id	sid	tid	token	lemma	pos
fbem-9286	1	1	frontiers	frontier	NOUN
fbem-9286	1	2	in	in	ADP
fbem-9286	1	3	business	business	NOUN
fbem-9286	1	4	,	,	PUNCT
fbem-9286	1	5	economics	economic	NOUN
fbem-9286	1	6	and	and	CCONJ
fbem-9286	1	7	management	management	NOUN
fbem-9286	1	8	issn	issn	PROPN
fbem-9286	1	9	:	:	PUNCT
fbem-9286	1	10	2766	2766	NUM
fbem-9286	1	11	-	-	PUNCT
fbem-9286	1	12	824x	824x	NUM
fbem-9286	1	13	|	|	ADJ
fbem-9286	1	14	vol	vol	NOUN
fbem-9286	1	15	.	.	PROPN
fbem-9286	2	1	9	9	NUM
fbem-9286	2	2	,	,	PUNCT
fbem-9286	2	3	no	no	INTJ
fbem-9286	2	4	.	.	NOUN
fbem-9286	2	5	2	2	NUM
fbem-9286	2	6	,	,	PUNCT
fbem-9286	2	7	2023	2023	NUM
fbem-9286	2	8	222	222	NUM
fbem-9286	2	9	research	research	NOUN
fbem-9286	2	10	on	on	ADP
fbem-9286	2	11	the	the	DET
fbem-9286	2	12	influence	influence	NOUN
fbem-9286	2	13	mechanism	mechanism	NOUN
fbem-9286	2	14	of	of	ADP
fbem-9286	2	15	esg	esg	PROPN
fbem-9286	2	16	performance	performance	NOUN
fbem-9286	2	17	on	on	ADP
fbem-9286	2	18	institutional	institutional	ADJ
fbem-9286	2	19	investors	investor	NOUN
fbem-9286	2	20	'	'	PART
fbem-9286	2	21	shareholding	shareholding	NOUN
fbem-9286	2	22	:	:	PUNCT
fbem-9286	2	23	empirical	empirical	ADJ
fbem-9286	2	24	evidence	evidence	NOUN
fbem-9286	2	25	from	from	ADP
fbem-9286	2	26	china	china	PROPN
fbem-9286	2	27	depei	depei	PROPN
fbem-9286	2	28	ma1	ma1	PROPN
fbem-9286	2	29	,	,	PUNCT
fbem-9286	2	30	*	*	PROPN
fbem-9286	2	31	,	,	PUNCT
fbem-9286	2	32	ao	ao	PROPN
fbem-9286	2	33	wang2	wang2	PROPN
fbem-9286	3	1	1school	1school	NUM
fbem-9286	3	2	of	of	ADP
fbem-9286	3	3	accountancy	accountancy	NOUN
fbem-9286	3	4	,	,	PUNCT
fbem-9286	3	5	anhui	anhui	PROPN
fbem-9286	3	6	university	university	PROPN
fbem-9286	3	7	of	of	ADP
fbem-9286	3	8	finance	finance	NOUN
fbem-9286	3	9	and	and	CCONJ
fbem-9286	3	10	economics	economic	NOUN
fbem-9286	3	11	,	,	PUNCT
fbem-9286	3	12	bengbu	bengbu	NOUN
fbem-9286	3	13	,	,	PUNCT
fbem-9286	3	14	anhui	anhui	PROPN
fbem-9286	3	15	,	,	PUNCT
fbem-9286	3	16	china	china	PROPN
fbem-9286	3	17	2school	2school	NUM
fbem-9286	3	18	of	of	ADP
fbem-9286	3	19	accountancy	accountancy	NOUN
fbem-9286	3	20	,	,	PUNCT
fbem-9286	3	21	anhui	anhui	PROPN
fbem-9286	3	22	university	university	PROPN
fbem-9286	3	23	of	of	ADP
fbem-9286	3	24	finance	finance	NOUN
fbem-9286	3	25	and	and	CCONJ
fbem-9286	3	26	economics	economic	NOUN
fbem-9286	3	27	,	,	PUNCT
fbem-9286	3	28	bengbu	bengbu	NOUN
fbem-9286	3	29	,	,	PUNCT
fbem-9286	3	30	anhui	anhui	PROPN
fbem-9286	3	31	,	,	PUNCT
fbem-9286	3	32	china	china	PROPN
fbem-9286	3	33	*	*	PUNCT
fbem-9286	3	34	corresponding	correspond	VERB
fbem-9286	3	35	author	author	NOUN
fbem-9286	3	36	:	:	PUNCT
fbem-9286	3	37	depei	depei	PROPN
fbem-9286	3	38	ma	ma	PROPN
fbem-9286	3	39	(	(	PUNCT
fbem-9286	3	40	email	email	NOUN
fbem-9286	3	41	:	:	PUNCT
fbem-9286	3	42	359189845@qq.com	359189845@qq.com	NUM
fbem-9286	3	43	)	)	PUNCT
fbem-9286	3	44	abstract	abstract	NOUN
fbem-9286	3	45	:	:	PUNCT
fbem-9286	3	46	since	since	SCONJ
fbem-9286	3	47	the	the	DET
fbem-9286	3	48	beginning	beginning	NOUN
fbem-9286	3	49	of	of	ADP
fbem-9286	3	50	the	the	DET
fbem-9286	3	51	covid-19	covid-19	PROPN
fbem-9286	3	52	pandemic	pandemic	NOUN
fbem-9286	3	53	,	,	PUNCT
fbem-9286	3	54	the	the	DET
fbem-9286	3	55	labor	labor	NOUN
fbem-9286	3	56	force	force	NOUN
fbem-9286	3	57	and	and	CCONJ
fbem-9286	3	58	supply	supply	NOUN
fbem-9286	3	59	chain	chain	NOUN
fbem-9286	3	60	have	have	AUX
fbem-9286	3	61	been	be	AUX
fbem-9286	3	62	greatly	greatly	ADV
fbem-9286	3	63	impacted	impact	VERB
fbem-9286	3	64	,	,	PUNCT
fbem-9286	3	65	the	the	DET
fbem-9286	3	66	global	global	ADJ
fbem-9286	3	67	economy	economy	NOUN
fbem-9286	3	68	has	have	AUX
fbem-9286	3	69	been	be	AUX
fbem-9286	3	70	in	in	ADP
fbem-9286	3	71	a	a	DET
fbem-9286	3	72	downturn	downturn	NOUN
fbem-9286	3	73	,	,	PUNCT
fbem-9286	3	74	and	and	CCONJ
fbem-9286	3	75	the	the	DET
fbem-9286	3	76	changes	change	NOUN
fbem-9286	3	77	in	in	ADP
fbem-9286	3	78	environmental	environmental	ADJ
fbem-9286	3	79	and	and	CCONJ
fbem-9286	3	80	social	social	ADJ
fbem-9286	3	81	risks	risk	NOUN
fbem-9286	3	82	have	have	AUX
fbem-9286	3	83	made	make	VERB
fbem-9286	3	84	companies	company	NOUN
fbem-9286	3	85	that	that	PRON
fbem-9286	3	86	lack	lack	VERB
fbem-9286	3	87	a	a	DET
fbem-9286	3	88	solid	solid	ADJ
fbem-9286	3	89	market	market	NOUN
fbem-9286	3	90	position	position	NOUN
fbem-9286	3	91	or	or	CCONJ
fbem-9286	3	92	financial	financial	ADJ
fbem-9286	3	93	foundation	foundation	NOUN
fbem-9286	3	94	suffer	suffer	VERB
fbem-9286	3	95	great	great	ADJ
fbem-9286	3	96	losses	loss	NOUN
fbem-9286	3	97	.	.	PUNCT
fbem-9286	4	1	in	in	ADP
fbem-9286	4	2	the	the	DET
fbem-9286	4	3	new	new	ADJ
fbem-9286	4	4	era	era	NOUN
fbem-9286	4	5	,	,	PUNCT
fbem-9286	4	6	institutional	institutional	ADJ
fbem-9286	4	7	investors	investor	NOUN
fbem-9286	4	8	are	be	AUX
fbem-9286	4	9	in	in	ADP
fbem-9286	4	10	urgent	urgent	ADJ
fbem-9286	4	11	need	need	NOUN
fbem-9286	4	12	of	of	ADP
fbem-9286	4	13	judgment	judgment	NOUN
fbem-9286	4	14	criteria	criterion	NOUN
fbem-9286	4	15	other	other	ADJ
fbem-9286	4	16	than	than	ADP
fbem-9286	4	17	traditional	traditional	ADJ
fbem-9286	4	18	financial	financial	ADJ
fbem-9286	4	19	data	datum	NOUN
fbem-9286	4	20	(	(	PUNCT
fbem-9286	4	21	such	such	ADJ
fbem-9286	4	22	as	as	ADP
fbem-9286	4	23	esg	esg	NOUN
fbem-9286	4	24	performance	performance	NOUN
fbem-9286	4	25	)	)	PUNCT
fbem-9286	4	26	to	to	PART
fbem-9286	4	27	ensure	ensure	VERB
fbem-9286	4	28	that	that	SCONJ
fbem-9286	4	29	they	they	PRON
fbem-9286	4	30	can	can	AUX
fbem-9286	4	31	select	select	VERB
fbem-9286	4	32	investment	investment	NOUN
fbem-9286	4	33	projects	project	NOUN
fbem-9286	4	34	with	with	ADP
fbem-9286	4	35	high	high	ADJ
fbem-9286	4	36	potential	potential	ADJ
fbem-9286	4	37	and	and	CCONJ
fbem-9286	4	38	strong	strong	ADJ
fbem-9286	4	39	anti	anti	ADJ
fbem-9286	4	40	-	-	ADJ
fbem-9286	4	41	risk	risk	ADJ
fbem-9286	4	42	ability	ability	NOUN
fbem-9286	4	43	.	.	PUNCT
fbem-9286	5	1	this	this	DET
fbem-9286	5	2	paper	paper	NOUN
fbem-9286	5	3	takes	take	VERB
fbem-9286	5	4	chinese	chinese	ADJ
fbem-9286	5	5	listed	list	VERB
fbem-9286	5	6	companies	company	NOUN
fbem-9286	5	7	from	from	ADP
fbem-9286	5	8	2010	2010	NUM
fbem-9286	5	9	to	to	ADP
fbem-9286	5	10	2021	2021	NUM
fbem-9286	5	11	as	as	SCONJ
fbem-9286	5	12	samples	sample	NOUN
fbem-9286	5	13	to	to	PART
fbem-9286	5	14	empirically	empirically	ADV
fbem-9286	5	15	test	test	VERB
fbem-9286	5	16	the	the	DET
fbem-9286	5	17	influence	influence	NOUN
fbem-9286	5	18	mechanism	mechanism	NOUN
fbem-9286	5	19	of	of	ADP
fbem-9286	5	20	esg	esg	PROPN
fbem-9286	5	21	performance	performance	NOUN
fbem-9286	5	22	on	on	ADP
fbem-9286	5	23	institutional	institutional	ADJ
fbem-9286	5	24	investors	investor	NOUN
fbem-9286	5	25	'	'	PART
fbem-9286	5	26	shareholding	shareholding	NOUN
fbem-9286	5	27	.	.	PUNCT
fbem-9286	6	1	the	the	DET
fbem-9286	6	2	results	result	NOUN
fbem-9286	6	3	show	show	VERB
fbem-9286	6	4	that	that	SCONJ
fbem-9286	6	5	:	:	PUNCT
fbem-9286	6	6	(	(	PUNCT
fbem-9286	6	7	1	1	X
fbem-9286	6	8	)	)	PUNCT
fbem-9286	6	9	esg	esg	NOUN
fbem-9286	6	10	performance	performance	NOUN
fbem-9286	6	11	can	can	AUX
fbem-9286	6	12	significantly	significantly	ADV
fbem-9286	6	13	promote	promote	VERB
fbem-9286	6	14	the	the	DET
fbem-9286	6	15	shareholding	shareholding	NOUN
fbem-9286	6	16	of	of	ADP
fbem-9286	6	17	institutional	institutional	ADJ
fbem-9286	6	18	investors	investor	NOUN
fbem-9286	6	19	;	;	PUNCT
fbem-9286	6	20	(	(	PUNCT
fbem-9286	6	21	2	2	X
fbem-9286	6	22	)	)	PUNCT
fbem-9286	6	23	there	there	PRON
fbem-9286	6	24	is	be	VERB
fbem-9286	6	25	a	a	DET
fbem-9286	6	26	significant	significant	ADJ
fbem-9286	6	27	relationship	relationship	NOUN
fbem-9286	6	28	between	between	ADP
fbem-9286	6	29	esg	esg	NOUN
fbem-9286	6	30	performance	performance	NOUN
fbem-9286	6	31	and	and	CCONJ
fbem-9286	6	32	enterprise	enterprise	NOUN
fbem-9286	6	33	internal	internal	ADJ
fbem-9286	6	34	indicators	indicator	NOUN
fbem-9286	6	35	.	.	PUNCT
fbem-9286	7	1	good	good	ADJ
fbem-9286	7	2	esg	esg	PROPN
fbem-9286	7	3	performance	performance	NOUN
fbem-9286	7	4	is	be	AUX
fbem-9286	7	5	inversely	inversely	ADV
fbem-9286	7	6	proportional	proportional	ADJ
fbem-9286	7	7	to	to	ADP
fbem-9286	7	8	business	business	NOUN
fbem-9286	7	9	risk	risk	NOUN
fbem-9286	7	10	and	and	CCONJ
fbem-9286	7	11	proportional	proportional	ADJ
fbem-9286	7	12	to	to	ADP
fbem-9286	7	13	enterprise	enterprise	NOUN
fbem-9286	7	14	value	value	NOUN
fbem-9286	7	15	,	,	PUNCT
fbem-9286	7	16	which	which	PRON
fbem-9286	7	17	reflects	reflect	VERB
fbem-9286	7	18	the	the	DET
fbem-9286	7	19	internal	internal	ADJ
fbem-9286	7	20	economic	economic	ADJ
fbem-9286	7	21	indicators	indicator	NOUN
fbem-9286	7	22	valued	value	VERB
fbem-9286	7	23	by	by	ADP
fbem-9286	7	24	institutional	institutional	ADJ
fbem-9286	7	25	investors	investor	NOUN
fbem-9286	7	26	to	to	ADP
fbem-9286	7	27	a	a	DET
fbem-9286	7	28	certain	certain	ADJ
fbem-9286	7	29	extent	extent	NOUN
fbem-9286	7	30	.	.	PUNCT
fbem-9286	8	1	(	(	PUNCT
fbem-9286	8	2	3	3	X
fbem-9286	8	3	)	)	PUNCT
fbem-9286	8	4	a	a	DET
fbem-9286	8	5	good	good	ADJ
fbem-9286	8	6	esg	esg	PROPN
fbem-9286	8	7	is	be	AUX
fbem-9286	8	8	manifested	manifest	VERB
fbem-9286	8	9	externally	externally	ADV
fbem-9286	8	10	,	,	PUNCT
fbem-9286	8	11	which	which	PRON
fbem-9286	8	12	significantly	significantly	ADV
fbem-9286	8	13	promotes	promote	VERB
fbem-9286	8	14	the	the	DET
fbem-9286	8	15	attention	attention	NOUN
fbem-9286	8	16	of	of	ADP
fbem-9286	8	17	corporate	corporate	ADJ
fbem-9286	8	18	media	medium	NOUN
fbem-9286	8	19	and	and	CCONJ
fbem-9286	8	20	analysts	analyst	NOUN
fbem-9286	8	21	,	,	PUNCT
fbem-9286	8	22	enhances	enhance	VERB
fbem-9286	8	23	corporate	corporate	ADJ
fbem-9286	8	24	reputation	reputation	NOUN
fbem-9286	8	25	,	,	PUNCT
fbem-9286	8	26	has	have	VERB
fbem-9286	8	27	a	a	DET
fbem-9286	8	28	dominant	dominant	ADJ
fbem-9286	8	29	position	position	NOUN
fbem-9286	8	30	in	in	ADP
fbem-9286	8	31	public	public	ADJ
fbem-9286	8	32	opinion	opinion	NOUN
fbem-9286	8	33	,	,	PUNCT
fbem-9286	8	34	and	and	CCONJ
fbem-9286	8	35	increases	increase	VERB
fbem-9286	8	36	the	the	DET
fbem-9286	8	37	shareholding	shareholding	NOUN
fbem-9286	8	38	of	of	ADP
fbem-9286	8	39	institutional	institutional	ADJ
fbem-9286	8	40	investors	investor	NOUN
fbem-9286	8	41	.	.	PUNCT
fbem-9286	9	1	keywords	keyword	NOUN
fbem-9286	9	2	:	:	PUNCT
fbem-9286	9	3	esg	esg	NOUN
fbem-9286	9	4	performance	performance	NOUN
fbem-9286	9	5	,	,	PUNCT
fbem-9286	9	6	institutional	institutional	ADJ
fbem-9286	9	7	investor	investor	NOUN
fbem-9286	9	8	shareholding	shareholding	NOUN
fbem-9286	9	9	,	,	PUNCT
fbem-9286	9	10	business	business	NOUN
fbem-9286	9	11	risk	risk	NOUN
fbem-9286	9	12	,	,	PUNCT
fbem-9286	9	13	enterprise	enterprise	NOUN
fbem-9286	9	14	value	value	NOUN
fbem-9286	9	15	,	,	PUNCT
fbem-9286	9	16	media	medium	NOUN
fbem-9286	9	17	attention	attention	NOUN
fbem-9286	9	18	,	,	PUNCT
fbem-9286	9	19	analyst	analyst	NOUN
fbem-9286	9	20	attention	attention	NOUN
fbem-9286	9	21	.	.	PUNCT
fbem-9286	10	1	1	1	X
fbem-9286	10	2	.	.	X
fbem-9286	10	3	introduction	introduction	NOUN
fbem-9286	10	4	as	as	SCONJ
fbem-9286	10	5	the	the	DET
fbem-9286	10	6	world	world	NOUN
fbem-9286	10	7	's	's	PART
fbem-9286	10	8	second	second	ADV
fbem-9286	10	9	largest	large	ADJ
fbem-9286	10	10	economy	economy	NOUN
fbem-9286	10	11	faces	face	VERB
fbem-9286	10	12	severe	severe	ADJ
fbem-9286	10	13	and	and	CCONJ
fbem-9286	10	14	complex	complex	ADJ
fbem-9286	10	15	development	development	NOUN
fbem-9286	10	16	situations	situation	NOUN
fbem-9286	10	17	such	such	ADJ
fbem-9286	10	18	as	as	ADP
fbem-9286	10	19	covid-19	covid-19	PROPN
fbem-9286	10	20	,	,	PUNCT
fbem-9286	10	21	climate	climate	NOUN
fbem-9286	10	22	change	change	NOUN
fbem-9286	10	23	and	and	CCONJ
fbem-9286	10	24	environmental	environmental	ADJ
fbem-9286	10	25	pollution	pollution	NOUN
fbem-9286	10	26	,	,	PUNCT
fbem-9286	10	27	implementing	implement	VERB
fbem-9286	10	28	the	the	DET
fbem-9286	10	29	new	new	ADJ
fbem-9286	10	30	development	development	NOUN
fbem-9286	10	31	philosophy	philosophy	NOUN
fbem-9286	10	32	is	be	AUX
fbem-9286	10	33	the	the	DET
fbem-9286	10	34	only	only	ADJ
fbem-9286	10	35	way	way	NOUN
fbem-9286	10	36	for	for	SCONJ
fbem-9286	10	37	china	china	PROPN
fbem-9286	10	38	to	to	PART
fbem-9286	10	39	grow	grow	VERB
fbem-9286	10	40	stronger	strong	ADJ
fbem-9286	10	41	in	in	ADP
fbem-9286	10	42	the	the	DET
fbem-9286	10	43	new	new	ADJ
fbem-9286	10	44	era	era	NOUN
fbem-9286	10	45	.	.	PUNCT
fbem-9286	11	1	as	as	ADP
fbem-9286	11	2	a	a	DET
fbem-9286	11	3	key	key	ADJ
fbem-9286	11	4	link	link	NOUN
fbem-9286	11	5	in	in	ADP
fbem-9286	11	6	the	the	DET
fbem-9286	11	7	operation	operation	NOUN
fbem-9286	11	8	of	of	ADP
fbem-9286	11	9	society	society	NOUN
fbem-9286	11	10	,	,	PUNCT
fbem-9286	11	11	whether	whether	SCONJ
fbem-9286	11	12	enterprises	enterprise	NOUN
fbem-9286	11	13	can	can	AUX
fbem-9286	11	14	play	play	VERB
fbem-9286	11	15	a	a	DET
fbem-9286	11	16	positive	positive	ADJ
fbem-9286	11	17	role	role	NOUN
fbem-9286	11	18	in	in	ADP
fbem-9286	11	19	green	green	ADJ
fbem-9286	11	20	development	development	NOUN
fbem-9286	11	21	is	be	AUX
fbem-9286	11	22	crucial	crucial	ADJ
fbem-9286	11	23	.	.	PUNCT
fbem-9286	12	1	the	the	DET
fbem-9286	12	2	implementation	implementation	NOUN
fbem-9286	12	3	of	of	ADP
fbem-9286	12	4	the	the	DET
fbem-9286	12	5	esg(environment	esg(environment	PROPN
fbem-9286	12	6	,	,	PUNCT
fbem-9286	12	7	social	social	ADJ
fbem-9286	12	8	responsibility	responsibility	NOUN
fbem-9286	12	9	,	,	PUNCT
fbem-9286	12	10	governance	governance	NOUN
fbem-9286	12	11	)	)	PUNCT
fbem-9286	12	12	information	information	NOUN
fbem-9286	12	13	disclosure	disclosure	NOUN
fbem-9286	12	14	policy	policy	NOUN
fbem-9286	12	15	,	,	PUNCT
fbem-9286	12	16	improving	improve	VERB
fbem-9286	12	17	the	the	DET
fbem-9286	12	18	esg	esg	NOUN
fbem-9286	12	19	rating	rating	NOUN
fbem-9286	12	20	mechanism	mechanism	NOUN
fbem-9286	12	21	is	be	AUX
fbem-9286	12	22	a	a	DET
fbem-9286	12	23	key	key	ADJ
fbem-9286	12	24	step	step	NOUN
fbem-9286	12	25	in	in	ADP
fbem-9286	12	26	urging	urge	VERB
fbem-9286	12	27	and	and	CCONJ
fbem-9286	12	28	supervising	supervise	VERB
fbem-9286	12	29	enterprises	enterprise	NOUN
fbem-9286	12	30	to	to	PART
fbem-9286	12	31	play	play	VERB
fbem-9286	12	32	an	an	DET
fbem-9286	12	33	active	active	ADJ
fbem-9286	12	34	role	role	NOUN
fbem-9286	12	35	.	.	PUNCT
fbem-9286	13	1	the	the	DET
fbem-9286	13	2	essence	essence	NOUN
fbem-9286	13	3	of	of	ADP
fbem-9286	13	4	esg	esg	PROPN
fbem-9286	13	5	is	be	AUX
fbem-9286	13	6	that	that	SCONJ
fbem-9286	13	7	enterprises	enterprise	NOUN
fbem-9286	13	8	seek	seek	VERB
fbem-9286	13	9	long	long	ADJ
fbem-9286	13	10	-	-	PUNCT
fbem-9286	13	11	term	term	NOUN
fbem-9286	13	12	sustainable	sustainable	ADJ
fbem-9286	13	13	investment	investment	NOUN
fbem-9286	13	14	returns	return	NOUN
fbem-9286	13	15	,	,	PUNCT
fbem-9286	13	16	realize	realize	VERB
fbem-9286	13	17	the	the	DET
fbem-9286	13	18	unity	unity	NOUN
fbem-9286	13	19	of	of	ADP
fbem-9286	13	20	enterprise	enterprise	NOUN
fbem-9286	13	21	value	value	NOUN
fbem-9286	13	22	and	and	CCONJ
fbem-9286	13	23	social	social	ADJ
fbem-9286	13	24	value	value	NOUN
fbem-9286	13	25	,	,	PUNCT
fbem-9286	13	26	and	and	CCONJ
fbem-9286	13	27	provide	provide	VERB
fbem-9286	13	28	necessary	necessary	ADJ
fbem-9286	13	29	tools	tool	NOUN
fbem-9286	13	30	for	for	SCONJ
fbem-9286	13	31	institutional	institutional	ADJ
fbem-9286	13	32	investors	investor	NOUN
fbem-9286	13	33	to	to	PART
fbem-9286	13	34	select	select	VERB
fbem-9286	13	35	investee	investee	NOUN
fbem-9286	13	36	enterprises	enterprise	NOUN
fbem-9286	13	37	with	with	ADP
fbem-9286	13	38	high	high	ADJ
fbem-9286	13	39	potential	potential	ADJ
fbem-9286	13	40	and	and	CCONJ
fbem-9286	13	41	strong	strong	ADJ
fbem-9286	13	42	risk	risk	NOUN
fbem-9286	13	43	resistance	resistance	NOUN
fbem-9286	13	44	ability	ability	NOUN
fbem-9286	13	45	under	under	ADP
fbem-9286	13	46	the	the	DET
fbem-9286	13	47	current	current	ADJ
fbem-9286	13	48	environment	environment	NOUN
fbem-9286	13	49	.	.	PUNCT
fbem-9286	14	1	on	on	ADP
fbem-9286	14	2	october	october	PROPN
fbem-9286	14	3	9	9	NUM
fbem-9286	14	4	,	,	PUNCT
fbem-9286	14	5	2020	2020	NUM
fbem-9286	14	6	,	,	PUNCT
fbem-9286	14	7	the	the	DET
fbem-9286	14	8	state	state	PROPN
fbem-9286	14	9	council	council	PROPN
fbem-9286	14	10	issued	issue	VERB
fbem-9286	14	11	the	the	DET
fbem-9286	14	12	opinions	opinion	NOUN
fbem-9286	14	13	of	of	ADP
fbem-9286	14	14	the	the	DET
fbem-9286	14	15	state	state	NOUN
fbem-9286	14	16	council	council	PROPN
fbem-9286	14	17	on	on	ADP
fbem-9286	14	18	further	far	ADV
fbem-9286	14	19	improving	improve	VERB
fbem-9286	14	20	the	the	DET
fbem-9286	14	21	quality	quality	NOUN
fbem-9286	14	22	of	of	ADP
fbem-9286	14	23	listed	list	VERB
fbem-9286	14	24	companies	company	NOUN
fbem-9286	14	25	(	(	PUNCT
fbem-9286	14	26	hereinafter	hereinafter	NOUN
fbem-9286	14	27	referred	refer	VERB
fbem-9286	14	28	to	to	ADP
fbem-9286	14	29	as	as	ADP
fbem-9286	14	30	the	the	DET
fbem-9286	14	31	"	"	PUNCT
fbem-9286	14	32	opinions	opinion	NOUN
fbem-9286	14	33	"	"	PUNCT
fbem-9286	14	34	)	)	PUNCT
fbem-9286	14	35	,	,	PUNCT
fbem-9286	14	36	making	make	VERB
fbem-9286	14	37	systematic	systematic	ADJ
fbem-9286	14	38	and	and	CCONJ
fbem-9286	14	39	targeted	target	VERB
fbem-9286	14	40	arrangements	arrangement	NOUN
fbem-9286	14	41	for	for	ADP
fbem-9286	14	42	improving	improve	VERB
fbem-9286	14	43	the	the	DET
fbem-9286	14	44	quality	quality	NOUN
fbem-9286	14	45	of	of	ADP
fbem-9286	14	46	listed	list	VERB
fbem-9286	14	47	companies	company	NOUN
fbem-9286	14	48	.	.	PUNCT
fbem-9286	15	1	the	the	DET
fbem-9286	15	2	opinions	opinion	NOUN
fbem-9286	15	3	stressed	stress	VERB
fbem-9286	15	4	the	the	DET
fbem-9286	15	5	need	need	NOUN
fbem-9286	15	6	to	to	PART
fbem-9286	15	7	standardize	standardize	VERB
fbem-9286	15	8	corporate	corporate	ADJ
fbem-9286	15	9	governance	governance	NOUN
fbem-9286	15	10	and	and	CCONJ
fbem-9286	15	11	internal	internal	ADJ
fbem-9286	15	12	control	control	NOUN
fbem-9286	15	13	,	,	PUNCT
fbem-9286	15	14	improve	improve	VERB
fbem-9286	15	15	the	the	DET
fbem-9286	15	16	quality	quality	NOUN
fbem-9286	15	17	of	of	ADP
fbem-9286	15	18	information	information	NOUN
fbem-9286	15	19	disclosure	disclosure	NOUN
fbem-9286	15	20	,	,	PUNCT
fbem-9286	15	21	and	and	CCONJ
fbem-9286	15	22	take	take	VERB
fbem-9286	15	23	esg	esg	NOUN
fbem-9286	15	24	information	information	NOUN
fbem-9286	15	25	as	as	ADP
fbem-9286	15	26	an	an	DET
fbem-9286	15	27	important	important	ADJ
fbem-9286	15	28	supplement	supplement	NOUN
fbem-9286	15	29	to	to	ADP
fbem-9286	15	30	the	the	DET
fbem-9286	15	31	information	information	NOUN
fbem-9286	15	32	disclosure	disclosure	NOUN
fbem-9286	15	33	of	of	ADP
fbem-9286	15	34	listed	list	VERB
fbem-9286	15	35	companies	company	NOUN
fbem-9286	15	36	.	.	PUNCT
fbem-9286	16	1	on	on	ADP
fbem-9286	16	2	june	june	PROPN
fbem-9286	16	3	28	28	NUM
fbem-9286	16	4	,	,	PUNCT
fbem-9286	16	5	2021	2021	NUM
fbem-9286	16	6	,	,	PUNCT
fbem-9286	16	7	china	china	PROPN
fbem-9286	16	8	securities	securities	PROPN
fbem-9286	16	9	regulatory	regulatory	PROPN
fbem-9286	16	10	commission	commission	PROPN
fbem-9286	16	11	issued	issue	VERB
fbem-9286	16	12	the	the	DET
fbem-9286	16	13	revised	revise	VERB
fbem-9286	16	14	financial	financial	ADJ
fbem-9286	16	15	report	report	NOUN
fbem-9286	16	16	format	format	NOUN
fbem-9286	16	17	standards	standard	NOUN
fbem-9286	16	18	,	,	PUNCT
fbem-9286	16	19	adding	add	VERB
fbem-9286	16	20	"	"	PUNCT
fbem-9286	16	21	section	section	NOUN
fbem-9286	16	22	5	5	NUM
fbem-9286	16	23	environmental	environmental	ADJ
fbem-9286	16	24	and	and	CCONJ
fbem-9286	16	25	social	social	ADJ
fbem-9286	16	26	responsibility	responsibility	NOUN
fbem-9286	16	27	"	"	PUNCT
fbem-9286	16	28	to	to	ADP
fbem-9286	16	29	the	the	DET
fbem-9286	16	30	standards	standard	NOUN
fbem-9286	16	31	,	,	PUNCT
fbem-9286	16	32	which	which	PRON
fbem-9286	16	33	greatly	greatly	ADV
fbem-9286	16	34	promoted	promote	VERB
fbem-9286	16	35	the	the	DET
fbem-9286	16	36	promotion	promotion	NOUN
fbem-9286	16	37	of	of	ADP
fbem-9286	16	38	esg	esg	PROPN
fbem-9286	16	39	information	information	NOUN
fbem-9286	16	40	disclosure	disclosure	NOUN
fbem-9286	16	41	and	and	CCONJ
fbem-9286	16	42	rating	rating	NOUN
fbem-9286	16	43	.	.	PUNCT
fbem-9286	17	1	on	on	ADP
fbem-9286	17	2	march	march	PROPN
fbem-9286	17	3	31	31	NUM
fbem-9286	17	4	,	,	PUNCT
fbem-9286	17	5	2022	2022	NUM
fbem-9286	17	6	,	,	PUNCT
fbem-9286	17	7	issb	issb	NOUN
fbem-9286	17	8	(	(	PUNCT
fbem-9286	17	9	international	international	ADJ
fbem-9286	17	10	sustainability	sustainability	NOUN
fbem-9286	17	11	standards	standard	NOUN
fbem-9286	17	12	board	board	NOUN
fbem-9286	17	13	)	)	PUNCT
fbem-9286	17	14	released	release	VERB
fbem-9286	17	15	the	the	DET
fbem-9286	17	16	esg	esg	PROPN
fbem-9286	17	17	disclosure	disclosure	NOUN
fbem-9286	17	18	system	system	NOUN
fbem-9286	17	19	,	,	PUNCT
fbem-9286	17	20	hoping	hope	VERB
fbem-9286	17	21	to	to	PART
fbem-9286	17	22	integrate	integrate	VERB
fbem-9286	17	23	global	global	ADJ
fbem-9286	17	24	standards	standard	NOUN
fbem-9286	17	25	.	.	PUNCT
fbem-9286	18	1	china	china	PROPN
fbem-9286	18	2	securities	securities	PROPN
fbem-9286	18	3	regulatory	regulatory	PROPN
fbem-9286	18	4	commission	commission	PROPN
fbem-9286	18	5	believes	believe	VERB
fbem-9286	18	6	that	that	SCONJ
fbem-9286	18	7	the	the	DET
fbem-9286	18	8	implementation	implementation	NOUN
fbem-9286	18	9	of	of	ADP
fbem-9286	18	10	this	this	DET
fbem-9286	18	11	system	system	NOUN
fbem-9286	18	12	will	will	AUX
fbem-9286	18	13	have	have	VERB
fbem-9286	18	14	a	a	DET
fbem-9286	18	15	great	great	ADJ
fbem-9286	18	16	impact	impact	NOUN
fbem-9286	18	17	on	on	ADP
fbem-9286	18	18	chinese	chinese	ADJ
fbem-9286	18	19	enterprises	enterprise	NOUN
fbem-9286	18	20	.	.	PUNCT
fbem-9286	19	1	on	on	ADP
fbem-9286	19	2	april	april	PROPN
fbem-9286	19	3	15	15	NUM
fbem-9286	19	4	of	of	ADP
fbem-9286	19	5	the	the	DET
fbem-9286	19	6	same	same	ADJ
fbem-9286	19	7	year	year	NOUN
fbem-9286	19	8	,	,	PUNCT
fbem-9286	19	9	the	the	DET
fbem-9286	19	10	guidelines	guideline	NOUN
fbem-9286	19	11	on	on	ADP
fbem-9286	19	12	investor	investor	NOUN
fbem-9286	19	13	relations	relation	NOUN
fbem-9286	19	14	management	management	NOUN
fbem-9286	19	15	of	of	ADP
fbem-9286	19	16	listed	list	VERB
fbem-9286	19	17	companies	company	NOUN
fbem-9286	19	18	were	be	AUX
fbem-9286	19	19	issued	issue	VERB
fbem-9286	19	20	,	,	PUNCT
fbem-9286	19	21	clarifying	clarify	VERB
fbem-9286	19	22	the	the	DET
fbem-9286	19	23	main	main	ADJ
fbem-9286	19	24	responsibilities	responsibility	NOUN
fbem-9286	19	25	of	of	ADP
fbem-9286	19	26	investor	investor	NOUN
fbem-9286	19	27	relations	relation	NOUN
fbem-9286	19	28	(	(	PUNCT
fbem-9286	19	29	ir	ir	NOUN
fbem-9286	19	30	)	)	PUNCT
fbem-9286	19	31	management	management	NOUN
fbem-9286	19	32	of	of	ADP
fbem-9286	19	33	listed	list	VERB
fbem-9286	19	34	companies	company	NOUN
fbem-9286	19	35	and	and	CCONJ
fbem-9286	19	36	requiring	require	VERB
fbem-9286	19	37	that	that	SCONJ
fbem-9286	19	38	environmental	environmental	ADJ
fbem-9286	19	39	,	,	PUNCT
fbem-9286	19	40	social	social	ADJ
fbem-9286	19	41	and	and	CCONJ
fbem-9286	19	42	governance	governance	NOUN
fbem-9286	19	43	information	information	NOUN
fbem-9286	19	44	(	(	PUNCT
fbem-9286	19	45	esg	esg	NOUN
fbem-9286	19	46	)	)	PUNCT
fbem-9286	19	47	of	of	ADP
fbem-9286	19	48	listed	list	VERB
fbem-9286	19	49	companies	company	NOUN
fbem-9286	19	50	be	be	AUX
fbem-9286	19	51	added	add	VERB
fbem-9286	19	52	to	to	ADP
fbem-9286	19	53	the	the	DET
fbem-9286	19	54	communication	communication	NOUN
fbem-9286	19	55	content	content	NOUN
fbem-9286	19	56	.	.	PUNCT
fbem-9286	20	1	with	with	ADP
fbem-9286	20	2	the	the	DET
fbem-9286	20	3	further	further	ADJ
fbem-9286	20	4	improvement	improvement	NOUN
fbem-9286	20	5	of	of	ADP
fbem-9286	20	6	domestic	domestic	ADJ
fbem-9286	20	7	esgs	esg	NOUN
fbem-9286	20	8	to	to	ADP
fbem-9286	20	9	relevant	relevant	ADJ
fbem-9286	20	10	regulations	regulation	NOUN
fbem-9286	20	11	,	,	PUNCT
fbem-9286	20	12	the	the	DET
fbem-9286	20	13	performance	performance	NOUN
fbem-9286	20	14	of	of	ADP
fbem-9286	20	15	esgs	esg	NOUN
fbem-9286	20	16	in	in	ADP
fbem-9286	20	17	the	the	DET
fbem-9286	20	18	foreseeable	foreseeable	ADJ
fbem-9286	20	19	future	future	NOUN
fbem-9286	20	20	will	will	AUX
fbem-9286	20	21	be	be	AUX
fbem-9286	20	22	an	an	DET
fbem-9286	20	23	important	important	ADJ
fbem-9286	20	24	factor	factor	NOUN
fbem-9286	20	25	that	that	PRON
fbem-9286	20	26	institutional	institutional	ADJ
fbem-9286	20	27	investors	investor	NOUN
fbem-9286	20	28	must	must	AUX
fbem-9286	20	29	take	take	VERB
fbem-9286	20	30	into	into	ADP
fbem-9286	20	31	account	account	NOUN
fbem-9286	20	32	in	in	ADP
fbem-9286	20	33	addition	addition	NOUN
fbem-9286	20	34	to	to	ADP
fbem-9286	20	35	financial	financial	ADJ
fbem-9286	20	36	information	information	NOUN
fbem-9286	20	37	.	.	PUNCT
fbem-9286	21	1	therefore	therefore	ADV
fbem-9286	21	2	,	,	PUNCT
fbem-9286	21	3	studying	study	VERB
fbem-9286	21	4	the	the	DET
fbem-9286	21	5	mechanism	mechanism	NOUN
fbem-9286	21	6	of	of	ADP
fbem-9286	21	7	the	the	DET
fbem-9286	21	8	influence	influence	NOUN
fbem-9286	21	9	of	of	ADP
fbem-9286	21	10	esg	esg	PROPN
fbem-9286	21	11	performance	performance	NOUN
fbem-9286	21	12	on	on	ADP
fbem-9286	21	13	institutional	institutional	ADJ
fbem-9286	21	14	investors	investor	NOUN
fbem-9286	21	15	'	'	PART
fbem-9286	21	16	shareholding	shareholding	NOUN
fbem-9286	21	17	on	on	ADP
fbem-9286	21	18	the	the	DET
fbem-9286	21	19	one	one	NUM
fbem-9286	21	20	hand	hand	NOUN
fbem-9286	21	21	enricheds	enriched	VERB
fbem-9286	21	22	the	the	DET
fbem-9286	21	23	means	mean	NOUN
fbem-9286	21	24	for	for	SCONJ
fbem-9286	21	25	institutional	institutional	ADJ
fbem-9286	21	26	investors	investor	NOUN
fbem-9286	21	27	to	to	PART
fbem-9286	21	28	choose	choose	VERB
fbem-9286	21	29	investee	investee	NOUN
fbem-9286	21	30	enterprises	enterprise	NOUN
fbem-9286	21	31	;	;	PUNCT
fbem-9286	21	32	on	on	ADP
fbem-9286	21	33	the	the	DET
fbem-9286	21	34	other	other	ADJ
fbem-9286	21	35	hand	hand	NOUN
fbem-9286	21	36	,	,	PUNCT
fbem-9286	21	37	investors	investor	NOUN
fbem-9286	21	38	pay	pay	VERB
fbem-9286	21	39	more	more	ADJ
fbem-9286	21	40	attention	attention	NOUN
fbem-9286	21	41	to	to	ADP
fbem-9286	21	42	esg	esg	NOUN
fbem-9286	21	43	performance	performance	NOUN
fbem-9286	21	44	,	,	PUNCT
fbem-9286	21	45	which	which	PRON
fbem-9286	21	46	is	be	AUX
fbem-9286	21	47	conducive	conducive	ADJ
fbem-9286	21	48	to	to	ADP
fbem-9286	21	49	promoting	promote	VERB
fbem-9286	21	50	green	green	ADJ
fbem-9286	21	51	investment	investment	NOUN
fbem-9286	21	52	,	,	PUNCT
fbem-9286	21	53	improving	improve	VERB
fbem-9286	21	54	investment	investment	NOUN
fbem-9286	21	55	structure	structure	NOUN
fbem-9286	21	56	,	,	PUNCT
fbem-9286	21	57	and	and	CCONJ
fbem-9286	21	58	promoting	promote	VERB
fbem-9286	21	59	the	the	DET
fbem-9286	21	60	stable	stable	ADJ
fbem-9286	21	61	development	development	NOUN
fbem-9286	21	62	of	of	ADP
fbem-9286	21	63	the	the	DET
fbem-9286	21	64	capital	capital	NOUN
fbem-9286	21	65	market	market	NOUN
fbem-9286	21	66	.	.	PUNCT
fbem-9286	22	1	in	in	ADP
fbem-9286	22	2	this	this	DET
fbem-9286	22	3	context	context	NOUN
fbem-9286	22	4	,	,	PUNCT
fbem-9286	22	5	the	the	DET
fbem-9286	22	6	following	follow	VERB
fbem-9286	22	7	questions	question	NOUN
fbem-9286	22	8	are	be	AUX
fbem-9286	22	9	discussed	discuss	VERB
fbem-9286	22	10	in	in	ADP
fbem-9286	22	11	this	this	DET
fbem-9286	22	12	paper	paper	NOUN
fbem-9286	22	13	:	:	PUNCT
fbem-9286	22	14	can	can	AUX
fbem-9286	22	15	esg	esg	NOUN
fbem-9286	22	16	performance	performance	NOUN
fbem-9286	22	17	influence	influence	VERB
fbem-9286	22	18	the	the	DET
fbem-9286	22	19	shareholding	shareholding	NOUN
fbem-9286	22	20	of	of	ADP
fbem-9286	22	21	institutional	institutional	ADJ
fbem-9286	22	22	investors	investor	NOUN
fbem-9286	22	23	?	?	PUNCT
fbem-9286	23	1	in	in	ADP
fbem-9286	23	2	what	what	DET
fbem-9286	23	3	way	way	NOUN
fbem-9286	23	4	does	do	AUX
fbem-9286	23	5	esg	esg	PROPN
fbem-9286	23	6	performance	performance	NOUN
fbem-9286	23	7	influence	influence	NOUN
fbem-9286	23	8	institutional	institutional	ADJ
fbem-9286	23	9	investors	investor	NOUN
fbem-9286	23	10	'	'	PART
fbem-9286	23	11	shareholding	shareholding	NOUN
fbem-9286	23	12	?	?	PUNCT
fbem-9286	24	1	among	among	ADP
fbem-9286	24	2	the	the	DET
fbem-9286	24	3	many	many	ADJ
fbem-9286	24	4	shareholders	shareholder	NOUN
fbem-9286	24	5	of	of	ADP
fbem-9286	24	6	enterprises	enterprise	NOUN
fbem-9286	24	7	,	,	PUNCT
fbem-9286	24	8	institutional	institutional	ADJ
fbem-9286	24	9	investors	investor	NOUN
fbem-9286	24	10	have	have	VERB
fbem-9286	24	11	the	the	DET
fbem-9286	24	12	advantages	advantage	NOUN
fbem-9286	24	13	of	of	ADP
fbem-9286	24	14	establishing	establish	VERB
fbem-9286	24	15	early	early	ADJ
fbem-9286	24	16	relationships	relationship	NOUN
fbem-9286	24	17	and	and	CCONJ
fbem-9286	24	18	interacting	interact	VERB
fbem-9286	24	19	with	with	ADP
fbem-9286	24	20	enterprises	enterprise	NOUN
fbem-9286	24	21	more	more	ADV
fbem-9286	24	22	frequently	frequently	ADV
fbem-9286	24	23	.	.	PUNCT
fbem-9286	25	1	they	they	PRON
fbem-9286	25	2	also	also	ADV
fbem-9286	25	3	pay	pay	VERB
fbem-9286	25	4	more	more	ADJ
fbem-9286	25	5	attention	attention	NOUN
fbem-9286	25	6	to	to	ADP
fbem-9286	25	7	the	the	DET
fbem-9286	25	8	sustainable	sustainable	ADJ
fbem-9286	25	9	development	development	NOUN
fbem-9286	25	10	of	of	ADP
fbem-9286	25	11	enterprises	enterprise	NOUN
fbem-9286	25	12	,	,	PUNCT
fbem-9286	25	13	and	and	CCONJ
fbem-9286	25	14	can	can	AUX
fbem-9286	25	15	make	make	VERB
fbem-9286	25	16	more	more	ADV
fbem-9286	25	17	effective	effective	ADJ
fbem-9286	25	18	use	use	NOUN
fbem-9286	25	19	of	of	ADP
fbem-9286	25	20	esg	esg	NOUN
fbem-9286	25	21	to	to	PART
fbem-9286	25	22	strengthen	strengthen	VERB
fbem-9286	25	23	enterprise	enterprise	NOUN
fbem-9286	25	24	risk	risk	NOUN
fbem-9286	25	25	management	management	NOUN
fbem-9286	25	26	ability	ability	NOUN
fbem-9286	25	27	and	and	CCONJ
fbem-9286	25	28	improve	improve	VERB
fbem-9286	25	29	long	long	ADJ
fbem-9286	25	30	-	-	PUNCT
fbem-9286	25	31	term	term	NOUN
fbem-9286	25	32	returns	return	NOUN
fbem-9286	25	33	.	.	PUNCT
fbem-9286	26	1	due	due	ADP
fbem-9286	26	2	to	to	ADP
fbem-9286	26	3	their	their	PRON
fbem-9286	26	4	professionalism	professionalism	NOUN
fbem-9286	26	5	,	,	PUNCT
fbem-9286	26	6	institutional	institutional	ADJ
fbem-9286	26	7	investors	investor	NOUN
fbem-9286	26	8	will	will	AUX
fbem-9286	26	9	treat	treat	VERB
fbem-9286	26	10	their	their	PRON
fbem-9286	26	11	own	own	ADJ
fbem-9286	26	12	funds	fund	NOUN
fbem-9286	26	13	and	and	CCONJ
fbem-9286	26	14	raise	raise	VERB
fbem-9286	26	15	funds	fund	NOUN
fbem-9286	26	16	in	in	ADP
fbem-9286	26	17	a	a	DET
fbem-9286	26	18	more	more	ADV
fbem-9286	26	19	prudent	prudent	ADJ
fbem-9286	26	20	manner	manner	NOUN
fbem-9286	26	21	than	than	ADP
fbem-9286	26	22	other	other	ADJ
fbem-9286	26	23	investors	investor	NOUN
fbem-9286	26	24	in	in	ADP
fbem-9286	26	25	the	the	DET
fbem-9286	26	26	capital	capital	NOUN
fbem-9286	26	27	market	market	NOUN
fbem-9286	26	28	.	.	PUNCT
fbem-9286	27	1	223	223	NUM
fbem-9286	28	1	due	due	ADP
fbem-9286	28	2	to	to	ADP
fbem-9286	28	3	their	their	PRON
fbem-9286	28	4	emphasis	emphasis	NOUN
fbem-9286	28	5	on	on	ADP
fbem-9286	28	6	asset	asset	NOUN
fbem-9286	28	7	safety	safety	NOUN
fbem-9286	28	8	,	,	PUNCT
fbem-9286	28	9	institutional	institutional	ADJ
fbem-9286	28	10	investors	investor	NOUN
fbem-9286	28	11	will	will	AUX
fbem-9286	28	12	be	be	AUX
fbem-9286	28	13	forced	force	VERB
fbem-9286	28	14	to	to	PART
fbem-9286	28	15	pay	pay	VERB
fbem-9286	28	16	more	more	ADJ
fbem-9286	28	17	attention	attention	NOUN
fbem-9286	28	18	to	to	ADP
fbem-9286	28	19	information	information	NOUN
fbem-9286	28	20	collection	collection	NOUN
fbem-9286	28	21	and	and	CCONJ
fbem-9286	28	22	analysis	analysis	NOUN
fbem-9286	28	23	,	,	PUNCT
fbem-9286	28	24	and	and	CCONJ
fbem-9286	28	25	increase	increase	VERB
fbem-9286	28	26	more	more	ADJ
fbem-9286	28	27	means	mean	NOUN
fbem-9286	28	28	to	to	PART
fbem-9286	28	29	disperse	disperse	VERB
fbem-9286	28	30	nonsystematic	nonsystematic	ADJ
fbem-9286	28	31	risks	risk	NOUN
fbem-9286	28	32	,	,	PUNCT
fbem-9286	28	33	so	so	SCONJ
fbem-9286	28	34	as	as	SCONJ
fbem-9286	28	35	to	to	PART
fbem-9286	28	36	effectively	effectively	ADV
fbem-9286	28	37	reduce	reduce	VERB
fbem-9286	28	38	expected	expect	VERB
fbem-9286	28	39	risks	risk	NOUN
fbem-9286	28	40	and	and	CCONJ
fbem-9286	28	41	obtain	obtain	VERB
fbem-9286	28	42	stable	stable	ADJ
fbem-9286	28	43	returns	return	NOUN
fbem-9286	28	44	.	.	PUNCT
fbem-9286	29	1	this	this	PRON
fbem-9286	29	2	greatly	greatly	ADV
fbem-9286	29	3	reduces	reduce	VERB
fbem-9286	29	4	the	the	DET
fbem-9286	29	5	noise	noise	NOUN
fbem-9286	29	6	in	in	ADP
fbem-9286	29	7	the	the	DET
fbem-9286	29	8	market	market	NOUN
fbem-9286	29	9	.	.	PUNCT
fbem-9286	30	1	when	when	SCONJ
fbem-9286	30	2	considering	consider	VERB
fbem-9286	30	3	the	the	DET
fbem-9286	30	4	investment	investment	NOUN
fbem-9286	30	5	portfolio	portfolio	NOUN
fbem-9286	30	6	,	,	PUNCT
fbem-9286	30	7	institutional	institutional	ADJ
fbem-9286	30	8	investors	investor	NOUN
fbem-9286	30	9	will	will	AUX
fbem-9286	30	10	not	not	PART
fbem-9286	30	11	only	only	ADV
fbem-9286	30	12	consider	consider	VERB
fbem-9286	30	13	the	the	DET
fbem-9286	30	14	internal	internal	ADJ
fbem-9286	30	15	governance	governance	NOUN
fbem-9286	30	16	capabilities	capability	NOUN
fbem-9286	30	17	such	such	ADJ
fbem-9286	30	18	as	as	ADP
fbem-9286	30	19	the	the	DET
fbem-9286	30	20	professional	professional	ADJ
fbem-9286	30	21	competence	competence	NOUN
fbem-9286	30	22	of	of	ADP
fbem-9286	30	23	the	the	DET
fbem-9286	30	24	enterprise	enterprise	NOUN
fbem-9286	30	25	management	management	NOUN
fbem-9286	30	26	and	and	CCONJ
fbem-9286	30	27	the	the	DET
fbem-9286	30	28	diligence	diligence	NOUN
fbem-9286	30	29	and	and	CCONJ
fbem-9286	30	30	responsibility	responsibility	NOUN
fbem-9286	30	31	of	of	ADP
fbem-9286	30	32	the	the	DET
fbem-9286	30	33	management	management	NOUN
fbem-9286	30	34	,	,	PUNCT
fbem-9286	30	35	but	but	CCONJ
fbem-9286	30	36	also	also	ADV
fbem-9286	30	37	pay	pay	VERB
fbem-9286	30	38	attention	attention	NOUN
fbem-9286	30	39	to	to	ADP
fbem-9286	30	40	the	the	DET
fbem-9286	30	41	external	external	ADJ
fbem-9286	30	42	performance	performance	NOUN
fbem-9286	30	43	of	of	ADP
fbem-9286	30	44	the	the	DET
fbem-9286	30	45	enterprise	enterprise	NOUN
fbem-9286	30	46	in	in	ADP
fbem-9286	30	47	the	the	DET
fbem-9286	30	48	capital	capital	NOUN
fbem-9286	30	49	market	market	NOUN
fbem-9286	30	50	.	.	PUNCT
fbem-9286	31	1	a	a	DET
fbem-9286	31	2	perfect	perfect	ADJ
fbem-9286	31	3	information	information	NOUN
fbem-9286	31	4	disclosure	disclosure	NOUN
fbem-9286	31	5	system	system	NOUN
fbem-9286	31	6	and	and	CCONJ
fbem-9286	31	7	a	a	DET
fbem-9286	31	8	good	good	ADJ
fbem-9286	31	9	corporate	corporate	ADJ
fbem-9286	31	10	reputation	reputation	NOUN
fbem-9286	31	11	can	can	AUX
fbem-9286	31	12	increase	increase	VERB
fbem-9286	31	13	the	the	DET
fbem-9286	31	14	enterprise	enterprise	NOUN
fbem-9286	31	15	's	's	PART
fbem-9286	31	16	ability	ability	NOUN
fbem-9286	31	17	to	to	PART
fbem-9286	31	18	adapt	adapt	VERB
fbem-9286	31	19	to	to	ADP
fbem-9286	31	20	and	and	CCONJ
fbem-9286	31	21	withstand	withstand	VERB
fbem-9286	31	22	pressure	pressure	NOUN
fbem-9286	31	23	in	in	ADP
fbem-9286	31	24	the	the	DET
fbem-9286	31	25	changing	change	VERB
fbem-9286	31	26	environment	environment	NOUN
fbem-9286	31	27	.	.	PUNCT
fbem-9286	32	1	the	the	DET
fbem-9286	32	2	information	information	NOUN
fbem-9286	32	3	contained	contain	VERB
fbem-9286	32	4	in	in	ADP
fbem-9286	32	5	esg	esg	NOUN
fbem-9286	32	6	performance	performance	NOUN
fbem-9286	32	7	can	can	AUX
fbem-9286	32	8	provide	provide	VERB
fbem-9286	32	9	enough	enough	ADJ
fbem-9286	32	10	references	reference	NOUN
fbem-9286	32	11	for	for	ADP
fbem-9286	32	12	institutional	institutional	ADJ
fbem-9286	32	13	investors	investor	NOUN
fbem-9286	32	14	in	in	ADP
fbem-9286	32	15	the	the	DET
fbem-9286	32	16	screening	screening	NOUN
fbem-9286	32	17	of	of	ADP
fbem-9286	32	18	investee	investee	NOUN
fbem-9286	32	19	enterprises	enterprise	NOUN
fbem-9286	32	20	and	and	CCONJ
fbem-9286	32	21	meet	meet	VERB
fbem-9286	32	22	institutional	institutional	ADJ
fbem-9286	32	23	investors	investor	NOUN
fbem-9286	32	24	'	'	PART
fbem-9286	32	25	demand	demand	NOUN
fbem-9286	32	26	for	for	ADP
fbem-9286	32	27	information	information	NOUN
fbem-9286	32	28	other	other	ADJ
fbem-9286	32	29	than	than	ADP
fbem-9286	32	30	financial	financial	ADJ
fbem-9286	32	31	information	information	NOUN
fbem-9286	32	32	.	.	PUNCT
fbem-9286	33	1	the	the	DET
fbem-9286	33	2	good	good	ADJ
fbem-9286	33	3	performance	performance	NOUN
fbem-9286	33	4	of	of	ADP
fbem-9286	33	5	esg	esg	PROPN
fbem-9286	33	6	means	mean	VERB
fbem-9286	33	7	that	that	SCONJ
fbem-9286	33	8	there	there	PRON
fbem-9286	33	9	are	be	VERB
fbem-9286	33	10	no	no	DET
fbem-9286	33	11	major	major	ADJ
fbem-9286	33	12	defects	defect	NOUN
fbem-9286	33	13	in	in	ADP
fbem-9286	33	14	the	the	DET
fbem-9286	33	15	internal	internal	ADJ
fbem-9286	33	16	control	control	NOUN
fbem-9286	33	17	of	of	ADP
fbem-9286	33	18	the	the	DET
fbem-9286	33	19	enterprise	enterprise	NOUN
fbem-9286	33	20	and	and	CCONJ
fbem-9286	33	21	the	the	DET
fbem-9286	33	22	organizational	organizational	ADJ
fbem-9286	33	23	structure	structure	NOUN
fbem-9286	33	24	is	be	AUX
fbem-9286	33	25	perfect	perfect	ADJ
fbem-9286	33	26	.	.	PUNCT
fbem-9286	34	1	in	in	ADP
fbem-9286	34	2	terms	term	NOUN
fbem-9286	34	3	of	of	ADP
fbem-9286	34	4	management	management	NOUN
fbem-9286	34	5	,	,	PUNCT
fbem-9286	34	6	the	the	DET
fbem-9286	34	7	management	management	NOUN
fbem-9286	34	8	level	level	NOUN
fbem-9286	34	9	is	be	AUX
fbem-9286	34	10	honest	honest	ADJ
fbem-9286	34	11	and	and	CCONJ
fbem-9286	34	12	has	have	VERB
fbem-9286	34	13	sufficient	sufficient	ADJ
fbem-9286	34	14	professional	professional	ADJ
fbem-9286	34	15	competence	competence	NOUN
fbem-9286	34	16	,	,	PUNCT
fbem-9286	34	17	and	and	CCONJ
fbem-9286	34	18	the	the	DET
fbem-9286	34	19	management	management	NOUN
fbem-9286	34	20	level	level	NOUN
fbem-9286	34	21	is	be	AUX
fbem-9286	34	22	due	due	ADJ
fbem-9286	34	23	diligence	diligence	NOUN
fbem-9286	34	24	in	in	ADP
fbem-9286	34	25	carrying	carry	VERB
fbem-9286	34	26	out	out	ADP
fbem-9286	34	27	the	the	DET
fbem-9286	34	28	supervision	supervision	NOUN
fbem-9286	34	29	responsibility	responsibility	NOUN
fbem-9286	34	30	.	.	PUNCT
fbem-9286	35	1	with	with	ADP
fbem-9286	35	2	a	a	DET
fbem-9286	35	3	good	good	ADJ
fbem-9286	35	4	external	external	ADJ
fbem-9286	35	5	reputation	reputation	NOUN
fbem-9286	35	6	,	,	PUNCT
fbem-9286	35	7	such	such	ADJ
fbem-9286	35	8	companies	company	NOUN
fbem-9286	35	9	can	can	AUX
fbem-9286	35	10	avoid	avoid	VERB
fbem-9286	35	11	systemic	systemic	ADJ
fbem-9286	35	12	risks	risk	NOUN
fbem-9286	35	13	and	and	CCONJ
fbem-9286	35	14	reduce	reduce	VERB
fbem-9286	35	15	government	government	NOUN
fbem-9286	35	16	intervention	intervention	NOUN
fbem-9286	35	17	.	.	PUNCT
fbem-9286	36	1	in	in	ADP
fbem-9286	36	2	the	the	DET
fbem-9286	36	3	long	long	ADJ
fbem-9286	36	4	run	run	NOUN
fbem-9286	36	5	,	,	PUNCT
fbem-9286	36	6	such	such	ADJ
fbem-9286	36	7	companies	company	NOUN
fbem-9286	36	8	have	have	VERB
fbem-9286	36	9	the	the	DET
fbem-9286	36	10	potential	potential	NOUN
fbem-9286	36	11	for	for	ADP
fbem-9286	36	12	sustainable	sustainable	ADJ
fbem-9286	36	13	development	development	NOUN
fbem-9286	36	14	and	and	CCONJ
fbem-9286	36	15	can	can	AUX
fbem-9286	36	16	reduce	reduce	VERB
fbem-9286	36	17	the	the	DET
fbem-9286	36	18	risks	risk	NOUN
fbem-9286	36	19	of	of	ADP
fbem-9286	36	20	excessive	excessive	ADJ
fbem-9286	36	21	investment	investment	NOUN
fbem-9286	36	22	and	and	CCONJ
fbem-9286	36	23	inefficient	inefficient	ADJ
fbem-9286	36	24	investment	investment	NOUN
fbem-9286	36	25	by	by	ADP
fbem-9286	36	26	institutional	institutional	ADJ
fbem-9286	36	27	investors	investor	NOUN
fbem-9286	36	28	.	.	PUNCT
fbem-9286	37	1	based	base	VERB
fbem-9286	37	2	on	on	ADP
fbem-9286	37	3	the	the	DET
fbem-9286	37	4	data	datum	NOUN
fbem-9286	37	5	of	of	ADP
fbem-9286	37	6	china	china	PROPN
fbem-9286	37	7	's	's	PART
fbem-9286	37	8	listed	list	VERB
fbem-9286	37	9	companies	company	NOUN
fbem-9286	37	10	from	from	ADP
fbem-9286	37	11	2010	2010	NUM
fbem-9286	37	12	to	to	ADP
fbem-9286	37	13	2021	2021	NUM
fbem-9286	37	14	,	,	PUNCT
fbem-9286	37	15	this	this	DET
fbem-9286	37	16	paper	paper	NOUN
fbem-9286	37	17	uses	use	VERB
fbem-9286	37	18	python	python	NOUN
fbem-9286	37	19	to	to	PART
fbem-9286	37	20	capture	capture	VERB
fbem-9286	37	21	the	the	DET
fbem-9286	37	22	scores	score	NOUN
fbem-9286	37	23	of	of	ADP
fbem-9286	37	24	hexun.com	hexun.com	X
fbem-9286	37	25	as	as	ADP
fbem-9286	37	26	the	the	DET
fbem-9286	37	27	basis	basis	NOUN
fbem-9286	37	28	for	for	ADP
fbem-9286	37	29	measuring	measure	VERB
fbem-9286	37	30	esg	esg	NOUN
fbem-9286	37	31	performance	performance	NOUN
fbem-9286	37	32	,	,	PUNCT
fbem-9286	37	33	and	and	CCONJ
fbem-9286	37	34	empirically	empirically	ADV
fbem-9286	37	35	tests	test	VERB
fbem-9286	37	36	the	the	DET
fbem-9286	37	37	mechanism	mechanism	NOUN
fbem-9286	37	38	of	of	ADP
fbem-9286	37	39	the	the	DET
fbem-9286	37	40	impact	impact	NOUN
fbem-9286	37	41	of	of	ADP
fbem-9286	37	42	esg	esg	PROPN
fbem-9286	37	43	performance	performance	NOUN
fbem-9286	37	44	on	on	ADP
fbem-9286	37	45	institutional	institutional	ADJ
fbem-9286	37	46	investors	investor	NOUN
fbem-9286	37	47	.	.	PUNCT
fbem-9286	38	1	it	it	PRON
fbem-9286	38	2	is	be	AUX
fbem-9286	38	3	found	find	VERB
fbem-9286	38	4	that	that	SCONJ
fbem-9286	38	5	good	good	ADJ
fbem-9286	38	6	esg	esg	PROPN
fbem-9286	38	7	performance	performance	NOUN
fbem-9286	38	8	will	will	AUX
fbem-9286	38	9	promote	promote	VERB
fbem-9286	38	10	the	the	DET
fbem-9286	38	11	shareholding	shareholding	NOUN
fbem-9286	38	12	of	of	ADP
fbem-9286	38	13	institutional	institutional	ADJ
fbem-9286	38	14	investors	investor	NOUN
fbem-9286	38	15	.	.	PUNCT
fbem-9286	39	1	further	further	ADJ
fbem-9286	39	2	research	research	NOUN
fbem-9286	39	3	shows	show	VERB
fbem-9286	39	4	that	that	SCONJ
fbem-9286	39	5	the	the	DET
fbem-9286	39	6	performance	performance	NOUN
fbem-9286	39	7	of	of	ADP
fbem-9286	39	8	esg	esg	PROPN
fbem-9286	39	9	promotes	promote	VERB
fbem-9286	39	10	the	the	DET
fbem-9286	39	11	shareholding	shareholding	NOUN
fbem-9286	39	12	of	of	ADP
fbem-9286	39	13	institutional	institutional	ADJ
fbem-9286	39	14	investors	investor	NOUN
fbem-9286	39	15	by	by	ADP
fbem-9286	39	16	reflecting	reflect	VERB
fbem-9286	39	17	the	the	DET
fbem-9286	39	18	performance	performance	NOUN
fbem-9286	39	19	of	of	ADP
fbem-9286	39	20	enterprises	enterprise	NOUN
fbem-9286	39	21	'	'	PART
fbem-9286	39	22	internal	internal	ADJ
fbem-9286	39	23	financial	financial	ADJ
fbem-9286	39	24	indicators	indicator	NOUN
fbem-9286	39	25	(	(	PUNCT
fbem-9286	39	26	operating	operate	VERB
fbem-9286	39	27	risk	risk	NOUN
fbem-9286	39	28	,	,	PUNCT
fbem-9286	39	29	enterprise	enterprise	NOUN
fbem-9286	39	30	value	value	NOUN
fbem-9286	39	31	)	)	PUNCT
fbem-9286	39	32	.	.	PUNCT
fbem-9286	40	1	enterprises	enterprise	NOUN
fbem-9286	40	2	with	with	ADP
fbem-9286	40	3	good	good	ADJ
fbem-9286	40	4	esg	esg	PROPN
fbem-9286	40	5	performance	performance	NOUN
fbem-9286	40	6	can	can	AUX
fbem-9286	40	7	gain	gain	VERB
fbem-9286	40	8	more	more	ADJ
fbem-9286	40	9	media	medium	NOUN
fbem-9286	40	10	attention	attention	NOUN
fbem-9286	40	11	and	and	CCONJ
fbem-9286	40	12	analysts	analyst	NOUN
fbem-9286	40	13	'	'	PART
fbem-9286	40	14	attention	attention	NOUN
fbem-9286	40	15	outside	outside	ADP
fbem-9286	40	16	the	the	DET
fbem-9286	40	17	enterprise	enterprise	NOUN
fbem-9286	40	18	,	,	PUNCT
fbem-9286	40	19	thus	thus	ADV
fbem-9286	40	20	alleviating	alleviate	VERB
fbem-9286	40	21	information	information	NOUN
fbem-9286	40	22	asymmetry	asymmetry	NOUN
fbem-9286	40	23	and	and	CCONJ
fbem-9286	40	24	promoting	promote	VERB
fbem-9286	40	25	institutional	institutional	ADJ
fbem-9286	40	26	investors	investor	NOUN
fbem-9286	40	27	'	'	PART
fbem-9286	40	28	shareholding	shareholding	NOUN
fbem-9286	40	29	.	.	PUNCT
fbem-9286	41	1	this	this	PRON
fbem-9286	41	2	indicates	indicate	VERB
fbem-9286	41	3	that	that	SCONJ
fbem-9286	41	4	the	the	DET
fbem-9286	41	5	performance	performance	NOUN
fbem-9286	41	6	of	of	ADP
fbem-9286	41	7	esg	esg	PROPN
fbem-9286	41	8	is	be	AUX
fbem-9286	41	9	one	one	NUM
fbem-9286	41	10	of	of	ADP
fbem-9286	41	11	the	the	DET
fbem-9286	41	12	key	key	ADJ
fbem-9286	41	13	information	information	NOUN
fbem-9286	41	14	that	that	PRON
fbem-9286	41	15	institutional	institutional	ADJ
fbem-9286	41	16	investors	investor	NOUN
fbem-9286	41	17	pay	pay	VERB
fbem-9286	41	18	attention	attention	NOUN
fbem-9286	41	19	to	to	ADP
fbem-9286	41	20	when	when	SCONJ
fbem-9286	41	21	considering	consider	VERB
fbem-9286	41	22	the	the	DET
fbem-9286	41	23	invested	invest	VERB
fbem-9286	41	24	enterprise	enterprise	NOUN
fbem-9286	41	25	,	,	PUNCT
fbem-9286	41	26	and	and	CCONJ
fbem-9286	41	27	it	it	PRON
fbem-9286	41	28	influences	influence	VERB
fbem-9286	41	29	institutional	institutional	ADJ
fbem-9286	41	30	investors	investor	NOUN
fbem-9286	41	31	through	through	ADP
fbem-9286	41	32	various	various	ADJ
fbem-9286	41	33	channels	channel	NOUN
fbem-9286	41	34	.	.	PUNCT
fbem-9286	42	1	compared	compare	VERB
fbem-9286	42	2	with	with	ADP
fbem-9286	42	3	existing	exist	VERB
fbem-9286	42	4	literatures	literature	NOUN
fbem-9286	42	5	,	,	PUNCT
fbem-9286	42	6	this	this	DET
fbem-9286	42	7	paper	paper	NOUN
fbem-9286	42	8	has	have	VERB
fbem-9286	42	9	the	the	DET
fbem-9286	42	10	following	follow	VERB
fbem-9286	42	11	contributions	contribution	NOUN
fbem-9286	42	12	:	:	PUNCT
fbem-9286	42	13	first	first	ADV
fbem-9286	42	14	,	,	PUNCT
fbem-9286	42	15	existing	exist	VERB
fbem-9286	42	16	researches	research	NOUN
fbem-9286	42	17	mainly	mainly	ADV
fbem-9286	42	18	discuss	discuss	VERB
fbem-9286	42	19	the	the	DET
fbem-9286	42	20	influence	influence	NOUN
fbem-9286	42	21	of	of	ADP
fbem-9286	42	22	esg	esg	PROPN
fbem-9286	42	23	performance	performance	NOUN
fbem-9286	42	24	on	on	ADP
fbem-9286	42	25	the	the	DET
fbem-9286	42	26	internal	internal	ADJ
fbem-9286	42	27	economic	economic	ADJ
fbem-9286	42	28	consequences	consequence	NOUN
fbem-9286	42	29	of	of	ADP
fbem-9286	42	30	enterprises	enterprise	NOUN
fbem-9286	42	31	,	,	PUNCT
fbem-9286	42	32	and	and	CCONJ
fbem-9286	42	33	study	study	VERB
fbem-9286	42	34	the	the	DET
fbem-9286	42	35	influence	influence	NOUN
fbem-9286	42	36	path	path	NOUN
fbem-9286	42	37	of	of	ADP
fbem-9286	42	38	esg	esg	PROPN
fbem-9286	42	39	performance	performance	NOUN
fbem-9286	42	40	on	on	ADP
fbem-9286	42	41	enterprise	enterprise	NOUN
fbem-9286	42	42	value	value	NOUN
fbem-9286	42	43	,	,	PUNCT
fbem-9286	42	44	financing	financing	NOUN
fbem-9286	42	45	constraints	constraint	NOUN
fbem-9286	42	46	,	,	PUNCT
fbem-9286	42	47	etc	etc	X
fbem-9286	42	48	.	.	X
fbem-9286	42	49	,	,	PUNCT
fbem-9286	42	50	while	while	SCONJ
fbem-9286	42	51	this	this	DET
fbem-9286	42	52	paper	paper	NOUN
fbem-9286	42	53	mainly	mainly	ADV
fbem-9286	42	54	explores	explore	VERB
fbem-9286	42	55	the	the	DET
fbem-9286	42	56	influence	influence	NOUN
fbem-9286	42	57	mechanism	mechanism	NOUN
fbem-9286	42	58	of	of	ADP
fbem-9286	42	59	institutional	institutional	ADJ
fbem-9286	42	60	investors	investor	NOUN
fbem-9286	42	61	'	'	PART
fbem-9286	42	62	shareholding	shareholding	NOUN
fbem-9286	42	63	behavior	behavior	NOUN
fbem-9286	42	64	from	from	ADP
fbem-9286	42	65	the	the	DET
fbem-9286	42	66	internal	internal	ADJ
fbem-9286	42	67	and	and	CCONJ
fbem-9286	42	68	external	external	ADJ
fbem-9286	42	69	perspectives	perspective	NOUN
fbem-9286	42	70	of	of	ADP
fbem-9286	42	71	enterprises	enterprise	NOUN
fbem-9286	42	72	,	,	PUNCT
fbem-9286	42	73	divided	divide	VERB
fbem-9286	42	74	into	into	ADP
fbem-9286	42	75	four	four	NUM
fbem-9286	42	76	paths	path	NOUN
fbem-9286	42	77	:	:	PUNCT
fbem-9286	42	78	business	business	NOUN
fbem-9286	42	79	risk	risk	NOUN
fbem-9286	42	80	,	,	PUNCT
fbem-9286	42	81	enterprise	enterprise	NOUN
fbem-9286	42	82	value	value	NOUN
fbem-9286	42	83	,	,	PUNCT
fbem-9286	42	84	media	medium	NOUN
fbem-9286	42	85	attention	attention	NOUN
fbem-9286	42	86	and	and	CCONJ
fbem-9286	42	87	analyst	analyst	NOUN
fbem-9286	42	88	attention	attention	NOUN
fbem-9286	42	89	.	.	PUNCT
fbem-9286	43	1	second	second	ADJ
fbem-9286	43	2	,	,	PUNCT
fbem-9286	43	3	it	it	PRON
fbem-9286	43	4	enriches	enrich	VERB
fbem-9286	43	5	the	the	DET
fbem-9286	43	6	research	research	NOUN
fbem-9286	43	7	on	on	ADP
fbem-9286	43	8	the	the	DET
fbem-9286	43	9	economic	economic	ADJ
fbem-9286	43	10	consequences	consequence	NOUN
fbem-9286	43	11	of	of	ADP
fbem-9286	43	12	esg	esg	PROPN
fbem-9286	43	13	performance	performance	NOUN
fbem-9286	43	14	.	.	PUNCT
fbem-9286	44	1	existing	exist	VERB
fbem-9286	44	2	literatures	literature	NOUN
fbem-9286	44	3	have	have	AUX
fbem-9286	44	4	studied	study	VERB
fbem-9286	44	5	the	the	DET
fbem-9286	44	6	impact	impact	NOUN
fbem-9286	44	7	of	of	ADP
fbem-9286	44	8	esg	esg	PROPN
fbem-9286	44	9	performance	performance	NOUN
fbem-9286	44	10	on	on	ADP
fbem-9286	44	11	listed	list	VERB
fbem-9286	44	12	companies	company	NOUN
fbem-9286	44	13	from	from	ADP
fbem-9286	44	14	the	the	DET
fbem-9286	44	15	perspectives	perspective	NOUN
fbem-9286	44	16	of	of	ADP
fbem-9286	44	17	enterprise	enterprise	NOUN
fbem-9286	44	18	innovation	innovation	NOUN
fbem-9286	44	19	,	,	PUNCT
fbem-9286	44	20	corporate	corporate	ADJ
fbem-9286	44	21	governance	governance	NOUN
fbem-9286	44	22	,	,	PUNCT
fbem-9286	44	23	operational	operational	ADJ
fbem-9286	44	24	efficiency	efficiency	NOUN
fbem-9286	44	25	,	,	PUNCT
fbem-9286	44	26	corporate	corporate	ADJ
fbem-9286	44	27	performance	performance	NOUN
fbem-9286	44	28	,	,	PUNCT
fbem-9286	44	29	etc	etc	X
fbem-9286	44	30	.	.	X
fbem-9286	44	31	most	most	ADJ
fbem-9286	44	32	of	of	ADP
fbem-9286	44	33	them	they	PRON
fbem-9286	44	34	focus	focus	VERB
fbem-9286	44	35	on	on	ADP
fbem-9286	44	36	the	the	DET
fbem-9286	44	37	value	value	NOUN
fbem-9286	44	38	of	of	ADP
fbem-9286	44	39	esg	esg	PROPN
fbem-9286	44	40	performance	performance	NOUN
fbem-9286	44	41	on	on	ADP
fbem-9286	44	42	listed	list	VERB
fbem-9286	44	43	companies	company	NOUN
fbem-9286	44	44	.	.	PUNCT
fbem-9286	45	1	however	however	ADV
fbem-9286	45	2	,	,	PUNCT
fbem-9286	45	3	this	this	DET
fbem-9286	45	4	paper	paper	NOUN
fbem-9286	45	5	explores	explore	VERB
fbem-9286	45	6	the	the	DET
fbem-9286	45	7	impact	impact	NOUN
fbem-9286	45	8	of	of	ADP
fbem-9286	45	9	esg	esg	PROPN
fbem-9286	45	10	performance	performance	NOUN
fbem-9286	45	11	on	on	ADP
fbem-9286	45	12	institutional	institutional	ADJ
fbem-9286	45	13	investors	investor	NOUN
fbem-9286	45	14	based	base	VERB
fbem-9286	45	15	on	on	ADP
fbem-9286	45	16	the	the	DET
fbem-9286	45	17	external	external	ADJ
fbem-9286	45	18	third	third	ADJ
fbem-9286	45	19	party	party	NOUN
fbem-9286	45	20	of	of	ADP
fbem-9286	45	21	enterprises	enterprise	NOUN
fbem-9286	45	22	.	.	PUNCT
fbem-9286	46	1	first	first	ADV
fbem-9286	46	2	,	,	PUNCT
fbem-9286	46	3	it	it	PRON
fbem-9286	46	4	verifies	verify	VERB
fbem-9286	46	5	the	the	DET
fbem-9286	46	6	necessity	necessity	NOUN
fbem-9286	46	7	for	for	SCONJ
fbem-9286	46	8	institutional	institutional	ADJ
fbem-9286	46	9	investors	investor	NOUN
fbem-9286	46	10	to	to	PART
fbem-9286	46	11	refer	refer	VERB
fbem-9286	46	12	to	to	ADP
fbem-9286	46	13	esg	esg	NOUN
fbem-9286	46	14	indicators	indicator	NOUN
fbem-9286	46	15	when	when	SCONJ
fbem-9286	46	16	considering	consider	VERB
fbem-9286	46	17	target	target	NOUN
fbem-9286	46	18	enterprises	enterprise	NOUN
fbem-9286	46	19	,	,	PUNCT
fbem-9286	46	20	and	and	CCONJ
fbem-9286	46	21	also	also	ADV
fbem-9286	46	22	provides	provide	VERB
fbem-9286	46	23	new	new	ADJ
fbem-9286	46	24	empirical	empirical	ADJ
fbem-9286	46	25	evidence	evidence	NOUN
fbem-9286	46	26	for	for	ADP
fbem-9286	46	27	the	the	DET
fbem-9286	46	28	effectiveness	effectiveness	NOUN
fbem-9286	46	29	of	of	ADP
fbem-9286	46	30	enterprises	enterprise	NOUN
fbem-9286	46	31	to	to	PART
fbem-9286	46	32	increase	increase	VERB
fbem-9286	46	33	esg	esg	NOUN
fbem-9286	46	34	input	input	NOUN
fbem-9286	46	35	.	.	PUNCT
fbem-9286	47	1	thirdly	thirdly	ADV
fbem-9286	47	2	,	,	PUNCT
fbem-9286	47	3	the	the	DET
fbem-9286	47	4	data	datum	NOUN
fbem-9286	47	5	of	of	ADP
fbem-9286	47	6	chinese	chinese	ADJ
fbem-9286	47	7	listed	list	VERB
fbem-9286	47	8	companies	company	NOUN
fbem-9286	47	9	from	from	ADP
fbem-9286	47	10	2010	2010	NUM
fbem-9286	47	11	to	to	ADP
fbem-9286	47	12	2021	2021	NUM
fbem-9286	47	13	are	be	AUX
fbem-9286	47	14	selected	select	VERB
fbem-9286	47	15	as	as	ADP
fbem-9286	47	16	research	research	NOUN
fbem-9286	47	17	samples	sample	NOUN
fbem-9286	47	18	,	,	PUNCT
fbem-9286	47	19	which	which	PRON
fbem-9286	47	20	are	be	AUX
fbem-9286	47	21	large	large	ADJ
fbem-9286	47	22	and	and	CCONJ
fbem-9286	47	23	more	more	ADV
fbem-9286	47	24	persuasive	persuasive	ADJ
fbem-9286	47	25	.	.	PUNCT
fbem-9286	48	1	2	2	X
fbem-9286	48	2	.	.	X
fbem-9286	48	3	institutional	institutional	ADJ
fbem-9286	48	4	background	background	NOUN
fbem-9286	48	5	and	and	CCONJ
fbem-9286	48	6	hypothesis	hypothesis	NOUN
fbem-9286	48	7	development	development	NOUN
fbem-9286	48	8	2.1	2.1	NUM
fbem-9286	48	9	.	.	PUNCT
fbem-9286	49	1	esg	esg	NOUN
fbem-9286	49	2	performance	performance	NOUN
fbem-9286	49	3	can	can	AUX
fbem-9286	49	4	promote	promote	VERB
fbem-9286	49	5	the	the	DET
fbem-9286	49	6	shareholding	shareholding	NOUN
fbem-9286	49	7	of	of	ADP
fbem-9286	49	8	institutional	institutional	ADJ
fbem-9286	49	9	investors	investor	NOUN
fbem-9286	49	10	as	as	ADP
fbem-9286	49	11	the	the	DET
fbem-9286	49	12	most	most	ADV
fbem-9286	49	13	important	important	ADJ
fbem-9286	49	14	mechanism	mechanism	NOUN
fbem-9286	49	15	in	in	ADP
fbem-9286	49	16	the	the	DET
fbem-9286	49	17	new	new	ADJ
fbem-9286	49	18	institutionalism	institutionalism	NOUN
fbem-9286	49	19	,	,	PUNCT
fbem-9286	49	20	legitimacy	legitimacy	NOUN
fbem-9286	49	21	mechanism	mechanism	NOUN
fbem-9286	49	22	not	not	PART
fbem-9286	49	23	only	only	ADV
fbem-9286	49	24	means	mean	VERB
fbem-9286	49	25	that	that	SCONJ
fbem-9286	49	26	enterprises	enterprise	NOUN
fbem-9286	49	27	need	need	VERB
fbem-9286	49	28	to	to	PART
fbem-9286	49	29	abide	abide	VERB
fbem-9286	49	30	by	by	ADP
fbem-9286	49	31	laws	law	NOUN
fbem-9286	49	32	and	and	CCONJ
fbem-9286	49	33	regulations	regulation	NOUN
fbem-9286	49	34	in	in	ADP
fbem-9286	49	35	the	the	DET
fbem-9286	49	36	narrow	narrow	ADJ
fbem-9286	49	37	sense	sense	NOUN
fbem-9286	49	38	,	,	PUNCT
fbem-9286	49	39	but	but	CCONJ
fbem-9286	49	40	also	also	ADV
fbem-9286	49	41	includes	include	VERB
fbem-9286	49	42	the	the	DET
fbem-9286	49	43	concepts	concept	NOUN
fbem-9286	49	44	of	of	ADP
fbem-9286	49	45	cultural	cultural	ADJ
fbem-9286	49	46	system	system	NOUN
fbem-9286	49	47	,	,	PUNCT
fbem-9286	49	48	concept	concept	NOUN
fbem-9286	49	49	system	system	NOUN
fbem-9286	49	50	and	and	CCONJ
fbem-9286	49	51	social	social	ADJ
fbem-9286	49	52	expectation	expectation	NOUN
fbem-9286	49	53	that	that	PRON
fbem-9286	49	54	have	have	VERB
fbem-9286	49	55	other	other	ADJ
fbem-9286	49	56	influences	influence	NOUN
fbem-9286	49	57	on	on	ADP
fbem-9286	49	58	enterprise	enterprise	NOUN
fbem-9286	49	59	behavior	behavior	NOUN
fbem-9286	49	60	in	in	ADP
fbem-9286	49	61	the	the	DET
fbem-9286	49	62	broad	broad	ADJ
fbem-9286	49	63	scope	scope	NOUN
fbem-9286	49	64	.	.	PUNCT
fbem-9286	50	1	legitimacy	legitimacy	NOUN
fbem-9286	50	2	mechanism	mechanism	NOUN
fbem-9286	50	3	is	be	AUX
fbem-9286	50	4	one	one	NUM
fbem-9286	50	5	of	of	ADP
fbem-9286	50	6	the	the	DET
fbem-9286	50	7	important	important	ADJ
fbem-9286	50	8	reasons	reason	NOUN
fbem-9286	50	9	for	for	SCONJ
fbem-9286	50	10	enterprises	enterprise	NOUN
fbem-9286	50	11	to	to	PART
fbem-9286	50	12	improve	improve	VERB
fbem-9286	50	13	esg	esg	NOUN
fbem-9286	50	14	performance	performance	NOUN
fbem-9286	50	15	.	.	PUNCT
fbem-9286	51	1	in	in	ADP
fbem-9286	51	2	addition	addition	NOUN
fbem-9286	51	3	to	to	ADP
fbem-9286	51	4	requiring	require	VERB
fbem-9286	51	5	enterprises	enterprise	NOUN
fbem-9286	51	6	to	to	PART
fbem-9286	51	7	comply	comply	VERB
fbem-9286	51	8	with	with	ADP
fbem-9286	51	9	the	the	DET
fbem-9286	51	10	basic	basic	ADJ
fbem-9286	51	11	requirements	requirement	NOUN
fbem-9286	51	12	of	of	ADP
fbem-9286	51	13	the	the	DET
fbem-9286	51	14	law	law	NOUN
fbem-9286	51	15	,	,	PUNCT
fbem-9286	51	16	the	the	DET
fbem-9286	51	17	legitimacy	legitimacy	NOUN
fbem-9286	51	18	mechanism	mechanism	NOUN
fbem-9286	51	19	can	can	AUX
fbem-9286	51	20	also	also	ADV
fbem-9286	51	21	help	help	VERB
fbem-9286	51	22	enterprises	enterprise	NOUN
fbem-9286	51	23	gain	gain	VERB
fbem-9286	51	24	social	social	ADJ
fbem-9286	51	25	recognition	recognition	NOUN
fbem-9286	51	26	,	,	PUNCT
fbem-9286	51	27	enhance	enhance	VERB
fbem-9286	51	28	social	social	ADJ
fbem-9286	51	29	status	status	NOUN
fbem-9286	51	30	,	,	PUNCT
fbem-9286	51	31	and	and	CCONJ
fbem-9286	51	32	strengthen	strengthen	VERB
fbem-9286	51	33	resource	resource	NOUN
fbem-9286	51	34	exchanges	exchange	NOUN
fbem-9286	51	35	with	with	ADP
fbem-9286	51	36	stakeholders	stakeholder	NOUN
fbem-9286	51	37	.	.	PUNCT
fbem-9286	52	1	on	on	ADP
fbem-9286	52	2	the	the	DET
fbem-9286	52	3	one	one	NUM
fbem-9286	52	4	hand	hand	NOUN
fbem-9286	52	5	,	,	PUNCT
fbem-9286	52	6	it	it	PRON
fbem-9286	52	7	explains	explain	VERB
fbem-9286	52	8	why	why	SCONJ
fbem-9286	52	9	more	more	ADJ
fbem-9286	52	10	and	and	CCONJ
fbem-9286	52	11	more	more	ADJ
fbem-9286	52	12	enterprises	enterprise	NOUN
fbem-9286	52	13	are	be	AUX
fbem-9286	52	14	willing	willing	ADJ
fbem-9286	52	15	to	to	PART
fbem-9286	52	16	undertake	undertake	VERB
fbem-9286	52	17	corporate	corporate	ADJ
fbem-9286	52	18	social	social	ADJ
fbem-9286	52	19	responsibility	responsibility	NOUN
fbem-9286	52	20	.	.	PUNCT
fbem-9286	53	1	on	on	ADP
fbem-9286	53	2	the	the	DET
fbem-9286	53	3	other	other	ADJ
fbem-9286	53	4	hand	hand	NOUN
fbem-9286	53	5	,	,	PUNCT
fbem-9286	53	6	enterprises	enterprise	NOUN
fbem-9286	53	7	actively	actively	ADV
fbem-9286	53	8	perform	perform	VERB
fbem-9286	53	9	corporate	corporate	ADJ
fbem-9286	53	10	social	social	ADJ
fbem-9286	53	11	responsibility	responsibility	NOUN
fbem-9286	53	12	,	,	PUNCT
fbem-9286	53	13	which	which	PRON
fbem-9286	53	14	can	can	AUX
fbem-9286	53	15	be	be	AUX
fbem-9286	53	16	supported	support	VERB
fbem-9286	53	17	by	by	ADP
fbem-9286	53	18	the	the	DET
fbem-9286	53	19	government	government	NOUN
fbem-9286	53	20	and	and	CCONJ
fbem-9286	53	21	recognized	recognize	VERB
fbem-9286	53	22	by	by	ADP
fbem-9286	53	23	the	the	DET
fbem-9286	53	24	society	society	NOUN
fbem-9286	53	25	,	,	PUNCT
fbem-9286	53	26	so	so	SCONJ
fbem-9286	53	27	as	as	SCONJ
fbem-9286	53	28	to	to	PART
fbem-9286	53	29	maintain	maintain	VERB
fbem-9286	53	30	sustainable	sustainable	ADJ
fbem-9286	53	31	differentiated	differentiated	ADJ
fbem-9286	53	32	competitive	competitive	ADJ
fbem-9286	53	33	advantages	advantage	NOUN
fbem-9286	53	34	and	and	CCONJ
fbem-9286	53	35	attract	attract	VERB
fbem-9286	53	36	more	more	ADJ
fbem-9286	53	37	investors	investor	NOUN
fbem-9286	53	38	to	to	PART
fbem-9286	53	39	invest	invest	VERB
fbem-9286	53	40	.	.	PUNCT
fbem-9286	54	1	the	the	DET
fbem-9286	54	2	legitimacy	legitimacy	NOUN
fbem-9286	54	3	mechanism	mechanism	NOUN
fbem-9286	54	4	is	be	AUX
fbem-9286	54	5	also	also	ADV
fbem-9286	54	6	the	the	DET
fbem-9286	54	7	reason	reason	NOUN
fbem-9286	54	8	why	why	SCONJ
fbem-9286	54	9	institutional	institutional	ADJ
fbem-9286	54	10	investors	investor	NOUN
fbem-9286	54	11	prefer	prefer	VERB
fbem-9286	54	12	to	to	PART
fbem-9286	54	13	hold	hold	VERB
fbem-9286	54	14	the	the	DET
fbem-9286	54	15	enterprises	enterprise	NOUN
fbem-9286	54	16	with	with	ADP
fbem-9286	54	17	good	good	ADJ
fbem-9286	54	18	esg	esg	PROPN
fbem-9286	54	19	performance	performance	NOUN
fbem-9286	54	20	.	.	PUNCT
fbem-9286	55	1	in	in	ADP
fbem-9286	55	2	the	the	DET
fbem-9286	55	3	context	context	NOUN
fbem-9286	55	4	of	of	ADP
fbem-9286	55	5	sustainable	sustainable	ADJ
fbem-9286	55	6	development	development	NOUN
fbem-9286	55	7	,	,	PUNCT
fbem-9286	55	8	it	it	PRON
fbem-9286	55	9	has	have	AUX
fbem-9286	55	10	gradually	gradually	ADV
fbem-9286	55	11	become	become	VERB
fbem-9286	55	12	a	a	DET
fbem-9286	55	13	consensus	consensus	NOUN
fbem-9286	55	14	for	for	SCONJ
fbem-9286	55	15	enterprises	enterprise	NOUN
fbem-9286	55	16	to	to	PART
fbem-9286	55	17	undertake	undertake	VERB
fbem-9286	55	18	esg	esg	NOUN
fbem-9286	55	19	responsibilities	responsibility	NOUN
fbem-9286	55	20	.	.	PUNCT
fbem-9286	56	1	under	under	ADP
fbem-9286	56	2	such	such	ADJ
fbem-9286	56	3	circumstances	circumstance	NOUN
fbem-9286	56	4	,	,	PUNCT
fbem-9286	56	5	the	the	DET
fbem-9286	56	6	professional	professional	ADJ
fbem-9286	56	7	institutional	institutional	ADJ
fbem-9286	56	8	investors	investor	NOUN
fbem-9286	56	9	in	in	ADP
fbem-9286	56	10	chinese	chinese	ADJ
fbem-9286	56	11	securities	security	NOUN
fbem-9286	56	12	market	market	NOUN
fbem-9286	56	13	are	be	AUX
fbem-9286	56	14	more	more	ADV
fbem-9286	56	15	willing	willing	ADJ
fbem-9286	56	16	to	to	PART
fbem-9286	56	17	make	make	VERB
fbem-9286	56	18	trading	trading	NOUN
fbem-9286	56	19	decisions	decision	NOUN
fbem-9286	56	20	and	and	CCONJ
fbem-9286	56	21	shareholding	shareholding	NOUN
fbem-9286	56	22	choices	choice	NOUN
fbem-9286	56	23	from	from	ADP
fbem-9286	56	24	the	the	DET
fbem-9286	56	25	perspective	perspective	NOUN
fbem-9286	56	26	of	of	ADP
fbem-9286	56	27	long	long	ADJ
fbem-9286	56	28	-	-	PUNCT
fbem-9286	56	29	term	term	NOUN
fbem-9286	56	30	development	development	NOUN
fbem-9286	56	31	and	and	CCONJ
fbem-9286	56	32	social	social	ADJ
fbem-9286	56	33	responsibility	responsibility	NOUN
fbem-9286	56	34	.	.	PUNCT
fbem-9286	57	1	from	from	ADP
fbem-9286	57	2	a	a	DET
fbem-9286	57	3	certain	certain	ADJ
fbem-9286	57	4	point	point	NOUN
fbem-9286	57	5	of	of	ADP
fbem-9286	57	6	view	view	NOUN
fbem-9286	57	7	,	,	PUNCT
fbem-9286	57	8	the	the	DET
fbem-9286	57	9	investment	investment	NOUN
fbem-9286	57	10	behavior	behavior	NOUN
fbem-9286	57	11	of	of	ADP
fbem-9286	57	12	institutional	institutional	ADJ
fbem-9286	57	13	investors	investor	NOUN
fbem-9286	57	14	must	must	AUX
fbem-9286	57	15	obey	obey	VERB
fbem-9286	57	16	the	the	DET
fbem-9286	57	17	social	social	ADJ
fbem-9286	57	18	norms	norm	NOUN
fbem-9286	57	19	,	,	PUNCT
fbem-9286	57	20	values	value	NOUN
fbem-9286	57	21	,	,	PUNCT
fbem-9286	57	22	expectations	expectation	NOUN
fbem-9286	57	23	and	and	CCONJ
fbem-9286	57	24	so	so	ADV
fbem-9286	57	25	on	on	ADP
fbem-9286	57	26	of	of	ADP
fbem-9286	57	27	the	the	DET
fbem-9286	57	28	economic	economic	ADJ
fbem-9286	57	29	and	and	CCONJ
fbem-9286	57	30	social	social	ADJ
fbem-9286	57	31	environment	environment	NOUN
fbem-9286	57	32	.	.	PUNCT
fbem-9286	58	1	for	for	ADP
fbem-9286	58	2	relatively	relatively	ADV
fbem-9286	58	3	professional	professional	ADJ
fbem-9286	58	4	institutional	institutional	ADJ
fbem-9286	58	5	investors	investor	NOUN
fbem-9286	58	6	,	,	PUNCT
fbem-9286	58	7	their	their	PRON
fbem-9286	58	8	trading	trading	NOUN
fbem-9286	58	9	decisions	decision	NOUN
fbem-9286	58	10	and	and	CCONJ
fbem-9286	58	11	investment	investment	NOUN
fbem-9286	58	12	behaviors	behavior	NOUN
fbem-9286	58	13	should	should	AUX
fbem-9286	58	14	reflect	reflect	VERB
fbem-9286	58	15	the	the	DET
fbem-9286	58	16	emphasis	emphasis	NOUN
fbem-9286	58	17	on	on	ADP
fbem-9286	58	18	fundamentals	fundamental	NOUN
fbem-9286	58	19	and	and	CCONJ
fbem-9286	58	20	corporate	corporate	ADJ
fbem-9286	58	21	esg	esg	NOUN
fbem-9286	58	22	responsibility	responsibility	NOUN
fbem-9286	58	23	,	,	PUNCT
fbem-9286	58	24	which	which	PRON
fbem-9286	58	25	can	can	AUX
fbem-9286	58	26	not	not	PART
fbem-9286	58	27	only	only	ADV
fbem-9286	58	28	reduce	reduce	VERB
fbem-9286	58	29	the	the	DET
fbem-9286	58	30	risk	risk	NOUN
fbem-9286	58	31	of	of	ADP
fbem-9286	58	32	stock	stock	NOUN
fbem-9286	58	33	portfolio	portfolio	NOUN
fbem-9286	58	34	and	and	CCONJ
fbem-9286	58	35	bring	bring	VERB
fbem-9286	58	36	better	well	ADJ
fbem-9286	58	37	investment	investment	NOUN
fbem-9286	58	38	returns	return	NOUN
fbem-9286	58	39	,	,	PUNCT
fbem-9286	58	40	but	but	CCONJ
fbem-9286	58	41	also	also	ADV
fbem-9286	58	42	gradually	gradually	ADV
fbem-9286	58	43	form	form	VERB
fbem-9286	58	44	positive	positive	ADJ
fbem-9286	58	45	moral	moral	ADJ
fbem-9286	58	46	capital	capital	NOUN
fbem-9286	58	47	and	and	CCONJ
fbem-9286	58	48	reduce	reduce	VERB
fbem-9286	58	49	the	the	DET
fbem-9286	58	50	possibility	possibility	NOUN
fbem-9286	58	51	of	of	ADP
fbem-9286	58	52	negative	negative	ADJ
fbem-9286	58	53	evaluation	evaluation	NOUN
fbem-9286	58	54	and	and	CCONJ
fbem-9286	58	55	punishment	punishment	NOUN
fbem-9286	58	56	.	.	PUNCT
fbem-9286	59	1	in	in	ADP
fbem-9286	59	2	view	view	NOUN
fbem-9286	59	3	of	of	ADP
fbem-9286	59	4	the	the	DET
fbem-9286	59	5	above	above	ADJ
fbem-9286	59	6	information	information	NOUN
fbem-9286	59	7	,	,	PUNCT
fbem-9286	59	8	this	this	DET
fbem-9286	59	9	paper	paper	NOUN
fbem-9286	59	10	proposes	propose	VERB
fbem-9286	59	11	the	the	DET
fbem-9286	59	12	following	follow	VERB
fbem-9286	59	13	hypothesis	hypothesis	NOUN
fbem-9286	59	14	.	.	PUNCT
fbem-9286	60	1	h1	h1	PROPN
fbem-9286	60	2	:	:	PUNCT
fbem-9286	60	3	esg	esg	NOUN
fbem-9286	60	4	performance	performance	NOUN
fbem-9286	60	5	can	can	AUX
fbem-9286	60	6	promote	promote	VERB
fbem-9286	60	7	the	the	DET
fbem-9286	60	8	shareholding	shareholding	NOUN
fbem-9286	60	9	of	of	ADP
fbem-9286	60	10	institutional	institutional	ADJ
fbem-9286	60	11	investors	investor	NOUN
fbem-9286	60	12	.	.	PUNCT
fbem-9286	61	1	2.2	2.2	NUM
fbem-9286	61	2	.	.	PUNCT
fbem-9286	62	1	esg	esg	NOUN
fbem-9286	62	2	performance	performance	NOUN
fbem-9286	62	3	promotes	promote	VERB
fbem-9286	62	4	shareholding	shareholding	NOUN
fbem-9286	62	5	by	by	ADP
fbem-9286	62	6	institutional	institutional	ADJ
fbem-9286	62	7	investors	investor	NOUN
fbem-9286	62	8	through	through	ADP
fbem-9286	62	9	internal	internal	ADJ
fbem-9286	62	10	paths	path	NOUN
fbem-9286	62	11	stakeholder	stakeholder	NOUN
fbem-9286	62	12	theory	theory	NOUN
fbem-9286	62	13	has	have	VERB
fbem-9286	62	14	a	a	DET
fbem-9286	62	15	rich	rich	ADJ
fbem-9286	62	16	concept	concept	NOUN
fbem-9286	62	17	of	of	ADP
fbem-9286	62	18	social	social	ADJ
fbem-9286	62	19	responsibility	responsibility	NOUN
fbem-9286	62	20	.	.	PUNCT
fbem-9286	63	1	it	it	PRON
fbem-9286	63	2	illustrates	illustrate	VERB
fbem-9286	63	3	that	that	SCONJ
fbem-9286	63	4	shareholders	shareholder	NOUN
fbem-9286	63	5	are	be	AUX
fbem-9286	63	6	not	not	PART
fbem-9286	63	7	the	the	DET
fbem-9286	63	8	only	only	ADJ
fbem-9286	63	9	service	service	NOUN
fbem-9286	63	10	goal	goal	NOUN
fbem-9286	63	11	of	of	ADP
fbem-9286	63	12	the	the	DET
fbem-9286	63	13	enterprise	enterprise	NOUN
fbem-9286	63	14	.	.	PUNCT
fbem-9286	64	1	stakeholder	stakeholder	NOUN
fbem-9286	64	2	theory	theory	NOUN
fbem-9286	64	3	requires	require	VERB
fbem-9286	64	4	that	that	SCONJ
fbem-9286	64	5	the	the	DET
fbem-9286	64	6	development	development	NOUN
fbem-9286	64	7	of	of	ADP
fbem-9286	64	8	enterprises	enterprise	NOUN
fbem-9286	64	9	must	must	AUX
fbem-9286	64	10	meet	meet	VERB
fbem-9286	64	11	the	the	DET
fbem-9286	64	12	interests	interest	NOUN
fbem-9286	64	13	of	of	ADP
fbem-9286	64	14	stakeholders	stakeholder	NOUN
fbem-9286	64	15	,	,	PUNCT
fbem-9286	64	16	and	and	CCONJ
fbem-9286	64	17	makes	make	VERB
fbem-9286	64	18	clear	clear	ADJ
fbem-9286	64	19	the	the	DET
fbem-9286	64	20	role	role	NOUN
fbem-9286	64	21	of	of	ADP
fbem-9286	64	22	enterprises	enterprise	NOUN
fbem-9286	64	23	in	in	ADP
fbem-9286	64	24	society	society	NOUN
fbem-9286	64	25	and	and	CCONJ
fbem-9286	64	26	the	the	DET
fbem-9286	64	27	responsibilities	responsibility	NOUN
fbem-9286	64	28	they	they	PRON
fbem-9286	64	29	should	should	AUX
fbem-9286	64	30	undertake	undertake	VERB
fbem-9286	64	31	.	.	PUNCT
fbem-9286	65	1	different	different	ADJ
fbem-9286	65	2	224	224	NUM
fbem-9286	65	3	stakeholders	stakeholder	NOUN
fbem-9286	65	4	have	have	VERB
fbem-9286	65	5	different	different	ADJ
fbem-9286	65	6	expectations	expectation	NOUN
fbem-9286	65	7	for	for	ADP
fbem-9286	65	8	enterprises	enterprise	NOUN
fbem-9286	65	9	:	:	PUNCT
fbem-9286	65	10	shareholders	shareholder	NOUN
fbem-9286	65	11	expect	expect	VERB
fbem-9286	65	12	the	the	DET
fbem-9286	65	13	sustainability	sustainability	NOUN
fbem-9286	65	14	of	of	ADP
fbem-9286	65	15	future	future	ADJ
fbem-9286	65	16	profits	profit	NOUN
fbem-9286	65	17	;	;	PUNCT
fbem-9286	65	18	debtors	debtor	NOUN
fbem-9286	65	19	expect	expect	VERB
fbem-9286	65	20	steady	steady	ADJ
fbem-9286	65	21	development	development	NOUN
fbem-9286	65	22	of	of	ADP
fbem-9286	65	23	enterprises	enterprise	NOUN
fbem-9286	65	24	;	;	PUNCT
fbem-9286	65	25	employees	employee	NOUN
fbem-9286	65	26	expect	expect	VERB
fbem-9286	65	27	to	to	PART
fbem-9286	65	28	pursue	pursue	VERB
fbem-9286	65	29	good	good	ADJ
fbem-9286	65	30	and	and	CCONJ
fbem-9286	65	31	fair	fair	ADJ
fbem-9286	65	32	treatment	treatment	NOUN
fbem-9286	65	33	;	;	PUNCT
fbem-9286	65	34	customers	customer	NOUN
fbem-9286	65	35	want	want	VERB
fbem-9286	65	36	products	product	NOUN
fbem-9286	65	37	that	that	PRON
fbem-9286	65	38	are	be	AUX
fbem-9286	65	39	respected	respect	VERB
fbem-9286	65	40	and	and	CCONJ
fbem-9286	65	41	guaranteed	guarantee	VERB
fbem-9286	65	42	;	;	PUNCT
fbem-9286	65	43	companies	company	NOUN
fbem-9286	65	44	are	be	AUX
fbem-9286	65	45	expected	expect	VERB
fbem-9286	65	46	to	to	PART
fbem-9286	65	47	operate	operate	VERB
fbem-9286	65	48	in	in	ADP
fbem-9286	65	49	compliance	compliance	NOUN
fbem-9286	65	50	and	and	CCONJ
fbem-9286	65	51	pay	pay	VERB
fbem-9286	65	52	taxes	taxis	NOUN
fbem-9286	65	53	on	on	ADP
fbem-9286	65	54	time	time	NOUN
fbem-9286	65	55	.	.	PUNCT
fbem-9286	66	1	in	in	ADP
fbem-9286	66	2	order	order	NOUN
fbem-9286	66	3	to	to	PART
fbem-9286	66	4	adapt	adapt	VERB
fbem-9286	66	5	to	to	ADP
fbem-9286	66	6	the	the	DET
fbem-9286	66	7	interests	interest	NOUN
fbem-9286	66	8	of	of	ADP
fbem-9286	66	9	the	the	DET
fbem-9286	66	10	above	above	ADJ
fbem-9286	66	11	stakeholders	stakeholder	NOUN
fbem-9286	66	12	,	,	PUNCT
fbem-9286	66	13	it	it	PRON
fbem-9286	66	14	is	be	AUX
fbem-9286	66	15	required	require	VERB
fbem-9286	66	16	that	that	SCONJ
fbem-9286	66	17	the	the	DET
fbem-9286	66	18	enterprise	enterprise	NOUN
fbem-9286	66	19	must	must	AUX
fbem-9286	66	20	combine	combine	VERB
fbem-9286	66	21	the	the	DET
fbem-9286	66	22	goals	goal	NOUN
fbem-9286	66	23	of	of	ADP
fbem-9286	66	24	the	the	DET
fbem-9286	66	25	stakeholders	stakeholder	NOUN
fbem-9286	66	26	when	when	SCONJ
fbem-9286	66	27	formulating	formulate	VERB
fbem-9286	66	28	the	the	DET
fbem-9286	66	29	goals	goal	NOUN
fbem-9286	66	30	so	so	SCONJ
fbem-9286	66	31	that	that	SCONJ
fbem-9286	66	32	the	the	DET
fbem-9286	66	33	enterprise	enterprise	NOUN
fbem-9286	66	34	's	's	PART
fbem-9286	66	35	goals	goal	NOUN
fbem-9286	66	36	can	can	AUX
fbem-9286	66	37	meet	meet	VERB
fbem-9286	66	38	the	the	DET
fbem-9286	66	39	needs	need	NOUN
fbem-9286	66	40	of	of	ADP
fbem-9286	66	41	various	various	ADJ
fbem-9286	66	42	parties	party	NOUN
fbem-9286	66	43	.	.	PUNCT
fbem-9286	67	1	as	as	ADP
fbem-9286	67	2	a	a	DET
fbem-9286	67	3	broad	broad	ADJ
fbem-9286	67	4	stakeholder	stakeholder	NOUN
fbem-9286	67	5	that	that	PRON
fbem-9286	67	6	can	can	AUX
fbem-9286	67	7	be	be	AUX
fbem-9286	67	8	converted	convert	VERB
fbem-9286	67	9	into	into	ADP
fbem-9286	67	10	shareholders	shareholder	NOUN
fbem-9286	67	11	,	,	PUNCT
fbem-9286	67	12	institutional	institutional	ADJ
fbem-9286	67	13	investors	investor	NOUN
fbem-9286	67	14	first	first	ADV
fbem-9286	67	15	pay	pay	VERB
fbem-9286	67	16	attention	attention	NOUN
fbem-9286	67	17	to	to	ADP
fbem-9286	67	18	the	the	DET
fbem-9286	67	19	enterprise	enterprise	NOUN
fbem-9286	67	20	's	's	PART
fbem-9286	67	21	sustainable	sustainable	ADJ
fbem-9286	67	22	operation	operation	NOUN
fbem-9286	67	23	ability	ability	NOUN
fbem-9286	67	24	and	and	CCONJ
fbem-9286	67	25	profit	profit	NOUN
fbem-9286	67	26	creation	creation	NOUN
fbem-9286	67	27	ability	ability	NOUN
fbem-9286	67	28	when	when	SCONJ
fbem-9286	67	29	considering	consider	VERB
fbem-9286	67	30	the	the	DET
fbem-9286	67	31	invested	invest	VERB
fbem-9286	67	32	enterprise	enterprise	NOUN
fbem-9286	67	33	.	.	PUNCT
fbem-9286	68	1	to	to	ADP
fbem-9286	68	2	some	some	DET
fbem-9286	68	3	extent	extent	NOUN
fbem-9286	68	4	,	,	PUNCT
fbem-9286	68	5	the	the	DET
fbem-9286	68	6	performance	performance	NOUN
fbem-9286	68	7	of	of	ADP
fbem-9286	68	8	esg	esg	PROPN
fbem-9286	68	9	can	can	AUX
fbem-9286	68	10	reflect	reflect	VERB
fbem-9286	68	11	the	the	DET
fbem-9286	68	12	value	value	NOUN
fbem-9286	68	13	of	of	ADP
fbem-9286	68	14	enterprises	enterprise	NOUN
fbem-9286	68	15	;	;	PUNCT
fbem-9286	68	16	on	on	ADP
fbem-9286	68	17	the	the	DET
fbem-9286	68	18	other	other	ADJ
fbem-9286	68	19	hand	hand	NOUN
fbem-9286	68	20	,	,	PUNCT
fbem-9286	68	21	it	it	PRON
fbem-9286	68	22	is	be	AUX
fbem-9286	68	23	a	a	DET
fbem-9286	68	24	measure	measure	NOUN
fbem-9286	68	25	of	of	ADP
fbem-9286	68	26	the	the	DET
fbem-9286	68	27	risk	risk	NOUN
fbem-9286	68	28	management	management	NOUN
fbem-9286	68	29	ability	ability	NOUN
fbem-9286	68	30	of	of	ADP
fbem-9286	68	31	enterprises	enterprise	NOUN
fbem-9286	68	32	in	in	ADP
fbem-9286	68	33	crisis	crisis	NOUN
fbem-9286	68	34	environment	environment	NOUN
fbem-9286	68	35	.	.	PUNCT
fbem-9286	69	1	according	accord	VERB
fbem-9286	69	2	to	to	ADP
fbem-9286	69	3	the	the	DET
fbem-9286	69	4	resource	resource	NOUN
fbem-9286	69	5	dependence	dependence	NOUN
fbem-9286	69	6	theory	theory	NOUN
fbem-9286	69	7	,	,	PUNCT
fbem-9286	69	8	good	good	ADJ
fbem-9286	69	9	esg	esg	PROPN
fbem-9286	69	10	performance	performance	NOUN
fbem-9286	69	11	can	can	AUX
fbem-9286	69	12	help	help	VERB
fbem-9286	69	13	enterprises	enterprise	NOUN
fbem-9286	69	14	gain	gain	VERB
fbem-9286	69	15	the	the	DET
fbem-9286	69	16	support	support	NOUN
fbem-9286	69	17	of	of	ADP
fbem-9286	69	18	stakeholders	stakeholder	NOUN
fbem-9286	69	19	and	and	CCONJ
fbem-9286	69	20	convey	convey	VERB
fbem-9286	69	21	the	the	DET
fbem-9286	69	22	signal	signal	NOUN
fbem-9286	69	23	that	that	SCONJ
fbem-9286	69	24	enterprises	enterprise	NOUN
fbem-9286	69	25	are	be	AUX
fbem-9286	69	26	trustworthy	trustworthy	ADJ
fbem-9286	69	27	to	to	ADP
fbem-9286	69	28	the	the	DET
fbem-9286	69	29	outside	outside	ADJ
fbem-9286	69	30	world	world	NOUN
fbem-9286	69	31	,	,	PUNCT
fbem-9286	69	32	so	so	SCONJ
fbem-9286	69	33	as	as	SCONJ
fbem-9286	69	34	to	to	PART
fbem-9286	69	35	obtain	obtain	VERB
fbem-9286	69	36	the	the	DET
fbem-9286	69	37	business	business	NOUN
fbem-9286	69	38	environment	environment	NOUN
fbem-9286	69	39	and	and	CCONJ
fbem-9286	69	40	resources	resource	NOUN
fbem-9286	69	41	necessary	necessary	ADJ
fbem-9286	69	42	for	for	ADP
fbem-9286	69	43	sustainable	sustainable	ADJ
fbem-9286	69	44	development	development	NOUN
fbem-9286	69	45	,	,	PUNCT
fbem-9286	69	46	reduce	reduce	VERB
fbem-9286	69	47	transaction	transaction	NOUN
fbem-9286	69	48	costs	cost	NOUN
fbem-9286	69	49	,	,	PUNCT
fbem-9286	69	50	and	and	CCONJ
fbem-9286	69	51	have	have	VERB
fbem-9286	69	52	competitive	competitive	ADJ
fbem-9286	69	53	advantages	advantage	NOUN
fbem-9286	69	54	in	in	ADP
fbem-9286	69	55	integrating	integrate	VERB
fbem-9286	69	56	key	key	ADJ
fbem-9286	69	57	strategic	strategic	ADJ
fbem-9286	69	58	resources	resource	NOUN
fbem-9286	69	59	.	.	PUNCT
fbem-9286	70	1	based	base	VERB
fbem-9286	70	2	on	on	ADP
fbem-9286	70	3	the	the	DET
fbem-9286	70	4	above	above	ADJ
fbem-9286	70	5	theories	theory	NOUN
fbem-9286	70	6	,	,	PUNCT
fbem-9286	70	7	this	this	DET
fbem-9286	70	8	paper	paper	NOUN
fbem-9286	70	9	takes	take	VERB
fbem-9286	70	10	enterprise	enterprise	NOUN
fbem-9286	70	11	value	value	NOUN
fbem-9286	70	12	and	and	CCONJ
fbem-9286	70	13	operating	operating	NOUN
fbem-9286	70	14	risk	risk	NOUN
fbem-9286	70	15	as	as	ADP
fbem-9286	70	16	two	two	NUM
fbem-9286	70	17	internal	internal	ADJ
fbem-9286	70	18	paths	path	NOUN
fbem-9286	70	19	for	for	ADP
fbem-9286	70	20	esg	esg	PROPN
fbem-9286	70	21	performance	performance	NOUN
fbem-9286	70	22	to	to	PART
fbem-9286	70	23	influence	influence	VERB
fbem-9286	70	24	institutional	institutional	ADJ
fbem-9286	70	25	investors	investor	NOUN
fbem-9286	70	26	'	'	PART
fbem-9286	70	27	shareholding	shareholding	NOUN
fbem-9286	70	28	.	.	PUNCT
fbem-9286	71	1	on	on	ADP
fbem-9286	71	2	the	the	DET
fbem-9286	71	3	one	one	NUM
fbem-9286	71	4	hand	hand	NOUN
fbem-9286	71	5	,	,	PUNCT
fbem-9286	71	6	most	most	ADJ
fbem-9286	71	7	existing	exist	VERB
fbem-9286	71	8	studies	study	NOUN
fbem-9286	71	9	believe	believe	VERB
fbem-9286	71	10	that	that	SCONJ
fbem-9286	71	11	esg	esg	NOUN
fbem-9286	71	12	performance	performance	NOUN
fbem-9286	71	13	can	can	AUX
fbem-9286	71	14	promote	promote	VERB
fbem-9286	71	15	enterprise	enterprise	NOUN
fbem-9286	71	16	value	value	NOUN
fbem-9286	71	17	and	and	CCONJ
fbem-9286	71	18	improve	improve	VERB
fbem-9286	71	19	business	business	NOUN
fbem-9286	71	20	performance	performance	NOUN
fbem-9286	71	21	or	or	CCONJ
fbem-9286	71	22	market	market	NOUN
fbem-9286	71	23	valuation	valuation	NOUN
fbem-9286	71	24	.	.	PUNCT
fbem-9286	72	1	wang	wang	PROPN
fbem-9286	72	2	bo	bo	PROPN
fbem-9286	72	3	et	et	PROPN
fbem-9286	72	4	al	al	PROPN
fbem-9286	72	5	.	.	PROPN
fbem-9286	73	1	(	(	PUNCT
fbem-9286	73	2	2022	2022	NUM
fbem-9286	73	3	)	)	PUNCT
fbem-9286	73	4	believe	believe	VERB
fbem-9286	73	5	that	that	SCONJ
fbem-9286	73	6	the	the	DET
fbem-9286	73	7	performance	performance	NOUN
fbem-9286	73	8	of	of	ADP
fbem-9286	73	9	esg	esg	PROPN
fbem-9286	73	10	can	can	AUX
fbem-9286	73	11	reflect	reflect	VERB
fbem-9286	73	12	the	the	DET
fbem-9286	73	13	long	long	ADJ
fbem-9286	73	14	-	-	PUNCT
fbem-9286	73	15	term	term	NOUN
fbem-9286	73	16	operation	operation	NOUN
fbem-9286	73	17	ability	ability	NOUN
fbem-9286	73	18	and	and	CCONJ
fbem-9286	73	19	embedded	embed	VERB
fbem-9286	73	20	value	value	NOUN
fbem-9286	73	21	of	of	ADP
fbem-9286	73	22	enterprises	enterprise	NOUN
fbem-9286	73	23	to	to	ADP
fbem-9286	73	24	a	a	DET
fbem-9286	73	25	certain	certain	ADJ
fbem-9286	73	26	extent	extent	NOUN
fbem-9286	73	27	,	,	PUNCT
fbem-9286	73	28	which	which	PRON
fbem-9286	73	29	can	can	AUX
fbem-9286	73	30	promote	promote	VERB
fbem-9286	73	31	the	the	DET
fbem-9286	73	32	promotion	promotion	NOUN
fbem-9286	73	33	of	of	ADP
fbem-9286	73	34	market	market	NOUN
fbem-9286	73	35	value	value	NOUN
fbem-9286	73	36	.	.	PUNCT
fbem-9286	74	1	on	on	ADP
fbem-9286	74	2	the	the	DET
fbem-9286	74	3	other	other	ADJ
fbem-9286	74	4	hand	hand	NOUN
fbem-9286	74	5	,	,	PUNCT
fbem-9286	74	6	if	if	SCONJ
fbem-9286	74	7	an	an	DET
fbem-9286	74	8	enterprise	enterprise	NOUN
fbem-9286	74	9	improves	improve	VERB
fbem-9286	74	10	its	its	PRON
fbem-9286	74	11	esg	esg	NOUN
fbem-9286	74	12	performance	performance	NOUN
fbem-9286	74	13	and	and	CCONJ
fbem-9286	74	14	deepens	deepen	VERB
fbem-9286	74	15	its	its	PRON
fbem-9286	74	16	relationship	relationship	NOUN
fbem-9286	74	17	with	with	ADP
fbem-9286	74	18	stakeholders	stakeholder	NOUN
fbem-9286	74	19	,	,	PUNCT
fbem-9286	74	20	the	the	DET
fbem-9286	74	21	stakeholders	stakeholder	NOUN
fbem-9286	74	22	will	will	AUX
fbem-9286	74	23	be	be	AUX
fbem-9286	74	24	encouraged	encourage	VERB
fbem-9286	74	25	to	to	PART
fbem-9286	74	26	play	play	VERB
fbem-9286	74	27	an	an	DET
fbem-9286	74	28	active	active	ADJ
fbem-9286	74	29	supervisory	supervisory	ADJ
fbem-9286	74	30	role	role	NOUN
fbem-9286	74	31	and	and	CCONJ
fbem-9286	74	32	give	give	VERB
fbem-9286	74	33	more	more	ADJ
fbem-9286	74	34	feedback	feedback	NOUN
fbem-9286	74	35	on	on	ADP
fbem-9286	74	36	the	the	DET
fbem-9286	74	37	problems	problem	NOUN
fbem-9286	74	38	existing	exist	VERB
fbem-9286	74	39	in	in	ADP
fbem-9286	74	40	the	the	DET
fbem-9286	74	41	operation	operation	NOUN
fbem-9286	74	42	of	of	ADP
fbem-9286	74	43	the	the	DET
fbem-9286	74	44	enterprise	enterprise	NOUN
fbem-9286	74	45	,	,	PUNCT
fbem-9286	74	46	thus	thus	ADV
fbem-9286	74	47	helping	help	VERB
fbem-9286	74	48	the	the	DET
fbem-9286	74	49	enterprise	enterprise	NOUN
fbem-9286	74	50	to	to	PART
fbem-9286	74	51	improve	improve	VERB
fbem-9286	74	52	the	the	DET
fbem-9286	74	53	efficiency	efficiency	NOUN
fbem-9286	74	54	of	of	ADP
fbem-9286	74	55	resource	resource	NOUN
fbem-9286	74	56	allocation	allocation	NOUN
fbem-9286	74	57	and	and	CCONJ
fbem-9286	74	58	reduce	reduce	VERB
fbem-9286	74	59	operational	operational	ADJ
fbem-9286	74	60	risks	risk	NOUN
fbem-9286	74	61	.	.	PUNCT
fbem-9286	75	1	esg	esg	NOUN
fbem-9286	75	2	performance	performance	NOUN
fbem-9286	75	3	is	be	AUX
fbem-9286	75	4	related	relate	VERB
fbem-9286	75	5	to	to	ADP
fbem-9286	75	6	advanced	advanced	ADJ
fbem-9286	75	7	management	management	NOUN
fbem-9286	75	8	concepts	concept	NOUN
fbem-9286	75	9	and	and	CCONJ
fbem-9286	75	10	superb	superb	NOUN
fbem-9286	75	11	management	management	NOUN
fbem-9286	75	12	capabilities	capability	NOUN
fbem-9286	75	13	,	,	PUNCT
fbem-9286	75	14	which	which	PRON
fbem-9286	75	15	means	mean	VERB
fbem-9286	75	16	that	that	SCONJ
fbem-9286	75	17	human	human	ADJ
fbem-9286	75	18	resource	resource	NOUN
fbem-9286	75	19	management	management	NOUN
fbem-9286	75	20	with	with	ADP
fbem-9286	75	21	high	high	ADJ
fbem-9286	75	22	esg	esg	NOUN
fbem-9286	75	23	standards	standard	NOUN
fbem-9286	75	24	can	can	AUX
fbem-9286	75	25	better	well	ADV
fbem-9286	75	26	motivate	motivate	VERB
fbem-9286	75	27	and	and	CCONJ
fbem-9286	75	28	constrain	constrain	VERB
fbem-9286	75	29	senior	senior	ADJ
fbem-9286	75	30	managers	manager	NOUN
fbem-9286	75	31	(	(	PUNCT
fbem-9286	75	32	gao	gao	PROPN
fbem-9286	75	33	jieying	jieying	PROPN
fbem-9286	75	34	et	et	PROPN
fbem-9286	75	35	al	al	PROPN
fbem-9286	75	36	.	.	PROPN
fbem-9286	75	37	,	,	PUNCT
fbem-9286	75	38	2021	2021	NUM
fbem-9286	75	39	)	)	PUNCT
fbem-9286	75	40	.	.	PUNCT
fbem-9286	76	1	at	at	ADP
fbem-9286	76	2	the	the	DET
fbem-9286	76	3	same	same	ADJ
fbem-9286	76	4	time	time	NOUN
fbem-9286	76	5	,	,	PUNCT
fbem-9286	76	6	in	in	ADP
fbem-9286	76	7	order	order	NOUN
fbem-9286	76	8	to	to	PART
fbem-9286	76	9	distinguish	distinguish	VERB
fbem-9286	76	10	enterprises	enterprise	NOUN
fbem-9286	76	11	with	with	ADP
fbem-9286	76	12	poor	poor	ADJ
fbem-9286	76	13	esg	esg	NOUN
fbem-9286	76	14	performance	performance	NOUN
fbem-9286	76	15	from	from	ADP
fbem-9286	76	16	those	those	PRON
fbem-9286	76	17	with	with	ADP
fbem-9286	76	18	poor	poor	ADJ
fbem-9286	76	19	esg	esg	NOUN
fbem-9286	76	20	performance	performance	NOUN
fbem-9286	76	21	,	,	PUNCT
fbem-9286	76	22	enterprises	enterprise	NOUN
fbem-9286	76	23	will	will	AUX
fbem-9286	76	24	take	take	VERB
fbem-9286	76	25	the	the	DET
fbem-9286	76	26	initiative	initiative	NOUN
fbem-9286	76	27	to	to	PART
fbem-9286	76	28	assume	assume	VERB
fbem-9286	76	29	social	social	ADJ
fbem-9286	76	30	responsibilities	responsibility	NOUN
fbem-9286	76	31	,	,	PUNCT
fbem-9286	76	32	coordinate	coordinate	VERB
fbem-9286	76	33	and	and	CCONJ
fbem-9286	76	34	maintain	maintain	VERB
fbem-9286	76	35	the	the	DET
fbem-9286	76	36	interests	interest	NOUN
fbem-9286	76	37	of	of	ADP
fbem-9286	76	38	multiple	multiple	ADJ
fbem-9286	76	39	stakeholders	stakeholder	NOUN
fbem-9286	76	40	more	more	ADV
fbem-9286	76	41	actively	actively	ADV
fbem-9286	76	42	to	to	PART
fbem-9286	76	43	show	show	VERB
fbem-9286	76	44	their	their	PRON
fbem-9286	76	45	good	good	ADJ
fbem-9286	76	46	performance	performance	NOUN
fbem-9286	76	47	in	in	ADP
fbem-9286	76	48	esg	esg	PROPN
fbem-9286	76	49	to	to	ADP
fbem-9286	76	50	the	the	DET
fbem-9286	76	51	outside	outside	ADJ
fbem-9286	76	52	world	world	NOUN
fbem-9286	76	53	.	.	PUNCT
fbem-9286	77	1	this	this	PRON
fbem-9286	77	2	will	will	AUX
fbem-9286	77	3	send	send	VERB
fbem-9286	77	4	a	a	DET
fbem-9286	77	5	signal	signal	NOUN
fbem-9286	77	6	to	to	ADP
fbem-9286	77	7	the	the	DET
fbem-9286	77	8	market	market	NOUN
fbem-9286	77	9	that	that	SCONJ
fbem-9286	77	10	enterprises	enterprise	NOUN
fbem-9286	77	11	actively	actively	ADV
fbem-9286	77	12	accept	accept	VERB
fbem-9286	77	13	sustainable	sustainable	ADJ
fbem-9286	77	14	development	development	NOUN
fbem-9286	77	15	,	,	PUNCT
fbem-9286	77	16	and	and	CCONJ
fbem-9286	77	17	will	will	AUX
fbem-9286	77	18	gradually	gradually	ADV
fbem-9286	77	19	form	form	VERB
fbem-9286	77	20	a	a	DET
fbem-9286	77	21	good	good	ADJ
fbem-9286	77	22	expectation	expectation	NOUN
fbem-9286	77	23	for	for	ADP
fbem-9286	77	24	institutional	institutional	ADJ
fbem-9286	77	25	investors	investor	NOUN
fbem-9286	77	26	on	on	ADP
fbem-9286	77	27	corporate	corporate	ADJ
fbem-9286	77	28	prospects	prospect	NOUN
fbem-9286	77	29	.	.	PUNCT
fbem-9286	78	1	and	and	CCONJ
fbem-9286	78	2	bring	bring	VERB
fbem-9286	78	3	it	it	PRON
fbem-9286	78	4	into	into	ADP
fbem-9286	78	5	the	the	DET
fbem-9286	78	6	reference	reference	NOUN
fbem-9286	78	7	range	range	NOUN
fbem-9286	78	8	of	of	ADP
fbem-9286	78	9	the	the	DET
fbem-9286	78	10	invested	invest	VERB
fbem-9286	78	11	enterprises	enterprise	NOUN
fbem-9286	78	12	.	.	PUNCT
fbem-9286	79	1	to	to	PART
fbem-9286	79	2	be	be	AUX
fbem-9286	79	3	specific	specific	ADJ
fbem-9286	79	4	,	,	PUNCT
fbem-9286	79	5	good	good	ADJ
fbem-9286	79	6	esg	esg	PROPN
fbem-9286	79	7	performance	performance	NOUN
fbem-9286	79	8	conveys	convey	VERB
fbem-9286	79	9	the	the	DET
fbem-9286	79	10	following	follow	VERB
fbem-9286	79	11	two	two	NUM
fbem-9286	79	12	positive	positive	ADJ
fbem-9286	79	13	signals	signal	NOUN
fbem-9286	79	14	worth	worth	ADJ
fbem-9286	79	15	investing	invest	VERB
fbem-9286	79	16	to	to	ADP
fbem-9286	79	17	institutional	institutional	ADJ
fbem-9286	79	18	investors	investor	NOUN
fbem-9286	79	19	:	:	PUNCT
fbem-9286	79	20	first	first	ADV
fbem-9286	79	21	,	,	PUNCT
fbem-9286	79	22	it	it	PRON
fbem-9286	79	23	shows	show	VERB
fbem-9286	79	24	that	that	SCONJ
fbem-9286	79	25	enterprises	enterprise	NOUN
fbem-9286	79	26	have	have	VERB
fbem-9286	79	27	good	good	ADJ
fbem-9286	79	28	operating	operating	NOUN
fbem-9286	79	29	performance	performance	NOUN
fbem-9286	79	30	.	.	PUNCT
fbem-9286	80	1	compared	compare	VERB
fbem-9286	80	2	with	with	ADP
fbem-9286	80	3	enterprises	enterprise	NOUN
fbem-9286	80	4	with	with	ADP
fbem-9286	80	5	poor	poor	ADJ
fbem-9286	80	6	profitability	profitability	NOUN
fbem-9286	80	7	or	or	CCONJ
fbem-9286	80	8	operating	operating	NOUN
fbem-9286	80	9	status	status	NOUN
fbem-9286	80	10	,	,	PUNCT
fbem-9286	80	11	enterprises	enterprise	NOUN
fbem-9286	80	12	with	with	ADP
fbem-9286	80	13	large	large	ADJ
fbem-9286	80	14	asset	asset	NOUN
fbem-9286	80	15	scale	scale	NOUN
fbem-9286	80	16	and	and	CCONJ
fbem-9286	80	17	high	high	ADJ
fbem-9286	80	18	enterprise	enterprise	NOUN
fbem-9286	80	19	value	value	NOUN
fbem-9286	80	20	are	be	AUX
fbem-9286	80	21	more	more	ADV
fbem-9286	80	22	willing	willing	ADJ
fbem-9286	80	23	and	and	CCONJ
fbem-9286	80	24	able	able	ADJ
fbem-9286	80	25	to	to	PART
fbem-9286	80	26	improve	improve	VERB
fbem-9286	80	27	esg	esg	NOUN
fbem-9286	80	28	performance	performance	NOUN
fbem-9286	80	29	;	;	PUNCT
fbem-9286	80	30	second	second	X
fbem-9286	80	31	,	,	PUNCT
fbem-9286	80	32	the	the	DET
fbem-9286	80	33	enterprise	enterprise	NOUN
fbem-9286	80	34	has	have	VERB
fbem-9286	80	35	a	a	DET
fbem-9286	80	36	strong	strong	ADJ
fbem-9286	80	37	sense	sense	NOUN
fbem-9286	80	38	of	of	ADP
fbem-9286	80	39	social	social	ADJ
fbem-9286	80	40	responsibility	responsibility	NOUN
fbem-9286	80	41	and	and	CCONJ
fbem-9286	80	42	a	a	DET
fbem-9286	80	43	sound	sound	ADJ
fbem-9286	80	44	internal	internal	ADJ
fbem-9286	80	45	management	management	NOUN
fbem-9286	80	46	system	system	NOUN
fbem-9286	80	47	,	,	PUNCT
fbem-9286	80	48	which	which	PRON
fbem-9286	80	49	can	can	AUX
fbem-9286	80	50	safeguard	safeguard	VERB
fbem-9286	80	51	the	the	DET
fbem-9286	80	52	interests	interest	NOUN
fbem-9286	80	53	of	of	ADP
fbem-9286	80	54	stakeholders	stakeholder	NOUN
fbem-9286	80	55	and	and	CCONJ
fbem-9286	80	56	has	have	VERB
fbem-9286	80	57	the	the	DET
fbem-9286	80	58	potential	potential	NOUN
fbem-9286	80	59	for	for	ADP
fbem-9286	80	60	long	long	ADJ
fbem-9286	80	61	-	-	PUNCT
fbem-9286	80	62	term	term	NOUN
fbem-9286	80	63	sustainable	sustainable	ADJ
fbem-9286	80	64	development	development	NOUN
fbem-9286	80	65	.	.	PUNCT
fbem-9286	81	1	in	in	ADP
fbem-9286	81	2	view	view	NOUN
fbem-9286	81	3	of	of	ADP
fbem-9286	81	4	the	the	DET
fbem-9286	81	5	above	above	ADJ
fbem-9286	81	6	information	information	NOUN
fbem-9286	81	7	,	,	PUNCT
fbem-9286	81	8	this	this	DET
fbem-9286	81	9	paper	paper	NOUN
fbem-9286	81	10	proposes	propose	VERB
fbem-9286	81	11	the	the	DET
fbem-9286	81	12	following	follow	VERB
fbem-9286	81	13	hypothesis	hypothesis	NOUN
fbem-9286	81	14	.	.	PUNCT
fbem-9286	82	1	h2a	h2a	PROPN
fbem-9286	82	2	:	:	PUNCT
fbem-9286	82	3	esg	esg	NOUN
fbem-9286	82	4	improves	improve	VERB
fbem-9286	82	5	the	the	DET
fbem-9286	82	6	shareholding	shareholding	NOUN
fbem-9286	82	7	of	of	ADP
fbem-9286	82	8	institutional	institutional	ADJ
fbem-9286	82	9	investors	investor	NOUN
fbem-9286	82	10	by	by	ADP
fbem-9286	82	11	reducing	reduce	VERB
fbem-9286	82	12	operational	operational	ADJ
fbem-9286	82	13	risks	risk	NOUN
fbem-9286	82	14	h2b	h2b	PROPN
fbem-9286	82	15	:	:	PUNCT
fbem-9286	82	16	esg	esg	NOUN
fbem-9286	82	17	enhances	enhance	VERB
fbem-9286	82	18	the	the	DET
fbem-9286	82	19	shareholding	shareholding	NOUN
fbem-9286	82	20	of	of	ADP
fbem-9286	82	21	institutional	institutional	ADJ
fbem-9286	82	22	investors	investor	NOUN
fbem-9286	82	23	by	by	ADP
fbem-9286	82	24	enhancing	enhance	VERB
fbem-9286	82	25	enterprise	enterprise	NOUN
fbem-9286	82	26	value	value	NOUN
fbem-9286	82	27	2.3	2.3	NUM
fbem-9286	82	28	.	.	PUNCT
fbem-9286	83	1	esg	esg	NOUN
fbem-9286	83	2	performance	performance	NOUN
fbem-9286	83	3	promotes	promote	VERB
fbem-9286	83	4	shareholding	shareholding	NOUN
fbem-9286	83	5	by	by	ADP
fbem-9286	83	6	institutional	institutional	ADJ
fbem-9286	83	7	investors	investor	NOUN
fbem-9286	83	8	through	through	ADP
fbem-9286	83	9	external	external	ADJ
fbem-9286	83	10	approaches	approach	NOUN
fbem-9286	83	11	signal	signal	PROPN
fbem-9286	83	12	theory	theory	NOUN
fbem-9286	83	13	shows	show	VERB
fbem-9286	83	14	that	that	SCONJ
fbem-9286	83	15	under	under	ADP
fbem-9286	83	16	the	the	DET
fbem-9286	83	17	condition	condition	NOUN
fbem-9286	83	18	of	of	ADP
fbem-9286	83	19	information	information	NOUN
fbem-9286	83	20	asymmetry	asymmetry	NOUN
fbem-9286	83	21	,	,	PUNCT
fbem-9286	83	22	an	an	DET
fbem-9286	83	23	enterprise	enterprise	NOUN
fbem-9286	83	24	can	can	AUX
fbem-9286	83	25	improve	improve	VERB
fbem-9286	83	26	its	its	PRON
fbem-9286	83	27	competitiveness	competitiveness	NOUN
fbem-9286	83	28	by	by	ADP
fbem-9286	83	29	releasing	release	VERB
fbem-9286	83	30	positive	positive	ADJ
fbem-9286	83	31	signals	signal	NOUN
fbem-9286	83	32	of	of	ADP
fbem-9286	83	33	its	its	PRON
fbem-9286	83	34	own	own	ADJ
fbem-9286	83	35	ability	ability	NOUN
fbem-9286	83	36	to	to	ADP
fbem-9286	83	37	the	the	DET
fbem-9286	83	38	market	market	NOUN
fbem-9286	83	39	as	as	ADP
fbem-9286	83	40	an	an	DET
fbem-9286	83	41	information	information	NOUN
fbem-9286	83	42	advantage	advantage	NOUN
fbem-9286	83	43	.	.	PUNCT
fbem-9286	84	1	because	because	SCONJ
fbem-9286	84	2	of	of	ADP
fbem-9286	84	3	the	the	DET
fbem-9286	84	4	existence	existence	NOUN
fbem-9286	84	5	of	of	ADP
fbem-9286	84	6	multiple	multiple	ADJ
fbem-9286	84	7	principal	principal	ADJ
fbem-9286	84	8	-	-	PUNCT
fbem-9286	84	9	agent	agent	NOUN
fbem-9286	84	10	relationships	relationship	NOUN
fbem-9286	84	11	,	,	PUNCT
fbem-9286	84	12	there	there	PRON
fbem-9286	84	13	is	be	VERB
fbem-9286	84	14	information	information	NOUN
fbem-9286	84	15	asymmetry	asymmetry	NOUN
fbem-9286	84	16	between	between	ADP
fbem-9286	84	17	enterprises	enterprise	NOUN
fbem-9286	84	18	and	and	CCONJ
fbem-9286	84	19	numerous	numerous	ADJ
fbem-9286	84	20	stakeholders	stakeholder	NOUN
fbem-9286	84	21	.	.	PUNCT
fbem-9286	85	1	the	the	DET
fbem-9286	85	2	performance	performance	NOUN
fbem-9286	85	3	of	of	ADP
fbem-9286	85	4	esg	esg	PROPN
fbem-9286	85	5	can	can	AUX
fbem-9286	85	6	convey	convey	VERB
fbem-9286	85	7	to	to	ADP
fbem-9286	85	8	the	the	DET
fbem-9286	85	9	market	market	NOUN
fbem-9286	85	10	the	the	DET
fbem-9286	85	11	signal	signal	NOUN
fbem-9286	85	12	that	that	SCONJ
fbem-9286	85	13	enterprises	enterprise	NOUN
fbem-9286	85	14	actively	actively	ADV
fbem-9286	85	15	fulfill	fulfill	VERB
fbem-9286	85	16	their	their	PRON
fbem-9286	85	17	social	social	ADJ
fbem-9286	85	18	responsibilities	responsibility	NOUN
fbem-9286	85	19	,	,	PUNCT
fbem-9286	85	20	which	which	PRON
fbem-9286	85	21	is	be	AUX
fbem-9286	85	22	conducive	conducive	ADJ
fbem-9286	85	23	to	to	ADP
fbem-9286	85	24	improving	improve	VERB
fbem-9286	85	25	the	the	DET
fbem-9286	85	26	reputation	reputation	NOUN
fbem-9286	85	27	and	and	CCONJ
fbem-9286	85	28	influence	influence	NOUN
fbem-9286	85	29	of	of	ADP
fbem-9286	85	30	enterprises	enterprise	NOUN
fbem-9286	85	31	in	in	ADP
fbem-9286	85	32	the	the	DET
fbem-9286	85	33	public	public	NOUN
fbem-9286	85	34	and	and	CCONJ
fbem-9286	85	35	further	far	ADV
fbem-9286	85	36	attracting	attract	VERB
fbem-9286	85	37	the	the	DET
fbem-9286	85	38	attention	attention	NOUN
fbem-9286	85	39	of	of	ADP
fbem-9286	85	40	media	medium	NOUN
fbem-9286	85	41	and	and	CCONJ
fbem-9286	85	42	analysts	analyst	NOUN
fbem-9286	85	43	,	,	PUNCT
fbem-9286	85	44	thus	thus	ADV
fbem-9286	85	45	laying	lay	VERB
fbem-9286	85	46	the	the	DET
fbem-9286	85	47	foundation	foundation	NOUN
fbem-9286	85	48	for	for	ADP
fbem-9286	85	49	sustainable	sustainable	ADJ
fbem-9286	85	50	development	development	NOUN
fbem-9286	85	51	.	.	PUNCT
fbem-9286	86	1	based	base	VERB
fbem-9286	86	2	on	on	ADP
fbem-9286	86	3	the	the	DET
fbem-9286	86	4	above	above	ADJ
fbem-9286	86	5	theoretical	theoretical	ADJ
fbem-9286	86	6	background	background	NOUN
fbem-9286	86	7	,	,	PUNCT
fbem-9286	86	8	the	the	DET
fbem-9286	86	9	influence	influence	NOUN
fbem-9286	86	10	of	of	ADP
fbem-9286	86	11	esg	esg	PROPN
fbem-9286	86	12	performance	performance	NOUN
fbem-9286	86	13	on	on	ADP
fbem-9286	86	14	institutional	institutional	ADJ
fbem-9286	86	15	investors	investor	NOUN
fbem-9286	86	16	'	'	PART
fbem-9286	86	17	shareholding	shareholding	NOUN
fbem-9286	86	18	is	be	AUX
fbem-9286	86	19	further	far	ADV
fbem-9286	86	20	analyzed	analyze	VERB
fbem-9286	86	21	.	.	PUNCT
fbem-9286	87	1	in	in	ADP
fbem-9286	87	2	order	order	NOUN
fbem-9286	87	3	to	to	PART
fbem-9286	87	4	improve	improve	VERB
fbem-9286	87	5	the	the	DET
fbem-9286	87	6	performance	performance	NOUN
fbem-9286	87	7	of	of	ADP
fbem-9286	87	8	esg	esg	PROPN
fbem-9286	87	9	,	,	PUNCT
fbem-9286	87	10	enterprises	enterprise	NOUN
fbem-9286	87	11	establish	establish	VERB
fbem-9286	87	12	good	good	ADJ
fbem-9286	87	13	cooperative	cooperative	ADJ
fbem-9286	87	14	relations	relation	NOUN
fbem-9286	87	15	with	with	ADP
fbem-9286	87	16	various	various	ADJ
fbem-9286	87	17	stakeholders	stakeholder	NOUN
fbem-9286	87	18	,	,	PUNCT
fbem-9286	87	19	establish	establish	VERB
fbem-9286	87	20	an	an	DET
fbem-9286	87	21	honest	honest	ADJ
fbem-9286	87	22	and	and	CCONJ
fbem-9286	87	23	reliable	reliable	ADJ
fbem-9286	87	24	corporate	corporate	ADJ
fbem-9286	87	25	image	image	NOUN
fbem-9286	87	26	,	,	PUNCT
fbem-9286	87	27	convey	convey	VERB
fbem-9286	87	28	the	the	DET
fbem-9286	87	29	sustainable	sustainable	ADJ
fbem-9286	87	30	operation	operation	NOUN
fbem-9286	87	31	status	status	NOUN
fbem-9286	87	32	to	to	ADP
fbem-9286	87	33	the	the	DET
fbem-9286	87	34	outside	outside	ADJ
fbem-9286	87	35	world	world	NOUN
fbem-9286	87	36	,	,	PUNCT
fbem-9286	87	37	improve	improve	VERB
fbem-9286	87	38	the	the	DET
fbem-9286	87	39	trust	trust	NOUN
fbem-9286	87	40	level	level	NOUN
fbem-9286	87	41	of	of	ADP
fbem-9286	87	42	the	the	DET
fbem-9286	87	43	government	government	NOUN
fbem-9286	87	44	,	,	PUNCT
fbem-9286	87	45	reduce	reduce	VERB
fbem-9286	87	46	the	the	DET
fbem-9286	87	47	extra	extra	ADJ
fbem-9286	87	48	administrative	administrative	ADJ
fbem-9286	87	49	inspection	inspection	NOUN
fbem-9286	87	50	and	and	CCONJ
fbem-9286	87	51	intervention	intervention	NOUN
fbem-9286	87	52	,	,	PUNCT
fbem-9286	87	53	and	and	CCONJ
fbem-9286	87	54	gradually	gradually	ADV
fbem-9286	87	55	gain	gain	VERB
fbem-9286	87	56	higher	high	ADJ
fbem-9286	87	57	media	medium	NOUN
fbem-9286	87	58	attention	attention	NOUN
fbem-9286	87	59	,	,	PUNCT
fbem-9286	87	60	so	so	SCONJ
fbem-9286	87	61	as	as	SCONJ
fbem-9286	87	62	to	to	PART
fbem-9286	87	63	attract	attract	VERB
fbem-9286	87	64	investment	investment	NOUN
fbem-9286	87	65	from	from	ADP
fbem-9286	87	66	institutional	institutional	ADJ
fbem-9286	87	67	investors	investor	NOUN
fbem-9286	87	68	.	.	PUNCT
fbem-9286	88	1	in	in	ADP
fbem-9286	88	2	addition	addition	NOUN
fbem-9286	88	3	,	,	PUNCT
fbem-9286	88	4	the	the	DET
fbem-9286	88	5	"	"	PUNCT
fbem-9286	88	6	insurance	insurance	NOUN
fbem-9286	88	7	effect	effect	NOUN
fbem-9286	88	8	"	"	PUNCT
fbem-9286	88	9	brought	bring	VERB
fbem-9286	88	10	by	by	ADP
fbem-9286	88	11	esgs	esg	NOUN
fbem-9286	88	12	is	be	AUX
fbem-9286	88	13	also	also	ADV
fbem-9286	88	14	the	the	DET
fbem-9286	88	15	reason	reason	NOUN
fbem-9286	88	16	why	why	SCONJ
fbem-9286	88	17	institutional	institutional	ADJ
fbem-9286	88	18	investors	investor	NOUN
fbem-9286	88	19	pay	pay	VERB
fbem-9286	88	20	attention	attention	NOUN
fbem-9286	88	21	to	to	ADP
fbem-9286	88	22	it	it	PRON
fbem-9286	88	23	.	.	PUNCT
fbem-9286	89	1	when	when	SCONJ
fbem-9286	89	2	negative	negative	ADJ
fbem-9286	89	3	news	news	NOUN
fbem-9286	89	4	about	about	ADP
fbem-9286	89	5	the	the	DET
fbem-9286	89	6	enterprise	enterprise	NOUN
fbem-9286	89	7	appears	appear	VERB
fbem-9286	89	8	in	in	ADP
fbem-9286	89	9	the	the	DET
fbem-9286	89	10	media	medium	NOUN
fbem-9286	89	11	,	,	PUNCT
fbem-9286	89	12	the	the	DET
fbem-9286	89	13	good	good	ADJ
fbem-9286	89	14	esg	esg	PROPN
fbem-9286	89	15	performance	performance	NOUN
fbem-9286	89	16	of	of	ADP
fbem-9286	89	17	the	the	DET
fbem-9286	89	18	enterprise	enterprise	NOUN
fbem-9286	89	19	makes	make	VERB
fbem-9286	89	20	the	the	DET
fbem-9286	89	21	public	public	NOUN
fbem-9286	89	22	believe	believe	VERB
fbem-9286	89	23	that	that	SCONJ
fbem-9286	89	24	the	the	DET
fbem-9286	89	25	incident	incident	NOUN
fbem-9286	89	26	is	be	AUX
fbem-9286	89	27	accidental	accidental	ADJ
fbem-9286	89	28	and	and	CCONJ
fbem-9286	89	29	caused	cause	VERB
fbem-9286	89	30	by	by	ADP
fbem-9286	89	31	mistakes	mistake	NOUN
fbem-9286	89	32	rather	rather	ADV
fbem-9286	89	33	than	than	ADP
fbem-9286	89	34	deliberate	deliberate	ADJ
fbem-9286	89	35	,	,	PUNCT
fbem-9286	89	36	which	which	PRON
fbem-9286	89	37	gives	give	VERB
fbem-9286	89	38	the	the	DET
fbem-9286	89	39	enterprise	enterprise	NOUN
fbem-9286	89	40	the	the	DET
fbem-9286	89	41	opportunity	opportunity	NOUN
fbem-9286	89	42	and	and	CCONJ
fbem-9286	89	43	time	time	NOUN
fbem-9286	89	44	to	to	PART
fbem-9286	89	45	correct	correct	VERB
fbem-9286	89	46	mistakes	mistake	NOUN
fbem-9286	89	47	and	and	CCONJ
fbem-9286	89	48	avoid	avoid	VERB
fbem-9286	89	49	huge	huge	ADJ
fbem-9286	89	50	losses	loss	NOUN
fbem-9286	89	51	.	.	PUNCT
fbem-9286	90	1	(	(	PUNCT
fbem-9286	90	2	godfrey	godfrey	PROPN
fbem-9286	90	3	,	,	PUNCT
fbem-9286	90	4	2005	2005	NUM
fbem-9286	90	5	)	)	PUNCT
fbem-9286	90	6	.	.	PUNCT
fbem-9286	91	1	generally	generally	ADV
fbem-9286	91	2	speaking	speak	VERB
fbem-9286	91	3	,	,	PUNCT
fbem-9286	91	4	enterprises	enterprise	NOUN
fbem-9286	91	5	with	with	ADP
fbem-9286	91	6	good	good	ADJ
fbem-9286	91	7	esg	esg	PROPN
fbem-9286	91	8	performance	performance	NOUN
fbem-9286	91	9	will	will	AUX
fbem-9286	91	10	have	have	VERB
fbem-9286	91	11	stronger	strong	ADJ
fbem-9286	91	12	willingness	willingness	NOUN
fbem-9286	91	13	to	to	PART
fbem-9286	91	14	disclose	disclose	VERB
fbem-9286	91	15	information	information	NOUN
fbem-9286	91	16	and	and	CCONJ
fbem-9286	91	17	lower	low	ADJ
fbem-9286	91	18	earnings	earning	NOUN
fbem-9286	91	19	management	management	NOUN
fbem-9286	91	20	,	,	PUNCT
fbem-9286	91	21	which	which	PRON
fbem-9286	91	22	is	be	AUX
fbem-9286	91	23	also	also	ADV
fbem-9286	91	24	more	more	ADV
fbem-9286	91	25	consistent	consistent	ADJ
fbem-9286	91	26	with	with	ADP
fbem-9286	91	27	the	the	DET
fbem-9286	91	28	characteristics	characteristic	NOUN
fbem-9286	91	29	concerned	concern	VERB
fbem-9286	91	30	by	by	ADP
fbem-9286	91	31	analysts	analyst	NOUN
fbem-9286	91	32	.	.	PUNCT
fbem-9286	92	1	when	when	SCONJ
fbem-9286	92	2	facing	face	VERB
fbem-9286	92	3	such	such	ADJ
fbem-9286	92	4	enterprises	enterprise	NOUN
fbem-9286	92	5	,	,	PUNCT
fbem-9286	92	6	investors	investor	NOUN
fbem-9286	92	7	tend	tend	VERB
fbem-9286	92	8	to	to	PART
fbem-9286	92	9	increase	increase	VERB
fbem-9286	92	10	their	their	PRON
fbem-9286	92	11	investment	investment	NOUN
fbem-9286	92	12	confidence	confidence	NOUN
fbem-9286	92	13	due	due	ADP
fbem-9286	92	14	to	to	ADP
fbem-9286	92	15	more	more	ADV
fbem-9286	92	16	transparent	transparent	ADJ
fbem-9286	92	17	information	information	NOUN
fbem-9286	92	18	(	(	PUNCT
fbem-9286	92	19	dhaliwal	dhaliwal	PROPN
fbem-9286	92	20	et	et	PROPN
fbem-9286	92	21	al	al	PROPN
fbem-9286	92	22	.	.	PROPN
fbem-9286	92	23	,	,	PUNCT
fbem-9286	92	24	2011	2011	NUM
fbem-9286	92	25	)	)	PUNCT
fbem-9286	92	26	.	.	PUNCT
fbem-9286	93	1	however	however	ADV
fbem-9286	93	2	,	,	PUNCT
fbem-9286	93	3	analysts	analyst	NOUN
fbem-9286	93	4	'	'	PART
fbem-9286	93	5	focus	focus	NOUN
fbem-9286	93	6	on	on	ADP
fbem-9286	93	7	relatively	relatively	ADV
fbem-9286	93	8	high	high	ADJ
fbem-9286	93	9	enterprises	enterprise	NOUN
fbem-9286	93	10	means	mean	VERB
fbem-9286	93	11	that	that	SCONJ
fbem-9286	93	12	most	most	ADJ
fbem-9286	93	13	investors	investor	NOUN
fbem-9286	93	14	are	be	AUX
fbem-9286	93	15	interested	interested	ADJ
fbem-9286	93	16	in	in	ADP
fbem-9286	93	17	the	the	DET
fbem-9286	93	18	intrinsic	intrinsic	ADJ
fbem-9286	93	19	value	value	NOUN
fbem-9286	93	20	of	of	ADP
fbem-9286	93	21	stocks	stock	NOUN
fbem-9286	93	22	of	of	ADP
fbem-9286	93	23	relevant	relevant	ADJ
fbem-9286	93	24	companies	company	NOUN
fbem-9286	93	25	(	(	PUNCT
fbem-9286	93	26	wang	wang	PROPN
fbem-9286	93	27	aiqun	aiqun	PROPN
fbem-9286	93	28	et	et	PROPN
fbem-9286	93	29	al	al	PROPN
fbem-9286	93	30	.	.	PROPN
fbem-9286	93	31	,	,	PUNCT
fbem-9286	93	32	2019	2019	NUM
fbem-9286	93	33	)	)	PUNCT
fbem-9286	93	34	.	.	PUNCT
fbem-9286	94	1	due	due	ADP
fbem-9286	94	2	to	to	ADP
fbem-9286	94	3	their	their	PRON
fbem-9286	94	4	trust	trust	NOUN
fbem-9286	94	5	in	in	ADP
fbem-9286	94	6	enterprises	enterprise	NOUN
fbem-9286	94	7	with	with	ADP
fbem-9286	94	8	good	good	ADJ
fbem-9286	94	9	esg	esg	PROPN
fbem-9286	94	10	performance	performance	NOUN
fbem-9286	94	11	,	,	PUNCT
fbem-9286	94	12	analysts	analyst	NOUN
fbem-9286	94	13	do	do	AUX
fbem-9286	94	14	not	not	PART
fbem-9286	94	15	need	need	VERB
fbem-9286	94	16	to	to	PART
fbem-9286	94	17	dig	dig	VERB
fbem-9286	94	18	more	more	ADV
fbem-9286	94	19	private	private	ADJ
fbem-9286	94	20	information	information	NOUN
fbem-9286	94	21	to	to	PART
fbem-9286	94	22	support	support	VERB
fbem-9286	94	23	accurate	accurate	ADJ
fbem-9286	94	24	earnings	earning	NOUN
fbem-9286	94	25	forecasts	forecast	NOUN
fbem-9286	94	26	,	,	PUNCT
fbem-9286	94	27	which	which	PRON
fbem-9286	94	28	will	will	AUX
fbem-9286	94	29	inevitably	inevitably	ADV
fbem-9286	94	30	reduce	reduce	VERB
fbem-9286	94	31	the	the	DET
fbem-9286	94	32	explicit	explicit	ADJ
fbem-9286	94	33	cost	cost	NOUN
fbem-9286	94	34	of	of	ADP
fbem-9286	94	35	services	service	NOUN
fbem-9286	94	36	provided	provide	VERB
fbem-9286	94	37	by	by	ADP
fbem-9286	94	38	them	they	PRON
fbem-9286	94	39	.	.	PUNCT
fbem-9286	95	1	moreover	moreover	ADV
fbem-9286	95	2	,	,	PUNCT
fbem-9286	95	3	enterprises	enterprise	NOUN
fbem-9286	95	4	with	with	ADP
fbem-9286	95	5	good	good	ADJ
fbem-9286	95	6	esg	esg	PROPN
fbem-9286	95	7	performance	performance	NOUN
fbem-9286	95	8	tend	tend	VERB
fbem-9286	95	9	to	to	PART
fbem-9286	95	10	have	have	VERB
fbem-9286	95	11	a	a	DET
fbem-9286	95	12	better	well	ADJ
fbem-9286	95	13	reputation	reputation	NOUN
fbem-9286	95	14	and	and	CCONJ
fbem-9286	95	15	lower	low	ADJ
fbem-9286	95	16	risk	risk	NOUN
fbem-9286	95	17	of	of	ADP
fbem-9286	95	18	violating	violate	VERB
fbem-9286	95	19	laws	law	NOUN
fbem-9286	95	20	and	and	CCONJ
fbem-9286	95	21	regulations	regulation	NOUN
fbem-9286	95	22	(	(	PUNCT
fbem-9286	95	23	chen	chen	PROPN
fbem-9286	95	24	et	et	PROPN
fbem-9286	95	25	al	al	PROPN
fbem-9286	95	26	.	.	PROPN
fbem-9286	95	27	,	,	PUNCT
fbem-9286	95	28	2011	2011	NUM
fbem-9286	95	29	)	)	PUNCT
fbem-9286	95	30	.	.	PUNCT
fbem-9286	96	1	in	in	ADP
fbem-9286	96	2	this	this	DET
fbem-9286	96	3	case	case	NOUN
fbem-9286	96	4	,	,	PUNCT
fbem-9286	96	5	the	the	DET
fbem-9286	96	6	probability	probability	NOUN
fbem-9286	96	7	of	of	ADP
fbem-9286	96	8	analyst	analyst	NOUN
fbem-9286	96	9	earnings	earning	NOUN
fbem-9286	96	10	forecasts	forecast	NOUN
fbem-9286	96	11	being	be	AUX
fbem-9286	96	12	wrong	wrong	ADJ
fbem-9286	96	13	will	will	AUX
fbem-9286	96	14	also	also	ADV
fbem-9286	96	15	be	be	AUX
fbem-9286	96	16	reduced	reduce	VERB
fbem-9286	96	17	,	,	PUNCT
fbem-9286	96	18	which	which	PRON
fbem-9286	96	19	correspondingly	correspondingly	ADV
fbem-9286	96	20	reduces	reduce	VERB
fbem-9286	96	21	the	the	DET
fbem-9286	96	22	hidden	hide	VERB
fbem-9286	96	23	cost	cost	NOUN
fbem-9286	96	24	of	of	ADP
fbem-9286	96	25	analyst	analyst	NOUN
fbem-9286	96	26	reputation	reputation	NOUN
fbem-9286	96	27	damage	damage	NOUN
fbem-9286	96	28	(	(	PUNCT
fbem-9286	96	29	jackson,2005	jackson,2005	NOUN
fbem-9286	96	30	)	)	PUNCT
fbem-9286	96	31	.	.	PUNCT
fbem-9286	97	1	the	the	DET
fbem-9286	97	2	above	above	ADJ
fbem-9286	97	3	indicates	indicate	VERB
fbem-9286	97	4	that	that	SCONJ
fbem-9286	97	5	enterprises	enterprise	NOUN
fbem-9286	97	6	with	with	ADP
fbem-9286	97	7	good	good	ADJ
fbem-9286	97	8	performance	performance	NOUN
fbem-9286	97	9	of	of	ADP
fbem-9286	97	10	esgs	esg	NOUN
fbem-9286	97	11	may	may	AUX
fbem-9286	97	12	reduce	reduce	VERB
fbem-9286	97	13	the	the	DET
fbem-9286	97	14	difficulty	difficulty	NOUN
fbem-9286	97	15	of	of	ADP
fbem-9286	97	16	analysts	analyst	NOUN
fbem-9286	97	17	'	'	PART
fbem-9286	97	18	earnings	earning	NOUN
fbem-9286	97	19	prediction	prediction	NOUN
fbem-9286	97	20	and	and	CCONJ
fbem-9286	97	21	input	input	NOUN
fbem-9286	97	22	cost	cost	NOUN
fbem-9286	97	23	,	,	PUNCT
fbem-9286	97	24	while	while	SCONJ
fbem-9286	97	25	more	more	ADJ
fbem-9286	97	26	analysts	analyst	NOUN
fbem-9286	97	27	'	'	PART
fbem-9286	97	28	research	research	NOUN
fbem-9286	97	29	reports	report	NOUN
fbem-9286	97	30	also	also	ADV
fbem-9286	97	31	reduce	reduce	VERB
fbem-9286	97	32	the	the	DET
fbem-9286	97	33	cost	cost	NOUN
fbem-9286	97	34	of	of	ADP
fbem-9286	97	35	institutional	institutional	ADJ
fbem-9286	97	36	investors	investor	NOUN
fbem-9286	97	37	to	to	PART
fbem-9286	97	38	obtain	obtain	VERB
fbem-9286	97	39	information	information	NOUN
fbem-9286	97	40	of	of	ADP
fbem-9286	97	41	investee	investee	NOUN
fbem-9286	97	42	companies	company	NOUN
fbem-9286	97	43	,	,	PUNCT
fbem-9286	97	44	so	so	SCONJ
fbem-9286	97	45	they	they	PRON
fbem-9286	97	46	are	be	AUX
fbem-9286	97	47	often	often	ADV
fbem-9286	97	48	more	more	ADV
fbem-9286	97	49	likely	likely	ADJ
fbem-9286	97	50	to	to	PART
fbem-9286	97	51	be	be	AUX
fbem-9286	97	52	included	include	VERB
fbem-9286	97	53	in	in	ADP
fbem-9286	97	54	the	the	DET
fbem-9286	97	55	scope	scope	NOUN
fbem-9286	97	56	of	of	ADP
fbem-9286	97	57	investee	investee	NOUN
fbem-9286	97	58	.	.	PUNCT
fbem-9286	98	1	in	in	ADP
fbem-9286	98	2	view	view	NOUN
fbem-9286	98	3	of	of	ADP
fbem-9286	98	4	the	the	DET
fbem-9286	98	5	above	above	ADJ
fbem-9286	98	6	information	information	NOUN
fbem-9286	98	7	,	,	PUNCT
fbem-9286	98	8	this	this	DET
fbem-9286	98	9	paper	paper	NOUN
fbem-9286	98	10	proposes	propose	VERB
fbem-9286	98	11	the	the	DET
fbem-9286	98	12	following	follow	VERB
fbem-9286	98	13	hypothesis	hypothesis	NOUN
fbem-9286	98	14	.	.	PUNCT
fbem-9286	99	1	225	225	NUM
fbem-9286	99	2	h3a	h3a	NOUN
fbem-9286	99	3	:	:	PUNCT
fbem-9286	99	4	esg	esg	NOUN
fbem-9286	99	5	performance	performance	NOUN
fbem-9286	99	6	promotes	promote	VERB
fbem-9286	99	7	shareholding	shareholding	NOUN
fbem-9286	99	8	by	by	ADP
fbem-9286	99	9	institutional	institutional	ADJ
fbem-9286	99	10	investors	investor	NOUN
fbem-9286	99	11	by	by	ADP
fbem-9286	99	12	increasing	increase	VERB
fbem-9286	99	13	media	medium	NOUN
fbem-9286	99	14	attention	attention	NOUN
fbem-9286	99	15	h3b	h3b	NOUN
fbem-9286	99	16	:	:	PUNCT
fbem-9286	99	17	esg	esg	NOUN
fbem-9286	99	18	performance	performance	NOUN
fbem-9286	99	19	promotes	promote	VERB
fbem-9286	99	20	institutional	institutional	ADJ
fbem-9286	99	21	ownership	ownership	NOUN
fbem-9286	99	22	by	by	ADP
fbem-9286	99	23	increasing	increase	VERB
fbem-9286	99	24	analyst	analyst	NOUN
fbem-9286	99	25	focus	focus	VERB
fbem-9286	99	26	to	to	PART
fbem-9286	99	27	sum	sum	VERB
fbem-9286	99	28	up	up	ADP
fbem-9286	99	29	,	,	PUNCT
fbem-9286	99	30	the	the	DET
fbem-9286	99	31	impact	impact	NOUN
fbem-9286	99	32	mechanism	mechanism	NOUN
fbem-9286	99	33	of	of	ADP
fbem-9286	99	34	esg	esg	PROPN
fbem-9286	99	35	performance	performance	NOUN
fbem-9286	99	36	on	on	ADP
fbem-9286	99	37	institutional	institutional	ADJ
fbem-9286	99	38	investors	investor	NOUN
fbem-9286	99	39	is	be	AUX
fbem-9286	99	40	shown	show	VERB
fbem-9286	99	41	in	in	ADP
fbem-9286	99	42	figure	figure	NOUN
fbem-9286	99	43	1	1	NUM
fbem-9286	99	44	:	:	PUNCT
fbem-9286	99	45	figure	figure	NOUN
fbem-9286	99	46	1	1	NUM
fbem-9286	99	47	.	.	PUNCT
fbem-9286	99	48	mechanism	mechanism	NOUN
fbem-9286	99	49	of	of	ADP
fbem-9286	99	50	influence	influence	NOUN
fbem-9286	99	51	of	of	ADP
fbem-9286	99	52	esg	esg	PROPN
fbem-9286	99	53	performance	performance	NOUN
fbem-9286	99	54	on	on	ADP
fbem-9286	99	55	institutional	institutional	ADJ
fbem-9286	99	56	investors	investor	NOUN
fbem-9286	99	57	3	3	X
fbem-9286	99	58	.	.	PUNCT
fbem-9286	99	59	research	research	NOUN
fbem-9286	99	60	design	design	PROPN
fbem-9286	99	61	3.1	3.1	NUM
fbem-9286	99	62	.	.	PUNCT
fbem-9286	99	63	data	datum	NOUN
fbem-9286	99	64	source	source	NOUN
fbem-9286	99	65	and	and	CCONJ
fbem-9286	99	66	sample	sample	NOUN
fbem-9286	99	67	selection	selection	NOUN
fbem-9286	99	68	this	this	DET
fbem-9286	99	69	paper	paper	NOUN
fbem-9286	99	70	takes	take	VERB
fbem-9286	99	71	the	the	DET
fbem-9286	99	72	period	period	NOUN
fbem-9286	99	73	2010	2010	NUM
fbem-9286	99	74	-	-	SYM
fbem-9286	99	75	2021	2021	NUM
fbem-9286	99	76	as	as	ADP
fbem-9286	99	77	the	the	DET
fbem-9286	99	78	research	research	NOUN
fbem-9286	99	79	interval	interval	NOUN
fbem-9286	99	80	,	,	PUNCT
fbem-9286	99	81	selects	select	VERB
fbem-9286	99	82	china	china	PROPN
fbem-9286	99	83	's	's	PART
fbem-9286	99	84	a	a	DET
fbem-9286	99	85	-	-	PUNCT
fbem-9286	99	86	share	share	NOUN
fbem-9286	99	87	listed	list	VERB
fbem-9286	99	88	companies	company	NOUN
fbem-9286	99	89	as	as	ADP
fbem-9286	99	90	the	the	DET
fbem-9286	99	91	research	research	NOUN
fbem-9286	99	92	samples	sample	NOUN
fbem-9286	99	93	,	,	PUNCT
fbem-9286	99	94	captures	capture	VERB
fbem-9286	99	95	the	the	DET
fbem-9286	99	96	social	social	ADJ
fbem-9286	99	97	responsibility	responsibility	NOUN
fbem-9286	99	98	performance	performance	NOUN
fbem-9286	99	99	of	of	ADP
fbem-9286	99	100	hexun.com	hexun.com	X
fbem-9286	99	101	and	and	CCONJ
fbem-9286	99	102	uses	use	VERB
fbem-9286	99	103	it	it	PRON
fbem-9286	99	104	as	as	ADP
fbem-9286	99	105	the	the	DET
fbem-9286	99	106	performance	performance	NOUN
fbem-9286	99	107	data	datum	NOUN
fbem-9286	99	108	of	of	ADP
fbem-9286	99	109	esg	esg	PROPN
fbem-9286	99	110	after	after	ADP
fbem-9286	99	111	necessary	necessary	ADJ
fbem-9286	99	112	processing	processing	NOUN
fbem-9286	99	113	.	.	PUNCT
fbem-9286	100	1	measuring	measure	VERB
fbem-9286	100	2	media	medium	NOUN
fbem-9286	100	3	attention	attention	NOUN
fbem-9286	100	4	with	with	ADP
fbem-9286	100	5	data	datum	NOUN
fbem-9286	100	6	from	from	ADP
fbem-9286	100	7	the	the	DET
fbem-9286	100	8	china	china	PROPN
fbem-9286	100	9	listed	list	VERB
fbem-9286	100	10	companies	company	NOUN
fbem-9286	100	11	financial	financial	ADJ
fbem-9286	100	12	news	news	NOUN
fbem-9286	100	13	database	database	NOUN
fbem-9286	100	14	(	(	PUNCT
fbem-9286	100	15	cnrds	cnrd	NOUN
fbem-9286	100	16	)	)	PUNCT
fbem-9286	100	17	;	;	PUNCT
fbem-9286	100	18	other	other	ADJ
fbem-9286	100	19	financial	financial	ADJ
fbem-9286	100	20	data	datum	NOUN
fbem-9286	100	21	from	from	ADP
fbem-9286	100	22	the	the	DET
fbem-9286	100	23	national	national	PROPN
fbem-9286	100	24	tai	tai	PROPN
fbem-9286	100	25	'	'	PUNCT
fbem-9286	100	26	an	an	DET
fbem-9286	100	27	database	database	NOUN
fbem-9286	100	28	.	.	PUNCT
fbem-9286	101	1	on	on	ADP
fbem-9286	101	2	the	the	DET
fbem-9286	101	3	basis	basis	NOUN
fbem-9286	101	4	of	of	ADP
fbem-9286	101	5	data	datum	NOUN
fbem-9286	101	6	selection	selection	NOUN
fbem-9286	101	7	,	,	PUNCT
fbem-9286	101	8	this	this	DET
fbem-9286	101	9	paper	paper	NOUN
fbem-9286	101	10	carries	carry	VERB
fbem-9286	101	11	out	out	ADP
fbem-9286	101	12	the	the	DET
fbem-9286	101	13	following	follow	VERB
fbem-9286	101	14	processing	processing	NOUN
fbem-9286	101	15	:	:	PUNCT
fbem-9286	101	16	(	(	PUNCT
fbem-9286	101	17	1	1	X
fbem-9286	101	18	)	)	PUNCT
fbem-9286	101	19	the	the	DET
fbem-9286	101	20	samples	sample	NOUN
fbem-9286	101	21	of	of	ADP
fbem-9286	101	22	financial	financial	ADJ
fbem-9286	101	23	industry	industry	NOUN
fbem-9286	101	24	and	and	CCONJ
fbem-9286	101	25	real	real	ADJ
fbem-9286	101	26	estate	estate	NOUN
fbem-9286	101	27	industry	industry	NOUN
fbem-9286	101	28	are	be	AUX
fbem-9286	101	29	excluded	exclude	VERB
fbem-9286	101	30	;	;	PUNCT
fbem-9286	101	31	(	(	PUNCT
fbem-9286	101	32	2	2	X
fbem-9286	101	33	)	)	PUNCT
fbem-9286	101	34	t	t	NOUN
fbem-9286	101	35	samples	sample	NOUN
fbem-9286	101	36	such	such	ADJ
fbem-9286	101	37	as	as	ADP
fbem-9286	101	38	st	st	PROPN
fbem-9286	101	39	or	or	CCONJ
fbem-9286	101	40	*	*	PROPN
fbem-9286	101	41	st	st	PROPN
fbem-9286	101	42	are	be	AUX
fbem-9286	101	43	excluded	exclude	VERB
fbem-9286	101	44	;	;	PUNCT
fbem-9286	101	45	(	(	PUNCT
fbem-9286	101	46	3	3	X
fbem-9286	101	47	)	)	PUNCT
fbem-9286	101	48	the	the	DET
fbem-9286	101	49	missing	miss	VERB
fbem-9286	101	50	values	value	NOUN
fbem-9286	101	51	of	of	ADP
fbem-9286	101	52	regression	regression	NOUN
fbem-9286	101	53	variables	variable	NOUN
fbem-9286	101	54	were	be	AUX
fbem-9286	101	55	removed	remove	VERB
fbem-9286	101	56	,	,	PUNCT
fbem-9286	101	57	and	and	CCONJ
fbem-9286	101	58	28267	28267	NUM
fbem-9286	101	59	observed	observed	ADJ
fbem-9286	101	60	values	value	NOUN
fbem-9286	101	61	were	be	AUX
fbem-9286	101	62	finally	finally	ADV
fbem-9286	101	63	obtained	obtain	VERB
fbem-9286	101	64	.	.	PUNCT
fbem-9286	102	1	(	(	PUNCT
fbem-9286	102	2	4	4	NUM
fbem-9286	102	3	)	)	PUNCT
fbem-9286	102	4	in	in	ADP
fbem-9286	102	5	order	order	NOUN
fbem-9286	102	6	to	to	PART
fbem-9286	102	7	reduce	reduce	VERB
fbem-9286	102	8	the	the	DET
fbem-9286	102	9	influence	influence	NOUN
fbem-9286	102	10	of	of	ADP
fbem-9286	102	11	outliers	outlier	NOUN
fbem-9286	102	12	on	on	ADP
fbem-9286	102	13	empirical	empirical	ADJ
fbem-9286	102	14	results	result	NOUN
fbem-9286	102	15	,	,	PUNCT
fbem-9286	102	16	all	all	DET
fbem-9286	102	17	continuous	continuous	ADJ
fbem-9286	102	18	variables	variable	NOUN
fbem-9286	102	19	were	be	AUX
fbem-9286	102	20	reduced	reduce	VERB
fbem-9286	102	21	by	by	ADP
fbem-9286	102	22	1	1	NUM
fbem-9286	102	23	%	%	NOUN
fbem-9286	102	24	.	.	PUNCT
fbem-9286	103	1	3.2	3.2	NUM
fbem-9286	103	2	.	.	PUNCT
fbem-9286	104	1	definition	definition	NOUN
fbem-9286	104	2	of	of	ADP
fbem-9286	104	3	variables	variable	NOUN
fbem-9286	104	4	3.2.1	3.2.1	NUM
fbem-9286	104	5	.	.	PUNCT
fbem-9286	104	6	explained	explain	VERB
fbem-9286	104	7	variables	variable	NOUN
fbem-9286	104	8	according	accord	VERB
fbem-9286	104	9	to	to	ADP
fbem-9286	104	10	the	the	DET
fbem-9286	104	11	research	research	NOUN
fbem-9286	104	12	purpose	purpose	NOUN
fbem-9286	104	13	and	and	CCONJ
fbem-9286	104	14	main	main	ADJ
fbem-9286	104	15	issues	issue	NOUN
fbem-9286	104	16	of	of	ADP
fbem-9286	104	17	this	this	DET
fbem-9286	104	18	paper	paper	NOUN
fbem-9286	104	19	,	,	PUNCT
fbem-9286	104	20	esg	esg	NOUN
fbem-9286	104	21	performance	performance	NOUN
fbem-9286	104	22	of	of	ADP
fbem-9286	104	23	enterprises	enterprise	NOUN
fbem-9286	104	24	should	should	AUX
fbem-9286	104	25	have	have	VERB
fbem-9286	104	26	an	an	DET
fbem-9286	104	27	impression	impression	NOUN
fbem-9286	104	28	on	on	ADP
fbem-9286	104	29	the	the	DET
fbem-9286	104	30	shareholding	shareholding	NOUN
fbem-9286	104	31	of	of	ADP
fbem-9286	104	32	institutional	institutional	ADJ
fbem-9286	104	33	investors	investor	NOUN
fbem-9286	104	34	in	in	ADP
fbem-9286	104	35	the	the	DET
fbem-9286	104	36	following	following	ADJ
fbem-9286	104	37	year	year	NOUN
fbem-9286	104	38	.	.	PUNCT
fbem-9286	105	1	this	this	DET
fbem-9286	105	2	paper	paper	NOUN
fbem-9286	105	3	referred	refer	VERB
fbem-9286	105	4	to	to	ADP
fbem-9286	105	5	the	the	DET
fbem-9286	105	6	practices	practice	NOUN
fbem-9286	105	7	of	of	ADP
fbem-9286	105	8	liu	liu	PROPN
fbem-9286	105	9	jingjun	jingjun	PROPN
fbem-9286	105	10	et	et	PROPN
fbem-9286	105	11	al	al	PROPN
fbem-9286	105	12	.	.	PROPN
fbem-9286	106	1	(	(	PUNCT
fbem-9286	106	2	2012	2012	NUM
fbem-9286	106	3	)	)	PUNCT
fbem-9286	106	4	,	,	PUNCT
fbem-9286	106	5	lu	lu	PROPN
fbem-9286	106	6	yao	yao	PROPN
fbem-9286	106	7	et	et	PROPN
fbem-9286	106	8	al	al	PROPN
fbem-9286	106	9	.	.	PROPN
fbem-9286	106	10	(	(	PUNCT
fbem-9286	106	11	2012	2012	NUM
fbem-9286	106	12	)	)	PUNCT
fbem-9286	106	13	,	,	PUNCT
fbem-9286	106	14	zhou	zhou	PROPN
fbem-9286	106	15	fangzhao	fangzhao	PROPN
fbem-9286	106	16	et	et	PROPN
fbem-9286	106	17	al	al	PROPN
fbem-9286	106	18	.	.	PROPN
fbem-9286	106	19	(	(	PUNCT
fbem-9286	106	20	2020	2020	NUM
fbem-9286	106	21	)	)	PUNCT
fbem-9286	106	22	.	.	PUNCT
fbem-9286	107	1	the	the	DET
fbem-9286	107	2	data	datum	NOUN
fbem-9286	107	3	of	of	ADP
fbem-9286	107	4	institutional	institutional	ADJ
fbem-9286	107	5	investor	investor	NOUN
fbem-9286	107	6	shareholding	shareholding	NOUN
fbem-9286	107	7	ratio	ratio	NOUN
fbem-9286	107	8	of	of	ADP
fbem-9286	107	9	chinese	chinese	ADJ
fbem-9286	107	10	listed	list	VERB
fbem-9286	107	11	companies	company	NOUN
fbem-9286	107	12	from	from	ADP
fbem-9286	107	13	2010	2010	NUM
fbem-9286	107	14	to	to	ADP
fbem-9286	107	15	2021	2021	NUM
fbem-9286	107	16	lag	lag	VERB
fbem-9286	107	17	one	one	NUM
fbem-9286	107	18	period	period	NOUN
fbem-9286	107	19	as	as	SCONJ
fbem-9286	107	20	explained	explain	VERB
fbem-9286	107	21	variable	variable	NOUN
fbem-9286	107	22	(	(	PUNCT
fbem-9286	107	23	inst	inst	NOUN
fbem-9286	107	24	)	)	PUNCT
fbem-9286	107	25	.	.	PUNCT
fbem-9286	108	1	3.2.2	3.2.2	X
fbem-9286	108	2	.	.	PUNCT
fbem-9286	108	3	explain	explain	VERB
fbem-9286	108	4	variables	variable	NOUN
fbem-9286	108	5	the	the	DET
fbem-9286	108	6	data	datum	NOUN
fbem-9286	108	7	released	release	VERB
fbem-9286	108	8	by	by	ADP
fbem-9286	108	9	hexun.com	hexun.com	X
fbem-9286	108	10	is	be	AUX
fbem-9286	108	11	widely	widely	ADV
fbem-9286	108	12	used	use	VERB
fbem-9286	108	13	by	by	ADP
fbem-9286	108	14	domestic	domestic	ADJ
fbem-9286	108	15	scholars	scholar	NOUN
fbem-9286	108	16	as	as	ADP
fbem-9286	108	17	the	the	DET
fbem-9286	108	18	evaluation	evaluation	NOUN
fbem-9286	108	19	index	index	NOUN
fbem-9286	108	20	of	of	ADP
fbem-9286	108	21	esg	esg	PROPN
fbem-9286	108	22	,	,	PUNCT
fbem-9286	108	23	which	which	PRON
fbem-9286	108	24	consists	consist	VERB
fbem-9286	108	25	of	of	ADP
fbem-9286	108	26	five	five	NUM
fbem-9286	108	27	first	first	ADJ
fbem-9286	108	28	-	-	PUNCT
fbem-9286	108	29	level	level	NOUN
fbem-9286	108	30	indexes	index	NOUN
fbem-9286	108	31	,	,	PUNCT
fbem-9286	108	32	namely	namely	ADV
fbem-9286	108	33	shareholder	shareholder	NOUN
fbem-9286	108	34	responsibility	responsibility	NOUN
fbem-9286	108	35	,	,	PUNCT
fbem-9286	108	36	employee	employee	NOUN
fbem-9286	108	37	responsibility	responsibility	NOUN
fbem-9286	108	38	,	,	PUNCT
fbem-9286	108	39	supplier	supplier	NOUN
fbem-9286	108	40	,	,	PUNCT
fbem-9286	108	41	customer	customer	NOUN
fbem-9286	108	42	and	and	CCONJ
fbem-9286	108	43	consumer	consumer	NOUN
fbem-9286	108	44	rights	right	NOUN
fbem-9286	108	45	responsibility	responsibility	NOUN
fbem-9286	108	46	,	,	PUNCT
fbem-9286	108	47	environmental	environmental	ADJ
fbem-9286	108	48	responsibility	responsibility	NOUN
fbem-9286	108	49	and	and	CCONJ
fbem-9286	108	50	social	social	ADJ
fbem-9286	108	51	donation	donation	NOUN
fbem-9286	108	52	responsibility	responsibility	NOUN
fbem-9286	108	53	.	.	PUNCT
fbem-9286	109	1	on	on	ADP
fbem-9286	109	2	this	this	DET
fbem-9286	109	3	basis	basis	NOUN
fbem-9286	109	4	,	,	PUNCT
fbem-9286	109	5	the	the	DET
fbem-9286	109	6	second	second	ADJ
fbem-9286	109	7	-	-	PUNCT
fbem-9286	109	8	level	level	NOUN
fbem-9286	109	9	and	and	CCONJ
fbem-9286	109	10	third	third	ADJ
fbem-9286	109	11	-	-	PUNCT
fbem-9286	109	12	level	level	NOUN
fbem-9286	109	13	indexes	index	NOUN
fbem-9286	109	14	are	be	AUX
fbem-9286	109	15	set	set	VERB
fbem-9286	109	16	up	up	ADP
fbem-9286	109	17	for	for	ADP
fbem-9286	109	18	more	more	ADV
fbem-9286	109	19	detailed	detailed	ADJ
fbem-9286	109	20	evaluation	evaluation	NOUN
fbem-9286	109	21	.	.	PUNCT
fbem-9286	110	1	in	in	ADP
fbem-9286	110	2	this	this	DET
fbem-9286	110	3	paper	paper	NOUN
fbem-9286	110	4	,	,	PUNCT
fbem-9286	110	5	according	accord	VERB
fbem-9286	110	6	to	to	ADP
fbem-9286	110	7	the	the	DET
fbem-9286	110	8	practices	practice	NOUN
fbem-9286	110	9	of	of	ADP
fbem-9286	110	10	liu	liu	PROPN
fbem-9286	110	11	bai	bai	PROPN
fbem-9286	110	12	,	,	PUNCT
fbem-9286	110	13	lu	lu	PROPN
fbem-9286	110	14	jiarui	jiarui	PROPN
fbem-9286	110	15	(	(	PUNCT
fbem-9286	110	16	2018	2018	NUM
fbem-9286	110	17	)	)	PUNCT
fbem-9286	110	18	and	and	CCONJ
fbem-9286	110	19	bai	bai	PROPN
fbem-9286	110	20	xiong	xiong	PROPN
fbem-9286	110	21	(	(	PUNCT
fbem-9286	110	22	2022	2022	NUM
fbem-9286	110	23	)	)	PUNCT
fbem-9286	110	24	,	,	PUNCT
fbem-9286	110	25	the	the	DET
fbem-9286	110	26	data	datum	NOUN
fbem-9286	110	27	are	be	AUX
fbem-9286	110	28	processed	process	VERB
fbem-9286	110	29	as	as	SCONJ
fbem-9286	110	30	follows	follow	VERB
fbem-9286	110	31	:	:	PUNCT
fbem-9286	110	32	shareholder	shareholder	NOUN
fbem-9286	110	33	responsibility	responsibility	NOUN
fbem-9286	110	34	,	,	PUNCT
fbem-9286	110	35	employee	employee	NOUN
fbem-9286	110	36	responsibility	responsibility	NOUN
fbem-9286	110	37	,	,	PUNCT
fbem-9286	110	38	supplier	supplier	NOUN
fbem-9286	110	39	,	,	PUNCT
fbem-9286	110	40	customer	customer	NOUN
fbem-9286	110	41	and	and	CCONJ
fbem-9286	110	42	consumer	consumer	NOUN
fbem-9286	110	43	rights	right	NOUN
fbem-9286	110	44	and	and	CCONJ
fbem-9286	110	45	interests	interest	NOUN
fbem-9286	110	46	responsibility	responsibility	NOUN
fbem-9286	110	47	in	in	ADP
fbem-9286	110	48	the	the	DET
fbem-9286	110	49	first	first	ADJ
fbem-9286	110	50	-	-	PUNCT
fbem-9286	110	51	level	level	NOUN
fbem-9286	110	52	index	index	NOUN
fbem-9286	110	53	score	score	NOUN
fbem-9286	110	54	are	be	AUX
fbem-9286	110	55	summed	sum	VERB
fbem-9286	110	56	up	up	ADP
fbem-9286	110	57	as	as	ADP
fbem-9286	110	58	the	the	DET
fbem-9286	110	59	evaluation	evaluation	NOUN
fbem-9286	110	60	of	of	ADP
fbem-9286	110	61	corporate	corporate	ADJ
fbem-9286	110	62	governance	governance	NOUN
fbem-9286	110	63	,	,	PUNCT
fbem-9286	110	64	and	and	CCONJ
fbem-9286	110	65	the	the	DET
fbem-9286	110	66	remaining	remain	VERB
fbem-9286	110	67	two	two	NUM
fbem-9286	110	68	indicators	indicator	NOUN
fbem-9286	110	69	are	be	AUX
fbem-9286	110	70	respectively	respectively	ADV
fbem-9286	110	71	used	use	VERB
fbem-9286	110	72	as	as	ADP
fbem-9286	110	73	the	the	DET
fbem-9286	110	74	evaluation	evaluation	NOUN
fbem-9286	110	75	of	of	ADP
fbem-9286	110	76	environmental	environmental	ADJ
fbem-9286	110	77	responsibility	responsibility	NOUN
fbem-9286	110	78	and	and	CCONJ
fbem-9286	110	79	charitable	charitable	ADJ
fbem-9286	110	80	donation	donation	NOUN
fbem-9286	110	81	responsibility	responsibility	NOUN
fbem-9286	110	82	.	.	PUNCT
fbem-9286	111	1	the	the	DET
fbem-9286	111	2	sum	sum	NOUN
fbem-9286	111	3	of	of	ADP
fbem-9286	111	4	the	the	DET
fbem-9286	111	5	above	above	ADJ
fbem-9286	111	6	three	three	NUM
fbem-9286	111	7	indicators	indicator	NOUN
fbem-9286	111	8	is	be	AUX
fbem-9286	111	9	divided	divide	VERB
fbem-9286	111	10	by	by	ADP
fbem-9286	111	11	100	100	NUM
fbem-9286	111	12	as	as	ADP
fbem-9286	111	13	enterprise	enterprise	NOUN
fbem-9286	111	14	esg	esg	NOUN
fbem-9286	111	15	performance	performance	NOUN
fbem-9286	111	16	.	.	PUNCT
fbem-9286	112	1	3.2.3	3.2.3	X
fbem-9286	112	2	.	.	X
fbem-9286	112	3	mediating	mediate	VERB
fbem-9286	112	4	variables	variable	NOUN
fbem-9286	112	5	in	in	ADP
fbem-9286	112	6	this	this	DET
fbem-9286	112	7	paper	paper	NOUN
fbem-9286	112	8	,	,	PUNCT
fbem-9286	112	9	the	the	DET
fbem-9286	112	10	intermediary	intermediary	ADJ
fbem-9286	112	11	effect	effect	NOUN
fbem-9286	112	12	model	model	NOUN
fbem-9286	112	13	is	be	AUX
fbem-9286	112	14	used	use	VERB
fbem-9286	112	15	to	to	PART
fbem-9286	112	16	verify	verify	VERB
fbem-9286	112	17	the	the	DET
fbem-9286	112	18	mechanism	mechanism	NOUN
fbem-9286	112	19	of	of	ADP
fbem-9286	112	20	the	the	DET
fbem-9286	112	21	influence	influence	NOUN
fbem-9286	112	22	of	of	ADP
fbem-9286	112	23	esg	esg	PROPN
fbem-9286	112	24	performance	performance	NOUN
fbem-9286	112	25	on	on	ADP
fbem-9286	112	26	institutional	institutional	ADJ
fbem-9286	112	27	investors	investor	NOUN
fbem-9286	112	28	.	.	PUNCT
fbem-9286	113	1	in	in	ADP
fbem-9286	113	2	order	order	NOUN
fbem-9286	113	3	to	to	PART
fbem-9286	113	4	verify	verify	VERB
fbem-9286	113	5	the	the	DET
fbem-9286	113	6	four	four	NUM
fbem-9286	113	7	influence	influence	NOUN
fbem-9286	113	8	paths	path	NOUN
fbem-9286	113	9	proposed	propose	VERB
fbem-9286	113	10	in	in	ADP
fbem-9286	113	11	the	the	DET
fbem-9286	113	12	influence	influence	NOUN
fbem-9286	113	13	mechanism	mechanism	NOUN
fbem-9286	113	14	,	,	PUNCT
fbem-9286	113	15	the	the	DET
fbem-9286	113	16	revised	revise	VERB
fbem-9286	113	17	zscore	zscore	NOUN
fbem-9286	113	18	proposed	propose	VERB
fbem-9286	113	19	by	by	ADP
fbem-9286	113	20	altman(2002	altman(2002	NOUN
fbem-9286	113	21	)	)	PUNCT
fbem-9286	113	22	is	be	AUX
fbem-9286	113	23	adopted	adopt	VERB
fbem-9286	113	24	in	in	ADP
fbem-9286	113	25	this	this	DET
fbem-9286	113	26	paper	paper	NOUN
fbem-9286	113	27	to	to	PART
fbem-9286	113	28	measure	measure	VERB
fbem-9286	113	29	the	the	DET
fbem-9286	113	30	business	business	NOUN
fbem-9286	113	31	risk	risk	NOUN
fbem-9286	113	32	of	of	ADP
fbem-9286	113	33	enterprises	enterprise	NOUN
fbem-9286	113	34	.	.	PUNCT
fbem-9286	114	1	the	the	PRON
fbem-9286	114	2	larger	large	ADJ
fbem-9286	114	3	the	the	DET
fbem-9286	114	4	value	value	NOUN
fbem-9286	114	5	,	,	PUNCT
fbem-9286	114	6	the	the	PRON
fbem-9286	114	7	smaller	small	ADJ
fbem-9286	114	8	the	the	DET
fbem-9286	114	9	business	business	NOUN
fbem-9286	114	10	risk	risk	NOUN
fbem-9286	114	11	.	.	PUNCT
fbem-9286	115	1	tobinq	tobinq	ADJ
fbem-9286	115	2	value	value	NOUN
fbem-9286	115	3	is	be	AUX
fbem-9286	115	4	used	use	VERB
fbem-9286	115	5	to	to	PART
fbem-9286	115	6	measure	measure	VERB
fbem-9286	115	7	enterprise	enterprise	NOUN
fbem-9286	115	8	value	value	NOUN
fbem-9286	115	9	.	.	PUNCT
fbem-9286	116	1	referring	refer	VERB
fbem-9286	116	2	to	to	ADP
fbem-9286	116	3	the	the	DET
fbem-9286	116	4	practice	practice	NOUN
fbem-9286	116	5	of	of	ADP
fbem-9286	116	6	zhang	zhang	PROPN
fbem-9286	116	7	zongyi	zongyi	INTJ
fbem-9286	116	8	et	et	PROPN
fbem-9286	116	9	al	al	PROPN
fbem-9286	116	10	.	.	PROPN
fbem-9286	116	11	(	(	PUNCT
fbem-9286	116	12	2021	2021	NUM
fbem-9286	116	13	)	)	PUNCT
fbem-9286	116	14	,	,	PUNCT
fbem-9286	116	15	the	the	DET
fbem-9286	116	16	natural	natural	ADJ
fbem-9286	116	17	logarithm	logarithm	NOUN
fbem-9286	116	18	of	of	ADP
fbem-9286	116	19	the	the	DET
fbem-9286	116	20	sum	sum	NOUN
fbem-9286	116	21	of	of	ADP
fbem-9286	116	22	the	the	DET
fbem-9286	116	23	number	number	NOUN
fbem-9286	116	24	of	of	ADP
fbem-9286	116	25	company	company	NOUN
fbem-9286	116	26	names	name	NOUN
fbem-9286	116	27	appearing	appear	VERB
fbem-9286	116	28	on	on	ADP
fbem-9286	116	29	the	the	DET
fbem-9286	116	30	internet	internet	NOUN
fbem-9286	116	31	and	and	CCONJ
fbem-9286	116	32	newspapers	newspaper	NOUN
fbem-9286	116	33	was	be	AUX
fbem-9286	116	34	taken	take	VERB
fbem-9286	116	35	as	as	ADP
fbem-9286	116	36	the	the	DET
fbem-9286	116	37	indicator	indicator	NOUN
fbem-9286	116	38	of	of	ADP
fbem-9286	116	39	media	medium	NOUN
fbem-9286	116	40	attention	attention	NOUN
fbem-9286	116	41	.	.	PUNCT
fbem-9286	117	1	the	the	DET
fbem-9286	117	2	number	number	NOUN
fbem-9286	117	3	of	of	ADP
fbem-9286	117	4	analyst	analyst	NOUN
fbem-9286	117	5	teams	team	NOUN
fbem-9286	117	6	tracking	track	VERB
fbem-9286	117	7	listed	list	VERB
fbem-9286	117	8	companies	company	NOUN
fbem-9286	117	9	in	in	ADP
fbem-9286	117	10	that	that	DET
fbem-9286	117	11	year	year	NOUN
fbem-9286	117	12	was	be	AUX
fbem-9286	117	13	increased	increase	VERB
fbem-9286	117	14	by	by	ADP
fbem-9286	117	15	1	1	NUM
fbem-9286	117	16	and	and	CCONJ
fbem-9286	117	17	logarithm	logarithm	NOUN
fbem-9286	117	18	was	be	AUX
fbem-9286	117	19	taken	take	VERB
fbem-9286	117	20	to	to	PART
fbem-9286	117	21	represent	represent	VERB
fbem-9286	117	22	analyst	analyst	NOUN
fbem-9286	117	23	attention	attention	NOUN
fbem-9286	117	24	.	.	PUNCT
fbem-9286	118	1	3.2.4	3.2.4	X
fbem-9286	118	2	.	.	PUNCT
fbem-9286	119	1	control	control	NOUN
fbem-9286	119	2	variables	variable	NOUN
fbem-9286	119	3	for	for	ADP
fbem-9286	119	4	reference	reference	NOUN
fbem-9286	119	5	to	to	ADP
fbem-9286	119	6	the	the	DET
fbem-9286	119	7	studies	study	NOUN
fbem-9286	119	8	of	of	ADP
fbem-9286	119	9	wang	wang	PROPN
fbem-9286	119	10	lingling	lingling	PROPN
fbem-9286	119	11	(	(	PUNCT
fbem-9286	119	12	2012	2012	NUM
fbem-9286	119	13	)	)	PUNCT
fbem-9286	119	14	and	and	CCONJ
fbem-9286	119	15	zhou	zhou	PROPN
fbem-9286	119	16	fangzhao	fangzhao	PROPN
fbem-9286	119	17	(	(	PUNCT
fbem-9286	119	18	2020	2020	NUM
fbem-9286	119	19	)	)	PUNCT
fbem-9286	119	20	,	,	PUNCT
fbem-9286	119	21	and	and	CCONJ
fbem-9286	119	22	combined	combine	VERB
fbem-9286	119	23	with	with	ADP
fbem-9286	119	24	the	the	DET
fbem-9286	119	25	actual	actual	ADJ
fbem-9286	119	26	situation	situation	NOUN
fbem-9286	119	27	of	of	ADP
fbem-9286	119	28	china	china	PROPN
fbem-9286	119	29	's	's	PART
fbem-9286	119	30	securities	security	NOUN
fbem-9286	119	31	market	market	NOUN
fbem-9286	119	32	,	,	PUNCT
fbem-9286	119	33	this	this	DET
fbem-9286	119	34	paper	paper	NOUN
fbem-9286	119	35	considers	consider	VERB
fbem-9286	119	36	the	the	DET
fbem-9286	119	37	following	follow	VERB
fbem-9286	119	38	variables	variable	NOUN
fbem-9286	119	39	as	as	ADP
fbem-9286	119	40	appropriate	appropriate	ADJ
fbem-9286	119	41	control	control	NOUN
fbem-9286	119	42	variables	variable	NOUN
fbem-9286	119	43	,	,	PUNCT
fbem-9286	119	44	specifically	specifically	ADV
fbem-9286	119	45	defined	define	VERB
fbem-9286	119	46	as	as	SCONJ
fbem-9286	119	47	follows	follow	VERB
fbem-9286	119	48	:	:	PUNCT
fbem-9286	119	49	the	the	DET
fbem-9286	119	50	company	company	NOUN
fbem-9286	119	51	size	size	NOUN
fbem-9286	119	52	(	(	PUNCT
fbem-9286	119	53	size	size	NOUN
fbem-9286	119	54	)	)	PUNCT
fbem-9286	119	55	is	be	AUX
fbem-9286	119	56	expressed	express	VERB
fbem-9286	119	57	by	by	ADP
fbem-9286	119	58	the	the	DET
fbem-9286	119	59	natural	natural	ADJ
fbem-9286	119	60	logarithm	logarithm	NOUN
fbem-9286	119	61	of	of	ADP
fbem-9286	119	62	the	the	DET
fbem-9286	119	63	company	company	NOUN
fbem-9286	119	64	's	's	PART
fbem-9286	119	65	total	total	ADJ
fbem-9286	119	66	assets	asset	NOUN
fbem-9286	119	67	at	at	ADP
fbem-9286	119	68	the	the	DET
fbem-9286	119	69	end	end	NOUN
fbem-9286	119	70	of	of	ADP
fbem-9286	119	71	the	the	DET
fbem-9286	119	72	year	year	NOUN
fbem-9286	119	73	,	,	PUNCT
fbem-9286	119	74	the	the	DET
fbem-9286	119	75	company	company	NOUN
fbem-9286	119	76	age	age	NOUN
fbem-9286	119	77	(	(	PUNCT
fbem-9286	119	78	age	age	NOUN
fbem-9286	119	79	)	)	PUNCT
fbem-9286	119	80	is	be	AUX
fbem-9286	119	81	h3	h3	NOUN
fbem-9286	119	82	:	:	PUNCT
fbem-9286	119	83	external	external	ADJ
fbem-9286	119	84	path	path	NOUN
fbem-9286	119	85	h2	h2	PROPN
fbem-9286	119	86	:	:	PUNCT
fbem-9286	119	87	internal	internal	ADJ
fbem-9286	119	88	path	path	PROPN
fbem-9286	119	89	esg	esg	PROPN
fbem-9286	119	90	performance	performance	NOUN
fbem-9286	119	91	institutional	institutional	ADJ
fbem-9286	119	92	investor	investor	NOUN
fbem-9286	119	93	shareholding	shareholding	NOUN
fbem-9286	119	94	h2b	h2b	PROPN
fbem-9286	119	95	:	:	PUNCT
fbem-9286	119	96	enhance	enhance	VERB
fbem-9286	119	97	enterprise	enterprise	NOUN
fbem-9286	119	98	value	value	NOUN
fbem-9286	119	99	h3a	h3a	NOUN
fbem-9286	119	100	:	:	PUNCT
fbem-9286	119	101	increase	increase	VERB
fbem-9286	119	102	media	medium	NOUN
fbem-9286	119	103	attention	attention	NOUN
fbem-9286	119	104	h3b	h3b	NOUN
fbem-9286	119	105	:	:	PUNCT
fbem-9286	119	106	increase	increase	VERB
fbem-9286	119	107	analyst	analyst	NOUN
fbem-9286	119	108	attention	attention	NOUN
fbem-9286	119	109	h2a	h2a	NOUN
fbem-9286	119	110	:	:	PUNCT
fbem-9286	119	111	reduce	reduce	VERB
fbem-9286	119	112	business	business	NOUN
fbem-9286	119	113	risk	risk	NOUN
fbem-9286	119	114	h1	h1	PROPN
fbem-9286	119	115	226	226	NUM
fbem-9286	119	116	expressed	express	VERB
fbem-9286	119	117	by	by	ADP
fbem-9286	119	118	the	the	DET
fbem-9286	119	119	natural	natural	ADJ
fbem-9286	119	120	logarithm	logarithm	NOUN
fbem-9286	119	121	of	of	ADP
fbem-9286	119	122	the	the	DET
fbem-9286	119	123	company	company	NOUN
fbem-9286	119	124	's	's	PART
fbem-9286	119	125	listed	list	VERB
fbem-9286	119	126	years	year	NOUN
fbem-9286	119	127	after	after	ADP
fbem-9286	119	128	adding	add	VERB
fbem-9286	119	129	one	one	NUM
fbem-9286	119	130	,	,	PUNCT
fbem-9286	119	131	the	the	DET
fbem-9286	119	132	company	company	NOUN
fbem-9286	119	133	's	's	PART
fbem-9286	119	134	performance	performance	NOUN
fbem-9286	119	135	and	and	CCONJ
fbem-9286	119	136	public	public	ADJ
fbem-9286	119	137	financial	financial	ADJ
fbem-9286	119	138	leverage	leverage	NOUN
fbem-9286	119	139	are	be	AUX
fbem-9286	119	140	measured	measure	VERB
fbem-9286	119	141	by	by	ADP
fbem-9286	119	142	the	the	DET
fbem-9286	119	143	return	return	NOUN
fbem-9286	119	144	on	on	ADP
fbem-9286	119	145	equity	equity	NOUN
fbem-9286	119	146	(	(	PUNCT
fbem-9286	119	147	roe	roe	PROPN
fbem-9286	119	148	)	)	PUNCT
fbem-9286	119	149	and	and	CCONJ
fbem-9286	119	150	leverage	leverage	NOUN
fbem-9286	119	151	(	(	PUNCT
fbem-9286	119	152	leverage	leverage	NOUN
fbem-9286	119	153	)	)	PUNCT
fbem-9286	119	154	,	,	PUNCT
fbem-9286	119	155	and	and	CCONJ
fbem-9286	119	156	the	the	DET
fbem-9286	119	157	independent	independent	ADJ
fbem-9286	119	158	company	company	NOUN
fbem-9286	119	159	ratio	ratio	NOUN
fbem-9286	119	160	(	(	PUNCT
fbem-9286	119	161	indep	indep	NOUN
fbem-9286	119	162	)	)	PUNCT
fbem-9286	119	163	is	be	AUX
fbem-9286	119	164	expressed	express	VERB
fbem-9286	119	165	by	by	ADP
fbem-9286	119	166	the	the	DET
fbem-9286	119	167	number	number	NOUN
fbem-9286	119	168	of	of	ADP
fbem-9286	119	169	independent	independent	ADJ
fbem-9286	119	170	directors	director	NOUN
fbem-9286	119	171	and	and	CCONJ
fbem-9286	119	172	the	the	DET
fbem-9286	119	173	size	size	NOUN
fbem-9286	119	174	of	of	ADP
fbem-9286	119	175	directors	director	NOUN
fbem-9286	119	176	ratio	ratio	NOUN
fbem-9286	119	177	and	and	CCONJ
fbem-9286	119	178	ownership	ownership	NOUN
fbem-9286	119	179	nature	nature	NOUN
fbem-9286	119	180	(	(	PUNCT
fbem-9286	119	181	soe	soe	PROPN
fbem-9286	119	182	)	)	PUNCT
fbem-9286	119	183	indicate	indicate	VERB
fbem-9286	119	184	whether	whether	SCONJ
fbem-9286	119	185	state	state	NOUN
fbem-9286	119	186	-	-	PUNCT
fbem-9286	119	187	owned	own	VERB
fbem-9286	119	188	holding	holding	NOUN
fbem-9286	119	189	is	be	AUX
fbem-9286	119	190	1	1	NUM
fbem-9286	119	191	,	,	PUNCT
fbem-9286	119	192	and	and	CCONJ
fbem-9286	119	193	no	no	PRON
fbem-9286	119	194	is	be	AUX
fbem-9286	119	195	0	0	NUM
fbem-9286	119	196	.	.	PUNCT
fbem-9286	120	1	in	in	ADP
fbem-9286	120	2	the	the	DET
fbem-9286	120	3	specific	specific	ADJ
fbem-9286	120	4	regression	regression	NOUN
fbem-9286	120	5	process	process	NOUN
fbem-9286	120	6	,	,	PUNCT
fbem-9286	120	7	the	the	DET
fbem-9286	120	8	fixed	fixed	ADJ
fbem-9286	120	9	effect	effect	NOUN
fbem-9286	120	10	model	model	NOUN
fbem-9286	120	11	of	of	ADP
fbem-9286	120	12	control	control	PROPN
fbem-9286	120	13	year	year	PROPN
fbem-9286	120	14	(	(	PUNCT
fbem-9286	120	15	year	year	NOUN
fbem-9286	120	16	)	)	PUNCT
fbem-9286	120	17	and	and	CCONJ
fbem-9286	120	18	industry	industry	NOUN
fbem-9286	120	19	in	in	ADP
fbem-9286	120	20	which	which	PRON
fbem-9286	120	21	the	the	DET
fbem-9286	120	22	company	company	NOUN
fbem-9286	120	23	is	be	AUX
fbem-9286	120	24	located	locate	VERB
fbem-9286	120	25	is	be	AUX
fbem-9286	120	26	used	use	VERB
fbem-9286	120	27	for	for	ADP
fbem-9286	120	28	regression	regression	NOUN
fbem-9286	120	29	.	.	PUNCT
fbem-9286	121	1	table	table	NOUN
fbem-9286	121	2	1	1	NUM
fbem-9286	121	3	.	.	PUNCT
fbem-9286	121	4	defnitions	defnition	NOUN
fbem-9286	121	5	of	of	ADP
fbem-9286	121	6	variables	variable	NOUN
fbem-9286	121	7	category	category	NOUN
fbem-9286	121	8	variable	variable	NOUN
fbem-9286	121	9	name	name	NOUN
fbem-9286	121	10	sign	sign	NOUN
fbem-9286	121	11	implication	implication	NOUN
fbem-9286	121	12	explained	explain	VERB
fbem-9286	121	13	variable	variable	ADJ
fbem-9286	121	14	institutional	institutional	ADJ
fbem-9286	121	15	investor	investor	NOUN
fbem-9286	121	16	shareholding	shareholding	NOUN
fbem-9286	121	17	inst	inst	NOUN
fbem-9286	121	18	share	share	NOUN
fbem-9286	121	19	of	of	ADP
fbem-9286	121	20	equity	equity	NOUN
fbem-9286	121	21	held	hold	VERB
fbem-9286	121	22	by	by	ADP
fbem-9286	121	23	all	all	DET
fbem-9286	121	24	institutional	institutional	ADJ
fbem-9286	121	25	investors	investor	NOUN
fbem-9286	121	26	at	at	ADP
fbem-9286	121	27	year	year	NOUN
fbem-9286	121	28	-	-	PUNCT
fbem-9286	121	29	end	end	NOUN
fbem-9286	121	30	explanatory	explanatory	ADJ
fbem-9286	121	31	variable	variable	ADJ
fbem-9286	121	32	esg	esg	PROPN
fbem-9286	121	33	performance	performance	NOUN
fbem-9286	121	34	esg	esg	PROPN
fbem-9286	121	35	esg	esg	PROPN
fbem-9286	121	36	score	score	NOUN
fbem-9286	121	37	of	of	ADP
fbem-9286	121	38	hexun.com	hexun.com	X
fbem-9286	121	39	path	path	NOUN
fbem-9286	121	40	variables	variable	VERB
fbem-9286	121	41	enterprise	enterprise	NOUN
fbem-9286	121	42	management	management	NOUN
fbem-9286	121	43	risk	risk	NOUN
fbem-9286	121	44	zscore	zscore	NOUN
fbem-9286	122	1	the	the	DET
fbem-9286	122	2	productive	productive	ADJ
fbem-9286	122	3	capacity	capacity	NOUN
fbem-9286	122	4	of	of	ADP
fbem-9286	122	5	an	an	DET
fbem-9286	122	6	enterprise	enterprise	NOUN
fbem-9286	122	7	's	's	PART
fbem-9286	122	8	assets	asset	NOUN
fbem-9286	122	9	in	in	ADP
fbem-9286	122	10	spite	spite	NOUN
fbem-9286	122	11	of	of	ADP
fbem-9286	122	12	tax	tax	NOUN
fbem-9286	122	13	and	and	CCONJ
fbem-9286	122	14	financing	financing	NOUN
fbem-9286	122	15	impacts	impact	NOUN
fbem-9286	122	16	enterprise	enterprise	NOUN
fbem-9286	122	17	value	value	NOUN
fbem-9286	122	18	tobinq	tobinq	NOUN
fbem-9286	122	19	the	the	DET
fbem-9286	122	20	ratio	ratio	NOUN
fbem-9286	122	21	between	between	ADP
fbem-9286	122	22	the	the	DET
fbem-9286	122	23	market	market	NOUN
fbem-9286	122	24	value	value	NOUN
fbem-9286	122	25	and	and	CCONJ
fbem-9286	122	26	the	the	DET
fbem-9286	122	27	book	book	NOUN
fbem-9286	122	28	value	value	NOUN
fbem-9286	122	29	of	of	ADP
fbem-9286	122	30	the	the	DET
fbem-9286	122	31	total	total	ADJ
fbem-9286	122	32	assets	asset	NOUN
fbem-9286	122	33	of	of	ADP
fbem-9286	122	34	an	an	DET
fbem-9286	122	35	enterprise	enterprise	NOUN
fbem-9286	122	36	media	medium	NOUN
fbem-9286	122	37	attention	attention	NOUN
fbem-9286	122	38	media	medium	NOUN
fbem-9286	122	39	ln	ln	NOUN
fbem-9286	122	40	(	(	PUNCT
fbem-9286	122	41	media	medium	NOUN
fbem-9286	122	42	coverage	coverage	NOUN
fbem-9286	122	43	+1	+1	PROPN
fbem-9286	122	44	)	)	PUNCT
fbem-9286	122	45	analyst	analyst	NOUN
fbem-9286	122	46	focus	focus	NOUN
fbem-9286	122	47	analyst	analyst	NOUN
fbem-9286	122	48	take	take	VERB
fbem-9286	122	49	the	the	DET
fbem-9286	122	50	logarithm	logarithm	NOUN
fbem-9286	122	51	of	of	ADP
fbem-9286	122	52	the	the	DET
fbem-9286	122	53	number	number	NOUN
fbem-9286	122	54	of	of	ADP
fbem-9286	122	55	analyst	analyst	NOUN
fbem-9286	122	56	teams	team	NOUN
fbem-9286	122	57	covering	cover	VERB
fbem-9286	122	58	public	public	ADJ
fbem-9286	122	59	companies	company	NOUN
fbem-9286	122	60	that	that	DET
fbem-9286	122	61	year	year	NOUN
fbem-9286	122	62	,	,	PUNCT
fbem-9286	122	63	plus	plus	CCONJ
fbem-9286	122	64	one	one	NUM
fbem-9286	122	65	control	control	NOUN
fbem-9286	122	66	variables	variable	NOUN
fbem-9286	122	67	company	company	NOUN
fbem-9286	122	68	size	size	NOUN
fbem-9286	122	69	size	size	NOUN
fbem-9286	122	70	the	the	DET
fbem-9286	122	71	natural	natural	ADJ
fbem-9286	122	72	log	log	NOUN
fbem-9286	122	73	of	of	ADP
fbem-9286	122	74	the	the	DET
fbem-9286	122	75	company	company	NOUN
fbem-9286	122	76	's	's	PART
fbem-9286	122	77	total	total	ADJ
fbem-9286	122	78	assets	asset	NOUN
fbem-9286	122	79	profit	profit	NOUN
fbem-9286	122	80	rate	rate	NOUN
fbem-9286	122	81	on	on	ADP
fbem-9286	122	82	net	net	ADJ
fbem-9286	122	83	assets	asset	NOUN
fbem-9286	122	84	roe	roe	PROPN
fbem-9286	122	85	net	net	ADJ
fbem-9286	122	86	profit	profit	NOUN
fbem-9286	122	87	after	after	ADP
fbem-9286	122	88	tax	tax	NOUN
fbem-9286	122	89	/	/	SYM
fbem-9286	122	90	net	net	ADJ
fbem-9286	122	91	assets	asset	NOUN
fbem-9286	122	92	of	of	ADP
fbem-9286	122	93	the	the	DET
fbem-9286	122	94	company	company	NOUN
fbem-9286	122	95	asset	asset	NOUN
fbem-9286	122	96	-	-	PUNCT
fbem-9286	122	97	liability	liability	NOUN
fbem-9286	122	98	ratio	ratio	NOUN
fbem-9286	122	99	lev	lev	NOUN
fbem-9286	122	100	ratio	ratio	NOUN
fbem-9286	122	101	of	of	ADP
fbem-9286	122	102	total	total	ADJ
fbem-9286	122	103	liabilities	liability	NOUN
fbem-9286	122	104	to	to	PART
fbem-9286	122	105	total	total	VERB
fbem-9286	122	106	assets	asset	NOUN
fbem-9286	122	107	company	company	NOUN
fbem-9286	122	108	age	age	NOUN
fbem-9286	122	109	age	age	NOUN
fbem-9286	122	110	the	the	DET
fbem-9286	122	111	natural	natural	ADJ
fbem-9286	122	112	logarithm	logarithm	NOUN
fbem-9286	122	113	of	of	ADP
fbem-9286	122	114	the	the	DET
fbem-9286	122	115	age	age	NOUN
fbem-9286	122	116	of	of	ADP
fbem-9286	122	117	the	the	DET
fbem-9286	122	118	company	company	NOUN
fbem-9286	122	119	the	the	DET
fbem-9286	122	120	proportion	proportion	NOUN
fbem-9286	122	121	of	of	ADP
fbem-9286	122	122	independent	independent	ADJ
fbem-9286	122	123	directors	director	NOUN
fbem-9286	122	124	indep	indep	NOUN
fbem-9286	122	125	the	the	DET
fbem-9286	122	126	ratio	ratio	NOUN
fbem-9286	122	127	of	of	ADP
fbem-9286	122	128	the	the	DET
fbem-9286	122	129	number	number	NOUN
fbem-9286	122	130	of	of	ADP
fbem-9286	122	131	independent	independent	ADJ
fbem-9286	122	132	directors	director	NOUN
fbem-9286	122	133	to	to	ADP
fbem-9286	122	134	the	the	DET
fbem-9286	122	135	size	size	NOUN
fbem-9286	122	136	of	of	ADP
fbem-9286	122	137	directors	director	NOUN
fbem-9286	122	138	nature	nature	NOUN
fbem-9286	122	139	of	of	ADP
fbem-9286	122	140	equity	equity	NOUN
fbem-9286	122	141	soe	soe	PROPN
fbem-9286	122	142	dummy	dummy	ADJ
fbem-9286	122	143	variable	variable	NOUN
fbem-9286	122	144	,	,	PUNCT
fbem-9286	122	145	whether	whether	SCONJ
fbem-9286	122	146	state	state	NOUN
fbem-9286	122	147	-	-	PUNCT
fbem-9286	122	148	owned	own	VERB
fbem-9286	122	149	holding	holding	NOUN
fbem-9286	122	150	,	,	PUNCT
fbem-9286	122	151	is	be	AUX
fbem-9286	122	152	1	1	NUM
fbem-9286	122	153	,	,	PUNCT
fbem-9286	122	154	no	no	PRON
fbem-9286	122	155	is	be	AUX
fbem-9286	122	156	0	0	NUM
fbem-9286	122	157	annual	annual	ADJ
fbem-9286	122	158	year	year	NOUN
fbem-9286	122	159	control	control	NOUN
fbem-9286	122	160	annual	annual	ADJ
fbem-9286	122	161	dummy	dummy	ADJ
fbem-9286	122	162	variables	variable	NOUN
fbem-9286	122	163	industry	industry	NOUN
fbem-9286	122	164	industry	industry	NOUN
fbem-9286	122	165	control	control	NOUN
fbem-9286	122	166	industry	industry	NOUN
fbem-9286	122	167	dummy	dummy	NOUN
fbem-9286	122	168	variables	variable	VERB
fbem-9286	122	169	3.3	3.3	NUM
fbem-9286	122	170	.	.	PUNCT
fbem-9286	123	1	model	model	NOUN
fbem-9286	123	2	construction	construction	NOUN
fbem-9286	123	3	in	in	ADP
fbem-9286	123	4	order	order	NOUN
fbem-9286	123	5	to	to	PART
fbem-9286	123	6	test	test	VERB
fbem-9286	123	7	the	the	DET
fbem-9286	123	8	influence	influence	NOUN
fbem-9286	123	9	mechanism	mechanism	NOUN
fbem-9286	123	10	of	of	ADP
fbem-9286	123	11	esg	esg	PROPN
fbem-9286	123	12	performance	performance	NOUN
fbem-9286	123	13	on	on	ADP
fbem-9286	123	14	institutional	institutional	ADJ
fbem-9286	123	15	investors	investor	NOUN
fbem-9286	123	16	'	'	PART
fbem-9286	123	17	shareholding	shareholding	NOUN
fbem-9286	123	18	,	,	PUNCT
fbem-9286	123	19	the	the	DET
fbem-9286	123	20	multidimensional	multidimensional	ADJ
fbem-9286	123	21	fixed	fixed	ADJ
fbem-9286	123	22	utility	utility	NOUN
fbem-9286	123	23	model	model	NOUN
fbem-9286	123	24	is	be	AUX
fbem-9286	123	25	used	use	VERB
fbem-9286	123	26	for	for	ADP
fbem-9286	123	27	reference	reference	NOUN
fbem-9286	123	28	(	(	PUNCT
fbem-9286	123	29	wang	wang	PROPN
fbem-9286	123	30	linlin	linlin	PROPN
fbem-9286	123	31	,	,	PUNCT
fbem-9286	123	32	2022	2022	NUM
fbem-9286	123	33	)	)	PUNCT
fbem-9286	123	34	to	to	PART
fbem-9286	123	35	carry	carry	VERB
fbem-9286	123	36	out	out	ADP
fbem-9286	123	37	linear	linear	ADJ
fbem-9286	123	38	regression	regression	NOUN
fbem-9286	123	39	.	.	PUNCT
fbem-9286	124	1	first	first	ADV
fbem-9286	124	2	of	of	ADP
fbem-9286	124	3	all	all	PRON
fbem-9286	124	4	,	,	PUNCT
fbem-9286	124	5	model	model	NOUN
fbem-9286	124	6	(	(	PUNCT
fbem-9286	124	7	1	1	NUM
fbem-9286	124	8	)	)	PUNCT
fbem-9286	124	9	is	be	AUX
fbem-9286	124	10	established	establish	VERB
fbem-9286	124	11	for	for	ADP
fbem-9286	124	12	whether	whether	SCONJ
fbem-9286	124	13	there	there	PRON
fbem-9286	124	14	is	be	VERB
fbem-9286	124	15	a	a	DET
fbem-9286	124	16	correlation	correlation	NOUN
fbem-9286	124	17	between	between	ADP
fbem-9286	124	18	esg	esg	NOUN
fbem-9286	124	19	performance	performance	NOUN
fbem-9286	124	20	and	and	CCONJ
fbem-9286	124	21	institutional	institutional	ADJ
fbem-9286	124	22	investors	investor	NOUN
fbem-9286	124	23	,	,	PUNCT
fbem-9286	124	24	in	in	ADP
fbem-9286	124	25	order	order	NOUN
fbem-9286	124	26	to	to	PART
fbem-9286	124	27	verify	verify	VERB
fbem-9286	124	28	hypothesis	hypothesis	NOUN
fbem-9286	124	29	1	1	NUM
fbem-9286	124	30	:	:	PUNCT
fbem-9286	124	31	𝐼𝑛𝑠𝑡	𝐼𝑛𝑠𝑡	PROPN
fbem-9286	124	32	𝛼	𝛼	PRON
fbem-9286	124	33	𝛽𝐸𝑆𝐺	𝛽𝐸𝑆𝐺	X
fbem-9286	124	34	𝜃’𝐶𝑜𝑛𝑡𝑟𝑜𝑙𝑠	𝜃’𝐶𝑜𝑛𝑡𝑟𝑜𝑙𝑠	NOUN
fbem-9286	124	35	𝛴𝐼𝑛𝑑𝑢𝑠𝑡𝑟𝑦	𝛴𝐼𝑛𝑑𝑢𝑠𝑡𝑟𝑦	ADP
fbem-9286	124	36	𝛴𝑌𝑒𝑎𝑟	𝛴𝑌𝑒𝑎𝑟	PROPN
fbem-9286	124	37	(	(	PUNCT
fbem-9286	124	38	1	1	NUM
fbem-9286	124	39	)	)	PUNCT
fbem-9286	124	40	in	in	ADP
fbem-9286	124	41	order	order	NOUN
fbem-9286	124	42	to	to	PART
fbem-9286	124	43	test	test	VERB
fbem-9286	124	44	the	the	DET
fbem-9286	124	45	specific	specific	ADJ
fbem-9286	124	46	mechanism	mechanism	NOUN
fbem-9286	124	47	by	by	ADP
fbem-9286	124	48	which	which	PRON
fbem-9286	124	49	esg	esg	PROPN
fbem-9286	124	50	affects	affect	VERB
fbem-9286	124	51	institutional	institutional	ADJ
fbem-9286	124	52	investors	investor	NOUN
fbem-9286	124	53	,	,	PUNCT
fbem-9286	124	54	this	this	DET
fbem-9286	124	55	paper	paper	NOUN
fbem-9286	124	56	replaces	replace	VERB
fbem-9286	124	57	the	the	DET
fbem-9286	124	58	explained	explain	VERB
fbem-9286	124	59	variable	variable	NOUN
fbem-9286	124	60	in	in	ADP
fbem-9286	124	61	model	model	NOUN
fbem-9286	124	62	(	(	PUNCT
fbem-9286	124	63	1	1	NUM
fbem-9286	124	64	)	)	PUNCT
fbem-9286	124	65	with	with	ADP
fbem-9286	124	66	the	the	DET
fbem-9286	124	67	corresponding	corresponding	ADJ
fbem-9286	124	68	mechanism	mechanism	NOUN
fbem-9286	124	69	variable	variable	NOUN
fbem-9286	124	70	,	,	PUNCT
fbem-9286	124	71	and	and	CCONJ
fbem-9286	124	72	directly	directly	ADV
fbem-9286	124	73	tests	test	VERB
fbem-9286	124	74	whether	whether	SCONJ
fbem-9286	124	75	esg	esg	PROPN
fbem-9286	124	76	can	can	AUX
fbem-9286	124	77	affect	affect	VERB
fbem-9286	124	78	the	the	DET
fbem-9286	124	79	corresponding	corresponding	ADJ
fbem-9286	124	80	mechanism	mechanism	NOUN
fbem-9286	124	81	variable	variable	NOUN
fbem-9286	124	82	.	.	PUNCT
fbem-9286	125	1	the	the	DET
fbem-9286	125	2	following	follow	VERB
fbem-9286	125	3	model	model	NOUN
fbem-9286	125	4	is	be	AUX
fbem-9286	125	5	constructed	construct	VERB
fbem-9286	125	6	:	:	PUNCT
fbem-9286	125	7	𝑍𝑆𝑐𝑜𝑟𝑒	𝑍𝑆𝑐𝑜𝑟𝑒	PROPN
fbem-9286	125	8	𝛼	𝛼	X
fbem-9286	125	9	𝛽𝐸𝑆𝐺	𝛽𝐸𝑆𝐺	X
fbem-9286	125	10	𝜃’𝐶𝑜𝑛𝑡𝑟𝑜𝑙𝑠	𝜃’𝐶𝑜𝑛𝑡𝑟𝑜𝑙𝑠	PROPN
fbem-9286	125	11	𝛴𝐼𝑛𝑑𝑢𝑠𝑡𝑟𝑦	𝛴𝐼𝑛𝑑𝑢𝑠𝑡𝑟𝑦	ADP
fbem-9286	125	12	𝛴𝑌𝑒𝑎𝑟	𝛴𝑌𝑒𝑎𝑟	PROPN
fbem-9286	125	13	(	(	PUNCT
fbem-9286	125	14	2	2	NUM
fbem-9286	125	15	)	)	PUNCT
fbem-9286	125	16	𝑇𝑜𝑏𝑖𝑛𝑄	𝑇𝑜𝑏𝑖𝑛𝑄	NUM
fbem-9286	125	17	𝛼	𝛼	NOUN
fbem-9286	125	18	𝛽𝐸𝑆𝐺	𝛽𝐸𝑆𝐺	X
fbem-9286	125	19	𝜃’𝐶𝑜𝑛𝑡𝑟𝑜𝑙𝑠	𝜃’𝐶𝑜𝑛𝑡𝑟𝑜𝑙𝑠	PROPN
fbem-9286	125	20	𝛴𝐼𝑛𝑑𝑢𝑠𝑡𝑟𝑦	𝛴𝐼𝑛𝑑𝑢𝑠𝑡𝑟𝑦	ADP
fbem-9286	125	21	𝛴𝑌𝑒𝑎𝑟(3	𝛴𝑌𝑒𝑎𝑟(3	PRON
fbem-9286	125	22	)	)	PUNCT
fbem-9286	125	23	𝑀𝑒𝑑𝑖𝑎	𝑀𝑒𝑑𝑖𝑎	PROPN
fbem-9286	125	24	𝛼	𝛼	PART
fbem-9286	125	25	𝛽𝐸𝑆𝐺	𝛽𝐸𝑆𝐺	X
fbem-9286	125	26	𝜃’𝐶𝑜𝑛𝑡𝑟𝑜𝑙𝑠	𝜃’𝐶𝑜𝑛𝑡𝑟𝑜𝑙𝑠	PROPN
fbem-9286	125	27	𝛴𝐼𝑛𝑑𝑢𝑠𝑡𝑟𝑦	𝛴𝐼𝑛𝑑𝑢𝑠𝑡𝑟𝑦	ADP
fbem-9286	125	28	𝛴𝑌𝑒𝑎𝑟	𝛴𝑌𝑒𝑎𝑟	PROPN
fbem-9286	125	29	(	(	PUNCT
fbem-9286	125	30	4	4	X
fbem-9286	125	31	)	)	PUNCT
fbem-9286	125	32	𝐴𝑛𝑎𝑙𝑦𝑠𝑡	𝐴𝑛𝑎𝑙𝑦𝑠𝑡	NOUN
fbem-9286	125	33	𝛼	𝛼	NOUN
fbem-9286	125	34	𝛽𝐸𝑆𝐺	𝛽𝐸𝑆𝐺	X
fbem-9286	125	35	𝜃’𝐶𝑜𝑛𝑡𝑟𝑜𝑙𝑠	𝜃’𝐶𝑜𝑛𝑡𝑟𝑜𝑙𝑠	PROPN
fbem-9286	125	36	𝛴𝐼𝑛𝑑𝑢𝑠𝑡𝑟𝑦	𝛴𝐼𝑛𝑑𝑢𝑠𝑡𝑟𝑦	ADP
fbem-9286	125	37	𝛴𝑌𝑒𝑎𝑟	𝛴𝑌𝑒𝑎𝑟	PROPN
fbem-9286	125	38	(	(	PUNCT
fbem-9286	125	39	5	5	NUM
fbem-9286	125	40	)	)	PUNCT
fbem-9286	125	41	finally	finally	ADV
fbem-9286	125	42	,	,	PUNCT
fbem-9286	125	43	the	the	DET
fbem-9286	125	44	path	path	NOUN
fbem-9286	125	45	variable	variable	NOUN
fbem-9286	125	46	and	and	CCONJ
fbem-9286	125	47	the	the	DET
fbem-9286	125	48	main	main	ADJ
fbem-9286	125	49	explanatory	explanatory	ADJ
fbem-9286	125	50	variable	variable	NOUN
fbem-9286	125	51	are	be	AUX
fbem-9286	125	52	put	put	VERB
fbem-9286	125	53	together	together	ADV
fbem-9286	125	54	to	to	PART
fbem-9286	125	55	observe	observe	VERB
fbem-9286	125	56	whether	whether	SCONJ
fbem-9286	125	57	the	the	DET
fbem-9286	125	58	dependent	dependent	ADJ
fbem-9286	125	59	variable	variable	NOUN
fbem-9286	125	60	can	can	AUX
fbem-9286	125	61	explain	explain	VERB
fbem-9286	125	62	the	the	DET
fbem-9286	125	63	explained	explain	VERB
fbem-9286	125	64	variable	variable	NOUN
fbem-9286	125	65	through	through	ADP
fbem-9286	125	66	the	the	DET
fbem-9286	125	67	path	path	NOUN
fbem-9286	125	68	variable	variable	NOUN
fbem-9286	125	69	,	,	PUNCT
fbem-9286	125	70	and	and	CCONJ
fbem-9286	125	71	the	the	DET
fbem-9286	125	72	model	model	NOUN
fbem-9286	125	73	is	be	AUX
fbem-9286	125	74	built	build	VERB
fbem-9286	125	75	as	as	SCONJ
fbem-9286	125	76	follows	follow	VERB
fbem-9286	125	77	:	:	PUNCT
fbem-9286	126	1	𝐼𝑛𝑠𝑡	𝐼𝑛𝑠𝑡	PROPN
fbem-9286	126	2	𝛼	𝛼	PRON
fbem-9286	126	3	𝛽𝐸𝑆𝐺	𝛽𝐸𝑆𝐺	PROPN
fbem-9286	126	4	𝜆𝑍𝑆𝑐𝑜𝑟𝑒	𝜆𝑍𝑆𝑐𝑜𝑟𝑒	SYM
fbem-9286	126	5	𝜃’𝐶𝑜𝑛𝑡𝑟𝑜𝑙𝑠	𝜃’𝐶𝑜𝑛𝑡𝑟𝑜𝑙𝑠	PROPN
fbem-9286	126	6	𝛴𝐼𝑛𝑑𝑢𝑠𝑡𝑟𝑦	𝛴𝐼𝑛𝑑𝑢𝑠𝑡𝑟𝑦	ADP
fbem-9286	126	7	𝛴𝑌𝑒𝑎𝑟	𝛴𝑌𝑒𝑎𝑟	PROPN
fbem-9286	126	8	(	(	PUNCT
fbem-9286	126	9	6	6	NUM
fbem-9286	126	10	)	)	PUNCT
fbem-9286	126	11	𝐼𝑛𝑠𝑡	𝐼𝑛𝑠𝑡	PROPN
fbem-9286	126	12	𝛼	𝛼	PRON
fbem-9286	126	13	𝛽𝐸𝑆𝐺	𝛽𝐸𝑆𝐺	PROPN
fbem-9286	126	14	𝜆𝑇𝑜𝑏𝑖𝑛𝑄	𝜆𝑇𝑜𝑏𝑖𝑛𝑄	PROPN
fbem-9286	126	15	𝜃’𝐶𝑜𝑛𝑡𝑟𝑜𝑙𝑠	𝜃’𝐶𝑜𝑛𝑡𝑟𝑜𝑙𝑠	PROPN
fbem-9286	127	1	𝛴𝐼𝑛𝑑𝑢𝑠𝑡𝑟𝑦	𝛴𝐼𝑛𝑑𝑢𝑠𝑡𝑟𝑦	ADP
fbem-9286	127	2	𝛴𝑌𝑒𝑎𝑟	𝛴𝑌𝑒𝑎𝑟	PROPN
fbem-9286	127	3	(	(	PUNCT
fbem-9286	127	4	7	7	X
fbem-9286	127	5	)	)	PUNCT
fbem-9286	127	6	𝐼𝑛𝑠𝑡	𝐼𝑛𝑠𝑡	PROPN
fbem-9286	127	7	𝛼	𝛼	PRON
fbem-9286	127	8	𝛽𝐸𝑆𝐺	𝛽𝐸𝑆𝐺	PROPN
fbem-9286	127	9	𝜆𝑀𝑒𝑑𝑖𝑎	𝜆𝑀𝑒𝑑𝑖𝑎	PROPN
fbem-9286	127	10	𝜃’𝐶𝑜𝑛𝑡𝑟𝑜𝑙𝑠	𝜃’𝐶𝑜𝑛𝑡𝑟𝑜𝑙𝑠	X
fbem-9286	128	1	𝛴𝐼𝑛𝑑𝑢𝑠𝑡𝑟𝑦	𝛴𝐼𝑛𝑑𝑢𝑠𝑡𝑟𝑦	ADP
fbem-9286	128	2	𝛴𝑌𝑒𝑎𝑟	𝛴𝑌𝑒𝑎𝑟	PROPN
fbem-9286	128	3	(	(	PUNCT
fbem-9286	128	4	8)	8)	NUM
fbem-9286	128	5	𝐼𝑛𝑠𝑡	𝐼𝑛𝑠𝑡	PROPN
fbem-9286	128	6	𝛼	𝛼	PART
fbem-9286	128	7	𝛽𝐸𝑆𝐺	𝛽𝐸𝑆𝐺	PUNCT
fbem-9286	128	8	𝜆𝐴𝑛𝑎𝑙𝑦𝑠𝑡	𝜆𝐴𝑛𝑎𝑙𝑦𝑠𝑡	PROPN
fbem-9286	128	9	𝜃’𝐶𝑜𝑛𝑡𝑟𝑜𝑙𝑠	𝜃’𝐶𝑜𝑛𝑡𝑟𝑜𝑙𝑠	NOUN
fbem-9286	129	1	𝛴𝐼𝑛𝑑𝑢𝑠𝑡𝑟𝑦	𝛴𝐼𝑛𝑑𝑢𝑠𝑡𝑟𝑦	ADP
fbem-9286	129	2	𝛴𝑌𝑒𝑎𝑟	𝛴𝑌𝑒𝑎𝑟	PROPN
fbem-9286	129	3	(	(	PUNCT
fbem-9286	129	4	9	9	NUM
fbem-9286	129	5	)	)	SYM
fbem-9286	129	6	4	4	NUM
fbem-9286	129	7	.	.	PUNCT
fbem-9286	129	8	empirical	empirical	ADJ
fbem-9286	129	9	analysis	analysis	NOUN
fbem-9286	129	10	4.1	4.1	NUM
fbem-9286	129	11	.	.	PUNCT
fbem-9286	129	12	descriptive	descriptive	ADJ
fbem-9286	129	13	statistics	statistic	NOUN
fbem-9286	129	14	table	table	NOUN
fbem-9286	129	15	2	2	NUM
fbem-9286	129	16	shows	show	VERB
fbem-9286	129	17	the	the	DET
fbem-9286	129	18	descriptive	descriptive	ADJ
fbem-9286	129	19	statistics	statistic	NOUN
fbem-9286	129	20	of	of	ADP
fbem-9286	129	21	the	the	DET
fbem-9286	129	22	main	main	ADJ
fbem-9286	129	23	variables	variable	NOUN
fbem-9286	129	24	.	.	PUNCT
fbem-9286	130	1	the	the	DET
fbem-9286	130	2	average	average	ADJ
fbem-9286	130	3	shareholding	shareholding	NOUN
fbem-9286	130	4	of	of	ADP
fbem-9286	130	5	institutional	institutional	ADJ
fbem-9286	130	6	investors	investor	NOUN
fbem-9286	130	7	in	in	ADP
fbem-9286	130	8	sample	sample	NOUN
fbem-9286	130	9	enterprises	enterprise	NOUN
fbem-9286	130	10	is	be	AUX
fbem-9286	130	11	43.97	43.97	NUM
fbem-9286	130	12	%	%	NOUN
fbem-9286	130	13	,	,	PUNCT
fbem-9286	130	14	indicating	indicate	VERB
fbem-9286	130	15	that	that	SCONJ
fbem-9286	130	16	institutional	institutional	ADJ
fbem-9286	130	17	investors	investor	NOUN
fbem-9286	130	18	hold	hold	VERB
fbem-9286	130	19	a	a	DET
fbem-9286	130	20	large	large	ADJ
fbem-9286	130	21	proportion	proportion	NOUN
fbem-9286	130	22	of	of	ADP
fbem-9286	130	23	listed	list	VERB
fbem-9286	130	24	companies	company	NOUN
fbem-9286	130	25	,	,	PUNCT
fbem-9286	130	26	but	but	CCONJ
fbem-9286	130	27	the	the	DET
fbem-9286	130	28	minimum	minimum	ADJ
fbem-9286	130	29	value	value	NOUN
fbem-9286	130	30	is	be	AUX
fbem-9286	130	31	only	only	ADV
fbem-9286	130	32	0.326	0.326	NUM
fbem-9286	130	33	%	%	NOUN
fbem-9286	130	34	,	,	PUNCT
fbem-9286	130	35	and	and	CCONJ
fbem-9286	130	36	the	the	DET
fbem-9286	130	37	maximum	maximum	ADJ
fbem-9286	130	38	value	value	NOUN
fbem-9286	130	39	is	be	AUX
fbem-9286	130	40	91.8	91.8	NUM
fbem-9286	130	41	%	%	NOUN
fbem-9286	130	42	,	,	PUNCT
fbem-9286	130	43	indicating	indicate	VERB
fbem-9286	130	44	that	that	SCONJ
fbem-9286	130	45	the	the	DET
fbem-9286	130	46	shareholding	shareholding	NOUN
fbem-9286	130	47	ratio	ratio	NOUN
fbem-9286	130	48	of	of	ADP
fbem-9286	130	49	institutional	institutional	ADJ
fbem-9286	130	50	investors	investor	NOUN
fbem-9286	130	51	in	in	ADP
fbem-9286	130	52	different	different	ADJ
fbem-9286	130	53	companies	company	NOUN
fbem-9286	130	54	varies	vary	VERB
fbem-9286	130	55	greatly	greatly	ADV
fbem-9286	130	56	.	.	PUNCT
fbem-9286	131	1	the	the	DET
fbem-9286	131	2	mean	mean	ADJ
fbem-9286	131	3	value	value	NOUN
fbem-9286	131	4	of	of	ADP
fbem-9286	131	5	esg	esg	PROPN
fbem-9286	131	6	performance	performance	NOUN
fbem-9286	131	7	is	be	AUX
fbem-9286	131	8	2.07	2.07	NUM
fbem-9286	131	9	,	,	PUNCT
fbem-9286	131	10	but	but	CCONJ
fbem-9286	131	11	the	the	DET
fbem-9286	131	12	minimum	minimum	ADJ
fbem-9286	131	13	value	value	NOUN
fbem-9286	131	14	is	be	AUX
fbem-9286	131	15	only	only	ADV
fbem-9286	131	16	0	0	NUM
fbem-9286	131	17	,	,	PUNCT
fbem-9286	131	18	and	and	CCONJ
fbem-9286	131	19	the	the	DET
fbem-9286	131	20	maximum	maximum	ADJ
fbem-9286	131	21	value	value	NOUN
fbem-9286	131	22	is	be	AUX
fbem-9286	131	23	73.69	73.69	NUM
fbem-9286	131	24	.	.	PUNCT
fbem-9286	132	1	it	it	PRON
fbem-9286	132	2	can	can	AUX
fbem-9286	132	3	be	be	AUX
fbem-9286	132	4	seen	see	VERB
fbem-9286	132	5	that	that	SCONJ
fbem-9286	132	6	there	there	PRON
fbem-9286	132	7	are	be	VERB
fbem-9286	132	8	great	great	ADJ
fbem-9286	132	9	differences	difference	NOUN
fbem-9286	132	10	in	in	ADP
fbem-9286	132	11	esg	esg	PROPN
fbem-9286	132	12	performance	performance	NOUN
fbem-9286	132	13	among	among	ADP
fbem-9286	132	14	sample	sample	NOUN
fbem-9286	132	15	enterprises	enterprise	NOUN
fbem-9286	132	16	.	.	PUNCT
fbem-9286	133	1	since	since	SCONJ
fbem-9286	133	2	the	the	DET
fbem-9286	133	3	descriptive	descriptive	ADJ
fbem-9286	133	4	statistical	statistical	ADJ
fbem-9286	133	5	results	result	NOUN
fbem-9286	133	6	of	of	ADP
fbem-9286	133	7	mediation	mediation	NOUN
fbem-9286	133	8	variables	variable	NOUN
fbem-9286	133	9	and	and	CCONJ
fbem-9286	133	10	control	control	NOUN
fbem-9286	133	11	variables	variable	NOUN
fbem-9286	133	12	are	be	AUX
fbem-9286	133	13	basically	basically	ADV
fbem-9286	133	14	consistent	consistent	ADJ
fbem-9286	133	15	with	with	ADP
fbem-9286	133	16	the	the	DET
fbem-9286	133	17	existing	exist	VERB
fbem-9286	133	18	studies	study	NOUN
fbem-9286	133	19	,	,	PUNCT
fbem-9286	133	20	this	this	DET
fbem-9286	133	21	paper	paper	NOUN
fbem-9286	133	22	will	will	AUX
fbem-9286	133	23	not	not	PART
fbem-9286	133	24	be	be	AUX
fbem-9286	133	25	repeated	repeat	VERB
fbem-9286	133	26	.	.	PUNCT
fbem-9286	134	1	227	227	NUM
fbem-9286	134	2	table	table	NOUN
fbem-9286	134	3	2	2	NUM
fbem-9286	134	4	.	.	PUNCT
fbem-9286	134	5	descriptive	descriptive	ADJ
fbem-9286	134	6	statistics	statistic	NOUN
fbem-9286	134	7	of	of	ADP
fbem-9286	134	8	major	major	ADJ
fbem-9286	134	9	variables	variable	NOUN
fbem-9286	134	10	variables	variable	VERB
fbem-9286	134	11	sample	sample	NOUN
fbem-9286	134	12	mean	mean	VERB
fbem-9286	134	13	sd	sd	ADP
fbem-9286	134	14	min	min	PROPN
fbem-9286	134	15	.	.	PROPN
fbem-9286	134	16	max	max	PROPN
fbem-9286	134	17	.	.	PROPN
fbem-9286	134	18	inst	inst	PROPN
fbem-9286	134	19	28267	28267	NUM
fbem-9286	134	20	43.97	43.97	NUM
fbem-9286	134	21	24.86	24.86	NUM
fbem-9286	134	22	0.326	0.326	NUM
fbem-9286	134	23	91.80	91.80	NUM
fbem-9286	134	24	esg	esg	NOUN
fbem-9286	134	25	28267	28267	NUM
fbem-9286	134	26	24.08	24.08	NUM
fbem-9286	134	27	15.22	15.22	NUM
fbem-9286	134	28	0	0	NUM
fbem-9286	134	29	73.69	73.69	NUM
fbem-9286	134	30	zscore	zscore	NOUN
fbem-9286	134	31	28267	28267	NUM
fbem-9286	134	32	5.008	5.008	NUM
fbem-9286	134	33	5.852	5.852	NUM
fbem-9286	134	34	-0.345	-0.345	NUM
fbem-9286	134	35	37.75	37.75	NUM
fbem-9286	134	36	tobinq	tobinq	NOUN
fbem-9286	134	37	28267	28267	NUM
fbem-9286	134	38	2.038	2.038	NUM
fbem-9286	134	39	1.340	1.340	NUM
fbem-9286	134	40	0.866	0.866	NUM
fbem-9286	134	41	9.571	9.571	NUM
fbem-9286	134	42	media	medium	NOUN
fbem-9286	134	43	28267	28267	NUM
fbem-9286	134	44	0.356	0.356	NUM
fbem-9286	134	45	0.584	0.584	NUM
fbem-9286	134	46	0.0210	0.0210	NUM
fbem-9286	134	47	4.111	4.111	NUM
fbem-9286	134	48	analyst	analyst	NOUN
fbem-9286	134	49	28267	28267	NUM
fbem-9286	134	50	1.490	1.490	NUM
fbem-9286	134	51	1.176	1.176	NUM
fbem-9286	134	52	0	0	NUM
fbem-9286	134	53	3.784	3.784	NUM
fbem-9286	134	54	size	size	NOUN
fbem-9286	134	55	28267	28267	NUM
fbem-9286	134	56	22.14	22.14	NUM
fbem-9286	134	57	1.297	1.297	NUM
fbem-9286	134	58	19.48	19.48	NUM
fbem-9286	134	59	26.10	26.10	NUM
fbem-9286	134	60	roe	roe	NOUN
fbem-9286	134	61	28267	28267	NUM
fbem-9286	134	62	0.0180	0.0180	NUM
fbem-9286	134	63	0.0300	0.0300	NUM
fbem-9286	134	64	-0.0830	-0.0830	NOUN
fbem-9286	134	65	0.161	0.161	NUM
fbem-9286	134	66	lev	lev	NOUN
fbem-9286	134	67	28267	28267	NUM
fbem-9286	134	68	0.418	0.418	NUM
fbem-9286	134	69	0.210	0.210	NUM
fbem-9286	134	70	0.0480	0.0480	NUM
fbem-9286	134	71	0.965	0.965	NUM
fbem-9286	134	72	age	age	NOUN
fbem-9286	134	73	28267	28267	NUM
fbem-9286	134	74	2.775	2.775	NUM
fbem-9286	134	75	0.379	0.379	NUM
fbem-9286	134	76	1.386	1.386	NUM
fbem-9286	134	77	3.434	3.434	NUM
fbem-9286	134	78	indep	indep	NOUN
fbem-9286	134	79	28267	28267	NUM
fbem-9286	134	80	0.375	0.375	NUM
fbem-9286	134	81	0.0530	0.0530	NUM
fbem-9286	134	82	0.333	0.333	NUM
fbem-9286	134	83	0.571	0.571	NUM
fbem-9286	134	84	soe	soe	PROPN
fbem-9286	134	85	28267	28267	NUM
fbem-9286	134	86	0.364	0.364	NUM
fbem-9286	134	87	0.481	0.481	NUM
fbem-9286	134	88	0	0	NUM
fbem-9286	134	89	1	1	NUM
fbem-9286	134	90	4.2	4.2	NUM
fbem-9286	134	91	.	.	PUNCT
fbem-9286	135	1	correlation	correlation	NOUN
fbem-9286	135	2	analysis	analysis	NOUN
fbem-9286	135	3	the	the	DET
fbem-9286	135	4	correlation	correlation	NOUN
fbem-9286	135	5	coefficient	coefficient	NOUN
fbem-9286	135	6	between	between	ADP
fbem-9286	135	7	the	the	DET
fbem-9286	135	8	main	main	ADJ
fbem-9286	135	9	variables	variable	NOUN
fbem-9286	135	10	is	be	AUX
fbem-9286	135	11	shown	show	VERB
fbem-9286	135	12	in	in	ADP
fbem-9286	135	13	table	table	NOUN
fbem-9286	135	14	3	3	NUM
fbem-9286	135	15	.	.	PUNCT
fbem-9286	136	1	it	it	PRON
fbem-9286	136	2	can	can	AUX
fbem-9286	136	3	be	be	AUX
fbem-9286	136	4	seen	see	VERB
fbem-9286	136	5	from	from	ADP
fbem-9286	136	6	the	the	DET
fbem-9286	136	7	table	table	NOUN
fbem-9286	136	8	that	that	SCONJ
fbem-9286	136	9	the	the	DET
fbem-9286	136	10	correlation	correlation	NOUN
fbem-9286	136	11	coefficient	coefficient	NOUN
fbem-9286	136	12	between	between	ADP
fbem-9286	136	13	esg	esg	PROPN
fbem-9286	136	14	performance	performance	NOUN
fbem-9286	136	15	(	(	PUNCT
fbem-9286	136	16	esg	esg	NOUN
fbem-9286	136	17	)	)	PUNCT
fbem-9286	136	18	and	and	CCONJ
fbem-9286	136	19	institutional	institutional	ADJ
fbem-9286	136	20	investors	investor	NOUN
fbem-9286	136	21	(	(	PUNCT
fbem-9286	136	22	inst	inst	NOUN
fbem-9286	136	23	)	)	PUNCT
fbem-9286	136	24	is	be	AUX
fbem-9286	136	25	positive	positive	ADJ
fbem-9286	136	26	and	and	CCONJ
fbem-9286	136	27	significant	significant	ADJ
fbem-9286	136	28	at	at	ADP
fbem-9286	136	29	the	the	DET
fbem-9286	136	30	level	level	NOUN
fbem-9286	136	31	of	of	ADP
fbem-9286	136	32	1	1	NUM
fbem-9286	136	33	%	%	NOUN
fbem-9286	136	34	.	.	PUNCT
fbem-9286	137	1	it	it	PRON
fbem-9286	137	2	can	can	AUX
fbem-9286	137	3	be	be	AUX
fbem-9286	137	4	preliminarily	preliminarily	ADV
fbem-9286	137	5	proved	prove	VERB
fbem-9286	137	6	that	that	SCONJ
fbem-9286	137	7	institutional	institutional	ADJ
fbem-9286	137	8	investors	investor	NOUN
fbem-9286	137	9	have	have	VERB
fbem-9286	137	10	a	a	DET
fbem-9286	137	11	clear	clear	ADJ
fbem-9286	137	12	preference	preference	NOUN
fbem-9286	137	13	for	for	ADP
fbem-9286	137	14	esg	esg	NOUN
fbem-9286	137	15	performance	performance	NOUN
fbem-9286	137	16	in	in	ADP
fbem-9286	137	17	china	china	PROPN
fbem-9286	137	18	's	's	PART
fbem-9286	137	19	capital	capital	NOUN
fbem-9286	137	20	market	market	NOUN
fbem-9286	137	21	,	,	PUNCT
fbem-9286	137	22	which	which	PRON
fbem-9286	137	23	is	be	AUX
fbem-9286	137	24	consistent	consistent	ADJ
fbem-9286	137	25	with	with	ADP
fbem-9286	137	26	hypothesis	hypothesis	NOUN
fbem-9286	137	27	1	1	NUM
fbem-9286	137	28	.	.	PUNCT
fbem-9286	138	1	as	as	ADP
fbem-9286	138	2	for	for	ADP
fbem-9286	138	3	the	the	DET
fbem-9286	138	4	variables	variable	NOUN
fbem-9286	138	5	affecting	affect	VERB
fbem-9286	138	6	the	the	DET
fbem-9286	138	7	path	path	NOUN
fbem-9286	138	8	and	and	CCONJ
fbem-9286	138	9	the	the	DET
fbem-9286	138	10	specific	specific	ADJ
fbem-9286	138	11	performance	performance	NOUN
fbem-9286	138	12	of	of	ADP
fbem-9286	138	13	their	their	PRON
fbem-9286	138	14	impact	impact	NOUN
fbem-9286	138	15	on	on	ADP
fbem-9286	138	16	institutional	institutional	ADJ
fbem-9286	138	17	investors	investor	NOUN
fbem-9286	138	18	'	'	PART
fbem-9286	138	19	shareholding	shareholding	NOUN
fbem-9286	138	20	,	,	PUNCT
fbem-9286	138	21	we	we	PRON
fbem-9286	138	22	conducted	conduct	VERB
fbem-9286	138	23	further	far	ADV
fbem-9286	138	24	in	in	ADP
fbem-9286	138	25	-	-	PUNCT
fbem-9286	138	26	depth	depth	NOUN
fbem-9286	138	27	research	research	NOUN
fbem-9286	138	28	and	and	CCONJ
fbem-9286	138	29	regression	regression	NOUN
fbem-9286	138	30	test	test	NOUN
fbem-9286	138	31	in	in	ADP
fbem-9286	138	32	the	the	DET
fbem-9286	138	33	following	follow	VERB
fbem-9286	138	34	paper	paper	NOUN
fbem-9286	138	35	.	.	PUNCT
fbem-9286	139	1	table	table	NOUN
fbem-9286	139	2	3	3	NUM
fbem-9286	139	3	.	.	PUNCT
fbem-9286	139	4	correlation	correlation	NOUN
fbem-9286	139	5	coefficients	coefficient	NOUN
fbem-9286	139	6	of	of	ADP
fbem-9286	139	7	major	major	ADJ
fbem-9286	139	8	variables	variable	NOUN
fbem-9286	139	9	variables	variable	NOUN
fbem-9286	139	10	inst	inst	VERB
fbem-9286	139	11	esg	esg	PROPN
fbem-9286	139	12	zscore	zscore	NOUN
fbem-9286	139	13	tobinq	tobinq	PROPN
fbem-9286	139	14	media	medium	NOUN
fbem-9286	139	15	analyst	analyst	NOUN
fbem-9286	139	16	size	size	NOUN
fbem-9286	139	17	roe	roe	PROPN
fbem-9286	139	18	lev	lev	PROPN
fbem-9286	139	19	age	age	PROPN
fbem-9286	139	20	indep	indep	NOUN
fbem-9286	139	21	soe	soe	PROPN
fbem-9286	139	22	inst	inst	PROPN
fbem-9286	139	23	1	1	NUM
fbem-9286	139	24	esg	esg	NOUN
fbem-9286	139	25	0.215	0.215	NUM
fbem-9286	139	26	*	*	PUNCT
fbem-9286	139	27	*	*	PUNCT
fbem-9286	139	28	*	*	SYM
fbem-9286	139	29	1	1	NUM
fbem-9286	139	30	zscore	zscore	NOUN
fbem-9286	139	31	-0.096	-0.096	NOUN
fbem-9286	139	32	*	*	PUNCT
fbem-9286	139	33	*	*	PUNCT
fbem-9286	139	34	*	*	PUNCT
fbem-9286	139	35	0.033	0.033	NUM
fbem-9286	139	36	*	*	PUNCT
fbem-9286	139	37	*	*	PUNCT
fbem-9286	139	38	*	*	SYM
fbem-9286	139	39	1	1	NUM
fbem-9286	139	40	tobinq	tobinq	NOUN
fbem-9286	139	41	-0.063	-0.063	NOUN
fbem-9286	139	42	*	*	PUNCT
fbem-9286	139	43	*	*	PUNCT
fbem-9286	139	44	*	*	PUNCT
fbem-9286	139	45	-0.057	-0.057	PUNCT
fbem-9286	139	46	*	*	PUNCT
fbem-9286	139	47	*	*	PUNCT
fbem-9286	139	48	*	*	PUNCT
fbem-9286	139	49	0.689	0.689	NUM
fbem-9286	139	50	*	*	PUNCT
fbem-9286	139	51	*	*	PUNCT
fbem-9286	139	52	*	*	PUNCT
fbem-9286	139	53	1	1	NUM
fbem-9286	139	54	media	medium	NOUN
fbem-9286	139	55	0.220	0.220	NOUN
fbem-9286	139	56	*	*	PUNCT
fbem-9286	139	57	*	*	PUNCT
fbem-9286	139	58	*	*	PUNCT
fbem-9286	139	59	0.201	0.201	NUM
fbem-9286	139	60	*	*	PUNCT
fbem-9286	139	61	*	*	PUNCT
fbem-9286	139	62	*	*	PUNCT
fbem-9286	139	63	-0.028	-0.028	ADJ
fbem-9286	139	64	*	*	PUNCT
fbem-9286	139	65	*	*	PUNCT
fbem-9286	139	66	*	*	PUNCT
fbem-9286	139	67	0.019	0.019	NUM
fbem-9286	139	68	*	*	PUNCT
fbem-9286	139	69	*	*	PUNCT
fbem-9286	139	70	*	*	SYM
fbem-9286	139	71	1	1	NUM
fbem-9286	139	72	analyst	analyst	NOUN
fbem-9286	139	73	0.208	0.208	NUM
fbem-9286	139	74	*	*	PUNCT
fbem-9286	139	75	*	*	PUNCT
fbem-9286	139	76	*	*	PUNCT
fbem-9286	139	77	0.350	0.350	NUM
fbem-9286	139	78	*	*	PUNCT
fbem-9286	139	79	*	*	PUNCT
fbem-9286	139	80	*	*	PUNCT
fbem-9286	139	81	0.060	0.060	NUM
fbem-9286	139	82	*	*	PUNCT
fbem-9286	139	83	*	*	PUNCT
fbem-9286	139	84	*	*	PUNCT
fbem-9286	139	85	0.054	0.054	NUM
fbem-9286	139	86	*	*	PUNCT
fbem-9286	139	87	*	*	PUNCT
fbem-9286	139	88	*	*	PUNCT
fbem-9286	139	89	0.293	0.293	NUM
fbem-9286	139	90	*	*	PUNCT
fbem-9286	139	91	*	*	PUNCT
fbem-9286	139	92	*	*	SYM
fbem-9286	139	93	1	1	NUM
fbem-9286	139	94	size	size	NOUN
fbem-9286	139	95	0.437	0.437	NUM
fbem-9286	139	96	*	*	PUNCT
fbem-9286	139	97	*	*	PUNCT
fbem-9286	139	98	*	*	PUNCT
fbem-9286	139	99	0.248	0.248	NUM
fbem-9286	139	100	*	*	PUNCT
fbem-9286	139	101	*	*	PUNCT
fbem-9286	139	102	*	*	PUNCT
fbem-9286	139	103	-0.379	-0.379	PROPN
fbem-9286	139	104	*	*	PUNCT
fbem-9286	139	105	*	*	PUNCT
fbem-9286	139	106	*	*	PUNCT
fbem-9286	139	107	-0.388	-0.388	PUNCT
fbem-9286	139	108	*	*	PUNCT
fbem-9286	139	109	*	*	PUNCT
fbem-9286	139	110	*	*	PUNCT
fbem-9286	139	111	0.416	0.416	NUM
fbem-9286	139	112	*	*	PUNCT
fbem-9286	139	113	*	*	PUNCT
fbem-9286	139	114	*	*	PUNCT
fbem-9286	139	115	0.341	0.341	NUM
fbem-9286	139	116	*	*	PUNCT
fbem-9286	139	117	*	*	PUNCT
fbem-9286	139	118	*	*	PUNCT
fbem-9286	139	119	1	1	NUM
fbem-9286	139	120	roe	roe	NOUN
fbem-9286	139	121	0.088	0.088	NUM
fbem-9286	139	122	*	*	PUNCT
fbem-9286	139	123	*	*	PUNCT
fbem-9286	139	124	*	*	PUNCT
fbem-9286	139	125	0.281	0.281	NUM
fbem-9286	139	126	*	*	PUNCT
fbem-9286	139	127	*	*	PUNCT
fbem-9286	139	128	*	*	NOUN
fbem-9286	139	129	0.104	0.104	NUM
fbem-9286	139	130	*	*	PUNCT
fbem-9286	139	131	*	*	PUNCT
fbem-9286	139	132	*	*	PUNCT
fbem-9286	140	1	-0.183	-0.183	PUNCT
fbem-9286	140	2	*	*	PUNCT
fbem-9286	140	3	*	*	PUNCT
fbem-9286	140	4	*	*	PUNCT
fbem-9286	140	5	0.084	0.084	NUM
fbem-9286	140	6	*	*	PUNCT
fbem-9286	140	7	*	*	PUNCT
fbem-9286	140	8	*	*	PUNCT
fbem-9286	140	9	0.300	0.300	NUM
fbem-9286	140	10	*	*	PUNCT
fbem-9286	140	11	*	*	PUNCT
fbem-9286	140	12	*	*	NOUN
fbem-9286	140	13	0.039	0.039	NUM
fbem-9286	140	14	*	*	PUNCT
fbem-9286	140	15	*	*	PUNCT
fbem-9286	140	16	*	*	PUNCT
fbem-9286	140	17	1	1	NUM
fbem-9286	140	18	lev	lev	NOUN
fbem-9286	140	19	0.219	0.219	NUM
fbem-9286	140	20	*	*	PUNCT
fbem-9286	140	21	*	*	PUNCT
fbem-9286	140	22	*	*	PUNCT
fbem-9286	140	23	-0.029	-0.029	NOUN
fbem-9286	140	24	*	*	PUNCT
fbem-9286	140	25	*	*	PUNCT
fbem-9286	140	26	*	*	PUNCT
fbem-9286	141	1	-0.587	-0.587	ADJ
fbem-9286	141	2	*	*	PUNCT
fbem-9286	141	3	*	*	PUNCT
fbem-9286	141	4	*	*	PUNCT
fbem-9286	141	5	-0.246	-0.246	PUNCT
fbem-9286	141	6	*	*	PUNCT
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fbem-9286	141	8	*	*	PUNCT
fbem-9286	141	9	0.171	0.171	NUM
fbem-9286	141	10	*	*	PUNCT
fbem-9286	141	11	*	*	PUNCT
fbem-9286	141	12	*	*	PUNCT
fbem-9286	142	1	-0.035	-0.035	PUNCT
fbem-9286	142	2	*	*	PUNCT
fbem-9286	142	3	*	*	PUNCT
fbem-9286	142	4	*	*	PUNCT
fbem-9286	143	1	0.524	0.524	NUM
fbem-9286	143	2	*	*	PUNCT
fbem-9286	143	3	*	*	PUNCT
fbem-9286	143	4	*	*	PUNCT
fbem-9286	143	5	-0.179	-0.179	NOUN
fbem-9286	143	6	*	*	PUNCT
fbem-9286	143	7	*	*	PUNCT
fbem-9286	143	8	*	*	SYM
fbem-9286	143	9	1	1	NUM
fbem-9286	143	10	age	age	NOUN
fbem-9286	143	11	0.052	0.052	NUM
fbem-9286	143	12	*	*	PUNCT
fbem-9286	143	13	*	*	PUNCT
fbem-9286	143	14	*	*	PUNCT
fbem-9286	143	15	-0.087	-0.087	PUNCT
fbem-9286	143	16	*	*	PUNCT
fbem-9286	143	17	*	*	PUNCT
fbem-9286	143	18	*	*	PUNCT
fbem-9286	143	19	-0.071	-0.071	VERB
fbem-9286	143	20	*	*	PUNCT
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fbem-9286	143	22	*	*	PUNCT
fbem-9286	143	23	-0.00300	-0.00300	NOUN
fbem-9286	143	24	0.00900	0.00900	NUM
fbem-9286	143	25	-0.192	-0.192	PUNCT
fbem-9286	143	26	*	*	PUNCT
fbem-9286	143	27	*	*	PUNCT
fbem-9286	143	28	*	*	PUNCT
fbem-9286	143	29	0.194	0.194	NUM
fbem-9286	143	30	*	*	PUNCT
fbem-9286	143	31	*	*	PUNCT
fbem-9286	143	32	*	*	PUNCT
fbem-9286	143	33	-0.133	-0.133	PUNCT
fbem-9286	143	34	*	*	PUNCT
fbem-9286	143	35	*	*	PUNCT
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fbem-9286	143	38	*	*	PUNCT
fbem-9286	143	39	*	*	PUNCT
fbem-9286	143	40	*	*	SYM
fbem-9286	143	41	1	1	NUM
fbem-9286	143	42	indep	indep	NOUN
fbem-9286	143	43	-0.063	-0.063	NOUN
fbem-9286	143	44	*	*	PUNCT
fbem-9286	143	45	*	*	PUNCT
fbem-9286	143	46	*	*	PUNCT
fbem-9286	143	47	-0.014	-0.014	NOUN
fbem-9286	143	48	*	*	PUNCT
fbem-9286	143	49	*	*	NOUN
fbem-9286	143	50	0.024	0.024	NUM
fbem-9286	143	51	*	*	PUNCT
fbem-9286	143	52	*	*	PUNCT
fbem-9286	143	53	*	*	PUNCT
fbem-9286	143	54	0.040	0.040	NUM
fbem-9286	143	55	*	*	PUNCT
fbem-9286	143	56	*	*	PUNCT
fbem-9286	143	57	*	*	PUNCT
fbem-9286	143	58	0.046	0.046	NUM
fbem-9286	143	59	*	*	PUNCT
fbem-9286	143	60	*	*	PUNCT
fbem-9286	143	61	*	*	PUNCT
fbem-9286	143	62	-0.012	-0.012	PROPN
fbem-9286	143	63	*	*	PROPN
fbem-9286	143	64	*	*	PROPN
fbem-9286	143	65	0.012	0.012	NUM
fbem-9286	143	66	*	*	PUNCT
fbem-9286	143	67	*	*	PUNCT
fbem-9286	143	68	-0.014	-0.014	NOUN
fbem-9286	143	69	*	*	PUNCT
fbem-9286	143	70	*	*	PUNCT
fbem-9286	143	71	-0.00300	-0.00300	NOUN
fbem-9286	143	72	-0.012	-0.012	PROPN
fbem-9286	143	73	*	*	PUNCT
fbem-9286	143	74	*	*	PROPN
fbem-9286	143	75	1	1	NUM
fbem-9286	143	76	soe	soe	PROPN
fbem-9286	143	77	0.420	0.420	NUM
fbem-9286	143	78	*	*	PUNCT
fbem-9286	143	79	*	*	PUNCT
fbem-9286	143	80	*	*	PUNCT
fbem-9286	143	81	0.132	0.132	NUM
fbem-9286	143	82	*	*	PUNCT
fbem-9286	143	83	*	*	PUNCT
fbem-9286	143	84	*	*	PUNCT
fbem-9286	143	85	-0.170	-0.170	PUNCT
fbem-9286	143	86	*	*	PUNCT
fbem-9286	143	87	*	*	PUNCT
fbem-9286	143	88	*	*	PUNCT
fbem-9286	143	89	-0.132	-0.132	PUNCT
fbem-9286	143	90	*	*	PUNCT
fbem-9286	143	91	*	*	PUNCT
fbem-9286	143	92	*	*	PUNCT
fbem-9286	143	93	0.127	0.127	NUM
fbem-9286	143	94	*	*	PUNCT
fbem-9286	143	95	*	*	PUNCT
fbem-9286	143	96	*	*	PUNCT
fbem-9286	143	97	-0.025	-0.025	PROPN
fbem-9286	143	98	*	*	PUNCT
fbem-9286	143	99	*	*	PUNCT
fbem-9286	143	100	*	*	PUNCT
fbem-9286	143	101	0.366	0.366	NUM
fbem-9286	143	102	*	*	PUNCT
fbem-9286	143	103	*	*	PUNCT
fbem-9286	143	104	*	*	PUNCT
fbem-9286	143	105	-0.094	-0.094	PROPN
fbem-9286	143	106	*	*	PUNCT
fbem-9286	143	107	*	*	PUNCT
fbem-9286	143	108	*	*	PUNCT
fbem-9286	143	109	0.311	0.311	NUM
fbem-9286	143	110	*	*	PUNCT
fbem-9286	143	111	*	*	PUNCT
fbem-9286	143	112	*	*	PUNCT
fbem-9286	143	113	0.180	0.180	NUM
fbem-9286	143	114	*	*	PUNCT
fbem-9286	143	115	*	*	PUNCT
fbem-9286	143	116	*	*	PUNCT
fbem-9286	143	117	-0.056	-0.056	PUNCT
fbem-9286	143	118	*	*	PUNCT
fbem-9286	143	119	*	*	PUNCT
fbem-9286	143	120	*	*	PUNCT
fbem-9286	143	121	1	1	NUM
fbem-9286	143	122	*	*	PUNCT
fbem-9286	143	123	*	*	PUNCT
fbem-9286	143	124	*	*	PUNCT
fbem-9286	143	125	p	p	X
fbem-9286	143	126	<	<	X
fbem-9286	143	127	0.01	0.01	NUM
fbem-9286	143	128	,	,	PUNCT
fbem-9286	143	129	*	*	PUNCT
fbem-9286	143	130	*	*	PUNCT
fbem-9286	143	131	p	p	X
fbem-9286	143	132	<	<	X
fbem-9286	143	133	0.05	0.05	NUM
fbem-9286	143	134	,	,	PUNCT
fbem-9286	143	135	*	*	PUNCT
fbem-9286	143	136	p	p	X
fbem-9286	143	137	<	<	X
fbem-9286	143	138	0.1	0.1	NUM
fbem-9286	143	139	4.3	4.3	NUM
fbem-9286	143	140	.	.	PUNCT
fbem-9286	144	1	analysis	analysis	NOUN
fbem-9286	144	2	of	of	ADP
fbem-9286	144	3	regression	regression	NOUN
fbem-9286	144	4	results	result	NOUN
fbem-9286	144	5	4.3.1	4.3.1	VERB
fbem-9286	144	6	.	.	PUNCT
fbem-9286	145	1	the	the	DET
fbem-9286	145	2	impact	impact	NOUN
fbem-9286	145	3	of	of	ADP
fbem-9286	145	4	esg	esg	PROPN
fbem-9286	145	5	performance	performance	NOUN
fbem-9286	145	6	on	on	ADP
fbem-9286	145	7	institutional	institutional	ADJ
fbem-9286	145	8	investors	investor	NOUN
fbem-9286	145	9	'	'	PART
fbem-9286	145	10	shareholding	shareholding	NOUN
fbem-9286	145	11	model	model	NOUN
fbem-9286	145	12	(	(	PUNCT
fbem-9286	145	13	1	1	X
fbem-9286	145	14	)	)	PUNCT
fbem-9286	145	15	tests	test	VERB
fbem-9286	145	16	the	the	DET
fbem-9286	145	17	influence	influence	NOUN
fbem-9286	145	18	of	of	ADP
fbem-9286	145	19	esg	esg	PROPN
fbem-9286	145	20	realization	realization	NOUN
fbem-9286	145	21	on	on	ADP
fbem-9286	145	22	institutional	institutional	ADJ
fbem-9286	145	23	investors	investor	NOUN
fbem-9286	145	24	'	'	PART
fbem-9286	145	25	shareholding	shareholding	NOUN
fbem-9286	145	26	.	.	PUNCT
fbem-9286	146	1	column	column	NOUN
fbem-9286	146	2	(	(	PUNCT
fbem-9286	146	3	1	1	X
fbem-9286	146	4	)	)	PUNCT
fbem-9286	146	5	of	of	ADP
fbem-9286	146	6	table	table	NOUN
fbem-9286	146	7	4	4	NUM
fbem-9286	146	8	shows	show	VERB
fbem-9286	146	9	that	that	SCONJ
fbem-9286	146	10	when	when	SCONJ
fbem-9286	146	11	controlling	control	VERB
fbem-9286	146	12	time	time	NOUN
fbem-9286	146	13	effect	effect	NOUN
fbem-9286	146	14	and	and	CCONJ
fbem-9286	146	15	industry	industry	NOUN
fbem-9286	146	16	effect	effect	NOUN
fbem-9286	146	17	,	,	PUNCT
fbem-9286	146	18	the	the	DET
fbem-9286	146	19	regression	regression	NOUN
fbem-9286	146	20	coefficient	coefficient	NOUN
fbem-9286	146	21	between	between	ADP
fbem-9286	146	22	esg	esg	NOUN
fbem-9286	146	23	performance	performance	NOUN
fbem-9286	146	24	and	and	CCONJ
fbem-9286	146	25	institutional	institutional	ADJ
fbem-9286	146	26	investors	investor	NOUN
fbem-9286	146	27	'	'	PART
fbem-9286	146	28	shareholding	shareholding	NOUN
fbem-9286	146	29	is	be	AUX
fbem-9286	146	30	0.067	0.067	NUM
fbem-9286	146	31	,	,	PUNCT
fbem-9286	146	32	and	and	CCONJ
fbem-9286	146	33	is	be	AUX
fbem-9286	146	34	significantly	significantly	ADV
fbem-9286	146	35	positive	positive	ADJ
fbem-9286	146	36	at	at	ADP
fbem-9286	146	37	the	the	DET
fbem-9286	146	38	1	1	NUM
fbem-9286	146	39	%	%	NOUN
fbem-9286	146	40	level	level	NOUN
fbem-9286	146	41	.	.	PUNCT
fbem-9286	147	1	the	the	DET
fbem-9286	147	2	above	above	ADJ
fbem-9286	147	3	results	result	NOUN
fbem-9286	147	4	indicate	indicate	VERB
fbem-9286	147	5	that	that	SCONJ
fbem-9286	147	6	esg	esg	NOUN
fbem-9286	147	7	performance	performance	NOUN
fbem-9286	147	8	can	can	AUX
fbem-9286	147	9	significantly	significantly	ADV
fbem-9286	147	10	affect	affect	VERB
fbem-9286	147	11	institutional	institutional	ADJ
fbem-9286	147	12	investors	investor	NOUN
fbem-9286	147	13	'	'	PART
fbem-9286	147	14	shareholding	shareholding	NOUN
fbem-9286	147	15	.	.	PUNCT
fbem-9286	148	1	in	in	ADP
fbem-9286	148	2	the	the	DET
fbem-9286	148	3	case	case	NOUN
fbem-9286	148	4	of	of	ADP
fbem-9286	148	5	differences	difference	NOUN
fbem-9286	148	6	in	in	ADP
fbem-9286	148	7	esg	esg	NOUN
fbem-9286	148	8	performance	performance	NOUN
fbem-9286	148	9	,	,	PUNCT
fbem-9286	148	10	the	the	DET
fbem-9286	148	11	shareholding	shareholding	NOUN
fbem-9286	148	12	ratio	ratio	NOUN
fbem-9286	148	13	of	of	ADP
fbem-9286	148	14	institutional	institutional	ADJ
fbem-9286	148	15	investors	investor	NOUN
fbem-9286	148	16	is	be	AUX
fbem-9286	148	17	positively	positively	ADV
fbem-9286	148	18	correlated	correlate	VERB
fbem-9286	148	19	with	with	ADP
fbem-9286	148	20	esg	esg	NOUN
fbem-9286	148	21	performance	performance	NOUN
fbem-9286	148	22	,	,	PUNCT
fbem-9286	148	23	which	which	PRON
fbem-9286	148	24	verifies	verifie	NOUN
fbem-9286	148	25	hypothesis	hypothesis	VERB
fbem-9286	148	26	1	1	NUM
fbem-9286	148	27	.	.	NUM
fbem-9286	148	28	4.3.2	4.3.2	X
fbem-9286	148	29	.	.	PUNCT
fbem-9286	149	1	esg	esg	NOUN
fbem-9286	149	2	performance	performance	NOUN
fbem-9286	149	3	influences	influence	VERB
fbem-9286	149	4	the	the	DET
fbem-9286	149	5	shareholding	shareholding	NOUN
fbem-9286	149	6	of	of	ADP
fbem-9286	149	7	institutional	institutional	ADJ
fbem-9286	149	8	investors	investor	NOUN
fbem-9286	149	9	through	through	ADP
fbem-9286	149	10	internal	internal	ADJ
fbem-9286	149	11	paths	path	NOUN
fbem-9286	149	12	in	in	ADP
fbem-9286	149	13	model	model	NOUN
fbem-9286	149	14	(	(	PUNCT
fbem-9286	149	15	2	2	NUM
fbem-9286	149	16	)	)	PUNCT
fbem-9286	149	17	and	and	CCONJ
fbem-9286	149	18	model	model	NOUN
fbem-9286	149	19	(	(	PUNCT
fbem-9286	149	20	3	3	NUM
fbem-9286	149	21	)	)	PUNCT
fbem-9286	149	22	,	,	PUNCT
fbem-9286	149	23	the	the	DET
fbem-9286	149	24	influence	influence	NOUN
fbem-9286	149	25	of	of	ADP
fbem-9286	149	26	business	business	NOUN
fbem-9286	149	27	risk	risk	NOUN
fbem-9286	149	28	and	and	CCONJ
fbem-9286	149	29	business	business	NOUN
fbem-9286	149	30	value	value	NOUN
fbem-9286	149	31	on	on	ADP
fbem-9286	149	32	institutional	institutional	ADJ
fbem-9286	149	33	investors	investor	NOUN
fbem-9286	149	34	'	'	PART
fbem-9286	149	35	shareholding	shareholding	NOUN
fbem-9286	149	36	is	be	AUX
fbem-9286	149	37	first	first	ADV
fbem-9286	149	38	tested	test	VERB
fbem-9286	149	39	.	.	PUNCT
fbem-9286	150	1	the	the	DET
fbem-9286	150	2	regression	regression	NOUN
fbem-9286	150	3	results	result	VERB
fbem-9286	150	4	in	in	ADP
fbem-9286	150	5	columns	column	NOUN
fbem-9286	150	6	(	(	PUNCT
fbem-9286	150	7	2	2	NUM
fbem-9286	150	8	)	)	PUNCT
fbem-9286	150	9	and	and	CCONJ
fbem-9286	150	10	(	(	PUNCT
fbem-9286	150	11	3	3	X
fbem-9286	150	12	)	)	PUNCT
fbem-9286	150	13	of	of	ADP
fbem-9286	150	14	table	table	NOUN
fbem-9286	150	15	4	4	NUM
fbem-9286	150	16	show	show	VERB
fbem-9286	150	17	that	that	SCONJ
fbem-9286	150	18	the	the	DET
fbem-9286	150	19	correlation	correlation	NOUN
fbem-9286	150	20	coefficient	coefficient	NOUN
fbem-9286	150	21	between	between	ADP
fbem-9286	150	22	business	business	NOUN
fbem-9286	150	23	risk	risk	NOUN
fbem-9286	150	24	and	and	CCONJ
fbem-9286	150	25	institutional	institutional	ADJ
fbem-9286	150	26	investors	investor	NOUN
fbem-9286	150	27	is	be	AUX
fbem-9286	150	28	0.0168	0.0168	NUM
fbem-9286	150	29	,	,	PUNCT
fbem-9286	150	30	and	and	CCONJ
fbem-9286	150	31	that	that	SCONJ
fbem-9286	150	32	between	between	ADP
fbem-9286	150	33	business	business	NOUN
fbem-9286	150	34	value	value	NOUN
fbem-9286	150	35	and	and	CCONJ
fbem-9286	150	36	institutional	institutional	ADJ
fbem-9286	150	37	investors	investor	NOUN
fbem-9286	150	38	is	be	AUX
fbem-9286	150	39	0.00524	0.00524	NUM
fbem-9286	150	40	.	.	PUNCT
fbem-9286	151	1	both	both	PRON
fbem-9286	151	2	of	of	ADP
fbem-9286	151	3	them	they	PRON
fbem-9286	151	4	are	be	AUX
fbem-9286	151	5	significant	significant	ADJ
fbem-9286	151	6	at	at	ADP
fbem-9286	151	7	the	the	DET
fbem-9286	151	8	1	1	NUM
fbem-9286	151	9	%	%	NOUN
fbem-9286	151	10	level	level	NOUN
fbem-9286	151	11	,	,	PUNCT
fbem-9286	151	12	indicating	indicate	VERB
fbem-9286	151	13	that	that	SCONJ
fbem-9286	151	14	the	the	PRON
fbem-9286	151	15	lower	low	ADJ
fbem-9286	151	16	the	the	DET
fbem-9286	151	17	operating	operate	VERB
fbem-9286	151	18	risk	risk	NOUN
fbem-9286	151	19	of	of	ADP
fbem-9286	151	20	an	an	DET
fbem-9286	151	21	enterprise	enterprise	NOUN
fbem-9286	151	22	,	,	PUNCT
fbem-9286	151	23	the	the	PRON
fbem-9286	151	24	higher	high	ADJ
fbem-9286	151	25	the	the	DET
fbem-9286	151	26	enterprise	enterprise	NOUN
fbem-9286	151	27	value	value	NOUN
fbem-9286	151	28	,	,	PUNCT
fbem-9286	151	29	and	and	CCONJ
fbem-9286	151	30	the	the	DET
fbem-9286	151	31	more	more	ADV
fbem-9286	151	32	favored	favor	VERB
fbem-9286	151	33	by	by	ADP
fbem-9286	151	34	institutional	institutional	ADJ
fbem-9286	151	35	investors	investor	NOUN
fbem-9286	151	36	.	.	PUNCT
fbem-9286	152	1	in	in	ADP
fbem-9286	152	2	model	model	NOUN
fbem-9286	152	3	(	(	PUNCT
fbem-9286	152	4	4	4	NUM
fbem-9286	152	5	)	)	PUNCT
fbem-9286	152	6	and	and	CCONJ
fbem-9286	152	7	model	model	NOUN
fbem-9286	152	8	(	(	PUNCT
fbem-9286	152	9	5	5	NUM
fbem-9286	152	10	)	)	PUNCT
fbem-9286	152	11	,	,	PUNCT
fbem-9286	152	12	the	the	DET
fbem-9286	152	13	functional	functional	ADJ
fbem-9286	152	14	mechanism	mechanism	NOUN
fbem-9286	152	15	of	of	ADP
fbem-9286	152	16	enterprise	enterprise	NOUN
fbem-9286	152	17	operating	operating	NOUN
fbem-9286	152	18	risk	risk	NOUN
fbem-9286	152	19	and	and	CCONJ
fbem-9286	152	20	enterprise	enterprise	NOUN
fbem-9286	152	21	value	value	NOUN
fbem-9286	152	22	in	in	ADP
fbem-9286	152	23	the	the	DET
fbem-9286	152	24	influence	influence	NOUN
fbem-9286	152	25	of	of	ADP
fbem-9286	152	26	esg	esg	PROPN
fbem-9286	152	27	performance	performance	NOUN
fbem-9286	152	28	on	on	ADP
fbem-9286	152	29	institutional	institutional	ADJ
fbem-9286	152	30	investors	investor	NOUN
fbem-9286	152	31	is	be	AUX
fbem-9286	152	32	tested	test	VERB
fbem-9286	152	33	.	.	PUNCT
fbem-9286	153	1	the	the	DET
fbem-9286	153	2	regression	regression	NOUN
fbem-9286	153	3	in	in	ADP
fbem-9286	153	4	columns	column	NOUN
fbem-9286	153	5	(	(	PUNCT
fbem-9286	153	6	4	4	NUM
fbem-9286	153	7	)	)	PUNCT
fbem-9286	153	8	and	and	CCONJ
fbem-9286	153	9	(	(	PUNCT
fbem-9286	153	10	5	5	NUM
fbem-9286	153	11	)	)	PUNCT
fbem-9286	153	12	of	of	ADP
fbem-9286	153	13	table	table	NOUN
fbem-9286	153	14	4	4	NUM
fbem-9286	153	15	shows	show	VERB
fbem-9286	153	16	that	that	SCONJ
fbem-9286	153	17	esg	esg	NOUN
fbem-9286	153	18	performance	performance	NOUN
fbem-9286	153	19	changes	change	NOUN
fbem-9286	153	20	in	in	ADP
fbem-9286	153	21	the	the	DET
fbem-9286	153	22	same	same	ADJ
fbem-9286	153	23	direction	direction	NOUN
fbem-9286	153	24	as	as	ADP
fbem-9286	153	25	enterprise	enterprise	NOUN
fbem-9286	153	26	value	value	NOUN
fbem-9286	153	27	,	,	PUNCT
fbem-9286	153	28	but	but	CCONJ
fbem-9286	153	29	in	in	ADP
fbem-9286	153	30	the	the	DET
fbem-9286	153	31	opposite	opposite	ADJ
fbem-9286	153	32	direction	direction	NOUN
fbem-9286	153	33	with	with	ADP
fbem-9286	153	34	enterprise	enterprise	NOUN
fbem-9286	153	35	operating	operating	NOUN
fbem-9286	153	36	risk	risk	NOUN
fbem-9286	153	37	.	.	PUNCT
fbem-9286	154	1	higher	high	ADJ
fbem-9286	154	2	esg	esg	PROPN
fbem-9286	154	3	performance	performance	NOUN
fbem-9286	154	4	reflects	reflect	VERB
fbem-9286	154	5	higher	high	ADJ
fbem-9286	154	6	enterprise	enterprise	NOUN
fbem-9286	154	7	value	value	NOUN
fbem-9286	154	8	and	and	CCONJ
fbem-9286	154	9	lower	low	ADJ
fbem-9286	154	10	operating	operating	NOUN
fbem-9286	154	11	risk	risk	NOUN
fbem-9286	154	12	of	of	ADP
fbem-9286	154	13	the	the	DET
fbem-9286	154	14	investee	investee	NOUN
fbem-9286	154	15	,	,	PUNCT
fbem-9286	154	16	which	which	PRON
fbem-9286	154	17	means	mean	VERB
fbem-9286	154	18	that	that	SCONJ
fbem-9286	154	19	institutional	institutional	ADJ
fbem-9286	154	20	investors	investor	NOUN
fbem-9286	154	21	can	can	AUX
fbem-9286	154	22	identify	identify	VERB
fbem-9286	154	23	enterprises	enterprise	NOUN
fbem-9286	154	24	with	with	ADP
fbem-9286	154	25	good	good	ADJ
fbem-9286	154	26	internal	internal	ADJ
fbem-9286	154	27	control	control	NOUN
fbem-9286	154	28	and	and	CCONJ
fbem-9286	154	29	organizational	organizational	ADJ
fbem-9286	154	30	structure	structure	NOUN
fbem-9286	154	31	by	by	ADP
fbem-9286	154	32	referring	refer	VERB
fbem-9286	154	33	to	to	ADP
fbem-9286	154	34	esg	esg	NOUN
fbem-9286	154	35	performance	performance	NOUN
fbem-9286	154	36	,	,	PUNCT
fbem-9286	154	37	which	which	PRON
fbem-9286	154	38	is	be	AUX
fbem-9286	154	39	in	in	ADP
fbem-9286	154	40	line	line	NOUN
fbem-9286	154	41	with	with	ADP
fbem-9286	154	42	the	the	DET
fbem-9286	154	43	interests	interest	NOUN
fbem-9286	154	44	of	of	ADP
fbem-9286	154	45	institutional	institutional	ADJ
fbem-9286	154	46	investors	investor	NOUN
fbem-9286	154	47	in	in	ADP
fbem-9286	154	48	holding	hold	VERB
fbem-9286	154	49	shares	share	NOUN
fbem-9286	154	50	for	for	ADP
fbem-9286	154	51	a	a	DET
fbem-9286	154	52	long	long	ADJ
fbem-9286	154	53	time	time	NOUN
fbem-9286	154	54	and	and	CCONJ
fbem-9286	154	55	can	can	AUX
fbem-9286	154	56	also	also	ADV
fbem-9286	154	57	reduce	reduce	VERB
fbem-9286	154	58	the	the	DET
fbem-9286	154	59	risk	risk	NOUN
fbem-9286	154	60	of	of	ADP
fbem-9286	154	61	enterprises	enterprise	NOUN
fbem-9286	154	62	affecting	affect	VERB
fbem-9286	154	63	sustainable	sustainable	ADJ
fbem-9286	154	64	operation	operation	NOUN
fbem-9286	154	65	in	in	ADP
fbem-9286	154	66	the	the	DET
fbem-9286	154	67	process	process	NOUN
fbem-9286	154	68	of	of	ADP
fbem-9286	154	69	holding	hold	VERB
fbem-9286	154	70	shares	share	NOUN
fbem-9286	154	71	.	.	PUNCT
fbem-9286	155	1	so	so	ADV
fbem-9286	155	2	we	we	PRON
fbem-9286	155	3	have	have	VERB
fbem-9286	155	4	h1a	h1a	NOUN
fbem-9286	155	5	and	and	CCONJ
fbem-9286	155	6	h1b	h1b	NOUN
fbem-9286	155	7	.	.	PUNCT
fbem-9286	156	1	228	228	NUM
fbem-9286	156	2	table	table	NOUN
fbem-9286	156	3	4	4	NUM
fbem-9286	156	4	.	.	PUNCT
fbem-9286	156	5	estimated	estimate	VERB
fbem-9286	156	6	results	result	NOUN
fbem-9286	156	7	of	of	ADP
fbem-9286	156	8	internal	internal	ADJ
fbem-9286	156	9	path	path	NOUN
fbem-9286	156	10	regression	regression	NOUN
fbem-9286	156	11	model	model	NOUN
fbem-9286	156	12	variables	variable	NOUN
fbem-9286	156	13	(	(	PUNCT
fbem-9286	156	14	1	1	NUM
fbem-9286	156	15	)	)	PUNCT
fbem-9286	156	16	(	(	PUNCT
fbem-9286	156	17	2	2	NUM
fbem-9286	156	18	)	)	PUNCT
fbem-9286	156	19	(	(	PUNCT
fbem-9286	156	20	3	3	X
fbem-9286	156	21	)	)	PUNCT
fbem-9286	156	22	(	(	PUNCT
fbem-9286	156	23	4	4	NUM
fbem-9286	156	24	)	)	PUNCT
fbem-9286	156	25	(	(	PUNCT
fbem-9286	156	26	5	5	X
fbem-9286	156	27	)	)	PUNCT
fbem-9286	156	28	inst	inst	NOUN
fbem-9286	156	29	zscore	zscore	NOUN
fbem-9286	156	30	tobinq	tobinq	PROPN
fbem-9286	156	31	inst	inst	PROPN
fbem-9286	156	32	inst	inst	NOUN
fbem-9286	156	33	esg	esg	PROPN
fbem-9286	156	34	0.0670	0.0670	NUM
fbem-9286	156	35	*	*	PUNCT
fbem-9286	156	36	*	*	PUNCT
fbem-9286	156	37	*	*	PUNCT
fbem-9286	156	38	0.0168	0.0168	NUM
fbem-9286	156	39	*	*	PUNCT
fbem-9286	156	40	*	*	PUNCT
fbem-9286	156	41	*	*	PUNCT
fbem-9286	156	42	0.00524	0.00524	PUNCT
fbem-9286	156	43	*	*	PUNCT
fbem-9286	156	44	*	*	PUNCT
fbem-9286	156	45	*	*	PUNCT
fbem-9286	156	46	0.0614	0.0614	NUM
fbem-9286	156	47	*	*	PUNCT
fbem-9286	156	48	*	*	PUNCT
fbem-9286	156	49	*	*	PUNCT
fbem-9286	156	50	0.0533	0.0533	NUM
fbem-9286	156	51	*	*	PUNCT
fbem-9286	156	52	*	*	PUNCT
fbem-9286	156	53	*	*	PUNCT
fbem-9286	156	54	(	(	PUNCT
fbem-9286	156	55	6.79	6.79	NUM
fbem-9286	156	56	)	)	PUNCT
fbem-9286	156	57	(	(	PUNCT
fbem-9286	156	58	8.03	8.03	NUM
fbem-9286	156	59	)	)	PUNCT
fbem-9286	156	60	(	(	PUNCT
fbem-9286	156	61	9.91	9.91	NUM
fbem-9286	156	62	)	)	PUNCT
fbem-9286	156	63	(	(	PUNCT
fbem-9286	156	64	6.23	6.23	NUM
fbem-9286	156	65	)	)	PUNCT
fbem-9286	156	66	(	(	PUNCT
fbem-9286	156	67	5.44	5.44	NUM
fbem-9286	156	68	)	)	PUNCT
fbem-9286	156	69	zscore	zscore	NOUN
fbem-9286	156	70	0.339	0.339	NUM
fbem-9286	156	71	*	*	PUNCT
fbem-9286	156	72	*	*	PUNCT
fbem-9286	156	73	*	*	PUNCT
fbem-9286	156	74	(	(	PUNCT
fbem-9286	156	75	11.36	11.36	NUM
fbem-9286	156	76	)	)	PUNCT
fbem-9286	156	77	tobinq	tobinq	NOUN
fbem-9286	156	78	2.508	2.508	NUM
fbem-9286	156	79	*	*	NOUN
fbem-9286	156	80	*	*	PUNCT
fbem-9286	156	81	*	*	PUNCT
fbem-9286	156	82	(	(	PUNCT
fbem-9286	156	83	20.57	20.57	NUM
fbem-9286	156	84	)	)	PUNCT
fbem-9286	156	85	size	size	NOUN
fbem-9286	156	86	6.514	6.514	NUM
fbem-9286	156	87	*	*	PUNCT
fbem-9286	156	88	*	*	PUNCT
fbem-9286	156	89	*	*	PUNCT
fbem-9286	156	90	-0.616	-0.616	PUNCT
fbem-9286	156	91	*	*	PUNCT
fbem-9286	156	92	*	*	PUNCT
fbem-9286	156	93	*	*	PUNCT
fbem-9286	156	94	-0.424	-0.424	PROPN
fbem-9286	156	95	*	*	PUNCT
fbem-9286	156	96	*	*	PUNCT
fbem-9286	156	97	*	*	PUNCT
fbem-9286	156	98	6.729	6.729	NUM
fbem-9286	156	99	*	*	PUNCT
fbem-9286	156	100	*	*	PUNCT
fbem-9286	156	101	*	*	PUNCT
fbem-9286	156	102	7.584	7.584	NUM
fbem-9286	156	103	*	*	PUNCT
fbem-9286	156	104	*	*	PUNCT
fbem-9286	156	105	*	*	PUNCT
fbem-9286	156	106	(	(	PUNCT
fbem-9286	156	107	46.40	46.40	NUM
fbem-9286	156	108	)	)	PUNCT
fbem-9286	156	109	(	(	PUNCT
fbem-9286	156	110	-21.80	-21.80	INTJ
fbem-9286	156	111	)	)	PUNCT
fbem-9286	156	112	(	(	PUNCT
fbem-9286	156	113	-59.46	-59.46	PROPN
fbem-9286	156	114	)	)	PUNCT
fbem-9286	156	115	(	(	PUNCT
fbem-9286	156	116	47.63	47.63	NUM
fbem-9286	156	117	)	)	PUNCT
fbem-9286	156	118	(	(	PUNCT
fbem-9286	156	119	51.05	51.05	NUM
fbem-9286	156	120	)	)	PUNCT
fbem-9286	156	121	roe	roe	NOUN
fbem-9286	156	122	64.56	64.56	NUM
fbem-9286	156	123	*	*	PUNCT
fbem-9286	156	124	*	*	PUNCT
fbem-9286	156	125	*	*	PUNCT
fbem-9286	156	126	3.531	3.531	NUM
fbem-9286	156	127	*	*	NOUN
fbem-9286	156	128	*	*	PUNCT
fbem-9286	156	129	*	*	PUNCT
fbem-9286	156	130	0.907	0.907	NUM
fbem-9286	156	131	*	*	PUNCT
fbem-9286	156	132	*	*	PUNCT
fbem-9286	156	133	*	*	PUNCT
fbem-9286	156	134	63.19	63.19	NUM
fbem-9286	156	135	*	*	PUNCT
fbem-9286	156	136	*	*	PUNCT
fbem-9286	156	137	*	*	PUNCT
fbem-9286	156	138	61.90	61.90	NUM
fbem-9286	156	139	*	*	PUNCT
fbem-9286	156	140	*	*	PUNCT
fbem-9286	156	141	*	*	PUNCT
fbem-9286	156	142	(	(	PUNCT
fbem-9286	156	143	13.16	13.16	NUM
fbem-9286	156	144	)	)	PUNCT
fbem-9286	156	145	(	(	PUNCT
fbem-9286	156	146	3.60	3.60	NUM
fbem-9286	156	147	)	)	PUNCT
fbem-9286	156	148	(	(	PUNCT
fbem-9286	156	149	3.67	3.67	NUM
fbem-9286	156	150	)	)	PUNCT
fbem-9286	156	151	(	(	PUNCT
fbem-9286	156	152	12.91	12.91	NUM
fbem-9286	156	153	)	)	PUNCT
fbem-9286	156	154	(	(	PUNCT
fbem-9286	156	155	12.73	12.73	NUM
fbem-9286	156	156	)	)	PUNCT
fbem-9286	156	157	lev	lev	NOUN
fbem-9286	156	158	-1.765	-1.765	PROPN
fbem-9286	156	159	*	*	PUNCT
fbem-9286	156	160	*	*	PUNCT
fbem-9286	156	161	-15.18	-15.18	PUNCT
fbem-9286	156	162	*	*	PUNCT
fbem-9286	156	163	*	*	PUNCT
fbem-9286	156	164	*	*	PUNCT
fbem-9286	156	165	-0.234	-0.234	PUNCT
fbem-9286	156	166	*	*	PUNCT
fbem-9286	156	167	*	*	PUNCT
fbem-9286	156	168	*	*	PUNCT
fbem-9286	156	169	3.370	3.370	NUM
fbem-9286	156	170	*	*	PUNCT
fbem-9286	156	171	*	*	PUNCT
fbem-9286	156	172	*	*	PUNCT
fbem-9286	156	173	-1.134	-1.134	PUNCT
fbem-9286	156	174	(	(	PUNCT
fbem-9286	156	175	-2.11	-2.11	NUM
fbem-9286	156	176	)	)	PUNCT
fbem-9286	156	177	(	(	PUNCT
fbem-9286	156	178	-90.52	-90.52	NOUN
fbem-9286	156	179	)	)	PUNCT
fbem-9286	156	180	(	(	PUNCT
fbem-9286	156	181	-5.54	-5.54	NUM
fbem-9286	156	182	)	)	PUNCT
fbem-9286	156	183	(	(	PUNCT
fbem-9286	156	184	3.56	3.56	NUM
fbem-9286	156	185	)	)	PUNCT
fbem-9286	156	186	(	(	PUNCT
fbem-9286	156	187	-1.37	-1.37	NOUN
fbem-9286	156	188	)	)	PUNCT
fbem-9286	156	189	age	age	NOUN
fbem-9286	156	190	0.0151	0.0151	NUM
fbem-9286	156	191	0.965	0.965	NUM
fbem-9286	156	192	*	*	PUNCT
fbem-9286	156	193	*	*	PUNCT
fbem-9286	156	194	*	*	PUNCT
fbem-9286	156	195	0.255	0.255	NUM
fbem-9286	156	196	*	*	PUNCT
fbem-9286	156	197	*	*	PUNCT
fbem-9286	156	198	*	*	PUNCT
fbem-9286	156	199	-0.323	-0.323	ADJ
fbem-9286	156	200	-0.624	-0.624	X
fbem-9286	156	201	(	(	PUNCT
fbem-9286	156	202	0.04	0.04	NUM
fbem-9286	156	203	)	)	PUNCT
fbem-9286	156	204	(	(	PUNCT
fbem-9286	156	205	11.36	11.36	NUM
fbem-9286	156	206	)	)	PUNCT
fbem-9286	156	207	(	(	PUNCT
fbem-9286	156	208	11.94	11.94	NUM
fbem-9286	156	209	)	)	PUNCT
fbem-9286	156	210	(	(	PUNCT
fbem-9286	156	211	-0.79	-0.79	X
fbem-9286	156	212	)	)	PUNCT
fbem-9286	156	213	(	(	PUNCT
fbem-9286	156	214	-1.53	-1.53	X
fbem-9286	156	215	)	)	PUNCT
fbem-9286	156	216	indep	indep	NOUN
fbem-9286	156	217	-16.08	-16.08	PROPN
fbem-9286	156	218	*	*	PUNCT
fbem-9286	156	219	*	*	PUNCT
fbem-9286	156	220	*	*	PUNCT
fbem-9286	156	221	2.803	2.803	NUM
fbem-9286	156	222	*	*	PUNCT
fbem-9286	156	223	*	*	PUNCT
fbem-9286	156	224	*	*	PUNCT
fbem-9286	156	225	1.114	1.114	NUM
fbem-9286	156	226	*	*	PUNCT
fbem-9286	156	227	*	*	PUNCT
fbem-9286	156	228	*	*	PUNCT
fbem-9286	156	229	-17.02	-17.02	PUNCT
fbem-9286	156	230	*	*	PUNCT
fbem-9286	156	231	*	*	PUNCT
fbem-9286	156	232	*	*	PUNCT
fbem-9286	156	233	-18.92	-18.92	PROPN
fbem-9286	156	234	*	*	PUNCT
fbem-9286	156	235	*	*	PUNCT
fbem-9286	156	236	*	*	PUNCT
fbem-9286	156	237	(	(	PUNCT
fbem-9286	156	238	-6.38	-6.38	NOUN
fbem-9286	156	239	)	)	PUNCT
fbem-9286	156	240	(	(	PUNCT
fbem-9286	156	241	5.46	5.46	NUM
fbem-9286	156	242	)	)	PUNCT
fbem-9286	156	243	(	(	PUNCT
fbem-9286	156	244	8.61	8.61	NUM
fbem-9286	156	245	)	)	PUNCT
fbem-9286	156	246	(	(	PUNCT
fbem-9286	156	247	-6.76	-6.76	NUM
fbem-9286	156	248	)	)	PUNCT
fbem-9286	156	249	(	(	PUNCT
fbem-9286	156	250	-7.56	-7.56	NUM
fbem-9286	156	251	)	)	PUNCT
fbem-9286	156	252	soe	soe	PROPN
fbem-9286	156	253	15.70	15.70	NUM
fbem-9286	156	254	*	*	PUNCT
fbem-9286	156	255	*	*	PUNCT
fbem-9286	156	256	*	*	PUNCT
fbem-9286	156	257	0.317	0.317	NUM
fbem-9286	156	258	*	*	PUNCT
fbem-9286	156	259	*	*	PUNCT
fbem-9286	156	260	*	*	PUNCT
fbem-9286	156	261	0.0483	0.0483	NUM
fbem-9286	156	262	*	*	PUNCT
fbem-9286	156	263	*	*	PUNCT
fbem-9286	156	264	*	*	PUNCT
fbem-9286	156	265	15.58	15.58	NUM
fbem-9286	156	266	*	*	PUNCT
fbem-9286	156	267	*	*	PUNCT
fbem-9286	156	268	*	*	PUNCT
fbem-9286	156	269	15.52	15.52	NUM
fbem-9286	156	270	*	*	PUNCT
fbem-9286	156	271	*	*	PUNCT
fbem-9286	156	272	*	*	PUNCT
fbem-9286	156	273	(	(	PUNCT
fbem-9286	156	274	49.80	49.80	NUM
fbem-9286	156	275	)	)	PUNCT
fbem-9286	156	276	(	(	PUNCT
fbem-9286	156	277	4.90	4.90	NUM
fbem-9286	156	278	)	)	PUNCT
fbem-9286	156	279	(	(	PUNCT
fbem-9286	156	280	2.96	2.96	NUM
fbem-9286	156	281	)	)	PUNCT
fbem-9286	156	282	(	(	PUNCT
fbem-9286	156	283	49.54	49.54	NUM
fbem-9286	156	284	)	)	PUNCT
fbem-9286	156	285	(	(	PUNCT
fbem-9286	156	286	49.66	49.66	NUM
fbem-9286	156	287	)	)	PUNCT
fbem-9286	156	288	cons	con	NOUN
fbem-9286	156	289	-102.4	-102.4	NOUN
fbem-9286	156	290	*	*	PUNCT
fbem-9286	156	291	*	*	PUNCT
fbem-9286	156	292	*	*	PUNCT
fbem-9286	156	293	20.68	20.68	NUM
fbem-9286	156	294	*	*	PUNCT
fbem-9286	156	295	*	*	PUNCT
fbem-9286	156	296	*	*	PUNCT
fbem-9286	156	297	10.23	10.23	NUM
fbem-9286	156	298	*	*	PUNCT
fbem-9286	156	299	*	*	PUNCT
fbem-9286	156	300	*	*	PUNCT
fbem-9286	156	301	-109.5	-109.5	NOUN
fbem-9286	156	302	*	*	PUNCT
fbem-9286	156	303	*	*	PUNCT
fbem-9286	156	304	*	*	PUNCT
fbem-9286	156	305	-128.1	-128.1	PROPN
fbem-9286	156	306	*	*	PUNCT
fbem-9286	156	307	*	*	PUNCT
fbem-9286	156	308	*	*	PUNCT
fbem-9286	156	309	(	(	PUNCT
fbem-9286	156	310	-32.04	-32.04	NOUN
fbem-9286	156	311	)	)	PUNCT
fbem-9286	156	312	(	(	PUNCT
fbem-9286	156	313	31.89	31.89	NUM
fbem-9286	156	314	)	)	PUNCT
fbem-9286	156	315	(	(	PUNCT
fbem-9286	156	316	62.56	62.56	NUM
fbem-9286	156	317	)	)	PUNCT
fbem-9286	156	318	(	(	PUNCT
fbem-9286	156	319	-33.71	-33.71	PROPN
fbem-9286	156	320	)	)	PUNCT
fbem-9286	156	321	(	(	PUNCT
fbem-9286	156	322	-37.62	-37.62	PROPN
fbem-9286	156	323	)	)	PUNCT
fbem-9286	156	324	n	n	CCONJ
fbem-9286	156	325	23706	23706	NUM
fbem-9286	156	326	23706	23706	NUM
fbem-9286	156	327	23706	23706	NUM
fbem-9286	156	328	23706	23706	NUM
fbem-9286	156	329	23706	23706	NUM
fbem-9286	156	330	industry	industry	NOUN
fbem-9286	156	331	fxed	fxe	VERB
fbem-9286	156	332	effect	effect	NOUN
fbem-9286	157	1	yes	yes	INTJ
fbem-9286	157	2	yes	yes	INTJ
fbem-9286	158	1	yes	yes	INTJ
fbem-9286	159	1	yes	yes	INTJ
fbem-9286	160	1	yes	yes	INTJ
fbem-9286	160	2	year	year	NOUN
fbem-9286	160	3	fxed	fxe	VERB
fbem-9286	160	4	effect	effect	NOUN
fbem-9286	161	1	yes	yes	INTJ
fbem-9286	161	2	yes	yes	INTJ
fbem-9286	162	1	yes	yes	INTJ
fbem-9286	163	1	yes	yes	INTJ
fbem-9286	164	1	yes	yes	INTJ
fbem-9286	164	2	adj	adj	INTJ
fbem-9286	164	3	.	.	PUNCT
fbem-9286	165	1	r²	r²	VERB
fbem-9286	165	2	0.3059	0.3059	NUM
fbem-9286	165	3	0.3880	0.3880	NUM
fbem-9286	165	4	0.2581	0.2581	NUM
fbem-9286	165	5	0.3096	0.3096	NUM
fbem-9286	165	6	0.3180	0.3180	NUM
fbem-9286	165	7	robust	robust	ADJ
fbem-9286	165	8	t	t	NOUN
fbem-9286	165	9	-	-	PUNCT
fbem-9286	165	10	statistics	statistic	NOUN
fbem-9286	165	11	in	in	ADP
fbem-9286	165	12	parentheses	parenthesis	NOUN
fbem-9286	165	13	;	;	PUNCT
fbem-9286	165	14	*	*	PUNCT
fbem-9286	165	15	*	*	PUNCT
fbem-9286	165	16	*	*	PUNCT
fbem-9286	165	17	p	p	X
fbem-9286	165	18	<	<	X
fbem-9286	165	19	0.01	0.01	NUM
fbem-9286	165	20	,	,	PUNCT
fbem-9286	165	21	*	*	PUNCT
fbem-9286	165	22	*	*	PUNCT
fbem-9286	165	23	p	p	X
fbem-9286	165	24	<	<	X
fbem-9286	165	25	0.05	0.05	NUM
fbem-9286	165	26	,	,	PUNCT
fbem-9286	165	27	*	*	PUNCT
fbem-9286	165	28	p	p	X
fbem-9286	165	29	<	<	X
fbem-9286	165	30	0.1	0.1	NUM
fbem-9286	165	31	table	table	NOUN
fbem-9286	165	32	5	5	NUM
fbem-9286	165	33	.	.	PUNCT
fbem-9286	165	34	estimated	estimate	VERB
fbem-9286	165	35	results	result	NOUN
fbem-9286	165	36	of	of	ADP
fbem-9286	165	37	external	external	ADJ
fbem-9286	165	38	path	path	NOUN
fbem-9286	165	39	regression	regression	NOUN
fbem-9286	165	40	model	model	NOUN
fbem-9286	165	41	variables	variable	NOUN
fbem-9286	165	42	(	(	PUNCT
fbem-9286	165	43	1	1	NUM
fbem-9286	165	44	)	)	PUNCT
fbem-9286	165	45	(	(	PUNCT
fbem-9286	165	46	2	2	NUM
fbem-9286	165	47	)	)	PUNCT
fbem-9286	165	48	(	(	PUNCT
fbem-9286	165	49	3	3	X
fbem-9286	165	50	)	)	PUNCT
fbem-9286	165	51	(	(	PUNCT
fbem-9286	165	52	4	4	NUM
fbem-9286	165	53	)	)	PUNCT
fbem-9286	165	54	(	(	PUNCT
fbem-9286	165	55	5	5	X
fbem-9286	165	56	)	)	PUNCT
fbem-9286	165	57	inst	inst	NOUN
fbem-9286	165	58	media	medium	NOUN
fbem-9286	165	59	analyst	analyst	NOUN
fbem-9286	165	60	inst	inst	NOUN
fbem-9286	165	61	inst	inst	PROPN
fbem-9286	165	62	esg	esg	PROPN
fbem-9286	165	63	0.0670	0.0670	NUM
fbem-9286	165	64	*	*	PUNCT
fbem-9286	165	65	*	*	PUNCT
fbem-9286	165	66	*	*	PUNCT
fbem-9286	165	67	0.00204	0.00204	NUM
fbem-9286	165	68	*	*	PUNCT
fbem-9286	165	69	*	*	PUNCT
fbem-9286	165	70	*	*	PUNCT
fbem-9286	165	71	0.0107	0.0107	NUM
fbem-9286	165	72	*	*	PUNCT
fbem-9286	165	73	*	*	PUNCT
fbem-9286	165	74	*	*	PUNCT
fbem-9286	166	1	0.0640	0.0640	NUM
fbem-9286	166	2	*	*	PUNCT
fbem-9286	166	3	*	*	PUNCT
fbem-9286	166	4	*	*	PUNCT
fbem-9286	167	1	0.0599	0.0599	NUM
fbem-9286	167	2	*	*	PUNCT
fbem-9286	167	3	*	*	PUNCT
fbem-9286	167	4	*	*	PUNCT
fbem-9286	167	5	(	(	PUNCT
fbem-9286	167	6	6.79	6.79	NUM
fbem-9286	167	7	)	)	PUNCT
fbem-9286	167	8	(	(	PUNCT
fbem-9286	167	9	8.61	8.61	NUM
fbem-9286	167	10	)	)	PUNCT
fbem-9286	167	11	(	(	PUNCT
fbem-9286	167	12	24.61	24.61	NUM
fbem-9286	167	13	)	)	PUNCT
fbem-9286	167	14	(	(	PUNCT
fbem-9286	167	15	6.47	6.47	NUM
fbem-9286	167	16	)	)	PUNCT
fbem-9286	167	17	(	(	PUNCT
fbem-9286	167	18	6.01	6.01	NUM
fbem-9286	167	19	)	)	PUNCT
fbem-9286	167	20	media	medium	NOUN
fbem-9286	167	21	1.361	1.361	NUM
fbem-9286	167	22	*	*	PUNCT
fbem-9286	167	23	*	*	PUNCT
fbem-9286	167	24	*	*	PUNCT
fbem-9286	167	25	(	(	PUNCT
fbem-9286	167	26	5.30	5.30	NUM
fbem-9286	167	27	)	)	PUNCT
fbem-9286	167	28	analyst	analyst	NOUN
fbem-9286	167	29	0.709	0.709	NUM
fbem-9286	167	30	*	*	PUNCT
fbem-9286	167	31	*	*	PUNCT
fbem-9286	167	32	*	*	PUNCT
fbem-9286	167	33	(	(	PUNCT
fbem-9286	167	34	5.01	5.01	NUM
fbem-9286	167	35	)	)	PUNCT
fbem-9286	167	36	size	size	NOUN
fbem-9286	167	37	6.514	6.514	NUM
fbem-9286	167	38	*	*	PUNCT
fbem-9286	167	39	*	*	PUNCT
fbem-9286	167	40	*	*	PUNCT
fbem-9286	167	41	0.202	0.202	NUM
fbem-9286	167	42	*	*	PUNCT
fbem-9286	167	43	*	*	PUNCT
fbem-9286	167	44	*	*	PUNCT
fbem-9286	167	45	0.467	0.467	NUM
fbem-9286	167	46	*	*	PUNCT
fbem-9286	167	47	*	*	PUNCT
fbem-9286	167	48	*	*	PUNCT
fbem-9286	168	1	6.227	6.227	NUM
fbem-9286	168	2	*	*	PUNCT
fbem-9286	168	3	*	*	PUNCT
fbem-9286	168	4	*	*	PUNCT
fbem-9286	168	5	6.190	6.190	NUM
fbem-9286	168	6	*	*	PUNCT
fbem-9286	168	7	*	*	PUNCT
fbem-9286	168	8	*	*	PUNCT
fbem-9286	168	9	(	(	PUNCT
fbem-9286	168	10	46.40	46.40	NUM
fbem-9286	168	11	)	)	PUNCT
fbem-9286	168	12	(	(	PUNCT
fbem-9286	168	13	63.07	63.07	NUM
fbem-9286	168	14	)	)	PUNCT
fbem-9286	168	15	(	(	PUNCT
fbem-9286	168	16	79.63	79.63	NUM
fbem-9286	168	17	)	)	PUNCT
fbem-9286	168	18	(	(	PUNCT
fbem-9286	168	19	41.41	41.41	NUM
fbem-9286	168	20	)	)	PUNCT
fbem-9286	168	21	(	(	PUNCT
fbem-9286	168	22	40.06	40.06	NUM
fbem-9286	168	23	)	)	PUNCT
fbem-9286	168	24	roe	roe	NOUN
fbem-9286	168	25	64.56	64.56	NUM
fbem-9286	168	26	*	*	PUNCT
fbem-9286	168	27	*	*	PUNCT
fbem-9286	168	28	*	*	PUNCT
fbem-9286	168	29	0.842	0.842	NUM
fbem-9286	168	30	*	*	PUNCT
fbem-9286	168	31	*	*	PUNCT
fbem-9286	168	32	*	*	PUNCT
fbem-9286	168	33	6.044	6.044	NUM
fbem-9286	168	34	*	*	PUNCT
fbem-9286	168	35	*	*	PUNCT
fbem-9286	168	36	*	*	PUNCT
fbem-9286	168	37	63.05	63.05	NUM
fbem-9286	168	38	*	*	PUNCT
fbem-9286	168	39	*	*	PUNCT
fbem-9286	168	40	*	*	PUNCT
fbem-9286	168	41	59.65	59.65	NUM
fbem-9286	168	42	*	*	PUNCT
fbem-9286	168	43	*	*	PUNCT
fbem-9286	168	44	*	*	PUNCT
fbem-9286	168	45	(	(	PUNCT
fbem-9286	168	46	13.16	13.16	NUM
fbem-9286	168	47	)	)	PUNCT
fbem-9286	168	48	(	(	PUNCT
fbem-9286	168	49	7.59	7.59	NUM
fbem-9286	168	50	)	)	PUNCT
fbem-9286	168	51	(	(	PUNCT
fbem-9286	168	52	29.72	29.72	NUM
fbem-9286	168	53	)	)	PUNCT
fbem-9286	168	54	(	(	PUNCT
fbem-9286	168	55	12.84	12.84	NUM
fbem-9286	168	56	)	)	PUNCT
fbem-9286	168	57	(	(	PUNCT
fbem-9286	168	58	11.93	11.93	NUM
fbem-9286	168	59	)	)	PUNCT
fbem-9286	168	60	lev	lev	NOUN
fbem-9286	168	61	-1.765	-1.765	PROPN
fbem-9286	168	62	*	*	PUNCT
fbem-9286	168	63	*	*	PUNCT
fbem-9286	168	64	-0.121	-0.121	PUNCT
fbem-9286	168	65	*	*	PUNCT
fbem-9286	168	66	*	*	PUNCT
fbem-9286	168	67	*	*	PUNCT
fbem-9286	168	68	-1.044	-1.044	PUNCT
fbem-9286	168	69	*	*	PUNCT
fbem-9286	168	70	*	*	PUNCT
fbem-9286	168	71	*	*	PUNCT
fbem-9286	168	72	-1.574	-1.574	PUNCT
fbem-9286	168	73	*	*	PUNCT
fbem-9286	168	74	-1.016	-1.016	PUNCT
fbem-9286	168	75	(	(	PUNCT
fbem-9286	168	76	-2.11	-2.11	NUM
fbem-9286	168	77	)	)	PUNCT
fbem-9286	168	78	(	(	PUNCT
fbem-9286	168	79	-6.37	-6.37	ADJ
fbem-9286	168	80	)	)	PUNCT
fbem-9286	168	81	(	(	PUNCT
fbem-9286	168	82	-30.02	-30.02	NOUN
fbem-9286	168	83	)	)	PUNCT
fbem-9286	168	84	(	(	PUNCT
fbem-9286	168	85	-1.88	-1.88	NUM
fbem-9286	168	86	)	)	PUNCT
fbem-9286	168	87	(	(	PUNCT
fbem-9286	168	88	-1.20	-1.20	NOUN
fbem-9286	168	89	)	)	PUNCT
fbem-9286	168	90	age	age	NOUN
fbem-9286	168	91	0.0151	0.0151	NUM
fbem-9286	168	92	-0.0250	-0.0250	NOUN
fbem-9286	168	93	*	*	PUNCT
fbem-9286	168	94	*	*	PUNCT
fbem-9286	168	95	*	*	PUNCT
fbem-9286	168	96	-0.318	-0.318	PUNCT
fbem-9286	168	97	*	*	PUNCT
fbem-9286	168	98	*	*	PUNCT
fbem-9286	168	99	*	*	PUNCT
fbem-9286	168	100	0.0306	0.0306	NUM
fbem-9286	168	101	0.246	0.246	NUM
fbem-9286	168	102	(	(	PUNCT
fbem-9286	168	103	0.04	0.04	NUM
fbem-9286	168	104	)	)	PUNCT
fbem-9286	168	105	(	(	PUNCT
fbem-9286	168	106	-2.60	-2.60	NUM
fbem-9286	168	107	)	)	PUNCT
fbem-9286	168	108	(	(	PUNCT
fbem-9286	168	109	-18.08	-18.08	PROPN
fbem-9286	168	110	)	)	PUNCT
fbem-9286	168	111	(	(	PUNCT
fbem-9286	168	112	0.07	0.07	NUM
fbem-9286	168	113	)	)	PUNCT
fbem-9286	168	114	(	(	PUNCT
fbem-9286	168	115	0.60	0.60	NUM
fbem-9286	168	116	)	)	PUNCT
fbem-9286	168	117	indep	indep	NOUN
fbem-9286	168	118	-16.08	-16.08	PROPN
fbem-9286	168	119	*	*	PUNCT
fbem-9286	168	120	*	*	PUNCT
fbem-9286	168	121	*	*	PUNCT
fbem-9286	168	122	0.488	0.488	NUM
fbem-9286	168	123	*	*	PUNCT
fbem-9286	168	124	*	*	PUNCT
fbem-9286	168	125	*	*	PUNCT
fbem-9286	168	126	-0.188	-0.188	PUNCT
fbem-9286	168	127	*	*	PUNCT
fbem-9286	168	128	-16.70	-16.70	PUNCT
fbem-9286	168	129	*	*	PUNCT
fbem-9286	168	130	*	*	PUNCT
fbem-9286	168	131	*	*	PUNCT
fbem-9286	168	132	-15.89	-15.89	PUNCT
fbem-9286	168	133	*	*	PUNCT
fbem-9286	168	134	*	*	PUNCT
fbem-9286	168	135	*	*	PUNCT
fbem-9286	168	136	(	(	PUNCT
fbem-9286	168	137	-6.38	-6.38	NOUN
fbem-9286	168	138	)	)	PUNCT
fbem-9286	168	139	(	(	PUNCT
fbem-9286	168	140	8.40	8.40	NUM
fbem-9286	168	141	)	)	PUNCT
fbem-9286	168	142	(	(	PUNCT
fbem-9286	168	143	-1.76	-1.76	NUM
fbem-9286	168	144	)	)	PUNCT
fbem-9286	168	145	(	(	PUNCT
fbem-9286	168	146	-6.62	-6.62	NOUN
fbem-9286	168	147	)	)	PUNCT
fbem-9286	168	148	(	(	PUNCT
fbem-9286	168	149	-6.30	-6.30	PROPN
fbem-9286	168	150	)	)	PUNCT
fbem-9286	168	151	soe	soe	PROPN
fbem-9286	168	152	15.70	15.70	NUM
fbem-9286	168	153	*	*	PUNCT
fbem-9286	168	154	*	*	PUNCT
fbem-9286	168	155	*	*	PUNCT
fbem-9286	168	156	-0.0419	-0.0419	NOUN
fbem-9286	168	157	*	*	PUNCT
fbem-9286	168	158	*	*	PUNCT
fbem-9286	168	159	*	*	PUNCT
fbem-9286	168	160	-0.394	-0.394	PUNCT
fbem-9286	168	161	*	*	PUNCT
fbem-9286	168	162	*	*	PUNCT
fbem-9286	168	163	*	*	PUNCT
fbem-9286	168	164	15.75	15.75	NUM
fbem-9286	168	165	*	*	PUNCT
fbem-9286	168	166	*	*	PUNCT
fbem-9286	168	167	*	*	PUNCT
fbem-9286	168	168	15.97	15.97	NUM
fbem-9286	168	169	*	*	PUNCT
fbem-9286	168	170	*	*	PUNCT
fbem-9286	168	171	*	*	PUNCT
fbem-9286	168	172	(	(	PUNCT
fbem-9286	168	173	49.80	49.80	NUM
fbem-9286	168	174	)	)	PUNCT
fbem-9286	168	175	(	(	PUNCT
fbem-9286	168	176	-5.73	-5.73	NUM
fbem-9286	168	177	)	)	PUNCT
fbem-9286	168	178	(	(	PUNCT
fbem-9286	168	179	-29.35	-29.35	NOUN
fbem-9286	168	180	)	)	PUNCT
fbem-9286	168	181	(	(	PUNCT
fbem-9286	168	182	49.98	49.98	NUM
fbem-9286	168	183	)	)	PUNCT
fbem-9286	168	184	(	(	PUNCT
fbem-9286	168	185	49.96	49.96	NUM
fbem-9286	168	186	)	)	PUNCT
fbem-9286	168	187	cons	con	NOUN
fbem-9286	168	188	-102.4	-102.4	NOUN
fbem-9286	168	189	*	*	PUNCT
fbem-9286	168	190	*	*	PUNCT
fbem-9286	168	191	*	*	PUNCT
fbem-9286	168	192	-4.222	-4.222	NOUN
fbem-9286	168	193	*	*	PUNCT
fbem-9286	168	194	*	*	PUNCT
fbem-9286	168	195	*	*	PUNCT
fbem-9286	168	196	-7.678	-7.678	PUNCT
fbem-9286	168	197	*	*	PUNCT
fbem-9286	168	198	*	*	PUNCT
fbem-9286	168	199	*	*	PUNCT
fbem-9286	168	200	-96.31	-96.31	PUNCT
fbem-9286	168	201	*	*	PUNCT
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fbem-9286	168	203	*	*	PUNCT
fbem-9286	168	204	-97.15	-97.15	PROPN
fbem-9286	168	205	*	*	PUNCT
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fbem-9286	168	208	(	(	PUNCT
fbem-9286	168	209	-32.04	-32.04	NOUN
fbem-9286	168	210	)	)	PUNCT
fbem-9286	168	211	(	(	PUNCT
fbem-9286	168	212	-57.52	-57.52	PROPN
fbem-9286	168	213	)	)	PUNCT
fbem-9286	168	214	(	(	PUNCT
fbem-9286	168	215	-57.08	-57.08	NOUN
fbem-9286	168	216	)	)	PUNCT
fbem-9286	168	217	(	(	PUNCT
fbem-9286	168	218	-28.40	-28.40	NOUN
fbem-9286	168	219	)	)	PUNCT
fbem-9286	168	220	(	(	PUNCT
fbem-9286	168	221	-28.92	-28.92	NOUN
fbem-9286	168	222	)	)	PUNCT
fbem-9286	168	223	n	n	CCONJ
fbem-9286	168	224	23706	23706	NUM
fbem-9286	168	225	23706	23706	NUM
fbem-9286	168	226	23706	23706	NUM
fbem-9286	168	227	23706	23706	NUM
fbem-9286	168	228	23706	23706	NUM
fbem-9286	168	229	industry	industry	NOUN
fbem-9286	168	230	fxed	fxe	VERB
fbem-9286	168	231	effect	effect	NOUN
fbem-9286	169	1	yes	yes	INTJ
fbem-9286	169	2	yes	yes	INTJ
fbem-9286	170	1	yes	yes	INTJ
fbem-9286	171	1	yes	yes	INTJ
fbem-9286	172	1	yes	yes	INTJ
fbem-9286	172	2	year	year	NOUN
fbem-9286	172	3	fxed	fxe	VERB
fbem-9286	172	4	effect	effect	NOUN
fbem-9286	173	1	yes	yes	INTJ
fbem-9286	173	2	yes	yes	INTJ
fbem-9286	174	1	yes	yes	INTJ
fbem-9286	175	1	yes	yes	INTJ
fbem-9286	176	1	yes	yes	INTJ
fbem-9286	176	2	adj	adj	INTJ
fbem-9286	176	3	.	.	PUNCT
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fbem-9286	177	2	0.3059	0.3059	NUM
fbem-9286	177	3	0.2132	0.2132	NUM
fbem-9286	177	4	0.3481	0.3481	NUM
fbem-9286	177	5	0.3067	0.3067	NUM
fbem-9286	177	6	0.3066	0.3066	NUM
fbem-9286	177	7	robust	robust	ADJ
fbem-9286	177	8	t	t	NOUN
fbem-9286	177	9	-	-	PUNCT
fbem-9286	177	10	statistics	statistic	NOUN
fbem-9286	177	11	in	in	ADP
fbem-9286	177	12	parentheses	parenthesis	NOUN
fbem-9286	177	13	;	;	PUNCT
fbem-9286	177	14	*	*	PUNCT
fbem-9286	177	15	*	*	PUNCT
fbem-9286	177	16	*	*	PUNCT
fbem-9286	177	17	p	p	X
fbem-9286	177	18	<	<	X
fbem-9286	177	19	0.01	0.01	NUM
fbem-9286	177	20	,	,	PUNCT
fbem-9286	177	21	*	*	PUNCT
fbem-9286	177	22	*	*	PUNCT
fbem-9286	177	23	p	p	X
fbem-9286	177	24	<	<	X
fbem-9286	177	25	0.05	0.05	NUM
fbem-9286	177	26	,	,	PUNCT
fbem-9286	177	27	*	*	PUNCT
fbem-9286	177	28	p	p	X
fbem-9286	177	29	<	<	X
fbem-9286	177	30	0.1	0.1	NUM
fbem-9286	177	31	229	229	NUM
fbem-9286	177	32	4.3.3	4.3.3	NUM
fbem-9286	177	33	.	.	PUNCT
fbem-9286	178	1	esg	esg	NOUN
fbem-9286	178	2	performance	performance	NOUN
fbem-9286	178	3	influences	influence	VERB
fbem-9286	178	4	the	the	DET
fbem-9286	178	5	shareholding	shareholding	NOUN
fbem-9286	178	6	of	of	ADP
fbem-9286	178	7	institutional	institutional	ADJ
fbem-9286	178	8	investors	investor	NOUN
fbem-9286	178	9	through	through	ADP
fbem-9286	178	10	external	external	ADJ
fbem-9286	178	11	paths	path	NOUN
fbem-9286	178	12	the	the	DET
fbem-9286	178	13	relationship	relationship	NOUN
fbem-9286	178	14	between	between	ADP
fbem-9286	178	15	esg	esg	NOUN
fbem-9286	178	16	performance	performance	NOUN
fbem-9286	178	17	and	and	CCONJ
fbem-9286	178	18	media	medium	NOUN
fbem-9286	178	19	attention	attention	NOUN
fbem-9286	178	20	and	and	CCONJ
fbem-9286	178	21	analyst	analyst	NOUN
fbem-9286	178	22	attention	attention	NOUN
fbem-9286	178	23	is	be	AUX
fbem-9286	178	24	tested	test	VERB
fbem-9286	178	25	in	in	ADP
fbem-9286	178	26	model	model	NOUN
fbem-9286	178	27	(	(	PUNCT
fbem-9286	178	28	6	6	NUM
fbem-9286	178	29	)	)	PUNCT
fbem-9286	178	30	and	and	CCONJ
fbem-9286	178	31	model	model	NOUN
fbem-9286	178	32	(	(	PUNCT
fbem-9286	178	33	7	7	NUM
fbem-9286	178	34	)	)	PUNCT
fbem-9286	178	35	.	.	PUNCT
fbem-9286	179	1	the	the	DET
fbem-9286	179	2	regression	regression	NOUN
fbem-9286	179	3	results	result	VERB
fbem-9286	179	4	in	in	ADP
fbem-9286	179	5	columns	column	NOUN
fbem-9286	179	6	(	(	PUNCT
fbem-9286	179	7	2	2	NUM
fbem-9286	179	8	)	)	PUNCT
fbem-9286	179	9	and	and	CCONJ
fbem-9286	179	10	(	(	PUNCT
fbem-9286	179	11	3	3	X
fbem-9286	179	12	)	)	PUNCT
fbem-9286	179	13	of	of	ADP
fbem-9286	179	14	table	table	NOUN
fbem-9286	179	15	5	5	NUM
fbem-9286	179	16	show	show	VERB
fbem-9286	179	17	that	that	SCONJ
fbem-9286	179	18	the	the	DET
fbem-9286	179	19	regression	regression	NOUN
fbem-9286	179	20	coefficient	coefficient	NOUN
fbem-9286	179	21	between	between	ADP
fbem-9286	179	22	media	medium	NOUN
fbem-9286	179	23	attention	attention	NOUN
fbem-9286	179	24	and	and	CCONJ
fbem-9286	179	25	esg	esg	NOUN
fbem-9286	179	26	performance	performance	NOUN
fbem-9286	179	27	is	be	AUX
fbem-9286	179	28	0.00204	0.00204	NUM
fbem-9286	179	29	,	,	PUNCT
fbem-9286	179	30	and	and	CCONJ
fbem-9286	179	31	the	the	DET
fbem-9286	179	32	regression	regression	NOUN
fbem-9286	179	33	coefficient	coefficient	NOUN
fbem-9286	179	34	between	between	ADP
fbem-9286	179	35	media	medium	NOUN
fbem-9286	179	36	attention	attention	NOUN
fbem-9286	179	37	and	and	CCONJ
fbem-9286	179	38	esg	esg	NOUN
fbem-9286	179	39	performance	performance	NOUN
fbem-9286	179	40	is	be	AUX
fbem-9286	179	41	0.0107	0.0107	NUM
fbem-9286	179	42	,	,	PUNCT
fbem-9286	179	43	which	which	PRON
fbem-9286	179	44	is	be	AUX
fbem-9286	179	45	significant	significant	ADJ
fbem-9286	179	46	at	at	ADP
fbem-9286	179	47	the	the	DET
fbem-9286	179	48	1	1	NUM
fbem-9286	179	49	%	%	NOUN
fbem-9286	179	50	level	level	NOUN
fbem-9286	179	51	.	.	PUNCT
fbem-9286	180	1	hypothesis	hypothesis	NOUN
fbem-9286	180	2	h3a	h3a	NOUN
fbem-9286	180	3	and	and	CCONJ
fbem-9286	180	4	h3b	h3b	NOUN
fbem-9286	180	5	are	be	AUX
fbem-9286	180	6	tested	test	VERB
fbem-9286	180	7	.	.	PUNCT
fbem-9286	181	1	this	this	PRON
fbem-9286	181	2	indicates	indicate	VERB
fbem-9286	181	3	that	that	SCONJ
fbem-9286	181	4	esgs	esg	NOUN
fbem-9286	181	5	externally	externally	ADV
fbem-9286	181	6	create	create	VERB
fbem-9286	181	7	a	a	DET
fbem-9286	181	8	good	good	ADJ
fbem-9286	181	9	media	medium	NOUN
fbem-9286	181	10	image	image	NOUN
fbem-9286	181	11	for	for	ADP
fbem-9286	181	12	enterprises	enterprise	NOUN
fbem-9286	181	13	,	,	PUNCT
fbem-9286	181	14	while	while	SCONJ
fbem-9286	181	15	institutional	institutional	ADJ
fbem-9286	181	16	investors	investor	NOUN
fbem-9286	181	17	themselves	themselves	PRON
fbem-9286	181	18	will	will	AUX
fbem-9286	181	19	focus	focus	VERB
fbem-9286	181	20	on	on	ADP
fbem-9286	181	21	these	these	DET
fbem-9286	181	22	enterprises	enterprise	NOUN
fbem-9286	181	23	exposed	expose	VERB
fbem-9286	181	24	to	to	ADP
fbem-9286	181	25	the	the	DET
fbem-9286	181	26	public	public	NOUN
fbem-9286	181	27	for	for	ADP
fbem-9286	181	28	a	a	DET
fbem-9286	181	29	long	long	ADJ
fbem-9286	181	30	time	time	NOUN
fbem-9286	181	31	,	,	PUNCT
fbem-9286	181	32	because	because	SCONJ
fbem-9286	181	33	a	a	DET
fbem-9286	181	34	high	high	ADJ
fbem-9286	181	35	media	media	NOUN
fbem-9286	181	36	degree	degree	NOUN
fbem-9286	181	37	means	mean	VERB
fbem-9286	181	38	strong	strong	ADJ
fbem-9286	181	39	social	social	ADJ
fbem-9286	181	40	supervision	supervision	NOUN
fbem-9286	181	41	.	.	PUNCT
fbem-9286	182	1	whether	whether	SCONJ
fbem-9286	182	2	voluntarily	voluntarily	ADV
fbem-9286	182	3	or	or	CCONJ
fbem-9286	182	4	forced	force	VERB
fbem-9286	182	5	,	,	PUNCT
fbem-9286	182	6	enterprises	enterprise	NOUN
fbem-9286	182	7	must	must	AUX
fbem-9286	182	8	maintain	maintain	VERB
fbem-9286	182	9	their	their	PRON
fbem-9286	182	10	public	public	ADJ
fbem-9286	182	11	image	image	NOUN
fbem-9286	182	12	for	for	ADP
fbem-9286	182	13	their	their	PRON
fbem-9286	182	14	own	own	ADJ
fbem-9286	182	15	interests	interest	NOUN
fbem-9286	182	16	,	,	PUNCT
fbem-9286	182	17	thus	thus	ADV
fbem-9286	182	18	increasing	increase	VERB
fbem-9286	182	19	the	the	DET
fbem-9286	182	20	degree	degree	NOUN
fbem-9286	182	21	of	of	ADP
fbem-9286	182	22	self	self	NOUN
fbem-9286	182	23	-	-	PUNCT
fbem-9286	182	24	restraint	restraint	NOUN
fbem-9286	182	25	.	.	PUNCT
fbem-9286	183	1	this	this	PRON
fbem-9286	183	2	is	be	AUX
fbem-9286	183	3	also	also	ADV
fbem-9286	183	4	consistent	consistent	ADJ
fbem-9286	183	5	with	with	ADP
fbem-9286	183	6	the	the	DET
fbem-9286	183	7	factors	factor	NOUN
fbem-9286	183	8	that	that	PRON
fbem-9286	183	9	institutional	institutional	ADJ
fbem-9286	183	10	investors	investor	NOUN
fbem-9286	183	11	should	should	AUX
fbem-9286	183	12	consider	consider	VERB
fbem-9286	183	13	when	when	SCONJ
fbem-9286	183	14	choosing	choose	VERB
fbem-9286	183	15	the	the	DET
fbem-9286	183	16	invested	invest	VERB
fbem-9286	183	17	enterprises	enterprise	NOUN
fbem-9286	183	18	;	;	PUNCT
fbem-9286	183	19	high	high	ADJ
fbem-9286	183	20	analyst	analyst	NOUN
fbem-9286	183	21	attention	attention	NOUN
fbem-9286	183	22	indicates	indicate	VERB
fbem-9286	183	23	that	that	SCONJ
fbem-9286	183	24	analyst	analyst	NOUN
fbem-9286	183	25	institutions	institution	NOUN
fbem-9286	183	26	have	have	AUX
fbem-9286	183	27	made	make	VERB
fbem-9286	183	28	more	more	ADJ
fbem-9286	183	29	research	research	NOUN
fbem-9286	183	30	reports	report	NOUN
fbem-9286	183	31	on	on	ADP
fbem-9286	183	32	enterprises	enterprise	NOUN
fbem-9286	183	33	,	,	PUNCT
fbem-9286	183	34	reducing	reduce	VERB
fbem-9286	183	35	the	the	DET
fbem-9286	183	36	cost	cost	NOUN
fbem-9286	183	37	of	of	ADP
fbem-9286	183	38	institutional	institutional	ADJ
fbem-9286	183	39	investors	investor	NOUN
fbem-9286	183	40	to	to	PART
fbem-9286	183	41	investigate	investigate	VERB
fbem-9286	183	42	the	the	DET
fbem-9286	183	43	enterprises	enterprise	NOUN
fbem-9286	183	44	they	they	PRON
fbem-9286	183	45	intend	intend	VERB
fbem-9286	183	46	to	to	PART
fbem-9286	183	47	invest	invest	VERB
fbem-9286	183	48	in	in	ADP
fbem-9286	183	49	.	.	PUNCT
fbem-9286	184	1	at	at	ADP
fbem-9286	184	2	the	the	DET
fbem-9286	184	3	same	same	ADJ
fbem-9286	184	4	time	time	NOUN
fbem-9286	184	5	,	,	PUNCT
fbem-9286	184	6	institutional	institutional	ADJ
fbem-9286	184	7	investors	investor	NOUN
fbem-9286	184	8	are	be	AUX
fbem-9286	184	9	more	more	ADV
fbem-9286	184	10	inclined	inclined	ADJ
fbem-9286	184	11	to	to	PART
fbem-9286	184	12	consider	consider	VERB
fbem-9286	184	13	the	the	DET
fbem-9286	184	14	enterprises	enterprise	NOUN
fbem-9286	184	15	with	with	ADP
fbem-9286	184	16	more	more	ADJ
fbem-9286	184	17	analysts	analyst	NOUN
fbem-9286	184	18	'	'	PART
fbem-9286	184	19	attention	attention	NOUN
fbem-9286	184	20	out	out	ADP
fbem-9286	184	21	of	of	ADP
fbem-9286	184	22	their	their	PRON
fbem-9286	184	23	trust	trust	NOUN
fbem-9286	184	24	in	in	ADP
fbem-9286	184	25	professional	professional	ADJ
fbem-9286	184	26	institutions	institution	NOUN
fbem-9286	184	27	.	.	PUNCT
fbem-9286	185	1	4.3.4	4.3.4	X
fbem-9286	185	2	.	.	PUNCT
fbem-9286	186	1	robustness	robustness	NOUN
fbem-9286	186	2	test	test	NOUN
fbem-9286	186	3	replace	replace	VERB
fbem-9286	186	4	explanatory	explanatory	ADJ
fbem-9286	186	5	variables	variable	NOUN
fbem-9286	186	6	.	.	PUNCT
fbem-9286	187	1	first	first	ADV
fbem-9286	187	2	,	,	PUNCT
fbem-9286	187	3	in	in	ADP
fbem-9286	187	4	model	model	NOUN
fbem-9286	187	5	(	(	PUNCT
fbem-9286	187	6	1	1	NUM
fbem-9286	187	7	)	)	PUNCT
fbem-9286	187	8	,	,	PUNCT
fbem-9286	187	9	this	this	DET
fbem-9286	187	10	paper	paper	NOUN
fbem-9286	187	11	selects	select	VERB
fbem-9286	187	12	the	the	DET
fbem-9286	187	13	esg	esg	NOUN
fbem-9286	187	14	rating	rating	NOUN
fbem-9286	187	15	of	of	ADP
fbem-9286	187	16	china	china	PROPN
fbem-9286	187	17	securities	security	NOUN
fbem-9286	187	18	to	to	PART
fbem-9286	187	19	reconstruct	reconstruct	VERB
fbem-9286	187	20	esg2	esg2	NOUN
fbem-9286	187	21	to	to	PART
fbem-9286	187	22	measure	measure	VERB
fbem-9286	187	23	esg	esg	NOUN
fbem-9286	187	24	performance	performance	NOUN
fbem-9286	187	25	.	.	PUNCT
fbem-9286	188	1	the	the	PRON
fbem-9286	188	2	higher	high	ADJ
fbem-9286	188	3	the	the	DET
fbem-9286	188	4	rating	rating	NOUN
fbem-9286	188	5	of	of	ADP
fbem-9286	188	6	china	china	PROPN
fbem-9286	188	7	securities	securities	PROPN
fbem-9286	188	8	,	,	PUNCT
fbem-9286	188	9	the	the	PRON
fbem-9286	188	10	better	well	ADJ
fbem-9286	188	11	the	the	DET
fbem-9286	188	12	rating	rating	NOUN
fbem-9286	188	13	of	of	ADP
fbem-9286	188	14	esg	esg	PROPN
fbem-9286	188	15	.	.	PUNCT
fbem-9286	189	1	china	china	PROPN
fbem-9286	189	2	securities	securities	PROPN
fbem-9286	189	3	esg	esg	PROPN
fbem-9286	189	4	ratings	rating	NOUN
fbem-9286	189	5	c	c	NOUN
fbem-9286	189	6	to	to	PART
fbem-9286	189	7	aaa	aaa	VERB
fbem-9286	189	8	are	be	AUX
fbem-9286	189	9	assigned	assign	VERB
fbem-9286	189	10	from	from	ADP
fbem-9286	189	11	1	1	NUM
fbem-9286	189	12	to	to	ADP
fbem-9286	189	13	9	9	NUM
fbem-9286	189	14	,	,	PUNCT
fbem-9286	189	15	that	that	ADV
fbem-9286	189	16	is	is	ADV
fbem-9286	189	17	,	,	PUNCT
fbem-9286	189	18	the	the	DET
fbem-9286	189	19	esg	esg	PROPN
fbem-9286	189	20	rating	rating	NOUN
fbem-9286	189	21	c	c	PROPN
fbem-9286	189	22	is	be	AUX
fbem-9286	189	23	1	1	NUM
fbem-9286	189	24	,	,	PUNCT
fbem-9286	189	25	the	the	DET
fbem-9286	189	26	esg	esg	PROPN
fbem-9286	189	27	rating	rating	NOUN
fbem-9286	189	28	cc	cc	NOUN
fbem-9286	189	29	is	be	AUX
fbem-9286	189	30	2	2	NUM
fbem-9286	189	31	,	,	PUNCT
fbem-9286	189	32	the	the	DET
fbem-9286	189	33	esg	esg	PROPN
fbem-9286	189	34	rating	rating	NOUN
fbem-9286	189	35	ccc	ccc	PROPN
fbem-9286	189	36	is	be	AUX
fbem-9286	189	37	3	3	NUM
fbem-9286	189	38	,	,	PUNCT
fbem-9286	189	39	and	and	CCONJ
fbem-9286	189	40	so	so	ADV
fbem-9286	189	41	on	on	ADV
fbem-9286	189	42	.	.	PUNCT
fbem-9286	190	1	after	after	ADP
fbem-9286	190	2	replacing	replace	VERB
fbem-9286	190	3	explanatory	explanatory	ADJ
fbem-9286	190	4	variables	variable	NOUN
fbem-9286	190	5	,	,	PUNCT
fbem-9286	190	6	the	the	DET
fbem-9286	190	7	regression	regression	NOUN
fbem-9286	190	8	of	of	ADP
fbem-9286	190	9	institutional	institutional	ADJ
fbem-9286	190	10	investor	investor	NOUN
fbem-9286	190	11	shareholding	shareholding	NOUN
fbem-9286	190	12	is	be	AUX
fbem-9286	190	13	carried	carry	VERB
fbem-9286	190	14	out	out	ADP
fbem-9286	190	15	.	.	PUNCT
fbem-9286	191	1	column	column	NOUN
fbem-9286	191	2	(	(	PUNCT
fbem-9286	191	3	1	1	X
fbem-9286	191	4	)	)	PUNCT
fbem-9286	191	5	of	of	ADP
fbem-9286	191	6	table	table	NOUN
fbem-9286	191	7	6	6	NUM
fbem-9286	191	8	shows	show	VERB
fbem-9286	191	9	the	the	DET
fbem-9286	191	10	regression	regression	NOUN
fbem-9286	191	11	results	result	NOUN
fbem-9286	191	12	of	of	ADP
fbem-9286	191	13	esg2	esg2	PROPN
fbem-9286	191	14	.	.	PUNCT
fbem-9286	192	1	the	the	DET
fbem-9286	192	2	regression	regression	NOUN
fbem-9286	192	3	coefficient	coefficient	NOUN
fbem-9286	192	4	of	of	ADP
fbem-9286	192	5	esg2	esg2	NOUN
fbem-9286	192	6	is	be	AUX
fbem-9286	192	7	0.431	0.431	NUM
fbem-9286	192	8	,	,	PUNCT
fbem-9286	192	9	which	which	PRON
fbem-9286	192	10	is	be	AUX
fbem-9286	192	11	significantly	significantly	ADV
fbem-9286	192	12	positive	positive	ADJ
fbem-9286	192	13	at	at	ADP
fbem-9286	192	14	the	the	DET
fbem-9286	192	15	1	1	NUM
fbem-9286	192	16	%	%	NOUN
fbem-9286	192	17	level	level	NOUN
fbem-9286	192	18	,	,	PUNCT
fbem-9286	192	19	indicating	indicate	VERB
fbem-9286	192	20	that	that	SCONJ
fbem-9286	192	21	replacing	replace	VERB
fbem-9286	192	22	explanatory	explanatory	ADJ
fbem-9286	192	23	variables	variable	NOUN
fbem-9286	192	24	does	do	AUX
fbem-9286	192	25	not	not	PART
fbem-9286	192	26	change	change	VERB
fbem-9286	192	27	the	the	DET
fbem-9286	192	28	main	main	ADJ
fbem-9286	192	29	conclusions	conclusion	NOUN
fbem-9286	192	30	of	of	ADP
fbem-9286	192	31	this	this	DET
fbem-9286	192	32	paper	paper	NOUN
fbem-9286	192	33	.	.	PUNCT
fbem-9286	193	1	table	table	NOUN
fbem-9286	193	2	6	6	NUM
fbem-9286	193	3	.	.	PUNCT
fbem-9286	194	1	replacement	replacement	NOUN
fbem-9286	194	2	variable	variable	NOUN
fbem-9286	194	3	results	result	VERB
fbem-9286	194	4	variables	variable	NOUN
fbem-9286	194	5	(	(	PUNCT
fbem-9286	194	6	1	1	NUM
fbem-9286	194	7	)	)	PUNCT
fbem-9286	194	8	(	(	PUNCT
fbem-9286	194	9	2	2	X
fbem-9286	194	10	)	)	PUNCT
fbem-9286	194	11	inst	inst	NOUN
fbem-9286	194	12	inst	inst	NOUN
fbem-9286	194	13	esg2	esg2	NOUN
fbem-9286	194	14	0.431	0.431	NUM
fbem-9286	194	15	*	*	PUNCT
fbem-9286	194	16	*	*	PUNCT
fbem-9286	194	17	*	*	PUNCT
fbem-9286	194	18	(	(	PUNCT
fbem-9286	194	19	3.07	3.07	NUM
fbem-9286	194	20	)	)	PUNCT
fbem-9286	194	21	esg3	esg3	NOUN
fbem-9286	194	22	0.0207	0.0207	NUM
fbem-9286	194	23	*	*	PUNCT
fbem-9286	194	24	*	*	PUNCT
fbem-9286	194	25	*	*	PUNCT
fbem-9286	194	26	(	(	PUNCT
fbem-9286	194	27	0.06	0.06	NUM
fbem-9286	194	28	)	)	PUNCT
fbem-9286	194	29	controlled	control	VERB
fbem-9286	194	30	variable	variable	ADJ
fbem-9286	194	31	control	control	NOUN
fbem-9286	194	32	control	control	NOUN
fbem-9286	194	33	industry	industry	NOUN
fbem-9286	194	34	fxed	fxe	VERB
fbem-9286	194	35	effect	effect	NOUN
fbem-9286	195	1	yes	yes	INTJ
fbem-9286	195	2	yes	yes	INTJ
fbem-9286	196	1	year	year	NOUN
fbem-9286	196	2	fxed	fxe	VERB
fbem-9286	196	3	effect	effect	NOUN
fbem-9286	197	1	yes	yes	INTJ
fbem-9286	198	1	yes	yes	INTJ
fbem-9286	199	1	n	n	CCONJ
fbem-9286	199	2	22905	22905	NUM
fbem-9286	199	3	22905	22905	NUM
fbem-9286	199	4	adj	adj	X
fbem-9286	199	5	.	.	PUNCT
fbem-9286	200	1	r²	r²	VERB
fbem-9286	200	2	0.2315	0.2315	NUM
fbem-9286	200	3	0.2312	0.2312	NUM
fbem-9286	200	4	robust	robust	ADJ
fbem-9286	200	5	t	t	NOUN
fbem-9286	200	6	-	-	PUNCT
fbem-9286	200	7	statistics	statistic	NOUN
fbem-9286	200	8	in	in	ADP
fbem-9286	200	9	parentheses	parenthesis	NOUN
fbem-9286	200	10	;	;	PUNCT
fbem-9286	200	11	*	*	PUNCT
fbem-9286	200	12	*	*	PUNCT
fbem-9286	200	13	*	*	PUNCT
fbem-9286	200	14	p	p	X
fbem-9286	200	15	<	<	X
fbem-9286	200	16	0.01	0.01	NUM
fbem-9286	200	17	,	,	PUNCT
fbem-9286	200	18	*	*	PUNCT
fbem-9286	200	19	*	*	PUNCT
fbem-9286	200	20	p	p	X
fbem-9286	200	21	<	<	X
fbem-9286	200	22	0.05	0.05	NUM
fbem-9286	200	23	,	,	PUNCT
fbem-9286	200	24	*	*	PUNCT
fbem-9286	200	25	p	p	X
fbem-9286	200	26	<	<	X
fbem-9286	200	27	0.1	0.1	NUM
fbem-9286	200	28	endogeneity	endogeneity	NOUN
fbem-9286	200	29	test	test	NOUN
fbem-9286	200	30	.	.	PUNCT
fbem-9286	201	1	first	first	ADV
fbem-9286	201	2	,	,	PUNCT
fbem-9286	201	3	the	the	DET
fbem-9286	201	4	method	method	NOUN
fbem-9286	201	5	of	of	ADP
fbem-9286	201	6	delayed	delay	VERB
fbem-9286	201	7	explanatory	explanatory	ADJ
fbem-9286	201	8	variables	variable	NOUN
fbem-9286	201	9	is	be	AUX
fbem-9286	201	10	adopted	adopt	VERB
fbem-9286	201	11	to	to	PART
fbem-9286	201	12	alleviate	alleviate	VERB
fbem-9286	201	13	the	the	DET
fbem-9286	201	14	two	two	NUM
fbem-9286	201	15	-	-	PUNCT
fbem-9286	201	16	way	way	NOUN
fbem-9286	201	17	causality	causality	NOUN
fbem-9286	201	18	problem	problem	NOUN
fbem-9286	201	19	.	.	PUNCT
fbem-9286	202	1	the	the	DET
fbem-9286	202	2	explanatory	explanatory	ADJ
fbem-9286	202	3	variables	variable	NOUN
fbem-9286	202	4	lag	lag	VERB
fbem-9286	202	5	one	one	NUM
fbem-9286	202	6	,	,	PUNCT
fbem-9286	202	7	two	two	NUM
fbem-9286	202	8	and	and	CCONJ
fbem-9286	202	9	three	three	NUM
fbem-9286	202	10	periods	period	NOUN
fbem-9286	202	11	respectively	respectively	ADV
fbem-9286	202	12	.	.	PUNCT
fbem-9286	203	1	the	the	DET
fbem-9286	203	2	regression	regression	NOUN
fbem-9286	203	3	results	result	NOUN
fbem-9286	203	4	of	of	ADP
fbem-9286	203	5	lagged	lag	VERB
fbem-9286	203	6	esg	esg	NOUN
fbem-9286	203	7	performance	performance	NOUN
fbem-9286	203	8	variables	variable	NOUN
fbem-9286	203	9	are	be	AUX
fbem-9286	203	10	listed	list	VERB
fbem-9286	203	11	in	in	ADP
fbem-9286	203	12	table	table	NOUN
fbem-9286	203	13	7	7	NUM
fbem-9286	203	14	.	.	PUNCT
fbem-9286	204	1	the	the	DET
fbem-9286	204	2	regression	regression	NOUN
fbem-9286	204	3	coefficient	coefficient	NOUN
fbem-9286	204	4	of	of	ADP
fbem-9286	204	5	lagged	lag	VERB
fbem-9286	204	6	esg	esg	NOUN
fbem-9286	204	7	performance	performance	NOUN
fbem-9286	204	8	variables	variable	NOUN
fbem-9286	204	9	is	be	AUX
fbem-9286	204	10	0.712	0.712	NUM
fbem-9286	204	11	in	in	ADP
fbem-9286	204	12	the	the	DET
fbem-9286	204	13	first	first	ADJ
fbem-9286	204	14	period	period	NOUN
fbem-9286	204	15	,	,	PUNCT
fbem-9286	204	16	0.159	0.159	NUM
fbem-9286	204	17	in	in	ADP
fbem-9286	204	18	the	the	DET
fbem-9286	204	19	second	second	ADJ
fbem-9286	204	20	period	period	NOUN
fbem-9286	204	21	and	and	CCONJ
fbem-9286	204	22	0.150	0.150	NUM
fbem-9286	204	23	in	in	ADP
fbem-9286	204	24	the	the	DET
fbem-9286	204	25	third	third	ADJ
fbem-9286	204	26	period	period	NOUN
fbem-9286	204	27	,	,	PUNCT
fbem-9286	204	28	all	all	PRON
fbem-9286	204	29	of	of	ADP
fbem-9286	204	30	which	which	PRON
fbem-9286	204	31	are	be	AUX
fbem-9286	204	32	significantly	significantly	ADV
fbem-9286	204	33	positive	positive	ADJ
fbem-9286	204	34	at	at	ADP
fbem-9286	204	35	1	1	NUM
fbem-9286	204	36	%	%	NOUN
fbem-9286	204	37	.	.	PUNCT
fbem-9286	205	1	it	it	PRON
fbem-9286	205	2	shows	show	VERB
fbem-9286	205	3	that	that	SCONJ
fbem-9286	205	4	the	the	DET
fbem-9286	205	5	esg	esg	PROPN
fbem-9286	205	6	performance	performance	NOUN
fbem-9286	205	7	can	can	AUX
fbem-9286	205	8	promote	promote	VERB
fbem-9286	205	9	the	the	DET
fbem-9286	205	10	shareholding	shareholding	NOUN
fbem-9286	205	11	of	of	ADP
fbem-9286	205	12	institutional	institutional	ADJ
fbem-9286	205	13	investors	investor	NOUN
fbem-9286	205	14	.	.	PUNCT
fbem-9286	206	1	table	table	NOUN
fbem-9286	206	2	7	7	NUM
fbem-9286	206	3	.	.	PUNCT
fbem-9286	207	1	regression	regression	NOUN
fbem-9286	207	2	results	result	NOUN
fbem-9286	207	3	of	of	ADP
fbem-9286	207	4	lagged	lag	VERB
fbem-9286	207	5	variables	variable	NOUN
fbem-9286	207	6	(	(	PUNCT
fbem-9286	207	7	1	1	NUM
fbem-9286	207	8	)	)	PUNCT
fbem-9286	207	9	(	(	PUNCT
fbem-9286	207	10	2	2	NUM
fbem-9286	207	11	)	)	PUNCT
fbem-9286	207	12	(	(	PUNCT
fbem-9286	207	13	3	3	X
fbem-9286	207	14	)	)	PUNCT
fbem-9286	207	15	inst	inst	NOUN
fbem-9286	207	16	inst	inst	NOUN
fbem-9286	207	17	inst	inst	NOUN
fbem-9286	207	18	l.esg	l.esg	PROPN
fbem-9286	207	19	0.172	0.172	NUM
fbem-9286	207	20	*	*	PUNCT
fbem-9286	207	21	*	*	PUNCT
fbem-9286	207	22	*	*	PUNCT
fbem-9286	207	23	(	(	PUNCT
fbem-9286	207	24	16.81	16.81	NUM
fbem-9286	207	25	)	)	PUNCT
fbem-9286	207	26	l2.esg	l2.esg	NOUN
fbem-9286	207	27	0.159	0.159	NUM
fbem-9286	207	28	*	*	PUNCT
fbem-9286	207	29	*	*	PUNCT
fbem-9286	207	30	*	*	PUNCT
fbem-9286	207	31	(	(	PUNCT
fbem-9286	207	32	15.80	15.80	NUM
fbem-9286	207	33	)	)	PUNCT
fbem-9286	207	34	l3.esg	l3.esg	NOUN
fbem-9286	207	35	0.150	0.150	NUM
fbem-9286	207	36	*	*	PUNCT
fbem-9286	207	37	*	*	PUNCT
fbem-9286	207	38	*	*	PUNCT
fbem-9286	207	39	(	(	PUNCT
fbem-9286	207	40	15.08	15.08	NUM
fbem-9286	207	41	)	)	PUNCT
fbem-9286	207	42	controlled	control	VERB
fbem-9286	207	43	variable	variable	ADJ
fbem-9286	207	44	control	control	NOUN
fbem-9286	207	45	control	control	PROPN
fbem-9286	207	46	control	control	PROPN
fbem-9286	207	47	industry	industry	NOUN
fbem-9286	207	48	fxed	fxe	VERB
fbem-9286	207	49	effect	effect	NOUN
fbem-9286	208	1	yes	yes	INTJ
fbem-9286	209	1	yes	yes	INTJ
fbem-9286	210	1	yes	yes	INTJ
fbem-9286	210	2	year	year	NOUN
fbem-9286	210	3	fxed	fxe	VERB
fbem-9286	210	4	effect	effect	NOUN
fbem-9286	211	1	yes	yes	INTJ
fbem-9286	211	2	yes	yes	INTJ
fbem-9286	212	1	yes	yes	INTJ
fbem-9286	213	1	n	n	CCONJ
fbem-9286	214	1	19186	19186	NUM
fbem-9286	214	2	16126	16126	NUM
fbem-9286	214	3	13340	13340	NUM
fbem-9286	214	4	adj	adj	X
fbem-9286	214	5	.	.	PUNCT
fbem-9286	215	1	r²	r²	VERB
fbem-9286	215	2	0.2563	0.2563	NUM
fbem-9286	215	3	0.2653	0.2653	NUM
fbem-9286	215	4	0.2710	0.2710	NUM
fbem-9286	215	5	robust	robust	ADJ
fbem-9286	215	6	t	t	NOUN
fbem-9286	215	7	-	-	PUNCT
fbem-9286	215	8	statistics	statistic	NOUN
fbem-9286	215	9	in	in	ADP
fbem-9286	215	10	parentheses	parenthesis	NOUN
fbem-9286	215	11	;	;	PUNCT
fbem-9286	215	12	*	*	PUNCT
fbem-9286	215	13	*	*	PUNCT
fbem-9286	215	14	*	*	PUNCT
fbem-9286	215	15	p	p	X
fbem-9286	215	16	<	<	X
fbem-9286	215	17	0.01	0.01	NUM
fbem-9286	215	18	,	,	PUNCT
fbem-9286	215	19	*	*	PUNCT
fbem-9286	215	20	*	*	PUNCT
fbem-9286	215	21	p	p	X
fbem-9286	215	22	<	<	X
fbem-9286	215	23	0.05	0.05	NUM
fbem-9286	215	24	,	,	PUNCT
fbem-9286	215	25	*	*	PUNCT
fbem-9286	215	26	p	p	X
fbem-9286	215	27	<	<	X
fbem-9286	215	28	0.1	0.1	NUM
fbem-9286	215	29	second	second	ADJ
fbem-9286	215	30	,	,	PUNCT
fbem-9286	215	31	two	two	NUM
fbem-9286	215	32	-	-	PUNCT
fbem-9286	215	33	stage	stage	NOUN
fbem-9286	215	34	least	least	ADJ
fbem-9286	215	35	square	square	ADJ
fbem-9286	215	36	method	method	NOUN
fbem-9286	215	37	(	(	PUNCT
fbem-9286	215	38	2sls	2sls	NOUN
fbem-9286	215	39	)	)	PUNCT
fbem-9286	215	40	.	.	PUNCT
fbem-9286	216	1	in	in	ADP
fbem-9286	216	2	this	this	DET
fbem-9286	216	3	paper	paper	NOUN
fbem-9286	216	4	,	,	PUNCT
fbem-9286	216	5	referring	refer	VERB
fbem-9286	216	6	to	to	ADP
fbem-9286	216	7	the	the	DET
fbem-9286	216	8	research	research	NOUN
fbem-9286	216	9	method	method	NOUN
fbem-9286	216	10	of	of	ADP
fbem-9286	216	11	benlemlih	benlemlih	NOUN
fbem-9286	216	12	and	and	CCONJ
fbem-9286	216	13	bitar	bitar	NOUN
fbem-9286	216	14	(	(	PUNCT
fbem-9286	216	15	2018	2018	NUM
fbem-9286	216	16	)	)	PUNCT
fbem-9286	216	17	,	,	PUNCT
fbem-9286	216	18	considering	consider	VERB
fbem-9286	216	19	that	that	SCONJ
fbem-9286	216	20	an	an	DET
fbem-9286	216	21	enterprise	enterprise	NOUN
fbem-9286	216	22	will	will	AUX
fbem-9286	216	23	be	be	AUX
fbem-9286	216	24	affected	affect	VERB
fbem-9286	216	25	by	by	ADP
fbem-9286	216	26	other	other	ADJ
fbem-9286	216	27	enterprises	enterprise	NOUN
fbem-9286	216	28	in	in	ADP
fbem-9286	216	29	the	the	DET
fbem-9286	216	30	same	same	ADJ
fbem-9286	216	31	province	province	NOUN
fbem-9286	216	32	,	,	PUNCT
fbem-9286	216	33	and	and	CCONJ
fbem-9286	216	34	the	the	DET
fbem-9286	216	35	esg	esg	NOUN
fbem-9286	216	36	score	score	NOUN
fbem-9286	216	37	of	of	ADP
fbem-9286	216	38	other	other	ADJ
fbem-9286	216	39	enterprises	enterprise	NOUN
fbem-9286	216	40	is	be	AUX
fbem-9286	216	41	not	not	PART
fbem-9286	216	42	directly	directly	ADV
fbem-9286	216	43	related	relate	VERB
fbem-9286	216	44	to	to	ADP
fbem-9286	216	45	the	the	DET
fbem-9286	216	46	investment	investment	NOUN
fbem-9286	216	47	efficiency	efficiency	NOUN
fbem-9286	216	48	of	of	ADP
fbem-9286	216	49	the	the	DET
fbem-9286	216	50	enterprise	enterprise	NOUN
fbem-9286	216	51	,	,	PUNCT
fbem-9286	216	52	iv1	iv1	PROPN
fbem-9286	216	53	,	,	PUNCT
fbem-9286	216	54	the	the	DET
fbem-9286	216	55	mean	mean	ADJ
fbem-9286	216	56	value	value	NOUN
fbem-9286	216	57	of	of	ADP
fbem-9286	216	58	esg	esg	PROPN
fbem-9286	216	59	performance	performance	NOUN
fbem-9286	216	60	of	of	ADP
fbem-9286	216	61	all	all	DET
fbem-9286	216	62	listed	list	VERB
fbem-9286	216	63	companies	company	NOUN
fbem-9286	216	64	in	in	ADP
fbem-9286	216	65	the	the	DET
fbem-9286	216	66	province	province	NOUN
fbem-9286	216	67	where	where	SCONJ
fbem-9286	216	68	the	the	DET
fbem-9286	216	69	enterprise	enterprise	NOUN
fbem-9286	216	70	is	be	AUX
fbem-9286	216	71	registered	register	VERB
fbem-9286	216	72	,	,	PUNCT
fbem-9286	216	73	is	be	AUX
fbem-9286	216	74	selected	select	VERB
fbem-9286	216	75	as	as	ADP
fbem-9286	216	76	the	the	DET
fbem-9286	216	77	first	first	ADJ
fbem-9286	216	78	instrumental	instrumental	ADJ
fbem-9286	216	79	variable	variable	NOUN
fbem-9286	216	80	.	.	PUNCT
fbem-9286	217	1	in	in	ADP
fbem-9286	217	2	addition	addition	NOUN
fbem-9286	217	3	,	,	PUNCT
fbem-9286	217	4	considering	consider	VERB
fbem-9286	217	5	that	that	SCONJ
fbem-9286	217	6	the	the	DET
fbem-9286	217	7	esg	esg	PROPN
fbem-9286	217	8	score	score	NOUN
fbem-9286	217	9	of	of	ADP
fbem-9286	217	10	the	the	DET
fbem-9286	217	11	earliest	early	ADJ
fbem-9286	217	12	period	period	NOUN
fbem-9286	217	13	of	of	ADP
fbem-9286	217	14	the	the	DET
fbem-9286	217	15	company	company	NOUN
fbem-9286	217	16	has	have	VERB
fbem-9286	217	17	an	an	DET
fbem-9286	217	18	impact	impact	NOUN
fbem-9286	217	19	on	on	ADP
fbem-9286	217	20	the	the	DET
fbem-9286	217	21	esg	esg	NOUN
fbem-9286	217	22	performance	performance	NOUN
fbem-9286	217	23	of	of	ADP
fbem-9286	217	24	the	the	DET
fbem-9286	217	25	current	current	ADJ
fbem-9286	217	26	period	period	NOUN
fbem-9286	217	27	,	,	PUNCT
fbem-9286	217	28	but	but	CCONJ
fbem-9286	217	29	is	be	AUX
fbem-9286	217	30	not	not	PART
fbem-9286	217	31	related	relate	VERB
fbem-9286	217	32	to	to	ADP
fbem-9286	217	33	the	the	DET
fbem-9286	217	34	perturbation	perturbation	NOUN
fbem-9286	217	35	term	term	NOUN
fbem-9286	217	36	of	of	ADP
fbem-9286	217	37	the	the	DET
fbem-9286	217	38	current	current	ADJ
fbem-9286	217	39	model	model	NOUN
fbem-9286	217	40	,	,	PUNCT
fbem-9286	217	41	the	the	DET
fbem-9286	217	42	esg	esg	PROPN
fbem-9286	217	43	performance	performance	NOUN
fbem-9286	217	44	iv2	iv2	NOUN
fbem-9286	217	45	of	of	ADP
fbem-9286	217	46	the	the	DET
fbem-9286	217	47	earliest	early	ADJ
fbem-9286	217	48	period	period	NOUN
fbem-9286	217	49	of	of	ADP
fbem-9286	217	50	the	the	DET
fbem-9286	217	51	company	company	NOUN
fbem-9286	217	52	is	be	AUX
fbem-9286	217	53	selected	select	VERB
fbem-9286	217	54	as	as	ADP
fbem-9286	217	55	the	the	DET
fbem-9286	217	56	second	second	ADJ
fbem-9286	217	57	instrumental	instrumental	ADJ
fbem-9286	217	58	variable	variable	NOUN
fbem-9286	217	59	.	.	PUNCT
fbem-9286	218	1	in	in	ADP
fbem-9286	218	2	this	this	DET
fbem-9286	218	3	paper	paper	NOUN
fbem-9286	218	4	,	,	PUNCT
fbem-9286	218	5	the	the	DET
fbem-9286	218	6	endogeneity	endogeneity	NOUN
fbem-9286	218	7	test	test	NOUN
fbem-9286	218	8	was	be	AUX
fbem-9286	218	9	conducted	conduct	VERB
fbem-9286	218	10	by	by	ADP
fbem-9286	218	11	using	use	VERB
fbem-9286	218	12	the	the	DET
fbem-9286	218	13	two	two	NUM
fbem-9286	218	14	-	-	PUNCT
fbem-9286	218	15	stage	stage	NOUN
fbem-9286	218	16	least	least	ADJ
fbem-9286	218	17	square	square	ADJ
fbem-9286	218	18	method	method	NOUN
fbem-9286	218	19	.	.	PUNCT
fbem-9286	219	1	table	table	NOUN
fbem-9286	219	2	8	8	NUM
fbem-9286	219	3	shows	show	VERB
fbem-9286	219	4	the	the	DET
fbem-9286	219	5	regression	regression	NOUN
fbem-9286	219	6	results	result	NOUN
fbem-9286	219	7	of	of	ADP
fbem-9286	219	8	the	the	DET
fbem-9286	219	9	least	least	ADJ
fbem-9286	219	10	square	square	ADJ
fbem-9286	219	11	method	method	NOUN
fbem-9286	219	12	.	.	PUNCT
fbem-9286	220	1	in	in	ADP
fbem-9286	220	2	the	the	DET
fbem-9286	220	3	regression	regression	NOUN
fbem-9286	220	4	results	result	NOUN
fbem-9286	220	5	of	of	ADP
fbem-9286	220	6	the	the	DET
fbem-9286	220	7	first	first	ADJ
fbem-9286	220	8	stage	stage	NOUN
fbem-9286	220	9	,	,	PUNCT
fbem-9286	220	10	the	the	DET
fbem-9286	220	11	coefficients	coefficient	NOUN
fbem-9286	220	12	of	of	ADP
fbem-9286	220	13	the	the	DET
fbem-9286	220	14	instrumental	instrumental	ADJ
fbem-9286	220	15	variables	variable	NOUN
fbem-9286	220	16	iv1	iv1	PROPN
fbem-9286	220	17	and	and	CCONJ
fbem-9286	220	18	iv2	iv2	NOUN
fbem-9286	220	19	are	be	AUX
fbem-9286	220	20	significantly	significantly	ADV
fbem-9286	220	21	positive	positive	ADJ
fbem-9286	220	22	,	,	PUNCT
fbem-9286	220	23	and	and	CCONJ
fbem-9286	220	24	the	the	DET
fbem-9286	220	25	f	f	PROPN
fbem-9286	220	26	value	value	NOUN
fbem-9286	220	27	is	be	AUX
fbem-9286	220	28	far	far	ADV
fbem-9286	220	29	greater	great	ADJ
fbem-9286	220	30	than	than	ADP
fbem-9286	220	31	10	10	NUM
fbem-9286	220	32	,	,	PUNCT
fbem-9286	220	33	indicating	indicate	VERB
fbem-9286	220	34	that	that	SCONJ
fbem-9286	220	35	there	there	PRON
fbem-9286	220	36	is	be	VERB
fbem-9286	220	37	no	no	DET
fbem-9286	220	38	weak	weak	ADJ
fbem-9286	220	39	instrumental	instrumental	ADJ
fbem-9286	220	40	variable	variable	ADJ
fbem-9286	220	41	problem	problem	NOUN
fbem-9286	220	42	,	,	PUNCT
fbem-9286	220	43	which	which	PRON
fbem-9286	220	44	is	be	AUX
fbem-9286	220	45	consistent	consistent	ADJ
fbem-9286	220	46	with	with	ADP
fbem-9286	220	47	the	the	DET
fbem-9286	220	48	expected	expect	VERB
fbem-9286	220	49	results	result	NOUN
fbem-9286	220	50	.	.	PUNCT
fbem-9286	221	1	table	table	NOUN
fbem-9286	221	2	8	8	NUM
fbem-9286	221	3	.	.	PUNCT
fbem-9286	222	1	results	result	NOUN
fbem-9286	222	2	of	of	ADP
fbem-9286	222	3	two	two	NUM
fbem-9286	222	4	-	-	PUNCT
fbem-9286	222	5	stage	stage	NOUN
fbem-9286	222	6	least	least	ADJ
fbem-9286	222	7	squares	square	NOUN
fbem-9286	222	8	regression	regression	NOUN
fbem-9286	222	9	.	.	PUNCT
fbem-9286	223	1	stage	stage	NOUN
fbem-9286	223	2	i	i	PRON
fbem-9286	223	3	stage	stage	VERB
fbem-9286	223	4	ii	ii	PROPN
fbem-9286	223	5	variables	variables	PROPN
fbem-9286	223	6	esg	esg	PROPN
fbem-9286	223	7	f.	f.	PROPN
fbem-9286	223	8	inst	inst	PROPN
fbem-9286	223	9	esg	esg	PROPN
fbem-9286	223	10	0.095	0.095	NUM
fbem-9286	223	11	*	*	PUNCT
fbem-9286	223	12	*	*	PUNCT
fbem-9286	223	13	*	*	PUNCT
fbem-9286	223	14	(	(	PUNCT
fbem-9286	223	15	5.37	5.37	NUM
fbem-9286	223	16	)	)	PUNCT
fbem-9286	223	17	iv1	iv1	PROPN
fbem-9286	223	18	0.278	0.278	NUM
fbem-9286	223	19	*	*	PUNCT
fbem-9286	223	20	*	*	PUNCT
fbem-9286	223	21	*	*	PUNCT
fbem-9286	223	22	(	(	PUNCT
fbem-9286	223	23	17.19	17.19	NUM
fbem-9286	223	24	)	)	PUNCT
fbem-9286	223	25	iv2	iv2	VERB
fbem-9286	223	26	0.467	0.467	NUM
fbem-9286	223	27	*	*	PUNCT
fbem-9286	223	28	*	*	PUNCT
fbem-9286	223	29	*	*	PUNCT
fbem-9286	223	30	(	(	PUNCT
fbem-9286	223	31	77.13	77.13	NUM
fbem-9286	223	32	)	)	PUNCT
fbem-9286	223	33	controlled	control	VERB
fbem-9286	223	34	variable	variable	ADJ
fbem-9286	223	35	control	control	NOUN
fbem-9286	223	36	control	control	NOUN
fbem-9286	223	37	industry	industry	NOUN
fbem-9286	223	38	fxed	fxe	VERB
fbem-9286	223	39	effect	effect	NOUN
fbem-9286	224	1	yes	yes	INTJ
fbem-9286	224	2	yes	yes	INTJ
fbem-9286	225	1	year	year	NOUN
fbem-9286	225	2	fxed	fxe	VERB
fbem-9286	225	3	effect	effect	NOUN
fbem-9286	226	1	yes	yes	INTJ
fbem-9286	226	2	yes	yes	INTJ
fbem-9286	226	3	n	n	ADV
fbem-9286	226	4	23,706	23,706	NUM
fbem-9286	226	5	23,706	23,706	NUM
fbem-9286	226	6	adj	adj	X
fbem-9286	226	7	.	.	PUNCT
fbem-9286	227	1	r²	r²	VERB
fbem-9286	227	2	0.386	0.386	NUM
fbem-9286	227	3	0.299	0.299	NUM
fbem-9286	227	4	robust	robust	ADJ
fbem-9286	227	5	t	t	NOUN
fbem-9286	227	6	-	-	PUNCT
fbem-9286	227	7	statistics	statistic	NOUN
fbem-9286	227	8	in	in	ADP
fbem-9286	227	9	parentheses	parenthesis	NOUN
fbem-9286	227	10	;	;	PUNCT
fbem-9286	227	11	*	*	PUNCT
fbem-9286	227	12	*	*	PUNCT
fbem-9286	227	13	*	*	PUNCT
fbem-9286	227	14	p	p	X
fbem-9286	227	15	<	<	X
fbem-9286	227	16	0.01	0.01	NUM
fbem-9286	227	17	,	,	PUNCT
fbem-9286	227	18	*	*	PUNCT
fbem-9286	227	19	*	*	PUNCT
fbem-9286	227	20	p	p	X
fbem-9286	227	21	<	<	X
fbem-9286	227	22	0.05	0.05	NUM
fbem-9286	227	23	,	,	PUNCT
fbem-9286	227	24	*	*	PUNCT
fbem-9286	227	25	p	p	X
fbem-9286	227	26	<	<	X
fbem-9286	227	27	0.1	0.1	NUM
fbem-9286	227	28	230	230	NUM
fbem-9286	227	29	5	5	NUM
fbem-9286	227	30	.	.	PUNCT
fbem-9286	228	1	research	research	NOUN
fbem-9286	228	2	conclusions	conclusion	NOUN
fbem-9286	228	3	and	and	CCONJ
fbem-9286	228	4	suggestions	suggestion	NOUN
fbem-9286	228	5	the	the	DET
fbem-9286	228	6	research	research	NOUN
fbem-9286	228	7	results	result	NOUN
fbem-9286	228	8	of	of	ADP
fbem-9286	228	9	this	this	DET
fbem-9286	228	10	paper	paper	NOUN
fbem-9286	228	11	show	show	VERB
fbem-9286	228	12	that	that	SCONJ
fbem-9286	228	13	good	good	ADJ
fbem-9286	228	14	esg	esg	PROPN
fbem-9286	228	15	performance	performance	NOUN
fbem-9286	228	16	shows	show	VERB
fbem-9286	228	17	that	that	SCONJ
fbem-9286	228	18	internal	internal	ADJ
fbem-9286	228	19	enterprises	enterprise	NOUN
fbem-9286	228	20	have	have	VERB
fbem-9286	228	21	excellent	excellent	ADJ
fbem-9286	228	22	enterprise	enterprise	NOUN
fbem-9286	228	23	value	value	NOUN
fbem-9286	228	24	and	and	CCONJ
fbem-9286	228	25	low	low	ADJ
fbem-9286	228	26	operating	operating	NOUN
fbem-9286	228	27	risk	risk	NOUN
fbem-9286	228	28	,	,	PUNCT
fbem-9286	228	29	and	and	CCONJ
fbem-9286	228	30	that	that	SCONJ
fbem-9286	228	31	enterprises	enterprise	NOUN
fbem-9286	228	32	have	have	VERB
fbem-9286	228	33	advantages	advantage	NOUN
fbem-9286	228	34	over	over	ADP
fbem-9286	228	35	other	other	ADJ
fbem-9286	228	36	enterprises	enterprise	NOUN
fbem-9286	228	37	in	in	ADP
fbem-9286	228	38	sustainable	sustainable	ADJ
fbem-9286	228	39	development	development	NOUN
fbem-9286	228	40	and	and	CCONJ
fbem-9286	228	41	long	long	ADJ
fbem-9286	228	42	-	-	PUNCT
fbem-9286	228	43	term	term	NOUN
fbem-9286	228	44	profitability	profitability	NOUN
fbem-9286	228	45	.	.	PUNCT
fbem-9286	229	1	external	external	ADJ
fbem-9286	229	2	enterprises	enterprise	NOUN
fbem-9286	229	3	have	have	VERB
fbem-9286	229	4	high	high	ADJ
fbem-9286	229	5	media	medium	NOUN
fbem-9286	229	6	attention	attention	NOUN
fbem-9286	229	7	and	and	CCONJ
fbem-9286	229	8	analysts	analyst	NOUN
fbem-9286	229	9	'	'	PART
fbem-9286	229	10	attention	attention	NOUN
fbem-9286	229	11	,	,	PUNCT
fbem-9286	229	12	and	and	CCONJ
fbem-9286	229	13	in	in	ADP
fbem-9286	229	14	the	the	DET
fbem-9286	229	15	face	face	NOUN
fbem-9286	229	16	of	of	ADP
fbem-9286	229	17	adverse	adverse	ADJ
fbem-9286	229	18	environment	environment	NOUN
fbem-9286	229	19	,	,	PUNCT
fbem-9286	229	20	enterprises	enterprise	NOUN
fbem-9286	229	21	can	can	AUX
fbem-9286	229	22	occupy	occupy	VERB
fbem-9286	229	23	a	a	DET
fbem-9286	229	24	dominant	dominant	ADJ
fbem-9286	229	25	position	position	NOUN
fbem-9286	229	26	in	in	ADP
fbem-9286	229	27	the	the	DET
fbem-9286	229	28	public	public	ADJ
fbem-9286	229	29	opinion	opinion	NOUN
fbem-9286	229	30	.	.	PUNCT
fbem-9286	230	1	esg	esg	NOUN
fbem-9286	230	2	performance	performance	NOUN
fbem-9286	230	3	has	have	VERB
fbem-9286	230	4	a	a	DET
fbem-9286	230	5	significant	significant	ADJ
fbem-9286	230	6	positive	positive	ADJ
fbem-9286	230	7	relationship	relationship	NOUN
fbem-9286	230	8	in	in	ADP
fbem-9286	230	9	influencing	influence	VERB
fbem-9286	230	10	the	the	DET
fbem-9286	230	11	shareholding	shareholding	NOUN
fbem-9286	230	12	of	of	ADP
fbem-9286	230	13	institutional	institutional	ADJ
fbem-9286	230	14	investors	investor	NOUN
fbem-9286	230	15	,	,	PUNCT
fbem-9286	230	16	indicating	indicate	VERB
fbem-9286	230	17	that	that	SCONJ
fbem-9286	230	18	when	when	SCONJ
fbem-9286	230	19	institutional	institutional	ADJ
fbem-9286	230	20	investors	investor	NOUN
fbem-9286	230	21	consider	consider	VERB
fbem-9286	230	22	the	the	DET
fbem-9286	230	23	invested	invest	VERB
fbem-9286	230	24	enterprise	enterprise	NOUN
fbem-9286	230	25	,	,	PUNCT
fbem-9286	230	26	esg	esg	NOUN
fbem-9286	230	27	performance	performance	NOUN
fbem-9286	230	28	can	can	AUX
fbem-9286	230	29	promote	promote	VERB
fbem-9286	230	30	institutional	institutional	ADJ
fbem-9286	230	31	shareholding	shareholding	NOUN
fbem-9286	230	32	by	by	ADP
fbem-9286	230	33	reflecting	reflect	VERB
fbem-9286	230	34	the	the	DET
fbem-9286	230	35	internal	internal	ADJ
fbem-9286	230	36	and	and	CCONJ
fbem-9286	230	37	external	external	ADJ
fbem-9286	230	38	advantages	advantage	NOUN
fbem-9286	230	39	of	of	ADP
fbem-9286	230	40	the	the	DET
fbem-9286	230	41	enterprise	enterprise	NOUN
fbem-9286	230	42	.	.	PUNCT
fbem-9286	231	1	this	this	DET
fbem-9286	231	2	research	research	NOUN
fbem-9286	231	3	finding	finding	NOUN
fbem-9286	231	4	shows	show	VERB
fbem-9286	231	5	that	that	SCONJ
fbem-9286	231	6	institutional	institutional	ADJ
fbem-9286	231	7	investors	investor	NOUN
fbem-9286	231	8	hold	hold	VERB
fbem-9286	231	9	enterprises	enterprise	NOUN
fbem-9286	231	10	with	with	ADP
fbem-9286	231	11	excellent	excellent	ADJ
fbem-9286	231	12	esg	esg	NOUN
fbem-9286	231	13	performance	performance	NOUN
fbem-9286	231	14	.	.	PUNCT
fbem-9286	232	1	the	the	DET
fbem-9286	232	2	invested	invest	VERB
fbem-9286	232	3	projects	project	NOUN
fbem-9286	232	4	with	with	ADP
fbem-9286	232	5	long	long	ADJ
fbem-9286	232	6	-	-	PUNCT
fbem-9286	232	7	term	term	NOUN
fbem-9286	232	8	profitability	profitability	NOUN
fbem-9286	232	9	and	and	CCONJ
fbem-9286	232	10	high	high	ADJ
fbem-9286	232	11	risk	risk	NOUN
fbem-9286	232	12	resistance	resistance	NOUN
fbem-9286	232	13	can	can	AUX
fbem-9286	232	14	be	be	AUX
fbem-9286	232	15	found	find	VERB
fbem-9286	232	16	.	.	PUNCT
fbem-9286	233	1	similarly	similarly	ADV
fbem-9286	233	2	,	,	PUNCT
fbem-9286	233	3	enterprises	enterprise	NOUN
fbem-9286	233	4	can	can	AUX
fbem-9286	233	5	also	also	ADV
fbem-9286	233	6	improve	improve	VERB
fbem-9286	233	7	the	the	DET
fbem-9286	233	8	performance	performance	NOUN
fbem-9286	233	9	of	of	ADP
fbem-9286	233	10	esg	esg	PROPN
fbem-9286	233	11	,	,	PUNCT
fbem-9286	233	12	so	so	SCONJ
fbem-9286	233	13	that	that	SCONJ
fbem-9286	233	14	they	they	PRON
fbem-9286	233	15	can	can	AUX
fbem-9286	233	16	not	not	PART
fbem-9286	233	17	only	only	ADV
fbem-9286	233	18	gain	gain	VERB
fbem-9286	233	19	higher	high	ADJ
fbem-9286	233	20	risk	risk	NOUN
fbem-9286	233	21	resistance	resistance	NOUN
fbem-9286	233	22	in	in	ADP
fbem-9286	233	23	the	the	DET
fbem-9286	233	24	economy	economy	NOUN
fbem-9286	233	25	and	and	CCONJ
fbem-9286	233	26	society	society	NOUN
fbem-9286	233	27	with	with	ADP
fbem-9286	233	28	downward	downward	ADJ
fbem-9286	233	29	economic	economic	ADJ
fbem-9286	233	30	environment	environment	NOUN
fbem-9286	233	31	and	and	CCONJ
fbem-9286	233	32	changeable	changeable	ADJ
fbem-9286	233	33	risks	risk	NOUN
fbem-9286	233	34	,	,	PUNCT
fbem-9286	233	35	but	but	CCONJ
fbem-9286	233	36	also	also	ADV
fbem-9286	233	37	gain	gain	VERB
fbem-9286	233	38	the	the	DET
fbem-9286	233	39	favor	favor	NOUN
fbem-9286	233	40	of	of	ADP
fbem-9286	233	41	institutional	institutional	ADJ
fbem-9286	233	42	investors	investor	NOUN
fbem-9286	233	43	and	and	CCONJ
fbem-9286	233	44	obtain	obtain	VERB
fbem-9286	233	45	stable	stable	ADJ
fbem-9286	233	46	financial	financial	ADJ
fbem-9286	233	47	support	support	NOUN
fbem-9286	233	48	.	.	PUNCT
fbem-9286	234	1	for	for	ADP
fbem-9286	234	2	the	the	DET
fbem-9286	234	3	chinese	chinese	ADJ
fbem-9286	234	4	government	government	NOUN
fbem-9286	234	5	,	,	PUNCT
fbem-9286	234	6	which	which	PRON
fbem-9286	234	7	takes	take	VERB
fbem-9286	234	8	sustainable	sustainable	ADJ
fbem-9286	234	9	development	development	NOUN
fbem-9286	234	10	as	as	ADP
fbem-9286	234	11	a	a	DET
fbem-9286	234	12	national	national	ADJ
fbem-9286	234	13	development	development	NOUN
fbem-9286	234	14	strategy	strategy	NOUN
fbem-9286	234	15	,	,	PUNCT
fbem-9286	234	16	the	the	DET
fbem-9286	234	17	positive	positive	ADJ
fbem-9286	234	18	correlation	correlation	NOUN
fbem-9286	234	19	between	between	ADP
fbem-9286	234	20	esg	esg	NOUN
fbem-9286	234	21	performance	performance	NOUN
fbem-9286	234	22	and	and	CCONJ
fbem-9286	234	23	institutional	institutional	ADJ
fbem-9286	234	24	investor	investor	NOUN
fbem-9286	234	25	shareholding	shareholding	NOUN
fbem-9286	234	26	can	can	AUX
fbem-9286	234	27	provide	provide	VERB
fbem-9286	234	28	the	the	DET
fbem-9286	234	29	government	government	NOUN
fbem-9286	234	30	with	with	ADP
fbem-9286	234	31	the	the	DET
fbem-9286	234	32	way	way	NOUN
fbem-9286	234	33	to	to	PART
fbem-9286	234	34	channel	channel	VERB
fbem-9286	234	35	funds	fund	NOUN
fbem-9286	234	36	to	to	ADP
fbem-9286	234	37	the	the	DET
fbem-9286	234	38	field	field	NOUN
fbem-9286	234	39	of	of	ADP
fbem-9286	234	40	sustainable	sustainable	ADJ
fbem-9286	234	41	development	development	NOUN
fbem-9286	234	42	.	.	PUNCT
fbem-9286	235	1	to	to	PART
fbem-9286	235	2	sum	sum	VERB
fbem-9286	235	3	up	up	ADP
fbem-9286	235	4	,	,	PUNCT
fbem-9286	235	5	this	this	DET
fbem-9286	235	6	paper	paper	NOUN
fbem-9286	235	7	gives	give	VERB
fbem-9286	235	8	the	the	DET
fbem-9286	235	9	following	follow	VERB
fbem-9286	235	10	suggestions	suggestion	NOUN
fbem-9286	235	11	:	:	PUNCT
fbem-9286	235	12	first	first	ADV
fbem-9286	235	13	,	,	PUNCT
fbem-9286	235	14	esg	esg	PROPN
fbem-9286	235	15	can	can	AUX
fbem-9286	235	16	provide	provide	VERB
fbem-9286	235	17	additional	additional	ADJ
fbem-9286	235	18	risk	risk	NOUN
fbem-9286	235	19	assessment	assessment	NOUN
fbem-9286	235	20	tools	tool	NOUN
fbem-9286	235	21	for	for	SCONJ
fbem-9286	235	22	institutional	institutional	ADJ
fbem-9286	235	23	investors	investor	NOUN
fbem-9286	235	24	to	to	PART
fbem-9286	235	25	screen	screen	VERB
fbem-9286	235	26	out	out	ADP
fbem-9286	235	27	investment	investment	NOUN
fbem-9286	235	28	projects	project	NOUN
fbem-9286	235	29	with	with	ADP
fbem-9286	235	30	high	high	ADJ
fbem-9286	235	31	potential	potential	ADJ
fbem-9286	235	32	and	and	CCONJ
fbem-9286	235	33	strong	strong	ADJ
fbem-9286	235	34	anti	anti	ADJ
fbem-9286	235	35	-	-	ADJ
fbem-9286	235	36	risk	risk	ADJ
fbem-9286	235	37	ability	ability	NOUN
fbem-9286	235	38	.	.	PUNCT
fbem-9286	236	1	for	for	ADP
fbem-9286	236	2	professional	professional	ADJ
fbem-9286	236	3	institutional	institutional	ADJ
fbem-9286	236	4	investors	investor	NOUN
fbem-9286	236	5	,	,	PUNCT
fbem-9286	236	6	their	their	PRON
fbem-9286	236	7	investment	investment	NOUN
fbem-9286	236	8	decisions	decision	NOUN
fbem-9286	236	9	and	and	CCONJ
fbem-9286	236	10	behaviors	behavior	NOUN
fbem-9286	236	11	should	should	AUX
fbem-9286	236	12	not	not	PART
fbem-9286	236	13	only	only	ADV
fbem-9286	236	14	consider	consider	VERB
fbem-9286	236	15	the	the	DET
fbem-9286	236	16	fundamental	fundamental	ADJ
fbem-9286	236	17	situation	situation	NOUN
fbem-9286	236	18	,	,	PUNCT
fbem-9286	236	19	but	but	CCONJ
fbem-9286	236	20	also	also	ADV
fbem-9286	236	21	pay	pay	VERB
fbem-9286	236	22	attention	attention	NOUN
fbem-9286	236	23	to	to	ADP
fbem-9286	236	24	the	the	DET
fbem-9286	236	25	esg	esg	PROPN
fbem-9286	236	26	responsibility	responsibility	NOUN
fbem-9286	236	27	performance	performance	NOUN
fbem-9286	236	28	of	of	ADP
fbem-9286	236	29	enterprises	enterprise	NOUN
fbem-9286	236	30	.	.	PUNCT
fbem-9286	237	1	this	this	PRON
fbem-9286	237	2	can	can	AUX
fbem-9286	237	3	not	not	PART
fbem-9286	237	4	only	only	ADV
fbem-9286	237	5	reduce	reduce	VERB
fbem-9286	237	6	portfolio	portfolio	NOUN
fbem-9286	237	7	risk	risk	NOUN
fbem-9286	237	8	but	but	CCONJ
fbem-9286	237	9	also	also	ADV
fbem-9286	237	10	lead	lead	VERB
fbem-9286	237	11	to	to	ADP
fbem-9286	237	12	better	well	ADJ
fbem-9286	237	13	return	return	VERB
fbem-9286	237	14	performance	performance	NOUN
fbem-9286	237	15	.	.	PUNCT
fbem-9286	238	1	today	today	NOUN
fbem-9286	238	2	's	's	PART
fbem-9286	238	3	economy	economy	NOUN
fbem-9286	238	4	faces	face	VERB
fbem-9286	238	5	complex	complex	ADJ
fbem-9286	238	6	and	and	CCONJ
fbem-9286	238	7	unprecedented	unprecedented	ADJ
fbem-9286	238	8	challenges	challenge	NOUN
fbem-9286	238	9	.	.	PUNCT
fbem-9286	239	1	the	the	DET
fbem-9286	239	2	impact	impact	NOUN
fbem-9286	239	3	of	of	ADP
fbem-9286	239	4	the	the	DET
fbem-9286	239	5	covid-19	covid-19	PROPN
fbem-9286	239	6	pandemic	pandemic	NOUN
fbem-9286	239	7	on	on	ADP
fbem-9286	239	8	labor	labor	NOUN
fbem-9286	239	9	and	and	CCONJ
fbem-9286	239	10	supply	supply	NOUN
fbem-9286	239	11	chains	chain	NOUN
fbem-9286	239	12	from	from	ADP
fbem-9286	239	13	2020	2020	NUM
fbem-9286	239	14	continues	continue	VERB
fbem-9286	239	15	to	to	PART
fbem-9286	239	16	keep	keep	VERB
fbem-9286	239	17	the	the	DET
fbem-9286	239	18	global	global	ADJ
fbem-9286	239	19	economy	economy	NOUN
fbem-9286	239	20	in	in	ADP
fbem-9286	239	21	the	the	DET
fbem-9286	239	22	doldrums	doldrum	NOUN
fbem-9286	239	23	.	.	PUNCT
fbem-9286	240	1	at	at	ADP
fbem-9286	240	2	the	the	DET
fbem-9286	240	3	same	same	ADJ
fbem-9286	240	4	time	time	NOUN
fbem-9286	240	5	,	,	PUNCT
fbem-9286	240	6	many	many	ADJ
fbem-9286	240	7	companies	company	NOUN
fbem-9286	240	8	are	be	AUX
fbem-9286	240	9	suffering	suffer	VERB
fbem-9286	240	10	from	from	ADP
fbem-9286	240	11	energy	energy	NOUN
fbem-9286	240	12	shortages	shortage	NOUN
fbem-9286	240	13	or	or	CCONJ
fbem-9286	240	14	losing	lose	VERB
fbem-9286	240	15	talent	talent	NOUN
fbem-9286	240	16	due	due	ADJ
fbem-9286	240	17	to	to	ADP
fbem-9286	240	18	poor	poor	ADJ
fbem-9286	240	19	working	working	NOUN
fbem-9286	240	20	conditions	condition	NOUN
fbem-9286	240	21	and	and	CCONJ
fbem-9286	240	22	treatment	treatment	NOUN
fbem-9286	240	23	.	.	PUNCT
fbem-9286	241	1	without	without	ADP
fbem-9286	241	2	proper	proper	ADJ
fbem-9286	241	3	esg	esg	PROPN
fbem-9286	241	4	risk	risk	NOUN
fbem-9286	241	5	management	management	NOUN
fbem-9286	241	6	and	and	CCONJ
fbem-9286	241	7	response	response	NOUN
fbem-9286	241	8	strategies	strategy	NOUN
fbem-9286	241	9	,	,	PUNCT
fbem-9286	241	10	these	these	DET
fbem-9286	241	11	environmental	environmental	ADJ
fbem-9286	241	12	and	and	CCONJ
fbem-9286	241	13	social	social	ADJ
fbem-9286	241	14	risks	risk	NOUN
fbem-9286	241	15	can	can	AUX
fbem-9286	241	16	lead	lead	VERB
fbem-9286	241	17	to	to	ADP
fbem-9286	241	18	serious	serious	ADJ
fbem-9286	241	19	losses	loss	NOUN
fbem-9286	241	20	,	,	PUNCT
fbem-9286	241	21	especially	especially	ADV
fbem-9286	241	22	for	for	ADP
fbem-9286	241	23	young	young	ADJ
fbem-9286	241	24	companies	company	NOUN
fbem-9286	241	25	without	without	ADP
fbem-9286	241	26	a	a	DET
fbem-9286	241	27	strong	strong	ADJ
fbem-9286	241	28	market	market	NOUN
fbem-9286	241	29	position	position	NOUN
fbem-9286	241	30	or	or	CCONJ
fbem-9286	241	31	financial	financial	ADJ
fbem-9286	241	32	foundation	foundation	NOUN
fbem-9286	241	33	.	.	PUNCT
fbem-9286	242	1	in	in	ADP
fbem-9286	242	2	addition	addition	NOUN
fbem-9286	242	3	,	,	PUNCT
fbem-9286	242	4	attention	attention	NOUN
fbem-9286	242	5	to	to	ADP
fbem-9286	242	6	esg	esg	NOUN
fbem-9286	242	7	performance	performance	NOUN
fbem-9286	242	8	can	can	AUX
fbem-9286	242	9	help	help	VERB
fbem-9286	242	10	investors	investor	NOUN
fbem-9286	242	11	pay	pay	VERB
fbem-9286	242	12	attention	attention	NOUN
fbem-9286	242	13	to	to	ADP
fbem-9286	242	14	environmental	environmental	ADJ
fbem-9286	242	15	and	and	CCONJ
fbem-9286	242	16	social	social	ADJ
fbem-9286	242	17	responsibility	responsibility	NOUN
fbem-9286	242	18	issues	issue	NOUN
fbem-9286	242	19	that	that	PRON
fbem-9286	242	20	are	be	AUX
fbem-9286	242	21	most	most	ADV
fbem-9286	242	22	closely	closely	ADV
fbem-9286	242	23	related	relate	VERB
fbem-9286	242	24	to	to	ADP
fbem-9286	242	25	corporate	corporate	ADJ
fbem-9286	242	26	financial	financial	ADJ
fbem-9286	242	27	performance	performance	NOUN
fbem-9286	242	28	,	,	PUNCT
fbem-9286	242	29	which	which	PRON
fbem-9286	242	30	are	be	AUX
fbem-9286	242	31	often	often	ADV
fbem-9286	242	32	neglected	neglect	VERB
fbem-9286	242	33	in	in	ADP
fbem-9286	242	34	traditional	traditional	ADJ
fbem-9286	242	35	investment	investment	NOUN
fbem-9286	242	36	decisions	decision	NOUN
fbem-9286	242	37	.	.	PUNCT
fbem-9286	243	1	attention	attention	NOUN
fbem-9286	243	2	to	to	ADP
fbem-9286	243	3	esg	esg	NOUN
fbem-9286	243	4	performance	performance	NOUN
fbem-9286	243	5	can	can	AUX
fbem-9286	243	6	play	play	VERB
fbem-9286	243	7	a	a	DET
fbem-9286	243	8	positive	positive	ADJ
fbem-9286	243	9	role	role	NOUN
fbem-9286	243	10	in	in	ADP
fbem-9286	243	11	value	value	NOUN
fbem-9286	243	12	recognition	recognition	NOUN
fbem-9286	243	13	,	,	PUNCT
fbem-9286	243	14	market	market	NOUN
fbem-9286	243	15	stabilization	stabilization	NOUN
fbem-9286	243	16	and	and	CCONJ
fbem-9286	243	17	resource	resource	NOUN
fbem-9286	243	18	allocation	allocation	NOUN
fbem-9286	243	19	efficiency	efficiency	NOUN
fbem-9286	243	20	of	of	ADP
fbem-9286	243	21	institutional	institutional	ADJ
fbem-9286	243	22	investors	investor	NOUN
fbem-9286	243	23	.	.	PUNCT
fbem-9286	244	1	second	second	ADJ
fbem-9286	244	2	,	,	PUNCT
fbem-9286	244	3	for	for	ADP
fbem-9286	244	4	regulators	regulator	NOUN
fbem-9286	244	5	and	and	CCONJ
fbem-9286	244	6	other	other	ADJ
fbem-9286	244	7	investors	investor	NOUN
fbem-9286	244	8	,	,	PUNCT
fbem-9286	244	9	we	we	PRON
fbem-9286	244	10	should	should	AUX
fbem-9286	244	11	actively	actively	ADV
fbem-9286	244	12	guide	guide	VERB
fbem-9286	244	13	enterprises	enterprise	NOUN
fbem-9286	244	14	to	to	PART
fbem-9286	244	15	attach	attach	VERB
fbem-9286	244	16	importance	importance	NOUN
fbem-9286	244	17	to	to	ADP
fbem-9286	244	18	the	the	DET
fbem-9286	244	19	performance	performance	NOUN
fbem-9286	244	20	of	of	ADP
fbem-9286	244	21	social	social	ADJ
fbem-9286	244	22	responsibility	responsibility	NOUN
fbem-9286	244	23	,	,	PUNCT
fbem-9286	244	24	further	far	ADV
fbem-9286	244	25	pay	pay	VERB
fbem-9286	244	26	attention	attention	NOUN
fbem-9286	244	27	to	to	ADP
fbem-9286	244	28	and	and	CCONJ
fbem-9286	244	29	promote	promote	VERB
fbem-9286	244	30	the	the	DET
fbem-9286	244	31	disclosure	disclosure	NOUN
fbem-9286	244	32	and	and	CCONJ
fbem-9286	244	33	rating	rating	NOUN
fbem-9286	244	34	of	of	ADP
fbem-9286	244	35	corporate	corporate	ADJ
fbem-9286	244	36	esg	esg	NOUN
fbem-9286	244	37	information	information	NOUN
fbem-9286	244	38	,	,	PUNCT
fbem-9286	244	39	and	and	CCONJ
fbem-9286	244	40	build	build	VERB
fbem-9286	244	41	an	an	DET
fbem-9286	244	42	esg	esg	NOUN
fbem-9286	244	43	system	system	NOUN
fbem-9286	244	44	suitable	suitable	ADJ
fbem-9286	244	45	for	for	ADP
fbem-9286	244	46	china	china	PROPN
fbem-9286	244	47	's	's	PART
fbem-9286	244	48	national	national	ADJ
fbem-9286	244	49	conditions	condition	NOUN
fbem-9286	244	50	and	and	CCONJ
fbem-9286	244	51	with	with	ADP
fbem-9286	244	52	chinese	chinese	ADJ
fbem-9286	244	53	characteristics	characteristic	NOUN
fbem-9286	244	54	;	;	PUNCT
fbem-9286	244	55	guide	guide	VERB
fbem-9286	244	56	the	the	DET
fbem-9286	244	57	capital	capital	NOUN
fbem-9286	244	58	market	market	NOUN
fbem-9286	244	59	to	to	PART
fbem-9286	244	60	pay	pay	VERB
fbem-9286	244	61	attention	attention	NOUN
fbem-9286	244	62	to	to	ADP
fbem-9286	244	63	enterprises	enterprise	NOUN
fbem-9286	244	64	that	that	PRON
fbem-9286	244	65	effectively	effectively	ADV
fbem-9286	244	66	fulfill	fulfill	VERB
fbem-9286	244	67	their	their	PRON
fbem-9286	244	68	social	social	ADJ
fbem-9286	244	69	responsibilities	responsibility	NOUN
fbem-9286	244	70	,	,	PUNCT
fbem-9286	244	71	implement	implement	VERB
fbem-9286	244	72	environmental	environmental	ADJ
fbem-9286	244	73	protection	protection	NOUN
fbem-9286	244	74	,	,	PUNCT
fbem-9286	244	75	pay	pay	VERB
fbem-9286	244	76	attention	attention	NOUN
fbem-9286	244	77	to	to	ADP
fbem-9286	244	78	corporate	corporate	ADJ
fbem-9286	244	79	governance	governance	NOUN
fbem-9286	244	80	,	,	PUNCT
fbem-9286	244	81	and	and	CCONJ
fbem-9286	244	82	protect	protect	VERB
fbem-9286	244	83	the	the	DET
fbem-9286	244	84	interests	interest	NOUN
fbem-9286	244	85	of	of	ADP
fbem-9286	244	86	stakeholders	stakeholder	NOUN
fbem-9286	244	87	.	.	PUNCT
fbem-9286	245	1	at	at	ADP
fbem-9286	245	2	the	the	DET
fbem-9286	245	3	same	same	ADJ
fbem-9286	245	4	time	time	NOUN
fbem-9286	245	5	,	,	PUNCT
fbem-9286	245	6	while	while	SCONJ
fbem-9286	245	7	vigorously	vigorously	ADV
fbem-9286	245	8	promoting	promote	VERB
fbem-9286	245	9	the	the	DET
fbem-9286	245	10	attention	attention	NOUN
fbem-9286	245	11	of	of	ADP
fbem-9286	245	12	institutional	institutional	ADJ
fbem-9286	245	13	investors	investor	NOUN
fbem-9286	245	14	and	and	CCONJ
fbem-9286	245	15	other	other	ADJ
fbem-9286	245	16	social	social	ADJ
fbem-9286	245	17	professional	professional	ADJ
fbem-9286	245	18	capital	capital	NOUN
fbem-9286	245	19	,	,	PUNCT
fbem-9286	245	20	we	we	PRON
fbem-9286	245	21	should	should	AUX
fbem-9286	245	22	pay	pay	VERB
fbem-9286	245	23	attention	attention	NOUN
fbem-9286	245	24	to	to	ADP
fbem-9286	245	25	the	the	DET
fbem-9286	245	26	improvement	improvement	NOUN
fbem-9286	245	27	of	of	ADP
fbem-9286	245	28	the	the	DET
fbem-9286	245	29	institutional	institutional	ADJ
fbem-9286	245	30	environment	environment	NOUN
fbem-9286	245	31	and	and	CCONJ
fbem-9286	245	32	avoid	avoid	VERB
fbem-9286	245	33	"	"	PUNCT
fbem-9286	245	34	greenwashing	greenwashe	VERB
fbem-9286	245	35	"	"	PUNCT
fbem-9286	245	36	behavior	behavior	NOUN
fbem-9286	245	37	.	.	PUNCT
fbem-9286	246	1	the	the	DET
fbem-9286	246	2	status	status	NOUN
fbem-9286	246	3	of	of	ADP
fbem-9286	246	4	global	global	ADJ
fbem-9286	246	5	esg	esg	PROPN
fbem-9286	246	6	disclosure	disclosure	NOUN
fbem-9286	246	7	shows	show	VERB
fbem-9286	246	8	that	that	SCONJ
fbem-9286	246	9	only	only	ADV
fbem-9286	246	10	with	with	ADP
fbem-9286	246	11	clearly	clearly	ADV
fbem-9286	246	12	stipulated	stipulate	VERB
fbem-9286	246	13	external	external	ADJ
fbem-9286	246	14	supervision	supervision	NOUN
fbem-9286	246	15	can	can	AUX
fbem-9286	246	16	more	more	ADV
fbem-9286	246	17	listed	list	VERB
fbem-9286	246	18	companies	company	NOUN
fbem-9286	246	19	disclose	disclose	VERB
fbem-9286	246	20	their	their	PRON
fbem-9286	246	21	own	own	ADJ
fbem-9286	246	22	esg	esg	NOUN
fbem-9286	246	23	information	information	NOUN
fbem-9286	246	24	.	.	PUNCT
fbem-9286	247	1	among	among	ADP
fbem-9286	247	2	all	all	DET
fbem-9286	247	3	the	the	DET
fbem-9286	247	4	esg	esg	NOUN
fbem-9286	247	5	disclosure	disclosure	NOUN
fbem-9286	247	6	standards	standard	NOUN
fbem-9286	247	7	,	,	PUNCT
fbem-9286	247	8	the	the	DET
fbem-9286	247	9	eu	eu	PROPN
fbem-9286	247	10	stands	stand	VERB
fbem-9286	247	11	out	out	ADP
fbem-9286	247	12	with	with	ADP
fbem-9286	247	13	its	its	PRON
fbem-9286	247	14	relatively	relatively	ADV
fbem-9286	247	15	more	more	ADV
fbem-9286	247	16	comprehensive	comprehensive	ADJ
fbem-9286	247	17	coverage	coverage	NOUN
fbem-9286	247	18	of	of	ADP
fbem-9286	247	19	esg	esg	PROPN
fbem-9286	247	20	-	-	PUNCT
fbem-9286	247	21	related	relate	VERB
fbem-9286	247	22	regulations	regulation	NOUN
fbem-9286	247	23	;	;	PUNCT
fbem-9286	247	24	in	in	ADP
fbem-9286	247	25	contrast	contrast	NOUN
fbem-9286	247	26	,	,	PUNCT
fbem-9286	247	27	asia	asia	ADJ
fbem-9286	247	28	-	-	PUNCT
fbem-9286	247	29	pacific	pacific	ADJ
fbem-9286	247	30	markets	market	NOUN
fbem-9286	247	31	lagged	lag	VERB
fbem-9286	247	32	behind	behind	ADP
fbem-9286	247	33	other	other	ADJ
fbem-9286	247	34	markets	market	NOUN
fbem-9286	247	35	at	at	ADP
fbem-9286	247	36	every	every	DET
fbem-9286	247	37	level	level	NOUN
fbem-9286	247	38	of	of	ADP
fbem-9286	247	39	disclosure	disclosure	NOUN
fbem-9286	247	40	,	,	PUNCT
fbem-9286	247	41	with	with	ADP
fbem-9286	247	42	only	only	ADV
fbem-9286	247	43	about	about	ADV
fbem-9286	247	44	50	50	NUM
fbem-9286	247	45	per	per	ADP
fbem-9286	247	46	cent	cent	NOUN
fbem-9286	247	47	of	of	ADP
fbem-9286	247	48	listed	list	VERB
fbem-9286	247	49	companies	company	NOUN
fbem-9286	247	50	disclosing	disclose	VERB
fbem-9286	247	51	their	their	PRON
fbem-9286	247	52	esg	esg	NOUN
fbem-9286	247	53	performance	performance	NOUN
fbem-9286	247	54	.	.	PUNCT
fbem-9286	248	1	unlike	unlike	ADP
fbem-9286	248	2	the	the	DET
fbem-9286	248	3	european	european	ADJ
fbem-9286	248	4	market	market	NOUN
fbem-9286	248	5	,	,	PUNCT
fbem-9286	248	6	esg	esg	PROPN
fbem-9286	248	7	reporting	reporting	NOUN
fbem-9286	248	8	is	be	AUX
fbem-9286	248	9	only	only	ADV
fbem-9286	248	10	mandatory	mandatory	ADJ
fbem-9286	248	11	in	in	ADP
fbem-9286	248	12	hong	hong	PROPN
fbem-9286	248	13	kong	kong	PROPN
fbem-9286	248	14	,	,	PUNCT
fbem-9286	248	15	singapore	singapore	PROPN
fbem-9286	248	16	and	and	CCONJ
fbem-9286	248	17	malaysia	malaysia	PROPN
fbem-9286	248	18	,	,	PUNCT
fbem-9286	248	19	while	while	SCONJ
fbem-9286	248	20	mandatory	mandatory	ADJ
fbem-9286	248	21	disclosure	disclosure	NOUN
fbem-9286	248	22	remains	remain	VERB
fbem-9286	248	23	to	to	PART
fbem-9286	248	24	be	be	AUX
fbem-9286	248	25	implemented	implement	VERB
fbem-9286	248	26	in	in	ADP
fbem-9286	248	27	the	the	DET
fbem-9286	248	28	mainland	mainland	NOUN
fbem-9286	248	29	market	market	NOUN
fbem-9286	248	30	.	.	PUNCT
fbem-9286	249	1	international	international	ADJ
fbem-9286	249	2	institutional	institutional	ADJ
fbem-9286	249	3	investors	investor	NOUN
fbem-9286	249	4	generally	generally	ADV
fbem-9286	249	5	believe	believe	VERB
fbem-9286	249	6	that	that	SCONJ
fbem-9286	249	7	the	the	DET
fbem-9286	249	8	esg	esg	PROPN
fbem-9286	249	9	information	information	NOUN
fbem-9286	249	10	disclosure	disclosure	NOUN
fbem-9286	249	11	of	of	ADP
fbem-9286	249	12	chinese	chinese	ADJ
fbem-9286	249	13	enterprises	enterprise	NOUN
fbem-9286	249	14	is	be	AUX
fbem-9286	249	15	insufficient	insufficient	ADJ
fbem-9286	249	16	,	,	PUNCT
fbem-9286	249	17	so	so	CCONJ
fbem-9286	249	18	it	it	PRON
fbem-9286	249	19	is	be	AUX
fbem-9286	249	20	difficult	difficult	ADJ
fbem-9286	249	21	to	to	PART
fbem-9286	249	22	promote	promote	VERB
fbem-9286	249	23	the	the	DET
fbem-9286	249	24	esg	esg	NOUN
fbem-9286	249	25	rating	rating	NOUN
fbem-9286	249	26	.	.	PUNCT
fbem-9286	250	1	therefore	therefore	ADV
fbem-9286	250	2	,	,	PUNCT
fbem-9286	250	3	enhanced	enhance	VERB
fbem-9286	250	4	information	information	NOUN
fbem-9286	250	5	disclosure	disclosure	NOUN
fbem-9286	250	6	will	will	AUX
fbem-9286	250	7	help	help	VERB
fbem-9286	250	8	attract	attract	VERB
fbem-9286	250	9	more	more	ADJ
fbem-9286	250	10	international	international	ADJ
fbem-9286	250	11	funds	fund	NOUN
fbem-9286	250	12	to	to	PART
fbem-9286	250	13	allocate	allocate	VERB
fbem-9286	250	14	to	to	ADP
fbem-9286	250	15	the	the	DET
fbem-9286	250	16	chinese	chinese	ADJ
fbem-9286	250	17	stock	stock	NOUN
fbem-9286	250	18	market	market	NOUN
fbem-9286	250	19	.	.	PUNCT
fbem-9286	251	1	third	third	ADV
fbem-9286	251	2	,	,	PUNCT
fbem-9286	251	3	this	this	DET
fbem-9286	251	4	paper	paper	NOUN
fbem-9286	251	5	also	also	ADV
fbem-9286	251	6	has	have	VERB
fbem-9286	251	7	a	a	DET
fbem-9286	251	8	positive	positive	ADJ
fbem-9286	251	9	significance	significance	NOUN
fbem-9286	251	10	for	for	ADP
fbem-9286	251	11	enterprises	enterprise	NOUN
fbem-9286	251	12	'	'	PART
fbem-9286	251	13	own	own	ADJ
fbem-9286	251	14	esgs	esg	NOUN
fbem-9286	251	15	.	.	PUNCT
fbem-9286	252	1	currently	currently	ADV
fbem-9286	252	2	,	,	PUNCT
fbem-9286	252	3	international	international	ADJ
fbem-9286	252	4	standards	standard	NOUN
fbem-9286	252	5	are	be	AUX
fbem-9286	252	6	being	be	AUX
fbem-9286	252	7	incubated	incubate	VERB
fbem-9286	252	8	,	,	PUNCT
fbem-9286	252	9	and	and	CCONJ
fbem-9286	252	10	domestic	domestic	ADJ
fbem-9286	252	11	mandatory	mandatory	ADJ
fbem-9286	252	12	disclosure	disclosure	NOUN
fbem-9286	252	13	has	have	AUX
fbem-9286	252	14	not	not	PART
fbem-9286	252	15	been	be	AUX
fbem-9286	252	16	implemented	implement	VERB
fbem-9286	252	17	.	.	PUNCT
fbem-9286	253	1	enterprises	enterprise	NOUN
fbem-9286	253	2	have	have	VERB
fbem-9286	253	3	enough	enough	ADJ
fbem-9286	253	4	time	time	NOUN
fbem-9286	253	5	to	to	PART
fbem-9286	253	6	understand	understand	VERB
fbem-9286	253	7	the	the	DET
fbem-9286	253	8	best	good	ADJ
fbem-9286	253	9	form	form	NOUN
fbem-9286	253	10	of	of	ADP
fbem-9286	253	11	esg	esg	PROPN
fbem-9286	253	12	management	management	NOUN
fbem-9286	253	13	.	.	PUNCT
fbem-9286	254	1	china	china	PROPN
fbem-9286	254	2	securities	securities	PROPN
fbem-9286	254	3	regulatory	regulatory	PROPN
fbem-9286	254	4	commission	commission	PROPN
fbem-9286	254	5	has	have	AUX
fbem-9286	254	6	made	make	VERB
fbem-9286	254	7	it	it	PRON
fbem-9286	254	8	clear	clear	ADJ
fbem-9286	254	9	that	that	SCONJ
fbem-9286	254	10	developing	develop	VERB
fbem-9286	254	11	countries	country	NOUN
fbem-9286	254	12	are	be	AUX
fbem-9286	254	13	faced	face	VERB
fbem-9286	254	14	with	with	ADP
fbem-9286	254	15	the	the	DET
fbem-9286	254	16	reality	reality	NOUN
fbem-9286	254	17	that	that	SCONJ
fbem-9286	254	18	the	the	DET
fbem-9286	254	19	relevant	relevant	ADJ
fbem-9286	254	20	basic	basic	ADJ
fbem-9286	254	21	conditions	condition	NOUN
fbem-9286	254	22	of	of	ADP
fbem-9286	254	23	information	information	NOUN
fbem-9286	254	24	and	and	CCONJ
fbem-9286	254	25	data	datum	NOUN
fbem-9286	254	26	are	be	AUX
fbem-9286	254	27	slightly	slightly	ADV
fbem-9286	254	28	worse	bad	ADJ
fbem-9286	254	29	than	than	ADP
fbem-9286	254	30	those	those	PRON
fbem-9286	254	31	of	of	ADP
fbem-9286	254	32	developed	develop	VERB
fbem-9286	254	33	countries	country	NOUN
fbem-9286	254	34	,	,	PUNCT
fbem-9286	254	35	but	but	CCONJ
fbem-9286	254	36	in	in	ADP
fbem-9286	254	37	terms	term	NOUN
fbem-9286	254	38	of	of	ADP
fbem-9286	254	39	esg	esg	PROPN
fbem-9286	254	40	direction	direction	NOUN
fbem-9286	254	41	,	,	PUNCT
fbem-9286	254	42	china	china	PROPN
fbem-9286	254	43	is	be	AUX
fbem-9286	254	44	consistent	consistent	ADJ
fbem-9286	254	45	with	with	ADP
fbem-9286	254	46	other	other	ADJ
fbem-9286	254	47	countries	country	NOUN
fbem-9286	254	48	.	.	PUNCT
fbem-9286	255	1	similar	similar	ADJ
fbem-9286	255	2	to	to	ADP
fbem-9286	255	3	the	the	DET
fbem-9286	255	4	adoption	adoption	NOUN
fbem-9286	255	5	process	process	NOUN
fbem-9286	255	6	of	of	ADP
fbem-9286	255	7	international	international	ADJ
fbem-9286	255	8	accounting	accounting	NOUN
fbem-9286	255	9	standards	standard	NOUN
fbem-9286	255	10	,	,	PUNCT
fbem-9286	255	11	esg	esg	PROPN
fbem-9286	255	12	information	information	NOUN
fbem-9286	255	13	disclosure	disclosure	NOUN
fbem-9286	255	14	standards	standard	NOUN
fbem-9286	255	15	also	also	ADV
fbem-9286	255	16	have	have	VERB
fbem-9286	255	17	a	a	DET
fbem-9286	255	18	corresponding	corresponding	ADJ
fbem-9286	255	19	adaptation	adaptation	NOUN
fbem-9286	255	20	process	process	NOUN
fbem-9286	255	21	.	.	PUNCT
fbem-9286	256	1	in	in	ADP
fbem-9286	256	2	the	the	DET
fbem-9286	256	3	international	international	ADJ
fbem-9286	256	4	community	community	NOUN
fbem-9286	256	5	,	,	PUNCT
fbem-9286	256	6	esg	esg	PROPN
fbem-9286	256	7	has	have	AUX
fbem-9286	256	8	become	become	VERB
fbem-9286	256	9	an	an	DET
fbem-9286	256	10	important	important	ADJ
fbem-9286	256	11	indicator	indicator	NOUN
fbem-9286	256	12	concerned	concern	VERB
fbem-9286	256	13	by	by	ADP
fbem-9286	256	14	institutional	institutional	ADJ
fbem-9286	256	15	investors	investor	NOUN
fbem-9286	256	16	.	.	PUNCT
fbem-9286	257	1	in	in	ADP
fbem-9286	257	2	the	the	DET
fbem-9286	257	3	continuous	continuous	ADJ
fbem-9286	257	4	development	development	NOUN
fbem-9286	257	5	of	of	ADP
fbem-9286	257	6	enterprises	enterprise	NOUN
fbem-9286	257	7	,	,	PUNCT
fbem-9286	257	8	financial	financial	ADJ
fbem-9286	257	9	performance	performance	NOUN
fbem-9286	257	10	is	be	AUX
fbem-9286	257	11	not	not	PART
fbem-9286	257	12	the	the	DET
fbem-9286	257	13	only	only	ADJ
fbem-9286	257	14	goal	goal	NOUN
fbem-9286	257	15	,	,	PUNCT
fbem-9286	257	16	but	but	CCONJ
fbem-9286	257	17	to	to	PART
fbem-9286	257	18	actively	actively	ADV
fbem-9286	257	19	seek	seek	VERB
fbem-9286	257	20	change	change	NOUN
fbem-9286	257	21	and	and	CCONJ
fbem-9286	257	22	pursue	pursue	VERB
fbem-9286	257	23	green	green	ADJ
fbem-9286	257	24	,	,	PUNCT
fbem-9286	257	25	sustainable	sustainable	ADJ
fbem-9286	257	26	and	and	CCONJ
fbem-9286	257	27	high	high	ADJ
fbem-9286	257	28	-	-	PUNCT
fbem-9286	257	29	quality	quality	NOUN
fbem-9286	257	30	development	development	NOUN
fbem-9286	257	31	.	.	PUNCT
fbem-9286	258	1	at	at	ADP
fbem-9286	258	2	this	this	DET
fbem-9286	258	3	time	time	NOUN
fbem-9286	258	4	,	,	PUNCT
fbem-9286	258	5	it	it	PRON
fbem-9286	258	6	is	be	AUX
fbem-9286	258	7	the	the	DET
fbem-9286	258	8	best	good	ADJ
fbem-9286	258	9	time	time	NOUN
fbem-9286	258	10	for	for	SCONJ
fbem-9286	258	11	enterprises	enterprise	NOUN
fbem-9286	258	12	to	to	PART
fbem-9286	258	13	pay	pay	VERB
fbem-9286	258	14	attention	attention	NOUN
fbem-9286	258	15	to	to	ADP
fbem-9286	258	16	the	the	DET
fbem-9286	258	17	improvement	improvement	NOUN
fbem-9286	258	18	of	of	ADP
fbem-9286	258	19	information	information	NOUN
fbem-9286	258	20	disclosure	disclosure	NOUN
fbem-9286	258	21	level	level	NOUN
fbem-9286	258	22	,	,	PUNCT
fbem-9286	258	23	master	master	VERB
fbem-9286	258	24	the	the	DET
fbem-9286	258	25	basic	basic	ADJ
fbem-9286	258	26	knowledge	knowledge	NOUN
fbem-9286	258	27	of	of	ADP
fbem-9286	258	28	esg	esg	PROPN
fbem-9286	258	29	data	data	PROPN
fbem-9286	258	30	management	management	NOUN
fbem-9286	258	31	,	,	PUNCT
fbem-9286	258	32	and	and	CCONJ
fbem-9286	258	33	equip	equip	VERB
fbem-9286	258	34	with	with	ADP
fbem-9286	258	35	relevant	relevant	ADJ
fbem-9286	258	36	infrastructure	infrastructure	NOUN
fbem-9286	258	37	,	,	PUNCT
fbem-9286	258	38	including	include	VERB
fbem-9286	258	39	personnel	personnel	NOUN
fbem-9286	258	40	allocation	allocation	NOUN
fbem-9286	258	41	,	,	PUNCT
fbem-9286	258	42	internal	internal	ADJ
fbem-9286	258	43	database	database	NOUN
fbem-9286	258	44	,	,	PUNCT
fbem-9286	258	45	and	and	CCONJ
fbem-9286	258	46	esg	esg	NOUN
fbem-9286	258	47	information	information	NOUN
fbem-9286	258	48	management	management	NOUN
fbem-9286	258	49	skills	skill	NOUN
fbem-9286	258	50	.	.	PUNCT
fbem-9286	259	1	enterprises	enterprise	NOUN
fbem-9286	259	2	should	should	AUX
fbem-9286	259	3	actively	actively	ADV
fbem-9286	259	4	use	use	VERB
fbem-9286	259	5	esg	esg	NOUN
fbem-9286	259	6	framework	framework	NOUN
fbem-9286	259	7	as	as	ADP
fbem-9286	259	8	a	a	DET
fbem-9286	259	9	selfassessment	selfassessment	NOUN
fbem-9286	259	10	tool	tool	NOUN
fbem-9286	259	11	to	to	PART
fbem-9286	259	12	improve	improve	VERB
fbem-9286	259	13	the	the	DET
fbem-9286	259	14	performance	performance	NOUN
fbem-9286	259	15	in	in	ADP
fbem-9286	259	16	the	the	DET
fbem-9286	259	17	field	field	NOUN
fbem-9286	259	18	of	of	ADP
fbem-9286	259	19	risk	risk	NOUN
fbem-9286	259	20	.	.	PUNCT
fbem-9286	260	1	prepare	prepare	VERB
fbem-9286	260	2	well	well	ADV
fbem-9286	260	3	in	in	ADP
fbem-9286	260	4	advance	advance	NOUN
fbem-9286	260	5	for	for	ADP
fbem-9286	260	6	the	the	DET
fbem-9286	260	7	future	future	ADJ
fbem-9286	260	8	financial	financial	ADJ
fbem-9286	260	9	support	support	NOUN
fbem-9286	260	10	from	from	ADP
fbem-9286	260	11	institutional	institutional	ADJ
fbem-9286	260	12	investors	investor	NOUN
fbem-9286	260	13	in	in	ADP
fbem-9286	260	14	the	the	DET
fbem-9286	260	15	capital	capital	NOUN
fbem-9286	260	16	market	market	NOUN
fbem-9286	260	17	.	.	PUNCT
fbem-9286	261	1	acknowledgment	acknowledgment	NOUN
fbem-9286	261	2	the	the	DET
fbem-9286	261	3	study	study	NOUN
fbem-9286	261	4	was	be	AUX
fbem-9286	261	5	funded	fund	VERB
fbem-9286	261	6	by	by	ADP
fbem-9286	261	7	anhui	anhui	PROPN
fbem-9286	261	8	university	university	PROPN
fbem-9286	261	9	of	of	ADP
fbem-9286	261	10	finance	finance	PROPN
fbem-9286	261	11	and	and	CCONJ
fbem-9286	261	12	economics	economic	NOUN
fbem-9286	261	13	graduate	graduate	PROPN
fbem-9286	261	14	innovation	innovation	NOUN
fbem-9286	261	15	fund	fund	NOUN
fbem-9286	261	16	project	project	NOUN
fbem-9286	261	17	(	(	PUNCT
fbem-9286	261	18	acyc2021477	acyc2021477	NOUN
fbem-9286	261	19	)	)	PUNCT
fbem-9286	261	20	.	.	PUNCT
fbem-9286	262	1	references	reference	NOUN
fbem-9286	262	2	[	[	X
fbem-9286	262	3	1	1	NUM
fbem-9286	262	4	]	]	PUNCT
fbem-9286	262	5	altman	altman	NOUN
fbem-9286	262	6	e	e	AUX
fbem-9286	262	7	i.	i.	PROPN
fbem-9286	262	8	revisiting	revisit	VERB
fbem-9286	262	9	credit	credit	NOUN
fbem-9286	262	10	scoring	scoring	NOUN
fbem-9286	262	11	models	model	NOUN
fbem-9286	262	12	in	in	ADP
fbem-9286	262	13	a	a	DET
fbem-9286	262	14	basel	basel	PROPN
fbem-9286	262	15	ii	ii	PROPN
fbem-9286	262	16	environment[m	environment[m	PROPN
fbem-9286	262	17	]	]	PUNCT
fbem-9286	262	18	.	.	PUNCT
fbem-9286	263	1	london	london	PROPN
fbem-9286	263	2	:	:	PUNCT
fbem-9286	263	3	risk	risk	NOUN
fbem-9286	263	4	books	book	NOUN
fbem-9286	263	5	,	,	PUNCT
fbem-9286	263	6	2002	2002	NUM
fbem-9286	263	7	.	.	PUNCT
fbem-9286	264	1	[	[	X
fbem-9286	264	2	2	2	NUM
fbem-9286	264	3	]	]	PUNCT
fbem-9286	264	4	benlemlih	benlemlih	NOUN
fbem-9286	264	5	,	,	PUNCT
fbem-9286	264	6	m.	m.	NOUN
fbem-9286	264	7	,	,	PUNCT
fbem-9286	264	8	and	and	CCONJ
fbem-9286	264	9	bitar	bitar	NOUN
fbem-9286	264	10	,	,	PUNCT
fbem-9286	264	11	m.	m.	NOUN
fbem-9286	264	12	(	(	PUNCT
fbem-9286	264	13	2018	2018	NUM
fbem-9286	264	14	)	)	PUNCT
fbem-9286	264	15	.	.	PUNCT
fbem-9286	265	1	corporate	corporate	ADJ
fbem-9286	265	2	social	social	ADJ
fbem-9286	265	3	responsibility	responsibility	NOUN
fbem-9286	265	4	and	and	CCONJ
fbem-9286	265	5	investment	investment	NOUN
fbem-9286	265	6	efficiency	efficiency	NOUN
fbem-9286	265	7	.	.	PUNCT
fbem-9286	266	1	j.	j.	PROPN
fbem-9286	266	2	bus	bus	PROPN
fbem-9286	266	3	.	.	PUNCT
fbem-9286	267	1	ethics	ethic	NOUN
fbem-9286	267	2	148	148	NUM
fbem-9286	267	3	,	,	PUNCT
fbem-9286	267	4	647–671	647–671	NUM
fbem-9286	267	5	.	.	PUNCT
fbem-9286	268	1	doi	doi	NOUN
fbem-9286	268	2	:	:	PUNCT
fbem-9286	268	3	10.1007	10.1007	NUM
fbem-9286	268	4	/	/	SYM
fbem-9286	268	5	s10551	s10551	NOUN
fbem-9286	268	6	-	-	PUNCT
fbem-9286	268	7	016	016	NUM
fbem-9286	268	8	-	-	PUNCT
fbem-9286	268	9	3020	3020	NUM
fbem-9286	268	10	-	-	SYM
fbem-9286	268	11	2	2	NUM
fbem-9286	268	12	[	[	X
fbem-9286	268	13	3	3	NUM
fbem-9286	268	14	]	]	X
fbem-9286	268	15	bertrand	bertrand	PROPN
fbem-9286	268	16	,	,	PUNCT
fbem-9286	268	17	m.	m.	NOUN
fbem-9286	268	18	,	,	PUNCT
fbem-9286	268	19	and	and	CCONJ
fbem-9286	268	20	mullainathan	mullainathan	PROPN
fbem-9286	268	21	,	,	PUNCT
fbem-9286	268	22	s.	s.	PROPN
fbem-9286	268	23	(	(	PUNCT
fbem-9286	268	24	2003	2003	NUM
fbem-9286	268	25	)	)	PUNCT
fbem-9286	268	26	.	.	PUNCT
fbem-9286	269	1	enjoying	enjoy	VERB
fbem-9286	269	2	the	the	DET
fbem-9286	269	3	quiet	quiet	ADJ
fbem-9286	269	4	life	life	NOUN
fbem-9286	269	5	?	?	PUNCT
fbem-9286	270	1	corporate	corporate	ADJ
fbem-9286	270	2	governance	governance	NOUN
fbem-9286	270	3	and	and	CCONJ
fbem-9286	270	4	managerial	managerial	ADJ
fbem-9286	270	5	preferences	preference	NOUN
fbem-9286	270	6	.	.	PUNCT
fbem-9286	271	1	j.	j.	PROPN
fbem-9286	271	2	polit	polit	PROPN
fbem-9286	271	3	.	.	PROPN
fbem-9286	271	4	econ	econ	PROPN
fbem-9286	271	5	.	.	PUNCT
fbem-9286	271	6	111	111	NUM
fbem-9286	271	7	,	,	PUNCT
fbem-9286	271	8	1043–1075	1043–1075	NUM
fbem-9286	271	9	.	.	PUNCT
fbem-9286	272	1	doi:10.1086/376950	doi:10.1086/376950	NOUN
fbem-9286	272	2	231	231	NUM
fbem-9286	272	3	[	[	SYM
fbem-9286	272	4	4	4	NUM
fbem-9286	272	5	]	]	X
fbem-9286	272	6	cheng	cheng	PROPN
fbem-9286	272	7	,	,	PUNCT
fbem-9286	272	8	b.	b.	PROPN
fbem-9286	272	9	,	,	PUNCT
fbem-9286	272	10	ioannou	ioannou	NOUN
fbem-9286	272	11	,	,	PUNCT
fbem-9286	272	12	i.	i.	NOUN
fbem-9286	272	13	,	,	PUNCT
fbem-9286	272	14	and	and	CCONJ
fbem-9286	272	15	serafeim	serafeim	PROPN
fbem-9286	272	16	,	,	PUNCT
fbem-9286	272	17	g.	g.	PROPN
fbem-9286	272	18	(	(	PUNCT
fbem-9286	272	19	2014	2014	NUM
fbem-9286	272	20	)	)	PUNCT
fbem-9286	272	21	.	.	PUNCT
fbem-9286	273	1	corporate	corporate	ADJ
fbem-9286	273	2	social	social	ADJ
fbem-9286	273	3	responsibility	responsibility	NOUN
fbem-9286	273	4	and	and	CCONJ
fbem-9286	273	5	access	access	NOUN
fbem-9286	273	6	to	to	ADP
fbem-9286	273	7	finance	finance	NOUN
fbem-9286	273	8	.	.	PUNCT
fbem-9286	274	1	j.	j.	PROPN
fbem-9286	274	2	strat	strat	PROPN
fbem-9286	274	3	.	.	PUNCT
fbem-9286	274	4	manage	manage	VERB
fbem-9286	274	5	.	.	PUNCT
fbem-9286	275	1	35	35	NUM
fbem-9286	275	2	,	,	PUNCT
fbem-9286	275	3	1–23	1–23	NOUN
fbem-9286	275	4	.	.	PUNCT
fbem-9286	276	1	doi	doi	NOUN
fbem-9286	276	2	:	:	PUNCT
fbem-9286	276	3	10.1002	10.1002	NUM
fbem-9286	276	4	/	/	SYM
fbem-9286	276	5	smj.2131	smj.2131	NUM
fbem-9286	277	1	[	[	X
fbem-9286	277	2	5	5	NUM
fbem-9286	277	3	]	]	X
fbem-9286	277	4	bai	bai	PROPN
fbem-9286	277	5	x.	x.	PROPN
fbem-9286	277	6	,	,	PUNCT
fbem-9286	277	7	zhu	zhu	PROPN
fbem-9286	277	8	y.	y.	PROPN
fbem-9286	277	9	,	,	PUNCT
fbem-9286	277	10	han	han	PROPN
fbem-9286	277	11	j.	j.	PROPN
fbem-9286	277	12	(	(	PUNCT
fbem-9286	277	13	2022).esg	2022).esg	NOUN
fbem-9286	277	14	performance	performance	NOUN
fbem-9286	277	15	,	,	PUNCT
fbem-9286	277	16	institutional	institutional	ADJ
fbem-9286	277	17	investor	investor	NOUN
fbem-9286	277	18	preference	preference	NOUN
fbem-9286	277	19	and	and	CCONJ
fbem-9286	277	20	firm	firm	ADJ
fbem-9286	277	21	value	value	NOUN
fbem-9286	277	22	[	[	X
fbem-9286	277	23	j	j	X
fbem-9286	277	24	]	]	X
fbem-9286	277	25	.	.	PUNCT
fbem-9286	278	1	statistics	statistic	NOUN
fbem-9286	278	2	&	&	CCONJ
fbem-9286	278	3	information	information	PROPN
fbem-9286	278	4	forum,37(10):117	forum,37(10):117	PROPN
fbem-9286	278	5	-	-	PUNCT
fbem-9286	278	6	128	128	NUM
fbem-9286	278	7	.	.	PUNCT
fbem-9286	279	1	[	[	X
fbem-9286	279	2	6	6	NUM
fbem-9286	279	3	]	]	X
fbem-9286	279	4	cui	cui	PROPN
fbem-9286	279	5	,	,	PUNCT
fbem-9286	279	6	j.	j.	PROPN
fbem-9286	279	7	,	,	PUNCT
fbem-9286	279	8	jo	jo	PROPN
fbem-9286	279	9	,	,	PUNCT
fbem-9286	279	10	h.	h.	PROPN
fbem-9286	279	11	,	,	PUNCT
fbem-9286	279	12	and	and	CCONJ
fbem-9286	279	13	na	na	ADP
fbem-9286	279	14	,	,	PUNCT
fbem-9286	279	15	h.	h.	PROPN
fbem-9286	279	16	(	(	PUNCT
fbem-9286	279	17	2018	2018	NUM
fbem-9286	279	18	)	)	PUNCT
fbem-9286	279	19	.	.	PUNCT
fbem-9286	280	1	does	do	AUX
fbem-9286	280	2	corporate	corporate	ADJ
fbem-9286	280	3	social	social	ADJ
fbem-9286	280	4	responsibility	responsibility	NOUN
fbem-9286	280	5	affect	affect	VERB
fbem-9286	280	6	information	information	NOUN
fbem-9286	280	7	asymmetry	asymmetry	NOUN
fbem-9286	280	8	?	?	PUNCT
fbem-9286	281	1	j.	j.	PROPN
fbem-9286	281	2	bus	bus	PROPN
fbem-9286	281	3	.	.	PUNCT
fbem-9286	282	1	ethics	ethic	NOUN
fbem-9286	282	2	148	148	NUM
fbem-9286	282	3	,	,	PUNCT
fbem-9286	283	1	549–572	549–572	NUM
fbem-9286	283	2	.	.	PUNCT
fbem-9286	283	3	doi	doi	NOUN
fbem-9286	283	4	:	:	PUNCT
fbem-9286	283	5	10.1007	10.1007	NUM
fbem-9286	283	6	/	/	SYM
fbem-9286	283	7	s10551	s10551	PROPN
fbem-9286	283	8	-	-	ADJ
fbem-9286	283	9	015	015	NUM
fbem-9286	283	10	-	-	PUNCT
fbem-9286	283	11	3003	3003	NUM
fbem-9286	283	12	-	-	SYM
fbem-9286	283	13	8	8	NUM
fbem-9286	284	1	[	[	X
fbem-9286	284	2	7	7	NUM
fbem-9286	284	3	]	]	X
fbem-9286	284	4	el	el	PROPN
fbem-9286	284	5	ghoul	ghoul	PROPN
fbem-9286	284	6	,	,	PUNCT
fbem-9286	284	7	s.	s.	PROPN
fbem-9286	284	8	,	,	PUNCT
fbem-9286	284	9	guedhami	guedhami	NOUN
fbem-9286	284	10	,	,	PUNCT
fbem-9286	284	11	o.	o.	PROPN
fbem-9286	284	12	,	,	PUNCT
fbem-9286	284	13	kwok	kwok	PROPN
fbem-9286	284	14	,	,	PUNCT
fbem-9286	284	15	c.	c.	PROPN
fbem-9286	284	16	c.	c.	PROPN
fbem-9286	284	17	y.	y.	PROPN
fbem-9286	284	18	,	,	PUNCT
fbem-9286	284	19	and	and	CCONJ
fbem-9286	284	20	mishra	mishra	PROPN
fbem-9286	284	21	,	,	PUNCT
fbem-9286	284	22	d.	d.	PROPN
fbem-9286	284	23	r.	r.	PROPN
fbem-9286	284	24	(	(	PUNCT
fbem-9286	284	25	2011	2011	NUM
fbem-9286	284	26	)	)	PUNCT
fbem-9286	284	27	.	.	PUNCT
fbem-9286	285	1	does	do	AUX
fbem-9286	285	2	corporate	corporate	ADJ
fbem-9286	285	3	social	social	ADJ
fbem-9286	285	4	responsibility	responsibility	NOUN
fbem-9286	285	5	affect	affect	VERB
fbem-9286	285	6	the	the	DET
fbem-9286	285	7	cost	cost	NOUN
fbem-9286	285	8	of	of	ADP
fbem-9286	285	9	capital	capital	NOUN
fbem-9286	285	10	?	?	PUNCT
fbem-9286	286	1	j.	j.	PROPN
fbem-9286	286	2	bank	bank	PROPN
fbem-9286	286	3	.	.	PUNCT
fbem-9286	287	1	finance	finance	PROPN
fbem-9286	287	2	35	35	NUM
fbem-9286	287	3	,	,	PUNCT
fbem-9286	287	4	2388–2406	2388–2406	NUM
fbem-9286	287	5	.	.	PUNCT
fbem-9286	288	1	doi	doi	NOUN
fbem-9286	288	2	:	:	PUNCT
fbem-9286	288	3	10.1016	10.1016	NUM
fbem-9286	288	4	/	/	SYM
fbem-9286	288	5	j.jbankfn.2011.02.007	j.jbankfn.2011.02.007	PROPN
fbem-9286	289	1	[	[	X
fbem-9286	289	2	8	8	NUM
fbem-9286	289	3	]	]	PUNCT
fbem-9286	289	4	dacin	dacin	PROPN
fbem-9286	289	5	m	m	PROPN
fbem-9286	289	6	t	t	PROPN
fbem-9286	289	7	,	,	PUNCT
fbem-9286	289	8	oliver	oliver	PROPN
fbem-9286	289	9	c	c	PROPN
fbem-9286	289	10	,	,	PUNCT
fbem-9286	290	1	roy	roy	PROPN
fbem-9286	290	2	j	j	PROPN
fbem-9286	291	1	p.	p.	NOUN
fbem-9286	291	2	the	the	DET
fbem-9286	291	3	legitimacy	legitimacy	NOUN
fbem-9286	291	4	of	of	ADP
fbem-9286	291	5	strategic	strategic	ADJ
fbem-9286	291	6	alliances	alliance	NOUN
fbem-9286	291	7	:	:	PUNCT
fbem-9286	291	8	an	an	DET
fbem-9286	291	9	institutional	institutional	ADJ
fbem-9286	291	10	perspective[j].strategic	perspective[j].strategic	ADJ
fbem-9286	291	11	management	management	NOUN
fbem-9286	291	12	journal,2007,28(2):169~187	journal,2007,28(2):169~187	PROPN
fbem-9286	291	13	[	[	X
fbem-9286	291	14	9	9	NUM
fbem-9286	291	15	]	]	X
fbem-9286	291	16	dong	dong	PROPN
fbem-9286	291	17	w.	w.	PROPN
fbem-9286	291	18	,	,	PUNCT
fbem-9286	291	19	chen	chen	PROPN
fbem-9286	291	20	j.	j.	PROPN
fbem-9286	291	21	,	,	PUNCT
fbem-9286	291	22	chen	chen	PROPN
fbem-9286	291	23	h.	h.	PROPN
fbem-9286	291	24	(	(	PUNCT
fbem-9286	291	25	2017	2017	NUM
fbem-9286	291	26	)	)	PUNCT
fbem-9286	291	27	.	.	PUNCT
fbem-9286	292	1	does	do	VERB
fbem-9286	292	2	the	the	DET
fbem-9286	292	3	quality	quality	NOUN
fbem-9286	292	4	of	of	ADP
fbem-9286	292	5	internal	internal	ADJ
fbem-9286	292	6	control	control	NOUN
fbem-9286	292	7	influence	influence	NOUN
fbem-9286	292	8	analyst	analyst	NOUN
fbem-9286	292	9	behavior	behavior	NOUN
fbem-9286	292	10	?	?	PUNCT
fbem-9286	293	1	empirical	empirical	ADJ
fbem-9286	293	2	evidence	evidence	NOUN
fbem-9286	293	3	from	from	ADP
fbem-9286	293	4	china	china	PROPN
fbem-9286	293	5	's	's	PART
fbem-9286	293	6	securities	security	NOUN
fbem-9286	293	7	market	market	NOUN
fbem-9286	294	1	[	[	X
fbem-9286	294	2	j	j	X
fbem-9286	294	3	]	]	X
fbem-9286	294	4	.	.	PUNCT
fbem-9286	295	1	finance	finance	NOUN
fbem-9286	295	2	research	research	NOUN
fbem-9286	295	3	,	,	PUNCT
fbem-9286	295	4	(	(	PUNCT
fbem-9286	295	5	12):191	12):191	NUM
fbem-9286	295	6	-	-	SYM
fbem-9286	295	7	206	206	NUM
fbem-9286	295	8	.	.	PUNCT
fbem-9286	296	1	[	[	X
fbem-9286	296	2	10	10	NUM
fbem-9286	296	3	]	]	X
fbem-9286	296	4	el	el	PROPN
fbem-9286	296	5	ghoul	ghoul	PROPN
fbem-9286	296	6	,	,	PUNCT
fbem-9286	296	7	s.	s.	PROPN
fbem-9286	296	8	,	,	PUNCT
fbem-9286	296	9	guedhami	guedhami	NOUN
fbem-9286	296	10	,	,	PUNCT
fbem-9286	296	11	o.	o.	PROPN
fbem-9286	296	12	,	,	PUNCT
fbem-9286	296	13	kwok	kwok	PROPN
fbem-9286	296	14	,	,	PUNCT
fbem-9286	296	15	c.	c.	PROPN
fbem-9286	296	16	c.	c.	PROPN
fbem-9286	296	17	y.	y.	PROPN
fbem-9286	296	18	,	,	PUNCT
fbem-9286	296	19	and	and	CCONJ
fbem-9286	296	20	mishra	mishra	PROPN
fbem-9286	296	21	,	,	PUNCT
fbem-9286	296	22	d.	d.	PROPN
fbem-9286	296	23	r.	r.	PROPN
fbem-9286	296	24	(	(	PUNCT
fbem-9286	296	25	2011	2011	NUM
fbem-9286	296	26	)	)	PUNCT
fbem-9286	296	27	.	.	PUNCT
fbem-9286	296	28	does	do	AUX
fbem-9286	296	29	corporate	corporate	ADJ
fbem-9286	296	30	social	social	ADJ
fbem-9286	296	31	responsibility	responsibility	NOUN
fbem-9286	296	32	affect	affect	VERB
fbem-9286	296	33	the	the	DET
fbem-9286	296	34	cost	cost	NOUN
fbem-9286	296	35	of	of	ADP
fbem-9286	296	36	capital	capital	NOUN
fbem-9286	296	37	?	?	PUNCT
fbem-9286	297	1	j.	j.	PROPN
fbem-9286	297	2	bank	bank	PROPN
fbem-9286	297	3	.	.	PUNCT
fbem-9286	298	1	finance	finance	PROPN
fbem-9286	298	2	35,2388–2406	35,2388–2406	NUM
fbem-9286	298	3	.	.	PUNCT
fbem-9286	298	4	doi	doi	NOUN
fbem-9286	298	5	:	:	PUNCT
fbem-9286	298	6	10.1016	10.1016	NUM
fbem-9286	298	7	/	/	SYM
fbem-9286	298	8	j.jbankfn.2011.02.007	j.jbankfn.2011.02.007	X
fbem-9286	299	1	[	[	X
fbem-9286	299	2	11	11	NUM
fbem-9286	299	3	]	]	PUNCT
fbem-9286	299	4	evans	evans	PROPN
fbem-9286	299	5	j	j	PROPN
fbem-9286	299	6	r	r	PROPN
fbem-9286	299	7	,	,	PUNCT
fbem-9286	299	8	peiris	peiris	PROPN
fbem-9286	299	9	d.	d.	PROPN
fbem-9286	299	10	the	the	DET
fbem-9286	299	11	relationship	relationship	NOUN
fbem-9286	299	12	between	between	ADP
fbem-9286	299	13	environmental	environmental	ADJ
fbem-9286	299	14	social	social	ADJ
fbem-9286	299	15	governance	governance	NOUN
fbem-9286	299	16	factors	factor	NOUN
fbem-9286	299	17	and	and	CCONJ
fbem-9286	299	18	stock	stock	NOUN
fbem-9286	299	19	returns[j].social	returns[j].social	ADJ
fbem-9286	299	20	science	science	PROPN
fbem-9286	299	21	electronic	electronic	PROPN
fbem-9286	299	22	publishing,2010,6(1):13	publishing,2010,6(1):13	PROPN
fbem-9286	299	23	-	-	PUNCT
fbem-9286	299	24	21	21	NUM
fbem-9286	300	1	[	[	X
fbem-9286	300	2	12	12	NUM
fbem-9286	300	3	]	]	X
fbem-9286	300	4	goss	goss	PROPN
fbem-9286	300	5	,	,	PUNCT
fbem-9286	300	6	a.	a.	PROPN
fbem-9286	300	7	,	,	PUNCT
fbem-9286	300	8	and	and	CCONJ
fbem-9286	300	9	roberts	roberts	PROPN
fbem-9286	300	10	,	,	PUNCT
fbem-9286	300	11	g.	g.	PROPN
fbem-9286	300	12	s.	s.	PROPN
fbem-9286	300	13	(	(	PUNCT
fbem-9286	300	14	2011	2011	NUM
fbem-9286	300	15	)	)	PUNCT
fbem-9286	300	16	.	.	PUNCT
fbem-9286	301	1	the	the	DET
fbem-9286	301	2	impact	impact	NOUN
fbem-9286	301	3	of	of	ADP
fbem-9286	301	4	corporate	corporate	ADJ
fbem-9286	301	5	social	social	ADJ
fbem-9286	301	6	responsibility	responsibility	NOUN
fbem-9286	301	7	on	on	ADP
fbem-9286	301	8	the	the	DET
fbem-9286	301	9	cost	cost	NOUN
fbem-9286	301	10	of	of	ADP
fbem-9286	301	11	bank	bank	NOUN
fbem-9286	301	12	loans	loan	NOUN
fbem-9286	301	13	.	.	PUNCT
fbem-9286	302	1	j.	j.	PROPN
fbem-9286	302	2	bank	bank	PROPN
fbem-9286	302	3	.	.	PUNCT
fbem-9286	303	1	finance	finance	PROPN
fbem-9286	303	2	35	35	NUM
fbem-9286	303	3	,	,	PUNCT
fbem-9286	303	4	1794–1810	1794–1810	NUM
fbem-9286	303	5	.	.	PUNCT
fbem-9286	304	1	doi	doi	NOUN
fbem-9286	304	2	:	:	PUNCT
fbem-9286	304	3	10.1016	10.1016	NUM
fbem-9286	304	4	/	/	SYM
fbem-9286	304	5	j.jbankfn	j.jbankfn	NOUN
fbem-9286	304	6	.	.	PUNCT
fbem-9286	305	1	2010.12.002	2010.12.002	NUM
fbem-9286	306	1	[	[	X
fbem-9286	306	2	13	13	NUM
fbem-9286	306	3	]	]	PUNCT
fbem-9286	306	4	he	he	PRON
fbem-9286	306	5	q.	q.	VERB
fbem-9286	306	6	,	,	PUNCT
fbem-9286	306	7	zhuang	zhuang	PROPN
fbem-9286	307	1	p.	p.	PROPN
fbem-9286	307	2	how	how	SCONJ
fbem-9286	307	3	do	do	AUX
fbem-9286	307	4	co	co	ADJ
fbem-9286	307	5	-	-	ADJ
fbem-9286	307	6	institutional	institutional	ADJ
fbem-9286	307	7	investors	investor	NOUN
fbem-9286	307	8	influence	influence	VERB
fbem-9286	307	9	corporate	corporate	ADJ
fbem-9286	307	10	esg	esg	NOUN
fbem-9286	307	11	performance	performance	NOUN
fbem-9286	307	12	?	?	PUNCT
fbem-9286	308	1	[	[	X
fbem-9286	308	2	j	j	X
fbem-9286	308	3	]	]	X
fbem-9286	308	4	.	.	PUNCT
fbem-9286	309	1	securities	security	NOUN
fbem-9286	309	2	market	market	NOUN
fbem-9286	309	3	review	review	NOUN
fbem-9286	309	4	,	,	PUNCT
fbem-9286	309	5	2023	2023	NUM
fbem-9286	309	6	(	(	PUNCT
fbem-9286	309	7	03	03	NUM
fbem-9286	309	8	):	):	PUNCT
fbem-9286	309	9	3	3	NUM
fbem-9286	309	10	-	-	SYM
fbem-9286	309	11	12	12	NUM
fbem-9286	309	12	..	..	PUNCT
fbem-9286	310	1	[	[	X
fbem-9286	310	2	14	14	NUM
fbem-9286	310	3	]	]	X
fbem-9286	310	4	jia	jia	PROPN
fbem-9286	310	5	x.	x.	PROPN
fbem-9286	310	6	,	,	PUNCT
fbem-9286	310	7	liu	liu	PROPN
fbem-9286	310	8	y.	y.	PROPN
fbem-9286	310	9	,	,	PUNCT
fbem-9286	310	10	liao	liao	PROPN
fbem-9286	310	11	y.	y.	PROPN
fbem-9286	310	12	stakeholder	stakeholder	PROPN
fbem-9286	310	13	pressure	pressure	NOUN
fbem-9286	310	14	,	,	PUNCT
fbem-9286	310	15	corporate	corporate	ADJ
fbem-9286	310	16	social	social	ADJ
fbem-9286	310	17	responsibility	responsibility	NOUN
fbem-9286	310	18	and	and	CCONJ
fbem-9286	310	19	corporate	corporate	ADJ
fbem-9286	310	20	value	value	NOUN
fbem-9286	310	21	[	[	X
fbem-9286	310	22	j	j	X
fbem-9286	310	23	]	]	X
fbem-9286	310	24	.	.	PUNCT
fbem-9286	311	1	journal	journal	PROPN
fbem-9286	311	2	of	of	ADP
fbem-9286	311	3	management	management	NOUN
fbem-9286	311	4	,	,	PUNCT
fbem-9286	311	5	2016	2016	NUM
fbem-9286	311	6	,	,	PUNCT
fbem-9286	311	7	13(02):267	13(02):267	NUM
fbem-9286	311	8	-	-	SYM
fbem-9286	311	9	274	274	NUM
fbem-9286	311	10	.	.	PUNCT
fbem-9286	312	1	[	[	X
fbem-9286	312	2	15	15	NUM
fbem-9286	312	3	]	]	X
fbem-9286	312	4	liu	liu	PROPN
fbem-9286	312	5	,	,	PUNCT
fbem-9286	312	6	z.	z.	PROPN
fbem-9286	312	7	,	,	PUNCT
fbem-9286	312	8	li	li	PROPN
fbem-9286	312	9	,	,	PUNCT
fbem-9286	312	10	w.	w.	PROPN
fbem-9286	312	11	,	,	PUNCT
fbem-9286	312	12	hao	hao	PROPN
fbem-9286	312	13	,	,	PUNCT
fbem-9286	312	14	c.	c.	PROPN
fbem-9286	312	15	,	,	PUNCT
fbem-9286	312	16	and	and	CCONJ
fbem-9286	312	17	liu	liu	PROPN
fbem-9286	312	18	,	,	PUNCT
fbem-9286	312	19	h.	h.	PROPN
fbem-9286	312	20	(	(	PUNCT
fbem-9286	312	21	2021	2021	NUM
fbem-9286	312	22	)	)	PUNCT
fbem-9286	312	23	.	.	PUNCT
fbem-9286	313	1	corporate	corporate	ADJ
fbem-9286	313	2	environmental	environmental	ADJ
fbem-9286	313	3	performance	performance	NOUN
fbem-9286	313	4	and	and	CCONJ
fbem-9286	313	5	financing	financing	NOUN
fbem-9286	313	6	constraints	constraint	NOUN
fbem-9286	313	7	:	:	PUNCT
fbem-9286	313	8	an	an	DET
fbem-9286	313	9	empirical	empirical	ADJ
fbem-9286	313	10	study	study	NOUN
fbem-9286	313	11	in	in	ADP
fbem-9286	313	12	the	the	DET
fbem-9286	313	13	chinese	chinese	ADJ
fbem-9286	313	14	context	context	NOUN
fbem-9286	313	15	.	.	PUNCT
fbem-9286	314	1	corp	corp	PROPN
fbem-9286	314	2	.	.	PROPN
fbem-9286	314	3	soc	soc	PROPN
fbem-9286	314	4	.	.	PUNCT
fbem-9286	315	1	responsib	responsib	PROPN
fbem-9286	315	2	.	.	PUNCT
fbem-9286	316	1	environ	environ	PROPN
fbem-9286	316	2	.	.	PUNCT
fbem-9286	316	3	manage	manage	VERB
fbem-9286	316	4	.	.	PUNCT
fbem-9286	317	1	28	28	NUM
fbem-9286	317	2	,	,	PUNCT
fbem-9286	317	3	616–629	616–629	NUM
fbem-9286	317	4	.	.	PUNCT
fbem-9286	317	5	doi	doi	NOUN
fbem-9286	317	6	:	:	PUNCT
fbem-9286	317	7	10.1002	10.1002	NUM
fbem-9286	317	8	/	/	SYM
fbem-9286	317	9	csr.2073	csr.2073	NOUN
fbem-9286	317	10	[	[	X
fbem-9286	317	11	16	16	NUM
fbem-9286	317	12	]	]	X
fbem-9286	317	13	li	li	PROPN
fbem-9286	317	14	w.	w.	PROPN
fbem-9286	317	15	,	,	PUNCT
fbem-9286	317	16	lu	lu	PROPN
fbem-9286	317	17	x	x	AUX
fbem-9286	317	18	..	..	PUNCT
fbem-9286	317	19	are	be	AUX
fbem-9286	317	20	institutional	institutional	ADJ
fbem-9286	317	21	investors	investor	NOUN
fbem-9286	317	22	concerned	concern	VERB
fbem-9286	317	23	about	about	ADP
fbem-9286	317	24	corporate	corporate	ADJ
fbem-9286	317	25	environmental	environmental	ADJ
fbem-9286	317	26	performance	performance	NOUN
fbem-9286	317	27	?	?	PUNCT
fbem-9286	318	1	empirical	empirical	ADJ
fbem-9286	318	2	evidence	evidence	NOUN
fbem-9286	318	3	from	from	ADP
fbem-9286	318	4	chinese	chinese	ADJ
fbem-9286	318	5	listed	list	VERB
fbem-9286	318	6	companies	company	NOUN
fbem-9286	318	7	in	in	ADP
fbem-9286	318	8	heavy	heavy	ADJ
fbem-9286	318	9	pollution	pollution	NOUN
fbem-9286	318	10	industries	industry	NOUN
fbem-9286	318	11	[	[	X
fbem-9286	318	12	j	j	X
fbem-9286	318	13	]	]	X
fbem-9286	318	14	.	.	PUNCT
fbem-9286	319	1	finance	finance	VERB
fbem-9286	319	2	research,2015(12):97	research,2015(12):97	NOUN
fbem-9286	319	3	-	-	PUNCT
fbem-9286	319	4	112	112	NUM
fbem-9286	319	5	.	.	PUNCT
fbem-9286	320	1	[	[	X
fbem-9286	320	2	17	17	NUM
fbem-9286	320	3	]	]	X
fbem-9286	320	4	li	li	PROPN
fbem-9286	320	5	z.	z.	PROPN
fbem-9286	320	6	,	,	PUNCT
fbem-9286	320	7	zhao	zhao	PROPN
fbem-9286	320	8	x.	x.	PROPN
fbem-9286	320	9	,	,	PUNCT
fbem-9286	320	10	cao	cao	PROPN
fbem-9286	320	11	f.	f.	PROPN
fbem-9286	320	12	,	,	PUNCT
fbem-9286	320	13	lu	lu	PROPN
fbem-9286	320	14	x.	x.	NOUN
fbem-9286	320	15	heterogeneity	heterogeneity	PROPN
fbem-9286	320	16	of	of	ADP
fbem-9286	320	17	institutional	institutional	ADJ
fbem-9286	320	18	investors	investor	NOUN
fbem-9286	320	19	and	and	CCONJ
fbem-9286	320	20	corporate	corporate	ADJ
fbem-9286	320	21	performance	performance	NOUN
fbem-9286	320	22	:	:	PUNCT
fbem-9286	320	23	empirical	empirical	ADJ
fbem-9286	320	24	evidence	evidence	NOUN
fbem-9286	320	25	from	from	ADP
fbem-9286	320	26	chinese	chinese	ADJ
fbem-9286	320	27	listed	list	VERB
fbem-9286	320	28	companies	company	NOUN
fbem-9286	320	29	[	[	X
fbem-9286	320	30	j	j	X
fbem-9286	320	31	]	]	X
fbem-9286	320	32	.	.	PUNCT
fbem-9286	321	1	audit	audit	PROPN
fbem-9286	321	2	&	&	CCONJ
fbem-9286	321	3	economics	economics	PROPN
fbem-9286	321	4	research	research	PROPN
fbem-9286	321	5	,	,	PUNCT
fbem-9286	321	6	2014	2014	NUM
fbem-9286	321	7	,	,	PUNCT
fbem-9286	321	8	29(05):77	29(05):77	NOUN
fbem-9286	321	9	-	-	X
fbem-9286	321	10	87	87	NUM
fbem-9286	321	11	.	.	PUNCT
fbem-9286	322	1	[	[	X
fbem-9286	322	2	18	18	NUM
fbem-9286	322	3	]	]	X
fbem-9286	322	4	liu	liu	PROPN
fbem-9286	322	5	b	b	PROPN
fbem-9286	322	6	,	,	PUNCT
fbem-9286	322	7	lu	lu	PROPN
fbem-9286	322	8	j.	j.	PROPN
fbem-9286	322	9	"	"	PUNCT
fbem-9286	322	10	conforming	conform	VERB
fbem-9286	322	11	to	to	ADP
fbem-9286	322	12	the	the	DET
fbem-9286	322	13	trend	trend	NOUN
fbem-9286	322	14	"	"	PUNCT
fbem-9286	322	15	or	or	CCONJ
fbem-9286	322	16	"	"	PUNCT
fbem-9286	322	17	opportunistic	opportunistic	ADJ
fbem-9286	322	18	"	"	PUNCT
fbem-9286	322	19	:	:	PUNCT
fbem-9286	322	20	research	research	NOUN
fbem-9286	322	21	on	on	ADP
fbem-9286	322	22	the	the	DET
fbem-9286	322	23	infectious	infectious	ADJ
fbem-9286	322	24	mechanism	mechanism	NOUN
fbem-9286	322	25	of	of	ADP
fbem-9286	322	26	corporate	corporate	ADJ
fbem-9286	322	27	social	social	ADJ
fbem-9286	322	28	responsibility	responsibility	NOUN
fbem-9286	322	29	[	[	X
fbem-9286	322	30	j	j	X
fbem-9286	322	31	]	]	X
fbem-9286	322	32	.	.	PUNCT
fbem-9286	323	1	nankai	nankai	PROPN
fbem-9286	323	2	management	management	PROPN
fbem-9286	323	3	review	review	PROPN
fbem-9286	323	4	,	,	PUNCT
fbem-9286	323	5	2018	2018	NUM
fbem-9286	323	6	,	,	PUNCT
fbem-9286	323	7	4	4	NUM
fbem-9286	323	8	:	:	SYM
fbem-9286	323	9	182194	182194	NUM
fbem-9286	323	10	.	.	PUNCT
fbem-9286	324	1	[	[	X
fbem-9286	324	2	19	19	NUM
fbem-9286	324	3	]	]	X
fbem-9286	324	4	mitton	mitton	PROPN
fbem-9286	324	5	,	,	PUNCT
fbem-9286	324	6	t.	t.	PROPN
fbem-9286	324	7	(	(	PUNCT
fbem-9286	324	8	2002	2002	NUM
fbem-9286	324	9	)	)	PUNCT
fbem-9286	324	10	.	.	PUNCT
fbem-9286	325	1	a	a	DET
fbem-9286	325	2	cross	cross	ADJ
fbem-9286	325	3	-	-	ADJ
fbem-9286	325	4	firm	firm	ADJ
fbem-9286	325	5	analysis	analysis	NOUN
fbem-9286	325	6	of	of	ADP
fbem-9286	325	7	the	the	DET
fbem-9286	325	8	impact	impact	NOUN
fbem-9286	325	9	of	of	ADP
fbem-9286	325	10	corporate	corporate	ADJ
fbem-9286	325	11	governance	governance	NOUN
fbem-9286	325	12	on	on	ADP
fbem-9286	325	13	the	the	DET
fbem-9286	325	14	east	east	ADJ
fbem-9286	325	15	asian	asian	ADJ
fbem-9286	325	16	financial	financial	ADJ
fbem-9286	325	17	crisis	crisis	NOUN
fbem-9286	325	18	.	.	PUNCT
fbem-9286	326	1	j.	j.	PROPN
fbem-9286	326	2	finance	finance	PROPN
fbem-9286	326	3	econ	econ	PROPN
fbem-9286	326	4	.	.	PUNCT
fbem-9286	327	1	64	64	NUM
fbem-9286	327	2	,	,	PUNCT
fbem-9286	327	3	215–241	215–241	NUM
fbem-9286	327	4	.	.	PUNCT
fbem-9286	328	1	doi	doi	NOUN
fbem-9286	328	2	:	:	PUNCT
fbem-9286	328	3	10.1016	10.1016	NUM
fbem-9286	328	4	/	/	SYM
fbem-9286	328	5	s0304405x(02)00076	s0304405x(02)00076	NOUN
fbem-9286	328	6	-	-	PUNCT
fbem-9286	328	7	4	4	NUM
fbem-9286	328	8	[	[	SYM
fbem-9286	328	9	20	20	NUM
fbem-9286	328	10	]	]	X
fbem-9286	328	11	quan	quan	PROPN
fbem-9286	328	12	j.	j.	PROPN
fbem-9286	328	13	institutional	institutional	PROPN
fbem-9286	328	14	investor	investor	NOUN
fbem-9286	328	15	shareholding	shareholding	NOUN
fbem-9286	328	16	and	and	CCONJ
fbem-9286	328	17	corporate	corporate	ADJ
fbem-9286	328	18	social	social	ADJ
fbem-9286	328	19	responsibility	responsibility	NOUN
fbem-9286	328	20	information	information	NOUN
fbem-9286	328	21	disclosure	disclosure	NOUN
fbem-9286	329	1	[	[	X
fbem-9286	329	2	j	j	X
fbem-9286	329	3	]	]	X
fbem-9286	329	4	.	.	PUNCT
fbem-9286	330	1	economic	economic	ADJ
fbem-9286	330	2	issues,2022(01):39	issues,2022(01):39	PROPN
fbem-9286	330	3	-	-	PUNCT
fbem-9286	330	4	46	46	NUM
fbem-9286	330	5	.	.	PUNCT
fbem-9286	331	1	[	[	X
fbem-9286	331	2	21	21	NUM
fbem-9286	331	3	]	]	X
fbem-9286	331	4	samet	samet	NOUN
fbem-9286	331	5	,	,	PUNCT
fbem-9286	331	6	m.	m.	NOUN
fbem-9286	331	7	,	,	PUNCT
fbem-9286	331	8	and	and	CCONJ
fbem-9286	331	9	jarboui	jarboui	NOUN
fbem-9286	331	10	,	,	PUNCT
fbem-9286	331	11	a.	a.	NOUN
fbem-9286	331	12	(	(	PUNCT
fbem-9286	331	13	2017	2017	NUM
fbem-9286	331	14	)	)	PUNCT
fbem-9286	331	15	.	.	PUNCT
fbem-9286	332	1	how	how	SCONJ
fbem-9286	332	2	does	do	AUX
fbem-9286	332	3	corporate	corporate	ADJ
fbem-9286	332	4	social	social	ADJ
fbem-9286	332	5	responsibility	responsibility	NOUN
fbem-9286	332	6	contribute	contribute	VERB
fbem-9286	332	7	to	to	ADP
fbem-9286	332	8	investment	investment	NOUN
fbem-9286	332	9	efficiency	efficiency	NOUN
fbem-9286	332	10	?	?	PUNCT
fbem-9286	333	1	j.	j.	PROPN
fbem-9286	333	2	multinatl	multinatl	PROPN
fbem-9286	333	3	.	.	PUNCT
fbem-9286	334	1	finance	finance	NOUN
fbem-9286	334	2	manage	manage	VERB
fbem-9286	334	3	.	.	PUNCT
fbem-9286	335	1	40	40	NUM
fbem-9286	335	2	,	,	PUNCT
fbem-9286	335	3	33–46	33–46	NUM
fbem-9286	335	4	.	.	PUNCT
fbem-9286	336	1	doi:10.1016	doi:10.1016	PROPN
fbem-9286	336	2	/	/	SYM
fbem-9286	336	3	j.mulfn.2017.05.007	j.mulfn.2017.05.007	PROPN
fbem-9286	337	1	[	[	X
fbem-9286	337	2	22	22	NUM
fbem-9286	337	3	]	]	X
fbem-9286	337	4	stulz	stulz	ADJ
fbem-9286	337	5	,	,	PUNCT
fbem-9286	337	6	r.	r.	PROPN
fbem-9286	337	7	m.	m.	PROPN
fbem-9286	337	8	(	(	PUNCT
fbem-9286	337	9	1990	1990	NUM
fbem-9286	337	10	)	)	PUNCT
fbem-9286	337	11	.	.	PUNCT
fbem-9286	338	1	managerial	managerial	ADJ
fbem-9286	338	2	discretion	discretion	NOUN
fbem-9286	338	3	and	and	CCONJ
fbem-9286	338	4	optimal	optimal	ADJ
fbem-9286	338	5	financing	financing	NOUN
fbem-9286	338	6	policies	policy	NOUN
fbem-9286	338	7	.	.	PUNCT
fbem-9286	339	1	finance	finance	NOUN
fbem-9286	339	2	econ	econ	PROPN
fbem-9286	339	3	.	.	PUNCT
fbem-9286	340	1	26	26	NUM
fbem-9286	340	2	,	,	PUNCT
fbem-9286	340	3	3–27	3–27	NOUN
fbem-9286	340	4	.	.	PUNCT
fbem-9286	341	1	doi	doi	NOUN
fbem-9286	341	2	:	:	PUNCT
fbem-9286	341	3	10.1016/0304405x(90)90011	10.1016/0304405x(90)90011	NUM
fbem-9286	341	4	-	-	SYM
fbem-9286	341	5	n	n	PRON
fbem-9286	341	6	[	[	NOUN
fbem-9286	341	7	23	23	NUM
fbem-9286	341	8	]	]	X
fbem-9286	341	9	sun	sun	PROPN
fbem-9286	341	10	,	,	PUNCT
fbem-9286	341	11	w.	w.	PROPN
fbem-9286	341	12	,	,	PUNCT
fbem-9286	341	13	li	li	PROPN
fbem-9286	341	14	,	,	PUNCT
fbem-9286	341	15	x.	x.	PROPN
fbem-9286	341	16	,	,	PUNCT
fbem-9286	341	17	geng	geng	PROPN
fbem-9286	341	18	,	,	PUNCT
fbem-9286	341	19	y.	y.	PROPN
fbem-9286	341	20	,	,	PUNCT
fbem-9286	341	21	yang	yang	PROPN
fbem-9286	341	22	,	,	PUNCT
fbem-9286	341	23	j.	j.	PROPN
fbem-9286	341	24	,	,	PUNCT
fbem-9286	341	25	and	and	CCONJ
fbem-9286	341	26	zhang	zhang	PROPN
fbem-9286	341	27	,	,	PUNCT
fbem-9286	341	28	y.	y.	PROPN
fbem-9286	341	29	(	(	PUNCT
fbem-9286	341	30	2020	2020	NUM
fbem-9286	341	31	)	)	PUNCT
fbem-9286	341	32	.	.	PUNCT
fbem-9286	342	1	board	board	NOUN
fbem-9286	342	2	interlocks	interlock	NOUN
fbem-9286	342	3	and	and	CCONJ
fbem-9286	342	4	the	the	DET
fbem-9286	342	5	diffusion	diffusion	NOUN
fbem-9286	342	6	of	of	ADP
fbem-9286	342	7	csr	csr	NOUN
fbem-9286	342	8	reporting	reporting	NOUN
fbem-9286	342	9	practices	practice	NOUN
fbem-9286	342	10	:	:	PUNCT
fbem-9286	342	11	the	the	DET
fbem-9286	342	12	role	role	NOUN
fbem-9286	342	13	of	of	ADP
fbem-9286	342	14	market	market	NOUN
fbem-9286	342	15	development	development	NOUN
fbem-9286	342	16	.	.	PUNCT
fbem-9286	343	1	corp	corp	PROPN
fbem-9286	343	2	.	.	PROPN
fbem-9286	343	3	soc	soc	PROPN
fbem-9286	343	4	.	.	PUNCT
fbem-9286	344	1	responsibility	responsibility	PROPN
fbem-9286	344	2	environ	environ	PROPN
fbem-9286	344	3	.	.	PUNCT
fbem-9286	344	4	manage	manage	VERB
fbem-9286	344	5	27	27	NUM
fbem-9286	344	6	,	,	PUNCT
fbem-9286	344	7	1333–1343	1333–1343	NUM
fbem-9286	344	8	.	.	PUNCT
fbem-9286	345	1	doi	doi	NOUN
fbem-9286	345	2	:	:	PUNCT
fbem-9286	345	3	10.1002	10.1002	NUM
fbem-9286	345	4	/	/	SYM
fbem-9286	345	5	csr.1887	csr.1887	NUM
fbem-9286	346	1	[	[	X
fbem-9286	346	2	24	24	NUM
fbem-9286	346	3	]	]	X
fbem-9286	346	4	sun	sun	NOUN
fbem-9286	346	5	,	,	PUNCT
fbem-9286	346	6	w.	w.	PROPN
fbem-9286	346	7	,	,	PUNCT
fbem-9286	346	8	zhao	zhao	PROPN
fbem-9286	346	9	,	,	PUNCT
fbem-9286	346	10	c.	c.	PROPN
fbem-9286	346	11	,	,	PUNCT
fbem-9286	346	12	and	and	CCONJ
fbem-9286	346	13	cho	cho	PROPN
fbem-9286	346	14	,	,	PUNCT
fbem-9286	346	15	c.	c.	PROPN
fbem-9286	346	16	h.	h.	PROPN
fbem-9286	346	17	(	(	PUNCT
fbem-9286	346	18	2019	2019	NUM
fbem-9286	346	19	)	)	PUNCT
fbem-9286	346	20	.	.	PUNCT
fbem-9286	347	1	institutional	institutional	ADJ
fbem-9286	347	2	transitions	transition	NOUN
fbem-9286	347	3	and	and	CCONJ
fbem-9286	347	4	the	the	DET
fbem-9286	347	5	role	role	NOUN
fbem-9286	347	6	of	of	ADP
fbem-9286	347	7	financial	financial	ADJ
fbem-9286	347	8	performance	performance	NOUN
fbem-9286	347	9	in	in	ADP
fbem-9286	347	10	csr	csr	NOUN
fbem-9286	347	11	reporting	reporting	NOUN
fbem-9286	347	12	.	.	PUNCT
fbem-9286	348	1	corp	corp	PROPN
fbem-9286	348	2	.	.	PROPN
fbem-9286	348	3	soc	soc	PROPN
fbem-9286	348	4	.	.	PUNCT
fbem-9286	349	1	responsibility	responsibility	NOUN
fbem-9286	349	2	environ	environ	PROPN
fbem-9286	349	3	.	.	PUNCT
fbem-9286	350	1	manage.26	manage.26	ADJ
fbem-9286	350	2	,	,	PUNCT
fbem-9286	350	3	367	367	NUM
fbem-9286	350	4	–	–	PUNCT
fbem-9286	350	5	376	376	NUM
fbem-9286	350	6	.	.	PUNCT
fbem-9286	351	1	doi	doi	NOUN
fbem-9286	351	2	:	:	PUNCT
fbem-9286	351	3	10.1002	10.1002	NUM
fbem-9286	351	4	/	/	SYM
fbem-9286	351	5	csr.1688	csr.1688	PRON
fbem-9286	351	6	[	[	X
fbem-9286	351	7	25	25	NUM
fbem-9286	351	8	]	]	SYM
fbem-9286	351	9	taliento	taliento	NOUN
fbem-9286	351	10	,	,	PUNCT
fbem-9286	351	11	m.	m.	NOUN
fbem-9286	351	12	,	,	PUNCT
fbem-9286	351	13	favino	favino	PROPN
fbem-9286	351	14	,	,	PUNCT
fbem-9286	351	15	c.	c.	PROPN
fbem-9286	351	16	,	,	PUNCT
fbem-9286	351	17	and	and	CCONJ
fbem-9286	351	18	netti	netti	PROPN
fbem-9286	351	19	,	,	PUNCT
fbem-9286	351	20	a.	a.	NOUN
fbem-9286	351	21	(	(	PUNCT
fbem-9286	351	22	2019	2019	NUM
fbem-9286	351	23	)	)	PUNCT
fbem-9286	351	24	.	.	PUNCT
fbem-9286	352	1	impact	impact	NOUN
fbem-9286	352	2	of	of	ADP
fbem-9286	352	3	environmental	environmental	ADJ
fbem-9286	352	4	,	,	PUNCT
fbem-9286	352	5	social	social	ADJ
fbem-9286	352	6	,	,	PUNCT
fbem-9286	352	7	and	and	CCONJ
fbem-9286	352	8	governance	governance	NOUN
fbem-9286	352	9	information	information	NOUN
fbem-9286	352	10	on	on	ADP
fbem-9286	352	11	economic	economic	ADJ
fbem-9286	352	12	performance	performance	NOUN
fbem-9286	352	13	:	:	PUNCT
fbem-9286	352	14	evidence	evidence	NOUN
fbem-9286	352	15	of	of	ADP
fbem-9286	352	16	a	a	DET
fbem-9286	352	17	corporate	corporate	ADJ
fbem-9286	352	18	‘	'	PUNCT
fbem-9286	352	19	sustainability	sustainability	NOUN
fbem-9286	352	20	advantage	advantage	NOUN
fbem-9286	352	21	’	'	PUNCT
fbem-9286	352	22	from	from	ADP
fbem-9286	352	23	europe	europe	PROPN
fbem-9286	352	24	.	.	PUNCT
fbem-9286	353	1	sustainability	sustainability	NOUN
fbem-9286	353	2	11:1738	11:1738	NUM
fbem-9286	353	3	.	.	PUNCT
fbem-9286	354	1	doi	doi	NOUN
fbem-9286	354	2	:	:	PUNCT
fbem-9286	354	3	10.3390	10.3390	NUM
fbem-9286	354	4	/	/	SYM
fbem-9286	354	5	su11061738	su11061738	NOUN
fbem-9286	354	6	[	[	X
fbem-9286	354	7	26	26	NUM
fbem-9286	354	8	]	]	X
fbem-9286	354	9	teoh	teoh	PROPN
fbem-9286	354	10	,	,	PUNCT
fbem-9286	354	11	s.	s.	PROPN
fbem-9286	354	12	h.	h.	PROPN
fbem-9286	354	13	,	,	PUNCT
fbem-9286	354	14	and	and	CCONJ
fbem-9286	354	15	wong	wong	PROPN
fbem-9286	354	16	,	,	PUNCT
fbem-9286	354	17	t.	t.	PROPN
fbem-9286	354	18	j.	j.	PROPN
fbem-9286	354	19	(	(	PUNCT
fbem-9286	354	20	1993	1993	NUM
fbem-9286	354	21	)	)	PUNCT
fbem-9286	354	22	.	.	PUNCT
fbem-9286	355	1	perceived	perceive	VERB
fbem-9286	355	2	auditor	auditor	NOUN
fbem-9286	355	3	quality	quality	NOUN
fbem-9286	355	4	and	and	CCONJ
fbem-9286	355	5	the	the	DET
fbem-9286	355	6	earnings	earning	NOUN
fbem-9286	355	7	response	response	NOUN
fbem-9286	355	8	coefficient	coefficient	NOUN
fbem-9286	355	9	.	.	PUNCT
fbem-9286	356	1	account	account	PROPN
fbem-9286	356	2	.	.	PUNCT
fbem-9286	357	1	rev	rev	PROPN
fbem-9286	357	2	.	.	PROPN
fbem-9286	357	3	68	68	NUM
fbem-9286	357	4	,	,	PUNCT
fbem-9286	357	5	346	346	NUM
fbem-9286	357	6	–	–	PUNCT
fbem-9286	357	7	366	366	NUM
fbem-9286	357	8	.	.	PUNCT
fbem-9286	358	1	[	[	X
fbem-9286	358	2	27	27	NUM
fbem-9286	358	3	]	]	X
fbem-9286	358	4	tu	tu	PROPN
fbem-9286	358	5	j.	j.	PROPN
fbem-9286	358	6	,	,	PUNCT
fbem-9286	358	7	cao	cao	PROPN
fbem-9286	358	8	y.	y.	PROPN
fbem-9286	358	9	field	field	PROPN
fbem-9286	358	10	research	research	NOUN
fbem-9286	358	11	of	of	ADP
fbem-9286	358	12	institutional	institutional	ADJ
fbem-9286	358	13	investors	investor	NOUN
fbem-9286	358	14	and	and	CCONJ
fbem-9286	358	15	financial	financial	ADJ
fbem-9286	358	16	information	information	NOUN
fbem-9286	358	17	quality	quality	NOUN
fbem-9286	358	18	of	of	ADP
fbem-9286	358	19	listed	list	VERB
fbem-9286	358	20	companies	company	NOUN
fbem-9286	358	21	[	[	X
fbem-9286	358	22	j	j	X
fbem-9286	358	23	]	]	X
fbem-9286	358	24	.	.	PUNCT
fbem-9286	359	1	financial	financial	ADJ
fbem-9286	359	2	forum,2021,26(03):71	forum,2021,26(03):71	NOUN
fbem-9286	359	3	-	-	PUNCT
fbem-9286	359	4	80	80	NUM
fbem-9286	359	5	.	.	PUNCT
fbem-9286	360	1	[	[	X
fbem-9286	360	2	28	28	NUM
fbem-9286	360	3	]	]	X
fbem-9286	360	4	wang	wang	PROPN
fbem-9286	360	5	a.	a.	PROPN
fbem-9286	360	6	,	,	PUNCT
fbem-9286	360	7	li	li	PROPN
fbem-9286	360	8	j.	j.	PROPN
fbem-9286	360	9	,	,	PUNCT
fbem-9286	360	10	xiao	xiao	PROPN
fbem-9286	360	11	c.	c.	PROPN
fbem-9286	360	12	,	,	PUNCT
fbem-9286	360	13	chen	chen	PROPN
fbem-9286	360	14	r.	r.	PROPN
fbem-9286	360	15	stock	stock	PROPN
fbem-9286	360	16	price	price	NOUN
fbem-9286	360	17	crash	crash	NOUN
fbem-9286	360	18	risk	risk	NOUN
fbem-9286	360	19	and	and	CCONJ
fbem-9286	360	20	analyst	analyst	NOUN
fbem-9286	360	21	concern	concern	NOUN
fbem-9286	360	22	:	:	PUNCT
fbem-9286	360	23	"	"	PUNCT
fbem-9286	360	24	rush	rush	NOUN
fbem-9286	360	25	"	"	PUNCT
fbem-9286	360	26	or	or	CCONJ
fbem-9286	360	27	"	"	PUNCT
fbem-9286	360	28	retreat	retreat	NOUN
fbem-9286	360	29	"	"	PUNCT
fbem-9286	360	30	[	[	X
fbem-9286	360	31	j	j	X
fbem-9286	360	32	]	]	X
fbem-9286	360	33	.	.	PUNCT
fbem-9286	361	1	journal	journal	PROPN
fbem-9286	361	2	of	of	ADP
fbem-9286	361	3	shanghai	shanghai	PROPN
fbem-9286	361	4	university	university	PROPN
fbem-9286	361	5	of	of	ADP
fbem-9286	361	6	finance	finance	NOUN
fbem-9286	361	7	and	and	CCONJ
fbem-9286	361	8	economics,2019,21(05):65	economics,2019,21(05):65	NOUN
fbem-9286	361	9	-	-	PUNCT
fbem-9286	361	10	84	84	NUM
fbem-9286	361	11	.	.	PUNCT
fbem-9286	362	1	[	[	X
fbem-9286	362	2	29	29	NUM
fbem-9286	362	3	]	]	X
fbem-9286	362	4	wang	wang	PROPN
fbem-9286	362	5	b.	b.	PROPN
fbem-9286	362	6	,	,	PUNCT
fbem-9286	362	7	yang	yang	PROPN
fbem-9286	362	8	m.	m.	PROPN
fbem-9286	362	9	research	research	NOUN
fbem-9286	362	10	on	on	ADP
fbem-9286	362	11	the	the	DET
fbem-9286	362	12	mechanism	mechanism	NOUN
fbem-9286	362	13	of	of	ADP
fbem-9286	362	14	esg	esg	PROPN
fbem-9286	362	15	performance	performance	NOUN
fbem-9286	362	16	on	on	ADP
fbem-9286	362	17	firm	firm	ADJ
fbem-9286	362	18	value	value	NOUN
fbem-9286	362	19	-empirical	-empirical	ADJ
fbem-9286	362	20	evidence	evidence	NOUN
fbem-9286	362	21	from	from	ADP
fbem-9286	362	22	chinese	chinese	ADJ
fbem-9286	362	23	a	a	DET
fbem-9286	362	24	-	-	PUNCT
fbem-9286	362	25	share	share	NOUN
fbem-9286	362	26	listed	list	VERB
fbem-9286	362	27	companies	company	NOUN
fbem-9286	362	28	[	[	X
fbem-9286	362	29	j	j	X
fbem-9286	362	30	]	]	X
fbem-9286	362	31	.	.	PUNCT
fbem-9286	362	32	soft	soft	ADJ
fbem-9286	362	33	science	science	NOUN
fbem-9286	362	34	,	,	PUNCT
fbem-9286	362	35	2022,36(06):78	2022,36(06):78	NOUN
fbem-9286	362	36	-	-	SYM
fbem-9286	362	37	84	84	NUM
fbem-9286	362	38	.	.	PUNCT
fbem-9286	363	1	[	[	X
fbem-9286	363	2	30	30	NUM
fbem-9286	363	3	]	]	X
fbem-9286	363	4	wang	wang	PROPN
fbem-9286	363	5	l.	l.	PROPN
fbem-9286	363	6	,	,	PUNCT
fbem-9286	363	7	qu	qu	PROPN
fbem-9286	363	8	j.	j.	PROPN
fbem-9286	363	9	,	,	PUNCT
fbem-9286	363	10	liu	liu	PROPN
fbem-9286	363	11	xi	xi	PROPN
fbem-9286	363	12	.	.	PUNCT
fbem-9286	363	13	portfolio	portfolio	NOUN
fbem-9286	363	14	,	,	PUNCT
fbem-9286	363	15	environmental	environmental	ADJ
fbem-9286	363	16	information	information	NOUN
fbem-9286	363	17	disclosure	disclosure	NOUN
fbem-9286	363	18	and	and	CCONJ
fbem-9286	363	19	corporate	corporate	ADJ
fbem-9286	363	20	value	value	NOUN
fbem-9286	363	21	of	of	ADP
fbem-9286	363	22	heterogeneous	heterogeneous	ADJ
fbem-9286	363	23	institutional	institutional	ADJ
fbem-9286	363	24	investors	investor	NOUN
fbem-9286	364	1	[	[	X
fbem-9286	364	2	j	j	X
fbem-9286	364	3	]	]	X
fbem-9286	364	4	.	.	PUNCT
fbem-9286	365	1	management	management	PROPN
fbem-9286	365	2	science,2019,32(04):31	science,2019,32(04):31	PROPN
fbem-9286	365	3	-	-	PUNCT
fbem-9286	365	4	47	47	NUM
fbem-9286	365	5	.	.	PUNCT
fbem-9286	366	1	[	[	X
fbem-9286	366	2	31	31	NUM
fbem-9286	366	3	]	]	PUNCT
fbem-9286	366	4	wang	wang	PROPN
fbem-9286	366	5	l.	l.	PROPN
fbem-9286	366	6	,	,	PUNCT
fbem-9286	366	7	wang	wang	PROPN
fbem-9286	366	8	z.	z.	PROPN
fbem-9286	366	9	,	,	PUNCT
fbem-9286	366	10	mao	mao	PROPN
fbem-9286	366	11	l.	l.	PROPN
fbem-9286	366	12	moral	moral	ADJ
fbem-9286	366	13	preference	preference	NOUN
fbem-9286	366	14	and	and	CCONJ
fbem-9286	366	15	moral	moral	ADJ
fbem-9286	366	16	improvement	improvement	NOUN
fbem-9286	366	17	:	:	PUNCT
fbem-9286	366	18	a	a	DET
fbem-9286	366	19	study	study	NOUN
fbem-9286	366	20	on	on	ADP
fbem-9286	366	21	chinese	chinese	ADJ
fbem-9286	366	22	institutional	institutional	ADJ
fbem-9286	366	23	investors	investor	NOUN
fbem-9286	366	24	'	'	PART
fbem-9286	366	25	shareholdings	shareholding	NOUN
fbem-9286	366	26	[	[	X
fbem-9286	366	27	j	j	X
fbem-9286	366	28	]	]	X
fbem-9286	366	29	.	.	PUNCT
fbem-9286	367	1	financial	financial	PROPN
fbem-9286	367	2	review	review	PROPN
fbem-9286	367	3	,	,	PUNCT
fbem-9286	367	4	2012	2012	NUM
fbem-9286	367	5	(	(	PUNCT
fbem-9286	367	6	3	3	NUM
fbem-9286	367	7	):	):	PUNCT
fbem-9286	367	8	77	77	NUM
fbem-9286	367	9	-	-	SYM
fbem-9286	367	10	93	93	NUM
fbem-9286	367	11	.	.	PUNCT
fbem-9286	368	1	[	[	X
fbem-9286	368	2	32	32	NUM
fbem-9286	368	3	]	]	PUNCT
fbem-9286	368	4	xu	xu	PROPN
fbem-9286	368	5	,	,	PUNCT
fbem-9286	368	6	p.	p.	NOUN
fbem-9286	368	7	,	,	PUNCT
fbem-9286	368	8	and	and	CCONJ
fbem-9286	368	9	bai	bai	PROPN
fbem-9286	368	10	,	,	PUNCT
fbem-9286	368	11	g.	g.	PROPN
fbem-9286	368	12	(	(	PUNCT
fbem-9286	368	13	2019	2019	NUM
fbem-9286	368	14	)	)	PUNCT
fbem-9286	368	15	.	.	PUNCT
fbem-9286	369	1	board	board	NOUN
fbem-9286	369	2	governance	governance	NOUN
fbem-9286	369	3	,	,	PUNCT
fbem-9286	369	4	sustainable	sustainable	ADJ
fbem-9286	369	5	innovation	innovation	NOUN
fbem-9286	369	6	capability	capability	NOUN
fbem-9286	369	7	and	and	CCONJ
fbem-9286	369	8	corporate	corporate	ADJ
fbem-9286	369	9	expansion	expansion	NOUN
fbem-9286	369	10	:	:	PUNCT
fbem-9286	369	11	empirical	empirical	ADJ
fbem-9286	369	12	data	datum	NOUN
fbem-9286	369	13	from	from	ADP
fbem-9286	369	14	private	private	ADJ
fbem-9286	369	15	listed	list	VERB
fbem-9286	369	16	companies	company	NOUN
fbem-9286	369	17	in	in	ADP
fbem-9286	369	18	china	china	PROPN
fbem-9286	369	19	.	.	PUNCT
fbem-9286	370	1	sustainability	sustainability	NOUN
fbem-9286	370	2	11:3529	11:3529	NUM
fbem-9286	370	3	.	.	PUNCT
fbem-9286	371	1	doi	doi	NOUN
fbem-9286	371	2	:	:	PUNCT
fbem-9286	371	3	10.3390	10.3390	NUM
fbem-9286	371	4	/	/	SYM
fbem-9286	371	5	su11133529	su11133529	NOUN
fbem-9286	372	1	[	[	X
fbem-9286	372	2	33	33	NUM
fbem-9286	372	3	]	]	X
fbem-9286	372	4	yoon	yoon	PROPN
fbem-9286	372	5	,	,	PUNCT
fbem-9286	372	6	b.	b.	PROPN
fbem-9286	372	7	,	,	PUNCT
fbem-9286	372	8	lee	lee	PROPN
fbem-9286	372	9	,	,	PUNCT
fbem-9286	372	10	j.	j.	PROPN
fbem-9286	372	11	,	,	PUNCT
fbem-9286	372	12	and	and	CCONJ
fbem-9286	372	13	byun	byun	NOUN
fbem-9286	372	14	,	,	PUNCT
fbem-9286	372	15	r.	r.	PROPN
fbem-9286	372	16	(	(	PUNCT
fbem-9286	372	17	2018	2018	NUM
fbem-9286	372	18	)	)	PUNCT
fbem-9286	372	19	.	.	PUNCT
fbem-9286	373	1	does	do	AUX
fbem-9286	373	2	esg	esg	PROPN
fbem-9286	373	3	performance	performance	NOUN
fbem-9286	373	4	enhance	enhance	VERB
fbem-9286	373	5	firm	firm	ADJ
fbem-9286	373	6	value	value	NOUN
fbem-9286	373	7	?	?	PUNCT
fbem-9286	374	1	evidence	evidence	NOUN
fbem-9286	374	2	from	from	ADP
fbem-9286	374	3	korea	korea	PROPN
fbem-9286	374	4	.	.	PUNCT
fbem-9286	375	1	sustainability	sustainability	NOUN
fbem-9286	375	2	10:3635	10:3635	PROPN
fbem-9286	375	3	.	.	PUNCT
fbem-9286	376	1	doi	doi	PROPN
fbem-9286	376	2	:	:	PUNCT
fbem-9286	376	3	10.3390	10.3390	NUM
fbem-9286	376	4	/	/	SYM
fbem-9286	376	5	su10103635	su10103635	NOUN
fbem-9286	377	1	[	[	X
fbem-9286	377	2	34	34	NUM
fbem-9286	377	3	]	]	X
fbem-9286	377	4	zeng	zeng	PROPN
fbem-9286	377	5	,	,	PUNCT
fbem-9286	377	6	s.	s.	PROPN
fbem-9286	377	7	,	,	PUNCT
fbem-9286	377	8	qin	qin	PROPN
fbem-9286	377	9	,	,	PUNCT
fbem-9286	377	10	y.	y.	PROPN
fbem-9286	377	11	,	,	PUNCT
fbem-9286	377	12	and	and	CCONJ
fbem-9286	377	13	zeng	zeng	PROPN
fbem-9286	377	14	,	,	PUNCT
fbem-9286	377	15	g.	g.	PROPN
fbem-9286	377	16	(	(	PUNCT
fbem-9286	377	17	2019	2019	NUM
fbem-9286	377	18	)	)	PUNCT
fbem-9286	377	19	.	.	PUNCT
fbem-9286	378	1	impact	impact	NOUN
fbem-9286	378	2	of	of	ADP
fbem-9286	378	3	corporate	corporate	ADJ
fbem-9286	378	4	environmental	environmental	ADJ
fbem-9286	378	5	responsibility	responsibility	NOUN
fbem-9286	378	6	on	on	ADP
fbem-9286	378	7	investment	investment	NOUN
fbem-9286	378	8	efficiency	efficiency	NOUN
fbem-9286	378	9	:	:	PUNCT
fbem-9286	378	10	the	the	DET
fbem-9286	378	11	moderating	moderate	VERB
fbem-9286	378	12	roles	role	NOUN
fbem-9286	378	13	of	of	ADP
fbem-9286	378	14	the	the	DET
fbem-9286	378	15	institutional	institutional	ADJ
fbem-9286	378	16	environment	environment	NOUN
fbem-9286	378	17	and	and	CCONJ
fbem-9286	378	18	consumer	consumer	NOUN
fbem-9286	378	19	environmental	environmental	ADJ
fbem-9286	378	20	awareness	awareness	NOUN
fbem-9286	378	21	.	.	PUNCT
fbem-9286	379	1	sustainability	sustainability	NOUN
fbem-9286	379	2	’s	’s	PART
fbem-9286	379	3	11:4512	11:4512	NUM
fbem-9286	379	4	.	.	PUNCT
fbem-9286	380	1	doi:10.3390	doi:10.3390	PROPN
fbem-9286	380	2	/	/	SYM
fbem-9286	380	3	su11174512	su11174512	PROPN
fbem-9286	381	1	[	[	X
fbem-9286	381	2	35	35	NUM
fbem-9286	381	3	]	]	X
fbem-9286	381	4	zhang	zhang	PROPN
fbem-9286	381	5	,	,	PUNCT
fbem-9286	381	6	q.	q.	PROPN
fbem-9286	381	7	,	,	PUNCT
fbem-9286	381	8	loh	loh	PROPN
fbem-9286	381	9	,	,	PUNCT
fbem-9286	381	10	l.	l.	PROPN
fbem-9286	381	11	,	,	PUNCT
fbem-9286	381	12	and	and	CCONJ
fbem-9286	381	13	wu	wu	PROPN
fbem-9286	381	14	,	,	PUNCT
fbem-9286	381	15	w.	w.	PROPN
fbem-9286	381	16	(	(	PUNCT
fbem-9286	381	17	2020	2020	NUM
fbem-9286	381	18	)	)	PUNCT
fbem-9286	381	19	.	.	PUNCT
fbem-9286	382	1	how	how	SCONJ
fbem-9286	382	2	do	do	AUX
fbem-9286	382	3	environmental	environmental	ADJ
fbem-9286	382	4	,	,	PUNCT
fbem-9286	382	5	social	social	ADJ
fbem-9286	382	6	and	and	CCONJ
fbem-9286	382	7	governance	governance	NOUN
fbem-9286	382	8	initiatives	initiative	NOUN
fbem-9286	382	9	affect	affect	VERB
fbem-9286	382	10	innovative	innovative	ADJ
fbem-9286	382	11	performance	performance	NOUN
fbem-9286	382	12	for	for	ADP
fbem-9286	382	13	corporate	corporate	ADJ
fbem-9286	382	14	sustainability	sustainability	NOUN
fbem-9286	382	15	?	?	PUNCT
fbem-9286	383	1	sustainability	sustainability	NOUN
fbem-9286	383	2	12:3380	12:3380	NUM
fbem-9286	383	3	.	.	PUNCT
fbem-9286	384	1	doi	doi	NOUN
fbem-9286	384	2	:	:	PUNCT
fbem-9286	384	3	10.3390	10.3390	NUM
fbem-9286	384	4	/	/	SYM
fbem-9286	384	5	su12083380	su12083380	PROPN
fbem-9286	385	1	[	[	X
fbem-9286	385	2	36	36	NUM
fbem-9286	385	3	]	]	X
fbem-9286	385	4	zhang	zhang	PROPN
fbem-9286	385	5	z.	z.	PROPN
fbem-9286	385	6	,	,	PUNCT
fbem-9286	385	7	li	li	PROPN
fbem-9286	385	8	x.	x.	PROPN
fbem-9286	385	9	,	,	PUNCT
fbem-9286	385	10	xiang	xiang	PROPN
fbem-9286	385	11	c.	c.	PROPN
fbem-9286	385	12	institutional	institutional	ADJ
fbem-9286	385	13	investor	investor	NOUN
fbem-9286	385	14	attention	attention	NOUN
fbem-9286	385	15	constraints	constraint	NOUN
fbem-9286	385	16	and	and	CCONJ
fbem-9286	385	17	corporate	corporate	ADJ
fbem-9286	385	18	earnings	earning	NOUN
fbem-9286	385	19	management	management	NOUN
fbem-9286	385	20	:	:	PUNCT
fbem-9286	385	21	a	a	DET
fbem-9286	385	22	perspective	perspective	NOUN
fbem-9286	385	23	on	on	ADP
fbem-9286	385	24	the	the	DET
fbem-9286	385	25	impact	impact	NOUN
fbem-9286	385	26	of	of	ADP
fbem-9286	385	27	exogenous	exogenous	ADJ
fbem-9286	385	28	events	event	NOUN
fbem-9286	386	1	[	[	X
fbem-9286	386	2	j	j	X
fbem-9286	386	3	]	]	X
fbem-9286	386	4	.	.	PUNCT
fbem-9286	387	1	reform	reform	NOUN
fbem-9286	387	2	,	,	PUNCT
fbem-9286	387	3	2021	2021	NUM
fbem-9286	387	4	(	(	PUNCT
fbem-9286	387	5	06	06	NUM
fbem-9286	387	6	):	):	PUNCT
fbem-9286	387	7	136	136	NUM
fbem-9286	387	8	-	-	SYM
fbem-9286	387	9	154	154	NUM
fbem-9286	387	10	.	.	PUNCT
fbem-9286	388	1	[	[	X
fbem-9286	388	2	37	37	NUM
fbem-9286	388	3	]	]	X
fbem-9286	388	4	zhen	zhen	PROPN
fbem-9286	388	5	h	h	PROPN
fbem-9286	388	6	,	,	PUNCT
fbem-9286	388	7	ling	ling	PROPN
fbem-9286	388	8	f.	f.	PROPN
fbem-9286	388	9	,	,	PUNCT
fbem-9286	388	10	jing	jing	PROPN
fbem-9286	388	11	y.	y.	PROPN
fbem-9286	388	12	participate	participate	VERB
fbem-9286	388	13	in	in	ADP
fbem-9286	388	14	governance	governance	NOUN
fbem-9286	388	15	or	or	CCONJ
fbem-9286	388	16	choose	choose	VERB
fbem-9286	388	17	governance	governance	NOUN
fbem-9286	388	18	—	—	PUNCT
fbem-9286	388	19	—	—	PUNCT
fbem-9286	388	20	based	base	VERB
fbem-9286	388	21	on	on	ADP
fbem-9286	388	22	the	the	DET
fbem-9286	388	23	test	test	NOUN
fbem-9286	388	24	of	of	ADP
fbem-9286	388	25	the	the	DET
fbem-9286	388	26	endogenous	endogenous	ADJ
fbem-9286	388	27	relationship	relationship	NOUN
fbem-9286	388	28	between	between	ADP
fbem-9286	388	29	institutional	institutional	ADJ
fbem-9286	388	30	investors	investor	NOUN
fbem-9286	388	31	and	and	CCONJ
fbem-9286	388	32	accounting	account	VERB
fbem-9286	388	33	robustness	robustness	NOUN
fbem-9286	389	1	[	[	X
fbem-9286	389	2	j	j	X
fbem-9286	389	3	]	]	X
fbem-9286	389	4	.	.	PUNCT
fbem-9286	390	1	system	system	NOUN
fbem-9286	390	2	engineering	engineering	NOUN
fbem-9286	390	3	theory	theory	NOUN
fbem-9286	390	4	and	and	CCONJ
fbem-9286	390	5	practice	practice	NOUN
fbem-9286	390	6	,	,	PUNCT
fbem-9286	390	7	2021,41	2021,41	NUM
fbem-9286	390	8	(	(	PUNCT
fbem-9286	390	9	09	09	NUM
fbem-9286	390	10	):	):	PUNCT
fbem-9286	390	11	2198	2198	NUM
fbem-9286	390	12	-	-	SYM
fbem-9286	390	13	2217	2217	NUM
fbem-9286	390	14	.	.	PUNCT
fbem-9286	391	1	[	[	X
fbem-9286	391	2	38	38	NUM
fbem-9286	391	3	]	]	X
fbem-9286	391	4	zhou	zhou	PROPN
fbem-9286	391	5	f.	f.	PROPN
fbem-9286	391	6	,	,	PUNCT
fbem-9286	391	7	pan	pan	PROPN
fbem-9286	391	8	w.	w.	PROPN
fbem-9286	391	9	,	,	PUNCT
fbem-9286	391	10	fu	fu	PROPN
fbem-9286	391	11	h.	h.	PROPN
fbem-9286	391	12	esg	esg	PROPN
fbem-9286	391	13	responsibility	responsibility	NOUN
fbem-9286	391	14	performance	performance	NOUN
fbem-9286	391	15	of	of	ADP
fbem-9286	391	16	listed	list	VERB
fbem-9286	391	17	companies	company	NOUN
fbem-9286	391	18	and	and	CCONJ
fbem-9286	391	19	institutional	institutional	ADJ
fbem-9286	391	20	investor	investor	NOUN
fbem-9286	391	21	shareholding	shareholding	NOUN
fbem-9286	391	22	preference	preference	NOUN
fbem-9286	391	23	:	:	PUNCT
fbem-9286	391	24	empirical	empirical	ADJ
fbem-9286	391	25	evidence	evidence	NOUN
fbem-9286	391	26	from	from	ADP
fbem-9286	391	27	chinese	chinese	PROPN
fbem-9286	391	28	a	a	PROPN
fbem-9286	391	29	-	-	PUNCT
fbem-9286	391	30	share	share	NOUN
fbem-9286	391	31	listed	list	VERB
fbem-9286	391	32	companies	company	NOUN
fbem-9286	391	33	[	[	X
fbem-9286	391	34	j	j	X
fbem-9286	391	35	]	]	X
fbem-9286	391	36	.	.	PUNCT
fbem-9286	392	1	scientific	scientific	ADJ
fbem-9286	392	2	decision	decision	NOUN
fbem-9286	392	3	,	,	PUNCT
fbem-9286	392	4	2020	2020	NUM
fbem-9286	392	5	(	(	PUNCT
fbem-9286	392	6	11	11	NUM
fbem-9286	392	7	):	):	SYM
fbem-9286	392	8	15	15	NUM
fbem-9286	392	9	-	-	SYM
fbem-9286	392	10	41	41	NUM
fbem-9286	392	11	.	.	PUNCT