id	sid	tid	token	lemma	pos
fbem-29136	1	1	frontiers	frontier	NOUN
fbem-29136	1	2	in	in	ADP
fbem-29136	1	3	business	business	NOUN
fbem-29136	1	4	,	,	PUNCT
fbem-29136	1	5	economics	economic	NOUN
fbem-29136	1	6	and	and	CCONJ
fbem-29136	1	7	management	management	NOUN
fbem-29136	1	8	issn	issn	PROPN
fbem-29136	1	9	:	:	PUNCT
fbem-29136	1	10	2766	2766	NUM
fbem-29136	1	11	-	-	PUNCT
fbem-29136	1	12	824x	824x	NUM
fbem-29136	1	13	|	|	ADJ
fbem-29136	1	14	vol	vol	NOUN
fbem-29136	1	15	.	.	PROPN
fbem-29136	1	16	18	18	NUM
fbem-29136	1	17	,	,	PUNCT
fbem-29136	1	18	no	no	INTJ
fbem-29136	1	19	.	.	NOUN
fbem-29136	1	20	1	1	NUM
fbem-29136	1	21	,	,	PUNCT
fbem-29136	1	22	2025	2025	NUM
fbem-29136	1	23	42	42	NUM
fbem-29136	1	24	a	a	DET
fbem-29136	1	25	study	study	NOUN
fbem-29136	1	26	of	of	ADP
fbem-29136	1	27	peer	peer	NOUN
fbem-29136	1	28	effects	effect	NOUN
fbem-29136	1	29	in	in	ADP
fbem-29136	1	30	the	the	DET
fbem-29136	1	31	dividend	dividend	NOUN
fbem-29136	1	32	distribution	distribution	NOUN
fbem-29136	1	33	behaviour	behaviour	NOUN
fbem-29136	1	34	ying	ying	PROPN
fbem-29136	1	35	zhu	zhu	PROPN
fbem-29136	2	1	*	*	PUNCT
fbem-29136	2	2	school	school	NOUN
fbem-29136	2	3	of	of	ADP
fbem-29136	2	4	economics	economic	NOUN
fbem-29136	2	5	,	,	PUNCT
fbem-29136	2	6	shanghai	shanghai	PROPN
fbem-29136	2	7	university	university	PROPN
fbem-29136	2	8	,	,	PUNCT
fbem-29136	2	9	shanghai	shanghai	PROPN
fbem-29136	2	10	,	,	PUNCT
fbem-29136	2	11	china	china	PROPN
fbem-29136	2	12	abstract	abstract	NOUN
fbem-29136	2	13	:	:	PUNCT
fbem-29136	2	14	based	base	VERB
fbem-29136	2	15	on	on	ADP
fbem-29136	2	16	the	the	DET
fbem-29136	2	17	data	datum	NOUN
fbem-29136	2	18	of	of	ADP
fbem-29136	2	19	a	a	DET
fbem-29136	2	20	-	-	PUNCT
fbem-29136	2	21	share	share	NOUN
fbem-29136	2	22	listed	list	VERB
fbem-29136	2	23	companies	company	NOUN
fbem-29136	2	24	from	from	ADP
fbem-29136	2	25	2013	2013	NUM
fbem-29136	2	26	to	to	ADP
fbem-29136	2	27	2022	2022	NUM
fbem-29136	2	28	,	,	PUNCT
fbem-29136	2	29	this	this	DET
fbem-29136	2	30	paper	paper	NOUN
fbem-29136	2	31	mainly	mainly	ADV
fbem-29136	2	32	studies	study	VERB
fbem-29136	2	33	the	the	DET
fbem-29136	2	34	dividend	dividend	NOUN
fbem-29136	2	35	distribution	distribution	NOUN
fbem-29136	2	36	behavior	behavior	NOUN
fbem-29136	2	37	of	of	ADP
fbem-29136	2	38	enterprises	enterprise	NOUN
fbem-29136	2	39	from	from	ADP
fbem-29136	2	40	the	the	DET
fbem-29136	2	41	perspective	perspective	NOUN
fbem-29136	2	42	of	of	ADP
fbem-29136	2	43	the	the	DET
fbem-29136	2	44	theory	theory	NOUN
fbem-29136	2	45	of	of	ADP
fbem-29136	2	46	peer	peer	NOUN
fbem-29136	2	47	group	group	NOUN
fbem-29136	2	48	effect	effect	NOUN
fbem-29136	2	49	,	,	PUNCT
fbem-29136	2	50	and	and	CCONJ
fbem-29136	2	51	tests	test	VERB
fbem-29136	2	52	the	the	DET
fbem-29136	2	53	existence	existence	NOUN
fbem-29136	2	54	of	of	ADP
fbem-29136	2	55	peer	peer	NOUN
fbem-29136	2	56	group	group	NOUN
fbem-29136	2	57	effect	effect	NOUN
fbem-29136	2	58	and	and	CCONJ
fbem-29136	2	59	analyzes	analyze	VERB
fbem-29136	2	60	the	the	DET
fbem-29136	2	61	strength	strength	NOUN
fbem-29136	2	62	of	of	ADP
fbem-29136	2	63	peer	peer	NOUN
fbem-29136	2	64	group	group	NOUN
fbem-29136	2	65	effect	effect	NOUN
fbem-29136	2	66	indicators	indicator	NOUN
fbem-29136	2	67	in	in	ADP
fbem-29136	2	68	terms	term	NOUN
fbem-29136	2	69	of	of	ADP
fbem-29136	2	70	willingness	willingness	NOUN
fbem-29136	2	71	to	to	PART
fbem-29136	2	72	pay	pay	VERB
fbem-29136	2	73	and	and	CCONJ
fbem-29136	2	74	intensity	intensity	NOUN
fbem-29136	2	75	of	of	ADP
fbem-29136	2	76	payment	payment	NOUN
fbem-29136	2	77	in	in	ADP
fbem-29136	2	78	the	the	DET
fbem-29136	2	79	dividend	dividend	NOUN
fbem-29136	2	80	behavior	behavior	NOUN
fbem-29136	2	81	of	of	ADP
fbem-29136	2	82	enterprises	enterprise	NOUN
fbem-29136	2	83	.	.	PUNCT
fbem-29136	3	1	for	for	ADP
fbem-29136	3	2	the	the	DET
fbem-29136	3	3	selection	selection	NOUN
fbem-29136	3	4	of	of	ADP
fbem-29136	3	5	impact	impact	NOUN
fbem-29136	3	6	indicators	indicator	NOUN
fbem-29136	3	7	,	,	PUNCT
fbem-29136	3	8	this	this	DET
fbem-29136	3	9	article	article	NOUN
fbem-29136	3	10	takes	take	VERB
fbem-29136	3	11	into	into	ADP
fbem-29136	3	12	account	account	NOUN
fbem-29136	3	13	the	the	DET
fbem-29136	3	14	internal	internal	ADJ
fbem-29136	3	15	and	and	CCONJ
fbem-29136	3	16	external	external	ADJ
fbem-29136	3	17	environment	environment	NOUN
fbem-29136	3	18	of	of	ADP
fbem-29136	3	19	enterprise	enterprise	NOUN
fbem-29136	3	20	operation	operation	NOUN
fbem-29136	3	21	,	,	PUNCT
fbem-29136	3	22	mainly	mainly	ADV
fbem-29136	3	23	focusing	focus	VERB
fbem-29136	3	24	on	on	ADP
fbem-29136	3	25	company	company	NOUN
fbem-29136	3	26	size	size	NOUN
fbem-29136	3	27	and	and	CCONJ
fbem-29136	3	28	industry	industry	NOUN
fbem-29136	3	29	competition	competition	NOUN
fbem-29136	3	30	as	as	ADP
fbem-29136	3	31	the	the	DET
fbem-29136	3	32	research	research	NOUN
fbem-29136	3	33	focus.according	focus.accorde	VERB
fbem-29136	3	34	to	to	ADP
fbem-29136	3	35	the	the	DET
fbem-29136	3	36	research	research	NOUN
fbem-29136	3	37	,	,	PUNCT
fbem-29136	3	38	in	in	ADP
fbem-29136	3	39	the	the	DET
fbem-29136	3	40	dividend	dividend	NOUN
fbem-29136	3	41	distribution	distribution	NOUN
fbem-29136	3	42	behavior	behavior	NOUN
fbem-29136	3	43	of	of	ADP
fbem-29136	3	44	listed	list	VERB
fbem-29136	3	45	companies	company	NOUN
fbem-29136	3	46	,	,	PUNCT
fbem-29136	3	47	the	the	DET
fbem-29136	3	48	existence	existence	NOUN
fbem-29136	3	49	of	of	ADP
fbem-29136	3	50	the	the	DET
fbem-29136	3	51	peer	peer	NOUN
fbem-29136	3	52	effect	effect	NOUN
fbem-29136	3	53	is	be	AUX
fbem-29136	3	54	confirmed	confirm	VERB
fbem-29136	3	55	in	in	ADP
fbem-29136	3	56	both	both	DET
fbem-29136	3	57	th	th	PRON
fbem-29136	3	58	e	e	NOUN
fbem-29136	3	59	willingness	willingness	NOUN
fbem-29136	3	60	to	to	PART
fbem-29136	3	61	pay	pay	VERB
fbem-29136	3	62	and	and	CCONJ
fbem-29136	3	63	the	the	DET
fbem-29136	3	64	degree	degree	NOUN
fbem-29136	3	65	of	of	ADP
fbem-29136	3	66	payment	payment	NOUN
fbem-29136	3	67	;	;	PUNCT
fbem-29136	3	68	the	the	DET
fbem-29136	3	69	size	size	NOUN
fbem-29136	3	70	of	of	ADP
fbem-29136	3	71	the	the	DET
fbem-29136	3	72	company	company	NOUN
fbem-29136	3	73	and	and	CCONJ
fbem-29136	3	74	the	the	DET
fbem-29136	3	75	level	level	NOUN
fbem-29136	3	76	of	of	ADP
fbem-29136	3	77	industry	industry	NOUN
fbem-29136	3	78	competition	competition	NOUN
fbem-29136	3	79	will	will	AUX
fbem-29136	3	80	have	have	VERB
fbem-29136	3	81	a	a	DET
fbem-29136	3	82	significant	significant	ADJ
fbem-29136	3	83	impact	impact	NOUN
fbem-29136	3	84	on	on	ADP
fbem-29136	3	85	the	the	DET
fbem-29136	3	86	strength	strength	NOUN
fbem-29136	3	87	of	of	ADP
fbem-29136	3	88	the	the	DET
fbem-29136	3	89	peer	peer	NOUN
fbem-29136	3	90	effect	effect	NOUN
fbem-29136	3	91	.	.	PUNCT
fbem-29136	4	1	based	base	VERB
fbem-29136	4	2	on	on	ADP
fbem-29136	4	3	the	the	DET
fbem-29136	4	4	research	research	NOUN
fbem-29136	4	5	results	result	NOUN
fbem-29136	4	6	,	,	PUNCT
fbem-29136	4	7	the	the	DET
fbem-29136	4	8	following	follow	VERB
fbem-29136	4	9	conclusions	conclusion	NOUN
fbem-29136	4	10	can	can	AUX
fbem-29136	4	11	be	be	AUX
fbem-29136	4	12	drawn	draw	VERB
fbem-29136	4	13	:	:	PUNCT
fbem-29136	4	14	enterprises	enterprise	NOUN
fbem-29136	4	15	should	should	AUX
fbem-29136	4	16	face	face	VERB
fbem-29136	4	17	their	their	PRON
fbem-29136	4	18	own	own	ADJ
fbem-29136	4	19	business	business	NOUN
fbem-29136	4	20	development	development	NOUN
fbem-29136	4	21	characteristics	characteristic	NOUN
fbem-29136	4	22	and	and	CCONJ
fbem-29136	4	23	make	make	VERB
fbem-29136	4	24	appropriate	appropriate	ADJ
fbem-29136	4	25	dividend	dividend	NOUN
fbem-29136	4	26	distribution	distribution	NOUN
fbem-29136	4	27	behavior	behavior	NOUN
fbem-29136	4	28	based	base	VERB
fbem-29136	4	29	on	on	ADP
fbem-29136	4	30	this	this	PRON
fbem-29136	4	31	.	.	PUNCT
fbem-29136	5	1	keywords	keyword	NOUN
fbem-29136	5	2	:	:	PUNCT
fbem-29136	5	3	peer	peer	NOUN
fbem-29136	5	4	effect	effect	NOUN
fbem-29136	5	5	,	,	PUNCT
fbem-29136	5	6	dividend	dividend	NOUN
fbem-29136	5	7	distribution	distribution	NOUN
fbem-29136	5	8	,	,	PUNCT
fbem-29136	5	9	company	company	NOUN
fbem-29136	5	10	size	size	NOUN
fbem-29136	5	11	,	,	PUNCT
fbem-29136	5	12	industry	industry	NOUN
fbem-29136	5	13	competition	competition	NOUN
fbem-29136	5	14	.	.	PUNCT
fbem-29136	6	1	1	1	X
fbem-29136	6	2	.	.	X
fbem-29136	6	3	introduction	introduction	NOUN
fbem-29136	6	4	dividend	dividend	NOUN
fbem-29136	6	5	distribution	distribution	NOUN
fbem-29136	6	6	plays	play	VERB
fbem-29136	6	7	an	an	DET
fbem-29136	6	8	important	important	ADJ
fbem-29136	6	9	role	role	NOUN
fbem-29136	6	10	in	in	ADP
fbem-29136	6	11	giving	give	VERB
fbem-29136	6	12	investors	investor	NOUN
fbem-29136	6	13	tangible	tangible	ADJ
fbem-29136	6	14	returns	return	NOUN
fbem-29136	6	15	and	and	CCONJ
fbem-29136	6	16	guiding	guide	VERB
fbem-29136	6	17	the	the	DET
fbem-29136	6	18	sound	sound	ADJ
fbem-29136	6	19	development	development	NOUN
fbem-29136	6	20	of	of	ADP
fbem-29136	6	21	the	the	DET
fbem-29136	6	22	capital	capital	NOUN
fbem-29136	6	23	market	market	NOUN
fbem-29136	6	24	.	.	PUNCT
fbem-29136	7	1	the	the	DET
fbem-29136	7	2	dividend	dividend	NOUN
fbem-29136	7	3	distribution	distribution	NOUN
fbem-29136	7	4	policy	policy	NOUN
fbem-29136	7	5	focuses	focus	VERB
fbem-29136	7	6	on	on	ADP
fbem-29136	7	7	formulating	formulate	VERB
fbem-29136	7	8	strategies	strategy	NOUN
fbem-29136	7	9	and	and	CCONJ
fbem-29136	7	10	guidelines	guideline	NOUN
fbem-29136	7	11	on	on	ADP
fbem-29136	7	12	how	how	SCONJ
fbem-29136	7	13	to	to	PART
fbem-29136	7	14	pay	pay	VERB
fbem-29136	7	15	dividends	dividend	NOUN
fbem-29136	7	16	,	,	PUNCT
fbem-29136	7	17	how	how	SCONJ
fbem-29136	7	18	much	much	ADJ
fbem-29136	7	19	dividends	dividend	NOUN
fbem-29136	7	20	to	to	PART
fbem-29136	7	21	pay	pay	VERB
fbem-29136	7	22	to	to	ADP
fbem-29136	7	23	investors	investor	NOUN
fbem-29136	7	24	and	and	CCONJ
fbem-29136	7	25	how	how	SCONJ
fbem-29136	7	26	to	to	PART
fbem-29136	7	27	pay	pay	VERB
fbem-29136	7	28	dividends	dividend	NOUN
fbem-29136	7	29	.	.	PUNCT
fbem-29136	8	1	when	when	SCONJ
fbem-29136	8	2	implementing	implement	VERB
fbem-29136	8	3	dividend	dividend	NOUN
fbem-29136	8	4	distribution	distribution	NOUN
fbem-29136	8	5	measures	measure	NOUN
fbem-29136	8	6	,	,	PUNCT
fbem-29136	8	7	the	the	DET
fbem-29136	8	8	main	main	ADJ
fbem-29136	8	9	issue	issue	NOUN
fbem-29136	8	10	that	that	SCONJ
fbem-29136	8	11	a	a	DET
fbem-29136	8	12	company	company	NOUN
fbem-29136	8	13	needs	need	VERB
fbem-29136	8	14	to	to	PART
fbem-29136	8	15	think	think	VERB
fbem-29136	8	16	about	about	ADP
fbem-29136	8	17	is	be	AUX
fbem-29136	8	18	the	the	DET
fbem-29136	8	19	proper	proper	ADJ
fbem-29136	8	20	disposal	disposal	NOUN
fbem-29136	8	21	of	of	ADP
fbem-29136	8	22	the	the	DET
fbem-29136	8	23	company	company	NOUN
fbem-29136	8	24	's	's	PART
fbem-29136	8	25	profits	profit	NOUN
fbem-29136	8	26	,	,	PUNCT
fbem-29136	8	27	in	in	ADP
fbem-29136	8	28	order	order	NOUN
fbem-29136	8	29	to	to	PART
fbem-29136	8	30	obtain	obtain	VERB
fbem-29136	8	31	investors	investor	NOUN
fbem-29136	8	32	'	'	PART
fbem-29136	8	33	enthusiasm	enthusiasm	NOUN
fbem-29136	8	34	for	for	ADP
fbem-29136	8	35	investment	investment	NOUN
fbem-29136	8	36	by	by	ADP
fbem-29136	8	37	way	way	NOUN
fbem-29136	8	38	of	of	ADP
fbem-29136	8	39	distribution	distribution	NOUN
fbem-29136	8	40	or	or	CCONJ
fbem-29136	8	41	to	to	PART
fbem-29136	8	42	retain	retain	VERB
fbem-29136	8	43	the	the	DET
fbem-29136	8	44	profits	profit	NOUN
fbem-29136	8	45	as	as	ADP
fbem-29136	8	46	the	the	DET
fbem-29136	8	47	company	company	NOUN
fbem-29136	8	48	's	's	PART
fbem-29136	8	49	later	later	ADJ
fbem-29136	8	50	reinvestment	reinvestment	NOUN
fbem-29136	8	51	.	.	PUNCT
fbem-29136	9	1	for	for	ADP
fbem-29136	9	2	a	a	DET
fbem-29136	9	3	long	long	ADJ
fbem-29136	9	4	time	time	NOUN
fbem-29136	9	5	,	,	PUNCT
fbem-29136	9	6	the	the	DET
fbem-29136	9	7	establishment	establishment	NOUN
fbem-29136	9	8	of	of	ADP
fbem-29136	9	9	a	a	DET
fbem-29136	9	10	reasonable	reasonable	ADJ
fbem-29136	9	11	dividend	dividend	NOUN
fbem-29136	9	12	distribution	distribution	NOUN
fbem-29136	9	13	system	system	NOUN
fbem-29136	9	14	for	for	ADP
fbem-29136	9	15	listed	list	VERB
fbem-29136	9	16	companies	company	NOUN
fbem-29136	9	17	has	have	AUX
fbem-29136	9	18	been	be	AUX
fbem-29136	9	19	an	an	DET
fbem-29136	9	20	important	important	ADJ
fbem-29136	9	21	element	element	NOUN
fbem-29136	9	22	in	in	ADP
fbem-29136	9	23	safeguarding	safeguard	VERB
fbem-29136	9	24	the	the	DET
fbem-29136	9	25	interests	interest	NOUN
fbem-29136	9	26	of	of	ADP
fbem-29136	9	27	investors	investor	NOUN
fbem-29136	9	28	,	,	PUNCT
fbem-29136	9	29	maximising	maximise	VERB
fbem-29136	9	30	the	the	DET
fbem-29136	9	31	value	value	NOUN
fbem-29136	9	32	of	of	ADP
fbem-29136	9	33	the	the	DET
fbem-29136	9	34	company	company	NOUN
fbem-29136	9	35	and	and	CCONJ
fbem-29136	9	36	promoting	promote	VERB
fbem-29136	9	37	the	the	DET
fbem-29136	9	38	reform	reform	NOUN
fbem-29136	9	39	of	of	ADP
fbem-29136	9	40	the	the	DET
fbem-29136	9	41	capital	capital	NOUN
fbem-29136	9	42	market	market	NOUN
fbem-29136	9	43	.	.	PUNCT
fbem-29136	10	1	in	in	ADP
fbem-29136	10	2	managing	manage	VERB
fbem-29136	10	3	cash	cash	NOUN
fbem-29136	10	4	dividends	dividend	NOUN
fbem-29136	10	5	,	,	PUNCT
fbem-29136	10	6	the	the	DET
fbem-29136	10	7	sfc	sfc	NOUN
fbem-29136	10	8	has	have	AUX
fbem-29136	10	9	mainly	mainly	ADV
fbem-29136	10	10	strengthened	strengthen	VERB
fbem-29136	10	11	the	the	DET
fbem-29136	10	12	improvement	improvement	NOUN
fbem-29136	10	13	of	of	ADP
fbem-29136	10	14	the	the	DET
fbem-29136	10	15	dividend	dividend	NOUN
fbem-29136	10	16	system	system	NOUN
fbem-29136	10	17	and	and	CCONJ
fbem-29136	10	18	the	the	DET
fbem-29136	10	19	awareness	awareness	NOUN
fbem-29136	10	20	of	of	ADP
fbem-29136	10	21	dividends	dividend	NOUN
fbem-29136	10	22	among	among	ADP
fbem-29136	10	23	listed	list	VERB
fbem-29136	10	24	companies	company	NOUN
fbem-29136	10	25	by	by	ADP
fbem-29136	10	26	means	mean	NOUN
fbem-29136	10	27	of	of	ADP
fbem-29136	10	28	written	write	VERB
fbem-29136	10	29	documents	document	NOUN
fbem-29136	10	30	,	,	PUNCT
fbem-29136	10	31	and	and	CCONJ
fbem-29136	10	32	regulated	regulate	VERB
fbem-29136	10	33	unreasonable	unreasonable	ADJ
fbem-29136	10	34	and	and	CCONJ
fbem-29136	10	35	inappropriate	inappropriate	ADJ
fbem-29136	10	36	dividend	dividend	NOUN
fbem-29136	10	37	payment	payment	NOUN
fbem-29136	10	38	behaviour	behaviour	NOUN
fbem-29136	10	39	.	.	PUNCT
fbem-29136	11	1	in	in	ADP
fbem-29136	11	2	2013	2013	NUM
fbem-29136	11	3	,	,	PUNCT
fbem-29136	11	4	the	the	DET
fbem-29136	11	5	sfc	sfc	NOUN
fbem-29136	11	6	issued	issue	VERB
fbem-29136	11	7	the	the	DET
fbem-29136	11	8	"	"	PUNCT
fbem-29136	11	9	supervisory	supervisory	ADJ
fbem-29136	11	10	guidelines	guideline	NOUN
fbem-29136	11	11	for	for	ADP
fbem-29136	11	12	listed	list	VERB
fbem-29136	11	13	companies	company	NOUN
fbem-29136	11	14	no	no	ADV
fbem-29136	11	15	.	.	NOUN
fbem-29136	12	1	3	3	NUM
fbem-29136	12	2	-	-	PUNCT
fbem-29136	12	3	cash	cash	NOUN
fbem-29136	12	4	dividends	dividend	NOUN
fbem-29136	12	5	for	for	ADP
fbem-29136	12	6	listed	list	VERB
fbem-29136	12	7	companies	company	NOUN
fbem-29136	12	8	"	"	PUNCT
fbem-29136	12	9	(	(	PUNCT
fbem-29136	12	10	"	"	PUNCT
fbem-29136	12	11	document	document	NOUN
fbem-29136	12	12	no	no	INTJ
fbem-29136	12	13	.	.	NOUN
fbem-29136	12	14	3	3	NUM
fbem-29136	12	15	"	"	PUNCT
fbem-29136	12	16	)	)	PUNCT
fbem-29136	12	17	,	,	PUNCT
fbem-29136	12	18	which	which	PRON
fbem-29136	12	19	has	have	AUX
fbem-29136	12	20	become	become	VERB
fbem-29136	12	21	the	the	DET
fbem-29136	12	22	standardised	standardised	ADJ
fbem-29136	12	23	guiding	guide	VERB
fbem-29136	12	24	document	document	NOUN
fbem-29136	12	25	for	for	ADP
fbem-29136	12	26	listed	list	VERB
fbem-29136	12	27	companies	company	NOUN
fbem-29136	12	28	in	in	ADP
fbem-29136	12	29	respect	respect	NOUN
fbem-29136	12	30	of	of	ADP
fbem-29136	12	31	cash	cash	NOUN
fbem-29136	12	32	dividends	dividend	NOUN
fbem-29136	12	33	in	in	ADP
fbem-29136	12	34	the	the	DET
fbem-29136	12	35	following	following	ADJ
fbem-29136	12	36	years	year	NOUN
fbem-29136	12	37	.	.	PUNCT
fbem-29136	13	1	in	in	ADP
fbem-29136	13	2	2022	2022	NUM
fbem-29136	13	3	,	,	PUNCT
fbem-29136	13	4	the	the	DET
fbem-29136	13	5	sfc	sfc	NOUN
fbem-29136	13	6	further	far	ADV
fbem-29136	13	7	revised	revise	VERB
fbem-29136	13	8	document	document	NOUN
fbem-29136	13	9	no	no	INTJ
fbem-29136	13	10	.	.	NOUN
fbem-29136	13	11	3	3	NUM
fbem-29136	13	12	,	,	PUNCT
fbem-29136	13	13	making	make	VERB
fbem-29136	13	14	more	more	ADJ
fbem-29136	13	15	comprehensive	comprehensive	ADJ
fbem-29136	13	16	regulations	regulation	NOUN
fbem-29136	13	17	on	on	ADP
fbem-29136	13	18	the	the	DET
fbem-29136	13	19	policy	policy	NOUN
fbem-29136	13	20	promulgation	promulgation	NOUN
fbem-29136	13	21	,	,	PUNCT
fbem-29136	13	22	implementation	implementation	NOUN
fbem-29136	13	23	process	process	NOUN
fbem-29136	13	24	,	,	PUNCT
fbem-29136	13	25	management	management	NOUN
fbem-29136	13	26	and	and	CCONJ
fbem-29136	13	27	supervision	supervision	NOUN
fbem-29136	13	28	of	of	ADP
fbem-29136	13	29	dividend	dividend	NOUN
fbem-29136	13	30	distribution	distribution	NOUN
fbem-29136	13	31	,	,	PUNCT
fbem-29136	13	32	and	and	CCONJ
fbem-29136	13	33	reasonable	reasonable	ADJ
fbem-29136	13	34	and	and	CCONJ
fbem-29136	13	35	orderly	orderly	ADJ
fbem-29136	13	36	dividend	dividend	NOUN
fbem-29136	13	37	distribution	distribution	NOUN
fbem-29136	13	38	behaviour	behaviour	NOUN
fbem-29136	13	39	will	will	AUX
fbem-29136	13	40	be	be	AUX
fbem-29136	13	41	popularised	popularise	VERB
fbem-29136	13	42	in	in	ADP
fbem-29136	13	43	the	the	DET
fbem-29136	13	44	capital	capital	NOUN
fbem-29136	13	45	market	market	NOUN
fbem-29136	13	46	.	.	PUNCT
fbem-29136	14	1	scholars	scholar	NOUN
fbem-29136	14	2	have	have	AUX
fbem-29136	14	3	launched	launch	VERB
fbem-29136	14	4	extensive	extensive	ADJ
fbem-29136	14	5	research	research	NOUN
fbem-29136	14	6	on	on	ADP
fbem-29136	14	7	dividend	dividend	NOUN
fbem-29136	14	8	distribution	distribution	NOUN
fbem-29136	14	9	policy	policy	NOUN
fbem-29136	14	10	,	,	PUNCT
fbem-29136	14	11	which	which	PRON
fbem-29136	14	12	developed	develop	VERB
fbem-29136	14	13	three	three	NUM
fbem-29136	14	14	major	major	ADJ
fbem-29136	14	15	traditional	traditional	ADJ
fbem-29136	14	16	dividend	dividend	NOUN
fbem-29136	14	17	policy	policy	NOUN
fbem-29136	14	18	theory	theory	NOUN
fbem-29136	14	19	.	.	PUNCT
fbem-29136	15	1	however	however	ADV
fbem-29136	15	2	,	,	PUNCT
fbem-29136	15	3	due	due	ADP
fbem-29136	15	4	to	to	ADP
fbem-29136	15	5	the	the	DET
fbem-29136	15	6	development	development	NOUN
fbem-29136	15	7	and	and	CCONJ
fbem-29136	15	8	use	use	NOUN
fbem-29136	15	9	of	of	ADP
fbem-29136	15	10	cash	cash	NOUN
fbem-29136	15	11	dividends	dividend	NOUN
fbem-29136	15	12	in	in	ADP
fbem-29136	15	13	china	china	PROPN
fbem-29136	15	14	presents	present	VERB
fbem-29136	15	15	a	a	DET
fbem-29136	15	16	relative	relative	ADJ
fbem-29136	15	17	speciality	speciality	NOUN
fbem-29136	15	18	,	,	PUNCT
fbem-29136	15	19	the	the	DET
fbem-29136	15	20	status	status	NOUN
fbem-29136	15	21	quo	quo	NOUN
fbem-29136	15	22	there	there	PRON
fbem-29136	15	23	are	be	VERB
fbem-29136	15	24	a	a	DET
fbem-29136	15	25	series	series	NOUN
fbem-29136	15	26	of	of	ADP
fbem-29136	15	27	dividend	dividend	NOUN
fbem-29136	15	28	enigmas	enigma	NOUN
fbem-29136	15	29	that	that	PRON
fbem-29136	15	30	are	be	AUX
fbem-29136	15	31	difficult	difficult	ADJ
fbem-29136	15	32	to	to	PART
fbem-29136	15	33	explain	explain	VERB
fbem-29136	15	34	by	by	ADP
fbem-29136	15	35	traditional	traditional	ADJ
fbem-29136	15	36	dividend	dividend	NOUN
fbem-29136	15	37	theory	theory	NOUN
fbem-29136	15	38	.	.	PUNCT
fbem-29136	16	1	with	with	ADP
fbem-29136	16	2	the	the	DET
fbem-29136	16	3	continuous	continuous	ADJ
fbem-29136	16	4	introduction	introduction	NOUN
fbem-29136	16	5	of	of	ADP
fbem-29136	16	6	behavioural	behavioural	ADJ
fbem-29136	16	7	finance	finance	NOUN
fbem-29136	16	8	theory	theory	NOUN
fbem-29136	16	9	in	in	ADP
fbem-29136	16	10	recent	recent	ADJ
fbem-29136	16	11	years	year	NOUN
fbem-29136	16	12	,	,	PUNCT
fbem-29136	16	13	scholars	scholar	NOUN
fbem-29136	16	14	have	have	AUX
fbem-29136	16	15	found	find	VERB
fbem-29136	16	16	that	that	SCONJ
fbem-29136	16	17	the	the	DET
fbem-29136	16	18	peer	peer	NOUN
fbem-29136	16	19	effect	effect	NOUN
fbem-29136	16	20	is	be	AUX
fbem-29136	16	21	more	more	ADJ
fbem-29136	16	22	in	in	ADP
fbem-29136	16	23	line	line	NOUN
fbem-29136	16	24	with	with	ADP
fbem-29136	16	25	the	the	DET
fbem-29136	16	26	in	in	ADP
fbem-29136	16	27	-	-	PUNCT
fbem-29136	16	28	depth	depth	NOUN
fbem-29136	16	29	analysis	analysis	NOUN
fbem-29136	16	30	of	of	ADP
fbem-29136	16	31	dividend	dividend	NOUN
fbem-29136	16	32	distribution	distribution	NOUN
fbem-29136	16	33	behaviour	behaviour	NOUN
fbem-29136	16	34	.	.	PUNCT
fbem-29136	17	1	the	the	DET
fbem-29136	17	2	influencing	influence	VERB
fbem-29136	17	3	factors	factor	NOUN
fbem-29136	17	4	of	of	ADP
fbem-29136	17	5	cash	cash	NOUN
fbem-29136	17	6	dividends	dividend	NOUN
fbem-29136	17	7	involved	involve	VERB
fbem-29136	17	8	in	in	ADP
fbem-29136	17	9	the	the	DET
fbem-29136	17	10	existing	exist	VERB
fbem-29136	17	11	literature	literature	NOUN
fbem-29136	17	12	are	be	AUX
fbem-29136	17	13	mainly	mainly	ADV
fbem-29136	17	14	based	base	VERB
fbem-29136	17	15	on	on	ADP
fbem-29136	17	16	the	the	DET
fbem-29136	17	17	company	company	NOUN
fbem-29136	17	18	's	's	PART
fbem-29136	17	19	development	development	NOUN
fbem-29136	17	20	,	,	PUNCT
fbem-29136	17	21	profitability	profitability	NOUN
fbem-29136	17	22	,	,	PUNCT
fbem-29136	17	23	capital	capital	NOUN
fbem-29136	17	24	structure	structure	NOUN
fbem-29136	17	25	,	,	PUNCT
fbem-29136	17	26	governance	governance	NOUN
fbem-29136	17	27	and	and	CCONJ
fbem-29136	17	28	other	other	ADJ
fbem-29136	17	29	conditions	condition	NOUN
fbem-29136	17	30	,	,	PUNCT
fbem-29136	17	31	this	this	DET
fbem-29136	17	32	paper	paper	NOUN
fbem-29136	17	33	mainly	mainly	ADV
fbem-29136	17	34	focuses	focus	VERB
fbem-29136	17	35	on	on	ADP
fbem-29136	17	36	the	the	DET
fbem-29136	17	37	company	company	NOUN
fbem-29136	17	38	's	's	PART
fbem-29136	17	39	size	size	NOUN
fbem-29136	17	40	and	and	CCONJ
fbem-29136	17	41	industry	industry	NOUN
fbem-29136	17	42	competition	competition	NOUN
fbem-29136	17	43	as	as	ADP
fbem-29136	17	44	the	the	DET
fbem-29136	17	45	focus	focus	NOUN
fbem-29136	17	46	of	of	ADP
fbem-29136	17	47	the	the	DET
fbem-29136	17	48	discussion	discussion	NOUN
fbem-29136	17	49	,	,	PUNCT
fbem-29136	17	50	and	and	CCONJ
fbem-29136	17	51	analyses	analyse	VERB
fbem-29136	17	52	the	the	DET
fbem-29136	17	53	factors	factor	NOUN
fbem-29136	17	54	affecting	affect	VERB
fbem-29136	17	55	the	the	DET
fbem-29136	17	56	peer	peer	NOUN
fbem-29136	17	57	effect	effect	NOUN
fbem-29136	17	58	of	of	ADP
fbem-29136	17	59	dividend	dividend	NOUN
fbem-29136	17	60	distribution	distribution	NOUN
fbem-29136	17	61	from	from	ADP
fbem-29136	17	62	both	both	CCONJ
fbem-29136	17	63	internal	internal	ADJ
fbem-29136	17	64	and	and	CCONJ
fbem-29136	17	65	external	external	ADJ
fbem-29136	17	66	perspectives	perspective	NOUN
fbem-29136	17	67	.	.	PUNCT
fbem-29136	18	1	using	use	VERB
fbem-29136	18	2	the	the	DET
fbem-29136	18	3	financial	financial	ADJ
fbem-29136	18	4	data	datum	NOUN
fbem-29136	18	5	of	of	ADP
fbem-29136	18	6	a	a	DET
fbem-29136	18	7	-	-	PUNCT
fbem-29136	18	8	share	share	NOUN
fbem-29136	18	9	listed	list	VERB
fbem-29136	18	10	companies	company	NOUN
fbem-29136	18	11	in	in	ADP
fbem-29136	18	12	china	china	PROPN
fbem-29136	18	13	from	from	ADP
fbem-29136	18	14	2013	2013	NUM
fbem-29136	18	15	to	to	ADP
fbem-29136	18	16	2022	2022	NUM
fbem-29136	18	17	,	,	PUNCT
fbem-29136	18	18	this	this	DET
fbem-29136	18	19	paper	paper	NOUN
fbem-29136	18	20	tries	try	VERB
fbem-29136	18	21	to	to	PART
fbem-29136	18	22	make	make	VERB
fbem-29136	18	23	a	a	DET
fbem-29136	18	24	deep	deep	ADJ
fbem-29136	18	25	analysis	analysis	NOUN
fbem-29136	18	26	of	of	ADP
fbem-29136	18	27	the	the	DET
fbem-29136	18	28	mechanism	mechanism	NOUN
fbem-29136	18	29	of	of	ADP
fbem-29136	18	30	dividend	dividend	NOUN
fbem-29136	18	31	distribution	distribution	NOUN
fbem-29136	18	32	based	base	VERB
fbem-29136	18	33	on	on	ADP
fbem-29136	18	34	the	the	DET
fbem-29136	18	35	assumption	assumption	NOUN
fbem-29136	18	36	of	of	ADP
fbem-29136	18	37	the	the	DET
fbem-29136	18	38	existence	existence	NOUN
fbem-29136	18	39	of	of	ADP
fbem-29136	18	40	the	the	DET
fbem-29136	18	41	peer	peer	NOUN
fbem-29136	18	42	effect	effect	NOUN
fbem-29136	18	43	in	in	ADP
fbem-29136	18	44	the	the	DET
fbem-29136	18	45	dividend	dividend	NOUN
fbem-29136	18	46	policy	policy	NOUN
fbem-29136	18	47	,	,	PUNCT
fbem-29136	18	48	using	use	VERB
fbem-29136	18	49	the	the	DET
fbem-29136	18	50	internal	internal	ADJ
fbem-29136	18	51	factor	factor	NOUN
fbem-29136	18	52	of	of	ADP
fbem-29136	18	53	company	company	NOUN
fbem-29136	18	54	size	size	NOUN
fbem-29136	18	55	and	and	CCONJ
fbem-29136	18	56	the	the	DET
fbem-29136	18	57	external	external	ADJ
fbem-29136	18	58	factor	factor	NOUN
fbem-29136	18	59	of	of	ADP
fbem-29136	18	60	industry	industry	NOUN
fbem-29136	18	61	competition	competition	NOUN
fbem-29136	18	62	.	.	PUNCT
fbem-29136	19	1	2	2	X
fbem-29136	19	2	.	.	X
fbem-29136	19	3	literature	literature	NOUN
fbem-29136	19	4	review	review	VERB
fbem-29136	19	5	2.1	2.1	NUM
fbem-29136	19	6	.	.	PUNCT
fbem-29136	20	1	studies	study	NOUN
fbem-29136	20	2	related	relate	VERB
fbem-29136	20	3	to	to	ADP
fbem-29136	20	4	peer	peer	NOUN
fbem-29136	20	5	effects	effect	NOUN
fbem-29136	20	6	while	while	SCONJ
fbem-29136	20	7	most	most	ADJ
fbem-29136	20	8	of	of	ADP
fbem-29136	20	9	the	the	DET
fbem-29136	20	10	traditional	traditional	ADJ
fbem-29136	20	11	economic	economic	ADJ
fbem-29136	20	12	theories	theory	NOUN
fbem-29136	20	13	are	be	AUX
fbem-29136	20	14	based	base	VERB
fbem-29136	20	15	on	on	ADP
fbem-29136	20	16	the	the	DET
fbem-29136	20	17	assumption	assumption	NOUN
fbem-29136	20	18	of	of	ADP
fbem-29136	20	19	rational	rational	ADJ
fbem-29136	20	20	economic	economic	ADJ
fbem-29136	20	21	man	man	NOUN
fbem-29136	20	22	,	,	PUNCT
fbem-29136	20	23	behavioural	behavioural	ADJ
fbem-29136	20	24	finance	finance	NOUN
fbem-29136	20	25	breaks	break	VERB
fbem-29136	20	26	through	through	ADP
fbem-29136	20	27	the	the	DET
fbem-29136	20	28	assumption	assumption	NOUN
fbem-29136	20	29	of	of	ADP
fbem-29136	20	30	full	full	ADJ
fbem-29136	20	31	rationality	rationality	NOUN
fbem-29136	20	32	of	of	ADP
fbem-29136	20	33	the	the	DET
fbem-29136	20	34	participants	participant	NOUN
fbem-29136	20	35	in	in	ADP
fbem-29136	20	36	the	the	DET
fbem-29136	20	37	traditional	traditional	ADJ
fbem-29136	20	38	economic	economic	ADJ
fbem-29136	20	39	theories	theory	NOUN
fbem-29136	20	40	and	and	CCONJ
fbem-29136	20	41	advocates	advocate	VERB
fbem-29136	20	42	the	the	DET
fbem-29136	20	43	psychological	psychological	ADJ
fbem-29136	20	44	and	and	CCONJ
fbem-29136	20	45	irrational	irrational	ADJ
fbem-29136	20	46	factors	factor	NOUN
fbem-29136	20	47	arising	arise	VERB
fbem-29136	20	48	from	from	ADP
fbem-29136	20	49	the	the	DET
fbem-29136	20	50	decision	decision	NOUN
fbem-29136	20	51	-	-	PUNCT
fbem-29136	20	52	making	make	VERB
fbem-29136	20	53	process	process	NOUN
fbem-29136	20	54	of	of	ADP
fbem-29136	20	55	investors	investor	NOUN
fbem-29136	20	56	.	.	PUNCT
fbem-29136	21	1	according	accord	VERB
fbem-29136	21	2	to	to	ADP
fbem-29136	21	3	shiller	shiller	PROPN
fbem-29136	21	4	's	's	PART
fbem-29136	21	5	(	(	PUNCT
fbem-29136	21	6	2000	2000	NUM
fbem-29136	21	7	)	)	PUNCT
fbem-29136	21	8	definition	definition	NOUN
fbem-29136	21	9	of	of	ADP
fbem-29136	21	10	behavioural	behavioural	ADJ
fbem-29136	21	11	finance	finance	NOUN
fbem-29136	21	12	,	,	PUNCT
fbem-29136	21	13	it	it	PRON
fbem-29136	21	14	is	be	AUX
fbem-29136	21	15	a	a	DET
fbem-29136	21	16	composite	composite	ADJ
fbem-29136	21	17	discipline	discipline	NOUN
fbem-29136	21	18	that	that	PRON
fbem-29136	21	19	combines	combine	VERB
fbem-29136	21	20	psychology	psychology	NOUN
fbem-29136	21	21	,	,	PUNCT
fbem-29136	21	22	classical	classical	ADJ
fbem-29136	21	23	economics	economic	NOUN
fbem-29136	21	24	and	and	CCONJ
fbem-29136	21	25	finance	finance	NOUN
fbem-29136	21	26	to	to	PART
fbem-29136	21	27	explain	explain	VERB
fbem-29136	21	28	phenomena	phenomenon	NOUN
fbem-29136	21	29	in	in	ADP
fbem-29136	21	30	the	the	DET
fbem-29136	21	31	market	market	NOUN
fbem-29136	21	32	that	that	PRON
fbem-29136	21	33	are	be	AUX
fbem-29136	21	34	contrary	contrary	ADJ
fbem-29136	21	35	to	to	ADP
fbem-29136	21	36	standard	standard	ADJ
fbem-29136	21	37	financial	financial	ADJ
fbem-29136	21	38	theory	theory	NOUN
fbem-29136	21	39	.	.	PUNCT
fbem-29136	22	1	in	in	ADP
fbem-29136	22	2	the	the	DET
fbem-29136	22	3	context	context	NOUN
fbem-29136	22	4	of	of	ADP
fbem-29136	22	5	corporate	corporate	ADJ
fbem-29136	22	6	financial	financial	ADJ
fbem-29136	22	7	behaviour	behaviour	NOUN
fbem-29136	22	8	,	,	PUNCT
fbem-29136	22	9	the	the	DET
fbem-29136	22	10	phenomenon	phenomenon	NOUN
fbem-29136	22	11	of	of	ADP
fbem-29136	22	12	group	group	NOUN
fbem-29136	22	13	convergence	convergence	NOUN
fbem-29136	22	14	,	,	PUNCT
fbem-29136	22	15	whereby	whereby	SCONJ
fbem-29136	22	16	the	the	DET
fbem-29136	22	17	financial	financial	ADJ
fbem-29136	22	18	behaviour	behaviour	NOUN
fbem-29136	22	19	of	of	ADP
fbem-29136	22	20	a	a	DET
fbem-29136	22	21	firm	firm	NOUN
fbem-29136	22	22	may	may	AUX
fbem-29136	22	23	not	not	PART
fbem-29136	22	24	be	be	AUX
fbem-29136	22	25	determined	determine	VERB
fbem-29136	22	26	solely	solely	ADV
fbem-29136	22	27	by	by	ADP
fbem-29136	22	28	the	the	DET
fbem-29136	22	29	outcome	outcome	NOUN
fbem-29136	22	30	of	of	ADP
fbem-29136	22	31	managers	manager	NOUN
fbem-29136	22	32	'	'	PART
fbem-29136	22	33	decisions	decision	NOUN
fbem-29136	22	34	,	,	PUNCT
fbem-29136	22	35	has	have	AUX
fbem-29136	22	36	been	be	AUX
fbem-29136	22	37	more	more	ADV
fbem-29136	22	38	widely	widely	ADV
fbem-29136	22	39	manifested	manifest	VERB
fbem-29136	22	40	.	.	PUNCT
fbem-29136	23	1	winston	winston	PROPN
fbem-29136	23	2	and	and	CCONJ
fbem-29136	23	3	zimmerman	zimmerman	PROPN
fbem-29136	23	4	(	(	PUNCT
fbem-29136	23	5	2003	2003	NUM
fbem-29136	23	6	)	)	PUNCT
fbem-29136	23	7	define	define	VERB
fbem-29136	23	8	the	the	DET
fbem-29136	23	9	academic	academic	ADJ
fbem-29136	23	10	concept	concept	NOUN
fbem-29136	23	11	and	and	CCONJ
fbem-29136	23	12	judgement	judgement	NOUN
fbem-29136	23	13	of	of	ADP
fbem-29136	23	14	the	the	DET
fbem-29136	23	15	peer	peer	NOUN
fbem-29136	23	16	effect	effect	NOUN
fbem-29136	23	17	,	,	PUNCT
fbem-29136	23	18	arguing	argue	VERB
fbem-29136	23	19	that	that	SCONJ
fbem-29136	23	20	the	the	DET
fbem-29136	23	21	existence	existence	NOUN
fbem-29136	23	22	of	of	ADP
fbem-29136	23	23	the	the	DET
fbem-29136	23	24	peer	peer	NOUN
fbem-29136	23	25	effect	effect	NOUN
fbem-29136	23	26	depends	depend	VERB
fbem-29136	23	27	on	on	ADP
fbem-29136	23	28	whether	whether	SCONJ
fbem-29136	23	29	the	the	DET
fbem-29136	23	30	behaviour	behaviour	NOUN
fbem-29136	23	31	a	a	DET
fbem-29136	23	32	person	person	NOUN
fbem-29136	23	33	commits	commit	VERB
fbem-29136	23	34	is	be	AUX
fbem-29136	23	35	a	a	DET
fbem-29136	23	36	result	result	NOUN
fbem-29136	23	37	of	of	ADP
fbem-29136	23	38	the	the	DET
fbem-29136	23	39	interaction	interaction	NOUN
fbem-29136	23	40	between	between	ADP
fbem-29136	23	41	the	the	DET
fbem-29136	23	42	behaviour	behaviour	NOUN
fbem-29136	23	43	43	43	NUM
fbem-29136	23	44	of	of	ADP
fbem-29136	23	45	the	the	DET
fbem-29136	23	46	individual	individual	NOUN
fbem-29136	23	47	and	and	CCONJ
fbem-29136	23	48	the	the	DET
fbem-29136	23	49	behaviour	behaviour	NOUN
fbem-29136	23	50	of	of	ADP
fbem-29136	23	51	the	the	DET
fbem-29136	23	52	peer	peer	NOUN
fbem-29136	23	53	.	.	PUNCT
fbem-29136	24	1	peer	peer	NOUN
fbem-29136	24	2	effect	effect	NOUN
fbem-29136	24	3	theory	theory	NOUN
fbem-29136	24	4	advocates	advocate	VERB
fbem-29136	24	5	the	the	DET
fbem-29136	24	6	inclusion	inclusion	NOUN
fbem-29136	24	7	of	of	ADP
fbem-29136	24	8	a	a	DET
fbem-29136	24	9	peer	peer	NOUN
fbem-29136	24	10	perspective	perspective	NOUN
fbem-29136	24	11	between	between	ADP
fbem-29136	24	12	individuals	individual	NOUN
fbem-29136	24	13	and	and	CCONJ
fbem-29136	24	14	markets	market	NOUN
fbem-29136	24	15	,	,	PUNCT
fbem-29136	24	16	which	which	PRON
fbem-29136	24	17	is	be	AUX
fbem-29136	24	18	an	an	DET
fbem-29136	24	19	important	important	ADJ
fbem-29136	24	20	expansion	expansion	NOUN
fbem-29136	24	21	of	of	ADP
fbem-29136	24	22	traditional	traditional	ADJ
fbem-29136	24	23	economic	economic	ADJ
fbem-29136	24	24	theory	theory	NOUN
fbem-29136	24	25	.	.	PUNCT
fbem-29136	25	1	most	most	ADJ
fbem-29136	25	2	of	of	ADP
fbem-29136	25	3	the	the	DET
fbem-29136	25	4	early	early	ADJ
fbem-29136	25	5	studies	study	NOUN
fbem-29136	25	6	on	on	ADP
fbem-29136	25	7	the	the	DET
fbem-29136	25	8	peer	peer	NOUN
fbem-29136	25	9	effect	effect	NOUN
fbem-29136	25	10	by	by	ADP
fbem-29136	25	11	scholars	scholar	NOUN
fbem-29136	25	12	at	at	ADP
fbem-29136	25	13	home	home	NOUN
fbem-29136	25	14	and	and	CCONJ
fbem-29136	25	15	abroad	abroad	ADV
fbem-29136	25	16	revolve	revolve	NOUN
fbem-29136	25	17	around	around	ADP
fbem-29136	25	18	sociological	sociological	ADJ
fbem-29136	25	19	behaviour	behaviour	NOUN
fbem-29136	25	20	,	,	PUNCT
fbem-29136	25	21	observing	observe	VERB
fbem-29136	25	22	many	many	ADJ
fbem-29136	25	23	aspects	aspect	NOUN
fbem-29136	25	24	of	of	ADP
fbem-29136	25	25	human	human	ADJ
fbem-29136	25	26	social	social	ADJ
fbem-29136	25	27	life	life	NOUN
fbem-29136	25	28	to	to	PART
fbem-29136	25	29	verify	verify	VERB
fbem-29136	25	30	the	the	DET
fbem-29136	25	31	peer	peer	NOUN
fbem-29136	25	32	effect	effect	NOUN
fbem-29136	25	33	.	.	PUNCT
fbem-29136	26	1	deng	deng	PROPN
fbem-29136	26	2	huihui	huihui	PROPN
fbem-29136	26	3	(	(	PUNCT
fbem-29136	26	4	2018	2018	NUM
fbem-29136	26	5	)	)	PUNCT
fbem-29136	26	6	study	study	NOUN
fbem-29136	26	7	has	have	AUX
fbem-29136	26	8	confirmed	confirm	VERB
fbem-29136	26	9	the	the	DET
fbem-29136	26	10	imitation	imitation	NOUN
fbem-29136	26	11	behaviour	behaviour	NOUN
fbem-29136	26	12	of	of	ADP
fbem-29136	26	13	government	government	NOUN
fbem-29136	26	14	officials	official	NOUN
fbem-29136	26	15	in	in	ADP
fbem-29136	26	16	the	the	DET
fbem-29136	26	17	field	field	NOUN
fbem-29136	26	18	of	of	ADP
fbem-29136	26	19	government	government	NOUN
fbem-29136	26	20	behavioural	behavioural	ADJ
fbem-29136	26	21	decision	decision	NOUN
fbem-29136	26	22	-	-	PUNCT
fbem-29136	26	23	making	making	NOUN
fbem-29136	26	24	,	,	PUNCT
fbem-29136	26	25	and	and	CCONJ
fbem-29136	26	26	the	the	DET
fbem-29136	26	27	geographic	geographic	ADJ
fbem-29136	26	28	distance	distance	NOUN
fbem-29136	26	29	between	between	ADP
fbem-29136	26	30	local	local	ADJ
fbem-29136	26	31	governments	government	NOUN
fbem-29136	26	32	has	have	AUX
fbem-29136	26	33	become	become	VERB
fbem-29136	26	34	an	an	DET
fbem-29136	26	35	important	important	ADJ
fbem-29136	26	36	influence	influence	NOUN
fbem-29136	26	37	on	on	ADP
fbem-29136	26	38	the	the	DET
fbem-29136	26	39	degree	degree	NOUN
fbem-29136	26	40	of	of	ADP
fbem-29136	26	41	the	the	DET
fbem-29136	26	42	peer	peer	NOUN
fbem-29136	26	43	effect	effect	NOUN
fbem-29136	26	44	,	,	PUNCT
fbem-29136	26	45	and	and	CCONJ
fbem-29136	26	46	the	the	PRON
fbem-29136	26	47	closer	close	ADJ
fbem-29136	26	48	the	the	DET
fbem-29136	26	49	location	location	NOUN
fbem-29136	26	50	the	the	PRON
fbem-29136	26	51	greater	great	ADJ
fbem-29136	26	52	the	the	DET
fbem-29136	26	53	impact	impact	NOUN
fbem-29136	26	54	of	of	ADP
fbem-29136	26	55	the	the	DET
fbem-29136	26	56	peer	peer	NOUN
fbem-29136	26	57	effect	effect	NOUN
fbem-29136	26	58	accordingly	accordingly	ADV
fbem-29136	26	59	.	.	PUNCT
fbem-29136	27	1	as	as	SCONJ
fbem-29136	27	2	the	the	DET
fbem-29136	27	3	corresponding	corresponding	ADJ
fbem-29136	27	4	research	research	NOUN
fbem-29136	27	5	on	on	ADP
fbem-29136	27	6	the	the	DET
fbem-29136	27	7	peer	peer	NOUN
fbem-29136	27	8	effect	effect	NOUN
fbem-29136	27	9	becomes	become	VERB
fbem-29136	27	10	more	more	ADV
fbem-29136	27	11	and	and	CCONJ
fbem-29136	27	12	more	more	ADJ
fbem-29136	27	13	in	in	ADP
fbem-29136	27	14	-	-	PUNCT
fbem-29136	27	15	depth	depth	NOUN
fbem-29136	27	16	,	,	PUNCT
fbem-29136	27	17	the	the	DET
fbem-29136	27	18	fields	field	NOUN
fbem-29136	27	19	of	of	ADP
fbem-29136	27	20	economics	economic	NOUN
fbem-29136	27	21	and	and	CCONJ
fbem-29136	27	22	management	management	NOUN
fbem-29136	27	23	science	science	NOUN
fbem-29136	27	24	also	also	ADV
fbem-29136	27	25	try	try	VERB
fbem-29136	27	26	to	to	PART
fbem-29136	27	27	incorporate	incorporate	VERB
fbem-29136	27	28	the	the	DET
fbem-29136	27	29	theory	theory	NOUN
fbem-29136	27	30	of	of	ADP
fbem-29136	27	31	peer	peer	NOUN
fbem-29136	27	32	effect	effect	NOUN
fbem-29136	27	33	into	into	ADP
fbem-29136	27	34	the	the	DET
fbem-29136	27	35	phenomenon	phenomenon	NOUN
fbem-29136	27	36	explanation	explanation	NOUN
fbem-29136	27	37	research	research	NOUN
fbem-29136	27	38	.	.	PUNCT
fbem-29136	28	1	in	in	ADP
fbem-29136	28	2	terms	term	NOUN
fbem-29136	28	3	of	of	ADP
fbem-29136	28	4	executive	executive	ADJ
fbem-29136	28	5	pay	pay	NOUN
fbem-29136	28	6	standards	standard	NOUN
fbem-29136	28	7	,	,	PUNCT
fbem-29136	28	8	zhao	zhao	PROPN
fbem-29136	28	9	ying	ying	PROPN
fbem-29136	28	10	(	(	PUNCT
fbem-29136	28	11	2016	2016	NUM
fbem-29136	28	12	)	)	PUNCT
fbem-29136	28	13	found	find	VERB
fbem-29136	28	14	that	that	SCONJ
fbem-29136	28	15	the	the	DET
fbem-29136	28	16	pay	pay	NOUN
fbem-29136	28	17	level	level	NOUN
fbem-29136	28	18	status	status	NOUN
fbem-29136	28	19	of	of	ADP
fbem-29136	28	20	top	top	ADJ
fbem-29136	28	21	executives	executive	NOUN
fbem-29136	28	22	from	from	ADP
fbem-29136	28	23	companies	company	NOUN
fbem-29136	28	24	in	in	ADP
fbem-29136	28	25	the	the	DET
fbem-29136	28	26	same	same	ADJ
fbem-29136	28	27	industry	industry	NOUN
fbem-29136	28	28	affects	affect	VERB
fbem-29136	28	29	the	the	DET
fbem-29136	28	30	setting	setting	NOUN
fbem-29136	28	31	of	of	ADP
fbem-29136	28	32	standards	standard	NOUN
fbem-29136	28	33	by	by	ADP
fbem-29136	28	34	individual	individual	ADJ
fbem-29136	28	35	companies	company	NOUN
fbem-29136	28	36	to	to	ADP
fbem-29136	28	37	a	a	DET
fbem-29136	28	38	greater	great	ADJ
fbem-29136	28	39	extent	extent	NOUN
fbem-29136	28	40	when	when	SCONJ
fbem-29136	28	41	studying	study	VERB
fbem-29136	28	42	the	the	DET
fbem-29136	28	43	process	process	NOUN
fbem-29136	28	44	of	of	ADP
fbem-29136	28	45	establishing	establish	VERB
fbem-29136	28	46	them	they	PRON
fbem-29136	28	47	.	.	PUNCT
fbem-29136	29	1	li	li	PROPN
fbem-29136	29	2	zhisheng	zhisheng	PROPN
fbem-29136	29	3	et	et	PROPN
fbem-29136	29	4	al	al	PROPN
fbem-29136	29	5	.	.	PROPN
fbem-29136	30	1	(	(	PUNCT
fbem-29136	30	2	2018	2018	NUM
fbem-29136	30	3	)	)	PUNCT
fbem-29136	30	4	on	on	ADP
fbem-29136	30	5	local	local	ADJ
fbem-29136	30	6	indebtedness	indebtedness	NOUN
fbem-29136	30	7	,	,	PUNCT
fbem-29136	30	8	focusing	focus	VERB
fbem-29136	30	9	on	on	ADP
fbem-29136	30	10	verifying	verify	VERB
fbem-29136	30	11	the	the	DET
fbem-29136	30	12	geographical	geographical	ADJ
fbem-29136	30	13	peer	peer	NOUN
fbem-29136	30	14	effect	effect	NOUN
fbem-29136	30	15	on	on	ADP
fbem-29136	30	16	corporate	corporate	ADJ
fbem-29136	30	17	over	over	ADP
fbem-29136	30	18	-	-	PUNCT
fbem-29136	30	19	indebtedness	indebtedness	NOUN
fbem-29136	30	20	,	,	PUNCT
fbem-29136	30	21	found	find	VERB
fbem-29136	30	22	that	that	SCONJ
fbem-29136	30	23	individual	individual	ADJ
fbem-29136	30	24	firms	firm	NOUN
fbem-29136	30	25	are	be	AUX
fbem-29136	30	26	positively	positively	ADV
fbem-29136	30	27	influenced	influence	VERB
fbem-29136	30	28	by	by	ADP
fbem-29136	30	29	peer	peer	NOUN
fbem-29136	30	30	firms	firm	NOUN
fbem-29136	30	31	.	.	PUNCT
fbem-29136	31	1	in	in	ADP
fbem-29136	31	2	terms	term	NOUN
fbem-29136	31	3	of	of	ADP
fbem-29136	31	4	fund	fund	NOUN
fbem-29136	31	5	management	management	NOUN
fbem-29136	31	6	,	,	PUNCT
fbem-29136	31	7	liu	liu	PROPN
fbem-29136	31	8	jingjun	jingjun	PROPN
fbem-29136	31	9	et	et	PROPN
fbem-29136	31	10	al	al	PROPN
fbem-29136	31	11	.	.	PROPN
fbem-29136	31	12	(	(	PUNCT
fbem-29136	31	13	2018	2018	NUM
fbem-29136	31	14	)	)	PUNCT
fbem-29136	31	15	verified	verify	VERB
fbem-29136	31	16	that	that	SCONJ
fbem-29136	31	17	there	there	PRON
fbem-29136	31	18	is	be	VERB
fbem-29136	31	19	a	a	DET
fbem-29136	31	20	significant	significant	ADJ
fbem-29136	31	21	peer	peer	NOUN
fbem-29136	31	22	effect	effect	NOUN
fbem-29136	31	23	when	when	SCONJ
fbem-29136	31	24	making	make	VERB
fbem-29136	31	25	asset	asset	NOUN
fbem-29136	31	26	allocation	allocation	NOUN
fbem-29136	31	27	among	among	ADP
fbem-29136	31	28	open	open	ADJ
fbem-29136	31	29	-	-	PUNCT
fbem-29136	31	30	ended	end	VERB
fbem-29136	31	31	funds	fund	NOUN
fbem-29136	31	32	.	.	PUNCT
fbem-29136	32	1	in	in	ADP
fbem-29136	32	2	terms	term	NOUN
fbem-29136	32	3	of	of	ADP
fbem-29136	32	4	listed	list	VERB
fbem-29136	32	5	companies	company	NOUN
fbem-29136	32	6	'	'	PART
fbem-29136	32	7	investment	investment	NOUN
fbem-29136	32	8	decisions	decision	NOUN
fbem-29136	32	9	,	,	PUNCT
fbem-29136	32	10	li	li	PROPN
fbem-29136	32	11	jianing	jiane	VERB
fbem-29136	32	12	(	(	PUNCT
fbem-29136	32	13	2019	2019	NUM
fbem-29136	32	14	)	)	PUNCT
fbem-29136	32	15	confirms	confirm	VERB
fbem-29136	32	16	the	the	DET
fbem-29136	32	17	industry	industry	NOUN
fbem-29136	32	18	peer	peer	NOUN
fbem-29136	32	19	effect	effect	NOUN
fbem-29136	32	20	highlighted	highlight	VERB
fbem-29136	32	21	by	by	ADP
fbem-29136	32	22	listed	list	VERB
fbem-29136	32	23	companies	company	NOUN
fbem-29136	32	24	in	in	ADP
fbem-29136	32	25	making	make	VERB
fbem-29136	32	26	investment	investment	NOUN
fbem-29136	32	27	decisions	decision	NOUN
fbem-29136	32	28	,	,	PUNCT
fbem-29136	32	29	and	and	CCONJ
fbem-29136	32	30	quantifies	quantify	VERB
fbem-29136	32	31	the	the	DET
fbem-29136	32	32	economic	economic	ADJ
fbem-29136	32	33	effects	effect	NOUN
fbem-29136	32	34	expected	expect	VERB
fbem-29136	32	35	to	to	PART
fbem-29136	32	36	result	result	VERB
fbem-29136	32	37	from	from	ADP
fbem-29136	32	38	this	this	DET
fbem-29136	32	39	behaviour	behaviour	NOUN
fbem-29136	32	40	,	,	PUNCT
fbem-29136	32	41	finding	find	VERB
fbem-29136	32	42	that	that	SCONJ
fbem-29136	32	43	it	it	PRON
fbem-29136	32	44	promotes	promote	VERB
fbem-29136	32	45	firm	firm	ADJ
fbem-29136	32	46	performance	performance	NOUN
fbem-29136	32	47	.	.	PUNCT
fbem-29136	33	1	2.2	2.2	NUM
fbem-29136	33	2	.	.	PUNCT
fbem-29136	34	1	studies	study	NOUN
fbem-29136	34	2	related	relate	VERB
fbem-29136	34	3	to	to	ADP
fbem-29136	34	4	peer	peer	NOUN
fbem-29136	34	5	effect	effect	NOUN
fbem-29136	34	6	and	and	CCONJ
fbem-29136	34	7	dividend	dividend	NOUN
fbem-29136	34	8	distribution	distribution	NOUN
fbem-29136	34	9	with	with	ADP
fbem-29136	34	10	the	the	DET
fbem-29136	34	11	increasing	increase	VERB
fbem-29136	34	12	research	research	NOUN
fbem-29136	34	13	on	on	ADP
fbem-29136	34	14	the	the	DET
fbem-29136	34	15	peer	peer	NOUN
fbem-29136	34	16	effect	effect	NOUN
fbem-29136	34	17	,	,	PUNCT
fbem-29136	34	18	some	some	DET
fbem-29136	34	19	scholars	scholar	NOUN
fbem-29136	34	20	have	have	AUX
fbem-29136	34	21	introduced	introduce	VERB
fbem-29136	34	22	the	the	DET
fbem-29136	34	23	peer	peer	NOUN
fbem-29136	34	24	effect	effect	NOUN
fbem-29136	34	25	into	into	ADP
fbem-29136	34	26	the	the	DET
fbem-29136	34	27	study	study	NOUN
fbem-29136	34	28	of	of	ADP
fbem-29136	34	29	dividend	dividend	NOUN
fbem-29136	34	30	distribution	distribution	NOUN
fbem-29136	34	31	policy	policy	NOUN
fbem-29136	34	32	.	.	PUNCT
fbem-29136	35	1	popadak	popadak	PROPN
fbem-29136	35	2	's	's	PART
fbem-29136	35	3	(	(	PUNCT
fbem-29136	35	4	2012	2012	NUM
fbem-29136	35	5	)	)	PUNCT
fbem-29136	35	6	study	study	NOUN
fbem-29136	35	7	confirms	confirm	VERB
fbem-29136	35	8	the	the	DET
fbem-29136	35	9	existence	existence	NOUN
fbem-29136	35	10	of	of	ADP
fbem-29136	35	11	the	the	DET
fbem-29136	35	12	peer	peer	NOUN
fbem-29136	35	13	effect	effect	NOUN
fbem-29136	35	14	in	in	ADP
fbem-29136	35	15	terms	term	NOUN
fbem-29136	35	16	of	of	ADP
fbem-29136	35	17	corporate	corporate	ADJ
fbem-29136	35	18	dividend	dividend	NOUN
fbem-29136	35	19	policy	policy	NOUN
fbem-29136	35	20	,	,	PUNCT
fbem-29136	35	21	whereby	whereby	SCONJ
fbem-29136	35	22	firms	firm	NOUN
fbem-29136	35	23	imitate	imitate	VERB
fbem-29136	35	24	each	each	DET
fbem-29136	35	25	other	other	ADJ
fbem-29136	35	26	's	's	PART
fbem-29136	35	27	dividend	dividend	NOUN
fbem-29136	35	28	decisions	decision	NOUN
fbem-29136	35	29	.	.	PUNCT
fbem-29136	36	1	leary	leary	PROPN
fbem-29136	36	2	and	and	CCONJ
fbem-29136	36	3	roberts	roberts	PROPN
fbem-29136	36	4	(	(	PUNCT
fbem-29136	36	5	2014	2014	NUM
fbem-29136	36	6	)	)	PUNCT
fbem-29136	36	7	argue	argue	VERB
fbem-29136	36	8	that	that	SCONJ
fbem-29136	36	9	the	the	DET
fbem-29136	36	10	reason	reason	NOUN
fbem-29136	36	11	why	why	SCONJ
fbem-29136	36	12	decision	decision	NOUN
fbem-29136	36	13	makers	maker	NOUN
fbem-29136	36	14	of	of	ADP
fbem-29136	36	15	listed	list	VERB
fbem-29136	36	16	companies	company	NOUN
fbem-29136	36	17	imitate	imitate	VERB
fbem-29136	36	18	the	the	DET
fbem-29136	36	19	reference	reference	NOUN
fbem-29136	36	20	in	in	ADP
fbem-29136	36	21	terms	term	NOUN
fbem-29136	36	22	of	of	ADP
fbem-29136	36	23	cash	cash	NOUN
fbem-29136	36	24	dividend	dividend	NOUN
fbem-29136	36	25	policy	policy	NOUN
fbem-29136	36	26	to	to	ADP
fbem-29136	36	27	the	the	DET
fbem-29136	36	28	other	other	ADJ
fbem-29136	36	29	firms	firm	NOUN
fbem-29136	36	30	in	in	ADP
fbem-29136	36	31	the	the	DET
fbem-29136	36	32	peer	peer	NOUN
fbem-29136	36	33	group	group	NOUN
fbem-29136	36	34	because	because	SCONJ
fbem-29136	36	35	of	of	ADP
fbem-29136	36	36	the	the	DET
fbem-29136	36	37	general	general	ADJ
fbem-29136	36	38	need	need	NOUN
fbem-29136	36	39	for	for	SCONJ
fbem-29136	36	40	listed	list	VERB
fbem-29136	36	41	firms	firm	NOUN
fbem-29136	36	42	to	to	PART
fbem-29136	36	43	consider	consider	VERB
fbem-29136	36	44	the	the	DET
fbem-29136	36	45	impact	impact	NOUN
fbem-29136	36	46	of	of	ADP
fbem-29136	36	47	cost	cost	NOUN
fbem-29136	36	48	issues	issue	NOUN
fbem-29136	36	49	due	due	ADP
fbem-29136	36	50	to	to	ADP
fbem-29136	36	51	time	time	NOUN
fbem-29136	36	52	or	or	CCONJ
fbem-29136	36	53	proxy	proxy	NOUN
fbem-29136	36	54	.	.	PUNCT
fbem-29136	37	1	kaustia	kaustia	PROPN
fbem-29136	37	2	et	et	PROPN
fbem-29136	37	3	al	al	PROPN
fbem-29136	37	4	.	.	PROPN
fbem-29136	38	1	(	(	PUNCT
fbem-29136	38	2	2015	2015	NUM
fbem-29136	38	3	)	)	PUNCT
fbem-29136	38	4	explored	explore	VERB
fbem-29136	38	5	the	the	DET
fbem-29136	38	6	fact	fact	NOUN
fbem-29136	38	7	that	that	SCONJ
fbem-29136	38	8	the	the	DET
fbem-29136	38	9	decision	decision	NOUN
fbem-29136	38	10	making	making	NOUN
fbem-29136	38	11	of	of	ADP
fbem-29136	38	12	peer	peer	NOUN
fbem-29136	38	13	firms	firm	NOUN
fbem-29136	38	14	in	in	ADP
fbem-29136	38	15	terms	term	NOUN
fbem-29136	38	16	of	of	ADP
fbem-29136	38	17	dividend	dividend	NOUN
fbem-29136	38	18	policy	policy	NOUN
fbem-29136	38	19	can	can	AUX
fbem-29136	38	20	have	have	AUX
fbem-29136	38	21	a	a	DET
fbem-29136	38	22	significant	significant	ADJ
fbem-29136	38	23	impact	impact	NOUN
fbem-29136	38	24	on	on	ADP
fbem-29136	38	25	the	the	DET
fbem-29136	38	26	target	target	NOUN
fbem-29136	38	27	firms	firm	NOUN
fbem-29136	38	28	and	and	CCONJ
fbem-29136	38	29	that	that	SCONJ
fbem-29136	38	30	the	the	DET
fbem-29136	38	31	magnitude	magnitude	NOUN
fbem-29136	38	32	of	of	ADP
fbem-29136	38	33	the	the	DET
fbem-29136	38	34	effect	effect	NOUN
fbem-29136	38	35	is	be	AUX
fbem-29136	38	36	approximately	approximately	ADV
fbem-29136	38	37	equal	equal	ADJ
fbem-29136	38	38	to	to	ADP
fbem-29136	38	39	half	half	NOUN
fbem-29136	38	40	of	of	ADP
fbem-29136	38	41	the	the	DET
fbem-29136	38	42	magnitude	magnitude	NOUN
fbem-29136	38	43	of	of	ADP
fbem-29136	38	44	the	the	DET
fbem-29136	38	45	impact	impact	NOUN
fbem-29136	38	46	of	of	ADP
fbem-29136	38	47	share	share	NOUN
fbem-29136	38	48	price	price	NOUN
fbem-29136	38	49	growth	growth	NOUN
fbem-29136	38	50	.	.	PUNCT
fbem-29136	39	1	adhikari	adhikari	PROPN
fbem-29136	39	2	and	and	CCONJ
fbem-29136	39	3	agrawal	agrawal	PROPN
fbem-29136	39	4	(	(	PUNCT
fbem-29136	39	5	2018	2018	NUM
fbem-29136	39	6	)	)	PUNCT
fbem-29136	39	7	investigated	investigate	VERB
fbem-29136	39	8	the	the	DET
fbem-29136	39	9	existence	existence	NOUN
fbem-29136	39	10	of	of	ADP
fbem-29136	39	11	peer	peer	NOUN
fbem-29136	39	12	effects	effect	NOUN
fbem-29136	39	13	in	in	ADP
fbem-29136	39	14	the	the	DET
fbem-29136	39	15	formulation	formulation	NOUN
fbem-29136	39	16	of	of	ADP
fbem-29136	39	17	dividend	dividend	NOUN
fbem-29136	39	18	policy	policy	NOUN
fbem-29136	39	19	by	by	ADP
fbem-29136	39	20	listed	list	VERB
fbem-29136	39	21	companies	company	NOUN
fbem-29136	39	22	in	in	ADP
fbem-29136	39	23	the	the	DET
fbem-29136	39	24	u.s.a	u.s.a	NOUN
fbem-29136	39	25	.	.	PROPN
fbem-29136	39	26	,	,	PUNCT
fbem-29136	39	27	and	and	CCONJ
fbem-29136	39	28	pulled	pull	VERB
fbem-29136	39	29	the	the	DET
fbem-29136	39	30	idea	idea	NOUN
fbem-29136	39	31	of	of	ADP
fbem-29136	39	32	market	market	NOUN
fbem-29136	39	33	competition	competition	NOUN
fbem-29136	39	34	into	into	ADP
fbem-29136	39	35	the	the	DET
fbem-29136	39	36	study	study	NOUN
fbem-29136	39	37	's	's	PART
fbem-29136	39	38	considerations	consideration	NOUN
fbem-29136	39	39	.	.	PUNCT
fbem-29136	40	1	(	(	PUNCT
fbem-29136	40	2	2018	2018	NUM
fbem-29136	40	3	)	)	PUNCT
fbem-29136	40	4	study	study	NOUN
fbem-29136	40	5	mainly	mainly	ADV
fbem-29136	40	6	focuses	focus	VERB
fbem-29136	40	7	on	on	ADP
fbem-29136	40	8	the	the	DET
fbem-29136	40	9	reaction	reaction	NOUN
fbem-29136	40	10	time	time	NOUN
fbem-29136	40	11	of	of	ADP
fbem-29136	40	12	dividend	dividend	NOUN
fbem-29136	40	13	policy	policy	NOUN
fbem-29136	40	14	adjustment	adjustment	NOUN
fbem-29136	40	15	under	under	ADP
fbem-29136	40	16	the	the	DET
fbem-29136	40	17	peer	peer	NOUN
fbem-29136	40	18	effect	effect	NOUN
fbem-29136	40	19	,	,	PUNCT
fbem-29136	40	20	when	when	SCONJ
fbem-29136	40	21	the	the	DET
fbem-29136	40	22	peer	peer	NOUN
fbem-29136	40	23	firms	firm	NOUN
fbem-29136	40	24	increase	increase	VERB
fbem-29136	40	25	the	the	DET
fbem-29136	40	26	dividend	dividend	NOUN
fbem-29136	40	27	amount	amount	NOUN
fbem-29136	40	28	,	,	PUNCT
fbem-29136	40	29	the	the	DET
fbem-29136	40	30	target	target	NOUN
fbem-29136	40	31	firms	firm	NOUN
fbem-29136	40	32	can	can	AUX
fbem-29136	40	33	accelerate	accelerate	VERB
fbem-29136	40	34	the	the	DET
fbem-29136	40	35	reaction	reaction	NOUN
fbem-29136	40	36	and	and	CCONJ
fbem-29136	40	37	reduce	reduce	VERB
fbem-29136	40	38	the	the	DET
fbem-29136	40	39	decision	decision	NOUN
fbem-29136	40	40	time	time	NOUN
fbem-29136	40	41	,	,	PUNCT
fbem-29136	40	42	while	while	SCONJ
fbem-29136	40	43	after	after	SCONJ
fbem-29136	40	44	the	the	DET
fbem-29136	40	45	peer	peer	NOUN
fbem-29136	40	46	firms	firm	NOUN
fbem-29136	40	47	reduce	reduce	VERB
fbem-29136	40	48	the	the	DET
fbem-29136	40	49	dividend	dividend	NOUN
fbem-29136	40	50	amount	amount	NOUN
fbem-29136	40	51	,	,	PUNCT
fbem-29136	40	52	this	this	DET
fbem-29136	40	53	change	change	NOUN
fbem-29136	40	54	is	be	AUX
fbem-29136	40	55	not	not	PART
fbem-29136	40	56	prominent	prominent	ADJ
fbem-29136	40	57	;	;	PUNCT
fbem-29136	40	58	he	he	PRON
fbem-29136	40	59	attributes	attribute	VERB
fbem-29136	40	60	the	the	DET
fbem-29136	40	61	peer	peer	NOUN
fbem-29136	40	62	effect	effect	NOUN
fbem-29136	40	63	of	of	ADP
fbem-29136	40	64	the	the	DET
fbem-29136	40	65	dividend	dividend	NOUN
fbem-29136	40	66	policy	policy	NOUN
fbem-29136	40	67	to	to	ADP
fbem-29136	40	68	the	the	DET
fbem-29136	40	69	overconfidence	overconfidence	NOUN
fbem-29136	40	70	of	of	ADP
fbem-29136	40	71	the	the	DET
fbem-29136	40	72	corporate	corporate	ADJ
fbem-29136	40	73	managers	manager	NOUN
fbem-29136	40	74	and	and	CCONJ
fbem-29136	40	75	the	the	DET
fbem-29136	40	76	market	market	NOUN
fbem-29136	40	77	competition	competition	NOUN
fbem-29136	40	78	.	.	PUNCT
fbem-29136	41	1	as	as	ADP
fbem-29136	41	2	for	for	ADP
fbem-29136	41	3	domestic	domestic	ADJ
fbem-29136	41	4	studies	study	NOUN
fbem-29136	41	5	,	,	PUNCT
fbem-29136	41	6	yang	yang	PROPN
fbem-29136	41	7	songling	songling	PROPN
fbem-29136	41	8	and	and	CCONJ
fbem-29136	41	9	zhang	zhang	PROPN
fbem-29136	41	10	qiuyue	qiuyue	PROPN
fbem-29136	41	11	(	(	PUNCT
fbem-29136	41	12	2017	2017	NUM
fbem-29136	41	13	)	)	PUNCT
fbem-29136	41	14	test	test	NOUN
fbem-29136	41	15	that	that	PRON
fbem-29136	41	16	poor	poor	ADJ
fbem-29136	41	17	internal	internal	ADJ
fbem-29136	41	18	corporate	corporate	ADJ
fbem-29136	41	19	governance	governance	NOUN
fbem-29136	41	20	framework	framework	NOUN
fbem-29136	41	21	and	and	CCONJ
fbem-29136	41	22	opaque	opaque	ADJ
fbem-29136	41	23	external	external	ADJ
fbem-29136	41	24	market	market	NOUN
fbem-29136	41	25	environment	environment	NOUN
fbem-29136	41	26	are	be	AUX
fbem-29136	41	27	potential	potential	ADJ
fbem-29136	41	28	factors	factor	NOUN
fbem-29136	41	29	to	to	PART
fbem-29136	41	30	stimulate	stimulate	VERB
fbem-29136	41	31	the	the	DET
fbem-29136	41	32	peer	peer	NOUN
fbem-29136	41	33	effect	effect	NOUN
fbem-29136	41	34	in	in	ADP
fbem-29136	41	35	terms	term	NOUN
fbem-29136	41	36	of	of	ADP
fbem-29136	41	37	equity	equity	NOUN
fbem-29136	41	38	pledges	pledge	NOUN
fbem-29136	41	39	,	,	PUNCT
fbem-29136	41	40	and	and	CCONJ
fbem-29136	41	41	those	those	DET
fbem-29136	41	42	firms	firm	NOUN
fbem-29136	41	43	with	with	ADP
fbem-29136	41	44	high	high	ADJ
fbem-29136	41	45	attention	attention	NOUN
fbem-29136	41	46	per	per	ADP
fbem-29136	41	47	se	se	X
fbem-29136	41	48	are	be	AUX
fbem-29136	41	49	less	less	ADV
fbem-29136	41	50	likely	likely	ADJ
fbem-29136	41	51	to	to	PART
fbem-29136	41	52	exhibit	exhibit	VERB
fbem-29136	41	53	the	the	DET
fbem-29136	41	54	peer	peer	NOUN
fbem-29136	41	55	effect	effect	NOUN
fbem-29136	41	56	.	.	PUNCT
fbem-29136	42	1	zhang	zhang	PROPN
fbem-29136	42	2	and	and	CCONJ
fbem-29136	42	3	changwei	changwei	PROPN
fbem-29136	42	4	(	(	PUNCT
fbem-29136	42	5	2019	2019	NUM
fbem-29136	42	6	)	)	PUNCT
fbem-29136	42	7	argue	argue	VERB
fbem-29136	42	8	that	that	SCONJ
fbem-29136	42	9	the	the	DET
fbem-29136	42	10	mechanism	mechanism	NOUN
fbem-29136	42	11	of	of	ADP
fbem-29136	42	12	the	the	DET
fbem-29136	42	13	peer	peer	NOUN
fbem-29136	42	14	effect	effect	NOUN
fbem-29136	42	15	is	be	AUX
fbem-29136	42	16	due	due	ADJ
fbem-29136	42	17	to	to	ADP
fbem-29136	42	18	managers	manager	NOUN
fbem-29136	42	19	'	'	PART
fbem-29136	42	20	social	social	ADJ
fbem-29136	42	21	reputation	reputation	NOUN
fbem-29136	42	22	considerations	consideration	NOUN
fbem-29136	42	23	and	and	CCONJ
fbem-29136	42	24	information	information	NOUN
fbem-29136	42	25	learning	learn	VERB
fbem-29136	42	26	among	among	ADP
fbem-29136	42	27	managers	manager	NOUN
fbem-29136	42	28	,	,	PUNCT
fbem-29136	42	29	and	and	CCONJ
fbem-29136	42	30	then	then	ADV
fbem-29136	42	31	propose	propose	VERB
fbem-29136	42	32	the	the	DET
fbem-29136	42	33	inference	inference	NOUN
fbem-29136	42	34	that	that	PRON
fbem-29136	42	35	the	the	DET
fbem-29136	42	36	dividend	dividend	NOUN
fbem-29136	42	37	policy	policy	NOUN
fbem-29136	42	38	formulation	formulation	NOUN
fbem-29136	42	39	of	of	ADP
fbem-29136	42	40	non	non	ADJ
fbem-29136	42	41	-	-	ADJ
fbem-29136	42	42	leader	leader	ADJ
fbem-29136	42	43	firms	firm	NOUN
fbem-29136	42	44	in	in	ADP
fbem-29136	42	45	the	the	DET
fbem-29136	42	46	industry	industry	NOUN
fbem-29136	42	47	is	be	AUX
fbem-29136	42	48	significantly	significantly	ADV
fbem-29136	42	49	influenced	influence	VERB
fbem-29136	42	50	by	by	ADP
fbem-29136	42	51	leaders	leader	NOUN
fbem-29136	42	52	,	,	PUNCT
fbem-29136	42	53	while	while	SCONJ
fbem-29136	42	54	the	the	DET
fbem-29136	42	55	dividend	dividend	NOUN
fbem-29136	42	56	policy	policy	NOUN
fbem-29136	42	57	of	of	ADP
fbem-29136	42	58	the	the	DET
fbem-29136	42	59	latter	latter	ADJ
fbem-29136	42	60	firms	firm	NOUN
fbem-29136	42	61	is	be	AUX
fbem-29136	42	62	almost	almost	ADV
fbem-29136	42	63	unaffected	unaffected	ADJ
fbem-29136	42	64	by	by	ADP
fbem-29136	42	65	the	the	DET
fbem-29136	42	66	former	former	NOUN
fbem-29136	42	67	.	.	PUNCT
fbem-29136	43	1	the	the	DET
fbem-29136	43	2	results	result	NOUN
fbem-29136	43	3	of	of	ADP
fbem-29136	43	4	wu	wu	PROPN
fbem-29136	43	5	shuxuan	shuxuan	PROPN
fbem-29136	43	6	(	(	PUNCT
fbem-29136	43	7	2020	2020	NUM
fbem-29136	43	8	)	)	PUNCT
fbem-29136	43	9	reconfirmed	reconfirm	VERB
fbem-29136	43	10	the	the	DET
fbem-29136	43	11	existence	existence	NOUN
fbem-29136	43	12	of	of	ADP
fbem-29136	43	13	significant	significant	ADJ
fbem-29136	43	14	peer	peer	NOUN
fbem-29136	43	15	effect	effect	NOUN
fbem-29136	43	16	in	in	ADP
fbem-29136	43	17	dividend	dividend	NOUN
fbem-29136	43	18	distribution	distribution	NOUN
fbem-29136	43	19	of	of	ADP
fbem-29136	43	20	listed	list	VERB
fbem-29136	43	21	companies	company	NOUN
fbem-29136	43	22	in	in	ADP
fbem-29136	43	23	china	china	PROPN
fbem-29136	43	24	and	and	CCONJ
fbem-29136	43	25	emphasised	emphasise	VERB
fbem-29136	43	26	on	on	ADP
fbem-29136	43	27	learning	learn	VERB
fbem-29136	43	28	motivation	motivation	NOUN
fbem-29136	43	29	,	,	PUNCT
fbem-29136	43	30	i.e.	i.e.	X
fbem-29136	43	31	,	,	PUNCT
fbem-29136	43	32	industry	industry	NOUN
fbem-29136	43	33	leader	leader	NOUN
fbem-29136	43	34	firms	firm	NOUN
fbem-29136	43	35	would	would	AUX
fbem-29136	43	36	have	have	VERB
fbem-29136	43	37	stronger	strong	ADJ
fbem-29136	43	38	peer	peer	NOUN
fbem-29136	43	39	effect	effect	NOUN
fbem-29136	43	40	on	on	ADP
fbem-29136	43	41	non	non	ADJ
fbem-29136	43	42	-	-	ADJ
fbem-29136	43	43	leader	leader	ADJ
fbem-29136	43	44	firms	firm	NOUN
fbem-29136	43	45	.	.	PUNCT
fbem-29136	44	1	zhou	zhou	PROPN
fbem-29136	44	2	hu	hu	PROPN
fbem-29136	45	1	and	and	CCONJ
fbem-29136	45	2	tan	tan	PROPN
fbem-29136	45	3	yue	yue	PROPN
fbem-29136	45	4	(	(	PUNCT
fbem-29136	45	5	2020	2020	NUM
fbem-29136	45	6	)	)	PUNCT
fbem-29136	45	7	,	,	PUNCT
fbem-29136	45	8	on	on	ADP
fbem-29136	45	9	the	the	DET
fbem-29136	45	10	other	other	ADJ
fbem-29136	45	11	hand	hand	NOUN
fbem-29136	45	12	,	,	PUNCT
fbem-29136	45	13	suggest	suggest	VERB
fbem-29136	45	14	that	that	SCONJ
fbem-29136	45	15	the	the	DET
fbem-29136	45	16	peer	peer	NOUN
fbem-29136	45	17	effect	effect	NOUN
fbem-29136	45	18	is	be	AUX
fbem-29136	45	19	related	relate	VERB
fbem-29136	45	20	to	to	ADP
fbem-29136	45	21	factors	factor	NOUN
fbem-29136	45	22	such	such	ADJ
fbem-29136	45	23	as	as	ADP
fbem-29136	45	24	the	the	DET
fbem-29136	45	25	degree	degree	NOUN
fbem-29136	45	26	of	of	ADP
fbem-29136	45	27	management	management	NOUN
fbem-29136	45	28	overconfidence	overconfidence	NOUN
fbem-29136	45	29	,	,	PUNCT
fbem-29136	45	30	the	the	DET
fbem-29136	45	31	proportion	proportion	NOUN
fbem-29136	45	32	of	of	ADP
fbem-29136	45	33	management	management	NOUN
fbem-29136	45	34	shareholding	shareholding	NOUN
fbem-29136	45	35	and	and	CCONJ
fbem-29136	45	36	the	the	DET
fbem-29136	45	37	level	level	NOUN
fbem-29136	45	38	of	of	ADP
fbem-29136	45	39	regional	regional	ADJ
fbem-29136	45	40	marketisation	marketisation	NOUN
fbem-29136	45	41	.	.	PUNCT
fbem-29136	46	1	feng	feng	PROPN
fbem-29136	46	2	gejian	gejian	PROPN
fbem-29136	46	3	(	(	PUNCT
fbem-29136	46	4	2021	2021	NUM
fbem-29136	46	5	)	)	PUNCT
fbem-29136	46	6	focuses	focus	VERB
fbem-29136	46	7	on	on	ADP
fbem-29136	46	8	corporate	corporate	ADJ
fbem-29136	46	9	social	social	ADJ
fbem-29136	46	10	network	network	NOUN
fbem-29136	46	11	characteristics	characteristic	NOUN
fbem-29136	46	12	,	,	PUNCT
fbem-29136	46	13	and	and	CCONJ
fbem-29136	46	14	in	in	ADP
fbem-29136	46	15	order	order	NOUN
fbem-29136	46	16	to	to	PART
fbem-29136	46	17	ensure	ensure	VERB
fbem-29136	46	18	the	the	DET
fbem-29136	46	19	accuracy	accuracy	NOUN
fbem-29136	46	20	of	of	ADP
fbem-29136	46	21	the	the	DET
fbem-29136	46	22	study	study	NOUN
fbem-29136	46	23	,	,	PUNCT
fbem-29136	46	24	they	they	PRON
fbem-29136	46	25	successively	successively	ADV
fbem-29136	46	26	exclude	exclude	VERB
fbem-29136	46	27	the	the	DET
fbem-29136	46	28	interference	interference	NOUN
fbem-29136	46	29	of	of	ADP
fbem-29136	46	30	factors	factor	NOUN
fbem-29136	46	31	such	such	ADJ
fbem-29136	46	32	as	as	ADP
fbem-29136	46	33	geography	geography	NOUN
fbem-29136	46	34	and	and	CCONJ
fbem-29136	46	35	industry	industry	NOUN
fbem-29136	46	36	,	,	PUNCT
fbem-29136	46	37	and	and	CCONJ
fbem-29136	46	38	finally	finally	ADV
fbem-29136	46	39	confirm	confirm	VERB
fbem-29136	46	40	that	that	SCONJ
fbem-29136	46	41	the	the	DET
fbem-29136	46	42	factor	factor	NOUN
fbem-29136	46	43	of	of	ADP
fbem-29136	46	44	corporate	corporate	ADJ
fbem-29136	46	45	social	social	ADJ
fbem-29136	46	46	network	network	NOUN
fbem-29136	46	47	characteristics	characteristic	NOUN
fbem-29136	46	48	has	have	VERB
fbem-29136	46	49	a	a	DET
fbem-29136	46	50	significant	significant	ADJ
fbem-29136	46	51	impact	impact	NOUN
fbem-29136	46	52	on	on	ADP
fbem-29136	46	53	the	the	DET
fbem-29136	46	54	peer	peer	NOUN
fbem-29136	46	55	effect	effect	NOUN
fbem-29136	46	56	.	.	PUNCT
fbem-29136	47	1	3	3	X
fbem-29136	47	2	.	.	X
fbem-29136	47	3	theoretical	theoretical	ADJ
fbem-29136	47	4	assumption	assumption	NOUN
fbem-29136	47	5	3.1	3.1	NUM
fbem-29136	47	6	.	.	PUNCT
fbem-29136	48	1	existence	existence	NOUN
fbem-29136	48	2	hypothesis	hypothesis	NOUN
fbem-29136	48	3	of	of	ADP
fbem-29136	48	4	corporate	corporate	ADJ
fbem-29136	48	5	dividend	dividend	NOUN
fbem-29136	48	6	policy	policy	NOUN
fbem-29136	48	7	peer	peer	NOUN
fbem-29136	48	8	effect	effect	NOUN
fbem-29136	48	9	the	the	DET
fbem-29136	48	10	similarities	similarity	NOUN
fbem-29136	48	11	that	that	PRON
fbem-29136	48	12	emerge	emerge	VERB
fbem-29136	48	13	in	in	ADP
fbem-29136	48	14	the	the	DET
fbem-29136	48	15	dividend	dividend	NOUN
fbem-29136	48	16	distribution	distribution	NOUN
fbem-29136	48	17	behaviour	behaviour	NOUN
fbem-29136	48	18	of	of	ADP
fbem-29136	48	19	firms	firm	NOUN
fbem-29136	48	20	can	can	AUX
fbem-29136	48	21	be	be	AUX
fbem-29136	48	22	interpreted	interpret	VERB
fbem-29136	48	23	in	in	ADP
fbem-29136	48	24	two	two	NUM
fbem-29136	48	25	ways	way	NOUN
fbem-29136	48	26	.	.	PUNCT
fbem-29136	49	1	in	in	ADP
fbem-29136	49	2	terms	term	NOUN
fbem-29136	49	3	of	of	ADP
fbem-29136	49	4	agency	agency	NOUN
fbem-29136	49	5	theory	theory	NOUN
fbem-29136	49	6	,	,	PUNCT
fbem-29136	49	7	some	some	DET
fbem-29136	49	8	managers	manager	NOUN
fbem-29136	49	9	,	,	PUNCT
fbem-29136	49	10	as	as	SCONJ
fbem-29136	49	11	decision	decision	NOUN
fbem-29136	49	12	makers	maker	NOUN
fbem-29136	49	13	in	in	ADP
fbem-29136	49	14	the	the	DET
fbem-29136	49	15	firm	firm	NOUN
fbem-29136	49	16	,	,	PUNCT
fbem-29136	49	17	will	will	AUX
fbem-29136	49	18	avoid	avoid	VERB
fbem-29136	49	19	this	this	DET
fbem-29136	49	20	risk	risk	NOUN
fbem-29136	49	21	by	by	ADP
fbem-29136	49	22	imitating	imitate	VERB
fbem-29136	49	23	the	the	DET
fbem-29136	49	24	decisions	decision	NOUN
fbem-29136	49	25	of	of	ADP
fbem-29136	49	26	their	their	PRON
fbem-29136	49	27	peers	peer	NOUN
fbem-29136	49	28	in	in	ADP
fbem-29136	49	29	order	order	NOUN
fbem-29136	49	30	to	to	PART
fbem-29136	49	31	ensure	ensure	VERB
fbem-29136	49	32	that	that	SCONJ
fbem-29136	49	33	their	their	PRON
fbem-29136	49	34	reputation	reputation	NOUN
fbem-29136	49	35	does	do	AUX
fbem-29136	49	36	not	not	PART
fbem-29136	49	37	fall	fall	VERB
fbem-29136	49	38	below	below	ADP
fbem-29136	49	39	the	the	DET
fbem-29136	49	40	market	market	NOUN
fbem-29136	49	41	average	average	NOUN
fbem-29136	49	42	,	,	PUNCT
fbem-29136	49	43	even	even	ADV
fbem-29136	49	44	if	if	SCONJ
fbem-29136	49	45	this	this	DET
fbem-29136	49	46	behaviour	behaviour	NOUN
fbem-29136	49	47	,	,	PUNCT
fbem-29136	49	48	which	which	PRON
fbem-29136	49	49	is	be	AUX
fbem-29136	49	50	too	too	ADV
fbem-29136	49	51	close	close	ADJ
fbem-29136	49	52	to	to	ADP
fbem-29136	49	53	the	the	DET
fbem-29136	49	54	decisions	decision	NOUN
fbem-29136	49	55	of	of	ADP
fbem-29136	49	56	their	their	PRON
fbem-29136	49	57	peers	peer	NOUN
fbem-29136	49	58	,	,	PUNCT
fbem-29136	49	59	brings	bring	VERB
fbem-29136	49	60	losses	loss	NOUN
fbem-29136	49	61	to	to	ADP
fbem-29136	49	62	the	the	DET
fbem-29136	49	63	firm	firm	NOUN
fbem-29136	49	64	,	,	PUNCT
fbem-29136	49	65	the	the	DET
fbem-29136	49	66	blame	blame	NOUN
fbem-29136	49	67	will	will	AUX
fbem-29136	49	68	be	be	AUX
fbem-29136	49	69	"	"	PUNCT
fbem-29136	49	70	shared	share	VERB
fbem-29136	49	71	"	"	PUNCT
fbem-29136	49	72	,	,	PUNCT
fbem-29136	49	73	and	and	CCONJ
fbem-29136	49	74	the	the	DET
fbem-29136	49	75	cost	cost	NOUN
fbem-29136	49	76	of	of	ADP
fbem-29136	49	77	error	error	NOUN
fbem-29136	49	78	is	be	AUX
fbem-29136	49	79	much	much	ADV
fbem-29136	49	80	lower	low	ADJ
fbem-29136	49	81	for	for	ADP
fbem-29136	49	82	the	the	DET
fbem-29136	49	83	agent	agent	NOUN
fbem-29136	49	84	than	than	ADP
fbem-29136	49	85	for	for	ADP
fbem-29136	49	86	the	the	DET
fbem-29136	49	87	maverick	maverick	NOUN
fbem-29136	49	88	who	who	PRON
fbem-29136	49	89	makes	make	VERB
fbem-29136	49	90	the	the	DET
fbem-29136	49	91	policy	policy	NOUN
fbem-29136	49	92	.	.	PUNCT
fbem-29136	50	1	the	the	DET
fbem-29136	50	2	cost	cost	NOUN
fbem-29136	50	3	of	of	ADP
fbem-29136	50	4	error	error	NOUN
fbem-29136	50	5	to	to	ADP
fbem-29136	50	6	the	the	DET
fbem-29136	50	7	agent	agent	NOUN
fbem-29136	50	8	is	be	AUX
fbem-29136	50	9	much	much	ADV
fbem-29136	50	10	lower	low	ADJ
fbem-29136	50	11	.	.	PUNCT
fbem-29136	51	1	the	the	DET
fbem-29136	51	2	information	information	NOUN
fbem-29136	51	3	environment	environment	NOUN
fbem-29136	51	4	for	for	ADP
fbem-29136	51	5	start	start	NOUN
fbem-29136	51	6	-	-	PUNCT
fbem-29136	51	7	ups	up	NOUN
fbem-29136	51	8	and	and	CCONJ
fbem-29136	51	9	growing	grow	VERB
fbem-29136	51	10	firms	firm	NOUN
fbem-29136	51	11	is	be	AUX
fbem-29136	51	12	not	not	PART
fbem-29136	51	13	as	as	ADV
fbem-29136	51	14	favourable	favourable	ADJ
fbem-29136	51	15	as	as	ADP
fbem-29136	51	16	that	that	PRON
fbem-29136	51	17	of	of	ADP
fbem-29136	51	18	mature	mature	ADJ
fbem-29136	51	19	firms	firm	NOUN
fbem-29136	51	20	,	,	PUNCT
fbem-29136	51	21	and	and	CCONJ
fbem-29136	51	22	these	these	DET
fbem-29136	51	23	young	young	ADJ
fbem-29136	51	24	firms	firm	NOUN
fbem-29136	51	25	often	often	ADV
fbem-29136	51	26	choose	choose	VERB
fbem-29136	51	27	to	to	PART
fbem-29136	51	28	follow	follow	VERB
fbem-29136	51	29	the	the	DET
fbem-29136	51	30	leading	lead	VERB
fbem-29136	51	31	firms	firm	NOUN
fbem-29136	51	32	in	in	ADP
fbem-29136	51	33	the	the	DET
fbem-29136	51	34	industry	industry	NOUN
fbem-29136	51	35	in	in	ADP
fbem-29136	51	36	order	order	NOUN
fbem-29136	51	37	to	to	PART
fbem-29136	51	38	reduce	reduce	VERB
fbem-29136	51	39	the	the	DET
fbem-29136	51	40	cost	cost	NOUN
fbem-29136	51	41	of	of	ADP
fbem-29136	51	42	information	information	NOUN
fbem-29136	51	43	.	.	PUNCT
fbem-29136	52	1	in	in	ADP
fbem-29136	52	2	terms	term	NOUN
fbem-29136	52	3	of	of	ADP
fbem-29136	52	4	the	the	DET
fbem-29136	52	5	information	information	NOUN
fbem-29136	52	6	asymmetry	asymmetry	NOUN
fbem-29136	52	7	theory	theory	NOUN
fbem-29136	52	8	,	,	PUNCT
fbem-29136	52	9	information	information	NOUN
fbem-29136	52	10	is	be	AUX
fbem-29136	52	11	a	a	DET
fbem-29136	52	12	valuable	valuable	ADJ
fbem-29136	52	13	resource	resource	NOUN
fbem-29136	52	14	,	,	PUNCT
fbem-29136	52	15	for	for	ADP
fbem-29136	52	16	individuals	individual	NOUN
fbem-29136	52	17	they	they	PRON
fbem-29136	52	18	may	may	AUX
fbem-29136	52	19	all	all	ADV
fbem-29136	52	20	hold	hold	VERB
fbem-29136	52	21	a	a	DET
fbem-29136	52	22	portion	portion	NOUN
fbem-29136	52	23	of	of	ADP
fbem-29136	52	24	useful	useful	ADJ
fbem-29136	52	25	information	information	NOUN
fbem-29136	52	26	,	,	PUNCT
fbem-29136	52	27	and	and	CCONJ
fbem-29136	52	28	obviously	obviously	ADV
fbem-29136	52	29	part	part	NOUN
fbem-29136	52	30	of	of	ADP
fbem-29136	52	31	the	the	DET
fbem-29136	52	32	information	information	NOUN
fbem-29136	52	33	may	may	AUX
fbem-29136	52	34	not	not	PART
fbem-29136	52	35	support	support	VERB
fbem-29136	52	36	them	they	PRON
fbem-29136	52	37	to	to	PART
fbem-29136	52	38	make	make	VERB
fbem-29136	52	39	fully	fully	ADV
fbem-29136	52	40	effective	effective	ADJ
fbem-29136	52	41	decision	decision	NOUN
fbem-29136	52	42	-	-	PUNCT
fbem-29136	52	43	making	make	VERB
fbem-29136	52	44	judgement	judgement	NOUN
fbem-29136	52	45	,	,	PUNCT
fbem-29136	52	46	so	so	SCONJ
fbem-29136	52	47	individuals	individual	NOUN
fbem-29136	52	48	and	and	CCONJ
fbem-29136	52	49	companies	company	NOUN
fbem-29136	52	50	tend	tend	VERB
fbem-29136	52	51	to	to	PART
fbem-29136	52	52	refer	refer	VERB
fbem-29136	52	53	to	to	ADP
fbem-29136	52	54	the	the	DET
fbem-29136	52	55	behaviour	behaviour	NOUN
fbem-29136	52	56	of	of	ADP
fbem-29136	52	57	similar	similar	ADJ
fbem-29136	52	58	groups	group	NOUN
fbem-29136	52	59	when	when	SCONJ
fbem-29136	52	60	making	make	VERB
fbem-29136	52	61	decisions	decision	NOUN
fbem-29136	52	62	.	.	PUNCT
fbem-29136	53	1	they	they	PRON
fbem-29136	53	2	are	be	AUX
fbem-29136	53	3	used	use	VERB
fbem-29136	53	4	as	as	ADP
fbem-29136	53	5	a	a	DET
fbem-29136	53	6	source	source	NOUN
fbem-29136	53	7	of	of	ADP
fbem-29136	53	8	information	information	NOUN
fbem-29136	53	9	to	to	PART
fbem-29136	53	10	avoid	avoid	VERB
fbem-29136	53	11	greater	great	ADJ
fbem-29136	53	12	losses	loss	NOUN
fbem-29136	53	13	due	due	ADP
fbem-29136	53	14	to	to	ADP
fbem-29136	53	15	information	information	NOUN
fbem-29136	53	16	opacity	opacity	NOUN
fbem-29136	53	17	that	that	PRON
fbem-29136	53	18	makes	make	VERB
fbem-29136	53	19	information	information	NOUN
fbem-29136	53	20	disadvantageous	disadvantageous	ADJ
fbem-29136	53	21	.	.	PUNCT
fbem-29136	54	1	and	and	CCONJ
fbem-29136	54	2	the	the	DET
fbem-29136	54	3	following	follow	VERB
fbem-29136	54	4	hypotheses	hypothesis	NOUN
fbem-29136	54	5	can	can	AUX
fbem-29136	54	6	be	be	AUX
fbem-29136	54	7	obtained	obtain	VERB
fbem-29136	54	8	from	from	ADP
fbem-29136	54	9	this	this	PRON
fbem-29136	54	10	:	:	PUNCT
fbem-29136	54	11	hypothesis	hypothesis	NOUN
fbem-29136	54	12	1	1	NUM
fbem-29136	54	13	:	:	PUNCT
fbem-29136	54	14	the	the	DET
fbem-29136	54	15	peer	peer	NOUN
fbem-29136	54	16	effect	effect	NOUN
fbem-29136	54	17	exists	exist	VERB
fbem-29136	54	18	in	in	ADP
fbem-29136	54	19	the	the	DET
fbem-29136	54	20	dividend	dividend	NOUN
fbem-29136	54	21	distribution	distribution	NOUN
fbem-29136	54	22	behaviour	behaviour	NOUN
fbem-29136	54	23	of	of	ADP
fbem-29136	54	24	listed	list	VERB
fbem-29136	54	25	companies	company	NOUN
fbem-29136	54	26	,	,	PUNCT
fbem-29136	54	27	and	and	CCONJ
fbem-29136	54	28	the	the	DET
fbem-29136	54	29	dividend	dividend	NOUN
fbem-29136	54	30	behaviour	behaviour	NOUN
fbem-29136	54	31	of	of	ADP
fbem-29136	54	32	peer	peer	NOUN
fbem-29136	54	33	companies	company	NOUN
fbem-29136	54	34	will	will	AUX
fbem-29136	54	35	be	be	AUX
fbem-29136	54	36	taken	take	VERB
fbem-29136	54	37	into	into	ADP
fbem-29136	54	38	consideration	consideration	NOUN
fbem-29136	54	39	by	by	ADP
fbem-29136	54	40	decision	decision	NOUN
fbem-29136	54	41	makers	maker	NOUN
fbem-29136	54	42	in	in	ADP
fbem-29136	54	43	their	their	PRON
fbem-29136	54	44	own	own	ADJ
fbem-29136	54	45	dividend	dividend	NOUN
fbem-29136	54	46	decision	decision	NOUN
fbem-29136	54	47	designation	designation	NOUN
fbem-29136	54	48	.	.	PUNCT
fbem-29136	55	1	3.2	3.2	NUM
fbem-29136	55	2	.	.	PUNCT
fbem-29136	55	3	firm	firm	ADJ
fbem-29136	55	4	size	size	NOUN
fbem-29136	55	5	differences	difference	NOUN
fbem-29136	55	6	and	and	CCONJ
fbem-29136	55	7	the	the	DET
fbem-29136	55	8	hypothesis	hypothesis	NOUN
fbem-29136	55	9	of	of	ADP
fbem-29136	55	10	the	the	DET
fbem-29136	55	11	strength	strength	NOUN
fbem-29136	55	12	of	of	ADP
fbem-29136	55	13	the	the	DET
fbem-29136	55	14	peer	peer	NOUN
fbem-29136	55	15	effect	effect	NOUN
fbem-29136	55	16	of	of	ADP
fbem-29136	55	17	dividend	dividend	NOUN
fbem-29136	55	18	policy	policy	NOUN
fbem-29136	55	19	competitive	competitive	ADJ
fbem-29136	55	20	and	and	CCONJ
fbem-29136	55	21	information	information	NOUN
fbem-29136	55	22	-	-	PUNCT
fbem-29136	55	23	acquisitive	acquisitive	ADJ
fbem-29136	55	24	mimicry	mimicry	NOUN
fbem-29136	55	25	may	may	AUX
fbem-29136	55	26	explain	explain	VERB
fbem-29136	55	27	this	this	DET
fbem-29136	55	28	behaviour	behaviour	NOUN
fbem-29136	55	29	of	of	ADP
fbem-29136	55	30	borrowing	borrow	VERB
fbem-29136	55	31	from	from	ADP
fbem-29136	55	32	other	other	ADJ
fbem-29136	55	33	agents	agent	NOUN
fbem-29136	55	34	.	.	PUNCT
fbem-29136	56	1	on	on	ADP
fbem-29136	56	2	the	the	DET
fbem-29136	56	3	one	one	NUM
fbem-29136	56	4	hand	hand	NOUN
fbem-29136	56	5	,	,	PUNCT
fbem-29136	56	6	large	large	ADJ
fbem-29136	56	7	firms	firm	NOUN
fbem-29136	56	8	are	be	AUX
fbem-29136	56	9	in	in	ADP
fbem-29136	56	10	a	a	DET
fbem-29136	56	11	competitively	competitively	ADV
fbem-29136	56	12	strong	strong	ADJ
fbem-29136	56	13	position	position	NOUN
fbem-29136	56	14	in	in	ADP
fbem-29136	56	15	44	44	NUM
fbem-29136	56	16	the	the	DET
fbem-29136	56	17	market	market	NOUN
fbem-29136	56	18	and	and	CCONJ
fbem-29136	56	19	play	play	VERB
fbem-29136	56	20	a	a	DET
fbem-29136	56	21	leading	lead	VERB
fbem-29136	56	22	and	and	CCONJ
fbem-29136	56	23	exemplary	exemplary	ADJ
fbem-29136	56	24	role	role	NOUN
fbem-29136	56	25	among	among	ADP
fbem-29136	56	26	companies	company	NOUN
fbem-29136	56	27	in	in	ADP
fbem-29136	56	28	the	the	DET
fbem-29136	56	29	same	same	ADJ
fbem-29136	56	30	industry	industry	NOUN
fbem-29136	56	31	;	;	PUNCT
fbem-29136	56	32	cash	cash	NOUN
fbem-29136	56	33	dividend	dividend	NOUN
fbem-29136	56	34	policy	policy	NOUN
fbem-29136	56	35	,	,	PUNCT
fbem-29136	56	36	as	as	ADP
fbem-29136	56	37	an	an	DET
fbem-29136	56	38	important	important	ADJ
fbem-29136	56	39	financial	financial	ADJ
fbem-29136	56	40	decision	decision	NOUN
fbem-29136	56	41	in	in	ADP
fbem-29136	56	42	company	company	NOUN
fbem-29136	56	43	operation	operation	NOUN
fbem-29136	56	44	,	,	PUNCT
fbem-29136	56	45	will	will	AUX
fbem-29136	56	46	bring	bring	VERB
fbem-29136	56	47	better	well	ADJ
fbem-29136	56	48	gains	gain	NOUN
fbem-29136	56	49	to	to	ADP
fbem-29136	56	50	the	the	DET
fbem-29136	56	51	company	company	NOUN
fbem-29136	56	52	if	if	SCONJ
fbem-29136	56	53	used	use	VERB
fbem-29136	56	54	properly	properly	ADV
fbem-29136	56	55	,	,	PUNCT
fbem-29136	56	56	so	so	CCONJ
fbem-29136	56	57	it	it	PRON
fbem-29136	56	58	is	be	AUX
fbem-29136	56	59	feasible	feasible	ADJ
fbem-29136	56	60	for	for	SCONJ
fbem-29136	56	61	the	the	DET
fbem-29136	56	62	disadvantaged	disadvantaged	ADJ
fbem-29136	56	63	companies	company	NOUN
fbem-29136	56	64	in	in	ADP
fbem-29136	56	65	the	the	DET
fbem-29136	56	66	industry	industry	NOUN
fbem-29136	56	67	to	to	PART
fbem-29136	56	68	use	use	VERB
fbem-29136	56	69	dividend	dividend	NOUN
fbem-29136	56	70	policy	policy	NOUN
fbem-29136	56	71	to	to	PART
fbem-29136	56	72	narrow	narrow	VERB
fbem-29136	56	73	the	the	DET
fbem-29136	56	74	gap	gap	NOUN
fbem-29136	56	75	,	,	PUNCT
fbem-29136	56	76	and	and	CCONJ
fbem-29136	56	77	the	the	DET
fbem-29136	56	78	dividend	dividend	NOUN
fbem-29136	56	79	behaviours	behaviour	NOUN
fbem-29136	56	80	of	of	ADP
fbem-29136	56	81	large	large	ADJ
fbem-29136	56	82	firms	firm	NOUN
fbem-29136	56	83	will	will	AUX
fbem-29136	56	84	naturally	naturally	ADV
fbem-29136	56	85	be	be	AUX
fbem-29136	56	86	referred	refer	VERB
fbem-29136	56	87	to	to	ADP
fbem-29136	56	88	by	by	ADP
fbem-29136	56	89	small	small	ADJ
fbem-29136	56	90	firms	firm	NOUN
fbem-29136	56	91	.	.	PUNCT
fbem-29136	57	1	on	on	ADP
fbem-29136	57	2	the	the	DET
fbem-29136	57	3	other	other	ADJ
fbem-29136	57	4	hand	hand	NOUN
fbem-29136	57	5	,	,	PUNCT
fbem-29136	57	6	the	the	DET
fbem-29136	57	7	size	size	NOUN
fbem-29136	57	8	of	of	ADP
fbem-29136	57	9	a	a	DET
fbem-29136	57	10	firm	firm	NOUN
fbem-29136	57	11	is	be	AUX
fbem-29136	57	12	often	often	ADV
fbem-29136	57	13	a	a	DET
fbem-29136	57	14	symbol	symbol	NOUN
fbem-29136	57	15	of	of	ADP
fbem-29136	57	16	its	its	PRON
fbem-29136	57	17	overall	overall	ADJ
fbem-29136	57	18	strength	strength	NOUN
fbem-29136	57	19	,	,	PUNCT
fbem-29136	57	20	and	and	CCONJ
fbem-29136	57	21	larger	large	ADJ
fbem-29136	57	22	firms	firm	NOUN
fbem-29136	57	23	may	may	AUX
fbem-29136	57	24	imply	imply	VERB
fbem-29136	57	25	that	that	SCONJ
fbem-29136	57	26	they	they	PRON
fbem-29136	57	27	have	have	VERB
fbem-29136	57	28	greater	great	ADJ
fbem-29136	57	29	strength	strength	NOUN
fbem-29136	57	30	,	,	PUNCT
fbem-29136	57	31	which	which	PRON
fbem-29136	57	32	in	in	ADP
fbem-29136	57	33	turn	turn	NOUN
fbem-29136	57	34	has	have	VERB
fbem-29136	57	35	its	its	PRON
fbem-29136	57	36	advantages	advantage	NOUN
fbem-29136	57	37	in	in	ADP
fbem-29136	57	38	terms	term	NOUN
fbem-29136	57	39	of	of	ADP
fbem-29136	57	40	access	access	NOUN
fbem-29136	57	41	to	to	ADP
fbem-29136	57	42	information	information	NOUN
fbem-29136	57	43	.	.	PUNCT
fbem-29136	58	1	due	due	ADP
fbem-29136	58	2	to	to	ADP
fbem-29136	58	3	the	the	DET
fbem-29136	58	4	problem	problem	NOUN
fbem-29136	58	5	of	of	ADP
fbem-29136	58	6	the	the	DET
fbem-29136	58	7	cost	cost	NOUN
fbem-29136	58	8	of	of	ADP
fbem-29136	58	9	acquiring	acquire	VERB
fbem-29136	58	10	information	information	NOUN
fbem-29136	58	11	and	and	CCONJ
fbem-29136	58	12	the	the	DET
fbem-29136	58	13	problem	problem	NOUN
fbem-29136	58	14	of	of	ADP
fbem-29136	58	15	the	the	DET
fbem-29136	58	16	noise	noise	NOUN
fbem-29136	58	17	contained	contain	VERB
fbem-29136	58	18	in	in	ADP
fbem-29136	58	19	acquiring	acquire	VERB
fbem-29136	58	20	information	information	NOUN
fbem-29136	58	21	,	,	PUNCT
fbem-29136	58	22	firms	firm	NOUN
fbem-29136	58	23	that	that	PRON
fbem-29136	58	24	are	be	AUX
fbem-29136	58	25	disadvantaged	disadvantage	VERB
fbem-29136	58	26	in	in	ADP
fbem-29136	58	27	the	the	DET
fbem-29136	58	28	market	market	NOUN
fbem-29136	58	29	will	will	AUX
fbem-29136	58	30	be	be	AUX
fbem-29136	58	31	more	more	ADV
fbem-29136	58	32	likely	likely	ADJ
fbem-29136	58	33	to	to	PART
fbem-29136	58	34	imitate	imitate	VERB
fbem-29136	58	35	the	the	DET
fbem-29136	58	36	information	information	NOUN
fbem-29136	58	37	of	of	ADP
fbem-29136	58	38	firms	firm	NOUN
fbem-29136	58	39	that	that	PRON
fbem-29136	58	40	have	have	VERB
fbem-29136	58	41	information	information	NOUN
fbem-29136	58	42	advantages	advantage	NOUN
fbem-29136	58	43	,	,	PUNCT
fbem-29136	58	44	especially	especially	ADV
fbem-29136	58	45	the	the	DET
fbem-29136	58	46	industry	industry	NOUN
fbem-29136	58	47	leaders	leader	NOUN
fbem-29136	58	48	.	.	PUNCT
fbem-29136	59	1	based	base	VERB
fbem-29136	59	2	on	on	ADP
fbem-29136	59	3	the	the	DET
fbem-29136	59	4	above	above	ADJ
fbem-29136	59	5	two	two	NUM
fbem-29136	59	6	reasoning	reasoning	NOUN
fbem-29136	59	7	,	,	PUNCT
fbem-29136	59	8	it	it	PRON
fbem-29136	59	9	is	be	AUX
fbem-29136	59	10	conjectured	conjecture	VERB
fbem-29136	59	11	that	that	SCONJ
fbem-29136	59	12	in	in	ADP
fbem-29136	59	13	the	the	DET
fbem-29136	59	14	peer	peer	NOUN
fbem-29136	59	15	imitation	imitation	NOUN
fbem-29136	59	16	of	of	ADP
fbem-29136	59	17	dividend	dividend	NOUN
fbem-29136	59	18	distribution	distribution	NOUN
fbem-29136	59	19	policy	policy	NOUN
fbem-29136	59	20	,	,	PUNCT
fbem-29136	59	21	smaller	small	ADJ
fbem-29136	59	22	firms	firm	NOUN
fbem-29136	59	23	need	need	VERB
fbem-29136	59	24	to	to	PART
fbem-29136	59	25	compensate	compensate	VERB
fbem-29136	59	26	for	for	ADP
fbem-29136	59	27	their	their	PRON
fbem-29136	59	28	disadvantages	disadvantage	NOUN
fbem-29136	59	29	in	in	ADP
fbem-29136	59	30	information	information	NOUN
fbem-29136	59	31	acquisition	acquisition	NOUN
fbem-29136	59	32	and	and	CCONJ
fbem-29136	59	33	industry	industry	NOUN
fbem-29136	59	34	competition	competition	NOUN
fbem-29136	59	35	through	through	ADP
fbem-29136	59	36	this	this	DET
fbem-29136	59	37	behaviour	behaviour	NOUN
fbem-29136	59	38	.	.	PUNCT
fbem-29136	60	1	this	this	PRON
fbem-29136	60	2	leads	lead	VERB
fbem-29136	60	3	to	to	ADP
fbem-29136	60	4	the	the	DET
fbem-29136	60	5	following	follow	VERB
fbem-29136	60	6	hypothesis	hypothesis	NOUN
fbem-29136	60	7	:	:	PUNCT
fbem-29136	60	8	hypothesis	hypothesis	NOUN
fbem-29136	60	9	2	2	NUM
fbem-29136	60	10	:	:	PUNCT
fbem-29136	60	11	dividend	dividend	NOUN
fbem-29136	60	12	distribution	distribution	NOUN
fbem-29136	60	13	behaviours	behaviour	NOUN
fbem-29136	60	14	made	make	VERB
fbem-29136	60	15	by	by	ADP
fbem-29136	60	16	firms	firm	NOUN
fbem-29136	60	17	of	of	ADP
fbem-29136	60	18	different	different	ADJ
fbem-29136	60	19	sizes	size	NOUN
fbem-29136	60	20	will	will	AUX
fbem-29136	60	21	interact	interact	VERB
fbem-29136	60	22	with	with	ADP
fbem-29136	60	23	each	each	DET
fbem-29136	60	24	other	other	ADJ
fbem-29136	60	25	,	,	PUNCT
fbem-29136	60	26	and	and	CCONJ
fbem-29136	60	27	small	small	ADJ
fbem-29136	60	28	-	-	PUNCT
fbem-29136	60	29	scale	scale	NOUN
fbem-29136	60	30	listed	list	VERB
fbem-29136	60	31	firms	firm	NOUN
fbem-29136	60	32	may	may	AUX
fbem-29136	60	33	be	be	AUX
fbem-29136	60	34	more	more	ADV
fbem-29136	60	35	inclined	inclined	ADJ
fbem-29136	60	36	to	to	PART
fbem-29136	60	37	exhibit	exhibit	VERB
fbem-29136	60	38	imitative	imitative	ADJ
fbem-29136	60	39	behaviours	behaviour	NOUN
fbem-29136	60	40	.	.	PUNCT
fbem-29136	61	1	3.3	3.3	NUM
fbem-29136	61	2	.	.	PUNCT
fbem-29136	62	1	industry	industry	NOUN
fbem-29136	62	2	competitiveness	competitiveness	NOUN
fbem-29136	62	3	and	and	CCONJ
fbem-29136	62	4	dividend	dividend	NOUN
fbem-29136	62	5	policy	policy	NOUN
fbem-29136	62	6	peer	peer	NOUN
fbem-29136	62	7	effect	effect	NOUN
fbem-29136	62	8	strength	strength	NOUN
fbem-29136	62	9	and	and	CCONJ
fbem-29136	62	10	weakness	weakness	NOUN
fbem-29136	62	11	hypothesis	hypothesis	NOUN
fbem-29136	62	12	companies	company	NOUN
fbem-29136	62	13	in	in	ADP
fbem-29136	62	14	fiercely	fiercely	ADV
fbem-29136	62	15	competitive	competitive	ADJ
fbem-29136	62	16	industries	industry	NOUN
fbem-29136	62	17	tend	tend	VERB
fbem-29136	62	18	to	to	PART
fbem-29136	62	19	incur	incur	VERB
fbem-29136	62	20	more	more	ADJ
fbem-29136	62	21	time	time	NOUN
fbem-29136	62	22	and	and	CCONJ
fbem-29136	62	23	money	money	NOUN
fbem-29136	62	24	costs	cost	NOUN
fbem-29136	62	25	in	in	ADP
fbem-29136	62	26	terms	term	NOUN
fbem-29136	62	27	of	of	ADP
fbem-29136	62	28	information	information	NOUN
fbem-29136	62	29	acquisition	acquisition	NOUN
fbem-29136	62	30	,	,	PUNCT
fbem-29136	62	31	customer	customer	NOUN
fbem-29136	62	32	matching	matching	NOUN
fbem-29136	62	33	,	,	PUNCT
fbem-29136	62	34	product	product	NOUN
fbem-29136	62	35	promotion	promotion	NOUN
fbem-29136	62	36	,	,	PUNCT
fbem-29136	62	37	etc	etc	X
fbem-29136	62	38	.	.	X
fbem-29136	62	39	,	,	PUNCT
fbem-29136	62	40	compared	compare	VERB
fbem-29136	62	41	to	to	ADP
fbem-29136	62	42	companies	company	NOUN
fbem-29136	62	43	in	in	ADP
fbem-29136	62	44	less	less	ADV
fbem-29136	62	45	fiercely	fiercely	ADV
fbem-29136	62	46	competitive	competitive	ADJ
fbem-29136	62	47	industries	industry	NOUN
fbem-29136	62	48	.	.	PUNCT
fbem-29136	63	1	reflected	reflect	VERB
fbem-29136	63	2	in	in	ADP
fbem-29136	63	3	the	the	DET
fbem-29136	63	4	dividend	dividend	NOUN
fbem-29136	63	5	distribution	distribution	NOUN
fbem-29136	63	6	,	,	PUNCT
fbem-29136	63	7	as	as	SCONJ
fbem-29136	63	8	the	the	DET
fbem-29136	63	9	dividend	dividend	NOUN
fbem-29136	63	10	distribution	distribution	NOUN
fbem-29136	63	11	behaviour	behaviour	NOUN
fbem-29136	63	12	is	be	AUX
fbem-29136	63	13	also	also	ADV
fbem-29136	63	14	an	an	DET
fbem-29136	63	15	important	important	ADJ
fbem-29136	63	16	initiative	initiative	NOUN
fbem-29136	63	17	to	to	PART
fbem-29136	63	18	attract	attract	VERB
fbem-29136	63	19	investors	investor	NOUN
fbem-29136	63	20	,	,	PUNCT
fbem-29136	63	21	in	in	ADP
fbem-29136	63	22	order	order	NOUN
fbem-29136	63	23	to	to	PART
fbem-29136	63	24	ensure	ensure	VERB
fbem-29136	63	25	the	the	DET
fbem-29136	63	26	dominant	dominant	ADJ
fbem-29136	63	27	position	position	NOUN
fbem-29136	63	28	in	in	ADP
fbem-29136	63	29	the	the	DET
fbem-29136	63	30	industry	industry	NOUN
fbem-29136	63	31	or	or	CCONJ
fbem-29136	63	32	to	to	PART
fbem-29136	63	33	maintain	maintain	VERB
fbem-29136	63	34	the	the	DET
fbem-29136	63	35	current	current	ADJ
fbem-29136	63	36	competitive	competitive	ADJ
fbem-29136	63	37	position	position	NOUN
fbem-29136	63	38	,	,	PUNCT
fbem-29136	63	39	the	the	DET
fbem-29136	63	40	company	company	NOUN
fbem-29136	63	41	based	base	VERB
fbem-29136	63	42	on	on	ADP
fbem-29136	63	43	the	the	DET
fbem-29136	63	44	consideration	consideration	NOUN
fbem-29136	63	45	of	of	ADP
fbem-29136	63	46	the	the	DET
fbem-29136	63	47	company	company	NOUN
fbem-29136	63	48	's	's	PART
fbem-29136	63	49	earnings	earning	NOUN
fbem-29136	63	50	,	,	PUNCT
fbem-29136	63	51	often	often	ADV
fbem-29136	63	52	choose	choose	VERB
fbem-29136	63	53	to	to	PART
fbem-29136	63	54	implement	implement	VERB
fbem-29136	63	55	a	a	DET
fbem-29136	63	56	dividend	dividend	NOUN
fbem-29136	63	57	policy	policy	NOUN
fbem-29136	63	58	similar	similar	ADJ
fbem-29136	63	59	to	to	ADP
fbem-29136	63	60	the	the	DET
fbem-29136	63	61	same	same	ADJ
fbem-29136	63	62	group	group	NOUN
fbem-29136	63	63	of	of	ADP
fbem-29136	63	64	companies	company	NOUN
fbem-29136	63	65	to	to	PART
fbem-29136	63	66	ensure	ensure	VERB
fbem-29136	63	67	the	the	DET
fbem-29136	63	68	attractiveness	attractiveness	NOUN
fbem-29136	63	69	of	of	ADP
fbem-29136	63	70	the	the	DET
fbem-29136	63	71	investors	investor	NOUN
fbem-29136	63	72	,	,	PUNCT
fbem-29136	63	73	and	and	CCONJ
fbem-29136	63	74	thus	thus	ADV
fbem-29136	63	75	strengthen	strengthen	VERB
fbem-29136	63	76	their	their	PRON
fbem-29136	63	77	own	own	ADJ
fbem-29136	63	78	competitive	competitive	ADJ
fbem-29136	63	79	strength	strength	NOUN
fbem-29136	63	80	in	in	ADP
fbem-29136	63	81	the	the	DET
fbem-29136	63	82	industry	industry	NOUN
fbem-29136	63	83	.	.	PUNCT
fbem-29136	64	1	this	this	PRON
fbem-29136	64	2	leads	lead	VERB
fbem-29136	64	3	to	to	ADP
fbem-29136	64	4	the	the	DET
fbem-29136	64	5	following	follow	VERB
fbem-29136	64	6	hypothesis	hypothesis	NOUN
fbem-29136	64	7	:	:	PUNCT
fbem-29136	64	8	hypothesis	hypothesis	NOUN
fbem-29136	64	9	3	3	NUM
fbem-29136	64	10	:	:	PUNCT
fbem-29136	64	11	the	the	DET
fbem-29136	64	12	degree	degree	NOUN
fbem-29136	64	13	of	of	ADP
fbem-29136	64	14	competition	competition	NOUN
fbem-29136	64	15	in	in	ADP
fbem-29136	64	16	the	the	DET
fbem-29136	64	17	industry	industry	NOUN
fbem-29136	64	18	in	in	ADP
fbem-29136	64	19	which	which	PRON
fbem-29136	64	20	the	the	DET
fbem-29136	64	21	listed	list	VERB
fbem-29136	64	22	company	company	NOUN
fbem-29136	64	23	is	be	AUX
fbem-29136	64	24	located	locate	VERB
fbem-29136	64	25	does	do	AUX
fbem-29136	64	26	affect	affect	VERB
fbem-29136	64	27	the	the	DET
fbem-29136	64	28	strength	strength	NOUN
fbem-29136	64	29	of	of	ADP
fbem-29136	64	30	the	the	DET
fbem-29136	64	31	peer	peer	NOUN
fbem-29136	64	32	effect	effect	NOUN
fbem-29136	64	33	,	,	PUNCT
fbem-29136	64	34	and	and	CCONJ
fbem-29136	64	35	the	the	DET
fbem-29136	64	36	fierce	fierce	ADJ
fbem-29136	64	37	competition	competition	NOUN
fbem-29136	64	38	in	in	ADP
fbem-29136	64	39	the	the	DET
fbem-29136	64	40	industry	industry	NOUN
fbem-29136	64	41	will	will	AUX
fbem-29136	64	42	make	make	VERB
fbem-29136	64	43	the	the	DET
fbem-29136	64	44	companies	company	NOUN
fbem-29136	64	45	in	in	ADP
fbem-29136	64	46	the	the	DET
fbem-29136	64	47	industry	industry	NOUN
fbem-29136	64	48	show	show	VERB
fbem-29136	64	49	a	a	DET
fbem-29136	64	50	stronger	strong	ADJ
fbem-29136	64	51	peer	peer	NOUN
fbem-29136	64	52	effect	effect	NOUN
fbem-29136	64	53	.	.	PUNCT
fbem-29136	65	1	4	4	X
fbem-29136	65	2	.	.	X
fbem-29136	65	3	research	research	NOUN
fbem-29136	65	4	methods	method	NOUN
fbem-29136	65	5	4.1	4.1	NUM
fbem-29136	65	6	.	.	PUNCT
fbem-29136	66	1	data	datum	NOUN
fbem-29136	66	2	processing	process	VERB
fbem-29136	66	3	the	the	DET
fbem-29136	66	4	research	research	NOUN
fbem-29136	66	5	sample	sample	NOUN
fbem-29136	66	6	of	of	ADP
fbem-29136	66	7	this	this	DET
fbem-29136	66	8	paper	paper	NOUN
fbem-29136	66	9	is	be	AUX
fbem-29136	66	10	chinese	chinese	ADJ
fbem-29136	66	11	a	a	DET
fbem-29136	66	12	-	-	PUNCT
fbem-29136	66	13	share	share	NOUN
fbem-29136	66	14	listed	list	VERB
fbem-29136	66	15	companies	company	NOUN
fbem-29136	66	16	from	from	ADP
fbem-29136	66	17	2013	2013	NUM
fbem-29136	66	18	to	to	ADP
fbem-29136	66	19	2022	2022	NUM
fbem-29136	66	20	,	,	PUNCT
fbem-29136	66	21	in	in	ADP
fbem-29136	66	22	order	order	NOUN
fbem-29136	66	23	to	to	PART
fbem-29136	66	24	ensure	ensure	VERB
fbem-29136	66	25	the	the	DET
fbem-29136	66	26	accuracy	accuracy	NOUN
fbem-29136	66	27	of	of	ADP
fbem-29136	66	28	the	the	DET
fbem-29136	66	29	research	research	NOUN
fbem-29136	66	30	results	result	NOUN
fbem-29136	66	31	,	,	PUNCT
fbem-29136	66	32	the	the	DET
fbem-29136	66	33	following	follow	VERB
fbem-29136	66	34	conditions	condition	NOUN
fbem-29136	66	35	are	be	AUX
fbem-29136	66	36	set	set	VERB
fbem-29136	66	37	to	to	PART
fbem-29136	66	38	screen	screen	VERB
fbem-29136	66	39	the	the	DET
fbem-29136	66	40	data	datum	NOUN
fbem-29136	66	41	initially	initially	ADV
fbem-29136	66	42	:	:	PUNCT
fbem-29136	66	43	(	(	PUNCT
fbem-29136	66	44	1	1	X
fbem-29136	66	45	)	)	PUNCT
fbem-29136	66	46	the	the	DET
fbem-29136	66	47	sample	sample	NOUN
fbem-29136	66	48	is	be	AUX
fbem-29136	66	49	required	require	VERB
fbem-29136	66	50	to	to	PART
fbem-29136	66	51	have	have	VERB
fbem-29136	66	52	at	at	ADV
fbem-29136	66	53	least	least	ADJ
fbem-29136	66	54	ten	ten	NUM
fbem-29136	66	55	years	year	NOUN
fbem-29136	66	56	of	of	ADP
fbem-29136	66	57	stock	stock	NOUN
fbem-29136	66	58	data	datum	NOUN
fbem-29136	66	59	,	,	PUNCT
fbem-29136	66	60	and	and	CCONJ
fbem-29136	66	61	the	the	DET
fbem-29136	66	62	status	status	NOUN
fbem-29136	66	63	of	of	ADP
fbem-29136	66	64	the	the	DET
fbem-29136	66	65	ten	ten	NUM
fbem-29136	66	66	-	-	PUNCT
fbem-29136	66	67	year	year	NOUN
fbem-29136	66	68	period	period	NOUN
fbem-29136	66	69	is	be	AUX
fbem-29136	66	70	normal	normal	ADJ
fbem-29136	66	71	survival	survival	NOUN
fbem-29136	66	72	;	;	PUNCT
fbem-29136	66	73	(	(	PUNCT
fbem-29136	66	74	2	2	X
fbem-29136	66	75	)	)	PUNCT
fbem-29136	66	76	the	the	DET
fbem-29136	66	77	sample	sample	NOUN
fbem-29136	66	78	of	of	ADP
fbem-29136	66	79	financial	financial	ADJ
fbem-29136	66	80	listed	list	VERB
fbem-29136	66	81	companies	company	NOUN
fbem-29136	66	82	is	be	AUX
fbem-29136	66	83	excluded	exclude	VERB
fbem-29136	66	84	;	;	PUNCT
fbem-29136	66	85	(	(	PUNCT
fbem-29136	66	86	3	3	X
fbem-29136	66	87	)	)	PUNCT
fbem-29136	66	88	samples	sample	NOUN
fbem-29136	66	89	with	with	ADP
fbem-29136	66	90	missing	miss	VERB
fbem-29136	66	91	data	datum	NOUN
fbem-29136	66	92	are	be	AUX
fbem-29136	66	93	excluded	exclude	VERB
fbem-29136	66	94	;	;	PUNCT
fbem-29136	66	95	(	(	PUNCT
fbem-29136	66	96	4	4	X
fbem-29136	66	97	)	)	PUNCT
fbem-29136	66	98	samples	sample	NOUN
fbem-29136	66	99	with	with	ADP
fbem-29136	66	100	fewer	few	ADJ
fbem-29136	66	101	than	than	ADP
fbem-29136	66	102	ten	ten	NUM
fbem-29136	66	103	companies	company	NOUN
fbem-29136	66	104	in	in	ADP
fbem-29136	66	105	the	the	DET
fbem-29136	66	106	industry	industry	NOUN
fbem-29136	66	107	in	in	ADP
fbem-29136	66	108	the	the	DET
fbem-29136	66	109	study	study	NOUN
fbem-29136	66	110	year	year	NOUN
fbem-29136	66	111	are	be	AUX
fbem-29136	66	112	excluded	exclude	VERB
fbem-29136	66	113	;	;	PUNCT
fbem-29136	66	114	(	(	PUNCT
fbem-29136	66	115	5	5	X
fbem-29136	66	116	)	)	PUNCT
fbem-29136	66	117	exclude	exclude	VERB
fbem-29136	66	118	samples	sample	NOUN
fbem-29136	66	119	with	with	ADP
fbem-29136	66	120	less	less	ADJ
fbem-29136	66	121	than	than	ADP
fbem-29136	66	122	ten	ten	NUM
fbem-29136	66	123	companies	company	NOUN
fbem-29136	66	124	in	in	ADP
fbem-29136	66	125	the	the	DET
fbem-29136	66	126	industry	industry	NOUN
fbem-29136	66	127	during	during	ADP
fbem-29136	66	128	the	the	DET
fbem-29136	66	129	study	study	NOUN
fbem-29136	66	130	year	year	NOUN
fbem-29136	66	131	.	.	PUNCT
fbem-29136	67	1	after	after	SCONJ
fbem-29136	67	2	the	the	DET
fbem-29136	67	3	initial	initial	ADJ
fbem-29136	67	4	screening	screening	NOUN
fbem-29136	67	5	is	be	AUX
fbem-29136	67	6	completed	complete	VERB
fbem-29136	67	7	,	,	PUNCT
fbem-29136	67	8	all	all	DET
fbem-29136	67	9	continuous	continuous	ADJ
fbem-29136	67	10	variables	variable	NOUN
fbem-29136	67	11	are	be	AUX
fbem-29136	67	12	winsorised	winsorise	VERB
fbem-29136	67	13	at	at	ADP
fbem-29136	67	14	1	1	NUM
fbem-29136	67	15	%	%	NOUN
fbem-29136	67	16	level	level	NOUN
fbem-29136	67	17	in	in	ADP
fbem-29136	67	18	order	order	NOUN
fbem-29136	67	19	to	to	PART
fbem-29136	67	20	avoid	avoid	VERB
fbem-29136	67	21	such	such	ADJ
fbem-29136	67	22	data	datum	NOUN
fbem-29136	67	23	anomalies	anomaly	NOUN
fbem-29136	67	24	from	from	ADP
fbem-29136	67	25	affecting	affect	VERB
fbem-29136	67	26	the	the	DET
fbem-29136	67	27	results	result	NOUN
fbem-29136	67	28	.	.	PUNCT
fbem-29136	68	1	the	the	DET
fbem-29136	68	2	data	datum	NOUN
fbem-29136	68	3	in	in	ADP
fbem-29136	68	4	this	this	DET
fbem-29136	68	5	paper	paper	NOUN
fbem-29136	68	6	are	be	AUX
fbem-29136	68	7	obtained	obtain	VERB
fbem-29136	68	8	from	from	ADP
fbem-29136	68	9	the	the	DET
fbem-29136	68	10	csmar	csmar	PROPN
fbem-29136	68	11	database	database	NOUN
fbem-29136	68	12	.	.	PUNCT
fbem-29136	69	1	in	in	ADP
fbem-29136	69	2	this	this	DET
fbem-29136	69	3	paper	paper	NOUN
fbem-29136	69	4	,	,	PUNCT
fbem-29136	69	5	the	the	DET
fbem-29136	69	6	2012	2012	NUM
fbem-29136	69	7	sec	sec	PROPN
fbem-29136	69	8	level	level	NOUN
fbem-29136	69	9	2	2	NUM
fbem-29136	69	10	industry	industry	NOUN
fbem-29136	69	11	classification	classification	NOUN
fbem-29136	69	12	standard	standard	NOUN
fbem-29136	69	13	is	be	AUX
fbem-29136	69	14	used	use	VERB
fbem-29136	69	15	as	as	ADP
fbem-29136	69	16	a	a	DET
fbem-29136	69	17	criterion	criterion	NOUN
fbem-29136	69	18	for	for	ADP
fbem-29136	69	19	different	different	ADJ
fbem-29136	69	20	industries	industry	NOUN
fbem-29136	69	21	,	,	PUNCT
fbem-29136	69	22	and	and	CCONJ
fbem-29136	69	23	this	this	PRON
fbem-29136	69	24	is	be	AUX
fbem-29136	69	25	used	use	VERB
fbem-29136	69	26	to	to	PART
fbem-29136	69	27	determine	determine	VERB
fbem-29136	69	28	the	the	DET
fbem-29136	69	29	category	category	NOUN
fbem-29136	69	30	of	of	ADP
fbem-29136	69	31	peer	peer	NOUN
fbem-29136	69	32	companies	company	NOUN
fbem-29136	69	33	.	.	PUNCT
fbem-29136	70	1	4.2	4.2	NUM
fbem-29136	70	2	.	.	PUNCT
fbem-29136	70	3	variable	variable	ADJ
fbem-29136	70	4	design	design	NOUN
fbem-29136	70	5	(	(	PUNCT
fbem-29136	70	6	1	1	X
fbem-29136	70	7	)	)	PUNCT
fbem-29136	70	8	explained	explain	VERB
fbem-29136	70	9	variables	variable	NOUN
fbem-29136	70	10	paytend	paytend	VERB
fbem-29136	70	11	:	:	PUNCT
fbem-29136	70	12	paytend	paytend	NOUN
fbem-29136	70	13	is	be	AUX
fbem-29136	70	14	taken	take	VERB
fbem-29136	70	15	as	as	ADP
fbem-29136	70	16	1	1	NUM
fbem-29136	70	17	to	to	PART
fbem-29136	70	18	indicate	indicate	VERB
fbem-29136	70	19	the	the	DET
fbem-29136	70	20	presence	presence	NOUN
fbem-29136	70	21	of	of	ADP
fbem-29136	70	22	dividend	dividend	NOUN
fbem-29136	70	23	payout	payout	NOUN
fbem-29136	70	24	and	and	CCONJ
fbem-29136	70	25	0	0	NUM
fbem-29136	70	26	to	to	PART
fbem-29136	70	27	indicate	indicate	VERB
fbem-29136	70	28	the	the	DET
fbem-29136	70	29	absence	absence	NOUN
fbem-29136	70	30	of	of	ADP
fbem-29136	70	31	dividend	dividend	NOUN
fbem-29136	70	32	payout	payout	NOUN
fbem-29136	70	33	.	.	PUNCT
fbem-29136	71	1	payout	payout	NOUN
fbem-29136	71	2	:	:	PUNCT
fbem-29136	71	3	represents	represent	VERB
fbem-29136	71	4	the	the	DET
fbem-29136	71	5	extent	extent	NOUN
fbem-29136	71	6	to	to	PART
fbem-29136	71	7	which	which	PRON
fbem-29136	71	8	the	the	DET
fbem-29136	71	9	company	company	NOUN
fbem-29136	71	10	pays	pay	VERB
fbem-29136	71	11	dividends	dividend	NOUN
fbem-29136	71	12	,	,	PUNCT
fbem-29136	71	13	i.e.	i.e.	X
fbem-29136	71	14	,	,	PUNCT
fbem-29136	71	15	dividend	dividend	VERB
fbem-29136	71	16	payout	payout	NOUN
fbem-29136	71	17	ratio	ratio	NOUN
fbem-29136	71	18	.	.	PUNCT
fbem-29136	72	1	(	(	PUNCT
fbem-29136	72	2	2	2	X
fbem-29136	72	3	)	)	PUNCT
fbem-29136	72	4	main	main	ADJ
fbem-29136	72	5	explanatory	explanatory	ADJ
fbem-29136	72	6	variables	variable	NOUN
fbem-29136	72	7	peerpaytend	peerpaytend	VERB
fbem-29136	72	8	:	:	PUNCT
fbem-29136	72	9	divides	divide	VERB
fbem-29136	72	10	the	the	DET
fbem-29136	72	11	number	number	NOUN
fbem-29136	72	12	of	of	ADP
fbem-29136	72	13	firms	firm	NOUN
fbem-29136	72	14	paying	pay	VERB
fbem-29136	72	15	dividends	dividend	NOUN
fbem-29136	72	16	in	in	ADP
fbem-29136	72	17	an	an	DET
fbem-29136	72	18	industry	industry	NOUN
fbem-29136	72	19	during	during	ADP
fbem-29136	72	20	the	the	DET
fbem-29136	72	21	study	study	NOUN
fbem-29136	72	22	period	period	NOUN
fbem-29136	72	23	(	(	PUNCT
fbem-29136	72	24	excluding	exclude	VERB
fbem-29136	72	25	the	the	DET
fbem-29136	72	26	individual	individual	ADJ
fbem-29136	72	27	firms	firm	NOUN
fbem-29136	72	28	studied	study	VERB
fbem-29136	72	29	)	)	PUNCT
fbem-29136	72	30	by	by	ADP
fbem-29136	72	31	the	the	DET
fbem-29136	72	32	number	number	NOUN
fbem-29136	72	33	of	of	ADP
fbem-29136	72	34	total	total	ADJ
fbem-29136	72	35	firms	firm	NOUN
fbem-29136	72	36	in	in	ADP
fbem-29136	72	37	the	the	DET
fbem-29136	72	38	industry	industry	NOUN
fbem-29136	72	39	.	.	PUNCT
fbem-29136	73	1	peerpayout	peerpayout	NOUN
fbem-29136	73	2	:	:	PUNCT
fbem-29136	73	3	the	the	DET
fbem-29136	73	4	dividend	dividend	NOUN
fbem-29136	73	5	payout	payout	NOUN
fbem-29136	73	6	ratio	ratio	NOUN
fbem-29136	73	7	of	of	ADP
fbem-29136	73	8	all	all	DET
fbem-29136	73	9	firms	firm	NOUN
fbem-29136	73	10	in	in	ADP
fbem-29136	73	11	the	the	DET
fbem-29136	73	12	industry	industry	NOUN
fbem-29136	73	13	(	(	PUNCT
fbem-29136	73	14	excluding	exclude	VERB
fbem-29136	73	15	the	the	DET
fbem-29136	73	16	individual	individual	ADJ
fbem-29136	73	17	firms	firm	NOUN
fbem-29136	73	18	studied	study	VERB
fbem-29136	73	19	)	)	PUNCT
fbem-29136	73	20	is	be	AUX
fbem-29136	73	21	averaged	average	VERB
fbem-29136	73	22	.	.	PUNCT
fbem-29136	74	1	hhi	hhi	NOUN
fbem-29136	74	2	:	:	PUNCT
fbem-29136	74	3	measured	measure	VERB
fbem-29136	74	4	by	by	ADP
fbem-29136	74	5	herfindahl	herfindahl	NOUN
fbem-29136	74	6	-	-	PUNCT
fbem-29136	74	7	hirschman	hirschman	NOUN
fbem-29136	74	8	index	index	NOUN
fbem-29136	74	9	.	.	PUNCT
fbem-29136	75	1	(	(	PUNCT
fbem-29136	75	2	3	3	X
fbem-29136	75	3	)	)	PUNCT
fbem-29136	75	4	secondary	secondary	ADJ
fbem-29136	75	5	explanatory	explanatory	ADJ
fbem-29136	75	6	variables	variables	PROPN
fbem-29136	75	7	peerdev	peerdev	PROPN
fbem-29136	75	8	:	:	PUNCT
fbem-29136	75	9	asset	asset	NOUN
fbem-29136	75	10	growth	growth	NOUN
fbem-29136	75	11	rate	rate	NOUN
fbem-29136	75	12	of	of	ADP
fbem-29136	75	13	the	the	DET
fbem-29136	75	14	peer	peer	NOUN
fbem-29136	75	15	companies	company	NOUN
fbem-29136	75	16	.	.	PUNCT
fbem-29136	76	1	peerroa	peerroa	NOUN
fbem-29136	76	2	:	:	PUNCT
fbem-29136	76	3	return	return	NOUN
fbem-29136	76	4	on	on	ADP
fbem-29136	76	5	assets	asset	NOUN
fbem-29136	76	6	of	of	ADP
fbem-29136	76	7	the	the	DET
fbem-29136	76	8	peer	peer	NOUN
fbem-29136	76	9	firms	firm	NOUN
fbem-29136	76	10	.	.	PUNCT
fbem-29136	77	1	peertdr	peertdr	NOUN
fbem-29136	77	2	:	:	PUNCT
fbem-29136	77	3	the	the	DET
fbem-29136	77	4	gearing	gear	VERB
fbem-29136	77	5	ratio	ratio	NOUN
fbem-29136	77	6	of	of	ADP
fbem-29136	77	7	the	the	DET
fbem-29136	77	8	peer	peer	NOUN
fbem-29136	77	9	firms	firm	NOUN
fbem-29136	77	10	.	.	PUNCT
fbem-29136	78	1	peerbm	peerbm	NOUN
fbem-29136	78	2	:	:	PUNCT
fbem-29136	78	3	book	book	NOUN
fbem-29136	78	4	-	-	PUNCT
fbem-29136	78	5	to	to	ADP
fbem-29136	78	6	-	-	PUNCT
fbem-29136	78	7	market	market	NOUN
fbem-29136	78	8	ratio	ratio	NOUN
fbem-29136	78	9	of	of	ADP
fbem-29136	78	10	the	the	DET
fbem-29136	78	11	peer	peer	NOUN
fbem-29136	78	12	companies	company	NOUN
fbem-29136	78	13	.	.	PUNCT
fbem-29136	79	1	(	(	PUNCT
fbem-29136	79	2	4	4	X
fbem-29136	79	3	)	)	PUNCT
fbem-29136	79	4	control	control	NOUN
fbem-29136	79	5	variables	variable	NOUN
fbem-29136	79	6	firm	firm	ADJ
fbem-29136	79	7	size	size	NOUN
fbem-29136	79	8	(	(	PUNCT
fbem-29136	79	9	size	size	NOUN
fbem-29136	79	10	)	)	PUNCT
fbem-29136	79	11	,	,	PUNCT
fbem-29136	79	12	return	return	VERB
fbem-29136	79	13	on	on	ADP
fbem-29136	79	14	assets	asset	NOUN
fbem-29136	79	15	(	(	PUNCT
fbem-29136	79	16	roa	roa	NOUN
fbem-29136	79	17	)	)	PUNCT
fbem-29136	79	18	,	,	PUNCT
fbem-29136	79	19	gearing	gear	VERB
fbem-29136	79	20	ratio	ratio	NOUN
fbem-29136	79	21	(	(	PUNCT
fbem-29136	79	22	tdr	tdr	PROPN
fbem-29136	79	23	)	)	PUNCT
fbem-29136	79	24	,	,	PUNCT
fbem-29136	79	25	asset	asset	NOUN
fbem-29136	79	26	growth	growth	NOUN
fbem-29136	79	27	rate	rate	NOUN
fbem-29136	79	28	(	(	PUNCT
fbem-29136	79	29	dev	dev	PROPN
fbem-29136	79	30	)	)	PUNCT
fbem-29136	79	31	,	,	PUNCT
fbem-29136	79	32	book	book	NOUN
fbem-29136	79	33	-	-	PUNCT
fbem-29136	79	34	to	to	ADP
fbem-29136	79	35	-	-	PUNCT
fbem-29136	79	36	market	market	NOUN
fbem-29136	79	37	ratio	ratio	NOUN
fbem-29136	79	38	(	(	PUNCT
fbem-29136	79	39	bm	bm	PROPN
fbem-29136	79	40	)	)	PUNCT
fbem-29136	79	41	.	.	PUNCT
fbem-29136	80	1	table	table	NOUN
fbem-29136	80	2	1	1	NUM
fbem-29136	80	3	.	.	PUNCT
fbem-29136	81	1	variable	variable	ADJ
fbem-29136	81	2	definition	definition	NOUN
fbem-29136	81	3	table	table	NOUN
fbem-29136	81	4	variable	variable	ADJ
fbem-29136	81	5	type	type	NOUN
fbem-29136	81	6	variable	variable	ADJ
fbem-29136	81	7	code	code	NOUN
fbem-29136	81	8	variable	variable	ADJ
fbem-29136	81	9	definition	definition	NOUN
fbem-29136	81	10	explained	explain	VERB
fbem-29136	81	11	variables	variable	NOUN
fbem-29136	81	12	paytend	paytend	VERB
fbem-29136	81	13	paytend	paytend	NOUN
fbem-29136	81	14	is	be	AUX
fbem-29136	81	15	1	1	NUM
fbem-29136	81	16	when	when	SCONJ
fbem-29136	81	17	cash	cash	NOUN
fbem-29136	81	18	dividend	dividend	NOUN
fbem-29136	81	19	is	be	AUX
fbem-29136	81	20	paid	pay	VERB
fbem-29136	81	21	,	,	PUNCT
fbem-29136	81	22	otherwise	otherwise	ADV
fbem-29136	81	23	0	0	NUM
fbem-29136	81	24	payout	payout	NOUN
fbem-29136	81	25	dividend	dividend	NOUN
fbem-29136	81	26	per	per	ADP
fbem-29136	81	27	share	share	NOUN
fbem-29136	81	28	before	before	ADP
fbem-29136	81	29	tax	tax	NOUN
fbem-29136	81	30	/	/	SYM
fbem-29136	81	31	(	(	PUNCT
fbem-29136	81	32	current	current	ADJ
fbem-29136	81	33	value	value	NOUN
fbem-29136	81	34	of	of	ADP
fbem-29136	81	35	net	net	ADJ
fbem-29136	81	36	profit	profit	NOUN
fbem-29136	81	37	/	/	SYM
fbem-29136	81	38	closing	closing	NOUN
fbem-29136	81	39	value	value	NOUN
fbem-29136	81	40	of	of	ADP
fbem-29136	81	41	paid	pay	VERB
fbem-29136	81	42	-	-	PUNCT
fbem-29136	81	43	in	in	ADP
fbem-29136	81	44	capital	capital	NOUN
fbem-29136	81	45	)	)	PUNCT
fbem-29136	81	46	main	main	ADJ
fbem-29136	81	47	explanatory	explanatory	ADJ
fbem-29136	81	48	variables	variable	NOUN
fbem-29136	81	49	peerpaytend	peerpaytend	VERB
fbem-29136	81	50	average	average	ADJ
fbem-29136	81	51	cash	cash	NOUN
fbem-29136	81	52	dividend	dividend	NOUN
fbem-29136	81	53	payout	payout	NOUN
fbem-29136	81	54	intensity	intensity	NOUN
fbem-29136	81	55	of	of	ADP
fbem-29136	81	56	peer	peer	NOUN
fbem-29136	81	57	group	group	NOUN
fbem-29136	81	58	companies	company	NOUN
fbem-29136	81	59	peerpayout	peerpayout	VERB
fbem-29136	81	60	average	average	ADJ
fbem-29136	81	61	cash	cash	NOUN
fbem-29136	81	62	dividend	dividend	NOUN
fbem-29136	81	63	payout	payout	NOUN
fbem-29136	81	64	intensity	intensity	NOUN
fbem-29136	81	65	of	of	ADP
fbem-29136	81	66	peer	peer	NOUN
fbem-29136	81	67	group	group	NOUN
fbem-29136	81	68	companies	company	NOUN
fbem-29136	81	69	hhi	hhi	VERB
fbem-29136	81	70	herfindahl	herfindahl	PROPN
fbem-29136	81	71	-	-	PUNCT
fbem-29136	81	72	hirschman	hirschman	NOUN
fbem-29136	81	73	index	index	NOUN
fbem-29136	81	74	secondary	secondary	ADJ
fbem-29136	81	75	explanatory	explanatory	ADJ
fbem-29136	81	76	variables	variable	NOUN
fbem-29136	81	77	peerdev	peerdev	VERB
fbem-29136	81	78	the	the	DET
fbem-29136	81	79	growth	growth	NOUN
fbem-29136	81	80	rate	rate	NOUN
fbem-29136	81	81	of	of	ADP
fbem-29136	81	82	assets	asset	NOUN
fbem-29136	81	83	of	of	ADP
fbem-29136	81	84	the	the	DET
fbem-29136	81	85	peer	peer	NOUN
fbem-29136	81	86	group	group	NOUN
fbem-29136	81	87	companies	company	NOUN
fbem-29136	81	88	peerroa	peerroa	VERB
fbem-29136	81	89	the	the	DET
fbem-29136	81	90	return	return	NOUN
fbem-29136	81	91	on	on	ADP
fbem-29136	81	92	assets	asset	NOUN
fbem-29136	81	93	of	of	ADP
fbem-29136	81	94	the	the	DET
fbem-29136	81	95	peer	peer	NOUN
fbem-29136	81	96	group	group	NOUN
fbem-29136	81	97	companies	company	NOUN
fbem-29136	81	98	peertdr	peertdr	VERB
fbem-29136	81	99	the	the	DET
fbem-29136	81	100	gearing	gear	VERB
fbem-29136	81	101	ratio	ratio	NOUN
fbem-29136	81	102	of	of	ADP
fbem-29136	81	103	the	the	DET
fbem-29136	81	104	peer	peer	NOUN
fbem-29136	81	105	group	group	NOUN
fbem-29136	81	106	companies	company	NOUN
fbem-29136	81	107	peerbm	peerbm	VERB
fbem-29136	81	108	book	book	NOUN
fbem-29136	81	109	-	-	PUNCT
fbem-29136	81	110	to	to	ADP
fbem-29136	81	111	-	-	PUNCT
fbem-29136	81	112	market	market	NOUN
fbem-29136	81	113	ratio	ratio	NOUN
fbem-29136	81	114	of	of	ADP
fbem-29136	81	115	peer	peer	NOUN
fbem-29136	81	116	group	group	NOUN
fbem-29136	81	117	companies	company	NOUN
fbem-29136	81	118	control	control	VERB
fbem-29136	81	119	variables	variable	NOUN
fbem-29136	81	120	roa	roa	VERB
fbem-29136	81	121	the	the	DET
fbem-29136	81	122	return	return	NOUN
fbem-29136	81	123	on	on	ADP
fbem-29136	81	124	assets	asset	NOUN
fbem-29136	81	125	tdr	tdr	PROPN
fbem-29136	81	126	the	the	DET
fbem-29136	81	127	gearing	gear	VERB
fbem-29136	81	128	ratio	ratio	NOUN
fbem-29136	81	129	size	size	NOUN
fbem-29136	81	130	the	the	DET
fbem-29136	81	131	natural	natural	ADJ
fbem-29136	81	132	logarithm	logarithm	NOUN
fbem-29136	81	133	of	of	ADP
fbem-29136	81	134	revenues	revenue	NOUN
fbem-29136	81	135	dev	dev	VERB
fbem-29136	81	136	the	the	DET
fbem-29136	81	137	growth	growth	NOUN
fbem-29136	81	138	rate	rate	NOUN
fbem-29136	81	139	bm	bm	PROPN
fbem-29136	81	140	book	book	PROPN
fbem-29136	81	141	-	-	PUNCT
fbem-29136	81	142	to	to	ADP
fbem-29136	81	143	-	-	PUNCT
fbem-29136	81	144	market	market	NOUN
fbem-29136	81	145	ratio	ratio	NOUN
fbem-29136	81	146	45	45	NUM
fbem-29136	81	147	4.3	4.3	NUM
fbem-29136	81	148	.	.	PUNCT
fbem-29136	82	1	modeling	model	VERB
fbem-29136	82	2	this	this	DET
fbem-29136	82	3	study	study	NOUN
fbem-29136	82	4	designs	design	VERB
fbem-29136	82	5	the	the	DET
fbem-29136	82	6	basic	basic	ADJ
fbem-29136	82	7	regression	regression	NOUN
fbem-29136	82	8	model	model	NOUN
fbem-29136	82	9	around	around	ADP
fbem-29136	82	10	the	the	DET
fbem-29136	82	11	peer	peer	NOUN
fbem-29136	82	12	effect	effect	NOUN
fbem-29136	82	13	of	of	ADP
fbem-29136	82	14	dividend	dividend	NOUN
fbem-29136	82	15	distribution	distribution	NOUN
fbem-29136	82	16	behaviour	behaviour	NOUN
fbem-29136	82	17	as	as	SCONJ
fbem-29136	82	18	follows	follow	VERB
fbem-29136	82	19	:	:	PUNCT
fbem-29136	82	20	ijttjijtijtijtijt	ijttjijtijtijtijt	VERB
fbem-29136	82	21	vuxxycy	vuxxycy	NOUN
fbem-29136	82	22			NOUN
fbem-29136	82	23	+	+	PROPN
fbem-29136	82	24	+	+	ADJ
fbem-29136	82	25	+	+	ADJ
fbem-29136	82	26	+	+	ADJ
fbem-29136	82	27	+	+	ADJ
fbem-29136	82	28	+	+	ADJ
fbem-29136	82	29	=	=	ADJ
fbem-29136	82	30	−−	−−	NOUN
fbem-29136	82	31	(	(	PUNCT
fbem-29136	82	32	1	1	X
fbem-29136	82	33	)	)	PUNCT
fbem-29136	82	34	the	the	DET
fbem-29136	82	35	subscript	subscript	NOUN
fbem-29136	82	36	ijt	ijt	VERB
fbem-29136	82	37	represents	represent	VERB
fbem-29136	82	38	firm	firm	ADJ
fbem-29136	82	39	,	,	PUNCT
fbem-29136	82	40	industry	industry	NOUN
fbem-29136	82	41	and	and	CCONJ
fbem-29136	82	42	year	year	NOUN
fbem-29136	82	43	,	,	PUNCT
fbem-29136	82	44	respectively	respectively	ADV
fbem-29136	82	45	.	.	PUNCT
fbem-29136	83	1	the	the	DET
fbem-29136	83	2	explanatory	explanatory	ADJ
fbem-29136	83	3	variable	variable	ADJ
fbem-29136	83	4	yijt	yijt	NOUN
fbem-29136	83	5	represents	represent	VERB
fbem-29136	83	6	the	the	DET
fbem-29136	83	7	dividend	dividend	NOUN
fbem-29136	83	8	behaviour	behaviour	NOUN
fbem-29136	83	9	of	of	ADP
fbem-29136	83	10	firm	firm	ADJ
fbem-29136	83	11	i	i	PRON
fbem-29136	83	12	in	in	ADP
fbem-29136	83	13	industry	industry	PROPN
fbem-29136	83	14	j	j	PROPN
fbem-29136	83	15	in	in	ADP
fbem-29136	83	16	year	year	NOUN
fbem-29136	83	17	t	t	PROPN
fbem-29136	83	18	;	;	PUNCT
fbem-29136	83	19	the	the	DET
fbem-29136	83	20	primary	primary	ADJ
fbem-29136	83	21	explanatory	explanatory	ADJ
fbem-29136	83	22	variable	variable	NOUN
fbem-29136	83	23	y(—)-ijt	y(—)-ijt	PRON
fbem-29136	83	24	represents	represent	VERB
fbem-29136	83	25	the	the	DET
fbem-29136	83	26	average	average	ADJ
fbem-29136	83	27	dividend	dividend	NOUN
fbem-29136	83	28	behaviour	behaviour	NOUN
fbem-29136	83	29	of	of	ADP
fbem-29136	83	30	all	all	DET
fbem-29136	83	31	firms	firm	NOUN
fbem-29136	83	32	in	in	ADP
fbem-29136	83	33	industry	industry	NOUN
fbem-29136	83	34	j	j	PROPN
fbem-29136	83	35	except	except	SCONJ
fbem-29136	83	36	i	i	PRON
fbem-29136	83	37	in	in	ADP
fbem-29136	83	38	year	year	NOUN
fbem-29136	83	39	t	t	PROPN
fbem-29136	83	40	;	;	PUNCT
fbem-29136	83	41	the	the	DET
fbem-29136	83	42	secondary	secondary	ADJ
fbem-29136	83	43	explanatory	explanatory	ADJ
fbem-29136	83	44	variable	variable	NOUN
fbem-29136	83	45	x(—)-ijt	x(—)-ijt	PROPN
fbem-29136	83	46	represents	represent	VERB
fbem-29136	83	47	the	the	DET
fbem-29136	83	48	fundamentals	fundamental	NOUN
fbem-29136	83	49	of	of	ADP
fbem-29136	83	50	the	the	DET
fbem-29136	83	51	same	same	ADJ
fbem-29136	83	52	peer	peer	NOUN
fbem-29136	83	53	of	of	ADP
fbem-29136	83	54	firms	firm	NOUN
fbem-29136	83	55	in	in	ADP
fbem-29136	83	56	industry	industry	NOUN
fbem-29136	83	57	j	j	PROPN
fbem-29136	83	58	except	except	SCONJ
fbem-29136	83	59	i	i	PRON
fbem-29136	83	60	in	in	ADP
fbem-29136	83	61	year	year	NOUN
fbem-29136	83	62	t	t	PROPN
fbem-29136	83	63	;	;	PUNCT
fbem-29136	83	64	xijt	xijt	PROPN
fbem-29136	83	65	serves	serve	VERB
fbem-29136	83	66	as	as	ADP
fbem-29136	83	67	a	a	DET
fbem-29136	83	68	control	control	NOUN
fbem-29136	83	69	variable	variable	NOUN
fbem-29136	83	70	describing	describe	VERB
fbem-29136	83	71	the	the	DET
fbem-29136	83	72	fundamentals	fundamental	NOUN
fbem-29136	83	73	data	datum	NOUN
fbem-29136	83	74	;	;	PUNCT
fbem-29136	83	75	uj	uj	PROPN
fbem-29136	83	76	and	and	CCONJ
fbem-29136	83	77	vt	vt	PROPN
fbem-29136	83	78	denote	denote	VERB
fbem-29136	83	79	the	the	DET
fbem-29136	83	80	industry	industry	NOUN
fbem-29136	83	81	and	and	CCONJ
fbem-29136	83	82	year	year	NOUN
fbem-29136	83	83	individual	individual	ADJ
fbem-29136	83	84	effects	effect	NOUN
fbem-29136	83	85	.	.	PUNCT
fbem-29136	84	1	based	base	VERB
fbem-29136	84	2	on	on	ADP
fbem-29136	84	3	the	the	DET
fbem-29136	84	4	above	above	ADJ
fbem-29136	84	5	basic	basic	ADJ
fbem-29136	84	6	model	model	NOUN
fbem-29136	84	7	,	,	PUNCT
fbem-29136	84	8	to	to	PART
fbem-29136	84	9	test	test	VERB
fbem-29136	84	10	the	the	DET
fbem-29136	84	11	willingness	willingness	NOUN
fbem-29136	84	12	to	to	PART
fbem-29136	84	13	pay	pay	VERB
fbem-29136	84	14	dividends	dividend	NOUN
fbem-29136	84	15	,	,	PUNCT
fbem-29136	84	16	a	a	DET
fbem-29136	84	17	logistic	logistic	ADJ
fbem-29136	84	18	regression	regression	NOUN
fbem-29136	84	19	model	model	NOUN
fbem-29136	84	20	is	be	AUX
fbem-29136	84	21	constructed	construct	VERB
fbem-29136	84	22	with	with	ADP
fbem-29136	84	23	paytend	paytend	NOUN
fbem-29136	84	24	as	as	ADP
fbem-29136	84	25	the	the	DET
fbem-29136	84	26	explanatory	explanatory	ADJ
fbem-29136	84	27	variable	variable	NOUN
fbem-29136	84	28	and	and	CCONJ
fbem-29136	84	29	peerpaytend	peerpaytend	VERB
fbem-29136	84	30	as	as	ADP
fbem-29136	84	31	the	the	DET
fbem-29136	84	32	main	main	ADJ
fbem-29136	84	33	explanatory	explanatory	ADJ
fbem-29136	84	34	variable	variable	NOUN
fbem-29136	84	35	,	,	PUNCT
fbem-29136	84	36	and	and	CCONJ
fbem-29136	84	37	to	to	PART
fbem-29136	84	38	do	do	VERB
fbem-29136	84	39	the	the	DET
fbem-29136	84	40	test	test	NOUN
fbem-29136	84	41	of	of	ADP
fbem-29136	84	42	the	the	DET
fbem-29136	84	43	strength	strength	NOUN
fbem-29136	84	44	of	of	ADP
fbem-29136	84	45	dividend	dividend	NOUN
fbem-29136	84	46	payment	payment	NOUN
fbem-29136	84	47	based	base	VERB
fbem-29136	84	48	on	on	ADP
fbem-29136	84	49	this	this	PRON
fbem-29136	84	50	,	,	PUNCT
fbem-29136	84	51	a	a	DET
fbem-29136	84	52	linear	linear	ADJ
fbem-29136	84	53	regression	regression	NOUN
fbem-29136	84	54	model	model	NOUN
fbem-29136	84	55	is	be	AUX
fbem-29136	84	56	constructed	construct	VERB
fbem-29136	84	57	with	with	ADP
fbem-29136	84	58	payout	payout	NOUN
fbem-29136	84	59	as	as	ADP
fbem-29136	84	60	the	the	DET
fbem-29136	84	61	explanatory	explanatory	ADJ
fbem-29136	84	62	variable	variable	NOUN
fbem-29136	84	63	and	and	CCONJ
fbem-29136	84	64	peerpayout	peerpayout	NOUN
fbem-29136	84	65	as	as	ADP
fbem-29136	84	66	the	the	DET
fbem-29136	84	67	main	main	ADJ
fbem-29136	84	68	explanatory	explanatory	ADJ
fbem-29136	84	69	variable	variable	NOUN
fbem-29136	84	70	.	.	PUNCT
fbem-29136	85	1	the	the	DET
fbem-29136	85	2	linear	linear	ADJ
fbem-29136	85	3	regression	regression	NOUN
fbem-29136	85	4	model	model	NOUN
fbem-29136	85	5	is	be	AUX
fbem-29136	85	6	constructed	construct	VERB
fbem-29136	85	7	with	with	ADP
fbem-29136	85	8	payout	payout	NOUN
fbem-29136	85	9	as	as	ADP
fbem-29136	85	10	the	the	DET
fbem-29136	85	11	explanatory	explanatory	ADJ
fbem-29136	85	12	variable	variable	NOUN
fbem-29136	85	13	and	and	CCONJ
fbem-29136	85	14	peerpayout	peerpayout	NOUN
fbem-29136	85	15	as	as	ADP
fbem-29136	85	16	the	the	DET
fbem-29136	85	17	main	main	ADJ
fbem-29136	85	18	explanatory	explanatory	ADJ
fbem-29136	85	19	variable	variable	NOUN
fbem-29136	85	20	.	.	PUNCT
fbem-29136	86	1	in	in	ADP
fbem-29136	86	2	the	the	DET
fbem-29136	86	3	regression	regression	NOUN
fbem-29136	86	4	model	model	NOUN
fbem-29136	86	5	,	,	PUNCT
fbem-29136	86	6	the	the	DET
fbem-29136	86	7	fundamental	fundamental	ADJ
fbem-29136	86	8	characteristics	characteristic	NOUN
fbem-29136	86	9	of	of	ADP
fbem-29136	86	10	the	the	DET
fbem-29136	86	11	peer	peer	NOUN
fbem-29136	86	12	companies	company	NOUN
fbem-29136	86	13	and	and	CCONJ
fbem-29136	86	14	control	control	NOUN
fbem-29136	86	15	variables	variable	NOUN
fbem-29136	86	16	are	be	AUX
fbem-29136	86	17	introduced	introduce	VERB
fbem-29136	86	18	to	to	PART
fbem-29136	86	19	explore	explore	VERB
fbem-29136	86	20	their	their	PRON
fbem-29136	86	21	impact	impact	NOUN
fbem-29136	86	22	on	on	ADP
fbem-29136	86	23	the	the	DET
fbem-29136	86	24	willingness	willingness	NOUN
fbem-29136	86	25	and	and	CCONJ
fbem-29136	86	26	strength	strength	NOUN
fbem-29136	86	27	of	of	ADP
fbem-29136	86	28	cash	cash	NOUN
fbem-29136	86	29	dividend	dividend	NOUN
fbem-29136	86	30	payment	payment	NOUN
fbem-29136	86	31	,	,	PUNCT
fbem-29136	86	32	and	and	CCONJ
fbem-29136	86	33	the	the	DET
fbem-29136	86	34	model	model	NOUN
fbem-29136	86	35	of	of	ADP
fbem-29136	86	36	this	this	DET
fbem-29136	86	37	paper	paper	NOUN
fbem-29136	86	38	to	to	PART
fbem-29136	86	39	test	test	VERB
fbem-29136	86	40	whether	whether	SCONJ
fbem-29136	86	41	there	there	PRON
fbem-29136	86	42	is	be	VERB
fbem-29136	86	43	a	a	DET
fbem-29136	86	44	peer	peer	NOUN
fbem-29136	86	45	effect	effect	NOUN
fbem-29136	86	46	of	of	ADP
fbem-29136	86	47	cash	cash	NOUN
fbem-29136	86	48	dividend	dividend	NOUN
fbem-29136	86	49	is	be	AUX
fbem-29136	86	50	as	as	SCONJ
fbem-29136	86	51	follows	follow	VERB
fbem-29136	86	52	:	:	PUNCT
fbem-29136	87	1			PUNCT
fbem-29136	88	1	+	+	ADJ
fbem-29136	88	2	+	+	ADJ
fbem-29136	88	3	+	+	ADJ
fbem-29136	88	4	+	+	ADJ
fbem-29136	88	5	+	+	ADJ
fbem-29136	88	6	+	+	ADJ
fbem-29136	88	7	=	=	ADJ
fbem-29136	88	8			NOUN
fbem-29136	88	9	tjiiii	tjiiii	X
fbem-29136	88	10	vuxxdpeerpaytencpaytendl	vuxxdpeerpaytencpaytendl	NOUN
fbem-29136	88	11	)	)	PUNCT
fbem-29136	88	12	(	(	PUNCT
fbem-29136	88	13	ogit	ogit	X
fbem-29136	88	14	(	(	PUNCT
fbem-29136	88	15	2	2	NUM
fbem-29136	88	16	)	)	PUNCT
fbem-29136	88	17			NOUN
fbem-29136	89	1	+	+	PROPN
fbem-29136	89	2	+	+	ADJ
fbem-29136	89	3	+	+	ADJ
fbem-29136	89	4	+	+	ADJ
fbem-29136	89	5	+	+	ADJ
fbem-29136	89	6	+	+	ADJ
fbem-29136	89	7	=	=	ADJ
fbem-29136	89	8			NOUN
fbem-29136	89	9	tjiiii	tjiiii	X
fbem-29136	89	10	vuxxpeerpayoutcpayout	vuxxpeerpayoutcpayout	NOUN
fbem-29136	89	11	(	(	PUNCT
fbem-29136	89	12	3	3	X
fbem-29136	89	13	)	)	PUNCT
fbem-29136	89	14	if	if	SCONJ
fbem-29136	89	15	the	the	DET
fbem-29136	89	16	coefficient	coefficient	NOUN
fbem-29136	89	17	α	α	NOUN
fbem-29136	89	18	is	be	AUX
fbem-29136	89	19	significant	significant	ADJ
fbem-29136	89	20	,	,	PUNCT
fbem-29136	89	21	then	then	ADV
fbem-29136	89	22	the	the	DET
fbem-29136	89	23	cash	cash	NOUN
fbem-29136	89	24	dividend	dividend	NOUN
fbem-29136	89	25	behaviour	behaviour	NOUN
fbem-29136	89	26	of	of	ADP
fbem-29136	89	27	the	the	DET
fbem-29136	89	28	peer	peer	NOUN
fbem-29136	89	29	companies	company	NOUN
fbem-29136	89	30	is	be	AUX
fbem-29136	89	31	considered	consider	VERB
fbem-29136	89	32	to	to	PART
fbem-29136	89	33	significantly	significantly	ADV
fbem-29136	89	34	affect	affect	VERB
fbem-29136	89	35	the	the	DET
fbem-29136	89	36	company	company	NOUN
fbem-29136	89	37	;	;	PUNCT
fbem-29136	89	38	if	if	SCONJ
fbem-29136	89	39	the	the	DET
fbem-29136	89	40	coefficient	coefficient	NOUN
fbem-29136	89	41	β	β	NOUN
fbem-29136	89	42	is	be	AUX
fbem-29136	89	43	significant	significant	ADJ
fbem-29136	89	44	,	,	PUNCT
fbem-29136	89	45	then	then	ADV
fbem-29136	89	46	the	the	DET
fbem-29136	89	47	fundamentals	fundamental	NOUN
fbem-29136	89	48	of	of	ADP
fbem-29136	89	49	the	the	DET
fbem-29136	89	50	peer	peer	NOUN
fbem-29136	89	51	companies	company	NOUN
fbem-29136	89	52	are	be	AUX
fbem-29136	89	53	considered	consider	VERB
fbem-29136	89	54	to	to	PART
fbem-29136	89	55	significantly	significantly	ADV
fbem-29136	89	56	affect	affect	VERB
fbem-29136	89	57	the	the	DET
fbem-29136	89	58	company	company	NOUN
fbem-29136	89	59	.	.	PUNCT
fbem-29136	90	1	as	as	ADV
fbem-29136	90	2	long	long	ADV
fbem-29136	90	3	as	as	SCONJ
fbem-29136	90	4	one	one	NUM
fbem-29136	90	5	of	of	ADP
fbem-29136	90	6	the	the	DET
fbem-29136	90	7	above	above	ADJ
fbem-29136	90	8	two	two	NUM
fbem-29136	90	9	coefficients	coefficient	NOUN
fbem-29136	90	10	is	be	AUX
fbem-29136	90	11	significant	significant	ADJ
fbem-29136	90	12	,	,	PUNCT
fbem-29136	90	13	it	it	PRON
fbem-29136	90	14	can	can	AUX
fbem-29136	90	15	be	be	AUX
fbem-29136	90	16	then	then	ADV
fbem-29136	90	17	stated	state	VERB
fbem-29136	90	18	that	that	SCONJ
fbem-29136	90	19	the	the	DET
fbem-29136	90	20	peer	peer	NOUN
fbem-29136	90	21	companies	company	NOUN
fbem-29136	90	22	will	will	AUX
fbem-29136	90	23	affect	affect	VERB
fbem-29136	90	24	the	the	DET
fbem-29136	90	25	cash	cash	NOUN
fbem-29136	90	26	dividend	dividend	NOUN
fbem-29136	90	27	behaviour	behaviour	NOUN
fbem-29136	90	28	of	of	ADP
fbem-29136	90	29	this	this	DET
fbem-29136	90	30	company	company	NOUN
fbem-29136	90	31	,	,	PUNCT
fbem-29136	90	32	and	and	CCONJ
fbem-29136	90	33	it	it	PRON
fbem-29136	90	34	is	be	AUX
fbem-29136	90	35	considered	consider	VERB
fbem-29136	90	36	that	that	SCONJ
fbem-29136	90	37	the	the	DET
fbem-29136	90	38	peer	peer	NOUN
fbem-29136	90	39	effect	effect	NOUN
fbem-29136	90	40	exists	exist	VERB
fbem-29136	90	41	,	,	PUNCT
fbem-29136	90	42	and	and	CCONJ
fbem-29136	90	43	then	then	ADV
fbem-29136	90	44	hypothesis	hypothesis	NOUN
fbem-29136	90	45	1	1	NUM
fbem-29136	90	46	is	be	AUX
fbem-29136	90	47	established	establish	VERB
fbem-29136	90	48	.	.	PUNCT
fbem-29136	91	1	the	the	DET
fbem-29136	91	2	data	data	NOUN
fbem-29136	91	3	sample	sample	NOUN
fbem-29136	91	4	was	be	AUX
fbem-29136	91	5	divided	divide	VERB
fbem-29136	91	6	according	accord	VERB
fbem-29136	91	7	to	to	ADP
fbem-29136	91	8	size	size	NOUN
fbem-29136	91	9	into	into	ADP
fbem-29136	91	10	largescale	largescale	ADJ
fbem-29136	91	11	firms	firm	NOUN
fbem-29136	91	12	(	(	PUNCT
fbem-29136	91	13	size	size	NOUN
fbem-29136	91	14	above	above	ADP
fbem-29136	91	15	the	the	DET
fbem-29136	91	16	mean	mean	NOUN
fbem-29136	91	17	)	)	PUNCT
fbem-29136	91	18	and	and	CCONJ
fbem-29136	91	19	small	small	ADJ
fbem-29136	91	20	-	-	PUNCT
fbem-29136	91	21	scale	scale	NOUN
fbem-29136	91	22	firms	firm	NOUN
fbem-29136	91	23	(	(	PUNCT
fbem-29136	91	24	size	size	NOUN
fbem-29136	91	25	below	below	ADP
fbem-29136	91	26	the	the	DET
fbem-29136	91	27	mean	mean	NOUN
fbem-29136	91	28	)	)	PUNCT
fbem-29136	91	29	,	,	PUNCT
fbem-29136	91	30	and	and	CCONJ
fbem-29136	91	31	the	the	DET
fbem-29136	91	32	logistic	logistic	ADJ
fbem-29136	91	33	regression	regression	NOUN
fbem-29136	91	34	and	and	CCONJ
fbem-29136	91	35	linear	linear	ADJ
fbem-29136	91	36	regression	regression	NOUN
fbem-29136	91	37	at	at	ADP
fbem-29136	91	38	full	full	ADJ
fbem-29136	91	39	sample	sample	NOUN
fbem-29136	91	40	were	be	AUX
fbem-29136	91	41	repeated	repeat	VERB
fbem-29136	91	42	separately	separately	ADV
fbem-29136	91	43	to	to	PART
fbem-29136	91	44	observe	observe	VERB
fbem-29136	91	45	whether	whether	SCONJ
fbem-29136	91	46	the	the	DET
fbem-29136	91	47	coefficients	coefficient	NOUN
fbem-29136	91	48	of	of	ADP
fbem-29136	91	49	the	the	DET
fbem-29136	91	50	explanatory	explanatory	ADJ
fbem-29136	91	51	variables	variable	NOUN
fbem-29136	91	52	were	be	AUX
fbem-29136	91	53	significant	significant	ADJ
fbem-29136	91	54	or	or	CCONJ
fbem-29136	91	55	not	not	PART
fbem-29136	91	56	to	to	PART
fbem-29136	91	57	test	test	VERB
fbem-29136	91	58	hypothesis	hypothesis	NOUN
fbem-29136	91	59	2	2	NUM
fbem-29136	91	60	.	.	PUNCT
fbem-29136	92	1	in	in	ADP
fbem-29136	92	2	order	order	NOUN
fbem-29136	92	3	to	to	PART
fbem-29136	92	4	investigate	investigate	VERB
fbem-29136	92	5	the	the	DET
fbem-29136	92	6	influence	influence	NOUN
fbem-29136	92	7	of	of	ADP
fbem-29136	92	8	the	the	DET
fbem-29136	92	9	degree	degree	NOUN
fbem-29136	92	10	of	of	ADP
fbem-29136	92	11	industry	industry	NOUN
fbem-29136	92	12	competition	competition	NOUN
fbem-29136	92	13	on	on	ADP
fbem-29136	92	14	the	the	DET
fbem-29136	92	15	strength	strength	NOUN
fbem-29136	92	16	of	of	ADP
fbem-29136	92	17	the	the	DET
fbem-29136	92	18	peer	peer	NOUN
fbem-29136	92	19	effect	effect	NOUN
fbem-29136	92	20	of	of	ADP
fbem-29136	92	21	dividend	dividend	NOUN
fbem-29136	92	22	policy	policy	NOUN
fbem-29136	92	23	of	of	ADP
fbem-29136	92	24	listed	list	VERB
fbem-29136	92	25	companies	company	NOUN
fbem-29136	92	26	,	,	PUNCT
fbem-29136	92	27	the	the	DET
fbem-29136	92	28	herfindahlhirschman	herfindahlhirschman	PROPN
fbem-29136	92	29	index	index	NOUN
fbem-29136	92	30	(	(	PUNCT
fbem-29136	92	31	hhi	hhi	NOUN
fbem-29136	92	32	)	)	PUNCT
fbem-29136	92	33	is	be	AUX
fbem-29136	92	34	introduced	introduce	VERB
fbem-29136	92	35	.	.	PUNCT
fbem-29136	93	1	the	the	DET
fbem-29136	93	2	design	design	NOUN
fbem-29136	93	3	model	model	NOUN
fbem-29136	93	4	is	be	AUX
fbem-29136	93	5	as	as	SCONJ
fbem-29136	93	6	follows	follow	VERB
fbem-29136	93	7	:	:	PUNCT
fbem-29136	93	8			PUNCT
fbem-29136	94	1	+	+	ADJ
fbem-29136	94	2	+	+	ADJ
fbem-29136	94	3	+	+	ADJ
fbem-29136	94	4	+	+	ADJ
fbem-29136	94	5	+	+	ADJ
fbem-29136	94	6	•+++=	•+++=	ADJ
fbem-29136	94	7			NUM
fbem-29136	94	8	tjiiii	tjiiii	PROPN
fbem-29136	94	9	vuxxpphhihhidpeerpaytencpaytendl	vuxxpphhihhidpeerpaytencpaytendl	PROPN
fbem-29136	94	10	t)(ogit	t)(ogit	ADP
fbem-29136	94	11	321	321	NUM
fbem-29136	94	12	(	(	PUNCT
fbem-29136	94	13	4	4	NUM
fbem-29136	94	14	)	)	PUNCT
fbem-29136	94	15			X
fbem-29136	95	1	+	+	PROPN
fbem-29136	95	2	+	+	ADJ
fbem-29136	95	3	+	+	ADJ
fbem-29136	95	4	+	+	ADJ
fbem-29136	95	5	+	+	ADJ
fbem-29136	95	6	•+++=	•+++=	ADJ
fbem-29136	95	7			NUM
fbem-29136	95	8	tjiiii	tjiiii	VERB
fbem-29136	95	9	vuxxppohhihhipeerpayoutcpayout	vuxxppohhihhipeerpayoutcpayout	ADP
fbem-29136	95	10	321	321	NUM
fbem-29136	95	11	(	(	PUNCT
fbem-29136	95	12	5	5	NUM
fbem-29136	95	13	)	)	PUNCT
fbem-29136	95	14	if	if	SCONJ
fbem-29136	95	15	the	the	DET
fbem-29136	95	16	coefficient	coefficient	NOUN
fbem-29136	95	17	α3	α3	PROPN
fbem-29136	95	18	is	be	AUX
fbem-29136	95	19	significant	significant	ADJ
fbem-29136	95	20	,	,	PUNCT
fbem-29136	95	21	it	it	PRON
fbem-29136	95	22	means	mean	VERB
fbem-29136	95	23	that	that	SCONJ
fbem-29136	95	24	the	the	DET
fbem-29136	95	25	degree	degree	NOUN
fbem-29136	95	26	of	of	ADP
fbem-29136	95	27	industry	industry	NOUN
fbem-29136	95	28	competition	competition	NOUN
fbem-29136	95	29	affects	affect	VERB
fbem-29136	95	30	the	the	DET
fbem-29136	95	31	strength	strength	NOUN
fbem-29136	95	32	of	of	ADP
fbem-29136	95	33	the	the	DET
fbem-29136	95	34	peer	peer	NOUN
fbem-29136	95	35	effect	effect	NOUN
fbem-29136	95	36	reflected	reflect	VERB
fbem-29136	95	37	in	in	ADP
fbem-29136	95	38	the	the	DET
fbem-29136	95	39	company	company	NOUN
fbem-29136	95	40	's	's	PART
fbem-29136	95	41	cash	cash	NOUN
fbem-29136	95	42	dividend	dividend	NOUN
fbem-29136	95	43	behaviour	behaviour	NOUN
fbem-29136	95	44	,	,	PUNCT
fbem-29136	95	45	and	and	CCONJ
fbem-29136	95	46	furthermore	furthermore	ADV
fbem-29136	95	47	,	,	PUNCT
fbem-29136	95	48	since	since	SCONJ
fbem-29136	95	49	a	a	DET
fbem-29136	95	50	larger	large	ADJ
fbem-29136	95	51	hhi	hhi	NOUN
fbem-29136	95	52	index	index	NOUN
fbem-29136	95	53	implies	imply	VERB
fbem-29136	95	54	a	a	DET
fbem-29136	95	55	smaller	small	ADJ
fbem-29136	95	56	degree	degree	NOUN
fbem-29136	95	57	of	of	ADP
fbem-29136	95	58	industry	industry	NOUN
fbem-29136	95	59	competition	competition	NOUN
fbem-29136	95	60	,	,	PUNCT
fbem-29136	95	61	if	if	SCONJ
fbem-29136	95	62	the	the	DET
fbem-29136	95	63	coefficient	coefficient	NOUN
fbem-29136	95	64	α2	α2	NOUN
fbem-29136	95	65	is	be	AUX
fbem-29136	95	66	negative	negative	ADJ
fbem-29136	95	67	it	it	PRON
fbem-29136	95	68	represents	represent	VERB
fbem-29136	95	69	a	a	DET
fbem-29136	95	70	positive	positive	ADJ
fbem-29136	95	71	relationship	relationship	NOUN
fbem-29136	95	72	between	between	ADP
fbem-29136	95	73	industry	industry	NOUN
fbem-29136	95	74	competition	competition	NOUN
fbem-29136	95	75	and	and	CCONJ
fbem-29136	95	76	the	the	DET
fbem-29136	95	77	peer	peer	NOUN
fbem-29136	95	78	effect	effect	NOUN
fbem-29136	95	79	of	of	ADP
fbem-29136	95	80	the	the	DET
fbem-29136	95	81	target	target	NOUN
fbem-29136	95	82	firms	firm	NOUN
fbem-29136	95	83	'	'	PART
fbem-29136	95	84	dividends	dividend	NOUN
fbem-29136	95	85	,	,	PUNCT
fbem-29136	95	86	and	and	CCONJ
fbem-29136	95	87	hypothesis	hypothesis	NOUN
fbem-29136	95	88	3	3	NUM
fbem-29136	95	89	is	be	AUX
fbem-29136	95	90	valid	valid	ADJ
fbem-29136	95	91	,	,	PUNCT
fbem-29136	95	92	and	and	CCONJ
fbem-29136	95	93	if	if	SCONJ
fbem-29136	95	94	the	the	DET
fbem-29136	95	95	coefficient	coefficient	NOUN
fbem-29136	95	96	α3	α3	PROPN
fbem-29136	95	97	is	be	AUX
fbem-29136	95	98	insignificant	insignificant	ADJ
fbem-29136	95	99	,	,	PUNCT
fbem-29136	95	100	it	it	PRON
fbem-29136	95	101	means	mean	VERB
fbem-29136	95	102	that	that	SCONJ
fbem-29136	95	103	the	the	DET
fbem-29136	95	104	degree	degree	NOUN
fbem-29136	95	105	of	of	ADP
fbem-29136	95	106	industry	industry	NOUN
fbem-29136	95	107	competition	competition	NOUN
fbem-29136	95	108	does	do	AUX
fbem-29136	95	109	not	not	PART
fbem-29136	95	110	affect	affect	VERB
fbem-29136	95	111	the	the	DET
fbem-29136	95	112	strength	strength	NOUN
fbem-29136	95	113	of	of	ADP
fbem-29136	95	114	the	the	DET
fbem-29136	95	115	company	company	NOUN
fbem-29136	95	116	's	's	PART
fbem-29136	95	117	peer	peer	NOUN
fbem-29136	95	118	effect	effect	NOUN
fbem-29136	95	119	reflected	reflect	VERB
fbem-29136	95	120	in	in	ADP
fbem-29136	95	121	the	the	DET
fbem-29136	95	122	company	company	NOUN
fbem-29136	95	123	's	's	PART
fbem-29136	95	124	cash	cash	NOUN
fbem-29136	95	125	dividend	dividend	NOUN
fbem-29136	95	126	behaviour	behaviour	NOUN
fbem-29136	95	127	,	,	PUNCT
fbem-29136	95	128	and	and	CCONJ
fbem-29136	95	129	hypothesis	hypothesis	NOUN
fbem-29136	95	130	3	3	NUM
fbem-29136	95	131	is	be	AUX
fbem-29136	95	132	not	not	PART
fbem-29136	95	133	valid	valid	ADJ
fbem-29136	95	134	.	.	PUNCT
fbem-29136	96	1	5	5	X
fbem-29136	96	2	.	.	X
fbem-29136	96	3	empirical	empirical	ADJ
fbem-29136	96	4	results	result	NOUN
fbem-29136	96	5	5.1	5.1	NUM
fbem-29136	96	6	.	.	PUNCT
fbem-29136	97	1	descriptive	descriptive	ADJ
fbem-29136	97	2	statistics	statistic	NOUN
fbem-29136	97	3	table	table	NOUN
fbem-29136	97	4	2	2	NUM
fbem-29136	97	5	.	.	PUNCT
fbem-29136	97	6	descriptive	descriptive	ADJ
fbem-29136	97	7	statistics	statistic	NOUN
fbem-29136	97	8	variable	variable	ADJ
fbem-29136	97	9	obs	obs	PROPN
fbem-29136	97	10	mean	mean	VERB
fbem-29136	97	11	std	std	NOUN
fbem-29136	97	12	min	min	PROPN
fbem-29136	97	13	max	max	PROPN
fbem-29136	97	14	pay	pay	PROPN
fbem-29136	97	15	-	-	PUNCT
fbem-29136	97	16	tend	tend	VERB
fbem-29136	97	17	13,182	13,182	NUM
fbem-29136	97	18	0.797	0.797	NUM
fbem-29136	97	19	0.402	0.402	NUM
fbem-29136	97	20	0	0	NUM
fbem-29136	97	21	1	1	NUM
fbem-29136	97	22	payout	payout	NOUN
fbem-29136	97	23	13,182	13,182	NUM
fbem-29136	97	24	0.297	0.297	NUM
fbem-29136	97	25	0.321	0.321	NUM
fbem-29136	97	26	0	0	NUM
fbem-29136	97	27	2.009	2.009	NUM
fbem-29136	97	28	peerpay	peerpay	NOUN
fbem-29136	97	29	-	-	PUNCT
fbem-29136	97	30	tend	tend	VERB
fbem-29136	97	31	13,182	13,182	NUM
fbem-29136	97	32	0.794	0.794	NUM
fbem-29136	97	33	0.0946	0.0946	NUM
fbem-29136	97	34	0.455	0.455	NUM
fbem-29136	97	35	1	1	NUM
fbem-29136	97	36	peerpayout	peerpayout	NOUN
fbem-29136	97	37	13,182	13,182	NUM
fbem-29136	97	38	0.320	0.320	NUM
fbem-29136	97	39	0.0908	0.0908	NUM
fbem-29136	97	40	0.169	0.169	NUM
fbem-29136	97	41	0.635	0.635	NUM
fbem-29136	97	42	hhi	hhi	NOUN
fbem-29136	97	43	13,182	13,182	NUM
fbem-29136	97	44	0.0590	0.0590	NUM
fbem-29136	97	45	0.0416	0.0416	NUM
fbem-29136	97	46	0.0111	0.0111	NUM
fbem-29136	97	47	0.185	0.185	NUM
fbem-29136	97	48	peerdev	peerdev	NOUN
fbem-29136	97	49	13,182	13,182	NUM
fbem-29136	97	50	0.136	0.136	NUM
fbem-29136	97	51	0.0714	0.0714	NUM
fbem-29136	97	52	0.0241	0.0241	NUM
fbem-29136	97	53	0.354	0.354	NUM
fbem-29136	97	54	peerroa	peerroa	NOUN
fbem-29136	97	55	13,182	13,182	NUM
fbem-29136	97	56	0.0418	0.0418	NUM
fbem-29136	97	57	0.0170	0.0170	NUM
fbem-29136	98	1	0.00477	0.00477	NUM
fbem-29136	98	2	0.0884	0.0884	NUM
fbem-29136	98	3	peertdr	peertdr	NOUN
fbem-29136	98	4	13,182	13,182	NUM
fbem-29136	98	5	0.437	0.437	NUM
fbem-29136	98	6	0.104	0.104	NUM
fbem-29136	98	7	0.249	0.249	NUM
fbem-29136	98	8	0.718	0.718	NUM
fbem-29136	98	9	peerbm	peerbm	VERB
fbem-29136	98	10	13,182	13,182	NUM
fbem-29136	98	11	0.341	0.341	NUM
fbem-29136	98	12	0.0776	0.0776	NUM
fbem-29136	98	13	0.184	0.184	NUM
fbem-29136	98	14	0.536	0.536	NUM
fbem-29136	98	15	size	size	NOUN
fbem-29136	98	16	13,182	13,182	NUM
fbem-29136	98	17	22.55	22.55	NUM
fbem-29136	98	18	1.324	1.324	NUM
fbem-29136	98	19	20.12	20.12	NUM
fbem-29136	98	20	26.47	26.47	NUM
fbem-29136	98	21	dev	dev	NOUN
fbem-29136	98	22	13,182	13,182	NUM
fbem-29136	98	23	0.129	0.129	NUM
fbem-29136	98	24	0.204	0.204	NUM
fbem-29136	98	25	-0.229	-0.229	NUM
fbem-29136	98	26	1.147	1.147	NUM
fbem-29136	98	27	roa	roa	NOUN
fbem-29136	98	28	13,182	13,182	NUM
fbem-29136	98	29	0.0425	0.0425	NUM
fbem-29136	98	30	0.0452	0.0452	NUM
fbem-29136	98	31	-0.119	-0.119	X
fbem-29136	98	32	0.192	0.192	NUM
fbem-29136	98	33	tdr	tdr	PROPN
fbem-29136	98	34	13,182	13,182	NUM
fbem-29136	98	35	0.436	0.436	NUM
fbem-29136	98	36	0.202	0.202	NUM
fbem-29136	98	37	0.0549	0.0549	NUM
fbem-29136	98	38	0.868	0.868	NUM
fbem-29136	98	39	bm	bm	PROPN
fbem-29136	98	40	13,182	13,182	NUM
fbem-29136	98	41	0.342	0.342	NUM
fbem-29136	98	42	0.158	0.158	NUM
fbem-29136	98	43	0.0639	0.0639	NUM
fbem-29136	98	44	0.798	0.798	NUM
fbem-29136	98	45	table	table	NOUN
fbem-29136	98	46	2	2	NUM
fbem-29136	98	47	reflects	reflect	VERB
fbem-29136	98	48	the	the	DET
fbem-29136	98	49	number	number	NOUN
fbem-29136	98	50	of	of	ADP
fbem-29136	98	51	samples	sample	NOUN
fbem-29136	98	52	,	,	PUNCT
fbem-29136	98	53	mean	mean	VERB
fbem-29136	98	54	,	,	PUNCT
fbem-29136	98	55	standard	standard	ADJ
fbem-29136	98	56	deviation	deviation	NOUN
fbem-29136	98	57	,	,	PUNCT
fbem-29136	98	58	minimum	minimum	ADJ
fbem-29136	98	59	and	and	CCONJ
fbem-29136	98	60	maximum	maximum	ADJ
fbem-29136	98	61	values	value	NOUN
fbem-29136	98	62	for	for	ADP
fbem-29136	98	63	each	each	DET
fbem-29136	98	64	variable	variable	NOUN
fbem-29136	98	65	.	.	PUNCT
fbem-29136	99	1	among	among	ADP
fbem-29136	99	2	them	they	PRON
fbem-29136	99	3	,	,	PUNCT
fbem-29136	99	4	the	the	DET
fbem-29136	99	5	mean	mean	ADJ
fbem-29136	99	6	values	value	NOUN
fbem-29136	99	7	of	of	ADP
fbem-29136	99	8	the	the	DET
fbem-29136	99	9	peer	peer	NOUN
fbem-29136	99	10	variables	variable	NOUN
fbem-29136	99	11	and	and	CCONJ
fbem-29136	99	12	the	the	DET
fbem-29136	99	13	mean	mean	ADJ
fbem-29136	99	14	values	value	NOUN
fbem-29136	99	15	of	of	ADP
fbem-29136	99	16	the	the	DET
fbem-29136	99	17	independent	independent	ADJ
fbem-29136	99	18	variables	variable	NOUN
fbem-29136	99	19	of	of	ADP
fbem-29136	99	20	each	each	DET
fbem-29136	99	21	sample	sample	NOUN
fbem-29136	99	22	46	46	NUM
fbem-29136	99	23	mostly	mostly	ADV
fbem-29136	99	24	remain	remain	VERB
fbem-29136	99	25	similar	similar	ADJ
fbem-29136	99	26	,	,	PUNCT
fbem-29136	99	27	which	which	PRON
fbem-29136	99	28	is	be	AUX
fbem-29136	99	29	in	in	ADP
fbem-29136	99	30	line	line	NOUN
fbem-29136	99	31	with	with	ADP
fbem-29136	99	32	the	the	DET
fbem-29136	99	33	setting	setting	NOUN
fbem-29136	99	34	of	of	ADP
fbem-29136	99	35	the	the	DET
fbem-29136	99	36	variable	variable	ADJ
fbem-29136	99	37	hypotheses	hypothesis	NOUN
fbem-29136	99	38	.	.	PUNCT
fbem-29136	100	1	according	accord	VERB
fbem-29136	100	2	to	to	ADP
fbem-29136	100	3	the	the	DET
fbem-29136	100	4	indicators	indicator	NOUN
fbem-29136	100	5	of	of	ADP
fbem-29136	100	6	paytend	paytend	NOUN
fbem-29136	100	7	presented	present	VERB
fbem-29136	100	8	by	by	ADP
fbem-29136	100	9	the	the	DET
fbem-29136	100	10	selected	select	VERB
fbem-29136	100	11	samples	sample	NOUN
fbem-29136	100	12	,	,	PUNCT
fbem-29136	100	13	it	it	PRON
fbem-29136	100	14	can	can	AUX
fbem-29136	100	15	be	be	AUX
fbem-29136	100	16	found	find	VERB
fbem-29136	100	17	that	that	SCONJ
fbem-29136	100	18	the	the	DET
fbem-29136	100	19	proportion	proportion	NOUN
fbem-29136	100	20	of	of	ADP
fbem-29136	100	21	companies	company	NOUN
fbem-29136	100	22	that	that	PRON
fbem-29136	100	23	pay	pay	VERB
fbem-29136	100	24	dividends	dividend	NOUN
fbem-29136	100	25	is	be	AUX
fbem-29136	100	26	high	high	ADJ
fbem-29136	100	27	,	,	PUNCT
fbem-29136	100	28	accounting	account	VERB
fbem-29136	100	29	for	for	ADP
fbem-29136	100	30	about	about	ADV
fbem-29136	100	31	80	80	NUM
fbem-29136	100	32	%	%	NOUN
fbem-29136	100	33	,	,	PUNCT
fbem-29136	100	34	which	which	PRON
fbem-29136	100	35	shows	show	VERB
fbem-29136	100	36	that	that	SCONJ
fbem-29136	100	37	the	the	DET
fbem-29136	100	38	proportion	proportion	NOUN
fbem-29136	100	39	of	of	ADP
fbem-29136	100	40	dividend	dividend	NOUN
fbem-29136	100	41	payment	payment	NOUN
fbem-29136	100	42	in	in	ADP
fbem-29136	100	43	the	the	DET
fbem-29136	100	44	current	current	ADJ
fbem-29136	100	45	capital	capital	NOUN
fbem-29136	100	46	market	market	NOUN
fbem-29136	100	47	is	be	AUX
fbem-29136	100	48	maintained	maintain	VERB
fbem-29136	100	49	at	at	ADP
fbem-29136	100	50	a	a	DET
fbem-29136	100	51	high	high	ADJ
fbem-29136	100	52	level	level	NOUN
fbem-29136	100	53	.	.	PUNCT
fbem-29136	101	1	the	the	DET
fbem-29136	101	2	data	datum	NOUN
fbem-29136	101	3	on	on	ADP
fbem-29136	101	4	paytend	paytend	NOUN
fbem-29136	101	5	from	from	ADP
fbem-29136	101	6	the	the	DET
fbem-29136	101	7	peer	peer	NOUN
fbem-29136	101	8	shows	show	VERB
fbem-29136	101	9	that	that	SCONJ
fbem-29136	101	10	the	the	DET
fbem-29136	101	11	lowest	low	ADJ
fbem-29136	101	12	industry	industry	NOUN
fbem-29136	101	13	dividend	dividend	NOUN
fbem-29136	101	14	payment	payment	NOUN
fbem-29136	101	15	percentage	percentage	NOUN
fbem-29136	101	16	is	be	AUX
fbem-29136	101	17	45.5	45.5	NUM
fbem-29136	101	18	%	%	NOUN
fbem-29136	101	19	.	.	PUNCT
fbem-29136	102	1	compared	compare	VERB
fbem-29136	102	2	to	to	ADP
fbem-29136	102	3	a	a	DET
fbem-29136	102	4	single	single	ADJ
fbem-29136	102	5	sample	sample	NOUN
fbem-29136	102	6	appeared	appear	VERB
fbem-29136	102	7	larger	large	ADJ
fbem-29136	102	8	dividend	dividend	NOUN
fbem-29136	102	9	payment	payment	NOUN
fbem-29136	102	10	strength	strength	NOUN
fbem-29136	102	11	range	range	NOUN
fbem-29136	102	12	,	,	PUNCT
fbem-29136	102	13	after	after	SCONJ
fbem-29136	102	14	the	the	DET
fbem-29136	102	15	industry	industry	NOUN
fbem-29136	102	16	average	average	NOUN
fbem-29136	102	17	basically	basically	ADV
fbem-29136	102	18	showed	show	VERB
fbem-29136	102	19	a	a	DET
fbem-29136	102	20	more	more	ADV
fbem-29136	102	21	stable	stable	ADJ
fbem-29136	102	22	range	range	NOUN
fbem-29136	102	23	performance	performance	NOUN
fbem-29136	102	24	.	.	PUNCT
fbem-29136	103	1	from	from	ADP
fbem-29136	103	2	the	the	DET
fbem-29136	103	3	dividend	dividend	NOUN
fbem-29136	103	4	payout	payout	NOUN
fbem-29136	103	5	ratio	ratio	NOUN
fbem-29136	103	6	indicator	indicator	NOUN
fbem-29136	103	7	,	,	PUNCT
fbem-29136	103	8	the	the	DET
fbem-29136	103	9	average	average	ADJ
fbem-29136	103	10	value	value	NOUN
fbem-29136	103	11	is	be	AUX
fbem-29136	103	12	maintained	maintain	VERB
fbem-29136	103	13	at	at	ADP
fbem-29136	103	14	around	around	ADP
fbem-29136	103	15	30	30	NUM
fbem-29136	103	16	%	%	NOUN
fbem-29136	103	17	,	,	PUNCT
fbem-29136	103	18	but	but	CCONJ
fbem-29136	103	19	the	the	DET
fbem-29136	103	20	industry	industry	NOUN
fbem-29136	103	21	also	also	ADV
fbem-29136	103	22	appeared	appear	VERB
fbem-29136	103	23	as	as	ADV
fbem-29136	103	24	high	high	ADJ
fbem-29136	103	25	as	as	ADP
fbem-29136	103	26	63.5	63.5	NUM
fbem-29136	103	27	%	%	NOUN
fbem-29136	103	28	of	of	ADP
fbem-29136	103	29	the	the	DET
fbem-29136	103	30	same	same	ADJ
fbem-29136	103	31	cluster	cluster	NOUN
fbem-29136	103	32	dividend	dividend	NOUN
fbem-29136	103	33	payout	payout	NOUN
fbem-29136	103	34	ratio	ratio	NOUN
fbem-29136	103	35	.	.	PUNCT
fbem-29136	104	1	from	from	ADP
fbem-29136	104	2	the	the	DET
fbem-29136	104	3	data	datum	NOUN
fbem-29136	104	4	of	of	ADP
fbem-29136	104	5	fundamental	fundamental	ADJ
fbem-29136	104	6	indicators	indicator	NOUN
fbem-29136	104	7	,	,	PUNCT
fbem-29136	104	8	the	the	DET
fbem-29136	104	9	average	average	ADJ
fbem-29136	104	10	development	development	NOUN
fbem-29136	104	11	of	of	ADP
fbem-29136	104	12	the	the	DET
fbem-29136	104	13	selected	select	VERB
fbem-29136	104	14	sample	sample	NOUN
fbem-29136	104	15	companies	company	NOUN
fbem-29136	104	16	is	be	AUX
fbem-29136	104	17	good	good	ADJ
fbem-29136	104	18	,	,	PUNCT
fbem-29136	104	19	in	in	ADP
fbem-29136	104	20	the	the	DET
fbem-29136	104	21	average	average	ADJ
fbem-29136	104	22	sense	sense	NOUN
fbem-29136	104	23	of	of	ADP
fbem-29136	104	24	profitability	profitability	NOUN
fbem-29136	104	25	,	,	PUNCT
fbem-29136	104	26	asset	asset	NOUN
fbem-29136	104	27	and	and	CCONJ
fbem-29136	104	28	liability	liability	NOUN
fbem-29136	104	29	structure	structure	NOUN
fbem-29136	104	30	is	be	AUX
fbem-29136	104	31	relatively	relatively	ADV
fbem-29136	104	32	more	more	ADV
fbem-29136	104	33	reasonable	reasonable	ADJ
fbem-29136	104	34	,	,	PUNCT
fbem-29136	104	35	profitability	profitability	NOUN
fbem-29136	104	36	,	,	PUNCT
fbem-29136	104	37	solvency	solvency	NOUN
fbem-29136	104	38	,	,	PUNCT
fbem-29136	104	39	operating	operating	NOUN
fbem-29136	104	40	capacity	capacity	NOUN
fbem-29136	104	41	are	be	AUX
fbem-29136	104	42	presented	present	VERB
fbem-29136	104	43	more	more	ADV
fbem-29136	104	44	optimistic	optimistic	ADJ
fbem-29136	104	45	level	level	NOUN
fbem-29136	104	46	,	,	PUNCT
fbem-29136	104	47	but	but	CCONJ
fbem-29136	104	48	from	from	ADP
fbem-29136	104	49	the	the	DET
fbem-29136	104	50	extreme	extreme	ADJ
fbem-29136	104	51	value	value	NOUN
fbem-29136	104	52	of	of	ADP
fbem-29136	104	53	the	the	DET
fbem-29136	104	54	situation	situation	NOUN
fbem-29136	104	55	,	,	PUNCT
fbem-29136	104	56	there	there	PRON
fbem-29136	104	57	are	be	VERB
fbem-29136	104	58	also	also	ADV
fbem-29136	104	59	some	some	DET
fbem-29136	104	60	companies	company	NOUN
fbem-29136	104	61	have	have	VERB
fbem-29136	104	62	poor	poor	ADJ
fbem-29136	104	63	profitability	profitability	NOUN
fbem-29136	104	64	,	,	PUNCT
fbem-29136	104	65	insolvency	insolvency	NOUN
fbem-29136	104	66	and	and	CCONJ
fbem-29136	104	67	so	so	ADV
fbem-29136	104	68	on	on	ADV
fbem-29136	104	69	.	.	PUNCT
fbem-29136	105	1	5.2	5.2	NUM
fbem-29136	105	2	.	.	PUNCT
fbem-29136	106	1	correlation	correlation	NOUN
fbem-29136	106	2	and	and	CCONJ
fbem-29136	106	3	covariance	covariance	NOUN
fbem-29136	106	4	analysis	analysis	NOUN
fbem-29136	106	5	table	table	NOUN
fbem-29136	106	6	3	3	NUM
fbem-29136	106	7	shows	show	VERB
fbem-29136	106	8	the	the	DET
fbem-29136	106	9	correlation	correlation	NOUN
fbem-29136	106	10	test	test	NOUN
fbem-29136	106	11	,	,	PUNCT
fbem-29136	106	12	the	the	DET
fbem-29136	106	13	correlation	correlation	NOUN
fbem-29136	106	14	coefficients	coefficient	NOUN
fbem-29136	106	15	of	of	ADP
fbem-29136	106	16	the	the	DET
fbem-29136	106	17	explanatory	explanatory	ADJ
fbem-29136	106	18	variables	variable	NOUN
fbem-29136	106	19	paytend	paytend	VERB
fbem-29136	106	20	and	and	CCONJ
fbem-29136	106	21	payout	payout	VERB
fbem-29136	106	22	with	with	ADP
fbem-29136	106	23	their	their	PRON
fbem-29136	106	24	respective	respective	ADJ
fbem-29136	106	25	main	main	ADJ
fbem-29136	106	26	explanatory	explanatory	ADJ
fbem-29136	106	27	variables	variable	NOUN
fbem-29136	106	28	peerpaytend	peerpaytend	VERB
fbem-29136	106	29	and	and	CCONJ
fbem-29136	106	30	peerpayout	peerpayout	NOUN
fbem-29136	106	31	are	be	AUX
fbem-29136	106	32	0.211	0.211	NUM
fbem-29136	106	33	and	and	CCONJ
fbem-29136	106	34	0.172	0.172	NUM
fbem-29136	106	35	,	,	PUNCT
fbem-29136	106	36	respectively	respectively	ADV
fbem-29136	106	37	,	,	PUNCT
fbem-29136	106	38	and	and	CCONJ
fbem-29136	106	39	all	all	PRON
fbem-29136	106	40	of	of	ADP
fbem-29136	106	41	them	they	PRON
fbem-29136	106	42	are	be	AUX
fbem-29136	106	43	significant	significant	ADJ
fbem-29136	106	44	at	at	ADP
fbem-29136	106	45	the	the	DET
fbem-29136	106	46	level	level	NOUN
fbem-29136	106	47	of	of	ADP
fbem-29136	106	48	at	at	ADV
fbem-29136	106	49	least	least	ADV
fbem-29136	106	50	1	1	NUM
fbem-29136	106	51	per	per	ADP
fbem-29136	106	52	cent	cent	NOUN
fbem-29136	106	53	,	,	PUNCT
fbem-29136	106	54	by	by	ADP
fbem-29136	106	55	which	which	PRON
fbem-29136	106	56	it	it	PRON
fbem-29136	106	57	can	can	AUX
fbem-29136	106	58	be	be	AUX
fbem-29136	106	59	preliminarily	preliminarily	ADV
fbem-29136	106	60	judged	judge	VERB
fbem-29136	106	61	that	that	SCONJ
fbem-29136	106	62	there	there	PRON
fbem-29136	106	63	exists	exist	VERB
fbem-29136	106	64	a	a	DET
fbem-29136	106	65	certain	certain	ADJ
fbem-29136	106	66	degree	degree	NOUN
fbem-29136	106	67	of	of	ADP
fbem-29136	106	68	correlation	correlation	NOUN
fbem-29136	106	69	between	between	ADP
fbem-29136	106	70	the	the	DET
fbem-29136	106	71	dividend	dividend	NOUN
fbem-29136	106	72	distribution	distribution	NOUN
fbem-29136	106	73	behaviours	behaviour	NOUN
fbem-29136	106	74	of	of	ADP
fbem-29136	106	75	a	a	DET
fbem-29136	106	76	single	single	ADJ
fbem-29136	106	77	company	company	NOUN
fbem-29136	106	78	and	and	CCONJ
fbem-29136	106	79	the	the	DET
fbem-29136	106	80	companies	company	NOUN
fbem-29136	106	81	in	in	ADP
fbem-29136	106	82	the	the	DET
fbem-29136	106	83	same	same	ADJ
fbem-29136	106	84	group	group	NOUN
fbem-29136	106	85	.	.	PUNCT
fbem-29136	107	1	observe	observe	VERB
fbem-29136	107	2	that	that	SCONJ
fbem-29136	107	3	the	the	DET
fbem-29136	107	4	correlation	correlation	NOUN
fbem-29136	107	5	coefficients	coefficient	NOUN
fbem-29136	107	6	of	of	ADP
fbem-29136	107	7	the	the	DET
fbem-29136	107	8	rest	rest	NOUN
fbem-29136	107	9	of	of	ADP
fbem-29136	107	10	the	the	DET
fbem-29136	107	11	variables	variable	NOUN
fbem-29136	107	12	and	and	CCONJ
fbem-29136	107	13	the	the	DET
fbem-29136	107	14	explanatory	explanatory	ADJ
fbem-29136	107	15	variables	variable	NOUN
fbem-29136	107	16	are	be	AUX
fbem-29136	107	17	all	all	ADV
fbem-29136	107	18	significant	significant	ADJ
fbem-29136	107	19	,	,	PUNCT
fbem-29136	107	20	providing	provide	VERB
fbem-29136	107	21	a	a	DET
fbem-29136	107	22	basis	basis	NOUN
fbem-29136	107	23	for	for	ADP
fbem-29136	107	24	the	the	DET
fbem-29136	107	25	subsequent	subsequent	ADJ
fbem-29136	107	26	development	development	NOUN
fbem-29136	107	27	of	of	ADP
fbem-29136	107	28	regression	regression	NOUN
fbem-29136	107	29	tests	test	NOUN
fbem-29136	107	30	.	.	PUNCT
fbem-29136	108	1	table	table	NOUN
fbem-29136	108	2	3	3	NUM
fbem-29136	108	3	.	.	PUNCT
fbem-29136	108	4	relevance	relevance	NOUN
fbem-29136	108	5	statistics	statistic	NOUN
fbem-29136	108	6	paytend	paytend	VERB
fbem-29136	108	7	payou	payou	PROPN
fbem-29136	108	8	t	t	PROPN
fbem-29136	108	9	peerpay	peerpay	NOUN
fbem-29136	108	10	tend	tend	VERB
fbem-29136	108	11	peerp	peerp	ADJ
fbem-29136	108	12	ayout	ayout	NOUN
fbem-29136	108	13	hhi	hhi	NOUN
fbem-29136	108	14	peerr	peerr	NOUN
fbem-29136	108	15	oa	oa	PROPN
fbem-29136	108	16	peert	peert	PROPN
fbem-29136	108	17	dr	dr	PROPN
fbem-29136	108	18	peerd	peerd	PROPN
fbem-29136	108	19	ev	ev	ADP
fbem-29136	108	20	peerb	peerb	PROPN
fbem-29136	108	21	m	m	PROPN
fbem-29136	108	22	size	size	NOUN
fbem-29136	108	23	roa	roa	PROPN
fbem-29136	108	24	tdr	tdr	PROPN
fbem-29136	108	25	dev	dev	PROPN
fbem-29136	108	26	paytend	paytend	VERB
fbem-29136	108	27	1	1	NUM
fbem-29136	108	28	payout	payout	NOUN
fbem-29136	108	29	.468	.468	NOUN
fbem-29136	108	30	*	*	PUNCT
fbem-29136	109	1	*	*	PUNCT
fbem-29136	109	2	*	*	SYM
fbem-29136	109	3	1	1	NUM
fbem-29136	109	4	peerpay	peerpay	NOUN
fbem-29136	109	5	tend	tend	VERB
fbem-29136	109	6	.211	.211	NOUN
fbem-29136	109	7	*	*	PUNCT
fbem-29136	109	8	*	*	PUNCT
fbem-29136	109	9	*	*	PUNCT
fbem-29136	109	10	.076	.076	NUM
fbem-29136	109	11	*	*	PUNCT
fbem-29136	110	1	*	*	PUNCT
fbem-29136	110	2	*	*	SYM
fbem-29136	110	3	1	1	NUM
fbem-29136	110	4	peerpay	peerpay	NOUN
fbem-29136	110	5	out	out	ADV
fbem-29136	110	6	.047	.047	NUM
fbem-29136	110	7	*	*	PUNCT
fbem-29136	110	8	*	*	PUNCT
fbem-29136	110	9	*	*	NOUN
fbem-29136	110	10	.172	.172	NUM
fbem-29136	110	11	*	*	PUNCT
fbem-29136	111	1	*	*	PUNCT
fbem-29136	111	2	*	*	PUNCT
fbem-29136	111	3	.192	.192	NUM
fbem-29136	111	4	*	*	PUNCT
fbem-29136	111	5	*	*	PUNCT
fbem-29136	111	6	*	*	PUNCT
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fbem-29136	154	86	to	to	PART
fbem-29136	154	87	do	do	AUX
fbem-29136	154	88	a	a	DET
fbem-29136	154	89	specific	specific	ADJ
fbem-29136	154	90	discrimination	discrimination	NOUN
fbem-29136	154	91	choice	choice	NOUN
fbem-29136	154	92	to	to	PART
fbem-29136	154	93	take	take	VERB
fbem-29136	154	94	the	the	DET
fbem-29136	154	95	variance	variance	NOUN
fbem-29136	154	96	expansion	expansion	NOUN
fbem-29136	154	97	factor	factor	NOUN
fbem-29136	154	98	method	method	NOUN
fbem-29136	154	99	.	.	PUNCT
fbem-29136	155	1	the	the	DET
fbem-29136	155	2	results	result	NOUN
fbem-29136	155	3	are	be	AUX
fbem-29136	155	4	shown	show	VERB
fbem-29136	155	5	in	in	ADP
fbem-29136	155	6	table	table	NOUN
fbem-29136	155	7	4	4	NUM
fbem-29136	155	8	below	below	ADV
fbem-29136	155	9	,	,	PUNCT
fbem-29136	155	10	the	the	DET
fbem-29136	155	11	vif	vif	NOUN
fbem-29136	155	12	value	value	NOUN
fbem-29136	155	13	of	of	ADP
fbem-29136	155	14	each	each	DET
fbem-29136	155	15	explanatory	explanatory	ADJ
fbem-29136	155	16	variable	variable	ADJ
fbem-29136	155	17	and	and	CCONJ
fbem-29136	155	18	control	control	NOUN
fbem-29136	155	19	variable	variable	NOUN
fbem-29136	155	20	is	be	AUX
fbem-29136	155	21	less	less	ADJ
fbem-29136	155	22	than	than	ADP
fbem-29136	155	23	10	10	NUM
fbem-29136	155	24	,	,	PUNCT
fbem-29136	155	25	which	which	PRON
fbem-29136	155	26	excludes	exclude	VERB
fbem-29136	155	27	the	the	DET
fbem-29136	155	28	existence	existence	NOUN
fbem-29136	155	29	of	of	ADP
fbem-29136	155	30	serious	serious	ADJ
fbem-29136	155	31	multicollinearity	multicollinearity	NOUN
fbem-29136	155	32	.	.	PUNCT
fbem-29136	156	1	5.3	5.3	NUM
fbem-29136	156	2	.	.	PUNCT
fbem-29136	157	1	f	f	X
fbem-29136	157	2	-	-	PUNCT
fbem-29136	157	3	test	test	NOUN
fbem-29136	157	4	and	and	CCONJ
fbem-29136	157	5	hausman	hausman	ADJ
fbem-29136	157	6	test	test	NOUN
fbem-29136	157	7	in	in	ADP
fbem-29136	157	8	order	order	NOUN
fbem-29136	157	9	to	to	PART
fbem-29136	157	10	determine	determine	VERB
fbem-29136	157	11	the	the	DET
fbem-29136	157	12	regression	regression	NOUN
fbem-29136	157	13	model	model	NOUN
fbem-29136	157	14	,	,	PUNCT
fbem-29136	157	15	f	f	PROPN
fbem-29136	157	16	test	test	NOUN
fbem-29136	157	17	and	and	CCONJ
fbem-29136	157	18	hausman	hausman	PROPN
fbem-29136	157	19	test	test	NOUN
fbem-29136	157	20	are	be	AUX
fbem-29136	157	21	taken	take	VERB
fbem-29136	157	22	to	to	PART
fbem-29136	157	23	determine	determine	VERB
fbem-29136	157	24	.	.	PUNCT
fbem-29136	158	1	the	the	DET
fbem-29136	158	2	results	result	NOUN
fbem-29136	158	3	are	be	AUX
fbem-29136	158	4	shown	show	VERB
fbem-29136	158	5	in	in	ADP
fbem-29136	158	6	tables	table	NOUN
fbem-29136	158	7	5~8	5~8	NUM
fbem-29136	158	8	below	below	ADV
fbem-29136	158	9	,	,	PUNCT
fbem-29136	158	10	the	the	DET
fbem-29136	158	11	p	p	NOUN
fbem-29136	158	12	-	-	PUNCT
fbem-29136	158	13	value	value	NOUN
fbem-29136	158	14	of	of	ADP
fbem-29136	158	15	the	the	DET
fbem-29136	158	16	model	model	NOUN
fbem-29136	158	17	about	about	ADP
fbem-29136	158	18	paytend	paytend	NOUN
fbem-29136	158	19	and	and	CCONJ
fbem-29136	158	20	payout	payout	NOUN
fbem-29136	158	21	is	be	AUX
fbem-29136	158	22	less	less	ADJ
fbem-29136	158	23	than	than	ADP
fbem-29136	158	24	0.05	0.05	NUM
fbem-29136	158	25	in	in	ADP
fbem-29136	158	26	the	the	DET
fbem-29136	158	27	f	f	NOUN
fbem-29136	158	28	-	-	PUNCT
fbem-29136	158	29	test	test	NOUN
fbem-29136	158	30	and	and	CCONJ
fbem-29136	158	31	the	the	DET
fbem-29136	158	32	hausman	hausman	ADJ
fbem-29136	158	33	test	test	NOUN
fbem-29136	158	34	,	,	PUNCT
fbem-29136	158	35	so	so	CCONJ
fbem-29136	158	36	the	the	DET
fbem-29136	158	37	combined	combined	ADJ
fbem-29136	158	38	view	view	NOUN
fbem-29136	158	39	is	be	AUX
fbem-29136	158	40	taken	take	VERB
fbem-29136	158	41	as	as	ADP
fbem-29136	158	42	a	a	DET
fbem-29136	158	43	fixed	fix	VERB
fbem-29136	158	44	effect	effect	NOUN
fbem-29136	158	45	.	.	PUNCT
fbem-29136	159	1	47	47	NUM
fbem-29136	159	2	table	table	NOUN
fbem-29136	159	3	5	5	NUM
fbem-29136	159	4	.	.	PUNCT
fbem-29136	159	5	f	f	X
fbem-29136	159	6	-	-	PUNCT
fbem-29136	159	7	test	test	NOUN
fbem-29136	159	8	results	result	NOUN
fbem-29136	159	9	of	of	ADP
fbem-29136	159	10	paytend	paytend	NOUN
fbem-29136	159	11	f	f	PROPN
fbem-29136	159	12	test	test	NOUN
fbem-29136	159	13	that	that	PRON
fbem-29136	159	14	all	all	DET
fbem-29136	159	15	u_i=0	u_i=0	PROPN
fbem-29136	159	16	coef	coef	X
fbem-29136	159	17	f	f	PROPN
fbem-29136	159	18	test	test	NOUN
fbem-29136	159	19	value	value	NOUN
fbem-29136	159	20	5.39	5.39	NUM
fbem-29136	159	21	p	p	NOUN
fbem-29136	159	22	-	-	PUNCT
fbem-29136	159	23	value	value	NOUN
fbem-29136	159	24	0.0000	0.0000	NUM
fbem-29136	159	25	table	table	NOUN
fbem-29136	159	26	6	6	NUM
fbem-29136	159	27	.	.	PUNCT
fbem-29136	160	1	hausmanresults	hausmanresult	NOUN
fbem-29136	160	2	of	of	ADP
fbem-29136	160	3	paytend	paytend	PROPN
fbem-29136	160	4	hausman	hausman	PROPN
fbem-29136	160	5	specification	specification	PROPN
fbem-29136	160	6	test	test	NOUN
fbem-29136	160	7	coef	coef	PROPN
fbem-29136	160	8	chi	chi	ADJ
fbem-29136	160	9	-	-	PUNCT
fbem-29136	160	10	square	square	ADJ
fbem-29136	160	11	test	test	NOUN
fbem-29136	160	12	value	value	NOUN
fbem-29136	160	13	49.00	49.00	NUM
fbem-29136	160	14	p	p	NOUN
fbem-29136	160	15	-	-	PUNCT
fbem-29136	160	16	value	value	NOUN
fbem-29136	160	17	0.0000	0.0000	NUM
fbem-29136	160	18	table	table	NOUN
fbem-29136	160	19	7	7	NUM
fbem-29136	160	20	.	.	PUNCT
fbem-29136	161	1	f	f	X
fbem-29136	161	2	-	-	PUNCT
fbem-29136	161	3	test	test	NOUN
fbem-29136	161	4	results	result	NOUN
fbem-29136	161	5	of	of	ADP
fbem-29136	161	6	payout	payout	NOUN
fbem-29136	161	7	f	f	PROPN
fbem-29136	161	8	test	test	NOUN
fbem-29136	161	9	that	that	PRON
fbem-29136	161	10	all	all	DET
fbem-29136	161	11	u_i=0	u_i=0	PROPN
fbem-29136	161	12	coef	coef	PROPN
fbem-29136	161	13	f	f	PROPN
fbem-29136	161	14	test	test	NOUN
fbem-29136	161	15	value	value	NOUN
fbem-29136	161	16	3.48	3.48	NUM
fbem-29136	161	17	p	p	NOUN
fbem-29136	161	18	-	-	PUNCT
fbem-29136	161	19	value	value	NOUN
fbem-29136	161	20	0.0003	0.0003	NUM
fbem-29136	161	21	table	table	NOUN
fbem-29136	161	22	8	8	NUM
fbem-29136	161	23	.	.	PUNCT
fbem-29136	162	1	hausmanresults	hausmanresult	NOUN
fbem-29136	162	2	of	of	ADP
fbem-29136	162	3	payout	payout	ADJ
fbem-29136	162	4	hausman	hausman	PROPN
fbem-29136	162	5	specification	specification	NOUN
fbem-29136	162	6	test	test	NOUN
fbem-29136	162	7	coef	coef	PROPN
fbem-29136	162	8	chi	chi	ADJ
fbem-29136	162	9	-	-	PUNCT
fbem-29136	162	10	square	square	ADJ
fbem-29136	162	11	test	test	NOUN
fbem-29136	162	12	value	value	NOUN
fbem-29136	162	13	58.69	58.69	NUM
fbem-29136	162	14	p	p	NOUN
fbem-29136	162	15	-	-	PUNCT
fbem-29136	162	16	value	value	NOUN
fbem-29136	162	17	0.0000	0.0000	NUM
fbem-29136	162	18	5.4	5.4	NUM
fbem-29136	162	19	.	.	PUNCT
fbem-29136	163	1	benchmark	benchmark	NOUN
fbem-29136	163	2	regression	regression	NOUN
fbem-29136	163	3	doing	do	VERB
fbem-29136	163	4	logistic	logistic	ADJ
fbem-29136	163	5	regression	regression	NOUN
fbem-29136	163	6	on	on	ADP
fbem-29136	163	7	the	the	DET
fbem-29136	163	8	explanatory	explanatory	ADJ
fbem-29136	163	9	variable	variable	NOUN
fbem-29136	163	10	of	of	ADP
fbem-29136	163	11	paytend	paytend	NOUN
fbem-29136	163	12	,	,	PUNCT
fbem-29136	163	13	the	the	DET
fbem-29136	163	14	primary	primary	ADJ
fbem-29136	163	15	explanatory	explanatory	ADJ
fbem-29136	163	16	variables	variable	NOUN
fbem-29136	163	17	,	,	PUNCT
fbem-29136	163	18	secondary	secondary	ADJ
fbem-29136	163	19	explanatory	explanatory	ADJ
fbem-29136	163	20	variables	variable	NOUN
fbem-29136	163	21	,	,	PUNCT
fbem-29136	163	22	and	and	CCONJ
fbem-29136	163	23	control	control	NOUN
fbem-29136	163	24	variables	variable	NOUN
fbem-29136	163	25	are	be	AUX
fbem-29136	163	26	imported	import	VERB
fbem-29136	163	27	in	in	ADP
fbem-29136	163	28	order	order	NOUN
fbem-29136	163	29	to	to	PART
fbem-29136	163	30	carry	carry	VERB
fbem-29136	163	31	out	out	ADP
fbem-29136	163	32	the	the	DET
fbem-29136	163	33	step	step	NOUN
fbem-29136	163	34	-	-	PUNCT
fbem-29136	163	35	by	by	ADP
fbem-29136	163	36	-	-	PUNCT
fbem-29136	163	37	step	step	NOUN
fbem-29136	163	38	increase	increase	NOUN
fbem-29136	163	39	of	of	ADP
fbem-29136	163	40	the	the	DET
fbem-29136	163	41	explanatory	explanatory	ADJ
fbem-29136	163	42	variables	variable	NOUN
fbem-29136	163	43	;	;	PUNCT
fbem-29136	163	44	doing	do	VERB
fbem-29136	163	45	multiple	multiple	ADJ
fbem-29136	163	46	linear	linear	ADJ
fbem-29136	163	47	regression	regression	NOUN
fbem-29136	163	48	on	on	ADP
fbem-29136	163	49	payout	payout	NOUN
fbem-29136	163	50	,	,	PUNCT
fbem-29136	163	51	the	the	DET
fbem-29136	163	52	primary	primary	ADJ
fbem-29136	163	53	explanatory	explanatory	ADJ
fbem-29136	163	54	variables	variable	NOUN
fbem-29136	163	55	,	,	PUNCT
fbem-29136	163	56	secondary	secondary	ADJ
fbem-29136	163	57	explanatory	explanatory	ADJ
fbem-29136	163	58	variables	variable	NOUN
fbem-29136	163	59	,	,	PUNCT
fbem-29136	163	60	and	and	CCONJ
fbem-29136	163	61	control	control	NOUN
fbem-29136	163	62	variables	variable	NOUN
fbem-29136	163	63	are	be	AUX
fbem-29136	163	64	also	also	ADV
fbem-29136	163	65	imported	import	VERB
fbem-29136	163	66	in	in	ADP
fbem-29136	163	67	order	order	NOUN
fbem-29136	163	68	.	.	PUNCT
fbem-29136	164	1	table	table	NOUN
fbem-29136	164	2	9	9	NUM
fbem-29136	164	3	shows	show	VERB
fbem-29136	164	4	the	the	DET
fbem-29136	164	5	results	result	NOUN
fbem-29136	164	6	of	of	ADP
fbem-29136	164	7	logistic	logistic	ADJ
fbem-29136	164	8	regression	regression	NOUN
fbem-29136	164	9	and	and	CCONJ
fbem-29136	164	10	multiple	multiple	ADJ
fbem-29136	164	11	linear	linear	ADJ
fbem-29136	164	12	regression	regression	NOUN
fbem-29136	164	13	.	.	PUNCT
fbem-29136	165	1	table	table	NOUN
fbem-29136	165	2	9	9	NUM
fbem-29136	165	3	.	.	PUNCT
fbem-29136	166	1	existence	existence	NOUN
fbem-29136	166	2	test	test	NOUN
fbem-29136	166	3	for	for	ADP
fbem-29136	166	4	peer	peer	NOUN
fbem-29136	166	5	effects	effect	NOUN
fbem-29136	166	6	in	in	ADP
fbem-29136	166	7	dividend	dividend	NOUN
fbem-29136	166	8	payout	payout	NOUN
fbem-29136	166	9	behaviour	behaviour	NOUN
fbem-29136	166	10	(	(	PUNCT
fbem-29136	166	11	1	1	NUM
fbem-29136	166	12	)	)	PUNCT
fbem-29136	166	13	(	(	PUNCT
fbem-29136	166	14	2	2	NUM
fbem-29136	166	15	)	)	PUNCT
fbem-29136	166	16	(	(	PUNCT
fbem-29136	166	17	3	3	X
fbem-29136	166	18	)	)	PUNCT
fbem-29136	166	19	(	(	PUNCT
fbem-29136	166	20	4	4	NUM
fbem-29136	166	21	)	)	PUNCT
fbem-29136	166	22	(	(	PUNCT
fbem-29136	166	23	5	5	NUM
fbem-29136	166	24	)	)	PUNCT
fbem-29136	166	25	(	(	PUNCT
fbem-29136	166	26	6	6	X
fbem-29136	166	27	)	)	PUNCT
fbem-29136	166	28	paytend	paytend	NOUN
fbem-29136	166	29	paytend	paytend	PROPN
fbem-29136	166	30	paytend	paytend	PROPN
fbem-29136	166	31	payout	payout	PROPN
fbem-29136	166	32	payout	payout	NOUN
fbem-29136	166	33	payout	payout	NOUN
fbem-29136	166	34	peerpaytend	peerpaytend	VERB
fbem-29136	167	1	5.234	5.234	NUM
fbem-29136	167	2	*	*	NOUN
fbem-29136	167	3	*	*	PUNCT
fbem-29136	167	4	*	*	PUNCT
fbem-29136	167	5	5.027	5.027	NUM
fbem-29136	167	6	*	*	PUNCT
fbem-29136	167	7	*	*	PUNCT
fbem-29136	167	8	*	*	PUNCT
fbem-29136	167	9	5.604	5.604	NUM
fbem-29136	167	10	*	*	PUNCT
fbem-29136	167	11	*	*	PUNCT
fbem-29136	167	12	*	*	PUNCT
fbem-29136	167	13	(	(	PUNCT
fbem-29136	167	14	-0.225	-0.225	NOUN
fbem-29136	167	15	)	)	PUNCT
fbem-29136	167	16	(	(	PUNCT
fbem-29136	167	17	0.248	0.248	NUM
fbem-29136	167	18	)	)	PUNCT
fbem-29136	167	19	(	(	PUNCT
fbem-29136	167	20	0.287	0.287	NUM
fbem-29136	167	21	)	)	PUNCT
fbem-29136	167	22	peerpayout	peerpayout	NOUN
fbem-29136	167	23	0.609	0.609	NUM
fbem-29136	167	24	*	*	PUNCT
fbem-29136	167	25	*	*	PUNCT
fbem-29136	167	26	*	*	PUNCT
fbem-29136	167	27	0.563	0.563	NUM
fbem-29136	167	28	*	*	PUNCT
fbem-29136	167	29	*	*	PUNCT
fbem-29136	167	30	*	*	PUNCT
fbem-29136	167	31	0.575	0.575	NUM
fbem-29136	167	32	*	*	PUNCT
fbem-29136	167	33	*	*	PUNCT
fbem-29136	167	34	*	*	PUNCT
fbem-29136	167	35	(	(	PUNCT
fbem-29136	167	36	0.03	0.03	NUM
fbem-29136	167	37	)	)	PUNCT
fbem-29136	167	38	(	(	PUNCT
fbem-29136	167	39	0.054	0.054	NUM
fbem-29136	167	40	)	)	PUNCT
fbem-29136	167	41	(	(	PUNCT
fbem-29136	167	42	0.032	0.032	NUM
fbem-29136	167	43	)	)	PUNCT
fbem-29136	167	44	peerroa	peerroa	NOUN
fbem-29136	167	45	1.583	1.583	NUM
fbem-29136	167	46	-17.538	-17.538	PUNCT
fbem-29136	167	47	*	*	PUNCT
fbem-29136	167	48	*	*	PUNCT
fbem-29136	167	49	*	*	PUNCT
fbem-29136	167	50	0.706	0.706	NUM
fbem-29136	167	51	*	*	PUNCT
fbem-29136	167	52	*	*	PUNCT
fbem-29136	167	53	*	*	PUNCT
fbem-29136	167	54	0.169	0.169	NUM
fbem-29136	167	55	(	(	PUNCT
fbem-29136	167	56	1.686	1.686	NUM
fbem-29136	167	57	)	)	PUNCT
fbem-29136	167	58	(	(	PUNCT
fbem-29136	167	59	2.023	2.023	NUM
fbem-29136	167	60	)	)	PUNCT
fbem-29136	167	61	(	(	PUNCT
fbem-29136	167	62	0.18	0.18	NUM
fbem-29136	167	63	)	)	PUNCT
fbem-29136	167	64	(	(	PUNCT
fbem-29136	167	65	0.207	0.207	NUM
fbem-29136	167	66	)	)	PUNCT
fbem-29136	167	67	peertdr	peertdr	NOUN
fbem-29136	167	68	-0.244	-0.244	X
fbem-29136	167	69	-1.445	-1.445	NOUN
fbem-29136	167	70	*	*	PUNCT
fbem-29136	167	71	*	*	PUNCT
fbem-29136	167	72	*	*	PUNCT
fbem-29136	167	73	-0.027	-0.027	NUM
fbem-29136	167	74	0.117	0.117	NUM
fbem-29136	167	75	*	*	PUNCT
fbem-29136	167	76	*	*	PUNCT
fbem-29136	167	77	*	*	PUNCT
fbem-29136	167	78	(	(	PUNCT
fbem-29136	167	79	0.27	0.27	NUM
fbem-29136	167	80	)	)	PUNCT
fbem-29136	167	81	(	(	PUNCT
fbem-29136	167	82	0.357	0.357	NUM
fbem-29136	167	83	)	)	PUNCT
fbem-29136	167	84	(	(	PUNCT
fbem-29136	167	85	0.023	0.023	NUM
fbem-29136	167	86	)	)	PUNCT
fbem-29136	167	87	(	(	PUNCT
fbem-29136	167	88	0.039	0.039	NUM
fbem-29136	167	89	)	)	PUNCT
fbem-29136	167	90	peerdev	peerdev	NOUN
fbem-29136	167	91	0.336	0.336	NUM
fbem-29136	167	92	0.701	0.701	NUM
fbem-29136	167	93	-0.117	-0.117	NOUN
fbem-29136	167	94	*	*	PUNCT
fbem-29136	167	95	*	*	PUNCT
fbem-29136	167	96	*	*	PUNCT
fbem-29136	167	97	0.017	0.017	NUM
fbem-29136	167	98	(	(	PUNCT
fbem-29136	167	99	0.408	0.408	NUM
fbem-29136	167	100	)	)	PUNCT
fbem-29136	167	101	(	(	PUNCT
fbem-29136	167	102	0.476	0.476	NUM
fbem-29136	167	103	)	)	PUNCT
fbem-29136	167	104	(	(	PUNCT
fbem-29136	167	105	0.028	0.028	NUM
fbem-29136	167	106	)	)	PUNCT
fbem-29136	167	107	(	(	PUNCT
fbem-29136	167	108	0.047	0.047	NUM
fbem-29136	167	109	)	)	PUNCT
fbem-29136	167	110	peerbm	peerbm	VERB
fbem-29136	167	111	0.108	0.108	NUM
fbem-29136	167	112	-2.226	-2.226	NOUN
fbem-29136	168	1	*	*	PUNCT
fbem-29136	168	2	*	*	PUNCT
fbem-29136	168	3	*	*	PUNCT
fbem-29136	168	4	0.163	0.163	NUM
fbem-29136	168	5	*	*	PUNCT
fbem-29136	168	6	*	*	PUNCT
fbem-29136	168	7	*	*	PUNCT
fbem-29136	168	8	-0.095	-0.095	VERB
fbem-29136	168	9	*	*	PUNCT
fbem-29136	168	10	*	*	PUNCT
fbem-29136	168	11	(	(	PUNCT
fbem-29136	168	12	0.345	0.345	NUM
fbem-29136	168	13	)	)	PUNCT
fbem-29136	168	14	(	(	PUNCT
fbem-29136	168	15	0.454	0.454	NUM
fbem-29136	168	16	)	)	PUNCT
fbem-29136	168	17	(	(	PUNCT
fbem-29136	168	18	0.035	0.035	NUM
fbem-29136	168	19	)	)	PUNCT
fbem-29136	168	20	(	(	PUNCT
fbem-29136	168	21	0.047	0.047	NUM
fbem-29136	168	22	)	)	PUNCT
fbem-29136	168	23	size	size	NOUN
fbem-29136	168	24	0.475	0.475	NUM
fbem-29136	168	25	*	*	PUNCT
fbem-29136	168	26	*	*	PUNCT
fbem-29136	168	27	*	*	PUNCT
fbem-29136	168	28	0.02	0.02	NUM
fbem-29136	168	29	*	*	PUNCT
fbem-29136	168	30	*	*	PUNCT
fbem-29136	168	31	*	*	PUNCT
fbem-29136	168	32	(	(	PUNCT
fbem-29136	168	33	0.029	0.029	NUM
fbem-29136	168	34	)	)	PUNCT
fbem-29136	168	35	(	(	PUNCT
fbem-29136	168	36	0.003	0.003	NUM
fbem-29136	168	37	)	)	PUNCT
fbem-29136	168	38	roa	roa	NOUN
fbem-29136	168	39	28.172	28.172	NUM
fbem-29136	168	40	*	*	PUNCT
fbem-29136	168	41	*	*	PUNCT
fbem-29136	168	42	*	*	PUNCT
fbem-29136	168	43	0.401	0.401	NUM
fbem-29136	168	44	*	*	PUNCT
fbem-29136	168	45	*	*	PUNCT
fbem-29136	168	46	*	*	PUNCT
fbem-29136	168	47	(	(	PUNCT
fbem-29136	168	48	0.958	0.958	NUM
fbem-29136	168	49	)	)	PUNCT
fbem-29136	168	50	(	(	PUNCT
fbem-29136	168	51	0.074	0.074	NUM
fbem-29136	168	52	)	)	PUNCT
fbem-29136	168	53	tdr	tdr	NOUN
fbem-29136	168	54	-1.246	-1.246	NOUN
fbem-29136	169	1	*	*	PUNCT
fbem-29136	169	2	*	*	PUNCT
fbem-29136	169	3	*	*	PUNCT
fbem-29136	169	4	-0.261	-0.261	ADJ
fbem-29136	170	1	*	*	PUNCT
fbem-29136	170	2	*	*	PUNCT
fbem-29136	170	3	*	*	PUNCT
fbem-29136	170	4	(	(	PUNCT
fbem-29136	170	5	0.225	0.225	NUM
fbem-29136	170	6	)	)	PUNCT
fbem-29136	170	7	(	(	PUNCT
fbem-29136	170	8	0.025	0.025	NUM
fbem-29136	170	9	)	)	PUNCT
fbem-29136	170	10	dev	dev	NOUN
fbem-29136	171	1	0.67	0.67	NUM
fbem-29136	171	2	*	*	PUNCT
fbem-29136	171	3	*	*	PUNCT
fbem-29136	171	4	*	*	PUNCT
fbem-29136	171	5	-0.051	-0.051	PROPN
fbem-29136	171	6	*	*	PUNCT
fbem-29136	171	7	*	*	PUNCT
fbem-29136	171	8	*	*	PUNCT
fbem-29136	171	9	(	(	PUNCT
fbem-29136	171	10	0.149	0.149	NUM
fbem-29136	171	11	)	)	PUNCT
fbem-29136	171	12	(	(	PUNCT
fbem-29136	171	13	0.014	0.014	NUM
fbem-29136	171	14	)	)	PUNCT
fbem-29136	171	15	bm	bm	PROPN
fbem-29136	171	16	2.336	2.336	NUM
fbem-29136	171	17	*	*	NOUN
fbem-29136	171	18	*	*	PUNCT
fbem-29136	171	19	*	*	PUNCT
fbem-29136	171	20	0.164	0.164	NUM
fbem-29136	171	21	*	*	PUNCT
fbem-29136	171	22	*	*	PUNCT
fbem-29136	171	23	*	*	PUNCT
fbem-29136	171	24	(	(	PUNCT
fbem-29136	171	25	0.258	0.258	NUM
fbem-29136	171	26	)	)	PUNCT
fbem-29136	171	27	(	(	PUNCT
fbem-29136	171	28	0.025	0.025	NUM
fbem-29136	171	29	)	)	PUNCT
fbem-29136	171	30	constant	constant	ADJ
fbem-29136	171	31	-2.72	-2.72	NOUN
fbem-29136	171	32	*	*	PUNCT
fbem-29136	171	33	*	*	PUNCT
fbem-29136	171	34	*	*	PUNCT
fbem-29136	171	35	-2.596	-2.596	NOUN
fbem-29136	171	36	*	*	PUNCT
fbem-29136	171	37	*	*	PUNCT
fbem-29136	171	38	*	*	PUNCT
fbem-29136	171	39	-12.804	-12.804	PROPN
fbem-29136	171	40	*	*	PUNCT
fbem-29136	171	41	*	*	PUNCT
fbem-29136	171	42	*	*	PUNCT
fbem-29136	171	43	0.102	0.102	NUM
fbem-29136	171	44	*	*	PUNCT
fbem-29136	171	45	*	*	PUNCT
fbem-29136	171	46	*	*	PUNCT
fbem-29136	171	47	0.089	0.089	NUM
fbem-29136	171	48	*	*	PUNCT
fbem-29136	171	49	*	*	PUNCT
fbem-29136	171	50	*	*	PUNCT
fbem-29136	171	51	-0.328	-0.328	PUNCT
fbem-29136	171	52	*	*	PUNCT
fbem-29136	171	53	*	*	PUNCT
fbem-29136	171	54	*	*	PUNCT
fbem-29136	171	55	(	(	PUNCT
fbem-29136	171	56	0.174	0.174	NUM
fbem-29136	171	57	)	)	PUNCT
fbem-29136	171	58	(	(	PUNCT
fbem-29136	171	59	0.261	0.261	NUM
fbem-29136	171	60	)	)	PUNCT
fbem-29136	171	61	(	(	PUNCT
fbem-29136	171	62	0.648	0.648	NUM
fbem-29136	171	63	)	)	PUNCT
fbem-29136	171	64	(	(	PUNCT
fbem-29136	171	65	0.01	0.01	NUM
fbem-29136	171	66	)	)	PUNCT
fbem-29136	171	67	(	(	PUNCT
fbem-29136	171	68	0.031	0.031	NUM
fbem-29136	171	69	)	)	PUNCT
fbem-29136	171	70	(	(	PUNCT
fbem-29136	171	71	0.063	0.063	NUM
fbem-29136	171	72	)	)	PUNCT
fbem-29136	171	73	r2	r2	PROPN
fbem-29136	171	74	0.065	0.065	NUM
fbem-29136	171	75	0.066	0.066	NUM
fbem-29136	171	76	0.35	0.35	NUM
fbem-29136	171	77	0.03	0.03	NUM
fbem-29136	171	78	0.031	0.031	NUM
fbem-29136	171	79	0.071	0.071	NUM
fbem-29136	171	80	n	n	PROPN
fbem-29136	171	81	13182	13182	NUM
fbem-29136	171	82	13182	13182	NUM
fbem-29136	171	83	13182	13182	NUM
fbem-29136	171	84	13182	13182	NUM
fbem-29136	171	85	13182	13182	NUM
fbem-29136	171	86	13182	13182	NUM
fbem-29136	171	87	year	year	NOUN
fbem-29136	172	1	yes	yes	INTJ
fbem-29136	172	2	yes	yes	INTJ
fbem-29136	173	1	yes	yes	INTJ
fbem-29136	174	1	yes	yes	INTJ
fbem-29136	175	1	yes	yes	INTJ
fbem-29136	175	2	yes	yes	INTJ
fbem-29136	175	3	industry	industry	NOUN
fbem-29136	176	1	yes	yes	INTJ
fbem-29136	177	1	yes	yes	INTJ
fbem-29136	178	1	yes	yes	INTJ
fbem-29136	179	1	yes	yes	INTJ
fbem-29136	180	1	yes	yes	INTJ
fbem-29136	180	2	yes	yes	INTJ
fbem-29136	180	3	standard	standard	ADJ
fbem-29136	180	4	errors	error	NOUN
fbem-29136	180	5	in	in	ADP
fbem-29136	180	6	parentheses	parenthesis	NOUN
fbem-29136	180	7	*	*	PUNCT
fbem-29136	180	8	*	*	PUNCT
fbem-29136	180	9	*	*	PUNCT
fbem-29136	180	10	p<0.01	p<0.01	PROPN
fbem-29136	180	11	,	,	PUNCT
fbem-29136	180	12	*	*	PUNCT
fbem-29136	180	13	*	*	PUNCT
fbem-29136	180	14	p<0.05	p<0.05	NOUN
fbem-29136	180	15	,	,	PUNCT
fbem-29136	180	16	*	*	SYM
fbem-29136	180	17	p<0.1	p<0.1	NOUN
fbem-29136	180	18	as	as	SCONJ
fbem-29136	180	19	can	can	AUX
fbem-29136	180	20	be	be	AUX
fbem-29136	180	21	seen	see	VERB
fbem-29136	180	22	from	from	ADP
fbem-29136	180	23	the	the	DET
fbem-29136	180	24	regression	regression	NOUN
fbem-29136	180	25	results	result	NOUN
fbem-29136	180	26	,	,	PUNCT
fbem-29136	180	27	the	the	DET
fbem-29136	180	28	coefficients	coefficient	NOUN
fbem-29136	180	29	of	of	ADP
fbem-29136	180	30	the	the	DET
fbem-29136	180	31	peer	peer	NOUN
fbem-29136	180	32	paytend	paytend	NOUN
fbem-29136	180	33	in	in	ADP
fbem-29136	180	34	the	the	DET
fbem-29136	180	35	three	three	NUM
fbem-29136	180	36	logistic	logistic	ADJ
fbem-29136	180	37	regressions	regression	NOUN
fbem-29136	180	38	are	be	AUX
fbem-29136	180	39	5.234	5.234	NUM
fbem-29136	180	40	,	,	PUNCT
fbem-29136	180	41	5.027	5.027	NUM
fbem-29136	180	42	,	,	PUNCT
fbem-29136	180	43	5.604	5.604	NUM
fbem-29136	180	44	respectively	respectively	ADV
fbem-29136	180	45	,	,	PUNCT
fbem-29136	180	46	and	and	CCONJ
fbem-29136	180	47	they	they	PRON
fbem-29136	180	48	are	be	AUX
fbem-29136	180	49	all	all	ADV
fbem-29136	180	50	significant	significant	ADJ
fbem-29136	180	51	at	at	ADP
fbem-29136	180	52	1	1	NUM
fbem-29136	180	53	%	%	NOUN
fbem-29136	180	54	level	level	NOUN
fbem-29136	180	55	,	,	PUNCT
fbem-29136	180	56	indicating	indicate	VERB
fbem-29136	180	57	that	that	SCONJ
fbem-29136	180	58	when	when	SCONJ
fbem-29136	180	59	the	the	DET
fbem-29136	180	60	peer	peer	NOUN
fbem-29136	180	61	companies	company	NOUN
fbem-29136	180	62	make	make	VERB
fbem-29136	180	63	the	the	DET
fbem-29136	180	64	act	act	NOUN
fbem-29136	180	65	of	of	ADP
fbem-29136	180	66	paying	pay	VERB
fbem-29136	180	67	dividends	dividend	NOUN
fbem-29136	180	68	,	,	PUNCT
fbem-29136	180	69	the	the	DET
fbem-29136	180	70	company	company	NOUN
fbem-29136	180	71	also	also	ADV
fbem-29136	180	72	tends	tend	VERB
fbem-29136	180	73	to	to	PART
fbem-29136	180	74	pay	pay	VERB
fbem-29136	180	75	dividends	dividend	NOUN
fbem-29136	180	76	,	,	PUNCT
fbem-29136	180	77	and	and	CCONJ
fbem-29136	180	78	the	the	DET
fbem-29136	180	79	existence	existence	NOUN
fbem-29136	180	80	of	of	ADP
fbem-29136	180	81	the	the	DET
fbem-29136	180	82	peer	peer	NOUN
fbem-29136	180	83	effect	effect	NOUN
fbem-29136	180	84	has	have	AUX
fbem-29136	180	85	been	be	AUX
fbem-29136	180	86	confirmed	confirm	VERB
fbem-29136	180	87	in	in	ADP
fbem-29136	180	88	the	the	DET
fbem-29136	180	89	level	level	NOUN
fbem-29136	180	90	of	of	ADP
fbem-29136	180	91	the	the	DET
fbem-29136	180	92	willingness	willingness	NOUN
fbem-29136	180	93	to	to	PART
fbem-29136	180	94	pay	pay	VERB
fbem-29136	180	95	.	.	PUNCT
fbem-29136	181	1	the	the	DET
fbem-29136	181	2	coefficients	coefficient	NOUN
fbem-29136	181	3	of	of	ADP
fbem-29136	181	4	the	the	DET
fbem-29136	181	5	peer	peer	NOUN
fbem-29136	181	6	payout	payout	NOUN
fbem-29136	181	7	intensity	intensity	NOUN
fbem-29136	181	8	in	in	ADP
fbem-29136	181	9	the	the	DET
fbem-29136	181	10	three	three	NUM
fbem-29136	181	11	groups	group	NOUN
fbem-29136	181	12	of	of	ADP
fbem-29136	181	13	multiple	multiple	ADJ
fbem-29136	181	14	linear	linear	ADJ
fbem-29136	181	15	regression	regression	NOUN
fbem-29136	181	16	are	be	AUX
fbem-29136	181	17	0.609	0.609	NUM
fbem-29136	181	18	,	,	PUNCT
fbem-29136	181	19	0.563	0.563	NUM
fbem-29136	181	20	,	,	PUNCT
fbem-29136	181	21	0.575	0.575	NUM
fbem-29136	181	22	respectively	respectively	ADV
fbem-29136	181	23	,	,	PUNCT
fbem-29136	181	24	and	and	CCONJ
fbem-29136	181	25	they	they	PRON
fbem-29136	181	26	are	be	AUX
fbem-29136	181	27	all	all	ADV
fbem-29136	181	28	significant	significant	ADJ
fbem-29136	181	29	at	at	ADP
fbem-29136	181	30	1	1	NUM
fbem-29136	181	31	%	%	NOUN
fbem-29136	181	32	level	level	NOUN
fbem-29136	181	33	,	,	PUNCT
fbem-29136	181	34	indicating	indicate	VERB
fbem-29136	181	35	that	that	SCONJ
fbem-29136	181	36	the	the	DET
fbem-29136	181	37	number	number	NOUN
fbem-29136	181	38	of	of	ADP
fbem-29136	181	39	dividends	dividend	NOUN
fbem-29136	181	40	paid	pay	VERB
fbem-29136	181	41	by	by	ADP
fbem-29136	181	42	the	the	DET
fbem-29136	181	43	peer	peer	NOUN
fbem-29136	181	44	companies	company	NOUN
fbem-29136	181	45	will	will	AUX
fbem-29136	181	46	have	have	VERB
fbem-29136	181	47	a	a	DET
fbem-29136	181	48	positive	positive	ADJ
fbem-29136	181	49	impact	impact	NOUN
fbem-29136	181	50	on	on	ADP
fbem-29136	181	51	how	how	SCONJ
fbem-29136	181	52	much	much	ADJ
fbem-29136	181	53	dividends	dividend	NOUN
fbem-29136	181	54	the	the	DET
fbem-29136	181	55	company	company	NOUN
fbem-29136	181	56	chooses	choose	VERB
fbem-29136	181	57	to	to	PART
fbem-29136	181	58	pay	pay	VERB
fbem-29136	181	59	,	,	PUNCT
fbem-29136	181	60	the	the	DET
fbem-29136	181	61	existence	existence	NOUN
fbem-29136	181	62	of	of	ADP
fbem-29136	181	63	the	the	DET
fbem-29136	181	64	peer	peer	NOUN
fbem-29136	181	65	effect	effect	NOUN
fbem-29136	181	66	is	be	AUX
fbem-29136	181	67	confirmed	confirm	VERB
fbem-29136	181	68	at	at	ADP
fbem-29136	181	69	the	the	DET
fbem-29136	181	70	level	level	NOUN
fbem-29136	181	71	of	of	ADP
fbem-29136	181	72	the	the	DET
fbem-29136	181	73	payment	payment	NOUN
fbem-29136	181	74	intensity	intensity	NOUN
fbem-29136	181	75	.	.	PUNCT
fbem-29136	182	1	hypothesis	hypothesis	NOUN
fbem-29136	182	2	1	1	NUM
fbem-29136	182	3	is	be	AUX
fbem-29136	182	4	verified	verify	VERB
fbem-29136	182	5	.	.	PUNCT
fbem-29136	183	1	5.5	5.5	NUM
fbem-29136	183	2	.	.	PUNCT
fbem-29136	184	1	robustness	robustness	NOUN
fbem-29136	184	2	analysis	analysis	NOUN
fbem-29136	184	3	in	in	ADP
fbem-29136	184	4	order	order	NOUN
fbem-29136	184	5	to	to	PART
fbem-29136	184	6	test	test	VERB
fbem-29136	184	7	the	the	DET
fbem-29136	184	8	robustness	robustness	NOUN
fbem-29136	184	9	of	of	ADP
fbem-29136	184	10	the	the	DET
fbem-29136	184	11	research	research	NOUN
fbem-29136	184	12	results	result	NOUN
fbem-29136	184	13	,	,	PUNCT
fbem-29136	184	14	we	we	PRON
fbem-29136	184	15	choose	choose	VERB
fbem-29136	184	16	to	to	PART
fbem-29136	184	17	replace	replace	VERB
fbem-29136	184	18	the	the	DET
fbem-29136	184	19	main	main	ADJ
fbem-29136	184	20	variables	variable	NOUN
fbem-29136	184	21	method	method	NOUN
fbem-29136	184	22	.	.	PUNCT
fbem-29136	185	1	both	both	CCONJ
fbem-29136	185	2	the	the	DET
fbem-29136	185	3	explanatory	explanatory	ADJ
fbem-29136	185	4	variables	variable	NOUN
fbem-29136	185	5	and	and	CCONJ
fbem-29136	185	6	the	the	DET
fbem-29136	185	7	core	core	NOUN
fbem-29136	185	8	explanatory	explanatory	ADJ
fbem-29136	185	9	variables	variable	NOUN
fbem-29136	185	10	are	be	AUX
fbem-29136	185	11	replaced	replace	VERB
fbem-29136	185	12	by	by	ADP
fbem-29136	185	13	replacing	replace	VERB
fbem-29136	185	14	the	the	DET
fbem-29136	185	15	dividend	dividend	NOUN
fbem-29136	185	16	distribution	distribution	NOUN
fbem-29136	185	17	rate	rate	NOUN
fbem-29136	185	18	with	with	ADP
fbem-29136	185	19	cash	cash	NOUN
fbem-29136	185	20	dividend	dividend	NOUN
fbem-29136	185	21	per	per	ADP
fbem-29136	185	22	share	share	NOUN
fbem-29136	185	23	to	to	PART
fbem-29136	185	24	measure	measure	VERB
fbem-29136	185	25	the	the	DET
fbem-29136	185	26	strength	strength	NOUN
fbem-29136	185	27	of	of	ADP
fbem-29136	185	28	cash	cash	NOUN
fbem-29136	185	29	dividend	dividend	NOUN
fbem-29136	185	30	payment	payment	NOUN
fbem-29136	185	31	of	of	ADP
fbem-29136	185	32	listed	list	VERB
fbem-29136	185	33	companies	company	NOUN
fbem-29136	185	34	,	,	PUNCT
fbem-29136	185	35	and	and	CCONJ
fbem-29136	185	36	replacing	replace	VERB
fbem-29136	185	37	the	the	DET
fbem-29136	185	38	peer	peer	NOUN
fbem-29136	185	39	dividend	dividend	NOUN
fbem-29136	185	40	48	48	NUM
fbem-29136	185	41	distribution	distribution	NOUN
fbem-29136	185	42	rate	rate	NOUN
fbem-29136	185	43	with	with	ADP
fbem-29136	185	44	the	the	DET
fbem-29136	185	45	peer	peer	NOUN
fbem-29136	185	46	cash	cash	NOUN
fbem-29136	185	47	dividend	dividend	NOUN
fbem-29136	185	48	per	per	ADP
fbem-29136	185	49	share	share	NOUN
fbem-29136	185	50	.	.	PUNCT
fbem-29136	186	1	table	table	NOUN
fbem-29136	186	2	10	10	NUM
fbem-29136	186	3	shows	show	VERB
fbem-29136	186	4	the	the	DET
fbem-29136	186	5	results	result	NOUN
fbem-29136	186	6	of	of	ADP
fbem-29136	186	7	the	the	DET
fbem-29136	186	8	test	test	NOUN
fbem-29136	186	9	.	.	PUNCT
fbem-29136	187	1	table	table	NOUN
fbem-29136	187	2	10	10	NUM
fbem-29136	187	3	.	.	PUNCT
fbem-29136	188	1	robustness	robustness	NOUN
fbem-29136	188	2	analysis	analysis	NOUN
fbem-29136	188	3	of	of	ADP
fbem-29136	188	4	peer	peer	NOUN
fbem-29136	188	5	effect	effect	NOUN
fbem-29136	188	6	(	(	PUNCT
fbem-29136	188	7	1	1	NUM
fbem-29136	188	8	)	)	PUNCT
fbem-29136	188	9	(	(	PUNCT
fbem-29136	188	10	2	2	NUM
fbem-29136	188	11	)	)	PUNCT
fbem-29136	188	12	(	(	PUNCT
fbem-29136	188	13	3	3	X
fbem-29136	188	14	)	)	PUNCT
fbem-29136	188	15	cash	cash	NOUN
fbem-29136	188	16	dividend	dividend	NOUN
fbem-29136	188	17	per	per	ADP
fbem-29136	188	18	share	share	NOUN
fbem-29136	188	19	cash	cash	NOUN
fbem-29136	188	20	dividend	dividend	NOUN
fbem-29136	188	21	per	per	ADP
fbem-29136	188	22	share	share	NOUN
fbem-29136	188	23	cash	cash	NOUN
fbem-29136	188	24	dividend	dividend	NOUN
fbem-29136	188	25	per	per	ADP
fbem-29136	188	26	share	share	NOUN
fbem-29136	188	27	peer	peer	NOUN
fbem-29136	188	28	cash	cash	NOUN
fbem-29136	188	29	dividend	dividend	NOUN
fbem-29136	188	30	per	per	ADP
fbem-29136	188	31	share	share	NOUN
fbem-29136	188	32	0.478	0.478	NUM
fbem-29136	188	33	*	*	PUNCT
fbem-29136	188	34	*	*	PUNCT
fbem-29136	188	35	*	*	PUNCT
fbem-29136	188	36	0.378	0.378	NUM
fbem-29136	188	37	*	*	PUNCT
fbem-29136	188	38	*	*	PUNCT
fbem-29136	188	39	*	*	PUNCT
fbem-29136	189	1	0.201	0.201	NUM
fbem-29136	189	2	*	*	PUNCT
fbem-29136	189	3	*	*	PUNCT
fbem-29136	189	4	*	*	PUNCT
fbem-29136	189	5	(	(	PUNCT
fbem-29136	189	6	0.106	0.106	NUM
fbem-29136	189	7	)	)	PUNCT
fbem-29136	189	8	(	(	PUNCT
fbem-29136	189	9	0.111	0.111	NUM
fbem-29136	189	10	)	)	PUNCT
fbem-29136	189	11	(	(	PUNCT
fbem-29136	189	12	0.097	0.097	NUM
fbem-29136	189	13	)	)	PUNCT
fbem-29136	189	14	peerroa	peerroa	NOUN
fbem-29136	189	15	2.023	2.023	NUM
fbem-29136	189	16	*	*	PUNCT
fbem-29136	189	17	*	*	PUNCT
fbem-29136	189	18	*	*	PUNCT
fbem-29136	189	19	0.438	0.438	NUM
fbem-29136	189	20	*	*	PUNCT
fbem-29136	189	21	(	(	PUNCT
fbem-29136	189	22	0.305	0.305	NUM
fbem-29136	189	23	)	)	PUNCT
fbem-29136	189	24	(	(	PUNCT
fbem-29136	189	25	0.272	0.272	NUM
fbem-29136	189	26	)	)	PUNCT
fbem-29136	189	27	peertdr	peertdr	NOUN
fbem-29136	189	28	-0.021	-0.021	NOUN
fbem-29136	189	29	0.058	0.058	NUM
fbem-29136	189	30	(	(	PUNCT
fbem-29136	189	31	0.093	0.093	NUM
fbem-29136	189	32	)	)	PUNCT
fbem-29136	189	33	(	(	PUNCT
fbem-29136	189	34	0.084	0.084	NUM
fbem-29136	189	35	)	)	PUNCT
fbem-29136	189	36	peerdev	peerdev	NOUN
fbem-29136	189	37	-0.09	-0.09	NUM
fbem-29136	189	38	0.142	0.142	NUM
fbem-29136	189	39	*	*	PUNCT
fbem-29136	189	40	*	*	PUNCT
fbem-29136	189	41	*	*	PUNCT
fbem-29136	189	42	(	(	PUNCT
fbem-29136	189	43	0.066	0.066	NUM
fbem-29136	189	44	)	)	PUNCT
fbem-29136	189	45	(	(	PUNCT
fbem-29136	189	46	0.06	0.06	NUM
fbem-29136	189	47	)	)	PUNCT
fbem-29136	189	48	peerbm	peerbm	VERB
fbem-29136	189	49	0.195	0.195	NUM
fbem-29136	189	50	*	*	PUNCT
fbem-29136	189	51	*	*	PUNCT
fbem-29136	189	52	*	*	PUNCT
fbem-29136	189	53	0.378	0.378	NUM
fbem-29136	189	54	*	*	PUNCT
fbem-29136	190	1	*	*	PUNCT
fbem-29136	190	2	*	*	PUNCT
fbem-29136	190	3	(	(	PUNCT
fbem-29136	190	4	0.056	0.056	NUM
fbem-29136	190	5	)	)	PUNCT
fbem-29136	190	6	(	(	PUNCT
fbem-29136	190	7	0.057	0.057	NUM
fbem-29136	190	8	)	)	PUNCT
fbem-29136	190	9	size	size	NOUN
fbem-29136	190	10	0.056	0.056	NUM
fbem-29136	190	11	*	*	PUNCT
fbem-29136	190	12	*	*	PUNCT
fbem-29136	190	13	*	*	PUNCT
fbem-29136	190	14	(	(	PUNCT
fbem-29136	190	15	0.003	0.003	NUM
fbem-29136	190	16	)	)	PUNCT
fbem-29136	190	17	roa	roa	NOUN
fbem-29136	190	18	1.683	1.683	NUM
fbem-29136	190	19	*	*	PUNCT
fbem-29136	190	20	*	*	PUNCT
fbem-29136	190	21	*	*	PUNCT
fbem-29136	190	22	(	(	PUNCT
fbem-29136	190	23	0.074	0.074	NUM
fbem-29136	190	24	)	)	PUNCT
fbem-29136	190	25	tdr	tdr	PROPN
fbem-29136	190	26	-0.159	-0.159	PROPN
fbem-29136	190	27	*	*	PUNCT
fbem-29136	190	28	*	*	PUNCT
fbem-29136	190	29	*	*	PUNCT
fbem-29136	190	30	(	(	PUNCT
fbem-29136	190	31	0.025	0.025	NUM
fbem-29136	190	32	)	)	PUNCT
fbem-29136	190	33	dev	dev	NOUN
fbem-29136	190	34	-0.01	-0.01	NUM
fbem-29136	190	35	(	(	PUNCT
fbem-29136	190	36	0.014	0.014	NUM
fbem-29136	190	37	)	)	PUNCT
fbem-29136	190	38	bm	bm	PROPN
fbem-29136	190	39	-0.099	-0.099	PUNCT
fbem-29136	190	40	*	*	PUNCT
fbem-29136	190	41	*	*	PUNCT
fbem-29136	190	42	*	*	PUNCT
fbem-29136	190	43	(	(	PUNCT
fbem-29136	190	44	0.027	0.027	NUM
fbem-29136	190	45	)	)	PUNCT
fbem-29136	190	46	constant	constant	ADJ
fbem-29136	190	47	0.068	0.068	NUM
fbem-29136	190	48	*	*	PUNCT
fbem-29136	190	49	*	*	PUNCT
fbem-29136	190	50	*	*	PUNCT
fbem-29136	190	51	-0.057	-0.057	PUNCT
fbem-29136	190	52	-1.314	-1.314	PUNCT
fbem-29136	190	53	*	*	PUNCT
fbem-29136	190	54	*	*	PUNCT
fbem-29136	190	55	*	*	PUNCT
fbem-29136	190	56	(	(	PUNCT
fbem-29136	190	57	0.015	0.015	NUM
fbem-29136	190	58	)	)	PUNCT
fbem-29136	190	59	(	(	PUNCT
fbem-29136	190	60	0.053	0.053	NUM
fbem-29136	190	61	)	)	PUNCT
fbem-29136	190	62	(	(	PUNCT
fbem-29136	190	63	0.087	0.087	NUM
fbem-29136	190	64	)	)	PUNCT
fbem-29136	190	65	r2	r2	NOUN
fbem-29136	191	1	0.068	0.068	NUM
fbem-29136	191	2	0.03	0.03	NUM
fbem-29136	191	3	0.263	0.263	NUM
fbem-29136	191	4	n	n	NUM
fbem-29136	191	5	13182	13182	NUM
fbem-29136	191	6	13182	13182	NUM
fbem-29136	191	7	13182	13182	NUM
fbem-29136	191	8	year	year	NOUN
fbem-29136	192	1	yes	yes	INTJ
fbem-29136	192	2	yes	yes	INTJ
fbem-29136	193	1	yes	yes	INTJ
fbem-29136	193	2	industry	industry	NOUN
fbem-29136	194	1	yes	yes	INTJ
fbem-29136	194	2	yes	yes	INTJ
fbem-29136	194	3	yes	yes	INTJ
fbem-29136	194	4	standard	standard	ADJ
fbem-29136	194	5	errors	error	NOUN
fbem-29136	194	6	in	in	ADP
fbem-29136	194	7	parentheses	parenthesis	NOUN
fbem-29136	194	8	*	*	PUNCT
fbem-29136	194	9	*	*	PUNCT
fbem-29136	194	10	*	*	PUNCT
fbem-29136	194	11	p<0.01	p<0.01	PROPN
fbem-29136	194	12	,	,	PUNCT
fbem-29136	194	13	*	*	PUNCT
fbem-29136	194	14	*	*	PUNCT
fbem-29136	194	15	p<0.05	p<0.05	NOUN
fbem-29136	194	16	,	,	PUNCT
fbem-29136	194	17	*	*	SYM
fbem-29136	194	18	p<0.1	p<0.1	NUM
fbem-29136	194	19	from	from	ADP
fbem-29136	194	20	the	the	DET
fbem-29136	194	21	regression	regression	NOUN
fbem-29136	194	22	results	result	NOUN
fbem-29136	194	23	,	,	PUNCT
fbem-29136	194	24	the	the	DET
fbem-29136	194	25	coefficients	coefficient	NOUN
fbem-29136	194	26	of	of	ADP
fbem-29136	194	27	peer	peer	NOUN
fbem-29136	194	28	cash	cash	NOUN
fbem-29136	194	29	dividends	dividend	NOUN
fbem-29136	194	30	are	be	AUX
fbem-29136	194	31	0.478	0.478	NUM
fbem-29136	194	32	,	,	PUNCT
fbem-29136	194	33	0.378	0.378	NUM
fbem-29136	194	34	,	,	PUNCT
fbem-29136	194	35	0.201	0.201	NUM
fbem-29136	194	36	respectively	respectively	ADV
fbem-29136	194	37	,	,	PUNCT
fbem-29136	194	38	and	and	CCONJ
fbem-29136	194	39	all	all	PRON
fbem-29136	194	40	are	be	AUX
fbem-29136	194	41	significant	significant	ADJ
fbem-29136	194	42	at	at	ADP
fbem-29136	194	43	the	the	DET
fbem-29136	194	44	1	1	NUM
fbem-29136	194	45	%	%	NOUN
fbem-29136	194	46	level	level	NOUN
fbem-29136	194	47	,	,	PUNCT
fbem-29136	194	48	indicating	indicate	VERB
fbem-29136	194	49	that	that	SCONJ
fbem-29136	194	50	the	the	DET
fbem-29136	194	51	level	level	NOUN
fbem-29136	194	52	of	of	ADP
fbem-29136	194	53	peer	peer	NOUN
fbem-29136	194	54	cash	cash	NOUN
fbem-29136	194	55	dividends	dividend	NOUN
fbem-29136	194	56	has	have	VERB
fbem-29136	194	57	a	a	DET
fbem-29136	194	58	significant	significant	ADJ
fbem-29136	194	59	impact	impact	NOUN
fbem-29136	194	60	on	on	ADP
fbem-29136	194	61	the	the	DET
fbem-29136	194	62	level	level	NOUN
fbem-29136	194	63	of	of	ADP
fbem-29136	194	64	cash	cash	NOUN
fbem-29136	194	65	dividends	dividend	NOUN
fbem-29136	194	66	and	and	CCONJ
fbem-29136	194	67	presents	present	VERB
fbem-29136	194	68	a	a	DET
fbem-29136	194	69	positive	positive	ADJ
fbem-29136	194	70	correlation	correlation	NOUN
fbem-29136	194	71	,	,	PUNCT
fbem-29136	194	72	the	the	DET
fbem-29136	194	73	specific	specific	ADJ
fbem-29136	194	74	amount	amount	NOUN
fbem-29136	194	75	of	of	ADP
fbem-29136	194	76	dividends	dividend	NOUN
fbem-29136	194	77	paid	pay	VERB
fbem-29136	194	78	by	by	ADP
fbem-29136	194	79	peer	peer	NOUN
fbem-29136	194	80	companies	company	NOUN
fbem-29136	194	81	will	will	AUX
fbem-29136	194	82	significantly	significantly	ADV
fbem-29136	194	83	affect	affect	VERB
fbem-29136	194	84	the	the	DET
fbem-29136	194	85	level	level	NOUN
fbem-29136	194	86	of	of	ADP
fbem-29136	194	87	individual	individual	ADJ
fbem-29136	194	88	companies	company	NOUN
fbem-29136	194	89	on	on	ADP
fbem-29136	194	90	the	the	DET
fbem-29136	194	91	amount	amount	NOUN
fbem-29136	194	92	of	of	ADP
fbem-29136	194	93	dividends	dividend	NOUN
fbem-29136	194	94	paid	pay	VERB
fbem-29136	194	95	,	,	PUNCT
fbem-29136	194	96	which	which	PRON
fbem-29136	194	97	is	be	AUX
fbem-29136	194	98	in	in	ADP
fbem-29136	194	99	line	line	NOUN
fbem-29136	194	100	with	with	ADP
fbem-29136	194	101	the	the	DET
fbem-29136	194	102	previous	previous	ADJ
fbem-29136	194	103	empirical	empirical	ADJ
fbem-29136	194	104	test	test	NOUN
fbem-29136	194	105	,	,	PUNCT
fbem-29136	194	106	indicating	indicate	VERB
fbem-29136	194	107	that	that	SCONJ
fbem-29136	194	108	the	the	DET
fbem-29136	194	109	empirical	empirical	ADJ
fbem-29136	194	110	results	result	NOUN
fbem-29136	194	111	have	have	VERB
fbem-29136	194	112	a	a	DET
fbem-29136	194	113	certain	certain	ADJ
fbem-29136	194	114	reliability	reliability	NOUN
fbem-29136	194	115	.	.	PUNCT
fbem-29136	195	1	5.6	5.6	NUM
fbem-29136	195	2	.	.	PUNCT
fbem-29136	195	3	heterogeneity	heterogeneity	NOUN
fbem-29136	195	4	tests	test	VERB
fbem-29136	195	5	the	the	DET
fbem-29136	195	6	study	study	NOUN
fbem-29136	195	7	sample	sample	NOUN
fbem-29136	195	8	was	be	AUX
fbem-29136	195	9	divided	divide	VERB
fbem-29136	195	10	by	by	ADP
fbem-29136	195	11	size	size	NOUN
fbem-29136	195	12	,	,	PUNCT
fbem-29136	195	13	and	and	CCONJ
fbem-29136	195	14	logistic	logistic	ADJ
fbem-29136	195	15	regression	regression	NOUN
fbem-29136	195	16	for	for	ADP
fbem-29136	195	17	willingness	willingness	NOUN
fbem-29136	195	18	to	to	PART
fbem-29136	195	19	pay	pay	VERB
fbem-29136	195	20	and	and	CCONJ
fbem-29136	195	21	linear	linear	ADJ
fbem-29136	195	22	regression	regression	NOUN
fbem-29136	195	23	for	for	ADP
fbem-29136	195	24	strength	strength	NOUN
fbem-29136	195	25	of	of	ADP
fbem-29136	195	26	payment	payment	NOUN
fbem-29136	195	27	were	be	AUX
fbem-29136	195	28	performed	perform	VERB
fbem-29136	195	29	again	again	ADV
fbem-29136	195	30	,	,	PUNCT
fbem-29136	195	31	respectively	respectively	ADV
fbem-29136	195	32	,	,	PUNCT
fbem-29136	195	33	and	and	CCONJ
fbem-29136	195	34	the	the	DET
fbem-29136	195	35	results	result	NOUN
fbem-29136	195	36	are	be	AUX
fbem-29136	195	37	shown	show	VERB
fbem-29136	195	38	in	in	ADP
fbem-29136	195	39	tables	table	NOUN
fbem-29136	195	40	11	11	NUM
fbem-29136	195	41	and	and	CCONJ
fbem-29136	195	42	12	12	NUM
fbem-29136	195	43	below	below	ADV
fbem-29136	195	44	.	.	PUNCT
fbem-29136	196	1	table	table	NOUN
fbem-29136	196	2	11	11	NUM
fbem-29136	196	3	.	.	PUNCT
fbem-29136	197	1	paytend	paytend	VERB
fbem-29136	197	2	and	and	CCONJ
fbem-29136	197	3	size	size	VERB
fbem-29136	197	4	large	large	ADJ
fbem-29136	197	5	-	-	PUNCT
fbem-29136	197	6	scale	scale	NOUN
fbem-29136	197	7	small	small	ADJ
fbem-29136	197	8	-	-	PUNCT
fbem-29136	197	9	scale	scale	NOUN
fbem-29136	197	10	(	(	PUNCT
fbem-29136	197	11	1	1	NUM
fbem-29136	197	12	)	)	PUNCT
fbem-29136	197	13	(	(	PUNCT
fbem-29136	197	14	2	2	NUM
fbem-29136	197	15	)	)	PUNCT
fbem-29136	197	16	(	(	PUNCT
fbem-29136	197	17	3	3	X
fbem-29136	197	18	)	)	PUNCT
fbem-29136	197	19	(	(	PUNCT
fbem-29136	197	20	4	4	X
fbem-29136	197	21	)	)	PUNCT
fbem-29136	197	22	paytend	paytend	NOUN
fbem-29136	197	23	paytend	paytend	PROPN
fbem-29136	197	24	paytend	paytend	PROPN
fbem-29136	197	25	paytend	paytend	PROPN
fbem-29136	197	26	peerpaytend	peerpaytend	VERB
fbem-29136	197	27	5.758	5.758	PRON
fbem-29136	197	28	*	*	NOUN
fbem-29136	197	29	*	*	PUNCT
fbem-29136	197	30	*	*	PUNCT
fbem-29136	197	31	5.682	5.682	NUM
fbem-29136	197	32	*	*	PUNCT
fbem-29136	197	33	*	*	PUNCT
fbem-29136	197	34	*	*	PUNCT
fbem-29136	198	1	5.21	5.21	NUM
fbem-29136	198	2	*	*	PUNCT
fbem-29136	198	3	*	*	PUNCT
fbem-29136	198	4	*	*	PUNCT
fbem-29136	199	1	5.359	5.359	NUM
fbem-29136	199	2	*	*	PUNCT
fbem-29136	199	3	*	*	PUNCT
fbem-29136	199	4	*	*	PUNCT
fbem-29136	199	5	(	(	PUNCT
fbem-29136	199	6	0.355	0.355	NUM
fbem-29136	199	7	)	)	PUNCT
fbem-29136	199	8	(	(	PUNCT
fbem-29136	199	9	0.443	0.443	NUM
fbem-29136	199	10	)	)	PUNCT
fbem-29136	199	11	(	(	PUNCT
fbem-29136	199	12	0.299	0.299	NUM
fbem-29136	199	13	)	)	PUNCT
fbem-29136	199	14	(	(	PUNCT
fbem-29136	199	15	0.381	0.381	NUM
fbem-29136	199	16	)	)	PUNCT
fbem-29136	199	17	peerroa	peerroa	NOUN
fbem-29136	199	18	16.065	16.065	NUM
fbem-29136	199	19	*	*	PUNCT
fbem-29136	199	20	*	*	PUNCT
fbem-29136	199	21	*	*	PUNCT
fbem-29136	200	1	19.459	19.459	NUM
fbem-29136	200	2	*	*	PUNCT
fbem-29136	200	3	*	*	PUNCT
fbem-29136	200	4	*	*	PUNCT
fbem-29136	200	5	(	(	PUNCT
fbem-29136	200	6	3.204	3.204	NUM
fbem-29136	200	7	)	)	PUNCT
fbem-29136	200	8	(	(	PUNCT
fbem-29136	200	9	2.651	2.651	NUM
fbem-29136	200	10	)	)	PUNCT
fbem-29136	200	11	peertdr	peertdr	NOUN
fbem-29136	200	12	-1.152	-1.152	NOUN
fbem-29136	200	13	*	*	PUNCT
fbem-29136	200	14	*	*	PUNCT
fbem-29136	201	1	-2.136	-2.136	PUNCT
fbem-29136	201	2	*	*	PUNCT
fbem-29136	201	3	*	*	PUNCT
fbem-29136	201	4	*	*	PUNCT
fbem-29136	201	5	(	(	PUNCT
fbem-29136	201	6	0.546	0.546	NUM
fbem-29136	201	7	)	)	PUNCT
fbem-29136	201	8	(	(	PUNCT
fbem-29136	201	9	0.503	0.503	NUM
fbem-29136	201	10	)	)	PUNCT
fbem-29136	201	11	peerdev	peerdev	NOUN
fbem-29136	201	12	0.093	0.093	NUM
fbem-29136	201	13	0.859	0.859	NUM
fbem-29136	201	14	(	(	PUNCT
fbem-29136	201	15	0.855	0.855	NUM
fbem-29136	201	16	)	)	PUNCT
fbem-29136	201	17	(	(	PUNCT
fbem-29136	201	18	0.58	0.58	NUM
fbem-29136	201	19	)	)	PUNCT
fbem-29136	201	20	peerbm	peerbm	NOUN
fbem-29136	201	21	-2.524	-2.524	PROPN
fbem-29136	201	22	*	*	PUNCT
fbem-29136	201	23	*	*	PUNCT
fbem-29136	201	24	*	*	PUNCT
fbem-29136	202	1	-2.053	-2.053	PUNCT
fbem-29136	202	2	*	*	PUNCT
fbem-29136	202	3	*	*	PUNCT
fbem-29136	202	4	*	*	PUNCT
fbem-29136	202	5	(	(	PUNCT
fbem-29136	202	6	0.763	0.763	NUM
fbem-29136	202	7	)	)	PUNCT
fbem-29136	202	8	(	(	PUNCT
fbem-29136	202	9	0.588	0.588	NUM
fbem-29136	202	10	)	)	PUNCT
fbem-29136	202	11	size	size	NOUN
fbem-29136	202	12	0.41	0.41	NUM
fbem-29136	202	13	*	*	PUNCT
fbem-29136	202	14	*	*	PUNCT
fbem-29136	202	15	*	*	PUNCT
fbem-29136	203	1	0.415	0.415	NUM
fbem-29136	203	2	*	*	PUNCT
fbem-29136	203	3	*	*	PUNCT
fbem-29136	203	4	*	*	PUNCT
fbem-29136	203	5	(	(	PUNCT
fbem-29136	203	6	0.052	0.052	NUM
fbem-29136	203	7	)	)	PUNCT
fbem-29136	203	8	(	(	PUNCT
fbem-29136	203	9	0.063	0.063	NUM
fbem-29136	203	10	)	)	PUNCT
fbem-29136	203	11	roa	roa	NOUN
fbem-29136	203	12	37.032	37.032	NUM
fbem-29136	203	13	*	*	PUNCT
fbem-29136	203	14	*	*	PUNCT
fbem-29136	203	15	*	*	PUNCT
fbem-29136	203	16	24.773	24.773	NUM
fbem-29136	203	17	*	*	PUNCT
fbem-29136	203	18	*	*	PUNCT
fbem-29136	203	19	*	*	PUNCT
fbem-29136	203	20	(	(	PUNCT
fbem-29136	203	21	1.945	1.945	NUM
fbem-29136	203	22	)	)	PUNCT
fbem-29136	203	23	(	(	PUNCT
fbem-29136	203	24	1.097	1.097	NUM
fbem-29136	203	25	)	)	PUNCT
fbem-29136	203	26	tdr	tdr	PROPN
fbem-29136	203	27	-0.914	-0.914	PROPN
fbem-29136	203	28	*	*	PUNCT
fbem-29136	203	29	*	*	PUNCT
fbem-29136	203	30	-1.379	-1.379	PROPN
fbem-29136	203	31	*	*	NOUN
fbem-29136	203	32	*	*	PUNCT
fbem-29136	203	33	*	*	PUNCT
fbem-29136	203	34	(	(	PUNCT
fbem-29136	203	35	0.504	0.504	NUM
fbem-29136	203	36	)	)	PUNCT
fbem-29136	203	37	(	(	PUNCT
fbem-29136	203	38	0.27	0.27	NUM
fbem-29136	203	39	)	)	PUNCT
fbem-29136	203	40	dev	dev	NOUN
fbem-29136	203	41	0.194	0.194	NUM
fbem-29136	203	42	0.869	0.869	NUM
fbem-29136	203	43	*	*	PUNCT
fbem-29136	203	44	*	*	PUNCT
fbem-29136	203	45	*	*	PUNCT
fbem-29136	203	46	(	(	PUNCT
fbem-29136	203	47	0.247	0.247	NUM
fbem-29136	203	48	)	)	PUNCT
fbem-29136	203	49	(	(	PUNCT
fbem-29136	203	50	0.188	0.188	NUM
fbem-29136	203	51	)	)	PUNCT
fbem-29136	203	52	bm	bm	PROPN
fbem-29136	203	53	1.299	1.299	NUM
fbem-29136	203	54	*	*	NOUN
fbem-29136	203	55	*	*	PUNCT
fbem-29136	203	56	2.792	2.792	NUM
fbem-29136	203	57	*	*	PUNCT
fbem-29136	203	58	*	*	PUNCT
fbem-29136	203	59	*	*	PUNCT
fbem-29136	203	60	(	(	PUNCT
fbem-29136	203	61	0.531	0.531	NUM
fbem-29136	203	62	)	)	PUNCT
fbem-29136	203	63	(	(	PUNCT
fbem-29136	203	64	0.324	0.324	NUM
fbem-29136	203	65	)	)	PUNCT
fbem-29136	203	66	constant	constant	ADJ
fbem-29136	203	67	2.769	2.769	NUM
fbem-29136	203	68	*	*	PUNCT
fbem-29136	203	69	*	*	PUNCT
fbem-29136	203	70	*	*	PUNCT
fbem-29136	204	1	11.316	11.316	NUM
fbem-29136	204	2	*	*	PUNCT
fbem-29136	204	3	*	*	PUNCT
fbem-29136	204	4	*	*	PUNCT
fbem-29136	204	5	2.941	2.941	NUM
fbem-29136	204	6	*	*	PUNCT
fbem-29136	204	7	*	*	PUNCT
fbem-29136	204	8	*	*	PUNCT
fbem-29136	204	9	11.047	11.047	NUM
fbem-29136	204	10	*	*	PUNCT
fbem-29136	204	11	*	*	PUNCT
fbem-29136	204	12	*	*	PUNCT
fbem-29136	204	13	(	(	PUNCT
fbem-29136	204	14	0.271	0.271	NUM
fbem-29136	204	15	)	)	PUNCT
fbem-29136	204	16	(	(	PUNCT
fbem-29136	204	17	1.22	1.22	NUM
fbem-29136	204	18	)	)	PUNCT
fbem-29136	204	19	(	(	PUNCT
fbem-29136	204	20	0.234	0.234	NUM
fbem-29136	204	21	)	)	PUNCT
fbem-29136	204	22	(	(	PUNCT
fbem-29136	204	23	1.379	1.379	NUM
fbem-29136	204	24	)	)	PUNCT
fbem-29136	204	25	r2	r2	PROPN
fbem-29136	204	26	0.077	0.077	NUM
fbem-29136	204	27	0.335	0.335	NUM
fbem-29136	204	28	0.063	0.063	NUM
fbem-29136	204	29	0.353	0.353	NUM
fbem-29136	204	30	n	n	PROPN
fbem-29136	204	31	6591	6591	NUM
fbem-29136	204	32	6591	6591	NUM
fbem-29136	204	33	6591	6591	NUM
fbem-29136	204	34	6591	6591	NUM
fbem-29136	204	35	year	year	NOUN
fbem-29136	205	1	yes	yes	INTJ
fbem-29136	205	2	yes	yes	INTJ
fbem-29136	206	1	yes	yes	INTJ
fbem-29136	206	2	yes	yes	INTJ
fbem-29136	206	3	industry	industry	NOUN
fbem-29136	207	1	yes	yes	INTJ
fbem-29136	208	1	yes	yes	INTJ
fbem-29136	209	1	yes	yes	INTJ
fbem-29136	209	2	yes	yes	INTJ
fbem-29136	209	3	standard	standard	ADJ
fbem-29136	209	4	errors	error	NOUN
fbem-29136	209	5	in	in	ADP
fbem-29136	209	6	parentheses	parenthesis	NOUN
fbem-29136	209	7	*	*	PUNCT
fbem-29136	209	8	*	*	PUNCT
fbem-29136	209	9	*	*	PUNCT
fbem-29136	209	10	p<0.01	p<0.01	PROPN
fbem-29136	209	11	,	,	PUNCT
fbem-29136	209	12	*	*	PUNCT
fbem-29136	209	13	*	*	PUNCT
fbem-29136	209	14	p<0.05	p<0.05	NOUN
fbem-29136	209	15	,	,	PUNCT
fbem-29136	209	16	*	*	SYM
fbem-29136	209	17	p<0.1	p<0.1	NUM
fbem-29136	209	18	in	in	ADP
fbem-29136	209	19	willingness	willingness	NOUN
fbem-29136	209	20	to	to	PART
fbem-29136	209	21	pay	pay	VERB
fbem-29136	209	22	,	,	PUNCT
fbem-29136	209	23	the	the	DET
fbem-29136	209	24	coefficient	coefficient	NOUN
fbem-29136	209	25	of	of	ADP
fbem-29136	209	26	the	the	DET
fbem-29136	209	27	main	main	ADJ
fbem-29136	209	28	explanatory	explanatory	ADJ
fbem-29136	209	29	variable	variable	ADJ
fbem-29136	209	30	peerpaytend	peerpaytend	NOUN
fbem-29136	209	31	is	be	AUX
fbem-29136	209	32	significant	significant	ADJ
fbem-29136	209	33	at	at	ADP
fbem-29136	209	34	the	the	DET
fbem-29136	209	35	1	1	NUM
fbem-29136	209	36	per	per	NOUN
fbem-29136	209	37	cent	cent	NOUN
fbem-29136	209	38	level	level	NOUN
fbem-29136	209	39	in	in	ADP
fbem-29136	209	40	both	both	CCONJ
fbem-29136	209	41	large	large	ADJ
fbem-29136	209	42	-	-	PUNCT
fbem-29136	209	43	scale	scale	NOUN
fbem-29136	209	44	and	and	CCONJ
fbem-29136	209	45	small	small	ADJ
fbem-29136	209	46	-	-	PUNCT
fbem-29136	209	47	scale	scale	NOUN
fbem-29136	209	48	companies	company	NOUN
fbem-29136	209	49	;	;	PUNCT
fbem-29136	209	50	in	in	ADP
fbem-29136	209	51	payment	payment	NOUN
fbem-29136	209	52	intensity	intensity	NOUN
fbem-29136	209	53	,	,	PUNCT
fbem-29136	209	54	the	the	DET
fbem-29136	209	55	coefficient	coefficient	NOUN
fbem-29136	209	56	of	of	ADP
fbem-29136	209	57	the	the	DET
fbem-29136	209	58	main	main	ADJ
fbem-29136	209	59	explanatory	explanatory	ADJ
fbem-29136	209	60	variable	variable	ADJ
fbem-29136	209	61	peerpayout	peerpayout	NOUN
fbem-29136	209	62	is	be	AUX
fbem-29136	209	63	significant	significant	ADJ
fbem-29136	209	64	at	at	ADP
fbem-29136	209	65	the	the	DET
fbem-29136	209	66	1	1	NUM
fbem-29136	209	67	per	per	NOUN
fbem-29136	209	68	cent	cent	NOUN
fbem-29136	209	69	level	level	NOUN
fbem-29136	209	70	in	in	ADP
fbem-29136	209	71	both	both	CCONJ
fbem-29136	209	72	large	large	ADJ
fbem-29136	209	73	-	-	PUNCT
fbem-29136	209	74	scale	scale	NOUN
fbem-29136	209	75	and	and	CCONJ
fbem-29136	209	76	small	small	ADJ
fbem-29136	209	77	-	-	PUNCT
fbem-29136	209	78	scale	scale	NOUN
fbem-29136	209	79	companies	company	NOUN
fbem-29136	209	80	.	.	PUNCT
fbem-29136	210	1	it	it	PRON
fbem-29136	210	2	indicates	indicate	VERB
fbem-29136	210	3	that	that	SCONJ
fbem-29136	210	4	regardless	regardless	ADV
fbem-29136	210	5	of	of	ADP
fbem-29136	210	6	size	size	NOUN
fbem-29136	210	7	,	,	PUNCT
fbem-29136	210	8	listed	list	VERB
fbem-29136	210	9	companies	company	NOUN
fbem-29136	210	10	show	show	VERB
fbem-29136	210	11	peer	peer	NOUN
fbem-29136	210	12	effect	effect	NOUN
fbem-29136	210	13	in	in	ADP
fbem-29136	210	14	willingness	willingness	NOUN
fbem-29136	210	15	to	to	PART
fbem-29136	210	16	pay	pay	VERB
fbem-29136	210	17	and	and	CCONJ
fbem-29136	210	18	payout	payout	NOUN
fbem-29136	210	19	.	.	PUNCT
fbem-29136	211	1	in	in	ADP
fbem-29136	211	2	terms	term	NOUN
fbem-29136	211	3	of	of	ADP
fbem-29136	211	4	the	the	DET
fbem-29136	211	5	coefficients	coefficient	NOUN
fbem-29136	211	6	,	,	PUNCT
fbem-29136	211	7	in	in	ADP
fbem-29136	211	8	terms	term	NOUN
fbem-29136	211	9	of	of	ADP
fbem-29136	211	10	willingness	willingness	NOUN
fbem-29136	211	11	to	to	PART
fbem-29136	211	12	pay	pay	VERB
fbem-29136	211	13	,	,	PUNCT
fbem-29136	211	14	the	the	DET
fbem-29136	211	15	coefficient	coefficient	NOUN
fbem-29136	211	16	of	of	ADP
fbem-29136	211	17	peerpaytend	peerpaytend	NOUN
fbem-29136	211	18	for	for	ADP
fbem-29136	211	19	small	small	ADJ
fbem-29136	211	20	-	-	PUNCT
fbem-29136	211	21	sized	sized	ADJ
fbem-29136	211	22	firms	firm	NOUN
fbem-29136	211	23	is	be	AUX
fbem-29136	211	24	overall	overall	ADV
fbem-29136	211	25	smaller	small	ADJ
fbem-29136	211	26	than	than	ADP
fbem-29136	211	27	the	the	DET
fbem-29136	211	28	coefficient	coefficient	NOUN
fbem-29136	211	29	of	of	ADP
fbem-29136	211	30	peerpaytend	peerpaytend	NOUN
fbem-29136	211	31	for	for	ADP
fbem-29136	211	32	large	large	ADJ
fbem-29136	211	33	-	-	PUNCT
fbem-29136	211	34	sized	sized	ADJ
fbem-29136	211	35	firms	firm	NOUN
fbem-29136	211	36	,	,	PUNCT
fbem-29136	211	37	whereas	whereas	SCONJ
fbem-29136	211	38	in	in	ADP
fbem-29136	211	39	terms	term	NOUN
fbem-29136	211	40	of	of	ADP
fbem-29136	211	41	payment	payment	NOUN
fbem-29136	211	42	intensity	intensity	NOUN
fbem-29136	211	43	,	,	PUNCT
fbem-29136	211	44	the	the	DET
fbem-29136	211	45	coefficient	coefficient	NOUN
fbem-29136	211	46	of	of	ADP
fbem-29136	211	47	peerpayout	peerpayout	NOUN
fbem-29136	211	48	,	,	PUNCT
fbem-29136	211	49	the	the	DET
fbem-29136	211	50	main	main	ADJ
fbem-29136	211	51	explanatory	explanatory	ADJ
fbem-29136	211	52	variable	variable	NOUN
fbem-29136	211	53	for	for	ADP
fbem-29136	211	54	small	small	ADJ
fbem-29136	211	55	-	-	PUNCT
fbem-29136	211	56	sized	sized	ADJ
fbem-29136	211	57	firms	firm	NOUN
fbem-29136	211	58	,	,	PUNCT
fbem-29136	211	59	is	be	AUX
fbem-29136	211	60	overall	overall	ADV
fbem-29136	211	61	larger	large	ADJ
fbem-29136	211	62	than	than	ADP
fbem-29136	211	63	the	the	DET
fbem-29136	211	64	coefficient	coefficient	NOUN
fbem-29136	211	65	of	of	ADP
fbem-29136	211	66	peerpayout	peerpayout	NOUN
fbem-29136	211	67	,	,	PUNCT
fbem-29136	211	68	the	the	DET
fbem-29136	211	69	main	main	ADJ
fbem-29136	211	70	explanatory	explanatory	ADJ
fbem-29136	211	71	variable	variable	NOUN
fbem-29136	211	72	for	for	ADP
fbem-29136	211	73	large	large	ADJ
fbem-29136	211	74	-	-	PUNCT
fbem-29136	211	75	sized	sized	ADJ
fbem-29136	211	76	firms	firm	NOUN
fbem-29136	211	77	,	,	PUNCT
fbem-29136	211	78	suggesting	suggest	VERB
fbem-29136	211	79	that	that	SCONJ
fbem-29136	211	80	smaller	small	ADJ
fbem-29136	211	81	-	-	PUNCT
fbem-29136	211	82	sized	sized	ADJ
fbem-29136	211	83	firms	firm	NOUN
fbem-29136	211	84	are	be	AUX
fbem-29136	211	85	may	may	AUX
fbem-29136	211	86	be	be	AUX
fbem-29136	211	87	less	less	ADV
fbem-29136	211	88	influenced	influence	VERB
fbem-29136	211	89	by	by	ADP
fbem-29136	211	90	peer	peer	NOUN
fbem-29136	211	91	firms	firm	NOUN
fbem-29136	211	92	,	,	PUNCT
fbem-29136	211	93	while	while	SCONJ
fbem-29136	211	94	dividend	dividend	NOUN
fbem-29136	211	95	payment	payment	NOUN
fbem-29136	211	96	intensity	intensity	NOUN
fbem-29136	211	97	is	be	AUX
fbem-29136	211	98	more	more	ADV
fbem-29136	211	99	influenced	influence	VERB
fbem-29136	211	100	by	by	ADP
fbem-29136	211	101	peer	peer	NOUN
fbem-29136	211	102	firms	firm	NOUN
fbem-29136	211	103	after	after	SCONJ
fbem-29136	211	104	the	the	DET
fbem-29136	211	105	decision	decision	NOUN
fbem-29136	211	106	to	to	PART
fbem-29136	211	107	pay	pay	VERB
fbem-29136	211	108	dividends	dividend	NOUN
fbem-29136	211	109	is	be	AUX
fbem-29136	211	110	made	make	VERB
fbem-29136	211	111	.	.	PUNCT
fbem-29136	212	1	taken	take	VERB
fbem-29136	212	2	together	together	ADV
fbem-29136	212	3	,	,	PUNCT
fbem-29136	212	4	both	both	DET
fbem-29136	212	5	largescale	largescale	NOUN
fbem-29136	212	6	firms	firm	NOUN
fbem-29136	212	7	and	and	CCONJ
fbem-29136	212	8	small	small	ADJ
fbem-29136	212	9	-	-	PUNCT
fbem-29136	212	10	scale	scale	NOUN
fbem-29136	212	11	firms	firm	NOUN
fbem-29136	212	12	exhibit	exhibit	VERB
fbem-29136	212	13	peer	peer	NOUN
fbem-29136	212	14	effects	effect	NOUN
fbem-29136	212	15	,	,	PUNCT
fbem-29136	212	16	and	and	CCONJ
fbem-29136	212	17	therefore	therefore	ADV
fbem-29136	212	18	they	they	PRON
fbem-29136	212	19	interact	interact	VERB
fbem-29136	212	20	with	with	ADP
fbem-29136	212	21	each	each	DET
fbem-29136	212	22	other	other	ADJ
fbem-29136	212	23	in	in	ADP
fbem-29136	212	24	the	the	DET
fbem-29136	212	25	design	design	NOUN
fbem-29136	212	26	of	of	ADP
fbem-29136	212	27	dividend	dividend	NOUN
fbem-29136	212	28	payment	payment	NOUN
fbem-29136	212	29	policies	policy	NOUN
fbem-29136	212	30	,	,	PUNCT
fbem-29136	212	31	and	and	CCONJ
fbem-29136	212	32	hypothesis	hypothesis	NOUN
fbem-29136	212	33	2	2	NUM
fbem-29136	212	34	is	be	AUX
fbem-29136	212	35	tested	test	VERB
fbem-29136	212	36	.	.	PUNCT
fbem-29136	213	1	49	49	NUM
fbem-29136	213	2	table	table	NOUN
fbem-29136	213	3	12	12	NUM
fbem-29136	213	4	.	.	PUNCT
fbem-29136	214	1	payout	payout	NOUN
fbem-29136	214	2	and	and	CCONJ
fbem-29136	214	3	size	size	VERB
fbem-29136	214	4	large	large	ADJ
fbem-29136	214	5	-	-	PUNCT
fbem-29136	214	6	scale	scale	NOUN
fbem-29136	214	7	small	small	ADJ
fbem-29136	214	8	-	-	PUNCT
fbem-29136	214	9	scale	scale	NOUN
fbem-29136	214	10	(	(	PUNCT
fbem-29136	214	11	1	1	NUM
fbem-29136	214	12	)	)	PUNCT
fbem-29136	214	13	(	(	PUNCT
fbem-29136	214	14	2	2	NUM
fbem-29136	214	15	)	)	PUNCT
fbem-29136	214	16	(	(	PUNCT
fbem-29136	214	17	3	3	X
fbem-29136	214	18	)	)	PUNCT
fbem-29136	214	19	(	(	PUNCT
fbem-29136	214	20	4	4	X
fbem-29136	214	21	)	)	PUNCT
fbem-29136	214	22	payout	payout	NOUN
fbem-29136	214	23	payout	payout	NOUN
fbem-29136	214	24	paytend	paytend	NOUN
fbem-29136	214	25	paytend	paytend	VERB
fbem-29136	214	26	peerpayout	peerpayout	ADV
fbem-29136	214	27	0.556	0.556	NUM
fbem-29136	214	28	*	*	PUNCT
fbem-29136	214	29	*	*	PUNCT
fbem-29136	214	30	*	*	PUNCT
fbem-29136	214	31	0.544	0.544	NUM
fbem-29136	214	32	*	*	PUNCT
fbem-29136	214	33	*	*	PUNCT
fbem-29136	214	34	*	*	PUNCT
fbem-29136	214	35	5.21	5.21	NUM
fbem-29136	214	36	*	*	PUNCT
fbem-29136	214	37	*	*	PUNCT
fbem-29136	214	38	*	*	PUNCT
fbem-29136	215	1	5.359	5.359	NUM
fbem-29136	215	2	*	*	PUNCT
fbem-29136	215	3	*	*	PUNCT
fbem-29136	215	4	*	*	PUNCT
fbem-29136	215	5	(	(	PUNCT
fbem-29136	215	6	0.041	0.041	NUM
fbem-29136	215	7	)	)	PUNCT
fbem-29136	215	8	(	(	PUNCT
fbem-29136	215	9	0.044	0.044	NUM
fbem-29136	215	10	)	)	PUNCT
fbem-29136	215	11	(	(	PUNCT
fbem-29136	215	12	0.299	0.299	NUM
fbem-29136	215	13	)	)	PUNCT
fbem-29136	215	14	(	(	PUNCT
fbem-29136	215	15	0.381	0.381	NUM
fbem-29136	215	16	)	)	PUNCT
fbem-29136	215	17	peerroa	peerroa	NOUN
fbem-29136	215	18	0.29	0.29	NUM
fbem-29136	215	19	19.459	19.459	NUM
fbem-29136	215	20	*	*	PUNCT
fbem-29136	215	21	*	*	PUNCT
fbem-29136	215	22	*	*	PUNCT
fbem-29136	215	23	(	(	PUNCT
fbem-29136	215	24	0.279	0.279	NUM
fbem-29136	215	25	)	)	PUNCT
fbem-29136	215	26	(	(	PUNCT
fbem-29136	215	27	2.651	2.651	NUM
fbem-29136	215	28	)	)	PUNCT
fbem-29136	215	29	peertdr	peertdr	NOUN
fbem-29136	215	30	0.186	0.186	NUM
fbem-29136	215	31	*	*	PUNCT
fbem-29136	215	32	*	*	PUNCT
fbem-29136	215	33	*	*	PUNCT
fbem-29136	216	1	-2.136	-2.136	PUNCT
fbem-29136	216	2	*	*	PUNCT
fbem-29136	216	3	*	*	PUNCT
fbem-29136	216	4	*	*	PUNCT
fbem-29136	216	5	(	(	PUNCT
fbem-29136	216	6	0.05	0.05	NUM
fbem-29136	216	7	)	)	PUNCT
fbem-29136	216	8	(	(	PUNCT
fbem-29136	216	9	0.503	0.503	NUM
fbem-29136	216	10	)	)	PUNCT
fbem-29136	216	11	peerdev	peerdev	NOUN
fbem-29136	216	12	0.001	0.001	NUM
fbem-29136	216	13	0.859	0.859	NUM
fbem-29136	216	14	(	(	PUNCT
fbem-29136	216	15	0.073	0.073	NUM
fbem-29136	216	16	)	)	PUNCT
fbem-29136	216	17	(	(	PUNCT
fbem-29136	216	18	0.58	0.58	NUM
fbem-29136	216	19	)	)	PUNCT
fbem-29136	216	20	peerbm	peerbm	NOUN
fbem-29136	216	21	-0.058	-0.058	NOUN
fbem-29136	216	22	-2.053	-2.053	PUNCT
fbem-29136	216	23	*	*	PUNCT
fbem-29136	216	24	*	*	PUNCT
fbem-29136	216	25	*	*	PUNCT
fbem-29136	216	26	(	(	PUNCT
fbem-29136	216	27	0.065	0.065	NUM
fbem-29136	216	28	)	)	PUNCT
fbem-29136	216	29	(	(	PUNCT
fbem-29136	216	30	0.588	0.588	NUM
fbem-29136	216	31	)	)	PUNCT
fbem-29136	216	32	size	size	NOUN
fbem-29136	216	33	0.018	0.018	NUM
fbem-29136	216	34	*	*	PUNCT
fbem-29136	216	35	*	*	PUNCT
fbem-29136	216	36	*	*	PUNCT
fbem-29136	217	1	0.415	0.415	NUM
fbem-29136	217	2	*	*	PUNCT
fbem-29136	217	3	*	*	PUNCT
fbem-29136	217	4	*	*	PUNCT
fbem-29136	217	5	(	(	PUNCT
fbem-29136	217	6	0.004	0.004	NUM
fbem-29136	217	7	)	)	PUNCT
fbem-29136	217	8	(	(	PUNCT
fbem-29136	217	9	0.063	0.063	NUM
fbem-29136	217	10	)	)	PUNCT
fbem-29136	217	11	roa	roa	NOUN
fbem-29136	217	12	0.172	0.172	NUM
fbem-29136	217	13	24.773	24.773	NUM
fbem-29136	217	14	*	*	PUNCT
fbem-29136	218	1	*	*	PUNCT
fbem-29136	218	2	*	*	PUNCT
fbem-29136	218	3	(	(	PUNCT
fbem-29136	218	4	0.118	0.118	NUM
fbem-29136	218	5	)	)	PUNCT
fbem-29136	218	6	(	(	PUNCT
fbem-29136	218	7	1.097	1.097	NUM
fbem-29136	218	8	)	)	PUNCT
fbem-29136	218	9	tdr	tdr	PROPN
fbem-29136	218	10	0.331	0.331	NUM
fbem-29136	218	11	*	*	PUNCT
fbem-29136	218	12	*	*	PUNCT
fbem-29136	218	13	*	*	PUNCT
fbem-29136	218	14	-1.379	-1.379	PROPN
fbem-29136	218	15	*	*	NOUN
fbem-29136	218	16	*	*	PUNCT
fbem-29136	218	17	*	*	PUNCT
fbem-29136	218	18	(	(	PUNCT
fbem-29136	218	19	0.042	0.042	NUM
fbem-29136	218	20	)	)	PUNCT
fbem-29136	218	21	(	(	PUNCT
fbem-29136	218	22	0.27	0.27	NUM
fbem-29136	218	23	)	)	PUNCT
fbem-29136	218	24	dev	dev	NOUN
fbem-29136	218	25	0.105	0.105	NUM
fbem-29136	218	26	*	*	PUNCT
fbem-29136	218	27	*	*	PUNCT
fbem-29136	218	28	*	*	PUNCT
fbem-29136	218	29	0.869	0.869	NUM
fbem-29136	218	30	*	*	PUNCT
fbem-29136	218	31	*	*	PUNCT
fbem-29136	218	32	*	*	PUNCT
fbem-29136	218	33	peerroa	peerroa	NOUN
fbem-29136	218	34	(	(	PUNCT
fbem-29136	218	35	0.022	0.022	NUM
fbem-29136	218	36	)	)	PUNCT
fbem-29136	218	37	(	(	PUNCT
fbem-29136	218	38	0.188	0.188	NUM
fbem-29136	218	39	)	)	PUNCT
fbem-29136	218	40	bm	bm	PROPN
fbem-29136	218	41	-0.053	-0.053	NUM
fbem-29136	218	42	2.792	2.792	NUM
fbem-29136	218	43	*	*	PUNCT
fbem-29136	218	44	*	*	PUNCT
fbem-29136	219	1	*	*	PUNCT
fbem-29136	220	1	(	(	PUNCT
fbem-29136	220	2	0.039	0.039	NUM
fbem-29136	220	3	)	)	PUNCT
fbem-29136	220	4	(	(	PUNCT
fbem-29136	220	5	0.324	0.324	NUM
fbem-29136	220	6	)	)	PUNCT
fbem-29136	220	7	constant	constant	ADJ
fbem-29136	220	8	0.117	0.117	NUM
fbem-29136	220	9	*	*	PUNCT
fbem-29136	220	10	*	*	PUNCT
fbem-29136	220	11	*	*	PUNCT
fbem-29136	220	12	-0.191	-0.191	NOUN
fbem-29136	220	13	*	*	PUNCT
fbem-29136	220	14	*	*	PUNCT
fbem-29136	221	1	2.941	2.941	NUM
fbem-29136	221	2	*	*	PUNCT
fbem-29136	221	3	*	*	PUNCT
fbem-29136	221	4	*	*	PUNCT
fbem-29136	221	5	11.047	11.047	NUM
fbem-29136	221	6	*	*	PUNCT
fbem-29136	221	7	*	*	PUNCT
fbem-29136	221	8	*	*	PUNCT
fbem-29136	221	9	(	(	PUNCT
fbem-29136	221	10	0.013	0.013	NUM
fbem-29136	221	11	)	)	PUNCT
fbem-29136	221	12	(	(	PUNCT
fbem-29136	221	13	0.1	0.1	NUM
fbem-29136	221	14	)	)	PUNCT
fbem-29136	221	15	(	(	PUNCT
fbem-29136	221	16	0.234	0.234	NUM
fbem-29136	221	17	)	)	PUNCT
fbem-29136	221	18	(	(	PUNCT
fbem-29136	221	19	1.379	1.379	NUM
fbem-29136	221	20	)	)	PUNCT
fbem-29136	221	21	r2	r2	NOUN
fbem-29136	221	22	0.03	0.03	NUM
fbem-29136	221	23	0.059	0.059	NUM
fbem-29136	221	24	0.063	0.063	NUM
fbem-29136	221	25	0.353	0.353	NUM
fbem-29136	221	26	n	n	PROPN
fbem-29136	221	27	6591	6591	NUM
fbem-29136	221	28	6591	6591	NUM
fbem-29136	221	29	6591	6591	NUM
fbem-29136	221	30	6591	6591	NUM
fbem-29136	221	31	year	year	NOUN
fbem-29136	222	1	yes	yes	INTJ
fbem-29136	222	2	yes	yes	INTJ
fbem-29136	223	1	yes	yes	INTJ
fbem-29136	223	2	yes	yes	INTJ
fbem-29136	223	3	industry	industry	NOUN
fbem-29136	224	1	yes	yes	INTJ
fbem-29136	225	1	yes	yes	INTJ
fbem-29136	226	1	yes	yes	INTJ
fbem-29136	226	2	yes	yes	INTJ
fbem-29136	226	3	standard	standard	ADJ
fbem-29136	226	4	errors	error	NOUN
fbem-29136	226	5	in	in	ADP
fbem-29136	226	6	parentheses	parenthesis	NOUN
fbem-29136	226	7	*	*	PUNCT
fbem-29136	226	8	*	*	PUNCT
fbem-29136	226	9	*	*	PUNCT
fbem-29136	226	10	p<0.01	p<0.01	PROPN
fbem-29136	226	11	,	,	PUNCT
fbem-29136	226	12	*	*	PUNCT
fbem-29136	226	13	*	*	PUNCT
fbem-29136	226	14	p<0.05	p<0.05	NOUN
fbem-29136	226	15	,	,	PUNCT
fbem-29136	226	16	*	*	PUNCT
fbem-29136	226	17	p<0.1	p<0.1	NUM
fbem-29136	226	18	5.7	5.7	NUM
fbem-29136	226	19	.	.	PUNCT
fbem-29136	227	1	mechanism	mechanism	NOUN
fbem-29136	227	2	analysis	analysis	NOUN
fbem-29136	227	3	the	the	DET
fbem-29136	227	4	herfindahl	herfindahl	NOUN
fbem-29136	227	5	-	-	PUNCT
fbem-29136	227	6	hirschman	hirschman	NOUN
fbem-29136	227	7	index	index	NOUN
fbem-29136	227	8	(	(	PUNCT
fbem-29136	227	9	hhi	hhi	NOUN
fbem-29136	227	10	)	)	PUNCT
fbem-29136	227	11	is	be	AUX
fbem-29136	227	12	introduced	introduce	VERB
fbem-29136	227	13	to	to	PART
fbem-29136	227	14	explore	explore	VERB
fbem-29136	227	15	the	the	DET
fbem-29136	227	16	relationship	relationship	NOUN
fbem-29136	227	17	between	between	ADP
fbem-29136	227	18	the	the	DET
fbem-29136	227	19	degree	degree	NOUN
fbem-29136	227	20	of	of	ADP
fbem-29136	227	21	industry	industry	NOUN
fbem-29136	227	22	competition	competition	NOUN
fbem-29136	227	23	and	and	CCONJ
fbem-29136	227	24	the	the	DET
fbem-29136	227	25	strength	strength	NOUN
fbem-29136	227	26	of	of	ADP
fbem-29136	227	27	the	the	DET
fbem-29136	227	28	peer	peer	NOUN
fbem-29136	227	29	effect	effect	NOUN
fbem-29136	227	30	,	,	PUNCT
fbem-29136	227	31	and	and	CCONJ
fbem-29136	227	32	the	the	DET
fbem-29136	227	33	interaction	interaction	NOUN
fbem-29136	227	34	terms	term	VERB
fbem-29136	227	35	peerpaytend*hhhi	peerpaytend*hhhi	NOUN
fbem-29136	227	36	and	and	CCONJ
fbem-29136	227	37	peerpayout*hhi	peerpayout*hhi	NOUN
fbem-29136	227	38	are	be	AUX
fbem-29136	227	39	added	add	VERB
fbem-29136	227	40	as	as	ADP
fbem-29136	227	41	new	new	ADJ
fbem-29136	227	42	explanatory	explanatory	ADJ
fbem-29136	227	43	variables	variable	NOUN
fbem-29136	227	44	to	to	ADP
fbem-29136	227	45	the	the	DET
fbem-29136	227	46	corresponding	correspond	VERB
fbem-29136	227	47	models	model	NOUN
fbem-29136	227	48	for	for	ADP
fbem-29136	227	49	the	the	DET
fbem-29136	227	50	regression	regression	NOUN
fbem-29136	227	51	of	of	ADP
fbem-29136	227	52	willingness	willingness	NOUN
fbem-29136	227	53	to	to	PART
fbem-29136	227	54	pay	pay	VERB
fbem-29136	227	55	and	and	CCONJ
fbem-29136	227	56	strength	strength	NOUN
fbem-29136	227	57	of	of	ADP
fbem-29136	227	58	payment	payment	NOUN
fbem-29136	227	59	,	,	PUNCT
fbem-29136	227	60	and	and	CCONJ
fbem-29136	227	61	the	the	DET
fbem-29136	227	62	results	result	NOUN
fbem-29136	227	63	are	be	AUX
fbem-29136	227	64	shown	show	VERB
fbem-29136	227	65	in	in	ADP
fbem-29136	227	66	table	table	NOUN
fbem-29136	227	67	13	13	NUM
fbem-29136	227	68	.	.	PUNCT
fbem-29136	228	1	from	from	ADP
fbem-29136	228	2	the	the	DET
fbem-29136	228	3	regression	regression	NOUN
fbem-29136	228	4	results	result	NOUN
fbem-29136	228	5	,	,	PUNCT
fbem-29136	228	6	in	in	ADP
fbem-29136	228	7	terms	term	NOUN
fbem-29136	228	8	of	of	ADP
fbem-29136	228	9	willingness	willingness	NOUN
fbem-29136	228	10	to	to	PART
fbem-29136	228	11	pay	pay	VERB
fbem-29136	228	12	,	,	PUNCT
fbem-29136	228	13	peerpay	peerpay	NOUN
fbem-29136	228	14	-	-	PUNCT
fbem-29136	228	15	tend	tend	NOUN
fbem-29136	228	16	,	,	PUNCT
fbem-29136	228	17	hhi	hhi	NOUN
fbem-29136	228	18	and	and	CCONJ
fbem-29136	228	19	peerpaytend*hhi	peerpaytend*hhi	NOUN
fbem-29136	228	20	are	be	AUX
fbem-29136	228	21	all	all	ADV
fbem-29136	228	22	significant	significant	ADJ
fbem-29136	228	23	at	at	ADP
fbem-29136	228	24	least	least	ADJ
fbem-29136	228	25	at	at	ADP
fbem-29136	228	26	the	the	DET
fbem-29136	228	27	1	1	NUM
fbem-29136	228	28	%	%	NOUN
fbem-29136	228	29	level	level	NOUN
fbem-29136	228	30	,	,	PUNCT
fbem-29136	228	31	indicating	indicate	VERB
fbem-29136	228	32	that	that	SCONJ
fbem-29136	228	33	the	the	DET
fbem-29136	228	34	degree	degree	NOUN
fbem-29136	228	35	of	of	ADP
fbem-29136	228	36	industry	industry	NOUN
fbem-29136	228	37	competition	competition	NOUN
fbem-29136	228	38	affects	affect	VERB
fbem-29136	228	39	the	the	DET
fbem-29136	228	40	strength	strength	NOUN
fbem-29136	228	41	of	of	ADP
fbem-29136	228	42	the	the	DET
fbem-29136	228	43	peer	peer	NOUN
fbem-29136	228	44	effect	effect	NOUN
fbem-29136	228	45	on	on	ADP
fbem-29136	228	46	the	the	DET
fbem-29136	228	47	company	company	NOUN
fbem-29136	228	48	's	's	PART
fbem-29136	228	49	willingness	willingness	NOUN
fbem-29136	228	50	to	to	PART
fbem-29136	228	51	distribute	distribute	VERB
fbem-29136	228	52	dividends	dividend	NOUN
fbem-29136	228	53	;	;	PUNCT
fbem-29136	228	54	in	in	ADP
fbem-29136	228	55	terms	term	NOUN
fbem-29136	228	56	of	of	ADP
fbem-29136	228	57	the	the	DET
fbem-29136	228	58	strength	strength	NOUN
fbem-29136	228	59	of	of	ADP
fbem-29136	228	60	the	the	DET
fbem-29136	228	61	payment	payment	NOUN
fbem-29136	228	62	,	,	PUNCT
fbem-29136	228	63	peerpayou	peerpayou	NOUN
fbem-29136	228	64	,	,	PUNCT
fbem-29136	228	65	hhi	hhi	NOUN
fbem-29136	228	66	and	and	CCONJ
fbem-29136	228	67	peerpayout*hhi	peerpayout*hhi	NOUN
fbem-29136	228	68	are	be	AUX
fbem-29136	228	69	all	all	ADV
fbem-29136	228	70	significant	significant	ADJ
fbem-29136	228	71	at	at	ADP
fbem-29136	228	72	least	least	ADJ
fbem-29136	228	73	at	at	ADP
fbem-29136	228	74	the	the	DET
fbem-29136	228	75	1	1	NUM
fbem-29136	228	76	%	%	NOUN
fbem-29136	228	77	level	level	NOUN
fbem-29136	228	78	.	.	PUNCT
fbem-29136	229	1	significant	significant	ADJ
fbem-29136	229	2	at	at	ADP
fbem-29136	229	3	the	the	DET
fbem-29136	229	4	1	1	NUM
fbem-29136	229	5	%	%	NOUN
fbem-29136	229	6	level	level	NOUN
fbem-29136	229	7	,	,	PUNCT
fbem-29136	229	8	indicating	indicate	VERB
fbem-29136	229	9	that	that	SCONJ
fbem-29136	229	10	the	the	DET
fbem-29136	229	11	degree	degree	NOUN
fbem-29136	229	12	of	of	ADP
fbem-29136	229	13	industry	industry	NOUN
fbem-29136	229	14	competition	competition	NOUN
fbem-29136	229	15	affects	affect	VERB
fbem-29136	229	16	the	the	DET
fbem-29136	229	17	strength	strength	NOUN
fbem-29136	229	18	of	of	ADP
fbem-29136	229	19	the	the	DET
fbem-29136	229	20	peer	peer	NOUN
fbem-29136	229	21	effect	effect	NOUN
fbem-29136	229	22	on	on	ADP
fbem-29136	229	23	the	the	DET
fbem-29136	229	24	firm	firm	NOUN
fbem-29136	229	25	's	's	PART
fbem-29136	229	26	dividend	dividend	NOUN
fbem-29136	229	27	distribution	distribution	NOUN
fbem-29136	229	28	effort	effort	NOUN
fbem-29136	229	29	.	.	PUNCT
fbem-29136	230	1	the	the	DET
fbem-29136	230	2	coefficients	coefficient	NOUN
fbem-29136	230	3	of	of	ADP
fbem-29136	230	4	the	the	DET
fbem-29136	230	5	variable	variable	ADJ
fbem-29136	230	6	hhi	hhi	NOUN
fbem-29136	230	7	are	be	AUX
fbem-29136	230	8	all	all	ADV
fbem-29136	230	9	negative	negative	ADJ
fbem-29136	230	10	,	,	PUNCT
fbem-29136	230	11	proving	prove	VERB
fbem-29136	230	12	the	the	DET
fbem-29136	230	13	positive	positive	ADJ
fbem-29136	230	14	correlation	correlation	NOUN
fbem-29136	230	15	between	between	ADP
fbem-29136	230	16	the	the	DET
fbem-29136	230	17	degree	degree	NOUN
fbem-29136	230	18	of	of	ADP
fbem-29136	230	19	industry	industry	NOUN
fbem-29136	230	20	competition	competition	NOUN
fbem-29136	230	21	and	and	CCONJ
fbem-29136	230	22	the	the	DET
fbem-29136	230	23	peer	peer	NOUN
fbem-29136	230	24	effect	effect	NOUN
fbem-29136	230	25	,	,	PUNCT
fbem-29136	230	26	and	and	CCONJ
fbem-29136	230	27	that	that	SCONJ
fbem-29136	230	28	firms	firm	NOUN
fbem-29136	230	29	in	in	ADP
fbem-29136	230	30	highly	highly	ADV
fbem-29136	230	31	competitive	competitive	ADJ
fbem-29136	230	32	industries	industry	NOUN
fbem-29136	230	33	tend	tend	VERB
fbem-29136	230	34	to	to	PART
fbem-29136	230	35	show	show	VERB
fbem-29136	230	36	stronger	strong	ADJ
fbem-29136	230	37	peer	peer	NOUN
fbem-29136	230	38	effects	effect	NOUN
fbem-29136	230	39	,	,	PUNCT
fbem-29136	230	40	and	and	CCONJ
fbem-29136	230	41	hypothesis	hypothesis	NOUN
fbem-29136	230	42	3	3	NUM
fbem-29136	230	43	is	be	AUX
fbem-29136	230	44	verified	verify	VERB
fbem-29136	230	45	.	.	PUNCT
fbem-29136	231	1	table	table	NOUN
fbem-29136	231	2	13	13	NUM
fbem-29136	231	3	.	.	PUNCT
fbem-29136	232	1	hhi	hhi	NOUN
fbem-29136	232	2	and	and	CCONJ
fbem-29136	232	3	peer	peer	NOUN
fbem-29136	232	4	effect	effect	NOUN
fbem-29136	232	5	(	(	PUNCT
fbem-29136	232	6	1	1	NUM
fbem-29136	232	7	)	)	PUNCT
fbem-29136	232	8	(	(	PUNCT
fbem-29136	232	9	2	2	NUM
fbem-29136	232	10	)	)	PUNCT
fbem-29136	232	11	(	(	PUNCT
fbem-29136	232	12	3	3	X
fbem-29136	232	13	)	)	PUNCT
fbem-29136	232	14	(	(	PUNCT
fbem-29136	232	15	4	4	X
fbem-29136	232	16	)	)	PUNCT
fbem-29136	232	17	paytend	paytend	NOUN
fbem-29136	232	18	paytend	paytend	PROPN
fbem-29136	232	19	payout	payout	PROPN
fbem-29136	232	20	payout	payout	NOUN
fbem-29136	232	21	peerpaytend	peerpaytend	VERB
fbem-29136	232	22	3.684	3.684	NUM
fbem-29136	232	23	*	*	PUNCT
fbem-29136	232	24	*	*	PUNCT
fbem-29136	232	25	*	*	PUNCT
fbem-29136	232	26	2.743	2.743	NUM
fbem-29136	232	27	*	*	PUNCT
fbem-29136	232	28	*	*	PUNCT
fbem-29136	232	29	*	*	PUNCT
fbem-29136	232	30	(	(	PUNCT
fbem-29136	232	31	0.54	0.54	NUM
fbem-29136	232	32	)	)	PUNCT
fbem-29136	232	33	(	(	PUNCT
fbem-29136	232	34	0.656	0.656	NUM
fbem-29136	232	35	)	)	PUNCT
fbem-29136	232	36	peerpayout	peerpayout	NOUN
fbem-29136	232	37	0.417	0.417	NUM
fbem-29136	232	38	*	*	PUNCT
fbem-29136	232	39	*	*	PUNCT
fbem-29136	232	40	*	*	PUNCT
fbem-29136	232	41	0.375	0.375	NUM
fbem-29136	232	42	*	*	PUNCT
fbem-29136	232	43	*	*	PUNCT
fbem-29136	232	44	*	*	PUNCT
fbem-29136	232	45	(	(	PUNCT
fbem-29136	232	46	0.078	0.078	NUM
fbem-29136	232	47	)	)	PUNCT
fbem-29136	232	48	(	(	PUNCT
fbem-29136	232	49	0.077	0.077	NUM
fbem-29136	232	50	)	)	PUNCT
fbem-29136	232	51	hhi	hhi	NOUN
fbem-29136	232	52	18.823	18.823	NUM
fbem-29136	232	53	*	*	PUNCT
fbem-29136	232	54	*	*	PUNCT
fbem-29136	232	55	*	*	PUNCT
fbem-29136	233	1	31.647	31.647	NUM
fbem-29136	233	2	*	*	PUNCT
fbem-29136	233	3	*	*	PUNCT
fbem-29136	233	4	*	*	PUNCT
fbem-29136	233	5	1.188	1.188	NUM
fbem-29136	233	6	*	*	PUNCT
fbem-29136	233	7	*	*	PUNCT
fbem-29136	233	8	*	*	PUNCT
fbem-29136	233	9	-1.01	-1.01	PUNCT
fbem-29136	233	10	*	*	PUNCT
fbem-29136	233	11	*	*	PUNCT
fbem-29136	233	12	*	*	PUNCT
fbem-29136	233	13	(	(	PUNCT
fbem-29136	233	14	5.445	5.445	NUM
fbem-29136	233	15	)	)	PUNCT
fbem-29136	233	16	(	(	PUNCT
fbem-29136	233	17	6.459	6.459	NUM
fbem-29136	233	18	)	)	PUNCT
fbem-29136	233	19	(	(	PUNCT
fbem-29136	233	20	0.335	0.335	NUM
fbem-29136	233	21	)	)	PUNCT
fbem-29136	233	22	(	(	PUNCT
fbem-29136	233	23	0.339	0.339	NUM
fbem-29136	233	24	)	)	PUNCT
fbem-29136	233	25	ppt*hhi	ppt*hhi	NOUN
fbem-29136	233	26	21.681	21.681	NUM
fbem-29136	233	27	*	*	PUNCT
fbem-29136	233	28	*	*	PUNCT
fbem-29136	233	29	*	*	PUNCT
fbem-29136	234	1	40.287	40.287	NUM
fbem-29136	234	2	*	*	PUNCT
fbem-29136	234	3	*	*	PUNCT
fbem-29136	234	4	*	*	PUNCT
fbem-29136	234	5	(	(	PUNCT
fbem-29136	234	6	6.97	6.97	NUM
fbem-29136	234	7	)	)	PUNCT
fbem-29136	234	8	(	(	PUNCT
fbem-29136	234	9	8.28	8.28	NUM
fbem-29136	234	10	)	)	PUNCT
fbem-29136	234	11	ppo*hhi	ppo*hhi	NOUN
fbem-29136	234	12	3.497	3.497	NUM
fbem-29136	234	13	*	*	PUNCT
fbem-29136	234	14	*	*	PUNCT
fbem-29136	234	15	*	*	PUNCT
fbem-29136	235	1	3.329	3.329	NUM
fbem-29136	235	2	*	*	PUNCT
fbem-29136	235	3	*	*	PUNCT
fbem-29136	235	4	*	*	PUNCT
fbem-29136	235	5	(	(	PUNCT
fbem-29136	235	6	0.941	0.941	NUM
fbem-29136	235	7	)	)	PUNCT
fbem-29136	235	8	(	(	PUNCT
fbem-29136	235	9	0.933	0.933	NUM
fbem-29136	235	10	)	)	PUNCT
fbem-29136	235	11	peerroa	peerroa	NOUN
fbem-29136	235	12	-21.06	-21.06	NOUN
fbem-29136	235	13	*	*	PUNCT
fbem-29136	235	14	*	*	PUNCT
fbem-29136	235	15	*	*	X
fbem-29136	235	16	0.016	0.016	NUM
fbem-29136	235	17	(	(	PUNCT
fbem-29136	235	18	2.683	2.683	NUM
fbem-29136	235	19	)	)	PUNCT
fbem-29136	235	20	(	(	PUNCT
fbem-29136	235	21	0.304	0.304	NUM
fbem-29136	235	22	)	)	PUNCT
fbem-29136	235	23	peertdr	peertdr	NOUN
fbem-29136	235	24	-2.18	-2.18	NUM
fbem-29136	235	25	*	*	PUNCT
fbem-29136	235	26	*	*	PUNCT
fbem-29136	235	27	*	*	X
fbem-29136	235	28	0.003	0.003	NUM
fbem-29136	235	29	(	(	PUNCT
fbem-29136	235	30	0.523	0.523	NUM
fbem-29136	235	31	)	)	PUNCT
fbem-29136	235	32	(	(	PUNCT
fbem-29136	235	33	0.066	0.066	NUM
fbem-29136	235	34	)	)	PUNCT
fbem-29136	235	35	peerdev	peerdev	NOUN
fbem-29136	235	36	1.161	1.161	NUM
fbem-29136	235	37	*	*	PUNCT
fbem-29136	235	38	*	*	PROPN
fbem-29136	235	39	0.026	0.026	NUM
fbem-29136	235	40	(	(	PUNCT
fbem-29136	235	41	0.586	0.586	NUM
fbem-29136	235	42	)	)	PUNCT
fbem-29136	235	43	(	(	PUNCT
fbem-29136	235	44	0.065	0.065	NUM
fbem-29136	235	45	)	)	PUNCT
fbem-29136	235	46	peerbm	peerbm	NOUN
fbem-29136	235	47	-1.835	-1.835	NOUN
fbem-29136	235	48	*	*	PUNCT
fbem-29136	235	49	*	*	PUNCT
fbem-29136	235	50	*	*	PUNCT
fbem-29136	235	51	-0.123	-0.123	PUNCT
fbem-29136	235	52	*	*	PUNCT
fbem-29136	235	53	(	(	PUNCT
fbem-29136	235	54	0.601	0.601	NUM
fbem-29136	235	55	)	)	PUNCT
fbem-29136	235	56	(	(	PUNCT
fbem-29136	235	57	0.07	0.07	NUM
fbem-29136	235	58	)	)	PUNCT
fbem-29136	235	59	size	size	NOUN
fbem-29136	235	60	0.442	0.442	NUM
fbem-29136	235	61	*	*	PUNCT
fbem-29136	235	62	*	*	PUNCT
fbem-29136	235	63	*	*	PUNCT
fbem-29136	235	64	0.017	0.017	NUM
fbem-29136	235	65	*	*	PUNCT
fbem-29136	235	66	*	*	PUNCT
fbem-29136	235	67	(	(	PUNCT
fbem-29136	235	68	0.063	0.063	NUM
fbem-29136	235	69	)	)	PUNCT
fbem-29136	235	70	(	(	PUNCT
fbem-29136	235	71	0.007	0.007	NUM
fbem-29136	235	72	)	)	PUNCT
fbem-29136	235	73	roa	roa	NOUN
fbem-29136	235	74	24.765	24.765	NUM
fbem-29136	235	75	*	*	PUNCT
fbem-29136	235	76	*	*	PUNCT
fbem-29136	235	77	*	*	PUNCT
fbem-29136	235	78	0.515	0.515	NUM
fbem-29136	235	79	*	*	PUNCT
fbem-29136	235	80	*	*	PUNCT
fbem-29136	235	81	*	*	PUNCT
fbem-29136	235	82	(	(	PUNCT
fbem-29136	235	83	1.097	1.097	NUM
fbem-29136	235	84	)	)	PUNCT
fbem-29136	235	85	(	(	PUNCT
fbem-29136	235	86	0.098	0.098	NUM
fbem-29136	235	87	)	)	PUNCT
fbem-29136	235	88	tdr	tdr	NOUN
fbem-29136	235	89	-1.466	-1.466	NOUN
fbem-29136	235	90	*	*	PUNCT
fbem-29136	235	91	*	*	PUNCT
fbem-29136	235	92	*	*	NOUN
fbem-29136	235	93	0.246	0.246	NUM
fbem-29136	235	94	*	*	PUNCT
fbem-29136	235	95	*	*	PUNCT
fbem-29136	235	96	*	*	PUNCT
fbem-29136	235	97	(	(	PUNCT
fbem-29136	235	98	0.272	0.272	NUM
fbem-29136	235	99	)	)	PUNCT
fbem-29136	235	100	(	(	PUNCT
fbem-29136	235	101	0.033	0.033	NUM
fbem-29136	235	102	)	)	PUNCT
fbem-29136	235	103	dev	dev	NOUN
fbem-29136	235	104	0.881	0.881	NUM
fbem-29136	235	105	*	*	PUNCT
fbem-29136	235	106	*	*	PUNCT
fbem-29136	235	107	*	*	PUNCT
fbem-29136	235	108	-0.036	-0.036	NOUN
fbem-29136	235	109	*	*	PUNCT
fbem-29136	235	110	(	(	PUNCT
fbem-29136	235	111	0.189	0.189	NUM
fbem-29136	235	112	)	)	PUNCT
fbem-29136	235	113	(	(	PUNCT
fbem-29136	235	114	0.019	0.019	NUM
fbem-29136	235	115	)	)	PUNCT
fbem-29136	235	116	bm	bm	PROPN
fbem-29136	235	117	2.716	2.716	NUM
fbem-29136	235	118	*	*	PUNCT
fbem-29136	235	119	*	*	PUNCT
fbem-29136	235	120	*	*	PUNCT
fbem-29136	235	121	0.282	0.282	NUM
fbem-29136	235	122	*	*	PUNCT
fbem-29136	235	123	*	*	PUNCT
fbem-29136	235	124	*	*	PUNCT
fbem-29136	235	125	(	(	PUNCT
fbem-29136	235	126	0.326	0.326	NUM
fbem-29136	235	127	)	)	PUNCT
fbem-29136	235	128	(	(	PUNCT
fbem-29136	235	129	0.035	0.035	NUM
fbem-29136	235	130	)	)	PUNCT
fbem-29136	235	131	constant	constant	ADJ
fbem-29136	235	132	-1.637	-1.637	NUM
fbem-29136	235	133	*	*	PUNCT
fbem-29136	235	134	*	*	PUNCT
fbem-29136	235	135	*	*	PUNCT
fbem-29136	235	136	-9.542	-9.542	PUNCT
fbem-29136	235	137	*	*	PUNCT
fbem-29136	235	138	*	*	PUNCT
fbem-29136	235	139	*	*	PUNCT
fbem-29136	235	140	0.168	0.168	NUM
fbem-29136	235	141	*	*	PUNCT
fbem-29136	235	142	*	*	PUNCT
fbem-29136	235	143	*	*	PUNCT
fbem-29136	235	144	-0.188	-0.188	X
fbem-29136	235	145	(	(	PUNCT
fbem-29136	235	146	0.427	0.427	NUM
fbem-29136	235	147	)	)	PUNCT
fbem-29136	235	148	(	(	PUNCT
fbem-29136	235	149	1.423	1.423	NUM
fbem-29136	235	150	)	)	PUNCT
fbem-29136	235	151	(	(	PUNCT
fbem-29136	235	152	0.026	0.026	NUM
fbem-29136	235	153	)	)	PUNCT
fbem-29136	235	154	(	(	PUNCT
fbem-29136	235	155	0.16	0.16	NUM
fbem-29136	235	156	)	)	PUNCT
fbem-29136	235	157	r2	r2	PROPN
fbem-29136	235	158	0.067	0.067	NUM
fbem-29136	235	159	0.357	0.357	NUM
fbem-29136	235	160	0.03	0.03	NUM
fbem-29136	235	161	0.088	0.088	NUM
fbem-29136	235	162	n	n	PROPN
fbem-29136	235	163	13182	13182	NUM
fbem-29136	235	164	13182	13182	NUM
fbem-29136	235	165	13182	13182	NUM
fbem-29136	235	166	13182	13182	NUM
fbem-29136	235	167	year	year	NOUN
fbem-29136	236	1	yes	yes	INTJ
fbem-29136	236	2	yes	yes	INTJ
fbem-29136	237	1	yes	yes	INTJ
fbem-29136	237	2	yes	yes	INTJ
fbem-29136	237	3	industry	industry	NOUN
fbem-29136	238	1	yes	yes	INTJ
fbem-29136	239	1	yes	yes	INTJ
fbem-29136	240	1	yes	yes	INTJ
fbem-29136	240	2	yes	yes	INTJ
fbem-29136	240	3	standard	standard	ADJ
fbem-29136	240	4	errors	error	NOUN
fbem-29136	240	5	in	in	ADP
fbem-29136	240	6	parentheses	parenthesis	NOUN
fbem-29136	240	7	*	*	PUNCT
fbem-29136	240	8	*	*	PUNCT
fbem-29136	240	9	*	*	PUNCT
fbem-29136	240	10	p<0.01	p<0.01	PROPN
fbem-29136	240	11	,	,	PUNCT
fbem-29136	240	12	*	*	PUNCT
fbem-29136	240	13	*	*	PUNCT
fbem-29136	240	14	p<0.05	p<0.05	NOUN
fbem-29136	240	15	,	,	PUNCT
fbem-29136	240	16	*	*	SYM
fbem-29136	240	17	p<0.1	p<0.1	NUM
fbem-29136	240	18	6	6	NUM
fbem-29136	240	19	.	.	PUNCT
fbem-29136	240	20	conclusion	conclusion	NOUN
fbem-29136	240	21	this	this	DET
fbem-29136	240	22	paper	paper	NOUN
fbem-29136	240	23	introduces	introduce	VERB
fbem-29136	240	24	the	the	DET
fbem-29136	240	25	theory	theory	NOUN
fbem-29136	240	26	of	of	ADP
fbem-29136	240	27	behavioural	behavioural	ADJ
fbem-29136	240	28	finance	finance	NOUN
fbem-29136	240	29	and	and	CCONJ
fbem-29136	240	30	focuses	focus	VERB
fbem-29136	240	31	on	on	ADP
fbem-29136	240	32	the	the	DET
fbem-29136	240	33	observed	observed	ADJ
fbem-29136	240	34	phenomenon	phenomenon	NOUN
fbem-29136	240	35	that	that	SCONJ
fbem-29136	240	36	cash	cash	NOUN
fbem-29136	240	37	dividend	dividend	NOUN
fbem-29136	240	38	payment	payment	NOUN
fbem-29136	240	39	behaviour	behaviour	NOUN
fbem-29136	240	40	among	among	ADP
fbem-29136	240	41	firms	firm	NOUN
fbem-29136	240	42	in	in	ADP
fbem-29136	240	43	the	the	DET
fbem-29136	240	44	same	same	ADJ
fbem-29136	240	45	industry	industry	NOUN
fbem-29136	240	46	influences	influence	VERB
fbem-29136	240	47	each	each	DET
fbem-29136	240	48	other	other	ADJ
fbem-29136	240	49	,	,	PUNCT
fbem-29136	240	50	combining	combine	VERB
fbem-29136	240	51	some	some	DET
fbem-29136	240	52	irrational	irrational	ADJ
fbem-29136	240	53	characteristics	characteristic	NOUN
fbem-29136	240	54	exhibited	exhibit	VERB
fbem-29136	240	55	in	in	ADP
fbem-29136	240	56	dividend	dividend	NOUN
fbem-29136	240	57	payment	payment	NOUN
fbem-29136	240	58	behaviour	behaviour	NOUN
fbem-29136	240	59	with	with	ADP
fbem-29136	240	60	the	the	DET
fbem-29136	240	61	theory	theory	NOUN
fbem-29136	240	62	of	of	ADP
fbem-29136	240	63	peer	peer	NOUN
fbem-29136	240	64	effect	effect	NOUN
fbem-29136	240	65	.	.	PUNCT
fbem-29136	241	1	the	the	DET
fbem-29136	241	2	results	result	NOUN
fbem-29136	241	3	of	of	ADP
fbem-29136	241	4	this	this	DET
fbem-29136	241	5	paper	paper	NOUN
fbem-29136	241	6	show	show	VERB
fbem-29136	241	7	that	that	SCONJ
fbem-29136	241	8	the	the	DET
fbem-29136	241	9	type	type	NOUN
fbem-29136	241	10	of	of	ADP
fbem-29136	241	11	cash	cash	NOUN
fbem-29136	241	12	dividend	dividend	NOUN
fbem-29136	241	13	policy	policy	NOUN
fbem-29136	241	14	adopted	adopt	VERB
fbem-29136	241	15	by	by	ADP
fbem-29136	241	16	other	other	ADJ
fbem-29136	241	17	companies	company	NOUN
fbem-29136	241	18	in	in	ADP
fbem-29136	241	19	the	the	DET
fbem-29136	241	20	same	same	ADJ
fbem-29136	241	21	industry	industry	NOUN
fbem-29136	241	22	significantly	significantly	ADV
fbem-29136	241	23	affects	affect	VERB
fbem-29136	241	24	the	the	DET
fbem-29136	241	25	cash	cash	NOUN
fbem-29136	241	26	dividend	dividend	NOUN
fbem-29136	241	27	decision	decision	NOUN
fbem-29136	241	28	made	make	VERB
fbem-29136	241	29	by	by	ADP
fbem-29136	241	30	this	this	DET
fbem-29136	241	31	company	company	NOUN
fbem-29136	241	32	.	.	PUNCT
fbem-29136	242	1	the	the	DET
fbem-29136	242	2	study	study	NOUN
fbem-29136	242	3	is	be	AUX
fbem-29136	242	4	conducted	conduct	VERB
fbem-29136	242	5	from	from	ADP
fbem-29136	242	6	the	the	DET
fbem-29136	242	7	aspects	aspect	NOUN
fbem-29136	242	8	of	of	ADP
fbem-29136	242	9	dividend	dividend	NOUN
fbem-29136	242	10	payment	payment	NOUN
fbem-29136	242	11	willingness	willingness	NOUN
fbem-29136	242	12	and	and	CCONJ
fbem-29136	242	13	dividend	dividend	NOUN
fbem-29136	242	14	payment	payment	NOUN
fbem-29136	242	15	strength	strength	NOUN
fbem-29136	242	16	.	.	PUNCT
fbem-29136	243	1	whether	whether	SCONJ
fbem-29136	243	2	the	the	DET
fbem-29136	243	3	peer	peer	NOUN
fbem-29136	243	4	company	company	NOUN
fbem-29136	243	5	chooses	choose	VERB
fbem-29136	243	6	to	to	PART
fbem-29136	243	7	pay	pay	VERB
fbem-29136	243	8	dividends	dividend	NOUN
fbem-29136	243	9	and	and	CCONJ
fbem-29136	243	10	the	the	DET
fbem-29136	243	11	specific	specific	ADJ
fbem-29136	243	12	amount	amount	NOUN
fbem-29136	243	13	of	of	ADP
fbem-29136	243	14	dividend	dividend	NOUN
fbem-29136	243	15	payment	payment	NOUN
fbem-29136	243	16	will	will	AUX
fbem-29136	243	17	be	be	AUX
fbem-29136	243	18	referred	refer	VERB
fbem-29136	243	19	to	to	ADP
fbem-29136	243	20	by	by	ADP
fbem-29136	243	21	the	the	DET
fbem-29136	243	22	individual	individual	ADJ
fbem-29136	243	23	company	company	NOUN
fbem-29136	243	24	and	and	CCONJ
fbem-29136	243	25	reflected	reflect	VERB
fbem-29136	243	26	in	in	ADP
fbem-29136	243	27	its	its	PRON
fbem-29136	243	28	own	own	ADJ
fbem-29136	243	29	dividend	dividend	NOUN
fbem-29136	243	30	distribution	distribution	NOUN
fbem-29136	243	31	behaviour	behaviour	NOUN
fbem-29136	243	32	.	.	PUNCT
fbem-29136	244	1	to	to	PART
fbem-29136	244	2	further	far	ADV
fbem-29136	244	3	analyse	analyse	VERB
fbem-29136	244	4	the	the	DET
fbem-29136	244	5	factors	factor	NOUN
fbem-29136	244	6	affecting	affect	VERB
fbem-29136	244	7	the	the	DET
fbem-29136	244	8	strength	strength	NOUN
fbem-29136	244	9	of	of	ADP
fbem-29136	244	10	the	the	DET
fbem-29136	244	11	dividend	dividend	NOUN
fbem-29136	244	12	distribution	distribution	NOUN
fbem-29136	244	13	peer	peer	NOUN
fbem-29136	244	14	effect	effect	NOUN
fbem-29136	244	15	,	,	PUNCT
fbem-29136	244	16	this	this	DET
fbem-29136	244	17	paper	paper	NOUN
fbem-29136	244	18	takes	take	VERB
fbem-29136	244	19	into	into	ADP
fbem-29136	244	20	account	account	NOUN
fbem-29136	244	21	the	the	DET
fbem-29136	244	22	internal	internal	ADJ
fbem-29136	244	23	and	and	CCONJ
fbem-29136	244	24	external	external	ADJ
fbem-29136	244	25	indicators	indicator	NOUN
fbem-29136	244	26	of	of	ADP
fbem-29136	244	27	the	the	DET
fbem-29136	244	28	company	company	NOUN
fbem-29136	244	29	's	's	PART
fbem-29136	244	30	operation	operation	NOUN
fbem-29136	244	31	,	,	PUNCT
fbem-29136	244	32	and	and	CCONJ
fbem-29136	244	33	regards	regard	VERB
fbem-29136	244	34	the	the	DET
fbem-29136	244	35	50	50	NUM
fbem-29136	244	36	company	company	NOUN
fbem-29136	244	37	size	size	NOUN
fbem-29136	244	38	as	as	ADP
fbem-29136	244	39	an	an	DET
fbem-29136	244	40	internal	internal	ADJ
fbem-29136	244	41	indicator	indicator	NOUN
fbem-29136	244	42	and	and	CCONJ
fbem-29136	244	43	the	the	DET
fbem-29136	244	44	degree	degree	NOUN
fbem-29136	244	45	of	of	ADP
fbem-29136	244	46	competition	competition	NOUN
fbem-29136	244	47	in	in	ADP
fbem-29136	244	48	the	the	DET
fbem-29136	244	49	industry	industry	NOUN
fbem-29136	244	50	as	as	ADP
fbem-29136	244	51	an	an	DET
fbem-29136	244	52	external	external	ADJ
fbem-29136	244	53	indicator	indicator	NOUN
fbem-29136	244	54	.	.	PUNCT
fbem-29136	245	1	the	the	DET
fbem-29136	245	2	results	result	NOUN
fbem-29136	245	3	of	of	ADP
fbem-29136	245	4	the	the	DET
fbem-29136	245	5	study	study	NOUN
fbem-29136	245	6	show	show	VERB
fbem-29136	245	7	that	that	SCONJ
fbem-29136	245	8	both	both	CCONJ
fbem-29136	245	9	large	large	ADJ
fbem-29136	245	10	-	-	PUNCT
fbem-29136	245	11	scale	scale	NOUN
fbem-29136	245	12	and	and	CCONJ
fbem-29136	245	13	small	small	ADJ
fbem-29136	245	14	-	-	PUNCT
fbem-29136	245	15	scale	scale	NOUN
fbem-29136	245	16	companies	company	NOUN
fbem-29136	245	17	in	in	ADP
fbem-29136	245	18	the	the	DET
fbem-29136	245	19	industry	industry	NOUN
fbem-29136	245	20	show	show	VERB
fbem-29136	245	21	more	more	ADV
fbem-29136	245	22	significant	significant	ADJ
fbem-29136	245	23	peer	peer	NOUN
fbem-29136	245	24	effects	effect	NOUN
fbem-29136	245	25	,	,	PUNCT
fbem-29136	245	26	and	and	CCONJ
fbem-29136	245	27	it	it	PRON
fbem-29136	245	28	is	be	AUX
fbem-29136	245	29	believed	believe	VERB
fbem-29136	245	30	that	that	SCONJ
fbem-29136	245	31	the	the	DET
fbem-29136	245	32	dividend	dividend	NOUN
fbem-29136	245	33	payment	payment	NOUN
fbem-29136	245	34	policies	policy	NOUN
fbem-29136	245	35	of	of	ADP
fbem-29136	245	36	listed	list	VERB
fbem-29136	245	37	companies	company	NOUN
fbem-29136	245	38	of	of	ADP
fbem-29136	245	39	different	different	ADJ
fbem-29136	245	40	sizes	size	NOUN
fbem-29136	245	41	affect	affect	VERB
fbem-29136	245	42	each	each	DET
fbem-29136	245	43	other	other	ADJ
fbem-29136	245	44	;	;	PUNCT
fbem-29136	245	45	the	the	DET
fbem-29136	245	46	factor	factor	NOUN
fbem-29136	245	47	of	of	ADP
fbem-29136	245	48	industry	industry	NOUN
fbem-29136	245	49	competition	competition	NOUN
fbem-29136	245	50	also	also	ADV
fbem-29136	245	51	significantly	significantly	ADV
fbem-29136	245	52	affects	affect	VERB
fbem-29136	245	53	the	the	DET
fbem-29136	245	54	strength	strength	NOUN
fbem-29136	245	55	of	of	ADP
fbem-29136	245	56	the	the	DET
fbem-29136	245	57	peer	peer	NOUN
fbem-29136	245	58	effect	effect	NOUN
fbem-29136	245	59	of	of	ADP
fbem-29136	245	60	dividend	dividend	NOUN
fbem-29136	245	61	distribution	distribution	NOUN
fbem-29136	245	62	behaviour	behaviour	NOUN
fbem-29136	245	63	.	.	PUNCT
fbem-29136	246	1	based	base	VERB
fbem-29136	246	2	on	on	ADP
fbem-29136	246	3	the	the	DET
fbem-29136	246	4	above	above	ADJ
fbem-29136	246	5	research	research	NOUN
fbem-29136	246	6	,	,	PUNCT
fbem-29136	246	7	this	this	DET
fbem-29136	246	8	paper	paper	NOUN
fbem-29136	246	9	draws	draw	VERB
fbem-29136	246	10	the	the	DET
fbem-29136	246	11	following	follow	VERB
fbem-29136	246	12	insights	insight	NOUN
fbem-29136	246	13	:	:	PUNCT
fbem-29136	246	14	first	first	ADV
fbem-29136	246	15	,	,	PUNCT
fbem-29136	246	16	actively	actively	ADV
fbem-29136	246	17	support	support	VERB
fbem-29136	246	18	listed	list	VERB
fbem-29136	246	19	companies	company	NOUN
fbem-29136	246	20	to	to	PART
fbem-29136	246	21	formulate	formulate	VERB
fbem-29136	246	22	appropriate	appropriate	ADJ
fbem-29136	246	23	dividend	dividend	NOUN
fbem-29136	246	24	policy	policy	NOUN
fbem-29136	246	25	according	accord	VERB
fbem-29136	246	26	to	to	ADP
fbem-29136	246	27	their	their	PRON
fbem-29136	246	28	own	own	ADJ
fbem-29136	246	29	situation	situation	NOUN
fbem-29136	246	30	.	.	PUNCT
fbem-29136	247	1	second	second	ADJ
fbem-29136	247	2	,	,	PUNCT
fbem-29136	247	3	the	the	DET
fbem-29136	247	4	securities	security	NOUN
fbem-29136	247	5	and	and	CCONJ
fbem-29136	247	6	futures	future	NOUN
fbem-29136	247	7	commission	commission	PROPN
fbem-29136	247	8	(	(	PUNCT
fbem-29136	247	9	sfc	sfc	NOUN
fbem-29136	247	10	)	)	PUNCT
fbem-29136	247	11	should	should	AUX
fbem-29136	247	12	pay	pay	VERB
fbem-29136	247	13	attention	attention	NOUN
fbem-29136	247	14	to	to	ADP
fbem-29136	247	15	the	the	DET
fbem-29136	247	16	existence	existence	NOUN
fbem-29136	247	17	of	of	ADP
fbem-29136	247	18	the	the	DET
fbem-29136	247	19	peer	peer	NOUN
fbem-29136	247	20	effect	effect	NOUN
fbem-29136	247	21	in	in	ADP
fbem-29136	247	22	the	the	DET
fbem-29136	247	23	process	process	NOUN
fbem-29136	247	24	of	of	ADP
fbem-29136	247	25	guiding	guide	VERB
fbem-29136	247	26	dividend	dividend	NOUN
fbem-29136	247	27	payout	payout	NOUN
fbem-29136	247	28	behaviour	behaviour	NOUN
fbem-29136	247	29	and	and	CCONJ
fbem-29136	247	30	actively	actively	ADV
fbem-29136	247	31	play	play	VERB
fbem-29136	247	32	its	its	PRON
fbem-29136	247	33	positive	positive	ADJ
fbem-29136	247	34	role	role	NOUN
fbem-29136	247	35	.	.	PUNCT
fbem-29136	248	1	third	third	ADJ
fbem-29136	248	2	,	,	PUNCT
fbem-29136	248	3	operators	operator	NOUN
fbem-29136	248	4	must	must	AUX
fbem-29136	248	5	correctly	correctly	ADV
fbem-29136	248	6	view	view	VERB
fbem-29136	248	7	the	the	DET
fbem-29136	248	8	existence	existence	NOUN
fbem-29136	248	9	of	of	ADP
fbem-29136	248	10	a	a	DET
fbem-29136	248	11	number	number	NOUN
fbem-29136	248	12	of	of	ADP
fbem-29136	248	13	irrational	irrational	ADJ
fbem-29136	248	14	decision	decision	NOUN
fbem-29136	248	15	-	-	PUNCT
fbem-29136	248	16	making	make	VERB
fbem-29136	248	17	factors	factor	NOUN
fbem-29136	248	18	in	in	ADP
fbem-29136	248	19	the	the	DET
fbem-29136	248	20	company	company	NOUN
fbem-29136	248	21	's	's	PART
fbem-29136	248	22	financial	financial	ADJ
fbem-29136	248	23	decision	decision	NOUN
fbem-29136	248	24	-	-	PUNCT
fbem-29136	248	25	making	making	NOUN
fbem-29136	248	26	to	to	PART
fbem-29136	248	27	establish	establish	VERB
fbem-29136	248	28	a	a	DET
fbem-29136	248	29	scientific	scientific	ADJ
fbem-29136	248	30	and	and	CCONJ
fbem-29136	248	31	effective	effective	ADJ
fbem-29136	248	32	learning	learning	NOUN
fbem-29136	248	33	and	and	CCONJ
fbem-29136	248	34	evaluation	evaluation	NOUN
fbem-29136	248	35	mechanism	mechanism	NOUN
fbem-29136	248	36	,	,	PUNCT
fbem-29136	248	37	and	and	CCONJ
fbem-29136	248	38	constantly	constantly	ADV
fbem-29136	248	39	improve	improve	VERB
fbem-29136	248	40	managers	manager	NOUN
fbem-29136	248	41	'	'	PART
fbem-29136	248	42	understanding	understanding	NOUN
fbem-29136	248	43	of	of	ADP
fbem-29136	248	44	irrational	irrational	ADJ
fbem-29136	248	45	decision	decision	NOUN
fbem-29136	248	46	-	-	PUNCT
fbem-29136	248	47	making	make	VERB
fbem-29136	248	48	behaviour	behaviour	NOUN
fbem-29136	248	49	.	.	PUNCT
fbem-29136	249	1	references	reference	NOUN
fbem-29136	249	2	[	[	X
fbem-29136	249	3	1	1	NUM
fbem-29136	249	4	]	]	X
fbem-29136	249	5	robert	robert	PROPN
fbem-29136	249	6	j.	j.	PROPN
fbem-29136	249	7	shiller	shiller	PROPN
fbem-29136	249	8	.	.	PUNCT
fbem-29136	250	1	measuring	measure	VERB
fbem-29136	250	2	bubble	bubble	NOUN
fbem-29136	250	3	expectations	expectation	NOUN
fbem-29136	250	4	and	and	CCONJ
fbem-29136	250	5	investor	investor	NOUN
fbem-29136	250	6	confidence	confidence	NOUN
fbem-29136	251	1	[	[	X
fbem-29136	251	2	j	j	X
fbem-29136	251	3	]	]	X
fbem-29136	251	4	.	.	PUNCT
fbem-29136	252	1	journal	journal	PROPN
fbem-29136	252	2	of	of	ADP
fbem-29136	252	3	psychology	psychology	NOUN
fbem-29136	252	4	and	and	CCONJ
fbem-29136	252	5	financial	financial	ADJ
fbem-29136	252	6	markets	market	NOUN
fbem-29136	252	7	,	,	PUNCT
fbem-29136	252	8	2000	2000	NUM
fbem-29136	252	9	,	,	PUNCT
fbem-29136	252	10	1(1	1(1	NUM
fbem-29136	252	11	)	)	PUNCT
fbem-29136	252	12	.	.	PUNCT
fbem-29136	253	1	[	[	X
fbem-29136	253	2	2	2	NUM
fbem-29136	253	3	]	]	PUNCT
fbem-29136	253	4	williams	williams	PROPN
fbem-29136	253	5	,	,	PUNCT
fbem-29136	253	6	g.	g.	PROPN
fbem-29136	253	7	,	,	PUNCT
fbem-29136	253	8	zimmerman	zimmerman	PROPN
fbem-29136	253	9	,	,	PUNCT
fbem-29136	253	10	d.j	d.j	PROPN
fbem-29136	253	11	.	.	PROPN
fbem-29136	253	12	peer	peer	NOUN
fbem-29136	253	13	effects	effect	NOUN
fbem-29136	253	14	in	in	ADP
fbem-29136	253	15	higher	high	ADJ
fbem-29136	253	16	education	education	NOUN
fbem-29136	254	1	[	[	X
fbem-29136	254	2	j	j	X
fbem-29136	254	3	]	]	X
fbem-29136	254	4	.	.	PUNCT
fbem-29136	255	1	nber	nber	PROPN
fbem-29136	255	2	working	working	PROPN
fbem-29136	255	3	paper	paper	PROPN
fbem-29136	255	4	series	series	NOUN
fbem-29136	255	5	,	,	PUNCT
fbem-29136	255	6	2003	2003	NUM
fbem-29136	255	7	.	.	PUNCT
fbem-29136	256	1	[	[	X
fbem-29136	256	2	3	3	X
fbem-29136	256	3	]	]	X
fbem-29136	256	4	popadak	popadak	NOUN
fbem-29136	256	5	j	j	PROPN
fbem-29136	256	6	a	a	PRON
fbem-29136	256	7	,	,	PUNCT
fbem-29136	256	8	dividend	dividend	NOUN
fbem-29136	256	9	payments	payment	NOUN
fbem-29136	256	10	as	as	ADP
fbem-29136	256	11	a	a	DET
fbem-29136	256	12	response	response	NOUN
fbem-29136	256	13	to	to	PART
fbem-29136	256	14	peer	peer	VERB
fbem-29136	256	15	influence	influence	NOUN
fbem-29136	257	1	[	[	X
fbem-29136	257	2	j	j	X
fbem-29136	257	3	]	]	X
fbem-29136	257	4	.	.	PUNCT
fbem-29136	258	1	social	social	ADJ
fbem-29136	258	2	science	science	PROPN
fbem-29136	258	3	electronic	electronic	ADJ
fbem-29136	258	4	publishing	publishing	NOUN
fbem-29136	258	5	,	,	PUNCT
fbem-29136	258	6	2012	2012	NUM
fbem-29136	258	7	,	,	PUNCT
fbem-29136	258	8	131(3	131(3	NUM
fbem-29136	258	9	):	):	PUNCT
fbem-29136	258	10	549570	549570	NUM
fbem-29136	258	11	.	.	PUNCT
fbem-29136	259	1	[	[	X
fbem-29136	259	2	4	4	X
fbem-29136	259	3	]	]	X
fbem-29136	259	4	kaustia	kaustia	PROPN
fbem-29136	259	5	m	m	PROPN
fbem-29136	259	6	,	,	PUNCT
fbem-29136	259	7	rantala	rantala	VERB
fbem-29136	259	8	v.social	v.social	ADJ
fbem-29136	259	9	learning	learning	NOUN
fbem-29136	259	10	and	and	CCONJ
fbem-29136	259	11	corporate	corporate	ADJ
fbem-29136	259	12	peer	peer	NOUN
fbem-29136	259	13	effects	effect	NOUN
fbem-29136	260	1	[	[	X
fbem-29136	260	2	j	j	X
fbem-29136	260	3	]	]	X
fbem-29136	260	4	.	.	PUNCT
fbem-29136	261	1	social	social	ADJ
fbem-29136	261	2	science	science	PROPN
fbem-29136	261	3	electronic	electronic	ADJ
fbem-29136	261	4	publishing	publishing	NOUN
fbem-29136	261	5	,	,	PUNCT
fbem-29136	261	6	2015	2015	NUM
fbem-29136	261	7	,	,	PUNCT
fbem-29136	261	8	117(3):653	117(3):653	NUM
fbem-29136	261	9	-	-	SYM
fbem-29136	261	10	669	669	NUM
fbem-29136	261	11	.	.	PUNCT
fbem-29136	262	1	[	[	X
fbem-29136	262	2	5	5	NUM
fbem-29136	262	3	]	]	X
fbem-29136	262	4	jillian	jillian	PROPN
fbem-29136	262	5	grennan	grennan	PROPN
fbem-29136	262	6	.	.	PUNCT
fbem-29136	262	7	dividend	dividend	NOUN
fbem-29136	262	8	payments	payment	NOUN
fbem-29136	262	9	as	as	ADP
fbem-29136	262	10	a	a	DET
fbem-29136	262	11	response	response	NOUN
fbem-29136	262	12	to	to	PART
fbem-29136	262	13	peer	peer	VERB
fbem-29136	262	14	influence	influence	NOUN
fbem-29136	263	1	[	[	X
fbem-29136	263	2	j	j	X
fbem-29136	263	3	]	]	X
fbem-29136	263	4	.	.	PUNCT
fbem-29136	264	1	journal	journal	PROPN
fbem-29136	264	2	of	of	ADP
fbem-29136	264	3	financial	financial	ADJ
fbem-29136	264	4	economics	economic	NOUN
fbem-29136	264	5	,	,	PUNCT
fbem-29136	264	6	2018	2018	NUM
fbem-29136	264	7	,	,	PUNCT
fbem-29136	264	8	131(3	131(3	NUM
fbem-29136	264	9	)	)	PUNCT
fbem-29136	264	10	.	.	PUNCT
fbem-29136	265	1	[	[	X
fbem-29136	265	2	6	6	NUM
fbem-29136	265	3	]	]	PUNCT
fbem-29136	265	4	thierry	thierry	NOUN
fbem-29136	265	5	foucault	foucault	PROPN
fbem-29136	265	6	,	,	PUNCT
fbem-29136	265	7	laurent	laurent	NOUN
fbem-29136	265	8	fresard	fresard	NOUN
fbem-29136	265	9	.	.	PUNCT
fbem-29136	266	1	learning	learn	VERB
fbem-29136	266	2	from	from	ADP
fbem-29136	266	3	peers	peer	NOUN
fbem-29136	266	4	'	'	PART
fbem-29136	266	5	stock	stock	NOUN
fbem-29136	266	6	prices	price	NOUN
fbem-29136	266	7	and	and	CCONJ
fbem-29136	266	8	corporate	corporate	ADJ
fbem-29136	266	9	investment	investment	NOUN
fbem-29136	267	1	[	[	X
fbem-29136	267	2	j	j	X
fbem-29136	267	3	]	]	X
fbem-29136	267	4	.	.	PUNCT
fbem-29136	268	1	journal	journal	PROPN
fbem-29136	268	2	of	of	ADP
fbem-29136	268	3	financial	financial	ADJ
fbem-29136	268	4	economics	economic	NOUN
fbem-29136	268	5	,	,	PUNCT
fbem-29136	268	6	2014	2014	NUM
fbem-29136	268	7	,	,	PUNCT
fbem-29136	268	8	111(3	111(3	NUM
fbem-29136	268	9	)	)	PUNCT
fbem-29136	268	10	.	.	PUNCT
fbem-29136	269	1	[	[	X
fbem-29136	269	2	7	7	X
fbem-29136	269	3	]	]	X
fbem-29136	269	4	deng	deng	PROPN
fbem-29136	269	5	huihui	huihui	PROPN
fbem-29136	269	6	,	,	PUNCT
fbem-29136	269	7	zhao	zhao	PROPN
fbem-29136	269	8	jialing	jialing	PROPN
fbem-29136	269	9	.	.	PUNCT
fbem-29136	270	1	peer	peer	NOUN
fbem-29136	270	2	effect	effect	NOUN
fbem-29136	270	3	in	in	ADP
fbem-29136	270	4	local	local	ADJ
fbem-29136	270	5	government	government	NOUN
fbem-29136	270	6	economic	economic	ADJ
fbem-29136	270	7	decision	decision	NOUN
fbem-29136	270	8	-	-	PUNCT
fbem-29136	270	9	making	making	NOUN
fbem-29136	270	10	[	[	X
fbem-29136	270	11	j	j	X
fbem-29136	270	12	]	]	X
fbem-29136	270	13	.	.	PUNCT
fbem-29136	271	1	china	china	PROPN
fbem-29136	271	2	industrial	industrial	ADJ
fbem-29136	271	3	economics	economic	NOUN
fbem-29136	271	4	,	,	PUNCT
fbem-29136	271	5	2018(04	2018(04	NUM
fbem-29136	271	6	):	):	PUNCT
fbem-29136	271	7	59	59	NUM
fbem-29136	271	8	-	-	SYM
fbem-29136	271	9	78	78	NUM
fbem-29136	271	10	.	.	PUNCT
fbem-29136	272	1	[	[	X
fbem-29136	272	2	8	8	NUM
fbem-29136	272	3	]	]	X
fbem-29136	272	4	zhao	zhao	PROPN
fbem-29136	272	5	ying	ying	PROPN
fbem-29136	272	6	.	.	PUNCT
fbem-29136	273	1	analysis	analysis	NOUN
fbem-29136	273	2	of	of	ADP
fbem-29136	273	3	peer	peer	NOUN
fbem-29136	273	4	effects	effect	NOUN
fbem-29136	273	5	on	on	ADP
fbem-29136	273	6	executive	executive	ADJ
fbem-29136	273	7	compensation	compensation	NOUN
fbem-29136	273	8	in	in	ADP
fbem-29136	273	9	chinese	chinese	PROPN
fbem-29136	273	10	listed	list	VERB
fbem-29136	273	11	companies[j	companies[j	PROPN
fbem-29136	273	12	]	]	PUNCT
fbem-29136	273	13	.	.	PUNCT
fbem-29136	274	1	china	china	PROPN
fbem-29136	274	2	industrial	industrial	PROPN
fbem-29136	274	3	economics	economic	NOUN
fbem-29136	274	4	,	,	PUNCT
fbem-29136	274	5	2016(02	2016(02	NUM
fbem-29136	274	6	):	):	PUNCT
fbem-29136	274	7	114	114	NUM
fbem-29136	274	8	-	-	SYM
fbem-29136	274	9	129	129	NUM
fbem-29136	274	10	.	.	PUNCT
fbem-29136	275	1	[	[	X
fbem-29136	275	2	9	9	NUM
fbem-29136	275	3	]	]	SYM
fbem-29136	275	4	li	li	PROPN
fbem-29136	275	5	zhisheng	zhisheng	PROPN
fbem-29136	275	6	,	,	PUNCT
fbem-29136	275	7	su	su	PROPN
fbem-29136	275	8	cheng	cheng	PROPN
fbem-29136	275	9	,	,	PUNCT
fbem-29136	275	10	li	li	PROPN
fbem-29136	275	11	hao	hao	PROPN
fbem-29136	275	12	,	,	PUNCT
fbem-29136	275	13	kong	kong	PROPN
fbem-29136	275	14	dongmin	dongmin	PROPN
fbem-29136	275	15	.	.	PUNCT
fbem-29136	276	1	the	the	DET
fbem-29136	276	2	regional	regional	ADJ
fbem-29136	276	3	homophily	homophily	ADJ
fbem-29136	276	4	effect	effect	NOUN
fbem-29136	276	5	of	of	ADP
fbem-29136	276	6	excessive	excessive	ADJ
fbem-29136	276	7	corporate	corporate	ADJ
fbem-29136	276	8	debt	debt	NOUN
fbem-29136	277	1	[	[	X
fbem-29136	277	2	j	j	X
fbem-29136	277	3	]	]	X
fbem-29136	277	4	.	.	PUNCT
fbem-29136	278	1	journal	journal	PROPN
fbem-29136	278	2	of	of	ADP
fbem-29136	278	3	financial	financial	ADJ
fbem-29136	278	4	research	research	NOUN
fbem-29136	278	5	,	,	PUNCT
fbem-29136	278	6	2018(09	2018(09	NUM
fbem-29136	278	7	):	):	PUNCT
fbem-29136	278	8	74	74	NUM
fbem-29136	278	9	-	-	SYM
fbem-29136	278	10	90	90	NUM
fbem-29136	278	11	.	.	PUNCT
fbem-29136	279	1	[	[	X
fbem-29136	279	2	10	10	NUM
fbem-29136	279	3	]	]	X
fbem-29136	279	4	liu	liu	PROPN
fbem-29136	279	5	jingjun	jingjun	PROPN
fbem-29136	279	6	,	,	PUNCT
fbem-29136	279	7	liu	liu	PROPN
fbem-29136	279	8	yanchu	yanchu	PROPN
fbem-29136	279	9	,	,	PUNCT
fbem-29136	279	10	xiong	xiong	PROPN
fbem-29136	279	11	heping	heping	PROPN
fbem-29136	279	12	.	.	PUNCT
fbem-29136	280	1	research	research	NOUN
fbem-29136	280	2	on	on	ADP
fbem-29136	280	3	imitative	imitative	ADJ
fbem-29136	280	4	behavior	behavior	NOUN
fbem-29136	280	5	of	of	ADP
fbem-29136	280	6	fund	fund	NOUN
fbem-29136	280	7	competition	competition	NOUN
fbem-29136	280	8	and	and	CCONJ
fbem-29136	280	9	bubble	bubble	NOUN
fbem-29136	280	10	asset	asset	NOUN
fbem-29136	280	11	allocation	allocation	NOUN
fbem-29136	280	12	[	[	X
fbem-29136	280	13	j	j	X
fbem-29136	280	14	]	]	X
fbem-29136	280	15	.	.	PUNCT
fbem-29136	281	1	journal	journal	PROPN
fbem-29136	281	2	of	of	ADP
fbem-29136	281	3	management	management	NOUN
fbem-29136	281	4	science	science	NOUN
fbem-29136	281	5	,	,	PUNCT
fbem-29136	281	6	2018	2018	NUM
fbem-29136	281	7	,	,	PUNCT
fbem-29136	281	8	21(02):114	21(02):114	NUM
fbem-29136	281	9	-	-	SYM
fbem-29136	281	10	126	126	NUM
fbem-29136	281	11	.	.	PUNCT
fbem-29136	282	1	[	[	X
fbem-29136	282	2	11	11	NUM
fbem-29136	282	3	]	]	X
fbem-29136	282	4	li	li	PROPN
fbem-29136	282	5	jianing	jianing	PROPN
fbem-29136	282	6	,	,	PUNCT
fbem-29136	282	7	zhong	zhong	PROPN
fbem-29136	282	8	tianli	tianli	PROPN
fbem-29136	282	9	.	.	PUNCT
fbem-29136	283	1	empirical	empirical	ADJ
fbem-29136	283	2	test	test	NOUN
fbem-29136	283	3	of	of	ADP
fbem-29136	283	4	peer	peer	NOUN
fbem-29136	283	5	effect	effect	NOUN
fbem-29136	283	6	and	and	CCONJ
fbem-29136	283	7	its	its	PRON
fbem-29136	283	8	characteristics	characteristic	NOUN
fbem-29136	283	9	in	in	ADP
fbem-29136	283	10	corporate	corporate	ADJ
fbem-29136	283	11	investment	investment	NOUN
fbem-29136	283	12	decision	decision	NOUN
fbem-29136	283	13	making	make	VERB
fbem-29136	283	14	:	:	PUNCT
fbem-29136	283	15	based	base	VERB
fbem-29136	283	16	on	on	ADP
fbem-29136	283	17	panel	panel	NOUN
fbem-29136	283	18	data	datum	NOUN
fbem-29136	283	19	of	of	ADP
fbem-29136	283	20	chinese	chinese	ADJ
fbem-29136	283	21	listed	list	VERB
fbem-29136	283	22	companies	company	NOUN
fbem-29136	284	1	[	[	X
fbem-29136	284	2	j	j	X
fbem-29136	284	3	]	]	X
fbem-29136	284	4	.	.	PUNCT
fbem-29136	285	1	china	china	PROPN
fbem-29136	285	2	management	management	PROPN
fbem-29136	285	3	science	science	PROPN
fbem-29136	285	4	,	,	PUNCT
fbem-29136	285	5	2019	2019	NUM
fbem-29136	285	6	,	,	PUNCT
fbem-29136	285	7	27	27	NUM
fbem-29136	285	8	(	(	PUNCT
fbem-29136	285	9	12	12	NUM
fbem-29136	285	10	):	):	PUNCT
fbem-29136	285	11	22	22	NUM
fbem-29136	285	12	-	-	SYM
fbem-29136	285	13	31	31	NUM
fbem-29136	285	14	.	.	PUNCT
fbem-29136	286	1	[	[	X
fbem-29136	286	2	12	12	NUM
fbem-29136	286	3	]	]	X
fbem-29136	286	4	yang	yang	PROPN
fbem-29136	286	5	songling	songling	PROPN
fbem-29136	286	6	,	,	PUNCT
fbem-29136	286	7	zhang	zhang	PROPN
fbem-29136	286	8	qiuyue	qiuyue	PROPN
fbem-29136	286	9	,	,	PUNCT
fbem-29136	286	10	liu	liu	PROPN
fbem-29136	286	11	mengwei	mengwei	PROPN
fbem-29136	286	12	,	,	PUNCT
fbem-29136	286	13	shi	shi	PROPN
fbem-29136	286	14	qianqian	qianqian	PROPN
fbem-29136	286	15	.	.	PUNCT
fbem-29136	287	1	the	the	DET
fbem-29136	287	2	same	same	ADJ
fbem-29136	287	3	group	group	NOUN
fbem-29136	287	4	effect	effect	NOUN
fbem-29136	287	5	of	of	ADP
fbem-29136	287	6	controlling	control	VERB
fbem-29136	287	7	shareholder	shareholder	NOUN
fbem-29136	287	8	equity	equity	NOUN
fbem-29136	287	9	pledge	pledge	NOUN
fbem-29136	287	10	and	and	CCONJ
fbem-29136	287	11	the	the	DET
fbem-29136	287	12	risk	risk	NOUN
fbem-29136	287	13	of	of	ADP
fbem-29136	287	14	stock	stock	NOUN
fbem-29136	287	15	price	price	NOUN
fbem-29136	287	16	collapse	collapse	NOUN
fbem-29136	288	1	[	[	X
fbem-29136	288	2	j	j	X
fbem-29136	288	3	]	]	X
fbem-29136	288	4	.	.	PUNCT
fbem-29136	289	1	economic	economic	ADJ
fbem-29136	289	2	management	management	NOUN
fbem-29136	289	3	,	,	PUNCT
fbem-29136	289	4	2020	2020	NUM
fbem-29136	289	5	,	,	PUNCT
fbem-29136	289	6	42	42	NUM
fbem-29136	289	7	(	(	PUNCT
fbem-29136	289	8	12	12	NUM
fbem-29136	289	9	):	):	PUNCT
fbem-29136	289	10	94	94	NUM
fbem-29136	289	11	-	-	SYM
fbem-29136	289	12	112	112	NUM
fbem-29136	289	13	.	.	PUNCT
fbem-29136	290	1	[	[	X
fbem-29136	290	2	13	13	NUM
fbem-29136	290	3	]	]	X
fbem-29136	290	4	zhang	zhang	PROPN
fbem-29136	290	5	xiaoyu	xiaoyu	PROPN
fbem-29136	290	6	,	,	PUNCT
fbem-29136	290	7	chang	chang	PROPN
fbem-29136	290	8	wei	wei	PROPN
fbem-29136	290	9	,	,	PUNCT
fbem-29136	290	10	yu	yu	PROPN
fbem-29136	290	11	jingjing	jingjing	PROPN
fbem-29136	290	12	,	,	PUNCT
fbem-29136	290	13	wang	wang	PROPN
fbem-29136	290	14	ce	ce	PROPN
fbem-29136	290	15	.	.	PROPN
fbem-29136	290	16	research	research	PROPN
fbem-29136	290	17	on	on	ADP
fbem-29136	290	18	the	the	DET
fbem-29136	290	19	group	group	NOUN
fbem-29136	290	20	effect	effect	NOUN
fbem-29136	290	21	of	of	ADP
fbem-29136	290	22	dividend	dividend	NOUN
fbem-29136	290	23	policies	policy	NOUN
fbem-29136	290	24	of	of	ADP
fbem-29136	290	25	listed	list	VERB
fbem-29136	290	26	companies	company	NOUN
fbem-29136	290	27	in	in	ADP
fbem-29136	290	28	china	china	PROPN
fbem-29136	291	1	[	[	X
fbem-29136	291	2	j	j	X
fbem-29136	291	3	]	]	X
fbem-29136	291	4	.	.	PUNCT
fbem-29136	292	1	industrial	industrial	PROPN
fbem-29136	292	2	organization	organization	PROPN
fbem-29136	292	3	review	review	PROPN
fbem-29136	292	4	,	,	PUNCT
fbem-29136	292	5	2019	2019	NUM
fbem-29136	292	6	,	,	PUNCT
fbem-29136	292	7	13	13	NUM
fbem-29136	292	8	(	(	PUNCT
fbem-29136	292	9	03	03	NUM
fbem-29136	292	10	):	):	PUNCT
fbem-29136	292	11	127	127	NUM
fbem-29136	292	12	-	-	SYM
fbem-29136	292	13	144	144	NUM
fbem-29136	292	14	.	.	PUNCT
fbem-29136	293	1	[	[	X
fbem-29136	293	2	14	14	NUM
fbem-29136	293	3	]	]	X
fbem-29136	293	4	zhou	zhou	PROPN
fbem-29136	293	5	hui	hui	PROPN
fbem-29136	293	6	,	,	PUNCT
fbem-29136	293	7	tan	tan	PROPN
fbem-29136	293	8	yue	yue	PROPN
fbem-29136	293	9	.	.	PROPN
fbem-29136	293	10	is	be	AUX
fbem-29136	293	11	the	the	DET
fbem-29136	293	12	stock	stock	NOUN
fbem-29136	293	13	market	market	NOUN
fbem-29136	293	14	just	just	ADV
fbem-29136	293	15	an	an	DET
fbem-29136	293	16	interlude	interlude	NOUN
fbem-29136	293	17	in	in	ADP
fbem-29136	293	18	the	the	DET
fbem-29136	293	19	main	main	ADJ
fbem-29136	293	20	melody	melody	NOUN
fbem-29136	293	21	of	of	ADP
fbem-29136	293	22	the	the	DET
fbem-29136	293	23	real	real	ADJ
fbem-29136	293	24	economy	economy	NOUN
fbem-29136	293	25	—	—	PUNCT
fbem-29136	293	26	—	—	PUNCT
fbem-29136	293	27	research	research	NOUN
fbem-29136	293	28	on	on	ADP
fbem-29136	293	29	market	market	NOUN
fbem-29136	293	30	learning	learning	NOUN
fbem-29136	293	31	effect	effect	NOUN
fbem-29136	293	32	based	base	VERB
fbem-29136	293	33	on	on	ADP
fbem-29136	293	34	cash	cash	NOUN
fbem-29136	293	35	dividend	dividend	NOUN
fbem-29136	293	36	decision	decision	NOUN
fbem-29136	293	37	making	make	VERB
fbem-29136	293	38	[	[	X
fbem-29136	293	39	j	j	X
fbem-29136	293	40	]	]	X
fbem-29136	293	41	.	.	PUNCT
fbem-29136	294	1	investment	investment	NOUN
fbem-29136	294	2	research	research	NOUN
fbem-29136	294	3	,	,	PUNCT
fbem-29136	294	4	2020	2020	NUM
fbem-29136	294	5	,	,	PUNCT
fbem-29136	294	6	39	39	NUM
fbem-29136	294	7	(	(	PUNCT
fbem-29136	294	8	08	08	NUM
fbem-29136	294	9	):	):	PUNCT
fbem-29136	294	10	4	4	NUM
fbem-29136	294	11	-	-	SYM
fbem-29136	294	12	24	24	NUM
fbem-29136	294	13	.	.	PUNCT
fbem-29136	295	1	[	[	X
fbem-29136	295	2	15	15	NUM
fbem-29136	295	3	]	]	X
fbem-29136	295	4	feng	feng	PROPN
fbem-29136	295	5	gejian	gejian	PROPN
fbem-29136	295	6	,	,	PUNCT
fbem-29136	295	7	wang	wang	PROPN
fbem-29136	295	8	jianqiong	jianqiong	PROPN
fbem-29136	295	9	.	.	PUNCT
fbem-29136	296	1	cash	cash	NOUN
fbem-29136	296	2	dividend	dividend	NOUN
fbem-29136	296	3	distribution	distribution	NOUN
fbem-29136	296	4	behavior	behavior	NOUN
fbem-29136	296	5	and	and	CCONJ
fbem-29136	296	6	its	its	PRON
fbem-29136	296	7	herd	herd	ADJ
fbem-29136	296	8	effect	effect	NOUN
fbem-29136	296	9	from	from	ADP
fbem-29136	296	10	the	the	DET
fbem-29136	296	11	perspective	perspective	NOUN
fbem-29136	296	12	of	of	ADP
fbem-29136	296	13	social	social	ADJ
fbem-29136	296	14	networks	network	NOUN
fbem-29136	297	1	[	[	X
fbem-29136	297	2	j	j	X
fbem-29136	297	3	]	]	X
fbem-29136	297	4	.	.	PUNCT
fbem-29136	298	1	management	management	PROPN
fbem-29136	298	2	review	review	PROPN
fbem-29136	298	3	,	,	PUNCT
fbem-29136	298	4	2021	2021	NUM
fbem-29136	298	5	,	,	PUNCT
fbem-29136	298	6	33	33	NUM
fbem-29136	298	7	(	(	PUNCT
fbem-29136	298	8	03	03	NUM
fbem-29136	298	9	):	):	PUNCT
fbem-29136	298	10	255	255	NUM
fbem-29136	298	11	-	-	SYM
fbem-29136	298	12	268	268	NUM
fbem-29136	298	13	.	.	PUNCT
fbem-29136	299	1	[	[	X
fbem-29136	299	2	16	16	NUM
fbem-29136	299	3	]	]	X
fbem-29136	299	4	li	li	PROPN
fbem-29136	299	5	chunyun	chunyun	PROPN
fbem-29136	299	6	,	,	PUNCT
fbem-29136	299	7	han	han	PROPN
fbem-29136	299	8	liangliang	liangliang	PROPN
fbem-29136	299	9	,	,	PUNCT
fbem-29136	299	10	ma	ma	PROPN
fbem-29136	299	11	dongshan	dongshan	PROPN
fbem-29136	299	12	.	.	PUNCT
fbem-29136	300	1	research	research	NOUN
fbem-29136	300	2	on	on	ADP
fbem-29136	300	3	the	the	DET
fbem-29136	300	4	same	same	ADJ
fbem-29136	300	5	group	group	NOUN
fbem-29136	300	6	effect	effect	NOUN
fbem-29136	300	7	of	of	ADP
fbem-29136	300	8	cash	cash	NOUN
fbem-29136	300	9	dividend	dividend	NOUN
fbem-29136	300	10	policies	policy	NOUN
fbem-29136	300	11	of	of	ADP
fbem-29136	300	12	listed	list	VERB
fbem-29136	300	13	companies	company	NOUN
fbem-29136	301	1	[	[	X
fbem-29136	301	2	j	j	X
fbem-29136	301	3	]	]	X
fbem-29136	301	4	.	.	PUNCT
fbem-29136	302	1	finance	finance	NOUN
fbem-29136	302	2	and	and	CCONJ
fbem-29136	302	3	accounting	accounting	NOUN
fbem-29136	302	4	communication	communication	NOUN
fbem-29136	302	5	,	,	PUNCT
fbem-29136	302	6	2020	2020	NUM
fbem-29136	302	7	(	(	PUNCT
fbem-29136	302	8	10	10	NUM
fbem-29136	302	9	):	):	PUNCT
fbem-29136	302	10	29	29	NUM
fbem-29136	302	11	-	-	SYM
fbem-29136	302	12	33	33	NUM
fbem-29136	302	13	+	+	NOUN
fbem-29136	302	14	38	38	NUM
fbem-29136	302	15	.	.	PUNCT
fbem-29136	303	1	[	[	X
fbem-29136	303	2	17	17	NUM
fbem-29136	303	3	]	]	PUNCT
fbem-29136	303	4	ding	ding	NOUN
fbem-29136	303	5	zhiguo	zhiguo	PROPN
fbem-29136	303	6	,	,	PUNCT
fbem-29136	303	7	li	li	PROPN
fbem-29136	303	8	boyi	boyi	PROPN
fbem-29136	303	9	.	.	PUNCT
fbem-29136	304	1	regional	regional	ADJ
fbem-29136	304	2	homogeneity	homogeneity	NOUN
fbem-29136	304	3	effect	effect	NOUN
fbem-29136	304	4	of	of	ADP
fbem-29136	304	5	dividend	dividend	NOUN
fbem-29136	304	6	policies	policy	NOUN
fbem-29136	304	7	of	of	ADP
fbem-29136	304	8	listed	list	VERB
fbem-29136	304	9	companies	company	NOUN
fbem-29136	305	1	[	[	X
fbem-29136	305	2	j	j	X
fbem-29136	305	3	]	]	X
fbem-29136	305	4	.	.	PUNCT
fbem-29136	306	1	journal	journal	PROPN
fbem-29136	306	2	of	of	ADP
fbem-29136	306	3	south	south	PROPN
fbem-29136	306	4	china	china	PROPN
fbem-29136	306	5	normal	normal	PROPN
fbem-29136	306	6	university	university	PROPN
fbem-29136	306	7	(	(	PUNCT
fbem-29136	306	8	social	social	PROPN
fbem-29136	306	9	sciences	science	NOUN
fbem-29136	306	10	edition	edition	NOUN
fbem-29136	306	11	)	)	PUNCT
fbem-29136	306	12	,	,	PUNCT
fbem-29136	306	13	2020	2020	NUM
fbem-29136	306	14	(	(	PUNCT
fbem-29136	306	15	03	03	NUM
fbem-29136	306	16	):	):	PUNCT
fbem-29136	306	17	95	95	NUM
fbem-29136	306	18	-	-	SYM
fbem-29136	306	19	107	107	NUM
fbem-29136	306	20	+	+	NOUN
fbem-29136	306	21	192	192	NUM
fbem-29136	306	22	.	.	PUNCT
fbem-29136	307	1	[	[	X
fbem-29136	307	2	18	18	NUM
fbem-29136	307	3	]	]	X
fbem-29136	307	4	lu	lu	PROPN
fbem-29136	307	5	rong	rong	PROPN
fbem-29136	307	6	,	,	PUNCT
fbem-29136	307	7	wang	wang	PROPN
fbem-29136	307	8	ce	ce	PROPN
fbem-29136	307	9	,	,	PUNCT
fbem-29136	307	10	deng	deng	PROPN
fbem-29136	307	11	mingmao	mingmao	PROPN
fbem-29136	307	12	.	.	PUNCT
fbem-29136	308	1	research	research	NOUN
fbem-29136	308	2	on	on	ADP
fbem-29136	308	3	the	the	DET
fbem-29136	308	4	"	"	PUNCT
fbem-29136	308	5	same	same	ADJ
fbem-29136	308	6	group	group	NOUN
fbem-29136	308	7	effect	effect	NOUN
fbem-29136	308	8	"	"	PUNCT
fbem-29136	308	9	of	of	ADP
fbem-29136	308	10	capital	capital	NOUN
fbem-29136	308	11	structure	structure	NOUN
fbem-29136	308	12	of	of	ADP
fbem-29136	308	13	listed	list	VERB
fbem-29136	308	14	companies	company	NOUN
fbem-29136	308	15	in	in	ADP
fbem-29136	308	16	china	china	PROPN
fbem-29136	309	1	[	[	X
fbem-29136	309	2	j	j	X
fbem-29136	309	3	]	]	X
fbem-29136	309	4	.	.	PUNCT
fbem-29136	310	1	economic	economic	ADJ
fbem-29136	310	2	management	management	NOUN
fbem-29136	310	3	,	,	PUNCT
fbem-29136	310	4	2017	2017	NUM
fbem-29136	310	5	,	,	PUNCT
fbem-29136	310	6	39	39	NUM
fbem-29136	310	7	(	(	PUNCT
fbem-29136	310	8	01	01	NUM
fbem-29136	310	9	):	):	PUNCT
fbem-29136	310	10	181	181	NUM
fbem-29136	310	11	-	-	SYM
fbem-29136	310	12	194	194	NUM
fbem-29136	310	13	.	.	PUNCT
fbem-29136	311	1	[	[	X
fbem-29136	311	2	19	19	NUM
fbem-29136	311	3	]	]	X
fbem-29136	311	4	wan	wan	PROPN
fbem-29136	311	5	liangyong	liangyong	PROPN
fbem-29136	311	6	,	,	PUNCT
fbem-29136	311	7	liang	liang	PROPN
fbem-29136	311	8	chanjuan	chanjuan	PROPN
fbem-29136	311	9	,	,	PUNCT
fbem-29136	311	10	rao	rao	PROPN
fbem-29136	311	11	jing	jing	PROPN
fbem-29136	311	12	.	.	PUNCT
fbem-29136	312	1	research	research	NOUN
fbem-29136	312	2	on	on	ADP
fbem-29136	312	3	the	the	DET
fbem-29136	312	4	industry	industry	NOUN
fbem-29136	312	5	group	group	NOUN
fbem-29136	312	6	effect	effect	NOUN
fbem-29136	312	7	of	of	ADP
fbem-29136	312	8	mergers	merger	NOUN
fbem-29136	312	9	and	and	CCONJ
fbem-29136	312	10	acquisitions	acquisition	NOUN
fbem-29136	312	11	decisions	decision	NOUN
fbem-29136	312	12	of	of	ADP
fbem-29136	312	13	listed	list	VERB
fbem-29136	312	14	companies	company	NOUN
fbem-29136	313	1	[	[	X
fbem-29136	313	2	j	j	X
fbem-29136	313	3	]	]	X
fbem-29136	313	4	.	.	PUNCT
fbem-29136	314	1	nankai	nankai	PROPN
fbem-29136	314	2	management	management	PROPN
fbem-29136	314	3	review	review	PROPN
fbem-29136	314	4	,	,	PUNCT
fbem-29136	314	5	2016	2016	NUM
fbem-29136	314	6	,	,	PUNCT
fbem-29136	314	7	19	19	NUM
fbem-29136	314	8	(	(	PUNCT
fbem-29136	314	9	03	03	NUM
fbem-29136	314	10	):	):	PUNCT
fbem-29136	314	11	40	40	NUM
fbem-29136	314	12	-	-	SYM
fbem-29136	314	13	50	50	NUM
fbem-29136	314	14	.	.	PUNCT