241	96	81	the	the	DET
fbem-28241	96	82	performance	performance	NOUN
fbem-28241	96	83	of	of	ADP
fbem-28241	96	84	publicly	publicly	ADV
fbem-28241	96	85	listed	list	VERB
fbem-28241	96	86	firms	firm	NOUN
fbem-28241	96	87	regarding	regard	VERB
fbem-28241	96	88	in	in	ADP
fbem-28241	96	89	esg	esg	PROPN
fbem-28241	96	90	notably	notably	ADV
fbem-28241	96	91	diminished	diminish	VERB
fbem-28241	96	92	the	the	DET
fbem-28241	96	93	likehood	likehood	NOUN
fbem-28241	96	94	of	of	ADP
fbem-28241	96	95	stock	stock	NOUN
fbem-28241	96	96	price	price	NOUN
fbem-28241	96	97	crash	crash	NOUN
fbem-28241	96	98	.	.	PUNCT
fbem-28241	97	1	suppose	suppose	VERB
fbem-28241	97	2	h1	h1	PROPN
fbem-28241	97	3	is	be	AUX
fbem-28241	97	4	validated	validate	VERB
fbem-28241	97	5	.	.	PUNCT
fbem-28241	98	1	table	table	NOUN
fbem-28241	98	2	2	2	NUM
fbem-28241	98	3	.	.	X
fbem-28241	99	1	regression	regression	VERB
fbem-28241	99	2	analysis	analysis	NOUN
fbem-28241	99	3	(	(	PUNCT
fbem-28241	99	4	1	1	NUM
fbem-28241	99	5	)	)	PUNCT
fbem-28241	99	6	(	(	PUNCT
fbem-28241	99	7	2	2	X
fbem-28241	99	8	)	)	PUNCT
fbem-28241	99	9	variable	variable	ADJ
fbem-28241	99	10	ncskew	ncskew	NOUN
fbem-28241	99	11	duvol	duvol	PROPN
fbem-28241	99	12	esg	esg	PROPN
fbem-28241	99	13	-0,004	-0,004	PROPN
fbem-28241	99	14	*	*	PROPN
fbem-28241	99	15	*	*	PUNCT
fbem-28241	99	16	*	*	PUNCT
fbem-28241	99	17	-0,002	-0,002	NOUN
fbem-28241	99	18	*	*	PUNCT
fbem-28241	99	19	*	*	PUNCT
fbem-28241	99	20	*	*	PUNCT
fbem-28241	99	21	(	(	PUNCT
fbem-28241	99	22	-4,682	-4,682	NOUN
fbem-28241	99	23	)	)	PUNCT
fbem-28241	99	24	(	(	PUNCT
fbem-28241	99	25	-3,132	-3,132	NOUN
fbem-28241	99	26	)	)	PUNCT
fbem-28241	99	27	tovertly	tovertly	ADV
fbem-28241	99	28	-0,000	-0,000	VERB
fbem-28241	99	29	*	*	PUNCT
fbem-28241	99	30	*	*	PUNCT
fbem-28241	99	31	*	*	PUNCT
fbem-28241	99	32	-0,000	-0,000	INTJ
fbem-28241	100	1	*	*	PUNCT
fbem-28241	100	2	*	*	PUNCT
fbem-28241	100	3	*	*	PUNCT
fbem-28241	100	4	(	(	PUNCT
fbem-28241	100	5	-2,654	-2,654	ADJ
fbem-28241	100	6	)	)	PUNCT
fbem-28241	100	7	(	(	PUNCT
fbem-28241	100	8	-3,892	-3,892	INTJ
fbem-28241	100	9	)	)	PUNCT
fbem-28241	100	10	ret	ret	NOUN
fbem-28241	100	11	70,162	70,162	NUM
fbem-28241	100	12	*	*	PUNCT
fbem-28241	101	1	*	*	PUNCT
fbem-28241	101	2	*	*	PUNCT
fbem-28241	101	3	30,416	30,416	NUM
fbem-28241	101	4	*	*	PUNCT
fbem-28241	101	5	*	*	PUNCT
fbem-28241	101	6	*	*	PUNCT
fbem-28241	101	7	(	(	PUNCT
fbem-28241	101	8	4,514	4,514	NUM
fbem-28241	101	9	)	)	PUNCT
fbem-28241	101	10	(	(	PUNCT
fbem-28241	101	11	3,182	3,182	NUM
fbem-28241	101	12	)	)	PUNCT
fbem-28241	101	13	sigma	sigma	VERB
fbem-28241	101	14	-5,293	-5,293	NOUN
fbem-28241	101	15	*	*	PROPN
fbem-28241	101	16	*	*	PUNCT
fbem-28241	101	17	*	*	PUNCT
fbem-28241	102	1	-4,071	-4,071	ADJ
fbem-28241	102	2	*	*	PUNCT
fbem-28241	102	3	*	*	PUNCT
fbem-28241	102	4	*	*	PUNCT
fbem-28241	102	5	(	(	PUNCT
fbem-28241	102	6	-5,452	-5,452	NOUN
fbem-28241	102	7	)	)	PUNCT
fbem-28241	102	8	(	(	PUNCT
fbem-28241	102	9	-6,819	-6,819	NOUN
fbem-28241	102	10	)	)	PUNCT
fbem-28241	102	11	roa	roa	NOUN
fbem-28241	102	12	-0,173	-0,173	PROPN
fbem-28241	102	13	*	*	PROPN
fbem-28241	102	14	*	*	PUNCT
fbem-28241	102	15	-0,156	-0,156	PROPN
fbem-28241	102	16	*	*	PUNCT
fbem-28241	102	17	*	*	PUNCT
fbem-28241	102	18	*	*	PUNCT
fbem-28241	102	19	(	(	PUNCT
fbem-28241	102	20	-1,968	-1,968	NOUN
fbem-28241	102	21	)	)	PUNCT
fbem-28241	102	22	(	(	PUNCT
fbem-28241	102	23	-3,077	-3,077	PROPN
fbem-28241	102	24	)	)	PUNCT
fbem-28241	102	25	analyst	analyst	NOUN
fbem-28241	102	26	0,080	0,080	NUM
fbem-28241	102	27	*	*	PUNCT
fbem-28241	102	28	*	*	PUNCT
fbem-28241	102	29	*	*	PUNCT
fbem-28241	102	30	0,043	0,043	PUNCT
fbem-28241	102	31	*	*	PUNCT
fbem-28241	102	32	*	*	PUNCT
fbem-28241	102	33	*	*	PUNCT
fbem-28241	102	34	(	(	PUNCT
fbem-28241	102	35	17,244	17,244	NUM
fbem-28241	102	36	)	)	PUNCT
fbem-28241	102	37	(	(	PUNCT
fbem-28241	102	38	14,738	14,738	NUM
fbem-28241	102	39	)	)	PUNCT
fbem-28241	102	40	soe	soe	PROPN
fbem-28241	102	41	-0,038	-0,038	NOUN
fbem-28241	102	42	*	*	NOUN
fbem-28241	102	43	*	*	PUNCT
fbem-28241	102	44	*	*	PUNCT
fbem-28241	102	45	-0,023	-0,023	NOUN
fbem-28241	102	46	*	*	PUNCT
fbem-28241	102	47	*	*	PUNCT
fbem-28241	102	48	*	*	PUNCT
fbem-28241	102	49	(	(	PUNCT
fbem-28241	102	50	-3,682	-3,682	NOUN
fbem-28241	102	51	)	)	PUNCT
fbem-28241	102	52	(	(	PUNCT
fbem-28241	102	53	-3,500	-3,500	NOUN
fbem-28241	102	54	)	)	PUNCT
fbem-28241	102	55	listage	listage	NOUN
fbem-28241	102	56	-0,041	-0,041	NOUN
fbem-28241	102	57	*	*	PUNCT
fbem-28241	102	58	*	*	PUNCT
fbem-28241	102	59	*	*	PUNCT
fbem-28241	103	1	-0,031	-0,031	NOUN
fbem-28241	103	2	*	*	PUNCT
fbem-28241	103	3	*	*	PUNCT
fbem-28241	103	4	*	*	PUNCT
fbem-28241	103	5	(	(	PUNCT
fbem-28241	103	6	-6,978	-6,978	ADJ
fbem-28241	103	7	)	)	PUNCT
fbem-28241	103	8	(	(	PUNCT
fbem-28241	103	9	-8,097	-8,097	ADJ
fbem-28241	103	10	)	)	PUNCT
fbem-28241	103	11	mb	mb	ADP
fbem-28241	103	12	7,212	7,212	NUM
fbem-28241	103	13	*	*	PUNCT
fbem-28241	103	14	*	*	NOUN
fbem-28241	103	15	2,867	2,867	NUM
fbem-28241	103	16	*	*	SYM
fbem-28241	103	17	*	*	PUNCT
fbem-28241	103	18	(	(	PUNCT
fbem-28241	103	19	2,360	2,360	NUM
fbem-28241	103	20	)	)	PUNCT
fbem-28241	103	21	(	(	PUNCT
fbem-28241	103	22	2,428	2,428	NUM
fbem-28241	103	23	)	)	PUNCT
fbem-28241	103	24	size1	size1	NOUN
fbem-28241	104	1	-0,055	-0,055	NOUN
fbem-28241	104	2	*	*	PUNCT
fbem-28241	104	3	*	*	PUNCT
fbem-28241	104	4	*	*	PUNCT
fbem-28241	104	5	-0,045	-0,045	PRON
fbem-28241	104	6	*	*	PUNCT
fbem-28241	104	7	*	*	PUNCT
fbem-28241	104	8	*	*	PUNCT
fbem-28241	104	9	(	(	PUNCT
fbem-28241	104	10	-10,559	-10,559	NOUN
fbem-28241	104	11	)	)	PUNCT
fbem-28241	104	12	(	(	PUNCT
fbem-28241	104	13	-14,579	-14,579	NOUN
fbem-28241	104	14	)	)	PUNCT
fbem-28241	104	15	loss	loss	NOUN
fbem-28241	104	16	0,081	0,081	NUM
fbem-28241	104	17	*	*	PUNCT
fbem-28241	104	18	*	*	PUNCT
fbem-28241	104	19	*	*	NOUN
fbem-28241	104	20	0,048	0,048	NUM
fbem-28241	104	21	*	*	PUNCT
fbem-28241	104	22	*	*	PUNCT
fbem-28241	104	23	*	*	PUNCT
fbem-28241	104	24	(	(	PUNCT
fbem-28241	104	25	4,557	4,557	NUM
fbem-28241	104	26	)	)	PUNCT
fbem-28241	104	27	(	(	PUNCT
fbem-28241	104	28	4,524	4,524	NUM
fbem-28241	104	29	)	)	PUNCT
fbem-28241	104	30	age	age	NOUN
fbem-28241	104	31	-0,006	-0,006	NOUN
fbem-28241	104	32	*	*	PUNCT
fbem-28241	104	33	*	*	PUNCT
fbem-28241	104	34	*	*	PUNCT
fbem-28241	104	35	-0,003	-0,003	NUM
fbem-28241	104	36	*	*	PUNCT
fbem-28241	104	37	*	*	PUNCT
fbem-28241	104	38	*	*	PUNCT
fbem-28241	104	39	(	(	PUNCT
fbem-28241	104	40	-4,385	-4,385	NUM
fbem-28241	104	41	)	)	PUNCT
fbem-28241	104	42	(	(	PUNCT
fbem-28241	104	43	-3,546	-3,546	INTJ
fbem-28241	104	44	)	)	PUNCT
fbem-28241	104	45	dmeet	dmeet	NOUN
fbem-28241	104	46	0,057	0,057	NUM
fbem-28241	104	47	*	*	PUNCT
fbem-28241	104	48	*	*	PUNCT
fbem-28241	104	49	*	*	PUNCT
fbem-28241	105	1	0,033	0,033	NUM
fbem-28241	105	2	*	*	PUNCT
fbem-28241	105	3	*	*	PUNCT
fbem-28241	105	4	*	*	PUNCT
fbem-28241	105	5	(	(	PUNCT
fbem-28241	105	6	5,263	5,263	NUM
fbem-28241	105	7	)	)	PUNCT
fbem-28241	105	8	(	(	PUNCT
fbem-28241	105	9	4,798	4,798	NUM
fbem-28241	105	10	)	)	PUNCT
fbem-28241	105	11	_	_	NOUN
fbem-28241	105	12	cons	con	VERB
fbem-28241	105	13	1,717	1,717	NUM
fbem-28241	105	14	*	*	NOUN
fbem-28241	105	15	*	*	PUNCT
fbem-28241	105	16	*	*	NOUN
fbem-28241	105	17	1,268	1,268	NUM
fbem-28241	105	18	*	*	PUNCT
fbem-28241	105	19	*	*	PUNCT
fbem-28241	105	20	*	*	PUNCT
fbem-28241	105	21	(	(	PUNCT
fbem-28241	105	22	12,831	12,831	NUM
fbem-28241	105	23	)	)	PUNCT
fbem-28241	105	24	(	(	PUNCT
fbem-28241	105	25	15,759	15,759	NUM
fbem-28241	105	26	)	)	PUNCT
fbem-28241	105	27	industry	industry	NOUN
fbem-28241	106	1	yes	yes	INTJ
fbem-28241	106	2	yes	yes	INTJ
fbem-28241	107	1	year	year	NOUN
fbem-28241	108	1	yes	yes	INTJ
fbem-28241	108	2	yes	yes	INTJ
fbem-28241	109	1	n	n	CCONJ
fbem-28241	109	2	34559	34559	NUM
fbem-28241	109	3	34559	34559	NUM
fbem-28241	109	4	r2	r2	PROPN
fbem-28241	109	5	0.093	0.093	NUM
fbem-28241	109	6	0.093	0.093	NUM
fbem-28241	109	7	f	f	PROPN
fbem-28241	109	8	139.621	139.621	NUM
fbem-28241	109	9	147.534	147.534	NUM
fbem-28241	109	10	4.3	4.3	NUM
fbem-28241	109	11	.	.	PUNCT
fbem-28241	110	1	influence	influence	NOUN
fbem-28241	110	2	mechanism	mechanism	NOUN
fbem-28241	110	3	test	test	NOUN
fbem-28241	110	4	4.3.1	4.3.1	NUM
fbem-28241	110	5	.	.	PUNCT
fbem-28241	110	6	green	green	ADJ
fbem-28241	110	7	innovation	innovation	NOUN
fbem-28241	110	8	investment	investment	NOUN
fbem-28241	110	9	mechanism	mechanism	NOUN
fbem-28241	110	10	the	the	DET
fbem-28241	110	11	benchmark	benchmark	NOUN
fbem-28241	110	12	regression	regression	NOUN
fbem-28241	110	13	results	result	NOUN
fbem-28241	110	14	suggested	suggest	VERB
fbem-28241	110	15	that	that	SCONJ
fbem-28241	110	16	esg	esg	PROPN
fbem-28241	110	17	performance	performance	NOUN
fbem-28241	110	18	is	be	AUX
fbem-28241	110	19	significantly	significantly	ADV
fbem-28241	110	20	linked	link	VERB
fbem-28241	110	21	to	to	ADP
fbem-28241	110	22	reduction	reduction	NOUN
fbem-28241	110	23	in	in	ADP
fbem-28241	110	24	the	the	DET
fbem-28241	110	25	likehood	likehood	NOUN
fbem-28241	110	26	of	of	ADP
fbem-28241	110	27	a	a	DET
fbem-28241	110	28	stock	stock	NOUN
fbem-28241	110	29	market	market	NOUN
fbem-28241	110	30	collapse	collapse	NOUN
fbem-28241	110	31	.	.	PUNCT
fbem-28241	111	1	additionally	additionally	ADV
fbem-28241	111	2	,	,	PUNCT
fbem-28241	111	3	higher	high	ADJ
fbem-28241	111	4	esg	esg	NOUN
fbem-28241	111	5	performance	performance	NOUN
fbem-28241	111	6	in	in	ADP
fbem-28241	111	7	publicly	publicly	ADV
fbem-28241	111	8	listed	list	VERB
fbem-28241	111	9	companies	company	NOUN
fbem-28241	111	10	is	be	AUX
fbem-28241	111	11	linked	link	VERB
fbem-28241	111	12	to	to	ADP
fbem-28241	111	13	a	a	DET
fbem-28241	111	14	mitigating	mitigating	NOUN
fbem-28241	111	15	in	in	ADP
fbem-28241	111	16	the	the	DET
fbem-28241	111	17	likehood	likehood	NOUN
fbem-28241	111	18	stock	stock	NOUN
fbem-28241	111	19	price	price	NOUN
fbem-28241	111	20	collapse	collapse	NOUN
fbem-28241	111	21	.	.	PUNCT
fbem-28241	112	1	in	in	ADP
fbem-28241	112	2	evaluating	evaluate	VERB
fbem-28241	112	3	the	the	DET
fbem-28241	112	4	likehood	likehood	NOUN
fbem-28241	112	5	of	of	ADP
fbem-28241	112	6	stock	stock	NOUN
fbem-28241	112	7	price	price	NOUN
fbem-28241	112	8	crashes	crash	NOUN
fbem-28241	112	9	through	through	ADP
fbem-28241	112	10	ncskew	ncskew	NOUN
fbem-28241	112	11	,	,	PUNCT
fbem-28241	112	12	the	the	DET
fbem-28241	112	13	regression	regression	NOUN
fbem-28241	112	14	coefficient	coefficient	NOUN
fbem-28241	112	15	associated	associate	VERB
fbem-28241	112	16	with	with	ADP
fbem-28241	112	17	esg	esg	PROPN
fbem-28241	112	18	is	be	AUX
fbem-28241	112	19	-0.004	-0.004	PUNCT
fbem-28241	112	20	(	(	PUNCT
fbem-28241	112	21	*	*	PUNCT
fbem-28241	112	22	*	*	PUNCT
fbem-28241	112	23	*	*	PUNCT
fbem-28241	112	24	)	)	PUNCT
fbem-28241	112	25	.	.	PUNCT
fbem-28241	113	1	the	the	DET
fbem-28241	113	2	coefficient	coefficient	NOUN
fbem-28241	113	3	for	for	ADP
fbem-28241	113	4	green	green	ADJ
fbem-28241	113	5	innovation	innovation	NOUN
fbem-28241	113	6	investment	investment	NOUN
fbem-28241	113	7	is	be	AUX
fbem-28241	113	8	0.02	0.02	NUM
fbem-28241	113	9	,	,	PUNCT
fbem-28241	113	10	suggesting	suggest	VERB
fbem-28241	113	11	a	a	DET
fbem-28241	113	12	notable	notable	ADJ
fbem-28241	113	13	positive	positive	ADJ
fbem-28241	113	14	relationship	relationship	NOUN
fbem-28241	113	15	at	at	ADP
fbem-28241	113	16	the	the	DET
fbem-28241	113	17	same	same	ADJ
fbem-28241	113	18	confidence	confidence	NOUN
fbem-28241	113	19	threshold	threshold	NOUN
fbem-28241	113	20	.	.	PUNCT
fbem-28241	114	1	this	this	PRON
fbem-28241	114	2	implied	imply	VERB
fbem-28241	114	3	that	that	SCONJ
fbem-28241	114	4	improve	improve	VERB
fbem-28241	114	5	esg	esg	NOUN
fbem-28241	114	6	performance	performance	NOUN
fbem-28241	114	7	can	can	AUX
fbem-28241	114	8	lead	lead	VERB
fbem-28241	114	9	to	to	ADP
fbem-28241	114	10	increased	increase	VERB
fbem-28241	114	11	levels	level	NOUN
fbem-28241	114	12	of	of	ADP
fbem-28241	114	13	green	green	ADJ
fbem-28241	114	14	innovation	innovation	NOUN
fbem-28241	114	15	investment	investment	NOUN
fbem-28241	114	16	.	.	PUNCT
fbem-28241	115	1	the	the	DET
fbem-28241	115	2	coefficient	coefficient	NOUN
fbem-28241	115	3	linking	link	VERB
fbem-28241	115	4	ncskew	ncskew	NOUN
fbem-28241	115	5	and	and	CCONJ
fbem-28241	115	6	esg	esg	PROPN
fbem-28241	115	7	is	be	AUX
fbem-28241	115	8	118	118	NUM
fbem-28241	115	9	0.004	0.004	NUM
fbem-28241	115	10	(	(	PUNCT
fbem-28241	115	11	*	*	PUNCT
fbem-28241	115	12	*	*	PUNCT
fbem-28241	115	13	*	*	NOUN
fbem-28241	115	14	)	)	PUNCT
fbem-28241	115	15	.	.	PUNCT
fbem-28241	116	1	conversely	conversely	ADV
fbem-28241	116	2	,	,	PUNCT
fbem-28241	116	3	the	the	DET
fbem-28241	116	4	coefficient	coefficient	NOUN
fbem-28241	116	5	for	for	ADP
fbem-28241	116	6	kcskew	kcskew	NOUN
fbem-28241	116	7	concerning	concern	VERB
fbem-28241	116	8	ep	ep	PROPN
fbem-28241	116	9	is	be	AUX
fbem-28241	116	10	-0.001	-0.001	NUM
fbem-28241	116	11	,	,	PUNCT
fbem-28241	116	12	indicating	indicate	VERB
fbem-28241	116	13	a	a	DET
fbem-28241	116	14	complete	complete	ADJ
fbem-28241	116	15	mediating	mediating	NOUN
fbem-28241	116	16	effect	effect	NOUN
fbem-28241	116	17	between	between	ADP
fbem-28241	116	18	green	green	ADJ
fbem-28241	116	19	innovation	innovation	NOUN
fbem-28241	116	20	investment	investment	NOUN
fbem-28241	116	21	and	and	CCONJ
fbem-28241	116	22	ncskew	ncskew	NOUN
fbem-28241	116	23	.	.	PUNCT
fbem-28241	117	1	another	another	DET
fbem-28241	117	2	metric	metric	NOUN
fbem-28241	117	3	,	,	PUNCT
fbem-28241	117	4	duvol	duvol	NOUN
fbem-28241	117	5	,	,	PUNCT
fbem-28241	117	6	does	do	VERB
fbem-28241	117	7	the	the	DET
fbem-28241	117	8	same	same	ADJ
fbem-28241	117	9	,	,	PUNCT
fbem-28241	117	10	and	and	CCONJ
fbem-28241	117	11	concludes	conclude	VERB
fbem-28241	117	12	accordingly	accordingly	ADV
fbem-28241	117	13	.	.	PUNCT
fbem-28241	118	1	in	in	ADP
fbem-28241	118	2	summary	summary	NOUN
fbem-28241	118	3	,	,	PUNCT
fbem-28241	118	4	firms	firm	NOUN
fbem-28241	118	5	exhibiting	exhibit	VERB
fbem-28241	118	6	robust	robust	ADJ
fbem-28241	118	7	esg	esg	NOUN
fbem-28241	118	8	performance	performance	NOUN
fbem-28241	118	9	could	could	AUX
fbem-28241	118	10	mitigate	mitigate	VERB
fbem-28241	118	11	the	the	DET
fbem-28241	118	12	likehood	likehood	NOUN
fbem-28241	118	13	of	of	ADP
fbem-28241	118	14	stock	stock	NOUN
fbem-28241	118	15	price	price	NOUN
fbem-28241	118	16	collapse	collapse	NOUN
fbem-28241	118	17	by	by	ADP
fbem-28241	118	18	boosting	boost	VERB
fbem-28241	118	19	investment	investment	NOUN
fbem-28241	118	20	in	in	ADP
fbem-28241	118	21	sustainable	sustainable	ADJ
fbem-28241	118	22	innovation	innovation	NOUN
fbem-28241	118	23	.	.	PUNCT
fbem-28241	119	1	the	the	DET
fbem-28241	119	2	mechanism	mechanism	NOUN
fbem-28241	119	3	of	of	ADP
fbem-28241	119	4	action	action	NOUN
fbem-28241	119	5	is	be	AUX
fbem-28241	119	6	that	that	PRON
fbem-28241	119	7	green	green	ADJ
fbem-28241	119	8	innovation	innovation	NOUN
fbem-28241	119	9	investment	investment	NOUN
fbem-28241	119	10	can	can	AUX
fbem-28241	119	11	attract	attract	VERB
fbem-28241	119	12	more	more	ADJ
fbem-28241	119	13	investors	investor	NOUN
fbem-28241	119	14	who	who	PRON
fbem-28241	119	15	are	be	AUX
fbem-28241	119	16	concerned	concerned	ADJ
fbem-28241	119	17	about	about	ADP
fbem-28241	119	18	sustainable	sustainable	ADJ
fbem-28241	119	19	development	development	NOUN
fbem-28241	119	20	,	,	PUNCT
fbem-28241	119	21	increase	increase	VERB
fbem-28241	119	22	market	market	NOUN
fbem-28241	119	23	confidence	confidence	NOUN
fbem-28241	119	24	,	,	PUNCT
fbem-28241	119	25	and	and	CCONJ
fbem-28241	119	26	thus	thus	ADV
fbem-28241	119	27	stabilize	stabilize	VERB
fbem-28241	119	28	stock	stock	NOUN
fbem-28241	119	29	prices	price	NOUN
fbem-28241	119	30	.	.	PUNCT
fbem-28241	120	1	hypothesis	hypothesis	NOUN
fbem-28241	120	2	2	2	NUM
fbem-28241	120	3	is	be	AUX
fbem-28241	120	4	proven	prove	VERB
fbem-28241	120	5	.	.	PUNCT
fbem-28241	121	1	table	table	NOUN
fbem-28241	121	2	3	3	NUM
fbem-28241	121	3	.	.	PUNCT
fbem-28241	121	4	mechanism	mechanism	NOUN
fbem-28241	121	5	test	test	NOUN
fbem-28241	121	6	:	:	PUNCT
fbem-28241	121	7	green	green	ADJ
fbem-28241	121	8	innovation	innovation	NOUN
fbem-28241	121	9	investment	investment	NOUN
fbem-28241	121	10	(	(	PUNCT
fbem-28241	121	11	1	1	NUM
fbem-28241	121	12	)	)	PUNCT
fbem-28241	121	13	(	(	PUNCT
fbem-28241	121	14	2	2	NUM
fbem-28241	121	15	)	)	PUNCT
fbem-28241	121	16	(	(	PUNCT
fbem-28241	121	17	3	3	X
fbem-28241	121	18	)	)	PUNCT
fbem-28241	121	19	(	(	PUNCT
fbem-28241	121	20	4	4	NUM
fbem-28241	121	21	)	)	PUNCT
fbem-28241	121	22	(	(	PUNCT
fbem-28241	121	23	5	5	NUM
fbem-28241	121	24	)	)	PUNCT
fbem-28241	121	25	(	(	PUNCT
fbem-28241	121	26	6	6	NUM
fbem-28241	121	27	)	)	PUNCT
fbem-28241	121	28	variable	variable	ADJ
fbem-28241	121	29	ncskew	ncskew	NOUN
fbem-28241	121	30	f.ep	f.ep	ADJ
fbem-28241	121	31	ncskew	ncskew	NOUN
fbem-28241	121	32	duvol	duvol	VERB
fbem-28241	121	33	f.ep	f.ep	ADV
fbem-28241	121	34	duvol	duvol	NOUN
fbem-28241	121	35	f.ep	f.ep	ADV
fbem-28241	121	36	-0.001	-0.001	PUNCT
fbem-28241	121	37	-0.001	-0.001	PUNCT
fbem-28241	121	38	(	(	PUNCT
fbem-28241	121	39	0.002	0.002	NUM
fbem-28241	121	40	)	)	PUNCT
fbem-28241	121	41	(	(	PUNCT
fbem-28241	121	42	0.001	0.001	NUM
fbem-28241	121	43	)	)	PUNCT
fbem-28241	121	44	esg	esg	NOUN
fbem-28241	121	45	-0.004	-0.004	PROPN
fbem-28241	121	46	*	*	PUNCT
fbem-28241	121	47	*	*	PUNCT
fbem-28241	121	48	*	*	PUNCT
fbem-28241	121	49	0.020	0.020	NUM
fbem-28241	121	50	*	*	PUNCT
fbem-28241	121	51	*	*	PUNCT
fbem-28241	121	52	*	*	PUNCT
fbem-28241	121	53	-0.004	-0.004	PUNCT
fbem-28241	121	54	*	*	PUNCT
fbem-28241	121	55	*	*	PUNCT
fbem-28241	121	56	*	*	PUNCT
fbem-28241	121	57	-0.002	-0.002	PUNCT
fbem-28241	121	58	*	*	PUNCT
fbem-28241	121	59	*	*	PUNCT
fbem-28241	121	60	*	*	PUNCT
fbem-28241	121	61	0.020	0.020	NUM
fbem-28241	121	62	*	*	PUNCT
fbem-28241	121	63	*	*	PUNCT
fbem-28241	121	64	*	*	PUNCT
fbem-28241	121	65	-0.002	-0.002	PUNCT
fbem-28241	121	66	*	*	PUNCT
fbem-28241	121	67	*	*	PUNCT
fbem-28241	121	68	*	*	PUNCT
fbem-28241	121	69	(	(	PUNCT
fbem-28241	121	70	0.001	0.001	NUM
fbem-28241	121	71	)	)	PUNCT
fbem-28241	121	72	(	(	PUNCT
fbem-28241	121	73	0.003	0.003	NUM
fbem-28241	121	74	)	)	PUNCT
fbem-28241	121	75	(	(	PUNCT
fbem-28241	121	76	0.001	0.001	NUM
fbem-28241	121	77	)	)	PUNCT
fbem-28241	121	78	(	(	PUNCT
fbem-28241	121	79	0.001	0.001	NUM
fbem-28241	121	80	)	)	PUNCT
fbem-28241	121	81	(	(	PUNCT
fbem-28241	121	82	0.003	0.003	NUM
fbem-28241	121	83	)	)	PUNCT
fbem-28241	121	84	(	(	PUNCT
fbem-28241	121	85	0.001	0.001	NUM
fbem-28241	121	86	)	)	PUNCT
fbem-28241	121	87	constant	constant	ADJ
fbem-28241	121	88	1.717	1.717	NUM
fbem-28241	121	89	*	*	PUNCT
fbem-28241	121	90	*	*	PUNCT
fbem-28241	121	91	*	*	PUNCT
fbem-28241	121	92	-7.441	-7.441	ADJ
fbem-28241	121	93	*	*	PUNCT
fbem-28241	121	94	*	*	PUNCT
fbem-28241	121	95	*	*	PUNCT
fbem-28241	121	96	1.707	1.707	NUM
fbem-28241	121	97	*	*	PUNCT
fbem-28241	121	98	*	*	PUNCT
fbem-28241	121	99	*	*	PUNCT
fbem-28241	121	100	1.268	1.268	NUM
fbem-28241	121	101	*	*	PUNCT
fbem-28241	121	102	*	*	PUNCT
fbem-28241	121	103	*	*	PUNCT
fbem-28241	121	104	-7.441	-7.441	ADJ
fbem-28241	121	105	*	*	PUNCT
fbem-28241	121	106	*	*	PUNCT
fbem-28241	121	107	*	*	PUNCT
fbem-28241	121	108	1.317	1.317	NUM
fbem-28241	121	109	*	*	PUNCT
fbem-28241	121	110	*	*	PUNCT
fbem-28241	121	111	*	*	PUNCT
fbem-28241	121	112	(	(	PUNCT
fbem-28241	121	113	0.134	0.134	NUM
fbem-28241	121	114	)	)	PUNCT
fbem-28241	121	115	(	(	PUNCT
fbem-28241	121	116	0.438	0.438	NUM
fbem-28241	121	117	)	)	PUNCT
fbem-28241	121	118	(	(	PUNCT
fbem-28241	121	119	0.147	0.147	NUM
fbem-28241	121	120	)	)	PUNCT
fbem-28241	121	121	(	(	PUNCT
fbem-28241	121	122	0.080	0.080	NUM
fbem-28241	121	123	)	)	PUNCT
fbem-28241	121	124	(	(	PUNCT
fbem-28241	121	125	0.438	0.438	NUM
fbem-28241	121	126	)	)	PUNCT
fbem-28241	121	127	(	(	PUNCT
fbem-28241	121	128	0.092	0.092	NUM
fbem-28241	121	129	)	)	PUNCT
fbem-28241	121	130	industry	industry	NOUN
fbem-28241	122	1	yes	yes	INTJ
fbem-28241	123	1	yes	yes	INTJ
fbem-28241	124	1	yes	yes	INTJ
fbem-28241	125	1	yes	yes	INTJ
fbem-28241	126	1	yes	yes	INTJ
fbem-28241	127	1	yes	yes	INTJ
fbem-28241	127	2	year	year	NOUN
fbem-28241	128	1	yes	yes	INTJ
fbem-28241	129	1	yes	yes	INTJ
fbem-28241	130	1	yes	yes	INTJ
fbem-28241	131	1	yes	yes	INTJ
fbem-28241	132	1	yes	yes	INTJ
fbem-28241	133	1	yes	yes	INTJ
fbem-28241	133	2	observations	observation	NOUN
fbem-28241	133	3	34,559	34,559	NUM
fbem-28241	133	4	29,336	29,336	NUM
fbem-28241	133	5	29,336	29,336	NUM
fbem-28241	133	6	34,559	34,559	NUM
fbem-28241	133	7	29,336	29,336	NUM
fbem-28241	133	8	29,336	29,336	NUM
fbem-28241	133	9	r	r	NOUN
fbem-28241	133	10	-	-	PUNCT
fbem-28241	133	11	squared	square	VERB
fbem-28241	133	12	0.093	0.093	NUM
fbem-28241	133	13	0.128	0.128	NUM
fbem-28241	133	14	0.100	0.100	NUM
fbem-28241	133	15	0.093	0.093	NUM
fbem-28241	133	16	0.128	0.128	NUM
fbem-28241	133	17	0.101	0.101	NUM
fbem-28241	133	18	4.3.2	4.3.2	NOUN
fbem-28241	133	19	.	.	PUNCT
fbem-28241	134	1	financing	financing	NOUN
fbem-28241	134	2	constraint	constraint	NOUN
fbem-28241	134	3	mitigation	mitigation	NOUN
fbem-28241	134	4	mechanism	mechanism	NOUN
fbem-28241	134	5	in	in	ADP
fbem-28241	134	6	ncskew	ncskew	NOUN
fbem-28241	134	7	,	,	PUNCT
fbem-28241	134	8	the	the	DET
fbem-28241	134	9	esg	esg	PROPN
fbem-28241	134	10	regression	regression	NOUN
fbem-28241	134	11	coefficient	coefficient	NOUN
fbem-28241	134	12	is	be	AUX
fbem-28241	134	13	-0.004	-0.004	PUNCT
fbem-28241	134	14	(	(	PUNCT
fbem-28241	134	15	*	*	PUNCT
fbem-28241	134	16	*	*	PUNCT
fbem-28241	134	17	*	*	PUNCT
fbem-28241	134	18	)	)	PUNCT
fbem-28241	134	19	.	.	PUNCT
fbem-28241	135	1	the	the	DET
fbem-28241	135	2	financing	financing	NOUN
fbem-28241	135	3	constraint	constraint	NOUN
fbem-28241	135	4	coefficient	coefficient	NOUN
fbem-28241	135	5	is	be	AUX
fbem-28241	135	6	-0.035	-0.035	NOUN
fbem-28241	135	7	(	(	PUNCT
fbem-28241	135	8	*	*	PUNCT
fbem-28241	135	9	*	*	PUNCT
fbem-28241	135	10	*	*	PUNCT
fbem-28241	135	11	)	)	PUNCT
fbem-28241	135	12	.	.	PUNCT
fbem-28241	136	1	the	the	DET
fbem-28241	136	2	correlation	correlation	NOUN
fbem-28241	136	3	between	between	ADP
fbem-28241	136	4	ncskew	ncskew	NOUN
fbem-28241	136	5	and	and	CCONJ
fbem-28241	136	6	esg	esg	PROPN
fbem-28241	136	7	is	be	AUX
fbem-28241	136	8	-0.003	-0.003	NOUN
fbem-28241	136	9	(	(	PUNCT
fbem-28241	136	10	*	*	PUNCT
fbem-28241	136	11	*	*	PUNCT
fbem-28241	136	12	*	*	PUNCT
fbem-28241	136	13	)	)	PUNCT
fbem-28241	136	14	.	.	PUNCT
fbem-28241	137	1	since	since	SCONJ
fbem-28241	137	2	the	the	DET
fbem-28241	137	3	correlation	correlation	NOUN
fbem-28241	137	4	between	between	ADP
fbem-28241	137	5	ncskew	ncskew	NOUN
fbem-28241	137	6	and	and	CCONJ
fbem-28241	137	7	kz	kz	PROPN
fbem-28241	137	8	is	be	AUX
fbem-28241	137	9	0.007	0.007	NUM
fbem-28241	137	10	(	(	PUNCT
fbem-28241	137	11	*	*	PUNCT
fbem-28241	137	12	*	*	PUNCT
fbem-28241	137	13	*	*	PUNCT
fbem-28241	137	14	)	)	PUNCT
fbem-28241	137	15	.	.	PUNCT
fbem-28241	138	1	a	a	DET
fbem-28241	138	2	partial	partial	ADJ
fbem-28241	138	3	mediating	mediating	NOUN
fbem-28241	138	4	effect	effect	NOUN
fbem-28241	138	5	exists	exist	VERB
fbem-28241	138	6	between	between	ADP
fbem-28241	138	7	financing	financing	NOUN
fbem-28241	138	8	constraints	constraint	NOUN
fbem-28241	138	9	and	and	CCONJ
fbem-28241	138	10	ncskew	ncskew	NOUN
fbem-28241	138	11	.	.	PUNCT
fbem-28241	139	1	another	another	DET
fbem-28241	139	2	measure	measure	NOUN
fbem-28241	139	3	,	,	PUNCT
fbem-28241	139	4	duvol	duvol	VERB
fbem-28241	139	5	exhibits	exhibit	VERB
fbem-28241	139	6	an	an	DET
fbem-28241	139	7	esg	esg	PROPN
fbem-28241	139	8	regression	regression	NOUN
fbem-28241	139	9	coefficient	coefficient	NOUN
fbem-28241	139	10	is	be	AUX
fbem-28241	139	11	recorded	record	VERB
fbem-28241	139	12	at	at	ADP
fbem-28241	139	13	0.002	0.002	NUM
fbem-28241	139	14	,	,	PUNCT
fbem-28241	139	15	also	also	ADV
fbem-28241	139	16	demonstrating	demonstrate	VERB
fbem-28241	139	17	a	a	DET
fbem-28241	139	18	notable	notable	ADJ
fbem-28241	139	19	positive	positive	ADJ
fbem-28241	139	20	relationship	relationship	NOUN
fbem-28241	139	21	at	at	ADP
fbem-28241	139	22	the	the	DET
fbem-28241	139	23	same	same	ADJ
fbem-28241	139	24	level	level	NOUN
fbem-28241	139	25	of	of	ADP
fbem-28241	139	26	confidence	confidence	NOUN
fbem-28241	139	27	.	.	PUNCT
fbem-28241	140	1	the	the	DET
fbem-28241	140	2	coefficient	coefficient	NOUN
fbem-28241	140	3	of	of	ADP
fbem-28241	140	4	duvol	duvol	NOUN
fbem-28241	140	5	and	and	CCONJ
fbem-28241	140	6	kz	kz	PROPN
fbem-28241	140	7	was	be	AUX
fbem-28241	140	8	0.003	0.003	NUM
fbem-28241	140	9	(	(	PUNCT
fbem-28241	140	10	*	*	PUNCT
fbem-28241	140	11	*	*	PUNCT
fbem-28241	140	12	*	*	PUNCT
fbem-28241	140	13	)	)	PUNCT
fbem-28241	140	14	,	,	PUNCT
fbem-28241	140	15	similarly	similarly	ADV
fbem-28241	140	16	reflecting	reflect	VERB
fbem-28241	140	17	a	a	DET
fbem-28241	140	18	notable	notable	ADJ
fbem-28241	140	19	positive	positive	ADJ
fbem-28241	140	20	correlation	correlation	NOUN
fbem-28241	140	21	,	,	PUNCT
fbem-28241	140	22	implying	imply	VERB
fbem-28241	140	23	the	the	DET
fbem-28241	140	24	presence	presence	NOUN
fbem-28241	140	25	of	of	ADP
fbem-28241	140	26	a	a	DET
fbem-28241	140	27	partial	partial	ADJ
fbem-28241	140	28	mediating	mediating	NOUN
fbem-28241	140	29	effect	effect	NOUN
fbem-28241	140	30	between	between	ADP
fbem-28241	140	31	financing	financing	NOUN
fbem-28241	140	32	constraints	constraint	NOUN
fbem-28241	140	33	and	and	CCONJ
fbem-28241	140	34	duvol	duvol	NOUN
fbem-28241	140	35	.	.	PUNCT
fbem-28241	141	1	in	in	ADP
fbem-28241	141	2	conclusion	conclusion	NOUN
fbem-28241	141	3	,	,	PUNCT
fbem-28241	141	4	improved	improved	ADJ
fbem-28241	141	5	esg	esg	NOUN
fbem-28241	141	6	performance	performance	NOUN
fbem-28241	141	7	was	be	AUX
fbem-28241	141	8	associated	associate	VERB
fbem-28241	141	9	with	with	ADP
fbem-28241	141	10	a	a	DET
fbem-28241	141	11	reduced	reduced	ADJ
fbem-28241	141	12	level	level	NOUN
fbem-28241	141	13	of	of	ADP
fbem-28241	141	14	financing	financing	NOUN
fbem-28241	141	15	constrains	constrain	NOUN
fbem-28241	141	16	encounted	encounte	VERB
fbem-28241	141	17	by	by	ADP
fbem-28241	141	18	the	the	DET
fbem-28241	141	19	company	company	NOUN
fbem-28241	141	20	.	.	PUNCT
fbem-28241	142	1	firms	firm	NOUN
fbem-28241	142	2	that	that	PRON
fbem-28241	142	3	exhibit	exhibit	VERB
fbem-28241	142	4	good	good	ADJ
fbem-28241	142	5	esg	esg	PROPN
fbem-28241	142	6	performance	performance	NOUN
fbem-28241	142	7	typically	typically	ADV
fbem-28241	142	8	have	have	VERB
fbem-28241	142	9	better	well	ADJ
fbem-28241	142	10	social	social	ADJ
fbem-28241	142	11	reputations	reputation	NOUN
fbem-28241	142	12	and	and	CCONJ
fbem-28241	142	13	lower	low	ADJ
fbem-28241	142	14	financial	financial	ADJ
fbem-28241	142	15	risk	risk	NOUN
fbem-28241	142	16	,	,	PUNCT
fbem-28241	142	17	which	which	PRON
fbem-28241	142	18	makes	make	VERB
fbem-28241	142	19	them	they	PRON
fbem-28241	142	20	more	more	ADV
fbem-28241	142	21	popular	popular	ADJ
fbem-28241	142	22	in	in	ADP
fbem-28241	142	23	the	the	DET
fbem-28241	142	24	financing	financing	NOUN
fbem-28241	142	25	market	market	NOUN
fbem-28241	142	26	and	and	CCONJ
fbem-28241	142	27	able	able	ADJ
fbem-28241	142	28	to	to	PART
fbem-28241	142	29	access	access	VERB
fbem-28241	142	30	capital	capital	NOUN
fbem-28241	142	31	at	at	ADP
fbem-28241	142	32	a	a	DET
fbem-28241	142	33	lower	low	ADJ
fbem-28241	142	34	cost	cost	NOUN
fbem-28241	142	35	.	.	PUNCT
fbem-28241	143	1	the	the	DET
fbem-28241	143	2	easing	easing	NOUN
fbem-28241	143	3	of	of	ADP
fbem-28241	143	4	financing	financing	NOUN
fbem-28241	143	5	constraints	constraint	NOUN
fbem-28241	143	6	can	can	AUX
fbem-28241	143	7	help	help	VERB
fbem-28241	143	8	companies	company	NOUN
fbem-28241	143	9	better	well	ADV
fbem-28241	143	10	grasp	grasp	VERB
fbem-28241	143	11	investment	investment	NOUN
fbem-28241	143	12	opportunities	opportunity	NOUN
fbem-28241	143	13	and	and	CCONJ
fbem-28241	143	14	improve	improve	VERB
fbem-28241	143	15	operating	operating	NOUN
fbem-28241	143	16	performance	performance	NOUN
fbem-28241	143	17	.	.	PUNCT
fbem-28241	144	1	futhermore	futhermore	NOUN
fbem-28241	144	2	,	,	PUNCT
fbem-28241	144	3	the	the	DET
fbem-28241	144	4	decrease	decrease	NOUN
fbem-28241	144	5	in	in	ADP
fbem-28241	144	6	financing	financing	NOUN
fbem-28241	144	7	costs	cost	NOUN
fbem-28241	144	8	can	can	AUX
fbem-28241	144	9	also	also	ADV
fbem-28241	144	10	reduce	reduce	VERB
fbem-28241	144	11	the	the	DET
fbem-28241	144	12	financial	financial	ADJ
fbem-28241	144	13	risk	risk	NOUN
fbem-28241	144	14	of	of	ADP
fbem-28241	144	15	enterprises	enterprise	NOUN
fbem-28241	144	16	and	and	CCONJ
fbem-28241	144	17	further	far	ADV
fbem-28241	144	18	enhance	enhance	VERB
fbem-28241	144	19	market	market	NOUN
fbem-28241	144	20	confidence	confidence	NOUN
fbem-28241	144	21	.	.	PUNCT
fbem-28241	145	1	hypothesis	hypothesis	NOUN
fbem-28241	145	2	3	3	NUM
fbem-28241	145	3	is	be	AUX
fbem-28241	145	4	proven	prove	VERB
fbem-28241	145	5	.	.	PUNCT
fbem-28241	146	1	table	table	NOUN
fbem-28241	146	2	4	4	NUM
fbem-28241	146	3	.	.	PUNCT
fbem-28241	146	4	mechanism	mechanism	NOUN
fbem-28241	146	5	test	test	NOUN
fbem-28241	146	6	:	:	PUNCT
fbem-28241	146	7	easing	ease	VERB
fbem-28241	146	8	financing	financing	NOUN
fbem-28241	146	9	constraints	constraint	NOUN
fbem-28241	146	10	(	(	PUNCT
fbem-28241	146	11	1	1	NUM
fbem-28241	146	12	)	)	PUNCT
fbem-28241	146	13	(	(	PUNCT
fbem-28241	146	14	2	2	NUM
fbem-28241	146	15	)	)	PUNCT
fbem-28241	146	16	(	(	PUNCT
fbem-28241	146	17	3	3	X
fbem-28241	146	18	)	)	PUNCT
fbem-28241	146	19	(	(	PUNCT
fbem-28241	146	20	4	4	NUM
fbem-28241	146	21	)	)	PUNCT
fbem-28241	146	22	(	(	PUNCT
fbem-28241	146	23	5	5	NUM
fbem-28241	146	24	)	)	PUNCT
fbem-28241	146	25	(	(	PUNCT
fbem-28241	146	26	6	6	NUM
fbem-28241	146	27	)	)	PUNCT
fbem-28241	146	28	variable	variable	ADJ
fbem-28241	146	29	ncskew	ncskew	NOUN
fbem-28241	146	30	f.kz	f.kz	PROPN
fbem-28241	146	31	ncskew	ncskew	NOUN
fbem-28241	146	32	duvol	duvol	VERB
fbem-28241	146	33	f.kz	f.kz	PROPN
fbem-28241	146	34	duvol	duvol	NOUN
fbem-28241	146	35	f.kz	f.kz	PROPN
fbem-28241	146	36	0.007	0.007	NUM
fbem-28241	146	37	*	*	PUNCT
fbem-28241	146	38	*	*	PUNCT
fbem-28241	146	39	*	*	PUNCT
fbem-28241	146	40	0.003	0.003	NUM
fbem-28241	146	41	*	*	PUNCT
fbem-28241	146	42	*	*	PUNCT
fbem-28241	146	43	(	(	PUNCT
fbem-28241	146	44	0.002	0.002	NUM
fbem-28241	146	45	)	)	PUNCT
fbem-28241	146	46	(	(	PUNCT
fbem-28241	146	47	0.002	0.002	NUM
fbem-28241	146	48	)	)	PUNCT
fbem-28241	146	49	esg	esg	NOUN
fbem-28241	146	50	-0.004	-0.004	PROPN
fbem-28241	146	51	*	*	PUNCT
fbem-28241	146	52	*	*	PUNCT
fbem-28241	146	53	*	*	PUNCT
fbem-28241	147	1	-0.035	-0.035	PUNCT
fbem-28241	147	2	*	*	PUNCT
fbem-28241	147	3	*	*	PUNCT
fbem-28241	147	4	*	*	PUNCT
fbem-28241	147	5	-0.003	-0.003	PUNCT
fbem-28241	147	6	*	*	PUNCT
fbem-28241	147	7	*	*	PUNCT
fbem-28241	147	8	*	*	PUNCT
fbem-28241	147	9	-0.002	-0.002	PUNCT
fbem-28241	147	10	*	*	PUNCT
fbem-28241	147	11	*	*	PUNCT
fbem-28241	147	12	*	*	PUNCT
fbem-28241	148	1	-0.035	-0.035	PUNCT
fbem-28241	148	2	*	*	PUNCT
fbem-28241	148	3	*	*	PUNCT
fbem-28241	148	4	*	*	PUNCT
fbem-28241	148	5	-0.001	-0.001	PUNCT
fbem-28241	149	1	*	*	PUNCT
fbem-28241	149	2	*	*	PUNCT
fbem-28241	149	3	(	(	PUNCT
fbem-28241	149	4	0.001	0.001	NUM
fbem-28241	149	5	)	)	PUNCT
fbem-28241	149	6	(	(	PUNCT
fbem-28241	149	7	0.003	0.003	NUM
fbem-28241	149	8	)	)	PUNCT
fbem-28241	149	9	(	(	PUNCT
fbem-28241	149	10	0.001	0.001	NUM
fbem-28241	149	11	)	)	PUNCT
fbem-28241	149	12	(	(	PUNCT
fbem-28241	149	13	0.001	0.001	NUM
fbem-28241	149	14	)	)	PUNCT
fbem-28241	149	15	(	(	PUNCT
fbem-28241	149	16	0.003	0.003	NUM
fbem-28241	149	17	)	)	PUNCT
fbem-28241	149	18	(	(	PUNCT
fbem-28241	149	19	0.001	0.001	NUM
fbem-28241	149	20	)	)	PUNCT
fbem-28241	149	21	constant	constant	ADJ
fbem-28241	149	22	1.717	1.717	NUM
fbem-28241	149	23	*	*	PUNCT
fbem-28241	149	24	*	*	PUNCT
fbem-28241	149	25	*	*	PUNCT
fbem-28241	149	26	-3.371	-3.371	PUNCT
fbem-28241	149	27	*	*	PUNCT
fbem-28241	149	28	*	*	PUNCT
fbem-28241	149	29	*	*	PUNCT
fbem-28241	149	30	1.936	1.936	NUM
fbem-28241	149	31	*	*	PUNCT
fbem-28241	149	32	*	*	PUNCT
fbem-28241	149	33	*	*	PUNCT
fbem-28241	149	34	1.268	1.268	NUM
fbem-28241	149	35	*	*	PUNCT
fbem-28241	149	36	*	*	PUNCT
fbem-28241	149	37	*	*	PUNCT
fbem-28241	149	38	-3.371	-3.371	PUNCT
fbem-28241	149	39	*	*	PUNCT
fbem-28241	149	40	*	*	PUNCT
fbem-28241	149	41	*	*	PUNCT
fbem-28241	149	42	1.393	1.393	NUM
fbem-28241	149	43	*	*	PUNCT
fbem-28241	149	44	*	*	PUNCT
fbem-28241	149	45	*	*	PUNCT
fbem-28241	149	46	(	(	PUNCT
fbem-28241	149	47	0.134	0.134	NUM
fbem-28241	149	48	)	)	PUNCT
fbem-28241	149	49	(	(	PUNCT
fbem-28241	149	50	0.385	0.385	NUM
fbem-28241	149	51	)	)	PUNCT
fbem-28241	149	52	(	(	PUNCT
fbem-28241	149	53	0.157	0.157	NUM
fbem-28241	149	54	)	)	PUNCT
fbem-28241	149	55	(	(	PUNCT
fbem-28241	149	56	0.080	0.080	NUM
fbem-28241	149	57	)	)	PUNCT
fbem-28241	149	58	(	(	PUNCT
fbem-28241	149	59	0.385	0.385	NUM
fbem-28241	149	60	)	)	PUNCT
fbem-28241	149	61	(	(	PUNCT
fbem-28241	149	62	0.100	0.100	NUM
fbem-28241	149	63	)	)	PUNCT
fbem-28241	149	64	observations	observation	NOUN
fbem-28241	149	65	34,559	34,559	NUM
fbem-28241	149	66	25,106	25,106	NUM
fbem-28241	149	67	25,106	25,106	NUM
fbem-28241	149	68	34,559	34,559	NUM
fbem-28241	149	69	25,106	25,106	NUM
fbem-28241	149	70	25,106	25,106	NUM
fbem-28241	149	71	r	r	X
fbem-28241	149	72	-	-	PUNCT
fbem-28241	149	73	squared	square	VERB
fbem-28241	149	74	0.093	0.093	NUM
fbem-28241	149	75	0.383	0.383	NUM
fbem-28241	149	76	0.104	0.104	NUM
fbem-28241	149	77	0.093	0.093	NUM
fbem-28241	149	78	0.383	0.383	NUM
fbem-28241	149	79	0.105	0.105	NUM
fbem-28241	149	80	4.3.3	4.3.3	NUM
fbem-28241	149	81	.	.	PUNCT
fbem-28241	150	1	stability	stability	NOUN
fbem-28241	150	2	test	test	NOUN
fbem-28241	150	3	duvol	duvol	NOUN
fbem-28241	150	4	(	(	PUNCT
fbem-28241	150	5	earnings	earning	NOUN
fbem-28241	150	6	volatility	volatility	NOUN
fbem-28241	150	7	ratio	ratio	NOUN
fbem-28241	150	8	)	)	PUNCT
fbem-28241	150	9	and	and	CCONJ
fbem-28241	150	10	ncskew	ncskew	NOUN
fbem-28241	150	11	(	(	PUNCT
fbem-28241	150	12	negative	negative	ADJ
fbem-28241	150	13	return	return	NOUN
fbem-28241	150	14	skew	skew	ADJ
fbem-28241	150	15	coefficient	coefficient	NOUN
fbem-28241	150	16	)	)	PUNCT
fbem-28241	150	17	were	be	AUX
fbem-28241	150	18	used	use	VERB
fbem-28241	150	19	as	as	ADP
fbem-28241	150	20	explanatory	explanatory	ADJ
fbem-28241	150	21	variables	variable	NOUN
fbem-28241	150	22	,	,	PUNCT
fbem-28241	150	23	respectively	respectively	ADV
fbem-28241	150	24	,	,	PUNCT
fbem-28241	150	25	while	while	SCONJ
fbem-28241	150	26	the	the	DET
fbem-28241	150	27	esg	esg	PROPN
fbem-28241	150	28	composite	composite	ADJ
fbem-28241	150	29	score	score	NOUN
fbem-28241	150	30	along	along	ADP
fbem-28241	150	31	with	with	ADP
fbem-28241	150	32	the	the	DET
fbem-28241	150	33	esg	esg	PROPN
fbem-28241	150	34	comprehensive	comprehensive	ADJ
fbem-28241	150	35	rating	rating	NOUN
fbem-28241	150	36	assignment	assignment	NOUN
fbem-28241	150	37	were	be	AUX
fbem-28241	150	38	employed	employ	VERB
fbem-28241	150	39	to	to	PART
fbem-28241	150	40	thoroughly	thoroughly	ADV
fbem-28241	150	41	examine	examine	VERB
fbem-28241	150	42	how	how	SCONJ
fbem-28241	150	43	esg	esg	NOUN
fbem-28241	150	44	performance	performance	NOUN
fbem-28241	150	45	influenced	influence	VERB
fbem-28241	150	46	the	the	DET
fbem-28241	150	47	likehood	likehood	NOUN
fbem-28241	150	48	of	of	ADP
fbem-28241	150	49	stock	stock	NOUN
fbem-28241	150	50	price	price	NOUN
fbem-28241	150	51	collapse	collapse	NOUN
fbem-28241	150	52	.	.	PUNCT
fbem-28241	151	1	in	in	ADP
fbem-28241	151	2	the	the	DET
fbem-28241	151	3	table5	table5	NOUN
fbem-28241	151	4	the	the	DET
fbem-28241	151	5	results	result	NOUN
fbem-28241	151	6	after	after	ADP
fbem-28241	151	7	substituting	substitute	VERB
fbem-28241	151	8	the	the	DET
fbem-28241	151	9	variables	variable	NOUN
fbem-28241	151	10	are	be	AUX
fbem-28241	151	11	still	still	ADV
fbem-28241	151	12	significant	significant	ADJ
fbem-28241	151	13	,	,	PUNCT
fbem-28241	151	14	demonstrating	demonstrate	VERB
fbem-28241	151	15	that	that	SCONJ
fbem-28241	151	16	the	the	DET
fbem-28241	151	17	effect	effect	NOUN
fbem-28241	151	18	of	of	ADP
fbem-28241	151	19	esg	esg	PROPN
fbem-28241	151	20	performance	performance	NOUN
fbem-28241	151	21	on	on	ADP
fbem-28241	151	22	the	the	DET
fbem-28241	151	23	possbility	possbility	NOUN
fbem-28241	151	24	of	of	ADP
fbem-28241	151	25	stock	stock	NOUN
fbem-28241	151	26	price	price	NOUN
fbem-28241	151	27	collapse	collapse	NOUN
fbem-28241	151	28	is	be	AUX
fbem-28241	151	29	robust	robust	ADJ
fbem-28241	151	30	,	,	PUNCT
fbem-28241	151	31	regardless	regardless	ADV
fbem-28241	151	32	of	of	ADP
fbem-28241	151	33	whether	whether	SCONJ
fbem-28241	151	34	the	the	DET
fbem-28241	151	35	esg	esg	NOUN
fbem-28241	151	36	composite	composite	ADJ
fbem-28241	151	37	score	score	NOUN
fbem-28241	151	38	or	or	CCONJ
fbem-28241	151	39	the	the	DET
fbem-28241	151	40	esg	esg	NOUN
fbem-28241	151	41	composite	composite	ADJ
fbem-28241	151	42	rating	rating	NOUN
fbem-28241	151	43	is	be	AUX
fbem-28241	151	44	assigned	assign	VERB
fbem-28241	151	45	.	.	PUNCT
fbem-28241	152	1	119	119	NUM
fbem-28241	152	2	table	table	NOUN
fbem-28241	152	3	5	5	NUM
fbem-28241	152	4	.	.	PUNCT
fbem-28241	153	1	regression	regression	NOUN
fbem-28241	153	2	results	result	NOUN
fbem-28241	153	3	after	after	ADP
fbem-28241	153	4	substituting	substitute	VERB
fbem-28241	153	5	variables	variable	NOUN
fbem-28241	153	6	(	(	PUNCT
fbem-28241	153	7	1	1	NUM
fbem-28241	153	8	)	)	PUNCT
fbem-28241	153	9	(	(	PUNCT
fbem-28241	153	10	2	2	X
fbem-28241	153	11	)	)	PUNCT
fbem-28241	153	12	explanatory	explanatory	ADJ
fbem-28241	153	13	variables	variable	NOUN
fbem-28241	153	14	ncskew	ncskew	NOUN
fbem-28241	153	15	duvol	duvol	NOUN
fbem-28241	153	16	esg	esg	PROPN
fbem-28241	153	17	-0.016	-0.016	PROPN
fbem-28241	153	18	*	*	PUNCT
fbem-28241	153	19	*	*	PUNCT
fbem-28241	153	20	*	*	PUNCT
fbem-28241	153	21	-0.006	-0.006	PROPN
fbem-28241	153	22	*	*	PUNCT
fbem-28241	153	23	*	*	PUNCT
fbem-28241	153	24	(	(	PUNCT
fbem-28241	153	25	0.004	0.004	NUM
fbem-28241	153	26	)	)	PUNCT
fbem-28241	153	27	(	(	PUNCT
fbem-28241	153	28	0.003	0.003	NUM
fbem-28241	153	29	)	)	PUNCT
fbem-28241	153	30	tovertly	tovertly	ADV
fbem-28241	153	31	-0.000	-0.000	PUNCT
fbem-28241	153	32	*	*	PUNCT
fbem-28241	153	33	*	*	PUNCT
fbem-28241	153	34	*	*	PUNCT
fbem-28241	153	35	-0.000	-0.000	PUNCT
fbem-28241	153	36	*	*	PUNCT
fbem-28241	153	37	*	*	PUNCT
fbem-28241	153	38	*	*	PUNCT
fbem-28241	153	39	(	(	PUNCT
fbem-28241	153	40	0.000	0.000	NUM
fbem-28241	153	41	)	)	PUNCT
fbem-28241	153	42	(	(	PUNCT
fbem-28241	153	43	0.000	0.000	X
fbem-28241	153	44	)	)	PUNCT
fbem-28241	153	45	ret	ret	PROPN
fbem-28241	154	1	70.728	70.728	NUM
fbem-28241	154	2	*	*	PUNCT
fbem-28241	154	3	*	*	PUNCT
fbem-28241	154	4	*	*	PUNCT
fbem-28241	155	1	30.719	30.719	NUM
fbem-28241	155	2	*	*	PUNCT
fbem-28241	155	3	*	*	PUNCT
fbem-28241	155	4	*	*	PUNCT
fbem-28241	155	5	(	(	PUNCT
fbem-28241	155	6	15.547	15.547	NUM
fbem-28241	155	7	)	)	PUNCT
fbem-28241	155	8	(	(	PUNCT
fbem-28241	155	9	9.563	9.563	NUM
fbem-28241	155	10	)	)	PUNCT
fbem-28241	155	11	sigma	sigma	VERB
fbem-28241	155	12	-5.230	-5.230	X
fbem-28241	155	13	*	*	PUNCT
fbem-28241	155	14	*	*	PUNCT
fbem-28241	155	15	*	*	PUNCT
fbem-28241	156	1	-4.037	-4.037	PUNCT
fbem-28241	156	2	*	*	PUNCT
fbem-28241	156	3	*	*	PUNCT
fbem-28241	156	4	*	*	PUNCT
fbem-28241	156	5	(	(	PUNCT
fbem-28241	156	6	0.971	0.971	NUM
fbem-28241	156	7	)	)	PUNCT
fbem-28241	156	8	(	(	PUNCT
fbem-28241	156	9	0.597	0.597	NUM
fbem-28241	156	10	)	)	PUNCT
fbem-28241	156	11	roa	roa	NOUN
fbem-28241	156	12	-0.179	-0.179	PROPN
fbem-28241	156	13	*	*	PUNCT
fbem-28241	156	14	*	*	PUNCT
fbem-28241	156	15	-0.159	-0.159	PUNCT
fbem-28241	156	16	*	*	PUNCT
fbem-28241	156	17	*	*	PUNCT
fbem-28241	156	18	*	*	PUNCT
fbem-28241	156	19	(	(	PUNCT
fbem-28241	156	20	0.088	0.088	NUM
fbem-28241	156	21	)	)	PUNCT
fbem-28241	156	22	(	(	PUNCT
fbem-28241	156	23	0.050	0.050	NUM
fbem-28241	156	24	)	)	PUNCT
fbem-28241	156	25	analyst	analyst	NOUN
fbem-28241	156	26	0.079	0.079	NUM
fbem-28241	156	27	*	*	PUNCT
fbem-28241	156	28	*	*	PUNCT
fbem-28241	156	29	*	*	PUNCT
fbem-28241	156	30	0.042	0.042	NUM
fbem-28241	156	31	*	*	PUNCT
fbem-28241	156	32	*	*	PUNCT
fbem-28241	156	33	*	*	PUNCT
fbem-28241	156	34	(	(	PUNCT
fbem-28241	156	35	0.005	0.005	NUM
fbem-28241	156	36	)	)	PUNCT
fbem-28241	156	37	(	(	PUNCT
fbem-28241	156	38	0.003	0.003	NUM
fbem-28241	156	39	)	)	PUNCT
fbem-28241	156	40	soe	soe	PROPN
fbem-28241	156	41	-0.039	-0.039	NOUN
fbem-28241	156	42	*	*	PUNCT
fbem-28241	156	43	*	*	PUNCT
fbem-28241	156	44	*	*	PUNCT
fbem-28241	156	45	-0.024	-0.024	PUNCT
fbem-28241	156	46	*	*	PUNCT
fbem-28241	156	47	*	*	PUNCT
fbem-28241	156	48	*	*	PUNCT
fbem-28241	156	49	(	(	PUNCT
fbem-28241	156	50	0.010	0.010	NUM
fbem-28241	156	51	)	)	PUNCT
fbem-28241	156	52	(	(	PUNCT
fbem-28241	156	53	0.007	0.007	NUM
fbem-28241	156	54	)	)	PUNCT
fbem-28241	156	55	listage	listage	NOUN
fbem-28241	156	56	-0.040	-0.040	NUM
fbem-28241	156	57	*	*	PUNCT
fbem-28241	156	58	*	*	PUNCT
fbem-28241	156	59	*	*	PUNCT
fbem-28241	156	60	-0.030	-0.030	PUNCT
fbem-28241	156	61	*	*	PUNCT
fbem-28241	156	62	*	*	PUNCT
fbem-28241	156	63	*	*	PUNCT
fbem-28241	156	64	(	(	PUNCT
fbem-28241	156	65	0.006	0.006	NUM
fbem-28241	156	66	)	)	PUNCT
fbem-28241	156	67	(	(	PUNCT
fbem-28241	156	68	0.004	0.004	NUM
fbem-28241	156	69	)	)	PUNCT
fbem-28241	156	70	mb	mb	ADP
fbem-28241	156	71	7.221	7.221	NUM
fbem-28241	156	72	*	*	NOUN
fbem-28241	156	73	*	*	PUNCT
fbem-28241	156	74	2.872	2.872	NUM
fbem-28241	156	75	*	*	PUNCT
fbem-28241	156	76	*	*	PUNCT
fbem-28241	156	77	(	(	PUNCT
fbem-28241	156	78	3.067	3.067	NUM
fbem-28241	156	79	)	)	PUNCT
fbem-28241	156	80	(	(	PUNCT
fbem-28241	156	81	1.186	1.186	NUM
fbem-28241	156	82	)	)	PUNCT
fbem-28241	156	83	size1	size1	NOUN
fbem-28241	156	84	-0.056	-0.056	PROPN
fbem-28241	156	85	*	*	PUNCT
fbem-28241	156	86	*	*	PUNCT
fbem-28241	156	87	*	*	PUNCT
fbem-28241	156	88	-0.046	-0.046	PUNCT
fbem-28241	156	89	*	*	PUNCT
fbem-28241	156	90	*	*	PUNCT
fbem-28241	156	91	*	*	PUNCT
fbem-28241	156	92	(	(	PUNCT
fbem-28241	156	93	0.005	0.005	NUM
fbem-28241	156	94	)	)	PUNCT
fbem-28241	156	95	(	(	PUNCT
fbem-28241	156	96	0.003	0.003	NUM
fbem-28241	156	97	)	)	PUNCT
fbem-28241	156	98	loss	loss	NOUN
fbem-28241	156	99	0.082	0.082	NUM
fbem-28241	156	100	*	*	PUNCT
fbem-28241	156	101	*	*	PUNCT
fbem-28241	156	102	*	*	PUNCT
fbem-28241	156	103	0.049	0.049	NUM
fbem-28241	156	104	*	*	PUNCT
fbem-28241	156	105	*	*	PUNCT
fbem-28241	156	106	*	*	PUNCT
fbem-28241	156	107	(	(	PUNCT
fbem-28241	156	108	0.018	0.018	NUM
fbem-28241	156	109	)	)	PUNCT
fbem-28241	156	110	(	(	PUNCT
fbem-28241	156	111	0.011	0.011	NUM
fbem-28241	156	112	)	)	PUNCT
fbem-28241	156	113	age	age	NOUN
fbem-28241	156	114	-0.006	-0.006	PUNCT
fbem-28241	156	115	*	*	PUNCT
fbem-28241	156	116	*	*	PUNCT
fbem-28241	156	117	*	*	PUNCT
fbem-28241	156	118	-0.003	-0.003	PUNCT
fbem-28241	156	119	*	*	PUNCT
fbem-28241	156	120	*	*	PUNCT
fbem-28241	156	121	*	*	PUNCT
fbem-28241	156	122	(	(	PUNCT
fbem-28241	156	123	0.001	0.001	NUM
fbem-28241	156	124	)	)	PUNCT
fbem-28241	156	125	(	(	PUNCT
fbem-28241	156	126	0.001	0.001	NUM
fbem-28241	156	127	)	)	PUNCT
fbem-28241	156	128	dmeet	dmeet	NOUN
fbem-28241	156	129	0.057	0.057	NUM
fbem-28241	156	130	*	*	PUNCT
fbem-28241	156	131	*	*	PUNCT
fbem-28241	156	132	*	*	PUNCT
fbem-28241	156	133	0.034	0.034	NUM
fbem-28241	156	134	*	*	PUNCT
fbem-28241	156	135	*	*	PUNCT
fbem-28241	156	136	*	*	PUNCT
fbem-28241	156	137	(	(	PUNCT
fbem-28241	156	138	0.011	0.011	NUM
fbem-28241	156	139	)	)	PUNCT
fbem-28241	156	140	(	(	PUNCT
fbem-28241	156	141	0.007	0.007	NUM
fbem-28241	156	142	)	)	PUNCT
fbem-28241	156	143	constant	constant	ADJ
fbem-28241	156	144	1.502	1.502	NUM
fbem-28241	156	145	*	*	PUNCT
fbem-28241	156	146	*	*	PUNCT
fbem-28241	156	147	*	*	PUNCT
fbem-28241	156	148	1.176	1.176	NUM
fbem-28241	156	149	*	*	PUNCT
fbem-28241	156	150	*	*	PUNCT
fbem-28241	156	151	*	*	PUNCT
fbem-28241	156	152	(	(	PUNCT
fbem-28241	156	153	0.125	0.125	NUM
fbem-28241	156	154	)	)	PUNCT
fbem-28241	156	155	(	(	PUNCT
fbem-28241	156	156	0.074	0.074	NUM
fbem-28241	156	157	)	)	PUNCT
fbem-28241	156	158	observations	observation	NOUN
fbem-28241	156	159	34,559	34,559	NUM
fbem-28241	156	160	34,559	34,559	NUM
fbem-28241	156	161	r	r	NOUN
fbem-28241	156	162	-	-	PUNCT
fbem-28241	156	163	squared	square	VERB
fbem-28241	156	164	0.093	0.093	NUM
fbem-28241	156	165	0.093	0.093	NUM
fbem-28241	156	166	5	5	NUM
fbem-28241	156	167	.	.	PUNCT
fbem-28241	157	1	heterogeneity	heterogeneity	NOUN
fbem-28241	157	2	test	test	NOUN
fbem-28241	157	3	distinguishing	distinguish	VERB
fbem-28241	157	4	between	between	ADP
fbem-28241	157	5	state	state	NOUN
fbem-28241	157	6	-	-	PUNCT
fbem-28241	157	7	owned	own	VERB
fbem-28241	157	8	enterprises	enterprise	NOUN
fbem-28241	157	9	(	(	PUNCT
fbem-28241	157	10	soes	soe	NOUN
fbem-28241	157	11	)	)	PUNCT
fbem-28241	157	12	and	and	CCONJ
fbem-28241	157	13	non	non	ADJ
fbem-28241	157	14	-	-	ADJ
fbem-28241	157	15	state	state	NOUN
fbem-28241	157	16	-	-	PUNCT
fbem-28241	157	17	owned	own	VERB
fbem-28241	157	18	enterprises	enterprise	NOUN
fbem-28241	157	19	to	to	PART
fbem-28241	157	20	investigate	investigate	VERB
fbem-28241	157	21	the	the	DET
fbem-28241	157	22	differences	difference	NOUN
fbem-28241	157	23	in	in	ADP
fbem-28241	157	24	thow	thow	SCONJ
fbem-28241	157	25	esg	esg	PROPN
fbem-28241	157	26	affects	affect	VERB
fbem-28241	157	27	stock	stock	NOUN
fbem-28241	157	28	price	price	NOUN
fbem-28241	157	29	collapse	collapse	NOUN
fbem-28241	157	30	among	among	ADP
fbem-28241	157	31	various	various	ADJ
fbem-28241	157	32	categories	category	NOUN
fbem-28241	157	33	of	of	ADP
fbem-28241	157	34	firms	firm	NOUN
fbem-28241	157	35	.	.	PUNCT
fbem-28241	158	1	specifically	specifically	ADV
fbem-28241	158	2	,	,	PUNCT
fbem-28241	158	3	the	the	DET
fbem-28241	158	4	esg	esg	PROPN
fbem-28241	158	5	coefficients	coefficient	NOUN
fbem-28241	158	6	of	of	ADP
fbem-28241	158	7	soes	soe	NOUN
fbem-28241	158	8	(	(	PUNCT
fbem-28241	158	9	-0.0042	-0.0042	NOUN
fbem-28241	158	10	*	*	PUNCT
fbem-28241	158	11	*	*	PUNCT
fbem-28241	158	12	*	*	PUNCT
fbem-28241	158	13	and	and	CCONJ
fbem-28241	158	14	-0.002	-0.002	NOUN
fbem-28241	158	15	*	*	PUNCT
fbem-28241	158	16	*	*	PUNCT
fbem-28241	158	17	)	)	PUNCT
fbem-28241	158	18	are	be	AUX
fbem-28241	158	19	slightly	slightly	ADV
fbem-28241	158	20	smaller	small	ADJ
fbem-28241	158	21	than	than	ADP
fbem-28241	158	22	those	those	PRON
fbem-28241	158	23	of	of	ADP
fbem-28241	158	24	non	non	ADJ
fbem-28241	158	25	-	-	NOUN
fbem-28241	158	26	soes	soe	NOUN
fbem-28241	158	27	(	(	PUNCT
fbem-28241	158	28	-0.0037	-0.0037	NOUN
fbem-28241	158	29	*	*	PUNCT
fbem-28241	158	30	*	*	PUNCT
fbem-28241	158	31	*	*	PUNCT
fbem-28241	158	32	and	and	CCONJ
fbem-28241	158	33	-0.002	-0.002	NOUN
fbem-28241	158	34	*	*	NOUN
fbem-28241	158	35	*	*	PUNCT
fbem-28241	158	36	)	)	PUNCT
fbem-28241	158	37	,	,	PUNCT
fbem-28241	158	38	although	although	SCONJ
fbem-28241	158	39	both	both	PRON
fbem-28241	158	40	are	be	AUX
fbem-28241	158	41	statistically	statistically	ADV
fbem-28241	158	42	significant	significant	ADJ
fbem-28241	158	43	.	.	PUNCT
fbem-28241	159	1	this	this	DET
fbem-28241	159	2	finding	finding	NOUN
fbem-28241	159	3	suggests	suggest	VERB
fbem-28241	159	4	that	that	SCONJ
fbem-28241	159	5	the	the	DET
fbem-28241	159	6	influence	influence	NOUN
fbem-28241	159	7	of	of	ADP
fbem-28241	159	8	esg	esg	PROPN
fbem-28241	159	9	on	on	ADP
fbem-28241	159	10	mitigating	mitigate	VERB
fbem-28241	159	11	the	the	DET
fbem-28241	159	12	possibility	possibility	NOUN
fbem-28241	159	13	of	of	ADP
fbem-28241	159	14	stock	stock	NOUN
fbem-28241	159	15	price	price	NOUN
fbem-28241	159	16	collapse	collapse	NOUN
fbem-28241	159	17	exists	exist	VERB
fbem-28241	159	18	in	in	ADP
fbem-28241	159	19	both	both	PRON
fbem-28241	159	20	soes	soe	NOUN
fbem-28241	159	21	and	and	CCONJ
fbem-28241	159	22	non	non	NOUN
fbem-28241	159	23	-	-	NOUN
fbem-28241	159	24	soes	soe	NOUN
fbem-28241	159	25	,	,	PUNCT
fbem-28241	159	26	however	however	ADV
fbem-28241	159	27	,	,	PUNCT
fbem-28241	159	28	soes	soe	NOUN
fbem-28241	159	29	may	may	AUX
fbem-28241	159	30	have	have	VERB
fbem-28241	159	31	a	a	DET
fbem-28241	159	32	slightly	slightly	ADV
fbem-28241	159	33	diminished	diminish	VERB
fbem-28241	159	34	capacity	capacity	NOUN
fbem-28241	159	35	to	to	PART
fbem-28241	159	36	alleviate	alleviate	VERB
fbem-28241	159	37	this	this	DET
fbem-28241	159	38	risk	risk	NOUN
fbem-28241	159	39	due	due	ADP
fbem-28241	159	40	to	to	ADP
fbem-28241	159	41	stringent	stringent	ADJ
fbem-28241	159	42	regulation	regulation	NOUN
fbem-28241	159	43	and	and	CCONJ
fbem-28241	159	44	higher	high	ADJ
fbem-28241	159	45	social	social	ADJ
fbem-28241	159	46	expectations	expectation	NOUN
fbem-28241	159	47	.	.	PUNCT
fbem-28241	160	1	in	in	ADP
fbem-28241	160	2	addition	addition	NOUN
fbem-28241	160	3	,	,	PUNCT
fbem-28241	160	4	the	the	DET
fbem-28241	160	5	performance	performance	NOUN
fbem-28241	160	6	of	of	ADP
fbem-28241	160	7	other	other	ADJ
fbem-28241	160	8	control	control	NOUN
fbem-28241	160	9	variables	variable	NOUN
fbem-28241	160	10	also	also	ADV
fbem-28241	160	11	showed	show	VERB
fbem-28241	160	12	some	some	DET
fbem-28241	160	13	differences	difference	NOUN
fbem-28241	160	14	,	,	PUNCT
fbem-28241	160	15	such	such	ADJ
fbem-28241	160	16	as	as	ADP
fbem-28241	160	17	the	the	DET
fbem-28241	160	18	coefficient	coefficient	NOUN
fbem-28241	160	19	of	of	ADP
fbem-28241	160	20	market	market	NOUN
fbem-28241	160	21	return	return	NOUN
fbem-28241	160	22	(	(	PUNCT
fbem-28241	160	23	ret	ret	NOUN
fbem-28241	160	24	)	)	PUNCT
fbem-28241	160	25	in	in	ADP
fbem-28241	160	26	soes	soe	NOUN
fbem-28241	160	27	is	be	AUX
fbem-28241	160	28	much	much	ADV
fbem-28241	160	29	higher	high	ADJ
fbem-28241	160	30	than	than	ADP
fbem-28241	160	31	that	that	PRON
fbem-28241	160	32	in	in	ADP
fbem-28241	160	33	non	non	ADJ
fbem-28241	160	34	-	-	NOUN
fbem-28241	160	35	soes	soe	NOUN
fbem-28241	160	36	,	,	PUNCT
fbem-28241	160	37	while	while	SCONJ
fbem-28241	160	38	the	the	DET
fbem-28241	160	39	total	total	ADJ
fbem-28241	160	40	asset	asset	NOUN
fbem-28241	160	41	turnover	turnover	NOUN
fbem-28241	160	42	ratio	ratio	NOUN
fbem-28241	160	43	(	(	PUNCT
fbem-28241	160	44	tovertly	tovertly	ADV
fbem-28241	160	45	)	)	PUNCT
fbem-28241	160	46	is	be	AUX
fbem-28241	160	47	significantly	significantly	ADV
fbem-28241	160	48	positive	positive	ADJ
fbem-28241	160	49	in	in	ADP
fbem-28241	160	50	soes	soe	NOUN
fbem-28241	160	51	and	and	CCONJ
fbem-28241	160	52	negative	negative	ADJ
fbem-28241	160	53	in	in	ADP
fbem-28241	160	54	non	non	ADJ
fbem-28241	160	55	-	-	NOUN
fbem-28241	160	56	soes	soe	NOUN
fbem-28241	160	57	,	,	PUNCT
fbem-28241	160	58	which	which	PRON
fbem-28241	160	59	may	may	AUX
fbem-28241	160	60	reflect	reflect	VERB
fbem-28241	160	61	the	the	DET
fbem-28241	160	62	differences	difference	NOUN
fbem-28241	160	63	in	in	ADP
fbem-28241	160	64	operational	operational	ADJ
fbem-28241	160	65	efficiency	efficiency	NOUN
fbem-28241	160	66	and	and	CCONJ
fbem-28241	160	67	market	market	NOUN
fbem-28241	160	68	response	response	NOUN
fbem-28241	160	69	between	between	ADP
fbem-28241	160	70	different	different	ADJ
fbem-28241	160	71	types	type	NOUN
fbem-28241	160	72	of	of	ADP
fbem-28241	160	73	enterprises	enterprise	NOUN
fbem-28241	160	74	.	.	PUNCT
fbem-28241	161	1	table	table	NOUN
fbem-28241	161	2	6	6	NUM
fbem-28241	161	3	.	.	PUNCT
fbem-28241	162	1	the	the	DET
fbem-28241	162	2	results	result	NOUN
fbem-28241	162	3	of	of	ADP
fbem-28241	162	4	the	the	DET
fbem-28241	162	5	heterogeneity	heterogeneity	NOUN
fbem-28241	162	6	test	test	NOUN
fbem-28241	162	7	of	of	ADP
fbem-28241	162	8	equity	equity	NOUN
fbem-28241	162	9	nature	nature	NOUN
fbem-28241	162	10	ncskew	ncskew	NOUN
fbem-28241	162	11	ncskew	ncskew	NOUN
fbem-28241	162	12	duvol	duvol	NOUN
fbem-28241	162	13	duvol	duvol	NOUN
fbem-28241	162	14	variable	variable	NOUN
fbem-28241	162	15	(	(	PUNCT
fbem-28241	162	16	1	1	NUM
fbem-28241	162	17	)	)	PUNCT
fbem-28241	162	18	soes	soe	NOUN
fbem-28241	162	19	(	(	PUNCT
fbem-28241	162	20	2	2	NUM
fbem-28241	162	21	)	)	PUNCT
fbem-28241	162	22	nonsoes	nonsoe	NOUN
fbem-28241	162	23	(	(	PUNCT
fbem-28241	162	24	1	1	NUM
fbem-28241	162	25	)	)	PUNCT
fbem-28241	162	26	soes	soe	NOUN
fbem-28241	162	27	(	(	PUNCT
fbem-28241	162	28	2	2	NUM
fbem-28241	162	29	)	)	PUNCT
fbem-28241	162	30	nonsoes	nonsoe	VERB
fbem-28241	162	31	esg	esg	PROPN
fbem-28241	162	32	0.0042	0.0042	NUM
fbem-28241	162	33	*	*	PUNCT
fbem-28241	162	34	*	*	PUNCT
fbem-28241	162	35	*	*	PUNCT
fbem-28241	163	1	0.0037	0.0037	NUM
fbem-28241	163	2	*	*	NOUN
fbem-28241	163	3	*	*	PUNCT
fbem-28241	163	4	*	*	PUNCT
fbem-28241	163	5	-0.002	-0.002	PUNCT
fbem-28241	163	6	*	*	PUNCT
fbem-28241	163	7	*	*	PUNCT
fbem-28241	163	8	-0.002	-0.002	PUNCT
fbem-28241	163	9	*	*	PUNCT
fbem-28241	163	10	*	*	PUNCT
fbem-28241	163	11	(	(	PUNCT
fbem-28241	163	12	0.001	0.001	NUM
fbem-28241	163	13	)	)	PUNCT
fbem-28241	163	14	(	(	PUNCT
fbem-28241	163	15	0.001	0.001	NUM
fbem-28241	163	16	)	)	PUNCT
fbem-28241	163	17	(	(	PUNCT
fbem-28241	163	18	0.001	0.001	NUM
fbem-28241	163	19	)	)	PUNCT
fbem-28241	163	20	(	(	PUNCT
fbem-28241	163	21	0.001	0.001	NUM
fbem-28241	163	22	)	)	PUNCT
fbem-28241	163	23	tovertly	tovertly	ADV
fbem-28241	163	24	0.000	0.000	NUM
fbem-28241	163	25	*	*	PUNCT
fbem-28241	163	26	*	*	PUNCT
fbem-28241	163	27	-0.000	-0.000	PUNCT
fbem-28241	163	28	*	*	PUNCT
fbem-28241	163	29	*	*	PUNCT
fbem-28241	163	30	*	*	PUNCT
fbem-28241	163	31	0.000	0.000	NUM
fbem-28241	163	32	0.000	0.000	NUM
fbem-28241	163	33	*	*	PUNCT
fbem-28241	163	34	*	*	PUNCT
fbem-28241	163	35	*	*	PUNCT
fbem-28241	163	36	(	(	PUNCT
fbem-28241	163	37	0.000	0.000	NUM
fbem-28241	163	38	)	)	PUNCT
fbem-28241	163	39	(	(	PUNCT
fbem-28241	163	40	0.000	0.000	NUM
fbem-28241	163	41	)	)	PUNCT
fbem-28241	163	42	(	(	PUNCT
fbem-28241	163	43	0.000	0.000	NUM
fbem-28241	163	44	)	)	PUNCT
fbem-28241	163	45	(	(	PUNCT
fbem-28241	163	46	0.000	0.000	X
fbem-28241	163	47	)	)	PUNCT
fbem-28241	163	48	ret	ret	NOUN
fbem-28241	163	49	41.028	41.028	NUM
fbem-28241	163	50	108.544	108.544	NUM
fbem-28241	163	51	*	*	PUNCT
fbem-28241	163	52	*	*	PUNCT
fbem-28241	164	1	*	*	PUNCT
fbem-28241	164	2	23.702	23.702	NUM
fbem-28241	164	3	50.480	50.480	NUM
fbem-28241	164	4	*	*	PUNCT
fbem-28241	164	5	*	*	PUNCT
fbem-28241	164	6	*	*	PUNCT
fbem-28241	164	7	(	(	PUNCT
fbem-28241	164	8	31.114	31.114	NUM
fbem-28241	164	9	)	)	PUNCT
fbem-28241	164	10	(	(	PUNCT
fbem-28241	164	11	19.165	19.165	NUM
fbem-28241	164	12	)	)	PUNCT
fbem-28241	164	13	(	(	PUNCT
fbem-28241	164	14	18.607	18.607	NUM
fbem-28241	164	15	)	)	PUNCT
fbem-28241	164	16	(	(	PUNCT
fbem-28241	164	17	11.824	11.824	NUM
fbem-28241	164	18	)	)	PUNCT
fbem-28241	164	19	sigma	sigma	VERB
fbem-28241	164	20	10.560	10.560	PRON
fbem-28241	164	21	*	*	PUNCT
fbem-28241	164	22	*	*	PUNCT
fbem-28241	164	23	*	*	PUNCT
fbem-28241	164	24	-1.118	-1.118	PUNCT
fbem-28241	164	25	-6.424	-6.424	PUNCT
fbem-28241	164	26	*	*	PUNCT
fbem-28241	164	27	*	*	PUNCT
fbem-28241	164	28	*	*	PUNCT
fbem-28241	164	29	-1.778	-1.778	PROPN
fbem-28241	164	30	*	*	PUNCT
fbem-28241	164	31	*	*	PUNCT
fbem-28241	164	32	(	(	PUNCT
fbem-28241	164	33	1.703	1.703	NUM
fbem-28241	164	34	)	)	PUNCT
fbem-28241	164	35	(	(	PUNCT
fbem-28241	164	36	1.246	1.246	NUM
fbem-28241	164	37	)	)	PUNCT
fbem-28241	164	38	(	(	PUNCT
fbem-28241	164	39	1.015	1.015	NUM
fbem-28241	164	40	)	)	PUNCT
fbem-28241	164	41	(	(	PUNCT
fbem-28241	164	42	0.770	0.770	NUM
fbem-28241	164	43	)	)	PUNCT
fbem-28241	164	44	roa	roa	PROPN
fbem-28241	164	45	-0.104	-0.104	PROPN
fbem-28241	164	46	-0.214	-0.214	PROPN
fbem-28241	164	47	*	*	PUNCT
fbem-28241	164	48	*	*	PUNCT
fbem-28241	164	49	-0.104	-0.104	NOUN
fbem-28241	164	50	0.182	0.182	NOUN
fbem-28241	164	51	*	*	PUNCT
fbem-28241	164	52	*	*	PUNCT
fbem-28241	164	53	*	*	PUNCT
fbem-28241	164	54	(	(	PUNCT
fbem-28241	164	55	0.173	0.173	NUM
fbem-28241	164	56	)	)	PUNCT
fbem-28241	164	57	(	(	PUNCT
fbem-28241	164	58	0.101	0.101	NUM
fbem-28241	164	59	)	)	PUNCT
fbem-28241	164	60	(	(	PUNCT
fbem-28241	164	61	0.108	0.108	NUM
fbem-28241	164	62	)	)	PUNCT
fbem-28241	164	63	(	(	PUNCT
fbem-28241	164	64	0.058	0.058	NUM
fbem-28241	164	65	)	)	PUNCT
fbem-28241	164	66	analyst	analyst	NOUN
fbem-28241	164	67	0.106	0.106	NUM
fbem-28241	164	68	*	*	PUNCT
fbem-28241	165	1	*	*	PUNCT
fbem-28241	165	2	*	*	PUNCT
fbem-28241	165	3	0.061	0.061	NUM
fbem-28241	165	4	*	*	PUNCT
fbem-28241	165	5	*	*	PUNCT
fbem-28241	166	1	*	*	PUNCT
fbem-28241	166	2	0.056	0.056	NUM
fbem-28241	166	3	*	*	PUNCT
fbem-28241	166	4	*	*	PUNCT
fbem-28241	166	5	*	*	PUNCT
fbem-28241	166	6	0.033	0.033	NUM
fbem-28241	166	7	*	*	PUNCT
fbem-28241	166	8	*	*	PUNCT
fbem-28241	166	9	*	*	PUNCT
fbem-28241	166	10	(	(	PUNCT
fbem-28241	166	11	0.008	0.008	NUM
fbem-28241	166	12	)	)	PUNCT
fbem-28241	166	13	(	(	PUNCT
fbem-28241	166	14	0.006	0.006	NUM
fbem-28241	166	15	)	)	PUNCT
fbem-28241	166	16	(	(	PUNCT
fbem-28241	166	17	0.005	0.005	NUM
fbem-28241	166	18	)	)	PUNCT
fbem-28241	166	19	(	(	PUNCT
fbem-28241	166	20	0.004	0.004	NUM
fbem-28241	166	21	)	)	PUNCT
fbem-28241	166	22	o.soe	o.soe	AUX
fbem-28241	166	23	listage	listage	VERB
fbem-28241	166	24	-0.032	-0.032	PUNCT
fbem-28241	166	25	*	*	PUNCT
fbem-28241	166	26	*	*	PUNCT
fbem-28241	166	27	*	*	PUNCT
fbem-28241	166	28	-0.044	-0.044	X
fbem-28241	166	29	*	*	PUNCT
fbem-28241	166	30	*	*	PUNCT
fbem-28241	166	31	*	*	PUNCT
fbem-28241	166	32	-0.033	-0.033	PUNCT
fbem-28241	166	33	*	*	PUNCT
fbem-28241	166	34	*	*	PUNCT
fbem-28241	166	35	*	*	PUNCT
fbem-28241	166	36	0.030	0.030	NUM
fbem-28241	166	37	*	*	PUNCT
fbem-28241	166	38	*	*	PUNCT
fbem-28241	166	39	*	*	PUNCT
fbem-28241	166	40	(	(	PUNCT
fbem-28241	166	41	0.011	0.011	NUM
fbem-28241	166	42	)	)	PUNCT
fbem-28241	166	43	(	(	PUNCT
fbem-28241	166	44	0.007	0.007	NUM
fbem-28241	166	45	)	)	PUNCT
fbem-28241	166	46	(	(	PUNCT
fbem-28241	166	47	0.007	0.007	NUM
fbem-28241	166	48	)	)	PUNCT
fbem-28241	166	49	(	(	PUNCT
fbem-28241	166	50	0.005	0.005	NUM
fbem-28241	166	51	)	)	PUNCT
fbem-28241	166	52	mb	mb	ADP
fbem-28241	166	53	15.556	15.556	NUM
fbem-28241	166	54	*	*	PUNCT
fbem-28241	166	55	*	*	PUNCT
fbem-28241	166	56	*	*	PUNCT
fbem-28241	166	57	5.848	5.848	NUM
fbem-28241	166	58	*	*	PUNCT
fbem-28241	166	59	*	*	PUNCT
fbem-28241	167	1	5.544	5.544	NUM
fbem-28241	167	2	*	*	NOUN
fbem-28241	167	3	*	*	X
fbem-28241	167	4	2.229	2.229	NUM
fbem-28241	167	5	*	*	NOUN
fbem-28241	167	6	*	*	PUNCT
fbem-28241	167	7	(	(	PUNCT
fbem-28241	167	8	3.983	3.983	NUM
fbem-28241	167	9	)	)	PUNCT
fbem-28241	167	10	(	(	PUNCT
fbem-28241	167	11	2.808	2.808	NUM
fbem-28241	167	12	)	)	PUNCT
fbem-28241	167	13	(	(	PUNCT
fbem-28241	167	14	2.521	2.521	NUM
fbem-28241	167	15	)	)	PUNCT
fbem-28241	167	16	(	(	PUNCT
fbem-28241	167	17	1.081	1.081	NUM
fbem-28241	167	18	)	)	PUNCT
fbem-28241	167	19	size1	size1	PROPN
fbem-28241	167	20	-0.064	-0.064	PUNCT
fbem-28241	167	21	*	*	PUNCT
fbem-28241	167	22	*	*	PUNCT
fbem-28241	167	23	*	*	PUNCT
fbem-28241	167	24	-0.045	-0.045	PUNCT
fbem-28241	167	25	*	*	PUNCT
fbem-28241	167	26	*	*	PUNCT
fbem-28241	167	27	*	*	PUNCT
fbem-28241	167	28	-0.047	-0.047	PUNCT
fbem-28241	167	29	*	*	PUNCT
fbem-28241	167	30	*	*	PUNCT
fbem-28241	167	31	*	*	PUNCT
fbem-28241	167	32	0.042	0.042	NUM
fbem-28241	167	33	*	*	PUNCT
fbem-28241	167	34	*	*	PUNCT
fbem-28241	167	35	*	*	PUNCT
fbem-28241	167	36	(	(	PUNCT
fbem-28241	167	37	0.008	0.008	NUM
fbem-28241	167	38	)	)	PUNCT
fbem-28241	167	39	(	(	PUNCT
fbem-28241	167	40	0.007	0.007	NUM
fbem-28241	167	41	)	)	PUNCT
fbem-28241	167	42	(	(	PUNCT
fbem-28241	167	43	0.005	0.005	NUM
fbem-28241	167	44	)	)	PUNCT
fbem-28241	167	45	(	(	PUNCT
fbem-28241	167	46	0.004	0.004	NUM
fbem-28241	167	47	)	)	PUNCT
fbem-28241	167	48	loss	loss	NOUN
fbem-28241	167	49	0.114	0.114	NUM
fbem-28241	167	50	*	*	PUNCT
fbem-28241	167	51	*	*	PUNCT
fbem-28241	167	52	*	*	PUNCT
fbem-28241	167	53	0.063	0.063	NUM
fbem-28241	167	54	*	*	PUNCT
fbem-28241	167	55	*	*	PUNCT
fbem-28241	167	56	*	*	PUNCT
fbem-28241	167	57	0.069	0.069	NUM
fbem-28241	167	58	*	*	PUNCT
fbem-28241	167	59	*	*	PUNCT
fbem-28241	167	60	*	*	PUNCT
fbem-28241	167	61	0.038	0.038	NUM
fbem-28241	167	62	*	*	PUNCT
fbem-28241	167	63	*	*	PUNCT
fbem-28241	167	64	*	*	PUNCT
fbem-28241	167	65	(	(	PUNCT
fbem-28241	167	66	0.028	0.028	NUM
fbem-28241	167	67	)	)	PUNCT
fbem-28241	167	68	(	(	PUNCT
fbem-28241	167	69	0.023	0.023	NUM
fbem-28241	167	70	)	)	PUNCT
fbem-28241	167	71	(	(	PUNCT
fbem-28241	167	72	0.017	0.017	NUM
fbem-28241	167	73	)	)	PUNCT
fbem-28241	167	74	(	(	PUNCT
fbem-28241	167	75	0.014	0.014	NUM
fbem-28241	167	76	)	)	PUNCT
fbem-28241	167	77	age	age	NOUN
fbem-28241	167	78	-0.006	-0.006	PROPN
fbem-28241	167	79	*	*	PUNCT
fbem-28241	167	80	*	*	PUNCT
fbem-28241	167	81	-0.005	-0.005	PUNCT
fbem-28241	167	82	*	*	PUNCT
fbem-28241	167	83	*	*	PUNCT
fbem-28241	167	84	*	*	PUNCT
fbem-28241	167	85	-0.004	-0.004	PROPN
fbem-28241	167	86	*	*	PUNCT
fbem-28241	167	87	*	*	PUNCT
fbem-28241	167	88	-0.002	-0.002	PUNCT
fbem-28241	167	89	*	*	PUNCT
fbem-28241	167	90	*	*	PUNCT
fbem-28241	167	91	(	(	PUNCT
fbem-28241	167	92	0.003	0.003	NUM
fbem-28241	167	93	)	)	PUNCT
fbem-28241	167	94	(	(	PUNCT
fbem-28241	167	95	0.002	0.002	NUM
fbem-28241	167	96	)	)	PUNCT
fbem-28241	167	97	(	(	PUNCT
fbem-28241	167	98	0.002	0.002	NUM
fbem-28241	167	99	)	)	PUNCT
fbem-28241	167	100	(	(	PUNCT
fbem-28241	167	101	0.001	0.001	NUM
fbem-28241	167	102	)	)	PUNCT
fbem-28241	167	103	dmeet	dmeet	NOUN
fbem-28241	167	104	0.064	0.064	NUM
fbem-28241	167	105	*	*	PUNCT
fbem-28241	167	106	*	*	PUNCT
fbem-28241	167	107	*	*	PUNCT
fbem-28241	167	108	0.047	0.047	NUM
fbem-28241	167	109	*	*	PUNCT
fbem-28241	167	110	*	*	PUNCT
fbem-28241	167	111	*	*	PUNCT
fbem-28241	167	112	0.035	0.035	NUM
fbem-28241	167	113	*	*	PUNCT
fbem-28241	167	114	*	*	PUNCT
fbem-28241	167	115	*	*	PUNCT
fbem-28241	167	116	0.027	0.027	NUM
fbem-28241	167	117	*	*	PUNCT
fbem-28241	167	118	*	*	PUNCT
fbem-28241	167	119	*	*	PUNCT
fbem-28241	167	120	(	(	PUNCT
fbem-28241	167	121	0.018	0.018	NUM
fbem-28241	167	122	)	)	PUNCT
fbem-28241	167	123	(	(	PUNCT
fbem-28241	167	124	0.014	0.014	NUM
fbem-28241	167	125	)	)	PUNCT
fbem-28241	167	126	(	(	PUNCT
fbem-28241	167	127	0.011	0.011	NUM
fbem-28241	167	128	)	)	PUNCT
fbem-28241	167	129	(	(	PUNCT
fbem-28241	167	130	0.009	0.009	NUM
fbem-28241	167	131	)	)	PUNCT
fbem-28241	167	132	constant	constant	ADJ
fbem-28241	167	133	1.919	1.919	NUM
fbem-28241	167	134	*	*	PUNCT
fbem-28241	167	135	*	*	PUNCT
fbem-28241	167	136	*	*	PUNCT
fbem-28241	168	1	1.374	1.374	NUM
fbem-28241	168	2	*	*	PUNCT
fbem-28241	168	3	*	*	PUNCT
fbem-28241	168	4	*	*	PUNCT
fbem-28241	168	5	1.371	1.371	NUM
fbem-28241	168	6	*	*	PUNCT
fbem-28241	168	7	*	*	PUNCT
fbem-28241	168	8	*	*	PUNCT
fbem-28241	168	9	1.110	1.110	NUM
fbem-28241	168	10	*	*	PUNCT
fbem-28241	168	11	*	*	PUNCT
fbem-28241	168	12	*	*	PUNCT
fbem-28241	168	13	(	(	PUNCT
fbem-28241	168	14	0.206	0.206	NUM
fbem-28241	168	15	)	)	PUNCT
fbem-28241	168	16	(	(	PUNCT
fbem-28241	168	17	0.174	0.174	NUM
fbem-28241	168	18	)	)	PUNCT
fbem-28241	168	19	(	(	PUNCT
fbem-28241	168	20	0.133	0.133	NUM
fbem-28241	168	21	)	)	PUNCT
fbem-28241	168	22	(	(	PUNCT
fbem-28241	168	23	0.107	0.107	NUM
fbem-28241	168	24	)	)	PUNCT
fbem-28241	168	25	observati	observati	NOUN
fbem-28241	168	26	ons	ons	PROPN
fbem-28241	168	27	12,453	12,453	NUM
fbem-28241	168	28	22,105	22,105	NUM
fbem-28241	168	29	12,453	12,453	NUM
fbem-28241	168	30	22,105	22,105	NUM
fbem-28241	168	31	r	r	NOUN
fbem-28241	168	32	-	-	PUNCT
fbem-28241	168	33	squared	square	VERB
fbem-28241	168	34	0.118	0.118	NUM
fbem-28241	168	35	0.082	0.082	NUM
fbem-28241	168	36	0.117	0.117	NUM
fbem-28241	168	37	0.081	0.081	NUM
fbem-28241	168	38	6	6	NUM
fbem-28241	168	39	.	.	PUNCT
fbem-28241	169	1	conclusions	conclusion	NOUN
fbem-28241	169	2	of	of	ADP
fbem-28241	169	3	the	the	DET
fbem-28241	169	4	study	study	NOUN
fbem-28241	169	5	this	this	DET
fbem-28241	169	6	research	research	NOUN
fbem-28241	169	7	utilizes	utilize	VERB
fbem-28241	169	8	a	a	DET
fbem-28241	169	9	dataset	dataset	NOUN
fbem-28241	169	10	of	of	ADP
fbem-28241	169	11	a	a	DET
fbem-28241	169	12	-	-	PUNCT
fbem-28241	169	13	share	share	NOUN
fbem-28241	169	14	firms	firm	NOUN
fbem-28241	169	15	listed	list	VERB
fbem-28241	169	16	on	on	ADP
fbem-28241	169	17	shanghai	shanghai	PROPN
fbem-28241	169	18	and	and	CCONJ
fbem-28241	169	19	shenzhen	shenzhen	PROPN
fbem-28241	169	20	from	from	ADP
fbem-28241	169	21	2010	2010	NUM
fbem-28241	169	22	to	to	ADP
fbem-28241	169	23	2022	2022	NUM
fbem-28241	169	24	to	to	PART
fbem-28241	169	25	investigate	investigate	VERB
fbem-28241	169	26	the	the	DET
fbem-28241	169	27	relationship	relationship	NOUN
fbem-28241	169	28	and	and	CCONJ
fbem-28241	169	29	mechanisms	mechanism	NOUN
fbem-28241	169	30	among	among	ADP
fbem-28241	169	31	stock	stock	NOUN
fbem-28241	169	32	price	price	NOUN
fbem-28241	169	33	collapse	collapse	NOUN
fbem-28241	169	34	and	and	CCONJ
fbem-28241	169	35	esg	esg	NOUN
fbem-28241	169	36	performance	performance	NOUN
fbem-28241	169	37	.	.	PUNCT
fbem-28241	170	1	the	the	DET
fbem-28241	170	2	results	result	NOUN
fbem-28241	170	3	indicate	indicate	VERB
fbem-28241	170	4	that	that	SCONJ
fbem-28241	170	5	a	a	DET
fbem-28241	170	6	firm	firm	NOUN
fbem-28241	170	7	’s	’s	PART
fbem-28241	170	8	performance	performance	NOUN
fbem-28241	170	9	esg	esg	NOUN
fbem-28241	170	10	factors	factor	NOUN
fbem-28241	170	11	is	be	AUX
fbem-28241	170	12	essential	essential	ADJ
fbem-28241	170	13	in	in	ADP
fbem-28241	170	14	mitigating	mitigate	VERB
fbem-28241	170	15	the	the	DET
fbem-28241	170	16	possibility	possibility	NOUN
fbem-28241	170	17	of	of	ADP
fbem-28241	170	18	stock	stock	NOUN
fbem-28241	170	19	price	price	NOUN
fbem-28241	170	20	collapse	collapse	NOUN
fbem-28241	170	21	.	.	PUNCT
fbem-28241	171	1	further	further	ADJ
fbem-28241	171	2	impact	impact	NOUN
fbem-28241	171	3	mechanism	mechanism	NOUN
fbem-28241	171	4	tests	test	NOUN
fbem-28241	171	5	display	display	VERB
fbem-28241	171	6	that	that	SCONJ
fbem-28241	171	7	corporate	corporate	ADJ
fbem-28241	171	8	esg	esg	NOUN
fbem-28241	171	9	performance	performance	NOUN
fbem-28241	171	10	reduces	reduce	VERB
fbem-28241	171	11	the	the	DET
fbem-28241	171	12	stock	stock	NOUN
fbem-28241	171	13	price	price	NOUN
fbem-28241	171	14	collapse	collapse	NOUN
fbem-28241	171	15	through	through	ADP
fbem-28241	171	16	"	"	PUNCT
fbem-28241	171	17	green	green	ADJ
fbem-28241	171	18	innovation	innovation	NOUN
fbem-28241	171	19	investment	investment	NOUN
fbem-28241	171	20	"	"	PUNCT
fbem-28241	171	21	and	and	CCONJ
fbem-28241	171	22	"	"	PUNCT
fbem-28241	171	23	financing	financing	NOUN
fbem-28241	171	24	constraints	constraint	NOUN
fbem-28241	171	25	"	"	PUNCT
fbem-28241	171	26	,	,	PUNCT
fbem-28241	171	27	specifically	specifically	ADV
fbem-28241	171	28	.	.	PUNCT
fbem-28241	172	1	the	the	DET
fbem-28241	172	2	heterogeneity	heterogeneity	PROPN
fbem-28241	172	3	test	test	NOUN
fbem-28241	172	4	revealed	reveal	VERB
fbem-28241	172	5	that	that	SCONJ
fbem-28241	172	6	non	non	ADJ
fbem-28241	172	7	-	-	ADJ
fbem-28241	172	8	state	state	NOUN
fbem-28241	172	9	-	-	PUNCT
fbem-28241	172	10	owned	own	VERB
fbem-28241	172	11	firms	firm	NOUN
fbem-28241	172	12	were	be	AUX
fbem-28241	172	13	slightly	slightly	ADV
fbem-28241	172	14	affected	affect	VERB
fbem-28241	172	15	by	by	ADP
fbem-28241	172	16	esg	esg	NOUN
fbem-28241	172	17	performance	performance	NOUN
fbem-28241	172	18	compared	compare	VERB
fbem-28241	172	19	to	to	ADP
fbem-28241	172	20	state	state	NOUN
fbem-28241	172	21	-	-	PUNCT
fbem-28241	172	22	owned	own	VERB
fbem-28241	172	23	enterprises	enterprise	NOUN
fbem-28241	172	24	,	,	PUNCT
fbem-28241	172	25	a	a	DET
fbem-28241	172	26	finding	finding	NOUN
fbem-28241	172	27	ascribed	ascribe	VERB
fbem-28241	172	28	to	to	ADP
fbem-28241	172	29	the	the	DET
fbem-28241	172	30	stringent	stringent	ADJ
fbem-28241	172	31	regulatory	regulatory	ADJ
fbem-28241	172	32	oversight	oversight	NOUN
fbem-28241	172	33	faced	face	VERB
fbem-28241	172	34	by	by	ADP
fbem-28241	172	35	state	state	NOUN
fbem-28241	172	36	-	-	PUNCT
fbem-28241	172	37	owned	own	VERB
fbem-28241	172	38	entities	entity	NOUN
fbem-28241	172	39	.	.	PUNCT
fbem-28241	173	1	among	among	ADP
fbem-28241	173	2	the	the	DET
fbem-28241	173	3	analysts	analyst	NOUN
fbem-28241	173	4	'	'	PART
fbem-28241	173	5	attention	attention	NOUN
fbem-28241	173	6	,	,	PUNCT
fbem-28241	173	7	the	the	DET
fbem-28241	173	8	mechanism	mechanism	NOUN
fbem-28241	173	9	of	of	ADP
fbem-28241	173	10	esg	esg	NOUN
fbem-28241	173	11	performance	performance	NOUN
fbem-28241	173	12	will	will	AUX
fbem-28241	173	13	be	be	AUX
fbem-28241	173	14	more	more	ADV
fbem-28241	173	15	significant	significant	ADJ
fbem-28241	173	16	in	in	ADP
fbem-28241	173	17	companies	company	NOUN
fbem-28241	173	18	with	with	ADP
fbem-28241	173	19	low	low	ADJ
fbem-28241	173	20	analyst	analyst	NOUN
fbem-28241	173	21	attention	attention	NOUN
fbem-28241	173	22	.	.	PUNCT
fbem-28241	174	1	after	after	ADP
fbem-28241	174	2	controlling	control	VERB
fbem-28241	174	3	for	for	ADP
fbem-28241	174	4	endogeneity	endogeneity	NOUN
fbem-28241	174	5	and	and	CCONJ
fbem-28241	174	6	other	other	ADJ
fbem-28241	174	7	issues	issue	NOUN
fbem-28241	174	8	,	,	PUNCT
fbem-28241	174	9	the	the	DET
fbem-28241	174	10	conclusions	conclusion	NOUN
fbem-28241	174	11	of	of	ADP
fbem-28241	174	12	this	this	DET
fbem-28241	174	13	paper	paper	NOUN
fbem-28241	174	14	still	still	ADV
fbem-28241	174	15	hold	hold	VERB
fbem-28241	174	16	true	true	ADJ
fbem-28241	174	17	.	.	PUNCT
fbem-28241	175	1	120	120	NUM
fbem-28241	175	2	references	reference	NOUN
fbem-28241	175	3	[	[	X
fbem-28241	175	4	1	1	NUM
fbem-28241	175	5	]	]	X
fbem-28241	175	6	zhang	zhang	PROPN
fbem-28241	175	7	c	c	X
fbem-28241	175	8	,	,	PUNCT
fbem-28241	175	9	gu	gu	PROPN
fbem-28241	175	10	c.	c.	PROPN
fbem-28241	175	11	k.	k.	PROPN
fbem-28241	175	12	,	,	PUNCT
fbem-28241	175	13	zhu	zhu	PROPN
fbem-28241	175	14	w.	w.	PROPN
fbem-28241	175	15	d.	d.	PROPN
fbem-28241	175	16	,	,	PUNCT
fbem-28241	175	17	et	et	PROPN
fbem-28241	175	18	al	al	PROPN
fbem-28241	175	19	.	.	PROPN
fbem-28241	175	20	examination	examination	NOUN
fbem-28241	175	21	of	of	ADP
fbem-28241	175	22	the	the	DET
fbem-28241	175	23	value	value	NOUN
fbem-28241	175	24	impact	impact	NOUN
fbem-28241	175	25	mechanism	mechanism	NOUN
fbem-28241	175	26	of	of	ADP
fbem-28241	175	27	esg	esg	PROPN
fbem-28241	175	28	responsibility	responsibility	NOUN
fbem-28241	175	29	fulfillment	fulfillment	NOUN
fbem-28241	175	30	of	of	ADP
fbem-28241	175	31	listed	list	VERB
fbem-28241	175	32	companies	company	NOUN
fbem-28241	175	33	.	.	PUNCT
fbem-28241	176	1	j.	j.	PROPN
fbem-28241	176	2	finance	finance	PROPN
fbem-28241	176	3	and	and	CCONJ
fbem-28241	176	4	accounting	account	VERB
fbem-28241	176	5	monthly	monthly	ADV
fbem-28241	176	6	.	.	PUNCT
fbem-28241	176	7	2024	2024	NUM
fbem-28241	176	8	,	,	PUNCT
fbem-28241	176	9	45(01):40	45(01):40	NUM
fbem-28241	176	10	-	-	SYM
fbem-28241	176	11	45	45	NUM
fbem-28241	176	12	.	.	PUNCT
fbem-28241	177	1	[	[	X
fbem-28241	177	2	2	2	X
fbem-28241	177	3	]	]	X
fbem-28241	177	4	tan	tan	PROPN
fbem-28241	177	5	j.	j.	PROPN
fbem-28241	177	6	s.	s.	PROPN
fbem-28241	177	7	,	,	PUNCT
fbem-28241	177	8	huang	huang	PROPN
fbem-28241	177	9	r.	r.	PROPN
fbem-28241	177	10	y.	y.	PROPN
fbem-28241	177	11	,	,	PUNCT
fbem-28241	177	12	zhang	zhang	PROPN
fbem-28241	177	13	j.x.esg	j.x.esg	PROPN
fbem-28241	177	14	performance	performance	NOUN
fbem-28241	177	15	and	and	CCONJ
fbem-28241	177	16	firm	firm	ADJ
fbem-28241	177	17	risk	risk	NOUN
fbem-28241	177	18	:	:	PUNCT
fbem-28241	177	19	an	an	DET
fbem-28241	177	20	explanation	explanation	NOUN
fbem-28241	177	21	from	from	ADP
fbem-28241	177	22	the	the	DET
fbem-28241	177	23	perspective	perspective	NOUN
fbem-28241	177	24	of	of	ADP
fbem-28241	177	25	resource	resource	NOUN
fbem-28241	177	26	acquisition	acquisition	NOUN
fbem-28241	177	27	.	.	PUNCT
fbem-28241	178	1	j.	j.	PROPN
fbem-28241	178	2	management	management	PROPN
fbem-28241	178	3	science	science	PROPN
fbem-28241	178	4	,	,	PUNCT
fbem-28241	178	5	2022	2022	NUM
fbem-28241	178	6	,	,	PUNCT
fbem-28241	178	7	35(5	35(5	NUM
fbem-28241	178	8	):	):	PUNCT
fbem-28241	178	9	3	3	NUM
fbem-28241	178	10	-	-	SYM
fbem-28241	178	11	18	18	NUM
fbem-28241	178	12	.	.	PUNCT
fbem-28241	179	1	[	[	X
fbem-28241	179	2	3	3	X
fbem-28241	179	3	]	]	X
fbem-28241	179	4	sun	sun	PROPN
fbem-28241	179	5	x.	x.	PROPN
fbem-28241	179	6	y.	y.	PROPN
fbem-28241	179	7	the	the	DET
fbem-28241	179	8	impact	impact	NOUN
fbem-28241	179	9	of	of	ADP
fbem-28241	179	10	esg	esg	NOUN
fbem-28241	179	11	performance	performance	NOUN
fbem-28241	179	12	on	on	ADP
fbem-28241	179	13	the	the	DET
fbem-28241	179	14	market	market	NOUN
fbem-28241	179	15	value	value	NOUN
fbem-28241	179	16	of	of	ADP
fbem-28241	179	17	company	company	NOUN
fbem-28241	179	18	a	a	X
fbem-28241	179	19	:	:	PUNCT
fbem-28241	179	20	an	an	DET
fbem-28241	179	21	analysis	analysis	NOUN
fbem-28241	179	22	based	base	VERB
fbem-28241	179	23	on	on	ADP
fbem-28241	179	24	stock	stock	NOUN
fbem-28241	179	25	price	price	NOUN
fbem-28241	179	26	fluctuation	fluctuation	NOUN
fbem-28241	179	27	and	and	CCONJ
fbem-28241	179	28	tobin	tobin	NOUN
fbem-28241	179	29	's	's	PART
fbem-28241	179	30	q	q	NOUN
fbem-28241	179	31	value	value	NOUN
fbem-28241	179	32	.	.	PUNCT
fbem-28241	180	1	j.	j.	PROPN
fbem-28241	180	2	china	china	PROPN
fbem-28241	180	3	management	management	PROPN
fbem-28241	180	4	informatization	informatization	PROPN
fbem-28241	180	5	,	,	PUNCT
fbem-28241	180	6	2024	2024	NUM
fbem-28241	180	7	,	,	PUNCT
fbem-28241	180	8	27(02):72	27(02):72	NUM
fbem-28241	180	9	-	-	SYM
fbem-28241	180	10	74	74	NUM
fbem-28241	180	11	.	.	PUNCT
fbem-28241	181	1	[	[	X
fbem-28241	181	2	4	4	X
fbem-28241	181	3	]	]	PUNCT
fbem-28241	181	4	lin	lin	PROPN
fbem-28241	181	5	l	l	PROPN
fbem-28241	181	6	.j	.j	PROPN
fbem-28241	181	7	.	.	PROPN
fbem-28241	181	8	,	,	PUNCT
fbem-28241	181	9	li	li	PROPN
fbem-28241	181	10	p.	p.	PROPN
fbem-28241	181	11	p.	p.	PROPN
fbem-28241	181	12	esg	esg	PROPN
fbem-28241	181	13	performance	performance	NOUN
fbem-28241	181	14	and	and	CCONJ
fbem-28241	181	15	stock	stock	NOUN
fbem-28241	181	16	price	price	NOUN
fbem-28241	181	17	crash	crash	NOUN
fbem-28241	181	18	risk	risk	NOUN
fbem-28241	181	19	.j	.j	NOUN
fbem-28241	181	20	.	.	PUNCT
fbem-28241	182	1	chinese	chinese	PROPN
fbem-28241	182	2	certified	certify	VERB
fbem-28241	182	3	public	public	ADJ
fbem-28241	182	4	accountants	accountant	NOUN
fbem-28241	182	5	,	,	PUNCT
fbem-28241	182	6	2023	2023	NUM
fbem-28241	182	7	,	,	PUNCT
fbem-28241	182	8	04:46	04:46	NUM
fbem-28241	182	9	-	-	SYM
fbem-28241	182	10	53	53	NUM
fbem-28241	182	11	.	.	PUNCT
fbem-28241	183	1	[	[	X
fbem-28241	183	2	5	5	X
fbem-28241	183	3	]	]	X
fbem-28241	183	4	zhou	zhou	PROPN
fbem-28241	183	5	k	k	PROPN
fbem-28241	183	6	,	,	PUNCT
fbem-28241	183	7	wang	wang	PROPN
fbem-28241	183	8	r.	r.	PROPN
fbem-28241	183	9	x.	x.	PROPN
fbem-28241	183	10	,	,	PUNCT
fbem-28241	183	11	tao	tao	PROPN
fbem-28241	183	12	y.	y.	PROPN
fbem-28241	183	13	q.	q.	PROPN
fbem-28241	183	14	,	,	PUNCT
fbem-28241	183	15	et	et	PROPN
fbem-28241	183	16	al	al	PROPN
fbem-28241	183	17	.	.	PUNCT
fbem-28241	183	18	corporate	corporate	ADJ
fbem-28241	183	19	green	green	ADJ
fbem-28241	183	20	transformation	transformation	NOUN
fbem-28241	183	21	and	and	CCONJ
fbem-28241	183	22	stock	stock	NOUN
fbem-28241	183	23	price	price	NOUN
fbem-28241	183	24	crash	crash	NOUN
fbem-28241	183	25	risk	risk	NOUN
fbem-28241	183	26	.	.	PUNCT
fbem-28241	184	1	j.	j.	PROPN
fbem-28241	184	2	management	management	PROPN
fbem-28241	184	3	science	science	PROPN
fbem-28241	184	4	,	,	PUNCT
fbem-28241	184	5	2022	2022	NUM
fbem-28241	184	6	,	,	PUNCT
fbem-28241	184	7	35(06):56	35(06):56	NUM
fbem-28241	184	8	-	-	SYM
fbem-28241	184	9	69	69	NUM
fbem-28241	184	10	.	.	PUNCT
fbem-28241	185	1	[	[	X
fbem-28241	185	2	6	6	NUM
fbem-28241	185	3	]	]	X
fbem-28241	185	4	zhao	zhao	PROPN
fbem-28241	185	5	l.	l.	PROPN
fbem-28241	185	6	d.	d.	PROPN
fbem-28241	185	7	,	,	PUNCT
fbem-28241	185	8	wang	wang	PROPN
fbem-28241	185	9	x.	x.	PROPN
fbem-28241	185	10	f.	f.	PROPN
fbem-28241	185	11	,	,	PUNCT
fbem-28241	185	12	xu	xu	PROPN
fbem-28241	185	13	l.	l.	PROPN
fbem-28241	185	14	does	do	AUX
fbem-28241	185	15	corporate	corporate	ADJ
fbem-28241	185	16	green	green	ADJ
fbem-28241	185	17	investment	investment	NOUN
fbem-28241	185	18	reduce	reduce	VERB
fbem-28241	185	19	stock	stock	NOUN
fbem-28241	185	20	price	price	NOUN
fbem-28241	185	21	volatility	volatility	NOUN
fbem-28241	185	22	?	?	PUNCT
fbem-28241	186	1	j.	j.	PROPN
fbem-28241	186	2	chinese	chinese	PROPN
fbem-28241	186	3	·	·	PUNCT
fbem-28241	186	4	resources	resource	NOUN
fbem-28241	186	5	and	and	CCONJ
fbem-28241	186	6	environment	environment	NOUN
fbem-28241	186	7	,	,	PUNCT
fbem-28241	186	8	2022	2022	NUM
fbem-28241	186	9	,	,	PUNCT
fbem-28241	186	10	32(02):85	32(02):85	NUM
fbem-28241	186	11	-	-	SYM
fbem-28241	186	12	95	95	NUM
fbem-28241	186	13	.	.	PUNCT
fbem-28241	187	1	[	[	X
fbem-28241	187	2	7	7	X
fbem-28241	187	3	]	]	X
fbem-28241	187	4	liu	liu	PROPN
fbem-28241	187	5	b.	b.	PROPN
fbem-28241	187	6	,	,	PUNCT
fbem-28241	187	7	wang	wang	PROPN
fbem-28241	187	8	x.	x.	PROPN
fbem-28241	187	9	z.	z.	PROPN
fbem-28241	187	10	the	the	DET
fbem-28241	187	11	"	"	PUNCT
fbem-28241	187	12	risk	risk	NOUN
fbem-28241	187	13	compensation	compensation	NOUN
fbem-28241	187	14	"	"	PUNCT
fbem-28241	187	15	effect	effect	NOUN
fbem-28241	187	16	of	of	ADP
fbem-28241	187	17	corporate	corporate	ADJ
fbem-28241	187	18	green	green	ADJ
fbem-28241	187	19	innovation	innovation	NOUN
fbem-28241	187	20	on	on	ADP
fbem-28241	187	21	stock	stock	NOUN
fbem-28241	187	22	returns	return	NOUN
fbem-28241	187	23	.	.	PUNCT
fbem-28241	188	1	j.	j.	PROPN
fbem-28241	188	2	economic	economic	PROPN
fbem-28241	188	3	management	management	PROPN
fbem-28241	188	4	,	,	PUNCT
fbem-28241	188	5	2021	2021	NUM
fbem-28241	188	6	,	,	PUNCT
fbem-28241	188	7	43(07	43(07	NUM
fbem-28241	188	8	):	):	PUNCT
fbem-28241	188	9	136	136	NUM
fbem-28241	188	10	-	-	SYM
fbem-28241	188	11	157	157	NUM
fbem-28241	188	12	.	.	PUNCT
fbem-28241	189	1	[	[	X
fbem-28241	189	2	8	8	NUM
fbem-28241	189	3	]	]	X
fbem-28241	189	4	gao	gao	PROPN
fbem-28241	189	5	j	j	PROPN
fbem-28241	189	6	,	,	PUNCT
fbem-28241	189	7	chu	chu	PROPN
fbem-28241	189	8	d	d	PROPN
fbem-28241	189	9	,	,	PUNCT
fbem-28241	189	10	zheng	zheng	PROPN
fbem-28241	189	11	j	j	PROPN
fbem-28241	189	12	,	,	PUNCT
fbem-28241	189	13	et	et	PROPN
fbem-28241	189	14	al	al	PROPN
fbem-28241	189	15	.	.	PROPN
fbem-28241	189	16	environmental	environmental	ADJ
fbem-28241	189	17	,	,	PUNCT
fbem-28241	189	18	social	social	ADJ
fbem-28241	189	19	and	and	CCONJ
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fbem-28241	189	21	performance	performance	NOUN
fbem-28241	189	22	:	:	PUNCT
fbem-28241	189	23	can	can	AUX
fbem-28241	189	24	it	it	PRON
fbem-28241	189	25	be	be	AUX
fbem-28241	189	26	a	a	DET
fbem-28241	189	27	stock	stock	NOUN
fbem-28241	189	28	price	price	NOUN
fbem-28241	189	29	stabilizer	stabilizer	NOUN
fbem-28241	189	30	?	?	PUNCT
fbem-28241	190	1	j.	j.	PROPN
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fbem-28241	190	3	of	of	ADP
fbem-28241	190	4	cleaner	clean	ADJ
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fbem-28241	190	6	,	,	PUNCT
fbem-28241	190	7	2022	2022	NUM
fbem-28241	190	8	,	,	PUNCT
fbem-28241	190	9	379	379	NUM
fbem-28241	190	10	:	:	PUNCT
fbem-28241	190	11	134705	134705	NUM
fbem-28241	190	12	.	.	PUNCT
fbem-28241	191	1	[	[	X
fbem-28241	191	2	9	9	NUM
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fbem-28241	191	4	bai	bai	PROPN
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fbem-28241	191	6	,	,	PUNCT
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fbem-28241	191	9	x.	x.	PROPN
fbem-28241	191	10	,	,	PUNCT
fbem-28241	191	11	li	li	PROPN
fbem-28241	191	12	w.	w.	PROPN
fbem-28241	191	13	j.	j.	PROPN
fbem-28241	191	14	heterogeneity	heterogeneity	PROPN
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fbem-28241	191	16	and	and	CCONJ
fbem-28241	191	17	corporate	corporate	ADJ
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fbem-28241	191	20	:	:	PUNCT
fbem-28241	191	21	an	an	DET
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fbem-28241	191	23	based	base	VERB
fbem-28241	191	24	on	on	ADP
fbem-28241	191	25	the	the	DET
fbem-28241	191	26	perspective	perspective	NOUN
fbem-28241	191	27	of	of	ADP
fbem-28241	191	28	stock	stock	NOUN
fbem-28241	191	29	price	price	NOUN
fbem-28241	191	30	crash	crash	NOUN
fbem-28241	191	31	risk	risk	NOUN
fbem-28241	191	32	.	.	PUNCT
fbem-28241	192	1	j.	j.	PROPN
fbem-28241	192	2	financial	financial	PROPN
fbem-28241	192	3	forum	forum	PROPN
fbem-28241	192	4	,	,	PUNCT
fbem-28241	192	5	2018	2018	NUM
fbem-28241	192	6	,	,	PUNCT
fbem-28241	192	7	23(07):64	23(07):64	NUM
fbem-28241	192	8	-	-	SYM
fbem-28241	192	9	80	80	NUM
fbem-28241	192	10	.	.	PUNCT
fbem-28241	193	1	[	[	X
fbem-28241	193	2	10	10	NUM
fbem-28241	193	3	]	]	X
fbem-28241	193	4	liu	liu	PROPN
fbem-28241	193	5	b.	b.	PROPN
fbem-28241	193	6	,	,	PUNCT
fbem-28241	193	7	lu	lu	PROPN
fbem-28241	193	8	j.	j.	PROPN
fbem-28241	193	9	r.	r.	PROPN
fbem-28241	193	10	the	the	DET
fbem-28241	193	11	alienating	alienating	ADJ
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fbem-28241	193	13	of	of	ADP
fbem-28241	193	14	esg	esg	PROPN
fbem-28241	193	15	rankings	ranking	NOUN
fbem-28241	193	16	on	on	ADP
fbem-28241	193	17	the	the	DET
fbem-28241	193	18	impact	impact	NOUN
fbem-28241	193	19	of	of	ADP
fbem-28241	193	20	corporate	corporate	ADJ
fbem-28241	193	21	financing	financing	NOUN
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fbem-28241	193	23	.	.	PUNCT
fbem-28241	194	1	j.	j.	PROPN
fbem-28241	194	2	journal	journal	PROPN
fbem-28241	194	3	of	of	ADP
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fbem-28241	194	5	and	and	CCONJ
fbem-28241	194	6	economics	economic	NOUN
fbem-28241	194	7	,	,	PUNCT
fbem-28241	194	8	2024	2024	NUM
fbem-28241	194	9	,	,	PUNCT
fbem-28241	194	10	50(4	50(4	NUM
fbem-28241	194	11	)	)	PUNCT
fbem-28241	194	12	.	.	PUNCT
fbem-28241	195	1	[	[	X
fbem-28241	195	2	11	11	NUM
fbem-28241	195	3	]	]	PUNCT
fbem-28241	195	4	xi	xi	ADP
fbem-28241	195	5	l.	l.	PROPN
fbem-28241	195	6	s.	s.	PROPN
fbem-28241	195	7	,	,	PUNCT
fbem-28241	195	8	zhao	zhao	PROPN
fbem-28241	195	9	h.	h.	PROPN
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fbem-28241	195	11	and	and	CCONJ
fbem-28241	195	12	data	data	NOUN
fbem-28241	195	13	test	test	NOUN
fbem-28241	195	14	of	of	ADP
fbem-28241	195	15	corporate	corporate	ADJ
fbem-28241	195	16	esg	esg	NOUN
fbem-28241	195	17	performance	performance	NOUN
fbem-28241	195	18	affecting	affect	VERB
fbem-28241	195	19	earnings	earning	NOUN
fbem-28241	195	20	sustainability	sustainability	NOUN
fbem-28241	195	21	.	.	PUNCT
fbem-28241	196	1	j.	j.	PROPN
fbem-28241	196	2	management	management	PROPN
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fbem-28241	196	4	,	,	PUNCT
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fbem-28241	196	6	,	,	PUNCT
fbem-28241	196	7	34(09):313	34(09):313	NUM
fbem-28241	196	8	-	-	SYM
fbem-28241	196	9	326	326	NUM
fbem-28241	196	10	.	.	PUNCT
fbem-28241	197	1	[	[	X
fbem-28241	197	2	12	12	NUM
fbem-28241	197	3	]	]	X
fbem-28241	197	4	hu	hu	PROPN
fbem-28241	197	5	j.	j.	PROPN
fbem-28241	197	6	,	,	PUNCT
fbem-28241	197	7	yu	yu	PROPN
fbem-28241	197	8	x.	x.	PROPN
fbem-28241	197	9	r.	r.	PROPN
fbem-28241	197	10	,	,	PUNCT
fbem-28241	197	11	han	han	PROPN
fbem-28241	197	12	y.m	y.m	PROPN
fbem-28241	197	13	.	.	PROPN
fbem-28241	197	14	can	can	AUX
fbem-28241	197	15	esg	esg	PROPN
fbem-28241	197	16	ratings	rating	NOUN
fbem-28241	197	17	promote	promote	VERB
fbem-28241	197	18	green	green	ADJ
fbem-28241	197	19	transformation	transformation	NOUN
fbem-28241	197	20	?	?	PUNCT
fbem-28241	198	1	j.	j.	PROPN
fbem-28241	198	2	journal	journal	PROPN
fbem-28241	198	3	of	of	ADP
fbem-28241	198	4	quantitative	quantitative	PROPN
fbem-28241	198	5	&	&	CCONJ
fbem-28241	198	6	technical	technical	ADJ
fbem-28241	198	7	economics	economic	NOUN
fbem-28241	198	8	,	,	PUNCT
fbem-28241	198	9	2023	2023	NUM
fbem-28241	198	10	,	,	PUNCT
fbem-28241	198	11	40(07):90	40(07):90	NUM
fbem-28241	198	12	-	-	SYM
fbem-28241	198	13	111	111	NUM
fbem-28241	198	14	.	.	PUNCT
fbem-28241	199	1	[	[	X
fbem-28241	199	2	13	13	NUM
fbem-28241	199	3	]	]	X
fbem-28241	199	4	dong	dong	PROPN
fbem-28241	199	5	x.	x.	PROPN
fbem-28241	199	6	l.	l.	PROPN
fbem-28241	199	7	,	,	PUNCT
fbem-28241	199	8	deng	deng	PROPN
fbem-28241	199	9	j.	j.	PROPN
fbem-28241	199	10	h.	h.	PROPN
fbem-28241	199	11	,	,	PUNCT
fbem-28241	199	12	jiang	jiang	PROPN
fbem-28241	199	13	x.	x.	PROPN
fbem-28241	199	14	,	,	PUNCT
fbem-28241	199	15	et	et	PROPN
fbem-28241	199	16	al	al	PROPN
fbem-28241	199	17	.	.	PUNCT
fbem-28241	199	18	corporate	corporate	ADJ
fbem-28241	199	19	esg	esg	PROPN
fbem-28241	199	20	performance	performance	NOUN
fbem-28241	199	21	and	and	CCONJ
fbem-28241	199	22	stock	stock	NOUN
fbem-28241	199	23	price	price	NOUN
fbem-28241	199	24	crash	crash	NOUN
fbem-28241	199	25	risk	risk	NOUN
fbem-28241	199	26	:	:	PUNCT
fbem-28241	199	27	an	an	DET
fbem-28241	199	28	analysis	analysis	NOUN
fbem-28241	199	29	of	of	ADP
fbem-28241	199	30	the	the	DET
fbem-28241	199	31	moderating	moderate	VERB
fbem-28241	199	32	effect	effect	NOUN
fbem-28241	199	33	based	base	VERB
fbem-28241	199	34	on	on	ADP
fbem-28241	199	35	financing	financing	NOUN
fbem-28241	199	36	constraints	constraint	NOUN
fbem-28241	199	37	.	.	PUNCT
fbem-28241	200	1	j.	j.	PROPN
fbem-28241	200	2	financial	financial	PROPN
fbem-28241	200	3	theory	theory	PROPN
fbem-28241	200	4	&	&	CCONJ
fbem-28241	200	5	practice	practice	NOUN
fbem-28241	200	6	,	,	PUNCT
fbem-28241	200	7	2023	2023	NUM
fbem-28241	200	8	,	,	PUNCT
fbem-28241	200	9	09:98	09:98	NUM
fbem-28241	200	10	-	-	SYM
fbem-28241	200	11	108	108	NUM
fbem-28241	200	12	.	.	PUNCT