id	sid	tid	token	lemma	pos
fbem-29706	1	1	frontiers	frontier	NOUN
fbem-29706	1	2	in	in	ADP
fbem-29706	1	3	business	business	NOUN
fbem-29706	1	4	,	,	PUNCT
fbem-29706	1	5	economics	economic	NOUN
fbem-29706	1	6	and	and	CCONJ
fbem-29706	1	7	management	management	NOUN
fbem-29706	1	8	issn	issn	PROPN
fbem-29706	1	9	:	:	PUNCT
fbem-29706	1	10	2766	2766	NUM
fbem-29706	1	11	-	-	PUNCT
fbem-29706	1	12	824x	824x	NUM
fbem-29706	1	13	|	|	ADJ
fbem-29706	1	14	vol	vol	NOUN
fbem-29706	1	15	.	.	PROPN
fbem-29706	1	16	18	18	NUM
fbem-29706	1	17	,	,	PUNCT
fbem-29706	1	18	no	no	INTJ
fbem-29706	1	19	.	.	NOUN
fbem-29706	1	20	2	2	NUM
fbem-29706	1	21	,	,	PUNCT
fbem-29706	1	22	2025	2025	NUM
fbem-29706	1	23	190	190	NUM
fbem-29706	1	24	the	the	DET
fbem-29706	1	25	impact	impact	NOUN
fbem-29706	1	26	of	of	ADP
fbem-29706	1	27	executive	executive	ADJ
fbem-29706	1	28	equity	equity	NOUN
fbem-29706	1	29	incentives	incentive	NOUN
fbem-29706	1	30	on	on	ADP
fbem-29706	1	31	corporate	corporate	ADJ
fbem-29706	1	32	digital	digital	ADJ
fbem-29706	1	33	transformation	transformation	NOUN
fbem-29706	1	34	:	:	PUNCT
fbem-29706	1	35	facilitating	facilitate	VERB
fbem-29706	1	36	or	or	CCONJ
fbem-29706	1	37	inhibiting	inhibit	VERB
fbem-29706	1	38	lanchi	lanchi	PROPN
fbem-29706	1	39	liu	liu	PROPN
fbem-29706	1	40	school	school	PROPN
fbem-29706	1	41	of	of	ADP
fbem-29706	1	42	economics	economic	NOUN
fbem-29706	1	43	and	and	CCONJ
fbem-29706	1	44	management	management	NOUN
fbem-29706	1	45	,	,	PUNCT
fbem-29706	1	46	southwest	southwest	NOUN
fbem-29706	1	47	university	university	NOUN
fbem-29706	1	48	,	,	PUNCT
fbem-29706	1	49	chongqing	chongqe	VERB
fbem-29706	1	50	400715	400715	NUM
fbem-29706	1	51	,	,	PUNCT
fbem-29706	1	52	china	china	PROPN
fbem-29706	1	53	abstract	abstract	PROPN
fbem-29706	1	54	:	:	PUNCT
fbem-29706	1	55	from	from	ADP
fbem-29706	1	56	the	the	DET
fbem-29706	1	57	perspective	perspective	NOUN
fbem-29706	1	58	of	of	ADP
fbem-29706	1	59	executive	executive	ADJ
fbem-29706	1	60	equity	equity	NOUN
fbem-29706	1	61	incentives	incentive	NOUN
fbem-29706	1	62	,	,	PUNCT
fbem-29706	1	63	this	this	DET
fbem-29706	1	64	paper	paper	NOUN
fbem-29706	1	65	utilizes	utilize	VERB
fbem-29706	1	66	the	the	DET
fbem-29706	1	67	data	datum	NOUN
fbem-29706	1	68	of	of	ADP
fbem-29706	1	69	a	a	DET
fbem-29706	1	70	-	-	PUNCT
fbem-29706	1	71	share	share	NOUN
fbem-29706	1	72	listed	list	VERB
fbem-29706	1	73	companies	company	NOUN
fbem-29706	1	74	in	in	ADP
fbem-29706	1	75	shanghai	shanghai	PROPN
fbem-29706	1	76	and	and	CCONJ
fbem-29706	1	77	shenzhen	shenzhen	PROPN
fbem-29706	1	78	from	from	ADP
fbem-29706	1	79	2007	2007	NUM
fbem-29706	1	80	to	to	ADP
fbem-29706	1	81	2021	2021	NUM
fbem-29706	1	82	to	to	PART
fbem-29706	1	83	explore	explore	VERB
fbem-29706	1	84	the	the	DET
fbem-29706	1	85	impact	impact	NOUN
fbem-29706	1	86	of	of	ADP
fbem-29706	1	87	executive	executive	ADJ
fbem-29706	1	88	equity	equity	NOUN
fbem-29706	1	89	incentives	incentive	NOUN
fbem-29706	1	90	on	on	ADP
fbem-29706	1	91	the	the	DET
fbem-29706	1	92	digital	digital	ADJ
fbem-29706	1	93	transformation	transformation	NOUN
fbem-29706	1	94	of	of	ADP
fbem-29706	1	95	enterprises	enterprise	NOUN
fbem-29706	1	96	.	.	PUNCT
fbem-29706	2	1	it	it	PRON
fbem-29706	2	2	is	be	AUX
fbem-29706	2	3	found	find	VERB
fbem-29706	2	4	that	that	SCONJ
fbem-29706	2	5	,	,	PUNCT
fbem-29706	2	6	firstly	firstly	ADV
fbem-29706	2	7	,	,	PUNCT
fbem-29706	2	8	executive	executive	ADJ
fbem-29706	2	9	equity	equity	NOUN
fbem-29706	2	10	incentives	incentive	NOUN
fbem-29706	2	11	have	have	VERB
fbem-29706	2	12	an	an	DET
fbem-29706	2	13	inverted	inverted	ADJ
fbem-29706	2	14	“	"	PUNCT
fbem-29706	2	15	u	u	NOUN
fbem-29706	2	16	”	"	PUNCT
fbem-29706	2	17	shape	shape	NOUN
fbem-29706	2	18	impact	impact	NOUN
fbem-29706	2	19	on	on	ADP
fbem-29706	2	20	enterprise	enterprise	NOUN
fbem-29706	2	21	digital	digital	ADJ
fbem-29706	2	22	transformation	transformation	NOUN
fbem-29706	2	23	,	,	PUNCT
fbem-29706	2	24	with	with	ADP
fbem-29706	2	25	an	an	DET
fbem-29706	2	26	inflection	inflection	NOUN
fbem-29706	2	27	point	point	NOUN
fbem-29706	2	28	value	value	NOUN
fbem-29706	2	29	of	of	ADP
fbem-29706	2	30	35.17	35.17	NUM
fbem-29706	2	31	%	%	NOUN
fbem-29706	2	32	,	,	PUNCT
fbem-29706	2	33	and	and	CCONJ
fbem-29706	2	34	the	the	DET
fbem-29706	2	35	conclusion	conclusion	NOUN
fbem-29706	2	36	still	still	ADV
fbem-29706	2	37	holds	hold	VERB
fbem-29706	2	38	after	after	ADP
fbem-29706	2	39	a	a	DET
fbem-29706	2	40	series	series	NOUN
fbem-29706	2	41	of	of	ADP
fbem-29706	2	42	tests	test	NOUN
fbem-29706	2	43	.	.	PUNCT
fbem-29706	3	1	second	second	ADV
fbem-29706	3	2	,	,	PUNCT
fbem-29706	3	3	the	the	DET
fbem-29706	3	4	mechanism	mechanism	NOUN
fbem-29706	3	5	test	test	NOUN
fbem-29706	3	6	shows	show	VERB
fbem-29706	3	7	that	that	SCONJ
fbem-29706	3	8	executive	executive	ADJ
fbem-29706	3	9	equity	equity	NOUN
fbem-29706	3	10	incentives	incentive	NOUN
fbem-29706	3	11	affect	affect	VERB
fbem-29706	3	12	the	the	DET
fbem-29706	3	13	digital	digital	ADJ
fbem-29706	3	14	transformation	transformation	NOUN
fbem-29706	3	15	of	of	ADP
fbem-29706	3	16	enterprises	enterprise	NOUN
fbem-29706	3	17	through	through	ADP
fbem-29706	3	18	two	two	NUM
fbem-29706	3	19	paths	path	NOUN
fbem-29706	3	20	:	:	PUNCT
fbem-29706	3	21	financing	financing	NOUN
fbem-29706	3	22	ability	ability	NOUN
fbem-29706	3	23	and	and	CCONJ
fbem-29706	3	24	risk	risk	NOUN
fbem-29706	3	25	-	-	PUNCT
fbem-29706	3	26	taking	take	VERB
fbem-29706	3	27	ability	ability	NOUN
fbem-29706	3	28	.	.	PUNCT
fbem-29706	4	1	third	third	ADJ
fbem-29706	4	2	,	,	PUNCT
fbem-29706	4	3	the	the	DET
fbem-29706	4	4	heterogeneity	heterogeneity	NOUN
fbem-29706	4	5	test	test	NOUN
fbem-29706	4	6	finds	find	VERB
fbem-29706	4	7	that	that	SCONJ
fbem-29706	4	8	the	the	DET
fbem-29706	4	9	effect	effect	NOUN
fbem-29706	4	10	of	of	ADP
fbem-29706	4	11	executive	executive	ADJ
fbem-29706	4	12	equity	equity	NOUN
fbem-29706	4	13	incentives	incentive	NOUN
fbem-29706	4	14	on	on	ADP
fbem-29706	4	15	enterprise	enterprise	NOUN
fbem-29706	4	16	digital	digital	ADJ
fbem-29706	4	17	transformation	transformation	NOUN
fbem-29706	4	18	is	be	AUX
fbem-29706	4	19	more	more	ADV
fbem-29706	4	20	significant	significant	ADJ
fbem-29706	4	21	in	in	ADP
fbem-29706	4	22	state	state	NOUN
fbem-29706	4	23	-	-	PUNCT
fbem-29706	4	24	owned	own	VERB
fbem-29706	4	25	enterprises	enterprise	NOUN
fbem-29706	4	26	and	and	CCONJ
fbem-29706	4	27	enterprises	enterprise	NOUN
fbem-29706	4	28	with	with	ADP
fbem-29706	4	29	dispersed	disperse	VERB
fbem-29706	4	30	equity	equity	NOUN
fbem-29706	4	31	.	.	PUNCT
fbem-29706	5	1	the	the	DET
fbem-29706	5	2	findings	finding	NOUN
fbem-29706	5	3	of	of	ADP
fbem-29706	5	4	this	this	DET
fbem-29706	5	5	paper	paper	NOUN
fbem-29706	5	6	not	not	PART
fbem-29706	5	7	only	only	ADV
fbem-29706	5	8	provide	provide	VERB
fbem-29706	5	9	empirical	empirical	ADJ
fbem-29706	5	10	evidence	evidence	NOUN
fbem-29706	5	11	for	for	ADP
fbem-29706	5	12	the	the	DET
fbem-29706	5	13	promotion	promotion	NOUN
fbem-29706	5	14	of	of	ADP
fbem-29706	5	15	enterprise	enterprise	NOUN
fbem-29706	5	16	digital	digital	ADJ
fbem-29706	5	17	transformation	transformation	NOUN
fbem-29706	5	18	,	,	PUNCT
fbem-29706	5	19	but	but	CCONJ
fbem-29706	5	20	also	also	ADV
fbem-29706	5	21	provide	provide	VERB
fbem-29706	5	22	useful	useful	ADJ
fbem-29706	5	23	insights	insight	NOUN
fbem-29706	5	24	for	for	ADP
fbem-29706	5	25	the	the	DET
fbem-29706	5	26	improvement	improvement	NOUN
fbem-29706	5	27	of	of	ADP
fbem-29706	5	28	enterprise	enterprise	NOUN
fbem-29706	5	29	equity	equity	NOUN
fbem-29706	5	30	incentive	incentive	NOUN
fbem-29706	5	31	mechanism	mechanism	NOUN
fbem-29706	5	32	.	.	PUNCT
fbem-29706	6	1	keywords	keyword	NOUN
fbem-29706	6	2	:	:	PUNCT
fbem-29706	6	3	executive	executive	ADJ
fbem-29706	6	4	equity	equity	NOUN
fbem-29706	6	5	incentives	incentive	NOUN
fbem-29706	6	6	;	;	PUNCT
fbem-29706	6	7	digital	digital	ADJ
fbem-29706	6	8	transformation	transformation	NOUN
fbem-29706	6	9	;	;	PUNCT
fbem-29706	6	10	inverted	inverted	ADJ
fbem-29706	6	11	“	"	PUNCT
fbem-29706	6	12	u	u	NOUN
fbem-29706	6	13	”	"	PUNCT
fbem-29706	6	14	shape	shape	NOUN
fbem-29706	6	15	.	.	PUNCT
fbem-29706	7	1	1	1	X
fbem-29706	7	2	.	.	X
fbem-29706	7	3	introduce	introduce	VERB
fbem-29706	7	4	since	since	SCONJ
fbem-29706	7	5	the	the	DET
fbem-29706	7	6	21st	21st	ADJ
fbem-29706	7	7	century	century	NOUN
fbem-29706	7	8	,	,	PUNCT
fbem-29706	7	9	a	a	DET
fbem-29706	7	10	new	new	ADJ
fbem-29706	7	11	generation	generation	NOUN
fbem-29706	7	12	of	of	ADP
fbem-29706	7	13	digital	digital	ADJ
fbem-29706	7	14	technology	technology	NOUN
fbem-29706	7	15	represented	represent	VERB
fbem-29706	7	16	by	by	ADP
fbem-29706	7	17	big	big	ADJ
fbem-29706	7	18	data	datum	NOUN
fbem-29706	7	19	and	and	CCONJ
fbem-29706	7	20	artificial	artificial	ADJ
fbem-29706	7	21	intelligence	intelligence	NOUN
fbem-29706	7	22	has	have	AUX
fbem-29706	7	23	driven	drive	VERB
fbem-29706	7	24	human	human	ADJ
fbem-29706	7	25	society	society	NOUN
fbem-29706	7	26	to	to	PART
fbem-29706	7	27	accelerate	accelerate	VERB
fbem-29706	7	28	into	into	ADP
fbem-29706	7	29	the	the	DET
fbem-29706	7	30	digital	digital	ADJ
fbem-29706	7	31	era	era	NOUN
fbem-29706	7	32	.	.	PUNCT
fbem-29706	8	1	the	the	DET
fbem-29706	8	2	deep	deep	ADJ
fbem-29706	8	3	integration	integration	NOUN
fbem-29706	8	4	of	of	ADP
fbem-29706	8	5	the	the	DET
fbem-29706	8	6	new	new	ADJ
fbem-29706	8	7	generation	generation	NOUN
fbem-29706	8	8	of	of	ADP
fbem-29706	8	9	digital	digital	ADJ
fbem-29706	8	10	technology	technology	NOUN
fbem-29706	8	11	and	and	CCONJ
fbem-29706	8	12	the	the	DET
fbem-29706	8	13	real	real	ADJ
fbem-29706	8	14	economy	economy	NOUN
fbem-29706	8	15	has	have	AUX
fbem-29706	8	16	promoted	promote	VERB
fbem-29706	8	17	the	the	DET
fbem-29706	8	18	conversion	conversion	NOUN
fbem-29706	8	19	of	of	ADP
fbem-29706	8	20	the	the	DET
fbem-29706	8	21	global	global	ADJ
fbem-29706	8	22	economic	economic	ADJ
fbem-29706	8	23	development	development	NOUN
fbem-29706	8	24	momentum	momentum	NOUN
fbem-29706	8	25	from	from	ADP
fbem-29706	8	26	the	the	DET
fbem-29706	8	27	traditional	traditional	ADJ
fbem-29706	8	28	economy	economy	NOUN
fbem-29706	8	29	to	to	ADP
fbem-29706	8	30	the	the	DET
fbem-29706	8	31	digital	digital	ADJ
fbem-29706	8	32	economy	economy	NOUN
fbem-29706	8	33	[	[	X
fbem-29706	8	34	1	1	NUM
fbem-29706	8	35	]	]	PUNCT
fbem-29706	8	36	.	.	PUNCT
fbem-29706	9	1	the	the	DET
fbem-29706	9	2	party	party	PROPN
fbem-29706	9	3	central	central	PROPN
fbem-29706	9	4	committee	committee	PROPN
fbem-29706	9	5	and	and	CCONJ
fbem-29706	9	6	the	the	DET
fbem-29706	9	7	state	state	NOUN
fbem-29706	9	8	council	council	PROPN
fbem-29706	9	9	have	have	AUX
fbem-29706	9	10	attached	attach	VERB
fbem-29706	9	11	great	great	ADJ
fbem-29706	9	12	importance	importance	NOUN
fbem-29706	9	13	to	to	ADP
fbem-29706	9	14	the	the	DET
fbem-29706	9	15	cultivation	cultivation	NOUN
fbem-29706	9	16	and	and	CCONJ
fbem-29706	9	17	development	development	NOUN
fbem-29706	9	18	of	of	ADP
fbem-29706	9	19	the	the	DET
fbem-29706	9	20	digital	digital	ADJ
fbem-29706	9	21	economy	economy	NOUN
fbem-29706	9	22	in	in	ADP
fbem-29706	9	23	recent	recent	ADJ
fbem-29706	9	24	years	year	NOUN
fbem-29706	9	25	.	.	PUNCT
fbem-29706	10	1	general	general	ADJ
fbem-29706	10	2	secretary	secretary	PROPN
fbem-29706	10	3	xi	xi	PROPN
fbem-29706	10	4	jinping	jinpe	VERB
fbem-29706	10	5	has	have	AUX
fbem-29706	10	6	repeatedly	repeatedly	ADV
fbem-29706	10	7	emphasized	emphasize	VERB
fbem-29706	10	8	that	that	SCONJ
fbem-29706	10	9	“	"	PUNCT
fbem-29706	10	10	it	it	PRON
fbem-29706	10	11	is	be	AUX
fbem-29706	10	12	necessary	necessary	ADJ
fbem-29706	10	13	to	to	PART
fbem-29706	10	14	accelerate	accelerate	VERB
fbem-29706	10	15	the	the	DET
fbem-29706	10	16	development	development	NOUN
fbem-29706	10	17	of	of	ADP
fbem-29706	10	18	the	the	DET
fbem-29706	10	19	digital	digital	ADJ
fbem-29706	10	20	economy	economy	NOUN
fbem-29706	10	21	and	and	CCONJ
fbem-29706	10	22	promote	promote	VERB
fbem-29706	10	23	the	the	DET
fbem-29706	10	24	deep	deep	ADJ
fbem-29706	10	25	integration	integration	NOUN
fbem-29706	10	26	of	of	ADP
fbem-29706	10	27	the	the	DET
fbem-29706	10	28	digital	digital	ADJ
fbem-29706	10	29	economy	economy	NOUN
fbem-29706	10	30	and	and	CCONJ
fbem-29706	10	31	the	the	DET
fbem-29706	10	32	real	real	ADJ
fbem-29706	10	33	economy	economy	NOUN
fbem-29706	10	34	”	"	PUNCT
fbem-29706	10	35	“	"	PUNCT
fbem-29706	10	36	to	to	PART
fbem-29706	10	37	develop	develop	VERB
fbem-29706	10	38	the	the	DET
fbem-29706	10	39	digital	digital	ADJ
fbem-29706	10	40	economy	economy	NOUN
fbem-29706	10	41	,	,	PUNCT
fbem-29706	10	42	accelerate	accelerate	VERB
fbem-29706	10	43	the	the	DET
fbem-29706	10	44	promotion	promotion	NOUN
fbem-29706	10	45	of	of	ADP
fbem-29706	10	46	digital	digital	ADJ
fbem-29706	10	47	industrialization	industrialization	NOUN
fbem-29706	10	48	,	,	PUNCT
fbem-29706	10	49	rely	rely	VERB
fbem-29706	10	50	on	on	ADP
fbem-29706	10	51	information	information	NOUN
fbem-29706	10	52	technology	technology	NOUN
fbem-29706	10	53	innovation	innovation	NOUN
fbem-29706	10	54	to	to	PART
fbem-29706	10	55	drive	drive	VERB
fbem-29706	10	56	,	,	PUNCT
fbem-29706	10	57	and	and	CCONJ
fbem-29706	10	58	constantly	constantly	ADV
fbem-29706	10	59	give	give	VERB
fbem-29706	10	60	rise	rise	NOUN
fbem-29706	10	61	to	to	ADP
fbem-29706	10	62	new	new	ADJ
fbem-29706	10	63	industries	industry	NOUN
fbem-29706	10	64	,	,	PUNCT
fbem-29706	10	65	new	new	ADJ
fbem-29706	10	66	business	business	NOUN
fbem-29706	10	67	forms	form	NOUN
fbem-29706	10	68	and	and	CCONJ
fbem-29706	10	69	new	new	ADJ
fbem-29706	10	70	modes	mode	NOUN
fbem-29706	10	71	,	,	PUNCT
fbem-29706	10	72	and	and	CCONJ
fbem-29706	10	73	to	to	PART
fbem-29706	10	74	promote	promote	VERB
fbem-29706	10	75	the	the	DET
fbem-29706	10	76	new	new	ADJ
fbem-29706	10	77	development	development	NOUN
fbem-29706	10	78	with	with	ADP
fbem-29706	10	79	new	new	ADJ
fbem-29706	10	80	kinetic	kinetic	ADJ
fbem-29706	10	81	energy	energy	NOUN
fbem-29706	10	82	“	"	PUNCT
fbem-29706	10	83	.in	.in	X
fbem-29706	10	84	2021	2021	NUM
fbem-29706	10	85	,	,	PUNCT
fbem-29706	10	86	the	the	DET
fbem-29706	10	87	scale	scale	NOUN
fbem-29706	10	88	of	of	ADP
fbem-29706	10	89	china	china	PROPN
fbem-29706	10	90	's	's	PART
fbem-29706	10	91	digital	digital	ADJ
fbem-29706	10	92	economy	economy	NOUN
fbem-29706	10	93	reached	reach	VERB
fbem-29706	10	94	45.5	45.5	NUM
fbem-29706	10	95	trillion	trillion	NUM
fbem-29706	10	96	,	,	PUNCT
fbem-29706	10	97	of	of	ADP
fbem-29706	10	98	which	which	PRON
fbem-29706	10	99	the	the	DET
fbem-29706	10	100	total	total	ADJ
fbem-29706	10	101	amount	amount	NOUN
fbem-29706	10	102	of	of	ADP
fbem-29706	10	103	industrial	industrial	ADJ
fbem-29706	10	104	digitization	digitization	NOUN
fbem-29706	10	105	was	be	AUX
fbem-29706	10	106	372,000,000	372,000,000	NUM
fbem-29706	10	107	yuan	yuan	NOUN
fbem-29706	10	108	,	,	PUNCT
fbem-29706	10	109	a	a	DET
fbem-29706	10	110	year	year	NOUN
fbem-29706	10	111	-	-	PUNCT
fbem-29706	10	112	on	on	ADP
fbem-29706	10	113	-	-	PUNCT
fbem-29706	10	114	year	year	NOUN
fbem-29706	10	115	increase	increase	NOUN
fbem-29706	10	116	of	of	ADP
fbem-29706	10	117	17.2	17.2	NUM
fbem-29706	10	118	%	%	NOUN
fbem-29706	10	119	,	,	PUNCT
fbem-29706	10	120	accounting	account	VERB
fbem-29706	10	121	for	for	ADP
fbem-29706	10	122	81.7	81.7	NUM
fbem-29706	10	123	%	%	NOUN
fbem-29706	10	124	of	of	ADP
fbem-29706	10	125	the	the	DET
fbem-29706	10	126	digital	digital	ADJ
fbem-29706	10	127	economy	economy	NOUN
fbem-29706	10	128	.	.	PUNCT
fbem-29706	11	1	the	the	DET
fbem-29706	11	2	digital	digital	ADJ
fbem-29706	11	3	economy	economy	NOUN
fbem-29706	11	4	has	have	AUX
fbem-29706	11	5	become	become	VERB
fbem-29706	11	6	the	the	DET
fbem-29706	11	7	main	main	ADJ
fbem-29706	11	8	engine	engine	NOUN
fbem-29706	11	9	for	for	ADP
fbem-29706	11	10	the	the	DET
fbem-29706	11	11	high	high	ADJ
fbem-29706	11	12	-	-	PUNCT
fbem-29706	11	13	quality	quality	NOUN
fbem-29706	11	14	development	development	NOUN
fbem-29706	11	15	of	of	ADP
fbem-29706	11	16	china	china	PROPN
fbem-29706	11	17	's	's	PART
fbem-29706	11	18	economy	economy	NOUN
fbem-29706	11	19	and	and	CCONJ
fbem-29706	11	20	an	an	DET
fbem-29706	11	21	important	important	ADJ
fbem-29706	11	22	support	support	NOUN
fbem-29706	11	23	for	for	ADP
fbem-29706	11	24	the	the	DET
fbem-29706	11	25	transformation	transformation	NOUN
fbem-29706	11	26	of	of	ADP
fbem-29706	11	27	traditional	traditional	ADJ
fbem-29706	11	28	industries	industry	NOUN
fbem-29706	11	29	[	[	X
fbem-29706	11	30	2	2	NUM
fbem-29706	11	31	]	]	PUNCT
fbem-29706	11	32	.	.	PUNCT
fbem-29706	12	1	for	for	ADP
fbem-29706	12	2	the	the	DET
fbem-29706	12	3	main	main	ADJ
fbem-29706	12	4	body	body	NOUN
fbem-29706	12	5	of	of	ADP
fbem-29706	12	6	the	the	DET
fbem-29706	12	7	high	high	ADJ
fbem-29706	12	8	-	-	PUNCT
fbem-29706	12	9	quality	quality	NOUN
fbem-29706	12	10	development	development	NOUN
fbem-29706	12	11	of	of	ADP
fbem-29706	12	12	the	the	DET
fbem-29706	12	13	economy	economy	NOUN
fbem-29706	12	14	,	,	PUNCT
fbem-29706	12	15	digital	digital	ADJ
fbem-29706	12	16	transformation	transformation	NOUN
fbem-29706	12	17	is	be	AUX
fbem-29706	12	18	a	a	DET
fbem-29706	12	19	new	new	ADJ
fbem-29706	12	20	source	source	NOUN
fbem-29706	12	21	for	for	SCONJ
fbem-29706	12	22	enterprises	enterprise	NOUN
fbem-29706	12	23	to	to	PART
fbem-29706	12	24	forge	forge	VERB
fbem-29706	12	25	future	future	ADV
fbem-29706	12	26	competitive	competitive	ADJ
fbem-29706	12	27	advantages[3	advantages[3	PROPN
fbem-29706	12	28	]	]	PUNCT
fbem-29706	12	29	.	.	PUNCT
fbem-29706	13	1	digital	digital	ADJ
fbem-29706	13	2	transformation	transformation	NOUN
fbem-29706	13	3	will	will	AUX
fbem-29706	13	4	change	change	VERB
fbem-29706	13	5	the	the	DET
fbem-29706	13	6	boundaries	boundary	NOUN
fbem-29706	13	7	of	of	ADP
fbem-29706	13	8	the	the	DET
fbem-29706	13	9	enterprise	enterprise	NOUN
fbem-29706	13	10	as	as	ADV
fbem-29706	13	11	well	well	ADV
fbem-29706	13	12	as	as	ADP
fbem-29706	13	13	the	the	DET
fbem-29706	13	14	traditional	traditional	ADJ
fbem-29706	13	15	innovation	innovation	NOUN
fbem-29706	13	16	model	model	NOUN
fbem-29706	13	17	,	,	PUNCT
fbem-29706	13	18	optimize	optimize	VERB
fbem-29706	13	19	the	the	DET
fbem-29706	13	20	organization	organization	NOUN
fbem-29706	13	21	and	and	CCONJ
fbem-29706	13	22	management	management	NOUN
fbem-29706	13	23	of	of	ADP
fbem-29706	13	24	innovation	innovation	NOUN
fbem-29706	13	25	activities	activity	NOUN
fbem-29706	13	26	and	and	CCONJ
fbem-29706	13	27	the	the	DET
fbem-29706	13	28	way	way	NOUN
fbem-29706	13	29	of	of	ADP
fbem-29706	13	30	work	work	NOUN
fbem-29706	13	31	,	,	PUNCT
fbem-29706	13	32	so	so	SCONJ
fbem-29706	13	33	as	as	SCONJ
fbem-29706	13	34	to	to	PART
fbem-29706	13	35	achieve	achieve	VERB
fbem-29706	13	36	cost	cost	NOUN
fbem-29706	13	37	reduction	reduction	NOUN
fbem-29706	13	38	and	and	CCONJ
fbem-29706	13	39	efficiency	efficiency	NOUN
fbem-29706	13	40	,	,	PUNCT
fbem-29706	13	41	profit	profit	NOUN
fbem-29706	13	42	maximization	maximization	NOUN
fbem-29706	13	43	and	and	CCONJ
fbem-29706	13	44	innovation	innovation	NOUN
fbem-29706	13	45	ability	ability	NOUN
fbem-29706	13	46	[	[	X
fbem-29706	13	47	3	3	NUM
fbem-29706	13	48	]	]	PUNCT
fbem-29706	13	49	.	.	PUNCT
fbem-29706	14	1	only	only	ADV
fbem-29706	14	2	by	by	ADP
fbem-29706	14	3	firmly	firmly	ADV
fbem-29706	14	4	grasping	grasp	VERB
fbem-29706	14	5	the	the	DET
fbem-29706	14	6	initiative	initiative	NOUN
fbem-29706	14	7	of	of	ADP
fbem-29706	14	8	digital	digital	ADJ
fbem-29706	14	9	transformation	transformation	NOUN
fbem-29706	14	10	can	can	AUX
fbem-29706	14	11	enterprises	enterprise	NOUN
fbem-29706	14	12	continuously	continuously	ADV
fbem-29706	14	13	maintain	maintain	VERB
fbem-29706	14	14	their	their	PRON
fbem-29706	14	15	core	core	NOUN
fbem-29706	14	16	competitiveness	competitiveness	NOUN
fbem-29706	14	17	and	and	CCONJ
fbem-29706	14	18	stand	stand	VERB
fbem-29706	14	19	in	in	ADP
fbem-29706	14	20	the	the	DET
fbem-29706	14	21	tide	tide	NOUN
fbem-29706	14	22	of	of	ADP
fbem-29706	14	23	profound	profound	ADJ
fbem-29706	14	24	changes	change	NOUN
fbem-29706	14	25	in	in	ADP
fbem-29706	14	26	technology	technology	NOUN
fbem-29706	14	27	and	and	CCONJ
fbem-29706	14	28	market	market	NOUN
fbem-29706	14	29	environment	environment	NOUN
fbem-29706	14	30	in	in	ADP
fbem-29706	14	31	the	the	DET
fbem-29706	14	32	new	new	ADJ
fbem-29706	14	33	era	era	NOUN
fbem-29706	14	34	[	[	X
fbem-29706	14	35	4	4	NUM
fbem-29706	14	36	]	]	PUNCT
fbem-29706	14	37	.	.	PUNCT
fbem-29706	15	1	however	however	ADV
fbem-29706	15	2	,	,	PUNCT
fbem-29706	15	3	the	the	DET
fbem-29706	15	4	“	"	PUNCT
fbem-29706	15	5	digital	digital	ADJ
fbem-29706	15	6	transformation	transformation	NOUN
fbem-29706	15	7	”	"	PUNCT
fbem-29706	15	8	of	of	ADP
fbem-29706	15	9	domestic	domestic	ADJ
fbem-29706	15	10	enterprises	enterprise	NOUN
fbem-29706	15	11	is	be	AUX
fbem-29706	15	12	generally	generally	ADV
fbem-29706	15	13	faced	face	VERB
fbem-29706	15	14	with	with	ADP
fbem-29706	15	15	the	the	DET
fbem-29706	15	16	“	"	PUNCT
fbem-29706	15	17	reluctance	reluctance	NOUN
fbem-29706	15	18	to	to	PART
fbem-29706	15	19	turn	turn	VERB
fbem-29706	15	20	”	"	PUNCT
fbem-29706	15	21	due	due	ADP
fbem-29706	15	22	to	to	ADP
fbem-29706	15	23	the	the	DET
fbem-29706	15	24	high	high	ADJ
fbem-29706	15	25	cost	cost	NOUN
fbem-29706	15	26	of	of	ADP
fbem-29706	15	27	transformation	transformation	NOUN
fbem-29706	15	28	,	,	PUNCT
fbem-29706	15	29	“	"	PUNCT
fbem-29706	15	30	not	not	PART
fbem-29706	15	31	dare	dare	VERB
fbem-29706	15	32	to	to	PART
fbem-29706	15	33	turn	turn	VERB
fbem-29706	15	34	”	"	PUNCT
fbem-29706	15	35	due	due	ADP
fbem-29706	15	36	to	to	ADP
fbem-29706	15	37	the	the	DET
fbem-29706	15	38	long	long	ADJ
fbem-29706	15	39	duration	duration	NOUN
fbem-29706	15	40	of	of	ADP
fbem-29706	15	41	the	the	DET
fbem-29706	15	42	transformation	transformation	NOUN
fbem-29706	15	43	investment	investment	NOUN
fbem-29706	15	44	time	time	NOUN
fbem-29706	15	45	,	,	PUNCT
fbem-29706	15	46	and	and	CCONJ
fbem-29706	15	47	“	"	PUNCT
fbem-29706	15	48	not	not	PART
fbem-29706	15	49	turn	turn	VERB
fbem-29706	15	50	”	"	PUNCT
fbem-29706	15	51	due	due	ADP
fbem-29706	15	52	to	to	ADP
fbem-29706	15	53	the	the	DET
fbem-29706	15	54	weak	weak	ADJ
fbem-29706	15	55	transformation	transformation	NOUN
fbem-29706	15	56	ability	ability	NOUN
fbem-29706	15	57	.	.	PUNCT
fbem-29706	16	1	the	the	DET
fbem-29706	16	2	three	three	NUM
fbem-29706	16	3	major	major	ADJ
fbem-29706	16	4	dilemmas	dilemma	NOUN
fbem-29706	16	5	of	of	ADP
fbem-29706	16	6	“	"	PUNCT
fbem-29706	16	7	will	will	AUX
fbem-29706	16	8	not	not	PART
fbem-29706	16	9	turn	turn	VERB
fbem-29706	16	10	”	"	PUNCT
fbem-29706	17	1	[	[	X
fbem-29706	17	2	1	1	NUM
fbem-29706	17	3	]	]	PUNCT
fbem-29706	17	4	.	.	PUNCT
fbem-29706	18	1	as	as	ADP
fbem-29706	18	2	of	of	ADP
fbem-29706	18	3	2018	2018	NUM
fbem-29706	18	4	,	,	PUNCT
fbem-29706	18	5	china	china	PROPN
fbem-29706	18	6	's	's	PART
fbem-29706	18	7	industrial	industrial	ADJ
fbem-29706	18	8	digitization	digitization	NOUN
fbem-29706	18	9	process	process	NOUN
fbem-29706	18	10	in	in	ADP
fbem-29706	18	11	only	only	ADV
fbem-29706	18	12	four	four	NUM
fbem-29706	18	13	subsectors	subsector	NOUN
fbem-29706	18	14	more	more	ADJ
fbem-29706	18	15	than	than	ADP
fbem-29706	18	16	the	the	DET
fbem-29706	18	17	average	average	ADJ
fbem-29706	18	18	level	level	NOUN
fbem-29706	18	19	[	[	X
fbem-29706	18	20	5	5	NUM
fbem-29706	18	21	]	]	PUNCT
fbem-29706	18	22	,	,	PUNCT
fbem-29706	18	23	the	the	DET
fbem-29706	18	24	proportion	proportion	NOUN
fbem-29706	18	25	of	of	ADP
fbem-29706	18	26	enterprises	enterprise	NOUN
fbem-29706	18	27	with	with	ADP
fbem-29706	18	28	significant	significant	ADJ
fbem-29706	18	29	digital	digital	ADJ
fbem-29706	18	30	transformation	transformation	NOUN
fbem-29706	18	31	is	be	AUX
fbem-29706	18	32	only	only	ADV
fbem-29706	18	33	17	17	NUM
fbem-29706	18	34	%	%	NOUN
fbem-29706	18	35	,	,	PUNCT
fbem-29706	18	36	and	and	CCONJ
fbem-29706	18	37	in	in	ADP
fbem-29706	18	38	2022	2022	NUM
fbem-29706	18	39	,	,	PUNCT
fbem-29706	18	40	the	the	DET
fbem-29706	18	41	average	average	ADJ
fbem-29706	18	42	score	score	NOUN
fbem-29706	18	43	of	of	ADP
fbem-29706	18	44	enterprise	enterprise	NOUN
fbem-29706	18	45	digital	digital	ADJ
fbem-29706	18	46	transformation	transformation	NOUN
fbem-29706	18	47	is	be	AUX
fbem-29706	18	48	only	only	ADV
fbem-29706	18	49	52	52	NUM
fbem-29706	18	50	,	,	PUNCT
fbem-29706	18	51	compared	compare	VERB
fbem-29706	18	52	to	to	ADP
fbem-29706	18	53	2021	2021	NUM
fbem-29706	18	54	there	there	PRON
fbem-29706	18	55	is	be	VERB
fbem-29706	18	56	also	also	ADV
fbem-29706	18	57	a	a	DET
fbem-29706	18	58	decline	decline	NOUN
fbem-29706	18	59	.	.	PUNCT
fbem-29706	19	1	at	at	ADP
fbem-29706	19	2	present	present	ADJ
fbem-29706	19	3	,	,	PUNCT
fbem-29706	19	4	china	china	PROPN
fbem-29706	19	5	's	's	PART
fbem-29706	19	6	enterprise	enterprise	NOUN
fbem-29706	19	7	digital	digital	ADJ
fbem-29706	19	8	transformation	transformation	NOUN
fbem-29706	19	9	is	be	AUX
fbem-29706	19	10	in	in	ADP
fbem-29706	19	11	its	its	PRON
fbem-29706	19	12	infancy	infancy	NOUN
fbem-29706	19	13	,	,	PUNCT
fbem-29706	19	14	and	and	CCONJ
fbem-29706	19	15	generally	generally	ADV
fbem-29706	19	16	lacks	lack	VERB
fbem-29706	19	17	the	the	DET
fbem-29706	19	18	determination	determination	NOUN
fbem-29706	19	19	and	and	CCONJ
fbem-29706	19	20	motivation	motivation	NOUN
fbem-29706	19	21	to	to	PART
fbem-29706	19	22	deeply	deeply	ADV
fbem-29706	19	23	promote	promote	VERB
fbem-29706	19	24	digital	digital	ADJ
fbem-29706	19	25	transformation	transformation	NOUN
fbem-29706	20	1	[	[	X
fbem-29706	20	2	6	6	NUM
fbem-29706	20	3	]	]	PUNCT
fbem-29706	20	4	.	.	PUNCT
fbem-29706	21	1	therefore	therefore	ADV
fbem-29706	21	2	,	,	PUNCT
fbem-29706	21	3	how	how	SCONJ
fbem-29706	21	4	to	to	PART
fbem-29706	21	5	drive	drive	VERB
fbem-29706	21	6	enterprise	enterprise	NOUN
fbem-29706	21	7	digital	digital	ADJ
fbem-29706	21	8	transformation	transformation	NOUN
fbem-29706	21	9	has	have	AUX
fbem-29706	21	10	become	become	VERB
fbem-29706	21	11	the	the	DET
fbem-29706	21	12	focus	focus	NOUN
fbem-29706	21	13	of	of	ADP
fbem-29706	21	14	common	common	ADJ
fbem-29706	21	15	concern	concern	NOUN
fbem-29706	21	16	of	of	ADP
fbem-29706	21	17	the	the	DET
fbem-29706	21	18	three	three	NUM
fbem-29706	21	19	sessions	session	NOUN
fbem-29706	21	20	of	of	ADP
fbem-29706	21	21	the	the	DET
fbem-29706	21	22	political	political	ADJ
fbem-29706	21	23	and	and	CCONJ
fbem-29706	21	24	academic	academic	ADJ
fbem-29706	21	25	sectors	sector	NOUN
fbem-29706	21	26	.	.	PUNCT
fbem-29706	22	1	digital	digital	ADJ
fbem-29706	22	2	transformation	transformation	NOUN
fbem-29706	22	3	is	be	AUX
fbem-29706	22	4	an	an	DET
fbem-29706	22	5	organizational	organizational	ADJ
fbem-29706	22	6	change	change	NOUN
fbem-29706	22	7	characterized	characterize	VERB
fbem-29706	22	8	by	by	ADP
fbem-29706	22	9	disruptive	disruptive	ADJ
fbem-29706	22	10	innovation	innovation	NOUN
fbem-29706	22	11	,	,	PUNCT
fbem-29706	22	12	which	which	PRON
fbem-29706	22	13	determines	determine	VERB
fbem-29706	22	14	the	the	DET
fbem-29706	22	15	difficulty	difficulty	NOUN
fbem-29706	22	16	of	of	ADP
fbem-29706	22	17	its	its	PRON
fbem-29706	22	18	strategy	strategy	NOUN
fbem-29706	22	19	development	development	NOUN
fbem-29706	22	20	and	and	CCONJ
fbem-29706	22	21	implementation	implementation	NOUN
fbem-29706	22	22	,	,	PUNCT
fbem-29706	22	23	which	which	PRON
fbem-29706	22	24	puts	put	VERB
fbem-29706	22	25	high	high	ADJ
fbem-29706	22	26	demands	demand	NOUN
fbem-29706	22	27	on	on	ADP
fbem-29706	22	28	the	the	DET
fbem-29706	22	29	strategic	strategic	ADJ
fbem-29706	22	30	planning	planning	NOUN
fbem-29706	22	31	,	,	PUNCT
fbem-29706	22	32	management	management	NOUN
fbem-29706	22	33	and	and	CCONJ
fbem-29706	22	34	implementation	implementation	NOUN
fbem-29706	22	35	of	of	ADP
fbem-29706	22	36	enterprise	enterprise	NOUN
fbem-29706	22	37	management	management	NOUN
fbem-29706	22	38	.	.	PUNCT
fbem-29706	23	1	the	the	DET
fbem-29706	23	2	top	top	ADJ
fbem-29706	23	3	management	management	NOUN
fbem-29706	23	4	team	team	NOUN
fbem-29706	23	5	is	be	AUX
fbem-29706	23	6	a	a	DET
fbem-29706	23	7	core	core	NOUN
fbem-29706	23	8	group	group	NOUN
fbem-29706	23	9	that	that	PRON
fbem-29706	23	10	determines	determine	VERB
fbem-29706	23	11	the	the	DET
fbem-29706	23	12	development	development	NOUN
fbem-29706	23	13	of	of	ADP
fbem-29706	23	14	the	the	DET
fbem-29706	23	15	organization	organization	NOUN
fbem-29706	23	16	and	and	CCONJ
fbem-29706	23	17	plays	play	VERB
fbem-29706	23	18	an	an	DET
fbem-29706	23	19	important	important	ADJ
fbem-29706	23	20	role	role	NOUN
fbem-29706	23	21	in	in	ADP
fbem-29706	23	22	digital	digital	ADJ
fbem-29706	23	23	transformation	transformation	NOUN
fbem-29706	23	24	strategy	strategy	NOUN
fbem-29706	23	25	decision	decision	NOUN
fbem-29706	23	26	making	making	NOUN
fbem-29706	23	27	and	and	CCONJ
fbem-29706	23	28	implementation	implementation	NOUN
fbem-29706	23	29	[	[	X
fbem-29706	23	30	7	7	NUM
fbem-29706	23	31	]	]	PUNCT
fbem-29706	23	32	.	.	PUNCT
fbem-29706	24	1	the	the	DET
fbem-29706	24	2	manager	manager	NOUN
fbem-29706	24	3	's	's	PART
fbem-29706	24	4	personal	personal	ADJ
fbem-29706	24	5	cognition	cognition	NOUN
fbem-29706	24	6	and	and	CCONJ
fbem-29706	24	7	ability	ability	NOUN
fbem-29706	24	8	affects	affect	VERB
fbem-29706	24	9	his	his	PRON
fbem-29706	24	10	perception	perception	NOUN
fbem-29706	24	11	of	of	ADP
fbem-29706	24	12	the	the	DET
fbem-29706	24	13	future	future	ADJ
fbem-29706	24	14	direction	direction	NOUN
fbem-29706	24	15	of	of	ADP
fbem-29706	24	16	the	the	DET
fbem-29706	24	17	enterprise	enterprise	NOUN
fbem-29706	24	18	,	,	PUNCT
fbem-29706	24	19	which	which	PRON
fbem-29706	24	20	in	in	ADP
fbem-29706	24	21	turn	turn	NOUN
fbem-29706	24	22	determines	determine	VERB
fbem-29706	24	23	his	his	PRON
fbem-29706	24	24	decision	decision	NOUN
fbem-29706	24	25	-	-	PUNCT
fbem-29706	24	26	making	make	VERB
fbem-29706	24	27	behavior	behavior	NOUN
fbem-29706	24	28	and	and	CCONJ
fbem-29706	24	29	ultimately	ultimately	ADV
fbem-29706	24	30	plays	play	VERB
fbem-29706	24	31	a	a	DET
fbem-29706	24	32	role	role	NOUN
fbem-29706	24	33	in	in	ADP
fbem-29706	24	34	the	the	DET
fbem-29706	24	35	enterprise	enterprise	NOUN
fbem-29706	24	36	's	's	PART
fbem-29706	24	37	goals	goal	NOUN
fbem-29706	24	38	,	,	PUNCT
fbem-29706	24	39	actions	action	NOUN
fbem-29706	24	40	and	and	CCONJ
fbem-29706	24	41	results	result	NOUN
fbem-29706	24	42	[	[	X
fbem-29706	24	43	8	8	NUM
fbem-29706	24	44	]	]	PUNCT
fbem-29706	24	45	.	.	PUNCT
fbem-29706	25	1	digital	digital	ADJ
fbem-29706	25	2	transformation	transformation	NOUN
fbem-29706	25	3	,	,	PUNCT
fbem-29706	25	4	as	as	ADP
fbem-29706	25	5	an	an	DET
fbem-29706	25	6	important	important	ADJ
fbem-29706	25	7	strategic	strategic	ADJ
fbem-29706	25	8	decision	decision	NOUN
fbem-29706	25	9	of	of	ADP
fbem-29706	25	10	the	the	DET
fbem-29706	25	11	enterprise	enterprise	NOUN
fbem-29706	25	12	,	,	PUNCT
fbem-29706	25	13	is	be	AUX
fbem-29706	25	14	inevitably	inevitably	ADV
fbem-29706	25	15	affected	affect	VERB
fbem-29706	25	16	by	by	ADP
fbem-29706	25	17	the	the	DET
fbem-29706	25	18	personal	personal	ADJ
fbem-29706	25	19	characteristics	characteristic	NOUN
fbem-29706	25	20	of	of	ADP
fbem-29706	25	21	the	the	DET
fbem-29706	25	22	executives	executive	NOUN
fbem-29706	25	23	[	[	X
fbem-29706	25	24	9	9	NUM
fbem-29706	25	25	]	]	PUNCT
fbem-29706	25	26	.	.	PUNCT
fbem-29706	26	1	established	establish	VERB
fbem-29706	26	2	studies	study	NOUN
fbem-29706	26	3	have	have	AUX
fbem-29706	26	4	focused	focus	VERB
fbem-29706	26	5	on	on	ADP
fbem-29706	26	6	the	the	DET
fbem-29706	26	7	impact	impact	NOUN
fbem-29706	26	8	of	of	ADP
fbem-29706	26	9	normative	normative	ADJ
fbem-29706	26	10	characteristics	characteristic	NOUN
fbem-29706	26	11	such	such	ADJ
fbem-29706	26	12	as	as	ADP
fbem-29706	26	13	executive	executive	ADJ
fbem-29706	26	14	team	team	NOUN
fbem-29706	26	15	characteristics	characteristic	NOUN
fbem-29706	26	16	[	[	X
fbem-29706	26	17	10	10	NUM
fbem-29706	26	18	]	]	PUNCT
fbem-29706	26	19	,	,	PUNCT
fbem-29706	26	20	experience	experience	NOUN
fbem-29706	26	21	[	[	X
fbem-29706	26	22	11	11	NUM
fbem-29706	26	23	]	]	PUNCT
fbem-29706	26	24	,	,	PUNCT
fbem-29706	26	25	and	and	CCONJ
fbem-29706	26	26	background	background	NOUN
fbem-29706	27	1	[	[	X
fbem-29706	27	2	12	12	NUM
fbem-29706	27	3	]	]	PUNCT
fbem-29706	27	4	on	on	ADP
fbem-29706	27	5	corporate	corporate	ADJ
fbem-29706	27	6	digital	digital	ADJ
fbem-29706	27	7	behavioral	behavioral	ADJ
fbem-29706	27	8	decision	decision	NOUN
fbem-29706	27	9	-	-	PUNCT
fbem-29706	27	10	making	making	NOUN
fbem-29706	27	11	,	,	PUNCT
fbem-29706	27	12	but	but	CCONJ
fbem-29706	27	13	have	have	AUX
fbem-29706	27	14	neglected	neglect	VERB
fbem-29706	27	15	the	the	DET
fbem-29706	27	16	impact	impact	NOUN
fbem-29706	27	17	of	of	ADP
fbem-29706	27	18	the	the	DET
fbem-29706	27	19	serious	serious	ADJ
fbem-29706	27	20	agency	agency	NOUN
fbem-29706	27	21	problem	problem	NOUN
fbem-29706	27	22	between	between	ADP
fbem-29706	27	23	executives	executive	NOUN
fbem-29706	27	24	and	and	CCONJ
fbem-29706	27	25	owners	owner	NOUN
fbem-29706	27	26	on	on	ADP
fbem-29706	27	27	corporate	corporate	ADJ
fbem-29706	27	28	digital	digital	ADJ
fbem-29706	27	29	transformation	transformation	NOUN
fbem-29706	27	30	in	in	ADP
fbem-29706	27	31	the	the	DET
fbem-29706	27	32	context	context	NOUN
fbem-29706	27	33	of	of	ADP
fbem-29706	27	34	the	the	DET
fbem-29706	27	35	separation	separation	NOUN
fbem-29706	27	36	of	of	ADP
fbem-29706	27	37	powers	power	NOUN
fbem-29706	27	38	in	in	ADP
fbem-29706	27	39	modern	modern	ADJ
fbem-29706	27	40	enterprises	enterprise	NOUN
fbem-29706	27	41	.	.	PUNCT
fbem-29706	28	1	faced	face	VERB
fbem-29706	28	2	with	with	ADP
fbem-29706	28	3	the	the	DET
fbem-29706	28	4	characteristics	characteristic	NOUN
fbem-29706	28	5	of	of	ADP
fbem-29706	28	6	digital	digital	ADJ
fbem-29706	28	7	transformation	transformation	NOUN
fbem-29706	28	8	,	,	PUNCT
fbem-29706	28	9	such	such	ADJ
fbem-29706	28	10	as	as	ADP
fbem-29706	28	11	high	high	ADJ
fbem-29706	28	12	initial	initial	ADJ
fbem-29706	28	13	investment	investment	NOUN
fbem-29706	28	14	and	and	CCONJ
fbem-29706	28	15	long	long	ADJ
fbem-29706	28	16	“	"	PUNCT
fbem-29706	28	17	pain	pain	NOUN
fbem-29706	28	18	period	period	NOUN
fbem-29706	28	19	”	"	PUNCT
fbem-29706	28	20	,	,	PUNCT
fbem-29706	28	21	executives	executive	NOUN
fbem-29706	28	22	are	be	AUX
fbem-29706	28	23	often	often	ADV
fbem-29706	28	24	“	"	PUNCT
fbem-29706	28	25	reluctant	reluctant	ADJ
fbem-29706	28	26	”	"	PUNCT
fbem-29706	28	27	to	to	ADP
fbem-29706	28	28	digital	digital	ADJ
fbem-29706	28	29	transformation	transformation	NOUN
fbem-29706	28	30	due	due	ADP
fbem-29706	28	31	to	to	ADP
fbem-29706	28	32	their	their	PRON
fbem-29706	28	33	own	own	ADJ
fbem-29706	28	34	career	career	NOUN
fbem-29706	28	35	191	191	NUM
fbem-29706	28	36	planning	planning	NOUN
fbem-29706	28	37	,	,	PUNCT
fbem-29706	28	38	salary	salary	NOUN
fbem-29706	28	39	and	and	CCONJ
fbem-29706	28	40	compensation	compensation	NOUN
fbem-29706	28	41	,	,	PUNCT
fbem-29706	28	42	and	and	CCONJ
fbem-29706	28	43	reputation	reputation	NOUN
fbem-29706	28	44	[	[	X
fbem-29706	28	45	13	13	NUM
fbem-29706	28	46	]	]	PUNCT
fbem-29706	28	47	.	.	PUNCT
fbem-29706	29	1	therefore	therefore	ADV
fbem-29706	29	2	,	,	PUNCT
fbem-29706	29	3	it	it	PRON
fbem-29706	29	4	is	be	AUX
fbem-29706	29	5	particularly	particularly	ADV
fbem-29706	29	6	important	important	ADJ
fbem-29706	29	7	to	to	PART
fbem-29706	29	8	solve	solve	VERB
fbem-29706	29	9	the	the	DET
fbem-29706	29	10	agency	agency	NOUN
fbem-29706	29	11	conflict	conflict	NOUN
fbem-29706	29	12	to	to	PART
fbem-29706	29	13	promote	promote	VERB
fbem-29706	29	14	the	the	DET
fbem-29706	29	15	digital	digital	ADJ
fbem-29706	29	16	transformation	transformation	NOUN
fbem-29706	29	17	of	of	ADP
fbem-29706	29	18	enterprises	enterprise	NOUN
fbem-29706	29	19	.	.	PUNCT
fbem-29706	30	1	as	as	ADP
fbem-29706	30	2	an	an	DET
fbem-29706	30	3	important	important	ADJ
fbem-29706	30	4	mechanism	mechanism	NOUN
fbem-29706	30	5	to	to	PART
fbem-29706	30	6	coordinate	coordinate	VERB
fbem-29706	30	7	the	the	DET
fbem-29706	30	8	principal	principal	ADJ
fbem-29706	30	9	-	-	PUNCT
fbem-29706	30	10	agent	agent	NOUN
fbem-29706	30	11	relationship	relationship	NOUN
fbem-29706	30	12	between	between	ADP
fbem-29706	30	13	shareholders	shareholder	NOUN
fbem-29706	30	14	and	and	CCONJ
fbem-29706	30	15	executives	executive	NOUN
fbem-29706	30	16	[	[	X
fbem-29706	30	17	14	14	NUM
fbem-29706	30	18	]	]	X
fbem-29706	30	19	,	,	PUNCT
fbem-29706	30	20	executive	executive	ADJ
fbem-29706	30	21	equity	equity	NOUN
fbem-29706	30	22	incentives	incentive	NOUN
fbem-29706	30	23	are	be	AUX
fbem-29706	30	24	the	the	DET
fbem-29706	30	25	key	key	NOUN
fbem-29706	30	26	to	to	ADP
fbem-29706	30	27	resolving	resolve	VERB
fbem-29706	30	28	the	the	DET
fbem-29706	30	29	agency	agency	NOUN
fbem-29706	30	30	conflict	conflict	NOUN
fbem-29706	30	31	and	and	CCONJ
fbem-29706	30	32	promoting	promote	VERB
fbem-29706	30	33	the	the	DET
fbem-29706	30	34	digital	digital	ADJ
fbem-29706	30	35	transformation	transformation	NOUN
fbem-29706	30	36	of	of	ADP
fbem-29706	30	37	enterprises	enterprise	NOUN
fbem-29706	30	38	.	.	PUNCT
fbem-29706	31	1	equity	equity	NOUN
fbem-29706	31	2	incentives	incentive	NOUN
fbem-29706	31	3	link	link	VERB
fbem-29706	31	4	executives	executive	NOUN
fbem-29706	31	5	'	'	PART
fbem-29706	31	6	interests	interest	NOUN
fbem-29706	31	7	to	to	ADP
fbem-29706	31	8	the	the	DET
fbem-29706	31	9	uncertainty	uncertainty	NOUN
fbem-29706	31	10	of	of	ADP
fbem-29706	31	11	long	long	ADJ
fbem-29706	31	12	-	-	PUNCT
fbem-29706	31	13	term	term	NOUN
fbem-29706	31	14	corporate	corporate	ADJ
fbem-29706	31	15	earnings	earning	NOUN
fbem-29706	31	16	by	by	ADP
fbem-29706	31	17	granting	grant	VERB
fbem-29706	31	18	executives	executive	NOUN
fbem-29706	31	19	a	a	DET
fbem-29706	31	20	portion	portion	NOUN
fbem-29706	31	21	of	of	ADP
fbem-29706	31	22	their	their	PRON
fbem-29706	31	23	shares	share	NOUN
fbem-29706	31	24	[	[	X
fbem-29706	31	25	15	15	NUM
fbem-29706	31	26	]	]	PUNCT
fbem-29706	31	27	,	,	PUNCT
fbem-29706	31	28	prompting	prompt	VERB
fbem-29706	31	29	executives	executive	NOUN
fbem-29706	31	30	to	to	PART
fbem-29706	31	31	develop	develop	VERB
fbem-29706	31	32	valuable	valuable	ADJ
fbem-29706	31	33	long	long	ADJ
fbem-29706	31	34	-	-	PUNCT
fbem-29706	31	35	term	term	NOUN
fbem-29706	31	36	strategies	strategy	NOUN
fbem-29706	31	37	for	for	ADP
fbem-29706	31	38	the	the	DET
fbem-29706	31	39	company	company	NOUN
fbem-29706	31	40	,	,	PUNCT
fbem-29706	31	41	effectively	effectively	ADV
fbem-29706	31	42	reducing	reduce	VERB
fbem-29706	31	43	executives	executive	NOUN
fbem-29706	31	44	'	'	PART
fbem-29706	31	45	short	short	ADJ
fbem-29706	31	46	-	-	PUNCT
fbem-29706	31	47	term	term	NOUN
fbem-29706	31	48	behavior	behavior	NOUN
fbem-29706	31	49	,	,	PUNCT
fbem-29706	31	50	and	and	CCONJ
fbem-29706	31	51	thus	thus	ADV
fbem-29706	31	52	realizing	realize	VERB
fbem-29706	31	53	the	the	DET
fbem-29706	31	54	long	long	ADJ
fbem-29706	31	55	-	-	PUNCT
fbem-29706	31	56	term	term	NOUN
fbem-29706	31	57	development	development	NOUN
fbem-29706	31	58	of	of	ADP
fbem-29706	31	59	the	the	DET
fbem-29706	31	60	enterprise	enterprise	NOUN
fbem-29706	31	61	.	.	PUNCT
fbem-29706	32	1	enterprise	enterprise	NOUN
fbem-29706	32	2	digital	digital	ADJ
fbem-29706	32	3	transformation	transformation	NOUN
fbem-29706	32	4	is	be	AUX
fbem-29706	32	5	not	not	PART
fbem-29706	32	6	a	a	DET
fbem-29706	32	7	quick	quick	ADJ
fbem-29706	32	8	fix	fix	NOUN
fbem-29706	32	9	,	,	PUNCT
fbem-29706	32	10	it	it	PRON
fbem-29706	32	11	is	be	AUX
fbem-29706	32	12	a	a	DET
fbem-29706	32	13	long	long	ADJ
fbem-29706	32	14	-	-	PUNCT
fbem-29706	32	15	term	term	NOUN
fbem-29706	32	16	systematic	systematic	ADJ
fbem-29706	32	17	project	project	NOUN
fbem-29706	32	18	[	[	X
fbem-29706	32	19	16	16	NUM
fbem-29706	32	20	]	]	PUNCT
fbem-29706	32	21	,	,	PUNCT
fbem-29706	32	22	requiring	require	VERB
fbem-29706	32	23	executives	executive	NOUN
fbem-29706	32	24	to	to	PART
fbem-29706	32	25	uphold	uphold	VERB
fbem-29706	32	26	long	long	ADJ
fbem-29706	32	27	-	-	PUNCT
fbem-29706	32	28	termism	termism	NOUN
fbem-29706	32	29	.	.	PUNCT
fbem-29706	33	1	it	it	PRON
fbem-29706	33	2	can	can	AUX
fbem-29706	33	3	be	be	AUX
fbem-29706	33	4	seen	see	VERB
fbem-29706	33	5	that	that	SCONJ
fbem-29706	33	6	equity	equity	NOUN
fbem-29706	33	7	incentives	incentive	NOUN
fbem-29706	33	8	are	be	AUX
fbem-29706	33	9	long	long	ADJ
fbem-29706	33	10	-	-	PUNCT
fbem-29706	33	11	term	term	NOUN
fbem-29706	33	12	incentives	incentive	NOUN
fbem-29706	33	13	,	,	PUNCT
fbem-29706	33	14	digital	digital	ADJ
fbem-29706	33	15	transformation	transformation	NOUN
fbem-29706	33	16	is	be	AUX
fbem-29706	33	17	the	the	DET
fbem-29706	33	18	embodiment	embodiment	NOUN
fbem-29706	33	19	of	of	ADP
fbem-29706	33	20	the	the	DET
fbem-29706	33	21	long	long	ADJ
fbem-29706	33	22	-	-	PUNCT
fbem-29706	33	23	term	term	NOUN
fbem-29706	33	24	behavior	behavior	NOUN
fbem-29706	33	25	of	of	ADP
fbem-29706	33	26	the	the	DET
fbem-29706	33	27	enterprise	enterprise	NOUN
fbem-29706	33	28	,	,	PUNCT
fbem-29706	33	29	examining	examine	VERB
fbem-29706	33	30	the	the	DET
fbem-29706	33	31	equity	equity	NOUN
fbem-29706	33	32	incentives	incentive	NOUN
fbem-29706	33	33	on	on	ADP
fbem-29706	33	34	the	the	DET
fbem-29706	33	35	digital	digital	ADJ
fbem-29706	33	36	transformation	transformation	NOUN
fbem-29706	33	37	of	of	ADP
fbem-29706	33	38	the	the	DET
fbem-29706	33	39	enterprise	enterprise	NOUN
fbem-29706	33	40	has	have	VERB
fbem-29706	33	41	important	important	ADJ
fbem-29706	33	42	practical	practical	ADJ
fbem-29706	33	43	significance	significance	NOUN
fbem-29706	33	44	.	.	PUNCT
fbem-29706	34	1	existing	exist	VERB
fbem-29706	34	2	studies	study	NOUN
fbem-29706	34	3	have	have	AUX
fbem-29706	34	4	mainly	mainly	ADV
fbem-29706	34	5	focused	focus	VERB
fbem-29706	34	6	on	on	ADP
fbem-29706	34	7	the	the	DET
fbem-29706	34	8	impact	impact	NOUN
fbem-29706	34	9	of	of	ADP
fbem-29706	34	10	equity	equity	NOUN
fbem-29706	34	11	incentives	incentive	NOUN
fbem-29706	34	12	on	on	ADP
fbem-29706	34	13	corporate	corporate	ADJ
fbem-29706	34	14	innovation	innovation	NOUN
fbem-29706	34	15	[	[	X
fbem-29706	34	16	17	17	NUM
fbem-29706	34	17	]	]	PUNCT
fbem-29706	34	18	,	,	PUNCT
fbem-29706	34	19	total	total	ADJ
fbem-29706	34	20	factor	factor	NOUN
fbem-29706	34	21	productivity	productivity	NOUN
fbem-29706	34	22	[	[	X
fbem-29706	34	23	18	18	NUM
fbem-29706	34	24	]	]	PUNCT
fbem-29706	34	25	,	,	PUNCT
fbem-29706	34	26	transformation	transformation	NOUN
fbem-29706	34	27	and	and	CCONJ
fbem-29706	34	28	upgrading	upgrade	VERB
fbem-29706	34	29	[	[	X
fbem-29706	34	30	19	19	NUM
fbem-29706	34	31	]	]	PUNCT
fbem-29706	34	32	,	,	PUNCT
fbem-29706	34	33	and	and	CCONJ
fbem-29706	34	34	some	some	DET
fbem-29706	34	35	scholars	scholar	NOUN
fbem-29706	34	36	have	have	AUX
fbem-29706	34	37	explored	explore	VERB
fbem-29706	34	38	the	the	DET
fbem-29706	34	39	key	key	ADJ
fbem-29706	34	40	role	role	NOUN
fbem-29706	34	41	played	play	VERB
fbem-29706	34	42	by	by	ADP
fbem-29706	34	43	managerial	managerial	ADJ
fbem-29706	34	44	characteristics	characteristic	NOUN
fbem-29706	34	45	[	[	X
fbem-29706	34	46	20	20	NUM
fbem-29706	34	47	]	]	PUNCT
fbem-29706	34	48	,	,	PUNCT
fbem-29706	34	49	organizational	organizational	ADJ
fbem-29706	34	50	characteristics	characteristic	NOUN
fbem-29706	34	51	[	[	X
fbem-29706	34	52	21	21	NUM
fbem-29706	34	53	]	]	PUNCT
fbem-29706	34	54	and	and	CCONJ
fbem-29706	34	55	other	other	ADJ
fbem-29706	34	56	influencing	influence	VERB
fbem-29706	34	57	factors	factor	NOUN
fbem-29706	34	58	in	in	ADP
fbem-29706	34	59	the	the	DET
fbem-29706	34	60	digital	digital	ADJ
fbem-29706	34	61	transformation	transformation	NOUN
fbem-29706	34	62	of	of	ADP
fbem-29706	34	63	enterprises	enterprise	NOUN
fbem-29706	34	64	.	.	PUNCT
fbem-29706	35	1	unfortunately	unfortunately	ADV
fbem-29706	35	2	,	,	PUNCT
fbem-29706	35	3	however	however	ADV
fbem-29706	35	4	,	,	PUNCT
fbem-29706	35	5	little	little	ADJ
fbem-29706	35	6	literature	literature	NOUN
fbem-29706	35	7	has	have	AUX
fbem-29706	35	8	placed	place	VERB
fbem-29706	35	9	equity	equity	NOUN
fbem-29706	35	10	incentives	incentive	NOUN
fbem-29706	35	11	and	and	CCONJ
fbem-29706	35	12	enterprise	enterprise	NOUN
fbem-29706	35	13	digital	digital	ADJ
fbem-29706	35	14	transformation	transformation	NOUN
fbem-29706	35	15	under	under	ADP
fbem-29706	35	16	the	the	DET
fbem-29706	35	17	same	same	ADJ
fbem-29706	35	18	framework	framework	NOUN
fbem-29706	35	19	and	and	CCONJ
fbem-29706	35	20	explored	explore	VERB
fbem-29706	35	21	their	their	PRON
fbem-29706	35	22	relationship	relationship	NOUN
fbem-29706	35	23	.	.	PUNCT
fbem-29706	36	1	in	in	ADP
fbem-29706	36	2	view	view	NOUN
fbem-29706	36	3	of	of	ADP
fbem-29706	36	4	this	this	PRON
fbem-29706	36	5	,	,	PUNCT
fbem-29706	36	6	this	this	DET
fbem-29706	36	7	paper	paper	NOUN
fbem-29706	36	8	explores	explore	VERB
fbem-29706	36	9	the	the	DET
fbem-29706	36	10	role	role	NOUN
fbem-29706	36	11	of	of	ADP
fbem-29706	36	12	equity	equity	NOUN
fbem-29706	36	13	incentives	incentive	NOUN
fbem-29706	36	14	in	in	ADP
fbem-29706	36	15	the	the	DET
fbem-29706	36	16	development	development	NOUN
fbem-29706	36	17	of	of	ADP
fbem-29706	36	18	enterprise	enterprise	NOUN
fbem-29706	36	19	digital	digital	ADJ
fbem-29706	36	20	transformation	transformation	NOUN
fbem-29706	36	21	through	through	ADP
fbem-29706	36	22	empirical	empirical	ADJ
fbem-29706	36	23	research	research	NOUN
fbem-29706	36	24	to	to	PART
fbem-29706	36	25	provide	provide	VERB
fbem-29706	36	26	empirical	empirical	ADJ
fbem-29706	36	27	evidence	evidence	NOUN
fbem-29706	36	28	for	for	ADP
fbem-29706	36	29	promoting	promote	VERB
fbem-29706	36	30	enterprise	enterprise	NOUN
fbem-29706	36	31	digital	digital	ADJ
fbem-29706	36	32	transformation	transformation	NOUN
fbem-29706	36	33	and	and	CCONJ
fbem-29706	36	34	improving	improve	VERB
fbem-29706	36	35	equity	equity	NOUN
fbem-29706	36	36	incentive	incentive	NOUN
fbem-29706	36	37	mechanism	mechanism	NOUN
fbem-29706	36	38	.	.	PUNCT
fbem-29706	37	1	the	the	DET
fbem-29706	37	2	incremental	incremental	ADJ
fbem-29706	37	3	contributions	contribution	NOUN
fbem-29706	37	4	of	of	ADP
fbem-29706	37	5	this	this	DET
fbem-29706	37	6	paper	paper	NOUN
fbem-29706	37	7	are	be	AUX
fbem-29706	37	8	as	as	SCONJ
fbem-29706	37	9	follows	follow	VERB
fbem-29706	37	10	:	:	PUNCT
fbem-29706	37	11	first	first	ADV
fbem-29706	37	12	,	,	PUNCT
fbem-29706	37	13	it	it	PRON
fbem-29706	37	14	expands	expand	VERB
fbem-29706	37	15	the	the	DET
fbem-29706	37	16	study	study	NOUN
fbem-29706	37	17	of	of	ADP
fbem-29706	37	18	the	the	DET
fbem-29706	37	19	drivers	driver	NOUN
fbem-29706	37	20	of	of	ADP
fbem-29706	37	21	digital	digital	ADJ
fbem-29706	37	22	transformation	transformation	NOUN
fbem-29706	37	23	from	from	ADP
fbem-29706	37	24	the	the	DET
fbem-29706	37	25	perspective	perspective	NOUN
fbem-29706	37	26	of	of	ADP
fbem-29706	37	27	incentives	incentive	NOUN
fbem-29706	37	28	in	in	ADP
fbem-29706	37	29	corporate	corporate	ADJ
fbem-29706	37	30	governance	governance	NOUN
fbem-29706	37	31	.	.	PUNCT
fbem-29706	38	1	established	establish	VERB
fbem-29706	38	2	literature	literature	NOUN
fbem-29706	38	3	has	have	AUX
fbem-29706	38	4	focused	focus	VERB
fbem-29706	38	5	on	on	ADP
fbem-29706	38	6	the	the	DET
fbem-29706	38	7	impact	impact	NOUN
fbem-29706	38	8	of	of	ADP
fbem-29706	38	9	the	the	DET
fbem-29706	38	10	corporate	corporate	ADJ
fbem-29706	38	11	governance	governance	NOUN
fbem-29706	38	12	level	level	NOUN
fbem-29706	38	13	on	on	ADP
fbem-29706	38	14	digital	digital	ADJ
fbem-29706	38	15	transformation	transformation	NOUN
fbem-29706	38	16	,	,	PUNCT
fbem-29706	38	17	such	such	ADJ
fbem-29706	38	18	as	as	ADP
fbem-29706	38	19	the	the	DET
fbem-29706	38	20	market	market	NOUN
fbem-29706	38	21	competition	competition	NOUN
fbem-29706	38	22	mechanism	mechanism	NOUN
fbem-29706	38	23	and	and	CCONJ
fbem-29706	38	24	the	the	DET
fbem-29706	38	25	short	short	ADJ
fbem-29706	38	26	selling	selling	NOUN
fbem-29706	38	27	mechanism	mechanism	NOUN
fbem-29706	38	28	,	,	PUNCT
fbem-29706	38	29	etc	etc	X
fbem-29706	38	30	.	.	X
fbem-29706	38	31	,	,	PUNCT
fbem-29706	38	32	but	but	CCONJ
fbem-29706	38	33	all	all	PRON
fbem-29706	38	34	of	of	ADP
fbem-29706	38	35	them	they	PRON
fbem-29706	38	36	are	be	AUX
fbem-29706	38	37	centered	center	VERB
fbem-29706	38	38	on	on	ADP
fbem-29706	38	39	the	the	DET
fbem-29706	38	40	external	external	ADJ
fbem-29706	38	41	governance	governance	NOUN
fbem-29706	38	42	perspective	perspective	NOUN
fbem-29706	38	43	,	,	PUNCT
fbem-29706	38	44	ignoring	ignore	VERB
fbem-29706	38	45	the	the	DET
fbem-29706	38	46	role	role	NOUN
fbem-29706	38	47	of	of	ADP
fbem-29706	38	48	internal	internal	ADJ
fbem-29706	38	49	governance	governance	NOUN
fbem-29706	38	50	,	,	PUNCT
fbem-29706	38	51	especially	especially	ADV
fbem-29706	38	52	the	the	DET
fbem-29706	38	53	incentive	incentive	NOUN
fbem-29706	38	54	mechanism	mechanism	NOUN
fbem-29706	38	55	,	,	PUNCT
fbem-29706	38	56	in	in	ADP
fbem-29706	38	57	driving	drive	VERB
fbem-29706	38	58	digital	digital	ADJ
fbem-29706	38	59	transformation	transformation	NOUN
fbem-29706	38	60	.	.	PUNCT
fbem-29706	39	1	equity	equity	NOUN
fbem-29706	39	2	incentives	incentive	NOUN
fbem-29706	39	3	,	,	PUNCT
fbem-29706	39	4	as	as	ADP
fbem-29706	39	5	an	an	DET
fbem-29706	39	6	important	important	ADJ
fbem-29706	39	7	part	part	NOUN
fbem-29706	39	8	of	of	ADP
fbem-29706	39	9	the	the	DET
fbem-29706	39	10	incentive	incentive	NOUN
fbem-29706	39	11	mechanism	mechanism	NOUN
fbem-29706	39	12	,	,	PUNCT
fbem-29706	39	13	are	be	AUX
fbem-29706	39	14	a	a	DET
fbem-29706	39	15	powerful	powerful	ADJ
fbem-29706	39	16	tool	tool	NOUN
fbem-29706	39	17	for	for	ADP
fbem-29706	39	18	solving	solve	VERB
fbem-29706	39	19	the	the	DET
fbem-29706	39	20	principal	principal	ADJ
fbem-29706	39	21	-	-	PUNCT
fbem-29706	39	22	agent	agent	NOUN
fbem-29706	39	23	problem	problem	NOUN
fbem-29706	39	24	and	and	CCONJ
fbem-29706	39	25	realizing	realize	VERB
fbem-29706	39	26	the	the	DET
fbem-29706	39	27	convergence	convergence	NOUN
fbem-29706	39	28	of	of	ADP
fbem-29706	39	29	the	the	DET
fbem-29706	39	30	interests	interest	NOUN
fbem-29706	39	31	of	of	ADP
fbem-29706	39	32	executives	executive	NOUN
fbem-29706	39	33	and	and	CCONJ
fbem-29706	39	34	the	the	DET
fbem-29706	39	35	company	company	NOUN
fbem-29706	39	36	,	,	PUNCT
fbem-29706	39	37	which	which	PRON
fbem-29706	39	38	can	can	AUX
fbem-29706	39	39	break	break	VERB
fbem-29706	39	40	the	the	DET
fbem-29706	39	41	dilemma	dilemma	NOUN
fbem-29706	39	42	of	of	ADP
fbem-29706	39	43	the	the	DET
fbem-29706	39	44	enterprise	enterprise	NOUN
fbem-29706	39	45	's	's	PART
fbem-29706	39	46	lack	lack	NOUN
fbem-29706	39	47	of	of	ADP
fbem-29706	39	48	willingness	willingness	NOUN
fbem-29706	39	49	to	to	PART
fbem-29706	39	50	digitally	digitally	ADV
fbem-29706	39	51	transform	transform	VERB
fbem-29706	39	52	from	from	ADP
fbem-29706	39	53	the	the	DET
fbem-29706	39	54	root	root	NOUN
fbem-29706	39	55	.	.	PUNCT
fbem-29706	40	1	second	second	ADV
fbem-29706	40	2	,	,	PUNCT
fbem-29706	40	3	the	the	DET
fbem-29706	40	4	study	study	NOUN
fbem-29706	40	5	of	of	ADP
fbem-29706	40	6	the	the	DET
fbem-29706	40	7	economic	economic	ADJ
fbem-29706	40	8	consequences	consequence	NOUN
fbem-29706	40	9	of	of	ADP
fbem-29706	40	10	executive	executive	ADJ
fbem-29706	40	11	equity	equity	NOUN
fbem-29706	40	12	incentives	incentive	NOUN
fbem-29706	40	13	is	be	AUX
fbem-29706	40	14	enriched	enrich	VERB
fbem-29706	40	15	from	from	ADP
fbem-29706	40	16	the	the	DET
fbem-29706	40	17	perspective	perspective	NOUN
fbem-29706	40	18	of	of	ADP
fbem-29706	40	19	digital	digital	ADJ
fbem-29706	40	20	transformation	transformation	NOUN
fbem-29706	40	21	.	.	PUNCT
fbem-29706	41	1	equity	equity	NOUN
fbem-29706	41	2	incentives	incentive	NOUN
fbem-29706	41	3	are	be	AUX
fbem-29706	41	4	an	an	DET
fbem-29706	41	5	important	important	ADJ
fbem-29706	41	6	part	part	NOUN
fbem-29706	41	7	of	of	ADP
fbem-29706	41	8	the	the	DET
fbem-29706	41	9	corporate	corporate	ADJ
fbem-29706	41	10	governance	governance	NOUN
fbem-29706	41	11	mechanism	mechanism	NOUN
fbem-29706	41	12	,	,	PUNCT
fbem-29706	41	13	which	which	PRON
fbem-29706	41	14	is	be	AUX
fbem-29706	41	15	also	also	ADV
fbem-29706	41	16	the	the	DET
fbem-29706	41	17	focus	focus	NOUN
fbem-29706	41	18	of	of	ADP
fbem-29706	41	19	scholars	scholar	NOUN
fbem-29706	41	20	'	'	PART
fbem-29706	41	21	research	research	NOUN
fbem-29706	41	22	.	.	PUNCT
fbem-29706	42	1	existing	exist	VERB
fbem-29706	42	2	studies	study	NOUN
fbem-29706	42	3	have	have	AUX
fbem-29706	42	4	mainly	mainly	ADV
fbem-29706	42	5	explored	explore	VERB
fbem-29706	42	6	the	the	DET
fbem-29706	42	7	effects	effect	NOUN
fbem-29706	42	8	of	of	ADP
fbem-29706	42	9	equity	equity	NOUN
fbem-29706	42	10	incentives	incentive	NOUN
fbem-29706	42	11	on	on	ADP
fbem-29706	42	12	enterprise	enterprise	NOUN
fbem-29706	42	13	development	development	NOUN
fbem-29706	42	14	from	from	ADP
fbem-29706	42	15	the	the	DET
fbem-29706	42	16	perspectives	perspective	NOUN
fbem-29706	42	17	of	of	ADP
fbem-29706	42	18	enterprise	enterprise	NOUN
fbem-29706	42	19	performance	performance	NOUN
fbem-29706	42	20	,	,	PUNCT
fbem-29706	42	21	enterprise	enterprise	NOUN
fbem-29706	42	22	value	value	NOUN
fbem-29706	42	23	and	and	CCONJ
fbem-29706	42	24	enterprise	enterprise	NOUN
fbem-29706	42	25	innovation	innovation	NOUN
fbem-29706	42	26	,	,	PUNCT
fbem-29706	42	27	and	and	CCONJ
fbem-29706	42	28	neglected	neglect	VERB
fbem-29706	42	29	the	the	DET
fbem-29706	42	30	effects	effect	NOUN
fbem-29706	42	31	of	of	ADP
fbem-29706	42	32	equity	equity	NOUN
fbem-29706	42	33	incentives	incentive	NOUN
fbem-29706	42	34	on	on	ADP
fbem-29706	42	35	enterprise	enterprise	NOUN
fbem-29706	42	36	transformation	transformation	NOUN
fbem-29706	42	37	and	and	CCONJ
fbem-29706	42	38	upgrading	upgrading	NOUN
fbem-29706	42	39	.	.	PUNCT
fbem-29706	43	1	in	in	ADP
fbem-29706	43	2	the	the	DET
fbem-29706	43	3	context	context	NOUN
fbem-29706	43	4	of	of	ADP
fbem-29706	43	5	the	the	DET
fbem-29706	43	6	rapid	rapid	ADJ
fbem-29706	43	7	development	development	NOUN
fbem-29706	43	8	of	of	ADP
fbem-29706	43	9	digital	digital	ADJ
fbem-29706	43	10	economy	economy	NOUN
fbem-29706	43	11	,	,	PUNCT
fbem-29706	43	12	enterprise	enterprise	NOUN
fbem-29706	43	13	digital	digital	ADJ
fbem-29706	43	14	transformation	transformation	NOUN
fbem-29706	43	15	has	have	AUX
fbem-29706	43	16	been	be	AUX
fbem-29706	43	17	given	give	VERB
fbem-29706	43	18	high	high	ADJ
fbem-29706	43	19	attention	attention	NOUN
fbem-29706	43	20	,	,	PUNCT
fbem-29706	43	21	but	but	CCONJ
fbem-29706	43	22	existing	exist	VERB
fbem-29706	43	23	studies	study	NOUN
fbem-29706	43	24	have	have	AUX
fbem-29706	43	25	not	not	PART
fbem-29706	43	26	expanded	expand	VERB
fbem-29706	43	27	the	the	DET
fbem-29706	43	28	research	research	NOUN
fbem-29706	43	29	field	field	NOUN
fbem-29706	43	30	of	of	ADP
fbem-29706	43	31	equity	equity	NOUN
fbem-29706	43	32	incentives	incentive	NOUN
fbem-29706	43	33	to	to	ADP
fbem-29706	43	34	digital	digital	ADJ
fbem-29706	43	35	transformation	transformation	NOUN
fbem-29706	43	36	.	.	PUNCT
fbem-29706	44	1	based	base	VERB
fbem-29706	44	2	on	on	ADP
fbem-29706	44	3	this	this	PRON
fbem-29706	44	4	,	,	PUNCT
fbem-29706	44	5	this	this	DET
fbem-29706	44	6	paper	paper	NOUN
fbem-29706	44	7	takes	take	VERB
fbem-29706	44	8	the	the	DET
fbem-29706	44	9	enterprise	enterprise	NOUN
fbem-29706	44	10	digital	digital	ADJ
fbem-29706	44	11	transformation	transformation	NOUN
fbem-29706	44	12	as	as	ADP
fbem-29706	44	13	the	the	DET
fbem-29706	44	14	landing	landing	NOUN
fbem-29706	44	15	point	point	NOUN
fbem-29706	44	16	and	and	CCONJ
fbem-29706	44	17	breakthrough	breakthrough	NOUN
fbem-29706	44	18	point	point	NOUN
fbem-29706	44	19	,	,	PUNCT
fbem-29706	44	20	explores	explore	VERB
fbem-29706	44	21	the	the	DET
fbem-29706	44	22	impact	impact	NOUN
fbem-29706	44	23	of	of	ADP
fbem-29706	44	24	executive	executive	ADJ
fbem-29706	44	25	equity	equity	NOUN
fbem-29706	44	26	incentives	incentive	NOUN
fbem-29706	44	27	on	on	ADP
fbem-29706	44	28	enterprise	enterprise	NOUN
fbem-29706	44	29	digital	digital	ADJ
fbem-29706	44	30	transformation	transformation	NOUN
fbem-29706	44	31	,	,	PUNCT
fbem-29706	44	32	and	and	CCONJ
fbem-29706	44	33	extends	extend	VERB
fbem-29706	44	34	and	and	CCONJ
fbem-29706	44	35	broadens	broaden	VERB
fbem-29706	44	36	the	the	DET
fbem-29706	44	37	economic	economic	ADJ
fbem-29706	44	38	consequences	consequence	NOUN
fbem-29706	44	39	of	of	ADP
fbem-29706	44	40	equity	equity	NOUN
fbem-29706	44	41	incentives	incentive	NOUN
fbem-29706	44	42	.	.	PUNCT
fbem-29706	45	1	finally	finally	ADV
fbem-29706	45	2	,	,	PUNCT
fbem-29706	45	3	the	the	DET
fbem-29706	45	4	mechanism	mechanism	NOUN
fbem-29706	45	5	black	black	PROPN
fbem-29706	45	6	box	box	PROPN
fbem-29706	45	7	of	of	ADP
fbem-29706	45	8	executive	executive	ADJ
fbem-29706	45	9	equity	equity	NOUN
fbem-29706	45	10	incentives	incentive	NOUN
fbem-29706	45	11	acting	act	VERB
fbem-29706	45	12	on	on	ADP
fbem-29706	45	13	enterprise	enterprise	NOUN
fbem-29706	45	14	digital	digital	ADJ
fbem-29706	45	15	transformation	transformation	NOUN
fbem-29706	45	16	is	be	AUX
fbem-29706	45	17	opened	open	VERB
fbem-29706	45	18	.	.	PUNCT
fbem-29706	46	1	on	on	ADP
fbem-29706	46	2	the	the	DET
fbem-29706	46	3	one	one	NUM
fbem-29706	46	4	hand	hand	NOUN
fbem-29706	46	5	,	,	PUNCT
fbem-29706	46	6	the	the	DET
fbem-29706	46	7	specific	specific	ADJ
fbem-29706	46	8	path	path	NOUN
fbem-29706	46	9	of	of	ADP
fbem-29706	46	10	executive	executive	ADJ
fbem-29706	46	11	equity	equity	NOUN
fbem-29706	46	12	incentives	incentive	NOUN
fbem-29706	46	13	affecting	affect	VERB
fbem-29706	46	14	enterprise	enterprise	NOUN
fbem-29706	46	15	digital	digital	ADJ
fbem-29706	46	16	transformation	transformation	NOUN
fbem-29706	46	17	is	be	AUX
fbem-29706	46	18	analyzed	analyze	VERB
fbem-29706	46	19	in	in	ADP
fbem-29706	46	20	depth	depth	NOUN
fbem-29706	46	21	,	,	PUNCT
fbem-29706	46	22	i.e.	i.e.	X
fbem-29706	46	23	,	,	PUNCT
fbem-29706	46	24	the	the	DET
fbem-29706	46	25	mediating	mediate	VERB
fbem-29706	46	26	role	role	NOUN
fbem-29706	46	27	of	of	ADP
fbem-29706	46	28	financing	financing	NOUN
fbem-29706	46	29	constraints	constraint	NOUN
fbem-29706	46	30	and	and	CCONJ
fbem-29706	46	31	risk	risk	NOUN
fbem-29706	46	32	-	-	PUNCT
fbem-29706	46	33	taking	take	VERB
fbem-29706	46	34	ability	ability	NOUN
fbem-29706	46	35	;	;	PUNCT
fbem-29706	46	36	on	on	ADP
fbem-29706	46	37	the	the	DET
fbem-29706	46	38	other	other	ADJ
fbem-29706	46	39	hand	hand	NOUN
fbem-29706	46	40	,	,	PUNCT
fbem-29706	46	41	considering	consider	VERB
fbem-29706	46	42	that	that	SCONJ
fbem-29706	46	43	the	the	DET
fbem-29706	46	44	influence	influence	NOUN
fbem-29706	46	45	effect	effect	NOUN
fbem-29706	46	46	of	of	ADP
fbem-29706	46	47	equity	equity	NOUN
fbem-29706	46	48	incentives	incentive	NOUN
fbem-29706	46	49	in	in	ADP
fbem-29706	46	50	different	different	ADJ
fbem-29706	46	51	scenarios	scenario	NOUN
fbem-29706	46	52	may	may	AUX
fbem-29706	46	53	differ	differ	VERB
fbem-29706	46	54	,	,	PUNCT
fbem-29706	46	55	the	the	DET
fbem-29706	46	56	effect	effect	NOUN
fbem-29706	46	57	of	of	ADP
fbem-29706	46	58	executive	executive	ADJ
fbem-29706	46	59	equity	equity	NOUN
fbem-29706	46	60	incentives	incentive	NOUN
fbem-29706	46	61	on	on	ADP
fbem-29706	46	62	enterprise	enterprise	NOUN
fbem-29706	46	63	digital	digital	ADJ
fbem-29706	46	64	transformation	transformation	NOUN
fbem-29706	46	65	under	under	ADP
fbem-29706	46	66	different	different	ADJ
fbem-29706	46	67	property	property	NOUN
fbem-29706	46	68	rights	right	NOUN
fbem-29706	46	69	properties	property	NOUN
fbem-29706	46	70	and	and	CCONJ
fbem-29706	46	71	majority	majority	NOUN
fbem-29706	46	72	shareholder	shareholder	NOUN
fbem-29706	46	73	control	control	NOUN
fbem-29706	46	74	scenarios	scenario	NOUN
fbem-29706	46	75	is	be	AUX
fbem-29706	46	76	further	far	ADV
fbem-29706	46	77	compared	compare	VERB
fbem-29706	46	78	to	to	PART
fbem-29706	46	79	confirm	confirm	VERB
fbem-29706	46	80	the	the	DET
fbem-29706	46	81	influence	influence	NOUN
fbem-29706	46	82	effect	effect	NOUN
fbem-29706	46	83	of	of	ADP
fbem-29706	46	84	executive	executive	ADJ
fbem-29706	46	85	equity	equity	NOUN
fbem-29706	46	86	incentives	incentive	NOUN
fbem-29706	46	87	on	on	ADP
fbem-29706	46	88	the	the	DET
fbem-29706	46	89	digital	digital	ADJ
fbem-29706	46	90	transformation	transformation	NOUN
fbem-29706	46	91	of	of	ADP
fbem-29706	46	92	enterprises	enterprise	NOUN
fbem-29706	46	93	.	.	PUNCT
fbem-29706	47	1	digital	digital	ADJ
fbem-29706	47	2	transformation	transformation	NOUN
fbem-29706	47	3	of	of	ADP
fbem-29706	47	4	enterprises	enterprise	NOUN
fbem-29706	47	5	,	,	PUNCT
fbem-29706	47	6	confirming	confirm	VERB
fbem-29706	47	7	the	the	DET
fbem-29706	47	8	path	path	NOUN
fbem-29706	47	9	dependence	dependence	NOUN
fbem-29706	47	10	and	and	CCONJ
fbem-29706	47	11	mechanism	mechanism	NOUN
fbem-29706	47	12	of	of	ADP
fbem-29706	47	13	executive	executive	ADJ
fbem-29706	47	14	equity	equity	NOUN
fbem-29706	47	15	incentives	incentive	NOUN
fbem-29706	47	16	on	on	ADP
fbem-29706	47	17	the	the	DET
fbem-29706	47	18	digital	digital	ADJ
fbem-29706	47	19	transformation	transformation	NOUN
fbem-29706	47	20	of	of	ADP
fbem-29706	47	21	enterprises	enterprise	NOUN
fbem-29706	47	22	.	.	PUNCT
fbem-29706	48	1	2	2	X
fbem-29706	48	2	.	.	X
fbem-29706	48	3	theoretical	theoretical	ADJ
fbem-29706	48	4	analysis	analysis	NOUN
fbem-29706	48	5	2.1	2.1	NUM
fbem-29706	48	6	.	.	PUNCT
fbem-29706	48	7	executive	executive	ADJ
fbem-29706	48	8	equity	equity	NOUN
fbem-29706	48	9	incentives	incentive	NOUN
fbem-29706	48	10	and	and	CCONJ
fbem-29706	48	11	corporate	corporate	ADJ
fbem-29706	48	12	digital	digital	ADJ
fbem-29706	48	13	transformation	transformation	NOUN
fbem-29706	48	14	digital	digital	ADJ
fbem-29706	48	15	transformation	transformation	NOUN
fbem-29706	48	16	is	be	AUX
fbem-29706	48	17	not	not	PART
fbem-29706	48	18	only	only	ADV
fbem-29706	48	19	a	a	DET
fbem-29706	48	20	sharp	sharp	ADJ
fbem-29706	48	21	tool	tool	NOUN
fbem-29706	48	22	to	to	PART
fbem-29706	48	23	cope	cope	VERB
fbem-29706	48	24	with	with	ADP
fbem-29706	48	25	the	the	DET
fbem-29706	48	26	dramatic	dramatic	ADJ
fbem-29706	48	27	impact	impact	NOUN
fbem-29706	48	28	of	of	ADP
fbem-29706	48	29	the	the	DET
fbem-29706	48	30	new	new	ADJ
fbem-29706	48	31	crown	crown	NOUN
fbem-29706	48	32	epidemic	epidemic	NOUN
fbem-29706	48	33	as	as	ADV
fbem-29706	48	34	well	well	ADV
fbem-29706	48	35	as	as	ADP
fbem-29706	48	36	to	to	PART
fbem-29706	48	37	promote	promote	VERB
fbem-29706	48	38	the	the	DET
fbem-29706	48	39	high	high	ADJ
fbem-29706	48	40	-	-	PUNCT
fbem-29706	48	41	quality	quality	NOUN
fbem-29706	48	42	development	development	NOUN
fbem-29706	48	43	of	of	ADP
fbem-29706	48	44	the	the	DET
fbem-29706	48	45	economy	economy	NOUN
fbem-29706	48	46	[	[	X
fbem-29706	48	47	22	22	NUM
fbem-29706	48	48	]	]	PUNCT
fbem-29706	48	49	,	,	PUNCT
fbem-29706	48	50	but	but	CCONJ
fbem-29706	48	51	also	also	ADV
fbem-29706	48	52	an	an	DET
fbem-29706	48	53	important	important	ADJ
fbem-29706	48	54	strategic	strategic	ADJ
fbem-29706	48	55	decision	decision	NOUN
fbem-29706	48	56	about	about	ADP
fbem-29706	48	57	the	the	DET
fbem-29706	48	58	future	future	ADJ
fbem-29706	48	59	development	development	NOUN
fbem-29706	48	60	of	of	ADP
fbem-29706	48	61	enterprises	enterprise	NOUN
fbem-29706	48	62	[	[	X
fbem-29706	48	63	9	9	NUM
fbem-29706	48	64	]	]	PUNCT
fbem-29706	48	65	.	.	PUNCT
fbem-29706	49	1	as	as	ADP
fbem-29706	49	2	the	the	DET
fbem-29706	49	3	makers	maker	NOUN
fbem-29706	49	4	and	and	CCONJ
fbem-29706	49	5	practitioners	practitioner	NOUN
fbem-29706	49	6	of	of	ADP
fbem-29706	49	7	strategic	strategic	ADJ
fbem-29706	49	8	decisions	decision	NOUN
fbem-29706	49	9	,	,	PUNCT
fbem-29706	49	10	executives	executive	NOUN
fbem-29706	49	11	play	play	VERB
fbem-29706	49	12	a	a	DET
fbem-29706	49	13	crucial	crucial	ADJ
fbem-29706	49	14	role	role	NOUN
fbem-29706	49	15	in	in	ADP
fbem-29706	49	16	promoting	promote	VERB
fbem-29706	49	17	enterprise	enterprise	NOUN
fbem-29706	49	18	digital	digital	ADJ
fbem-29706	49	19	transformation	transformation	NOUN
fbem-29706	49	20	.	.	PUNCT
fbem-29706	50	1	however	however	ADV
fbem-29706	50	2	,	,	PUNCT
fbem-29706	50	3	affected	affect	VERB
fbem-29706	50	4	by	by	ADP
fbem-29706	50	5	executives	executive	NOUN
fbem-29706	50	6	'	'	PART
fbem-29706	50	7	own	own	ADJ
fbem-29706	50	8	cognition	cognition	NOUN
fbem-29706	50	9	,	,	PUNCT
fbem-29706	50	10	ability	ability	NOUN
fbem-29706	50	11	and	and	CCONJ
fbem-29706	50	12	other	other	ADJ
fbem-29706	50	13	factors	factor	NOUN
fbem-29706	50	14	,	,	PUNCT
fbem-29706	50	15	most	most	ADJ
fbem-29706	50	16	executives	executive	NOUN
fbem-29706	50	17	lack	lack	VERB
fbem-29706	50	18	the	the	DET
fbem-29706	50	19	motivation	motivation	NOUN
fbem-29706	50	20	to	to	PART
fbem-29706	50	21	carry	carry	VERB
fbem-29706	50	22	out	out	ADP
fbem-29706	50	23	digital	digital	ADJ
fbem-29706	50	24	transformation	transformation	NOUN
fbem-29706	50	25	activities	activity	NOUN
fbem-29706	50	26	.	.	PUNCT
fbem-29706	51	1	from	from	ADP
fbem-29706	51	2	the	the	DET
fbem-29706	51	3	cognitive	cognitive	ADJ
fbem-29706	51	4	aspect	aspect	NOUN
fbem-29706	51	5	,	,	PUNCT
fbem-29706	51	6	the	the	DET
fbem-29706	51	7	risk	risk	NOUN
fbem-29706	51	8	-	-	PUNCT
fbem-29706	51	9	averse	averse	ADJ
fbem-29706	51	10	characteristics	characteristic	NOUN
fbem-29706	51	11	and	and	CCONJ
fbem-29706	51	12	short	short	ADJ
fbem-29706	51	13	-	-	PUNCT
fbem-29706	51	14	sighted	sighted	ADJ
fbem-29706	51	15	concepts	concept	NOUN
fbem-29706	51	16	of	of	ADP
fbem-29706	51	17	executives	executive	NOUN
fbem-29706	51	18	are	be	AUX
fbem-29706	51	19	in	in	ADP
fbem-29706	51	20	conflict	conflict	NOUN
fbem-29706	51	21	with	with	ADP
fbem-29706	51	22	the	the	DET
fbem-29706	51	23	high	high	ADJ
fbem-29706	51	24	risk	risk	NOUN
fbem-29706	51	25	,	,	PUNCT
fbem-29706	51	26	high	high	ADJ
fbem-29706	51	27	cost	cost	NOUN
fbem-29706	51	28	,	,	PUNCT
fbem-29706	51	29	and	and	CCONJ
fbem-29706	51	30	long	long	ADJ
fbem-29706	51	31	cycle	cycle	NOUN
fbem-29706	51	32	of	of	ADP
fbem-29706	51	33	enterprise	enterprise	NOUN
fbem-29706	51	34	digital	digital	ADJ
fbem-29706	51	35	transformation	transformation	NOUN
fbem-29706	51	36	.	.	PUNCT
fbem-29706	52	1	from	from	ADP
fbem-29706	52	2	the	the	DET
fbem-29706	52	3	aspect	aspect	NOUN
fbem-29706	52	4	of	of	ADP
fbem-29706	52	5	capability	capability	NOUN
fbem-29706	52	6	,	,	PUNCT
fbem-29706	52	7	digital	digital	ADJ
fbem-29706	52	8	transformation	transformation	NOUN
fbem-29706	52	9	,	,	PUNCT
fbem-29706	52	10	as	as	ADP
fbem-29706	52	11	an	an	DET
fbem-29706	52	12	emerging	emerge	VERB
fbem-29706	52	13	strategic	strategic	ADJ
fbem-29706	52	14	change	change	NOUN
fbem-29706	52	15	,	,	PUNCT
fbem-29706	52	16	lacks	lack	VERB
fbem-29706	52	17	mature	mature	ADJ
fbem-29706	52	18	theoretical	theoretical	ADJ
fbem-29706	52	19	guidelines	guideline	NOUN
fbem-29706	52	20	and	and	CCONJ
fbem-29706	52	21	realworld	realworld	PROPN
fbem-29706	52	22	experience	experience	NOUN
fbem-29706	52	23	,	,	PUNCT
fbem-29706	52	24	making	make	VERB
fbem-29706	52	25	it	it	PRON
fbem-29706	52	26	difficult	difficult	ADJ
fbem-29706	52	27	for	for	SCONJ
fbem-29706	52	28	executives	executive	NOUN
fbem-29706	52	29	to	to	PART
fbem-29706	52	30	rely	rely	VERB
fbem-29706	52	31	on	on	ADP
fbem-29706	52	32	their	their	PRON
fbem-29706	52	33	existing	exist	VERB
fbem-29706	52	34	knowledge	knowledge	NOUN
fbem-29706	52	35	reserves	reserve	NOUN
fbem-29706	52	36	to	to	PART
fbem-29706	52	37	drive	drive	VERB
fbem-29706	52	38	strategy	strategy	NOUN
fbem-29706	52	39	implementation	implementation	NOUN
fbem-29706	52	40	.	.	PUNCT
fbem-29706	53	1	therefore	therefore	ADV
fbem-29706	53	2	,	,	PUNCT
fbem-29706	53	3	executives	executive	NOUN
fbem-29706	53	4	need	need	VERB
fbem-29706	53	5	to	to	PART
fbem-29706	53	6	continuously	continuously	ADV
fbem-29706	53	7	improve	improve	VERB
fbem-29706	53	8	their	their	PRON
fbem-29706	53	9	management	management	NOUN
fbem-29706	53	10	skills	skill	NOUN
fbem-29706	53	11	to	to	PART
fbem-29706	53	12	reduce	reduce	VERB
fbem-29706	53	13	the	the	DET
fbem-29706	53	14	uncertainty	uncertainty	NOUN
fbem-29706	53	15	in	in	ADP
fbem-29706	53	16	the	the	DET
fbem-29706	53	17	process	process	NOUN
fbem-29706	53	18	of	of	ADP
fbem-29706	53	19	enterprise	enterprise	NOUN
fbem-29706	53	20	digital	digital	ADJ
fbem-29706	53	21	transformation	transformation	NOUN
fbem-29706	53	22	,	,	PUNCT
fbem-29706	53	23	which	which	PRON
fbem-29706	53	24	significantly	significantly	ADV
fbem-29706	53	25	increases	increase	VERB
fbem-29706	53	26	the	the	DET
fbem-29706	53	27	learning	learning	NOUN
fbem-29706	53	28	cost	cost	NOUN
fbem-29706	53	29	[	[	X
fbem-29706	53	30	23	23	NUM
fbem-29706	53	31	]	]	PUNCT
fbem-29706	53	32	.	.	PUNCT
fbem-29706	54	1	under	under	ADP
fbem-29706	54	2	the	the	DET
fbem-29706	54	3	tradeoff	tradeoff	NOUN
fbem-29706	54	4	between	between	ADP
fbem-29706	54	5	benefits	benefit	NOUN
fbem-29706	54	6	and	and	CCONJ
fbem-29706	54	7	costs	cost	NOUN
fbem-29706	54	8	,	,	PUNCT
fbem-29706	54	9	executives	executive	NOUN
fbem-29706	54	10	will	will	AUX
fbem-29706	54	11	rationally	rationally	ADV
fbem-29706	54	12	ignore	ignore	VERB
fbem-29706	54	13	digital	digital	ADJ
fbem-29706	54	14	transformation	transformation	NOUN
fbem-29706	54	15	,	,	PUNCT
fbem-29706	54	16	resulting	result	VERB
fbem-29706	54	17	in	in	ADP
fbem-29706	54	18	insufficient	insufficient	ADJ
fbem-29706	54	19	endogenous	endogenous	ADJ
fbem-29706	54	20	motivation	motivation	NOUN
fbem-29706	54	21	for	for	ADP
fbem-29706	54	22	enterprise	enterprise	NOUN
fbem-29706	54	23	digital	digital	ADJ
fbem-29706	54	24	transformation	transformation	NOUN
fbem-29706	54	25	.	.	PUNCT
fbem-29706	55	1	therefore	therefore	ADV
fbem-29706	55	2	,	,	PUNCT
fbem-29706	55	3	appropriate	appropriate	ADJ
fbem-29706	55	4	incentive	incentive	NOUN
fbem-29706	55	5	mechanisms	mechanism	NOUN
fbem-29706	55	6	are	be	AUX
fbem-29706	55	7	needed	need	VERB
fbem-29706	55	8	to	to	PART
fbem-29706	55	9	alleviate	alleviate	VERB
fbem-29706	55	10	the	the	DET
fbem-29706	55	11	above	above	ADJ
fbem-29706	55	12	problems	problem	NOUN
fbem-29706	55	13	and	and	CCONJ
fbem-29706	55	14	promote	promote	VERB
fbem-29706	55	15	digital	digital	ADJ
fbem-29706	55	16	transformation	transformation	NOUN
fbem-29706	55	17	.	.	PUNCT
fbem-29706	56	1	as	as	ADP
fbem-29706	56	2	an	an	DET
fbem-29706	56	3	important	important	ADJ
fbem-29706	56	4	incentive	incentive	NOUN
fbem-29706	56	5	mechanism	mechanism	NOUN
fbem-29706	56	6	for	for	ADP
fbem-29706	56	7	executives	executive	NOUN
fbem-29706	56	8	,	,	PUNCT
fbem-29706	56	9	equity	equity	NOUN
fbem-29706	56	10	incentives	incentive	NOUN
fbem-29706	56	11	have	have	AUX
fbem-29706	56	12	received	receive	VERB
fbem-29706	56	13	extensive	extensive	ADJ
fbem-29706	56	14	attention	attention	NOUN
fbem-29706	56	15	from	from	ADP
fbem-29706	56	16	scholars	scholar	NOUN
fbem-29706	56	17	.	.	PUNCT
fbem-29706	57	1	existing	exist	VERB
fbem-29706	57	2	studies	study	NOUN
fbem-29706	57	3	have	have	AUX
fbem-29706	57	4	found	find	VERB
fbem-29706	57	5	that	that	SCONJ
fbem-29706	57	6	appropriate	appropriate	ADJ
fbem-29706	57	7	equity	equity	NOUN
fbem-29706	57	8	incentives	incentive	NOUN
fbem-29706	57	9	can	can	AUX
fbem-29706	57	10	alleviate	alleviate	VERB
fbem-29706	57	11	the	the	DET
fbem-29706	57	12	agency	agency	NOUN
fbem-29706	57	13	conflict	conflict	NOUN
fbem-29706	57	14	between	between	ADP
fbem-29706	57	15	executives	executive	NOUN
fbem-29706	57	16	and	and	CCONJ
fbem-29706	57	17	owners	owner	NOUN
fbem-29706	57	18	,	,	PUNCT
fbem-29706	57	19	inhibit	inhibit	VERB
fbem-29706	57	20	risk	risk	NOUN
fbem-29706	57	21	aversion	aversion	NOUN
fbem-29706	57	22	and	and	CCONJ
fbem-29706	57	23	short	short	ADJ
fbem-29706	57	24	-	-	PUNCT
fbem-29706	57	25	sighted	sighted	ADJ
fbem-29706	57	26	behavior	behavior	NOUN
fbem-29706	57	27	of	of	ADP
fbem-29706	57	28	executives	executive	NOUN
fbem-29706	57	29	to	to	ADP
fbem-29706	57	30	a	a	DET
fbem-29706	57	31	certain	certain	ADJ
fbem-29706	57	32	extent	extent	NOUN
fbem-29706	57	33	,	,	PUNCT
fbem-29706	57	34	and	and	CCONJ
fbem-29706	57	35	encourage	encourage	VERB
fbem-29706	57	36	executives	executive	NOUN
fbem-29706	57	37	to	to	PART
fbem-29706	57	38	pay	pay	VERB
fbem-29706	57	39	more	more	ADJ
fbem-29706	57	40	attention	attention	NOUN
fbem-29706	57	41	to	to	ADP
fbem-29706	57	42	the	the	DET
fbem-29706	57	43	long	long	ADJ
fbem-29706	57	44	-	-	PUNCT
fbem-29706	57	45	term	term	NOUN
fbem-29706	57	46	development	development	NOUN
fbem-29706	57	47	of	of	ADP
fbem-29706	57	48	the	the	DET
fbem-29706	57	49	enterprise	enterprise	NOUN
fbem-29706	57	50	[	[	X
fbem-29706	57	51	24	24	NUM
fbem-29706	57	52	]	]	PUNCT
fbem-29706	57	53	.	.	PUNCT
fbem-29706	58	1	however	however	ADV
fbem-29706	58	2	,	,	PUNCT
fbem-29706	58	3	excessive	excessive	ADJ
fbem-29706	58	4	equity	equity	NOUN
fbem-29706	58	5	incentives	incentive	NOUN
fbem-29706	58	6	will	will	AUX
fbem-29706	58	7	exacerbate	exacerbate	VERB
fbem-29706	58	8	the	the	DET
fbem-29706	58	9	agency	agency	NOUN
fbem-29706	58	10	problem	problem	NOUN
fbem-29706	58	11	of	of	ADP
fbem-29706	58	12	the	the	DET
fbem-29706	58	13	enterprise	enterprise	NOUN
fbem-29706	58	14	and	and	CCONJ
fbem-29706	58	15	induce	induce	VERB
fbem-29706	58	16	rent	rent	NOUN
fbem-29706	58	17	-	-	PUNCT
fbem-29706	58	18	seeking	seek	VERB
fbem-29706	58	19	behavior	behavior	NOUN
fbem-29706	58	20	of	of	ADP
fbem-29706	58	21	executives	executive	NOUN
fbem-29706	58	22	,	,	PUNCT
fbem-29706	58	23	which	which	PRON
fbem-29706	58	24	is	be	AUX
fbem-29706	58	25	not	not	PART
fbem-29706	58	26	conducive	conducive	ADJ
fbem-29706	58	27	to	to	ADP
fbem-29706	58	28	the	the	DET
fbem-29706	58	29	long	long	ADJ
fbem-29706	58	30	-	-	PUNCT
fbem-29706	58	31	term	term	NOUN
fbem-29706	58	32	development	development	NOUN
fbem-29706	58	33	of	of	ADP
fbem-29706	58	34	the	the	DET
fbem-29706	58	35	enterprise	enterprise	NOUN
fbem-29706	58	36	[	[	X
fbem-29706	58	37	25	25	NUM
fbem-29706	58	38	]	]	PUNCT
fbem-29706	58	39	.	.	PUNCT
fbem-29706	59	1	based	base	VERB
fbem-29706	59	2	on	on	ADP
fbem-29706	59	3	this	this	PRON
fbem-29706	59	4	,	,	PUNCT
fbem-29706	59	5	this	this	DET
fbem-29706	59	6	paper	paper	NOUN
fbem-29706	59	7	argues	argue	VERB
fbem-29706	59	8	that	that	SCONJ
fbem-29706	59	9	there	there	PRON
fbem-29706	59	10	may	may	AUX
fbem-29706	59	11	be	be	AUX
fbem-29706	59	12	differences	difference	NOUN
fbem-29706	59	13	in	in	ADP
fbem-29706	59	14	the	the	DET
fbem-29706	59	15	effects	effect	NOUN
fbem-29706	59	16	of	of	ADP
fbem-29706	59	17	different	different	ADJ
fbem-29706	59	18	equity	equity	NOUN
fbem-29706	59	19	incentive	incentive	NOUN
fbem-29706	59	20	intensities	intensity	NOUN
fbem-29706	59	21	on	on	ADP
fbem-29706	59	22	executives	executive	NOUN
fbem-29706	59	23	'	'	PART
fbem-29706	59	24	attitudes	attitude	NOUN
fbem-29706	59	25	toward	toward	ADP
fbem-29706	59	26	digital	digital	ADJ
fbem-29706	59	27	transformation	transformation	NOUN
fbem-29706	59	28	.	.	PUNCT
fbem-29706	60	1	based	base	VERB
fbem-29706	60	2	on	on	ADP
fbem-29706	60	3	the	the	DET
fbem-29706	60	4	optimal	optimal	ADJ
fbem-29706	60	5	contract	contract	NOUN
fbem-29706	60	6	theory	theory	NOUN
fbem-29706	60	7	,	,	PUNCT
fbem-29706	60	8	executive	executive	ADJ
fbem-29706	60	9	equity	equity	NOUN
fbem-29706	60	10	192	192	NUM
fbem-29706	60	11	incentives	incentive	NOUN
fbem-29706	60	12	can	can	AUX
fbem-29706	60	13	coordinate	coordinate	VERB
fbem-29706	60	14	the	the	DET
fbem-29706	60	15	conflict	conflict	NOUN
fbem-29706	60	16	of	of	ADP
fbem-29706	60	17	interests	interest	NOUN
fbem-29706	60	18	between	between	ADP
fbem-29706	60	19	executives	executive	NOUN
fbem-29706	60	20	and	and	CCONJ
fbem-29706	60	21	shareholders	shareholder	NOUN
fbem-29706	60	22	,	,	PUNCT
fbem-29706	60	23	realize	realize	VERB
fbem-29706	60	24	the	the	DET
fbem-29706	60	25	sharing	sharing	NOUN
fbem-29706	60	26	of	of	ADP
fbem-29706	60	27	interests	interest	NOUN
fbem-29706	60	28	and	and	CCONJ
fbem-29706	60	29	risks	risk	NOUN
fbem-29706	60	30	between	between	ADP
fbem-29706	60	31	them	they	PRON
fbem-29706	60	32	,	,	PUNCT
fbem-29706	60	33	produce	produce	VERB
fbem-29706	60	34	the	the	DET
fbem-29706	60	35	convergence	convergence	NOUN
fbem-29706	60	36	effect	effect	NOUN
fbem-29706	60	37	of	of	ADP
fbem-29706	60	38	interests	interest	NOUN
fbem-29706	60	39	,	,	PUNCT
fbem-29706	60	40	and	and	CCONJ
fbem-29706	60	41	promote	promote	VERB
fbem-29706	60	42	the	the	DET
fbem-29706	60	43	digital	digital	ADJ
fbem-29706	60	44	transformation	transformation	NOUN
fbem-29706	60	45	of	of	ADP
fbem-29706	60	46	enterprises	enterprise	NOUN
fbem-29706	60	47	through	through	ADP
fbem-29706	60	48	the	the	DET
fbem-29706	60	49	incentive	incentive	NOUN
fbem-29706	60	50	mechanism	mechanism	NOUN
fbem-29706	60	51	to	to	PART
fbem-29706	60	52	play	play	VERB
fbem-29706	60	53	the	the	DET
fbem-29706	60	54	role	role	NOUN
fbem-29706	60	55	of	of	ADP
fbem-29706	60	56	governance	governance	NOUN
fbem-29706	60	57	.	.	PUNCT
fbem-29706	61	1	on	on	ADP
fbem-29706	61	2	the	the	DET
fbem-29706	61	3	one	one	NUM
fbem-29706	61	4	hand	hand	NOUN
fbem-29706	61	5	,	,	PUNCT
fbem-29706	61	6	executive	executive	ADJ
fbem-29706	61	7	equity	equity	NOUN
fbem-29706	61	8	incentives	incentive	NOUN
fbem-29706	61	9	can	can	AUX
fbem-29706	61	10	alleviate	alleviate	VERB
fbem-29706	61	11	the	the	DET
fbem-29706	61	12	agency	agency	NOUN
fbem-29706	61	13	conflict	conflict	NOUN
fbem-29706	61	14	in	in	ADP
fbem-29706	61	15	the	the	DET
fbem-29706	61	16	process	process	NOUN
fbem-29706	61	17	of	of	ADP
fbem-29706	61	18	digital	digital	ADJ
fbem-29706	61	19	transformation	transformation	NOUN
fbem-29706	61	20	,	,	PUNCT
fbem-29706	61	21	coordinate	coordinate	NOUN
fbem-29706	61	22	and	and	CCONJ
fbem-29706	61	23	balance	balance	VERB
fbem-29706	61	24	the	the	DET
fbem-29706	61	25	short	short	ADJ
fbem-29706	61	26	-	-	PUNCT
fbem-29706	61	27	term	term	NOUN
fbem-29706	61	28	costs	cost	NOUN
fbem-29706	61	29	and	and	CCONJ
fbem-29706	61	30	long	long	ADJ
fbem-29706	61	31	-	-	PUNCT
fbem-29706	61	32	term	term	NOUN
fbem-29706	61	33	benefits	benefit	NOUN
fbem-29706	61	34	of	of	ADP
fbem-29706	61	35	digital	digital	ADJ
fbem-29706	61	36	transformation	transformation	NOUN
fbem-29706	61	37	by	by	ADP
fbem-29706	61	38	increasing	increase	VERB
fbem-29706	61	39	the	the	DET
fbem-29706	61	40	convergence	convergence	NOUN
fbem-29706	61	41	of	of	ADP
fbem-29706	61	42	the	the	DET
fbem-29706	61	43	interests	interest	NOUN
fbem-29706	61	44	of	of	ADP
fbem-29706	61	45	shareholders	shareholder	NOUN
fbem-29706	61	46	and	and	CCONJ
fbem-29706	61	47	executives	executive	NOUN
fbem-29706	61	48	,	,	PUNCT
fbem-29706	61	49	weakening	weaken	VERB
fbem-29706	61	50	the	the	DET
fbem-29706	61	51	short	short	ADJ
fbem-29706	61	52	-	-	PUNCT
fbem-29706	61	53	sightedness	sightedness	NOUN
fbem-29706	61	54	of	of	ADP
fbem-29706	61	55	executives	executive	NOUN
fbem-29706	61	56	,	,	PUNCT
fbem-29706	61	57	and	and	CCONJ
fbem-29706	61	58	enhancing	enhance	VERB
fbem-29706	61	59	their	their	PRON
fbem-29706	61	60	willingness	willingness	NOUN
fbem-29706	61	61	to	to	PART
fbem-29706	61	62	carry	carry	VERB
fbem-29706	61	63	out	out	ADP
fbem-29706	61	64	digital	digital	ADJ
fbem-29706	61	65	transformation	transformation	NOUN
fbem-29706	61	66	.	.	PUNCT
fbem-29706	62	1	on	on	ADP
fbem-29706	62	2	the	the	DET
fbem-29706	62	3	other	other	ADJ
fbem-29706	62	4	hand	hand	NOUN
fbem-29706	62	5	,	,	PUNCT
fbem-29706	62	6	the	the	DET
fbem-29706	62	7	convexity	convexity	NOUN
fbem-29706	62	8	feature	feature	NOUN
fbem-29706	62	9	of	of	ADP
fbem-29706	62	10	executive	executive	ADJ
fbem-29706	62	11	equity	equity	NOUN
fbem-29706	62	12	incentives	incentive	NOUN
fbem-29706	62	13	can	can	AUX
fbem-29706	62	14	tolerate	tolerate	VERB
fbem-29706	62	15	the	the	DET
fbem-29706	62	16	risk	risk	NOUN
fbem-29706	62	17	of	of	ADP
fbem-29706	62	18	short	short	ADJ
fbem-29706	62	19	-	-	PUNCT
fbem-29706	62	20	term	term	NOUN
fbem-29706	62	21	innovation	innovation	NOUN
fbem-29706	62	22	failure	failure	NOUN
fbem-29706	62	23	as	as	ADV
fbem-29706	62	24	well	well	ADV
fbem-29706	62	25	as	as	ADP
fbem-29706	62	26	give	give	VERB
fbem-29706	62	27	executives	executive	NOUN
fbem-29706	62	28	lucrative	lucrative	ADJ
fbem-29706	62	29	returns	return	NOUN
fbem-29706	62	30	in	in	ADP
fbem-29706	62	31	the	the	DET
fbem-29706	62	32	long	long	ADJ
fbem-29706	62	33	term	term	NOUN
fbem-29706	63	1	[	[	X
fbem-29706	63	2	26	26	NUM
fbem-29706	63	3	]	]	PUNCT
fbem-29706	63	4	.	.	PUNCT
fbem-29706	64	1	it	it	PRON
fbem-29706	64	2	helps	help	VERB
fbem-29706	64	3	to	to	PART
fbem-29706	64	4	increase	increase	VERB
fbem-29706	64	5	their	their	PRON
fbem-29706	64	6	risk	risk	NOUN
fbem-29706	64	7	-	-	PUNCT
fbem-29706	64	8	taking	take	VERB
fbem-29706	64	9	level	level	NOUN
fbem-29706	64	10	,	,	PUNCT
fbem-29706	64	11	weaken	weaken	VERB
fbem-29706	64	12	their	their	PRON
fbem-29706	64	13	short	short	ADJ
fbem-29706	64	14	-	-	PUNCT
fbem-29706	64	15	term	term	NOUN
fbem-29706	64	16	behavior	behavior	NOUN
fbem-29706	64	17	,	,	PUNCT
fbem-29706	64	18	and	and	CCONJ
fbem-29706	64	19	actively	actively	ADV
fbem-29706	64	20	carry	carry	VERB
fbem-29706	64	21	out	out	ADP
fbem-29706	64	22	digital	digital	ADJ
fbem-29706	64	23	transformation	transformation	NOUN
fbem-29706	64	24	.	.	PUNCT
fbem-29706	65	1	meanwhile	meanwhile	ADV
fbem-29706	65	2	,	,	PUNCT
fbem-29706	65	3	tournament	tournament	NOUN
fbem-29706	65	4	theory	theory	NOUN
fbem-29706	65	5	suggests	suggest	VERB
fbem-29706	65	6	that	that	SCONJ
fbem-29706	65	7	when	when	SCONJ
fbem-29706	65	8	a	a	DET
fbem-29706	65	9	sufficiently	sufficiently	ADV
fbem-29706	65	10	rich	rich	ADJ
fbem-29706	65	11	tournament	tournament	NOUN
fbem-29706	65	12	prize	prize	NOUN
fbem-29706	65	13	is	be	AUX
fbem-29706	65	14	set	set	VERB
fbem-29706	65	15	,	,	PUNCT
fbem-29706	65	16	participants	participant	NOUN
fbem-29706	65	17	will	will	AUX
fbem-29706	65	18	try	try	VERB
fbem-29706	65	19	to	to	PART
fbem-29706	65	20	win	win	VERB
fbem-29706	65	21	the	the	DET
fbem-29706	65	22	tournament	tournament	NOUN
fbem-29706	65	23	.	.	PUNCT
fbem-29706	66	1	equity	equity	NOUN
fbem-29706	66	2	incentives	incentive	NOUN
fbem-29706	66	3	provide	provide	VERB
fbem-29706	66	4	the	the	DET
fbem-29706	66	5	possibility	possibility	NOUN
fbem-29706	66	6	for	for	SCONJ
fbem-29706	66	7	executives	executive	NOUN
fbem-29706	66	8	to	to	PART
fbem-29706	66	9	obtain	obtain	VERB
fbem-29706	66	10	high	high	ADJ
fbem-29706	66	11	returns	return	NOUN
fbem-29706	66	12	,	,	PUNCT
fbem-29706	66	13	and	and	CCONJ
fbem-29706	66	14	they	they	PRON
fbem-29706	66	15	will	will	AUX
fbem-29706	66	16	try	try	VERB
fbem-29706	66	17	to	to	PART
fbem-29706	66	18	engage	engage	VERB
fbem-29706	66	19	in	in	ADP
fbem-29706	66	20	high	high	ADJ
fbem-29706	66	21	-	-	PUNCT
fbem-29706	66	22	value	value	NOUN
fbem-29706	66	23	business	business	NOUN
fbem-29706	66	24	activities	activity	NOUN
fbem-29706	66	25	(	(	PUNCT
fbem-29706	66	26	e.g.	e.g.	ADV
fbem-29706	66	27	,	,	PUNCT
fbem-29706	66	28	digital	digital	ADJ
fbem-29706	66	29	transformation	transformation	NOUN
fbem-29706	66	30	)	)	PUNCT
fbem-29706	66	31	in	in	ADP
fbem-29706	66	32	order	order	NOUN
fbem-29706	66	33	to	to	PART
fbem-29706	66	34	win	win	VERB
fbem-29706	66	35	the	the	DET
fbem-29706	66	36	tournament	tournament	NOUN
fbem-29706	66	37	[	[	X
fbem-29706	66	38	27	27	NUM
fbem-29706	66	39	]	]	PUNCT
fbem-29706	66	40	.	.	PUNCT
fbem-29706	67	1	in	in	ADP
fbem-29706	67	2	addition	addition	NOUN
fbem-29706	67	3	,	,	PUNCT
fbem-29706	67	4	prospect	prospect	NOUN
fbem-29706	67	5	theory	theory	NOUN
fbem-29706	67	6	suggests	suggest	VERB
fbem-29706	67	7	that	that	SCONJ
fbem-29706	67	8	executives	executive	NOUN
fbem-29706	67	9	'	'	PART
fbem-29706	67	10	decisions	decision	NOUN
fbem-29706	67	11	are	be	AUX
fbem-29706	67	12	based	base	VERB
fbem-29706	67	13	on	on	ADP
fbem-29706	67	14	a	a	DET
fbem-29706	67	15	trade	trade	NOUN
fbem-29706	67	16	-	-	PUNCT
fbem-29706	67	17	off	off	NOUN
fbem-29706	67	18	between	between	ADP
fbem-29706	67	19	benefits	benefit	NOUN
fbem-29706	67	20	and	and	CCONJ
fbem-29706	67	21	costs	cost	NOUN
fbem-29706	67	22	;	;	PUNCT
fbem-29706	67	23	if	if	SCONJ
fbem-29706	67	24	the	the	DET
fbem-29706	67	25	expected	expect	VERB
fbem-29706	67	26	benefits	benefit	NOUN
fbem-29706	67	27	of	of	ADP
fbem-29706	67	28	an	an	DET
fbem-29706	67	29	investment	investment	NOUN
fbem-29706	67	30	are	be	AUX
fbem-29706	67	31	higher	high	ADJ
fbem-29706	67	32	than	than	ADP
fbem-29706	67	33	the	the	DET
fbem-29706	67	34	costs	cost	NOUN
fbem-29706	67	35	,	,	PUNCT
fbem-29706	67	36	executives	executive	NOUN
fbem-29706	67	37	are	be	AUX
fbem-29706	67	38	inclined	incline	VERB
fbem-29706	67	39	to	to	PART
fbem-29706	67	40	take	take	VERB
fbem-29706	67	41	risks	risk	NOUN
fbem-29706	67	42	;	;	PUNCT
fbem-29706	67	43	otherwise	otherwise	ADV
fbem-29706	67	44	,	,	PUNCT
fbem-29706	67	45	they	they	PRON
fbem-29706	67	46	will	will	AUX
fbem-29706	67	47	try	try	VERB
fbem-29706	67	48	to	to	PART
fbem-29706	67	49	avoid	avoid	VERB
fbem-29706	67	50	the	the	DET
fbem-29706	67	51	investment	investment	NOUN
fbem-29706	68	1	[	[	X
fbem-29706	68	2	28	28	NUM
fbem-29706	68	3	]	]	PUNCT
fbem-29706	68	4	.	.	PUNCT
fbem-29706	69	1	equity	equity	NOUN
fbem-29706	69	2	incentives	incentive	NOUN
fbem-29706	69	3	give	give	VERB
fbem-29706	69	4	executives	executive	NOUN
fbem-29706	69	5	partial	partial	ADJ
fbem-29706	69	6	equity	equity	NOUN
fbem-29706	69	7	to	to	PART
fbem-29706	69	8	compensate	compensate	VERB
fbem-29706	69	9	for	for	ADP
fbem-29706	69	10	the	the	DET
fbem-29706	69	11	private	private	ADJ
fbem-29706	69	12	costs	cost	NOUN
fbem-29706	69	13	of	of	ADP
fbem-29706	69	14	digital	digital	ADJ
fbem-29706	69	15	transformation	transformation	NOUN
fbem-29706	69	16	activities	activity	NOUN
fbem-29706	69	17	and	and	CCONJ
fbem-29706	69	18	increase	increase	VERB
fbem-29706	69	19	the	the	DET
fbem-29706	69	20	expected	expect	VERB
fbem-29706	69	21	benefits	benefit	NOUN
fbem-29706	69	22	;	;	PUNCT
fbem-29706	69	23	at	at	ADP
fbem-29706	69	24	the	the	DET
fbem-29706	69	25	same	same	ADJ
fbem-29706	69	26	time	time	NOUN
fbem-29706	69	27	,	,	PUNCT
fbem-29706	69	28	equity	equity	NOUN
fbem-29706	69	29	incentives	incentive	NOUN
fbem-29706	69	30	also	also	ADV
fbem-29706	69	31	have	have	VERB
fbem-29706	69	32	the	the	DET
fbem-29706	69	33	effect	effect	NOUN
fbem-29706	69	34	of	of	ADP
fbem-29706	69	35	risk	risk	NOUN
fbem-29706	69	36	underwriting	underwriting	NOUN
fbem-29706	69	37	and	and	CCONJ
fbem-29706	69	38	reduce	reduce	VERB
fbem-29706	69	39	the	the	DET
fbem-29706	69	40	expected	expect	VERB
fbem-29706	69	41	costs	cost	NOUN
fbem-29706	69	42	,	,	PUNCT
fbem-29706	69	43	which	which	PRON
fbem-29706	69	44	strengthens	strengthen	VERB
fbem-29706	69	45	the	the	DET
fbem-29706	69	46	willingness	willingness	NOUN
fbem-29706	69	47	of	of	ADP
fbem-29706	69	48	executives	executive	NOUN
fbem-29706	69	49	to	to	PART
fbem-29706	69	50	carry	carry	VERB
fbem-29706	69	51	out	out	ADP
fbem-29706	69	52	digital	digital	ADJ
fbem-29706	69	53	transformation	transformation	NOUN
fbem-29706	69	54	.	.	PUNCT
fbem-29706	70	1	managerial	managerial	ADJ
fbem-29706	70	2	power	power	NOUN
fbem-29706	70	3	theory	theory	NOUN
fbem-29706	70	4	suggests	suggest	VERB
fbem-29706	70	5	that	that	SCONJ
fbem-29706	70	6	executives	executive	NOUN
fbem-29706	70	7	'	'	PART
fbem-29706	70	8	control	control	NOUN
fbem-29706	70	9	over	over	ADP
fbem-29706	70	10	the	the	DET
fbem-29706	70	11	enterprise	enterprise	NOUN
fbem-29706	70	12	is	be	AUX
fbem-29706	70	13	increasing	increase	VERB
fbem-29706	70	14	with	with	ADP
fbem-29706	70	15	the	the	DET
fbem-29706	70	16	increase	increase	NOUN
fbem-29706	70	17	of	of	ADP
fbem-29706	70	18	equity	equity	NOUN
fbem-29706	70	19	incentives	incentive	NOUN
fbem-29706	70	20	,	,	PUNCT
fbem-29706	70	21	which	which	PRON
fbem-29706	70	22	may	may	AUX
fbem-29706	70	23	weaken	weaken	VERB
fbem-29706	70	24	the	the	DET
fbem-29706	70	25	constraints	constraint	NOUN
fbem-29706	70	26	of	of	ADP
fbem-29706	70	27	the	the	DET
fbem-29706	70	28	internal	internal	ADJ
fbem-29706	70	29	governance	governance	NOUN
fbem-29706	70	30	mechanism	mechanism	NOUN
fbem-29706	70	31	on	on	ADP
fbem-29706	70	32	executives	executive	NOUN
fbem-29706	70	33	,	,	PUNCT
fbem-29706	70	34	exacerbate	exacerbate	VERB
fbem-29706	70	35	the	the	DET
fbem-29706	70	36	opportunistic	opportunistic	ADJ
fbem-29706	70	37	behavior	behavior	NOUN
fbem-29706	70	38	of	of	ADP
fbem-29706	70	39	executives	executive	NOUN
fbem-29706	70	40	who	who	PRON
fbem-29706	70	41	use	use	VERB
fbem-29706	70	42	their	their	PRON
fbem-29706	70	43	power	power	NOUN
fbem-29706	70	44	for	for	ADP
fbem-29706	70	45	personal	personal	ADJ
fbem-29706	70	46	gain	gain	NOUN
fbem-29706	70	47	,	,	PUNCT
fbem-29706	70	48	and	and	CCONJ
fbem-29706	70	49	produce	produce	VERB
fbem-29706	70	50	the	the	DET
fbem-29706	70	51	trench	trench	NOUN
fbem-29706	70	52	defense	defense	NOUN
fbem-29706	70	53	effect	effect	NOUN
fbem-29706	70	54	,	,	PUNCT
fbem-29706	70	55	i.e.	i.e.	X
fbem-29706	70	56	,	,	PUNCT
fbem-29706	70	57	executives	executive	NOUN
fbem-29706	70	58	,	,	PUNCT
fbem-29706	70	59	in	in	ADP
fbem-29706	70	60	order	order	NOUN
fbem-29706	70	61	to	to	PART
fbem-29706	70	62	seek	seek	VERB
fbem-29706	70	63	more	more	ADJ
fbem-29706	70	64	private	private	ADJ
fbem-29706	70	65	interests	interest	NOUN
fbem-29706	70	66	,	,	PUNCT
fbem-29706	70	67	tend	tend	VERB
fbem-29706	70	68	to	to	PART
fbem-29706	70	69	choose	choose	VERB
fbem-29706	70	70	low	low	ADJ
fbem-29706	70	71	-	-	PUNCT
fbem-29706	70	72	risk	risk	NOUN
fbem-29706	70	73	investment	investment	NOUN
fbem-29706	70	74	projects	project	NOUN
fbem-29706	70	75	that	that	PRON
fbem-29706	70	76	are	be	AUX
fbem-29706	70	77	beneficial	beneficial	ADJ
fbem-29706	70	78	to	to	ADP
fbem-29706	70	79	them	they	PRON
fbem-29706	70	80	personally	personally	ADV
fbem-29706	70	81	,	,	PUNCT
fbem-29706	70	82	which	which	PRON
fbem-29706	70	83	is	be	AUX
fbem-29706	70	84	detrimental	detrimental	ADJ
fbem-29706	70	85	to	to	ADP
fbem-29706	70	86	the	the	DET
fbem-29706	70	87	advancement	advancement	NOUN
fbem-29706	70	88	of	of	ADP
fbem-29706	70	89	the	the	DET
fbem-29706	70	90	digital	digital	ADJ
fbem-29706	70	91	transformation	transformation	NOUN
fbem-29706	70	92	of	of	ADP
fbem-29706	70	93	the	the	DET
fbem-29706	70	94	enterprise	enterprise	NOUN
fbem-29706	70	95	.	.	PUNCT
fbem-29706	71	1	when	when	SCONJ
fbem-29706	71	2	executive	executive	ADJ
fbem-29706	71	3	equity	equity	NOUN
fbem-29706	71	4	incentives	incentive	NOUN
fbem-29706	71	5	exceed	exceed	VERB
fbem-29706	71	6	a	a	DET
fbem-29706	71	7	specific	specific	ADJ
fbem-29706	71	8	threshold	threshold	NOUN
fbem-29706	71	9	,	,	PUNCT
fbem-29706	71	10	the	the	DET
fbem-29706	71	11	board	board	NOUN
fbem-29706	71	12	of	of	ADP
fbem-29706	71	13	directors	director	NOUN
fbem-29706	71	14	'	'	PART
fbem-29706	71	15	supervisory	supervisory	ADJ
fbem-29706	71	16	function	function	NOUN
fbem-29706	71	17	is	be	AUX
fbem-29706	71	18	weakened	weaken	VERB
fbem-29706	71	19	,	,	PUNCT
fbem-29706	71	20	exacerbating	exacerbate	VERB
fbem-29706	71	21	rent	rent	NOUN
fbem-29706	71	22	-	-	PUNCT
fbem-29706	71	23	seeking	seek	VERB
fbem-29706	71	24	behavior	behavior	NOUN
fbem-29706	71	25	and	and	CCONJ
fbem-29706	71	26	insider	insider	NOUN
fbem-29706	71	27	control	control	NOUN
fbem-29706	71	28	problems	problem	NOUN
fbem-29706	71	29	,	,	PUNCT
fbem-29706	71	30	which	which	PRON
fbem-29706	71	31	in	in	ADP
fbem-29706	71	32	turn	turn	NOUN
fbem-29706	71	33	affects	affect	VERB
fbem-29706	71	34	corporate	corporate	ADJ
fbem-29706	71	35	digital	digital	ADJ
fbem-29706	71	36	transformation	transformation	NOUN
fbem-29706	71	37	.	.	PUNCT
fbem-29706	72	1	specifically	specifically	ADV
fbem-29706	72	2	,	,	PUNCT
fbem-29706	72	3	first	first	ADV
fbem-29706	72	4	,	,	PUNCT
fbem-29706	72	5	compared	compare	VERB
fbem-29706	72	6	with	with	ADP
fbem-29706	72	7	digital	digital	ADJ
fbem-29706	72	8	transformation	transformation	NOUN
fbem-29706	72	9	,	,	PUNCT
fbem-29706	72	10	which	which	PRON
fbem-29706	72	11	is	be	AUX
fbem-29706	72	12	a	a	DET
fbem-29706	72	13	high	high	ADJ
fbem-29706	72	14	-	-	PUNCT
fbem-29706	72	15	risk	risk	NOUN
fbem-29706	72	16	and	and	CCONJ
fbem-29706	72	17	long	long	ADJ
fbem-29706	72	18	-	-	PUNCT
fbem-29706	72	19	cycle	cycle	NOUN
fbem-29706	72	20	project	project	NOUN
fbem-29706	72	21	,	,	PUNCT
fbem-29706	72	22	executives	executive	NOUN
fbem-29706	72	23	prefer	prefer	VERB
fbem-29706	72	24	to	to	PART
fbem-29706	72	25	seize	seize	VERB
fbem-29706	72	26	private	private	ADJ
fbem-29706	72	27	profits	profit	NOUN
fbem-29706	72	28	through	through	ADP
fbem-29706	72	29	on	on	ADP
fbem-29706	72	30	-	-	PUNCT
fbem-29706	72	31	the	the	DET
fbem-29706	72	32	-	-	PUNCT
fbem-29706	72	33	job	job	NOUN
fbem-29706	72	34	consumption	consumption	NOUN
fbem-29706	72	35	,	,	PUNCT
fbem-29706	72	36	connected	connected	ADJ
fbem-29706	72	37	transactions	transaction	NOUN
fbem-29706	72	38	and	and	CCONJ
fbem-29706	72	39	transfer	transfer	NOUN
fbem-29706	72	40	of	of	ADP
fbem-29706	72	41	benefits	benefit	NOUN
fbem-29706	72	42	[	[	X
fbem-29706	72	43	17	17	NUM
fbem-29706	72	44	]	]	PUNCT
fbem-29706	72	45	.	.	PUNCT
fbem-29706	73	1	second	second	ADJ
fbem-29706	73	2	,	,	PUNCT
fbem-29706	73	3	excessive	excessive	ADJ
fbem-29706	73	4	equity	equity	NOUN
fbem-29706	73	5	incentives	incentive	NOUN
fbem-29706	73	6	may	may	AUX
fbem-29706	73	7	increase	increase	VERB
fbem-29706	73	8	risk	risk	NOUN
fbem-29706	73	9	aversion	aversion	NOUN
fbem-29706	73	10	and	and	CCONJ
fbem-29706	73	11	laziness	laziness	NOUN
fbem-29706	73	12	among	among	ADP
fbem-29706	73	13	executives	executive	NOUN
fbem-29706	73	14	[	[	X
fbem-29706	73	15	17	17	NUM
fbem-29706	73	16	]	]	PUNCT
fbem-29706	73	17	,	,	PUNCT
fbem-29706	73	18	which	which	PRON
fbem-29706	73	19	,	,	PUNCT
fbem-29706	73	20	coupled	couple	VERB
fbem-29706	73	21	with	with	ADP
fbem-29706	73	22	the	the	DET
fbem-29706	73	23	high	high	ADJ
fbem-29706	73	24	risk	risk	NOUN
fbem-29706	73	25	and	and	CCONJ
fbem-29706	73	26	uncertainty	uncertainty	NOUN
fbem-29706	73	27	of	of	ADP
fbem-29706	73	28	digital	digital	ADJ
fbem-29706	73	29	transformation	transformation	NOUN
fbem-29706	73	30	projects	project	NOUN
fbem-29706	73	31	,	,	PUNCT
fbem-29706	73	32	may	may	AUX
fbem-29706	73	33	lead	lead	VERB
fbem-29706	73	34	to	to	ADP
fbem-29706	73	35	an	an	DET
fbem-29706	73	36	upsurge	upsurge	NOUN
fbem-29706	73	37	in	in	ADP
fbem-29706	73	38	short	short	ADJ
fbem-29706	73	39	-	-	PUNCT
fbem-29706	73	40	sightedness	sightedness	NOUN
fbem-29706	73	41	among	among	ADP
fbem-29706	73	42	executives	executive	NOUN
fbem-29706	73	43	and	and	CCONJ
fbem-29706	73	44	reduce	reduce	VERB
fbem-29706	73	45	their	their	PRON
fbem-29706	73	46	willingness	willingness	NOUN
fbem-29706	73	47	to	to	PART
fbem-29706	73	48	carry	carry	VERB
fbem-29706	73	49	out	out	ADP
fbem-29706	73	50	digital	digital	ADJ
fbem-29706	73	51	transformation	transformation	NOUN
fbem-29706	73	52	.	.	PUNCT
fbem-29706	74	1	finally	finally	ADV
fbem-29706	74	2	,	,	PUNCT
fbem-29706	74	3	granting	grant	VERB
fbem-29706	74	4	too	too	ADV
fbem-29706	74	5	much	much	ADJ
fbem-29706	74	6	equity	equity	NOUN
fbem-29706	74	7	to	to	ADP
fbem-29706	74	8	executives	executive	NOUN
fbem-29706	74	9	will	will	AUX
fbem-29706	74	10	exacerbate	exacerbate	VERB
fbem-29706	74	11	the	the	DET
fbem-29706	74	12	employee	employee	NOUN
fbem-29706	74	13	income	income	NOUN
fbem-29706	74	14	gap	gap	NOUN
fbem-29706	74	15	[	[	X
fbem-29706	74	16	29	29	NUM
fbem-29706	74	17	]	]	PUNCT
fbem-29706	74	18	,	,	PUNCT
fbem-29706	74	19	weakening	weaken	VERB
fbem-29706	74	20	the	the	DET
fbem-29706	74	21	work	work	NOUN
fbem-29706	74	22	motivation	motivation	NOUN
fbem-29706	74	23	of	of	ADP
fbem-29706	74	24	core	core	NOUN
fbem-29706	74	25	and	and	CCONJ
fbem-29706	74	26	junior	junior	ADJ
fbem-29706	74	27	employees	employee	NOUN
fbem-29706	74	28	,	,	PUNCT
fbem-29706	74	29	intensifying	intensify	VERB
fbem-29706	74	30	internal	internal	ADJ
fbem-29706	74	31	conflicts	conflict	NOUN
fbem-29706	74	32	,	,	PUNCT
fbem-29706	74	33	increasing	increase	VERB
fbem-29706	74	34	the	the	DET
fbem-29706	74	35	difficulty	difficulty	NOUN
fbem-29706	74	36	of	of	ADP
fbem-29706	74	37	enterprise	enterprise	NOUN
fbem-29706	74	38	management	management	NOUN
fbem-29706	74	39	,	,	PUNCT
fbem-29706	74	40	and	and	CCONJ
fbem-29706	74	41	hindering	hinder	VERB
fbem-29706	74	42	the	the	DET
fbem-29706	74	43	digital	digital	ADJ
fbem-29706	74	44	transformation	transformation	NOUN
fbem-29706	74	45	of	of	ADP
fbem-29706	74	46	enterprises	enterprise	NOUN
fbem-29706	74	47	.	.	PUNCT
fbem-29706	75	1	therefore	therefore	ADV
fbem-29706	75	2	,	,	PUNCT
fbem-29706	75	3	appropriate	appropriate	ADJ
fbem-29706	75	4	equity	equity	NOUN
fbem-29706	75	5	incentives	incentive	NOUN
fbem-29706	75	6	are	be	AUX
fbem-29706	75	7	conducive	conducive	ADJ
fbem-29706	75	8	to	to	ADP
fbem-29706	75	9	digital	digital	ADJ
fbem-29706	75	10	transformation	transformation	NOUN
fbem-29706	75	11	,	,	PUNCT
fbem-29706	75	12	and	and	CCONJ
fbem-29706	75	13	if	if	SCONJ
fbem-29706	75	14	equity	equity	NOUN
fbem-29706	75	15	incentives	incentive	NOUN
fbem-29706	75	16	are	be	AUX
fbem-29706	75	17	excessive	excessive	ADJ
fbem-29706	75	18	,	,	PUNCT
fbem-29706	75	19	instead	instead	ADV
fbem-29706	75	20	of	of	ADP
fbem-29706	75	21	facilitating	facilitate	VERB
fbem-29706	75	22	the	the	DET
fbem-29706	75	23	digital	digital	ADJ
fbem-29706	75	24	transformation	transformation	NOUN
fbem-29706	75	25	of	of	ADP
fbem-29706	75	26	enterprises	enterprise	NOUN
fbem-29706	75	27	,	,	PUNCT
fbem-29706	75	28	they	they	PRON
fbem-29706	75	29	may	may	AUX
fbem-29706	75	30	become	become	VERB
fbem-29706	75	31	a	a	DET
fbem-29706	75	32	tool	tool	NOUN
fbem-29706	75	33	for	for	SCONJ
fbem-29706	75	34	executives	executive	NOUN
fbem-29706	75	35	to	to	PART
fbem-29706	75	36	implement	implement	VERB
fbem-29706	75	37	opportunistic	opportunistic	ADJ
fbem-29706	75	38	behaviors	behavior	NOUN
fbem-29706	75	39	.	.	PUNCT
fbem-29706	76	1	in	in	ADP
fbem-29706	76	2	view	view	NOUN
fbem-29706	76	3	of	of	ADP
fbem-29706	76	4	this	this	PRON
fbem-29706	76	5	,	,	PUNCT
fbem-29706	76	6	this	this	DET
fbem-29706	76	7	paper	paper	NOUN
fbem-29706	76	8	proposes	propose	VERB
fbem-29706	76	9	the	the	DET
fbem-29706	76	10	following	follow	VERB
fbem-29706	76	11	hypotheses	hypothesis	NOUN
fbem-29706	76	12	:	:	PUNCT
fbem-29706	76	13	h1	h1	NOUN
fbem-29706	76	14	:	:	PUNCT
fbem-29706	76	15	executive	executive	ADJ
fbem-29706	76	16	equity	equity	NOUN
fbem-29706	76	17	incentives	incentive	NOUN
fbem-29706	76	18	have	have	AUX
fbem-29706	76	19	an	an	DET
fbem-29706	76	20	inverted	inverted	ADJ
fbem-29706	76	21	“	"	PUNCT
fbem-29706	76	22	u”shaped	u”shaped	ADJ
fbem-29706	76	23	impact	impact	NOUN
fbem-29706	76	24	on	on	ADP
fbem-29706	76	25	enterprise	enterprise	NOUN
fbem-29706	76	26	digital	digital	ADJ
fbem-29706	76	27	transformation	transformation	NOUN
fbem-29706	76	28	.	.	PUNCT
fbem-29706	77	1	2.2	2.2	NUM
fbem-29706	77	2	.	.	PUNCT
fbem-29706	77	3	mechanism	mechanism	NOUN
fbem-29706	77	4	analysis	analysis	NOUN
fbem-29706	77	5	2.2.1	2.2.1	NUM
fbem-29706	77	6	.	.	PUNCT
fbem-29706	78	1	financing	financing	NOUN
fbem-29706	78	2	constraint	constraint	NOUN
fbem-29706	78	3	mechanism	mechanism	NOUN
fbem-29706	78	4	analysis	analysis	NOUN
fbem-29706	78	5	enterprise	enterprise	NOUN
fbem-29706	78	6	digital	digital	ADJ
fbem-29706	78	7	transformation	transformation	NOUN
fbem-29706	78	8	is	be	AUX
fbem-29706	78	9	a	a	DET
fbem-29706	78	10	transformative	transformative	ADJ
fbem-29706	78	11	activity	activity	NOUN
fbem-29706	78	12	that	that	PRON
fbem-29706	78	13	requires	require	VERB
fbem-29706	78	14	sustained	sustain	VERB
fbem-29706	78	15	capital	capital	NOUN
fbem-29706	78	16	investment	investment	NOUN
fbem-29706	78	17	in	in	ADP
fbem-29706	78	18	technology	technology	NOUN
fbem-29706	78	19	,	,	PUNCT
fbem-29706	78	20	manpower	manpower	NOUN
fbem-29706	78	21	and	and	CCONJ
fbem-29706	78	22	other	other	ADJ
fbem-29706	78	23	aspects	aspect	NOUN
fbem-29706	78	24	.	.	PUNCT
fbem-29706	79	1	however	however	ADV
fbem-29706	79	2	,	,	PUNCT
fbem-29706	79	3	the	the	DET
fbem-29706	79	4	high	high	ADJ
fbem-29706	79	5	degree	degree	NOUN
fbem-29706	79	6	of	of	ADP
fbem-29706	79	7	uncertainty	uncertainty	NOUN
fbem-29706	79	8	about	about	ADP
fbem-29706	79	9	the	the	DET
fbem-29706	79	10	success	success	NOUN
fbem-29706	79	11	or	or	CCONJ
fbem-29706	79	12	failure	failure	NOUN
fbem-29706	79	13	of	of	ADP
fbem-29706	79	14	digital	digital	ADJ
fbem-29706	79	15	transformation	transformation	NOUN
fbem-29706	79	16	leads	lead	VERB
fbem-29706	79	17	to	to	ADP
fbem-29706	79	18	the	the	DET
fbem-29706	79	19	low	low	ADJ
fbem-29706	79	20	value	value	NOUN
fbem-29706	79	21	of	of	ADP
fbem-29706	79	22	collateral	collateral	ADJ
fbem-29706	79	23	security	security	NOUN
fbem-29706	79	24	of	of	ADP
fbem-29706	79	25	the	the	DET
fbem-29706	79	26	relevant	relevant	ADJ
fbem-29706	79	27	projects	project	NOUN
fbem-29706	79	28	,	,	PUNCT
fbem-29706	79	29	which	which	PRON
fbem-29706	79	30	makes	make	VERB
fbem-29706	79	31	enterprises	enterprise	NOUN
fbem-29706	79	32	face	face	VERB
fbem-29706	79	33	high	high	ADJ
fbem-29706	79	34	financing	financing	NOUN
fbem-29706	79	35	constraints	constraint	NOUN
fbem-29706	79	36	due	due	ADP
fbem-29706	79	37	to	to	ADP
fbem-29706	79	38	the	the	DET
fbem-29706	79	39	lack	lack	NOUN
fbem-29706	79	40	of	of	ADP
fbem-29706	79	41	effective	effective	ADJ
fbem-29706	79	42	collateral	collateral	NOUN
fbem-29706	79	43	[	[	X
fbem-29706	79	44	30	30	NUM
fbem-29706	79	45	]	]	PUNCT
fbem-29706	79	46	.	.	PUNCT
fbem-29706	80	1	at	at	ADP
fbem-29706	80	2	this	this	DET
fbem-29706	80	3	time	time	NOUN
fbem-29706	80	4	,	,	PUNCT
fbem-29706	80	5	equity	equity	NOUN
fbem-29706	80	6	incentives	incentive	NOUN
fbem-29706	80	7	can	can	AUX
fbem-29706	80	8	alleviate	alleviate	VERB
fbem-29706	80	9	the	the	DET
fbem-29706	80	10	financing	financing	NOUN
fbem-29706	80	11	constraints	constraint	NOUN
fbem-29706	80	12	of	of	ADP
fbem-29706	80	13	enterprise	enterprise	NOUN
fbem-29706	80	14	digital	digital	ADJ
fbem-29706	80	15	transformation	transformation	NOUN
fbem-29706	80	16	.	.	PUNCT
fbem-29706	81	1	on	on	ADP
fbem-29706	81	2	the	the	DET
fbem-29706	81	3	one	one	NUM
fbem-29706	81	4	hand	hand	NOUN
fbem-29706	81	5	,	,	PUNCT
fbem-29706	81	6	based	base	VERB
fbem-29706	81	7	on	on	ADP
fbem-29706	81	8	the	the	DET
fbem-29706	81	9	signaling	signal	VERB
fbem-29706	81	10	theory	theory	NOUN
fbem-29706	81	11	,	,	PUNCT
fbem-29706	81	12	the	the	DET
fbem-29706	81	13	implementation	implementation	NOUN
fbem-29706	81	14	of	of	ADP
fbem-29706	81	15	executive	executive	ADJ
fbem-29706	81	16	equity	equity	NOUN
fbem-29706	81	17	incentives	incentive	NOUN
fbem-29706	81	18	can	can	AUX
fbem-29706	81	19	release	release	VERB
fbem-29706	81	20	positive	positive	ADJ
fbem-29706	81	21	signals	signal	NOUN
fbem-29706	81	22	to	to	ADP
fbem-29706	81	23	the	the	DET
fbem-29706	81	24	market	market	NOUN
fbem-29706	81	25	that	that	PRON
fbem-29706	81	26	the	the	DET
fbem-29706	81	27	enterprise	enterprise	NOUN
fbem-29706	81	28	has	have	VERB
fbem-29706	81	29	a	a	DET
fbem-29706	81	30	perfect	perfect	ADJ
fbem-29706	81	31	governance	governance	NOUN
fbem-29706	81	32	mechanism	mechanism	NOUN
fbem-29706	81	33	and	and	CCONJ
fbem-29706	81	34	invests	invest	NOUN
fbem-29706	81	35	in	in	ADP
fbem-29706	81	36	excellent	excellent	ADJ
fbem-29706	81	37	projects	project	NOUN
fbem-29706	81	38	,	,	PUNCT
fbem-29706	81	39	improve	improve	VERB
fbem-29706	81	40	the	the	DET
fbem-29706	81	41	expectations	expectation	NOUN
fbem-29706	81	42	of	of	ADP
fbem-29706	81	43	external	external	ADJ
fbem-29706	81	44	investors	investor	NOUN
fbem-29706	81	45	for	for	ADP
fbem-29706	81	46	the	the	DET
fbem-29706	81	47	future	future	ADJ
fbem-29706	81	48	development	development	NOUN
fbem-29706	81	49	prospects	prospect	NOUN
fbem-29706	81	50	of	of	ADP
fbem-29706	81	51	the	the	DET
fbem-29706	81	52	enterprise	enterprise	NOUN
fbem-29706	81	53	,	,	PUNCT
fbem-29706	81	54	bring	bring	VERB
fbem-29706	81	55	“	"	PUNCT
fbem-29706	81	56	investor	investor	NOUN
fbem-29706	81	57	attention	attention	NOUN
fbem-29706	81	58	effect	effect	NOUN
fbem-29706	81	59	”	"	PUNCT
fbem-29706	81	60	,	,	PUNCT
fbem-29706	81	61	and	and	CCONJ
fbem-29706	81	62	attract	attract	VERB
fbem-29706	81	63	social	social	ADJ
fbem-29706	81	64	capital	capital	NOUN
fbem-29706	81	65	[	[	X
fbem-29706	81	66	31	31	NUM
fbem-29706	81	67	]	]	PUNCT
fbem-29706	81	68	;	;	PUNCT
fbem-29706	81	69	on	on	ADP
fbem-29706	81	70	the	the	DET
fbem-29706	81	71	other	other	ADJ
fbem-29706	81	72	hand	hand	NOUN
fbem-29706	81	73	,	,	PUNCT
fbem-29706	81	74	based	base	VERB
fbem-29706	81	75	on	on	ADP
fbem-29706	81	76	the	the	DET
fbem-29706	81	77	asymmetric	asymmetric	ADJ
fbem-29706	81	78	information	information	NOUN
fbem-29706	81	79	,	,	PUNCT
fbem-29706	81	80	equity	equity	NOUN
fbem-29706	81	81	incentives	incentive	NOUN
fbem-29706	81	82	can	can	AUX
fbem-29706	81	83	ease	ease	VERB
fbem-29706	81	84	the	the	DET
fbem-29706	81	85	conflict	conflict	NOUN
fbem-29706	81	86	of	of	ADP
fbem-29706	81	87	interest	interest	NOUN
fbem-29706	81	88	between	between	ADP
fbem-29706	81	89	shareholders	shareholder	NOUN
fbem-29706	81	90	and	and	CCONJ
fbem-29706	81	91	executives	executive	NOUN
fbem-29706	81	92	,	,	PUNCT
fbem-29706	81	93	prompting	prompt	VERB
fbem-29706	81	94	the	the	DET
fbem-29706	81	95	disclosure	disclosure	NOUN
fbem-29706	81	96	preferences	preference	NOUN
fbem-29706	81	97	of	of	ADP
fbem-29706	81	98	executives	executive	NOUN
fbem-29706	81	99	and	and	CCONJ
fbem-29706	81	100	shareholders	shareholder	NOUN
fbem-29706	81	101	to	to	PART
fbem-29706	81	102	converge	converge	VERB
fbem-29706	81	103	,	,	PUNCT
fbem-29706	81	104	which	which	PRON
fbem-29706	81	105	can	can	AUX
fbem-29706	81	106	improve	improve	VERB
fbem-29706	81	107	the	the	DET
fbem-29706	81	108	transparency	transparency	NOUN
fbem-29706	81	109	of	of	ADP
fbem-29706	81	110	corporate	corporate	ADJ
fbem-29706	81	111	information	information	NOUN
fbem-29706	81	112	[	[	X
fbem-29706	81	113	32	32	NUM
fbem-29706	81	114	]	]	PUNCT
fbem-29706	81	115	,	,	PUNCT
fbem-29706	81	116	enhance	enhance	VERB
fbem-29706	81	117	the	the	DET
fbem-29706	81	118	possibility	possibility	NOUN
fbem-29706	81	119	of	of	ADP
fbem-29706	81	120	obtaining	obtain	VERB
fbem-29706	81	121	external	external	ADJ
fbem-29706	81	122	financing	financing	NOUN
fbem-29706	81	123	support	support	NOUN
fbem-29706	81	124	for	for	ADP
fbem-29706	81	125	the	the	DET
fbem-29706	81	126	enterprise	enterprise	NOUN
fbem-29706	81	127	,	,	PUNCT
fbem-29706	81	128	and	and	CCONJ
fbem-29706	81	129	make	make	VERB
fbem-29706	81	130	up	up	ADP
fbem-29706	81	131	for	for	ADP
fbem-29706	81	132	the	the	DET
fbem-29706	81	133	capital	capital	NOUN
fbem-29706	81	134	needs	need	NOUN
fbem-29706	81	135	of	of	ADP
fbem-29706	81	136	digital	digital	ADJ
fbem-29706	81	137	transformation	transformation	NOUN
fbem-29706	81	138	.	.	PUNCT
fbem-29706	82	1	in	in	ADP
fbem-29706	82	2	addition	addition	NOUN
fbem-29706	82	3	,	,	PUNCT
fbem-29706	82	4	equity	equity	NOUN
fbem-29706	82	5	incentives	incentive	NOUN
fbem-29706	82	6	can	can	AUX
fbem-29706	82	7	replace	replace	VERB
fbem-29706	82	8	part	part	NOUN
fbem-29706	82	9	of	of	ADP
fbem-29706	82	10	the	the	DET
fbem-29706	82	11	cash	cash	NOUN
fbem-29706	82	12	compensation	compensation	NOUN
fbem-29706	82	13	,	,	PUNCT
fbem-29706	82	14	reduce	reduce	VERB
fbem-29706	82	15	cash	cash	NOUN
fbem-29706	82	16	outflow	outflow	NOUN
fbem-29706	82	17	,	,	PUNCT
fbem-29706	82	18	and	and	CCONJ
fbem-29706	82	19	improve	improve	VERB
fbem-29706	82	20	the	the	DET
fbem-29706	82	21	financial	financial	ADJ
fbem-29706	82	22	status	status	NOUN
fbem-29706	82	23	of	of	ADP
fbem-29706	82	24	the	the	DET
fbem-29706	82	25	enterprise	enterprise	NOUN
fbem-29706	82	26	by	by	ADP
fbem-29706	82	27	generating	generate	VERB
fbem-29706	82	28	a	a	DET
fbem-29706	82	29	large	large	ADJ
fbem-29706	82	30	amount	amount	NOUN
fbem-29706	82	31	of	of	ADP
fbem-29706	82	32	cash	cash	NOUN
fbem-29706	82	33	inflow	inflow	NOUN
fbem-29706	82	34	and	and	CCONJ
fbem-29706	82	35	enjoying	enjoy	VERB
fbem-29706	82	36	relevant	relevant	ADJ
fbem-29706	82	37	tax	tax	NOUN
fbem-29706	82	38	benefits	benefit	NOUN
fbem-29706	82	39	during	during	ADP
fbem-29706	82	40	the	the	DET
fbem-29706	82	41	exercise	exercise	NOUN
fbem-29706	82	42	period	period	NOUN
fbem-29706	82	43	[	[	X
fbem-29706	82	44	17	17	NUM
fbem-29706	82	45	]	]	PUNCT
fbem-29706	82	46	.	.	PUNCT
fbem-29706	83	1	a	a	DET
fbem-29706	83	2	good	good	ADJ
fbem-29706	83	3	financial	financial	ADJ
fbem-29706	83	4	position	position	NOUN
fbem-29706	83	5	provides	provide	VERB
fbem-29706	83	6	a	a	DET
fbem-29706	83	7	more	more	ADV
fbem-29706	83	8	relaxed	relaxed	ADJ
fbem-29706	83	9	environment	environment	NOUN
fbem-29706	83	10	for	for	ADP
fbem-29706	83	11	enterprise	enterprise	NOUN
fbem-29706	83	12	development	development	NOUN
fbem-29706	83	13	,	,	PUNCT
fbem-29706	83	14	prompting	prompt	VERB
fbem-29706	83	15	executives	executive	NOUN
fbem-29706	83	16	to	to	PART
fbem-29706	83	17	focus	focus	VERB
fbem-29706	83	18	on	on	ADP
fbem-29706	83	19	high	high	ADJ
fbem-29706	83	20	-	-	PUNCT
fbem-29706	83	21	risk	risk	NOUN
fbem-29706	83	22	,	,	PUNCT
fbem-29706	83	23	high	high	ADJ
fbem-29706	83	24	-	-	PUNCT
fbem-29706	83	25	investment	investment	NOUN
fbem-29706	83	26	activities	activity	NOUN
fbem-29706	83	27	(	(	PUNCT
fbem-29706	83	28	e.g.	e.g.	ADV
fbem-29706	83	29	,	,	PUNCT
fbem-29706	83	30	digital	digital	ADJ
fbem-29706	83	31	transformation	transformation	NOUN
fbem-29706	83	32	)	)	PUNCT
fbem-29706	83	33	for	for	ADP
fbem-29706	83	34	the	the	DET
fbem-29706	83	35	long	long	ADJ
fbem-29706	83	36	-	-	PUNCT
fbem-29706	83	37	term	term	NOUN
fbem-29706	83	38	development	development	NOUN
fbem-29706	83	39	of	of	ADP
fbem-29706	83	40	the	the	DET
fbem-29706	83	41	enterprise	enterprise	NOUN
fbem-29706	83	42	.	.	PUNCT
fbem-29706	84	1	however	however	ADV
fbem-29706	84	2	,	,	PUNCT
fbem-29706	84	3	the	the	DET
fbem-29706	84	4	welfare	welfare	NOUN
fbem-29706	84	5	and	and	CCONJ
fbem-29706	84	6	financial	financial	ADJ
fbem-29706	84	7	whitewash	whitewash	NOUN
fbem-29706	84	8	effects	effect	NOUN
fbem-29706	84	9	of	of	ADP
fbem-29706	84	10	equity	equity	NOUN
fbem-29706	84	11	incentives	incentive	NOUN
fbem-29706	84	12	may	may	AUX
fbem-29706	84	13	also	also	ADV
fbem-29706	84	14	exacerbate	exacerbate	VERB
fbem-29706	84	15	corporate	corporate	ADJ
fbem-29706	84	16	financing	financing	NOUN
fbem-29706	84	17	constraints	constraint	NOUN
fbem-29706	84	18	.	.	PUNCT
fbem-29706	85	1	as	as	SCONJ
fbem-29706	85	2	the	the	DET
fbem-29706	85	3	shareholding	shareholding	NOUN
fbem-29706	85	4	ratio	ratio	NOUN
fbem-29706	85	5	of	of	ADP
fbem-29706	85	6	executives	executive	NOUN
fbem-29706	85	7	granted	grant	VERB
fbem-29706	85	8	by	by	ADP
fbem-29706	85	9	equity	equity	NOUN
fbem-29706	85	10	incentives	incentive	NOUN
fbem-29706	85	11	continues	continue	VERB
fbem-29706	85	12	to	to	PART
fbem-29706	85	13	increase	increase	VERB
fbem-29706	85	14	,	,	PUNCT
fbem-29706	85	15	the	the	DET
fbem-29706	85	16	voice	voice	NOUN
fbem-29706	85	17	of	of	ADP
fbem-29706	85	18	executives	executive	NOUN
fbem-29706	85	19	in	in	ADP
fbem-29706	85	20	the	the	DET
fbem-29706	85	21	enterprise	enterprise	NOUN
fbem-29706	85	22	also	also	ADV
fbem-29706	85	23	increases	increase	VERB
fbem-29706	85	24	,	,	PUNCT
fbem-29706	85	25	which	which	PRON
fbem-29706	85	26	enhances	enhance	VERB
fbem-29706	85	27	the	the	DET
fbem-29706	85	28	motivation	motivation	NOUN
fbem-29706	85	29	of	of	ADP
fbem-29706	85	30	executives	executive	NOUN
fbem-29706	85	31	to	to	PART
fbem-29706	85	32	use	use	VERB
fbem-29706	85	33	their	their	PRON
fbem-29706	85	34	power	power	NOUN
fbem-29706	85	35	for	for	ADP
fbem-29706	85	36	private	private	ADJ
fbem-29706	85	37	opportunistic	opportunistic	ADJ
fbem-29706	85	38	behavior	behavior	NOUN
fbem-29706	85	39	,	,	PUNCT
fbem-29706	85	40	resulting	result	VERB
fbem-29706	85	41	in	in	ADP
fbem-29706	85	42	equity	equity	NOUN
fbem-29706	85	43	incentives	incentive	NOUN
fbem-29706	85	44	becoming	become	VERB
fbem-29706	85	45	a	a	DET
fbem-29706	85	46	tool	tool	NOUN
fbem-29706	85	47	for	for	SCONJ
fbem-29706	85	48	executives	executive	NOUN
fbem-29706	85	49	to	to	PART
fbem-29706	85	50	seek	seek	VERB
fbem-29706	85	51	benefits	benefit	NOUN
fbem-29706	85	52	.	.	PUNCT
fbem-29706	86	1	according	accord	VERB
fbem-29706	86	2	to	to	ADP
fbem-29706	86	3	statistics	statistic	NOUN
fbem-29706	86	4	,	,	PUNCT
fbem-29706	86	5	nearly	nearly	ADV
fbem-29706	86	6	1/3	1/3	NUM
fbem-29706	86	7	of	of	ADP
fbem-29706	86	8	the	the	DET
fbem-29706	86	9	listed	list	VERB
fbem-29706	86	10	enterprises	enterprise	NOUN
fbem-29706	86	11	in	in	ADP
fbem-29706	86	12	china	china	PROPN
fbem-29706	86	13	implemented	implement	VERB
fbem-29706	86	14	equity	equity	NOUN
fbem-29706	86	15	incentive	incentive	NOUN
fbem-29706	86	16	programs	program	NOUN
fbem-29706	86	17	have	have	VERB
fbem-29706	86	18	welfare	welfare	NOUN
fbem-29706	86	19	effects	effect	NOUN
fbem-29706	86	20	[	[	X
fbem-29706	86	21	33	33	NUM
fbem-29706	86	22	]	]	PUNCT
fbem-29706	86	23	.	.	PUNCT
fbem-29706	87	1	if	if	SCONJ
fbem-29706	87	2	external	external	ADJ
fbem-29706	87	3	investors	investor	NOUN
fbem-29706	87	4	or	or	CCONJ
fbem-29706	87	5	creditors	creditor	NOUN
fbem-29706	87	6	determine	determine	VERB
fbem-29706	87	7	that	that	SCONJ
fbem-29706	87	8	an	an	DET
fbem-29706	87	9	enterprise	enterprise	NOUN
fbem-29706	87	10	's	's	PART
fbem-29706	87	11	equity	equity	NOUN
fbem-29706	87	12	incentive	incentive	NOUN
fbem-29706	87	13	program	program	NOUN
fbem-29706	87	14	has	have	VERB
fbem-29706	87	15	a	a	DET
fbem-29706	87	16	significant	significant	ADJ
fbem-29706	87	17	welfare	welfare	NOUN
fbem-29706	87	18	effect	effect	NOUN
fbem-29706	87	19	,	,	PUNCT
fbem-29706	87	20	it	it	PRON
fbem-29706	87	21	will	will	AUX
fbem-29706	87	22	question	question	VERB
fbem-29706	87	23	or	or	CCONJ
fbem-29706	87	24	worry	worry	VERB
fbem-29706	87	25	about	about	ADP
fbem-29706	87	26	the	the	DET
fbem-29706	87	27	company	company	NOUN
fbem-29706	87	28	's	's	PART
fbem-29706	87	29	development	development	NOUN
fbem-29706	87	30	prospects	prospect	NOUN
fbem-29706	87	31	and	and	CCONJ
fbem-29706	87	32	solvency	solvency	NOUN
fbem-29706	87	33	,	,	PUNCT
fbem-29706	87	34	in	in	ADP
fbem-29706	87	35	order	order	NOUN
fbem-29706	87	36	to	to	PART
fbem-29706	87	37	reduce	reduce	VERB
fbem-29706	87	38	their	their	PRON
fbem-29706	87	39	own	own	ADJ
fbem-29706	87	40	credit	credit	NOUN
fbem-29706	87	41	risk	risk	NOUN
fbem-29706	87	42	,	,	PUNCT
fbem-29706	87	43	their	their	PRON
fbem-29706	87	44	investment	investment	NOUN
fbem-29706	87	45	willingness	willingness	NOUN
fbem-29706	87	46	to	to	PART
fbem-29706	87	47	be	be	AUX
fbem-29706	87	48	inhibited	inhibit	VERB
fbem-29706	87	49	,	,	PUNCT
fbem-29706	87	50	exacerbating	exacerbate	VERB
fbem-29706	87	51	the	the	DET
fbem-29706	87	52	corporate	corporate	ADJ
fbem-29706	87	53	financing	financing	NOUN
fbem-29706	87	54	constraints	constraint	NOUN
fbem-29706	87	55	[	[	X
fbem-29706	87	56	34	34	NUM
fbem-29706	87	57	]	]	PUNCT
fbem-29706	87	58	.	.	PUNCT
fbem-29706	88	1	at	at	ADP
fbem-29706	88	2	the	the	DET
fbem-29706	88	3	same	same	ADJ
fbem-29706	88	4	time	time	NOUN
fbem-29706	88	5	,	,	PUNCT
fbem-29706	88	6	after	after	ADP
fbem-29706	88	7	carrying	carry	VERB
fbem-29706	88	8	out	out	ADP
fbem-29706	88	9	the	the	DET
fbem-29706	88	10	equity	equity	NOUN
fbem-29706	88	11	incentive	incentive	NOUN
fbem-29706	88	12	plan	plan	NOUN
fbem-29706	88	13	,	,	PUNCT
fbem-29706	88	14	if	if	SCONJ
fbem-29706	88	15	the	the	DET
fbem-29706	88	16	listed	list	VERB
fbem-29706	88	17	company	company	NOUN
fbem-29706	88	18	's	's	PART
fbem-29706	88	19	earnings	earning	NOUN
fbem-29706	88	20	growth	growth	NOUN
fbem-29706	88	21	fails	fail	VERB
fbem-29706	88	22	to	to	PART
fbem-29706	88	23	meet	meet	VERB
fbem-29706	88	24	the	the	DET
fbem-29706	88	25	exercise	exercise	NOUN
fbem-29706	88	26	conditions	condition	NOUN
fbem-29706	88	27	,	,	PUNCT
fbem-29706	88	28	the	the	DET
fbem-29706	88	29	executives	executive	NOUN
fbem-29706	88	30	may	may	AUX
fbem-29706	88	31	actively	actively	ADV
fbem-29706	88	32	carry	carry	VERB
fbem-29706	88	33	out	out	ADP
fbem-29706	88	34	surplus	surplus	NOUN
fbem-29706	88	35	management	management	NOUN
fbem-29706	88	36	operations	operation	NOUN
fbem-29706	88	37	or	or	CCONJ
fbem-29706	88	38	whitewash	whitewash	VERB
fbem-29706	88	39	the	the	DET
fbem-29706	88	40	financial	financial	ADJ
fbem-29706	88	41	statements	statement	NOUN
fbem-29706	88	42	in	in	ADP
fbem-29706	88	43	order	order	NOUN
fbem-29706	88	44	to	to	PART
fbem-29706	88	45	unlock	unlock	VERB
fbem-29706	88	46	the	the	DET
fbem-29706	88	47	stock	stock	NOUN
fbem-29706	88	48	options	option	NOUN
fbem-29706	88	49	or	or	CCONJ
fbem-29706	88	50	restricted	restrict	VERB
fbem-29706	88	51	shares	share	NOUN
fbem-29706	88	52	on	on	ADP
fbem-29706	88	53	schedule	schedule	NOUN
fbem-29706	88	54	[	[	X
fbem-29706	88	55	34	34	NUM
fbem-29706	88	56	]	]	PUNCT
fbem-29706	88	57	.	.	PUNCT
fbem-29706	89	1	equity	equity	NOUN
fbem-29706	89	2	incentives	incentive	NOUN
fbem-29706	89	3	have	have	AUX
fbem-29706	89	4	been	be	AUX
fbem-29706	89	5	shown	show	VERB
fbem-29706	89	6	to	to	PART
fbem-29706	89	7	be	be	AUX
fbem-29706	89	8	a	a	DET
fbem-29706	89	9	direct	direct	ADJ
fbem-29706	89	10	trigger	trigger	NOUN
fbem-29706	89	11	for	for	ADP
fbem-29706	89	12	executives	executive	NOUN
fbem-29706	89	13	'	'	PART
fbem-29706	89	14	surplus	surplus	ADJ
fbem-29706	89	15	management	management	NOUN
fbem-29706	89	16	193	193	NUM
fbem-29706	89	17	operations	operation	NOUN
fbem-29706	89	18	,	,	PUNCT
fbem-29706	89	19	and	and	CCONJ
fbem-29706	89	20	managerial	managerial	ADJ
fbem-29706	89	21	power	power	NOUN
fbem-29706	89	22	is	be	AUX
fbem-29706	89	23	a	a	DET
fbem-29706	89	24	catalyst	catalyst	NOUN
fbem-29706	89	25	for	for	ADP
fbem-29706	89	26	such	such	ADJ
fbem-29706	89	27	financial	financial	ADJ
fbem-29706	89	28	manipulation	manipulation	NOUN
fbem-29706	89	29	behavior	behavior	NOUN
fbem-29706	90	1	[	[	X
fbem-29706	90	2	35	35	NUM
fbem-29706	90	3	]	]	PUNCT
fbem-29706	90	4	.	.	PUNCT
fbem-29706	91	1	the	the	DET
fbem-29706	91	2	above	above	ADJ
fbem-29706	91	3	behaviors	behavior	NOUN
fbem-29706	91	4	will	will	AUX
fbem-29706	91	5	undoubtedly	undoubtedly	ADV
fbem-29706	91	6	increase	increase	VERB
fbem-29706	91	7	the	the	DET
fbem-29706	91	8	difficulty	difficulty	NOUN
fbem-29706	91	9	for	for	ADP
fbem-29706	91	10	external	external	ADJ
fbem-29706	91	11	investors	investor	NOUN
fbem-29706	91	12	and	and	CCONJ
fbem-29706	91	13	creditors	creditor	NOUN
fbem-29706	91	14	to	to	PART
fbem-29706	91	15	discern	discern	VERB
fbem-29706	91	16	the	the	DET
fbem-29706	91	17	true	true	ADJ
fbem-29706	91	18	financial	financial	ADJ
fbem-29706	91	19	status	status	NOUN
fbem-29706	91	20	of	of	ADP
fbem-29706	91	21	the	the	DET
fbem-29706	91	22	enterprise	enterprise	NOUN
fbem-29706	91	23	,	,	PUNCT
fbem-29706	91	24	and	and	CCONJ
fbem-29706	91	25	reduce	reduce	VERB
fbem-29706	91	26	the	the	DET
fbem-29706	91	27	creditors	creditor	NOUN
fbem-29706	91	28	'	'	PART
fbem-29706	91	29	trust	trust	NOUN
fbem-29706	91	30	in	in	ADP
fbem-29706	91	31	the	the	DET
fbem-29706	91	32	enterprise	enterprise	NOUN
fbem-29706	91	33	's	's	PART
fbem-29706	91	34	financial	financial	ADJ
fbem-29706	91	35	reports	report	NOUN
fbem-29706	91	36	,	,	PUNCT
fbem-29706	91	37	which	which	PRON
fbem-29706	91	38	will	will	AUX
fbem-29706	91	39	make	make	VERB
fbem-29706	91	40	them	they	PRON
fbem-29706	91	41	more	more	ADV
fbem-29706	91	42	cautious	cautious	ADJ
fbem-29706	91	43	when	when	SCONJ
fbem-29706	91	44	facing	face	VERB
fbem-29706	91	45	the	the	DET
fbem-29706	91	46	financing	financing	NOUN
fbem-29706	91	47	needs	need	NOUN
fbem-29706	91	48	of	of	ADP
fbem-29706	91	49	the	the	DET
fbem-29706	91	50	company	company	NOUN
fbem-29706	91	51	's	's	PART
fbem-29706	91	52	digital	digital	ADJ
fbem-29706	91	53	transformation	transformation	NOUN
fbem-29706	91	54	.	.	PUNCT
fbem-29706	92	1	it	it	PRON
fbem-29706	92	2	can	can	AUX
fbem-29706	92	3	be	be	AUX
fbem-29706	92	4	seen	see	VERB
fbem-29706	92	5	that	that	SCONJ
fbem-29706	92	6	there	there	PRON
fbem-29706	92	7	is	be	VERB
fbem-29706	92	8	a	a	DET
fbem-29706	92	9	non	non	ADJ
fbem-29706	92	10	-	-	ADJ
fbem-29706	92	11	linear	linear	ADJ
fbem-29706	92	12	relationship	relationship	NOUN
fbem-29706	92	13	between	between	ADP
fbem-29706	92	14	executive	executive	ADJ
fbem-29706	92	15	equity	equity	NOUN
fbem-29706	92	16	incentives	incentive	NOUN
fbem-29706	92	17	and	and	CCONJ
fbem-29706	92	18	financing	financing	NOUN
fbem-29706	92	19	constraints	constraint	NOUN
fbem-29706	92	20	,	,	PUNCT
fbem-29706	92	21	and	and	CCONJ
fbem-29706	92	22	financing	financing	NOUN
fbem-29706	92	23	constraints	constraint	NOUN
fbem-29706	92	24	negatively	negatively	ADV
fbem-29706	92	25	affect	affect	VERB
fbem-29706	92	26	the	the	DET
fbem-29706	92	27	digital	digital	ADJ
fbem-29706	92	28	transformation	transformation	NOUN
fbem-29706	92	29	of	of	ADP
fbem-29706	92	30	enterprises	enterprise	NOUN
fbem-29706	92	31	.	.	PUNCT
fbem-29706	93	1	in	in	ADP
fbem-29706	93	2	view	view	NOUN
fbem-29706	93	3	of	of	ADP
fbem-29706	93	4	this	this	PRON
fbem-29706	93	5	,	,	PUNCT
fbem-29706	93	6	this	this	DET
fbem-29706	93	7	paper	paper	NOUN
fbem-29706	93	8	proposes	propose	VERB
fbem-29706	93	9	research	research	NOUN
fbem-29706	93	10	hypothesis	hypothesis	NOUN
fbem-29706	93	11	2	2	NUM
fbem-29706	93	12	:	:	PUNCT
fbem-29706	93	13	h2	h2	NOUN
fbem-29706	93	14	:	:	PUNCT
fbem-29706	93	15	executive	executive	ADJ
fbem-29706	93	16	equity	equity	NOUN
fbem-29706	93	17	incentives	incentive	NOUN
fbem-29706	93	18	affect	affect	VERB
fbem-29706	93	19	corporate	corporate	ADJ
fbem-29706	93	20	digital	digital	ADJ
fbem-29706	93	21	transformation	transformation	NOUN
fbem-29706	93	22	through	through	ADP
fbem-29706	93	23	the	the	DET
fbem-29706	93	24	financing	financing	NOUN
fbem-29706	93	25	constraint	constraint	NOUN
fbem-29706	93	26	path	path	NOUN
fbem-29706	93	27	.	.	PUNCT
fbem-29706	94	1	2.2.2	2.2.2	X
fbem-29706	94	2	.	.	PUNCT
fbem-29706	94	3	analysis	analysis	NOUN
fbem-29706	94	4	of	of	ADP
fbem-29706	94	5	risk	risk	NOUN
fbem-29706	94	6	-	-	PUNCT
fbem-29706	94	7	taking	take	VERB
fbem-29706	94	8	mechanisms	mechanism	NOUN
fbem-29706	94	9	agency	agency	NOUN
fbem-29706	94	10	theory	theory	NOUN
fbem-29706	94	11	suggests	suggest	VERB
fbem-29706	94	12	that	that	SCONJ
fbem-29706	94	13	executives	executive	NOUN
fbem-29706	94	14	are	be	AUX
fbem-29706	94	15	unable	unable	ADJ
fbem-29706	94	16	to	to	PART
fbem-29706	94	17	reduce	reduce	VERB
fbem-29706	94	18	risk	risk	NOUN
fbem-29706	94	19	through	through	ADP
fbem-29706	94	20	diversification	diversification	NOUN
fbem-29706	94	21	.	.	PUNCT
fbem-29706	95	1	according	accord	VERB
fbem-29706	95	2	to	to	ADP
fbem-29706	95	3	mckinsey	mckinsey	PROPN
fbem-29706	95	4	research	research	NOUN
fbem-29706	95	5	data	datum	NOUN
fbem-29706	95	6	,	,	PUNCT
fbem-29706	95	7	the	the	DET
fbem-29706	95	8	failure	failure	NOUN
fbem-29706	95	9	rate	rate	NOUN
fbem-29706	95	10	of	of	ADP
fbem-29706	95	11	digital	digital	ADJ
fbem-29706	95	12	transformation	transformation	NOUN
fbem-29706	95	13	is	be	AUX
fbem-29706	95	14	as	as	ADV
fbem-29706	95	15	high	high	ADJ
fbem-29706	95	16	as	as	ADP
fbem-29706	95	17	80	80	NUM
fbem-29706	95	18	%	%	NOUN
fbem-29706	95	19	.	.	PUNCT
fbem-29706	96	1	failure	failure	NOUN
fbem-29706	96	2	of	of	ADP
fbem-29706	96	3	transformation	transformation	NOUN
fbem-29706	96	4	will	will	AUX
fbem-29706	96	5	cause	cause	VERB
fbem-29706	96	6	huge	huge	ADJ
fbem-29706	96	7	losses	loss	NOUN
fbem-29706	96	8	to	to	ADP
fbem-29706	96	9	executives	executive	NOUN
fbem-29706	96	10	,	,	PUNCT
fbem-29706	96	11	who	who	PRON
fbem-29706	96	12	may	may	AUX
fbem-29706	96	13	give	give	VERB
fbem-29706	96	14	up	up	ADP
fbem-29706	96	15	such	such	ADJ
fbem-29706	96	16	activities	activity	NOUN
fbem-29706	96	17	for	for	ADP
fbem-29706	96	18	the	the	DET
fbem-29706	96	19	consideration	consideration	NOUN
fbem-29706	96	20	of	of	ADP
fbem-29706	96	21	salary	salary	NOUN
fbem-29706	96	22	compensation	compensation	NOUN
fbem-29706	96	23	,	,	PUNCT
fbem-29706	96	24	career	career	NOUN
fbem-29706	96	25	development	development	NOUN
fbem-29706	96	26	and	and	CCONJ
fbem-29706	96	27	industry	industry	NOUN
fbem-29706	96	28	reputation	reputation	NOUN
fbem-29706	96	29	(	(	PUNCT
fbem-29706	96	30	“	"	PUNCT
fbem-29706	96	31	quiet	quiet	ADJ
fbem-29706	96	32	life	life	NOUN
fbem-29706	96	33	”	"	PUNCT
fbem-29706	96	34	theory	theory	NOUN
fbem-29706	96	35	hypothesis	hypothesis	NOUN
fbem-29706	96	36	)	)	PUNCT
fbem-29706	96	37	.	.	PUNCT
fbem-29706	97	1	in	in	ADP
fbem-29706	97	2	the	the	DET
fbem-29706	97	3	context	context	NOUN
fbem-29706	97	4	of	of	ADP
fbem-29706	97	5	traditional	traditional	ADJ
fbem-29706	97	6	compensation	compensation	NOUN
fbem-29706	97	7	incentives	incentive	NOUN
fbem-29706	97	8	,	,	PUNCT
fbem-29706	97	9	executives	executive	NOUN
fbem-29706	97	10	are	be	AUX
fbem-29706	97	11	not	not	PART
fbem-29706	97	12	incentivized	incentivize	VERB
fbem-29706	97	13	to	to	PART
fbem-29706	97	14	choose	choose	VERB
fbem-29706	97	15	high	high	ADJ
fbem-29706	97	16	-	-	PUNCT
fbem-29706	97	17	risk	risk	NOUN
fbem-29706	97	18	investments	investment	NOUN
fbem-29706	97	19	such	such	ADJ
fbem-29706	97	20	as	as	ADP
fbem-29706	97	21	digital	digital	ADJ
fbem-29706	97	22	transformation	transformation	NOUN
fbem-29706	97	23	because	because	SCONJ
fbem-29706	97	24	they	they	PRON
fbem-29706	97	25	have	have	VERB
fbem-29706	97	26	to	to	PART
fbem-29706	97	27	bear	bear	VERB
fbem-29706	97	28	the	the	DET
fbem-29706	97	29	risk	risk	NOUN
fbem-29706	97	30	of	of	ADP
fbem-29706	97	31	investment	investment	NOUN
fbem-29706	97	32	failure	failure	NOUN
fbem-29706	97	33	but	but	CCONJ
fbem-29706	97	34	can	can	AUX
fbem-29706	97	35	not	not	PART
fbem-29706	97	36	share	share	VERB
fbem-29706	97	37	the	the	DET
fbem-29706	97	38	returns	return	NOUN
fbem-29706	97	39	from	from	ADP
fbem-29706	97	40	risky	risky	ADJ
fbem-29706	97	41	investments	investment	NOUN
fbem-29706	97	42	.	.	PUNCT
fbem-29706	98	1	however	however	ADV
fbem-29706	98	2	,	,	PUNCT
fbem-29706	98	3	executive	executive	ADJ
fbem-29706	98	4	equity	equity	NOUN
fbem-29706	98	5	incentives	incentive	NOUN
fbem-29706	98	6	combine	combine	VERB
fbem-29706	98	7	the	the	DET
fbem-29706	98	8	tolerance	tolerance	NOUN
fbem-29706	98	9	of	of	ADP
fbem-29706	98	10	short	short	ADJ
fbem-29706	98	11	-	-	PUNCT
fbem-29706	98	12	term	term	NOUN
fbem-29706	98	13	failures	failure	NOUN
fbem-29706	98	14	with	with	ADP
fbem-29706	98	15	long	long	ADJ
fbem-29706	98	16	-	-	PUNCT
fbem-29706	98	17	term	term	NOUN
fbem-29706	98	18	rewards	reward	NOUN
fbem-29706	98	19	,	,	PUNCT
fbem-29706	98	20	and	and	CCONJ
fbem-29706	98	21	its	its	PRON
fbem-29706	98	22	many	many	ADJ
fbem-29706	98	23	provisions	provision	NOUN
fbem-29706	98	24	(	(	PUNCT
fbem-29706	98	25	especially	especially	ADV
fbem-29706	98	26	stock	stock	NOUN
fbem-29706	98	27	options	option	NOUN
fbem-29706	98	28	)	)	PUNCT
fbem-29706	98	29	allow	allow	VERB
fbem-29706	98	30	executives	executive	NOUN
fbem-29706	98	31	to	to	PART
fbem-29706	98	32	suffer	suffer	VERB
fbem-29706	98	33	limited	limited	ADJ
fbem-29706	98	34	losses	loss	NOUN
fbem-29706	98	35	due	due	ADP
fbem-29706	98	36	to	to	ADP
fbem-29706	98	37	the	the	DET
fbem-29706	98	38	decline	decline	NOUN
fbem-29706	98	39	in	in	ADP
fbem-29706	98	40	share	share	NOUN
fbem-29706	98	41	price	price	NOUN
fbem-29706	98	42	,	,	PUNCT
fbem-29706	98	43	while	while	SCONJ
fbem-29706	98	44	enjoying	enjoy	VERB
fbem-29706	98	45	the	the	DET
fbem-29706	98	46	gains	gain	NOUN
fbem-29706	98	47	due	due	ADP
fbem-29706	98	48	to	to	ADP
fbem-29706	98	49	the	the	DET
fbem-29706	98	50	success	success	NOUN
fbem-29706	98	51	of	of	ADP
fbem-29706	98	52	the	the	DET
fbem-29706	98	53	digital	digital	ADJ
fbem-29706	98	54	transformation	transformation	NOUN
fbem-29706	98	55	and	and	CCONJ
fbem-29706	98	56	the	the	DET
fbem-29706	98	57	rise	rise	NOUN
fbem-29706	98	58	in	in	ADP
fbem-29706	98	59	share	share	NOUN
fbem-29706	98	60	price	price	NOUN
fbem-29706	99	1	[	[	X
fbem-29706	99	2	36	36	NUM
fbem-29706	99	3	]	]	PUNCT
fbem-29706	99	4	,	,	PUNCT
fbem-29706	99	5	which	which	PRON
fbem-29706	99	6	improves	improve	VERB
fbem-29706	99	7	the	the	DET
fbem-29706	99	8	risk	risk	NOUN
fbem-29706	99	9	-	-	PUNCT
fbem-29706	99	10	return	return	NOUN
fbem-29706	99	11	match	match	NOUN
fbem-29706	99	12	for	for	ADP
fbem-29706	99	13	executives	executive	NOUN
fbem-29706	99	14	.	.	PUNCT
fbem-29706	100	1	at	at	ADP
fbem-29706	100	2	the	the	DET
fbem-29706	100	3	same	same	ADJ
fbem-29706	100	4	time	time	NOUN
fbem-29706	100	5	,	,	PUNCT
fbem-29706	100	6	equity	equity	NOUN
fbem-29706	100	7	incentives	incentive	NOUN
fbem-29706	100	8	make	make	VERB
fbem-29706	100	9	executives	executive	NOUN
fbem-29706	100	10	and	and	CCONJ
fbem-29706	100	11	shareholders	shareholder	NOUN
fbem-29706	100	12	a	a	DET
fbem-29706	100	13	community	community	NOUN
fbem-29706	100	14	of	of	ADP
fbem-29706	100	15	interest	interest	NOUN
fbem-29706	100	16	by	by	ADP
fbem-29706	100	17	granting	grant	VERB
fbem-29706	100	18	executives	executive	NOUN
fbem-29706	100	19	partial	partial	ADJ
fbem-29706	100	20	residual	residual	ADJ
fbem-29706	100	21	claim	claim	NOUN
fbem-29706	100	22	rights	right	NOUN
fbem-29706	100	23	,	,	PUNCT
fbem-29706	100	24	internalizing	internalize	VERB
fbem-29706	100	25	shareholders	shareholder	NOUN
fbem-29706	100	26	'	'	PART
fbem-29706	100	27	external	external	ADJ
fbem-29706	100	28	monitoring	monitoring	NOUN
fbem-29706	100	29	into	into	ADP
fbem-29706	100	30	executives	executive	NOUN
fbem-29706	100	31	'	'	PART
fbem-29706	100	32	self	self	NOUN
fbem-29706	100	33	-	-	PUNCT
fbem-29706	100	34	motivation	motivation	NOUN
fbem-29706	100	35	,	,	PUNCT
fbem-29706	100	36	and	and	CCONJ
fbem-29706	100	37	improving	improve	VERB
fbem-29706	100	38	managers	manager	NOUN
fbem-29706	100	39	'	'	PART
fbem-29706	100	40	willingness	willingness	NOUN
fbem-29706	100	41	to	to	PART
fbem-29706	100	42	take	take	VERB
fbem-29706	100	43	risks	risk	NOUN
fbem-29706	100	44	from	from	ADP
fbem-29706	100	45	the	the	DET
fbem-29706	100	46	root	root	NOUN
fbem-29706	101	1	[	[	X
fbem-29706	101	2	37	37	NUM
fbem-29706	101	3	]	]	PUNCT
fbem-29706	101	4	.	.	PUNCT
fbem-29706	102	1	therefore	therefore	ADV
fbem-29706	102	2	,	,	PUNCT
fbem-29706	102	3	we	we	PRON
fbem-29706	102	4	believe	believe	VERB
fbem-29706	102	5	that	that	SCONJ
fbem-29706	102	6	equity	equity	NOUN
fbem-29706	102	7	incentives	incentive	NOUN
fbem-29706	102	8	can	can	AUX
fbem-29706	102	9	enhance	enhance	VERB
fbem-29706	102	10	executives	executive	NOUN
fbem-29706	102	11	'	'	PART
fbem-29706	102	12	risktaking	risktake	VERB
fbem-29706	102	13	ability	ability	NOUN
fbem-29706	102	14	,	,	PUNCT
fbem-29706	102	15	which	which	PRON
fbem-29706	102	16	in	in	ADP
fbem-29706	102	17	turn	turn	NOUN
fbem-29706	102	18	increases	increase	VERB
fbem-29706	102	19	the	the	DET
fbem-29706	102	20	willingness	willingness	NOUN
fbem-29706	102	21	of	of	ADP
fbem-29706	102	22	digital	digital	ADJ
fbem-29706	102	23	transformation	transformation	NOUN
fbem-29706	102	24	.	.	PUNCT
fbem-29706	103	1	however	however	ADV
fbem-29706	103	2	,	,	PUNCT
fbem-29706	103	3	according	accord	VERB
fbem-29706	103	4	to	to	ADP
fbem-29706	103	5	behavioral	behavioral	ADJ
fbem-29706	103	6	agency	agency	NOUN
fbem-29706	103	7	theory	theory	NOUN
fbem-29706	103	8	,	,	PUNCT
fbem-29706	103	9	excessive	excessive	ADJ
fbem-29706	103	10	equity	equity	NOUN
fbem-29706	103	11	incentives	incentive	NOUN
fbem-29706	103	12	may	may	AUX
fbem-29706	103	13	also	also	ADV
fbem-29706	103	14	exacerbate	exacerbate	VERB
fbem-29706	103	15	executive	executive	ADJ
fbem-29706	103	16	risk	risk	NOUN
fbem-29706	103	17	aversion	aversion	NOUN
fbem-29706	103	18	and	and	CCONJ
fbem-29706	103	19	inhibit	inhibit	VERB
fbem-29706	103	20	digital	digital	ADJ
fbem-29706	103	21	transformation	transformation	NOUN
fbem-29706	103	22	.	.	PUNCT
fbem-29706	104	1	first	first	ADV
fbem-29706	104	2	,	,	PUNCT
fbem-29706	104	3	when	when	SCONJ
fbem-29706	104	4	equity	equity	NOUN
fbem-29706	104	5	incentives	incentive	NOUN
fbem-29706	104	6	grant	grant	VERB
fbem-29706	104	7	executives	executive	NOUN
fbem-29706	104	8	a	a	DET
fbem-29706	104	9	portion	portion	NOUN
fbem-29706	104	10	of	of	ADP
fbem-29706	104	11	stock	stock	NOUN
fbem-29706	104	12	options	option	NOUN
fbem-29706	104	13	,	,	PUNCT
fbem-29706	104	14	executives	executive	NOUN
fbem-29706	104	15	will	will	AUX
fbem-29706	104	16	regard	regard	VERB
fbem-29706	104	17	them	they	PRON
fbem-29706	104	18	as	as	ADP
fbem-29706	104	19	existing	exist	VERB
fbem-29706	104	20	wealth	wealth	NOUN
fbem-29706	104	21	,	,	PUNCT
fbem-29706	104	22	and	and	CCONJ
fbem-29706	104	23	the	the	DET
fbem-29706	104	24	fluctuation	fluctuation	NOUN
fbem-29706	104	25	of	of	ADP
fbem-29706	104	26	this	this	DET
fbem-29706	104	27	portion	portion	NOUN
fbem-29706	104	28	of	of	ADP
fbem-29706	104	29	wealth	wealth	NOUN
fbem-29706	104	30	will	will	AUX
fbem-29706	104	31	exacerbate	exacerbate	VERB
fbem-29706	104	32	executives	executive	NOUN
fbem-29706	104	33	'	'	PART
fbem-29706	104	34	loss	loss	NOUN
fbem-29706	104	35	aversion	aversion	NOUN
fbem-29706	104	36	,	,	PUNCT
fbem-29706	104	37	and	and	CCONJ
fbem-29706	104	38	the	the	PRON
fbem-29706	104	39	stronger	strong	ADJ
fbem-29706	104	40	the	the	DET
fbem-29706	104	41	incentive	incentive	NOUN
fbem-29706	104	42	,	,	PUNCT
fbem-29706	104	43	the	the	DET
fbem-29706	104	44	more	more	ADV
fbem-29706	104	45	sensitive	sensitive	ADJ
fbem-29706	104	46	executives	executive	NOUN
fbem-29706	104	47	show	show	VERB
fbem-29706	104	48	to	to	ADP
fbem-29706	104	49	losses	loss	NOUN
fbem-29706	104	50	,	,	PUNCT
fbem-29706	104	51	and	and	CCONJ
fbem-29706	104	52	the	the	DET
fbem-29706	104	53	lower	low	ADJ
fbem-29706	104	54	their	their	PRON
fbem-29706	104	55	willingness	willingness	NOUN
fbem-29706	104	56	and	and	CCONJ
fbem-29706	104	57	ability	ability	NOUN
fbem-29706	104	58	to	to	PART
fbem-29706	104	59	take	take	VERB
fbem-29706	104	60	risks	risk	NOUN
fbem-29706	104	61	[	[	X
fbem-29706	104	62	38	38	NUM
fbem-29706	104	63	]	]	PUNCT
fbem-29706	104	64	.	.	PUNCT
fbem-29706	105	1	therefore	therefore	ADV
fbem-29706	105	2	,	,	PUNCT
fbem-29706	105	3	when	when	SCONJ
fbem-29706	105	4	the	the	DET
fbem-29706	105	5	equity	equity	NOUN
fbem-29706	105	6	incentive	incentive	NOUN
fbem-29706	105	7	exceeds	exceed	VERB
fbem-29706	105	8	the	the	DET
fbem-29706	105	9	threshold	threshold	NOUN
fbem-29706	105	10	,	,	PUNCT
fbem-29706	105	11	it	it	PRON
fbem-29706	105	12	will	will	AUX
fbem-29706	105	13	cause	cause	VERB
fbem-29706	105	14	executives	executive	NOUN
fbem-29706	105	15	to	to	PART
fbem-29706	105	16	pay	pay	VERB
fbem-29706	105	17	excessive	excessive	ADJ
fbem-29706	105	18	attention	attention	NOUN
fbem-29706	105	19	to	to	ADP
fbem-29706	105	20	the	the	DET
fbem-29706	105	21	enterprise	enterprise	NOUN
fbem-29706	105	22	's	's	PART
fbem-29706	105	23	share	share	NOUN
fbem-29706	105	24	price	price	NOUN
fbem-29706	105	25	and	and	CCONJ
fbem-29706	105	26	short	short	ADJ
fbem-29706	105	27	-	-	PUNCT
fbem-29706	105	28	term	term	NOUN
fbem-29706	105	29	business	business	NOUN
fbem-29706	105	30	performance	performance	NOUN
fbem-29706	105	31	,	,	PUNCT
fbem-29706	105	32	and	and	CCONJ
fbem-29706	105	33	the	the	PRON
fbem-29706	105	34	stronger	strong	ADJ
fbem-29706	105	35	the	the	DET
fbem-29706	105	36	incentive	incentive	NOUN
fbem-29706	105	37	to	to	PART
fbem-29706	105	38	adopt	adopt	VERB
fbem-29706	105	39	surplus	surplus	NOUN
fbem-29706	105	40	management	management	NOUN
fbem-29706	105	41	behavior	behavior	NOUN
fbem-29706	105	42	to	to	PART
fbem-29706	105	43	increase	increase	VERB
fbem-29706	105	44	the	the	DET
fbem-29706	105	45	short	short	ADJ
fbem-29706	105	46	-	-	PUNCT
fbem-29706	105	47	term	term	NOUN
fbem-29706	105	48	share	share	NOUN
fbem-29706	105	49	price	price	NOUN
fbem-29706	105	50	.	.	PUNCT
fbem-29706	106	1	facing	face	VERB
fbem-29706	106	2	the	the	DET
fbem-29706	106	3	high	high	ADJ
fbem-29706	106	4	-	-	PUNCT
fbem-29706	106	5	risk	risk	NOUN
fbem-29706	106	6	digital	digital	ADJ
fbem-29706	106	7	transformation	transformation	NOUN
fbem-29706	106	8	,	,	PUNCT
fbem-29706	106	9	executives	executive	NOUN
fbem-29706	106	10	prefer	prefer	VERB
fbem-29706	106	11	to	to	PART
fbem-29706	106	12	choose	choose	VERB
fbem-29706	106	13	“	"	PUNCT
fbem-29706	106	14	short	short	ADJ
fbem-29706	106	15	,	,	PUNCT
fbem-29706	106	16	medium	medium	ADJ
fbem-29706	106	17	and	and	CCONJ
fbem-29706	106	18	fast	fast	ADJ
fbem-29706	106	19	”	"	PUNCT
fbem-29706	106	20	projects	project	NOUN
fbem-29706	106	21	to	to	PART
fbem-29706	106	22	prevent	prevent	VERB
fbem-29706	106	23	the	the	DET
fbem-29706	106	24	loss	loss	NOUN
fbem-29706	106	25	of	of	ADP
fbem-29706	106	26	wealth	wealth	NOUN
fbem-29706	106	27	caused	cause	VERB
fbem-29706	106	28	by	by	ADP
fbem-29706	106	29	the	the	DET
fbem-29706	106	30	short	short	ADJ
fbem-29706	106	31	-	-	PUNCT
fbem-29706	106	32	term	term	NOUN
fbem-29706	106	33	performance	performance	NOUN
fbem-29706	106	34	and	and	CCONJ
fbem-29706	106	35	stock	stock	NOUN
fbem-29706	106	36	price	price	NOUN
fbem-29706	106	37	decline	decline	NOUN
fbem-29706	106	38	.	.	PUNCT
fbem-29706	107	1	second	second	ADJ
fbem-29706	107	2	,	,	PUNCT
fbem-29706	107	3	equity	equity	NOUN
fbem-29706	107	4	incentives	incentive	NOUN
fbem-29706	107	5	give	give	VERB
fbem-29706	107	6	executives	executive	NOUN
fbem-29706	107	7	more	more	ADJ
fbem-29706	107	8	power	power	NOUN
fbem-29706	107	9	,	,	PUNCT
fbem-29706	107	10	and	and	CCONJ
fbem-29706	107	11	with	with	ADP
fbem-29706	107	12	increased	increase	VERB
fbem-29706	107	13	control	control	NOUN
fbem-29706	107	14	,	,	PUNCT
fbem-29706	107	15	executives	executive	NOUN
fbem-29706	107	16	are	be	AUX
fbem-29706	107	17	more	more	ADV
fbem-29706	107	18	inclined	inclined	ADJ
fbem-29706	107	19	to	to	PART
fbem-29706	107	20	use	use	VERB
fbem-29706	107	21	their	their	PRON
fbem-29706	107	22	power	power	NOUN
fbem-29706	107	23	for	for	ADP
fbem-29706	107	24	personal	personal	ADJ
fbem-29706	107	25	gain	gain	NOUN
fbem-29706	107	26	rather	rather	ADV
fbem-29706	107	27	than	than	ADP
fbem-29706	107	28	investing	invest	VERB
fbem-29706	107	29	in	in	ADP
fbem-29706	107	30	risky	risky	ADJ
fbem-29706	107	31	projects	project	NOUN
fbem-29706	107	32	to	to	PART
fbem-29706	107	33	gain	gain	VERB
fbem-29706	107	34	uncertain	uncertain	ADJ
fbem-29706	107	35	future	future	ADJ
fbem-29706	107	36	returns	return	NOUN
fbem-29706	107	37	[	[	X
fbem-29706	107	38	39	39	NUM
fbem-29706	107	39	]	]	PUNCT
fbem-29706	107	40	.	.	PUNCT
fbem-29706	108	1	finally	finally	ADV
fbem-29706	108	2	,	,	PUNCT
fbem-29706	108	3	executives	executive	NOUN
fbem-29706	108	4	are	be	AUX
fbem-29706	108	5	unable	unable	ADJ
fbem-29706	108	6	to	to	PART
fbem-29706	108	7	diversify	diversify	VERB
fbem-29706	108	8	risk	risk	NOUN
fbem-29706	108	9	through	through	ADP
fbem-29706	108	10	portfolio	portfolio	NOUN
fbem-29706	108	11	investment	investment	NOUN
fbem-29706	108	12	,	,	PUNCT
fbem-29706	108	13	and	and	CCONJ
fbem-29706	108	14	once	once	SCONJ
fbem-29706	108	15	the	the	DET
fbem-29706	108	16	investment	investment	NOUN
fbem-29706	108	17	fails	fail	VERB
fbem-29706	108	18	,	,	PUNCT
fbem-29706	108	19	they	they	PRON
fbem-29706	108	20	will	will	AUX
fbem-29706	108	21	suffer	suffer	VERB
fbem-29706	108	22	a	a	DET
fbem-29706	108	23	huge	huge	ADJ
fbem-29706	108	24	loss	loss	NOUN
fbem-29706	108	25	of	of	ADP
fbem-29706	108	26	wealth	wealth	NOUN
fbem-29706	108	27	,	,	PUNCT
fbem-29706	108	28	and	and	CCONJ
fbem-29706	108	29	the	the	DET
fbem-29706	108	30	loss	loss	NOUN
fbem-29706	108	31	increases	increase	VERB
fbem-29706	108	32	with	with	ADP
fbem-29706	108	33	the	the	DET
fbem-29706	108	34	increase	increase	NOUN
fbem-29706	108	35	of	of	ADP
fbem-29706	108	36	the	the	DET
fbem-29706	108	37	proportion	proportion	NOUN
fbem-29706	108	38	of	of	ADP
fbem-29706	108	39	shareholding	shareholding	NOUN
fbem-29706	108	40	,	,	PUNCT
fbem-29706	108	41	which	which	PRON
fbem-29706	108	42	leads	lead	VERB
fbem-29706	108	43	to	to	ADP
fbem-29706	108	44	their	their	PRON
fbem-29706	108	45	fear	fear	NOUN
fbem-29706	108	46	and	and	CCONJ
fbem-29706	108	47	unwillingness	unwillingness	NOUN
fbem-29706	108	48	to	to	PART
fbem-29706	108	49	take	take	VERB
fbem-29706	108	50	risks	risk	NOUN
fbem-29706	108	51	when	when	SCONJ
fbem-29706	108	52	making	make	VERB
fbem-29706	108	53	decisions	decision	NOUN
fbem-29706	108	54	[	[	X
fbem-29706	108	55	40	40	NUM
fbem-29706	108	56	]	]	PUNCT
fbem-29706	108	57	.	.	PUNCT
fbem-29706	109	1	therefore	therefore	ADV
fbem-29706	109	2	,	,	PUNCT
fbem-29706	109	3	the	the	PRON
fbem-29706	109	4	greater	great	ADJ
fbem-29706	109	5	the	the	DET
fbem-29706	109	6	intensity	intensity	NOUN
fbem-29706	109	7	of	of	ADP
fbem-29706	109	8	equity	equity	NOUN
fbem-29706	109	9	incentives	incentive	NOUN
fbem-29706	109	10	,	,	PUNCT
fbem-29706	109	11	the	the	PRON
fbem-29706	109	12	worse	bad	ADJ
fbem-29706	109	13	the	the	DET
fbem-29706	109	14	risk	risk	NOUN
fbem-29706	109	15	-	-	PUNCT
fbem-29706	109	16	taking	take	VERB
fbem-29706	109	17	ability	ability	NOUN
fbem-29706	109	18	of	of	ADP
fbem-29706	109	19	executives	executive	NOUN
fbem-29706	109	20	,	,	PUNCT
fbem-29706	109	21	the	the	DET
fbem-29706	109	22	more	more	ADV
fbem-29706	109	23	reluctant	reluctant	ADJ
fbem-29706	109	24	to	to	PART
fbem-29706	109	25	engage	engage	VERB
fbem-29706	109	26	in	in	ADP
fbem-29706	109	27	high	high	ADJ
fbem-29706	109	28	-	-	PUNCT
fbem-29706	109	29	risk	risk	NOUN
fbem-29706	109	30	digital	digital	ADJ
fbem-29706	109	31	transformation	transformation	NOUN
fbem-29706	109	32	.	.	PUNCT
fbem-29706	110	1	it	it	PRON
fbem-29706	110	2	can	can	AUX
fbem-29706	110	3	be	be	AUX
fbem-29706	110	4	seen	see	VERB
fbem-29706	110	5	that	that	SCONJ
fbem-29706	110	6	there	there	PRON
fbem-29706	110	7	is	be	VERB
fbem-29706	110	8	a	a	DET
fbem-29706	110	9	non	non	ADJ
fbem-29706	110	10	-	-	ADJ
fbem-29706	110	11	linear	linear	ADJ
fbem-29706	110	12	relationship	relationship	NOUN
fbem-29706	110	13	between	between	ADP
fbem-29706	110	14	executive	executive	ADJ
fbem-29706	110	15	equity	equity	NOUN
fbem-29706	110	16	incentives	incentive	NOUN
fbem-29706	110	17	and	and	CCONJ
fbem-29706	110	18	risk	risk	NOUN
fbem-29706	110	19	-	-	PUNCT
fbem-29706	110	20	taking	taking	NOUN
fbem-29706	110	21	,	,	PUNCT
fbem-29706	110	22	and	and	CCONJ
fbem-29706	110	23	risk	risk	NOUN
fbem-29706	110	24	-	-	PUNCT
fbem-29706	110	25	taking	taking	NOUN
fbem-29706	110	26	positively	positively	ADV
fbem-29706	110	27	affects	affect	VERB
fbem-29706	110	28	corporate	corporate	ADJ
fbem-29706	110	29	digital	digital	ADJ
fbem-29706	110	30	transformation	transformation	NOUN
fbem-29706	110	31	.	.	PUNCT
fbem-29706	111	1	in	in	ADP
fbem-29706	111	2	view	view	NOUN
fbem-29706	111	3	of	of	ADP
fbem-29706	111	4	this	this	PRON
fbem-29706	111	5	,	,	PUNCT
fbem-29706	111	6	this	this	DET
fbem-29706	111	7	paper	paper	NOUN
fbem-29706	111	8	proposes	propose	VERB
fbem-29706	111	9	research	research	NOUN
fbem-29706	111	10	hypothesis	hypothesis	NOUN
fbem-29706	111	11	3	3	NUM
fbem-29706	111	12	:	:	PUNCT
fbem-29706	111	13	h3	h3	NOUN
fbem-29706	111	14	:	:	PUNCT
fbem-29706	111	15	executive	executive	ADJ
fbem-29706	111	16	equity	equity	NOUN
fbem-29706	111	17	incentives	incentive	NOUN
fbem-29706	111	18	affect	affect	VERB
fbem-29706	111	19	corporate	corporate	ADJ
fbem-29706	111	20	digital	digital	ADJ
fbem-29706	111	21	transformation	transformation	NOUN
fbem-29706	111	22	through	through	ADP
fbem-29706	111	23	the	the	DET
fbem-29706	111	24	risk	risk	NOUN
fbem-29706	111	25	-	-	PUNCT
fbem-29706	111	26	taking	take	VERB
fbem-29706	111	27	path	path	NOUN
fbem-29706	111	28	.	.	PUNCT
fbem-29706	112	1	3	3	X
fbem-29706	112	2	.	.	X
fbem-29706	112	3	research	research	NOUN
fbem-29706	112	4	design	design	PROPN
fbem-29706	112	5	3.1	3.1	NUM
fbem-29706	112	6	.	.	PUNCT
fbem-29706	112	7	data	datum	NOUN
fbem-29706	112	8	source	source	NOUN
fbem-29706	112	9	and	and	CCONJ
fbem-29706	112	10	sample	sample	NOUN
fbem-29706	112	11	selection	selection	NOUN
fbem-29706	112	12	in	in	ADP
fbem-29706	112	13	order	order	NOUN
fbem-29706	112	14	to	to	PART
fbem-29706	112	15	explore	explore	VERB
fbem-29706	112	16	the	the	DET
fbem-29706	112	17	impact	impact	NOUN
fbem-29706	112	18	of	of	ADP
fbem-29706	112	19	executive	executive	ADJ
fbem-29706	112	20	equity	equity	NOUN
fbem-29706	112	21	incentives	incentive	NOUN
fbem-29706	112	22	on	on	ADP
fbem-29706	112	23	the	the	DET
fbem-29706	112	24	digital	digital	ADJ
fbem-29706	112	25	transformation	transformation	NOUN
fbem-29706	112	26	of	of	ADP
fbem-29706	112	27	enterprises	enterprise	NOUN
fbem-29706	112	28	,	,	PUNCT
fbem-29706	112	29	the	the	DET
fbem-29706	112	30	ashare	ashare	ADJ
fbem-29706	112	31	listed	list	VERB
fbem-29706	112	32	companies	company	NOUN
fbem-29706	112	33	in	in	ADP
fbem-29706	112	34	shanghai	shanghai	PROPN
fbem-29706	112	35	and	and	CCONJ
fbem-29706	112	36	shenzhen	shenzhen	PROPN
fbem-29706	112	37	from	from	ADP
fbem-29706	112	38	2007	2007	NUM
fbem-29706	112	39	to	to	ADP
fbem-29706	112	40	2021	2021	NUM
fbem-29706	112	41	are	be	AUX
fbem-29706	112	42	selected	select	VERB
fbem-29706	112	43	as	as	ADP
fbem-29706	112	44	the	the	DET
fbem-29706	112	45	initial	initial	ADJ
fbem-29706	112	46	sample	sample	NOUN
fbem-29706	112	47	of	of	ADP
fbem-29706	112	48	the	the	DET
fbem-29706	112	49	study	study	NOUN
fbem-29706	112	50	.	.	PUNCT
fbem-29706	113	1	the	the	DET
fbem-29706	113	2	reasons	reason	NOUN
fbem-29706	113	3	mainly	mainly	ADV
fbem-29706	113	4	include	include	VERB
fbem-29706	113	5	the	the	DET
fbem-29706	113	6	following	follow	VERB
fbem-29706	113	7	two	two	NUM
fbem-29706	113	8	points	point	NOUN
fbem-29706	113	9	:	:	PUNCT
fbem-29706	113	10	first	first	ADV
fbem-29706	113	11	,	,	PUNCT
fbem-29706	113	12	in	in	ADP
fbem-29706	113	13	2006	2006	NUM
fbem-29706	113	14	,	,	PUNCT
fbem-29706	113	15	the	the	DET
fbem-29706	113	16	securities	security	NOUN
fbem-29706	113	17	and	and	CCONJ
fbem-29706	113	18	futures	future	NOUN
fbem-29706	113	19	commission	commission	PROPN
fbem-29706	113	20	issued	issue	VERB
fbem-29706	113	21	the	the	DET
fbem-29706	113	22	“	"	PUNCT
fbem-29706	113	23	management	management	NOUN
fbem-29706	113	24	methods	method	NOUN
fbem-29706	113	25	of	of	ADP
fbem-29706	113	26	equity	equity	NOUN
fbem-29706	113	27	incentives	incentive	NOUN
fbem-29706	113	28	for	for	ADP
fbem-29706	113	29	listed	list	VERB
fbem-29706	113	30	companies	company	NOUN
fbem-29706	113	31	(	(	PUNCT
fbem-29706	113	32	for	for	ADP
fbem-29706	113	33	trial	trial	NOUN
fbem-29706	113	34	implementation	implementation	NOUN
fbem-29706	113	35	)	)	PUNCT
fbem-29706	113	36	”	"	PUNCT
fbem-29706	113	37	to	to	PART
fbem-29706	113	38	regulate	regulate	VERB
fbem-29706	113	39	the	the	DET
fbem-29706	113	40	implementation	implementation	NOUN
fbem-29706	113	41	of	of	ADP
fbem-29706	113	42	equity	equity	NOUN
fbem-29706	113	43	incentive	incentive	NOUN
fbem-29706	113	44	plans	plan	NOUN
fbem-29706	113	45	,	,	PUNCT
fbem-29706	113	46	and	and	CCONJ
fbem-29706	113	47	the	the	DET
fbem-29706	113	48	number	number	NOUN
fbem-29706	113	49	of	of	ADP
fbem-29706	113	50	listed	list	VERB
fbem-29706	113	51	companies	company	NOUN
fbem-29706	113	52	choosing	choose	VERB
fbem-29706	113	53	equity	equity	NOUN
fbem-29706	113	54	incentives	incentive	NOUN
fbem-29706	113	55	gradually	gradually	ADV
fbem-29706	113	56	increased	increase	VERB
fbem-29706	113	57	.	.	PUNCT
fbem-29706	114	1	second	second	ADV
fbem-29706	114	2	,	,	PUNCT
fbem-29706	114	3	the	the	DET
fbem-29706	114	4	ministry	ministry	PROPN
fbem-29706	114	5	of	of	ADP
fbem-29706	114	6	finance	finance	PROPN
fbem-29706	114	7	updated	update	VERB
fbem-29706	114	8	the	the	DET
fbem-29706	114	9	enterprise	enterprise	NOUN
fbem-29706	114	10	accounting	accounting	NOUN
fbem-29706	114	11	standards	standard	NOUN
fbem-29706	114	12	in	in	ADP
fbem-29706	114	13	2007	2007	NUM
fbem-29706	114	14	,	,	PUNCT
fbem-29706	114	15	and	and	CCONJ
fbem-29706	114	16	the	the	DET
fbem-29706	114	17	caliber	caliber	NOUN
fbem-29706	114	18	of	of	ADP
fbem-29706	114	19	enterprise	enterprise	NOUN
fbem-29706	114	20	financial	financial	ADJ
fbem-29706	114	21	data	datum	NOUN
fbem-29706	114	22	statistics	statistic	NOUN
fbem-29706	114	23	was	be	AUX
fbem-29706	114	24	unified	unified	ADJ
fbem-29706	114	25	.	.	PUNCT
fbem-29706	115	1	meanwhile	meanwhile	ADV
fbem-29706	115	2	,	,	PUNCT
fbem-29706	115	3	with	with	ADP
fbem-29706	115	4	reference	reference	NOUN
fbem-29706	115	5	to	to	ADP
fbem-29706	115	6	the	the	DET
fbem-29706	115	7	practice	practice	NOUN
fbem-29706	115	8	of	of	ADP
fbem-29706	115	9	previous	previous	ADJ
fbem-29706	115	10	studies	study	NOUN
fbem-29706	115	11	,	,	PUNCT
fbem-29706	115	12	the	the	DET
fbem-29706	115	13	initial	initial	ADJ
fbem-29706	115	14	samples	sample	NOUN
fbem-29706	115	15	are	be	AUX
fbem-29706	115	16	processed	process	VERB
fbem-29706	115	17	as	as	SCONJ
fbem-29706	115	18	follows	follow	VERB
fbem-29706	115	19	:	:	PUNCT
fbem-29706	115	20	(	(	PUNCT
fbem-29706	115	21	1	1	X
fbem-29706	115	22	)	)	PUNCT
fbem-29706	115	23	the	the	DET
fbem-29706	115	24	samples	sample	NOUN
fbem-29706	115	25	of	of	ADP
fbem-29706	115	26	financial	financial	ADJ
fbem-29706	115	27	companies	company	NOUN
fbem-29706	115	28	are	be	AUX
fbem-29706	115	29	excluded	exclude	VERB
fbem-29706	115	30	;	;	PUNCT
fbem-29706	115	31	(	(	PUNCT
fbem-29706	115	32	2	2	X
fbem-29706	115	33	)	)	PUNCT
fbem-29706	115	34	the	the	DET
fbem-29706	115	35	samples	sample	NOUN
fbem-29706	115	36	of	of	ADP
fbem-29706	115	37	companies	company	NOUN
fbem-29706	115	38	with	with	ADP
fbem-29706	115	39	special	special	ADJ
fbem-29706	115	40	treatments	treatment	NOUN
fbem-29706	115	41	(	(	PUNCT
fbem-29706	115	42	e.g.	e.g.	ADV
fbem-29706	115	43	,	,	PUNCT
fbem-29706	115	44	st	st	PROPN
fbem-29706	115	45	,	,	PUNCT
fbem-29706	115	46	st	st	PROPN
fbem-29706	115	47	*	*	PROPN
fbem-29706	115	48	,	,	PUNCT
fbem-29706	115	49	and	and	CCONJ
fbem-29706	115	50	pt	pt	NOUN
fbem-29706	115	51	,	,	PUNCT
fbem-29706	115	52	etc	etc	X
fbem-29706	115	53	.	.	X
fbem-29706	115	54	)	)	PUNCT
fbem-29706	115	55	are	be	AUX
fbem-29706	115	56	excluded	exclude	VERB
fbem-29706	115	57	;	;	PUNCT
fbem-29706	115	58	(	(	PUNCT
fbem-29706	115	59	3	3	X
fbem-29706	115	60	)	)	PUNCT
fbem-29706	115	61	the	the	DET
fbem-29706	115	62	data	datum	NOUN
fbem-29706	115	63	of	of	ADP
fbem-29706	115	64	the	the	DET
fbem-29706	115	65	samples	sample	NOUN
fbem-29706	115	66	that	that	PRON
fbem-29706	115	67	are	be	AUX
fbem-29706	115	68	insolvent	insolvent	ADJ
fbem-29706	115	69	are	be	AUX
fbem-29706	115	70	excluded	exclude	VERB
fbem-29706	115	71	;	;	PUNCT
fbem-29706	115	72	(	(	PUNCT
fbem-29706	115	73	4	4	X
fbem-29706	115	74	)	)	PUNCT
fbem-29706	115	75	the	the	DET
fbem-29706	115	76	data	datum	NOUN
fbem-29706	115	77	of	of	ADP
fbem-29706	115	78	the	the	DET
fbem-29706	115	79	samples	sample	NOUN
fbem-29706	115	80	that	that	PRON
fbem-29706	115	81	have	have	VERB
fbem-29706	115	82	missing	miss	VERB
fbem-29706	115	83	values	value	NOUN
fbem-29706	115	84	are	be	AUX
fbem-29706	115	85	excluded	exclude	VERB
fbem-29706	115	86	;	;	PUNCT
fbem-29706	115	87	and	and	CCONJ
fbem-29706	115	88	(	(	PUNCT
fbem-29706	115	89	5	5	X
fbem-29706	115	90	)	)	PUNCT
fbem-29706	115	91	in	in	ADP
fbem-29706	115	92	order	order	NOUN
fbem-29706	115	93	to	to	PART
fbem-29706	115	94	minimize	minimize	VERB
fbem-29706	115	95	bias	bias	NOUN
fbem-29706	115	96	of	of	ADP
fbem-29706	115	97	the	the	DET
fbem-29706	115	98	regression	regression	NOUN
fbem-29706	115	99	results	result	NOUN
fbem-29706	115	100	caused	cause	VERB
fbem-29706	115	101	by	by	ADP
fbem-29706	115	102	the	the	DET
fbem-29706	115	103	extreme	extreme	ADJ
fbem-29706	115	104	values	value	NOUN
fbem-29706	115	105	,	,	PUNCT
fbem-29706	115	106	the	the	DET
fbem-29706	115	107	upper	upper	ADJ
fbem-29706	115	108	and	and	CCONJ
fbem-29706	115	109	lower	low	ADJ
fbem-29706	115	110	1	1	NUM
fbem-29706	115	111	%	%	NOUN
fbem-29706	115	112	shrinkage	shrinkage	NOUN
fbem-29706	115	113	treatment	treatment	NOUN
fbem-29706	115	114	is	be	AUX
fbem-29706	115	115	performed	perform	VERB
fbem-29706	115	116	on	on	ADP
fbem-29706	115	117	all	all	DET
fbem-29706	115	118	the	the	DET
fbem-29706	115	119	continuous	continuous	ADJ
fbem-29706	115	120	variables	variable	NOUN
fbem-29706	115	121	.	.	PUNCT
fbem-29706	116	1	1	1	NUM
fbem-29706	116	2	%	%	NOUN
fbem-29706	116	3	shrinkage	shrinkage	NOUN
fbem-29706	116	4	treatment	treatment	NOUN
fbem-29706	116	5	.	.	PUNCT
fbem-29706	117	1	among	among	ADP
fbem-29706	117	2	them	they	PRON
fbem-29706	117	3	,	,	PUNCT
fbem-29706	117	4	the	the	DET
fbem-29706	117	5	data	datum	NOUN
fbem-29706	117	6	of	of	ADP
fbem-29706	117	7	digital	digital	ADJ
fbem-29706	117	8	transformation	transformation	NOUN
fbem-29706	117	9	are	be	AUX
fbem-29706	117	10	manually	manually	ADV
fbem-29706	117	11	organized	organize	VERB
fbem-29706	117	12	in	in	ADP
fbem-29706	117	13	the	the	DET
fbem-29706	117	14	annual	annual	ADJ
fbem-29706	117	15	reports	report	NOUN
fbem-29706	117	16	of	of	ADP
fbem-29706	117	17	enterprises	enterprise	NOUN
fbem-29706	117	18	,	,	PUNCT
fbem-29706	117	19	and	and	CCONJ
fbem-29706	117	20	python	python	NOUN
fbem-29706	117	21	is	be	AUX
fbem-29706	117	22	used	use	VERB
fbem-29706	117	23	to	to	PART
fbem-29706	117	24	identify	identify	VERB
fbem-29706	117	25	the	the	DET
fbem-29706	117	26	keywords	keyword	NOUN
fbem-29706	117	27	of	of	ADP
fbem-29706	117	28	digital	digital	ADJ
fbem-29706	117	29	technology	technology	NOUN
fbem-29706	117	30	in	in	ADP
fbem-29706	117	31	the	the	DET
fbem-29706	117	32	annual	annual	ADJ
fbem-29706	117	33	reports	report	NOUN
fbem-29706	117	34	(	(	PUNCT
fbem-29706	117	35	including	include	VERB
fbem-29706	117	36	abcd	abcd	PROPN
fbem-29706	117	37	technology	technology	PROPN
fbem-29706	117	38	,	,	PUNCT
fbem-29706	117	39	digital	digital	ADJ
fbem-29706	117	40	technology	technology	NOUN
fbem-29706	117	41	application	application	NOUN
fbem-29706	117	42	,	,	PUNCT
fbem-29706	117	43	etc	etc	X
fbem-29706	117	44	.	.	X
fbem-29706	117	45	)	)	PUNCT
fbem-29706	117	46	,	,	PUNCT
fbem-29706	117	47	and	and	CCONJ
fbem-29706	117	48	aggregate	aggregate	VERB
fbem-29706	117	49	the	the	DET
fbem-29706	117	50	corresponding	corresponding	ADJ
fbem-29706	117	51	word	word	NOUN
fbem-29706	117	52	frequency	frequency	NOUN
fbem-29706	117	53	to	to	PART
fbem-29706	117	54	pair	pair	VERB
fbem-29706	117	55	with	with	ADP
fbem-29706	117	56	enterprise	enterprise	NOUN
fbem-29706	117	57	data	datum	NOUN
fbem-29706	117	58	to	to	PART
fbem-29706	117	59	construct	construct	VERB
fbem-29706	117	60	the	the	DET
fbem-29706	117	61	measurement	measurement	NOUN
fbem-29706	117	62	index	index	NOUN
fbem-29706	117	63	of	of	ADP
fbem-29706	117	64	digital	digital	ADJ
fbem-29706	117	65	transformation	transformation	NOUN
fbem-29706	117	66	,	,	PUNCT
fbem-29706	117	67	while	while	SCONJ
fbem-29706	117	68	other	other	ADJ
fbem-29706	117	69	financial	financial	ADJ
fbem-29706	117	70	data	datum	NOUN
fbem-29706	117	71	are	be	AUX
fbem-29706	117	72	from	from	ADP
fbem-29706	117	73	the	the	DET
fbem-29706	117	74	database	database	NOUN
fbem-29706	117	75	of	of	ADP
fbem-29706	117	76	cathay	cathay	PROPN
fbem-29706	117	77	pacific	pacific	PROPN
fbem-29706	117	78	(	(	PUNCT
fbem-29706	117	79	csmar	csmar	PROPN
fbem-29706	117	80	)	)	PUNCT
fbem-29706	117	81	.	.	PUNCT
fbem-29706	118	1	3.2	3.2	NUM
fbem-29706	118	2	.	.	PUNCT
fbem-29706	118	3	definition	definition	NOUN
fbem-29706	118	4	of	of	ADP
fbem-29706	118	5	variables	variable	NOUN
fbem-29706	118	6	(	(	PUNCT
fbem-29706	118	7	1	1	X
fbem-29706	118	8	)	)	PUNCT
fbem-29706	118	9	executive	executive	ADJ
fbem-29706	118	10	equity	equity	NOUN
fbem-29706	118	11	incentives	incentive	NOUN
fbem-29706	118	12	.	.	PUNCT
fbem-29706	119	1	referring	refer	VERB
fbem-29706	119	2	to	to	ADP
fbem-29706	119	3	the	the	DET
fbem-29706	119	4	study	study	NOUN
fbem-29706	119	5	of	of	ADP
fbem-29706	119	6	zhao	zhao	PROPN
fbem-29706	119	7	shifang	shifang	PROPN
fbem-29706	119	8	et	et	PROPN
fbem-29706	119	9	al	al	PROPN
fbem-29706	119	10	.	.	PROPN
fbem-29706	120	1	(	(	PUNCT
fbem-29706	120	2	2020	2020	NUM
fbem-29706	120	3	)	)	PUNCT
fbem-29706	121	1	[	[	X
fbem-29706	121	2	17	17	NUM
fbem-29706	121	3	]	]	PUNCT
fbem-29706	121	4	,	,	PUNCT
fbem-29706	121	5	the	the	DET
fbem-29706	121	6	ratio	ratio	NOUN
fbem-29706	121	7	of	of	ADP
fbem-29706	121	8	the	the	DET
fbem-29706	121	9	number	number	NOUN
fbem-29706	121	10	of	of	ADP
fbem-29706	121	11	shares	share	NOUN
fbem-29706	121	12	held	hold	VERB
fbem-29706	121	13	by	by	ADP
fbem-29706	121	14	executives	executive	NOUN
fbem-29706	121	15	to	to	ADP
fbem-29706	121	16	the	the	DET
fbem-29706	121	17	total	total	ADJ
fbem-29706	121	18	number	number	NOUN
fbem-29706	121	19	of	of	ADP
fbem-29706	121	20	shares	share	NOUN
fbem-29706	121	21	at	at	ADP
fbem-29706	121	22	the	the	DET
fbem-29706	121	23	end	end	NOUN
fbem-29706	121	24	of	of	ADP
fbem-29706	121	25	the	the	DET
fbem-29706	121	26	period	period	NOUN
fbem-29706	121	27	of	of	ADP
fbem-29706	121	28	the	the	DET
fbem-29706	121	29	enterprise	enterprise	NOUN
fbem-29706	121	30	is	be	AUX
fbem-29706	121	31	selected	select	VERB
fbem-29706	121	32	to	to	PART
fbem-29706	121	33	be	be	AUX
fbem-29706	121	34	measured	measure	VERB
fbem-29706	121	35	.	.	PUNCT
fbem-29706	122	1	(	(	PUNCT
fbem-29706	122	2	2	2	X
fbem-29706	122	3	)	)	PUNCT
fbem-29706	122	4	enterprise	enterprise	NOUN
fbem-29706	122	5	digital	digital	ADJ
fbem-29706	122	6	transformation	transformation	NOUN
fbem-29706	122	7	.	.	PUNCT
fbem-29706	123	1	referring	refer	VERB
fbem-29706	123	2	to	to	ADP
fbem-29706	123	3	wu	wu	PROPN
fbem-29706	123	4	fei	fei	PROPN
fbem-29706	123	5	et	et	PROPN
fbem-29706	123	6	al	al	PROPN
fbem-29706	123	7	.	.	PROPN
fbem-29706	124	1	(	(	PUNCT
fbem-29706	124	2	2021	2021	NUM
fbem-29706	124	3	)	)	PUNCT
fbem-29706	125	1	[	[	X
fbem-29706	125	2	41	41	NUM
fbem-29706	125	3	]	]	PUNCT
fbem-29706	125	4	,	,	PUNCT
fbem-29706	125	5	text	text	NOUN
fbem-29706	125	6	analysis	analysis	NOUN
fbem-29706	125	7	is	be	AUX
fbem-29706	125	8	used	use	VERB
fbem-29706	125	9	.	.	PUNCT
fbem-29706	126	1	the	the	DET
fbem-29706	126	2	details	detail	NOUN
fbem-29706	126	3	are	be	AUX
fbem-29706	126	4	as	as	SCONJ
fbem-29706	126	5	follows	follow	VERB
fbem-29706	126	6	:	:	PUNCT
fbem-29706	126	7	firstly	firstly	ADV
fbem-29706	126	8	,	,	PUNCT
fbem-29706	126	9	we	we	PRON
fbem-29706	126	10	download	download	VERB
fbem-29706	126	11	the	the	DET
fbem-29706	126	12	annual	annual	ADJ
fbem-29706	126	13	reports	report	NOUN
fbem-29706	126	14	of	of	ADP
fbem-29706	126	15	the	the	DET
fbem-29706	126	16	sample	sample	NOUN
fbem-29706	126	17	companies	company	NOUN
fbem-29706	126	18	from	from	ADP
fbem-29706	126	19	juchao	juchao	PROPN
fbem-29706	126	20	information	information	NOUN
fbem-29706	126	21	network	network	NOUN
fbem-29706	126	22	from	from	ADP
fbem-29706	126	23	2007	2007	NUM
fbem-29706	126	24	to	to	ADP
fbem-29706	126	25	2021	2021	NUM
fbem-29706	126	26	,	,	PUNCT
fbem-29706	126	27	and	and	CCONJ
fbem-29706	126	28	then	then	ADV
fbem-29706	126	29	we	we	PRON
fbem-29706	126	30	use	use	VERB
fbem-29706	126	31	python	python	NOUN
fbem-29706	126	32	to	to	PART
fbem-29706	126	33	identify	identify	VERB
fbem-29706	126	34	the	the	DET
fbem-29706	126	35	keywords	keyword	NOUN
fbem-29706	126	36	of	of	ADP
fbem-29706	126	37	digital	digital	ADJ
fbem-29706	126	38	technology	technology	NOUN
fbem-29706	126	39	in	in	ADP
fbem-29706	126	40	the	the	DET
fbem-29706	126	41	annual	annual	ADJ
fbem-29706	126	42	reports	report	NOUN
fbem-29706	126	43	(	(	PUNCT
fbem-29706	126	44	including	include	VERB
fbem-29706	126	45	abcd	abcd	PROPN
fbem-29706	126	46	technology	technology	PROPN
fbem-29706	126	47	,	,	PUNCT
fbem-29706	126	48	digital	digital	ADJ
fbem-29706	126	49	technology	technology	NOUN
fbem-29706	126	50	application	application	NOUN
fbem-29706	126	51	,	,	PUNCT
fbem-29706	126	52	etc	etc	X
fbem-29706	126	53	.	.	X
fbem-29706	126	54	)	)	PUNCT
fbem-29706	126	55	,	,	PUNCT
fbem-29706	126	56	and	and	CCONJ
fbem-29706	126	57	summarize	summarize	VERB
fbem-29706	126	58	the	the	DET
fbem-29706	126	59	corresponding	corresponding	ADJ
fbem-29706	126	60	word	word	NOUN
fbem-29706	126	61	frequency	frequency	NOUN
fbem-29706	126	62	to	to	PART
fbem-29706	126	63	match	match	VERB
fbem-29706	126	64	with	with	ADP
fbem-29706	126	65	the	the	DET
fbem-29706	126	66	enterprise	enterprise	NOUN
fbem-29706	126	67	data	datum	NOUN
fbem-29706	126	68	to	to	PART
fbem-29706	126	69	construct	construct	VERB
fbem-29706	126	70	the	the	DET
fbem-29706	126	71	basic	basic	ADJ
fbem-29706	126	72	index	index	NOUN
fbem-29706	126	73	system	system	NOUN
fbem-29706	126	74	of	of	ADP
fbem-29706	126	75	digital	digital	ADJ
fbem-29706	126	76	transformation	transformation	NOUN
fbem-29706	126	77	.	.	PUNCT
fbem-29706	127	1	to	to	PART
fbem-29706	127	2	address	address	VERB
fbem-29706	127	3	the	the	DET
fbem-29706	127	4	right	right	ADJ
fbem-29706	127	5	skewness	skewness	NOUN
fbem-29706	127	6	of	of	ADP
fbem-29706	127	7	the	the	DET
fbem-29706	127	8	194	194	NUM
fbem-29706	127	9	indicators	indicator	NOUN
fbem-29706	127	10	,	,	PUNCT
fbem-29706	127	11	the	the	DET
fbem-29706	127	12	indicators	indicator	NOUN
fbem-29706	127	13	are	be	AUX
fbem-29706	127	14	logarithmized	logarithmized	ADJ
fbem-29706	127	15	to	to	PART
fbem-29706	127	16	form	form	VERB
fbem-29706	127	17	the	the	DET
fbem-29706	127	18	final	final	ADJ
fbem-29706	127	19	digital	digital	ADJ
fbem-29706	127	20	transformation	transformation	NOUN
fbem-29706	127	21	measurement	measurement	NOUN
fbem-29706	127	22	indicators	indicator	NOUN
fbem-29706	127	23	.	.	PUNCT
fbem-29706	128	1	(	(	PUNCT
fbem-29706	128	2	3	3	X
fbem-29706	128	3	)	)	PUNCT
fbem-29706	128	4	control	control	NOUN
fbem-29706	128	5	variables	variable	NOUN
fbem-29706	128	6	.	.	PUNCT
fbem-29706	129	1	in	in	ADP
fbem-29706	129	2	order	order	NOUN
fbem-29706	129	3	to	to	PART
fbem-29706	129	4	avoid	avoid	VERB
fbem-29706	129	5	the	the	DET
fbem-29706	129	6	interference	interference	NOUN
fbem-29706	129	7	of	of	ADP
fbem-29706	129	8	factors	factor	NOUN
fbem-29706	129	9	outside	outside	ADP
fbem-29706	129	10	the	the	DET
fbem-29706	129	11	research	research	NOUN
fbem-29706	129	12	object	object	NOUN
fbem-29706	129	13	on	on	ADP
fbem-29706	129	14	the	the	DET
fbem-29706	129	15	regression	regression	NOUN
fbem-29706	129	16	results	result	NOUN
fbem-29706	129	17	,	,	PUNCT
fbem-29706	129	18	referring	refer	VERB
fbem-29706	129	19	to	to	ADP
fbem-29706	129	20	the	the	DET
fbem-29706	129	21	practice	practice	NOUN
fbem-29706	129	22	of	of	ADP
fbem-29706	129	23	zeng	zeng	PROPN
fbem-29706	129	24	hao	hao	PROPN
fbem-29706	129	25	(	(	PUNCT
fbem-29706	129	26	2022	2022	NUM
fbem-29706	129	27	)	)	PUNCT
fbem-29706	129	28	and	and	CCONJ
fbem-29706	129	29	zhao	zhao	PROPN
fbem-29706	129	30	shifang	shifang	PROPN
fbem-29706	129	31	et	et	PROPN
fbem-29706	129	32	al	al	PROPN
fbem-29706	129	33	.	.	PROPN
fbem-29706	129	34	(	(	PUNCT
fbem-29706	129	35	2020	2020	NUM
fbem-29706	129	36	)	)	PUNCT
fbem-29706	130	1	[	[	X
fbem-29706	130	2	13	13	NUM
fbem-29706	130	3	,	,	PUNCT
fbem-29706	130	4	17	17	NUM
fbem-29706	130	5	]	]	PUNCT
fbem-29706	130	6	,	,	PUNCT
fbem-29706	130	7	enterprise	enterprise	NOUN
fbem-29706	130	8	size	size	NOUN
fbem-29706	130	9	(	(	PUNCT
fbem-29706	130	10	size	size	NOUN
fbem-29706	130	11	)	)	PUNCT
fbem-29706	130	12	,	,	PUNCT
fbem-29706	130	13	return	return	VERB
fbem-29706	130	14	on	on	ADP
fbem-29706	130	15	assets	asset	NOUN
fbem-29706	130	16	(	(	PUNCT
fbem-29706	130	17	roa	roa	NOUN
fbem-29706	130	18	)	)	PUNCT
fbem-29706	130	19	,	,	PUNCT
fbem-29706	130	20	gearing	gear	VERB
fbem-29706	130	21	ratio	ratio	NOUN
fbem-29706	130	22	(	(	PUNCT
fbem-29706	130	23	lev	lev	NOUN
fbem-29706	130	24	)	)	PUNCT
fbem-29706	130	25	,	,	PUNCT
fbem-29706	130	26	enterprise	enterprise	NOUN
fbem-29706	130	27	growth	growth	NOUN
fbem-29706	130	28	(	(	PUNCT
fbem-29706	130	29	growth	growth	NOUN
fbem-29706	130	30	)	)	PUNCT
fbem-29706	130	31	,	,	PUNCT
fbem-29706	130	32	enterprise	enterprise	NOUN
fbem-29706	130	33	value	value	NOUN
fbem-29706	130	34	(	(	PUNCT
fbem-29706	130	35	tobinq	tobinq	ADJ
fbem-29706	130	36	)	)	PUNCT
fbem-29706	130	37	,	,	PUNCT
fbem-29706	130	38	the	the	DET
fbem-29706	130	39	first	first	ADJ
fbem-29706	130	40	largest	large	ADJ
fbem-29706	130	41	shareholder	shareholder	NOUN
fbem-29706	130	42	's	's	PART
fbem-29706	130	43	ownership	ownership	NOUN
fbem-29706	130	44	(	(	PUNCT
fbem-29706	130	45	top1	top1	PROPN
fbem-29706	130	46	)	)	PUNCT
fbem-29706	130	47	,	,	PUNCT
fbem-29706	130	48	independent	independent	ADJ
fbem-29706	130	49	director	director	NOUN
fbem-29706	130	50	ratio	ratio	NOUN
fbem-29706	130	51	(	(	PUNCT
fbem-29706	130	52	i	i	PROPN
fbem-29706	130	53	d	d	PROPN
fbem-29706	130	54	)	)	PUNCT
fbem-29706	130	55	,	,	PUNCT
fbem-29706	130	56	board	board	NOUN
fbem-29706	130	57	size	size	NOUN
fbem-29706	130	58	(	(	PUNCT
fbem-29706	130	59	board	board	NOUN
fbem-29706	130	60	)	)	PUNCT
fbem-29706	130	61	,	,	PUNCT
fbem-29706	130	62	and	and	CCONJ
fbem-29706	130	63	dual	dual	ADJ
fbem-29706	130	64	position	position	NOUN
fbem-29706	130	65	(	(	PUNCT
fbem-29706	130	66	dual	dual	ADJ
fbem-29706	130	67	)	)	PUNCT
fbem-29706	130	68	are	be	AUX
fbem-29706	130	69	the	the	DET
fbem-29706	130	70	control	control	NOUN
fbem-29706	130	71	variables	variable	NOUN
fbem-29706	130	72	.	.	PUNCT
fbem-29706	131	1	3.3	3.3	NUM
fbem-29706	131	2	.	.	PUNCT
fbem-29706	132	1	empirical	empirical	ADJ
fbem-29706	132	2	model	model	NOUN
fbem-29706	132	3	construction	construction	NOUN
fbem-29706	132	4	(	(	PUNCT
fbem-29706	132	5	1	1	NUM
fbem-29706	132	6	)	)	PUNCT
fbem-29706	132	7	benchmark	benchmark	NOUN
fbem-29706	132	8	regression	regression	NOUN
fbem-29706	132	9	test	test	NOUN
fbem-29706	132	10	model	model	NOUN
fbem-29706	132	11	drawing	draw	VERB
fbem-29706	132	12	on	on	ADP
fbem-29706	132	13	haans	haan	NOUN
fbem-29706	132	14	et	et	PROPN
fbem-29706	132	15	al	al	PROPN
fbem-29706	132	16	.	.	PROPN
fbem-29706	132	17	's	's	PART
fbem-29706	132	18	(	(	PUNCT
fbem-29706	132	19	2016	2016	NUM
fbem-29706	132	20	)	)	PUNCT
fbem-29706	132	21	study	study	NOUN
fbem-29706	132	22	on	on	ADP
fbem-29706	132	23	the	the	DET
fbem-29706	132	24	relationship	relationship	NOUN
fbem-29706	132	25	between	between	ADP
fbem-29706	132	26	u	u	NOUN
fbem-29706	132	27	-	-	NOUN
fbem-29706	132	28	shape	shape	NOUN
fbem-29706	132	29	and	and	CCONJ
fbem-29706	132	30	inverted	invert	VERB
fbem-29706	132	31	u	u	NOUN
fbem-29706	132	32	-	-	NOUN
fbem-29706	132	33	shape	shape	NOUN
fbem-29706	132	34	[	[	X
fbem-29706	132	35	42	42	NUM
fbem-29706	132	36	]	]	PUNCT
fbem-29706	132	37	,	,	PUNCT
fbem-29706	132	38	this	this	DET
fbem-29706	132	39	paper	paper	NOUN
fbem-29706	132	40	constructs	construct	VERB
fbem-29706	132	41	equation	equation	NOUN
fbem-29706	132	42	(	(	PUNCT
fbem-29706	132	43	1	1	NUM
fbem-29706	132	44	)	)	PUNCT
fbem-29706	132	45	to	to	PART
fbem-29706	132	46	test	test	VERB
fbem-29706	132	47	the	the	DET
fbem-29706	132	48	relationship	relationship	NOUN
fbem-29706	132	49	between	between	ADP
fbem-29706	132	50	executive	executive	ADJ
fbem-29706	132	51	equity	equity	NOUN
fbem-29706	132	52	incentives	incentive	NOUN
fbem-29706	132	53	and	and	CCONJ
fbem-29706	132	54	digital	digital	ADJ
fbem-29706	132	55	transformation	transformation	NOUN
fbem-29706	132	56	:	:	PUNCT
fbem-29706	132	57	1	1	NUM
fbem-29706	132	58	2	2	NUM
fbem-29706	132	59	3=	3=	NUM
fbem-29706	132	60	_	_	DET
fbem-29706	132	61	2	2	NUM
fbem-29706	132	62	itit	itit	NOUN
fbem-29706	132	63	it	it	PRON
fbem-29706	132	64	it	it	PRON
fbem-29706	132	65	itdt	itdt	VERB
fbem-29706	132	66	ei	ei	INTJ
fbem-29706	132	67	ei	ei	PROPN
fbem-29706	132	68	cv	cv	PROPN
fbem-29706	132	69	industry	industry	NOUN
fbem-29706	132	70	year	year	NOUN
fbem-29706	132	71			X
fbem-29706	132	72			ADP
fbem-29706	132	73			PROPN
fbem-29706	132	74			PROPN
fbem-29706	132	75			PROPN
fbem-29706	132	76			PROPN
fbem-29706	132	77			PROPN
fbem-29706	132	78			PROPN
fbem-29706	132	79			PUNCT
fbem-29706	132	80			X
fbem-29706	132	81			X
fbem-29706	132	82	(	(	PUNCT
fbem-29706	132	83	1	1	X
fbem-29706	132	84	)	)	PUNCT
fbem-29706	132	85	(	(	PUNCT
fbem-29706	132	86	2	2	X
fbem-29706	132	87	)	)	PUNCT
fbem-29706	132	88	mediated	mediate	VERB
fbem-29706	132	89	effects	effect	NOUN
fbem-29706	132	90	validation	validation	NOUN
fbem-29706	132	91	model	model	NOUN
fbem-29706	132	92	in	in	ADP
fbem-29706	132	93	this	this	DET
fbem-29706	132	94	paper	paper	NOUN
fbem-29706	132	95	,	,	PUNCT
fbem-29706	132	96	drawing	draw	VERB
fbem-29706	132	97	on	on	ADP
fbem-29706	132	98	the	the	DET
fbem-29706	132	99	research	research	NOUN
fbem-29706	132	100	of	of	ADP
fbem-29706	132	101	wang	wang	PROPN
fbem-29706	132	102	lu	lu	PROPN
fbem-29706	132	103	et	et	PROPN
fbem-29706	132	104	al	al	PROPN
fbem-29706	132	105	.	.	PROPN
fbem-29706	133	1	(	(	PUNCT
fbem-29706	133	2	2020	2020	NUM
fbem-29706	133	3	)	)	PUNCT
fbem-29706	134	1	[	[	X
fbem-29706	134	2	43	43	NUM
fbem-29706	134	3	]	]	PUNCT
fbem-29706	134	4	and	and	CCONJ
fbem-29706	134	5	combining	combine	VERB
fbem-29706	134	6	the	the	DET
fbem-29706	134	7	three	three	NUM
fbem-29706	134	8	-	-	PUNCT
fbem-29706	134	9	step	step	NOUN
fbem-29706	134	10	method	method	NOUN
fbem-29706	134	11	,	,	PUNCT
fbem-29706	134	12	we	we	PRON
fbem-29706	134	13	construct	construct	VERB
fbem-29706	134	14	the	the	DET
fbem-29706	134	15	following	following	ADJ
fbem-29706	134	16	mediated	mediate	VERB
fbem-29706	134	17	effect	effect	NOUN
fbem-29706	134	18	model	model	NOUN
fbem-29706	134	19	to	to	PART
fbem-29706	134	20	verify	verify	VERB
fbem-29706	134	21	the	the	DET
fbem-29706	134	22	indirect	indirect	ADJ
fbem-29706	134	23	effect	effect	NOUN
fbem-29706	134	24	:	:	PUNCT
fbem-29706	134	25	1	1	NUM
fbem-29706	134	26	2	2	NUM
fbem-29706	134	27	3=	3=	NUM
fbem-29706	134	28	_	_	SYM
fbem-29706	134	29	2	2	NUM
fbem-29706	135	1	itij	itij	ADV
fbem-29706	135	2	it	it	PRON
fbem-29706	135	3	it	it	PRON
fbem-29706	135	4	itm	itm	NOUN
fbem-29706	135	5	ei	ei	X
fbem-29706	135	6	ei	ei	PROPN
fbem-29706	135	7	cv	cv	PROPN
fbem-29706	135	8	industry	industry	PROPN
fbem-29706	135	9	year	year	NOUN
fbem-29706	135	10			PROPN
fbem-29706	135	11			PROPN
fbem-29706	135	12			PROPN
fbem-29706	135	13			PROPN
fbem-29706	135	14			ADV
fbem-29706	135	15			VERB
fbem-29706	135	16			PUNCT
fbem-29706	135	17			PUNCT
fbem-29706	135	18			X
fbem-29706	135	19			X
fbem-29706	135	20	(	(	PUNCT
fbem-29706	135	21	2	2	X
fbem-29706	135	22	)	)	PUNCT
fbem-29706	135	23	1	1	NUM
fbem-29706	135	24	2	2	NUM
fbem-29706	135	25	3	3	NUM
fbem-29706	135	26	4=	4=	NUM
fbem-29706	136	1	_	_	PUNCT
fbem-29706	136	2	2	2	NUM
fbem-29706	136	3	tit	tit	NOUN
fbem-29706	136	4	it	it	PRON
fbem-29706	136	5	it	it	PRON
fbem-29706	137	1	ij	ij	INTJ
fbem-29706	137	2	t	t	NOUN
fbem-29706	138	1	iidt	iidt	NOUN
fbem-29706	138	2	ei	ei	INTJ
fbem-29706	138	3	ei	ei	X
fbem-29706	138	4	fc	fc	PROPN
fbem-29706	138	5	cv	cv	PROPN
fbem-29706	138	6	industry	industry	PROPN
fbem-29706	138	7	year	year	PROPN
fbem-29706	138	8			PROPN
fbem-29706	139	1			X
fbem-29706	139	2			PROPN
fbem-29706	139	3			PROPN
fbem-29706	139	4			PROPN
fbem-29706	139	5			VERB
fbem-29706	139	6			PROPN
fbem-29706	139	7			PROPN
fbem-29706	139	8			PUNCT
fbem-29706	139	9			PUNCT
fbem-29706	139	10			X
fbem-29706	139	11			X
fbem-29706	139	12	(	(	PUNCT
fbem-29706	139	13	3	3	X
fbem-29706	139	14	)	)	PUNCT
fbem-29706	139	15	if	if	SCONJ
fbem-29706	139	16	the	the	DET
fbem-29706	139	17	sign	sign	NOUN
fbem-29706	139	18	of	of	ADP
fbem-29706	139	19	the	the	DET
fbem-29706	139	20	coefficients	coefficient	NOUN
fbem-29706	139	21	of	of	ADP
fbem-29706	139	22	the	the	DET
fbem-29706	139	23	primary	primary	ADJ
fbem-29706	139	24	term	term	NOUN
fbem-29706	139	25	(	(	PUNCT
fbem-29706	139	26	ei	ei	NOUN
fbem-29706	139	27	)	)	PUNCT
fbem-29706	139	28	and	and	CCONJ
fbem-29706	139	29	secondary	secondary	ADJ
fbem-29706	139	30	term	term	NOUN
fbem-29706	139	31	(	(	PUNCT
fbem-29706	139	32	ei_2	ei_2	PROPN
fbem-29706	139	33	)	)	PUNCT
fbem-29706	139	34	of	of	ADP
fbem-29706	139	35	executive	executive	ADJ
fbem-29706	139	36	equity	equity	NOUN
fbem-29706	139	37	incentives	incentive	NOUN
fbem-29706	139	38	in	in	ADP
fbem-29706	139	39	eq	eq	ADP
fbem-29706	139	40	.	.	PUNCT
fbem-29706	140	1	(	(	PUNCT
fbem-29706	140	2	1	1	NUM
fbem-29706	140	3	)	)	PUNCT
fbem-29706	140	4	,	,	PUNCT
fbem-29706	140	5	eq	eq	NOUN
fbem-29706	140	6	.	.	PUNCT
fbem-29706	141	1	(	(	PUNCT
fbem-29706	141	2	2	2	NUM
fbem-29706	141	3	)	)	PUNCT
fbem-29706	141	4	and	and	CCONJ
fbem-29706	141	5	eq	eq	NOUN
fbem-29706	141	6	.	.	PUNCT
fbem-29706	142	1	(	(	PUNCT
fbem-29706	142	2	3	3	X
fbem-29706	142	3	)	)	PUNCT
fbem-29706	142	4	are	be	AUX
fbem-29706	142	5	both	both	ADV
fbem-29706	142	6	positive	positive	ADJ
fbem-29706	142	7	and	and	CCONJ
fbem-29706	142	8	negative	negative	ADJ
fbem-29706	142	9	and	and	CCONJ
fbem-29706	142	10	pass	pass	VERB
fbem-29706	142	11	the	the	DET
fbem-29706	142	12	test	test	NOUN
fbem-29706	142	13	of	of	ADP
fbem-29706	142	14	significance	significance	NOUN
fbem-29706	142	15	,	,	PUNCT
fbem-29706	142	16	as	as	ADV
fbem-29706	142	17	well	well	ADV
fbem-29706	142	18	as	as	ADP
fbem-29706	142	19	the	the	DET
fbem-29706	142	20	estimated	estimate	VERB
fbem-29706	142	21	coefficients	coefficient	NOUN
fbem-29706	142	22	of	of	ADP
fbem-29706	142	23	the	the	DET
fbem-29706	142	24	mediating	mediating	NOUN
fbem-29706	142	25	variables	variable	NOUN
fbem-29706	142	26	in	in	ADP
fbem-29706	142	27	eq	eq	ADP
fbem-29706	142	28	.	.	PUNCT
fbem-29706	143	1	(	(	PUNCT
fbem-29706	143	2	2	2	X
fbem-29706	143	3	)	)	PUNCT
fbem-29706	143	4	are	be	AUX
fbem-29706	143	5	significant	significant	ADJ
fbem-29706	143	6	as	as	ADV
fbem-29706	143	7	well	well	ADV
fbem-29706	143	8	,	,	PUNCT
fbem-29706	143	9	then	then	ADV
fbem-29706	143	10	it	it	PRON
fbem-29706	143	11	means	mean	VERB
fbem-29706	143	12	that	that	SCONJ
fbem-29706	143	13	the	the	DET
fbem-29706	143	14	mediating	mediating	NOUN
fbem-29706	143	15	variables	variable	NOUN
fbem-29706	143	16	play	play	VERB
fbem-29706	143	17	a	a	DET
fbem-29706	143	18	mediating	mediate	VERB
fbem-29706	143	19	role	role	NOUN
fbem-29706	143	20	in	in	ADP
fbem-29706	143	21	the	the	DET
fbem-29706	143	22	inverted	inverted	ADJ
fbem-29706	143	23	“	"	PUNCT
fbem-29706	143	24	u	u	NOUN
fbem-29706	143	25	”	"	PUNCT
fbem-29706	143	26	shaped	shaped	ADJ
fbem-29706	143	27	relationship	relationship	NOUN
fbem-29706	143	28	between	between	ADP
fbem-29706	143	29	executive	executive	ADJ
fbem-29706	143	30	equity	equity	NOUN
fbem-29706	143	31	incentives	incentive	NOUN
fbem-29706	143	32	and	and	CCONJ
fbem-29706	143	33	digital	digital	ADJ
fbem-29706	143	34	transformation	transformation	NOUN
fbem-29706	143	35	of	of	ADP
fbem-29706	143	36	the	the	DET
fbem-29706	143	37	enterprise	enterprise	NOUN
fbem-29706	143	38	.	.	PUNCT
fbem-29706	144	1	hypotheses	hypothesis	NOUN
fbem-29706	144	2	2	2	NUM
fbem-29706	144	3	and	and	CCONJ
fbem-29706	144	4	3	3	NUM
fbem-29706	144	5	are	be	AUX
fbem-29706	144	6	proved	prove	VERB
fbem-29706	144	7	.	.	PUNCT
fbem-29706	145	1	3.4	3.4	NUM
fbem-29706	145	2	.	.	PUNCT
fbem-29706	145	3	descriptive	descriptive	ADJ
fbem-29706	145	4	statistics	statistic	NOUN
fbem-29706	145	5	characteristics	characteristic	VERB
fbem-29706	145	6	the	the	DET
fbem-29706	145	7	results	result	NOUN
fbem-29706	145	8	of	of	ADP
fbem-29706	145	9	descriptive	descriptive	ADJ
fbem-29706	145	10	statistics	statistic	NOUN
fbem-29706	145	11	are	be	AUX
fbem-29706	145	12	shown	show	VERB
fbem-29706	145	13	in	in	ADP
fbem-29706	145	14	table	table	NOUN
fbem-29706	145	15	1	1	NUM
fbem-29706	145	16	,	,	PUNCT
fbem-29706	145	17	the	the	DET
fbem-29706	145	18	mean	mean	ADJ
fbem-29706	145	19	value	value	NOUN
fbem-29706	145	20	of	of	ADP
fbem-29706	145	21	the	the	DET
fbem-29706	145	22	explanatory	explanatory	ADJ
fbem-29706	145	23	variable	variable	NOUN
fbem-29706	145	24	dt	dt	NOUN
fbem-29706	145	25	is	be	AUX
fbem-29706	145	26	1.195	1.195	NUM
fbem-29706	145	27	,	,	PUNCT
fbem-29706	145	28	the	the	DET
fbem-29706	145	29	median	median	NOUN
fbem-29706	145	30	is	be	AUX
fbem-29706	145	31	0.693	0.693	NUM
fbem-29706	145	32	and	and	CCONJ
fbem-29706	145	33	much	much	ADV
fbem-29706	145	34	smaller	small	ADJ
fbem-29706	145	35	than	than	ADP
fbem-29706	145	36	the	the	DET
fbem-29706	145	37	mean	mean	NOUN
fbem-29706	145	38	,	,	PUNCT
fbem-29706	145	39	indicating	indicate	VERB
fbem-29706	145	40	that	that	SCONJ
fbem-29706	145	41	the	the	DET
fbem-29706	145	42	overall	overall	ADJ
fbem-29706	145	43	level	level	NOUN
fbem-29706	145	44	of	of	ADP
fbem-29706	145	45	digital	digital	ADJ
fbem-29706	145	46	transformation	transformation	NOUN
fbem-29706	145	47	of	of	ADP
fbem-29706	145	48	enterprises	enterprise	NOUN
fbem-29706	145	49	is	be	AUX
fbem-29706	145	50	still	still	ADV
fbem-29706	145	51	relatively	relatively	ADV
fbem-29706	145	52	low	low	ADJ
fbem-29706	145	53	.	.	PUNCT
fbem-29706	146	1	at	at	ADP
fbem-29706	146	2	the	the	DET
fbem-29706	146	3	same	same	ADJ
fbem-29706	146	4	time	time	NOUN
fbem-29706	146	5	,	,	PUNCT
fbem-29706	146	6	the	the	DET
fbem-29706	146	7	difference	difference	NOUN
fbem-29706	146	8	between	between	ADP
fbem-29706	146	9	the	the	DET
fbem-29706	146	10	maximum	maximum	ADJ
fbem-29706	146	11	value	value	NOUN
fbem-29706	146	12	of	of	ADP
fbem-29706	146	13	the	the	DET
fbem-29706	146	14	degree	degree	NOUN
fbem-29706	146	15	of	of	ADP
fbem-29706	146	16	digital	digital	ADJ
fbem-29706	146	17	transformation	transformation	NOUN
fbem-29706	146	18	and	and	CCONJ
fbem-29706	146	19	the	the	DET
fbem-29706	146	20	minimum	minimum	ADJ
fbem-29706	146	21	value	value	NOUN
fbem-29706	146	22	in	in	ADP
fbem-29706	146	23	the	the	DET
fbem-29706	146	24	sample	sample	NOUN
fbem-29706	146	25	is	be	AUX
fbem-29706	146	26	large	large	ADJ
fbem-29706	146	27	,	,	PUNCT
fbem-29706	146	28	reflecting	reflect	VERB
fbem-29706	146	29	that	that	SCONJ
fbem-29706	146	30	there	there	PRON
fbem-29706	146	31	is	be	VERB
fbem-29706	146	32	a	a	DET
fbem-29706	146	33	large	large	ADJ
fbem-29706	146	34	difference	difference	NOUN
fbem-29706	146	35	in	in	ADP
fbem-29706	146	36	the	the	DET
fbem-29706	146	37	distribution	distribution	NOUN
fbem-29706	146	38	of	of	ADP
fbem-29706	146	39	transformation	transformation	NOUN
fbem-29706	146	40	among	among	ADP
fbem-29706	146	41	the	the	DET
fbem-29706	146	42	sample	sample	NOUN
fbem-29706	146	43	enterprises	enterprise	NOUN
fbem-29706	146	44	,	,	PUNCT
fbem-29706	146	45	which	which	PRON
fbem-29706	146	46	is	be	AUX
fbem-29706	146	47	basically	basically	ADV
fbem-29706	146	48	the	the	DET
fbem-29706	146	49	same	same	ADJ
fbem-29706	146	50	as	as	ADP
fbem-29706	146	51	the	the	DET
fbem-29706	146	52	results	result	NOUN
fbem-29706	146	53	of	of	ADP
fbem-29706	146	54	wu	wu	PROPN
fbem-29706	146	55	fei	fei	PROPN
fbem-29706	146	56	et	et	PROPN
fbem-29706	146	57	al	al	PROPN
fbem-29706	146	58	.	.	PROPN
fbem-29706	147	1	(	(	PUNCT
fbem-29706	147	2	2021	2021	NUM
fbem-29706	147	3	)	)	PUNCT
fbem-29706	147	4	.	.	PUNCT
fbem-29706	148	1	the	the	DET
fbem-29706	148	2	median	median	NOUN
fbem-29706	148	3	of	of	ADP
fbem-29706	148	4	the	the	DET
fbem-29706	148	5	explanatory	explanatory	ADJ
fbem-29706	148	6	variable	variable	NOUN
fbem-29706	148	7	ei	ei	NOUN
fbem-29706	148	8	is	be	AUX
fbem-29706	148	9	0.001	0.001	NUM
fbem-29706	148	10	,	,	PUNCT
fbem-29706	148	11	which	which	PRON
fbem-29706	148	12	means	mean	VERB
fbem-29706	148	13	that	that	SCONJ
fbem-29706	148	14	there	there	PRON
fbem-29706	148	15	are	be	VERB
fbem-29706	148	16	still	still	ADV
fbem-29706	148	17	a	a	DET
fbem-29706	148	18	large	large	ADJ
fbem-29706	148	19	number	number	NOUN
fbem-29706	148	20	of	of	ADP
fbem-29706	148	21	enterprises	enterprise	NOUN
fbem-29706	148	22	in	in	ADP
fbem-29706	148	23	china	china	PROPN
fbem-29706	148	24	that	that	PRON
fbem-29706	148	25	have	have	AUX
fbem-29706	148	26	not	not	PART
fbem-29706	148	27	carried	carry	VERB
fbem-29706	148	28	out	out	ADP
fbem-29706	148	29	equity	equity	NOUN
fbem-29706	148	30	incentives	incentive	NOUN
fbem-29706	148	31	,	,	PUNCT
fbem-29706	148	32	indicating	indicate	VERB
fbem-29706	148	33	that	that	SCONJ
fbem-29706	148	34	the	the	DET
fbem-29706	148	35	long	long	ADJ
fbem-29706	148	36	-	-	PUNCT
fbem-29706	148	37	term	term	NOUN
fbem-29706	148	38	incentives	incentive	NOUN
fbem-29706	148	39	for	for	ADP
fbem-29706	148	40	executives	executive	NOUN
fbem-29706	148	41	in	in	ADP
fbem-29706	148	42	china	china	PROPN
fbem-29706	148	43	's	's	PART
fbem-29706	148	44	listed	list	VERB
fbem-29706	148	45	enterprises	enterprise	NOUN
fbem-29706	148	46	are	be	AUX
fbem-29706	148	47	insufficient	insufficient	ADJ
fbem-29706	148	48	,	,	PUNCT
fbem-29706	148	49	and	and	CCONJ
fbem-29706	148	50	there	there	PRON
fbem-29706	148	51	is	be	VERB
fbem-29706	148	52	a	a	DET
fbem-29706	148	53	large	large	ADJ
fbem-29706	148	54	difference	difference	NOUN
fbem-29706	148	55	between	between	ADP
fbem-29706	148	56	the	the	DET
fbem-29706	148	57	maximum	maximum	ADJ
fbem-29706	148	58	value	value	NOUN
fbem-29706	148	59	and	and	CCONJ
fbem-29706	148	60	the	the	DET
fbem-29706	148	61	minimum	minimum	ADJ
fbem-29706	148	62	value	value	NOUN
fbem-29706	148	63	of	of	ADP
fbem-29706	148	64	the	the	DET
fbem-29706	148	65	equity	equity	NOUN
fbem-29706	148	66	incentives	incentive	NOUN
fbem-29706	148	67	for	for	ADP
fbem-29706	148	68	executives	executive	NOUN
fbem-29706	148	69	,	,	PUNCT
fbem-29706	148	70	which	which	PRON
fbem-29706	148	71	indicates	indicate	VERB
fbem-29706	148	72	that	that	SCONJ
fbem-29706	148	73	there	there	PRON
fbem-29706	148	74	is	be	VERB
fbem-29706	148	75	a	a	DET
fbem-29706	148	76	large	large	ADJ
fbem-29706	148	77	discrepancy	discrepancy	NOUN
fbem-29706	148	78	in	in	ADP
fbem-29706	148	79	equity	equity	NOUN
fbem-29706	148	80	incentives	incentive	NOUN
fbem-29706	148	81	among	among	ADP
fbem-29706	148	82	the	the	DET
fbem-29706	148	83	sample	sample	NOUN
fbem-29706	148	84	enterprises	enterprise	NOUN
fbem-29706	148	85	.	.	PUNCT
fbem-29706	149	1	in	in	ADP
fbem-29706	149	2	addition	addition	NOUN
fbem-29706	149	3	,	,	PUNCT
fbem-29706	149	4	the	the	DET
fbem-29706	149	5	control	control	NOUN
fbem-29706	149	6	variables	variable	NOUN
fbem-29706	149	7	are	be	AUX
fbem-29706	149	8	not	not	PART
fbem-29706	149	9	significantly	significantly	ADV
fbem-29706	149	10	different	different	ADJ
fbem-29706	149	11	from	from	ADP
fbem-29706	149	12	the	the	DET
fbem-29706	149	13	existing	exist	VERB
fbem-29706	149	14	literature	literature	NOUN
fbem-29706	149	15	.	.	PUNCT
fbem-29706	150	1	table	table	NOUN
fbem-29706	150	2	1	1	NUM
fbem-29706	150	3	.	.	PUNCT
fbem-29706	151	1	descriptive	descriptive	ADJ
fbem-29706	151	2	statistics	statistic	NOUN
fbem-29706	151	3	variable	variable	ADJ
fbem-29706	151	4	name	name	NOUN
fbem-29706	151	5	observation	observation	NOUN
fbem-29706	151	6	mean	mean	VERB
fbem-29706	151	7	s.d	s.d	PROPN
fbem-29706	151	8	median	median	PROPN
fbem-29706	151	9	min	min	PROPN
fbem-29706	151	10	max	max	PROPN
fbem-29706	151	11	dt	dt	PROPN
fbem-29706	151	12	36731	36731	NUM
fbem-29706	151	13	1.195	1.195	NUM
fbem-29706	151	14	1.365	1.365	NUM
fbem-29706	151	15	0.693	0.693	NUM
fbem-29706	151	16	0.000	0.000	NUM
fbem-29706	151	17	4.963	4.963	NUM
fbem-29706	151	18	ei	ei	ADP
fbem-29706	151	19	36731	36731	NUM
fbem-29706	151	20	0.074	0.074	NUM
fbem-29706	151	21	0.141	0.141	NUM
fbem-29706	151	22	0.001	0.001	NUM
fbem-29706	151	23	0.000	0.000	NUM
fbem-29706	151	24	0.611	0.611	NUM
fbem-29706	151	25	size	size	NOUN
fbem-29706	151	26	36731	36731	NUM
fbem-29706	151	27	22.070	22.070	NUM
fbem-29706	151	28	1.274	1.274	NUM
fbem-29706	151	29	21.880	21.880	NUM
fbem-29706	151	30	19.770	19.770	NUM
fbem-29706	151	31	26.060	26.060	NUM
fbem-29706	151	32	age	age	NOUN
fbem-29706	151	33	36731	36731	NUM
fbem-29706	151	34	2.766	2.766	NUM
fbem-29706	151	35	0.397	0.397	NUM
fbem-29706	151	36	2.833	2.833	NUM
fbem-29706	151	37	1.386	1.386	NUM
fbem-29706	151	38	3.466	3.466	NUM
fbem-29706	151	39	roa	roa	NOUN
fbem-29706	151	40	36731	36731	NUM
fbem-29706	151	41	0.039	0.039	NUM
fbem-29706	151	42	0.061	0.061	NUM
fbem-29706	151	43	0.039	0.039	NUM
fbem-29706	151	44	-0.247	-0.247	NUM
fbem-29706	151	45	0.195	0.195	NUM
fbem-29706	151	46	lev	lev	NOUN
fbem-29706	151	47	36731	36731	NUM
fbem-29706	151	48	0.421	0.421	NUM
fbem-29706	151	49	0.206	0.206	NUM
fbem-29706	151	50	0.415	0.415	NUM
fbem-29706	151	51	0.050	0.050	NUM
fbem-29706	151	52	0.881	0.881	NUM
fbem-29706	151	53	growth	growth	NOUN
fbem-29706	151	54	36731	36731	NUM
fbem-29706	151	55	0.184	0.184	NUM
fbem-29706	151	56	0.408	0.408	NUM
fbem-29706	151	57	0.120	0.120	NUM
fbem-29706	151	58	-0.563	-0.563	NUM
fbem-29706	151	59	2.579	2.579	NUM
fbem-29706	151	60	tobinq	tobinq	ADJ
fbem-29706	151	61	36731	36731	NUM
fbem-29706	151	62	2.042	2.042	NUM
fbem-29706	151	63	1.291	1.291	NUM
fbem-29706	151	64	1.627	1.627	NUM
fbem-29706	151	65	0.870	0.870	NUM
fbem-29706	151	66	8.523	8.523	NUM
fbem-29706	151	67	top1	top1	NOUN
fbem-29706	151	68	36731	36731	NUM
fbem-29706	151	69	0.345	0.345	NUM
fbem-29706	151	70	0.148	0.148	NUM
fbem-29706	151	71	0.323	0.323	NUM
fbem-29706	151	72	0.086	0.086	NUM
fbem-29706	151	73	0.742	0.742	NUM
fbem-29706	151	74	i	i	PROPN
fbem-29706	151	75	d	d	PROPN
fbem-29706	151	76	36731	36731	NUM
fbem-29706	151	77	0.374	0.374	NUM
fbem-29706	151	78	0.053	0.053	NUM
fbem-29706	151	79	0.333	0.333	NUM
fbem-29706	151	80	0.308	0.308	NUM
fbem-29706	151	81	0.571	0.571	NUM
fbem-29706	151	82	board	board	NOUN
fbem-29706	151	83	36731	36731	NUM
fbem-29706	151	84	2.132	2.132	NUM
fbem-29706	151	85	0.200	0.200	NUM
fbem-29706	151	86	2.197	2.197	NUM
fbem-29706	151	87	1.609	1.609	NUM
fbem-29706	151	88	2.708	2.708	NUM
fbem-29706	151	89	dual	dual	ADJ
fbem-29706	151	90	36731	36731	NUM
fbem-29706	151	91	0.282	0.282	NUM
fbem-29706	152	1	0.450	0.450	NUM
fbem-29706	152	2	0.000	0.000	NUM
fbem-29706	152	3	0.000	0.000	NUM
fbem-29706	152	4	1.000	1.000	NUM
fbem-29706	152	5	4	4	NUM
fbem-29706	152	6	.	.	PUNCT
fbem-29706	153	1	empirical	empirical	ADJ
fbem-29706	153	2	analysis	analysis	NOUN
fbem-29706	153	3	4.1	4.1	NUM
fbem-29706	153	4	.	.	PUNCT
fbem-29706	154	1	benchmark	benchmark	NOUN
fbem-29706	154	2	regression	regression	NOUN
fbem-29706	154	3	analysis	analysis	NOUN
fbem-29706	154	4	the	the	DET
fbem-29706	154	5	results	result	NOUN
fbem-29706	154	6	of	of	ADP
fbem-29706	154	7	the	the	DET
fbem-29706	154	8	benchmark	benchmark	ADJ
fbem-29706	154	9	regression	regression	NOUN
fbem-29706	154	10	of	of	ADP
fbem-29706	154	11	executive	executive	ADJ
fbem-29706	154	12	equity	equity	NOUN
fbem-29706	154	13	incentives	incentive	NOUN
fbem-29706	154	14	on	on	ADP
fbem-29706	154	15	corporate	corporate	ADJ
fbem-29706	154	16	digital	digital	ADJ
fbem-29706	154	17	transformation	transformation	NOUN
fbem-29706	154	18	are	be	AUX
fbem-29706	154	19	shown	show	VERB
fbem-29706	154	20	in	in	ADP
fbem-29706	154	21	the	the	DET
fbem-29706	154	22	table	table	NOUN
fbem-29706	154	23	2	2	NUM
fbem-29706	154	24	.	.	PUNCT
fbem-29706	154	25	column	column	NOUN
fbem-29706	154	26	(	(	PUNCT
fbem-29706	154	27	1	1	X
fbem-29706	154	28	)	)	PUNCT
fbem-29706	154	29	shows	show	VERB
fbem-29706	154	30	the	the	DET
fbem-29706	154	31	univariate	univariate	ADJ
fbem-29706	154	32	regression	regression	NOUN
fbem-29706	154	33	results	result	NOUN
fbem-29706	154	34	,	,	PUNCT
fbem-29706	154	35	and	and	CCONJ
fbem-29706	154	36	the	the	DET
fbem-29706	154	37	results	result	NOUN
fbem-29706	154	38	show	show	VERB
fbem-29706	154	39	that	that	SCONJ
fbem-29706	154	40	the	the	DET
fbem-29706	154	41	regression	regression	NOUN
fbem-29706	154	42	coefficients	coefficient	NOUN
fbem-29706	154	43	of	of	ADP
fbem-29706	154	44	the	the	DET
fbem-29706	154	45	primary	primary	ADJ
fbem-29706	154	46	term	term	NOUN
fbem-29706	154	47	(	(	PUNCT
fbem-29706	154	48	ei	ei	NOUN
fbem-29706	154	49	)	)	PUNCT
fbem-29706	154	50	and	and	CCONJ
fbem-29706	154	51	secondary	secondary	ADJ
fbem-29706	154	52	term	term	NOUN
fbem-29706	154	53	(	(	PUNCT
fbem-29706	154	54	ei_2	ei_2	PROPN
fbem-29706	154	55	)	)	PUNCT
fbem-29706	154	56	of	of	ADP
fbem-29706	154	57	executive	executive	ADJ
fbem-29706	154	58	equity	equity	NOUN
fbem-29706	154	59	incentives	incentive	NOUN
fbem-29706	154	60	are	be	AUX
fbem-29706	154	61	4.415	4.415	NUM
fbem-29706	154	62	and	and	CCONJ
fbem-29706	154	63	-6.972	-6.972	NOUN
fbem-29706	154	64	respectively	respectively	ADV
fbem-29706	154	65	,	,	PUNCT
fbem-29706	154	66	which	which	PRON
fbem-29706	154	67	are	be	AUX
fbem-29706	154	68	significant	significant	ADJ
fbem-29706	154	69	at	at	ADP
fbem-29706	154	70	1	1	NUM
fbem-29706	154	71	%	%	NOUN
fbem-29706	154	72	level	level	NOUN
fbem-29706	154	73	;	;	PUNCT
fbem-29706	154	74	column	column	NOUN
fbem-29706	154	75	(	(	PUNCT
fbem-29706	154	76	2	2	NUM
fbem-29706	154	77	)	)	PUNCT
fbem-29706	154	78	after	after	ADP
fbem-29706	154	79	adding	add	VERB
fbem-29706	154	80	control	control	NOUN
fbem-29706	154	81	variables	variable	NOUN
fbem-29706	154	82	and	and	CCONJ
fbem-29706	154	83	two	two	NUM
fbem-29706	154	84	-	-	PUNCT
fbem-29706	154	85	way	way	NOUN
fbem-29706	154	86	fixed	fix	VERB
fbem-29706	154	87	effects	effect	NOUN
fbem-29706	154	88	,	,	PUNCT
fbem-29706	154	89	the	the	DET
fbem-29706	154	90	estimated	estimate	VERB
fbem-29706	154	91	coefficients	coefficient	NOUN
fbem-29706	154	92	of	of	ADP
fbem-29706	154	93	the	the	DET
fbem-29706	154	94	primary	primary	ADJ
fbem-29706	154	95	term	term	NOUN
fbem-29706	154	96	(	(	PUNCT
fbem-29706	154	97	ei	ei	NOUN
fbem-29706	154	98	)	)	PUNCT
fbem-29706	154	99	and	and	CCONJ
fbem-29706	154	100	secondary	secondary	ADJ
fbem-29706	154	101	term	term	NOUN
fbem-29706	154	102	(	(	PUNCT
fbem-29706	154	103	ei_2	ei_2	PROPN
fbem-29706	154	104	)	)	PUNCT
fbem-29706	154	105	of	of	ADP
fbem-29706	154	106	executive	executive	ADJ
fbem-29706	154	107	equity	equity	NOUN
fbem-29706	154	108	incentives	incentive	NOUN
fbem-29706	154	109	are	be	AUX
fbem-29706	154	110	1.259	1.259	NUM
fbem-29706	154	111	and	and	CCONJ
fbem-29706	154	112	1.790	1.790	NUM
fbem-29706	154	113	,	,	PUNCT
fbem-29706	154	114	which	which	PRON
fbem-29706	154	115	still	still	ADV
fbem-29706	154	116	pass	pass	VERB
fbem-29706	154	117	the	the	DET
fbem-29706	154	118	1	1	NUM
fbem-29706	154	119	%	%	NOUN
fbem-29706	154	120	significance	significance	NOUN
fbem-29706	154	121	test	test	NOUN
fbem-29706	154	122	.	.	PUNCT
fbem-29706	155	1	in	in	ADP
fbem-29706	155	2	summary	summary	NOUN
fbem-29706	155	3	,	,	PUNCT
fbem-29706	155	4	executive	executive	ADJ
fbem-29706	155	5	equity	equity	NOUN
fbem-29706	155	6	incentives	incentive	NOUN
fbem-29706	155	7	have	have	VERB
fbem-29706	155	8	an	an	DET
fbem-29706	155	9	inverted	inverted	ADJ
fbem-29706	155	10	“	"	PUNCT
fbem-29706	155	11	u”-shaped	u”-shaped	ADJ
fbem-29706	155	12	impact	impact	NOUN
fbem-29706	155	13	on	on	ADP
fbem-29706	155	14	corporate	corporate	ADJ
fbem-29706	155	15	digital	digital	ADJ
fbem-29706	155	16	transformation	transformation	NOUN
fbem-29706	155	17	,	,	PUNCT
fbem-29706	155	18	hypothesis	hypothesis	NOUN
fbem-29706	155	19	1	1	NUM
fbem-29706	155	20	is	be	AUX
fbem-29706	155	21	verified	verify	VERB
fbem-29706	155	22	.	.	PUNCT
fbem-29706	156	1	at	at	ADP
fbem-29706	156	2	the	the	DET
fbem-29706	156	3	same	same	ADJ
fbem-29706	156	4	time	time	NOUN
fbem-29706	156	5	,	,	PUNCT
fbem-29706	156	6	the	the	DET
fbem-29706	156	7	inflection	inflection	NOUN
fbem-29706	156	8	point	point	NOUN
fbem-29706	156	9	value	value	NOUN
fbem-29706	156	10	is	be	AUX
fbem-29706	156	11	calculated	calculate	VERB
fbem-29706	156	12	to	to	PART
fbem-29706	156	13	be	be	AUX
fbem-29706	156	14	about	about	ADV
fbem-29706	156	15	35.17	35.17	NUM
fbem-29706	156	16	%	%	NOUN
fbem-29706	156	17	,	,	PUNCT
fbem-29706	156	18	when	when	SCONJ
fbem-29706	156	19	the	the	DET
fbem-29706	156	20	executive	executive	ADJ
fbem-29706	156	21	equity	equity	NOUN
fbem-29706	156	22	incentive	incentive	NOUN
fbem-29706	156	23	reaches	reach	VERB
fbem-29706	156	24	35.17	35.17	NUM
fbem-29706	156	25	%	%	NOUN
fbem-29706	156	26	,	,	PUNCT
fbem-29706	156	27	it	it	PRON
fbem-29706	156	28	has	have	VERB
fbem-29706	156	29	the	the	DET
fbem-29706	156	30	greatest	great	ADJ
fbem-29706	156	31	effect	effect	NOUN
fbem-29706	156	32	on	on	ADP
fbem-29706	156	33	the	the	DET
fbem-29706	156	34	promotion	promotion	NOUN
fbem-29706	156	35	of	of	ADP
fbem-29706	156	36	enterprise	enterprise	NOUN
fbem-29706	156	37	digital	digital	ADJ
fbem-29706	156	38	transformation	transformation	NOUN
fbem-29706	156	39	.	.	PUNCT
fbem-29706	157	1	the	the	DET
fbem-29706	157	2	reason	reason	NOUN
fbem-29706	157	3	for	for	ADP
fbem-29706	157	4	this	this	PRON
fbem-29706	157	5	is	be	AUX
fbem-29706	157	6	that	that	SCONJ
fbem-29706	157	7	with	with	ADP
fbem-29706	157	8	the	the	DET
fbem-29706	157	9	increase	increase	NOUN
fbem-29706	157	10	in	in	ADP
fbem-29706	157	11	the	the	DET
fbem-29706	157	12	intensity	intensity	NOUN
fbem-29706	157	13	of	of	ADP
fbem-29706	157	14	equity	equity	NOUN
fbem-29706	157	15	incentives	incentive	NOUN
fbem-29706	157	16	,	,	PUNCT
fbem-29706	157	17	the	the	DET
fbem-29706	157	18	control	control	NOUN
fbem-29706	157	19	of	of	ADP
fbem-29706	157	20	executives	executive	NOUN
fbem-29706	157	21	over	over	ADP
fbem-29706	157	22	the	the	DET
fbem-29706	157	23	enterprise	enterprise	NOUN
fbem-29706	157	24	is	be	AUX
fbem-29706	157	25	also	also	ADV
fbem-29706	157	26	increased	increase	VERB
fbem-29706	157	27	,	,	PUNCT
fbem-29706	157	28	which	which	PRON
fbem-29706	157	29	not	not	PART
fbem-29706	157	30	only	only	ADV
fbem-29706	157	31	improves	improve	VERB
fbem-29706	157	32	the	the	DET
fbem-29706	157	33	ability	ability	NOUN
fbem-29706	157	34	of	of	ADP
fbem-29706	157	35	executives	executive	NOUN
fbem-29706	157	36	to	to	PART
fbem-29706	157	37	resist	resist	VERB
fbem-29706	157	38	external	external	ADJ
fbem-29706	157	39	pressure	pressure	NOUN
fbem-29706	157	40	,	,	PUNCT
fbem-29706	157	41	but	but	CCONJ
fbem-29706	157	42	also	also	ADV
fbem-29706	157	43	strengthens	strengthen	VERB
fbem-29706	157	44	their	their	PRON
fbem-29706	157	45	tendency	tendency	NOUN
fbem-29706	157	46	to	to	PART
fbem-29706	157	47	seek	seek	VERB
fbem-29706	157	48	personal	personal	ADJ
fbem-29706	157	49	gain	gain	NOUN
fbem-29706	157	50	and	and	CCONJ
fbem-29706	157	51	risk	risk	NOUN
fbem-29706	157	52	aversion	aversion	NOUN
fbem-29706	157	53	,	,	PUNCT
fbem-29706	157	54	which	which	PRON
fbem-29706	157	55	in	in	ADP
fbem-29706	157	56	turn	turn	NOUN
fbem-29706	157	57	weakens	weaken	VERB
fbem-29706	157	58	the	the	DET
fbem-29706	157	59	supervision	supervision	NOUN
fbem-29706	157	60	and	and	CCONJ
fbem-29706	157	61	constraints	constraint	NOUN
fbem-29706	157	62	of	of	ADP
fbem-29706	157	63	the	the	DET
fbem-29706	157	64	internal	internal	ADJ
fbem-29706	157	65	governance	governance	NOUN
fbem-29706	157	66	mechanism	mechanism	NOUN
fbem-29706	157	67	on	on	ADP
fbem-29706	157	68	the	the	DET
fbem-29706	157	69	executives	executive	NOUN
fbem-29706	157	70	,	,	PUNCT
fbem-29706	157	71	exacerbates	exacerbate	VERB
fbem-29706	157	72	the	the	DET
fbem-29706	157	73	principal	principal	ADJ
fbem-29706	157	74	-	-	PUNCT
fbem-29706	157	75	agent	agent	NOUN
fbem-29706	157	76	problem	problem	NOUN
fbem-29706	157	77	,	,	PUNCT
fbem-29706	157	78	and	and	CCONJ
fbem-29706	157	79	results	result	NOUN
fbem-29706	157	80	in	in	ADP
fbem-29706	157	81	the	the	DET
fbem-29706	157	82	executives	executive	NOUN
fbem-29706	157	83	'	'	PART
fbem-29706	157	84	preference	preference	NOUN
fbem-29706	157	85	for	for	ADP
fbem-29706	157	86	low	low	ADJ
fbem-29706	157	87	-	-	PUNCT
fbem-29706	157	88	risk	risk	NOUN
fbem-29706	157	89	,	,	PUNCT
fbem-29706	157	90	certainty	certainty	NOUN
fbem-29706	157	91	of	of	ADP
fbem-29706	157	92	short	short	ADJ
fbem-29706	157	93	-	-	PUNCT
fbem-29706	157	94	term	term	NOUN
fbem-29706	157	95	investment	investment	NOUN
fbem-29706	157	96	decision	decision	NOUN
fbem-29706	157	97	-	-	PUNCT
fbem-29706	157	98	making	making	NOUN
fbem-29706	157	99	,	,	PUNCT
fbem-29706	157	100	which	which	PRON
fbem-29706	157	101	has	have	VERB
fbem-29706	157	102	a	a	DET
fbem-29706	157	103	negative	negative	ADJ
fbem-29706	157	104	impact	impact	NOUN
fbem-29706	157	105	on	on	ADP
fbem-29706	157	106	the	the	DET
fbem-29706	157	107	digital	digital	ADJ
fbem-29706	157	108	transformation	transformation	NOUN
fbem-29706	157	109	of	of	ADP
fbem-29706	157	110	the	the	DET
fbem-29706	157	111	enterprise	enterprise	NOUN
fbem-29706	157	112	.	.	PUNCT
fbem-29706	158	1	this	this	PRON
fbem-29706	158	2	has	have	VERB
fbem-29706	158	3	a	a	DET
fbem-29706	158	4	negative	negative	ADJ
fbem-29706	158	5	impact	impact	NOUN
fbem-29706	158	6	on	on	ADP
fbem-29706	158	7	the	the	DET
fbem-29706	158	8	digital	digital	ADJ
fbem-29706	158	9	transformation	transformation	NOUN
fbem-29706	158	10	of	of	ADP
fbem-29706	158	11	enterprises	enterprise	NOUN
fbem-29706	158	12	.	.	PUNCT
fbem-29706	159	1	195	195	NUM
fbem-29706	159	2	table	table	NOUN
fbem-29706	159	3	2	2	NUM
fbem-29706	159	4	.	.	PUNCT
fbem-29706	159	5	benchmark	benchmark	NOUN
fbem-29706	159	6	regression	regression	NOUN
fbem-29706	159	7	results	result	VERB
fbem-29706	159	8	variable	variable	ADJ
fbem-29706	159	9	(	(	PUNCT
fbem-29706	159	10	1	1	NUM
fbem-29706	159	11	)	)	PUNCT
fbem-29706	159	12	(	(	PUNCT
fbem-29706	159	13	2	2	X
fbem-29706	159	14	)	)	PUNCT
fbem-29706	159	15	dt	dt	NOUN
fbem-29706	159	16	dt	dt	X
fbem-29706	159	17	ei	ei	ADP
fbem-29706	160	1	4.415	4.415	NUM
fbem-29706	160	2	*	*	PUNCT
fbem-29706	160	3	*	*	PUNCT
fbem-29706	160	4	*	*	PUNCT
fbem-29706	160	5	1.259	1.259	NUM
fbem-29706	160	6	*	*	NOUN
fbem-29706	160	7	*	*	PUNCT
fbem-29706	160	8	*	*	PUNCT
fbem-29706	160	9	(	(	PUNCT
fbem-29706	160	10	26.339	26.339	NUM
fbem-29706	160	11	)	)	PUNCT
fbem-29706	160	12	(	(	PUNCT
fbem-29706	160	13	8.505	8.505	NUM
fbem-29706	160	14	)	)	PUNCT
fbem-29706	160	15	ei_2	ei_2	NOUN
fbem-29706	160	16	-6.972	-6.972	PUNCT
fbem-29706	160	17	*	*	PUNCT
fbem-29706	160	18	*	*	PUNCT
fbem-29706	160	19	*	*	PUNCT
fbem-29706	160	20	-1.790	-1.790	VERB
fbem-29706	160	21	*	*	PUNCT
fbem-29706	160	22	*	*	PUNCT
fbem-29706	160	23	*	*	PUNCT
fbem-29706	160	24	(	(	PUNCT
fbem-29706	160	25	-19.883	-19.883	ADJ
fbem-29706	160	26	)	)	PUNCT
fbem-29706	160	27	(	(	PUNCT
fbem-29706	160	28	-6.148	-6.148	ADJ
fbem-29706	160	29	)	)	PUNCT
fbem-29706	160	30	size	size	NOUN
fbem-29706	160	31	0.155	0.155	NUM
fbem-29706	160	32	*	*	NOUN
fbem-29706	160	33	*	*	PUNCT
fbem-29706	160	34	*	*	PUNCT
fbem-29706	160	35	(	(	PUNCT
fbem-29706	160	36	25.190	25.190	NUM
fbem-29706	160	37	)	)	PUNCT
fbem-29706	160	38	age	age	NOUN
fbem-29706	160	39	-0.109	-0.109	NUM
fbem-29706	160	40	*	*	PUNCT
fbem-29706	160	41	*	*	PUNCT
fbem-29706	160	42	*	*	PUNCT
fbem-29706	160	43	(	(	PUNCT
fbem-29706	160	44	-6.332	-6.332	NOUN
fbem-29706	160	45	)	)	PUNCT
fbem-29706	160	46	roa	roa	NOUN
fbem-29706	160	47	-0.414	-0.414	PUNCT
fbem-29706	160	48	*	*	PUNCT
fbem-29706	160	49	*	*	PUNCT
fbem-29706	160	50	*	*	PUNCT
fbem-29706	160	51	(	(	PUNCT
fbem-29706	160	52	-3.606	-3.606	NOUN
fbem-29706	160	53	)	)	PUNCT
fbem-29706	160	54	lev	lev	NOUN
fbem-29706	160	55	-0.192	-0.192	NOUN
fbem-29706	160	56	*	*	PUNCT
fbem-29706	160	57	*	*	PUNCT
fbem-29706	160	58	*	*	PUNCT
fbem-29706	160	59	(	(	PUNCT
fbem-29706	160	60	-5.201	-5.201	NOUN
fbem-29706	160	61	)	)	PUNCT
fbem-29706	160	62	growth	growth	NOUN
fbem-29706	160	63	0.055	0.055	NUM
fbem-29706	160	64	*	*	PUNCT
fbem-29706	160	65	*	*	PUNCT
fbem-29706	160	66	*	*	PUNCT
fbem-29706	160	67	(	(	PUNCT
fbem-29706	160	68	3.735	3.735	NUM
fbem-29706	160	69	)	)	PUNCT
fbem-29706	160	70	tobinq	tobinq	NOUN
fbem-29706	160	71	0.051	0.051	NUM
fbem-29706	160	72	*	*	PUNCT
fbem-29706	160	73	*	*	PUNCT
fbem-29706	160	74	*	*	PUNCT
fbem-29706	160	75	(	(	PUNCT
fbem-29706	160	76	9.779	9.779	NUM
fbem-29706	160	77	)	)	PUNCT
fbem-29706	160	78	top1	top1	NOUN
fbem-29706	160	79	-0.291	-0.291	PUNCT
fbem-29706	160	80	*	*	PUNCT
fbem-29706	160	81	*	*	PUNCT
fbem-29706	160	82	*	*	PUNCT
fbem-29706	160	83	(	(	PUNCT
fbem-29706	160	84	-7.405	-7.405	NOUN
fbem-29706	160	85	)	)	PUNCT
fbem-29706	160	86	i	i	PROPN
fbem-29706	160	87	d	d	PROPN
fbem-29706	160	88	0.576	0.576	NUM
fbem-29706	160	89	*	*	PUNCT
fbem-29706	160	90	*	*	PUNCT
fbem-29706	160	91	*	*	PUNCT
fbem-29706	160	92	(	(	PUNCT
fbem-29706	160	93	4.620	4.620	NUM
fbem-29706	160	94	)	)	PUNCT
fbem-29706	160	95	board	board	NOUN
fbem-29706	160	96	-0.030	-0.030	PROPN
fbem-29706	160	97	(	(	PUNCT
fbem-29706	160	98	-0.881	-0.881	PROPN
fbem-29706	160	99	)	)	PUNCT
fbem-29706	160	100	dual	dual	ADJ
fbem-29706	160	101	0.067	0.067	NUM
fbem-29706	160	102	*	*	NOUN
fbem-29706	160	103	*	*	PUNCT
fbem-29706	160	104	*	*	PUNCT
fbem-29706	160	105	(	(	PUNCT
fbem-29706	160	106	4.578	4.578	NUM
fbem-29706	160	107	)	)	PUNCT
fbem-29706	161	1	_	_	NOUN
fbem-29706	161	2	cons	con	NOUN
fbem-29706	161	3	1.045	1.045	NUM
fbem-29706	161	4	*	*	NOUN
fbem-29706	161	5	*	*	PUNCT
fbem-29706	161	6	*	*	PUNCT
fbem-29706	161	7	-3.234	-3.234	PROPN
fbem-29706	161	8	*	*	PUNCT
fbem-29706	161	9	*	*	PUNCT
fbem-29706	161	10	*	*	PUNCT
fbem-29706	161	11	(	(	PUNCT
fbem-29706	161	12	132.716	132.716	NUM
fbem-29706	161	13	)	)	PUNCT
fbem-29706	161	14	(	(	PUNCT
fbem-29706	161	15	-21.080	-21.080	NOUN
fbem-29706	161	16	)	)	PUNCT
fbem-29706	161	17	year	year	NOUN
fbem-29706	162	1	no	no	INTJ
fbem-29706	162	2	yes	yes	INTJ
fbem-29706	162	3	industry	industry	NOUN
fbem-29706	163	1	no	no	INTJ
fbem-29706	163	2	yes	yes	INTJ
fbem-29706	163	3	n	n	CCONJ
fbem-29706	163	4	36731	36731	NUM
fbem-29706	163	5	36731	36731	NUM
fbem-29706	163	6	r2	r2	NOUN
fbem-29706	163	7	0.030	0.030	NUM
fbem-29706	163	8	0.416	0.416	NUM
fbem-29706	163	9	table	table	NOUN
fbem-29706	163	10	3	3	NUM
fbem-29706	163	11	.	.	PUNCT
fbem-29706	163	12	endogeneity	endogeneity	NOUN
fbem-29706	163	13	test	test	NOUN
fbem-29706	163	14	variable	variable	NOUN
fbem-29706	163	15	(	(	PUNCT
fbem-29706	163	16	1	1	NUM
fbem-29706	163	17	)	)	PUNCT
fbem-29706	163	18	(	(	PUNCT
fbem-29706	163	19	2	2	NUM
fbem-29706	163	20	)	)	PUNCT
fbem-29706	163	21	(	(	PUNCT
fbem-29706	163	22	3	3	X
fbem-29706	163	23	)	)	PUNCT
fbem-29706	163	24	(	(	PUNCT
fbem-29706	163	25	4	4	X
fbem-29706	163	26	)	)	PUNCT
fbem-29706	163	27	2sls	2sls	NOUN
fbem-29706	163	28	a	a	DET
fbem-29706	163	29	phase	phase	NOUN
fbem-29706	163	30	lag	lag	VERB
fbem-29706	163	31	two	two	NUM
fbem-29706	163	32	phase	phase	NOUN
fbem-29706	163	33	lag	lag	PROPN
fbem-29706	163	34	heckman	heckman	PROPN
fbem-29706	163	35	two	two	NUM
fbem-29706	163	36	-	-	PUNCT
fbem-29706	163	37	stage	stage	NOUN
fbem-29706	163	38	model	model	NOUN
fbem-29706	164	1	dt	dt	NOUN
fbem-29706	165	1	dt	dt	X
fbem-29706	165	2	dt	dt	X
fbem-29706	165	3	dt	dt	X
fbem-29706	165	4	ei	ei	ADP
fbem-29706	165	5	19.879	19.879	NUM
fbem-29706	165	6	*	*	PUNCT
fbem-29706	165	7	*	*	PUNCT
fbem-29706	165	8	*	*	PUNCT
fbem-29706	165	9	1.282	1.282	NUM
fbem-29706	165	10	*	*	PUNCT
fbem-29706	165	11	*	*	PUNCT
fbem-29706	165	12	*	*	PUNCT
fbem-29706	165	13	(	(	PUNCT
fbem-29706	165	14	7.842	7.842	NUM
fbem-29706	165	15	)	)	PUNCT
fbem-29706	165	16	(	(	PUNCT
fbem-29706	165	17	7.568	7.568	NUM
fbem-29706	165	18	)	)	PUNCT
fbem-29706	165	19	ei_2	ei_2	NOUN
fbem-29706	165	20	-36.829	-36.829	VERB
fbem-29706	165	21	*	*	PUNCT
fbem-29706	165	22	*	*	PUNCT
fbem-29706	165	23	*	*	PUNCT
fbem-29706	165	24	-1.871	-1.871	PUNCT
fbem-29706	165	25	*	*	PUNCT
fbem-29706	165	26	*	*	PUNCT
fbem-29706	165	27	*	*	PUNCT
fbem-29706	165	28	(	(	PUNCT
fbem-29706	165	29	-5.704	-5.704	X
fbem-29706	165	30	)	)	PUNCT
fbem-29706	165	31	(	(	PUNCT
fbem-29706	165	32	-5.542	-5.542	X
fbem-29706	165	33	)	)	PUNCT
fbem-29706	165	34	l.ei	l.ei	NOUN
fbem-29706	165	35	1.349	1.349	NUM
fbem-29706	165	36	*	*	PUNCT
fbem-29706	165	37	*	*	PUNCT
fbem-29706	165	38	*	*	PUNCT
fbem-29706	165	39	(	(	PUNCT
fbem-29706	165	40	8.305	8.305	NUM
fbem-29706	165	41	)	)	PUNCT
fbem-29706	165	42	l.ei_2	l.ei_2	NOUN
fbem-29706	165	43	-1.813	-1.813	NOUN
fbem-29706	165	44	*	*	PUNCT
fbem-29706	165	45	*	*	PUNCT
fbem-29706	165	46	*	*	PUNCT
fbem-29706	165	47	(	(	PUNCT
fbem-29706	165	48	-5.665	-5.665	PUNCT
fbem-29706	165	49	)	)	PUNCT
fbem-29706	165	50	l2.ei	l2.ei	NOUN
fbem-29706	165	51	1.415	1.415	NUM
fbem-29706	165	52	*	*	PUNCT
fbem-29706	165	53	*	*	PUNCT
fbem-29706	165	54	*	*	PUNCT
fbem-29706	165	55	(	(	PUNCT
fbem-29706	165	56	8.013	8.013	NUM
fbem-29706	165	57	)	)	PUNCT
fbem-29706	166	1	l2.ei_2	l2.ei_2	NOUN
fbem-29706	166	2	-1.740	-1.740	NOUN
fbem-29706	166	3	*	*	PUNCT
fbem-29706	166	4	*	*	PUNCT
fbem-29706	166	5	*	*	PUNCT
fbem-29706	166	6	(	(	PUNCT
fbem-29706	166	7	-4.975	-4.975	NOUN
fbem-29706	166	8	)	)	PUNCT
fbem-29706	166	9	imr	imr	NOUN
fbem-29706	166	10	-0.413	-0.413	PROPN
fbem-29706	166	11	*	*	PUNCT
fbem-29706	166	12	*	*	PUNCT
fbem-29706	166	13	*	*	PUNCT
fbem-29706	166	14	(	(	PUNCT
fbem-29706	166	15	-9.262	-9.262	X
fbem-29706	166	16	)	)	PUNCT
fbem-29706	166	17	controls	control	NOUN
fbem-29706	167	1	yes	yes	INTJ
fbem-29706	168	1	yes	yes	INTJ
fbem-29706	169	1	yes	yes	INTJ
fbem-29706	170	1	yes	yes	INTJ
fbem-29706	171	1	_	_	PUNCT
fbem-29706	171	2	cons	con	NOUN
fbem-29706	171	3	-5.924	-5.924	NOUN
fbem-29706	171	4	*	*	PUNCT
fbem-29706	171	5	*	*	PUNCT
fbem-29706	171	6	*	*	PUNCT
fbem-29706	171	7	-3.209	-3.209	NOUN
fbem-29706	171	8	*	*	PUNCT
fbem-29706	171	9	*	*	PUNCT
fbem-29706	171	10	*	*	PUNCT
fbem-29706	171	11	-3.251	-3.251	PUNCT
fbem-29706	171	12	*	*	PUNCT
fbem-29706	171	13	*	*	PUNCT
fbem-29706	171	14	*	*	PUNCT
fbem-29706	171	15	-2.750	-2.750	NOUN
fbem-29706	171	16	*	*	PUNCT
fbem-29706	171	17	*	*	PUNCT
fbem-29706	171	18	*	*	PUNCT
fbem-29706	171	19	(	(	PUNCT
fbem-29706	171	20	-22.739	-22.739	PROPN
fbem-29706	171	21	)	)	PUNCT
fbem-29706	171	22	(	(	PUNCT
fbem-29706	171	23	-18.694	-18.694	PROPN
fbem-29706	171	24	)	)	PUNCT
fbem-29706	171	25	(	(	PUNCT
fbem-29706	171	26	-16.924	-16.924	NOUN
fbem-29706	171	27	)	)	PUNCT
fbem-29706	171	28	(	(	PUNCT
fbem-29706	171	29	-15.483	-15.483	NOUN
fbem-29706	171	30	)	)	PUNCT
fbem-29706	171	31	year	year	NOUN
fbem-29706	172	1	yes	yes	INTJ
fbem-29706	172	2	yes	yes	INTJ
fbem-29706	173	1	yes	yes	INTJ
fbem-29706	173	2	yes	yes	INTJ
fbem-29706	173	3	industry	industry	NOUN
fbem-29706	174	1	yes	yes	INTJ
fbem-29706	175	1	yes	yes	INTJ
fbem-29706	176	1	yes	yes	INTJ
fbem-29706	177	1	yes	yes	INTJ
fbem-29706	178	1	n	n	CCONJ
fbem-29706	178	2	36706	36706	NUM
fbem-29706	178	3	30546	30546	NUM
fbem-29706	178	4	26530	26530	NUM
fbem-29706	178	5	30538	30538	NUM
fbem-29706	178	6	r2	r2	NOUN
fbem-29706	178	7	0.120	0.120	NUM
fbem-29706	178	8	0.414	0.414	NUM
fbem-29706	178	9	0.405	0.405	NUM
fbem-29706	178	10	0.415	0.415	NUM
fbem-29706	178	11	196	196	NUM
fbem-29706	178	12	4.2	4.2	NUM
fbem-29706	178	13	.	.	PUNCT
fbem-29706	179	1	endogeneity	endogeneity	NOUN
fbem-29706	179	2	test	test	NOUN
fbem-29706	179	3	4.2.1	4.2.1	NUM
fbem-29706	179	4	.	.	PUNCT
fbem-29706	180	1	instrumental	instrumental	ADJ
fbem-29706	180	2	variable	variable	ADJ
fbem-29706	180	3	test	test	NOUN
fbem-29706	180	4	in	in	ADP
fbem-29706	180	5	view	view	NOUN
fbem-29706	180	6	of	of	ADP
fbem-29706	180	7	the	the	DET
fbem-29706	180	8	possible	possible	ADJ
fbem-29706	180	9	interference	interference	NOUN
fbem-29706	180	10	of	of	ADP
fbem-29706	180	11	endogeneity	endogeneity	NOUN
fbem-29706	180	12	issues	issue	NOUN
fbem-29706	180	13	such	such	ADJ
fbem-29706	180	14	as	as	ADP
fbem-29706	180	15	mutual	mutual	ADJ
fbem-29706	180	16	causality	causality	NOUN
fbem-29706	180	17	between	between	ADP
fbem-29706	180	18	executive	executive	ADJ
fbem-29706	180	19	equity	equity	NOUN
fbem-29706	180	20	incentives	incentive	NOUN
fbem-29706	180	21	and	and	CCONJ
fbem-29706	180	22	enterprise	enterprise	NOUN
fbem-29706	180	23	digital	digital	ADJ
fbem-29706	180	24	transformation	transformation	NOUN
fbem-29706	180	25	,	,	PUNCT
fbem-29706	180	26	this	this	DET
fbem-29706	180	27	paper	paper	NOUN
fbem-29706	180	28	draws	draw	VERB
fbem-29706	180	29	on	on	ADP
fbem-29706	180	30	the	the	DET
fbem-29706	180	31	study	study	NOUN
fbem-29706	180	32	of	of	ADP
fbem-29706	180	33	liu	liu	PROPN
fbem-29706	180	34	baohua	baohua	PROPN
fbem-29706	180	35	et	et	PROPN
fbem-29706	180	36	al	al	PROPN
fbem-29706	180	37	.	.	PROPN
fbem-29706	181	1	(	(	PUNCT
fbem-29706	181	2	2018	2018	NUM
fbem-29706	181	3	)	)	PUNCT
fbem-29706	182	1	[	[	X
fbem-29706	182	2	44	44	NUM
fbem-29706	182	3	]	]	PUNCT
fbem-29706	182	4	and	and	CCONJ
fbem-29706	182	5	selects	select	VERB
fbem-29706	182	6	the	the	DET
fbem-29706	182	7	average	average	ADJ
fbem-29706	182	8	value	value	NOUN
fbem-29706	182	9	of	of	ADP
fbem-29706	182	10	executive	executive	ADJ
fbem-29706	182	11	equity	equity	NOUN
fbem-29706	182	12	incentives	incentive	NOUN
fbem-29706	182	13	of	of	ADP
fbem-29706	182	14	other	other	ADJ
fbem-29706	182	15	enterprises	enterprise	NOUN
fbem-29706	182	16	in	in	ADP
fbem-29706	182	17	the	the	DET
fbem-29706	182	18	industry	industry	NOUN
fbem-29706	182	19	in	in	ADP
fbem-29706	182	20	the	the	DET
fbem-29706	182	21	province	province	NOUN
fbem-29706	182	22	where	where	SCONJ
fbem-29706	182	23	the	the	DET
fbem-29706	182	24	enterprise	enterprise	NOUN
fbem-29706	182	25	belongs	belong	VERB
fbem-29706	182	26	to	to	ADP
fbem-29706	182	27	(	(	PUNCT
fbem-29706	182	28	avei	avei	NOUN
fbem-29706	182	29	)	)	PUNCT
fbem-29706	182	30	as	as	ADP
fbem-29706	182	31	an	an	DET
fbem-29706	182	32	instrumental	instrumental	ADJ
fbem-29706	182	33	variable	variable	NOUN
fbem-29706	182	34	.	.	PUNCT
fbem-29706	183	1	the	the	DET
fbem-29706	183	2	reason	reason	NOUN
fbem-29706	183	3	for	for	ADP
fbem-29706	183	4	this	this	PRON
fbem-29706	183	5	is	be	AUX
fbem-29706	183	6	that	that	SCONJ
fbem-29706	183	7	,	,	PUNCT
fbem-29706	183	8	firstly	firstly	ADV
fbem-29706	183	9	,	,	PUNCT
fbem-29706	183	10	in	in	ADP
fbem-29706	183	11	order	order	NOUN
fbem-29706	183	12	to	to	PART
fbem-29706	183	13	attract	attract	VERB
fbem-29706	183	14	outstanding	outstanding	ADJ
fbem-29706	183	15	executives	executive	NOUN
fbem-29706	183	16	,	,	PUNCT
fbem-29706	183	17	listed	list	VERB
fbem-29706	183	18	firms	firm	NOUN
fbem-29706	183	19	in	in	ADP
fbem-29706	183	20	the	the	DET
fbem-29706	183	21	same	same	ADJ
fbem-29706	183	22	province	province	NOUN
fbem-29706	183	23	need	need	VERB
fbem-29706	183	24	to	to	PART
fbem-29706	183	25	take	take	VERB
fbem-29706	183	26	into	into	ADP
fbem-29706	183	27	account	account	NOUN
fbem-29706	183	28	the	the	DET
fbem-29706	183	29	retained	retain	VERB
fbem-29706	183	30	earnings	earning	NOUN
fbem-29706	183	31	of	of	ADP
fbem-29706	183	32	executives	executive	NOUN
fbem-29706	183	33	,	,	PUNCT
fbem-29706	183	34	the	the	DET
fbem-29706	183	35	compensation	compensation	NOUN
fbem-29706	183	36	that	that	SCONJ
fbem-29706	183	37	competitors	competitor	NOUN
fbem-29706	183	38	may	may	AUX
fbem-29706	183	39	give	give	VERB
fbem-29706	183	40	to	to	ADP
fbem-29706	183	41	executives	executive	NOUN
fbem-29706	183	42	,	,	PUNCT
fbem-29706	183	43	when	when	SCONJ
fbem-29706	183	44	formulating	formulate	VERB
fbem-29706	183	45	their	their	PRON
fbem-29706	183	46	compensation	compensation	NOUN
fbem-29706	183	47	system	system	NOUN
fbem-29706	183	48	.	.	PUNCT
fbem-29706	184	1	therefore	therefore	ADV
fbem-29706	184	2	,	,	PUNCT
fbem-29706	184	3	the	the	DET
fbem-29706	184	4	equity	equity	NOUN
fbem-29706	184	5	incentives	incentive	NOUN
fbem-29706	184	6	of	of	ADP
fbem-29706	184	7	other	other	ADJ
fbem-29706	184	8	listed	list	VERB
fbem-29706	184	9	firms	firm	NOUN
fbem-29706	184	10	in	in	ADP
fbem-29706	184	11	the	the	DET
fbem-29706	184	12	same	same	ADJ
fbem-29706	184	13	province	province	NOUN
fbem-29706	184	14	will	will	AUX
fbem-29706	184	15	affect	affect	VERB
fbem-29706	184	16	the	the	DET
fbem-29706	184	17	equity	equity	NOUN
fbem-29706	184	18	incentive	incentive	NOUN
fbem-29706	184	19	plan	plan	NOUN
fbem-29706	184	20	of	of	ADP
fbem-29706	184	21	this	this	DET
fbem-29706	184	22	firm	firm	NOUN
fbem-29706	184	23	and	and	CCONJ
fbem-29706	184	24	satisfy	satisfy	VERB
fbem-29706	184	25	the	the	DET
fbem-29706	184	26	correlation	correlation	NOUN
fbem-29706	184	27	requirement	requirement	NOUN
fbem-29706	184	28	of	of	ADP
fbem-29706	184	29	the	the	DET
fbem-29706	184	30	instrumental	instrumental	ADJ
fbem-29706	184	31	variable	variable	NOUN
fbem-29706	184	32	.	.	PUNCT
fbem-29706	185	1	second	second	ADJ
fbem-29706	185	2	,	,	PUNCT
fbem-29706	185	3	the	the	DET
fbem-29706	185	4	equity	equity	NOUN
fbem-29706	185	5	incentive	incentive	NOUN
fbem-29706	185	6	plans	plan	NOUN
fbem-29706	185	7	implemented	implement	VERB
fbem-29706	185	8	by	by	ADP
fbem-29706	185	9	competitors	competitor	NOUN
fbem-29706	185	10	will	will	AUX
fbem-29706	185	11	not	not	PART
fbem-29706	185	12	have	have	VERB
fbem-29706	185	13	a	a	DET
fbem-29706	185	14	direct	direct	ADJ
fbem-29706	185	15	impact	impact	NOUN
fbem-29706	185	16	on	on	ADP
fbem-29706	185	17	the	the	DET
fbem-29706	185	18	firm	firm	NOUN
fbem-29706	185	19	's	's	PART
fbem-29706	185	20	digital	digital	ADJ
fbem-29706	185	21	transformation	transformation	NOUN
fbem-29706	185	22	,	,	PUNCT
fbem-29706	185	23	satisfying	satisfy	VERB
fbem-29706	185	24	the	the	DET
fbem-29706	185	25	exogeneity	exogeneity	NOUN
fbem-29706	185	26	condition	condition	NOUN
fbem-29706	185	27	of	of	ADP
fbem-29706	185	28	the	the	DET
fbem-29706	185	29	instrumental	instrumental	ADJ
fbem-29706	185	30	variables	variable	NOUN
fbem-29706	185	31	.	.	PUNCT
fbem-29706	186	1	instrumental	instrumental	ADJ
fbem-29706	186	2	variable	variable	ADJ
fbem-29706	186	3	tests	test	NOUN
fbem-29706	186	4	are	be	AUX
fbem-29706	186	5	conducted	conduct	VERB
fbem-29706	186	6	using	use	VERB
fbem-29706	186	7	2sls	2sls	NUM
fbem-29706	186	8	and	and	CCONJ
fbem-29706	186	9	the	the	DET
fbem-29706	186	10	results	result	NOUN
fbem-29706	186	11	are	be	AUX
fbem-29706	186	12	reported	report	VERB
fbem-29706	186	13	in	in	ADP
fbem-29706	186	14	column	column	NOUN
fbem-29706	186	15	(	(	PUNCT
fbem-29706	186	16	1	1	NUM
fbem-29706	186	17	)	)	PUNCT
fbem-29706	186	18	of	of	ADP
fbem-29706	186	19	table3	table3	PROPN
fbem-29706	186	20	.	.	PUNCT
fbem-29706	187	1	the	the	DET
fbem-29706	187	2	results	result	NOUN
fbem-29706	187	3	show	show	VERB
fbem-29706	187	4	that	that	SCONJ
fbem-29706	187	5	after	after	ADP
fbem-29706	187	6	controlling	control	VERB
fbem-29706	187	7	for	for	ADP
fbem-29706	187	8	the	the	DET
fbem-29706	187	9	endogeneity	endogeneity	NOUN
fbem-29706	187	10	issue	issue	NOUN
fbem-29706	187	11	of	of	ADP
fbem-29706	187	12	mutual	mutual	ADJ
fbem-29706	187	13	causality	causality	NOUN
fbem-29706	187	14	,	,	PUNCT
fbem-29706	187	15	the	the	DET
fbem-29706	187	16	regression	regression	NOUN
fbem-29706	187	17	results	result	NOUN
fbem-29706	187	18	of	of	ADP
fbem-29706	187	19	the	the	DET
fbem-29706	187	20	primary	primary	ADJ
fbem-29706	187	21	and	and	CCONJ
fbem-29706	187	22	secondary	secondary	ADJ
fbem-29706	187	23	terms	term	NOUN
fbem-29706	187	24	of	of	ADP
fbem-29706	187	25	executive	executive	ADJ
fbem-29706	187	26	equity	equity	NOUN
fbem-29706	187	27	incentives	incentive	NOUN
fbem-29706	187	28	remain	remain	VERB
fbem-29706	187	29	significant	significant	ADJ
fbem-29706	187	30	and	and	CCONJ
fbem-29706	187	31	the	the	DET
fbem-29706	187	32	sign	sign	NOUN
fbem-29706	187	33	direction	direction	NOUN
fbem-29706	187	34	remains	remain	VERB
fbem-29706	187	35	consistent	consistent	ADJ
fbem-29706	187	36	with	with	ADP
fbem-29706	187	37	the	the	DET
fbem-29706	187	38	benchmark	benchmark	NOUN
fbem-29706	187	39	regression	regression	NOUN
fbem-29706	187	40	.	.	PUNCT
fbem-29706	188	1	,	,	PUNCT
fbem-29706	188	2	the	the	DET
fbem-29706	188	3	benchmark	benchmark	NOUN
fbem-29706	188	4	regression	regression	NOUN
fbem-29706	188	5	results	result	NOUN
fbem-29706	188	6	of	of	ADP
fbem-29706	188	7	this	this	DET
fbem-29706	188	8	paper	paper	NOUN
fbem-29706	188	9	still	still	ADV
fbem-29706	188	10	hold	hold	VERB
fbem-29706	188	11	.	.	PUNCT
fbem-29706	189	1	4.2.2	4.2.2	X
fbem-29706	189	2	.	.	PUNCT
fbem-29706	189	3	lagged	lag	VERB
fbem-29706	189	4	explanatory	explanatory	ADJ
fbem-29706	189	5	variables	variable	NOUN
fbem-29706	189	6	test	test	VERB
fbem-29706	189	7	in	in	ADP
fbem-29706	189	8	order	order	NOUN
fbem-29706	189	9	to	to	PART
fbem-29706	189	10	further	far	ADV
fbem-29706	189	11	control	control	VERB
fbem-29706	189	12	the	the	DET
fbem-29706	189	13	bias	bias	NOUN
fbem-29706	189	14	of	of	ADP
fbem-29706	189	15	research	research	NOUN
fbem-29706	189	16	conclusions	conclusion	NOUN
fbem-29706	189	17	due	due	ADP
fbem-29706	189	18	to	to	ADP
fbem-29706	189	19	mutual	mutual	ADJ
fbem-29706	189	20	causation	causation	NOUN
fbem-29706	189	21	,	,	PUNCT
fbem-29706	189	22	lagged	lag	VERB
fbem-29706	189	23	n	n	NUM
fbem-29706	189	24	-	-	PUNCT
fbem-29706	189	25	period	period	NOUN
fbem-29706	189	26	explanatory	explanatory	ADJ
fbem-29706	189	27	variables	variable	NOUN
fbem-29706	189	28	are	be	AUX
fbem-29706	189	29	used	use	VERB
fbem-29706	189	30	for	for	ADP
fbem-29706	189	31	regression	regression	NOUN
fbem-29706	189	32	.	.	PUNCT
fbem-29706	190	1	specifically	specifically	ADV
fbem-29706	190	2	,	,	PUNCT
fbem-29706	190	3	this	this	DET
fbem-29706	190	4	paper	paper	NOUN
fbem-29706	190	5	lags	lag	VERB
fbem-29706	190	6	executive	executive	ADJ
fbem-29706	190	7	equity	equity	NOUN
fbem-29706	190	8	incentives	incentive	NOUN
fbem-29706	190	9	by	by	ADP
fbem-29706	190	10	1~2	1~2	NUM
fbem-29706	190	11	periods	period	NOUN
fbem-29706	190	12	for	for	ADP
fbem-29706	190	13	the	the	DET
fbem-29706	190	14	regression	regression	NOUN
fbem-29706	190	15	test	test	NOUN
fbem-29706	190	16	,	,	PUNCT
fbem-29706	190	17	and	and	CCONJ
fbem-29706	190	18	the	the	DET
fbem-29706	190	19	regression	regression	NOUN
fbem-29706	190	20	results	result	NOUN
fbem-29706	190	21	are	be	AUX
fbem-29706	190	22	reported	report	VERB
fbem-29706	190	23	in	in	ADP
fbem-29706	190	24	table	table	NOUN
fbem-29706	190	25	3	3	NUM
fbem-29706	190	26	.	.	PUNCT
fbem-29706	191	1	columns	column	NOUN
fbem-29706	191	2	(	(	PUNCT
fbem-29706	191	3	2	2	NUM
fbem-29706	191	4	)	)	PUNCT
fbem-29706	191	5	and	and	CCONJ
fbem-29706	191	6	(	(	PUNCT
fbem-29706	191	7	3	3	X
fbem-29706	191	8	)	)	PUNCT
fbem-29706	191	9	are	be	AUX
fbem-29706	191	10	the	the	DET
fbem-29706	191	11	regression	regression	NOUN
fbem-29706	191	12	results	result	NOUN
fbem-29706	191	13	of	of	ADP
fbem-29706	191	14	lagged	lag	VERB
fbem-29706	191	15	explanatory	explanatory	ADJ
fbem-29706	191	16	variables	variable	NOUN
fbem-29706	191	17	.	.	PUNCT
fbem-29706	192	1	the	the	DET
fbem-29706	192	2	results	result	NOUN
fbem-29706	192	3	show	show	VERB
fbem-29706	192	4	that	that	SCONJ
fbem-29706	192	5	the	the	DET
fbem-29706	192	6	regression	regression	NOUN
fbem-29706	192	7	coefficients	coefficient	NOUN
fbem-29706	192	8	of	of	ADP
fbem-29706	192	9	the	the	DET
fbem-29706	192	10	primary	primary	ADJ
fbem-29706	192	11	term	term	NOUN
fbem-29706	192	12	(	(	PUNCT
fbem-29706	192	13	l.ei	l.ei	NOUN
fbem-29706	192	14	)	)	PUNCT
fbem-29706	192	15	and	and	CCONJ
fbem-29706	192	16	the	the	DET
fbem-29706	192	17	quadratic	quadratic	ADJ
fbem-29706	192	18	term	term	NOUN
fbem-29706	192	19	(	(	PUNCT
fbem-29706	192	20	l.ei_2	l.ei_2	PROPN
fbem-29706	192	21	)	)	PUNCT
fbem-29706	192	22	for	for	ADP
fbem-29706	192	23	executive	executive	ADJ
fbem-29706	192	24	equity	equity	NOUN
fbem-29706	192	25	incentives	incentive	NOUN
fbem-29706	192	26	lagged	lag	VERB
fbem-29706	192	27	one	one	NUM
fbem-29706	192	28	period	period	NOUN
fbem-29706	192	29	are	be	AUX
fbem-29706	192	30	1.349	1.349	NUM
fbem-29706	192	31	and	and	CCONJ
fbem-29706	192	32	-1.813	-1.813	NUM
fbem-29706	192	33	,	,	PUNCT
fbem-29706	192	34	respectively	respectively	ADV
fbem-29706	192	35	,	,	PUNCT
fbem-29706	192	36	with	with	ADP
fbem-29706	192	37	t	t	NOUN
fbem-29706	192	38	-	-	PUNCT
fbem-29706	192	39	values	value	NOUN
fbem-29706	192	40	of	of	ADP
fbem-29706	192	41	8.305	8.305	NUM
fbem-29706	192	42	and	and	CCONJ
fbem-29706	192	43	5.665	5.665	NUM
fbem-29706	192	44	,	,	PUNCT
fbem-29706	192	45	while	while	SCONJ
fbem-29706	192	46	the	the	DET
fbem-29706	192	47	estimated	estimate	VERB
fbem-29706	192	48	coefficients	coefficient	NOUN
fbem-29706	192	49	of	of	ADP
fbem-29706	192	50	the	the	DET
fbem-29706	192	51	primary	primary	ADJ
fbem-29706	192	52	term	term	NOUN
fbem-29706	192	53	(	(	PUNCT
fbem-29706	192	54	l2.ei	l2.ei	NOUN
fbem-29706	192	55	)	)	PUNCT
fbem-29706	192	56	and	and	CCONJ
fbem-29706	192	57	the	the	DET
fbem-29706	192	58	quadratic	quadratic	ADJ
fbem-29706	192	59	term	term	NOUN
fbem-29706	192	60	(	(	PUNCT
fbem-29706	192	61	l2.ei_2	l2.ei_2	PROPN
fbem-29706	192	62	)	)	PUNCT
fbem-29706	192	63	for	for	ADP
fbem-29706	192	64	the	the	DET
fbem-29706	192	65	lagged	lag	VERB
fbem-29706	192	66	two	two	NUM
fbem-29706	192	67	period	period	NOUN
fbem-29706	192	68	are	be	AUX
fbem-29706	192	69	1.415	1.415	NUM
fbem-29706	192	70	and	and	CCONJ
fbem-29706	192	71	-1.740	-1.740	NOUN
fbem-29706	192	72	,	,	PUNCT
fbem-29706	192	73	respectively	respectively	ADV
fbem-29706	192	74	,	,	PUNCT
fbem-29706	192	75	with	with	ADP
fbem-29706	192	76	t	t	NOUN
fbem-29706	192	77	-	-	PUNCT
fbem-29706	192	78	values	value	NOUN
fbem-29706	192	79	of	of	ADP
fbem-29706	192	80	8.013	8.013	NUM
fbem-29706	192	81	and	and	CCONJ
fbem-29706	192	82	-4.975	-4.975	NOUN
fbem-29706	192	83	,	,	PUNCT
fbem-29706	192	84	and	and	CCONJ
fbem-29706	192	85	passed	pass	VERB
fbem-29706	192	86	the	the	DET
fbem-29706	192	87	1	1	NUM
fbem-29706	192	88	%	%	NOUN
fbem-29706	192	89	significance	significance	NOUN
fbem-29706	192	90	test	test	NOUN
fbem-29706	192	91	,	,	PUNCT
fbem-29706	192	92	indicating	indicate	VERB
fbem-29706	192	93	that	that	SCONJ
fbem-29706	192	94	executive	executive	ADJ
fbem-29706	192	95	equity	equity	NOUN
fbem-29706	192	96	incentives	incentive	NOUN
fbem-29706	192	97	still	still	ADV
fbem-29706	192	98	have	have	VERB
fbem-29706	192	99	an	an	DET
fbem-29706	192	100	inverted	inverted	ADJ
fbem-29706	192	101	“	"	PUNCT
fbem-29706	192	102	u	u	NOUN
fbem-29706	192	103	”	"	PUNCT
fbem-29706	192	104	shape	shape	NOUN
fbem-29706	192	105	impact	impact	NOUN
fbem-29706	192	106	on	on	ADP
fbem-29706	192	107	enterprise	enterprise	NOUN
fbem-29706	192	108	digital	digital	ADJ
fbem-29706	192	109	transformation	transformation	NOUN
fbem-29706	192	110	,	,	PUNCT
fbem-29706	192	111	consistent	consistent	ADJ
fbem-29706	192	112	with	with	ADP
fbem-29706	192	113	the	the	DET
fbem-29706	192	114	findings	finding	NOUN
fbem-29706	192	115	of	of	ADP
fbem-29706	192	116	the	the	DET
fbem-29706	192	117	previous	previous	ADJ
fbem-29706	192	118	study	study	NOUN
fbem-29706	192	119	.	.	PUNCT
fbem-29706	193	1	4.2.3	4.2.3	X
fbem-29706	193	2	.	.	PUNCT
fbem-29706	194	1	heckman	heckman	PROPN
fbem-29706	194	2	two	two	NUM
fbem-29706	194	3	-	-	PUNCT
fbem-29706	194	4	stage	stage	NOUN
fbem-29706	194	5	model	model	NOUN
fbem-29706	194	6	test	test	NOUN
fbem-29706	194	7	whether	whether	SCONJ
fbem-29706	194	8	listed	list	VERB
fbem-29706	194	9	companies	company	NOUN
fbem-29706	194	10	implement	implement	VERB
fbem-29706	194	11	executive	executive	ADJ
fbem-29706	194	12	equity	equity	NOUN
fbem-29706	194	13	incentives	incentive	NOUN
fbem-29706	194	14	is	be	AUX
fbem-29706	194	15	not	not	PART
fbem-29706	194	16	arbitrary	arbitrary	ADJ
fbem-29706	194	17	,	,	PUNCT
fbem-29706	194	18	and	and	CCONJ
fbem-29706	194	19	may	may	AUX
fbem-29706	194	20	be	be	AUX
fbem-29706	194	21	affected	affect	VERB
fbem-29706	194	22	by	by	ADP
fbem-29706	194	23	certain	certain	ADJ
fbem-29706	194	24	corporate	corporate	ADJ
fbem-29706	194	25	characteristics	characteristic	NOUN
fbem-29706	194	26	,	,	PUNCT
fbem-29706	194	27	while	while	SCONJ
fbem-29706	194	28	enterprise	enterprise	NOUN
fbem-29706	194	29	digital	digital	ADJ
fbem-29706	194	30	transformation	transformation	NOUN
fbem-29706	194	31	will	will	AUX
fbem-29706	194	32	also	also	ADV
fbem-29706	194	33	be	be	AUX
fbem-29706	194	34	affected	affect	VERB
fbem-29706	194	35	by	by	ADP
fbem-29706	194	36	these	these	DET
fbem-29706	194	37	corporate	corporate	ADJ
fbem-29706	194	38	characteristics	characteristic	NOUN
fbem-29706	194	39	.	.	PUNCT
fbem-29706	195	1	therefore	therefore	ADV
fbem-29706	195	2	,	,	PUNCT
fbem-29706	195	3	the	the	DET
fbem-29706	195	4	results	result	NOUN
fbem-29706	195	5	of	of	ADP
fbem-29706	195	6	the	the	DET
fbem-29706	195	7	benchmark	benchmark	ADJ
fbem-29706	195	8	regression	regression	NOUN
fbem-29706	195	9	in	in	ADP
fbem-29706	195	10	this	this	DET
fbem-29706	195	11	paper	paper	NOUN
fbem-29706	195	12	may	may	AUX
fbem-29706	195	13	not	not	PART
fbem-29706	195	14	be	be	AUX
fbem-29706	195	15	the	the	DET
fbem-29706	195	16	effect	effect	NOUN
fbem-29706	195	17	of	of	ADP
fbem-29706	195	18	executive	executive	ADJ
fbem-29706	195	19	equity	equity	NOUN
fbem-29706	195	20	incentives	incentive	NOUN
fbem-29706	195	21	,	,	PUNCT
fbem-29706	195	22	but	but	CCONJ
fbem-29706	195	23	the	the	DET
fbem-29706	195	24	results	result	NOUN
fbem-29706	195	25	generated	generate	VERB
fbem-29706	195	26	by	by	ADP
fbem-29706	195	27	the	the	DET
fbem-29706	195	28	influence	influence	NOUN
fbem-29706	195	29	of	of	ADP
fbem-29706	195	30	corporate	corporate	ADJ
fbem-29706	195	31	characteristics	characteristic	NOUN
fbem-29706	195	32	,	,	PUNCT
fbem-29706	195	33	thus	thus	ADV
fbem-29706	195	34	generating	generate	VERB
fbem-29706	195	35	the	the	DET
fbem-29706	195	36	problem	problem	NOUN
fbem-29706	195	37	of	of	ADP
fbem-29706	195	38	selectivity	selectivity	NOUN
fbem-29706	195	39	bias	bias	NOUN
fbem-29706	195	40	.	.	PUNCT
fbem-29706	196	1	therefore	therefore	ADV
fbem-29706	196	2	,	,	PUNCT
fbem-29706	196	3	in	in	ADP
fbem-29706	196	4	order	order	NOUN
fbem-29706	196	5	to	to	PART
fbem-29706	196	6	control	control	VERB
fbem-29706	196	7	the	the	DET
fbem-29706	196	8	selectivity	selectivity	NOUN
fbem-29706	196	9	bias	bias	NOUN
fbem-29706	196	10	problem	problem	NOUN
fbem-29706	196	11	,	,	PUNCT
fbem-29706	196	12	this	this	DET
fbem-29706	196	13	paper	paper	NOUN
fbem-29706	196	14	refers	refer	VERB
fbem-29706	196	15	to	to	ADP
fbem-29706	196	16	the	the	DET
fbem-29706	196	17	existing	exist	VERB
fbem-29706	196	18	studies	study	NOUN
fbem-29706	196	19	to	to	PART
fbem-29706	196	20	select	select	VERB
fbem-29706	196	21	the	the	DET
fbem-29706	196	22	heckman	heckman	PROPN
fbem-29706	196	23	two	two	NUM
fbem-29706	196	24	-	-	PUNCT
fbem-29706	196	25	stage	stage	NOUN
fbem-29706	196	26	model	model	NOUN
fbem-29706	196	27	for	for	ADP
fbem-29706	196	28	validation	validation	NOUN
fbem-29706	196	29	.	.	PUNCT
fbem-29706	197	1	first	first	ADV
fbem-29706	197	2	,	,	PUNCT
fbem-29706	197	3	the	the	DET
fbem-29706	197	4	probit	probit	NOUN
fbem-29706	197	5	model	model	NOUN
fbem-29706	197	6	is	be	AUX
fbem-29706	197	7	used	use	VERB
fbem-29706	197	8	to	to	PART
fbem-29706	197	9	estimate	estimate	VERB
fbem-29706	197	10	the	the	DET
fbem-29706	197	11	inverse	inverse	NOUN
fbem-29706	197	12	mills	mill	NOUN
fbem-29706	197	13	ratio	ratio	NOUN
fbem-29706	197	14	(	(	PUNCT
fbem-29706	197	15	imr	imr	NOUN
fbem-29706	197	16	)	)	PUNCT
fbem-29706	197	17	to	to	PART
fbem-29706	197	18	test	test	VERB
fbem-29706	197	19	whether	whether	SCONJ
fbem-29706	197	20	the	the	DET
fbem-29706	197	21	firm	firm	ADJ
fbem-29706	197	22	characteristic	characteristic	ADJ
fbem-29706	197	23	variables	variable	NOUN
fbem-29706	197	24	(	(	PUNCT
fbem-29706	197	25	control	control	NOUN
fbem-29706	197	26	variables	variable	NOUN
fbem-29706	197	27	in	in	ADP
fbem-29706	197	28	the	the	DET
fbem-29706	197	29	previous	previous	ADJ
fbem-29706	197	30	section	section	NOUN
fbem-29706	197	31	)	)	PUNCT
fbem-29706	197	32	in	in	ADP
fbem-29706	197	33	the	the	DET
fbem-29706	197	34	lagged	lag	VERB
fbem-29706	197	35	period	period	NOUN
fbem-29706	197	36	will	will	AUX
fbem-29706	197	37	affect	affect	VERB
fbem-29706	197	38	the	the	DET
fbem-29706	197	39	implementation	implementation	NOUN
fbem-29706	197	40	of	of	ADP
fbem-29706	197	41	executive	executive	ADJ
fbem-29706	197	42	equity	equity	NOUN
fbem-29706	197	43	incentives	incentive	NOUN
fbem-29706	197	44	by	by	ADP
fbem-29706	197	45	firms	firm	NOUN
fbem-29706	197	46	.	.	PUNCT
fbem-29706	198	1	the	the	DET
fbem-29706	198	2	reason	reason	NOUN
fbem-29706	198	3	for	for	ADP
fbem-29706	198	4	choosing	choose	VERB
fbem-29706	198	5	one	one	NUM
fbem-29706	198	6	-	-	PUNCT
fbem-29706	198	7	period	period	NOUN
fbem-29706	198	8	lagged	lag	VERB
fbem-29706	198	9	firm	firm	ADJ
fbem-29706	198	10	characteristics	characteristic	NOUN
fbem-29706	198	11	variables	variable	NOUN
fbem-29706	198	12	is	be	AUX
fbem-29706	198	13	that	that	SCONJ
fbem-29706	198	14	the	the	DET
fbem-29706	198	15	extent	extent	NOUN
fbem-29706	198	16	of	of	ADP
fbem-29706	198	17	firms	firm	NOUN
fbem-29706	198	18	'	'	PART
fbem-29706	198	19	implementation	implementation	NOUN
fbem-29706	198	20	of	of	ADP
fbem-29706	198	21	executive	executive	ADJ
fbem-29706	198	22	equity	equity	NOUN
fbem-29706	198	23	incentives	incentive	NOUN
fbem-29706	198	24	is	be	AUX
fbem-29706	198	25	closely	closely	ADV
fbem-29706	198	26	related	relate	VERB
fbem-29706	198	27	to	to	ADP
fbem-29706	198	28	indicators	indicator	NOUN
fbem-29706	198	29	such	such	ADJ
fbem-29706	198	30	as	as	ADP
fbem-29706	198	31	firm	firm	ADJ
fbem-29706	198	32	size	size	NOUN
fbem-29706	198	33	,	,	PUNCT
fbem-29706	198	34	earnings	earning	NOUN
fbem-29706	198	35	and	and	CCONJ
fbem-29706	198	36	governance	governance	NOUN
fbem-29706	198	37	structure	structure	NOUN
fbem-29706	198	38	.	.	PUNCT
fbem-29706	199	1	at	at	ADP
fbem-29706	199	2	the	the	DET
fbem-29706	199	3	same	same	ADJ
fbem-29706	199	4	time	time	NOUN
fbem-29706	199	5	,	,	PUNCT
fbem-29706	199	6	there	there	PRON
fbem-29706	199	7	should	should	AUX
fbem-29706	199	8	be	be	AUX
fbem-29706	199	9	at	at	ADV
fbem-29706	199	10	least	least	ADV
fbem-29706	199	11	one	one	NUM
fbem-29706	199	12	exclusivity	exclusivity	NOUN
fbem-29706	199	13	constraint	constraint	NOUN
fbem-29706	199	14	variable	variable	NOUN
fbem-29706	199	15	in	in	ADP
fbem-29706	199	16	heckman	heckman	PROPN
fbem-29706	199	17	's	's	PART
fbem-29706	199	18	first	first	ADJ
fbem-29706	199	19	stage	stage	NOUN
fbem-29706	199	20	.	.	PUNCT
fbem-29706	200	1	in	in	ADP
fbem-29706	200	2	this	this	DET
fbem-29706	200	3	paper	paper	NOUN
fbem-29706	200	4	,	,	PUNCT
fbem-29706	200	5	we	we	PRON
fbem-29706	200	6	select	select	VERB
fbem-29706	200	7	the	the	DET
fbem-29706	200	8	mean	mean	ADJ
fbem-29706	200	9	value	value	NOUN
fbem-29706	200	10	of	of	ADP
fbem-29706	200	11	executive	executive	ADJ
fbem-29706	200	12	equity	equity	NOUN
fbem-29706	200	13	incentives	incentive	NOUN
fbem-29706	200	14	of	of	ADP
fbem-29706	200	15	other	other	ADJ
fbem-29706	200	16	enterprises	enterprise	NOUN
fbem-29706	200	17	in	in	ADP
fbem-29706	200	18	the	the	DET
fbem-29706	200	19	industry	industry	NOUN
fbem-29706	200	20	province	province	NOUN
fbem-29706	200	21	to	to	PART
fbem-29706	200	22	which	which	PRON
fbem-29706	200	23	the	the	DET
fbem-29706	200	24	enterprise	enterprise	NOUN
fbem-29706	200	25	belongs	belong	VERB
fbem-29706	200	26	,	,	PUNCT
fbem-29706	200	27	for	for	ADP
fbem-29706	200	28	the	the	DET
fbem-29706	200	29	same	same	ADJ
fbem-29706	200	30	reason	reason	NOUN
fbem-29706	200	31	as	as	ADP
fbem-29706	200	32	the	the	DET
fbem-29706	200	33	selection	selection	NOUN
fbem-29706	200	34	of	of	ADP
fbem-29706	200	35	instrumental	instrumental	ADJ
fbem-29706	200	36	variables	variable	NOUN
fbem-29706	200	37	.	.	PUNCT
fbem-29706	201	1	the	the	DET
fbem-29706	201	2	imr	imr	NOUN
fbem-29706	201	3	is	be	AUX
fbem-29706	201	4	calculated	calculate	VERB
fbem-29706	201	5	and	and	CCONJ
fbem-29706	201	6	incorporated	incorporate	VERB
fbem-29706	201	7	into	into	ADP
fbem-29706	201	8	the	the	DET
fbem-29706	201	9	benchmark	benchmark	ADJ
fbem-29706	201	10	regression	regression	NOUN
fbem-29706	201	11	model	model	NOUN
fbem-29706	201	12	to	to	PART
fbem-29706	201	13	control	control	VERB
fbem-29706	201	14	the	the	DET
fbem-29706	201	15	selection	selection	NOUN
fbem-29706	201	16	bias	bias	NOUN
fbem-29706	201	17	problem	problem	NOUN
fbem-29706	201	18	.	.	PUNCT
fbem-29706	202	1	specifically	specifically	ADV
fbem-29706	202	2	,	,	PUNCT
fbem-29706	202	3	the	the	DET
fbem-29706	202	4	probit	probit	NOUN
fbem-29706	202	5	model	model	NOUN
fbem-29706	202	6	is	be	AUX
fbem-29706	202	7	constructed	construct	VERB
fbem-29706	202	8	as	as	SCONJ
fbem-29706	202	9	follows	follow	VERB
fbem-29706	202	10	:	:	PUNCT
fbem-29706	202	11	20	20	NUM
fbem-29706	202	12	1	1	NUM
fbem-29706	202	13	avit	avit	NOUN
fbem-29706	202	14	it	it	PRON
fbem-29706	202	15	ititeei	ititeei	VERB
fbem-29706	202	16	lagcv	lagcv	PROPN
fbem-29706	202	17	indutryi	indutryi	PROPN
fbem-29706	203	1	year	year	NOUN
fbem-29706	204	1			PROPN
fbem-29706	204	2			PROPN
fbem-29706	204	3			PROPN
fbem-29706	204	4			ADV
fbem-29706	204	5			VERB
fbem-29706	204	6			PUNCT
fbem-29706	204	7			PROPN
fbem-29706	204	8			X
fbem-29706	204	9			X
fbem-29706	204	10	(	(	PUNCT
fbem-29706	204	11	4	4	X
fbem-29706	204	12	)	)	PUNCT
fbem-29706	204	13	the	the	DET
fbem-29706	204	14	empirical	empirical	ADJ
fbem-29706	204	15	results	result	NOUN
fbem-29706	204	16	are	be	AUX
fbem-29706	204	17	reported	report	VERB
fbem-29706	204	18	in	in	ADP
fbem-29706	204	19	column	column	NOUN
fbem-29706	204	20	(	(	PUNCT
fbem-29706	204	21	4	4	NUM
fbem-29706	204	22	)	)	PUNCT
fbem-29706	204	23	of	of	ADP
fbem-29706	204	24	table	table	NOUN
fbem-29706	204	25	3	3	NUM
fbem-29706	204	26	,	,	PUNCT
fbem-29706	204	27	where	where	SCONJ
fbem-29706	204	28	the	the	DET
fbem-29706	204	29	inverse	inverse	NOUN
fbem-29706	204	30	mills	mill	NOUN
fbem-29706	204	31	ratio	ratio	NOUN
fbem-29706	204	32	(	(	PUNCT
fbem-29706	204	33	imr	imr	PROPN
fbem-29706	204	34	)	)	PUNCT
fbem-29706	204	35	passes	pass	VERB
fbem-29706	204	36	the	the	DET
fbem-29706	204	37	test	test	NOUN
fbem-29706	204	38	of	of	ADP
fbem-29706	204	39	significance	significance	NOUN
fbem-29706	204	40	at	at	ADP
fbem-29706	204	41	the	the	DET
fbem-29706	204	42	1	1	NUM
fbem-29706	204	43	%	%	NOUN
fbem-29706	204	44	level	level	NOUN
fbem-29706	204	45	,	,	PUNCT
fbem-29706	204	46	indicating	indicate	VERB
fbem-29706	204	47	that	that	SCONJ
fbem-29706	204	48	there	there	PRON
fbem-29706	204	49	is	be	VERB
fbem-29706	204	50	indeed	indeed	ADV
fbem-29706	204	51	a	a	DET
fbem-29706	204	52	bias	bias	NOUN
fbem-29706	204	53	in	in	ADP
fbem-29706	204	54	the	the	DET
fbem-29706	204	55	distribution	distribution	NOUN
fbem-29706	204	56	of	of	ADP
fbem-29706	204	57	executive	executive	ADJ
fbem-29706	204	58	equity	equity	NOUN
fbem-29706	204	59	incentives	incentive	NOUN
fbem-29706	204	60	and	and	CCONJ
fbem-29706	204	61	that	that	SCONJ
fbem-29706	204	62	there	there	PRON
fbem-29706	204	63	is	be	VERB
fbem-29706	204	64	a	a	DET
fbem-29706	204	65	need	need	NOUN
fbem-29706	204	66	to	to	PART
fbem-29706	204	67	control	control	VERB
fbem-29706	204	68	for	for	ADP
fbem-29706	204	69	the	the	DET
fbem-29706	204	70	problem	problem	NOUN
fbem-29706	204	71	of	of	ADP
fbem-29706	204	72	selectivity	selectivity	NOUN
fbem-29706	204	73	bias	bias	NOUN
fbem-29706	204	74	.	.	PUNCT
fbem-29706	205	1	further	far	ADV
fbem-29706	205	2	,	,	PUNCT
fbem-29706	205	3	after	after	ADP
fbem-29706	205	4	adding	add	VERB
fbem-29706	205	5	imr	imr	NOUN
fbem-29706	205	6	as	as	ADP
fbem-29706	205	7	a	a	DET
fbem-29706	205	8	control	control	NOUN
fbem-29706	205	9	variable	variable	NOUN
fbem-29706	205	10	to	to	ADP
fbem-29706	205	11	the	the	DET
fbem-29706	205	12	baseline	baseline	PROPN
fbem-29706	205	13	regression	regression	NOUN
fbem-29706	205	14	model	model	NOUN
fbem-29706	205	15	,	,	PUNCT
fbem-29706	205	16	the	the	DET
fbem-29706	205	17	estimated	estimate	VERB
fbem-29706	205	18	coefficients	coefficient	NOUN
fbem-29706	205	19	of	of	ADP
fbem-29706	205	20	the	the	DET
fbem-29706	205	21	regression	regression	NOUN
fbem-29706	205	22	coefficients	coefficient	NOUN
fbem-29706	205	23	of	of	ADP
fbem-29706	205	24	the	the	DET
fbem-29706	205	25	primary	primary	ADJ
fbem-29706	205	26	term	term	NOUN
fbem-29706	205	27	(	(	PUNCT
fbem-29706	205	28	ei	ei	NOUN
fbem-29706	205	29	)	)	PUNCT
fbem-29706	205	30	and	and	CCONJ
fbem-29706	205	31	the	the	DET
fbem-29706	205	32	secondary	secondary	ADJ
fbem-29706	205	33	term	term	NOUN
fbem-29706	205	34	(	(	PUNCT
fbem-29706	205	35	ei_2	ei_2	PROPN
fbem-29706	205	36	)	)	PUNCT
fbem-29706	205	37	of	of	ADP
fbem-29706	205	38	executive	executive	ADJ
fbem-29706	205	39	equity	equity	NOUN
fbem-29706	205	40	incentives	incentive	NOUN
fbem-29706	205	41	are	be	AUX
fbem-29706	205	42	1.282	1.282	NUM
fbem-29706	205	43	and	and	CCONJ
fbem-29706	205	44	-1.871	-1.871	NUM
fbem-29706	205	45	,	,	PUNCT
fbem-29706	205	46	respectively	respectively	ADV
fbem-29706	205	47	,	,	PUNCT
fbem-29706	205	48	and	and	CCONJ
fbem-29706	205	49	both	both	PRON
fbem-29706	205	50	of	of	ADP
fbem-29706	205	51	them	they	PRON
fbem-29706	205	52	are	be	AUX
fbem-29706	205	53	significant	significant	ADJ
fbem-29706	205	54	at	at	ADP
fbem-29706	205	55	the	the	DET
fbem-29706	205	56	1	1	NUM
fbem-29706	205	57	%	%	NOUN
fbem-29706	205	58	level	level	NOUN
fbem-29706	205	59	,	,	PUNCT
fbem-29706	205	60	which	which	PRON
fbem-29706	205	61	suggests	suggest	VERB
fbem-29706	205	62	that	that	SCONJ
fbem-29706	205	63	after	after	ADP
fbem-29706	205	64	controlling	control	VERB
fbem-29706	205	65	for	for	ADP
fbem-29706	205	66	selectivity	selectivity	NOUN
fbem-29706	205	67	bias	bias	NOUN
fbem-29706	205	68	by	by	ADP
fbem-29706	205	69	using	use	VERB
fbem-29706	205	70	the	the	DET
fbem-29706	205	71	heckman	heckman	PROPN
fbem-29706	205	72	two	two	NUM
fbem-29706	205	73	-	-	PUNCT
fbem-29706	205	74	stage	stage	NOUN
fbem-29706	205	75	model	model	NOUN
fbem-29706	205	76	,	,	PUNCT
fbem-29706	205	77	the	the	DET
fbem-29706	205	78	findings	finding	NOUN
fbem-29706	205	79	of	of	ADP
fbem-29706	205	80	this	this	DET
fbem-29706	205	81	paper	paper	NOUN
fbem-29706	205	82	are	be	AUX
fbem-29706	205	83	still	still	ADV
fbem-29706	205	84	robust	robust	ADJ
fbem-29706	205	85	.	.	PUNCT
fbem-29706	206	1	4.3	4.3	NUM
fbem-29706	206	2	.	.	PUNCT
fbem-29706	207	1	robustness	robustness	NOUN
fbem-29706	207	2	tests	test	NOUN
fbem-29706	207	3	4.3.1	4.3.1	VERB
fbem-29706	207	4	.	.	PUNCT
fbem-29706	208	1	replacement	replacement	NOUN
fbem-29706	208	2	of	of	ADP
fbem-29706	208	3	explanatory	explanatory	ADJ
fbem-29706	208	4	variables	variable	NOUN
fbem-29706	208	5	drawing	draw	VERB
fbem-29706	208	6	on	on	ADP
fbem-29706	208	7	du	du	PROPN
fbem-29706	208	8	jinmin	jinmin	PROPN
fbem-29706	208	9	et	et	PROPN
fbem-29706	208	10	al	al	PROPN
fbem-29706	208	11	.	.	PROPN
fbem-29706	208	12	's	's	PART
fbem-29706	208	13	(	(	PUNCT
fbem-29706	208	14	2022	2022	NUM
fbem-29706	208	15	)	)	PUNCT
fbem-29706	208	16	study	study	NOUN
fbem-29706	208	17	[	[	X
fbem-29706	208	18	45	45	NUM
fbem-29706	208	19	]	]	PUNCT
fbem-29706	208	20	,	,	PUNCT
fbem-29706	208	21	the	the	DET
fbem-29706	208	22	digital	digital	ADJ
fbem-29706	208	23	transformation	transformation	NOUN
fbem-29706	208	24	indicators	indicator	NOUN
fbem-29706	208	25	in	in	ADP
fbem-29706	208	26	the	the	DET
fbem-29706	208	27	previous	previous	ADJ
fbem-29706	208	28	section	section	NOUN
fbem-29706	208	29	are	be	AUX
fbem-29706	208	30	further	far	ADV
fbem-29706	208	31	decomposed	decompose	VERB
fbem-29706	208	32	into	into	ADP
fbem-29706	208	33	two	two	NUM
fbem-29706	208	34	dimensions	dimension	NOUN
fbem-29706	208	35	of	of	ADP
fbem-29706	208	36	“	"	PUNCT
fbem-29706	208	37	abcd	abcd	PROPN
fbem-29706	208	38	technology	technology	NOUN
fbem-29706	208	39	”	"	PUNCT
fbem-29706	208	40	and	and	CCONJ
fbem-29706	208	41	“	"	PUNCT
fbem-29706	208	42	digital	digital	ADJ
fbem-29706	208	43	technology	technology	NOUN
fbem-29706	208	44	application	application	NOUN
fbem-29706	208	45	”	"	PUNCT
fbem-29706	208	46	for	for	ADP
fbem-29706	208	47	regression	regression	NOUN
fbem-29706	208	48	.	.	PUNCT
fbem-29706	209	1	after	after	ADP
fbem-29706	209	2	regression	regression	NOUN
fbem-29706	209	3	,	,	PUNCT
fbem-29706	209	4	the	the	DET
fbem-29706	209	5	results	result	NOUN
fbem-29706	209	6	are	be	AUX
fbem-29706	209	7	reported	report	VERB
fbem-29706	209	8	in	in	ADP
fbem-29706	209	9	columns	column	NOUN
fbem-29706	209	10	(	(	PUNCT
fbem-29706	209	11	1	1	NUM
fbem-29706	209	12	)	)	PUNCT
fbem-29706	209	13	and	and	CCONJ
fbem-29706	209	14	(	(	PUNCT
fbem-29706	209	15	2	2	X
fbem-29706	209	16	)	)	PUNCT
fbem-29706	209	17	of	of	ADP
fbem-29706	209	18	table	table	NOUN
fbem-29706	209	19	4	4	NUM
fbem-29706	209	20	.	.	PUNCT
fbem-29706	210	1	the	the	DET
fbem-29706	210	2	primary	primary	ADJ
fbem-29706	210	3	(	(	PUNCT
fbem-29706	210	4	ei	ei	NOUN
fbem-29706	210	5	)	)	PUNCT
fbem-29706	210	6	and	and	CCONJ
fbem-29706	210	7	secondary	secondary	ADJ
fbem-29706	210	8	(	(	PUNCT
fbem-29706	210	9	ei_2	ei_2	PROPN
fbem-29706	210	10	)	)	PUNCT
fbem-29706	210	11	terms	term	NOUN
fbem-29706	210	12	of	of	ADP
fbem-29706	210	13	executive	executive	ADJ
fbem-29706	210	14	incentives	incentive	NOUN
fbem-29706	210	15	have	have	AUX
fbem-29706	210	16	inverted“u”shaped	inverted“u”shape	VERB
fbem-29706	210	17	effects	effect	NOUN
fbem-29706	210	18	on	on	ADP
fbem-29706	210	19	both	both	DET
fbem-29706	210	20	‘	'	PUNCT
fbem-29706	210	21	abcd	abcd	PROPN
fbem-29706	210	22	technology	technology	NOUN
fbem-29706	210	23	’	'	PUNCT
fbem-29706	210	24	and	and	CCONJ
fbem-29706	210	25	‘	'	PUNCT
fbem-29706	210	26	digital	digital	ADJ
fbem-29706	210	27	technology	technology	NOUN
fbem-29706	210	28	adoption	adoption	NOUN
fbem-29706	210	29	’	'	PUNCT
fbem-29706	210	30	,	,	PUNCT
fbem-29706	210	31	indicating	indicate	VERB
fbem-29706	210	32	that	that	SCONJ
fbem-29706	210	33	the	the	DET
fbem-29706	210	34	regression	regression	NOUN
fbem-29706	210	35	results	result	NOUN
fbem-29706	210	36	of	of	ADP
fbem-29706	210	37	this	this	DET
fbem-29706	210	38	paper	paper	NOUN
fbem-29706	210	39	are	be	AUX
fbem-29706	210	40	still	still	ADV
fbem-29706	210	41	robust	robust	ADJ
fbem-29706	210	42	to	to	ADP
fbem-29706	210	43	changing	change	VERB
fbem-29706	210	44	the	the	DET
fbem-29706	210	45	measurement	measurement	NOUN
fbem-29706	210	46	of	of	ADP
fbem-29706	210	47	the	the	DET
fbem-29706	210	48	explanatory	explanatory	ADJ
fbem-29706	210	49	variables	variable	NOUN
fbem-29706	210	50	.	.	PUNCT
fbem-29706	211	1	4.3.2	4.3.2	X
fbem-29706	211	2	.	.	PUNCT
fbem-29706	212	1	changing	change	VERB
fbem-29706	212	2	the	the	DET
fbem-29706	212	3	sample	sample	NOUN
fbem-29706	212	4	period	period	NOUN
fbem-29706	212	5	the	the	DET
fbem-29706	212	6	design	design	NOUN
fbem-29706	212	7	of	of	ADP
fbem-29706	212	8	corporate	corporate	ADJ
fbem-29706	212	9	executives	executive	NOUN
fbem-29706	212	10	'	'	PART
fbem-29706	212	11	equity	equity	NOUN
fbem-29706	212	12	incentive	incentive	NOUN
fbem-29706	212	13	programs	program	NOUN
fbem-29706	212	14	and	and	CCONJ
fbem-29706	212	15	whether	whether	SCONJ
fbem-29706	212	16	or	or	CCONJ
fbem-29706	212	17	not	not	PART
fbem-29706	212	18	to	to	PART
fbem-29706	212	19	carry	carry	VERB
fbem-29706	212	20	out	out	ADP
fbem-29706	212	21	digital	digital	ADJ
fbem-29706	212	22	transformation	transformation	NOUN
fbem-29706	212	23	are	be	AUX
fbem-29706	212	24	greatly	greatly	ADV
fbem-29706	212	25	influenced	influence	VERB
fbem-29706	212	26	by	by	ADP
fbem-29706	212	27	the	the	DET
fbem-29706	212	28	overall	overall	ADJ
fbem-29706	212	29	economic	economic	ADJ
fbem-29706	212	30	environment	environment	NOUN
fbem-29706	212	31	.	.	PUNCT
fbem-29706	213	1	to	to	PART
fbem-29706	213	2	ensure	ensure	VERB
fbem-29706	213	3	the	the	DET
fbem-29706	213	4	scientific	scientific	ADJ
fbem-29706	213	5	validity	validity	NOUN
fbem-29706	213	6	of	of	ADP
fbem-29706	213	7	the	the	DET
fbem-29706	213	8	data	datum	NOUN
fbem-29706	213	9	,	,	PUNCT
fbem-29706	213	10	such	such	ADJ
fbem-29706	213	11	influencing	influence	VERB
fbem-29706	213	12	factors	factor	NOUN
fbem-29706	213	13	need	need	VERB
fbem-29706	213	14	to	to	PART
fbem-29706	213	15	be	be	AUX
fbem-29706	213	16	eliminated	eliminate	VERB
fbem-29706	213	17	.	.	PUNCT
fbem-29706	214	1	in	in	ADP
fbem-29706	214	2	the	the	DET
fbem-29706	214	3	selected	select	VERB
fbem-29706	214	4	sample	sample	NOUN
fbem-29706	214	5	period	period	NOUN
fbem-29706	214	6	of	of	ADP
fbem-29706	214	7	2007~2021	2007~2021	NOUN
fbem-29706	214	8	,	,	PUNCT
fbem-29706	214	9	there	there	PRON
fbem-29706	214	10	are	be	VERB
fbem-29706	214	11	three	three	NUM
fbem-29706	214	12	more	more	ADV
fbem-29706	214	13	special	special	ADJ
fbem-29706	214	14	time	time	NOUN
fbem-29706	214	15	points	point	NOUN
fbem-29706	214	16	:	:	PUNCT
fbem-29706	214	17	first	first	ADV
fbem-29706	214	18	,	,	PUNCT
fbem-29706	214	19	the	the	DET
fbem-29706	214	20	global	global	ADJ
fbem-29706	214	21	financial	financial	ADJ
fbem-29706	214	22	crisis	crisis	NOUN
fbem-29706	214	23	in	in	ADP
fbem-29706	214	24	2008	2008	NUM
fbem-29706	214	25	;	;	PUNCT
fbem-29706	214	26	second	second	X
fbem-29706	214	27	,	,	PUNCT
fbem-29706	214	28	the	the	DET
fbem-29706	214	29	change	change	NOUN
fbem-29706	214	30	of	of	ADP
fbem-29706	214	31	bulls	bull	NOUN
fbem-29706	214	32	and	and	CCONJ
fbem-29706	214	33	bears	bear	NOUN
fbem-29706	214	34	in	in	ADP
fbem-29706	214	35	china	china	PROPN
fbem-29706	214	36	's	's	PART
fbem-29706	214	37	stock	stock	NOUN
fbem-29706	214	38	market	market	NOUN
fbem-29706	214	39	in	in	ADP
fbem-29706	214	40	2015	2015	NUM
fbem-29706	214	41	;	;	PUNCT
fbem-29706	214	42	and	and	CCONJ
fbem-29706	214	43	third	third	ADV
fbem-29706	214	44	,	,	PUNCT
fbem-29706	214	45	the	the	DET
fbem-29706	214	46	outbreak	outbreak	NOUN
fbem-29706	214	47	of	of	ADP
fbem-29706	214	48	the	the	DET
fbem-29706	214	49	new	new	ADJ
fbem-29706	214	50	crown	crown	NOUN
fbem-29706	214	51	epidemic	epidemic	NOUN
fbem-29706	214	52	in	in	ADP
fbem-29706	214	53	2020	2020	NUM
fbem-29706	214	54	.	.	PUNCT
fbem-29706	215	1	in	in	ADP
fbem-29706	215	2	practice	practice	NOUN
fbem-29706	215	3	,	,	PUNCT
fbem-29706	215	4	such	such	ADJ
fbem-29706	215	5	factors	factor	NOUN
fbem-29706	215	6	are	be	AUX
fbem-29706	215	7	more	more	ADV
fbem-29706	215	8	difficult	difficult	ADJ
fbem-29706	215	9	to	to	PART
fbem-29706	215	10	be	be	AUX
fbem-29706	215	11	absorbed	absorb	VERB
fbem-29706	215	12	through	through	ADP
fbem-29706	215	13	variable	variable	ADJ
fbem-29706	215	14	construction	construction	NOUN
fbem-29706	215	15	.	.	PUNCT
fbem-29706	216	1	therefore	therefore	ADV
fbem-29706	216	2	,	,	PUNCT
fbem-29706	216	3	in	in	ADP
fbem-29706	216	4	this	this	DET
fbem-29706	216	5	paper	paper	NOUN
fbem-29706	216	6	,	,	PUNCT
fbem-29706	216	7	the	the	DET
fbem-29706	216	8	samples	sample	NOUN
fbem-29706	216	9	of	of	ADP
fbem-29706	216	10	global	global	ADJ
fbem-29706	216	11	financial	financial	ADJ
fbem-29706	216	12	crisis	crisis	NOUN
fbem-29706	216	13	(	(	PUNCT
fbem-29706	216	14	2008	2008	NUM
fbem-29706	216	15	)	)	PUNCT
fbem-29706	216	16	,	,	PUNCT
fbem-29706	216	17	chinese	chinese	ADJ
fbem-29706	216	18	stock	stock	NOUN
fbem-29706	216	19	market	market	NOUN
fbem-29706	216	20	turmoil	turmoil	NOUN
fbem-29706	216	21	(	(	PUNCT
fbem-29706	216	22	2015	2015	NUM
fbem-29706	216	23	)	)	PUNCT
fbem-29706	216	24	and	and	CCONJ
fbem-29706	216	25	new	new	ADJ
fbem-29706	216	26	crown	crown	NOUN
fbem-29706	216	27	epidemic	epidemic	NOUN
fbem-29706	216	28	outbreak	outbreak	NOUN
fbem-29706	216	29	(	(	PUNCT
fbem-29706	216	30	2020	2020	NUM
fbem-29706	216	31	)	)	PUNCT
fbem-29706	216	32	are	be	AUX
fbem-29706	216	33	excluded	exclude	VERB
fbem-29706	216	34	from	from	ADP
fbem-29706	216	35	the	the	DET
fbem-29706	216	36	regression	regression	NOUN
fbem-29706	216	37	.	.	PUNCT
fbem-29706	217	1	the	the	DET
fbem-29706	217	2	results	result	NOUN
fbem-29706	217	3	are	be	AUX
fbem-29706	217	4	reported	report	VERB
fbem-29706	217	5	in	in	ADP
fbem-29706	217	6	column	column	NOUN
fbem-29706	217	7	(	(	PUNCT
fbem-29706	217	8	4	4	NUM
fbem-29706	217	9	)	)	PUNCT
fbem-29706	217	10	of	of	ADP
fbem-29706	217	11	table	table	NOUN
fbem-29706	217	12	4	4	NUM
fbem-29706	217	13	.	.	PUNCT
fbem-29706	218	1	the	the	DET
fbem-29706	218	2	regression	regression	NOUN
fbem-29706	218	3	coefficients	coefficient	NOUN
fbem-29706	218	4	of	of	ADP
fbem-29706	218	5	the	the	DET
fbem-29706	218	6	primary	primary	ADJ
fbem-29706	218	7	term	term	NOUN
fbem-29706	218	8	(	(	PUNCT
fbem-29706	218	9	ei	ei	NOUN
fbem-29706	218	10	)	)	PUNCT
fbem-29706	218	11	and	and	CCONJ
fbem-29706	218	12	the	the	DET
fbem-29706	218	13	secondary	secondary	ADJ
fbem-29706	218	14	term	term	NOUN
fbem-29706	218	15	(	(	PUNCT
fbem-29706	218	16	ei_2	ei_2	PROPN
fbem-29706	218	17	)	)	PUNCT
fbem-29706	218	18	of	of	ADP
fbem-29706	218	19	executive	executive	ADJ
fbem-29706	218	20	equity	equity	NOUN
fbem-29706	218	21	incentives	incentive	NOUN
fbem-29706	218	22	are	be	AUX
fbem-29706	218	23	1.203	1.203	NUM
fbem-29706	218	24	and	and	CCONJ
fbem-29706	218	25	-1.694	-1.694	ADJ
fbem-29706	218	26	,	,	PUNCT
fbem-29706	218	27	respectively	respectively	ADV
fbem-29706	218	28	,	,	PUNCT
fbem-29706	218	29	and	and	CCONJ
fbem-29706	218	30	the	the	DET
fbem-29706	218	31	t	t	NOUN
fbem-29706	218	32	-	-	PUNCT
fbem-29706	218	33	values	value	NOUN
fbem-29706	218	34	are	be	AUX
fbem-29706	218	35	7.325	7.325	NUM
fbem-29706	218	36	and	and	CCONJ
fbem-29706	218	37	-5.271	-5.271	NOUN
fbem-29706	218	38	,	,	PUNCT
fbem-29706	218	39	respectively	respectively	ADV
fbem-29706	218	40	,	,	PUNCT
fbem-29706	218	41	which	which	PRON
fbem-29706	218	42	all	all	PRON
fbem-29706	218	43	pass	pass	VERB
fbem-29706	218	44	the	the	DET
fbem-29706	218	45	test	test	NOUN
fbem-29706	218	46	of	of	ADP
fbem-29706	218	47	significance	significance	NOUN
fbem-29706	218	48	at	at	ADP
fbem-29706	218	49	at	at	ADP
fbem-29706	218	50	the	the	DET
fbem-29706	218	51	1	1	NUM
fbem-29706	218	52	%	%	NOUN
fbem-29706	218	53	level	level	NOUN
fbem-29706	218	54	,	,	PUNCT
fbem-29706	218	55	suggesting	suggest	VERB
fbem-29706	218	56	that	that	SCONJ
fbem-29706	218	57	197	197	NUM
fbem-29706	218	58	this	this	DET
fbem-29706	218	59	paper	paper	NOUN
fbem-29706	218	60	's	's	PART
fbem-29706	218	61	core	core	NOUN
fbem-29706	218	62	conclusion	conclusion	NOUN
fbem-29706	218	63	of	of	ADP
fbem-29706	218	64	the	the	DET
fbem-29706	218	65	existence	existence	NOUN
fbem-29706	218	66	of	of	ADP
fbem-29706	218	67	the	the	DET
fbem-29706	218	68	inverted	inverted	ADJ
fbem-29706	218	69	“	"	PUNCT
fbem-29706	218	70	u	u	NOUN
fbem-29706	218	71	”	"	PUNCT
fbem-29706	218	72	effect	effect	NOUN
fbem-29706	218	73	has	have	AUX
fbem-29706	218	74	not	not	PART
fbem-29706	218	75	changed	change	VERB
fbem-29706	218	76	.	.	PUNCT
fbem-29706	219	1	table	table	NOUN
fbem-29706	219	2	4	4	NUM
fbem-29706	219	3	.	.	PUNCT
fbem-29706	219	4	robustness	robustness	NOUN
fbem-29706	219	5	test	test	NOUN
fbem-29706	219	6	variable	variable	ADJ
fbem-29706	219	7	substitution	substitution	NOUN
fbem-29706	219	8	of	of	ADP
fbem-29706	219	9	explanatory	explanatory	ADJ
fbem-29706	219	10	variables	variable	NOUN
fbem-29706	219	11	changing	change	VERB
fbem-29706	219	12	the	the	DET
fbem-29706	219	13	sample	sample	NOUN
fbem-29706	219	14	period	period	NOUN
fbem-29706	219	15	remove	remove	VERB
fbem-29706	219	16	internal	internal	ADJ
fbem-29706	219	17	interference	interference	NOUN
fbem-29706	219	18	(	(	PUNCT
fbem-29706	219	19	1	1	NUM
fbem-29706	219	20	)	)	PUNCT
fbem-29706	219	21	(	(	PUNCT
fbem-29706	219	22	2	2	NUM
fbem-29706	219	23	)	)	PUNCT
fbem-29706	219	24	(	(	PUNCT
fbem-29706	219	25	3	3	X
fbem-29706	219	26	)	)	PUNCT
fbem-29706	219	27	(	(	PUNCT
fbem-29706	219	28	4	4	X
fbem-29706	219	29	)	)	PUNCT
fbem-29706	219	30	dt_t	dt_t	NOUN
fbem-29706	219	31	dt_a	dt_a	NUM
fbem-29706	219	32	dt	dt	NOUN
fbem-29706	219	33	dt	dt	X
fbem-29706	219	34	ei	ei	ADP
fbem-29706	219	35	1.125	1.125	NUM
fbem-29706	219	36	*	*	PUNCT
fbem-29706	219	37	*	*	PUNCT
fbem-29706	219	38	*	*	PUNCT
fbem-29706	219	39	0.814	0.814	NUM
fbem-29706	219	40	*	*	PUNCT
fbem-29706	219	41	*	*	PUNCT
fbem-29706	219	42	*	*	X
fbem-29706	219	43	1.203	1.203	NUM
fbem-29706	219	44	*	*	PUNCT
fbem-29706	219	45	*	*	PUNCT
fbem-29706	219	46	*	*	PUNCT
fbem-29706	219	47	1.049	1.049	NUM
fbem-29706	219	48	*	*	PUNCT
fbem-29706	219	49	*	*	PUNCT
fbem-29706	219	50	*	*	PUNCT
fbem-29706	219	51	(	(	PUNCT
fbem-29706	219	52	8.394	8.394	NUM
fbem-29706	219	53	)	)	PUNCT
fbem-29706	219	54	(	(	PUNCT
fbem-29706	219	55	6.164	6.164	NUM
fbem-29706	219	56	)	)	PUNCT
fbem-29706	219	57	(	(	PUNCT
fbem-29706	219	58	7.325	7.325	NUM
fbem-29706	219	59	)	)	PUNCT
fbem-29706	219	60	(	(	PUNCT
fbem-29706	219	61	7.613	7.613	NUM
fbem-29706	219	62	)	)	PUNCT
fbem-29706	219	63	ei_2	ei_2	NOUN
fbem-29706	219	64	-1.823	-1.823	PROPN
fbem-29706	219	65	*	*	PUNCT
fbem-29706	219	66	*	*	PUNCT
fbem-29706	219	67	*	*	PUNCT
fbem-29706	219	68	-1.103	-1.103	PUNCT
fbem-29706	219	69	*	*	PUNCT
fbem-29706	219	70	*	*	PUNCT
fbem-29706	219	71	*	*	PUNCT
fbem-29706	219	72	-1.694	-1.694	PUNCT
fbem-29706	219	73	*	*	PUNCT
fbem-29706	219	74	*	*	PUNCT
fbem-29706	219	75	*	*	PUNCT
fbem-29706	219	76	-1.445	-1.445	NOUN
fbem-29706	219	77	*	*	PUNCT
fbem-29706	219	78	*	*	PUNCT
fbem-29706	219	79	*	*	PUNCT
fbem-29706	219	80	(	(	PUNCT
fbem-29706	219	81	-6.859	-6.859	NUM
fbem-29706	219	82	)	)	PUNCT
fbem-29706	219	83	(	(	PUNCT
fbem-29706	219	84	-4.267	-4.267	NOUN
fbem-29706	219	85	)	)	PUNCT
fbem-29706	219	86	(	(	PUNCT
fbem-29706	219	87	-5.271	-5.271	X
fbem-29706	219	88	)	)	PUNCT
fbem-29706	219	89	(	(	PUNCT
fbem-29706	219	90	-5.656	-5.656	X
fbem-29706	219	91	)	)	PUNCT
fbem-29706	219	92	apay	apay	NOUN
fbem-29706	219	93	0.141	0.141	NUM
fbem-29706	219	94	*	*	PUNCT
fbem-29706	219	95	*	*	PUNCT
fbem-29706	219	96	*	*	PUNCT
fbem-29706	219	97	(	(	PUNCT
fbem-29706	219	98	11.801	11.801	NUM
fbem-29706	219	99	)	)	PUNCT
fbem-29706	219	100	rpay	rpay	NOUN
fbem-29706	219	101	0.136	0.136	NUM
fbem-29706	219	102	*	*	PUNCT
fbem-29706	219	103	*	*	PUNCT
fbem-29706	219	104	*	*	PUNCT
fbem-29706	219	105	(	(	PUNCT
fbem-29706	219	106	3.449	3.449	NUM
fbem-29706	219	107	)	)	PUNCT
fbem-29706	219	108	mpay	mpay	NOUN
fbem-29706	219	109	-0.000	-0.000	INTJ
fbem-29706	219	110	(	(	PUNCT
fbem-29706	219	111	-0.823	-0.823	PROPN
fbem-29706	219	112	)	)	PUNCT
fbem-29706	219	113	controls	control	NOUN
fbem-29706	220	1	yes	yes	INTJ
fbem-29706	221	1	yes	yes	INTJ
fbem-29706	222	1	yes	yes	INTJ
fbem-29706	223	1	yes	yes	INTJ
fbem-29706	224	1	_	_	PUNCT
fbem-29706	224	2	cons	con	NOUN
fbem-29706	224	3	-2.341	-2.341	PUNCT
fbem-29706	224	4	*	*	PUNCT
fbem-29706	224	5	*	*	PUNCT
fbem-29706	224	6	*	*	PUNCT
fbem-29706	224	7	-2.689	-2.689	PUNCT
fbem-29706	224	8	*	*	PUNCT
fbem-29706	224	9	*	*	PUNCT
fbem-29706	224	10	*	*	PUNCT
fbem-29706	224	11	-3.154	-3.154	PUNCT
fbem-29706	224	12	*	*	PUNCT
fbem-29706	224	13	*	*	PUNCT
fbem-29706	224	14	*	*	PUNCT
fbem-29706	224	15	-3.891	-3.891	PUNCT
fbem-29706	224	16	*	*	PUNCT
fbem-29706	224	17	*	*	PUNCT
fbem-29706	224	18	*	*	PUNCT
fbem-29706	224	19	(	(	PUNCT
fbem-29706	224	20	-17.611	-17.611	NOUN
fbem-29706	224	21	)	)	PUNCT
fbem-29706	224	22	(	(	PUNCT
fbem-29706	224	23	-19.746	-19.746	NOUN
fbem-29706	224	24	)	)	PUNCT
fbem-29706	224	25	(	(	PUNCT
fbem-29706	224	26	-18.425	-18.425	PROPN
fbem-29706	224	27	)	)	PUNCT
fbem-29706	224	28	(	(	PUNCT
fbem-29706	224	29	-17.635	-17.635	PROPN
fbem-29706	224	30	)	)	PUNCT
fbem-29706	224	31	year	year	NOUN
fbem-29706	225	1	yes	yes	INTJ
fbem-29706	225	2	yes	yes	INTJ
fbem-29706	226	1	yes	yes	INTJ
fbem-29706	226	2	yes	yes	INTJ
fbem-29706	226	3	industry	industry	NOUN
fbem-29706	227	1	yes	yes	INTJ
fbem-29706	228	1	yes	yes	INTJ
fbem-29706	229	1	yes	yes	INTJ
fbem-29706	230	1	yes	yes	INTJ
fbem-29706	231	1	n	n	CCONJ
fbem-29706	231	2	36583	36583	NUM
fbem-29706	231	3	36583	36583	NUM
fbem-29706	231	4	29455	29455	NUM
fbem-29706	231	5	36649	36649	NUM
fbem-29706	231	6	r2	r2	NOUN
fbem-29706	231	7	0.419	0.419	NUM
fbem-29706	232	1	0.287	0.287	NUM
fbem-29706	232	2	0.411	0.411	NUM
fbem-29706	232	3	0.419	0.419	NUM
fbem-29706	232	4	4.3.3	4.3.3	NOUN
fbem-29706	232	5	.	.	PUNCT
fbem-29706	233	1	excluding	exclude	VERB
fbem-29706	233	2	internal	internal	ADJ
fbem-29706	233	3	interference	interference	NOUN
fbem-29706	233	4	executive	executive	NOUN
fbem-29706	233	5	compensation	compensation	NOUN
fbem-29706	233	6	incentives	incentive	NOUN
fbem-29706	233	7	are	be	AUX
fbem-29706	233	8	mainly	mainly	ADV
fbem-29706	233	9	divided	divide	VERB
fbem-29706	233	10	into	into	ADP
fbem-29706	233	11	monetary	monetary	ADJ
fbem-29706	233	12	compensation	compensation	NOUN
fbem-29706	233	13	incentives	incentive	NOUN
fbem-29706	233	14	in	in	ADP
fbem-29706	233	15	the	the	DET
fbem-29706	233	16	form	form	NOUN
fbem-29706	233	17	of	of	ADP
fbem-29706	233	18	bonuses	bonus	NOUN
fbem-29706	233	19	or	or	CCONJ
fbem-29706	233	20	allowances	allowance	NOUN
fbem-29706	233	21	and	and	CCONJ
fbem-29706	233	22	other	other	ADJ
fbem-29706	233	23	forms	form	NOUN
fbem-29706	233	24	of	of	ADP
fbem-29706	233	25	monetary	monetary	ADJ
fbem-29706	233	26	compensation	compensation	NOUN
fbem-29706	233	27	incentives	incentive	NOUN
fbem-29706	233	28	and	and	CCONJ
fbem-29706	233	29	equity	equity	NOUN
fbem-29706	233	30	incentives	incentive	NOUN
fbem-29706	233	31	to	to	ADP
fbem-29706	233	32	corporate	corporate	ADJ
fbem-29706	233	33	stock	stock	NOUN
fbem-29706	233	34	as	as	ADP
fbem-29706	233	35	the	the	DET
fbem-29706	233	36	underlying	underlie	VERB
fbem-29706	233	37	executive	executive	ADJ
fbem-29706	233	38	compensation	compensation	NOUN
fbem-29706	233	39	,	,	PUNCT
fbem-29706	233	40	executive	executive	ADJ
fbem-29706	233	41	equity	equity	NOUN
fbem-29706	233	42	incentives	incentive	NOUN
fbem-29706	233	43	to	to	ADP
fbem-29706	233	44	corporate	corporate	ADJ
fbem-29706	233	45	digital	digital	ADJ
fbem-29706	233	46	transformation	transformation	NOUN
fbem-29706	233	47	effect	effect	NOUN
fbem-29706	233	48	may	may	AUX
fbem-29706	233	49	be	be	AUX
fbem-29706	233	50	affected	affect	VERB
fbem-29706	233	51	by	by	ADP
fbem-29706	233	52	monetary	monetary	ADJ
fbem-29706	233	53	compensation	compensation	NOUN
fbem-29706	233	54	incentives	incentive	NOUN
fbem-29706	233	55	of	of	ADP
fbem-29706	233	56	interference	interference	NOUN
fbem-29706	233	57	,	,	PUNCT
fbem-29706	233	58	especially	especially	ADV
fbem-29706	233	59	in	in	ADP
fbem-29706	233	60	the	the	DET
fbem-29706	233	61	form	form	NOUN
fbem-29706	233	62	of	of	ADP
fbem-29706	233	63	short	short	ADJ
fbem-29706	233	64	-	-	PUNCT
fbem-29706	233	65	term	term	NOUN
fbem-29706	233	66	performance	performance	NOUN
fbem-29706	233	67	evaluation	evaluation	NOUN
fbem-29706	233	68	criteria	criterion	NOUN
fbem-29706	233	69	for	for	ADP
fbem-29706	233	70	bonuses	bonus	NOUN
fbem-29706	233	71	,	,	PUNCT
fbem-29706	233	72	allowances	allowance	NOUN
fbem-29706	233	73	may	may	AUX
fbem-29706	233	74	also	also	ADV
fbem-29706	233	75	be	be	AUX
fbem-29706	233	76	the	the	DET
fbem-29706	233	77	design	design	NOUN
fbem-29706	233	78	of	of	ADP
fbem-29706	233	79	equity	equity	NOUN
fbem-29706	233	80	incentive	incentive	NOUN
fbem-29706	233	81	covenants	covenant	NOUN
fbem-29706	233	82	.	.	PUNCT
fbem-29706	234	1	therefore	therefore	ADV
fbem-29706	234	2	,	,	PUNCT
fbem-29706	234	3	in	in	ADP
fbem-29706	234	4	order	order	NOUN
fbem-29706	234	5	to	to	PART
fbem-29706	234	6	exclude	exclude	VERB
fbem-29706	234	7	the	the	DET
fbem-29706	234	8	interference	interference	NOUN
fbem-29706	234	9	of	of	ADP
fbem-29706	234	10	monetary	monetary	ADJ
fbem-29706	234	11	compensation	compensation	NOUN
fbem-29706	234	12	incentives	incentive	VERB
fbem-29706	234	13	on	on	ADP
fbem-29706	234	14	the	the	DET
fbem-29706	234	15	conclusions	conclusion	NOUN
fbem-29706	234	16	of	of	ADP
fbem-29706	234	17	this	this	DET
fbem-29706	234	18	paper	paper	NOUN
fbem-29706	234	19	,	,	PUNCT
fbem-29706	234	20	absolute	absolute	ADJ
fbem-29706	234	21	monetary	monetary	ADJ
fbem-29706	234	22	compensation	compensation	NOUN
fbem-29706	234	23	of	of	ADP
fbem-29706	234	24	executives	executive	NOUN
fbem-29706	234	25	(	(	PUNCT
fbem-29706	234	26	natural	natural	ADJ
fbem-29706	234	27	logarithm	logarithm	NOUN
fbem-29706	234	28	of	of	ADP
fbem-29706	234	29	total	total	ADJ
fbem-29706	234	30	executive	executive	ADJ
fbem-29706	234	31	compensation	compensation	NOUN
fbem-29706	234	32	,	,	PUNCT
fbem-29706	234	33	apay	apay	NOUN
fbem-29706	234	34	)	)	PUNCT
fbem-29706	234	35	,	,	PUNCT
fbem-29706	234	36	relative	relative	ADJ
fbem-29706	234	37	monetary	monetary	ADJ
fbem-29706	234	38	compensation	compensation	NOUN
fbem-29706	234	39	of	of	ADP
fbem-29706	234	40	executives	executive	NOUN
fbem-29706	234	41	(	(	PUNCT
fbem-29706	234	42	total	total	ADJ
fbem-29706	234	43	compensation	compensation	NOUN
fbem-29706	234	44	of	of	ADP
fbem-29706	234	45	top	top	ADJ
fbem-29706	234	46	three	three	NUM
fbem-29706	234	47	executives	executive	NOUN
fbem-29706	234	48	/	/	SYM
fbem-29706	234	49	total	total	ADJ
fbem-29706	234	50	executive	executive	ADJ
fbem-29706	234	51	compensation	compensation	NOUN
fbem-29706	234	52	,	,	PUNCT
fbem-29706	234	53	rpay	rpay	NOUN
fbem-29706	234	54	)	)	PUNCT
fbem-29706	234	55	,	,	PUNCT
fbem-29706	234	56	and	and	CCONJ
fbem-29706	234	57	average	average	ADJ
fbem-29706	234	58	monetary	monetary	ADJ
fbem-29706	234	59	compensation	compensation	NOUN
fbem-29706	234	60	of	of	ADP
fbem-29706	234	61	executives	executive	NOUN
fbem-29706	234	62	(	(	PUNCT
fbem-29706	234	63	total	total	ADJ
fbem-29706	234	64	compensation	compensation	NOUN
fbem-29706	234	65	of	of	ADP
fbem-29706	234	66	executives	executive	NOUN
fbem-29706	234	67	/	/	SYM
fbem-29706	234	68	total	total	ADJ
fbem-29706	234	69	number	number	NOUN
fbem-29706	234	70	of	of	ADP
fbem-29706	234	71	executives	executive	NOUN
fbem-29706	234	72	,	,	PUNCT
fbem-29706	234	73	mpay	mpay	NOUN
fbem-29706	234	74	)	)	PUNCT
fbem-29706	234	75	are	be	AUX
fbem-29706	234	76	added	add	VERB
fbem-29706	234	77	into	into	ADP
fbem-29706	234	78	models	model	NOUN
fbem-29706	234	79	3	3	NUM
fbem-29706	234	80	-	-	SYM
fbem-29706	234	81	4	4	NUM
fbem-29706	234	82	to	to	PART
fbem-29706	234	83	be	be	AUX
fbem-29706	234	84	reregressed	reregresse	VERB
fbem-29706	234	85	,	,	PUNCT
fbem-29706	234	86	and	and	CCONJ
fbem-29706	234	87	the	the	DET
fbem-29706	234	88	results	result	NOUN
fbem-29706	234	89	are	be	AUX
fbem-29706	234	90	reported	report	VERB
fbem-29706	234	91	in	in	ADP
fbem-29706	234	92	table	table	NOUN
fbem-29706	234	93	4	4	NUM
fbem-29706	234	94	,	,	PUNCT
fbem-29706	234	95	column	column	NOUN
fbem-29706	234	96	(	(	PUNCT
fbem-29706	234	97	5	5	NUM
fbem-29706	234	98	)	)	PUNCT
fbem-29706	234	99	.	.	PUNCT
fbem-29706	235	1	it	it	PRON
fbem-29706	235	2	can	can	AUX
fbem-29706	235	3	be	be	AUX
fbem-29706	235	4	seen	see	VERB
fbem-29706	235	5	that	that	SCONJ
fbem-29706	235	6	after	after	ADP
fbem-29706	235	7	adding	add	VERB
fbem-29706	235	8	the	the	DET
fbem-29706	235	9	effect	effect	NOUN
fbem-29706	235	10	of	of	ADP
fbem-29706	235	11	other	other	ADJ
fbem-29706	235	12	forms	form	NOUN
fbem-29706	235	13	of	of	ADP
fbem-29706	235	14	compensation	compensation	NOUN
fbem-29706	235	15	,	,	PUNCT
fbem-29706	235	16	the	the	DET
fbem-29706	235	17	primary	primary	ADJ
fbem-29706	235	18	term	term	NOUN
fbem-29706	235	19	(	(	PUNCT
fbem-29706	235	20	ei	ei	NOUN
fbem-29706	235	21	)	)	PUNCT
fbem-29706	235	22	and	and	CCONJ
fbem-29706	235	23	secondary	secondary	ADJ
fbem-29706	235	24	term	term	NOUN
fbem-29706	235	25	(	(	PUNCT
fbem-29706	235	26	ei	ei	NOUN
fbem-29706	235	27	)	)	PUNCT
fbem-29706	235	28	of	of	ADP
fbem-29706	235	29	executive	executive	ADJ
fbem-29706	235	30	equity	equity	NOUN
fbem-29706	235	31	incentives	incentive	NOUN
fbem-29706	235	32	pass	pass	VERB
fbem-29706	235	33	the	the	DET
fbem-29706	235	34	significance	significance	NOUN
fbem-29706	235	35	test	test	NOUN
fbem-29706	235	36	,	,	PUNCT
fbem-29706	235	37	with	with	ADP
fbem-29706	235	38	the	the	DET
fbem-29706	235	39	regression	regression	NOUN
fbem-29706	235	40	coefficients	coefficient	NOUN
fbem-29706	235	41	of	of	ADP
fbem-29706	235	42	1.049	1.049	NUM
fbem-29706	235	43	and	and	CCONJ
fbem-29706	235	44	-1.445	-1.445	NOUN
fbem-29706	235	45	,	,	PUNCT
fbem-29706	235	46	and	and	CCONJ
fbem-29706	235	47	the	the	DET
fbem-29706	235	48	results	result	NOUN
fbem-29706	235	49	of	of	ADP
fbem-29706	235	50	this	this	DET
fbem-29706	235	51	paper	paper	NOUN
fbem-29706	235	52	's	's	PART
fbem-29706	235	53	baseline	baseline	ADJ
fbem-29706	235	54	regression	regression	NOUN
fbem-29706	235	55	are	be	AUX
fbem-29706	235	56	still	still	ADV
fbem-29706	235	57	robust	robust	ADJ
fbem-29706	235	58	,	,	PUNCT
fbem-29706	235	59	there	there	PRON
fbem-29706	235	60	exists	exist	VERB
fbem-29706	235	61	an	an	DET
fbem-29706	235	62	inverted	inverted	ADJ
fbem-29706	235	63	u	u	NOUN
fbem-29706	235	64	-	-	VERB
fbem-29706	235	65	shaped	shaped	ADJ
fbem-29706	235	66	.	.	PUNCT
fbem-29706	236	1	4.4	4.4	NUM
fbem-29706	236	2	.	.	PUNCT
fbem-29706	236	3	mechanism	mechanism	NOUN
fbem-29706	236	4	testing	test	VERB
fbem-29706	236	5	4.4.1	4.4.1	NOUN
fbem-29706	236	6	.	.	PUNCT
fbem-29706	237	1	financing	financing	NOUN
fbem-29706	237	2	constraint	constraint	NOUN
fbem-29706	237	3	mechanism	mechanism	NOUN
fbem-29706	237	4	to	to	PART
fbem-29706	237	5	validate	validate	VERB
fbem-29706	237	6	the	the	DET
fbem-29706	237	7	financing	financing	NOUN
fbem-29706	237	8	constraint	constraint	NOUN
fbem-29706	237	9	mechanism	mechanism	NOUN
fbem-29706	237	10	,	,	PUNCT
fbem-29706	237	11	referring	refer	VERB
fbem-29706	237	12	to	to	ADP
fbem-29706	237	13	the	the	DET
fbem-29706	237	14	study	study	NOUN
fbem-29706	237	15	of	of	ADP
fbem-29706	237	16	kaplan	kaplan	PROPN
fbem-29706	237	17	and	and	CCONJ
fbem-29706	237	18	zingales	zingales	PROPN
fbem-29706	237	19	(	(	PUNCT
fbem-29706	237	20	1997	1997	NUM
fbem-29706	237	21	)	)	PUNCT
fbem-29706	238	1	[	[	X
fbem-29706	238	2	46	46	NUM
fbem-29706	238	3	]	]	PUNCT
fbem-29706	238	4	,	,	PUNCT
fbem-29706	238	5	the	the	DET
fbem-29706	238	6	kz	kz	PROPN
fbem-29706	238	7	index	index	NOUN
fbem-29706	238	8	is	be	AUX
fbem-29706	238	9	selected	select	VERB
fbem-29706	238	10	to	to	PART
fbem-29706	238	11	measure	measure	VERB
fbem-29706	238	12	corporate	corporate	ADJ
fbem-29706	238	13	financing	financing	NOUN
fbem-29706	238	14	constraints	constraint	NOUN
fbem-29706	238	15	,	,	PUNCT
fbem-29706	238	16	and	and	CCONJ
fbem-29706	238	17	the	the	DET
fbem-29706	238	18	results	result	NOUN
fbem-29706	238	19	are	be	AUX
fbem-29706	238	20	reported	report	VERB
fbem-29706	238	21	in	in	ADP
fbem-29706	238	22	columns	column	NOUN
fbem-29706	238	23	(	(	PUNCT
fbem-29706	238	24	1	1	NUM
fbem-29706	238	25	)	)	PUNCT
fbem-29706	238	26	,	,	PUNCT
fbem-29706	238	27	(	(	PUNCT
fbem-29706	238	28	2	2	X
fbem-29706	238	29	)	)	PUNCT
fbem-29706	238	30	and	and	CCONJ
fbem-29706	238	31	(	(	PUNCT
fbem-29706	238	32	3	3	X
fbem-29706	238	33	)	)	PUNCT
fbem-29706	238	34	of	of	ADP
fbem-29706	238	35	table	table	NOUN
fbem-29706	238	36	5	5	NUM
fbem-29706	238	37	.	.	PUNCT
fbem-29706	239	1	first	first	ADV
fbem-29706	239	2	,	,	PUNCT
fbem-29706	239	3	column	column	NOUN
fbem-29706	239	4	(	(	PUNCT
fbem-29706	239	5	1	1	X
fbem-29706	239	6	)	)	PUNCT
fbem-29706	239	7	validates	validate	VERB
fbem-29706	239	8	whether	whether	SCONJ
fbem-29706	239	9	executive	executive	ADJ
fbem-29706	239	10	equity	equity	NOUN
fbem-29706	239	11	incentives	incentive	NOUN
fbem-29706	239	12	affect	affect	VERB
fbem-29706	239	13	digital	digital	ADJ
fbem-29706	239	14	transformation	transformation	NOUN
fbem-29706	239	15	and	and	CCONJ
fbem-29706	239	16	is	be	AUX
fbem-29706	239	17	consistent	consistent	ADJ
fbem-29706	239	18	with	with	ADP
fbem-29706	239	19	the	the	DET
fbem-29706	239	20	previous	previous	ADJ
fbem-29706	239	21	regression	regression	NOUN
fbem-29706	239	22	results	result	NOUN
fbem-29706	239	23	.	.	PUNCT
fbem-29706	240	1	second	second	ADV
fbem-29706	240	2	,	,	PUNCT
fbem-29706	240	3	the	the	DET
fbem-29706	240	4	results	result	NOUN
fbem-29706	240	5	in	in	ADP
fbem-29706	240	6	columns	column	NOUN
fbem-29706	240	7	(	(	PUNCT
fbem-29706	240	8	2	2	NUM
fbem-29706	240	9	)	)	PUNCT
fbem-29706	240	10	and	and	CCONJ
fbem-29706	240	11	(	(	PUNCT
fbem-29706	240	12	3	3	X
fbem-29706	240	13	)	)	PUNCT
fbem-29706	240	14	show	show	VERB
fbem-29706	240	15	that	that	SCONJ
fbem-29706	240	16	the	the	DET
fbem-29706	240	17	estimated	estimate	VERB
fbem-29706	240	18	coefficients	coefficient	NOUN
fbem-29706	240	19	of	of	ADP
fbem-29706	240	20	the	the	DET
fbem-29706	240	21	primary	primary	ADJ
fbem-29706	240	22	term	term	NOUN
fbem-29706	240	23	(	(	PUNCT
fbem-29706	240	24	ei	ei	NOUN
fbem-29706	240	25	)	)	PUNCT
fbem-29706	240	26	and	and	CCONJ
fbem-29706	240	27	the	the	DET
fbem-29706	240	28	secondary	secondary	ADJ
fbem-29706	240	29	term	term	NOUN
fbem-29706	240	30	(	(	PUNCT
fbem-29706	240	31	ei_2	ei_2	PROPN
fbem-29706	240	32	)	)	PUNCT
fbem-29706	240	33	of	of	ADP
fbem-29706	240	34	executive	executive	ADJ
fbem-29706	240	35	equity	equity	NOUN
fbem-29706	240	36	incentives	incentive	NOUN
fbem-29706	240	37	have	have	VERB
fbem-29706	240	38	a	a	DET
fbem-29706	240	39	positive	positive	ADJ
fbem-29706	240	40	sign	sign	NOUN
fbem-29706	240	41	and	and	CCONJ
fbem-29706	240	42	a	a	DET
fbem-29706	240	43	negative	negative	ADJ
fbem-29706	240	44	sign	sign	NOUN
fbem-29706	240	45	,	,	PUNCT
fbem-29706	240	46	and	and	CCONJ
fbem-29706	240	47	they	they	PRON
fbem-29706	240	48	are	be	AUX
fbem-29706	240	49	both	both	ADV
fbem-29706	240	50	significant	significant	ADJ
fbem-29706	240	51	at	at	ADP
fbem-29706	240	52	the	the	DET
fbem-29706	240	53	1	1	NUM
fbem-29706	240	54	%	%	NOUN
fbem-29706	240	55	level	level	NOUN
fbem-29706	240	56	,	,	PUNCT
fbem-29706	240	57	which	which	PRON
fbem-29706	240	58	suggests	suggest	VERB
fbem-29706	240	59	that	that	SCONJ
fbem-29706	240	60	there	there	PRON
fbem-29706	240	61	is	be	VERB
fbem-29706	240	62	a	a	DET
fbem-29706	240	63	non	non	ADJ
fbem-29706	240	64	-	-	ADJ
fbem-29706	240	65	linear	linear	ADJ
fbem-29706	240	66	relationship	relationship	NOUN
fbem-29706	240	67	between	between	ADP
fbem-29706	240	68	executive	executive	ADJ
fbem-29706	240	69	equity	equity	NOUN
fbem-29706	240	70	incentives	incentive	NOUN
fbem-29706	240	71	and	and	CCONJ
fbem-29706	240	72	financing	financing	NOUN
fbem-29706	240	73	constraints	constraint	NOUN
fbem-29706	240	74	,	,	PUNCT
fbem-29706	240	75	appropriate	appropriate	ADJ
fbem-29706	240	76	equity	equity	NOUN
fbem-29706	240	77	incentives	incentive	NOUN
fbem-29706	240	78	can	can	AUX
fbem-29706	240	79	help	help	VERB
fbem-29706	240	80	firms	firm	NOUN
fbem-29706	240	81	to	to	PART
fbem-29706	240	82	solve	solve	VERB
fbem-29706	240	83	the	the	DET
fbem-29706	240	84	dilemmas	dilemma	NOUN
fbem-29706	240	85	of	of	ADP
fbem-29706	240	86	financing	financing	NOUN
fbem-29706	240	87	constraints	constraint	NOUN
fbem-29706	240	88	,	,	PUNCT
fbem-29706	240	89	and	and	CCONJ
fbem-29706	240	90	equity	equity	NOUN
fbem-29706	240	91	incentives	incentive	NOUN
fbem-29706	240	92	exceeding	exceed	VERB
fbem-29706	240	93	a	a	DET
fbem-29706	240	94	threshold	threshold	NOUN
fbem-29706	240	95	can	can	AUX
fbem-29706	240	96	aggravate	aggravate	VERB
fbem-29706	240	97	the	the	DET
fbem-29706	240	98	corporate	corporate	ADJ
fbem-29706	240	99	financing	financing	NOUN
fbem-29706	240	100	difficulty	difficulty	NOUN
fbem-29706	240	101	.	.	PUNCT
fbem-29706	241	1	meanwhile	meanwhile	ADV
fbem-29706	241	2	,	,	PUNCT
fbem-29706	241	3	the	the	DET
fbem-29706	241	4	regression	regression	NOUN
fbem-29706	241	5	results	result	NOUN
fbem-29706	241	6	of	of	ADP
fbem-29706	241	7	model	model	NOUN
fbem-29706	241	8	(	(	PUNCT
fbem-29706	241	9	3	3	X
fbem-29706	241	10	)	)	PUNCT
fbem-29706	241	11	show	show	VERB
fbem-29706	241	12	that	that	SCONJ
fbem-29706	241	13	both	both	CCONJ
fbem-29706	241	14	the	the	DET
fbem-29706	241	15	primary	primary	ADJ
fbem-29706	241	16	term	term	NOUN
fbem-29706	241	17	(	(	PUNCT
fbem-29706	241	18	ei	ei	NOUN
fbem-29706	241	19	)	)	PUNCT
fbem-29706	241	20	and	and	CCONJ
fbem-29706	241	21	the	the	DET
fbem-29706	241	22	secondary	secondary	ADJ
fbem-29706	241	23	term	term	NOUN
fbem-29706	241	24	(	(	PUNCT
fbem-29706	241	25	ei_2	ei_2	PROPN
fbem-29706	241	26	)	)	PUNCT
fbem-29706	241	27	of	of	ADP
fbem-29706	241	28	executive	executive	ADJ
fbem-29706	241	29	equity	equity	NOUN
fbem-29706	241	30	incentives	incentive	NOUN
fbem-29706	241	31	pass	pass	VERB
fbem-29706	241	32	the	the	DET
fbem-29706	241	33	1	1	NUM
fbem-29706	241	34	%	%	NOUN
fbem-29706	241	35	significance	significance	NOUN
fbem-29706	241	36	test	test	NOUN
fbem-29706	241	37	,	,	PUNCT
fbem-29706	241	38	with	with	ADP
fbem-29706	241	39	estimated	estimated	ADJ
fbem-29706	241	40	coefficients	coefficient	NOUN
fbem-29706	241	41	of	of	ADP
fbem-29706	241	42	1.467	1.467	NUM
fbem-29706	241	43	and	and	CCONJ
fbem-29706	241	44	-2.045	-2.045	PRON
fbem-29706	241	45	;	;	PUNCT
fbem-29706	241	46	and	and	CCONJ
fbem-29706	241	47	the	the	DET
fbem-29706	241	48	estimated	estimate	VERB
fbem-29706	241	49	coefficient	coefficient	NOUN
fbem-29706	241	50	of	of	ADP
fbem-29706	241	51	financing	financing	NOUN
fbem-29706	241	52	constraints	constraint	NOUN
fbem-29706	241	53	(	(	PUNCT
fbem-29706	241	54	fc	fc	X
fbem-29706	241	55	)	)	PUNCT
fbem-29706	241	56	is	be	AUX
fbem-29706	241	57	-0.016	-0.016	PROPN
fbem-29706	241	58	,	,	PUNCT
fbem-29706	241	59	which	which	PRON
fbem-29706	241	60	is	be	AUX
fbem-29706	241	61	also	also	ADV
fbem-29706	241	62	significant	significant	ADJ
fbem-29706	241	63	at	at	ADP
fbem-29706	241	64	1	1	NUM
fbem-29706	241	65	%	%	NOUN
fbem-29706	241	66	level	level	NOUN
fbem-29706	241	67	,	,	PUNCT
fbem-29706	241	68	indicating	indicate	VERB
fbem-29706	241	69	that	that	SCONJ
fbem-29706	241	70	financing	financing	NOUN
fbem-29706	241	71	constraints	constraint	NOUN
fbem-29706	241	72	play	play	VERB
fbem-29706	241	73	a	a	DET
fbem-29706	241	74	significant	significant	ADJ
fbem-29706	241	75	role	role	NOUN
fbem-29706	241	76	in	in	ADP
fbem-29706	241	77	the	the	DET
fbem-29706	241	78	inverse	inverse	NOUN
fbem-29706	241	79	“	"	PUNCT
fbem-29706	241	80	u	u	NOUN
fbem-29706	241	81	”	"	PUNCT
fbem-29706	241	82	shaped	shaped	ADJ
fbem-29706	241	83	relationship	relationship	NOUN
fbem-29706	241	84	between	between	ADP
fbem-29706	241	85	executive	executive	ADJ
fbem-29706	241	86	equity	equity	NOUN
fbem-29706	241	87	incentives	incentive	NOUN
fbem-29706	241	88	and	and	CCONJ
fbem-29706	241	89	enterprise	enterprise	NOUN
fbem-29706	241	90	digital	digital	ADJ
fbem-29706	241	91	transformation	transformation	NOUN
fbem-29706	241	92	.	.	PUNCT
fbem-29706	242	1	“	"	PUNCT
fbem-29706	242	2	u"-shaped	u"-shape	VERB
fbem-29706	242	3	relationship	relationship	NOUN
fbem-29706	242	4	plays	play	VERB
fbem-29706	242	5	a	a	DET
fbem-29706	242	6	partial	partial	ADJ
fbem-29706	242	7	mediating	mediate	VERB
fbem-29706	242	8	utility	utility	NOUN
fbem-29706	242	9	,	,	PUNCT
fbem-29706	242	10	hypothesis	hypothesis	NOUN
fbem-29706	242	11	2	2	NUM
fbem-29706	242	12	is	be	AUX
fbem-29706	242	13	proved	prove	VERB
fbem-29706	242	14	.	.	PUNCT
fbem-29706	243	1	4.4.2	4.4.2	X
fbem-29706	243	2	.	.	PUNCT
fbem-29706	243	3	risk	risk	NOUN
fbem-29706	243	4	-	-	PUNCT
fbem-29706	243	5	taking	take	VERB
fbem-29706	243	6	mechanism	mechanism	NOUN
fbem-29706	243	7	to	to	PART
fbem-29706	243	8	test	test	VERB
fbem-29706	243	9	the	the	DET
fbem-29706	243	10	risk	risk	NOUN
fbem-29706	243	11	-	-	PUNCT
fbem-29706	243	12	taking	take	VERB
fbem-29706	243	13	mechanism	mechanism	NOUN
fbem-29706	243	14	,	,	PUNCT
fbem-29706	243	15	drawing	draw	VERB
fbem-29706	243	16	on	on	ADP
fbem-29706	243	17	amihud	amihud	PROPN
fbem-29706	243	18	's	's	PART
fbem-29706	243	19	(	(	PUNCT
fbem-29706	243	20	2002	2002	NUM
fbem-29706	243	21	)	)	PUNCT
fbem-29706	243	22	study	study	NOUN
fbem-29706	243	23	[	[	X
fbem-29706	243	24	47	47	NUM
fbem-29706	243	25	]	]	PUNCT
fbem-29706	243	26	,	,	PUNCT
fbem-29706	243	27	the	the	DET
fbem-29706	243	28	illiquidity	illiquidity	NOUN
fbem-29706	243	29	indicator	indicator	NOUN
fbem-29706	243	30	is	be	AUX
fbem-29706	243	31	used	use	VERB
fbem-29706	243	32	as	as	ADP
fbem-29706	243	33	a	a	DET
fbem-29706	243	34	proxy	proxy	NOUN
fbem-29706	243	35	variable	variable	NOUN
fbem-29706	243	36	for	for	ADP
fbem-29706	243	37	stock	stock	NOUN
fbem-29706	243	38	liquidity	liquidity	NOUN
fbem-29706	243	39	,	,	PUNCT
fbem-29706	243	40	and	and	CCONJ
fbem-29706	243	41	the	the	DET
fbem-29706	243	42	results	result	NOUN
fbem-29706	243	43	are	be	AUX
fbem-29706	243	44	reported	report	VERB
fbem-29706	243	45	in	in	ADP
fbem-29706	243	46	columns	column	NOUN
fbem-29706	243	47	(	(	PUNCT
fbem-29706	243	48	4	4	NUM
fbem-29706	243	49	)	)	PUNCT
fbem-29706	243	50	,	,	PUNCT
fbem-29706	243	51	(	(	PUNCT
fbem-29706	243	52	5	5	NUM
fbem-29706	243	53	)	)	PUNCT
fbem-29706	243	54	and	and	CCONJ
fbem-29706	243	55	(	(	PUNCT
fbem-29706	243	56	6	6	NUM
fbem-29706	243	57	)	)	PUNCT
fbem-29706	243	58	of	of	ADP
fbem-29706	243	59	table	table	NOUN
fbem-29706	243	60	5	5	NUM
fbem-29706	243	61	.	.	PUNCT
fbem-29706	244	1	first	first	ADV
fbem-29706	244	2	,	,	PUNCT
fbem-29706	244	3	column	column	NOUN
fbem-29706	244	4	(	(	PUNCT
fbem-29706	244	5	4	4	X
fbem-29706	244	6	)	)	PUNCT
fbem-29706	244	7	validates	validate	VERB
fbem-29706	244	8	whether	whether	SCONJ
fbem-29706	244	9	executive	executive	ADJ
fbem-29706	244	10	equity	equity	NOUN
fbem-29706	244	11	incentives	incentive	NOUN
fbem-29706	244	12	affect	affect	VERB
fbem-29706	244	13	digital	digital	ADJ
fbem-29706	244	14	transformation	transformation	NOUN
fbem-29706	244	15	,	,	PUNCT
fbem-29706	244	16	consistent	consistent	ADJ
fbem-29706	244	17	with	with	ADP
fbem-29706	244	18	the	the	DET
fbem-29706	244	19	previous	previous	ADJ
fbem-29706	244	20	regression	regression	NOUN
fbem-29706	244	21	results	result	NOUN
fbem-29706	244	22	.	.	PUNCT
fbem-29706	245	1	second	second	ADJ
fbem-29706	245	2	,	,	PUNCT
fbem-29706	245	3	columns	column	NOUN
fbem-29706	245	4	(	(	PUNCT
fbem-29706	245	5	5	5	NUM
fbem-29706	245	6	)	)	PUNCT
fbem-29706	245	7	and	and	CCONJ
fbem-29706	245	8	(	(	PUNCT
fbem-29706	245	9	6	6	X
fbem-29706	245	10	)	)	PUNCT
fbem-29706	245	11	show	show	VERB
fbem-29706	245	12	the	the	DET
fbem-29706	245	13	regression	regression	NOUN
fbem-29706	245	14	test	test	NOUN
fbem-29706	245	15	results	result	NOUN
fbem-29706	245	16	of	of	ADP
fbem-29706	245	17	models	model	NOUN
fbem-29706	245	18	(	(	PUNCT
fbem-29706	245	19	2	2	NUM
fbem-29706	245	20	)	)	PUNCT
fbem-29706	245	21	and	and	CCONJ
fbem-29706	245	22	(	(	PUNCT
fbem-29706	245	23	3	3	NUM
fbem-29706	245	24	)	)	PUNCT
fbem-29706	245	25	.	.	PUNCT
fbem-29706	246	1	the	the	DET
fbem-29706	246	2	regression	regression	NOUN
fbem-29706	246	3	results	result	NOUN
fbem-29706	246	4	based	base	VERB
fbem-29706	246	5	on	on	ADP
fbem-29706	246	6	model	model	NOUN
fbem-29706	246	7	(	(	PUNCT
fbem-29706	246	8	2	2	X
fbem-29706	246	9	)	)	PUNCT
fbem-29706	246	10	find	find	VERB
fbem-29706	246	11	that	that	SCONJ
fbem-29706	246	12	the	the	DET
fbem-29706	246	13	estimated	estimate	VERB
fbem-29706	246	14	coefficients	coefficient	NOUN
fbem-29706	246	15	of	of	ADP
fbem-29706	246	16	the	the	DET
fbem-29706	246	17	primary	primary	ADJ
fbem-29706	246	18	term	term	NOUN
fbem-29706	246	19	(	(	PUNCT
fbem-29706	246	20	ei	ei	NOUN
fbem-29706	246	21	)	)	PUNCT
fbem-29706	246	22	and	and	CCONJ
fbem-29706	246	23	the	the	DET
fbem-29706	246	24	secondary	secondary	ADJ
fbem-29706	246	25	term	term	NOUN
fbem-29706	246	26	(	(	PUNCT
fbem-29706	246	27	ei_2	ei_2	PROPN
fbem-29706	246	28	)	)	PUNCT
fbem-29706	246	29	of	of	ADP
fbem-29706	246	30	executive	executive	ADJ
fbem-29706	246	31	equity	equity	NOUN
fbem-29706	246	32	incentives	incentive	NOUN
fbem-29706	246	33	have	have	VERB
fbem-29706	246	34	opposite	opposite	ADJ
fbem-29706	246	35	signs	sign	NOUN
fbem-29706	246	36	and	and	CCONJ
fbem-29706	246	37	are	be	AUX
fbem-29706	246	38	both	both	ADV
fbem-29706	246	39	significant	significant	ADJ
fbem-29706	246	40	at	at	ADP
fbem-29706	246	41	the	the	DET
fbem-29706	246	42	1	1	NUM
fbem-29706	246	43	%	%	NOUN
fbem-29706	246	44	level	level	NOUN
fbem-29706	246	45	,	,	PUNCT
fbem-29706	246	46	indicating	indicate	VERB
fbem-29706	246	47	that	that	SCONJ
fbem-29706	246	48	there	there	PRON
fbem-29706	246	49	is	be	VERB
fbem-29706	246	50	a	a	DET
fbem-29706	246	51	nonlinear	nonlinear	ADJ
fbem-29706	246	52	relationship	relationship	NOUN
fbem-29706	246	53	between	between	ADP
fbem-29706	246	54	executive	executive	ADJ
fbem-29706	246	55	equity	equity	NOUN
fbem-29706	246	56	incentives	incentive	NOUN
fbem-29706	246	57	and	and	CCONJ
fbem-29706	246	58	corporate	corporate	ADJ
fbem-29706	246	59	risk	risk	NOUN
fbem-29706	246	60	-	-	PUNCT
fbem-29706	246	61	taking	take	VERB
fbem-29706	246	62	capacity	capacity	NOUN
fbem-29706	246	63	,	,	PUNCT
fbem-29706	246	64	appropriate	appropriate	ADJ
fbem-29706	246	65	equity	equity	NOUN
fbem-29706	246	66	incentives	incentive	NOUN
fbem-29706	246	67	can	can	AUX
fbem-29706	246	68	improve	improve	VERB
fbem-29706	246	69	corporate	corporate	ADJ
fbem-29706	246	70	risktaking	risktaking	ADJ
fbem-29706	246	71	capacity	capacity	NOUN
fbem-29706	246	72	,	,	PUNCT
fbem-29706	246	73	while	while	SCONJ
fbem-29706	246	74	excessive	excessive	ADJ
fbem-29706	246	75	equity	equity	NOUN
fbem-29706	246	76	incentives	incentive	NOUN
fbem-29706	246	77	will	will	AUX
fbem-29706	246	78	instead	instead	ADV
fbem-29706	246	79	trigger	trigger	VERB
fbem-29706	246	80	short	short	ADJ
fbem-29706	246	81	-	-	PUNCT
fbem-29706	246	82	sighted	sighted	ADJ
fbem-29706	246	83	behavior	behavior	NOUN
fbem-29706	246	84	of	of	ADP
fbem-29706	246	85	executives	executive	NOUN
fbem-29706	246	86	and	and	CCONJ
fbem-29706	246	87	weaken	weaken	VERB
fbem-29706	246	88	the	the	DET
fbem-29706	246	89	corporate	corporate	ADJ
fbem-29706	246	90	risk	risk	NOUN
fbem-29706	246	91	-	-	PUNCT
fbem-29706	246	92	taking	take	VERB
fbem-29706	246	93	ability	ability	NOUN
fbem-29706	246	94	.	.	PUNCT
fbem-29706	247	1	meanwhile	meanwhile	ADV
fbem-29706	247	2	,	,	PUNCT
fbem-29706	247	3	the	the	DET
fbem-29706	247	4	regression	regression	NOUN
fbem-29706	247	5	results	result	NOUN
fbem-29706	247	6	of	of	ADP
fbem-29706	247	7	model	model	NOUN
fbem-29706	247	8	(	(	PUNCT
fbem-29706	247	9	3	3	X
fbem-29706	247	10	)	)	PUNCT
fbem-29706	247	11	show	show	VERB
fbem-29706	247	12	that	that	SCONJ
fbem-29706	247	13	the	the	DET
fbem-29706	247	14	estimated	estimate	VERB
fbem-29706	247	15	coefficient	coefficient	NOUN
fbem-29706	247	16	of	of	ADP
fbem-29706	247	17	the	the	DET
fbem-29706	247	18	primary	primary	ADJ
fbem-29706	247	19	term	term	NOUN
fbem-29706	247	20	of	of	ADP
fbem-29706	247	21	executive	executive	ADJ
fbem-29706	247	22	equity	equity	NOUN
fbem-29706	247	23	incentives	incentive	NOUN
fbem-29706	247	24	(	(	PUNCT
fbem-29706	247	25	ei	ei	NOUN
fbem-29706	247	26	)	)	PUNCT
fbem-29706	247	27	is	be	AUX
fbem-29706	247	28	1.241	1.241	NUM
fbem-29706	247	29	,	,	PUNCT
fbem-29706	247	30	which	which	PRON
fbem-29706	247	31	passes	pass	VERB
fbem-29706	247	32	the	the	DET
fbem-29706	247	33	1	1	NUM
fbem-29706	247	34	%	%	NOUN
fbem-29706	247	35	significance	significance	NOUN
fbem-29706	247	36	test	test	NOUN
fbem-29706	247	37	;	;	PUNCT
fbem-29706	247	38	the	the	DET
fbem-29706	247	39	estimated	estimate	VERB
fbem-29706	247	40	coefficient	coefficient	NOUN
fbem-29706	247	41	of	of	ADP
fbem-29706	247	42	the	the	DET
fbem-29706	247	43	secondary	secondary	ADJ
fbem-29706	247	44	term	term	NOUN
fbem-29706	247	45	of	of	ADP
fbem-29706	247	46	executive	executive	ADJ
fbem-29706	247	47	equity	equity	NOUN
fbem-29706	247	48	incentives	incentive	NOUN
fbem-29706	247	49	(	(	PUNCT
fbem-29706	247	50	ei_2	ei_2	NOUN
fbem-29706	247	51	)	)	PUNCT
fbem-29706	247	52	is	be	AUX
fbem-29706	247	53	-1.775	-1.775	PRON
fbem-29706	247	54	,	,	PUNCT
fbem-29706	247	55	which	which	PRON
fbem-29706	247	56	is	be	AUX
fbem-29706	247	57	significant	significant	ADJ
fbem-29706	247	58	at	at	ADP
fbem-29706	247	59	the	the	DET
fbem-29706	247	60	1	1	NUM
fbem-29706	247	61	%	%	NOUN
fbem-29706	247	62	level	level	NOUN
fbem-29706	247	63	.	.	PUNCT
fbem-29706	248	1	the	the	DET
fbem-29706	248	2	estimated	estimate	VERB
fbem-29706	248	3	coefficient	coefficient	NOUN
fbem-29706	248	4	of	of	ADP
fbem-29706	248	5	the	the	DET
fbem-29706	248	6	risk	risk	NOUN
fbem-29706	248	7	-	-	PUNCT
fbem-29706	248	8	taking	taking	NOUN
fbem-29706	248	9	(	(	PUNCT
fbem-29706	248	10	crt	crt	ADJ
fbem-29706	248	11	)	)	PUNCT
fbem-29706	248	12	is	be	AUX
fbem-29706	248	13	0.028	0.028	NUM
fbem-29706	248	14	,	,	PUNCT
fbem-29706	248	15	passes	pass	VERB
fbem-29706	248	16	the	the	DET
fbem-29706	248	17	10	10	NUM
fbem-29706	248	18	%	%	NOUN
fbem-29706	248	19	significance	significance	NOUN
fbem-29706	248	20	test	test	NOUN
fbem-29706	248	21	,	,	PUNCT
fbem-29706	248	22	indicating	indicate	VERB
fbem-29706	248	23	that	that	SCONJ
fbem-29706	248	24	risktaking	risktaking	NOUN
fbem-29706	248	25	plays	play	VERB
fbem-29706	248	26	a	a	DET
fbem-29706	248	27	partial	partial	ADJ
fbem-29706	248	28	mediating	mediate	VERB
fbem-29706	248	29	role	role	NOUN
fbem-29706	248	30	in	in	ADP
fbem-29706	248	31	the	the	DET
fbem-29706	248	32	inverted	inverted	ADJ
fbem-29706	248	33	“	"	PUNCT
fbem-29706	248	34	u	u	NOUN
fbem-29706	248	35	”	"	PUNCT
fbem-29706	248	36	relationship	relationship	NOUN
fbem-29706	248	37	between	between	ADP
fbem-29706	248	38	executive	executive	ADJ
fbem-29706	248	39	equity	equity	NOUN
fbem-29706	248	40	incentives	incentive	NOUN
fbem-29706	248	41	and	and	CCONJ
fbem-29706	248	42	digital	digital	ADJ
fbem-29706	248	43	198	198	NUM
fbem-29706	248	44	transformation	transformation	NOUN
fbem-29706	248	45	of	of	ADP
fbem-29706	248	46	enterprises	enterprise	NOUN
fbem-29706	248	47	,	,	PUNCT
fbem-29706	248	48	hypothesis	hypothesis	NOUN
fbem-29706	248	49	3	3	NUM
fbem-29706	248	50	is	be	AUX
fbem-29706	248	51	proved	prove	VERB
fbem-29706	248	52	.	.	PUNCT
fbem-29706	249	1	table	table	NOUN
fbem-29706	249	2	5	5	NUM
fbem-29706	249	3	.	.	PUNCT
fbem-29706	249	4	mechanism	mechanism	NOUN
fbem-29706	249	5	test	test	NOUN
fbem-29706	249	6	results	result	VERB
fbem-29706	249	7	variable	variable	ADJ
fbem-29706	249	8	(	(	PUNCT
fbem-29706	249	9	1	1	NUM
fbem-29706	249	10	)	)	PUNCT
fbem-29706	249	11	(	(	PUNCT
fbem-29706	249	12	2	2	NUM
fbem-29706	249	13	)	)	PUNCT
fbem-29706	249	14	(	(	PUNCT
fbem-29706	249	15	3	3	X
fbem-29706	249	16	)	)	PUNCT
fbem-29706	249	17	(	(	PUNCT
fbem-29706	249	18	4	4	NUM
fbem-29706	249	19	)	)	PUNCT
fbem-29706	249	20	(	(	PUNCT
fbem-29706	249	21	5	5	NUM
fbem-29706	249	22	)	)	PUNCT
fbem-29706	249	23	(	(	PUNCT
fbem-29706	249	24	6	6	NUM
fbem-29706	249	25	)	)	PUNCT
fbem-29706	249	26	dt	dt	NOUN
fbem-29706	250	1	fc	fc	INTJ
fbem-29706	250	2	dt	dt	X
fbem-29706	250	3	dt	dt	PUNCT
fbem-29706	250	4	crt	crt	PROPN
fbem-29706	250	5	dt	dt	X
fbem-29706	250	6	ei	ei	ADP
fbem-29706	250	7	1.502	1.502	NUM
fbem-29706	250	8	*	*	PUNCT
fbem-29706	250	9	*	*	PUNCT
fbem-29706	250	10	*	*	PUNCT
fbem-29706	251	1	-2.100	-2.100	PUNCT
fbem-29706	251	2	*	*	PUNCT
fbem-29706	251	3	*	*	PUNCT
fbem-29706	251	4	*	*	PUNCT
fbem-29706	251	5	1.467	1.467	NUM
fbem-29706	251	6	*	*	PUNCT
fbem-29706	251	7	*	*	PUNCT
fbem-29706	251	8	*	*	PUNCT
fbem-29706	252	1	1.256	1.256	NUM
fbem-29706	252	2	*	*	PUNCT
fbem-29706	252	3	*	*	PUNCT
fbem-29706	252	4	*	*	PUNCT
fbem-29706	252	5	0.520	0.520	NUM
fbem-29706	252	6	*	*	PUNCT
fbem-29706	252	7	*	*	PUNCT
fbem-29706	252	8	*	*	PUNCT
fbem-29706	252	9	1.241	1.241	NUM
fbem-29706	252	10	*	*	PUNCT
fbem-29706	252	11	*	*	PUNCT
fbem-29706	252	12	*	*	PUNCT
fbem-29706	252	13	(	(	PUNCT
fbem-29706	252	14	9.119	9.119	NUM
fbem-29706	252	15	)	)	PUNCT
fbem-29706	252	16	(	(	PUNCT
fbem-29706	252	17	-9.273	-9.273	PROPN
fbem-29706	252	18	)	)	PUNCT
fbem-29706	252	19	(	(	PUNCT
fbem-29706	252	20	8.909	8.909	NUM
fbem-29706	252	21	)	)	PUNCT
fbem-29706	252	22	(	(	PUNCT
fbem-29706	252	23	8.448	8.448	NUM
fbem-29706	252	24	)	)	PUNCT
fbem-29706	252	25	(	(	PUNCT
fbem-29706	252	26	9.822	9.822	NUM
fbem-29706	252	27	)	)	PUNCT
fbem-29706	252	28	(	(	PUNCT
fbem-29706	252	29	8.323	8.323	NUM
fbem-29706	252	30	)	)	PUNCT
fbem-29706	252	31	ei_2	ei_2	NOUN
fbem-29706	252	32	-2.085	-2.085	NOUN
fbem-29706	252	33	*	*	PUNCT
fbem-29706	252	34	*	*	PUNCT
fbem-29706	252	35	*	*	PUNCT
fbem-29706	252	36	2.403	2.403	NUM
fbem-29706	252	37	*	*	PUNCT
fbem-29706	252	38	*	*	PUNCT
fbem-29706	252	39	*	*	PUNCT
fbem-29706	252	40	-2.045	-2.045	PUNCT
fbem-29706	252	41	*	*	PUNCT
fbem-29706	252	42	*	*	PUNCT
fbem-29706	252	43	*	*	PUNCT
fbem-29706	252	44	-1.792	-1.792	PUNCT
fbem-29706	252	45	*	*	PUNCT
fbem-29706	252	46	*	*	PUNCT
fbem-29706	252	47	*	*	PUNCT
fbem-29706	252	48	-0.616	-0.616	PUNCT
fbem-29706	252	49	*	*	PUNCT
fbem-29706	252	50	*	*	PUNCT
fbem-29706	252	51	*	*	PUNCT
fbem-29706	252	52	-1.775	-1.775	VERB
fbem-29706	252	53	*	*	PUNCT
fbem-29706	252	54	*	*	PUNCT
fbem-29706	252	55	*	*	PUNCT
fbem-29706	252	56	(	(	PUNCT
fbem-29706	252	57	-6.285	-6.285	PROPN
fbem-29706	252	58	)	)	PUNCT
fbem-29706	252	59	(	(	PUNCT
fbem-29706	252	60	5.106	5.106	NUM
fbem-29706	252	61	)	)	PUNCT
fbem-29706	252	62	(	(	PUNCT
fbem-29706	252	63	-6.170	-6.170	X
fbem-29706	252	64	)	)	PUNCT
fbem-29706	252	65	(	(	PUNCT
fbem-29706	252	66	-6.130	-6.130	NOUN
fbem-29706	252	67	)	)	PUNCT
fbem-29706	252	68	(	(	PUNCT
fbem-29706	252	69	-5.536	-5.536	NOUN
fbem-29706	252	70	)	)	PUNCT
fbem-29706	252	71	(	(	PUNCT
fbem-29706	252	72	-6.062	-6.062	X
fbem-29706	252	73	)	)	PUNCT
fbem-29706	252	74	fc	fc	PROPN
fbem-29706	252	75	-0.016	-0.016	PROPN
fbem-29706	252	76	*	*	PUNCT
fbem-29706	252	77	*	*	PUNCT
fbem-29706	252	78	*	*	PUNCT
fbem-29706	252	79	(	(	PUNCT
fbem-29706	252	80	-4.065	-4.065	SYM
fbem-29706	252	81	)	)	PUNCT
fbem-29706	252	82	crt	crt	NOUN
fbem-29706	252	83	0.028	0.028	NUM
fbem-29706	252	84	*	*	PUNCT
fbem-29706	252	85	(	(	PUNCT
fbem-29706	252	86	1.683	1.683	NUM
fbem-29706	252	87	)	)	PUNCT
fbem-29706	252	88	controls	control	NOUN
fbem-29706	252	89	yes	yes	INTJ
fbem-29706	253	1	yes	yes	INTJ
fbem-29706	254	1	yes	yes	INTJ
fbem-29706	255	1	yes	yes	INTJ
fbem-29706	256	1	yes	yes	INTJ
fbem-29706	257	1	yes	yes	INTJ
fbem-29706	258	1	_	_	PUNCT
fbem-29706	258	2	cons	con	NOUN
fbem-29706	258	3	-3.115	-3.115	PUNCT
fbem-29706	258	4	*	*	PUNCT
fbem-29706	259	1	*	*	PUNCT
fbem-29706	259	2	*	*	PUNCT
fbem-29706	260	1	2.926	2.926	NUM
fbem-29706	260	2	*	*	PUNCT
fbem-29706	260	3	*	*	PUNCT
fbem-29706	260	4	*	*	PUNCT
fbem-29706	260	5	-3.067	-3.067	PUNCT
fbem-29706	260	6	*	*	PUNCT
fbem-29706	260	7	*	*	PUNCT
fbem-29706	260	8	*	*	PUNCT
fbem-29706	260	9	-3.179	-3.179	PUNCT
fbem-29706	260	10	*	*	PUNCT
fbem-29706	260	11	*	*	PUNCT
fbem-29706	260	12	*	*	PUNCT
fbem-29706	260	13	-0.784	-0.784	PUNCT
fbem-29706	260	14	*	*	PUNCT
fbem-29706	260	15	*	*	PUNCT
fbem-29706	260	16	*	*	PUNCT
fbem-29706	260	17	-3.157	-3.157	NOUN
fbem-29706	260	18	*	*	PUNCT
fbem-29706	260	19	*	*	PUNCT
fbem-29706	260	20	*	*	PUNCT
fbem-29706	260	21	(	(	PUNCT
fbem-29706	260	22	-19.269	-19.269	PROPN
fbem-29706	260	23	)	)	PUNCT
fbem-29706	260	24	(	(	PUNCT
fbem-29706	260	25	12.328	12.328	NUM
fbem-29706	260	26	)	)	PUNCT
fbem-29706	260	27	(	(	PUNCT
fbem-29706	260	28	-18.926	-18.926	NOUN
fbem-29706	260	29	)	)	PUNCT
fbem-29706	260	30	(	(	PUNCT
fbem-29706	260	31	-20.499	-20.499	NUM
fbem-29706	260	32	)	)	PUNCT
fbem-29706	260	33	(	(	PUNCT
fbem-29706	260	34	-14.707	-14.707	PROPN
fbem-29706	260	35	)	)	PUNCT
fbem-29706	260	36	(	(	PUNCT
fbem-29706	260	37	-20.268	-20.268	PUNCT
fbem-29706	260	38	)	)	PUNCT
fbem-29706	260	39	year	year	NOUN
fbem-29706	261	1	yes	yes	INTJ
fbem-29706	262	1	yes	yes	INTJ
fbem-29706	263	1	yes	yes	INTJ
fbem-29706	264	1	yes	yes	INTJ
fbem-29706	265	1	yes	yes	INTJ
fbem-29706	265	2	yes	yes	INTJ
fbem-29706	265	3	industry	industry	NOUN
fbem-29706	266	1	yes	yes	INTJ
fbem-29706	267	1	yes	yes	INTJ
fbem-29706	268	1	yes	yes	INTJ
fbem-29706	269	1	yes	yes	INTJ
fbem-29706	270	1	yes	yes	INTJ
fbem-29706	271	1	yes	yes	INTJ
fbem-29706	272	1	n	n	ADV
fbem-29706	272	2	33563	33563	NUM
fbem-29706	272	3	33563	33563	NUM
fbem-29706	272	4	33563	33563	NUM
fbem-29706	272	5	36463	36463	NUM
fbem-29706	272	6	36463	36463	NUM
fbem-29706	272	7	36463	36463	NUM
fbem-29706	272	8	r2	r2	NOUN
fbem-29706	272	9	0.418	0.418	NUM
fbem-29706	272	10	0.627	0.627	NUM
fbem-29706	272	11	0.418	0.418	NUM
fbem-29706	272	12	0.415	0.415	NUM
fbem-29706	272	13	0.365	0.365	NUM
fbem-29706	272	14	0.415	0.415	NUM
fbem-29706	272	15	4.5	4.5	NUM
fbem-29706	272	16	.	.	PUNCT
fbem-29706	273	1	tests	test	NOUN
fbem-29706	273	2	for	for	ADP
fbem-29706	273	3	heterogeneity	heterogeneity	NOUN
fbem-29706	273	4	4.5.1	4.5.1	NUM
fbem-29706	273	5	.	.	PUNCT
fbem-29706	274	1	test	test	NOUN
fbem-29706	274	2	based	base	VERB
fbem-29706	274	3	on	on	ADP
fbem-29706	274	4	differences	difference	NOUN
fbem-29706	274	5	in	in	ADP
fbem-29706	274	6	the	the	DET
fbem-29706	274	7	nature	nature	NOUN
fbem-29706	274	8	of	of	ADP
fbem-29706	274	9	property	property	NOUN
fbem-29706	274	10	rights	right	NOUN
fbem-29706	274	11	in	in	ADP
fbem-29706	274	12	china	china	PROPN
fbem-29706	274	13	's	's	PART
fbem-29706	274	14	capital	capital	NOUN
fbem-29706	274	15	market	market	NOUN
fbem-29706	274	16	,	,	PUNCT
fbem-29706	274	17	the	the	DET
fbem-29706	274	18	government	government	NOUN
fbem-29706	274	19	's	's	PART
fbem-29706	274	20	behavior	behavior	NOUN
fbem-29706	274	21	affects	affect	VERB
fbem-29706	274	22	the	the	DET
fbem-29706	274	23	enterprise	enterprise	NOUN
fbem-29706	274	24	's	's	PART
fbem-29706	274	25	resource	resource	NOUN
fbem-29706	274	26	allocation	allocation	NOUN
fbem-29706	274	27	,	,	PUNCT
fbem-29706	274	28	in	in	ADP
fbem-29706	274	29	particular	particular	ADJ
fbem-29706	274	30	,	,	PUNCT
fbem-29706	274	31	many	many	ADJ
fbem-29706	274	32	of	of	ADP
fbem-29706	274	33	china	china	PROPN
fbem-29706	274	34	's	's	PART
fbem-29706	274	35	listed	list	VERB
fbem-29706	274	36	enterprises	enterprise	NOUN
fbem-29706	274	37	are	be	AUX
fbem-29706	274	38	restructured	restructure	VERB
fbem-29706	274	39	from	from	ADP
fbem-29706	274	40	state	state	NOUN
fbem-29706	274	41	-	-	PUNCT
fbem-29706	274	42	owned	own	VERB
fbem-29706	274	43	enterprises	enterprise	NOUN
fbem-29706	274	44	,	,	PUNCT
fbem-29706	274	45	and	and	CCONJ
fbem-29706	274	46	there	there	PRON
fbem-29706	274	47	are	be	VERB
fbem-29706	274	48	still	still	ADV
fbem-29706	274	49	some	some	DET
fbem-29706	274	50	enterprises	enterprise	NOUN
fbem-29706	274	51	held	hold	VERB
fbem-29706	274	52	by	by	ADP
fbem-29706	274	53	the	the	DET
fbem-29706	274	54	state	state	NOUN
fbem-29706	274	55	,	,	PUNCT
fbem-29706	274	56	in	in	ADP
fbem-29706	274	57	this	this	DET
fbem-29706	274	58	special	special	ADJ
fbem-29706	274	59	property	property	NOUN
fbem-29706	274	60	rights	right	NOUN
fbem-29706	274	61	nature	nature	NOUN
fbem-29706	274	62	of	of	ADP
fbem-29706	274	63	the	the	DET
fbem-29706	274	64	background	background	NOUN
fbem-29706	274	65	,	,	PUNCT
fbem-29706	274	66	the	the	DET
fbem-29706	274	67	executive	executive	ADJ
fbem-29706	274	68	equity	equity	NOUN
fbem-29706	274	69	incentives	incentive	NOUN
fbem-29706	274	70	of	of	ADP
fbem-29706	274	71	the	the	DET
fbem-29706	274	72	governance	governance	NOUN
fbem-29706	274	73	of	of	ADP
fbem-29706	274	74	the	the	DET
fbem-29706	274	75	effect	effect	NOUN
fbem-29706	274	76	of	of	ADP
fbem-29706	274	77	the	the	DET
fbem-29706	274	78	existence	existence	NOUN
fbem-29706	274	79	of	of	ADP
fbem-29706	274	80	significant	significant	ADJ
fbem-29706	274	81	differences	difference	NOUN
fbem-29706	274	82	.	.	PUNCT
fbem-29706	275	1	therefore	therefore	ADV
fbem-29706	275	2	,	,	PUNCT
fbem-29706	275	3	this	this	DET
fbem-29706	275	4	section	section	NOUN
fbem-29706	275	5	groups	group	VERB
fbem-29706	275	6	the	the	DET
fbem-29706	275	7	sample	sample	NOUN
fbem-29706	275	8	enterprises	enterprise	NOUN
fbem-29706	275	9	according	accord	VERB
fbem-29706	275	10	to	to	ADP
fbem-29706	275	11	the	the	DET
fbem-29706	275	12	nature	nature	NOUN
fbem-29706	275	13	of	of	ADP
fbem-29706	275	14	property	property	NOUN
fbem-29706	275	15	rights	right	NOUN
fbem-29706	275	16	to	to	PART
fbem-29706	275	17	explore	explore	VERB
fbem-29706	275	18	whether	whether	SCONJ
fbem-29706	275	19	there	there	PRON
fbem-29706	275	20	are	be	VERB
fbem-29706	275	21	differences	difference	NOUN
fbem-29706	275	22	in	in	ADP
fbem-29706	275	23	the	the	DET
fbem-29706	275	24	impact	impact	NOUN
fbem-29706	275	25	of	of	ADP
fbem-29706	275	26	executive	executive	ADJ
fbem-29706	275	27	equity	equity	NOUN
fbem-29706	275	28	incentives	incentive	NOUN
fbem-29706	275	29	on	on	ADP
fbem-29706	275	30	digital	digital	ADJ
fbem-29706	275	31	transformation	transformation	NOUN
fbem-29706	275	32	.	.	PUNCT
fbem-29706	276	1	the	the	DET
fbem-29706	276	2	grouping	group	VERB
fbem-29706	276	3	regression	regression	NOUN
fbem-29706	276	4	results	result	NOUN
fbem-29706	276	5	are	be	AUX
fbem-29706	276	6	shown	show	VERB
fbem-29706	276	7	in	in	ADP
fbem-29706	276	8	table	table	NOUN
fbem-29706	276	9	6	6	NUM
fbem-29706	276	10	.	.	PUNCT
fbem-29706	277	1	the	the	DET
fbem-29706	277	2	estimated	estimate	VERB
fbem-29706	277	3	coefficients	coefficient	NOUN
fbem-29706	277	4	of	of	ADP
fbem-29706	277	5	the	the	DET
fbem-29706	277	6	primary	primary	ADJ
fbem-29706	277	7	term	term	NOUN
fbem-29706	277	8	(	(	PUNCT
fbem-29706	277	9	ei	ei	NOUN
fbem-29706	277	10	)	)	PUNCT
fbem-29706	277	11	and	and	CCONJ
fbem-29706	277	12	secondary	secondary	ADJ
fbem-29706	277	13	term	term	NOUN
fbem-29706	277	14	(	(	PUNCT
fbem-29706	277	15	ei_2	ei_2	PROPN
fbem-29706	277	16	)	)	PUNCT
fbem-29706	277	17	of	of	ADP
fbem-29706	277	18	executive	executive	ADJ
fbem-29706	277	19	equity	equity	NOUN
fbem-29706	277	20	incentives	incentive	NOUN
fbem-29706	277	21	are	be	AUX
fbem-29706	277	22	2.612	2.612	NUM
fbem-29706	277	23	and	and	CCONJ
fbem-29706	277	24	-3.926	-3.926	NOUN
fbem-29706	277	25	in	in	ADP
fbem-29706	277	26	soes	soe	NOUN
fbem-29706	277	27	,	,	PUNCT
fbem-29706	277	28	and	and	CCONJ
fbem-29706	277	29	the	the	DET
fbem-29706	277	30	regression	regression	NOUN
fbem-29706	277	31	coefficients	coefficient	NOUN
fbem-29706	277	32	are	be	AUX
fbem-29706	277	33	1.050	1.050	NUM
fbem-29706	277	34	and	and	CCONJ
fbem-29706	277	35	-1.456	-1.456	VERB
fbem-29706	277	36	in	in	ADP
fbem-29706	277	37	non	non	ADJ
fbem-29706	277	38	-	-	NOUN
fbem-29706	277	39	soes	soe	NOUN
fbem-29706	277	40	,	,	PUNCT
fbem-29706	277	41	which	which	PRON
fbem-29706	277	42	pass	pass	VERB
fbem-29706	277	43	the	the	DET
fbem-29706	277	44	1	1	NUM
fbem-29706	277	45	%	%	NOUN
fbem-29706	277	46	significance	significance	NOUN
fbem-29706	277	47	test	test	NOUN
fbem-29706	277	48	,	,	PUNCT
fbem-29706	277	49	indicating	indicate	VERB
fbem-29706	277	50	that	that	SCONJ
fbem-29706	277	51	there	there	PRON
fbem-29706	277	52	is	be	VERB
fbem-29706	277	53	an	an	DET
fbem-29706	277	54	inverted	inverted	ADJ
fbem-29706	277	55	“	"	PUNCT
fbem-29706	277	56	u	u	NOUN
fbem-29706	277	57	this	this	PRON
fbem-29706	277	58	indicates	indicate	VERB
fbem-29706	277	59	that	that	SCONJ
fbem-29706	277	60	there	there	PRON
fbem-29706	277	61	is	be	VERB
fbem-29706	277	62	an	an	DET
fbem-29706	277	63	inverted	inverted	ADJ
fbem-29706	277	64	“	"	PUNCT
fbem-29706	277	65	u	u	ADJ
fbem-29706	277	66	-	-	ADJ
fbem-29706	277	67	shaped	shaped	ADJ
fbem-29706	277	68	”	"	PUNCT
fbem-29706	277	69	relationship	relationship	NOUN
fbem-29706	277	70	between	between	ADP
fbem-29706	277	71	executive	executive	ADJ
fbem-29706	277	72	equity	equity	NOUN
fbem-29706	277	73	incentives	incentive	NOUN
fbem-29706	277	74	and	and	CCONJ
fbem-29706	277	75	digital	digital	ADJ
fbem-29706	277	76	transformation	transformation	NOUN
fbem-29706	277	77	of	of	ADP
fbem-29706	277	78	enterprises	enterprise	NOUN
fbem-29706	277	79	under	under	ADP
fbem-29706	277	80	different	different	ADJ
fbem-29706	277	81	ownership	ownership	NOUN
fbem-29706	277	82	properties	property	NOUN
fbem-29706	277	83	,	,	PUNCT
fbem-29706	277	84	and	and	CCONJ
fbem-29706	277	85	this	this	DET
fbem-29706	277	86	relationship	relationship	NOUN
fbem-29706	277	87	is	be	AUX
fbem-29706	277	88	more	more	ADV
fbem-29706	277	89	prominent	prominent	ADJ
fbem-29706	277	90	in	in	ADP
fbem-29706	277	91	soes	soe	NOUN
fbem-29706	277	92	.	.	PUNCT
fbem-29706	278	1	the	the	DET
fbem-29706	278	2	reasons	reason	NOUN
fbem-29706	278	3	for	for	ADP
fbem-29706	278	4	this	this	PRON
fbem-29706	278	5	may	may	AUX
fbem-29706	278	6	be	be	AUX
fbem-29706	278	7	:	:	PUNCT
fbem-29706	278	8	first	first	ADV
fbem-29706	278	9	of	of	ADP
fbem-29706	278	10	all	all	PRON
fbem-29706	278	11	,	,	PUNCT
fbem-29706	278	12	the	the	DET
fbem-29706	278	13	phenomenon	phenomenon	NOUN
fbem-29706	278	14	of	of	ADP
fbem-29706	278	15	disconnection	disconnection	NOUN
fbem-29706	278	16	between	between	ADP
fbem-29706	278	17	salary	salary	NOUN
fbem-29706	278	18	and	and	CCONJ
fbem-29706	278	19	performance	performance	NOUN
fbem-29706	278	20	in	in	ADP
fbem-29706	278	21	soes	soe	NOUN
fbem-29706	278	22	is	be	AUX
fbem-29706	278	23	common	common	ADJ
fbem-29706	278	24	,	,	PUNCT
fbem-29706	278	25	executives	executive	NOUN
fbem-29706	278	26	can	can	AUX
fbem-29706	278	27	not	not	PART
fbem-29706	278	28	realize	realize	VERB
fbem-29706	278	29	more	more	ADJ
fbem-29706	278	30	work	work	NOUN
fbem-29706	278	31	and	and	CCONJ
fbem-29706	278	32	more	more	ADJ
fbem-29706	278	33	pay	pay	NOUN
fbem-29706	278	34	in	in	ADP
fbem-29706	278	35	their	their	PRON
fbem-29706	278	36	work	work	NOUN
fbem-29706	278	37	,	,	PUNCT
fbem-29706	278	38	and	and	CCONJ
fbem-29706	278	39	are	be	AUX
fbem-29706	278	40	prone	prone	ADJ
fbem-29706	278	41	to	to	ADP
fbem-29706	278	42	inertia	inertia	NOUN
fbem-29706	278	43	and	and	CCONJ
fbem-29706	278	44	negative	negative	ADJ
fbem-29706	278	45	work	work	NOUN
fbem-29706	278	46	mentality	mentality	NOUN
fbem-29706	278	47	,	,	PUNCT
fbem-29706	278	48	and	and	CCONJ
fbem-29706	278	49	at	at	ADP
fbem-29706	278	50	the	the	DET
fbem-29706	278	51	same	same	ADJ
fbem-29706	278	52	time	time	NOUN
fbem-29706	278	53	,	,	PUNCT
fbem-29706	278	54	there	there	PRON
fbem-29706	278	55	is	be	VERB
fbem-29706	278	56	a	a	DET
fbem-29706	278	57	general	general	ADJ
fbem-29706	278	58	lack	lack	NOUN
fbem-29706	278	59	of	of	ADP
fbem-29706	278	60	longterm	longterm	ADJ
fbem-29706	278	61	incentive	incentive	NOUN
fbem-29706	278	62	mechanism	mechanism	NOUN
fbem-29706	278	63	in	in	ADP
fbem-29706	278	64	soes	soe	NOUN
fbem-29706	278	65	,	,	PUNCT
fbem-29706	278	66	and	and	CCONJ
fbem-29706	278	67	all	all	PRON
fbem-29706	278	68	of	of	ADP
fbem-29706	278	69	these	these	DET
fbem-29706	278	70	factors	factor	NOUN
fbem-29706	278	71	jointly	jointly	ADV
fbem-29706	278	72	constrain	constrain	VERB
fbem-29706	278	73	the	the	DET
fbem-29706	278	74	transformation	transformation	NOUN
fbem-29706	278	75	of	of	ADP
fbem-29706	278	76	soes	soe	NOUN
fbem-29706	278	77	executives	executive	NOUN
fbem-29706	278	78	in	in	ADP
fbem-29706	278	79	the	the	DET
fbem-29706	278	80	transformation	transformation	NOUN
fbem-29706	278	81	of	of	ADP
fbem-29706	278	82	the	the	DET
fbem-29706	278	83	power	power	NOUN
fbem-29706	278	84	of	of	ADP
fbem-29706	278	85	change	change	NOUN
fbem-29706	278	86	.	.	PUNCT
fbem-29706	279	1	the	the	DET
fbem-29706	279	2	implementation	implementation	NOUN
fbem-29706	279	3	of	of	ADP
fbem-29706	279	4	equity	equity	NOUN
fbem-29706	279	5	incentives	incentive	NOUN
fbem-29706	279	6	can	can	AUX
fbem-29706	279	7	improve	improve	VERB
fbem-29706	279	8	the	the	DET
fbem-29706	279	9	decision	decision	NOUN
fbem-29706	279	10	-	-	PUNCT
fbem-29706	279	11	making	make	VERB
fbem-29706	279	12	power	power	NOUN
fbem-29706	279	13	of	of	ADP
fbem-29706	279	14	executives	executive	NOUN
fbem-29706	279	15	in	in	ADP
fbem-29706	279	16	soes	soe	NOUN
fbem-29706	279	17	,	,	PUNCT
fbem-29706	279	18	and	and	CCONJ
fbem-29706	279	19	tie	tie	VERB
fbem-29706	279	20	the	the	DET
fbem-29706	279	21	interests	interest	NOUN
fbem-29706	279	22	of	of	ADP
fbem-29706	279	23	executives	executive	NOUN
fbem-29706	279	24	to	to	ADP
fbem-29706	279	25	the	the	DET
fbem-29706	279	26	enterprise	enterprise	NOUN
fbem-29706	279	27	's	's	PART
fbem-29706	279	28	revenue	revenue	NOUN
fbem-29706	279	29	,	,	PUNCT
fbem-29706	279	30	which	which	PRON
fbem-29706	279	31	will	will	AUX
fbem-29706	279	32	prompt	prompt	VERB
fbem-29706	279	33	executives	executive	NOUN
fbem-29706	279	34	to	to	PART
fbem-29706	279	35	work	work	VERB
fbem-29706	279	36	harder	hard	ADV
fbem-29706	279	37	in	in	ADP
fbem-29706	279	38	promoting	promote	VERB
fbem-29706	279	39	digital	digital	ADJ
fbem-29706	279	40	transformation	transformation	NOUN
fbem-29706	279	41	.	.	PUNCT
fbem-29706	280	1	secondly	secondly	ADV
fbem-29706	280	2	,	,	PUNCT
fbem-29706	280	3	in	in	ADP
fbem-29706	280	4	soes	soe	NOUN
fbem-29706	280	5	,	,	PUNCT
fbem-29706	280	6	there	there	PRON
fbem-29706	280	7	are	be	VERB
fbem-29706	280	8	inherent	inherent	ADJ
fbem-29706	280	9	defects	defect	NOUN
fbem-29706	280	10	such	such	ADJ
fbem-29706	280	11	as	as	ADP
fbem-29706	280	12	“	"	PUNCT
fbem-29706	280	13	owner	owner	NOUN
fbem-29706	280	14	deficiency	deficiency	NOUN
fbem-29706	280	15	”	"	PUNCT
fbem-29706	280	16	and	and	CCONJ
fbem-29706	280	17	“	"	PUNCT
fbem-29706	280	18	insider	insider	NOUN
fbem-29706	280	19	control	control	NOUN
fbem-29706	280	20	”	"	PUNCT
fbem-29706	280	21	,	,	PUNCT
fbem-29706	280	22	which	which	PRON
fbem-29706	280	23	makes	make	VERB
fbem-29706	280	24	the	the	DET
fbem-29706	280	25	internal	internal	ADJ
fbem-29706	280	26	proxy	proxy	NOUN
fbem-29706	280	27	chain	chain	NOUN
fbem-29706	280	28	more	more	ADV
fbem-29706	280	29	complicated	complicated	ADJ
fbem-29706	280	30	and	and	CCONJ
fbem-29706	280	31	lengthy	lengthy	ADJ
fbem-29706	280	32	,	,	PUNCT
fbem-29706	280	33	with	with	ADP
fbem-29706	280	34	higher	high	ADJ
fbem-29706	280	35	agency	agency	NOUN
fbem-29706	280	36	costs	cost	NOUN
fbem-29706	280	37	and	and	CCONJ
fbem-29706	280	38	inefficient	inefficient	ADJ
fbem-29706	280	39	resource	resource	NOUN
fbem-29706	280	40	allocation	allocation	NOUN
fbem-29706	280	41	.	.	PUNCT
fbem-29706	281	1	equity	equity	NOUN
fbem-29706	281	2	incentives	incentive	NOUN
fbem-29706	281	3	can	can	AUX
fbem-29706	281	4	help	help	VERB
fbem-29706	281	5	solve	solve	VERB
fbem-29706	281	6	the	the	DET
fbem-29706	281	7	internal	internal	ADJ
fbem-29706	281	8	agency	agency	NOUN
fbem-29706	281	9	problem	problem	NOUN
fbem-29706	281	10	of	of	ADP
fbem-29706	281	11	soes	soe	NOUN
fbem-29706	281	12	,	,	PUNCT
fbem-29706	281	13	improve	improve	VERB
fbem-29706	281	14	the	the	DET
fbem-29706	281	15	efficiency	efficiency	NOUN
fbem-29706	281	16	of	of	ADP
fbem-29706	281	17	resource	resource	NOUN
fbem-29706	281	18	allocation	allocation	NOUN
fbem-29706	281	19	and	and	CCONJ
fbem-29706	281	20	promote	promote	VERB
fbem-29706	281	21	the	the	DET
fbem-29706	281	22	digital	digital	ADJ
fbem-29706	281	23	transformation	transformation	NOUN
fbem-29706	281	24	of	of	ADP
fbem-29706	281	25	enterprises	enterprise	NOUN
fbem-29706	281	26	.	.	PUNCT
fbem-29706	282	1	however	however	ADV
fbem-29706	282	2	,	,	PUNCT
fbem-29706	282	3	if	if	SCONJ
fbem-29706	282	4	the	the	DET
fbem-29706	282	5	equity	equity	NOUN
fbem-29706	282	6	incentive	incentive	NOUN
fbem-29706	282	7	is	be	AUX
fbem-29706	282	8	too	too	ADV
fbem-29706	282	9	high	high	ADJ
fbem-29706	282	10	,	,	PUNCT
fbem-29706	282	11	it	it	PRON
fbem-29706	282	12	will	will	AUX
fbem-29706	282	13	further	far	ADV
fbem-29706	282	14	aggravate	aggravate	VERB
fbem-29706	282	15	the	the	DET
fbem-29706	282	16	problem	problem	NOUN
fbem-29706	282	17	of	of	ADP
fbem-29706	282	18	“	"	PUNCT
fbem-29706	282	19	insider	insider	NOUN
fbem-29706	282	20	control	control	NOUN
fbem-29706	282	21	”	"	PUNCT
fbem-29706	282	22	and	and	CCONJ
fbem-29706	282	23	cause	cause	VERB
fbem-29706	282	24	more	more	ADJ
fbem-29706	282	25	serious	serious	ADJ
fbem-29706	282	26	agency	agency	NOUN
fbem-29706	282	27	problems	problem	NOUN
fbem-29706	282	28	,	,	PUNCT
fbem-29706	282	29	which	which	PRON
fbem-29706	282	30	will	will	AUX
fbem-29706	282	31	magnify	magnify	VERB
fbem-29706	282	32	the	the	DET
fbem-29706	282	33	obstacles	obstacle	NOUN
fbem-29706	282	34	to	to	ADP
fbem-29706	282	35	the	the	DET
fbem-29706	282	36	digital	digital	ADJ
fbem-29706	282	37	transformation	transformation	NOUN
fbem-29706	282	38	of	of	ADP
fbem-29706	282	39	enterprises	enterprise	NOUN
fbem-29706	282	40	.	.	PUNCT
fbem-29706	283	1	in	in	ADP
fbem-29706	283	2	summary	summary	NOUN
fbem-29706	283	3	,	,	PUNCT
fbem-29706	283	4	the	the	DET
fbem-29706	283	5	implementation	implementation	NOUN
fbem-29706	283	6	of	of	ADP
fbem-29706	283	7	executive	executive	ADJ
fbem-29706	283	8	equity	equity	NOUN
fbem-29706	283	9	incentives	incentive	NOUN
fbem-29706	283	10	in	in	ADP
fbem-29706	283	11	soes	soe	NOUN
fbem-29706	283	12	can	can	AUX
fbem-29706	283	13	produce	produce	VERB
fbem-29706	283	14	stronger	strong	ADJ
fbem-29706	283	15	marginal	marginal	ADJ
fbem-29706	283	16	effects	effect	NOUN
fbem-29706	283	17	.	.	PUNCT
fbem-29706	284	1	table	table	NOUN
fbem-29706	284	2	6	6	NUM
fbem-29706	284	3	.	.	PUNCT
fbem-29706	285	1	results	result	NOUN
fbem-29706	285	2	of	of	ADP
fbem-29706	285	3	heterogeneity	heterogeneity	NOUN
fbem-29706	285	4	test	test	NOUN
fbem-29706	285	5	variable	variable	NOUN
fbem-29706	285	6	(	(	PUNCT
fbem-29706	285	7	1	1	NUM
fbem-29706	285	8	)	)	PUNCT
fbem-29706	285	9	state	state	NOUN
fbem-29706	285	10	enterprise	enterprise	NOUN
fbem-29706	285	11	(	(	PUNCT
fbem-29706	285	12	2	2	NUM
fbem-29706	285	13	)	)	PUNCT
fbem-29706	285	14	non	non	ADJ
fbem-29706	285	15	-	-	ADJ
fbem-29706	285	16	state	state	ADJ
fbem-29706	285	17	enterprise	enterprise	NOUN
fbem-29706	285	18	(	(	PUNCT
fbem-29706	285	19	3	3	X
fbem-29706	285	20	)	)	PUNCT
fbem-29706	285	21	high	high	ADJ
fbem-29706	285	22	equity	equity	NOUN
fbem-29706	285	23	concentration	concentration	NOUN
fbem-29706	285	24	(	(	PUNCT
fbem-29706	285	25	4	4	X
fbem-29706	285	26	)	)	PUNCT
fbem-29706	285	27	low	low	ADJ
fbem-29706	285	28	equity	equity	NOUN
fbem-29706	285	29	concentration	concentration	NOUN
fbem-29706	285	30	dt	dt	INTJ
fbem-29706	286	1	dt	dt	NOUN
fbem-29706	286	2	dt	dt	X
fbem-29706	286	3	dt	dt	X
fbem-29706	286	4	ei	ei	ADP
fbem-29706	286	5	2.612	2.612	NUM
fbem-29706	286	6	*	*	PUNCT
fbem-29706	286	7	*	*	PUNCT
fbem-29706	286	8	*	*	PUNCT
fbem-29706	286	9	1.050	1.050	NUM
fbem-29706	286	10	*	*	PUNCT
fbem-29706	286	11	*	*	PUNCT
fbem-29706	286	12	*	*	PUNCT
fbem-29706	286	13	0.831	0.831	NUM
fbem-29706	286	14	*	*	PUNCT
fbem-29706	286	15	*	*	PUNCT
fbem-29706	286	16	*	*	PUNCT
fbem-29706	286	17	1.750	1.750	NUM
fbem-29706	286	18	*	*	PUNCT
fbem-29706	286	19	*	*	PUNCT
fbem-29706	286	20	*	*	PUNCT
fbem-29706	286	21	(	(	PUNCT
fbem-29706	286	22	7.212	7.212	NUM
fbem-29706	286	23	)	)	PUNCT
fbem-29706	286	24	(	(	PUNCT
fbem-29706	286	25	6.595	6.595	NUM
fbem-29706	286	26	)	)	PUNCT
fbem-29706	286	27	(	(	PUNCT
fbem-29706	286	28	3.866	3.866	NUM
fbem-29706	286	29	)	)	PUNCT
fbem-29706	286	30	(	(	PUNCT
fbem-29706	286	31	8.798	8.798	NUM
fbem-29706	286	32	)	)	PUNCT
fbem-29706	286	33	ei_2	ei_2	NOUN
fbem-29706	286	34	-3.926	-3.926	NOUN
fbem-29706	286	35	*	*	PUNCT
fbem-29706	286	36	*	*	PUNCT
fbem-29706	286	37	*	*	PUNCT
fbem-29706	286	38	-1.456	-1.456	PUNCT
fbem-29706	286	39	*	*	PUNCT
fbem-29706	286	40	*	*	PUNCT
fbem-29706	286	41	*	*	PUNCT
fbem-29706	286	42	-1.100	-1.100	PUNCT
fbem-29706	286	43	*	*	PUNCT
fbem-29706	286	44	*	*	PUNCT
fbem-29706	286	45	*	*	NOUN
fbem-29706	286	46	-2.843	-2.843	PUNCT
fbem-29706	286	47	*	*	PUNCT
fbem-29706	286	48	*	*	PUNCT
fbem-29706	286	49	*	*	PUNCT
fbem-29706	286	50	(	(	PUNCT
fbem-29706	286	51	-4.901	-4.901	NUM
fbem-29706	286	52	)	)	PUNCT
fbem-29706	286	53	(	(	PUNCT
fbem-29706	286	54	-4.703	-4.703	X
fbem-29706	286	55	)	)	PUNCT
fbem-29706	286	56	(	(	PUNCT
fbem-29706	286	57	-2.768	-2.768	NUM
fbem-29706	286	58	)	)	PUNCT
fbem-29706	286	59	(	(	PUNCT
fbem-29706	286	60	-5.950	-5.950	X
fbem-29706	286	61	)	)	PUNCT
fbem-29706	286	62	controls	control	NOUN
fbem-29706	286	63	yes	yes	INTJ
fbem-29706	287	1	yes	yes	INTJ
fbem-29706	288	1	yes	yes	INTJ
fbem-29706	289	1	yes	yes	INTJ
fbem-29706	290	1	_	_	PUNCT
fbem-29706	290	2	cons	con	NOUN
fbem-29706	290	3	-2.674	-2.674	VERB
fbem-29706	290	4	*	*	PUNCT
fbem-29706	290	5	*	*	PUNCT
fbem-29706	290	6	*	*	PUNCT
fbem-29706	291	1	-5.287	-5.287	PUNCT
fbem-29706	291	2	*	*	PUNCT
fbem-29706	291	3	*	*	PUNCT
fbem-29706	291	4	*	*	PUNCT
fbem-29706	292	1	-2.564	-2.564	PUNCT
fbem-29706	292	2	*	*	PUNCT
fbem-29706	292	3	*	*	PUNCT
fbem-29706	292	4	*	*	PUNCT
fbem-29706	292	5	-4.130	-4.130	NOUN
fbem-29706	292	6	*	*	PUNCT
fbem-29706	292	7	*	*	PUNCT
fbem-29706	292	8	*	*	PUNCT
fbem-29706	292	9	(	(	PUNCT
fbem-29706	292	10	-12.511	-12.511	PROPN
fbem-29706	292	11	)	)	PUNCT
fbem-29706	292	12	(	(	PUNCT
fbem-29706	292	13	-21.041	-21.041	PROPN
fbem-29706	292	14	)	)	PUNCT
fbem-29706	292	15	(	(	PUNCT
fbem-29706	292	16	-12.506	-12.506	NUM
fbem-29706	292	17	)	)	PUNCT
fbem-29706	292	18	(	(	PUNCT
fbem-29706	292	19	-16.252	-16.252	PROPN
fbem-29706	292	20	)	)	PUNCT
fbem-29706	292	21	year	year	NOUN
fbem-29706	293	1	yes	yes	INTJ
fbem-29706	293	2	yes	yes	INTJ
fbem-29706	294	1	yes	yes	INTJ
fbem-29706	294	2	yes	yes	INTJ
fbem-29706	294	3	industry	industry	NOUN
fbem-29706	295	1	yes	yes	INTJ
fbem-29706	296	1	yes	yes	INTJ
fbem-29706	297	1	yes	yes	INTJ
fbem-29706	298	1	yes	yes	INTJ
fbem-29706	299	1	n	n	CCONJ
fbem-29706	299	2	14839	14839	NUM
fbem-29706	299	3	21892	21892	NUM
fbem-29706	299	4	18368	18368	NUM
fbem-29706	299	5	18363	18363	NUM
fbem-29706	299	6	r2	r2	NOUN
fbem-29706	299	7	0.433	0.433	NUM
fbem-29706	300	1	0.405	0.405	NUM
fbem-29706	300	2	0.377	0.377	NUM
fbem-29706	300	3	0.436	0.436	NUM
fbem-29706	300	4	difference	difference	NOUN
fbem-29706	300	5	in	in	ADP
fbem-29706	300	6	coefficients	coefficient	NOUN
fbem-29706	300	7	between	between	ADP
fbem-29706	300	8	groups	group	NOUN
fbem-29706	300	9	chi2(1)=10.45，prob	chi2(1)=10.45，prob	PROPN
fbem-29706	300	10	>	>	NOUN
fbem-29706	300	11	chi2=0.0012	chi2=0.0012	NOUN
fbem-29706	300	12	*	*	PUNCT
fbem-29706	300	13	*	*	PUNCT
fbem-29706	300	14	*	*	PUNCT
fbem-29706	300	15	chi2(1)=8.17，prob	chi2(1)=8.17，prob	NOUN
fbem-29706	300	16	>	>	X
fbem-29706	300	17	chi2=0.0043	chi2=0.0043	PUNCT
fbem-29706	300	18	*	*	PUNCT
fbem-29706	300	19	*	*	PUNCT
fbem-29706	300	20	*	*	PUNCT
fbem-29706	300	21	199	199	NUM
fbem-29706	300	22	4.5.2	4.5.2	NUM
fbem-29706	300	23	.	.	PUNCT
fbem-29706	300	24	test	test	NOUN
fbem-29706	300	25	based	base	VERB
fbem-29706	300	26	on	on	ADP
fbem-29706	300	27	the	the	DET
fbem-29706	300	28	difference	difference	NOUN
fbem-29706	300	29	in	in	ADP
fbem-29706	300	30	control	control	NOUN
fbem-29706	300	31	of	of	ADP
fbem-29706	300	32	large	large	ADJ
fbem-29706	300	33	shareholders	shareholder	NOUN
fbem-29706	300	34	based	base	VERB
fbem-29706	300	35	on	on	ADP
fbem-29706	300	36	the	the	DET
fbem-29706	300	37	governance	governance	NOUN
fbem-29706	300	38	bundle	bundle	NOUN
fbem-29706	300	39	theory	theory	NOUN
fbem-29706	300	40	,	,	PUNCT
fbem-29706	300	41	the	the	DET
fbem-29706	300	42	corporate	corporate	ADJ
fbem-29706	300	43	governance	governance	NOUN
fbem-29706	300	44	mechanism	mechanism	NOUN
fbem-29706	300	45	is	be	AUX
fbem-29706	300	46	essentially	essentially	ADV
fbem-29706	300	47	a	a	DET
fbem-29706	300	48	linked	link	VERB
fbem-29706	300	49	system	system	NOUN
fbem-29706	300	50	,	,	PUNCT
fbem-29706	300	51	where	where	SCONJ
fbem-29706	300	52	governance	governance	NOUN
fbem-29706	300	53	elements	element	NOUN
fbem-29706	300	54	interact	interact	VERB
fbem-29706	300	55	with	with	ADP
fbem-29706	300	56	each	each	DET
fbem-29706	300	57	other	other	ADJ
fbem-29706	300	58	through	through	ADP
fbem-29706	300	59	complementary	complementary	ADJ
fbem-29706	300	60	or	or	CCONJ
fbem-29706	300	61	agency	agency	NOUN
fbem-29706	300	62	effects	effect	NOUN
fbem-29706	300	63	,	,	PUNCT
fbem-29706	300	64	and	and	CCONJ
fbem-29706	300	65	the	the	DET
fbem-29706	300	66	effectiveness	effectiveness	NOUN
fbem-29706	300	67	of	of	ADP
fbem-29706	300	68	any	any	DET
fbem-29706	300	69	governance	governance	NOUN
fbem-29706	300	70	mechanism	mechanism	NOUN
fbem-29706	300	71	depends	depend	VERB
fbem-29706	300	72	on	on	ADP
fbem-29706	300	73	the	the	DET
fbem-29706	300	74	synergy	synergy	NOUN
fbem-29706	300	75	of	of	ADP
fbem-29706	300	76	other	other	ADJ
fbem-29706	300	77	governance	governance	NOUN
fbem-29706	300	78	mechanisms	mechanism	NOUN
fbem-29706	300	79	.	.	PUNCT
fbem-29706	301	1	ownership	ownership	NOUN
fbem-29706	301	2	structure	structure	NOUN
fbem-29706	301	3	,	,	PUNCT
fbem-29706	301	4	as	as	ADP
fbem-29706	301	5	a	a	DET
fbem-29706	301	6	key	key	ADJ
fbem-29706	301	7	element	element	NOUN
fbem-29706	301	8	of	of	ADP
fbem-29706	301	9	modern	modern	ADJ
fbem-29706	301	10	corporate	corporate	ADJ
fbem-29706	301	11	governance	governance	NOUN
fbem-29706	301	12	,	,	PUNCT
fbem-29706	301	13	determines	determine	VERB
fbem-29706	301	14	the	the	DET
fbem-29706	301	15	distribution	distribution	NOUN
fbem-29706	301	16	of	of	ADP
fbem-29706	301	17	organizational	organizational	ADJ
fbem-29706	301	18	control	control	NOUN
fbem-29706	301	19	as	as	ADV
fbem-29706	301	20	well	well	ADV
fbem-29706	301	21	as	as	ADP
fbem-29706	301	22	the	the	DET
fbem-29706	301	23	underlying	underlie	VERB
fbem-29706	301	24	principal	principal	ADJ
fbem-29706	301	25	-	-	PUNCT
fbem-29706	301	26	agent	agent	NOUN
fbem-29706	301	27	relationship	relationship	NOUN
fbem-29706	301	28	faced	face	VERB
fbem-29706	301	29	by	by	ADP
fbem-29706	301	30	the	the	DET
fbem-29706	301	31	firm	firm	NOUN
fbem-29706	301	32	.	.	PUNCT
fbem-29706	302	1	therefore	therefore	ADV
fbem-29706	302	2	,	,	PUNCT
fbem-29706	302	3	the	the	DET
fbem-29706	302	4	degree	degree	NOUN
fbem-29706	302	5	of	of	ADP
fbem-29706	302	6	shareholders	shareholder	NOUN
fbem-29706	302	7	'	'	PART
fbem-29706	302	8	control	control	NOUN
fbem-29706	302	9	fundamentally	fundamentally	ADV
fbem-29706	302	10	determines	determine	VERB
fbem-29706	302	11	the	the	DET
fbem-29706	302	12	arrangement	arrangement	NOUN
fbem-29706	302	13	of	of	ADP
fbem-29706	302	14	other	other	ADJ
fbem-29706	302	15	governance	governance	NOUN
fbem-29706	302	16	mechanisms	mechanism	NOUN
fbem-29706	302	17	and	and	CCONJ
fbem-29706	302	18	their	their	PRON
fbem-29706	302	19	ultimate	ultimate	ADJ
fbem-29706	302	20	governance	governance	NOUN
fbem-29706	302	21	effectiveness	effectiveness	NOUN
fbem-29706	302	22	.	.	PUNCT
fbem-29706	303	1	in	in	ADP
fbem-29706	303	2	this	this	DET
fbem-29706	303	3	paper	paper	NOUN
fbem-29706	303	4	,	,	PUNCT
fbem-29706	303	5	we	we	PRON
fbem-29706	303	6	use	use	VERB
fbem-29706	303	7	the	the	DET
fbem-29706	303	8	median	median	ADJ
fbem-29706	303	9	shareholding	shareholding	NOUN
fbem-29706	303	10	of	of	ADP
fbem-29706	303	11	the	the	DET
fbem-29706	303	12	first	first	ADV
fbem-29706	303	13	largest	large	ADJ
fbem-29706	303	14	shareholder	shareholder	NOUN
fbem-29706	303	15	as	as	ADP
fbem-29706	303	16	the	the	DET
fbem-29706	303	17	cutoff	cutoff	NOUN
fbem-29706	303	18	point	point	NOUN
fbem-29706	303	19	and	and	CCONJ
fbem-29706	303	20	divide	divide	VERB
fbem-29706	303	21	the	the	DET
fbem-29706	303	22	sample	sample	NOUN
fbem-29706	303	23	into	into	ADP
fbem-29706	303	24	two	two	NUM
fbem-29706	303	25	groups	group	NOUN
fbem-29706	303	26	of	of	ADP
fbem-29706	303	27	high	high	ADJ
fbem-29706	303	28	and	and	CCONJ
fbem-29706	303	29	low	low	ADJ
fbem-29706	303	30	shareholding	shareholding	NOUN
fbem-29706	303	31	concentration	concentration	NOUN
fbem-29706	303	32	to	to	PART
fbem-29706	303	33	explore	explore	VERB
fbem-29706	303	34	the	the	DET
fbem-29706	303	35	relationship	relationship	NOUN
fbem-29706	303	36	between	between	ADP
fbem-29706	303	37	executive	executive	ADJ
fbem-29706	303	38	equity	equity	NOUN
fbem-29706	303	39	incentives	incentive	NOUN
fbem-29706	303	40	and	and	CCONJ
fbem-29706	303	41	firms	firm	NOUN
fbem-29706	303	42	'	'	PART
fbem-29706	303	43	digital	digital	ADJ
fbem-29706	303	44	transformation	transformation	NOUN
fbem-29706	303	45	.	.	PUNCT
fbem-29706	304	1	the	the	DET
fbem-29706	304	2	results	result	NOUN
fbem-29706	304	3	are	be	AUX
fbem-29706	304	4	reported	report	VERB
fbem-29706	304	5	in	in	ADP
fbem-29706	304	6	columns	column	NOUN
fbem-29706	304	7	(	(	PUNCT
fbem-29706	304	8	3	3	NUM
fbem-29706	304	9	)	)	PUNCT
fbem-29706	304	10	and	and	CCONJ
fbem-29706	304	11	(	(	PUNCT
fbem-29706	304	12	4	4	X
fbem-29706	304	13	)	)	PUNCT
fbem-29706	304	14	of	of	ADP
fbem-29706	304	15	table	table	NOUN
fbem-29706	304	16	6	6	NUM
fbem-29706	304	17	.	.	PUNCT
fbem-29706	305	1	the	the	DET
fbem-29706	305	2	estimated	estimate	VERB
fbem-29706	305	3	coefficients	coefficient	NOUN
fbem-29706	305	4	of	of	ADP
fbem-29706	305	5	the	the	DET
fbem-29706	305	6	primary	primary	ADJ
fbem-29706	305	7	term	term	NOUN
fbem-29706	305	8	(	(	PUNCT
fbem-29706	305	9	ei	ei	NOUN
fbem-29706	305	10	)	)	PUNCT
fbem-29706	305	11	and	and	CCONJ
fbem-29706	305	12	the	the	DET
fbem-29706	305	13	secondary	secondary	ADJ
fbem-29706	305	14	term	term	NOUN
fbem-29706	305	15	(	(	PUNCT
fbem-29706	305	16	ei_2	ei_2	PROPN
fbem-29706	305	17	)	)	PUNCT
fbem-29706	305	18	of	of	ADP
fbem-29706	305	19	executive	executive	ADJ
fbem-29706	305	20	equity	equity	NOUN
fbem-29706	305	21	incentives	incentive	NOUN
fbem-29706	305	22	are	be	AUX
fbem-29706	305	23	0.831	0.831	NUM
fbem-29706	305	24	and	and	CCONJ
fbem-29706	305	25	-1.100	-1.100	VERB
fbem-29706	305	26	for	for	ADP
fbem-29706	305	27	high	high	ADJ
fbem-29706	305	28	equity	equity	NOUN
fbem-29706	305	29	concentration	concentration	NOUN
fbem-29706	305	30	,	,	PUNCT
fbem-29706	305	31	and	and	CCONJ
fbem-29706	305	32	the	the	DET
fbem-29706	305	33	regression	regression	NOUN
fbem-29706	305	34	coefficients	coefficient	NOUN
fbem-29706	305	35	of	of	ADP
fbem-29706	305	36	1.750	1.750	NUM
fbem-29706	305	37	and	and	CCONJ
fbem-29706	305	38	-2.843	-2.843	NOUN
fbem-29706	305	39	for	for	ADP
fbem-29706	305	40	low	low	ADJ
fbem-29706	305	41	equity	equity	NOUN
fbem-29706	305	42	concentration	concentration	NOUN
fbem-29706	305	43	,	,	PUNCT
fbem-29706	305	44	both	both	PRON
fbem-29706	305	45	of	of	ADP
fbem-29706	305	46	which	which	PRON
fbem-29706	305	47	are	be	AUX
fbem-29706	305	48	significantly	significantly	ADV
fbem-29706	305	49	correlated	correlate	VERB
fbem-29706	305	50	at	at	ADP
fbem-29706	305	51	the	the	DET
fbem-29706	305	52	1	1	NUM
fbem-29706	305	53	%	%	NOUN
fbem-29706	305	54	level	level	NOUN
fbem-29706	305	55	,	,	PUNCT
fbem-29706	305	56	suggesting	suggest	VERB
fbem-29706	305	57	that	that	SCONJ
fbem-29706	305	58	there	there	PRON
fbem-29706	305	59	is	be	VERB
fbem-29706	305	60	an	an	DET
fbem-29706	305	61	inverted	inverted	ADJ
fbem-29706	305	62	“	"	PUNCT
fbem-29706	305	63	u	u	NOUN
fbem-29706	305	64	”	"	PUNCT
fbem-29706	305	65	relationship	relationship	NOUN
fbem-29706	305	66	between	between	ADP
fbem-29706	305	67	executive	executive	ADJ
fbem-29706	305	68	equity	equity	NOUN
fbem-29706	305	69	incentives	incentive	NOUN
fbem-29706	305	70	and	and	CCONJ
fbem-29706	305	71	firms	firm	NOUN
fbem-29706	305	72	'	'	PART
fbem-29706	305	73	digital	digital	ADJ
fbem-29706	305	74	transformation	transformation	NOUN
fbem-29706	305	75	in	in	ADP
fbem-29706	305	76	different	different	ADJ
fbem-29706	305	77	equity	equity	NOUN
fbem-29706	305	78	concentration	concentration	NOUN
fbem-29706	305	79	levels	level	NOUN
fbem-29706	305	80	.	.	PUNCT
fbem-29706	306	1	the	the	DET
fbem-29706	306	2	regression	regression	NOUN
fbem-29706	306	3	coefficients	coefficient	NOUN
fbem-29706	306	4	of	of	ADP
fbem-29706	306	5	1.750	1.750	NUM
fbem-29706	306	6	and	and	CCONJ
fbem-29706	306	7	-2.843	-2.843	NOUN
fbem-29706	306	8	are	be	AUX
fbem-29706	306	9	significantly	significantly	ADV
fbem-29706	306	10	correlated	correlate	VERB
fbem-29706	306	11	at	at	ADP
fbem-29706	306	12	the	the	DET
fbem-29706	306	13	1	1	NUM
fbem-29706	306	14	%	%	NOUN
fbem-29706	306	15	level	level	NOUN
fbem-29706	306	16	,	,	PUNCT
fbem-29706	306	17	indicating	indicate	VERB
fbem-29706	306	18	that	that	SCONJ
fbem-29706	306	19	executive	executive	ADJ
fbem-29706	306	20	equity	equity	NOUN
fbem-29706	306	21	incentives	incentive	NOUN
fbem-29706	306	22	have	have	VERB
fbem-29706	306	23	an	an	DET
fbem-29706	306	24	inverted	inverted	ADJ
fbem-29706	306	25	u	u	ADJ
fbem-29706	306	26	-	-	ADJ
fbem-29706	306	27	shaped	shape	VERB
fbem-29706	306	28	relationship	relationship	NOUN
fbem-29706	306	29	on	on	ADP
fbem-29706	306	30	enterprise	enterprise	NOUN
fbem-29706	306	31	digitalization	digitalization	NOUN
fbem-29706	306	32	under	under	ADP
fbem-29706	306	33	different	different	ADJ
fbem-29706	306	34	equity	equity	NOUN
fbem-29706	306	35	concentration	concentration	NOUN
fbem-29706	306	36	levels	level	NOUN
fbem-29706	306	37	,	,	PUNCT
fbem-29706	306	38	and	and	CCONJ
fbem-29706	306	39	this	this	DET
fbem-29706	306	40	relationship	relationship	NOUN
fbem-29706	306	41	is	be	AUX
fbem-29706	306	42	more	more	ADV
fbem-29706	306	43	significant	significant	ADJ
fbem-29706	306	44	in	in	ADP
fbem-29706	306	45	enterprises	enterprise	NOUN
fbem-29706	306	46	with	with	ADP
fbem-29706	306	47	lower	low	ADJ
fbem-29706	306	48	equity	equity	NOUN
fbem-29706	306	49	concentration	concentration	NOUN
fbem-29706	306	50	.	.	PUNCT
fbem-29706	307	1	the	the	DET
fbem-29706	307	2	reason	reason	NOUN
fbem-29706	307	3	for	for	ADP
fbem-29706	307	4	this	this	PRON
fbem-29706	307	5	may	may	AUX
fbem-29706	307	6	be	be	AUX
fbem-29706	307	7	:	:	PUNCT
fbem-29706	307	8	when	when	SCONJ
fbem-29706	307	9	the	the	DET
fbem-29706	307	10	enterprise	enterprise	NOUN
fbem-29706	307	11	equity	equity	NOUN
fbem-29706	307	12	concentration	concentration	NOUN
fbem-29706	307	13	is	be	AUX
fbem-29706	307	14	high	high	ADJ
fbem-29706	307	15	,	,	PUNCT
fbem-29706	307	16	the	the	DET
fbem-29706	307	17	major	major	ADJ
fbem-29706	307	18	shareholders	shareholder	NOUN
fbem-29706	307	19	,	,	PUNCT
fbem-29706	307	20	in	in	ADP
fbem-29706	307	21	order	order	NOUN
fbem-29706	307	22	to	to	PART
fbem-29706	307	23	maximize	maximize	VERB
fbem-29706	307	24	their	their	PRON
fbem-29706	307	25	own	own	ADJ
fbem-29706	307	26	interests	interest	NOUN
fbem-29706	307	27	,	,	PUNCT
fbem-29706	307	28	actively	actively	ADV
fbem-29706	307	29	perform	perform	VERB
fbem-29706	307	30	the	the	DET
fbem-29706	307	31	function	function	NOUN
fbem-29706	307	32	of	of	ADP
fbem-29706	307	33	supervision	supervision	NOUN
fbem-29706	307	34	and	and	CCONJ
fbem-29706	307	35	control	control	NOUN
fbem-29706	307	36	,	,	PUNCT
fbem-29706	307	37	thus	thus	ADV
fbem-29706	307	38	forming	form	VERB
fbem-29706	307	39	an	an	DET
fbem-29706	307	40	effective	effective	ADJ
fbem-29706	307	41	supervision	supervision	NOUN
fbem-29706	307	42	of	of	ADP
fbem-29706	307	43	the	the	DET
fbem-29706	307	44	executives	executive	NOUN
fbem-29706	307	45	,	,	PUNCT
fbem-29706	307	46	which	which	PRON
fbem-29706	307	47	replaces	replace	VERB
fbem-29706	307	48	part	part	NOUN
fbem-29706	307	49	of	of	ADP
fbem-29706	307	50	the	the	DET
fbem-29706	307	51	incentive	incentive	NOUN
fbem-29706	307	52	effect	effect	NOUN
fbem-29706	307	53	of	of	ADP
fbem-29706	307	54	the	the	DET
fbem-29706	307	55	executive	executive	ADJ
fbem-29706	307	56	equity	equity	NOUN
fbem-29706	307	57	incentives	incentive	NOUN
fbem-29706	307	58	;	;	PUNCT
fbem-29706	307	59	while	while	SCONJ
fbem-29706	307	60	when	when	SCONJ
fbem-29706	307	61	the	the	DET
fbem-29706	307	62	equity	equity	NOUN
fbem-29706	307	63	is	be	AUX
fbem-29706	307	64	more	more	ADV
fbem-29706	307	65	dispersed	disperse	VERB
fbem-29706	307	66	,	,	PUNCT
fbem-29706	307	67	it	it	PRON
fbem-29706	307	68	is	be	AUX
fbem-29706	307	69	easy	easy	ADJ
fbem-29706	307	70	to	to	PART
fbem-29706	307	71	produce	produce	VERB
fbem-29706	307	72	the	the	DET
fbem-29706	307	73	phenomenon	phenomenon	NOUN
fbem-29706	307	74	of	of	ADP
fbem-29706	307	75	“	"	PUNCT
fbem-29706	307	76	free	free	ADJ
fbem-29706	307	77	-	-	PUNCT
fbem-29706	307	78	riding	riding	NOUN
fbem-29706	307	79	”	"	PUNCT
fbem-29706	307	80	,	,	PUNCT
fbem-29706	307	81	the	the	DET
fbem-29706	307	82	cost	cost	NOUN
fbem-29706	307	83	of	of	ADP
fbem-29706	307	84	supervision	supervision	NOUN
fbem-29706	307	85	should	should	AUX
fbem-29706	307	86	be	be	AUX
fbem-29706	307	87	borne	bear	VERB
fbem-29706	307	88	by	by	ADP
fbem-29706	307	89	the	the	DET
fbem-29706	307	90	shareholders	shareholder	NOUN
fbem-29706	307	91	alone	alone	ADV
fbem-29706	307	92	,	,	PUNCT
fbem-29706	307	93	while	while	SCONJ
fbem-29706	307	94	the	the	DET
fbem-29706	307	95	benefits	benefit	NOUN
fbem-29706	307	96	of	of	ADP
fbem-29706	307	97	the	the	DET
fbem-29706	307	98	enterprise	enterprise	NOUN
fbem-29706	307	99	should	should	AUX
fbem-29706	307	100	be	be	AUX
fbem-29706	307	101	borne	bear	VERB
fbem-29706	307	102	by	by	ADP
fbem-29706	307	103	all	all	DET
fbem-29706	307	104	shareholders	shareholder	NOUN
fbem-29706	307	105	.	.	PUNCT
fbem-29706	308	1	when	when	SCONJ
fbem-29706	308	2	the	the	DET
fbem-29706	308	3	equity	equity	NOUN
fbem-29706	308	4	is	be	AUX
fbem-29706	308	5	more	more	ADV
fbem-29706	308	6	dispersed	disperse	VERB
fbem-29706	308	7	,	,	PUNCT
fbem-29706	308	8	it	it	PRON
fbem-29706	308	9	is	be	AUX
fbem-29706	308	10	easy	easy	ADJ
fbem-29706	308	11	to	to	PART
fbem-29706	308	12	produce	produce	VERB
fbem-29706	308	13	the	the	DET
fbem-29706	308	14	phenomenon	phenomenon	NOUN
fbem-29706	308	15	of	of	ADP
fbem-29706	308	16	“	"	PUNCT
fbem-29706	308	17	free	free	ADJ
fbem-29706	308	18	-	-	PUNCT
fbem-29706	308	19	rider	rider	NOUN
fbem-29706	308	20	”	"	PUNCT
fbem-29706	308	21	,	,	PUNCT
fbem-29706	308	22	that	that	ADV
fbem-29706	308	23	is	is	ADV
fbem-29706	308	24	,	,	PUNCT
fbem-29706	308	25	the	the	DET
fbem-29706	308	26	supervision	supervision	NOUN
fbem-29706	308	27	cost	cost	NOUN
fbem-29706	308	28	needs	need	NOUN
fbem-29706	308	29	to	to	PART
fbem-29706	308	30	be	be	AUX
fbem-29706	308	31	borne	bear	VERB
fbem-29706	308	32	by	by	ADP
fbem-29706	308	33	the	the	DET
fbem-29706	308	34	company	company	NOUN
fbem-29706	308	35	alone	alone	ADV
fbem-29706	308	36	,	,	PUNCT
fbem-29706	308	37	while	while	SCONJ
fbem-29706	308	38	the	the	DET
fbem-29706	308	39	enterprise	enterprise	NOUN
fbem-29706	308	40	income	income	NOUN
fbem-29706	308	41	is	be	AUX
fbem-29706	308	42	shared	share	VERB
fbem-29706	308	43	by	by	ADP
fbem-29706	308	44	all	all	DET
fbem-29706	308	45	shareholders	shareholder	NOUN
fbem-29706	308	46	,	,	PUNCT
fbem-29706	308	47	which	which	PRON
fbem-29706	308	48	results	result	VERB
fbem-29706	308	49	in	in	ADP
fbem-29706	308	50	the	the	DET
fbem-29706	308	51	shareholders	shareholder	NOUN
fbem-29706	308	52	'	'	PART
fbem-29706	308	53	lower	low	ADJ
fbem-29706	308	54	willingness	willingness	NOUN
fbem-29706	308	55	to	to	PART
fbem-29706	308	56	supervise	supervise	VERB
fbem-29706	308	57	the	the	DET
fbem-29706	308	58	executives	executive	NOUN
fbem-29706	308	59	,	,	PUNCT
fbem-29706	308	60	leading	lead	VERB
fbem-29706	308	61	to	to	ADP
fbem-29706	308	62	the	the	DET
fbem-29706	308	63	executives	executive	NOUN
fbem-29706	308	64	'	'	PART
fbem-29706	308	65	selfinterest	selfinter	ADJ
fbem-29706	308	66	opportunities	opportunity	NOUN
fbem-29706	308	67	and	and	CCONJ
fbem-29706	308	68	space	space	NOUN
fbem-29706	308	69	,	,	PUNCT
fbem-29706	308	70	the	the	DET
fbem-29706	308	71	enterprise	enterprise	NOUN
fbem-29706	308	72	faces	face	VERB
fbem-29706	308	73	more	more	ADJ
fbem-29706	308	74	serious	serious	ADJ
fbem-29706	308	75	agency	agency	NOUN
fbem-29706	308	76	problems	problem	NOUN
fbem-29706	308	77	,	,	PUNCT
fbem-29706	308	78	and	and	CCONJ
fbem-29706	308	79	equity	equity	NOUN
fbem-29706	308	80	incentives	incentive	NOUN
fbem-29706	308	81	are	be	AUX
fbem-29706	308	82	more	more	ADV
fbem-29706	308	83	effective	effective	ADJ
fbem-29706	308	84	.	.	PUNCT
fbem-29706	309	1	5	5	X
fbem-29706	309	2	.	.	X
fbem-29706	309	3	research	research	NOUN
fbem-29706	309	4	conclusions	conclusion	NOUN
fbem-29706	309	5	and	and	CCONJ
fbem-29706	309	6	recommendations	recommendation	NOUN
fbem-29706	309	7	this	this	DET
fbem-29706	309	8	paper	paper	NOUN
fbem-29706	309	9	analyzes	analyze	VERB
fbem-29706	309	10	the	the	DET
fbem-29706	309	11	effect	effect	NOUN
fbem-29706	309	12	of	of	ADP
fbem-29706	309	13	executive	executive	ADJ
fbem-29706	309	14	equity	equity	NOUN
fbem-29706	309	15	incentives	incentive	NOUN
fbem-29706	309	16	on	on	ADP
fbem-29706	309	17	enterprise	enterprise	NOUN
fbem-29706	309	18	digital	digital	ADJ
fbem-29706	309	19	transformation	transformation	NOUN
fbem-29706	309	20	with	with	ADP
fbem-29706	309	21	the	the	DET
fbem-29706	309	22	data	datum	NOUN
fbem-29706	309	23	of	of	ADP
fbem-29706	309	24	a	a	DET
fbem-29706	309	25	-	-	PUNCT
fbem-29706	309	26	share	share	NOUN
fbem-29706	309	27	listed	list	VERB
fbem-29706	309	28	enterprises	enterprise	NOUN
fbem-29706	309	29	in	in	ADP
fbem-29706	309	30	shanghai	shanghai	PROPN
fbem-29706	309	31	and	and	CCONJ
fbem-29706	309	32	shenzhen	shenzhen	PROPN
fbem-29706	309	33	from	from	ADP
fbem-29706	309	34	2007	2007	NUM
fbem-29706	309	35	to	to	ADP
fbem-29706	309	36	2021	2021	NUM
fbem-29706	309	37	.	.	PUNCT
fbem-29706	310	1	the	the	DET
fbem-29706	310	2	research	research	NOUN
fbem-29706	310	3	results	result	NOUN
fbem-29706	310	4	show	show	VERB
fbem-29706	310	5	that	that	SCONJ
fbem-29706	310	6	,	,	PUNCT
fbem-29706	310	7	firstly	firstly	ADV
fbem-29706	310	8	,	,	PUNCT
fbem-29706	310	9	executive	executive	ADJ
fbem-29706	310	10	equity	equity	NOUN
fbem-29706	310	11	incentives	incentive	NOUN
fbem-29706	310	12	have	have	VERB
fbem-29706	310	13	an	an	DET
fbem-29706	310	14	inverted	inverted	ADJ
fbem-29706	310	15	“	"	PUNCT
fbem-29706	310	16	u”-shaped	u”-shaped	ADJ
fbem-29706	310	17	impact	impact	NOUN
fbem-29706	310	18	on	on	ADP
fbem-29706	310	19	enterprise	enterprise	NOUN
fbem-29706	310	20	digital	digital	ADJ
fbem-29706	310	21	transformation	transformation	NOUN
fbem-29706	310	22	,	,	PUNCT
fbem-29706	310	23	with	with	ADP
fbem-29706	310	24	an	an	DET
fbem-29706	310	25	inflection	inflection	NOUN
fbem-29706	310	26	point	point	NOUN
fbem-29706	310	27	value	value	NOUN
fbem-29706	310	28	of	of	ADP
fbem-29706	310	29	35.17	35.17	NUM
fbem-29706	310	30	%	%	NOUN
fbem-29706	310	31	,	,	PUNCT
fbem-29706	310	32	and	and	CCONJ
fbem-29706	310	33	the	the	DET
fbem-29706	310	34	conclusion	conclusion	NOUN
fbem-29706	310	35	is	be	AUX
fbem-29706	310	36	still	still	ADV
fbem-29706	310	37	valid	valid	ADJ
fbem-29706	310	38	after	after	ADP
fbem-29706	310	39	a	a	DET
fbem-29706	310	40	series	series	NOUN
fbem-29706	310	41	of	of	ADP
fbem-29706	310	42	endogeneity	endogeneity	NOUN
fbem-29706	310	43	and	and	CCONJ
fbem-29706	310	44	robustness	robustness	NOUN
fbem-29706	310	45	tests	test	NOUN
fbem-29706	310	46	,	,	PUNCT
fbem-29706	310	47	such	such	ADJ
fbem-29706	310	48	as	as	ADP
fbem-29706	310	49	instrumental	instrumental	ADJ
fbem-29706	310	50	variables	variable	NOUN
fbem-29706	310	51	,	,	PUNCT
fbem-29706	310	52	lagged	lag	VERB
fbem-29706	310	53	explanatory	explanatory	ADJ
fbem-29706	310	54	variables	variable	NOUN
fbem-29706	310	55	,	,	PUNCT
fbem-29706	310	56	heckman	heckman	PROPN
fbem-29706	310	57	's	's	PART
fbem-29706	310	58	two	two	NUM
fbem-29706	310	59	-	-	PUNCT
fbem-29706	310	60	stage	stage	NOUN
fbem-29706	310	61	model	model	NOUN
fbem-29706	310	62	,	,	PUNCT
fbem-29706	310	63	replacement	replacement	NOUN
fbem-29706	310	64	of	of	ADP
fbem-29706	310	65	the	the	DET
fbem-29706	310	66	explanatory	explanatory	ADJ
fbem-29706	310	67	variables	variable	NOUN
fbem-29706	310	68	,	,	PUNCT
fbem-29706	310	69	and	and	CCONJ
fbem-29706	310	70	replacement	replacement	NOUN
fbem-29706	310	71	of	of	ADP
fbem-29706	310	72	the	the	DET
fbem-29706	310	73	sample	sample	NOUN
fbem-29706	310	74	period	period	NOUN
fbem-29706	310	75	;	;	PUNCT
fbem-29706	310	76	secondly	secondly	ADV
fbem-29706	310	77	,	,	PUNCT
fbem-29706	310	78	exploring	explore	VERB
fbem-29706	310	79	the	the	DET
fbem-29706	310	80	mechanism	mechanism	NOUN
fbem-29706	310	81	of	of	ADP
fbem-29706	310	82	the	the	DET
fbem-29706	310	83	effect	effect	NOUN
fbem-29706	310	84	,	,	PUNCT
fbem-29706	310	85	we	we	PRON
fbem-29706	310	86	find	find	VERB
fbem-29706	310	87	that	that	SCONJ
fbem-29706	310	88	executive	executive	ADJ
fbem-29706	310	89	equity	equity	NOUN
fbem-29706	310	90	incentives	incentive	NOUN
fbem-29706	310	91	have	have	VERB
fbem-29706	310	92	an	an	DET
fbem-29706	310	93	impact	impact	NOUN
fbem-29706	310	94	on	on	ADP
fbem-29706	310	95	enterprise	enterprise	NOUN
fbem-29706	310	96	digital	digital	ADJ
fbem-29706	310	97	transformation	transformation	NOUN
fbem-29706	310	98	.	.	PUNCT
fbem-29706	311	1	secondly	secondly	ADV
fbem-29706	311	2	,	,	PUNCT
fbem-29706	311	3	exploring	explore	VERB
fbem-29706	311	4	the	the	DET
fbem-29706	311	5	mechanism	mechanism	NOUN
fbem-29706	311	6	of	of	ADP
fbem-29706	311	7	action	action	NOUN
fbem-29706	311	8	,	,	PUNCT
fbem-29706	311	9	it	it	PRON
fbem-29706	311	10	is	be	AUX
fbem-29706	311	11	found	find	VERB
fbem-29706	311	12	that	that	SCONJ
fbem-29706	311	13	executive	executive	ADJ
fbem-29706	311	14	equity	equity	NOUN
fbem-29706	311	15	incentives	incentive	NOUN
fbem-29706	311	16	mainly	mainly	ADV
fbem-29706	311	17	work	work	VERB
fbem-29706	311	18	on	on	ADP
fbem-29706	311	19	enterprise	enterprise	NOUN
fbem-29706	311	20	digital	digital	ADJ
fbem-29706	311	21	transformation	transformation	NOUN
fbem-29706	311	22	through	through	ADP
fbem-29706	311	23	two	two	NUM
fbem-29706	311	24	paths	path	NOUN
fbem-29706	311	25	:	:	PUNCT
fbem-29706	311	26	financing	financing	NOUN
fbem-29706	311	27	constraints	constraint	NOUN
fbem-29706	311	28	and	and	CCONJ
fbem-29706	311	29	risk	risk	NOUN
fbem-29706	311	30	-	-	PUNCT
fbem-29706	311	31	taking	taking	NOUN
fbem-29706	311	32	;	;	PUNCT
fbem-29706	311	33	thirdly	thirdly	ADV
fbem-29706	311	34	,	,	PUNCT
fbem-29706	311	35	the	the	DET
fbem-29706	311	36	heterogeneity	heterogeneity	NOUN
fbem-29706	311	37	results	result	VERB
fbem-29706	311	38	show	show	VERB
fbem-29706	311	39	that	that	SCONJ
fbem-29706	311	40	the	the	DET
fbem-29706	311	41	impact	impact	NOUN
fbem-29706	311	42	effect	effect	NOUN
fbem-29706	311	43	of	of	ADP
fbem-29706	311	44	executive	executive	ADJ
fbem-29706	311	45	equity	equity	NOUN
fbem-29706	311	46	incentives	incentive	NOUN
fbem-29706	311	47	on	on	ADP
fbem-29706	311	48	enterprise	enterprise	NOUN
fbem-29706	311	49	digital	digital	ADJ
fbem-29706	311	50	transformation	transformation	NOUN
fbem-29706	311	51	is	be	AUX
fbem-29706	311	52	different	different	ADJ
fbem-29706	311	53	in	in	ADP
fbem-29706	311	54	enterprises	enterprise	NOUN
fbem-29706	311	55	with	with	ADP
fbem-29706	311	56	different	different	ADJ
fbem-29706	311	57	property	property	NOUN
fbem-29706	311	58	rights	right	NOUN
fbem-29706	311	59	and	and	CCONJ
fbem-29706	311	60	shareholding	shareholding	NOUN
fbem-29706	311	61	concentration	concentration	NOUN
fbem-29706	311	62	,	,	PUNCT
fbem-29706	311	63	in	in	ADP
fbem-29706	311	64	other	other	ADJ
fbem-29706	311	65	words	word	NOUN
fbem-29706	311	66	,	,	PUNCT
fbem-29706	311	67	executive	executive	ADJ
fbem-29706	311	68	equity	equity	NOUN
fbem-29706	311	69	incentives	incentive	NOUN
fbem-29706	311	70	have	have	VERB
fbem-29706	311	71	a	a	DET
fbem-29706	311	72	more	more	ADV
fbem-29706	311	73	significant	significant	ADJ
fbem-29706	311	74	impact	impact	NOUN
fbem-29706	311	75	effect	effect	NOUN
fbem-29706	311	76	on	on	ADP
fbem-29706	311	77	digital	digital	ADJ
fbem-29706	311	78	transformation	transformation	NOUN
fbem-29706	311	79	in	in	ADP
fbem-29706	311	80	stateowned	stateowne	VERB
fbem-29706	311	81	enterprises	enterprise	NOUN
fbem-29706	311	82	and	and	CCONJ
fbem-29706	311	83	those	those	PRON
fbem-29706	311	84	with	with	ADP
fbem-29706	311	85	a	a	DET
fbem-29706	311	86	lower	low	ADJ
fbem-29706	311	87	shareholding	shareholding	NOUN
fbem-29706	311	88	concentration	concentration	NOUN
fbem-29706	311	89	;	;	PUNCT
fbem-29706	311	90	in	in	ADP
fbem-29706	311	91	other	other	ADJ
fbem-29706	311	92	words	word	NOUN
fbem-29706	311	93	,	,	PUNCT
fbem-29706	311	94	the	the	DET
fbem-29706	311	95	impact	impact	NOUN
fbem-29706	311	96	effect	effect	NOUN
fbem-29706	311	97	of	of	ADP
fbem-29706	311	98	executive	executive	ADJ
fbem-29706	311	99	equity	equity	NOUN
fbem-29706	311	100	incentives	incentive	NOUN
fbem-29706	311	101	on	on	ADP
fbem-29706	311	102	digital	digital	ADJ
fbem-29706	311	103	transformation	transformation	NOUN
fbem-29706	311	104	is	be	AUX
fbem-29706	311	105	more	more	ADV
fbem-29706	311	106	pronounced	pronounce	VERB
fbem-29706	311	107	in	in	ADP
fbem-29706	311	108	state	state	NOUN
fbem-29706	311	109	-	-	PUNCT
fbem-29706	311	110	owned	own	VERB
fbem-29706	311	111	enterprises	enterprise	NOUN
fbem-29706	311	112	and	and	CCONJ
fbem-29706	311	113	those	those	PRON
fbem-29706	311	114	with	with	ADP
fbem-29706	311	115	lower	low	ADJ
fbem-29706	311	116	shareholding	shareholding	NOUN
fbem-29706	311	117	concentration	concentration	NOUN
fbem-29706	311	118	.	.	PUNCT
fbem-29706	312	1	digital	digital	ADJ
fbem-29706	312	2	transformation	transformation	NOUN
fbem-29706	312	3	is	be	AUX
fbem-29706	312	4	more	more	ADV
fbem-29706	312	5	significant	significant	ADJ
fbem-29706	312	6	.	.	PUNCT
fbem-29706	313	1	based	base	VERB
fbem-29706	313	2	on	on	ADP
fbem-29706	313	3	the	the	DET
fbem-29706	313	4	above	above	ADJ
fbem-29706	313	5	findings	finding	NOUN
fbem-29706	313	6	,	,	PUNCT
fbem-29706	313	7	this	this	DET
fbem-29706	313	8	paper	paper	NOUN
fbem-29706	313	9	puts	put	VERB
fbem-29706	313	10	forward	forward	ADV
fbem-29706	313	11	the	the	DET
fbem-29706	313	12	following	follow	VERB
fbem-29706	313	13	countermeasure	countermeasure	NOUN
fbem-29706	313	14	suggestions	suggestion	NOUN
fbem-29706	313	15	:	:	PUNCT
fbem-29706	313	16	(	(	PUNCT
fbem-29706	313	17	1	1	X
fbem-29706	313	18	)	)	PUNCT
fbem-29706	313	19	optimize	optimize	VERB
fbem-29706	313	20	the	the	DET
fbem-29706	313	21	enterprise	enterprise	NOUN
fbem-29706	313	22	equity	equity	NOUN
fbem-29706	313	23	incentive	incentive	NOUN
fbem-29706	313	24	mechanism	mechanism	NOUN
fbem-29706	313	25	.	.	PUNCT
fbem-29706	314	1	as	as	ADP
fbem-29706	314	2	the	the	DET
fbem-29706	314	3	strategic	strategic	ADJ
fbem-29706	314	4	decision	decision	NOUN
fbem-29706	314	5	makers	maker	NOUN
fbem-29706	314	6	of	of	ADP
fbem-29706	314	7	enterprises	enterprise	NOUN
fbem-29706	314	8	,	,	PUNCT
fbem-29706	314	9	the	the	DET
fbem-29706	314	10	behavior	behavior	NOUN
fbem-29706	314	11	of	of	ADP
fbem-29706	314	12	executives	executive	NOUN
fbem-29706	314	13	is	be	AUX
fbem-29706	314	14	related	relate	VERB
fbem-29706	314	15	to	to	ADP
fbem-29706	314	16	the	the	DET
fbem-29706	314	17	future	future	ADJ
fbem-29706	314	18	development	development	NOUN
fbem-29706	314	19	of	of	ADP
fbem-29706	314	20	enterprises	enterprise	NOUN
fbem-29706	314	21	.	.	PUNCT
fbem-29706	315	1	combined	combine	VERB
fbem-29706	315	2	with	with	ADP
fbem-29706	315	3	the	the	DET
fbem-29706	315	4	actual	actual	ADJ
fbem-29706	315	5	development	development	NOUN
fbem-29706	315	6	of	of	ADP
fbem-29706	315	7	enterprises	enterprise	NOUN
fbem-29706	315	8	to	to	PART
fbem-29706	315	9	develop	develop	VERB
fbem-29706	315	10	appropriate	appropriate	ADJ
fbem-29706	315	11	equity	equity	NOUN
fbem-29706	315	12	incentives	incentive	NOUN
fbem-29706	315	13	is	be	AUX
fbem-29706	315	14	to	to	PART
fbem-29706	315	15	promote	promote	VERB
fbem-29706	315	16	the	the	DET
fbem-29706	315	17	implementation	implementation	NOUN
fbem-29706	315	18	of	of	ADP
fbem-29706	315	19	micro	micro	NOUN
fbem-29706	315	20	-	-	NOUN
fbem-29706	315	21	enterprise	enterprise	ADJ
fbem-29706	315	22	digital	digital	ADJ
fbem-29706	315	23	transformation	transformation	NOUN
fbem-29706	315	24	decisions	decision	NOUN
fbem-29706	315	25	and	and	CCONJ
fbem-29706	315	26	the	the	DET
fbem-29706	315	27	key	key	NOUN
fbem-29706	315	28	to	to	ADP
fbem-29706	315	29	high	high	ADJ
fbem-29706	315	30	-	-	PUNCT
fbem-29706	315	31	quality	quality	NOUN
fbem-29706	315	32	development	development	NOUN
fbem-29706	315	33	of	of	ADP
fbem-29706	315	34	enterprises	enterprise	NOUN
fbem-29706	315	35	.	.	PUNCT
fbem-29706	316	1	when	when	SCONJ
fbem-29706	316	2	designing	design	VERB
fbem-29706	316	3	executive	executive	ADJ
fbem-29706	316	4	incentive	incentive	NOUN
fbem-29706	316	5	contracts	contract	NOUN
fbem-29706	316	6	,	,	PUNCT
fbem-29706	316	7	enterprises	enterprise	NOUN
fbem-29706	316	8	should	should	AUX
fbem-29706	316	9	not	not	PART
fbem-29706	316	10	only	only	ADV
fbem-29706	316	11	focus	focus	VERB
fbem-29706	316	12	on	on	ADP
fbem-29706	316	13	short	short	ADJ
fbem-29706	316	14	-	-	PUNCT
fbem-29706	316	15	term	term	NOUN
fbem-29706	316	16	incentives	incentive	NOUN
fbem-29706	316	17	such	such	ADJ
fbem-29706	316	18	as	as	ADP
fbem-29706	316	19	salary	salary	NOUN
fbem-29706	316	20	incentives	incentive	NOUN
fbem-29706	316	21	,	,	PUNCT
fbem-29706	316	22	but	but	CCONJ
fbem-29706	316	23	also	also	ADV
fbem-29706	316	24	strengthen	strengthen	VERB
fbem-29706	316	25	long	long	ADJ
fbem-29706	316	26	-	-	PUNCT
fbem-29706	316	27	term	term	NOUN
fbem-29706	316	28	incentives	incentive	NOUN
fbem-29706	316	29	such	such	ADJ
fbem-29706	316	30	as	as	ADP
fbem-29706	316	31	equity	equity	NOUN
fbem-29706	316	32	incentives	incentive	NOUN
fbem-29706	316	33	,	,	PUNCT
fbem-29706	316	34	so	so	SCONJ
fbem-29706	316	35	as	as	SCONJ
fbem-29706	316	36	to	to	PART
fbem-29706	316	37	promote	promote	VERB
fbem-29706	316	38	the	the	DET
fbem-29706	316	39	convergence	convergence	NOUN
fbem-29706	316	40	of	of	ADP
fbem-29706	316	41	the	the	DET
fbem-29706	316	42	interests	interest	NOUN
fbem-29706	316	43	of	of	ADP
fbem-29706	316	44	executives	executive	NOUN
fbem-29706	316	45	with	with	ADP
fbem-29706	316	46	the	the	DET
fbem-29706	316	47	long	long	ADJ
fbem-29706	316	48	-	-	PUNCT
fbem-29706	316	49	term	term	NOUN
fbem-29706	316	50	value	value	NOUN
fbem-29706	316	51	of	of	ADP
fbem-29706	316	52	the	the	DET
fbem-29706	316	53	enterprise	enterprise	NOUN
fbem-29706	316	54	,	,	PUNCT
fbem-29706	316	55	and	and	CCONJ
fbem-29706	316	56	avoid	avoid	VERB
fbem-29706	316	57	the	the	DET
fbem-29706	316	58	short	short	ADJ
fbem-29706	316	59	-	-	PUNCT
fbem-29706	316	60	sighted	sighted	ADJ
fbem-29706	316	61	behavior	behavior	NOUN
fbem-29706	316	62	of	of	ADP
fbem-29706	316	63	executives	executive	NOUN
fbem-29706	316	64	.	.	PUNCT
fbem-29706	317	1	however	however	ADV
fbem-29706	317	2	,	,	PUNCT
fbem-29706	317	3	it	it	PRON
fbem-29706	317	4	is	be	AUX
fbem-29706	317	5	also	also	ADV
fbem-29706	317	6	necessary	necessary	ADJ
fbem-29706	317	7	to	to	PART
fbem-29706	317	8	control	control	VERB
fbem-29706	317	9	the	the	DET
fbem-29706	317	10	proportion	proportion	NOUN
fbem-29706	317	11	of	of	ADP
fbem-29706	317	12	executive	executive	ADJ
fbem-29706	317	13	shareholding	shareholding	NOUN
fbem-29706	317	14	,	,	PUNCT
fbem-29706	317	15	if	if	SCONJ
fbem-29706	317	16	the	the	DET
fbem-29706	317	17	executive	executive	ADJ
fbem-29706	317	18	shareholding	shareholding	NOUN
fbem-29706	317	19	is	be	AUX
fbem-29706	317	20	too	too	ADV
fbem-29706	317	21	high	high	ADJ
fbem-29706	317	22	will	will	AUX
fbem-29706	317	23	cause	cause	VERB
fbem-29706	317	24	trench	trench	NOUN
fbem-29706	317	25	effect	effect	NOUN
fbem-29706	317	26	,	,	PUNCT
fbem-29706	317	27	inhibiting	inhibit	VERB
fbem-29706	317	28	the	the	DET
fbem-29706	317	29	promotion	promotion	NOUN
fbem-29706	317	30	of	of	ADP
fbem-29706	317	31	enterprise	enterprise	NOUN
fbem-29706	317	32	digital	digital	ADJ
fbem-29706	317	33	transformation	transformation	NOUN
fbem-29706	317	34	.	.	PUNCT
fbem-29706	318	1	at	at	ADP
fbem-29706	318	2	the	the	DET
fbem-29706	318	3	same	same	ADJ
fbem-29706	318	4	time	time	NOUN
fbem-29706	318	5	,	,	PUNCT
fbem-29706	318	6	the	the	DET
fbem-29706	318	7	exercise	exercise	NOUN
fbem-29706	318	8	conditions	condition	NOUN
fbem-29706	318	9	of	of	ADP
fbem-29706	318	10	previous	previous	ADJ
fbem-29706	318	11	equity	equity	NOUN
fbem-29706	318	12	incentives	incentive	NOUN
fbem-29706	318	13	mainly	mainly	ADV
fbem-29706	318	14	contain	contain	VERB
fbem-29706	318	15	financial	financial	ADJ
fbem-29706	318	16	indicators	indicator	NOUN
fbem-29706	318	17	such	such	ADJ
fbem-29706	318	18	as	as	ADP
fbem-29706	318	19	roa	roa	PROPN
fbem-29706	318	20	,	,	PUNCT
fbem-29706	318	21	roe	roe	PROPN
fbem-29706	318	22	,	,	PUNCT
fbem-29706	318	23	etc	etc	X
fbem-29706	318	24	.	.	X
fbem-29706	318	25	,	,	PUNCT
fbem-29706	318	26	which	which	PRON
fbem-29706	318	27	are	be	AUX
fbem-29706	318	28	less	less	ADV
fbem-29706	318	29	involved	involved	ADJ
fbem-29706	318	30	in	in	ADP
fbem-29706	318	31	the	the	DET
fbem-29706	318	32	assessment	assessment	NOUN
fbem-29706	318	33	of	of	ADP
fbem-29706	318	34	innovative	innovative	ADJ
fbem-29706	318	35	behaviors	behavior	NOUN
fbem-29706	318	36	such	such	ADJ
fbem-29706	318	37	as	as	ADP
fbem-29706	318	38	digital	digital	ADJ
fbem-29706	318	39	technology	technology	NOUN
fbem-29706	318	40	research	research	NOUN
fbem-29706	318	41	and	and	CCONJ
fbem-29706	318	42	development	development	NOUN
fbem-29706	318	43	,	,	PUNCT
fbem-29706	318	44	digital	digital	ADJ
fbem-29706	318	45	transformation	transformation	NOUN
fbem-29706	318	46	,	,	PUNCT
fbem-29706	318	47	etc	etc	X
fbem-29706	318	48	.	.	X
fbem-29706	318	49	patent	patent	NOUN
fbem-29706	318	50	applications	application	NOUN
fbem-29706	318	51	,	,	PUNCT
fbem-29706	318	52	r&d	r&d	NOUN
fbem-29706	318	53	investment	investment	NOUN
fbem-29706	318	54	,	,	PUNCT
fbem-29706	318	55	etc	etc	X
fbem-29706	318	56	.	.	X
fbem-29706	318	57	can	can	AUX
fbem-29706	318	58	be	be	AUX
fbem-29706	318	59	appropriately	appropriately	ADV
fbem-29706	318	60	introduced	introduce	VERB
fbem-29706	318	61	as	as	ADP
fbem-29706	318	62	the	the	DET
fbem-29706	318	63	exercise	exercise	NOUN
fbem-29706	318	64	conditions	condition	NOUN
fbem-29706	318	65	of	of	ADP
fbem-29706	318	66	executive	executive	ADJ
fbem-29706	318	67	equity	equity	NOUN
fbem-29706	318	68	incentives	incentive	NOUN
fbem-29706	318	69	.	.	PUNCT
fbem-29706	319	1	in	in	ADP
fbem-29706	319	2	addition	addition	NOUN
fbem-29706	319	3	,	,	PUNCT
fbem-29706	319	4	empirical	empirical	ADJ
fbem-29706	319	5	analysis	analysis	NOUN
fbem-29706	319	6	found	find	VERB
fbem-29706	319	7	that	that	SCONJ
fbem-29706	319	8	there	there	PRON
fbem-29706	319	9	is	be	VERB
fbem-29706	319	10	a	a	DET
fbem-29706	319	11	certain	certain	ADJ
fbem-29706	319	12	time	time	NOUN
fbem-29706	319	13	lag	lag	NOUN
fbem-29706	319	14	in	in	ADP
fbem-29706	319	15	the	the	DET
fbem-29706	319	16	effect	effect	NOUN
fbem-29706	319	17	of	of	ADP
fbem-29706	319	18	equity	equity	NOUN
fbem-29706	319	19	incentives	incentive	NOUN
fbem-29706	319	20	,	,	PUNCT
fbem-29706	319	21	and	and	CCONJ
fbem-29706	319	22	the	the	DET
fbem-29706	319	23	exercise	exercise	NOUN
fbem-29706	319	24	period	period	NOUN
fbem-29706	319	25	can	can	AUX
fbem-29706	319	26	be	be	AUX
fbem-29706	319	27	appropriately	appropriately	ADV
fbem-29706	319	28	extended	extend	VERB
fbem-29706	319	29	to	to	PART
fbem-29706	319	30	urge	urge	VERB
fbem-29706	319	31	executives	executive	NOUN
fbem-29706	319	32	to	to	PART
fbem-29706	319	33	maintain	maintain	VERB
fbem-29706	319	34	enthusiasm	enthusiasm	NOUN
fbem-29706	319	35	for	for	ADP
fbem-29706	319	36	digital	digital	ADJ
fbem-29706	319	37	transformation	transformation	NOUN
fbem-29706	319	38	and	and	CCONJ
fbem-29706	319	39	other	other	ADJ
fbem-29706	319	40	high	high	ADJ
fbem-29706	319	41	-	-	PUNCT
fbem-29706	319	42	quality	quality	NOUN
fbem-29706	319	43	long	long	ADJ
fbem-29706	319	44	-	-	PUNCT
fbem-29706	319	45	term	term	NOUN
fbem-29706	319	46	projects	project	NOUN
fbem-29706	319	47	.	.	PUNCT
fbem-29706	320	1	(	(	PUNCT
fbem-29706	320	2	2	2	X
fbem-29706	320	3	)	)	PUNCT
fbem-29706	320	4	improve	improve	VERB
fbem-29706	320	5	the	the	DET
fbem-29706	320	6	corporate	corporate	ADJ
fbem-29706	320	7	governance	governance	NOUN
fbem-29706	320	8	mechanism	mechanism	NOUN
fbem-29706	320	9	.	.	PUNCT
fbem-29706	321	1	building	build	VERB
fbem-29706	321	2	an	an	DET
fbem-29706	321	3	effective	effective	ADJ
fbem-29706	321	4	corporate	corporate	ADJ
fbem-29706	321	5	governance	governance	NOUN
fbem-29706	321	6	mechanism	mechanism	NOUN
fbem-29706	321	7	can	can	AUX
fbem-29706	321	8	solve	solve	VERB
fbem-29706	321	9	the	the	DET
fbem-29706	321	10	principal	principal	ADJ
fbem-29706	321	11	-	-	PUNCT
fbem-29706	321	12	agent	agent	NOUN
fbem-29706	321	13	problem	problem	NOUN
fbem-29706	321	14	,	,	PUNCT
fbem-29706	321	15	promote	promote	VERB
fbem-29706	321	16	the	the	DET
fbem-29706	321	17	digital	digital	ADJ
fbem-29706	321	18	transformation	transformation	NOUN
fbem-29706	321	19	of	of	ADP
fbem-29706	321	20	enterprises	enterprise	NOUN
fbem-29706	321	21	and	and	CCONJ
fbem-29706	321	22	realize	realize	VERB
fbem-29706	321	23	high	high	ADJ
fbem-29706	321	24	-	-	PUNCT
fbem-29706	321	25	quality	quality	NOUN
fbem-29706	321	26	development	development	NOUN
fbem-29706	321	27	.	.	PUNCT
fbem-29706	322	1	a	a	DET
fbem-29706	322	2	perfect	perfect	ADJ
fbem-29706	322	3	corporate	corporate	ADJ
fbem-29706	322	4	governance	governance	NOUN
fbem-29706	322	5	structure	structure	NOUN
fbem-29706	322	6	is	be	AUX
fbem-29706	322	7	the	the	DET
fbem-29706	322	8	prerequisite	prerequisite	NOUN
fbem-29706	322	9	and	and	CCONJ
fbem-29706	322	10	foundation	foundation	NOUN
fbem-29706	322	11	for	for	ADP
fbem-29706	322	12	conducting	conduct	VERB
fbem-29706	322	13	and	and	CCONJ
fbem-29706	322	14	implementing	implement	VERB
fbem-29706	322	15	the	the	DET
fbem-29706	322	16	equity	equity	NOUN
fbem-29706	322	17	incentive	incentive	NOUN
fbem-29706	322	18	program	program	NOUN
fbem-29706	322	19	.	.	PUNCT
fbem-29706	323	1	on	on	ADP
fbem-29706	323	2	the	the	DET
fbem-29706	323	3	one	one	NUM
fbem-29706	323	4	hand	hand	NOUN
fbem-29706	323	5	,	,	PUNCT
fbem-29706	323	6	it	it	PRON
fbem-29706	323	7	is	be	AUX
fbem-29706	323	8	necessary	necessary	ADJ
fbem-29706	323	9	to	to	PART
fbem-29706	323	10	strengthen	strengthen	VERB
fbem-29706	323	11	the	the	DET
fbem-29706	323	12	construction	construction	NOUN
fbem-29706	323	13	of	of	ADP
fbem-29706	323	14	the	the	DET
fbem-29706	323	15	board	board	NOUN
fbem-29706	323	16	of	of	ADP
fbem-29706	323	17	directors	director	NOUN
fbem-29706	323	18	and	and	CCONJ
fbem-29706	323	19	the	the	DET
fbem-29706	323	20	supervisory	supervisory	ADJ
fbem-29706	323	21	board	board	NOUN
fbem-29706	323	22	,	,	PUNCT
fbem-29706	323	23	and	and	CCONJ
fbem-29706	323	24	standardize	standardize	VERB
fbem-29706	323	25	the	the	DET
fbem-29706	323	26	formulation	formulation	NOUN
fbem-29706	323	27	of	of	ADP
fbem-29706	323	28	the	the	DET
fbem-29706	323	29	equity	equity	NOUN
fbem-29706	323	30	incentive	incentive	PROPN
fbem-29706	323	31	program	program	NOUN
fbem-29706	323	32	to	to	PART
fbem-29706	323	33	solve	solve	VERB
fbem-29706	323	34	the	the	DET
fbem-29706	323	35	problem	problem	NOUN
fbem-29706	323	36	of	of	ADP
fbem-29706	323	37	insider	insider	NOUN
fbem-29706	323	38	control	control	NOUN
fbem-29706	323	39	,	,	PUNCT
fbem-29706	323	40	which	which	PRON
fbem-29706	323	41	is	be	AUX
fbem-29706	323	42	particularly	particularly	ADV
fbem-29706	323	43	important	important	ADJ
fbem-29706	323	44	in	in	ADP
fbem-29706	323	45	state	state	NOUN
fbem-29706	323	46	-	-	PUNCT
fbem-29706	323	47	owned	own	VERB
fbem-29706	323	48	enterprises	enterprise	NOUN
fbem-29706	323	49	;	;	PUNCT
fbem-29706	323	50	on	on	ADP
fbem-29706	323	51	the	the	DET
fbem-29706	323	52	other	other	ADJ
fbem-29706	323	53	hand	hand	NOUN
fbem-29706	323	54	,	,	PUNCT
fbem-29706	323	55	it	it	PRON
fbem-29706	323	56	is	be	AUX
fbem-29706	323	57	necessary	necessary	ADJ
fbem-29706	323	58	to	to	PART
fbem-29706	323	59	build	build	VERB
fbem-29706	323	60	a	a	DET
fbem-29706	323	61	200	200	NUM
fbem-29706	323	62	compensation	compensation	NOUN
fbem-29706	323	63	committee	committee	NOUN
fbem-29706	323	64	,	,	PUNCT
fbem-29706	323	65	audit	audit	NOUN
fbem-29706	323	66	committee	committee	NOUN
fbem-29706	323	67	and	and	CCONJ
fbem-29706	323	68	other	other	ADJ
fbem-29706	323	69	main	main	ADJ
fbem-29706	323	70	bodies	body	NOUN
fbem-29706	323	71	to	to	PART
fbem-29706	323	72	supervise	supervise	VERB
fbem-29706	323	73	and	and	CCONJ
fbem-29706	323	74	constrain	constrain	VERB
fbem-29706	323	75	the	the	DET
fbem-29706	323	76	behavior	behavior	NOUN
fbem-29706	323	77	of	of	ADP
fbem-29706	323	78	the	the	DET
fbem-29706	323	79	executives	executive	NOUN
fbem-29706	323	80	to	to	PART
fbem-29706	323	81	curb	curb	VERB
fbem-29706	323	82	the	the	DET
fbem-29706	323	83	rent	rent	NOUN
fbem-29706	323	84	-	-	PUNCT
fbem-29706	323	85	seeking	seek	VERB
fbem-29706	323	86	behavior	behavior	NOUN
fbem-29706	323	87	of	of	ADP
fbem-29706	323	88	the	the	DET
fbem-29706	323	89	executives	executive	NOUN
fbem-29706	323	90	,	,	PUNCT
fbem-29706	323	91	weaken	weaken	VERB
fbem-29706	323	92	the	the	DET
fbem-29706	323	93	motivation	motivation	NOUN
fbem-29706	323	94	and	and	CCONJ
fbem-29706	323	95	ability	ability	NOUN
fbem-29706	323	96	of	of	ADP
fbem-29706	323	97	the	the	DET
fbem-29706	323	98	executives	executive	NOUN
fbem-29706	323	99	to	to	PART
fbem-29706	323	100	carry	carry	VERB
fbem-29706	323	101	out	out	ADP
fbem-29706	323	102	surplus	surplus	NOUN
fbem-29706	323	103	management	management	NOUN
fbem-29706	323	104	,	,	PUNCT
fbem-29706	323	105	and	and	CCONJ
fbem-29706	323	106	bring	bring	VERB
fbem-29706	323	107	into	into	ADP
fbem-29706	323	108	full	full	ADJ
fbem-29706	323	109	play	play	NOUN
fbem-29706	323	110	the	the	DET
fbem-29706	323	111	incentive	incentive	NOUN
fbem-29706	323	112	of	of	ADP
fbem-29706	323	113	the	the	DET
fbem-29706	323	114	equity	equity	NOUN
fbem-29706	323	115	incentive	incentive	PROPN
fbem-29706	323	116	program	program	NOUN
fbem-29706	323	117	.	.	PUNCT
fbem-29706	324	1	references	reference	NOUN
fbem-29706	324	2	[	[	X
fbem-29706	324	3	1	1	X
fbem-29706	324	4	]	]	PUNCT
fbem-29706	324	5	ni	ni	PROPN
fbem-29706	324	6	kejin	kejin	PROPN
fbem-29706	324	7	,	,	PUNCT
fbem-29706	324	8	liu	liu	PROPN
fbem-29706	324	9	xiuyan	xiuyan	PROPN
fbem-29706	324	10	.	.	PUNCT
fbem-29706	325	1	digital	digital	ADJ
fbem-29706	325	2	transformation	transformation	NOUN
fbem-29706	325	3	and	and	CCONJ
fbem-29706	325	4	enterprise	enterprise	NOUN
fbem-29706	325	5	growth	growth	NOUN
fbem-29706	325	6	:	:	PUNCT
fbem-29706	325	7	theoretical	theoretical	ADJ
fbem-29706	325	8	logic	logic	NOUN
fbem-29706	325	9	and	and	CCONJ
fbem-29706	325	10	chinese	chinese	PROPN
fbem-29706	325	11	practice[j	practice[j	PROPN
fbem-29706	325	12	]	]	PUNCT
fbem-29706	325	13	.	.	PUNCT
fbem-29706	326	1	economic	economic	ADJ
fbem-29706	326	2	management	management	NOUN
fbem-29706	326	3	,	,	PUNCT
fbem-29706	326	4	2021	2021	NUM
fbem-29706	326	5	,	,	PUNCT
fbem-29706	326	6	43(12	43(12	NUM
fbem-29706	326	7	):	):	PUNCT
fbem-29706	326	8	79	79	NUM
fbem-29706	326	9	-	-	SYM
fbem-29706	326	10	97	97	NUM
fbem-29706	326	11	.	.	PUNCT
fbem-29706	327	1	[	[	X
fbem-29706	327	2	2	2	NUM
fbem-29706	327	3	]	]	SYM
fbem-29706	327	4	li	li	PROPN
fbem-29706	327	5	jiangtao	jiangtao	PROPN
fbem-29706	327	6	.	.	PUNCT
fbem-29706	328	1	the	the	DET
fbem-29706	328	2	unbalanced	unbalanced	ADJ
fbem-29706	328	3	development	development	NOUN
fbem-29706	328	4	situation	situation	NOUN
fbem-29706	328	5	of	of	ADP
fbem-29706	328	6	industrial	industrial	ADJ
fbem-29706	328	7	digitalization	digitalization	NOUN
fbem-29706	328	8	and	and	CCONJ
fbem-29706	328	9	its	its	PRON
fbem-29706	328	10	improvement[j	improvement[j	NOUN
fbem-29706	328	11	]	]	PUNCT
fbem-29706	328	12	.	.	PUNCT
fbem-29706	329	1	people	people	NOUN
fbem-29706	329	2	's	's	PART
fbem-29706	329	3	forum	forum	PROPN
fbem-29706	329	4	-	-	PUNCT
fbem-29706	329	5	academic	academic	ADJ
fbem-29706	329	6	frontier	frontier	NOUN
fbem-29706	329	7	,	,	PUNCT
fbem-29706	329	8	2022	2022	NUM
fbem-29706	329	9	,	,	PUNCT
fbem-29706	329	10	(	(	PUNCT
fbem-29706	329	11	18	18	NUM
fbem-29706	329	12	):	):	PUNCT
fbem-29706	329	13	22	22	NUM
fbem-29706	329	14	-	-	SYM
fbem-29706	329	15	29	29	NUM
fbem-29706	329	16	.	.	PUNCT
fbem-29706	330	1	[	[	X
fbem-29706	330	2	3	3	NUM
fbem-29706	330	3	]	]	X
fbem-29706	330	4	xiao	xiao	PROPN
fbem-29706	330	5	xu	xu	PROPN
fbem-29706	330	6	,	,	PUNCT
fbem-29706	330	7	qi	qi	PROPN
fbem-29706	330	8	yudong	yudong	NOUN
fbem-29706	330	9	.	.	PUNCT
fbem-29706	331	1	the	the	DET
fbem-29706	331	2	value	value	NOUN
fbem-29706	331	3	dimension	dimension	NOUN
fbem-29706	331	4	and	and	CCONJ
fbem-29706	331	5	theoretical	theoretical	ADJ
fbem-29706	331	6	logic	logic	NOUN
fbem-29706	331	7	of	of	ADP
fbem-29706	331	8	industrial	industrial	ADJ
fbem-29706	331	9	digital	digital	ADJ
fbem-29706	331	10	transformation[j	transformation[j	PROPN
fbem-29706	331	11	]	]	PUNCT
fbem-29706	331	12	.	.	PUNCT
fbem-29706	332	1	reform	reform	NOUN
fbem-29706	332	2	,	,	PUNCT
fbem-29706	332	3	2019	2019	NUM
fbem-29706	332	4	,	,	PUNCT
fbem-29706	332	5	(	(	PUNCT
fbem-29706	332	6	08	08	NUM
fbem-29706	332	7	):	):	PUNCT
fbem-29706	332	8	61	61	NUM
fbem-29706	332	9	-	-	SYM
fbem-29706	332	10	70	70	NUM
fbem-29706	332	11	.	.	PUNCT
fbem-29706	333	1	[	[	X
fbem-29706	333	2	4	4	X
fbem-29706	333	3	]	]	X
fbem-29706	333	4	an	an	DET
fbem-29706	333	5	tongliang	tongliang	PROPN
fbem-29706	333	6	,	,	PUNCT
fbem-29706	333	7	wen	wen	PROPN
fbem-29706	333	8	rui	rui	PROPN
fbem-29706	333	9	.	.	PUNCT
fbem-29706	333	10	mechanism	mechanism	NOUN
fbem-29706	333	11	and	and	CCONJ
fbem-29706	333	12	empirical	empirical	ADJ
fbem-29706	333	13	evidence	evidence	NOUN
fbem-29706	333	14	of	of	ADP
fbem-29706	333	15	the	the	DET
fbem-29706	333	16	impact	impact	NOUN
fbem-29706	333	17	of	of	ADP
fbem-29706	333	18	digital	digital	ADJ
fbem-29706	333	19	transformation	transformation	NOUN
fbem-29706	333	20	on	on	ADP
fbem-29706	333	21	innovation	innovation	NOUN
fbem-29706	333	22	in	in	ADP
fbem-29706	333	23	chinese	chinese	PROPN
fbem-29706	333	24	enterprises[j	enterprises[j	PROPN
fbem-29706	333	25	]	]	PUNCT
fbem-29706	333	26	.	.	PUNCT
fbem-29706	334	1	modern	modern	ADJ
fbem-29706	334	2	economic	economic	ADJ
fbem-29706	334	3	discussion	discussion	NOUN
fbem-29706	334	4	,	,	PUNCT
fbem-29706	334	5	2022	2022	NUM
fbem-29706	334	6	,	,	PUNCT
fbem-29706	334	7	(	(	PUNCT
fbem-29706	334	8	05	05	NUM
fbem-29706	334	9	):	):	PUNCT
fbem-29706	334	10	1	1	NUM
fbem-29706	334	11	-	-	SYM
fbem-29706	334	12	14	14	NUM
fbem-29706	334	13	.	.	PUNCT
fbem-29706	335	1	[	[	X
fbem-29706	335	2	5	5	NUM
fbem-29706	335	3	]	]	PUNCT
fbem-29706	335	4	wu	wu	PROPN
fbem-29706	335	5	yuhui	yuhui	PROPN
fbem-29706	335	6	,	,	PUNCT
fbem-29706	335	7	zhang	zhang	PROPN
fbem-29706	335	8	teng	teng	PROPN
fbem-29706	335	9	,	,	PUNCT
fbem-29706	335	10	qin	qin	PROPN
fbem-29706	335	11	libin	libin	PROPN
fbem-29706	335	12	,	,	PUNCT
fbem-29706	335	13	et	et	PROPN
fbem-29706	335	14	al	al	PROPN
fbem-29706	335	15	.	.	PROPN
fbem-29706	335	16	executive	executive	PROPN
fbem-29706	335	17	information	information	NOUN
fbem-29706	335	18	technology	technology	NOUN
fbem-29706	335	19	background	background	NOUN
fbem-29706	335	20	and	and	CCONJ
fbem-29706	335	21	enterprise	enterprise	NOUN
fbem-29706	335	22	digital	digital	ADJ
fbem-29706	335	23	transformation[j	transformation[j	NOUN
fbem-29706	335	24	]	]	PUNCT
fbem-29706	335	25	.	.	PUNCT
fbem-29706	336	1	economic	economic	ADJ
fbem-29706	336	2	management	management	NOUN
fbem-29706	336	3	,	,	PUNCT
fbem-29706	336	4	2022	2022	NUM
fbem-29706	336	5	,	,	PUNCT
fbem-29706	336	6	44(12	44(12	NUM
fbem-29706	336	7	):	):	PUNCT
fbem-29706	336	8	138157	138157	NUM
fbem-29706	336	9	.	.	PUNCT
fbem-29706	337	1	[	[	X
fbem-29706	337	2	6	6	NUM
fbem-29706	337	3	]	]	X
fbem-29706	337	4	cai	cai	X
fbem-29706	337	5	yuezhou	yuezhou	PROPN
fbem-29706	337	6	,	,	PUNCT
fbem-29706	337	7	niu	niu	PROPN
fbem-29706	337	8	xinxing	xinxing	PROPN
fbem-29706	337	9	.	.	PUNCT
fbem-29706	338	1	measuring	measure	VERB
fbem-29706	338	2	the	the	DET
fbem-29706	338	3	scale	scale	NOUN
fbem-29706	338	4	and	and	CCONJ
fbem-29706	338	5	analyzing	analyze	VERB
fbem-29706	338	6	the	the	DET
fbem-29706	338	7	structure	structure	NOUN
fbem-29706	338	8	of	of	ADP
fbem-29706	338	9	china	china	PROPN
fbem-29706	338	10	's	's	PART
fbem-29706	338	11	digital	digital	PROPN
fbem-29706	338	12	economy[j	economy[j	PROPN
fbem-29706	338	13	]	]	PUNCT
fbem-29706	338	14	.	.	PUNCT
fbem-29706	339	1	china	china	PROPN
fbem-29706	339	2	social	social	PROPN
fbem-29706	339	3	science	science	PROPN
fbem-29706	339	4	,	,	PUNCT
fbem-29706	339	5	2021	2021	NUM
fbem-29706	339	6	,	,	PUNCT
fbem-29706	339	7	(	(	PUNCT
fbem-29706	339	8	11	11	NUM
fbem-29706	339	9	):	):	PUNCT
fbem-29706	339	10	4	4	NUM
fbem-29706	339	11	-	-	SYM
fbem-29706	339	12	30	30	NUM
fbem-29706	339	13	.	.	PUNCT
fbem-29706	340	1	[	[	X
fbem-29706	340	2	7	7	X
fbem-29706	340	3	]	]	X
fbem-29706	340	4	bai	bai	PROPN
fbem-29706	340	5	fuping	fuping	NOUN
fbem-29706	340	6	,	,	PUNCT
fbem-29706	340	7	liu	liu	PROPN
fbem-29706	340	8	donghui	donghui	PROPN
fbem-29706	340	9	,	,	PUNCT
fbem-29706	340	10	qi	qi	PROPN
fbem-29706	340	11	luguang	luguang	PROPN
fbem-29706	340	12	.	.	PUNCT
fbem-29706	341	1	external	external	ADJ
fbem-29706	341	2	relationship	relationship	NOUN
fbem-29706	341	3	networks	network	NOUN
fbem-29706	341	4	of	of	ADP
fbem-29706	341	5	executive	executive	ADJ
fbem-29706	341	6	teams	team	NOUN
fbem-29706	341	7	,	,	PUNCT
fbem-29706	341	8	collaborative	collaborative	ADJ
fbem-29706	341	9	innovation	innovation	NOUN
fbem-29706	341	10	and	and	CCONJ
fbem-29706	341	11	digital	digital	ADJ
fbem-29706	341	12	transformation	transformation	NOUN
fbem-29706	341	13	of	of	ADP
fbem-29706	341	14	enterprises[j	enterprises[j	PROPN
fbem-29706	341	15	]	]	PUNCT
fbem-29706	341	16	.	.	PUNCT
fbem-29706	342	1	journal	journal	PROPN
fbem-29706	342	2	of	of	ADP
fbem-29706	342	3	harbin	harbin	PROPN
fbem-29706	342	4	university	university	PROPN
fbem-29706	342	5	of	of	ADP
fbem-29706	342	6	commerce	commerce	PROPN
fbem-29706	342	7	(	(	PUNCT
fbem-29706	342	8	social	social	ADJ
fbem-29706	342	9	science	science	NOUN
fbem-29706	342	10	edition	edition	NOUN
fbem-29706	342	11	)	)	PUNCT
fbem-29706	342	12	,	,	PUNCT
fbem-29706	342	13	2023	2023	NUM
fbem-29706	342	14	,	,	PUNCT
fbem-29706	342	15	(	(	PUNCT
fbem-29706	342	16	01	01	NUM
fbem-29706	342	17	):	):	PUNCT
fbem-29706	342	18	86	86	NUM
fbem-29706	342	19	-	-	SYM
fbem-29706	342	20	100	100	NUM
fbem-29706	342	21	.	.	PUNCT
fbem-29706	343	1	[	[	X
fbem-29706	343	2	8	8	NUM
fbem-29706	343	3	]	]	X
fbem-29706	343	4	hao	hao	PROPN
fbem-29706	343	5	xin	xin	PROPN
fbem-29706	343	6	,	,	PUNCT
fbem-29706	343	7	yubiao	yubiao	PROPN
fbem-29706	343	8	pang	pang	PROPN
fbem-29706	343	9	,	,	PUNCT
fbem-29706	343	10	weijie	weijie	PROPN
fbem-29706	343	11	tan	tan	PROPN
fbem-29706	343	12	.	.	PUNCT
fbem-29706	344	1	different	different	ADJ
fbem-29706	344	2	ways	way	NOUN
fbem-29706	344	3	can	can	AUX
fbem-29706	344	4	be	be	AUX
fbem-29706	344	5	different	different	ADJ
fbem-29706	344	6	:	:	PUNCT
fbem-29706	344	7	executive	executive	ADJ
fbem-29706	344	8	team	team	NOUN
fbem-29706	344	9	heterogeneity	heterogeneity	NOUN
fbem-29706	344	10	and	and	CCONJ
fbem-29706	344	11	corporate	corporate	ADJ
fbem-29706	344	12	digitalization	digitalization	NOUN
fbem-29706	344	13	strategy[j	strategy[j	NOUN
fbem-29706	344	14	]	]	X
fbem-29706	344	15	.	.	PUNCT
fbem-29706	345	1	southern	southern	ADJ
fbem-29706	345	2	finance	finance	NOUN
fbem-29706	345	3	,	,	PUNCT
fbem-29706	345	4	2023	2023	NUM
fbem-29706	345	5	:	:	PUNCT
fbem-29706	345	6	1	1	NUM
fbem-29706	345	7	-	-	SYM
fbem-29706	345	8	15	15	NUM
fbem-29706	345	9	.	.	PUNCT
fbem-29706	346	1	[	[	X
fbem-29706	346	2	9	9	NUM
fbem-29706	346	3	]	]	SYM
fbem-29706	346	4	hu	hu	PROPN
fbem-29706	346	5	nan	nan	PROPN
fbem-29706	346	6	,	,	PUNCT
fbem-29706	346	7	xue	xue	PROPN
fbem-29706	346	8	fujing	fujing	PROPN
fbem-29706	346	9	,	,	PUNCT
fbem-29706	346	10	wang	wang	PROPN
fbem-29706	346	11	haonan	haonan	PROPN
fbem-29706	346	12	.	.	PUNCT
fbem-29706	347	1	does	do	AUX
fbem-29706	347	2	managerial	managerial	ADJ
fbem-29706	347	3	myopia	myopia	NOUN
fbem-29706	347	4	affect	affect	VERB
fbem-29706	347	5	long	long	ADJ
fbem-29706	347	6	-	-	PUNCT
fbem-29706	347	7	term	term	NOUN
fbem-29706	347	8	corporate	corporate	ADJ
fbem-29706	347	9	investment	investment	NOUN
fbem-29706	347	10	?	?	PUNCT
fbem-29706	348	1	--based	--base	VERB
fbem-29706	348	2	on	on	ADP
fbem-29706	348	3	text	text	NOUN
fbem-29706	348	4	analysis	analysis	NOUN
fbem-29706	348	5	and	and	CCONJ
fbem-29706	348	6	machine	machine	NOUN
fbem-29706	348	7	learning[j	learning[j	NOUN
fbem-29706	348	8	]	]	PUNCT
fbem-29706	348	9	.	.	PUNCT
fbem-29706	349	1	management	management	NOUN
fbem-29706	349	2	world	world	NOUN
fbem-29706	349	3	,	,	PUNCT
fbem-29706	349	4	2021	2021	NUM
fbem-29706	349	5	,	,	PUNCT
fbem-29706	349	6	37(05	37(05	NUM
fbem-29706	349	7	):	):	PUNCT
fbem-29706	349	8	139	139	NUM
fbem-29706	349	9	-	-	SYM
fbem-29706	349	10	156	156	NUM
fbem-29706	349	11	.	.	PUNCT
fbem-29706	350	1	[	[	X
fbem-29706	350	2	10	10	NUM
fbem-29706	350	3	]	]	X
fbem-29706	350	4	li	li	PROPN
fbem-29706	350	5	qianru	qianru	PROPN
fbem-29706	350	6	,	,	PUNCT
fbem-29706	350	7	zhai	zhai	PROPN
fbem-29706	350	8	huayun	huayun	PROPN
fbem-29706	350	9	.	.	PUNCT
fbem-29706	350	10	does	do	AUX
fbem-29706	350	11	managerial	managerial	ADJ
fbem-29706	350	12	myopia	myopia	NOUN
fbem-29706	350	13	affect	affect	VERB
fbem-29706	350	14	enterprise	enterprise	NOUN
fbem-29706	350	15	digital	digital	ADJ
fbem-29706	350	16	transformation	transformation	NOUN
fbem-29706	350	17	?	?	PUNCT
fbem-29706	351	1	[	[	X
fbem-29706	351	2	j	j	X
fbem-29706	351	3	]	]	X
fbem-29706	351	4	.	.	PUNCT
fbem-29706	352	1	finance	finance	NOUN
fbem-29706	352	2	research	research	NOUN
fbem-29706	352	3	,	,	PUNCT
fbem-29706	352	4	2022	2022	NUM
fbem-29706	352	5	,	,	PUNCT
fbem-29706	352	6	(	(	PUNCT
fbem-29706	352	7	04	04	NUM
fbem-29706	352	8	):	):	PUNCT
fbem-29706	352	9	92	92	NUM
fbem-29706	352	10	-	-	SYM
fbem-29706	352	11	104	104	NUM
fbem-29706	352	12	.	.	PUNCT
fbem-29706	353	1	[	[	X
fbem-29706	353	2	11	11	NUM
fbem-29706	353	3	]	]	X
fbem-29706	353	4	tang	tang	PROPN
fbem-29706	353	5	xuan	xuan	PROPN
fbem-29706	353	6	,	,	PUNCT
fbem-29706	353	7	gao	gao	PROPN
fbem-29706	353	8	xing	xing	PROPN
fbem-29706	353	9	,	,	PUNCT
fbem-29706	353	10	zhao	zhao	PROPN
fbem-29706	353	11	tianqi	tianqi	NOUN
fbem-29706	353	12	,	,	PUNCT
fbem-29706	353	13	et	et	PROPN
fbem-29706	353	14	al	al	PROPN
fbem-29706	353	15	.	.	PROPN
fbem-29706	353	16	executive	executive	ADJ
fbem-29706	353	17	team	team	NOUN
fbem-29706	353	18	heterogeneity	heterogeneity	NOUN
fbem-29706	353	19	and	and	CCONJ
fbem-29706	353	20	corporate	corporate	ADJ
fbem-29706	353	21	digital	digital	ADJ
fbem-29706	353	22	transformation[j	transformation[j	NOUN
fbem-29706	353	23	]	]	PUNCT
fbem-29706	353	24	.	.	PUNCT
fbem-29706	354	1	china	china	PROPN
fbem-29706	354	2	soft	soft	ADJ
fbem-29706	354	3	science	science	NOUN
fbem-29706	354	4	,	,	PUNCT
fbem-29706	354	5	2022	2022	NUM
fbem-29706	354	6	,	,	PUNCT
fbem-29706	354	7	(	(	PUNCT
fbem-29706	354	8	10	10	NUM
fbem-29706	354	9	):	):	PUNCT
fbem-29706	354	10	83	83	NUM
fbem-29706	354	11	-	-	SYM
fbem-29706	354	12	98	98	NUM
fbem-29706	354	13	.	.	PUNCT
fbem-29706	355	1	[	[	X
fbem-29706	355	2	12	12	NUM
fbem-29706	355	3	]	]	X
fbem-29706	355	4	yang	yang	PROPN
fbem-29706	355	5	z	z	PROPN
fbem-29706	355	6	,	,	PUNCT
fbem-29706	355	7	chen	chen	PROPN
fbem-29706	355	8	j	j	PROPN
fbem-29706	355	9	,	,	PUNCT
fbem-29706	355	10	shang	shang	PROPN
fbem-29706	355	11	huichen	huichen	PROPN
fbem-29706	355	12	.	.	PUNCT
fbem-29706	356	1	what	what	PRON
fbem-29706	356	2	kind	kind	NOUN
fbem-29706	356	3	of	of	ADP
fbem-29706	356	4	experience	experience	NOUN
fbem-29706	356	5	drives	drive	VERB
fbem-29706	356	6	digitalization	digitalization	NOUN
fbem-29706	356	7	:	:	PUNCT
fbem-29706	356	8	executive	executive	ADJ
fbem-29706	356	9	academic	academic	ADJ
fbem-29706	356	10	experience	experience	NOUN
fbem-29706	356	11	and	and	CCONJ
fbem-29706	356	12	corporate	corporate	ADJ
fbem-29706	356	13	digital	digital	ADJ
fbem-29706	356	14	transformation[j	transformation[j	NOUN
fbem-29706	356	15	]	]	PUNCT
fbem-29706	356	16	.	.	PUNCT
fbem-29706	357	1	economic	economic	ADJ
fbem-29706	357	2	issues	issue	NOUN
fbem-29706	357	3	,	,	PUNCT
fbem-29706	357	4	2022	2022	NUM
fbem-29706	357	5	,	,	PUNCT
fbem-29706	357	6	(	(	PUNCT
fbem-29706	357	7	10	10	NUM
fbem-29706	357	8	):	):	PUNCT
fbem-29706	357	9	1	1	NUM
fbem-29706	357	10	-	-	SYM
fbem-29706	357	11	11	11	NUM
fbem-29706	357	12	.	.	PUNCT
fbem-29706	358	1	[	[	X
fbem-29706	358	2	13	13	NUM
fbem-29706	358	3	]	]	SYM
fbem-29706	358	4	mao	mao	X
fbem-29706	358	5	ju	ju	PROPN
fbem-29706	358	6	,	,	PUNCT
fbem-29706	358	7	li	li	PROPN
fbem-29706	358	8	jie	jie	PROPN
fbem-29706	358	9	,	,	PUNCT
fbem-29706	358	10	zhang	zhang	PROPN
fbem-29706	358	11	bowen	bowen	PROPN
fbem-29706	358	12	.	.	PUNCT
fbem-29706	359	1	ceo	ceo	PROPN
fbem-29706	359	2	's	's	PART
fbem-29706	359	3	composite	composite	ADJ
fbem-29706	359	4	functional	functional	ADJ
fbem-29706	359	5	background	background	NOUN
fbem-29706	359	6	and	and	CCONJ
fbem-29706	359	7	digital	digital	ADJ
fbem-29706	359	8	transformation	transformation	NOUN
fbem-29706	359	9	of	of	ADP
fbem-29706	359	10	enterprises[j	enterprises[j	PROPN
fbem-29706	359	11	]	]	PUNCT
fbem-29706	359	12	.	.	PUNCT
fbem-29706	360	1	modern	modern	ADJ
fbem-29706	360	2	finance	finance	NOUN
fbem-29706	360	3	and	and	CCONJ
fbem-29706	360	4	economics	economic	NOUN
fbem-29706	360	5	(	(	PUNCT
fbem-29706	360	6	journal	journal	PROPN
fbem-29706	360	7	of	of	ADP
fbem-29706	360	8	tianjin	tianjin	PROPN
fbem-29706	360	9	university	university	PROPN
fbem-29706	360	10	of	of	ADP
fbem-29706	360	11	finance	finance	NOUN
fbem-29706	360	12	and	and	CCONJ
fbem-29706	360	13	economics	economic	NOUN
fbem-29706	360	14	)	)	PUNCT
fbem-29706	360	15	,	,	PUNCT
fbem-29706	360	16	2022	2022	NUM
fbem-29706	360	17	,	,	PUNCT
fbem-29706	360	18	(	(	PUNCT
fbem-29706	360	19	09	09	NUM
fbem-29706	360	20	):	):	PUNCT
fbem-29706	360	21	3758	3758	NUM
fbem-29706	360	22	.	.	PUNCT
fbem-29706	361	1	[	[	X
fbem-29706	361	2	14	14	NUM
fbem-29706	361	3	]	]	X
fbem-29706	361	4	zeng	zeng	PROPN
fbem-29706	361	5	hao	hao	PROPN
fbem-29706	361	6	.	.	PROPN
fbem-29706	361	7	does	do	AUX
fbem-29706	361	8	market	market	NOUN
fbem-29706	361	9	competition	competition	NOUN
fbem-29706	361	10	mechanism	mechanism	NOUN
fbem-29706	361	11	promote	promote	VERB
fbem-29706	361	12	enterprise	enterprise	NOUN
fbem-29706	361	13	digital	digital	ADJ
fbem-29706	361	14	transformation	transformation	NOUN
fbem-29706	361	15	?	?	PUNCT
fbem-29706	362	1	--a	--a	PROPN
fbem-29706	362	2	quasi	quasi	ADJ
fbem-29706	362	3	-	-	ADJ
fbem-29706	362	4	natural	natural	ADJ
fbem-29706	362	5	experiment	experiment	NOUN
fbem-29706	362	6	based	base	VERB
fbem-29706	362	7	on	on	ADP
fbem-29706	362	8	the	the	DET
fbem-29706	362	9	negative	negative	ADJ
fbem-29706	362	10	list	list	NOUN
fbem-29706	362	11	system	system	NOUN
fbem-29706	362	12	for	for	ADP
fbem-29706	362	13	market	market	NOUN
fbem-29706	362	14	access[j	access[j	PROPN
fbem-29706	362	15	]	]	X
fbem-29706	362	16	.	.	PUNCT
fbem-29706	363	1	foreign	foreign	ADJ
fbem-29706	363	2	economics	economic	NOUN
fbem-29706	363	3	and	and	CCONJ
fbem-29706	363	4	management	management	NOUN
fbem-29706	363	5	,	,	PUNCT
fbem-29706	363	6	2022	2022	NUM
fbem-29706	363	7	:	:	PUNCT
fbem-29706	363	8	1	1	NUM
fbem-29706	363	9	-	-	SYM
fbem-29706	363	10	18	18	NUM
fbem-29706	363	11	.	.	PUNCT
fbem-29706	364	1	[	[	X
fbem-29706	364	2	15	15	NUM
fbem-29706	364	3	]	]	X
fbem-29706	364	4	zhao	zhao	PROPN
fbem-29706	364	5	xi	xi	PROPN
fbem-29706	364	6	,	,	PUNCT
fbem-29706	364	7	lin	lin	PROPN
fbem-29706	364	8	delin	delin	PROPN
fbem-29706	364	9	.	.	PUNCT
fbem-29706	365	1	research	research	NOUN
fbem-29706	365	2	on	on	ADP
fbem-29706	365	3	the	the	DET
fbem-29706	365	4	innovation	innovation	NOUN
fbem-29706	365	5	effect	effect	NOUN
fbem-29706	365	6	of	of	ADP
fbem-29706	365	7	equity	equity	NOUN
fbem-29706	365	8	incentives	incentive	VERB
fbem-29706	365	9	a	a	DET
fbem-29706	365	10	dual	dual	ADJ
fbem-29706	365	11	role	role	NOUN
fbem-29706	365	12	analysis	analysis	NOUN
fbem-29706	365	13	based	base	VERB
fbem-29706	365	14	on	on	ADP
fbem-29706	365	15	r&d	r&d	PROPN
fbem-29706	365	16	investment[j	investment[j	NOUN
fbem-29706	365	17	]	]	PUNCT
fbem-29706	365	18	.	.	PUNCT
fbem-29706	366	1	research	research	NOUN
fbem-29706	366	2	and	and	CCONJ
fbem-29706	366	3	development	development	NOUN
fbem-29706	366	4	management	management	NOUN
fbem-29706	366	5	,	,	PUNCT
fbem-29706	366	6	2019	2019	NUM
fbem-29706	366	7	,	,	PUNCT
fbem-29706	366	8	31(01	31(01	NUM
fbem-29706	366	9	):	):	PUNCT
fbem-29706	366	10	87	87	NUM
fbem-29706	366	11	-	-	SYM
fbem-29706	366	12	96	96	NUM
fbem-29706	366	13	.	.	PUNCT
fbem-29706	367	1	[	[	X
fbem-29706	367	2	16	16	NUM
fbem-29706	367	3	]	]	X
fbem-29706	367	4	zhao	zhao	PROPN
fbem-29706	367	5	guoyu	guoyu	NOUN
fbem-29706	367	6	.	.	PUNCT
fbem-29706	368	1	research	research	NOUN
fbem-29706	368	2	on	on	ADP
fbem-29706	368	3	the	the	DET
fbem-29706	368	4	path	path	NOUN
fbem-29706	368	5	and	and	CCONJ
fbem-29706	368	6	effect	effect	NOUN
fbem-29706	368	7	of	of	ADP
fbem-29706	368	8	equity	equity	NOUN
fbem-29706	368	9	incentives	incentive	NOUN
fbem-29706	368	10	to	to	PART
fbem-29706	368	11	enhance	enhance	VERB
fbem-29706	368	12	corporate	corporate	ADJ
fbem-29706	368	13	technological	technological	ADJ
fbem-29706	368	14	innovation[j	innovation[j	NOUN
fbem-29706	368	15	]	]	PUNCT
fbem-29706	368	16	.	.	PUNCT
fbem-29706	369	1	journal	journal	PROPN
fbem-29706	369	2	of	of	ADP
fbem-29706	369	3	guangdong	guangdong	PROPN
fbem-29706	369	4	university	university	PROPN
fbem-29706	369	5	of	of	ADP
fbem-29706	369	6	finance	finance	NOUN
fbem-29706	369	7	and	and	CCONJ
fbem-29706	369	8	economics	economic	NOUN
fbem-29706	369	9	,	,	PUNCT
fbem-29706	369	10	2015	2015	NUM
fbem-29706	369	11	,	,	PUNCT
fbem-29706	369	12	30(02	30(02	NUM
fbem-29706	369	13	):	):	PUNCT
fbem-29706	369	14	36	36	NUM
fbem-29706	369	15	-	-	SYM
fbem-29706	369	16	45	45	NUM
fbem-29706	369	17	.	.	PUNCT
fbem-29706	370	1	[	[	X
fbem-29706	370	2	17	17	NUM
fbem-29706	370	3	]	]	X
fbem-29706	370	4	huang	huang	PROPN
fbem-29706	370	5	chen	chen	PROPN
fbem-29706	370	6	,	,	PUNCT
fbem-29706	370	7	yu	yu	PROPN
fbem-29706	370	8	shiqiang	shiqiang	PROPN
fbem-29706	370	9	.	.	PUNCT
fbem-29706	370	10	research	research	NOUN
fbem-29706	370	11	on	on	ADP
fbem-29706	370	12	the	the	DET
fbem-29706	370	13	strategy	strategy	NOUN
fbem-29706	370	14	of	of	ADP
fbem-29706	370	15	digital	digital	ADJ
fbem-29706	370	16	transformation	transformation	NOUN
fbem-29706	370	17	and	and	CCONJ
fbem-29706	370	18	business	business	NOUN
fbem-29706	370	19	collaboration	collaboration	NOUN
fbem-29706	370	20	of	of	ADP
fbem-29706	370	21	traditional	traditional	ADJ
fbem-29706	370	22	enterprises[j	enterprises[j	PROPN
fbem-29706	370	23	]	]	PUNCT
fbem-29706	370	24	.	.	PUNCT
fbem-29706	371	1	journal	journal	PROPN
fbem-29706	371	2	of	of	ADP
fbem-29706	371	3	business	business	NOUN
fbem-29706	371	4	and	and	CCONJ
fbem-29706	371	5	economics	economic	NOUN
fbem-29706	371	6	,	,	PUNCT
fbem-29706	371	7	2023	2023	NUM
fbem-29706	371	8	,	,	PUNCT
fbem-29706	371	9	(	(	PUNCT
fbem-29706	371	10	03	03	NUM
fbem-29706	371	11	):	):	PUNCT
fbem-29706	371	12	68	68	NUM
fbem-29706	371	13	-	-	SYM
fbem-29706	371	14	78	78	NUM
fbem-29706	371	15	.	.	PUNCT
fbem-29706	372	1	[	[	X
fbem-29706	372	2	18	18	NUM
fbem-29706	372	3	]	]	X
fbem-29706	372	4	zhao	zhao	PROPN
fbem-29706	372	5	shifang	shifang	PROPN
fbem-29706	372	6	,	,	PUNCT
fbem-29706	372	7	jiang	jiang	PROPN
fbem-29706	372	8	xu	xu	PROPN
fbem-29706	372	9	,	,	PUNCT
fbem-29706	372	10	ying	ying	PROPN
fbem-29706	372	11	qianwei	qianwei	PROPN
fbem-29706	372	12	,	,	PUNCT
fbem-29706	372	13	et	et	PROPN
fbem-29706	372	14	al	al	PROPN
fbem-29706	372	15	.	.	PROPN
fbem-29706	372	16	can	can	AUX
fbem-29706	372	17	equity	equity	NOUN
fbem-29706	372	18	incentives	incentive	NOUN
fbem-29706	372	19	curb	curb	VERB
fbem-29706	372	20	executives	executive	NOUN
fbem-29706	372	21	'	'	PART
fbem-29706	372	22	tendency	tendency	NOUN
fbem-29706	372	23	to	to	PART
fbem-29706	372	24	make	make	VERB
fbem-29706	372	25	quick	quick	ADJ
fbem-29706	372	26	profits	profit	NOUN
fbem-29706	372	27	-	-	PUNCT
fbem-29706	372	28	based	base	VERB
fbem-29706	372	29	on	on	ADP
fbem-29706	372	30	the	the	DET
fbem-29706	372	31	perspective	perspective	NOUN
fbem-29706	372	32	of	of	ADP
fbem-29706	372	33	corporate	corporate	ADJ
fbem-29706	372	34	innovation[j	innovation[j	NOUN
fbem-29706	372	35	]	]	PUNCT
fbem-29706	372	36	.	.	PUNCT
fbem-29706	373	1	nankai	nankai	PROPN
fbem-29706	373	2	management	management	PROPN
fbem-29706	373	3	review	review	PROPN
fbem-29706	373	4	,	,	PUNCT
fbem-29706	373	5	2020	2020	NUM
fbem-29706	373	6	,	,	PUNCT
fbem-29706	373	7	23(06	23(06	NUM
fbem-29706	373	8	):	):	PUNCT
fbem-29706	373	9	76	76	NUM
fbem-29706	373	10	-	-	SYM
fbem-29706	373	11	87	87	NUM
fbem-29706	373	12	.	.	PUNCT
fbem-29706	374	1	[	[	X
fbem-29706	374	2	19	19	NUM
fbem-29706	374	3	]	]	X
fbem-29706	374	4	sheng	sheng	PROPN
fbem-29706	374	5	mingquan	mingquan	PROPN
fbem-29706	374	6	,	,	PUNCT
fbem-29706	374	7	jiang	jiang	PROPN
fbem-29706	374	8	shizhang	shizhang	PROPN
fbem-29706	374	9	.	.	PUNCT
fbem-29706	375	1	executive	executive	ADJ
fbem-29706	375	2	equity	equity	NOUN
fbem-29706	375	3	incentives	incentive	NOUN
fbem-29706	375	4	,	,	PUNCT
fbem-29706	375	5	technological	technological	ADJ
fbem-29706	375	6	innovation	innovation	NOUN
fbem-29706	375	7	and	and	CCONJ
fbem-29706	375	8	corporate	corporate	ADJ
fbem-29706	375	9	total	total	ADJ
fbem-29706	375	10	factor	factor	NOUN
fbem-29706	375	11	productivity	productivity	NOUN
fbem-29706	375	12	an	an	DET
fbem-29706	375	13	empirical	empirical	ADJ
fbem-29706	375	14	analysis	analysis	NOUN
fbem-29706	375	15	based	base	VERB
fbem-29706	375	16	on	on	ADP
fbem-29706	375	17	manufacturing	manufacture	VERB
fbem-29706	375	18	firms[j	firms[j	PROPN
fbem-29706	375	19	]	]	PUNCT
fbem-29706	375	20	.	.	PUNCT
fbem-29706	376	1	journal	journal	PROPN
fbem-29706	376	2	of	of	ADP
fbem-29706	376	3	guizhou	guizhou	PROPN
fbem-29706	376	4	university	university	PROPN
fbem-29706	376	5	of	of	ADP
fbem-29706	376	6	finance	finance	NOUN
fbem-29706	376	7	and	and	CCONJ
fbem-29706	376	8	economics	economic	NOUN
fbem-29706	376	9	,	,	PUNCT
fbem-29706	376	10	2019	2019	NUM
fbem-29706	376	11	,	,	PUNCT
fbem-29706	376	12	(	(	PUNCT
fbem-29706	376	13	02	02	NUM
fbem-29706	376	14	):	):	PUNCT
fbem-29706	376	15	70	70	NUM
fbem-29706	376	16	-	-	SYM
fbem-29706	376	17	76	76	NUM
fbem-29706	376	18	.	.	PUNCT
fbem-29706	377	1	[	[	X
fbem-29706	377	2	20	20	NUM
fbem-29706	377	3	]	]	X
fbem-29706	377	4	xiao	xiao	PROPN
fbem-29706	377	5	shuguang	shuguang	PROPN
fbem-29706	377	6	,	,	PUNCT
fbem-29706	377	7	yang	yang	PROPN
fbem-29706	377	8	jie	jie	PROPN
fbem-29706	377	9	.	.	PROPN
fbem-29706	378	1	did	do	AUX
fbem-29706	378	2	executive	executive	PROPN
fbem-29706	378	3	equity	equity	NOUN
fbem-29706	378	4	incentives	incentive	NOUN
fbem-29706	378	5	promote	promote	VERB
fbem-29706	378	6	corporate	corporate	ADJ
fbem-29706	378	7	upgrading	upgrading	NOUN
fbem-29706	378	8	empirical	empirical	ADJ
fbem-29706	378	9	evidence	evidence	NOUN
fbem-29706	378	10	from	from	ADP
fbem-29706	378	11	chinese	chinese	ADJ
fbem-29706	378	12	listed	list	VERB
fbem-29706	378	13	companies[j	companies[j	PROPN
fbem-29706	378	14	]	]	PUNCT
fbem-29706	378	15	.	.	PUNCT
fbem-29706	379	1	nankai	nankai	PROPN
fbem-29706	379	2	management	management	PROPN
fbem-29706	379	3	review	review	PROPN
fbem-29706	379	4	,	,	PUNCT
fbem-29706	379	5	2018	2018	NUM
fbem-29706	379	6	,	,	PUNCT
fbem-29706	379	7	21(03	21(03	NUM
fbem-29706	379	8	):	):	PUNCT
fbem-29706	379	9	66	66	NUM
fbem-29706	379	10	-	-	SYM
fbem-29706	379	11	75	75	NUM
fbem-29706	379	12	.	.	PUNCT
fbem-29706	380	1	[	[	X
fbem-29706	380	2	21	21	NUM
fbem-29706	380	3	]	]	X
fbem-29706	380	4	porfírio	porfírio	PROPN
fbem-29706	380	5	j	j	PROPN
fbem-29706	380	6	a	a	PROPN
fbem-29706	380	7	,	,	PUNCT
fbem-29706	380	8	carrilho	carrilho	PROPN
fbem-29706	380	9	t	t	PROPN
fbem-29706	380	10	,	,	PUNCT
fbem-29706	380	11	felício	felício	PROPN
fbem-29706	380	12	j	j	PROPN
fbem-29706	380	13	a	a	PROPN
fbem-29706	380	14	,	,	PUNCT
fbem-29706	380	15	et	et	PROPN
fbem-29706	380	16	al	al	PROPN
fbem-29706	380	17	.	.	PROPN
fbem-29706	380	18	leadership	leadership	NOUN
fbem-29706	380	19	characteristics	characteristic	NOUN
fbem-29706	380	20	and	and	CCONJ
fbem-29706	380	21	digital	digital	ADJ
fbem-29706	380	22	transformation[j	transformation[j	PROPN
fbem-29706	380	23	]	]	PUNCT
fbem-29706	380	24	.	.	PUNCT
fbem-29706	381	1	journal	journal	PROPN
fbem-29706	381	2	of	of	ADP
fbem-29706	381	3	business	business	NOUN
fbem-29706	381	4	research	research	NOUN
fbem-29706	381	5	,	,	PUNCT
fbem-29706	381	6	2021	2021	NUM
fbem-29706	381	7	,	,	PUNCT
fbem-29706	381	8	124	124	NUM
fbem-29706	381	9	:	:	PUNCT
fbem-29706	381	10	610	610	NUM
fbem-29706	381	11	-	-	SYM
fbem-29706	381	12	619	619	NUM
fbem-29706	381	13	.	.	PUNCT
fbem-29706	382	1	[	[	X
fbem-29706	382	2	22	22	NUM
fbem-29706	382	3	]	]	PUNCT
fbem-29706	382	4	vial	vial	ADJ
fbem-29706	382	5	g.	g.	PROPN
fbem-29706	382	6	understanding	understand	VERB
fbem-29706	382	7	digital	digital	ADJ
fbem-29706	382	8	transformation	transformation	NOUN
fbem-29706	382	9	:	:	PUNCT
fbem-29706	382	10	a	a	DET
fbem-29706	382	11	review	review	NOUN
fbem-29706	382	12	and	and	CCONJ
fbem-29706	382	13	a	a	DET
fbem-29706	382	14	research	research	NOUN
fbem-29706	382	15	agenda[j	agenda[j	NOUN
fbem-29706	382	16	]	]	PUNCT
fbem-29706	382	17	.	.	PUNCT
fbem-29706	383	1	journal	journal	PROPN
fbem-29706	383	2	of	of	ADP
fbem-29706	383	3	strategic	strategic	ADJ
fbem-29706	383	4	information	information	NOUN
fbem-29706	383	5	systems	system	NOUN
fbem-29706	383	6	,	,	PUNCT
fbem-29706	383	7	2019	2019	NUM
fbem-29706	383	8	,	,	PUNCT
fbem-29706	383	9	28(2	28(2	NUM
fbem-29706	383	10	):	):	PUNCT
fbem-29706	383	11	118	118	NUM
fbem-29706	383	12	-	-	SYM
fbem-29706	383	13	144	144	NUM
fbem-29706	383	14	.	.	PUNCT
fbem-29706	384	1	[	[	X
fbem-29706	384	2	23	23	NUM
fbem-29706	384	3	]	]	X
fbem-29706	384	4	zhao	zhao	PROPN
fbem-29706	384	5	chen	chen	PROPN
fbem-29706	384	6	-	-	PUNCT
fbem-29706	384	7	yu	yu	PROPN
fbem-29706	384	8	,	,	PUNCT
fbem-29706	384	9	wang	wang	PROPN
fbem-29706	384	10	wen	wen	PROPN
fbem-29706	384	11	-	-	PROPN
fbem-29706	384	12	chun	chun	PROPN
fbem-29706	384	13	,	,	PUNCT
fbem-29706	384	14	li	li	PROPN
fbem-29706	384	15	xuesong	xuesong	PROPN
fbem-29706	384	16	.	.	PUNCT
fbem-29706	385	1	how	how	SCONJ
fbem-29706	385	2	digital	digital	ADJ
fbem-29706	385	3	transformation	transformation	NOUN
fbem-29706	385	4	affects	affect	VERB
fbem-29706	385	5	enterprise	enterprise	NOUN
fbem-29706	385	6	total	total	ADJ
fbem-29706	385	7	factor	factor	NOUN
fbem-29706	385	8	productivity[j	productivity[j	NOUN
fbem-29706	385	9	]	]	PUNCT
fbem-29706	385	10	.	.	PUNCT
fbem-29706	386	1	finance	finance	NOUN
fbem-29706	386	2	and	and	CCONJ
fbem-29706	386	3	trade	trade	NOUN
fbem-29706	386	4	economics	economic	NOUN
fbem-29706	386	5	,	,	PUNCT
fbem-29706	386	6	2021	2021	NUM
fbem-29706	386	7	,	,	PUNCT
fbem-29706	386	8	42(07	42(07	NUM
fbem-29706	386	9	):	):	PUNCT
fbem-29706	386	10	114	114	NUM
fbem-29706	386	11	-	-	SYM
fbem-29706	386	12	129	129	NUM
fbem-29706	386	13	.	.	PUNCT
fbem-29706	387	1	[	[	X
fbem-29706	387	2	24	24	NUM
fbem-29706	387	3	]	]	X
fbem-29706	387	4	zhou	zhou	PROPN
fbem-29706	387	5	p	p	X
fbem-29706	387	6	,	,	PUNCT
fbem-29706	387	7	zhou	zhou	PROPN
fbem-29706	387	8	s	s	PROPN
fbem-29706	387	9	,	,	PUNCT
fbem-29706	387	10	zhang	zhang	PROPN
fbem-29706	387	11	m	m	PROPN
fbem-29706	387	12	,	,	PUNCT
fbem-29706	387	13	et	et	PROPN
fbem-29706	387	14	al	al	PROPN
fbem-29706	387	15	.	.	PUNCT
fbem-29706	387	16	executive	executive	ADJ
fbem-29706	387	17	overconfidence	overconfidence	NOUN
fbem-29706	387	18	,	,	PUNCT
fbem-29706	387	19	digital	digital	ADJ
fbem-29706	387	20	transformation	transformation	NOUN
fbem-29706	387	21	and	and	CCONJ
fbem-29706	387	22	environmental	environmental	ADJ
fbem-29706	387	23	innovation	innovation	NOUN
fbem-29706	387	24	:	:	PUNCT
fbem-29706	387	25	the	the	DET
fbem-29706	387	26	role	role	NOUN
fbem-29706	387	27	of	of	ADP
fbem-29706	387	28	moderated	moderated	ADJ
fbem-29706	387	29	mediator.[j	mediator.[j	PROPN
fbem-29706	387	30	]	]	PUNCT
fbem-29706	387	31	.	.	PUNCT
fbem-29706	388	1	international	international	ADJ
fbem-29706	388	2	journal	journal	PROPN
fbem-29706	388	3	of	of	ADP
fbem-29706	388	4	environmental	environmental	ADJ
fbem-29706	388	5	research	research	NOUN
fbem-29706	388	6	and	and	CCONJ
fbem-29706	388	7	public	public	ADJ
fbem-29706	388	8	health	health	NOUN
fbem-29706	388	9	,	,	PUNCT
fbem-29706	388	10	2022	2022	NUM
fbem-29706	388	11	,	,	PUNCT
fbem-29706	388	12	19(10	19(10	NUM
fbem-29706	388	13	)	)	PUNCT
fbem-29706	388	14	.	.	PUNCT
fbem-29706	389	1	[	[	X
fbem-29706	389	2	25	25	NUM
fbem-29706	389	3	]	]	X
fbem-29706	389	4	jensen	jensen	PROPN
fbem-29706	389	5	m	m	PROPN
fbem-29706	389	6	c	c	NOUN
fbem-29706	389	7	,	,	PUNCT
fbem-29706	389	8	meckling	meckle	VERB
fbem-29706	389	9	w	w	PROPN
fbem-29706	389	10	h.	h.	PROPN
fbem-29706	389	11	theory	theory	NOUN
fbem-29706	389	12	of	of	ADP
fbem-29706	389	13	firm	firm	ADJ
fbem-29706	389	14	managerial	managerial	ADJ
fbem-29706	389	15	behavior	behavior	NOUN
fbem-29706	389	16	,	,	PUNCT
fbem-29706	389	17	agency	agency	NOUN
fbem-29706	389	18	costs	cost	NOUN
fbem-29706	389	19	and	and	CCONJ
fbem-29706	389	20	ownership	ownership	NOUN
fbem-29706	389	21	structure[j	structure[j	NOUN
fbem-29706	389	22	]	]	PUNCT
fbem-29706	389	23	.	.	PUNCT
fbem-29706	390	1	journal	journal	PROPN
fbem-29706	390	2	of	of	ADP
fbem-29706	390	3	financial	financial	ADJ
fbem-29706	390	4	economics	economic	NOUN
fbem-29706	390	5	,	,	PUNCT
fbem-29706	390	6	1976	1976	NUM
fbem-29706	390	7	,	,	PUNCT
fbem-29706	390	8	3(4	3(4	NUM
fbem-29706	390	9	):	):	PUNCT
fbem-29706	390	10	305	305	NUM
fbem-29706	390	11	-	-	SYM
fbem-29706	390	12	360	360	NUM
fbem-29706	390	13	.	.	PUNCT
fbem-29706	391	1	[	[	X
fbem-29706	391	2	26	26	NUM
fbem-29706	391	3	]	]	X
fbem-29706	391	4	bebchuk	bebchuk	PROPN
fbem-29706	391	5	l	l	PROPN
fbem-29706	391	6	a	a	PROPN
fbem-29706	391	7	,	,	PUNCT
fbem-29706	391	8	fried	fry	VERB
fbem-29706	391	9	j	j	PROPN
fbem-29706	391	10	m	m	PROPN
fbem-29706	391	11	,	,	PUNCT
fbem-29706	391	12	walker	walker	PROPN
fbem-29706	391	13	d	d	PROPN
fbem-29706	391	14	i.	i.	PROPN
fbem-29706	391	15	managerial	managerial	PROPN
fbem-29706	391	16	power	power	NOUN
fbem-29706	391	17	and	and	CCONJ
fbem-29706	391	18	rent	rent	NOUN
fbem-29706	391	19	extraction	extraction	NOUN
fbem-29706	391	20	in	in	ADP
fbem-29706	391	21	the	the	DET
fbem-29706	391	22	design	design	NOUN
fbem-29706	391	23	of	of	ADP
fbem-29706	391	24	executive	executive	NOUN
fbem-29706	391	25	compensation[j	compensation[j	PROPN
fbem-29706	391	26	]	]	PUNCT
fbem-29706	391	27	.	.	PUNCT
fbem-29706	392	1	university	university	PROPN
fbem-29706	392	2	of	of	ADP
fbem-29706	392	3	chicago	chicago	PROPN
fbem-29706	392	4	law	law	PROPN
fbem-29706	392	5	review	review	PROPN
fbem-29706	392	6	,	,	PUNCT
fbem-29706	392	7	2002	2002	NUM
fbem-29706	392	8	,	,	PUNCT
fbem-29706	392	9	69(3	69(3	NUM
fbem-29706	392	10	):	):	PUNCT
fbem-29706	392	11	751	751	NUM
fbem-29706	392	12	-	-	SYM
fbem-29706	392	13	846	846	NUM
fbem-29706	392	14	.	.	PUNCT
fbem-29706	393	1	[	[	X
fbem-29706	393	2	27	27	NUM
fbem-29706	393	3	]	]	PUNCT
fbem-29706	393	4	manso	manso	NOUN
fbem-29706	393	5	g.	g.	PROPN
fbem-29706	393	6	motivating	motivating	PROPN
fbem-29706	393	7	innovation[j	innovation[j	PROPN
fbem-29706	393	8	]	]	PUNCT
fbem-29706	393	9	.	.	PUNCT
fbem-29706	394	1	journal	journal	PROPN
fbem-29706	394	2	of	of	ADP
fbem-29706	394	3	finance	finance	NOUN
fbem-29706	394	4	,	,	PUNCT
fbem-29706	394	5	2011	2011	NUM
fbem-29706	394	6	,	,	PUNCT
fbem-29706	394	7	66(5	66(5	NUM
fbem-29706	394	8	):	):	PUNCT
fbem-29706	394	9	1823	1823	NUM
fbem-29706	394	10	-	-	SYM
fbem-29706	394	11	1860	1860	NUM
fbem-29706	394	12	.	.	PUNCT
fbem-29706	395	1	[	[	X
fbem-29706	395	2	28	28	NUM
fbem-29706	395	3	]	]	X
fbem-29706	395	4	yangzi	yangzi	PROPN
fbem-29706	395	5	li	li	PROPN
fbem-29706	395	6	.	.	PROPN
fbem-29706	395	7	management	management	NOUN
fbem-29706	395	8	competence	competence	NOUN
fbem-29706	395	9	,	,	PUNCT
fbem-29706	395	10	executive	executive	NOUN
fbem-29706	395	11	incentives	incentive	NOUN
fbem-29706	395	12	and	and	CCONJ
fbem-29706	395	13	corporate	corporate	ADJ
fbem-29706	395	14	innovation	innovation	NOUN
fbem-29706	395	15	strategy	strategy	NOUN
fbem-29706	395	16	selection[j	selection[j	PROPN
fbem-29706	395	17	]	]	PUNCT
fbem-29706	395	18	.	.	PUNCT
fbem-29706	396	1	journal	journal	PROPN
fbem-29706	396	2	of	of	ADP
fbem-29706	396	3	zhongnan	zhongnan	PROPN
fbem-29706	396	4	university	university	PROPN
fbem-29706	396	5	of	of	ADP
fbem-29706	396	6	economics	economic	NOUN
fbem-29706	396	7	and	and	CCONJ
fbem-29706	396	8	law	law	NOUN
fbem-29706	396	9	,	,	PUNCT
fbem-29706	396	10	2022	2022	NUM
fbem-29706	396	11	,	,	PUNCT
fbem-29706	396	12	(	(	PUNCT
fbem-29706	396	13	02	02	NUM
fbem-29706	396	14	):	):	PUNCT
fbem-29706	396	15	4151	4151	NUM
fbem-29706	396	16	.	.	PUNCT
fbem-29706	397	1	[	[	X
fbem-29706	397	2	29	29	NUM
fbem-29706	397	3	]	]	SYM
fbem-29706	397	4	su	su	PROPN
fbem-29706	397	5	rina	rina	PROPN
fbem-29706	397	6	,	,	PUNCT
fbem-29706	397	7	cheng	cheng	PROPN
fbem-29706	397	8	xinsheng	xinsheng	PROPN
fbem-29706	397	9	,	,	PUNCT
fbem-29706	397	10	yang	yang	PROPN
fbem-29706	397	11	xiaoping	xiaoping	PROPN
fbem-29706	397	12	,	,	PUNCT
fbem-29706	397	13	et	et	PROPN
fbem-29706	397	14	al	al	PROPN
fbem-29706	397	15	.	.	PROPN
fbem-29706	397	16	ceo	ceo	NOUN
fbem-29706	397	17	incentives	incentive	NOUN
fbem-29706	397	18	,	,	PUNCT
fbem-29706	397	19	risk	risk	NOUN
fbem-29706	397	20	appetite	appetite	NOUN
fbem-29706	397	21	and	and	CCONJ
fbem-29706	397	22	corporate	corporate	ADJ
fbem-29706	397	23	innovation[j	innovation[j	NOUN
fbem-29706	397	24	]	]	PUNCT
fbem-29706	397	25	.	.	PUNCT
fbem-29706	398	1	management	management	PROPN
fbem-29706	398	2	review	review	PROPN
fbem-29706	398	3	,	,	PUNCT
fbem-29706	398	4	2022	2022	NUM
fbem-29706	398	5	,	,	PUNCT
fbem-29706	398	6	34(11	34(11	NUM
fbem-29706	398	7	):	):	PUNCT
fbem-29706	398	8	65	65	NUM
fbem-29706	398	9	-	-	SYM
fbem-29706	398	10	74	74	NUM
fbem-29706	398	11	.	.	PUNCT
fbem-29706	399	1	[	[	X
fbem-29706	399	2	30	30	NUM
fbem-29706	399	3	]	]	X
fbem-29706	399	4	lou	lou	PROPN
fbem-29706	399	5	qiuran	qiuran	NOUN
fbem-29706	399	6	.	.	PUNCT
fbem-29706	400	1	executive	executive	PROPN
fbem-29706	400	2	compensation	compensation	NOUN
fbem-29706	400	3	in	in	ADP
fbem-29706	400	4	state	state	NOUN
fbem-29706	400	5	-	-	PUNCT
fbem-29706	400	6	owned	own	VERB
fbem-29706	400	7	enterprises	enterprise	NOUN
fbem-29706	400	8	:	:	PUNCT
fbem-29706	400	9	personality	personality	NOUN
fbem-29706	400	10	traits	trait	NOUN
fbem-29706	400	11	,	,	PUNCT
fbem-29706	400	12	chinese	chinese	ADJ
fbem-29706	400	13	problems	problem	NOUN
fbem-29706	400	14	and	and	CCONJ
fbem-29706	400	15	regulatory	regulatory	ADJ
fbem-29706	400	16	path[j	path[j	NOUN
fbem-29706	400	17	]	]	PUNCT
fbem-29706	400	18	.	.	PUNCT
fbem-29706	401	1	securities	security	NOUN
fbem-29706	401	2	market	market	PROPN
fbem-29706	401	3	herald	herald	PROPN
fbem-29706	401	4	,	,	PUNCT
fbem-29706	401	5	2020	2020	NUM
fbem-29706	401	6	,	,	PUNCT
fbem-29706	401	7	(	(	PUNCT
fbem-29706	401	8	06	06	NUM
fbem-29706	401	9	):	):	PUNCT
fbem-29706	401	10	2	2	NUM
fbem-29706	401	11	-	-	SYM
fbem-29706	401	12	11	11	NUM
fbem-29706	401	13	.	.	PUNCT
fbem-29706	402	1	[	[	X
fbem-29706	402	2	31	31	NUM
fbem-29706	402	3	]	]	PUNCT
fbem-29706	402	4	zeng	zeng	PROPN
fbem-29706	402	5	hao	hao	PROPN
fbem-29706	402	6	.	.	PUNCT
fbem-29706	403	1	do	do	AUX
fbem-29706	403	2	tax	tax	NOUN
fbem-29706	403	3	incentives	incentive	NOUN
fbem-29706	403	4	promote	promote	VERB
fbem-29706	403	5	digital	digital	ADJ
fbem-29706	403	6	transformation	transformation	NOUN
fbem-29706	403	7	?	?	PUNCT
fbem-29706	404	1	-empirical	-empirical	ADJ
fbem-29706	404	2	evidence	evidence	NOUN
fbem-29706	404	3	based	base	VERB
fbem-29706	404	4	on	on	ADP
fbem-29706	404	5	forward	forward	ADV
fbem-29706	404	6	-	-	PUNCT
fbem-29706	404	7	looking	look	VERB
fbem-29706	404	8	effective	effective	ADJ
fbem-29706	404	9	tax	tax	NOUN
fbem-29706	404	10	rates[j	rates[j	PROPN
fbem-29706	404	11	]	]	PUNCT
fbem-29706	404	12	.	.	PUNCT
fbem-29706	405	1	modern	modern	ADJ
fbem-29706	405	2	finance	finance	NOUN
fbem-29706	405	3	and	and	CCONJ
fbem-29706	405	4	economics	economic	NOUN
fbem-29706	405	5	(	(	PUNCT
fbem-29706	405	6	journal	journal	PROPN
fbem-29706	405	7	of	of	ADP
fbem-29706	405	8	tianjin	tianjin	PROPN
fbem-29706	405	9	university	university	PROPN
fbem-29706	405	10	of	of	ADP
fbem-29706	405	11	finance	finance	NOUN
fbem-29706	405	12	and	and	CCONJ
fbem-29706	405	13	economics	economic	NOUN
fbem-29706	405	14	)	)	PUNCT
fbem-29706	405	15	,	,	PUNCT
fbem-29706	405	16	2022	2022	NUM
fbem-29706	405	17	,	,	PUNCT
fbem-29706	405	18	42(10	42(10	NUM
fbem-29706	405	19	):	):	PUNCT
fbem-29706	405	20	38	38	NUM
fbem-29706	405	21	-	-	SYM
fbem-29706	405	22	55	55	NUM
fbem-29706	405	23	.	.	PUNCT
fbem-29706	406	1	[	[	X
fbem-29706	406	2	32	32	NUM
fbem-29706	406	3	]	]	X
fbem-29706	406	4	jiang	jiang	PROPN
fbem-29706	406	5	shuai	shuai	PROPN
fbem-29706	406	6	,	,	PUNCT
fbem-29706	406	7	long	long	ADV
fbem-29706	406	8	jing	jing	ADJ
fbem-29706	406	9	.	.	PUNCT
fbem-29706	407	1	mechanism	mechanism	NOUN
fbem-29706	407	2	path	path	NOUN
fbem-29706	407	3	analysis	analysis	NOUN
fbem-29706	407	4	of	of	ADP
fbem-29706	407	5	executive	executive	ADJ
fbem-29706	407	6	equity	equity	NOUN
fbem-29706	407	7	incentives	incentive	NOUN
fbem-29706	407	8	influencing	influence	VERB
fbem-29706	407	9	corporate	corporate	ADJ
fbem-29706	407	10	technological	technological	ADJ
fbem-29706	407	11	innovation	innovation	NOUN
fbem-29706	407	12	--	--	PUNCT
fbem-29706	407	13	based	base	VERB
fbem-29706	407	14	on	on	ADP
fbem-29706	407	15	empirical	empirical	ADJ
fbem-29706	407	16	evidence	evidence	NOUN
fbem-29706	407	17	from	from	ADP
fbem-29706	407	18	private	private	ADJ
fbem-29706	407	19	listed	list	VERB
fbem-29706	407	20	companies	company	NOUN
fbem-29706	407	21	in	in	ADP
fbem-29706	407	22	china[j	china[j	PROPN
fbem-29706	407	23	]	]	PUNCT
fbem-29706	407	24	.	.	PUNCT
fbem-29706	408	1	journal	journal	PROPN
fbem-29706	408	2	of	of	ADP
fbem-29706	408	3	jiangxi	jiangxi	PROPN
fbem-29706	408	4	normal	normal	PROPN
fbem-29706	408	5	university	university	PROPN
fbem-29706	408	6	(	(	PUNCT
fbem-29706	408	7	philosophy	philosophy	NOUN
fbem-29706	408	8	and	and	CCONJ
fbem-29706	408	9	social	social	ADJ
fbem-29706	408	10	science	science	NOUN
fbem-29706	408	11	edition	edition	PROPN
fbem-29706	408	12	)	)	PUNCT
fbem-29706	408	13	,	,	PUNCT
fbem-29706	408	14	2022	2022	NUM
fbem-29706	408	15	,	,	PUNCT
fbem-29706	408	16	55(03	55(03	NUM
fbem-29706	408	17	):	):	PUNCT
fbem-29706	408	18	96	96	NUM
fbem-29706	408	19	-	-	SYM
fbem-29706	408	20	106	106	NUM
fbem-29706	408	21	.	.	PUNCT
fbem-29706	409	1	[	[	X
fbem-29706	409	2	33	33	NUM
fbem-29706	409	3	]	]	X
fbem-29706	409	4	fu	fu	PROPN
fbem-29706	409	5	qiang	qiang	PROPN
fbem-29706	409	6	,	,	PUNCT
fbem-29706	409	7	hu	hu	PROPN
fbem-29706	409	8	wenxiu	wenxiu	PROPN
fbem-29706	409	9	,	,	PUNCT
fbem-29706	409	10	kang	kang	PROPN
fbem-29706	409	11	hua	hua	PROPN
fbem-29706	409	12	.	.	PROPN
fbem-29706	410	1	can	can	AUX
fbem-29706	410	2	equity	equity	NOUN
fbem-29706	410	3	incentives	incentive	NOUN
fbem-29706	410	4	improve	improve	VERB
fbem-29706	410	5	information	information	NOUN
fbem-29706	410	6	transparency	transparency	NOUN
fbem-29706	410	7	of	of	ADP
fbem-29706	410	8	listed	list	VERB
fbem-29706	410	9	companies	company	NOUN
fbem-29706	410	10	?	?	PUNCT
fbem-29706	411	1	-analysis	-analysis	NOUN
fbem-29706	411	2	based	base	VERB
fbem-29706	411	3	on	on	ADP
fbem-29706	411	4	future	future	ADJ
fbem-29706	411	5	surplus	surplus	ADJ
fbem-29706	411	6	response	response	NOUN
fbem-29706	411	7	coefficient[j	coefficient[j	NOUN
fbem-29706	411	8	]	]	PUNCT
fbem-29706	411	9	.	.	PUNCT
fbem-29706	412	1	economic	economic	ADJ
fbem-29706	412	2	management	management	NOUN
fbem-29706	412	3	,	,	PUNCT
fbem-29706	412	4	2019	2019	NUM
fbem-29706	412	5	,	,	PUNCT
fbem-29706	412	6	41(03	41(03	NUM
fbem-29706	412	7	):	):	PUNCT
fbem-29706	412	8	174	174	NUM
fbem-29706	412	9	-	-	SYM
fbem-29706	412	10	192	192	NUM
fbem-29706	412	11	.	.	PUNCT
fbem-29706	413	1	201	201	NUM
fbem-29706	414	1	[	[	X
fbem-29706	414	2	34	34	NUM
fbem-29706	414	3	]	]	SYM
fbem-29706	414	4	hu	hu	PROPN
fbem-29706	414	5	g	g	PROPN
fbem-29706	414	6	,	,	PUNCT
fbem-29706	414	7	gaidi	gaidi	PROPN
fbem-29706	414	8	.	.	PUNCT
fbem-29706	415	1	executive	executive	ADJ
fbem-29706	415	2	equity	equity	NOUN
fbem-29706	415	3	incentives	incentive	NOUN
fbem-29706	415	4	and	and	CCONJ
fbem-29706	415	5	bank	bank	NOUN
fbem-29706	415	6	credit	credit	NOUN
fbem-29706	415	7	decisions	decision	NOUN
fbem-29706	415	8	empirical	empirical	ADJ
fbem-29706	415	9	evidence	evidence	NOUN
fbem-29706	415	10	based	base	VERB
fbem-29706	415	11	on	on	ADP
fbem-29706	415	12	private	private	ADJ
fbem-29706	415	13	listed	list	VERB
fbem-29706	415	14	companies	company	NOUN
fbem-29706	415	15	in	in	ADP
fbem-29706	415	16	china[j	china[j	PROPN
fbem-29706	415	17	]	]	PUNCT
fbem-29706	415	18	.	.	PUNCT
fbem-29706	416	1	accounting	accounting	NOUN
fbem-29706	416	2	research	research	NOUN
fbem-29706	416	3	,	,	PUNCT
fbem-29706	416	4	2014	2014	NUM
fbem-29706	416	5	,	,	PUNCT
fbem-29706	416	6	(	(	PUNCT
fbem-29706	416	7	04	04	NUM
fbem-29706	416	8	):	):	PUNCT
fbem-29706	416	9	5865	5865	NUM
fbem-29706	416	10	.	.	PUNCT
fbem-29706	417	1	[	[	X
fbem-29706	417	2	35	35	NUM
fbem-29706	417	3	]	]	PUNCT
fbem-29706	417	4	he	he	PRON
fbem-29706	417	5	xiaoxing	xiaoxe	VERB
fbem-29706	417	6	,	,	PUNCT
fbem-29706	417	7	ye	ye	PROPN
fbem-29706	417	8	zhan	zhan	PROPN
fbem-29706	417	9	.	.	PUNCT
fbem-29706	418	1	do	do	AUX
fbem-29706	418	2	equity	equity	NOUN
fbem-29706	418	3	incentives	incentive	NOUN
fbem-29706	418	4	affect	affect	VERB
fbem-29706	418	5	corporate	corporate	ADJ
fbem-29706	418	6	finance	finance	NOUN
fbem-29706	418	7	constraints	constraint	NOUN
fbem-29706	418	8	?	?	PUNCT
fbem-29706	419	1	--based	--base	VERB
fbem-29706	419	2	on	on	ADP
fbem-29706	419	3	empirical	empirical	ADJ
fbem-29706	419	4	evidence	evidence	NOUN
fbem-29706	419	5	from	from	ADP
fbem-29706	419	6	listed	list	VERB
fbem-29706	419	7	companies	company	NOUN
fbem-29706	419	8	in	in	ADP
fbem-29706	419	9	china[j	china[j	PROPN
fbem-29706	419	10	]	]	PUNCT
fbem-29706	419	11	.	.	PUNCT
fbem-29706	420	1	economic	economic	ADJ
fbem-29706	420	2	management	management	NOUN
fbem-29706	420	3	,	,	PUNCT
fbem-29706	420	4	2017	2017	NUM
fbem-29706	420	5	,	,	PUNCT
fbem-29706	420	6	39(01	39(01	NUM
fbem-29706	420	7	):	):	PUNCT
fbem-29706	420	8	84	84	NUM
fbem-29706	420	9	-	-	SYM
fbem-29706	420	10	99	99	NUM
fbem-29706	420	11	.	.	PUNCT
fbem-29706	421	1	[	[	X
fbem-29706	421	2	36	36	NUM
fbem-29706	421	3	]	]	X
fbem-29706	421	4	xiao	xiao	PROPN
fbem-29706	421	5	shufang	shufang	PROPN
fbem-29706	421	6	,	,	PUNCT
fbem-29706	421	7	liu	liu	PROPN
fbem-29706	421	8	ying	ying	PROPN
fbem-29706	421	9	,	,	PUNCT
fbem-29706	421	10	liu	liu	PROPN
fbem-29706	421	11	yang	yang	PROPN
fbem-29706	421	12	.	.	PUNCT
fbem-29706	422	1	research	research	NOUN
fbem-29706	422	2	on	on	ADP
fbem-29706	422	3	managers	manager	NOUN
fbem-29706	422	4	'	'	PART
fbem-29706	422	5	surplus	surplus	ADJ
fbem-29706	422	6	management	management	NOUN
fbem-29706	422	7	behaviors	behavior	NOUN
fbem-29706	422	8	in	in	ADP
fbem-29706	422	9	stock	stock	NOUN
fbem-29706	422	10	option	option	NOUN
fbem-29706	422	11	implementation	implementation	NOUN
fbem-29706	422	12	:	:	PUNCT
fbem-29706	422	13	the	the	DET
fbem-29706	422	14	perspective	perspective	NOUN
fbem-29706	422	15	of	of	ADP
fbem-29706	422	16	exercise	exercise	NOUN
fbem-29706	422	17	performance	performance	NOUN
fbem-29706	422	18	appraisal	appraisal	NOUN
fbem-29706	422	19	index	index	NOUN
fbem-29706	422	20	setting[j	setting[j	NOUN
fbem-29706	422	21	]	]	PUNCT
fbem-29706	422	22	.	.	PUNCT
fbem-29706	423	1	accounting	accounting	NOUN
fbem-29706	423	2	research	research	NOUN
fbem-29706	423	3	,	,	PUNCT
fbem-29706	423	4	2013	2013	NUM
fbem-29706	423	5	,	,	PUNCT
fbem-29706	423	6	(	(	PUNCT
fbem-29706	423	7	12	12	NUM
fbem-29706	423	8	):	):	PUNCT
fbem-29706	423	9	40	40	NUM
fbem-29706	423	10	-	-	SYM
fbem-29706	423	11	46	46	NUM
fbem-29706	423	12	.	.	PUNCT
fbem-29706	424	1	[	[	X
fbem-29706	424	2	37	37	NUM
fbem-29706	424	3	]	]	X
fbem-29706	424	4	tian	tian	PROPN
fbem-29706	424	5	xuan	xuan	PROPN
fbem-29706	424	6	,	,	PUNCT
fbem-29706	424	7	meng	meng	PROPN
fbem-29706	424	8	qingyang	qingyang	PROPN
fbem-29706	424	9	.	.	PUNCT
fbem-29706	425	1	can	can	AUX
fbem-29706	425	2	equity	equity	VERB
fbem-29706	425	3	incentive	incentive	NOUN
fbem-29706	425	4	plans	plan	NOUN
fbem-29706	425	5	promote	promote	VERB
fbem-29706	425	6	corporate	corporate	ADJ
fbem-29706	425	7	innovation[j	innovation[j	NOUN
fbem-29706	425	8	]	]	PUNCT
fbem-29706	425	9	.	.	PUNCT
fbem-29706	426	1	nankai	nankai	PROPN
fbem-29706	426	2	management	management	PROPN
fbem-29706	426	3	review	review	PROPN
fbem-29706	426	4	,	,	PUNCT
fbem-29706	426	5	2018	2018	NUM
fbem-29706	426	6	,	,	PUNCT
fbem-29706	426	7	21(03	21(03	NUM
fbem-29706	426	8	):	):	PUNCT
fbem-29706	426	9	176	176	NUM
fbem-29706	426	10	-	-	SYM
fbem-29706	426	11	190	190	NUM
fbem-29706	426	12	.	.	PUNCT
fbem-29706	427	1	[	[	X
fbem-29706	427	2	38	38	NUM
fbem-29706	427	3	]	]	X
fbem-29706	427	4	chen	chen	PROPN
fbem-29706	427	5	wenqiang	wenqiang	PROPN
fbem-29706	427	6	,	,	PUNCT
fbem-29706	427	7	wang	wang	PROPN
fbem-29706	427	8	xiaoting	xiaoting	PROPN
fbem-29706	427	9	,	,	PUNCT
fbem-29706	427	10	jia	jia	PROPN
fbem-29706	427	11	shenghua	shenghua	PROPN
fbem-29706	427	12	.	.	PUNCT
fbem-29706	428	1	equity	equity	NOUN
fbem-29706	428	2	incentives	incentive	NOUN
fbem-29706	428	3	,	,	PUNCT
fbem-29706	428	4	dual	dual	ADJ
fbem-29706	428	5	exercise	exercise	NOUN
fbem-29706	428	6	restrictions	restriction	NOUN
fbem-29706	428	7	and	and	CCONJ
fbem-29706	428	8	corporate	corporate	ADJ
fbem-29706	428	9	risk	risk	NOUN
fbem-29706	428	10	taking[j	taking[j	NOUN
fbem-29706	428	11	]	]	PUNCT
fbem-29706	428	12	.	.	PUNCT
fbem-29706	429	1	journal	journal	PROPN
fbem-29706	429	2	of	of	ADP
fbem-29706	429	3	zhejiang	zhejiang	PROPN
fbem-29706	429	4	university	university	PROPN
fbem-29706	429	5	(	(	PUNCT
fbem-29706	429	6	humanities	humanity	NOUN
fbem-29706	429	7	and	and	CCONJ
fbem-29706	429	8	social	social	ADJ
fbem-29706	429	9	sciences	sciences	PROPN
fbem-29706	429	10	edition	edition	NOUN
fbem-29706	429	11	)	)	PUNCT
fbem-29706	429	12	,	,	PUNCT
fbem-29706	429	13	2020	2020	NUM
fbem-29706	429	14	,	,	PUNCT
fbem-29706	429	15	50(03	50(03	NUM
fbem-29706	429	16	):	):	PUNCT
fbem-29706	429	17	79	79	NUM
fbem-29706	429	18	-	-	SYM
fbem-29706	429	19	100	100	NUM
fbem-29706	429	20	.	.	PUNCT
fbem-29706	430	1	[	[	X
fbem-29706	430	2	39	39	NUM
fbem-29706	430	3	]	]	PUNCT
fbem-29706	430	4	lefebvre	lefebvre	PROPN
fbem-29706	430	5	m	m	PROPN
fbem-29706	430	6	,	,	PUNCT
fbem-29706	430	7	vieider	vieider	PROPN
fbem-29706	430	8	f	f	PROPN
fbem-29706	430	9	m.	m.	NOUN
fbem-29706	430	10	risk	risk	NOUN
fbem-29706	430	11	taking	taking	NOUN
fbem-29706	430	12	of	of	ADP
fbem-29706	430	13	executives	executive	NOUN
fbem-29706	430	14	under	under	ADP
fbem-29706	430	15	different	different	ADJ
fbem-29706	430	16	incentive	incentive	NOUN
fbem-29706	430	17	contracts	contract	NOUN
fbem-29706	430	18	:	:	PUNCT
fbem-29706	430	19	experimental	experimental	ADJ
fbem-29706	430	20	evidence[j	evidence[j	PROPN
fbem-29706	430	21	]	]	PUNCT
fbem-29706	430	22	.	.	PUNCT
fbem-29706	430	23	journal	journal	PROPN
fbem-29706	430	24	of	of	ADP
fbem-29706	430	25	economic	economic	ADJ
fbem-29706	430	26	behavior	behavior	NOUN
fbem-29706	430	27	&	&	CCONJ
fbem-29706	430	28	organization	organization	PROPN
fbem-29706	430	29	,	,	PUNCT
fbem-29706	430	30	2014	2014	NUM
fbem-29706	430	31	,	,	PUNCT
fbem-29706	430	32	97	97	NUM
fbem-29706	430	33	:	:	SYM
fbem-29706	430	34	2736	2736	NUM
fbem-29706	430	35	.	.	PUNCT
fbem-29706	431	1	[	[	X
fbem-29706	431	2	40	40	NUM
fbem-29706	431	3	]	]	X
fbem-29706	431	4	lei	lei	VERB
fbem-29706	431	5	p	p	NOUN
fbem-29706	431	6	,	,	PUNCT
fbem-29706	431	7	liang	liang	PROPN
fbem-29706	431	8	ty	ty	PROPN
fbem-29706	431	9	,	,	PUNCT
fbem-29706	431	10	chen	chen	PROPN
fbem-29706	432	1	xd	xd	PROPN
fbem-29706	432	2	.	.	PROPN
fbem-29706	433	1	research	research	NOUN
fbem-29706	433	2	on	on	ADP
fbem-29706	433	3	the	the	DET
fbem-29706	433	4	impact	impact	NOUN
fbem-29706	433	5	of	of	ADP
fbem-29706	433	6	management	management	NOUN
fbem-29706	433	7	incentives	incentive	NOUN
fbem-29706	433	8	on	on	ADP
fbem-29706	433	9	corporate	corporate	ADJ
fbem-29706	433	10	r&d	r&d	NOUN
fbem-29706	433	11	efficiency	efficiency	NOUN
fbem-29706	433	12	under	under	ADP
fbem-29706	433	13	the	the	DET
fbem-29706	433	14	perspective	perspective	NOUN
fbem-29706	433	15	of	of	ADP
fbem-29706	433	16	financing	finance	VERB
fbem-29706	433	17	constraints[j	constraints[j	PROPN
fbem-29706	433	18	]	]	PUNCT
fbem-29706	433	19	.	.	PUNCT
fbem-29706	434	1	foreign	foreign	ADJ
fbem-29706	434	2	economy	economy	NOUN
fbem-29706	434	3	and	and	CCONJ
fbem-29706	434	4	management	management	NOUN
fbem-29706	434	5	,	,	PUNCT
fbem-29706	434	6	2016	2016	NUM
fbem-29706	434	7	,	,	PUNCT
fbem-29706	434	8	38(10	38(10	NUM
fbem-29706	434	9	):	):	PUNCT
fbem-29706	434	10	60	60	NUM
fbem-29706	434	11	-	-	SYM
fbem-29706	434	12	75	75	NUM
fbem-29706	434	13	.	.	PUNCT
fbem-29706	435	1	[	[	X
fbem-29706	435	2	41	41	NUM
fbem-29706	435	3	]	]	X
fbem-29706	435	4	gormley	gormley	PROPN
fbem-29706	435	5	t	t	PROPN
fbem-29706	435	6	a	a	PROPN
fbem-29706	435	7	,	,	PUNCT
fbem-29706	435	8	matsa	matsa	NOUN
fbem-29706	435	9	d	d	X
fbem-29706	435	10	a	a	PRON
fbem-29706	435	11	,	,	PUNCT
fbem-29706	435	12	milbourn	milbourn	NOUN
fbem-29706	435	13	t.	t.	PROPN
fbem-29706	435	14	ceo	ceo	PROPN
fbem-29706	435	15	compensation	compensation	NOUN
fbem-29706	435	16	and	and	CCONJ
fbem-29706	435	17	corporate	corporate	ADJ
fbem-29706	435	18	risk	risk	NOUN
fbem-29706	435	19	:	:	PUNCT
fbem-29706	435	20	evidence	evidence	NOUN
fbem-29706	435	21	from	from	ADP
fbem-29706	435	22	a	a	DET
fbem-29706	435	23	natural	natural	ADJ
fbem-29706	435	24	experiment[j	experiment[j	NOUN
fbem-29706	435	25	]	]	PUNCT
fbem-29706	435	26	.	.	PUNCT
fbem-29706	436	1	journal	journal	PROPN
fbem-29706	436	2	of	of	ADP
fbem-29706	436	3	accounting	accounting	PROPN
fbem-29706	436	4	&	&	CCONJ
fbem-29706	436	5	economics	economic	NOUN
fbem-29706	436	6	,	,	PUNCT
fbem-29706	436	7	2013	2013	NUM
fbem-29706	436	8	,	,	PUNCT
fbem-29706	436	9	56(2	56(2	NOUN
fbem-29706	436	10	-	-	SYM
fbem-29706	436	11	3	3	NUM
fbem-29706	436	12	):	):	PUNCT
fbem-29706	436	13	79	79	NUM
fbem-29706	436	14	-	-	SYM
fbem-29706	436	15	101	101	NUM
fbem-29706	436	16	.	.	PUNCT
fbem-29706	437	1	[	[	X
fbem-29706	437	2	42	42	NUM
fbem-29706	437	3	]	]	X
fbem-29706	437	4	wu	wu	PROPN
fbem-29706	437	5	fei	fei	PROPN
fbem-29706	437	6	,	,	PUNCT
fbem-29706	437	7	hu	hu	PROPN
fbem-29706	437	8	huizhi	huizhi	PROPN
fbem-29706	437	9	,	,	PUNCT
fbem-29706	437	10	lin	lin	PROPN
fbem-29706	437	11	huiyan	huiyan	VERB
fbem-29706	437	12	,	,	PUNCT
fbem-29706	437	13	et	et	PROPN
fbem-29706	437	14	al	al	PROPN
fbem-29706	437	15	.	.	PUNCT
fbem-29706	438	1	corporate	corporate	ADJ
fbem-29706	438	2	digital	digital	ADJ
fbem-29706	438	3	transformation	transformation	NOUN
fbem-29706	438	4	and	and	CCONJ
fbem-29706	438	5	capital	capital	NOUN
fbem-29706	438	6	market	market	NOUN
fbem-29706	438	7	performance	performance	NOUN
fbem-29706	438	8	empirical	empirical	ADJ
fbem-29706	438	9	evidence	evidence	NOUN
fbem-29706	438	10	from	from	ADP
fbem-29706	438	11	stock	stock	NOUN
fbem-29706	438	12	liquidity[j	liquidity[j	PROPN
fbem-29706	438	13	]	]	PUNCT
fbem-29706	438	14	.	.	PUNCT
fbem-29706	439	1	management	management	NOUN
fbem-29706	439	2	world	world	NOUN
fbem-29706	439	3	,	,	PUNCT
fbem-29706	439	4	2021	2021	NUM
fbem-29706	439	5	,	,	PUNCT
fbem-29706	439	6	37(07	37(07	NUM
fbem-29706	439	7	):	):	PUNCT
fbem-29706	439	8	130	130	NUM
fbem-29706	439	9	-	-	SYM
fbem-29706	439	10	144	144	NUM
fbem-29706	439	11	.	.	PUNCT
fbem-29706	440	1	[	[	X
fbem-29706	440	2	43	43	NUM
fbem-29706	440	3	]	]	X
fbem-29706	440	4	haans	haan	NOUN
fbem-29706	440	5	r	r	PROPN
fbem-29706	440	6	f	f	PROPN
fbem-29706	440	7	j	j	PROPN
fbem-29706	440	8	,	,	PUNCT
fbem-29706	440	9	pieters	pieter	NOUN
fbem-29706	440	10	c	c	VERB
fbem-29706	440	11	,	,	PUNCT
fbem-29706	440	12	he	he	PRON
fbem-29706	440	13	z.	z.	VERB
fbem-29706	440	14	thinking	think	VERB
fbem-29706	440	15	about	about	ADP
fbem-29706	440	16	u	u	NOUN
fbem-29706	440	17	:	:	PUNCT
fbem-29706	440	18	theorizing	theorize	VERB
fbem-29706	440	19	and	and	CCONJ
fbem-29706	440	20	testing	testing	NOUN
fbem-29706	440	21	uand	uand	NOUN
fbem-29706	440	22	inverted	invert	VERB
fbem-29706	440	23	u	u	ADJ
fbem-29706	440	24	-	-	ADJ
fbem-29706	440	25	shaped	shape	VERB
fbem-29706	440	26	relationships	relationship	NOUN
fbem-29706	440	27	in	in	ADP
fbem-29706	440	28	strategy	strategy	NOUN
fbem-29706	440	29	research[j	research[j	NOUN
fbem-29706	440	30	]	]	PUNCT
fbem-29706	440	31	.	.	PUNCT
fbem-29706	441	1	strategic	strategic	ADJ
fbem-29706	441	2	management	management	NOUN
fbem-29706	441	3	journal	journal	NOUN
fbem-29706	441	4	,	,	PUNCT
fbem-29706	441	5	2016	2016	NUM
fbem-29706	441	6	,	,	PUNCT
fbem-29706	441	7	37(7	37(7	NUM
fbem-29706	441	8	):	):	PUNCT
fbem-29706	441	9	11771195	11771195	NUM
fbem-29706	441	10	.	.	PUNCT
fbem-29706	442	1	[	[	X
fbem-29706	442	2	44	44	NUM
fbem-29706	442	3	]	]	PUNCT
fbem-29706	442	4	wang	wang	PROPN
fbem-29706	442	5	l	l	PROPN
fbem-29706	442	6	,	,	PUNCT
fbem-29706	442	7	wang	wang	PROPN
fbem-29706	442	8	xuebiao	xuebiao	PROPN
fbem-29706	442	9	,	,	PUNCT
fbem-29706	442	10	bai	bai	PROPN
fbem-29706	442	11	zq	zq	PROPN
fbem-29706	442	12	.	.	PROPN
fbem-29706	442	13	research	research	NOUN
fbem-29706	442	14	on	on	ADP
fbem-29706	442	15	the	the	DET
fbem-29706	442	16	inverted	inverted	ADJ
fbem-29706	442	17	ushaped	ushaped	ADJ
fbem-29706	442	18	relationship	relationship	NOUN
fbem-29706	442	19	between	between	ADP
fbem-29706	442	20	deposit	deposit	NOUN
fbem-29706	442	21	-	-	PUNCT
fbem-29706	442	22	to	to	ADP
fbem-29706	442	23	-	-	PUNCT
fbem-29706	442	24	loan	loan	NOUN
fbem-29706	442	25	ratio	ratio	NOUN
fbem-29706	442	26	and	and	CCONJ
fbem-29706	442	27	commercial	commercial	ADJ
fbem-29706	442	28	bank	bank	NOUN
fbem-29706	442	29	profitability	profitability	NOUN
fbem-29706	442	30	--	--	PUNCT
fbem-29706	442	31	introducing	introduce	VERB
fbem-29706	442	32	the	the	DET
fbem-29706	442	33	mediating	mediate	VERB
fbem-29706	442	34	effect	effect	NOUN
fbem-29706	442	35	model	model	NOUN
fbem-29706	442	36	of	of	ADP
fbem-29706	442	37	non	non	ADJ
fbem-29706	442	38	-	-	ADJ
fbem-29706	442	39	performing	performing	ADJ
fbem-29706	442	40	loan	loan	NOUN
fbem-29706	442	41	ratio[j	ratio[j	NOUN
fbem-29706	442	42	]	]	PUNCT
fbem-29706	442	43	.	.	PUNCT
fbem-29706	443	1	research	research	NOUN
fbem-29706	443	2	management	management	NOUN
fbem-29706	443	3	,	,	PUNCT
fbem-29706	443	4	2020	2020	NUM
fbem-29706	443	5	,	,	PUNCT
fbem-29706	443	6	41(07	41(07	NUM
fbem-29706	443	7	):	):	PUNCT
fbem-29706	443	8	230	230	NUM
fbem-29706	443	9	-	-	SYM
fbem-29706	443	10	238	238	NUM
fbem-29706	443	11	.	.	PUNCT
fbem-29706	444	1	[	[	X
fbem-29706	444	2	45	45	NUM
fbem-29706	444	3	]	]	X
fbem-29706	444	4	liu	liu	PROPN
fbem-29706	444	5	baohua	baohua	PROPN
fbem-29706	444	6	,	,	PUNCT
fbem-29706	444	7	wang	wang	PROPN
fbem-29706	444	8	lei	lei	PROPN
fbem-29706	444	9	.	.	PUNCT
fbem-29706	444	10	performance	performance	NOUN
fbem-29706	444	11	-	-	PUNCT
fbem-29706	444	12	based	base	VERB
fbem-29706	444	13	equity	equity	NOUN
fbem-29706	444	14	incentives	incentive	NOUN
fbem-29706	444	15	,	,	PUNCT
fbem-29706	444	16	exercise	exercise	VERB
fbem-29706	444	17	restrictions	restriction	NOUN
fbem-29706	444	18	and	and	CCONJ
fbem-29706	444	19	corporate	corporate	ADJ
fbem-29706	444	20	innovation[j	innovation[j	PROPN
fbem-29706	444	21	]	]	PUNCT
fbem-29706	444	22	.	.	PUNCT
fbem-29706	445	1	nankai	nankai	PROPN
fbem-29706	445	2	management	management	PROPN
fbem-29706	445	3	review	review	PROPN
fbem-29706	445	4	,	,	PUNCT
fbem-29706	445	5	2018	2018	NUM
fbem-29706	445	6	,	,	PUNCT
fbem-29706	445	7	21(01	21(01	NUM
fbem-29706	445	8	):	):	PUNCT
fbem-29706	445	9	17	17	NUM
fbem-29706	445	10	-	-	SYM
fbem-29706	445	11	27	27	NUM
fbem-29706	445	12	.	.	PUNCT
fbem-29706	446	1	[	[	X
fbem-29706	446	2	46	46	NUM
fbem-29706	446	3	]	]	X
fbem-29706	446	4	du	du	PROPN
fbem-29706	446	5	jinmin	jinmin	PROPN
fbem-29706	446	6	,	,	PUNCT
fbem-29706	446	7	chen	chen	PROPN
fbem-29706	446	8	xinyuan	xinyuan	PROPN
fbem-29706	446	9	,	,	PUNCT
fbem-29706	446	10	wu	wu	PROPN
fbem-29706	446	11	fei	fei	PROPN
fbem-29706	446	12	.	.	PUNCT
fbem-29706	447	1	corporate	corporate	ADJ
fbem-29706	447	2	leverage	leverage	NOUN
fbem-29706	447	3	and	and	CCONJ
fbem-29706	447	4	digital	digital	ADJ
fbem-29706	447	5	transformation	transformation	NOUN
fbem-29706	447	6	:	:	PUNCT
fbem-29706	447	7	promotion	promotion	NOUN
fbem-29706	447	8	or	or	CCONJ
fbem-29706	447	9	inhibition	inhibition	VERB
fbem-29706	447	10	structural	structural	ADJ
fbem-29706	447	11	characteristics	characteristic	NOUN
fbem-29706	447	12	,	,	PUNCT
fbem-29706	447	13	channel	channel	NOUN
fbem-29706	447	14	mechanisms	mechanism	NOUN
fbem-29706	447	15	and	and	CCONJ
fbem-29706	447	16	regulatory	regulatory	ADJ
fbem-29706	447	17	governance[j	governance[j	NOUN
fbem-29706	447	18	]	]	PUNCT
fbem-29706	447	19	.	.	PUNCT
fbem-29706	448	1	financial	financial	PROPN
fbem-29706	448	2	review	review	PROPN
fbem-29706	448	3	,	,	PUNCT
fbem-29706	448	4	2022	2022	NUM
fbem-29706	448	5	,	,	PUNCT
fbem-29706	448	6	14(05	14(05	NUM
fbem-29706	448	7	):	):	PUNCT
fbem-29706	448	8	13	13	NUM
fbem-29706	448	9	-	-	SYM
fbem-29706	448	10	30	30	NUM
fbem-29706	448	11	.	.	PUNCT
fbem-29706	449	1	[	[	X
fbem-29706	449	2	47	47	NUM
fbem-29706	449	3	]	]	X
fbem-29706	449	4	kaplan	kaplan	PROPN
fbem-29706	449	5	s	s	PART
fbem-29706	449	6	n	n	CCONJ
fbem-29706	449	7	,	,	PUNCT
fbem-29706	449	8	zingales	zingales	PROPN
fbem-29706	449	9	l.	l.	PROPN
fbem-29706	449	10	do	do	AUX
fbem-29706	449	11	investment	investment	NOUN
fbem-29706	449	12	-	-	PUNCT
fbem-29706	449	13	cash	cash	NOUN
fbem-29706	449	14	flow	flow	NOUN
fbem-29706	449	15	sensitivities	sensitivity	NOUN
fbem-29706	449	16	provide	provide	VERB
fbem-29706	449	17	useful	useful	ADJ
fbem-29706	449	18	measures	measure	NOUN
fbem-29706	449	19	of	of	ADP
fbem-29706	449	20	financing	financing	NOUN
fbem-29706	449	21	constraints?[j	constraints?[j	X
fbem-29706	449	22	]	]	PUNCT
fbem-29706	449	23	.	.	PUNCT
fbem-29706	450	1	quarterly	quarterly	ADJ
fbem-29706	450	2	journal	journal	NOUN
fbem-29706	450	3	of	of	ADP
fbem-29706	450	4	economics	economic	NOUN
fbem-29706	450	5	,	,	PUNCT
fbem-29706	450	6	1997	1997	NUM
fbem-29706	450	7	,	,	PUNCT
fbem-29706	450	8	112(1	112(1	NUM
fbem-29706	450	9	):	):	PUNCT
fbem-29706	450	10	169	169	NUM
fbem-29706	450	11	-	-	SYM
fbem-29706	450	12	215	215	NUM
fbem-29706	450	13	.	.	PUNCT
fbem-29706	451	1	[	[	X
fbem-29706	451	2	48	48	NUM
fbem-29706	451	3	]	]	PUNCT
fbem-29706	451	4	amihud	amihud	PROPN
fbem-29706	451	5	y.	y.	PROPN
fbem-29706	451	6	illiquidity	illiquidity	PROPN
fbem-29706	451	7	and	and	CCONJ
fbem-29706	451	8	stock	stock	NOUN
fbem-29706	451	9	returns	return	NOUN
fbem-29706	451	10	:	:	PUNCT
fbem-29706	451	11	cross	cross	NOUN
fbem-29706	451	12	-	-	NOUN
fbem-29706	451	13	section	section	NOUN
fbem-29706	451	14	and	and	CCONJ
fbem-29706	451	15	time	time	NOUN
fbem-29706	451	16	-	-	PUNCT
fbem-29706	451	17	series	series	NOUN
fbem-29706	451	18	effects[j	effects[j	PROPN
fbem-29706	451	19	]	]	PUNCT
fbem-29706	451	20	.	.	PUNCT
fbem-29706	452	1	journal	journal	PROPN
fbem-29706	452	2	of	of	ADP
fbem-29706	452	3	financial	financial	ADJ
fbem-29706	452	4	markets	market	NOUN
fbem-29706	452	5	,	,	PUNCT
fbem-29706	452	6	2002	2002	NUM
fbem-29706	452	7	,	,	PUNCT
fbem-29706	452	8	5(1	5(1	NUM
fbem-29706	452	9	):	):	PUNCT
fbem-29706	452	10	31	31	NUM
fbem-29706	452	11	-	-	SYM
fbem-29706	452	12	56	56	NUM
fbem-29706	452	13	.	.	PUNCT