id	sid	tid	token	lemma	pos
fbem-30083	1	1	frontiers	frontier	NOUN
fbem-30083	1	2	in	in	ADP
fbem-30083	1	3	business	business	NOUN
fbem-30083	1	4	,	,	PUNCT
fbem-30083	1	5	economics	economic	NOUN
fbem-30083	1	6	and	and	CCONJ
fbem-30083	1	7	management	management	NOUN
fbem-30083	1	8	issn	issn	PROPN
fbem-30083	1	9	:	:	PUNCT
fbem-30083	1	10	2766	2766	NUM
fbem-30083	1	11	-	-	PUNCT
fbem-30083	1	12	824x	824x	NUM
fbem-30083	1	13	|	|	ADJ
fbem-30083	1	14	vol	vol	NOUN
fbem-30083	1	15	.	.	PROPN
fbem-30083	1	16	18	18	NUM
fbem-30083	1	17	,	,	PUNCT
fbem-30083	1	18	no	no	INTJ
fbem-30083	1	19	.	.	NOUN
fbem-30083	1	20	3	3	NUM
fbem-30083	1	21	,	,	PUNCT
fbem-30083	1	22	2025	2025	NUM
fbem-30083	1	23	114	114	NUM
fbem-30083	1	24	research	research	NOUN
fbem-30083	1	25	on	on	ADP
fbem-30083	1	26	the	the	DET
fbem-30083	1	27	impact	impact	NOUN
fbem-30083	1	28	of	of	ADP
fbem-30083	1	29	corporate	corporate	ADJ
fbem-30083	1	30	esg	esg	NOUN
fbem-30083	1	31	performance	performance	NOUN
fbem-30083	1	32	on	on	ADP
fbem-30083	1	33	debt	debt	NOUN
fbem-30083	1	34	financing	financing	NOUN
fbem-30083	1	35	costs	cost	NOUN
fbem-30083	1	36	cheng	cheng	PROPN
fbem-30083	1	37	kong	kong	PROPN
fbem-30083	2	1	a	a	PROPN
fbem-30083	2	2	,	,	PUNCT
fbem-30083	2	3	jin	jin	PROPN
fbem-30083	2	4	chen	chen	PROPN
fbem-30083	2	5	b	b	PROPN
fbem-30083	2	6	,	,	PUNCT
fbem-30083	2	7	*	*	PUNCT
fbem-30083	2	8	anhui	anhui	PROPN
fbem-30083	2	9	university	university	PROPN
fbem-30083	2	10	of	of	ADP
fbem-30083	2	11	finance	finance	NOUN
fbem-30083	2	12	and	and	CCONJ
fbem-30083	2	13	economics	economic	NOUN
fbem-30083	2	14	,	,	PUNCT
fbem-30083	2	15	bengbu	bengbu	NOUN
fbem-30083	2	16	,	,	PUNCT
fbem-30083	2	17	anhui	anhui	PROPN
fbem-30083	2	18	,	,	PUNCT
fbem-30083	2	19	china	china	PROPN
fbem-30083	2	20	a	a	DET
fbem-30083	2	21	1217761348@qq.com	1217761348@qq.com	NUM
fbem-30083	2	22	,	,	PUNCT
fbem-30083	2	23	b	b	PROPN
fbem-30083	2	24	1730607338@qq.com	1730607338@qq.com	NUM
fbem-30083	2	25	abstract	abstract	NOUN
fbem-30083	2	26	:	:	PUNCT
fbem-30083	2	27	with	with	ADP
fbem-30083	2	28	the	the	DET
fbem-30083	2	29	development	development	NOUN
fbem-30083	2	30	of	of	ADP
fbem-30083	2	31	the	the	DET
fbem-30083	2	32	global	global	ADJ
fbem-30083	2	33	economy	economy	NOUN
fbem-30083	2	34	and	and	CCONJ
fbem-30083	2	35	the	the	DET
fbem-30083	2	36	maturity	maturity	NOUN
fbem-30083	2	37	of	of	ADP
fbem-30083	2	38	capital	capital	NOUN
fbem-30083	2	39	markets	market	NOUN
fbem-30083	2	40	,	,	PUNCT
fbem-30083	2	41	corporate	corporate	ADJ
fbem-30083	2	42	financing	financing	NOUN
fbem-30083	2	43	costs	cost	NOUN
fbem-30083	2	44	have	have	AUX
fbem-30083	2	45	become	become	VERB
fbem-30083	2	46	an	an	DET
fbem-30083	2	47	important	important	ADJ
fbem-30083	2	48	indicator	indicator	NOUN
fbem-30083	2	49	for	for	ADP
fbem-30083	2	50	measuring	measure	VERB
fbem-30083	2	51	a	a	DET
fbem-30083	2	52	company	company	NOUN
fbem-30083	2	53	's	's	PART
fbem-30083	2	54	financial	financial	ADJ
fbem-30083	2	55	health	health	NOUN
fbem-30083	2	56	and	and	CCONJ
fbem-30083	2	57	market	market	NOUN
fbem-30083	2	58	competitiveness	competitiveness	NOUN
fbem-30083	2	59	.	.	PUNCT
fbem-30083	3	1	this	this	DET
fbem-30083	3	2	paper	paper	NOUN
fbem-30083	3	3	selects	select	VERB
fbem-30083	3	4	the	the	DET
fbem-30083	3	5	panel	panel	NOUN
fbem-30083	3	6	data	datum	NOUN
fbem-30083	3	7	of	of	ADP
fbem-30083	3	8	china	china	PROPN
fbem-30083	3	9	's	's	PART
fbem-30083	3	10	a	a	DET
fbem-30083	3	11	-	-	PUNCT
fbem-30083	3	12	share	share	NOUN
fbem-30083	3	13	listed	list	VERB
fbem-30083	3	14	companies	company	NOUN
fbem-30083	3	15	from	from	ADP
fbem-30083	3	16	2012	2012	NUM
fbem-30083	3	17	to	to	ADP
fbem-30083	3	18	2022	2022	NUM
fbem-30083	3	19	and	and	CCONJ
fbem-30083	3	20	uses	use	VERB
fbem-30083	3	21	the	the	DET
fbem-30083	3	22	fixed	fix	VERB
fbem-30083	3	23	effects	effect	NOUN
fbem-30083	3	24	model	model	NOUN
fbem-30083	3	25	and	and	CCONJ
fbem-30083	3	26	instrumental	instrumental	ADJ
fbem-30083	3	27	variable	variable	ADJ
fbem-30083	3	28	method	method	NOUN
fbem-30083	3	29	to	to	PART
fbem-30083	3	30	empirically	empirically	ADV
fbem-30083	3	31	analyze	analyze	VERB
fbem-30083	3	32	the	the	DET
fbem-30083	3	33	relationship	relationship	NOUN
fbem-30083	3	34	between	between	ADP
fbem-30083	3	35	corporate	corporate	ADJ
fbem-30083	3	36	esg	esg	NOUN
fbem-30083	3	37	performance	performance	NOUN
fbem-30083	3	38	and	and	CCONJ
fbem-30083	3	39	debt	debt	NOUN
fbem-30083	3	40	financing	financing	NOUN
fbem-30083	3	41	costs	cost	NOUN
fbem-30083	3	42	.	.	PUNCT
fbem-30083	4	1	this	this	DET
fbem-30083	4	2	paper	paper	NOUN
fbem-30083	4	3	mainly	mainly	ADV
fbem-30083	4	4	draws	draw	VERB
fbem-30083	4	5	the	the	DET
fbem-30083	4	6	following	follow	VERB
fbem-30083	4	7	three	three	NUM
fbem-30083	4	8	conclusions	conclusion	NOUN
fbem-30083	4	9	:	:	PUNCT
fbem-30083	4	10	(	(	PUNCT
fbem-30083	4	11	1	1	X
fbem-30083	4	12	)	)	PUNCT
fbem-30083	4	13	there	there	PRON
fbem-30083	4	14	is	be	VERB
fbem-30083	4	15	a	a	DET
fbem-30083	4	16	negative	negative	ADJ
fbem-30083	4	17	correlation	correlation	NOUN
fbem-30083	4	18	between	between	ADP
fbem-30083	4	19	corporate	corporate	ADJ
fbem-30083	4	20	esg	esg	NOUN
fbem-30083	4	21	performance	performance	NOUN
fbem-30083	4	22	and	and	CCONJ
fbem-30083	4	23	debt	debt	NOUN
fbem-30083	4	24	financing	financing	NOUN
fbem-30083	4	25	costs	cost	NOUN
fbem-30083	4	26	,	,	PUNCT
fbem-30083	4	27	that	that	ADV
fbem-30083	4	28	is	is	ADV
fbem-30083	4	29	,	,	PUNCT
fbem-30083	4	30	an	an	DET
fbem-30083	4	31	improvement	improvement	NOUN
fbem-30083	4	32	in	in	ADP
fbem-30083	4	33	esg	esg	PROPN
fbem-30083	4	34	performance	performance	NOUN
fbem-30083	4	35	helps	help	VERB
fbem-30083	4	36	to	to	PART
fbem-30083	4	37	reduce	reduce	VERB
fbem-30083	4	38	corporate	corporate	ADJ
fbem-30083	4	39	debt	debt	NOUN
fbem-30083	4	40	financing	financing	NOUN
fbem-30083	4	41	costs	cost	NOUN
fbem-30083	4	42	.	.	PUNCT
fbem-30083	5	1	(	(	PUNCT
fbem-30083	5	2	2	2	X
fbem-30083	5	3	)	)	PUNCT
fbem-30083	5	4	corporate	corporate	ADJ
fbem-30083	5	5	esg	esg	NOUN
fbem-30083	5	6	performance	performance	NOUN
fbem-30083	5	7	reduces	reduce	VERB
fbem-30083	5	8	corporate	corporate	ADJ
fbem-30083	5	9	debt	debt	NOUN
fbem-30083	5	10	financing	financing	NOUN
fbem-30083	5	11	costs	cost	NOUN
fbem-30083	5	12	through	through	ADP
fbem-30083	5	13	channels	channel	NOUN
fbem-30083	5	14	such	such	ADJ
fbem-30083	5	15	as	as	ADP
fbem-30083	5	16	increasing	increase	VERB
fbem-30083	5	17	corporate	corporate	ADJ
fbem-30083	5	18	value	value	NOUN
fbem-30083	5	19	,	,	PUNCT
fbem-30083	5	20	and	and	CCONJ
fbem-30083	5	21	green	green	ADJ
fbem-30083	5	22	technology	technology	NOUN
fbem-30083	5	23	innovation	innovation	NOUN
fbem-30083	5	24	plays	play	VERB
fbem-30083	5	25	a	a	DET
fbem-30083	5	26	positive	positive	ADJ
fbem-30083	5	27	regulatory	regulatory	ADJ
fbem-30083	5	28	role	role	NOUN
fbem-30083	5	29	in	in	ADP
fbem-30083	5	30	the	the	DET
fbem-30083	5	31	impact	impact	NOUN
fbem-30083	5	32	of	of	ADP
fbem-30083	5	33	esg	esg	NOUN
fbem-30083	5	34	performance	performance	NOUN
fbem-30083	5	35	on	on	ADP
fbem-30083	5	36	corporate	corporate	ADJ
fbem-30083	5	37	financing	financing	NOUN
fbem-30083	5	38	costs	cost	NOUN
fbem-30083	5	39	,	,	PUNCT
fbem-30083	5	40	which	which	PRON
fbem-30083	5	41	can	can	AUX
fbem-30083	5	42	promote	promote	VERB
fbem-30083	5	43	the	the	DET
fbem-30083	5	44	reduction	reduction	NOUN
fbem-30083	5	45	of	of	ADP
fbem-30083	5	46	debt	debt	NOUN
fbem-30083	5	47	financing	financing	NOUN
fbem-30083	5	48	costs	cost	NOUN
fbem-30083	5	49	.	.	PUNCT
fbem-30083	6	1	(	(	PUNCT
fbem-30083	6	2	3	3	X
fbem-30083	6	3	)	)	PUNCT
fbem-30083	6	4	the	the	DET
fbem-30083	6	5	impact	impact	NOUN
fbem-30083	6	6	of	of	ADP
fbem-30083	6	7	corporate	corporate	ADJ
fbem-30083	6	8	esg	esg	NOUN
fbem-30083	6	9	performance	performance	NOUN
fbem-30083	6	10	on	on	ADP
fbem-30083	6	11	debt	debt	NOUN
fbem-30083	6	12	financing	financing	NOUN
fbem-30083	6	13	costs	cost	NOUN
fbem-30083	6	14	is	be	AUX
fbem-30083	6	15	heterogeneous	heterogeneous	ADJ
fbem-30083	6	16	among	among	ADP
fbem-30083	6	17	different	different	ADJ
fbem-30083	6	18	types	type	NOUN
fbem-30083	6	19	of	of	ADP
fbem-30083	6	20	companies	company	NOUN
fbem-30083	6	21	.	.	PUNCT
fbem-30083	7	1	for	for	ADP
fbem-30083	7	2	example	example	NOUN
fbem-30083	7	3	,	,	PUNCT
fbem-30083	7	4	the	the	DET
fbem-30083	7	5	esg	esg	NOUN
fbem-30083	7	6	performance	performance	NOUN
fbem-30083	7	7	of	of	ADP
fbem-30083	7	8	non	non	ADJ
fbem-30083	7	9	-	-	ADJ
fbem-30083	7	10	state	state	NOUN
fbem-30083	7	11	-	-	PUNCT
fbem-30083	7	12	owned	own	VERB
fbem-30083	7	13	enterprises	enterprise	NOUN
fbem-30083	7	14	and	and	CCONJ
fbem-30083	7	15	enterprises	enterprise	NOUN
fbem-30083	7	16	in	in	ADP
fbem-30083	7	17	central	central	ADJ
fbem-30083	7	18	and	and	CCONJ
fbem-30083	7	19	eastern	eastern	ADJ
fbem-30083	7	20	regions	region	NOUN
fbem-30083	7	21	has	have	VERB
fbem-30083	7	22	a	a	DET
fbem-30083	7	23	more	more	ADV
fbem-30083	7	24	obvious	obvious	ADJ
fbem-30083	7	25	effect	effect	NOUN
fbem-30083	7	26	on	on	ADP
fbem-30083	7	27	reducing	reduce	VERB
fbem-30083	7	28	corporate	corporate	ADJ
fbem-30083	7	29	debt	debt	NOUN
fbem-30083	7	30	financing	financing	NOUN
fbem-30083	7	31	costs	cost	NOUN
fbem-30083	7	32	.	.	PUNCT
fbem-30083	8	1	keywords	keyword	NOUN
fbem-30083	8	2	:	:	PUNCT
fbem-30083	8	3	esg	esg	NOUN
fbem-30083	8	4	performance	performance	NOUN
fbem-30083	8	5	,	,	PUNCT
fbem-30083	8	6	debt	debt	NOUN
fbem-30083	8	7	financing	financing	NOUN
fbem-30083	8	8	costs	cost	NOUN
fbem-30083	8	9	,	,	PUNCT
fbem-30083	8	10	green	green	ADJ
fbem-30083	8	11	technology	technology	NOUN
fbem-30083	8	12	innovation	innovation	NOUN
fbem-30083	8	13	,	,	PUNCT
fbem-30083	8	14	corporate	corporate	ADJ
fbem-30083	8	15	governance	governance	NOUN
fbem-30083	8	16	.	.	PUNCT
fbem-30083	9	1	1	1	X
fbem-30083	9	2	.	.	X
fbem-30083	9	3	introduction	introduction	NOUN
fbem-30083	9	4	with	with	ADP
fbem-30083	9	5	the	the	DET
fbem-30083	9	6	development	development	NOUN
fbem-30083	9	7	of	of	ADP
fbem-30083	9	8	the	the	DET
fbem-30083	9	9	global	global	ADJ
fbem-30083	9	10	economy	economy	NOUN
fbem-30083	9	11	and	and	CCONJ
fbem-30083	9	12	the	the	DET
fbem-30083	9	13	maturity	maturity	NOUN
fbem-30083	9	14	of	of	ADP
fbem-30083	9	15	capital	capital	NOUN
fbem-30083	9	16	markets	market	NOUN
fbem-30083	9	17	,	,	PUNCT
fbem-30083	9	18	corporate	corporate	ADJ
fbem-30083	9	19	financing	financing	NOUN
fbem-30083	9	20	costs	cost	NOUN
fbem-30083	9	21	have	have	AUX
fbem-30083	9	22	become	become	VERB
fbem-30083	9	23	an	an	DET
fbem-30083	9	24	important	important	ADJ
fbem-30083	9	25	indicator	indicator	NOUN
fbem-30083	9	26	for	for	ADP
fbem-30083	9	27	measuring	measure	VERB
fbem-30083	9	28	a	a	DET
fbem-30083	9	29	company	company	NOUN
fbem-30083	9	30	's	's	PART
fbem-30083	9	31	financial	financial	ADJ
fbem-30083	9	32	health	health	NOUN
fbem-30083	9	33	and	and	CCONJ
fbem-30083	9	34	market	market	NOUN
fbem-30083	9	35	competitiveness	competitiveness	NOUN
fbem-30083	9	36	.	.	PUNCT
fbem-30083	10	1	especially	especially	ADV
fbem-30083	10	2	in	in	ADP
fbem-30083	10	3	china	china	PROPN
fbem-30083	10	4	,	,	PUNCT
fbem-30083	10	5	debt	debt	NOUN
fbem-30083	10	6	financing	financing	NOUN
fbem-30083	10	7	is	be	AUX
fbem-30083	10	8	the	the	DET
fbem-30083	10	9	main	main	ADJ
fbem-30083	10	10	way	way	NOUN
fbem-30083	10	11	for	for	SCONJ
fbem-30083	10	12	enterprises	enterprise	NOUN
fbem-30083	10	13	to	to	PART
fbem-30083	10	14	obtain	obtain	VERB
fbem-30083	10	15	funds	fund	NOUN
fbem-30083	10	16	,	,	PUNCT
fbem-30083	10	17	and	and	CCONJ
fbem-30083	10	18	the	the	DET
fbem-30083	10	19	level	level	NOUN
fbem-30083	10	20	of	of	ADP
fbem-30083	10	21	its	its	PRON
fbem-30083	10	22	cost	cost	NOUN
fbem-30083	10	23	directly	directly	ADV
fbem-30083	10	24	affects	affect	VERB
fbem-30083	10	25	the	the	DET
fbem-30083	10	26	profitability	profitability	NOUN
fbem-30083	10	27	and	and	CCONJ
fbem-30083	10	28	sustainable	sustainable	ADJ
fbem-30083	10	29	development	development	NOUN
fbem-30083	10	30	capabilities	capability	NOUN
fbem-30083	10	31	of	of	ADP
fbem-30083	10	32	enterprises	enterprise	NOUN
fbem-30083	10	33	.	.	PUNCT
fbem-30083	11	1	in	in	ADP
fbem-30083	11	2	recent	recent	ADJ
fbem-30083	11	3	years	year	NOUN
fbem-30083	11	4	,	,	PUNCT
fbem-30083	11	5	with	with	ADP
fbem-30083	11	6	the	the	DET
fbem-30083	11	7	rise	rise	NOUN
fbem-30083	11	8	of	of	ADP
fbem-30083	11	9	environmental	environmental	ADJ
fbem-30083	11	10	,	,	PUNCT
fbem-30083	11	11	social	social	ADJ
fbem-30083	11	12	,	,	PUNCT
fbem-30083	11	13	and	and	CCONJ
fbem-30083	11	14	governance	governance	NOUN
fbem-30083	11	15	(	(	PUNCT
fbem-30083	11	16	esg	esg	NOUN
fbem-30083	11	17	)	)	PUNCT
fbem-30083	11	18	investment	investment	NOUN
fbem-30083	11	19	concepts	concept	NOUN
fbem-30083	11	20	,	,	PUNCT
fbem-30083	11	21	the	the	DET
fbem-30083	11	22	relationship	relationship	NOUN
fbem-30083	11	23	between	between	ADP
fbem-30083	11	24	esg	esg	NOUN
fbem-30083	11	25	performance	performance	NOUN
fbem-30083	11	26	and	and	CCONJ
fbem-30083	11	27	corporate	corporate	ADJ
fbem-30083	11	28	debt	debt	NOUN
fbem-30083	11	29	financing	financing	NOUN
fbem-30083	11	30	costs	cost	NOUN
fbem-30083	11	31	has	have	AUX
fbem-30083	11	32	received	receive	VERB
fbem-30083	11	33	extensive	extensive	ADJ
fbem-30083	11	34	attention	attention	NOUN
fbem-30083	11	35	.	.	PUNCT
fbem-30083	12	1	investors	investor	NOUN
fbem-30083	12	2	and	and	CCONJ
fbem-30083	12	3	creditors	creditor	NOUN
fbem-30083	12	4	are	be	AUX
fbem-30083	12	5	increasingly	increasingly	ADV
fbem-30083	12	6	inclined	inclined	ADJ
fbem-30083	12	7	to	to	PART
fbem-30083	12	8	regard	regard	VERB
fbem-30083	12	9	a	a	DET
fbem-30083	12	10	company	company	NOUN
fbem-30083	12	11	's	's	PART
fbem-30083	12	12	esg	esg	NOUN
fbem-30083	12	13	performance	performance	NOUN
fbem-30083	12	14	as	as	ADP
fbem-30083	12	15	an	an	DET
fbem-30083	12	16	important	important	ADJ
fbem-30083	12	17	factor	factor	NOUN
fbem-30083	12	18	in	in	ADP
fbem-30083	12	19	assessing	assess	VERB
fbem-30083	12	20	its	its	PRON
fbem-30083	12	21	debt	debt	NOUN
fbem-30083	12	22	financing	financing	NOUN
fbem-30083	12	23	costs	cost	NOUN
fbem-30083	12	24	.	.	PUNCT
fbem-30083	13	1	exploring	explore	VERB
fbem-30083	13	2	the	the	DET
fbem-30083	13	3	impact	impact	NOUN
fbem-30083	13	4	of	of	ADP
fbem-30083	13	5	corporate	corporate	ADJ
fbem-30083	13	6	esg	esg	NOUN
fbem-30083	13	7	performance	performance	NOUN
fbem-30083	13	8	on	on	ADP
fbem-30083	13	9	debt	debt	NOUN
fbem-30083	13	10	financing	financing	NOUN
fbem-30083	13	11	costs	cost	NOUN
fbem-30083	13	12	has	have	VERB
fbem-30083	13	13	important	important	ADJ
fbem-30083	13	14	theoretical	theoretical	ADJ
fbem-30083	13	15	and	and	CCONJ
fbem-30083	13	16	practical	practical	ADJ
fbem-30083	13	17	significance	significance	NOUN
fbem-30083	13	18	for	for	ADP
fbem-30083	13	19	optimizing	optimize	VERB
fbem-30083	13	20	corporate	corporate	ADJ
fbem-30083	13	21	financing	financing	NOUN
fbem-30083	13	22	structures	structure	NOUN
fbem-30083	13	23	,	,	PUNCT
fbem-30083	13	24	reducing	reduce	VERB
fbem-30083	13	25	financing	financing	NOUN
fbem-30083	13	26	costs	cost	NOUN
fbem-30083	13	27	,	,	PUNCT
fbem-30083	13	28	and	and	CCONJ
fbem-30083	13	29	promoting	promote	VERB
fbem-30083	13	30	corporate	corporate	ADJ
fbem-30083	13	31	sustainable	sustainable	ADJ
fbem-30083	13	32	development	development	NOUN
fbem-30083	13	33	.	.	PUNCT
fbem-30083	14	1	this	this	DET
fbem-30083	14	2	paper	paper	NOUN
fbem-30083	14	3	selects	select	VERB
fbem-30083	14	4	the	the	DET
fbem-30083	14	5	panel	panel	NOUN
fbem-30083	14	6	data	datum	NOUN
fbem-30083	14	7	of	of	ADP
fbem-30083	14	8	china	china	PROPN
fbem-30083	14	9	's	's	PART
fbem-30083	14	10	a	a	DET
fbem-30083	14	11	-	-	PUNCT
fbem-30083	14	12	share	share	NOUN
fbem-30083	14	13	listed	list	VERB
fbem-30083	14	14	companies	company	NOUN
fbem-30083	14	15	from	from	ADP
fbem-30083	14	16	2012	2012	NUM
fbem-30083	14	17	to	to	ADP
fbem-30083	14	18	2022	2022	NUM
fbem-30083	14	19	and	and	CCONJ
fbem-30083	14	20	uses	use	VERB
fbem-30083	14	21	the	the	DET
fbem-30083	14	22	fixed	fix	VERB
fbem-30083	14	23	effects	effect	NOUN
fbem-30083	14	24	model	model	NOUN
fbem-30083	14	25	and	and	CCONJ
fbem-30083	14	26	instrumental	instrumental	ADJ
fbem-30083	14	27	variable	variable	ADJ
fbem-30083	14	28	method	method	NOUN
fbem-30083	14	29	to	to	PART
fbem-30083	14	30	empirically	empirically	ADV
fbem-30083	14	31	analyze	analyze	VERB
fbem-30083	14	32	the	the	DET
fbem-30083	14	33	relationship	relationship	NOUN
fbem-30083	14	34	between	between	ADP
fbem-30083	14	35	corporate	corporate	ADJ
fbem-30083	14	36	esg	esg	NOUN
fbem-30083	14	37	performance	performance	NOUN
fbem-30083	14	38	and	and	CCONJ
fbem-30083	14	39	debt	debt	NOUN
fbem-30083	14	40	financing	financing	NOUN
fbem-30083	14	41	costs	cost	NOUN
fbem-30083	14	42	.	.	PUNCT
fbem-30083	15	1	the	the	DET
fbem-30083	15	2	study	study	NOUN
fbem-30083	15	3	finds	find	VERB
fbem-30083	15	4	that	that	SCONJ
fbem-30083	15	5	an	an	DET
fbem-30083	15	6	improvement	improvement	NOUN
fbem-30083	15	7	in	in	ADP
fbem-30083	15	8	corporate	corporate	ADJ
fbem-30083	15	9	esg	esg	NOUN
fbem-30083	15	10	performance	performance	NOUN
fbem-30083	15	11	significantly	significantly	ADV
fbem-30083	15	12	reduces	reduce	VERB
fbem-30083	15	13	its	its	PRON
fbem-30083	15	14	debt	debt	NOUN
fbem-30083	15	15	financing	financing	NOUN
fbem-30083	15	16	costs	cost	NOUN
fbem-30083	15	17	.	.	PUNCT
fbem-30083	16	1	in	in	ADP
fbem-30083	16	2	addition	addition	NOUN
fbem-30083	16	3	,	,	PUNCT
fbem-30083	16	4	this	this	DET
fbem-30083	16	5	paper	paper	NOUN
fbem-30083	16	6	further	far	ADV
fbem-30083	16	7	explores	explore	VERB
fbem-30083	16	8	the	the	DET
fbem-30083	16	9	mechanism	mechanism	NOUN
fbem-30083	16	10	by	by	ADP
fbem-30083	16	11	which	which	PRON
fbem-30083	16	12	esg	esg	NOUN
fbem-30083	16	13	performance	performance	NOUN
fbem-30083	16	14	affects	affect	VERB
fbem-30083	16	15	the	the	DET
fbem-30083	16	16	debt	debt	NOUN
fbem-30083	16	17	financing	financing	NOUN
fbem-30083	16	18	costs	cost	NOUN
fbem-30083	16	19	of	of	ADP
fbem-30083	16	20	enterprises	enterprise	NOUN
fbem-30083	16	21	.	.	PUNCT
fbem-30083	17	1	the	the	DET
fbem-30083	17	2	results	result	NOUN
fbem-30083	17	3	show	show	VERB
fbem-30083	17	4	that	that	SCONJ
fbem-30083	17	5	an	an	DET
fbem-30083	17	6	improvement	improvement	NOUN
fbem-30083	17	7	in	in	ADP
fbem-30083	17	8	esg	esg	NOUN
fbem-30083	17	9	performance	performance	NOUN
fbem-30083	17	10	can	can	AUX
fbem-30083	17	11	also	also	ADV
fbem-30083	17	12	indirectly	indirectly	ADV
fbem-30083	17	13	affect	affect	VERB
fbem-30083	17	14	corporate	corporate	ADJ
fbem-30083	17	15	debt	debt	NOUN
fbem-30083	17	16	financing	financing	NOUN
fbem-30083	17	17	costs	cost	NOUN
fbem-30083	17	18	by	by	ADP
fbem-30083	17	19	increasing	increase	VERB
fbem-30083	17	20	corporate	corporate	ADJ
fbem-30083	17	21	value	value	NOUN
fbem-30083	17	22	.	.	PUNCT
fbem-30083	18	1	moreover	moreover	ADV
fbem-30083	18	2	,	,	PUNCT
fbem-30083	18	3	green	green	ADJ
fbem-30083	18	4	technology	technology	NOUN
fbem-30083	18	5	innovation	innovation	NOUN
fbem-30083	18	6	has	have	VERB
fbem-30083	18	7	a	a	DET
fbem-30083	18	8	positive	positive	ADJ
fbem-30083	18	9	regulatory	regulatory	ADJ
fbem-30083	18	10	effect	effect	NOUN
fbem-30083	18	11	on	on	ADP
fbem-30083	18	12	the	the	DET
fbem-30083	18	13	inhibitory	inhibitory	ADJ
fbem-30083	18	14	effect	effect	NOUN
fbem-30083	18	15	of	of	ADP
fbem-30083	18	16	esg	esg	PROPN
fbem-30083	18	17	on	on	ADP
fbem-30083	18	18	corporate	corporate	ADJ
fbem-30083	18	19	debt	debt	NOUN
fbem-30083	18	20	financing	financing	NOUN
fbem-30083	18	21	costs	cost	NOUN
fbem-30083	18	22	.	.	PUNCT
fbem-30083	19	1	green	green	ADJ
fbem-30083	19	2	technology	technology	NOUN
fbem-30083	19	3	innovation	innovation	NOUN
fbem-30083	19	4	can	can	AUX
fbem-30083	19	5	improve	improve	VERB
fbem-30083	19	6	a	a	DET
fbem-30083	19	7	company	company	NOUN
fbem-30083	19	8	's	's	PART
fbem-30083	19	9	resource	resource	NOUN
fbem-30083	19	10	utilization	utilization	NOUN
fbem-30083	19	11	efficiency	efficiency	NOUN
fbem-30083	19	12	,	,	PUNCT
fbem-30083	19	13	reduce	reduce	VERB
fbem-30083	19	14	its	its	PRON
fbem-30083	19	15	dependence	dependence	NOUN
fbem-30083	19	16	on	on	ADP
fbem-30083	19	17	the	the	DET
fbem-30083	19	18	environment	environment	NOUN
fbem-30083	19	19	,	,	PUNCT
fbem-30083	19	20	thereby	thereby	ADV
fbem-30083	19	21	reducing	reduce	VERB
fbem-30083	19	22	corporate	corporate	ADJ
fbem-30083	19	23	operating	operating	NOUN
fbem-30083	19	24	costs	cost	NOUN
fbem-30083	19	25	and	and	CCONJ
fbem-30083	19	26	risks	risk	NOUN
fbem-30083	19	27	,	,	PUNCT
fbem-30083	19	28	which	which	PRON
fbem-30083	19	29	helps	help	VERB
fbem-30083	19	30	enterprises	enterprise	NOUN
fbem-30083	19	31	obtain	obtain	VERB
fbem-30083	19	32	lower	low	ADJ
fbem-30083	19	33	financing	financing	NOUN
fbem-30083	19	34	costs	cost	NOUN
fbem-30083	19	35	in	in	ADP
fbem-30083	19	36	the	the	DET
fbem-30083	19	37	financing	financing	NOUN
fbem-30083	19	38	market	market	NOUN
fbem-30083	19	39	.	.	PUNCT
fbem-30083	20	1	therefore	therefore	ADV
fbem-30083	20	2	,	,	PUNCT
fbem-30083	20	3	this	this	DET
fbem-30083	20	4	paper	paper	NOUN
fbem-30083	20	5	mainly	mainly	ADV
fbem-30083	20	6	draws	draw	VERB
fbem-30083	20	7	the	the	DET
fbem-30083	20	8	following	follow	VERB
fbem-30083	20	9	three	three	NUM
fbem-30083	20	10	conclusions	conclusion	NOUN
fbem-30083	20	11	:	:	PUNCT
fbem-30083	20	12	(	(	PUNCT
fbem-30083	20	13	1	1	X
fbem-30083	20	14	)	)	PUNCT
fbem-30083	20	15	there	there	PRON
fbem-30083	20	16	is	be	VERB
fbem-30083	20	17	a	a	DET
fbem-30083	20	18	negative	negative	ADJ
fbem-30083	20	19	correlation	correlation	NOUN
fbem-30083	20	20	between	between	ADP
fbem-30083	20	21	corporate	corporate	ADJ
fbem-30083	20	22	esg	esg	NOUN
fbem-30083	20	23	performance	performance	NOUN
fbem-30083	20	24	and	and	CCONJ
fbem-30083	20	25	debt	debt	NOUN
fbem-30083	20	26	financing	financing	NOUN
fbem-30083	20	27	costs	cost	NOUN
fbem-30083	20	28	,	,	PUNCT
fbem-30083	20	29	that	that	ADV
fbem-30083	20	30	is	is	ADV
fbem-30083	20	31	,	,	PUNCT
fbem-30083	20	32	an	an	DET
fbem-30083	20	33	improvement	improvement	NOUN
fbem-30083	20	34	in	in	ADP
fbem-30083	20	35	esg	esg	PROPN
fbem-30083	20	36	performance	performance	NOUN
fbem-30083	20	37	helps	help	VERB
fbem-30083	20	38	to	to	PART
fbem-30083	20	39	reduce	reduce	VERB
fbem-30083	20	40	corporate	corporate	ADJ
fbem-30083	20	41	debt	debt	NOUN
fbem-30083	20	42	financing	financing	NOUN
fbem-30083	20	43	costs	cost	NOUN
fbem-30083	20	44	.	.	PUNCT
fbem-30083	21	1	(	(	PUNCT
fbem-30083	21	2	2	2	X
fbem-30083	21	3	)	)	PUNCT
fbem-30083	21	4	corporate	corporate	ADJ
fbem-30083	21	5	esg	esg	NOUN
fbem-30083	21	6	performance	performance	NOUN
fbem-30083	21	7	reduces	reduce	VERB
fbem-30083	21	8	corporate	corporate	ADJ
fbem-30083	21	9	debt	debt	NOUN
fbem-30083	21	10	financing	financing	NOUN
fbem-30083	21	11	costs	cost	NOUN
fbem-30083	21	12	through	through	ADP
fbem-30083	21	13	channels	channel	NOUN
fbem-30083	21	14	such	such	ADJ
fbem-30083	21	15	as	as	ADP
fbem-30083	21	16	increasing	increase	VERB
fbem-30083	21	17	corporate	corporate	ADJ
fbem-30083	21	18	value	value	NOUN
fbem-30083	21	19	,	,	PUNCT
fbem-30083	21	20	and	and	CCONJ
fbem-30083	21	21	green	green	ADJ
fbem-30083	21	22	technology	technology	NOUN
fbem-30083	21	23	innovation	innovation	NOUN
fbem-30083	21	24	plays	play	VERB
fbem-30083	21	25	a	a	DET
fbem-30083	21	26	positive	positive	ADJ
fbem-30083	21	27	regulatory	regulatory	ADJ
fbem-30083	21	28	role	role	NOUN
fbem-30083	21	29	in	in	ADP
fbem-30083	21	30	the	the	DET
fbem-30083	21	31	impact	impact	NOUN
fbem-30083	21	32	of	of	ADP
fbem-30083	21	33	esg	esg	NOUN
fbem-30083	21	34	performance	performance	NOUN
fbem-30083	21	35	on	on	ADP
fbem-30083	21	36	corporate	corporate	ADJ
fbem-30083	21	37	financing	financing	NOUN
fbem-30083	21	38	costs	cost	NOUN
fbem-30083	21	39	,	,	PUNCT
fbem-30083	21	40	which	which	PRON
fbem-30083	21	41	can	can	AUX
fbem-30083	21	42	promote	promote	VERB
fbem-30083	21	43	the	the	DET
fbem-30083	21	44	reduction	reduction	NOUN
fbem-30083	21	45	of	of	ADP
fbem-30083	21	46	debt	debt	NOUN
fbem-30083	21	47	financing	financing	NOUN
fbem-30083	21	48	costs	cost	NOUN
fbem-30083	21	49	.	.	PUNCT
fbem-30083	22	1	(	(	PUNCT
fbem-30083	22	2	3	3	X
fbem-30083	22	3	)	)	PUNCT
fbem-30083	22	4	the	the	DET
fbem-30083	22	5	impact	impact	NOUN
fbem-30083	22	6	of	of	ADP
fbem-30083	22	7	corporate	corporate	ADJ
fbem-30083	22	8	esg	esg	NOUN
fbem-30083	22	9	performance	performance	NOUN
fbem-30083	22	10	on	on	ADP
fbem-30083	22	11	debt	debt	NOUN
fbem-30083	22	12	financing	financing	NOUN
fbem-30083	22	13	costs	cost	NOUN
fbem-30083	22	14	is	be	AUX
fbem-30083	22	15	heterogeneous	heterogeneous	ADJ
fbem-30083	22	16	among	among	ADP
fbem-30083	22	17	different	different	ADJ
fbem-30083	22	18	types	type	NOUN
fbem-30083	22	19	of	of	ADP
fbem-30083	22	20	companies	company	NOUN
fbem-30083	22	21	.	.	PUNCT
fbem-30083	23	1	for	for	ADP
fbem-30083	23	2	example	example	NOUN
fbem-30083	23	3	,	,	PUNCT
fbem-30083	23	4	the	the	DET
fbem-30083	23	5	esg	esg	NOUN
fbem-30083	23	6	performance	performance	NOUN
fbem-30083	23	7	of	of	ADP
fbem-30083	23	8	non	non	ADJ
fbem-30083	23	9	-	-	ADJ
fbem-30083	23	10	state	state	NOUN
fbem-30083	23	11	-	-	PUNCT
fbem-30083	23	12	owned	own	VERB
fbem-30083	23	13	enterprises	enterprise	NOUN
fbem-30083	23	14	and	and	CCONJ
fbem-30083	23	15	enterprises	enterprise	NOUN
fbem-30083	23	16	in	in	ADP
fbem-30083	23	17	central	central	ADJ
fbem-30083	23	18	and	and	CCONJ
fbem-30083	23	19	eastern	eastern	ADJ
fbem-30083	23	20	regions	region	NOUN
fbem-30083	23	21	has	have	VERB
fbem-30083	23	22	a	a	DET
fbem-30083	23	23	more	more	ADV
fbem-30083	23	24	obvious	obvious	ADJ
fbem-30083	23	25	effect	effect	NOUN
fbem-30083	23	26	on	on	ADP
fbem-30083	23	27	reducing	reduce	VERB
fbem-30083	23	28	corporate	corporate	ADJ
fbem-30083	23	29	debt	debt	NOUN
fbem-30083	23	30	financing	financing	NOUN
fbem-30083	23	31	costs	cost	NOUN
fbem-30083	23	32	.	.	PUNCT
fbem-30083	24	1	this	this	DET
fbem-30083	24	2	paper	paper	NOUN
fbem-30083	24	3	not	not	PART
fbem-30083	24	4	only	only	ADV
fbem-30083	24	5	provides	provide	VERB
fbem-30083	24	6	a	a	DET
fbem-30083	24	7	new	new	ADJ
fbem-30083	24	8	perspective	perspective	NOUN
fbem-30083	24	9	and	and	CCONJ
fbem-30083	24	10	evidence	evidence	NOUN
fbem-30083	24	11	for	for	ADP
fbem-30083	24	12	understanding	understand	VERB
fbem-30083	24	13	the	the	DET
fbem-30083	24	14	relationship	relationship	NOUN
fbem-30083	24	15	between	between	ADP
fbem-30083	24	16	esg	esg	NOUN
fbem-30083	24	17	performance	performance	NOUN
fbem-30083	24	18	and	and	CCONJ
fbem-30083	24	19	debt	debt	NOUN
fbem-30083	24	20	financing	financing	NOUN
fbem-30083	24	21	costs	cost	NOUN
fbem-30083	24	22	but	but	CCONJ
fbem-30083	24	23	also	also	ADV
fbem-30083	24	24	has	have	VERB
fbem-30083	24	25	important	important	ADJ
fbem-30083	24	26	theoretical	theoretical	ADJ
fbem-30083	24	27	and	and	CCONJ
fbem-30083	24	28	practical	practical	ADJ
fbem-30083	24	29	significance	significance	NOUN
fbem-30083	24	30	for	for	ADP
fbem-30083	24	31	promoting	promote	VERB
fbem-30083	24	32	corporate	corporate	ADJ
fbem-30083	24	33	sustainable	sustainable	ADJ
fbem-30083	24	34	development	development	NOUN
fbem-30083	24	35	and	and	CCONJ
fbem-30083	24	36	optimizing	optimize	VERB
fbem-30083	24	37	financing	financing	NOUN
fbem-30083	24	38	structures	structure	NOUN
fbem-30083	24	39	.	.	PUNCT
fbem-30083	25	1	in	in	ADP
fbem-30083	25	2	the	the	DET
fbem-30083	25	3	context	context	NOUN
fbem-30083	25	4	of	of	ADP
fbem-30083	25	5	the	the	DET
fbem-30083	25	6	global	global	ADJ
fbem-30083	25	7	economy	economy	NOUN
fbem-30083	25	8	's	's	PART
fbem-30083	25	9	increasing	increase	VERB
fbem-30083	25	10	emphasis	emphasis	NOUN
fbem-30083	25	11	on	on	ADP
fbem-30083	25	12	sustainable	sustainable	ADJ
fbem-30083	25	13	development	development	NOUN
fbem-30083	25	14	,	,	PUNCT
fbem-30083	25	15	in	in	ADP
fbem-30083	25	16	-	-	PUNCT
fbem-30083	25	17	depth	depth	NOUN
fbem-30083	25	18	research	research	NOUN
fbem-30083	25	19	on	on	ADP
fbem-30083	25	20	the	the	DET
fbem-30083	25	21	relationship	relationship	NOUN
fbem-30083	25	22	between	between	ADP
fbem-30083	25	23	corporate	corporate	ADJ
fbem-30083	25	24	esg	esg	NOUN
fbem-30083	25	25	performance	performance	NOUN
fbem-30083	25	26	and	and	CCONJ
fbem-30083	25	27	debt	debt	NOUN
fbem-30083	25	28	financing	financing	NOUN
fbem-30083	25	29	costs	cost	NOUN
fbem-30083	25	30	has	have	VERB
fbem-30083	25	31	important	important	ADJ
fbem-30083	25	32	strategic	strategic	ADJ
fbem-30083	25	33	value	value	NOUN
fbem-30083	25	34	for	for	ADP
fbem-30083	25	35	guiding	guide	VERB
fbem-30083	25	36	corporate	corporate	ADJ
fbem-30083	25	37	practice	practice	NOUN
fbem-30083	25	38	,	,	PUNCT
fbem-30083	25	39	optimizing	optimize	VERB
fbem-30083	25	40	the	the	DET
fbem-30083	25	41	allocation	allocation	NOUN
fbem-30083	25	42	of	of	ADP
fbem-30083	25	43	financial	financial	ADJ
fbem-30083	25	44	resources	resource	NOUN
fbem-30083	25	45	,	,	PUNCT
fbem-30083	25	46	and	and	CCONJ
fbem-30083	25	47	promoting	promote	VERB
fbem-30083	25	48	high	high	ADJ
fbem-30083	25	49	-	-	PUNCT
fbem-30083	25	50	quality	quality	NOUN
fbem-30083	25	51	economic	economic	ADJ
fbem-30083	25	52	development	development	NOUN
fbem-30083	25	53	.	.	PUNCT
fbem-30083	26	1	2	2	X
fbem-30083	26	2	.	.	X
fbem-30083	26	3	literature	literature	NOUN
fbem-30083	26	4	review	review	VERB
fbem-30083	26	5	2.1	2.1	NUM
fbem-30083	26	6	.	.	PUNCT
fbem-30083	27	1	research	research	NOUN
fbem-30083	27	2	on	on	ADP
fbem-30083	27	3	the	the	DET
fbem-30083	27	4	impact	impact	NOUN
fbem-30083	27	5	of	of	ADP
fbem-30083	27	6	esg	esg	NOUN
fbem-30083	27	7	performance	performance	NOUN
fbem-30083	27	8	on	on	ADP
fbem-30083	27	9	the	the	DET
fbem-30083	27	10	economy	economy	NOUN
fbem-30083	27	11	regarding	regard	VERB
fbem-30083	27	12	the	the	DET
fbem-30083	27	13	impact	impact	NOUN
fbem-30083	27	14	of	of	ADP
fbem-30083	27	15	esg	esg	NOUN
fbem-30083	27	16	performance	performance	NOUN
fbem-30083	27	17	on	on	ADP
fbem-30083	27	18	financial	financial	ADJ
fbem-30083	27	19	performance	performance	NOUN
fbem-30083	27	20	,	,	PUNCT
fbem-30083	27	21	numerous	numerous	ADJ
fbem-30083	27	22	studies	study	NOUN
fbem-30083	27	23	have	have	AUX
fbem-30083	27	24	shown	show	VERB
fbem-30083	27	25	that	that	SCONJ
fbem-30083	27	26	the	the	DET
fbem-30083	27	27	two	two	NUM
fbem-30083	27	28	are	be	AUX
fbem-30083	27	29	closely	closely	ADV
fbem-30083	27	30	related	relate	VERB
fbem-30083	27	31	.	.	PUNCT
fbem-30083	28	1	crook	crook	NOUN
fbem-30083	29	1	[	[	X
fbem-30083	29	2	1	1	X
fbem-30083	29	3	]	]	PUNCT
fbem-30083	29	4	et	et	PROPN
fbem-30083	29	5	al	al	PROPN
fbem-30083	29	6	.	.	PROPN
fbem-30083	29	7	found	find	VERB
fbem-30083	29	8	that	that	SCONJ
fbem-30083	29	9	the	the	PRON
fbem-30083	29	10	higher	high	ADJ
fbem-30083	29	11	a	a	DET
fbem-30083	29	12	115	115	NUM
fbem-30083	29	13	company	company	NOUN
fbem-30083	29	14	's	's	PART
fbem-30083	29	15	achievements	achievement	NOUN
fbem-30083	29	16	in	in	ADP
fbem-30083	29	17	corporate	corporate	ADJ
fbem-30083	29	18	social	social	ADJ
fbem-30083	29	19	responsibility	responsibility	NOUN
fbem-30083	29	20	,	,	PUNCT
fbem-30083	29	21	the	the	PRON
fbem-30083	29	22	more	more	ADV
fbem-30083	29	23	excellent	excellent	ADJ
fbem-30083	29	24	its	its	PRON
fbem-30083	29	25	financial	financial	ADJ
fbem-30083	29	26	performance	performance	NOUN
fbem-30083	29	27	.	.	PUNCT
fbem-30083	30	1	friede	friede	NOUN
fbem-30083	31	1	[	[	X
fbem-30083	31	2	2	2	NUM
fbem-30083	31	3	]	]	PUNCT
fbem-30083	31	4	et	et	PROPN
fbem-30083	31	5	al	al	PROPN
fbem-30083	31	6	.	.	PROPN
fbem-30083	31	7	's	's	PART
fbem-30083	31	8	literature	literature	PROPN
fbem-30083	31	9	review	review	NOUN
fbem-30083	31	10	shows	show	VERB
fbem-30083	31	11	that	that	SCONJ
fbem-30083	31	12	about	about	ADV
fbem-30083	31	13	90	90	NUM
fbem-30083	31	14	%	%	NOUN
fbem-30083	31	15	of	of	ADP
fbem-30083	31	16	the	the	DET
fbem-30083	31	17	data	datum	NOUN
fbem-30083	31	18	indicates	indicate	VERB
fbem-30083	31	19	that	that	SCONJ
fbem-30083	31	20	esg	esg	PROPN
fbem-30083	31	21	has	have	VERB
fbem-30083	31	22	no	no	DET
fbem-30083	31	23	negative	negative	ADJ
fbem-30083	31	24	impact	impact	NOUN
fbem-30083	31	25	on	on	ADP
fbem-30083	31	26	corporate	corporate	ADJ
fbem-30083	31	27	financial	financial	ADJ
fbem-30083	31	28	performance	performance	NOUN
fbem-30083	31	29	.	.	PUNCT
fbem-30083	32	1	wang	wang	PROPN
fbem-30083	32	2	shuangjin	shuangjin	PROPN
fbem-30083	32	3	's	's	PART
fbem-30083	32	4	[	[	X
fbem-30083	32	5	3	3	NUM
fbem-30083	32	6	]	]	X
fbem-30083	32	7	research	research	NOUN
fbem-30083	32	8	found	find	VERB
fbem-30083	32	9	that	that	SCONJ
fbem-30083	32	10	there	there	PRON
fbem-30083	32	11	is	be	VERB
fbem-30083	32	12	a	a	DET
fbem-30083	32	13	u	u	NOUN
fbem-30083	32	14	-	-	ADJ
fbem-30083	32	15	shaped	shape	VERB
fbem-30083	32	16	non	non	ADJ
fbem-30083	32	17	-	-	ADJ
fbem-30083	32	18	linear	linear	ADJ
fbem-30083	32	19	relationship	relationship	NOUN
fbem-30083	32	20	between	between	ADP
fbem-30083	32	21	the	the	DET
fbem-30083	32	22	esg	esg	PROPN
fbem-30083	32	23	responsibility	responsibility	NOUN
fbem-30083	32	24	fulfillment	fulfillment	NOUN
fbem-30083	32	25	of	of	ADP
fbem-30083	32	26	industrial	industrial	ADJ
fbem-30083	32	27	enterprises	enterprise	NOUN
fbem-30083	32	28	and	and	CCONJ
fbem-30083	32	29	their	their	PRON
fbem-30083	32	30	financial	financial	ADJ
fbem-30083	32	31	performance	performance	NOUN
fbem-30083	32	32	,	,	PUNCT
fbem-30083	32	33	and	and	CCONJ
fbem-30083	32	34	competitive	competitive	ADJ
fbem-30083	32	35	strategies	strategy	NOUN
fbem-30083	32	36	play	play	VERB
fbem-30083	32	37	an	an	DET
fbem-30083	32	38	enhancing	enhance	VERB
fbem-30083	32	39	role	role	NOUN
fbem-30083	32	40	.	.	PUNCT
fbem-30083	33	1	in	in	ADP
fbem-30083	33	2	terms	term	NOUN
fbem-30083	33	3	of	of	ADP
fbem-30083	33	4	the	the	DET
fbem-30083	33	5	impact	impact	NOUN
fbem-30083	33	6	of	of	ADP
fbem-30083	33	7	esg	esg	NOUN
fbem-30083	33	8	performance	performance	NOUN
fbem-30083	33	9	on	on	ADP
fbem-30083	33	10	corporate	corporate	ADJ
fbem-30083	33	11	innovation	innovation	NOUN
fbem-30083	33	12	,	,	PUNCT
fbem-30083	33	13	fang	fang	PROPN
fbem-30083	33	14	xianming	xianme	VERB
fbem-30083	33	15	et	et	PROPN
fbem-30083	33	16	al	al	PROPN
fbem-30083	33	17	.	.	PROPN
fbem-30083	33	18	's	's	PART
fbem-30083	33	19	research	research	NOUN
fbem-30083	33	20	shows	show	VERB
fbem-30083	33	21	that	that	SCONJ
fbem-30083	33	22	there	there	PRON
fbem-30083	33	23	is	be	VERB
fbem-30083	33	24	a	a	DET
fbem-30083	33	25	positive	positive	ADJ
fbem-30083	33	26	relationship	relationship	NOUN
fbem-30083	33	27	between	between	ADP
fbem-30083	33	28	corporate	corporate	ADJ
fbem-30083	33	29	esg	esg	NOUN
fbem-30083	33	30	performance	performance	NOUN
fbem-30083	33	31	and	and	CCONJ
fbem-30083	33	32	innovation	innovation	NOUN
fbem-30083	33	33	.	.	PUNCT
fbem-30083	34	1	enterprises	enterprise	NOUN
fbem-30083	34	2	with	with	ADP
fbem-30083	34	3	good	good	ADJ
fbem-30083	34	4	esg	esg	PROPN
fbem-30083	34	5	performance	performance	NOUN
fbem-30083	34	6	usually	usually	ADV
fbem-30083	34	7	have	have	VERB
fbem-30083	34	8	stronger	strong	ADJ
fbem-30083	34	9	resource	resource	NOUN
fbem-30083	34	10	allocation	allocation	NOUN
fbem-30083	34	11	and	and	CCONJ
fbem-30083	34	12	risk	risk	NOUN
fbem-30083	34	13	management	management	NOUN
fbem-30083	34	14	capabilities	capability	NOUN
fbem-30083	34	15	,	,	PUNCT
fbem-30083	34	16	which	which	PRON
fbem-30083	34	17	are	be	AUX
fbem-30083	34	18	crucial	crucial	ADJ
fbem-30083	34	19	for	for	ADP
fbem-30083	34	20	promoting	promote	VERB
fbem-30083	34	21	innovation	innovation	NOUN
fbem-30083	34	22	.	.	PUNCT
fbem-30083	35	1	mbanyele	mbanyele	PROPN
fbem-30083	35	2	et	et	PROPN
fbem-30083	35	3	al	al	PROPN
fbem-30083	35	4	.	.	PROPN
fbem-30083	35	5	found	find	VERB
fbem-30083	35	6	that	that	SCONJ
fbem-30083	35	7	enterprises	enterprise	NOUN
fbem-30083	35	8	that	that	PRON
fbem-30083	35	9	disclose	disclose	VERB
fbem-30083	35	10	corporate	corporate	ADJ
fbem-30083	35	11	social	social	ADJ
fbem-30083	35	12	responsibility	responsibility	NOUN
fbem-30083	35	13	have	have	VERB
fbem-30083	35	14	higher	high	ADJ
fbem-30083	35	15	green	green	ADJ
fbem-30083	35	16	innovation	innovation	NOUN
fbem-30083	35	17	output	output	NOUN
fbem-30083	35	18	efficiency	efficiency	NOUN
fbem-30083	35	19	and	and	CCONJ
fbem-30083	35	20	quality	quality	NOUN
fbem-30083	35	21	.	.	PUNCT
fbem-30083	36	1	2.2	2.2	NUM
fbem-30083	36	2	.	.	PUNCT
fbem-30083	36	3	research	research	NOUN
fbem-30083	36	4	on	on	ADP
fbem-30083	36	5	the	the	DET
fbem-30083	36	6	influencing	influence	VERB
fbem-30083	36	7	factors	factor	NOUN
fbem-30083	36	8	of	of	ADP
fbem-30083	36	9	debt	debt	NOUN
fbem-30083	36	10	financing	financing	NOUN
fbem-30083	36	11	costs	cost	VERB
fbem-30083	36	12	corporate	corporate	ADJ
fbem-30083	36	13	debt	debt	NOUN
fbem-30083	36	14	financing	financing	NOUN
fbem-30083	36	15	costs	cost	NOUN
fbem-30083	36	16	are	be	AUX
fbem-30083	36	17	affected	affect	VERB
fbem-30083	36	18	by	by	ADP
fbem-30083	36	19	internal	internal	ADJ
fbem-30083	36	20	and	and	CCONJ
fbem-30083	36	21	macro	macro	ADJ
fbem-30083	36	22	factors	factor	NOUN
fbem-30083	36	23	.	.	PUNCT
fbem-30083	37	1	internal	internal	ADJ
fbem-30083	37	2	factors	factor	NOUN
fbem-30083	37	3	include	include	VERB
fbem-30083	37	4	corporate	corporate	ADJ
fbem-30083	37	5	financial	financial	ADJ
fbem-30083	37	6	status	status	NOUN
fbem-30083	37	7	,	,	PUNCT
fbem-30083	37	8	capital	capital	NOUN
fbem-30083	37	9	structure	structure	NOUN
fbem-30083	37	10	,	,	PUNCT
fbem-30083	37	11	corporate	corporate	ADJ
fbem-30083	37	12	internal	internal	ADJ
fbem-30083	37	13	governance	governance	NOUN
fbem-30083	37	14	,	,	PUNCT
fbem-30083	37	15	accounting	accounting	NOUN
fbem-30083	37	16	policies	policy	NOUN
fbem-30083	37	17	,	,	PUNCT
fbem-30083	37	18	and	and	CCONJ
fbem-30083	37	19	information	information	NOUN
fbem-30083	37	20	disclosure	disclosure	NOUN
fbem-30083	37	21	quality	quality	NOUN
fbem-30083	37	22	.	.	PUNCT
fbem-30083	38	1	hu	hu	PROPN
fbem-30083	38	2	yiming	yiming	PROPN
fbem-30083	38	3	and	and	CCONJ
fbem-30083	38	4	xie	xie	PROPN
fbem-30083	38	5	shilei	shilei	PROPN
fbem-30083	38	6	's	's	PART
fbem-30083	38	7	[	[	NOUN
fbem-30083	38	8	4	4	NUM
fbem-30083	38	9	]	]	PUNCT
fbem-30083	38	10	research	research	NOUN
fbem-30083	38	11	pointed	point	VERB
fbem-30083	38	12	out	out	ADP
fbem-30083	38	13	that	that	SCONJ
fbem-30083	38	14	corporate	corporate	ADJ
fbem-30083	38	15	loan	loan	NOUN
fbem-30083	38	16	interest	interest	NOUN
fbem-30083	38	17	rates	rate	NOUN
fbem-30083	38	18	are	be	AUX
fbem-30083	38	19	positively	positively	ADV
fbem-30083	38	20	correlated	correlate	VERB
fbem-30083	38	21	with	with	ADP
fbem-30083	38	22	the	the	DET
fbem-30083	38	23	asset	asset	NOUN
fbem-30083	38	24	-	-	PUNCT
fbem-30083	38	25	liability	liability	NOUN
fbem-30083	38	26	ratio	ratio	NOUN
fbem-30083	38	27	and	and	CCONJ
fbem-30083	38	28	negatively	negatively	ADV
fbem-30083	38	29	correlated	correlate	VERB
fbem-30083	38	30	with	with	ADP
fbem-30083	38	31	corporate	corporate	ADJ
fbem-30083	38	32	size	size	NOUN
fbem-30083	38	33	,	,	PUNCT
fbem-30083	38	34	operating	operate	VERB
fbem-30083	38	35	cash	cash	NOUN
fbem-30083	38	36	flow	flow	NOUN
fbem-30083	38	37	,	,	PUNCT
fbem-30083	38	38	etc	etc	X
fbem-30083	38	39	.	.	X
fbem-30083	39	1	jensen	jensen	PROPN
fbem-30083	39	2	and	and	CCONJ
fbem-30083	39	3	meckling	meckle	VERB
fbem-30083	39	4	's	's	PART
fbem-30083	39	5	[	[	X
fbem-30083	39	6	5	5	NUM
fbem-30083	39	7	]	]	PUNCT
fbem-30083	39	8	research	research	NOUN
fbem-30083	39	9	showed	show	VERB
fbem-30083	39	10	that	that	SCONJ
fbem-30083	39	11	companies	company	NOUN
fbem-30083	39	12	with	with	ADP
fbem-30083	39	13	concentrated	concentrated	ADJ
fbem-30083	39	14	ownership	ownership	NOUN
fbem-30083	39	15	can	can	AUX
fbem-30083	39	16	reduce	reduce	VERB
fbem-30083	39	17	debt	debt	NOUN
fbem-30083	39	18	financing	financing	NOUN
fbem-30083	39	19	costs	cost	NOUN
fbem-30083	39	20	.	.	PUNCT
fbem-30083	40	1	li	li	PROPN
fbem-30083	40	2	zhijun	zhijun	PROPN
fbem-30083	40	3	and	and	CCONJ
fbem-30083	40	4	wang	wang	PROPN
fbem-30083	40	5	shanping	shanpe	VERB
fbem-30083	40	6	[	[	X
fbem-30083	40	7	6	6	NUM
fbem-30083	40	8	]	]	PUNCT
fbem-30083	40	9	emphasized	emphasize	VERB
fbem-30083	40	10	the	the	DET
fbem-30083	40	11	importance	importance	NOUN
fbem-30083	40	12	of	of	ADP
fbem-30083	40	13	information	information	NOUN
fbem-30083	40	14	disclosure	disclosure	NOUN
fbem-30083	40	15	quality	quality	NOUN
fbem-30083	40	16	in	in	ADP
fbem-30083	40	17	reducing	reduce	VERB
fbem-30083	40	18	debt	debt	NOUN
fbem-30083	40	19	financing	financing	NOUN
fbem-30083	40	20	costs	cost	NOUN
fbem-30083	40	21	.	.	PUNCT
fbem-30083	41	1	macro	macro	ADJ
fbem-30083	41	2	factors	factor	NOUN
fbem-30083	41	3	involve	involve	VERB
fbem-30083	41	4	political	political	ADJ
fbem-30083	41	5	,	,	PUNCT
fbem-30083	41	6	legal	legal	ADJ
fbem-30083	41	7	,	,	PUNCT
fbem-30083	41	8	economic	economic	ADJ
fbem-30083	41	9	,	,	PUNCT
fbem-30083	41	10	and	and	CCONJ
fbem-30083	41	11	other	other	ADJ
fbem-30083	41	12	levels	level	NOUN
fbem-30083	41	13	,	,	PUNCT
fbem-30083	41	14	such	such	ADJ
fbem-30083	41	15	as	as	ADP
fbem-30083	41	16	the	the	DET
fbem-30083	41	17	legal	legal	ADJ
fbem-30083	41	18	environment	environment	NOUN
fbem-30083	41	19	,	,	PUNCT
fbem-30083	41	20	government	government	NOUN
fbem-30083	41	21	policies	policy	NOUN
fbem-30083	41	22	,	,	PUNCT
fbem-30083	41	23	economic	economic	ADJ
fbem-30083	41	24	environment	environment	NOUN
fbem-30083	41	25	stability	stability	NOUN
fbem-30083	41	26	,	,	PUNCT
fbem-30083	41	27	and	and	CCONJ
fbem-30083	41	28	inflation	inflation	NOUN
fbem-30083	41	29	levels	level	NOUN
fbem-30083	41	30	.	.	PUNCT
fbem-30083	42	1	la	la	INTJ
fbem-30083	42	2	porta	porta	PROPN
fbem-30083	43	1	[	[	X
fbem-30083	43	2	7	7	NUM
fbem-30083	43	3	]	]	PUNCT
fbem-30083	43	4	et	et	PROPN
fbem-30083	43	5	al	al	PROPN
fbem-30083	43	6	.	.	PROPN
fbem-30083	43	7	pointed	point	VERB
fbem-30083	43	8	out	out	ADP
fbem-30083	43	9	that	that	SCONJ
fbem-30083	43	10	good	good	ADJ
fbem-30083	43	11	legal	legal	ADJ
fbem-30083	43	12	protection	protection	NOUN
fbem-30083	43	13	can	can	AUX
fbem-30083	43	14	encourage	encourage	VERB
fbem-30083	43	15	investment	investment	NOUN
fbem-30083	43	16	and	and	CCONJ
fbem-30083	43	17	reduce	reduce	VERB
fbem-30083	43	18	corporate	corporate	ADJ
fbem-30083	43	19	financing	financing	NOUN
fbem-30083	43	20	constraints	constraint	NOUN
fbem-30083	43	21	.	.	PUNCT
fbem-30083	44	1	borisova	borisova	PROPN
fbem-30083	45	1	[	[	X
fbem-30083	45	2	8	8	NUM
fbem-30083	45	3	]	]	PUNCT
fbem-30083	45	4	et	et	PROPN
fbem-30083	45	5	al	al	PROPN
fbem-30083	45	6	.	.	PROPN
fbem-30083	45	7	found	find	VERB
fbem-30083	45	8	that	that	SCONJ
fbem-30083	45	9	government	government	NOUN
fbem-30083	45	10	equity	equity	NOUN
fbem-30083	45	11	investment	investment	NOUN
fbem-30083	45	12	can	can	AUX
fbem-30083	45	13	reduce	reduce	VERB
fbem-30083	45	14	corporate	corporate	ADJ
fbem-30083	45	15	debt	debt	NOUN
fbem-30083	45	16	financing	financing	NOUN
fbem-30083	45	17	costs	cost	NOUN
fbem-30083	45	18	.	.	PUNCT
fbem-30083	46	1	kang	kang	PROPN
fbem-30083	46	2	and	and	CCONJ
fbem-30083	46	3	pflueger	pflueger	PROPN
fbem-30083	46	4	's	's	PART
fbem-30083	46	5	[	[	X
fbem-30083	46	6	9	9	NUM
fbem-30083	46	7	]	]	PUNCT
fbem-30083	46	8	research	research	NOUN
fbem-30083	46	9	show	show	VERB
fbem-30083	46	10	that	that	SCONJ
fbem-30083	46	11	economic	economic	ADJ
fbem-30083	46	12	recessions	recession	NOUN
fbem-30083	46	13	or	or	CCONJ
fbem-30083	46	14	changes	change	NOUN
fbem-30083	46	15	in	in	ADP
fbem-30083	46	16	inflation	inflation	NOUN
fbem-30083	46	17	can	can	AUX
fbem-30083	46	18	increase	increase	VERB
fbem-30083	46	19	corporate	corporate	ADJ
fbem-30083	46	20	debt	debt	NOUN
fbem-30083	46	21	financing	financing	NOUN
fbem-30083	46	22	costs	cost	NOUN
fbem-30083	46	23	.	.	PUNCT
fbem-30083	47	1	2.3	2.3	NUM
fbem-30083	47	2	.	.	PUNCT
fbem-30083	48	1	research	research	NOUN
fbem-30083	48	2	on	on	ADP
fbem-30083	48	3	the	the	DET
fbem-30083	48	4	relationship	relationship	NOUN
fbem-30083	48	5	between	between	ADP
fbem-30083	48	6	corporate	corporate	ADJ
fbem-30083	48	7	esg	esg	NOUN
fbem-30083	48	8	performance	performance	NOUN
fbem-30083	48	9	and	and	CCONJ
fbem-30083	48	10	debt	debt	NOUN
fbem-30083	48	11	financing	financing	NOUN
fbem-30083	48	12	costs	cost	VERB
fbem-30083	48	13	the	the	DET
fbem-30083	48	14	mainstream	mainstream	NOUN
fbem-30083	48	15	view	view	NOUN
fbem-30083	48	16	in	in	ADP
fbem-30083	48	17	academia	academia	NOUN
fbem-30083	48	18	is	be	AUX
fbem-30083	48	19	that	that	PRON
fbem-30083	48	20	corporate	corporate	ADJ
fbem-30083	48	21	esg	esg	NOUN
fbem-30083	48	22	performance	performance	NOUN
fbem-30083	48	23	can	can	AUX
fbem-30083	48	24	reduce	reduce	VERB
fbem-30083	48	25	corporate	corporate	ADJ
fbem-30083	48	26	debt	debt	NOUN
fbem-30083	48	27	financing	financing	NOUN
fbem-30083	48	28	costs	cost	NOUN
fbem-30083	48	29	.	.	PUNCT
fbem-30083	49	1	ng	ng	PROPN
fbem-30083	49	2	's	's	PART
fbem-30083	49	3	[	[	X
fbem-30083	49	4	10	10	NUM
fbem-30083	49	5	]	]	SYM
fbem-30083	49	6	empirical	empirical	ADJ
fbem-30083	49	7	research	research	NOUN
fbem-30083	49	8	found	find	VERB
fbem-30083	49	9	that	that	SCONJ
fbem-30083	49	10	enterprises	enterprise	NOUN
fbem-30083	49	11	with	with	ADP
fbem-30083	49	12	good	good	ADJ
fbem-30083	49	13	esg	esg	PROPN
fbem-30083	49	14	performance	performance	NOUN
fbem-30083	49	15	can	can	AUX
fbem-30083	49	16	reduce	reduce	VERB
fbem-30083	49	17	their	their	PRON
fbem-30083	49	18	debt	debt	NOUN
fbem-30083	49	19	financing	financing	NOUN
fbem-30083	49	20	costs	cost	NOUN
fbem-30083	49	21	.	.	PUNCT
fbem-30083	50	1	zhou	zhou	PROPN
fbem-30083	50	2	hong	hong	PROPN
fbem-30083	50	3	's	's	PART
fbem-30083	50	4	[	[	X
fbem-30083	50	5	11	11	NUM
fbem-30083	50	6	]	]	PUNCT
fbem-30083	50	7	research	research	NOUN
fbem-30083	50	8	found	find	VERB
fbem-30083	50	9	that	that	SCONJ
fbem-30083	50	10	enterprises	enterprise	NOUN
fbem-30083	50	11	with	with	ADP
fbem-30083	50	12	better	well	ADJ
fbem-30083	50	13	esg	esg	NOUN
fbem-30083	50	14	performance	performance	NOUN
fbem-30083	50	15	have	have	VERB
fbem-30083	50	16	lower	low	ADJ
fbem-30083	50	17	bond	bond	NOUN
fbem-30083	50	18	issuance	issuance	NOUN
fbem-30083	50	19	costs	cost	NOUN
fbem-30083	50	20	,	,	PUNCT
fbem-30083	50	21	and	and	CCONJ
fbem-30083	50	22	this	this	DET
fbem-30083	50	23	effect	effect	NOUN
fbem-30083	50	24	is	be	AUX
fbem-30083	50	25	more	more	ADV
fbem-30083	50	26	obvious	obvious	ADJ
fbem-30083	50	27	in	in	ADP
fbem-30083	50	28	private	private	ADJ
fbem-30083	50	29	enterprises	enterprise	NOUN
fbem-30083	50	30	.	.	PUNCT
fbem-30083	51	1	shi	shi	PROPN
fbem-30083	51	2	min	min	PROPN
fbem-30083	52	1	[	[	X
fbem-30083	52	2	12	12	NUM
fbem-30083	52	3	]	]	PUNCT
fbem-30083	52	4	et	et	PROPN
fbem-30083	52	5	al	al	PROPN
fbem-30083	52	6	.	.	PROPN
fbem-30083	52	7	proved	prove	VERB
fbem-30083	52	8	that	that	SCONJ
fbem-30083	52	9	there	there	PRON
fbem-30083	52	10	is	be	VERB
fbem-30083	52	11	a	a	DET
fbem-30083	52	12	significant	significant	ADJ
fbem-30083	52	13	negative	negative	ADJ
fbem-30083	52	14	correlation	correlation	NOUN
fbem-30083	52	15	between	between	ADP
fbem-30083	52	16	the	the	DET
fbem-30083	52	17	esg	esg	NOUN
fbem-30083	52	18	performance	performance	NOUN
fbem-30083	52	19	of	of	ADP
fbem-30083	52	20	private	private	ADJ
fbem-30083	52	21	enterprises	enterprise	NOUN
fbem-30083	52	22	and	and	CCONJ
fbem-30083	52	23	debt	debt	NOUN
fbem-30083	52	24	financing	financing	NOUN
fbem-30083	52	25	costs	cost	NOUN
fbem-30083	52	26	.	.	PUNCT
fbem-30083	53	1	eliwa	eliwa	PROPN
fbem-30083	53	2	's	's	PART
fbem-30083	53	3	[	[	X
fbem-30083	53	4	13	13	NUM
fbem-30083	53	5	]	]	PUNCT
fbem-30083	53	6	research	research	NOUN
fbem-30083	53	7	using	use	VERB
fbem-30083	53	8	panel	panel	NOUN
fbem-30083	53	9	data	datum	NOUN
fbem-30083	53	10	of	of	ADP
fbem-30083	53	11	15	15	NUM
fbem-30083	53	12	eu	eu	PROPN
fbem-30083	53	13	countries	country	NOUN
fbem-30083	53	14	found	find	VERB
fbem-30083	53	15	that	that	SCONJ
fbem-30083	53	16	enterprises	enterprise	NOUN
fbem-30083	53	17	with	with	ADP
fbem-30083	53	18	excellent	excellent	ADJ
fbem-30083	53	19	esg	esg	NOUN
fbem-30083	53	20	performance	performance	NOUN
fbem-30083	53	21	have	have	VERB
fbem-30083	53	22	relatively	relatively	ADV
fbem-30083	53	23	lower	low	ADJ
fbem-30083	53	24	debt	debt	NOUN
fbem-30083	53	25	financing	financing	NOUN
fbem-30083	53	26	costs	cost	NOUN
fbem-30083	53	27	.	.	PUNCT
fbem-30083	54	1	2.4	2.4	NUM
fbem-30083	54	2	.	.	PUNCT
fbem-30083	55	1	literature	literature	NOUN
fbem-30083	55	2	review	review	VERB
fbem-30083	55	3	existing	exist	VERB
fbem-30083	55	4	research	research	NOUN
fbem-30083	55	5	has	have	AUX
fbem-30083	55	6	provided	provide	VERB
fbem-30083	55	7	a	a	DET
fbem-30083	55	8	basis	basis	NOUN
fbem-30083	55	9	for	for	ADP
fbem-30083	55	10	understanding	understand	VERB
fbem-30083	55	11	the	the	DET
fbem-30083	55	12	relationship	relationship	NOUN
fbem-30083	55	13	between	between	ADP
fbem-30083	55	14	corporate	corporate	ADJ
fbem-30083	55	15	esg	esg	NOUN
fbem-30083	55	16	performance	performance	NOUN
fbem-30083	55	17	and	and	CCONJ
fbem-30083	55	18	debt	debt	NOUN
fbem-30083	55	19	financing	financing	NOUN
fbem-30083	55	20	costs	cost	NOUN
fbem-30083	55	21	,	,	PUNCT
fbem-30083	55	22	but	but	CCONJ
fbem-30083	55	23	there	there	PRON
fbem-30083	55	24	are	be	VERB
fbem-30083	55	25	still	still	ADV
fbem-30083	55	26	deficiencies	deficiency	NOUN
fbem-30083	55	27	.	.	PUNCT
fbem-30083	56	1	first	first	ADV
fbem-30083	56	2	,	,	PUNCT
fbem-30083	56	3	the	the	DET
fbem-30083	56	4	analysis	analysis	NOUN
fbem-30083	56	5	of	of	ADP
fbem-30083	56	6	the	the	DET
fbem-30083	56	7	mechanisms	mechanism	NOUN
fbem-30083	56	8	by	by	ADP
fbem-30083	56	9	which	which	PRON
fbem-30083	56	10	each	each	DET
fbem-30083	56	11	dimension	dimension	NOUN
fbem-30083	56	12	of	of	ADP
fbem-30083	56	13	esg	esg	PROPN
fbem-30083	56	14	affects	affect	VERB
fbem-30083	56	15	debt	debt	NOUN
fbem-30083	56	16	financing	financing	NOUN
fbem-30083	56	17	costs	cost	NOUN
fbem-30083	56	18	is	be	AUX
fbem-30083	56	19	not	not	PART
fbem-30083	56	20	in	in	ADP
fbem-30083	56	21	-	-	PUNCT
fbem-30083	56	22	depth	depth	NOUN
fbem-30083	56	23	enough	enough	ADV
fbem-30083	56	24	.	.	PUNCT
fbem-30083	57	1	second	second	ADJ
fbem-30083	57	2	,	,	PUNCT
fbem-30083	57	3	cross	cross	NOUN
fbem-30083	57	4	-	-	NOUN
fbem-30083	57	5	industry	industry	ADJ
fbem-30083	57	6	and	and	CCONJ
fbem-30083	57	7	cross	cross	ADJ
fbem-30083	57	8	-	-	ADJ
fbem-30083	57	9	market	market	ADJ
fbem-30083	57	10	comparative	comparative	ADJ
fbem-30083	57	11	research	research	NOUN
fbem-30083	57	12	is	be	AUX
fbem-30083	57	13	relatively	relatively	ADV
fbem-30083	57	14	lacking	lacking	ADJ
fbem-30083	57	15	.	.	PUNCT
fbem-30083	58	1	third	third	ADV
fbem-30083	58	2	,	,	PUNCT
fbem-30083	58	3	issues	issue	NOUN
fbem-30083	58	4	such	such	ADJ
fbem-30083	58	5	as	as	ADP
fbem-30083	58	6	the	the	DET
fbem-30083	58	7	quality	quality	NOUN
fbem-30083	58	8	,	,	PUNCT
fbem-30083	58	9	consistency	consistency	NOUN
fbem-30083	58	10	,	,	PUNCT
fbem-30083	58	11	and	and	CCONJ
fbem-30083	58	12	comparability	comparability	NOUN
fbem-30083	58	13	of	of	ADP
fbem-30083	58	14	esg	esg	PROPN
fbem-30083	58	15	information	information	NOUN
fbem-30083	58	16	disclosure	disclosure	NOUN
fbem-30083	58	17	affect	affect	VERB
fbem-30083	58	18	the	the	DET
fbem-30083	58	19	accuracy	accuracy	NOUN
fbem-30083	58	20	of	of	ADP
fbem-30083	58	21	research	research	NOUN
fbem-30083	58	22	.	.	PUNCT
fbem-30083	59	1	follow	follow	VERB
fbem-30083	59	2	-	-	PUNCT
fbem-30083	59	3	up	up	ADP
fbem-30083	59	4	research	research	NOUN
fbem-30083	59	5	can	can	AUX
fbem-30083	59	6	be	be	AUX
fbem-30083	59	7	carried	carry	VERB
fbem-30083	59	8	out	out	ADP
fbem-30083	59	9	from	from	ADP
fbem-30083	59	10	these	these	DET
fbem-30083	59	11	aspects	aspect	NOUN
fbem-30083	59	12	to	to	PART
fbem-30083	59	13	deepen	deepen	VERB
fbem-30083	59	14	the	the	DET
fbem-30083	59	15	understanding	understanding	NOUN
fbem-30083	59	16	of	of	ADP
fbem-30083	59	17	the	the	DET
fbem-30083	59	18	relationship	relationship	NOUN
fbem-30083	59	19	between	between	ADP
fbem-30083	59	20	the	the	DET
fbem-30083	59	21	two	two	NUM
fbem-30083	59	22	.	.	PUNCT
fbem-30083	60	1	3	3	X
fbem-30083	60	2	.	.	X
fbem-30083	60	3	theoretical	theoretical	ADJ
fbem-30083	60	4	basis	basis	NOUN
fbem-30083	60	5	and	and	CCONJ
fbem-30083	60	6	research	research	NOUN
fbem-30083	60	7	hypotheses	hypothesis	NOUN
fbem-30083	60	8	3.1	3.1	NUM
fbem-30083	60	9	.	.	PUNCT
fbem-30083	61	1	theoretical	theoretical	ADJ
fbem-30083	61	2	basis	basis	NOUN
fbem-30083	61	3	the	the	DET
fbem-30083	61	4	stakeholder	stakeholder	NOUN
fbem-30083	61	5	theory	theory	NOUN
fbem-30083	61	6	holds	hold	VERB
fbem-30083	61	7	that	that	SCONJ
fbem-30083	61	8	an	an	DET
fbem-30083	61	9	enterprise	enterprise	NOUN
fbem-30083	61	10	is	be	AUX
fbem-30083	61	11	a	a	DET
fbem-30083	61	12	collection	collection	NOUN
fbem-30083	61	13	of	of	ADP
fbem-30083	61	14	a	a	DET
fbem-30083	61	15	series	series	NOUN
fbem-30083	61	16	of	of	ADP
fbem-30083	61	17	contracts	contract	NOUN
fbem-30083	61	18	and	and	CCONJ
fbem-30083	61	19	needs	need	NOUN
fbem-30083	61	20	to	to	PART
fbem-30083	61	21	consider	consider	VERB
fbem-30083	61	22	the	the	DET
fbem-30083	61	23	interests	interest	NOUN
fbem-30083	61	24	of	of	ADP
fbem-30083	61	25	all	all	DET
fbem-30083	61	26	stakeholders	stakeholder	NOUN
fbem-30083	61	27	.	.	PUNCT
fbem-30083	62	1	corporate	corporate	ADJ
fbem-30083	62	2	esg	esg	PROPN
fbem-30083	62	3	performance	performance	NOUN
fbem-30083	62	4	reflects	reflect	VERB
fbem-30083	62	5	its	its	PRON
fbem-30083	62	6	commitment	commitment	NOUN
fbem-30083	62	7	to	to	ADP
fbem-30083	62	8	the	the	DET
fbem-30083	62	9	environment	environment	NOUN
fbem-30083	62	10	,	,	PUNCT
fbem-30083	62	11	society	society	NOUN
fbem-30083	62	12	,	,	PUNCT
fbem-30083	62	13	and	and	CCONJ
fbem-30083	62	14	governance	governance	NOUN
fbem-30083	62	15	.	.	PUNCT
fbem-30083	63	1	good	good	ADJ
fbem-30083	63	2	performance	performance	NOUN
fbem-30083	63	3	can	can	AUX
fbem-30083	63	4	obtain	obtain	VERB
fbem-30083	63	5	strategic	strategic	ADJ
fbem-30083	63	6	resources	resource	NOUN
fbem-30083	63	7	,	,	PUNCT
fbem-30083	63	8	reduce	reduce	VERB
fbem-30083	63	9	operating	operating	NOUN
fbem-30083	63	10	risks	risk	NOUN
fbem-30083	63	11	,	,	PUNCT
fbem-30083	63	12	ease	ease	VERB
fbem-30083	63	13	financing	financing	NOUN
fbem-30083	63	14	constraints	constraint	NOUN
fbem-30083	63	15	,	,	PUNCT
fbem-30083	63	16	enhance	enhance	VERB
fbem-30083	63	17	the	the	DET
fbem-30083	63	18	trust	trust	NOUN
fbem-30083	63	19	of	of	ADP
fbem-30083	63	20	stakeholders	stakeholder	NOUN
fbem-30083	63	21	,	,	PUNCT
fbem-30083	63	22	and	and	CCONJ
fbem-30083	63	23	thus	thus	ADV
fbem-30083	63	24	reduce	reduce	VERB
fbem-30083	63	25	debt	debt	NOUN
fbem-30083	63	26	financing	financing	NOUN
fbem-30083	63	27	costs	cost	NOUN
fbem-30083	63	28	.	.	PUNCT
fbem-30083	64	1	the	the	DET
fbem-30083	64	2	signaling	signal	VERB
fbem-30083	64	3	theory	theory	NOUN
fbem-30083	64	4	points	point	VERB
fbem-30083	64	5	out	out	ADP
fbem-30083	64	6	that	that	SCONJ
fbem-30083	64	7	in	in	ADP
fbem-30083	64	8	an	an	DET
fbem-30083	64	9	informationasymmetric	informationasymmetric	ADJ
fbem-30083	64	10	market	market	NOUN
fbem-30083	64	11	,	,	PUNCT
fbem-30083	64	12	corporate	corporate	ADJ
fbem-30083	64	13	esg	esg	NOUN
fbem-30083	64	14	performance	performance	NOUN
fbem-30083	64	15	can	can	AUX
fbem-30083	64	16	be	be	AUX
fbem-30083	64	17	used	use	VERB
fbem-30083	64	18	as	as	ADP
fbem-30083	64	19	a	a	DET
fbem-30083	64	20	signal	signal	NOUN
fbem-30083	64	21	to	to	PART
fbem-30083	64	22	convey	convey	VERB
fbem-30083	64	23	the	the	DET
fbem-30083	64	24	long	long	ADJ
fbem-30083	64	25	-	-	PUNCT
fbem-30083	64	26	term	term	NOUN
fbem-30083	64	27	value	value	NOUN
fbem-30083	64	28	and	and	CCONJ
fbem-30083	64	29	risk	risk	NOUN
fbem-30083	64	30	management	management	NOUN
fbem-30083	64	31	capabilities	capability	NOUN
fbem-30083	64	32	of	of	ADP
fbem-30083	64	33	the	the	DET
fbem-30083	64	34	enterprise	enterprise	NOUN
fbem-30083	64	35	,	,	PUNCT
fbem-30083	64	36	reduce	reduce	VERB
fbem-30083	64	37	information	information	NOUN
fbem-30083	64	38	asymmetry	asymmetry	NOUN
fbem-30083	64	39	,	,	PUNCT
fbem-30083	64	40	enhance	enhance	VERB
fbem-30083	64	41	market	market	NOUN
fbem-30083	64	42	trust	trust	NOUN
fbem-30083	64	43	,	,	PUNCT
fbem-30083	64	44	obtain	obtain	VERB
fbem-30083	64	45	more	more	ADV
fbem-30083	64	46	favorable	favorable	ADJ
fbem-30083	64	47	financing	financing	NOUN
fbem-30083	64	48	conditions	condition	NOUN
fbem-30083	64	49	,	,	PUNCT
fbem-30083	64	50	and	and	CCONJ
fbem-30083	64	51	reduce	reduce	VERB
fbem-30083	64	52	debt	debt	NOUN
fbem-30083	64	53	financing	financing	NOUN
fbem-30083	64	54	costs	cost	NOUN
fbem-30083	64	55	.	.	PUNCT
fbem-30083	65	1	the	the	DET
fbem-30083	65	2	agency	agency	NOUN
fbem-30083	65	3	theory	theory	NOUN
fbem-30083	65	4	emphasizes	emphasize	VERB
fbem-30083	65	5	that	that	SCONJ
fbem-30083	65	6	corporate	corporate	ADJ
fbem-30083	65	7	esg	esg	NOUN
fbem-30083	65	8	performance	performance	NOUN
fbem-30083	65	9	is	be	AUX
fbem-30083	65	10	an	an	DET
fbem-30083	65	11	important	important	ADJ
fbem-30083	65	12	part	part	NOUN
fbem-30083	65	13	of	of	ADP
fbem-30083	65	14	corporate	corporate	ADJ
fbem-30083	65	15	governance	governance	NOUN
fbem-30083	65	16	.	.	PUNCT
fbem-30083	66	1	good	good	ADJ
fbem-30083	66	2	esg	esg	PROPN
fbem-30083	66	3	performance	performance	NOUN
fbem-30083	66	4	can	can	AUX
fbem-30083	66	5	reduce	reduce	VERB
fbem-30083	66	6	agency	agency	NOUN
fbem-30083	66	7	costs	cost	NOUN
fbem-30083	66	8	,	,	PUNCT
fbem-30083	66	9	improve	improve	VERB
fbem-30083	66	10	transparency	transparency	NOUN
fbem-30083	66	11	and	and	CCONJ
fbem-30083	66	12	accountability	accountability	NOUN
fbem-30083	66	13	,	,	PUNCT
fbem-30083	66	14	enhance	enhance	VERB
fbem-30083	66	15	the	the	DET
fbem-30083	66	16	trust	trust	NOUN
fbem-30083	66	17	of	of	ADP
fbem-30083	66	18	investors	investor	NOUN
fbem-30083	66	19	and	and	CCONJ
fbem-30083	66	20	creditors	creditor	NOUN
fbem-30083	66	21	,	,	PUNCT
fbem-30083	66	22	and	and	CCONJ
fbem-30083	66	23	reduce	reduce	VERB
fbem-30083	66	24	debt	debt	NOUN
fbem-30083	66	25	financing	financing	NOUN
fbem-30083	66	26	costs	cost	NOUN
fbem-30083	66	27	.	.	PUNCT
fbem-30083	67	1	the	the	DET
fbem-30083	67	2	resource	resource	NOUN
fbem-30083	67	3	-	-	PUNCT
fbem-30083	67	4	based	base	VERB
fbem-30083	67	5	theory	theory	NOUN
fbem-30083	67	6	believes	believe	VERB
fbem-30083	67	7	that	that	SCONJ
fbem-30083	67	8	corporate	corporate	ADJ
fbem-30083	67	9	esg	esg	NOUN
fbem-30083	67	10	performance	performance	NOUN
fbem-30083	67	11	is	be	AUX
fbem-30083	67	12	an	an	DET
fbem-30083	67	13	important	important	ADJ
fbem-30083	67	14	resource	resource	NOUN
fbem-30083	67	15	and	and	CCONJ
fbem-30083	67	16	ability	ability	NOUN
fbem-30083	67	17	of	of	ADP
fbem-30083	67	18	the	the	DET
fbem-30083	67	19	enterprise	enterprise	NOUN
fbem-30083	67	20	,	,	PUNCT
fbem-30083	67	21	reflecting	reflect	VERB
fbem-30083	67	22	the	the	DET
fbem-30083	67	23	enterprise	enterprise	NOUN
fbem-30083	67	24	's	's	PART
fbem-30083	67	25	advantages	advantage	NOUN
fbem-30083	67	26	in	in	ADP
fbem-30083	67	27	many	many	ADJ
fbem-30083	67	28	aspects	aspect	NOUN
fbem-30083	67	29	and	and	CCONJ
fbem-30083	67	30	helping	help	VERB
fbem-30083	67	31	the	the	DET
fbem-30083	67	32	enterprise	enterprise	NOUN
fbem-30083	67	33	obtain	obtain	VERB
fbem-30083	67	34	lower	low	ADJ
fbem-30083	67	35	debt	debt	NOUN
fbem-30083	67	36	financing	financing	NOUN
fbem-30083	67	37	costs	cost	NOUN
fbem-30083	67	38	in	in	ADP
fbem-30083	67	39	the	the	DET
fbem-30083	67	40	capital	capital	NOUN
fbem-30083	67	41	market	market	NOUN
fbem-30083	67	42	.	.	PUNCT
fbem-30083	68	1	3.2	3.2	NUM
fbem-30083	68	2	.	.	PUNCT
fbem-30083	69	1	research	research	NOUN
fbem-30083	69	2	hypotheses	hypothesis	NOUN
fbem-30083	69	3	based	base	VERB
fbem-30083	69	4	on	on	ADP
fbem-30083	69	5	the	the	DET
fbem-30083	69	6	above	above	ADJ
fbem-30083	69	7	theories	theory	NOUN
fbem-30083	69	8	,	,	PUNCT
fbem-30083	69	9	the	the	DET
fbem-30083	69	10	following	follow	VERB
fbem-30083	69	11	hypotheses	hypothesis	NOUN
fbem-30083	69	12	are	be	AUX
fbem-30083	69	13	proposed	propose	VERB
fbem-30083	69	14	:	:	PUNCT
fbem-30083	69	15	hypothesis	hypothesis	NOUN
fbem-30083	69	16	1	1	NUM
fbem-30083	69	17	,	,	PUNCT
fbem-30083	69	18	corporate	corporate	ADJ
fbem-30083	69	19	esg	esg	NOUN
fbem-30083	69	20	performance	performance	NOUN
fbem-30083	69	21	can	can	AUX
fbem-30083	69	22	reduce	reduce	VERB
fbem-30083	69	23	debt	debt	NOUN
fbem-30083	69	24	financing	financing	NOUN
fbem-30083	69	25	costs	cost	NOUN
fbem-30083	69	26	.	.	PUNCT
fbem-30083	70	1	good	good	ADJ
fbem-30083	70	2	esg	esg	PROPN
fbem-30083	70	3	performance	performance	NOUN
fbem-30083	70	4	can	can	AUX
fbem-30083	70	5	reduce	reduce	VERB
fbem-30083	70	6	corporate	corporate	ADJ
fbem-30083	70	7	risks	risk	NOUN
fbem-30083	70	8	through	through	ADP
fbem-30083	70	9	various	various	ADJ
fbem-30083	70	10	channels	channel	NOUN
fbem-30083	70	11	,	,	PUNCT
fbem-30083	70	12	enhance	enhance	VERB
fbem-30083	70	13	market	market	NOUN
fbem-30083	70	14	trust	trust	NOUN
fbem-30083	70	15	,	,	PUNCT
fbem-30083	70	16	and	and	CCONJ
fbem-30083	70	17	thus	thus	ADV
fbem-30083	70	18	reduce	reduce	VERB
fbem-30083	70	19	debt	debt	NOUN
fbem-30083	70	20	financing	financing	NOUN
fbem-30083	70	21	costs	cost	NOUN
fbem-30083	70	22	.	.	PUNCT
fbem-30083	71	1	hypothesis	hypothesis	NOUN
fbem-30083	71	2	2	2	NUM
fbem-30083	71	3	,	,	PUNCT
fbem-30083	71	4	corporate	corporate	ADJ
fbem-30083	71	5	value	value	NOUN
fbem-30083	71	6	is	be	AUX
fbem-30083	71	7	one	one	NUM
fbem-30083	71	8	of	of	ADP
fbem-30083	71	9	the	the	DET
fbem-30083	71	10	channels	channel	NOUN
fbem-30083	71	11	through	through	ADP
fbem-30083	71	12	which	which	PRON
fbem-30083	71	13	corporate	corporate	ADJ
fbem-30083	71	14	esg	esg	NOUN
fbem-30083	71	15	performance	performance	NOUN
fbem-30083	71	16	reduces	reduce	VERB
fbem-30083	71	17	debt	debt	NOUN
fbem-30083	71	18	financing	financing	NOUN
fbem-30083	71	19	costs	cost	NOUN
fbem-30083	71	20	.	.	PUNCT
fbem-30083	72	1	corporate	corporate	ADJ
fbem-30083	72	2	esg	esg	PROPN
fbem-30083	72	3	performance	performance	NOUN
fbem-30083	72	4	can	can	AUX
fbem-30083	72	5	enhance	enhance	VERB
fbem-30083	72	6	corporate	corporate	ADJ
fbem-30083	72	7	value	value	NOUN
fbem-30083	72	8	,	,	PUNCT
fbem-30083	72	9	thereby	thereby	ADV
fbem-30083	72	10	reducing	reduce	VERB
fbem-30083	72	11	debt	debt	NOUN
fbem-30083	72	12	financing	financing	NOUN
fbem-30083	72	13	costs	cost	NOUN
fbem-30083	72	14	.	.	PUNCT
fbem-30083	73	1	hypothesis	hypothesis	NOUN
fbem-30083	73	2	3	3	NUM
fbem-30083	73	3	,	,	PUNCT
fbem-30083	73	4	the	the	DET
fbem-30083	73	5	moderating	moderate	VERB
fbem-30083	73	6	effect	effect	NOUN
fbem-30083	73	7	of	of	ADP
fbem-30083	73	8	corporate	corporate	ADJ
fbem-30083	73	9	green	green	ADJ
fbem-30083	73	10	technology	technology	NOUN
fbem-30083	73	11	innovation	innovation	NOUN
fbem-30083	73	12	plays	play	VERB
fbem-30083	73	13	an	an	DET
fbem-30083	73	14	important	important	ADJ
fbem-30083	73	15	role	role	NOUN
fbem-30083	73	16	in	in	ADP
fbem-30083	73	17	the	the	DET
fbem-30083	73	18	relationship	relationship	NOUN
fbem-30083	73	19	between	between	ADP
fbem-30083	73	20	corporate	corporate	ADJ
fbem-30083	73	21	esg	esg	NOUN
fbem-30083	73	22	performance	performance	NOUN
fbem-30083	73	23	and	and	CCONJ
fbem-30083	73	24	debt	debt	NOUN
fbem-30083	73	25	financing	financing	NOUN
fbem-30083	73	26	costs	cost	NOUN
fbem-30083	73	27	.	.	PUNCT
fbem-30083	74	1	green	green	ADJ
fbem-30083	74	2	technology	technology	NOUN
fbem-30083	74	3	innovation	innovation	NOUN
fbem-30083	74	4	can	can	AUX
fbem-30083	74	5	improve	improve	VERB
fbem-30083	74	6	the	the	DET
fbem-30083	74	7	adaptability	adaptability	NOUN
fbem-30083	74	8	and	and	CCONJ
fbem-30083	74	9	profitability	profitability	NOUN
fbem-30083	74	10	of	of	ADP
fbem-30083	74	11	enterprises	enterprise	NOUN
fbem-30083	74	12	,	,	PUNCT
fbem-30083	74	13	attract	attract	VERB
fbem-30083	74	14	long	long	ADJ
fbem-30083	74	15	-	-	PUNCT
fbem-30083	74	16	term	term	NOUN
fbem-30083	74	17	capital	capital	NOUN
fbem-30083	74	18	,	,	PUNCT
fbem-30083	74	19	obtain	obtain	VERB
fbem-30083	74	20	policy	policy	NOUN
fbem-30083	74	21	support	support	NOUN
fbem-30083	74	22	,	,	PUNCT
fbem-30083	74	23	and	and	CCONJ
fbem-30083	74	24	reduce	reduce	VERB
fbem-30083	74	25	debt	debt	NOUN
fbem-30083	74	26	financing	financing	NOUN
fbem-30083	74	27	costs	cost	NOUN
fbem-30083	74	28	.	.	PUNCT
fbem-30083	75	1	4	4	X
fbem-30083	75	2	.	.	NOUN
fbem-30083	75	3	model	model	NOUN
fbem-30083	75	4	specification	specification	NOUN
fbem-30083	75	5	and	and	CCONJ
fbem-30083	75	6	data	datum	NOUN
fbem-30083	75	7	description	description	NOUN
fbem-30083	75	8	4.1	4.1	NUM
fbem-30083	75	9	.	.	PUNCT
fbem-30083	76	1	model	model	NOUN
fbem-30083	76	2	specification	specification	NOUN
fbem-30083	76	3	to	to	PART
fbem-30083	76	4	investigate	investigate	VERB
fbem-30083	76	5	the	the	DET
fbem-30083	76	6	relationship	relationship	NOUN
fbem-30083	76	7	between	between	ADP
fbem-30083	76	8	corporate	corporate	ADJ
fbem-30083	76	9	esg	esg	NOUN
fbem-30083	76	10	performance	performance	NOUN
fbem-30083	76	11	and	and	CCONJ
fbem-30083	76	12	debt	debt	NOUN
fbem-30083	76	13	financing	financing	NOUN
fbem-30083	76	14	costs	cost	NOUN
fbem-30083	76	15	,	,	PUNCT
fbem-30083	76	16	the	the	DET
fbem-30083	76	17	following	follow	VERB
fbem-30083	76	18	econometric	econometric	ADJ
fbem-30083	76	19	model	model	NOUN
fbem-30083	76	20	is	be	AUX
fbem-30083	76	21	established	establish	VERB
fbem-30083	76	22	:	:	PUNCT
fbem-30083	76	23	𝑙𝑛𝑌𝑖𝑡	𝑙𝑛𝑌𝑖𝑡	NOUN
fbem-30083	76	24	=	=	SYM
fbem-30083	76	25	𝛼	𝛼	X
fbem-30083	76	26	+	+	NUM
fbem-30083	76	27	𝛽1𝑙𝑛𝑋𝑖𝑡	𝛽1𝑙𝑛𝑋𝑖𝑡	NOUN
fbem-30083	76	28	+	+	CCONJ
fbem-30083	76	29	𝛽2𝐶	𝛽2𝐶	NOUN
fbem-30083	76	30	+	+	CCONJ
fbem-30083	76	31	𝓊𝑖	𝓊𝑖	ADP
fbem-30083	76	32	+	+	NOUN
fbem-30083	76	33	𝑣𝑡	𝑣𝑡	ADP
fbem-30083	76	34	+	+	ADV
fbem-30083	76	35	𝜀𝑖𝑡	𝜀𝑖𝑡	VERB
fbem-30083	76	36	(	(	PUNCT
fbem-30083	76	37	1	1	NUM
fbem-30083	76	38	)	)	PUNCT
fbem-30083	76	39	where	where	SCONJ
fbem-30083	76	40	,	,	PUNCT
fbem-30083	76	41	𝑖	𝑖	PRON
fbem-30083	76	42	represents	represent	VERB
fbem-30083	76	43	the	the	DET
fbem-30083	76	44	enterprise	enterprise	NOUN
fbem-30083	76	45	,	,	PUNCT
fbem-30083	76	46	𝑡	𝑡	PROPN
fbem-30083	76	47	represents	represent	VERB
fbem-30083	76	48	the	the	DET
fbem-30083	76	49	year	year	NOUN
fbem-30083	76	50	,	,	PUNCT
fbem-30083	76	51	116	116	NUM
fbem-30083	76	52	𝛼	𝛼	NOUN
fbem-30083	76	53	represents	represent	VERB
fbem-30083	76	54	the	the	DET
fbem-30083	76	55	constant	constant	ADJ
fbem-30083	76	56	term	term	NOUN
fbem-30083	76	57	,	,	PUNCT
fbem-30083	76	58	𝓊𝑖	𝓊𝑖	ADP
fbem-30083	76	59	and	and	CCONJ
fbem-30083	76	60	𝑣𝑡	𝑣𝑡	PART
fbem-30083	76	61	reflect	reflect	VERB
fbem-30083	76	62	individual	individual	ADJ
fbem-30083	76	63	fixed	fix	VERB
fbem-30083	76	64	effects	effect	NOUN
fbem-30083	76	65	and	and	CCONJ
fbem-30083	76	66	time	time	NOUN
fbem-30083	76	67	fixed	fix	VERB
fbem-30083	76	68	effects	effect	NOUN
fbem-30083	76	69	,	,	PUNCT
fbem-30083	76	70	𝜀𝑖𝑡	𝜀𝑖𝑡	VERB
fbem-30083	76	71	is	be	AUX
fbem-30083	76	72	the	the	DET
fbem-30083	76	73	random	random	ADJ
fbem-30083	76	74	disturbance	disturbance	NOUN
fbem-30083	76	75	term	term	NOUN
fbem-30083	76	76	,	,	PUNCT
fbem-30083	76	77	𝑙𝑛𝑌𝑖𝑡	𝑙𝑛𝑌𝑖𝑡	NOUN
fbem-30083	76	78	is	be	AUX
fbem-30083	76	79	the	the	DET
fbem-30083	76	80	debt	debt	NOUN
fbem-30083	76	81	financing	financing	NOUN
fbem-30083	76	82	cost	cost	NOUN
fbem-30083	76	83	of	of	ADP
fbem-30083	76	84	each	each	DET
fbem-30083	76	85	enterprise	enterprise	NOUN
fbem-30083	76	86	in	in	ADP
fbem-30083	76	87	each	each	DET
fbem-30083	76	88	year	year	NOUN
fbem-30083	76	89	,	,	PUNCT
fbem-30083	76	90	𝑙𝑛𝑋𝑖𝑡	𝑙𝑛𝑋𝑖𝑡	PROPN
fbem-30083	76	91	is	be	AUX
fbem-30083	76	92	the	the	DET
fbem-30083	76	93	esg	esg	NOUN
fbem-30083	76	94	rating	rating	NOUN
fbem-30083	76	95	of	of	ADP
fbem-30083	76	96	each	each	DET
fbem-30083	76	97	enterprise	enterprise	NOUN
fbem-30083	76	98	in	in	ADP
fbem-30083	76	99	each	each	DET
fbem-30083	76	100	year	year	NOUN
fbem-30083	76	101	,	,	PUNCT
fbem-30083	76	102	and	and	CCONJ
fbem-30083	76	103	𝑋	𝑋	PROPN
fbem-30083	76	104	represents	represent	VERB
fbem-30083	76	105	a	a	DET
fbem-30083	76	106	series	series	NOUN
fbem-30083	76	107	of	of	ADP
fbem-30083	76	108	control	control	NOUN
fbem-30083	76	109	variables	variable	NOUN
fbem-30083	76	110	,	,	PUNCT
fbem-30083	76	111	including	include	VERB
fbem-30083	76	112	size	size	NOUN
fbem-30083	76	113	(	(	PUNCT
fbem-30083	76	114	enterprise	enterprise	NOUN
fbem-30083	76	115	size	size	NOUN
fbem-30083	76	116	)	)	PUNCT
fbem-30083	76	117	,	,	PUNCT
fbem-30083	76	118	loss	loss	NOUN
fbem-30083	76	119	(	(	PUNCT
fbem-30083	76	120	whether	whether	SCONJ
fbem-30083	76	121	there	there	PRON
fbem-30083	76	122	is	be	VERB
fbem-30083	76	123	a	a	DET
fbem-30083	76	124	loss	loss	NOUN
fbem-30083	76	125	)	)	PUNCT
fbem-30083	76	126	,	,	PUNCT
fbem-30083	76	127	growth	growth	NOUN
fbem-30083	76	128	(	(	PUNCT
fbem-30083	76	129	operating	operate	VERB
fbem-30083	76	130	income	income	NOUN
fbem-30083	76	131	growth	growth	NOUN
fbem-30083	76	132	rate	rate	NOUN
fbem-30083	76	133	)	)	PUNCT
fbem-30083	76	134	,	,	PUNCT
fbem-30083	76	135	turnover	turnover	NOUN
fbem-30083	76	136	(	(	PUNCT
fbem-30083	76	137	total	total	ADJ
fbem-30083	76	138	asset	asset	NOUN
fbem-30083	76	139	turnover	turnover	NOUN
fbem-30083	76	140	rate	rate	NOUN
fbem-30083	76	141	)	)	PUNCT
fbem-30083	76	142	,	,	PUNCT
fbem-30083	76	143	cash	cash	NOUN
fbem-30083	76	144	(	(	PUNCT
fbem-30083	76	145	cash	cash	NOUN
fbem-30083	76	146	holdings	holding	NOUN
fbem-30083	76	147	)	)	PUNCT
fbem-30083	76	148	,	,	PUNCT
fbem-30083	76	149	ppe	ppe	PROPN
fbem-30083	76	150	(	(	PUNCT
fbem-30083	76	151	fixed	fix	VERB
fbem-30083	76	152	asset	asset	NOUN
fbem-30083	76	153	intensity	intensity	NOUN
fbem-30083	76	154	)	)	PUNCT
fbem-30083	76	155	,	,	PUNCT
fbem-30083	76	156	intangible	intangible	ADJ
fbem-30083	76	157	(	(	PUNCT
fbem-30083	76	158	intangible	intangible	ADJ
fbem-30083	76	159	asset	asset	NOUN
fbem-30083	76	160	intensity	intensity	NOUN
fbem-30083	76	161	)	)	PUNCT
fbem-30083	76	162	,	,	PUNCT
fbem-30083	76	163	and	and	CCONJ
fbem-30083	76	164	dual	dual	ADJ
fbem-30083	76	165	(	(	PUNCT
fbem-30083	76	166	dual	dual	ADJ
fbem-30083	76	167	positions	position	NOUN
fbem-30083	76	168	)	)	PUNCT
fbem-30083	76	169	.	.	PUNCT
fbem-30083	77	1	some	some	DET
fbem-30083	77	2	variables	variable	NOUN
fbem-30083	77	3	are	be	AUX
fbem-30083	77	4	in	in	ADP
fbem-30083	77	5	natural	natural	ADJ
fbem-30083	77	6	logarithm	logarithm	NOUN
fbem-30083	77	7	form	form	NOUN
fbem-30083	77	8	to	to	PART
fbem-30083	77	9	reduce	reduce	VERB
fbem-30083	77	10	the	the	DET
fbem-30083	77	11	volatility	volatility	NOUN
fbem-30083	77	12	of	of	ADP
fbem-30083	77	13	variables	variable	NOUN
fbem-30083	77	14	.	.	PUNCT
fbem-30083	78	1	4.2	4.2	NUM
fbem-30083	78	2	.	.	PUNCT
fbem-30083	79	1	variable	variable	ADJ
fbem-30083	79	2	explanation	explanation	NOUN
fbem-30083	79	3	the	the	DET
fbem-30083	79	4	explained	explain	VERB
fbem-30083	79	5	variable	variable	NOUN
fbem-30083	79	6	is	be	AUX
fbem-30083	79	7	the	the	DET
fbem-30083	79	8	corporate	corporate	ADJ
fbem-30083	79	9	debt	debt	NOUN
fbem-30083	79	10	financing	financing	NOUN
fbem-30083	79	11	cost	cost	NOUN
fbem-30083	79	12	(	(	PUNCT
fbem-30083	79	13	y	y	NOUN
fbem-30083	79	14	)	)	PUNCT
fbem-30083	79	15	.	.	PUNCT
fbem-30083	80	1	referring	refer	VERB
fbem-30083	80	2	to	to	ADP
fbem-30083	80	3	previous	previous	ADJ
fbem-30083	80	4	studies	study	NOUN
fbem-30083	80	5	,	,	PUNCT
fbem-30083	80	6	the	the	DET
fbem-30083	80	7	ratio	ratio	NOUN
fbem-30083	80	8	of	of	ADP
fbem-30083	80	9	corporate	corporate	ADJ
fbem-30083	80	10	financial	financial	ADJ
fbem-30083	80	11	expenses	expense	NOUN
fbem-30083	80	12	to	to	ADP
fbem-30083	80	13	total	total	ADJ
fbem-30083	80	14	liabilities	liability	NOUN
fbem-30083	80	15	at	at	ADP
fbem-30083	80	16	the	the	DET
fbem-30083	80	17	end	end	NOUN
fbem-30083	80	18	of	of	ADP
fbem-30083	80	19	the	the	DET
fbem-30083	80	20	period	period	NOUN
fbem-30083	80	21	(	(	PUNCT
fbem-30083	80	22	y1	y1	NOUN
fbem-30083	80	23	)	)	PUNCT
fbem-30083	80	24	is	be	AUX
fbem-30083	80	25	used	use	VERB
fbem-30083	80	26	as	as	ADP
fbem-30083	80	27	the	the	DET
fbem-30083	80	28	debt	debt	NOUN
fbem-30083	80	29	financing	financing	NOUN
fbem-30083	80	30	cost	cost	NOUN
fbem-30083	80	31	.	.	PUNCT
fbem-30083	81	1	at	at	ADP
fbem-30083	81	2	the	the	DET
fbem-30083	81	3	same	same	ADJ
fbem-30083	81	4	time	time	NOUN
fbem-30083	81	5	,	,	PUNCT
fbem-30083	81	6	the	the	DET
fbem-30083	81	7	ratio	ratio	NOUN
fbem-30083	81	8	of	of	ADP
fbem-30083	81	9	the	the	DET
fbem-30083	81	10	total	total	NOUN
fbem-30083	81	11	of	of	ADP
fbem-30083	81	12	corporate	corporate	ADJ
fbem-30083	81	13	interest	interest	NOUN
fbem-30083	81	14	expenses	expense	NOUN
fbem-30083	81	15	,	,	PUNCT
fbem-30083	81	16	handling	handle	VERB
fbem-30083	81	17	fees	fee	NOUN
fbem-30083	81	18	,	,	PUNCT
fbem-30083	81	19	and	and	CCONJ
fbem-30083	81	20	other	other	ADJ
fbem-30083	81	21	financial	financial	ADJ
fbem-30083	81	22	expenses	expense	NOUN
fbem-30083	81	23	to	to	ADP
fbem-30083	81	24	total	total	ADJ
fbem-30083	81	25	liabilities	liability	NOUN
fbem-30083	81	26	at	at	ADP
fbem-30083	81	27	the	the	DET
fbem-30083	81	28	end	end	NOUN
fbem-30083	81	29	of	of	ADP
fbem-30083	81	30	the	the	DET
fbem-30083	81	31	period	period	NOUN
fbem-30083	81	32	(	(	PUNCT
fbem-30083	81	33	y2	y2	NOUN
fbem-30083	81	34	)	)	PUNCT
fbem-30083	81	35	and	and	CCONJ
fbem-30083	81	36	the	the	DET
fbem-30083	81	37	ratio	ratio	NOUN
fbem-30083	81	38	of	of	ADP
fbem-30083	81	39	corporate	corporate	ADJ
fbem-30083	81	40	interest	interest	NOUN
fbem-30083	81	41	expenses	expense	NOUN
fbem-30083	81	42	to	to	ADP
fbem-30083	81	43	the	the	DET
fbem-30083	81	44	average	average	NOUN
fbem-30083	81	45	of	of	ADP
fbem-30083	81	46	long	long	ADJ
fbem-30083	81	47	and	and	CCONJ
fbem-30083	81	48	short	short	ADJ
fbem-30083	81	49	term	term	NOUN
fbem-30083	81	50	liabilities	liability	NOUN
fbem-30083	81	51	in	in	ADP
fbem-30083	81	52	the	the	DET
fbem-30083	81	53	current	current	ADJ
fbem-30083	81	54	year	year	NOUN
fbem-30083	81	55	(	(	PUNCT
fbem-30083	81	56	y3	y3	NOUN
fbem-30083	81	57	)	)	PUNCT
fbem-30083	81	58	are	be	AUX
fbem-30083	81	59	used	use	VERB
fbem-30083	81	60	for	for	ADP
fbem-30083	81	61	robustness	robustness	NOUN
fbem-30083	81	62	tests	test	NOUN
fbem-30083	81	63	.	.	PUNCT
fbem-30083	82	1	the	the	DET
fbem-30083	82	2	core	core	ADJ
fbem-30083	82	3	explanatory	explanatory	ADJ
fbem-30083	82	4	variable	variable	NOUN
fbem-30083	82	5	is	be	AUX
fbem-30083	82	6	corporate	corporate	ADJ
fbem-30083	82	7	esg	esg	NOUN
fbem-30083	82	8	performance	performance	NOUN
fbem-30083	82	9	(	(	PUNCT
fbem-30083	82	10	x	x	NOUN
fbem-30083	82	11	)	)	PUNCT
fbem-30083	82	12	,	,	PUNCT
fbem-30083	82	13	which	which	PRON
fbem-30083	82	14	is	be	AUX
fbem-30083	82	15	measured	measure	VERB
fbem-30083	82	16	by	by	ADP
fbem-30083	82	17	huazheng	huazheng	PROPN
fbem-30083	82	18	esg	esg	PROPN
fbem-30083	82	19	rating	rating	NOUN
fbem-30083	82	20	data	datum	NOUN
fbem-30083	82	21	.	.	PUNCT
fbem-30083	83	1	the	the	DET
fbem-30083	83	2	nine	nine	NUM
fbem-30083	83	3	-	-	PUNCT
fbem-30083	83	4	level	level	NOUN
fbem-30083	83	5	ratings	rating	NOUN
fbem-30083	83	6	from	from	ADP
fbem-30083	83	7	"	"	PUNCT
fbem-30083	83	8	aaa	aaa	NOUN
fbem-30083	83	9	~	~	SYM
fbem-30083	83	10	c	c	X
fbem-30083	83	11	"	"	PUNCT
fbem-30083	83	12	are	be	AUX
fbem-30083	83	13	assigned	assign	VERB
fbem-30083	83	14	values	value	NOUN
fbem-30083	83	15	from	from	ADP
fbem-30083	83	16	9	9	NUM
fbem-30083	83	17	to	to	ADP
fbem-30083	83	18	1	1	NUM
fbem-30083	83	19	,	,	PUNCT
fbem-30083	83	20	and	and	CCONJ
fbem-30083	83	21	the	the	DET
fbem-30083	83	22	annual	annual	ADJ
fbem-30083	83	23	average	average	ADJ
fbem-30083	83	24	esg	esg	NOUN
fbem-30083	83	25	rating	rating	NOUN
fbem-30083	83	26	results	result	NOUN
fbem-30083	83	27	are	be	AUX
fbem-30083	83	28	calculated	calculate	VERB
fbem-30083	83	29	.	.	PUNCT
fbem-30083	84	1	control	control	NOUN
fbem-30083	84	2	variables	variable	NOUN
fbem-30083	84	3	include	include	VERB
fbem-30083	84	4	enterprise	enterprise	NOUN
fbem-30083	84	5	size	size	NOUN
fbem-30083	84	6	(	(	PUNCT
fbem-30083	84	7	size	size	NOUN
fbem-30083	84	8	)	)	PUNCT
fbem-30083	84	9	,	,	PUNCT
fbem-30083	84	10	enterprise	enterprise	NOUN
fbem-30083	84	11	age	age	NOUN
fbem-30083	84	12	(	(	PUNCT
fbem-30083	84	13	lnage	lnage	NOUN
fbem-30083	84	14	)	)	PUNCT
fbem-30083	84	15	,	,	PUNCT
fbem-30083	84	16	asset	asset	NOUN
fbem-30083	84	17	-	-	PUNCT
fbem-30083	84	18	liability	liability	NOUN
fbem-30083	84	19	ratio	ratio	NOUN
fbem-30083	84	20	(	(	PUNCT
fbem-30083	84	21	lev	lev	NOUN
fbem-30083	84	22	)	)	PUNCT
fbem-30083	84	23	,	,	PUNCT
fbem-30083	84	24	cash	cash	NOUN
fbem-30083	84	25	holdings	holding	NOUN
fbem-30083	84	26	(	(	PUNCT
fbem-30083	84	27	cash	cash	NOUN
fbem-30083	84	28	)	)	PUNCT
fbem-30083	84	29	,	,	PUNCT
fbem-30083	84	30	etc	etc	X
fbem-30083	84	31	.	.	X
fbem-30083	85	1	4.3	4.3	NUM
fbem-30083	85	2	.	.	PUNCT
fbem-30083	86	1	data	datum	NOUN
fbem-30083	86	2	source	source	VERB
fbem-30083	86	3	the	the	DET
fbem-30083	86	4	data	data	NOUN
fbem-30083	86	5	sample	sample	NOUN
fbem-30083	86	6	of	of	ADP
fbem-30083	86	7	shanghai	shanghai	PROPN
fbem-30083	86	8	and	and	CCONJ
fbem-30083	86	9	shenzhen	shenzhen	PROPN
fbem-30083	86	10	a	a	PROPN
fbem-30083	86	11	-	-	PUNCT
fbem-30083	86	12	share	share	NOUN
fbem-30083	86	13	listed	list	VERB
fbem-30083	86	14	companies	company	NOUN
fbem-30083	86	15	from	from	ADP
fbem-30083	86	16	2012	2012	NUM
fbem-30083	86	17	to	to	ADP
fbem-30083	86	18	2022	2022	NUM
fbem-30083	86	19	is	be	AUX
fbem-30083	86	20	selected	select	VERB
fbem-30083	86	21	,	,	PUNCT
fbem-30083	86	22	and	and	CCONJ
fbem-30083	86	23	the	the	DET
fbem-30083	86	24	data	datum	NOUN
fbem-30083	86	25	comes	come	VERB
fbem-30083	86	26	from	from	ADP
fbem-30083	86	27	the	the	DET
fbem-30083	86	28	csmar	csmar	PROPN
fbem-30083	86	29	database	database	NOUN
fbem-30083	86	30	.	.	PUNCT
fbem-30083	87	1	the	the	DET
fbem-30083	87	2	descriptive	descriptive	ADJ
fbem-30083	87	3	statistical	statistical	ADJ
fbem-30083	87	4	results	result	NOUN
fbem-30083	87	5	show	show	VERB
fbem-30083	87	6	that	that	SCONJ
fbem-30083	87	7	there	there	PRON
fbem-30083	87	8	are	be	VERB
fbem-30083	87	9	significant	significant	ADJ
fbem-30083	87	10	differences	difference	NOUN
fbem-30083	87	11	in	in	ADP
fbem-30083	87	12	the	the	DET
fbem-30083	87	13	debt	debt	NOUN
fbem-30083	87	14	financing	financing	NOUN
fbem-30083	87	15	costs	cost	NOUN
fbem-30083	87	16	of	of	ADP
fbem-30083	87	17	sample	sample	NOUN
fbem-30083	87	18	enterprises	enterprise	NOUN
fbem-30083	87	19	,	,	PUNCT
fbem-30083	87	20	and	and	CCONJ
fbem-30083	87	21	the	the	DET
fbem-30083	87	22	overall	overall	ADJ
fbem-30083	87	23	esg	esg	NOUN
fbem-30083	87	24	performance	performance	NOUN
fbem-30083	87	25	of	of	ADP
fbem-30083	87	26	chinese	chinese	ADJ
fbem-30083	87	27	listed	list	VERB
fbem-30083	87	28	companies	company	NOUN
fbem-30083	87	29	needs	need	VERB
fbem-30083	87	30	to	to	PART
fbem-30083	87	31	be	be	AUX
fbem-30083	87	32	improved	improve	VERB
fbem-30083	87	33	.	.	PUNCT
fbem-30083	88	1	4.4	4.4	NUM
fbem-30083	88	2	.	.	PUNCT
fbem-30083	89	1	multicollinearity	multicollinearity	NOUN
fbem-30083	89	2	test	test	NOUN
fbem-30083	89	3	a	a	DET
fbem-30083	89	4	vif	vif	NOUN
fbem-30083	89	5	test	test	NOUN
fbem-30083	89	6	is	be	AUX
fbem-30083	89	7	conducted	conduct	VERB
fbem-30083	89	8	on	on	ADP
fbem-30083	89	9	the	the	DET
fbem-30083	89	10	selected	select	VERB
fbem-30083	89	11	data	datum	NOUN
fbem-30083	89	12	,	,	PUNCT
fbem-30083	89	13	and	and	CCONJ
fbem-30083	89	14	the	the	DET
fbem-30083	89	15	results	result	NOUN
fbem-30083	89	16	show	show	VERB
fbem-30083	89	17	that	that	SCONJ
fbem-30083	89	18	there	there	PRON
fbem-30083	89	19	is	be	VERB
fbem-30083	89	20	no	no	DET
fbem-30083	89	21	serious	serious	ADJ
fbem-30083	89	22	multicollinearity	multicollinearity	NOUN
fbem-30083	89	23	problem	problem	NOUN
fbem-30083	89	24	among	among	ADP
fbem-30083	89	25	the	the	DET
fbem-30083	89	26	explanatory	explanatory	ADJ
fbem-30083	89	27	variables	variable	NOUN
fbem-30083	89	28	,	,	PUNCT
fbem-30083	89	29	and	and	CCONJ
fbem-30083	89	30	regression	regression	NOUN
fbem-30083	89	31	can	can	AUX
fbem-30083	89	32	be	be	AUX
fbem-30083	89	33	carried	carry	VERB
fbem-30083	89	34	out	out	ADP
fbem-30083	89	35	.	.	PUNCT
fbem-30083	90	1	table	table	NOUN
fbem-30083	90	2	1	1	NUM
fbem-30083	90	3	.	.	PUNCT
fbem-30083	91	1	results	result	NOUN
fbem-30083	91	2	of	of	ADP
fbem-30083	91	3	multicollinearity	multicollinearity	NOUN
fbem-30083	91	4	test	test	NOUN
fbem-30083	91	5	variable	variable	NOUN
fbem-30083	91	6	vif	vif	NOUN
fbem-30083	91	7	1	1	NUM
fbem-30083	91	8	/	/	SYM
fbem-30083	91	9	vif	vif	NOUN
fbem-30083	91	10	size	size	NOUN
fbem-30083	91	11	1.41	1.41	NUM
fbem-30083	91	12	0.707316	0.707316	NUM
fbem-30083	91	13	inage	inage	NOUN
fbem-30083	91	14	1.28	1.28	NUM
fbem-30083	91	15	0.779377	0.779377	NUM
fbem-30083	91	16	roa	roa	NOUN
fbem-30083	91	17	1.15	1.15	NUM
fbem-30083	91	18	0.866018	0.866018	NUM
fbem-30083	91	19	x1	x1	PROPN
fbem-30083	91	20	1.13	1.13	NUM
fbem-30083	91	21	0.881887	0.881887	NUM
fbem-30083	91	22	cash	cash	NOUN
fbem-30083	91	23	1.11	1.11	NUM
fbem-30083	91	24	0.898323	0.898323	NUM
fbem-30083	91	25	top1	top1	NOUN
fbem-30083	91	26	1.08	1.08	NUM
fbem-30083	91	27	0.926372	0.926372	NUM
fbem-30083	91	28	lev	lev	NOUN
fbem-30083	91	29	1.03	1.03	NUM
fbem-30083	91	30	0.974425	0.974425	NUM
fbem-30083	91	31	indep	indep	NOUN
fbem-30083	91	32	1.01	1.01	NUM
fbem-30083	91	33	0.992041	0.992041	NUM
fbem-30083	91	34	growth	growth	NOUN
fbem-30083	91	35	1.00	1.00	NUM
fbem-30083	91	36	0.998911	0.998911	NUM
fbem-30083	91	37	ipm	ipm	NOUN
fbem-30083	91	38	1.00	1.00	NUM
fbem-30083	91	39	0.999742	0.999742	NUM
fbem-30083	91	40	mean	mean	NOUN
fbem-30083	91	41	vif	vif	NOUN
fbem-30083	91	42	1.12	1.12	NUM
fbem-30083	91	43	5	5	NUM
fbem-30083	91	44	.	.	PUNCT
fbem-30083	92	1	empirical	empirical	ADJ
fbem-30083	92	2	analysis	analysis	NOUN
fbem-30083	92	3	5.1	5.1	NUM
fbem-30083	92	4	.	.	PUNCT
fbem-30083	93	1	baseline	baseline	PROPN
fbem-30083	93	2	regression	regression	PROPN
fbem-30083	93	3	a	a	DET
fbem-30083	93	4	baseline	baseline	NOUN
fbem-30083	93	5	regression	regression	NOUN
fbem-30083	93	6	model	model	NOUN
fbem-30083	93	7	is	be	AUX
fbem-30083	93	8	constructed	construct	VERB
fbem-30083	93	9	,	,	PUNCT
fbem-30083	93	10	and	and	CCONJ
fbem-30083	93	11	the	the	DET
fbem-30083	93	12	fixed	fix	VERB
fbem-30083	93	13	effects	effect	NOUN
fbem-30083	93	14	method	method	NOUN
fbem-30083	93	15	is	be	AUX
fbem-30083	93	16	used	use	VERB
fbem-30083	93	17	to	to	PART
fbem-30083	93	18	control	control	VERB
fbem-30083	93	19	unobservable	unobservable	ADJ
fbem-30083	93	20	factors	factor	NOUN
fbem-30083	93	21	.	.	PUNCT
fbem-30083	94	1	control	control	NOUN
fbem-30083	94	2	variables	variable	NOUN
fbem-30083	94	3	are	be	AUX
fbem-30083	94	4	introduced	introduce	VERB
fbem-30083	94	5	to	to	PART
fbem-30083	94	6	examine	examine	VERB
fbem-30083	94	7	other	other	ADJ
fbem-30083	94	8	influencing	influence	VERB
fbem-30083	94	9	factors	factor	NOUN
fbem-30083	94	10	.	.	PUNCT
fbem-30083	95	1	the	the	DET
fbem-30083	95	2	results	result	NOUN
fbem-30083	95	3	show	show	VERB
fbem-30083	95	4	that	that	SCONJ
fbem-30083	95	5	there	there	PRON
fbem-30083	95	6	is	be	VERB
fbem-30083	95	7	a	a	DET
fbem-30083	95	8	negative	negative	ADJ
fbem-30083	95	9	correlation	correlation	NOUN
fbem-30083	95	10	between	between	ADP
fbem-30083	95	11	corporate	corporate	ADJ
fbem-30083	95	12	esg	esg	NOUN
fbem-30083	95	13	performance	performance	NOUN
fbem-30083	95	14	and	and	CCONJ
fbem-30083	95	15	debt	debt	NOUN
fbem-30083	95	16	financing	financing	NOUN
fbem-30083	95	17	costs	cost	NOUN
fbem-30083	95	18	,	,	PUNCT
fbem-30083	95	19	and	and	CCONJ
fbem-30083	95	20	this	this	DET
fbem-30083	95	21	relationship	relationship	NOUN
fbem-30083	95	22	remains	remain	VERB
fbem-30083	95	23	significant	significant	ADJ
fbem-30083	95	24	after	after	ADP
fbem-30083	95	25	controlling	control	VERB
fbem-30083	95	26	for	for	ADP
fbem-30083	95	27	time	time	NOUN
fbem-30083	95	28	effects	effect	NOUN
fbem-30083	95	29	.	.	PUNCT
fbem-30083	96	1	among	among	ADP
fbem-30083	96	2	the	the	DET
fbem-30083	96	3	control	control	NOUN
fbem-30083	96	4	variables	variable	NOUN
fbem-30083	96	5	,	,	PUNCT
fbem-30083	96	6	enterprise	enterprise	NOUN
fbem-30083	96	7	age	age	NOUN
fbem-30083	96	8	,	,	PUNCT
fbem-30083	96	9	asset	asset	NOUN
fbem-30083	96	10	-	-	PUNCT
fbem-30083	96	11	liability	liability	NOUN
fbem-30083	96	12	ratio	ratio	NOUN
fbem-30083	96	13	,	,	PUNCT
fbem-30083	96	14	etc	etc	X
fbem-30083	96	15	.	.	X
fbem-30083	96	16	have	have	VERB
fbem-30083	96	17	a	a	DET
fbem-30083	96	18	significant	significant	ADJ
fbem-30083	96	19	impact	impact	NOUN
fbem-30083	96	20	on	on	ADP
fbem-30083	96	21	debt	debt	NOUN
fbem-30083	96	22	financing	financing	NOUN
fbem-30083	96	23	costs	cost	NOUN
fbem-30083	96	24	.	.	PUNCT
fbem-30083	97	1	table	table	NOUN
fbem-30083	97	2	2	2	NUM
fbem-30083	97	3	.	.	PUNCT
fbem-30083	97	4	benchmark	benchmark	NOUN
fbem-30083	97	5	regression	regression	NOUN
fbem-30083	97	6	of	of	ADP
fbem-30083	97	7	corporate	corporate	ADJ
fbem-30083	97	8	esg	esg	NOUN
fbem-30083	97	9	performance	performance	NOUN
fbem-30083	97	10	on	on	ADP
fbem-30083	97	11	debt	debt	NOUN
fbem-30083	97	12	financing	financing	NOUN
fbem-30083	97	13	costs	cost	NOUN
fbem-30083	97	14	(	(	PUNCT
fbem-30083	97	15	1	1	NUM
fbem-30083	97	16	)	)	PUNCT
fbem-30083	97	17	(	(	PUNCT
fbem-30083	97	18	2	2	NUM
fbem-30083	97	19	)	)	PUNCT
fbem-30083	97	20	(	(	PUNCT
fbem-30083	97	21	3	3	X
fbem-30083	97	22	)	)	PUNCT
fbem-30083	97	23	(	(	PUNCT
fbem-30083	97	24	4	4	X
fbem-30083	97	25	)	)	PUNCT
fbem-30083	97	26	y1	y1	NOUN
fbem-30083	97	27	y1	y1	NOUN
fbem-30083	97	28	y1	y1	NOUN
fbem-30083	97	29	y1	y1	NOUN
fbem-30083	97	30	x1	x1	PUNCT
fbem-30083	97	31	-0.275	-0.275	PUNCT
fbem-30083	97	32	*	*	PUNCT
fbem-30083	97	33	*	*	PUNCT
fbem-30083	97	34	*	*	PUNCT
fbem-30083	97	35	-0.275	-0.275	PUNCT
fbem-30083	97	36	*	*	PUNCT
fbem-30083	97	37	*	*	PUNCT
fbem-30083	97	38	*	*	PUNCT
fbem-30083	97	39	-0.049	-0.049	PUNCT
fbem-30083	97	40	*	*	PUNCT
fbem-30083	97	41	*	*	NOUN
fbem-30083	97	42	-0.049	-0.049	PUNCT
fbem-30083	97	43	*	*	PUNCT
fbem-30083	97	44	*	*	PUNCT
fbem-30083	97	45	(	(	PUNCT
fbem-30083	97	46	-15.28	-15.28	NOUN
fbem-30083	97	47	)	)	PUNCT
fbem-30083	97	48	(	(	PUNCT
fbem-30083	97	49	-10.75	-10.75	PROPN
fbem-30083	97	50	)	)	PUNCT
fbem-30083	97	51	(	(	PUNCT
fbem-30083	97	52	-2.16	-2.16	NOUN
fbem-30083	97	53	)	)	PUNCT
fbem-30083	97	54	(	(	PUNCT
fbem-30083	97	55	-2.09	-2.09	NUM
fbem-30083	97	56	)	)	PUNCT
fbem-30083	97	57	size	size	NOUN
fbem-30083	97	58	-0.043	-0.043	PUNCT
fbem-30083	97	59	-0.043	-0.043	X
fbem-30083	97	60	(	(	PUNCT
fbem-30083	97	61	-0.56	-0.56	NUM
fbem-30083	97	62	)	)	PUNCT
fbem-30083	97	63	(	(	PUNCT
fbem-30083	97	64	-0.38	-0.38	NOUN
fbem-30083	97	65	)	)	PUNCT
fbem-30083	97	66	lnage	lnage	NOUN
fbem-30083	97	67	0.783	0.783	NOUN
fbem-30083	97	68	*	*	NOUN
fbem-30083	97	69	*	*	PUNCT
fbem-30083	97	70	*	*	PUNCT
fbem-30083	97	71	0.783	0.783	NUM
fbem-30083	97	72	*	*	PUNCT
fbem-30083	97	73	*	*	PUNCT
fbem-30083	97	74	*	*	PUNCT
fbem-30083	97	75	(	(	PUNCT
fbem-30083	97	76	8.10	8.10	NUM
fbem-30083	97	77	)	)	PUNCT
fbem-30083	97	78	(	(	PUNCT
fbem-30083	97	79	6.02	6.02	NUM
fbem-30083	97	80	)	)	PUNCT
fbem-30083	97	81	lev	lev	NOUN
fbem-30083	97	82	-0.010	-0.010	PROPN
fbem-30083	97	83	*	*	PUNCT
fbem-30083	97	84	*	*	PUNCT
fbem-30083	97	85	-0.010	-0.010	PUNCT
fbem-30083	98	1	*	*	PUNCT
fbem-30083	98	2	*	*	PUNCT
fbem-30083	98	3	*	*	PUNCT
fbem-30083	98	4	(	(	PUNCT
fbem-30083	98	5	-1.97	-1.97	NOUN
fbem-30083	98	6	)	)	PUNCT
fbem-30083	98	7	(	(	PUNCT
fbem-30083	98	8	-3.11	-3.11	X
fbem-30083	98	9	)	)	PUNCT
fbem-30083	98	10	cash	cash	NOUN
fbem-30083	98	11	-0.716	-0.716	NOUN
fbem-30083	98	12	*	*	PUNCT
fbem-30083	98	13	*	*	PUNCT
fbem-30083	98	14	*	*	PUNCT
fbem-30083	99	1	-0.716	-0.716	NOUN
fbem-30083	99	2	*	*	PUNCT
fbem-30083	99	3	*	*	PUNCT
fbem-30083	99	4	(	(	PUNCT
fbem-30083	99	5	-3.14	-3.14	NUM
fbem-30083	99	6	)	)	PUNCT
fbem-30083	99	7	(	(	PUNCT
fbem-30083	99	8	-2.13	-2.13	NOUN
fbem-30083	99	9	)	)	PUNCT
fbem-30083	99	10	growth	growth	NOUN
fbem-30083	99	11	0.000	0.000	NUM
fbem-30083	99	12	0.000	0.000	NUM
fbem-30083	99	13	*	*	PUNCT
fbem-30083	99	14	*	*	PUNCT
fbem-30083	99	15	*	*	PUNCT
fbem-30083	99	16	(	(	PUNCT
fbem-30083	99	17	0.66	0.66	NUM
fbem-30083	99	18	)	)	PUNCT
fbem-30083	99	19	(	(	PUNCT
fbem-30083	99	20	9.41	9.41	NUM
fbem-30083	99	21	)	)	PUNCT
fbem-30083	99	22	top1	top1	NOUN
fbem-30083	99	23	-0.008	-0.008	NOUN
fbem-30083	99	24	*	*	PUNCT
fbem-30083	100	1	-0.008	-0.008	NOUN
fbem-30083	100	2	*	*	PUNCT
fbem-30083	100	3	(	(	PUNCT
fbem-30083	100	4	-1.90	-1.90	NUM
fbem-30083	100	5	)	)	PUNCT
fbem-30083	100	6	(	(	PUNCT
fbem-30083	100	7	-1.66	-1.66	X
fbem-30083	100	8	)	)	PUNCT
fbem-30083	100	9	roa	roa	NOUN
fbem-30083	100	10	-2.545	-2.545	PUNCT
fbem-30083	100	11	*	*	PUNCT
fbem-30083	100	12	*	*	PUNCT
fbem-30083	100	13	*	*	PUNCT
fbem-30083	100	14	-2.545	-2.545	PUNCT
fbem-30083	100	15	*	*	PUNCT
fbem-30083	100	16	*	*	PUNCT
fbem-30083	100	17	(	(	PUNCT
fbem-30083	100	18	-3.84	-3.84	NOUN
fbem-30083	100	19	)	)	PUNCT
fbem-30083	100	20	(	(	PUNCT
fbem-30083	100	21	-2.45	-2.45	NUM
fbem-30083	100	22	)	)	PUNCT
fbem-30083	100	23	ipm	ipm	NOUN
fbem-30083	100	24	0.000	0.000	NUM
fbem-30083	100	25	*	*	PUNCT
fbem-30083	100	26	*	*	PUNCT
fbem-30083	100	27	*	*	PUNCT
fbem-30083	100	28	0.000	0.000	NUM
fbem-30083	100	29	*	*	PUNCT
fbem-30083	100	30	*	*	PUNCT
fbem-30083	100	31	*	*	PUNCT
fbem-30083	100	32	(	(	PUNCT
fbem-30083	100	33	3.53	3.53	NUM
fbem-30083	100	34	)	)	PUNCT
fbem-30083	100	35	(	(	PUNCT
fbem-30083	100	36	18.59	18.59	NUM
fbem-30083	100	37	)	)	PUNCT
fbem-30083	100	38	indep	indep	NOUN
fbem-30083	100	39	0.970	0.970	NUM
fbem-30083	100	40	*	*	SYM
fbem-30083	100	41	0.970	0.970	NUM
fbem-30083	100	42	*	*	SYM
fbem-30083	100	43	*	*	PUNCT
fbem-30083	100	44	(	(	PUNCT
fbem-30083	100	45	1.92	1.92	NUM
fbem-30083	100	46	)	)	PUNCT
fbem-30083	100	47	(	(	PUNCT
fbem-30083	100	48	2.04	2.04	NUM
fbem-30083	100	49	)	)	PUNCT
fbem-30083	100	50	_	_	NOUN
fbem-30083	100	51	cons	con	NOUN
fbem-30083	100	52	1.767	1.767	NUM
fbem-30083	100	53	*	*	SYM
fbem-30083	100	54	*	*	PUNCT
fbem-30083	100	55	*	*	PUNCT
fbem-30083	100	56	1.767	1.767	NUM
fbem-30083	100	57	*	*	PUNCT
fbem-30083	100	58	*	*	PUNCT
fbem-30083	100	59	*	*	PUNCT
fbem-30083	100	60	1.162	1.162	NUM
fbem-30083	100	61	1.162	1.162	NUM
fbem-30083	100	62	(	(	PUNCT
fbem-30083	100	63	17.33	17.33	NUM
fbem-30083	100	64	)	)	PUNCT
fbem-30083	100	65	(	(	PUNCT
fbem-30083	100	66	14.68	14.68	NUM
fbem-30083	100	67	)	)	PUNCT
fbem-30083	100	68	(	(	PUNCT
fbem-30083	100	69	0.52	0.52	NUM
fbem-30083	100	70	)	)	PUNCT
fbem-30083	100	71	(	(	PUNCT
fbem-30083	100	72	0.47	0.47	NUM
fbem-30083	100	73	)	)	PUNCT
fbem-30083	100	74	n	n	CCONJ
fbem-30083	100	75	34964	34964	NUM
fbem-30083	100	76	34964	34964	NUM
fbem-30083	100	77	28507	28507	NUM
fbem-30083	100	78	28507	28507	NUM
fbem-30083	100	79	r2	r2	PROPN
fbem-30083	100	80	0.051	0.051	NUM
fbem-30083	100	81	0.051	0.051	NUM
fbem-30083	100	82	0.135	0.135	NUM
fbem-30083	100	83	0.135	0.135	NUM
fbem-30083	100	84	f	f	PROPN
fbem-30083	100	85	126.014	126.014	NUM
fbem-30083	100	86	47.255	47.255	NUM
fbem-30083	100	87	194.655	194.655	NUM
fbem-30083	100	88	44.235	44.235	NUM
fbem-30083	100	89	individual	individual	ADJ
fbem-30083	100	90	fixed	fix	VERB
fbem-30083	100	91	effects	effect	NOUN
fbem-30083	101	1	yes	yes	INTJ
fbem-30083	102	1	yes	yes	INTJ
fbem-30083	103	1	yes	yes	INTJ
fbem-30083	104	1	yes	yes	INTJ
fbem-30083	104	2	time	time	NOUN
fbem-30083	104	3	fixed	fix	VERB
fbem-30083	104	4	effects	effect	NOUN
fbem-30083	105	1	no	no	INTJ
fbem-30083	105	2	yes	yes	INTJ
fbem-30083	106	1	no	no	INTJ
fbem-30083	107	1	yes	yes	INTJ
fbem-30083	107	2	5.2	5.2	NUM
fbem-30083	107	3	.	.	PUNCT
fbem-30083	108	1	robustness	robustness	NOUN
fbem-30083	108	2	test	test	NOUN
fbem-30083	108	3	to	to	PART
fbem-30083	108	4	ensure	ensure	VERB
fbem-30083	108	5	the	the	DET
fbem-30083	108	6	accuracy	accuracy	NOUN
fbem-30083	108	7	of	of	ADP
fbem-30083	108	8	the	the	DET
fbem-30083	108	9	empirical	empirical	ADJ
fbem-30083	108	10	results	result	NOUN
fbem-30083	108	11	,	,	PUNCT
fbem-30083	108	12	multiple	multiple	ADJ
fbem-30083	108	13	methods	method	NOUN
fbem-30083	108	14	are	be	AUX
fbem-30083	108	15	used	use	VERB
fbem-30083	108	16	for	for	ADP
fbem-30083	108	17	robustness	robustness	NOUN
fbem-30083	108	18	tests	test	NOUN
fbem-30083	108	19	.	.	PUNCT
fbem-30083	109	1	first	first	ADV
fbem-30083	109	2	,	,	PUNCT
fbem-30083	109	3	a	a	DET
fbem-30083	109	4	new	new	ADJ
fbem-30083	109	5	scoring	scoring	NOUN
fbem-30083	109	6	method	method	NOUN
fbem-30083	109	7	is	be	AUX
fbem-30083	109	8	used	use	VERB
fbem-30083	109	9	for	for	ADP
fbem-30083	109	10	the	the	DET
fbem-30083	109	11	huazheng	huazheng	PROPN
fbem-30083	109	12	esg	esg	PROPN
fbem-30083	109	13	rating	rating	NOUN
fbem-30083	109	14	of	of	ADP
fbem-30083	109	15	the	the	DET
fbem-30083	109	16	explanatory	explanatory	ADJ
fbem-30083	109	17	variable	variable	NOUN
fbem-30083	109	18	,	,	PUNCT
fbem-30083	109	19	and	and	CCONJ
fbem-30083	109	20	the	the	DET
fbem-30083	109	21	lagged	lag	VERB
fbem-30083	109	22	first	first	ADJ
fbem-30083	109	23	period	period	NOUN
fbem-30083	109	24	of	of	ADP
fbem-30083	109	25	esg	esg	NOUN
fbem-30083	109	26	performance	performance	NOUN
fbem-30083	109	27	is	be	AUX
fbem-30083	109	28	introduced	introduce	VERB
fbem-30083	109	29	as	as	ADP
fbem-30083	109	30	an	an	DET
fbem-30083	109	31	explanatory	explanatory	ADJ
fbem-30083	109	32	variable	variable	NOUN
fbem-30083	109	33	.	.	PUNCT
fbem-30083	110	1	second	second	ADJ
fbem-30083	110	2	,	,	PUNCT
fbem-30083	110	3	the	the	DET
fbem-30083	110	4	explained	explain	VERB
fbem-30083	110	5	variable	variable	NOUN
fbem-30083	110	6	is	be	AUX
fbem-30083	110	7	changed	change	VERB
fbem-30083	110	8	and	and	CCONJ
fbem-30083	110	9	re	re	VERB
fbem-30083	110	10	-	-	VERB
fbem-30083	110	11	regressed	regress	VERB
fbem-30083	110	12	.	.	PUNCT
fbem-30083	111	1	the	the	DET
fbem-30083	111	2	results	result	NOUN
fbem-30083	111	3	show	show	VERB
fbem-30083	111	4	that	that	SCONJ
fbem-30083	111	5	the	the	DET
fbem-30083	111	6	negative	negative	ADJ
fbem-30083	111	7	correlation	correlation	NOUN
fbem-30083	111	8	between	between	ADP
fbem-30083	111	9	esg	esg	NOUN
fbem-30083	111	10	performance	performance	NOUN
fbem-30083	111	11	and	and	CCONJ
fbem-30083	111	12	corporate	corporate	ADJ
fbem-30083	111	13	debt	debt	NOUN
fbem-30083	111	14	financing	financing	NOUN
fbem-30083	111	15	costs	cost	NOUN
fbem-30083	111	16	is	be	AUX
fbem-30083	111	17	robust	robust	ADJ
fbem-30083	111	18	regardless	regardless	ADV
fbem-30083	111	19	of	of	ADP
fbem-30083	111	20	the	the	DET
fbem-30083	111	21	method	method	NOUN
fbem-30083	111	22	used	use	VERB
fbem-30083	111	23	.	.	PUNCT
fbem-30083	112	1	5.3	5.3	NUM
fbem-30083	112	2	.	.	PUNCT
fbem-30083	112	3	endogeneity	endogeneity	NOUN
fbem-30083	112	4	test	test	VERB
fbem-30083	112	5	the	the	DET
fbem-30083	112	6	instrumental	instrumental	ADJ
fbem-30083	112	7	variable	variable	ADJ
fbem-30083	112	8	method	method	NOUN
fbem-30083	112	9	is	be	AUX
fbem-30083	112	10	used	use	VERB
fbem-30083	112	11	for	for	ADP
fbem-30083	112	12	the	the	DET
fbem-30083	112	13	endogeneity	endogeneity	NOUN
fbem-30083	112	14	test	test	NOUN
fbem-30083	112	15	.	.	PUNCT
fbem-30083	113	1	the	the	DET
fbem-30083	113	2	esg	esg	PROPN
fbem-30083	113	3	averages	average	NOUN
fbem-30083	113	4	of	of	ADP
fbem-30083	113	5	other	other	ADJ
fbem-30083	113	6	enterprises	enterprise	NOUN
fbem-30083	113	7	in	in	ADP
fbem-30083	113	8	the	the	DET
fbem-30083	113	9	same	same	ADJ
fbem-30083	113	10	province	province	NOUN
fbem-30083	113	11	and	and	CCONJ
fbem-30083	113	12	year	year	NOUN
fbem-30083	113	13	,	,	PUNCT
fbem-30083	113	14	etc	etc	X
fbem-30083	113	15	.	.	X
fbem-30083	113	16	are	be	AUX
fbem-30083	113	17	selected	select	VERB
fbem-30083	113	18	as	as	ADP
fbem-30083	113	19	instrumental	instrumental	ADJ
fbem-30083	113	20	variables	variable	NOUN
fbem-30083	113	21	.	.	PUNCT
fbem-30083	114	1	the	the	DET
fbem-30083	114	2	results	result	NOUN
fbem-30083	114	3	show	show	VERB
fbem-30083	114	4	that	that	SCONJ
fbem-30083	114	5	there	there	PRON
fbem-30083	114	6	is	be	VERB
fbem-30083	114	7	a	a	DET
fbem-30083	114	8	negative	negative	ADJ
fbem-30083	114	9	correlation	correlation	NOUN
fbem-30083	114	10	between	between	ADP
fbem-30083	114	11	corporate	corporate	ADJ
fbem-30083	114	12	esg	esg	NOUN
fbem-30083	114	13	performance	performance	NOUN
fbem-30083	114	14	and	and	CCONJ
fbem-30083	114	15	debt	debt	NOUN
fbem-30083	114	16	financing	financing	NOUN
fbem-30083	114	17	costs	cost	NOUN
fbem-30083	114	18	,	,	PUNCT
fbem-30083	114	19	and	and	CCONJ
fbem-30083	114	20	this	this	DET
fbem-30083	114	21	relationship	relationship	NOUN
fbem-30083	114	22	becomes	become	VERB
fbem-30083	114	23	more	more	ADV
fbem-30083	114	24	significant	significant	ADJ
fbem-30083	114	25	after	after	ADP
fbem-30083	114	26	controlling	control	VERB
fbem-30083	114	27	for	for	ADP
fbem-30083	114	28	endogeneity	endogeneity	NOUN
fbem-30083	114	29	problems	problem	NOUN
fbem-30083	114	30	.	.	PUNCT
fbem-30083	115	1	117	117	NUM
fbem-30083	115	2	6	6	NUM
fbem-30083	115	3	.	.	PUNCT
fbem-30083	116	1	further	further	ADJ
fbem-30083	116	2	analysis	analysis	NOUN
fbem-30083	116	3	6.1	6.1	NUM
fbem-30083	116	4	.	.	PUNCT
fbem-30083	116	5	moderating	moderate	VERB
fbem-30083	116	6	effect	effect	NOUN
fbem-30083	116	7	based	base	VERB
fbem-30083	116	8	on	on	ADP
fbem-30083	116	9	corporate	corporate	ADJ
fbem-30083	116	10	green	green	ADJ
fbem-30083	116	11	technology	technology	NOUN
fbem-30083	116	12	innovation	innovation	NOUN
fbem-30083	116	13	a	a	DET
fbem-30083	116	14	moderating	moderate	VERB
fbem-30083	116	15	effect	effect	NOUN
fbem-30083	116	16	model	model	NOUN
fbem-30083	116	17	is	be	AUX
fbem-30083	116	18	used	use	VERB
fbem-30083	116	19	to	to	PART
fbem-30083	116	20	analyze	analyze	VERB
fbem-30083	116	21	the	the	DET
fbem-30083	116	22	moderating	moderate	VERB
fbem-30083	116	23	role	role	NOUN
fbem-30083	116	24	of	of	ADP
fbem-30083	116	25	corporate	corporate	ADJ
fbem-30083	116	26	green	green	ADJ
fbem-30083	116	27	technology	technology	NOUN
fbem-30083	116	28	innovation	innovation	NOUN
fbem-30083	116	29	.	.	PUNCT
fbem-30083	117	1	the	the	DET
fbem-30083	117	2	results	result	NOUN
fbem-30083	117	3	show	show	VERB
fbem-30083	117	4	that	that	SCONJ
fbem-30083	117	5	corporate	corporate	ADJ
fbem-30083	117	6	esg	esg	NOUN
fbem-30083	117	7	performance	performance	NOUN
fbem-30083	117	8	is	be	AUX
fbem-30083	117	9	negatively	negatively	ADV
fbem-30083	117	10	correlated	correlate	VERB
fbem-30083	117	11	with	with	ADP
fbem-30083	117	12	debt	debt	NOUN
fbem-30083	117	13	financing	financing	NOUN
fbem-30083	117	14	costs	cost	NOUN
fbem-30083	117	15	,	,	PUNCT
fbem-30083	117	16	and	and	CCONJ
fbem-30083	117	17	the	the	DET
fbem-30083	117	18	moderating	moderate	VERB
fbem-30083	117	19	role	role	NOUN
fbem-30083	117	20	of	of	ADP
fbem-30083	117	21	green	green	ADJ
fbem-30083	117	22	technology	technology	PROPN
fbem-30083	117	23	innovation	innovation	NOUN
fbem-30083	117	24	affects	affect	VERB
fbem-30083	117	25	the	the	DET
fbem-30083	117	26	impact	impact	NOUN
fbem-30083	117	27	of	of	ADP
fbem-30083	117	28	esg	esg	NOUN
fbem-30083	117	29	performance	performance	NOUN
fbem-30083	117	30	on	on	ADP
fbem-30083	117	31	debt	debt	NOUN
fbem-30083	117	32	financing	financing	NOUN
fbem-30083	117	33	costs	cost	NOUN
fbem-30083	117	34	.	.	PUNCT
fbem-30083	118	1	the	the	DET
fbem-30083	118	2	cross	cross	ADJ
fbem-30083	118	3	-	-	NOUN
fbem-30083	118	4	term	term	NOUN
fbem-30083	118	5	of	of	ADP
fbem-30083	118	6	the	the	DET
fbem-30083	118	7	moderating	moderate	VERB
fbem-30083	118	8	variable	variable	NOUN
fbem-30083	118	9	and	and	CCONJ
fbem-30083	118	10	the	the	DET
fbem-30083	118	11	core	core	ADJ
fbem-30083	118	12	explanatory	explanatory	ADJ
fbem-30083	118	13	variable	variable	NOUN
fbem-30083	118	14	is	be	AUX
fbem-30083	118	15	significant	significant	ADJ
fbem-30083	118	16	.	.	PUNCT
fbem-30083	119	1	6.2	6.2	NUM
fbem-30083	119	2	.	.	PUNCT
fbem-30083	120	1	mediating	mediate	VERB
fbem-30083	120	2	effect	effect	NOUN
fbem-30083	120	3	based	base	VERB
fbem-30083	120	4	on	on	ADP
fbem-30083	120	5	corporate	corporate	ADJ
fbem-30083	120	6	value	value	NOUN
fbem-30083	120	7	a	a	DET
fbem-30083	120	8	mediating	mediate	VERB
fbem-30083	120	9	effect	effect	NOUN
fbem-30083	120	10	model	model	NOUN
fbem-30083	120	11	is	be	AUX
fbem-30083	120	12	constructed	construct	VERB
fbem-30083	120	13	to	to	PART
fbem-30083	120	14	examine	examine	VERB
fbem-30083	120	15	the	the	DET
fbem-30083	120	16	mediating	mediate	VERB
fbem-30083	120	17	role	role	NOUN
fbem-30083	120	18	of	of	ADP
fbem-30083	120	19	corporate	corporate	ADJ
fbem-30083	120	20	value	value	NOUN
fbem-30083	120	21	.	.	PUNCT
fbem-30083	121	1	the	the	DET
fbem-30083	121	2	results	result	NOUN
fbem-30083	121	3	show	show	VERB
fbem-30083	121	4	that	that	SCONJ
fbem-30083	121	5	corporate	corporate	ADJ
fbem-30083	121	6	esg	esg	NOUN
fbem-30083	121	7	performance	performance	NOUN
fbem-30083	121	8	reduces	reduce	VERB
fbem-30083	121	9	corporate	corporate	ADJ
fbem-30083	121	10	debt	debt	NOUN
fbem-30083	121	11	financing	financing	NOUN
fbem-30083	121	12	costs	cost	NOUN
fbem-30083	121	13	by	by	ADP
fbem-30083	121	14	increasing	increase	VERB
fbem-30083	121	15	corporate	corporate	ADJ
fbem-30083	121	16	value	value	NOUN
fbem-30083	121	17	,	,	PUNCT
fbem-30083	121	18	and	and	CCONJ
fbem-30083	121	19	corporate	corporate	ADJ
fbem-30083	121	20	value	value	NOUN
fbem-30083	121	21	plays	play	VERB
fbem-30083	121	22	a	a	DET
fbem-30083	121	23	mediating	mediate	VERB
fbem-30083	121	24	role	role	NOUN
fbem-30083	121	25	.	.	PUNCT
fbem-30083	122	1	6.3	6.3	NUM
fbem-30083	122	2	.	.	PUNCT
fbem-30083	123	1	regional	regional	ADJ
fbem-30083	123	2	heterogeneity	heterogeneity	PROPN
fbem-30083	123	3	test	test	VERB
fbem-30083	123	4	the	the	DET
fbem-30083	123	5	results	result	NOUN
fbem-30083	123	6	of	of	ADP
fbem-30083	123	7	the	the	DET
fbem-30083	123	8	regional	regional	ADJ
fbem-30083	123	9	heterogeneity	heterogeneity	NOUN
fbem-30083	123	10	test	test	NOUN
fbem-30083	123	11	show	show	VERB
fbem-30083	123	12	that	that	SCONJ
fbem-30083	123	13	in	in	ADP
fbem-30083	123	14	the	the	DET
fbem-30083	123	15	central	central	ADJ
fbem-30083	123	16	and	and	CCONJ
fbem-30083	123	17	eastern	eastern	ADJ
fbem-30083	123	18	regions	region	NOUN
fbem-30083	123	19	,	,	PUNCT
fbem-30083	123	20	the	the	DET
fbem-30083	123	21	esg	esg	NOUN
fbem-30083	123	22	level	level	NOUN
fbem-30083	123	23	of	of	ADP
fbem-30083	123	24	enterprises	enterprise	NOUN
fbem-30083	123	25	can	can	AUX
fbem-30083	123	26	significantly	significantly	ADV
fbem-30083	123	27	reduce	reduce	VERB
fbem-30083	123	28	corporate	corporate	ADJ
fbem-30083	123	29	debt	debt	NOUN
fbem-30083	123	30	financing	financing	NOUN
fbem-30083	123	31	costs	cost	NOUN
fbem-30083	123	32	,	,	PUNCT
fbem-30083	123	33	but	but	CCONJ
fbem-30083	123	34	there	there	PRON
fbem-30083	123	35	is	be	VERB
fbem-30083	123	36	regional	regional	ADJ
fbem-30083	123	37	heterogeneity	heterogeneity	NOUN
fbem-30083	123	38	,	,	PUNCT
fbem-30083	123	39	and	and	CCONJ
fbem-30083	123	40	the	the	DET
fbem-30083	123	41	regression	regression	NOUN
fbem-30083	123	42	coefficient	coefficient	NOUN
fbem-30083	123	43	of	of	ADP
fbem-30083	123	44	the	the	DET
fbem-30083	123	45	esg	esg	NOUN
fbem-30083	123	46	level	level	NOUN
fbem-30083	123	47	in	in	ADP
fbem-30083	123	48	the	the	DET
fbem-30083	123	49	eastern	eastern	ADJ
fbem-30083	123	50	region	region	NOUN
fbem-30083	123	51	is	be	AUX
fbem-30083	123	52	greater	great	ADJ
fbem-30083	123	53	than	than	ADP
fbem-30083	123	54	that	that	PRON
fbem-30083	123	55	in	in	ADP
fbem-30083	123	56	the	the	DET
fbem-30083	123	57	central	central	ADJ
fbem-30083	123	58	and	and	CCONJ
fbem-30083	123	59	western	western	ADJ
fbem-30083	123	60	regions	region	NOUN
fbem-30083	123	61	.	.	PUNCT
fbem-30083	124	1	6.4	6.4	NUM
fbem-30083	124	2	.	.	PUNCT
fbem-30083	124	3	dimensional	dimensional	ADJ
fbem-30083	124	4	heterogeneity	heterogeneity	NOUN
fbem-30083	124	5	test	test	VERB
fbem-30083	124	6	the	the	DET
fbem-30083	124	7	dimensional	dimensional	ADJ
fbem-30083	124	8	scores	score	NOUN
fbem-30083	124	9	in	in	ADP
fbem-30083	124	10	the	the	DET
fbem-30083	124	11	esg	esg	PROPN
fbem-30083	124	12	information	information	NOUN
fbem-30083	124	13	disclosure	disclosure	NOUN
fbem-30083	124	14	scores	score	NOUN
fbem-30083	124	15	of	of	ADP
fbem-30083	124	16	bloomberg	bloomberg	PROPN
fbem-30083	124	17	are	be	AUX
fbem-30083	124	18	used	use	VERB
fbem-30083	124	19	for	for	ADP
fbem-30083	124	20	analysis	analysis	NOUN
fbem-30083	124	21	.	.	PUNCT
fbem-30083	125	1	the	the	DET
fbem-30083	125	2	results	result	NOUN
fbem-30083	125	3	show	show	VERB
fbem-30083	125	4	that	that	SCONJ
fbem-30083	125	5	the	the	DET
fbem-30083	125	6	environmental	environmental	ADJ
fbem-30083	125	7	dimension	dimension	NOUN
fbem-30083	125	8	in	in	ADP
fbem-30083	125	9	corporate	corporate	ADJ
fbem-30083	125	10	esg	esg	NOUN
fbem-30083	125	11	performance	performance	NOUN
fbem-30083	125	12	has	have	VERB
fbem-30083	125	13	a	a	DET
fbem-30083	125	14	significant	significant	ADJ
fbem-30083	125	15	impact	impact	NOUN
fbem-30083	125	16	on	on	ADP
fbem-30083	125	17	corporate	corporate	ADJ
fbem-30083	125	18	debt	debt	NOUN
fbem-30083	125	19	financing	financing	NOUN
fbem-30083	125	20	costs	cost	NOUN
fbem-30083	125	21	,	,	PUNCT
fbem-30083	125	22	while	while	SCONJ
fbem-30083	125	23	the	the	DET
fbem-30083	125	24	impacts	impact	NOUN
fbem-30083	125	25	of	of	ADP
fbem-30083	125	26	the	the	DET
fbem-30083	125	27	social	social	ADJ
fbem-30083	125	28	and	and	CCONJ
fbem-30083	125	29	governance	governance	NOUN
fbem-30083	125	30	dimensions	dimension	NOUN
fbem-30083	125	31	are	be	AUX
fbem-30083	125	32	not	not	PART
fbem-30083	125	33	significant	significant	ADJ
fbem-30083	125	34	.	.	PUNCT
fbem-30083	126	1	6.5	6.5	NUM
fbem-30083	126	2	.	.	PUNCT
fbem-30083	127	1	enterprise	enterprise	NOUN
fbem-30083	127	2	heterogeneity	heterogeneity	NOUN
fbem-30083	127	3	test	test	VERB
fbem-30083	127	4	the	the	DET
fbem-30083	127	5	heterogeneity	heterogeneity	NOUN
fbem-30083	127	6	test	test	NOUN
fbem-30083	127	7	of	of	ADP
fbem-30083	127	8	enterprise	enterprise	NOUN
fbem-30083	127	9	nature	nature	NOUN
fbem-30083	127	10	and	and	CCONJ
fbem-30083	127	11	industry	industry	NOUN
fbem-30083	127	12	characteristics	characteristic	NOUN
fbem-30083	127	13	shows	show	VERB
fbem-30083	127	14	that	that	SCONJ
fbem-30083	127	15	the	the	DET
fbem-30083	127	16	esg	esg	PROPN
fbem-30083	127	17	performance	performance	NOUN
fbem-30083	127	18	of	of	ADP
fbem-30083	127	19	stateowned	stateowne	VERB
fbem-30083	127	20	enterprises	enterprise	NOUN
fbem-30083	127	21	has	have	VERB
fbem-30083	127	22	a	a	DET
fbem-30083	127	23	significant	significant	ADJ
fbem-30083	127	24	alleviating	alleviate	VERB
fbem-30083	127	25	effect	effect	NOUN
fbem-30083	127	26	on	on	ADP
fbem-30083	127	27	debt	debt	NOUN
fbem-30083	127	28	financing	financing	NOUN
fbem-30083	127	29	costs	cost	NOUN
fbem-30083	127	30	,	,	PUNCT
fbem-30083	127	31	the	the	DET
fbem-30083	127	32	esg	esg	NOUN
fbem-30083	127	33	performance	performance	NOUN
fbem-30083	127	34	of	of	ADP
fbem-30083	127	35	non	non	ADJ
fbem-30083	127	36	-	-	ADJ
fbem-30083	127	37	polluting	polluting	ADJ
fbem-30083	127	38	industries	industry	NOUN
fbem-30083	127	39	has	have	VERB
fbem-30083	127	40	a	a	DET
fbem-30083	127	41	relatively	relatively	ADV
fbem-30083	127	42	weak	weak	ADJ
fbem-30083	127	43	impact	impact	NOUN
fbem-30083	127	44	on	on	ADP
fbem-30083	127	45	debt	debt	NOUN
fbem-30083	127	46	financing	financing	NOUN
fbem-30083	127	47	costs	cost	NOUN
fbem-30083	127	48	,	,	PUNCT
fbem-30083	127	49	and	and	CCONJ
fbem-30083	127	50	the	the	DET
fbem-30083	127	51	esg	esg	NOUN
fbem-30083	127	52	performance	performance	NOUN
fbem-30083	127	53	of	of	ADP
fbem-30083	127	54	polluting	polluting	NOUN
fbem-30083	127	55	industries	industry	NOUN
fbem-30083	127	56	has	have	VERB
fbem-30083	127	57	an	an	DET
fbem-30083	127	58	insignificant	insignificant	ADJ
fbem-30083	127	59	alleviating	alleviate	VERB
fbem-30083	127	60	effect	effect	NOUN
fbem-30083	127	61	on	on	ADP
fbem-30083	127	62	debt	debt	NOUN
fbem-30083	127	63	financing	financing	NOUN
fbem-30083	127	64	costs	cost	NOUN
fbem-30083	127	65	.	.	PUNCT
fbem-30083	128	1	7	7	X
fbem-30083	128	2	.	.	X
fbem-30083	128	3	conclusions	conclusion	NOUN
fbem-30083	128	4	and	and	CCONJ
fbem-30083	128	5	suggestions	suggestion	NOUN
fbem-30083	128	6	7.1	7.1	NUM
fbem-30083	128	7	.	.	PUNCT
fbem-30083	129	1	conclusions	conclusion	NOUN
fbem-30083	129	2	there	there	PRON
fbem-30083	129	3	is	be	VERB
fbem-30083	129	4	a	a	DET
fbem-30083	129	5	significant	significant	ADJ
fbem-30083	129	6	negative	negative	ADJ
fbem-30083	129	7	correlation	correlation	NOUN
fbem-30083	129	8	between	between	ADP
fbem-30083	129	9	corporate	corporate	ADJ
fbem-30083	129	10	esg	esg	NOUN
fbem-30083	129	11	performance	performance	NOUN
fbem-30083	129	12	and	and	CCONJ
fbem-30083	129	13	debt	debt	NOUN
fbem-30083	129	14	financing	financing	NOUN
fbem-30083	129	15	costs	cost	NOUN
fbem-30083	129	16	.	.	PUNCT
fbem-30083	130	1	improving	improve	VERB
fbem-30083	130	2	esg	esg	NOUN
fbem-30083	130	3	performance	performance	NOUN
fbem-30083	130	4	can	can	AUX
fbem-30083	130	5	effectively	effectively	ADV
fbem-30083	130	6	reduce	reduce	VERB
fbem-30083	130	7	debt	debt	NOUN
fbem-30083	130	8	financing	financing	NOUN
fbem-30083	130	9	costs	cost	NOUN
fbem-30083	130	10	.	.	PUNCT
fbem-30083	131	1	esg	esg	NOUN
fbem-30083	131	2	performance	performance	NOUN
fbem-30083	131	3	indirectly	indirectly	ADV
fbem-30083	131	4	affects	affect	VERB
fbem-30083	131	5	debt	debt	NOUN
fbem-30083	131	6	financing	financing	NOUN
fbem-30083	131	7	costs	cost	NOUN
fbem-30083	131	8	by	by	ADP
fbem-30083	131	9	increasing	increase	VERB
fbem-30083	131	10	corporate	corporate	ADJ
fbem-30083	131	11	value	value	NOUN
fbem-30083	131	12	,	,	PUNCT
fbem-30083	131	13	and	and	CCONJ
fbem-30083	131	14	green	green	ADJ
fbem-30083	131	15	technology	technology	NOUN
fbem-30083	131	16	innovation	innovation	NOUN
fbem-30083	131	17	plays	play	VERB
fbem-30083	131	18	a	a	DET
fbem-30083	131	19	positive	positive	ADJ
fbem-30083	131	20	regulatory	regulatory	ADJ
fbem-30083	131	21	role	role	NOUN
fbem-30083	131	22	in	in	ADP
fbem-30083	131	23	reducing	reduce	VERB
fbem-30083	131	24	corporate	corporate	ADJ
fbem-30083	131	25	debt	debt	NOUN
fbem-30083	131	26	financing	financing	NOUN
fbem-30083	131	27	costs	cost	NOUN
fbem-30083	131	28	by	by	ADP
fbem-30083	131	29	esg	esg	PROPN
fbem-30083	131	30	.	.	PUNCT
fbem-30083	132	1	the	the	DET
fbem-30083	132	2	relationship	relationship	NOUN
fbem-30083	132	3	between	between	ADP
fbem-30083	132	4	esg	esg	NOUN
fbem-30083	132	5	performance	performance	NOUN
fbem-30083	132	6	and	and	CCONJ
fbem-30083	132	7	debt	debt	NOUN
fbem-30083	132	8	financing	financing	NOUN
fbem-30083	132	9	costs	cost	NOUN
fbem-30083	132	10	is	be	AUX
fbem-30083	132	11	heterogeneous	heterogeneous	ADJ
fbem-30083	132	12	among	among	ADP
fbem-30083	132	13	different	different	ADJ
fbem-30083	132	14	types	type	NOUN
fbem-30083	132	15	of	of	ADP
fbem-30083	132	16	enterprises	enterprise	NOUN
fbem-30083	132	17	.	.	PUNCT
fbem-30083	133	1	the	the	DET
fbem-30083	133	2	esg	esg	PROPN
fbem-30083	133	3	performance	performance	NOUN
fbem-30083	133	4	of	of	ADP
fbem-30083	133	5	non	non	ADJ
fbem-30083	133	6	-	-	ADJ
fbem-30083	133	7	state	state	NOUN
fbem-30083	133	8	-	-	PUNCT
fbem-30083	133	9	owned	own	VERB
fbem-30083	133	10	enterprises	enterprise	NOUN
fbem-30083	133	11	and	and	CCONJ
fbem-30083	133	12	enterprises	enterprise	NOUN
fbem-30083	133	13	in	in	ADP
fbem-30083	133	14	central	central	ADJ
fbem-30083	133	15	and	and	CCONJ
fbem-30083	133	16	eastern	eastern	ADJ
fbem-30083	133	17	regions	region	NOUN
fbem-30083	133	18	has	have	VERB
fbem-30083	133	19	a	a	DET
fbem-30083	133	20	more	more	ADV
fbem-30083	133	21	obvious	obvious	ADJ
fbem-30083	133	22	effect	effect	NOUN
fbem-30083	133	23	on	on	ADP
fbem-30083	133	24	reducing	reduce	VERB
fbem-30083	133	25	debt	debt	NOUN
fbem-30083	133	26	financing	financing	NOUN
fbem-30083	133	27	costs	cost	NOUN
fbem-30083	133	28	.	.	PUNCT
fbem-30083	134	1	7.2	7.2	NUM
fbem-30083	134	2	.	.	PUNCT
fbem-30083	135	1	suggestions	suggestion	NOUN
fbem-30083	135	2	enterprises	enterprise	NOUN
fbem-30083	135	3	should	should	AUX
fbem-30083	135	4	take	take	VERB
fbem-30083	135	5	improving	improve	VERB
fbem-30083	135	6	esg	esg	NOUN
fbem-30083	135	7	performance	performance	NOUN
fbem-30083	135	8	as	as	ADP
fbem-30083	135	9	the	the	DET
fbem-30083	135	10	core	core	NOUN
fbem-30083	135	11	of	of	ADP
fbem-30083	135	12	their	their	PRON
fbem-30083	135	13	long	long	ADJ
fbem-30083	135	14	-	-	PUNCT
fbem-30083	135	15	term	term	NOUN
fbem-30083	135	16	development	development	NOUN
fbem-30083	135	17	strategy	strategy	NOUN
fbem-30083	135	18	,	,	PUNCT
fbem-30083	135	19	strengthen	strengthen	VERB
fbem-30083	135	20	environmental	environmental	ADJ
fbem-30083	135	21	management	management	NOUN
fbem-30083	135	22	,	,	PUNCT
fbem-30083	135	23	fulfill	fulfill	VERB
fbem-30083	135	24	social	social	ADJ
fbem-30083	135	25	responsibilities	responsibility	NOUN
fbem-30083	135	26	,	,	PUNCT
fbem-30083	135	27	optimize	optimize	VERB
fbem-30083	135	28	corporate	corporate	ADJ
fbem-30083	135	29	governance	governance	NOUN
fbem-30083	135	30	structures	structure	NOUN
fbem-30083	135	31	,	,	PUNCT
fbem-30083	135	32	reduce	reduce	VERB
fbem-30083	135	33	debt	debt	NOUN
fbem-30083	135	34	financing	financing	NOUN
fbem-30083	135	35	costs	cost	NOUN
fbem-30083	135	36	,	,	PUNCT
fbem-30083	135	37	and	and	CCONJ
fbem-30083	135	38	enhance	enhance	VERB
fbem-30083	135	39	market	market	NOUN
fbem-30083	135	40	competitiveness	competitiveness	NOUN
fbem-30083	135	41	.	.	PUNCT
fbem-30083	136	1	enterprises	enterprise	NOUN
fbem-30083	136	2	should	should	AUX
fbem-30083	136	3	deeply	deeply	ADV
fbem-30083	136	4	understand	understand	VERB
fbem-30083	136	5	the	the	DET
fbem-30083	136	6	reduction	reduction	NOUN
fbem-30083	136	7	effect	effect	NOUN
fbem-30083	136	8	of	of	ADP
fbem-30083	136	9	esg	esg	PROPN
fbem-30083	136	10	performance	performance	NOUN
fbem-30083	136	11	on	on	ADP
fbem-30083	136	12	debt	debt	NOUN
fbem-30083	136	13	financing	financing	NOUN
fbem-30083	136	14	costs	cost	NOUN
fbem-30083	136	15	,	,	PUNCT
fbem-30083	136	16	comprehensively	comprehensively	ADV
fbem-30083	136	17	consider	consider	VERB
fbem-30083	136	18	its	its	PRON
fbem-30083	136	19	channels	channel	NOUN
fbem-30083	136	20	of	of	ADP
fbem-30083	136	21	action	action	NOUN
fbem-30083	136	22	,	,	PUNCT
fbem-30083	136	23	increase	increase	VERB
fbem-30083	136	24	r	r	NOUN
fbem-30083	136	25	&	&	CCONJ
fbem-30083	136	26	d	d	NOUN
fbem-30083	136	27	investment	investment	NOUN
fbem-30083	136	28	,	,	PUNCT
fbem-30083	136	29	adopt	adopt	VERB
fbem-30083	136	30	green	green	ADJ
fbem-30083	136	31	technology	technology	NOUN
fbem-30083	136	32	innovation	innovation	NOUN
fbem-30083	136	33	,	,	PUNCT
fbem-30083	136	34	and	and	CCONJ
fbem-30083	136	35	improve	improve	VERB
fbem-30083	136	36	information	information	NOUN
fbem-30083	136	37	disclosure	disclosure	NOUN
fbem-30083	136	38	transparency	transparency	NOUN
fbem-30083	136	39	.	.	PUNCT
fbem-30083	137	1	policy	policy	NOUN
fbem-30083	137	2	makers	maker	NOUN
fbem-30083	137	3	should	should	AUX
fbem-30083	137	4	consider	consider	VERB
fbem-30083	137	5	the	the	DET
fbem-30083	137	6	heterogeneity	heterogeneity	NOUN
fbem-30083	137	7	of	of	ADP
fbem-30083	137	8	corporate	corporate	ADJ
fbem-30083	137	9	esg	esg	NOUN
fbem-30083	137	10	performance	performance	NOUN
fbem-30083	137	11	,	,	PUNCT
fbem-30083	137	12	implement	implement	VERB
fbem-30083	137	13	targeted	target	VERB
fbem-30083	137	14	fiscal	fiscal	ADJ
fbem-30083	137	15	and	and	CCONJ
fbem-30083	137	16	financial	financial	ADJ
fbem-30083	137	17	policies	policy	NOUN
fbem-30083	137	18	,	,	PUNCT
fbem-30083	137	19	promote	promote	VERB
fbem-30083	137	20	the	the	DET
fbem-30083	137	21	establishment	establishment	NOUN
fbem-30083	137	22	of	of	ADP
fbem-30083	137	23	a	a	DET
fbem-30083	137	24	unified	unified	ADJ
fbem-30083	137	25	esg	esg	NOUN
fbem-30083	137	26	information	information	NOUN
fbem-30083	137	27	disclosure	disclosure	NOUN
fbem-30083	137	28	and	and	CCONJ
fbem-30083	137	29	evaluation	evaluation	NOUN
fbem-30083	137	30	system	system	NOUN
fbem-30083	137	31	,	,	PUNCT
fbem-30083	137	32	strengthen	strengthen	VERB
fbem-30083	137	33	supervision	supervision	NOUN
fbem-30083	137	34	,	,	PUNCT
fbem-30083	137	35	and	and	CCONJ
fbem-30083	137	36	promote	promote	VERB
fbem-30083	137	37	enterprises	enterprise	NOUN
fbem-30083	137	38	to	to	PART
fbem-30083	137	39	improve	improve	VERB
fbem-30083	137	40	their	their	PRON
fbem-30083	137	41	esg	esg	NOUN
fbem-30083	137	42	performance	performance	NOUN
fbem-30083	137	43	and	and	CCONJ
fbem-30083	137	44	promote	promote	VERB
fbem-30083	137	45	sustainable	sustainable	ADJ
fbem-30083	137	46	economic	economic	ADJ
fbem-30083	137	47	development	development	NOUN
fbem-30083	137	48	.	.	PUNCT
fbem-30083	138	1	references	reference	NOUN
fbem-30083	138	2	[	[	X
fbem-30083	138	3	1	1	NUM
fbem-30083	138	4	]	]	PUNCT
fbem-30083	138	5	crook	crook	NOUN
fbem-30083	138	6	,	,	PUNCT
fbem-30083	138	7	t.	t.	PROPN
fbem-30083	138	8	r.	r.	PROPN
fbem-30083	138	9	,	,	PUNCT
fbem-30083	138	10	ketchen	ketchen	PROPN
fbem-30083	138	11	jr	jr	PROPN
fbem-30083	138	12	,	,	PUNCT
fbem-30083	138	13	d.	d.	PROPN
fbem-30083	138	14	j.	j.	PROPN
fbem-30083	138	15	,	,	PUNCT
fbem-30083	138	16	combs	combs	PROPN
fbem-30083	138	17	,	,	PUNCT
fbem-30083	138	18	j.	j.	PROPN
fbem-30083	138	19	g.	g.	PROPN
fbem-30083	138	20	,	,	PUNCT
fbem-30083	138	21	et	et	PROPN
fbem-30083	138	22	al	al	PROPN
fbem-30083	138	23	.	.	PUNCT
fbem-30083	138	24	(	(	PUNCT
fbem-30083	138	25	2008	2008	NUM
fbem-30083	138	26	)	)	PUNCT
fbem-30083	138	27	.	.	PUNCT
fbem-30083	139	1	strategic	strategic	ADJ
fbem-30083	139	2	resources	resource	NOUN
fbem-30083	139	3	and	and	CCONJ
fbem-30083	139	4	performance	performance	NOUN
fbem-30083	139	5	:	:	PUNCT
fbem-30083	139	6	a	a	DET
fbem-30083	139	7	meta‐analysis	meta‐analysis	NOUN
fbem-30083	139	8	.	.	PUNCT
fbem-30083	139	9	strategic	strategic	ADJ
fbem-30083	139	10	management	management	NOUN
fbem-30083	139	11	journal	journal	NOUN
fbem-30083	139	12	,	,	PUNCT
fbem-30083	139	13	29(11	29(11	NUM
fbem-30083	139	14	)	)	PUNCT
fbem-30083	139	15	,	,	PUNCT
fbem-30083	139	16	1141	1141	NUM
fbem-30083	139	17	-	-	SYM
fbem-30083	139	18	1154	1154	NUM
fbem-30083	139	19	.	.	PUNCT
fbem-30083	140	1	[	[	X
fbem-30083	140	2	2	2	NUM
fbem-30083	140	3	]	]	PUNCT
fbem-30083	140	4	friede	friede	NOUN
fbem-30083	140	5	,	,	PUNCT
fbem-30083	140	6	g.	g.	PROPN
fbem-30083	140	7	,	,	PUNCT
fbem-30083	140	8	busch	busch	PROPN
fbem-30083	140	9	,	,	PUNCT
fbem-30083	140	10	t.	t.	PROPN
fbem-30083	140	11	,	,	PUNCT
fbem-30083	140	12	&	&	CCONJ
fbem-30083	140	13	bassen	bassen	PROPN
fbem-30083	140	14	,	,	PUNCT
fbem-30083	140	15	a.	a.	NOUN
fbem-30083	140	16	(	(	PUNCT
fbem-30083	140	17	2015	2015	NUM
fbem-30083	140	18	)	)	PUNCT
fbem-30083	140	19	.	.	PUNCT
fbem-30083	141	1	esg	esg	NOUN
fbem-30083	141	2	and	and	CCONJ
fbem-30083	141	3	financial	financial	ADJ
fbem-30083	141	4	performance	performance	NOUN
fbem-30083	141	5	:	:	PUNCT
fbem-30083	141	6	aggregated	aggregate	VERB
fbem-30083	141	7	evidence	evidence	NOUN
fbem-30083	141	8	from	from	ADP
fbem-30083	141	9	more	more	ADJ
fbem-30083	141	10	than	than	ADP
fbem-30083	141	11	2000	2000	NUM
fbem-30083	141	12	empirical	empirical	ADJ
fbem-30083	141	13	studies	study	NOUN
fbem-30083	141	14	.	.	PUNCT
fbem-30083	142	1	journal	journal	NOUN
fbem-30083	142	2	of	of	ADP
fbem-30083	142	3	sustainable	sustainable	ADJ
fbem-30083	142	4	finance	finance	NOUN
fbem-30083	142	5	&	&	CCONJ
fbem-30083	142	6	investment	investment	NOUN
fbem-30083	142	7	,	,	PUNCT
fbem-30083	142	8	5(4	5(4	NUM
fbem-30083	142	9	)	)	PUNCT
fbem-30083	142	10	,	,	PUNCT
fbem-30083	142	11	210	210	NUM
fbem-30083	142	12	-	-	SYM
fbem-30083	142	13	233	233	NUM
fbem-30083	142	14	.	.	PUNCT
fbem-30083	143	1	[	[	X
fbem-30083	143	2	3	3	NUM
fbem-30083	143	3	]	]	X
fbem-30083	143	4	wang	wang	PROPN
fbem-30083	143	5	,	,	PUNCT
fbem-30083	143	6	s.	s.	PROPN
fbem-30083	143	7	,	,	PUNCT
fbem-30083	143	8	tian	tian	PROPN
fbem-30083	143	9	,	,	PUNCT
fbem-30083	143	10	y.	y.	PROPN
fbem-30083	143	11	,	,	PUNCT
fbem-30083	143	12	&	&	CCONJ
fbem-30083	143	13	dang	dang	PROPN
fbem-30083	143	14	,	,	PUNCT
fbem-30083	143	15	l.	l.	PROPN
fbem-30083	143	16	(	(	PUNCT
fbem-30083	143	17	2022	2022	NUM
fbem-30083	143	18	)	)	PUNCT
fbem-30083	143	19	.	.	PUNCT
fbem-30083	144	1	esg	esg	NOUN
fbem-30083	144	2	responsibility	responsibility	NOUN
fbem-30083	144	3	fulfillment	fulfillment	NOUN
fbem-30083	144	4	,	,	PUNCT
fbem-30083	144	5	competitive	competitive	ADJ
fbem-30083	144	6	strategy	strategy	NOUN
fbem-30083	144	7	,	,	PUNCT
fbem-30083	144	8	and	and	CCONJ
fbem-30083	144	9	financial	financial	ADJ
fbem-30083	144	10	performance	performance	NOUN
fbem-30083	144	11	of	of	ADP
fbem-30083	144	12	industrial	industrial	ADJ
fbem-30083	144	13	enterprises	enterprise	NOUN
fbem-30083	144	14	.	.	PUNCT
fbem-30083	145	1	accounting	accounting	NOUN
fbem-30083	145	2	research	research	NOUN
fbem-30083	145	3	,	,	PUNCT
fbem-30083	145	4	3	3	NUM
fbem-30083	145	5	,	,	PUNCT
fbem-30083	145	6	77	77	NUM
fbem-30083	145	7	-	-	SYM
fbem-30083	145	8	92	92	NUM
fbem-30083	145	9	.	.	PUNCT
fbem-30083	146	1	[	[	X
fbem-30083	146	2	4	4	NUM
fbem-30083	146	3	]	]	X
fbem-30083	146	4	xie	xie	PROPN
fbem-30083	146	5	,	,	PUNCT
fbem-30083	146	6	s.	s.	PROPN
fbem-30083	146	7	,	,	PUNCT
fbem-30083	146	8	&	&	CCONJ
fbem-30083	146	9	zhou	zhou	PROPN
fbem-30083	146	10	,	,	PUNCT
fbem-30083	146	11	b.	b.	PROPN
fbem-30083	146	12	(	(	PUNCT
fbem-30083	146	13	2022	2022	NUM
fbem-30083	146	14	)	)	PUNCT
fbem-30083	146	15	.	.	PUNCT
fbem-30083	147	1	esg	esg	NOUN
fbem-30083	147	2	performance	performance	NOUN
fbem-30083	147	3	,	,	PUNCT
fbem-30083	147	4	investor	investor	NOUN
fbem-30083	147	5	attention	attention	NOUN
fbem-30083	147	6	,	,	PUNCT
fbem-30083	147	7	and	and	CCONJ
fbem-30083	147	8	corporate	corporate	ADJ
fbem-30083	147	9	information	information	NOUN
fbem-30083	147	10	disclosure	disclosure	NOUN
fbem-30083	147	11	quality	quality	NOUN
fbem-30083	147	12	—	—	PUNCT
fbem-30083	147	13	an	an	DET
fbem-30083	147	14	analysis	analysis	NOUN
fbem-30083	147	15	based	base	VERB
fbem-30083	147	16	on	on	ADP
fbem-30083	147	17	annual	annual	ADJ
fbem-30083	147	18	report	report	NOUN
fbem-30083	147	19	text	text	NOUN
fbem-30083	147	20	mining	mining	NOUN
fbem-30083	147	21	.	.	PUNCT
fbem-30083	148	1	china	china	PROPN
fbem-30083	148	2	certified	certify	VERB
fbem-30083	148	3	public	public	ADJ
fbem-30083	148	4	accountant	accountant	NOUN
fbem-30083	148	5	,	,	PUNCT
fbem-30083	148	6	10	10	NUM
fbem-30083	148	7	,	,	PUNCT
fbem-30083	148	8	54	54	NUM
fbem-30083	148	9	-	-	SYM
fbem-30083	148	10	61	61	NUM
fbem-30083	148	11	.	.	PUNCT
fbem-30083	149	1	[	[	X
fbem-30083	149	2	5	5	NUM
fbem-30083	149	3	]	]	PUNCT
fbem-30083	149	4	jensen	jensen	PROPN
fbem-30083	149	5	,	,	PUNCT
fbem-30083	149	6	m.	m.	PROPN
fbem-30083	149	7	c.	c.	PROPN
fbem-30083	149	8	,	,	PUNCT
fbem-30083	149	9	&	&	CCONJ
fbem-30083	149	10	meckling	meckling	PROPN
fbem-30083	149	11	,	,	PUNCT
fbem-30083	149	12	w.	w.	PROPN
fbem-30083	149	13	h.	h.	PROPN
fbem-30083	149	14	(	(	PUNCT
fbem-30083	149	15	1976	1976	NUM
fbem-30083	149	16	)	)	PUNCT
fbem-30083	149	17	.	.	PUNCT
fbem-30083	150	1	theory	theory	NOUN
fbem-30083	150	2	of	of	ADP
fbem-30083	150	3	the	the	DET
fbem-30083	150	4	firm	firm	NOUN
fbem-30083	150	5	.	.	PUNCT
fbem-30083	151	1	managerial	managerial	ADJ
fbem-30083	151	2	behavior	behavior	NOUN
fbem-30083	151	3	,	,	PUNCT
fbem-30083	151	4	agency	agency	NOUN
fbem-30083	151	5	costs	cost	NOUN
fbem-30083	151	6	and	and	CCONJ
fbem-30083	151	7	ownership	ownership	NOUN
fbem-30083	151	8	structure	structure	NOUN
fbem-30083	151	9	.	.	PUNCT
fbem-30083	152	1	[	[	X
fbem-30083	152	2	6	6	NUM
fbem-30083	152	3	]	]	SYM
fbem-30083	152	4	li	li	PROPN
fbem-30083	152	5	,	,	PUNCT
fbem-30083	152	6	z.	z.	PROPN
fbem-30083	152	7	,	,	PUNCT
fbem-30083	152	8	&	&	CCONJ
fbem-30083	152	9	wang	wang	PROPN
fbem-30083	152	10	,	,	PUNCT
fbem-30083	152	11	s.	s.	PROPN
fbem-30083	152	12	(	(	PUNCT
fbem-30083	152	13	2011	2011	NUM
fbem-30083	152	14	)	)	PUNCT
fbem-30083	152	15	.	.	PUNCT
fbem-30083	153	1	monetary	monetary	ADJ
fbem-30083	153	2	policy	policy	NOUN
fbem-30083	153	3	,	,	PUNCT
fbem-30083	153	4	information	information	NOUN
fbem-30083	153	5	disclosure	disclosure	NOUN
fbem-30083	153	6	quality	quality	NOUN
fbem-30083	153	7	,	,	PUNCT
fbem-30083	153	8	and	and	CCONJ
fbem-30083	153	9	corporate	corporate	ADJ
fbem-30083	153	10	debt	debt	NOUN
fbem-30083	153	11	financing	financing	NOUN
fbem-30083	153	12	.	.	PUNCT
fbem-30083	154	1	accounting	accounting	NOUN
fbem-30083	154	2	research	research	NOUN
fbem-30083	154	3	,	,	PUNCT
fbem-30083	154	4	10	10	NUM
fbem-30083	154	5	,	,	PUNCT
fbem-30083	154	6	56	56	NUM
fbem-30083	154	7	-	-	SYM
fbem-30083	154	8	62	62	NUM
fbem-30083	154	9	+	+	NOUN
fbem-30083	154	10	97	97	NUM
fbem-30083	154	11	.	.	PUNCT
fbem-30083	155	1	[	[	X
fbem-30083	155	2	7	7	X
fbem-30083	155	3	]	]	X
fbem-30083	155	4	la	la	PRON
fbem-30083	155	5	porta	porta	PROPN
fbem-30083	155	6	,	,	PUNCT
fbem-30083	155	7	r.	r.	PROPN
fbem-30083	155	8	,	,	PUNCT
fbem-30083	155	9	lopez‐de‐silanes	lopez‐de‐silanes	PROPN
fbem-30083	155	10	,	,	PUNCT
fbem-30083	155	11	f.	f.	PROPN
fbem-30083	155	12	,	,	PUNCT
fbem-30083	155	13	shleifer	shleifer	PROPN
fbem-30083	155	14	,	,	PUNCT
fbem-30083	155	15	a.	a.	PROPN
fbem-30083	155	16	,	,	PUNCT
fbem-30083	155	17	et	et	PROPN
fbem-30083	155	18	al	al	PROPN
fbem-30083	155	19	.	.	PROPN
fbem-30083	156	1	(	(	PUNCT
fbem-30083	156	2	1997	1997	NUM
fbem-30083	156	3	)	)	PUNCT
fbem-30083	156	4	.	.	PUNCT
fbem-30083	157	1	legal	legal	ADJ
fbem-30083	157	2	determinants	determinant	NOUN
fbem-30083	157	3	of	of	ADP
fbem-30083	157	4	external	external	ADJ
fbem-30083	157	5	finance	finance	NOUN
fbem-30083	157	6	.	.	PUNCT
fbem-30083	158	1	the	the	DET
fbem-30083	158	2	journal	journal	PROPN
fbem-30083	158	3	of	of	ADP
fbem-30083	158	4	finance	finance	NOUN
fbem-30083	158	5	,	,	PUNCT
fbem-30083	158	6	52(3	52(3	NOUN
fbem-30083	158	7	)	)	PUNCT
fbem-30083	158	8	,	,	PUNCT
fbem-30083	158	9	1131	1131	NUM
fbem-30083	158	10	-	-	SYM
fbem-30083	158	11	1150	1150	NUM
fbem-30083	158	12	.	.	PUNCT
fbem-30083	159	1	[	[	X
fbem-30083	159	2	8	8	NUM
fbem-30083	159	3	]	]	SYM
fbem-30083	159	4	borisova	borisova	NOUN
fbem-30083	159	5	,	,	PUNCT
fbem-30083	159	6	g.	g.	PROPN
fbem-30083	159	7	,	,	PUNCT
fbem-30083	159	8	fotak	fotak	PROPN
fbem-30083	159	9	,	,	PUNCT
fbem-30083	159	10	v.	v.	PROPN
fbem-30083	159	11	,	,	PUNCT
fbem-30083	159	12	holland	holland	PROPN
fbem-30083	159	13	,	,	PUNCT
fbem-30083	159	14	k.	k.	PROPN
fbem-30083	159	15	,	,	PUNCT
fbem-30083	159	16	et	et	PROPN
fbem-30083	159	17	al	al	PROPN
fbem-30083	159	18	.	.	PUNCT
fbem-30083	160	1	(	(	PUNCT
fbem-30083	160	2	2015	2015	NUM
fbem-30083	160	3	)	)	PUNCT
fbem-30083	160	4	.	.	PUNCT
fbem-30083	161	1	government	government	NOUN
fbem-30083	161	2	ownership	ownership	NOUN
fbem-30083	161	3	and	and	CCONJ
fbem-30083	161	4	the	the	DET
fbem-30083	161	5	cost	cost	NOUN
fbem-30083	161	6	of	of	ADP
fbem-30083	161	7	debt	debt	NOUN
fbem-30083	161	8	:	:	PUNCT
fbem-30083	161	9	evidence	evidence	NOUN
fbem-30083	161	10	from	from	ADP
fbem-30083	161	11	government	government	NOUN
fbem-30083	161	12	investments	investment	NOUN
fbem-30083	161	13	in	in	ADP
fbem-30083	161	14	publicly	publicly	ADV
fbem-30083	161	15	traded	trade	VERB
fbem-30083	161	16	firms	firm	NOUN
fbem-30083	161	17	.	.	PUNCT
fbem-30083	162	1	journal	journal	NOUN
fbem-30083	162	2	of	of	ADP
fbem-30083	162	3	financial	financial	ADJ
fbem-30083	162	4	economics	economic	NOUN
fbem-30083	162	5	,	,	PUNCT
fbem-30083	162	6	118(1	118(1	NUM
fbem-30083	162	7	)	)	PUNCT
fbem-30083	162	8	,	,	PUNCT
fbem-30083	162	9	168	168	NUM
fbem-30083	162	10	-	-	SYM
fbem-30083	162	11	191	191	NUM
fbem-30083	162	12	.	.	PUNCT
fbem-30083	163	1	[	[	X
fbem-30083	163	2	9	9	NUM
fbem-30083	163	3	]	]	SYM
fbem-30083	163	4	kang	kang	PROPN
fbem-30083	163	5	,	,	PUNCT
fbem-30083	163	6	j.	j.	PROPN
fbem-30083	163	7	,	,	PUNCT
fbem-30083	163	8	&	&	CCONJ
fbem-30083	163	9	pflueger	pflueger	PROPN
fbem-30083	163	10	,	,	PUNCT
fbem-30083	163	11	c.	c.	PROPN
fbem-30083	163	12	e.	e.	PROPN
fbem-30083	163	13	(	(	PUNCT
fbem-30083	163	14	2015	2015	NUM
fbem-30083	163	15	)	)	PUNCT
fbem-30083	163	16	.	.	PUNCT
fbem-30083	164	1	inflation	inflation	NOUN
fbem-30083	164	2	risk	risk	NOUN
fbem-30083	164	3	in	in	ADP
fbem-30083	164	4	corporate	corporate	ADJ
fbem-30083	164	5	bonds	bond	NOUN
fbem-30083	164	6	.	.	PUNCT
fbem-30083	165	1	the	the	DET
fbem-30083	165	2	journal	journal	NOUN
fbem-30083	165	3	of	of	ADP
fbem-30083	165	4	finance	finance	NOUN
fbem-30083	165	5	,	,	PUNCT
fbem-30083	165	6	70(1	70(1	NOUN
fbem-30083	165	7	)	)	PUNCT
fbem-30083	165	8	,	,	PUNCT
fbem-30083	165	9	115	115	NUM
fbem-30083	165	10	-	-	SYM
fbem-30083	165	11	162	162	NUM
fbem-30083	165	12	.	.	PUNCT
fbem-30083	166	1	[	[	X
fbem-30083	166	2	10	10	NUM
fbem-30083	166	3	]	]	SYM
fbem-30083	166	4	ng	ng	PROPN
fbem-30083	166	5	,	,	PUNCT
fbem-30083	166	6	a.	a.	PROPN
fbem-30083	166	7	c.	c.	PROPN
fbem-30083	166	8	,	,	PUNCT
fbem-30083	166	9	&	&	CCONJ
fbem-30083	166	10	rezaee	rezaee	PROPN
fbem-30083	166	11	,	,	PUNCT
fbem-30083	166	12	z.	z.	PROPN
fbem-30083	166	13	(	(	PUNCT
fbem-30083	166	14	2015	2015	NUM
fbem-30083	166	15	)	)	PUNCT
fbem-30083	166	16	.	.	PUNCT
fbem-30083	166	17	business	business	NOUN
fbem-30083	166	18	sustainability	sustainability	NOUN
fbem-30083	166	19	performance	performance	NOUN
fbem-30083	166	20	and	and	CCONJ
fbem-30083	166	21	cost	cost	NOUN
fbem-30083	166	22	of	of	ADP
fbem-30083	166	23	equity	equity	NOUN
fbem-30083	166	24	capital	capital	NOUN
fbem-30083	166	25	.	.	PUNCT
fbem-30083	167	1	journal	journal	NOUN
fbem-30083	167	2	of	of	ADP
fbem-30083	167	3	corporate	corporate	ADJ
fbem-30083	167	4	finance	finance	NOUN
fbem-30083	167	5	,	,	PUNCT
fbem-30083	167	6	34	34	NUM
fbem-30083	167	7	,	,	PUNCT
fbem-30083	167	8	128	128	NUM
fbem-30083	167	9	-	-	SYM
fbem-30083	167	10	149	149	NUM
fbem-30083	167	11	.	.	PUNCT
fbem-30083	168	1	[	[	X
fbem-30083	168	2	11	11	NUM
fbem-30083	168	3	]	]	X
fbem-30083	168	4	zhou	zhou	PROPN
fbem-30083	168	5	,	,	PUNCT
fbem-30083	168	6	h.	h.	PROPN
fbem-30083	168	7	,	,	PUNCT
fbem-30083	168	8	jian	jian	PROPN
fbem-30083	168	9	,	,	PUNCT
fbem-30083	168	10	l.	l.	PROPN
fbem-30083	168	11	,	,	PUNCT
fbem-30083	168	12	&	&	CCONJ
fbem-30083	168	13	li	li	PROPN
fbem-30083	168	14	,	,	PUNCT
fbem-30083	168	15	g.	g.	PROPN
fbem-30083	168	16	(	(	PUNCT
fbem-30083	168	17	2016	2016	NUM
fbem-30083	168	18	)	)	PUNCT
fbem-30083	168	19	.	.	PUNCT
fbem-30083	169	1	the	the	DET
fbem-30083	169	2	relationship	relationship	NOUN
fbem-30083	169	3	between	between	ADP
fbem-30083	169	4	corporate	corporate	ADJ
fbem-30083	169	5	social	social	ADJ
fbem-30083	169	6	responsibility	responsibility	NOUN
fbem-30083	169	7	and	and	CCONJ
fbem-30083	169	8	bond	bond	NOUN
fbem-30083	169	9	credit	credit	NOUN
fbem-30083	169	10	spread	spread	NOUN
fbem-30083	169	11	and	and	CCONJ
fbem-30083	169	12	its	its	PRON
fbem-30083	169	13	mechanism	mechanism	NOUN
fbem-30083	169	14	:	:	PUNCT
fbem-30083	169	15	an	an	DET
fbem-30083	169	16	empirical	empirical	ADJ
fbem-30083	169	17	study	study	NOUN
fbem-30083	169	18	based	base	VERB
fbem-30083	169	19	on	on	ADP
fbem-30083	169	20	chinese	chinese	ADJ
fbem-30083	169	21	listed	list	VERB
fbem-30083	169	22	companies	company	NOUN
fbem-30083	169	23	.	.	PUNCT
fbem-30083	170	1	accounting	accounting	NOUN
fbem-30083	170	2	research	research	NOUN
fbem-30083	170	3	,	,	PUNCT
fbem-30083	170	4	5	5	NUM
fbem-30083	170	5	,	,	PUNCT
fbem-30083	170	6	18	18	NUM
fbem-30083	170	7	-	-	SYM
fbem-30083	170	8	25	25	NUM
fbem-30083	170	9	+	+	NOUN
fbem-30083	170	10	95	95	NUM
fbem-30083	170	11	.	.	PUNCT
fbem-30083	171	1	[	[	X
fbem-30083	171	2	12	12	NUM
fbem-30083	171	3	]	]	X
fbem-30083	171	4	shi	shi	PROPN
fbem-30083	171	5	,	,	PUNCT
fbem-30083	171	6	m.	m.	NOUN
fbem-30083	171	7	,	,	PUNCT
fbem-30083	171	8	cai	cai	X
fbem-30083	171	9	,	,	PUNCT
fbem-30083	171	10	x.	x.	PROPN
fbem-30083	171	11	,	,	PUNCT
fbem-30083	171	12	&	&	CCONJ
fbem-30083	171	13	geng	geng	PROPN
fbem-30083	171	14	,	,	PUNCT
fbem-30083	171	15	x.	x.	NOUN
fbem-30083	171	16	(	(	PUNCT
fbem-30083	171	17	2017	2017	NUM
fbem-30083	171	18	)	)	PUNCT
fbem-30083	171	19	.	.	PUNCT
fbem-30083	172	1	corporate	corporate	ADJ
fbem-30083	172	2	social	social	ADJ
fbem-30083	172	3	responsibility	responsibility	NOUN
fbem-30083	172	4	,	,	PUNCT
fbem-30083	172	5	r&d	r&d	NOUN
fbem-30083	172	6	investment	investment	NOUN
fbem-30083	172	7	,	,	PUNCT
fbem-30083	172	8	and	and	CCONJ
fbem-30083	172	9	debt	debt	NOUN
fbem-30083	172	10	financing	financing	NOUN
fbem-30083	172	11	costs	cost	NOUN
fbem-30083	172	12	in	in	ADP
fbem-30083	172	13	a	a	DET
fbem-30083	172	14	dynamic	dynamic	ADJ
fbem-30083	172	15	environment	environment	NOUN
fbem-30083	172	16	:	:	PUNCT
fbem-30083	172	17	evidence	evidence	NOUN
fbem-30083	172	18	from	from	ADP
fbem-30083	172	19	chinese	chinese	ADJ
fbem-30083	172	20	manufacturing	manufacture	VERB
fbem-30083	172	21	private	private	ADJ
fbem-30083	172	22	listed	list	VERB
fbem-30083	172	23	companies	company	NOUN
fbem-30083	172	24	.	.	PUNCT
fbem-30083	173	1	journal	journal	PROPN
fbem-30083	173	2	of	of	ADP
fbem-30083	173	3	shanxi	shanxi	PROPN
fbem-30083	173	4	university	university	PROPN
fbem-30083	173	5	of	of	ADP
fbem-30083	173	6	finance	finance	NOUN
fbem-30083	173	7	and	and	CCONJ
fbem-30083	173	8	economics	economic	NOUN
fbem-30083	173	9	,	,	PUNCT
fbem-30083	173	10	39(3	39(3	NUM
fbem-30083	173	11	)	)	PUNCT
fbem-30083	173	12	,	,	PUNCT
fbem-30083	173	13	111	111	NUM
fbem-30083	173	14	-	-	SYM
fbem-30083	173	15	124	124	NUM
fbem-30083	173	16	.	.	PUNCT
fbem-30083	174	1	[	[	X
fbem-30083	174	2	13	13	NUM
fbem-30083	174	3	]	]	PUNCT
fbem-30083	174	4	eliwa	eliwa	NOUN
fbem-30083	174	5	,	,	PUNCT
fbem-30083	174	6	y.	y.	PROPN
fbem-30083	174	7	,	,	PUNCT
fbem-30083	174	8	aboud	aboud	PROPN
fbem-30083	174	9	,	,	PUNCT
fbem-30083	174	10	a.	a.	NOUN
fbem-30083	174	11	,	,	PUNCT
fbem-30083	174	12	&	&	CCONJ
fbem-30083	174	13	saleh	saleh	PROPN
fbem-30083	174	14	,	,	PUNCT
fbem-30083	174	15	a.	a.	NOUN
fbem-30083	174	16	(	(	PUNCT
fbem-30083	174	17	2023	2023	NUM
fbem-30083	174	18	)	)	PUNCT
fbem-30083	174	19	.	.	PUNCT
fbem-30083	175	1	esg	esg	NOUN
fbem-30083	175	2	practices	practice	NOUN
fbem-30083	175	3	and	and	CCONJ
fbem-30083	175	4	the	the	DET
fbem-30083	175	5	cost	cost	NOUN
fbem-30083	175	6	of	of	ADP
fbem-30083	175	7	debt	debt	NOUN
fbem-30083	175	8	:	:	PUNCT
fbem-30083	175	9	evidence	evidence	NOUN
fbem-30083	175	10	from	from	ADP
fbem-30083	175	11	eu	eu	PROPN
fbem-30083	175	12	.	.	PUNCT