id	sid	tid	token	lemma	pos
fbem-29584	1	1	frontiers	frontier	NOUN
fbem-29584	1	2	in	in	ADP
fbem-29584	1	3	business	business	NOUN
fbem-29584	1	4	,	,	PUNCT
fbem-29584	1	5	economics	economic	NOUN
fbem-29584	1	6	and	and	CCONJ
fbem-29584	1	7	management	management	NOUN
fbem-29584	1	8	issn	issn	PROPN
fbem-29584	1	9	:	:	PUNCT
fbem-29584	1	10	2766	2766	NUM
fbem-29584	1	11	-	-	PUNCT
fbem-29584	1	12	824x	824x	NUM
fbem-29584	1	13	|	|	ADJ
fbem-29584	1	14	vol	vol	NOUN
fbem-29584	1	15	.	.	PROPN
fbem-29584	1	16	18	18	NUM
fbem-29584	1	17	,	,	PUNCT
fbem-29584	1	18	no	no	INTJ
fbem-29584	1	19	.	.	NOUN
fbem-29584	1	20	2	2	NUM
fbem-29584	1	21	,	,	PUNCT
fbem-29584	1	22	2025	2025	NUM
fbem-29584	1	23	43	43	NUM
fbem-29584	1	24	the	the	DET
fbem-29584	1	25	impact	impact	NOUN
fbem-29584	1	26	of	of	ADP
fbem-29584	1	27	foreign	foreign	ADJ
fbem-29584	1	28	entry	entry	NOUN
fbem-29584	1	29	liberalization	liberalization	NOUN
fbem-29584	1	30	on	on	ADP
fbem-29584	1	31	firms	firm	NOUN
fbem-29584	1	32	'	'	PART
fbem-29584	1	33	investment	investment	NOUN
fbem-29584	1	34	efficiency	efficiency	NOUN
fbem-29584	1	35	gan	gan	PROPN
fbem-29584	1	36	lin	lin	PROPN
fbem-29584	1	37	,	,	PUNCT
fbem-29584	1	38	haijun	haijun	PROPN
fbem-29584	1	39	deng	deng	PROPN
fbem-29584	1	40	*	*	PUNCT
fbem-29584	1	41	school	school	NOUN
fbem-29584	1	42	of	of	ADP
fbem-29584	1	43	management	management	NOUN
fbem-29584	1	44	,	,	PUNCT
fbem-29584	1	45	university	university	NOUN
fbem-29584	1	46	of	of	ADP
fbem-29584	1	47	shanghai	shanghai	PROPN
fbem-29584	1	48	for	for	ADP
fbem-29584	1	49	science	science	NOUN
fbem-29584	1	50	and	and	CCONJ
fbem-29584	1	51	technology	technology	NOUN
fbem-29584	1	52	,	,	PUNCT
fbem-29584	1	53	shanghai	shanghai	PROPN
fbem-29584	1	54	200093	200093	NUM
fbem-29584	1	55	,	,	PUNCT
fbem-29584	1	56	china	china	PROPN
fbem-29584	1	57	*	*	PUNCT
fbem-29584	1	58	corresponding	correspond	VERB
fbem-29584	1	59	author	author	NOUN
fbem-29584	1	60	:	:	PUNCT
fbem-29584	1	61	haijun	haijun	PROPN
fbem-29584	1	62	deng	deng	PROPN
fbem-29584	1	63	(	(	PUNCT
fbem-29584	1	64	email	email	NOUN
fbem-29584	1	65	:	:	PUNCT
fbem-29584	1	66	haijun_ddd@163.com	haijun_ddd@163.com	X
fbem-29584	1	67	)	)	PUNCT
fbem-29584	1	68	abstract	abstract	NOUN
fbem-29584	1	69	:	:	PUNCT
fbem-29584	1	70	this	this	DET
fbem-29584	1	71	study	study	NOUN
fbem-29584	1	72	examines	examine	VERB
fbem-29584	1	73	the	the	DET
fbem-29584	1	74	impact	impact	NOUN
fbem-29584	1	75	of	of	ADP
fbem-29584	1	76	foreign	foreign	ADJ
fbem-29584	1	77	entry	entry	NOUN
fbem-29584	1	78	liberalization	liberalization	NOUN
fbem-29584	1	79	on	on	ADP
fbem-29584	1	80	local	local	ADJ
fbem-29584	1	81	firms	firm	NOUN
fbem-29584	1	82	'	'	PART
fbem-29584	1	83	investment	investment	NOUN
fbem-29584	1	84	efficiency	efficiency	NOUN
fbem-29584	1	85	.	.	PUNCT
fbem-29584	2	1	taking	take	VERB
fbem-29584	2	2	the	the	DET
fbem-29584	2	3	implementation	implementation	NOUN
fbem-29584	2	4	of	of	ADP
fbem-29584	2	5	the	the	DET
fbem-29584	2	6	negative	negative	ADJ
fbem-29584	2	7	list	list	NOUN
fbem-29584	2	8	of	of	ADP
fbem-29584	2	9	foreign	foreign	ADJ
fbem-29584	2	10	investment	investment	NOUN
fbem-29584	2	11	entry	entry	NOUN
fbem-29584	2	12	as	as	ADP
fbem-29584	2	13	a	a	DET
fbem-29584	2	14	policy	policy	NOUN
fbem-29584	2	15	shock	shock	NOUN
fbem-29584	2	16	,	,	PUNCT
fbem-29584	2	17	we	we	PRON
fbem-29584	2	18	construct	construct	VERB
fbem-29584	2	19	a	a	DET
fbem-29584	2	20	staggered	stagger	VERB
fbem-29584	2	21	difference	difference	NOUN
fbem-29584	2	22	-indifferences	-indifference	NOUN
fbem-29584	2	23	model	model	NOUN
fbem-29584	2	24	based	base	VERB
fbem-29584	2	25	on	on	ADP
fbem-29584	2	26	data	datum	NOUN
fbem-29584	2	27	from	from	ADP
fbem-29584	2	28	china	china	PROPN
fbem-29584	2	29	's	's	PART
fbem-29584	2	30	a	a	DET
fbem-29584	2	31	-	-	PUNCT
fbem-29584	2	32	share	share	NOUN
fbem-29584	2	33	-	-	PUNCT
fbem-29584	2	34	listed	list	VERB
fbem-29584	2	35	firms	firm	NOUN
fbem-29584	2	36	between	between	ADP
fbem-29584	2	37	2010	2010	NUM
fbem-29584	2	38	and	and	CCONJ
fbem-29584	2	39	2022	2022	NUM
fbem-29584	2	40	for	for	ADP
fbem-29584	2	41	empirical	empirical	ADJ
fbem-29584	2	42	analysis	analysis	NOUN
fbem-29584	2	43	.	.	PUNCT
fbem-29584	3	1	our	our	PRON
fbem-29584	3	2	findings	finding	NOUN
fbem-29584	3	3	found	find	VERB
fbem-29584	3	4	that	that	SCONJ
fbem-29584	3	5	(	(	PUNCT
fbem-29584	3	6	1	1	X
fbem-29584	3	7	)	)	PUNCT
fbem-29584	3	8	the	the	DET
fbem-29584	3	9	liberalization	liberalization	NOUN
fbem-29584	3	10	of	of	ADP
fbem-29584	3	11	foreign	foreign	ADJ
fbem-29584	3	12	investment	investment	NOUN
fbem-29584	3	13	entry	entry	NOUN
fbem-29584	3	14	reduces	reduce	VERB
fbem-29584	3	15	firms	firm	NOUN
fbem-29584	3	16	'	'	PART
fbem-29584	3	17	investment	investment	NOUN
fbem-29584	3	18	efficiency	efficiency	NOUN
fbem-29584	3	19	(	(	PUNCT
fbem-29584	3	20	2	2	NUM
fbem-29584	3	21	)	)	PUNCT
fbem-29584	3	22	from	from	ADP
fbem-29584	3	23	the	the	DET
fbem-29584	3	24	perspective	perspective	NOUN
fbem-29584	3	25	of	of	ADP
fbem-29584	3	26	firm	firm	ADJ
fbem-29584	3	27	heterogeneity	heterogeneity	NOUN
fbem-29584	3	28	,	,	PUNCT
fbem-29584	3	29	liberalization	liberalization	NOUN
fbem-29584	3	30	of	of	ADP
fbem-29584	3	31	foreign	foreign	ADJ
fbem-29584	3	32	investment	investment	NOUN
fbem-29584	3	33	entry	entry	NOUN
fbem-29584	3	34	exacerbates	exacerbate	VERB
fbem-29584	3	35	overinvestment	overinvestment	ADJ
fbem-29584	3	36	in	in	ADP
fbem-29584	3	37	firms	firm	NOUN
fbem-29584	3	38	located	locate	VERB
fbem-29584	3	39	in	in	ADP
fbem-29584	3	40	the	the	DET
fbem-29584	3	41	central	central	ADJ
fbem-29584	3	42	region	region	NOUN
fbem-29584	3	43	,	,	PUNCT
fbem-29584	3	44	and	and	CCONJ
fbem-29584	3	45	firms	firm	NOUN
fbem-29584	3	46	facing	face	VERB
fbem-29584	3	47	high	high	ADJ
fbem-29584	3	48	financing	financing	NOUN
fbem-29584	3	49	constraints	constraint	NOUN
fbem-29584	3	50	.	.	PUNCT
fbem-29584	4	1	(	(	PUNCT
fbem-29584	4	2	3	3	X
fbem-29584	4	3	)	)	PUNCT
fbem-29584	4	4	the	the	DET
fbem-29584	4	5	mechanism	mechanism	NOUN
fbem-29584	4	6	test	test	NOUN
fbem-29584	4	7	shows	show	VERB
fbem-29584	4	8	that	that	SCONJ
fbem-29584	4	9	the	the	DET
fbem-29584	4	10	inhibitory	inhibitory	ADJ
fbem-29584	4	11	effect	effect	NOUN
fbem-29584	4	12	of	of	ADP
fbem-29584	4	13	foreign	foreign	ADJ
fbem-29584	4	14	investment	investment	NOUN
fbem-29584	4	15	liberalization	liberalization	NOUN
fbem-29584	4	16	on	on	ADP
fbem-29584	4	17	the	the	DET
fbem-29584	4	18	investment	investment	NOUN
fbem-29584	4	19	efficiency	efficiency	NOUN
fbem-29584	4	20	of	of	ADP
fbem-29584	4	21	enterprises	enterprise	NOUN
fbem-29584	4	22	comes	come	VERB
fbem-29584	4	23	from	from	ADP
fbem-29584	4	24	the	the	DET
fbem-29584	4	25	intensification	intensification	NOUN
fbem-29584	4	26	of	of	ADP
fbem-29584	4	27	the	the	DET
fbem-29584	4	28	degree	degree	NOUN
fbem-29584	4	29	of	of	ADP
fbem-29584	4	30	market	market	NOUN
fbem-29584	4	31	competition	competition	NOUN
fbem-29584	4	32	and	and	CCONJ
fbem-29584	4	33	the	the	DET
fbem-29584	4	34	enhancement	enhancement	NOUN
fbem-29584	4	35	of	of	ADP
fbem-29584	4	36	environmental	environmental	ADJ
fbem-29584	4	37	uncertainty	uncertainty	NOUN
fbem-29584	4	38	.	.	PUNCT
fbem-29584	5	1	this	this	DET
fbem-29584	5	2	study	study	NOUN
fbem-29584	5	3	provides	provide	VERB
fbem-29584	5	4	a	a	DET
fbem-29584	5	5	new	new	ADJ
fbem-29584	5	6	microscopic	microscopic	ADJ
fbem-29584	5	7	explanation	explanation	NOUN
fbem-29584	5	8	for	for	ADP
fbem-29584	5	9	the	the	DET
fbem-29584	5	10	mechanism	mechanism	NOUN
fbem-29584	5	11	of	of	ADP
fbem-29584	5	12	changes	change	NOUN
fbem-29584	5	13	in	in	ADP
fbem-29584	5	14	china	china	PROPN
fbem-29584	5	15	's	's	PART
fbem-29584	5	16	enterprise	enterprise	NOUN
fbem-29584	5	17	investment	investment	NOUN
fbem-29584	5	18	efficiency	efficiency	NOUN
fbem-29584	5	19	from	from	ADP
fbem-29584	5	20	the	the	DET
fbem-29584	5	21	perspective	perspective	NOUN
fbem-29584	5	22	of	of	ADP
fbem-29584	5	23	foreign	foreign	ADJ
fbem-29584	5	24	investment	investment	NOUN
fbem-29584	5	25	liberalization	liberalization	NOUN
fbem-29584	5	26	,	,	PUNCT
fbem-29584	5	27	which	which	PRON
fbem-29584	5	28	is	be	AUX
fbem-29584	5	29	of	of	ADP
fbem-29584	5	30	policy	policy	NOUN
fbem-29584	5	31	revelation	revelation	NOUN
fbem-29584	5	32	significance	significance	NOUN
fbem-29584	5	33	for	for	ADP
fbem-29584	5	34	further	far	ADV
fbem-29584	5	35	optimizing	optimize	VERB
fbem-29584	5	36	the	the	DET
fbem-29584	5	37	policy	policy	NOUN
fbem-29584	5	38	of	of	ADP
fbem-29584	5	39	introducing	introduce	VERB
fbem-29584	5	40	foreign	foreign	ADJ
fbem-29584	5	41	investment	investment	NOUN
fbem-29584	5	42	and	and	CCONJ
fbem-29584	5	43	improving	improve	VERB
fbem-29584	5	44	enterprise	enterprise	NOUN
fbem-29584	5	45	investment	investment	NOUN
fbem-29584	5	46	efficien	efficien	NOUN
fbem-29584	5	47	cy	cy	PROPN
fbem-29584	5	48	.	.	PUNCT
fbem-29584	6	1	keywords	keyword	NOUN
fbem-29584	6	2	:	:	PUNCT
fbem-29584	6	3	foreign	foreign	ADJ
fbem-29584	6	4	entry	entry	NOUN
fbem-29584	6	5	liberalization	liberalization	NOUN
fbem-29584	6	6	,	,	PUNCT
fbem-29584	6	7	investment	investment	NOUN
fbem-29584	6	8	efficiency	efficiency	NOUN
fbem-29584	6	9	,	,	PUNCT
fbem-29584	6	10	overinvestment	overinvestment	ADJ
fbem-29584	6	11	,	,	PUNCT
fbem-29584	6	12	underinvestment	underinvestment	NOUN
fbem-29584	6	13	.	.	PUNCT
fbem-29584	7	1	1	1	X
fbem-29584	7	2	.	.	X
fbem-29584	7	3	introduction	introduction	NOUN
fbem-29584	7	4	in	in	ADP
fbem-29584	7	5	today	today	NOUN
fbem-29584	7	6	's	's	PART
fbem-29584	7	7	globalized	globalize	VERB
fbem-29584	7	8	economy	economy	NOUN
fbem-29584	7	9	,	,	PUNCT
fbem-29584	7	10	foreign	foreign	ADJ
fbem-29584	7	11	entry	entry	NOUN
fbem-29584	7	12	liberalization	liberalization	NOUN
fbem-29584	7	13	is	be	AUX
fbem-29584	7	14	a	a	DET
fbem-29584	7	15	pivotal	pivotal	ADJ
fbem-29584	7	16	strategy	strategy	NOUN
fbem-29584	7	17	for	for	ADP
fbem-29584	7	18	fostering	foster	VERB
fbem-29584	7	19	national	national	ADJ
fbem-29584	7	20	economic	economic	ADJ
fbem-29584	7	21	growth	growth	NOUN
fbem-29584	7	22	.	.	PUNCT
fbem-29584	8	1	as	as	ADP
fbem-29584	8	2	a	a	DET
fbem-29584	8	3	key	key	ADJ
fbem-29584	8	4	theoretical	theoretical	ADJ
fbem-29584	8	5	and	and	CCONJ
fbem-29584	8	6	practical	practical	ADJ
fbem-29584	8	7	innovation	innovation	NOUN
fbem-29584	8	8	in	in	ADP
fbem-29584	8	9	china	china	PROPN
fbem-29584	8	10	's	's	PART
fbem-29584	8	11	new	new	ADJ
fbem-29584	8	12	era	era	NOUN
fbem-29584	8	13	,	,	PUNCT
fbem-29584	8	14	foreign	foreign	ADJ
fbem-29584	8	15	entry	entry	NOUN
fbem-29584	8	16	liberalization	liberalization	NOUN
fbem-29584	8	17	has	have	AUX
fbem-29584	8	18	accelerated	accelerate	VERB
fbem-29584	8	19	alignment	alignment	NOUN
fbem-29584	8	20	with	with	ADP
fbem-29584	8	21	international	international	ADJ
fbem-29584	8	22	norms	norm	NOUN
fbem-29584	8	23	and	and	CCONJ
fbem-29584	8	24	advanced	advanced	ADJ
fbem-29584	8	25	standards	standard	NOUN
fbem-29584	8	26	while	while	SCONJ
fbem-29584	8	27	deepening	deepen	VERB
fbem-29584	8	28	reforms	reform	NOUN
fbem-29584	8	29	and	and	CCONJ
fbem-29584	8	30	enhancing	enhance	VERB
fbem-29584	8	31	openness	openness	NOUN
fbem-29584	8	32	.	.	PUNCT
fbem-29584	9	1	the	the	DET
fbem-29584	9	2	special	special	ADJ
fbem-29584	9	3	administrative	administrative	ADJ
fbem-29584	9	4	measures	measure	NOUN
fbem-29584	9	5	for	for	ADP
fbem-29584	9	6	foreign	foreign	ADJ
fbem-29584	9	7	investment	investment	NOUN
fbem-29584	9	8	entry	entry	NOUN
fbem-29584	9	9	(	(	PUNCT
fbem-29584	9	10	negative	negative	ADJ
fbem-29584	9	11	list	list	NOUN
fbem-29584	9	12	)	)	PUNCT
fbem-29584	9	13	,	,	PUNCT
fbem-29584	9	14	a	a	DET
fbem-29584	9	15	vital	vital	ADJ
fbem-29584	9	16	policy	policy	NOUN
fbem-29584	9	17	instrument	instrument	NOUN
fbem-29584	9	18	for	for	ADP
fbem-29584	9	19	foreign	foreign	ADJ
fbem-29584	9	20	entry	entry	NOUN
fbem-29584	9	21	liberalization	liberalization	NOUN
fbem-29584	9	22	,	,	PUNCT
fbem-29584	9	23	significantly	significantly	ADV
fbem-29584	9	24	influences	influence	VERB
fbem-29584	9	25	the	the	DET
fbem-29584	9	26	conditions	condition	NOUN
fbem-29584	9	27	and	and	CCONJ
fbem-29584	9	28	modalities	modality	NOUN
fbem-29584	9	29	of	of	ADP
fbem-29584	9	30	foreign	foreign	ADJ
fbem-29584	9	31	investors	investor	NOUN
fbem-29584	9	32	'	'	PART
fbem-29584	9	33	market	market	NOUN
fbem-29584	9	34	entry	entry	NOUN
fbem-29584	9	35	in	in	ADP
fbem-29584	9	36	china	china	PROPN
fbem-29584	9	37	.	.	PUNCT
fbem-29584	10	1	by	by	ADP
fbem-29584	10	2	delineating	delineate	VERB
fbem-29584	10	3	special	special	ADJ
fbem-29584	10	4	administrative	administrative	ADJ
fbem-29584	10	5	measures	measure	NOUN
fbem-29584	10	6	concerning	concern	VERB
fbem-29584	10	7	equity	equity	NOUN
fbem-29584	10	8	and	and	CCONJ
fbem-29584	10	9	senior	senior	ADJ
fbem-29584	10	10	management	management	NOUN
fbem-29584	10	11	,	,	PUNCT
fbem-29584	10	12	the	the	DET
fbem-29584	10	13	negative	negative	ADJ
fbem-29584	10	14	list	list	NOUN
fbem-29584	10	15	establishes	establish	VERB
fbem-29584	10	16	a	a	DET
fbem-29584	10	17	clear	clear	ADJ
fbem-29584	10	18	framework	framework	NOUN
fbem-29584	10	19	and	and	CCONJ
fbem-29584	10	20	guidance	guidance	NOUN
fbem-29584	10	21	for	for	ADP
fbem-29584	10	22	foreign	foreign	ADJ
fbem-29584	10	23	investment	investment	NOUN
fbem-29584	10	24	,	,	PUNCT
fbem-29584	10	25	reflecting	reflect	VERB
fbem-29584	10	26	china	china	PROPN
fbem-29584	10	27	's	's	PART
fbem-29584	10	28	enhanced	enhance	VERB
fbem-29584	10	29	liberalization	liberalization	NOUN
fbem-29584	10	30	and	and	CCONJ
fbem-29584	10	31	transparency	transparency	NOUN
fbem-29584	10	32	in	in	ADP
fbem-29584	10	33	foreign	foreign	ADJ
fbem-29584	10	34	investment	investment	NOUN
fbem-29584	10	35	policy	policy	NOUN
fbem-29584	10	36	,	,	PUNCT
fbem-29584	10	37	which	which	PRON
fbem-29584	10	38	fosters	foster	VERB
fbem-29584	10	39	a	a	DET
fbem-29584	10	40	fairer	fair	ADJ
fbem-29584	10	41	and	and	CCONJ
fbem-29584	10	42	more	more	ADV
fbem-29584	10	43	transparent	transparent	ADJ
fbem-29584	10	44	investment	investment	NOUN
fbem-29584	10	45	environment	environment	NOUN
fbem-29584	10	46	for	for	ADP
fbem-29584	10	47	both	both	CCONJ
fbem-29584	10	48	domestic	domestic	ADJ
fbem-29584	10	49	and	and	CCONJ
fbem-29584	10	50	foreign	foreign	ADJ
fbem-29584	10	51	firms	firm	NOUN
fbem-29584	10	52	.	.	PUNCT
fbem-29584	11	1	however	however	ADV
fbem-29584	11	2	,	,	PUNCT
fbem-29584	11	3	with	with	ADP
fbem-29584	11	4	the	the	DET
fbem-29584	11	5	deepening	deepening	NOUN
fbem-29584	11	6	of	of	ADP
fbem-29584	11	7	foreign	foreign	ADJ
fbem-29584	11	8	entry	entry	NOUN
fbem-29584	11	9	liberalization	liberalization	NOUN
fbem-29584	11	10	in	in	ADP
fbem-29584	11	11	china	china	PROPN
fbem-29584	11	12	,	,	PUNCT
fbem-29584	11	13	firms	firm	NOUN
fbem-29584	11	14	encounter	encounter	VERB
fbem-29584	11	15	more	more	ADJ
fbem-29584	11	16	opportunities	opportunity	NOUN
fbem-29584	11	17	alongside	alongside	ADP
fbem-29584	11	18	heightened	heighten	VERB
fbem-29584	11	19	market	market	NOUN
fbem-29584	11	20	competition	competition	NOUN
fbem-29584	11	21	and	and	CCONJ
fbem-29584	11	22	a	a	DET
fbem-29584	11	23	complex	complex	ADJ
fbem-29584	11	24	investment	investment	NOUN
fbem-29584	11	25	landscape	landscape	NOUN
fbem-29584	11	26	.	.	PUNCT
fbem-29584	12	1	this	this	PRON
fbem-29584	12	2	may	may	AUX
fbem-29584	12	3	prompt	prompt	VERB
fbem-29584	12	4	firms	firm	NOUN
fbem-29584	12	5	to	to	PART
fbem-29584	12	6	adopt	adopt	VERB
fbem-29584	12	7	suboptimal	suboptimal	ADJ
fbem-29584	12	8	investment	investment	NOUN
fbem-29584	12	9	strategies	strategy	NOUN
fbem-29584	12	10	to	to	PART
fbem-29584	12	11	sustain	sustain	VERB
fbem-29584	12	12	market	market	NOUN
fbem-29584	12	13	positions	position	NOUN
fbem-29584	12	14	or	or	CCONJ
fbem-29584	12	15	continually	continually	ADV
fbem-29584	12	16	adjust	adjust	VERB
fbem-29584	12	17	decisions	decision	NOUN
fbem-29584	12	18	to	to	PART
fbem-29584	12	19	mitigate	mitigate	VERB
fbem-29584	12	20	risks	risk	NOUN
fbem-29584	12	21	,	,	PUNCT
fbem-29584	12	22	ultimately	ultimately	ADV
fbem-29584	12	23	leading	lead	VERB
fbem-29584	12	24	to	to	ADP
fbem-29584	12	25	investment	investment	NOUN
fbem-29584	12	26	inefficiency	inefficiency	NOUN
fbem-29584	12	27	and	and	CCONJ
fbem-29584	12	28	resource	resource	NOUN
fbem-29584	12	29	allocation	allocation	NOUN
fbem-29584	12	30	inefficacies	inefficacy	NOUN
fbem-29584	12	31	.	.	PUNCT
fbem-29584	13	1	investment	investment	NOUN
fbem-29584	13	2	efficiency	efficiency	NOUN
fbem-29584	13	3	,	,	PUNCT
fbem-29584	13	4	a	a	DET
fbem-29584	13	5	microindicator	microindicator	NOUN
fbem-29584	13	6	of	of	ADP
fbem-29584	13	7	market	market	NOUN
fbem-29584	13	8	resource	resource	NOUN
fbem-29584	13	9	allocation	allocation	NOUN
fbem-29584	13	10	efficiency	efficiency	NOUN
fbem-29584	13	11	,	,	PUNCT
fbem-29584	13	12	is	be	AUX
fbem-29584	13	13	directly	directly	ADV
fbem-29584	13	14	correlated	correlate	VERB
fbem-29584	13	15	with	with	ADP
fbem-29584	13	16	a	a	DET
fbem-29584	13	17	firm	firm	NOUN
fbem-29584	13	18	’s	’s	PART
fbem-29584	13	19	economic	economic	ADJ
fbem-29584	13	20	value	value	NOUN
fbem-29584	13	21	and	and	CCONJ
fbem-29584	13	22	shareholders	shareholder	NOUN
fbem-29584	13	23	’	’	PART
fbem-29584	13	24	wealth	wealth	NOUN
fbem-29584	13	25	growth	growth	NOUN
fbem-29584	13	26	and	and	CCONJ
fbem-29584	13	27	significantly	significantly	ADV
fbem-29584	13	28	impacts	impact	VERB
fbem-29584	13	29	macroeconomic	macroeconomic	ADJ
fbem-29584	13	30	health	health	NOUN
fbem-29584	13	31	.	.	PUNCT
fbem-29584	14	1	thus	thus	ADV
fbem-29584	14	2	,	,	PUNCT
fbem-29584	14	3	examining	examine	VERB
fbem-29584	14	4	the	the	DET
fbem-29584	14	5	influence	influence	NOUN
fbem-29584	14	6	of	of	ADP
fbem-29584	14	7	foreign	foreign	ADJ
fbem-29584	14	8	entry	entry	NOUN
fbem-29584	14	9	liberalization	liberalization	NOUN
fbem-29584	14	10	on	on	ADP
fbem-29584	14	11	a	a	DET
fbem-29584	14	12	firm	firm	NOUN
fbem-29584	14	13	’s	’s	PART
fbem-29584	14	14	investment	investment	NOUN
fbem-29584	14	15	efficiency	efficiency	NOUN
fbem-29584	14	16	holds	hold	VERB
fbem-29584	14	17	both	both	CCONJ
fbem-29584	14	18	theoretical	theoretical	ADJ
fbem-29584	14	19	and	and	CCONJ
fbem-29584	14	20	practical	practical	ADJ
fbem-29584	14	21	relevance	relevance	NOUN
fbem-29584	14	22	in	in	ADP
fbem-29584	14	23	guiding	guide	VERB
fbem-29584	14	24	firm	firm	ADJ
fbem-29584	14	25	strategies	strategy	NOUN
fbem-29584	14	26	.	.	PUNCT
fbem-29584	15	1	the	the	DET
fbem-29584	15	2	regional	regional	ADJ
fbem-29584	15	3	and	and	CCONJ
fbem-29584	15	4	temporal	temporal	ADJ
fbem-29584	15	5	variations	variation	NOUN
fbem-29584	15	6	in	in	ADP
fbem-29584	15	7	implementing	implement	VERB
fbem-29584	15	8	the	the	DET
fbem-29584	15	9	negative	negative	ADJ
fbem-29584	15	10	list	list	NOUN
fbem-29584	15	11	create	create	VERB
fbem-29584	15	12	an	an	DET
fbem-29584	15	13	advantageous	advantageous	ADJ
fbem-29584	15	14	quasinatural	quasinatural	ADJ
fbem-29584	15	15	experimental	experimental	ADJ
fbem-29584	15	16	setting	setting	NOUN
fbem-29584	15	17	for	for	ADP
fbem-29584	15	18	this	this	DET
fbem-29584	15	19	study	study	NOUN
fbem-29584	15	20	.	.	PUNCT
fbem-29584	16	1	using	use	VERB
fbem-29584	16	2	a	a	DET
fbem-29584	16	3	sample	sample	NOUN
fbem-29584	16	4	of	of	ADP
fbem-29584	16	5	a	a	DET
fbem-29584	16	6	-	-	PUNCT
fbem-29584	16	7	share	share	NOUN
fbem-29584	16	8	listed	list	VERB
fbem-29584	16	9	firms	firm	NOUN
fbem-29584	16	10	from	from	ADP
fbem-29584	16	11	2010	2010	NUM
fbem-29584	16	12	-	-	SYM
fbem-29584	16	13	2022	2022	NUM
fbem-29584	16	14	,	,	PUNCT
fbem-29584	16	15	we	we	PRON
fbem-29584	16	16	employ	employ	VERB
fbem-29584	16	17	richardson	richardson	PROPN
fbem-29584	16	18	's	's	PART
fbem-29584	16	19	(	(	PUNCT
fbem-29584	16	20	2006	2006	NUM
fbem-29584	16	21	)	)	PUNCT
fbem-29584	16	22	method	method	NOUN
fbem-29584	16	23	to	to	PART
fbem-29584	16	24	assess	assess	VERB
fbem-29584	16	25	firm	firm	ADJ
fbem-29584	16	26	-	-	PUNCT
fbem-29584	16	27	level	level	NOUN
fbem-29584	16	28	investment	investment	NOUN
fbem-29584	16	29	efficiency	efficiency	NOUN
fbem-29584	16	30	.	.	PUNCT
fbem-29584	17	1	we	we	PRON
fbem-29584	17	2	then	then	ADV
fbem-29584	17	3	use	use	VERB
fbem-29584	17	4	the	the	DET
fbem-29584	17	5	gradual	gradual	ADJ
fbem-29584	17	6	rollout	rollout	NOUN
fbem-29584	17	7	of	of	ADP
fbem-29584	17	8	the	the	DET
fbem-29584	17	9	"	"	PUNCT
fbem-29584	17	10	negative	negative	ADJ
fbem-29584	17	11	list	list	NOUN
fbem-29584	17	12	"	"	PUNCT
fbem-29584	17	13	from	from	ADP
fbem-29584	17	14	2013	2013	NUM
fbem-29584	17	15	to	to	ADP
fbem-29584	17	16	2018	2018	NUM
fbem-29584	17	17	as	as	ADP
fbem-29584	17	18	a	a	DET
fbem-29584	17	19	proxy	proxy	NOUN
fbem-29584	17	20	variable	variable	NOUN
fbem-29584	17	21	for	for	ADP
fbem-29584	17	22	foreign	foreign	ADJ
fbem-29584	17	23	entry	entry	NOUN
fbem-29584	17	24	liberalization	liberalization	NOUN
fbem-29584	17	25	,	,	PUNCT
fbem-29584	17	26	constructing	construct	VERB
fbem-29584	17	27	a	a	DET
fbem-29584	17	28	staggered	staggered	ADJ
fbem-29584	17	29	difference	difference	NOUN
fbem-29584	17	30	-	-	PUNCT
fbem-29584	17	31	in	in	ADP
fbem-29584	17	32	-	-	PUNCT
fbem-29584	17	33	differences	difference	NOUN
fbem-29584	17	34	model	model	NOUN
fbem-29584	17	35	to	to	PART
fbem-29584	17	36	analyze	analyze	VERB
fbem-29584	17	37	its	its	PRON
fbem-29584	17	38	effects	effect	NOUN
fbem-29584	17	39	on	on	ADP
fbem-29584	17	40	investment	investment	NOUN
fbem-29584	17	41	efficiency	efficiency	NOUN
fbem-29584	17	42	.	.	PUNCT
fbem-29584	18	1	this	this	DET
fbem-29584	18	2	study	study	NOUN
fbem-29584	18	3	makes	make	VERB
fbem-29584	18	4	several	several	ADJ
fbem-29584	18	5	contributions	contribution	NOUN
fbem-29584	18	6	.	.	PUNCT
fbem-29584	19	1	first	first	ADV
fbem-29584	19	2	,	,	PUNCT
fbem-29584	19	3	prior	prior	ADJ
fbem-29584	19	4	studies	study	NOUN
fbem-29584	19	5	on	on	ADP
fbem-29584	19	6	a	a	DET
fbem-29584	19	7	firm	firm	NOUN
fbem-29584	19	8	’s	’s	PART
fbem-29584	19	9	investment	investment	NOUN
fbem-29584	19	10	efficiency	efficiency	NOUN
fbem-29584	19	11	have	have	AUX
fbem-29584	19	12	focused	focus	VERB
fbem-29584	19	13	primarily	primarily	ADV
fbem-29584	19	14	on	on	ADP
fbem-29584	19	15	firm	firm	ADJ
fbem-29584	19	16	-	-	PUNCT
fbem-29584	19	17	specific	specific	ADJ
fbem-29584	19	18	attributes	attribute	NOUN
fbem-29584	19	19	.	.	PUNCT
fbem-29584	20	1	this	this	DET
fbem-29584	20	2	study	study	NOUN
fbem-29584	20	3	,	,	PUNCT
fbem-29584	20	4	however	however	ADV
fbem-29584	20	5	,	,	PUNCT
fbem-29584	20	6	examines	examine	VERB
fbem-29584	20	7	the	the	DET
fbem-29584	20	8	influence	influence	NOUN
fbem-29584	20	9	of	of	ADP
fbem-29584	20	10	foreign	foreign	ADJ
fbem-29584	20	11	entry	entry	NOUN
fbem-29584	20	12	liberalization	liberalization	NOUN
fbem-29584	20	13	on	on	ADP
fbem-29584	20	14	a	a	DET
fbem-29584	20	15	firm	firm	NOUN
fbem-29584	20	16	’s	’s	PART
fbem-29584	20	17	investment	investment	NOUN
fbem-29584	20	18	efficiency	efficiency	NOUN
fbem-29584	20	19	,	,	PUNCT
fbem-29584	20	20	enriching	enrich	VERB
fbem-29584	20	21	our	our	PRON
fbem-29584	20	22	understanding	understanding	NOUN
fbem-29584	20	23	of	of	ADP
fbem-29584	20	24	macrolevel	macrolevel	ADJ
fbem-29584	20	25	policy	policy	NOUN
fbem-29584	20	26	's	's	PART
fbem-29584	20	27	economic	economic	ADJ
fbem-29584	20	28	effects	effect	NOUN
fbem-29584	20	29	on	on	ADP
fbem-29584	20	30	micro	micro	ADJ
fbem-29584	20	31	-	-	ADJ
fbem-29584	20	32	level	level	ADJ
fbem-29584	20	33	firms	firm	NOUN
fbem-29584	20	34	.	.	PUNCT
fbem-29584	21	1	given	give	VERB
fbem-29584	21	2	china	china	PROPN
fbem-29584	21	3	's	's	PART
fbem-29584	21	4	ongoing	ongoing	ADJ
fbem-29584	21	5	opening	opening	NOUN
fbem-29584	21	6	-	-	PUNCT
fbem-29584	21	7	up	up	NOUN
fbem-29584	21	8	,	,	PUNCT
fbem-29584	21	9	it	it	PRON
fbem-29584	21	10	offers	offer	VERB
fbem-29584	21	11	valuable	valuable	ADJ
fbem-29584	21	12	insights	insight	NOUN
fbem-29584	21	13	for	for	ADP
fbem-29584	21	14	applying	apply	VERB
fbem-29584	21	15	the	the	DET
fbem-29584	21	16	negative	negative	ADJ
fbem-29584	21	17	list	list	NOUN
fbem-29584	21	18	.	.	PUNCT
fbem-29584	22	1	second	second	ADJ
fbem-29584	22	2	,	,	PUNCT
fbem-29584	22	3	by	by	ADP
fbem-29584	22	4	leveraging	leverage	VERB
fbem-29584	22	5	a	a	DET
fbem-29584	22	6	firm	firm	NOUN
fbem-29584	22	7	’s	’s	PART
fbem-29584	22	8	microdata	microdata	NOUN
fbem-29584	22	9	,	,	PUNCT
fbem-29584	22	10	we	we	PRON
fbem-29584	22	11	analyze	analyze	VERB
fbem-29584	22	12	the	the	DET
fbem-29584	22	13	heterogeneous	heterogeneous	ADJ
fbem-29584	22	14	impact	impact	NOUN
fbem-29584	22	15	of	of	ADP
fbem-29584	22	16	foreign	foreign	ADJ
fbem-29584	22	17	entry	entry	NOUN
fbem-29584	22	18	liberalization	liberalization	NOUN
fbem-29584	22	19	on	on	ADP
fbem-29584	22	20	investment	investment	NOUN
fbem-29584	22	21	efficiency	efficiency	NOUN
fbem-29584	22	22	and	and	CCONJ
fbem-29584	22	23	establish	establish	VERB
fbem-29584	22	24	a	a	DET
fbem-29584	22	25	theoretical	theoretical	ADJ
fbem-29584	22	26	framework	framework	NOUN
fbem-29584	22	27	for	for	ADP
fbem-29584	22	28	its	its	PRON
fbem-29584	22	29	mechanism	mechanism	NOUN
fbem-29584	22	30	.	.	PUNCT
fbem-29584	23	1	this	this	DET
fbem-29584	23	2	framework	framework	NOUN
fbem-29584	23	3	clarifies	clarify	VERB
fbem-29584	23	4	the	the	DET
fbem-29584	23	5	pathway	pathway	NOUN
fbem-29584	23	6	through	through	ADP
fbem-29584	23	7	which	which	PRON
fbem-29584	23	8	foreign	foreign	ADJ
fbem-29584	23	9	entry	entry	NOUN
fbem-29584	23	10	liberalization	liberalization	NOUN
fbem-29584	23	11	influences	influence	NOUN
fbem-29584	23	12	firm	firm	ADJ
fbem-29584	23	13	investment	investment	NOUN
fbem-29584	23	14	efficiency	efficiency	NOUN
fbem-29584	23	15	at	at	ADP
fbem-29584	23	16	the	the	DET
fbem-29584	23	17	microlevel	microlevel	NOUN
fbem-29584	23	18	,	,	PUNCT
fbem-29584	23	19	deepening	deepen	VERB
fbem-29584	23	20	our	our	PRON
fbem-29584	23	21	understanding	understanding	NOUN
fbem-29584	23	22	of	of	ADP
fbem-29584	23	23	the	the	DET
fbem-29584	23	24	mechanism	mechanism	NOUN
fbem-29584	23	25	and	and	CCONJ
fbem-29584	23	26	providing	provide	VERB
fbem-29584	23	27	theoretical	theoretical	ADJ
fbem-29584	23	28	support	support	NOUN
fbem-29584	23	29	for	for	ADP
fbem-29584	23	30	policy	policy	NOUN
fbem-29584	23	31	formulation	formulation	NOUN
fbem-29584	23	32	and	and	CCONJ
fbem-29584	23	33	optimization	optimization	NOUN
fbem-29584	23	34	.	.	PUNCT
fbem-29584	24	1	2	2	X
fbem-29584	24	2	.	.	X
fbem-29584	24	3	institutional	institutional	ADJ
fbem-29584	24	4	background	background	NOUN
fbem-29584	24	5	and	and	CCONJ
fbem-29584	24	6	research	research	NOUN
fbem-29584	24	7	hypothesis	hypothesis	NOUN
fbem-29584	24	8	2.1	2.1	NUM
fbem-29584	24	9	.	.	PUNCT
fbem-29584	25	1	institutional	institutional	ADJ
fbem-29584	25	2	background	background	NOUN
fbem-29584	25	3	there	there	PRON
fbem-29584	25	4	are	be	VERB
fbem-29584	25	5	two	two	NUM
fbem-29584	25	6	main	main	ADJ
fbem-29584	25	7	measures	measure	NOUN
fbem-29584	25	8	for	for	ADP
fbem-29584	25	9	controlling	control	VERB
fbem-29584	25	10	foreign	foreign	ADJ
fbem-29584	25	11	investment	investment	NOUN
fbem-29584	25	12	access	access	NOUN
fbem-29584	25	13	:	:	PUNCT
fbem-29584	25	14	the	the	DET
fbem-29584	25	15	positive	positive	ADJ
fbem-29584	25	16	and	and	CCONJ
fbem-29584	25	17	the	the	DET
fbem-29584	25	18	negative	negative	ADJ
fbem-29584	25	19	list	list	NOUN
fbem-29584	25	20	.	.	PUNCT
fbem-29584	26	1	china	china	PROPN
fbem-29584	26	2	has	have	AUX
fbem-29584	26	3	long	long	ADV
fbem-29584	26	4	used	use	VERB
fbem-29584	26	5	the	the	DET
fbem-29584	26	6	positive	positive	ADJ
fbem-29584	26	7	list	list	NOUN
fbem-29584	26	8	model	model	NOUN
fbem-29584	26	9	,	,	PUNCT
fbem-29584	26	10	its	its	PRON
fbem-29584	26	11	access	access	NOUN
fbem-29584	26	12	rules	rule	NOUN
fbem-29584	26	13	are	be	AUX
fbem-29584	26	14	often	often	ADV
fbem-29584	26	15	ambiguous	ambiguous	ADJ
fbem-29584	26	16	,	,	PUNCT
fbem-29584	26	17	overlapping	overlap	VERB
fbem-29584	26	18	and	and	CCONJ
fbem-29584	26	19	conflicting	conflicting	ADJ
fbem-29584	26	20	,	,	PUNCT
fbem-29584	26	21	and	and	CCONJ
fbem-29584	26	22	it	it	PRON
fbem-29584	26	23	makes	make	VERB
fbem-29584	26	24	the	the	DET
fbem-29584	26	25	entry	entry	NOUN
fbem-29584	26	26	of	of	ADP
fbem-29584	26	27	foreign	foreign	ADJ
fbem-29584	26	28	-	-	PUNCT
fbem-29584	26	29	invested	invest	VERB
fbem-29584	26	30	entities	entity	NOUN
fbem-29584	26	31	subject	subject	ADJ
fbem-29584	26	32	to	to	ADP
fbem-29584	26	33	complicated	complicated	ADJ
fbem-29584	26	34	and	and	CCONJ
fbem-29584	26	35	lengthy	lengthy	ADJ
fbem-29584	26	36	administrative	administrative	ADJ
fbem-29584	26	37	approvals	approval	NOUN
fbem-29584	26	38	,	,	PUNCT
fbem-29584	26	39	interfering	interfere	VERB
fbem-29584	26	40	with	with	ADP
fbem-29584	26	41	the	the	DET
fbem-29584	26	42	independent	independent	ADJ
fbem-29584	26	43	decision	decision	NOUN
fbem-29584	26	44	-	-	PUNCT
fbem-29584	26	45	making	making	NOUN
fbem-29584	26	46	of	of	ADP
fbem-29584	26	47	foreign	foreign	ADJ
fbem-29584	26	48	investment	investment	NOUN
fbem-29584	26	49	subjects	subject	NOUN
fbem-29584	26	50	.	.	PUNCT
fbem-29584	27	1	to	to	PART
fbem-29584	27	2	further	far	ADV
fbem-29584	27	3	enhance	enhance	VERB
fbem-29584	27	4	the	the	DET
fbem-29584	27	5	opening	opening	NOUN
fbem-29584	27	6	up	up	ADP
fbem-29584	27	7	to	to	ADP
fbem-29584	27	8	the	the	DET
fbem-29584	27	9	outside	outside	ADJ
fbem-29584	27	10	world	world	NOUN
fbem-29584	27	11	and	and	CCONJ
fbem-29584	27	12	build	build	VERB
fbem-29584	27	13	a	a	DET
fbem-29584	27	14	more	more	ADV
fbem-29584	27	15	convenient	convenient	ADJ
fbem-29584	27	16	and	and	CCONJ
fbem-29584	27	17	freer	free	ADJ
fbem-29584	27	18	environment	environment	NOUN
fbem-29584	27	19	for	for	ADP
fbem-29584	27	20	foreign	foreign	ADJ
fbem-29584	27	21	investment	investment	NOUN
fbem-29584	27	22	,	,	PUNCT
fbem-29584	27	23	china	china	PROPN
fbem-29584	27	24	has	have	AUX
fbem-29584	27	25	actively	actively	ADV
fbem-29584	27	26	adopted	adopt	VERB
fbem-29584	27	27	a	a	DET
fbem-29584	27	28	negative	negative	ADJ
fbem-29584	27	29	list	list	NOUN
fbem-29584	27	30	this	this	DET
fbem-29584	27	31	model	model	NOUN
fbem-29584	27	32	explicitly	explicitly	ADV
fbem-29584	27	33	lists	list	VERB
fbem-29584	27	34	the	the	DET
fbem-29584	27	35	areas	area	NOUN
fbem-29584	27	36	in	in	ADP
fbem-29584	27	37	which	which	PRON
fbem-29584	27	38	foreign	foreign	ADJ
fbem-29584	27	39	investment	investment	NOUN
fbem-29584	27	40	is	be	AUX
fbem-29584	27	41	prohibited	prohibit	VERB
fbem-29584	27	42	or	or	CCONJ
fbem-29584	27	43	restricted	restrict	VERB
fbem-29584	27	44	and	and	CCONJ
fbem-29584	27	45	grants	grant	VERB
fbem-29584	27	46	foreign	foreign	ADJ
fbem-29584	27	47	investors	investor	NOUN
fbem-29584	27	48	the	the	DET
fbem-29584	27	49	right	right	NOUN
fbem-29584	27	50	to	to	PART
fbem-29584	27	51	invest	invest	VERB
fbem-29584	27	52	freely	freely	ADV
fbem-29584	27	53	in	in	ADP
fbem-29584	27	54	other	other	ADJ
fbem-29584	27	55	unspecified	unspecified	ADJ
fbem-29584	27	56	areas	area	NOUN
fbem-29584	27	57	,	,	PUNCT
fbem-29584	27	58	which	which	PRON
fbem-29584	27	59	has	have	VERB
fbem-29584	27	60	44	44	NUM
fbem-29584	27	61	significantly	significantly	ADV
fbem-29584	27	62	improved	improve	VERB
fbem-29584	27	63	the	the	DET
fbem-29584	27	64	level	level	NOUN
fbem-29584	27	65	of	of	ADP
fbem-29584	27	66	liberalization	liberalization	NOUN
fbem-29584	27	67	of	of	ADP
fbem-29584	27	68	foreign	foreign	ADJ
fbem-29584	27	69	investment	investment	NOUN
fbem-29584	27	70	.	.	PUNCT
fbem-29584	28	1	the	the	DET
fbem-29584	28	2	model	model	NOUN
fbem-29584	28	3	was	be	AUX
fbem-29584	28	4	piloted	pilot	VERB
fbem-29584	28	5	in	in	ADP
fbem-29584	28	6	the	the	DET
fbem-29584	28	7	shanghai	shanghai	PROPN
fbem-29584	28	8	ftz	ftz	PROPN
fbem-29584	28	9	in	in	ADP
fbem-29584	28	10	2013	2013	NUM
fbem-29584	28	11	,	,	PUNCT
fbem-29584	28	12	and	and	CCONJ
fbem-29584	28	13	subsequently	subsequently	ADV
fbem-29584	28	14	piloted	pilot	VERB
fbem-29584	28	15	in	in	ADP
fbem-29584	28	16	11	11	NUM
fbem-29584	28	17	ftzs	ftz	NOUN
fbem-29584	28	18	in	in	ADP
fbem-29584	28	19	fujian	fujian	PROPN
fbem-29584	28	20	,	,	PUNCT
fbem-29584	28	21	tianjin	tianjin	PROPN
fbem-29584	28	22	and	and	CCONJ
fbem-29584	28	23	guangdong	guangdong	PROPN
fbem-29584	28	24	in	in	ADP
fbem-29584	28	25	2015	2015	NUM
fbem-29584	28	26	and	and	CCONJ
fbem-29584	28	27	2017	2017	NUM
fbem-29584	28	28	.	.	PUNCT
fbem-29584	29	1	in	in	ADP
fbem-29584	29	2	2018	2018	NUM
fbem-29584	29	3	,	,	PUNCT
fbem-29584	29	4	this	this	DET
fbem-29584	29	5	model	model	NOUN
fbem-29584	29	6	was	be	AUX
fbem-29584	29	7	fully	fully	ADV
fbem-29584	29	8	promoted	promote	VERB
fbem-29584	29	9	nationwide	nationwide	ADV
fbem-29584	29	10	,	,	PUNCT
fbem-29584	29	11	aligned	align	VERB
fbem-29584	29	12	with	with	ADP
fbem-29584	29	13	the	the	DET
fbem-29584	29	14	current	current	ADJ
fbem-29584	29	15	international	international	ADJ
fbem-29584	29	16	rules	rule	NOUN
fbem-29584	29	17	in	in	ADP
fbem-29584	29	18	the	the	DET
fbem-29584	29	19	form	form	NOUN
fbem-29584	29	20	of	of	ADP
fbem-29584	29	21	a	a	DET
fbem-29584	29	22	separate	separate	ADJ
fbem-29584	29	23	release	release	NOUN
fbem-29584	29	24	.	.	PUNCT
fbem-29584	30	1	2.2	2.2	NUM
fbem-29584	30	2	.	.	PUNCT
fbem-29584	31	1	literature	literature	NOUN
fbem-29584	31	2	and	and	CCONJ
fbem-29584	31	3	research	research	NOUN
fbem-29584	31	4	hypothesis	hypothesis	NOUN
fbem-29584	31	5	jensen	jensen	PROPN
fbem-29584	31	6	and	and	CCONJ
fbem-29584	31	7	meckling	meckling	NOUN
fbem-29584	31	8	(	(	PUNCT
fbem-29584	31	9	1976	1976	NUM
fbem-29584	31	10	)	)	PUNCT
fbem-29584	31	11	proposed	propose	VERB
fbem-29584	31	12	the	the	DET
fbem-29584	31	13	principal‒agent	principal‒agent	PROPN
fbem-29584	31	14	framework	framework	NOUN
fbem-29584	31	15	,	,	PUNCT
fbem-29584	31	16	which	which	PRON
fbem-29584	31	17	reveals	reveal	VERB
fbem-29584	31	18	the	the	DET
fbem-29584	31	19	agency	agency	NOUN
fbem-29584	31	20	problem	problem	NOUN
fbem-29584	31	21	between	between	ADP
fbem-29584	31	22	owners	owner	NOUN
fbem-29584	31	23	and	and	CCONJ
fbem-29584	31	24	managers	manager	NOUN
fbem-29584	31	25	of	of	ADP
fbem-29584	31	26	firms	firm	NOUN
fbem-29584	31	27	,	,	PUNCT
fbem-29584	31	28	whereby	whereby	SCONJ
fbem-29584	31	29	managers	manager	NOUN
fbem-29584	31	30	utilize	utilize	VERB
fbem-29584	31	31	informational	informational	ADJ
fbem-29584	31	32	advantages	advantage	NOUN
fbem-29584	31	33	and	and	CCONJ
fbem-29584	31	34	power	power	NOUN
fbem-29584	31	35	to	to	PART
fbem-29584	31	36	gain	gain	VERB
fbem-29584	31	37	personal	personal	ADJ
fbem-29584	31	38	benefits	benefit	NOUN
fbem-29584	31	39	through	through	ADP
fbem-29584	31	40	inefficient	inefficient	ADJ
fbem-29584	31	41	investments	investment	NOUN
fbem-29584	31	42	.	.	PUNCT
fbem-29584	32	1	this	this	DET
fbem-29584	32	2	theory	theory	NOUN
fbem-29584	32	3	inspired	inspire	VERB
fbem-29584	32	4	the	the	DET
fbem-29584	32	5	free	free	ADJ
fbem-29584	32	6	cash	cash	NOUN
fbem-29584	32	7	flow	flow	NOUN
fbem-29584	32	8	theory	theory	NOUN
fbem-29584	32	9	(	(	PUNCT
fbem-29584	32	10	jensen	jensen	PROPN
fbem-29584	32	11	,	,	PUNCT
fbem-29584	32	12	1986	1986	NUM
fbem-29584	32	13	)	)	PUNCT
fbem-29584	32	14	,	,	PUNCT
fbem-29584	32	15	which	which	PRON
fbem-29584	32	16	advocates	advocate	VERB
fbem-29584	32	17	the	the	DET
fbem-29584	32	18	distribution	distribution	NOUN
fbem-29584	32	19	of	of	ADP
fbem-29584	32	20	the	the	DET
fbem-29584	32	21	firm	firm	NOUN
fbem-29584	32	22	's	's	PART
fbem-29584	32	23	surplus	surplus	ADJ
fbem-29584	32	24	capital	capital	NOUN
fbem-29584	32	25	to	to	ADP
fbem-29584	32	26	shareholders	shareholder	NOUN
fbem-29584	32	27	.	.	PUNCT
fbem-29584	33	1	however	however	ADV
fbem-29584	33	2	,	,	PUNCT
fbem-29584	33	3	managers	manager	NOUN
fbem-29584	33	4	tend	tend	VERB
fbem-29584	33	5	to	to	PART
fbem-29584	33	6	invest	invest	VERB
fbem-29584	33	7	their	their	PRON
fbem-29584	33	8	funds	fund	NOUN
fbem-29584	33	9	in	in	ADP
fbem-29584	33	10	less	less	ADV
fbem-29584	33	11	profitable	profitable	ADJ
fbem-29584	33	12	projects	project	NOUN
fbem-29584	33	13	out	out	ADP
fbem-29584	33	14	of	of	ADP
fbem-29584	33	15	self	self	NOUN
fbem-29584	33	16	-	-	PUNCT
fbem-29584	33	17	interest	interest	NOUN
fbem-29584	33	18	,	,	PUNCT
fbem-29584	33	19	leading	lead	VERB
fbem-29584	33	20	to	to	ADP
fbem-29584	33	21	overinvestment	overinvestment	NOUN
fbem-29584	33	22	.	.	PUNCT
fbem-29584	34	1	additionally	additionally	ADV
fbem-29584	34	2	,	,	PUNCT
fbem-29584	34	3	according	accord	VERB
fbem-29584	34	4	to	to	ADP
fbem-29584	34	5	the	the	DET
fbem-29584	34	6	theory	theory	NOUN
fbem-29584	34	7	of	of	ADP
fbem-29584	34	8	risk	risk	NOUN
fbem-29584	34	9	aversion	aversion	NOUN
fbem-29584	34	10	,	,	PUNCT
fbem-29584	34	11	shareholders	shareholder	NOUN
fbem-29584	34	12	and	and	CCONJ
fbem-29584	34	13	executives	executive	NOUN
fbem-29584	34	14	tend	tend	VERB
fbem-29584	34	15	to	to	PART
fbem-29584	34	16	choose	choose	VERB
fbem-29584	34	17	low	low	ADJ
fbem-29584	34	18	-	-	PUNCT
fbem-29584	34	19	risk	risk	NOUN
fbem-29584	34	20	,	,	PUNCT
fbem-29584	34	21	low	low	ADJ
fbem-29584	34	22	-	-	PUNCT
fbem-29584	34	23	return	return	NOUN
fbem-29584	34	24	investment	investment	NOUN
fbem-29584	34	25	projects	project	NOUN
fbem-29584	34	26	and	and	CCONJ
fbem-29584	34	27	abandon	abandon	VERB
fbem-29584	34	28	projects	project	NOUN
fbem-29584	34	29	that	that	PRON
fbem-29584	34	30	have	have	VERB
fbem-29584	34	31	higher	high	ADJ
fbem-29584	34	32	npv	npv	NOUN
fbem-29584	34	33	but	but	CCONJ
fbem-29584	34	34	are	be	AUX
fbem-29584	34	35	accompanied	accompany	VERB
fbem-29584	34	36	by	by	ADP
fbem-29584	34	37	greater	great	ADJ
fbem-29584	34	38	risk	risk	NOUN
fbem-29584	34	39	,	,	PUNCT
fbem-29584	34	40	thus	thus	ADV
fbem-29584	34	41	reducing	reduce	VERB
fbem-29584	34	42	the	the	DET
fbem-29584	34	43	firm	firm	NOUN
fbem-29584	34	44	's	's	PART
fbem-29584	34	45	investment	investment	NOUN
fbem-29584	34	46	efficiency	efficiency	NOUN
fbem-29584	34	47	(	(	PUNCT
fbem-29584	34	48	holmstrom,1982	holmstrom,1982	NOUN
fbem-29584	34	49	;	;	PUNCT
fbem-29584	34	50	hirshleifer	hirshleifer	NOUN
fbem-29584	34	51	and	and	CCONJ
fbem-29584	34	52	thakor,1992	thakor,1992	ADJ
fbem-29584	34	53	)	)	PUNCT
fbem-29584	34	54	.	.	PUNCT
fbem-29584	35	1	narayanan	narayanan	PROPN
fbem-29584	35	2	(	(	PUNCT
fbem-29584	35	3	1985	1985	NUM
fbem-29584	35	4	)	)	PUNCT
fbem-29584	35	5	proposed	propose	VERB
fbem-29584	35	6	short	short	ADJ
fbem-29584	35	7	-	-	PUNCT
fbem-29584	35	8	termism	termism	NOUN
fbem-29584	35	9	,	,	PUNCT
fbem-29584	35	10	which	which	PRON
fbem-29584	35	11	argues	argue	VERB
fbem-29584	35	12	that	that	SCONJ
fbem-29584	35	13	during	during	ADP
fbem-29584	35	14	a	a	DET
fbem-29584	35	15	limited	limited	ADJ
fbem-29584	35	16	tenure	tenure	NOUN
fbem-29584	35	17	,	,	PUNCT
fbem-29584	35	18	managers	manager	NOUN
fbem-29584	35	19	may	may	AUX
fbem-29584	35	20	make	make	VERB
fbem-29584	35	21	inefficient	inefficient	ADJ
fbem-29584	35	22	investments	investment	NOUN
fbem-29584	35	23	in	in	ADP
fbem-29584	35	24	pursuit	pursuit	NOUN
fbem-29584	35	25	of	of	ADP
fbem-29584	35	26	short	short	ADJ
fbem-29584	35	27	-	-	PUNCT
fbem-29584	35	28	term	term	NOUN
fbem-29584	35	29	gains	gain	NOUN
fbem-29584	35	30	.	.	PUNCT
fbem-29584	36	1	first	first	ADV
fbem-29584	36	2	,	,	PUNCT
fbem-29584	36	3	a	a	DET
fbem-29584	36	4	mover	mover	NOUN
fbem-29584	36	5	advantage	advantage	NOUN
fbem-29584	36	6	in	in	ADP
fbem-29584	36	7	market	market	NOUN
fbem-29584	36	8	competition	competition	NOUN
fbem-29584	36	9	explains	explain	VERB
fbem-29584	36	10	the	the	DET
fbem-29584	36	11	competitive	competitive	ADJ
fbem-29584	36	12	advantages	advantage	NOUN
fbem-29584	36	13	of	of	ADP
fbem-29584	36	14	first	first	ADJ
fbem-29584	36	15	-	-	PUNCT
fbem-29584	36	16	tomarket	tomarket	NOUN
fbem-29584	36	17	firms	firm	NOUN
fbem-29584	36	18	over	over	ADP
fbem-29584	36	19	later	later	ADJ
fbem-29584	36	20	entrants	entrant	NOUN
fbem-29584	36	21	,	,	PUNCT
fbem-29584	36	22	such	such	ADJ
fbem-29584	36	23	as	as	ADP
fbem-29584	36	24	technology	technology	NOUN
fbem-29584	36	25	patents	patent	NOUN
fbem-29584	36	26	,	,	PUNCT
fbem-29584	36	27	access	access	NOUN
fbem-29584	36	28	to	to	ADP
fbem-29584	36	29	resources	resource	NOUN
fbem-29584	36	30	and	and	CCONJ
fbem-29584	36	31	cost	cost	NOUN
fbem-29584	36	32	advantages	advantage	NOUN
fbem-29584	36	33	.	.	PUNCT
fbem-29584	37	1	according	accord	VERB
fbem-29584	37	2	to	to	ADP
fbem-29584	37	3	customer	customer	NOUN
fbem-29584	37	4	lock	lock	NOUN
fbem-29584	37	5	-	-	PUNCT
fbem-29584	37	6	in	in	ADP
fbem-29584	37	7	theory	theory	NOUN
fbem-29584	37	8	,	,	PUNCT
fbem-29584	37	9	on	on	ADP
fbem-29584	37	10	the	the	DET
fbem-29584	37	11	other	other	ADJ
fbem-29584	37	12	hand	hand	NOUN
fbem-29584	37	13	,	,	PUNCT
fbem-29584	37	14	the	the	DET
fbem-29584	37	15	initial	initial	ADJ
fbem-29584	37	16	entry	entry	NOUN
fbem-29584	37	17	of	of	ADP
fbem-29584	37	18	firms	firm	NOUN
fbem-29584	37	19	into	into	ADP
fbem-29584	37	20	the	the	DET
fbem-29584	37	21	market	market	NOUN
fbem-29584	37	22	can	can	AUX
fbem-29584	37	23	increase	increase	VERB
fbem-29584	37	24	the	the	DET
fbem-29584	37	25	switching	switch	VERB
fbem-29584	37	26	cost	cost	NOUN
fbem-29584	37	27	of	of	ADP
fbem-29584	37	28	customers	customer	NOUN
fbem-29584	37	29	,	,	PUNCT
fbem-29584	37	30	thus	thus	ADV
fbem-29584	37	31	maintaining	maintain	VERB
fbem-29584	37	32	long	long	ADJ
fbem-29584	37	33	-	-	PUNCT
fbem-29584	37	34	term	term	NOUN
fbem-29584	37	35	market	market	NOUN
fbem-29584	37	36	exclusivity	exclusivity	NOUN
fbem-29584	37	37	and	and	CCONJ
fbem-29584	37	38	bringing	bring	VERB
fbem-29584	37	39	more	more	ADJ
fbem-29584	37	40	advantages	advantage	NOUN
fbem-29584	37	41	for	for	ADP
fbem-29584	37	42	the	the	DET
fbem-29584	37	43	long	long	ADJ
fbem-29584	37	44	-	-	PUNCT
fbem-29584	37	45	term	term	NOUN
fbem-29584	37	46	development	development	NOUN
fbem-29584	37	47	of	of	ADP
fbem-29584	37	48	firms	firm	NOUN
fbem-29584	37	49	.	.	PUNCT
fbem-29584	38	1	after	after	ADP
fbem-29584	38	2	starting	start	VERB
fbem-29584	38	3	to	to	PART
fbem-29584	38	4	gradually	gradually	ADV
fbem-29584	38	5	implement	implement	VERB
fbem-29584	38	6	the	the	DET
fbem-29584	38	7	negative	negative	ADJ
fbem-29584	38	8	list	list	NOUN
fbem-29584	38	9	,	,	PUNCT
fbem-29584	38	10	more	more	ADJ
fbem-29584	38	11	types	type	NOUN
fbem-29584	38	12	and	and	CCONJ
fbem-29584	38	13	numbers	number	NOUN
fbem-29584	38	14	of	of	ADP
fbem-29584	38	15	foreign	foreign	ADJ
fbem-29584	38	16	-	-	PUNCT
fbem-29584	38	17	invested	invest	VERB
fbem-29584	38	18	entities	entity	NOUN
fbem-29584	38	19	will	will	AUX
fbem-29584	38	20	enter	enter	VERB
fbem-29584	38	21	the	the	DET
fbem-29584	38	22	market	market	NOUN
fbem-29584	38	23	,	,	PUNCT
fbem-29584	38	24	changing	change	VERB
fbem-29584	38	25	its	its	PRON
fbem-29584	38	26	original	original	ADJ
fbem-29584	38	27	pattern	pattern	NOUN
fbem-29584	38	28	.	.	PUNCT
fbem-29584	39	1	scherer	scherer	PROPN
fbem-29584	39	2	and	and	CCONJ
fbem-29584	39	3	huh	huh	INTJ
fbem-29584	39	4	(	(	PUNCT
fbem-29584	39	5	1992	1992	NUM
fbem-29584	39	6	)	)	PUNCT
fbem-29584	39	7	noted	note	VERB
fbem-29584	39	8	that	that	SCONJ
fbem-29584	39	9	in	in	ADP
fbem-29584	39	10	the	the	DET
fbem-29584	39	11	face	face	NOUN
fbem-29584	39	12	of	of	ADP
fbem-29584	39	13	the	the	DET
fbem-29584	39	14	entry	entry	NOUN
fbem-29584	39	15	of	of	ADP
fbem-29584	39	16	foreign	foreign	ADJ
fbem-29584	39	17	capital	capital	NOUN
fbem-29584	39	18	,	,	PUNCT
fbem-29584	39	19	firms	firm	NOUN
fbem-29584	39	20	generally	generally	ADV
fbem-29584	39	21	adopt	adopt	VERB
fbem-29584	39	22	a	a	DET
fbem-29584	39	23	“	"	PUNCT
fbem-29584	39	24	compromise	compromise	NOUN
fbem-29584	39	25	strategy	strategy	NOUN
fbem-29584	39	26	”	"	PUNCT
fbem-29584	39	27	or	or	CCONJ
fbem-29584	39	28	“	"	PUNCT
fbem-29584	39	29	frontal	frontal	ADJ
fbem-29584	39	30	competition	competition	NOUN
fbem-29584	39	31	strategy	strategy	NOUN
fbem-29584	39	32	”	"	PUNCT
fbem-29584	39	33	.	.	PUNCT
fbem-29584	40	1	dixit	dixit	PROPN
fbem-29584	40	2	(	(	PUNCT
fbem-29584	40	3	1980	1980	NUM
fbem-29584	40	4	)	)	PUNCT
fbem-29584	40	5	suggested	suggest	VERB
fbem-29584	40	6	that	that	SCONJ
fbem-29584	40	7	under	under	ADP
fbem-29584	40	8	a	a	DET
fbem-29584	40	9	fixed	fix	VERB
fbem-29584	40	10	market	market	NOUN
fbem-29584	40	11	capacity	capacity	NOUN
fbem-29584	40	12	,	,	PUNCT
fbem-29584	40	13	firms	firm	NOUN
fbem-29584	40	14	may	may	AUX
fbem-29584	40	15	adopt	adopt	VERB
fbem-29584	40	16	a	a	DET
fbem-29584	40	17	preemptive	preemptive	ADJ
fbem-29584	40	18	strategy	strategy	NOUN
fbem-29584	40	19	to	to	PART
fbem-29584	40	20	achieve	achieve	VERB
fbem-29584	40	21	resource	resource	NOUN
fbem-29584	40	22	and	and	CCONJ
fbem-29584	40	23	cost	cost	NOUN
fbem-29584	40	24	advantages	advantage	NOUN
fbem-29584	40	25	through	through	ADP
fbem-29584	40	26	overinvestment	overinvestment	NOUN
fbem-29584	40	27	to	to	AUX
fbem-29584	40	28	preemptively	preemptively	ADV
fbem-29584	40	29	force	force	VERB
fbem-29584	40	30	competitors	competitor	NOUN
fbem-29584	40	31	to	to	PART
fbem-29584	40	32	quit	quit	VERB
fbem-29584	40	33	the	the	DET
fbem-29584	40	34	market	market	NOUN
fbem-29584	40	35	to	to	PART
fbem-29584	40	36	maintain	maintain	VERB
fbem-29584	40	37	their	their	PRON
fbem-29584	40	38	own	own	ADJ
fbem-29584	40	39	market	market	NOUN
fbem-29584	40	40	share	share	NOUN
fbem-29584	40	41	.	.	PUNCT
fbem-29584	41	1	cohen	cohen	NOUN
fbem-29584	41	2	and	and	CCONJ
fbem-29584	41	3	levinthal	levinthal	NOUN
fbem-29584	41	4	(	(	PUNCT
fbem-29584	41	5	1990	1990	NUM
fbem-29584	41	6	)	)	PUNCT
fbem-29584	41	7	noted	note	VERB
fbem-29584	41	8	that	that	SCONJ
fbem-29584	41	9	even	even	ADV
fbem-29584	41	10	if	if	SCONJ
fbem-29584	41	11	the	the	DET
fbem-29584	41	12	npv	npv	NOUN
fbem-29584	41	13	is	be	AUX
fbem-29584	41	14	negative	negative	ADJ
fbem-29584	41	15	,	,	PUNCT
fbem-29584	41	16	overinvestment	overinvestment	NOUN
fbem-29584	41	17	can	can	AUX
fbem-29584	41	18	also	also	ADV
fbem-29584	41	19	provide	provide	VERB
fbem-29584	41	20	firms	firm	NOUN
fbem-29584	41	21	with	with	ADP
fbem-29584	41	22	first	first	ADJ
fbem-29584	41	23	-	-	PUNCT
fbem-29584	41	24	mover	mover	NOUN
fbem-29584	41	25	advantages	advantage	NOUN
fbem-29584	41	26	and	and	CCONJ
fbem-29584	41	27	improve	improve	VERB
fbem-29584	41	28	their	their	PRON
fbem-29584	41	29	talent	talent	NOUN
fbem-29584	41	30	and	and	CCONJ
fbem-29584	41	31	technology	technology	NOUN
fbem-29584	41	32	absorption	absorption	NOUN
fbem-29584	41	33	capacity	capacity	NOUN
fbem-29584	41	34	.	.	PUNCT
fbem-29584	42	1	from	from	ADP
fbem-29584	42	2	the	the	DET
fbem-29584	42	3	perspective	perspective	NOUN
fbem-29584	42	4	of	of	ADP
fbem-29584	42	5	industrial	industrial	ADJ
fbem-29584	42	6	economics	economic	NOUN
fbem-29584	42	7	,	,	PUNCT
fbem-29584	42	8	dixit	dixit	PROPN
fbem-29584	42	9	and	and	CCONJ
fbem-29584	42	10	pindyck	pindyck	ADJ
fbem-29584	42	11	(	(	PUNCT
fbem-29584	42	12	1994	1994	NUM
fbem-29584	42	13	)	)	PUNCT
fbem-29584	42	14	posited	posit	VERB
fbem-29584	42	15	that	that	SCONJ
fbem-29584	42	16	the	the	DET
fbem-29584	42	17	excess	excess	ADJ
fbem-29584	42	18	production	production	NOUN
fbem-29584	42	19	capacity	capacity	NOUN
fbem-29584	42	20	of	of	ADP
fbem-29584	42	21	firms	firm	NOUN
fbem-29584	42	22	may	may	AUX
fbem-29584	42	23	lead	lead	VERB
fbem-29584	42	24	to	to	ADP
fbem-29584	42	25	predominance	predominance	NOUN
fbem-29584	42	26	and	and	CCONJ
fbem-29584	42	27	threaten	threaten	VERB
fbem-29584	42	28	potential	potential	ADJ
fbem-29584	42	29	competitors	competitor	NOUN
fbem-29584	42	30	through	through	ADP
fbem-29584	42	31	price	price	NOUN
fbem-29584	42	32	or	or	CCONJ
fbem-29584	42	33	output	output	NOUN
fbem-29584	42	34	competition	competition	NOUN
fbem-29584	42	35	,	,	PUNCT
fbem-29584	42	36	thus	thus	ADV
fbem-29584	42	37	preventing	prevent	VERB
fbem-29584	42	38	them	they	PRON
fbem-29584	42	39	from	from	ADP
fbem-29584	42	40	entering	enter	VERB
fbem-29584	42	41	the	the	DET
fbem-29584	42	42	market	market	NOUN
fbem-29584	42	43	.	.	PUNCT
fbem-29584	43	1	some	some	DET
fbem-29584	43	2	scholars	scholar	NOUN
fbem-29584	43	3	have	have	AUX
fbem-29584	43	4	shown	show	VERB
fbem-29584	43	5	that	that	SCONJ
fbem-29584	43	6	the	the	DET
fbem-29584	43	7	intensification	intensification	NOUN
fbem-29584	43	8	of	of	ADP
fbem-29584	43	9	market	market	NOUN
fbem-29584	43	10	competition	competition	NOUN
fbem-29584	43	11	leads	lead	VERB
fbem-29584	43	12	to	to	ADP
fbem-29584	43	13	the	the	DET
fbem-29584	43	14	inefficient	inefficient	ADJ
fbem-29584	43	15	investment	investment	NOUN
fbem-29584	43	16	of	of	ADP
fbem-29584	43	17	firms	firm	NOUN
fbem-29584	43	18	,	,	PUNCT
fbem-29584	43	19	although	although	SCONJ
fbem-29584	43	20	this	this	PRON
fbem-29584	43	21	may	may	AUX
fbem-29584	43	22	also	also	ADV
fbem-29584	43	23	be	be	AUX
fbem-29584	43	24	a	a	DET
fbem-29584	43	25	rational	rational	ADJ
fbem-29584	43	26	response	response	NOUN
fbem-29584	43	27	of	of	ADP
fbem-29584	43	28	firms	firm	NOUN
fbem-29584	43	29	to	to	ADP
fbem-29584	43	30	strategic	strategic	ADJ
fbem-29584	43	31	considerations	consideration	NOUN
fbem-29584	43	32	(	(	PUNCT
fbem-29584	43	33	besanko	besanko	NOUN
fbem-29584	43	34	and	and	CCONJ
fbem-29584	43	35	wu,2013	wu,2013	ADP
fbem-29584	43	36	;	;	PUNCT
fbem-29584	43	37	raith,2001	raith,2001	NOUN
fbem-29584	43	38	)	)	PUNCT
fbem-29584	43	39	.	.	PUNCT
fbem-29584	44	1	additionally	additionally	ADV
fbem-29584	44	2	,	,	PUNCT
fbem-29584	44	3	foreign	foreign	ADJ
fbem-29584	44	4	entry	entry	NOUN
fbem-29584	44	5	liberalization	liberalization	NOUN
fbem-29584	44	6	also	also	ADV
fbem-29584	44	7	causes	cause	VERB
fbem-29584	44	8	some	some	DET
fbem-29584	44	9	fluctuations	fluctuation	NOUN
fbem-29584	44	10	in	in	ADP
fbem-29584	44	11	the	the	DET
fbem-29584	44	12	economic	economic	ADJ
fbem-29584	44	13	environment	environment	NOUN
fbem-29584	44	14	.	.	PUNCT
fbem-29584	45	1	the	the	DET
fbem-29584	45	2	large	large	ADJ
fbem-29584	45	3	-	-	PUNCT
fbem-29584	45	4	scale	scale	NOUN
fbem-29584	45	5	entry	entry	NOUN
fbem-29584	45	6	of	of	ADP
fbem-29584	45	7	foreign	foreign	ADJ
fbem-29584	45	8	capital	capital	NOUN
fbem-29584	45	9	will	will	AUX
fbem-29584	45	10	change	change	VERB
fbem-29584	45	11	the	the	DET
fbem-29584	45	12	market	market	NOUN
fbem-29584	45	13	environment	environment	NOUN
fbem-29584	45	14	of	of	ADP
fbem-29584	45	15	local	local	ADJ
fbem-29584	45	16	firms	firm	NOUN
fbem-29584	45	17	to	to	ADP
fbem-29584	45	18	a	a	DET
fbem-29584	45	19	certain	certain	ADJ
fbem-29584	45	20	extent	extent	NOUN
fbem-29584	45	21	and	and	CCONJ
fbem-29584	45	22	bring	bring	VERB
fbem-29584	45	23	uncertainty	uncertainty	NOUN
fbem-29584	45	24	to	to	ADP
fbem-29584	45	25	the	the	DET
fbem-29584	45	26	production	production	NOUN
fbem-29584	45	27	and	and	CCONJ
fbem-29584	45	28	business	business	NOUN
fbem-29584	45	29	activities	activity	NOUN
fbem-29584	45	30	of	of	ADP
fbem-29584	45	31	firms	firm	NOUN
fbem-29584	45	32	.	.	PUNCT
fbem-29584	46	1	this	this	DET
fbem-29584	46	2	volatility	volatility	NOUN
fbem-29584	46	3	and	and	CCONJ
fbem-29584	46	4	unpredictability	unpredictability	NOUN
fbem-29584	46	5	of	of	ADP
fbem-29584	46	6	the	the	DET
fbem-29584	46	7	environment	environment	NOUN
fbem-29584	46	8	will	will	AUX
fbem-29584	46	9	affect	affect	VERB
fbem-29584	46	10	the	the	DET
fbem-29584	46	11	business	business	NOUN
fbem-29584	46	12	activities	activity	NOUN
fbem-29584	46	13	of	of	ADP
fbem-29584	46	14	firms	firm	NOUN
fbem-29584	46	15	.	.	PUNCT
fbem-29584	47	1	bloom	bloom	NOUN
fbem-29584	47	2	(	(	PUNCT
fbem-29584	47	3	2007	2007	NUM
fbem-29584	47	4	)	)	PUNCT
fbem-29584	47	5	proved	prove	VERB
fbem-29584	47	6	that	that	SCONJ
fbem-29584	47	7	environmental	environmental	ADJ
fbem-29584	47	8	uncertainty	uncertainty	NOUN
fbem-29584	47	9	is	be	AUX
fbem-29584	47	10	positively	positively	ADV
fbem-29584	47	11	correlated	correlate	VERB
fbem-29584	47	12	with	with	ADP
fbem-29584	47	13	firms	firm	NOUN
fbem-29584	47	14	’	’	PART
fbem-29584	47	15	investment	investment	NOUN
fbem-29584	47	16	deviation	deviation	NOUN
fbem-29584	47	17	and	and	CCONJ
fbem-29584	47	18	that	that	SCONJ
fbem-29584	47	19	environmental	environmental	ADJ
fbem-29584	47	20	uncertainty	uncertainty	NOUN
fbem-29584	47	21	will	will	AUX
fbem-29584	47	22	lead	lead	VERB
fbem-29584	47	23	firms	firm	NOUN
fbem-29584	47	24	’	'	PUNCT
fbem-29584	47	25	managers	manager	NOUN
fbem-29584	47	26	to	to	PART
fbem-29584	47	27	be	be	AUX
fbem-29584	47	28	more	more	ADV
fbem-29584	47	29	cautious	cautious	ADJ
fbem-29584	47	30	in	in	ADP
fbem-29584	47	31	investing	invest	VERB
fbem-29584	47	32	.	.	PUNCT
fbem-29584	48	1	on	on	ADP
fbem-29584	48	2	the	the	DET
fbem-29584	48	3	one	one	NUM
fbem-29584	48	4	hand	hand	NOUN
fbem-29584	48	5	,	,	PUNCT
fbem-29584	48	6	almeida	almeida	PROPN
fbem-29584	48	7	and	and	CCONJ
fbem-29584	48	8	campello	campello	PROPN
fbem-29584	48	9	(	(	PUNCT
fbem-29584	48	10	2007	2007	NUM
fbem-29584	48	11	)	)	PUNCT
fbem-29584	48	12	noted	note	VERB
fbem-29584	48	13	that	that	SCONJ
fbem-29584	48	14	to	to	PART
fbem-29584	48	15	cope	cope	VERB
fbem-29584	48	16	with	with	ADP
fbem-29584	48	17	the	the	DET
fbem-29584	48	18	risks	risk	NOUN
fbem-29584	48	19	of	of	ADP
fbem-29584	48	20	emergencies	emergency	NOUN
fbem-29584	48	21	caused	cause	VERB
fbem-29584	48	22	by	by	ADP
fbem-29584	48	23	the	the	DET
fbem-29584	48	24	environmental	environmental	ADJ
fbem-29584	48	25	uncertainties	uncertainty	NOUN
fbem-29584	48	26	brought	bring	VERB
fbem-29584	48	27	about	about	ADP
fbem-29584	48	28	by	by	ADP
fbem-29584	48	29	large	large	ADJ
fbem-29584	48	30	-	-	PUNCT
fbem-29584	48	31	scale	scale	NOUN
fbem-29584	48	32	foreign	foreign	ADJ
fbem-29584	48	33	investment	investment	NOUN
fbem-29584	48	34	,	,	PUNCT
fbem-29584	48	35	firms	firm	NOUN
fbem-29584	48	36	must	must	AUX
fbem-29584	48	37	balance	balance	VERB
fbem-29584	48	38	future	future	ADJ
fbem-29584	48	39	expenditures	expenditure	NOUN
fbem-29584	48	40	with	with	ADP
fbem-29584	48	41	current	current	ADJ
fbem-29584	48	42	investments	investment	NOUN
fbem-29584	48	43	and	and	CCONJ
fbem-29584	48	44	retain	retain	VERB
fbem-29584	48	45	more	more	ADJ
fbem-29584	48	46	cash	cash	NOUN
fbem-29584	48	47	,	,	PUNCT
fbem-29584	48	48	thus	thus	ADV
fbem-29584	48	49	resulting	result	VERB
fbem-29584	48	50	in	in	ADP
fbem-29584	48	51	insufficient	insufficient	ADJ
fbem-29584	48	52	investment	investment	NOUN
fbem-29584	48	53	.	.	PUNCT
fbem-29584	49	1	moreover	moreover	ADV
fbem-29584	49	2	,	,	PUNCT
fbem-29584	49	3	banerjee	banerjee	PROPN
fbem-29584	49	4	(	(	PUNCT
fbem-29584	49	5	1992	1992	NUM
fbem-29584	49	6	)	)	PUNCT
fbem-29584	49	7	,	,	PUNCT
fbem-29584	49	8	dixit	dixit	PROPN
fbem-29584	49	9	et	et	PROPN
fbem-29584	49	10	al	al	PROPN
fbem-29584	49	11	.	.	PROPN
fbem-29584	49	12	(	(	PUNCT
fbem-29584	49	13	1994	1994	NUM
fbem-29584	49	14	)	)	PUNCT
fbem-29584	49	15	,	,	PUNCT
fbem-29584	49	16	and	and	CCONJ
fbem-29584	49	17	paraskevopoulos	paraskevopoulo	NOUN
fbem-29584	49	18	and	and	CCONJ
fbem-29584	49	19	pitelis	piteli	NOUN
fbem-29584	49	20	(	(	PUNCT
fbem-29584	49	21	1995	1995	NUM
fbem-29584	49	22	)	)	PUNCT
fbem-29584	49	23	noted	note	VERB
fbem-29584	49	24	that	that	SCONJ
fbem-29584	49	25	in	in	ADP
fbem-29584	49	26	the	the	DET
fbem-29584	49	27	face	face	NOUN
fbem-29584	49	28	of	of	ADP
fbem-29584	49	29	uncertainty	uncertainty	NOUN
fbem-29584	49	30	in	in	ADP
fbem-29584	49	31	the	the	DET
fbem-29584	49	32	external	external	ADJ
fbem-29584	49	33	environment	environment	NOUN
fbem-29584	49	34	,	,	PUNCT
fbem-29584	49	35	firms	firm	NOUN
fbem-29584	49	36	may	may	AUX
fbem-29584	49	37	choose	choose	VERB
fbem-29584	49	38	to	to	PART
fbem-29584	49	39	adopt	adopt	VERB
fbem-29584	49	40	behavior	behavior	NOUN
fbem-29584	49	41	that	that	PRON
fbem-29584	49	42	reduces	reduce	VERB
fbem-29584	49	43	the	the	DET
fbem-29584	49	44	risk	risk	NOUN
fbem-29584	49	45	of	of	ADP
fbem-29584	49	46	misjudgment	misjudgment	NOUN
fbem-29584	49	47	.	.	PUNCT
fbem-29584	50	1	abrahamson	abrahamson	NOUN
fbem-29584	50	2	and	and	CCONJ
fbem-29584	50	3	rosenkopf	rosenkopf	PROPN
fbem-29584	50	4	(	(	PUNCT
fbem-29584	50	5	1993	1993	NUM
fbem-29584	50	6	)	)	PUNCT
fbem-29584	50	7	noted	note	VERB
fbem-29584	50	8	that	that	SCONJ
fbem-29584	50	9	when	when	SCONJ
fbem-29584	50	10	certain	certain	ADJ
fbem-29584	50	11	behaviors	behavior	NOUN
fbem-29584	50	12	are	be	AUX
fbem-29584	50	13	recognized	recognize	VERB
fbem-29584	50	14	and	and	CCONJ
fbem-29584	50	15	implemented	implement	VERB
fbem-29584	50	16	by	by	ADP
fbem-29584	50	17	most	most	ADJ
fbem-29584	50	18	firms	firm	NOUN
fbem-29584	50	19	,	,	PUNCT
fbem-29584	50	20	other	other	ADJ
fbem-29584	50	21	firms	firm	NOUN
fbem-29584	50	22	may	may	AUX
fbem-29584	50	23	be	be	AUX
fbem-29584	50	24	"	"	PUNCT
fbem-29584	50	25	forced	force	VERB
fbem-29584	50	26	"	"	PUNCT
fbem-29584	50	27	to	to	PART
fbem-29584	50	28	follow	follow	VERB
fbem-29584	50	29	the	the	DET
fbem-29584	50	30	crowd	crowd	NOUN
fbem-29584	50	31	,	,	PUNCT
fbem-29584	50	32	which	which	PRON
fbem-29584	50	33	affects	affect	VERB
fbem-29584	50	34	investment	investment	NOUN
fbem-29584	50	35	efficiency	efficiency	NOUN
fbem-29584	50	36	.	.	PUNCT
fbem-29584	51	1	therefore	therefore	ADV
fbem-29584	51	2	,	,	PUNCT
fbem-29584	51	3	this	this	DET
fbem-29584	51	4	study	study	NOUN
fbem-29584	51	5	proposes	propose	VERB
fbem-29584	51	6	the	the	DET
fbem-29584	51	7	following	follow	VERB
fbem-29584	51	8	hypothesis	hypothesis	NOUN
fbem-29584	51	9	:	:	PUNCT
fbem-29584	51	10	foreign	foreign	ADJ
fbem-29584	51	11	entry	entry	NOUN
fbem-29584	51	12	liberalization	liberalization	NOUN
fbem-29584	51	13	intensifies	intensifie	NOUN
fbem-29584	51	14	market	market	NOUN
fbem-29584	51	15	competition	competition	NOUN
fbem-29584	51	16	and	and	CCONJ
fbem-29584	51	17	environmental	environmental	ADJ
fbem-29584	51	18	uncertainty	uncertainty	NOUN
fbem-29584	51	19	,	,	PUNCT
fbem-29584	51	20	thus	thus	ADV
fbem-29584	51	21	reducing	reduce	VERB
fbem-29584	51	22	a	a	DET
fbem-29584	51	23	firm	firm	NOUN
fbem-29584	51	24	’s	’s	PART
fbem-29584	51	25	investment	investment	NOUN
fbem-29584	51	26	efficiency	efficiency	NOUN
fbem-29584	51	27	.	.	PUNCT
fbem-29584	52	1	3	3	X
fbem-29584	52	2	.	.	X
fbem-29584	52	3	research	research	NOUN
fbem-29584	52	4	design	design	PROPN
fbem-29584	52	5	3.1	3.1	NUM
fbem-29584	52	6	.	.	PUNCT
fbem-29584	53	1	sample	sample	NOUN
fbem-29584	53	2	select	select	NOUN
fbem-29584	53	3	this	this	DET
fbem-29584	53	4	study	study	NOUN
fbem-29584	53	5	takes	take	VERB
fbem-29584	53	6	the	the	DET
fbem-29584	53	7	implementation	implementation	NOUN
fbem-29584	53	8	of	of	ADP
fbem-29584	53	9	the	the	DET
fbem-29584	53	10	negative	negative	ADJ
fbem-29584	53	11	list	list	NOUN
fbem-29584	53	12	as	as	ADP
fbem-29584	53	13	a	a	DET
fbem-29584	53	14	proxy	proxy	NOUN
fbem-29584	53	15	variable	variable	NOUN
fbem-29584	53	16	for	for	ADP
fbem-29584	53	17	foreign	foreign	ADJ
fbem-29584	53	18	entry	entry	NOUN
fbem-29584	53	19	liberalization	liberalization	NOUN
fbem-29584	53	20	.	.	PUNCT
fbem-29584	54	1	we	we	PRON
fbem-29584	54	2	manually	manually	ADV
fbem-29584	54	3	collect	collect	VERB
fbem-29584	54	4	data	datum	NOUN
fbem-29584	54	5	on	on	ADP
fbem-29584	54	6	the	the	DET
fbem-29584	54	7	regions	region	NOUN
fbem-29584	54	8	participating	participate	VERB
fbem-29584	54	9	in	in	ADP
fbem-29584	54	10	the	the	DET
fbem-29584	54	11	pilot	pilot	NOUN
fbem-29584	54	12	and	and	CCONJ
fbem-29584	54	13	the	the	DET
fbem-29584	54	14	pilot	pilot	NOUN
fbem-29584	54	15	time	time	NOUN
fbem-29584	54	16	according	accord	VERB
fbem-29584	54	17	to	to	ADP
fbem-29584	54	18	the	the	DET
fbem-29584	54	19	policy	policy	NOUN
fbem-29584	54	20	documents	document	NOUN
fbem-29584	54	21	issued	issue	VERB
fbem-29584	54	22	by	by	ADP
fbem-29584	54	23	the	the	DET
fbem-29584	54	24	national	national	PROPN
fbem-29584	54	25	development	development	PROPN
fbem-29584	54	26	and	and	CCONJ
fbem-29584	54	27	reform	reform	PROPN
fbem-29584	54	28	commission	commission	PROPN
fbem-29584	54	29	,	,	PUNCT
fbem-29584	54	30	the	the	DET
fbem-29584	54	31	ministry	ministry	PROPN
fbem-29584	54	32	of	of	ADP
fbem-29584	54	33	commerce	commerce	PROPN
fbem-29584	54	34	and	and	CCONJ
fbem-29584	54	35	other	other	ADJ
fbem-29584	54	36	relevant	relevant	ADJ
fbem-29584	54	37	departments	department	NOUN
fbem-29584	54	38	from	from	ADP
fbem-29584	54	39	2013	2013	NUM
fbem-29584	54	40	to	to	ADP
fbem-29584	54	41	2018	2018	NUM
fbem-29584	54	42	.	.	PUNCT
fbem-29584	55	1	it	it	PRON
fbem-29584	55	2	is	be	AUX
fbem-29584	55	3	then	then	ADV
fbem-29584	55	4	matched	match	VERB
fbem-29584	55	5	with	with	ADP
fbem-29584	55	6	the	the	DET
fbem-29584	55	7	data	datum	NOUN
fbem-29584	55	8	of	of	ADP
fbem-29584	55	9	a	a	DET
fbem-29584	55	10	-	-	PUNCT
fbem-29584	55	11	share	share	NOUN
fbem-29584	55	12	listed	list	VERB
fbem-29584	55	13	firms	firm	NOUN
fbem-29584	55	14	from	from	ADP
fbem-29584	55	15	the	the	DET
fbem-29584	55	16	csmar	csmar	PROPN
fbem-29584	55	17	database	database	NOUN
fbem-29584	55	18	.	.	PUNCT
fbem-29584	56	1	samples	sample	NOUN
fbem-29584	56	2	from	from	ADP
fbem-29584	56	3	the	the	DET
fbem-29584	56	4	financial	financial	ADJ
fbem-29584	56	5	industry	industry	NOUN
fbem-29584	56	6	,	,	PUNCT
fbem-29584	56	7	sts	st	VERB
fbem-29584	56	8	and	and	CCONJ
fbem-29584	56	9	delisted	delist	VERB
fbem-29584	56	10	firms	firm	NOUN
fbem-29584	56	11	are	be	AUX
fbem-29584	56	12	excluded	exclude	VERB
fbem-29584	56	13	.	.	PUNCT
fbem-29584	57	1	samples	sample	NOUN
fbem-29584	57	2	with	with	ADP
fbem-29584	57	3	missing	miss	VERB
fbem-29584	57	4	key	key	ADJ
fbem-29584	57	5	variables	variable	NOUN
fbem-29584	57	6	are	be	AUX
fbem-29584	57	7	removed	remove	VERB
fbem-29584	57	8	and	and	CCONJ
fbem-29584	57	9	the	the	DET
fbem-29584	57	10	tail	tail	NOUN
fbem-29584	57	11	of	of	ADP
fbem-29584	57	12	key	key	ADJ
fbem-29584	57	13	variables	variable	NOUN
fbem-29584	57	14	is	be	AUX
fbem-29584	57	15	reduced	reduce	VERB
fbem-29584	57	16	by	by	ADP
fbem-29584	57	17	1	1	NUM
fbem-29584	57	18	%	%	NOUN
fbem-29584	57	19	.	.	PUNCT
fbem-29584	58	1	in	in	ADP
fbem-29584	58	2	the	the	DET
fbem-29584	58	3	end	end	NOUN
fbem-29584	58	4	,	,	PUNCT
fbem-29584	58	5	we	we	PRON
fbem-29584	58	6	obtain	obtain	VERB
fbem-29584	58	7	a	a	DET
fbem-29584	58	8	final	final	ADJ
fbem-29584	58	9	sample	sample	NOUN
fbem-29584	58	10	of	of	ADP
fbem-29584	58	11	3,343	3,343	NUM
fbem-29584	58	12	listed	list	VERB
fbem-29584	58	13	firms	firm	NOUN
fbem-29584	58	14	with	with	ADP
fbem-29584	58	15	28,929	28,929	NUM
fbem-29584	58	16	observations	observation	NOUN
fbem-29584	58	17	.	.	PUNCT
fbem-29584	59	1	3.2	3.2	NUM
fbem-29584	59	2	.	.	PUNCT
fbem-29584	59	3	model	model	NOUN
fbem-29584	59	4	settings	setting	NOUN
fbem-29584	59	5	in	in	ADP
fbem-29584	59	6	this	this	DET
fbem-29584	59	7	study	study	NOUN
fbem-29584	59	8	,	,	PUNCT
fbem-29584	59	9	we	we	PRON
fbem-29584	59	10	construct	construct	VERB
fbem-29584	59	11	an	an	DET
fbem-29584	59	12	investment	investment	NOUN
fbem-29584	59	13	efficiency	efficiency	NOUN
fbem-29584	59	14	model	model	NOUN
fbem-29584	59	15	based	base	VERB
fbem-29584	59	16	on	on	ADP
fbem-29584	59	17	richardson	richardson	PROPN
fbem-29584	59	18	(	(	PUNCT
fbem-29584	59	19	2006	2006	NUM
fbem-29584	59	20	)	)	PUNCT
fbem-29584	59	21	to	to	PART
fbem-29584	59	22	measure	measure	VERB
fbem-29584	59	23	a	a	DET
fbem-29584	59	24	firm	firm	NOUN
fbem-29584	59	25	’s	’s	PART
fbem-29584	59	26	investment	investment	NOUN
fbem-29584	59	27	efficiency	efficiency	NOUN
fbem-29584	59	28	as	as	SCONJ
fbem-29584	59	29	follows	follow	VERB
fbem-29584	59	30	:	:	PUNCT
fbem-29584	59	31	i	i	PRON
fbem-29584	59	32	,	,	PUNCT
fbem-29584	59	33	t	t	PROPN
fbem-29584	59	34	0	0	NUM
fbem-29584	59	35	1	1	NUM
fbem-29584	59	36	,	,	PUNCT
fbem-29584	59	37	1	1	NUM
fbem-29584	59	38	2	2	NUM
fbem-29584	59	39	,	,	PUNCT
fbem-29584	59	40	1	1	NUM
fbem-29584	59	41	3	3	NUM
fbem-29584	59	42	,	,	PUNCT
fbem-29584	59	43	1	1	NUM
fbem-29584	59	44	4	4	NUM
fbem-29584	59	45	,	,	PUNCT
fbem-29584	59	46	1	1	NUM
fbem-29584	59	47	5	5	NUM
fbem-29584	59	48	,	,	PUNCT
fbem-29584	59	49	1	1	NUM
fbem-29584	59	50	6	6	NUM
fbem-29584	59	51	,	,	PUNCT
fbem-29584	59	52	1	1	NUM
fbem-29584	59	53	7	7	NUM
fbem-29584	59	54	,	,	PUNCT
fbem-29584	59	55	1	1	NUM
fbem-29584	59	56	,	,	PUNCT
fbem-29584	59	57	=	=	PUNCT
fbem-29584	60	1	i	i	PRON
fbem-29584	60	2	t	t	VERB
fbem-29584	61	1	i	i	PRON
fbem-29584	61	2	t	t	X
fbem-29584	62	1	i	i	PRON
fbem-29584	62	2	t	t	X
fbem-29584	63	1	i	i	PRON
fbem-29584	63	2	t	t	X
fbem-29584	64	1	i	i	PRON
fbem-29584	64	2	t	t	X
fbem-29584	65	1	i	i	PRON
fbem-29584	65	2	t	t	X
fbem-29584	66	1	i	i	PRON
fbem-29584	66	2	t	t	X
fbem-29584	67	1	i	i	PRON
fbem-29584	67	2	t	t	PROPN
fbem-29584	67	3	invest	invest	AUX
fbem-29584	67	4	invest	invest	VERB
fbem-29584	67	5	growth	growth	NOUN
fbem-29584	67	6	lev	lev	NOUN
fbem-29584	67	7	cash	cash	NOUN
fbem-29584	67	8	age	age	NOUN
fbem-29584	67	9	size	size	NOUN
fbem-29584	67	10	return	return	NOUN
fbem-29584	67	11	year	year	NOUN
fbem-29584	67	12	industry	industry	NOUN
fbem-29584	67	13			PROPN
fbem-29584	67	14			PROPN
fbem-29584	67	15			PROPN
fbem-29584	67	16			PROPN
fbem-29584	67	17			PROPN
fbem-29584	67	18			PROPN
fbem-29584	67	19			PROPN
fbem-29584	67	20			PROPN
fbem-29584	67	21			PROPN
fbem-29584	67	22	−	−	PROPN
fbem-29584	67	23	−	−	PROPN
fbem-29584	68	1	−	−	PROPN
fbem-29584	68	2	−	−	PROPN
fbem-29584	68	3	−	−	PROPN
fbem-29584	68	4	−	−	NOUN
fbem-29584	68	5	−	−	PROPN
fbem-29584	69	1	+	+	CCONJ
fbem-29584	69	2	+	+	PUNCT
fbem-29584	70	1	+	+	PUNCT
fbem-29584	70	2	+	+	PUNCT
fbem-29584	70	3	+	+	PUNCT
fbem-29584	70	4	+	+	PUNCT
fbem-29584	70	5	+	+	PUNCT
fbem-29584	70	6	+	+	PUNCT
fbem-29584	70	7	+	+	CCONJ
fbem-29584	70	8	+	+	ADJ
fbem-29584	70	9			X
fbem-29584	70	10			X
fbem-29584	70	11	(	(	PUNCT
fbem-29584	70	12	1	1	X
fbem-29584	70	13	)	)	PUNCT
fbem-29584	70	14	furthermore	furthermore	ADV
fbem-29584	70	15	,	,	PUNCT
fbem-29584	70	16	with	with	ADP
fbem-29584	70	17	respect	respect	NOUN
fbem-29584	70	18	to	to	ADP
fbem-29584	70	19	the	the	DET
fbem-29584	70	20	pilot	pilot	NOUN
fbem-29584	70	21	process	process	NOUN
fbem-29584	70	22	of	of	ADP
fbem-29584	70	23	the	the	DET
fbem-29584	70	24	negative	negative	ADJ
fbem-29584	70	25	list	list	NOUN
fbem-29584	70	26	,	,	PUNCT
fbem-29584	70	27	the	the	DET
fbem-29584	70	28	differences	difference	NOUN
fbem-29584	70	29	in	in	ADP
fbem-29584	70	30	timing	timing	NOUN
fbem-29584	70	31	and	and	CCONJ
fbem-29584	70	32	region	region	NOUN
fbem-29584	70	33	provided	provide	VERB
fbem-29584	70	34	a	a	DET
fbem-29584	70	35	favorable	favorable	ADJ
fbem-29584	70	36	quasi	quasi	ADJ
fbem-29584	70	37	-	-	ADJ
fbem-29584	70	38	natural	natural	ADJ
fbem-29584	70	39	research	research	NOUN
fbem-29584	70	40	environment	environment	NOUN
fbem-29584	70	41	for	for	ADP
fbem-29584	70	42	this	this	DET
fbem-29584	70	43	study	study	NOUN
fbem-29584	70	44	.	.	PUNCT
fbem-29584	71	1	in	in	ADP
fbem-29584	71	2	this	this	DET
fbem-29584	71	3	context	context	NOUN
fbem-29584	71	4	,	,	PUNCT
fbem-29584	71	5	we	we	PRON
fbem-29584	71	6	establish	establish	VERB
fbem-29584	71	7	the	the	DET
fbem-29584	71	8	following	following	ADJ
fbem-29584	71	9	staggered	staggered	ADJ
fbem-29584	71	10	difference	difference	NOUN
fbem-29584	71	11	-	-	PUNCT
fbem-29584	71	12	in	in	ADP
fbem-29584	71	13	-	-	PUNCT
fbem-29584	71	14	differences	difference	NOUN
fbem-29584	71	15	model	model	NOUN
fbem-29584	71	16	:	:	PUNCT
fbem-29584	71	17	0	0	NUM
fbem-29584	71	18	1	1	NUM
fbem-29584	71	19	2it	2it	NOUN
fbem-29584	72	1	i	i	PRON
fbem-29584	72	2	t	t	VERB
fbem-29584	72	3	it	it	PRON
fbem-29584	73	1	i	i	PRON
fbem-29584	73	2	t	t	VERB
fbem-29584	73	3	it	it	PRON
fbem-29584	73	4	inv	inv	VERB
fbem-29584	73	5	treat	treat	NOUN
fbem-29584	73	6	post	post	NOUN
fbem-29584	73	7	control	control	PUNCT
fbem-29584	73	8			PROPN
fbem-29584	73	9			PROPN
fbem-29584	73	10			ADJ
fbem-29584	73	11			NOUN
fbem-29584	73	12	=	=	NOUN
fbem-29584	73	13	+	+	CCONJ
fbem-29584	73	14			NOUN
fbem-29584	74	1	+	+	NOUN
fbem-29584	75	1	+	+	PUNCT
fbem-29584	76	1	+	+	PUNCT
fbem-29584	76	2	+	+	CCONJ
fbem-29584	76	3	(	(	PUNCT
fbem-29584	76	4	2	2	NUM
fbem-29584	76	5	)	)	PUNCT
fbem-29584	76	6	0	0	NUM
fbem-29584	76	7	1	1	NUM
fbem-29584	76	8	2it	2it	NOUN
fbem-29584	77	1	i	i	PRON
fbem-29584	77	2	t	t	VERB
fbem-29584	77	3	it	it	PRON
fbem-29584	78	1	i	i	PRON
fbem-29584	78	2	t	t	VERB
fbem-29584	78	3	it	it	PRON
fbem-29584	78	4	overinv	overinv	ADV
fbem-29584	78	5	treat	treat	VERB
fbem-29584	78	6	post	post	NOUN
fbem-29584	78	7	control	control	PUNCT
fbem-29584	78	8			PROPN
fbem-29584	78	9			PROPN
fbem-29584	78	10			ADJ
fbem-29584	78	11			NOUN
fbem-29584	78	12	=	=	NOUN
fbem-29584	78	13	+	+	CCONJ
fbem-29584	78	14			NOUN
fbem-29584	79	1	+	+	NOUN
fbem-29584	80	1	+	+	PUNCT
fbem-29584	81	1	+	+	PUNCT
fbem-29584	81	2	+	+	CCONJ
fbem-29584	81	3	(	(	PUNCT
fbem-29584	81	4	3	3	NUM
fbem-29584	81	5	)	)	PUNCT
fbem-29584	81	6	45	45	NUM
fbem-29584	81	7	0	0	NUM
fbem-29584	81	8	1	1	NUM
fbem-29584	81	9	2it	2it	NOUN
fbem-29584	82	1	i	i	PRON
fbem-29584	82	2	t	t	VERB
fbem-29584	82	3	it	it	PRON
fbem-29584	83	1	i	i	PRON
fbem-29584	83	2	t	t	VERB
fbem-29584	83	3	it	it	PRON
fbem-29584	83	4	underinv	underinv	ADJ
fbem-29584	83	5	treat	treat	NOUN
fbem-29584	83	6	post	post	NOUN
fbem-29584	83	7	control	control	PUNCT
fbem-29584	83	8			PROPN
fbem-29584	83	9			PROPN
fbem-29584	83	10			ADJ
fbem-29584	83	11			NOUN
fbem-29584	83	12	=	=	NOUN
fbem-29584	83	13	+	+	CCONJ
fbem-29584	83	14			NOUN
fbem-29584	84	1	+	+	NOUN
fbem-29584	85	1	+	+	PUNCT
fbem-29584	85	2	+	+	PUNCT
fbem-29584	85	3	+	+	CCONJ
fbem-29584	85	4	(	(	PUNCT
fbem-29584	85	5	4	4	X
fbem-29584	85	6	)	)	PUNCT
fbem-29584	85	7	treati	treati	PROPN
fbem-29584	85	8	is	be	AUX
fbem-29584	85	9	a	a	DET
fbem-29584	85	10	policy	policy	NOUN
fbem-29584	85	11	dummy	dummy	ADJ
fbem-29584	85	12	variable	variable	NOUN
fbem-29584	85	13	,	,	PUNCT
fbem-29584	85	14	and	and	CCONJ
fbem-29584	85	15	we	we	PRON
fbem-29584	85	16	assign	assign	VERB
fbem-29584	85	17	a	a	DET
fbem-29584	85	18	value	value	NOUN
fbem-29584	85	19	of	of	ADP
fbem-29584	85	20	1	1	NUM
fbem-29584	85	21	if	if	SCONJ
fbem-29584	85	22	the	the	DET
fbem-29584	85	23	region	region	NOUN
fbem-29584	85	24	where	where	SCONJ
fbem-29584	85	25	firm	firm	ADJ
fbem-29584	85	26	“	"	PUNCT
fbem-29584	85	27	i	i	PROPN
fbem-29584	85	28	”	"	PUNCT
fbem-29584	85	29	is	be	AUX
fbem-29584	85	30	located	locate	VERB
fbem-29584	85	31	belongs	belong	VERB
fbem-29584	85	32	to	to	ADP
fbem-29584	85	33	the	the	DET
fbem-29584	85	34	negative	negative	ADJ
fbem-29584	85	35	list	list	NOUN
fbem-29584	85	36	pilot	pilot	NOUN
fbem-29584	85	37	area	area	NOUN
fbem-29584	85	38	and	and	CCONJ
fbem-29584	85	39	a	a	DET
fbem-29584	85	40	value	value	NOUN
fbem-29584	85	41	of	of	ADP
fbem-29584	85	42	0	0	NUM
fbem-29584	85	43	otherwise	otherwise	ADV
fbem-29584	85	44	.	.	PUNCT
fbem-29584	86	1	postt	postt	NOUN
fbem-29584	86	2	is	be	AUX
fbem-29584	86	3	a	a	DET
fbem-29584	86	4	policy	policy	NOUN
fbem-29584	86	5	time	time	NOUN
fbem-29584	86	6	dummy	dummy	ADJ
fbem-29584	86	7	variable	variable	NOUN
fbem-29584	86	8	,	,	PUNCT
fbem-29584	86	9	which	which	PRON
fbem-29584	86	10	takes	take	VERB
fbem-29584	86	11	a	a	DET
fbem-29584	86	12	value	value	NOUN
fbem-29584	86	13	of	of	ADP
fbem-29584	86	14	1	1	NUM
fbem-29584	86	15	after	after	SCONJ
fbem-29584	86	16	the	the	DET
fbem-29584	86	17	negative	negative	ADJ
fbem-29584	86	18	list	list	NOUN
fbem-29584	86	19	policy	policy	NOUN
fbem-29584	86	20	starts	start	VERB
fbem-29584	86	21	the	the	DET
fbem-29584	86	22	pilot	pilot	NOUN
fbem-29584	86	23	phase	phase	NOUN
fbem-29584	86	24	and	and	CCONJ
fbem-29584	86	25	0	0	NUM
fbem-29584	86	26	otherwise	otherwise	ADV
fbem-29584	86	27	.	.	PUNCT
fbem-29584	87	1	β1	β1	PROPN
fbem-29584	87	2	represents	represent	VERB
fbem-29584	87	3	the	the	DET
fbem-29584	87	4	net	net	ADJ
fbem-29584	87	5	effect	effect	NOUN
fbem-29584	87	6	of	of	ADP
fbem-29584	87	7	the	the	DET
fbem-29584	87	8	policy	policy	NOUN
fbem-29584	87	9	,	,	PUNCT
fbem-29584	87	10	which	which	PRON
fbem-29584	87	11	is	be	AUX
fbem-29584	87	12	the	the	DET
fbem-29584	87	13	main	main	ADJ
fbem-29584	87	14	focus	focus	NOUN
fbem-29584	87	15	of	of	ADP
fbem-29584	87	16	this	this	DET
fbem-29584	87	17	study	study	NOUN
fbem-29584	87	18	.	.	PUNCT
fbem-29584	88	1	controlit	controlit	PROPN
fbem-29584	88	2	denotes	denote	VERB
fbem-29584	88	3	a	a	DET
fbem-29584	88	4	series	series	NOUN
fbem-29584	88	5	of	of	ADP
fbem-29584	88	6	control	control	NOUN
fbem-29584	88	7	variables	variable	NOUN
fbem-29584	88	8	.	.	PUNCT
fbem-29584	89	1	other	other	ADJ
fbem-29584	89	2	variables	variable	NOUN
fbem-29584	89	3	are	be	AUX
fbem-29584	89	4	defined	define	VERB
fbem-29584	89	5	in	in	ADP
fbem-29584	89	6	the	the	DET
fbem-29584	89	7	appendix	appendix	NOUN
fbem-29584	89	8	.	.	PUNCT
fbem-29584	90	1	4	4	X
fbem-29584	90	2	.	.	X
fbem-29584	90	3	regression	regression	NOUN
fbem-29584	90	4	results	result	VERB
fbem-29584	90	5	analysis	analysis	NOUN
fbem-29584	90	6	4.1	4.1	NUM
fbem-29584	90	7	.	.	PUNCT
fbem-29584	91	1	parallel	parallel	ADJ
fbem-29584	91	2	trend	trend	NOUN
fbem-29584	91	3	test	test	NOUN
fbem-29584	91	4	the	the	DET
fbem-29584	91	5	results	result	NOUN
fbem-29584	91	6	of	of	ADP
fbem-29584	91	7	the	the	DET
fbem-29584	91	8	parallel	parallel	ADJ
fbem-29584	91	9	trend	trend	NOUN
fbem-29584	91	10	test	test	NOUN
fbem-29584	91	11	are	be	AUX
fbem-29584	91	12	shown	show	VERB
fbem-29584	91	13	in	in	ADP
fbem-29584	91	14	figure	figure	NOUN
fbem-29584	91	15	1	1	NUM
fbem-29584	91	16	.	.	PUNCT
fbem-29584	92	1	before	before	ADP
fbem-29584	92	2	foreign	foreign	ADJ
fbem-29584	92	3	entry	entry	NOUN
fbem-29584	92	4	liberalization	liberalization	NOUN
fbem-29584	92	5	,	,	PUNCT
fbem-29584	92	6	the	the	DET
fbem-29584	92	7	regression	regression	NOUN
fbem-29584	92	8	coefficients	coefficient	NOUN
fbem-29584	92	9	of	of	ADP
fbem-29584	92	10	both	both	CCONJ
fbem-29584	92	11	the	the	DET
fbem-29584	92	12	treatment	treatment	NOUN
fbem-29584	92	13	and	and	CCONJ
fbem-29584	92	14	the	the	DET
fbem-29584	92	15	control	control	NOUN
fbem-29584	92	16	groups	group	NOUN
fbem-29584	92	17	were	be	AUX
fbem-29584	92	18	0	0	NUM
fbem-29584	92	19	within	within	ADP
fbem-29584	92	20	the	the	DET
fbem-29584	92	21	95	95	NUM
fbem-29584	92	22	%	%	NOUN
fbem-29584	92	23	confidence	confidence	NOUN
fbem-29584	92	24	interval	interval	NOUN
fbem-29584	92	25	,	,	PUNCT
fbem-29584	92	26	indicating	indicate	VERB
fbem-29584	92	27	no	no	DET
fbem-29584	92	28	systematic	systematic	ADJ
fbem-29584	92	29	difference	difference	NOUN
fbem-29584	92	30	between	between	ADP
fbem-29584	92	31	the	the	DET
fbem-29584	92	32	two	two	NUM
fbem-29584	92	33	groups	group	NOUN
fbem-29584	92	34	before	before	ADP
fbem-29584	92	35	implementing	implement	VERB
fbem-29584	92	36	the	the	DET
fbem-29584	92	37	policy	policy	NOUN
fbem-29584	92	38	.	.	PUNCT
fbem-29584	93	1	however	however	ADV
fbem-29584	93	2	,	,	PUNCT
fbem-29584	93	3	in	in	ADP
fbem-29584	93	4	the	the	DET
fbem-29584	93	5	regression	regression	NOUN
fbem-29584	93	6	years	year	NOUN
fbem-29584	93	7	after	after	ADP
fbem-29584	93	8	foreign	foreign	ADJ
fbem-29584	93	9	entry	entry	NOUN
fbem-29584	93	10	liberalization	liberalization	NOUN
fbem-29584	93	11	,	,	PUNCT
fbem-29584	93	12	the	the	DET
fbem-29584	93	13	regression	regression	NOUN
fbem-29584	93	14	coefficients	coefficient	NOUN
fbem-29584	93	15	of	of	ADP
fbem-29584	93	16	both	both	CCONJ
fbem-29584	93	17	the	the	DET
fbem-29584	93	18	treatment	treatment	NOUN
fbem-29584	93	19	and	and	CCONJ
fbem-29584	93	20	the	the	DET
fbem-29584	93	21	control	control	NOUN
fbem-29584	93	22	groups	group	NOUN
fbem-29584	93	23	are	be	AUX
fbem-29584	93	24	positive	positive	ADJ
fbem-29584	93	25	and	and	CCONJ
fbem-29584	93	26	significant	significant	ADJ
fbem-29584	93	27	,	,	PUNCT
fbem-29584	93	28	which	which	PRON
fbem-29584	93	29	further	far	ADV
fbem-29584	93	30	validates	validate	VERB
fbem-29584	93	31	the	the	DET
fbem-29584	93	32	conclusion	conclusion	NOUN
fbem-29584	93	33	of	of	ADP
fbem-29584	93	34	this	this	DET
fbem-29584	93	35	study	study	NOUN
fbem-29584	93	36	,	,	PUNCT
fbem-29584	93	37	that	that	SCONJ
fbem-29584	93	38	foreign	foreign	ADJ
fbem-29584	93	39	entry	entry	NOUN
fbem-29584	93	40	liberalization	liberalization	NOUN
fbem-29584	93	41	significantly	significantly	ADV
fbem-29584	93	42	reduces	reduce	VERB
fbem-29584	93	43	a	a	DET
fbem-29584	93	44	firm	firm	NOUN
fbem-29584	93	45	’s	’s	PART
fbem-29584	93	46	investment	investment	NOUN
fbem-29584	93	47	efficiency	efficiency	NOUN
fbem-29584	93	48	.	.	PUNCT
fbem-29584	94	1	figure	figure	NOUN
fbem-29584	94	2	1	1	NUM
fbem-29584	94	3	.	.	PUNCT
fbem-29584	94	4	parallel	parallel	ADJ
fbem-29584	94	5	test	test	NOUN
fbem-29584	94	6	4.2	4.2	NUM
fbem-29584	94	7	.	.	PUNCT
fbem-29584	95	1	baseline	baseline	PROPN
fbem-29584	95	2	results	result	NOUN
fbem-29584	95	3	using	use	VERB
fbem-29584	95	4	models	model	NOUN
fbem-29584	95	5	(	(	PUNCT
fbem-29584	95	6	1	1	NUM
fbem-29584	95	7	)	)	PUNCT
fbem-29584	95	8	–	–	PUNCT
fbem-29584	95	9	(	(	PUNCT
fbem-29584	95	10	3	3	NUM
fbem-29584	95	11	)	)	PUNCT
fbem-29584	96	1	,	,	PUNCT
fbem-29584	96	2	this	this	DET
fbem-29584	96	3	study	study	NOUN
fbem-29584	96	4	examines	examine	VERB
fbem-29584	96	5	the	the	DET
fbem-29584	96	6	impact	impact	NOUN
fbem-29584	96	7	of	of	ADP
fbem-29584	96	8	foreign	foreign	ADJ
fbem-29584	96	9	entry	entry	NOUN
fbem-29584	96	10	liberalization	liberalization	NOUN
fbem-29584	96	11	on	on	ADP
fbem-29584	96	12	a	a	DET
fbem-29584	96	13	firm	firm	NOUN
fbem-29584	96	14	’s	’s	PART
fbem-29584	96	15	investment	investment	NOUN
fbem-29584	96	16	efficiency	efficiency	NOUN
fbem-29584	96	17	.	.	PUNCT
fbem-29584	97	1	table	table	NOUN
fbem-29584	97	2	1	1	NUM
fbem-29584	97	3	reports	report	VERB
fbem-29584	97	4	the	the	DET
fbem-29584	97	5	baseline	baseline	NOUN
fbem-29584	97	6	results	result	NOUN
fbem-29584	97	7	,	,	PUNCT
fbem-29584	97	8	foreign	foreign	ADJ
fbem-29584	97	9	entry	entry	NOUN
fbem-29584	97	10	liberalization	liberalization	NOUN
fbem-29584	97	11	reduces	reduce	VERB
fbem-29584	97	12	the	the	DET
fbem-29584	97	13	investment	investment	NOUN
fbem-29584	97	14	efficiency	efficiency	NOUN
fbem-29584	97	15	of	of	ADP
fbem-29584	97	16	firms	firm	NOUN
fbem-29584	97	17	,	,	PUNCT
fbem-29584	97	18	which	which	PRON
fbem-29584	97	19	not	not	PART
fbem-29584	97	20	only	only	ADV
fbem-29584	97	21	intensifies	intensify	VERB
fbem-29584	97	22	overinvestment	overinvestment	ADJ
fbem-29584	97	23	but	but	CCONJ
fbem-29584	97	24	also	also	ADV
fbem-29584	97	25	worsens	worsen	VERB
fbem-29584	97	26	the	the	DET
fbem-29584	97	27	underinvestment	underinvestment	NOUN
fbem-29584	97	28	of	of	ADP
fbem-29584	97	29	firms	firm	NOUN
fbem-29584	97	30	.	.	PUNCT
fbem-29584	98	1	in	in	ADP
fbem-29584	98	2	the	the	DET
fbem-29584	98	3	following	follow	VERB
fbem-29584	98	4	analysis	analysis	NOUN
fbem-29584	98	5	,	,	PUNCT
fbem-29584	98	6	we	we	PRON
fbem-29584	98	7	will	will	AUX
fbem-29584	98	8	analyze	analyze	VERB
fbem-29584	98	9	the	the	DET
fbem-29584	98	10	heterogeneity	heterogeneity	NOUN
fbem-29584	98	11	of	of	ADP
fbem-29584	98	12	this	this	DET
fbem-29584	98	13	effect	effect	NOUN
fbem-29584	98	14	among	among	ADP
fbem-29584	98	15	firms	firm	NOUN
fbem-29584	98	16	and	and	CCONJ
fbem-29584	98	17	the	the	DET
fbem-29584	98	18	possible	possible	ADJ
fbem-29584	98	19	causes	cause	NOUN
fbem-29584	98	20	of	of	ADP
fbem-29584	98	21	this	this	DET
fbem-29584	98	22	effect	effect	NOUN
fbem-29584	98	23	.	.	PUNCT
fbem-29584	99	1	table	table	NOUN
fbem-29584	99	2	1	1	NUM
fbem-29584	99	3	.	.	PUNCT
fbem-29584	99	4	baseline	baseline	PROPN
fbem-29584	99	5	results	result	NOUN
fbem-29584	99	6	inv	inv	VERB
fbem-29584	99	7	overinv	overinv	ADJ
fbem-29584	99	8	underinv	underinv	ADJ
fbem-29584	99	9	(	(	PUNCT
fbem-29584	99	10	1	1	NUM
fbem-29584	99	11	)	)	PUNCT
fbem-29584	99	12	(	(	PUNCT
fbem-29584	99	13	2	2	NUM
fbem-29584	99	14	)	)	PUNCT
fbem-29584	99	15	(	(	PUNCT
fbem-29584	99	16	3	3	X
fbem-29584	99	17	)	)	PUNCT
fbem-29584	99	18	(	(	PUNCT
fbem-29584	99	19	4	4	NUM
fbem-29584	99	20	)	)	PUNCT
fbem-29584	99	21	(	(	PUNCT
fbem-29584	99	22	5	5	NUM
fbem-29584	99	23	)	)	PUNCT
fbem-29584	99	24	(	(	PUNCT
fbem-29584	99	25	6	6	X
fbem-29584	99	26	)	)	PUNCT
fbem-29584	99	27	treati×postt	treati×postt	NOUN
fbem-29584	99	28	0.0058	0.0058	NUM
fbem-29584	99	29	*	*	PUNCT
fbem-29584	99	30	*	*	PUNCT
fbem-29584	99	31	*	*	PUNCT
fbem-29584	99	32	0.0054	0.0054	NUM
fbem-29584	99	33	*	*	PUNCT
fbem-29584	99	34	*	*	PUNCT
fbem-29584	99	35	*	*	PUNCT
fbem-29584	99	36	0.0113	0.0113	NUM
fbem-29584	99	37	*	*	PUNCT
fbem-29584	99	38	*	*	PUNCT
fbem-29584	99	39	*	*	PUNCT
fbem-29584	100	1	0.0112	0.0112	NUM
fbem-29584	100	2	*	*	PUNCT
fbem-29584	100	3	*	*	PUNCT
fbem-29584	100	4	*	*	PUNCT
fbem-29584	100	5	0.0020	0.0020	NUM
fbem-29584	100	6	*	*	PUNCT
fbem-29584	100	7	*	*	PROPN
fbem-29584	100	8	0.0017	0.0017	NUM
fbem-29584	100	9	*	*	SYM
fbem-29584	100	10	(	(	PUNCT
fbem-29584	100	11	0.0016	0.0016	NUM
fbem-29584	100	12	)	)	PUNCT
fbem-29584	100	13	(	(	PUNCT
fbem-29584	100	14	0.0015	0.0015	NUM
fbem-29584	100	15	)	)	PUNCT
fbem-29584	100	16	(	(	PUNCT
fbem-29584	100	17	0.0038	0.0038	NUM
fbem-29584	100	18	)	)	PUNCT
fbem-29584	100	19	(	(	PUNCT
fbem-29584	100	20	0.0037	0.0037	NUM
fbem-29584	100	21	)	)	PUNCT
fbem-29584	100	22	(	(	PUNCT
fbem-29584	100	23	0.0009	0.0009	NUM
fbem-29584	100	24	)	)	PUNCT
fbem-29584	100	25	(	(	PUNCT
fbem-29584	100	26	0.0009	0.0009	NUM
fbem-29584	100	27	)	)	PUNCT
fbem-29584	100	28	lev	lev	NOUN
fbem-29584	100	29	0.0261	0.0261	NUM
fbem-29584	100	30	*	*	PUNCT
fbem-29584	100	31	*	*	PUNCT
fbem-29584	100	32	*	*	PUNCT
fbem-29584	100	33	0.0516	0.0516	NUM
fbem-29584	100	34	*	*	PUNCT
fbem-29584	100	35	*	*	PUNCT
fbem-29584	100	36	*	*	X
fbem-29584	100	37	0.0022	0.0022	NUM
fbem-29584	100	38	(	(	PUNCT
fbem-29584	100	39	0.0044	0.0044	NUM
fbem-29584	100	40	)	)	PUNCT
fbem-29584	100	41	(	(	PUNCT
fbem-29584	100	42	0.0102	0.0102	NUM
fbem-29584	100	43	)	)	PUNCT
fbem-29584	100	44	(	(	PUNCT
fbem-29584	100	45	0.0026	0.0026	NUM
fbem-29584	100	46	)	)	PUNCT
fbem-29584	100	47	size	size	NOUN
fbem-29584	100	48	0.0068	0.0068	NUM
fbem-29584	100	49	*	*	PUNCT
fbem-29584	100	50	*	*	PUNCT
fbem-29584	100	51	*	*	PUNCT
fbem-29584	100	52	0.0154	0.0154	NUM
fbem-29584	100	53	*	*	PUNCT
fbem-29584	100	54	*	*	PUNCT
fbem-29584	100	55	*	*	PUNCT
fbem-29584	100	56	0.0014	0.0014	NUM
fbem-29584	100	57	*	*	PUNCT
fbem-29584	100	58	(	(	PUNCT
fbem-29584	100	59	0.0011	0.0011	NUM
fbem-29584	100	60	)	)	PUNCT
fbem-29584	100	61	(	(	PUNCT
fbem-29584	100	62	0.0026	0.0026	NUM
fbem-29584	100	63	)	)	PUNCT
fbem-29584	100	64	(	(	PUNCT
fbem-29584	100	65	0.0007	0.0007	NUM
fbem-29584	100	66	)	)	PUNCT
fbem-29584	100	67	roa	roa	NOUN
fbem-29584	100	68	0.0794	0.0794	NUM
fbem-29584	100	69	*	*	PUNCT
fbem-29584	100	70	*	*	PUNCT
fbem-29584	101	1	*	*	PUNCT
fbem-29584	101	2	0.1397	0.1397	PUNCT
fbem-29584	101	3	*	*	PUNCT
fbem-29584	101	4	*	*	PUNCT
fbem-29584	101	5	*	*	PUNCT
fbem-29584	102	1	0.0289	0.0289	NUM
fbem-29584	102	2	*	*	PUNCT
fbem-29584	102	3	*	*	PUNCT
fbem-29584	102	4	*	*	PUNCT
fbem-29584	102	5	(	(	PUNCT
fbem-29584	102	6	0.0064	0.0064	NUM
fbem-29584	102	7	)	)	PUNCT
fbem-29584	102	8	(	(	PUNCT
fbem-29584	102	9	0.0190	0.0190	NUM
fbem-29584	102	10	)	)	PUNCT
fbem-29584	102	11	(	(	PUNCT
fbem-29584	102	12	0.0048	0.0048	NUM
fbem-29584	102	13	)	)	PUNCT
fbem-29584	102	14	adm	adm	NOUN
fbem-29584	102	15	0.0545	0.0545	NUM
fbem-29584	102	16	*	*	PUNCT
fbem-29584	102	17	*	*	PUNCT
fbem-29584	102	18	*	*	PUNCT
fbem-29584	102	19	0.1176	0.1176	NUM
fbem-29584	102	20	*	*	PUNCT
fbem-29584	102	21	*	*	PUNCT
fbem-29584	102	22	*	*	PUNCT
fbem-29584	103	1	0.0265	0.0265	NUM
fbem-29584	103	2	*	*	PUNCT
fbem-29584	103	3	*	*	PUNCT
fbem-29584	103	4	*	*	PUNCT
fbem-29584	103	5	(	(	PUNCT
fbem-29584	103	6	0.0095	0.0095	NUM
fbem-29584	103	7	)	)	PUNCT
fbem-29584	103	8	(	(	PUNCT
fbem-29584	103	9	0.0253	0.0253	NUM
fbem-29584	103	10	)	)	PUNCT
fbem-29584	103	11	(	(	PUNCT
fbem-29584	103	12	0.0059	0.0059	NUM
fbem-29584	103	13	)	)	PUNCT
fbem-29584	103	14	indep	indep	NOUN
fbem-29584	103	15	0.0001	0.0001	NUM
fbem-29584	103	16	0.0000	0.0000	NUM
fbem-29584	103	17	0.0001	0.0001	NUM
fbem-29584	103	18	*	*	PUNCT
fbem-29584	103	19	(	(	PUNCT
fbem-29584	103	20	0.0001	0.0001	NUM
fbem-29584	103	21	)	)	PUNCT
fbem-29584	103	22	(	(	PUNCT
fbem-29584	103	23	0.0002	0.0002	NUM
fbem-29584	103	24	)	)	PUNCT
fbem-29584	103	25	(	(	PUNCT
fbem-29584	103	26	0.0001	0.0001	NUM
fbem-29584	103	27	)	)	PUNCT
fbem-29584	103	28	top	top	ADJ
fbem-29584	103	29	0.0007	0.0007	NUM
fbem-29584	103	30	*	*	PUNCT
fbem-29584	103	31	*	*	PUNCT
fbem-29584	103	32	*	*	PUNCT
fbem-29584	103	33	0.0012	0.0012	NUM
fbem-29584	103	34	*	*	PUNCT
fbem-29584	103	35	*	*	PUNCT
fbem-29584	103	36	*	*	PUNCT
fbem-29584	103	37	0.0003	0.0003	NUM
fbem-29584	103	38	*	*	PUNCT
fbem-29584	103	39	*	*	PUNCT
fbem-29584	103	40	*	*	PUNCT
fbem-29584	103	41	(	(	PUNCT
fbem-29584	103	42	0.0001	0.0001	NUM
fbem-29584	103	43	)	)	PUNCT
fbem-29584	103	44	(	(	PUNCT
fbem-29584	103	45	0.0001	0.0001	NUM
fbem-29584	103	46	)	)	PUNCT
fbem-29584	103	47	(	(	PUNCT
fbem-29584	103	48	0.0000	0.0000	NUM
fbem-29584	103	49	)	)	PUNCT
fbem-29584	103	50	cons	con	NOUN
fbem-29584	103	51	0.0335	0.0335	NUM
fbem-29584	103	52	*	*	PUNCT
fbem-29584	103	53	*	*	PUNCT
fbem-29584	103	54	*	*	NOUN
fbem-29584	103	55	-0.1784	-0.1784	NOUN
fbem-29584	103	56	*	*	PUNCT
fbem-29584	103	57	*	*	PUNCT
fbem-29584	103	58	*	*	PUNCT
fbem-29584	103	59	0.0440	0.0440	NUM
fbem-29584	103	60	*	*	PUNCT
fbem-29584	103	61	*	*	PUNCT
fbem-29584	103	62	*	*	PUNCT
fbem-29584	103	63	-0.4098	-0.4098	PUNCT
fbem-29584	103	64	*	*	PUNCT
fbem-29584	104	1	*	*	PUNCT
fbem-29584	104	2	*	*	PUNCT
fbem-29584	104	3	0.0275	0.0275	NUM
fbem-29584	104	4	*	*	X
fbem-29584	104	5	*	*	PUNCT
fbem-29584	104	6	*	*	PUNCT
fbem-29584	104	7	-0.0275	-0.0275	PUNCT
fbem-29584	104	8	*	*	PUNCT
fbem-29584	104	9	(	(	PUNCT
fbem-29584	104	10	0.0010	0.0010	NUM
fbem-29584	104	11	)	)	PUNCT
fbem-29584	104	12	(	(	PUNCT
fbem-29584	104	13	0.0253	0.0253	NUM
fbem-29584	104	14	)	)	PUNCT
fbem-29584	104	15	(	(	PUNCT
fbem-29584	104	16	0.0023	0.0023	NUM
fbem-29584	104	17	)	)	PUNCT
fbem-29584	104	18	(	(	PUNCT
fbem-29584	104	19	0.0581	0.0581	NUM
fbem-29584	104	20	)	)	PUNCT
fbem-29584	104	21	(	(	PUNCT
fbem-29584	104	22	0.0006	0.0006	NUM
fbem-29584	104	23	)	)	PUNCT
fbem-29584	104	24	(	(	PUNCT
fbem-29584	104	25	0.0158	0.0158	NUM
fbem-29584	104	26	)	)	PUNCT
fbem-29584	104	27	controlit	controlit	VERB
fbem-29584	105	1	no	no	INTJ
fbem-29584	105	2	yes	yes	INTJ
fbem-29584	106	1	no	no	INTJ
fbem-29584	107	1	yes	yes	INTJ
fbem-29584	107	2	no	no	INTJ
fbem-29584	107	3	yes	yes	INTJ
fbem-29584	107	4	time	time	NOUN
fbem-29584	108	1	fixed	fix	VERB
fbem-29584	108	2	effects	effect	NOUN
fbem-29584	109	1	yes	yes	INTJ
fbem-29584	110	1	yes	yes	INTJ
fbem-29584	111	1	yes	yes	INTJ
fbem-29584	112	1	yes	yes	INTJ
fbem-29584	113	1	yes	yes	INTJ
fbem-29584	114	1	yes	yes	INTJ
fbem-29584	114	2	firms	firm	NOUN
fbem-29584	114	3	fixed	fix	VERB
fbem-29584	114	4	effects	effect	NOUN
fbem-29584	115	1	yes	yes	INTJ
fbem-29584	116	1	yes	yes	INTJ
fbem-29584	117	1	yes	yes	INTJ
fbem-29584	118	1	yes	yes	INTJ
fbem-29584	119	1	yes	yes	INTJ
fbem-29584	120	1	yes	yes	INTJ
fbem-29584	120	2	observation	observation	NOUN
fbem-29584	120	3	28915	28915	NUM
fbem-29584	120	4	28915	28915	NUM
fbem-29584	120	5	10016	10016	NUM
fbem-29584	120	6	10016	10016	NUM
fbem-29584	120	7	18079	18079	NUM
fbem-29584	120	8	18079	18079	NUM
fbem-29584	120	9	r2	r2	PROPN
fbem-29584	120	10	0.2557	0.2557	NUM
fbem-29584	120	11	0.2793	0.2793	NUM
fbem-29584	120	12	0.3636	0.3636	NUM
fbem-29584	120	13	0.3958	0.3958	NUM
fbem-29584	120	14	0.3283	0.3283	NUM
fbem-29584	120	15	0.3392	0.3392	NUM
fbem-29584	120	16	the	the	DET
fbem-29584	120	17	t	t	PROPN
fbem-29584	120	18	statistics	statistic	NOUN
fbem-29584	120	19	in	in	ADP
fbem-29584	120	20	parentheses	parenthesis	NOUN
fbem-29584	120	21	are	be	AUX
fbem-29584	120	22	calculated	calculate	VERB
fbem-29584	120	23	on	on	ADP
fbem-29584	120	24	the	the	DET
fbem-29584	120	25	basis	basis	NOUN
fbem-29584	120	26	of	of	ADP
fbem-29584	120	27	clustered	clustered	ADJ
fbem-29584	120	28	standard	standard	ADJ
fbem-29584	120	29	errors	error	NOUN
fbem-29584	120	30	at	at	ADP
fbem-29584	120	31	the	the	DET
fbem-29584	120	32	firm	firm	ADJ
fbem-29584	120	33	level	level	NOUN
fbem-29584	120	34	.	.	PUNCT
fbem-29584	121	1	the	the	DET
fbem-29584	121	2	asterisks	asterisk	NOUN
fbem-29584	121	3	indicate	indicate	VERB
fbem-29584	121	4	1	1	NUM
fbem-29584	121	5	%	%	NOUN
fbem-29584	121	6	(	(	PUNCT
fbem-29584	121	7	*	*	PUNCT
fbem-29584	121	8	*	*	PUNCT
fbem-29584	121	9	*	*	PUNCT
fbem-29584	121	10	)	)	PUNCT
fbem-29584	121	11	,	,	PUNCT
fbem-29584	121	12	5	5	NUM
fbem-29584	121	13	%	%	NOUN
fbem-29584	121	14	(	(	PUNCT
fbem-29584	121	15	*	*	NOUN
fbem-29584	121	16	*	*	PUNCT
fbem-29584	121	17	)	)	PUNCT
fbem-29584	121	18	,	,	PUNCT
fbem-29584	121	19	and	and	CCONJ
fbem-29584	121	20	10	10	NUM
fbem-29584	121	21	%	%	NOUN
fbem-29584	121	22	(	(	PUNCT
fbem-29584	121	23	*	*	NOUN
fbem-29584	121	24	)	)	PUNCT
fbem-29584	121	25	levels	level	NOUN
fbem-29584	121	26	of	of	ADP
fbem-29584	121	27	significance	significance	NOUN
fbem-29584	121	28	.	.	PUNCT
fbem-29584	122	1	5	5	X
fbem-29584	122	2	.	.	X
fbem-29584	122	3	further	furth	ADJ
fbem-29584	122	4	analysis	analysis	NOUN
fbem-29584	122	5	5.1	5.1	NUM
fbem-29584	122	6	.	.	PUNCT
fbem-29584	123	1	heterogeneity	heterogeneity	NOUN
fbem-29584	123	2	test	test	NOUN
fbem-29584	123	3	5.1.1	5.1.1	NOUN
fbem-29584	123	4	.	.	PUNCT
fbem-29584	124	1	regional	regional	ADJ
fbem-29584	124	2	heterogeneity	heterogeneity	NOUN
fbem-29584	124	3	we	we	PRON
fbem-29584	124	4	divided	divide	VERB
fbem-29584	124	5	firms	firm	NOUN
fbem-29584	124	6	into	into	ADP
fbem-29584	124	7	central	central	ADJ
fbem-29584	124	8	,	,	PUNCT
fbem-29584	124	9	western	western	ADJ
fbem-29584	124	10	and	and	CCONJ
fbem-29584	124	11	eastern	eastern	ADJ
fbem-29584	124	12	regions	region	NOUN
fbem-29584	124	13	for	for	ADP
fbem-29584	124	14	regression	regression	NOUN
fbem-29584	124	15	,	,	PUNCT
fbem-29584	124	16	and	and	CCONJ
fbem-29584	124	17	the	the	DET
fbem-29584	124	18	impact	impact	NOUN
fbem-29584	124	19	of	of	ADP
fbem-29584	124	20	foreign	foreign	ADJ
fbem-29584	124	21	investment	investment	NOUN
fbem-29584	124	22	liberalization	liberalization	NOUN
fbem-29584	124	23	on	on	ADP
fbem-29584	124	24	the	the	DET
fbem-29584	124	25	investment	investment	NOUN
fbem-29584	124	26	efficiency	efficiency	NOUN
fbem-29584	124	27	of	of	ADP
fbem-29584	124	28	enterprises	enterprise	NOUN
fbem-29584	124	29	in	in	ADP
fbem-29584	124	30	different	different	ADJ
fbem-29584	124	31	regions	region	NOUN
fbem-29584	124	32	is	be	AUX
fbem-29584	124	33	studied	study	VERB
fbem-29584	124	34	.	.	PUNCT
fbem-29584	125	1	the	the	DET
fbem-29584	125	2	regression	regression	NOUN
fbem-29584	125	3	results	result	NOUN
fbem-29584	125	4	are	be	AUX
fbem-29584	125	5	shown	show	VERB
fbem-29584	125	6	46	46	NUM
fbem-29584	125	7	in	in	ADP
fbem-29584	125	8	table	table	NOUN
fbem-29584	125	9	2	2	NUM
fbem-29584	125	10	.	.	PUNCT
fbem-29584	126	1	the	the	DET
fbem-29584	126	2	interaction	interaction	NOUN
fbem-29584	126	3	coefficient	coefficient	NOUN
fbem-29584	126	4	of	of	ADP
fbem-29584	126	5	columns	column	NOUN
fbem-29584	126	6	(	(	PUNCT
fbem-29584	126	7	4	4	NUM
fbem-29584	126	8	)	)	PUNCT
fbem-29584	126	9	and	and	CCONJ
fbem-29584	126	10	(	(	PUNCT
fbem-29584	126	11	5	5	NUM
fbem-29584	126	12	)	)	PUNCT
fbem-29584	126	13	in	in	ADP
fbem-29584	126	14	table	table	NOUN
fbem-29584	126	15	2	2	NUM
fbem-29584	126	16	is	be	AUX
fbem-29584	126	17	significantly	significantly	ADV
fbem-29584	126	18	positive	positive	ADJ
fbem-29584	126	19	at	at	ADP
fbem-29584	126	20	the	the	DET
fbem-29584	126	21	statistical	statistical	ADJ
fbem-29584	126	22	level	level	NOUN
fbem-29584	126	23	of	of	ADP
fbem-29584	126	24	10	10	NUM
fbem-29584	126	25	%	%	NOUN
fbem-29584	126	26	,	,	PUNCT
fbem-29584	126	27	indicating	indicate	VERB
fbem-29584	126	28	that	that	SCONJ
fbem-29584	126	29	the	the	DET
fbem-29584	126	30	liberalization	liberalization	NOUN
fbem-29584	126	31	of	of	ADP
fbem-29584	126	32	foreign	foreign	ADJ
fbem-29584	126	33	investment	investment	NOUN
fbem-29584	126	34	has	have	AUX
fbem-29584	126	35	intensified	intensify	VERB
fbem-29584	126	36	the	the	DET
fbem-29584	126	37	degree	degree	NOUN
fbem-29584	126	38	of	of	ADP
fbem-29584	126	39	over	over	ADP
fbem-29584	126	40	-	-	PUNCT
fbem-29584	126	41	investment	investment	NOUN
fbem-29584	126	42	of	of	ADP
fbem-29584	126	43	enterprises	enterprise	NOUN
fbem-29584	126	44	in	in	ADP
fbem-29584	126	45	the	the	DET
fbem-29584	126	46	central	central	ADJ
fbem-29584	126	47	region	region	NOUN
fbem-29584	126	48	;	;	PUNCT
fbem-29584	126	49	meanwhile	meanwhile	ADV
fbem-29584	126	50	,	,	PUNCT
fbem-29584	126	51	the	the	DET
fbem-29584	126	52	interaction	interaction	NOUN
fbem-29584	126	53	coefficient	coefficient	NOUN
fbem-29584	126	54	of	of	ADP
fbem-29584	126	55	column	column	NOUN
fbem-29584	126	56	(	(	PUNCT
fbem-29584	126	57	9	9	NUM
fbem-29584	126	58	)	)	PUNCT
fbem-29584	126	59	in	in	ADP
fbem-29584	126	60	table	table	NOUN
fbem-29584	126	61	2	2	NUM
fbem-29584	126	62	is	be	AUX
fbem-29584	126	63	significantly	significantly	ADV
fbem-29584	126	64	positive	positive	ADJ
fbem-29584	126	65	at	at	ADP
fbem-29584	126	66	the	the	DET
fbem-29584	126	67	statistical	statistical	ADJ
fbem-29584	126	68	level	level	NOUN
fbem-29584	126	69	of	of	ADP
fbem-29584	126	70	5	5	NUM
fbem-29584	126	71	%	%	NOUN
fbem-29584	126	72	,	,	PUNCT
fbem-29584	126	73	indicating	indicate	VERB
fbem-29584	126	74	that	that	SCONJ
fbem-29584	126	75	the	the	DET
fbem-29584	126	76	introduction	introduction	NOUN
fbem-29584	126	77	of	of	ADP
fbem-29584	126	78	foreign	foreign	ADJ
fbem-29584	126	79	investment	investment	NOUN
fbem-29584	126	80	has	have	AUX
fbem-29584	126	81	also	also	ADV
fbem-29584	126	82	intensified	intensify	VERB
fbem-29584	126	83	the	the	DET
fbem-29584	126	84	degree	degree	NOUN
fbem-29584	126	85	of	of	ADP
fbem-29584	126	86	underinvestment	underinvestment	NOUN
fbem-29584	126	87	in	in	ADP
fbem-29584	126	88	the	the	DET
fbem-29584	126	89	western	western	ADJ
fbem-29584	126	90	region	region	NOUN
fbem-29584	126	91	.	.	PUNCT
fbem-29584	127	1	the	the	DET
fbem-29584	127	2	central	central	ADJ
fbem-29584	127	3	region	region	NOUN
fbem-29584	127	4	has	have	AUX
fbem-29584	127	5	undertaken	undertake	VERB
fbem-29584	127	6	many	many	ADJ
fbem-29584	127	7	labor	labor	NOUN
fbem-29584	127	8	-	-	PUNCT
fbem-29584	127	9	intensive	intensive	ADJ
fbem-29584	127	10	industries	industry	NOUN
fbem-29584	127	11	and	and	CCONJ
fbem-29584	127	12	traditional	traditional	ADJ
fbem-29584	127	13	manufacturing	manufacturing	NOUN
fbem-29584	127	14	industries	industry	NOUN
fbem-29584	127	15	from	from	ADP
fbem-29584	127	16	the	the	DET
fbem-29584	127	17	eastern	eastern	ADJ
fbem-29584	127	18	region	region	NOUN
fbem-29584	127	19	.	.	PUNCT
fbem-29584	128	1	as	as	SCONJ
fbem-29584	128	2	such	such	ADJ
fbem-29584	128	3	enterprises	enterprise	NOUN
fbem-29584	128	4	usually	usually	ADV
fbem-29584	128	5	lack	lack	VERB
fbem-29584	128	6	advanced	advanced	ADJ
fbem-29584	128	7	technology	technology	NOUN
fbem-29584	128	8	and	and	CCONJ
fbem-29584	128	9	high	high	ADJ
fbem-29584	128	10	valueadded	valueadde	VERB
fbem-29584	128	11	products	product	NOUN
fbem-29584	128	12	,	,	PUNCT
fbem-29584	128	13	it	it	PRON
fbem-29584	128	14	is	be	AUX
fbem-29584	128	15	difficult	difficult	ADJ
fbem-29584	128	16	for	for	SCONJ
fbem-29584	128	17	them	they	PRON
fbem-29584	128	18	to	to	PART
fbem-29584	128	19	directly	directly	ADV
fbem-29584	128	20	compete	compete	VERB
fbem-29584	128	21	with	with	ADP
fbem-29584	128	22	foreign	foreign	ADJ
fbem-29584	128	23	capital	capital	NOUN
fbem-29584	128	24	after	after	ADP
fbem-29584	128	25	entering	enter	VERB
fbem-29584	128	26	,	,	PUNCT
fbem-29584	128	27	and	and	CCONJ
fbem-29584	128	28	they	they	PRON
fbem-29584	128	29	face	face	VERB
fbem-29584	128	30	greater	great	ADJ
fbem-29584	128	31	competitive	competitive	ADJ
fbem-29584	128	32	pressure	pressure	NOUN
fbem-29584	128	33	.	.	PUNCT
fbem-29584	129	1	therefore	therefore	ADV
fbem-29584	129	2	,	,	PUNCT
fbem-29584	129	3	enterprises	enterprise	NOUN
fbem-29584	129	4	in	in	ADP
fbem-29584	129	5	this	this	DET
fbem-29584	129	6	region	region	NOUN
fbem-29584	129	7	may	may	AUX
fbem-29584	129	8	increase	increase	VERB
fbem-29584	129	9	investment	investment	NOUN
fbem-29584	129	10	to	to	PART
fbem-29584	129	11	improve	improve	VERB
fbem-29584	129	12	their	their	PRON
fbem-29584	129	13	technical	technical	ADJ
fbem-29584	129	14	level	level	NOUN
fbem-29584	129	15	or	or	CCONJ
fbem-29584	129	16	production	production	NOUN
fbem-29584	129	17	capacity	capacity	NOUN
fbem-29584	129	18	,	,	PUNCT
fbem-29584	129	19	resulting	result	VERB
fbem-29584	129	20	in	in	ADP
fbem-29584	129	21	excessive	excessive	ADJ
fbem-29584	129	22	investment	investment	NOUN
fbem-29584	129	23	.	.	PUNCT
fbem-29584	130	1	in	in	ADP
fbem-29584	130	2	contrast	contrast	NOUN
fbem-29584	130	3	,	,	PUNCT
fbem-29584	130	4	limited	limit	VERB
fbem-29584	130	5	by	by	ADP
fbem-29584	130	6	geographical	geographical	ADJ
fbem-29584	130	7	location	location	NOUN
fbem-29584	130	8	,	,	PUNCT
fbem-29584	130	9	open	open	ADJ
fbem-29584	130	10	concept	concept	NOUN
fbem-29584	130	11	,	,	PUNCT
fbem-29584	130	12	institutional	institutional	ADJ
fbem-29584	130	13	constraints	constraint	NOUN
fbem-29584	130	14	and	and	CCONJ
fbem-29584	130	15	other	other	ADJ
fbem-29584	130	16	factors	factor	NOUN
fbem-29584	130	17	,	,	PUNCT
fbem-29584	130	18	the	the	DET
fbem-29584	130	19	business	business	NOUN
fbem-29584	130	20	environment	environment	NOUN
fbem-29584	130	21	of	of	ADP
fbem-29584	130	22	western	western	ADJ
fbem-29584	130	23	china	china	PROPN
fbem-29584	130	24	is	be	AUX
fbem-29584	130	25	far	far	ADV
fbem-29584	130	26	from	from	ADP
fbem-29584	130	27	that	that	PRON
fbem-29584	130	28	of	of	ADP
fbem-29584	130	29	the	the	DET
fbem-29584	130	30	eastern	eastern	ADJ
fbem-29584	130	31	coastal	coastal	ADJ
fbem-29584	130	32	areas	area	NOUN
fbem-29584	130	33	and	and	CCONJ
fbem-29584	130	34	the	the	DET
fbem-29584	130	35	international	international	ADJ
fbem-29584	130	36	advanced	advanced	ADJ
fbem-29584	130	37	level	level	NOUN
fbem-29584	130	38	.	.	PUNCT
fbem-29584	131	1	the	the	DET
fbem-29584	131	2	eastern	eastern	ADJ
fbem-29584	131	3	region	region	NOUN
fbem-29584	131	4	is	be	AUX
fbem-29584	131	5	more	more	ADV
fbem-29584	131	6	able	able	ADJ
fbem-29584	131	7	to	to	PART
fbem-29584	131	8	attract	attract	VERB
fbem-29584	131	9	foreign	foreign	ADJ
fbem-29584	131	10	investment	investment	NOUN
fbem-29584	131	11	,	,	PUNCT
fbem-29584	131	12	thus	thus	ADV
fbem-29584	131	13	aggravating	aggravate	VERB
fbem-29584	131	14	the	the	DET
fbem-29584	131	15	uneven	uneven	ADJ
fbem-29584	131	16	distribution	distribution	NOUN
fbem-29584	131	17	of	of	ADP
fbem-29584	131	18	resources	resource	NOUN
fbem-29584	131	19	between	between	ADP
fbem-29584	131	20	the	the	DET
fbem-29584	131	21	eastern	eastern	ADJ
fbem-29584	131	22	and	and	CCONJ
fbem-29584	131	23	western	western	ADJ
fbem-29584	131	24	regions	region	NOUN
fbem-29584	131	25	.	.	PUNCT
fbem-29584	132	1	the	the	DET
fbem-29584	132	2	low	low	ADJ
fbem-29584	132	3	degree	degree	NOUN
fbem-29584	132	4	of	of	ADP
fbem-29584	132	5	openness	openness	NOUN
fbem-29584	132	6	,	,	PUNCT
fbem-29584	132	7	low	low	ADJ
fbem-29584	132	8	administrative	administrative	ADJ
fbem-29584	132	9	efficiency	efficiency	NOUN
fbem-29584	132	10	,	,	PUNCT
fbem-29584	132	11	too	too	ADV
fbem-29584	132	12	many	many	ADJ
fbem-29584	132	13	approval	approval	NOUN
fbem-29584	132	14	items	item	NOUN
fbem-29584	132	15	,	,	PUNCT
fbem-29584	132	16	and	and	CCONJ
fbem-29584	132	17	weak	weak	ADJ
fbem-29584	132	18	service	service	NOUN
fbem-29584	132	19	level	level	NOUN
fbem-29584	132	20	will	will	AUX
fbem-29584	132	21	limit	limit	VERB
fbem-29584	132	22	the	the	DET
fbem-29584	132	23	attraction	attraction	NOUN
fbem-29584	132	24	of	of	ADP
fbem-29584	132	25	the	the	DET
fbem-29584	132	26	western	western	ADJ
fbem-29584	132	27	region	region	NOUN
fbem-29584	132	28	,	,	PUNCT
fbem-29584	132	29	which	which	PRON
fbem-29584	132	30	will	will	AUX
fbem-29584	132	31	affect	affect	VERB
fbem-29584	132	32	the	the	DET
fbem-29584	132	33	investment	investment	NOUN
fbem-29584	132	34	efficiency	efficiency	NOUN
fbem-29584	132	35	of	of	ADP
fbem-29584	132	36	the	the	DET
fbem-29584	132	37	western	western	ADJ
fbem-29584	132	38	region	region	NOUN
fbem-29584	132	39	to	to	ADP
fbem-29584	132	40	a	a	DET
fbem-29584	132	41	certain	certain	ADJ
fbem-29584	132	42	extent	extent	NOUN
fbem-29584	132	43	.	.	PUNCT
fbem-29584	133	1	table	table	NOUN
fbem-29584	133	2	2	2	NUM
fbem-29584	133	3	.	.	X
fbem-29584	134	1	heterogeneity	heterogeneity	NOUN
fbem-29584	134	2	regression	regression	NOUN
fbem-29584	134	3	results	result	NOUN
fbem-29584	134	4	for	for	ADP
fbem-29584	134	5	firm	firm	NOUN
fbem-29584	134	6	’s	’s	PART
fbem-29584	134	7	region	region	NOUN
fbem-29584	134	8	eastern	eastern	ADJ
fbem-29584	134	9	central	central	ADJ
fbem-29584	134	10	western	western	ADJ
fbem-29584	134	11	(	(	PUNCT
fbem-29584	134	12	1	1	NUM
fbem-29584	134	13	)	)	PUNCT
fbem-29584	134	14	(	(	PUNCT
fbem-29584	134	15	2	2	NUM
fbem-29584	134	16	)	)	PUNCT
fbem-29584	134	17	(	(	PUNCT
fbem-29584	134	18	3	3	X
fbem-29584	134	19	)	)	PUNCT
fbem-29584	134	20	(	(	PUNCT
fbem-29584	134	21	4	4	NUM
fbem-29584	134	22	)	)	PUNCT
fbem-29584	134	23	(	(	PUNCT
fbem-29584	134	24	5	5	NUM
fbem-29584	134	25	)	)	PUNCT
fbem-29584	134	26	(	(	PUNCT
fbem-29584	134	27	6	6	NUM
fbem-29584	134	28	)	)	PUNCT
fbem-29584	134	29	(	(	PUNCT
fbem-29584	134	30	7	7	NUM
fbem-29584	134	31	)	)	PUNCT
fbem-29584	134	32	(	(	PUNCT
fbem-29584	134	33	8)	8)	NUM
fbem-29584	134	34	(	(	PUNCT
fbem-29584	134	35	9	9	NUM
fbem-29584	134	36	)	)	PUNCT
fbem-29584	134	37	inv	inv	ADJ
fbem-29584	134	38	overin	overin	NOUN
fbem-29584	134	39	v	v	NOUN
fbem-29584	134	40	under	under	ADP
fbem-29584	134	41	inv	inv	ADJ
fbem-29584	134	42	inv	inv	PROPN
fbem-29584	134	43	overi	overi	PROPN
fbem-29584	134	44	nv	nv	PROPN
fbem-29584	134	45	under	under	ADP
fbem-29584	134	46	inv	inv	VERB
fbem-29584	134	47	inv	inv	VERB
fbem-29584	134	48	overin	overin	NOUN
fbem-29584	134	49	v	v	NOUN
fbem-29584	134	50	under	under	ADP
fbem-29584	134	51	inv	inv	VERB
fbem-29584	134	52	treati*postt	treati*postt	PROPN
fbem-29584	134	53	0.0032	0.0032	NUM
fbem-29584	134	54	*	*	NOUN
fbem-29584	134	55	0.0069	0.0069	NUM
fbem-29584	134	56	0.0011	0.0011	NUM
fbem-29584	134	57	0.0114	0.0114	NUM
fbem-29584	134	58	*	*	PUNCT
fbem-29584	134	59	0.0222	0.0222	NUM
fbem-29584	134	60	*	*	PUNCT
fbem-29584	134	61	-0.0034	-0.0034	NOUN
fbem-29584	134	62	0.0065	0.0065	NUM
fbem-29584	134	63	-0.0092	-0.0092	NOUN
fbem-29584	135	1	0.0095	0.0095	NUM
fbem-29584	135	2	*	*	PUNCT
fbem-29584	135	3	*	*	PUNCT
fbem-29584	135	4	(	(	PUNCT
fbem-29584	135	5	0.0017	0.0017	NUM
fbem-29584	135	6	)	)	PUNCT
fbem-29584	135	7	(	(	PUNCT
fbem-29584	135	8	0.0042	0.0042	NUM
fbem-29584	135	9	)	)	PUNCT
fbem-29584	135	10	(	(	PUNCT
fbem-29584	135	11	0.0010	0.0010	NUM
fbem-29584	135	12	)	)	PUNCT
fbem-29584	135	13	(	(	PUNCT
fbem-29584	135	14	0.0058	0.0058	NUM
fbem-29584	135	15	)	)	PUNCT
fbem-29584	135	16	(	(	PUNCT
fbem-29584	135	17	0.0119	0.0119	NUM
fbem-29584	135	18	)	)	PUNCT
fbem-29584	135	19	(	(	PUNCT
fbem-29584	135	20	0.0033	0.0033	NUM
fbem-29584	135	21	)	)	PUNCT
fbem-29584	135	22	(	(	PUNCT
fbem-29584	135	23	0.0051	0.0051	NUM
fbem-29584	135	24	)	)	PUNCT
fbem-29584	135	25	(	(	PUNCT
fbem-29584	135	26	0.0132	0.0132	NUM
fbem-29584	135	27	)	)	PUNCT
fbem-29584	135	28	(	(	PUNCT
fbem-29584	135	29	0.0040	0.0040	NUM
fbem-29584	135	30	)	)	PUNCT
fbem-29584	135	31	controlit	controlit	NOUN
fbem-29584	136	1	yes	yes	INTJ
fbem-29584	137	1	yes	yes	INTJ
fbem-29584	138	1	yes	yes	INTJ
fbem-29584	139	1	yes	yes	INTJ
fbem-29584	140	1	yes	yes	INTJ
fbem-29584	141	1	yes	yes	INTJ
fbem-29584	142	1	yes	yes	INTJ
fbem-29584	143	1	yes	yes	INTJ
fbem-29584	143	2	yes	yes	INTJ
fbem-29584	143	3	cons	con	NOUN
fbem-29584	143	4	-0.1814	-0.1814	VERB
fbem-29584	143	5	*	*	PUNCT
fbem-29584	143	6	*	*	PUNCT
fbem-29584	143	7	*	*	PUNCT
fbem-29584	143	8	-0.4509	-0.4509	PROPN
fbem-29584	144	1	*	*	PUNCT
fbem-29584	144	2	*	*	PUNCT
fbem-29584	144	3	*	*	PUNCT
fbem-29584	144	4	-0.0110	-0.0110	ADJ
fbem-29584	144	5	-0.1807	-0.1807	ADJ
fbem-29584	144	6	*	*	PUNCT
fbem-29584	144	7	*	*	NOUN
fbem-29584	144	8	-0.2541	-0.2541	PROPN
fbem-29584	144	9	*	*	PUNCT
fbem-29584	144	10	-0.0299	-0.0299	NOUN
fbem-29584	144	11	-0.2092	-0.2092	PROPN
fbem-29584	144	12	*	*	PUNCT
fbem-29584	145	1	*	*	PUNCT
fbem-29584	145	2	*	*	PUNCT
fbem-29584	145	3	-0.4341	-0.4341	NOUN
fbem-29584	145	4	*	*	PUNCT
fbem-29584	145	5	*	*	PUNCT
fbem-29584	145	6	*	*	PUNCT
fbem-29584	145	7	-0.0639	-0.0639	PROPN
fbem-29584	145	8	(	(	PUNCT
fbem-29584	145	9	0.0318	0.0318	NUM
fbem-29584	145	10	)	)	PUNCT
fbem-29584	145	11	(	(	PUNCT
fbem-29584	145	12	0.0728	0.0728	NUM
fbem-29584	145	13	)	)	PUNCT
fbem-29584	145	14	(	(	PUNCT
fbem-29584	145	15	0.0195	0.0195	NUM
fbem-29584	145	16	)	)	PUNCT
fbem-29584	145	17	(	(	PUNCT
fbem-29584	145	18	0.0711	0.0711	NUM
fbem-29584	145	19	)	)	PUNCT
fbem-29584	145	20	(	(	PUNCT
fbem-29584	145	21	0.1348	0.1348	NUM
fbem-29584	145	22	)	)	PUNCT
fbem-29584	145	23	(	(	PUNCT
fbem-29584	145	24	0.0420	0.0420	NUM
fbem-29584	145	25	)	)	PUNCT
fbem-29584	145	26	(	(	PUNCT
fbem-29584	145	27	0.0667	0.0667	NUM
fbem-29584	145	28	)	)	PUNCT
fbem-29584	145	29	(	(	PUNCT
fbem-29584	145	30	0.1346	0.1346	NUM
fbem-29584	145	31	)	)	PUNCT
fbem-29584	145	32	(	(	PUNCT
fbem-29584	145	33	0.0424	0.0424	NUM
fbem-29584	145	34	)	)	PUNCT
fbem-29584	145	35	time	time	NOUN
fbem-29584	145	36	fixed	fix	VERB
fbem-29584	145	37	effects	effect	NOUN
fbem-29584	146	1	yes	yes	INTJ
fbem-29584	147	1	yes	yes	INTJ
fbem-29584	148	1	yes	yes	INTJ
fbem-29584	149	1	yes	yes	INTJ
fbem-29584	150	1	yes	yes	INTJ
fbem-29584	151	1	yes	yes	INTJ
fbem-29584	152	1	yes	yes	INTJ
fbem-29584	153	1	yes	yes	INTJ
fbem-29584	154	1	yes	yes	INTJ
fbem-29584	154	2	firms	firm	NOUN
fbem-29584	154	3	fixed	fix	VERB
fbem-29584	154	4	effects	effect	NOUN
fbem-29584	155	1	yes	yes	INTJ
fbem-29584	156	1	yes	yes	INTJ
fbem-29584	157	1	yes	yes	INTJ
fbem-29584	158	1	yes	yes	INTJ
fbem-29584	159	1	yes	yes	INTJ
fbem-29584	160	1	yes	yes	INTJ
fbem-29584	161	1	yes	yes	INTJ
fbem-29584	162	1	yes	yes	INTJ
fbem-29584	162	2	yes	yes	INTJ
fbem-29584	162	3	observation	observation	NOUN
fbem-29584	162	4	20143	20143	NUM
fbem-29584	162	5	6977	6977	NUM
fbem-29584	162	6	12519	12519	NUM
fbem-29584	162	7	4761	4761	NUM
fbem-29584	162	8	1658	1658	NUM
fbem-29584	162	9	2993	2993	NUM
fbem-29584	162	10	4000	4000	NUM
fbem-29584	162	11	1359	1359	NUM
fbem-29584	162	12	2547	2547	NUM
fbem-29584	162	13	r2	r2	PROPN
fbem-29584	162	14	0.2975	0.2975	NUM
fbem-29584	162	15	0.4165	0.4165	NUM
fbem-29584	162	16	0.3514	0.3514	NUM
fbem-29584	162	17	0.2574	0.2574	NUM
fbem-29584	162	18	0.3537	0.3537	NUM
fbem-29584	162	19	0.3370	0.3370	NUM
fbem-29584	162	20	0.2479	0.2479	NUM
fbem-29584	162	21	0.3749	0.3749	NUM
fbem-29584	162	22	0.3154	0.3154	NUM
fbem-29584	162	23	the	the	DET
fbem-29584	162	24	t	t	PROPN
fbem-29584	162	25	statistics	statistic	NOUN
fbem-29584	162	26	in	in	ADP
fbem-29584	162	27	parentheses	parenthesis	NOUN
fbem-29584	162	28	are	be	AUX
fbem-29584	162	29	calculated	calculate	VERB
fbem-29584	162	30	on	on	ADP
fbem-29584	162	31	the	the	DET
fbem-29584	162	32	basis	basis	NOUN
fbem-29584	162	33	of	of	ADP
fbem-29584	162	34	clustered	clustered	ADJ
fbem-29584	162	35	standard	standard	ADJ
fbem-29584	162	36	errors	error	NOUN
fbem-29584	162	37	at	at	ADP
fbem-29584	162	38	the	the	DET
fbem-29584	162	39	firm	firm	ADJ
fbem-29584	162	40	level	level	NOUN
fbem-29584	162	41	.	.	PUNCT
fbem-29584	163	1	the	the	DET
fbem-29584	163	2	asterisks	asterisk	NOUN
fbem-29584	163	3	indicate	indicate	VERB
fbem-29584	163	4	1	1	NUM
fbem-29584	163	5	%	%	NOUN
fbem-29584	163	6	(	(	PUNCT
fbem-29584	163	7	*	*	PUNCT
fbem-29584	163	8	*	*	PUNCT
fbem-29584	163	9	*	*	PUNCT
fbem-29584	163	10	)	)	PUNCT
fbem-29584	163	11	,	,	PUNCT
fbem-29584	163	12	5	5	NUM
fbem-29584	163	13	%	%	NOUN
fbem-29584	163	14	(	(	PUNCT
fbem-29584	163	15	*	*	NOUN
fbem-29584	163	16	*	*	PUNCT
fbem-29584	163	17	)	)	PUNCT
fbem-29584	163	18	,	,	PUNCT
fbem-29584	163	19	and	and	CCONJ
fbem-29584	163	20	10	10	NUM
fbem-29584	163	21	%	%	NOUN
fbem-29584	163	22	(	(	PUNCT
fbem-29584	163	23	*	*	NOUN
fbem-29584	163	24	)	)	PUNCT
fbem-29584	163	25	levels	level	NOUN
fbem-29584	163	26	of	of	ADP
fbem-29584	163	27	significance	significance	NOUN
fbem-29584	163	28	.	.	PUNCT
fbem-29584	164	1	5.1.2	5.1.2	X
fbem-29584	164	2	.	.	X
fbem-29584	164	3	financing	financing	NOUN
fbem-29584	164	4	constraints	constraint	NOUN
fbem-29584	164	5	table	table	VERB
fbem-29584	164	6	3	3	NUM
fbem-29584	164	7	.	.	X
fbem-29584	165	1	heterogeneity	heterogeneity	NOUN
fbem-29584	165	2	regression	regression	NOUN
fbem-29584	165	3	results	result	NOUN
fbem-29584	165	4	of	of	ADP
fbem-29584	165	5	firms	firm	NOUN
fbem-29584	165	6	’	'	PUNCT
fbem-29584	165	7	financing	financing	NOUN
fbem-29584	165	8	constraints	constraint	VERB
fbem-29584	165	9	high	high	ADV
fbem-29584	165	10	low	low	ADJ
fbem-29584	165	11	(	(	PUNCT
fbem-29584	165	12	1	1	NUM
fbem-29584	165	13	)	)	PUNCT
fbem-29584	165	14	(	(	PUNCT
fbem-29584	165	15	2	2	NUM
fbem-29584	165	16	)	)	PUNCT
fbem-29584	165	17	(	(	PUNCT
fbem-29584	165	18	3	3	X
fbem-29584	165	19	)	)	PUNCT
fbem-29584	165	20	(	(	PUNCT
fbem-29584	165	21	4	4	NUM
fbem-29584	165	22	)	)	PUNCT
fbem-29584	165	23	(	(	PUNCT
fbem-29584	165	24	5	5	NUM
fbem-29584	165	25	)	)	PUNCT
fbem-29584	165	26	(	(	PUNCT
fbem-29584	165	27	6	6	X
fbem-29584	165	28	)	)	PUNCT
fbem-29584	165	29	inv	inv	VERB
fbem-29584	165	30	overinv	overinv	ADJ
fbem-29584	165	31	underinv	underinv	PROPN
fbem-29584	165	32	inv	inv	VERB
fbem-29584	165	33	overinv	overinv	ADJ
fbem-29584	165	34	underinv	underinv	ADJ
fbem-29584	165	35	treati×postt	treati×postt	NOUN
fbem-29584	165	36	0.0066	0.0066	NUM
fbem-29584	165	37	*	*	PROPN
fbem-29584	165	38	*	*	PUNCT
fbem-29584	165	39	*	*	PUNCT
fbem-29584	165	40	0.0171	0.0171	NUM
fbem-29584	165	41	*	*	PUNCT
fbem-29584	165	42	*	*	PUNCT
fbem-29584	165	43	*	*	X
fbem-29584	166	1	0.0014	0.0014	NUM
fbem-29584	166	2	0.0038	0.0038	NUM
fbem-29584	166	3	*	*	PUNCT
fbem-29584	166	4	0.0052	0.0052	NUM
fbem-29584	166	5	0.0024	0.0024	NUM
fbem-29584	166	6	*	*	PUNCT
fbem-29584	166	7	(	(	PUNCT
fbem-29584	166	8	0.0022	0.0022	NUM
fbem-29584	166	9	)	)	PUNCT
fbem-29584	166	10	(	(	PUNCT
fbem-29584	166	11	0.0058	0.0058	NUM
fbem-29584	166	12	)	)	PUNCT
fbem-29584	166	13	(	(	PUNCT
fbem-29584	166	14	0.0013	0.0013	NUM
fbem-29584	166	15	)	)	PUNCT
fbem-29584	166	16	(	(	PUNCT
fbem-29584	166	17	0.0022	0.0022	NUM
fbem-29584	166	18	)	)	PUNCT
fbem-29584	166	19	(	(	PUNCT
fbem-29584	166	20	0.0057	0.0057	NUM
fbem-29584	166	21	)	)	PUNCT
fbem-29584	166	22	(	(	PUNCT
fbem-29584	166	23	0.0014	0.0014	NUM
fbem-29584	166	24	)	)	PUNCT
fbem-29584	166	25	controlit	controlit	NOUN
fbem-29584	166	26	yes	yes	INTJ
fbem-29584	167	1	yes	yes	INTJ
fbem-29584	168	1	yes	yes	INTJ
fbem-29584	169	1	yes	yes	INTJ
fbem-29584	170	1	yes	yes	INTJ
fbem-29584	170	2	yes	yes	INTJ
fbem-29584	170	3	cons	con	NOUN
fbem-29584	170	4	-0.1324	-0.1324	VERB
fbem-29584	170	5	*	*	PUNCT
fbem-29584	170	6	*	*	PUNCT
fbem-29584	170	7	*	*	PUNCT
fbem-29584	170	8	-0.3967	-0.3967	PROPN
fbem-29584	170	9	*	*	PUNCT
fbem-29584	170	10	*	*	PUNCT
fbem-29584	170	11	*	*	PUNCT
fbem-29584	170	12	-0.0051	-0.0051	ADJ
fbem-29584	170	13	-0.2753	-0.2753	X
fbem-29584	170	14	*	*	PUNCT
fbem-29584	171	1	*	*	PUNCT
fbem-29584	171	2	*	*	PUNCT
fbem-29584	171	3	-0.5472	-0.5472	PUNCT
fbem-29584	171	4	*	*	PUNCT
fbem-29584	171	5	*	*	PUNCT
fbem-29584	171	6	*	*	PUNCT
fbem-29584	171	7	-0.0503	-0.0503	ADJ
fbem-29584	171	8	*	*	X
fbem-29584	171	9	(	(	PUNCT
fbem-29584	171	10	0.0470	0.0470	NUM
fbem-29584	171	11	)	)	PUNCT
fbem-29584	171	12	(	(	PUNCT
fbem-29584	171	13	0.1107	0.1107	NUM
fbem-29584	171	14	)	)	PUNCT
fbem-29584	171	15	(	(	PUNCT
fbem-29584	171	16	0.0249	0.0249	NUM
fbem-29584	171	17	)	)	PUNCT
fbem-29584	171	18	(	(	PUNCT
fbem-29584	171	19	0.0411	0.0411	NUM
fbem-29584	171	20	)	)	PUNCT
fbem-29584	171	21	(	(	PUNCT
fbem-29584	171	22	0.1014	0.1014	NUM
fbem-29584	171	23	)	)	PUNCT
fbem-29584	171	24	(	(	PUNCT
fbem-29584	171	25	0.0259	0.0259	NUM
fbem-29584	171	26	)	)	PUNCT
fbem-29584	171	27	time	time	NOUN
fbem-29584	171	28	fixed	fix	VERB
fbem-29584	171	29	effects	effect	NOUN
fbem-29584	172	1	yes	yes	INTJ
fbem-29584	173	1	yes	yes	INTJ
fbem-29584	174	1	yes	yes	INTJ
fbem-29584	175	1	yes	yes	INTJ
fbem-29584	176	1	yes	yes	INTJ
fbem-29584	177	1	yes	yes	INTJ
fbem-29584	177	2	firms	firm	NOUN
fbem-29584	177	3	fixed	fix	VERB
fbem-29584	177	4	effects	effect	NOUN
fbem-29584	178	1	yes	yes	INTJ
fbem-29584	179	1	yes	yes	INTJ
fbem-29584	180	1	yes	yes	INTJ
fbem-29584	181	1	yes	yes	INTJ
fbem-29584	182	1	yes	yes	INTJ
fbem-29584	182	2	yes	yes	INTJ
fbem-29584	182	3	observation	observation	NOUN
fbem-29584	182	4	14509	14509	NUM
fbem-29584	182	5	4835	4835	NUM
fbem-29584	182	6	8849	8849	NUM
fbem-29584	182	7	14387	14387	NUM
fbem-29584	182	8	4513	4513	NUM
fbem-29584	182	9	8928	8928	NUM
fbem-29584	182	10	r2	r2	PROPN
fbem-29584	182	11	0.3330	0.3330	NUM
fbem-29584	182	12	0.4478	0.4478	NUM
fbem-29584	182	13	0.3930	0.3930	NUM
fbem-29584	182	14	0.3300	0.3300	NUM
fbem-29584	182	15	0.4365	0.4365	NUM
fbem-29584	182	16	0.3770	0.3770	NUM
fbem-29584	182	17	the	the	DET
fbem-29584	182	18	t	t	PROPN
fbem-29584	182	19	statistics	statistic	NOUN
fbem-29584	182	20	in	in	ADP
fbem-29584	182	21	parentheses	parenthesis	NOUN
fbem-29584	182	22	are	be	AUX
fbem-29584	182	23	calculated	calculate	VERB
fbem-29584	182	24	on	on	ADP
fbem-29584	182	25	the	the	DET
fbem-29584	182	26	basis	basis	NOUN
fbem-29584	182	27	of	of	ADP
fbem-29584	182	28	clustered	clustered	ADJ
fbem-29584	182	29	standard	standard	ADJ
fbem-29584	182	30	errors	error	NOUN
fbem-29584	182	31	at	at	ADP
fbem-29584	182	32	the	the	DET
fbem-29584	182	33	firm	firm	ADJ
fbem-29584	182	34	level	level	NOUN
fbem-29584	182	35	.	.	PUNCT
fbem-29584	183	1	the	the	DET
fbem-29584	183	2	asterisks	asterisk	NOUN
fbem-29584	183	3	indicate	indicate	VERB
fbem-29584	183	4	1	1	NUM
fbem-29584	183	5	%	%	NOUN
fbem-29584	183	6	(	(	PUNCT
fbem-29584	183	7	*	*	PUNCT
fbem-29584	183	8	*	*	PUNCT
fbem-29584	183	9	*	*	PUNCT
fbem-29584	183	10	)	)	PUNCT
fbem-29584	183	11	,	,	PUNCT
fbem-29584	183	12	5	5	NUM
fbem-29584	183	13	%	%	NOUN
fbem-29584	183	14	(	(	PUNCT
fbem-29584	183	15	*	*	NOUN
fbem-29584	183	16	*	*	PUNCT
fbem-29584	183	17	)	)	PUNCT
fbem-29584	183	18	,	,	PUNCT
fbem-29584	183	19	and	and	CCONJ
fbem-29584	183	20	10	10	NUM
fbem-29584	183	21	%	%	NOUN
fbem-29584	183	22	(	(	PUNCT
fbem-29584	183	23	*	*	NOUN
fbem-29584	183	24	)	)	PUNCT
fbem-29584	183	25	levels	level	NOUN
fbem-29584	183	26	of	of	ADP
fbem-29584	183	27	significance	significance	NOUN
fbem-29584	183	28	.	.	PUNCT
fbem-29584	184	1	referring	refer	VERB
fbem-29584	184	2	to	to	ADP
fbem-29584	184	3	the	the	DET
fbem-29584	184	4	method	method	NOUN
fbem-29584	184	5	of	of	ADP
fbem-29584	184	6	hadlock	hadlock	NOUN
fbem-29584	184	7	and	and	CCONJ
fbem-29584	184	8	pierce	pierce	PROPN
fbem-29584	184	9	(	(	PUNCT
fbem-29584	184	10	2010	2010	NUM
fbem-29584	184	11	)	)	PUNCT
fbem-29584	184	12	,	,	PUNCT
fbem-29584	184	13	we	we	PRON
fbem-29584	184	14	tested	test	VERB
fbem-29584	184	15	the	the	DET
fbem-29584	184	16	heterogeneity	heterogeneity	NOUN
fbem-29584	184	17	of	of	ADP
fbem-29584	184	18	enterprise	enterprise	NOUN
fbem-29584	184	19	financing	financing	NOUN
fbem-29584	184	20	constraints	constraint	NOUN
fbem-29584	184	21	by	by	ADP
fbem-29584	184	22	constructing	construct	VERB
fbem-29584	184	23	an	an	DET
fbem-29584	184	24	sa	sa	NOUN
fbem-29584	184	25	index	index	NOUN
fbem-29584	184	26	and	and	CCONJ
fbem-29584	184	27	using	use	VERB
fbem-29584	184	28	it	it	PRON
fbem-29584	184	29	to	to	PART
fbem-29584	184	30	measure	measure	VERB
fbem-29584	184	31	the	the	DET
fbem-29584	184	32	degree	degree	NOUN
fbem-29584	184	33	of	of	ADP
fbem-29584	184	34	financing	financing	NOUN
fbem-29584	184	35	constraints	constraint	NOUN
fbem-29584	184	36	.	.	PUNCT
fbem-29584	185	1	table	table	NOUN
fbem-29584	185	2	3	3	NUM
fbem-29584	185	3	reports	report	VERB
fbem-29584	185	4	the	the	DET
fbem-29584	185	5	impact	impact	NOUN
fbem-29584	185	6	of	of	ADP
fbem-29584	185	7	foreign	foreign	ADJ
fbem-29584	185	8	entry	entry	NOUN
fbem-29584	185	9	liberalization	liberalization	NOUN
fbem-29584	185	10	on	on	ADP
fbem-29584	185	11	the	the	DET
fbem-29584	185	12	investment	investment	NOUN
fbem-29584	185	13	efficiency	efficiency	NOUN
fbem-29584	185	14	of	of	ADP
fbem-29584	185	15	enterprises	enterprise	NOUN
fbem-29584	185	16	facing	face	VERB
fbem-29584	185	17	different	different	ADJ
fbem-29584	185	18	financing	financing	NOUN
fbem-29584	185	19	constraints	constraint	NOUN
fbem-29584	185	20	,	,	PUNCT
fbem-29584	185	21	the	the	DET
fbem-29584	185	22	result	result	NOUN
fbem-29584	185	23	indicates	indicate	VERB
fbem-29584	185	24	that	that	SCONJ
fbem-29584	185	25	implementing	implement	VERB
fbem-29584	185	26	the	the	DET
fbem-29584	185	27	negative	negative	ADJ
fbem-29584	185	28	list	list	NOUN
fbem-29584	185	29	significantly	significantly	ADV
fbem-29584	185	30	improves	improve	VERB
fbem-29584	185	31	the	the	DET
fbem-29584	185	32	degree	degree	NOUN
fbem-29584	185	33	of	of	ADP
fbem-29584	185	34	inefficient	inefficient	ADJ
fbem-29584	185	35	investment	investment	NOUN
fbem-29584	185	36	of	of	ADP
fbem-29584	185	37	firms	firm	NOUN
fbem-29584	185	38	with	with	ADP
fbem-29584	185	39	high	high	ADJ
fbem-29584	185	40	financing	financing	NOUN
fbem-29584	185	41	constraints	constraint	NOUN
fbem-29584	185	42	and	and	CCONJ
fbem-29584	185	43	aggravates	aggravate	VERB
fbem-29584	185	44	the	the	DET
fbem-29584	185	45	excessive	excessive	ADJ
fbem-29584	185	46	investment	investment	NOUN
fbem-29584	185	47	of	of	ADP
fbem-29584	185	48	such	such	ADJ
fbem-29584	185	49	firms	firm	NOUN
fbem-29584	185	50	.	.	PUNCT
fbem-29584	186	1	however	however	ADV
fbem-29584	186	2	,	,	PUNCT
fbem-29584	186	3	there	there	PRON
fbem-29584	186	4	is	be	VERB
fbem-29584	186	5	no	no	DET
fbem-29584	186	6	significant	significant	ADJ
fbem-29584	186	7	effect	effect	NOUN
fbem-29584	186	8	on	on	ADP
fbem-29584	186	9	the	the	DET
fbem-29584	186	10	lack	lack	NOUN
fbem-29584	186	11	of	of	ADP
fbem-29584	186	12	investment	investment	NOUN
fbem-29584	186	13	in	in	ADP
fbem-29584	186	14	such	such	ADJ
fbem-29584	186	15	firms	firm	NOUN
fbem-29584	186	16	.	.	PUNCT
fbem-29584	187	1	adiitionally	adiitionally	ADV
fbem-29584	187	2	,	,	PUNCT
fbem-29584	187	3	the	the	DET
fbem-29584	187	4	implement	implement	NOUN
fbem-29584	187	5	of	of	ADP
fbem-29584	187	6	the	the	DET
fbem-29584	187	7	negative	negative	ADJ
fbem-29584	187	8	list	list	NOUN
fbem-29584	187	9	aggravates	aggravate	VERB
fbem-29584	187	10	the	the	DET
fbem-29584	187	11	underinvestment	underinvestment	NOUN
fbem-29584	187	12	of	of	ADP
fbem-29584	187	13	firms	firm	NOUN
fbem-29584	187	14	with	with	ADP
fbem-29584	187	15	low	low	ADJ
fbem-29584	187	16	financing	financing	NOUN
fbem-29584	187	17	constraints	constraint	NOUN
fbem-29584	187	18	but	but	CCONJ
fbem-29584	187	19	has	have	VERB
fbem-29584	187	20	no	no	DET
fbem-29584	187	21	significant	significant	ADJ
fbem-29584	187	22	effect	effect	NOUN
fbem-29584	187	23	on	on	ADP
fbem-29584	187	24	their	their	PRON
fbem-29584	187	25	overinvestment	overinvestment	NOUN
fbem-29584	187	26	.	.	PUNCT
fbem-29584	188	1	harrison	harrison	PROPN
fbem-29584	188	2	and	and	CCONJ
fbem-29584	188	3	mcmillan	mcmillan	PROPN
fbem-29584	188	4	(	(	PUNCT
fbem-29584	188	5	2003	2003	NUM
fbem-29584	188	6	)	)	PUNCT
fbem-29584	188	7	and	and	CCONJ
fbem-29584	188	8	hericourt	hericourt	VERB
fbem-29584	188	9	and	and	CCONJ
fbem-29584	188	10	poncet	poncet	PROPN
fbem-29584	188	11	(	(	PUNCT
fbem-29584	188	12	2009	2009	NUM
fbem-29584	188	13	)	)	PUNCT
fbem-29584	188	14	noted	note	VERB
fbem-29584	188	15	that	that	SCONJ
fbem-29584	188	16	financing	financing	NOUN
fbem-29584	188	17	constraints	constraint	NOUN
fbem-29584	188	18	may	may	AUX
fbem-29584	188	19	cause	cause	VERB
fbem-29584	188	20	firms	firm	NOUN
fbem-29584	188	21	to	to	PART
fbem-29584	188	22	miss	miss	VERB
fbem-29584	188	23	investment	investment	NOUN
fbem-29584	188	24	opportunities	opportunity	NOUN
fbem-29584	188	25	because	because	SCONJ
fbem-29584	188	26	they	they	PRON
fbem-29584	188	27	can	can	AUX
fbem-29584	188	28	not	not	PART
fbem-29584	188	29	obtain	obtain	VERB
fbem-29584	188	30	financial	financial	ADJ
fbem-29584	188	31	support	support	NOUN
fbem-29584	188	32	,	,	PUNCT
fbem-29584	188	33	thus	thus	ADV
fbem-29584	188	34	increasing	increase	VERB
fbem-29584	188	35	the	the	DET
fbem-29584	188	36	level	level	NOUN
fbem-29584	188	37	of	of	ADP
fbem-29584	188	38	inefficient	inefficient	ADJ
fbem-29584	188	39	investment	investment	NOUN
fbem-29584	188	40	.	.	PUNCT
fbem-29584	189	1	foreign	foreign	ADJ
fbem-29584	189	2	investment	investment	NOUN
fbem-29584	189	3	through	through	ADP
fbem-29584	189	4	direct	direct	ADJ
fbem-29584	189	5	capital	capital	NOUN
fbem-29584	189	6	injection	injection	NOUN
fbem-29584	189	7	or	or	CCONJ
fbem-29584	189	8	transnational	transnational	ADJ
fbem-29584	189	9	cooperation	cooperation	NOUN
fbem-29584	189	10	can	can	AUX
fbem-29584	189	11	ease	ease	VERB
fbem-29584	189	12	the	the	DET
fbem-29584	189	13	capital	capital	NOUN
fbem-29584	189	14	restrictions	restriction	NOUN
fbem-29584	189	15	of	of	ADP
fbem-29584	189	16	local	local	ADJ
fbem-29584	189	17	firms	firm	NOUN
fbem-29584	189	18	and	and	CCONJ
fbem-29584	189	19	bring	bring	VERB
fbem-29584	189	20	more	more	ADJ
fbem-29584	189	21	investment	investment	NOUN
fbem-29584	189	22	opportunities	opportunity	NOUN
fbem-29584	189	23	.	.	PUNCT
fbem-29584	190	1	banerjee	banerjee	PROPN
fbem-29584	190	2	and	and	CCONJ
fbem-29584	190	3	munshi	munshi	PROPN
fbem-29584	190	4	(	(	PUNCT
fbem-29584	190	5	2004	2004	NUM
fbem-29584	190	6	)	)	PUNCT
fbem-29584	190	7	and	and	CCONJ
fbem-29584	190	8	cole	cole	PROPN
fbem-29584	190	9	(	(	PUNCT
fbem-29584	190	10	2009	2009	NUM
fbem-29584	190	11	)	)	PUNCT
fbem-29584	190	12	47	47	NUM
fbem-29584	190	13	also	also	ADV
fbem-29584	190	14	emphasized	emphasize	VERB
fbem-29584	190	15	that	that	SCONJ
fbem-29584	190	16	foreign	foreign	ADJ
fbem-29584	190	17	investment	investment	NOUN
fbem-29584	190	18	can	can	AUX
fbem-29584	190	19	improve	improve	VERB
fbem-29584	190	20	the	the	DET
fbem-29584	190	21	financing	financing	NOUN
fbem-29584	190	22	environment	environment	NOUN
fbem-29584	190	23	of	of	ADP
fbem-29584	190	24	local	local	ADJ
fbem-29584	190	25	firms	firm	NOUN
fbem-29584	190	26	and	and	CCONJ
fbem-29584	190	27	correct	correct	ADJ
fbem-29584	190	28	capital	capital	NOUN
fbem-29584	190	29	market	market	NOUN
fbem-29584	190	30	distortions	distortion	NOUN
fbem-29584	190	31	.	.	PUNCT
fbem-29584	191	1	therefore	therefore	ADV
fbem-29584	191	2	,	,	PUNCT
fbem-29584	191	3	firms	firm	NOUN
fbem-29584	191	4	with	with	ADP
fbem-29584	191	5	higher	high	ADJ
fbem-29584	191	6	financing	financing	NOUN
fbem-29584	191	7	constraints	constraint	NOUN
fbem-29584	191	8	may	may	AUX
fbem-29584	191	9	aggressively	aggressively	ADV
fbem-29584	191	10	use	use	VERB
fbem-29584	191	11	external	external	ADJ
fbem-29584	191	12	capital	capital	NOUN
fbem-29584	191	13	to	to	PART
fbem-29584	191	14	expand	expand	VERB
fbem-29584	191	15	,	,	PUNCT
fbem-29584	191	16	resulting	result	VERB
fbem-29584	191	17	in	in	ADP
fbem-29584	191	18	excessive	excessive	ADJ
fbem-29584	191	19	investment	investment	NOUN
fbem-29584	191	20	.	.	PUNCT
fbem-29584	192	1	in	in	ADP
fbem-29584	192	2	contrast	contrast	NOUN
fbem-29584	192	3	,	,	PUNCT
fbem-29584	192	4	firms	firm	NOUN
fbem-29584	192	5	with	with	ADP
fbem-29584	192	6	lower	low	ADJ
fbem-29584	192	7	financing	financing	NOUN
fbem-29584	192	8	constraints	constraint	NOUN
fbem-29584	192	9	have	have	VERB
fbem-29584	192	10	stronger	strong	ADJ
fbem-29584	192	11	financial	financial	ADJ
fbem-29584	192	12	support	support	NOUN
fbem-29584	192	13	and	and	CCONJ
fbem-29584	192	14	are	be	AUX
fbem-29584	192	15	more	more	ADV
fbem-29584	192	16	likely	likely	ADJ
fbem-29584	192	17	to	to	PART
fbem-29584	192	18	carry	carry	VERB
fbem-29584	192	19	out	out	ADP
fbem-29584	192	20	production	production	NOUN
fbem-29584	192	21	and	and	CCONJ
fbem-29584	192	22	operation	operation	NOUN
fbem-29584	192	23	activities	activity	NOUN
fbem-29584	192	24	using	use	VERB
fbem-29584	192	25	their	their	PRON
fbem-29584	192	26	own	own	ADJ
fbem-29584	192	27	cash	cash	NOUN
fbem-29584	192	28	flow	flow	NOUN
fbem-29584	192	29	.	.	PUNCT
fbem-29584	193	1	with	with	ADP
fbem-29584	193	2	the	the	DET
fbem-29584	193	3	continuous	continuous	ADJ
fbem-29584	193	4	improvement	improvement	NOUN
fbem-29584	193	5	of	of	ADP
fbem-29584	193	6	foreign	foreign	ADJ
fbem-29584	193	7	entry	entry	NOUN
fbem-29584	193	8	liberalization	liberalization	NOUN
fbem-29584	193	9	and	and	CCONJ
fbem-29584	193	10	the	the	DET
fbem-29584	193	11	increasing	increase	VERB
fbem-29584	193	12	pressure	pressure	NOUN
fbem-29584	193	13	of	of	ADP
fbem-29584	193	14	market	market	NOUN
fbem-29584	193	15	competition	competition	NOUN
fbem-29584	193	16	,	,	PUNCT
fbem-29584	193	17	such	such	ADJ
fbem-29584	193	18	firms	firm	NOUN
fbem-29584	193	19	may	may	AUX
fbem-29584	193	20	be	be	AUX
fbem-29584	193	21	more	more	ADV
fbem-29584	193	22	inclined	inclined	ADJ
fbem-29584	193	23	to	to	PART
fbem-29584	193	24	adopt	adopt	VERB
fbem-29584	193	25	conservative	conservative	ADJ
fbem-29584	193	26	strategies	strategy	NOUN
fbem-29584	193	27	to	to	PART
fbem-29584	193	28	cope	cope	VERB
fbem-29584	193	29	with	with	ADP
fbem-29584	193	30	the	the	DET
fbem-29584	193	31	uncertain	uncertain	ADJ
fbem-29584	193	32	market	market	NOUN
fbem-29584	193	33	environment	environment	NOUN
fbem-29584	193	34	and	and	CCONJ
fbem-29584	193	35	competitive	competitive	ADJ
fbem-29584	193	36	pressure	pressure	NOUN
fbem-29584	193	37	,	,	PUNCT
fbem-29584	193	38	exacerbating	exacerbate	VERB
fbem-29584	193	39	underinvestment	underinvestment	NOUN
fbem-29584	193	40	.	.	PUNCT
fbem-29584	194	1	5.2	5.2	NUM
fbem-29584	194	2	.	.	PUNCT
fbem-29584	194	3	mechanism	mechanism	NOUN
fbem-29584	194	4	test	test	NOUN
fbem-29584	194	5	5.2.1	5.2.1	NUM
fbem-29584	194	6	.	.	PUNCT
fbem-29584	195	1	market	market	NOUN
fbem-29584	195	2	competition	competition	NOUN
fbem-29584	195	3	this	this	DET
fbem-29584	195	4	study	study	NOUN
fbem-29584	195	5	uses	use	VERB
fbem-29584	195	6	the	the	DET
fbem-29584	195	7	main	main	ADJ
fbem-29584	195	8	business	business	NOUN
fbem-29584	195	9	income	income	NOUN
fbem-29584	195	10	to	to	PART
fbem-29584	195	11	calculate	calculate	VERB
fbem-29584	195	12	the	the	DET
fbem-29584	195	13	enterprise	enterprise	NOUN
fbem-29584	195	14	's	's	PART
fbem-29584	195	15	herfindahl	herfindahl	NOUN
fbem-29584	195	16	index	index	NOUN
fbem-29584	195	17	(	(	PUNCT
fbem-29584	195	18	hhi	hhi	NOUN
fbem-29584	195	19	)	)	PUNCT
fbem-29584	195	20	to	to	PART
fbem-29584	195	21	measure	measure	VERB
fbem-29584	195	22	the	the	DET
fbem-29584	195	23	degree	degree	NOUN
fbem-29584	195	24	of	of	ADP
fbem-29584	195	25	industry	industry	NOUN
fbem-29584	195	26	competition	competition	NOUN
fbem-29584	195	27	.	.	PUNCT
fbem-29584	196	1	column	column	NOUN
fbem-29584	196	2	(	(	PUNCT
fbem-29584	196	3	1	1	X
fbem-29584	196	4	)	)	PUNCT
fbem-29584	196	5	of	of	ADP
fbem-29584	196	6	table	table	NOUN
fbem-29584	196	7	4	4	NUM
fbem-29584	196	8	reports	report	VERB
fbem-29584	196	9	the	the	DET
fbem-29584	196	10	regression	regression	NOUN
fbem-29584	196	11	results	result	NOUN
fbem-29584	196	12	of	of	ADP
fbem-29584	196	13	the	the	DET
fbem-29584	196	14	interaction	interaction	NOUN
fbem-29584	196	15	terms	term	NOUN
fbem-29584	196	16	on	on	ADP
fbem-29584	196	17	market	market	NOUN
fbem-29584	196	18	competition	competition	NOUN
fbem-29584	196	19	,	,	PUNCT
fbem-29584	196	20	and	and	CCONJ
fbem-29584	196	21	its	its	PRON
fbem-29584	196	22	coefficient	coefficient	NOUN
fbem-29584	196	23	is	be	AUX
fbem-29584	196	24	significantly	significantly	ADV
fbem-29584	196	25	negative	negative	ADJ
fbem-29584	196	26	at	at	ADP
fbem-29584	196	27	the	the	DET
fbem-29584	196	28	5	5	NUM
fbem-29584	196	29	%	%	NOUN
fbem-29584	196	30	statistical	statistical	ADJ
fbem-29584	196	31	level	level	NOUN
fbem-29584	196	32	,	,	PUNCT
fbem-29584	196	33	indicating	indicate	VERB
fbem-29584	196	34	that	that	SCONJ
fbem-29584	196	35	foreign	foreign	ADJ
fbem-29584	196	36	entry	entry	NOUN
fbem-29584	196	37	liberalization	liberalization	NOUN
fbem-29584	196	38	improves	improve	VERB
fbem-29584	196	39	market	market	NOUN
fbem-29584	196	40	competition	competition	NOUN
fbem-29584	196	41	and	and	CCONJ
fbem-29584	196	42	can	can	AUX
fbem-29584	196	43	affect	affect	VERB
fbem-29584	196	44	a	a	DET
fbem-29584	196	45	firm	firm	NOUN
fbem-29584	196	46	’s	’s	PART
fbem-29584	196	47	investment	investment	NOUN
fbem-29584	196	48	efficiency	efficiency	NOUN
fbem-29584	196	49	.	.	PUNCT
fbem-29584	197	1	the	the	DET
fbem-29584	197	2	hypothesis	hypothesis	NOUN
fbem-29584	197	3	proposed	propose	VERB
fbem-29584	197	4	in	in	ADP
fbem-29584	197	5	this	this	DET
fbem-29584	197	6	study	study	NOUN
fbem-29584	197	7	is	be	AUX
fbem-29584	197	8	further	far	ADV
fbem-29584	197	9	confirmed	confirm	VERB
fbem-29584	197	10	.	.	PUNCT
fbem-29584	198	1	5.2.2	5.2.2	X
fbem-29584	198	2	.	.	PUNCT
fbem-29584	198	3	environmental	environmental	ADJ
fbem-29584	198	4	uncertainty	uncertainty	NOUN
fbem-29584	198	5	the	the	DET
fbem-29584	198	6	large	large	ADJ
fbem-29584	198	7	-	-	PUNCT
fbem-29584	198	8	scale	scale	NOUN
fbem-29584	198	9	introduction	introduction	NOUN
fbem-29584	198	10	of	of	ADP
fbem-29584	198	11	foreign	foreign	ADJ
fbem-29584	198	12	capital	capital	NOUN
fbem-29584	198	13	could	could	AUX
fbem-29584	198	14	meet	meet	VERB
fbem-29584	198	15	the	the	DET
fbem-29584	198	16	growing	grow	VERB
fbem-29584	198	17	market	market	NOUN
fbem-29584	198	18	demand	demand	NOUN
fbem-29584	198	19	in	in	ADP
fbem-29584	198	20	china	china	PROPN
fbem-29584	198	21	,	,	PUNCT
fbem-29584	198	22	and	and	CCONJ
fbem-29584	198	23	at	at	ADP
fbem-29584	198	24	the	the	DET
fbem-29584	198	25	same	same	ADJ
fbem-29584	198	26	time	time	NOUN
fbem-29584	198	27	,	,	PUNCT
fbem-29584	198	28	would	would	AUX
fbem-29584	198	29	bring	bring	VERB
fbem-29584	198	30	in	in	ADP
fbem-29584	198	31	foreign	foreign	ADJ
fbem-29584	198	32	capital	capital	NOUN
fbem-29584	198	33	to	to	ADP
fbem-29584	198	34	china	china	PROPN
fbem-29584	198	35	.	.	PUNCT
fbem-29584	199	1	this	this	PRON
fbem-29584	199	2	may	may	AUX
fbem-29584	199	3	also	also	ADV
fbem-29584	199	4	have	have	VERB
fbem-29584	199	5	a	a	DET
fbem-29584	199	6	greater	great	ADJ
fbem-29584	199	7	impact	impact	NOUN
fbem-29584	199	8	on	on	ADP
fbem-29584	199	9	the	the	DET
fbem-29584	199	10	market	market	NOUN
fbem-29584	199	11	environment	environment	NOUN
fbem-29584	199	12	of	of	ADP
fbem-29584	199	13	local	local	ADJ
fbem-29584	199	14	firms	firm	NOUN
fbem-29584	199	15	.	.	PUNCT
fbem-29584	200	1	as	as	ADP
fbem-29584	200	2	rational	rational	ADJ
fbem-29584	200	3	economic	economic	ADJ
fbem-29584	200	4	agents	agent	NOUN
fbem-29584	200	5	,	,	PUNCT
fbem-29584	200	6	firms	firm	NOUN
fbem-29584	200	7	prefer	prefer	VERB
fbem-29584	200	8	to	to	PART
fbem-29584	200	9	increase	increase	VERB
fbem-29584	200	10	investment	investment	NOUN
fbem-29584	200	11	when	when	SCONJ
fbem-29584	200	12	the	the	DET
fbem-29584	200	13	policy	policy	NOUN
fbem-29584	200	14	uncertainty	uncertainty	NOUN
fbem-29584	200	15	is	be	AUX
fbem-29584	200	16	low	low	ADJ
fbem-29584	200	17	to	to	PART
fbem-29584	200	18	reduce	reduce	VERB
fbem-29584	200	19	the	the	DET
fbem-29584	200	20	loss	loss	NOUN
fbem-29584	200	21	caused	cause	VERB
fbem-29584	200	22	by	by	ADP
fbem-29584	200	23	the	the	DET
fbem-29584	200	24	irreversibility	irreversibility	NOUN
fbem-29584	200	25	of	of	ADP
fbem-29584	200	26	investment	investment	NOUN
fbem-29584	200	27	(	(	PUNCT
fbem-29584	200	28	mcdonald	mcdonald	NOUN
fbem-29584	200	29	and	and	CCONJ
fbem-29584	200	30	siegel	siegel	PROPN
fbem-29584	200	31	,	,	PUNCT
fbem-29584	200	32	1986	1986	NUM
fbem-29584	200	33	;	;	PUNCT
fbem-29584	200	34	ingersoll	ingersoll	PROPN
fbem-29584	200	35	and	and	CCONJ
fbem-29584	200	36	ross	ross	PROPN
fbem-29584	200	37	,	,	PUNCT
fbem-29584	200	38	1992	1992	NUM
fbem-29584	200	39	;	;	PUNCT
fbem-29584	200	40	julio	julio	PROPN
fbem-29584	200	41	and	and	CCONJ
fbem-29584	200	42	yook	yook	NOUN
fbem-29584	200	43	,	,	PUNCT
fbem-29584	200	44	2012	2012	NUM
fbem-29584	200	45	)	)	PUNCT
fbem-29584	200	46	.	.	PUNCT
fbem-29584	201	1	in	in	ADP
fbem-29584	201	2	this	this	DET
fbem-29584	201	3	study	study	NOUN
fbem-29584	201	4	,	,	PUNCT
fbem-29584	201	5	referring	refer	VERB
fbem-29584	201	6	to	to	ADP
fbem-29584	201	7	the	the	DET
fbem-29584	201	8	practice	practice	NOUN
fbem-29584	201	9	of	of	ADP
fbem-29584	201	10	ghosh	ghosh	PROPN
fbem-29584	201	11	&	&	CCONJ
fbem-29584	201	12	olsen	olsen	PROPN
fbem-29584	201	13	(	(	PUNCT
fbem-29584	201	14	2009	2009	NUM
fbem-29584	201	15	)	)	PUNCT
fbem-29584	201	16	,	,	PUNCT
fbem-29584	201	17	the	the	DET
fbem-29584	201	18	standard	standard	ADJ
fbem-29584	201	19	deviation	deviation	NOUN
fbem-29584	201	20	of	of	ADP
fbem-29584	201	21	the	the	DET
fbem-29584	201	22	sales	sale	NOUN
fbem-29584	201	23	revenue	revenue	NOUN
fbem-29584	201	24	of	of	ADP
fbem-29584	201	25	an	an	DET
fbem-29584	201	26	enterprise	enterprise	NOUN
fbem-29584	201	27	in	in	ADP
fbem-29584	201	28	the	the	DET
fbem-29584	201	29	past	past	ADJ
fbem-29584	201	30	five	five	NUM
fbem-29584	201	31	years	year	NOUN
fbem-29584	201	32	is	be	AUX
fbem-29584	201	33	used	use	VERB
fbem-29584	201	34	to	to	PART
fbem-29584	201	35	measure	measure	VERB
fbem-29584	201	36	environmental	environmental	ADJ
fbem-29584	201	37	uncertainty	uncertainty	NOUN
fbem-29584	201	38	.	.	PUNCT
fbem-29584	202	1	column	column	NOUN
fbem-29584	202	2	(	(	PUNCT
fbem-29584	202	3	2	2	NUM
fbem-29584	202	4	)	)	PUNCT
fbem-29584	202	5	of	of	ADP
fbem-29584	202	6	table	table	NOUN
fbem-29584	202	7	4	4	NUM
fbem-29584	202	8	reports	report	VERB
fbem-29584	202	9	the	the	DET
fbem-29584	202	10	regression	regression	NOUN
fbem-29584	202	11	results	result	NOUN
fbem-29584	202	12	of	of	ADP
fbem-29584	202	13	the	the	DET
fbem-29584	202	14	interaction	interaction	NOUN
fbem-29584	202	15	terms	term	NOUN
fbem-29584	202	16	on	on	ADP
fbem-29584	202	17	environmental	environmental	ADJ
fbem-29584	202	18	uncertainty	uncertainty	NOUN
fbem-29584	202	19	.	.	PUNCT
fbem-29584	203	1	the	the	DET
fbem-29584	203	2	coefficient	coefficient	NOUN
fbem-29584	203	3	of	of	ADP
fbem-29584	203	4	the	the	DET
fbem-29584	203	5	interaction	interaction	NOUN
fbem-29584	203	6	terms	term	NOUN
fbem-29584	203	7	is	be	AUX
fbem-29584	203	8	significantly	significantly	ADV
fbem-29584	203	9	positive	positive	ADJ
fbem-29584	203	10	at	at	ADP
fbem-29584	203	11	the	the	DET
fbem-29584	203	12	10	10	NUM
fbem-29584	203	13	%	%	NOUN
fbem-29584	203	14	statistical	statistical	ADJ
fbem-29584	203	15	level	level	NOUN
fbem-29584	203	16	,	,	PUNCT
fbem-29584	203	17	indicating	indicate	VERB
fbem-29584	203	18	that	that	SCONJ
fbem-29584	203	19	the	the	DET
fbem-29584	203	20	liberalization	liberalization	NOUN
fbem-29584	203	21	of	of	ADP
fbem-29584	203	22	foreign	foreign	ADJ
fbem-29584	203	23	investment	investment	NOUN
fbem-29584	203	24	caused	cause	VERB
fbem-29584	203	25	by	by	ADP
fbem-29584	203	26	foreign	foreign	ADJ
fbem-29584	203	27	entry	entry	NOUN
fbem-29584	203	28	liberalization	liberalization	NOUN
fbem-29584	203	29	enhances	enhance	VERB
fbem-29584	203	30	environmental	environmental	ADJ
fbem-29584	203	31	uncertainty	uncertainty	NOUN
fbem-29584	203	32	,	,	PUNCT
fbem-29584	203	33	reducing	reduce	VERB
fbem-29584	203	34	a	a	DET
fbem-29584	203	35	firm	firm	NOUN
fbem-29584	203	36	’s	’s	PART
fbem-29584	203	37	investment	investment	NOUN
fbem-29584	203	38	efficiency	efficiency	NOUN
fbem-29584	203	39	.	.	PUNCT
fbem-29584	204	1	the	the	DET
fbem-29584	204	2	hypothesis	hypothesis	NOUN
fbem-29584	204	3	proposed	propose	VERB
fbem-29584	204	4	in	in	ADP
fbem-29584	204	5	this	this	DET
fbem-29584	204	6	study	study	NOUN
fbem-29584	204	7	is	be	AUX
fbem-29584	204	8	further	far	ADV
fbem-29584	204	9	confirmed	confirm	VERB
fbem-29584	204	10	.	.	PUNCT
fbem-29584	205	1	table	table	NOUN
fbem-29584	205	2	4	4	NUM
fbem-29584	205	3	.	.	PUNCT
fbem-29584	205	4	mechanism	mechanism	NOUN
fbem-29584	205	5	analysis	analysis	NOUN
fbem-29584	205	6	regression	regression	NOUN
fbem-29584	205	7	results	result	NOUN
fbem-29584	205	8	(	(	PUNCT
fbem-29584	205	9	1	1	NUM
fbem-29584	205	10	)	)	PUNCT
fbem-29584	205	11	(	(	PUNCT
fbem-29584	205	12	2	2	X
fbem-29584	205	13	)	)	PUNCT
fbem-29584	205	14	market	market	NOUN
fbem-29584	205	15	competition	competition	NOUN
fbem-29584	205	16	environment	environment	NOUN
fbem-29584	205	17	uncertainty	uncertainty	NOUN
fbem-29584	205	18	treati×postt	treati×postt	PROPN
fbem-29584	205	19	-0.0071	-0.0071	NOUN
fbem-29584	205	20	*	*	PUNCT
fbem-29584	206	1	*	*	PUNCT
fbem-29584	206	2	0.0778	0.0778	NUM
fbem-29584	206	3	*	*	SYM
fbem-29584	206	4	(	(	PUNCT
fbem-29584	206	5	0.0032	0.0032	NUM
fbem-29584	206	6	)	)	PUNCT
fbem-29584	206	7	(	(	PUNCT
fbem-29584	206	8	0.0431	0.0431	NUM
fbem-29584	206	9	)	)	PUNCT
fbem-29584	206	10	controlit	controlit	NOUN
fbem-29584	206	11	yes	yes	INTJ
fbem-29584	207	1	yes	yes	INTJ
fbem-29584	207	2	cons	con	NOUN
fbem-29584	207	3	-0.0170	-0.0170	VERB
fbem-29584	207	4	-6.7684	-6.7684	X
fbem-29584	208	1	*	*	PUNCT
fbem-29584	208	2	*	*	PUNCT
fbem-29584	208	3	*	*	PUNCT
fbem-29584	208	4	(	(	PUNCT
fbem-29584	208	5	0.0993	0.0993	NUM
fbem-29584	208	6	)	)	PUNCT
fbem-29584	208	7	(	(	PUNCT
fbem-29584	208	8	0.9641	0.9641	NUM
fbem-29584	208	9	)	)	PUNCT
fbem-29584	208	10	time	time	NOUN
fbem-29584	208	11	fixed	fix	VERB
fbem-29584	208	12	effects	effect	NOUN
fbem-29584	209	1	yes	yes	INTJ
fbem-29584	210	1	yes	yes	INTJ
fbem-29584	210	2	firms	firm	NOUN
fbem-29584	210	3	fixed	fix	VERB
fbem-29584	210	4	effects	effect	NOUN
fbem-29584	211	1	yes	yes	INTJ
fbem-29584	211	2	yes	yes	INTJ
fbem-29584	211	3	observation	observation	NOUN
fbem-29584	211	4	25385	25385	NUM
fbem-29584	211	5	24331	24331	NUM
fbem-29584	212	1	r2	r2	PROPN
fbem-29584	212	2	0.7480	0.7480	NUM
fbem-29584	212	3	0.4309	0.4309	NUM
fbem-29584	212	4	the	the	DET
fbem-29584	212	5	t	t	PROPN
fbem-29584	212	6	statistics	statistic	NOUN
fbem-29584	212	7	in	in	ADP
fbem-29584	212	8	parentheses	parenthesis	NOUN
fbem-29584	212	9	are	be	AUX
fbem-29584	212	10	calculated	calculate	VERB
fbem-29584	212	11	on	on	ADP
fbem-29584	212	12	the	the	DET
fbem-29584	212	13	basis	basis	NOUN
fbem-29584	212	14	of	of	ADP
fbem-29584	212	15	clustered	clustered	ADJ
fbem-29584	212	16	standard	standard	ADJ
fbem-29584	212	17	errors	error	NOUN
fbem-29584	212	18	at	at	ADP
fbem-29584	212	19	the	the	DET
fbem-29584	212	20	firm	firm	ADJ
fbem-29584	212	21	level	level	NOUN
fbem-29584	212	22	.	.	PUNCT
fbem-29584	213	1	the	the	DET
fbem-29584	213	2	asterisks	asterisk	NOUN
fbem-29584	213	3	indicate	indicate	VERB
fbem-29584	213	4	1	1	NUM
fbem-29584	213	5	%	%	NOUN
fbem-29584	213	6	(	(	PUNCT
fbem-29584	213	7	*	*	PUNCT
fbem-29584	213	8	*	*	PUNCT
fbem-29584	213	9	*	*	PUNCT
fbem-29584	213	10	)	)	PUNCT
fbem-29584	213	11	,	,	PUNCT
fbem-29584	213	12	5	5	NUM
fbem-29584	213	13	%	%	NOUN
fbem-29584	213	14	(	(	PUNCT
fbem-29584	213	15	*	*	NOUN
fbem-29584	213	16	*	*	PUNCT
fbem-29584	213	17	)	)	PUNCT
fbem-29584	213	18	,	,	PUNCT
fbem-29584	213	19	and	and	CCONJ
fbem-29584	213	20	10	10	NUM
fbem-29584	213	21	%	%	NOUN
fbem-29584	213	22	(	(	PUNCT
fbem-29584	213	23	*	*	NOUN
fbem-29584	213	24	)	)	PUNCT
fbem-29584	213	25	levels	level	NOUN
fbem-29584	213	26	of	of	ADP
fbem-29584	213	27	significance	significance	NOUN
fbem-29584	213	28	.	.	PUNCT
fbem-29584	214	1	6	6	X
fbem-29584	214	2	.	.	X
fbem-29584	214	3	conclusions	conclusion	NOUN
fbem-29584	214	4	based	base	VERB
fbem-29584	214	5	on	on	ADP
fbem-29584	214	6	data	datum	NOUN
fbem-29584	214	7	from	from	ADP
fbem-29584	214	8	china	china	PROPN
fbem-29584	214	9	's	's	PART
fbem-29584	214	10	a	a	DET
fbem-29584	214	11	-	-	PUNCT
fbem-29584	214	12	share	share	NOUN
fbem-29584	214	13	-	-	PUNCT
fbem-29584	214	14	listed	list	VERB
fbem-29584	214	15	firms	firm	NOUN
fbem-29584	214	16	between	between	ADP
fbem-29584	214	17	2010	2010	NUM
fbem-29584	214	18	and	and	CCONJ
fbem-29584	214	19	2022.this	2022.this	DET
fbem-29584	214	20	study	study	NOUN
fbem-29584	214	21	construct	construct	VERB
fbem-29584	214	22	a	a	DET
fbem-29584	214	23	staggered	staggered	ADJ
fbem-29584	214	24	difference	difference	NOUN
fbem-29584	214	25	-	-	PUNCT
fbem-29584	214	26	indifferences	indifference	NOUN
fbem-29584	214	27	model	model	NOUN
fbem-29584	214	28	to	to	PART
fbem-29584	214	29	examine	examine	VERB
fbem-29584	214	30	the	the	DET
fbem-29584	214	31	impact	impact	NOUN
fbem-29584	214	32	of	of	ADP
fbem-29584	214	33	foreign	foreign	ADJ
fbem-29584	214	34	entry	entry	NOUN
fbem-29584	214	35	liberalization	liberalization	NOUN
fbem-29584	214	36	on	on	ADP
fbem-29584	214	37	local	local	ADJ
fbem-29584	214	38	firms	firm	NOUN
fbem-29584	214	39	'	'	PART
fbem-29584	214	40	investment	investment	NOUN
fbem-29584	214	41	efficiency	efficiency	NOUN
fbem-29584	214	42	.	.	PUNCT
fbem-29584	215	1	our	our	PRON
fbem-29584	215	2	findings	finding	NOUN
fbem-29584	215	3	reveal	reveal	VERB
fbem-29584	215	4	that	that	SCONJ
fbem-29584	215	5	foreign	foreign	ADJ
fbem-29584	215	6	entry	entry	NOUN
fbem-29584	215	7	liberalization	liberalization	NOUN
fbem-29584	215	8	reduces	reduce	VERB
fbem-29584	215	9	firms	firm	NOUN
fbem-29584	215	10	'	'	PART
fbem-29584	215	11	investment	investment	NOUN
fbem-29584	215	12	efficiency	efficiency	NOUN
fbem-29584	215	13	and	and	CCONJ
fbem-29584	215	14	from	from	ADP
fbem-29584	215	15	the	the	DET
fbem-29584	215	16	perspective	perspective	NOUN
fbem-29584	215	17	of	of	ADP
fbem-29584	215	18	firm	firm	ADJ
fbem-29584	215	19	heterogeneity	heterogeneity	NOUN
fbem-29584	215	20	,	,	PUNCT
fbem-29584	215	21	it	it	PRON
fbem-29584	215	22	exacerbates	exacerbate	VERB
fbem-29584	215	23	overinvestment	overinvestment	ADJ
fbem-29584	215	24	in	in	ADP
fbem-29584	215	25	enterprises	enterprise	NOUN
fbem-29584	215	26	located	locate	VERB
fbem-29584	215	27	in	in	ADP
fbem-29584	215	28	central	central	ADJ
fbem-29584	215	29	region	region	NOUN
fbem-29584	215	30	and	and	CCONJ
fbem-29584	215	31	firms	firm	NOUN
fbem-29584	215	32	facing	face	VERB
fbem-29584	215	33	high	high	ADJ
fbem-29584	215	34	financing	financing	NOUN
fbem-29584	215	35	constraints	constraint	NOUN
fbem-29584	215	36	.	.	PUNCT
fbem-29584	216	1	mechanism	mechanism	NOUN
fbem-29584	216	2	tests	test	NOUN
fbem-29584	216	3	indicate	indicate	VERB
fbem-29584	216	4	that	that	SCONJ
fbem-29584	216	5	foreign	foreign	ADJ
fbem-29584	216	6	entry	entry	NOUN
fbem-29584	216	7	liberalization	liberalization	NOUN
fbem-29584	216	8	inhibits	inhibit	VERB
fbem-29584	216	9	investment	investment	NOUN
fbem-29584	216	10	efficiency	efficiency	NOUN
fbem-29584	216	11	by	by	ADP
fbem-29584	216	12	intensifying	intensify	VERB
fbem-29584	216	13	market	market	NOUN
fbem-29584	216	14	competition	competition	NOUN
fbem-29584	216	15	and	and	CCONJ
fbem-29584	216	16	increasing	increase	VERB
fbem-29584	216	17	environmental	environmental	ADJ
fbem-29584	216	18	uncertainty	uncertainty	NOUN
fbem-29584	216	19	.	.	PUNCT
fbem-29584	217	1	this	this	DET
fbem-29584	217	2	study	study	NOUN
fbem-29584	217	3	provides	provide	VERB
fbem-29584	217	4	valuable	valuable	ADJ
fbem-29584	217	5	insights	insight	NOUN
fbem-29584	217	6	for	for	ADP
fbem-29584	217	7	both	both	DET
fbem-29584	217	8	governments	government	NOUN
fbem-29584	217	9	and	and	CCONJ
fbem-29584	217	10	enterprises	enterprise	NOUN
fbem-29584	217	11	:	:	PUNCT
fbem-29584	217	12	firstly	firstly	ADV
fbem-29584	217	13	,	,	PUNCT
fbem-29584	217	14	while	while	SCONJ
fbem-29584	217	15	clarifying	clarify	VERB
fbem-29584	217	16	the	the	DET
fbem-29584	217	17	boundaries	boundary	NOUN
fbem-29584	217	18	of	of	ADP
fbem-29584	217	19	government	government	NOUN
fbem-29584	217	20	actions	action	NOUN
fbem-29584	217	21	,	,	PUNCT
fbem-29584	217	22	the	the	DET
fbem-29584	217	23	negative	negative	ADJ
fbem-29584	217	24	list	list	NOUN
fbem-29584	217	25	should	should	AUX
fbem-29584	217	26	appropriately	appropriately	ADV
fbem-29584	217	27	delegate	delegate	VERB
fbem-29584	217	28	power	power	NOUN
fbem-29584	217	29	to	to	ADP
fbem-29584	217	30	market	market	NOUN
fbem-29584	217	31	entities	entity	NOUN
fbem-29584	217	32	,	,	PUNCT
fbem-29584	217	33	ensure	ensure	VERB
fbem-29584	217	34	fair	fair	ADJ
fbem-29584	217	35	competition	competition	NOUN
fbem-29584	217	36	,	,	PUNCT
fbem-29584	217	37	maintain	maintain	VERB
fbem-29584	217	38	market	market	NOUN
fbem-29584	217	39	order	order	NOUN
fbem-29584	217	40	,	,	PUNCT
fbem-29584	217	41	compensate	compensate	NOUN
fbem-29584	217	42	for	for	ADP
fbem-29584	217	43	market	market	NOUN
fbem-29584	217	44	failures	failure	NOUN
fbem-29584	217	45	,	,	PUNCT
fbem-29584	217	46	and	and	CCONJ
fbem-29584	217	47	achieve	achieve	VERB
fbem-29584	217	48	a	a	DET
fbem-29584	217	49	"	"	PUNCT
fbem-29584	217	50	free	free	ADJ
fbem-29584	217	51	and	and	CCONJ
fbem-29584	217	52	orderly	orderly	ADJ
fbem-29584	217	53	"	"	PUNCT
fbem-29584	217	54	environment	environment	NOUN
fbem-29584	217	55	.	.	PUNCT
fbem-29584	218	1	secondly	secondly	ADV
fbem-29584	218	2	,	,	PUNCT
fbem-29584	218	3	the	the	DET
fbem-29584	218	4	financial	financial	ADJ
fbem-29584	218	5	system	system	NOUN
fbem-29584	218	6	should	should	AUX
fbem-29584	218	7	be	be	AUX
fbem-29584	218	8	strengthened	strengthen	VERB
fbem-29584	218	9	and	and	CCONJ
fbem-29584	218	10	financing	financing	NOUN
fbem-29584	218	11	channels	channel	NOUN
fbem-29584	218	12	should	should	AUX
fbem-29584	218	13	be	be	AUX
fbem-29584	218	14	improved	improve	VERB
fbem-29584	218	15	,	,	PUNCT
fbem-29584	218	16	reducing	reduce	VERB
fbem-29584	218	17	the	the	DET
fbem-29584	218	18	financing	financing	NOUN
fbem-29584	218	19	costs	cost	NOUN
fbem-29584	218	20	of	of	ADP
fbem-29584	218	21	smes	sme	NOUN
fbem-29584	218	22	,	,	PUNCT
fbem-29584	218	23	which	which	PRON
fbem-29584	218	24	would	would	AUX
fbem-29584	218	25	help	help	VERB
fbem-29584	218	26	enterprises	enterprise	NOUN
fbem-29584	218	27	make	make	VERB
fbem-29584	218	28	more	more	ADV
fbem-29584	218	29	effective	effective	ADJ
fbem-29584	218	30	long	long	ADJ
fbem-29584	218	31	-	-	PUNCT
fbem-29584	218	32	term	term	NOUN
fbem-29584	218	33	investment	investment	NOUN
fbem-29584	218	34	planning	planning	NOUN
fbem-29584	218	35	and	and	CCONJ
fbem-29584	218	36	alleviate	alleviate	VERB
fbem-29584	218	37	the	the	DET
fbem-29584	218	38	impact	impact	NOUN
fbem-29584	218	39	of	of	ADP
fbem-29584	218	40	financing	financing	NOUN
fbem-29584	218	41	constraints	constraint	NOUN
fbem-29584	218	42	on	on	ADP
fbem-29584	218	43	the	the	DET
fbem-29584	218	44	investment	investment	NOUN
fbem-29584	218	45	efficiency	efficiency	NOUN
fbem-29584	218	46	.	.	PUNCT
fbem-29584	219	1	finally	finally	ADV
fbem-29584	219	2	,	,	PUNCT
fbem-29584	219	3	enterprises	enterprise	NOUN
fbem-29584	219	4	should	should	AUX
fbem-29584	219	5	also	also	ADV
fbem-29584	219	6	strengthen	strengthen	VERB
fbem-29584	219	7	their	their	PRON
fbem-29584	219	8	risk	risk	NOUN
fbem-29584	219	9	assessment	assessment	NOUN
fbem-29584	219	10	and	and	CCONJ
fbem-29584	219	11	response	response	NOUN
fbem-29584	219	12	capabilities	capability	NOUN
fbem-29584	219	13	.	.	PUNCT
fbem-29584	220	1	when	when	SCONJ
fbem-29584	220	2	foreign	foreign	ADJ
fbem-29584	220	3	capital	capital	NOUN
fbem-29584	220	4	enters	enter	VERB
fbem-29584	220	5	a	a	DET
fbem-29584	220	6	market	market	NOUN
fbem-29584	220	7	,	,	PUNCT
fbem-29584	220	8	the	the	DET
fbem-29584	220	9	impact	impact	NOUN
fbem-29584	220	10	of	of	ADP
fbem-29584	220	11	uncertainty	uncertainty	NOUN
fbem-29584	220	12	should	should	AUX
fbem-29584	220	13	be	be	AUX
fbem-29584	220	14	reduced	reduce	VERB
fbem-29584	220	15	through	through	ADP
fbem-29584	220	16	market	market	NOUN
fbem-29584	220	17	research	research	NOUN
fbem-29584	220	18	,	,	PUNCT
fbem-29584	220	19	multidimensional	multidimensional	ADJ
fbem-29584	220	20	risk	risk	NOUN
fbem-29584	220	21	assessment	assessment	NOUN
fbem-29584	220	22	and	and	CCONJ
fbem-29584	220	23	flexible	flexible	ADJ
fbem-29584	220	24	business	business	NOUN
fbem-29584	220	25	adjustment	adjustment	NOUN
fbem-29584	220	26	.	.	PUNCT
fbem-29584	221	1	appendix	appendix	VERB
fbem-29584	221	2	variable	variable	ADJ
fbem-29584	221	3	definitions	definition	NOUN
fbem-29584	221	4	variables	variables	AUX
fbem-29584	221	5	definition	definition	NOUN
fbem-29584	221	6	investi	investi	PROPN
fbem-29584	221	7	,	,	PUNCT
fbem-29584	221	8	t	t	PROPN
fbem-29584	221	9	firm	firm	NOUN
fbem-29584	222	1	i	i	PRON
fbem-29584	222	2	's	's	PART
fbem-29584	222	3	level	level	NOUN
fbem-29584	222	4	of	of	ADP
fbem-29584	222	5	investment	investment	NOUN
fbem-29584	222	6	at	at	ADP
fbem-29584	222	7	time	time	NOUN
fbem-29584	222	8	t	t	PROPN
fbem-29584	222	9	investi	investi	PROPN
fbem-29584	222	10	,	,	PUNCT
fbem-29584	222	11	t-1	t-1	PROPN
fbem-29584	222	12	new	new	ADJ
fbem-29584	222	13	investment	investment	NOUN
fbem-29584	222	14	expenditures	expenditure	NOUN
fbem-29584	222	15	of	of	ADP
fbem-29584	222	16	enterprises	enterprise	NOUN
fbem-29584	222	17	in	in	ADP
fbem-29584	222	18	the	the	DET
fbem-29584	222	19	last	last	ADJ
fbem-29584	222	20	period	period	NOUN
fbem-29584	222	21	growth	growth	NOUN
fbem-29584	222	22	i	i	PRON
fbem-29584	222	23	,	,	PUNCT
fbem-29584	222	24	t-1	t-1	PROPN
fbem-29584	222	25	tobin	tobin	PROPN
fbem-29584	222	26	's	's	PART
fbem-29584	222	27	q	q	PROPN
fbem-29584	222	28	of	of	ADP
fbem-29584	222	29	the	the	DET
fbem-29584	222	30	firm	firm	NOUN
fbem-29584	222	31	for	for	ADP
fbem-29584	222	32	the	the	DET
fbem-29584	222	33	last	last	ADJ
fbem-29584	222	34	period	period	NOUN
fbem-29584	222	35	lev	lev	PROPN
fbem-29584	222	36	i	i	PROPN
fbem-29584	222	37	,	,	PUNCT
fbem-29584	222	38	t-1	t-1	PROPN
fbem-29584	222	39	firm	firm	NOUN
fbem-29584	222	40	's	's	PART
fbem-29584	222	41	gearing	gearing	NOUN
fbem-29584	222	42	ratio	ratio	NOUN
fbem-29584	222	43	in	in	ADP
fbem-29584	222	44	the	the	DET
fbem-29584	222	45	last	last	ADJ
fbem-29584	222	46	period	period	NOUN
fbem-29584	222	47	cash	cash	NOUN
fbem-29584	222	48	i	i	PRON
fbem-29584	222	49	,	,	PUNCT
fbem-29584	222	50	t-1	t-1	PROPN
fbem-29584	222	51	firm	firm	NOUN
fbem-29584	222	52	's	's	PART
fbem-29584	222	53	cash	cash	NOUN
fbem-29584	222	54	holdings	holding	NOUN
fbem-29584	222	55	in	in	ADP
fbem-29584	222	56	the	the	DET
fbem-29584	222	57	last	last	ADJ
fbem-29584	222	58	period	period	NOUN
fbem-29584	222	59	age	age	NOUN
fbem-29584	222	60	i	i	PROPN
fbem-29584	222	61	,	,	PUNCT
fbem-29584	222	62	t-1	t-1	PROPN
fbem-29584	222	63	firm	firm	NOUN
fbem-29584	222	64	's	's	PART
fbem-29584	222	65	age	age	NOUN
fbem-29584	222	66	in	in	ADP
fbem-29584	222	67	the	the	DET
fbem-29584	222	68	last	last	ADJ
fbem-29584	222	69	period	period	NOUN
fbem-29584	222	70	size	size	NOUN
fbem-29584	222	71	i	i	PROPN
fbem-29584	222	72	,	,	PUNCT
fbem-29584	222	73	t-1	t-1	PROPN
fbem-29584	222	74	firm	firm	NOUN
fbem-29584	222	75	's	's	PART
fbem-29584	222	76	asset	asset	NOUN
fbem-29584	222	77	size	size	NOUN
fbem-29584	222	78	in	in	ADP
fbem-29584	222	79	the	the	DET
fbem-29584	222	80	last	last	ADJ
fbem-29584	222	81	period	period	NOUN
fbem-29584	222	82	return	return	VERB
fbem-29584	222	83	i	i	PRON
fbem-29584	222	84	,	,	PUNCT
fbem-29584	222	85	t-1	t-1	PROPN
fbem-29584	222	86	firm	firm	NOUN
fbem-29584	222	87	's	's	PART
fbem-29584	222	88	stock	stock	NOUN
fbem-29584	222	89	return	return	NOUN
fbem-29584	222	90	in	in	ADP
fbem-29584	222	91	the	the	DET
fbem-29584	222	92	last	last	ADJ
fbem-29584	222	93	period	period	NOUN
fbem-29584	222	94	inv	inv	VERB
fbem-29584	222	95	firm	firm	NOUN
fbem-29584	222	96	’s	’s	PART
fbem-29584	222	97	investment	investment	NOUN
fbem-29584	222	98	efficiency	efficiency	NOUN
fbem-29584	222	99	.	.	PUNCT
fbem-29584	223	1	values	value	NOUN
fbem-29584	223	2	greater	great	ADJ
fbem-29584	223	3	than	than	ADP
fbem-29584	223	4	0	0	NUM
fbem-29584	223	5	indicate	indicate	VERB
fbem-29584	223	6	overinvestment	overinvestment	ADJ
fbem-29584	223	7	and	and	CCONJ
fbem-29584	223	8	less	less	ADJ
fbem-29584	223	9	than	than	ADP
fbem-29584	223	10	0	0	NUM
fbem-29584	223	11	indicates	indicate	VERB
fbem-29584	223	12	underinvestment	underinvestment	ADJ
fbem-29584	223	13	.	.	PUNCT
fbem-29584	224	1	larger	large	ADJ
fbem-29584	224	2	absolute	absolute	ADJ
fbem-29584	224	3	values	value	NOUN
fbem-29584	224	4	indicate	indicate	VERB
fbem-29584	224	5	less	less	ADV
fbem-29584	224	6	efficient	efficient	ADJ
fbem-29584	224	7	investment	investment	NOUN
fbem-29584	224	8	.	.	PUNCT
fbem-29584	225	1	overinv	overinv	ADJ
fbem-29584	225	2	overinvestment	overinvestment	ADJ
fbem-29584	225	3	underinv	underinv	ADJ
fbem-29584	225	4	underinvestment	underinvestment	ADJ
fbem-29584	225	5	size	size	NOUN
fbem-29584	225	6	natural	natural	ADJ
fbem-29584	225	7	logarithm	logarithm	NOUN
fbem-29584	225	8	of	of	ADP
fbem-29584	225	9	total	total	ADJ
fbem-29584	225	10	assets	asset	NOUN
fbem-29584	225	11	indep	indep	NOUN
fbem-29584	225	12	number	number	NOUN
fbem-29584	225	13	of	of	ADP
fbem-29584	225	14	independent	independent	ADJ
fbem-29584	225	15	directors	director	NOUN
fbem-29584	225	16	/	/	SYM
fbem-29584	225	17	total	total	ADJ
fbem-29584	225	18	number	number	NOUN
fbem-29584	225	19	of	of	ADP
fbem-29584	225	20	directors	director	NOUN
fbem-29584	225	21	adm	adm	PROPN
fbem-29584	225	22	administrative	administrative	ADJ
fbem-29584	225	23	expenses	expense	NOUN
fbem-29584	225	24	/	/	SYM
fbem-29584	225	25	operating	operate	VERB
fbem-29584	225	26	income	income	NOUN
fbem-29584	225	27	roa	roa	PROPN
fbem-29584	225	28	net	net	ADJ
fbem-29584	225	29	profit	profit	NOUN
fbem-29584	225	30	/	/	SYM
fbem-29584	225	31	total	total	ADJ
fbem-29584	225	32	assets	asset	NOUN
fbem-29584	225	33	top	top	ADJ
fbem-29584	225	34	number	number	NOUN
fbem-29584	225	35	of	of	ADP
fbem-29584	225	36	shares	share	NOUN
fbem-29584	225	37	held	hold	VERB
fbem-29584	225	38	by	by	ADP
fbem-29584	225	39	top	top	ADJ
fbem-29584	225	40	10	10	NUM
fbem-29584	225	41	shareholders	shareholder	NOUN
fbem-29584	225	42	/	/	SYM
fbem-29584	225	43	total	total	ADJ
fbem-29584	225	44	shares	share	NOUN
fbem-29584	225	45	lev	lev	NOUN
fbem-29584	225	46	liabilities	liability	NOUN
fbem-29584	225	47	at	at	ADP
fbem-29584	225	48	the	the	DET
fbem-29584	225	49	beginning	beginning	NOUN
fbem-29584	225	50	of	of	ADP
fbem-29584	225	51	the	the	DET
fbem-29584	225	52	year	year	NOUN
fbem-29584	225	53	/	/	SYM
fbem-29584	225	54	total	total	ADJ
fbem-29584	225	55	assets	asset	NOUN
fbem-29584	225	56	at	at	ADP
fbem-29584	225	57	the	the	DET
fbem-29584	225	58	beginning	beginning	NOUN
fbem-29584	225	59	of	of	ADP
fbem-29584	225	60	the	the	DET
fbem-29584	225	61	year	year	NOUN
fbem-29584	225	62	references	reference	NOUN
fbem-29584	225	63	[	[	X
fbem-29584	225	64	1	1	NUM
fbem-29584	225	65	]	]	X
fbem-29584	225	66	richardson	richardson	PROPN
fbem-29584	225	67	s.	s.	PROPN
fbem-29584	225	68	over	over	ADP
fbem-29584	225	69	-	-	PUNCT
fbem-29584	225	70	investment	investment	NOUN
fbem-29584	225	71	of	of	ADP
fbem-29584	225	72	free	free	ADJ
fbem-29584	225	73	cash	cash	NOUN
fbem-29584	225	74	flow	flow	NOUN
fbem-29584	226	1	[	[	X
fbem-29584	226	2	j	j	X
fbem-29584	226	3	]	]	X
fbem-29584	226	4	.	.	PUNCT
fbem-29584	227	1	review	review	NOUN
fbem-29584	227	2	of	of	ADP
fbem-29584	227	3	accounting	accounting	NOUN
fbem-29584	227	4	studies	study	NOUN
fbem-29584	227	5	,	,	PUNCT
fbem-29584	227	6	2006	2006	NUM
fbem-29584	227	7	,	,	PUNCT
fbem-29584	227	8	11	11	NUM
fbem-29584	227	9	:	:	SYM
fbem-29584	227	10	159	159	NUM
fbem-29584	227	11	-	-	SYM
fbem-29584	227	12	189	189	NUM
fbem-29584	227	13	.	.	PUNCT
fbem-29584	227	14	48	48	NUM
fbem-29584	228	1	[	[	SYM
fbem-29584	228	2	2	2	NUM
fbem-29584	228	3	]	]	PUNCT
fbem-29584	228	4	jensen	jensen	PROPN
fbem-29584	228	5	,	,	PUNCT
fbem-29584	228	6	m	m	PROPN
fbem-29584	228	7	c.	c.	PROPN
fbem-29584	228	8	and	and	CCONJ
fbem-29584	228	9	w.	w.	PROPN
fbem-29584	228	10	h.	h.	PROPN
fbem-29584	228	11	meckling	meckling	PROPN
fbem-29584	228	12	,	,	PUNCT
fbem-29584	228	13	"	"	PUNCT
fbem-29584	228	14	theory	theory	NOUN
fbem-29584	228	15	of	of	ADP
fbem-29584	228	16	the	the	DET
fbem-29584	228	17	firm	firm	NOUN
fbem-29584	228	18	:	:	PUNCT
fbem-29584	228	19	managerial	managerial	ADJ
fbem-29584	228	20	behavior	behavior	NOUN
fbem-29584	228	21	,	,	PUNCT
fbem-29584	228	22	agency	agency	NOUN
fbem-29584	228	23	costs	cost	NOUN
fbem-29584	228	24	and	and	CCONJ
fbem-29584	228	25	ownership	ownership	NOUN
fbem-29584	228	26	structure	structure	NOUN
fbem-29584	228	27	"	"	PUNCT
fbem-29584	228	28	,	,	PUNCT
fbem-29584	228	29	journal	journal	NOUN
fbem-29584	228	30	of	of	ADP
fbem-29584	228	31	financial	financial	ADJ
fbem-29584	228	32	economics	economic	NOUN
fbem-29584	228	33	,	,	PUNCT
fbem-29584	228	34	1976	1976	NUM
fbem-29584	228	35	,	,	PUNCT
fbem-29584	228	36	3(4	3(4	NUM
fbem-29584	228	37	)	)	PUNCT
fbem-29584	228	38	,	,	PUNCT
fbem-29584	228	39	305	305	NUM
fbem-29584	228	40	-	-	SYM
fbem-29584	228	41	360	360	NUM
fbem-29584	228	42	.	.	PUNCT
fbem-29584	229	1	[	[	X
fbem-29584	229	2	3	3	X
fbem-29584	229	3	]	]	X
fbem-29584	229	4	jensen	jensen	PROPN
fbem-29584	229	5	m	m	PROPN
fbem-29584	229	6	c.	c.	PROPN
fbem-29584	229	7	agency	agency	PROPN
fbem-29584	229	8	costs	cost	NOUN
fbem-29584	229	9	of	of	ADP
fbem-29584	229	10	free	free	ADJ
fbem-29584	229	11	cash	cash	NOUN
fbem-29584	229	12	flow	flow	NOUN
fbem-29584	229	13	,	,	PUNCT
fbem-29584	229	14	corporate	corporate	ADJ
fbem-29584	229	15	finance	finance	NOUN
fbem-29584	229	16	,	,	PUNCT
fbem-29584	229	17	and	and	CCONJ
fbem-29584	229	18	takeovers	takeover	NOUN
fbem-29584	230	1	[	[	X
fbem-29584	230	2	j	j	X
fbem-29584	230	3	]	]	X
fbem-29584	230	4	.	.	PUNCT
fbem-29584	231	1	the	the	DET
fbem-29584	231	2	american	american	PROPN
fbem-29584	231	3	economic	economic	PROPN
fbem-29584	231	4	review	review	PROPN
fbem-29584	231	5	,	,	PUNCT
fbem-29584	231	6	1986	1986	NUM
fbem-29584	231	7	,	,	PUNCT
fbem-29584	231	8	76(2	76(2	NUM
fbem-29584	231	9	):	):	PUNCT
fbem-29584	231	10	323	323	NUM
fbem-29584	231	11	-	-	SYM
fbem-29584	231	12	329	329	NUM
fbem-29584	231	13	.	.	PUNCT
fbem-29584	232	1	[	[	X
fbem-29584	232	2	4	4	X
fbem-29584	232	3	]	]	PUNCT
fbem-29584	232	4	holmstrom	holmstrom	PROPN
fbem-29584	232	5	b.	b.	PROPN
fbem-29584	232	6	moral	moral	ADJ
fbem-29584	232	7	hazard	hazard	NOUN
fbem-29584	232	8	in	in	ADP
fbem-29584	232	9	teams	team	NOUN
fbem-29584	232	10	[	[	X
fbem-29584	232	11	j	j	X
fbem-29584	232	12	]	]	X
fbem-29584	232	13	.	.	PUNCT
fbem-29584	233	1	the	the	DET
fbem-29584	233	2	bell	bell	PROPN
fbem-29584	233	3	journal	journal	PROPN
fbem-29584	233	4	of	of	ADP
fbem-29584	233	5	economics	economic	NOUN
fbem-29584	233	6	,	,	PUNCT
fbem-29584	233	7	1982	1982	NUM
fbem-29584	233	8	:	:	PUNCT
fbem-29584	233	9	324	324	NUM
fbem-29584	233	10	-	-	SYM
fbem-29584	233	11	340	340	NUM
fbem-29584	233	12	.	.	PUNCT
fbem-29584	234	1	[	[	X
fbem-29584	234	2	5	5	NUM
fbem-29584	234	3	]	]	SYM
fbem-29584	234	4	hirshleifer	hirshleifer	NOUN
fbem-29584	234	5	d	d	PROPN
fbem-29584	234	6	,	,	PUNCT
fbem-29584	234	7	thakor	thakor	PROPN
fbem-29584	234	8	a	a	DET
fbem-29584	234	9	v.	v.	ADP
fbem-29584	234	10	managerial	managerial	ADJ
fbem-29584	234	11	conservatism	conservatism	NOUN
fbem-29584	234	12	,	,	PUNCT
fbem-29584	234	13	project	project	NOUN
fbem-29584	234	14	choice	choice	NOUN
fbem-29584	234	15	,	,	PUNCT
fbem-29584	234	16	and	and	CCONJ
fbem-29584	234	17	debt	debt	NOUN
fbem-29584	235	1	[	[	X
fbem-29584	235	2	j	j	X
fbem-29584	235	3	]	]	X
fbem-29584	235	4	.	.	PUNCT
fbem-29584	236	1	the	the	DET
fbem-29584	236	2	review	review	NOUN
fbem-29584	236	3	of	of	ADP
fbem-29584	236	4	financial	financial	ADJ
fbem-29584	236	5	studies	study	NOUN
fbem-29584	236	6	,	,	PUNCT
fbem-29584	236	7	1992	1992	NUM
fbem-29584	236	8	,	,	PUNCT
fbem-29584	236	9	5(3	5(3	NUM
fbem-29584	236	10	):	):	PUNCT
fbem-29584	236	11	437	437	NUM
fbem-29584	236	12	-	-	SYM
fbem-29584	236	13	470	470	NUM
fbem-29584	236	14	.	.	PUNCT
fbem-29584	237	1	[	[	X
fbem-29584	237	2	6	6	NUM
fbem-29584	237	3	]	]	X
fbem-29584	237	4	narayanan	narayanan	PROPN
fbem-29584	237	5	m	m	PROPN
fbem-29584	237	6	p.	p.	NOUN
fbem-29584	237	7	managerial	managerial	ADJ
fbem-29584	237	8	incentives	incentive	NOUN
fbem-29584	237	9	for	for	ADP
fbem-29584	237	10	short‐term	short‐term	ADJ
fbem-29584	237	11	results	result	NOUN
fbem-29584	237	12	[	[	X
fbem-29584	237	13	j	j	X
fbem-29584	237	14	]	]	X
fbem-29584	237	15	.	.	PUNCT
fbem-29584	238	1	the	the	DET
fbem-29584	238	2	journal	journal	PROPN
fbem-29584	238	3	of	of	ADP
fbem-29584	238	4	finance	finance	NOUN
fbem-29584	238	5	,	,	PUNCT
fbem-29584	238	6	1985	1985	NUM
fbem-29584	238	7	,	,	PUNCT
fbem-29584	238	8	40(5	40(5	NUM
fbem-29584	238	9	):	):	PUNCT
fbem-29584	238	10	1469	1469	NUM
fbem-29584	238	11	-	-	SYM
fbem-29584	238	12	1484	1484	NUM
fbem-29584	238	13	.	.	PUNCT
fbem-29584	239	1	[	[	X
fbem-29584	239	2	7	7	X
fbem-29584	239	3	]	]	X
fbem-29584	239	4	scherer	scherer	PROPN
fbem-29584	239	5	f	f	PROPN
fbem-29584	239	6	m	m	PROPN
fbem-29584	239	7	,	,	PUNCT
fbem-29584	239	8	huh	huh	INTJ
fbem-29584	239	9	k.	k.	PROPN
fbem-29584	239	10	r	r	PROPN
fbem-29584	239	11	&	&	CCONJ
fbem-29584	239	12	d	d	PROPN
fbem-29584	239	13	reactions	reaction	NOUN
fbem-29584	239	14	to	to	ADP
fbem-29584	239	15	high	high	ADJ
fbem-29584	239	16	-	-	PUNCT
fbem-29584	239	17	technology	technology	NOUN
fbem-29584	239	18	import	import	NOUN
fbem-29584	239	19	competition	competition	NOUN
fbem-29584	240	1	[	[	X
fbem-29584	240	2	j	j	X
fbem-29584	240	3	]	]	X
fbem-29584	240	4	.	.	PUNCT
fbem-29584	241	1	the	the	DET
fbem-29584	241	2	review	review	NOUN
fbem-29584	241	3	of	of	ADP
fbem-29584	241	4	economics	economic	NOUN
fbem-29584	241	5	and	and	CCONJ
fbem-29584	241	6	statistics	statistic	NOUN
fbem-29584	241	7	,	,	PUNCT
fbem-29584	241	8	1992	1992	NUM
fbem-29584	241	9	:	:	PUNCT
fbem-29584	241	10	202	202	NUM
fbem-29584	241	11	-	-	SYM
fbem-29584	241	12	212	212	NUM
fbem-29584	241	13	.	.	PUNCT
fbem-29584	242	1	[	[	X
fbem-29584	242	2	8	8	NUM
fbem-29584	242	3	]	]	X
fbem-29584	242	4	dixit	dixit	PROPN
fbem-29584	242	5	a.	a.	NOUN
fbem-29584	242	6	the	the	DET
fbem-29584	242	7	role	role	NOUN
fbem-29584	242	8	of	of	ADP
fbem-29584	242	9	investment	investment	NOUN
fbem-29584	242	10	in	in	ADP
fbem-29584	242	11	entry	entry	NOUN
fbem-29584	242	12	-	-	PUNCT
fbem-29584	242	13	deterrence	deterrence	NOUN
fbem-29584	242	14	[	[	X
fbem-29584	242	15	j	j	X
fbem-29584	242	16	]	]	X
fbem-29584	242	17	.	.	PUNCT
fbem-29584	243	1	the	the	DET
fbem-29584	243	2	economic	economic	ADJ
fbem-29584	243	3	journal	journal	NOUN
fbem-29584	243	4	,	,	PUNCT
fbem-29584	243	5	1980	1980	NUM
fbem-29584	243	6	,	,	PUNCT
fbem-29584	243	7	90(357	90(357	NOUN
fbem-29584	243	8	):	):	PUNCT
fbem-29584	243	9	95	95	NUM
fbem-29584	243	10	-	-	SYM
fbem-29584	243	11	106	106	NUM
fbem-29584	243	12	.	.	PUNCT
fbem-29584	244	1	[	[	X
fbem-29584	244	2	9	9	NUM
fbem-29584	244	3	]	]	X
fbem-29584	244	4	cohen	cohen	PROPN
fbem-29584	244	5	w	w	PROPN
fbem-29584	244	6	m	m	PROPN
fbem-29584	244	7	,	,	PUNCT
fbem-29584	244	8	levinthal	levinthal	NOUN
fbem-29584	244	9	d	d	X
fbem-29584	244	10	a.	a.	NOUN
fbem-29584	244	11	absorptive	absorptive	ADJ
fbem-29584	244	12	capacity	capacity	NOUN
fbem-29584	244	13	:	:	PUNCT
fbem-29584	244	14	a	a	DET
fbem-29584	244	15	new	new	ADJ
fbem-29584	244	16	perspective	perspective	NOUN
fbem-29584	244	17	on	on	ADP
fbem-29584	244	18	learning	learning	NOUN
fbem-29584	244	19	and	and	CCONJ
fbem-29584	244	20	innovation	innovation	NOUN
fbem-29584	245	1	[	[	X
fbem-29584	245	2	j	j	X
fbem-29584	245	3	]	]	X
fbem-29584	245	4	.	.	PUNCT
fbem-29584	246	1	administrative	administrative	ADJ
fbem-29584	246	2	science	science	PROPN
fbem-29584	246	3	quarterly	quarterly	ADV
fbem-29584	246	4	,	,	PUNCT
fbem-29584	246	5	1990	1990	NUM
fbem-29584	246	6	,	,	PUNCT
fbem-29584	246	7	35(1	35(1	NUM
fbem-29584	246	8	):	):	PUNCT
fbem-29584	246	9	128	128	NUM
fbem-29584	246	10	-	-	SYM
fbem-29584	246	11	152	152	NUM
fbem-29584	246	12	.	.	PUNCT
fbem-29584	247	1	[	[	X
fbem-29584	247	2	10	10	NUM
fbem-29584	247	3	]	]	X
fbem-29584	247	4	dixit	dixit	PROPN
fbem-29584	247	5	a	a	PROPN
fbem-29584	247	6	k	k	PROPN
fbem-29584	247	7	,	,	PUNCT
fbem-29584	247	8	pindyck	pindyck	ADJ
fbem-29584	247	9	r	r	NOUN
fbem-29584	247	10	s.	s.	PROPN
fbem-29584	247	11	investment	investment	NOUN
fbem-29584	247	12	under	under	ADP
fbem-29584	247	13	uncertainty	uncertainty	NOUN
fbem-29584	247	14	[	[	X
fbem-29584	247	15	m	m	X
fbem-29584	247	16	]	]	X
fbem-29584	247	17	.	.	PUNCT
fbem-29584	248	1	princeton	princeton	PROPN
fbem-29584	248	2	university	university	PROPN
fbem-29584	248	3	press	press	NOUN
fbem-29584	248	4	,	,	PUNCT
fbem-29584	248	5	1994	1994	NUM
fbem-29584	248	6	.	.	PUNCT
fbem-29584	249	1	[	[	X
fbem-29584	249	2	11	11	NUM
fbem-29584	249	3	]	]	X
fbem-29584	249	4	besanko	besanko	PROPN
fbem-29584	249	5	d	d	PROPN
fbem-29584	249	6	,	,	PUNCT
fbem-29584	249	7	wu	wu	PROPN
fbem-29584	249	8	j.	j.	PROPN
fbem-29584	249	9	the	the	DET
fbem-29584	249	10	impact	impact	NOUN
fbem-29584	249	11	of	of	ADP
fbem-29584	249	12	market	market	NOUN
fbem-29584	249	13	structure	structure	NOUN
fbem-29584	249	14	and	and	CCONJ
fbem-29584	249	15	learning	learn	VERB
fbem-29584	249	16	on	on	ADP
fbem-29584	249	17	the	the	DET
fbem-29584	249	18	tradeoff	tradeoff	NOUN
fbem-29584	249	19	between	between	ADP
fbem-29584	249	20	r&d	r&d	NOUN
fbem-29584	249	21	competition	competition	NOUN
fbem-29584	249	22	and	and	CCONJ
fbem-29584	249	23	cooperation	cooperation	NOUN
fbem-29584	249	24	[	[	X
fbem-29584	249	25	j	j	X
fbem-29584	249	26	]	]	X
fbem-29584	249	27	.	.	PUNCT
fbem-29584	250	1	the	the	DET
fbem-29584	250	2	journal	journal	NOUN
fbem-29584	250	3	of	of	ADP
fbem-29584	250	4	industrial	industrial	ADJ
fbem-29584	250	5	economics	economic	NOUN
fbem-29584	250	6	,	,	PUNCT
fbem-29584	250	7	2013	2013	NUM
fbem-29584	250	8	,	,	PUNCT
fbem-29584	250	9	61(1	61(1	NUM
fbem-29584	250	10	):	):	PUNCT
fbem-29584	250	11	166	166	NUM
fbem-29584	250	12	-	-	PUNCT
fbem-29584	250	13	201	201	NUM
fbem-29584	250	14	.	.	PUNCT
fbem-29584	251	1	[	[	X
fbem-29584	251	2	12	12	NUM
fbem-29584	251	3	]	]	PUNCT
fbem-29584	251	4	raith	raith	NOUN
fbem-29584	251	5	m.	m.	NOUN
fbem-29584	251	6	competition	competition	NOUN
fbem-29584	251	7	,	,	PUNCT
fbem-29584	251	8	risk	risk	NOUN
fbem-29584	251	9	,	,	PUNCT
fbem-29584	251	10	and	and	CCONJ
fbem-29584	251	11	managerial	managerial	ADJ
fbem-29584	251	12	incentives	incentive	NOUN
fbem-29584	251	13	[	[	X
fbem-29584	251	14	j	j	X
fbem-29584	251	15	]	]	X
fbem-29584	251	16	.	.	PUNCT
fbem-29584	252	1	american	american	PROPN
fbem-29584	252	2	economic	economic	PROPN
fbem-29584	252	3	review	review	PROPN
fbem-29584	252	4	,	,	PUNCT
fbem-29584	252	5	2003	2003	NUM
fbem-29584	252	6	,	,	PUNCT
fbem-29584	252	7	93(4	93(4	NUM
fbem-29584	252	8	):	):	PUNCT
fbem-29584	252	9	1425	1425	NUM
fbem-29584	252	10	-	-	SYM
fbem-29584	252	11	1436	1436	NUM
fbem-29584	252	12	.	.	PUNCT
fbem-29584	253	1	[	[	X
fbem-29584	253	2	13	13	NUM
fbem-29584	253	3	]	]	SYM
fbem-29584	253	4	bloom	bloom	NOUN
fbem-29584	253	5	n	n	NOUN
fbem-29584	253	6	,	,	PUNCT
fbem-29584	253	7	bond	bond	NOUN
fbem-29584	253	8	s	s	PROPN
fbem-29584	253	9	,	,	PUNCT
fbem-29584	253	10	van	van	PROPN
fbem-29584	253	11	reenen	reenen	PROPN
fbem-29584	253	12	j.	j.	PROPN
fbem-29584	253	13	uncertainty	uncertainty	PROPN
fbem-29584	253	14	and	and	CCONJ
fbem-29584	253	15	investment	investment	NOUN
fbem-29584	253	16	dynamics	dynamic	NOUN
fbem-29584	253	17	[	[	X
fbem-29584	253	18	j	j	X
fbem-29584	253	19	]	]	X
fbem-29584	253	20	.	.	PUNCT
fbem-29584	254	1	the	the	DET
fbem-29584	254	2	review	review	NOUN
fbem-29584	254	3	of	of	ADP
fbem-29584	254	4	economic	economic	ADJ
fbem-29584	254	5	studies	study	NOUN
fbem-29584	254	6	,	,	PUNCT
fbem-29584	254	7	2007	2007	NUM
fbem-29584	254	8	,	,	PUNCT
fbem-29584	254	9	74(2	74(2	NUM
fbem-29584	254	10	):	):	PUNCT
fbem-29584	254	11	391	391	NUM
fbem-29584	254	12	-	-	SYM
fbem-29584	254	13	415	415	NUM
fbem-29584	254	14	.	.	PUNCT
fbem-29584	255	1	[	[	X
fbem-29584	255	2	14	14	NUM
fbem-29584	255	3	]	]	X
fbem-29584	255	4	almeida	almeida	PROPN
fbem-29584	255	5	h	h	PROPN
fbem-29584	255	6	,	,	PUNCT
fbem-29584	255	7	campello	campello	ADJ
fbem-29584	255	8	m.	m.	NOUN
fbem-29584	255	9	financial	financial	ADJ
fbem-29584	255	10	constraints	constraint	NOUN
fbem-29584	255	11	,	,	PUNCT
fbem-29584	255	12	asset	asset	NOUN
fbem-29584	255	13	tangibility	tangibility	NOUN
fbem-29584	255	14	,	,	PUNCT
fbem-29584	255	15	and	and	CCONJ
fbem-29584	255	16	corporate	corporate	ADJ
fbem-29584	255	17	investment	investment	NOUN
fbem-29584	256	1	[	[	X
fbem-29584	256	2	j	j	X
fbem-29584	256	3	]	]	X
fbem-29584	256	4	.	.	PUNCT
fbem-29584	257	1	the	the	DET
fbem-29584	257	2	review	review	NOUN
fbem-29584	257	3	of	of	ADP
fbem-29584	257	4	financial	financial	ADJ
fbem-29584	257	5	studies	study	NOUN
fbem-29584	257	6	,	,	PUNCT
fbem-29584	257	7	2007	2007	NUM
fbem-29584	257	8	,	,	PUNCT
fbem-29584	257	9	20(5	20(5	NUM
fbem-29584	257	10	):	):	PUNCT
fbem-29584	257	11	1429	1429	NUM
fbem-29584	257	12	-	-	SYM
fbem-29584	257	13	1460	1460	NUM
fbem-29584	257	14	.	.	PUNCT
fbem-29584	258	1	[	[	X
fbem-29584	258	2	15	15	NUM
fbem-29584	258	3	]	]	X
fbem-29584	258	4	banerjee	banerjee	NOUN
fbem-29584	258	5	a	a	X
fbem-29584	258	6	v.	v.	ADP
fbem-29584	258	7	a	a	DET
fbem-29584	258	8	simple	simple	ADJ
fbem-29584	258	9	model	model	NOUN
fbem-29584	258	10	of	of	ADP
fbem-29584	258	11	herd	herd	NOUN
fbem-29584	258	12	behavior	behavior	NOUN
fbem-29584	259	1	[	[	X
fbem-29584	259	2	j	j	X
fbem-29584	259	3	]	]	X
fbem-29584	259	4	.	.	PUNCT
fbem-29584	260	1	the	the	DET
fbem-29584	260	2	quarterly	quarterly	ADJ
fbem-29584	260	3	journal	journal	NOUN
fbem-29584	260	4	of	of	ADP
fbem-29584	260	5	economics	economic	NOUN
fbem-29584	260	6	,	,	PUNCT
fbem-29584	260	7	1992	1992	NUM
fbem-29584	260	8	,	,	PUNCT
fbem-29584	260	9	107(3	107(3	NUM
fbem-29584	260	10	):	):	PUNCT
fbem-29584	260	11	797	797	NUM
fbem-29584	260	12	-	-	SYM
fbem-29584	260	13	817	817	NUM
fbem-29584	260	14	.	.	PUNCT
fbem-29584	261	1	[	[	X
fbem-29584	261	2	16	16	NUM
fbem-29584	261	3	]	]	X
fbem-29584	261	4	paraskevopoulos	paraskevopoulos	PROPN
fbem-29584	261	5	d	d	PROPN
fbem-29584	261	6	,	,	PUNCT
fbem-29584	261	7	pitelis	pitelis	PROPN
fbem-29584	261	8	c	c	AUX
fbem-29584	261	9	n.	n.	VERB
fbem-29584	261	10	an	an	DET
fbem-29584	261	11	econometric	econometric	ADJ
fbem-29584	261	12	analysis	analysis	NOUN
fbem-29584	261	13	of	of	ADP
fbem-29584	261	14	the	the	DET
fbem-29584	261	15	determinants	determinant	NOUN
fbem-29584	261	16	of	of	ADP
fbem-29584	261	17	capacity	capacity	NOUN
fbem-29584	261	18	expansion	expansion	NOUN
fbem-29584	261	19	investment	investment	NOUN
fbem-29584	261	20	in	in	ADP
fbem-29584	261	21	the	the	DET
fbem-29584	261	22	west	west	ADJ
fbem-29584	261	23	european	european	ADJ
fbem-29584	261	24	chemical	chemical	PROPN
fbem-29584	261	25	industry	industry	NOUN
fbem-29584	262	1	[	[	X
fbem-29584	262	2	j	j	X
fbem-29584	262	3	]	]	X
fbem-29584	262	4	.	.	PUNCT
fbem-29584	263	1	managerial	managerial	ADJ
fbem-29584	263	2	and	and	CCONJ
fbem-29584	263	3	decision	decision	NOUN
fbem-29584	263	4	economics	economic	NOUN
fbem-29584	263	5	,	,	PUNCT
fbem-29584	263	6	1995	1995	NUM
fbem-29584	263	7	:	:	PUNCT
fbem-29584	263	8	619	619	NUM
fbem-29584	263	9	-	-	SYM
fbem-29584	263	10	632	632	NUM
fbem-29584	263	11	.	.	PUNCT
fbem-29584	264	1	[	[	X
fbem-29584	264	2	17	17	NUM
fbem-29584	264	3	]	]	PUNCT
fbem-29584	264	4	abrahamson	abrahamson	PROPN
fbem-29584	264	5	e	e	PROPN
fbem-29584	264	6	,	,	PUNCT
fbem-29584	264	7	rosenkopf	rosenkopf	PROPN
fbem-29584	264	8	l.	l.	PROPN
fbem-29584	264	9	institutional	institutional	ADJ
fbem-29584	264	10	and	and	CCONJ
fbem-29584	264	11	competitive	competitive	ADJ
fbem-29584	264	12	bandwagons	bandwagon	NOUN
fbem-29584	264	13	:	:	PUNCT
fbem-29584	264	14	using	use	VERB
fbem-29584	264	15	mathematical	mathematical	ADJ
fbem-29584	264	16	modeling	modeling	NOUN
fbem-29584	264	17	as	as	ADP
fbem-29584	264	18	a	a	DET
fbem-29584	264	19	tool	tool	NOUN
fbem-29584	264	20	to	to	PART
fbem-29584	264	21	explore	explore	VERB
fbem-29584	264	22	innovation	innovation	NOUN
fbem-29584	264	23	diffusion	diffusion	NOUN
fbem-29584	265	1	[	[	X
fbem-29584	265	2	j	j	X
fbem-29584	265	3	]	]	X
fbem-29584	265	4	.	.	PUNCT
fbem-29584	266	1	academy	academy	PROPN
fbem-29584	266	2	of	of	ADP
fbem-29584	266	3	management	management	PROPN
fbem-29584	266	4	review	review	PROPN
fbem-29584	266	5	,	,	PUNCT
fbem-29584	266	6	1993	1993	NUM
fbem-29584	266	7	,	,	PUNCT
fbem-29584	266	8	18(3	18(3	NUM
fbem-29584	266	9	):	):	PUNCT
fbem-29584	266	10	487	487	NUM
fbem-29584	266	11	-	-	SYM
fbem-29584	266	12	517	517	NUM
fbem-29584	266	13	.	.	PUNCT
fbem-29584	267	1	[	[	X
fbem-29584	267	2	18	18	NUM
fbem-29584	267	3	]	]	X
fbem-29584	267	4	hadlock	hadlock	NOUN
fbem-29584	267	5	c	c	PROPN
fbem-29584	267	6	j	j	PROPN
fbem-29584	267	7	,	,	PUNCT
fbem-29584	267	8	pierce	pierce	PROPN
fbem-29584	267	9	j	j	PROPN
fbem-29584	267	10	r.	r.	PROPN
fbem-29584	267	11	new	new	PROPN
fbem-29584	267	12	evidence	evidence	NOUN
fbem-29584	267	13	on	on	ADP
fbem-29584	267	14	measuring	measure	VERB
fbem-29584	267	15	financial	financial	ADJ
fbem-29584	267	16	constraints	constraint	NOUN
fbem-29584	267	17	:	:	PUNCT
fbem-29584	267	18	moving	move	VERB
fbem-29584	267	19	beyond	beyond	ADP
fbem-29584	267	20	the	the	DET
fbem-29584	267	21	kz	kz	PROPN
fbem-29584	267	22	index	index	NOUN
fbem-29584	267	23	[	[	X
fbem-29584	267	24	j	j	X
fbem-29584	267	25	]	]	X
fbem-29584	267	26	.	.	PUNCT
fbem-29584	268	1	the	the	DET
fbem-29584	268	2	review	review	NOUN
fbem-29584	268	3	of	of	ADP
fbem-29584	268	4	financial	financial	ADJ
fbem-29584	268	5	studies	study	NOUN
fbem-29584	268	6	,	,	PUNCT
fbem-29584	268	7	2010	2010	NUM
fbem-29584	268	8	,	,	PUNCT
fbem-29584	268	9	23(5	23(5	NUM
fbem-29584	268	10	):	):	PUNCT
fbem-29584	268	11	1909	1909	NUM
fbem-29584	268	12	-	-	SYM
fbem-29584	268	13	1940	1940	NUM
fbem-29584	268	14	.	.	PUNCT
fbem-29584	269	1	[	[	X
fbem-29584	269	2	19	19	NUM
fbem-29584	269	3	]	]	X
fbem-29584	269	4	harrison	harrison	NOUN
fbem-29584	269	5	a	a	DET
fbem-29584	269	6	e	e	NOUN
fbem-29584	269	7	,	,	PUNCT
fbem-29584	269	8	mcmillan	mcmillan	PROPN
fbem-29584	269	9	m	m	PROPN
fbem-29584	269	10	s.	s.	PROPN
fbem-29584	269	11	does	do	AUX
fbem-29584	269	12	direct	direct	VERB
fbem-29584	269	13	foreign	foreign	ADJ
fbem-29584	269	14	investment	investment	NOUN
fbem-29584	269	15	affect	affect	VERB
fbem-29584	269	16	domestic	domestic	ADJ
fbem-29584	269	17	credit	credit	NOUN
fbem-29584	269	18	constraints	constraint	NOUN
fbem-29584	269	19	?	?	PUNCT
fbem-29584	270	1	[	[	X
fbem-29584	270	2	j	j	X
fbem-29584	270	3	]	]	X
fbem-29584	270	4	.	.	PUNCT
fbem-29584	271	1	journal	journal	PROPN
fbem-29584	271	2	of	of	ADP
fbem-29584	271	3	international	international	ADJ
fbem-29584	271	4	economics	economic	NOUN
fbem-29584	271	5	,	,	PUNCT
fbem-29584	271	6	2003	2003	NUM
fbem-29584	271	7	,	,	PUNCT
fbem-29584	271	8	61(1	61(1	NUM
fbem-29584	271	9	):	):	PUNCT
fbem-29584	271	10	73	73	NUM
fbem-29584	271	11	-	-	SYM
fbem-29584	271	12	100	100	NUM
fbem-29584	271	13	.	.	PUNCT
fbem-29584	272	1	[	[	X
fbem-29584	272	2	20	20	NUM
fbem-29584	272	3	]	]	PUNCT
fbem-29584	272	4	héricourt	héricourt	PROPN
fbem-29584	272	5	j	j	PROPN
fbem-29584	272	6	,	,	PUNCT
fbem-29584	272	7	poncet	poncet	PROPN
fbem-29584	272	8	s.	s.	PROPN
fbem-29584	272	9	fdi	fdi	PROPN
fbem-29584	272	10	and	and	CCONJ
fbem-29584	272	11	credit	credit	NOUN
fbem-29584	272	12	constraints	constraint	NOUN
fbem-29584	272	13	:	:	PUNCT
fbem-29584	272	14	firm	firm	ADJ
fbem-29584	272	15	-	-	PUNCT
fbem-29584	272	16	level	level	NOUN
fbem-29584	272	17	evidence	evidence	NOUN
fbem-29584	272	18	from	from	ADP
fbem-29584	272	19	china	china	PROPN
fbem-29584	273	1	[	[	X
fbem-29584	273	2	j	j	X
fbem-29584	273	3	]	]	X
fbem-29584	273	4	.	.	PUNCT
fbem-29584	274	1	economic	economic	ADJ
fbem-29584	274	2	systems	system	NOUN
fbem-29584	274	3	,	,	PUNCT
fbem-29584	274	4	2009	2009	NUM
fbem-29584	274	5	,	,	PUNCT
fbem-29584	274	6	33(1	33(1	NUM
fbem-29584	274	7	):	):	PUNCT
fbem-29584	274	8	1	1	NUM
fbem-29584	274	9	-	-	SYM
fbem-29584	274	10	21	21	NUM
fbem-29584	274	11	.	.	PUNCT
fbem-29584	275	1	[	[	X
fbem-29584	275	2	21	21	NUM
fbem-29584	275	3	]	]	X
fbem-29584	275	4	banerjee	banerjee	PROPN
fbem-29584	275	5	a	a	PROPN
fbem-29584	275	6	,	,	PUNCT
fbem-29584	275	7	munshi	munshi	PROPN
fbem-29584	275	8	k.	k.	PROPN
fbem-29584	276	1	how	how	SCONJ
fbem-29584	276	2	efficiently	efficiently	ADV
fbem-29584	276	3	is	be	AUX
fbem-29584	276	4	capital	capital	NOUN
fbem-29584	276	5	allocated	allocate	VERB
fbem-29584	276	6	?	?	PUNCT
fbem-29584	277	1	evidence	evidence	NOUN
fbem-29584	277	2	from	from	ADP
fbem-29584	277	3	the	the	DET
fbem-29584	277	4	knitted	knitted	ADJ
fbem-29584	277	5	garment	garment	NOUN
fbem-29584	277	6	industry	industry	NOUN
fbem-29584	277	7	in	in	ADP
fbem-29584	277	8	tirupur	tirupur	PROPN
fbem-29584	278	1	[	[	X
fbem-29584	278	2	j	j	X
fbem-29584	278	3	]	]	X
fbem-29584	278	4	.	.	PUNCT
fbem-29584	279	1	the	the	DET
fbem-29584	279	2	review	review	NOUN
fbem-29584	279	3	of	of	ADP
fbem-29584	279	4	economic	economic	ADJ
fbem-29584	279	5	studies	study	NOUN
fbem-29584	279	6	,	,	PUNCT
fbem-29584	279	7	2004	2004	NUM
fbem-29584	279	8	,	,	PUNCT
fbem-29584	279	9	71(1	71(1	NUM
fbem-29584	279	10	):	):	PUNCT
fbem-29584	279	11	19	19	NUM
fbem-29584	279	12	-	-	SYM
fbem-29584	279	13	42	42	NUM
fbem-29584	279	14	.	.	PUNCT
fbem-29584	280	1	[	[	X
fbem-29584	280	2	22	22	NUM
fbem-29584	280	3	]	]	PUNCT
fbem-29584	280	4	cole	cole	PROPN
fbem-29584	280	5	s.	s.	PROPN
fbem-29584	280	6	financial	financial	PROPN
fbem-29584	280	7	development	development	PROPN
fbem-29584	280	8	,	,	PUNCT
fbem-29584	280	9	bank	bank	NOUN
fbem-29584	280	10	ownership	ownership	NOUN
fbem-29584	280	11	,	,	PUNCT
fbem-29584	280	12	and	and	CCONJ
fbem-29584	280	13	growth	growth	NOUN
fbem-29584	280	14	:	:	PUNCT
fbem-29584	280	15	or	or	CCONJ
fbem-29584	280	16	,	,	PUNCT
fbem-29584	280	17	does	do	AUX
fbem-29584	280	18	quantity	quantity	NOUN
fbem-29584	280	19	imply	imply	VERB
fbem-29584	280	20	quality	quality	NOUN
fbem-29584	280	21	?	?	PUNCT
fbem-29584	281	1	[	[	X
fbem-29584	281	2	j	j	X
fbem-29584	281	3	]	]	X
fbem-29584	281	4	.	.	PUNCT
fbem-29584	282	1	the	the	DET
fbem-29584	282	2	review	review	NOUN
fbem-29584	282	3	of	of	ADP
fbem-29584	282	4	economics	economic	NOUN
fbem-29584	282	5	and	and	CCONJ
fbem-29584	282	6	statistics	statistic	NOUN
fbem-29584	282	7	,	,	PUNCT
fbem-29584	282	8	2009	2009	NUM
fbem-29584	282	9	,	,	PUNCT
fbem-29584	282	10	91(1	91(1	NUM
fbem-29584	282	11	):	):	PUNCT
fbem-29584	282	12	33	33	NUM
fbem-29584	282	13	-	-	SYM
fbem-29584	282	14	51	51	NUM
fbem-29584	282	15	.	.	PUNCT
fbem-29584	283	1	[	[	X
fbem-29584	283	2	23	23	NUM
fbem-29584	283	3	]	]	X
fbem-29584	283	4	mcdonald	mcdonald	PROPN
fbem-29584	283	5	r	r	PROPN
fbem-29584	283	6	,	,	PUNCT
fbem-29584	283	7	siegel	siegel	PROPN
fbem-29584	283	8	d.	d.	PROPN
fbem-29584	283	9	the	the	DET
fbem-29584	283	10	value	value	NOUN
fbem-29584	283	11	of	of	ADP
fbem-29584	283	12	waiting	wait	VERB
fbem-29584	283	13	to	to	PART
fbem-29584	283	14	invest	invest	VERB
fbem-29584	283	15	[	[	X
fbem-29584	283	16	j	j	X
fbem-29584	283	17	]	]	X
fbem-29584	283	18	.	.	PUNCT
fbem-29584	284	1	the	the	DET
fbem-29584	284	2	quarterly	quarterly	ADJ
fbem-29584	284	3	journal	journal	NOUN
fbem-29584	284	4	of	of	ADP
fbem-29584	284	5	economics	economic	NOUN
fbem-29584	284	6	,	,	PUNCT
fbem-29584	284	7	1986	1986	NUM
fbem-29584	284	8	,	,	PUNCT
fbem-29584	284	9	101(4	101(4	NUM
fbem-29584	284	10	):	):	PUNCT
fbem-29584	284	11	707	707	NUM
fbem-29584	284	12	-	-	SYM
fbem-29584	284	13	727	727	NUM
fbem-29584	284	14	.	.	PUNCT
fbem-29584	285	1	[	[	X
fbem-29584	285	2	24	24	NUM
fbem-29584	285	3	]	]	PUNCT
fbem-29584	285	4	ingersoll	ingersoll	PROPN
fbem-29584	285	5	jr	jr	PROPN
fbem-29584	285	6	j	j	PROPN
fbem-29584	285	7	e	e	PROPN
fbem-29584	285	8	,	,	PUNCT
fbem-29584	285	9	ross	ross	PROPN
fbem-29584	285	10	s	s	AUX
fbem-29584	285	11	a.	a.	NOUN
fbem-29584	285	12	waiting	wait	VERB
fbem-29584	285	13	to	to	PART
fbem-29584	285	14	invest	invest	VERB
fbem-29584	285	15	:	:	PUNCT
fbem-29584	285	16	investment	investment	NOUN
fbem-29584	285	17	and	and	CCONJ
fbem-29584	285	18	uncertainty	uncertainty	NOUN
fbem-29584	285	19	[	[	X
fbem-29584	285	20	j	j	X
fbem-29584	285	21	]	]	X
fbem-29584	285	22	.	.	PUNCT
fbem-29584	286	1	journal	journal	PROPN
fbem-29584	286	2	of	of	ADP
fbem-29584	286	3	business	business	NOUN
fbem-29584	286	4	,	,	PUNCT
fbem-29584	286	5	1992	1992	NUM
fbem-29584	286	6	:	:	PUNCT
fbem-29584	286	7	1	1	NUM
fbem-29584	286	8	-	-	SYM
fbem-29584	286	9	29	29	NUM
fbem-29584	286	10	.	.	PUNCT
fbem-29584	287	1	[	[	X
fbem-29584	287	2	25	25	NUM
fbem-29584	287	3	]	]	PUNCT
fbem-29584	287	4	julio	julio	PROPN
fbem-29584	287	5	b	b	PROPN
fbem-29584	287	6	,	,	PUNCT
fbem-29584	287	7	yook	yook	ADJ
fbem-29584	287	8	y.	y.	PROPN
fbem-29584	287	9	political	political	ADJ
fbem-29584	287	10	uncertainty	uncertainty	NOUN
fbem-29584	287	11	and	and	CCONJ
fbem-29584	287	12	corporate	corporate	ADJ
fbem-29584	287	13	investment	investment	NOUN
fbem-29584	287	14	[	[	X
fbem-29584	287	15	c]//third	c]//third	PROPN
fbem-29584	287	16	singapore	singapore	PROPN
fbem-29584	287	17	international	international	PROPN
fbem-29584	287	18	conference	conference	NOUN
fbem-29584	287	19	on	on	ADP
fbem-29584	287	20	finance	finance	NOUN
fbem-29584	287	21	.	.	PUNCT
fbem-29584	288	1	2009	2009	NUM
fbem-29584	288	2	.	.	PUNCT
fbem-29584	289	1	[	[	X
fbem-29584	289	2	26	26	NUM
fbem-29584	289	3	]	]	X
fbem-29584	289	4	ghosh	ghosh	PROPN
fbem-29584	289	5	d	d	PROPN
fbem-29584	289	6	,	,	PUNCT
fbem-29584	289	7	olsen	olsen	PROPN
fbem-29584	289	8	l.	l.	PROPN
fbem-29584	289	9	environmental	environmental	ADJ
fbem-29584	289	10	uncertainty	uncertainty	NOUN
fbem-29584	289	11	and	and	CCONJ
fbem-29584	289	12	managers	manager	NOUN
fbem-29584	289	13	’	'	PUNCT
fbem-29584	289	14	use	use	NOUN
fbem-29584	289	15	of	of	ADP
fbem-29584	289	16	discretionary	discretionary	ADJ
fbem-29584	289	17	accruals	accrual	NOUN
fbem-29584	289	18	[	[	X
fbem-29584	289	19	j	j	X
fbem-29584	289	20	]	]	X
fbem-29584	289	21	.	.	PUNCT
fbem-29584	290	1	accounting	accounting	NOUN
fbem-29584	290	2	,	,	PUNCT
fbem-29584	290	3	organizations	organization	NOUN
fbem-29584	290	4	and	and	CCONJ
fbem-29584	290	5	society	society	NOUN
fbem-29584	290	6	,	,	PUNCT
fbem-29584	290	7	2009	2009	NUM
fbem-29584	290	8	,	,	PUNCT
fbem-29584	290	9	34(2	34(2	NUM
fbem-29584	290	10	):	):	PUNCT
fbem-29584	290	11	188	188	NUM
fbem-29584	290	12	-	-	SYM
fbem-29584	290	13	205	205	NUM
fbem-29584	290	14	.	.	PUNCT