id	sid	tid	token	lemma	pos
fbem-510	1	1	frontiers	frontier	NOUN
fbem-510	1	2	in	in	ADP
fbem-510	1	3	business	business	NOUN
fbem-510	1	4	,	,	PUNCT
fbem-510	1	5	economics	economic	NOUN
fbem-510	1	6	and	and	CCONJ
fbem-510	1	7	management	management	NOUN
fbem-510	1	8	issn	issn	PROPN
fbem-510	1	9	:	:	PUNCT
fbem-510	1	10	2766	2766	NUM
fbem-510	1	11	-	-	PUNCT
fbem-510	1	12	824x	824x	NUM
fbem-510	1	13	|	|	ADJ
fbem-510	1	14	vol	vol	NOUN
fbem-510	1	15	.	.	PROPN
fbem-510	2	1	4	4	NUM
fbem-510	2	2	,	,	PUNCT
fbem-510	2	3	no	no	INTJ
fbem-510	2	4	.	.	NOUN
fbem-510	2	5	1	1	NUM
fbem-510	2	6	,	,	PUNCT
fbem-510	2	7	2022	2022	NUM
fbem-510	2	8	94	94	NUM
fbem-510	2	9	does	do	AUX
fbem-510	2	10	esg	esg	NOUN
fbem-510	2	11	rating	rating	NOUN
fbem-510	2	12	affect	affect	VERB
fbem-510	2	13	corporate	corporate	ADJ
fbem-510	2	14	innovation	innovation	NOUN
fbem-510	2	15	?	?	PUNCT
fbem-510	3	1	shiying	shiye	VERB
fbem-510	3	2	chen	chen	PROPN
fbem-510	3	3	*	*	PROPN
fbem-510	3	4	,	,	PUNCT
fbem-510	3	5	tingru	tingru	PROPN
fbem-510	3	6	shen	shen	PROPN
fbem-510	3	7	school	school	NOUN
fbem-510	3	8	of	of	ADP
fbem-510	3	9	economics	economic	NOUN
fbem-510	3	10	,	,	PUNCT
fbem-510	3	11	hua	hua	PROPN
fbem-510	3	12	zhong	zhong	PROPN
fbem-510	3	13	university	university	PROPN
fbem-510	3	14	of	of	ADP
fbem-510	3	15	science	science	NOUN
fbem-510	3	16	and	and	CCONJ
fbem-510	3	17	technology	technology	NOUN
fbem-510	3	18	,	,	PUNCT
fbem-510	3	19	wuhan	wuhan	PROPN
fbem-510	3	20	430074	430074	PROPN
fbem-510	3	21	,	,	PUNCT
fbem-510	3	22	china	china	PROPN
fbem-510	3	23	abstract	abstract	NOUN
fbem-510	3	24	:	:	PUNCT
fbem-510	3	25	promoting	promote	VERB
fbem-510	3	26	the	the	DET
fbem-510	3	27	development	development	NOUN
fbem-510	3	28	of	of	ADP
fbem-510	3	29	innovation	innovation	NOUN
fbem-510	3	30	is	be	AUX
fbem-510	3	31	the	the	DET
fbem-510	3	32	core	core	NOUN
fbem-510	3	33	requirement	requirement	NOUN
fbem-510	3	34	for	for	ADP
fbem-510	3	35	achieving	achieve	VERB
fbem-510	3	36	economic	economic	ADJ
fbem-510	3	37	growth	growth	NOUN
fbem-510	3	38	in	in	ADP
fbem-510	3	39	the	the	DET
fbem-510	3	40	new	new	ADJ
fbem-510	3	41	era	era	NOUN
fbem-510	3	42	.	.	PUNCT
fbem-510	4	1	the	the	DET
fbem-510	4	2	performance	performance	NOUN
fbem-510	4	3	of	of	ADP
fbem-510	4	4	environmental	environmental	ADJ
fbem-510	4	5	,	,	PUNCT
fbem-510	4	6	social	social	ADJ
fbem-510	4	7	responsibility	responsibility	NOUN
fbem-510	4	8	and	and	CCONJ
fbem-510	4	9	governance	governance	NOUN
fbem-510	4	10	(	(	PUNCT
fbem-510	4	11	esg	esg	PROPN
fbem-510	4	12	)	)	PUNCT
fbem-510	4	13	is	be	AUX
fbem-510	4	14	an	an	DET
fbem-510	4	15	important	important	ADJ
fbem-510	4	16	indicator	indicator	NOUN
fbem-510	4	17	to	to	PART
fbem-510	4	18	measure	measure	VERB
fbem-510	4	19	the	the	DET
fbem-510	4	20	sustainable	sustainable	ADJ
fbem-510	4	21	development	development	NOUN
fbem-510	4	22	ability	ability	NOUN
fbem-510	4	23	of	of	ADP
fbem-510	4	24	enterprises	enterprise	NOUN
fbem-510	4	25	.	.	PUNCT
fbem-510	5	1	how	how	SCONJ
fbem-510	5	2	the	the	DET
fbem-510	5	3	esg	esg	PROPN
fbem-510	5	4	rating	rating	NOUN
fbem-510	5	5	affects	affect	VERB
fbem-510	5	6	the	the	DET
fbem-510	5	7	corporate	corporate	ADJ
fbem-510	5	8	innovation	innovation	NOUN
fbem-510	5	9	is	be	AUX
fbem-510	5	10	still	still	ADV
fbem-510	5	11	a	a	DET
fbem-510	5	12	hot	hot	ADJ
fbem-510	5	13	issue	issue	NOUN
fbem-510	5	14	that	that	PRON
fbem-510	5	15	needs	need	VERB
fbem-510	5	16	to	to	PART
fbem-510	5	17	be	be	AUX
fbem-510	5	18	answered	answer	VERB
fbem-510	5	19	urgently	urgently	ADV
fbem-510	5	20	.	.	PUNCT
fbem-510	6	1	based	base	VERB
fbem-510	6	2	on	on	ADP
fbem-510	6	3	the	the	DET
fbem-510	6	4	quasi	quasi	ADJ
fbem-510	6	5	-	-	ADJ
fbem-510	6	6	natural	natural	ADJ
fbem-510	6	7	experiment	experiment	NOUN
fbem-510	6	8	of	of	ADP
fbem-510	6	9	syntao	syntao	PROPN
fbem-510	6	10	green	green	PROPN
fbem-510	6	11	finance	finance	PROPN
fbem-510	6	12	's	's	PART
fbem-510	6	13	announcement	announcement	NOUN
fbem-510	6	14	of	of	ADP
fbem-510	6	15	esg	esg	PROPN
fbem-510	6	16	rating	rating	NOUN
fbem-510	6	17	in	in	ADP
fbem-510	6	18	2015	2015	NUM
fbem-510	6	19	,	,	PUNCT
fbem-510	6	20	we	we	PRON
fbem-510	6	21	use	use	VERB
fbem-510	6	22	chinese	chinese	ADJ
fbem-510	6	23	listed	list	VERB
fbem-510	6	24	companies	company	NOUN
fbem-510	6	25	in	in	ADP
fbem-510	6	26	shanghai	shanghai	PROPN
fbem-510	6	27	and	and	CCONJ
fbem-510	6	28	shenzhen	shenzhen	PROPN
fbem-510	6	29	from	from	ADP
fbem-510	6	30	2011	2011	NUM
fbem-510	6	31	to	to	ADP
fbem-510	6	32	2019	2019	NUM
fbem-510	6	33	as	as	ADP
fbem-510	6	34	samples	sample	NOUN
fbem-510	6	35	to	to	PART
fbem-510	6	36	test	test	VERB
fbem-510	6	37	the	the	DET
fbem-510	6	38	impact	impact	NOUN
fbem-510	6	39	of	of	ADP
fbem-510	6	40	esg	esg	NOUN
fbem-510	6	41	rating	rating	NOUN
fbem-510	6	42	on	on	ADP
fbem-510	6	43	corporate	corporate	ADJ
fbem-510	6	44	innovation	innovation	NOUN
fbem-510	6	45	and	and	CCONJ
fbem-510	6	46	its	its	PRON
fbem-510	6	47	transmission	transmission	NOUN
fbem-510	6	48	mechanism	mechanism	NOUN
fbem-510	6	49	.	.	PUNCT
fbem-510	7	1	the	the	DET
fbem-510	7	2	research	research	NOUN
fbem-510	7	3	results	result	NOUN
fbem-510	7	4	show	show	VERB
fbem-510	7	5	that	that	SCONJ
fbem-510	7	6	there	there	PRON
fbem-510	7	7	is	be	VERB
fbem-510	7	8	a	a	DET
fbem-510	7	9	significant	significant	ADJ
fbem-510	7	10	positive	positive	ADJ
fbem-510	7	11	relationship	relationship	NOUN
fbem-510	7	12	between	between	ADP
fbem-510	7	13	esg	esg	NOUN
fbem-510	7	14	rating	rating	NOUN
fbem-510	7	15	and	and	CCONJ
fbem-510	7	16	corporate	corporate	ADJ
fbem-510	7	17	innovation	innovation	NOUN
fbem-510	7	18	,	,	PUNCT
fbem-510	7	19	and	and	CCONJ
fbem-510	7	20	esg	esg	NOUN
fbem-510	7	21	rating	rating	NOUN
fbem-510	7	22	mainly	mainly	ADV
fbem-510	7	23	promotes	promote	VERB
fbem-510	7	24	corporate	corporate	ADJ
fbem-510	7	25	innovation	innovation	NOUN
fbem-510	7	26	by	by	ADP
fbem-510	7	27	reducing	reduce	VERB
fbem-510	7	28	agency	agency	NOUN
fbem-510	7	29	costs	cost	NOUN
fbem-510	7	30	and	and	CCONJ
fbem-510	7	31	easing	ease	VERB
fbem-510	7	32	financing	financing	NOUN
fbem-510	7	33	constraints	constraint	NOUN
fbem-510	7	34	.	.	PUNCT
fbem-510	8	1	this	this	DET
fbem-510	8	2	research	research	NOUN
fbem-510	8	3	helps	help	VERB
fbem-510	8	4	to	to	PART
fbem-510	8	5	clarify	clarify	VERB
fbem-510	8	6	the	the	DET
fbem-510	8	7	relationship	relationship	NOUN
fbem-510	8	8	between	between	ADP
fbem-510	8	9	esg	esg	NOUN
fbem-510	8	10	rating	rating	NOUN
fbem-510	8	11	and	and	CCONJ
fbem-510	8	12	corporate	corporate	ADJ
fbem-510	8	13	innovation	innovation	NOUN
fbem-510	8	14	,	,	PUNCT
fbem-510	8	15	and	and	CCONJ
fbem-510	8	16	can	can	AUX
fbem-510	8	17	provide	provide	VERB
fbem-510	8	18	an	an	DET
fbem-510	8	19	important	important	ADJ
fbem-510	8	20	reference	reference	NOUN
fbem-510	8	21	for	for	ADP
fbem-510	8	22	the	the	DET
fbem-510	8	23	chinese	chinese	ADJ
fbem-510	8	24	government	government	NOUN
fbem-510	8	25	to	to	PART
fbem-510	8	26	formulate	formulate	VERB
fbem-510	8	27	relevant	relevant	ADJ
fbem-510	8	28	policies	policy	NOUN
fbem-510	8	29	to	to	PART
fbem-510	8	30	improve	improve	VERB
fbem-510	8	31	the	the	DET
fbem-510	8	32	esg	esg	NOUN
fbem-510	8	33	rating	rating	NOUN
fbem-510	8	34	system	system	NOUN
fbem-510	8	35	,	,	PUNCT
fbem-510	8	36	promote	promote	VERB
fbem-510	8	37	corporate	corporate	ADJ
fbem-510	8	38	innovation	innovation	NOUN
fbem-510	8	39	and	and	CCONJ
fbem-510	8	40	sustainable	sustainable	ADJ
fbem-510	8	41	economic	economic	ADJ
fbem-510	8	42	development	development	NOUN
fbem-510	8	43	.	.	PUNCT
fbem-510	9	1	keywords	keyword	NOUN
fbem-510	9	2	:	:	PUNCT
fbem-510	9	3	esg	esg	NOUN
fbem-510	9	4	rating	rating	NOUN
fbem-510	9	5	,	,	PUNCT
fbem-510	9	6	corporate	corporate	ADJ
fbem-510	9	7	innovation	innovation	NOUN
fbem-510	9	8	,	,	PUNCT
fbem-510	9	9	agency	agency	NOUN
fbem-510	9	10	costs	cost	NOUN
fbem-510	9	11	,	,	PUNCT
fbem-510	9	12	financing	financing	NOUN
fbem-510	9	13	constraints	constraint	NOUN
fbem-510	9	14	.	.	PUNCT
fbem-510	10	1	1	1	X
fbem-510	10	2	.	.	X
fbem-510	10	3	introduction	introduction	NOUN
fbem-510	10	4	in	in	ADP
fbem-510	10	5	recent	recent	ADJ
fbem-510	10	6	years	year	NOUN
fbem-510	10	7	,	,	PUNCT
fbem-510	10	8	china	china	PROPN
fbem-510	10	9	has	have	AUX
fbem-510	10	10	paid	pay	VERB
fbem-510	10	11	more	more	ADJ
fbem-510	10	12	and	and	CCONJ
fbem-510	10	13	more	more	ADJ
fbem-510	10	14	attention	attention	NOUN
fbem-510	10	15	to	to	ADP
fbem-510	10	16	the	the	DET
fbem-510	10	17	important	important	ADJ
fbem-510	10	18	driving	drive	VERB
fbem-510	10	19	role	role	NOUN
fbem-510	10	20	of	of	ADP
fbem-510	10	21	innovation	innovation	NOUN
fbem-510	10	22	in	in	ADP
fbem-510	10	23	economic	economic	ADJ
fbem-510	10	24	development	development	NOUN
fbem-510	10	25	.	.	PUNCT
fbem-510	11	1	as	as	ADP
fbem-510	11	2	an	an	DET
fbem-510	11	3	efficient	efficient	ADJ
fbem-510	11	4	subject	subject	NOUN
fbem-510	11	5	of	of	ADP
fbem-510	11	6	innovation	innovation	NOUN
fbem-510	11	7	,	,	PUNCT
fbem-510	11	8	enterprises	enterprise	NOUN
fbem-510	11	9	play	play	VERB
fbem-510	11	10	an	an	DET
fbem-510	11	11	extremely	extremely	ADV
fbem-510	11	12	important	important	ADJ
fbem-510	11	13	role	role	NOUN
fbem-510	11	14	in	in	ADP
fbem-510	11	15	economic	economic	ADJ
fbem-510	11	16	growth	growth	NOUN
fbem-510	11	17	,	,	PUNCT
fbem-510	11	18	but	but	CCONJ
fbem-510	11	19	now	now	ADV
fbem-510	11	20	they	they	PRON
fbem-510	11	21	are	be	AUX
fbem-510	11	22	often	often	ADV
fbem-510	11	23	faced	face	VERB
fbem-510	11	24	with	with	ADP
fbem-510	11	25	double	double	ADJ
fbem-510	11	26	dilemmas	dilemma	NOUN
fbem-510	11	27	in	in	ADP
fbem-510	11	28	the	the	DET
fbem-510	11	29	process	process	NOUN
fbem-510	11	30	of	of	ADP
fbem-510	11	31	innovation	innovation	NOUN
fbem-510	11	32	.	.	PUNCT
fbem-510	12	1	on	on	ADP
fbem-510	12	2	the	the	DET
fbem-510	12	3	one	one	NUM
fbem-510	12	4	hand	hand	NOUN
fbem-510	12	5	,	,	PUNCT
fbem-510	12	6	innovation	innovation	NOUN
fbem-510	12	7	as	as	ADP
fbem-510	12	8	an	an	DET
fbem-510	12	9	activity	activity	NOUN
fbem-510	12	10	with	with	ADP
fbem-510	12	11	a	a	DET
fbem-510	12	12	high	high	ADJ
fbem-510	12	13	risk	risk	NOUN
fbem-510	12	14	of	of	ADP
fbem-510	12	15	failure	failure	NOUN
fbem-510	12	16	and	and	CCONJ
fbem-510	12	17	a	a	DET
fbem-510	12	18	long	long	ADJ
fbem-510	12	19	return	return	NOUN
fbem-510	12	20	period	period	NOUN
fbem-510	12	21	,	,	PUNCT
fbem-510	12	22	may	may	AUX
fbem-510	12	23	lead	lead	VERB
fbem-510	12	24	to	to	ADP
fbem-510	12	25	large	large	ADJ
fbem-510	12	26	fluctuations	fluctuation	NOUN
fbem-510	12	27	in	in	ADP
fbem-510	12	28	the	the	DET
fbem-510	12	29	business	business	NOUN
fbem-510	12	30	performance	performance	NOUN
fbem-510	12	31	of	of	ADP
fbem-510	12	32	the	the	DET
fbem-510	12	33	company	company	NOUN
fbem-510	12	34	.	.	PUNCT
fbem-510	13	1	enterprise	enterprise	NOUN
fbem-510	13	2	management	management	NOUN
fbem-510	13	3	with	with	ADP
fbem-510	13	4	conflict	conflict	NOUN
fbem-510	13	5	of	of	ADP
fbem-510	13	6	interest	interest	NOUN
fbem-510	13	7	with	with	ADP
fbem-510	13	8	shareholders	shareholder	NOUN
fbem-510	13	9	may	may	AUX
fbem-510	13	10	be	be	AUX
fbem-510	13	11	reluctant	reluctant	ADJ
fbem-510	13	12	to	to	PART
fbem-510	13	13	engage	engage	VERB
fbem-510	13	14	in	in	ADP
fbem-510	13	15	innovative	innovative	ADJ
fbem-510	13	16	activities	activity	NOUN
fbem-510	13	17	due	due	ADJ
fbem-510	13	18	to	to	ADP
fbem-510	13	19	career	career	NOUN
fbem-510	13	20	or	or	CCONJ
fbem-510	13	21	personal	personal	ADJ
fbem-510	13	22	interests	interest	NOUN
fbem-510	13	23	,	,	PUNCT
fbem-510	13	24	resulting	result	VERB
fbem-510	13	25	in	in	ADP
fbem-510	13	26	a	a	DET
fbem-510	13	27	lack	lack	NOUN
fbem-510	13	28	of	of	ADP
fbem-510	13	29	willingness	willingness	NOUN
fbem-510	13	30	to	to	PART
fbem-510	13	31	innovate	innovate	VERB
fbem-510	13	32	.	.	PUNCT
fbem-510	14	1	on	on	ADP
fbem-510	14	2	the	the	DET
fbem-510	14	3	other	other	ADJ
fbem-510	14	4	hand	hand	NOUN
fbem-510	14	5	,	,	PUNCT
fbem-510	14	6	innovation	innovation	NOUN
fbem-510	14	7	activities	activity	NOUN
fbem-510	14	8	have	have	VERB
fbem-510	14	9	the	the	DET
fbem-510	14	10	characteristics	characteristic	NOUN
fbem-510	14	11	of	of	ADP
fbem-510	14	12	high	high	ADJ
fbem-510	14	13	investment	investment	NOUN
fbem-510	14	14	and	and	CCONJ
fbem-510	14	15	long	long	ADJ
fbem-510	14	16	cycle	cycle	NOUN
fbem-510	14	17	,	,	PUNCT
fbem-510	14	18	which	which	PRON
fbem-510	14	19	makes	make	VERB
fbem-510	14	20	corporate	corporate	ADJ
fbem-510	14	21	innovation	innovation	NOUN
fbem-510	14	22	need	need	VERB
fbem-510	14	23	sufficient	sufficient	ADJ
fbem-510	14	24	and	and	CCONJ
fbem-510	14	25	stable	stable	ADJ
fbem-510	14	26	financial	financial	ADJ
fbem-510	14	27	resources	resource	NOUN
fbem-510	14	28	to	to	PART
fbem-510	14	29	escort	escort	VERB
fbem-510	14	30	it	it	PRON
fbem-510	14	31	.	.	PUNCT
fbem-510	15	1	however	however	ADV
fbem-510	15	2	,	,	PUNCT
fbem-510	15	3	the	the	DET
fbem-510	15	4	proportion	proportion	NOUN
fbem-510	15	5	of	of	ADP
fbem-510	15	6	innovative	innovative	ADJ
fbem-510	15	7	tangible	tangible	ADJ
fbem-510	15	8	assets	asset	NOUN
fbem-510	15	9	is	be	AUX
fbem-510	15	10	relatively	relatively	ADV
fbem-510	15	11	low	low	ADJ
fbem-510	15	12	,	,	PUNCT
fbem-510	15	13	and	and	CCONJ
fbem-510	15	14	the	the	DET
fbem-510	15	15	value	value	NOUN
fbem-510	15	16	and	and	CCONJ
fbem-510	15	17	risk	risk	NOUN
fbem-510	15	18	are	be	AUX
fbem-510	15	19	difficult	difficult	ADJ
fbem-510	15	20	to	to	PART
fbem-510	15	21	measure	measure	VERB
fbem-510	15	22	,	,	PUNCT
fbem-510	15	23	which	which	PRON
fbem-510	15	24	will	will	AUX
fbem-510	15	25	also	also	ADV
fbem-510	15	26	make	make	VERB
fbem-510	15	27	enterprises	enterprise	NOUN
fbem-510	15	28	face	face	VERB
fbem-510	15	29	the	the	DET
fbem-510	15	30	dilemma	dilemma	NOUN
fbem-510	15	31	of	of	ADP
fbem-510	15	32	external	external	ADJ
fbem-510	15	33	financing	financing	NOUN
fbem-510	15	34	difficulties	difficulty	NOUN
fbem-510	15	35	,	,	PUNCT
fbem-510	15	36	which	which	PRON
fbem-510	15	37	will	will	AUX
fbem-510	15	38	lead	lead	VERB
fbem-510	15	39	to	to	ADP
fbem-510	15	40	the	the	DET
fbem-510	15	41	lack	lack	NOUN
fbem-510	15	42	of	of	ADP
fbem-510	15	43	innovation	innovation	NOUN
fbem-510	15	44	ability	ability	NOUN
fbem-510	15	45	of	of	ADP
fbem-510	15	46	enterprises	enterprise	NOUN
fbem-510	15	47	.	.	PUNCT
fbem-510	16	1	under	under	ADP
fbem-510	16	2	the	the	DET
fbem-510	16	3	influence	influence	NOUN
fbem-510	16	4	of	of	ADP
fbem-510	16	5	these	these	DET
fbem-510	16	6	two	two	NUM
fbem-510	16	7	types	type	NOUN
fbem-510	16	8	of	of	ADP
fbem-510	16	9	problems	problem	NOUN
fbem-510	16	10	,	,	PUNCT
fbem-510	16	11	corporate	corporate	ADJ
fbem-510	16	12	innovation	innovation	NOUN
fbem-510	16	13	is	be	AUX
fbem-510	16	14	often	often	ADV
fbem-510	16	15	restricted	restrict	VERB
fbem-510	16	16	,	,	PUNCT
fbem-510	16	17	thereby	thereby	ADV
fbem-510	16	18	limiting	limit	VERB
fbem-510	16	19	the	the	DET
fbem-510	16	20	improvement	improvement	NOUN
fbem-510	16	21	of	of	ADP
fbem-510	16	22	corporate	corporate	ADJ
fbem-510	16	23	competitiveness	competitiveness	NOUN
fbem-510	16	24	and	and	CCONJ
fbem-510	16	25	the	the	DET
fbem-510	16	26	sustainable	sustainable	ADJ
fbem-510	16	27	growth	growth	NOUN
fbem-510	16	28	of	of	ADP
fbem-510	16	29	the	the	DET
fbem-510	16	30	economy	economy	NOUN
fbem-510	16	31	.	.	PUNCT
fbem-510	17	1	how	how	SCONJ
fbem-510	17	2	to	to	PART
fbem-510	17	3	help	help	VERB
fbem-510	17	4	enterprises	enterprise	NOUN
fbem-510	17	5	alleviate	alleviate	VERB
fbem-510	17	6	the	the	DET
fbem-510	17	7	plight	plight	NOUN
fbem-510	17	8	of	of	ADP
fbem-510	17	9	innovation	innovation	NOUN
fbem-510	17	10	,	,	PUNCT
fbem-510	17	11	improve	improve	VERB
fbem-510	17	12	the	the	DET
fbem-510	17	13	level	level	NOUN
fbem-510	17	14	of	of	ADP
fbem-510	17	15	innovation	innovation	NOUN
fbem-510	17	16	,	,	PUNCT
fbem-510	17	17	and	and	CCONJ
fbem-510	17	18	then	then	ADV
fbem-510	17	19	drive	drive	VERB
fbem-510	17	20	high	high	ADJ
fbem-510	17	21	-	-	PUNCT
fbem-510	17	22	quality	quality	NOUN
fbem-510	17	23	economic	economic	ADJ
fbem-510	17	24	development	development	NOUN
fbem-510	17	25	with	with	ADP
fbem-510	17	26	technological	technological	ADJ
fbem-510	17	27	progress	progress	NOUN
fbem-510	17	28	is	be	AUX
fbem-510	17	29	undoubtedly	undoubtedly	ADV
fbem-510	17	30	the	the	DET
fbem-510	17	31	key	key	ADJ
fbem-510	17	32	point	point	NOUN
fbem-510	17	33	of	of	ADP
fbem-510	17	34	current	current	ADJ
fbem-510	17	35	development	development	NOUN
fbem-510	17	36	.	.	PUNCT
fbem-510	18	1	at	at	ADP
fbem-510	18	2	the	the	DET
fbem-510	18	3	same	same	ADJ
fbem-510	18	4	time	time	NOUN
fbem-510	18	5	,	,	PUNCT
fbem-510	18	6	esg	esg	PROPN
fbem-510	18	7	concepts	concept	NOUN
fbem-510	18	8	centered	center	VERB
fbem-510	18	9	on	on	ADP
fbem-510	18	10	environment	environment	NOUN
fbem-510	18	11	,	,	PUNCT
fbem-510	18	12	social	social	ADJ
fbem-510	18	13	responsibility	responsibility	NOUN
fbem-510	18	14	and	and	CCONJ
fbem-510	18	15	governance	governance	NOUN
fbem-510	18	16	are	be	AUX
fbem-510	18	17	receiving	receive	VERB
fbem-510	18	18	more	more	ADJ
fbem-510	18	19	and	and	CCONJ
fbem-510	18	20	more	more	ADJ
fbem-510	18	21	attention	attention	NOUN
fbem-510	18	22	as	as	ADP
fbem-510	18	23	a	a	DET
fbem-510	18	24	framework	framework	NOUN
fbem-510	18	25	for	for	ADP
fbem-510	18	26	assessing	assess	VERB
fbem-510	18	27	corporate	corporate	ADJ
fbem-510	18	28	sustainability	sustainability	NOUN
fbem-510	18	29	.	.	PUNCT
fbem-510	19	1	statistics	statistic	NOUN
fbem-510	19	2	from	from	ADP
fbem-510	19	3	the	the	DET
fbem-510	19	4	global	global	ADJ
fbem-510	19	5	sustainable	sustainable	ADJ
fbem-510	19	6	investment	investment	NOUN
fbem-510	19	7	alliance	alliance	NOUN
fbem-510	19	8	for	for	ADP
fbem-510	19	9	some	some	DET
fbem-510	19	10	parts	part	NOUN
fbem-510	19	11	of	of	ADP
fbem-510	19	12	the	the	DET
fbem-510	19	13	world	world	NOUN
fbem-510	19	14	show	show	VERB
fbem-510	19	15	that	that	SCONJ
fbem-510	19	16	the	the	DET
fbem-510	19	17	asset	asset	NOUN
fbem-510	19	18	management	management	NOUN
fbem-510	19	19	scale	scale	NOUN
fbem-510	19	20	of	of	ADP
fbem-510	19	21	esg	esg	PROPN
fbem-510	19	22	investment	investment	NOUN
fbem-510	19	23	has	have	AUX
fbem-510	19	24	grown	grow	VERB
fbem-510	19	25	rapidly	rapidly	ADV
fbem-510	19	26	from	from	ADP
fbem-510	19	27	13.2	13.2	NUM
fbem-510	19	28	trillion	trillion	NUM
fbem-510	19	29	dollars	dollar	NOUN
fbem-510	19	30	in	in	ADP
fbem-510	19	31	2012	2012	NUM
fbem-510	19	32	to	to	ADP
fbem-510	19	33	35.3	35.3	NUM
fbem-510	19	34	trillion	trillion	NUM
fbem-510	19	35	dollars	dollar	NOUN
fbem-510	19	36	in	in	ADP
fbem-510	19	37	2020	2020	NUM
fbem-510	19	38	,	,	PUNCT
fbem-510	19	39	with	with	ADP
fbem-510	19	40	a	a	DET
fbem-510	19	41	compound	compound	ADJ
fbem-510	19	42	annual	annual	ADJ
fbem-510	19	43	growth	growth	NOUN
fbem-510	19	44	rate	rate	NOUN
fbem-510	19	45	of	of	ADP
fbem-510	19	46	about	about	ADP
fbem-510	19	47	13.02	13.02	NUM
fbem-510	19	48	%	%	NOUN
fbem-510	19	49	.	.	PUNCT
fbem-510	20	1	the	the	DET
fbem-510	20	2	overall	overall	ADJ
fbem-510	20	3	growth	growth	NOUN
fbem-510	20	4	rate	rate	NOUN
fbem-510	20	5	of	of	ADP
fbem-510	20	6	the	the	DET
fbem-510	20	7	asset	asset	NOUN
fbem-510	20	8	management	management	NOUN
fbem-510	20	9	industry	industry	NOUN
fbem-510	20	10	was	be	AUX
fbem-510	20	11	only	only	ADV
fbem-510	20	12	6.01	6.01	NUM
fbem-510	20	13	%	%	NOUN
fbem-510	20	14	.	.	PUNCT
fbem-510	21	1	especially	especially	ADV
fbem-510	21	2	in	in	ADP
fbem-510	21	3	the	the	DET
fbem-510	21	4	past	past	ADJ
fbem-510	21	5	two	two	NUM
fbem-510	21	6	years	year	NOUN
fbem-510	21	7	,	,	PUNCT
fbem-510	21	8	the	the	DET
fbem-510	21	9	development	development	NOUN
fbem-510	21	10	of	of	ADP
fbem-510	21	11	esg	esg	PROPN
fbem-510	21	12	has	have	AUX
fbem-510	21	13	been	be	AUX
fbem-510	21	14	particularly	particularly	ADV
fbem-510	21	15	rapid	rapid	ADJ
fbem-510	21	16	.	.	PUNCT
fbem-510	22	1	from	from	ADP
fbem-510	22	2	companies	company	NOUN
fbem-510	22	3	under	under	ADP
fbem-510	22	4	regulatory	regulatory	ADJ
fbem-510	22	5	pressure	pressure	NOUN
fbem-510	22	6	to	to	PART
fbem-510	22	7	participate	participate	VERB
fbem-510	22	8	in	in	ADP
fbem-510	22	9	esg	esg	NOUN
fbem-510	22	10	activities	activity	NOUN
fbem-510	22	11	and	and	CCONJ
fbem-510	22	12	disclose	disclose	VERB
fbem-510	22	13	esg	esg	PROPN
fbem-510	22	14	data	datum	NOUN
fbem-510	22	15	,	,	PUNCT
fbem-510	22	16	to	to	AUX
fbem-510	22	17	now	now	ADV
fbem-510	22	18	companies	company	NOUN
fbem-510	22	19	have	have	AUX
fbem-510	22	20	begun	begin	VERB
fbem-510	22	21	to	to	PART
fbem-510	22	22	actively	actively	ADV
fbem-510	22	23	disclose	disclose	VERB
fbem-510	22	24	more	more	ADV
fbem-510	22	25	detailed	detailed	ADJ
fbem-510	22	26	esg	esg	NOUN
fbem-510	22	27	indicators	indicator	NOUN
fbem-510	22	28	,	,	PUNCT
fbem-510	22	29	third	third	ADJ
fbem-510	22	30	-	-	PUNCT
fbem-510	22	31	party	party	NOUN
fbem-510	22	32	rating	rating	NOUN
fbem-510	22	33	agencies	agency	NOUN
fbem-510	22	34	have	have	AUX
fbem-510	22	35	begun	begin	VERB
fbem-510	22	36	to	to	PART
fbem-510	22	37	increase	increase	VERB
fbem-510	22	38	,	,	PUNCT
fbem-510	22	39	and	and	CCONJ
fbem-510	22	40	all	all	DET
fbem-510	22	41	parties	party	NOUN
fbem-510	22	42	have	have	AUX
fbem-510	22	43	begun	begin	VERB
fbem-510	22	44	to	to	PART
fbem-510	22	45	actively	actively	ADV
fbem-510	22	46	implement	implement	VERB
fbem-510	22	47	the	the	DET
fbem-510	22	48	concept	concept	NOUN
fbem-510	22	49	of	of	ADP
fbem-510	22	50	esg	esg	PROPN
fbem-510	22	51	.	.	PUNCT
fbem-510	23	1	what	what	PRON
fbem-510	23	2	is	be	AUX
fbem-510	23	3	the	the	DET
fbem-510	23	4	driving	drive	VERB
fbem-510	23	5	force	force	NOUN
fbem-510	23	6	behind	behind	ADP
fbem-510	23	7	the	the	DET
fbem-510	23	8	rapid	rapid	ADJ
fbem-510	23	9	development	development	NOUN
fbem-510	23	10	of	of	ADP
fbem-510	23	11	the	the	DET
fbem-510	23	12	esg	esg	NOUN
fbem-510	23	13	rating	rating	NOUN
fbem-510	23	14	industry	industry	NOUN
fbem-510	23	15	?	?	PUNCT
fbem-510	24	1	in	in	ADP
fbem-510	24	2	fact	fact	NOUN
fbem-510	24	3	,	,	PUNCT
fbem-510	24	4	from	from	ADP
fbem-510	24	5	data	datum	NOUN
fbem-510	24	6	disclosure	disclosure	NOUN
fbem-510	24	7	by	by	ADP
fbem-510	24	8	companies	company	NOUN
fbem-510	24	9	to	to	ADP
fbem-510	24	10	thirdparty	thirdparty	NOUN
fbem-510	24	11	agencies	agency	NOUN
fbem-510	24	12	conducting	conduct	VERB
fbem-510	24	13	ratings	rating	NOUN
fbem-510	24	14	based	base	VERB
fbem-510	24	15	on	on	ADP
fbem-510	24	16	data	datum	NOUN
fbem-510	24	17	,	,	PUNCT
fbem-510	24	18	this	this	DET
fbem-510	24	19	complete	complete	ADJ
fbem-510	24	20	set	set	NOUN
fbem-510	24	21	of	of	ADP
fbem-510	24	22	esg	esg	PROPN
fbem-510	24	23	rating	rating	NOUN
fbem-510	24	24	publication	publication	NOUN
fbem-510	24	25	process	process	NOUN
fbem-510	24	26	not	not	PART
fbem-510	24	27	only	only	ADV
fbem-510	24	28	helps	help	VERB
fbem-510	24	29	companies	company	NOUN
fbem-510	24	30	optimize	optimize	VERB
fbem-510	24	31	their	their	PRON
fbem-510	24	32	own	own	ADJ
fbem-510	24	33	internal	internal	ADJ
fbem-510	24	34	governance	governance	NOUN
fbem-510	24	35	structures	structure	NOUN
fbem-510	24	36	and	and	CCONJ
fbem-510	24	37	meet	meet	VERB
fbem-510	24	38	regulatory	regulatory	ADJ
fbem-510	24	39	requirements	requirement	NOUN
fbem-510	24	40	,	,	PUNCT
fbem-510	24	41	but	but	CCONJ
fbem-510	24	42	also	also	ADV
fbem-510	24	43	enables	enable	VERB
fbem-510	24	44	companies	company	NOUN
fbem-510	24	45	and	and	CCONJ
fbem-510	24	46	the	the	DET
fbem-510	24	47	outside	outside	ADJ
fbem-510	24	48	world	world	NOUN
fbem-510	24	49	to	to	PART
fbem-510	24	50	improve	improve	VERB
fbem-510	24	51	the	the	DET
fbem-510	24	52	efficiency	efficiency	NOUN
fbem-510	24	53	of	of	ADP
fbem-510	24	54	information	information	NOUN
fbem-510	24	55	transmission	transmission	NOUN
fbem-510	24	56	,	,	PUNCT
fbem-510	24	57	which	which	PRON
fbem-510	24	58	plays	play	VERB
fbem-510	24	59	a	a	DET
fbem-510	24	60	pivotal	pivotal	ADJ
fbem-510	24	61	role	role	NOUN
fbem-510	24	62	in	in	ADP
fbem-510	24	63	coordinating	coordinate	VERB
fbem-510	24	64	internal	internal	ADJ
fbem-510	24	65	conflict	conflict	NOUN
fbem-510	24	66	of	of	ADP
fbem-510	24	67	interests	interest	NOUN
fbem-510	24	68	and	and	CCONJ
fbem-510	24	69	alleviating	alleviate	VERB
fbem-510	24	70	external	external	ADJ
fbem-510	24	71	financing	financing	NOUN
fbem-510	24	72	constraints	constraint	NOUN
fbem-510	24	73	,	,	PUNCT
fbem-510	24	74	thus	thus	ADV
fbem-510	24	75	having	have	VERB
fbem-510	24	76	a	a	DET
fbem-510	24	77	huge	huge	ADJ
fbem-510	24	78	influence	influence	NOUN
fbem-510	24	79	on	on	ADP
fbem-510	24	80	enterprises	enterprise	NOUN
fbem-510	24	81	.	.	PUNCT
fbem-510	25	1	given	give	VERB
fbem-510	25	2	that	that	DET
fbem-510	25	3	corporate	corporate	ADJ
fbem-510	25	4	innovation	innovation	NOUN
fbem-510	25	5	plays	play	VERB
fbem-510	25	6	such	such	DET
fbem-510	25	7	an	an	DET
fbem-510	25	8	important	important	ADJ
fbem-510	25	9	role	role	NOUN
fbem-510	25	10	in	in	ADP
fbem-510	25	11	economic	economic	ADJ
fbem-510	25	12	growth	growth	NOUN
fbem-510	25	13	,	,	PUNCT
fbem-510	25	14	the	the	DET
fbem-510	25	15	implementation	implementation	NOUN
fbem-510	25	16	of	of	ADP
fbem-510	25	17	esg	esg	PROPN
fbem-510	25	18	concepts	concept	NOUN
fbem-510	25	19	by	by	ADP
fbem-510	25	20	companies	company	NOUN
fbem-510	25	21	is	be	AUX
fbem-510	25	22	the	the	DET
fbem-510	25	23	general	general	ADJ
fbem-510	25	24	trend	trend	NOUN
fbem-510	25	25	of	of	ADP
fbem-510	25	26	the	the	DET
fbem-510	25	27	times	time	NOUN
fbem-510	25	28	.	.	PUNCT
fbem-510	26	1	under	under	ADP
fbem-510	26	2	the	the	DET
fbem-510	26	3	background	background	NOUN
fbem-510	26	4	that	that	PRON
fbem-510	26	5	the	the	DET
fbem-510	26	6	international	international	ADJ
fbem-510	26	7	economic	economic	ADJ
fbem-510	26	8	situation	situation	NOUN
fbem-510	26	9	is	be	AUX
fbem-510	26	10	becoming	become	VERB
fbem-510	26	11	more	more	ADV
fbem-510	26	12	complex	complex	ADJ
fbem-510	26	13	and	and	CCONJ
fbem-510	26	14	the	the	DET
fbem-510	26	15	chinese	chinese	ADJ
fbem-510	26	16	economy	economy	NOUN
fbem-510	26	17	is	be	AUX
fbem-510	26	18	facing	face	VERB
fbem-510	26	19	transformation	transformation	NOUN
fbem-510	26	20	,	,	PUNCT
fbem-510	26	21	exploring	explore	VERB
fbem-510	26	22	the	the	DET
fbem-510	26	23	relationship	relationship	NOUN
fbem-510	26	24	between	between	ADP
fbem-510	26	25	esg	esg	NOUN
fbem-510	26	26	rating	rating	NOUN
fbem-510	26	27	and	and	CCONJ
fbem-510	26	28	corporate	corporate	ADJ
fbem-510	26	29	innovation	innovation	NOUN
fbem-510	26	30	will	will	AUX
fbem-510	26	31	help	help	VERB
fbem-510	26	32	china	china	PROPN
fbem-510	26	33	formulate	formulate	VERB
fbem-510	26	34	a	a	DET
fbem-510	26	35	more	more	ADV
fbem-510	26	36	complete	complete	ADJ
fbem-510	26	37	esg	esg	NOUN
fbem-510	26	38	industry	industry	NOUN
fbem-510	26	39	development	development	NOUN
fbem-510	26	40	policy	policy	NOUN
fbem-510	26	41	and	and	CCONJ
fbem-510	26	42	explore	explore	VERB
fbem-510	26	43	corporate	corporate	ADJ
fbem-510	26	44	innovation	innovation	NOUN
fbem-510	26	45	.	.	PUNCT
fbem-510	27	1	based	base	VERB
fbem-510	27	2	on	on	ADP
fbem-510	27	3	the	the	DET
fbem-510	27	4	quasi	quasi	ADJ
fbem-510	27	5	-	-	ADJ
fbem-510	27	6	natural	natural	ADJ
fbem-510	27	7	experiment	experiment	NOUN
fbem-510	27	8	of	of	ADP
fbem-510	27	9	syntao	syntao	PROPN
fbem-510	27	10	green	green	PROPN
fbem-510	27	11	finance	finance	PROPN
fbem-510	27	12	's	's	PART
fbem-510	27	13	announcement	announcement	NOUN
fbem-510	27	14	of	of	ADP
fbem-510	27	15	corporate	corporate	ADJ
fbem-510	27	16	esg	esg	NOUN
fbem-510	27	17	rating	rating	NOUN
fbem-510	27	18	in	in	ADP
fbem-510	27	19	2015	2015	NUM
fbem-510	27	20	,	,	PUNCT
fbem-510	27	21	we	we	PRON
fbem-510	27	22	use	use	VERB
fbem-510	27	23	chinese	chinese	ADJ
fbem-510	27	24	listed	list	VERB
fbem-510	27	25	companies	company	NOUN
fbem-510	27	26	in	in	ADP
fbem-510	27	27	shanghai	shanghai	PROPN
fbem-510	27	28	and	and	CCONJ
fbem-510	27	29	shenzhen	shenzhen	PROPN
fbem-510	27	30	from	from	ADP
fbem-510	27	31	2011	2011	NUM
fbem-510	27	32	to	to	ADP
fbem-510	27	33	2019	2019	NUM
fbem-510	27	34	as	as	ADP
fbem-510	27	35	samples	sample	NOUN
fbem-510	27	36	to	to	PART
fbem-510	27	37	test	test	VERB
fbem-510	27	38	the	the	DET
fbem-510	27	39	impact	impact	NOUN
fbem-510	27	40	of	of	ADP
fbem-510	27	41	corporate	corporate	ADJ
fbem-510	27	42	esg	esg	NOUN
fbem-510	27	43	rating	rating	NOUN
fbem-510	27	44	on	on	ADP
fbem-510	27	45	corporate	corporate	ADJ
fbem-510	27	46	innovation	innovation	NOUN
fbem-510	27	47	and	and	CCONJ
fbem-510	27	48	its	its	PRON
fbem-510	27	49	transmission	transmission	NOUN
fbem-510	27	50	mechanism	mechanism	NOUN
fbem-510	27	51	.	.	PUNCT
fbem-510	28	1	the	the	DET
fbem-510	28	2	research	research	NOUN
fbem-510	28	3	results	result	NOUN
fbem-510	28	4	show	show	VERB
fbem-510	28	5	that	that	SCONJ
fbem-510	28	6	there	there	PRON
fbem-510	28	7	is	be	VERB
fbem-510	28	8	a	a	DET
fbem-510	28	9	significant	significant	ADJ
fbem-510	28	10	positive	positive	ADJ
fbem-510	28	11	relationship	relationship	NOUN
fbem-510	28	12	between	between	ADP
fbem-510	28	13	esg	esg	NOUN
fbem-510	28	14	rating	rating	NOUN
fbem-510	28	15	and	and	CCONJ
fbem-510	28	16	corporate	corporate	ADJ
fbem-510	28	17	innovation	innovation	NOUN
fbem-510	28	18	,	,	PUNCT
fbem-510	28	19	and	and	CCONJ
fbem-510	28	20	esg	esg	NOUN
fbem-510	28	21	rating	rating	NOUN
fbem-510	28	22	mainly	mainly	ADV
fbem-510	28	23	promotes	promote	VERB
fbem-510	28	24	corporate	corporate	ADJ
fbem-510	28	25	innovation	innovation	NOUN
fbem-510	28	26	by	by	ADP
fbem-510	28	27	reducing	reduce	VERB
fbem-510	28	28	agency	agency	NOUN
fbem-510	28	29	costs	cost	NOUN
fbem-510	28	30	and	and	CCONJ
fbem-510	28	31	easing	ease	VERB
fbem-510	28	32	financing	financing	NOUN
fbem-510	28	33	constraints	constraint	NOUN
fbem-510	28	34	.	.	PUNCT
fbem-510	29	1	in	in	ADP
fbem-510	29	2	addition	addition	NOUN
fbem-510	29	3	,	,	PUNCT
fbem-510	29	4	we	we	PRON
fbem-510	29	5	provide	provide	VERB
fbem-510	29	6	suggestions	suggestion	NOUN
fbem-510	29	7	for	for	ADP
fbem-510	29	8	the	the	DET
fbem-510	29	9	development	development	NOUN
fbem-510	29	10	of	of	ADP
fbem-510	29	11	esg	esg	PROPN
fbem-510	29	12	rating	rating	NOUN
fbem-510	29	13	and	and	CCONJ
fbem-510	29	14	corporate	corporate	ADJ
fbem-510	29	15	innovation	innovation	NOUN
fbem-510	29	16	based	base	VERB
fbem-510	29	17	on	on	ADP
fbem-510	29	18	multiple	multiple	ADJ
fbem-510	29	19	perspectives	perspective	NOUN
fbem-510	29	20	such	such	ADJ
fbem-510	29	21	as	as	ADP
fbem-510	29	22	regulators	regulator	NOUN
fbem-510	29	23	,	,	PUNCT
fbem-510	29	24	third	third	ADJ
fbem-510	29	25	-	-	PUNCT
fbem-510	29	26	party	party	NOUN
fbem-510	29	27	rating	rating	NOUN
fbem-510	29	28	agencies	agency	NOUN
fbem-510	29	29	,	,	PUNCT
fbem-510	29	30	and	and	CCONJ
fbem-510	29	31	enterprises	enterprise	NOUN
fbem-510	29	32	.	.	PUNCT
fbem-510	30	1	compared	compare	VERB
fbem-510	30	2	with	with	ADP
fbem-510	30	3	previous	previous	ADJ
fbem-510	30	4	studies	study	NOUN
fbem-510	30	5	,	,	PUNCT
fbem-510	30	6	the	the	DET
fbem-510	30	7	main	main	ADJ
fbem-510	30	8	innovations	innovation	NOUN
fbem-510	30	9	of	of	ADP
fbem-510	30	10	this	this	DET
fbem-510	30	11	paper	paper	NOUN
fbem-510	30	12	are	be	AUX
fbem-510	30	13	as	as	SCONJ
fbem-510	30	14	follows	follow	VERB
fbem-510	30	15	:	:	PUNCT
fbem-510	30	16	first	first	ADV
fbem-510	30	17	,	,	PUNCT
fbem-510	30	18	based	base	VERB
fbem-510	30	19	on	on	ADP
fbem-510	30	20	the	the	DET
fbem-510	30	21	quasi	quasi	ADJ
fbem-510	30	22	-	-	ADJ
fbem-510	30	23	natural	natural	ADJ
fbem-510	30	24	experiment	experiment	NOUN
fbem-510	30	25	of	of	ADP
fbem-510	30	26	syntao	syntao	PROPN
fbem-510	30	27	green	green	PROPN
fbem-510	30	28	finance	finance	PROPN
fbem-510	30	29	’s	’s	PART
fbem-510	30	30	announcement	announcement	NOUN
fbem-510	30	31	of	of	ADP
fbem-510	30	32	corporate	corporate	ADJ
fbem-510	30	33	esg	esg	NOUN
fbem-510	30	34	rating	rating	NOUN
fbem-510	30	35	in	in	ADP
fbem-510	30	36	2015	2015	NUM
fbem-510	30	37	,	,	PUNCT
fbem-510	30	38	it	it	PRON
fbem-510	30	39	enriches	enrich	VERB
fbem-510	30	40	the	the	DET
fbem-510	30	41	relevant	relevant	ADJ
fbem-510	30	42	research	research	NOUN
fbem-510	30	43	95	95	NUM
fbem-510	30	44	on	on	ADP
fbem-510	30	45	the	the	DET
fbem-510	30	46	influencing	influence	VERB
fbem-510	30	47	factors	factor	NOUN
fbem-510	30	48	of	of	ADP
fbem-510	30	49	corporate	corporate	ADJ
fbem-510	30	50	innovation	innovation	NOUN
fbem-510	30	51	.	.	PUNCT
fbem-510	31	1	innovation	innovation	NOUN
fbem-510	31	2	is	be	AUX
fbem-510	31	3	the	the	DET
fbem-510	31	4	core	core	NOUN
fbem-510	31	5	driving	driving	NOUN
fbem-510	31	6	force	force	NOUN
fbem-510	31	7	for	for	ADP
fbem-510	31	8	enterprise	enterprise	NOUN
fbem-510	31	9	growth	growth	NOUN
fbem-510	31	10	in	in	ADP
fbem-510	31	11	the	the	DET
fbem-510	31	12	new	new	ADJ
fbem-510	31	13	era	era	NOUN
fbem-510	31	14	.	.	PUNCT
fbem-510	32	1	existing	exist	VERB
fbem-510	32	2	research	research	NOUN
fbem-510	32	3	has	have	AUX
fbem-510	32	4	explored	explore	VERB
fbem-510	32	5	the	the	DET
fbem-510	32	6	influencing	influence	VERB
fbem-510	32	7	factors	factor	NOUN
fbem-510	32	8	of	of	ADP
fbem-510	32	9	innovation	innovation	NOUN
fbem-510	32	10	from	from	ADP
fbem-510	32	11	multiple	multiple	ADJ
fbem-510	32	12	dimensions	dimension	NOUN
fbem-510	32	13	such	such	ADJ
fbem-510	32	14	as	as	ADP
fbem-510	32	15	enterprise	enterprise	NOUN
fbem-510	32	16	internal	internal	ADJ
fbem-510	32	17	characteristics	characteristic	NOUN
fbem-510	32	18	and	and	CCONJ
fbem-510	32	19	external	external	ADJ
fbem-510	32	20	environment	environment	NOUN
fbem-510	32	21	.	.	PUNCT
fbem-510	33	1	however	however	ADV
fbem-510	33	2	,	,	PUNCT
fbem-510	33	3	as	as	ADP
fbem-510	33	4	an	an	DET
fbem-510	33	5	important	important	ADJ
fbem-510	33	6	indicator	indicator	NOUN
fbem-510	33	7	to	to	PART
fbem-510	33	8	measure	measure	VERB
fbem-510	33	9	the	the	DET
fbem-510	33	10	sustainable	sustainable	ADJ
fbem-510	33	11	development	development	NOUN
fbem-510	33	12	capability	capability	NOUN
fbem-510	33	13	of	of	ADP
fbem-510	33	14	enterprises	enterprise	NOUN
fbem-510	33	15	,	,	PUNCT
fbem-510	33	16	few	few	ADJ
fbem-510	33	17	studies	study	NOUN
fbem-510	33	18	link	link	VERB
fbem-510	33	19	it	it	PRON
fbem-510	33	20	with	with	ADP
fbem-510	33	21	corporate	corporate	ADJ
fbem-510	33	22	innovation	innovation	NOUN
fbem-510	33	23	.	.	PUNCT
fbem-510	34	1	the	the	DET
fbem-510	34	2	empirical	empirical	ADJ
fbem-510	34	3	research	research	NOUN
fbem-510	34	4	of	of	ADP
fbem-510	34	5	this	this	DET
fbem-510	34	6	paper	paper	NOUN
fbem-510	34	7	finds	find	VERB
fbem-510	34	8	that	that	SCONJ
fbem-510	34	9	there	there	PRON
fbem-510	34	10	is	be	VERB
fbem-510	34	11	a	a	DET
fbem-510	34	12	significant	significant	ADJ
fbem-510	34	13	positive	positive	ADJ
fbem-510	34	14	relationship	relationship	NOUN
fbem-510	34	15	between	between	ADP
fbem-510	34	16	the	the	DET
fbem-510	34	17	publication	publication	NOUN
fbem-510	34	18	of	of	ADP
fbem-510	34	19	esg	esg	PROPN
fbem-510	34	20	rating	rating	NOUN
fbem-510	34	21	and	and	CCONJ
fbem-510	34	22	patent	patent	NOUN
fbem-510	34	23	licensing	licensing	NOUN
fbem-510	34	24	,	,	PUNCT
fbem-510	34	25	which	which	PRON
fbem-510	34	26	indicates	indicate	VERB
fbem-510	34	27	that	that	SCONJ
fbem-510	34	28	publication	publication	NOUN
fbem-510	34	29	of	of	ADP
fbem-510	34	30	esg	esg	PROPN
fbem-510	34	31	rating	rating	NOUN
fbem-510	34	32	can	can	AUX
fbem-510	34	33	effectively	effectively	ADV
fbem-510	34	34	improve	improve	VERB
fbem-510	34	35	the	the	DET
fbem-510	34	36	corporate	corporate	ADJ
fbem-510	34	37	innovation	innovation	NOUN
fbem-510	34	38	.	.	PUNCT
fbem-510	35	1	this	this	DET
fbem-510	35	2	paper	paper	NOUN
fbem-510	35	3	contributes	contribute	VERB
fbem-510	35	4	to	to	ADP
fbem-510	35	5	enriching	enrich	VERB
fbem-510	35	6	research	research	NOUN
fbem-510	35	7	in	in	ADP
fbem-510	35	8	the	the	DET
fbem-510	35	9	field	field	NOUN
fbem-510	35	10	of	of	ADP
fbem-510	35	11	enterprise	enterprise	NOUN
fbem-510	35	12	innovation	innovation	NOUN
fbem-510	35	13	.	.	PUNCT
fbem-510	36	1	second	second	ADJ
fbem-510	36	2	,	,	PUNCT
fbem-510	36	3	this	this	DET
fbem-510	36	4	paper	paper	NOUN
fbem-510	36	5	clarifies	clarify	VERB
fbem-510	36	6	the	the	DET
fbem-510	36	7	impact	impact	NOUN
fbem-510	36	8	mechanism	mechanism	NOUN
fbem-510	36	9	of	of	ADP
fbem-510	36	10	esg	esg	PROPN
fbem-510	36	11	rating	rating	NOUN
fbem-510	36	12	on	on	ADP
fbem-510	36	13	corporate	corporate	ADJ
fbem-510	36	14	innovation	innovation	NOUN
fbem-510	36	15	.	.	PUNCT
fbem-510	37	1	this	this	DET
fbem-510	37	2	paper	paper	NOUN
fbem-510	37	3	finds	find	VERB
fbem-510	37	4	that	that	SCONJ
fbem-510	37	5	the	the	DET
fbem-510	37	6	publication	publication	NOUN
fbem-510	37	7	of	of	ADP
fbem-510	37	8	esg	esg	PROPN
fbem-510	37	9	rating	rating	NOUN
fbem-510	37	10	improves	improve	VERB
fbem-510	37	11	corporate	corporate	ADJ
fbem-510	37	12	innovation	innovation	NOUN
fbem-510	37	13	by	by	ADP
fbem-510	37	14	reducing	reduce	VERB
fbem-510	37	15	agency	agency	NOUN
fbem-510	37	16	costs	cost	NOUN
fbem-510	37	17	and	and	CCONJ
fbem-510	37	18	easing	ease	VERB
fbem-510	37	19	financing	financing	NOUN
fbem-510	37	20	constraints	constraint	NOUN
fbem-510	37	21	.	.	PUNCT
fbem-510	38	1	on	on	ADP
fbem-510	38	2	the	the	DET
fbem-510	38	3	one	one	NUM
fbem-510	38	4	hand	hand	NOUN
fbem-510	38	5	,	,	PUNCT
fbem-510	38	6	esg	esg	NOUN
fbem-510	38	7	rating	rating	NOUN
fbem-510	38	8	has	have	AUX
fbem-510	38	9	strengthened	strengthen	VERB
fbem-510	38	10	the	the	DET
fbem-510	38	11	external	external	ADJ
fbem-510	38	12	supervision	supervision	NOUN
fbem-510	38	13	pressure	pressure	NOUN
fbem-510	38	14	faced	face	VERB
fbem-510	38	15	by	by	ADP
fbem-510	38	16	enterprises	enterprise	NOUN
fbem-510	38	17	,	,	PUNCT
fbem-510	38	18	forcing	force	VERB
fbem-510	38	19	them	they	PRON
fbem-510	38	20	to	to	PART
fbem-510	38	21	improve	improve	VERB
fbem-510	38	22	their	their	PRON
fbem-510	38	23	internal	internal	ADJ
fbem-510	38	24	governance	governance	NOUN
fbem-510	38	25	and	and	CCONJ
fbem-510	38	26	reduce	reduce	VERB
fbem-510	38	27	agency	agency	NOUN
fbem-510	38	28	costs	cost	NOUN
fbem-510	38	29	,	,	PUNCT
fbem-510	38	30	thus	thus	ADV
fbem-510	38	31	prompting	prompt	VERB
fbem-510	38	32	them	they	PRON
fbem-510	38	33	to	to	PART
fbem-510	38	34	increase	increase	VERB
fbem-510	38	35	resource	resource	NOUN
fbem-510	38	36	support	support	NOUN
fbem-510	38	37	and	and	CCONJ
fbem-510	38	38	energy	energy	NOUN
fbem-510	38	39	investment	investment	NOUN
fbem-510	38	40	in	in	ADP
fbem-510	38	41	innovation	innovation	NOUN
fbem-510	38	42	activities	activity	NOUN
fbem-510	38	43	.	.	PUNCT
fbem-510	39	1	on	on	ADP
fbem-510	39	2	the	the	DET
fbem-510	39	3	other	other	ADJ
fbem-510	39	4	hand	hand	NOUN
fbem-510	39	5	,	,	PUNCT
fbem-510	39	6	esg	esg	NOUN
fbem-510	39	7	rating	rating	NOUN
fbem-510	39	8	can	can	AUX
fbem-510	39	9	alleviate	alleviate	VERB
fbem-510	39	10	the	the	DET
fbem-510	39	11	degree	degree	NOUN
fbem-510	39	12	of	of	ADP
fbem-510	39	13	information	information	NOUN
fbem-510	39	14	asymmetry	asymmetry	NOUN
fbem-510	39	15	with	with	ADP
fbem-510	39	16	investors	investor	NOUN
fbem-510	39	17	,	,	PUNCT
fbem-510	39	18	reduces	reduce	VERB
fbem-510	39	19	the	the	DET
fbem-510	39	20	financing	financing	NOUN
fbem-510	39	21	cost	cost	NOUN
fbem-510	39	22	of	of	ADP
fbem-510	39	23	enterprises	enterprise	NOUN
fbem-510	39	24	and	and	CCONJ
fbem-510	39	25	provides	provide	VERB
fbem-510	39	26	more	more	ADV
fbem-510	39	27	abundant	abundant	ADJ
fbem-510	39	28	funds	fund	NOUN
fbem-510	39	29	for	for	ADP
fbem-510	39	30	innovative	innovative	ADJ
fbem-510	39	31	projects	project	NOUN
fbem-510	39	32	by	by	ADP
fbem-510	39	33	easing	ease	VERB
fbem-510	39	34	financing	financing	NOUN
fbem-510	39	35	constraints	constraint	NOUN
fbem-510	39	36	.	.	PUNCT
fbem-510	40	1	based	base	VERB
fbem-510	40	2	on	on	ADP
fbem-510	40	3	empirical	empirical	ADJ
fbem-510	40	4	research	research	NOUN
fbem-510	40	5	,	,	PUNCT
fbem-510	40	6	this	this	DET
fbem-510	40	7	paper	paper	NOUN
fbem-510	40	8	examines	examine	VERB
fbem-510	40	9	two	two	NUM
fbem-510	40	10	impact	impact	NOUN
fbem-510	40	11	mechanisms	mechanism	NOUN
fbem-510	40	12	through	through	ADP
fbem-510	40	13	which	which	PRON
fbem-510	40	14	esg	esg	NOUN
fbem-510	40	15	rating	rating	NOUN
fbem-510	40	16	reduces	reduce	VERB
fbem-510	40	17	agency	agency	NOUN
fbem-510	40	18	costs	cost	NOUN
fbem-510	40	19	and	and	CCONJ
fbem-510	40	20	eases	ease	VERB
fbem-510	40	21	financing	financing	NOUN
fbem-510	40	22	constraints	constraint	NOUN
fbem-510	40	23	,	,	PUNCT
fbem-510	40	24	providing	provide	VERB
fbem-510	40	25	a	a	DET
fbem-510	40	26	reasonable	reasonable	ADJ
fbem-510	40	27	explanation	explanation	NOUN
fbem-510	40	28	for	for	ADP
fbem-510	40	29	the	the	DET
fbem-510	40	30	relationship	relationship	NOUN
fbem-510	40	31	between	between	ADP
fbem-510	40	32	esg	esg	NOUN
fbem-510	40	33	rating	rating	NOUN
fbem-510	40	34	and	and	CCONJ
fbem-510	40	35	innovation	innovation	NOUN
fbem-510	40	36	.	.	PUNCT
fbem-510	41	1	the	the	DET
fbem-510	41	2	structure	structure	NOUN
fbem-510	41	3	of	of	ADP
fbem-510	41	4	the	the	DET
fbem-510	41	5	rest	rest	NOUN
fbem-510	41	6	of	of	ADP
fbem-510	41	7	the	the	DET
fbem-510	41	8	paper	paper	NOUN
fbem-510	41	9	is	be	AUX
fbem-510	41	10	arranged	arrange	VERB
fbem-510	41	11	as	as	SCONJ
fbem-510	41	12	follows	follow	VERB
fbem-510	41	13	:	:	PUNCT
fbem-510	41	14	the	the	DET
fbem-510	41	15	second	second	ADJ
fbem-510	41	16	part	part	NOUN
fbem-510	41	17	is	be	AUX
fbem-510	41	18	hypotheses	hypothesis	NOUN
fbem-510	41	19	development	development	NOUN
fbem-510	41	20	,	,	PUNCT
fbem-510	41	21	the	the	DET
fbem-510	41	22	third	third	ADJ
fbem-510	41	23	part	part	NOUN
fbem-510	41	24	is	be	AUX
fbem-510	41	25	methodology	methodology	NOUN
fbem-510	41	26	,	,	PUNCT
fbem-510	41	27	the	the	DET
fbem-510	41	28	fourth	fourth	ADJ
fbem-510	41	29	part	part	NOUN
fbem-510	41	30	is	be	AUX
fbem-510	41	31	analysis	analysis	NOUN
fbem-510	41	32	,	,	PUNCT
fbem-510	41	33	and	and	CCONJ
fbem-510	41	34	the	the	DET
fbem-510	41	35	last	last	ADJ
fbem-510	41	36	part	part	NOUN
fbem-510	41	37	is	be	AUX
fbem-510	41	38	conclusion	conclusion	NOUN
fbem-510	41	39	.	.	PUNCT
fbem-510	42	1	2	2	X
fbem-510	42	2	.	.	X
fbem-510	42	3	hypotheses	hypothese	VERB
fbem-510	42	4	development	development	NOUN
fbem-510	42	5	corporate	corporate	ADJ
fbem-510	42	6	innovation	innovation	NOUN
fbem-510	42	7	has	have	VERB
fbem-510	42	8	the	the	DET
fbem-510	42	9	characteristics	characteristic	NOUN
fbem-510	42	10	of	of	ADP
fbem-510	42	11	high	high	ADJ
fbem-510	42	12	risk	risk	NOUN
fbem-510	42	13	,	,	PUNCT
fbem-510	42	14	high	high	ADJ
fbem-510	42	15	investment	investment	NOUN
fbem-510	42	16	,	,	PUNCT
fbem-510	42	17	long	long	ADJ
fbem-510	42	18	cycle	cycle	NOUN
fbem-510	42	19	and	and	CCONJ
fbem-510	42	20	high	high	ADJ
fbem-510	42	21	professionalism	professionalism	NOUN
fbem-510	42	22	.	.	PUNCT
fbem-510	43	1	the	the	DET
fbem-510	43	2	resulting	result	VERB
fbem-510	43	3	information	information	NOUN
fbem-510	43	4	asymmetry	asymmetry	NOUN
fbem-510	43	5	and	and	CCONJ
fbem-510	43	6	principal	principal	ADJ
fbem-510	43	7	-	-	PUNCT
fbem-510	43	8	agent	agent	NOUN
fbem-510	43	9	problems	problem	NOUN
fbem-510	43	10	make	make	VERB
fbem-510	43	11	corporate	corporate	ADJ
fbem-510	43	12	innovation	innovation	NOUN
fbem-510	43	13	often	often	ADV
fbem-510	43	14	limited	limit	VERB
fbem-510	43	15	by	by	ADP
fbem-510	43	16	internal	internal	ADJ
fbem-510	43	17	governance	governance	NOUN
fbem-510	43	18	problems	problem	NOUN
fbem-510	43	19	and	and	CCONJ
fbem-510	43	20	external	external	ADJ
fbem-510	43	21	funding	funding	NOUN
fbem-510	43	22	problems	problem	NOUN
fbem-510	43	23	.	.	PUNCT
fbem-510	44	1	the	the	DET
fbem-510	44	2	stakeholder	stakeholder	NOUN
fbem-510	44	3	theory	theory	NOUN
fbem-510	44	4	holds	hold	VERB
fbem-510	44	5	that	that	SCONJ
fbem-510	44	6	outsiders	outsider	NOUN
fbem-510	44	7	such	such	ADJ
fbem-510	44	8	as	as	ADP
fbem-510	44	9	consumers	consumer	NOUN
fbem-510	44	10	,	,	PUNCT
fbem-510	44	11	investors	investor	NOUN
fbem-510	44	12	,	,	PUNCT
fbem-510	44	13	and	and	CCONJ
fbem-510	44	14	regulators	regulator	NOUN
fbem-510	44	15	will	will	AUX
fbem-510	44	16	continue	continue	VERB
fbem-510	44	17	to	to	PART
fbem-510	44	18	pay	pay	VERB
fbem-510	44	19	attention	attention	NOUN
fbem-510	44	20	to	to	ADP
fbem-510	44	21	corporate	corporate	ADJ
fbem-510	44	22	business	business	NOUN
fbem-510	44	23	information	information	NOUN
fbem-510	44	24	out	out	ADP
fbem-510	44	25	of	of	ADP
fbem-510	44	26	their	their	PRON
fbem-510	44	27	own	own	ADJ
fbem-510	44	28	interests	interest	NOUN
fbem-510	44	29	,	,	PUNCT
fbem-510	44	30	which	which	PRON
fbem-510	44	31	enables	enable	VERB
fbem-510	44	32	information	information	NOUN
fbem-510	44	33	disclosure	disclosure	NOUN
fbem-510	44	34	to	to	PART
fbem-510	44	35	alleviate	alleviate	VERB
fbem-510	44	36	the	the	DET
fbem-510	44	37	difficulties	difficulty	NOUN
fbem-510	44	38	faced	face	VERB
fbem-510	44	39	by	by	ADP
fbem-510	44	40	corporate	corporate	ADJ
fbem-510	44	41	innovation	innovation	NOUN
fbem-510	44	42	to	to	ADP
fbem-510	44	43	a	a	DET
fbem-510	44	44	certain	certain	ADJ
fbem-510	44	45	extent	extent	NOUN
fbem-510	44	46	.	.	PUNCT
fbem-510	45	1	therefore	therefore	ADV
fbem-510	45	2	,	,	PUNCT
fbem-510	45	3	we	we	PRON
fbem-510	45	4	believes	believe	VERB
fbem-510	45	5	that	that	SCONJ
fbem-510	45	6	the	the	DET
fbem-510	45	7	publication	publication	NOUN
fbem-510	45	8	of	of	ADP
fbem-510	45	9	esg	esg	PROPN
fbem-510	45	10	rating	rating	NOUN
fbem-510	45	11	can	can	AUX
fbem-510	45	12	improve	improve	VERB
fbem-510	45	13	the	the	DET
fbem-510	45	14	innovation	innovation	NOUN
fbem-510	45	15	level	level	NOUN
fbem-510	45	16	of	of	ADP
fbem-510	45	17	enterprises	enterprise	NOUN
fbem-510	45	18	in	in	ADP
fbem-510	45	19	the	the	DET
fbem-510	45	20	following	follow	VERB
fbem-510	45	21	two	two	NUM
fbem-510	45	22	aspects	aspect	NOUN
fbem-510	45	23	.	.	PUNCT
fbem-510	46	1	on	on	ADP
fbem-510	46	2	the	the	DET
fbem-510	46	3	one	one	NUM
fbem-510	46	4	hand	hand	NOUN
fbem-510	46	5	,	,	PUNCT
fbem-510	46	6	we	we	PRON
fbem-510	46	7	believe	believe	VERB
fbem-510	46	8	esg	esg	NOUN
fbem-510	46	9	rating	rating	NOUN
fbem-510	46	10	may	may	AUX
fbem-510	46	11	boost	boost	VERB
fbem-510	46	12	corporate	corporate	ADJ
fbem-510	46	13	innovation	innovation	NOUN
fbem-510	46	14	by	by	ADP
fbem-510	46	15	reducing	reduce	VERB
fbem-510	46	16	agency	agency	NOUN
fbem-510	46	17	costs	cost	NOUN
fbem-510	46	18	.	.	PUNCT
fbem-510	47	1	first	first	ADV
fbem-510	47	2	,	,	PUNCT
fbem-510	47	3	esg	esg	NOUN
fbem-510	47	4	rating	rating	NOUN
fbem-510	47	5	increases	increase	VERB
fbem-510	47	6	oversight	oversight	NOUN
fbem-510	47	7	pressure	pressure	NOUN
fbem-510	47	8	from	from	ADP
fbem-510	47	9	external	external	ADJ
fbem-510	47	10	stakeholders	stakeholder	NOUN
fbem-510	47	11	and	and	CCONJ
fbem-510	47	12	reduces	reduce	VERB
fbem-510	47	13	management	management	NOUN
fbem-510	47	14	’s	’s	PART
fbem-510	47	15	opportunistic	opportunistic	ADJ
fbem-510	47	16	behavior	behavior	NOUN
fbem-510	47	17	.	.	PUNCT
fbem-510	48	1	for	for	ADP
fbem-510	48	2	personal	personal	ADJ
fbem-510	48	3	interests	interest	NOUN
fbem-510	48	4	or	or	CCONJ
fbem-510	48	5	career	career	NOUN
fbem-510	48	6	considerations	consideration	NOUN
fbem-510	48	7	,	,	PUNCT
fbem-510	48	8	enterprise	enterprise	NOUN
fbem-510	48	9	managers	manager	NOUN
fbem-510	48	10	often	often	ADV
fbem-510	48	11	implement	implement	VERB
fbem-510	48	12	opportunistic	opportunistic	ADJ
fbem-510	48	13	behaviors	behavior	NOUN
fbem-510	48	14	in	in	ADP
fbem-510	48	15	the	the	DET
fbem-510	48	16	absence	absence	NOUN
fbem-510	48	17	of	of	ADP
fbem-510	48	18	internal	internal	ADJ
fbem-510	48	19	supervision	supervision	NOUN
fbem-510	48	20	,	,	PUNCT
fbem-510	48	21	such	such	ADJ
fbem-510	48	22	as	as	ADP
fbem-510	48	23	rent	rent	NOUN
fbem-510	48	24	-	-	PUNCT
fbem-510	48	25	seeking	seek	VERB
fbem-510	48	26	and	and	CCONJ
fbem-510	48	27	corruption	corruption	NOUN
fbem-510	48	28	activities	activity	NOUN
fbem-510	48	29	for	for	ADP
fbem-510	48	30	personal	personal	ADJ
fbem-510	48	31	gain	gain	NOUN
fbem-510	48	32	.	.	PUNCT
fbem-510	49	1	the	the	DET
fbem-510	49	2	opportunistic	opportunistic	ADJ
fbem-510	49	3	behaviors	behavior	NOUN
fbem-510	49	4	caused	cause	VERB
fbem-510	49	5	by	by	ADP
fbem-510	49	6	these	these	DET
fbem-510	49	7	principal	principal	ADJ
fbem-510	49	8	-	-	PUNCT
fbem-510	49	9	agent	agent	NOUN
fbem-510	49	10	problems	problem	NOUN
fbem-510	49	11	will	will	AUX
fbem-510	49	12	have	have	VERB
fbem-510	49	13	a	a	DET
fbem-510	49	14	crowding	crowd	VERB
fbem-510	49	15	-	-	PUNCT
fbem-510	49	16	out	out	ADP
fbem-510	49	17	effect	effect	NOUN
fbem-510	49	18	on	on	ADP
fbem-510	49	19	corporate	corporate	ADJ
fbem-510	49	20	innovation	innovation	NOUN
fbem-510	49	21	,	,	PUNCT
fbem-510	49	22	leading	lead	VERB
fbem-510	49	23	to	to	ADP
fbem-510	49	24	a	a	DET
fbem-510	49	25	decrease	decrease	NOUN
fbem-510	49	26	in	in	ADP
fbem-510	49	27	the	the	DET
fbem-510	49	28	willingness	willingness	NOUN
fbem-510	49	29	of	of	ADP
fbem-510	49	30	companies	company	NOUN
fbem-510	49	31	to	to	PART
fbem-510	49	32	innovate	innovate	VERB
fbem-510	49	33	.	.	PUNCT
fbem-510	50	1	by	by	ADP
fbem-510	50	2	releasing	release	VERB
fbem-510	50	3	signals	signal	NOUN
fbem-510	50	4	,	,	PUNCT
fbem-510	50	5	the	the	DET
fbem-510	50	6	esg	esg	NOUN
fbem-510	50	7	rating	rating	NOUN
fbem-510	50	8	releases	release	NOUN
fbem-510	50	9	alleviates	alleviate	VERB
fbem-510	50	10	the	the	DET
fbem-510	50	11	information	information	NOUN
fbem-510	50	12	asymmetry	asymmetry	NOUN
fbem-510	50	13	between	between	ADP
fbem-510	50	14	corporate	corporate	ADJ
fbem-510	50	15	insiders	insider	NOUN
fbem-510	50	16	and	and	CCONJ
fbem-510	50	17	interested	interested	ADJ
fbem-510	50	18	external	external	ADJ
fbem-510	50	19	parties	party	NOUN
fbem-510	50	20	such	such	ADJ
fbem-510	50	21	as	as	ADP
fbem-510	50	22	consumers	consumer	NOUN
fbem-510	50	23	,	,	PUNCT
fbem-510	50	24	media	medium	NOUN
fbem-510	50	25	,	,	PUNCT
fbem-510	50	26	and	and	CCONJ
fbem-510	50	27	regulators	regulator	NOUN
fbem-510	50	28	,	,	PUNCT
fbem-510	50	29	enabling	enable	VERB
fbem-510	50	30	companies	company	NOUN
fbem-510	50	31	to	to	PART
fbem-510	50	32	gain	gain	VERB
fbem-510	50	33	more	more	ADJ
fbem-510	50	34	attention	attention	NOUN
fbem-510	50	35	and	and	CCONJ
fbem-510	50	36	receive	receive	VERB
fbem-510	50	37	stronger	strong	ADJ
fbem-510	50	38	external	external	ADJ
fbem-510	50	39	supervision	supervision	NOUN
fbem-510	50	40	.	.	PUNCT
fbem-510	51	1	to	to	ADP
fbem-510	51	2	a	a	DET
fbem-510	51	3	certain	certain	ADJ
fbem-510	51	4	extent	extent	NOUN
fbem-510	51	5	,	,	PUNCT
fbem-510	51	6	this	this	PRON
fbem-510	51	7	increases	increase	VERB
fbem-510	51	8	the	the	DET
fbem-510	51	9	chance	chance	NOUN
fbem-510	51	10	of	of	ADP
fbem-510	51	11	the	the	DET
fbem-510	51	12	negative	negative	ADJ
fbem-510	51	13	information	information	NOUN
fbem-510	51	14	of	of	ADP
fbem-510	51	15	the	the	DET
fbem-510	51	16	company	company	NOUN
fbem-510	51	17	being	be	AUX
fbem-510	51	18	exposed	expose	VERB
fbem-510	51	19	,	,	PUNCT
fbem-510	51	20	thereby	thereby	ADV
fbem-510	51	21	constraining	constrain	VERB
fbem-510	51	22	the	the	DET
fbem-510	51	23	management	management	NOUN
fbem-510	51	24	to	to	PART
fbem-510	51	25	carry	carry	VERB
fbem-510	51	26	out	out	ADP
fbem-510	51	27	opportunistic	opportunistic	ADJ
fbem-510	51	28	behavior	behavior	NOUN
fbem-510	51	29	and	and	CCONJ
fbem-510	51	30	improving	improve	VERB
fbem-510	51	31	the	the	DET
fbem-510	51	32	company	company	NOUN
fbem-510	51	33	's	's	PART
fbem-510	51	34	willingness	willingness	NOUN
fbem-510	51	35	to	to	PART
fbem-510	51	36	innovate	innovate	VERB
fbem-510	51	37	.	.	PUNCT
fbem-510	52	1	second	second	ADJ
fbem-510	52	2	,	,	PUNCT
fbem-510	52	3	esg	esg	NOUN
fbem-510	52	4	rating	rating	NOUN
fbem-510	52	5	increases	increase	VERB
fbem-510	52	6	the	the	DET
fbem-510	52	7	motivation	motivation	NOUN
fbem-510	52	8	of	of	ADP
fbem-510	52	9	corporate	corporate	ADJ
fbem-510	52	10	shareholders	shareholder	NOUN
fbem-510	52	11	to	to	PART
fbem-510	52	12	optimize	optimize	VERB
fbem-510	52	13	the	the	DET
fbem-510	52	14	governance	governance	NOUN
fbem-510	52	15	structure	structure	NOUN
fbem-510	52	16	and	and	CCONJ
fbem-510	52	17	reduces	reduce	VERB
fbem-510	52	18	the	the	DET
fbem-510	52	19	opportunistic	opportunistic	ADJ
fbem-510	52	20	behavior	behavior	NOUN
fbem-510	52	21	of	of	ADP
fbem-510	52	22	management	management	NOUN
fbem-510	52	23	.	.	PUNCT
fbem-510	53	1	the	the	DET
fbem-510	53	2	principal	principal	ADJ
fbem-510	53	3	-	-	PUNCT
fbem-510	53	4	agent	agent	NOUN
fbem-510	53	5	problem	problem	NOUN
fbem-510	53	6	of	of	ADP
fbem-510	53	7	enterprises	enterprise	NOUN
fbem-510	53	8	mainly	mainly	ADV
fbem-510	53	9	comes	come	VERB
fbem-510	53	10	from	from	ADP
fbem-510	53	11	the	the	DET
fbem-510	53	12	lack	lack	NOUN
fbem-510	53	13	of	of	ADP
fbem-510	53	14	internal	internal	ADJ
fbem-510	53	15	supervision	supervision	NOUN
fbem-510	53	16	,	,	PUNCT
fbem-510	53	17	and	and	CCONJ
fbem-510	53	18	esg	esg	NOUN
fbem-510	53	19	rating	rating	NOUN
fbem-510	53	20	in	in	ADP
fbem-510	53	21	the	the	DET
fbem-510	53	22	eyes	eye	NOUN
fbem-510	53	23	of	of	ADP
fbem-510	53	24	consumers	consumer	NOUN
fbem-510	53	25	,	,	PUNCT
fbem-510	53	26	investors	investor	NOUN
fbem-510	53	27	and	and	CCONJ
fbem-510	53	28	other	other	ADJ
fbem-510	53	29	outsiders	outsider	NOUN
fbem-510	53	30	amplifies	amplify	VERB
fbem-510	53	31	the	the	DET
fbem-510	53	32	performance	performance	NOUN
fbem-510	53	33	of	of	ADP
fbem-510	53	34	enterprises	enterprise	NOUN
fbem-510	53	35	in	in	ADP
fbem-510	53	36	esg	esg	PROPN
fbem-510	53	37	activities	activity	NOUN
fbem-510	53	38	,	,	PUNCT
fbem-510	53	39	which	which	PRON
fbem-510	53	40	in	in	ADP
fbem-510	53	41	turn	turn	NOUN
fbem-510	53	42	directly	directly	ADV
fbem-510	53	43	affects	affect	VERB
fbem-510	53	44	enterprises	enterprise	NOUN
fbem-510	53	45	.	.	PUNCT
fbem-510	54	1	for	for	ADP
fbem-510	54	2	example	example	NOUN
fbem-510	54	3	,	,	PUNCT
fbem-510	54	4	when	when	SCONJ
fbem-510	54	5	investors	investor	NOUN
fbem-510	54	6	expect	expect	VERB
fbem-510	54	7	a	a	DET
fbem-510	54	8	company	company	NOUN
fbem-510	54	9	to	to	PART
fbem-510	54	10	have	have	VERB
fbem-510	54	11	a	a	DET
fbem-510	54	12	higher	high	ADJ
fbem-510	54	13	esg	esg	NOUN
fbem-510	54	14	rating	rating	NOUN
fbem-510	54	15	and	and	CCONJ
fbem-510	54	16	this	this	PRON
fbem-510	54	17	does	do	AUX
fbem-510	54	18	not	not	PART
fbem-510	54	19	materialize	materialize	VERB
fbem-510	54	20	,	,	PUNCT
fbem-510	54	21	the	the	DET
fbem-510	54	22	company	company	NOUN
fbem-510	54	23	suffers	suffer	VERB
fbem-510	54	24	reputational	reputational	ADJ
fbem-510	54	25	damage	damage	NOUN
fbem-510	54	26	and	and	CCONJ
fbem-510	54	27	loses	lose	VERB
fbem-510	54	28	funding	funding	NOUN
fbem-510	54	29	opportunities	opportunity	NOUN
fbem-510	54	30	.	.	PUNCT
fbem-510	55	1	therefore	therefore	ADV
fbem-510	55	2	,	,	PUNCT
fbem-510	55	3	in	in	ADP
fbem-510	55	4	order	order	NOUN
fbem-510	55	5	to	to	PART
fbem-510	55	6	improve	improve	VERB
fbem-510	55	7	esg	esg	NOUN
fbem-510	55	8	rating	rating	NOUN
fbem-510	55	9	and	and	CCONJ
fbem-510	55	10	protect	protect	VERB
fbem-510	55	11	their	their	PRON
fbem-510	55	12	own	own	ADJ
fbem-510	55	13	interests	interest	NOUN
fbem-510	55	14	,	,	PUNCT
fbem-510	55	15	such	such	ADJ
fbem-510	55	16	external	external	ADJ
fbem-510	55	17	supervision	supervision	NOUN
fbem-510	55	18	will	will	AUX
fbem-510	55	19	force	force	VERB
fbem-510	55	20	corporate	corporate	ADJ
fbem-510	55	21	shareholders	shareholder	NOUN
fbem-510	55	22	to	to	PART
fbem-510	55	23	take	take	VERB
fbem-510	55	24	the	the	DET
fbem-510	55	25	initiative	initiative	NOUN
fbem-510	55	26	to	to	PART
fbem-510	55	27	increase	increase	VERB
fbem-510	55	28	esg	esg	NOUN
fbem-510	55	29	investment	investment	NOUN
fbem-510	55	30	.	.	PUNCT
fbem-510	56	1	with	with	ADP
fbem-510	56	2	the	the	DET
fbem-510	56	3	improvement	improvement	NOUN
fbem-510	56	4	of	of	ADP
fbem-510	56	5	corporate	corporate	ADJ
fbem-510	56	6	governance	governance	NOUN
fbem-510	56	7	ability	ability	NOUN
fbem-510	56	8	and	and	CCONJ
fbem-510	56	9	the	the	DET
fbem-510	56	10	strengthening	strengthening	NOUN
fbem-510	56	11	of	of	ADP
fbem-510	56	12	internal	internal	ADJ
fbem-510	56	13	supervision	supervision	NOUN
fbem-510	56	14	of	of	ADP
fbem-510	56	15	enterprises	enterprise	NOUN
fbem-510	56	16	,	,	PUNCT
fbem-510	56	17	the	the	DET
fbem-510	56	18	agency	agency	NOUN
fbem-510	56	19	problem	problem	NOUN
fbem-510	56	20	between	between	ADP
fbem-510	56	21	shareholders	shareholder	NOUN
fbem-510	56	22	and	and	CCONJ
fbem-510	56	23	management	management	NOUN
fbem-510	56	24	can	can	AUX
fbem-510	56	25	be	be	AUX
fbem-510	56	26	alleviated	alleviate	VERB
fbem-510	56	27	,	,	PUNCT
fbem-510	56	28	thereby	thereby	ADV
fbem-510	56	29	restraining	restrain	VERB
fbem-510	56	30	the	the	DET
fbem-510	56	31	opportunistic	opportunistic	ADJ
fbem-510	56	32	behavior	behavior	NOUN
fbem-510	56	33	of	of	ADP
fbem-510	56	34	management	management	NOUN
fbem-510	56	35	.	.	PUNCT
fbem-510	57	1	on	on	ADP
fbem-510	57	2	the	the	DET
fbem-510	57	3	other	other	ADJ
fbem-510	57	4	hand	hand	NOUN
fbem-510	57	5	,	,	PUNCT
fbem-510	57	6	esg	esg	NOUN
fbem-510	57	7	rating	rating	NOUN
fbem-510	57	8	may	may	AUX
fbem-510	57	9	promote	promote	VERB
fbem-510	57	10	corporate	corporate	ADJ
fbem-510	57	11	innovation	innovation	NOUN
fbem-510	57	12	by	by	ADP
fbem-510	57	13	easing	ease	VERB
fbem-510	57	14	financing	financing	NOUN
fbem-510	57	15	constraints	constraint	NOUN
fbem-510	57	16	.	.	PUNCT
fbem-510	58	1	first	first	ADV
fbem-510	58	2	,	,	PUNCT
fbem-510	58	3	the	the	DET
fbem-510	58	4	publication	publication	NOUN
fbem-510	58	5	of	of	ADP
fbem-510	58	6	esg	esg	PROPN
fbem-510	58	7	rating	rating	NOUN
fbem-510	58	8	alleviates	alleviate	VERB
fbem-510	58	9	the	the	DET
fbem-510	58	10	information	information	NOUN
fbem-510	58	11	asymmetry	asymmetry	NOUN
fbem-510	58	12	between	between	ADP
fbem-510	58	13	companies	company	NOUN
fbem-510	58	14	and	and	CCONJ
fbem-510	58	15	stakeholders	stakeholder	NOUN
fbem-510	58	16	,	,	PUNCT
fbem-510	58	17	making	make	VERB
fbem-510	58	18	it	it	PRON
fbem-510	58	19	easier	easy	ADJ
fbem-510	58	20	to	to	PART
fbem-510	58	21	obtain	obtain	VERB
fbem-510	58	22	external	external	ADJ
fbem-510	58	23	financing	financing	NOUN
fbem-510	58	24	.	.	PUNCT
fbem-510	59	1	when	when	SCONJ
fbem-510	59	2	there	there	PRON
fbem-510	59	3	is	be	VERB
fbem-510	59	4	information	information	NOUN
fbem-510	59	5	asymmetry	asymmetry	NOUN
fbem-510	59	6	,	,	PUNCT
fbem-510	59	7	investors	investor	NOUN
fbem-510	59	8	and	and	CCONJ
fbem-510	59	9	creditors	creditor	NOUN
fbem-510	59	10	lack	lack	VERB
fbem-510	59	11	the	the	DET
fbem-510	59	12	understanding	understanding	NOUN
fbem-510	59	13	of	of	ADP
fbem-510	59	14	the	the	DET
fbem-510	59	15	internal	internal	ADJ
fbem-510	59	16	situation	situation	NOUN
fbem-510	59	17	of	of	ADP
fbem-510	59	18	the	the	DET
fbem-510	59	19	enterprise	enterprise	NOUN
fbem-510	59	20	,	,	PUNCT
fbem-510	59	21	and	and	CCONJ
fbem-510	59	22	often	often	ADV
fbem-510	59	23	demand	demand	VERB
fbem-510	59	24	a	a	DET
fbem-510	59	25	higher	high	ADJ
fbem-510	59	26	risk	risk	NOUN
fbem-510	59	27	premium	premium	NOUN
fbem-510	59	28	,	,	PUNCT
fbem-510	59	29	resulting	result	VERB
fbem-510	59	30	in	in	ADP
fbem-510	59	31	financing	financing	NOUN
fbem-510	59	32	difficulties	difficulty	NOUN
fbem-510	59	33	for	for	ADP
fbem-510	59	34	the	the	DET
fbem-510	59	35	enterprise	enterprise	NOUN
fbem-510	59	36	.	.	PUNCT
fbem-510	60	1	esg	esg	NOUN
fbem-510	60	2	rating	rating	NOUN
fbem-510	60	3	conveys	convey	VERB
fbem-510	60	4	more	more	ADJ
fbem-510	60	5	non	non	ADJ
fbem-510	60	6	-	-	ADJ
fbem-510	60	7	financial	financial	ADJ
fbem-510	60	8	performance	performance	NOUN
fbem-510	60	9	of	of	ADP
fbem-510	60	10	the	the	DET
fbem-510	60	11	company	company	NOUN
fbem-510	60	12	to	to	ADP
fbem-510	60	13	investors	investor	NOUN
fbem-510	60	14	and	and	CCONJ
fbem-510	60	15	creditors	creditor	NOUN
fbem-510	60	16	,	,	PUNCT
fbem-510	60	17	which	which	PRON
fbem-510	60	18	not	not	PART
fbem-510	60	19	only	only	ADV
fbem-510	60	20	reflects	reflect	VERB
fbem-510	60	21	the	the	DET
fbem-510	60	22	company	company	NOUN
fbem-510	60	23	's	's	PART
fbem-510	60	24	sustainable	sustainable	ADJ
fbem-510	60	25	development	development	NOUN
fbem-510	60	26	concept	concept	NOUN
fbem-510	60	27	and	and	CCONJ
fbem-510	60	28	good	good	ADJ
fbem-510	60	29	operating	operating	NOUN
fbem-510	60	30	conditions	condition	NOUN
fbem-510	60	31	,	,	PUNCT
fbem-510	60	32	but	but	CCONJ
fbem-510	60	33	also	also	ADV
fbem-510	60	34	reduces	reduce	VERB
fbem-510	60	35	the	the	DET
fbem-510	60	36	company	company	NOUN
fbem-510	60	37	's	's	PART
fbem-510	60	38	financing	financing	NOUN
fbem-510	60	39	costs	cost	NOUN
fbem-510	60	40	through	through	ADP
fbem-510	60	41	the	the	DET
fbem-510	60	42	transmission	transmission	NOUN
fbem-510	60	43	of	of	ADP
fbem-510	60	44	more	more	ADV
fbem-510	60	45	effective	effective	ADJ
fbem-510	60	46	information	information	NOUN
fbem-510	60	47	.	.	PUNCT
fbem-510	61	1	second	second	ADJ
fbem-510	61	2	,	,	PUNCT
fbem-510	61	3	esg	esg	NOUN
fbem-510	61	4	rating	rating	NOUN
fbem-510	61	5	reduces	reduce	VERB
fbem-510	61	6	the	the	DET
fbem-510	61	7	risk	risk	NOUN
fbem-510	61	8	of	of	ADP
fbem-510	61	9	corporate	corporate	ADJ
fbem-510	61	10	debt	debt	NOUN
fbem-510	61	11	defaults	default	NOUN
fbem-510	61	12	,	,	PUNCT
fbem-510	61	13	making	make	VERB
fbem-510	61	14	it	it	PRON
fbem-510	61	15	easier	easy	ADJ
fbem-510	61	16	to	to	PART
fbem-510	61	17	obtain	obtain	VERB
fbem-510	61	18	external	external	ADJ
fbem-510	61	19	financing	financing	NOUN
fbem-510	61	20	.	.	PUNCT
fbem-510	62	1	when	when	SCONJ
fbem-510	62	2	a	a	DET
fbem-510	62	3	company	company	NOUN
fbem-510	62	4	's	's	PART
fbem-510	62	5	esg	esg	NOUN
fbem-510	62	6	performance	performance	NOUN
fbem-510	62	7	is	be	AUX
fbem-510	62	8	not	not	PART
fbem-510	62	9	transparent	transparent	ADJ
fbem-510	62	10	enough	enough	ADV
fbem-510	62	11	,	,	PUNCT
fbem-510	62	12	in	in	ADP
fbem-510	62	13	order	order	NOUN
fbem-510	62	14	to	to	PART
fbem-510	62	15	reduce	reduce	VERB
fbem-510	62	16	costs	cost	NOUN
fbem-510	62	17	,	,	PUNCT
fbem-510	62	18	companies	company	NOUN
fbem-510	62	19	may	may	AUX
fbem-510	62	20	violate	violate	VERB
fbem-510	62	21	regulatory	regulatory	ADJ
fbem-510	62	22	requirements	requirement	NOUN
fbem-510	62	23	in	in	ADP
fbem-510	62	24	terms	term	NOUN
fbem-510	62	25	of	of	ADP
fbem-510	62	26	environmental	environmental	ADJ
fbem-510	62	27	and	and	CCONJ
fbem-510	62	28	social	social	ADJ
fbem-510	62	29	responsibility	responsibility	NOUN
fbem-510	62	30	.	.	PUNCT
fbem-510	63	1	once	once	ADV
fbem-510	63	2	discovered	discover	VERB
fbem-510	63	3	,	,	PUNCT
fbem-510	63	4	they	they	PRON
fbem-510	63	5	will	will	AUX
fbem-510	63	6	need	need	VERB
fbem-510	63	7	to	to	PART
fbem-510	63	8	pay	pay	VERB
fbem-510	63	9	reputation	reputation	NOUN
fbem-510	63	10	damage	damage	NOUN
fbem-510	63	11	,	,	PUNCT
fbem-510	63	12	administrative	administrative	ADJ
fbem-510	63	13	fines	fine	NOUN
fbem-510	63	14	and	and	CCONJ
fbem-510	63	15	rectification	rectification	NOUN
fbem-510	63	16	costs	cost	NOUN
fbem-510	63	17	,	,	PUNCT
fbem-510	63	18	thereby	thereby	ADV
fbem-510	63	19	increasing	increase	VERB
fbem-510	63	20	the	the	DET
fbem-510	63	21	possibility	possibility	NOUN
fbem-510	63	22	of	of	ADP
fbem-510	63	23	corporate	corporate	ADJ
fbem-510	63	24	debt	debt	NOUN
fbem-510	63	25	default	default	NOUN
fbem-510	63	26	.	.	PUNCT
fbem-510	64	1	esg	esg	NOUN
fbem-510	64	2	rating	rating	NOUN
fbem-510	64	3	forces	force	NOUN
fbem-510	64	4	companies	company	NOUN
fbem-510	64	5	to	to	PART
fbem-510	64	6	increase	increase	VERB
fbem-510	64	7	their	their	PRON
fbem-510	64	8	investment	investment	NOUN
fbem-510	64	9	in	in	ADP
fbem-510	64	10	esg	esg	PROPN
fbem-510	64	11	activities	activity	NOUN
fbem-510	64	12	,	,	PUNCT
fbem-510	64	13	which	which	PRON
fbem-510	64	14	reduces	reduce	VERB
fbem-510	64	15	the	the	DET
fbem-510	64	16	policy	policy	NOUN
fbem-510	64	17	risk	risk	NOUN
fbem-510	64	18	and	and	CCONJ
fbem-510	64	19	default	default	NOUN
fbem-510	64	20	probability	probability	NOUN
fbem-510	64	21	of	of	ADP
fbem-510	64	22	companies	company	NOUN
fbem-510	64	23	.	.	PUNCT
fbem-510	65	1	better	well	ADJ
fbem-510	65	2	performance	performance	NOUN
fbem-510	65	3	in	in	ADP
fbem-510	65	4	the	the	DET
fbem-510	65	5	financial	financial	ADJ
fbem-510	65	6	dimension	dimension	NOUN
fbem-510	65	7	can	can	AUX
fbem-510	65	8	increase	increase	VERB
fbem-510	65	9	the	the	DET
fbem-510	65	10	possibility	possibility	NOUN
fbem-510	65	11	of	of	ADP
fbem-510	65	12	longterm	longterm	ADJ
fbem-510	65	13	borrowing	borrowing	NOUN
fbem-510	65	14	by	by	ADP
fbem-510	65	15	creditors	creditor	NOUN
fbem-510	65	16	.	.	PUNCT
fbem-510	66	1	third	third	ADJ
fbem-510	66	2	,	,	PUNCT
fbem-510	66	3	esg	esg	NOUN
fbem-510	66	4	rating	rating	NOUN
fbem-510	66	5	satisfies	satisfy	VERB
fbem-510	66	6	policy	policy	NOUN
fbem-510	66	7	requirements	requirement	NOUN
fbem-510	66	8	,	,	PUNCT
fbem-510	66	9	making	make	VERB
fbem-510	66	10	it	it	PRON
fbem-510	66	11	easier	easy	ADJ
fbem-510	66	12	to	to	PART
fbem-510	66	13	obtain	obtain	VERB
fbem-510	66	14	government	government	NOUN
fbem-510	66	15	subsidies	subsidy	NOUN
fbem-510	66	16	.	.	PUNCT
fbem-510	67	1	in	in	ADP
fbem-510	67	2	recent	recent	ADJ
fbem-510	67	3	years	year	NOUN
fbem-510	67	4	,	,	PUNCT
fbem-510	67	5	the	the	DET
fbem-510	67	6	deepening	deepening	NOUN
fbem-510	67	7	of	of	ADP
fbem-510	67	8	chinese	chinese	ADJ
fbem-510	67	9	ecological	ecological	ADJ
fbem-510	67	10	construction	construction	NOUN
fbem-510	67	11	and	and	CCONJ
fbem-510	67	12	the	the	DET
fbem-510	67	13	increasing	increase	VERB
fbem-510	67	14	social	social	ADJ
fbem-510	67	15	burden	burden	NOUN
fbem-510	67	16	have	have	AUX
fbem-510	67	17	prompted	prompt	VERB
fbem-510	67	18	the	the	DET
fbem-510	67	19	chinese	chinese	ADJ
fbem-510	67	20	government	government	NOUN
fbem-510	67	21	to	to	PART
fbem-510	67	22	begin	begin	VERB
fbem-510	67	23	to	to	PART
fbem-510	67	24	provide	provide	VERB
fbem-510	67	25	certain	certain	ADJ
fbem-510	67	26	subsidies	subsidy	NOUN
fbem-510	67	27	to	to	ADP
fbem-510	67	28	enterprises	enterprise	NOUN
fbem-510	67	29	for	for	ADP
fbem-510	67	30	environmental	environmental	ADJ
fbem-510	67	31	protection	protection	NOUN
fbem-510	67	32	and	and	CCONJ
fbem-510	67	33	fulfillment	fulfillment	NOUN
fbem-510	67	34	of	of	ADP
fbem-510	67	35	social	social	ADJ
fbem-510	67	36	responsibilities	responsibility	NOUN
fbem-510	67	37	.	.	PUNCT
fbem-510	68	1	as	as	SCONJ
fbem-510	68	2	china	china	PROPN
fbem-510	68	3	pays	pay	VERB
fbem-510	68	4	more	more	ADJ
fbem-510	68	5	and	and	CCONJ
fbem-510	68	6	more	more	ADJ
fbem-510	68	7	attention	attention	NOUN
fbem-510	68	8	to	to	ADP
fbem-510	68	9	the	the	DET
fbem-510	68	10	esg	esg	NOUN
fbem-510	68	11	industry	industry	NOUN
fbem-510	68	12	,	,	PUNCT
fbem-510	68	13	it	it	PRON
fbem-510	68	14	may	may	AUX
fbem-510	68	15	provide	provide	VERB
fbem-510	68	16	more	more	ADJ
fbem-510	68	17	policy	policy	NOUN
fbem-510	68	18	support	support	NOUN
fbem-510	68	19	and	and	CCONJ
fbem-510	68	20	resource	resource	NOUN
fbem-510	68	21	preference	preference	NOUN
fbem-510	68	22	for	for	SCONJ
fbem-510	68	23	companies	company	NOUN
fbem-510	68	24	to	to	PART
fbem-510	68	25	carry	carry	VERB
fbem-510	68	26	out	out	ADP
fbem-510	68	27	esg	esg	NOUN
fbem-510	68	28	activities	activity	NOUN
fbem-510	68	29	and	and	CCONJ
fbem-510	68	30	disclose	disclose	VERB
fbem-510	68	31	detailed	detailed	ADJ
fbem-510	68	32	esg	esg	NOUN
fbem-510	68	33	information	information	NOUN
fbem-510	68	34	.	.	PUNCT
fbem-510	69	1	esg	esg	NOUN
fbem-510	69	2	rating	rating	NOUN
fbem-510	69	3	forces	force	NOUN
fbem-510	69	4	companies	company	NOUN
fbem-510	69	5	to	to	PART
fbem-510	69	6	increase	increase	VERB
fbem-510	69	7	their	their	PRON
fbem-510	69	8	investment	investment	NOUN
fbem-510	69	9	in	in	ADP
fbem-510	69	10	esg	esg	PROPN
fbem-510	69	11	activities	activity	NOUN
fbem-510	69	12	,	,	PUNCT
fbem-510	69	13	obey	obey	VERB
fbem-510	69	14	government	government	NOUN
fbem-510	69	15	guidance	guidance	NOUN
fbem-510	69	16	,	,	PUNCT
fbem-510	69	17	and	and	CCONJ
fbem-510	69	18	make	make	VERB
fbem-510	69	19	it	it	PRON
fbem-510	69	20	easier	easy	ADJ
fbem-510	69	21	to	to	PART
fbem-510	69	22	obtain	obtain	VERB
fbem-510	69	23	financial	financial	ADJ
fbem-510	69	24	support	support	NOUN
fbem-510	69	25	from	from	ADP
fbem-510	69	26	policies	policy	NOUN
fbem-510	69	27	and	and	CCONJ
fbem-510	69	28	other	other	ADJ
fbem-510	69	29	aspects	aspect	NOUN
fbem-510	69	30	,	,	PUNCT
fbem-510	69	31	thereby	thereby	ADV
fbem-510	69	32	easing	ease	VERB
fbem-510	69	33	financing	financing	NOUN
fbem-510	69	34	constraints	constraint	NOUN
fbem-510	69	35	(	(	PUNCT
fbem-510	69	36	zeng	zeng	PROPN
fbem-510	69	37	and	and	CCONJ
fbem-510	69	38	crowther	crowther	PROPN
fbem-510	69	39	,	,	PUNCT
fbem-510	69	40	96	96	NUM
fbem-510	69	41	2019	2019	NUM
fbem-510	69	42	)	)	PUNCT
fbem-510	69	43	.	.	PUNCT
fbem-510	70	1	therefore	therefore	ADV
fbem-510	70	2	,	,	PUNCT
fbem-510	70	3	based	base	VERB
fbem-510	70	4	on	on	ADP
fbem-510	70	5	the	the	DET
fbem-510	70	6	above	above	ADJ
fbem-510	70	7	analysis	analysis	NOUN
fbem-510	70	8	,	,	PUNCT
fbem-510	70	9	we	we	PRON
fbem-510	70	10	propose	propose	VERB
fbem-510	70	11	the	the	DET
fbem-510	70	12	following	follow	VERB
fbem-510	70	13	hypothesis	hypothesis	NOUN
fbem-510	70	14	:	:	PUNCT
fbem-510	70	15	hypothesis	hypothesis	NOUN
fbem-510	70	16	1	1	NUM
fbem-510	70	17	:	:	PUNCT
fbem-510	70	18	esg	esg	NOUN
fbem-510	70	19	rating	rating	NOUN
fbem-510	70	20	can	can	AUX
fbem-510	70	21	promote	promote	VERB
fbem-510	70	22	corporate	corporate	ADJ
fbem-510	70	23	innovation	innovation	NOUN
fbem-510	70	24	.	.	PUNCT
fbem-510	71	1	3	3	X
fbem-510	71	2	.	.	X
fbem-510	71	3	methodology	methodology	NOUN
fbem-510	71	4	3.1	3.1	NUM
fbem-510	71	5	.	.	PUNCT
fbem-510	72	1	sample	sample	NOUN
fbem-510	72	2	and	and	CCONJ
fbem-510	72	3	data	datum	NOUN
fbem-510	72	4	we	we	PRON
fbem-510	72	5	select	select	VERB
fbem-510	72	6	chinese	chinese	ADJ
fbem-510	72	7	listed	list	VERB
fbem-510	72	8	companies	company	NOUN
fbem-510	72	9	in	in	ADP
fbem-510	72	10	shanghai	shanghai	PROPN
fbem-510	72	11	and	and	CCONJ
fbem-510	72	12	shenzhen	shenzhen	PROPN
fbem-510	72	13	from	from	ADP
fbem-510	72	14	2011	2011	NUM
fbem-510	72	15	to	to	ADP
fbem-510	72	16	2019	2019	NUM
fbem-510	72	17	as	as	ADP
fbem-510	72	18	a	a	DET
fbem-510	72	19	sample	sample	NOUN
fbem-510	72	20	,	,	PUNCT
fbem-510	72	21	and	and	CCONJ
fbem-510	72	22	the	the	DET
fbem-510	72	23	required	require	VERB
fbem-510	72	24	data	datum	NOUN
fbem-510	72	25	comes	come	VERB
fbem-510	72	26	from	from	ADP
fbem-510	72	27	the	the	DET
fbem-510	72	28	wind	wind	NOUN
fbem-510	72	29	and	and	CCONJ
fbem-510	72	30	csmar	csmar	PROPN
fbem-510	72	31	databases	database	NOUN
fbem-510	72	32	.	.	PUNCT
fbem-510	73	1	at	at	ADP
fbem-510	73	2	the	the	DET
fbem-510	73	3	same	same	ADJ
fbem-510	73	4	time	time	NOUN
fbem-510	73	5	,	,	PUNCT
fbem-510	73	6	referring	refer	VERB
fbem-510	73	7	to	to	ADP
fbem-510	73	8	the	the	DET
fbem-510	73	9	existing	exist	VERB
fbem-510	73	10	literature	literature	NOUN
fbem-510	73	11	(	(	PUNCT
fbem-510	73	12	atan	atan	PROPN
fbem-510	73	13	et	et	PROPN
fbem-510	73	14	al	al	PROPN
fbem-510	73	15	.	.	PROPN
fbem-510	73	16	,	,	PUNCT
fbem-510	73	17	2018	2018	NUM
fbem-510	73	18	;	;	PUNCT
fbem-510	73	19	gong	gong	PROPN
fbem-510	73	20	et	et	PROPN
fbem-510	73	21	al	al	PROPN
fbem-510	73	22	.	.	PROPN
fbem-510	73	23	,	,	PUNCT
fbem-510	73	24	2021	2021	NUM
fbem-510	73	25	)	)	PUNCT
fbem-510	73	26	,	,	PUNCT
fbem-510	73	27	this	this	DET
fbem-510	73	28	paper	paper	NOUN
fbem-510	73	29	processes	process	VERB
fbem-510	73	30	the	the	DET
fbem-510	73	31	research	research	NOUN
fbem-510	73	32	samples	sample	NOUN
fbem-510	73	33	as	as	SCONJ
fbem-510	73	34	follows	follow	VERB
fbem-510	73	35	:	:	PUNCT
fbem-510	73	36	(	(	PUNCT
fbem-510	73	37	1	1	X
fbem-510	73	38	)	)	PUNCT
fbem-510	73	39	eliminate	eliminate	VERB
fbem-510	73	40	st	st	PROPN
fbem-510	73	41	companies	company	NOUN
fbem-510	73	42	and	and	CCONJ
fbem-510	73	43	financial	financial	ADJ
fbem-510	73	44	industry	industry	NOUN
fbem-510	73	45	companies	company	NOUN
fbem-510	73	46	;	;	PUNCT
fbem-510	73	47	(	(	PUNCT
fbem-510	73	48	2	2	X
fbem-510	73	49	)	)	PUNCT
fbem-510	73	50	eliminate	eliminate	VERB
fbem-510	73	51	sample	sample	NOUN
fbem-510	73	52	companies	company	NOUN
fbem-510	73	53	with	with	ADP
fbem-510	73	54	missing	miss	VERB
fbem-510	73	55	key	key	ADJ
fbem-510	73	56	variables	variable	NOUN
fbem-510	73	57	in	in	ADP
fbem-510	73	58	this	this	DET
fbem-510	73	59	paper	paper	NOUN
fbem-510	73	60	;	;	PUNCT
fbem-510	73	61	(	(	PUNCT
fbem-510	73	62	3	3	X
fbem-510	73	63	)	)	PUNCT
fbem-510	73	64	winsorize	winsorize	VERB
fbem-510	73	65	the	the	DET
fbem-510	73	66	upper	upper	ADJ
fbem-510	73	67	and	and	CCONJ
fbem-510	73	68	lower	low	ADJ
fbem-510	73	69	1	1	NUM
fbem-510	73	70	%	%	NOUN
fbem-510	73	71	quantiles	quantile	NOUN
fbem-510	73	72	for	for	ADP
fbem-510	73	73	all	all	DET
fbem-510	73	74	continuous	continuous	ADJ
fbem-510	73	75	observation	observation	NOUN
fbem-510	73	76	variables	variable	NOUN
fbem-510	73	77	in	in	ADP
fbem-510	73	78	the	the	DET
fbem-510	73	79	model	model	NOUN
fbem-510	73	80	,	,	PUNCT
fbem-510	73	81	and	and	CCONJ
fbem-510	73	82	regress	regress	NOUN
fbem-510	73	83	the	the	DET
fbem-510	73	84	standard	standard	ADJ
fbem-510	73	85	deviation	deviation	NOUN
fbem-510	73	86	,	,	PUNCT
fbem-510	73	87	and	and	CCONJ
fbem-510	73	88	conduct	conduct	VERB
fbem-510	73	89	cluster	cluster	NOUN
fbem-510	73	90	adjustment	adjustment	NOUN
fbem-510	73	91	at	at	ADP
fbem-510	73	92	the	the	DET
fbem-510	73	93	enterprise	enterprise	NOUN
fbem-510	73	94	level	level	NOUN
fbem-510	73	95	to	to	PART
fbem-510	73	96	reduce	reduce	VERB
fbem-510	73	97	the	the	DET
fbem-510	73	98	influence	influence	NOUN
fbem-510	73	99	of	of	ADP
fbem-510	73	100	sample	sample	NOUN
fbem-510	73	101	aggregation	aggregation	NOUN
fbem-510	73	102	characteristics	characteristic	NOUN
fbem-510	73	103	.	.	PUNCT
fbem-510	74	1	finally	finally	ADV
fbem-510	74	2	,	,	PUNCT
fbem-510	74	3	12,696	12,696	NUM
fbem-510	74	4	enterprise	enterprise	NOUN
fbem-510	74	5	sample	sample	NOUN
fbem-510	74	6	observations	observation	NOUN
fbem-510	74	7	were	be	AUX
fbem-510	74	8	obtained	obtain	VERB
fbem-510	74	9	.	.	PUNCT
fbem-510	75	1	3.2	3.2	NUM
fbem-510	75	2	.	.	PUNCT
fbem-510	76	1	variables	variable	NOUN
fbem-510	76	2	(	(	PUNCT
fbem-510	76	3	1	1	X
fbem-510	76	4	)	)	PUNCT
fbem-510	76	5	esg	esg	NOUN
fbem-510	76	6	rating	rating	NOUN
fbem-510	76	7	we	we	PRON
fbem-510	76	8	mainly	mainly	ADV
fbem-510	76	9	use	use	VERB
fbem-510	76	10	the	the	DET
fbem-510	76	11	syntao	syntao	PROPN
fbem-510	76	12	green	green	PROPN
fbem-510	76	13	finance	finance	PROPN
fbem-510	76	14	rating	rating	NOUN
fbem-510	76	15	data	datum	NOUN
fbem-510	76	16	released	release	VERB
fbem-510	76	17	in	in	ADP
fbem-510	76	18	2015	2015	NUM
fbem-510	76	19	.	.	PUNCT
fbem-510	77	1	syntao	syntao	PROPN
fbem-510	77	2	green	green	PROPN
fbem-510	77	3	finance	finance	PROPN
fbem-510	77	4	is	be	AUX
fbem-510	77	5	a	a	DET
fbem-510	77	6	rating	rating	NOUN
fbem-510	77	7	agency	agency	NOUN
fbem-510	77	8	with	with	ADP
fbem-510	77	9	environmental	environmental	ADJ
fbem-510	77	10	protection	protection	NOUN
fbem-510	77	11	economy	economy	NOUN
fbem-510	77	12	and	and	CCONJ
fbem-510	77	13	responsible	responsible	ADJ
fbem-510	77	14	investment	investment	NOUN
fbem-510	77	15	as	as	ADP
fbem-510	77	16	its	its	PRON
fbem-510	77	17	main	main	ADJ
fbem-510	77	18	direction	direction	NOUN
fbem-510	77	19	,	,	PUNCT
fbem-510	77	20	and	and	CCONJ
fbem-510	77	21	has	have	VERB
fbem-510	77	22	a	a	DET
fbem-510	77	23	high	high	ADJ
fbem-510	77	24	reputation	reputation	NOUN
fbem-510	77	25	in	in	ADP
fbem-510	77	26	related	related	ADJ
fbem-510	77	27	fields	field	NOUN
fbem-510	77	28	.	.	PUNCT
fbem-510	78	1	its	its	PRON
fbem-510	78	2	esg	esg	NOUN
fbem-510	78	3	rating	rating	NOUN
fbem-510	78	4	includes	include	VERB
fbem-510	78	5	indicators	indicator	NOUN
fbem-510	78	6	in	in	ADP
fbem-510	78	7	three	three	NUM
fbem-510	78	8	dimensions	dimension	NOUN
fbem-510	78	9	:	:	PUNCT
fbem-510	78	10	environment	environment	NOUN
fbem-510	78	11	,	,	PUNCT
fbem-510	78	12	society	society	NOUN
fbem-510	78	13	and	and	CCONJ
fbem-510	78	14	corporate	corporate	ADJ
fbem-510	78	15	governance	governance	NOUN
fbem-510	78	16	,	,	PUNCT
fbem-510	78	17	which	which	PRON
fbem-510	78	18	are	be	AUX
fbem-510	78	19	further	far	ADV
fbem-510	78	20	subdivided	subdivide	VERB
fbem-510	78	21	into	into	ADP
fbem-510	78	22	13	13	NUM
fbem-510	78	23	secondary	secondary	ADJ
fbem-510	78	24	indicators	indicator	NOUN
fbem-510	78	25	and	and	CCONJ
fbem-510	78	26	more	more	ADJ
fbem-510	78	27	than	than	ADP
fbem-510	78	28	200	200	NUM
fbem-510	78	29	tertiary	tertiary	ADJ
fbem-510	78	30	indicators	indicator	NOUN
fbem-510	78	31	,	,	PUNCT
fbem-510	78	32	including	include	VERB
fbem-510	78	33	environmental	environmental	ADJ
fbem-510	78	34	management	management	NOUN
fbem-510	78	35	,	,	PUNCT
fbem-510	78	36	negative	negative	ADJ
fbem-510	78	37	disclosure	disclosure	NOUN
fbem-510	78	38	and	and	CCONJ
fbem-510	78	39	environmental	environmental	ADJ
fbem-510	78	40	goals	goal	NOUN
fbem-510	78	41	.	.	PUNCT
fbem-510	79	1	the	the	DET
fbem-510	79	2	evaluation	evaluation	NOUN
fbem-510	79	3	system	system	NOUN
fbem-510	79	4	scores	score	NOUN
fbem-510	79	5	according	accord	VERB
fbem-510	79	6	to	to	ADP
fbem-510	79	7	the	the	DET
fbem-510	79	8	information	information	NOUN
fbem-510	79	9	disclosure	disclosure	NOUN
fbem-510	79	10	of	of	ADP
fbem-510	79	11	each	each	DET
fbem-510	79	12	indicator	indicator	NOUN
fbem-510	79	13	,	,	PUNCT
fbem-510	79	14	comprehensively	comprehensively	ADV
fbem-510	79	15	calculates	calculate	VERB
fbem-510	79	16	the	the	DET
fbem-510	79	17	score	score	NOUN
fbem-510	79	18	of	of	ADP
fbem-510	79	19	the	the	DET
fbem-510	79	20	listed	list	VERB
fbem-510	79	21	company	company	NOUN
fbem-510	79	22	according	accord	VERB
fbem-510	79	23	to	to	ADP
fbem-510	79	24	the	the	DET
fbem-510	79	25	weight	weight	NOUN
fbem-510	79	26	,	,	PUNCT
fbem-510	79	27	and	and	CCONJ
fbem-510	79	28	conducts	conduct	VERB
fbem-510	79	29	the	the	DET
fbem-510	79	30	rating	rating	NOUN
fbem-510	79	31	according	accord	VERB
fbem-510	79	32	to	to	ADP
fbem-510	79	33	the	the	DET
fbem-510	79	34	four	four	NUM
fbem-510	79	35	levels	level	NOUN
fbem-510	79	36	of	of	ADP
fbem-510	79	37	abc	abc	PROPN
fbem-510	79	38	.	.	PUNCT
fbem-510	80	1	this	this	DET
fbem-510	80	2	paper	paper	NOUN
fbem-510	80	3	takes	take	VERB
fbem-510	80	4	syntao	syntao	PROPN
fbem-510	80	5	green	green	PROPN
fbem-510	80	6	finance	finance	NOUN
fbem-510	80	7	's	's	PART
fbem-510	80	8	announcement	announcement	NOUN
fbem-510	80	9	of	of	ADP
fbem-510	80	10	listed	list	VERB
fbem-510	80	11	company	company	NOUN
fbem-510	80	12	rating	rating	NOUN
fbem-510	80	13	in	in	ADP
fbem-510	80	14	2015	2015	NUM
fbem-510	80	15	as	as	ADP
fbem-510	80	16	a	a	DET
fbem-510	80	17	quasi	quasi	ADJ
fbem-510	80	18	-	-	ADJ
fbem-510	80	19	natural	natural	ADJ
fbem-510	80	20	experiment	experiment	NOUN
fbem-510	80	21	to	to	PART
fbem-510	80	22	further	far	ADV
fbem-510	80	23	examine	examine	VERB
fbem-510	80	24	the	the	DET
fbem-510	80	25	impact	impact	NOUN
fbem-510	80	26	of	of	ADP
fbem-510	80	27	this	this	DET
fbem-510	80	28	exogenous	exogenous	ADJ
fbem-510	80	29	shock	shock	NOUN
fbem-510	80	30	on	on	ADP
fbem-510	80	31	corporate	corporate	ADJ
fbem-510	80	32	innovation	innovation	NOUN
fbem-510	80	33	.	.	PUNCT
fbem-510	81	1	the	the	DET
fbem-510	81	2	indicator	indicator	NOUN
fbem-510	81	3	is	be	AUX
fbem-510	81	4	specifically	specifically	ADV
fbem-510	81	5	expressed	express	VERB
fbem-510	81	6	as	as	SCONJ
fbem-510	81	7	follows	follow	VERB
fbem-510	81	8	:	:	PUNCT
fbem-510	81	9	after	after	SCONJ
fbem-510	81	10	the	the	DET
fbem-510	81	11	listed	list	VERB
fbem-510	81	12	company	company	NOUN
fbem-510	81	13	announces	announce	VERB
fbem-510	81	14	the	the	DET
fbem-510	81	15	esg	esg	NOUN
fbem-510	81	16	rating	rating	NOUN
fbem-510	81	17	,	,	PUNCT
fbem-510	81	18	the	the	DET
fbem-510	81	19	esg	esg	NOUN
fbem-510	81	20	rating	rating	NOUN
fbem-510	81	21	of	of	ADP
fbem-510	81	22	the	the	DET
fbem-510	81	23	current	current	ADJ
fbem-510	81	24	year	year	NOUN
fbem-510	81	25	and	and	CCONJ
fbem-510	81	26	subsequent	subsequent	ADJ
fbem-510	81	27	years	year	NOUN
fbem-510	81	28	takes	take	VERB
fbem-510	81	29	the	the	DET
fbem-510	81	30	value	value	NOUN
fbem-510	81	31	of	of	ADP
fbem-510	81	32	1	1	NUM
fbem-510	81	33	,	,	PUNCT
fbem-510	81	34	otherwise	otherwise	ADV
fbem-510	81	35	it	it	PRON
fbem-510	81	36	takes	take	VERB
fbem-510	81	37	the	the	DET
fbem-510	81	38	value	value	NOUN
fbem-510	81	39	of	of	ADP
fbem-510	81	40	0	0	NUM
fbem-510	81	41	.	.	PUNCT
fbem-510	82	1	(	(	PUNCT
fbem-510	82	2	2	2	X
fbem-510	82	3	)	)	PUNCT
fbem-510	82	4	corporate	corporate	ADJ
fbem-510	82	5	innovation	innovation	NOUN
fbem-510	82	6	there	there	PRON
fbem-510	82	7	are	be	VERB
fbem-510	82	8	two	two	NUM
fbem-510	82	9	main	main	ADJ
fbem-510	82	10	ways	way	NOUN
fbem-510	82	11	to	to	PART
fbem-510	82	12	measure	measure	VERB
fbem-510	82	13	corporate	corporate	ADJ
fbem-510	82	14	innovation	innovation	NOUN
fbem-510	82	15	in	in	ADP
fbem-510	82	16	the	the	DET
fbem-510	82	17	existing	exist	VERB
fbem-510	82	18	literature	literature	NOUN
fbem-510	82	19	:	:	PUNCT
fbem-510	82	20	one	one	NUM
fbem-510	82	21	is	be	AUX
fbem-510	82	22	to	to	PART
fbem-510	82	23	use	use	VERB
fbem-510	82	24	the	the	DET
fbem-510	82	25	r&d	r&d	NOUN
fbem-510	82	26	investment	investment	NOUN
fbem-510	82	27	of	of	ADP
fbem-510	82	28	the	the	DET
fbem-510	82	29	enterprise	enterprise	NOUN
fbem-510	82	30	as	as	ADP
fbem-510	82	31	a	a	DET
fbem-510	82	32	proxy	proxy	ADJ
fbem-510	82	33	variable	variable	NOUN
fbem-510	82	34	of	of	ADP
fbem-510	82	35	innovation	innovation	NOUN
fbem-510	82	36	;	;	PUNCT
fbem-510	82	37	the	the	DET
fbem-510	82	38	other	other	ADJ
fbem-510	82	39	is	be	AUX
fbem-510	82	40	to	to	PART
fbem-510	82	41	use	use	VERB
fbem-510	82	42	the	the	DET
fbem-510	82	43	number	number	NOUN
fbem-510	82	44	of	of	ADP
fbem-510	82	45	patents	patent	NOUN
fbem-510	82	46	granted	grant	VERB
fbem-510	82	47	by	by	ADP
fbem-510	82	48	the	the	DET
fbem-510	82	49	enterprise	enterprise	NOUN
fbem-510	82	50	to	to	PART
fbem-510	82	51	measure	measure	VERB
fbem-510	82	52	the	the	DET
fbem-510	82	53	innovation	innovation	NOUN
fbem-510	82	54	level	level	NOUN
fbem-510	82	55	of	of	ADP
fbem-510	82	56	the	the	DET
fbem-510	82	57	enterprise	enterprise	NOUN
fbem-510	82	58	.	.	PUNCT
fbem-510	83	1	this	this	DET
fbem-510	83	2	paper	paper	NOUN
fbem-510	83	3	uses	use	VERB
fbem-510	83	4	two	two	NUM
fbem-510	83	5	indicators	indicator	NOUN
fbem-510	83	6	,	,	PUNCT
fbem-510	83	7	the	the	DET
fbem-510	83	8	total	total	ADJ
fbem-510	83	9	amount	amount	NOUN
fbem-510	83	10	of	of	ADP
fbem-510	83	11	enterprise	enterprise	NOUN
fbem-510	83	12	patent	patent	NOUN
fbem-510	83	13	authorization	authorization	NOUN
fbem-510	83	14	and	and	CCONJ
fbem-510	83	15	the	the	DET
fbem-510	83	16	amount	amount	NOUN
fbem-510	83	17	of	of	ADP
fbem-510	83	18	invention	invention	NOUN
fbem-510	83	19	patent	patent	NOUN
fbem-510	83	20	authorization	authorization	NOUN
fbem-510	83	21	,	,	PUNCT
fbem-510	83	22	to	to	PART
fbem-510	83	23	measure	measure	VERB
fbem-510	83	24	the	the	DET
fbem-510	83	25	innovation	innovation	NOUN
fbem-510	83	26	level	level	NOUN
fbem-510	83	27	of	of	ADP
fbem-510	83	28	enterprises	enterprise	NOUN
fbem-510	83	29	.	.	PUNCT
fbem-510	84	1	this	this	PRON
fbem-510	84	2	is	be	AUX
fbem-510	84	3	because	because	SCONJ
fbem-510	84	4	,	,	PUNCT
fbem-510	84	5	as	as	ADP
fbem-510	84	6	a	a	DET
fbem-510	84	7	legally	legally	ADV
fbem-510	84	8	recognized	recognize	VERB
fbem-510	84	9	right	right	NOUN
fbem-510	84	10	,	,	PUNCT
fbem-510	84	11	granted	grant	VERB
fbem-510	84	12	patents	patent	NOUN
fbem-510	84	13	can	can	AUX
fbem-510	84	14	intuitively	intuitively	ADV
fbem-510	84	15	represent	represent	VERB
fbem-510	84	16	the	the	DET
fbem-510	84	17	level	level	NOUN
fbem-510	84	18	of	of	ADP
fbem-510	84	19	innovation	innovation	NOUN
fbem-510	84	20	output	output	NOUN
fbem-510	84	21	of	of	ADP
fbem-510	84	22	an	an	DET
fbem-510	84	23	enterprise	enterprise	NOUN
fbem-510	84	24	.	.	PUNCT
fbem-510	85	1	the	the	DET
fbem-510	85	2	authorized	authorize	VERB
fbem-510	85	3	patents	patent	NOUN
fbem-510	85	4	include	include	VERB
fbem-510	85	5	three	three	NUM
fbem-510	85	6	categories	category	NOUN
fbem-510	85	7	:	:	PUNCT
fbem-510	85	8	invention	invention	NOUN
fbem-510	85	9	patents	patent	NOUN
fbem-510	85	10	,	,	PUNCT
fbem-510	85	11	utility	utility	NOUN
fbem-510	85	12	model	model	NOUN
fbem-510	85	13	patents	patent	NOUN
fbem-510	85	14	and	and	CCONJ
fbem-510	85	15	design	design	NOUN
fbem-510	85	16	patents	patent	NOUN
fbem-510	85	17	.	.	PUNCT
fbem-510	86	1	among	among	ADP
fbem-510	86	2	them	they	PRON
fbem-510	86	3	,	,	PUNCT
fbem-510	86	4	invention	invention	NOUN
fbem-510	86	5	patents	patent	NOUN
fbem-510	86	6	are	be	AUX
fbem-510	86	7	the	the	DET
fbem-510	86	8	one	one	NOUN
fbem-510	86	9	with	with	ADP
fbem-510	86	10	the	the	DET
fbem-510	86	11	strictest	strict	ADJ
fbem-510	86	12	review	review	NOUN
fbem-510	86	13	and	and	CCONJ
fbem-510	86	14	the	the	DET
fbem-510	86	15	highest	high	ADJ
fbem-510	86	16	quality	quality	NOUN
fbem-510	86	17	,	,	PUNCT
fbem-510	86	18	and	and	CCONJ
fbem-510	86	19	can	can	AUX
fbem-510	86	20	better	well	ADV
fbem-510	86	21	reflect	reflect	VERB
fbem-510	86	22	the	the	DET
fbem-510	86	23	quality	quality	NOUN
fbem-510	86	24	of	of	ADP
fbem-510	86	25	innovation	innovation	NOUN
fbem-510	86	26	output	output	NOUN
fbem-510	86	27	of	of	ADP
fbem-510	86	28	enterprises	enterprise	NOUN
fbem-510	86	29	.	.	PUNCT
fbem-510	87	1	3.3	3.3	NUM
fbem-510	87	2	.	.	PUNCT
fbem-510	87	3	estimation	estimation	NOUN
fbem-510	87	4	method	method	NOUN
fbem-510	87	5	based	base	VERB
fbem-510	87	6	on	on	ADP
fbem-510	87	7	the	the	DET
fbem-510	87	8	quasi	quasi	ADJ
fbem-510	87	9	-	-	ADJ
fbem-510	87	10	natural	natural	ADJ
fbem-510	87	11	experiment	experiment	NOUN
fbem-510	87	12	of	of	ADP
fbem-510	87	13	syntao	syntao	PROPN
fbem-510	87	14	green	green	PROPN
fbem-510	87	15	finance	finance	PROPN
fbem-510	87	16	's	's	PART
fbem-510	87	17	announcement	announcement	NOUN
fbem-510	87	18	of	of	ADP
fbem-510	87	19	esg	esg	PROPN
fbem-510	87	20	rating	rating	NOUN
fbem-510	87	21	of	of	ADP
fbem-510	87	22	chinese	chinese	ADJ
fbem-510	87	23	listed	list	VERB
fbem-510	87	24	companies	company	NOUN
fbem-510	87	25	in	in	ADP
fbem-510	87	26	2015	2015	NUM
fbem-510	87	27	,	,	PUNCT
fbem-510	87	28	we	we	PRON
fbem-510	87	29	explore	explore	VERB
fbem-510	87	30	the	the	DET
fbem-510	87	31	impact	impact	NOUN
fbem-510	87	32	of	of	ADP
fbem-510	87	33	esg	esg	NOUN
fbem-510	87	34	rating	rating	NOUN
fbem-510	87	35	on	on	ADP
fbem-510	87	36	corporate	corporate	ADJ
fbem-510	87	37	innovation	innovation	NOUN
fbem-510	87	38	by	by	ADP
fbem-510	87	39	constructing	construct	VERB
fbem-510	87	40	a	a	DET
fbem-510	87	41	multi	multi	ADJ
fbem-510	87	42	-	-	ADJ
fbem-510	87	43	period	period	ADJ
fbem-510	87	44	doubledifference	doubledifference	NOUN
fbem-510	87	45	model	model	NOUN
fbem-510	87	46	.	.	PUNCT
fbem-510	88	1	this	this	DET
fbem-510	88	2	paper	paper	NOUN
fbem-510	88	3	adopts	adopt	VERB
fbem-510	88	4	the	the	DET
fbem-510	88	5	following	follow	VERB
fbem-510	88	6	model	model	NOUN
fbem-510	88	7	for	for	ADP
fbem-510	88	8	research	research	NOUN
fbem-510	88	9	:	:	PUNCT
fbem-510	88	10	inpatent	inpatent	NOUN
fbem-510	88	11	,	,	PUNCT
fbem-510	88	12	β	β	X
fbem-510	88	13	β	β	X
fbem-510	88	14	esg	esg	PROPN
fbem-510	88	15	,	,	PUNCT
fbem-510	88	16	β	β	X
fbem-510	88	17	contr	contr	NOUN
fbem-510	88	18	,	,	PUNCT
fbem-510	88	19	year	year	NOUN
fbem-510	88	20	firmi	firmi	NOUN
fbem-510	88	21	,	,	PUNCT
fbem-510	88	22	t	t	PROPN
fbem-510	88	23	εi	εi	VERB
fbem-510	88	24	,	,	PUNCT
fbem-510	88	25	t	t	PROPN
fbem-510	88	26	(	(	PUNCT
fbem-510	88	27	1	1	NUM
fbem-510	88	28	)	)	PUNCT
fbem-510	88	29	in	in	ADP
fbem-510	88	30	model	model	NOUN
fbem-510	88	31	(	(	PUNCT
fbem-510	88	32	1	1	NUM
fbem-510	88	33	)	)	PUNCT
fbem-510	88	34	,	,	PUNCT
fbem-510	88	35	the	the	DET
fbem-510	88	36	explained	explain	VERB
fbem-510	88	37	variables	variable	NOUN
fbem-510	88	38	are	be	AUX
fbem-510	88	39	measured	measure	VERB
fbem-510	88	40	by	by	ADP
fbem-510	88	41	two	two	NUM
fbem-510	88	42	indicators	indicator	NOUN
fbem-510	88	43	:	:	PUNCT
fbem-510	88	44	the	the	DET
fbem-510	88	45	total	total	ADJ
fbem-510	88	46	number	number	NOUN
fbem-510	88	47	of	of	ADP
fbem-510	88	48	patents	patent	NOUN
fbem-510	88	49	granted	grant	VERB
fbem-510	88	50	(	(	PUNCT
fbem-510	88	51	inpatent	inpatent	NOUN
fbem-510	88	52	)	)	PUNCT
fbem-510	88	53	and	and	CCONJ
fbem-510	88	54	the	the	DET
fbem-510	88	55	number	number	NOUN
fbem-510	88	56	of	of	ADP
fbem-510	88	57	invention	invention	NOUN
fbem-510	88	58	patents	patent	NOUN
fbem-510	88	59	granted	grant	VERB
fbem-510	88	60	(	(	PUNCT
fbem-510	88	61	inpatent_i	inpatent_i	NOUN
fbem-510	88	62	)	)	PUNCT
fbem-510	88	63	.	.	PUNCT
fbem-510	89	1	the	the	DET
fbem-510	89	2	explanatory	explanatory	ADJ
fbem-510	89	3	variable	variable	NOUN
fbem-510	89	4	(	(	PUNCT
fbem-510	89	5	esg	esg	PROPN
fbem-510	89	6	)	)	PUNCT
fbem-510	89	7	is	be	AUX
fbem-510	89	8	expressed	express	VERB
fbem-510	89	9	as	as	ADP
fbem-510	89	10	whether	whether	SCONJ
fbem-510	89	11	the	the	DET
fbem-510	89	12	esg	esg	NOUN
fbem-510	89	13	rating	rating	NOUN
fbem-510	89	14	has	have	AUX
fbem-510	89	15	been	be	AUX
fbem-510	89	16	announced	announce	VERB
fbem-510	89	17	in	in	ADP
fbem-510	89	18	the	the	DET
fbem-510	89	19	current	current	ADJ
fbem-510	89	20	period	period	NOUN
fbem-510	89	21	.	.	PUNCT
fbem-510	90	1	this	this	DET
fbem-510	90	2	paper	paper	NOUN
fbem-510	90	3	constructs	construct	VERB
fbem-510	90	4	a	a	DET
fbem-510	90	5	dummy	dummy	ADJ
fbem-510	90	6	variable	variable	NOUN
fbem-510	90	7	of	of	ADP
fbem-510	90	8	multi	multi	ADJ
fbem-510	90	9	-	-	NOUN
fbem-510	90	10	period	period	NOUN
fbem-510	90	11	did	do	AUX
fbem-510	90	12	based	base	VERB
fbem-510	90	13	on	on	ADP
fbem-510	90	14	the	the	DET
fbem-510	90	15	time	time	NOUN
fbem-510	90	16	node	node	NOUN
fbem-510	90	17	of	of	ADP
fbem-510	90	18	the	the	DET
fbem-510	90	19	esg	esg	NOUN
fbem-510	90	20	rating	rating	NOUN
fbem-510	90	21	announcement	announcement	NOUN
fbem-510	90	22	of	of	ADP
fbem-510	90	23	listed	list	VERB
fbem-510	90	24	companies	company	NOUN
fbem-510	90	25	.	.	PUNCT
fbem-510	91	1	the	the	DET
fbem-510	91	2	subscripts	subscript	NOUN
fbem-510	91	3	i	i	PRON
fbem-510	91	4	and	and	CCONJ
fbem-510	91	5	t	t	PROPN
fbem-510	91	6	represent	represent	VERB
fbem-510	91	7	the	the	DET
fbem-510	91	8	company	company	NOUN
fbem-510	91	9	and	and	CCONJ
fbem-510	91	10	year	year	NOUN
fbem-510	91	11	,	,	PUNCT
fbem-510	91	12	respectively	respectively	ADV
fbem-510	91	13	,	,	PUNCT
fbem-510	91	14	year	year	NOUN
fbem-510	91	15	is	be	AUX
fbem-510	91	16	the	the	DET
fbem-510	91	17	fixed	fixed	ADJ
fbem-510	91	18	effect	effect	NOUN
fbem-510	91	19	of	of	ADP
fbem-510	91	20	the	the	DET
fbem-510	91	21	year	year	NOUN
fbem-510	91	22	,	,	PUNCT
fbem-510	91	23	firm	firm	NOUN
fbem-510	91	24	is	be	AUX
fbem-510	91	25	the	the	DET
fbem-510	91	26	fixed	fix	VERB
fbem-510	91	27	effect	effect	NOUN
fbem-510	91	28	of	of	ADP
fbem-510	91	29	the	the	DET
fbem-510	91	30	individual	individual	ADJ
fbem-510	91	31	company	company	NOUN
fbem-510	91	32	,	,	PUNCT
fbem-510	91	33	and	and	CCONJ
fbem-510	91	34	ε	ε	PROPN
fbem-510	91	35	represents	represent	VERB
fbem-510	91	36	the	the	DET
fbem-510	91	37	residual	residual	ADJ
fbem-510	91	38	term	term	NOUN
fbem-510	91	39	.	.	PUNCT
fbem-510	92	1	this	this	DET
fbem-510	92	2	paper	paper	NOUN
fbem-510	92	3	controls	control	VERB
fbem-510	92	4	the	the	DET
fbem-510	92	5	following	follow	VERB
fbem-510	92	6	influencing	influence	VERB
fbem-510	92	7	factors	factor	NOUN
fbem-510	92	8	:	:	PUNCT
fbem-510	92	9	(	(	PUNCT
fbem-510	92	10	1	1	X
fbem-510	92	11	)	)	PUNCT
fbem-510	92	12	enterprise	enterprise	NOUN
fbem-510	92	13	characteristics	characteristic	NOUN
fbem-510	92	14	and	and	CCONJ
fbem-510	92	15	financial	financial	ADJ
fbem-510	92	16	status	status	NOUN
fbem-510	92	17	variables	variable	NOUN
fbem-510	92	18	:	:	PUNCT
fbem-510	92	19	enterprise	enterprise	NOUN
fbem-510	92	20	size	size	NOUN
fbem-510	92	21	(	(	PUNCT
fbem-510	92	22	size	size	NOUN
fbem-510	92	23	)	)	PUNCT
fbem-510	92	24	,	,	PUNCT
fbem-510	92	25	enterprise	enterprise	NOUN
fbem-510	92	26	age	age	NOUN
fbem-510	92	27	(	(	PUNCT
fbem-510	92	28	age	age	NOUN
fbem-510	92	29	)	)	PUNCT
fbem-510	92	30	,	,	PUNCT
fbem-510	92	31	property	property	NOUN
fbem-510	92	32	rights	right	NOUN
fbem-510	92	33	(	(	PUNCT
fbem-510	92	34	soe	soe	PROPN
fbem-510	92	35	)	)	PUNCT
fbem-510	92	36	,	,	PUNCT
fbem-510	92	37	tobin	tobin	PROPN
fbem-510	92	38	's	's	PART
fbem-510	92	39	q	q	PROPN
fbem-510	92	40	(	(	PUNCT
fbem-510	92	41	tobin	tobin	PROPN
fbem-510	92	42	)	)	PUNCT
fbem-510	92	43	,	,	PUNCT
fbem-510	92	44	asset	asset	NOUN
fbem-510	92	45	-	-	PUNCT
fbem-510	92	46	liability	liability	NOUN
fbem-510	92	47	ratio	ratio	NOUN
fbem-510	92	48	(	(	PUNCT
fbem-510	92	49	lev	lev	NOUN
fbem-510	92	50	)	)	PUNCT
fbem-510	92	51	.	.	PUNCT
fbem-510	93	1	(	(	PUNCT
fbem-510	93	2	2	2	X
fbem-510	93	3	)	)	PUNCT
fbem-510	93	4	director	director	NOUN
fbem-510	93	5	characteristic	characteristic	ADJ
fbem-510	93	6	variables	variable	NOUN
fbem-510	93	7	:	:	PUNCT
fbem-510	93	8	ownership	ownership	NOUN
fbem-510	93	9	concentration	concentration	NOUN
fbem-510	93	10	(	(	PUNCT
fbem-510	93	11	share	share	NOUN
fbem-510	93	12	)	)	PUNCT
fbem-510	93	13	,	,	PUNCT
fbem-510	93	14	board	board	NOUN
fbem-510	93	15	size	size	NOUN
fbem-510	93	16	(	(	PUNCT
fbem-510	93	17	dir	dir	PROPN
fbem-510	93	18	)	)	PUNCT
fbem-510	93	19	,	,	PUNCT
fbem-510	93	20	proportion	proportion	NOUN
fbem-510	93	21	of	of	ADP
fbem-510	93	22	independent	independent	ADJ
fbem-510	93	23	directors	director	NOUN
fbem-510	93	24	(	(	PUNCT
fbem-510	93	25	indep	indep	NOUN
fbem-510	93	26	)	)	PUNCT
fbem-510	93	27	,	,	PUNCT
fbem-510	93	28	and	and	CCONJ
fbem-510	93	29	mean	mean	VERB
fbem-510	93	30	age	age	NOUN
fbem-510	93	31	of	of	ADP
fbem-510	93	32	management	management	NOUN
fbem-510	93	33	(	(	PUNCT
fbem-510	93	34	mgage	mgage	NOUN
fbem-510	93	35	)	)	PUNCT
fbem-510	93	36	.	.	PUNCT
fbem-510	94	1	in	in	ADP
fbem-510	94	2	order	order	NOUN
fbem-510	94	3	to	to	PART
fbem-510	94	4	alleviate	alleviate	VERB
fbem-510	94	5	the	the	DET
fbem-510	94	6	endogeneity	endogeneity	NOUN
fbem-510	94	7	problem	problem	NOUN
fbem-510	94	8	,	,	PUNCT
fbem-510	94	9	this	this	DET
fbem-510	94	10	paper	paper	NOUN
fbem-510	94	11	lags	lag	VERB
fbem-510	94	12	both	both	CCONJ
fbem-510	94	13	the	the	DET
fbem-510	94	14	explanatory	explanatory	ADJ
fbem-510	94	15	variables	variable	NOUN
fbem-510	94	16	and	and	CCONJ
fbem-510	94	17	the	the	DET
fbem-510	94	18	control	control	NOUN
fbem-510	94	19	variables	variable	VERB
fbem-510	94	20	by	by	ADP
fbem-510	94	21	one	one	NUM
fbem-510	94	22	period	period	NOUN
fbem-510	94	23	.	.	PUNCT
fbem-510	95	1	at	at	ADP
fbem-510	95	2	the	the	DET
fbem-510	95	3	same	same	ADJ
fbem-510	95	4	time	time	NOUN
fbem-510	95	5	,	,	PUNCT
fbem-510	95	6	in	in	ADP
fbem-510	95	7	order	order	NOUN
fbem-510	95	8	to	to	PART
fbem-510	95	9	test	test	VERB
fbem-510	95	10	the	the	DET
fbem-510	95	11	impact	impact	NOUN
fbem-510	95	12	mechanism	mechanism	NOUN
fbem-510	95	13	of	of	ADP
fbem-510	95	14	esg	esg	PROPN
fbem-510	95	15	rating	rating	NOUN
fbem-510	95	16	on	on	ADP
fbem-510	95	17	corporate	corporate	ADJ
fbem-510	95	18	innovation	innovation	NOUN
fbem-510	95	19	,	,	PUNCT
fbem-510	95	20	this	this	DET
fbem-510	95	21	paper	paper	NOUN
fbem-510	95	22	constructs	construct	VERB
fbem-510	95	23	model	model	NOUN
fbem-510	95	24	(	(	PUNCT
fbem-510	95	25	2	2	NUM
fbem-510	95	26	)	)	PUNCT
fbem-510	95	27	and	and	CCONJ
fbem-510	95	28	model	model	NOUN
fbem-510	95	29	(	(	PUNCT
fbem-510	95	30	3	3	NUM
fbem-510	95	31	)	)	PUNCT
fbem-510	95	32	to	to	PART
fbem-510	95	33	test	test	VERB
fbem-510	95	34	the	the	DET
fbem-510	95	35	two	two	NUM
fbem-510	95	36	mechanisms	mechanism	NOUN
fbem-510	95	37	respectively	respectively	ADV
fbem-510	95	38	.	.	PUNCT
fbem-510	96	1	among	among	ADP
fbem-510	96	2	them	they	PRON
fbem-510	96	3	,	,	PUNCT
fbem-510	96	4	the	the	DET
fbem-510	96	5	variable	variable	ADJ
fbem-510	96	6	agen	agen	PROPN
fbem-510	96	7	is	be	AUX
fbem-510	96	8	the	the	DET
fbem-510	96	9	agency	agency	NOUN
fbem-510	96	10	cost	cost	NOUN
fbem-510	96	11	of	of	ADP
fbem-510	96	12	the	the	DET
fbem-510	96	13	company	company	NOUN
fbem-510	96	14	,	,	PUNCT
fbem-510	96	15	which	which	PRON
fbem-510	96	16	is	be	AUX
fbem-510	96	17	measured	measure	VERB
fbem-510	96	18	by	by	ADP
fbem-510	96	19	the	the	DET
fbem-510	96	20	company	company	NOUN
fbem-510	96	21	's	's	PART
fbem-510	96	22	free	free	ADJ
fbem-510	96	23	cash	cash	NOUN
fbem-510	96	24	flow	flow	NOUN
fbem-510	96	25	.	.	PUNCT
fbem-510	97	1	the	the	PRON
fbem-510	97	2	larger	large	ADJ
fbem-510	97	3	the	the	DET
fbem-510	97	4	company	company	NOUN
fbem-510	97	5	's	's	PART
fbem-510	97	6	free	free	ADJ
fbem-510	97	7	cash	cash	NOUN
fbem-510	97	8	flow	flow	NOUN
fbem-510	97	9	,	,	PUNCT
fbem-510	97	10	the	the	PRON
fbem-510	97	11	greater	great	ADJ
fbem-510	97	12	the	the	DET
fbem-510	97	13	agency	agency	NOUN
fbem-510	97	14	cost	cost	NOUN
fbem-510	97	15	of	of	ADP
fbem-510	97	16	the	the	DET
fbem-510	97	17	company	company	NOUN
fbem-510	97	18	.	.	PUNCT
fbem-510	98	1	the	the	DET
fbem-510	98	2	variable	variable	ADJ
fbem-510	98	3	finan	finan	NOUN
fbem-510	98	4	represents	represent	VERB
fbem-510	98	5	the	the	DET
fbem-510	98	6	financing	financing	NOUN
fbem-510	98	7	constraints	constraint	NOUN
fbem-510	98	8	of	of	ADP
fbem-510	98	9	the	the	DET
fbem-510	98	10	enterprise	enterprise	NOUN
fbem-510	98	11	,	,	PUNCT
fbem-510	98	12	which	which	PRON
fbem-510	98	13	is	be	AUX
fbem-510	98	14	measured	measure	VERB
fbem-510	98	15	by	by	ADP
fbem-510	98	16	the	the	DET
fbem-510	98	17	kz	kz	PROPN
fbem-510	98	18	index	index	PROPN
fbem-510	98	19	(	(	PUNCT
fbem-510	98	20	kaplan	kaplan	PROPN
fbem-510	98	21	and	and	CCONJ
fbem-510	98	22	zingales	zingale	NOUN
fbem-510	98	23	,	,	PUNCT
fbem-510	98	24	1997	1997	NUM
fbem-510	98	25	)	)	PUNCT
fbem-510	98	26	.	.	PUNCT
fbem-510	99	1	the	the	DET
fbem-510	99	2	larger	large	ADJ
fbem-510	99	3	the	the	DET
fbem-510	99	4	kz	kz	PROPN
fbem-510	99	5	index	index	PROPN
fbem-510	99	6	,	,	PUNCT
fbem-510	99	7	the	the	PRON
fbem-510	99	8	greater	great	ADJ
fbem-510	99	9	the	the	DET
fbem-510	99	10	degree	degree	NOUN
fbem-510	99	11	of	of	ADP
fbem-510	99	12	financing	financing	NOUN
fbem-510	99	13	constraints	constraint	NOUN
fbem-510	99	14	faced	face	VERB
fbem-510	99	15	by	by	ADP
fbem-510	99	16	the	the	DET
fbem-510	99	17	enterprise	enterprise	NOUN
fbem-510	99	18	.	.	PUNCT
fbem-510	100	1	the	the	DET
fbem-510	100	2	detailed	detailed	ADJ
fbem-510	100	3	description	description	NOUN
fbem-510	100	4	of	of	ADP
fbem-510	100	5	all	all	DET
fbem-510	100	6	variables	variable	NOUN
fbem-510	100	7	is	be	AUX
fbem-510	100	8	shown	show	VERB
fbem-510	100	9	in	in	ADP
fbem-510	100	10	table	table	NOUN
fbem-510	100	11	1	1	NUM
fbem-510	100	12	.	.	PUNCT
fbem-510	101	1	agen	agen	PROPN
fbem-510	101	2	,	,	PUNCT
fbem-510	101	3	finan	finan	PROPN
fbem-510	101	4	,	,	PUNCT
fbem-510	101	5	β	β	X
fbem-510	101	6	β	β	X
fbem-510	101	7	esg	esg	PROPN
fbem-510	101	8	,	,	PUNCT
fbem-510	101	9	β	β	X
fbem-510	101	10	contr	contr	NOUN
fbem-510	101	11	,	,	PUNCT
fbem-510	101	12	year	year	NOUN
fbem-510	101	13	firm	firm	NOUN
fbem-510	101	14	,	,	PUNCT
fbem-510	101	15	ε	ε	PROPN
fbem-510	101	16	,	,	PUNCT
fbem-510	101	17	(	(	PUNCT
fbem-510	101	18	2	2	NUM
fbem-510	101	19	)	)	PUNCT
fbem-510	101	20	inpatent	inpatent	NOUN
fbem-510	101	21	,	,	PUNCT
fbem-510	101	22	β	β	X
fbem-510	101	23	β	β	X
fbem-510	101	24	esg	esg	PROPN
fbem-510	101	25	,	,	PUNCT
fbem-510	101	26	β	β	PROPN
fbem-510	101	27	agen	agen	PROPN
fbem-510	101	28	,	,	PUNCT
fbem-510	101	29	finan	finan	PROPN
fbem-510	101	30	,	,	PUNCT
fbem-510	101	31	β	β	X
fbem-510	101	32	contr	contr	VERB
fbem-510	101	33	,	,	PUNCT
fbem-510	101	34	year	year	NOUN
fbem-510	101	35	firm	firm	NOUN
fbem-510	101	36	,	,	PUNCT
fbem-510	101	37	ε	ε	PROPN
fbem-510	101	38	,	,	PUNCT
fbem-510	101	39	(	(	PUNCT
fbem-510	101	40	3	3	X
fbem-510	101	41	)	)	PUNCT
fbem-510	101	42	4	4	NUM
fbem-510	101	43	.	.	PUNCT
fbem-510	101	44	analysis	analysis	NOUN
fbem-510	101	45	4.1	4.1	NUM
fbem-510	101	46	.	.	PUNCT
fbem-510	102	1	descriptive	descriptive	ADJ
fbem-510	102	2	statistics	statistic	NOUN
fbem-510	102	3	table	table	NOUN
fbem-510	102	4	2	2	NUM
fbem-510	102	5	shows	show	VERB
fbem-510	102	6	the	the	DET
fbem-510	102	7	descriptive	descriptive	ADJ
fbem-510	102	8	statistics	statistic	NOUN
fbem-510	102	9	of	of	ADP
fbem-510	102	10	the	the	DET
fbem-510	102	11	main	main	ADJ
fbem-510	102	12	variables	variable	NOUN
fbem-510	102	13	.	.	PUNCT
fbem-510	103	1	it	it	PRON
fbem-510	103	2	can	can	AUX
fbem-510	103	3	be	be	AUX
fbem-510	103	4	seen	see	VERB
fbem-510	103	5	from	from	ADP
fbem-510	103	6	the	the	DET
fbem-510	103	7	table	table	NOUN
fbem-510	103	8	that	that	SCONJ
fbem-510	103	9	the	the	DET
fbem-510	103	10	mean	mean	NOUN
fbem-510	103	11	of	of	ADP
fbem-510	103	12	the	the	DET
fbem-510	103	13	total	total	ADJ
fbem-510	103	14	patents	patent	NOUN
fbem-510	103	15	is	be	AUX
fbem-510	103	16	10.434	10.434	NUM
fbem-510	103	17	,	,	PUNCT
fbem-510	103	18	the	the	DET
fbem-510	103	19	sample	sample	NOUN
fbem-510	103	20	mean	mean	NOUN
fbem-510	103	21	of	of	ADP
fbem-510	103	22	the	the	DET
fbem-510	103	23	invention	invention	NOUN
fbem-510	103	24	patents	patent	NOUN
fbem-510	103	25	is	be	AUX
fbem-510	103	26	2.5941	2.5941	NUM
fbem-510	103	27	,	,	PUNCT
fbem-510	103	28	and	and	CCONJ
fbem-510	103	29	the	the	DET
fbem-510	103	30	mean	mean	NOUN
fbem-510	103	31	of	of	ADP
fbem-510	103	32	esg	esg	PROPN
fbem-510	103	33	rating	rating	NOUN
fbem-510	103	34	is	be	AUX
fbem-510	103	35	0.0638	0.0638	NUM
fbem-510	103	36	.	.	PUNCT
fbem-510	104	1	the	the	DET
fbem-510	104	2	main	main	ADJ
fbem-510	104	3	control	control	NOUN
fbem-510	104	4	variable	variable	ADJ
fbem-510	104	5	data	datum	NOUN
fbem-510	104	6	such	such	ADJ
fbem-510	104	7	as	as	ADP
fbem-510	104	8	enterprise	enterprise	NOUN
fbem-510	104	9	size	size	NOUN
fbem-510	104	10	(	(	PUNCT
fbem-510	104	11	mean	mean	NOUN
fbem-510	104	12	22.0722	22.0722	NUM
fbem-510	104	13	)	)	PUNCT
fbem-510	104	14	,	,	PUNCT
fbem-510	104	15	property	property	NOUN
fbem-510	104	16	rights	right	NOUN
fbem-510	104	17	(	(	PUNCT
fbem-510	104	18	mean	mean	NOUN
fbem-510	104	19	0.3543	0.3543	NUM
fbem-510	104	20	)	)	PUNCT
fbem-510	104	21	,	,	PUNCT
fbem-510	104	22	tobin	tobin	PROPN
fbem-510	104	23	's	's	PART
fbem-510	104	24	q	q	NOUN
fbem-510	104	25	(	(	PUNCT
fbem-510	104	26	mean	mean	NOUN
fbem-510	104	27	1.9805	1.9805	NUM
fbem-510	104	28	)	)	PUNCT
fbem-510	104	29	,	,	PUNCT
fbem-510	104	30	and	and	CCONJ
fbem-510	104	31	asset	asset	NOUN
fbem-510	104	32	-	-	PUNCT
fbem-510	104	33	liability	liability	NOUN
fbem-510	104	34	ratio	ratio	NOUN
fbem-510	104	35	(	(	PUNCT
fbem-510	104	36	mean	mean	NOUN
fbem-510	104	37	0.4235	0.4235	NUM
fbem-510	104	38	)	)	PUNCT
fbem-510	104	39	are	be	AUX
fbem-510	104	40	all	all	ADV
fbem-510	104	41	within	within	ADP
fbem-510	104	42	a	a	DET
fbem-510	104	43	reasonable	reasonable	ADJ
fbem-510	104	44	range	range	NOUN
fbem-510	104	45	.	.	PUNCT
fbem-510	105	1	97	97	NUM
fbem-510	105	2	table	table	NOUN
fbem-510	105	3	1	1	NUM
fbem-510	105	4	.	.	PUNCT
fbem-510	105	5	main	main	ADJ
fbem-510	105	6	empirical	empirical	ADJ
fbem-510	105	7	variable	variable	ADJ
fbem-510	105	8	definitions	definition	NOUN
fbem-510	105	9	.	.	PUNCT
fbem-510	106	1	variable	variable	ADJ
fbem-510	106	2	description	description	NOUN
fbem-510	106	3	inpatent	inpatent	NOUN
fbem-510	106	4	the	the	DET
fbem-510	106	5	total	total	ADJ
fbem-510	106	6	number	number	NOUN
fbem-510	106	7	of	of	ADP
fbem-510	106	8	annual	annual	ADJ
fbem-510	106	9	patents	patent	NOUN
fbem-510	106	10	(	(	PUNCT
fbem-510	106	11	invention	invention	NOUN
fbem-510	106	12	,	,	PUNCT
fbem-510	106	13	utility	utility	NOUN
fbem-510	106	14	model	model	NOUN
fbem-510	106	15	,	,	PUNCT
fbem-510	106	16	design	design	NOUN
fbem-510	106	17	)	)	PUNCT
fbem-510	106	18	authorized	authorize	VERB
fbem-510	106	19	by	by	ADP
fbem-510	106	20	the	the	DET
fbem-510	106	21	enterprise	enterprise	NOUN
fbem-510	106	22	.	.	PUNCT
fbem-510	107	1	inpatent_i	inpatent_i	NOUN
fbem-510	107	2	the	the	DET
fbem-510	107	3	total	total	ADJ
fbem-510	107	4	amount	amount	NOUN
fbem-510	107	5	of	of	ADP
fbem-510	107	6	annual	annual	ADJ
fbem-510	107	7	invention	invention	NOUN
fbem-510	107	8	patent	patent	NOUN
fbem-510	107	9	authorization	authorization	NOUN
fbem-510	107	10	of	of	ADP
fbem-510	107	11	the	the	DET
fbem-510	107	12	enterprise	enterprise	NOUN
fbem-510	107	13	.	.	PUNCT
fbem-510	108	1	esg	esg	NOUN
fbem-510	108	2	the	the	DET
fbem-510	108	3	company	company	NOUN
fbem-510	108	4	publishes	publish	VERB
fbem-510	108	5	the	the	DET
fbem-510	108	6	esg	esg	NOUN
fbem-510	108	7	rating	rating	NOUN
fbem-510	108	8	,	,	PUNCT
fbem-510	108	9	which	which	PRON
fbem-510	108	10	is	be	AUX
fbem-510	108	11	1	1	NUM
fbem-510	108	12	for	for	ADP
fbem-510	108	13	the	the	DET
fbem-510	108	14	current	current	ADJ
fbem-510	108	15	year	year	NOUN
fbem-510	108	16	and	and	CCONJ
fbem-510	108	17	subsequent	subsequent	ADJ
fbem-510	108	18	years	year	NOUN
fbem-510	108	19	,	,	PUNCT
fbem-510	108	20	otherwise	otherwise	ADV
fbem-510	108	21	it	it	PRON
fbem-510	108	22	is	be	AUX
fbem-510	108	23	0	0	NUM
fbem-510	108	24	.	.	PUNCT
fbem-510	109	1	agen	agen	PROPN
fbem-510	109	2	corporate	corporate	ADJ
fbem-510	109	3	free	free	ADJ
fbem-510	109	4	cash	cash	NOUN
fbem-510	109	5	flow	flow	NOUN
fbem-510	109	6	.	.	PUNCT
fbem-510	110	1	finan	finan	PROPN
fbem-510	110	2	kz	kz	PROPN
fbem-510	110	3	index	index	PROPN
fbem-510	110	4	.	.	PUNCT
fbem-510	111	1	size	size	VERB
fbem-510	111	2	the	the	DET
fbem-510	111	3	logarithm	logarithm	NOUN
fbem-510	111	4	of	of	ADP
fbem-510	111	5	the	the	DET
fbem-510	111	6	total	total	ADJ
fbem-510	111	7	assets	asset	NOUN
fbem-510	111	8	of	of	ADP
fbem-510	111	9	the	the	DET
fbem-510	111	10	company	company	NOUN
fbem-510	111	11	.	.	PUNCT
fbem-510	112	1	age	age	VERB
fbem-510	112	2	the	the	DET
fbem-510	112	3	logarithm	logarithm	NOUN
fbem-510	112	4	of	of	ADP
fbem-510	112	5	the	the	DET
fbem-510	112	6	listing	listing	NOUN
fbem-510	112	7	years	year	NOUN
fbem-510	112	8	of	of	ADP
fbem-510	112	9	the	the	DET
fbem-510	112	10	company	company	NOUN
fbem-510	112	11	.	.	PUNCT
fbem-510	113	1	soe	soe	PROPN
fbem-510	113	2	take	take	VERB
fbem-510	113	3	1	1	NUM
fbem-510	113	4	if	if	SCONJ
fbem-510	113	5	the	the	DET
fbem-510	113	6	enterprise	enterprise	NOUN
fbem-510	113	7	is	be	AUX
fbem-510	113	8	a	a	DET
fbem-510	113	9	state	state	NOUN
fbem-510	113	10	-	-	PUNCT
fbem-510	113	11	owned	own	VERB
fbem-510	113	12	enterprise	enterprise	NOUN
fbem-510	113	13	,	,	PUNCT
fbem-510	113	14	otherwise	otherwise	ADV
fbem-510	113	15	take	take	VERB
fbem-510	113	16	0	0	NUM
fbem-510	113	17	.	.	PUNCT
fbem-510	114	1	tobin	tobin	NOUN
fbem-510	114	2	market	market	NOUN
fbem-510	114	3	value	value	NOUN
fbem-510	114	4	of	of	ADP
fbem-510	114	5	total	total	ADJ
fbem-510	114	6	assets	asset	NOUN
fbem-510	114	7	/	/	SYM
fbem-510	114	8	value	value	NOUN
fbem-510	114	9	of	of	ADP
fbem-510	114	10	total	total	ADJ
fbem-510	114	11	assets	asset	NOUN
fbem-510	114	12	.	.	PUNCT
fbem-510	115	1	lev	lev	ADJ
fbem-510	115	2	total	total	ADJ
fbem-510	115	3	liabilities	liability	NOUN
fbem-510	115	4	/	/	SYM
fbem-510	115	5	total	total	ADJ
fbem-510	115	6	assets	asset	NOUN
fbem-510	115	7	.	.	PUNCT
fbem-510	116	1	share	share	VERB
fbem-510	116	2	the	the	DET
fbem-510	116	3	proportion	proportion	NOUN
fbem-510	116	4	of	of	ADP
fbem-510	116	5	shares	share	NOUN
fbem-510	116	6	held	hold	VERB
fbem-510	116	7	by	by	ADP
fbem-510	116	8	the	the	DET
fbem-510	116	9	largest	large	ADJ
fbem-510	116	10	shareholder	shareholder	NOUN
fbem-510	116	11	in	in	ADP
fbem-510	116	12	the	the	DET
fbem-510	116	13	total	total	ADJ
fbem-510	116	14	share	share	NOUN
fbem-510	116	15	capital	capital	NOUN
fbem-510	116	16	.	.	PUNCT
fbem-510	117	1	dir	dir	NOUN
fbem-510	117	2	number	number	NOUN
fbem-510	117	3	of	of	ADP
fbem-510	117	4	directors	director	NOUN
fbem-510	117	5	.	.	PUNCT
fbem-510	118	1	indep	indep	NOUN
fbem-510	118	2	proportion	proportion	NOUN
fbem-510	118	3	of	of	ADP
fbem-510	118	4	independent	independent	ADJ
fbem-510	118	5	directors	director	NOUN
fbem-510	118	6	to	to	ADP
fbem-510	118	7	the	the	DET
fbem-510	118	8	total	total	ADJ
fbem-510	118	9	number	number	NOUN
fbem-510	118	10	of	of	ADP
fbem-510	118	11	board	board	NOUN
fbem-510	118	12	members	member	NOUN
fbem-510	118	13	.	.	PUNCT
fbem-510	119	1	mgage	mgage	NOUN
fbem-510	119	2	the	the	DET
fbem-510	119	3	mean	mean	ADJ
fbem-510	119	4	age	age	NOUN
fbem-510	119	5	of	of	ADP
fbem-510	119	6	non	non	ADJ
fbem-510	119	7	-	-	ADJ
fbem-510	119	8	independent	independent	ADJ
fbem-510	119	9	directors	director	NOUN
fbem-510	119	10	and	and	CCONJ
fbem-510	119	11	executives	executive	NOUN
fbem-510	119	12	is	be	AUX
fbem-510	119	13	the	the	DET
fbem-510	119	14	natural	natural	ADJ
fbem-510	119	15	logarithm	logarithm	NOUN
fbem-510	119	16	.	.	PUNCT
fbem-510	120	1	table	table	NOUN
fbem-510	120	2	2	2	NUM
fbem-510	120	3	.	.	PUNCT
fbem-510	120	4	descriptive	descriptive	ADJ
fbem-510	120	5	statistics	statistic	NOUN
fbem-510	120	6	for	for	ADP
fbem-510	120	7	primary	primary	ADJ
fbem-510	120	8	variables	variable	NOUN
fbem-510	120	9	.	.	PUNCT
fbem-510	121	1	variable	variable	ADJ
fbem-510	121	2	num	num	ADJ
fbem-510	121	3	mean	mean	NOUN
fbem-510	121	4	std	std	NOUN
fbem-510	121	5	median	median	PROPN
fbem-510	121	6	max	max	PROPN
fbem-510	121	7	min	min	PROPN
fbem-510	121	8	inpatent	inpatent	PROPN
fbem-510	121	9	12695	12695	NUM
fbem-510	121	10	10.4340	10.4340	NUM
fbem-510	121	11	17.6921	17.6921	NUM
fbem-510	121	12	3.0000	3.0000	NUM
fbem-510	121	13	110.0000	110.0000	NUM
fbem-510	121	14	0.0000	0.0000	NUM
fbem-510	121	15	inpatent_i	inpatent_i	NOUN
fbem-510	121	16	12695	12695	NUM
fbem-510	121	17	2.5941	2.5941	NUM
fbem-510	121	18	5.6959	5.6959	NUM
fbem-510	121	19	0.0000	0.0000	NUM
fbem-510	121	20	98.0000	98.0000	NUM
fbem-510	121	21	0.0000	0.0000	NUM
fbem-510	121	22	esg	esg	NOUN
fbem-510	121	23	12695	12695	NUM
fbem-510	121	24	0.0638	0.0638	NUM
fbem-510	121	25	0.2444	0.2444	NUM
fbem-510	121	26	0.0000	0.0000	NUM
fbem-510	121	27	1.0000	1.0000	NUM
fbem-510	121	28	0.0000	0.0000	NUM
fbem-510	121	29	size	size	NOUN
fbem-510	121	30	12695	12695	NUM
fbem-510	121	31	22.0722	22.0722	NUM
fbem-510	121	32	1.1942	1.1942	NUM
fbem-510	121	33	21.9309	21.9309	NUM
fbem-510	121	34	26.7233	26.7233	NUM
fbem-510	121	35	16.7022	16.7022	NUM
fbem-510	121	36	age	age	NOUN
fbem-510	121	37	12695	12695	NUM
fbem-510	121	38	2.4012	2.4012	NUM
fbem-510	121	39	0.4626	0.4626	NUM
fbem-510	121	40	2.3026	2.3026	NUM
fbem-510	121	41	3.3673	3.3673	NUM
fbem-510	121	42	1.6094	1.6094	NUM
fbem-510	121	43	soe	soe	PROPN
fbem-510	121	44	12695	12695	NUM
fbem-510	121	45	0.3543	0.3543	NUM
fbem-510	121	46	0.4783	0.4783	NUM
fbem-510	121	47	0.0000	0.0000	NUM
fbem-510	121	48	1.0000	1.0000	NUM
fbem-510	121	49	0.0000	0.0000	NUM
fbem-510	121	50	tobin	tobin	NOUN
fbem-510	121	51	12695	12695	NUM
fbem-510	121	52	1.9805	1.9805	NUM
fbem-510	121	53	1.1832	1.1832	NUM
fbem-510	121	54	1.3677	1.3677	NUM
fbem-510	121	55	8.6790	8.6790	NUM
fbem-510	121	56	0.1921	0.1921	NUM
fbem-510	121	57	lev	lev	NOUN
fbem-510	121	58	12695	12695	NUM
fbem-510	121	59	0.4235	0.4235	NUM
fbem-510	121	60	0.2043	0.2043	NUM
fbem-510	121	61	0.4140	0.4140	NUM
fbem-510	121	62	0.9981	0.9981	NUM
fbem-510	121	63	0.0071	0.0071	NUM
fbem-510	121	64	share	share	NOUN
fbem-510	121	65	12695	12695	NUM
fbem-510	121	66	33.8480	33.8480	NUM
fbem-510	121	67	14.4955	14.4955	NUM
fbem-510	121	68	31.8008	31.8008	NUM
fbem-510	121	69	89.0930	89.0930	NUM
fbem-510	121	70	2.1969	2.1969	NUM
fbem-510	121	71	dir	dir	NOUN
fbem-510	121	72	12695	12695	NUM
fbem-510	121	73	8.6017	8.6017	NUM
fbem-510	121	74	1.6939	1.6939	NUM
fbem-510	121	75	9.0000	9.0000	NUM
fbem-510	121	76	18.0000	18.0000	NUM
fbem-510	121	77	3.0000	3.0000	NUM
fbem-510	121	78	indep	indep	NOUN
fbem-510	121	79	12695	12695	NUM
fbem-510	121	80	0.3740	0.3740	NUM
fbem-510	121	81	0.0554	0.0554	NUM
fbem-510	121	82	0.3333	0.3333	NUM
fbem-510	121	83	0.8000	0.8000	NUM
fbem-510	121	84	0.0000	0.0000	NUM
fbem-510	121	85	mgage	mgage	NOUN
fbem-510	121	86	12695	12695	NUM
fbem-510	121	87	3.8954	3.8954	NUM
fbem-510	121	88	0.0629	0.0629	NUM
fbem-510	121	89	3.8992	3.8992	NUM
fbem-510	121	90	4.1109	4.1109	NUM
fbem-510	121	91	3.6254	3.6254	NUM
fbem-510	121	92	4.2	4.2	NUM
fbem-510	121	93	.	.	PUNCT
fbem-510	122	1	regression	regression	VERB
fbem-510	122	2	analysis	analysis	NOUN
fbem-510	122	3	based	base	VERB
fbem-510	122	4	on	on	ADP
fbem-510	122	5	the	the	DET
fbem-510	122	6	regression	regression	NOUN
fbem-510	122	7	model	model	NOUN
fbem-510	122	8	(	(	PUNCT
fbem-510	122	9	1	1	NUM
fbem-510	122	10	)	)	PUNCT
fbem-510	122	11	,	,	PUNCT
fbem-510	122	12	we	we	PRON
fbem-510	122	13	use	use	VERB
fbem-510	122	14	the	the	DET
fbem-510	122	15	ols	ol	NOUN
fbem-510	122	16	estimation	estimation	NOUN
fbem-510	122	17	method	method	NOUN
fbem-510	122	18	to	to	PART
fbem-510	122	19	examine	examine	VERB
fbem-510	122	20	the	the	DET
fbem-510	122	21	impact	impact	NOUN
fbem-510	122	22	of	of	ADP
fbem-510	122	23	esg	esg	NOUN
fbem-510	122	24	rating	rating	NOUN
fbem-510	122	25	on	on	ADP
fbem-510	122	26	the	the	DET
fbem-510	122	27	total	total	ADJ
fbem-510	122	28	patents	patent	NOUN
fbem-510	122	29	and	and	CCONJ
fbem-510	122	30	invention	invention	NOUN
fbem-510	122	31	patents	patent	NOUN
fbem-510	122	32	.	.	PUNCT
fbem-510	123	1	all	all	DET
fbem-510	123	2	model	model	NOUN
fbem-510	123	3	estimates	estimate	NOUN
fbem-510	123	4	control	control	VERB
fbem-510	123	5	the	the	DET
fbem-510	123	6	fixed	fix	VERB
fbem-510	123	7	effects	effect	NOUN
fbem-510	123	8	of	of	ADP
fbem-510	123	9	year	year	NOUN
fbem-510	123	10	and	and	CCONJ
fbem-510	123	11	individual	individual	ADJ
fbem-510	123	12	companies	company	NOUN
fbem-510	123	13	.	.	PUNCT
fbem-510	124	1	table	table	NOUN
fbem-510	124	2	3	3	NUM
fbem-510	124	3	lists	list	VERB
fbem-510	124	4	the	the	DET
fbem-510	124	5	corresponding	corresponding	ADJ
fbem-510	124	6	regression	regression	NOUN
fbem-510	124	7	results	result	NOUN
fbem-510	124	8	.	.	PUNCT
fbem-510	125	1	columns	column	NOUN
fbem-510	125	2	(	(	PUNCT
fbem-510	125	3	1)-(2	1)-(2	NUM
fbem-510	125	4	)	)	PUNCT
fbem-510	125	5	report	report	VERB
fbem-510	125	6	the	the	DET
fbem-510	125	7	impact	impact	NOUN
fbem-510	125	8	of	of	ADP
fbem-510	125	9	esg	esg	NOUN
fbem-510	125	10	rating	rating	NOUN
fbem-510	125	11	on	on	ADP
fbem-510	125	12	the	the	DET
fbem-510	125	13	total	total	ADJ
fbem-510	125	14	patents	patent	NOUN
fbem-510	125	15	by	by	ADP
fbem-510	125	16	companies	company	NOUN
fbem-510	125	17	.	.	PUNCT
fbem-510	126	1	in	in	ADP
fbem-510	126	2	the	the	DET
fbem-510	126	3	absence	absence	NOUN
fbem-510	126	4	of	of	ADP
fbem-510	126	5	other	other	ADJ
fbem-510	126	6	control	control	NOUN
fbem-510	126	7	variables	variable	NOUN
fbem-510	126	8	,	,	PUNCT
fbem-510	126	9	the	the	DET
fbem-510	126	10	estimated	estimate	VERB
fbem-510	126	11	coefficient	coefficient	NOUN
fbem-510	126	12	for	for	ADP
fbem-510	126	13	esg	esg	PROPN
fbem-510	126	14	is	be	AUX
fbem-510	126	15	2.4260	2.4260	NUM
fbem-510	126	16	,	,	PUNCT
fbem-510	126	17	which	which	PRON
fbem-510	126	18	is	be	AUX
fbem-510	126	19	significant	significant	ADJ
fbem-510	126	20	at	at	ADP
fbem-510	126	21	the	the	DET
fbem-510	126	22	1	1	NUM
fbem-510	126	23	%	%	NOUN
fbem-510	126	24	level	level	NOUN
fbem-510	126	25	.	.	PUNCT
fbem-510	127	1	after	after	ADP
fbem-510	127	2	adding	add	VERB
fbem-510	127	3	control	control	NOUN
fbem-510	127	4	variables	variable	NOUN
fbem-510	127	5	,	,	PUNCT
fbem-510	127	6	the	the	DET
fbem-510	127	7	estimated	estimate	VERB
fbem-510	127	8	coefficient	coefficient	NOUN
fbem-510	127	9	of	of	ADP
fbem-510	127	10	esg	esg	PROPN
fbem-510	127	11	is	be	AUX
fbem-510	127	12	2.2849	2.2849	NUM
fbem-510	127	13	,	,	PUNCT
fbem-510	127	14	which	which	PRON
fbem-510	127	15	is	be	AUX
fbem-510	127	16	significant	significant	ADJ
fbem-510	127	17	at	at	ADP
fbem-510	127	18	the	the	DET
fbem-510	127	19	5	5	NUM
fbem-510	127	20	%	%	NOUN
fbem-510	127	21	level	level	NOUN
fbem-510	127	22	,	,	PUNCT
fbem-510	127	23	indicating	indicate	VERB
fbem-510	127	24	that	that	SCONJ
fbem-510	127	25	esg	esg	NOUN
fbem-510	127	26	rating	rating	NOUN
fbem-510	127	27	can	can	AUX
fbem-510	127	28	significantly	significantly	ADV
fbem-510	127	29	increase	increase	VERB
fbem-510	127	30	the	the	DET
fbem-510	127	31	total	total	ADJ
fbem-510	127	32	patents	patent	NOUN
fbem-510	127	33	by	by	ADP
fbem-510	127	34	enterprises	enterprise	NOUN
fbem-510	127	35	.	.	PUNCT
fbem-510	128	1	columns	column	NOUN
fbem-510	128	2	(	(	PUNCT
fbem-510	128	3	3)-(4	3)-(4	NUM
fbem-510	128	4	)	)	PUNCT
fbem-510	128	5	report	report	VERB
fbem-510	128	6	the	the	DET
fbem-510	128	7	impact	impact	NOUN
fbem-510	128	8	of	of	ADP
fbem-510	128	9	esg	esg	NOUN
fbem-510	128	10	rating	rating	NOUN
fbem-510	128	11	on	on	ADP
fbem-510	128	12	the	the	DET
fbem-510	128	13	invention	invention	NOUN
fbem-510	128	14	patents	patent	NOUN
fbem-510	128	15	by	by	ADP
fbem-510	128	16	companies	company	NOUN
fbem-510	128	17	.	.	PUNCT
fbem-510	129	1	in	in	ADP
fbem-510	129	2	the	the	DET
fbem-510	129	3	absence	absence	NOUN
fbem-510	129	4	of	of	ADP
fbem-510	129	5	other	other	ADJ
fbem-510	129	6	control	control	NOUN
fbem-510	129	7	variables	variable	NOUN
fbem-510	129	8	,	,	PUNCT
fbem-510	129	9	the	the	DET
fbem-510	129	10	estimated	estimate	VERB
fbem-510	129	11	coefficient	coefficient	NOUN
fbem-510	129	12	for	for	ADP
fbem-510	129	13	esg	esg	PROPN
fbem-510	129	14	is	be	AUX
fbem-510	129	15	0.6972	0.6972	NUM
fbem-510	129	16	,	,	PUNCT
fbem-510	129	17	which	which	PRON
fbem-510	129	18	is	be	AUX
fbem-510	129	19	significant	significant	ADJ
fbem-510	129	20	at	at	ADP
fbem-510	129	21	the	the	DET
fbem-510	129	22	5	5	NUM
fbem-510	129	23	%	%	NOUN
fbem-510	129	24	level	level	NOUN
fbem-510	129	25	.	.	PUNCT
fbem-510	130	1	after	after	ADP
fbem-510	130	2	adding	add	VERB
fbem-510	130	3	control	control	NOUN
fbem-510	130	4	variables	variable	NOUN
fbem-510	130	5	,	,	PUNCT
fbem-510	130	6	the	the	DET
fbem-510	130	7	estimated	estimate	VERB
fbem-510	130	8	coefficient	coefficient	NOUN
fbem-510	130	9	of	of	ADP
fbem-510	130	10	esg	esg	PROPN
fbem-510	130	11	is	be	AUX
fbem-510	130	12	0.6269	0.6269	NUM
fbem-510	130	13	,	,	PUNCT
fbem-510	130	14	which	which	PRON
fbem-510	130	15	is	be	AUX
fbem-510	130	16	significant	significant	ADJ
fbem-510	130	17	at	at	ADP
fbem-510	130	18	the	the	DET
fbem-510	130	19	5	5	NUM
fbem-510	130	20	%	%	NOUN
fbem-510	130	21	level	level	NOUN
fbem-510	130	22	,	,	PUNCT
fbem-510	130	23	indicating	indicate	VERB
fbem-510	130	24	that	that	SCONJ
fbem-510	130	25	esg	esg	NOUN
fbem-510	130	26	rating	rating	NOUN
fbem-510	130	27	is	be	AUX
fbem-510	130	28	positively	positively	ADV
fbem-510	130	29	correlated	correlate	VERB
fbem-510	130	30	with	with	ADP
fbem-510	130	31	the	the	DET
fbem-510	130	32	invention	invention	NOUN
fbem-510	130	33	patents	patent	NOUN
fbem-510	130	34	by	by	ADP
fbem-510	130	35	companies	company	NOUN
fbem-510	130	36	.	.	PUNCT
fbem-510	131	1	the	the	DET
fbem-510	131	2	above	above	ADJ
fbem-510	131	3	conclusions	conclusion	NOUN
fbem-510	131	4	prove	prove	VERB
fbem-510	131	5	that	that	SCONJ
fbem-510	131	6	esg	esg	NOUN
fbem-510	131	7	rating	rating	NOUN
fbem-510	131	8	can	can	AUX
fbem-510	131	9	significantly	significantly	ADV
fbem-510	131	10	improve	improve	VERB
fbem-510	131	11	the	the	DET
fbem-510	131	12	innovation	innovation	NOUN
fbem-510	131	13	level	level	NOUN
fbem-510	131	14	of	of	ADP
fbem-510	131	15	enterprises	enterprise	NOUN
fbem-510	131	16	.	.	PUNCT
fbem-510	132	1	therefore	therefore	ADV
fbem-510	132	2	,	,	PUNCT
fbem-510	132	3	the	the	DET
fbem-510	132	4	hypothesis	hypothesis	NOUN
fbem-510	132	5	1	1	NUM
fbem-510	132	6	is	be	AUX
fbem-510	132	7	verified	verify	VERB
fbem-510	132	8	.	.	PUNCT
fbem-510	133	1	4.3	4.3	NUM
fbem-510	133	2	.	.	PUNCT
fbem-510	133	3	mechanism	mechanism	NOUN
fbem-510	133	4	analysis	analysis	NOUN
fbem-510	133	5	as	as	SCONJ
fbem-510	133	6	mentioned	mention	VERB
fbem-510	133	7	earlier	early	ADV
fbem-510	133	8	,	,	PUNCT
fbem-510	133	9	esg	esg	NOUN
fbem-510	133	10	rating	rating	NOUN
fbem-510	133	11	can	can	AUX
fbem-510	133	12	increase	increase	VERB
fbem-510	133	13	innovation	innovation	NOUN
fbem-510	133	14	of	of	ADP
fbem-510	133	15	companies	company	NOUN
fbem-510	133	16	by	by	ADP
fbem-510	133	17	reducing	reduce	VERB
fbem-510	133	18	agency	agency	NOUN
fbem-510	133	19	costs	cost	NOUN
fbem-510	133	20	and	and	CCONJ
fbem-510	133	21	easing	ease	VERB
fbem-510	133	22	financing	financing	NOUN
fbem-510	133	23	constraints	constraint	NOUN
fbem-510	133	24	.	.	PUNCT
fbem-510	134	1	next	next	ADV
fbem-510	134	2	,	,	PUNCT
fbem-510	134	3	we	we	PRON
fbem-510	134	4	will	will	AUX
fbem-510	134	5	empirically	empirically	ADV
fbem-510	134	6	test	test	VERB
fbem-510	134	7	the	the	DET
fbem-510	134	8	two	two	NUM
fbem-510	134	9	mechanisms	mechanism	NOUN
fbem-510	134	10	of	of	ADP
fbem-510	134	11	reducing	reduce	VERB
fbem-510	134	12	agency	agency	NOUN
fbem-510	134	13	costs	cost	NOUN
fbem-510	134	14	and	and	CCONJ
fbem-510	134	15	easing	ease	VERB
fbem-510	134	16	financing	financing	NOUN
fbem-510	134	17	constraints	constraint	NOUN
fbem-510	134	18	by	by	ADP
fbem-510	134	19	promoting	promote	VERB
fbem-510	134	20	corporate	corporate	ADJ
fbem-510	134	21	innovation	innovation	NOUN
fbem-510	134	22	through	through	ADP
fbem-510	134	23	esg	esg	NOUN
fbem-510	134	24	rating	rating	NOUN
fbem-510	134	25	.	.	PUNCT
fbem-510	135	1	based	base	VERB
fbem-510	135	2	on	on	ADP
fbem-510	135	3	the	the	DET
fbem-510	135	4	mechanism	mechanism	NOUN
fbem-510	135	5	of	of	ADP
fbem-510	135	6	reducing	reduce	VERB
fbem-510	135	7	agency	agency	NOUN
fbem-510	135	8	cost	cost	NOUN
fbem-510	135	9	,	,	PUNCT
fbem-510	135	10	the	the	DET
fbem-510	135	11	regression	regression	NOUN
fbem-510	135	12	results	result	NOUN
fbem-510	135	13	are	be	AUX
fbem-510	135	14	listed	list	VERB
fbem-510	135	15	in	in	ADP
fbem-510	135	16	(	(	PUNCT
fbem-510	135	17	1)-(3	1)-(3	NUM
fbem-510	135	18	)	)	PUNCT
fbem-510	135	19	of	of	ADP
fbem-510	135	20	table	table	NOUN
fbem-510	135	21	4	4	NUM
fbem-510	135	22	.	.	PUNCT
fbem-510	136	1	column	column	NOUN
fbem-510	136	2	(	(	PUNCT
fbem-510	136	3	1	1	X
fbem-510	136	4	)	)	PUNCT
fbem-510	136	5	examines	examine	VERB
fbem-510	136	6	the	the	DET
fbem-510	136	7	relationship	relationship	NOUN
fbem-510	136	8	between	between	ADP
fbem-510	136	9	esg	esg	NOUN
fbem-510	136	10	rating	rating	NOUN
fbem-510	136	11	and	and	CCONJ
fbem-510	136	12	firm	firm	ADJ
fbem-510	136	13	agency	agency	NOUN
fbem-510	136	14	costs	cost	NOUN
fbem-510	136	15	.	.	PUNCT
fbem-510	137	1	among	among	ADP
fbem-510	137	2	them	they	PRON
fbem-510	137	3	,	,	PUNCT
fbem-510	137	4	the	the	DET
fbem-510	137	5	estimated	estimate	VERB
fbem-510	137	6	coefficient	coefficient	NOUN
fbem-510	137	7	of	of	ADP
fbem-510	137	8	esg	esg	PROPN
fbem-510	137	9	is	be	AUX
fbem-510	137	10	-1.8218	-1.8218	NOUN
fbem-510	137	11	,	,	PUNCT
fbem-510	137	12	which	which	PRON
fbem-510	137	13	is	be	AUX
fbem-510	137	14	significant	significant	ADJ
fbem-510	137	15	at	at	ADP
fbem-510	137	16	the	the	DET
fbem-510	137	17	1	1	NUM
fbem-510	137	18	%	%	NOUN
fbem-510	137	19	level	level	NOUN
fbem-510	137	20	,	,	PUNCT
fbem-510	137	21	which	which	PRON
fbem-510	137	22	indicates	indicate	VERB
fbem-510	137	23	that	that	SCONJ
fbem-510	137	24	esg	esg	NOUN
fbem-510	137	25	rating	rating	NOUN
fbem-510	137	26	can	can	AUX
fbem-510	137	27	significantly	significantly	ADV
fbem-510	137	28	reduce	reduce	VERB
fbem-510	137	29	the	the	DET
fbem-510	137	30	agency	agency	NOUN
fbem-510	137	31	cost	cost	NOUN
fbem-510	137	32	of	of	ADP
fbem-510	137	33	companies	company	NOUN
fbem-510	137	34	.	.	PUNCT
fbem-510	138	1	in	in	ADP
fbem-510	138	2	columns	column	NOUN
fbem-510	138	3	(	(	PUNCT
fbem-510	138	4	2)-(3	2)-(3	NOUN
fbem-510	138	5	)	)	PUNCT
fbem-510	138	6	,	,	PUNCT
fbem-510	138	7	the	the	DET
fbem-510	138	8	explained	explain	VERB
fbem-510	138	9	variables	variable	NOUN
fbem-510	138	10	are	be	AUX
fbem-510	138	11	the	the	DET
fbem-510	138	12	total	total	ADJ
fbem-510	138	13	patents	patent	NOUN
fbem-510	138	14	and	and	CCONJ
fbem-510	138	15	invention	invention	NOUN
fbem-510	138	16	patents	patent	NOUN
fbem-510	138	17	.	.	PUNCT
fbem-510	139	1	the	the	DET
fbem-510	139	2	estimated	estimate	VERB
fbem-510	139	3	coefficients	coefficient	NOUN
fbem-510	139	4	of	of	ADP
fbem-510	139	5	agency	agency	NOUN
fbem-510	139	6	cost	cost	NOUN
fbem-510	139	7	agen	agen	PROPN
fbem-510	139	8	are	be	AUX
fbem-510	139	9	-0.3177	-0.3177	ADJ
fbem-510	139	10	and	and	CCONJ
fbem-510	139	11	-0.0478	-0.0478	PROPN
fbem-510	139	12	,	,	PUNCT
fbem-510	139	13	and	and	CCONJ
fbem-510	139	14	are	be	AUX
fbem-510	139	15	significant	significant	ADJ
fbem-510	139	16	at	at	ADP
fbem-510	139	17	the	the	DET
fbem-510	139	18	level	level	NOUN
fbem-510	139	19	of	of	ADP
fbem-510	139	20	1	1	NUM
fbem-510	139	21	%	%	NOUN
fbem-510	139	22	and	and	CCONJ
fbem-510	139	23	5	5	NUM
fbem-510	139	24	%	%	NOUN
fbem-510	139	25	,	,	PUNCT
fbem-510	139	26	which	which	PRON
fbem-510	139	27	proves	prove	VERB
fbem-510	139	28	that	that	SCONJ
fbem-510	139	29	the	the	PRON
fbem-510	139	30	higher	high	ADJ
fbem-510	139	31	the	the	DET
fbem-510	139	32	agency	agency	NOUN
fbem-510	139	33	cost	cost	NOUN
fbem-510	139	34	,	,	PUNCT
fbem-510	139	35	the	the	PRON
fbem-510	139	36	lower	low	ADJ
fbem-510	139	37	the	the	DET
fbem-510	139	38	innovation	innovation	NOUN
fbem-510	139	39	level	level	NOUN
fbem-510	139	40	of	of	ADP
fbem-510	139	41	the	the	DET
fbem-510	139	42	enterprise	enterprise	NOUN
fbem-510	139	43	.	.	PUNCT
fbem-510	140	1	the	the	DET
fbem-510	140	2	estimated	estimate	VERB
fbem-510	140	3	coefficients	coefficient	NOUN
fbem-510	140	4	of	of	ADP
fbem-510	140	5	esg	esg	PROPN
fbem-510	140	6	are	be	AUX
fbem-510	140	7	1.9615	1.9615	NUM
fbem-510	140	8	and	and	CCONJ
fbem-510	140	9	0.5782	0.5782	NUM
fbem-510	140	10	,	,	PUNCT
fbem-510	140	11	both	both	PRON
fbem-510	140	12	of	of	ADP
fbem-510	140	13	which	which	PRON
fbem-510	140	14	are	be	AUX
fbem-510	140	15	significant	significant	ADJ
fbem-510	140	16	at	at	ADP
fbem-510	140	17	the	the	DET
fbem-510	140	18	level	level	NOUN
fbem-510	140	19	of	of	ADP
fbem-510	140	20	5	5	NUM
fbem-510	140	21	%	%	NOUN
fbem-510	140	22	,	,	PUNCT
fbem-510	140	23	which	which	PRON
fbem-510	140	24	indicates	indicate	VERB
fbem-510	140	25	that	that	SCONJ
fbem-510	140	26	agency	agency	NOUN
fbem-510	140	27	costs	cost	NOUN
fbem-510	140	28	play	play	VERB
fbem-510	140	29	a	a	DET
fbem-510	140	30	partial	partial	ADJ
fbem-510	140	31	intermediary	intermediary	ADJ
fbem-510	140	32	role	role	NOUN
fbem-510	140	33	.	.	PUNCT
fbem-510	141	1	esg	esg	NOUN
fbem-510	141	2	rating	rating	NOUN
fbem-510	141	3	has	have	AUX
fbem-510	141	4	effectively	effectively	ADV
fbem-510	141	5	improved	improve	VERB
fbem-510	141	6	the	the	DET
fbem-510	141	7	level	level	NOUN
fbem-510	141	8	of	of	ADP
fbem-510	141	9	corporate	corporate	ADJ
fbem-510	141	10	innovation	innovation	NOUN
fbem-510	141	11	by	by	ADP
fbem-510	141	12	reducing	reduce	VERB
fbem-510	141	13	agency	agency	NOUN
fbem-510	141	14	costs	cost	NOUN
fbem-510	141	15	.	.	PUNCT
fbem-510	142	1	based	base	VERB
fbem-510	142	2	on	on	ADP
fbem-510	142	3	the	the	DET
fbem-510	142	4	mechanism	mechanism	NOUN
fbem-510	142	5	of	of	ADP
fbem-510	142	6	easing	ease	VERB
fbem-510	142	7	financing	financing	NOUN
fbem-510	142	8	constraints	constraint	NOUN
fbem-510	142	9	,	,	PUNCT
fbem-510	142	10	the	the	DET
fbem-510	142	11	regression	regression	NOUN
fbem-510	142	12	results	result	NOUN
fbem-510	142	13	are	be	AUX
fbem-510	142	14	listed	list	VERB
fbem-510	142	15	in	in	ADP
fbem-510	142	16	(	(	PUNCT
fbem-510	142	17	4)-(6	4)-(6	NUM
fbem-510	142	18	)	)	PUNCT
fbem-510	142	19	of	of	ADP
fbem-510	142	20	table	table	NOUN
fbem-510	142	21	4	4	NUM
fbem-510	142	22	.	.	PUNCT
fbem-510	143	1	column	column	NOUN
fbem-510	143	2	(	(	PUNCT
fbem-510	143	3	4	4	X
fbem-510	143	4	)	)	PUNCT
fbem-510	143	5	examines	examine	VERB
fbem-510	143	6	the	the	DET
fbem-510	143	7	correlation	correlation	NOUN
fbem-510	143	8	between	between	ADP
fbem-510	143	9	esg	esg	NOUN
fbem-510	143	10	rating	rating	NOUN
fbem-510	143	11	and	and	CCONJ
fbem-510	143	12	corporate	corporate	ADJ
fbem-510	143	13	financing	financing	NOUN
fbem-510	143	14	constraints	constraint	NOUN
fbem-510	143	15	.	.	PUNCT
fbem-510	144	1	among	among	ADP
fbem-510	144	2	them	they	PRON
fbem-510	144	3	,	,	PUNCT
fbem-510	144	4	the	the	DET
fbem-510	144	5	estimated	estimate	VERB
fbem-510	144	6	coefficient	coefficient	NOUN
fbem-510	144	7	of	of	ADP
fbem-510	144	8	esg	esg	PROPN
fbem-510	144	9	is	be	AUX
fbem-510	144	10	-1.4420	-1.4420	ADV
fbem-510	144	11	,	,	PUNCT
fbem-510	144	12	and	and	CCONJ
fbem-510	144	13	it	it	PRON
fbem-510	144	14	is	be	AUX
fbem-510	144	15	significant	significant	ADJ
fbem-510	144	16	at	at	ADP
fbem-510	144	17	the	the	DET
fbem-510	144	18	level	level	NOUN
fbem-510	144	19	of	of	ADP
fbem-510	144	20	1	1	NUM
fbem-510	144	21	%	%	NOUN
fbem-510	144	22	,	,	PUNCT
fbem-510	144	23	which	which	PRON
fbem-510	144	24	indicates	indicate	VERB
fbem-510	144	25	that	that	SCONJ
fbem-510	144	26	esg	esg	NOUN
fbem-510	144	27	rating	rating	NOUN
fbem-510	144	28	can	can	AUX
fbem-510	144	29	significantly	significantly	ADV
fbem-510	144	30	reduce	reduce	VERB
fbem-510	144	31	the	the	DET
fbem-510	144	32	financing	financing	NOUN
fbem-510	144	33	constraints	constraint	NOUN
fbem-510	144	34	of	of	ADP
fbem-510	144	35	enterprises	enterprise	NOUN
fbem-510	144	36	.	.	PUNCT
fbem-510	145	1	in	in	ADP
fbem-510	145	2	columns	column	NOUN
fbem-510	145	3	(	(	PUNCT
fbem-510	145	4	5)-(6	5)-(6	NOUN
fbem-510	145	5	)	)	PUNCT
fbem-510	145	6	,	,	PUNCT
fbem-510	145	7	the	the	DET
fbem-510	145	8	estimated	estimate	VERB
fbem-510	145	9	coefficients	coefficient	NOUN
fbem-510	145	10	of	of	ADP
fbem-510	145	11	finan	finan	NOUN
fbem-510	145	12	's	's	PART
fbem-510	145	13	financing	financing	NOUN
fbem-510	145	14	constraints	constraint	NOUN
fbem-510	145	15	are	be	AUX
fbem-510	145	16	-0.1341	-0.1341	VERB
fbem-510	145	17	and	and	CCONJ
fbem-510	145	18	-0.0342	-0.0342	NOUN
fbem-510	145	19	respectively	respectively	ADV
fbem-510	145	20	,	,	PUNCT
fbem-510	145	21	both	both	PRON
fbem-510	145	22	of	of	ADP
fbem-510	145	23	which	which	PRON
fbem-510	145	24	are	be	AUX
fbem-510	145	25	significant	significant	ADJ
fbem-510	145	26	at	at	ADP
fbem-510	145	27	the	the	DET
fbem-510	145	28	10	10	NUM
fbem-510	145	29	%	%	NOUN
fbem-510	145	30	level	level	NOUN
fbem-510	145	31	,	,	PUNCT
fbem-510	145	32	indicating	indicate	VERB
fbem-510	145	33	that	that	SCONJ
fbem-510	145	34	higher	high	ADJ
fbem-510	145	35	external	external	ADJ
fbem-510	145	36	financing	financing	NOUN
fbem-510	145	37	constraints	constraint	NOUN
fbem-510	145	38	will	will	AUX
fbem-510	145	39	significantly	significantly	ADV
fbem-510	145	40	reduce	reduce	VERB
fbem-510	145	41	the	the	DET
fbem-510	145	42	98	98	NUM
fbem-510	145	43	innovation	innovation	NOUN
fbem-510	145	44	level	level	NOUN
fbem-510	145	45	of	of	ADP
fbem-510	145	46	enterprises	enterprise	NOUN
fbem-510	145	47	.	.	PUNCT
fbem-510	146	1	the	the	DET
fbem-510	146	2	estimated	estimate	VERB
fbem-510	146	3	coefficients	coefficient	NOUN
fbem-510	146	4	of	of	ADP
fbem-510	146	5	esg	esg	PROPN
fbem-510	146	6	are	be	AUX
fbem-510	146	7	2.0931	2.0931	NUM
fbem-510	146	8	and	and	CCONJ
fbem-510	146	9	0.5780	0.5780	NUM
fbem-510	146	10	respectively	respectively	ADV
fbem-510	146	11	,	,	PUNCT
fbem-510	146	12	both	both	PRON
fbem-510	146	13	of	of	ADP
fbem-510	146	14	which	which	PRON
fbem-510	146	15	are	be	AUX
fbem-510	146	16	significant	significant	ADJ
fbem-510	146	17	at	at	ADP
fbem-510	146	18	the	the	DET
fbem-510	146	19	level	level	NOUN
fbem-510	146	20	of	of	ADP
fbem-510	146	21	5	5	NUM
fbem-510	146	22	%	%	NOUN
fbem-510	146	23	,	,	PUNCT
fbem-510	146	24	which	which	PRON
fbem-510	146	25	indicates	indicate	VERB
fbem-510	146	26	that	that	SCONJ
fbem-510	146	27	financing	financing	NOUN
fbem-510	146	28	constraints	constraint	NOUN
fbem-510	146	29	have	have	AUX
fbem-510	146	30	played	play	VERB
fbem-510	146	31	an	an	DET
fbem-510	146	32	intermediary	intermediary	ADJ
fbem-510	146	33	role	role	NOUN
fbem-510	146	34	,	,	PUNCT
fbem-510	146	35	and	and	CCONJ
fbem-510	146	36	esg	esg	NOUN
fbem-510	146	37	rating	rating	NOUN
fbem-510	146	38	can	can	AUX
fbem-510	146	39	improve	improve	VERB
fbem-510	146	40	the	the	DET
fbem-510	146	41	innovation	innovation	NOUN
fbem-510	146	42	level	level	NOUN
fbem-510	146	43	of	of	ADP
fbem-510	146	44	enterprises	enterprise	NOUN
fbem-510	146	45	by	by	ADP
fbem-510	146	46	easing	ease	VERB
fbem-510	146	47	financing	financing	NOUN
fbem-510	146	48	constraints	constraint	NOUN
fbem-510	146	49	.	.	PUNCT
fbem-510	147	1	table	table	NOUN
fbem-510	147	2	3	3	NUM
fbem-510	147	3	.	.	PUNCT
fbem-510	147	4	esg	esg	NOUN
fbem-510	147	5	rating	rating	NOUN
fbem-510	147	6	and	and	CCONJ
fbem-510	147	7	corporate	corporate	ADJ
fbem-510	147	8	innovation	innovation	NOUN
fbem-510	147	9	variables	variable	VERB
fbem-510	147	10	inpatent	inpatent	ADJ
fbem-510	147	11	inpatent_i	inpatent_i	NOUN
fbem-510	147	12	(	(	PUNCT
fbem-510	147	13	1	1	NUM
fbem-510	147	14	)	)	PUNCT
fbem-510	147	15	(	(	PUNCT
fbem-510	147	16	2	2	NUM
fbem-510	147	17	)	)	PUNCT
fbem-510	147	18	(	(	PUNCT
fbem-510	147	19	3	3	X
fbem-510	147	20	)	)	PUNCT
fbem-510	147	21	(	(	PUNCT
fbem-510	147	22	4	4	X
fbem-510	147	23	)	)	PUNCT
fbem-510	147	24	esg	esg	NOUN
fbem-510	147	25	2.4260	2.4260	NUM
fbem-510	147	26	*	*	PUNCT
fbem-510	147	27	*	*	PUNCT
fbem-510	147	28	*	*	PUNCT
fbem-510	147	29	2.2849	2.2849	NUM
fbem-510	147	30	*	*	SYM
fbem-510	147	31	*	*	PUNCT
fbem-510	147	32	0.6972	0.6972	NUM
fbem-510	147	33	*	*	PUNCT
fbem-510	147	34	*	*	PUNCT
fbem-510	147	35	0.6269	0.6269	NUM
fbem-510	147	36	*	*	SYM
fbem-510	147	37	*	*	PUNCT
fbem-510	147	38	(	(	PUNCT
fbem-510	147	39	2.6173	2.6173	NUM
fbem-510	147	40	)	)	PUNCT
fbem-510	147	41	(	(	PUNCT
fbem-510	147	42	2.4941	2.4941	NUM
fbem-510	147	43	)	)	PUNCT
fbem-510	147	44	(	(	PUNCT
fbem-510	147	45	2.4137	2.4137	NUM
fbem-510	147	46	)	)	PUNCT
fbem-510	147	47	(	(	PUNCT
fbem-510	147	48	2.1918	2.1918	NUM
fbem-510	147	49	)	)	PUNCT
fbem-510	147	50	size	size	NOUN
fbem-510	147	51	0.5371	0.5371	NUM
fbem-510	147	52	0.3046	0.3046	NUM
fbem-510	147	53	*	*	PUNCT
fbem-510	147	54	*	*	PUNCT
fbem-510	147	55	(	(	PUNCT
fbem-510	147	56	1.0666	1.0666	NUM
fbem-510	147	57	)	)	PUNCT
fbem-510	147	58	(	(	PUNCT
fbem-510	147	59	1.9622	1.9622	NUM
fbem-510	147	60	)	)	PUNCT
fbem-510	147	61	age	age	NOUN
fbem-510	147	62	0.2381	0.2381	NUM
fbem-510	147	63	-0.1321	-0.1321	NOUN
fbem-510	147	64	(	(	PUNCT
fbem-510	147	65	0.2938	0.2938	NUM
fbem-510	147	66	)	)	PUNCT
fbem-510	147	67	(	(	PUNCT
fbem-510	147	68	-0.4896	-0.4896	INTJ
fbem-510	147	69	)	)	PUNCT
fbem-510	147	70	soe	soe	PROPN
fbem-510	147	71	1.8094	1.8094	NUM
fbem-510	147	72	0.1582	0.1582	NUM
fbem-510	147	73	(	(	PUNCT
fbem-510	147	74	1.2965	1.2965	NUM
fbem-510	147	75	)	)	PUNCT
fbem-510	147	76	(	(	PUNCT
fbem-510	147	77	0.3382	0.3382	NUM
fbem-510	147	78	)	)	PUNCT
fbem-510	147	79	tobin	tobin	PROPN
fbem-510	147	80	-0.6887	-0.6887	PROPN
fbem-510	148	1	-0.1729	-0.1729	PROPN
fbem-510	148	2	(	(	PUNCT
fbem-510	148	3	-0.8927	-0.8927	NOUN
fbem-510	148	4	)	)	PUNCT
fbem-510	148	5	(	(	PUNCT
fbem-510	148	6	-0.6733	-0.6733	NOUN
fbem-510	148	7	)	)	PUNCT
fbem-510	148	8	lev	lev	NOUN
fbem-510	148	9	0.7058	0.7058	NUM
fbem-510	148	10	0.2479	0.2479	NUM
fbem-510	148	11	(	(	PUNCT
fbem-510	148	12	0.5374	0.5374	NUM
fbem-510	148	13	)	)	PUNCT
fbem-510	148	14	(	(	PUNCT
fbem-510	148	15	0.5943	0.5943	NUM
fbem-510	148	16	)	)	PUNCT
fbem-510	148	17	share	share	NOUN
fbem-510	148	18	-0.0039	-0.0039	NOUN
fbem-510	148	19	-0.0010	-0.0010	PROPN
fbem-510	148	20	(	(	PUNCT
fbem-510	148	21	-0.1455	-0.1455	CCONJ
fbem-510	148	22	)	)	PUNCT
fbem-510	148	23	(	(	PUNCT
fbem-510	148	24	-0.0954	-0.0954	NOUN
fbem-510	148	25	)	)	PUNCT
fbem-510	148	26	dir	dir	NOUN
fbem-510	148	27	0.0852	0.0852	NUM
fbem-510	148	28	0.0858	0.0858	NUM
fbem-510	148	29	(	(	PUNCT
fbem-510	148	30	0.4003	0.4003	NUM
fbem-510	148	31	)	)	PUNCT
fbem-510	148	32	(	(	PUNCT
fbem-510	148	33	1.4045	1.4045	NUM
fbem-510	148	34	)	)	PUNCT
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fbem-510	148	36	1.9825	1.9825	NUM
fbem-510	148	37	2.7317	2.7317	NUM
fbem-510	148	38	*	*	NOUN
fbem-510	148	39	*	*	PUNCT
fbem-510	148	40	(	(	PUNCT
fbem-510	148	41	0.4029	0.4029	NUM
fbem-510	148	42	)	)	PUNCT
fbem-510	148	43	(	(	PUNCT
fbem-510	148	44	2.2196	2.2196	NUM
fbem-510	148	45	)	)	PUNCT
fbem-510	148	46	mgage	mgage	NOUN
fbem-510	148	47	2.6066	2.6066	NUM
fbem-510	148	48	0.6160	0.6160	NUM
fbem-510	148	49	(	(	PUNCT
fbem-510	148	50	0.4417	0.4417	NUM
fbem-510	148	51	)	)	PUNCT
fbem-510	148	52	(	(	PUNCT
fbem-510	148	53	0.3739	0.3739	NUM
fbem-510	148	54	)	)	PUNCT
fbem-510	148	55	constant	constant	ADJ
fbem-510	148	56	7.9024	7.9024	NUM
fbem-510	148	57	*	*	PUNCT
fbem-510	148	58	*	*	PUNCT
fbem-510	148	59	*	*	PUNCT
fbem-510	148	60	-16.2447	-16.2447	PUNCT
fbem-510	149	1	2.0592	2.0592	NUM
fbem-510	149	2	*	*	PUNCT
fbem-510	149	3	*	*	PUNCT
fbem-510	149	4	*	*	NOUN
fbem-510	149	5	-8.4332	-8.4332	NOUN
fbem-510	149	6	(	(	PUNCT
fbem-510	149	7	19.7603	19.7603	NUM
fbem-510	149	8	)	)	PUNCT
fbem-510	149	9	(	(	PUNCT
fbem-510	149	10	-0.6779	-0.6779	X
fbem-510	149	11	)	)	PUNCT
fbem-510	149	12	(	(	PUNCT
fbem-510	149	13	15.9276	15.9276	NUM
fbem-510	149	14	)	)	PUNCT
fbem-510	149	15	(	(	PUNCT
fbem-510	149	16	-1.2892	-1.2892	NOUN
fbem-510	149	17	)	)	PUNCT
fbem-510	149	18	year	year	NOUN
fbem-510	150	1	yes	yes	INTJ
fbem-510	151	1	yes	yes	INTJ
fbem-510	152	1	yes	yes	INTJ
fbem-510	152	2	yes	yes	INTJ
fbem-510	152	3	firm	firm	INTJ
fbem-510	153	1	yes	yes	INTJ
fbem-510	153	2	yes	yes	INTJ
fbem-510	154	1	yes	yes	INTJ
fbem-510	155	1	yes	yes	INTJ
fbem-510	155	2	n	n	ADV
fbem-510	155	3	9652	9652	NUM
fbem-510	155	4	9652	9652	NUM
fbem-510	155	5	9652	9652	NUM
fbem-510	155	6	9652	9652	NUM
fbem-510	155	7	adj	adj	PROPN
fbem-510	155	8	-	-	PUNCT
fbem-510	155	9	r2	r2	PROPN
fbem-510	155	10	0.0094	0.0094	NUM
fbem-510	155	11	0.0096	0.0096	NUM
fbem-510	155	12	0.0153	0.0153	NUM
fbem-510	155	13	0.0165	0.0165	NUM
fbem-510	155	14	robust	robust	ADJ
fbem-510	155	15	standard	standard	ADJ
fbem-510	155	16	errors	error	NOUN
fbem-510	155	17	in	in	ADP
fbem-510	155	18	parentheses	parenthesis	NOUN
fbem-510	155	19	*	*	PUNCT
fbem-510	155	20	*	*	PUNCT
fbem-510	155	21	*	*	PUNCT
fbem-510	155	22	p	p	X
fbem-510	155	23	<	<	X
fbem-510	155	24	0.01	0.01	NUM
fbem-510	155	25	,	,	PUNCT
fbem-510	155	26	*	*	PUNCT
fbem-510	155	27	*	*	PUNCT
fbem-510	155	28	p	p	X
fbem-510	155	29	<	<	X
fbem-510	155	30	0.05	0.05	NUM
fbem-510	155	31	,	,	PUNCT
fbem-510	155	32	*	*	PUNCT
fbem-510	156	1	p	p	X
fbem-510	156	2	<	<	X
fbem-510	156	3	0.1	0.1	NUM
fbem-510	156	4	table	table	NOUN
fbem-510	156	5	4	4	NUM
fbem-510	156	6	.	.	PUNCT
fbem-510	156	7	influence	influence	NOUN
fbem-510	156	8	mechanism	mechanism	NOUN
fbem-510	156	9	test	test	NOUN
fbem-510	156	10	variables	variable	VERB
fbem-510	156	11	agen	agen	PROPN
fbem-510	156	12	inpatent	inpatent	PROPN
fbem-510	156	13	inpatent_i	inpatent_i	PROPN
fbem-510	156	14	finan	finan	PROPN
fbem-510	156	15	inpatent	inpatent	PROPN
fbem-510	156	16	inpatent_i	inpatent_i	NOUN
fbem-510	156	17	(	(	PUNCT
fbem-510	156	18	1	1	NUM
fbem-510	156	19	)	)	PUNCT
fbem-510	156	20	(	(	PUNCT
fbem-510	156	21	2	2	NUM
fbem-510	156	22	)	)	PUNCT
fbem-510	156	23	(	(	PUNCT
fbem-510	156	24	3	3	X
fbem-510	156	25	)	)	PUNCT
fbem-510	156	26	(	(	PUNCT
fbem-510	156	27	4	4	NUM
fbem-510	156	28	)	)	PUNCT
fbem-510	156	29	(	(	PUNCT
fbem-510	156	30	5	5	NUM
fbem-510	156	31	)	)	PUNCT
fbem-510	156	32	(	(	PUNCT
fbem-510	156	33	6	6	X
fbem-510	156	34	)	)	PUNCT
fbem-510	156	35	esg	esg	NOUN
fbem-510	156	36	-1.8218	-1.8218	NOUN
fbem-510	156	37	*	*	PUNCT
fbem-510	156	38	*	*	PUNCT
fbem-510	156	39	*	*	PUNCT
fbem-510	157	1	1.9615	1.9615	NUM
fbem-510	157	2	*	*	PUNCT
fbem-510	157	3	*	*	X
fbem-510	157	4	0.5782	0.5782	NUM
fbem-510	157	5	*	*	NOUN
fbem-510	157	6	*	*	NOUN
fbem-510	157	7	-1.4420	-1.4420	NOUN
fbem-510	157	8	*	*	PUNCT
fbem-510	157	9	*	*	PUNCT
fbem-510	157	10	*	*	PUNCT
fbem-510	158	1	2.0931	2.0931	NUM
fbem-510	158	2	*	*	PUNCT
fbem-510	158	3	*	*	PUNCT
fbem-510	158	4	0.5780	0.5780	NUM
fbem-510	158	5	*	*	PUNCT
fbem-510	158	6	*	*	PUNCT
fbem-510	158	7	(	(	PUNCT
fbem-510	158	8	-8.1538	-8.1538	NOUN
fbem-510	158	9	)	)	PUNCT
fbem-510	158	10	(	(	PUNCT
fbem-510	158	11	2.1097	2.1097	NUM
fbem-510	158	12	)	)	PUNCT
fbem-510	158	13	(	(	PUNCT
fbem-510	158	14	2.0016	2.0016	NUM
fbem-510	158	15	)	)	PUNCT
fbem-510	158	16	(	(	PUNCT
fbem-510	158	17	-14.4356	-14.4356	X
fbem-510	158	18	)	)	PUNCT
fbem-510	158	19	(	(	PUNCT
fbem-510	158	20	2.3010	2.3010	NUM
fbem-510	158	21	)	)	PUNCT
fbem-510	158	22	(	(	PUNCT
fbem-510	158	23	2.0458	2.0458	NUM
fbem-510	158	24	)	)	PUNCT
fbem-510	158	25	agen	agen	NOUN
fbem-510	158	26	-0.3177	-0.3177	PROPN
fbem-510	158	27	*	*	PUNCT
fbem-510	158	28	*	*	PUNCT
fbem-510	158	29	*	*	PUNCT
fbem-510	158	30	-0.0478	-0.0478	PROPN
fbem-510	158	31	*	*	PUNCT
fbem-510	158	32	*	*	PUNCT
fbem-510	158	33	(	(	PUNCT
fbem-510	158	34	-4.7524	-4.7524	PROPN
fbem-510	158	35	)	)	PUNCT
fbem-510	158	36	(	(	PUNCT
fbem-510	158	37	-2.2227	-2.2227	NOUN
fbem-510	158	38	)	)	PUNCT
fbem-510	158	39	finan	finan	PROPN
fbem-510	158	40	-0.1341	-0.1341	PROPN
fbem-510	158	41	*	*	PUNCT
fbem-510	158	42	-0.0342	-0.0342	PROPN
fbem-510	158	43	*	*	PUNCT
fbem-510	158	44	(	(	PUNCT
fbem-510	158	45	-1.8104	-1.8104	NOUN
fbem-510	158	46	)	)	PUNCT
fbem-510	158	47	(	(	PUNCT
fbem-510	158	48	-1.7624	-1.7624	ADV
fbem-510	158	49	)	)	PUNCT
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fbem-510	158	52	-16.2129	-16.2129	PUNCT
fbem-510	158	53	-8.4284	-8.4284	PROPN
fbem-510	158	54	-5.0115	-5.0115	PROPN
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fbem-510	158	56	-8.6687	-8.6687	NOUN
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fbem-510	158	58	-0.1507	-0.1507	NOUN
fbem-510	158	59	)	)	PUNCT
fbem-510	158	60	(	(	PUNCT
fbem-510	158	61	-0.6851	-0.6851	NOUN
fbem-510	158	62	)	)	PUNCT
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fbem-510	158	64	-1.2954	-1.2954	NOUN
fbem-510	158	65	)	)	PUNCT
fbem-510	158	66	(	(	PUNCT
fbem-510	158	67	-1.6407	-1.6407	PROPN
fbem-510	158	68	)	)	PUNCT
fbem-510	158	69	(	(	PUNCT
fbem-510	158	70	-0.7173	-0.7173	NOUN
fbem-510	158	71	)	)	PUNCT
fbem-510	158	72	(	(	PUNCT
fbem-510	158	73	-1.3255	-1.3255	PROPN
fbem-510	158	74	)	)	PUNCT
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fbem-510	159	1	yes	yes	INTJ
fbem-510	159	2	yes	yes	INTJ
fbem-510	160	1	yes	yes	INTJ
fbem-510	161	1	yes	yes	INTJ
fbem-510	162	1	yes	yes	INTJ
fbem-510	162	2	yes	yes	INTJ
fbem-510	162	3	firm	firm	INTJ
fbem-510	163	1	yes	yes	INTJ
fbem-510	164	1	yes	yes	INTJ
fbem-510	165	1	yes	yes	INTJ
fbem-510	166	1	yes	yes	INTJ
fbem-510	167	1	yes	yes	INTJ
fbem-510	168	1	yes	yes	INTJ
fbem-510	169	1	n	n	ADV
fbem-510	169	2	12695	12695	NUM
fbem-510	169	3	9652	9652	NUM
fbem-510	169	4	9652	9652	NUM
fbem-510	169	5	12695	12695	NUM
fbem-510	169	6	9652	9652	NUM
fbem-510	169	7	9652	9652	NUM
fbem-510	169	8	adj	adj	PROPN
fbem-510	169	9	-	-	PUNCT
fbem-510	169	10	r2	r2	NOUN
fbem-510	169	11	0.0494	0.0494	NUM
fbem-510	169	12	0.0150	0.0150	NUM
fbem-510	169	13	0.0175	0.0175	NUM
fbem-510	169	14	0.0522	0.0522	NUM
fbem-510	169	15	0.0100	0.0100	NUM
fbem-510	169	16	0.0167	0.0167	NUM
fbem-510	169	17	robust	robust	ADJ
fbem-510	169	18	standard	standard	ADJ
fbem-510	169	19	errors	error	NOUN
fbem-510	169	20	in	in	ADP
fbem-510	169	21	parentheses	parenthesis	NOUN
fbem-510	169	22	*	*	PUNCT
fbem-510	169	23	*	*	PUNCT
fbem-510	169	24	*	*	PUNCT
fbem-510	169	25	p	p	X
fbem-510	169	26	<	<	X
fbem-510	169	27	0.01	0.01	NUM
fbem-510	169	28	,	,	PUNCT
fbem-510	169	29	*	*	PUNCT
fbem-510	169	30	*	*	PUNCT
fbem-510	169	31	p	p	X
fbem-510	169	32	<	<	X
fbem-510	169	33	0.05	0.05	NUM
fbem-510	169	34	,	,	PUNCT
fbem-510	169	35	*	*	PUNCT
fbem-510	169	36	p	p	X
fbem-510	169	37	<	<	X
fbem-510	169	38	0.1	0.1	NUM
fbem-510	169	39	5	5	NUM
fbem-510	169	40	.	.	PUNCT
fbem-510	169	41	conclusion	conclusion	NOUN
fbem-510	169	42	based	base	VERB
fbem-510	169	43	on	on	ADP
fbem-510	169	44	a	a	DET
fbem-510	169	45	sample	sample	NOUN
fbem-510	169	46	of	of	ADP
fbem-510	169	47	chinese	chinese	ADJ
fbem-510	169	48	listed	list	VERB
fbem-510	169	49	companies	company	NOUN
fbem-510	169	50	in	in	ADP
fbem-510	169	51	shanghai	shanghai	PROPN
fbem-510	169	52	and	and	CCONJ
fbem-510	169	53	shenzhen	shenzhen	PROPN
fbem-510	169	54	from	from	ADP
fbem-510	169	55	2011	2011	NUM
fbem-510	169	56	to	to	ADP
fbem-510	169	57	2019	2019	NUM
fbem-510	169	58	,	,	PUNCT
fbem-510	169	59	this	this	DET
fbem-510	169	60	paper	paper	NOUN
fbem-510	169	61	examines	examine	VERB
fbem-510	169	62	the	the	DET
fbem-510	169	63	impact	impact	NOUN
fbem-510	169	64	of	of	ADP
fbem-510	169	65	the	the	DET
fbem-510	169	66	quasi	quasi	ADJ
fbem-510	169	67	-	-	ADJ
fbem-510	169	68	natural	natural	ADJ
fbem-510	169	69	experiment	experiment	NOUN
fbem-510	169	70	of	of	ADP
fbem-510	169	71	esg	esg	PROPN
fbem-510	169	72	rating	rating	NOUN
fbem-510	169	73	publication	publication	NOUN
fbem-510	169	74	on	on	ADP
fbem-510	169	75	corporate	corporate	ADJ
fbem-510	169	76	innovation	innovation	NOUN
fbem-510	169	77	and	and	CCONJ
fbem-510	169	78	its	its	PRON
fbem-510	169	79	transmission	transmission	NOUN
fbem-510	169	80	mechanism	mechanism	NOUN
fbem-510	169	81	.	.	PUNCT
fbem-510	170	1	the	the	DET
fbem-510	170	2	main	main	ADJ
fbem-510	170	3	research	research	NOUN
fbem-510	170	4	results	result	NOUN
fbem-510	170	5	show	show	VERB
fbem-510	170	6	that	that	SCONJ
fbem-510	170	7	esg	esg	NOUN
fbem-510	170	8	rating	rating	NOUN
fbem-510	170	9	promotes	promote	VERB
fbem-510	170	10	corporate	corporate	ADJ
fbem-510	170	11	innovation	innovation	NOUN
fbem-510	170	12	by	by	ADP
fbem-510	170	13	reducing	reduce	VERB
fbem-510	170	14	agency	agency	NOUN
fbem-510	170	15	costs	cost	NOUN
fbem-510	170	16	and	and	CCONJ
fbem-510	170	17	easing	ease	VERB
fbem-510	170	18	financing	financing	NOUN
fbem-510	170	19	constraints	constraint	NOUN
fbem-510	170	20	.	.	PUNCT
fbem-510	171	1	as	as	SCONJ
fbem-510	171	2	companies	company	NOUN
fbem-510	171	3	are	be	AUX
fbem-510	171	4	included	include	VERB
fbem-510	171	5	in	in	ADP
fbem-510	171	6	the	the	DET
fbem-510	171	7	esg	esg	NOUN
fbem-510	171	8	rating	rating	NOUN
fbem-510	171	9	report	report	NOUN
fbem-510	171	10	,	,	PUNCT
fbem-510	171	11	agency	agency	NOUN
fbem-510	171	12	costs	cost	NOUN
fbem-510	171	13	and	and	CCONJ
fbem-510	171	14	financing	financing	NOUN
fbem-510	171	15	constraints	constraint	NOUN
fbem-510	171	16	are	be	AUX
fbem-510	171	17	significantly	significantly	ADV
fbem-510	171	18	reduced	reduce	VERB
fbem-510	171	19	,	,	PUNCT
fbem-510	171	20	and	and	CCONJ
fbem-510	171	21	both	both	PRON
fbem-510	171	22	of	of	ADP
fbem-510	171	23	these	these	DET
fbem-510	171	24	reductions	reduction	NOUN
fbem-510	171	25	have	have	VERB
fbem-510	171	26	a	a	DET
fbem-510	171	27	significant	significant	ADJ
fbem-510	171	28	role	role	NOUN
fbem-510	171	29	in	in	ADP
fbem-510	171	30	promoting	promote	VERB
fbem-510	171	31	the	the	DET
fbem-510	171	32	total	total	ADJ
fbem-510	171	33	patents	patent	NOUN
fbem-510	171	34	and	and	CCONJ
fbem-510	171	35	invention	invention	NOUN
fbem-510	171	36	patents	patent	NOUN
fbem-510	171	37	.	.	PUNCT
fbem-510	172	1	this	this	PRON
fbem-510	172	2	demonstrates	demonstrate	VERB
fbem-510	172	3	our	our	PRON
fbem-510	172	4	hypothesis	hypothesis	NOUN
fbem-510	172	5	that	that	SCONJ
fbem-510	172	6	esg	esg	NOUN
fbem-510	172	7	rating	rating	NOUN
fbem-510	172	8	promotes	promote	VERB
fbem-510	172	9	corporate	corporate	ADJ
fbem-510	172	10	innovation	innovation	NOUN
fbem-510	172	11	through	through	ADP
fbem-510	172	12	signaling	signal	VERB
fbem-510	172	13	and	and	CCONJ
fbem-510	172	14	99	99	NUM
fbem-510	172	15	enhanced	enhanced	ADJ
fbem-510	172	16	oversight	oversight	NOUN
fbem-510	172	17	.	.	PUNCT
fbem-510	173	1	based	base	VERB
fbem-510	173	2	on	on	ADP
fbem-510	173	3	the	the	DET
fbem-510	173	4	previous	previous	ADJ
fbem-510	173	5	research	research	NOUN
fbem-510	173	6	results	result	NOUN
fbem-510	173	7	,	,	PUNCT
fbem-510	173	8	we	we	PRON
fbem-510	173	9	put	put	VERB
fbem-510	173	10	forward	forward	ADV
fbem-510	173	11	several	several	ADJ
fbem-510	173	12	suggestions	suggestion	NOUN
fbem-510	173	13	for	for	ADP
fbem-510	173	14	regulatory	regulatory	ADJ
fbem-510	173	15	,	,	PUNCT
fbem-510	173	16	third	third	ADJ
fbem-510	173	17	-	-	PUNCT
fbem-510	173	18	party	party	NOUN
fbem-510	173	19	rating	rating	NOUN
fbem-510	173	20	agencies	agency	NOUN
fbem-510	173	21	and	and	CCONJ
fbem-510	173	22	enterprises	enterprise	NOUN
fbem-510	173	23	.	.	PUNCT
fbem-510	174	1	for	for	ADP
fbem-510	174	2	regulators	regulator	NOUN
fbem-510	174	3	,	,	PUNCT
fbem-510	174	4	the	the	DET
fbem-510	174	5	promotion	promotion	NOUN
fbem-510	174	6	of	of	ADP
fbem-510	174	7	corporate	corporate	ADJ
fbem-510	174	8	innovation	innovation	NOUN
fbem-510	174	9	by	by	ADP
fbem-510	174	10	third	third	ADJ
fbem-510	174	11	-	-	PUNCT
fbem-510	174	12	party	party	NOUN
fbem-510	174	13	rating	rating	NOUN
fbem-510	174	14	agencies	agency	NOUN
fbem-510	174	15	'	'	PART
fbem-510	174	16	release	release	NOUN
fbem-510	174	17	of	of	ADP
fbem-510	174	18	corporate	corporate	ADJ
fbem-510	174	19	esg	esg	NOUN
fbem-510	174	20	information	information	NOUN
fbem-510	174	21	should	should	AUX
fbem-510	174	22	be	be	AUX
fbem-510	174	23	fully	fully	ADV
fbem-510	174	24	affirmed	affirm	VERB
fbem-510	174	25	.	.	PUNCT
fbem-510	175	1	regulatory	regulatory	ADJ
fbem-510	175	2	agencies	agency	NOUN
fbem-510	175	3	at	at	ADP
fbem-510	175	4	all	all	DET
fbem-510	175	5	levels	level	NOUN
fbem-510	175	6	should	should	AUX
fbem-510	175	7	continue	continue	VERB
fbem-510	175	8	to	to	PART
fbem-510	175	9	promote	promote	VERB
fbem-510	175	10	the	the	DET
fbem-510	175	11	implementation	implementation	NOUN
fbem-510	175	12	of	of	ADP
fbem-510	175	13	esg	esg	PROPN
fbem-510	175	14	policies	policy	NOUN
fbem-510	175	15	,	,	PUNCT
fbem-510	175	16	continuously	continuously	ADV
fbem-510	175	17	guide	guide	VERB
fbem-510	175	18	listed	list	VERB
fbem-510	175	19	companies	company	NOUN
fbem-510	175	20	to	to	PART
fbem-510	175	21	disclose	disclose	VERB
fbem-510	175	22	esg	esg	PROPN
fbem-510	175	23	data	datum	NOUN
fbem-510	175	24	,	,	PUNCT
fbem-510	175	25	and	and	CCONJ
fbem-510	175	26	promote	promote	VERB
fbem-510	175	27	relevant	relevant	ADJ
fbem-510	175	28	research	research	NOUN
fbem-510	175	29	institutions	institution	NOUN
fbem-510	175	30	to	to	PART
fbem-510	175	31	carry	carry	VERB
fbem-510	175	32	out	out	ADP
fbem-510	175	33	esg	esg	NOUN
fbem-510	175	34	research	research	NOUN
fbem-510	175	35	and	and	CCONJ
fbem-510	175	36	publication	publication	NOUN
fbem-510	175	37	.	.	PUNCT
fbem-510	176	1	on	on	ADP
fbem-510	176	2	the	the	DET
fbem-510	176	3	one	one	NUM
fbem-510	176	4	hand	hand	NOUN
fbem-510	176	5	,	,	PUNCT
fbem-510	176	6	it	it	PRON
fbem-510	176	7	is	be	AUX
fbem-510	176	8	necessary	necessary	ADJ
fbem-510	176	9	to	to	PART
fbem-510	176	10	urge	urge	VERB
fbem-510	176	11	or	or	CCONJ
fbem-510	176	12	compel	compel	VERB
fbem-510	176	13	listed	list	VERB
fbem-510	176	14	companies	company	NOUN
fbem-510	176	15	to	to	PART
fbem-510	176	16	disclose	disclose	VERB
fbem-510	176	17	esg	esg	NOUN
fbem-510	176	18	information	information	NOUN
fbem-510	176	19	and	and	CCONJ
fbem-510	176	20	indicators	indicator	NOUN
fbem-510	176	21	to	to	PART
fbem-510	176	22	ensure	ensure	VERB
fbem-510	176	23	that	that	SCONJ
fbem-510	176	24	rating	rating	NOUN
fbem-510	176	25	agencies	agency	NOUN
fbem-510	176	26	have	have	VERB
fbem-510	176	27	sufficient	sufficient	ADJ
fbem-510	176	28	and	and	CCONJ
fbem-510	176	29	authentic	authentic	ADJ
fbem-510	176	30	raw	raw	ADJ
fbem-510	176	31	esg	esg	NOUN
fbem-510	176	32	data	datum	NOUN
fbem-510	176	33	and	and	CCONJ
fbem-510	176	34	expand	expand	VERB
fbem-510	176	35	the	the	DET
fbem-510	176	36	coverage	coverage	NOUN
fbem-510	176	37	of	of	ADP
fbem-510	176	38	esg	esg	PROPN
fbem-510	176	39	rating	rating	NOUN
fbem-510	176	40	.	.	PUNCT
fbem-510	177	1	on	on	ADP
fbem-510	177	2	the	the	DET
fbem-510	177	3	other	other	ADJ
fbem-510	177	4	hand	hand	NOUN
fbem-510	177	5	,	,	PUNCT
fbem-510	177	6	it	it	PRON
fbem-510	177	7	is	be	AUX
fbem-510	177	8	necessary	necessary	ADJ
fbem-510	177	9	to	to	PART
fbem-510	177	10	increase	increase	VERB
fbem-510	177	11	the	the	DET
fbem-510	177	12	guidance	guidance	NOUN
fbem-510	177	13	and	and	CCONJ
fbem-510	177	14	support	support	NOUN
fbem-510	177	15	for	for	ADP
fbem-510	177	16	local	local	ADJ
fbem-510	177	17	third	third	ADJ
fbem-510	177	18	-	-	PUNCT
fbem-510	177	19	party	party	NOUN
fbem-510	177	20	esg	esg	NOUN
fbem-510	177	21	rating	rating	NOUN
fbem-510	177	22	agencies	agency	NOUN
fbem-510	177	23	,	,	PUNCT
fbem-510	177	24	and	and	CCONJ
fbem-510	177	25	build	build	VERB
fbem-510	177	26	standardized	standardized	ADJ
fbem-510	177	27	industry	industry	NOUN
fbem-510	177	28	norms	norm	NOUN
fbem-510	177	29	and	and	CCONJ
fbem-510	177	30	a	a	DET
fbem-510	177	31	diversified	diversify	VERB
fbem-510	177	32	rating	rating	NOUN
fbem-510	177	33	system	system	NOUN
fbem-510	177	34	as	as	ADV
fbem-510	177	35	soon	soon	ADV
fbem-510	177	36	as	as	ADP
fbem-510	177	37	possible	possible	ADJ
fbem-510	177	38	.	.	PUNCT
fbem-510	178	1	for	for	ADP
fbem-510	178	2	third	third	ADJ
fbem-510	178	3	-	-	PUNCT
fbem-510	178	4	party	party	NOUN
fbem-510	178	5	rating	rating	NOUN
fbem-510	178	6	agencies	agency	NOUN
fbem-510	178	7	,	,	PUNCT
fbem-510	178	8	they	they	PRON
fbem-510	178	9	should	should	AUX
fbem-510	178	10	be	be	AUX
fbem-510	178	11	aware	aware	ADJ
fbem-510	178	12	that	that	SCONJ
fbem-510	178	13	the	the	DET
fbem-510	178	14	esg	esg	PROPN
fbem-510	178	15	rating	rating	NOUN
fbem-510	178	16	market	market	NOUN
fbem-510	178	17	is	be	AUX
fbem-510	178	18	still	still	ADV
fbem-510	178	19	in	in	ADP
fbem-510	178	20	its	its	PRON
fbem-510	178	21	infancy	infancy	NOUN
fbem-510	178	22	,	,	PUNCT
fbem-510	178	23	and	and	CCONJ
fbem-510	178	24	continue	continue	VERB
fbem-510	178	25	to	to	PART
fbem-510	178	26	iterate	iterate	VERB
fbem-510	178	27	esg	esg	NOUN
fbem-510	178	28	rating	rating	NOUN
fbem-510	178	29	standards	standard	NOUN
fbem-510	178	30	,	,	PUNCT
fbem-510	178	31	tools	tool	NOUN
fbem-510	178	32	and	and	CCONJ
fbem-510	178	33	methodologies	methodology	NOUN
fbem-510	178	34	to	to	PART
fbem-510	178	35	meet	meet	VERB
fbem-510	178	36	the	the	DET
fbem-510	178	37	needs	need	NOUN
fbem-510	178	38	of	of	ADP
fbem-510	178	39	different	different	ADJ
fbem-510	178	40	investors	investor	NOUN
fbem-510	178	41	.	.	PUNCT
fbem-510	179	1	on	on	ADP
fbem-510	179	2	the	the	DET
fbem-510	179	3	one	one	NUM
fbem-510	179	4	hand	hand	NOUN
fbem-510	179	5	,	,	PUNCT
fbem-510	179	6	third	third	ADJ
fbem-510	179	7	-	-	PUNCT
fbem-510	179	8	party	party	NOUN
fbem-510	179	9	rating	rating	NOUN
fbem-510	179	10	agencies	agency	NOUN
fbem-510	179	11	should	should	AUX
fbem-510	179	12	closely	closely	ADV
fbem-510	179	13	follow	follow	VERB
fbem-510	179	14	policy	policy	NOUN
fbem-510	179	15	guidance	guidance	NOUN
fbem-510	179	16	,	,	PUNCT
fbem-510	179	17	draw	draw	VERB
fbem-510	179	18	on	on	ADP
fbem-510	179	19	mature	mature	ADJ
fbem-510	179	20	international	international	ADJ
fbem-510	179	21	systems	system	NOUN
fbem-510	179	22	to	to	PART
fbem-510	179	23	continuously	continuously	ADV
fbem-510	179	24	iterate	iterate	VERB
fbem-510	179	25	industry	industry	NOUN
fbem-510	179	26	methodology	methodology	NOUN
fbem-510	179	27	,	,	PUNCT
fbem-510	179	28	and	and	CCONJ
fbem-510	179	29	improve	improve	VERB
fbem-510	179	30	the	the	DET
fbem-510	179	31	reliability	reliability	NOUN
fbem-510	179	32	and	and	CCONJ
fbem-510	179	33	authority	authority	NOUN
fbem-510	179	34	of	of	ADP
fbem-510	179	35	output	output	NOUN
fbem-510	179	36	to	to	PART
fbem-510	179	37	form	form	VERB
fbem-510	179	38	a	a	DET
fbem-510	179	39	competitive	competitive	ADJ
fbem-510	179	40	advantage	advantage	NOUN
fbem-510	179	41	.	.	PUNCT
fbem-510	180	1	on	on	ADP
fbem-510	180	2	the	the	DET
fbem-510	180	3	other	other	ADJ
fbem-510	180	4	hand	hand	NOUN
fbem-510	180	5	,	,	PUNCT
fbem-510	180	6	on	on	ADP
fbem-510	180	7	the	the	DET
fbem-510	180	8	basis	basis	NOUN
fbem-510	180	9	of	of	ADP
fbem-510	180	10	fully	fully	ADV
fbem-510	180	11	absorbing	absorb	VERB
fbem-510	180	12	international	international	ADJ
fbem-510	180	13	experience	experience	NOUN
fbem-510	180	14	,	,	PUNCT
fbem-510	180	15	the	the	DET
fbem-510	180	16	localization	localization	NOUN
fbem-510	180	17	and	and	CCONJ
fbem-510	180	18	diversification	diversification	NOUN
fbem-510	180	19	of	of	ADP
fbem-510	180	20	esg	esg	NOUN
fbem-510	180	21	rating	rating	NOUN
fbem-510	180	22	standards	standard	NOUN
fbem-510	180	23	should	should	AUX
fbem-510	180	24	be	be	AUX
fbem-510	180	25	done	do	VERB
fbem-510	180	26	well	well	ADV
fbem-510	180	27	,	,	PUNCT
fbem-510	180	28	and	and	CCONJ
fbem-510	180	29	a	a	DET
fbem-510	180	30	rating	rating	NOUN
fbem-510	180	31	system	system	NOUN
fbem-510	180	32	that	that	PRON
fbem-510	180	33	meets	meet	VERB
fbem-510	180	34	the	the	DET
fbem-510	180	35	different	different	ADJ
fbem-510	180	36	needs	need	NOUN
fbem-510	180	37	of	of	ADP
fbem-510	180	38	investors	investor	NOUN
fbem-510	180	39	should	should	AUX
fbem-510	180	40	be	be	AUX
fbem-510	180	41	produced	produce	VERB
fbem-510	180	42	,	,	PUNCT
fbem-510	180	43	so	so	SCONJ
fbem-510	180	44	as	as	SCONJ
fbem-510	180	45	to	to	PART
fbem-510	180	46	form	form	VERB
fbem-510	180	47	more	more	ADV
fbem-510	180	48	sufficient	sufficient	ADJ
fbem-510	180	49	barriers	barrier	NOUN
fbem-510	180	50	to	to	ADP
fbem-510	180	51	competition	competition	NOUN
fbem-510	180	52	and	and	CCONJ
fbem-510	180	53	help	help	VERB
fbem-510	180	54	companies	company	NOUN
fbem-510	180	55	achieve	achieve	VERB
fbem-510	180	56	sustainable	sustainable	ADJ
fbem-510	180	57	development	development	NOUN
fbem-510	180	58	.	.	PUNCT
fbem-510	181	1	for	for	ADP
fbem-510	181	2	enterprises	enterprise	NOUN
fbem-510	181	3	,	,	PUNCT
fbem-510	181	4	they	they	PRON
fbem-510	181	5	should	should	AUX
fbem-510	181	6	recognize	recognize	VERB
fbem-510	181	7	the	the	DET
fbem-510	181	8	positive	positive	ADJ
fbem-510	181	9	effects	effect	NOUN
fbem-510	181	10	of	of	ADP
fbem-510	181	11	esg	esg	NOUN
fbem-510	181	12	rating	rating	NOUN
fbem-510	181	13	and	and	CCONJ
fbem-510	181	14	continuously	continuously	ADV
fbem-510	181	15	disclose	disclose	VERB
fbem-510	181	16	more	more	ADV
fbem-510	181	17	detailed	detailed	ADJ
fbem-510	181	18	quantitative	quantitative	ADJ
fbem-510	181	19	data	datum	NOUN
fbem-510	181	20	to	to	PART
fbem-510	181	21	improve	improve	VERB
fbem-510	181	22	the	the	DET
fbem-510	181	23	efficiency	efficiency	NOUN
fbem-510	181	24	of	of	ADP
fbem-510	181	25	information	information	NOUN
fbem-510	181	26	transmission	transmission	NOUN
fbem-510	181	27	.	.	PUNCT
fbem-510	182	1	the	the	DET
fbem-510	182	2	positive	positive	ADJ
fbem-510	182	3	signals	signal	NOUN
fbem-510	182	4	sent	send	VERB
fbem-510	182	5	by	by	ADP
fbem-510	182	6	enterprises	enterprise	NOUN
fbem-510	182	7	to	to	ADP
fbem-510	182	8	the	the	DET
fbem-510	182	9	outside	outside	ADJ
fbem-510	182	10	world	world	NOUN
fbem-510	182	11	through	through	ADP
fbem-510	182	12	esg	esg	PROPN
fbem-510	182	13	information	information	PROPN
fbem-510	182	14	disclosure	disclosure	NOUN
fbem-510	182	15	effectively	effectively	ADV
fbem-510	182	16	alleviate	alleviate	VERB
fbem-510	182	17	the	the	DET
fbem-510	182	18	financing	financing	NOUN
fbem-510	182	19	constraints	constraint	NOUN
fbem-510	182	20	and	and	CCONJ
fbem-510	182	21	agency	agency	NOUN
fbem-510	182	22	costs	cost	NOUN
fbem-510	182	23	faced	face	VERB
fbem-510	182	24	by	by	ADP
fbem-510	182	25	enterprises	enterprise	NOUN
fbem-510	182	26	.	.	PUNCT
fbem-510	183	1	however	however	ADV
fbem-510	183	2	,	,	PUNCT
fbem-510	183	3	more	more	ADJ
fbem-510	183	4	attention	attention	NOUN
fbem-510	183	5	to	to	ADP
fbem-510	183	6	enterprises	enterprise	NOUN
fbem-510	183	7	also	also	ADV
fbem-510	183	8	means	mean	VERB
fbem-510	183	9	that	that	SCONJ
fbem-510	183	10	negative	negative	ADJ
fbem-510	183	11	information	information	NOUN
fbem-510	183	12	about	about	ADP
fbem-510	183	13	enterprises	enterprise	NOUN
fbem-510	183	14	is	be	AUX
fbem-510	183	15	more	more	ADV
fbem-510	183	16	likely	likely	ADJ
fbem-510	183	17	to	to	PART
fbem-510	183	18	be	be	AUX
fbem-510	183	19	mined	mine	VERB
fbem-510	183	20	.	.	PUNCT
fbem-510	184	1	therefore	therefore	ADV
fbem-510	184	2	,	,	PUNCT
fbem-510	184	3	enterprises	enterprise	NOUN
fbem-510	184	4	need	need	VERB
fbem-510	184	5	to	to	PART
fbem-510	184	6	continue	continue	VERB
fbem-510	184	7	to	to	PART
fbem-510	184	8	standardize	standardize	VERB
fbem-510	184	9	their	their	PRON
fbem-510	184	10	own	own	ADJ
fbem-510	184	11	business	business	NOUN
fbem-510	184	12	methods	method	NOUN
fbem-510	184	13	and	and	CCONJ
fbem-510	184	14	improve	improve	VERB
fbem-510	184	15	the	the	DET
fbem-510	184	16	quality	quality	NOUN
fbem-510	184	17	of	of	ADP
fbem-510	184	18	information	information	NOUN
fbem-510	184	19	disclosure	disclosure	NOUN
fbem-510	184	20	in	in	ADP
fbem-510	184	21	order	order	NOUN
fbem-510	184	22	to	to	PART
fbem-510	184	23	achieve	achieve	VERB
fbem-510	184	24	the	the	DET
fbem-510	184	25	growth	growth	NOUN
fbem-510	184	26	of	of	ADP
fbem-510	184	27	enterprise	enterprise	NOUN
fbem-510	184	28	performance	performance	NOUN
fbem-510	184	29	.	.	PUNCT
fbem-510	185	1	references	reference	NOUN
fbem-510	185	2	[	[	X
fbem-510	185	3	1	1	NUM
fbem-510	185	4	]	]	PUNCT
fbem-510	185	5	atan	atan	PROPN
fbem-510	185	6	,	,	PUNCT
fbem-510	185	7	r.	r.	PROPN
fbem-510	185	8	,	,	PUNCT
fbem-510	185	9	alam	alam	PROPN
fbem-510	185	10	,	,	PUNCT
fbem-510	185	11	m.	m.	NOUN
fbem-510	185	12	m.	m.	NOUN
fbem-510	185	13	,	,	PUNCT
fbem-510	185	14	said	say	VERB
fbem-510	185	15	,	,	PUNCT
fbem-510	185	16	j.	j.	PROPN
fbem-510	185	17	,	,	PUNCT
fbem-510	185	18	et	et	PROPN
fbem-510	185	19	al	al	PROPN
fbem-510	185	20	.	.	PUNCT
fbem-510	186	1	the	the	DET
fbem-510	186	2	impacts	impact	NOUN
fbem-510	186	3	of	of	ADP
fbem-510	186	4	environmental	environmental	ADJ
fbem-510	186	5	,	,	PUNCT
fbem-510	186	6	social	social	ADJ
fbem-510	186	7	,	,	PUNCT
fbem-510	186	8	and	and	CCONJ
fbem-510	186	9	governance	governance	NOUN
fbem-510	186	10	factors	factor	NOUN
fbem-510	186	11	on	on	ADP
fbem-510	186	12	firm	firm	ADJ
fbem-510	186	13	performance	performance	NOUN
fbem-510	186	14	:	:	PUNCT
fbem-510	186	15	panel	panel	NOUN
fbem-510	186	16	study	study	NOUN
fbem-510	186	17	of	of	ADP
fbem-510	186	18	malaysian	malaysian	ADJ
fbem-510	186	19	companies	company	NOUN
fbem-510	186	20	.	.	PUNCT
fbem-510	187	1	management	management	NOUN
fbem-510	187	2	of	of	ADP
fbem-510	187	3	environmental	environmental	ADJ
fbem-510	187	4	quality	quality	NOUN
fbem-510	187	5	,	,	PUNCT
fbem-510	187	6	2018	2018	NUM
fbem-510	187	7	,	,	PUNCT
fbem-510	187	8	29(2	29(2	NUM
fbem-510	187	9	):	):	PUNCT
fbem-510	187	10	182~194	182~194	NUM
fbem-510	187	11	.	.	PUNCT
fbem-510	188	1	[	[	X
fbem-510	188	2	2	2	NUM
fbem-510	188	3	]	]	SYM
fbem-510	188	4	fatemi	fatemi	PROPN
fbem-510	188	5	,	,	PUNCT
fbem-510	188	6	a.	a.	NOUN
fbem-510	188	7	,	,	PUNCT
fbem-510	188	8	glaum	glaum	NOUN
fbem-510	188	9	,	,	PUNCT
fbem-510	188	10	m.	m.	NOUN
fbem-510	188	11	,	,	PUNCT
fbem-510	188	12	and	and	CCONJ
fbem-510	188	13	kaiser	kaiser	PROPN
fbem-510	188	14	,	,	PUNCT
fbem-510	188	15	s.	s.	PROPN
fbem-510	188	16	esg	esg	PROPN
fbem-510	188	17	performance	performance	NOUN
fbem-510	188	18	and	and	CCONJ
fbem-510	188	19	firm	firm	ADJ
fbem-510	188	20	value	value	NOUN
fbem-510	188	21	:	:	PUNCT
fbem-510	188	22	the	the	DET
fbem-510	188	23	moderating	moderate	VERB
fbem-510	188	24	role	role	NOUN
fbem-510	188	25	of	of	ADP
fbem-510	188	26	disclosure	disclosure	NOUN
fbem-510	188	27	.	.	PUNCT
fbem-510	189	1	global	global	ADJ
fbem-510	189	2	finance	finance	PROPN
fbem-510	189	3	journal	journal	NOUN
fbem-510	189	4	,	,	PUNCT
fbem-510	189	5	2017	2017	NUM
fbem-510	189	6	,	,	PUNCT
fbem-510	189	7	38:45~64	38:45~64	NUM
fbem-510	189	8	.	.	PUNCT
fbem-510	190	1	[	[	X
fbem-510	190	2	3	3	NUM
fbem-510	190	3	]	]	X
fbem-510	190	4	fayad	fayad	NOUN
fbem-510	190	5	,	,	PUNCT
fbem-510	190	6	a.	a.	NOUN
fbem-510	190	7	a.	a.	PROPN
fbem-510	190	8	,	,	PUNCT
fbem-510	190	9	ayoub	ayoub	PROPN
fbem-510	190	10	,	,	PUNCT
fbem-510	190	11	r.	r.	PROPN
fbem-510	190	12	,	,	PUNCT
fbem-510	190	13	and	and	CCONJ
fbem-510	190	14	ayoub	ayoub	PROPN
fbem-510	190	15	,	,	PUNCT
fbem-510	190	16	m.	m.	NOUN
fbem-510	190	17	causal	causal	PROPN
fbem-510	190	18	relationship	relationship	NOUN
fbem-510	190	19	between	between	ADP
fbem-510	190	20	csr	csr	NOUN
fbem-510	190	21	and	and	CCONJ
fbem-510	190	22	fb	fb	INTJ
fbem-510	190	23	in	in	ADP
fbem-510	190	24	banks	bank	NOUN
fbem-510	190	25	.	.	PUNCT
fbem-510	191	1	arab	arab	PROPN
fbem-510	191	2	economic	economic	PROPN
fbem-510	191	3	&	&	CCONJ
fbem-510	191	4	business	business	PROPN
fbem-510	191	5	journal	journal	PROPN
fbem-510	191	6	,	,	PUNCT
fbem-510	191	7	2017	2017	NUM
fbem-510	191	8	,	,	PUNCT
fbem-510	191	9	12(2):93~98	12(2):93~98	NUM
fbem-510	191	10	.	.	PUNCT
fbem-510	192	1	[	[	X
fbem-510	192	2	4	4	NUM
fbem-510	192	3	]	]	X
fbem-510	192	4	gong	gong	NOUN
fbem-510	192	5	,	,	PUNCT
fbem-510	192	6	y.	y.	PROPN
fbem-510	192	7	,	,	PUNCT
fbem-510	192	8	ho	ho	PROPN
fbem-510	192	9	,	,	PUNCT
fbem-510	192	10	k.	k.	PROPN
fbem-510	192	11	c.	c.	PROPN
fbem-510	192	12	,	,	PUNCT
fbem-510	192	13	and	and	CCONJ
fbem-510	192	14	yan	yan	PROPN
fbem-510	192	15	,	,	PUNCT
fbem-510	192	16	c.	c.	PROPN
fbem-510	192	17	the	the	DET
fbem-510	192	18	effect	effect	NOUN
fbem-510	192	19	of	of	ADP
fbem-510	192	20	managerial	managerial	ADJ
fbem-510	192	21	ability	ability	NOUN
fbem-510	192	22	on	on	ADP
fbem-510	192	23	corporate	corporate	ADJ
fbem-510	192	24	social	social	ADJ
fbem-510	192	25	responsibility	responsibility	NOUN
fbem-510	192	26	and	and	CCONJ
fbem-510	192	27	firm	firm	ADJ
fbem-510	192	28	profitability	profitability	NOUN
fbem-510	192	29	in	in	ADP
fbem-510	192	30	the	the	DET
fbem-510	192	31	energy	energy	NOUN
fbem-510	192	32	industry	industry	NOUN
fbem-510	192	33	.	.	PUNCT
fbem-510	193	1	corporate	corporate	ADJ
fbem-510	193	2	social	social	ADJ
fbem-510	193	3	responsibility	responsibility	NOUN
fbem-510	193	4	and	and	CCONJ
fbem-510	193	5	environmental	environmental	ADJ
fbem-510	193	6	management	management	NOUN
fbem-510	193	7	,	,	PUNCT
fbem-510	193	8	2021,28(2):581~594	2021,28(2):581~594	PROPN
fbem-510	193	9	.	.	PUNCT
fbem-510	194	1	[	[	X
fbem-510	194	2	5	5	NUM
fbem-510	194	3	]	]	X
fbem-510	194	4	kaplan	kaplan	PROPN
fbem-510	194	5	,	,	PUNCT
fbem-510	194	6	s.	s.	PROPN
fbem-510	194	7	,	,	PUNCT
fbem-510	194	8	and	and	CCONJ
fbem-510	194	9	zingales	zingale	NOUN
fbem-510	194	10	,	,	PUNCT
fbem-510	194	11	l.	l.	PROPN
fbem-510	194	12	do	do	VERB
fbem-510	194	13	investment	investment	NOUN
fbem-510	194	14	-	-	PUNCT
fbem-510	194	15	cash	cash	NOUN
fbem-510	194	16	flow	flow	NOUN
fbem-510	194	17	sensitivities	sensitivity	NOUN
fbem-510	194	18	provide	provide	VERB
fbem-510	194	19	useful	useful	ADJ
fbem-510	194	20	measures	measure	NOUN
fbem-510	194	21	of	of	ADP
fbem-510	194	22	financing	financing	NOUN
fbem-510	194	23	constraints	constraint	NOUN
fbem-510	194	24	?	?	PUNCT
fbem-510	194	25	.	.	PUNCT
fbem-510	195	1	quarterly	quarterly	ADJ
fbem-510	195	2	journal	journal	NOUN
fbem-510	195	3	of	of	ADP
fbem-510	195	4	economics	economic	NOUN
fbem-510	195	5	,	,	PUNCT
fbem-510	195	6	1997	1997	NUM
fbem-510	195	7	,	,	PUNCT
fbem-510	195	8	112(1):169~215．	112(1):169~215．	PROPN
fbem-510	195	9	[	[	X
fbem-510	195	10	6	6	NUM
fbem-510	195	11	]	]	SYM
fbem-510	195	12	li	li	PROPN
fbem-510	195	13	,	,	PUNCT
fbem-510	195	14	y.	y.	PROPN
fbem-510	195	15	,	,	PUNCT
fbem-510	195	16	gong	gong	PROPN
fbem-510	195	17	,	,	PUNCT
fbem-510	195	18	m.	m.	NOUN
fbem-510	195	19	,	,	PUNCT
fbem-510	195	20	zhang	zhang	PROPN
fbem-510	195	21	,	,	PUNCT
fbem-510	195	22	x.	x.	PROPN
fbem-510	195	23	,	,	PUNCT
fbem-510	195	24	et	et	PROPN
fbem-510	195	25	al	al	PROPN
fbem-510	195	26	.	.	PUNCT
fbem-510	196	1	the	the	DET
fbem-510	196	2	impact	impact	NOUN
fbem-510	196	3	of	of	ADP
fbem-510	196	4	environmental	environmental	ADJ
fbem-510	196	5	,	,	PUNCT
fbem-510	196	6	social	social	ADJ
fbem-510	196	7	,	,	PUNCT
fbem-510	196	8	and	and	CCONJ
fbem-510	196	9	governance	governance	NOUN
fbem-510	196	10	disclosure	disclosure	NOUN
fbem-510	196	11	on	on	ADP
fbem-510	196	12	firm	firm	ADJ
fbem-510	196	13	value	value	NOUN
fbem-510	196	14	:	:	PUNCT
fbem-510	196	15	the	the	DET
fbem-510	196	16	role	role	NOUN
fbem-510	196	17	of	of	ADP
fbem-510	196	18	ceo	ceo	NOUN
fbem-510	196	19	power	power	NOUN
fbem-510	196	20	.	.	PUNCT
fbem-510	197	1	the	the	DET
fbem-510	197	2	british	british	PROPN
fbem-510	197	3	accounting	accounting	PROPN
fbem-510	197	4	review	review	PROPN
fbem-510	197	5	,	,	PUNCT
fbem-510	197	6	2017	2017	NUM
fbem-510	197	7	,	,	PUNCT
fbem-510	197	8	1:60~75	1:60~75	NUM
fbem-510	197	9	.	.	PUNCT
fbem-510	198	1	[	[	X
fbem-510	198	2	7	7	X
fbem-510	198	3	]	]	X
fbem-510	198	4	velte	velte	NOUN
fbem-510	198	5	,	,	PUNCT
fbem-510	198	6	p.	p.	PROPN
fbem-510	198	7	does	do	AUX
fbem-510	198	8	esg	esg	PROPN
fbem-510	198	9	performance	performance	NOUN
fbem-510	198	10	have	have	VERB
fbem-510	198	11	an	an	DET
fbem-510	198	12	impact	impact	NOUN
fbem-510	198	13	on	on	ADP
fbem-510	198	14	financial	financial	ADJ
fbem-510	198	15	performance	performance	NOUN
fbem-510	198	16	?	?	PUNCT
fbem-510	199	1	evidence	evidence	NOUN
fbem-510	199	2	from	from	ADP
fbem-510	199	3	germany	germany	PROPN
fbem-510	199	4	.	.	PUNCT
fbem-510	200	1	journal	journal	PROPN
fbem-510	200	2	of	of	ADP
fbem-510	200	3	global	global	ADJ
fbem-510	200	4	responsibility	responsibility	NOUN
fbem-510	200	5	,	,	PUNCT
fbem-510	200	6	2017	2017	NUM
fbem-510	200	7	,	,	PUNCT
fbem-510	200	8	8(2):169~178	8(2):169~178	NUM
fbem-510	200	9	.	.	PUNCT
fbem-510	201	1	[	[	X
fbem-510	201	2	8	8	NUM
fbem-510	201	3	]	]	SYM
fbem-510	201	4	yang	yang	PROPN
fbem-510	201	5	,	,	PUNCT
fbem-510	201	6	c.	c.	PROPN
fbem-510	201	7	h.	h.	PROPN
fbem-510	201	8	,	,	PUNCT
fbem-510	201	9	tseng	tseng	PROPN
fbem-510	201	10	,	,	PUNCT
fbem-510	201	11	y.	y.	PROPN
fbem-510	201	12	h.	h.	PROPN
fbem-510	201	13	,	,	PUNCT
fbem-510	201	14	and	and	CCONJ
fbem-510	201	15	chen	chen	PROPN
fbem-510	201	16	,	,	PUNCT
fbem-510	201	17	c.	c.	PROPN
fbem-510	201	18	p.	p.	PROPN
fbem-510	201	19	environmental	environmental	ADJ
fbem-510	201	20	regulations	regulation	NOUN
fbem-510	201	21	,	,	PUNCT
fbem-510	201	22	induced	induce	VERB
fbem-510	201	23	ｒ＆d	ｒ＆d	NOUN
fbem-510	201	24	,	,	PUNCT
fbem-510	201	25	and	and	CCONJ
fbem-510	201	26	productivity	productivity	NOUN
fbem-510	201	27	:	:	PUNCT
fbem-510	201	28	evidence	evidence	NOUN
fbem-510	201	29	from	from	ADP
fbem-510	201	30	taiwan	taiwan	PROPN
fbem-510	201	31	’s	’s	PART
fbem-510	201	32	manufacturing	manufacturing	NOUN
fbem-510	201	33	industries	industry	NOUN
fbem-510	201	34	.	.	PUNCT
fbem-510	202	1	resource	resource	NOUN
fbem-510	202	2	and	and	CCONJ
fbem-510	202	3	energy	energy	NOUN
fbem-510	202	4	economics	economic	NOUN
fbem-510	202	5	,	,	PUNCT
fbem-510	202	6	2012	2012	NUM
fbem-510	202	7	,	,	PUNCT
fbem-510	202	8	34(4):514~532	34(4):514~532	NUM
fbem-510	202	9	.	.	PUNCT
fbem-510	203	1	[	[	X
fbem-510	203	2	9	9	NUM
fbem-510	203	3	]	]	SYM
fbem-510	203	4	yuan	yuan	NOUN
fbem-510	203	5	,	,	PUNCT
fbem-510	203	6	x.	x.	PROPN
fbem-510	203	7	y.	y.	PROPN
fbem-510	203	8	,	,	PUNCT
fbem-510	203	9	li	li	PROPN
fbem-510	203	10	,	,	PUNCT
fbem-510	203	11	z.	z.	PROPN
fbem-510	203	12	f.	f.	PROPN
fbem-510	203	13	,	,	PUNCT
fbem-510	203	14	xu	xu	PROPN
fbem-510	203	15	,	,	PUNCT
fbem-510	203	16	j.	j.	PROPN
fbem-510	203	17	h.	h.	PROPN
fbem-510	203	18	,	,	PUNCT
fbem-510	203	19	et	et	PROPN
fbem-510	203	20	al	al	PROPN
fbem-510	203	21	.	.	PROPN
fbem-510	204	1	esg	esg	PROPN
fbem-510	204	2	disclosure	disclosure	NOUN
fbem-510	204	3	and	and	CCONJ
fbem-510	204	4	corporate	corporate	ADJ
fbem-510	204	5	financial	financial	ADJ
fbem-510	204	6	irregularities	irregularity	NOUN
fbem-510	204	7	–	–	PUNCT
fbem-510	204	8	evidence	evidence	NOUN
fbem-510	204	9	from	from	ADP
fbem-510	204	10	chinese	chinese	ADJ
fbem-510	204	11	listed	list	VERB
fbem-510	204	12	firms	firm	NOUN
fbem-510	204	13	.	.	PUNCT
fbem-510	205	1	journal	journal	NOUN
fbem-510	205	2	of	of	ADP
fbem-510	205	3	cleaner	clean	ADJ
fbem-510	205	4	production	production	NOUN
fbem-510	205	5	,	,	PUNCT
fbem-510	205	6	2022	2022	NUM
fbem-510	205	7	,	,	PUNCT
fbem-510	205	8	1:332~345	1:332~345	NUM
fbem-510	205	9	.	.	PUNCT
fbem-510	206	1	[	[	X
fbem-510	206	2	10	10	NUM
fbem-510	206	3	]	]	X
fbem-510	206	4	zeng	zeng	PROPN
fbem-510	206	5	,	,	PUNCT
fbem-510	206	6	t.	t.	PROPN
fbem-510	206	7	,	,	PUNCT
fbem-510	206	8	and	and	CCONJ
fbem-510	206	9	crowther	crowther	PROPN
fbem-510	206	10	,	,	PUNCT
fbem-510	206	11	d.	d.	PROPN
fbem-510	206	12	relationship	relationship	NOUN
fbem-510	206	13	between	between	ADP
fbem-510	206	14	corporate	corporate	ADJ
fbem-510	206	15	social	social	ADJ
fbem-510	206	16	responsibility	responsibility	NOUN
fbem-510	206	17	and	and	CCONJ
fbem-510	206	18	tax	tax	NOUN
fbem-510	206	19	avoidance	avoidance	NOUN
fbem-510	206	20	:	:	PUNCT
fbem-510	206	21	international	international	ADJ
fbem-510	206	22	evidence	evidence	NOUN
fbem-510	206	23	.	.	PUNCT
fbem-510	207	1	social	social	ADJ
fbem-510	207	2	responsibility	responsibility	NOUN
fbem-510	207	3	journal	journal	NOUN
fbem-510	207	4	,	,	PUNCT
fbem-510	207	5	2019	2019	NUM
fbem-510	207	6	,	,	PUNCT
fbem-510	207	7	15(2	15(2	NUM
fbem-510	207	8	):	):	PUNCT
fbem-510	207	9	244~257	244~257	NUM
fbem-510	207	10	.	.	PUNCT