id	sid	tid	token	lemma	pos
fbem-877	1	1	frontiers	frontier	NOUN
fbem-877	1	2	in	in	ADP
fbem-877	1	3	business	business	NOUN
fbem-877	1	4	,	,	PUNCT
fbem-877	1	5	economics	economic	NOUN
fbem-877	1	6	and	and	CCONJ
fbem-877	1	7	management	management	NOUN
fbem-877	1	8	issn	issn	PROPN
fbem-877	1	9	:	:	PUNCT
fbem-877	1	10	2766	2766	NUM
fbem-877	1	11	-	-	PUNCT
fbem-877	1	12	824x	824x	NUM
fbem-877	1	13	|	|	ADJ
fbem-877	1	14	vol	vol	NOUN
fbem-877	1	15	.	.	PROPN
fbem-877	2	1	4	4	NUM
fbem-877	2	2	,	,	PUNCT
fbem-877	2	3	no	no	INTJ
fbem-877	2	4	.	.	NOUN
fbem-877	2	5	2	2	NUM
fbem-877	2	6	,	,	PUNCT
fbem-877	2	7	2022	2022	NUM
fbem-877	2	8	153	153	NUM
fbem-877	2	9	institutional	institutional	ADJ
fbem-877	2	10	investor	investor	NOUN
fbem-877	2	11	heterogeneity	heterogeneity	NOUN
fbem-877	2	12	,	,	PUNCT
fbem-877	2	13	accounting	account	VERB
fbem-877	2	14	information	information	NOUN
fbem-877	2	15	quality	quality	NOUN
fbem-877	2	16	and	and	CCONJ
fbem-877	2	17	enterprise	enterprise	NOUN
fbem-877	2	18	performance	performance	NOUN
fbem-877	2	19	xin	xin	PROPN
fbem-877	2	20	deng1	deng1	PROPN
fbem-877	2	21	,	,	PUNCT
fbem-877	2	22	jun	jun	PROPN
fbem-877	2	23	tu2	tu2	PROPN
fbem-877	3	1	1school	1school	NUM
fbem-877	3	2	of	of	ADP
fbem-877	3	3	accounting	accounting	PROPN
fbem-877	3	4	,	,	PUNCT
fbem-877	3	5	anhui	anhui	PROPN
fbem-877	3	6	university	university	PROPN
fbem-877	3	7	of	of	ADP
fbem-877	3	8	finance	finance	NOUN
fbem-877	3	9	and	and	CCONJ
fbem-877	3	10	economics	economic	NOUN
fbem-877	3	11	,	,	PUNCT
fbem-877	3	12	bengbu	bengbu	NOUN
fbem-877	3	13	233030	233030	NUM
fbem-877	3	14	,	,	PUNCT
fbem-877	3	15	china	china	PROPN
fbem-877	3	16	2anqing	2anqing	NUM
fbem-877	3	17	medical	medical	ADJ
fbem-877	3	18	college	college	NOUN
fbem-877	3	19	,	,	PUNCT
fbem-877	3	20	anqing	anqing	NOUN
fbem-877	3	21	,	,	PUNCT
fbem-877	3	22	246052	246052	NUM
fbem-877	3	23	,	,	PUNCT
fbem-877	3	24	china	china	PROPN
fbem-877	3	25	abstract	abstract	NOUN
fbem-877	3	26	:	:	PUNCT
fbem-877	3	27	taking	take	VERB
fbem-877	3	28	all	all	DET
fbem-877	3	29	a	a	DET
fbem-877	3	30	-	-	PUNCT
fbem-877	3	31	share	share	NOUN
fbem-877	3	32	listed	list	VERB
fbem-877	3	33	companies	company	NOUN
fbem-877	3	34	from	from	ADP
fbem-877	3	35	2015	2015	NUM
fbem-877	3	36	to	to	ADP
fbem-877	3	37	2019	2019	NUM
fbem-877	3	38	as	as	ADP
fbem-877	3	39	the	the	DET
fbem-877	3	40	research	research	NOUN
fbem-877	3	41	object	object	NOUN
fbem-877	3	42	,	,	PUNCT
fbem-877	3	43	this	this	DET
fbem-877	3	44	paper	paper	NOUN
fbem-877	3	45	makes	make	VERB
fbem-877	3	46	an	an	DET
fbem-877	3	47	empirical	empirical	ADJ
fbem-877	3	48	analysis	analysis	NOUN
fbem-877	3	49	of	of	ADP
fbem-877	3	50	the	the	DET
fbem-877	3	51	relationship	relationship	NOUN
fbem-877	3	52	between	between	ADP
fbem-877	3	53	institutional	institutional	ADJ
fbem-877	3	54	investors	investor	NOUN
fbem-877	3	55	and	and	CCONJ
fbem-877	3	56	accounting	accounting	NOUN
fbem-877	3	57	information	information	NOUN
fbem-877	3	58	quality	quality	NOUN
fbem-877	3	59	and	and	CCONJ
fbem-877	3	60	corporate	corporate	ADJ
fbem-877	3	61	performance	performance	NOUN
fbem-877	3	62	,	,	PUNCT
fbem-877	3	63	and	and	CCONJ
fbem-877	3	64	further	far	ADV
fbem-877	3	65	explores	explore	VERB
fbem-877	3	66	the	the	DET
fbem-877	3	67	influence	influence	NOUN
fbem-877	3	68	of	of	ADP
fbem-877	3	69	different	different	ADJ
fbem-877	3	70	institutional	institutional	ADJ
fbem-877	3	71	investors	investor	NOUN
fbem-877	3	72	on	on	ADP
fbem-877	3	73	accounting	account	VERB
fbem-877	3	74	information	information	NOUN
fbem-877	3	75	quality	quality	NOUN
fbem-877	3	76	and	and	CCONJ
fbem-877	3	77	corporate	corporate	ADJ
fbem-877	3	78	performance	performance	NOUN
fbem-877	3	79	,	,	PUNCT
fbem-877	3	80	and	and	CCONJ
fbem-877	3	81	the	the	DET
fbem-877	3	82	effect	effect	NOUN
fbem-877	3	83	of	of	ADP
fbem-877	3	84	institutional	institutional	ADJ
fbem-877	3	85	investor	investor	NOUN
fbem-877	3	86	heterogeneity	heterogeneity	NOUN
fbem-877	3	87	is	be	AUX
fbem-877	3	88	analyzed	analyze	VERB
fbem-877	3	89	from	from	ADP
fbem-877	3	90	the	the	DET
fbem-877	3	91	perspective	perspective	NOUN
fbem-877	3	92	of	of	ADP
fbem-877	3	93	enterprise	enterprise	NOUN
fbem-877	3	94	nature	nature	NOUN
fbem-877	3	95	.	.	PUNCT
fbem-877	4	1	empirical	empirical	ADJ
fbem-877	4	2	shows	show	VERB
fbem-877	4	3	that	that	SCONJ
fbem-877	4	4	:	:	PUNCT
fbem-877	4	5	institutional	institutional	ADJ
fbem-877	4	6	investors	investor	NOUN
fbem-877	4	7	holdings	holding	NOUN
fbem-877	4	8	of	of	ADP
fbem-877	4	9	listed	list	VERB
fbem-877	4	10	companies	company	NOUN
fbem-877	4	11	has	have	VERB
fbem-877	4	12	a	a	DET
fbem-877	4	13	positive	positive	ADJ
fbem-877	4	14	role	role	NOUN
fbem-877	4	15	in	in	ADP
fbem-877	4	16	promoting	promote	VERB
fbem-877	4	17	enterprise	enterprise	NOUN
fbem-877	4	18	performance	performance	NOUN
fbem-877	4	19	,	,	PUNCT
fbem-877	4	20	especially	especially	ADV
fbem-877	4	21	the	the	DET
fbem-877	4	22	high	high	ADJ
fbem-877	4	23	independence	independence	NOUN
fbem-877	4	24	of	of	ADP
fbem-877	4	25	institutional	institutional	ADJ
fbem-877	4	26	investors	investor	NOUN
fbem-877	4	27	to	to	PART
fbem-877	4	28	promote	promote	VERB
fbem-877	4	29	more	more	ADV
fbem-877	4	30	obvious	obvious	ADJ
fbem-877	4	31	,	,	PUNCT
fbem-877	4	32	accounting	accounting	NOUN
fbem-877	4	33	information	information	NOUN
fbem-877	4	34	quality	quality	NOUN
fbem-877	4	35	of	of	ADP
fbem-877	4	36	enterprise	enterprise	NOUN
fbem-877	4	37	performance	performance	NOUN
fbem-877	4	38	also	also	ADV
fbem-877	4	39	has	have	VERB
fbem-877	4	40	a	a	DET
fbem-877	4	41	significant	significant	ADJ
fbem-877	4	42	positive	positive	ADJ
fbem-877	4	43	effect	effect	NOUN
fbem-877	4	44	,	,	PUNCT
fbem-877	4	45	but	but	CCONJ
fbem-877	4	46	by	by	ADP
fbem-877	4	47	the	the	DET
fbem-877	4	48	influence	influence	NOUN
fbem-877	4	49	of	of	ADP
fbem-877	4	50	institutional	institutional	ADJ
fbem-877	4	51	investors	investor	NOUN
fbem-877	4	52	holdings	holding	NOUN
fbem-877	4	53	,	,	PUNCT
fbem-877	4	54	accounting	account	VERB
fbem-877	4	55	information	information	NOUN
fbem-877	4	56	quality	quality	NOUN
fbem-877	4	57	positive	positive	ADJ
fbem-877	4	58	impact	impact	NOUN
fbem-877	4	59	on	on	ADP
fbem-877	4	60	enterprise	enterprise	NOUN
fbem-877	4	61	performance	performance	NOUN
fbem-877	4	62	will	will	AUX
fbem-877	4	63	change	change	VERB
fbem-877	4	64	significantly	significantly	ADV
fbem-877	4	65	.	.	PUNCT
fbem-877	5	1	the	the	DET
fbem-877	5	2	research	research	NOUN
fbem-877	5	3	results	result	NOUN
fbem-877	5	4	of	of	ADP
fbem-877	5	5	this	this	DET
fbem-877	5	6	paper	paper	NOUN
fbem-877	5	7	have	have	VERB
fbem-877	5	8	certain	certain	ADJ
fbem-877	5	9	reference	reference	NOUN
fbem-877	5	10	significance	significance	NOUN
fbem-877	5	11	for	for	SCONJ
fbem-877	5	12	investors	investor	NOUN
fbem-877	5	13	to	to	PART
fbem-877	5	14	invest	invest	VERB
fbem-877	5	15	and	and	CCONJ
fbem-877	5	16	participate	participate	VERB
fbem-877	5	17	in	in	ADP
fbem-877	5	18	corporate	corporate	ADJ
fbem-877	5	19	governance	governance	NOUN
fbem-877	5	20	.	.	PUNCT
fbem-877	6	1	keywords	keyword	NOUN
fbem-877	6	2	:	:	PUNCT
fbem-877	6	3	institutional	institutional	ADJ
fbem-877	6	4	investors	investor	NOUN
fbem-877	6	5	,	,	PUNCT
fbem-877	6	6	heterogeneity	heterogeneity	NOUN
fbem-877	6	7	,	,	PUNCT
fbem-877	6	8	accounting	account	VERB
fbem-877	6	9	information	information	NOUN
fbem-877	6	10	quality	quality	NOUN
fbem-877	6	11	,	,	PUNCT
fbem-877	6	12	business	business	NOUN
fbem-877	6	13	performance	performance	NOUN
fbem-877	6	14	.	.	PUNCT
fbem-877	7	1	1	1	X
fbem-877	7	2	.	.	X
fbem-877	7	3	introduction	introduction	NOUN
fbem-877	7	4	the	the	DET
fbem-877	7	5	participation	participation	NOUN
fbem-877	7	6	of	of	ADP
fbem-877	7	7	institutional	institutional	ADJ
fbem-877	7	8	investors	investor	NOUN
fbem-877	7	9	in	in	ADP
fbem-877	7	10	corporate	corporate	ADJ
fbem-877	7	11	governance	governance	NOUN
fbem-877	7	12	has	have	AUX
fbem-877	7	13	always	always	ADV
fbem-877	7	14	been	be	AUX
fbem-877	7	15	a	a	DET
fbem-877	7	16	topic	topic	NOUN
fbem-877	7	17	worth	worth	ADJ
fbem-877	7	18	discussion	discussion	NOUN
fbem-877	7	19	.	.	PUNCT
fbem-877	8	1	on	on	ADP
fbem-877	8	2	the	the	DET
fbem-877	8	3	one	one	NUM
fbem-877	8	4	hand	hand	NOUN
fbem-877	8	5	,	,	PUNCT
fbem-877	8	6	institutional	institutional	ADJ
fbem-877	8	7	investors	investor	NOUN
fbem-877	8	8	have	have	VERB
fbem-877	8	9	more	more	ADV
fbem-877	8	10	mature	mature	ADJ
fbem-877	8	11	investment	investment	NOUN
fbem-877	8	12	and	and	CCONJ
fbem-877	8	13	supervision	supervision	NOUN
fbem-877	8	14	ability	ability	NOUN
fbem-877	8	15	than	than	ADP
fbem-877	8	16	minority	minority	NOUN
fbem-877	8	17	shareholders	shareholder	NOUN
fbem-877	8	18	,	,	PUNCT
fbem-877	8	19	which	which	PRON
fbem-877	8	20	boosts	boost	VERB
fbem-877	8	21	corporate	corporate	ADJ
fbem-877	8	22	governance	governance	NOUN
fbem-877	8	23	;	;	PUNCT
fbem-877	8	24	on	on	ADP
fbem-877	8	25	the	the	DET
fbem-877	8	26	other	other	ADJ
fbem-877	8	27	hand	hand	NOUN
fbem-877	8	28	,	,	PUNCT
fbem-877	8	29	institutional	institutional	ADJ
fbem-877	8	30	investors	investor	NOUN
fbem-877	8	31	'	'	PART
fbem-877	8	32	participation	participation	NOUN
fbem-877	8	33	in	in	ADP
fbem-877	8	34	corporate	corporate	ADJ
fbem-877	8	35	governance	governance	NOUN
fbem-877	8	36	may	may	AUX
fbem-877	8	37	have	have	VERB
fbem-877	8	38	a	a	DET
fbem-877	8	39	strong	strong	ADJ
fbem-877	8	40	intervention	intervention	NOUN
fbem-877	8	41	in	in	ADP
fbem-877	8	42	corporate	corporate	ADJ
fbem-877	8	43	governance	governance	NOUN
fbem-877	8	44	,	,	PUNCT
fbem-877	8	45	and	and	CCONJ
fbem-877	8	46	may	may	AUX
fbem-877	8	47	cooperate	cooperate	VERB
fbem-877	8	48	with	with	ADP
fbem-877	8	49	shareholders	shareholder	NOUN
fbem-877	8	50	to	to	PART
fbem-877	8	51	affect	affect	VERB
fbem-877	8	52	the	the	DET
fbem-877	8	53	effect	effect	NOUN
fbem-877	8	54	of	of	ADP
fbem-877	8	55	corporate	corporate	ADJ
fbem-877	8	56	governance.in	governance.in	NOUN
fbem-877	8	57	the	the	DET
fbem-877	8	58	western	western	ADJ
fbem-877	8	59	mature	mature	ADJ
fbem-877	8	60	capital	capital	NOUN
fbem-877	8	61	market	market	NOUN
fbem-877	8	62	,	,	PUNCT
fbem-877	8	63	capital	capital	NOUN
fbem-877	8	64	market	market	NOUN
fbem-877	8	65	in	in	ADP
fbem-877	8	66	our	our	PRON
fbem-877	8	67	country	country	NOUN
fbem-877	8	68	start	start	VERB
fbem-877	8	69	time	time	NOUN
fbem-877	8	70	is	be	AUX
fbem-877	8	71	short	short	ADJ
fbem-877	8	72	,	,	PUNCT
fbem-877	8	73	far	far	ADV
fbem-877	8	74	from	from	ADP
fbem-877	8	75	mature	mature	ADJ
fbem-877	8	76	capital	capital	NOUN
fbem-877	8	77	market	market	NOUN
fbem-877	8	78	,	,	PUNCT
fbem-877	8	79	this	this	PRON
fbem-877	8	80	suggests	suggest	VERB
fbem-877	8	81	that	that	SCONJ
fbem-877	8	82	there	there	PRON
fbem-877	8	83	are	be	VERB
fbem-877	8	84	many	many	ADJ
fbem-877	8	85	on	on	ADP
fbem-877	8	86	the	the	DET
fbem-877	8	87	market	market	NOUN
fbem-877	8	88	mechanism	mechanism	NOUN
fbem-877	8	89	is	be	AUX
fbem-877	8	90	imperfect	imperfect	ADJ
fbem-877	8	91	,	,	PUNCT
fbem-877	8	92	corporate	corporate	ADJ
fbem-877	8	93	governance	governance	NOUN
fbem-877	8	94	related	relate	VERB
fbem-877	8	95	interests	interest	NOUN
fbem-877	8	96	investors	investor	NOUN
fbem-877	8	97	know	know	VERB
fbem-877	8	98	about	about	ADP
fbem-877	8	99	corporate	corporate	ADJ
fbem-877	8	100	investment	investment	NOUN
fbem-877	8	101	is	be	AUX
fbem-877	8	102	not	not	PART
fbem-877	8	103	enough	enough	ADJ
fbem-877	8	104	,	,	PUNCT
fbem-877	8	105	and	and	CCONJ
fbem-877	8	106	as	as	SCONJ
fbem-877	8	107	the	the	DET
fbem-877	8	108	market	market	NOUN
fbem-877	8	109	is	be	AUX
fbem-877	8	110	not	not	PART
fbem-877	8	111	mature	mature	ADJ
fbem-877	8	112	enough	enough	ADV
fbem-877	8	113	,	,	PUNCT
fbem-877	8	114	enterprises	enterprise	NOUN
fbem-877	8	115	under	under	ADP
fbem-877	8	116	the	the	DET
fbem-877	8	117	market	market	NOUN
fbem-877	8	118	running	run	VERB
fbem-877	8	119	more	more	ADV
fbem-877	8	120	able	able	ADJ
fbem-877	8	121	to	to	PART
fbem-877	8	122	find	find	VERB
fbem-877	8	123	loopholes	loophole	NOUN
fbem-877	8	124	in	in	ADP
fbem-877	8	125	the	the	DET
fbem-877	8	126	market	market	NOUN
fbem-877	8	127	to	to	PART
fbem-877	8	128	avoid	avoid	VERB
fbem-877	8	129	losses	loss	NOUN
fbem-877	8	130	,	,	PUNCT
fbem-877	8	131	so	so	SCONJ
fbem-877	8	132	environment	environment	NOUN
fbem-877	8	133	,	,	PUNCT
fbem-877	8	134	the	the	DET
fbem-877	8	135	development	development	NOUN
fbem-877	8	136	of	of	ADP
fbem-877	8	137	china	china	PROPN
fbem-877	8	138	's	's	PART
fbem-877	8	139	capital	capital	NOUN
fbem-877	8	140	market	market	NOUN
fbem-877	8	141	is	be	AUX
fbem-877	8	142	even	even	ADV
fbem-877	8	143	more	more	ADV
fbem-877	8	144	difficult	difficult	ADJ
fbem-877	8	145	to	to	PART
fbem-877	8	146	improve	improve	VERB
fbem-877	8	147	(	(	PUNCT
fbem-877	8	148	wu	wu	NOUN
fbem-877	8	149	guoding	guoding	NOUN
fbem-877	8	150	,	,	PUNCT
fbem-877	8	151	2018).institutional	2018).institutional	ADJ
fbem-877	8	152	investors	investor	NOUN
fbem-877	8	153	to	to	PART
fbem-877	8	154	participate	participate	VERB
fbem-877	8	155	in	in	ADP
fbem-877	8	156	corporate	corporate	ADJ
fbem-877	8	157	governance	governance	NOUN
fbem-877	8	158	of	of	ADP
fbem-877	8	159	the	the	DET
fbem-877	8	160	ultimate	ultimate	ADJ
fbem-877	8	161	goal	goal	NOUN
fbem-877	8	162	is	be	AUX
fbem-877	8	163	to	to	PART
fbem-877	8	164	make	make	VERB
fbem-877	8	165	enterprise	enterprise	NOUN
fbem-877	8	166	long	long	ADJ
fbem-877	8	167	-	-	PUNCT
fbem-877	8	168	term	term	NOUN
fbem-877	8	169	development	development	NOUN
fbem-877	8	170	and	and	CCONJ
fbem-877	8	171	improve	improve	VERB
fbem-877	8	172	enterprise	enterprise	NOUN
fbem-877	8	173	performance	performance	NOUN
fbem-877	8	174	,	,	PUNCT
fbem-877	8	175	enterprise	enterprise	NOUN
fbem-877	8	176	in	in	ADP
fbem-877	8	177	institutional	institutional	ADJ
fbem-877	8	178	investors	investor	NOUN
fbem-877	8	179	can	can	AUX
fbem-877	8	180	obtain	obtain	VERB
fbem-877	8	181	effective	effective	ADJ
fbem-877	8	182	financing	financing	NOUN
fbem-877	8	183	channels	channel	NOUN
fbem-877	8	184	,	,	PUNCT
fbem-877	8	185	and	and	CCONJ
fbem-877	8	186	institutional	institutional	ADJ
fbem-877	8	187	investors	investor	NOUN
fbem-877	8	188	'	'	PART
fbem-877	8	189	professional	professional	ADJ
fbem-877	8	190	ability	ability	NOUN
fbem-877	8	191	can	can	AUX
fbem-877	8	192	also	also	ADV
fbem-877	8	193	give	give	VERB
fbem-877	8	194	enterprises	enterprise	NOUN
fbem-877	8	195	better	well	ADJ
fbem-877	8	196	advice	advice	NOUN
fbem-877	8	197	,	,	PUNCT
fbem-877	8	198	can	can	AUX
fbem-877	8	199	also	also	ADV
fbem-877	8	200	effectively	effectively	ADV
fbem-877	8	201	restrict	restrict	VERB
fbem-877	8	202	management	management	NOUN
fbem-877	8	203	decision	decision	NOUN
fbem-877	8	204	does	do	AUX
fbem-877	8	205	not	not	PART
fbem-877	8	206	conform	conform	VERB
fbem-877	8	207	to	to	ADP
fbem-877	8	208	the	the	DET
fbem-877	8	209	part	part	NOUN
fbem-877	8	210	of	of	ADP
fbem-877	8	211	the	the	DET
fbem-877	8	212	enterprise	enterprise	NOUN
fbem-877	8	213	sustainable	sustainable	ADJ
fbem-877	8	214	development	development	NOUN
fbem-877	8	215	,	,	PUNCT
fbem-877	8	216	constantly	constantly	ADV
fbem-877	8	217	improve	improve	VERB
fbem-877	8	218	the	the	DET
fbem-877	8	219	level	level	NOUN
fbem-877	8	220	of	of	ADP
fbem-877	8	221	enterprise	enterprise	NOUN
fbem-877	8	222	financial	financial	ADJ
fbem-877	8	223	performance	performance	NOUN
fbem-877	8	224	(	(	PUNCT
fbem-877	8	225	lin	lin	PROPN
fbem-877	8	226	bo	bo	PROPN
fbem-877	8	227	,	,	PUNCT
fbem-877	9	1	2018).while	2018).while	ADP
fbem-877	9	2	participating	participate	VERB
fbem-877	9	3	in	in	ADP
fbem-877	9	4	corporate	corporate	ADJ
fbem-877	9	5	governance	governance	NOUN
fbem-877	9	6	,	,	PUNCT
fbem-877	9	7	institutional	institutional	ADJ
fbem-877	9	8	investors	investor	NOUN
fbem-877	9	9	are	be	AUX
fbem-877	9	10	also	also	ADV
fbem-877	9	11	restricted	restrict	VERB
fbem-877	9	12	by	by	ADP
fbem-877	9	13	their	their	PRON
fbem-877	9	14	own	own	ADJ
fbem-877	9	15	factors	factor	NOUN
fbem-877	9	16	.	.	PUNCT
fbem-877	10	1	relatively	relatively	ADV
fbem-877	10	2	independent	independent	ADJ
fbem-877	10	3	institutional	institutional	ADJ
fbem-877	10	4	investors	investor	NOUN
fbem-877	10	5	will	will	AUX
fbem-877	10	6	play	play	VERB
fbem-877	10	7	a	a	DET
fbem-877	10	8	positive	positive	ADJ
fbem-877	10	9	role	role	NOUN
fbem-877	10	10	in	in	ADP
fbem-877	10	11	corporate	corporate	ADJ
fbem-877	10	12	governance	governance	NOUN
fbem-877	10	13	,	,	PUNCT
fbem-877	10	14	have	have	VERB
fbem-877	10	15	better	well	ADJ
fbem-877	10	16	ability	ability	NOUN
fbem-877	10	17	to	to	PART
fbem-877	10	18	supervise	supervise	VERB
fbem-877	10	19	corporate	corporate	ADJ
fbem-877	10	20	governance	governance	NOUN
fbem-877	10	21	behaviors	behavior	NOUN
fbem-877	10	22	,	,	PUNCT
fbem-877	10	23	and	and	CCONJ
fbem-877	10	24	play	play	VERB
fbem-877	10	25	a	a	DET
fbem-877	10	26	good	good	ADJ
fbem-877	10	27	role	role	NOUN
fbem-877	10	28	in	in	ADP
fbem-877	10	29	promoting	promote	VERB
fbem-877	10	30	corporate	corporate	ADJ
fbem-877	10	31	development.if	development.if	NOUN
fbem-877	10	32	there	there	PRON
fbem-877	10	33	is	be	VERB
fbem-877	10	34	a	a	DET
fbem-877	10	35	potential	potential	ADJ
fbem-877	10	36	commercial	commercial	ADJ
fbem-877	10	37	relationship	relationship	NOUN
fbem-877	10	38	with	with	ADP
fbem-877	10	39	the	the	DET
fbem-877	10	40	company	company	NOUN
fbem-877	10	41	,	,	PUNCT
fbem-877	10	42	the	the	DET
fbem-877	10	43	independence	independence	NOUN
fbem-877	10	44	of	of	ADP
fbem-877	10	45	many	many	ADJ
fbem-877	10	46	institutional	institutional	ADJ
fbem-877	10	47	investors	investor	NOUN
fbem-877	10	48	will	will	AUX
fbem-877	10	49	be	be	AUX
fbem-877	10	50	insufficient	insufficient	ADJ
fbem-877	10	51	for	for	ADP
fbem-877	10	52	corporate	corporate	ADJ
fbem-877	10	53	governance	governance	NOUN
fbem-877	10	54	decisions	decision	NOUN
fbem-877	10	55	.	.	PUNCT
fbem-877	11	1	in	in	ADP
fbem-877	11	2	corporate	corporate	ADJ
fbem-877	11	3	governance	governance	NOUN
fbem-877	11	4	decisions	decision	NOUN
fbem-877	11	5	,	,	PUNCT
fbem-877	11	6	they	they	PRON
fbem-877	11	7	even	even	ADV
fbem-877	11	8	agree	agree	VERB
fbem-877	11	9	with	with	ADP
fbem-877	11	10	the	the	DET
fbem-877	11	11	relevant	relevant	ADJ
fbem-877	11	12	decisions	decision	NOUN
fbem-877	11	13	of	of	ADP
fbem-877	11	14	corporate	corporate	ADJ
fbem-877	11	15	governance	governance	NOUN
fbem-877	11	16	because	because	SCONJ
fbem-877	11	17	their	their	PRON
fbem-877	11	18	own	own	ADJ
fbem-877	11	19	interests	interest	NOUN
fbem-877	11	20	are	be	AUX
fbem-877	11	21	linked	link	VERB
fbem-877	11	22	with	with	ADP
fbem-877	11	23	the	the	DET
fbem-877	11	24	enterprise.however	enterprise.however	NOUN
fbem-877	11	25	,	,	PUNCT
fbem-877	11	26	independence	independence	NOUN
fbem-877	11	27	strong	strong	ADJ
fbem-877	11	28	institutional	institutional	ADJ
fbem-877	11	29	investors	investor	NOUN
fbem-877	11	30	tend	tend	VERB
fbem-877	11	31	to	to	PART
fbem-877	11	32	invest	invest	VERB
fbem-877	11	33	in	in	ADP
fbem-877	11	34	more	more	ADJ
fbem-877	11	35	and	and	CCONJ
fbem-877	11	36	more	more	ADJ
fbem-877	11	37	enterprises	enterprise	NOUN
fbem-877	11	38	,	,	PUNCT
fbem-877	11	39	its	its	PRON
fbem-877	11	40	interests	interest	NOUN
fbem-877	11	41	guidance	guidance	NOUN
fbem-877	11	42	is	be	AUX
fbem-877	11	43	improved	improve	VERB
fbem-877	11	44	earnings	earning	NOUN
fbem-877	11	45	,	,	PUNCT
fbem-877	11	46	combined	combine	VERB
fbem-877	11	47	with	with	ADP
fbem-877	11	48	the	the	DET
fbem-877	11	49	present	present	ADJ
fbem-877	11	50	situation	situation	NOUN
fbem-877	11	51	of	of	ADP
fbem-877	11	52	our	our	PRON
fbem-877	11	53	country	country	NOUN
fbem-877	11	54	capital	capital	NOUN
fbem-877	11	55	market	market	NOUN
fbem-877	11	56	is	be	AUX
fbem-877	11	57	not	not	PART
fbem-877	11	58	mature	mature	ADJ
fbem-877	11	59	institutional	institutional	ADJ
fbem-877	11	60	investors	investor	NOUN
fbem-877	11	61	are	be	AUX
fbem-877	11	62	more	more	ADV
fbem-877	11	63	likely	likely	ADJ
fbem-877	11	64	to	to	PART
fbem-877	11	65	value	value	VERB
fbem-877	11	66	the	the	DET
fbem-877	11	67	short	short	ADJ
fbem-877	11	68	-	-	PUNCT
fbem-877	11	69	term	term	NOUN
fbem-877	11	70	profit	profit	NOUN
fbem-877	11	71	way	way	NOUN
fbem-877	11	72	to	to	PART
fbem-877	11	73	reduce	reduce	VERB
fbem-877	11	74	the	the	DET
fbem-877	11	75	risk	risk	NOUN
fbem-877	11	76	of	of	ADP
fbem-877	11	77	investment	investment	NOUN
fbem-877	11	78	,	,	PUNCT
fbem-877	11	79	such	such	ADJ
fbem-877	11	80	power	power	NOUN
fbem-877	11	81	of	of	ADP
fbem-877	11	82	institutional	institutional	ADJ
fbem-877	11	83	investors	investor	NOUN
fbem-877	11	84	participating	participate	VERB
fbem-877	11	85	in	in	ADP
fbem-877	11	86	corporate	corporate	ADJ
fbem-877	11	87	governance	governance	NOUN
fbem-877	11	88	will	will	AUX
fbem-877	11	89	become	become	VERB
fbem-877	11	90	very	very	ADV
fbem-877	11	91	small.even	small.even	ADJ
fbem-877	11	92	if	if	SCONJ
fbem-877	11	93	institutional	institutional	ADJ
fbem-877	11	94	investors	investor	NOUN
fbem-877	11	95	focus	focus	VERB
fbem-877	11	96	on	on	ADP
fbem-877	11	97	participating	participate	VERB
fbem-877	11	98	in	in	ADP
fbem-877	11	99	corporate	corporate	ADJ
fbem-877	11	100	governance	governance	NOUN
fbem-877	11	101	with	with	ADP
fbem-877	11	102	long	long	ADJ
fbem-877	11	103	-	-	PUNCT
fbem-877	11	104	term	term	NOUN
fbem-877	11	105	returns	return	NOUN
fbem-877	11	106	,	,	PUNCT
fbem-877	11	107	they	they	PRON
fbem-877	11	108	may	may	AUX
fbem-877	11	109	also	also	ADV
fbem-877	11	110	have	have	VERB
fbem-877	11	111	a	a	DET
fbem-877	11	112	certain	certain	ADJ
fbem-877	11	113	negative	negative	ADJ
fbem-877	11	114	impact	impact	NOUN
fbem-877	11	115	on	on	ADP
fbem-877	11	116	enterprises	enterprise	NOUN
fbem-877	11	117	,	,	PUNCT
fbem-877	11	118	leading	lead	VERB
fbem-877	11	119	to	to	ADP
fbem-877	11	120	more	more	ADJ
fbem-877	11	121	problems	problem	NOUN
fbem-877	11	122	in	in	ADP
fbem-877	11	123	corporate	corporate	ADJ
fbem-877	11	124	performance.when	performance.when	PROPN
fbem-877	11	125	institutional	institutional	ADJ
fbem-877	11	126	investors	investor	NOUN
fbem-877	11	127	participate	participate	VERB
fbem-877	11	128	in	in	ADP
fbem-877	11	129	corporate	corporate	ADJ
fbem-877	11	130	governance	governance	NOUN
fbem-877	11	131	,	,	PUNCT
fbem-877	11	132	how	how	SCONJ
fbem-877	11	133	to	to	PART
fbem-877	11	134	maintain	maintain	VERB
fbem-877	11	135	their	their	PRON
fbem-877	11	136	independence	independence	NOUN
fbem-877	11	137	while	while	SCONJ
fbem-877	11	138	participating	participate	VERB
fbem-877	11	139	in	in	ADP
fbem-877	11	140	corporate	corporate	ADJ
fbem-877	11	141	governance	governance	NOUN
fbem-877	11	142	,	,	PUNCT
fbem-877	11	143	and	and	CCONJ
fbem-877	11	144	how	how	SCONJ
fbem-877	11	145	to	to	PART
fbem-877	11	146	plan	plan	VERB
fbem-877	11	147	their	their	PRON
fbem-877	11	148	own	own	ADJ
fbem-877	11	149	profits	profit	NOUN
fbem-877	11	150	while	while	SCONJ
fbem-877	11	151	considering	consider	VERB
fbem-877	11	152	the	the	DET
fbem-877	11	153	long	long	ADJ
fbem-877	11	154	-	-	PUNCT
fbem-877	11	155	term	term	NOUN
fbem-877	11	156	survival	survival	NOUN
fbem-877	11	157	of	of	ADP
fbem-877	11	158	enterprises	enterprise	NOUN
fbem-877	11	159	are	be	AUX
fbem-877	11	160	both	both	DET
fbem-877	11	161	problems	problem	NOUN
fbem-877	11	162	worth	worth	ADJ
fbem-877	11	163	thinking	think	VERB
fbem-877	11	164	about	about	ADP
fbem-877	11	165	.	.	PUNCT
fbem-877	12	1	2	2	X
fbem-877	12	2	.	.	X
fbem-877	12	3	literature	literature	NOUN
fbem-877	12	4	review	review	PROPN
fbem-877	12	5	and	and	CCONJ
fbem-877	12	6	research	research	NOUN
fbem-877	12	7	hypothesis	hypothesis	NOUN
fbem-877	12	8	2.1	2.1	NUM
fbem-877	12	9	.	.	PUNCT
fbem-877	13	1	institutional	institutional	ADJ
fbem-877	13	2	investors	investor	NOUN
fbem-877	13	3	and	and	CCONJ
fbem-877	13	4	corporate	corporate	ADJ
fbem-877	13	5	performance	performance	NOUN
fbem-877	13	6	from	from	ADP
fbem-877	13	7	the	the	DET
fbem-877	13	8	perspective	perspective	NOUN
fbem-877	13	9	of	of	ADP
fbem-877	13	10	institutional	institutional	ADJ
fbem-877	13	11	investors	investor	NOUN
fbem-877	13	12	,	,	PUNCT
fbem-877	13	13	their	their	PRON
fbem-877	13	14	impact	impact	NOUN
fbem-877	13	15	on	on	ADP
fbem-877	13	16	enterprises	enterprise	NOUN
fbem-877	13	17	can	can	AUX
fbem-877	13	18	be	be	AUX
fbem-877	13	19	intuitively	intuitively	ADV
fbem-877	13	20	reflected	reflect	VERB
fbem-877	13	21	in	in	ADP
fbem-877	13	22	the	the	DET
fbem-877	13	23	shareholding	shareholding	NOUN
fbem-877	13	24	ratio	ratio	NOUN
fbem-877	13	25	.	.	PUNCT
fbem-877	14	1	the	the	DET
fbem-877	14	2	tendency	tendency	NOUN
fbem-877	14	3	of	of	ADP
fbem-877	14	4	institutional	institutional	ADJ
fbem-877	14	5	investors	investor	NOUN
fbem-877	14	6	to	to	PART
fbem-877	14	7	participate	participate	VERB
fbem-877	14	8	in	in	ADP
fbem-877	14	9	corporate	corporate	ADJ
fbem-877	14	10	governance	governance	NOUN
fbem-877	14	11	is	be	AUX
fbem-877	14	12	affected	affect	VERB
fbem-877	14	13	by	by	ADP
fbem-877	14	14	the	the	DET
fbem-877	14	15	shareholding	shareholding	NOUN
fbem-877	14	16	ratio	ratio	NOUN
fbem-877	14	17	,	,	PUNCT
fbem-877	14	18	and	and	CCONJ
fbem-877	14	19	it	it	PRON
fbem-877	14	20	pays	pay	VERB
fbem-877	14	21	more	more	ADJ
fbem-877	14	22	attention	attention	NOUN
fbem-877	14	23	is	be	AUX
fbem-877	14	24	paid	pay	VERB
fbem-877	14	25	to	to	ADP
fbem-877	14	26	long	long	ADJ
fbem-877	14	27	-	-	PUNCT
fbem-877	14	28	term	term	NOUN
fbem-877	14	29	investment	investment	NOUN
fbem-877	14	30	decisions	decision	NOUN
fbem-877	14	31	,	,	PUNCT
fbem-877	14	32	which	which	PRON
fbem-877	14	33	enables	enable	VERB
fbem-877	14	34	the	the	DET
fbem-877	14	35	long	long	ADJ
fbem-877	14	36	-	-	PUNCT
fbem-877	14	37	term	term	NOUN
fbem-877	14	38	development	development	NOUN
fbem-877	14	39	of	of	ADP
fbem-877	14	40	the	the	DET
fbem-877	14	41	enterprise	enterprise	NOUN
fbem-877	14	42	and	and	CCONJ
fbem-877	14	43	plays	play	VERB
fbem-877	14	44	a	a	DET
fbem-877	14	45	better	well	ADJ
fbem-877	14	46	supervisory	supervisory	ADJ
fbem-877	14	47	role	role	NOUN
fbem-877	14	48	in	in	ADP
fbem-877	14	49	corporate	corporate	ADJ
fbem-877	14	50	governance	governance	NOUN
fbem-877	14	51	.	.	PUNCT
fbem-877	15	1	institutional	institutional	ADJ
fbem-877	15	2	investor	investor	NOUN
fbem-877	15	3	shareholding	shareholding	NOUN
fbem-877	15	4	can	can	AUX
fbem-877	15	5	better	well	ADV
fbem-877	15	6	improve	improve	VERB
fbem-877	15	7	the	the	DET
fbem-877	15	8	efficiency	efficiency	NOUN
fbem-877	15	9	of	of	ADP
fbem-877	15	10	the	the	DET
fbem-877	15	11	company	company	NOUN
fbem-877	15	12	and	and	CCONJ
fbem-877	15	13	can	can	AUX
fbem-877	15	14	create	create	VERB
fbem-877	15	15	good	good	ADJ
fbem-877	15	16	corporate	corporate	ADJ
fbem-877	15	17	performance	performance	NOUN
fbem-877	15	18	(	(	PUNCT
fbem-877	15	19	li	li	PROPN
fbem-877	15	20	jianying	jianying	PROPN
fbem-877	15	21	,	,	PUNCT
fbem-877	15	22	2013).the	2013).the	DET
fbem-877	15	23	impact	impact	NOUN
fbem-877	15	24	of	of	ADP
fbem-877	15	25	institutional	institutional	ADJ
fbem-877	15	26	investors	investor	NOUN
fbem-877	15	27	on	on	ADP
fbem-877	15	28	enterprise	enterprise	NOUN
fbem-877	15	29	performance	performance	NOUN
fbem-877	15	30	is	be	AUX
fbem-877	15	31	mostly	mostly	ADV
fbem-877	15	32	based	base	VERB
fbem-877	15	33	on	on	ADP
fbem-877	15	34	the	the	DET
fbem-877	15	35	simple	simple	ADJ
fbem-877	15	36	analysis	analysis	NOUN
fbem-877	15	37	of	of	ADP
fbem-877	15	38	enterprise	enterprise	NOUN
fbem-877	15	39	performance	performance	NOUN
fbem-877	15	40	impact	impact	NOUN
fbem-877	15	41	,	,	PUNCT
fbem-877	15	42	with	with	ADP
fbem-877	15	43	the	the	DET
fbem-877	15	44	latest	late	ADJ
fbem-877	15	45	internet	internet	NOUN
fbem-877	15	46	enterprise	enterprise	NOUN
fbem-877	15	47	performance	performance	NOUN
fbem-877	15	48	as	as	ADP
fbem-877	15	49	the	the	DET
fbem-877	15	50	starting	starting	NOUN
fbem-877	15	51	point	point	NOUN
fbem-877	15	52	,	,	PUNCT
fbem-877	15	53	xu	xu	PROPN
fbem-877	15	54	lin	lin	PROPN
fbem-877	15	55	(	(	PUNCT
fbem-877	15	56	2019	2019	NUM
fbem-877	15	57	)	)	PUNCT
fbem-877	15	58	believes	believe	VERB
fbem-877	15	59	that	that	SCONJ
fbem-877	15	60	the	the	DET
fbem-877	15	61	shareholding	shareholding	NOUN
fbem-877	15	62	of	of	ADP
fbem-877	15	63	institutional	institutional	ADJ
fbem-877	15	64	investors	investor	NOUN
fbem-877	15	65	in	in	ADP
fbem-877	15	66	the	the	DET
fbem-877	15	67	internet	internet	NOUN
fbem-877	15	68	industry	industry	NOUN
fbem-877	15	69	is	be	AUX
fbem-877	15	70	significantly	significantly	ADV
fbem-877	15	71	and	and	CCONJ
fbem-877	15	72	positively	positively	ADV
fbem-877	15	73	related	relate	VERB
fbem-877	15	74	to	to	ADP
fbem-877	15	75	154	154	NUM
fbem-877	15	76	corporate	corporate	ADJ
fbem-877	15	77	performance	performance	NOUN
fbem-877	15	78	,	,	PUNCT
fbem-877	15	79	compared	compare	VERB
fbem-877	15	80	with	with	ADP
fbem-877	15	81	the	the	DET
fbem-877	15	82	manufacturing	manufacturing	NOUN
fbem-877	15	83	industry	industry	NOUN
fbem-877	15	84	,	,	PUNCT
fbem-877	15	85	institutional	institutional	ADJ
fbem-877	15	86	investors	investor	NOUN
fbem-877	15	87	in	in	ADP
fbem-877	15	88	the	the	DET
fbem-877	15	89	internet	internet	NOUN
fbem-877	15	90	industry	industry	NOUN
fbem-877	15	91	have	have	VERB
fbem-877	15	92	a	a	DET
fbem-877	15	93	relatively	relatively	ADV
fbem-877	15	94	high	high	ADJ
fbem-877	15	95	shareholding	shareholding	NOUN
fbem-877	15	96	ratio	ratio	NOUN
fbem-877	15	97	,	,	PUNCT
fbem-877	15	98	the	the	DET
fbem-877	15	99	correlation	correlation	NOUN
fbem-877	15	100	with	with	ADP
fbem-877	15	101	business	business	NOUN
fbem-877	15	102	performance	performance	NOUN
fbem-877	15	103	is	be	AUX
fbem-877	15	104	even	even	ADV
fbem-877	15	105	more	more	ADV
fbem-877	15	106	pronounced	pronounced	ADJ
fbem-877	15	107	,	,	PUNCT
fbem-877	15	108	and	and	CCONJ
fbem-877	15	109	institutional	institutional	ADJ
fbem-877	15	110	investor	investor	NOUN
fbem-877	15	111	shareholding	shareholding	NOUN
fbem-877	15	112	affects	affect	VERB
fbem-877	15	113	enterprise	enterprise	NOUN
fbem-877	15	114	performance	performance	NOUN
fbem-877	15	115	and	and	CCONJ
fbem-877	15	116	is	be	AUX
fbem-877	15	117	not	not	PART
fbem-877	15	118	linear	linear	ADJ
fbem-877	15	119	correlation	correlation	NOUN
fbem-877	15	120	;	;	PUNCT
fbem-877	15	121	from	from	ADP
fbem-877	15	122	the	the	DET
fbem-877	15	123	perspective	perspective	NOUN
fbem-877	15	124	of	of	ADP
fbem-877	15	125	financial	financial	ADJ
fbem-877	15	126	performance	performance	NOUN
fbem-877	15	127	,	,	PUNCT
fbem-877	15	128	lin	lin	PROPN
fbem-877	15	129	bo	bo	PROPN
fbem-877	15	130	(	(	PUNCT
fbem-877	15	131	2018	2018	NUM
fbem-877	15	132	)	)	PUNCT
fbem-877	15	133	introduced	introduce	VERB
fbem-877	15	134	internal	internal	ADJ
fbem-877	15	135	control	control	NOUN
fbem-877	15	136	to	to	PART
fbem-877	15	137	view	view	VERB
fbem-877	15	138	the	the	DET
fbem-877	15	139	relationship	relationship	NOUN
fbem-877	15	140	between	between	ADP
fbem-877	15	141	them	they	PRON
fbem-877	15	142	,	,	PUNCT
fbem-877	15	143	while	while	SCONJ
fbem-877	15	144	both	both	CCONJ
fbem-877	15	145	institutional	institutional	ADJ
fbem-877	15	146	investors	investor	NOUN
fbem-877	15	147	and	and	CCONJ
fbem-877	15	148	internal	internal	ADJ
fbem-877	15	149	controls	control	NOUN
fbem-877	15	150	promote	promote	VERB
fbem-877	15	151	corporate	corporate	ADJ
fbem-877	15	152	performance	performance	NOUN
fbem-877	15	153	,	,	PUNCT
fbem-877	15	154	but	but	CCONJ
fbem-877	15	155	in	in	ADP
fbem-877	15	156	the	the	DET
fbem-877	15	157	role	role	NOUN
fbem-877	15	158	of	of	ADP
fbem-877	15	159	institutional	institutional	ADJ
fbem-877	15	160	investors	investor	NOUN
fbem-877	15	161	,	,	PUNCT
fbem-877	15	162	the	the	DET
fbem-877	15	163	impact	impact	NOUN
fbem-877	15	164	of	of	ADP
fbem-877	15	165	internal	internal	ADJ
fbem-877	15	166	control	control	NOUN
fbem-877	15	167	on	on	ADP
fbem-877	15	168	enterprise	enterprise	NOUN
fbem-877	15	169	performance	performance	NOUN
fbem-877	15	170	is	be	AUX
fbem-877	15	171	significantly	significantly	ADV
fbem-877	15	172	reduced	reduce	VERB
fbem-877	15	173	,	,	PUNCT
fbem-877	15	174	this	this	PRON
fbem-877	15	175	suggests	suggest	VERB
fbem-877	15	176	that	that	SCONJ
fbem-877	15	177	institutional	institutional	ADJ
fbem-877	15	178	investors	investor	NOUN
fbem-877	15	179	involved	involve	VERB
fbem-877	15	180	in	in	ADP
fbem-877	15	181	corporate	corporate	ADJ
fbem-877	15	182	governance	governance	NOUN
fbem-877	15	183	may	may	AUX
fbem-877	15	184	affect	affect	VERB
fbem-877	15	185	internal	internal	ADJ
fbem-877	15	186	control.in	control.in	NUM
fbem-877	15	187	institutional	institutional	ADJ
fbem-877	15	188	investors	investor	NOUN
fbem-877	15	189	under	under	ADP
fbem-877	15	190	further	further	ADJ
fbem-877	15	191	research	research	NOUN
fbem-877	15	192	,	,	PUNCT
fbem-877	15	193	the	the	DET
fbem-877	15	194	scholars	scholar	NOUN
fbem-877	15	195	gradually	gradually	ADV
fbem-877	15	196	expand	expand	VERB
fbem-877	15	197	to	to	ADP
fbem-877	15	198	the	the	DET
fbem-877	15	199	heterogeneity	heterogeneity	NOUN
fbem-877	15	200	of	of	ADP
fbem-877	15	201	institutional	institutional	ADJ
fbem-877	15	202	investors	investor	NOUN
fbem-877	15	203	to	to	PART
fbem-877	15	204	study	study	VERB
fbem-877	15	205	the	the	DET
fbem-877	15	206	influence	influence	NOUN
fbem-877	15	207	on	on	ADP
fbem-877	15	208	the	the	DET
fbem-877	15	209	enterprise	enterprise	NOUN
fbem-877	15	210	,	,	PUNCT
fbem-877	15	211	li	li	PROPN
fbem-877	15	212	zhengguang	zhengguang	PROPN
fbem-877	15	213	(	(	PUNCT
fbem-877	15	214	2014	2014	NUM
fbem-877	15	215	)	)	PUNCT
fbem-877	15	216	to	to	ADP
fbem-877	15	217	a	a	DET
fbem-877	15	218	-	-	PUNCT
fbem-877	15	219	share	share	NOUN
fbem-877	15	220	listed	list	VERB
fbem-877	15	221	companies	company	NOUN
fbem-877	15	222	as	as	ADP
fbem-877	15	223	the	the	DET
fbem-877	15	224	research	research	NOUN
fbem-877	15	225	object	object	NOUN
fbem-877	15	226	,	,	PUNCT
fbem-877	15	227	classify	classify	VERB
fbem-877	15	228	institutional	institutional	ADJ
fbem-877	15	229	investors	investor	NOUN
fbem-877	15	230	,	,	PUNCT
fbem-877	15	231	institutional	institutional	ADJ
fbem-877	15	232	investors	investor	NOUN
fbem-877	15	233	are	be	AUX
fbem-877	15	234	divided	divide	VERB
fbem-877	15	235	into	into	ADP
fbem-877	15	236	stable	stable	ADJ
fbem-877	15	237	and	and	CCONJ
fbem-877	15	238	trading	trading	NOUN
fbem-877	15	239	,	,	PUNCT
fbem-877	15	240	the	the	DET
fbem-877	15	241	results	result	NOUN
fbem-877	15	242	show	show	VERB
fbem-877	15	243	that	that	SCONJ
fbem-877	15	244	stable	stable	ADJ
fbem-877	15	245	institutional	institutional	ADJ
fbem-877	15	246	investors	investor	NOUN
fbem-877	15	247	relative	relative	ADJ
fbem-877	15	248	to	to	ADP
fbem-877	15	249	trading	trade	VERB
fbem-877	15	250	institutional	institutional	ADJ
fbem-877	15	251	investors	investor	NOUN
fbem-877	15	252	can	can	AUX
fbem-877	15	253	play	play	VERB
fbem-877	15	254	more	more	ADJ
fbem-877	15	255	corporate	corporate	ADJ
fbem-877	15	256	governance	governance	NOUN
fbem-877	15	257	effect	effect	NOUN
fbem-877	15	258	and	and	CCONJ
fbem-877	15	259	supervise	supervise	VERB
fbem-877	15	260	enterprise	enterprise	NOUN
fbem-877	15	261	governance	governance	NOUN
fbem-877	15	262	behavior	behavior	NOUN
fbem-877	15	263	,	,	PUNCT
fbem-877	15	264	in	in	ADP
fbem-877	15	265	order	order	NOUN
fbem-877	15	266	to	to	PART
fbem-877	15	267	improve	improve	VERB
fbem-877	15	268	the	the	DET
fbem-877	15	269	performance	performance	NOUN
fbem-877	15	270	of	of	ADP
fbem-877	15	271	the	the	DET
fbem-877	15	272	enterprise.from	enterprise.from	ADP
fbem-877	15	273	the	the	DET
fbem-877	15	274	perspective	perspective	NOUN
fbem-877	15	275	of	of	ADP
fbem-877	15	276	a	a	DET
fbem-877	15	277	-	-	PUNCT
fbem-877	15	278	share	share	NOUN
fbem-877	15	279	listed	list	VERB
fbem-877	15	280	companies	company	NOUN
fbem-877	15	281	in	in	ADP
fbem-877	15	282	2015	2015	NUM
fbem-877	15	283	,	,	PUNCT
fbem-877	15	284	liu	liu	PROPN
fbem-877	15	285	yingfei	yingfei	PROPN
fbem-877	15	286	(	(	PUNCT
fbem-877	15	287	2015	2015	NUM
fbem-877	15	288	)	)	PUNCT
fbem-877	15	289	tested	test	VERB
fbem-877	15	290	the	the	DET
fbem-877	15	291	impact	impact	NOUN
fbem-877	15	292	of	of	ADP
fbem-877	15	293	institutional	institutional	ADJ
fbem-877	15	294	investors	investor	NOUN
fbem-877	15	295	'	'	PART
fbem-877	15	296	shareholding	shareholding	NOUN
fbem-877	15	297	ratio	ratio	NOUN
fbem-877	15	298	on	on	ADP
fbem-877	15	299	enterprise	enterprise	NOUN
fbem-877	15	300	performance	performance	NOUN
fbem-877	15	301	with	with	ADP
fbem-877	15	302	two	two	NUM
fbem-877	15	303	aspects	aspect	NOUN
fbem-877	15	304	of	of	ADP
fbem-877	15	305	independence	independence	NOUN
fbem-877	15	306	and	and	CCONJ
fbem-877	15	307	stability	stability	NOUN
fbem-877	15	308	.	.	PUNCT
fbem-877	16	1	research	research	NOUN
fbem-877	16	2	found	find	VERB
fbem-877	16	3	that	that	SCONJ
fbem-877	16	4	the	the	DET
fbem-877	16	5	impact	impact	NOUN
fbem-877	16	6	of	of	ADP
fbem-877	16	7	independent	independent	ADJ
fbem-877	16	8	institutional	institutional	ADJ
fbem-877	16	9	investors	investor	NOUN
fbem-877	16	10	on	on	ADP
fbem-877	16	11	enterprise	enterprise	NOUN
fbem-877	16	12	performance	performance	NOUN
fbem-877	16	13	has	have	VERB
fbem-877	16	14	a	a	DET
fbem-877	16	15	significant	significant	ADJ
fbem-877	16	16	positive	positive	ADJ
fbem-877	16	17	correlation	correlation	NOUN
fbem-877	16	18	,	,	PUNCT
fbem-877	16	19	independence	independence	NOUN
fbem-877	16	20	is	be	AUX
fbem-877	16	21	not	not	PART
fbem-877	16	22	strong	strong	ADJ
fbem-877	16	23	of	of	ADP
fbem-877	16	24	institutional	institutional	ADJ
fbem-877	16	25	investors	investor	NOUN
fbem-877	16	26	did	do	AUX
fbem-877	16	27	not	not	PART
fbem-877	16	28	find	find	VERB
fbem-877	16	29	the	the	DET
fbem-877	16	30	relationship	relationship	NOUN
fbem-877	16	31	with	with	ADP
fbem-877	16	32	enterprise	enterprise	NOUN
fbem-877	16	33	performance	performance	NOUN
fbem-877	16	34	,	,	PUNCT
fbem-877	16	35	more	more	ADV
fbem-877	16	36	independent	independent	ADJ
fbem-877	16	37	and	and	CCONJ
fbem-877	16	38	stable	stable	ADJ
fbem-877	16	39	institutional	institutional	ADJ
fbem-877	16	40	investors	investor	NOUN
fbem-877	16	41	to	to	PART
fbem-877	16	42	promote	promote	VERB
fbem-877	16	43	enterprise	enterprise	NOUN
fbem-877	16	44	performance	performance	NOUN
fbem-877	16	45	,	,	PUNCT
fbem-877	16	46	the	the	DET
fbem-877	16	47	more	more	ADV
fbem-877	16	48	obvious	obvious	ADJ
fbem-877	16	49	,	,	PUNCT
fbem-877	16	50	more	more	ADJ
fbem-877	16	51	can	can	AUX
fbem-877	16	52	play	play	VERB
fbem-877	16	53	an	an	DET
fbem-877	16	54	efficient	efficient	ADJ
fbem-877	16	55	role	role	NOUN
fbem-877	16	56	in	in	ADP
fbem-877	16	57	corporate	corporate	ADJ
fbem-877	16	58	governance	governance	NOUN
fbem-877	16	59	,	,	PUNCT
fbem-877	16	60	independence	independence	NOUN
fbem-877	16	61	is	be	AUX
fbem-877	16	62	not	not	PART
fbem-877	16	63	strong	strong	ADJ
fbem-877	16	64	of	of	ADP
fbem-877	16	65	institutional	institutional	ADJ
fbem-877	16	66	investors	investor	NOUN
fbem-877	16	67	to	to	ADP
fbem-877	16	68	the	the	DET
fbem-877	16	69	enterprise	enterprise	NOUN
fbem-877	16	70	investment	investment	NOUN
fbem-877	16	71	even	even	ADV
fbem-877	16	72	if	if	SCONJ
fbem-877	16	73	very	very	ADV
fbem-877	16	74	stable	stable	ADJ
fbem-877	16	75	will	will	AUX
fbem-877	16	76	not	not	PART
fbem-877	16	77	affect	affect	VERB
fbem-877	16	78	the	the	DET
fbem-877	16	79	performance	performance	NOUN
fbem-877	16	80	and	and	CCONJ
fbem-877	16	81	governance	governance	NOUN
fbem-877	16	82	level	level	NOUN
fbem-877	16	83	of	of	ADP
fbem-877	16	84	the	the	DET
fbem-877	16	85	enterprise	enterprise	NOUN
fbem-877	16	86	itself.with	itself.with	ADP
fbem-877	16	87	enterprise	enterprise	NOUN
fbem-877	16	88	heterogeneous	heterogeneous	ADJ
fbem-877	16	89	perspective	perspective	NOUN
fbem-877	16	90	,	,	PUNCT
fbem-877	16	91	zhu	zhu	PROPN
fbem-877	16	92	weidong	weidong	PROPN
fbem-877	16	93	(	(	PUNCT
fbem-877	16	94	2016	2016	NUM
fbem-877	16	95	)	)	PUNCT
fbem-877	16	96	emerging	emerge	VERB
fbem-877	16	97	industry	industry	NOUN
fbem-877	16	98	listed	list	VERB
fbem-877	16	99	companies	company	NOUN
fbem-877	16	100	as	as	ADP
fbem-877	16	101	a	a	DET
fbem-877	16	102	sample	sample	NOUN
fbem-877	16	103	,	,	PUNCT
fbem-877	16	104	that	that	SCONJ
fbem-877	16	105	whether	whether	SCONJ
fbem-877	16	106	institutional	institutional	ADJ
fbem-877	16	107	investors	investor	NOUN
fbem-877	16	108	holding	hold	VERB
fbem-877	16	109	is	be	AUX
fbem-877	16	110	relative	relative	ADJ
fbem-877	16	111	or	or	CCONJ
fbem-877	16	112	absolute	absolute	ADJ
fbem-877	16	113	will	will	AUX
fbem-877	16	114	have	have	VERB
fbem-877	16	115	a	a	DET
fbem-877	16	116	significant	significant	ADJ
fbem-877	16	117	impact	impact	NOUN
fbem-877	16	118	on	on	ADP
fbem-877	16	119	enterprise	enterprise	NOUN
fbem-877	16	120	performance	performance	NOUN
fbem-877	16	121	,	,	PUNCT
fbem-877	16	122	institutional	institutional	ADJ
fbem-877	16	123	investors	investor	NOUN
fbem-877	16	124	with	with	ADP
fbem-877	16	125	strong	strong	ADJ
fbem-877	16	126	independence	independence	NOUN
fbem-877	16	127	have	have	VERB
fbem-877	16	128	a	a	DET
fbem-877	16	129	higher	high	ADJ
fbem-877	16	130	role	role	NOUN
fbem-877	16	131	in	in	ADP
fbem-877	16	132	promoting	promote	VERB
fbem-877	16	133	corporate	corporate	ADJ
fbem-877	16	134	performance	performance	NOUN
fbem-877	16	135	,	,	PUNCT
fbem-877	16	136	institutional	institutional	ADJ
fbem-877	16	137	investors	investor	NOUN
fbem-877	16	138	with	with	ADP
fbem-877	16	139	low	low	ADJ
fbem-877	16	140	independence	independence	NOUN
fbem-877	16	141	can	can	AUX
fbem-877	16	142	not	not	PART
fbem-877	16	143	affect	affect	VERB
fbem-877	16	144	corporate	corporate	ADJ
fbem-877	16	145	performance	performance	NOUN
fbem-877	16	146	,	,	PUNCT
fbem-877	16	147	but	but	CCONJ
fbem-877	16	148	will	will	AUX
fbem-877	16	149	reduce	reduce	VERB
fbem-877	16	150	the	the	DET
fbem-877	16	151	generation	generation	NOUN
fbem-877	16	152	of	of	ADP
fbem-877	16	153	corporate	corporate	ADJ
fbem-877	16	154	performance	performance	NOUN
fbem-877	16	155	,	,	PUNCT
fbem-877	16	156	influenced	influence	VERB
fbem-877	16	157	by	by	ADP
fbem-877	16	158	the	the	DET
fbem-877	16	159	size	size	NOUN
fbem-877	16	160	and	and	CCONJ
fbem-877	16	161	nature	nature	NOUN
fbem-877	16	162	of	of	ADP
fbem-877	16	163	the	the	DET
fbem-877	16	164	enterprise	enterprise	NOUN
fbem-877	16	165	,	,	PUNCT
fbem-877	16	166	the	the	DET
fbem-877	16	167	impact	impact	NOUN
fbem-877	16	168	of	of	ADP
fbem-877	16	169	less	less	ADV
fbem-877	16	170	independent	independent	ADJ
fbem-877	16	171	institutional	institutional	ADJ
fbem-877	16	172	investors	investor	NOUN
fbem-877	16	173	on	on	ADP
fbem-877	16	174	the	the	DET
fbem-877	16	175	enterprise	enterprise	NOUN
fbem-877	16	176	performance	performance	NOUN
fbem-877	16	177	is	be	AUX
fbem-877	16	178	also	also	ADV
fbem-877	16	179	limited	limit	VERB
fbem-877	16	180	to	to	ADP
fbem-877	16	181	some	some	DET
fbem-877	16	182	large	large	ADJ
fbem-877	16	183	-	-	PUNCT
fbem-877	16	184	scale	scale	NOUN
fbem-877	16	185	and	and	CCONJ
fbem-877	16	186	state	state	NOUN
fbem-877	16	187	-	-	PUNCT
fbem-877	16	188	owned	own	VERB
fbem-877	16	189	enterprises	enterprise	NOUN
fbem-877	16	190	,	,	PUNCT
fbem-877	16	191	and	and	CCONJ
fbem-877	16	192	the	the	DET
fbem-877	16	193	impact	impact	NOUN
fbem-877	16	194	on	on	ADP
fbem-877	16	195	the	the	DET
fbem-877	16	196	performance	performance	NOUN
fbem-877	16	197	of	of	ADP
fbem-877	16	198	other	other	ADJ
fbem-877	16	199	enterprises	enterprise	NOUN
fbem-877	16	200	is	be	AUX
fbem-877	16	201	not	not	PART
fbem-877	16	202	significant.from	significant.from	VERB
fbem-877	16	203	this	this	DET
fbem-877	16	204	point	point	NOUN
fbem-877	16	205	of	of	ADP
fbem-877	16	206	view	view	NOUN
fbem-877	16	207	,	,	PUNCT
fbem-877	16	208	the	the	DET
fbem-877	16	209	impact	impact	NOUN
fbem-877	16	210	of	of	ADP
fbem-877	16	211	institutional	institutional	ADJ
fbem-877	16	212	investors	investor	NOUN
fbem-877	16	213	on	on	ADP
fbem-877	16	214	corporate	corporate	ADJ
fbem-877	16	215	performance	performance	NOUN
fbem-877	16	216	as	as	ADP
fbem-877	16	217	further	further	ADJ
fbem-877	16	218	research	research	NOUN
fbem-877	16	219	has	have	AUX
fbem-877	16	220	seen	see	VERB
fbem-877	16	221	more	more	ADJ
fbem-877	16	222	controversies	controversy	NOUN
fbem-877	16	223	and	and	CCONJ
fbem-877	16	224	findings	finding	NOUN
fbem-877	16	225	,	,	PUNCT
fbem-877	16	226	on	on	ADP
fbem-877	16	227	this	this	DET
fbem-877	16	228	basis	basis	NOUN
fbem-877	16	229	,	,	PUNCT
fbem-877	16	230	the	the	DET
fbem-877	16	231	paper	paper	NOUN
fbem-877	16	232	puts	put	VERB
fbem-877	16	233	forward	forward	ADV
fbem-877	16	234	the	the	DET
fbem-877	16	235	following	follow	VERB
fbem-877	16	236	research	research	NOUN
fbem-877	16	237	assumptions	assumption	NOUN
fbem-877	16	238	:	:	PUNCT
fbem-877	16	239	hypothesis	hypothesis	NOUN
fbem-877	16	240	1	1	NUM
fbem-877	16	241	:	:	PUNCT
fbem-877	16	242	the	the	DET
fbem-877	16	243	proportion	proportion	NOUN
fbem-877	16	244	of	of	ADP
fbem-877	16	245	shares	share	NOUN
fbem-877	16	246	held	hold	VERB
fbem-877	16	247	by	by	ADP
fbem-877	16	248	institutional	institutional	ADJ
fbem-877	16	249	investors	investor	NOUN
fbem-877	16	250	is	be	AUX
fbem-877	16	251	positively	positively	ADV
fbem-877	16	252	correlated	correlate	VERB
fbem-877	16	253	to	to	ADP
fbem-877	16	254	corporate	corporate	ADJ
fbem-877	16	255	performance	performance	NOUN
fbem-877	16	256	hypothesis	hypothesis	NOUN
fbem-877	16	257	2	2	NUM
fbem-877	16	258	:	:	PUNCT
fbem-877	16	259	institutional	institutional	ADJ
fbem-877	16	260	investors	investor	NOUN
fbem-877	16	261	with	with	ADP
fbem-877	16	262	strong	strong	ADJ
fbem-877	16	263	independence	independence	NOUN
fbem-877	16	264	will	will	AUX
fbem-877	16	265	have	have	VERB
fbem-877	16	266	a	a	DET
fbem-877	16	267	more	more	ADV
fbem-877	16	268	significant	significant	ADJ
fbem-877	16	269	positive	positive	ADJ
fbem-877	16	270	relationship	relationship	NOUN
fbem-877	16	271	with	with	ADP
fbem-877	16	272	corporate	corporate	ADJ
fbem-877	16	273	performance	performance	NOUN
fbem-877	16	274	hypothesis	hypothesis	NOUN
fbem-877	16	275	3	3	NUM
fbem-877	16	276	:	:	PUNCT
fbem-877	16	277	negative	negative	ADJ
fbem-877	16	278	correlation	correlation	NOUN
fbem-877	16	279	between	between	ADP
fbem-877	16	280	the	the	DET
fbem-877	16	281	impact	impact	NOUN
fbem-877	16	282	of	of	ADP
fbem-877	16	283	less	less	ADV
fbem-877	16	284	independent	independent	ADJ
fbem-877	16	285	institutional	institutional	ADJ
fbem-877	16	286	investors	investor	NOUN
fbem-877	16	287	on	on	ADP
fbem-877	16	288	corporate	corporate	ADJ
fbem-877	16	289	performance	performance	NOUN
fbem-877	16	290	2.2	2.2	NUM
fbem-877	16	291	.	.	PUNCT
fbem-877	17	1	institutional	institutional	ADJ
fbem-877	17	2	investors	investor	NOUN
fbem-877	17	3	,	,	PUNCT
fbem-877	17	4	accounting	account	VERB
fbem-877	17	5	information	information	NOUN
fbem-877	17	6	quality	quality	NOUN
fbem-877	17	7	and	and	CCONJ
fbem-877	17	8	corporate	corporate	ADJ
fbem-877	17	9	performance	performance	NOUN
fbem-877	17	10	accounting	accounting	NOUN
fbem-877	17	11	information	information	NOUN
fbem-877	17	12	of	of	ADP
fbem-877	17	13	the	the	DET
fbem-877	17	14	quality	quality	NOUN
fbem-877	17	15	affects	affect	VERB
fbem-877	17	16	investor	investor	NOUN
fbem-877	17	17	sentiment	sentiment	NOUN
fbem-877	17	18	,	,	PUNCT
fbem-877	17	19	and	and	CCONJ
fbem-877	17	20	investors	investor	NOUN
fbem-877	17	21	are	be	AUX
fbem-877	17	22	sensitive	sensitive	ADJ
fbem-877	17	23	to	to	ADP
fbem-877	17	24	stock	stock	NOUN
fbem-877	17	25	investment	investment	NOUN
fbem-877	17	26	,	,	PUNCT
fbem-877	17	27	low	low	ADJ
fbem-877	17	28	degree	degree	NOUN
fbem-877	17	29	of	of	ADP
fbem-877	17	30	information	information	NOUN
fbem-877	17	31	stock	stock	NOUN
fbem-877	17	32	is	be	AUX
fbem-877	17	33	not	not	PART
fbem-877	17	34	easy	easy	ADJ
fbem-877	17	35	for	for	SCONJ
fbem-877	17	36	investors	investor	NOUN
fbem-877	17	37	to	to	PART
fbem-877	17	38	judge	judge	VERB
fbem-877	17	39	,	,	PUNCT
fbem-877	17	40	but	but	CCONJ
fbem-877	17	41	turn	turn	VERB
fbem-877	17	42	to	to	ADP
fbem-877	17	43	accounting	account	VERB
fbem-877	17	44	information	information	NOUN
fbem-877	17	45	quality	quality	NOUN
fbem-877	17	46	to	to	PART
fbem-877	17	47	determine	determine	VERB
fbem-877	17	48	the	the	DET
fbem-877	17	49	value	value	NOUN
fbem-877	17	50	of	of	ADP
fbem-877	17	51	the	the	DET
fbem-877	17	52	stock	stock	NOUN
fbem-877	17	53	itself	itself	PRON
fbem-877	17	54	,	,	PUNCT
fbem-877	17	55	institutional	institutional	ADJ
fbem-877	17	56	investors	investor	NOUN
fbem-877	17	57	as	as	ADP
fbem-877	17	58	a	a	DET
fbem-877	17	59	member	member	NOUN
fbem-877	17	60	of	of	ADP
fbem-877	17	61	the	the	DET
fbem-877	17	62	greater	great	ADJ
fbem-877	17	63	investment	investment	NOUN
fbem-877	17	64	,	,	PUNCT
fbem-877	17	65	the	the	DET
fbem-877	17	66	importance	importance	NOUN
fbem-877	17	67	of	of	ADP
fbem-877	17	68	accounting	accounting	NOUN
fbem-877	17	69	information	information	NOUN
fbem-877	17	70	quality	quality	NOUN
fbem-877	17	71	is	be	AUX
fbem-877	17	72	also	also	ADV
fbem-877	17	73	more	more	ADV
fbem-877	17	74	prominent	prominent	ADJ
fbem-877	17	75	(	(	PUNCT
fbem-877	17	76	zhu	zhu	PROPN
fbem-877	17	77	bo	bo	PROPN
fbem-877	17	78	,	,	PUNCT
fbem-877	17	79	2015).with	2015).with	PROPN
fbem-877	17	80	investor	investor	NOUN
fbem-877	17	81	protection	protection	NOUN
fbem-877	17	82	perspective	perspective	NOUN
fbem-877	17	83	,	,	PUNCT
fbem-877	17	84	li	li	PROPN
fbem-877	17	85	shugen	shugen	PROPN
fbem-877	17	86	(	(	PUNCT
fbem-877	17	87	2016	2016	NUM
fbem-877	17	88	)	)	PUNCT
fbem-877	17	89	with	with	ADP
fbem-877	17	90	a	a	DET
fbem-877	17	91	-	-	PUNCT
fbem-877	17	92	share	share	NOUN
fbem-877	17	93	listed	list	VERB
fbem-877	17	94	company	company	NOUN
fbem-877	17	95	data	datum	NOUN
fbem-877	17	96	built	build	VERB
fbem-877	17	97	investor	investor	NOUN
fbem-877	17	98	protection	protection	NOUN
fbem-877	17	99	degree	degree	NOUN
fbem-877	17	100	,	,	PUNCT
fbem-877	17	101	the	the	DET
fbem-877	17	102	study	study	NOUN
fbem-877	17	103	found	find	VERB
fbem-877	17	104	that	that	SCONJ
fbem-877	17	105	the	the	PRON
fbem-877	17	106	higher	high	ADJ
fbem-877	17	107	the	the	DET
fbem-877	17	108	degree	degree	NOUN
fbem-877	17	109	of	of	ADP
fbem-877	17	110	protection	protection	NOUN
fbem-877	17	111	to	to	ADP
fbem-877	17	112	investors	investor	NOUN
fbem-877	17	113	,	,	PUNCT
fbem-877	17	114	the	the	PRON
fbem-877	17	115	higher	high	ADJ
fbem-877	17	116	the	the	DET
fbem-877	17	117	quality	quality	NOUN
fbem-877	17	118	of	of	ADP
fbem-877	17	119	accounting	accounting	NOUN
fbem-877	17	120	information	information	NOUN
fbem-877	17	121	of	of	ADP
fbem-877	17	122	listed	list	VERB
fbem-877	17	123	companies	company	NOUN
fbem-877	17	124	,	,	PUNCT
fbem-877	17	125	this	this	PRON
fbem-877	17	126	suggests	suggest	VERB
fbem-877	17	127	that	that	SCONJ
fbem-877	17	128	the	the	DET
fbem-877	17	129	listed	list	VERB
fbem-877	17	130	companies	company	NOUN
fbem-877	17	131	pay	pay	VERB
fbem-877	17	132	attention	attention	NOUN
fbem-877	17	133	to	to	PART
fbem-877	17	134	transmit	transmit	VERB
fbem-877	17	135	signals	signal	NOUN
fbem-877	17	136	to	to	ADP
fbem-877	17	137	investors	investor	NOUN
fbem-877	17	138	by	by	ADP
fbem-877	17	139	the	the	DET
fbem-877	17	140	high	high	ADJ
fbem-877	17	141	quality	quality	NOUN
fbem-877	17	142	of	of	ADP
fbem-877	17	143	accounting	accounting	NOUN
fbem-877	17	144	information	information	NOUN
fbem-877	17	145	,	,	PUNCT
fbem-877	17	146	to	to	PART
fbem-877	17	147	attract	attract	VERB
fbem-877	17	148	investors	investor	NOUN
fbem-877	17	149	to	to	PART
fbem-877	17	150	invest	invest	VERB
fbem-877	17	151	,	,	PUNCT
fbem-877	17	152	investor	investor	NOUN
fbem-877	17	153	protection	protection	NOUN
fbem-877	17	154	is	be	AUX
fbem-877	17	155	a	a	DET
fbem-877	17	156	guarantee	guarantee	NOUN
fbem-877	17	157	to	to	PART
fbem-877	17	158	promote	promote	VERB
fbem-877	17	159	listed	list	VERB
fbem-877	17	160	companies	company	NOUN
fbem-877	17	161	to	to	PART
fbem-877	17	162	provide	provide	VERB
fbem-877	17	163	high	high	ADJ
fbem-877	17	164	-	-	PUNCT
fbem-877	17	165	quality	quality	NOUN
fbem-877	17	166	accounting	accounting	NOUN
fbem-877	17	167	information	information	NOUN
fbem-877	17	168	,	,	PUNCT
fbem-877	17	169	and	and	CCONJ
fbem-877	17	170	the	the	DET
fbem-877	17	171	quality	quality	NOUN
fbem-877	17	172	of	of	ADP
fbem-877	17	173	accounting	accounting	NOUN
fbem-877	17	174	information	information	NOUN
fbem-877	17	175	is	be	AUX
fbem-877	17	176	necessary	necessary	ADJ
fbem-877	17	177	for	for	ADP
fbem-877	17	178	investors	investor	NOUN
fbem-877	17	179	.	.	PUNCT
fbem-877	18	1	it	it	PRON
fbem-877	18	2	is	be	AUX
fbem-877	18	3	also	also	ADV
fbem-877	18	4	necessary	necessary	ADJ
fbem-877	18	5	for	for	SCONJ
fbem-877	18	6	investors	investor	NOUN
fbem-877	18	7	to	to	PART
fbem-877	18	8	obtain	obtain	VERB
fbem-877	18	9	information	information	NOUN
fbem-877	18	10	to	to	PART
fbem-877	18	11	understand	understand	VERB
fbem-877	18	12	investment	investment	NOUN
fbem-877	18	13	,	,	PUNCT
fbem-877	18	14	and	and	CCONJ
fbem-877	18	15	its	its	PRON
fbem-877	18	16	quality	quality	NOUN
fbem-877	18	17	determines	determine	VERB
fbem-877	18	18	the	the	DET
fbem-877	18	19	effect	effect	NOUN
fbem-877	18	20	of	of	ADP
fbem-877	18	21	investment	investment	NOUN
fbem-877	18	22	and	and	CCONJ
fbem-877	18	23	the	the	DET
fbem-877	18	24	interest	interest	NOUN
fbem-877	18	25	of	of	ADP
fbem-877	18	26	investors.accounting	investors.accounte	VERB
fbem-877	18	27	information	information	NOUN
fbem-877	18	28	conveys	convey	VERB
fbem-877	18	29	business	business	NOUN
fbem-877	18	30	performance	performance	NOUN
fbem-877	18	31	and	and	CCONJ
fbem-877	18	32	various	various	ADJ
fbem-877	18	33	financial	financial	ADJ
fbem-877	18	34	indicators	indicator	NOUN
fbem-877	18	35	of	of	ADP
fbem-877	18	36	an	an	DET
fbem-877	18	37	enterprise	enterprise	NOUN
fbem-877	18	38	,	,	PUNCT
fbem-877	18	39	but	but	CCONJ
fbem-877	18	40	a	a	DET
fbem-877	18	41	single	single	ADJ
fbem-877	18	42	accounting	accounting	NOUN
fbem-877	18	43	indicator	indicator	NOUN
fbem-877	18	44	can	can	AUX
fbem-877	18	45	not	not	PART
fbem-877	18	46	position	position	VERB
fbem-877	18	47	the	the	DET
fbem-877	18	48	situation	situation	NOUN
fbem-877	18	49	of	of	ADP
fbem-877	18	50	the	the	DET
fbem-877	18	51	entire	entire	ADJ
fbem-877	18	52	enterprise	enterprise	NOUN
fbem-877	18	53	.	.	PUNCT
fbem-877	19	1	the	the	PRON
fbem-877	19	2	more	more	ADJ
fbem-877	19	3	investors	investor	NOUN
fbem-877	19	4	rely	rely	VERB
fbem-877	19	5	on	on	ADP
fbem-877	19	6	accounting	accounting	NOUN
fbem-877	19	7	information	information	NOUN
fbem-877	19	8	for	for	ADP
fbem-877	19	9	investment	investment	NOUN
fbem-877	19	10	,	,	PUNCT
fbem-877	19	11	enterprises	enterprise	NOUN
fbem-877	19	12	will	will	AUX
fbem-877	19	13	process	process	VERB
fbem-877	19	14	accounting	accounting	NOUN
fbem-877	19	15	information	information	NOUN
fbem-877	19	16	to	to	PART
fbem-877	19	17	influence	influence	VERB
fbem-877	19	18	investors	investor	NOUN
fbem-877	19	19	'	'	PART
fbem-877	19	20	judgment.also	judgment.also	ADV
fbem-877	19	21	targeting	target	VERB
fbem-877	19	22	a	a	DET
fbem-877	19	23	-	-	PUNCT
fbem-877	19	24	share	share	NOUN
fbem-877	19	25	listed	list	VERB
fbem-877	19	26	companies	company	NOUN
fbem-877	19	27	,	,	PUNCT
fbem-877	19	28	liu	liu	PROPN
fbem-877	19	29	bin	bin	PROPN
fbem-877	19	30	(	(	PUNCT
fbem-877	19	31	2012	2012	NUM
fbem-877	19	32	)	)	PUNCT
fbem-877	19	33	believes	believe	VERB
fbem-877	19	34	that	that	SCONJ
fbem-877	19	35	there	there	PRON
fbem-877	19	36	are	be	VERB
fbem-877	19	37	significant	significant	ADJ
fbem-877	19	38	accruals	accrual	NOUN
fbem-877	19	39	in	in	ADP
fbem-877	19	40	china	china	PROPN
fbem-877	19	41	's	's	PART
fbem-877	19	42	securities	security	NOUN
fbem-877	19	43	market	market	NOUN
fbem-877	19	44	,	,	PUNCT
fbem-877	19	45	listed	list	VERB
fbem-877	19	46	companies	company	NOUN
fbem-877	19	47	can	can	AUX
fbem-877	19	48	adjust	adjust	VERB
fbem-877	19	49	the	the	DET
fbem-877	19	50	accrued	accrue	VERB
fbem-877	19	51	profits	profit	NOUN
fbem-877	19	52	of	of	ADP
fbem-877	19	53	enterprises	enterprise	NOUN
fbem-877	19	54	to	to	PART
fbem-877	19	55	affect	affect	VERB
fbem-877	19	56	the	the	DET
fbem-877	19	57	profits	profit	NOUN
fbem-877	19	58	of	of	ADP
fbem-877	19	59	enterprises	enterprise	NOUN
fbem-877	19	60	,	,	PUNCT
fbem-877	19	61	and	and	CCONJ
fbem-877	19	62	institutional	institutional	ADJ
fbem-877	19	63	investors	investor	NOUN
fbem-877	19	64	can	can	AUX
fbem-877	19	65	find	find	VERB
fbem-877	19	66	the	the	DET
fbem-877	19	67	accrued	accrue	VERB
fbem-877	19	68	phenomenon	phenomenon	NOUN
fbem-877	19	69	of	of	ADP
fbem-877	19	70	enterprises	enterprise	NOUN
fbem-877	19	71	to	to	PART
fbem-877	19	72	give	give	VERB
fbem-877	19	73	correction	correction	NOUN
fbem-877	19	74	,	,	PUNCT
fbem-877	19	75	and	and	CCONJ
fbem-877	19	76	determine	determine	VERB
fbem-877	19	77	their	their	PRON
fbem-877	19	78	own	own	ADJ
fbem-877	19	79	investment	investment	NOUN
fbem-877	19	80	direction.however	direction.however	ADV
fbem-877	19	81	,	,	PUNCT
fbem-877	19	82	most	most	ADJ
fbem-877	19	83	investors	investor	NOUN
fbem-877	19	84	do	do	AUX
fbem-877	19	85	not	not	PART
fbem-877	19	86	have	have	VERB
fbem-877	19	87	the	the	DET
fbem-877	19	88	ability	ability	NOUN
fbem-877	19	89	to	to	PART
fbem-877	19	90	distinguish	distinguish	VERB
fbem-877	19	91	the	the	DET
fbem-877	19	92	action	action	NOUN
fbem-877	19	93	of	of	ADP
fbem-877	19	94	the	the	DET
fbem-877	19	95	enterprise	enterprise	NOUN
fbem-877	19	96	in	in	ADP
fbem-877	19	97	earnings	earning	NOUN
fbem-877	19	98	management	management	NOUN
fbem-877	19	99	,	,	PUNCT
fbem-877	19	100	and	and	CCONJ
fbem-877	19	101	can	can	AUX
fbem-877	19	102	not	not	PART
fbem-877	19	103	accurately	accurately	ADV
fbem-877	19	104	judge	judge	VERB
fbem-877	19	105	whether	whether	SCONJ
fbem-877	19	106	the	the	DET
fbem-877	19	107	accounting	accounting	NOUN
fbem-877	19	108	quality	quality	NOUN
fbem-877	19	109	generated	generate	VERB
fbem-877	19	110	by	by	ADP
fbem-877	19	111	earnings	earning	NOUN
fbem-877	19	112	management	management	NOUN
fbem-877	19	113	is	be	AUX
fbem-877	19	114	the	the	DET
fbem-877	19	115	same	same	ADJ
fbem-877	19	116	real	real	ADJ
fbem-877	19	117	financial	financial	ADJ
fbem-877	19	118	situation	situation	NOUN
fbem-877	19	119	of	of	ADP
fbem-877	19	120	the	the	DET
fbem-877	19	121	enterprise	enterprise	NOUN
fbem-877	19	122	as	as	SCONJ
fbem-877	19	123	shown	show	VERB
fbem-877	19	124	in	in	ADP
fbem-877	19	125	the	the	DET
fbem-877	19	126	statement.from	statement.from	NOUN
fbem-877	19	127	the	the	DET
fbem-877	19	128	perspective	perspective	NOUN
fbem-877	19	129	of	of	ADP
fbem-877	19	130	the	the	DET
fbem-877	19	131	equity	equity	NOUN
fbem-877	19	132	incentive	incentive	NOUN
fbem-877	19	133	,	,	PUNCT
fbem-877	19	134	lu	lu	PROPN
fbem-877	19	135	weiguo	weiguo	PROPN
fbem-877	19	136	(	(	PUNCT
fbem-877	19	137	2020	2020	NUM
fbem-877	19	138	)	)	PUNCT
fbem-877	19	139	analyzed	analyze	VERB
fbem-877	19	140	the	the	DET
fbem-877	19	141	role	role	NOUN
fbem-877	19	142	of	of	ADP
fbem-877	19	143	institutional	institutional	ADJ
fbem-877	19	144	investors	investor	NOUN
fbem-877	19	145	in	in	ADP
fbem-877	19	146	equity	equity	NOUN
fbem-877	19	147	incentive	incentive	NOUN
fbem-877	19	148	and	and	CCONJ
fbem-877	19	149	accounting	accounting	NOUN
fbem-877	19	150	information	information	NOUN
fbem-877	19	151	quality	quality	NOUN
fbem-877	19	152	from	from	ADP
fbem-877	19	153	the	the	DET
fbem-877	19	154	two	two	NUM
fbem-877	19	155	aspects	aspect	NOUN
fbem-877	19	156	of	of	ADP
fbem-877	19	157	state	state	NOUN
fbem-877	19	158	-	-	PUNCT
fbem-877	19	159	owned	own	VERB
fbem-877	19	160	enterprises	enterprise	NOUN
fbem-877	19	161	and	and	CCONJ
fbem-877	19	162	private	private	ADJ
fbem-877	19	163	enterprises	enterprise	NOUN
fbem-877	19	164	respectively	respectively	ADV
fbem-877	19	165	,	,	PUNCT
fbem-877	19	166	and	and	CCONJ
fbem-877	19	167	believed	believe	VERB
fbem-877	19	168	that	that	SCONJ
fbem-877	19	169	institutional	institutional	ADJ
fbem-877	19	170	investors	investor	NOUN
fbem-877	19	171	'	'	PART
fbem-877	19	172	participation	participation	NOUN
fbem-877	19	173	in	in	ADP
fbem-877	19	174	corporate	corporate	ADJ
fbem-877	19	175	governance	governance	NOUN
fbem-877	19	176	can	can	AUX
fbem-877	19	177	play	play	VERB
fbem-877	19	178	a	a	DET
fbem-877	19	179	regulatory	regulatory	ADJ
fbem-877	19	180	role	role	NOUN
fbem-877	19	181	and	and	CCONJ
fbem-877	19	182	improve	improve	VERB
fbem-877	19	183	the	the	DET
fbem-877	19	184	quality	quality	NOUN
fbem-877	19	185	of	of	ADP
fbem-877	19	186	accounting	accounting	NOUN
fbem-877	19	187	information	information	NOUN
fbem-877	19	188	,	,	PUNCT
fbem-877	19	189	institutional	institutional	ADJ
fbem-877	19	190	investors	investor	NOUN
fbem-877	19	191	with	with	ADP
fbem-877	19	192	higher	high	ADJ
fbem-877	19	193	independence	independence	NOUN
fbem-877	19	194	play	play	VERB
fbem-877	19	195	a	a	DET
fbem-877	19	196	stronger	strong	ADJ
fbem-877	19	197	regulatory	regulatory	ADJ
fbem-877	19	198	role	role	NOUN
fbem-877	19	199	,	,	PUNCT
fbem-877	19	200	and	and	CCONJ
fbem-877	19	201	institutional	institutional	ADJ
fbem-877	19	202	investors	investor	NOUN
fbem-877	19	203	with	with	ADP
fbem-877	19	204	less	less	ADJ
fbem-877	19	205	independence	independence	NOUN
fbem-877	19	206	are	be	AUX
fbem-877	19	207	more	more	ADV
fbem-877	19	208	likely	likely	ADJ
fbem-877	19	209	to	to	PART
fbem-877	19	210	collude	collude	VERB
fbem-877	19	211	to	to	PART
fbem-877	19	212	reduce	reduce	VERB
fbem-877	19	213	the	the	DET
fbem-877	19	214	quality	quality	NOUN
fbem-877	19	215	of	of	ADP
fbem-877	19	216	accounting	accounting	NOUN
fbem-877	19	217	information	information	NOUN
fbem-877	19	218	,	,	PUNCT
fbem-877	19	219	in	in	ADP
fbem-877	19	220	state	state	NOUN
fbem-877	19	221	-	-	PUNCT
fbem-877	19	222	owned	own	VERB
fbem-877	19	223	enterprises	enterprise	NOUN
fbem-877	19	224	,	,	PUNCT
fbem-877	19	225	institutional	institutional	ADJ
fbem-877	19	226	investors	investor	NOUN
fbem-877	19	227	do	do	AUX
fbem-877	19	228	not	not	PART
fbem-877	19	229	have	have	VERB
fbem-877	19	230	the	the	DET
fbem-877	19	231	ability	ability	NOUN
fbem-877	19	232	to	to	PART
fbem-877	19	233	influence	influence	VERB
fbem-877	19	234	the	the	DET
fbem-877	19	235	quality	quality	NOUN
fbem-877	19	236	of	of	ADP
fbem-877	19	237	their	their	PRON
fbem-877	19	238	accounting	accounting	NOUN
fbem-877	19	239	information	information	NOUN
fbem-877	19	240	,	,	PUNCT
fbem-877	19	241	and	and	CCONJ
fbem-877	19	242	their	their	PRON
fbem-877	19	243	ability	ability	NOUN
fbem-877	19	244	to	to	PART
fbem-877	19	245	influence	influence	VERB
fbem-877	19	246	is	be	AUX
fbem-877	19	247	more	more	ADV
fbem-877	19	248	prominent	prominent	ADJ
fbem-877	19	249	in	in	ADP
fbem-877	19	250	private	private	ADJ
fbem-877	19	251	enterprises.further	enterprises.further	NUM
fbem-877	19	252	classification	classification	NOUN
fbem-877	19	253	of	of	ADP
fbem-877	19	254	institutional	institutional	ADJ
fbem-877	19	255	investors	investor	NOUN
fbem-877	19	256	,	,	PUNCT
fbem-877	19	257	it	it	PRON
fbem-877	19	258	can	can	AUX
fbem-877	19	259	be	be	AUX
fbem-877	19	260	found	find	VERB
fbem-877	19	261	that	that	SCONJ
fbem-877	19	262	institutional	institutional	ADJ
fbem-877	19	263	investors	investor	NOUN
fbem-877	19	264	itself	itself	PRON
fbem-877	19	265	also	also	ADV
fbem-877	19	266	has	have	VERB
fbem-877	19	267	a	a	DET
fbem-877	19	268	lot	lot	NOUN
fbem-877	19	269	of	of	ADP
fbem-877	19	270	changes	change	NOUN
fbem-877	19	271	,	,	PUNCT
fbem-877	19	272	all	all	DET
fbem-877	19	273	kinds	kind	NOUN
fbem-877	19	274	of	of	ADP
fbem-877	19	275	detailed	detailed	ADJ
fbem-877	19	276	investor	investor	NOUN
fbem-877	19	277	classification	classification	NOUN
fbem-877	19	278	on	on	ADP
fbem-877	19	279	the	the	DET
fbem-877	19	280	influence	influence	NOUN
fbem-877	19	281	of	of	ADP
fbem-877	19	282	the	the	DET
fbem-877	19	283	enterprise	enterprise	NOUN
fbem-877	19	284	is	be	AUX
fbem-877	19	285	different	different	ADJ
fbem-877	19	286	,	,	PUNCT
fbem-877	19	287	yang	yang	PROPN
fbem-877	19	288	haiyan	haiyan	PROPN
fbem-877	19	289	(	(	PUNCT
fbem-877	19	290	2012	2012	NUM
fbem-877	19	291	)	)	PUNCT
fbem-877	19	292	to	to	PART
fbem-877	19	293	further	far	ADV
fbem-877	19	294	expand	expand	VERB
fbem-877	19	295	the	the	DET
fbem-877	19	296	classification	classification	NOUN
fbem-877	19	297	of	of	ADP
fbem-877	19	298	institutional	institutional	ADJ
fbem-877	19	299	investors	investor	NOUN
fbem-877	19	300	,	,	PUNCT
fbem-877	19	301	found	find	VERB
fbem-877	19	302	that	that	SCONJ
fbem-877	19	303	institutional	institutional	ADJ
fbem-877	19	304	investors	investor	NOUN
fbem-877	19	305	overall	overall	ADV
fbem-877	19	306	reduce	reduce	VERB
fbem-877	19	307	the	the	DET
fbem-877	19	308	reliability	reliability	NOUN
fbem-877	19	309	of	of	ADP
fbem-877	19	310	the	the	DET
fbem-877	19	311	accounting	accounting	NOUN
fbem-877	19	312	report	report	NOUN
fbem-877	19	313	,	,	PUNCT
fbem-877	19	314	but	but	CCONJ
fbem-877	19	315	the	the	DET
fbem-877	19	316	transparency	transparency	NOUN
fbem-877	19	317	of	of	ADP
fbem-877	19	318	information	information	NOUN
fbem-877	19	319	disclosure	disclosure	NOUN
fbem-877	19	320	is	be	AUX
fbem-877	19	321	relatively	relatively	ADV
fbem-877	19	322	improved.enterprise	improved.enterprise	NUM
fbem-877	19	323	customary	customary	ADJ
fbem-877	19	324	surplus	surplus	NOUN
fbem-877	19	325	manipulation	manipulation	NOUN
fbem-877	19	326	to	to	PART
fbem-877	19	327	affect	affect	VERB
fbem-877	19	328	the	the	DET
fbem-877	19	329	quality	quality	NOUN
fbem-877	19	330	of	of	ADP
fbem-877	19	331	accounting	account	VERB
fbem-877	19	332	155	155	NUM
fbem-877	19	333	information	information	NOUN
fbem-877	19	334	,	,	PUNCT
fbem-877	19	335	especially	especially	ADV
fbem-877	19	336	downward	downward	ADJ
fbem-877	19	337	surplus	surplus	NOUN
fbem-877	19	338	management	management	NOUN
fbem-877	19	339	,	,	PUNCT
fbem-877	19	340	every	every	DET
fbem-877	19	341	institutional	institutional	ADJ
fbem-877	19	342	investors	investor	NOUN
fbem-877	19	343	will	will	AUX
fbem-877	19	344	more	more	ADV
fbem-877	19	345	or	or	CCONJ
fbem-877	19	346	less	less	ADV
fbem-877	19	347	affect	affect	VERB
fbem-877	19	348	the	the	DET
fbem-877	19	349	quality	quality	NOUN
fbem-877	19	350	of	of	ADP
fbem-877	19	351	accounting	accounting	NOUN
fbem-877	19	352	information	information	NOUN
fbem-877	19	353	,	,	PUNCT
fbem-877	19	354	but	but	CCONJ
fbem-877	19	355	according	accord	VERB
fbem-877	19	356	to	to	ADP
fbem-877	19	357	the	the	DET
fbem-877	19	358	nature	nature	NOUN
fbem-877	19	359	of	of	ADP
fbem-877	19	360	institutional	institutional	ADJ
fbem-877	19	361	investors	investor	NOUN
fbem-877	19	362	themselves	themselves	PRON
fbem-877	19	363	,	,	PUNCT
fbem-877	19	364	the	the	DET
fbem-877	19	365	impact	impact	NOUN
fbem-877	19	366	on	on	ADP
fbem-877	19	367	enterprises	enterprise	NOUN
fbem-877	19	368	is	be	AUX
fbem-877	19	369	limited	limit	VERB
fbem-877	19	370	,	,	PUNCT
fbem-877	19	371	so	so	SCONJ
fbem-877	19	372	the	the	DET
fbem-877	19	373	development	development	NOUN
fbem-877	19	374	of	of	ADP
fbem-877	19	375	the	the	DET
fbem-877	19	376	market	market	NOUN
fbem-877	19	377	can	can	AUX
fbem-877	19	378	not	not	PART
fbem-877	19	379	be	be	AUX
fbem-877	19	380	too	too	ADV
fbem-877	19	381	much	much	ADJ
fbem-877	19	382	rely	rely	NOUN
fbem-877	19	383	on	on	ADP
fbem-877	19	384	institutional	institutional	ADJ
fbem-877	19	385	investors	investor	NOUN
fbem-877	19	386	to	to	PART
fbem-877	19	387	restrict	restrict	VERB
fbem-877	19	388	corporate	corporate	ADJ
fbem-877	19	389	governance	governance	NOUN
fbem-877	19	390	,	,	PUNCT
fbem-877	19	391	and	and	CCONJ
fbem-877	19	392	ignored	ignore	VERB
fbem-877	19	393	the	the	DET
fbem-877	19	394	problem	problem	NOUN
fbem-877	19	395	of	of	ADP
fbem-877	19	396	institutional	institutional	ADJ
fbem-877	19	397	investors	investor	NOUN
fbem-877	19	398	itself	itself	PRON
fbem-877	19	399	.	.	PUNCT
fbem-877	20	1	accounting	accounting	NOUN
fbem-877	20	2	information	information	NOUN
fbem-877	20	3	is	be	AUX
fbem-877	20	4	the	the	DET
fbem-877	20	5	enterprise	enterprise	NOUN
fbem-877	20	6	operating	operating	NOUN
fbem-877	20	7	data	datum	NOUN
fbem-877	20	8	,	,	PUNCT
fbem-877	20	9	to	to	ADP
fbem-877	20	10	a	a	DET
fbem-877	20	11	certain	certain	ADJ
fbem-877	20	12	extent	extent	NOUN
fbem-877	20	13	reaction	reaction	NOUN
fbem-877	20	14	enterprise	enterprise	NOUN
fbem-877	20	15	actual	actual	ADJ
fbem-877	20	16	situation	situation	NOUN
fbem-877	20	17	,	,	PUNCT
fbem-877	20	18	as	as	ADP
fbem-877	20	19	an	an	DET
fbem-877	20	20	independent	independent	ADJ
fbem-877	20	21	third	third	ADJ
fbem-877	20	22	party	party	NOUN
fbem-877	20	23	,	,	PUNCT
fbem-877	20	24	cpas	cpa	NOUN
fbem-877	20	25	are	be	AUX
fbem-877	20	26	more	more	ADV
fbem-877	20	27	likely	likely	ADJ
fbem-877	20	28	to	to	PART
fbem-877	20	29	provide	provide	VERB
fbem-877	20	30	strong	strong	ADJ
fbem-877	20	31	evidence	evidence	NOUN
fbem-877	20	32	of	of	ADP
fbem-877	20	33	the	the	DET
fbem-877	20	34	impact	impact	NOUN
fbem-877	20	35	of	of	ADP
fbem-877	20	36	institutional	institutional	ADJ
fbem-877	20	37	investors	investor	NOUN
fbem-877	20	38	on	on	ADP
fbem-877	20	39	the	the	DET
fbem-877	20	40	quality	quality	NOUN
fbem-877	20	41	of	of	ADP
fbem-877	20	42	accounting	accounting	NOUN
fbem-877	20	43	information	information	NOUN
fbem-877	20	44	,	,	PUNCT
fbem-877	20	45	song	song	NOUN
fbem-877	20	46	yunling	yunling	NOUN
fbem-877	20	47	(	(	PUNCT
fbem-877	20	48	2020	2020	NUM
fbem-877	20	49	)	)	PUNCT
fbem-877	20	50	studied	study	VERB
fbem-877	20	51	the	the	DET
fbem-877	20	52	impact	impact	NOUN
fbem-877	20	53	of	of	ADP
fbem-877	20	54	institutional	institutional	ADJ
fbem-877	20	55	investors	investor	NOUN
fbem-877	20	56	on	on	ADP
fbem-877	20	57	the	the	DET
fbem-877	20	58	quality	quality	NOUN
fbem-877	20	59	of	of	ADP
fbem-877	20	60	accounting	accounting	NOUN
fbem-877	20	61	information	information	NOUN
fbem-877	20	62	from	from	ADP
fbem-877	20	63	the	the	DET
fbem-877	20	64	perspective	perspective	NOUN
fbem-877	20	65	of	of	ADP
fbem-877	20	66	certified	certified	ADJ
fbem-877	20	67	public	public	ADJ
fbem-877	20	68	accountant	accountant	NOUN
fbem-877	20	69	auditing	auditing	NOUN
fbem-877	20	70	,	,	PUNCT
fbem-877	20	71	and	and	CCONJ
fbem-877	20	72	found	find	VERB
fbem-877	20	73	that	that	SCONJ
fbem-877	20	74	institutional	institutional	ADJ
fbem-877	20	75	investors	investor	NOUN
fbem-877	20	76	'	'	PART
fbem-877	20	77	shareholding	shareholding	NOUN
fbem-877	20	78	can	can	AUX
fbem-877	20	79	reduce	reduce	VERB
fbem-877	20	80	the	the	DET
fbem-877	20	81	profit	profit	NOUN
fbem-877	20	82	adjustment	adjustment	NOUN
fbem-877	20	83	range	range	NOUN
fbem-877	20	84	of	of	ADP
fbem-877	20	85	enterprises	enterprise	NOUN
fbem-877	20	86	in	in	ADP
fbem-877	20	87	auditing	auditing	NOUN
fbem-877	20	88	,	,	PUNCT
fbem-877	20	89	which	which	PRON
fbem-877	20	90	has	have	VERB
fbem-877	20	91	a	a	DET
fbem-877	20	92	positive	positive	ADJ
fbem-877	20	93	impact	impact	NOUN
fbem-877	20	94	on	on	ADP
fbem-877	20	95	the	the	DET
fbem-877	20	96	quality	quality	NOUN
fbem-877	20	97	of	of	ADP
fbem-877	20	98	accounting	account	VERB
fbem-877	20	99	information.the	information.the	DET
fbem-877	20	100	impact	impact	NOUN
fbem-877	20	101	of	of	ADP
fbem-877	20	102	independent	independent	ADJ
fbem-877	20	103	institutional	institutional	ADJ
fbem-877	20	104	investors	investor	NOUN
fbem-877	20	105	is	be	AUX
fbem-877	20	106	more	more	ADV
fbem-877	20	107	prominent	prominent	ADJ
fbem-877	20	108	,	,	PUNCT
fbem-877	20	109	and	and	CCONJ
fbem-877	20	110	when	when	SCONJ
fbem-877	20	111	financial	financial	ADJ
fbem-877	20	112	risk	risk	NOUN
fbem-877	20	113	is	be	AUX
fbem-877	20	114	higher	high	ADJ
fbem-877	20	115	,	,	PUNCT
fbem-877	20	116	institutional	institutional	ADJ
fbem-877	20	117	investor	investor	NOUN
fbem-877	20	118	holdings	holding	NOUN
fbem-877	20	119	are	be	AUX
fbem-877	20	120	more	more	ADV
fbem-877	20	121	likely	likely	ADJ
fbem-877	20	122	to	to	PART
fbem-877	20	123	ensure	ensure	VERB
fbem-877	20	124	high	high	ADJ
fbem-877	20	125	-	-	PUNCT
fbem-877	20	126	quality	quality	NOUN
fbem-877	20	127	accounting	accounting	NOUN
fbem-877	20	128	information	information	NOUN
fbem-877	20	129	.	.	PUNCT
fbem-877	21	1	the	the	DET
fbem-877	21	2	impact	impact	NOUN
fbem-877	21	3	of	of	ADP
fbem-877	21	4	accounting	account	VERB
fbem-877	21	5	information	information	NOUN
fbem-877	21	6	on	on	ADP
fbem-877	21	7	enterprise	enterprise	NOUN
fbem-877	21	8	performance	performance	NOUN
fbem-877	21	9	is	be	AUX
fbem-877	21	10	generally	generally	ADV
fbem-877	21	11	the	the	DET
fbem-877	21	12	impact	impact	NOUN
fbem-877	21	13	of	of	ADP
fbem-877	21	14	accounting	accounting	NOUN
fbem-877	21	15	information	information	NOUN
fbem-877	21	16	quality	quality	NOUN
fbem-877	21	17	and	and	CCONJ
fbem-877	21	18	transparency	transparency	NOUN
fbem-877	21	19	on	on	ADP
fbem-877	21	20	enterprise	enterprise	NOUN
fbem-877	21	21	performance	performance	NOUN
fbem-877	21	22	.	.	PUNCT
fbem-877	22	1	taking	take	VERB
fbem-877	22	2	the	the	DET
fbem-877	22	3	transparency	transparency	NOUN
fbem-877	22	4	of	of	ADP
fbem-877	22	5	accounting	accounting	NOUN
fbem-877	22	6	information	information	NOUN
fbem-877	22	7	as	as	ADP
fbem-877	22	8	the	the	DET
fbem-877	22	9	research	research	NOUN
fbem-877	22	10	object	object	NOUN
fbem-877	22	11	,	,	PUNCT
fbem-877	22	12	the	the	DET
fbem-877	22	13	impact	impact	NOUN
fbem-877	22	14	of	of	ADP
fbem-877	22	15	accounting	accounting	NOUN
fbem-877	22	16	information	information	NOUN
fbem-877	22	17	quality	quality	NOUN
fbem-877	22	18	on	on	ADP
fbem-877	22	19	enterprise	enterprise	NOUN
fbem-877	22	20	performance	performance	NOUN
fbem-877	22	21	is	be	AUX
fbem-877	22	22	investigated	investigate	VERB
fbem-877	22	23	based	base	VERB
fbem-877	22	24	on	on	ADP
fbem-877	22	25	the	the	DET
fbem-877	22	26	accounting	accounting	NOUN
fbem-877	22	27	information	information	NOUN
fbem-877	22	28	data	datum	NOUN
fbem-877	22	29	provided	provide	VERB
fbem-877	22	30	by	by	ADP
fbem-877	22	31	the	the	DET
fbem-877	22	32	third	third	ADJ
fbem-877	22	33	-	-	PUNCT
fbem-877	22	34	party	party	NOUN
fbem-877	22	35	platform	platform	NOUN
fbem-877	22	36	directly	directly	ADV
fbem-877	22	37	.	.	PUNCT
fbem-877	23	1	the	the	DET
fbem-877	23	2	impact	impact	NOUN
fbem-877	23	3	of	of	ADP
fbem-877	23	4	accounting	account	VERB
fbem-877	23	5	information	information	NOUN
fbem-877	23	6	transparency	transparency	NOUN
fbem-877	23	7	on	on	ADP
fbem-877	23	8	enterprise	enterprise	NOUN
fbem-877	23	9	performance	performance	NOUN
fbem-877	23	10	is	be	AUX
fbem-877	23	11	more	more	ADV
fbem-877	23	12	significant	significant	ADJ
fbem-877	23	13	in	in	ADP
fbem-877	23	14	the	the	DET
fbem-877	23	15	lag	lag	NOUN
fbem-877	23	16	period	period	NOUN
fbem-877	23	17	,	,	PUNCT
fbem-877	23	18	and	and	CCONJ
fbem-877	23	19	in	in	ADP
fbem-877	23	20	the	the	DET
fbem-877	23	21	increasingly	increasingly	ADV
fbem-877	23	22	mature	mature	ADJ
fbem-877	23	23	capital	capital	NOUN
fbem-877	23	24	market	market	NOUN
fbem-877	23	25	,	,	PUNCT
fbem-877	23	26	accounting	account	VERB
fbem-877	23	27	information	information	NOUN
fbem-877	23	28	transparency	transparency	NOUN
fbem-877	23	29	also	also	ADV
fbem-877	23	30	gradually	gradually	ADV
fbem-877	23	31	improves	improve	VERB
fbem-877	23	32	,	,	PUNCT
fbem-877	23	33	promoting	promote	VERB
fbem-877	23	34	the	the	DET
fbem-877	23	35	improvement	improvement	NOUN
fbem-877	23	36	of	of	ADP
fbem-877	23	37	enterprise	enterprise	NOUN
fbem-877	23	38	performance	performance	NOUN
fbem-877	23	39	(	(	PUNCT
fbem-877	23	40	chen	chen	PROPN
fbem-877	23	41	li	li	PROPN
fbem-877	23	42	,	,	PUNCT
fbem-877	23	43	2017).further	2017).further	NUM
fbem-877	23	44	research	research	NOUN
fbem-877	23	45	on	on	ADP
fbem-877	23	46	accounting	account	VERB
fbem-877	23	47	information	information	NOUN
fbem-877	23	48	transparency	transparency	NOUN
fbem-877	23	49	shows	show	VERB
fbem-877	23	50	that	that	SCONJ
fbem-877	23	51	accounting	account	VERB
fbem-877	23	52	information	information	NOUN
fbem-877	23	53	transparency	transparency	NOUN
fbem-877	23	54	also	also	ADV
fbem-877	23	55	has	have	VERB
fbem-877	23	56	a	a	DET
fbem-877	23	57	positive	positive	ADJ
fbem-877	23	58	impact	impact	NOUN
fbem-877	23	59	on	on	ADP
fbem-877	23	60	enterprise	enterprise	NOUN
fbem-877	23	61	value	value	NOUN
fbem-877	23	62	,	,	PUNCT
fbem-877	23	63	but	but	CCONJ
fbem-877	23	64	only	only	ADV
fbem-877	23	65	in	in	ADP
fbem-877	23	66	the	the	DET
fbem-877	23	67	growth	growth	NOUN
fbem-877	23	68	stage	stage	NOUN
fbem-877	23	69	of	of	ADP
fbem-877	23	70	enterprises	enterprise	NOUN
fbem-877	23	71	,	,	PUNCT
fbem-877	23	72	while	while	SCONJ
fbem-877	23	73	accounting	account	VERB
fbem-877	23	74	information	information	NOUN
fbem-877	23	75	transparency	transparency	NOUN
fbem-877	23	76	is	be	AUX
fbem-877	23	77	negatively	negatively	ADV
fbem-877	23	78	correlated	correlate	VERB
fbem-877	23	79	with	with	ADP
fbem-877	23	80	enterprise	enterprise	NOUN
fbem-877	23	81	value	value	NOUN
fbem-877	23	82	after	after	SCONJ
fbem-877	23	83	enterprises	enterprise	NOUN
fbem-877	23	84	mature	mature	VERB
fbem-877	23	85	(	(	PUNCT
fbem-877	23	86	li	li	NOUN
fbem-877	23	87	yingli	yingli	NOUN
fbem-877	23	88	,	,	PUNCT
fbem-877	23	89	2019).with	2019).with	NUM
fbem-877	23	90	quality	quality	NOUN
fbem-877	23	91	of	of	ADP
fbem-877	23	92	accounting	accounting	NOUN
fbem-877	23	93	information	information	NOUN
fbem-877	23	94	as	as	ADP
fbem-877	23	95	the	the	DET
fbem-877	23	96	research	research	NOUN
fbem-877	23	97	object	object	NOUN
fbem-877	23	98	,	,	PUNCT
fbem-877	23	99	is	be	AUX
fbem-877	23	100	the	the	DET
fbem-877	23	101	analysis	analysis	NOUN
fbem-877	23	102	of	of	ADP
fbem-877	23	103	enterprise	enterprise	NOUN
fbem-877	23	104	financial	financial	ADJ
fbem-877	23	105	data	datum	NOUN
fbem-877	23	106	,	,	PUNCT
fbem-877	23	107	build	build	VERB
fbem-877	23	108	the	the	DET
fbem-877	23	109	model	model	NOUN
fbem-877	23	110	and	and	CCONJ
fbem-877	23	111	enterprise	enterprise	NOUN
fbem-877	23	112	handling	handle	VERB
fbem-877	23	113	accrued	accrue	VERB
fbem-877	23	114	profit	profit	NOUN
fbem-877	23	115	to	to	PART
fbem-877	23	116	measure	measure	VERB
fbem-877	23	117	the	the	DET
fbem-877	23	118	quality	quality	NOUN
fbem-877	23	119	of	of	ADP
fbem-877	23	120	the	the	DET
fbem-877	23	121	accounting	accounting	NOUN
fbem-877	23	122	information	information	NOUN
fbem-877	23	123	,	,	PUNCT
fbem-877	23	124	in	in	ADP
fbem-877	23	125	the	the	DET
fbem-877	23	126	perspective	perspective	NOUN
fbem-877	23	127	of	of	ADP
fbem-877	23	128	guizhou	guizhou	PROPN
fbem-877	23	129	area	area	NOUN
fbem-877	23	130	itself	itself	PRON
fbem-877	23	131	,	,	PUNCT
fbem-877	23	132	tang	tang	X
fbem-877	23	133	xiaojian	xiaojian	NOUN
fbem-877	23	134	(	(	PUNCT
fbem-877	23	135	2013	2013	NUM
fbem-877	23	136	)	)	PUNCT
fbem-877	23	137	study	study	NOUN
fbem-877	23	138	found	find	VERB
fbem-877	23	139	that	that	SCONJ
fbem-877	23	140	enterprise	enterprise	NOUN
fbem-877	23	141	easy	easy	ADJ
fbem-877	23	142	to	to	PART
fbem-877	23	143	manipulate	manipulate	VERB
fbem-877	23	144	the	the	DET
fbem-877	23	145	surplus	surplus	NOUN
fbem-877	23	146	is	be	AUX
fbem-877	23	147	used	use	VERB
fbem-877	23	148	to	to	PART
fbem-877	23	149	improve	improve	VERB
fbem-877	23	150	enterprise	enterprise	NOUN
fbem-877	23	151	performance	performance	NOUN
fbem-877	23	152	,	,	PUNCT
fbem-877	23	153	the	the	DET
fbem-877	23	154	resulting	result	VERB
fbem-877	23	155	effect	effect	NOUN
fbem-877	23	156	is	be	AUX
fbem-877	23	157	the	the	DET
fbem-877	23	158	enterprise	enterprise	NOUN
fbem-877	23	159	accounting	accounting	NOUN
fbem-877	23	160	information	information	NOUN
fbem-877	23	161	quality	quality	NOUN
fbem-877	23	162	is	be	AUX
fbem-877	23	163	reduced	reduce	VERB
fbem-877	23	164	,	,	PUNCT
fbem-877	23	165	and	and	CCONJ
fbem-877	23	166	the	the	DET
fbem-877	23	167	earnings	earning	NOUN
fbem-877	23	168	management	management	NOUN
fbem-877	23	169	gap	gap	NOUN
fbem-877	23	170	between	between	ADP
fbem-877	23	171	enterprises	enterprise	NOUN
fbem-877	23	172	is	be	AUX
fbem-877	23	173	large	large	ADJ
fbem-877	23	174	,	,	PUNCT
fbem-877	23	175	accounting	account	VERB
fbem-877	23	176	information	information	NOUN
fbem-877	23	177	quality	quality	NOUN
fbem-877	23	178	is	be	AUX
fbem-877	23	179	uneven.from	uneven.from	ADP
fbem-877	23	180	the	the	DET
fbem-877	23	181	perspective	perspective	NOUN
fbem-877	23	182	of	of	ADP
fbem-877	23	183	m&a	m&a	PROPN
fbem-877	23	184	performance	performance	NOUN
fbem-877	23	185	,	,	PUNCT
fbem-877	23	186	the	the	DET
fbem-877	23	187	quality	quality	NOUN
fbem-877	23	188	of	of	ADP
fbem-877	23	189	accounting	accounting	NOUN
fbem-877	23	190	information	information	NOUN
fbem-877	23	191	also	also	ADV
fbem-877	23	192	has	have	VERB
fbem-877	23	193	a	a	DET
fbem-877	23	194	positive	positive	ADJ
fbem-877	23	195	impact	impact	NOUN
fbem-877	23	196	on	on	ADP
fbem-877	23	197	the	the	DET
fbem-877	23	198	level	level	NOUN
fbem-877	23	199	of	of	ADP
fbem-877	23	200	m&a	m&a	PROPN
fbem-877	23	201	performance	performance	NOUN
fbem-877	23	202	.	.	PUNCT
fbem-877	24	1	enterprise	enterprise	NOUN
fbem-877	24	2	m&a	m&a	PROPN
fbem-877	24	3	attaches	attach	VERB
fbem-877	24	4	more	more	ADJ
fbem-877	24	5	importance	importance	NOUN
fbem-877	24	6	to	to	ADP
fbem-877	24	7	the	the	DET
fbem-877	24	8	quality	quality	NOUN
fbem-877	24	9	of	of	ADP
fbem-877	24	10	accounting	accounting	NOUN
fbem-877	24	11	information	information	NOUN
fbem-877	24	12	itself	itself	PRON
fbem-877	24	13	and	and	CCONJ
fbem-877	24	14	can	can	AUX
fbem-877	24	15	more	more	ADV
fbem-877	24	16	reasonably	reasonably	ADV
fbem-877	24	17	estimate	estimate	VERB
fbem-877	24	18	the	the	DET
fbem-877	24	19	current	current	ADJ
fbem-877	24	20	value	value	NOUN
fbem-877	24	21	of	of	ADP
fbem-877	24	22	enterprises	enterprise	NOUN
fbem-877	24	23	to	to	PART
fbem-877	24	24	promote	promote	VERB
fbem-877	24	25	the	the	DET
fbem-877	24	26	occurrence	occurrence	NOUN
fbem-877	24	27	of	of	ADP
fbem-877	24	28	m&a	m&a	PROPN
fbem-877	24	29	and	and	CCONJ
fbem-877	24	30	have	have	VERB
fbem-877	24	31	a	a	DET
fbem-877	24	32	positive	positive	ADJ
fbem-877	24	33	impact	impact	NOUN
fbem-877	24	34	on	on	ADP
fbem-877	24	35	m&a	m&a	PROPN
fbem-877	24	36	performance	performance	NOUN
fbem-877	24	37	(	(	PUNCT
fbem-877	24	38	pan	pan	NOUN
fbem-877	24	39	hongbo	hongbo	PROPN
fbem-877	24	40	,	,	PUNCT
fbem-877	24	41	2014).from	2014).from	NUM
fbem-877	24	42	the	the	DET
fbem-877	24	43	research	research	NOUN
fbem-877	24	44	on	on	ADP
fbem-877	24	45	the	the	DET
fbem-877	24	46	influence	influence	NOUN
fbem-877	24	47	of	of	ADP
fbem-877	24	48	institutional	institutional	ADJ
fbem-877	24	49	investors	investor	NOUN
fbem-877	24	50	on	on	ADP
fbem-877	24	51	accounting	account	VERB
fbem-877	24	52	information	information	NOUN
fbem-877	24	53	quality	quality	NOUN
fbem-877	24	54	,	,	PUNCT
fbem-877	24	55	both	both	CCONJ
fbem-877	24	56	positive	positive	ADJ
fbem-877	24	57	and	and	CCONJ
fbem-877	24	58	negative	negative	ADJ
fbem-877	24	59	influences	influence	NOUN
fbem-877	24	60	exist	exist	VERB
fbem-877	24	61	.	.	PUNCT
fbem-877	25	1	most	most	ADJ
fbem-877	25	2	of	of	ADP
fbem-877	25	3	them	they	PRON
fbem-877	25	4	interpret	interpret	VERB
fbem-877	25	5	the	the	DET
fbem-877	25	6	influence	influence	NOUN
fbem-877	25	7	mechanism	mechanism	NOUN
fbem-877	25	8	of	of	ADP
fbem-877	25	9	institutional	institutional	ADJ
fbem-877	25	10	investors	investor	NOUN
fbem-877	25	11	on	on	ADP
fbem-877	25	12	enterprise	enterprise	NOUN
fbem-877	25	13	accounting	accounting	NOUN
fbem-877	25	14	information	information	NOUN
fbem-877	25	15	quality	quality	NOUN
fbem-877	25	16	with	with	ADP
fbem-877	25	17	different	different	ADJ
fbem-877	25	18	samples	sample	NOUN
fbem-877	25	19	and	and	CCONJ
fbem-877	25	20	perspectives	perspective	NOUN
fbem-877	25	21	,	,	PUNCT
fbem-877	25	22	while	while	SCONJ
fbem-877	25	23	accounting	account	VERB
fbem-877	25	24	information	information	NOUN
fbem-877	25	25	positively	positively	ADV
fbem-877	25	26	affects	affect	VERB
fbem-877	25	27	enterprise	enterprise	NOUN
fbem-877	25	28	performance.is	performance.is	NUM
fbem-877	25	29	the	the	DET
fbem-877	25	30	relationship	relationship	NOUN
fbem-877	25	31	between	between	ADP
fbem-877	25	32	institutional	institutional	ADJ
fbem-877	25	33	investors	investor	NOUN
fbem-877	25	34	in	in	ADP
fbem-877	25	35	the	the	DET
fbem-877	25	36	quality	quality	NOUN
fbem-877	25	37	of	of	ADP
fbem-877	25	38	accounting	accounting	NOUN
fbem-877	25	39	information	information	NOUN
fbem-877	25	40	and	and	CCONJ
fbem-877	25	41	corporate	corporate	ADJ
fbem-877	25	42	performance	performance	NOUN
fbem-877	25	43	coordinated	coordinate	VERB
fbem-877	25	44	with	with	ADP
fbem-877	25	45	the	the	DET
fbem-877	25	46	quality	quality	NOUN
fbem-877	25	47	of	of	ADP
fbem-877	25	48	accounting	accounting	NOUN
fbem-877	25	49	information	information	NOUN
fbem-877	25	50	to	to	PART
fbem-877	25	51	jointly	jointly	ADV
fbem-877	25	52	promote	promote	VERB
fbem-877	25	53	the	the	DET
fbem-877	25	54	improvement	improvement	NOUN
fbem-877	25	55	of	of	ADP
fbem-877	25	56	corporate	corporate	ADJ
fbem-877	25	57	performance?based	performance?base	VERB
fbem-877	25	58	on	on	ADP
fbem-877	25	59	the	the	DET
fbem-877	25	60	above	above	ADJ
fbem-877	25	61	point	point	NOUN
fbem-877	25	62	of	of	ADP
fbem-877	25	63	view	view	NOUN
fbem-877	25	64	,	,	PUNCT
fbem-877	25	65	the	the	DET
fbem-877	25	66	article	article	NOUN
fbem-877	25	67	proposes	propose	VERB
fbem-877	25	68	the	the	DET
fbem-877	25	69	following	follow	VERB
fbem-877	25	70	assumptions	assumption	NOUN
fbem-877	25	71	:	:	PUNCT
fbem-877	25	72	hypothesis	hypothesis	NOUN
fbem-877	25	73	4	4	NUM
fbem-877	25	74	:	:	PUNCT
fbem-877	25	75	the	the	PRON
fbem-877	25	76	higher	high	ADJ
fbem-877	25	77	the	the	DET
fbem-877	25	78	shareholding	shareholding	NOUN
fbem-877	25	79	ratio	ratio	NOUN
fbem-877	25	80	of	of	ADP
fbem-877	25	81	institutional	institutional	ADJ
fbem-877	25	82	investment	investment	NOUN
fbem-877	25	83	,	,	PUNCT
fbem-877	25	84	the	the	PRON
fbem-877	25	85	less	less	ADV
fbem-877	25	86	significant	significant	ADJ
fbem-877	25	87	the	the	DET
fbem-877	25	88	positive	positive	ADJ
fbem-877	25	89	impact	impact	NOUN
fbem-877	25	90	of	of	ADP
fbem-877	25	91	accounting	accounting	NOUN
fbem-877	25	92	information	information	NOUN
fbem-877	25	93	quality	quality	NOUN
fbem-877	25	94	on	on	ADP
fbem-877	25	95	enterprise	enterprise	NOUN
fbem-877	25	96	performance	performance	NOUN
fbem-877	25	97	hypothesis	hypothesis	NOUN
fbem-877	25	98	5	5	NUM
fbem-877	25	99	:	:	PUNCT
fbem-877	25	100	the	the	DET
fbem-877	25	101	more	more	ADV
fbem-877	25	102	independent	independent	ADJ
fbem-877	25	103	institutional	institutional	ADJ
fbem-877	25	104	investors	investor	NOUN
fbem-877	25	105	suppress	suppress	VERB
fbem-877	25	106	the	the	DET
fbem-877	25	107	positive	positive	ADJ
fbem-877	25	108	impact	impact	NOUN
fbem-877	25	109	of	of	ADP
fbem-877	25	110	accounting	accounting	NOUN
fbem-877	25	111	information	information	NOUN
fbem-877	25	112	quality	quality	NOUN
fbem-877	25	113	on	on	ADP
fbem-877	25	114	firm	firm	ADJ
fbem-877	25	115	performance	performance	NOUN
fbem-877	25	116	hypothesis	hypothesis	NOUN
fbem-877	25	117	6	6	NUM
fbem-877	25	118	:	:	PUNCT
fbem-877	25	119	institutional	institutional	ADJ
fbem-877	25	120	investors	investor	NOUN
fbem-877	25	121	with	with	ADP
fbem-877	25	122	low	low	ADJ
fbem-877	25	123	independence	independence	NOUN
fbem-877	25	124	will	will	AUX
fbem-877	25	125	have	have	AUX
fbem-877	25	126	no	no	DET
fbem-877	25	127	significant	significant	ADJ
fbem-877	25	128	positive	positive	ADJ
fbem-877	25	129	impact	impact	NOUN
fbem-877	25	130	on	on	ADP
fbem-877	25	131	accounting	accounting	NOUN
fbem-877	25	132	information	information	NOUN
fbem-877	25	133	quality	quality	NOUN
fbem-877	25	134	and	and	CCONJ
fbem-877	25	135	corporate	corporate	ADJ
fbem-877	25	136	performance	performance	NOUN
fbem-877	25	137	3	3	NUM
fbem-877	25	138	.	.	PUNCT
fbem-877	25	139	research	research	NOUN
fbem-877	25	140	design	design	PROPN
fbem-877	25	141	3.1	3.1	NUM
fbem-877	25	142	.	.	PUNCT
fbem-877	25	143	sample	sample	NOUN
fbem-877	25	144	selection	selection	NOUN
fbem-877	25	145	and	and	CCONJ
fbem-877	25	146	data	datum	NOUN
fbem-877	25	147	sources	source	NOUN
fbem-877	25	148	all	all	DET
fbem-877	25	149	a	a	DET
fbem-877	25	150	-	-	PUNCT
fbem-877	25	151	share	share	NOUN
fbem-877	25	152	listed	list	VERB
fbem-877	25	153	companies	company	NOUN
fbem-877	25	154	from	from	ADP
fbem-877	25	155	2015	2015	NUM
fbem-877	25	156	to	to	ADP
fbem-877	25	157	2019	2019	NUM
fbem-877	25	158	were	be	AUX
fbem-877	25	159	selected	select	VERB
fbem-877	25	160	as	as	ADP
fbem-877	25	161	the	the	DET
fbem-877	25	162	research	research	NOUN
fbem-877	25	163	samples	sample	NOUN
fbem-877	25	164	.	.	PUNCT
fbem-877	26	1	in	in	ADP
fbem-877	26	2	order	order	NOUN
fbem-877	26	3	to	to	PART
fbem-877	26	4	ensure	ensure	VERB
fbem-877	26	5	the	the	DET
fbem-877	26	6	rationality	rationality	NOUN
fbem-877	26	7	of	of	ADP
fbem-877	26	8	the	the	DET
fbem-877	26	9	data	datum	NOUN
fbem-877	26	10	,	,	PUNCT
fbem-877	26	11	the	the	DET
fbem-877	26	12	original	original	ADJ
fbem-877	26	13	data	datum	NOUN
fbem-877	26	14	were	be	AUX
fbem-877	26	15	processed	process	VERB
fbem-877	26	16	as	as	SCONJ
fbem-877	26	17	follows	follow	VERB
fbem-877	26	18	:	:	PUNCT
fbem-877	26	19	1	1	NUM
fbem-877	26	20	.	.	X
fbem-877	26	21	st	st	PROPN
fbem-877	26	22	,	,	PUNCT
fbem-877	26	23	*	*	PROPN
fbem-877	26	24	st	st	PROPN
fbem-877	26	25	and	and	CCONJ
fbem-877	26	26	pt	pt	PROPN
fbem-877	26	27	listed	list	VERB
fbem-877	26	28	companies	company	NOUN
fbem-877	26	29	were	be	AUX
fbem-877	26	30	excluded	exclude	VERB
fbem-877	26	31	;	;	PUNCT
fbem-877	26	32	2	2	X
fbem-877	26	33	.	.	PUNCT
fbem-877	26	34	eliminate	eliminate	VERB
fbem-877	26	35	the	the	DET
fbem-877	26	36	enterprises	enterprise	NOUN
fbem-877	26	37	included	include	VERB
fbem-877	26	38	in	in	ADP
fbem-877	26	39	the	the	DET
fbem-877	26	40	finance	finance	NOUN
fbem-877	26	41	and	and	CCONJ
fbem-877	26	42	insurance	insurance	NOUN
fbem-877	26	43	industry	industry	NOUN
fbem-877	26	44	;	;	PUNCT
fbem-877	26	45	3	3	X
fbem-877	26	46	.	.	NOUN
fbem-877	26	47	eliminate	eliminate	VERB
fbem-877	26	48	enterprises	enterprise	NOUN
fbem-877	26	49	with	with	ADP
fbem-877	26	50	assetliability	assetliability	NOUN
fbem-877	26	51	ratio	ratio	NOUN
fbem-877	26	52	greater	great	ADJ
fbem-877	26	53	than	than	ADP
fbem-877	26	54	1；4	1；4	NUM
fbem-877	26	55	.	.	PUNCT
fbem-877	27	1	companies	company	NOUN
fbem-877	27	2	that	that	PRON
fbem-877	27	3	eliminate	eliminate	VERB
fbem-877	27	4	abnormal	abnormal	ADJ
fbem-877	27	5	data	datum	NOUN
fbem-877	27	6	and	and	CCONJ
fbem-877	27	7	missing	miss	VERB
fbem-877	27	8	data	datum	NOUN
fbem-877	27	9	;	;	PUNCT
fbem-877	27	10	5	5	X
fbem-877	27	11	.	.	PUNCT
fbem-877	28	1	in	in	ADP
fbem-877	28	2	order	order	NOUN
fbem-877	28	3	to	to	PART
fbem-877	28	4	ensure	ensure	VERB
fbem-877	28	5	that	that	SCONJ
fbem-877	28	6	the	the	DET
fbem-877	28	7	main	main	ADJ
fbem-877	28	8	variables	variable	NOUN
fbem-877	28	9	are	be	AUX
fbem-877	28	10	less	less	ADV
fbem-877	28	11	affected	affect	VERB
fbem-877	28	12	by	by	ADP
fbem-877	28	13	extreme	extreme	ADJ
fbem-877	28	14	values	value	NOUN
fbem-877	28	15	,	,	PUNCT
fbem-877	28	16	1	1	NUM
fbem-877	28	17	%	%	NOUN
fbem-877	28	18	and	and	CCONJ
fbem-877	28	19	99	99	NUM
fbem-877	28	20	%	%	NOUN
fbem-877	28	21	tails	tail	NOUN
fbem-877	28	22	are	be	AUX
fbem-877	28	23	reduced;finally	reduced;finally	NOUN
fbem-877	28	24	,	,	PUNCT
fbem-877	28	25	11,547	11,547	NUM
fbem-877	28	26	sample	sample	NOUN
fbem-877	28	27	data	datum	NOUN
fbem-877	28	28	were	be	AUX
fbem-877	28	29	obtained	obtain	VERB
fbem-877	28	30	,	,	PUNCT
fbem-877	28	31	and	and	CCONJ
fbem-877	28	32	the	the	DET
fbem-877	28	33	financial	financial	ADJ
fbem-877	28	34	data	datum	NOUN
fbem-877	28	35	of	of	ADP
fbem-877	28	36	enterprises	enterprise	NOUN
fbem-877	28	37	were	be	AUX
fbem-877	28	38	all	all	ADV
fbem-877	28	39	from	from	ADP
fbem-877	28	40	the	the	DET
fbem-877	28	41	csmar	csmar	PROPN
fbem-877	28	42	database	database	NOUN
fbem-877	28	43	.	.	PUNCT
fbem-877	28	44	3.2	3.2	NUM
fbem-877	28	45	.	.	PUNCT
fbem-877	28	46	selection	selection	NOUN
fbem-877	28	47	of	of	ADP
fbem-877	28	48	variables	variable	NOUN
fbem-877	28	49	3.2.1	3.2.1	NUM
fbem-877	28	50	.	.	PUNCT
fbem-877	28	51	explained	explain	VERB
fbem-877	28	52	variable	variable	ADJ
fbem-877	28	53	-enterprise	-enterprise	NOUN
fbem-877	28	54	performance	performance	NOUN
fbem-877	28	55	mostly	mostly	ADV
fbem-877	28	56	used	use	VERB
fbem-877	28	57	in	in	ADP
fbem-877	28	58	enterprise	enterprise	NOUN
fbem-877	28	59	performance	performance	NOUN
fbem-877	28	60	measure	measure	NOUN
fbem-877	28	61	return	return	VERB
fbem-877	28	62	on	on	ADP
fbem-877	28	63	assets	asset	NOUN
fbem-877	28	64	(	(	PUNCT
fbem-877	28	65	roa	roa	NOUN
fbem-877	28	66	)	)	PUNCT
fbem-877	28	67	as	as	ADP
fbem-877	28	68	its	its	PRON
fbem-877	28	69	measure	measure	NOUN
fbem-877	28	70	,	,	PUNCT
fbem-877	28	71	calculating	calculate	VERB
fbem-877	28	72	formula	formula	NOUN
fbem-877	28	73	for	for	ADP
fbem-877	28	74	return	return	NOUN
fbem-877	28	75	on	on	ADP
fbem-877	28	76	assets	asset	NOUN
fbem-877	28	77	=	=	SYM
fbem-877	28	78	net	net	ADJ
fbem-877	28	79	income	income	NOUN
fbem-877	28	80	/	/	SYM
fbem-877	28	81	final	final	ADJ
fbem-877	28	82	total	total	ADJ
fbem-877	28	83	assets	asset	NOUN
fbem-877	28	84	,	,	PUNCT
fbem-877	28	85	and	and	CCONJ
fbem-877	28	86	scholars	scholar	NOUN
fbem-877	28	87	adopt	adopt	VERB
fbem-877	28	88	assets	asset	NOUN
fbem-877	28	89	return	return	NOUN
fbem-877	28	90	rate	rate	NOUN
fbem-877	28	91	,	,	PUNCT
fbem-877	28	92	return	return	VERB
fbem-877	28	93	on	on	ADP
fbem-877	28	94	equity	equity	NOUN
fbem-877	28	95	and	and	CCONJ
fbem-877	28	96	tobin	tobin	PROPN
fbem-877	28	97	q	q	PROPN
fbem-877	28	98	as	as	ADP
fbem-877	28	99	a	a	DET
fbem-877	28	100	measure	measure	NOUN
fbem-877	28	101	of	of	ADP
fbem-877	28	102	enterprise	enterprise	NOUN
fbem-877	28	103	performance	performance	NOUN
fbem-877	28	104	,	,	PUNCT
fbem-877	28	105	the	the	DET
fbem-877	28	106	paper	paper	NOUN
fbem-877	28	107	choose	choose	VERB
fbem-877	28	108	return	return	NOUN
fbem-877	28	109	on	on	ADP
fbem-877	28	110	assets	asset	NOUN
fbem-877	28	111	as	as	ADP
fbem-877	28	112	metrics	metric	NOUN
fbem-877	28	113	.	.	PUNCT
fbem-877	29	1	3.2.2	3.2.2	NUM
fbem-877	29	2	.	.	PUNCT
fbem-877	30	1	explanatory	explanatory	ADJ
fbem-877	30	2	variables	variable	NOUN
fbem-877	30	3	-accounting	-accounte	VERB
fbem-877	30	4	information	information	NOUN
fbem-877	30	5	quality	quality	NOUN
fbem-877	30	6	the	the	DET
fbem-877	30	7	measurement	measurement	NOUN
fbem-877	30	8	methods	method	NOUN
fbem-877	30	9	of	of	ADP
fbem-877	30	10	accounting	accounting	NOUN
fbem-877	30	11	information	information	NOUN
fbem-877	30	12	quality	quality	NOUN
fbem-877	30	13	are	be	AUX
fbem-877	30	14	roughly	roughly	ADV
fbem-877	30	15	divided	divide	VERB
fbem-877	30	16	into	into	ADP
fbem-877	30	17	information	information	NOUN
fbem-877	30	18	disclosure	disclosure	NOUN
fbem-877	30	19	level	level	NOUN
fbem-877	30	20	,	,	PUNCT
fbem-877	30	21	stock	stock	NOUN
fbem-877	30	22	return	return	NOUN
fbem-877	30	23	rate	rate	NOUN
fbem-877	30	24	,	,	PUNCT
fbem-877	30	25	surplus	surplus	ADJ
fbem-877	30	26	management	management	NOUN
fbem-877	30	27	,	,	PUNCT
fbem-877	30	28	etc	etc	X
fbem-877	30	29	.	.	X
fbem-877	31	1	the	the	DET
fbem-877	31	2	article	article	NOUN
fbem-877	31	3	believes	believe	VERB
fbem-877	31	4	that	that	SCONJ
fbem-877	31	5	surplus	surplus	ADJ
fbem-877	31	6	management	management	NOUN
fbem-877	31	7	is	be	AUX
fbem-877	31	8	the	the	DET
fbem-877	31	9	adjustment	adjustment	NOUN
fbem-877	31	10	of	of	ADP
fbem-877	31	11	accounting	accounting	NOUN
fbem-877	31	12	statements	statement	NOUN
fbem-877	31	13	of	of	ADP
fbem-877	31	14	enterprises	enterprise	NOUN
fbem-877	31	15	belongs	belong	VERB
fbem-877	31	16	to	to	ADP
fbem-877	31	17	the	the	DET
fbem-877	31	18	normal	normal	ADJ
fbem-877	31	19	category	category	NOUN
fbem-877	31	20	,	,	PUNCT
fbem-877	31	21	the	the	DET
fbem-877	31	22	audit	audit	NOUN
fbem-877	31	23	of	of	ADP
fbem-877	31	24	certified	certify	VERB
fbem-877	31	25	public	public	ADJ
fbem-877	31	26	accountants	accountant	NOUN
fbem-877	31	27	to	to	PART
fbem-877	31	28	surplus	surplus	VERB
fbem-877	31	29	management	management	NOUN
fbem-877	31	30	accounts	account	NOUN
fbem-877	31	31	for	for	ADP
fbem-877	31	32	the	the	DET
fbem-877	31	33	audit	audit	NOUN
fbem-877	31	34	part	part	NOUN
fbem-877	31	35	is	be	AUX
fbem-877	31	36	very	very	ADV
fbem-877	31	37	small	small	ADJ
fbem-877	31	38	,	,	PUNCT
fbem-877	31	39	certified	certified	ADJ
fbem-877	31	40	public	public	ADJ
fbem-877	31	41	accountants	accountant	NOUN
fbem-877	31	42	to	to	ADP
fbem-877	31	43	the	the	DET
fbem-877	31	44	normal	normal	ADJ
fbem-877	31	45	category	category	NOUN
fbem-877	31	46	of	of	ADP
fbem-877	31	47	surplus	surplus	NOUN
fbem-877	31	48	management	management	NOUN
fbem-877	31	49	is	be	AUX
fbem-877	31	50	low	low	ADJ
fbem-877	31	51	attention	attention	NOUN
fbem-877	31	52	,	,	PUNCT
fbem-877	31	53	will	will	AUX
fbem-877	31	54	issue	issue	VERB
fbem-877	31	55	unqualified	unqualified	ADJ
fbem-877	31	56	audit	audit	NOUN
fbem-877	31	57	report.however	report.however	NOUN
fbem-877	31	58	,	,	PUNCT
fbem-877	31	59	for	for	ADP
fbem-877	31	60	reference	reference	NOUN
fbem-877	31	61	enterprise	enterprise	NOUN
fbem-877	31	62	investment	investment	NOUN
fbem-877	31	63	,	,	PUNCT
fbem-877	31	64	adjusted	adjust	VERB
fbem-877	31	65	accounting	accounting	NOUN
fbem-877	31	66	statement	statement	NOUN
fbem-877	31	67	information	information	NOUN
fbem-877	31	68	can	can	AUX
fbem-877	31	69	affect	affect	VERB
fbem-877	31	70	investors	investor	NOUN
fbem-877	31	71	'	'	PART
fbem-877	31	72	investment	investment	NOUN
fbem-877	31	73	intentions	intention	NOUN
fbem-877	31	74	,	,	PUNCT
fbem-877	31	75	so	so	SCONJ
fbem-877	31	76	earnings	earning	NOUN
fbem-877	31	77	management	management	NOUN
fbem-877	31	78	is	be	AUX
fbem-877	31	79	more	more	ADV
fbem-877	31	80	appropriate	appropriate	ADJ
fbem-877	31	81	to	to	PART
fbem-877	31	82	evaluate	evaluate	VERB
fbem-877	31	83	the	the	DET
fbem-877	31	84	quality	quality	NOUN
fbem-877	31	85	of	of	ADP
fbem-877	31	86	accounting	accounting	NOUN
fbem-877	31	87	information	information	NOUN
fbem-877	31	88	used	use	VERB
fbem-877	31	89	for	for	ADP
fbem-877	31	90	investment.this	investment.this	PRON
fbem-877	31	91	paper	paper	NOUN
fbem-877	31	92	refers	refer	VERB
fbem-877	31	93	to	to	ADP
fbem-877	31	94	liu	liu	PROPN
fbem-877	31	95	qiliang	qiliang	PROPN
fbem-877	31	96	(	(	PUNCT
fbem-877	31	97	2013	2013	NUM
fbem-877	31	98	)	)	PUNCT
fbem-877	31	99	to	to	PART
fbem-877	31	100	measure	measure	VERB
fbem-877	31	101	the	the	DET
fbem-877	31	102	quality	quality	NOUN
fbem-877	31	103	of	of	ADP
fbem-877	31	104	accounting	accounting	NOUN
fbem-877	31	105	information	information	NOUN
fbem-877	31	106	by	by	ADP
fbem-877	31	107	using	use	VERB
fbem-877	31	108	the	the	DET
fbem-877	31	109	cross	cross	ADJ
fbem-877	31	110	-	-	ADJ
fbem-877	31	111	sectional	sectional	ADJ
fbem-877	31	112	modified	modify	VERB
fbem-877	31	113	jones	jones	PROPN
fbem-877	31	114	model	model	NOUN
fbem-877	31	115	of	of	ADP
fbem-877	31	116	annual	annual	ADJ
fbem-877	31	117	and	and	CCONJ
fbem-877	31	118	industry	industry	NOUN
fbem-877	31	119	regression.the	regression.the	DET
fbem-877	31	120	specific	specific	ADJ
fbem-877	31	121	calculation	calculation	NOUN
fbem-877	31	122	formula	formula	NOUN
fbem-877	31	123	is	be	AUX
fbem-877	31	124	as	as	SCONJ
fbem-877	31	125	follows	follow	VERB
fbem-877	31	126	:	:	PUNCT
fbem-877	31	127	𝐷𝐴	𝐷𝐴	NOUN
fbem-877	31	128	,	,	PUNCT
fbem-877	31	129	,	,	PUNCT
fbem-877	31	130	,	,	PUNCT
fbem-877	31	131	,	,	PUNCT
fbem-877	31	132	(	(	PUNCT
fbem-877	31	133	1	1	X
fbem-877	31	134	)	)	PUNCT
fbem-877	31	135	the	the	DET
fbem-877	31	136	calculation	calculation	NOUN
fbem-877	31	137	formula	formula	NOUN
fbem-877	31	138	is	be	AUX
fbem-877	31	139	as	as	ADP
fbem-877	31	140	follows:𝑁𝐷𝐴	follows:𝑁𝐷𝐴	NOUN
fbem-877	31	141	,	,	PUNCT
fbem-877	31	142	156	156	NUM
fbem-877	31	143	,	,	PUNCT
fbem-877	31	144	,	,	PUNCT
fbem-877	31	145	𝛼	𝛼	INTJ
fbem-877	31	146	,	,	PUNCT
fbem-877	31	147	𝛼	𝛼	PRON
fbem-877	31	148	∆	∆	PROPN
fbem-877	31	149	,	,	PUNCT
fbem-877	31	150	∆	∆	PROPN
fbem-877	31	151	,	,	PUNCT
fbem-877	31	152	,	,	PUNCT
fbem-877	31	153	𝛼	𝛼	INTJ
fbem-877	31	154	,	,	PUNCT
fbem-877	31	155	,	,	PUNCT
fbem-877	31	156	(	(	PUNCT
fbem-877	31	157	2	2	X
fbem-877	31	158	)	)	PUNCT
fbem-877	31	159	in	in	ADP
fbem-877	31	160	formula	formula	NOUN
fbem-877	31	161	(	(	PUNCT
fbem-877	31	162	2	2	NUM
fbem-877	31	163	)	)	PUNCT
fbem-877	31	164	,	,	PUNCT
fbem-877	31	165	and	and	CCONJ
fbem-877	31	166	are	be	AUX
fbem-877	31	167	obtained	obtain	VERB
fbem-877	31	168	by	by	ADP
fbem-877	31	169	ols	ol	NOUN
fbem-877	31	170	regression	regression	NOUN
fbem-877	31	171	through	through	ADP
fbem-877	31	172	formula	formula	NOUN
fbem-877	31	173	(	(	PUNCT
fbem-877	31	174	3	3	NUM
fbem-877	31	175	)	)	PUNCT
fbem-877	31	176	:	:	PUNCT
fbem-877	31	177	𝛼	𝛼	SYM
fbem-877	31	178	𝛼	𝛼	NOUN
fbem-877	31	179	𝛼	𝛼	NOUN
fbem-877	31	180	,	,	PUNCT
fbem-877	31	181	,	,	PUNCT
fbem-877	31	182	𝛼	𝛼	INTJ
fbem-877	31	183	,	,	PUNCT
fbem-877	31	184	𝛼	𝛼	PRON
fbem-877	31	185	∆	∆	PROPN
fbem-877	31	186	,	,	PUNCT
fbem-877	31	187	∆	∆	PROPN
fbem-877	31	188	,	,	PUNCT
fbem-877	31	189	,	,	PUNCT
fbem-877	31	190	𝛼	𝛼	INTJ
fbem-877	31	191	,	,	PUNCT
fbem-877	31	192	,	,	PUNCT
fbem-877	31	193	𝛼	𝛼	PROPN
fbem-877	31	194	𝑅𝑂𝐴	𝑅𝑂𝐴	PROPN
fbem-877	31	195	𝜀	𝜀	X
fbem-877	31	196	(	(	PUNCT
fbem-877	31	197	3	3	NUM
fbem-877	31	198	)	)	PUNCT
fbem-877	31	199	where	where	SCONJ
fbem-877	31	200	,	,	PUNCT
fbem-877	31	201	𝑇𝐴	𝑇𝐴	PROPN
fbem-877	31	202	,	,	PUNCT
fbem-877	31	203	represents	represent	VERB
fbem-877	31	204	the	the	DET
fbem-877	31	205	total	total	ADJ
fbem-877	31	206	accrued	accrue	VERB
fbem-877	31	207	profit	profit	NOUN
fbem-877	31	208	(	(	PUNCT
fbem-877	31	209	total	total	ADJ
fbem-877	31	210	accrued	accrue	VERB
fbem-877	31	211	profit	profit	NOUN
fbem-877	31	212	=	=	SYM
fbem-877	31	213	net	net	ADJ
fbem-877	31	214	profit	profit	NOUN
fbem-877	31	215	-operating	-operate	VERB
fbem-877	31	216	cash	cash	NOUN
fbem-877	31	217	flow	flow	NOUN
fbem-877	31	218	)	)	PUNCT
fbem-877	31	219	,	,	PUNCT
fbem-877	31	220	𝐴	𝐴	PROPN
fbem-877	31	221	,	,	PUNCT
fbem-877	31	222	represents	represent	VERB
fbem-877	31	223	the	the	DET
fbem-877	31	224	assets	asset	NOUN
fbem-877	31	225	of	of	ADP
fbem-877	31	226	the	the	DET
fbem-877	31	227	previous	previous	ADJ
fbem-877	31	228	period	period	NOUN
fbem-877	31	229	,	,	PUNCT
fbem-877	31	230	∆𝑅𝐸𝑉	∆𝑅𝐸𝑉	PROPN
fbem-877	31	231	,	,	PUNCT
fbem-877	31	232	∆𝑅𝐸𝐶	∆𝑅𝐸𝐶	PROPN
fbem-877	31	233	,	,	PUNCT
fbem-877	31	234	represents	represent	VERB
fbem-877	31	235	the	the	DET
fbem-877	31	236	difference	difference	NOUN
fbem-877	31	237	between	between	ADP
fbem-877	31	238	the	the	DET
fbem-877	31	239	current	current	ADJ
fbem-877	31	240	year	year	NOUN
fbem-877	31	241	's	's	PART
fbem-877	31	242	change	change	NOUN
fbem-877	31	243	in	in	ADP
fbem-877	31	244	operating	operate	VERB
fbem-877	31	245	income	income	NOUN
fbem-877	31	246	and	and	CCONJ
fbem-877	31	247	the	the	DET
fbem-877	31	248	current	current	ADJ
fbem-877	31	249	year	year	NOUN
fbem-877	31	250	's	's	PART
fbem-877	31	251	net	net	ADJ
fbem-877	31	252	receivables	receivables	NOUN
fbem-877	31	253	,	,	PUNCT
fbem-877	31	254	and𝑃𝐸𝐹	and𝑃𝐸𝐹	PROPN
fbem-877	31	255	,	,	PUNCT
fbem-877	31	256	represents	represent	VERB
fbem-877	31	257	the	the	DET
fbem-877	31	258	original	original	ADJ
fbem-877	31	259	value	value	NOUN
fbem-877	31	260	of	of	ADP
fbem-877	31	261	fixed	fix	VERB
fbem-877	31	262	assets.according	assets.accorde	VERB
fbem-877	31	263	to	to	ADP
fbem-877	31	264	the	the	DET
fbem-877	31	265	above	above	ADJ
fbem-877	31	266	formula	formula	NOUN
fbem-877	31	267	,	,	PUNCT
fbem-877	31	268	controllable	controllable	ADJ
fbem-877	31	269	accrual	accrual	ADJ
fbem-877	31	270	profit	profit	NOUN
fbem-877	31	271	(	(	PUNCT
fbem-877	31	272	da	da	NOUN
fbem-877	31	273	)	)	PUNCT
fbem-877	31	274	is	be	AUX
fbem-877	31	275	finally	finally	ADV
fbem-877	31	276	obtained	obtain	VERB
fbem-877	31	277	,	,	PUNCT
fbem-877	31	278	and	and	CCONJ
fbem-877	31	279	the	the	DET
fbem-877	31	280	absolute	absolute	ADJ
fbem-877	31	281	value	value	NOUN
fbem-877	31	282	is	be	AUX
fbem-877	31	283	taken	take	VERB
fbem-877	31	284	as	as	ADP
fbem-877	31	285	a	a	DET
fbem-877	31	286	negative	negative	ADJ
fbem-877	31	287	indicator	indicator	NOUN
fbem-877	31	288	of	of	ADP
fbem-877	31	289	accounting	accounting	NOUN
fbem-877	31	290	information	information	NOUN
fbem-877	31	291	quality.the	quality.the	PRON
fbem-877	31	292	greater	great	ADJ
fbem-877	31	293	the	the	DET
fbem-877	31	294	absolute	absolute	ADJ
fbem-877	31	295	value	value	NOUN
fbem-877	31	296	of	of	ADP
fbem-877	31	297	discretionary	discretionary	ADJ
fbem-877	31	298	accruals	accrual	NOUN
fbem-877	31	299	(	(	PUNCT
fbem-877	31	300	|	|	ADV
fbem-877	31	301	da	da	PROPN
fbem-877	31	302	|	|	NOUN
fbem-877	31	303	)	)	PUNCT
fbem-877	31	304	,	,	PUNCT
fbem-877	31	305	the	the	PRON
fbem-877	31	306	worse	bad	ADJ
fbem-877	31	307	the	the	DET
fbem-877	31	308	quality	quality	NOUN
fbem-877	31	309	of	of	ADP
fbem-877	31	310	accounting	account	VERB
fbem-877	31	311	information.to	information.to	NUM
fbem-877	31	312	facilitate	facilitate	VERB
fbem-877	31	313	the	the	DET
fbem-877	31	314	observation	observation	NOUN
fbem-877	31	315	of	of	ADP
fbem-877	31	316	regression	regression	NOUN
fbem-877	31	317	results	result	NOUN
fbem-877	31	318	,	,	PUNCT
fbem-877	31	319	the	the	DET
fbem-877	31	320	paper	paper	NOUN
fbem-877	31	321	takes	take	VERB
fbem-877	31	322	the	the	DET
fbem-877	31	323	reciprocal	reciprocal	NOUN
fbem-877	31	324	of	of	ADP
fbem-877	31	325	the	the	DET
fbem-877	31	326	regression	regression	NOUN
fbem-877	31	327	absolute	absolute	ADJ
fbem-877	31	328	value	value	NOUN
fbem-877	31	329	as	as	ADP
fbem-877	31	330	a	a	DET
fbem-877	31	331	whole	whole	NOUN
fbem-877	31	332	,	,	PUNCT
fbem-877	31	333	which	which	PRON
fbem-877	31	334	is	be	AUX
fbem-877	31	335	in	in	ADP
fbem-877	31	336	the	the	DET
fbem-877	31	337	same	same	ADJ
fbem-877	31	338	direction	direction	NOUN
fbem-877	31	339	as	as	ADP
fbem-877	31	340	accounting	accounting	NOUN
fbem-877	31	341	information	information	NOUN
fbem-877	31	342	quality	quality	NOUN
fbem-877	31	343	.	.	PUNCT
fbem-877	32	1	3.2.3	3.2.3	X
fbem-877	32	2	.	.	X
fbem-877	32	3	explanatory	explanatory	ADJ
fbem-877	32	4	variable	variable	ADJ
fbem-877	32	5	-heterogeneity	-heterogeneity	NOUN
fbem-877	32	6	of	of	ADP
fbem-877	32	7	institutional	institutional	ADJ
fbem-877	32	8	investors	investor	NOUN
fbem-877	32	9	referring	refer	VERB
fbem-877	32	10	to	to	ADP
fbem-877	32	11	brickley	brickley	PROPN
fbem-877	32	12	's	's	PART
fbem-877	32	13	(	(	PUNCT
fbem-877	32	14	1988	1988	NUM
fbem-877	32	15	)	)	PUNCT
fbem-877	32	16	and	and	CCONJ
fbem-877	32	17	yang	yang	PROPN
fbem-877	32	18	haiyan	haiyan	PROPN
fbem-877	32	19	's	's	PART
fbem-877	32	20	(	(	PUNCT
fbem-877	32	21	2012	2012	NUM
fbem-877	32	22	)	)	PUNCT
fbem-877	32	23	research	research	NOUN
fbem-877	32	24	methods	method	NOUN
fbem-877	32	25	and	and	CCONJ
fbem-877	32	26	sorting	sort	VERB
fbem-877	32	27	them	they	PRON
fbem-877	32	28	out	out	ADP
fbem-877	32	29	,	,	PUNCT
fbem-877	32	30	the	the	DET
fbem-877	32	31	six	six	NUM
fbem-877	32	32	representative	representative	ADJ
fbem-877	32	33	institutional	institutional	ADJ
fbem-877	32	34	investors	investor	NOUN
fbem-877	32	35	for	for	ADP
fbem-877	32	36	enterprise	enterprise	NOUN
fbem-877	32	37	shareholding	shareholding	NOUN
fbem-877	32	38	are	be	AUX
fbem-877	32	39	securities	security	NOUN
fbem-877	32	40	investment	investment	NOUN
fbem-877	32	41	fund	fund	NOUN
fbem-877	32	42	,	,	PUNCT
fbem-877	32	43	social	social	ADJ
fbem-877	32	44	security	security	NOUN
fbem-877	32	45	fund	fund	NOUN
fbem-877	32	46	,	,	PUNCT
fbem-877	32	47	qualified	qualified	ADJ
fbem-877	32	48	foreign	foreign	ADJ
fbem-877	32	49	institutional	institutional	ADJ
fbem-877	32	50	investor	investor	NOUN
fbem-877	32	51	,	,	PUNCT
fbem-877	32	52	insurance	insurance	NOUN
fbem-877	32	53	,	,	PUNCT
fbem-877	32	54	trust	trust	NOUN
fbem-877	32	55	and	and	CCONJ
fbem-877	32	56	securities	security	NOUN
fbem-877	32	57	broker.among	broker.among	ADP
fbem-877	32	58	them	they	PRON
fbem-877	32	59	,	,	PUNCT
fbem-877	32	60	funds	fund	NOUN
fbem-877	32	61	,	,	PUNCT
fbem-877	32	62	social	social	ADJ
fbem-877	32	63	security	security	NOUN
fbem-877	32	64	funds	fund	NOUN
fbem-877	32	65	and	and	CCONJ
fbem-877	32	66	qualified	qualified	ADJ
fbem-877	32	67	foreign	foreign	ADJ
fbem-877	32	68	investors	investor	NOUN
fbem-877	32	69	have	have	VERB
fbem-877	32	70	higher	high	ADJ
fbem-877	32	71	independence	independence	NOUN
fbem-877	32	72	,	,	PUNCT
fbem-877	32	73	while	while	SCONJ
fbem-877	32	74	insurance	insurance	NOUN
fbem-877	32	75	,	,	PUNCT
fbem-877	32	76	trust	trust	NOUN
fbem-877	32	77	and	and	CCONJ
fbem-877	32	78	securities	security	NOUN
fbem-877	32	79	brokers	broker	NOUN
fbem-877	32	80	have	have	VERB
fbem-877	32	81	a	a	DET
fbem-877	32	82	certain	certain	ADJ
fbem-877	32	83	interest	interest	NOUN
fbem-877	32	84	relationship	relationship	NOUN
fbem-877	32	85	with	with	ADP
fbem-877	32	86	enterprises	enterprise	NOUN
fbem-877	32	87	,	,	PUNCT
fbem-877	32	88	and	and	CCONJ
fbem-877	32	89	their	their	PRON
fbem-877	32	90	independence	independence	NOUN
fbem-877	32	91	is	be	AUX
fbem-877	32	92	relatively	relatively	ADV
fbem-877	32	93	weak.therefore	weak.therefore	ADV
fbem-877	32	94	,	,	PUNCT
fbem-877	32	95	this	this	DET
fbem-877	32	96	paper	paper	NOUN
fbem-877	32	97	takes	take	VERB
fbem-877	32	98	the	the	DET
fbem-877	32	99	sum	sum	NOUN
fbem-877	32	100	of	of	ADP
fbem-877	32	101	the	the	DET
fbem-877	32	102	six	six	NUM
fbem-877	32	103	shareholding	shareholding	NOUN
fbem-877	32	104	proportions	proportion	NOUN
fbem-877	32	105	that	that	PRON
fbem-877	32	106	are	be	AUX
fbem-877	32	107	greatly	greatly	ADV
fbem-877	32	108	influenced	influence	VERB
fbem-877	32	109	by	by	ADP
fbem-877	32	110	institutional	institutional	ADJ
fbem-877	32	111	investors	investor	NOUN
fbem-877	32	112	as	as	ADP
fbem-877	32	113	the	the	DET
fbem-877	32	114	overall	overall	ADJ
fbem-877	32	115	shareholding	shareholding	NOUN
fbem-877	32	116	ratio	ratio	NOUN
fbem-877	32	117	(	(	PUNCT
fbem-877	32	118	ins	in	NOUN
fbem-877	32	119	)	)	PUNCT
fbem-877	32	120	of	of	ADP
fbem-877	32	121	institutional	institutional	ADJ
fbem-877	32	122	investors	investor	NOUN
fbem-877	32	123	.	.	PUNCT
fbem-877	33	1	among	among	ADP
fbem-877	33	2	institutional	institutional	ADJ
fbem-877	33	3	investors	investor	NOUN
fbem-877	33	4	,	,	PUNCT
fbem-877	33	5	the	the	DET
fbem-877	33	6	sum	sum	NOUN
fbem-877	33	7	of	of	ADP
fbem-877	33	8	securities	security	NOUN
fbem-877	33	9	investment	investment	NOUN
fbem-877	33	10	funds	fund	NOUN
fbem-877	33	11	,	,	PUNCT
fbem-877	33	12	social	social	ADJ
fbem-877	33	13	security	security	NOUN
fbem-877	33	14	funds	fund	NOUN
fbem-877	33	15	and	and	CCONJ
fbem-877	33	16	qualified	qualified	ADJ
fbem-877	33	17	foreign	foreign	ADJ
fbem-877	33	18	investors	investor	NOUN
fbem-877	33	19	is	be	AUX
fbem-877	33	20	used	use	VERB
fbem-877	33	21	as	as	ADP
fbem-877	33	22	the	the	DET
fbem-877	33	23	measurement	measurement	NOUN
fbem-877	33	24	index	index	NOUN
fbem-877	33	25	of	of	ADP
fbem-877	33	26	highly	highly	ADV
fbem-877	33	27	independent	independent	ADJ
fbem-877	33	28	institutional	institutional	ADJ
fbem-877	33	29	investors	investor	NOUN
fbem-877	33	30	(	(	PUNCT
fbem-877	33	31	ins1).the	ins1).the	DET
fbem-877	33	32	sum	sum	NOUN
fbem-877	33	33	of	of	ADP
fbem-877	33	34	insurance	insurance	NOUN
fbem-877	33	35	,	,	PUNCT
fbem-877	33	36	trust	trust	NOUN
fbem-877	33	37	and	and	CCONJ
fbem-877	33	38	brokerage	brokerage	NOUN
fbem-877	33	39	was	be	AUX
fbem-877	33	40	used	use	VERB
fbem-877	33	41	as	as	ADP
fbem-877	33	42	a	a	DET
fbem-877	33	43	measure	measure	NOUN
fbem-877	33	44	of	of	ADP
fbem-877	33	45	less	less	ADV
fbem-877	33	46	independent	independent	ADJ
fbem-877	33	47	institutional	institutional	ADJ
fbem-877	33	48	investors	investor	NOUN
fbem-877	33	49	(	(	PUNCT
fbem-877	33	50	ins2	ins2	PROPN
fbem-877	33	51	)	)	PUNCT
fbem-877	33	52	.	.	PUNCT
fbem-877	34	1	3.2.4	3.2.4	X
fbem-877	34	2	.	.	PUNCT
fbem-877	35	1	control	control	NOUN
fbem-877	35	2	variables	variable	NOUN
fbem-877	35	3	referring	refer	VERB
fbem-877	35	4	to	to	ADP
fbem-877	35	5	the	the	DET
fbem-877	35	6	experience	experience	NOUN
fbem-877	35	7	of	of	ADP
fbem-877	35	8	previous	previous	ADJ
fbem-877	35	9	scholars	scholar	NOUN
fbem-877	35	10	,	,	PUNCT
fbem-877	35	11	the	the	DET
fbem-877	35	12	control	control	NOUN
fbem-877	35	13	variables	variable	NOUN
fbem-877	35	14	are	be	AUX
fbem-877	35	15	set	set	VERB
fbem-877	35	16	as	as	ADP
fbem-877	35	17	enterprise	enterprise	NOUN
fbem-877	35	18	size	size	NOUN
fbem-877	35	19	(	(	PUNCT
fbem-877	35	20	size	size	NOUN
fbem-877	35	21	)	)	PUNCT
fbem-877	35	22	,	,	PUNCT
fbem-877	35	23	assetliability	assetliability	NOUN
fbem-877	35	24	ratio	ratio	NOUN
fbem-877	35	25	(	(	PUNCT
fbem-877	35	26	lev	lev	NOUN
fbem-877	35	27	)	)	PUNCT
fbem-877	35	28	,	,	PUNCT
fbem-877	35	29	enterprise	enterprise	NOUN
fbem-877	35	30	growth	growth	NOUN
fbem-877	35	31	(	(	PUNCT
fbem-877	35	32	grow	grow	VERB
fbem-877	35	33	)	)	PUNCT
fbem-877	35	34	,	,	PUNCT
fbem-877	35	35	equity	equity	NOUN
fbem-877	35	36	concentration	concentration	NOUN
fbem-877	35	37	(	(	PUNCT
fbem-877	35	38	lhr	lhr	PROPN
fbem-877	35	39	)	)	PUNCT
fbem-877	35	40	,	,	PUNCT
fbem-877	35	41	enterprise	enterprise	NOUN
fbem-877	35	42	nature	nature	NOUN
fbem-877	35	43	(	(	PUNCT
fbem-877	35	44	owner	owner	NOUN
fbem-877	35	45	)	)	PUNCT
fbem-877	35	46	and	and	CCONJ
fbem-877	35	47	board	board	NOUN
fbem-877	35	48	independence	independence	NOUN
fbem-877	35	49	(	(	PUNCT
fbem-877	35	50	ibo	ibo	PROPN
fbem-877	35	51	)	)	PUNCT
fbem-877	35	52	.	.	PUNCT
fbem-877	36	1	see	see	VERB
fbem-877	36	2	table	table	NOUN
fbem-877	36	3	1	1	NUM
fbem-877	36	4	for	for	ADP
fbem-877	36	5	the	the	DET
fbem-877	36	6	definition	definition	NOUN
fbem-877	36	7	of	of	ADP
fbem-877	36	8	variables	variable	NOUN
fbem-877	36	9	.	.	PUNCT
fbem-877	37	1	table	table	NOUN
fbem-877	37	2	1	1	NUM
fbem-877	37	3	.	.	PUNCT
fbem-877	37	4	variable	variable	ADJ
fbem-877	37	5	description	description	NOUN
fbem-877	37	6	type	type	NOUN
fbem-877	37	7	name	name	NOUN
fbem-877	37	8	variable	variable	ADJ
fbem-877	37	9	define	define	VERB
fbem-877	37	10	explained	explain	VERB
fbem-877	37	11	variable	variable	ADJ
fbem-877	37	12	enterprise	enterprise	NOUN
fbem-877	37	13	performance	performance	NOUN
fbem-877	37	14	roa	roa	PROPN
fbem-877	37	15	net	net	ADJ
fbem-877	37	16	profit	profit	NOUN
fbem-877	37	17	as	as	ADP
fbem-877	37	18	a	a	DET
fbem-877	37	19	percentage	percentage	NOUN
fbem-877	37	20	of	of	ADP
fbem-877	37	21	total	total	ADJ
fbem-877	37	22	ending	end	VERB
fbem-877	37	23	assets	asset	NOUN
fbem-877	37	24	explanatory	explanatory	ADJ
fbem-877	37	25	variables	variable	NOUN
fbem-877	37	26	quality	quality	NOUN
fbem-877	37	27	of	of	ADP
fbem-877	37	28	accounting	accounting	NOUN
fbem-877	37	29	information	information	NOUN
fbem-877	37	30	da	da	NOUN
fbem-877	37	31	accruals	accrual	NOUN
fbem-877	37	32	can	can	AUX
fbem-877	37	33	be	be	AUX
fbem-877	37	34	manipulated	manipulate	VERB
fbem-877	37	35	to	to	PART
fbem-877	37	36	take	take	VERB
fbem-877	37	37	absolute	absolute	ADJ
fbem-877	37	38	value	value	NOUN
fbem-877	37	39	shareholding	shareholding	NOUN
fbem-877	37	40	ratio	ratio	NOUN
fbem-877	37	41	of	of	ADP
fbem-877	37	42	institutional	institutional	ADJ
fbem-877	37	43	investors	investor	NOUN
fbem-877	37	44	ins	in	VERB
fbem-877	37	45	ratio	ratio	NOUN
fbem-877	37	46	of	of	ADP
fbem-877	37	47	shares	share	NOUN
fbem-877	37	48	held	hold	VERB
fbem-877	37	49	by	by	ADP
fbem-877	37	50	institutional	institutional	ADJ
fbem-877	37	51	investors	investor	NOUN
fbem-877	37	52	to	to	PART
fbem-877	37	53	total	total	VERB
fbem-877	37	54	shares	share	NOUN
fbem-877	37	55	control	control	NOUN
fbem-877	37	56	variables	variable	VERB
fbem-877	37	57	the	the	DET
fbem-877	37	58	enterprise	enterprise	NOUN
fbem-877	37	59	scale	scale	NOUN
fbem-877	37	60	size	size	NOUN
fbem-877	37	61	the	the	DET
fbem-877	37	62	total	total	ADJ
fbem-877	37	63	assets	asset	NOUN
fbem-877	37	64	at	at	ADP
fbem-877	37	65	the	the	DET
fbem-877	37	66	end	end	NOUN
fbem-877	37	67	of	of	ADP
fbem-877	37	68	the	the	DET
fbem-877	37	69	period	period	NOUN
fbem-877	37	70	are	be	AUX
fbem-877	37	71	logarithmic	logarithmic	ADJ
fbem-877	37	72	asset	asset	NOUN
fbem-877	37	73	-	-	PUNCT
fbem-877	37	74	liability	liability	NOUN
fbem-877	37	75	ratio	ratio	NOUN
fbem-877	37	76	lev	lev	NOUN
fbem-877	37	77	ratio	ratio	NOUN
fbem-877	37	78	of	of	ADP
fbem-877	37	79	total	total	ADJ
fbem-877	37	80	ending	end	VERB
fbem-877	37	81	liabilities	liability	NOUN
fbem-877	37	82	to	to	PART
fbem-877	37	83	total	total	VERB
fbem-877	37	84	ending	end	VERB
fbem-877	37	85	assets	asset	NOUN
fbem-877	37	86	enterprise	enterprise	NOUN
fbem-877	37	87	growth	growth	NOUN
fbem-877	37	88	grow	grow	VERB
fbem-877	37	89	growth	growth	NOUN
fbem-877	37	90	rate	rate	NOUN
fbem-877	37	91	of	of	ADP
fbem-877	37	92	operating	operate	VERB
fbem-877	37	93	income	income	NOUN
fbem-877	37	94	equity	equity	NOUN
fbem-877	37	95	concentration	concentration	NOUN
fbem-877	37	96	lhr	lhr	PROPN
fbem-877	37	97	shareholding	shareholding	NOUN
fbem-877	37	98	ratio	ratio	NOUN
fbem-877	37	99	of	of	ADP
fbem-877	37	100	the	the	DET
fbem-877	37	101	largest	large	ADJ
fbem-877	37	102	shareholder	shareholder	NOUN
fbem-877	37	103	enterprise	enterprise	NOUN
fbem-877	37	104	nature	nature	NOUN
fbem-877	37	105	owner	owner	NOUN
fbem-877	37	106	state	state	NOUN
fbem-877	37	107	-	-	PUNCT
fbem-877	37	108	owned	own	VERB
fbem-877	37	109	enterprises	enterprise	NOUN
fbem-877	37	110	get	get	VERB
fbem-877	37	111	1	1	NUM
fbem-877	37	112	,	,	PUNCT
fbem-877	37	113	private	private	ADJ
fbem-877	37	114	enterprises	enterprise	NOUN
fbem-877	37	115	get	get	VERB
fbem-877	37	116	2	2	NUM
fbem-877	37	117	board	board	NOUN
fbem-877	37	118	independence	independence	NOUN
fbem-877	37	119	lbo	lbo	PROPN
fbem-877	37	120	the	the	DET
fbem-877	37	121	ratio	ratio	NOUN
fbem-877	37	122	of	of	ADP
fbem-877	37	123	the	the	DET
fbem-877	37	124	number	number	NOUN
fbem-877	37	125	of	of	ADP
fbem-877	37	126	independent	independent	ADJ
fbem-877	37	127	directors	director	NOUN
fbem-877	37	128	to	to	ADP
fbem-877	37	129	the	the	DET
fbem-877	37	130	total	total	ADJ
fbem-877	37	131	number	number	NOUN
fbem-877	37	132	of	of	ADP
fbem-877	37	133	directors	director	NOUN
fbem-877	37	134	industry	industry	PROPN
fbem-877	37	135	ind	ind	PROPN
fbem-877	37	136	china	china	PROPN
fbem-877	37	137	securities	securities	PROPN
fbem-877	37	138	regulatory	regulatory	PROPN
fbem-877	37	139	commission	commission	PROPN
fbem-877	37	140	2012	2012	NUM
fbem-877	37	141	industry	industry	NOUN
fbem-877	37	142	classification	classification	NOUN
fbem-877	37	143	year	year	NOUN
fbem-877	37	144	year	year	NOUN
fbem-877	37	145	control	control	NOUN
fbem-877	37	146	3.3	3.3	NUM
fbem-877	37	147	.	.	PUNCT
fbem-877	38	1	model	model	NOUN
fbem-877	38	2	design	design	PROPN
fbem-877	38	3	𝑅𝑂𝐴	𝑅𝑂𝐴	PROPN
fbem-877	38	4	𝛽	𝛽	PROPN
fbem-877	38	5	𝛽	𝛽	PROPN
fbem-877	38	6	𝐼𝑁𝑆	𝐼𝑁𝑆	NOUN
fbem-877	38	7	𝛽	𝛽	PROPN
fbem-877	38	8	𝑆𝑖𝑧𝑒	𝑆𝑖𝑧𝑒	PROPN
fbem-877	38	9	𝛽	𝛽	PROPN
fbem-877	38	10	𝐿𝑒𝑣	𝐿𝑒𝑣	PROPN
fbem-877	38	11	𝛽	𝛽	NOUN
fbem-877	38	12	𝐺𝑟𝑜𝑤	𝐺𝑟𝑜𝑤	PROPN
fbem-877	38	13	𝛽	𝛽	PROPN
fbem-877	38	14	𝐿𝐻𝑅	𝐿𝐻𝑅	PROPN
fbem-877	38	15	𝛽	𝛽	PROPN
fbem-877	38	16	𝑂𝑤𝑛𝑒𝑟	𝑂𝑤𝑛𝑒𝑟	PROPN
fbem-877	38	17	𝛽	𝛽	PROPN
fbem-877	38	18	𝐿𝑏𝑜	𝐿𝑏𝑜	PROPN
fbem-877	38	19	𝜀	𝜀	NOUN
fbem-877	38	20	(	(	PUNCT
fbem-877	38	21	1	1	NUM
fbem-877	38	22	)	)	PUNCT
fbem-877	38	23	𝑅𝑂𝐴	𝑅𝑂𝐴	PROPN
fbem-877	38	24	𝛽	𝛽	PROPN
fbem-877	38	25	𝛽	𝛽	PROPN
fbem-877	38	26	𝐼𝑁𝑆1	𝐼𝑁𝑆1	PROPN
fbem-877	38	27	𝛽	𝛽	PROPN
fbem-877	38	28	𝑆𝑖𝑧𝑒	𝑆𝑖𝑧𝑒	PROPN
fbem-877	38	29	𝛽	𝛽	PROPN
fbem-877	38	30	𝐿𝑒𝑣	𝐿𝑒𝑣	PROPN
fbem-877	38	31	𝛽	𝛽	NOUN
fbem-877	38	32	𝐺𝑟𝑜𝑤	𝐺𝑟𝑜𝑤	PROPN
fbem-877	38	33	𝛽	𝛽	PROPN
fbem-877	38	34	𝐿𝐻𝑅	𝐿𝐻𝑅	PROPN
fbem-877	38	35	𝛽	𝛽	PROPN
fbem-877	38	36	𝑂𝑤𝑛𝑒𝑟	𝑂𝑤𝑛𝑒𝑟	PROPN
fbem-877	38	37	𝛽	𝛽	PROPN
fbem-877	38	38	𝐿𝑏𝑜	𝐿𝑏𝑜	PROPN
fbem-877	38	39	𝜀	𝜀	NOUN
fbem-877	38	40	(	(	PUNCT
fbem-877	38	41	2	2	NUM
fbem-877	38	42	)	)	PUNCT
fbem-877	38	43	𝑅𝑂𝐴	𝑅𝑂𝐴	PROPN
fbem-877	38	44	𝛽	𝛽	PROPN
fbem-877	38	45	𝛽	𝛽	PROPN
fbem-877	38	46	𝐼𝑁𝑆2	𝐼𝑁𝑆2	PROPN
fbem-877	38	47	𝛽	𝛽	PROPN
fbem-877	38	48	𝑆𝑖𝑧𝑒	𝑆𝑖𝑧𝑒	PROPN
fbem-877	38	49	𝛽	𝛽	PROPN
fbem-877	38	50	𝐿𝑒𝑣	𝐿𝑒𝑣	PROPN
fbem-877	38	51	𝛽	𝛽	NOUN
fbem-877	38	52	𝐺𝑟𝑜𝑤	𝐺𝑟𝑜𝑤	PROPN
fbem-877	38	53	𝛽	𝛽	PROPN
fbem-877	38	54	𝐿𝐻𝑅	𝐿𝐻𝑅	PROPN
fbem-877	38	55	𝛽	𝛽	PROPN
fbem-877	38	56	𝑂𝑤𝑛𝑒𝑟	𝑂𝑤𝑛𝑒𝑟	PROPN
fbem-877	38	57	𝛽	𝛽	PROPN
fbem-877	38	58	𝐿𝑏𝑜	𝐿𝑏𝑜	PROPN
fbem-877	38	59	𝜀	𝜀	NOUN
fbem-877	38	60	(	(	PUNCT
fbem-877	38	61	3	3	NUM
fbem-877	38	62	)	)	PUNCT
fbem-877	38	63	𝑅𝑂𝐴	𝑅𝑂𝐴	PROPN
fbem-877	38	64	𝛽	𝛽	NOUN
fbem-877	38	65	𝛽	𝛽	NOUN
fbem-877	38	66	𝐷𝐴	𝐷𝐴	NOUN
fbem-877	38	67	𝛽	𝛽	PROPN
fbem-877	38	68	𝐷𝐼	𝐷𝐼	PROPN
fbem-877	38	69	𝛽	𝛽	PROPN
fbem-877	38	70	𝑆𝑖𝑧𝑒	𝑆𝑖𝑧𝑒	PROPN
fbem-877	38	71	𝛽	𝛽	PROPN
fbem-877	38	72	𝐿𝑒𝑣	𝐿𝑒𝑣	PROPN
fbem-877	38	73	𝛽	𝛽	NOUN
fbem-877	38	74	𝐺𝑟𝑜𝑤	𝐺𝑟𝑜𝑤	PROPN
fbem-877	38	75	𝛽	𝛽	PROPN
fbem-877	38	76	𝐿𝐻𝑅	𝐿𝐻𝑅	PROPN
fbem-877	38	77	𝛽	𝛽	PROPN
fbem-877	38	78	𝑂𝑤𝑛𝑒𝑟	𝑂𝑤𝑛𝑒𝑟	PROPN
fbem-877	38	79	𝛽	𝛽	PROPN
fbem-877	38	80	𝐿𝑏𝑜	𝐿𝑏𝑜	PROPN
fbem-877	38	81	𝜀	𝜀	NOUN
fbem-877	38	82	(	(	PUNCT
fbem-877	38	83	4	4	NUM
fbem-877	38	84	)	)	PUNCT
fbem-877	38	85	𝑅𝑂𝐴	𝑅𝑂𝐴	PROPN
fbem-877	38	86	𝛽	𝛽	NOUN
fbem-877	38	87	𝛽	𝛽	NOUN
fbem-877	38	88	𝐷𝐴	𝐷𝐴	NOUN
fbem-877	38	89	𝛽	𝛽	NOUN
fbem-877	38	90	𝐷𝐼1	𝐷𝐼1	PROPN
fbem-877	38	91	𝛽	𝛽	PROPN
fbem-877	38	92	𝑆𝑖𝑧𝑒	𝑆𝑖𝑧𝑒	PROPN
fbem-877	38	93	𝛽	𝛽	PROPN
fbem-877	38	94	𝐿𝑒𝑣	𝐿𝑒𝑣	PROPN
fbem-877	38	95	𝛽	𝛽	NOUN
fbem-877	38	96	𝐺𝑟𝑜𝑤	𝐺𝑟𝑜𝑤	PROPN
fbem-877	38	97	𝛽	𝛽	PROPN
fbem-877	38	98	𝐿𝐻𝑅	𝐿𝐻𝑅	PROPN
fbem-877	38	99	𝛽	𝛽	PROPN
fbem-877	38	100	𝑂𝑤𝑛𝑒𝑟	𝑂𝑤𝑛𝑒𝑟	PROPN
fbem-877	38	101	𝛽	𝛽	PROPN
fbem-877	38	102	𝐿𝑏𝑜	𝐿𝑏𝑜	PROPN
fbem-877	38	103	𝜀	𝜀	NOUN
fbem-877	38	104	(	(	PUNCT
fbem-877	38	105	5	5	NUM
fbem-877	38	106	)	)	PUNCT
fbem-877	38	107	𝑅𝑂𝐴	𝑅𝑂𝐴	PROPN
fbem-877	38	108	𝛽	𝛽	NOUN
fbem-877	38	109	𝛽	𝛽	NOUN
fbem-877	38	110	𝐷𝐴	𝐷𝐴	NOUN
fbem-877	38	111	𝛽	𝛽	PROPN
fbem-877	38	112	𝐷𝐼2	𝐷𝐼2	PROPN
fbem-877	38	113	𝛽	𝛽	PROPN
fbem-877	38	114	𝑆𝑖𝑧𝑒	𝑆𝑖𝑧𝑒	PROPN
fbem-877	38	115	𝛽	𝛽	PROPN
fbem-877	38	116	𝐿𝑒𝑣	𝐿𝑒𝑣	PROPN
fbem-877	38	117	𝛽	𝛽	NOUN
fbem-877	38	118	𝐺𝑟𝑜𝑤	𝐺𝑟𝑜𝑤	PROPN
fbem-877	38	119	𝛽	𝛽	PROPN
fbem-877	38	120	𝐿𝐻𝑅	𝐿𝐻𝑅	PROPN
fbem-877	38	121	𝛽	𝛽	PROPN
fbem-877	38	122	𝑂𝑤𝑛𝑒𝑟	𝑂𝑤𝑛𝑒𝑟	PROPN
fbem-877	38	123	𝛽	𝛽	PROPN
fbem-877	38	124	𝐿𝑏𝑜	𝐿𝑏𝑜	PROPN
fbem-877	38	125	𝜀	𝜀	NOUN
fbem-877	38	126	(	(	PUNCT
fbem-877	38	127	6	6	NUM
fbem-877	38	128	)	)	PUNCT
fbem-877	38	129	where	where	SCONJ
fbem-877	38	130	𝑅𝑂𝐴	𝑅𝑂𝐴	PROPN
fbem-877	38	131	is	be	AUX
fbem-877	38	132	the	the	DET
fbem-877	38	133	explained	explain	VERB
fbem-877	38	134	variable	variable	NOUN
fbem-877	38	135	,	,	PUNCT
fbem-877	38	136	representing	represent	VERB
fbem-877	38	137	enterprise	enterprise	NOUN
fbem-877	38	138	performance	performance	NOUN
fbem-877	38	139	;	;	PUNCT
fbem-877	38	140	𝐼𝑁𝑆	𝐼𝑁𝑆	NOUN
fbem-877	38	141	is	be	AUX
fbem-877	38	142	the	the	DET
fbem-877	38	143	explanatory	explanatory	ADJ
fbem-877	38	144	variable	variable	NOUN
fbem-877	38	145	,	,	PUNCT
fbem-877	38	146	157	157	NUM
fbem-877	38	147	represents	represent	VERB
fbem-877	38	148	the	the	DET
fbem-877	38	149	shareholding	shareholding	NOUN
fbem-877	38	150	of	of	ADP
fbem-877	38	151	institutional	institutional	ADJ
fbem-877	38	152	investors;𝐼𝑁𝑆1	investors;𝐼𝑁𝑆1	PROPN
fbem-877	38	153	is	be	AUX
fbem-877	38	154	the	the	DET
fbem-877	38	155	institutional	institutional	ADJ
fbem-877	38	156	investor	investor	NOUN
fbem-877	38	157	with	with	ADP
fbem-877	38	158	strong	strong	ADJ
fbem-877	38	159	independence	independence	NOUN
fbem-877	38	160	,	,	PUNCT
fbem-877	38	161	𝐼𝑁𝑆2	𝐼𝑁𝑆2	PROPN
fbem-877	38	162	is	be	AUX
fbem-877	38	163	the	the	DET
fbem-877	38	164	institutional	institutional	ADJ
fbem-877	38	165	investor	investor	NOUN
fbem-877	38	166	with	with	ADP
fbem-877	38	167	weak	weak	ADJ
fbem-877	38	168	independence.models	independence.model	NOUN
fbem-877	38	169	(	(	PUNCT
fbem-877	38	170	1	1	NUM
fbem-877	38	171	)	)	PUNCT
fbem-877	38	172	,	,	PUNCT
fbem-877	38	173	(	(	PUNCT
fbem-877	38	174	2	2	X
fbem-877	38	175	)	)	PUNCT
fbem-877	38	176	and	and	CCONJ
fbem-877	38	177	(	(	PUNCT
fbem-877	38	178	3	3	X
fbem-877	38	179	)	)	PUNCT
fbem-877	38	180	test	test	NOUN
fbem-877	38	181	the	the	DET
fbem-877	38	182	heterogeneity	heterogeneity	NOUN
fbem-877	38	183	effect	effect	NOUN
fbem-877	38	184	of	of	ADP
fbem-877	38	185	institutional	institutional	ADJ
fbem-877	38	186	investors.model	investors.model	X
fbem-877	38	187	(	(	PUNCT
fbem-877	38	188	4	4	NUM
fbem-877	38	189	)	)	PUNCT
fbem-877	38	190	adds	add	VERB
fbem-877	38	191	an	an	DET
fbem-877	38	192	interaction	interaction	NOUN
fbem-877	38	193	term	term	NOUN
fbem-877	38	194	between	between	ADP
fbem-877	38	195	institutional	institutional	ADJ
fbem-877	38	196	investors	investor	NOUN
fbem-877	38	197	and	and	CCONJ
fbem-877	38	198	accounting	accounting	NOUN
fbem-877	38	199	information	information	NOUN
fbem-877	38	200	quality	quality	NOUN
fbem-877	38	201	to	to	PART
fbem-877	38	202	test	test	VERB
fbem-877	38	203	the	the	DET
fbem-877	38	204	influence	influence	NOUN
fbem-877	38	205	of	of	ADP
fbem-877	38	206	institutional	institutional	ADJ
fbem-877	38	207	investors	investor	NOUN
fbem-877	38	208	'	'	PART
fbem-877	38	209	shareholding	shareholding	NOUN
fbem-877	38	210	on	on	ADP
fbem-877	38	211	the	the	DET
fbem-877	38	212	correlation	correlation	NOUN
fbem-877	38	213	between	between	ADP
fbem-877	38	214	accounting	account	VERB
fbem-877	38	215	information	information	NOUN
fbem-877	38	216	quality	quality	NOUN
fbem-877	38	217	and	and	CCONJ
fbem-877	38	218	corporate	corporate	ADJ
fbem-877	38	219	performance	performance	NOUN
fbem-877	38	220	.	.	PUNCT
fbem-877	39	1	model	model	NOUN
fbem-877	39	2	(	(	PUNCT
fbem-877	39	3	5	5	NUM
fbem-877	39	4	)	)	PUNCT
fbem-877	39	5	and	and	CCONJ
fbem-877	39	6	model	model	NOUN
fbem-877	39	7	(	(	PUNCT
fbem-877	39	8	6	6	NUM
fbem-877	39	9	)	)	PUNCT
fbem-877	39	10	continue	continue	VERB
fbem-877	39	11	to	to	PART
fbem-877	39	12	verify	verify	VERB
fbem-877	39	13	the	the	DET
fbem-877	39	14	moderating	moderate	VERB
fbem-877	39	15	effect	effect	NOUN
fbem-877	39	16	of	of	ADP
fbem-877	39	17	institutional	institutional	ADJ
fbem-877	39	18	investor	investor	NOUN
fbem-877	39	19	heterogeneity	heterogeneity	NOUN
fbem-877	39	20	in	in	ADP
fbem-877	39	21	the	the	DET
fbem-877	39	22	form	form	NOUN
fbem-877	39	23	of	of	ADP
fbem-877	39	24	interaction	interaction	NOUN
fbem-877	39	25	terms	term	NOUN
fbem-877	39	26	.	.	PUNCT
fbem-877	40	1	4	4	X
fbem-877	40	2	.	.	X
fbem-877	40	3	empirical	empirical	ADJ
fbem-877	40	4	results	result	NOUN
fbem-877	40	5	and	and	CCONJ
fbem-877	40	6	analysis	analysis	NOUN
fbem-877	40	7	4.1	4.1	NUM
fbem-877	40	8	.	.	PUNCT
fbem-877	41	1	descriptive	descriptive	ADJ
fbem-877	41	2	statistics	statistic	NOUN
fbem-877	41	3	as	as	SCONJ
fbem-877	41	4	can	can	AUX
fbem-877	41	5	be	be	AUX
fbem-877	41	6	seen	see	VERB
fbem-877	41	7	from	from	ADP
fbem-877	41	8	the	the	DET
fbem-877	41	9	descriptive	descriptive	ADJ
fbem-877	41	10	statistics	statistic	NOUN
fbem-877	41	11	in	in	ADP
fbem-877	41	12	table	table	NOUN
fbem-877	41	13	2	2	NUM
fbem-877	41	14	,	,	PUNCT
fbem-877	41	15	there	there	PRON
fbem-877	41	16	is	be	VERB
fbem-877	41	17	not	not	PART
fbem-877	41	18	a	a	DET
fbem-877	41	19	large	large	ADJ
fbem-877	41	20	gap	gap	NOUN
fbem-877	41	21	between	between	ADP
fbem-877	41	22	the	the	DET
fbem-877	41	23	maximum	maximum	ADJ
fbem-877	41	24	value	value	NOUN
fbem-877	41	25	of	of	ADP
fbem-877	41	26	0.526	0.526	NUM
fbem-877	41	27	and	and	CCONJ
fbem-877	41	28	the	the	DET
fbem-877	41	29	minimum	minimum	ADJ
fbem-877	41	30	value	value	NOUN
fbem-877	41	31	of	of	ADP
fbem-877	41	32	-1.856	-1.856	NOUN
fbem-877	41	33	.	.	PUNCT
fbem-877	42	1	corporate	corporate	ADJ
fbem-877	42	2	performance	performance	NOUN
fbem-877	42	3	is	be	AUX
fbem-877	42	4	stable	stable	ADJ
fbem-877	42	5	in	in	ADP
fbem-877	42	6	corporate	corporate	ADJ
fbem-877	42	7	data	datum	NOUN
fbem-877	42	8	without	without	ADP
fbem-877	42	9	significant	significant	ADJ
fbem-877	42	10	fluctuations	fluctuation	NOUN
fbem-877	42	11	.	.	PUNCT
fbem-877	43	1	on	on	ADP
fbem-877	43	2	the	the	DET
fbem-877	43	3	mean	mean	ADJ
fbem-877	43	4	value	value	NOUN
fbem-877	43	5	,	,	PUNCT
fbem-877	43	6	the	the	DET
fbem-877	43	7	average	average	ADJ
fbem-877	43	8	value	value	NOUN
fbem-877	43	9	of	of	ADP
fbem-877	43	10	corporate	corporate	ADJ
fbem-877	43	11	performance	performance	NOUN
fbem-877	43	12	is	be	AUX
fbem-877	43	13	0.031	0.031	NUM
fbem-877	43	14	,	,	PUNCT
fbem-877	43	15	which	which	PRON
fbem-877	43	16	is	be	AUX
fbem-877	43	17	greater	great	ADJ
fbem-877	43	18	than	than	ADP
fbem-877	43	19	zero	zero	NUM
fbem-877	43	20	,	,	PUNCT
fbem-877	43	21	and	and	CCONJ
fbem-877	43	22	the	the	DET
fbem-877	43	23	standard	standard	ADJ
fbem-877	43	24	deviation	deviation	NOUN
fbem-877	43	25	is	be	AUX
fbem-877	43	26	0.094	0.094	NUM
fbem-877	43	27	,	,	PUNCT
fbem-877	43	28	which	which	PRON
fbem-877	43	29	is	be	AUX
fbem-877	43	30	small	small	ADJ
fbem-877	43	31	,	,	PUNCT
fbem-877	43	32	indicating	indicate	VERB
fbem-877	43	33	that	that	SCONJ
fbem-877	43	34	most	most	ADJ
fbem-877	43	35	corporate	corporate	ADJ
fbem-877	43	36	performance	performance	NOUN
fbem-877	43	37	is	be	AUX
fbem-877	43	38	positive	positive	ADJ
fbem-877	43	39	.	.	PUNCT
fbem-877	44	1	it	it	PRON
fbem-877	44	2	can	can	AUX
fbem-877	44	3	be	be	AUX
fbem-877	44	4	seen	see	VERB
fbem-877	44	5	that	that	SCONJ
fbem-877	44	6	the	the	DET
fbem-877	44	7	current	current	ADJ
fbem-877	44	8	enterprise	enterprise	NOUN
fbem-877	44	9	development	development	NOUN
fbem-877	44	10	is	be	AUX
fbem-877	44	11	relatively	relatively	ADV
fbem-877	44	12	stable.in	stable.in	X
fbem-877	44	13	terms	term	NOUN
fbem-877	44	14	of	of	ADP
fbem-877	44	15	the	the	DET
fbem-877	44	16	overall	overall	ADJ
fbem-877	44	17	shareholding	shareholding	NOUN
fbem-877	44	18	ratio	ratio	NOUN
fbem-877	44	19	of	of	ADP
fbem-877	44	20	institutional	institutional	ADJ
fbem-877	44	21	investors	investor	NOUN
fbem-877	44	22	,	,	PUNCT
fbem-877	44	23	the	the	DET
fbem-877	44	24	mean	mean	ADJ
fbem-877	44	25	value	value	NOUN
fbem-877	44	26	is	be	AUX
fbem-877	44	27	5.678	5.678	NUM
fbem-877	44	28	,	,	PUNCT
fbem-877	44	29	which	which	PRON
fbem-877	44	30	tends	tend	VERB
fbem-877	44	31	to	to	PART
fbem-877	44	32	be	be	AUX
fbem-877	44	33	a	a	DET
fbem-877	44	34	lower	low	ADJ
fbem-877	44	35	shareholding	shareholding	NOUN
fbem-877	44	36	ratio	ratio	NOUN
fbem-877	44	37	.	.	PUNCT
fbem-877	45	1	the	the	DET
fbem-877	45	2	overall	overall	ADJ
fbem-877	45	3	shareholding	shareholding	NOUN
fbem-877	45	4	of	of	ADP
fbem-877	45	5	institutional	institutional	ADJ
fbem-877	45	6	investors	investor	NOUN
fbem-877	45	7	is	be	AUX
fbem-877	45	8	not	not	PART
fbem-877	45	9	high	high	ADJ
fbem-877	45	10	,	,	PUNCT
fbem-877	45	11	and	and	CCONJ
fbem-877	45	12	the	the	DET
fbem-877	45	13	standard	standard	ADJ
fbem-877	45	14	deviation	deviation	NOUN
fbem-877	45	15	is	be	AUX
fbem-877	45	16	also	also	ADV
fbem-877	45	17	6.505	6.505	NUM
fbem-877	45	18	,	,	PUNCT
fbem-877	45	19	indicating	indicate	VERB
fbem-877	45	20	a	a	DET
fbem-877	45	21	large	large	ADJ
fbem-877	45	22	gap	gap	NOUN
fbem-877	45	23	between	between	ADP
fbem-877	45	24	the	the	DET
fbem-877	45	25	maximum	maximum	ADJ
fbem-877	45	26	value	value	NOUN
fbem-877	45	27	and	and	CCONJ
fbem-877	45	28	the	the	DET
fbem-877	45	29	minimum	minimum	NOUN
fbem-877	45	30	value.from	value.from	NUM
fbem-877	45	31	the	the	DET
fbem-877	45	32	perspective	perspective	NOUN
fbem-877	45	33	of	of	ADP
fbem-877	45	34	accounting	account	VERB
fbem-877	45	35	information	information	NOUN
fbem-877	45	36	quality	quality	NOUN
fbem-877	45	37	,	,	PUNCT
fbem-877	45	38	the	the	DET
fbem-877	45	39	overall	overall	ADJ
fbem-877	45	40	mean	mean	ADJ
fbem-877	45	41	value	value	NOUN
fbem-877	45	42	is	be	AUX
fbem-877	45	43	0.083	0.083	NUM
fbem-877	45	44	,	,	PUNCT
fbem-877	45	45	which	which	PRON
fbem-877	45	46	tends	tend	VERB
fbem-877	45	47	to	to	PART
fbem-877	45	48	be	be	AUX
fbem-877	45	49	higher	high	ADJ
fbem-877	45	50	accounting	accounting	NOUN
fbem-877	45	51	information	information	NOUN
fbem-877	45	52	quality	quality	NOUN
fbem-877	45	53	.	.	PUNCT
fbem-877	46	1	although	although	SCONJ
fbem-877	46	2	there	there	PRON
fbem-877	46	3	is	be	VERB
fbem-877	46	4	a	a	DET
fbem-877	46	5	large	large	ADJ
fbem-877	46	6	gap	gap	NOUN
fbem-877	46	7	between	between	ADP
fbem-877	46	8	the	the	DET
fbem-877	46	9	maximum	maximum	ADJ
fbem-877	46	10	value	value	NOUN
fbem-877	46	11	of	of	ADP
fbem-877	46	12	6.334	6.334	NUM
fbem-877	46	13	and	and	CCONJ
fbem-877	46	14	the	the	DET
fbem-877	46	15	minimum	minimum	ADJ
fbem-877	46	16	value	value	NOUN
fbem-877	46	17	of	of	ADP
fbem-877	46	18	0	0	NUM
fbem-877	46	19	,	,	PUNCT
fbem-877	46	20	the	the	DET
fbem-877	46	21	overall	overall	ADJ
fbem-877	46	22	accounting	accounting	NOUN
fbem-877	46	23	information	information	NOUN
fbem-877	46	24	quality	quality	NOUN
fbem-877	46	25	of	of	ADP
fbem-877	46	26	enterprises	enterprise	NOUN
fbem-877	46	27	is	be	AUX
fbem-877	46	28	higher	high	ADJ
fbem-877	46	29	.	.	PUNCT
fbem-877	47	1	table	table	NOUN
fbem-877	47	2	2	2	NUM
fbem-877	47	3	.	.	PUNCT
fbem-877	47	4	descriptive	descriptive	ADJ
fbem-877	47	5	statistics	statistic	NOUN
fbem-877	47	6	of	of	ADP
fbem-877	47	7	main	main	ADJ
fbem-877	47	8	variables	variable	NOUN
fbem-877	47	9	variable	variable	NOUN
fbem-877	47	10	n	n	PRON
fbem-877	47	11	mean	mean	VERB
fbem-877	47	12	sd	sd	ADP
fbem-877	47	13	min	min	PROPN
fbem-877	47	14	max	max	PROPN
fbem-877	47	15	roa	roa	PROPN
fbem-877	47	16	11547	11547	NUM
fbem-877	47	17	0.031	0.031	NUM
fbem-877	47	18	0.094	0.094	NUM
fbem-877	47	19	1.856	1.856	NUM
fbem-877	47	20	0.526	0.526	NUM
fbem-877	47	21	ins	in	NOUN
fbem-877	47	22	11547	11547	NUM
fbem-877	47	23	5.678	5.678	NUM
fbem-877	47	24	6.505	6.505	NUM
fbem-877	47	25	0.005	0.005	NUM
fbem-877	47	26	70.19	70.19	NUM
fbem-877	47	27	da	da	NOUN
fbem-877	47	28	11547	11547	NUM
fbem-877	47	29	0.083	0.083	NUM
fbem-877	47	30	0.189	0.189	NUM
fbem-877	47	31	0	0	NUM
fbem-877	48	1	6.334	6.334	NUM
fbem-877	48	2	size	size	NOUN
fbem-877	48	3	11547	11547	NUM
fbem-877	48	4	22.36	22.36	NUM
fbem-877	48	5	1.329	1.329	NUM
fbem-877	48	6	17.77	17.77	NUM
fbem-877	48	7	28.64	28.64	NUM
fbem-877	48	8	lev	lev	NOUN
fbem-877	48	9	11547	11547	NUM
fbem-877	48	10	42.45	42.45	NUM
fbem-877	48	11	0.201	0.201	NUM
fbem-877	48	12	0.835	0.835	NUM
fbem-877	48	13	99.76	99.76	NUM
fbem-877	48	14	grow	grow	NOUN
fbem-877	48	15	11547	11547	NUM
fbem-877	48	16	16.79	16.79	NUM
fbem-877	48	17	33.28	33.28	NUM
fbem-877	48	18	57.50	57.50	NUM
fbem-877	48	19	131.8	131.8	NUM
fbem-877	48	20	lhr	lhr	NOUN
fbem-877	48	21	11547	11547	NUM
fbem-877	48	22	33.42	33.42	NUM
fbem-877	48	23	14.57	14.57	NUM
fbem-877	48	24	3	3	NUM
fbem-877	48	25	89.09	89.09	NUM
fbem-877	48	26	lbo	lbo	PROPN
fbem-877	48	27	11547	11547	NUM
fbem-877	48	28	0.377	0.377	NUM
fbem-877	48	29	0.056	0.056	NUM
fbem-877	48	30	0.2	0.2	NUM
fbem-877	48	31	0.8	0.8	NUM
fbem-877	48	32	4.2	4.2	NUM
fbem-877	48	33	.	.	PUNCT
fbem-877	49	1	correlation	correlation	NOUN
fbem-877	49	2	analysis	analysis	NOUN
fbem-877	49	3	it	it	PRON
fbem-877	49	4	can	can	AUX
fbem-877	49	5	be	be	AUX
fbem-877	49	6	seen	see	VERB
fbem-877	49	7	from	from	ADP
fbem-877	49	8	the	the	DET
fbem-877	49	9	correlation	correlation	NOUN
fbem-877	49	10	analysis	analysis	NOUN
fbem-877	49	11	table	table	NOUN
fbem-877	49	12	in	in	ADP
fbem-877	49	13	table	table	NOUN
fbem-877	49	14	3	3	NUM
fbem-877	49	15	that	that	PRON
fbem-877	49	16	enterprise	enterprise	NOUN
fbem-877	49	17	performance	performance	NOUN
fbem-877	49	18	is	be	AUX
fbem-877	49	19	positively	positively	ADV
fbem-877	49	20	correlated	correlate	VERB
fbem-877	49	21	with	with	ADP
fbem-877	49	22	institutional	institutional	ADJ
fbem-877	49	23	investment	investment	NOUN
fbem-877	49	24	shareholding	shareholding	NOUN
fbem-877	49	25	ratio	ratio	NOUN
fbem-877	49	26	,	,	PUNCT
fbem-877	49	27	and	and	CCONJ
fbem-877	49	28	the	the	DET
fbem-877	49	29	correlation	correlation	NOUN
fbem-877	49	30	coefficient	coefficient	NOUN
fbem-877	49	31	is	be	AUX
fbem-877	49	32	0.120	0.120	NUM
fbem-877	49	33	and	and	CCONJ
fbem-877	49	34	significant	significant	ADJ
fbem-877	49	35	at	at	ADP
fbem-877	49	36	1	1	NUM
fbem-877	49	37	%	%	NOUN
fbem-877	49	38	level	level	NOUN
fbem-877	49	39	.	.	PUNCT
fbem-877	50	1	hypothesis	hypothesis	NOUN
fbem-877	50	2	1	1	NUM
fbem-877	50	3	is	be	AUX
fbem-877	50	4	preliminarily	preliminarily	ADV
fbem-877	50	5	verified.accounting	verified.accounte	VERB
fbem-877	50	6	information	information	NOUN
fbem-877	50	7	quality	quality	NOUN
fbem-877	50	8	is	be	AUX
fbem-877	50	9	positively	positively	ADV
fbem-877	50	10	correlated	correlate	VERB
fbem-877	50	11	with	with	ADP
fbem-877	50	12	enterprise	enterprise	NOUN
fbem-877	50	13	performance	performance	NOUN
fbem-877	50	14	,	,	PUNCT
fbem-877	50	15	the	the	DET
fbem-877	50	16	correlation	correlation	NOUN
fbem-877	50	17	coefficient	coefficient	NOUN
fbem-877	50	18	is	be	AUX
fbem-877	50	19	0.150	0.150	NUM
fbem-877	50	20	and	and	CCONJ
fbem-877	50	21	significant	significant	ADJ
fbem-877	50	22	at	at	ADP
fbem-877	50	23	1	1	NUM
fbem-877	50	24	%	%	NOUN
fbem-877	50	25	level	level	NOUN
fbem-877	50	26	,	,	PUNCT
fbem-877	50	27	which	which	PRON
fbem-877	50	28	also	also	ADV
fbem-877	50	29	supports	support	VERB
fbem-877	50	30	the	the	DET
fbem-877	50	31	conclusion	conclusion	NOUN
fbem-877	50	32	of	of	ADP
fbem-877	50	33	many	many	ADJ
fbem-877	50	34	scholars	scholar	NOUN
fbem-877	50	35	that	that	SCONJ
fbem-877	50	36	the	the	DET
fbem-877	50	37	promotion	promotion	NOUN
fbem-877	50	38	of	of	ADP
fbem-877	50	39	accounting	accounting	NOUN
fbem-877	50	40	information	information	NOUN
fbem-877	50	41	quality	quality	NOUN
fbem-877	50	42	and	and	CCONJ
fbem-877	50	43	enterprise	enterprise	NOUN
fbem-877	50	44	performance	performance	NOUN
fbem-877	50	45	is	be	AUX
fbem-877	50	46	positive	positive	ADJ
fbem-877	50	47	.	.	PUNCT
fbem-877	51	1	moreover	moreover	ADV
fbem-877	51	2	,	,	PUNCT
fbem-877	51	3	from	from	ADP
fbem-877	51	4	the	the	DET
fbem-877	51	5	perspective	perspective	NOUN
fbem-877	51	6	of	of	ADP
fbem-877	51	7	enterprise	enterprise	NOUN
fbem-877	51	8	growth	growth	NOUN
fbem-877	51	9	,	,	PUNCT
fbem-877	51	10	enterprise	enterprise	NOUN
fbem-877	51	11	growth	growth	NOUN
fbem-877	51	12	is	be	AUX
fbem-877	51	13	significantly	significantly	ADV
fbem-877	51	14	positively	positively	ADV
fbem-877	51	15	correlated	correlate	VERB
fbem-877	51	16	with	with	ADP
fbem-877	51	17	enterprise	enterprise	NOUN
fbem-877	51	18	performance	performance	NOUN
fbem-877	51	19	.	.	PUNCT
fbem-877	52	1	the	the	DET
fbem-877	52	2	correlation	correlation	NOUN
fbem-877	52	3	coefficient	coefficient	NOUN
fbem-877	52	4	is	be	AUX
fbem-877	52	5	0.219	0.219	NUM
fbem-877	52	6	and	and	CCONJ
fbem-877	52	7	significant	significant	ADJ
fbem-877	52	8	at	at	ADP
fbem-877	52	9	1	1	NUM
fbem-877	52	10	%	%	NOUN
fbem-877	52	11	level	level	NOUN
fbem-877	52	12	,	,	PUNCT
fbem-877	52	13	indicating	indicate	VERB
fbem-877	52	14	that	that	SCONJ
fbem-877	52	15	enterprises	enterprise	NOUN
fbem-877	52	16	have	have	VERB
fbem-877	52	17	a	a	DET
fbem-877	52	18	strong	strong	ADJ
fbem-877	52	19	promotion	promotion	NOUN
fbem-877	52	20	effect	effect	NOUN
fbem-877	52	21	on	on	ADP
fbem-877	52	22	enterprise	enterprise	NOUN
fbem-877	52	23	performance	performance	NOUN
fbem-877	52	24	in	in	ADP
fbem-877	52	25	the	the	DET
fbem-877	52	26	growth	growth	NOUN
fbem-877	52	27	stage.considering	stage.considere	VERB
fbem-877	52	28	the	the	DET
fbem-877	52	29	multicollinearity	multicollinearity	NOUN
fbem-877	52	30	problem	problem	NOUN
fbem-877	52	31	,	,	PUNCT
fbem-877	52	32	the	the	DET
fbem-877	52	33	paper	paper	NOUN
fbem-877	52	34	carried	carry	VERB
fbem-877	52	35	out	out	ADP
fbem-877	52	36	a	a	DET
fbem-877	52	37	variety	variety	NOUN
fbem-877	52	38	of	of	ADP
fbem-877	52	39	collinearity	collinearity	NOUN
fbem-877	52	40	tests	test	NOUN
fbem-877	52	41	on	on	ADP
fbem-877	52	42	the	the	DET
fbem-877	52	43	main	main	ADJ
fbem-877	52	44	variables	variable	NOUN
fbem-877	52	45	.	.	PUNCT
fbem-877	53	1	generally	generally	ADV
fbem-877	53	2	,	,	PUNCT
fbem-877	53	3	it	it	PRON
fbem-877	53	4	can	can	AUX
fbem-877	53	5	be	be	AUX
fbem-877	53	6	considered	consider	VERB
fbem-877	53	7	that	that	SCONJ
fbem-877	53	8	there	there	PRON
fbem-877	53	9	are	be	VERB
fbem-877	53	10	a	a	DET
fbem-877	53	11	variety	variety	NOUN
fbem-877	53	12	of	of	ADP
fbem-877	53	13	collinearity	collinearity	NOUN
fbem-877	53	14	problems	problem	NOUN
fbem-877	53	15	if	if	SCONJ
fbem-877	53	16	vif	vif	NOUN
fbem-877	53	17	is	be	AUX
fbem-877	53	18	greater	great	ADJ
fbem-877	53	19	than	than	ADP
fbem-877	53	20	10	10	NUM
fbem-877	53	21	.	.	PUNCT
fbem-877	54	1	after	after	ADP
fbem-877	54	2	the	the	DET
fbem-877	54	3	test	test	NOUN
fbem-877	54	4	,	,	PUNCT
fbem-877	54	5	the	the	DET
fbem-877	54	6	average	average	ADJ
fbem-877	54	7	value	value	NOUN
fbem-877	54	8	of	of	ADP
fbem-877	54	9	multiple	multiple	ADJ
fbem-877	54	10	collinearity	collinearity	NOUN
fbem-877	54	11	in	in	ADP
fbem-877	54	12	the	the	DET
fbem-877	54	13	paper	paper	NOUN
fbem-877	54	14	is	be	AUX
fbem-877	54	15	1.18	1.18	NUM
fbem-877	54	16	,	,	PUNCT
fbem-877	54	17	far	far	ADV
fbem-877	54	18	lower	low	ADJ
fbem-877	54	19	than	than	ADP
fbem-877	54	20	10	10	NUM
fbem-877	54	21	,	,	PUNCT
fbem-877	54	22	and	and	CCONJ
fbem-877	54	23	the	the	DET
fbem-877	54	24	multicollinearity	multicollinearity	NOUN
fbem-877	54	25	problem	problem	NOUN
fbem-877	54	26	can	can	AUX
fbem-877	54	27	be	be	AUX
fbem-877	54	28	basically	basically	ADV
fbem-877	54	29	ignored	ignore	VERB
fbem-877	54	30	.	.	PUNCT
fbem-877	55	1	table	table	NOUN
fbem-877	55	2	3	3	NUM
fbem-877	55	3	.	.	PUNCT
fbem-877	55	4	correlation	correlation	NOUN
fbem-877	55	5	analysis	analysis	NOUN
fbem-877	55	6	of	of	ADP
fbem-877	55	7	main	main	ADJ
fbem-877	55	8	variables	variable	NOUN
fbem-877	55	9	variable	variable	ADJ
fbem-877	55	10	roa	roa	PROPN
fbem-877	55	11	ins	ins	PROPN
fbem-877	55	12	da	da	PROPN
fbem-877	55	13	size	size	NOUN
fbem-877	55	14	lev	lev	NOUN
fbem-877	55	15	grow	grow	VERB
fbem-877	55	16	lhr	lhr	PROPN
fbem-877	55	17	owner	owner	NOUN
fbem-877	55	18	ibo	ibo	PROPN
fbem-877	55	19	roa	roa	PROPN
fbem-877	55	20	1	1	NUM
fbem-877	55	21	ins	in	NOUN
fbem-877	55	22	0.120	0.120	NUM
fbem-877	55	23	*	*	PUNCT
fbem-877	56	1	*	*	PUNCT
fbem-877	56	2	*	*	PUNCT
fbem-877	56	3	1	1	NUM
fbem-877	56	4	da	da	NOUN
fbem-877	56	5	0.150	0.150	NUM
fbem-877	56	6	*	*	PUNCT
fbem-877	57	1	*	*	PUNCT
fbem-877	57	2	*	*	PUNCT
fbem-877	57	3	0.010	0.010	NUM
fbem-877	57	4	1	1	NUM
fbem-877	57	5	size	size	NOUN
fbem-877	57	6	0.035	0.035	NUM
fbem-877	57	7	*	*	PUNCT
fbem-877	58	1	*	*	PUNCT
fbem-877	58	2	*	*	PUNCT
fbem-877	58	3	0.282	0.282	NUM
fbem-877	58	4	*	*	PUNCT
fbem-877	59	1	*	*	PUNCT
fbem-877	60	1	*	*	PUNCT
fbem-877	60	2	0.050	0.050	NUM
fbem-877	60	3	*	*	PUNCT
fbem-877	61	1	*	*	PUNCT
fbem-877	61	2	*	*	PUNCT
fbem-877	61	3	1	1	NUM
fbem-877	61	4	lev	lev	NOUN
fbem-877	61	5	0.261	0.261	NUM
fbem-877	61	6	*	*	PUNCT
fbem-877	62	1	*	*	PUNCT
fbem-877	63	1	*	*	PUNCT
fbem-877	63	2	0.079	0.079	NUM
fbem-877	63	3	*	*	PUNCT
fbem-877	64	1	*	*	PUNCT
fbem-877	65	1	*	*	PUNCT
fbem-877	66	1	0.033	0.033	NUM
fbem-877	66	2	*	*	PUNCT
fbem-877	67	1	*	*	PUNCT
fbem-877	68	1	*	*	PUNCT
fbem-877	68	2	0.521	0.521	NUM
fbem-877	68	3	*	*	PUNCT
fbem-877	68	4	*	*	PUNCT
fbem-877	68	5	*	*	PUNCT
fbem-877	68	6	1	1	NUM
fbem-877	68	7	grow	grow	VERB
fbem-877	68	8	0.219	0.219	NUM
fbem-877	68	9	*	*	PUNCT
fbem-877	69	1	*	*	PUNCT
fbem-877	70	1	*	*	PUNCT
fbem-877	70	2	0.112	0.112	NUM
fbem-877	70	3	*	*	PUNCT
fbem-877	71	1	*	*	PUNCT
fbem-877	72	1	*	*	PUNCT
fbem-877	72	2	0.038	0.038	NUM
fbem-877	72	3	*	*	PUNCT
fbem-877	73	1	*	*	PUNCT
fbem-877	74	1	*	*	PUNCT
fbem-877	75	1	0.044	0.044	NUM
fbem-877	75	2	*	*	PUNCT
fbem-877	75	3	*	*	PUNCT
fbem-877	75	4	*	*	PUNCT
fbem-877	75	5	0.025	0.025	NUM
fbem-877	75	6	*	*	PUNCT
fbem-877	76	1	*	*	PUNCT
fbem-877	76	2	*	*	PUNCT
fbem-877	76	3	1	1	NUM
fbem-877	76	4	lhr	lhr	NOUN
fbem-877	76	5	0.148	0.148	NUM
fbem-877	76	6	*	*	PUNCT
fbem-877	77	1	*	*	PUNCT
fbem-877	77	2	*	*	PUNCT
fbem-877	77	3	0.071	0.071	NUM
fbem-877	77	4	*	*	PUNCT
fbem-877	78	1	*	*	PUNCT
fbem-877	79	1	*	*	PUNCT
fbem-877	79	2	0.049	0.049	NUM
fbem-877	79	3	*	*	PUNCT
fbem-877	80	1	*	*	PUNCT
fbem-877	80	2	*	*	PUNCT
fbem-877	80	3	0.201	0.201	NUM
fbem-877	80	4	*	*	PUNCT
fbem-877	81	1	*	*	PUNCT
fbem-877	82	1	*	*	PUNCT
fbem-877	82	2	0.055	0.055	NUM
fbem-877	82	3	*	*	PUNCT
fbem-877	83	1	*	*	PUNCT
fbem-877	83	2	*	*	PUNCT
fbem-877	83	3	0.003	0.003	NUM
fbem-877	83	4	1	1	NUM
fbem-877	83	5	owner	owner	NOUN
fbem-877	83	6	0.013	0.013	NUM
fbem-877	83	7	0.005	0.005	NUM
fbem-877	83	8	0.029	0.029	NUM
fbem-877	83	9	*	*	PUNCT
fbem-877	84	1	*	*	PUNCT
fbem-877	84	2	*	*	PUNCT
fbem-877	84	3	0.270	0.270	NUM
fbem-877	84	4	*	*	PUNCT
fbem-877	85	1	*	*	PUNCT
fbem-877	86	1	*	*	PUNCT
fbem-877	86	2	0.168	0.168	NUM
fbem-877	86	3	*	*	PUNCT
fbem-877	87	1	*	*	PUNCT
fbem-877	87	2	*	*	PUNCT
fbem-877	88	1	0.067	0.067	NUM
fbem-877	88	2	*	*	PUNCT
fbem-877	89	1	*	*	PUNCT
fbem-877	90	1	*	*	PUNCT
fbem-877	91	1	0.165	0.165	NUM
fbem-877	91	2	*	*	PUNCT
fbem-877	92	1	*	*	PUNCT
fbem-877	92	2	*	*	PUNCT
fbem-877	92	3	1	1	NUM
fbem-877	92	4	ibo	ibo	PROPN
fbem-877	92	5	0.034	0.034	NUM
fbem-877	92	6	*	*	PUNCT
fbem-877	93	1	*	*	PUNCT
fbem-877	94	1	*	*	PUNCT
fbem-877	94	2	0.009	0.009	NUM
fbem-877	94	3	0.001	0.001	NUM
fbem-877	94	4	0.011	0.011	NUM
fbem-877	94	5	0.001	0.001	NUM
fbem-877	94	6	0.015	0.015	NUM
fbem-877	94	7	0.041	0.041	NUM
fbem-877	94	8	*	*	PUNCT
fbem-877	95	1	*	*	PUNCT
fbem-877	96	1	*	*	PUNCT
fbem-877	97	1	0.033	0.033	NUM
fbem-877	97	2	*	*	PUNCT
fbem-877	98	1	*	*	PUNCT
fbem-877	98	2	*	*	PUNCT
fbem-877	98	3	1	1	NUM
fbem-877	98	4	note	note	NOUN
fbem-877	98	5	:	:	PUNCT
fbem-877	98	6	*	*	PUNCT
fbem-877	98	7	*	*	PUNCT
fbem-877	98	8	*	*	PUNCT
fbem-877	98	9	represents	represent	VERB
fbem-877	98	10	p	p	NOUN
fbem-877	98	11	<	<	NOUN
fbem-877	98	12	0.01	0.01	NUM
fbem-877	98	13	,	,	PUNCT
fbem-877	98	14	*	*	PUNCT
fbem-877	98	15	*	*	PUNCT
fbem-877	98	16	represents	represent	VERB
fbem-877	98	17	p	p	NOUN
fbem-877	98	18	<	<	X
fbem-877	98	19	0.05	0.05	NUM
fbem-877	98	20	,	,	PUNCT
fbem-877	98	21	*	*	PUNCT
fbem-877	98	22	represents	represent	VERB
fbem-877	98	23	p	p	NOUN
fbem-877	98	24	<	<	X
fbem-877	98	25	0.1	0.1	NUM
fbem-877	98	26	,	,	PUNCT
fbem-877	98	27	the	the	DET
fbem-877	98	28	same	same	ADJ
fbem-877	98	29	below	below	ADV
fbem-877	98	30	.	.	PUNCT
fbem-877	99	1	158	158	NUM
fbem-877	99	2	4.3	4.3	NUM
fbem-877	99	3	.	.	PUNCT
fbem-877	100	1	analysis	analysis	NOUN
fbem-877	100	2	of	of	ADP
fbem-877	100	3	regression	regression	NOUN
fbem-877	100	4	results	result	NOUN
fbem-877	100	5	in	in	ADP
fbem-877	100	6	the	the	DET
fbem-877	100	7	regression	regression	NOUN
fbem-877	100	8	results	result	NOUN
fbem-877	100	9	of	of	ADP
fbem-877	100	10	table	table	NOUN
fbem-877	100	11	4	4	NUM
fbem-877	100	12	,	,	PUNCT
fbem-877	100	13	the	the	DET
fbem-877	100	14	coefficient	coefficient	NOUN
fbem-877	100	15	of	of	ADP
fbem-877	100	16	ins	in	NOUN
fbem-877	100	17	in	in	ADP
fbem-877	100	18	model	model	NOUN
fbem-877	100	19	1	1	NUM
fbem-877	100	20	is	be	AUX
fbem-877	100	21	0.016	0.016	NUM
fbem-877	100	22	and	and	CCONJ
fbem-877	100	23	significant	significant	ADJ
fbem-877	100	24	at	at	ADP
fbem-877	100	25	1	1	NUM
fbem-877	100	26	%	%	NOUN
fbem-877	100	27	level	level	NOUN
fbem-877	100	28	,	,	PUNCT
fbem-877	100	29	indicating	indicate	VERB
fbem-877	100	30	that	that	SCONJ
fbem-877	100	31	the	the	DET
fbem-877	100	32	two	two	NUM
fbem-877	100	33	are	be	AUX
fbem-877	100	34	highly	highly	ADV
fbem-877	100	35	correlated	correlate	VERB
fbem-877	100	36	.	.	PUNCT
fbem-877	101	1	the	the	DET
fbem-877	101	2	shareholding	shareholding	NOUN
fbem-877	101	3	ratio	ratio	NOUN
fbem-877	101	4	of	of	ADP
fbem-877	101	5	institutional	institutional	ADJ
fbem-877	101	6	investors	investor	NOUN
fbem-877	101	7	is	be	AUX
fbem-877	101	8	highly	highly	ADV
fbem-877	101	9	positively	positively	ADV
fbem-877	101	10	correlated	correlate	VERB
fbem-877	101	11	with	with	ADP
fbem-877	101	12	corporate	corporate	ADJ
fbem-877	101	13	performance	performance	NOUN
fbem-877	101	14	in	in	ADP
fbem-877	101	15	significance	significance	NOUN
fbem-877	101	16	,	,	PUNCT
fbem-877	101	17	which	which	PRON
fbem-877	101	18	verifies	verifie	NOUN
fbem-877	101	19	hypothesis	hypothesis	VERB
fbem-877	101	20	1.model	1.model	NUM
fbem-877	101	21	2	2	NUM
fbem-877	101	22	ins1	ins1	NOUN
fbem-877	101	23	coefficient	coefficient	NOUN
fbem-877	101	24	of	of	ADP
fbem-877	101	25	0.03	0.03	NUM
fbem-877	101	26	and	and	CCONJ
fbem-877	101	27	a	a	DET
fbem-877	101	28	significant	significant	ADJ
fbem-877	101	29	at	at	ADP
fbem-877	101	30	1	1	NUM
fbem-877	101	31	%	%	NOUN
fbem-877	101	32	level	level	NOUN
fbem-877	101	33	,	,	PUNCT
fbem-877	101	34	explain	explain	VERB
fbem-877	101	35	independence	independence	NOUN
fbem-877	101	36	is	be	AUX
fbem-877	101	37	strong	strong	ADJ
fbem-877	101	38	institutional	institutional	ADJ
fbem-877	101	39	investors	investor	NOUN
fbem-877	101	40	on	on	ADP
fbem-877	101	41	the	the	DET
fbem-877	101	42	correlation	correlation	NOUN
fbem-877	101	43	is	be	AUX
fbem-877	101	44	highly	highly	ADV
fbem-877	101	45	positive	positive	ADJ
fbem-877	101	46	correlation	correlation	NOUN
fbem-877	101	47	with	with	ADP
fbem-877	101	48	the	the	DET
fbem-877	101	49	enterprise	enterprise	NOUN
fbem-877	101	50	performance	performance	NOUN
fbem-877	101	51	,	,	PUNCT
fbem-877	101	52	and	and	CCONJ
fbem-877	101	53	the	the	DET
fbem-877	101	54	t	t	NOUN
fbem-877	101	55	-	-	PUNCT
fbem-877	101	56	value	value	NOUN
fbem-877	101	57	is	be	AUX
fbem-877	101	58	more	more	ADV
fbem-877	101	59	significant	significant	ADJ
fbem-877	101	60	than	than	ADP
fbem-877	101	61	the	the	DET
fbem-877	101	62	t	t	NOUN
fbem-877	101	63	-	-	PUNCT
fbem-877	101	64	value	value	NOUN
fbem-877	101	65	of	of	ADP
fbem-877	101	66	model	model	NOUN
fbem-877	101	67	1	1	NUM
fbem-877	101	68	.	.	PUNCT
fbem-877	102	1	the	the	PRON
fbem-877	102	2	higher	high	ADJ
fbem-877	102	3	the	the	DET
fbem-877	102	4	shareholding	shareholding	NOUN
fbem-877	102	5	ratio	ratio	NOUN
fbem-877	102	6	of	of	ADP
fbem-877	102	7	institutional	institutional	ADJ
fbem-877	102	8	investors	investor	NOUN
fbem-877	102	9	with	with	ADP
fbem-877	102	10	strong	strong	ADJ
fbem-877	102	11	independence	independence	NOUN
fbem-877	102	12	,	,	PUNCT
fbem-877	102	13	the	the	PRON
fbem-877	102	14	stronger	strong	ADJ
fbem-877	102	15	the	the	DET
fbem-877	102	16	positive	positive	ADJ
fbem-877	102	17	significance	significance	NOUN
fbem-877	102	18	of	of	ADP
fbem-877	102	19	enterprise	enterprise	NOUN
fbem-877	102	20	performance	performance	NOUN
fbem-877	102	21	,	,	PUNCT
fbem-877	102	22	which	which	PRON
fbem-877	102	23	verifies	verify	VERB
fbem-877	102	24	the	the	DET
fbem-877	102	25	hypothesis	hypothesis	NOUN
fbem-877	102	26	2	2	NUM
fbem-877	102	27	.	.	PUNCT
fbem-877	103	1	the	the	DET
fbem-877	103	2	regression	regression	NOUN
fbem-877	103	3	coefficient	coefficient	NOUN
fbem-877	103	4	of	of	ADP
fbem-877	103	5	model	model	NOUN
fbem-877	103	6	3	3	NUM
fbem-877	103	7	ins2	ins2	PROPN
fbem-877	103	8	is	be	AUX
fbem-877	103	9	-0.06	-0.06	NUM
fbem-877	103	10	and	and	CCONJ
fbem-877	103	11	significant	significant	ADJ
fbem-877	103	12	at	at	ADP
fbem-877	103	13	1	1	NUM
fbem-877	103	14	%	%	NOUN
fbem-877	103	15	level	level	NOUN
fbem-877	103	16	,	,	PUNCT
fbem-877	103	17	indicating	indicate	VERB
fbem-877	103	18	that	that	SCONJ
fbem-877	103	19	the	the	DET
fbem-877	103	20	shareholding	shareholding	NOUN
fbem-877	103	21	ratio	ratio	NOUN
fbem-877	103	22	of	of	ADP
fbem-877	103	23	institutional	institutional	ADJ
fbem-877	103	24	investors	investor	NOUN
fbem-877	103	25	with	with	ADP
fbem-877	103	26	weak	weak	ADJ
fbem-877	103	27	independence	independence	NOUN
fbem-877	103	28	is	be	AUX
fbem-877	103	29	significantly	significantly	ADV
fbem-877	103	30	negatively	negatively	ADV
fbem-877	103	31	correlated	correlate	VERB
fbem-877	103	32	with	with	ADP
fbem-877	103	33	corporate	corporate	ADJ
fbem-877	103	34	performance	performance	NOUN
fbem-877	103	35	,	,	PUNCT
fbem-877	103	36	thus	thus	ADV
fbem-877	103	37	verifying	verify	VERB
fbem-877	103	38	hypothesis	hypothesis	NOUN
fbem-877	103	39	3	3	NUM
fbem-877	103	40	.	.	PUNCT
fbem-877	103	41	table	table	NOUN
fbem-877	103	42	4	4	NUM
fbem-877	103	43	.	.	PUNCT
fbem-877	103	44	multiple	multiple	ADJ
fbem-877	103	45	regression	regression	NOUN
fbem-877	103	46	results	result	VERB
fbem-877	103	47	1	1	NUM
fbem-877	103	48	variable	variable	ADJ
fbem-877	103	49	model	model	NOUN
fbem-877	103	50	1	1	NUM
fbem-877	103	51	roa	roa	NOUN
fbem-877	103	52	model	model	NOUN
fbem-877	103	53	2	2	NUM
fbem-877	103	54	roa	roa	NOUN
fbem-877	103	55	model	model	NOUN
fbem-877	103	56	3	3	NUM
fbem-877	103	57	roa	roa	PROPN
fbem-877	103	58	ins	ins	PROPN
fbem-877	103	59	0.016	0.016	NUM
fbem-877	103	60	*	*	PUNCT
fbem-877	104	1	*	*	PUNCT
fbem-877	104	2	*	*	PUNCT
fbem-877	104	3	(	(	PUNCT
fbem-877	104	4	12.24	12.24	NUM
fbem-877	104	5	)	)	PUNCT
fbem-877	104	6	ins1	ins1	NOUN
fbem-877	104	7	0.003	0.003	NUM
fbem-877	104	8	*	*	PUNCT
fbem-877	105	1	*	*	PUNCT
fbem-877	105	2	*	*	PUNCT
fbem-877	105	3	(	(	PUNCT
fbem-877	105	4	18.06	18.06	NUM
fbem-877	105	5	)	)	PUNCT
fbem-877	105	6	ins2	ins2	ADJ
fbem-877	105	7	0.006	0.006	NUM
fbem-877	105	8	*	*	PUNCT
fbem-877	106	1	*	*	PUNCT
fbem-877	106	2	*	*	PUNCT
fbem-877	106	3	(	(	PUNCT
fbem-877	106	4	3.05	3.05	NUM
fbem-877	106	5	)	)	PUNCT
fbem-877	106	6	size	size	NOUN
fbem-877	106	7	0.117	0.117	NUM
fbem-877	107	1	*	*	PUNCT
fbem-877	107	2	*	*	PUNCT
fbem-877	107	3	*	*	PUNCT
fbem-877	107	4	(	(	PUNCT
fbem-877	107	5	15.12	15.12	NUM
fbem-877	107	6	)	)	PUNCT
fbem-877	107	7	0.120	0.120	NUM
fbem-877	108	1	*	*	PUNCT
fbem-877	109	1	*	*	PUNCT
fbem-877	109	2	*	*	PUNCT
fbem-877	109	3	(	(	PUNCT
fbem-877	109	4	16.10	16.10	NUM
fbem-877	109	5	)	)	PUNCT
fbem-877	109	6	0.153	0.153	NUM
fbem-877	109	7	*	*	PUNCT
fbem-877	110	1	*	*	PUNCT
fbem-877	110	2	*	*	PUNCT
fbem-877	110	3	(	(	PUNCT
fbem-877	110	4	19.84	19.84	NUM
fbem-877	110	5	)	)	PUNCT
fbem-877	110	6	lev	lev	NOUN
fbem-877	110	7	0.169	0.169	NUM
fbem-877	110	8	*	*	PUNCT
fbem-877	111	1	*	*	PUNCT
fbem-877	111	2	*	*	PUNCT
fbem-877	111	3	(	(	PUNCT
fbem-877	111	4	35.96	35.96	NUM
fbem-877	111	5	)	)	PUNCT
fbem-877	111	6	0.166	0.166	NUM
fbem-877	111	7	*	*	PUNCT
fbem-877	112	1	*	*	PUNCT
fbem-877	112	2	*	*	PUNCT
fbem-877	112	3	(	(	PUNCT
fbem-877	112	4	35.60	35.60	NUM
fbem-877	112	5	)	)	PUNCT
fbem-877	112	6	0.174	0.174	NUM
fbem-877	113	1	*	*	PUNCT
fbem-877	114	1	*	*	PUNCT
fbem-877	114	2	*	*	PUNCT
fbem-877	114	3	(	(	PUNCT
fbem-877	114	4	37.04	37.04	NUM
fbem-877	114	5	)	)	PUNCT
fbem-877	114	6	grow	grow	VERB
fbem-877	114	7	0.002	0.002	NUM
fbem-877	114	8	*	*	PUNCT
fbem-877	115	1	*	*	PUNCT
fbem-877	115	2	*	*	PUNCT
fbem-877	115	3	(	(	PUNCT
fbem-877	115	4	5.85	5.85	NUM
fbem-877	115	5	)	)	PUNCT
fbem-877	115	6	0.001	0.001	NUM
fbem-877	115	7	*	*	PUNCT
fbem-877	116	1	*	*	PUNCT
fbem-877	116	2	*	*	PUNCT
fbem-877	116	3	(	(	PUNCT
fbem-877	116	4	5.84	5.84	NUM
fbem-877	116	5	)	)	PUNCT
fbem-877	116	6	0.002	0.002	NUM
fbem-877	117	1	*	*	PUNCT
fbem-877	118	1	*	*	PUNCT
fbem-877	118	2	*	*	PUNCT
fbem-877	118	3	(	(	PUNCT
fbem-877	118	4	5.91	5.91	NUM
fbem-877	118	5	)	)	PUNCT
fbem-877	118	6	lhr	lhr	NOUN
fbem-877	118	7	0.094	0.094	NUM
fbem-877	118	8	*	*	PUNCT
fbem-877	119	1	*	*	PUNCT
fbem-877	119	2	*	*	PUNCT
fbem-877	119	3	(	(	PUNCT
fbem-877	119	4	16.16	16.16	NUM
fbem-877	119	5	)	)	PUNCT
fbem-877	119	6	0.094	0.094	NUM
fbem-877	120	1	*	*	PUNCT
fbem-877	121	1	*	*	PUNCT
fbem-877	121	2	*	*	PUNCT
fbem-877	121	3	(	(	PUNCT
fbem-877	121	4	16.39	16.39	NUM
fbem-877	121	5	)	)	PUNCT
fbem-877	121	6	0.082	0.082	NUM
fbem-877	121	7	*	*	PUNCT
fbem-877	122	1	*	*	PUNCT
fbem-877	122	2	*	*	PUNCT
fbem-877	122	3	(	(	PUNCT
fbem-877	122	4	14.25	14.25	NUM
fbem-877	122	5	)	)	PUNCT
fbem-877	122	6	owner	owner	NOUN
fbem-877	122	7	0.027	0.027	NUM
fbem-877	122	8	*	*	PUNCT
fbem-877	123	1	*	*	PUNCT
fbem-877	123	2	(	(	PUNCT
fbem-877	123	3	2.18	2.18	NUM
fbem-877	123	4	)	)	PUNCT
fbem-877	123	5	0.028	0.028	NUM
fbem-877	123	6	*	*	PUNCT
fbem-877	124	1	*	*	PUNCT
fbem-877	124	2	(	(	PUNCT
fbem-877	124	3	2.23	2.23	NUM
fbem-877	124	4	)	)	PUNCT
fbem-877	124	5	0.04	0.04	NUM
fbem-877	125	1	*	*	PUNCT
fbem-877	126	1	*	*	PUNCT
fbem-877	126	2	*	*	PUNCT
fbem-877	126	3	(	(	PUNCT
fbem-877	126	4	3.15	3.15	NUM
fbem-877	126	5	)	)	PUNCT
fbem-877	126	6	ibo	ibo	PROPN
fbem-877	126	7	0.062	0.062	NUM
fbem-877	126	8	*	*	PUNCT
fbem-877	127	1	*	*	PUNCT
fbem-877	127	2	*	*	PUNCT
fbem-877	127	3	(	(	PUNCT
fbem-877	127	4	4.36	4.36	NUM
fbem-877	127	5	)	)	PUNCT
fbem-877	127	6	0.061	0.061	NUM
fbem-877	128	1	*	*	PUNCT
fbem-877	129	1	*	*	PUNCT
fbem-877	129	2	*	*	PUNCT
fbem-877	129	3	(	(	PUNCT
fbem-877	129	4	4.30	4.30	NUM
fbem-877	129	5	)	)	PUNCT
fbem-877	129	6	0.062	0.062	NUM
fbem-877	129	7	*	*	PUNCT
fbem-877	130	1	*	*	PUNCT
fbem-877	130	2	*	*	PUNCT
fbem-877	130	3	(	(	PUNCT
fbem-877	130	4	4.33	4.33	NUM
fbem-877	130	5	)	)	PUNCT
fbem-877	130	6	obs	ob	NOUN
fbem-877	130	7	11547	11547	NUM
fbem-877	130	8	11547	11547	NUM
fbem-877	130	9	11547	11547	NUM
fbem-877	130	10	r	r	X
fbem-877	130	11	-	-	PUNCT
fbem-877	130	12	s	s	NOUN
fbem-877	130	13	0.14	0.14	NUM
fbem-877	130	14	0.15	0.15	NUM
fbem-877	130	15	0.13	0.13	NUM
fbem-877	130	16	r2_a	r2_a	NOUN
fbem-877	130	17	0.141	0.141	NUM
fbem-877	130	18	0.154	0.154	NUM
fbem-877	130	19	0.130	0.130	NUM
fbem-877	130	20	f	f	PROPN
fbem-877	130	21	271.1	271.1	NUM
fbem-877	130	22	300.1	300.1	NUM
fbem-877	130	23	248.1	248.1	NUM
fbem-877	130	24	table	table	NOUN
fbem-877	130	25	5	5	NUM
fbem-877	130	26	in	in	ADP
fbem-877	130	27	order	order	NOUN
fbem-877	130	28	to	to	PART
fbem-877	130	29	reduce	reduce	VERB
fbem-877	130	30	the	the	DET
fbem-877	130	31	influence	influence	NOUN
fbem-877	130	32	of	of	ADP
fbem-877	130	33	heteroscedasticity	heteroscedasticity	NOUN
fbem-877	130	34	and	and	CCONJ
fbem-877	130	35	autocorrelation	autocorrelation	NOUN
fbem-877	130	36	regression	regression	NOUN
fbem-877	130	37	with	with	ADP
fbem-877	130	38	heteroscedasticity	heteroscedasticity	NOUN
fbem-877	130	39	robustness	robustness	NOUN
fbem-877	130	40	standard	standard	NOUN
fbem-877	130	41	error	error	NOUN
fbem-877	130	42	,	,	PUNCT
fbem-877	130	43	and	and	CCONJ
fbem-877	130	44	can	can	AUX
fbem-877	130	45	be	be	AUX
fbem-877	130	46	seen	see	VERB
fbem-877	130	47	from	from	ADP
fbem-877	130	48	the	the	DET
fbem-877	130	49	four	four	NUM
fbem-877	130	50	models	model	NOUN
fbem-877	130	51	,	,	PUNCT
fbem-877	130	52	the	the	DET
fbem-877	130	53	institutional	institutional	ADJ
fbem-877	130	54	investors	investor	NOUN
fbem-877	130	55	holding	hold	VERB
fbem-877	130	56	and	and	CCONJ
fbem-877	130	57	the	the	DET
fbem-877	130	58	quality	quality	NOUN
fbem-877	130	59	of	of	ADP
fbem-877	130	60	accounting	accounting	NOUN
fbem-877	130	61	information	information	NOUN
fbem-877	130	62	interaction	interaction	NOUN
fbem-877	130	63	coefficient	coefficient	NOUN
fbem-877	130	64	of	of	ADP
fbem-877	130	65	-0.511	-0.511	PROPN
fbem-877	130	66	and	and	CCONJ
fbem-877	130	67	a	a	DET
fbem-877	130	68	significant	significant	ADJ
fbem-877	130	69	at	at	ADP
fbem-877	130	70	1	1	NUM
fbem-877	130	71	%	%	NOUN
fbem-877	130	72	level	level	NOUN
fbem-877	130	73	,	,	PUNCT
fbem-877	130	74	the	the	DET
fbem-877	130	75	institutional	institutional	ADJ
fbem-877	130	76	investors	investor	NOUN
fbem-877	130	77	group	group	NOUN
fbem-877	130	78	on	on	ADP
fbem-877	130	79	accounting	account	VERB
fbem-877	130	80	information	information	NOUN
fbem-877	130	81	quality	quality	NOUN
fbem-877	130	82	and	and	CCONJ
fbem-877	130	83	positive	positive	ADJ
fbem-877	130	84	correlation	correlation	NOUN
fbem-877	130	85	with	with	ADP
fbem-877	130	86	inhibition	inhibition	NOUN
fbem-877	130	87	of	of	ADP
fbem-877	130	88	the	the	DET
fbem-877	130	89	use	use	NOUN
fbem-877	130	90	of	of	ADP
fbem-877	130	91	enterprise	enterprise	NOUN
fbem-877	130	92	performance	performance	NOUN
fbem-877	130	93	,	,	PUNCT
fbem-877	130	94	and	and	CCONJ
fbem-877	130	95	strong	strong	ADJ
fbem-877	130	96	inhibition	inhibition	NOUN
fbem-877	131	1	,	,	PUNCT
fbem-877	131	2	the	the	DET
fbem-877	131	3	interaction	interaction	NOUN
fbem-877	131	4	coefficient	coefficient	NOUN
fbem-877	131	5	is	be	AUX
fbem-877	131	6	negative	negative	ADJ
fbem-877	131	7	,	,	PUNCT
fbem-877	131	8	which	which	PRON
fbem-877	131	9	verifies	verifie	NOUN
fbem-877	131	10	hypothesis	hypothesis	VERB
fbem-877	131	11	4.model	4.model	NUM
fbem-877	131	12	5	5	NUM
fbem-877	131	13	,	,	PUNCT
fbem-877	131	14	institutional	institutional	ADJ
fbem-877	131	15	investors	investor	NOUN
fbem-877	131	16	holding	hold	VERB
fbem-877	131	17	and	and	CCONJ
fbem-877	131	18	the	the	DET
fbem-877	131	19	quality	quality	NOUN
fbem-877	131	20	of	of	ADP
fbem-877	131	21	accounting	accounting	NOUN
fbem-877	131	22	information	information	NOUN
fbem-877	131	23	interaction	interaction	NOUN
fbem-877	131	24	coefficient	coefficient	NOUN
fbem-877	131	25	of	of	ADP
fbem-877	131	26	-0.814	-0.814	PUNCT
fbem-877	131	27	and	and	CCONJ
fbem-877	131	28	a	a	DET
fbem-877	131	29	significant	significant	ADJ
fbem-877	131	30	at	at	ADP
fbem-877	131	31	5	5	NUM
fbem-877	131	32	%	%	NOUN
fbem-877	131	33	level	level	NOUN
fbem-877	131	34	,	,	PUNCT
fbem-877	131	35	compared	compare	VERB
fbem-877	131	36	with	with	ADP
fbem-877	131	37	six	six	NUM
fbem-877	131	38	interaction	interaction	NOUN
fbem-877	131	39	model	model	NOUN
fbem-877	131	40	of	of	ADP
fbem-877	131	41	significance	significance	NOUN
fbem-877	131	42	,	,	PUNCT
fbem-877	131	43	it	it	PRON
fbem-877	131	44	can	can	AUX
fbem-877	131	45	be	be	AUX
fbem-877	131	46	seen	see	VERB
fbem-877	131	47	that	that	SCONJ
fbem-877	131	48	independence	independence	NOUN
fbem-877	131	49	is	be	AUX
fbem-877	131	50	strong	strong	ADJ
fbem-877	131	51	institutional	institutional	ADJ
fbem-877	131	52	investors	investor	NOUN
fbem-877	131	53	on	on	ADP
fbem-877	131	54	accounting	account	VERB
fbem-877	131	55	information	information	NOUN
fbem-877	131	56	quality	quality	NOUN
fbem-877	131	57	and	and	CCONJ
fbem-877	131	58	the	the	PRON
fbem-877	131	59	stronger	strong	ADJ
fbem-877	131	60	the	the	DET
fbem-877	131	61	positive	positive	ADJ
fbem-877	131	62	relationship	relationship	NOUN
fbem-877	131	63	between	between	ADP
fbem-877	131	64	enterprise	enterprise	NOUN
fbem-877	131	65	performance	performance	NOUN
fbem-877	131	66	inhibitory	inhibitory	ADJ
fbem-877	131	67	,	,	PUNCT
fbem-877	131	68	independence	independence	NOUN
fbem-877	131	69	,	,	PUNCT
fbem-877	131	70	there	there	PRON
fbem-877	131	71	is	be	VERB
fbem-877	131	72	no	no	DET
fbem-877	131	73	significant	significant	ADJ
fbem-877	131	74	difference	difference	NOUN
fbem-877	131	75	among	among	ADP
fbem-877	131	76	the	the	DET
fbem-877	131	77	weaker	weak	ADJ
fbem-877	131	78	institutional	institutional	ADJ
fbem-877	131	79	investors	investor	NOUN
fbem-877	131	80	,	,	PUNCT
fbem-877	131	81	hypothesis	hypothesis	NOUN
fbem-877	131	82	5	5	NUM
fbem-877	131	83	and	and	CCONJ
fbem-877	131	84	hypothesis	hypothesis	NOUN
fbem-877	131	85	6	6	NUM
fbem-877	131	86	are	be	AUX
fbem-877	131	87	tested.further	tested.further	NUM
fbem-877	131	88	to	to	PART
fbem-877	131	89	study	study	VERB
fbem-877	131	90	the	the	DET
fbem-877	131	91	nature	nature	NOUN
fbem-877	131	92	of	of	ADP
fbem-877	131	93	the	the	DET
fbem-877	131	94	enterprise	enterprise	NOUN
fbem-877	131	95	,	,	PUNCT
fbem-877	131	96	the	the	DET
fbem-877	131	97	corporate	corporate	ADJ
fbem-877	131	98	performance	performance	NOUN
fbem-877	131	99	of	of	ADP
fbem-877	131	100	stateowned	stateowne	VERB
fbem-877	131	101	enterprises	enterprise	NOUN
fbem-877	131	102	under	under	ADP
fbem-877	131	103	the	the	DET
fbem-877	131	104	influence	influence	NOUN
fbem-877	131	105	of	of	ADP
fbem-877	131	106	accounting	accounting	NOUN
fbem-877	131	107	information	information	NOUN
fbem-877	131	108	quality	quality	NOUN
fbem-877	131	109	is	be	AUX
fbem-877	131	110	not	not	PART
fbem-877	131	111	significant	significant	ADJ
fbem-877	131	112	,	,	PUNCT
fbem-877	131	113	the	the	DET
fbem-877	131	114	interaction	interaction	NOUN
fbem-877	131	115	item	item	NOUN
fbem-877	131	116	of	of	ADP
fbem-877	131	117	institutional	institutional	ADJ
fbem-877	131	118	investors	investor	NOUN
fbem-877	131	119	in	in	ADP
fbem-877	131	120	the	the	DET
fbem-877	131	121	impact	impact	NOUN
fbem-877	131	122	on	on	ADP
fbem-877	131	123	the	the	DET
fbem-877	131	124	quality	quality	NOUN
fbem-877	131	125	of	of	ADP
fbem-877	131	126	accounting	accounting	NOUN
fbem-877	131	127	information	information	NOUN
fbem-877	131	128	will	will	AUX
fbem-877	131	129	not	not	PART
fbem-877	131	130	affect	affect	VERB
fbem-877	131	131	the	the	DET
fbem-877	131	132	corporate	corporate	ADJ
fbem-877	131	133	performance	performance	NOUN
fbem-877	131	134	,	,	PUNCT
fbem-877	131	135	and	and	CCONJ
fbem-877	131	136	in	in	ADP
fbem-877	131	137	private	private	ADJ
fbem-877	131	138	enterprises	enterprise	NOUN
fbem-877	131	139	,	,	PUNCT
fbem-877	131	140	the	the	DET
fbem-877	131	141	accounting	accounting	NOUN
fbem-877	131	142	information	information	NOUN
fbem-877	131	143	quality	quality	NOUN
fbem-877	131	144	and	and	CCONJ
fbem-877	131	145	business	business	NOUN
fbem-877	131	146	performance	performance	NOUN
fbem-877	131	147	more	more	ADV
fbem-877	131	148	significant	significant	ADJ
fbem-877	131	149	positive	positive	ADJ
fbem-877	131	150	correlation	correlation	NOUN
fbem-877	131	151	,	,	PUNCT
fbem-877	131	152	and	and	CCONJ
fbem-877	131	153	institutional	institutional	ADJ
fbem-877	131	154	investors	investor	NOUN
fbem-877	131	155	can	can	AUX
fbem-877	131	156	significantly	significantly	ADV
fbem-877	131	157	inhibit	inhibit	VERB
fbem-877	131	158	the	the	DET
fbem-877	131	159	positive	positive	ADJ
fbem-877	131	160	correlation	correlation	NOUN
fbem-877	131	161	,	,	PUNCT
fbem-877	131	162	it	it	PRON
fbem-877	131	163	can	can	AUX
fbem-877	131	164	be	be	AUX
fbem-877	131	165	seen	see	VERB
fbem-877	131	166	that	that	SCONJ
fbem-877	131	167	the	the	DET
fbem-877	131	168	existence	existence	NOUN
fbem-877	131	169	of	of	ADP
fbem-877	131	170	institutional	institutional	ADJ
fbem-877	131	171	investors	investor	NOUN
fbem-877	131	172	plays	play	VERB
fbem-877	131	173	a	a	DET
fbem-877	131	174	supervisory	supervisory	ADJ
fbem-877	131	175	role	role	NOUN
fbem-877	131	176	in	in	ADP
fbem-877	131	177	both	both	DET
fbem-877	131	178	state	state	NOUN
fbem-877	131	179	-	-	PUNCT
fbem-877	131	180	owned	own	VERB
fbem-877	131	181	and	and	CCONJ
fbem-877	131	182	private	private	ADJ
fbem-877	131	183	enterprises	enterprise	NOUN
fbem-877	131	184	.	.	PUNCT
fbem-877	132	1	however	however	ADV
fbem-877	132	2	,	,	PUNCT
fbem-877	132	3	in	in	ADP
fbem-877	132	4	private	private	ADJ
fbem-877	132	5	enterprises	enterprise	NOUN
fbem-877	132	6	,	,	PUNCT
fbem-877	132	7	enterprises	enterprise	NOUN
fbem-877	132	8	can	can	AUX
fbem-877	132	9	control	control	VERB
fbem-877	132	10	the	the	DET
fbem-877	132	11	quality	quality	NOUN
fbem-877	132	12	of	of	ADP
fbem-877	132	13	accounting	accounting	NOUN
fbem-877	132	14	information	information	NOUN
fbem-877	132	15	through	through	ADP
fbem-877	132	16	earnings	earning	NOUN
fbem-877	132	17	management	management	NOUN
fbem-877	132	18	to	to	PART
fbem-877	132	19	control	control	VERB
fbem-877	132	20	enterprise	enterprise	NOUN
fbem-877	132	21	performance	performance	NOUN
fbem-877	132	22	,	,	PUNCT
fbem-877	132	23	which	which	PRON
fbem-877	132	24	does	do	AUX
fbem-877	132	25	not	not	PART
fbem-877	132	26	happen	happen	VERB
fbem-877	132	27	in	in	ADP
fbem-877	132	28	state	state	NOUN
fbem-877	132	29	-	-	PUNCT
fbem-877	132	30	owned	own	VERB
fbem-877	132	31	enterprises.from	enterprises.from	ADP
fbem-877	132	32	the	the	DET
fbem-877	132	33	nature	nature	NOUN
fbem-877	132	34	of	of	ADP
fbem-877	132	35	state	state	NOUN
fbem-877	132	36	-	-	PUNCT
fbem-877	132	37	owned	own	VERB
fbem-877	132	38	enterprises	enterprise	NOUN
fbem-877	132	39	and	and	CCONJ
fbem-877	132	40	private	private	ADJ
fbem-877	132	41	enterprises	enterprise	NOUN
fbem-877	132	42	,	,	PUNCT
fbem-877	132	43	the	the	DET
fbem-877	132	44	promotion	promotion	NOUN
fbem-877	132	45	and	and	CCONJ
fbem-877	132	46	evaluation	evaluation	NOUN
fbem-877	132	47	of	of	ADP
fbem-877	132	48	state	state	NOUN
fbem-877	132	49	-	-	PUNCT
fbem-877	132	50	owned	own	VERB
fbem-877	132	51	enterprises	enterprise	NOUN
fbem-877	132	52	are	be	AUX
fbem-877	132	53	different	different	ADJ
fbem-877	132	54	from	from	ADP
fbem-877	132	55	private	private	ADJ
fbem-877	132	56	enterprises.in	enterprises.in	PROPN
fbem-877	132	57	the	the	DET
fbem-877	132	58	governance	governance	NOUN
fbem-877	132	59	of	of	ADP
fbem-877	132	60	state	state	NOUN
fbem-877	132	61	-	-	PUNCT
fbem-877	132	62	owned	own	VERB
fbem-877	132	63	enterprises	enterprise	NOUN
fbem-877	132	64	and	and	CCONJ
fbem-877	132	65	the	the	DET
fbem-877	132	66	market	market	NOUN
fbem-877	132	67	economy	economy	NOUN
fbem-877	132	68	with	with	ADP
fbem-877	132	69	government	government	NOUN
fbem-877	132	70	regulation	regulation	NOUN
fbem-877	132	71	,	,	PUNCT
fbem-877	132	72	institutional	institutional	ADJ
fbem-877	132	73	investors	investor	NOUN
fbem-877	132	74	for	for	ADP
fbem-877	132	75	its	its	PRON
fbem-877	132	76	intervention	intervention	NOUN
fbem-877	132	77	is	be	AUX
fbem-877	132	78	limited	limit	VERB
fbem-877	132	79	,	,	PUNCT
fbem-877	132	80	and	and	CCONJ
fbem-877	132	81	the	the	DET
fbem-877	132	82	management	management	NOUN
fbem-877	132	83	of	of	ADP
fbem-877	132	84	state	state	NOUN
fbem-877	132	85	-	-	PUNCT
fbem-877	132	86	owned	own	VERB
fbem-877	132	87	enterprises	enterprise	NOUN
fbem-877	132	88	and	and	CCONJ
fbem-877	132	89	the	the	DET
fbem-877	132	90	appointment	appointment	NOUN
fbem-877	132	91	of	of	ADP
fbem-877	132	92	the	the	DET
fbem-877	132	93	board	board	NOUN
fbem-877	132	94	of	of	ADP
fbem-877	132	95	directors	director	NOUN
fbem-877	132	96	and	and	CCONJ
fbem-877	132	97	corporate	corporate	ADJ
fbem-877	132	98	performance	performance	NOUN
fbem-877	132	99	of	of	ADP
fbem-877	132	100	accounting	accounting	NOUN
fbem-877	132	101	information	information	NOUN
fbem-877	132	102	quality	quality	NOUN
fbem-877	132	103	is	be	AUX
fbem-877	132	104	only	only	ADV
fbem-877	132	105	part	part	NOUN
fbem-877	132	106	of	of	ADP
fbem-877	132	107	the	the	DET
fbem-877	132	108	reference	reference	NOUN
fbem-877	132	109	,	,	PUNCT
fbem-877	132	110	is	be	AUX
fbem-877	132	111	more	more	ADJ
fbem-877	132	112	of	of	ADP
fbem-877	132	113	a	a	DET
fbem-877	132	114	political	political	ADJ
fbem-877	132	115	process	process	NOUN
fbem-877	132	116	,	,	PUNCT
fbem-877	132	117	so	so	CCONJ
fbem-877	132	118	in	in	ADP
fbem-877	132	119	the	the	DET
fbem-877	132	120	face	face	NOUN
fbem-877	132	121	of	of	ADP
fbem-877	132	122	the	the	DET
fbem-877	132	123	present	present	ADJ
fbem-877	132	124	situation	situation	NOUN
fbem-877	132	125	of	of	ADP
fbem-877	132	126	state	state	NOUN
fbem-877	132	127	-	-	PUNCT
fbem-877	132	128	owned	own	VERB
fbem-877	132	129	enterprises	enterprise	NOUN
fbem-877	132	130	,	,	PUNCT
fbem-877	132	131	institutional	institutional	ADJ
fbem-877	132	132	investors	investor	NOUN
fbem-877	132	133	are	be	AUX
fbem-877	132	134	more	more	ADV
fbem-877	132	135	willing	willing	ADJ
fbem-877	132	136	to	to	PART
fbem-877	132	137	invest	invest	VERB
fbem-877	132	138	in	in	ADP
fbem-877	132	139	private	private	ADJ
fbem-877	132	140	enterprises	enterprise	NOUN
fbem-877	132	141	,	,	PUNCT
fbem-877	132	142	it	it	PRON
fbem-877	132	143	can	can	AUX
fbem-877	132	144	also	also	ADV
fbem-877	132	145	be	be	AUX
fbem-877	132	146	seen	see	VERB
fbem-877	132	147	from	from	ADP
fbem-877	132	148	regression	regression	NOUN
fbem-877	132	149	data	datum	NOUN
fbem-877	132	150	that	that	SCONJ
fbem-877	132	151	the	the	DET
fbem-877	132	152	number	number	NOUN
fbem-877	132	153	of	of	ADP
fbem-877	132	154	regression	regression	NOUN
fbem-877	132	155	data	datum	NOUN
fbem-877	132	156	of	of	ADP
fbem-877	132	157	state	state	NOUN
fbem-877	132	158	-	-	PUNCT
fbem-877	132	159	owned	own	VERB
fbem-877	132	160	enterprises	enterprise	NOUN
fbem-877	132	161	is	be	AUX
fbem-877	132	162	much	much	ADV
fbem-877	132	163	lower	low	ADJ
fbem-877	132	164	than	than	ADP
fbem-877	132	165	that	that	PRON
fbem-877	132	166	of	of	ADP
fbem-877	132	167	private	private	ADJ
fbem-877	132	168	enterprises	enterprise	NOUN
fbem-877	132	169	.	.	PUNCT
fbem-877	133	1	159	159	NUM
fbem-877	133	2	table	table	NOUN
fbem-877	133	3	5	5	NUM
fbem-877	133	4	.	.	PUNCT
fbem-877	133	5	multiple	multiple	ADJ
fbem-877	133	6	regression	regression	NOUN
fbem-877	133	7	results	result	VERB
fbem-877	133	8	2	2	NUM
fbem-877	133	9	variable	variable	ADJ
fbem-877	133	10	model	model	NOUN
fbem-877	133	11	4	4	NUM
fbem-877	133	12	roa	roa	NOUN
fbem-877	133	13	model	model	NOUN
fbem-877	133	14	5	5	NUM
fbem-877	133	15	roa	roa	NOUN
fbem-877	133	16	model	model	NOUN
fbem-877	133	17	6	6	NUM
fbem-877	133	18	roa	roa	NOUN
fbem-877	133	19	model	model	NOUN
fbem-877	133	20	4	4	NUM
fbem-877	133	21	state	state	NOUN
fbem-877	133	22	-	-	PUNCT
fbem-877	133	23	owned	own	VERB
fbem-877	133	24	enterprises	enterprise	NOUN
fbem-877	133	25	model	model	VERB
fbem-877	133	26	4	4	NUM
fbem-877	133	27	the	the	DET
fbem-877	133	28	private	private	ADJ
fbem-877	133	29	enterprise	enterprise	NOUN
fbem-877	133	30	ins	in	VERB
fbem-877	133	31	0.017	0.017	NUM
fbem-877	133	32	*	*	PUNCT
fbem-877	134	1	*	*	PUNCT
fbem-877	134	2	*	*	PUNCT
fbem-877	134	3	(	(	PUNCT
fbem-877	134	4	13.56	13.56	NUM
fbem-877	134	5	)	)	PUNCT
fbem-877	134	6	0.001	0.001	NUM
fbem-877	135	1	*	*	PUNCT
fbem-877	136	1	*	*	PUNCT
fbem-877	136	2	*	*	PUNCT
fbem-877	136	3	(	(	PUNCT
fbem-877	136	4	6.96	6.96	NUM
fbem-877	136	5	)	)	PUNCT
fbem-877	136	6	0.002	0.002	NUM
fbem-877	137	1	*	*	PUNCT
fbem-877	138	1	*	*	PUNCT
fbem-877	138	2	*	*	PUNCT
fbem-877	138	3	(	(	PUNCT
fbem-877	138	4	12.52	12.52	NUM
fbem-877	138	5	)	)	PUNCT
fbem-877	138	6	ins1	ins1	NOUN
fbem-877	138	7	0.003	0.003	NUM
fbem-877	138	8	*	*	PUNCT
fbem-877	139	1	*	*	PUNCT
fbem-877	139	2	*	*	PUNCT
fbem-877	139	3	(	(	PUNCT
fbem-877	139	4	19.05	19.05	NUM
fbem-877	139	5	)	)	PUNCT
fbem-877	139	6	ins2	ins2	PROPN
fbem-877	139	7	0.007	0.007	NUM
fbem-877	139	8	*	*	PUNCT
fbem-877	140	1	*	*	PUNCT
fbem-877	140	2	*	*	PUNCT
fbem-877	140	3	(	(	PUNCT
fbem-877	140	4	2.96	2.96	NUM
fbem-877	140	5	)	)	PUNCT
fbem-877	140	6	da	da	NOUN
fbem-877	140	7	0.087	0.087	NUM
fbem-877	140	8	*	*	PUNCT
fbem-877	141	1	*	*	PUNCT
fbem-877	141	2	*	*	PUNCT
fbem-877	141	3	(	(	PUNCT
fbem-877	141	4	5.62	5.62	NUM
fbem-877	141	5	)	)	PUNCT
fbem-877	142	1	0.078	0.078	NUM
fbem-877	142	2	*	*	PUNCT
fbem-877	143	1	*	*	PUNCT
fbem-877	143	2	*	*	PUNCT
fbem-877	143	3	(	(	PUNCT
fbem-877	143	4	6.30	6.30	NUM
fbem-877	143	5	)	)	PUNCT
fbem-877	144	1	0.064	0.064	NUM
fbem-877	144	2	*	*	PUNCT
fbem-877	145	1	*	*	PUNCT
fbem-877	145	2	*	*	PUNCT
fbem-877	145	3	(	(	PUNCT
fbem-877	145	4	2.58	2.58	NUM
fbem-877	145	5	)	)	PUNCT
fbem-877	145	6	0.019	0.019	NUM
fbem-877	145	7	(	(	PUNCT
fbem-877	145	8	1.32	1.32	NUM
fbem-877	145	9	)	)	PUNCT
fbem-877	145	10	0.011	0.011	NUM
fbem-877	145	11	*	*	PUNCT
fbem-877	146	1	*	*	PUNCT
fbem-877	146	2	*	*	PUNCT
fbem-877	146	3	(	(	PUNCT
fbem-877	146	4	4.58	4.58	NUM
fbem-877	146	5	)	)	PUNCT
fbem-877	146	6	da	da	NOUN
fbem-877	146	7	x	x	PUNCT
fbem-877	146	8	ins	in	VERB
fbem-877	146	9	0.511	0.511	NUM
fbem-877	146	10	*	*	PUNCT
fbem-877	147	1	*	*	PUNCT
fbem-877	147	2	*	*	PUNCT
fbem-877	147	3	(	(	PUNCT
fbem-877	147	4	3.49	3.49	NUM
fbem-877	147	5	)	)	PUNCT
fbem-877	147	6	0.814	0.814	NUM
fbem-877	148	1	*	*	PUNCT
fbem-877	148	2	*	*	PUNCT
fbem-877	148	3	(	(	PUNCT
fbem-877	148	4	2.55	2.55	NUM
fbem-877	148	5	)	)	PUNCT
fbem-877	148	6	0.250	0.250	NUM
fbem-877	148	7	(	(	PUNCT
fbem-877	148	8	0.66	0.66	NUM
fbem-877	148	9	)	)	PUNCT
fbem-877	148	10	0.170	0.170	NUM
fbem-877	148	11	(	(	PUNCT
fbem-877	148	12	1.36	1.36	NUM
fbem-877	148	13	)	)	PUNCT
fbem-877	148	14	0.626	0.626	NUM
fbem-877	149	1	*	*	PUNCT
fbem-877	150	1	*	*	PUNCT
fbem-877	150	2	*	*	PUNCT
fbem-877	150	3	(	(	PUNCT
fbem-877	150	4	2.66	2.66	NUM
fbem-877	150	5	)	)	PUNCT
fbem-877	150	6	size	size	NOUN
fbem-877	150	7	0.117	0.117	NUM
fbem-877	151	1	*	*	PUNCT
fbem-877	152	1	*	*	PUNCT
fbem-877	152	2	*	*	PUNCT
fbem-877	152	3	(	(	PUNCT
fbem-877	152	4	11.17	11.17	NUM
fbem-877	152	5	)	)	PUNCT
fbem-877	152	6	0.120	0.120	NUM
fbem-877	152	7	*	*	PUNCT
fbem-877	153	1	*	*	PUNCT
fbem-877	153	2	*	*	PUNCT
fbem-877	153	3	(	(	PUNCT
fbem-877	153	4	11.68	11.68	NUM
fbem-877	153	5	)	)	PUNCT
fbem-877	153	6	0.152	0.152	NUM
fbem-877	154	1	*	*	PUNCT
fbem-877	155	1	*	*	PUNCT
fbem-877	155	2	*	*	PUNCT
fbem-877	155	3	(	(	PUNCT
fbem-877	155	4	19.78	19.78	NUM
fbem-877	155	5	)	)	PUNCT
fbem-877	155	6	0.071	0.071	NUM
fbem-877	156	1	*	*	PUNCT
fbem-877	157	1	*	*	PUNCT
fbem-877	157	2	*	*	PUNCT
fbem-877	157	3	(	(	PUNCT
fbem-877	157	4	9.15	9.15	NUM
fbem-877	157	5	)	)	PUNCT
fbem-877	157	6	0.162	0.162	NUM
fbem-877	158	1	*	*	PUNCT
fbem-877	159	1	*	*	PUNCT
fbem-877	159	2	*	*	PUNCT
fbem-877	159	3	(	(	PUNCT
fbem-877	159	4	8.40	8.40	NUM
fbem-877	159	5	)	)	PUNCT
fbem-877	159	6	lev	lev	NOUN
fbem-877	159	7	0.169	0.169	NUM
fbem-877	159	8	*	*	PUNCT
fbem-877	160	1	*	*	PUNCT
fbem-877	160	2	*	*	PUNCT
fbem-877	160	3	(	(	PUNCT
fbem-877	160	4	21.12	21.12	NUM
fbem-877	160	5	)	)	PUNCT
fbem-877	160	6	0.166	0.166	NUM
fbem-877	160	7	*	*	PUNCT
fbem-877	161	1	*	*	PUNCT
fbem-877	161	2	*	*	PUNCT
fbem-877	161	3	(	(	PUNCT
fbem-877	161	4	20.90	20.90	NUM
fbem-877	161	5	)	)	PUNCT
fbem-877	162	1	0.175	0.175	NUM
fbem-877	163	1	*	*	PUNCT
fbem-877	164	1	*	*	PUNCT
fbem-877	164	2	*	*	PUNCT
fbem-877	164	3	(	(	PUNCT
fbem-877	164	4	37.03	37.03	NUM
fbem-877	164	5	)	)	PUNCT
fbem-877	164	6	0.120	0.120	NUM
fbem-877	165	1	*	*	PUNCT
fbem-877	165	2	*	*	PUNCT
fbem-877	165	3	*	*	PUNCT
fbem-877	165	4	(	(	PUNCT
fbem-877	165	5	18.97	18.97	NUM
fbem-877	165	6	)	)	PUNCT
fbem-877	165	7	0.203	0.203	NUM
fbem-877	165	8	*	*	PUNCT
fbem-877	166	1	*	*	PUNCT
fbem-877	166	2	*	*	PUNCT
fbem-877	166	3	(	(	PUNCT
fbem-877	166	4	15.49	15.49	NUM
fbem-877	166	5	)	)	PUNCT
fbem-877	166	6	grow	grow	VERB
fbem-877	166	7	0.002	0.002	NUM
fbem-877	166	8	*	*	PUNCT
fbem-877	167	1	*	*	PUNCT
fbem-877	167	2	*	*	PUNCT
fbem-877	167	3	(	(	PUNCT
fbem-877	167	4	5.25	5.25	NUM
fbem-877	167	5	)	)	PUNCT
fbem-877	167	6	0.002	0.002	NUM
fbem-877	168	1	*	*	PUNCT
fbem-877	169	1	*	*	PUNCT
fbem-877	169	2	*	*	PUNCT
fbem-877	169	3	(	(	PUNCT
fbem-877	169	4	5.26	5.26	NUM
fbem-877	169	5	)	)	PUNCT
fbem-877	169	6	0.002	0.002	NUM
fbem-877	170	1	*	*	PUNCT
fbem-877	171	1	*	*	PUNCT
fbem-877	171	2	*	*	PUNCT
fbem-877	171	3	(	(	PUNCT
fbem-877	171	4	5.94	5.94	NUM
fbem-877	171	5	)	)	PUNCT
fbem-877	171	6	0.001	0.001	NUM
fbem-877	172	1	*	*	PUNCT
fbem-877	173	1	*	*	PUNCT
fbem-877	173	2	*	*	PUNCT
fbem-877	173	3	(	(	PUNCT
fbem-877	173	4	2.64	2.64	NUM
fbem-877	173	5	)	)	PUNCT
fbem-877	173	6	0.003	0.003	NUM
fbem-877	173	7	*	*	PUNCT
fbem-877	174	1	*	*	PUNCT
fbem-877	174	2	*	*	PUNCT
fbem-877	174	3	(	(	PUNCT
fbem-877	174	4	3.92	3.92	NUM
fbem-877	174	5	)	)	PUNCT
fbem-877	174	6	lhr	lhr	NOUN
fbem-877	174	7	0.093	0.093	NUM
fbem-877	174	8	*	*	PUNCT
fbem-877	175	1	*	*	PUNCT
fbem-877	175	2	*	*	PUNCT
fbem-877	175	3	(	(	PUNCT
fbem-877	175	4	16.02	16.02	NUM
fbem-877	175	5	)	)	PUNCT
fbem-877	175	6	0.094	0.094	NUM
fbem-877	175	7	*	*	PUNCT
fbem-877	176	1	*	*	PUNCT
fbem-877	176	2	*	*	PUNCT
fbem-877	176	3	(	(	PUNCT
fbem-877	176	4	16.35	16.35	NUM
fbem-877	176	5	)	)	PUNCT
fbem-877	176	6	0.082	0.082	NUM
fbem-877	176	7	*	*	PUNCT
fbem-877	177	1	*	*	PUNCT
fbem-877	177	2	*	*	PUNCT
fbem-877	177	3	(	(	PUNCT
fbem-877	177	4	14.26	14.26	NUM
fbem-877	177	5	)	)	PUNCT
fbem-877	177	6	0.004	0.004	NUM
fbem-877	178	1	*	*	PUNCT
fbem-877	179	1	*	*	PUNCT
fbem-877	179	2	*	*	PUNCT
fbem-877	179	3	(	(	PUNCT
fbem-877	179	4	7.34	7.34	NUM
fbem-877	179	5	)	)	PUNCT
fbem-877	179	6	0.014	0.014	NUM
fbem-877	179	7	*	*	PUNCT
fbem-877	180	1	*	*	PUNCT
fbem-877	180	2	*	*	PUNCT
fbem-877	180	3	(	(	PUNCT
fbem-877	180	4	14.46	14.46	NUM
fbem-877	180	5	)	)	PUNCT
fbem-877	180	6	owner	owner	NOUN
fbem-877	180	7	0.028	0.028	NUM
fbem-877	181	1	*	*	PUNCT
fbem-877	181	2	*	*	PUNCT
fbem-877	181	3	(	(	PUNCT
fbem-877	181	4	2.77	2.77	NUM
fbem-877	181	5	)	)	PUNCT
fbem-877	181	6	0.029	0.029	NUM
fbem-877	182	1	*	*	PUNCT
fbem-877	182	2	*	*	PUNCT
fbem-877	182	3	(	(	PUNCT
fbem-877	182	4	2.87	2.87	NUM
fbem-877	182	5	)	)	PUNCT
fbem-877	182	6	0.04	0.04	NUM
fbem-877	183	1	*	*	PUNCT
fbem-877	184	1	*	*	PUNCT
fbem-877	184	2	*	*	PUNCT
fbem-877	184	3	(	(	PUNCT
fbem-877	184	4	3.19	3.19	NUM
fbem-877	184	5	)	)	PUNCT
fbem-877	184	6	ibo	ibo	NOUN
fbem-877	184	7	0.063	0.063	NUM
fbem-877	184	8	*	*	PUNCT
fbem-877	185	1	*	*	PUNCT
fbem-877	185	2	*	*	PUNCT
fbem-877	185	3	(	(	PUNCT
fbem-877	185	4	4.10	4.10	NUM
fbem-877	185	5	)	)	PUNCT
fbem-877	185	6	0.061	0.061	NUM
fbem-877	186	1	*	*	PUNCT
fbem-877	187	1	*	*	PUNCT
fbem-877	187	2	*	*	PUNCT
fbem-877	187	3	(	(	PUNCT
fbem-877	187	4	4.05	4.05	NUM
fbem-877	187	5	)	)	PUNCT
fbem-877	187	6	0.063	0.063	NUM
fbem-877	187	7	*	*	PUNCT
fbem-877	188	1	*	*	PUNCT
fbem-877	188	2	*	*	PUNCT
fbem-877	188	3	(	(	PUNCT
fbem-877	188	4	4.35	4.35	NUM
fbem-877	188	5	)	)	PUNCT
fbem-877	188	6	0.047	0.047	NUM
fbem-877	188	7	*	*	PUNCT
fbem-877	189	1	*	*	PUNCT
fbem-877	189	2	*	*	PUNCT
fbem-877	189	3	(	(	PUNCT
fbem-877	189	4	3.15	3.15	NUM
fbem-877	189	5	)	)	PUNCT
fbem-877	189	6	0.061	0.061	NUM
fbem-877	190	1	*	*	PUNCT
fbem-877	190	2	*	*	PUNCT
fbem-877	190	3	(	(	PUNCT
fbem-877	190	4	2.50	2.50	NUM
fbem-877	190	5	)	)	PUNCT
fbem-877	190	6	obs	obs	NOUN
fbem-877	190	7	11547	11547	NUM
fbem-877	190	8	11547	11547	NUM
fbem-877	190	9	11547	11547	NUM
fbem-877	190	10	3855	3855	NUM
fbem-877	190	11	6947	6947	NUM
fbem-877	190	12	r	r	X
fbem-877	190	13	-	-	PUNCT
fbem-877	190	14	sq	sq	INTJ
fbem-877	190	15	0.14	0.14	NUM
fbem-877	190	16	0.15	0.15	NUM
fbem-877	190	17	0.13	0.13	NUM
fbem-877	190	18	0.20	0.20	NUM
fbem-877	190	19	0.15	0.15	NUM
fbem-877	190	20	r2_a	r2_a	NOUN
fbem-877	190	21	0.142	0.142	NUM
fbem-877	190	22	0.154	0.154	NUM
fbem-877	190	23	0.131	0.131	NUM
fbem-877	190	24	0.196	0.196	NUM
fbem-877	190	25	0.148	0.148	NUM
fbem-877	190	26	f	f	PROPN
fbem-877	190	27	100.18	100.18	NUM
fbem-877	190	28	113.14	113.14	NUM
fbem-877	190	29	89.12	89.12	NUM
fbem-877	190	30	64.45	64.45	NUM
fbem-877	190	31	62.51	62.51	NUM
fbem-877	190	32	from	from	ADP
fbem-877	190	33	the	the	DET
fbem-877	190	34	industry	industry	NOUN
fbem-877	190	35	point	point	NOUN
fbem-877	190	36	of	of	ADP
fbem-877	190	37	view	view	NOUN
fbem-877	190	38	,	,	PUNCT
fbem-877	190	39	the	the	DET
fbem-877	190	40	article	article	NOUN
fbem-877	190	41	from	from	ADP
fbem-877	190	42	17	17	NUM
fbem-877	190	43	industry	industry	NOUN
fbem-877	190	44	data	datum	NOUN
fbem-877	190	45	,	,	PUNCT
fbem-877	190	46	including	include	VERB
fbem-877	190	47	data	datum	NOUN
fbem-877	190	48	at	at	ADP
fbem-877	190	49	most	most	ADJ
fbem-877	190	50	two	two	NUM
fbem-877	190	51	industries	industry	NOUN
fbem-877	190	52	for	for	ADP
fbem-877	190	53	manufacturing	manufacturing	NOUN
fbem-877	190	54	(	(	PUNCT
fbem-877	190	55	c	c	NOUN
fbem-877	190	56	)	)	PUNCT
fbem-877	190	57	and	and	CCONJ
fbem-877	190	58	information	information	NOUN
fbem-877	190	59	technology	technology	NOUN
fbem-877	190	60	services	service	NOUN
fbem-877	190	61	(	(	PUNCT
fbem-877	190	62	i	i	NOUN
fbem-877	190	63	)	)	PUNCT
fbem-877	190	64	,	,	PUNCT
fbem-877	190	65	can	can	AUX
fbem-877	190	66	be	be	AUX
fbem-877	190	67	seen	see	VERB
fbem-877	190	68	from	from	ADP
fbem-877	190	69	table	table	NOUN
fbem-877	190	70	6	6	NUM
fbem-877	190	71	,	,	PUNCT
fbem-877	190	72	manufacturing	manufacturing	NOUN
fbem-877	190	73	and	and	CCONJ
fbem-877	190	74	information	information	NOUN
fbem-877	190	75	technology	technology	NOUN
fbem-877	190	76	services	service	NOUN
fbem-877	190	77	on	on	ADP
fbem-877	190	78	the	the	DET
fbem-877	190	79	influence	influence	NOUN
fbem-877	190	80	of	of	ADP
fbem-877	190	81	institutional	institutional	ADJ
fbem-877	190	82	investors	investor	NOUN
fbem-877	190	83	on	on	ADP
fbem-877	190	84	corporate	corporate	ADJ
fbem-877	190	85	performance	performance	NOUN
fbem-877	190	86	are	be	AUX
fbem-877	190	87	independence	independence	NOUN
fbem-877	190	88	strong	strong	ADJ
fbem-877	190	89	positive	positive	ADJ
fbem-877	190	90	influence	influence	NOUN
fbem-877	190	91	of	of	ADP
fbem-877	190	92	institutional	institutional	ADJ
fbem-877	190	93	investors	investor	NOUN
fbem-877	190	94	on	on	ADP
fbem-877	190	95	corporate	corporate	ADJ
fbem-877	190	96	performance	performance	NOUN
fbem-877	190	97	,	,	PUNCT
fbem-877	190	98	the	the	PRON
fbem-877	190	99	greater	great	ADJ
fbem-877	190	100	the	the	DET
fbem-877	190	101	moreover	moreover	ADV
fbem-877	190	102	,	,	PUNCT
fbem-877	190	103	among	among	ADP
fbem-877	190	104	institutional	institutional	ADJ
fbem-877	190	105	investors	investor	NOUN
fbem-877	190	106	with	with	ADP
fbem-877	190	107	weak	weak	ADJ
fbem-877	190	108	independence	independence	NOUN
fbem-877	190	109	,	,	PUNCT
fbem-877	190	110	the	the	DET
fbem-877	190	111	performance	performance	NOUN
fbem-877	190	112	of	of	ADP
fbem-877	190	113	the	the	DET
fbem-877	190	114	manufacturing	manufacturing	NOUN
fbem-877	190	115	industry	industry	NOUN
fbem-877	190	116	is	be	AUX
fbem-877	190	117	significantly	significantly	ADV
fbem-877	190	118	negatively	negatively	ADV
fbem-877	190	119	correlated	correlate	VERB
fbem-877	190	120	with	with	ADP
fbem-877	190	121	it	it	PRON
fbem-877	190	122	,	,	PUNCT
fbem-877	190	123	while	while	SCONJ
fbem-877	190	124	that	that	PRON
fbem-877	190	125	of	of	ADP
fbem-877	190	126	the	the	DET
fbem-877	190	127	information	information	NOUN
fbem-877	190	128	technology	technology	NOUN
fbem-877	190	129	service	service	NOUN
fbem-877	190	130	industry	industry	NOUN
fbem-877	190	131	is	be	AUX
fbem-877	190	132	not	not	PART
fbem-877	190	133	significantly	significantly	ADV
fbem-877	190	134	negatively	negatively	ADV
fbem-877	190	135	correlated	correlate	VERB
fbem-877	190	136	with	with	ADP
fbem-877	190	137	it.in	it.in	NOUN
fbem-877	190	138	the	the	DET
fbem-877	190	139	two	two	NUM
fbem-877	190	140	industries	industry	NOUN
fbem-877	190	141	,	,	PUNCT
fbem-877	190	142	accounting	account	VERB
fbem-877	190	143	information	information	NOUN
fbem-877	190	144	quality	quality	NOUN
fbem-877	190	145	still	still	ADV
fbem-877	190	146	positively	positively	ADV
fbem-877	190	147	promotes	promote	VERB
fbem-877	190	148	enterprise	enterprise	NOUN
fbem-877	190	149	performance	performance	NOUN
fbem-877	190	150	.	.	PUNCT
fbem-877	191	1	under	under	ADP
fbem-877	191	2	the	the	DET
fbem-877	191	3	influence	influence	NOUN
fbem-877	191	4	of	of	ADP
fbem-877	191	5	shareholding	shareholding	NOUN
fbem-877	191	6	ratio	ratio	NOUN
fbem-877	191	7	of	of	ADP
fbem-877	191	8	institutional	institutional	ADJ
fbem-877	191	9	investors	investor	NOUN
fbem-877	191	10	,	,	PUNCT
fbem-877	191	11	the	the	DET
fbem-877	191	12	interaction	interaction	NOUN
fbem-877	191	13	term	term	NOUN
fbem-877	191	14	between	between	ADP
fbem-877	191	15	accounting	accounting	NOUN
fbem-877	191	16	information	information	NOUN
fbem-877	191	17	quality	quality	NOUN
fbem-877	191	18	and	and	CCONJ
fbem-877	191	19	shareholding	shareholding	NOUN
fbem-877	191	20	ratio	ratio	NOUN
fbem-877	191	21	of	of	ADP
fbem-877	191	22	institutional	institutional	ADJ
fbem-877	191	23	investors	investor	NOUN
fbem-877	191	24	has	have	VERB
fbem-877	191	25	no	no	DET
fbem-877	191	26	significant	significant	ADJ
fbem-877	191	27	impact	impact	NOUN
fbem-877	191	28	on	on	ADP
fbem-877	191	29	enterprise	enterprise	NOUN
fbem-877	191	30	performance	performance	NOUN
fbem-877	191	31	in	in	ADP
fbem-877	191	32	manufacturing	manufacturing	NOUN
fbem-877	191	33	industry	industry	NOUN
fbem-877	191	34	,	,	PUNCT
fbem-877	191	35	while	while	SCONJ
fbem-877	191	36	the	the	DET
fbem-877	191	37	interaction	interaction	NOUN
fbem-877	191	38	term	term	NOUN
fbem-877	191	39	of	of	ADP
fbem-877	191	40	information	information	NOUN
fbem-877	191	41	technology	technology	NOUN
fbem-877	191	42	service	service	NOUN
fbem-877	191	43	industry	industry	NOUN
fbem-877	191	44	is	be	AUX
fbem-877	191	45	significantly	significantly	ADV
fbem-877	191	46	negatively	negatively	ADV
fbem-877	191	47	correlated	correlate	VERB
fbem-877	191	48	with	with	ADP
fbem-877	191	49	enterprise	enterprise	NOUN
fbem-877	191	50	performance	performance	NOUN
fbem-877	191	51	.	.	PUNCT
fbem-877	192	1	moreover	moreover	ADV
fbem-877	192	2	,	,	PUNCT
fbem-877	192	3	the	the	DET
fbem-877	192	4	interaction	interaction	NOUN
fbem-877	192	5	terms	term	NOUN
fbem-877	192	6	generated	generate	VERB
fbem-877	192	7	by	by	ADP
fbem-877	192	8	institutional	institutional	ADJ
fbem-877	192	9	investors	investor	NOUN
fbem-877	192	10	with	with	ADP
fbem-877	192	11	weak	weak	ADJ
fbem-877	192	12	independence	independence	NOUN
fbem-877	192	13	also	also	ADV
fbem-877	192	14	have	have	VERB
fbem-877	192	15	a	a	DET
fbem-877	192	16	strong	strong	ADJ
fbem-877	192	17	inhibition	inhibition	NOUN
fbem-877	192	18	effect.under	effect.under	NUM
fbem-877	192	19	different	different	ADJ
fbem-877	192	20	industry	industry	NOUN
fbem-877	192	21	from	from	ADP
fbem-877	192	22	which	which	PRON
fbem-877	192	23	it	it	PRON
fbem-877	192	24	can	can	AUX
fbem-877	192	25	be	be	AUX
fbem-877	192	26	seen	see	VERB
fbem-877	192	27	that	that	SCONJ
fbem-877	192	28	the	the	DET
fbem-877	192	29	degree	degree	NOUN
fbem-877	192	30	of	of	ADP
fbem-877	192	31	institutional	institutional	ADJ
fbem-877	192	32	investor	investor	NOUN
fbem-877	192	33	ownership	ownership	NOUN
fbem-877	192	34	affects	affect	VERB
fbem-877	192	35	corporate	corporate	ADJ
fbem-877	192	36	performance	performance	NOUN
fbem-877	192	37	,	,	PUNCT
fbem-877	192	38	so	so	ADV
fbem-877	192	39	is	be	AUX
fbem-877	192	40	the	the	DET
fbem-877	192	41	quality	quality	NOUN
fbem-877	192	42	of	of	ADP
fbem-877	192	43	the	the	DET
fbem-877	192	44	accounting	accounting	NOUN
fbem-877	192	45	information	information	NOUN
fbem-877	192	46	,	,	PUNCT
fbem-877	192	47	but	but	CCONJ
fbem-877	192	48	under	under	ADP
fbem-877	192	49	the	the	DET
fbem-877	192	50	joint	joint	ADJ
fbem-877	192	51	influence	influence	NOUN
fbem-877	192	52	of	of	ADP
fbem-877	192	53	institutional	institutional	ADJ
fbem-877	192	54	investors	investor	NOUN
fbem-877	192	55	'	'	PART
fbem-877	192	56	shareholding	shareholding	NOUN
fbem-877	192	57	and	and	CCONJ
fbem-877	192	58	accounting	accounting	NOUN
fbem-877	192	59	information	information	NOUN
fbem-877	192	60	quality	quality	NOUN
fbem-877	192	61	,	,	PUNCT
fbem-877	192	62	interactive	interactive	ADJ
fbem-877	192	63	items	item	NOUN
fbem-877	192	64	in	in	ADP
fbem-877	192	65	manufacturing	manufacturing	NOUN
fbem-877	192	66	do	do	AUX
fbem-877	192	67	not	not	PART
fbem-877	192	68	have	have	VERB
fbem-877	192	69	obvious	obvious	ADJ
fbem-877	192	70	correlation	correlation	NOUN
fbem-877	192	71	with	with	ADP
fbem-877	192	72	corporate	corporate	ADJ
fbem-877	192	73	performance	performance	NOUN
fbem-877	192	74	,	,	PUNCT
fbem-877	192	75	in	in	ADP
fbem-877	192	76	the	the	DET
fbem-877	192	77	information	information	NOUN
fbem-877	192	78	technology	technology	NOUN
fbem-877	192	79	services	service	NOUN
fbem-877	192	80	is	be	AUX
fbem-877	192	81	a	a	DET
fbem-877	192	82	significant	significant	ADJ
fbem-877	192	83	correlation.this	correlation.this	PRON
fbem-877	192	84	shows	show	NOUN
fbem-877	192	85	that	that	SCONJ
fbem-877	192	86	the	the	DET
fbem-877	192	87	accounting	accounting	NOUN
fbem-877	192	88	information	information	NOUN
fbem-877	192	89	quality	quality	NOUN
fbem-877	192	90	of	of	ADP
fbem-877	192	91	the	the	DET
fbem-877	192	92	relatively	relatively	ADV
fbem-877	192	93	mature	mature	ADJ
fbem-877	192	94	manufacturing	manufacturing	NOUN
fbem-877	192	95	industry	industry	NOUN
fbem-877	192	96	has	have	AUX
fbem-877	192	97	become	become	VERB
fbem-877	192	98	more	more	ADV
fbem-877	192	99	stable	stable	ADJ
fbem-877	192	100	.	.	PUNCT
fbem-877	193	1	when	when	SCONJ
fbem-877	193	2	enterprises	enterprise	NOUN
fbem-877	193	3	use	use	VERB
fbem-877	193	4	the	the	DET
fbem-877	193	5	accounting	accounting	NOUN
fbem-877	193	6	information	information	NOUN
fbem-877	193	7	quality	quality	NOUN
fbem-877	193	8	to	to	PART
fbem-877	193	9	improve	improve	VERB
fbem-877	193	10	corporate	corporate	ADJ
fbem-877	193	11	performance	performance	NOUN
fbem-877	193	12	to	to	PART
fbem-877	193	13	attract	attract	VERB
fbem-877	193	14	investment	investment	NOUN
fbem-877	193	15	from	from	ADP
fbem-877	193	16	institutional	institutional	ADJ
fbem-877	193	17	investors	investor	NOUN
fbem-877	193	18	,	,	PUNCT
fbem-877	193	19	it	it	PRON
fbem-877	193	20	is	be	AUX
fbem-877	193	21	not	not	PART
fbem-877	193	22	easy	easy	ADJ
fbem-877	193	23	to	to	PART
fbem-877	193	24	make	make	VERB
fbem-877	193	25	efforts	effort	NOUN
fbem-877	193	26	on	on	ADP
fbem-877	193	27	earnings	earning	NOUN
fbem-877	193	28	management	management	NOUN
fbem-877	193	29	.	.	PUNCT
fbem-877	194	1	in	in	ADP
fbem-877	194	2	addition	addition	NOUN
fbem-877	194	3	,	,	PUNCT
fbem-877	194	4	the	the	DET
fbem-877	194	5	performance	performance	NOUN
fbem-877	194	6	of	of	ADP
fbem-877	194	7	manufacturing	manufacturing	NOUN
fbem-877	194	8	enterprises	enterprise	NOUN
fbem-877	194	9	is	be	AUX
fbem-877	194	10	stable	stable	ADJ
fbem-877	194	11	,	,	PUNCT
fbem-877	194	12	which	which	PRON
fbem-877	194	13	is	be	AUX
fbem-877	194	14	also	also	ADV
fbem-877	194	15	the	the	DET
fbem-877	194	16	interaction	interaction	NOUN
fbem-877	194	17	item	item	NOUN
fbem-877	194	18	is	be	AUX
fbem-877	194	19	not	not	PART
fbem-877	194	20	significant.relative	significant.relative	ADJ
fbem-877	194	21	information	information	NOUN
fbem-877	194	22	technology	technology	NOUN
fbem-877	194	23	service	service	NOUN
fbem-877	194	24	industry	industry	NOUN
fbem-877	194	25	in	in	ADP
fbem-877	194	26	our	our	PRON
fbem-877	194	27	country	country	NOUN
fbem-877	194	28	started	start	VERB
fbem-877	194	29	relatively	relatively	ADV
fbem-877	194	30	late	late	ADV
fbem-877	194	31	,	,	PUNCT
fbem-877	194	32	not	not	PART
fbem-877	194	33	enough	enough	ADJ
fbem-877	194	34	market	market	NOUN
fbem-877	194	35	maturity	maturity	NOUN
fbem-877	194	36	,	,	PUNCT
fbem-877	194	37	volatile	volatile	ADJ
fbem-877	194	38	enterprise	enterprise	NOUN
fbem-877	194	39	performance	performance	NOUN
fbem-877	194	40	,	,	PUNCT
fbem-877	194	41	managers	manager	NOUN
fbem-877	194	42	can	can	AUX
fbem-877	194	43	more	more	ADV
fbem-877	194	44	on	on	ADP
fbem-877	194	45	earnings	earning	NOUN
fbem-877	194	46	management	management	NOUN
fbem-877	194	47	to	to	PART
fbem-877	194	48	improve	improve	VERB
fbem-877	194	49	the	the	DET
fbem-877	194	50	quality	quality	NOUN
fbem-877	194	51	of	of	ADP
fbem-877	194	52	accounting	accounting	NOUN
fbem-877	194	53	information	information	NOUN
fbem-877	194	54	,	,	PUNCT
fbem-877	194	55	in	in	ADP
fbem-877	194	56	order	order	NOUN
fbem-877	194	57	to	to	PART
fbem-877	194	58	deliver	deliver	VERB
fbem-877	194	59	better	well	ADJ
fbem-877	194	60	accounting	accounting	NOUN
fbem-877	194	61	information	information	NOUN
fbem-877	194	62	quality	quality	NOUN
fbem-877	194	63	and	and	CCONJ
fbem-877	194	64	stable	stable	ADJ
fbem-877	194	65	performance	performance	NOUN
fbem-877	194	66	,	,	PUNCT
fbem-877	194	67	investors	investor	NOUN
fbem-877	194	68	are	be	AUX
fbem-877	194	69	more	more	ADV
fbem-877	194	70	easy	easy	ADJ
fbem-877	194	71	to	to	PART
fbem-877	194	72	invest	invest	VERB
fbem-877	194	73	in	in	ADP
fbem-877	194	74	enterprises	enterprise	NOUN
fbem-877	194	75	,	,	PUNCT
fbem-877	194	76	combined	combine	VERB
fbem-877	194	77	with	with	ADP
fbem-877	194	78	information	information	NOUN
fbem-877	194	79	technology	technology	NOUN
fbem-877	194	80	services	service	NOUN
fbem-877	194	81	is	be	AUX
fbem-877	194	82	the	the	DET
fbem-877	194	83	current	current	ADJ
fbem-877	194	84	popular	popular	ADJ
fbem-877	194	85	industry	industry	NOUN
fbem-877	194	86	in	in	ADP
fbem-877	194	87	china	china	PROPN
fbem-877	194	88	,	,	PUNCT
fbem-877	194	89	being	be	AUX
fbem-877	194	90	favored	favor	VERB
fbem-877	194	91	by	by	ADP
fbem-877	194	92	investors	investor	NOUN
fbem-877	194	93	is	be	AUX
fbem-877	194	94	also	also	ADV
fbem-877	194	95	a	a	DET
fbem-877	194	96	reflection	reflection	NOUN
fbem-877	194	97	of	of	ADP
fbem-877	194	98	market	market	NOUN
fbem-877	194	99	development	development	NOUN
fbem-877	194	100	.	.	PUNCT
fbem-877	195	1	160	160	NUM
fbem-877	195	2	table	table	NOUN
fbem-877	195	3	6	6	NUM
fbem-877	195	4	.	.	PUNCT
fbem-877	195	5	multiple	multiple	ADJ
fbem-877	195	6	regression	regression	NOUN
fbem-877	195	7	results	result	NOUN
fbem-877	195	8	by	by	ADP
fbem-877	195	9	industry	industry	NOUN
fbem-877	195	10	variable	variable	ADJ
fbem-877	195	11	manufacturing	manufacturing	NOUN
fbem-877	195	12	information	information	NOUN
fbem-877	195	13	technology	technology	NOUN
fbem-877	195	14	services	service	NOUN
fbem-877	195	15	model	model	NOUN
fbem-877	195	16	4	4	NUM
fbem-877	195	17	roa	roa	NOUN
fbem-877	195	18	model	model	NOUN
fbem-877	195	19	5	5	NUM
fbem-877	195	20	roa	roa	NOUN
fbem-877	195	21	model	model	NOUN
fbem-877	195	22	6	6	NUM
fbem-877	195	23	roa	roa	NOUN
fbem-877	195	24	model	model	NOUN
fbem-877	195	25	4	4	NUM
fbem-877	195	26	roa	roa	NOUN
fbem-877	195	27	model	model	NOUN
fbem-877	195	28	5	5	NUM
fbem-877	195	29	roa	roa	NOUN
fbem-877	195	30	model	model	NOUN
fbem-877	195	31	6	6	NUM
fbem-877	195	32	roa	roa	NOUN
fbem-877	195	33	ins	ins	PROPN
fbem-877	195	34	0.017	0.017	NUM
fbem-877	195	35	*	*	PUNCT
fbem-877	196	1	*	*	PUNCT
fbem-877	196	2	*	*	PUNCT
fbem-877	196	3	(	(	PUNCT
fbem-877	196	4	12.37	12.37	NUM
fbem-877	196	5	)	)	PUNCT
fbem-877	197	1	0.056	0.056	NUM
fbem-877	197	2	*	*	PUNCT
fbem-877	198	1	*	*	PUNCT
fbem-877	198	2	*	*	PUNCT
fbem-877	198	3	(	(	PUNCT
fbem-877	198	4	7.60	7.60	NUM
fbem-877	198	5	)	)	PUNCT
fbem-877	198	6	ins1	ins1	NOUN
fbem-877	198	7	0.027	0.027	NUM
fbem-877	198	8	*	*	PUNCT
fbem-877	199	1	*	*	PUNCT
fbem-877	199	2	*	*	PUNCT
fbem-877	199	3	(	(	PUNCT
fbem-877	199	4	14.76	14.76	NUM
fbem-877	199	5	)	)	PUNCT
fbem-877	199	6	0.069	0.069	NUM
fbem-877	199	7	*	*	PUNCT
fbem-877	200	1	*	*	PUNCT
fbem-877	200	2	*	*	PUNCT
fbem-877	200	3	(	(	PUNCT
fbem-877	200	4	8.99	8.99	NUM
fbem-877	200	5	)	)	PUNCT
fbem-877	200	6	ins2	ins2	NOUN
fbem-877	201	1	0.010	0.010	NUM
fbem-877	201	2	*	*	PUNCT
fbem-877	202	1	*	*	PUNCT
fbem-877	202	2	*	*	PUNCT
fbem-877	202	3	(	(	PUNCT
fbem-877	202	4	3.67	3.67	NUM
fbem-877	202	5	)	)	PUNCT
fbem-877	202	6	0.009	0.009	NUM
fbem-877	202	7	(	(	PUNCT
fbem-877	202	8	0.59	0.59	NUM
fbem-877	202	9	)	)	PUNCT
fbem-877	202	10	da	da	NOUN
fbem-877	202	11	0.059	0.059	NUM
fbem-877	203	1	*	*	PUNCT
fbem-877	203	2	*	*	PUNCT
fbem-877	203	3	*	*	PUNCT
fbem-877	203	4	(	(	PUNCT
fbem-877	203	5	3.80	3.80	NUM
fbem-877	203	6	)	)	PUNCT
fbem-877	203	7	0.061	0.061	NUM
fbem-877	204	1	*	*	PUNCT
fbem-877	205	1	*	*	PUNCT
fbem-877	205	2	*	*	PUNCT
fbem-877	205	3	(	(	PUNCT
fbem-877	205	4	4.49	4.49	NUM
fbem-877	205	5	)	)	PUNCT
fbem-877	205	6	0.045	0.045	NUM
fbem-877	205	7	*	*	PUNCT
fbem-877	206	1	*	*	PUNCT
fbem-877	206	2	*	*	PUNCT
fbem-877	206	3	(	(	PUNCT
fbem-877	206	4	2.79	2.79	NUM
fbem-877	206	5	)	)	PUNCT
fbem-877	206	6	0.032	0.032	NUM
fbem-877	206	7	*	*	PUNCT
fbem-877	207	1	*	*	PUNCT
fbem-877	207	2	*	*	PUNCT
fbem-877	207	3	(	(	PUNCT
fbem-877	207	4	2.85	2.85	NUM
fbem-877	207	5	)	)	PUNCT
fbem-877	207	6	0.040	0.040	NUM
fbem-877	207	7	*	*	PUNCT
fbem-877	208	1	*	*	PUNCT
fbem-877	208	2	*	*	PUNCT
fbem-877	208	3	(	(	PUNCT
fbem-877	208	4	3.32	3.32	NUM
fbem-877	208	5	)	)	PUNCT
fbem-877	208	6	0.081	0.081	NUM
fbem-877	208	7	(	(	PUNCT
fbem-877	208	8	1.19	1.19	NUM
fbem-877	208	9	)	)	PUNCT
fbem-877	208	10	da×	da×	PROPN
fbem-877	208	11	ins	in	VERB
fbem-877	208	12	0.187	0.187	NUM
fbem-877	208	13	(	(	PUNCT
fbem-877	208	14	0.77	0.77	NUM
fbem-877	208	15	)	)	PUNCT
fbem-877	208	16	0.319	0.319	NUM
fbem-877	208	17	(	(	PUNCT
fbem-877	208	18	1.03	1.03	NUM
fbem-877	208	19	)	)	PUNCT
fbem-877	208	20	0.215	0.215	NUM
fbem-877	208	21	(	(	PUNCT
fbem-877	208	22	0.60	0.60	NUM
fbem-877	208	23	)	)	PUNCT
fbem-877	208	24	0.471	0.471	NUM
fbem-877	208	25	*	*	PUNCT
fbem-877	209	1	*	*	PUNCT
fbem-877	209	2	*	*	PUNCT
fbem-877	209	3	(	(	PUNCT
fbem-877	209	4	2.57	2.57	NUM
fbem-877	209	5	)	)	PUNCT
fbem-877	209	6	0.782	0.782	NUM
fbem-877	210	1	*	*	PUNCT
fbem-877	211	1	*	*	PUNCT
fbem-877	211	2	*	*	PUNCT
fbem-877	211	3	(	(	PUNCT
fbem-877	211	4	2.98	2.98	NUM
fbem-877	211	5	)	)	PUNCT
fbem-877	211	6	0.127	0.127	NUM
fbem-877	211	7	*	*	PUNCT
fbem-877	211	8	*	*	PUNCT
fbem-877	211	9	(	(	PUNCT
fbem-877	211	10	2.44	2.44	NUM
fbem-877	211	11	)	)	PUNCT
fbem-877	211	12	size	size	NOUN
fbem-877	211	13	0.115	0.115	NUM
fbem-877	211	14	*	*	PUNCT
fbem-877	212	1	*	*	PUNCT
fbem-877	212	2	*	*	PUNCT
fbem-877	212	3	(	(	PUNCT
fbem-877	212	4	10.54	10.54	NUM
fbem-877	212	5	)	)	PUNCT
fbem-877	212	6	0.115	0.115	NUM
fbem-877	213	1	*	*	PUNCT
fbem-877	214	1	*	*	PUNCT
fbem-877	214	2	*	*	PUNCT
fbem-877	214	3	(	(	PUNCT
fbem-877	214	4	10.73	10.73	NUM
fbem-877	214	5	)	)	PUNCT
fbem-877	214	6	0.156	0.156	NUM
fbem-877	214	7	*	*	PUNCT
fbem-877	215	1	*	*	PUNCT
fbem-877	215	2	*	*	PUNCT
fbem-877	215	3	(	(	PUNCT
fbem-877	215	4	14.14	14.14	NUM
fbem-877	215	5	)	)	PUNCT
fbem-877	215	6	0.014	0.014	NUM
fbem-877	216	1	*	*	PUNCT
fbem-877	217	1	*	*	PUNCT
fbem-877	217	2	*	*	PUNCT
fbem-877	217	3	(	(	PUNCT
fbem-877	217	4	2.78	2.78	NUM
fbem-877	217	5	)	)	PUNCT
fbem-877	217	6	0.017	0.017	NUM
fbem-877	217	7	*	*	PUNCT
fbem-877	218	1	*	*	PUNCT
fbem-877	218	2	*	*	PUNCT
fbem-877	218	3	(	(	PUNCT
fbem-877	218	4	3.55	3.55	NUM
fbem-877	218	5	)	)	PUNCT
fbem-877	218	6	0.026	0.026	NUM
fbem-877	218	7	*	*	PUNCT
fbem-877	219	1	*	*	PUNCT
fbem-877	219	2	*	*	PUNCT
fbem-877	219	3	(	(	PUNCT
fbem-877	219	4	4.83	4.83	NUM
fbem-877	219	5	)	)	PUNCT
fbem-877	219	6	lev	lev	NOUN
fbem-877	219	7	0.178	0.178	NUM
fbem-877	219	8	*	*	PUNCT
fbem-877	220	1	*	*	PUNCT
fbem-877	220	2	*	*	PUNCT
fbem-877	220	3	(	(	PUNCT
fbem-877	220	4	23.01	23.01	NUM
fbem-877	220	5	)	)	PUNCT
fbem-877	220	6	0.176	0.176	NUM
fbem-877	221	1	*	*	PUNCT
fbem-877	222	1	*	*	PUNCT
fbem-877	222	2	*	*	PUNCT
fbem-877	222	3	(	(	PUNCT
fbem-877	222	4	22.82	22.82	NUM
fbem-877	222	5	)	)	PUNCT
fbem-877	222	6	0.183	0.183	NUM
fbem-877	222	7	*	*	PUNCT
fbem-877	223	1	*	*	PUNCT
fbem-877	223	2	*	*	PUNCT
fbem-877	223	3	(	(	PUNCT
fbem-877	223	4	23.15	23.15	NUM
fbem-877	223	5	)	)	PUNCT
fbem-877	223	6	0.256	0.256	NUM
fbem-877	224	1	*	*	PUNCT
fbem-877	225	1	*	*	PUNCT
fbem-877	225	2	*	*	PUNCT
fbem-877	225	3	(	(	PUNCT
fbem-877	225	4	5.43	5.43	NUM
fbem-877	225	5	)	)	PUNCT
fbem-877	225	6	0.256	0.256	NUM
fbem-877	225	7	*	*	PUNCT
fbem-877	226	1	*	*	PUNCT
fbem-877	226	2	*	*	PUNCT
fbem-877	226	3	(	(	PUNCT
fbem-877	226	4	5.48	5.48	NUM
fbem-877	226	5	)	)	PUNCT
fbem-877	226	6	0.266	0.266	NUM
fbem-877	226	7	*	*	PUNCT
fbem-877	227	1	*	*	PUNCT
fbem-877	227	2	*	*	PUNCT
fbem-877	227	3	(	(	PUNCT
fbem-877	227	4	5.52	5.52	NUM
fbem-877	227	5	)	)	PUNCT
fbem-877	227	6	grow	grow	VERB
fbem-877	227	7	0.002	0.002	NUM
fbem-877	227	8	*	*	PUNCT
fbem-877	228	1	*	*	PUNCT
fbem-877	228	2	*	*	PUNCT
fbem-877	228	3	(	(	PUNCT
fbem-877	228	4	5.25	5.25	NUM
fbem-877	228	5	)	)	PUNCT
fbem-877	228	6	0.002	0.002	NUM
fbem-877	229	1	*	*	PUNCT
fbem-877	230	1	*	*	PUNCT
fbem-877	230	2	*	*	PUNCT
fbem-877	230	3	(	(	PUNCT
fbem-877	230	4	3.45	3.45	NUM
fbem-877	230	5	)	)	PUNCT
fbem-877	230	6	0.002	0.002	NUM
fbem-877	231	1	*	*	PUNCT
fbem-877	232	1	*	*	PUNCT
fbem-877	232	2	*	*	PUNCT
fbem-877	232	3	(	(	PUNCT
fbem-877	232	4	3.24	3.24	NUM
fbem-877	232	5	)	)	PUNCT
fbem-877	232	6	0.004	0.004	NUM
fbem-877	232	7	*	*	PUNCT
fbem-877	232	8	(	(	PUNCT
fbem-877	232	9	1.74	1.74	NUM
fbem-877	232	10	)	)	PUNCT
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fbem-877	232	12	*	*	PUNCT
fbem-877	232	13	(	(	PUNCT
fbem-877	232	14	1.69	1.69	NUM
fbem-877	232	15	)	)	PUNCT
fbem-877	232	16	0.005	0.005	NUM
fbem-877	232	17	(	(	PUNCT
fbem-877	232	18	1.47	1.47	NUM
fbem-877	232	19	)	)	PUNCT
fbem-877	232	20	lhr	lhr	NOUN
fbem-877	232	21	0.091	0.091	NUM
fbem-877	232	22	*	*	PUNCT
fbem-877	233	1	*	*	PUNCT
fbem-877	233	2	*	*	PUNCT
fbem-877	233	3	(	(	PUNCT
fbem-877	233	4	14.08	14.08	NUM
fbem-877	233	5	)	)	PUNCT
fbem-877	233	6	0.090	0.090	NUM
fbem-877	234	1	*	*	PUNCT
fbem-877	235	1	*	*	PUNCT
fbem-877	235	2	*	*	PUNCT
fbem-877	235	3	(	(	PUNCT
fbem-877	235	4	13.96	13.96	NUM
fbem-877	235	5	)	)	PUNCT
fbem-877	236	1	0.080	0.080	NUM
fbem-877	236	2	*	*	PUNCT
fbem-877	237	1	*	*	PUNCT
fbem-877	237	2	*	*	PUNCT
fbem-877	237	3	(	(	PUNCT
fbem-877	237	4	12.60	12.60	NUM
fbem-877	237	5	)	)	PUNCT
fbem-877	238	1	0.021	0.021	NUM
fbem-877	238	2	*	*	PUNCT
fbem-877	239	1	*	*	PUNCT
fbem-877	239	2	*	*	PUNCT
fbem-877	239	3	(	(	PUNCT
fbem-877	239	4	4.07	4.07	NUM
fbem-877	239	5	)	)	PUNCT
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fbem-877	239	7	*	*	PUNCT
fbem-877	240	1	*	*	PUNCT
fbem-877	240	2	*	*	PUNCT
fbem-877	240	3	(	(	PUNCT
fbem-877	240	4	4.04	4.04	NUM
fbem-877	240	5	)	)	PUNCT
fbem-877	240	6	0.018	0.018	NUM
fbem-877	240	7	*	*	PUNCT
fbem-877	241	1	*	*	PUNCT
fbem-877	241	2	*	*	PUNCT
fbem-877	241	3	(	(	PUNCT
fbem-877	241	4	3.48	3.48	NUM
fbem-877	241	5	)	)	PUNCT
fbem-877	241	6	owner	owner	NOUN
fbem-877	241	7	0.020	0.020	NUM
fbem-877	241	8	(	(	PUNCT
fbem-877	241	9	1.51	1.51	NUM
fbem-877	241	10	)	)	PUNCT
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fbem-877	241	12	*	*	PUNCT
fbem-877	241	13	(	(	PUNCT
fbem-877	241	14	1.71	1.71	NUM
fbem-877	241	15	)	)	PUNCT
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fbem-877	241	17	*	*	PUNCT
fbem-877	242	1	*	*	PUNCT
fbem-877	242	2	(	(	PUNCT
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fbem-877	242	4	)	)	PUNCT
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fbem-877	242	6	(	(	PUNCT
fbem-877	242	7	0.46	0.46	NUM
fbem-877	242	8	)	)	PUNCT
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fbem-877	242	10	(	(	PUNCT
fbem-877	242	11	0.59	0.59	NUM
fbem-877	242	12	)	)	PUNCT
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fbem-877	242	14	(	(	PUNCT
fbem-877	242	15	0.73	0.73	NUM
fbem-877	242	16	)	)	PUNCT
fbem-877	242	17	ibo	ibo	PROPN
fbem-877	242	18	0.064	0.064	NUM
fbem-877	242	19	*	*	PUNCT
fbem-877	243	1	*	*	PUNCT
fbem-877	243	2	*	*	PUNCT
fbem-877	243	3	(	(	PUNCT
fbem-877	243	4	3.79	3.79	NUM
fbem-877	243	5	)	)	PUNCT
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fbem-877	243	7	*	*	PUNCT
fbem-877	244	1	*	*	PUNCT
fbem-877	244	2	*	*	PUNCT
fbem-877	244	3	(	(	PUNCT
fbem-877	244	4	3.61	3.61	NUM
fbem-877	244	5	)	)	PUNCT
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fbem-877	244	7	*	*	PUNCT
fbem-877	245	1	*	*	PUNCT
fbem-877	245	2	*	*	PUNCT
fbem-877	245	3	(	(	PUNCT
fbem-877	245	4	3.72	3.72	NUM
fbem-877	245	5	)	)	PUNCT
fbem-877	245	6	0.093	0.093	NUM
fbem-877	245	7	(	(	PUNCT
fbem-877	245	8	0.88	0.88	NUM
fbem-877	245	9	)	)	PUNCT
fbem-877	245	10	0.103	0.103	NUM
fbem-877	245	11	(	(	PUNCT
fbem-877	245	12	0.99	0.99	NUM
fbem-877	245	13	)	)	PUNCT
fbem-877	245	14	0.056	0.056	NUM
fbem-877	245	15	(	(	PUNCT
fbem-877	245	16	0.52	0.52	NUM
fbem-877	245	17	)	)	PUNCT
fbem-877	245	18	obs	ob	NOUN
fbem-877	245	19	7384	7384	NUM
fbem-877	245	20	7384	7384	NUM
fbem-877	245	21	7384	7384	NUM
fbem-877	245	22	843	843	NUM
fbem-877	245	23	843	843	NUM
fbem-877	245	24	843	843	NUM
fbem-877	245	25	r	r	NOUN
fbem-877	245	26	-	-	PUNCT
fbem-877	245	27	sq	sq	NUM
fbem-877	245	28	0.19	0.19	NUM
fbem-877	245	29	0.20	0.20	NUM
fbem-877	245	30	0.17	0.17	NUM
fbem-877	245	31	0.15	0.15	NUM
fbem-877	245	32	0.16	0.16	NUM
fbem-877	245	33	0.11	0.11	NUM
fbem-877	245	34	r2_a	r2_a	NOUN
fbem-877	245	35	0.185	0.185	NUM
fbem-877	245	36	0.198	0.198	NUM
fbem-877	245	37	0.171	0.171	NUM
fbem-877	245	38	0.147	0.147	NUM
fbem-877	245	39	0.155	0.155	NUM
fbem-877	245	40	0.113	0.113	NUM
fbem-877	245	41	f	f	PROPN
fbem-877	245	42	89.95	89.95	NUM
fbem-877	245	43	95.02	95.02	NUM
fbem-877	245	44	82.66	82.66	NUM
fbem-877	245	45	9.16	9.16	NUM
fbem-877	245	46	10.51	10.51	NUM
fbem-877	245	47	6.03	6.03	NUM
fbem-877	245	48	table	table	NOUN
fbem-877	245	49	7	7	NUM
fbem-877	245	50	.	.	PUNCT
fbem-877	245	51	fixed	fix	VERB
fbem-877	245	52	effect	effect	NOUN
fbem-877	245	53	regression	regression	NOUN
fbem-877	245	54	results	result	VERB
fbem-877	245	55	variable	variable	ADJ
fbem-877	245	56	model	model	NOUN
fbem-877	245	57	4	4	NUM
fbem-877	245	58	roa	roa	NOUN
fbem-877	245	59	model	model	NOUN
fbem-877	245	60	5	5	NUM
fbem-877	245	61	roa	roa	NOUN
fbem-877	245	62	model	model	NOUN
fbem-877	245	63	6	6	NUM
fbem-877	245	64	roa	roa	NOUN
fbem-877	245	65	model	model	NOUN
fbem-877	245	66	4	4	NUM
fbem-877	245	67	state	state	NOUN
fbem-877	245	68	-	-	PUNCT
fbem-877	245	69	owned	own	VERB
fbem-877	245	70	enterprises	enterprise	NOUN
fbem-877	245	71	model	model	VERB
fbem-877	245	72	4	4	NUM
fbem-877	245	73	the	the	DET
fbem-877	245	74	private	private	ADJ
fbem-877	245	75	enterprise	enterprise	NOUN
fbem-877	245	76	ins	in	VERB
fbem-877	245	77	0.012	0.012	NUM
fbem-877	245	78	*	*	PUNCT
fbem-877	246	1	*	*	PUNCT
fbem-877	246	2	*	*	PUNCT
fbem-877	246	3	(	(	PUNCT
fbem-877	246	4	8.06	8.06	NUM
fbem-877	246	5	)	)	PUNCT
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fbem-877	246	7	*	*	PUNCT
fbem-877	246	8	*	*	PUNCT
fbem-877	246	9	(	(	PUNCT
fbem-877	246	10	2.30	2.30	NUM
fbem-877	246	11	)	)	PUNCT
fbem-877	247	1	0.014	0.014	NUM
fbem-877	248	1	*	*	PUNCT
fbem-877	249	1	*	*	PUNCT
fbem-877	249	2	*	*	PUNCT
fbem-877	249	3	(	(	PUNCT
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fbem-877	249	5	)	)	PUNCT
fbem-877	249	6	ins1	ins1	NOUN
fbem-877	249	7	0.017	0.017	NUM
fbem-877	249	8	*	*	PUNCT
fbem-877	250	1	*	*	PUNCT
fbem-877	250	2	*	*	PUNCT
fbem-877	250	3	(	(	PUNCT
fbem-877	250	4	9.48	9.48	NUM
fbem-877	250	5	)	)	PUNCT
fbem-877	250	6	ins2	ins2	ADJ
fbem-877	250	7	0.004	0.004	NUM
fbem-877	250	8	(	(	PUNCT
fbem-877	250	9	1.46	1.46	NUM
fbem-877	250	10	)	)	PUNCT
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fbem-877	250	13	*	*	PUNCT
fbem-877	251	1	*	*	PUNCT
fbem-877	251	2	*	*	PUNCT
fbem-877	251	3	(	(	PUNCT
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fbem-877	251	5	)	)	PUNCT
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fbem-877	251	7	*	*	PUNCT
fbem-877	252	1	*	*	PUNCT
fbem-877	252	2	*	*	PUNCT
fbem-877	252	3	(	(	PUNCT
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fbem-877	252	5	)	)	PUNCT
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fbem-877	252	7	*	*	PUNCT
fbem-877	253	1	*	*	PUNCT
fbem-877	253	2	*	*	PUNCT
fbem-877	253	3	(	(	PUNCT
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fbem-877	253	5	)	)	PUNCT
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fbem-877	253	7	(	(	PUNCT
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fbem-877	253	9	)	)	PUNCT
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fbem-877	254	1	*	*	PUNCT
fbem-877	255	1	*	*	PUNCT
fbem-877	255	2	*	*	PUNCT
fbem-877	255	3	(	(	PUNCT
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fbem-877	255	5	)	)	PUNCT
fbem-877	255	6	da	da	NOUN
fbem-877	255	7	x	x	PUNCT
fbem-877	255	8	ins	in	VERB
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fbem-877	255	10	*	*	PUNCT
fbem-877	256	1	*	*	PUNCT
fbem-877	256	2	*	*	PUNCT
fbem-877	256	3	(	(	PUNCT
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fbem-877	256	5	)	)	PUNCT
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fbem-877	256	7	*	*	PUNCT
fbem-877	257	1	*	*	PUNCT
fbem-877	257	2	*	*	PUNCT
fbem-877	257	3	(	(	PUNCT
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fbem-877	257	5	)	)	PUNCT
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fbem-877	257	7	(	(	PUNCT
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fbem-877	257	9	)	)	PUNCT
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fbem-877	257	13	)	)	PUNCT
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fbem-877	258	1	*	*	PUNCT
fbem-877	259	1	*	*	PUNCT
fbem-877	259	2	*	*	PUNCT
fbem-877	259	3	(	(	PUNCT
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fbem-877	259	5	)	)	PUNCT
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fbem-877	259	8	*	*	PUNCT
fbem-877	260	1	*	*	PUNCT
fbem-877	260	2	*	*	PUNCT
fbem-877	260	3	(	(	PUNCT
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fbem-877	260	5	)	)	PUNCT
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fbem-877	261	2	*	*	PUNCT
fbem-877	262	1	*	*	PUNCT
fbem-877	262	2	*	*	PUNCT
fbem-877	262	3	(	(	PUNCT
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fbem-877	262	5	)	)	PUNCT
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fbem-877	264	1	*	*	PUNCT
fbem-877	265	1	*	*	PUNCT
fbem-877	265	2	*	*	PUNCT
fbem-877	265	3	(	(	PUNCT
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fbem-877	265	5	)	)	PUNCT
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fbem-877	266	2	*	*	PUNCT
fbem-877	267	1	*	*	PUNCT
fbem-877	267	2	*	*	PUNCT
fbem-877	267	3	(	(	PUNCT
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fbem-877	267	5	)	)	PUNCT
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fbem-877	267	7	*	*	PUNCT
fbem-877	268	1	*	*	PUNCT
fbem-877	268	2	*	*	PUNCT
fbem-877	268	3	(	(	PUNCT
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fbem-877	268	5	)	)	PUNCT
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fbem-877	268	8	*	*	PUNCT
fbem-877	269	1	*	*	PUNCT
fbem-877	269	2	*	*	PUNCT
fbem-877	269	3	(	(	PUNCT
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fbem-877	269	5	)	)	PUNCT
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fbem-877	269	7	*	*	PUNCT
fbem-877	270	1	*	*	PUNCT
fbem-877	270	2	*	*	PUNCT
fbem-877	270	3	(	(	PUNCT
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fbem-877	270	5	)	)	PUNCT
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fbem-877	271	2	*	*	PUNCT
fbem-877	272	1	*	*	PUNCT
fbem-877	272	2	*	*	PUNCT
fbem-877	272	3	(	(	PUNCT
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fbem-877	272	5	)	)	PUNCT
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fbem-877	272	7	*	*	PUNCT
fbem-877	273	1	*	*	PUNCT
fbem-877	273	2	*	*	PUNCT
fbem-877	273	3	(	(	PUNCT
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fbem-877	273	5	)	)	PUNCT
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fbem-877	274	1	*	*	PUNCT
fbem-877	275	1	*	*	PUNCT
fbem-877	275	2	*	*	PUNCT
fbem-877	275	3	(	(	PUNCT
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fbem-877	275	5	)	)	PUNCT
fbem-877	275	6	grow	grow	VERB
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fbem-877	275	8	*	*	PUNCT
fbem-877	276	1	*	*	PUNCT
fbem-877	276	2	*	*	PUNCT
fbem-877	276	3	(	(	PUNCT
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fbem-877	276	5	)	)	PUNCT
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fbem-877	277	1	*	*	PUNCT
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fbem-877	278	2	*	*	PUNCT
fbem-877	278	3	(	(	PUNCT
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fbem-877	278	5	)	)	PUNCT
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fbem-877	278	7	*	*	PUNCT
fbem-877	279	1	*	*	PUNCT
fbem-877	279	2	*	*	PUNCT
fbem-877	279	3	(	(	PUNCT
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fbem-877	279	5	)	)	PUNCT
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fbem-877	279	7	*	*	PUNCT
fbem-877	280	1	*	*	PUNCT
fbem-877	280	2	*	*	PUNCT
fbem-877	280	3	(	(	PUNCT
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fbem-877	280	5	)	)	PUNCT
fbem-877	280	6	0.002	0.002	NUM
fbem-877	281	1	*	*	PUNCT
fbem-877	282	1	*	*	PUNCT
fbem-877	282	2	*	*	PUNCT
fbem-877	282	3	(	(	PUNCT
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fbem-877	282	5	)	)	PUNCT
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fbem-877	282	8	*	*	PUNCT
fbem-877	283	1	*	*	PUNCT
fbem-877	283	2	*	*	PUNCT
fbem-877	283	3	(	(	PUNCT
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fbem-877	283	5	)	)	PUNCT
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fbem-877	283	7	*	*	PUNCT
fbem-877	284	1	*	*	PUNCT
fbem-877	284	2	*	*	PUNCT
fbem-877	284	3	(	(	PUNCT
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fbem-877	284	5	)	)	PUNCT
fbem-877	284	6	0.092	0.092	NUM
fbem-877	284	7	*	*	PUNCT
fbem-877	285	1	*	*	PUNCT
fbem-877	285	2	*	*	PUNCT
fbem-877	285	3	(	(	PUNCT
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fbem-877	285	5	)	)	PUNCT
fbem-877	285	6	0.024	0.024	NUM
fbem-877	285	7	*	*	PUNCT
fbem-877	285	8	(	(	PUNCT
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fbem-877	285	10	)	)	PUNCT
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fbem-877	285	12	*	*	PUNCT
fbem-877	286	1	*	*	PUNCT
fbem-877	286	2	*	*	PUNCT
fbem-877	286	3	(	(	PUNCT
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fbem-877	286	5	)	)	PUNCT
fbem-877	286	6	owner	owner	NOUN
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fbem-877	286	8	*	*	PUNCT
fbem-877	286	9	(	(	PUNCT
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fbem-877	286	11	)	)	PUNCT
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fbem-877	286	13	*	*	PUNCT
fbem-877	286	14	(	(	PUNCT
fbem-877	286	15	1.83	1.83	NUM
fbem-877	286	16	)	)	PUNCT
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fbem-877	286	18	*	*	PUNCT
fbem-877	286	19	(	(	PUNCT
fbem-877	286	20	1.83	1.83	NUM
fbem-877	286	21	)	)	PUNCT
fbem-877	286	22	ibo	ibo	NOUN
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fbem-877	286	24	*	*	PUNCT
fbem-877	286	25	(	(	PUNCT
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fbem-877	286	27	)	)	PUNCT
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fbem-877	286	29	*	*	PUNCT
fbem-877	286	30	(	(	PUNCT
fbem-877	286	31	1.87	1.87	NUM
fbem-877	286	32	)	)	PUNCT
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fbem-877	286	34	*	*	PUNCT
fbem-877	286	35	(	(	PUNCT
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fbem-877	286	37	)	)	PUNCT
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fbem-877	286	39	(	(	PUNCT
fbem-877	286	40	0.73	0.73	NUM
fbem-877	286	41	)	)	PUNCT
fbem-877	286	42	0.050	0.050	NUM
fbem-877	286	43	(	(	PUNCT
fbem-877	286	44	1.56	1.56	NUM
fbem-877	286	45	)	)	PUNCT
fbem-877	286	46	obs	ob	NOUN
fbem-877	286	47	11547	11547	NUM
fbem-877	286	48	11547	11547	NUM
fbem-877	286	49	11547	11547	NUM
fbem-877	286	50	3855	3855	NUM
fbem-877	286	51	6947	6947	NUM
fbem-877	286	52	r	r	NOUN
fbem-877	286	53	-	-	PUNCT
fbem-877	286	54	sq	sq	ADJ
fbem-877	286	55	:	:	PUNCT
fbem-877	286	56	within	within	ADP
fbem-877	286	57	0.1962	0.1962	NUM
fbem-877	286	58	0.1983	0.1983	NUM
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fbem-877	287	1	0.2223	0.2223	NUM
fbem-877	287	2	f	f	SYM
fbem-877	287	3	71.84	71.84	NUM
fbem-877	287	4	77.04	77.04	NUM
fbem-877	287	5	64.40	64.40	NUM
fbem-877	287	6	15.41	15.41	NUM
fbem-877	287	7	62.53	62.53	NUM
fbem-877	287	8	4.4	4.4	NUM
fbem-877	287	9	.	.	PUNCT
fbem-877	288	1	robustness	robustness	NOUN
fbem-877	288	2	test	test	NOUN
fbem-877	288	3	4.4.1	4.4.1	NUM
fbem-877	288	4	.	.	PUNCT
fbem-877	289	1	fixed	fix	VERB
fbem-877	289	2	effect	effect	NOUN
fbem-877	289	3	regression	regression	NOUN
fbem-877	289	4	in	in	ADP
fbem-877	289	5	regression	regression	NOUN
fbem-877	289	6	analysis	analysis	NOUN
fbem-877	289	7	,	,	PUNCT
fbem-877	289	8	we	we	PRON
fbem-877	289	9	know	know	VERB
fbem-877	289	10	that	that	SCONJ
fbem-877	289	11	the	the	DET
fbem-877	289	12	accuracy	accuracy	NOUN
fbem-877	289	13	of	of	ADP
fbem-877	289	14	the	the	DET
fbem-877	289	15	model	model	NOUN
fbem-877	289	16	is	be	AUX
fbem-877	289	17	affected	affect	VERB
fbem-877	289	18	by	by	ADP
fbem-877	289	19	many	many	ADJ
fbem-877	289	20	variables	variable	NOUN
fbem-877	289	21	,	,	PUNCT
fbem-877	289	22	even	even	ADV
fbem-877	289	23	if	if	SCONJ
fbem-877	289	24	the	the	DET
fbem-877	289	25	control	control	NOUN
fbem-877	289	26	variables	variable	NOUN
fbem-877	289	27	are	be	AUX
fbem-877	289	28	very	very	ADV
fbem-877	289	29	effective	effective	ADJ
fbem-877	289	30	,	,	PUNCT
fbem-877	289	31	they	they	PRON
fbem-877	289	32	can	can	AUX
fbem-877	289	33	not	not	PART
fbem-877	289	34	avoid	avoid	VERB
fbem-877	289	35	the	the	DET
fbem-877	289	36	bias	bias	NOUN
fbem-877	289	37	caused	cause	VERB
fbem-877	289	38	by	by	ADP
fbem-877	289	39	the	the	DET
fbem-877	289	40	missing	miss	VERB
fbem-877	289	41	variables	variable	NOUN
fbem-877	289	42	,	,	PUNCT
fbem-877	289	43	for	for	ADP
fbem-877	289	44	enterprises	enterprise	NOUN
fbem-877	289	45	,	,	PUNCT
fbem-877	289	46	most	most	ADJ
fbem-877	289	47	of	of	ADP
fbem-877	289	48	the	the	DET
fbem-877	289	49	missing	miss	VERB
fbem-877	289	50	variables	variable	NOUN
fbem-877	289	51	do	do	AUX
fbem-877	289	52	not	not	PART
fbem-877	289	53	change	change	VERB
fbem-877	289	54	with	with	ADP
fbem-877	289	55	time	time	NOUN
fbem-877	289	56	,	,	PUNCT
fbem-877	289	57	in	in	ADP
fbem-877	289	58	order	order	NOUN
fbem-877	289	59	to	to	PART
fbem-877	289	60	solve	solve	VERB
fbem-877	289	61	this	this	DET
fbem-877	289	62	problem	problem	NOUN
fbem-877	289	63	,	,	PUNCT
fbem-877	289	64	the	the	DET
fbem-877	289	65	article	article	NOUN
fbem-877	289	66	uses	use	VERB
fbem-877	289	67	fixed	fix	VERB
fbem-877	289	68	effect	effect	NOUN
fbem-877	289	69	regression	regression	NOUN
fbem-877	289	70	to	to	PART
fbem-877	289	71	reduce	reduce	VERB
fbem-877	289	72	the	the	DET
fbem-877	289	73	impact	impact	NOUN
fbem-877	289	74	of	of	ADP
fbem-877	289	75	missing	miss	VERB
fbem-877	289	76	variables	variable	NOUN
fbem-877	289	77	on	on	ADP
fbem-877	289	78	regression.as	regression.as	NOUN
fbem-877	289	79	can	can	AUX
fbem-877	289	80	be	be	AUX
fbem-877	289	81	seen	see	VERB
fbem-877	289	82	from	from	ADP
fbem-877	289	83	the	the	DET
fbem-877	289	84	fixed	fix	VERB
fbem-877	289	85	-	-	PUNCT
fbem-877	289	86	effect	effect	NOUN
fbem-877	289	87	regression	regression	NOUN
fbem-877	289	88	of	of	ADP
fbem-877	289	89	model	model	NOUN
fbem-877	289	90	4	4	NUM
fbem-877	289	91	,	,	PUNCT
fbem-877	289	92	the	the	DET
fbem-877	289	93	shareholding	shareholding	NOUN
fbem-877	289	94	ratio	ratio	NOUN
fbem-877	289	95	of	of	ADP
fbem-877	289	96	institutional	institutional	ADJ
fbem-877	289	97	investors	investor	NOUN
fbem-877	289	98	is	be	AUX
fbem-877	289	99	still	still	ADV
fbem-877	289	100	significantly	significantly	ADV
fbem-877	289	101	positively	positively	ADV
fbem-877	289	102	correlated	correlate	VERB
fbem-877	289	103	with	with	ADP
fbem-877	289	104	corporate	corporate	ADJ
fbem-877	289	105	performance	performance	NOUN
fbem-877	289	106	,	,	PUNCT
fbem-877	289	107	and	and	CCONJ
fbem-877	289	108	the	the	DET
fbem-877	289	109	interaction	interaction	NOUN
fbem-877	289	110	term	term	NOUN
fbem-877	289	111	between	between	ADP
fbem-877	289	112	accounting	accounting	NOUN
fbem-877	289	113	information	information	NOUN
fbem-877	289	114	quality	quality	NOUN
fbem-877	289	115	and	and	CCONJ
fbem-877	289	116	institutional	institutional	ADJ
fbem-877	289	117	161	161	NUM
fbem-877	289	118	investors	investor	NOUN
fbem-877	289	119	'	'	PART
fbem-877	289	120	shareholding	shareholding	NOUN
fbem-877	289	121	is	be	AUX
fbem-877	289	122	significantly	significantly	ADV
fbem-877	289	123	negatively	negatively	ADV
fbem-877	289	124	correlated	correlate	VERB
fbem-877	289	125	with	with	ADP
fbem-877	289	126	corporate	corporate	ADJ
fbem-877	289	127	performance	performance	NOUN
fbem-877	289	128	.	.	PUNCT
fbem-877	290	1	the	the	DET
fbem-877	290	2	fixed	fixed	ADJ
fbem-877	290	3	effect	effect	NOUN
fbem-877	290	4	regression	regression	NOUN
fbem-877	290	5	of	of	ADP
fbem-877	290	6	model	model	NOUN
fbem-877	290	7	4	4	NUM
fbem-877	290	8	is	be	AUX
fbem-877	290	9	still	still	ADV
fbem-877	290	10	valid.it	valid.it	NUM
fbem-877	290	11	can	can	AUX
fbem-877	290	12	be	be	AUX
fbem-877	290	13	seen	see	VERB
fbem-877	290	14	from	from	ADP
fbem-877	290	15	the	the	DET
fbem-877	290	16	regression	regression	NOUN
fbem-877	290	17	of	of	ADP
fbem-877	290	18	model	model	NOUN
fbem-877	290	19	5	5	NUM
fbem-877	290	20	and	and	CCONJ
fbem-877	290	21	model	model	NOUN
fbem-877	290	22	6	6	NUM
fbem-877	290	23	that	that	SCONJ
fbem-877	290	24	institutional	institutional	ADJ
fbem-877	290	25	investors	investor	NOUN
fbem-877	290	26	with	with	ADP
fbem-877	290	27	strong	strong	ADJ
fbem-877	290	28	independence	independence	NOUN
fbem-877	290	29	have	have	VERB
fbem-877	290	30	a	a	DET
fbem-877	290	31	significant	significant	ADJ
fbem-877	290	32	impact	impact	NOUN
fbem-877	290	33	on	on	ADP
fbem-877	290	34	accounting	accounting	NOUN
fbem-877	290	35	information	information	NOUN
fbem-877	290	36	quality	quality	NOUN
fbem-877	290	37	and	and	CCONJ
fbem-877	290	38	corporate	corporate	ADJ
fbem-877	290	39	performance	performance	NOUN
fbem-877	290	40	,	,	PUNCT
fbem-877	290	41	while	while	SCONJ
fbem-877	290	42	institutional	institutional	ADJ
fbem-877	290	43	investors	investor	NOUN
fbem-877	290	44	with	with	ADP
fbem-877	290	45	low	low	ADJ
fbem-877	290	46	independence	independence	NOUN
fbem-877	290	47	have	have	VERB
fbem-877	290	48	no	no	DET
fbem-877	290	49	significant	significant	ADJ
fbem-877	290	50	impact	impact	NOUN
fbem-877	290	51	,	,	PUNCT
fbem-877	290	52	which	which	PRON
fbem-877	290	53	is	be	AUX
fbem-877	290	54	basically	basically	ADV
fbem-877	290	55	consistent	consistent	ADJ
fbem-877	290	56	with	with	ADP
fbem-877	290	57	the	the	DET
fbem-877	290	58	multiple	multiple	ADJ
fbem-877	290	59	regression	regression	NOUN
fbem-877	290	60	results	result	NOUN
fbem-877	290	61	in	in	ADP
fbem-877	290	62	table	table	NOUN
fbem-877	290	63	5.from	5.from	NUM
fbem-877	290	64	state	state	NOUN
fbem-877	290	65	-	-	PUNCT
fbem-877	290	66	owned	own	VERB
fbem-877	290	67	enterprises	enterprise	NOUN
fbem-877	290	68	and	and	CCONJ
fbem-877	290	69	private	private	ADJ
fbem-877	290	70	enterprises	enterprise	NOUN
fbem-877	290	71	of	of	ADP
fbem-877	290	72	the	the	DET
fbem-877	290	73	fixed	fix	VERB
fbem-877	290	74	effects	effect	NOUN
fbem-877	290	75	regression	regression	NOUN
fbem-877	290	76	,	,	PUNCT
fbem-877	290	77	institutional	institutional	ADJ
fbem-877	290	78	investors	investor	NOUN
fbem-877	290	79	holding	hold	VERB
fbem-877	290	80	effects	effect	NOUN
fbem-877	290	81	on	on	ADP
fbem-877	290	82	enterprise	enterprise	NOUN
fbem-877	290	83	performance	performance	NOUN
fbem-877	290	84	has	have	VERB
fbem-877	290	85	salience	salience	NOUN
fbem-877	290	86	,	,	PUNCT
fbem-877	290	87	and	and	CCONJ
fbem-877	290	88	table	table	NOUN
fbem-877	290	89	5	5	NUM
fbem-877	290	90	regression	regression	NOUN
fbem-877	290	91	,	,	PUNCT
fbem-877	290	92	and	and	CCONJ
fbem-877	290	93	the	the	DET
fbem-877	290	94	state	state	NOUN
fbem-877	290	95	-	-	PUNCT
fbem-877	290	96	owned	own	VERB
fbem-877	290	97	enterprise	enterprise	NOUN
fbem-877	290	98	accounting	accounting	NOUN
fbem-877	290	99	information	information	NOUN
fbem-877	290	100	quality	quality	NOUN
fbem-877	290	101	in	in	ADP
fbem-877	290	102	no	no	DET
fbem-877	290	103	significant	significant	ADJ
fbem-877	290	104	influence	influence	NOUN
fbem-877	290	105	on	on	ADP
fbem-877	290	106	enterprise	enterprise	NOUN
fbem-877	290	107	performance	performance	NOUN
fbem-877	290	108	,	,	PUNCT
fbem-877	290	109	institutional	institutional	ADJ
fbem-877	290	110	investors	investor	NOUN
fbem-877	290	111	and	and	CCONJ
fbem-877	290	112	the	the	DET
fbem-877	290	113	quality	quality	NOUN
fbem-877	290	114	of	of	ADP
fbem-877	290	115	accounting	accounting	NOUN
fbem-877	290	116	information	information	NOUN
fbem-877	290	117	interaction	interaction	NOUN
fbem-877	290	118	item	item	NOUN
fbem-877	290	119	of	of	ADP
fbem-877	290	120	the	the	DET
fbem-877	290	121	same	same	ADJ
fbem-877	290	122	,	,	PUNCT
fbem-877	290	123	there	there	PRON
fbem-877	290	124	is	be	VERB
fbem-877	290	125	no	no	DET
fbem-877	290	126	significant	significant	ADJ
fbem-877	290	127	impact	impact	NOUN
fbem-877	290	128	on	on	ADP
fbem-877	290	129	business	business	NOUN
fbem-877	290	130	performance.however	performance.however	NOUN
fbem-877	290	131	,	,	PUNCT
fbem-877	290	132	accounting	account	VERB
fbem-877	290	133	information	information	NOUN
fbem-877	290	134	quality	quality	NOUN
fbem-877	290	135	of	of	ADP
fbem-877	290	136	private	private	ADJ
fbem-877	290	137	enterprises	enterprise	NOUN
fbem-877	290	138	has	have	VERB
fbem-877	290	139	a	a	DET
fbem-877	290	140	highly	highly	ADV
fbem-877	290	141	positive	positive	ADJ
fbem-877	290	142	correlation	correlation	NOUN
fbem-877	290	143	with	with	ADP
fbem-877	290	144	corporate	corporate	ADJ
fbem-877	290	145	performance	performance	NOUN
fbem-877	290	146	at	at	ADP
fbem-877	290	147	the	the	DET
fbem-877	290	148	level	level	NOUN
fbem-877	290	149	of	of	ADP
fbem-877	290	150	1	1	NUM
fbem-877	290	151	%	%	NOUN
fbem-877	290	152	,	,	PUNCT
fbem-877	290	153	and	and	CCONJ
fbem-877	290	154	the	the	DET
fbem-877	290	155	interaction	interaction	NOUN
fbem-877	290	156	between	between	ADP
fbem-877	290	157	institutional	institutional	ADJ
fbem-877	290	158	investors	investor	NOUN
fbem-877	290	159	and	and	CCONJ
fbem-877	290	160	accounting	accounting	NOUN
fbem-877	290	161	information	information	NOUN
fbem-877	290	162	quality	quality	NOUN
fbem-877	290	163	also	also	ADV
fbem-877	290	164	has	have	VERB
fbem-877	290	165	a	a	DET
fbem-877	290	166	significant	significant	ADJ
fbem-877	290	167	impact	impact	NOUN
fbem-877	290	168	on	on	ADP
fbem-877	290	169	corporate	corporate	ADJ
fbem-877	290	170	performance	performance	NOUN
fbem-877	290	171	at	at	ADP
fbem-877	290	172	the	the	DET
fbem-877	290	173	level	level	NOUN
fbem-877	290	174	of	of	ADP
fbem-877	290	175	1	1	NUM
fbem-877	290	176	%	%	NOUN
fbem-877	290	177	.	.	PUNCT
fbem-877	291	1	4.4.2	4.4.2	X
fbem-877	291	2	.	.	PUNCT
fbem-877	292	1	replace	replace	VERB
fbem-877	292	2	variables	variable	NOUN
fbem-877	292	3	in	in	ADP
fbem-877	292	4	order	order	NOUN
fbem-877	292	5	to	to	PART
fbem-877	292	6	make	make	VERB
fbem-877	292	7	the	the	DET
fbem-877	292	8	conclusions	conclusion	NOUN
fbem-877	292	9	more	more	ADV
fbem-877	292	10	reliable	reliable	ADJ
fbem-877	292	11	and	and	CCONJ
fbem-877	292	12	stable	stable	ADJ
fbem-877	292	13	,	,	PUNCT
fbem-877	292	14	the	the	DET
fbem-877	292	15	article	article	NOUN
fbem-877	292	16	adopts	adopt	VERB
fbem-877	292	17	the	the	DET
fbem-877	292	18	method	method	NOUN
fbem-877	292	19	of	of	ADP
fbem-877	292	20	replacing	replace	VERB
fbem-877	292	21	variables	variable	NOUN
fbem-877	292	22	,	,	PUNCT
fbem-877	292	23	replacing	replace	VERB
fbem-877	292	24	the	the	DET
fbem-877	292	25	explanatory	explanatory	ADJ
fbem-877	292	26	variable	variable	ADJ
fbem-877	292	27	return	return	NOUN
fbem-877	292	28	on	on	ADP
fbem-877	292	29	assets	asset	NOUN
fbem-877	292	30	(	(	PUNCT
fbem-877	292	31	roa	roa	NOUN
fbem-877	292	32	)	)	PUNCT
fbem-877	292	33	with	with	ADP
fbem-877	292	34	the	the	DET
fbem-877	292	35	return	return	NOUN
fbem-877	292	36	on	on	ADP
fbem-877	292	37	net	net	ADJ
fbem-877	292	38	assets	asset	NOUN
fbem-877	292	39	(	(	PUNCT
fbem-877	292	40	roe),as	roe),as	NOUN
fbem-877	292	41	you	you	PRON
fbem-877	292	42	can	can	AUX
fbem-877	292	43	see	see	VERB
fbem-877	292	44	from	from	ADP
fbem-877	292	45	the	the	DET
fbem-877	292	46	table	table	NOUN
fbem-877	292	47	8	8	NUM
fbem-877	292	48	,	,	PUNCT
fbem-877	292	49	institutional	institutional	ADJ
fbem-877	292	50	investors	investor	NOUN
fbem-877	292	51	holding	hold	VERB
fbem-877	292	52	performance	performance	NOUN
fbem-877	292	53	is	be	AUX
fbem-877	292	54	significantly	significantly	ADV
fbem-877	292	55	positively	positively	ADV
fbem-877	292	56	related	relate	VERB
fbem-877	292	57	to	to	ADP
fbem-877	292	58	the	the	DET
fbem-877	292	59	enterprise	enterprise	NOUN
fbem-877	292	60	,	,	PUNCT
fbem-877	292	61	and	and	CCONJ
fbem-877	292	62	can	can	AUX
fbem-877	292	63	significantly	significantly	ADV
fbem-877	292	64	adjust	adjust	VERB
fbem-877	292	65	the	the	DET
fbem-877	292	66	accounting	accounting	NOUN
fbem-877	292	67	information	information	NOUN
fbem-877	292	68	quality	quality	NOUN
fbem-877	292	69	and	and	CCONJ
fbem-877	292	70	the	the	DET
fbem-877	292	71	positive	positive	ADJ
fbem-877	292	72	correlation	correlation	NOUN
fbem-877	292	73	between	between	ADP
fbem-877	292	74	enterprise	enterprise	NOUN
fbem-877	292	75	performance	performance	NOUN
fbem-877	292	76	,	,	PUNCT
fbem-877	292	77	institutional	institutional	ADJ
fbem-877	292	78	investors	investor	NOUN
fbem-877	292	79	with	with	ADP
fbem-877	292	80	strong	strong	ADJ
fbem-877	292	81	independence	independence	NOUN
fbem-877	292	82	have	have	VERB
fbem-877	292	83	a	a	DET
fbem-877	292	84	significant	significant	ADJ
fbem-877	292	85	positive	positive	ADJ
fbem-877	292	86	moderating	moderate	VERB
fbem-877	292	87	effect	effect	NOUN
fbem-877	292	88	on	on	ADP
fbem-877	292	89	enterprise	enterprise	NOUN
fbem-877	292	90	performance	performance	NOUN
fbem-877	292	91	,	,	PUNCT
fbem-877	292	92	and	and	CCONJ
fbem-877	292	93	compared	compare	VERB
fbem-877	292	94	with	with	ADP
fbem-877	292	95	institutional	institutional	ADJ
fbem-877	292	96	investors	investor	NOUN
fbem-877	292	97	with	with	ADP
fbem-877	292	98	weak	weak	ADJ
fbem-877	292	99	independence	independence	NOUN
fbem-877	292	100	,	,	PUNCT
fbem-877	292	101	they	they	PRON
fbem-877	292	102	can	can	AUX
fbem-877	292	103	significantly	significantly	ADV
fbem-877	292	104	negatively	negatively	ADV
fbem-877	292	105	affect	affect	VERB
fbem-877	292	106	the	the	DET
fbem-877	292	107	relationship	relationship	NOUN
fbem-877	292	108	between	between	ADP
fbem-877	292	109	accounting	account	VERB
fbem-877	292	110	information	information	NOUN
fbem-877	292	111	quality	quality	NOUN
fbem-877	292	112	and	and	CCONJ
fbem-877	292	113	enterprise	enterprise	NOUN
fbem-877	292	114	performance	performance	NOUN
fbem-877	292	115	,	,	PUNCT
fbem-877	292	116	while	while	SCONJ
fbem-877	292	117	the	the	DET
fbem-877	292	118	impact	impact	NOUN
fbem-877	292	119	of	of	ADP
fbem-877	292	120	institutional	institutional	ADJ
fbem-877	292	121	investors	investor	NOUN
fbem-877	292	122	with	with	ADP
fbem-877	292	123	weak	weak	ADJ
fbem-877	292	124	independence	independence	NOUN
fbem-877	292	125	is	be	AUX
fbem-877	292	126	not	not	PART
fbem-877	292	127	significant	significant	ADJ
fbem-877	292	128	.	.	PUNCT
fbem-877	293	1	in	in	ADP
fbem-877	293	2	state	state	NOUN
fbem-877	293	3	-	-	PUNCT
fbem-877	293	4	owned	own	VERB
fbem-877	293	5	enterprises	enterprise	NOUN
fbem-877	293	6	and	and	CCONJ
fbem-877	293	7	private	private	ADJ
fbem-877	293	8	enterprises	enterprise	NOUN
fbem-877	293	9	,	,	PUNCT
fbem-877	293	10	institutional	institutional	ADJ
fbem-877	293	11	investors	investor	NOUN
fbem-877	293	12	can	can	AUX
fbem-877	293	13	significantly	significantly	ADV
fbem-877	293	14	affect	affect	VERB
fbem-877	293	15	the	the	DET
fbem-877	293	16	relationship	relationship	NOUN
fbem-877	293	17	between	between	ADP
fbem-877	293	18	accounting	account	VERB
fbem-877	293	19	information	information	NOUN
fbem-877	293	20	quality	quality	NOUN
fbem-877	293	21	and	and	CCONJ
fbem-877	293	22	corporate	corporate	ADJ
fbem-877	293	23	performance	performance	NOUN
fbem-877	293	24	of	of	ADP
fbem-877	293	25	private	private	ADJ
fbem-877	293	26	enterprises	enterprise	NOUN
fbem-877	293	27	,	,	PUNCT
fbem-877	293	28	but	but	CCONJ
fbem-877	293	29	not	not	PART
fbem-877	293	30	for	for	ADP
fbem-877	293	31	state	state	NOUN
fbem-877	293	32	-	-	PUNCT
fbem-877	293	33	owned	own	VERB
fbem-877	293	34	enterprises	enterprise	NOUN
fbem-877	293	35	,	,	PUNCT
fbem-877	293	36	which	which	PRON
fbem-877	293	37	is	be	AUX
fbem-877	293	38	basically	basically	ADV
fbem-877	293	39	consistent	consistent	ADJ
fbem-877	293	40	with	with	ADP
fbem-877	293	41	the	the	DET
fbem-877	293	42	original	original	ADJ
fbem-877	293	43	rate	rate	NOUN
fbem-877	293	44	of	of	ADP
fbem-877	293	45	return	return	NOUN
fbem-877	293	46	on	on	ADP
fbem-877	293	47	assets	asset	NOUN
fbem-877	293	48	.	.	PUNCT
fbem-877	294	1	table	table	NOUN
fbem-877	294	2	8	8	NUM
fbem-877	294	3	.	.	PUNCT
fbem-877	295	1	multiple	multiple	ADJ
fbem-877	295	2	regression	regression	NOUN
fbem-877	295	3	results	result	NOUN
fbem-877	295	4	of	of	ADP
fbem-877	295	5	substitution	substitution	NOUN
fbem-877	295	6	variables	variable	NOUN
fbem-877	295	7	variable	variable	ADJ
fbem-877	295	8	model	model	NOUN
fbem-877	295	9	4	4	NUM
fbem-877	295	10	roe	roe	NOUN
fbem-877	295	11	model	model	NOUN
fbem-877	295	12	5	5	NUM
fbem-877	295	13	roe	roe	NOUN
fbem-877	295	14	model	model	NOUN
fbem-877	295	15	6	6	NUM
fbem-877	295	16	roe	roe	NOUN
fbem-877	295	17	model	model	NOUN
fbem-877	295	18	4	4	NUM
fbem-877	295	19	state	state	NOUN
fbem-877	295	20	-	-	PUNCT
fbem-877	295	21	owned	own	VERB
fbem-877	295	22	enterprises	enterprise	NOUN
fbem-877	295	23	model	model	VERB
fbem-877	295	24	4	4	NUM
fbem-877	295	25	the	the	DET
fbem-877	295	26	private	private	ADJ
fbem-877	295	27	enterprise	enterprise	NOUN
fbem-877	295	28	ins	in	VERB
fbem-877	295	29	0.033	0.033	NUM
fbem-877	295	30	*	*	PUNCT
fbem-877	296	1	*	*	PUNCT
fbem-877	296	2	*	*	PUNCT
fbem-877	296	3	(	(	PUNCT
fbem-877	296	4	15.91	15.91	NUM
fbem-877	296	5	)	)	PUNCT
fbem-877	296	6	0.025	0.025	NUM
fbem-877	296	7	*	*	PUNCT
fbem-877	297	1	*	*	PUNCT
fbem-877	297	2	*	*	PUNCT
fbem-877	297	3	(	(	PUNCT
fbem-877	297	4	7.47	7.47	NUM
fbem-877	297	5	)	)	PUNCT
fbem-877	297	6	0.038	0.038	NUM
fbem-877	297	7	*	*	PUNCT
fbem-877	298	1	*	*	PUNCT
fbem-877	298	2	*	*	PUNCT
fbem-877	298	3	(	(	PUNCT
fbem-877	298	4	13.20	13.20	NUM
fbem-877	298	5	)	)	PUNCT
fbem-877	298	6	ins1	ins1	NOUN
fbem-877	298	7	0.060	0.060	NUM
fbem-877	298	8	*	*	PUNCT
fbem-877	299	1	*	*	PUNCT
fbem-877	299	2	*	*	PUNCT
fbem-877	299	3	(	(	PUNCT
fbem-877	299	4	21.93	21.93	NUM
fbem-877	299	5	)	)	PUNCT
fbem-877	299	6	ins2	ins2	NOUN
fbem-877	300	1	0.010	0.010	NUM
fbem-877	300	2	*	*	PUNCT
fbem-877	301	1	*	*	PUNCT
fbem-877	301	2	*	*	PUNCT
fbem-877	301	3	(	(	PUNCT
fbem-877	301	4	2.56	2.56	NUM
fbem-877	301	5	)	)	PUNCT
fbem-877	301	6	da	da	NOUN
fbem-877	301	7	0.092	0.092	NUM
fbem-877	301	8	*	*	PUNCT
fbem-877	302	1	*	*	PUNCT
fbem-877	302	2	*	*	PUNCT
fbem-877	302	3	(	(	PUNCT
fbem-877	302	4	5.93	5.93	NUM
fbem-877	302	5	)	)	PUNCT
fbem-877	302	6	0.091	0.091	NUM
fbem-877	303	1	*	*	PUNCT
fbem-877	304	1	*	*	PUNCT
fbem-877	304	2	*	*	PUNCT
fbem-877	304	3	(	(	PUNCT
fbem-877	304	4	6.58	6.58	NUM
fbem-877	304	5	)	)	PUNCT
fbem-877	305	1	0.064	0.064	NUM
fbem-877	305	2	*	*	PUNCT
fbem-877	306	1	*	*	PUNCT
fbem-877	306	2	*	*	PUNCT
fbem-877	306	3	(	(	PUNCT
fbem-877	306	4	4.55	4.55	NUM
fbem-877	306	5	)	)	PUNCT
fbem-877	306	6	0.012	0.012	NUM
fbem-877	306	7	(	(	PUNCT
fbem-877	306	8	0.54	0.54	NUM
fbem-877	306	9	)	)	PUNCT
fbem-877	306	10	0.014	0.014	NUM
fbem-877	306	11	*	*	PUNCT
fbem-877	307	1	*	*	PUNCT
fbem-877	307	2	*	*	PUNCT
fbem-877	307	3	(	(	PUNCT
fbem-877	307	4	6.86	6.86	NUM
fbem-877	307	5	)	)	PUNCT
fbem-877	307	6	da	da	NOUN
fbem-877	307	7	x	x	PUNCT
fbem-877	307	8	ins	in	VERB
fbem-877	307	9	0.533	0.533	NUM
fbem-877	307	10	*	*	PUNCT
fbem-877	308	1	*	*	PUNCT
fbem-877	308	2	*	*	PUNCT
fbem-877	308	3	(	(	PUNCT
fbem-877	308	4	2.72	2.72	NUM
fbem-877	308	5	)	)	PUNCT
fbem-877	308	6	0.862	0.862	NUM
fbem-877	308	7	*	*	PUNCT
fbem-877	309	1	*	*	PUNCT
fbem-877	309	2	*	*	PUNCT
fbem-877	309	3	(	(	PUNCT
fbem-877	309	4	3.31	3.31	NUM
fbem-877	309	5	)	)	PUNCT
fbem-877	309	6	0.148	0.148	NUM
fbem-877	309	7	(	(	PUNCT
fbem-877	309	8	0.687	0.687	NUM
fbem-877	309	9	)	)	PUNCT
fbem-877	309	10	0.268	0.268	NUM
fbem-877	309	11	(	(	PUNCT
fbem-877	309	12	0.09	0.09	NUM
fbem-877	309	13	)	)	PUNCT
fbem-877	309	14	0.804	0.804	NUM
fbem-877	309	15	*	*	PUNCT
fbem-877	310	1	*	*	PUNCT
fbem-877	310	2	*	*	PUNCT
fbem-877	310	3	(	(	PUNCT
fbem-877	310	4	3.03	3.03	NUM
fbem-877	310	5	)	)	PUNCT
fbem-877	310	6	size	size	NOUN
fbem-877	310	7	0.171	0.171	NUM
fbem-877	310	8	*	*	PUNCT
fbem-877	311	1	*	*	PUNCT
fbem-877	311	2	*	*	PUNCT
fbem-877	311	3	(	(	PUNCT
fbem-877	311	4	17.30	17.30	NUM
fbem-877	311	5	)	)	PUNCT
fbem-877	311	6	0.179	0.179	NUM
fbem-877	312	1	*	*	PUNCT
fbem-877	313	1	*	*	PUNCT
fbem-877	313	2	*	*	PUNCT
fbem-877	313	3	(	(	PUNCT
fbem-877	313	4	18.83	18.83	NUM
fbem-877	313	5	)	)	PUNCT
fbem-877	313	6	0.236	0.236	NUM
fbem-877	314	1	*	*	PUNCT
fbem-877	314	2	*	*	PUNCT
fbem-877	314	3	*	*	PUNCT
fbem-877	314	4	(	(	PUNCT
fbem-877	314	5	23.87	23.87	NUM
fbem-877	314	6	)	)	PUNCT
fbem-877	314	7	0.144	0.144	NUM
fbem-877	315	1	*	*	PUNCT
fbem-877	316	1	*	*	PUNCT
fbem-877	316	2	*	*	PUNCT
fbem-877	316	3	(	(	PUNCT
fbem-877	316	4	10.83	10.83	NUM
fbem-877	316	5	)	)	PUNCT
fbem-877	316	6	0.208	0.208	NUM
fbem-877	316	7	*	*	PUNCT
fbem-877	316	8	*	*	PUNCT
fbem-877	316	9	*	*	PUNCT
fbem-877	316	10	(	(	PUNCT
fbem-877	316	11	13.40	13.40	NUM
fbem-877	316	12	)	)	PUNCT
fbem-877	316	13	lev	lev	NOUN
fbem-877	316	14	0.174	0.174	NUM
fbem-877	316	15	*	*	PUNCT
fbem-877	317	1	*	*	PUNCT
fbem-877	317	2	*	*	PUNCT
fbem-877	317	3	(	(	PUNCT
fbem-877	317	4	29.34	29.34	NUM
fbem-877	317	5	)	)	PUNCT
fbem-877	317	6	0.170	0.170	NUM
fbem-877	318	1	*	*	PUNCT
fbem-877	319	1	*	*	PUNCT
fbem-877	319	2	*	*	PUNCT
fbem-877	319	3	(	(	PUNCT
fbem-877	319	4	28.95	28.95	NUM
fbem-877	319	5	)	)	PUNCT
fbem-877	319	6	0.185	0.185	NUM
fbem-877	319	7	*	*	PUNCT
fbem-877	320	1	*	*	PUNCT
fbem-877	320	2	*	*	PUNCT
fbem-877	320	3	(	(	PUNCT
fbem-877	320	4	30.95	30.95	NUM
fbem-877	320	5	)	)	PUNCT
fbem-877	320	6	0.136	0.136	NUM
fbem-877	320	7	*	*	PUNCT
fbem-877	321	1	*	*	PUNCT
fbem-877	321	2	*	*	PUNCT
fbem-877	321	3	(	(	PUNCT
fbem-877	321	4	15.54	15.54	NUM
fbem-877	321	5	)	)	PUNCT
fbem-877	321	6	0.197	0.197	NUM
fbem-877	321	7	*	*	PUNCT
fbem-877	322	1	*	*	PUNCT
fbem-877	322	2	*	*	PUNCT
fbem-877	322	3	(	(	PUNCT
fbem-877	322	4	23.90	23.90	NUM
fbem-877	322	5	)	)	PUNCT
fbem-877	322	6	grow	grow	VERB
fbem-877	322	7	0.003	0.003	NUM
fbem-877	322	8	*	*	PUNCT
fbem-877	323	1	*	*	PUNCT
fbem-877	323	2	*	*	PUNCT
fbem-877	323	3	(	(	PUNCT
fbem-877	323	4	7.59	7.59	NUM
fbem-877	323	5	)	)	PUNCT
fbem-877	323	6	0.003	0.003	NUM
fbem-877	323	7	*	*	PUNCT
fbem-877	324	1	*	*	PUNCT
fbem-877	324	2	*	*	PUNCT
fbem-877	324	3	(	(	PUNCT
fbem-877	324	4	7.49	7.49	NUM
fbem-877	324	5	)	)	PUNCT
fbem-877	324	6	0.003	0.003	NUM
fbem-877	324	7	*	*	PUNCT
fbem-877	325	1	*	*	PUNCT
fbem-877	325	2	*	*	PUNCT
fbem-877	325	3	(	(	PUNCT
fbem-877	325	4	7.55	7.55	NUM
fbem-877	325	5	)	)	PUNCT
fbem-877	325	6	0.003	0.003	NUM
fbem-877	325	7	*	*	PUNCT
fbem-877	326	1	*	*	PUNCT
fbem-877	326	2	*	*	PUNCT
fbem-877	326	3	(	(	PUNCT
fbem-877	326	4	4.34	4.34	NUM
fbem-877	326	5	)	)	PUNCT
fbem-877	326	6	0.003	0.003	NUM
fbem-877	326	7	*	*	PUNCT
fbem-877	327	1	*	*	PUNCT
fbem-877	327	2	*	*	PUNCT
fbem-877	327	3	(	(	PUNCT
fbem-877	327	4	6.71	6.71	NUM
fbem-877	327	5	)	)	PUNCT
fbem-877	327	6	lhr	lhr	NOUN
fbem-877	327	7	0.014	0.014	NUM
fbem-877	327	8	*	*	PUNCT
fbem-877	328	1	*	*	PUNCT
fbem-877	328	2	*	*	PUNCT
fbem-877	328	3	(	(	PUNCT
fbem-877	328	4	19.00	19.00	NUM
fbem-877	328	5	)	)	PUNCT
fbem-877	328	6	0.014	0.014	NUM
fbem-877	328	7	*	*	PUNCT
fbem-877	329	1	*	*	PUNCT
fbem-877	329	2	*	*	PUNCT
fbem-877	329	3	(	(	PUNCT
fbem-877	329	4	19.16	19.16	NUM
fbem-877	329	5	)	)	PUNCT
fbem-877	330	1	0.011	0.011	NUM
fbem-877	330	2	*	*	PUNCT
fbem-877	331	1	*	*	PUNCT
fbem-877	331	2	*	*	PUNCT
fbem-877	331	3	(	(	PUNCT
fbem-877	331	4	16.05	16.05	NUM
fbem-877	331	5	)	)	PUNCT
fbem-877	332	1	0.008	0.008	NUM
fbem-877	332	2	*	*	PUNCT
fbem-877	333	1	*	*	PUNCT
fbem-877	333	2	*	*	PUNCT
fbem-877	333	3	(	(	PUNCT
fbem-877	333	4	8.10	8.10	NUM
fbem-877	333	5	)	)	PUNCT
fbem-877	333	6	0.018	0.018	NUM
fbem-877	333	7	*	*	PUNCT
fbem-877	334	1	*	*	PUNCT
fbem-877	334	2	*	*	PUNCT
fbem-877	334	3	(	(	PUNCT
fbem-877	334	4	17.87	17.87	NUM
fbem-877	334	5	)	)	PUNCT
fbem-877	334	6	owner	owner	NOUN
fbem-877	334	7	0.059	0.059	NUM
fbem-877	335	1	*	*	PUNCT
fbem-877	336	1	*	*	PUNCT
fbem-877	336	2	*	*	PUNCT
fbem-877	336	3	(	(	PUNCT
fbem-877	336	4	3.69	3.69	NUM
fbem-877	336	5	)	)	PUNCT
fbem-877	337	1	0.063	0.063	NUM
fbem-877	337	2	*	*	PUNCT
fbem-877	338	1	*	*	PUNCT
fbem-877	338	2	*	*	PUNCT
fbem-877	338	3	(	(	PUNCT
fbem-877	338	4	4.00	4.00	NUM
fbem-877	338	5	)	)	PUNCT
fbem-877	339	1	0.080	0.080	NUM
fbem-877	339	2	*	*	PUNCT
fbem-877	340	1	*	*	PUNCT
fbem-877	340	2	*	*	PUNCT
fbem-877	340	3	(	(	PUNCT
fbem-877	340	4	4.99	4.99	NUM
fbem-877	340	5	)	)	PUNCT
fbem-877	340	6	ibo	ibo	VERB
fbem-877	340	7	0.090	0.090	NUM
fbem-877	340	8	*	*	PUNCT
fbem-877	341	1	*	*	PUNCT
fbem-877	341	2	*	*	PUNCT
fbem-877	341	3	(	(	PUNCT
fbem-877	341	4	4.99	4.99	NUM
fbem-877	341	5	)	)	PUNCT
fbem-877	341	6	0.087	0.087	NUM
fbem-877	341	7	*	*	PUNCT
fbem-877	342	1	*	*	PUNCT
fbem-877	342	2	*	*	PUNCT
fbem-877	342	3	(	(	PUNCT
fbem-877	342	4	4.891	4.891	NUM
fbem-877	342	5	)	)	PUNCT
fbem-877	342	6	0.090	0.090	NUM
fbem-877	343	1	*	*	PUNCT
fbem-877	344	1	*	*	PUNCT
fbem-877	344	2	*	*	PUNCT
fbem-877	344	3	(	(	PUNCT
fbem-877	344	4	4.93	4.93	NUM
fbem-877	344	5	)	)	PUNCT
fbem-877	344	6	0.082	0.082	NUM
fbem-877	344	7	*	*	PUNCT
fbem-877	345	1	*	*	PUNCT
fbem-877	345	2	*	*	PUNCT
fbem-877	345	3	(	(	PUNCT
fbem-877	345	4	3.17	3.17	NUM
fbem-877	345	5	)	)	PUNCT
fbem-877	345	6	0.071	0.071	NUM
fbem-877	345	7	*	*	PUNCT
fbem-877	346	1	*	*	PUNCT
fbem-877	346	2	*	*	PUNCT
fbem-877	346	3	(	(	PUNCT
fbem-877	346	4	2.78	2.78	NUM
fbem-877	346	5	)	)	PUNCT
fbem-877	346	6	obs	obs	PROPN
fbem-877	346	7	11329	11329	NUM
fbem-877	346	8	11329	11329	NUM
fbem-877	346	9	11329	11329	NUM
fbem-877	346	10	3788	3788	NUM
fbem-877	346	11	6806	6806	NUM
fbem-877	346	12	r	r	X
fbem-877	346	13	-	-	PUNCT
fbem-877	346	14	sq	sq	INTJ
fbem-877	346	15	0.15	0.15	NUM
fbem-877	346	16	0.16	0.16	NUM
fbem-877	346	17	0.12	0.12	NUM
fbem-877	346	18	0.13	0.13	NUM
fbem-877	346	19	0.16	0.16	NUM
fbem-877	346	20	r2_a	r2_a	NOUN
fbem-877	346	21	0.145	0.145	NUM
fbem-877	346	22	0.164	0.164	NUM
fbem-877	346	23	0.124	0.124	NUM
fbem-877	346	24	0.129	0.129	NUM
fbem-877	346	25	0.163	0.163	NUM
fbem-877	346	26	f	f	PROPN
fbem-877	346	27	213.82	213.82	NUM
fbem-877	346	28	248.34	248.34	NUM
fbem-877	346	29	179.12	179.12	NUM
fbem-877	346	30	70.42	70.42	NUM
fbem-877	346	31	165.72	165.72	NUM
fbem-877	346	32	5	5	NUM
fbem-877	346	33	.	.	PUNCT
fbem-877	346	34	conclusion	conclusion	NOUN
fbem-877	346	35	and	and	CCONJ
fbem-877	346	36	enlightenment	enlightenment	NOUN
fbem-877	346	37	this	this	DET
fbem-877	346	38	paper	paper	NOUN
fbem-877	346	39	takes	take	VERB
fbem-877	346	40	china	china	PROPN
fbem-877	346	41	's	's	PART
fbem-877	346	42	a	a	DET
fbem-877	346	43	-	-	PUNCT
fbem-877	346	44	share	share	NOUN
fbem-877	346	45	listed	list	VERB
fbem-877	346	46	companies	company	NOUN
fbem-877	346	47	from	from	ADP
fbem-877	346	48	2015	2015	NUM
fbem-877	346	49	to	to	ADP
fbem-877	346	50	2019	2019	NUM
fbem-877	346	51	as	as	ADP
fbem-877	346	52	the	the	DET
fbem-877	346	53	research	research	NOUN
fbem-877	346	54	object	object	NOUN
fbem-877	346	55	,	,	PUNCT
fbem-877	346	56	demonstrates	demonstrate	VERB
fbem-877	346	57	the	the	DET
fbem-877	346	58	impact	impact	NOUN
fbem-877	346	59	of	of	ADP
fbem-877	346	60	institutional	institutional	ADJ
fbem-877	346	61	investors	investor	NOUN
fbem-877	346	62	'	'	PART
fbem-877	346	63	shareholding	shareholding	NOUN
fbem-877	346	64	ratio	ratio	NOUN
fbem-877	346	65	and	and	CCONJ
fbem-877	346	66	institutional	institutional	ADJ
fbem-877	346	67	investors	investor	NOUN
fbem-877	346	68	'	'	PART
fbem-877	346	69	heterogeneity	heterogeneity	NOUN
fbem-877	346	70	on	on	ADP
fbem-877	346	71	corporate	corporate	ADJ
fbem-877	346	72	performance	performance	NOUN
fbem-877	346	73	,	,	PUNCT
fbem-877	346	74	and	and	CCONJ
fbem-877	346	75	further	further	ADJ
fbem-877	346	76	studies	study	NOUN
fbem-877	346	77	the	the	DET
fbem-877	346	78	mechanism	mechanism	NOUN
fbem-877	346	79	of	of	ADP
fbem-877	346	80	institutional	institutional	ADJ
fbem-877	346	81	investors	investor	NOUN
fbem-877	346	82	'	'	PART
fbem-877	346	83	interaction	interaction	NOUN
fbem-877	346	84	between	between	ADP
fbem-877	346	85	accounting	account	VERB
fbem-877	346	86	information	information	NOUN
fbem-877	346	87	quality	quality	NOUN
fbem-877	346	88	and	and	CCONJ
fbem-877	346	89	corporate	corporate	ADJ
fbem-877	346	90	performance	performance	NOUN
fbem-877	346	91	by	by	ADP
fbem-877	346	92	taking	take	VERB
fbem-877	346	93	institutional	institutional	ADJ
fbem-877	346	94	investors	investor	NOUN
fbem-877	346	95	'	'	PART
fbem-877	346	96	shareholding	shareholding	NOUN
fbem-877	346	97	as	as	ADP
fbem-877	346	98	the	the	DET
fbem-877	346	99	adjustment	adjustment	NOUN
fbem-877	346	100	.	.	PUNCT
fbem-877	347	1	the	the	DET
fbem-877	347	2	results	result	NOUN
fbem-877	347	3	show	show	VERB
fbem-877	347	4	that	that	SCONJ
fbem-877	347	5	:	:	PUNCT
fbem-877	347	6	1	1	X
fbem-877	347	7	.	.	X
fbem-877	347	8	the	the	DET
fbem-877	347	9	shareholding	shareholding	NOUN
fbem-877	347	10	ratio	ratio	NOUN
fbem-877	347	11	of	of	ADP
fbem-877	347	12	institutional	institutional	ADJ
fbem-877	347	13	investors	investor	NOUN
fbem-877	347	14	is	be	AUX
fbem-877	347	15	significantly	significantly	ADV
fbem-877	347	16	positively	positively	ADV
fbem-877	347	17	correlated	correlate	VERB
fbem-877	347	18	with	with	ADP
fbem-877	347	19	corporate	corporate	ADJ
fbem-877	347	20	performance	performance	NOUN
fbem-877	347	21	.	.	PUNCT
fbem-877	348	1	from	from	ADP
fbem-877	348	2	the	the	DET
fbem-877	348	3	perspective	perspective	NOUN
fbem-877	348	4	of	of	ADP
fbem-877	348	5	heterogeneity	heterogeneity	NOUN
fbem-877	348	6	,	,	PUNCT
fbem-877	348	7	institutional	institutional	ADJ
fbem-877	348	8	investors	investor	NOUN
fbem-877	348	9	with	with	ADP
fbem-877	348	10	strong	strong	ADJ
fbem-877	348	11	independence	independence	NOUN
fbem-877	348	12	have	have	VERB
fbem-877	348	13	stronger	strong	ADJ
fbem-877	348	14	positive	positive	ADJ
fbem-877	348	15	correlation	correlation	NOUN
fbem-877	348	16	with	with	ADP
fbem-877	348	17	162	162	NUM
fbem-877	348	18	corporate	corporate	ADJ
fbem-877	348	19	performance	performance	NOUN
fbem-877	348	20	,	,	PUNCT
fbem-877	348	21	while	while	SCONJ
fbem-877	348	22	institutional	institutional	ADJ
fbem-877	348	23	investors	investor	NOUN
fbem-877	348	24	with	with	ADP
fbem-877	348	25	weak	weak	ADJ
fbem-877	348	26	independence	independence	NOUN
fbem-877	348	27	have	have	VERB
fbem-877	348	28	insignificant	insignificant	ADJ
fbem-877	348	29	positive	positive	ADJ
fbem-877	348	30	impact	impact	NOUN
fbem-877	348	31	on	on	ADP
fbem-877	348	32	corporate	corporate	ADJ
fbem-877	348	33	performance	performance	NOUN
fbem-877	348	34	and	and	CCONJ
fbem-877	348	35	strong	strong	ADJ
fbem-877	348	36	negative	negative	ADJ
fbem-877	348	37	impact.2	impact.2	NOUN
fbem-877	348	38	.	.	PUNCT
fbem-877	349	1	taking	take	VERB
fbem-877	349	2	institutional	institutional	ADJ
fbem-877	349	3	investors	investor	NOUN
fbem-877	349	4	as	as	ADP
fbem-877	349	5	the	the	DET
fbem-877	349	6	adjustment	adjustment	NOUN
fbem-877	349	7	perspective	perspective	NOUN
fbem-877	349	8	,	,	PUNCT
fbem-877	349	9	the	the	DET
fbem-877	349	10	study	study	NOUN
fbem-877	349	11	found	find	VERB
fbem-877	349	12	that	that	SCONJ
fbem-877	349	13	institutional	institutional	ADJ
fbem-877	349	14	investors	investor	NOUN
fbem-877	349	15	'	'	PART
fbem-877	349	16	shareholdings	shareholding	NOUN
fbem-877	349	17	can	can	AUX
fbem-877	349	18	negatively	negatively	ADV
fbem-877	349	19	adjust	adjust	VERB
fbem-877	349	20	the	the	DET
fbem-877	349	21	correlation	correlation	NOUN
fbem-877	349	22	between	between	ADP
fbem-877	349	23	the	the	DET
fbem-877	349	24	quality	quality	NOUN
fbem-877	349	25	of	of	ADP
fbem-877	349	26	accounting	accounting	NOUN
fbem-877	349	27	information	information	NOUN
fbem-877	349	28	and	and	CCONJ
fbem-877	349	29	enterprise	enterprise	NOUN
fbem-877	349	30	performance	performance	NOUN
fbem-877	349	31	,	,	PUNCT
fbem-877	349	32	while	while	SCONJ
fbem-877	349	33	institutional	institutional	ADJ
fbem-877	349	34	investors	investor	NOUN
fbem-877	349	35	with	with	ADP
fbem-877	349	36	strong	strong	ADJ
fbem-877	349	37	independence	independence	NOUN
fbem-877	349	38	have	have	VERB
fbem-877	349	39	more	more	ADV
fbem-877	349	40	significant	significant	ADJ
fbem-877	349	41	negative	negative	ADJ
fbem-877	349	42	adjustments	adjustment	NOUN
fbem-877	349	43	,	,	PUNCT
fbem-877	349	44	while	while	SCONJ
fbem-877	349	45	institutional	institutional	ADJ
fbem-877	349	46	investors	investor	NOUN
fbem-877	349	47	with	with	ADP
fbem-877	349	48	weaker	weak	ADJ
fbem-877	349	49	independence	independence	NOUN
fbem-877	349	50	are	be	AUX
fbem-877	349	51	not	not	PART
fbem-877	349	52	significant;3	significant;3	ADJ
fbem-877	349	53	.	.	PUNCT
fbem-877	350	1	further	further	ADJ
fbem-877	350	2	research	research	NOUN
fbem-877	350	3	on	on	ADP
fbem-877	350	4	enterprise	enterprise	NOUN
fbem-877	350	5	types	type	NOUN
fbem-877	350	6	based	base	VERB
fbem-877	350	7	on	on	ADP
fbem-877	350	8	the	the	DET
fbem-877	350	9	nature	nature	NOUN
fbem-877	350	10	of	of	ADP
fbem-877	350	11	ownership	ownership	NOUN
fbem-877	350	12	shows	show	VERB
fbem-877	350	13	that	that	SCONJ
fbem-877	350	14	institutional	institutional	ADJ
fbem-877	350	15	investors	investor	NOUN
fbem-877	350	16	'	'	PART
fbem-877	350	17	shareholding	shareholding	NOUN
fbem-877	350	18	has	have	VERB
fbem-877	350	19	a	a	DET
fbem-877	350	20	significant	significant	ADJ
fbem-877	350	21	positive	positive	ADJ
fbem-877	350	22	impact	impact	NOUN
fbem-877	350	23	on	on	ADP
fbem-877	350	24	both	both	PRON
fbem-877	350	25	state	state	NOUN
fbem-877	350	26	-	-	PUNCT
fbem-877	350	27	owned	own	VERB
fbem-877	350	28	enterprises	enterprise	NOUN
fbem-877	350	29	and	and	CCONJ
fbem-877	350	30	private	private	ADJ
fbem-877	350	31	enterprises	enterprise	NOUN
fbem-877	350	32	,	,	PUNCT
fbem-877	350	33	but	but	CCONJ
fbem-877	350	34	its	its	PRON
fbem-877	350	35	impact	impact	NOUN
fbem-877	350	36	on	on	ADP
fbem-877	350	37	the	the	DET
fbem-877	350	38	quality	quality	NOUN
fbem-877	350	39	of	of	ADP
fbem-877	350	40	accounting	accounting	NOUN
fbem-877	350	41	information	information	NOUN
fbem-877	350	42	and	and	CCONJ
fbem-877	350	43	enterprise	enterprise	NOUN
fbem-877	350	44	performance	performance	NOUN
fbem-877	350	45	is	be	AUX
fbem-877	350	46	not	not	PART
fbem-877	350	47	significant	significant	ADJ
fbem-877	350	48	for	for	ADP
fbem-877	350	49	state	state	NOUN
fbem-877	350	50	-	-	PUNCT
fbem-877	350	51	owned	own	VERB
fbem-877	350	52	enterprises	enterprise	NOUN
fbem-877	350	53	,	,	PUNCT
fbem-877	350	54	while	while	SCONJ
fbem-877	350	55	private	private	ADJ
fbem-877	350	56	enterprises	enterprise	NOUN
fbem-877	350	57	have	have	VERB
fbem-877	350	58	a	a	DET
fbem-877	350	59	relatively	relatively	ADV
fbem-877	350	60	high	high	ADJ
fbem-877	350	61	significance.4	significance.4	PROPN
fbem-877	350	62	.	.	PUNCT
fbem-877	351	1	from	from	ADP
fbem-877	351	2	the	the	DET
fbem-877	351	3	perspective	perspective	NOUN
fbem-877	351	4	of	of	ADP
fbem-877	351	5	industry	industry	NOUN
fbem-877	351	6	classification	classification	NOUN
fbem-877	351	7	,	,	PUNCT
fbem-877	351	8	institutional	institutional	ADJ
fbem-877	351	9	investors	investor	NOUN
fbem-877	351	10	have	have	VERB
fbem-877	351	11	an	an	DET
fbem-877	351	12	equally	equally	ADV
fbem-877	351	13	significant	significant	ADJ
fbem-877	351	14	impact	impact	NOUN
fbem-877	351	15	on	on	ADP
fbem-877	351	16	mature	mature	ADJ
fbem-877	351	17	and	and	CCONJ
fbem-877	351	18	emerging	emerge	VERB
fbem-877	351	19	industries	industry	NOUN
fbem-877	351	20	.	.	PUNCT
fbem-877	352	1	however	however	ADV
fbem-877	352	2	,	,	PUNCT
fbem-877	352	3	as	as	ADP
fbem-877	352	4	a	a	DET
fbem-877	352	5	moderating	moderate	VERB
fbem-877	352	6	effect	effect	NOUN
fbem-877	352	7	,	,	PUNCT
fbem-877	352	8	institutional	institutional	ADJ
fbem-877	352	9	investors	investor	NOUN
fbem-877	352	10	in	in	ADP
fbem-877	352	11	mature	mature	ADJ
fbem-877	352	12	industries	industry	NOUN
fbem-877	352	13	can	can	AUX
fbem-877	352	14	not	not	PART
fbem-877	352	15	significantly	significantly	ADV
fbem-877	352	16	affect	affect	VERB
fbem-877	352	17	the	the	DET
fbem-877	352	18	correlation	correlation	NOUN
fbem-877	352	19	between	between	ADP
fbem-877	352	20	accounting	account	VERB
fbem-877	352	21	information	information	NOUN
fbem-877	352	22	quality	quality	NOUN
fbem-877	352	23	and	and	CCONJ
fbem-877	352	24	corporate	corporate	ADJ
fbem-877	352	25	performance	performance	NOUN
fbem-877	352	26	,	,	PUNCT
fbem-877	352	27	while	while	SCONJ
fbem-877	352	28	they	they	PRON
fbem-877	352	29	have	have	VERB
fbem-877	352	30	a	a	DET
fbem-877	352	31	more	more	ADV
fbem-877	352	32	prominent	prominent	ADJ
fbem-877	352	33	impact	impact	NOUN
fbem-877	352	34	on	on	ADP
fbem-877	352	35	new	new	ADJ
fbem-877	352	36	industries	industry	NOUN
fbem-877	352	37	.	.	PUNCT
fbem-877	353	1	based	base	VERB
fbem-877	353	2	on	on	ADP
fbem-877	353	3	the	the	DET
fbem-877	353	4	research	research	NOUN
fbem-877	353	5	,	,	PUNCT
fbem-877	353	6	we	we	PRON
fbem-877	353	7	get	get	VERB
fbem-877	353	8	the	the	DET
fbem-877	353	9	following	follow	VERB
fbem-877	353	10	enlightenment	enlightenment	NOUN
fbem-877	353	11	:	:	PUNCT
fbem-877	353	12	first	first	ADV
fbem-877	353	13	,	,	PUNCT
fbem-877	353	14	institutional	institutional	ADJ
fbem-877	353	15	investors	investor	NOUN
fbem-877	353	16	'	'	PART
fbem-877	353	17	shareholding	shareholding	NOUN
fbem-877	353	18	can	can	AUX
fbem-877	353	19	improve	improve	VERB
fbem-877	353	20	enterprise	enterprise	NOUN
fbem-877	353	21	performance	performance	NOUN
fbem-877	353	22	,	,	PUNCT
fbem-877	353	23	but	but	CCONJ
fbem-877	353	24	the	the	DET
fbem-877	353	25	proportion	proportion	NOUN
fbem-877	353	26	of	of	ADP
fbem-877	353	27	independent	independent	ADJ
fbem-877	353	28	institutional	institutional	ADJ
fbem-877	353	29	investors	investor	NOUN
fbem-877	353	30	'	'	PART
fbem-877	353	31	shareholding	shareholding	NOUN
fbem-877	353	32	is	be	AUX
fbem-877	353	33	relatively	relatively	ADV
fbem-877	353	34	low	low	ADJ
fbem-877	353	35	from	from	ADP
fbem-877	353	36	the	the	DET
fbem-877	353	37	data	datum	NOUN
fbem-877	353	38	,	,	PUNCT
fbem-877	353	39	and	and	CCONJ
fbem-877	353	40	the	the	DET
fbem-877	353	41	impact	impact	NOUN
fbem-877	353	42	on	on	ADP
fbem-877	353	43	enterprise	enterprise	NOUN
fbem-877	353	44	performance	performance	NOUN
fbem-877	353	45	has	have	VERB
fbem-877	353	46	a	a	DET
fbem-877	353	47	certain	certain	ADJ
fbem-877	353	48	limit.institutional	limit.institutional	ADJ
fbem-877	353	49	investors	investor	NOUN
fbem-877	353	50	'	'	PART
fbem-877	353	51	shareholding	shareholding	NOUN
fbem-877	353	52	has	have	VERB
fbem-877	353	53	a	a	DET
fbem-877	353	54	strong	strong	ADJ
fbem-877	353	55	supervision	supervision	NOUN
fbem-877	353	56	effect	effect	NOUN
fbem-877	353	57	on	on	ADP
fbem-877	353	58	enterprises	enterprise	NOUN
fbem-877	353	59	,	,	PUNCT
fbem-877	353	60	so	so	SCONJ
fbem-877	353	61	we	we	PRON
fbem-877	353	62	should	should	AUX
fbem-877	353	63	attach	attach	VERB
fbem-877	353	64	importance	importance	NOUN
fbem-877	353	65	to	to	ADP
fbem-877	353	66	the	the	DET
fbem-877	353	67	proportion	proportion	NOUN
fbem-877	353	68	of	of	ADP
fbem-877	353	69	institutional	institutional	ADJ
fbem-877	353	70	investors	investor	NOUN
fbem-877	353	71	'	'	PART
fbem-877	353	72	shareholding	shareholding	NOUN
fbem-877	353	73	,	,	PUNCT
fbem-877	353	74	give	give	VERB
fbem-877	353	75	more	more	ADJ
fbem-877	353	76	investment	investment	NOUN
fbem-877	353	77	opportunities	opportunity	NOUN
fbem-877	353	78	to	to	PART
fbem-877	353	79	increase	increase	VERB
fbem-877	353	80	the	the	DET
fbem-877	353	81	proportion	proportion	NOUN
fbem-877	353	82	of	of	ADP
fbem-877	353	83	institutional	institutional	ADJ
fbem-877	353	84	investors	investor	NOUN
fbem-877	353	85	'	'	PART
fbem-877	353	86	shareholding	shareholding	NOUN
fbem-877	353	87	,	,	PUNCT
fbem-877	353	88	and	and	CCONJ
fbem-877	353	89	encourage	encourage	VERB
fbem-877	353	90	institutional	institutional	ADJ
fbem-877	353	91	investors	investor	NOUN
fbem-877	353	92	with	with	ADP
fbem-877	353	93	strong	strong	ADJ
fbem-877	353	94	independence	independence	NOUN
fbem-877	353	95	to	to	PART
fbem-877	353	96	participate	participate	VERB
fbem-877	353	97	in	in	ADP
fbem-877	353	98	corporate	corporate	ADJ
fbem-877	353	99	governance	governance	NOUN
fbem-877	353	100	and	and	CCONJ
fbem-877	353	101	promote	promote	VERB
fbem-877	353	102	enterprise	enterprise	NOUN
fbem-877	353	103	development.second	development.second	NOUN
fbem-877	353	104	,	,	PUNCT
fbem-877	353	105	pay	pay	VERB
fbem-877	353	106	attention	attention	NOUN
fbem-877	353	107	to	to	ADP
fbem-877	353	108	the	the	DET
fbem-877	353	109	third	third	ADJ
fbem-877	353	110	-	-	PUNCT
fbem-877	353	111	party	party	NOUN
fbem-877	353	112	supervision	supervision	NOUN
fbem-877	353	113	of	of	ADP
fbem-877	353	114	enterprises	enterprise	NOUN
fbem-877	353	115	and	and	CCONJ
fbem-877	353	116	develop	develop	VERB
fbem-877	353	117	supervision	supervision	NOUN
fbem-877	353	118	groups	group	NOUN
fbem-877	353	119	in	in	ADP
fbem-877	353	120	multiple	multiple	ADJ
fbem-877	353	121	directions	direction	NOUN
fbem-877	353	122	.	.	PUNCT
fbem-877	354	1	institutional	institutional	ADJ
fbem-877	354	2	investors	investor	NOUN
fbem-877	354	3	holding	hold	VERB
fbem-877	354	4	,	,	PUNCT
fbem-877	354	5	though	though	SCONJ
fbem-877	354	6	the	the	DET
fbem-877	354	7	role	role	NOUN
fbem-877	354	8	of	of	ADP
fbem-877	354	9	supervision	supervision	NOUN
fbem-877	354	10	enterprises	enterprise	NOUN
fbem-877	354	11	to	to	PART
fbem-877	354	12	play	play	VERB
fbem-877	354	13	,	,	PUNCT
fbem-877	354	14	but	but	CCONJ
fbem-877	354	15	with	with	ADP
fbem-877	354	16	the	the	DET
fbem-877	354	17	improvement	improvement	NOUN
fbem-877	354	18	of	of	ADP
fbem-877	354	19	its	its	PRON
fbem-877	354	20	stake	stake	NOUN
fbem-877	354	21	,	,	PUNCT
fbem-877	354	22	could	could	AUX
fbem-877	354	23	interfere	interfere	VERB
fbem-877	354	24	the	the	DET
fbem-877	354	25	enterprise	enterprise	NOUN
fbem-877	354	26	normal	normal	ADJ
fbem-877	354	27	business	business	NOUN
fbem-877	354	28	decisions	decision	NOUN
fbem-877	354	29	or	or	CCONJ
fbem-877	354	30	conspiracy	conspiracy	NOUN
fbem-877	354	31	,	,	PUNCT
fbem-877	354	32	harmful	harmful	ADJ
fbem-877	354	33	to	to	ADP
fbem-877	354	34	the	the	DET
fbem-877	354	35	enterprise	enterprise	NOUN
fbem-877	354	36	,	,	PUNCT
fbem-877	354	37	increase	increase	VERB
fbem-877	354	38	more	more	ADJ
fbem-877	354	39	oversight	oversight	NOUN
fbem-877	354	40	group	group	NOUN
fbem-877	354	41	,	,	PUNCT
fbem-877	354	42	is	be	AUX
fbem-877	354	43	the	the	DET
fbem-877	354	44	guarantee	guarantee	NOUN
fbem-877	354	45	,	,	PUNCT
fbem-877	354	46	on	on	ADP
fbem-877	354	47	the	the	DET
fbem-877	354	48	basis	basis	NOUN
fbem-877	354	49	of	of	ADP
fbem-877	354	50	institutional	institutional	ADJ
fbem-877	354	51	investors	investor	NOUN
fbem-877	354	52	to	to	PART
fbem-877	354	53	supervise	supervise	VERB
fbem-877	354	54	,	,	PUNCT
fbem-877	354	55	and	and	CCONJ
fbem-877	354	56	to	to	PART
fbem-877	354	57	ensure	ensure	VERB
fbem-877	354	58	that	that	SCONJ
fbem-877	354	59	the	the	DET
fbem-877	354	60	independence	independence	NOUN
fbem-877	354	61	of	of	ADP
fbem-877	354	62	the	the	DET
fbem-877	354	63	enterprise	enterprise	NOUN
fbem-877	354	64	development	development	NOUN
fbem-877	354	65	decisionmaking	decisionmaking	NOUN
fbem-877	354	66	,	,	PUNCT
fbem-877	354	67	reduce	reduce	VERB
fbem-877	354	68	the	the	DET
fbem-877	354	69	contradiction	contradiction	NOUN
fbem-877	354	70	between	between	ADP
fbem-877	354	71	the	the	DET
fbem-877	354	72	two.third	two.third	NOUN
fbem-877	354	73	,	,	PUNCT
fbem-877	354	74	from	from	ADP
fbem-877	354	75	an	an	DET
fbem-877	354	76	investment	investment	NOUN
fbem-877	354	77	perspective	perspective	NOUN
fbem-877	354	78	,	,	PUNCT
fbem-877	354	79	medium	medium	ADJ
fbem-877	354	80	and	and	CCONJ
fbem-877	354	81	small	small	ADJ
fbem-877	354	82	investors	investor	NOUN
fbem-877	354	83	should	should	AUX
fbem-877	354	84	be	be	AUX
fbem-877	354	85	more	more	ADJ
fbem-877	354	86	from	from	ADP
fbem-877	354	87	the	the	DET
fbem-877	354	88	perspective	perspective	NOUN
fbem-877	354	89	of	of	ADP
fbem-877	354	90	the	the	DET
fbem-877	354	91	whole	whole	ADJ
fbem-877	354	92	object	object	NOUN
fbem-877	354	93	to	to	PART
fbem-877	354	94	select	select	VERB
fbem-877	354	95	investors	investor	NOUN
fbem-877	354	96	,	,	PUNCT
fbem-877	354	97	rather	rather	ADV
fbem-877	354	98	than	than	ADP
fbem-877	354	99	just	just	ADV
fbem-877	354	100	research	research	NOUN
fbem-877	354	101	report	report	NOUN
fbem-877	354	102	or	or	CCONJ
fbem-877	354	103	financial	financial	ADJ
fbem-877	354	104	indicators	indicator	NOUN
fbem-877	354	105	of	of	ADP
fbem-877	354	106	the	the	DET
fbem-877	354	107	enterprise	enterprise	NOUN
fbem-877	354	108	,	,	PUNCT
fbem-877	354	109	from	from	ADP
fbem-877	354	110	the	the	DET
fbem-877	354	111	study	study	NOUN
fbem-877	354	112	,	,	PUNCT
fbem-877	354	113	the	the	DET
fbem-877	354	114	institutional	institutional	ADJ
fbem-877	354	115	investor	investor	NOUN
fbem-877	354	116	shareholding	shareholding	NOUN
fbem-877	354	117	enterprise	enterprise	NOUN
fbem-877	354	118	management	management	NOUN
fbem-877	354	119	are	be	AUX
fbem-877	354	120	more	more	ADV
fbem-877	354	121	likely	likely	ADJ
fbem-877	354	122	to	to	PART
fbem-877	354	123	use	use	VERB
fbem-877	354	124	the	the	DET
fbem-877	354	125	surplus	surplus	NOUN
fbem-877	354	126	to	to	PART
fbem-877	354	127	regulate	regulate	VERB
fbem-877	354	128	corporate	corporate	ADJ
fbem-877	354	129	performance	performance	NOUN
fbem-877	354	130	management	management	NOUN
fbem-877	354	131	,	,	PUNCT
fbem-877	354	132	make	make	VERB
fbem-877	354	133	the	the	DET
fbem-877	354	134	enterprise	enterprise	NOUN
fbem-877	354	135	performance	performance	NOUN
fbem-877	354	136	appears	appear	VERB
fbem-877	354	137	smooth	smooth	ADJ
fbem-877	354	138	,	,	PUNCT
fbem-877	354	139	look	look	VERB
fbem-877	354	140	from	from	ADP
fbem-877	354	141	the	the	DET
fbem-877	354	142	continuous	continuous	ADJ
fbem-877	354	143	during	during	ADP
fbem-877	354	144	business	business	NOUN
fbem-877	354	145	performance	performance	NOUN
fbem-877	354	146	is	be	AUX
fbem-877	354	147	more	more	ADV
fbem-877	354	148	stable	stable	ADJ
fbem-877	354	149	,	,	PUNCT
fbem-877	354	150	enterprises	enterprise	NOUN
fbem-877	354	151	have	have	VERB
fbem-877	354	152	better	well	ADJ
fbem-877	354	153	development	development	NOUN
fbem-877	354	154	ability	ability	NOUN
fbem-877	354	155	to	to	PART
fbem-877	354	156	attract	attract	VERB
fbem-877	354	157	more	more	ADJ
fbem-877	354	158	investors	investor	NOUN
fbem-877	354	159	to	to	PART
fbem-877	354	160	invest	invest	VERB
fbem-877	354	161	,	,	PUNCT
fbem-877	354	162	so	so	SCONJ
fbem-877	354	163	investors	investor	NOUN
fbem-877	354	164	should	should	AUX
fbem-877	354	165	pay	pay	VERB
fbem-877	354	166	attention	attention	NOUN
fbem-877	354	167	to	to	ADP
fbem-877	354	168	the	the	DET
fbem-877	354	169	overall	overall	ADJ
fbem-877	354	170	grasp	grasp	NOUN
fbem-877	354	171	of	of	ADP
fbem-877	354	172	the	the	DET
fbem-877	354	173	situation	situation	NOUN
fbem-877	354	174	of	of	ADP
fbem-877	354	175	the	the	DET
fbem-877	354	176	enterprise	enterprise	NOUN
fbem-877	354	177	to	to	PART
fbem-877	354	178	invest	invest	VERB
fbem-877	354	179	rationally.fourth	rationally.fourth	NUM
fbem-877	354	180	,	,	PUNCT
fbem-877	354	181	to	to	PART
fbem-877	354	182	provide	provide	VERB
fbem-877	354	183	more	more	ADJ
fbem-877	354	184	investment	investment	NOUN
fbem-877	354	185	guarantee	guarantee	NOUN
fbem-877	354	186	for	for	ADP
fbem-877	354	187	emerging	emerge	VERB
fbem-877	354	188	hot	hot	ADJ
fbem-877	354	189	industries	industry	NOUN
fbem-877	354	190	,	,	PUNCT
fbem-877	354	191	promote	promote	VERB
fbem-877	354	192	the	the	DET
fbem-877	354	193	stability	stability	NOUN
fbem-877	354	194	of	of	ADP
fbem-877	354	195	investment	investment	NOUN
fbem-877	354	196	in	in	ADP
fbem-877	354	197	emerging	emerge	VERB
fbem-877	354	198	hot	hot	ADJ
fbem-877	354	199	industries.mature	industries.mature	PROPN
fbem-877	354	200	industry	industry	NOUN
fbem-877	354	201	development	development	NOUN
fbem-877	354	202	has	have	AUX
fbem-877	354	203	leveled	level	VERB
fbem-877	354	204	off	off	ADV
fbem-877	354	205	,	,	PUNCT
fbem-877	354	206	relative	relative	ADJ
fbem-877	354	207	to	to	ADP
fbem-877	354	208	the	the	DET
fbem-877	354	209	emerging	emerge	VERB
fbem-877	354	210	industry	industry	NOUN
fbem-877	354	211	is	be	AUX
fbem-877	354	212	more	more	ADV
fbem-877	354	213	attractive	attractive	ADJ
fbem-877	354	214	to	to	ADP
fbem-877	354	215	investors	investor	NOUN
fbem-877	354	216	,	,	PUNCT
fbem-877	354	217	related	related	ADJ
fbem-877	354	218	investment	investment	NOUN
fbem-877	354	219	policy	policy	NOUN
fbem-877	354	220	and	and	CCONJ
fbem-877	354	221	service	service	NOUN
fbem-877	354	222	,	,	PUNCT
fbem-877	354	223	to	to	PART
fbem-877	354	224	ensure	ensure	VERB
fbem-877	354	225	that	that	SCONJ
fbem-877	354	226	the	the	DET
fbem-877	354	227	interests	interest	NOUN
fbem-877	354	228	of	of	ADP
fbem-877	354	229	medium	medium	ADJ
fbem-877	354	230	and	and	CCONJ
fbem-877	354	231	small	small	ADJ
fbem-877	354	232	investors	investor	NOUN
fbem-877	354	233	are	be	AUX
fbem-877	354	234	the	the	DET
fbem-877	354	235	important	important	ADJ
fbem-877	354	236	parts	part	NOUN
fbem-877	354	237	of	of	ADP
fbem-877	354	238	the	the	DET
fbem-877	354	239	emerging	emerge	VERB
fbem-877	354	240	industry	industry	NOUN
fbem-877	354	241	,	,	PUNCT
fbem-877	354	242	high	high	ADJ
fbem-877	354	243	stake	stake	NOUN
fbem-877	354	244	investors	investor	NOUN
fbem-877	354	245	will	will	AUX
fbem-877	354	246	affect	affect	VERB
fbem-877	354	247	the	the	DET
fbem-877	354	248	enterprise	enterprise	NOUN
fbem-877	354	249	use	use	VERB
fbem-877	354	250	all	all	DET
fbem-877	354	251	sorts	sort	NOUN
fbem-877	354	252	of	of	ADP
fbem-877	354	253	information	information	NOUN
fbem-877	354	254	transfer	transfer	VERB
fbem-877	354	255	good	good	ADJ
fbem-877	354	256	prospects	prospect	NOUN
fbem-877	354	257	for	for	ADP
fbem-877	354	258	development	development	NOUN
fbem-877	354	259	,	,	PUNCT
fbem-877	354	260	in	in	ADP
fbem-877	354	261	order	order	NOUN
fbem-877	354	262	to	to	PART
fbem-877	354	263	influence	influence	VERB
fbem-877	354	264	to	to	ADP
fbem-877	354	265	small	small	ADJ
fbem-877	354	266	and	and	CCONJ
fbem-877	354	267	medium	medium	ADJ
fbem-877	354	268	investors	investor	NOUN
fbem-877	354	269	,	,	PUNCT
fbem-877	354	270	this	this	PRON
fbem-877	354	271	is	be	AUX
fbem-877	354	272	not	not	PART
fbem-877	354	273	conducive	conducive	ADJ
fbem-877	354	274	to	to	ADP
fbem-877	354	275	the	the	DET
fbem-877	354	276	development	development	NOUN
fbem-877	354	277	of	of	ADP
fbem-877	354	278	the	the	DET
fbem-877	354	279	whole	whole	ADJ
fbem-877	354	280	emerging	emerge	VERB
fbem-877	354	281	industry	industry	NOUN
fbem-877	354	282	,	,	PUNCT
fbem-877	354	283	so	so	SCONJ
fbem-877	354	284	it	it	PRON
fbem-877	354	285	is	be	AUX
fbem-877	354	286	necessary	necessary	ADJ
fbem-877	354	287	to	to	PART
fbem-877	354	288	formulate	formulate	VERB
fbem-877	354	289	investment	investment	NOUN
fbem-877	354	290	policies	policy	NOUN
fbem-877	354	291	for	for	ADP
fbem-877	354	292	emerging	emerge	VERB
fbem-877	354	293	industries	industry	NOUN
fbem-877	354	294	and	and	CCONJ
fbem-877	354	295	protect	protect	VERB
fbem-877	354	296	small	small	ADJ
fbem-877	354	297	and	and	CCONJ
fbem-877	354	298	medium	medium	ADJ
fbem-877	354	299	investors	investor	NOUN
fbem-877	354	300	.	.	PUNCT
fbem-877	355	1	references	reference	NOUN
fbem-877	355	2	[	[	X
fbem-877	355	3	1	1	NUM
fbem-877	355	4	]	]	X
fbem-877	355	5	chen	chen	PROPN
fbem-877	355	6	li	li	PROPN
fbem-877	355	7	.	.	PROPN
fbem-877	356	1	transparency	transparency	NOUN
fbem-877	356	2	of	of	ADP
fbem-877	356	3	accounting	accounting	NOUN
fbem-877	356	4	information	information	NOUN
fbem-877	356	5	,	,	PUNCT
fbem-877	356	6	financing	financing	NOUN
fbem-877	356	7	cost	cost	NOUN
fbem-877	356	8	and	and	CCONJ
fbem-877	356	9	firm	firm	ADJ
fbem-877	356	10	performance	performance	NOUN
fbem-877	357	1	[	[	X
fbem-877	357	2	j	j	X
fbem-877	357	3	]	]	X
fbem-877	357	4	.	.	PUNCT
fbem-877	358	1	finance	finance	NOUN
fbem-877	358	2	and	and	CCONJ
fbem-877	358	3	accounting	accounting	NOUN
fbem-877	358	4	communications,2017,4(21):13	communications,2017,4(21):13	PROPN
fbem-877	358	5	-	-	PUNCT
fbem-877	358	6	17	17	NUM
fbem-877	358	7	.	.	PUNCT
fbem-877	359	1	[	[	X
fbem-877	359	2	2	2	NUM
fbem-877	359	3	]	]	X
fbem-877	359	4	lin	lin	PROPN
fbem-877	359	5	bo	bo	PROPN
fbem-877	359	6	.	.	PUNCT
fbem-877	360	1	institutional	institutional	ADJ
fbem-877	360	2	investor	investor	NOUN
fbem-877	360	3	stock	stock	NOUN
fbem-877	360	4	holding	holding	NOUN
fbem-877	360	5	,	,	PUNCT
fbem-877	360	6	internal	internal	ADJ
fbem-877	360	7	control	control	NOUN
fbem-877	360	8	and	and	CCONJ
fbem-877	360	9	corporate	corporate	ADJ
fbem-877	360	10	financial	financial	ADJ
fbem-877	360	11	performance	performance	NOUN
fbem-877	361	1	[	[	X
fbem-877	361	2	j	j	X
fbem-877	361	3	]	]	X
fbem-877	361	4	.	.	PUNCT
fbem-877	362	1	accounting	accounting	NOUN
fbem-877	362	2	and	and	CCONJ
fbem-877	362	3	communications	communication	NOUN
fbem-877	362	4	,	,	PUNCT
fbem-877	362	5	2018,4	2018,4	NUM
fbem-877	362	6	(	(	PUNCT
fbem-877	362	7	33	33	NUM
fbem-877	362	8	):	):	PUNCT
fbem-877	362	9	113	113	NUM
fbem-877	362	10	-	-	SYM
fbem-877	362	11	117	117	NUM
fbem-877	362	12	+	+	NUM
fbem-877	362	13	128	128	NUM
fbem-877	362	14	.	.	PUNCT
fbem-877	363	1	[	[	X
fbem-877	363	2	3	3	X
fbem-877	363	3	]	]	X
fbem-877	363	4	li	li	PROPN
fbem-877	363	5	zhengguang	zhengguang	PROPN
fbem-877	363	6	,	,	PUNCT
fbem-877	363	7	zhao	zhao	NOUN
fbem-877	363	8	xibu	xibu	NOUN
fbem-877	363	9	,	,	PUNCT
fbem-877	363	10	cao	cao	PROPN
fbem-877	363	11	feng	feng	PROPN
fbem-877	363	12	,	,	PUNCT
fbem-877	363	13	lu	lu	PROPN
fbem-877	363	14	xiaoxuan	xiaoxuan	PROPN
fbem-877	363	15	.	.	PUNCT
fbem-877	364	1	institutional	institutional	ADJ
fbem-877	364	2	investor	investor	NOUN
fbem-877	364	3	heterogeneity	heterogeneity	NOUN
fbem-877	364	4	and	and	CCONJ
fbem-877	364	5	firm	firm	ADJ
fbem-877	364	6	performance	performance	NOUN
fbem-877	364	7	:	:	PUNCT
fbem-877	364	8	empirical	empirical	ADJ
fbem-877	364	9	evidence	evidence	NOUN
fbem-877	364	10	from	from	ADP
fbem-877	364	11	chinese	chinese	ADJ
fbem-877	364	12	listed	list	VERB
fbem-877	364	13	companies	company	NOUN
fbem-877	365	1	[	[	X
fbem-877	365	2	j	j	X
fbem-877	365	3	]	]	X
fbem-877	365	4	.	.	PUNCT
fbem-877	366	1	audit	audit	NOUN
fbem-877	366	2	and	and	CCONJ
fbem-877	366	3	economic	economic	ADJ
fbem-877	366	4	research,2014,29(05):77	research,2014,29(05):77	NOUN
fbem-877	366	5	-	-	PUNCT
fbem-877	366	6	87	87	NUM
fbem-877	366	7	.	.	PUNCT
fbem-877	367	1	[	[	X
fbem-877	367	2	4	4	NUM
fbem-877	367	3	]	]	X
fbem-877	367	4	li	li	PROPN
fbem-877	367	5	jianying	jianying	PROPN
fbem-877	367	6	,	,	PUNCT
fbem-877	367	7	wu	wu	PROPN
fbem-877	367	8	hongyan	hongyan	PROPN
fbem-877	367	9	.	.	PUNCT
fbem-877	368	1	impact	impact	NOUN
fbem-877	368	2	of	of	ADP
fbem-877	368	3	institutional	institutional	ADJ
fbem-877	368	4	investors	investor	NOUN
fbem-877	368	5	on	on	ADP
fbem-877	368	6	corporate	corporate	ADJ
fbem-877	368	7	governance	governance	NOUN
fbem-877	368	8	efficiency	efficiency	NOUN
fbem-877	368	9	—	—	PUNCT
fbem-877	368	10	—	—	PUNCT
fbem-877	368	11	is	be	AUX
fbem-877	368	12	based	base	VERB
fbem-877	368	13	on	on	ADP
fbem-877	368	14	group	group	NOUN
fbem-877	368	15	tests	test	NOUN
fbem-877	368	16	of	of	ADP
fbem-877	368	17	institutional	institutional	ADJ
fbem-877	368	18	investors	investor	NOUN
fbem-877	369	1	[	[	X
fbem-877	369	2	j	j	X
fbem-877	369	3	]	]	X
fbem-877	369	4	.	.	PUNCT
fbem-877	370	1	accounting	accounting	NOUN
fbem-877	370	2	and	and	CCONJ
fbem-877	370	3	communications	communication	NOUN
fbem-877	370	4	,	,	PUNCT
fbem-877	370	5	2013	2013	NUM
fbem-877	370	6	,	,	PUNCT
fbem-877	370	7	(	(	PUNCT
fbem-877	370	8	21	21	NUM
fbem-877	370	9	):	):	PUNCT
fbem-877	370	10	86	86	NUM
fbem-877	370	11	-	-	SYM
fbem-877	370	12	88	88	NUM
fbem-877	370	13	.	.	PUNCT
fbem-877	371	1	[	[	X
fbem-877	371	2	5	5	X
fbem-877	371	3	]	]	X
fbem-877	371	4	liu	liu	PROPN
fbem-877	371	5	yingfei	yingfei	PROPN
fbem-877	371	6	,	,	PUNCT
fbem-877	371	7	ni	ni	PROPN
fbem-877	371	8	yuanyuan	yuanyuan	PROPN
fbem-877	371	9	.	.	PUNCT
fbem-877	372	1	the	the	DET
fbem-877	372	2	impact	impact	NOUN
fbem-877	372	3	of	of	ADP
fbem-877	372	4	heterogeneous	heterogeneous	ADJ
fbem-877	372	5	institutional	institutional	ADJ
fbem-877	372	6	investors	investor	NOUN
fbem-877	372	7	on	on	ADP
fbem-877	372	8	firm	firm	ADJ
fbem-877	372	9	performance	performance	NOUN
fbem-877	372	10	:	:	PUNCT
fbem-877	372	11	a	a	DET
fbem-877	372	12	test	test	NOUN
fbem-877	372	13	from	from	ADP
fbem-877	372	14	the	the	DET
fbem-877	372	15	perspective	perspective	NOUN
fbem-877	372	16	of	of	ADP
fbem-877	372	17	independence	independence	NOUN
fbem-877	372	18	and	and	CCONJ
fbem-877	372	19	stability	stability	NOUN
fbem-877	373	1	[	[	X
fbem-877	373	2	j	j	X
fbem-877	373	3	]	]	X
fbem-877	373	4	.	.	PUNCT
fbem-877	374	1	modern	modern	ADJ
fbem-877	374	2	finance	finance	NOUN
fbem-877	374	3	and	and	CCONJ
fbem-877	374	4	economics	economic	NOUN
fbem-877	374	5	(	(	PUNCT
fbem-877	374	6	journal	journal	PROPN
fbem-877	374	7	of	of	ADP
fbem-877	374	8	tianjin	tianjin	PROPN
fbem-877	374	9	university	university	PROPN
fbem-877	374	10	of	of	ADP
fbem-877	374	11	finance	finance	NOUN
fbem-877	374	12	and	and	CCONJ
fbem-877	374	13	economics),2015,35(08):57	economics),2015,35(08):57	NOUN
fbem-877	374	14	-	-	PUNCT
fbem-877	374	15	69	69	NUM
fbem-877	374	16	.	.	PUNCT
fbem-877	375	1	[	[	X
fbem-877	375	2	6	6	NUM
fbem-877	375	3	]	]	PUNCT
fbem-877	375	4	li	li	PROPN
fbem-877	375	5	shugen.research	shugen.research	PROPN
fbem-877	375	6	on	on	ADP
fbem-877	375	7	the	the	DET
fbem-877	375	8	relationship	relationship	NOUN
fbem-877	375	9	between	between	ADP
fbem-877	375	10	investor	investor	NOUN
fbem-877	375	11	external	external	ADJ
fbem-877	375	12	protection	protection	NOUN
fbem-877	375	13	and	and	CCONJ
fbem-877	375	14	accounting	accounting	NOUN
fbem-877	375	15	information	information	NOUN
fbem-877	375	16	quality	quality	NOUN
fbem-877	376	1	[	[	X
fbem-877	376	2	j	j	X
fbem-877	376	3	]	]	X
fbem-877	376	4	.	.	PUNCT
fbem-877	377	1	research	research	NOUN
fbem-877	377	2	of	of	ADP
fbem-877	377	3	financial	financial	ADJ
fbem-877	377	4	and	and	CCONJ
fbem-877	377	5	economic	economic	ADJ
fbem-877	377	6	issues,2016,4(01):100	issues,2016,4(01):100	NOUN
fbem-877	377	7	-	-	PUNCT
fbem-877	377	8	107	107	NUM
fbem-877	377	9	.	.	PUNCT
fbem-877	378	1	[	[	X
fbem-877	378	2	7	7	X
fbem-877	378	3	]	]	X
fbem-877	378	4	liu	liu	PROPN
fbem-877	378	5	bin	bin	PROPN
fbem-877	378	6	,	,	PUNCT
fbem-877	378	7	zhang	zhang	PROPN
fbem-877	378	8	jian	jian	PROPN
fbem-877	378	9	.	.	PUNCT
fbem-877	378	10	institutional	institutional	ADJ
fbem-877	378	11	ownership	ownership	NOUN
fbem-877	378	12	,	,	PUNCT
fbem-877	378	13	information	information	NOUN
fbem-877	378	14	quality	quality	NOUN
fbem-877	378	15	and	and	CCONJ
fbem-877	378	16	accruals	accrual	NOUN
fbem-877	378	17	[	[	X
fbem-877	378	18	j	j	X
fbem-877	378	19	]	]	X
fbem-877	378	20	.	.	PUNCT
fbem-877	379	1	audit	audit	PROPN
fbem-877	379	2	&	&	CCONJ
fbem-877	379	3	economic	economic	ADJ
fbem-877	379	4	research	research	NOUN
fbem-877	379	5	,	,	PUNCT
fbem-877	379	6	2012	2012	NUM
fbem-877	379	7	,	,	PUNCT
fbem-877	379	8	27(06	27(06	NUM
fbem-877	379	9	):	):	PUNCT
fbem-877	379	10	67	67	NUM
fbem-877	379	11	-	-	SYM
fbem-877	379	12	74	74	NUM
fbem-877	379	13	+	+	NOUN
fbem-877	379	14	82	82	NUM
fbem-877	379	15	.	.	PUNCT
fbem-877	380	1	[	[	X
fbem-877	380	2	8	8	NUM
fbem-877	380	3	]	]	SYM
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fbem-877	380	6	,	,	PUNCT
fbem-877	380	7	tan	tan	PROPN
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fbem-877	380	9	.	.	PUNCT
fbem-877	381	1	accounting	accounting	NOUN
fbem-877	381	2	information	information	NOUN
fbem-877	381	3	transparency	transparency	NOUN
fbem-877	381	4	and	and	CCONJ
fbem-877	381	5	firm	firm	ADJ
fbem-877	381	6	value	value	NOUN
fbem-877	381	7	:	:	PUNCT
fbem-877	381	8	a	a	DET
fbem-877	381	9	reexamination	reexamination	NOUN
fbem-877	381	10	based	base	VERB
fbem-877	381	11	on	on	ADP
fbem-877	381	12	life	life	NOUN
fbem-877	381	13	cycle	cycle	NOUN
fbem-877	381	14	theory	theory	NOUN
fbem-877	381	15	[	[	X
fbem-877	381	16	j	j	X
fbem-877	381	17	]	]	X
fbem-877	381	18	.	.	PUNCT
fbem-877	382	1	accounting	account	VERB
fbem-877	382	2	research,2019,4(10):27	research,2019,4(10):27	PROPN
fbem-877	382	3	-	-	SYM
fbem-877	382	4	33	33	NUM
fbem-877	382	5	.	.	PUNCT
fbem-877	382	6	]	]	PUNCT
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fbem-877	383	2	9	9	NUM
fbem-877	383	3	]	]	X
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fbem-877	383	5	qiliang	qiliang	PROPN
fbem-877	383	6	,	,	PUNCT
fbem-877	383	7	luo	luo	PROPN
fbem-877	383	8	le	le	PROPN
fbem-877	383	9	,	,	PUNCT
fbem-877	383	10	zhang	zhang	PROPN
fbem-877	383	11	yaman	yaman	PROPN
fbem-877	383	12	,	,	PUNCT
fbem-877	383	13	chen	chen	PROPN
fbem-877	383	14	hanwen	hanwen	PROPN
fbem-877	383	15	.	.	PUNCT
fbem-877	383	16	executive	executive	ADJ
fbem-877	383	17	centralization	centralization	NOUN
fbem-877	383	18	,	,	PUNCT
fbem-877	383	19	internal	internal	ADJ
fbem-877	383	20	control	control	NOUN
fbem-877	383	21	and	and	CCONJ
fbem-877	383	22	accounting	accounting	NOUN
fbem-877	383	23	information	information	NOUN
fbem-877	383	24	quality	quality	NOUN
fbem-877	384	1	[	[	X
fbem-877	384	2	j	j	X
fbem-877	384	3	]	]	X
fbem-877	384	4	.	.	PUNCT
fbem-877	385	1	nankai	nankai	PROPN
fbem-877	385	2	management	management	PROPN
fbem-877	385	3	review,2013,16(01):15	review,2013,16(01):15	NOUN
fbem-877	385	4	-	-	PUNCT
fbem-877	385	5	23	23	NUM
fbem-877	385	6	.	.	PUNCT
fbem-877	386	1	[	[	X
fbem-877	386	2	10	10	NUM
fbem-877	386	3	]	]	X
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fbem-877	386	5	weiguo	weiguo	PROPN
fbem-877	386	6	,	,	PUNCT
fbem-877	386	7	ge	ge	PROPN
fbem-877	386	8	jing	jing	PROPN
fbem-877	386	9	.	.	PUNCT
fbem-877	387	1	equity	equity	NOUN
fbem-877	387	2	incentive	incentive	NOUN
fbem-877	387	3	,	,	PUNCT
fbem-877	387	4	institutional	institutional	ADJ
fbem-877	387	5	investor	investor	NOUN
fbem-877	387	6	heterogeneity	heterogeneity	NOUN
fbem-877	387	7	and	and	CCONJ
fbem-877	387	8	accounting	accounting	NOUN
fbem-877	387	9	information	information	NOUN
fbem-877	387	10	quality	quality	NOUN
fbem-877	388	1	[	[	X
fbem-877	388	2	j	j	X
fbem-877	388	3	]	]	X
fbem-877	388	4	.	.	PUNCT
fbem-877	389	1	finance	finance	NOUN
fbem-877	389	2	and	and	CCONJ
fbem-877	389	3	accounting	accounting	PROPN
fbem-877	389	4	bulletin,2020,4(11):26	bulletin,2020,4(11):26	PROPN
fbem-877	389	5	-	-	PUNCT
fbem-877	389	6	30	30	NUM
fbem-877	389	7	.	.	PUNCT
fbem-877	390	1	[	[	X
fbem-877	390	2	11	11	NUM
fbem-877	390	3	]	]	SYM
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fbem-877	390	5	hongbo	hongbo	PROPN
fbem-877	390	6	,	,	PUNCT
fbem-877	390	7	yu	yu	PROPN
fbem-877	390	8	minggui	minggui	PROPN
fbem-877	390	9	.	.	PUNCT
fbem-877	390	10	financial	financial	PROPN
fbem-877	390	11	research,2014,4(07):140153	research,2014,4(07):140153	PROPN
fbem-877	390	12	.	.	PUNCT
fbem-877	391	1	(	(	PUNCT
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fbem-877	391	3	chinese	chinese	PROPN
fbem-877	391	4	)	)	PUNCT
fbem-877	392	1	[	[	X
fbem-877	392	2	12	12	NUM
fbem-877	392	3	]	]	X
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fbem-877	392	5	yunling	yunling	NOUN
fbem-877	392	6	,	,	PUNCT
fbem-877	392	7	song	song	PROPN
fbem-877	392	8	yanheng	yanheng	PROPN
fbem-877	392	9	.	.	PUNCT
fbem-877	393	1	institutional	institutional	ADJ
fbem-877	393	2	investor	investor	NOUN
fbem-877	393	3	ownership	ownership	NOUN
fbem-877	393	4	and	and	CCONJ
fbem-877	393	5	the	the	DET
fbem-877	393	6	quality	quality	NOUN
fbem-877	393	7	of	of	ADP
fbem-877	393	8	accounting	accounting	NOUN
fbem-877	393	9	information	information	NOUN
fbem-877	393	10	from	from	ADP
fbem-877	393	11	the	the	DET
fbem-877	393	12	perspective	perspective	NOUN
fbem-877	393	13	of	of	ADP
fbem-877	393	14	certified	certified	ADJ
fbem-877	393	15	public	public	ADJ
fbem-877	393	16	accountants	accountant	NOUN
fbem-877	393	17	:	:	PUNCT
fbem-877	393	18	empirical	empirical	ADJ
fbem-877	393	19	evidence	evidence	NOUN
fbem-877	393	20	from	from	ADP
fbem-877	393	21	audit	audit	NOUN
fbem-877	393	22	adjustment	adjustment	NOUN
fbem-877	394	1	[	[	X
fbem-877	394	2	j	j	X
fbem-877	394	3	]	]	X
fbem-877	394	4	.	.	PUNCT
fbem-877	395	1	accounting	account	VERB
fbem-877	395	2	research,2020,4(11):136	research,2020,4(11):136	NOUN
fbem-877	395	3	-	-	PUNCT
fbem-877	395	4	151	151	NUM
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fbem-877	396	1	[	[	X
fbem-877	396	2	13	13	NUM
fbem-877	396	3	]	]	X
fbem-877	396	4	tang	tang	NOUN
fbem-877	396	5	xiaojian	xiaojian	PROPN
fbem-877	396	6	.	.	PUNCT
fbem-877	397	1	research	research	NOUN
fbem-877	397	2	on	on	ADP
fbem-877	397	3	accounting	accounting	NOUN
fbem-877	397	4	information	information	NOUN
fbem-877	397	5	quality	quality	NOUN
fbem-877	397	6	and	and	CCONJ
fbem-877	397	7	financial	financial	ADJ
fbem-877	397	8	performance	performance	NOUN
fbem-877	397	9	-based	-base	VERB
fbem-877	397	10	on	on	ADP
fbem-877	397	11	data	datum	NOUN
fbem-877	397	12	analysis	analysis	NOUN
fbem-877	397	13	of	of	ADP
fbem-877	397	14	guizhou	guizhou	PROPN
fbem-877	397	15	main	main	ADJ
fbem-877	397	16	board	board	NOUN
fbem-877	397	17	listed	list	VERB
fbem-877	397	18	companies	company	NOUN
fbem-877	398	1	[	[	X
fbem-877	398	2	j	j	X
fbem-877	398	3	]	]	X
fbem-877	398	4	.	.	PUNCT
fbem-877	399	1	finance	finance	NOUN
fbem-877	399	2	and	and	CCONJ
fbem-877	399	3	accounting	accounting	PROPN
fbem-877	399	4	communications,2013,4(27):3	communications,2013,4(27):3	PROPN
fbem-877	399	5	-	-	PUNCT
fbem-877	399	6	5	5	NUM
fbem-877	399	7	.	.	PUNCT
fbem-877	400	1	[	[	X
fbem-877	400	2	14	14	NUM
fbem-877	400	3	]	]	X
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fbem-877	400	5	guoding	guoding	NOUN
fbem-877	400	6	,	,	PUNCT
fbem-877	400	7	lu	lu	PROPN
fbem-877	400	8	tong	tong	PROPN
fbem-877	400	9	.	.	PUNCT
fbem-877	401	1	investment	investment	NOUN
fbem-877	401	2	research,2018,37(07):5770	research,2018,37(07):5770	PROPN
fbem-877	401	3	.	.	PUNCT
fbem-877	402	1	(	(	PUNCT
fbem-877	402	2	in	in	ADP
fbem-877	402	3	chinese	chinese	PROPN
fbem-877	402	4	)	)	PUNCT
fbem-877	403	1	[	[	X
fbem-877	403	2	15	15	NUM
fbem-877	403	3	]	]	X
fbem-877	403	4	xu	xu	PROPN
fbem-877	403	5	lin	lin	PROPN
fbem-877	403	6	,	,	PUNCT
fbem-877	403	7	lin	lin	PROPN
fbem-877	403	8	zhijun	zhijun	PROPN
fbem-877	403	9	,	,	PUNCT
fbem-877	403	10	liu	liu	PROPN
fbem-877	403	11	yan	yan	PROPN
fbem-877	403	12	.	.	PUNCT
fbem-877	404	1	institutional	institutional	ADJ
fbem-877	404	2	investor	investor	NOUN
fbem-877	404	3	ownership	ownership	NOUN
fbem-877	404	4	,	,	PUNCT
fbem-877	404	5	heterogeneity	heterogeneity	NOUN
fbem-877	404	6	and	and	CCONJ
fbem-877	404	7	corporate	corporate	ADJ
fbem-877	404	8	performance	performance	NOUN
fbem-877	404	9	of	of	ADP
fbem-877	404	10	internet	internet	NOUN
fbem-877	404	11	firms	firm	NOUN
fbem-877	404	12	:	:	PUNCT
fbem-877	404	13	a	a	DET
fbem-877	404	14	comparative	comparative	ADJ
fbem-877	404	15	study	study	NOUN
fbem-877	404	16	with	with	ADP
fbem-877	404	17	manufacturing	manufacturing	NOUN
fbem-877	404	18	[	[	X
fbem-877	404	19	j	j	X
fbem-877	404	20	]	]	X
fbem-877	404	21	.	.	PUNCT
fbem-877	405	1	finance	finance	NOUN
fbem-877	405	2	and	and	CCONJ
fbem-877	405	3	accounting	accounting	NOUN
fbem-877	405	4	communications,2019,4(06):3	communications,2019,4(06):3	PROPN
fbem-877	405	5	-	-	PUNCT
fbem-877	405	6	6	6	NUM
fbem-877	405	7	+	+	NOUN
fbem-877	405	8	18	18	NUM
fbem-877	405	9	.	.	PUNCT
fbem-877	406	1	[	[	X
fbem-877	406	2	16	16	NUM
fbem-877	406	3	]	]	X
fbem-877	406	4	yang	yang	PROPN
fbem-877	406	5	haiyan	haiyan	PROPN
fbem-877	406	6	,	,	PUNCT
fbem-877	406	7	wei	wei	PROPN
fbem-877	406	8	dehong	dehong	PROPN
fbem-877	406	9	,	,	PUNCT
fbem-877	406	10	sun	sun	PROPN
fbem-877	406	11	jian	jian	PROPN
fbem-877	406	12	.	.	PROPN
fbem-877	406	13	can	can	AUX
fbem-877	406	14	institutional	institutional	ADJ
fbem-877	406	15	investors	investor	NOUN
fbem-877	406	16	improve	improve	VERB
fbem-877	406	17	the	the	DET
fbem-877	406	18	quality	quality	NOUN
fbem-877	406	19	of	of	ADP
fbem-877	406	20	accounting	accounting	NOUN
fbem-877	406	21	information	information	NOUN
fbem-877	406	22	of	of	ADP
fbem-877	406	23	listed	list	VERB
fbem-877	406	24	companies?accounting	companies?accounte	VERB
fbem-877	406	25	research,2012,4(09):16	research,2012,4(09):16	PROPN
fbem-877	406	26	-	-	SYM
fbem-877	406	27	23	23	NUM
fbem-877	406	28	+	+	NOUN
fbem-877	406	29	96	96	NUM
fbem-877	406	30	.	.	PUNCT
fbem-877	406	31	163	163	NUM
fbem-877	407	1	[	[	X
fbem-877	407	2	17	17	NUM
fbem-877	407	3	]	]	X
fbem-877	407	4	zhu	zhu	PROPN
fbem-877	407	5	weidong	weidong	PROPN
fbem-877	407	6	,	,	PUNCT
fbem-877	407	7	jin	jin	PROPN
fbem-877	407	8	qiyan	qiyan	PROPN
fbem-877	407	9	.	.	PUNCT
fbem-877	408	1	firm	firm	ADJ
fbem-877	408	2	heterogeneity	heterogeneity	NOUN
fbem-877	408	3	,	,	PUNCT
fbem-877	408	4	institutional	institutional	ADJ
fbem-877	408	5	investor	investor	NOUN
fbem-877	408	6	ownership	ownership	NOUN
fbem-877	408	7	and	and	CCONJ
fbem-877	408	8	firm	firm	ADJ
fbem-877	408	9	performance	performance	NOUN
fbem-877	408	10	:	:	PUNCT
fbem-877	408	11	empirical	empirical	ADJ
fbem-877	408	12	data	datum	NOUN
fbem-877	408	13	from	from	ADP
fbem-877	408	14	listed	list	VERB
fbem-877	408	15	companies	company	NOUN
fbem-877	408	16	in	in	ADP
fbem-877	408	17	strategic	strategic	ADJ
fbem-877	408	18	emerging	emerge	VERB
fbem-877	408	19	industries	industry	NOUN
fbem-877	409	1	[	[	X
fbem-877	409	2	j	j	X
fbem-877	409	3	]	]	X
fbem-877	409	4	.	.	PUNCT
fbem-877	410	1	finance	finance	NOUN
fbem-877	410	2	and	and	CCONJ
fbem-877	410	3	accounting	account	VERB
fbem-877	410	4	monthly,2016,4(33):9	monthly,2016,4(33):9	PROPN
fbem-877	410	5	-	-	PROPN
fbem-877	410	6	16	16	NUM
fbem-877	410	7	.	.	PUNCT
fbem-877	411	1	[	[	X
fbem-877	411	2	18	18	NUM
fbem-877	411	3	]	]	X
fbem-877	411	4	zhu	zhu	PROPN
fbem-877	411	5	bo	bo	PROPN
fbem-877	411	6	,	,	PUNCT
fbem-877	411	7	sun	sun	PROPN
fbem-877	411	8	pengge	pengge	NOUN
fbem-877	411	9	,	,	PUNCT
fbem-877	411	10	long	long	ADJ
fbem-877	411	11	yungeng	yungeng	PROPN
fbem-877	411	12	.	.	PUNCT
fbem-877	411	13	does	do	AUX
fbem-877	411	14	high	high	ADJ
fbem-877	411	15	quality	quality	NOUN
fbem-877	411	16	accounting	accounting	NOUN
fbem-877	411	17	information	information	NOUN
fbem-877	411	18	promote	promote	VERB
fbem-877	411	19	rational	rational	ADJ
fbem-877	411	20	investment	investment	NOUN
fbem-877	411	21	of	of	ADP
fbem-877	411	22	investors?[j	investors?[j	PRON
fbem-877	411	23	]	]	PUNCT
fbem-877	411	24	.	.	PUNCT
fbem-877	412	1	economic	economic	ADJ
fbem-877	412	2	and	and	CCONJ
fbem-877	412	3	management	management	NOUN
fbem-877	412	4	research	research	NOUN
fbem-877	412	5	,	,	PUNCT
fbem-877	412	6	2015	2015	NUM
fbem-877	412	7	,	,	PUNCT
fbem-877	412	8	36(08	36(08	NUM
fbem-877	412	9	):	):	PUNCT
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fbem-877	412	11	-	-	SYM
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fbem-877	412	13	.	.	PUNCT
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fbem-877	413	2	19	19	NUM
fbem-877	413	3	]	]	X
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fbem-877	413	15	structure	structure	NOUN
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fbem-877	413	17	voting	voting	NOUN
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